0123456478

9
54640747
012345647  6772




.%,/.'-!'


!."#/$.%$!&'
("
)*!
+,
)
'
.
%
,

/
%

0

,
"
1
$
0

,
'
!

$
)
%
$
)
0 ,%2'-"0%0&"3",%$) ,&'$!4'0 &''.0"$%-"1$
5'-%,6.'3"$-"%,
7789:

TUVWXYWZW[\]^_U
01845647 
6258`2  94548C128

abcdbefghijdbkfglibgkfmnoncpgbqg
rikbdpqgstgufqvencpwgxpcnfrpqbwgbrg
kpebdnpgmbgykjqbfgzg{|uytgwi}g
rikbdpqgs~gmbqgpdevciqfggmbqgabcdbefg
hijdbkfgxgu{g


8


+56M+2Q+?++5;M+6@5Q&;
&2Q+M;
< 0 -'$R'.("0%0-'$,'!%.)-<,'!S
0 ,%&'$!)")<-"1$6',)"-%0 ,6 . ,).%=%4'
!<$0 = .S<$0 .-'>< ! .-'$'- -'('
=%! 0 ,="$ !)%.!'-"%,S( 0"'0 .%,"L%-"1$0 
,%/ .!'$%-<S%0 R$!%S.!/ )'0 !<0"#$"0%0
!'$,R"$!</.('0 ,%!'-"0%0S0 ,+!)%0'/'.
$0 -'..!/'$0 %*!)/.'('3 .-'$0"-"'$ !/%.%
,/.'#.!'!'-"%,S-'$1("-'( 0"%$)/',)"-%!0 
R'( $)'0 ,(/,'/.'0<-)"3'S0 0<-%-"1$/%.%
,).%=%4'
< ,6 .%.%)"-%0',&'$3 $"'0 ,%
.#%$"L%-"1$Q$).$%-"'$%,0 ,?.%=%4'Q?.,%)"3'%,%
6',)"-%0 ,+(/,',-<%,$,$<( .%,0 !<%.)-<,'
!)%=,- ,%'=,"#%-"1$0 )'0'+!)%0'A"(=.'0 
R'.(<,%.S,,3%.%-%='<$%/',)"-%%-)"3%/%.%R'( $)%.
,/,$'(/,'/.'0<-)"3'S,"=.( $),#"0',,'
-'$,'=4)'0 !)"(<,%.,-.-"("$)'S,0 !%..',,'
-'$1("-'0 ,3%.,$"3 ,0 3"0%0 !%)"!R%- .,%!
$ - !"0%0 !0 (%$'0 '=.%S0 .!',3 .,/.'=,(%
0 0 ! (/,'S0 ,!<= (/,'
< 0 $).'0 ,'!=4)"3'!0  !%..',,'0 ,A",$"'
!-'$!"0 .%-'('A )%@0 ,=4)"3'+..%0"-%-"1$
0 ,%6'=.L%+).(%S,%(=.,'#.%.,(/,'
/,$'S/.'0<-)"3'S ,).%=%4'0 -$)/%.%)'0'!
"$-,<"0'!,%!(<4.!S,'!413$ !,'>< !-'$0"--'$
,'!)%=,-"0'$,'!%.)-<,'!S0 ,%&'$!)")<-"1$
6',)"-%0 ,6 .S,%*-"('&<%.)%6',)"-%0 +!)%0'0 ,
;-< .0'%-"'$%,.R."0%%,;--!'%,(/,'/,$'
0"#$'S/.'0<-)"3'
< 0 -'$R'.("0%0-'$,%.)-<,'0 ,%5 S
.#$"-%0 ,6'0 .+4-<)"3'5 S !
-'(/ )$-"% -,<!"3%0 ,6'0 .+4-<)"3'0"! %.
S!</ .3"!%./',)"-%!$%-"'$%,!>< -'$!"0 .%$0'
,'!"$).! !# $ .%,!0 ,+!)%0'S,%0"3 .!"0%0
0 ,%!.%,"0%0 !.#"'$%,!S,'-%,!0 $ $,'!
'=4)"3'!/."'.")%."'!S,'!-'$)$"0'!/."$-"/%,!0 ,%!
/',)"-%!/=,"-%!>< -'$R'.(%$,%/',)"-%# $ .%,0 ,




/'?*
-:$"-'$-

0;/
..<.'=,,%%.$/,.6.
'/'<-!!)'%
0
,

+>
<
"
%
.
#
%
0
'

0
!
%
0 6.!</< !)'6%.)"-"/%)"3'@%!%0'$.!<,)%0'!0 ,%
A<$"-"/%,"0%0
7789:
9
54640747 012345647
 B7348C7
D
EFGH/I%.
Q;<
++NN
%/%:.)J"-"/%.$K
,%OPQ
&')'$.R"L%.$$3-""%%4Q$0).%M(#.""0-'%.$%%
0 ;,-%,0 !S;<)'."0%0 !5'-%,!
77899
#'=".$'S>< !'$0 -<(/,"("$)''=,"#%)'."'/'.
)'0%!,%!$)"0%0 !0 ,+!)%0'$)'0'!,'!$"3 ,!0 
#'=".$';!"("!('! !)%=,- >< ,-<(/,"("$)'
0 ,%!/',)"-%!$%-"'$%,! !0 .!/'$!%=","0%00 
,%!%<)'."0%0 !0 ,'=".$'%-"'$%,,'!'=".$'!
M #"'$%,!S,'!'=".$'!5'-%,!,%!("!(%!>< 
!'$%/.'=%0%!/'. -.)'2</.('-'$,3')'0 ,
&'$! 4'0 A"$"!).'!
<  ,$<( .%,0 ,%.)-<,'0 , -.)'
2</.('6&A>< 0 $ S !)%=,- 
,%!6',)"-%!%-"'$%,!0 =,"#%)'."'&<(/,"("$)'
/%.%,%!+$)"0%0 !0 ,'=".$'%-"'$%,0"!/'$ 
,0 !%..',,'0 /',)"-%! $R'-%0%! $,%# $ .%-"1$
0  (/,'0"#$'-<S%!</ .3"!"1$ !)%-%.#'0 ,
A"$"!)."'0 ?.%=%4'S6.'('-"1$0 ,+(/,'
< ,%A%)."L0  ,"(")%-"1$0 &'(/ )$-"%!
S;!"#$%-"1$0 <$-"'$ !0 ,'!!-)'.!?.%=%4'S
6.'('-"1$0 ,+(/,'%/.'=%0%( 0"%$) -.)'
2</.('?M !)%=,-><  ,A"$"!)."'
0 ?.%=%4'S6.'('-"1$0 ,+(/,')"$ ,%%)."=<-"1$
0 R'.(<,%.,%/',)"-%$%-"'$%,S!-)'."%, $(%)."%
0 /.'('-"1$0 ,(/,'$-''.0"$%-"1$-'$,'!').'!
$"3,!0 #'=".$'S-'$%>< ,,'!!-)'.!>< !
3"$-<,$
<  ,%.)-<,'0 , -.)'2</.('
?M0"!/'$ ><  ,A"$"!)."'0 ?.%=%4'S
6.'('-"1$0 ,+(/,'0 ! .$ - !%."'/.'/'$0.
R'.(<,%.S (")".,%!$'.(%!/ .)"$ $)!/%.%,%
( 4'."(/,( $)%-"1$0 ,%!R<$-"'$ !!)%=,-"0%!$
,%A%)."L0  ,"(")%-"1$0 &'(/ )$-"%!S;!"#$%-"1$
0 <$-"'$ !-'$,%$%,"0%00 )$ .<$%3"!"1$
"$)#.%,S%.)"-<,%0%-'$,%!R<$-"'$ !%!"#$%0%!%,'!
'=".$'!M #"'$%,!S5'-%,!
< ,%&'("!"1$Q$).! -)'."%,0 +(/,'%
/.'/< !)',%!6',)"-%!%-"'$%,!0 +(/,',%!
("!(%!>< %$!"0'-'$! $!<%0%!-'$,'!'=".$'!
M #"'$%,!%).%3*!0 ,%!".--"'$ !M #"'$%,!0 
?.%=%4'S6.'('-"1$0 ,+(/,'"$-,<S $,'!%/'.)!S
-'( $)%."'!0 0"3 .!'!! -)'.!0 ,'=".$'%-"'$%,
%!-'('0 !/ -"%,"!)%!$)(%!0 (/,'#.("'!
(/.!%."%,!S0 ).%=%4%0'.!-'(/%)"=","L%$0','!
"$).! !# $ .%,!0 ,+!)%0'S,%0"3 .!"0%00 ,%!
.%,"0%0 !.#"'$%,!S,'-%,!
< ,%!6',)"-%!%-"'$%,!0 +(/,'R< .'$
/.! $)%0%!/%.%!<.3"!"1$S%$,"!"!%,6,$'0 ,
&'$! 4'%-"'$%,0 ?.%=%4'S6.'('-"1$0 ,+(/,'
&?6+,%!-<%,!,< #'0 %= .!"0'0 ="0%( $)
.3"!%0%!/'.,%&'("!"1$?*-$"-%0 +(/,'! 
%/.'=%.'$)."/%.)")%( $)S$-'$! $!'+!)%-< .0'
>< 01.%)"-%0'/'.,6,$'0 ,&?6+
<  $-'$!-< $-"% !$ -!%."'('0"-%. ,
 -.)'2</.('6&A%$0 0 !%..',,%.
,'!'=4)"3'!S !).%)#"%!0 ,%6',)"-%%-"'$%,0 
+(/,'>< %.)"-<,$%0 -<%0%( $) $)'0'!,'!
$"3,!0 #'=".$',%!/',)"-%!!-)'."%,!0"."#"0%!%
( 4'.%.,%-%/%-")%-"1$S-'(/ )$-"%!/%.%,).%=%4'
0 ,%/'=,%-"1$( 4'.%.,%!-'$0"-"'$ !,%='.%,!S
.(<$ .%)"3%!0 ,'!).%=%4%0'.!"$-.( $)%.,'!
!.3"-"'!0 /.')--"1$!'-"%,$).').%!-'$!/ -"%,
*$R%!"! $,'!#.</'!3<,$ .%=,!"$-,<S$0'%,%!
(<4.!413$ !/ .!'$%!-'$0"!-%/%-"0%0%0<,)'!

http://actualidadcooperativa.blogspot.com/

Lic. Csar M. Quispe Lujn

&&'(&)

0123457894785

*+,-./0123-45+67-8/02789:;/8+012+<.-=9/06/897/8>/012
/8>./2->.-0?
@/26-8<-.*79+926-825-29703A/0>-2/82/5278670-2BC29/52
+.>:6A5-2DDBE29/25+2F-80>7>A67G82,25-02+.>:6A5-02H2,2DD278670-2
IE29/25+2J/,2KE2LMDNB12J/,2O.;P876+29/52Q-9/.2RS/6A>7T-?2
,1
F-82/52T->-2+3.-4+>-.7-29/52F-80/S-29/2U7870>.-0?
@RFVRWXY2
Z[\]^_`abcdefbgahijb^k^ilmbhn`bm_on[k`bpecbhn`b
k[\]^_`abqdbhn`brn^[n\abs_t[noabudbvqwfqvvwfxygbnb
im^a[ta[k^ilmbhn`bZmnzae
U-97<:{A/0/2/528A*/.+52M|D29/52+.>:6A5-2LE29/52@/6./>-2
}A3./*-2KE2~L=L~~=QFU2{A/29/28/2,2/0>+45/6/25+02
Q-5:>76+02K+67-8+5/029/2O457;+>-.7-2FA*357*7/8>-23+.+25+02
/8>79+9/029/52;-47/.8-28+67-8+52786-.3-.+89-2/52X8/-12
6-8<-.*/2+25-0207;A7/8>/02>.*78-0Y
M|2RK2UXWRVX2@R2RUQJRO22UQR2
M|D2@/0+..-55+.23-5:>76+02/8<-6+9+02/825+2;/8/.+67G82
9/2/*35/-297;8-|
M|D|D2*47>-29/2+3576+67G82
J+02Q-5:>76+02K+67-8+5/029/2R*35/-20-829/2+56+86/2
3+.+2>-9+025+02/8>79+9/029/52;-47/.8-28+67-8+5125-02
;-47/.8-02./;7-8+5/02,25-02;-47/.8-025-6+5/0129/2
6-8<-.*79+926-825-2/0>+45/679-2/82/528A*/.+52D29/52
+.>:6A5-2HE29/25+2J/,2KE2LMDNB12J/,2O.;P876+29/52Q-9/.2
RS/6A>7T-|
M|D|L2F-8>/879-2
R52X8/-12{A/2<-.*+23+.>/278>/;.+8>/29/523./0/8>/2
@/6./>-2}A3./*-129/>+55+25-02-4S/>7T-0123-5:>76+0123-5:>76+02
/03/6:26+02,2/0>.+>/;7+02{A/26-8<-.*+825+02Q-5:>76+02
K+67-8+5/029/2R*35/-|2
Z[\]^_`abqdefbm^a[ta[k^ilmbhnbZmnza
86-.3G./0/2+52@/6./>-2}A3./*-2K-|2~L=L~~=QFU2
/52X8/-2{A/29/>+55+25-02-4S/>7T-0123-5:>76+0123-5:>76+02
/03/6:26+02,2/0>.+>/;7+02{A/26-8<-.*+825+02Q-5:>76+02
K+67-8+5/029/2R*35/-|
Z[\]^_`abdefbimk`ihkhbbx[im^itia
J+228+579+92,23.786737-029/25+023-5:>76+02/8<-6+9+02/82
5+2;/8/.+67G829/2/*35/-297;8-20-825-0207;A7/8>/0Y
I|D|278+579+9Y2J+02Q-5:>76+02K+67-8+5/029/2R*35/-2
>7/8/825+228+579+929/23.-*-T/.25+26./+67G829/52/*35/-2
9/6/8>/297</./867+89-25+026+.+6>/.:0>76+02,28/6/079+9/02
9/2*AS/./02,2-*4./012/82/03/67+5125+023-45+67-8/02/82
07>A+67G829/2*+,-.2TA58/.+47579+9|
I|L|2J-02Q.786737-02{A/2.7;/825+02Q-5:>76+02K+67-8+5/02
9/2R*35/-20-825+0207;A7/8>/0Y
+C287T/.0+579+9|=2W-9+025+023/.0-8+02>7/8/829/./6-2
+2A82/*35/-29/6/8>/12789/3/897/8>/*/8>/29/20A2-.7;/812
.++120/-12797-*+12./57;7G812-3787G8126-89767G82/6-8G*76+2
-29/26A+5{A7/.2->.+2:89-5/|2
4C2897T70747579+9|=2R529/./6-2+52/*35/-29/6/8>/2/0>P2
7897T70745/*/8>/2+0-67+9-2+2->.-029/./6-02<A89+*/8>+5/012
/0>-27*3576+2{A/25+023-5:>76+02>7/8/82A82/8<-{A/278>/;.+512
7865A,/8>/2/279G8/-|
6C2Q.-*-67G829/25+27;A+59+9|=2W-9+025+023/.0-8+02
>7/8/829/./6-2+25+27;A+59+929/2-3-.>A879+9/02/82/52
+66/0-2+52/*35/-123-.25-2{A/25+023-5:>76+023.7-.7+82+25-02
;.A3-02TA58/.+45/02,20-67+5*/8>/2/65A79-0|
9C2R267/867+2,2R26+67+|=2J+023-5:>76+023.-*-T/.P82/52
5-;.-29/25-02*/S-./02./0A5>+9-02/82>.*78-029/26-4/.>A.+12
6+579+92,2/{A79+92*/97+8>/2A82A0-2G3>7*-29/25-02
./6A.0-0|
/C2X.>76A5+67G8278>/.0/6>-.7+52/278>/.;A4/.8+*/8>+5|=2J+2
7*35/*/8>+67G82,2/S/6A67G829/25+023-5:>76+012./{A7/./82
9/25+26--.978+67G8126--3/.+67G82,26-5+4-.+67G829/25-02
97T/.0-020/6>-./02,287T/5/029/2;-47/.8-2/82/52*+.6-29/2
0A026-*3/>/867+0|
<C2Q.-*-67G829/52@7P5-;-2}-67+5|=2R5297P5-;-2,25+2
6-5+4-.+67G82/8>./25-0278>/.5-6A>-./020-67+5/02,25-02
970>78>-0287T/5/029/2;-47/.8-20-82789703/80+45/023+.+2
5-;.+.20-5A67-8/02+3.-37+9+02+8>/25-02./>-029/52*/.6+9-2
9/2>.+4+S-12/82/52*+.6-29/25-023.-6/0-029/26-80-579+67G82

 
!"#$%

9/*-6.P>76+129/06/8>.+57+67G81278>/;.+67G82./;7-8+52,2
;5-4+57+67G8|2
Z[\]^_`abdefbx_`i^k^ilm
R523./0/8>/2@/6./>-2}A3./*-2/023A4576+9-2/82/52@7+.7-2
O267+52R52Q/.A+8-|2R52X8/-2{A/29/>+55+25-02-4S/>7T-012
3-5:>76+0123-5:>76+02/03/6:26+02,2/0>.+>/;7+029/25+02
Q-5:>76+02K+67-8+5/029/2R*35/-2+52{A/2+6/2./</./867+2/52
8A*/.+52M|D|L29/52@/6./>-2}A3./*-2K-|2~L=L~~=QFU12
+9/*P029/20A23A4576+67G82/82/52@7+.7-2O267+52R52Q/.A+8-2
/023A4576+9-2/82/52Q-.>+529/52R0>+9-2Q/.A+8-2|3/.A|
;-4|3/C2,2/82/52Q-.>+5280>7>A67-8+529/52U7870>/.7-29/2W.+4+S-2
,2Q.-*-67G829/52R*35/-2|*78>.+|;-4|3/C|
Z[\]^_`abdefbs_tn[iilmbhnb`kbxa`]\i^kbuk^iamk`nb
hnbot`na
R52U7870>/.7-29/2W.+4+S-2,2Q.-*-67G829/52R*35/-2
0A3/.T70+25+2/S/6A67G8127*35/*/8>+67G82,26A*357*7/8>-2
9/25+02Q-5:>76+02K+67-8+5/029/2R*35/-125+026A+5/020-82
9/26A*357*7/8>-2-457;+>-.7-23-.2>-9+025+02/8>79+9/029/52
R0>+9-2/82>-9-025-0287T/5/029/2;-47/.8-12/82/52*+.6-29/2
0A026-*3/>/867+0|
Z[\]^_`abdefbn[nmha
R523./0/8>/2@/6./>-2}A3./*-2/02./<./89+9-23-.25+2
Q./079/8>+29/52F-80/S-29/2U7870>.-02,23-.25+2U7870>.+29/2
W.+4+S-2,2Q.-*-67G829/52R*35/-|
rsxsyubZusZbuyZ
R52U7870>/.7-29/2W.+4+S-2,2Q.-*-67G829/52R*35/-2
6-8>+.P26-82A8235+-29/2DN2{A786/C29:+029/09/25+2</6+2
9/2/8>.+9+2/82T7;/867+29/523./0/8>/2@/6./>-2}A3./*-12
3+.+2+3.-4+.2/52Q5+829/2*35/*/8>+67G829/25+02Q-5:>76+02
K+67-8+5/029/2R*35/-126-8<-.*/2+20A26-*3/>/867+|
@+9-2/825+2F+0+29/2-47/.8-12/82J7*+12+25-02T/78>/2
9:+029/52*/029/2SA87-29/52+-29-02*752-86/|
XJXK2XVFX2QVR
Q./079/8>/2F-80>7>A67-8+529/25+2V/34576+2
VO}XVO2@RJ2QJXV2RVKK@R2RVOX
Q./079/8>+29/52F-80/S-29/2U7870>.-02,
U7870>.+29/2A0>767+
UXKRJX2XVFX2FOFXKR
U7870>.+29/2W.+4+S-2,2Q.-*-67G829/52R*35/Zub
xyZsbuZyuZsbrbgx
xyZbcb
x[aoa^ilmbhnb`kbimn[ilmbk_onm\abhnb`kb
t[ah_^\iihkhb ^aotn\i\iihkhb im[kn\[_^\_[kb
t`i^kbbhnk[[a``ab[_[k`btk[kbn`b^[n^ioinm\ab
n^amloi^abbnmn[k^ilmbhnbnot`nabhn^nm\neb
xyZsbsxyyZs
D|D2Q.-*-T/.25+278T/.07G823.7T+9+28+67-8+52,2
/>.+8S/.+|
sZZs
D|D|D2-.>+5/6/.2/S/023.-;.+*P>76-02,2*/6+870*-02
-.7/8>+9-02+2*/S-.+.2/52657*+29/28/;-67-02/82/523+:0|2
D|D|L2Q/.</667-8+.25-02*/6+870*-029/23.->/667G829/2
5-029/./6-029/23.-37/9+9278>/5/6>A+5|
D|D|I2X9/6A+.2/52*+.6-28-.*+>7T-23+.+23.-*-T/.25+02
6-86/07-8/02,2+0-67+67-8/0234576-=3.7T+9+012/82/52*+.6-2
9/25+2>.+803+./867+12./89767G829/26A/8>+02,26A*357*7/8>-2
9/2-457;+67-8/0|2
D|L2Q.-*-T/.2/52+A*/8>-29/25+23.-9A6>7T79+920-0>/879-2
+2>.+T029/25+278T/.07G82/8267/867+12>/68-5-;:+2/2788-T+67G812
+0:26-*-25+2>.+80</./867+2>/68-5G;76+|2

http://actualidadcooperativa.blogspot.com/

Lic. Csar M. Quispe Lujn


 
!"#$%

0123457894785

*+,-.,*/0.+
1232145678996469:;6<7<4=>6>49?4@9<>667??74@94
:>=>:A@>@9<4B4>;C9DE74@94?>4AD89<EAF>:AGD49D4:A9D:A>H4
E9:D7?7FI>494ADD78>:AGD49D4;DA896<A@>@9<4=JK?A:><4B4
<968A:A7<4=JK?A:7<4@94>@A9<E6>CA9DE74B4:>=>:AE>:AGDH4@94
>:;96@74>4?7<469L;96ACA9DE7<4@9?4<9:E764=67@;:EA8724
123234 M9<>667??>64 94 AC=?9C9DE>64 C9:>DA<C7<4
:7C=9EAEA87<4@94N4D>D:A>CA9DE74=>6>4?>4><AFD>:AGD4@94
69:;6<7<4>4?><4AD<EAE;:A7D9<4:7D4C9O764@9<9C=9P749D4?>4
AD89<EAF>:AGD49D4:A9D:A>4B4E9:D7?7FI>2
1232Q4567C78964?>4@AR;<AGD4B4><ACA?>:AGD4@94
:7D7:ACA9DE7<4ES:DA:7<H4D;98><4ES:DA:><4B4E9:D7?7FI><4
L;94>;C9DE>D4?>4=67@;:EA8A@>@4@94?><49C=69<><2
1232T4UC=?9C9DE>64B4R76E>?9:964V9DE67<4@94UDD78>:AGD4
W9:D7?GFA:>H4=>6>4?>49X=>D<AGD4@94?>4:7K96E;6>4@94?7<4
<968A:A7<4@94><A<E9D:A>4ES:DA:>H4><9<76I>H4B4:>=>:AE>:AGDH4
@94>:;96@74>4?7<469L;96ACA9DE7<4@9?4<9:E764=67@;:EA8724
1232Y4M9<>667??>6494AC=?9C9DE>64C9:>DA<C7<494
AD:9DEA87<4=>6>4=67C78964?>4AD896<AGD49D4AD89<EAF>:AGD4
B4@9<>667??74@94?><49C=69<><4D>:A7D>?9<4L;94F9D969D4
ADD78>:A7D9<4=67@;:EA8><2
12Q4567C78964?>4:7C=9EAEA8A@>@4@9?4=>I<4><I4:7C74?><4
AD896<A7D9<4=6A8>@><476A9DE>@><4>4?><49X=76E>:A7D9<H49D4
9<=9:A>?4>L;9??><4L;94F9D96>D4C>B7648>?764>F69F>@74B4
<7D4ADE9D<A8><49D4C>D74@947K6>4:>?AN4:>@>2
*+,-.,*/0.+
12Q214Z9>?A[>64=67<=9:EA8>4@94C96:>@7<4ADE96D7<4B4
9XE96D7<476A9DE>@>4>4A@9DEAN4:>64@9C>D@>4=764KA9D9<4B4
<968A:A7<4=67@;:A@7<49D49?4=>I<2
12Q234567C78964?>49X=>D<AGD4@94C96:>@7<49XE96D7<4>4
E6>8S<4@94>:;96@7<H4:7D89DA7<4B4E6>E>@7<4:7C96:A>?9<2
12Q2Q457<A:A7D>64?7<4=67@;:E7<4D>:A7D>?9<49D49?4
C96:>@749XE96D74
12Q2T4567C78964?>4:96EAN4:>:AGD4@94?>4:>?A@>@4@94?7<4
=67@;:E7<4D>:A7D>?9<4B4?>4:96EAN4:>:AGD4@94?>4@9D7CAD>:AGD4
@9476AF9D4=>6>4=67@;:E7<4E6>@A:A7D>?9<2
12T4567C78964?>4AD896<AGD4=JK?A:>4B4=6A8>@>49D4?>4
:7D<E6;::AGD4B4C>DE9DACA9DE74@94ADR6>9<E6;:E;6>4=JK?A:>2
*+,-.,*/0.+
12T214567C78964?>4AD896<AGD4=JK?A:>4ADE9D<A8>49D4
C>D74@947K6>4=>6>49?4C>DE9DACA9DE74@94?>4ADR6>9<E6;:E;6>4
=JK?A:>49XA<E9DE94><I4:7C74=>6>4?>4:7D<E6;::AGD4@94D;98>4
ADR6>9<E6;:E;6>4=76E;>6A>H48A>?H4@94F9D96>:AGD49?S:E6A:>H4@94
>F;>4B4<>D9>CA9DE7H4B4@94E9?9:7C;DA:>:A7D9<2
12T234\76E>?9:964?><4AD<E>D:A><4@94=?>D9>CA9DE74B4
:776@AD>:AGD4D>:A7D>?H469FA7D>?4B4?7:>?4=>6>4@9<>667??>64
=7?IEA:><4<9:E76A>?9<H4ADA:A>EA8><4@94=67B9:E7<4B4=67F6>C><4
@94AD896<AGD49D4ADR6>9<E6;:E;6>4=JK?A:>4B4=67C7:AGD4@94?>4
AD896<AGD4=6A8>@>2
12T2Q4M9<>667??>64C9:>DA<C7<4L;94=96CAE>D4B4
=67C;98>D4?>469:7D896<AGD4]>:A>4;D>4D;98>4C>E6A[4
9D96FSEA:>H4C^<4@A896<AN4:>@>4B4C9D7<4@9=9D@A9DE94@9?4
=9E6G?972
12T2T4567C78964?>4AD896<AGD4=6A8>@>49D49?4C>DE9DACA9DE74
@94?>4ADR6>9<E6;:E;6>4=JK?A:>49XA<E9DE94B4?>4:7D<E6;::AGD4@94
D;98>4ADR6>9<E6;:E;6>4=JK?A:>4>4E6>8S<4@94:7D:9<A7D9<4B4
><7:A>:A7D9<4=JK?A:7_=6A8>@><2
12T2Y4\76E>?9:964?7<4C9:>DA<C7<4@94ADR76C>:AGD4<7K694
F9D96>:AGD4@949C=?9749D4=67F6>C><4B4=67B9:E7<4@94
AD896<AGD49D4ADR6>9<E6;:E;6>4=JK?A:>2
12Y4UC=;?<>649?4@9<>667??746;6>?4<7<E9DAK?94B4?>4
><7:A>EA8A@>@49DE694=67@;:E769<H4=67C78A9D@74?>4AD896<AGDH4
9?4@9<>667??74@94?7<469:;6<7<4];C>D7<4B4?>49X=>D<AGD4@94
C96:>@7<H4:7D4AF;>?@>@4@947=76E;DA@>@9<49DE694]7CK69<4
B4C;O969<2
*+,-.,*/0.+
12Y214V7D:96E>64=7?IEA:><4D>:A7D>?9<H469FA7D>?9<4B4
?7:>?9<4@94@9<>667??746;6>?4<7<E9DAK?94>4E6>8S<4@9?4@A^?7F74
<7:A>?24
12Y234UD:76=76>64C9:>DA<C7<4@94@9<>667??746;6>?4
<7<E9DAK?949D4?7<4=?>D9<4D>:A7D>?9<H469FA7D>?9<4B4
?7:>?9<2

&&'(&)

12Y2Q4UC=;?<>64B4R76E>?9:9649?4@9<>667??74@94:>@9D><4
=67@;:EA8><4>4E6>8S<4@9?4R7C9DE74@94?>4ADD78>:AGD4
E9:D7?GFA:>4B4?>4@A896<AN4:>:AGD4@94>:EA8A@>@9<H4:69>D@74
7=76E;DA@>@9<4@949C=?974@9:9DE94=>6>4?7<4=67@;:E769<4
6;6>?9<24
12Y2T4M9<>667??>64C9:>DA<C7<4L;94R7C9DE9D4?>4
><7:A>EA8A@>@4@94=67@;:E769<4]7CK69<4B4C;O969<4=>6>4
=67=A:A>64L;94<;<49X=96A9D:A><4<94:7C=?9C9DE9D49D4R>8764
@9?4@9<>667??746;6>?4<7<E9DAK?924

`abc,0d.efge
`hijiklhemneopqlhrospemntihnmeuhivwrxoknyezihjnme{e
ripeljumlievlrlpxl|
`abc,0d.+e*+`*dc}0d.+
3214\76E>?9:96494AD<EAE;:A7D>?A[>649?4~968A:A74>:A7D>?4
@94C=?974=>6>4R>:A?AE>64?>4AD<96:AGD4@94?><4E6>K>O>@76><4B4
?7<4E6>K>O>@769<49D49?4C96:>@74@94E6>K>O74R76C>?2
*+,-.,*/0.+
3212146EA:;?>64?7<4<968A:A7<4=JK?A:7<4@949C=?974D>:A7D>?9<H4
69FA7D>?9<4B4?7:>?9<49D49?4~968A:A74>:A7D>?4@9?4C=?9724
321234AD:;?>649?4~968A:A74>:A7D>?4@9?4C=?974:7D4?><4
>F9D:A><4=6A8>@><4@949C=?974B4?><49DEA@>@9<4R76C>EA8><24
3212Q4567C789649?4;<74@94?><4D;98><4E9:D7?7FI><4@94
ADR76C>:AGD4B4:7C;DA:>:AGD49D49?4~968A:A74>:A7D>?4@9?4
C=?972
3212T4567C78964?><4>?A>D[><49<E6>ESFA:><4:7D4<968A:A7<4
=JK?A:7<4@949C=?9749XE6>DO967<49D49?4C>6:74@94?>4
ADE9F6>:AGD469FA7D>?4B4;D>49:7D7CI>4F?7K>?A[>@>2
32349D96>64B4<A<E9C>EA[>64ADR76C>:AGD4@9?4C96:>@74
@94E6>K>O74B4@9?4C96:>@74R76C>EA872
*+,-.,*/0.+
323214M9<>667??>64ADR76C>:AGD494AD89<EAF>:AGD4@9?4
C96:>@74@94E6>K>O74B4@9?4C96:>@74R76C>EA8724
323234~A<E9C>EA[>64ADR76C>:AGD4<7K694?7<4C96:>@7<4@94
E6>K>O74B4R76C>EA87<4@94?7<4=6AD:A=>?9<4=>I<9<4@94@9<EAD74
@94?7<4CAF6>DE9<H4=7DA9D@74SDR><A<49D4?7<4=>I<9<4:7D4?7<4
L;94<94]>B>D4<;<:6AE74>:;96@7<4749XA<E>4C>B76469FA<E674@94
CAF6>:AGD4ADE96D>:A7D>?24
3232Q4567C789649?4R76E>?9:ACA9DE7494AC=?9C9DE>:AGD4@94
?7<47K<968>E76A7<4<7:A79:7DGCA:7<4?>K76>?9<24
3232T4<E>K?9:964;D4<A<E9C>4@94ADR76C>:AGD4B4@AR;<AGD4
@94?>4ADR76C>:AGD4@94?7<4C96:>@7<4@94E6>K>O74B4R76C>EA87H4
:7D<A@96>D@74>?A>D[><4:7D49?4<9:E764=6A8>@72
3232Y4567C78964:7D89DA7<4KA?>E96>?9<4B4C;?EA?>E96>?9<4
@9469F;?>:AGDH476@9D>:AGD494ADR76C>:AGD4@944;O7<4
CAF6>E76A7<4?>K76>?9<H4L;94F>6>DEA:9D4?>4=67E9::AGD4@94?7<4
E6>K>O>@769<4B4?><4E6>K>O>@76><4CAF6>DE9<4B4<;<4R>CA?A><H4
9D4:776@AD>:AGD4:7D4Z9?>:A7D9<4XE96A769<2
32Q4567C789649?49C=?974=>6>4?7<4B4?><4OG89D9<4L;94?9<4
=96CAE>4:7D<E6;A64E6>B9:E76A><4@949C=?974@9:9DE92
*+,-.,*/0.+
32Q214567C78964AD:9DEA87<4>4?><49C=69<><4@94>L;9??7<4
<9:E769<4ADE9D<A87<49D4C>D74@947K6>H4=>6>4?>4:7DE6>E>:AGD4
@94?7<4B4?><4OG89D9<49D4=;9<E7<4@94E6>K>O7474<;<:6A=:AGD4
@94:7D89DA7<4@94C7@>?A@>@9<4R76C>EA8><4?>K76>?9<24
32Q234\76E>?9:9649?4~968A:A74@946A9DE>:AGD47:>:A7D>?4
94UDR76C>:AGD4:;=>:A7D>?4@9?4ADA<E96A74@94W6>K>O74B4
567C7:AGD4@9?4C=?97H4:7D<A@96>D@74?><4D9:9<A@>@9<4B4
:>=>:A@>@9<4@94?7<4B4?><4OG89D9<4B4?7<469L;96ACA9DE7<4@9?4
C96:>@74@94E6>K>O72
32Q2Q4567C789649?469E76D74>?4=>I<4@94?7<4B4?><4OG89D9<4
>?E>C9DE94:>=>:AE>@7<4=>6>4<;4AD<96:AGD47469AD<96:AGD4
?>K76>?49D4<9:E769<4:7D4>?E748>?764>F69F>@74B4=67@;:EA8A@>@H4
><I4:7C74?>49<=9:A>?A[>:AGD4@94?7<4B4?><4OG89D9<49D49?4
9XE96A764><9F;6>D@74<;469E76D724
32Q2T4567C78964?>469<=7D<>KA?A@>@4B4=>6EA:A=>:AGD4
>:EA8>4@94?7<4F7KA96D7<469FA7D>?9<4B4?7:>?9<49D49?4R7C9DE74
@9?49C=?974O;89DA?4B49?4@9<>667??74@94=67F6>C><4L;94
C9O769D4?>49C=?9>KA?A@>@4B4?><4>:EA8A@>@9<49C=69<>6A>?9<4
@94?7<4B4?><4OG89D9<2

http://actualidadcooperativa.blogspot.com/

Lic. Csar M. Quispe Lujn

&&'('(

0123457894785

)*+*,-./01023/-453-607-8-697-:;23<37-/5/9637-732=<>563<->0<->9?3<97-@/0?5>A=297-8-?3-2960/-3B=7A3<A37C-8D013<A9/-69->/39>=;<-?3-/3?37-?3-@/0?5>A0/37-/5/9637-@9/9=<>/313<A9/-69->01@3A=A=2=?9?-A3//=A0/=96*)*+*E-F>A596=G9/-8-13:0/9/-36-19/>0-<0/19A=20-/369>=0<9?0>0<-36-31@630-:523<=6-H9/9<A=G9<?0-75->51@6=1=3<A0*
)*+*I-J<>0/@0/9/-69-@06KA=>9-?3-@/010>=;<-?36-31@630:523<=6-3<-69-9H3<?9-?3-697-=<7A9<>=97-?3->0<>3/A9>=;<70>=96-A/=@9/A=A97-LM0<73:0-N9>=0<96-?3-O/9P9:0-8-./010>=;<?36-Q1@630C-M0<73:0-N9>=0<96-@9/9-36-R379//0660-?3-69S=>/0-8-.3453T9-Q1@/3V79C-3<A/3-0A/97U-8-?3-69-M01=7=;<J<A3/73>A0/=96-?3-Q1@630C-=<>6583<?0-13>9<=7107-@9/9-69>0<756A9-9-697-0/H9<=G9>=0<37-:523<=637*
)*W-X013<A9/-69-=1@6313<A9>=;<-?3-@69<37-=<A3H/9?07?3-?379//0660-<9>=0<96C-/3H=0<96-8-60>96->0<-=H596?9?-?30@0/A5<=?9?37-3<A/3-Y01P/37-8-15:3/37C-453-=<>6589<@/0H/9197-8-@/083>A07-?3-@/010>=;<-?36-31@630*Z[\]^\Z_`^[
)*W*V-X0/A963>3/-697->9@9>=?9?37-<9>=0<9637-8/3H=0<9637-3<-69-D0/1569>=;<-3-=1@6313<A9>=;<-?3-@06KA=>979>A=297-?3-31@630C-97K->010-3<-69-=1@6313<A9>=;<-?3@69<37-?3-?379//0660-<9>=0<96C-/3H=0<96-0-60>96C->0<20>9<?036-9@080-8-97=7A3<>=9-?3-69->00@3/9>=;<-=<A3/<9>=0<96-8Y0/=G0<A96*
)*W*)-./01023/-<0/19A=297-8-9>>=0<37-/3H=0<9637C60>9637-8-73>A0/=9637-?3-@/010>=;<-?36-31@630C-3<>0<>0/?9<>=9->0<-697-?3-a1P=A0-<9>=0<96C-453-@3/1=A9<-69=1@6313<A9>=;<-?3-@06KA=>97-9>A=297-?3-31@630*
)*W*+-./01023/-69-=1@6313<A9>=;<-?3-@/083>A07-?3>0?379//0660-2=<>569?07-96-?379//0660-3>0<;1=>0-/3H=0<968-60>96*)*W*W-./01023/-@06KA=>97-?3-@/010>=;<-?36-31@6303<-/3H=0<37-D/0<A3/=G97C-3<->0//37@0<?3<>=9->0<-69737A/9A3H=97-?3-?379//0660-3-=<A3H/9>=;<-D/0<A3/=G07b-89>53/?07-?3-/3H569/=G9>=;<-9?1=<=7A/9A=29-?3-A/9P9:9?0/371=H/9<A37-3<-7=A59>=;<-=//3H569/-3<-G0<97-D/0<A3/=G97*
)*W*,-R379//0669/-6=<391=3<A07-Pa7=>07-@9/9-@/01023/69-=H596?9?-?3-0@0/A5<=?9?37-3<A/3-Y01P/37-8-15:3/37-3<69-369P0/9>=;<-3-=1@6313<A9>=;<-?3-@69<37-?3-?379//0660?3->9/a>A3/-<9>=0<96C-/3H=0<96-8-60>96*
)*,-./01023/-69-@/0A3>>=;<-?36-A/9P9:9?0/-8-69A/9P9:9?0/9-9<A3-69-@c/?=?9-?36-31@630*
Z[\]^\Z_`^[
)*,*V-./01023/-69-91@6=9>=;<-?3-69->0P3/A5/9-?3-69M01@3<79>=;<-@0/-O=31@0-?3-d3/2=>=07-LMOdU-3<-607A/9P9:9?0/37-8-697-A/9P9:9?0/97-97969/=9?07C-9-A/92c7-?3@/0>3707-453-@/015329<-69-D0/196=?9?-69P0/96*
)*,*)-X0/A963>3/-697-9>>=0<37-?3-23/=e->9>=;<-?36>51@6=1=3<A0-?3-69-<0/19A=29-?3-69-MOd*
)*,*+-d9629H59/?9/-36-0P:3A=20-?3-69-MOd->010-13>9<=710?3-@/0A3>>=;<-70>=96-=<Y3/3<A3-@9/9-607-A/9P9:9?0/37-8-697A/9P9:9?0/97-D/3<A3-9-69-@c/?=?9-?36-31@630*
)*,*W-Q29659/-8-@/0@0<3/-13>9<=7107-3-=<7A/513<A07>01@6313<A9/=07-8f0-96A3/<9A=207-@9/9-453-@/0239<@/0A3>>=;<-3<->970-?3-@c/?=?9-?36-31@630*
)*E-./01023/-8-H9/9<A=G9/-36-9>>370-96-973H5/91=3<A0?3-69-7965?-8-9-69-@/32=7=;<-70>=96*Z[\]^\Z_`^[
)*E*V-./01023/-69-91@6=9>=;<-?3-69->0P3/A5/9-?3@/0A3>>=;<-70>=96-Y97A9-96>9<G9/-36-9>>370-5<=23/796*
)*E*)-X0/A963>3/-697-3<A=?9?37-9->9/H0-?3-69-@/0A3>>=;<70>=96-3<-7965?-8-@/32=7=;<-LQddFghRC-dJdC-iN.CSO.QUC-@3/D3>>=0<9<?0-75-19/>0-<0/19A=20C-607-/3>5/707?=7@0<=P637C-75-0/H9<=G9>=;<-8-@/0>3?=1=3<A07-@9/90@A=1=G9/-69-H37A=;<-3<-@/0A3>>=;<-70>=96*)*E*+-J1@6313<A9/-37A/9A3H=97-<0->0<A/=P5A=297-?3@/=13/-@=70-0/=3<A9?97-9-91@6=9/-36-9>>370-96-973H5/91=3<A0?3-69-7965?-8-9-69-@/32=7=;<-@3<7=0<9/=9-?3-607-A/9P9:9?0/378-697-A/9P9:9?0/97C-8-@/0233/-@/0A3>>=;<-70>=96-9-H/5@07-3<7=A59>=;<-256<3/9P63*
)*E*W-j=H=69/-36->51@6=1=3<A0-?3-69-<0/19A=29-?36973H5/91=3<A0-?3-69-7965?-8-?3-69-@/32=7=;<-@3<7=0<9/=9?3-607-A/9P9:9?0/37-8-697-A/9P9:9?0/97*-

 
!"#$%

)*E*,-./01023/-36-?379//0660-?36-13/>9?0-@/=29?0?3-@/37A9>=0<37-?3-73/2=>=07-?3-973H5/91=3<A0-?3-697965?-8-?3-@/32=7=;<-@3<7=0<9/=9C-A9<A0-@9/9-A/9P9:9?0/37?3@3<?=3<A37->010-95A031@639?07*
)*E*E-k3<3/9/-5<-7=7A319-?3-/3H=7A/0-?3-=<D0/19>=;<=<A3H/9?0-453-@3/1=A9-?3A3/1=<9/-36-<=236-96-9>>370-9-69@/0A3>>=;<-3<-7965?-8-@/32=7=;<-@3<7=0<9/=9*)*E*I-./01023/->0<23<=07-P=69A3/9637-8-156A=69A3/9637?3-73H5/=?9?-70>=96C-453-H9/9<A=>3<-69-@/0A3>>=;<-?3-607A/9P9:9?0/37-8-697-A/9P9:9?0/97-1=H/9<A37-8-757-D91=6=97C3<->00/?=<9>=;<->0<-l369>=0<37-QBA3/=0/37*
)*I-./01023/-8-D0/A963>3/-607->/=A3/=07-8-13>9<=7107@9/9-69-?3A3/1=<9>=;<-8-9:57A3-?3-69-/315<3/9>=;<1K<=19-3<-5<-3<A0/<0-?3-?=a60H0-70>=96C-97K->010D013<A9/-69-<3H0>=9>=;<->063>A=29-@9/9-36-9513<A0-?3-69@/0?5>A=2=?9?*
Z[\]^\Z_`^[
)*I*V-X0/A963>3/-36-M0<73:0-N9>=0<96-?3-O/9P9:0-8./010>=;<-?36-Q1@630->010-=<7A9<>=9-?3-?=a60H0-A/=@9/A=A9@9/9-69-?=7>57=;<-8-?3A3/1=<9>=;<-?3-69-/315<3/9>=;<1K<=19C-@/0102=3<?0-36-?=a60H0-@3/19<3<A3-8-3673H5=1=3<A0-?3-607-9>53/?07->0<73<759?07*
)*I*)-R3A3/1=<9/-607->/=A3/=07-3>0<;1=>07-8-70>=9637-453@3/1=A9<-37A9P63>3/-36-<=236-?3-69-/315<3/9>=;<-1K<=19C>0<7=?3/9<?0-697-<3>37=?9?37-?3-607-A/9P9:9?0/37-8-697A/9P9:9?0/97C-36->07A0-?3-2=?9C-36-<=236-?3-69-@/0?5>A=2=?9?3<-69-3>0<01K9C-3<A/3-0A/07->/=A3/=07*
)*I*+-./01023/-453-73-37A9P63G>9<-607->/=A3/=07-@9/9?3A3/1=<9/-69-0@0/A5<=?9?-8-69-D/3>53<>=9->0<-69-45373-?3P3-/32=79/C-10?=e->9/-8f0-9:57A9/-69-/315<3/9>=;<1K<=19*)*I*W-./01023/-453-73-37A9P63G>9<-607->/=A3/=07@9/9-?3A3/1=<9/-36-/cH=13<-?3-69-/315<3/9>=;<-1K<=19Cm<=>9-0-?=D3/3<>=9?9C->0<7=?3/9<?0-69-<3>37=?9?-?3-697A/9P9:9?0/97-8-607-A/9P9:9?0/37*
)*I*,-R379//0669/-69-<0/19A=2=?9?-8f0-=<7A=A5>=0<96=?9?453-/3n-3:3-607->/=A3/=07-8-@/0>3?=1=3<A07-@9/9-69?3A3/1=<9>=;<-?3-69-/315<3/9>=;<-1K<=19*)*I*E-./01023/-69-<3H0>=9>=;<->063>A=29-P979?93<->01@/01=707-3-=<>3<A=207-@9/9-36-9513<A0-?3-69@/0?5>A=2=?9?*
)*o-X0/A963>3/-69->9@9>=?9?-?3-@/323<>=;<-?3->0<n-=>A0769P0/9637-?3-607-73/2=>=07-=<7@3>A=207-?36-S=<=7A3/=0-?3O/9P9:0-8-./010>=;<-?36-Q1@630*
Z[\]^\Z_`^[
)*o*V-X0/A963>3/-36-d=7A319-N9>=0<96-?3-J<7@3>>=0<37g9P0/9637C->9@9>=A9<?0-?3-19<3/9-@3/19<3<A3-9-607=<7@3>A0/37C-@3/70<96-9?1=<=7A/9A=20C-8-D5<>=0<9/=073<>9/H9?07-?3-607-@/0>3?=1=3<A07-?3-79<>=;<-453-=<A3H/9<36-7=7A319-?3-=<7@3>>=;<-69P0/96*
)*o*)-X0/A963>3/-69->9@9>=?9?-?3-e-7>96=G9>=;<-?36-5709?3>59?0-?3-607->0<A/9A07-?3-?5/9>=;<-?3A3/1=<9?9-?39>53/?0-96-@/=<>=@=0-?3->95796=?9?*
)*o*+-X0/A963>3/-607-73/2=>=07-?3-0/=3<A9>=;<-453@/0233-36-d=7A319-N9>=0<96-?3-J<7@3>>=0<37-g9P0/9637C-8@/01023/-36-570-?3-?=>Y07-73/2=>=07*
)*o*W-X0/A963>3/-9>>=0<37-?3-?=D57=;<-?3-69-63H=769>=;<-8<0/19A=29-69P0/96C-?37A9>9<?0-69-=H596?9?-?3-0@0/A5<=?9?373<A/3-Y01P/37-8-15:3/37-8-5<-A/9P9:0-?3-=H596-2960/C13>9<=710-?3-@/323<>=;<-?3-607->0<n-=>A07-69P0/9637b-8@/01023/-69->9@9>=A9>=;<-?3-697-0/H9<=G9>=0<37-7=<?=>9637?3-A/9P9:9?0/37-8-31@639?0/37*
)*p-./323<=/-8-3//9?=>9/-697-@30/37-D0/197-?3-A/9P9:0=<D9<A=6-8-36-A/9P9:0-D0/G070*
Z[\]^\Z_`^[
)*p*V-X0/A963>3/-36-M01=Ac-R=/3>A=20-N9>=0<96-@9/9-69./323<>=;<-8-Q//9?=>9>=;<-?36-O/9P9:0-J<D9<A=6-8-@/01023/q
rstttuvswsxyzswrzstz{|vz}t
r~vsttr|swzvtzrt
srt t
rzs}q

http://actualidadcooperativa.blogspot.com/

Lic. Csar M. Quispe Lujn


 
!"#$%

0123457894785

*+,-./+-012,345,65.7+*/-080/275,9/,:5807;<,=/>052+*/<?,
/<@/-0+*8/27/,/2,*+<,A52+<,9/,9/7/--012,9/,8+35.,
./>0<7.5,9/,7.+B+C5,026+270*D
EDFDE,G5.7+*/-/.,*+,:580<012,H+-052+*,@+.+,*+,IJ-K+,
-527.+,/*,L.+B+C5,G5.A5<5,3,/*,M.J@5,9/,L.+B+C5,NJ*70</-75.0+*,
O/.8+2/27/,-527.+,*+,L.+7+,9/,O/.<52+<?,3,@.585P/.,*+,
-./+-012,345,65.7+*/-080/275,9/,:5807;<,=/>052+*/<,-527.+,
/*,7.+B+C5,65.A5<5,3,*+,7.+7+,9/,@/.<52+<D
EDFDQ,R0>0*+.,@5.,/*,-J8@*080/275,9/*,O*+2,H+-052+*,@+.+,
*+,O./P/2-012,3,S..+90-+-012,9/*,L.+B+C5,T26+270*?,+<U,-585,
9/*,O*+2,H+-052+*,9/,IJ-K+,-527.+,/*,L.+B+C5,G5.A5<5D
EDFDV,W/7/.802+.,90./-7.0-/<,90.0>09+<,+,*+,@./P/2-012,3,
/..+90-+-012,9/,*+<,@/5./<,65.8+<,9/*,7.+B+C5,026+270*?,/2,
-52-5.9+2-0+,-52,*5<,:52P/205<,XYE,3,XQY,9/,*+,ZTLD
EDFD[,M/2/.+.,0265.8+-012,<0<7/8\70-+?,@/.702/27/,
3,5@5.7J2+,@+.+,+@53+.,*+,65.8J*+-012,9/,/<7.+7/>0+<,
5.0/27+9+<,+,@./P/20.,3,/..+90-+.,*+<,@/5./<,65.8+<,9/*,
7.+B+C5,026+270*,3,/*,7.+B+C5,65.A5<5D
EDFD],W/<+..5**+.,+-70P09+9/<,65-+*0A+9+<,@+.+,@./P/20.,
/*,./-*J7+80/275,3,@+.+,./<-+7+.,3,./K+B0*07+.,+,*+<,PU-708+<,
9/*,7.+B+C5,65.A5<5D
EDFD^,T2P5*J-.+.,+,*+<,/8@./<+<?,7.+B+C+95./<,3,./<75,
9/,*+,<5-0/9+9,-0P0*,/2,*+,*J-K+,-527.+,/*,7.+B+C5,65.A5<5D

_`abcdefghig
_jklkmnjgopgqkjlprstugkrvwprskupoxgyzrusrpg{g
wjkqn|skupoxgp|}grklkgopgrpwprsyprstug{gjnrkumnj|stug
op~kjpoxgnugrkurkjpurspgrkugok|gjnvnjslsnuyk|gnog
lnjrpkgngyjp~pk
_`abcdefg_ebdef
QDX,O.585P/.,*+,/9J-+-012,@+.+,/*,7.+B+C5?,*+,65.8+-012,
7;-20-+,3,@.56/<052+*,9/,-+*09+9,3,@/.702/27/?,-52,0>J+*9+9,
9/,5@5.7J209+9/<,/27./,K58B./<,3,8JC/./<D
cfcdf
QDXDX,O.5P//.,J2+,/9J-+-012,B\<0-+,9/,-+*09+9?,-52,
0>J+*9+9,9/,5@5.7J209+9/<,/27./,K58B./<,3,8JC/./<?,
@.585P0/295,/*,8/C5.+80/275,-52702J5,3,@/.8+2/27/,9/,
*5<,</.P0-05<,/9J-+70P5<,9/*,S<7+95D
QDXDE,G5.7+*/-/.,*+<,20P/.<09+9/<,S<7+7+*/<?,*5<,
T2<707J75<,J@/.05./<,L/-25*1>0-5<,3,:/27.5<,9/,S9J-+-012,
L;-20-5,O.59J-70P5<,S<7+7+*/<,+<U,-585?,*5<,</.P0-05<,
9/,+90/<7.+80/275,3,-+@+-07+-012,7;-20-5@.56/<052+*/<,
SH:T:Z?,SHLT?,:SHGZL=?,THT:LSI,3,*5<,
:TLS?,8/C5.+295,9/,8+2/.+,@/.8+2/27/,*+,-+*09+9,9/,*+,
65.8+-012,J/,56./-/2D,
QDXDQ,G58/27+.,/*,9/<+..5**5,9/,-+@+-09+9/<?,
-58@/7/2-0+<,*+B5.+*/<,3,/8@./<+.0+*/<,9/,*5<,./-J.<5<,
KJ8+25<?,@+.+,J/,./<@529+2,+,*5<,./75<,9/*,9/<+..5**5?,
@.585P0/295,/*,9/<+..5**5,9/,*+,0225P+-012,3,*+,
7/-25*5>U+D
QDXDV,G58/27+.,*+,+.70-J*+-012,9/,*5<,./J/.080/275<,
9/*,</-75.,@.59J-70P5,+,20P/*,2+-052+*?,./>052+*,3,*5-+*,
-52,*+,56/.7+,65.8+70P+,J/,</,B.029+,/2,*5<,-/27.5<,9/,
65.8+-012,@.56/<052+*?,*5<,:TLS,3,57.5<?,+,,2,9/,8/C5.+.,
*+,@.59J-70P09+9,/8@./<+.0+*D
QDXD[,W/<+..5**+.,8/-+20<85<,J/,906J29+2,-+../.+<,
25,7.+90-052+*/<,/27./,8JC/./<,3,P+.52/<,02-/270P+295,<J,
+--/<0B0*09+9,-52,029/@/29/2-0+,9/*,</5,9/*,7.+B+C+95.D
QDE,O.585P/.,*+,+-./907+-012,9/,*+<,02<707J-052/<,9/,
65.8+-012,@.56/<052+*?,+<U,-585,*+,-/.70,-+-012,9/,*+<,
-58@/7/2-0+<,*+B5.+*/<,3,5-J@+-052+*/<,5B7/209+<,+,
7.+P;<,9/,*+,/@/.0/2-0+D
cfcdf
QDEDX,N/C5.+.,/*,8+.-5,25.8+70P5,@+.+,*+,./>J*+-012?,
-/.70,-+-012,9/,-58@/7/2-0+<,*+B5.+*/<,3,9/,*+,-+*09+9,
9/,*+,65.8+-012?,3,*+,+-./907+-012,9/,*+<,02<707J-052/<,
65.8+70P+<?,9/*0807+295,*+,-58@/7/2-0+,9/,*+<,90P/.<+<,
/2709+9/<,02P5*J-.+9+<,NTHSW?,NLOS?,:ZHG?,
THS:SD
QDEDE,G5.7+*/-/.,*+<,-+@+-09+9/<,9/,./>J*+-012?,
-/.70,-+-012,3,+-./907+-012,9/*,NTHSW?,NLOS?,:ZHG?,
3,THS:SD

&&'(')

QDEDQ,G5.7+*/-/.,345,@.585P/.,/*,9/<+..5**5,9/,
<0<7/8+<,9/,-/.7060-+-012,9/,-58@/7/2-0+<,*+B5.+*/<,
9/,*5<,</.P0-05<,2+-052+*/<,9/,+90/<7.+80/275,3,
-+@+-07+-012, SHLT?, SH:T:Z?, :SHGZL=?,
THT:LSID
QDEDV,W/<+..5**+.,J2,<0<7/8+,027/>.+*,9/,25.8+*0A+-012,
3,-/.70,-+-012,9/,-58@/7/2-0+<,*+B5.+*/<,3,5-J@+-052+*/<?,
02-*J3/295,*+<,-58@/7/2-0+<,+9J0.09+<,+,7.+P;<,9/,*+,
/@/.0/2-0+D
QDED[,W/<+..5**+.,J2,<0<7/8+,9/,0265.8+-012,+,@+.70.,
9/,J2,./>0<7.5,2+-052+*,9/,7.+B+C+95.+<,3,7.+B+C+95./<,
-52,-/.70,-+-012,9/,<J<,-58@/7/2-0+<,*+B5.+*/<?,J/,
@/.807+,+-./907+.,90-K+<,-58@/7/2-0+<,+27/,@5<0B*/<,
/8@*/+95./<D
QDED],O.585P/.,+-J/.95<,9/,K585*5>+-012,9/,
-/.70,-+-012,9/,-58@/7/2-0+<,*+B5.+*/<,3,5-J@+-052+*/<,
3,7U7J*5<,@.56/<052+*/<?,7;-20-5<,5,+-+9;80-5<?,/27./,*5<,
</.P0-05<,2+-052+*/<,9/,+90/<7.+80/275,3,-+@+-07+-012?,5,
/*,J/,K+>+,<J<,P/-/<?,3,J20P/.<09+9/<,./<@/-70P+8/27/?,
3,<J<,<080*+./<,/2,*5<,@.02-0@+*/<,@+U</<,9/,9/<7025,9/,*5<,
80>.+27/<,@/.J+25<D
QDQ,O.585P/.,*+,-+@+-07+-012,9/,*5<,7.+B+C+95./<,
/2,*+,/8@./<+,@+.+,8/C5.+.,@/.8+2/27/8/27/,<J,
@.59J-70P09+9D,
cfcdf
QDQDX,S<7+B*/-/.,3,8/C5.+.,@/.8+2/27/8/27/,8/-+20<85<,
@+.+,02-/270P+.,*+,02P/.<012,9/,*+<,/8@./<+<,9/*,</-75.,@.0P+95,
/2,-+@+-07+-012,020-0+*,3,/2,</.P0-05,9/,<J<,7.+B+C+95.+<,3,
7.+B+C+95./<?,+<U,-585,*+,65.8+-012,-52702J+D
QDQDE,O.585P/.,3,65.7+*/-/.,*+<,859+*09+9/<,65.8+70P+<,
*+B5.+*/<,-585,8/-+20<85,@+.+,9/<+..5**+.,-58@/7/2-0+<,
>/2/.+*/<,3,/<@/-U,-+<,@+.+,/*,7.+B+C5?,8/C5.+295,<J,
25.8+70P+,3,+9/-J\295*+,+,*5<,./J/.080/275<,7;-20-5
@.59J-70P5<D,
QDQDQ,W/<+..5**+.,8/-+20<85<,9/,02-/270P5<,@+.+,*+<,
/8@./<+<,J/,-+@+-07/2,-52,0>J+*9+9,9/,5@5.7J209+9/<,
/27./,7.+B+C+95./<,3,7.+B+C+95.+<D
QDV,W/<+..5**+.?,65.7+*/-/.,/,02-./8/27+.,*+,-5B/.7J.+?,
-+*09+9,3,@/.702/2-0+,9/,*+,-+@+-07+-012,*+B5.+*?,/*,
.//27./2+80/275?,/*,@/.6/--052+80/275?,*+,/<@/-0+*0A+-012,
3,*+,./-52P/.<012,*+B5.+*D
cfcdf
QDVDX,O.585P/.,/*,J<5,9/,*5<,</.P0-05<,9/,
@/.6/--052+80/275,3,/<@/-0+*0A+-012,J/,56./-/2,*5<,
</.P0-05<,2+-052+*/<,9/,+90/<7.+80/275,3,-+@+-07+-012D
QDVDE,W/<702+.,8+35./<,./-J.<5<,@+.+,*5<,</.P0-05<,
2+-052+*/<,9/,+90/<7.+80/275,3,-+@+-07+-012,J/,
@.5P//2,</.P0-05<,9/,@/.6/--052+80/275,3,/<@/-0+*0A+-012,
5-J@+-052+*D
QDVDQ,G5.7+*/-/.,@.5>.+8+<,J/,@.58J/P+2,/*,+--/<5,
+,-+@+-07+-012,*+B5.+*,9/,-+*09+9,3,@/.702/27/,@+.+,>.J@5<,
PJ*2/.+B*/<?,J/,8/C5./,<J<,20P/*/<,9/,/8@*/+B0*09+9,
3,6+-0*07/,<J,02</.-012,345,./02</.-012,*+B5.+*?,<02,
90<-.0802+-012,9/,</5?,/9+9,5,9/,57.+,U295*/D,
QDVDV,G5.7+*/-/.,@.5>.+8+<,J/,@.58J/P+2,/*,+--/<5,
+*,.//27./2+80/275?,@/.6/--052+80/275,3,/<@/-0+*0A+-012,
9/,*5<,7.+B+C+95./<?,-52<09/.+295,/2,@+.70-J*+.,+,>.J@5<,
/2,<07J+-012,PJ*2/.+B*/D,
QDVD[,G5.7+*/-/.,@.5>.+8+<,9/,./-52P/.<012,*+B5.+*,
J/,@/.807+2,+,*+<,7.+B+C+95.+<,3,*5<,7.+B+C+95./<,
-52</>J0.,/8@*/5,9/-/27/,+27/,*+,@;.909+,9/,/8@*/5,+,*5,
*+.>5,9/*,-0-*5,9/,P09+,*+B5.+*D,
_`abcdefgig
n|pjjkoopjg ng surjnlnuypjg op|g rpwprspn|g
nlwjnunkjp|gngopgwk~oprstugnugnpgngyjp~ppjg
ngslwvo|pjg|v|gnlwjnuslsnuyk|gnugvuglpjrkgng
surov|stug|krspoxgrklwnysysmspg{grkugsvpopgng
kwkjyvuspn|gnuyjngkl~jn|g{glvnjn|
_`abcdefg_ebdef
,
VDX,O.585P/.,/*,+J75/8@*/5,@.59J-70P5,65.8+*D

http://actualidadcooperativa.blogspot.com/

Lic. Csar M. Quispe Lujn

&&'(')

0123457894785

*+,-.,*/0.+
123234567879:64;<4=>?76@76<?=A>4B:4;7C4D6<E<F<B76:C4
G4;<C4D6<E<F<B76<C4<HD7:8@;:<B7C4:>4;<4;:I=C;<?=A>J4<CK4
?7874CH4<??:C74<;4<C:IH6<8=:>D74B:4;<4C<;HB4G4<4;<4
@6:9=C=A>4@:>C=7><6=<24
1232L4M:C<667;;<64G4@67879:648:?<>=C87C4@<6<4;<4
N768<;=O<?=A>4B:4;7C4D6<E<F<B76:C4G4;<C4D6<E<F<B76<C4
<HD7:8@;:<B7C474@<6<4;<4?6:<?=A>4B:4CH48=?67474@:PH:Q<4
:8@6:C<2
1232R4567879:64C:69=?=7C4B:4B:C<667;;74:8@6:C<6=<;4
G4 <C=CD:>?=<4 DS?>=?<4 76=:>D<B7C4 <4 8:F76<64 ;7C4
:8@6:>B=8=:>D7C4B:;4<HD7:8@;:74@67BH?D=974G4?6:<64CH4
8=?67474@:PH:Q<4:8@6:C<2
123214T6D=?H;<64G4@67879:64=>CD6H8:>D7C4G48:B=7C4B:4
U4><>?=<8=:>D7J4=>?;HG:>B74;<C46:8:C<C4B:48=I6<>D:CJ4
>:I7?=7C476=:>D<B7C4<4;7C4:8@6:>B=8=:>D7C4B:4<HD7:8@;:74
@67BH?D=97J4G4N768<?=A>4B:4:8@6:C<C4N768<;:C2
12L4 567879:64 :;4 B:C<667;;74 B:4 ?<@<?=B<B:C4
:8@6:>B:B76<C4G4:8@6:C<6=<;:CJ4<CK4?7874;<4<?D=9=B<B4
:8@6:C<6=<;4B:4;<C4@:6C7><C4:>4:B<B4B:4D6<E<F<6J4:>4
:C@:?=<;4B:4;<48HF:62
*+,-.,*/0.+
12L234V76D<;:?:64;<4N768<?=A>4B:4?<@<?=B<B:C4
:8@6:>B:B76<C4:>4;<4:BH?<?=A>4EWC=?<J47?H@<?=7><;J4
CH@:6=764D:?>7;AI=?<4G4CH@:6=764H>=9:6C=D<6=<2
12L2L4X8@H;C<64@67I6<8<C4G4@67G:?D7C476=:>D<B7C4<4
8:F76<64;<4?<@<?=B<B4:8@6:>B:B76<4G4:8@6:C<6=<;J4:>4
:C@:?=<;4B:4;7C4G4;<C4FA9:>:C4G4;<C48HF:6:CJ4<4D6<9SC4B:4
C:69=?=7C4B:4?<@<?=D<?=A>4:>4?6:<?=A>4B:4:8@6:C<CJ4I:CD=A>4
:8@6:C<6=<;4G4<C@:?D7C4DS?>=?7C4@67BH?D=97C4G4D:?>7;AI=?7CJ4
?7>D6=EHG:>B74<4=>D:I6<6;7C4<46:B:C4:8@6:C<6=<;:C2
12L2R457D:>?=<64;<C4<??=7>:C4B:4:8@6:>B=8=:>D7C4
:?7>A8=?7C4B:4;<C48HF:6:C4<4D6<9SC4B:4@67I6<8<C4B:4
<@7G74DS?>=?74:>4?7>9:>=74?7>4;<4:8@6:C<4@6=9<B<2
12R4567879:64:;4:8@6:>B=8=:>D7J4;<4N768<;=O<?=A>J4;<4
<C7?=<D=9=B<B4G4;<4?78@:D=D=9=B<B4B:4;<C4YZ5[4G4?77@:6<D=9<C4
@<6<4H>48<G764<??:C74<48:6?<B7C4=>D:6>7C4G4:\D:6>7C2
*+,-.,*/0.+
12R234V78:>D<64;<4@67BH?D=9=B<B4G4?78@:D=D=9=B<B4
B:4;<C4YZ5[4<4>=9:;46:I=7><;4G4;7?<;J4@67879=:>B74CH4
<6D=?H;<?=A>4?78:6?=<;J4;<4=>>79<?=A>4D:?>7;AI=?<4G4:;4
<??:C74<;48:6?<B74?6:B=D=?=74G4B:4C:69=?=7C4B:4B:C<667;;74
:8@6:C<6=<;J4N<976:?=:>B74H>4:>D76>74<B:?H<B74@<6<4
?7>C7;=B<64H>4D:F=B74@67BH?D=974G4:8@6:C<6=<;2
12R2L4M=C:Q<648:?<>=C87C4PH:4@678H:9<>4G4
N76D<;:O?<>4;<4N768<;=O<?=A>4B:4;<C4YZ5[2
12R2R4M=C:Q<648:?<>=C87C4PH:4@678H:9<>4;<4
:\@<>C=A>4B:4;<4?7E:6DH6<4B:4;<4@67D:??=A>4C7?=<;4@<6<4;7C4
D6<E<F<B76:C4B:4;<C4YZ5[2
12R214V76D<;:?:64:;4<??:C74B:4;<C4YZ5[4<4;<4
?7>D6<D<?=A>4@]E;=?<4G4<4;<C4?78@6<C4:CD<D<;:C2
12R2^4567879:64;<4<C7?=<D=9=B<B4@<6<4N<?=;=D<64:;4<??:C74
B:4;<C4YZ5[4<4;7C48:6?<B7C4><?=7><;J46:I=7><;4G4;7?<;J4
:CD=8H;<>B74:;4B:C<667;;74B:46:B:C4B:4@679::B76:CJ4;<4
?77@:6<?=A>4G4:;4B:C<667;;74B:4?7>I;78:6<B7C4_?;HCD:6C`4
:>4?<B:><C4@67BH?D=9<C4?78@:D=D=9<C4G4C7CD:>=E;:C2
12R2a4X8@H;C<64G4N76D<;:?:64@67I6<8<C4G4@67G:?D7C4PH:4
7D76IH:>4C:69=?=7C4B:4B:C<667;74:8@6:C<6=<;4G4B:4<C=CD:>?=<4
DS?>=?<4<4;7C4:8@6:>B:B76:C4@<6<4:;4N78:>D74B:4=>=?=<D=9<C4
:8@6:C<6=<;:CJ4;<4@6787?=A>4G4B:C<667;74B:4;<C4YZ5[4G4CH4
<6D=?H;<?=A>4<4B=>W8=?<C4G46:B:C4@67BH?D=9<C46:I=7><;:C24

bcde,0f.ghi
bjklkmnjgopgqrspotptgtngkukjvswqtptnxgygtngvjpvkzgpx{g
|klkgopgwkgtqx|jqlqwp|q}wgnwgnoglnj|ptkgtngvjp~pkzg
|kwgqrspotptgtngkukjvswqtptnxgnwvjngkl~jnxgyg
lsnjnx
bcde,0f.+g*+b*fe0f.+
^234567879:64;<4=IH<;B<B4B:47@76DH>=B<B:C4G4B:4D6<D74
:>D6:478E6:C4G48HF:6:C4G4;<4>74B=C?6=8=><?=A>4:>4:;4

 
!"#$%

8:6?<B74B:4D6<E<F7J4I<6<>D=O<>B74:;4:F:6?=?=74@;:>74B:4
;7C4B:6:?7C4:?7>A8=?7C4B:4;<C48HF:6:CJ4:>4@<6D=?H;<64B:4
<PH:;;<C4:>4C=DH<?=A>4B:49H;>:6<E=;=B<B2
*+,-.,*/0.+
^23234=I=;<64B:48<>:6<4@:68<>:>D:4;<4C=DH<?=A>4
G4>:?:C=B<B:C4:C@:?KU4?<C4B:4;<C48HF:6:C4:>4;<4
=8@;:8:>D<?=A>4B:4;<C4@7;KD=?<C4@]E;=?<C4G4:CD6<D:I=<C4B:4
@6787?=A>4B:;4:8@;:74B:?:>D:2
^232L4M=C:Q<64:4=8@;:8:>D<648:?<>=C87C4B:4<??=A>4
<U468<D=9<4<4N<9764B:4;<C48HF:6:C4@<6<4B=C8=>H=64;<4
C:I6:I<?=A>47?H@<?=7><;4@764IS>:67J4<CK4?7874@<6<4
@67879:64CH4<??:C74<4@H:CD7C4B=6:?D=97C4G4D6<E<F7C4B:4
<;D<4:C@:?=<;=O<?=A>J4D<>D74:>4:;4C:?D764@]E;=?74?7874:>4
:;4C:?D764@6=9<B72
^232R4X>?76@76<64:>4;<C4@7;KD=?<C4<?D=9<C4B:4:8@;:74
;<4@:6C@:?D=9<4B:4;<4=IH<;B<B4B:47@76DH>=B<B:C4:>D6:4
78E6:C4G48HF:6:CJ4G4;<4?766:C@7>C<E=;=B<B4:>D6:48HF:6:C4
G478E6:C4:>4;<4<CH>?=A>4B:47E;=I<?=7>:C4N<8=;=<6:CJ4
@7C=E=;=D<>B74:;4<??:C74G4@<6D=?=@<?=A>4;<E76<;4B:4;<48HF:62
^23214M:C<667;;<64<??=7>:C4:C@:?KU4?<C4B=6=I=B<C4
<4;<4@6787?=A>4B:;4:8@;:74N:8:>=>74G4:;4<??:C74<4
@H:CD7C4B:4D6<E<F74B:?:>D:4:>4=IH<;B<B4B:4?7>B=?=7>:C4
G47@76DH>=B<B:CJ4@7>=:>B74S>N<C=C4:>4;<C4>:?:C=B<B:C4
@<6D=?H;<6:C4B:4;<C48HF:6:C4?7>4B=C?<@<?=B<BJ4=>BKI:><CJ4
6H6<;:CJ4FA9:>:C4G48=I6<>D:C2
^232^4567879:64=>?:>D=97C4:>4;<C4:8@6:C<C4PH:4
=8@;:8:>D:>4C:69=?=7C4B:4?H=B<B74=>N<>D=;4G74?7>B=?=7>:C4
B:4D6<E<F74B:CD=><B<C4<4CH@:6<64;<4B=C?6=8=><?=A>4G4
;<4C:I8:>D<?=A>47?H@<?=7><;4B:4;<48HF:6J4@764CHC4
>:?:C=B<B:C4N<8=;=<6:C2
^232a4M=C:Q<64:4=8@;:8:>D<648:?<>=C87C4@<6<4
@6:9:>=64G4C<>?=7><64:;47CD=I<8=:>D74C:\H<;2
^2324567879:64?:>D67C4B:4<@7G74<4;<4@6787?=A>4B:4
;<4;<?D<>?=<48<D:6><4G4?H><C4=>N<>D=;:C4PH:4@:68=D<>4:;4
B:C<667;;74;<E76<;4B:4;<C48HF:6:C2
^2324567879:64>768<C4PH:4<8@<6:>4<4;<C4D6<E<F<B76<C4
G4;7C4D6<E<F<B76:C4?7>46:C@7>C<E=;=B<B:C4N<8=;=<6:C2
^2324V78:>D<64=>=?=<D=9<C4:8@6:C<6=<;:C4B:4;<C4
8HF:6:CJ4=8@H;C<>B74@67I6<8<C4G4@67G:?D7C476=:>D<B7C4<4
8:F76<64CHC4:8@6:>B=8=:>D7CJ48:B=<>D:4?<@<?=D<?=A>4:>4
I:CD=A>4:8@6:C<6=<;4G4<C@:?D7C4D:?>7;AI=?7CJ4N<?=;=D<>B74
CH4<??:C74<48=?67?6SB=D7C4G4<4;<4<C7?=<D=9=B<B2
^2L4567879:64;<4=IH<;B<B4B:47@76DH>=B<B:C4G4B:4D6<D7J4
<CK4?7874;<4>74B=C?6=8=><?=A>4:>4:;48:6?<B74B:4D6<E<F74B:4
7D67C4I6H@7C4C7?=<;:C4:>4C=DH<?=A>4B:49H;>:6<E=;=B<B2
*+,-.,*/0.+
^2L234567879:64;<4=>?;HC=A>4:>4:;48:6?<B74B:4D6<E<F74
B:4I6H@7C4C7?=<;:C4:>4C=DH<?=A>4B:49H;>:6<E=;=B<BJ4
:;=8=><>B74;<C4E<66:6<C4B=C?6=8=><D76=<C4B:478E6:C4G4
8HF:6:C4?7>4B=C?<@<?=B<BJ4<BH;D7C48<G76:CJ4@7E;<?=7>:C4
=>BKI:><CJ<N67B:C?:>B=:>D:C4G4@:6C7><C4<N:?D<B<C4?7>4
XXMT2
^2L2LX>?:>D=9<64;<48:F76<4:>4;<C4?7>B=?=7>:C4B:4:8@;:74
B:4I6H@7C4C7?=<;:C4:>4C=DH<?=A>4B:49H;>:6<E=;=B<B2
^2L2R4567879:64:;48<6?74=>CD=DH?=7><;4PH:4@:68=D<4
9=<E=;=O<64;7C4@67I6<8<C4G4@67G:?D7C4B:4I:>:6<?=A>4B:4
:8@;:74@<6<4I6H@7C4C7?=<;:C4:>4C=DH<?=A>4B:49H;>:6<E=;=B<B4
<4>=9:;4><?=7><;J46:I=7><;4G4;7?<;2
^2R4567879:64;<4@<6D=?=@<?=A>4B:4I6H@7C4:>4C=DH<?=A>4
B:49H;>:6<E=;=B<B4:>4;7C4C:69=?=7CJ4@67I6<8<C4G4@67G:?D7C4
B:4:8@;:74B:;4[CD<B72
*+,-.,*/0.+
^2R234V76D<;:?:64@67I6<8<C4G74@67G:?D7C476=:>D<B7C4
<4;<4I:>:6<?=A>4B:4:8@;:7C4D:8@76<;:C4@<6<4I6H@7C4:>4
C=DH<?=A>4B:49H;>:6<E=;=B<B2
^2R2L4X>?76@76<64?6=D:6=7C4B:4:\@<>C=A>4B:4><DH6<;:O<4
<>D=?K?;=?<4:>4;7C4@67I6<8<C4B:4:8@;:74D:8@76<;4@<6<4
8=D=I<64:N:?D7C4<B9:6C7C4B:4;<C4?6=C=C4:?7>A8=?<C4PH:4
<N:?D<>4<4I6H@7C4:>4C=DH<?=A>4B:49H;>:6<E=;=B<B2
^2R2R4 X8@;:8:>D<64 @67I6<8<CJ4 @67G:?D7CJ4 G74
8:?<>=C87C4@<6<4=>?:>D=9<64;<4B:8<>B<4B:4:8@;:74:>4:;4
C:?D764@6=9<B74@764D6<E<F<B76:C4B:4I6H@7C4:>4C=DH<?=A>4B:4
9H;>:6<E=;=B<B24

http://actualidadcooperativa.blogspot.com/

Lic. Csar M. Quispe Lujn


 
!"#$%

0123457894785

*+,-./01023/-45-6575689568:;<-/33;9/3;5183;90=->3/28680>-?3-8;93/13?8568:;-3-8;>3/68:;-45@0/5460;>8?3/5;?0-45>-;363>8?5?3>-75/986A45/3>-?3-B/A70>-3;>89A568:;-?3-2A4;3/5@848?5?+
CDEFGECHIGD
*+,+J-./01023/-KA3-40>->3/28680>-?3-6575689568:;-=/33;9/3;5183;90-8;60/70/3;-6/893/80>-KA3-5983;?5;-45>;363>8?5?3>-?3-45>-15?/3>-9/5@5L5?0/5>+
*+,+M-./070;3/-;0/15>-7/010680;543>-3-8174313;95/=-?3>5//0445/->3/28680>-?3-N0/1568:;-7/0N3>80;54</360;23/>8:;-7/0N3>80;54<-0/83;9568:;-=-60406568:;-75/545>-73/>0;5>-60;-?8>657568?5?O-N013;95;?0-34-9/5@5L08;?373;?83;93-=-10?548?5?3>-?3-9/5@5L0-60;-A>0-?3-45>;A325>-936;040BP5>-?3-8;N0/1568:;-=-601A;86568:;+*+,+Q-./01023/-45-/38;>3/68:;-45@0/54-?3-40>-5?A490>15=0/3><-75/986A45/13;93-?3-5KA3440>->8;-7/093668:;->06854<>3BR;->A>-65/5693/P>9865><-S5@848?5?3>-=-3T73/83;685><817A4>5;?0-7/0B/515>-?3-/360;23/>8:;-45@0/54-=-317430>7/0?A69820>-3>736PU-60>-3;-34-15/60-?3-A;-3;23L368183;90R984-=-7/0?A69820-=-45-2540/8V568:;->06854-?3-45-3T73/83;685?34-5?A490-15=0/+-

&&'(')

CDEFGECHIGD
u+M+J-./070;3/-5485;V5>-3>9/59B865><-75690>->068543>-=56A3/?0>-3;9/3-3;98?5?3>-7R@4865>-=-7/825?5><-;5680;543></3B80;543>-=-406543><-75/5-45-7/01068:;-?34-317430<-45N0/1568:;-7/0N3>80;54-=-45>-.y-=-60073/59825>+
u+M+M-w0;>048?5/-=-N0/954363/-34-w0;>3L0-5680;54?3-/5@5L0-=-./01068:;-?34-y17430<-3-8;60/70/5/-459319865-?3-B;3/0-=-LA23;9A?<-7/010283;?0-A;5-15=0//37/3>3;9568:;-?3-1AL3/3>-=-L:23;3>+
u+M+Q-./01023/-45-8;64A>8:;-?3-45-9319865-?34-317430<45-N0/1568:;-7/0N3>80;54-=-45>-.y-=-60073/59825>-3;-45>5B3;?5>-?3-40>-B/3180>-317/3>5/8543><-0/B5;8V5680;3>45@0/543>-=->068543>-28;6A45?5>+
u+M+,-./01023/-45-8;60/70/568:;-?34-9315-?3-7/01068:;?34-317430-LA23;84-3;-45-5B3;?5-?3-7/80/8?5?3>-?3-704P9865>?34-B0@83/;0-;5680;54-=-3;-40>-B0@83/;0>-/3B80;543>-=406543>+
u+M+*-./070;3/-=-60;>048?5/-56A3/?0>-?3-60073/568:;3;9/3-5690/3>->068543><-3;98?5?3>-;5680;543>-=-0/B5;8>10>8;93/;5680;543><-75/5-34-?3>5//0440-?3-8;23>98B5680;3><9/5;>N3/3;685-?3-936;040BP5-=-6575689568:;-3;-B3>98:;317/3>5/854+
u+M+u-./070;3/<-60;>048?5/-=-/598U-65/-56A3/?0>-?360073/568:;-3;9/3-3;98?5?3>-;5680;543><-5690/3>->068543>=-0/B5;8>10>-8;93/;5680;543>-75/5-A;5-5?36A5?5-B3>98:;WXYZEI[G\]^
?3-45>-18B/5680;3>-45@0/543>+
W_`a`bc_\ de\ f``_ghiefhji\ hikc_lcfk`_hed\ m\ ]
kc__hk`_hedacikc\gc\del\n`dokhfel\cf`ijahfel\m\
l`fhedcl\ne_e\de\pcic_efhji\gc\candc`\gcfcikc\ci\
qi\ae_f`\gc\ghrd`p`\l`fheds

WXYZEI[GD\CDWC[ZtI[GD

u+J-v0/954363/-3>75680>-?3-600/?8;568:;-8;93/>3690/854-=-
93//890/854-KA3-5/986A43-45>-704P9865>->3690/8543><-45>-704P9865>-
>068543>-=-45>-704P9865>-?3-317430+

CDEFGECHIGD
FCDXY[I
\
DWFCG

C
HW
u+J+J-v0/954363/-45-w018>8:;-x;93/>3690/854-?3-y17430-=09/0>-3>75680>-;5680;543><-6010-45-w018>8:;-x;93/18;8>93/854- 815<-M-?3-LA;80-?3-MJJ
?3-z>A;90>-{068543>|-wxz{<-=-?3>60;63;9/5?0>-?3600/?8;568:;-?3-704P9865>->3690/8543>-?3-5465;63-;5680;54- 8>90-34-}U-680-J|JQQJ-?34-~8/3690/-3;3/54-?3=-/3B80;54<-75/5-525;V5/-3;-45-8;93B/568:;-?3-704P9865>-5- y?A6568:;-?3-45-5/8;5<-?3-N36S5-Q-?3-15=0-?3-MJJO
;8234-;5680;54+
u+J+M-v0/954363/-34-w}~y.y-6010-3>75680-75/545-7/01068:;-?3-45>-.y-=-40>-w}y.y-5-;8234- w}{x~yz~}
/3B80;54+
3<-13?85;93-3>04A68:;-{A7/315--uMJ|MJ|
u+J+Q-./01023/-=-N0/954363/-45-3>5-?3-/5@5L0- A
.-?3-N36S5-J*-?3-?86831@/3-?3-MJ<->3-5A90/8V:x;93/>3690/854-75/5-45-3>98:;-8B/590/85-3;-34-.3/R<-=-34- ~y
4-285L3-54-yT93/80/-3;-8>8:;-?3-y>9A?80>-?34-3;90;63>/A70-?3-/5@5L0-A498>3690/854-.3/15;3;93-60;9/5-45- 3
w5
789;-?3-v/5B595-z43>>5;?/0-8BA34-}x-0205</595-?3-.3/>0;5>+
7
5
/
5-KA3-75/986873-3;-34-wA/>0-?3-z490>-y>9A?80>-?3u+J+,-./01023/-=-N0/954363/-45-5/986A4568:;-3;9/3-34- .04P
9/593B85-|-wzy.y<-34-6A54->3-283;3-/3548V5;?08;8>93/80-?3-/5@5L0-=-./01068:;-?34-y17430-=-34-8;8>93/80- 3;-49586-56-8=A-?y>
5
?
0-?3-5;38/0<-37R@4865-v3?3/59825?3-y?A6568:;-75/5-817A4>5/-45-B3;3/568:;-?3-8;N0/1568:;- ?34-/5>84<-?3-4-?M3u--P
?
3
-?86831@/3-?3-MJ-S5>95-34-J-?33>95?P>9865-?3-40>-13/65?0>-?3-9/5@5L0-=-N0/159820+
1@/3-?3-MJJO
u+J+*-./01023/-45-5/986A4568:;-3;9/3-34-8;8>93/80- ?8683A
3<-3;-45-6895?5-3>04A68:;-{A7/315<-;0->3?3-/5@5L0-=-./01068:;-?34-y17430<-34-8;8>93/80-?3- 60;9317
;0O-5>Py?A6568:;-=-34-8;8>93/80-?3-45-./0?A668:;<-5>P-6010- 6010<-40>4:-B-354->7905>B-0?-37-09//5-6>045;?603-7?930--/?339-07/5;>05-/L33>-?733-6/3989205/13
60;-40>-/37/3>3;95;93>-?34->3690/-317/3>5/854-=-?3-45>- 3KA82543;93-5-A;5-J-w0173;>568:;-yT9/50/?8;5/85-;7903/<-9/5@5L5?0/5>-=-40>-9/5@5L5?0/3><-75/5-60;>3;>A5/-704P9865>- {3/28680-3;-34-yT9/5;L3/0<-?34-/3N3/8?0-}U-6854-{A73/80/O
;5680;543>-=-/3B80;543>-KA3-N520/3V65;-34-?3>5//0440- A3<-70/-3>04A68:;-8;8>93/854--JM*|MJ|~y
?3-657568?5?3>-=->A-60;9/8@A68:;-54-8;6/313;90-?3-45- .-?3-N36S5-J-?3-;02831@/3-?3-MJ<->3-090/B:-347/0?A69828?5?-=-60173989828?5?-317/3>5/854+
>63;>0-54-B/5?0-?3-w5789;-?3-52P0<-60;-5;98B3?5?u+J+u-./01023/-=-N0/954363/-45-5/986A4568:;-3;9/3- 5
5
4-J-?3-3;3/0-?3-MJJ<-54-w5789;-?3-v/5B595-z43>>5;?/034-8;8>93/80-?3-/5@5L0-=-./01068:;-?34-y17430<-34- 8
A34-}x-0205O
8;8>93/80-?3-y?A6568:;-=-34-8;8>93/80-?3-45-./0?A668:;<- BA
/8;5-?3-A3//5-?34-.3/R<-S5-60;>8?3/5?075/5-817A4>5/-34-317/3;?8183;90-=-34-6/368183;90-?3-45- ?3;9/0-3?<-345-->5
A
>
7/80/8?5?3>-34-285L3-?3-8;>9/A668:;-KA3.y-60173989825+
/
3
5
4
8
V
5
/

-3
4
-6
8
9
5
-6854-{A73/80/-6010-75/93-?34u+J+-./01023/-=-N0/954363/-40>-3>75680>-?3- ?3>5//0440-?34-wA?/0>-}U
0-?3-z490>-y>9A?80>-?3-.04P9865-=600/?8;568:;-93//890/854-?3-5465;63-;5680;54-=-/3B80;54+
9/593B85-|-wzy.y<-34-6A54->3-283;3-?3>5//0445;?0-3;-45u+J+-./01023/-:/B5;0>-60;>A49820>-3;-1593/85-?3- y>
8A?5?-?3-P0-?3-5;38/0<-37R@4865-v3?3/59825-?34-/5>84<7/01068:;-?34-317430<-45-N0/1568:;-7/0N3>80;54<-45>-.y- 6
28>895;?0-45>-68A?5?3>-?3-3/4P;<-37R@4865-v3?3/54-?3=-60073/59825>-5-;8234->3690/854-=-/3B80;54+
z4315;85-=-0>6R<-v3?3/568:;-?3-A>85O
3<-34-285L3-?3-8;>9/A668:;-5-40>-75P>3>-13;680;5?0><u+M-v013;95/-3-8;>989A680;548V5/-3>75680>-?3-?840B0- @/8;A
3;- /345680;3>>06854<-60;-45-75/98687568:;-?3-5690/3>->068543>-=-09/0>- 8;93/?;55/68-0;5343T7><3-/N803/;95648356-83;>?8B0;-480U-6>5-69802;50-6818
5B3;93>-28;6A45?0>-60;-45-7/01068:;-=-B3;3/568:;-?3- 13L0/-?3>31730-3;-34-65170-8;>989A680;54-37;59/05>-2-57450//55-/A-45;-317430<-6/35;?0-1365;8>10>-?3-60;>A495-?3-704P9865>- 8;N0/1568:;-3>9/59B865-3-8174313;9568:;-?3-569828?5?3>7R@4865>+
http://actualidadcooperativa.blogspot.com/

Lic. Csar M. Quispe Lujn