Razon Amien to Mate Matic o
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FXDGUDGDGHHVHFXDGUDGR4XpHGDGWHQGUiGHQWURGHDxRV"DDxRVEDxRVFDxRVGDxRVHDxRV
6LDOGREOHGHPLHGDGVHOHTXLWD
DxRVVHREWHQGUtDORTXHPH
5D]RQDPLHQWR0DWHPiWLFR 3DJLQD1
IDOWD SDUD WHQHU DxRV $ XQDSHUVRQDHQHODxR VH
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7/28/2019 Razon Amien to Mate Matic o
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0J-RUJH/XLV+LODULR5LYDV
&XiQWRV DxRV PH IDOWDQ SDUDFXPSOLU HO GREOH GH OR TXH WHQtDKDFHDxRV"
D0HIDOWDQ DxRV
E0HIDOWDQDxRVF0HIDOWDQDxRVG0HIDOWDQDxRVH0HIDOWDQDxRV
$XQDSHUVRQDVHOHSUHJXQWDSRUVX HGDG \ pVWD FRQWHVWD 7RPDWUHV YHFHV ORV DxRV TXH WHQGUpGHQWUR GH DxRV UpVWDOHV WUHV
YHFHV ORV DxRV TXH WHQtD KDFHWUHV DxRV \ UHVXOWDUiH[DFWDPHQWHORVDxRVTXHWHQJRDKRUD &XiQWRV DxRV WLHQH ODSHUVRQD"
DDxRVEDxRVFDxRVGDxRV
HDxRV
6L DO DxRT XH FXPSOt DxRV OHVXPDPRVHODxRHQTXHFXPSOLUpORV\DpVWHUHVXOWDGROHUHVWDVODVXPDGHODxRHQTXHQDFtFRQPL HGDG DFWXDO REWHQGUHPRV HODxRDFWXDO&XiQWR UHVXOWDUi DOVXPDUPLHGDGDFWXDOFRQHODxR
HQ TXH FXPSOLUp ORV DxRV \UHVWDUOH HO DxR HQ TXH FXPSOLUpORVDxRV"
DEF G H
OH SUHJXQWy SRU VX HGDG \FRQWHVWy7HQJRHQDxRVODVGRVWHUFHUDV SDUWHV GHO Q~PHUR TXHIRUPDQ ODV GRV ~OWLPDV FLIUDV GHO
DxR GH PL QDFLPLHQWR +DOODU ODVXPDGHODVFLIUDVGHVXHGDGHQGLFKRDxR
DEFGH
$OIUHGR PXOWLSOLFDOD IHFKDGHO GtDGH VX QDFLPLHQWR SRU \ HOQ~PHUR GHO PHV SRU /XHJRVXPD HVWRV GRV SURGXFWRVREWHQLHQGR &XiQGR QDFLy
$OIUHGR"D GHIHEUHURE GHIHEUHURF GHIHEUHUR
G GHIHEUHURH GHIHEUHUR 8QQLxRQDFLyHQQRYLHPEUHHO
GHGLFLHPEUHWLHQHXQDHGDGLJXDODO Q~PHUR GH GtDV WUDQVFXUULGRVGHO GHQRYLHPEUH KDVWDHO GtDGHVXQDFLPLHQWRLQFOXVLYH4XpIHFKDVHUiFXDQGRDSDUWLUGHODIHFKD GH VX QDFLPLHQWR
WUDQVFXUUDQ WDQWRV GtDV FRPR ODPLWDGGHORVGtDVTXHIDOWDQSDUDFXOPLQDU HO PHV GH VXQDFLPLHQWR"
DQRYLHPEUHEQRYLHPEUHFQRYLHPEUHGQRYLHPEUHHQRYLHPEUH
5D]RQDPLHQWR0DWHPiWLFR 3DJLQD1
0DUtD ,VDEHO QDFLy HQ XQ DxRHQO O O G O ~O L
G DxRV
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0J-RUJH/XLV+LODULR5LYDV
HO FXDO OD VXPD GH ODV ~OWLPDVFLIUDV H[FHGH HQ D OD VXPD GHODVSULPHUDVFLIUDV$GHPiVVHVDEHTXHDORVDxRVWXYRDVX
VHJXQGR KLMR &XiQWRV DxRVWLHQHVXKLMDPD\RUVLVHVDEHTXHQDFLy FXDQGR 0DUtD ,VDEHO WHQtDDxRVHQXQDxRHQHOFXDOVHFXPSOH TXH OD GLIHUHQFLD HQWUHGLFKR DxR \ HO DxR DFWXDO HV XQQ~PHURLPSDU"$xRDFWXDO
D1DFLyHQ\WLHQHDxRVE1DFLyHQ\WLHQHDxRV
F1DFLyHQ\WLHQHDxRVG1DFLyHQ\WLHQHDxRVH1DFLyHQ\WLHQHDxRV
&XDQGR \R WXYH OD WHUFHUD SDUWHGH OD HGDG TXH W~ WLHQHV W~WXYLVWHODPLWDGGHWXHGDGDFWXDO(Q FDPELR FXDQGR \R WHQtD ODPLWDG GH OD HGDG TXH WHQJR OD
VXPDGHQXHVWUDVHGDGHVHUDDxRV &XiO HV OD HGDG TXHWHQJR"
DDxRVE DxRVFDxRVGDxRVHDxRV
&XDQGR W~ WHQtDV OD PLWDG GH ODHGDG TXH \R WHQJR \R WHQtD ODHGDG TXH W~ WLHQHV \ FXDQGR W~WHQJDV OD HGDG TXH \R WHQJR ODGLIHUHQFLD GH QXHVWUDV HGDGHVVHUi GH DxRV 4Xp HGDGWHQJR"
DDxRVE DxRVF DxRV
HDxRV
/XLV OH GLFH D -RUJH 7HQJR HOWULSOH GH OD HGDG TXH W~ WHQtDV
FXDQGR \R WHQtD OD PLWDG GH ODHGDGTXHWLHQHV\FXDQGRWHQJDVOD HGDG TXH WHQJR \R WHQGUp HOGREOHGHODHGDGTXHWHQtDVKDFH DxRV &XiQWR VXPDQ VXVHGDGHVDFWXDOHV"
DDxRVE DxRVF DxRV
G DxRVH DxRV
&XDQGRW~WHQJDVODHGDGTXH\RWHQJR WHQGUiV OR TXH pO WHQtDFXDQGRWHQtDVODWHUFHUDSDUWHGHORTXHWLHQHV\\RWHQtDODWHUFHUDSDUWHGHORTXHpOWLHQHTXHHVDxRV PiV GH ORV TXH \R WHQGUp
FXDQGRWHQJDVORTXH\DWHGLMH\pO WHQJDOR TXH W~\ \R WHQHPRV(QWRQFHV\RWHQJR
DDxRVE DxRVF DxRVG DxRVH DxRV
'HQWURGHDxRVODHGDGGHXQSDGUH VHUi HO GREOH GH OD HGDGTXH WHQGUi VX SULPHU KLMR GHQWURGH DxRV OD HGDG GHO SDGUHVHUi HO GREOH GH OD HGDG TXHWHQGUi VX VHJXQGR KLMR \ GHQWURGH DxRV OD HGDG GHO SDGUHVHUi HO GREOH GH OD HGDG GH VXWHUFHU KLMR 6L OD HGDG GHO SDGUHH[FHGH HQ DxRV D OD VXPD GH
5D]RQDPLHQWR0DWHPiWLFR 3DJLQD1
ODV HGDGHV GH VXV WUHV KLMR& i W x WL O G "
DxRV VL DGHPiV & HV PD\RU% x
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7/28/2019 Razon Amien to Mate Matic o
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0J-RUJH/XLV+LODULR5LYDV
&XiQWRVDxRVWLHQHHOSDGUH"DDxRVE DxRVF DxRV
G DxRVH DxRV
+DFH DxRV OD HGDG GHXQ KLMRVHGLIHUHQFLDEDHQHOGREOHGHVXHGDGFRQODHGDGGHVXSDGUH\HQ OD PLWDG GH VX HGDG F RQ ODHGDG GH VX KHUPDQR PHQRU 6LGHQWURGHDxRVHOPHQRUWHQGUi
OD HGDG TXH WLHQH VX KHUPDQRPD\RU FDOFXODU ODHGDG TXHWXYRHO SDGUH FXDQGR QDFLy VX SULPHUKLMR
DDxRVE DxRVF DxRVG DxRVH DxRV
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7/28/2019 Razon Amien to Mate Matic o
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0J-RUJH/XLV+LODULR5LYDV
PL VXHJUD QDFLy WUHV DxRV DQWHVTXHPLWtD\WXYRDVXKLMR $OIUHGRFXDQGR WHQtD DxRV &XiQWRVDxRVPiVTXH\RWLHQH $OIUHGR"
DDxRVPiVE DxRVPiVFDxRVPiVGDxRVPiVHDxRVPiV
5RVD OH GLFH D (YD &XDQGR \RWHQtD WX HGDG 0DUtD WHQtD DxRV \ (YD OH UHVSRQGH
&XDQGR\RWHQJDWXHGDG0DUtDWHQGUiDxRV0DUtDDxDGH6LVXPDPRV ORV DxRV TXH XVWHGHVPHOOHYDQGHYHQWDMDUHVXOWDUiHOGREOH GH PL HGDG DFWXDO &XiOHVODHGDGGHODPD\RU"
DDxRVE DxRVF DxRV
G DxRVH DxRV
-RUJHOHGLFHD/XLV/DVXPDGHQXHVWUDVHGDGHVHVDQRV\WXHGDG HV HO WULSOH GH OD HGDG TXHWHQtDV FXDQGR \R WHQtD HO WULSOHGHODHGDGTXHWXYLVWHFXDQGR\RQDFt (QWRQFHV &XiQWRV DxRV
WLHQH/XLVDFWXDOPHQWH"DDxRVE DxRVF DxRVG DxRVH DxRV
8QD SHUVRQD QDFLy HO GH DEULOGH \ RWUR HO GH PD\R GH (QTXpIHFKDGtDPHV\
WULSOHGHODHGDGGHORWUR"DGHPD\RGHE GHPD\RGHFGHDEULOGH
GGHDEULOGHHGHPD\RGH
/D GLIHUHQFLD GH ORV DxRV GHQDFLPLHQWR GH 6DQGUD \ 5LFKDUGHVGH DxRV6DQGUD TXH HV ODPHQRU GLFH 6L D\HU KXELHUDVXPDGR PL DxR GH QDFLPLHQWRFRQ PLHGDG KXELHUD REWHQLGR OR
PLVPRTXHREWXYLVWH W~HO GtDGHKR\ FRQ HVWD RSHUDFLyQ \D TXHKR\QRUHVXOWyLJXDO(QFXiQWRVH GLIHUHQFLDEDQ ODV HGDGHV GHORV GRV HQ HO PRPHQWR HQ TXHKDEy6DQGUD"$xRDFWXDO
DDxRVE DxRVF DxRV
G DxRVH DxRV -DQHWK FRPHQWD +R\ WHQJR
DxRVPHQRVGHODHGDGTXHWHQtDPL SDGUH FXDQGR QDFt DGHPiVODV GRV ~OWLPDV FLIUDV GHO DxR HQTXHQDFLyPLSDGUHVRQLJXDOHVDODVGRV~OWLPDVFLIUDVGHODxRHQTXH QRV HQFRQWUDPRV SHUR HQ
RUGHQ LQYHUWLGR $xRSUHVHQWH! (QWRQFHV HQTXpDxRVXSDGUHWXYRDxRVVLHO SUy[LPR DxR HOOD FXPSOLUi HVDHGDG"
DEF G H
5D]RQDPLHQWR0DWHPiWLFR 3DJLQD1
(Q XQ DXOD VH FDOFXOy HOSURPHGLR GH ODV HGDGHV GH WRGRV
/XLV GLFH /D UDt] FXDGUDGD GHODxR HQ TXH PL ELVDEXHOR QDFLy
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0J-RUJH/XLV+LODULR5LYDV
SURPHGLRGHODVHGDGHVGHWRGRVORV DOXPQRV OXHJR VH FDOFXOy HOSURPHGLR GH ORV DxRV GHQDFLPLHQWR)LQDOPHQWHVHVDFyHO
SURPHGLR GH DPERV SURPHGLRVFX\RUHVXOWDGRHV' 7RGRV\DFXPSOLHURQDxRV
D8QFXDUWRGHODxRDFWXDOE8QPHGLRGHODxRDFWXDOF8QWHUFLRGHODxRDFWXDOG8QRFWDYRGHODxRDFWXDOH8QVH[WRGHODxRDFWXDO
8QDI DPLOLDFRQVWDGHSHUVRQDV\ UHDOL]DQ XQD ILHVWD SRU FDGDFXPSOHDxRV (VWDQGR WRGRVUHXQLGRV HQ PD\R GH VXPDURQORVDxRVHQTXH KDEtDQQDFLGR \ OXHJR VXPDURQ ODVHGDGHV GH WRGRV HOORV GDQGR ODVXPDWRWDOXQUHVXOWDGRGH&XiQWDVILHVWDVIDOWDQUHDOL]DUVH
GXUDQWHHVWHDxR"DEF G H 1RKDEUiPiVILHVWDV
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7/28/2019 Razon Amien to Mate Matic o
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0J-RUJH/XLV+LODULR5LYDV
DEXHOR HO FRQWHVWy 1R WHQJRPHQRV GH DxRV SHUR D~Q QRVR\QRYHQWyQ6HVDEHTXHFDGDXQRGHVXVKLMRVOHKDGDGRWDQWRV
QLHWRV FRPR KHUPDQRV WLHQHQ \VX HGDG HV H[DFWDPHQWH HOGREOHGHOQ~PHURGHKLMRVPiVHOQ~PHUR GH QLHWRV TXH WLHQH+DOODUODHGDGGHODEXHOR
DEFG
H
/D VXPD GH ODV HGDGHV GH XQKRPEUH\VXHVSRVDHVYHFHVODVXPDGHODVHGDGHVGHVXVKLMRV+DFH DxRV OD VXPD GH ODVHGDGHV GH ORV HVSRVR HUD YHFHV OD VXPDGH ODV HGDGHV GH
VXV KLMRV \ GHQWUR GH DxRV ODVXPD GH ODV HGDGHV GH ODVHVSRVDVVHUiYHFHVODVXPDGHODVHGDGHVGHORVKLMRV&XiQWRVKLMRVWLHQHQ"
DEFGH
-DQHWK WXYR VX SULPHU KLMR D ORV DxRV DxRV GHVSXpV WXYR DVXVHJXQGRKLMR\DxRVGHVSXpVD VX WHUFHU KLMR 6L HQ ODVHGDGHV GH ORV VXPDEDQ DxRVHQTXpDxRQDFLy -DQHWK"
D
F G H
-RUJH QDFLy DxRV DQWHV TXH0DUtD (Q OD VXPD GH VXVHGDGHV HUD OD FXDUWD SDUWH GH ODVXPD GH VXV HGDGHV HQ (QTXpDxRQDFLy-RUJH"
DEF G
H &XDQGR\RWHQtDDxRPHQRVGHODHGDGTXHW~WLHQHVW~WHQtDVDxRV PHQRV GH OD HGDG TXH \RWHQJR 3HUR FXDQGR WHQJDV ODHGDG TXH \R WHQJR QXHVWUDVHGDGHV VXPDUiQ DxRV 4XpHGDGWHQJR"
D
E F G H
/H SUHJXQWDURQ D -RUJH SRU VXHGDG \ pO FRQWHVWy 0L HGDGPiV YHFHV PL HGDG PiV YHFHV PL HGDG \ DVtVXFHVLYDPHQWH KDVWD WDQWDVYHFHVPLHGDGFRPRODHGDGTXHWHQJR VXPDQ HQ WRWDO &XiOHVODHGDGGH -RUJH"
DEF G H
5D]RQDPLHQWR0DWHPiWLFR 3DJLQD1
8 Q DOXPQR QDFLy HQ HO DxRDE \ HQ WXYR D E
F G
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7/28/2019 Razon Amien to Mate Matic o
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0J-RUJH/XLV+LODULR5LYDV
DE \ HQ WXYR D E DxRV(QTXpDxRWXYRD EDxRV"
D
EF G H
/D VXPD GH ODV HGDGHV GH$QWRQLR \ %HDWUL] HV GH ODHGDGGH $QWRQLR +DFH DxRVOD
HGDGGH%HDWUL]HUDODPLVPDTXHWHQGUi$QWRQLR GHQWURGH DxRV&XiQWRVDxRVWLHQH$QWRQLR"
DEF G H
(VWDQGR UHXQLGDV $QD %HWW\ \&DUPHQ VH HVFXFKD OD VLJXLHQWHFRQYHUVDFLyQ' %HWW\ 0L HGDG HV OD PLVPD
TXH WXYR$QDFXDQGR&DUPHQQDFLy
' $QD $Vt HV \ HQ HVHHQWRQFHV QXHVWUDV HGDGHV
VXPDEDQDxRV' &DUPHQ0LHGDGDFWXDOHVODPLVPDTXHWXYR%HWW\FXDQGR\RQDFt
&XiO VHUi OD HGDG TXH WHQJD$QD FXDQGR &DUPHQ WHQJD ODHGDGTXHWLHQH%HWW\"
D
E
H
7UHVYHFHVHOSURGXFWRGHODHGDGGH 1DWDO\ GLPLQXLGR HQ XQR FRQVX HGDG DXPHQWDGR HQ WUHV HVLJXDOD+DOODGLFKDHGDG"
DDxRV EDxRV FDxRVGDxRVH1$
8Q SDGUH GLFH D VX KLMD$FWXDOPHQWHWHQJRHOWULSOHGHWXHGDG SHUR GHQWUR GH DxRVWHQGUpVyORHOGREOH4XpHGDGWLHQHDFWXDOPHQWHHOSDGUH"
D DxRVE DxRVF DxRV
G DxRVH 1$
/DWHUFHUDSDUWHGHODHGDGGH5DXPHQWDGRHQRFKRHVLJXDODODHGDGGH1\ODPLWDGGHODHGDGGH1DXPHQWDGRHQGLHFLVpLVHVLJXDODODHGDGGH5&XiOHVODHGDGGH1"
D DxRVE DxRVF DxRVG DxRVH 1$
5D]RQDPLHQWR0DWHPiWLFR 3DJLQD1
&$3,78/29,,
5(/2-(6H
6RQPiVGHODVVHLVVLQVHUODV
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0J-RUJH/XLV+LODULR5LYDV
5(/2-(6
6L HO GXSOR GH ODV KRUDVWUDQVFXUULGDVHQXQGtDLJXDODOFXiGUXSOR GH ODV TXH IDOWDQSDUDWHUPLQDUHOGtDTXpKRUDVHUiGHQWURGHKRUDV"DSPESPFSPGSPHSP
4XpKRUDVHUiGHQWURGH K VL VH VDEH TXH HQ HVWRVPRPHQWRV HO WLHPSRWUDQVFXUULGR HV H[FHGLGR HQ KRUDV SRU OR TXH IDOWDWUDQVFXUULUGHOGtD"
DSPESPFSPGSPHSP
6RQPiVGHODVVLQVHUODVGH HVWD PDGUXJDGD SHURGHQWUR GH PLQXWRV IDOWDUi
SDUD ODV HO PLVPR WLHPSRTXH IDOWDED GHVGH OD KDVWDKDFHPLQXWRV4XpiQJXORIRUPDQ ODV DJXMDV HQ HVWHSUHFLVRLQVWDQWH"DEF
G
RFKR GH HVWD PDxDQD \ KDFHGLH] PLQXWRV OR PLQXWRV TXHKDEtDQ WUDQVFXUULGR GHVGH ODV
VHLV HUDQ LJXDOHV D GHOWLHPSR TXH IDOWDUi WUDQVFXUULUKDVWDODVRFKRGHQWURGHGLH]PLQXWRV4XpKRUDHV"DDPEDPFDPGDPHDP
6RQPiVGHODVSHURD~QQRVRQ ODV GH OD WDUGH 6L HOWLHPSRTXHKDEtDWUDQVFXUULGRGHVGH ODV KDVWD KDFH PLQXWRV HV LJXDO D GHOWLHPSR TXH IDOWDUi WUDQVFXUULUIDVWD ODV SHURGHQWUR GH
PLQXWRV4XpKRUDHVHQHVWHLQVWDQWH"
DSPESPFSPGSPHSP
6L IXHUD KRUDV PiV WDUGH ODORTXHHVIDOWDUtDSDUDDFDEDUHOGtDORVGHORTXHIDOWDUtDVL HV TXH IXHUD KRUDV PiVWHPSUDQRTXpKRUDHV"DDPEDPFDP
GDP
5D]RQDPLHQWR0DWHPiWLFR 3DJLQD1
HDP &XiQWDV FDPSDQDGDV WRFDUiHQXQWLHPSRGHVHJXQGRV
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0J-RUJH/XLV+LODULR5LYDV
4Xp KRUD HV" SDUD VDEHUOREDVWD FRQ VXPDU OD PLWDG GHOWLHPSRTXHIDOWDSDUDODVGRFH
GHO PHGLRGtD PiV ORV GHOWLHPSR WUDQVFXUULGR GHVGH ODVGRFHGHODQRFKHDDPEDPFDPGDPHDP
8Q FDPSDQDULR VHxDOD ODVKRUDV FRQ LJXDO Q~PHUR GHFDPSDQDGDV 6L SDUD LQGLFDUODV DP GHPRUD VHJXQGRV FXiQWR GHPRUDUiSDUDLQGLFDUODVP"DVEV
FVGVHV
8QD FDPSDQD WRFD WUHVFDPSDQDGDV HQ VHJXQGRV&XiQWRV VHJXQGRV WDUGDUiHQWRFDUFDPSDQDGDV"DV
EVFVGVHV
/D FDPSDQD GH XQFDPSDQDULR WDUGD VHJXQGRVHQ WRFDU FDPSDQDGDV
S JDEF
GH
8QUHORMLQGLFDODKRUDTXHHV FRQ LJXDO Q~PHUR GHFDPSDQDGDV 3DUD LQGLFDU TXHVRQODVHPSOHDV3HSLWRVHDFXHVWD D XQD KRUD HQ TXH HOUHORM HPSOHD V HQ LQGLFDUOD\VHOHYDQWDDOGtDVLJXLHQWHDXQD KRUD HQ TXH HO UHORMHPSOHD V SDUD LQGLFDUOD&XiQWDV KRUDV GXHUPH3HSLWR"DKEKFK
GKHK
/D FDPSDQD GH XQ UHORMLQGLFD ODV KRUDV FRQ LJXDOQ~PHUR GH FDPSDQDGDV 3DUDLQGLFDU ODV Q KRUDV WDUGD VHJXQGRV &XiQWDV KRUDVKDEUiQ WUDQVFXUULGR GHVGH HO
LQVWDQWH HQ TXH HPSOHy QVHJXQGRVSDUDLQGLFDUODKDVWDHO LQVWDQWH HQ TXH XWLOL]y QVHJXQGRVSDUDLQGLFDUODKRUD"
D
QQ
E
QQ
5D]RQDPLHQWR0DWHPiWLFR 3DJLQD1
F
QQ HV
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7/28/2019 Razon Amien to Mate Matic o
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0J-RUJH/XLV+LODULR5LYDV
G
Q
H
QQ
(O FDPSDQDULR GH XQDLJOHVLDHVWXYRWRFDQGRGXUDQWHVHJXQGRVVLVHHVFXFKDURQWDQWDV FDPSDQDGDV FRPR YHFHVHOWLHPSRTXHKD\HQWUHFDPSDQDGD \ FDPSDQDGDFXiQWR WLHPSR HPSOHDUi HVWHFDPSDQDULR SDUD WRFDU FDPSDQDGDV"DVEVFVGV
HV (Q XQ SDUDGHUR GH
PLFUREXVHV KD\ XQ UHORM TXHFDGD PLQXWRV GD FDPSDQDGDV SDUD LQGLFDU TXHHO PLFURE~V VLJXLHQWH GHEHSDUWLU D UHFRUUHUVX UXWD+DFH PLQXWR SDUWLy HO SULPHUPLFURE~V GHO GtD 'HQWUR GH
FXiQWRV PLQXWRV VDOGUi XQPLFURE~VFRQHOFXDOHOQ~PHURGH FDPSDQDGDV GDGDV SRU HOUHORM KDVWD HVH PRPHQWRLQFOXVLYHVHDQXQWRWDOGH"DVEVFV
GV
8Q UHORM VH DGHODQWD PLQXWRFDGDVHJXQGRV6LDKRUDPDUFDODV\KDFH
KRUDV TXH VH DGHODQWD FXiOHVODKRUDFRUUHFWD"DEFGH
8Q UHORM VH DWUDVD PLQXWRV SRU GtD 6L HO UHORMPDUFDODVDPKRUDH[DFWDHO UR GH IHEUHUR 4Xp KRUDPDUFDUi DO PHGLRGtD GHO GHIHEUHUR"DDPEDPFDP
GDPHDP
8Q UHORM TXH VH DWUDVD PLQXWRV HQ FDGD KRUD HVVLQFURQL]DGR KR\ DO PHGLRGtD P 4Xp WLHPSR FRPRPtQLPRGHEHUiWUDQVFXUULUSDUDTXH YXHOYD D PDUFDU OD KRUD
FRUUHFWD"DGtDVEGtDVFGtDVGGtDVHGtDV
'RVUHORMHVVH VLQFURQL]DQD ODV DP XQR GH HOORV VH
DGHODQWD VHJXQGRV FDGD
5D]RQDPLHQWR0DWHPiWLFR 3DJLQD1
FXDUWR GH KRUD \ HO RWUR VHDWUDVDVHJXQGRVFDGDKRUD& i L i
GDEULOHPD\R
& O O G O IL L
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7/28/2019 Razon Amien to Mate Matic o
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0J-RUJH/XLV+LODULR5LYDV
&XiQWRV PLQXWRV HVWDUiQVHSDUDGRV D ODV SP ORVPLQXWHURVGHORVGRVUHORMHV"
D PLQXWRVE PLQXWRVF PLQXWRVG PLQXWRVH PLQXWRV
'RV UHORMHV PDUFDQ ODKRUDH[DFWDDODVDP\D SDUWLU GH HVH LQVWDQWH XQRFRPLHQ]D D DGHODQWDUVH GRVPLQXWRV SRU FDGD KRUD \ HOVHJXQGR D DWUDVDUVH HQ HOPLVPR ULWPR /XHJR GHFXiQWDV KRUDV YROYHUiQ DPDUFDUODKRUDFRUUHFWDPHQWHDKEKFK
GKHK
(Q HO LQVWDQWH GHFRPHQ]DU XQ DxR QR ELVLHVWRXQ UHORM VHxDOD ODV K DP 6H VXSRQH TXH YDDGHODQWDQGR (VWH UHORM VHDWUDVD HO SULPHU GtD VHJXQGRV HO VHJXQGR GtD
VHJXQGRV HO WHUFHU GtD VHJXQGRV \ DVtVXFHVLYDPHQWH $O FRPHQ]DUXQ GtD GHO DxR HO UHORMPDUFDUi OD KRUD H[DFWD &XiOHVHVHGtD"DDEULOEDEULO
FPDU]R
&DUORV VDOH GHODRILFLQD \DO PDUFDU VX WDUMHWD GH VDOLGDYH TXH VRQ ODV SP $O
OOHJDUDVXFDVDYHTXHHQVXUHORM VRQ ORV SP /XHJRVH HQWHUD TXH HO UHORM GH VXRILFLQD HVWDED DWUDVDGR \VXUHORMHVWDEDDGHODQWDGR&XiQWR WLHPSR GHPRUy GH ODRILFLQDDVXFDVD"DKEKFKGKHK
8Q UHORM VH DGHODQWD PLQXWRV SRU FDGD KRUD TXHWUDQVFXUUH $ TXH KRUDFRPHQ]y D DGHODQWDUVH VLGHQWUR GH KRUDV WHQGUi XQ
DGHODQWRGHXQDKRUD\HVWDUiPDUFDQGRODVSPDDPEDPFDPGDPHDP
+DOODUHQHOJUiILFR
+oo
0
5D]RQDPLHQWR0DWHPiWLFR 3DJLQD1
DE
F G
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7/28/2019 Razon Amien to Mate Matic o
55/96
0J-RUJH/XLV+LODULR5LYDV
EFG H
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