Osimertinib, superior a quimioterapia en CPNM

4JHVFFOGBDFCPPLDPNHBDFUBNFEJDBZPVUVCFDPN/FU4BMVE57!HBDFUBNFEJDBDPN
12 al 18 de diciembre de 2016
Año XIV - nº 627
&MCFOFGJDJPEFMPT
"$0%FTiJOEVEBCMFu
&TOFDFTBSJPJNQVMTBS
MBJONVOPUFSBQJB
3FRVJTJUPTNÎOJNPT
QBSBFMUSJBKF
+PTÊ"OUPOJP1ÃSBNPQSFTJ
EFOUFEFMB4PDJFEBE&TQBÒPMB
EF 5SPNCPTJT Z )FNPTUBTJB
4&5)
FYQMJDBQPSRVÊ1
&M QSFTJEFOUF EF MB 4PDJFEBE
&TQBÒPMB EF )FNBUPMPHÎB Z
)FNPUFSBQJB 4&))
+PSHF
4JFSSBSFDBMDBFTUFNFOTBKF1
&M(SVQPEF5SJBKFEF4FNFTIB
QVCMJDBEPVOEPDVNFOUPQBSB
RVF FTUF QSPDFEJNJFOUP TFB
FRVJUBUJWPZEFDBMJEBE1
.ÃTEFMBNJUBEEF
MPTFGFDUPTBEWFSTPT
TPOFWJUBCMFT
4POMBUFSDFSBDBVTBEFNVFSUFFO&&66
●
6OPEFDBEBEJF[QBDJFOUFTRVF
TPOEBEPTEFBMUBFOMPTIPTQJ
UBMFT FTQBÒPMFT TVGSF BMHÙO
FGFDUPBEWFSTPVOBDJGSBRVF
CBKBBDBTPTQPSDBEB
WJTJUBTFOBUFODJÓOQSJNBSJB%F
FMMPTTFDBMDVMBRVFFOUSFFM
ZFMQPSDJFOUPTFSÎBFWJUBCMF
UBM Z DPNP FYQMJDB "OESFV
4FHVSB WPDBM EF (SVQPT EF
5SBCBKP EF MB 4PDJFEBE
&TQBÒPMBEF4BMVE1ÙCMJDBZ
"ENJOJTUSBDJÓO4BOJUBSJB4JO
FNCBSHPFO&TQBÒBUPEBWÎBOP
IBZEBUPTTVGJDJFOUFTFOFTUF
TFOUJEP&O&TUBEPT6OJEPTRVF
FTUÃBMBDBCF[BFOFTUBTJOWFT
UJHBDJPOFTVOFTUVEJPSFDJFOUF
QVCMJDBEPFOFM#SJUJTI.FEJDBM
+PVSOBMIBFTUJNBEPRVFMPT
FSSPSFTNÊEJDPTTPOMBUFSDFSB
DBVTBEFNVFSUF
-BNFEJDJOBEFGFOTJWBRVF
CVTDB FWJUBS SFDMBNBDJPOFT
FTUÃ UBNCJÊO BTPDJBEB B MB
JBUSPHFOJB&EJUPSJBMZ1
4JNQPTJPQSFTJEFODJBMEFMDPOHSFTPFOFMRVFMB*"4-$QSFTFOUØMBOVFWBDMBTJGJDBDJØOUVNPSHBOHMJPNFUÈTUBTJT5/.
i-BT3#"QVFEFOSFEVDJS
FM1*#IBTUBVOu
-BMVDIBDPOUSBMBTSFTJTUFODJBT
BOUJNJDSPCJBOBT3#"
TFIBO
DPOWFSUJEP FO VO QSPCMFNB
NVOEJBM%FTEFIBDFUJFNQP
PSHBOJTNPTNVOEJBMFTHPCJFS
OPTQSPGFTJPOBMFTTBOJUBSJPTF
JOEVTUSJBFTUÃOBVOBOEPFTGVFS
[PT QBSB DPNCBUJS FTUB
BNFOB[B &M#BODP.VOEJBM
FTUJNBRVFFMJNQBDUPFDPOÓ
NJDPTJOPTFQPOFOFONBSDIB
&MA1SPZFDUP
)6$*
USBTQBTB
GSPOUFSBT1
#VTDBOEPNÃT
PQDJPOFTDPOUSB
MBEFHFOFSBDJÓO
OFVSPMÓHJDB
FO&.1
NFEJEBTDPOUSBMBTTVQFSSFTJT
UFODJBTQVFEFMMFHBSBEJTNJOVJS
FM1*#NVOEJBMFOUSFFMQPS
DJFOUPZVOQPSDJFOUPBMBÒP
"TÎMPFYQMJDBFOVOBFOUSFWJTUB
B(.MBBTFTPSBEFMB0.41JMBS
3BNÓO1BSEP RVF BEFNÃT
SFDVFSEBRVFFONBZPEF
UPEPTMPTQBÎTFTUFOESÃORVF
SFOEJS DVFOUBT TPCSF TVT
BWBODFTFOFTUFUFSSFOP1
0TJNFSUJOJCTVQFSJPSB
RVJNJPUFSBQJBFO$1/.
● 3FEVDFFMSJFTHPEFQSPHSFTJØOFONVUBDJØO5.EFM&('3
&OFM$POHSFTP.VOEJBMTPCSF$ÃODFSEF
1VMNÓOEFMB*"4-$TFIBOQSFTFOUBEPEBUPTEFM
FTUVEJPGBTF"63"RVFDPNQBSÓMBFGJDBDJBZ
TFHVSJEBEEFPTJNFSUJOJCZMBRVJNJPUFSBQJB
CBTBEBFOEPCMFUFEFQMBUJOPFODÃODFSEFQVMNÓO
OPNJDSPDÎUJDP$1/.
MPDBMNFOUFBWBO[BEPP
NFUBTUÃTJDPDPONVUBDJÓO5.EFM&('3ZRVF
IBCÎBO TVGSJEP QSPHSFTJÓO -PT SFTVMUBEPT
NVFTUSBORVFPTJNFSUJOJCSFEVKPFMSJFTHPEF
QSPHSFTJÓOEFMBFOGFSNFEBEFOVOQPSDJFOUP
"TJNJTNPMB*"4-$QSFTFOUÓTVOVFWBDMBTJGJ
DBDJÓOUVNPSHBOHMJPNFUÃTUBTJT5/.
RVF
FOGBUJ[BMBOFDFTJEBEEFNFEJSDPOQSFDJTJÓOFM
UBNBÒPEFMUVNPS1
i)BZRVFDBNCJBSMPT
/VFWBTGÓSNVMBTEF
DSJUFSJPTQBSBTFSQSPGFTPSu GJOBODJBDJÓOFOCJPNFEJDJOB
●-PT.'UJFOFORVFJNQBSUJSFTUBBTJHOBUVSB
1JMBS3PESÎHVF[-FEPSFDJFOUF
NFOUFOPNCSBEBWPDBMEFMB
$PNJTJÓO/BDJPOBMEF.FEJDJOB
EF'BNJMJBBTFHVSBRVFUJFOFO
RVFDBNCJBSTFMPTDSJUFSJPTQBSB
BDDFEFSBMBTQMB[BTEFQSPGFTPS
VOJWFSTJUBSJPDPOFMPCKFUJWPEF
RVFTFQVFEBQSFTFOUBSDPNP
QSPGFTPSFMQFSGJMNÃTBEFDVBEP
QBSB DBEB BTJHOBUVSB Z FO
DPOTFDVFODJBRVFMPTNÊEJDPT
EFGBNJMJB.'
JNQBSUBOFTUB
BTJHOBUVSB1
1JMBS3PESÓHVF[-FEP
-BJOWFTUJHBDJÓOCJPNÊEJDBFO
IPTQJUBMFT QÙCMJDPT FTUÃ
BCSJFOEPMBQVFSUBBOVFWPT
NPEFMPT EF GJOBODJBDJÓO 6O
FKFNQMP DMBSP FT FM *OTUJUVUP
3BNÓOZ$BKBMEF*OWFTUJHBDJÓO
4BOJUBSJB*SZDJT
RVFZBUJFOF
FYQFSJFODJB FO EFTBSSPMMBS
QBUFOUFT Z QSPDFEJNJFOUPT B
USBWÊT EF MB GJOBODJBDJÓO
QSJWBEB$PNPJOEJDBFMEJSFDUPS
EF MB 6OJEBE EF *OOPWBDJÓO
%JFHP7FMBTDPMPNÃTJOOPWBEPS
FTRVFTFIBDSFBEPVOWFIÎDVMP
EFGJOBODJBDJÓOQSJWBEPEFOUSP
EFVOQSPZFDUPRVFTFFKFDVUBSÃ
FOVOJOTUJUVUPEFJOWFTUJHBDJÓO
QÙCMJDP-PTEFTDVCSJNJFOUPT
EFM *SZDJT QFSNJUFO UFOFS VO
EFTBSSPMMP EFM QSPZFDUP EF
JOWFTUJHBDJÓORVFGJOBMJ[BDPO
VOBBQMJDBDJÓOQBSBFMQBDJFOUF
%FFTUBNBOFSBMBVOJEBEUSBUB
EFEBSBQPZPUBOUPBMPTQSPGF
TJPOBMFTTBOJUBSJPTDPNPBMPT
JOWFTUJHBEPSFT CÃTJDPT RVF
HFOFSBO OVFWPT QSPEVDUPT
TBOJUBSJPT P OVFWPT QSPDFEJ
NJFOUPTBQBSUJSEFSFTVMUBEPT
EFJOWFTUJHBDJÓO1
BMEFEJDJFNCSFEF (.
*NÈHFOFTEFMBTFNBOB
1SFNJPQBSBMBTFOGFSNFSBTEFM
)PTQJUBM/BDJPOBMEF1BSBQMÊKJDPT
&OGFSNFSBTEFMB6OJEBEEF3FIBCJMJUBDJÓO*OGBOUJMEFM)PTQJUBM/BDJPOBMEF
1BSBQMÊKJDPTDFOUSPEFQFOEJFOUFEFM4FSWJDJPEF4BMVEEF$BTUJMMB-B.BODIB
IBOPCUFOJEPFMQSFNJPBMNFKPSDBSUFMDJFOUÎGJDPFOFM99**4JNQPTJPEFMB
"TPDJBDJÓOEF&OGFSNFSÎB&TQFDJBMJ[BEBFO-FTJÓO.FEVMBSQPSVOUSBCBKP
TPCSFMFTJÓONFEVMBSFOOJÒPTZBEPMFTDFOUFTDPOTÎOESPNFEF%PXO
i.VÊWFUFQPSUJZQPSFMMPTu
(SBDJBTBMPTLJMÓNFUSPTRVFMPTDPMBCPSBEPSFTEF&TUFWFIBOSFDPSSJEPB
QJFDPSSJFOEPPFOCJDJDMFUBFOMBTFHVOEBFEJDJÓOEFMBDBNQBÒBi.VÊWFUFQPSUJZ
QPSFMMPTuMBDPNQBÒÎBIBFOUSFHBEPVODIFRVFBM)PTQJUBM4BOU+PBOEF%ÊVQPS
WBMPSEFTFJTNFTFTEFJOWFTUJHBDJÓOFODÃODFSJOGBOUJM&MPCKFUJWPEFMBDBNQBÒBFT
EPCMF1PSVOBQBSUFGPNFOUBSMPTIÃCJUPTTBMVEBCMFTSFMBDJPOBEPTDPOMBBDUJWJEBE
GÎTJDBFOUSFMPTFNQMFBEPTEF&TUFWFZQPSPUSBWJODVMBSMPTBVOBDBVTBTPMJEBSJB
&YQPTJDJÓOTPMJEBSJBQPSMB&-"FO$JCFMFT
"DSFEJUBDJÓOQPSFMGPNFOUPEFMBMBDUBODJB
-B4BMB$PSSFPTEFM1BMBDJPEF
$JCFMFTDPOUBSÃEVSBOUFFTUF
NFTDPOMBFYQPTJDJÓOA.POUF
TPM BE&MB 1JOUBOEP QBSB
VOBDBVTBEFMBSUJTUBDBUBMÃO
+BWJFS.POUFTPM&MJNQPSUFEF
MBWFOUBEFMBTPCSBTTFEFTUJ
OBSÃBBZVEBSBMB"TPDJBDJÓO
&TQBÒPMBEF&TDMFSPTJT-BUFSBM
"NJPUSÓGJDBBE&MB
-BTPCSBT
RVFDPNQPOFOFTUBNVFTUSB
EF QJOUVSB NVFTUSBO VOB
NJSBEBBDUVBMZPSJHJOBMUBOUP
EF.BESJEDPNPEF#BSDFMPOB
ZSFGMFKBOTVBNPSJODPOEJDJP
OBMQPSFMQBJTBKFVSCBOPZ
DPTNPQPMJUB
&M )PTQJUBM (FOFSBM EF
7JMMBMCBIBBMDBO[BEPMBGBTF
%EFMB*OJDJBUJWBQBSBMB
)VNBOJ[BDJÓOEFMB"TJTUFO
DJBBM/BDJNJFOUPZMB-BDUBO
DJB*)"/
VOBFTUSBUFHJB
JOUFSOBDJPOBMBVTQJDJBEBQPS
MB0.4Z6OJDFGQBSBGPNFO
UBSUPEBTMBTQSÃDUJDBTRVF
iQSPUFKBO QSPNVFWBO Z
BQPZFOMBMBDUBODJBNBUFSOB
FYDMVTJWB
EFTEF
FM
OBDJNJFOUPu&OFTUFTFOUJEP
MPTIPTQJUBMFTRVFPTUFOUBO
FTUB BDSFEJUBDJÓO IBO EF
DVNQMJSDPOVOBTFSJFEFSFRVJTJUPTDPNPUFOFSVOBUBTBNÎOJNBEFMQPSDJFOUP
EFMBDUBODJBNBUFSOBFYDMVTJWBEFTEFFMOBDJNJFOUPIBTUBFMBMUB
"HFOEB
1VCMJDBDJÓOEF
&ODVFTUB
4BOUJBHPEF2VJSPHB1SFTJEFOUF&EJUPS
+VBO1BCMP3BNÎSF[3FEBDUPS+FGF
&TUIFS.BSUÎOEFM$BNQP3FEBDUPSB+FGF
3FEBDDJÓO"MNVEFOB'FSOÃOEF[$BSNFO-ÓQF[
$BSNFO4BOEJBOFTZ+PTÊ"OESÊT3PESÎHVF[#BSDFMPOB
$BSMPT4JFHGSJFE'PUPHSBGÎB
.BSUB)BSP.BRVFUBDJÓO
y$POTJEFSBRVFFTOFDFTBSJBMB
QSFTDSJQDJÓONÊEJDBQBSBRVF
MBTFOGFSNFSBTBENJOJTUSFO
MBTWBDVOBT wecare-u. healthcare communications group
4BOUJBHPEF2VJSPHB#PV[P1SFTJEFOUF&EJUPS
+FTÙT%ÎB[0MNP7JDFQSFTJEFOUF
+FTÙT$BTUJMMP(VUJÊSSF[%JS(SBMPGJDJOBEF#BSDFMPOB
"OUPOJP/JFUP4BOUJBHP&TUSBUFHJB%JHJUBM
1BMPNB(BSDÎBEFM.PSBM%QUP$PNFSDJBM#BSDFMPOB
5BOJB7JFTDB"ENJOJTUSBDJÓO
4FWFSJOP&YQÓTJUP$POUSPMMFS
+PSHF-ÓQF["VEJPWJTVBMFT
."%3*%$#BSÓOEFMB5PSSFr.BESJE
r5MGr'BY
#"3$&-0/"$$BMWFUO¦UJDPr#BSDFMPOB
r5MGr'BY
%JTUSJCVDJØODPOUSPMBEBQPS
4ÓQPSRVFBTÓMPJOEJDBFM3%EFQSFTDSJQDJØOFOGFSNFSB
%FMBMEFEJDJFNCSF
◗ 9*$VSTPEF.JDSPDJSVHÎB7BTDVMBS
$FSFCSBMZ#ZQBTT&YUSB*OUSBDSB
OFBM4FDFMFCSBFOFM)PTQJUBM6OJWFS
TJUBSJP-B1B[.BESJE
EFFOFSP
/PQPSRVFIBZRVFTFHVJSFMDBMFOEBSJPWBDVOBM
.ÏEJDPTZFOGFSNFSPTUFOESÈORVFMMFHBSBVODPOTFOTPBMSFTQFDUP
1VFEFQBSUJDJQBSFOMBFODVFTUBTFNBOBMBUSBWÊTEFMBXFCXXXHBDFUBNFEJDBDPN
5PEPTMPTEFSFDIPTSFTFSWBEPT%FQÓTJUPMFHBM.
*44/*NQSJNF3PUPNBESJE4713$.
wecare-u.com
%JTUSJCVDJØO
HSBUVJUB
1SFHVOUBEFMBQSÓYJNBTFNBOB
y$POTJEFSBJNQSFTDJOEJCMFJNQMBOUBSTJTUFNBTEFUSJBKFFOMBTVSHFO
DJBTIPTQJUBMBSJBT
◗ 7*/FVSPJND6OBOVFWBFEJDJÓOEFM
DVSTP EF OFVSPJOUFSWFODJPOJTNP
UFOESÃMVHBSFOFM)PTQJUBM$MÎOJDP4BO
$BSMPT.BESJE
ZEFFOFSP
◗ 9*3FVOJÓO%JBCFUFTZ0CFTJEBE&O
FM1BMBDJPEF$POHSFTPTZ&YQPTJDJPOFT
EF5PSSFNPMJOPT.ÃMBHB
(. BMEFEJDJFNCSFEF
0QJOJØO
(BDFUB.ÏEJDBFOMB3FE
*OGPSNBDJØOBEJDJPOBMFO/FU4BMVE
NS
%JTQPOJCMFFOXXXOFUTBMVEFT]"QQ4UPSF](PPHMFQMBZ
❚{&TOFDFTBSJPJODMVJSMBTBMVEDPNPEFSFDIPGVOEBNFOUBMFOMB$BSUB.BHOB ❚ .ÈTEFQSPQVFTUBTQBSBNFKPSBSFMBCPSEBKFEFMBQTPSJBTJTFOFM4/4
❚ 6OMJCSPTPCSFJDUVTQBSBBZVEBSBMPTQBDJFOUFTBBGSPOUBSTVOVFWBTJUVBDJØO
❚ "MBTTFNBOBTFTQPTJCMFDPOPDFSFMSJFTHPEFUSJTPNÓBTJODSJCBEPJOWBTJWPw
❚ i-BTJUVBDJØOEFOFDFTJEBEBDUVBMFTMBQFPSEFTEFMB**(VFSSB.VOEJBMw
/PUJDJBTNÈTMFÓEBTFO
❚
❚
❚
❚
❚
❚
❚
❚
❚
❚
$VBUSP$$""EBOFMQSJNFSQBTPIBDJBVOQMBOOBDJPOBMFOIVNBOJ[BDJØO
i.ÏEJDPTZFOGFSNFSPTUJFOFORVFTFSDBQBDFTEFMMFHBSBVODPOTFOTPw
-BQSJNBSJBSVSBMTFTJFOUFBCBOEPOBEBQPSMBBENJOJTUSBDJØO
"MB0.$OPMFHVTUBiBCTPMVUBNFOUFOBEBwFMSVNCPRVFFTUÈUPNBOEPMBUSPODBMJEBE
(SBDJBTBM#JH%BUBQPESÓBOTFSJOOFDFTBSJPTMPTFOTBZPTDMÓOJDPTQPCMBDJPOBMFT
(F4*%"QSFTFOUBMBQSJNFSBHVÓBQBSBMBBQMJDBDJØOEFMB1S&1FO&TQB×B
&MEFMPTUVNPSFTQFSNJUFVOBCPSEBKFFQJHFOÏUJDP
4BCFSDVÈOEPZBRVJÏOEFTQSFTDSJCJSGÈSNBDPTVOSFUPQBSBMPTJOUFSOJTUBT
-BT$PSUFTUFOESÈORVFCVTDBSDPOTFOTPQBSBSFFTDSJCJSFMEFDSFUPEFQSFTDSJQDJØO
-PTTJOEJDBUPTDVFTUJPOBORVFMB71$ZMB71$3UFOHBVOBPCMJHBUPSJFEBEMFHBM
5VJUTNÈTQPQVMBSFTEF!HBDFUBNFEJDBDPN
❚
❚
❚
❚
❚
&MEFMPTUVNPSFTQFSNJUFVOBCPSEBKFFQJHFOÏUJDP
-BQSJNBSJBSVSBMTFTJFOUFBCBOEPOBEBQPSMBBENJOJTUSBDJØO
&MEJBHOØTUJDPEFMB&.UPEBWÓBTJHVFTJFOEPVOSFUP
-B6&QSFNJBBMQSPZFDUPA)JTUPSJB$MÓOJDB%JHJUBMFO.PWJMJEBE
)BZGÈSNBDPTFOEFTBSSPMMPQBSBSFWFSUJSMBSFTJTUFODJBBMBUFSBQJBBOUJ)&3
(BDFUB.ÏEJDBFEJDJØO$BUBMBOB
❚
❚
❚
❚
$0.#J.$WFVFOJNQPTTJCMFSFEVJSMFTMMJTUFTEFTQFSBBNCFMTOPVTQSFTTVQPTUPT
$PNÓOEFGFOTBFM1JBJTTDPNBFJOBDMBVFOM"*
&MEFMFTQBDJFOUTBNC)&3QPESJBFWJUBSMB25
.ÏTEFUSBTQMBOUBNFOUTEFDPSFOFMTÞMUJNTBOZT
&M&EJUPSJBM
.ÃTUSBOTQBSFODJBGSFOUF
BMPTFGFDUPTBEWFSTPT
%
FTEF IBDF UJFNQP WFOJNPT NÊEJDPTTPOMBUFSDFSBDBVTBEFNVFSUF
QPOJFOEP FO WBMPS FO FTUBT %BUPTEFFTUBTDBSBDUFSÎTUJDBTIBDFO
QÃHJOBTFMUSBCBKPRVFSFBMJ[BO DBEBWF[NÃTOFDFTBSJBMBQVCMJDBDJÓOEF
MBTTPDJFEBEFTDJFOUÎGJDBTQBSBNFEJSMPT SFTVMUBEPTFOUSFPUSBTDPTBTQBSBFWJUBS
SFTVMUBEPTFOTBMVEDPOFMPCKFUJWPEF RVFVONJTNPFSSPSQVFEBSFQFUJSTFFO
NFKPSBS MB DBMJEBE EF MB BTJTUFODJB FMTJTUFNBTJOOJOHVOBDPOTFDVFODJBFO
TBOJUBSJB FO FM 4JTUFNB /BDJPOBM EF MBHFTUJÓO
4BMVE.VDIBTIBOBTVNJEPFTUBUBSFB
1FSPMBBENJTJÓOEFMFSSPSTJFNQSF
BOUFMBJOPQFSBODJBEFVOHSBOOÙNFSP SFTVMUBDPNQMJDBEBFTQFDJBMNFOUFFOVO
EFDPNVOJEBEFTBVUÓOPNBTRVFQSFGJF TJTUFNB UBO KVEJDJBMJ[BEP DPNP FM
SFOFWJUBSDVBMRVJFSUJQPEFDPNQBSBDJÓO FTQBÒPM&MNJFEPBBDBCBSTFOUBEPFO
DPOFMWFDJOPFTQFDJBMNFOUFTJFTEF VOUSJCVOBMMMFWBBMQSPGFTJPOBMBSFDVSSJS
TJHOP
QPMÎUJDP
B MB NFEJDJOB
EJGFSFOUF
EFGFOTJWB &TUP
$POMPTEBUPTRVFUFOFNPTFT
:FTRVFQVCMJDBS
DPOMMFWB RVF FM
VOBTFSJFEFEBUPT DPNQMJDBEPTBCFSFO&TQB×B NÊEJDPZFMQSPQJP
MBTDPOTFDVFODJBTSFBMFT
QVFEF
HFOFSBS
TJTUFNBTFQSPUF
QSFPDVQBDJÓO1PS NVFSUFTSFJOHSFTPTDPTUFT
KBODPOMBSFBMJ[B
FKFNQMPMB4PDJF
DJÓOEFJOUFSWFO
EBE &TQBÒPMB EF
D J P O F T 4BMVE1ÙCMJDBZ"ENJOJTUSBDJÓO4BOJUB JOOFDFTBSJBT RVF QVFEFO QSPWPDBS
SJB4FTQBT
FTUJNBRVFVOQPSDJFOUP OVFWPT FGFDUPT BEWFSTPT 0DVSSF MP
EFMBTBMUBTTVGSFOBMHÙOUJQPEFFGFDUP NJTNP DPO FM TPCSFEJBHOÓTUJDP RVF
BEWFSTP%FUPEPTFTUPTDBTPTNÃTEFMB QVFEFBDBSSFBSSJFTHPTFOMPTQBDJFOUFT
NJUBEJODMVTPFMQPSDJFOUPQPESÎBTFS RVFTFQPESÎBOFWJUBS
FWJUBCMF
"OUFFTUPTDBTPTFTOFDFTBSJPEJGFSFO
$POMPTEBUPTRVFUFOFNPTFTDPNQMJ DJBSEFVOBNBOFSBDMBSBFOUSFVOB
DBEPDPOPDFSMPTEBUPTDPODSFUPTTPCSF JOUFSWFODJÓONÊEJDBRVFOPIBPCUFOJEP
MBTDPOTFDVFODJBTSFBMFTBRVÎFO&TQBÒB MPTSFTVMUBEPTBEFDVBEPTZVOBOFHMJHFO
OÙNFSPEFNVFSUFTDPNQMJDBDJPOFTFO DJB&ODVBMRVJFSDBTPFTJNQPSUBOUFVOB
MPTQBDJFOUFTSFJOHSFTPTDPTUFTFDPOÓ NBZPS USBOTQBSFODJB FO FM TJTUFNB
NJDPTQBSBFMTJTUFNB&TUBEPT6OJEPT TBOJUBSJPQBSBRVFTFQVFEBOEFUFSNJ
QPS FKFNQMP FTUJNB RVF MPT FSSPSFT OBSMBTDPOTFDVFODJBTEFDBEBBDDJÓO
"DPSB[ØOBCJFSUP
-BDPOUSJCVDJÓOEFMMBCPSBUPSJPDMÎOJDP
*/."$"#"--­
1SFTJEFOUBEFMB
4&2$
&
O VO NPNFOUP EFUFSNJOBEP MB
FOGFSNFEBEBGFDUBBMHVOBTQFSTP
OBTZBPUSBTOP&OUFOEFNPTMB
TBMVEQPCMBDJPOBMDPNPMPTSFTVMUBEPTEF
TBMVEEFVOHSVQPEFQFSTPOBTJODMV
ZFOEPMBEJTUSJCVDJÓOEFUBMFTSFTVMUBEPT
FOFMHSVQP
&OVOQSJNFSFTUBEJPQPEFNPTTJUVBSMB
DPOUSJCVDJÓOEFMMBCPSBUPSJPFOFMFQJTP
EJPBTJTUFODJBMFOMBEFDJTJÓODMÎOJDB&MMP
OPTDPOEVDFBUFOFSFODVFOUBRVFFM
QPSDJFOUPEFMBTEFDJTJPOFTDMÎOJDBTTF
GVOEBNFOUBOFOMBTQSVFCBTEFMMBCPSB
UPSJP4JOFNCBSHPDPOWJFOFQSPGVOEJ[BS
NÃT/FDFTJUBNPTDPNQSFOEFSNFKPS
DÓNP MPT SFTVMUBEPT EFM MBCPSBUPSJP
NFKPSBOMBTBMVEEFMBTQFSTPOBTZEFMB
QPCMBDJÓODÓNPDPOUSJCVZFOBMWBMPSEF
MBTBMVE-PTSFTVMUBEPTEFMBTQSVFCBTTF
BQMJDBOBEFDJTJPOFTDMÎOJDBTZUBOUPFOFM FODJNBEFMBJOOPWBDJÓOFOFMMBCPSBUPSJP
NPNFOUPEFTPMJDJUVEEFMBQSVFCBDPNP FTUÃO MPT DBNCJPT TVTUBODJBMFT FO MB
FMEFMBVUJMJ[BDJÓOEFMSFTVMUBEPIBZVOB CJPNFEJDJOB-BNFEJDJOBEFQSFDJTJÓOTF
FYQFDUBUJWBEFRVFFMWBMPSEFMBJOGPSNB BCSFQBTPDPNPVOOVFWPFOGPRVFQBSBFM
DJÓORVFPGSFDFFMMBCPSBUPSJPQFSNJUJSÃ USBUBNJFOUPZQSFWFODJÓOEFFOGFSNFEB
VO EJBHOÓTUJDP ZP USBUBNJFOUP RVF EFTRVFUPNBFODVFOUBMBWBSJBCJMJEBE
DBNCJBSÃFMDVSTPEFMBFOGFSNFEBE
JOEJWJEVBMFOMPTHFOFTFMNFEJPBNCJFOUF
1BSB RVF FM MBCPSBUPSJP MMFHVF BM ZFTUJMPEFWJEBEFDBEBQFSTPOB&MMP
NÃYJNPOJWFMEFDBMJEBEUFOFNPTVOB QFSNJUJSÃZFOBMHVOPTDBTPTZBQFSNJUFB
IFSSBNJFOUB
MPTNÊEJDPTQSFEF
JNQSFTDJOEJCMFMB
DJS DPO NBZPS
&MMBCPSBUPSJPOFDFTJUB
"DSFEJUBDJÓO *40
QSFDJTJÓORVÊUSBUB
DPOUSJCVJSBMBEJGVTJØOEF
EFPCMJHBEP
NJFOUPZMBTFTUSB
BRVFMMPTBWBODFTRVF
DVNQMJNJFOUP FO
UFHJBT EF QSFWFO
BMHVOPT
QBÎTFT QFSNJUBONFKPSFTSFTVMUBEPT
DJÓO&TUPDPOUSBTUB
FVSPQFPT Z RVF
DPOVOFOGPRVFFO
BDSFEJUB RVF MPT
FMRVFTFEFTBSSP
SFTVMUBEPTRVFJOGPSNBNPTTPOGJBCMFT
MMBO MBT FTUSBUFHJBT EF USBUBNJFOUP Z
&TUBQFSTQFDUJWBEFMBNFEJDJOBEFM QSFWFODJÓO EF FOGFSNFEBEFT QBSB MB
MBCPSBUPSJPPCMJHBUPEBWÎBNÃTBDPMBCP QFSTPOBQSPNFEJPDPONFOPTDPOTJEFSB
SBSEFDFSDBDPOMPTDMÎOJDPTEFGPSNB DJÓOBMBTEJGFSFODJBTFOUSFJOEJWJEVPT&T
TJTUFNÃUJDB)BZEPTUFOEFODJBTEPNJOBO BRVÎEPOEFMBNFEJDJOBEFMMBCPSBUPSJP
UFTFOMBBDUVBMJEBEMBJOOPWBDJÓOJOTUSV UJFOF VO QBQFM EFUFSNJOBOUF FO MB
NFOUBMZFMQSPHSFTPDJFOUÎGJDP1FSPQPS NFEJDJOBEFQSFDJTJÓO&OFTQFDJBMFOMB
HFOFSBDJÓOEFJOGPSNBDJÓOBQBSUJSEF
CJPNBSDBEPSFTFQJHFOÊUJDPT-BBEPQDJÓO
EFOVFWPJOTUSVNFOUBMDPNPMPTTFDVFO
DJBEPSFTEFOVFWBHFOFSBDJÓOTVQPOFOVO
TBMUPDVBMJUBUJWPSFTQFDUPMBTJUVBDJÓO
BDUVBMZDBEBEÎBFTUBNPTNÃTDFSDBEFTV
BNQMJBBQMJDBDJÓO
-BSBQJEF[EFFTUPTBWBODFTOPTPCMJHB
BVOBSFGMFYJÓOTPCSFTVJNQBDUPFOFM
MBCPSBUPSJP1PSVOBQBSUFFMMBCPSBUPSJP
OFDFTJUB DPOUSJCVJS B MB EJGVTJÓO EF
BRVFMMPTRVFQFSNJUJSÃONFKPSFTSFTVMUB
EPTEFTBMVE:QBSBRVFFTUPTFBBTÎTF
SFRVJFSFVOFTGVFS[PQBSBEFUFSNJOBSMB
WBMJEF[BOBMÎUJDBWBMJEF[DMÎOJDBVUJMJEBE
DMÎOJDBZDPTUFFGFDUJWJEBEEFMBTOVFWBT
QSVFCBT-PTQSJNFSPTQBTPTZBTFIBO
QVCMJDBEPSFDJFOUFNFOUFSFTQFDUPBMB
QSJNFSBDVFTUJÓO/PTRVFEBTFHVJSEF
DFSDB TV FWPMVDJÓO -B NFEJDJOB EFM
MBCPSBUPSJPUJFOFRVFKVHBSFOBNCPT
GSFOUFTFOMBEJGVTJÓOZFOMBFWBMVBDJÓO
ZBZVEBSBTÎBRVFMPTBWBODFTDPOUSJCV
ZBOBVOBNFKPSTBMVEQPCMBDJPOBM
0QJOJØOBMEFEJDJFNCSFEF(.
-B'SBTF
i
6OQMBOOBDJPOBM
DPOUSBMBT
SFTJTUFODJBTBMPT
BOUJCJÓUJDPTTJO
QSFTVQVFTUPRVFEBSÃDPO
MJNJUBDJPOFTFOTVJNQMBOUBDJÓOu
-PT1FSTPOBKFT
-B0.$DPODFEFB%JFHP.VSJMMPMB.FEBMMB
EF0SPZMFOPNCSB$PMFHJBEPEF)POPS
◗ -B0SHBOJ[BDJÓO.ÊEJDB$PMFHJBM
EFDJEFQPSVOBOJNJEBEDPODFEFSB
%JFHP.VSJMMPTV.FEBMMBEF0SPZ
OPNCSBSMF$PMFHJBEPEF)POPS-BT
.FEBMMBTEF0SPEFMB0.$TPOPUPSHB
EBTQPSMBDPSQPSBDJÓODPMFHJBMFOUSF
BRVFMMPTNJFNCSPTRVFTFIBOEJTUJO
HVJEPFOFMQBOPSBNBTBOJUBSJPOBDJP
OBM%JFHP.VSJMMPPDVQBMBQSFTJEFO
DJB EF "." MB .VUVB EF MPT
1SPGFTJPOBMFT4BOJUBSJPTEFTEFIBDF
NÃT EF BÒPT )B TJEP UBNCJÊO
QSFTJEFOUFEFM$PMFHJPEF.ÊEJDPTEF
1POUFWFESBZGVOEBEPSFOEFM
4BOBUPSJP -B .FSDFE VOB EF MBT
QSJODJQBMFTDMÎOJDBTQPOUFWFESFTBT
1JMBS3BNÓO1BSEP
"TFTPSBEFMB0.4FO3FTJTUFODJBT
"OUJNJDSPCJBOBT
-BT$MBWFT
3FHJTUSPT
EFMDPSB[ÓO
Z&TDBEBWF[NÃTBÒPTPQBTBOEP
#"350-0.­#&-53¦/
EFVOBFEBENFEJBEFBBÒPT
+FGFEFMPTTFSWJDJPT
&ODVBOUPBMUJFNQPEFJTRVFNJBEFM
NÊEJDPTEF"NFEJB
ÓSHBOPQFSÎPEPRVFVOÓSHBOPEVSB
WJBCMF QBSB USBTQMBOUF GVFSB EFM
B4PDJFEBE&TQBÒPMBEF$BSEJPMP PSHBOJTNP
UBNCJÊOFTBIPSBNBZPS
HÎB4&$
BUSBWÊTEFMB4FDDJÓO .JFOUSBTRVFFOTPMPFSBFM
EF*OTVGJDJFODJB$BSEJBDBMMFWB EFMPTDBTPTMPTRVFQSFTFOUBCBO
EFTEFSFBMJ[BOEPBOVBMNFOUFFM VOBJTRVFNJBNBZPSBNJOVUPT
3FHJTUSP &TQBÒPM EF 5SBTQMBOUF BIPSB FM QPSDFOUBKF FT EFM $BSEJBDP Z BDBCB EF QVCMJDBS FO 3FTQFDUPBMBQBSBEBDBSEJBDBQSFWJBBM
3FWJTUB&TQBÒPMBEF$BSEJPMPHÎB3&$
USBTQMBOUF FT UBNCJÊO BIPSB NÃT
MPTEBUPTSFGFSFOUFTBKVOUPDPO DPNÙOGSFOUFB
JHVBMRVFFM
VOBOÃMJTJTEFMPTÙMUJNPTBÒPTEF OÙNFSP EF EPOBOUFT GBMMFDJEPT QPS
BDUJWJEBEFOOVFTUSPQBÎTDPO BDDJEFOUFDFSFCSPWBTDVMBSFOMVHBSEF
USBTQMBOUFTSFBMJ[BEPTFODFOUSPT USBVNBUJTNPGSFOUFBM
FTQFDJBMJ[BEPT
1PSMPRVFSFTQFDUBBMSFDFQUPSMB
%FFOUSFUPEPTMPTQBSÃNFUSPTBOBMJ FEBENFEJBUBNCJÊOIBBVNFOUBEPFO
[BEPTVOPEFMPTRVFDPCSBNÃTJNQPS USFTBÒPTEFB
&ODPODSFUP
UBODJBFTFMSFMBUJWPBMBTVQFSWJWFODJB IBZ NÃT NVKFSFT RVF OFDFTJUBO VO
EFMBTQFSTPOBTUSBTQMBOUBEBTFYQMJDB USBTQMBOUFEFDPSB[ÓO.JFOUSBTRVFFO
FM %S 'SBODJTDP (PO[ÃMF[7ÎMDIF[ MBQSJNFSBEÊDBEBFTUVEJBEBFMEF
EJSFDUPSEFM3FHJT
MPT SFDFQUPSFT
USP WPDBM EF MB
FSBO WBSPOFT
&TQB×BIBSFBMJ[BEPFOMPT
4FDDJÓOEF*OTVGJ
BIPSB FTUB DJGSB
ÞMUJNPTB×PT
DJFODJB$BSEJBDB
IBEJTNJOVJEPZTF
EFMB4&$ZQSJNFS
USBTQMBOUFTEFDPSB[ØOFO TJUÙBFOFM4J
GJSNBOUF
EFM
BOBMJ[BNPT FM
DFOUSPTFTQFDJBMJ[BEPT
FTUVEJP: BÒBEF
QFSGJMEFMSFDFQUPS
RVFTFIBQPEJEP
FT NÃT DPNQMJ
DPNQSPCBSRVFMBFTQFSBO[BEFWJEBEF DBEPZBRVFVOTPOEJBCÊUJDPTF
FTUBTQFSTPOBTIBJEPBVNFOUBOEPEF JOTVMJOPEFQFOEJFOUFTGSFOUFBMFO
GPSNBQBVMBUJOB&OFMQSJNFSQFSJPEP ZFMIBTJEPTPNFUJEPBVOB
FTUVEJBEPEFBMBNFEJBFSB DJSVHÎBDBSEJBDBQSFWJBFO
EFBÒPTEFBEF
'JOBMNFOUFFMSFHJTUSPBOBMJ[BMBT
BÒPTZEFBQBTÓBTFSEF DBVTBTEFGBMMFDJNJFOUPTJFOEPMBFOGFS
BÒPT%FTQVÊTEFMBNFKPSBEFMBTVQFS NFEBE WBTDVMBS EFM JOKFSUPNVFSUF
WJWFODJBBMBÒPFOMBEÊDBEBEFB TÙCJUBMBNÃTDPNÙO
TFHVJEBEF
RVFTFNBOUJFOFUBNCJÊOFOMB MBTJOGFDDJPOFT
GBMMPQSJNBSJPEFM
TJHVJFOUFEÊDBEBFOFMQFSJPEPBOBMJ JOKFSUP
ZUVNPSFT
&M%S
[BEPEFBTFFOUSFWÊVOB (PO[ÃMF[7ÎMDIF[BÒBEFRVFTPCSFFTUF
NFKPSBBEJDJPOBMDPOVOBTVQFSWJWFO BTQFDUPEFCFNPTUFOFSFODVFOUBRVF
DJBBMBÒPDFSDBOBBMQPSDJFOUP-B MB DBVTB EF NVFSUF WBSÎB TFHÙO FM
NFKPSB B NFEJPMBSHP QMB[P TF IB UJFNQP USBOTDVSSJEP EFTEF FM
NBOUFOJEPDPOTUBOUFBMPMBSHPEFUPEPT USBTQMBOUF"TÎBMQSJNFSNFTFMEF
MPTQFSJPEPTFTUVEJBEPTZTFFTQFSBRVF MPTGBMMFDJNJFOUPTTFEFCFOBVOGBMMP
TJHBNBOUFOJÊOEPTFFOMPTQSÓYJNPT QSJNBSJPEFMJOKFSUPEFMTFHVOEPNFTBM
BÒPT
BÒPFOFMEFMPTDBTPTTFEFCFB
6OBTQFDUPRVFTFIBQPEJEPPCTFSWBS BMHVOB JOGFDDJÓO Z FM QPS VO
FTFMBVNFOUPEFMBDPNQMFKJEBEEFM SFDIB[PZBQBSUJSEFMQSJNFSBÒPMBT
QFSGJMUBOUPEFMEPOBOUFDPNPEFMSFDFQ DBVTBTNÃTDPNVOFTTPOFOGFSNFEBE
UPS3FTQFDUPBMEPOBOUFZDPNQBSBOEP WBTDVMBSEFMJOKFSUP
ZUVNPSFT
MBEÊDBEBEFDPOMPTEBUPTEF &TMPRVFIBZ
-
9PTÊ3#VTUFMPIBTJEPOPNCSBEPOVFWP
QSFTJEFOUFFMFDUPEFMB"TFJDB
◗-B"TPDJBDJÓO&TQBÒPMBEF*OWFTUJHB
DJÓOTPCSFFM$ÃODFS"TFJDB
UJFOFFM
PCKFUJWPEFQSPNPDJPOBSMBJOWFTUJHB
DJÓOFOFTUBFOGFSNFEBEZBMNJTNP
UJFNQPTFSBMUBWP[EFMBDPNVOJEBE
DJFOUÎGJDBRVFUSBCBKBFOFMDBNQPEF
MBPODPMPHÎBNPMFDVMBSUBOUPEFTEF
VOBQFSTQFDUJWBDMÎOJDBDPNPCÃTJDB
9PTÊ3#VTUFMPIBTJEPFMFHJEPQSFTJ
EFOUFFMFDUP&TBDUVBMNFOUF1SPGFTPS
EF*OWFTUJHBDJÓOEFM$POTFKP4VQFSJPS
EF*OWFTUJHBDJPOFT$JFOUÎGJDBT$4*$
Z
EJSJHFTVHSVQPEFJOWFTUJHBDJÓOFOFM
$FOUSPEF*OWFTUJHBDJÓOEFM$ÃODFS
$JDJCNDD
EF4BMBNBODB&KFSDFSÃ
DPNPQSFTJEFOUFEVSBOUF
'FSOBOEP$BSCBMMPBTVNFMBQSFTJEFODJB
EF'BDNFFOTVTUJUVDJÓOEF$BSMPT.BDBZB
◗ $BSMPT.BDBZBQSFTJEFOUFEFMB
'VOEBDJÓO&TQBÒPMB EFM$PSB[ÓO
EFKBSÃEFTFSQSFTJEFOUFEFMB'FEFSB
DJÓO EF "TPDJBDJPOFT $JFOUÎGJDP
.ÊEJDBT&TQBÒPMBT'BDNF
DBSHPRVF
PDVQBCBEFTEF4FSÃFMBDUVBM
QSFTJEFOUFEFMB4PDJFEBE&TQBÒPMBEF
1BUPMPHÎB%JHFTUJWB4&1%
'FSOBOEP
$BSCBMMPRVJFOBTVNBMBQSFTJEFODJB
"EFNÃT$BSCBMMPFT+FGFEF4FSWJDJP
EF"QBSBUP%JHFTUJWPZ%JSFDUPSEFMB
6OJEBEEF(FTUJÓO$MÎOJDBEF%JHFTUJWP
EFM )PTQJUBM $MÎOJDP 6OJWFSTJUBSJP
7JSHFO EF MB"SSJYBDB EF .VSDJB
4FHVJSGPSUBMFDJFOEPFMQBQFMEF'BDNF
EFOUSPEFM4/4TFSÃTVPCKFUJWP
4BUTFSFDMBNBVOBTVCJEBTBMBSJBMRVF
iDPNQFOTFMPTÙMUJNPTBÒPTEFQÊSEJEBTu
◗ 4BUTFFOMBJNBHFOTVQSFTJEFOUF
7ÎDUPS"[OBS
QJEFBM(PCJFSOPRVF
BDVFSEFDPOMPTBHFOUFTTPDJBMFTVO
DBMFOEBSJPEFGJOJEPEFTVCJEBTBMBSJBM
QBSBMPTFNQMFBEPTQÙCMJDPTBDPSEF
DPOMBNFKPSBEFMBFDPOPNÎBFTQBÒPMB
RVFBGJSNBRVFTFFTUÃQSPEVDJFOEPZ
RVFQFSNJUBSFDVQFSBSBDPSUPQMB[PMB
QÊSEJEBEFQPEFSBERVJTJUJWPTVGSJEPFO
MPTÙMUJNPTBÒPT-BPSHBOJ[BDJÓOTJOEJ
DBMDPOTJEFSBiBCTPMVUBNFOUFQSJPSJUB
SJPuRVFTFBDVFSEFVODPNQSPNJTP
DMBSPEFTVCJEBTBMBSJBM"TJNJTNP
DSFFOFDFTBSJPBDPSEBSDPOMBBENJOJT
USBDJÓOVODBMFOEBSJPQBSBBVNFOUBS
MBTSFUSJCVDJPOFT
(. BMEFEJDJFNCSFEF
1PMÓUJDB
&MEFMBTBMUBTTVGSFFGFDUPT
BEWFSTPTZMBNJUBETFSÎBOFWJUBCMFT
0.$Z4FTQBTDPJODJEFOFORVFMBQSFWFODJØONVDIBTWFDFTUJFOFNÈTJODPOWFOJFOUFTRVFWFOUBKBT
"-.6%&/"'&3/«/%&;
.BESJE
&O&TQBÒBVOPEFDBEBEJF[QBDJFOUFT
RVFFTEBEPEFBMUBTVGSFBMHÙOFGFDUP
BEWFSTPZBOJWFMFYUSBIPTQJUBMBSJPTF
QSPEVDFOFGFDUPTOFHBUJWPTQPSDBEB
WJTJUBT%FFTUPTTFDBMDVMBRVF
FOUSFFMZFMQPSDJFOUPTFSÎBOFWJUB
CMFTMMFHBOEPIBTUBFMQPSDJFOUPFO
BMHÙOFTUVEJP"TÎMPFYQMJDBB(."OESFV
4FHVSBWPDBMEF(SVQPTEF5SBCBKPEFMB
4PDJFEBE&TQBÒPMBEF4BMVE1ÙCMJDBZ
"ENJOJTUSBDJÓO 4BOJUBSJB 4FTQBT
BVORVF BÒBEF RVF FO &TQBÒB TF WB
UPEBWÎBiVOQPDPBDJFHBTuFOFTUFDBNQP
FO SFMBDJÓO B &TUBEPT 6OJEPT QPS
FKFNQMPEPOEFVOFTUVEJPSFDJFOUFEF
.BSUJO.BLBSZZ.JDIBFM%BOJFMEFMB
+PIOT )PQLJOT 6OJWFSTJUZ 4DIPPM PG
.FEJDJOF#BMUJNPSF
QVCMJDBEPFOFM
#SJUJTI.FEJDBM+PVSOBMIBFTUJNBEPRVF
MPTFSSPSFTNÊEJDPTTPOMBUFSDFSBDBVTB
EFNVFSUF
&TFTUFTFOUJEP4FHVSBSFDVFSEBRVF
MBJBUSPHFOJBBVORVFTFEFTQSFOEFEF
MBTBDUVBDJPOFTTBOJUBSJBTFONVDIBT
PDBTJPOFTOPEFQFOEFEFVOBOFHMJHFO
DJBNÊEJDBTJOPRVFFTJOFWJUBCMFQVFT
PCFEFDFBMBBDUVBDJÓOTBOJUBSJBFOTÎ
i-PTFGFDUPTBEWFSTPTTPOMBDBSBZMB
DSV[EFMBNJTNBNPOFEBuQPSMPRVFFT
JNQPSUBOUF SFBMJ[BS TPMP MPT BDUPT
NÊEJDPTJNQSFTDJOEJCMFTBVORVFIBZ
VOBDSFFODJBFRVJWPDBEBFOFTUFTFOUJEP
+VBO .BOVFM (BSSPUF TFDSFUBSJP
HFOFSBM EF MB 0SHBOJ[BDJÓO .ÊEJDB
$PMFHJBM0.$
JODJEFFORVFIBDFZB
NÃTEFBÒPTRVFTFFTUÃUSBCBKBOEP
QBSB JOUFOUBS BNJOPSBS MPT FGFDUPT
JOEFTFBCMFT"TVKVJDJPFTVOUFNBiNVZ
QPMJÊESJDPu QVFT MB NFKPS GPSNB EF
DPOPDFSMPTFSSPSFTFTEFDMBSBSMPTQFSP
TJFTUPDPOMMFWBVODBTUJHPTFSÃEJGÎDJMRVF
TFEFDMBSFZQPSFOEFRVFTFBQSFOEBEF
FMMPT
&MFYQFSUPEF4FTQBTFYQMJDBUBNCJÊO
RVF UBOUP NÊEJDPT DPNP QBDJFOUFT
UJFOEFOBQFOTBSiRVFMBNFEJDJOBMP
BSSFHMBUPEPuBMHPRVFOPFTBTÎBVORVF
IBZBBWBO[BEPNVDIPQPSFKFNQMPFM
DPOTVNPEFBOTJPMÎUJDPTOPTPMVDJPOBFM
QSPCMFNBEFGPOEP"EFNÃTTFUJFOEFB
TFSNVZJOUFSWFODJPOJTUBZOPTFUJFOF
QBDJFODJBFODBTPTDPNPMPTEFMBGJFCSF
iQBSBWFSRVÊQBTBuTFUSBUBDPNPTJ
GVFTFVOBFOGFSNFEBEDVBOEPOPMPFT
iFTVOTJHOPEFRVFBMHPWBNBMZQVFEF
TFS VOB SFBDDJÓO EFGFOTJWB RVF B MP
NFKPS SFTVFMWF FM QSPCMFNB QPS TÎ
NJTNBuBTFHVSB&OMPRVFTFSFGJFSFBM
EPMPSFTQPTJUJWPDVBOEPSFTQPOEFBBMHP
DPODSFUPQVFTFTVOBSFTQVFTUBRVFFTUÃ
BTPDJBEBBMBNFKPSTVQFSWJWFODJBEFMB
6OFTUVEJPQVCMJDBEPFOFM#SJUJTI.FEJDBM+PVSOBMFTUJNBRVFMPTFSSPSFTBTPDJBEPTBMBQSÈDUJDBNÏEJDBTPOMBUFSDFSBDBVTBEFNVFSUFFO&TUBEPT6OJEPT
FTQFDJFTJOFNCBSHPDVBOEPTFUSBUBEF
EPMPSFTDSÓOJDPTRVFOPWBOBBZVEBSFO
OBEB BM QBDJFOUF NVDIBT WFDFT MPT
NÊEJDPTTPOiEFNBTJBEPQSVEFOUFTuZ
BRVÎTÎQPESÎBFWJUBSTFFMTVGSJNJFOUPDPO
VOBNFEJDJOBJOUFSWFODJPOJTUB
-BTJOJDJBUJWBTRVFTFMMFWBOBDBCPFO
FM ÃNCJUP EF TFHVSJEBE EFM QBDJFOUF
UJFOFOFMPCKFUJWPEFiSFEVDJSBMNÃYJNPu
MPTFGFDUPTBEWFSTPTUBMFTDPNPFMMBWBEP
EFNBOPTDPNPQSÃDUJDBIBCJUVBMPMB
QSFWFODJÓOEFJOGFDDJPOFTQPSDBUÊUFSFT
1SFDJTBNFOUFMB0.$Z4FTQBTTVTDSJ
CJFSPOVOBDVFSEPQBSBUSBCBKBSFOFTUB
MÎOFBFiJNQVMTBSMBTCVFOBTQSÃDUJDBTFO
FMFKFSDJDJPEFMBNFEJDJOBuTVCSBZB
(BSSPUF
.FEJDJOBEFGFOTJWB
0USPQSPCMFNBBTPDJBEPBMBJBUSPHFOJB
FTMBNFEJDJOBEFGFOTJWBRVFBVORVFFT
NÃTGSFDVFOUFFOMPTQBÎTFTEPOEFMB
NFEJDJOBQSJWBEBQVFEFMMFHBSBUFOFS
RVFQBHBSJOEFNOJ[BDJPOFTNJMMPOBSJBT
TVDFEFUBNCJÊOFO&TQBÒB&TUPTFEFCF
B RVF iQPS EFTHSBDJBu ‡DPNFOUB
4FHVSB‡MPTKVFDFTFTUÃONÃTEJTQVFT
UPTBDBTUJHBSMBTPNJTJPOFTRVFMBTJOUFS
WFODJPOFTiBQFTBSEFRVFDVBOEPTFBO
JOEJDBEBTMPÙOJDPRVFQVFEBOIBDFSFT
EBÒPu1PSFMMPDPOFMPCKFUJWPEFFWJUBS
VOBSFDMBNBDJÓOPVOQPTJCMFMJUJHJP
UBOUPBMHVOPTGBDVMUBUJWPTDPNPDJFSUPT
DFOUSPTTBOJUBSJPTUJFOEFOBMMFWBSBDBCP
NÃTJOUFSWFODJPOFTTBOJUBSJBTEFMBTRVF
TPOOFDFTBSJBTBQFTBSEFRVFQVFEBO
MMFWBSBNÃTFGFDUPTBEWFSTPT%FIFDIP
SFDVFSEB RVF OJOHVOB BDUVBDJÓO FT
JOPDVBZFTUÃFYFOUBEFSJFTHP
4PCSFEJBHOØTUJDP
.ÃTDPNQMJDBEPFTFMUFNBEFMTPCSF
EJBHOÓTUJDPRVFUBMZDPNPTFÒBMBFM
TFDSFUBSJP HFOFSBM EF MB 0.$ MFT
QSFPDVQBiFOPSNFNFOUFuQVFTBGFDUBB
MBTBMVEGÎTJDBZQTÎRVJDBEFMPTDJVEBEB
OPTZiHFOFSBVOFOPSNFHBTUPJOOFDF
TBSJPQBSBFMTJTUFNBEFTBMVEuRVF
iJNQJEFRVFFTUPTSFDVSTPTTFEFTUJOFO
EFCJEBNFOUFBMBTWFSEBEFSBTFOGFSNF
EBEFTPBMPTNFEJPTEJBHOÓTUJDPTNÃT
OFDFTBSJPTu
:FTRVFQBSBFODVBESBSNÃTBEFDVB
EBNFOUFFMQSPCMFNBIBCSÎBRVFEJTQP
OFSEFVOBEFGJOJDJÓOEFTPCSFEJBHOÓT
UJDPRVFOPFYJTUFEFGPSNBPGJDJBM
4JTFQBSUFEFRVFFTFMEJBHOÓTUJDPEF
VOBFOGFSNFEBERVFOVODBDBVTBSÃ
TÎOUPNBT OJ MB NVFSUF EFM QBDJFOUF
BTFHVSB RVFiTPO JOOVNFSBCMFTu MBT
TJUVBDJPOFTFOMBTRVFTFQSPEVDFFO
NVDIBTPDBTJPOFTQPSDPOGVOEJSGBDUP
SFTEFSJFTHPDPOFOGFSNFEBEFTZFO
PUSBTQPSEBSMFVOBDBUFHPSÎBNBZPSEF
HSBWFEBEBVOBFOGFSNFEBE
&OMBBDUVBMJEBEGBDUPSFTEFSJFTHP
DPNPFMDPMFTUFSPMBMUPTFNBHOJGJDBO
EÃOEPMFVOBDBUFHPSÎBEFFOGFSNFEBEZ
IBZQBDJFOUFTTJOPUSPTGBDUPSFTEFSJFTHP
ZDPOVODPMFTUFSPMFOUSFZRVF
TPOEJBHOPTUJDBEPTEFIJQFSDPMFTUFSPMÊ
NJDPTZUSBUBEPTDPONFEJDBNFOUPTP
QBDJFOUFTDPOBÒPTZDPMFTUFSPMEF
RVFUBNCJÊOTPOUSBUBEPTZOPTPMPOP
BVNFOUBOTVFTQFSBO[BEFWJEBTJOPRVF
TFJODSFNFOUBOMPTSJFTHPTEFFGFDUPT
TFDVOEBSJPT
&MWPDBMEF(SVQPTEF4FTQBTBÒBEFRVF
FOPDBTJPOFTUBNCJÊOiTFUPNBMBQBSUF
QPSFMUPEPuQPSFKFNQMPBMFODPOUSBSFO
VOBCJPQTJBDÊMVMBTDBODFSPTBTRVFOP
TJFNQSFSFTQPOEFOBVODÃODFSQFSPTF
USBUBODPNPTJMPGVFSBODPOMPTDPOTJ
HVJFOUFTFGFDUPTTFDVOEBSJPTBTPDJBEPTBM
USBUBNJFOUPEFFTUBQBUPMPHÎB
%FIFDIPBHSFHBRVFMPTiDIFRVFPT
QFSJÓEJDPTuRVFTFQSPNVFWFOEFTEF
NVDIBT JOTUJUVDJPOFT FO PDBTJPOFT
iUJFOFONÃTQFSKVJDJPTRVFWFOUBKBTu
QVFTFTiNVZEJGÎDJMuJOUFSQSFUBSBEFDVB
EBNFOUFVOBJOGPSNBDJÓOTJOPTFTBCF
MPRVFTFFTUÃCVTDBOEP
1PSPUSPMBEP(BSSPUFBGJSNBRVFTF
FTUÃ VUJMJ[BOEP MB QSFWFODJÓOiDPNP
QBUFOUFEFDPSTPQBSBBEWFSUJSPBTVTUBS
TPCSFMBTQPTJCJMJEBEFTEFQBEFDFSVOB
FOGFSNFEBEZFOJOOVNFSBCMFTPDBTJP
OFTOPFTUÃOEFNPTUSBEPTTVTCFOFGJ
DJPTu
1PMÓUJDBBMEFEJDJFNCSFEF(.
1SPZFDUPT
-BVOJEBEIBDPOTPMJEBEPTVBMJBO[BDPO
MBTPDJFEBE$BOBBO
3FTFBSDI*OWFTUNFOUBUSBWÏTEFMB
GJSNBEFVOOVFWPBDVFSEPEFJOWFSTJØO
QBSBGJOBODJBSQSPZFDUPTEF
JOWFTUJHBDJØO$POÏTUFTFIBODFSSBEP
USFTPSJFOUBEPTBMEFTBSSPMMPEFOVFWBT
NPMÏDVMBTQBSBFMUSBUBNJFOUPEFMJDUVT
OVFWPTNPEFMPTEFEJBHOØTUJDPEFM
GSBDBTPSFOBMBHVEPZOVFWBTUFSBQJBT
QBSBGBWPSFDFSMBSFHFOFSBDJØODVUÈOFB
&M*SZDJTUJFOFFONBSDIBUSFTQSPZFDUPTEFEFTBSSPMMPCBTBEPTFOOVFWBTUFDOPMPHÓBTDPOFMGJOEFBQMJDBSMPTBMBQSÈDUJDBDMÓOJDB&MPCKFUJWPFTDPOWFSUJSMPTSFTVMUBEPTEFJOWFTUJHBDJØOFOOVFWPTQSPEVDUPTRVFNFKPSFOMBDBMJEBEBTJTUFODJBM
"MJBO[BTDJFOUÎGJDPFDPOÓNJDBTRVFTPO
OFDFTBSJBTQBSBBWBO[BSFOMBDMÎOJDB
-BJOWFTUJHBDJØOCJPNÏEJDBFOIPTQJUBMFTQÞCMJDPTBCSFMBQVFSUBBOVFWPTNPEFMPTEFGJOBODJBDJØO
$"3.&/.-»1&;
.BESJE
6OPEFMPTHSBOEFTSFUPTBMPTRVFTF
FOGSFOUBUPEBMBJOWFTUJHBDJÓOOBDJPOBM
FTMBGBMUBEFJOWFSTJÓOQSJWBEB&TDJFSUP
RVFMPTQSPZFDUPTEFJOWFTUJHBDJÓOTF
TJSWFOEFMBGJOBODJBDJÓOQÙCMJDBQFSP
DPOMBDSJTJTFDPOÓNJDBTFIBOSFDPSUBEP
QBSUJEBTZBWFDFTOPIBTJEPTVGJDJFOUF
"TÎTFQPOFEFNBOJGJFTUPFOJOGPSNFT
DPNPFMEF$PUFDEPOEFTFWFDMBSBNFOUF
FMNBSHFOEFNFKPSBFOFTUFUFSSFOP
"OUFFTUBSFBMJEBEZEFTEFIBDFBÒPTFM
*OTUJUVUP3BNÓOZ$BKBMEF*OWFTUJHBDJÓO
4BOJUBSJB*SZDJT
FTUÃDPOTPMJEBOEPVO
NPEFMPOPWFEPTP
$PNPFYQMJDBTVEJSFDUPSEF*OOPWB
DJÓO%JFHP7FMBTDPMBVOJEBEIBUFOJEP
RVFCVTDBSEJTUJOUBTGÓSNVMBTBKVTUBEBT
BMBSFBMJEBEFDPOÓNJDBQBSBGBDJMJUBSMB
JOWFSTJÓOEFOUSPEFVODFOUSPQÙCMJDP
i-PNÃTJOOPWBEPSRVFTFIBIFDIPIB
TJEPDSFBSVOWFIÎDVMPEFGJOBODJBDJÓO
QSJWBEBEFOUSPEFVOQSPZFDUPRVFTF
FKFDVUBSÃFOVOJOTUJUVUPEFJOWFTUJHB
DJÓOQÙCMJDPQPSRVFHFOFSBMNFOUFFM
JOWFSTPS TF TJFOUF NÃT DÓNPEPu
BTFHVSB&TDJFSUPRVFVONPEFMPBTÎ
SFRVJFSFEFVOBJNQMJDBDJÓONÃTBDUJWB
QPSQBSUFEFMHSVQPEFJOWFTUJHBDJÓOFO
HFTUJÓOQFSPOPIBTJEPVOQSPCMFNB
QBSBMPTQSPGFTJPOBMFTRVFUSBCBKBOFO
FM*SZDJT&OMBFTGFSBOBDJPOBMFTUB
GÓSNVMB EF DPMBCPSBDJÓO EFCFSÎB TF
FYUSBQPMBCMFBPUSPTIPTQJUBMFTZPUSPT
DFOUSPT
"UPEPNPUPS
-BQSPEVDDJÓOEFMBVOJEBEFTÓQUJNB
DPNP BTFHVSBO TVT SFTQPOTBCMFT &M
EJSFDUPS DJFOUÎGJDP EFM *SZDJT "MGSFEP
$BSSBUPFYQMJDBRVFMBDSJTJTFDPOÓNJDB
OPIBTJEPFYDVTBQBSBEJTNJOVJSMBDBSHB
EFUSBCBKPi&TDJFSUPRVFIBIBCJEPVOB
EJTNJOVDJÓOOPUBCMFFOMBFDPOPNÎBEFM
QBÎTMPRVFTFIBSFGMFKBEPFOMBJOWFTUJHB
DJÓOZFOMPTHSVQPTEFJOWFSTJÓO4JO
FNCBSHPFOMPTÙMUJNPTUSFTBÒPTTFIB
FYQFSJNFOUBEPVOJODSFNFOUPTJHOJGJDB
UJWPFOMBDBOUJEBEEFQBUFOUFTRVFFTUÃ
TPMJDJUBOEPFMJOTUJUVUPFOMPTQSPZFDUPT
GJOBODJBEPTZFOFMNPOUBOUFFDPOÓNJDP
BTPDJBEPTBMPTNJTNPTuBTFHVSB
-PTEFTDVCSJNJFOUPTEFM*SZDJTQFSNJ
UFOUFOFSVOEFTBSSPMMPEFMQSPZFDUPEF
JOWFTUJHBDJÓO RVF GJOBMJ[B DPO VOB
BQMJDBDJÓOQBSBFMQBDJFOUFi6OBBDUJWJ
EBERVFDPNJFO[BFOFMMBCPSBUPSJPQBSB
RVF QPTUFSJPSNFOUF TF USBTMBEF B MB
DMÎOJDBFTEFDJSMBJOWFTUJHBDJÓOUSBTMB
DJPOBMuSFDVFSEB$BSSBUP
$PNPJOEJDB7FMBTDPMBVOJEBEUSBUB
EFEBSBQPZPUBOUPBMPTQSPGFTJPOBMFT
TBOJUBSJPTDPNPBMPTJOWFTUJHBEPSFT
CÃTJDPTRVFHFOFSBOOVFWPTQSPEVDUPT
TBOJUBSJPTPOVFWPTQSPDFEJNJFOUPTB
QBSUJSEFSFTVMUBEPTEFJOWFTUJHBDJÓO
"NPEPEFFKFNQMP7FMBTDPEFTUBDB
RVF IBO USBCBKBEP DPO MB VOJEBE EF
CJPFTUBEÎTUJDBFOJNQMBOUBSVOBTFSJFEF
BMHPSJUNPTQBSBVSHFODJBTRVFGBWPSF
DFO MB UPNB EF EFDJTJPOFT NÊEJDBT
CBTBEPT FO FWJEFODJB DJFOUÎGJDB i-B
NBZPSQBSUFEFMBTJEFBTRVFTFHFOFSBO
FOFMFOUPSOPTPODPNQMFKBTRVFQVFEFO
JS EFTEF OVFWPT ,JU EF EJBHOÓTUJDP
OVFWBTNPMÊDVMBTQBSBFMUSBUBNJFOUPP
UFSBQJBEFJDUVTIBTUBUFSBQJBTFYQFSJ
NFOUBMFTFOEFSNBUPMPHÎBQBSBSFHFOF
SBDJÓODVUÃOFBuBQPTUJMMB
&MEFTBSSPMMPEFFTUBTIFSSBNJFOUBTOP
UJFOFVOBGJOBODJBDJÓOBMVTP1SFDJTB
NFOUFFTUBIBTJEPMBMBCPSEFMBVOJEBE
EFJOOPWBDJÓOUSBUBSEFIBDFSVOBEF
USBEVDUPSFTFOUSFFMNVOEPEFMBJOWFT
UJHBDJÓOZFMNVOEPEFMOFHPDJPQBSB
IBDFSEFFTUPTQSPZFDUPTNPEFMPTBUSBD
UJWPTQBSBFMJOWFSTPS$PNPDPNFOUB
7FMBTDPFMFRVJQPTFFODBSHBEFIBDFS
FTUVEJPTEFPQPSUVOJEBEEFNFSDBEPEF
NBOFSBRVFBEFNÃTEFMJNQBDUPFOFM
QBDJFOUFUBNCJÊOSFEVOEBSÃFOFM4/4
&OFMDBNJOPBMBIPSBEFEFTBSSPMMBS
VOBJEFBQVFEFOTVSHJSNPEFMPTPFTUSB
UFHJBTRVFTFQVFEBOQBUFOUBSiFTUBFT
VOB [POB EF EJGÎDJM USÃOTJUP QPSRVF
TJFNQSF IBDF GBMUB VOB GJOBODJBDJÓO
EFTEFFMMBCPSBUPSJPIBTUBRVFZBTFUJFOF
MBDFSUF[BEFRVFMPRVFFTUÃEFTBSSP
MMBOEPFTBQMJDBCMFBMPTQBDJFOUFTTF
QVFEF QBUFOUBS Z WFOEFSu DVFOUB
$BSSBUP"TÎMPTQSPZFDUPTJOWFSUJEPTTF
FODVFOUSBOFOFTUBEJPTEFEFTBSSPMMP
RVFOPTFBEBQUBOCJFOBMBTGVFOUFTEF
GJOBODJBDJÓOIBCJUVBMFTEFMPTQSPZFDUPT
EF JOWFTUJHBDJÓO FO CJPNFEJDJOB Z
UBNQPDP TPO MP TVGJDJFOUFNFOUF
NBEVSPT QBSB HFOFSBS JOUFSÊT EF
HSBOEFT FNQSFTBT QPS UBOUP FTUPT
BDVFSEPT TF DPOTJEFSBO DMBWF QBSB
BUSBWFTBSMBGBTFDPOPDJEBDPNPWBMMFEF
MBNVFSUFFOUÊSNJOPTEFOFHPDJPZ
DPOWFSUJSMPTFOVOBSFBMJEBEQBSBMPT
QBDJFOUFT
$POUPEPFMPCKFUJWPEFFTUBTFTUSBUF
HJBTFTDPOWFSUJSMPTSFTVMUBEPTEFJOWFT
UJHBDJÓOEFM*SZDJTFOOVFWPTQSPEVDUPT
RVFNFKPSFOMBDBMJEBEEFMBBTJTUFODJBB
MPT QBDJFOUFT BGFDUBEPT QPS EJWFSTBT
QBUPMPHÎBT&OEFGJOJUJWBTFIBDSFBEP
VOBNBOFSBFOMBRVFDPNQBSUJFOEPMPT
GVUVSPTJOHSFTPTRVFQVFEBOEFSJWBSEF
MBTQBUFOUFTZTVFYQMPUBDJÓODPNFSDJBM
MPTJOWFSTPSFTBUSBFOGJOBODJBDJÓOZFTUP
SFWJFSUFFOFMIPTQJUBM&MEJSFDUPSDJFOUÎ
GJDP EFM *SZDJT BTFHVSB RVF FT VOB
NVFTUSBEFRVFMPTIPTQJUBMFTQBSBTBMJS
BEFMBOUFTFUJFOFORVFBCSJSBFTUFUJQP
EFBZVEBTi2VFVOPQSFUFOEBIBDFSFM
EFTBSSPMMPJOUSBNVSBMTJODPOUBSDPO
OBEJF NÃT FT VO FSSPS FTUSBUÊHJDP Z
UÃDUJDPQVFTMPRVFIBDFFTEFNPSBSFM
PCKFUJWPuJOEJDB$BSSBUP
&ODPODMVTJÓOQBSFDFRVFRVFEBDMBSP
RVFIBDFOGBMUBBMJBO[BTFYUFSOBTFDPOÓ
NJDBTZDJFOUÎGJDBTZMBTTJOFSHJBTFOFM
UFSSFOPDJFOUÎGJDPZFDPOÓNJDPTPOMBT
RVFIBDFORVFMMFHVFOMPTBWBODFTBMB
DMÎOJDBQBSBCFOFGJDJPEFMPTQBDJFOUFT
(.BMEFEJDJFNCSFEF1PMÓUJDB
$0.#Z.$WFOJNQPTJCMFSFEVDJSMJTUBT
EFFTQFSBDPOMPTOVFWPTQSFTVQVFTUPT
%FMPTNJMMPOFTQSFWJTUPTQBSBMBTDVFOUBTGBMMJEBTEFMGJOBMNFOUFTFEFTUJOBSÈOFO
."3#"3#&3®
#BSDFMPOB
3FEVDJSBMBNJUBEFMUJFNQPEFMBMJTUB
EFFTQFSBEFMPTQBDJFOUFTQBSBMBGBTF
EJBHOÓTUJDBZUBNCJÊOFOMBTQSJNFSBT
WJTJUBT BM FTQFDJBMJTUB FT VOP EF MPT
PCKFUJWPTRVFTFIBCÎBGJKBEPFM%FQBSUB
NFOUPEF4BMVEFMQBTBEPNFTEFBCSJM
DVBOEPQSFTFOUÓFMi1MBOJOUFHSBMQBSB
NFKPSBSMBHFTUJÓOEFMBTMJTUBTEFFTQFSB
TBOJUBSJBTu6O1MBORVFDBMDVMBCBVO
UPUBMEFNJMMPOFTEFFVSPTQBSBMMFWBS
BDBCPMPTPCKFUJWPTGJKBEPT1FSPGJOBM
NFOUFOPTFBQSPCBSPOMPTQSFTVQVFT
UPTEFMZTFQSPSSPHBSPOMPTEFM
&OFMQSPZFDUPEFMFZEFQSFTVQVFTUPT
EFMTFFTUJNBVOBJOWFSTJÓOEF
NJMMPOFTEFFVSPTQBSB4BMVE
IFDIPRVFSFQSFTFOUBNJMMPOFTEF
FVSPTNÃTRVFFOZNJMMPOFT
NÃTSFTQFUPMPTOÙNFSPTGBMMJEPTQBSBFM
4JOFNCBSHPMBQBSUJEBFDPOÓNJDB
EFTUJOBEBBSFEVDJSMBTMJTUBTEFFTQFSB
IB NFOHVBEP $PODSFUBNFOUF IB
QBTBEP EF MPT NJMMPOFT EF FVSPT
QSFWJTUPTQBSBFMBMPTNJMMPOFT
EFFVSPTRVFGJHVSBOFOFMQSPZFDUPEF
QSFTVQVFTUPTQBSBFM
4FHÙO+BVNF4FMMBSÍTWJDFQSFTJEFOUF
EFM$PMFHJPEF.ÊEJDPTEF#BSDFMPOB
$0.#
iTFIBDFEJGÎDJMQFOTBSRVFDPO
MBNJUBEEFQSFTVQVFTUPTFQPESÃNBOUF
OFSMBQSFWJTJÓOEFMPCKFUJWPJOJDJBMEF
SFEVDJSMBTMJTUBTu&M%FQBSUBNFOUPEF
4BMVEBTFHVSBFODBNCJPRVFMPTPCKFUJ
WPTEFSFEVDJSMBTMJTUBTEFFTQFSBBM
QPS DJFOUP DPOUJOÙBO WJHFOUFT Z RVF
QSFWÊOEJTQPOFSEFMEJOFSPRVFGBMUF
QBSBMMFHBSBMPCKFUJWPBTJTUFODJBMEFMB
EFTWJBDJÓOQSFTVQVFTUBSJBRVFIJTUÓSJ
DBNFOUFTFQSPEVDFFOFMQSFTVQVFTUP
RVFGJOBMNFOUFTFFKFDVUBi1PSMPUBOUP
FMMPTUBNCJÊOFTUBOEPSFDPOPDJFOEPRVF
DPOFTUFQSFTVQVFTUPOPTFQPESÃIBDFS
GSFOUFBMPCKFUJWPBTJTUFODJBMJOJDJBMuIB
EJDIP4FMMBSÍT
&MDPOTFKFSPEF4BMVE"OUPOJ$PNÓOKVOUPDPO0SJPM+VORVFSBTWJDFQSFTJEFOUFEFMB(FOFSBMJUBUEF$BUBMV×BFOVOBJNBHFOEFBSDIJWP
1PSTVQBSUF+PTFQ.BSJB1VJHTFDSF
UBSJPHFOFSBMEFMTJOEJDBEP.ÊEJDPTEF
$BUBMVÒB.$
IBSFDPOPDJEPRVFiFOFM
NFKPSEFMPTDBTPTiMPRVFDPOTFHVJSF
NPTTFSÃGSFOBSFMDSFDJNJFOUPEFMBT
MJTUBTEFFTQFSBu1VJHIBTFÒBMBEPRVF
DPOMPTNJMMPOFTBEJDJPOBMFTRVFTF
EFTUJOBSÎBOFODBTPEFRVFTFBQSVFCFO
MPTQSFTVQVFTUPTiFMDSFDJNJFOUPTFSÃ
NFOPSPOPIBCSÃDSFDJNJFOUPQFSPFO
OJOHÙODBTPIBCSÃVOBSFEVDDJÓOEFMBT
MJTUBTu
&MHBTUPBVNFOUBQPSEFCBKPMBNFEJB
"QFTBSEFRVFFMQSFTVQVFTUPEFTUJOBEP
B 4BMVE QBSB FM SFQSFTFOUB VO
BVNFOUPEFMQPSDJFOUPSFTQFDUPBMBT
ÙMUJNBTDVFOUBTBQSPCBEBTFOMB
DJGSBDSFDFQPSEFCBKPEFMBNFEJBEFMPT
EFQBSUBNFOUPTDBUBMBOFT&MBVNFOUP
EFMHBTUPHFOFSBMFOFTUFQSPZFDUPEF
QSFTVQVFTUPTFTEFVOQPSDJFOUP
SFTQFDUPBM4FHÙO1VJHiMPNÃT
TJHOJGJDBUJWPFTRVFTJMPTQSFTVQVFTUPT
BVNFOUBOVOQPSDJFOUPHMPCBMB
TBOJEBEOPTUFOESÎBRVFDPSSFTQPOEFS
DPNP NÎOJNP FTUF JODSFNFOUPu -B
EFGJOJDJÓOEFiQSFTVQVFTUPTTPDJBMFTu
IFDIBQPS4BMVEFTFSSÓOFBTFHÙO1VJH
i&OSFBMJEBETPOBOUJTPDJBMFTPBOUJTBOJ
UBSJPTDVBOEPMBJOWFSTJÓOFOTBOJEBE
DSFDFQPSEFCBKPMBNFEJBuIBBGJSNBEP
1BSBMBBUFODJÓOQSJNBSJBTFEFTUJOBO
NJMMPOFTNJFOUSBTRVFMBFTQFDJB
MJ[BEBTFMMFWBNJMMPOFTNÃT4POMBT
EPTHSBOEFTJOWFSTJPOFTQBSBMPT$"1
IPTQJUBMFT DFOUSPT EF TBMVE
NFOUBMDFOUSPTEFEÎBDFOUSPT
TPDJPTBOJUBSJPTZQFSTPOBM
&MQSFTVQVFTUPUPEBWÎBFTUÃMFKPTEFMPT
NJMMPOFT EF RVF EJTQPOÎB MB
TBOJEBEDBUBMBOBFOBOUFTEFMPT
SFDPSUFT$PODSFUBNFOUFNJMMPOFT
EFFVSPTNFOPT
-BTDPNVOJEBEFTBVUÓOPNBTJODSFNFOUBO
MBTQBSUJEBTEFTUJOBEBTBTBOJEBE
(.
.BESJE
-BTDPNVOJEBEFTBVUÓOPNBTRVFZBIBO
QSFTFOUBEP MPT CPSSBEPSFT QBSB MPT
QSFTVQVFTUPTEFIBOJODSFNFOUBEP
MBT QBSUJEBT EFTUJOBEBT B TBOJEBE B
QFTBSEFRVFFM(PCJFSOPDFOUSBMOPIB
QPEJEPBÙOQVCMJDBSTVTQSPQJPTQSFTV
QVFTUPTQBSB
-B$POTFKFSÎBEF4BMVEEFMB+VOUBEF
"OEBMVDÎBDPOUBSÃFMBÒPQSÓYJNPDPO
NJMMPOFTEFFVSPTMPRVFTVQPOF
VOJODSFNFOUPEFMQPSDJFOUPDPO
SFTQFDUPBMBÒPBOUFSJPS&MEFQBSUB
NFOUPRVFEJSJHF"RVJMJOP"MPOTPQSFWÊ
JOWFSUJSFOMBSFBDUJWBDJÓOEFMBTPCSBT
EFM)PTQJUBM.BUFSOP*OGBOUJMFMJOJDJPEF
MPTUSBCBKPTQBSBMBSFGPSNBZBNQMJBDJÓO
EFMDFOUSPEFTBMVE$BTBEFM.BSZGJOBMJ
[BDJÓOEFMPTDFOUSPTEF"SCPMFT(BSSV
DIBZ.BDBFMZ0MVMBEFM3ÎP
#BMFBSFTEFTUJOBSÃBTBOJEBE
NJMMPOFTEFFVSPTMPRVFTVQPOFVO
JODSFNFOUP EFM QPS DJFOUP DPO
SFTQFDUPB-B$POTFKFSÎBQSFWÊ
EFEJDBSNJMMPOFTEFFVSPTBMBSFOPWB
DJÓOEFJOGSBFTUSVDUVSBTTBOJUBSJBT
-B$PNVOJEBE7BMFODJBOBIBQSFWJTUP
NJMMPOFTEFFVSPTQBSBMB$POTF
KFSÎB EF 4BOJEBE 6OJWFSTBM Z 4BMVE
1ÙCMJDBMPRVFJNQMJDBVODSFDJNJFOUP
EFMUSFTQPSDJFOUPDPOSFTQFDUPBMBÒP
BOUFSJPS-BDJGSBTFTJUÙBFOMÎOFBDPOMBT
DJGSBTUPUBMFTEFMDPOKVOUPEFMBDPNVOJ
EBEBVUÓOPNB
-BRVFNFOPSJODSFNFOUPIBQSFTFO
UBEPIBTUBBIPSBIBTJEP$BOBSJBT&M
BSDIJQJÊMBHP DBOBSJP EFTUJOBSÃ VOBT
4FMMBSÍT IB SFDPOPDJEP RVF iZB
WFOJNPTEFVOTJTUFNBTVCGJOBODJBEPZ
TFIBBHSBWBEPQPSMBDSJTJTu4FHÙO
4FMMBSÍTMBTMJTUBTEFFTQFSBZMBSFEVD
DJÓOTBMBSJBMEFMPTQSPGFTJPOBMFTTPOMPT
EPTÃNCJUPTEPOEFTFIBOIFDIPNÃT
QBUFOUFTMPTSFDPSUFTi-PTQBDJFOUFTIBO
TVGSJEPQPSMBTMJTUBTZMBSFEVDDJÓOEFMPT
TBMBSJPTRVFIBOCBKBEPVOQPSDJFOUP
PNÃTMBTVGSFOMPTQSPGFTJPOBMFTRVF
IBOIFDIPVOFTGVFS[PJNQPSUBOUFQPS
RVFFMQBDJFOUFOPTFSFTJFOUBuJOEJDB
4FMMBSÍTUBNCJÊOIBTFÒBMBEPRVFIBZ
RVFUPNBSNFEJEBTQBSBRVFMPTKÓWFOFT
NÊEJDPT OP TF NBSDIFOi-F PÎNPT B
EFDJSBMDPOTFKFSPRVFUFOFNPTEFMBT
NFKPSFT TBOJEBEFT EFM NVOEP QFSP
UFOFNPT MPT QFPSFT TBMBSJPT EF MB
DPNVOJEBEFVSPQFB&TUPFTVODPOUSB
TFOUJEPTFUFOESÃORVFUPNBSNFEJEBT
QPSRVFTJOPMPTKÓWFOFTNBSDIBSÃOZFTUP
JSÃFOEFUSJNFOUPEFMPTSFTVMUBEPTu
QBSUJEBTEFNJMMPOFTEFFVSPTMP
RVF TJHOJGJDB VO BWBODF EFM QPS
DJFOUP
1PSTVQBSUF/BWBSSBIBQSFWJTUPQBSB
FMQSÓYJNPFKFSDJDJPNJMMPOFTEF
FVSPT VO QPS DJFOUP NÃT RVF FM
QBTBEP BÒP -B DPNVOJEBE GPSBM FT
EFTQVÊTEF#BMFBSFTZ"OEBMVDÎBMBRVF
NBZPSDSFDJNJFOUPSFHJTUSBSÃFO
"TUVSJBT EJTQPOESÃ QBSB TBOJEBE
NJMMPOFTEFFVSPTFMQPSDJFOUP
EFMQSFTVQVFTUPEFUPEPFM1SJODJQBEP&M
(PCJFSOPBTUVSJBOPIBBOVODJBEPRVF
EFEJDBSÃNÃTEFNJMMPOFTEFFVSPTB
JOGSBFTUSVDUVSBTFRVJQBNJFOUPTUFDOP
MÓHJDPTZDPOFDUJWJEBEEFMTJTUFNBTBOJUB
SJP"EFNÃTIBQSFWJTUPVOBEPUBDJÓO
FTQFDJBMQBSBMBBNQMJBDJÓOEFM)PTQJUBM
EF$BCVFÒFT
1PMÓUJDBBMEFEJDJFNCSFEF(.
1*-"33".¶/1"3%0❘"TFTPSBFOFMNBOFKPDMÎOJDPEF&&**3FTJTUFODJBEFMPT"OUJNJDSPCJBOPTEFMB0SHBOJ[BDJÓO1BOBNFSJDBO
i$BEBQBÎTSFOEJSÃDVFOUBTFOBMB0.4TP
$"3.&/.-»1&;
.BESJE
&TQBÒBDVFOUBEFTEFDPOFM1MBO
/BDJPOBMQBSBMB-VDIBDPOUSBMBT3FTJT
UFODJBT "OUJNJDSPCJBOBT 3#"
4JO
FNCBSHPBEÎBEFIPZOPTFIBEFTBSSP
MMBEPZBRVFOPTFTBCFRVJÊOTFIBSÃ
DBSHPFDPOÓNJDBNFOUFEFMBJNQMBOUB
DJÓOEFFTUBFTUSBUFHJB-B"TBNCMFB
(FOFSBMEF/BDJPOFT6OJEBTGJSNÓFM
DPNQSPNJTPQBSBRVFDBEB(PCJFSOP
EFTBSSPMMBSB TV FTUSBUFHJB OBDJPOBM
EPUÃOEPMBEFVOQSFTVQVFTUPBEJDJPOBM
ZBRVFMBQSJPSJEBEFTNVOEJBM&ONBZP
EFUPDBSFOEJSDVFOUBTBOUFMB0.4
1SFHVOUB y$ÓNP FTUÃO JODPSQP
SBOEPMPTQBÎTFTTVTQMBOFTOBDJPOBMFT 3FTQVFTUB$BEBVOPMMFWBVOSJUNP
EJGFSFOUFFOEFTBSSPMMBSTVTQMBOFTEF
BDDJÓO&TQBÒBFTUÃNVZBEFMBOUBEBDPO
FM1MBOGSFOUFBPUSPTQBÎTFTRVFTJHVFO
EJTDVUJFOEPZPSHBOJ[BOEPTVTFTUSBUF
HJBT&TUÃDMBSPRVFVOBFTUSBUFHJBBTÎTJO
QSFTVQVFTUPTJFNQSFRVFEBSÃDPOMJNJUB
DJPOFTFOTVJNQMFNFOUBDJÓO$BEBQBÎT
MPIBTPMVDJPOBEPEFNBOFSBEJGFSFOUF
&OBMHVOPTEFFMMPTDPNPFMDJDMPEF
QMBOJGJDBDJÓOOPIBDPJODJEJEPDPOFMEF
QSFTVQVFTUBDJÓOIBOUFOJEPRVFFTQFSBS
BEFUFSNJOBSMPTQSFTVQVFTUPTHFOFSBMFT
QBSBJODMVJSFTBTQBSUJEBT&MEFTBGÎPFTUÃ
FODPOTFHVJSEJOFSPPGPOEPTBEJDJPOBMFT
QBSBJODPSQPSBSMBTBDUJWJEBEFT1BSBMPT
QBÎTFTFOEFTBSSPMMPPEFJOHSFTPTCBKPT
FTNVZJNQPSUBOUFFMSPMEFMPTHSBOEFT
EPOBOUFTGJOBODJFSPT
1y%FTEFMB0.4QVFEFOEFTUBDBS
BMHÙOQBÎTDPNPSFGFSFOUFFOCVFOBT
QSÃDUJDBT 3/PIBZOJOHÙOQBÎTQFSGFDUPOJ
OJOHVOPRVFIBZBDVNQMJEPFOUPEP4Î
RVFIFNPTWJTUPVOFTGVFS[PFOJOWFSUJS
ZNFKPSBSUPEPTMPTBTQFDUPT&TEJGÎDJM
DPNQBSBSQPSRVFOPUPEPTMPTQBÎTFT
QBSUFOEFMBNJTNBCBTF1PSFKFNQMP
&TUBEPT 6OJEPT Z $BOBEÃ FTUÃO
BWBO[BOEP SÃQJEBNFOUF QFSP FMMPT
QBSUFOEFVOBTDBQBDJEBEFTEFMBCPSB
UPSJPWJHJMBODJBSFDVSTPTIVNBOPTNVZ
BMUBZPUSPTQBÎTFTFO"NÊSJDB$FOUSBMP
FM$BSJCFWBONÃTEFTQBDJPQFSPQPSFM
CVFODBNJOP)BZQBÎTFTRVFFTUÃOJOWJS
UJFOEPQFSPDPONVDIBTJOFRVJEBEFT
EFOUSPEFMNJTNPQBÎT
11FSPFONBZPUFOESÃORVFSFOEJS
DVFOUBTBMB0.4w
3 &YBDUP" MPT QBÎTFT TF MFT FTUÃ
IBDJFOEPVODVFTUJPOBSJPEFNPOJUPSFP
QBSBRVFJOGPSNFOEFMHSBEPEFBWBODF
FOMPTQMBOFTOBDJPOBMFT&MTFDSFUBSJBEP
DPNQJMBFTBJOGPSNBDJÓOZMBQSFTFOUBB
MBBTBNCMFB"RVÎFTDVBOEPTFBOBMJ[BSÃ
RVJÊOUJFOFMPTQMBOFTQVCMJDBEPTFO
EFTBSSPMMPPUPEBWÎBOPMPTUJFOFw)BZ
QBÎTFTRVFFTUÃOFODPOGMJDUPZFOHVFSSB
ZOPFTQSJPSJEBEUPEBWÎBQBSBFMMPTFTUP
TFUJFOFFODVFOUB-B0.4UBNCJÊO
FWBMVBSÃMPTBWBODFTMPTEFTBGÎPTZTJIBZ
BMHÙOBTQFDUPFOFMRVFUPEBWÎBOPIBO
FNQF[BEPBUSBCBKBS
10CBNBEFDJEJÓEFEJDBSIBDFBÒPT
1JMBS3BNØO1BSEPFTBTFTPSBFOFMNBOFKPDMÓOJDPEFFOGFSNFEBEFTJOGFDDJPTBTSFTJTUFODJBBMPTBOUJNJDSPCJBOPTEFMB0SHBOJ[BDJØO1BOBNFSJDBOBEFMB4BMVEZEFMB0SHBOJ[BDJØO
.VOEJBMEFMB4BMVE"EFNÈTQFSUFODFBMB6OJEBEEF34*ZBM%FQBSUBNFOUPEFFOGFSNFEBEFTUSBOTNJTJCMFTZBOÈMJTJTEFTBMVEEFBNCBTPSHBOJ[BDJPOFT
VOBQBSUJEBBEJDJPOBMBMBMVDIBDPOUSB
MBTSFTJTUFODJBTwy)BZQPTJCJMJEBEFT
EFRVFTFSFUSPDFEBFOFTUFBWBODFDPO
MBMMFHBEBEFMOVFWP(PCJFSOP 3&MQSFTVQVFTUPFTUÃDPNQSPNFUJEP
-B"ENJOJTUSBDJÓO0CBNBUPNÓFTUF
UFNBDPNPVOBQSJPSJEBEOBDJPOBMF
JODMVTPMPNFUJÓFOMB"HFOEBEF4FHVSJ
EBE (MPCBM &TQFSBNPT RVF DPO FM
DBNCJP EF BENJOJTUSBDJÓO OP IBZB
DBNCJPFOMBTQSJPSJEBEFT/PSNBMNFOUF
MPT DPNQSPNJTPT RVF TF BTVNFO TF
NBOUJFOFOIBTUBMBGJOBMJ[BDJÓOEFMPT
NJTNPT"VORVFTJFNQSFFYJTUFFMSJFTHP
1'VFFODVBOEPMB"TBNCMFB
.VOEJBMEFMB4BMVEFNQF[ÓBHFTUBSFM
1MBOEF"DDJÓO(MPCBMDPOUSBMBTSFTJT
UFODJBTyFORVÊNPNFOUPFTUÃ 3'VFBQSPCBEPQPSUPEPTMPTQBÎTFTZ
UPEPTMPTNJOJTUFSJPTEFTBMVE"DUVBM
NFOUFFTUÃFOGBTFEFJNQMFNFOUBDJÓO
FTEFDJSZBTFFTUÃOQPOJFOEPFONBSDIB
MBTEJGFSFOUFTMÎOFBTEFUSBCBKP&TUB
FTUSBUFHJBDVFOUBDPOEPTQJMBSFTQPS
VOBQBSUFMBTBDUJWJEBEFTRVFIBDFOMB
TFDSFUBSJBEFMB0.4FODPMBCPSBDJÓODPO
'"0ZMB0*&‡MMBNBEPFMUSJQBSUJUP‡
RVFTPOMBTUSFTBHFODJBTEF/BDJPOFT
6OJEBTRVFUSBCBKBOFMQSPCMFNBEFMBT
SFTJTUFODJBTBMPTBOUJNJDSPCJBOPT
1 )BDF VOPT NFTFT MB "TBNCMFB
(FOFSBMEF/BDJPOFT6OJEBEFTEFDMBSÓ
MBT SFTJTUFODJBT DPNP iBNFOB[B
NVOEJBMuyIBZDPODJFODJBDJÓOSFBM 3&OMPTÙMUJNPTUSFTBÒPTDBEBWF[
IBOBQBSFDJEPNÃTJOGPSNFTDPONBZPS
JNQBDUPQPMÎUJDPRVFIBOFNQF[BEPB
BMFSUBSBMPTHSVQPTEFQPEFSNÃTJNQPS
UBOUFTEFMNVOEPDPNPFM(FM(&O
UPEBTMBTSFVOJPOFTBMNÃTBMUPOJWFMTF
IBEJTDVUJEPFTUFUFNB&TVOQSPDFTP
DPOUJOVP&OMB0.4TFEJTDVUFQPSRVF
DBEBWF[TPNPTNÃTDPOTDJFOUFTEFRVF
MBTSFTJTUFODJBTJNQBDUBOFOFMEFTBSSP
MMPFDPOÓNJDPZQPSPUSPMBEPQPSRVFFT
VOGFOÓNFOPHMPCBMRVFOJOHÙOQBÎT
QVFEFBCPSEBSEFNBOFSBBVUÓOPNB
UJFOFRVFTFSVOBCPSEBKFHMPCBM4ÎRVF
FYJTUFFTUBDPODJFODJBDJÓOBOJWFMFTUBUBM
ZIPTQJUBMBSJPQFSPUPEBWÎBMPTDJVEBEB
OPTOPTPODPOTDJFOUFTEFFTUBBNFOB[B
1y)BZEBUPTDPODSFUPTEFMDPTUF
FDPOÓNJDPRVFTVQPOFOMBTSFTJTUFO
DJBT 3&M#BODP.VOEJBMBCPSEÓIBDFVOBT
TFNBOBTFMJNQBDUPFDPOÓNJDPBUSBWÊT
EFVOJOGPSNFFYIBVTUJWP&MFTUVEJPIBDF
VOBFTUJNBDJÓOEFVOBQSPZFDDJÓOEFM
JNQBDUPNBDSPFDPOÓNJDPEFMBTSFTJTUFO
DJBT B MPT BOUJCJÓUJDPT UPNBOEP EPT
FTDFOBSJPT‡VOPDPONÃTJNQBDUPZFM
PUSPDPONFOPT‡ZDPOVOBQSPZFDDJÓO
IBTUB4VTDPODMVTJPOFTBIPOEBOFO
RVFMBTSFTJTUFODJBTTJOPTFBDUÙBQVFEFO
MMFHBSBEJTNJOVJSFM1*#FOUSFFMQPS
DJFOUPBMBÒPZVOQPSDJFOUP6OBT
DJGSBTEFNBTJBEPBMUBTRVFBGFDUBSÎBOBMB
QSPEVDDJÓOEFUSBCBKPOPTÓMPBOJWFM
TBOJUBSJPTJOPNBDSPFDPOÓNJDP"MGJOBM
MPTFYQFSUPTIBDFOVOBTFSJFEFSFDPNFO
EBDJPOFTQBSBNJUJHBSFTUFFTDFOBSJP
JOWFSUJSFOWJHJMBODJBEFMBTFOGFSNFEB
EFTGPSUBMFDFSMBDPPQFSBDJÓONFKPSBSMPT
FOMBDFTDPOMPTWFUFSJOBSJPTZNÃTJODFO
UJWPTQBSBSFEVDJSFMVTPEFBOUJCJÓUJDPTFO
MBQSPEVDDJÓOEFBMJNFOUPT
15BNCJÊO TF FTUÃ FWBMVBOEP MBT
FTUSBUFHJBTEFQSFWFODJÓOIPTQJUBMB
SJBTyIBOEFNPTUSBEPRVFTPODPTUF
FGJDBDFT 3&GFDUJWBNFOUF)BZEPTGPSNBTEF
QSFWFOJSMBEJTFNJOBDJÓOEFMBTSFTJTUFO
DJBTBMPTBOUJCJÓUJDPTFOMPTIPTQJUBMFT
6OBTFSÎBOUPEBTMBTNFEJEBTEFQSFWFO
DJÓOZDPOUSPMFOMPTIPTQJUBMFTZQPSPUSP
MBEP UFOFS VOPT QSPHSBNBT EF VTP
QSVEFOUFEFBOUJCJÓUJDPT&TUBTEPTJOUFS
WFODJPOFTTPOMBTNÃTDPTUFFGFDUJWBTFO
TBMVEQÙCMJDBZBRVFIBOEFNPTUSBEP
RVFDPOVOBQFRVFÒBJOWFSTJÓOFOFM
IPTQJUBMBIPSSBSÃOEFNBOFSBTVTUBO
UJWB&TUFBIPSSPFTUJNBEPEFQFOEFSÃEF
WBSJPTGBDUPSFTZFTEJGÎDJMEBSVOBDJGSB
NÃHJDBQPSRVFEFQFOEFSÃEFMPTDPTUFT
FOTBMVEEFMIPTQJUBMMBDPNQMFKJEBEEF
MPTTFSWJDJPTFUDÊUFSB4JVOBQFSTPOB
UJFOFVOBJOGFDDJÓOQPSVOBCBDUFSJBOP
SFTJTUFOUFFODPNQBSBDJÓODPOPUSBRVF
UJFOFMBNJTNBJOGFDDJÓODPOMBNJTNB
CBDUFSJBQFSPSFTJTUFOUFFTUBÙMUJNB
UFOESÃBMNFOPTFMEPCMFEFFTUBODJB
IPTQJUBMBSJBZVOTPCSFDPTUFJNQPSUBOUF
1 &M QBQFM EF MPT QSPGFTJPOBMFT
TBOJUBSJPTZGBSNBDÊVUJDPTFTDSVDJBMFO
FTUFTFOUJEPTPCSFUPEPFOMBQSFTDSJQ
DJÓOZEJTQFOTBDJÓO
35PEPTTPNPTSFTQPOTBCMFT&TNVZ
JNQPSUBOUFRVFMPTQSPGFTJPOBMFTDPOP[
(.BMEFEJDJFNCSFEF1PMÓUJDB
OBEFMB4BMVE014
ZMB0SHBOJ[BDJÓO.VOEJBMEFMB4BMVE0.4
PCSFMPTBWBODFTFO3#"u
-"4'3"4&4
i
i
i
i
&ONBZPEF
MB0.4FWBMVBSÃ
MPTBWBODFTMPT
EFTBGÎPTZMPRVF
RVFEBQFOEJFOUFu
4JOPTFBDUÙB
MBTSFTJTUFODJBT
QVFEFOEJTNJOVJSFM
1*#FOUSFFMBM
BÒPZVOu
&O&TUBEPT
6OJEPTTFFTUÃO
QPOJFOEPFONBSDIB
MPT130"FOBUFODJÓO
QSJNBSJBu
/PIBZOJOHÙO
QBÎTQFSGFDUPOJ
OJOHVOPRVFIBZB
DVNQMJEPFOUPEBTMBT
FTUSBUFHJBTQSFWJTUBTu
DBOFMQSPCMFNBZMPTEFTBGÎPTZBDUÙFO
EFNBOFSBDPSSFDUB&OMPTQSPHSBNBT
EF GPSNBDJÓO EF QFSTPOBM TBOJUBSJP
EFTEFNÊEJDPTIBTUBFOGFSNFSBTGBSNB
DÊVUJDPTFUDOPFYJTUFVOFOUSFOB
NJFOUP FTQFDJBM TPCSF DÓNP EFCFO
QSFTDSJCJSZBENJOJTUSBSMPTBOUJCJÓUJDPT
5BNCJÊOTFFTUÃUSBCBKBOEPEFTEFMB
0.4FORVFFTUPTQSPHSBNBTTFBOJODPS
QPSBEPT B MPT DVSSÎDVMVNT QBSB RVF
UFOHBONFKPSDPOPDJNJFOUPUÊDOJDPBMB
IPSBEFQSFTDSJCJSBOUJCJÓUJDPT
1 1SFDJTBNFOUF FO &TQBÒB MB
FTQFDJBMJEBEEF JOGFDDJPTBT OPFTUÃ
SFDPOPDJEB yQVFEF JOGMVJS FO FM
BCPSEBKFEFMBTSFTJTUFODJBT 3&MJNQBDUPEFFTUPTQSPGFTJPOBMFT
TVQFSFTQFDJBMJTUBTRVFTPOOFDFTBSJPTFT
JNQPSUBOUF QBSB HVJBS Z NBSDBS MBT
QBVUBT HFOFSBMFT EF QSFTDSJQDJÓO Z
PSJFOUBS BDFSDB EFM QSPCMFNB 4JO
FNCBSHPMBNBZPSQBSUFEFBOUJCJÓUJDPT
TF QSFTDSJCFO FO QSJNBSJB )BZ RVF
IBDFS QPS UBOUP VO BCPSEBKF NÃT
FTQFDJBMZMBFOGFSNFSBZMBBVYJMJBSUJFOF
RVFTBCFSDÓNPBENJOJTUSBSMP
1&OMPRVFTÎTFFTUÃBWBO[BOEPFO
&TQBÒBFTFOMPTQSPZFDUPT;FSPyTF
FTUÃO JODPSQPSBOEP FTUF UJQP EF
QSPHSBNBTFOPUSPTQBÎTFT 3-BTJUVBDJÓOFTEFTJHVBMFOUSFMPT
QBÎTFTFJODMVTPEFOUSPEFVONJTNPQBÎT
)BZJOFRVJEBEFTRVFTPOVOBSFBMJEBE
MBUFOUF&OHFOFSBMMPTQBÎTFTDPOMPT
JOHSFTPTNÃTBMUPTDPNP$BOBEÃ&TUBEPT
6OJEPT$IJMF"SHFOUJOBP#SBTJMUJFOFO
JNQMFNFOUBEPFTUBTQPMÎUJDBTEFTBMVE&O
FMSFTUPEFQFOEFEFMPTSFDVSTPTRVF
UFOHBOFODBEBSFHJÓO&TDJFSUPRVF
FTUÃONÃTFOEFTBSSPMMPMPTQSPHSBNBT
EFQSFWFODJÓOEFJOGFDDJPOFTIPTQJUBMB
SJBTQPSRVFUJFOFOVOJNQBDUPJONFEJBUP
ZNÃTWJTJCMFFOMBDBMJEBEEFMBBUFODJÓO
RVFMPTQSPHSBNBTEFQSFWFODJÓOEFVTP
NJDSPCJBOP %FTEF MB 014 FTUBNPT
EJSJHJFOEPVOFTGVFS[PFTQFDJBMQBSB
FNQF[BSBJNQMFNFOUBSMPTQSPHSBNBT
EFVTPQSVEFOUFEFQSFWFODJÓOMJHBEPTB
MPTQSPHSBNBTEFDPOUSPMEFJOGFDDJPOFT
2VFEBNVDIPQPSIBDFS
1-PTFSSPSFTZMBTNBMBQSFTDSJQDJÓO
EFBOUJCJÓUJDPTFTPUSPEFMPTQSPCMF
NBTyRVÊNFEJEBTIBDFOGBMUBQBSB
NJUJHBSMP 3-BNÃTJNQPSUBOUFFTMBFEVDBDJÓO
Z MB GPSNBDJÓO EF MPT QSPGFTJPOBMFT
TBOJUBSJPT Z EFM QÙCMJDP FO HFOFSBM
"EFNÃTMPTQSPHSBNBT130"FOMPTRVF
BUSBWÊTEFVOBTVQFSWJTJÓOZVOBFWBMVB
DJÓOEFMBQSFTDSJQDJÓOEFMPTBOUJCJÓUJDPT
FTEFDJSRVFVOEFUFSNJOBEPIPTQJUBMP
DFOUSPQVFEBONPOJUPSFBSMBUFOEFODJB
MBDBMJEBEEFFTUBTQSFTDSJQDJPOFT&O
&TUBEPT6OJEPTTFFTUÃOQPOJFOEPFO
NBSDIBMPT130"FOBUFODJÓOQSJNBSJB
QBSBNPOJUPSJ[BSFMVTPEFBOUJNJDSPCJB
OPT4POQSPHSBNBTDPTUPTPTRVFSFRVJF
SFOEFJOWFSTJÓOQFSPRVFWBOBEBSJOGPS
NBDJÓO NVZ ÙUJM Z WBO B JNQBDUBS
EJSFDUBNFOUFFOMBQSFTDSJQDJÓOQBSBTV
CVFOBQSÃDUJDB
11PSRVFFTUPTQSPHSBNBTWBOEJSFD
UBNFOUFBFTQFDJBMJ[BEBw
3&GFDUJWBNFOUF&TUPTQSPHSBNBTFO
MBNBZPSQBSUFEFMNVOEPTFJODPSQPSBO
FOFTQFDJBMJ[BEBEPOEFTFVUJMJ[BOMPT
BOUJCJÓUJDPT EF NBZPS FTQFDUSP NÃT
QPUFOUFTQFSPDBEBWF[IBZNÃTFWJEFO
DJBEFMJNQBDUPRVFUJFOFOFO"1ZIBZ
BMHVOPT FKFNQMPT QJMPUPT FO &TUBEPT
6OJEPT
1 -B NPOJUPSJ[BDJÓO EFM VTP EF
BOUJCJÓUJDPTFTVOPCKFUJWPRVFIBO
NBSDBEPEFTEFMB0.4yFTUÃODFSDBEF
DPOTFHVJSMP 3"OJWFMEFMBTQPMÎUJDBTQÙCMJDBTEF
MBTWJHJMBODJBTOBDJPOBMFT&VSPQBUJFOF
VOHSBODBNJOPBWBO[BEPUJFOFOVO
TJTUFNBEFWJHJMBODJBEFMDPOTVNPEF
BOUJCJÓUJDPTRVFFTVONPEFMPQBSBUPEP
FMNVOEPFMSFTUPFTUÃOCBTUBOUFSF[BHB
EPT-B0.4FTUÃQSPQPOJFOEPFTUBOEB
SJ[BSFTUBNFUPEPMPHÎBEFMBWJHJMBODJB
EFMDPOTVNPEFBOUJCJÓUJDPTQBSBRVF
UPEPTMPTQBÎTFTIBCMFOFMNJTNPJEJPNB
ZQVFEBOEFDJSFYBDUBNFOUFRVÊFTMP
RVFFTUÃODPOTVNJFOEP&ODPMBCPSBDJÓO
DPO FM QSPHSBNB EF NFEJDBNFOUPT
FTFODJBMFTEFMB0.4ZMB014WBNPTB
FNQF[BSBUSBCBKBSDPOMPTQBÎTFTQBSB
RVFEFTBSSPMMFOFJNQMFNFOUFOFTUPT
TJTUFNBTEFWJHJMBODJBEFMDPOTVNP/P
FTGÃDJMZSFRVJFSFOEFJOWFSTJÓOQFSP
FTQFSBNPT UFOFS BMHVOPT ÊYJUPT &O
.ÊYJDP UJFOFO VO HSVQP EF USBCBKP
FYDFMFOUFZVOTJTUFNBEFNPOJUPSJ[BDJÓO
NVZCVFOP-BJEFBFTRVFDBEBQBÎT
UFOHB TVT EBUPT QBSB QPEFS UPNBS
EFDJTJPOFT
Saber más sobre
responsabilidad civil
'HQXQFLDVSHQDOHVTXH
SDUHFHQPiVGHORTXHVRQ
(QDOJXQDVRFDVLRQHVORVSDFLHQWHVUHFOD OXJDUGHHVHPHGLFDPHQWRFRQFUHWRODV
PDQDIDFXOWDWLYRVKDFLHQGRYHUORVKHFKRV SUXHEDVKDFtDQSHQVDUTXHVtORKDEtDKHFKR
PiVSHOLJURVRVGHORTXHHQUHDOLGDGIXHURQ \SRUHOORGHEtDKDEHUH[WUHPDGRODVSUHFDX
(QHOFDVRTXHH[SRQHPRVKR\VHPXHVWUD FLRQHVDODSOLFDUHOPHGLFDPHQWR
0iVD~QVLFDEHFXDQGRODGRFWRUDKDEtD
FyPRHQIUHQWDUVHDHVWDVLWXDFLyQ
8Q SDFLHQWH LQWHUSXVR XQD TXHUHOOD GLFKRTXHIXHOHIDUPDFpXWLFRHOTXHOLEUH
FRQWUDODGRFWRUDTXHOHUHDOL]yXQWUDWD PHQWHFDPELyHOPHGLFDPHQWRHOODGHELy
PLHQWRHVWpWLFR\GLHWpWLFR(OSDFLHQWH FRPSUREDUODFRPSRVLFLyQGHOPLVPRDQWHV
UHFODPDEDDODIDFXOWDWLYDSRUXQDUHDFFLyQ GHDSOLFDUORSDUDFRQRFHUODVUHDFFLRQHVTXH
XUWLFDULDOSRULQ\HFFLRQHVFRQVLVWHQWHHQ SRGtDQGDUVH
(QHOHVFULWRQRVHYDORUDEDODOHJDOLGDG
KLSHUVHQVLELOLGDG\JDVWURHQWHULWLVDOHJDQGR
DGHPiVTXHHOPHGLFDPHQWRXWLOL]DGRQR GHOPHGLFDPHQWR\DTXHVHKDEtDOLEUDGR
GLFKR RILFLR D OD $JHQFLD (VSDxROD GH
HVWDEDOHJDOL]DGRHQ(VSDxD
(OTXHUHOODQWHVROLFLWDEDSRUXQGHOLWRGH 0HGLFDPHQWRV\KDEtDFRUURERUDGRTXHVL
OHVLRQHVSRULPSUXGHQFLDSURIHVLRQDOXQD HUDOHJDO6HH[SRQtDTXHHOTXHUHOODQWHKDEtD
SHQDGHSULVLyQGHFXDWURPHVHVPiVGRV XWLOL]DGRHVHDUJXPHQWRSDUDTXHHOUHODWR
DxRV GH LQKDELOLWDFLyQ DGHPiV GH XQD GHORVKHFKRVSDUHFLHUDPXFKRPiVJUDYH
LQGHPQL]DFLyQGHHXURVSRUOHVLRQHV GHORTXHHQUHDOLGDGHUD
3RUHOORODVHQWHQFLDFRQWLQXDEDQDUUDQGR
\VHFXHODVDVtFRPRORVLQWHUHVHVHVWDEOHFL
TXHODDFXVDGDKDEtDFRPHWLGRXQDOLJHUH]D
GRVHQODOH\GHOFRQWUDWRGHVHJXURV
(OILVFDOWUDVSUDFWLFDUWRGDVODVGLOLJHQ OHYH\DTXHDOWUDWDUVHGHDPSROODVOtTXLGDV
FLDVHQODVTXHGHFODUDURQODVSDUWHVORV SHQVyTXHODVPLVPDVHUDQLQ\HFWDEOHV
%iVLFDPHQWHODLPSUXGHQFLDFRQVLVWtDHQ
WHVWLJRV\VHUDWLILFDURQORVSHULWRVVROLFLWy
ODFRQWLQXDFLyQGHOSURFHGLPLHQWRSRUXQ QRDVHJXUDUVHGHODFRUUHFWDDSOLFDFLyQGHO
PHGLFDPHQWR \
IDOWDGHOHVLRQHVSRU
VREUHWRGRHQTXHD
LPSUXGHQFLD FRQ
La imprudencia consistía
SHVDUGHUHPLWLUDO
XQDPXOWDGLDULDGH
HXURVPiVXQD básicamente en no asegurarse SDFLHQWHDODIDUPD
de la correcta aplicación del
FLDSDUDVROLFLWDUOD
LQGHPQL]DFLyQ GH
IyUPXODPDJLVWUDO
HXURVSDUDOD
medicamento
HVWD IDUPDFLD OH
SDFLHQWH/DLPSRU
UHPLWLyXQDFDMDGH
WDQFLD GH OD SHQD
VROLFLWDGDQRWHQtDQDGDTXHYHUFRQORTXH XQPHGLFDPHQWRGLIHUHQWHDODIyUPXOD
H[SXHVWD
SHGtDODUHSUHVHQWDFLyQGHOSDFLHQWH
$ODKRUDGHYDORUDUODUHVSRQVDELOLGDG
6HFHOHEUyHOMXLFLRRUDOGRQGHTXHGy
SUREDGRTXHODGRFWRUDKDEtDDGPLQLVWUDGR FLYLO~QLFRFRQFHSWRSRUHOTXHVHFRQGHQy
HOPHGLFDPHQWRPHGLDQLQ\HFFLyQFXDQGR DODGRFWRUDVHWXYRHQFXHQWDODYDORUDFLyQ
HQUHDOLGDGQRVHSRGtDVXPLQLVWUDUGHWDO UHDOL]DGDSRUHOIRUHQVHGHOMX]JDGRTXH
PDQHUD $XQ DVt OD VHQWHQFLD GHMDED YDORUyODVOHVLRQHVHQHXURVFDQWLGDG
FRQVWDQFLD GH TXH HQ HO HWLTXHWDGR GHO PX\OHMDQDGHODVROLFLWDGDSRUHOSDFLHQWH
PHGLFDPHQWRQRFRQVWDEDODDGYHUWHQFLDGH TXHDXPHQWDEDKDVWDORVHXURV(O
MXH]GHFtDHQODVHQWHQFLDTXHHOSURSLR
¶QRLQ\HFWDU·
&RQHOILQGHHVWXGLDUODUHVSRQVDELOLGDG IRUHQVHKDEODEDHQHOLQIRUPHGHOHVLRQHV
GHODGRFWRUDODVHQWHQFLDVHEDVDEDHQ OHYHVSRUORTXHHOKHFKRTXHUHFODPDEDHO
GLIHUHQWHVSXQWRVFODYHFRPRODSUHYLVLyQR SDFLHQWHHQQLQJ~QFDVRSRGtDVHUFRQVWLWX
SUHYLVLELOLGDGGHOUHVXOWDGRQRGHVHDGR\VX WLYRGHGHOLWR
/RV DERJDGRV GH '6 /HJDO *URXS
LQWHQFLyQODDGHFXDFLyQGHVXFRQGXFWDDOD
SURIHVLyQPpGLFD\ODH[LVWHQFLDRQRGHXQ GHVSDFKRHVSHFLDOLVWDHQGHUHFKRVDQLWDULR
UHVXOWDGRFRQVWLWXWLYRGHLQIUDFFLyQSHQDO FRQVLJXLHURQ TXH HVWH DVXQWR D SULRUL
TXHVHXQtDFRQHODQiOLVLVGHODSUHVHQFLDGH FRPSOLFDGR \ TXH QR IXH DUFKLYDGR HQ
LPSUXGHQFLD\VREUHWRGRGHLQHSWLWXGDO LQVWUXFFLyQODSULPHUDIDVHGHOSURFHVR
SHQDOILQDOPHQWHVHVDOGDUDFRQXQDLQGHP
UHDOL]DUODWpFQLFD
6HJ~QHODQiOLVLVUHDOL]DGRGHODUHVSRQ QL]DFLyQPXFKtVLPRPHQRUDODVROLFLWDGD
VDELOLGDGPpGLFDHOMXH]GHFLGLyTXHKDEtD SRUHOSDFLHQWHHQODTXHUHOOD
XQDIDOWDGHLPSUXGHQFLDOHYHDGtDGHKR\
GHVSHQDOL]DGD(OMXH]DGHPiVH[SRQtDTXH
DXQTXH OD GRFWRUD KDEtD GHFODUDGR TXH
Más información en:
KDEtDSUHVFULWRXQDIyUPXODPDJLVWUDOHQ
www.lexsanitaria.com
1PMÓUJDBBMEFEJDJFNCSFEF(.
$FSDBEFQBÎTFTUSBCBKBOZBDPOFM
1SPZFDUPA)6$*EFM)PTQJUBMEF5PSSFKÓO
&TUBJOJDJBUJWBQSPQPOFGMFYJCJMJ[BSMPTIPSBSJPTEFWJTJUBFJNQMJDBSBMBTGBNJMJBTFOMPTDVJEBEPT
"-.6%&/"'&3/«/%&;
.BESJE
5SBTTVOBDJNJFOUPFOGFCSFSPEF
DPOFMPCKFUJWPEFNFKPSBSMBBUFODJÓO
UBOUPBMPTQBDJFOUFTRVFTFFODVFOUSBO
FOMBTVOJEBEFTEFDVJEBEPTJOUFOTJWPT
DPNPBTVTGBNJMJBSFTFMA1SPZFDUP)6
$*TFFYUJFOEFEFNBOFSBJNQBSBCMFQPS
FMNVOEP
1SFDJTBNFOUF FTUF QSPZFDUP GVF
GJOBMJTUBEFM1SFNJP#FTUJO$MBTTEF
)VNBOJ[BDJÓOFOZQSFTFOUBEPFO
MB+PSOBEB*OUFSBVUPOÓNJDBEF)VNBOJ
[BDJÓO WFS (. O 4V DSFBEPS
(BCSJFM)FSBTRVFUSBCBKBFOMB6OJEBE
EF$VJEBEPT*OUFOTJWPT6$*
EFM)PTQJ
UBMEF5PSSFKÓOFYQMJDÓB(.RVFFOMPT
ÙMUJNPT BÒPT TF IB QSPEVDJEP VO
EFTBSSPMMPUFDOPMÓHJDPFTQFDUBDVMBSRVF
IBPDBTJPOBEPRVFMBTDJGSBTEFTVQFSWJ
WFODJBFOMBT6$*FTUÊOFOUPSOPBMQPS
DJFOUPi&TUPTFEFCFBRVFTFIBQSPEV
DJEPVOHSBOBWBODFFOJOWFTUJHBDJÓOFO
EFTBSSPMMPUFDOPMÓHJDPZBRVFFO&TQBÒB
USBCBKBNPTNVZCJFOuTVCSBZB
4JOFNCBSHPBTVKVJDJPiTFIBEFKBEP
VOQPDPEFMBEPMBQBSUFNÃTIVNBOBEF
MBQSPGFTJÓOuEFBIÎRVFFTUFQSPZFDUP
UFOHBFMPCKFUJWPEFWPMWFSBQPOFSBMBT
QFSTPOBTFOFMDFOUSPEFMTJTUFNBZMB
UFDOPMPHÎBBMTFSWJDJPEFMBTQFSTPOBT
&OFTUBVOJEBEDSFBSPOVOHSVQPEF
JOWFTUJHBDJÓO NVMUJEJTDJQMJOBS ‡
GPSNBEP QPS NÊEJDPT FOGFSNFSPT
QFSTPOBTEFMBVOJWFSTJEBEQBDJFOUFT
GBNJMJBSFTJOGPSNÃUJDPTEJTFÒBEPSFT
BSRVJUFDUPTQTJDÓMPHPTGJTJPUFSBQFVUBT
FUD‡QBSBJOWFTUJHBSTJMBTBDDJPOFTEF
NFKPSB EFM QSPZFDUP BQPSUBO iBMHP
EJGFSFOUFuBMBT6$*
&OUSF MBT BDDJPOFT EF NFKPSB RVF
QSPQPOF FM A1SPZFDUP )6$* )FSBT
TVCSBZBMBGMFYJCJMJ[BDJÓOEFMPTIPSBSJPT
EFWJTJUBZMBQBSUJDJQBDJÓOEFMBTGBNJMJBT
FOMPTDVJEBEPTZMBNFKPSBEFMBDPNVOJ
DBDJÓOOPTPMPDPOMBTGBNJMJBTTJOP
UBNCJÊODPOMPTQBDJFOUFTFJODMVTP
FOUSFMPTQSPQJPTQSPGFTJPOBMFTZBRVF
iNVDIPTFSSPSFTTFEFCFOBVOBDPNVOJ
DBDJÓOJOFGJDB[u
*ODJEFUBNCJÊOFORVFFMTJTUFNBRVF
OPDVJEBBMDVJEBEPSiTFWBBQJRVFu
"EFNÃTWFiNVZJNQPSUBOUFuRVFMPT
TBOJUBSJPTEFUFDUFOEFGPSNBQSFDP[FM
TÎOESPNFEFCVSOPVUZBRVFBQSPYJNB
EBNFOUFFMQPSDJFOUPEFMPTQSPGFTJP
OBMFTRVFUSBCBKBOFOMB6$*OPFMFHJSÎBO
FTUBQSPGFTJÓOTJQVEJFTFODBNCJBS1BSB
ÊM FTP JNQMJDB RVFiBMHP OP TF FTUÃ
IBDJFOEPCJFOuZQPSMPUBOUPMBTPSHBOJ
[BDJPOFTTBOJUBSJBTMBTJOTUJUVDJPOFTZMBT
TPDJFEBEFTDJFOUÎGJDBTEFCFSÎBOIBDFS
BMHPBMSFTQFDUP
)FSBTIBDFIJODBQJÊFOMBQSFWFODJÓO
ZNBOFKPEFMTÎOESPNFQPTUDVJEBEPT
JOUFOTJWPTQVFTOPTFUSBUBTPMPEFRVF
MPT QBDJFOUFT TPCSFWJWBO TJOP EF MB
NBOFSBFORVFTPCSFWJWFOZBRVFTPMP
(BCSJFM)FSBTEFMB6OJEBEEF$VJEBEPT*OUFOTJWPTEFM)PTQJUBMEF5PSSFKØOFTFMDSFBEPSEFMA1SPZFDUP)6$*RVFDPNFO[ØFOTVDFOUSPZTFIBBNQMJBEPBPUSBT6$*
MBNJUBEEFFMMPTIBOWVFMUPBTVBDUJWJ
EBEMBCPSBMVOBÒPEFTQVÊTBMHPRVF
HFOFSBNVDIPTQSPCMFNBTQTJDPMÓHJDPT
ZTPDJBMFT
0USBEFTVTQSPQVFTUBTFTMBEFSFEJTF
ÒBSMPTFTQBDJPTUBOUPFOMBT6$*DPNP
MBTTBMBTEFFTQFSBEFMBTGBNJMJBTi&O
5PSSFKÓORVFFTFMIPTQJUBMFOFMRVFZP
USBCBKPIFNPTDSFBEPMBQSJNFSBTBMBEF
FTUBSEFMBT6$*FTQBÒPMBTuEFUBMMBQBSB
BÒBEJSRVFIBODBNCJBEPFMDPODFQUP
-B$PNVOJEBEEF.BESJE
BEPQUØFTUBJEFBEFDVJEBEPT
JOUFOTJWPTZMBBNQMJGJDØBM
SFTUPEFFTQFDJBMJEBEFT
$PMPNCJBZ#PMJWJBDVFOUBOZB
DPOVOBTVDVSTBMEFM1SPZFDUP
)6$*ZTFWBBFYUFOEFS
UBNCJÏOBPUSPTQBÓTFT
QBSB IBDFS RVF TFBO iFTQBDJPT NÃT
BNBCMFTuRVFQFSNJUBOVOB[POBEF
DPNVOJDBDJÓOEJSFDUBDPOMPTQSPGFTJP
OBMFT RVF UFOHB NJDSPPOEBT QPS TJ
BMHVJFORVJFSFDBMFOUBSDPNJEBXJGJ
QBSBUSBCBKBSNFTBTQBSBFMPSEFOBEPS
FJODMVTPDPOWFSUJSFTPTFTQBDJPTFOVOB
FTDVFMBQBSBMBTGBNJMJBTFOMBRVFMPT
TBOJUBSJPTQVFEBOBQPSUBSMFTDPOPDJ
NJFOUPTTPCSFMBQBUPMPHÎBEFTVGBNJMJBS
ZFOEFGJOJUJWBDBNCJBSMBEJOÃNJDB
1PSPUSPMBEPFTJNQPSUBOUFOBUVSBMJ
[BS FM QSPDFTP EF NPSJS Z IBCMBS EF
DVJEBEPTQBMJBUJWPTFODVJEBEPTJOUFOTJ
WPTQVFTIBZVOEJF[QPSDJFOUPEFMPT
QBDJFOUFTRVFTÎGBMMFDFOZQSPCBCMF
NFOUFTFBQPTJCMFNFKPSBSMBNBOFSBFO
MBRVFMPIBDFOUSBCBKBOEPEFTEFVO
QVOUPEFWJTUBNVMUJEJTDJQMJOBSDPOMPT
FTQFDJBMJTUBTFOQBMJBUJWPTQSPNPWFSMBT
WPMVOUBEFTBOUJDJQBEBTFOUSFMPTQBDJFO
UFTZTVTGBNJMJBTZFTUBCMFDFSQSPUPDPMPT
EFMJNJUBDJÓOEFMFTGVFS[PUFSBQÊVUJDP
DVBOEPTFBOFDFTBSJPZEFBEFDVBDJÓOEF
MPTDVJEBEPTBMGJOBMEFMBWJEB
%FTEFTVQVFTUBFONBSDIBBTFHVSB
FMDSFBEPSEFMA1SPZFDUP)6$*RVFTPO
NVDIPTMPTSFTVMUBEPTRVFTFQVFEFO
QPOFSTPCSFMBNFTBZEFTUBDBGVOEB
NFOUBMNFOUFUSFTBTQFDUPT
&MQSJNFSPEFFMMPTFTRVFFTUBJOJDJB
UJWBRVFDPNFO[ÓFO.BESJETFIBJEP
FYUFOEJFOEPQPSUPEB&TQBÒBZQBSUFEF
"NÊSJDB-BUJOBZBDUVBMNFOUFTFFTUÃ
JNQMFNFOUBOEP FO WBSJPT QBÎTFT EF
&VSPQBZ&TUBEPT6OJEPTMPRVFBKVJDJP
EF)FSBTJNQMJDBRVFTFIBDSFBEPMB
DPODJFODJBZMBOFDFTJEBEEFRVFIBZRVF
IVNBOJ[BSMBTVOJEBEFTEFDVJEBEPT
JOUFOTJWPT&O&TQBÒBIBZBQSPYJNBEB
NFOUFVOJEBEFTEFFTUFUJQPiZBIPSB
NJTNPNÃTEFFTUÃOMMFWBOEPBDBCP
BMHVOBEFFTUBTBDDJPOFTu
&MTFHVOEPFTRVFIBODSFBEPFM1MBO
EF)VNBOJ[BDJÓOEFMBT6OJEBEFTEF
$VJEBEPT*OUFOTJWPTQPSQFUJDJÓOEFMB
$PNVOJEBEEF.BESJEFOFMNBSDPEFM
1MBOEF)VNBOJ[BDJÓOEFMB"TJTUFODJB
&TUF QMBO FT VO NÊUPEP
FYQPSUBCMFZSFQSPEVDJCMFBDVBMRVJFS
QBSUFEFMNVOEPQBSBRVFTJHVJFOEP
UPEBT MBT BDDJPOFT EF NFKPSB RVF
QSPQPOFFMQMBOTFQVFEBDPOTFHVJSRVF
MB6$*FTUÊIVNBOJ[BEBi/PTIFNPT
EBEPDVFOUBEFRVFEBJHVBMRVFFTUÊTFO
&TQBÒBFO"NÊSJDB-BUJOBFO"VTUSBMJB
PFO&TUBEPT6OJEPTRVFBMGJOBMUPEPFM
NVOEPUJFOFMPTNJTNPTQSPCMFNBT
BVORVFMPRVFTPOEJGFSFOUFTTPOMPT
NFEJPTuEFUBMMB
&OFTUFTFOUJEPBQVOUBBRVFIBZ
BMSFEFEPSEFQBÎTFTRVFFTUÃOUSBCB
KBOEPDPOFMMPT(SBDJBTBMPTSFTVMUBEPT
PCUFOJEPTDPOTJHVJFSPODPODJFODJBSB
MBTBVUPSJEBEFTTBOJUBSJBTEFMBOFDFTJ
EBEEFIVNBOJ[BSMBT6$*ZEFIFDIPMB
$PNVOJEBE EF .BESJE IB DSFBEP MB
%JSFDDJÓO(FOFSBMEF)VNBOJ[BDJÓOEF
MB"TJTUFODJBFO$BTUJMMB-B.BODIB
UBNCJÊOZFTUÃOSFMBDJPOÃOEPTFDPOMB
$PNVOJEBE7BMFODJBOBDPO#BMFBSFTZ
DPO.VSDJBi-B$PNVOJEBEEF.BESJE
MPEJDFFMMPTMPRVFIBOIFDIPIBTJEP
BNQMJGJDBSOVFTUSBJEFBZFYUFOEFSMBBM
SFTUPEFMBTFTQFDJBMJEBEFTuBTFHVSB
&MÙMUJNPSFTVMUBEPJNQPSUBOUFFTRVF
FTUÃOFNQF[BOEPBDSFBSTVDVSTBMFTEFM
QSPZFDUPFOPUSPTQBÎTFTFO$PMPNCJBZ
FO#PMJWJB"IPSBFTUÃOUSBCBKBOEPQBSB
DSFBSGJMJBMFTEFMA1SPZFDUP)6$*FO
"SHFOUJOB1FSÙ#SBTJMZ&DVBEPSQPSMP
RVFFOFTUPTEPTBÒPTZNFEJPFTUBJOJDJB
UJWBiIBDSFDJEPNVDIÎTJNPu
(.BMEFEJDJFNCSFEF1PMÓUJDB
&MPSEFOEFMBT
UFSBQJBTTVTUJUVUJWBT
SFOBMFTTÎBMUFSBMB
FGJDJFODJBEFM4/4
&MJOJDJPDPOIFNPEJÈMJTJTQFSJUPOFBMNFKPSB
MBTVQFSWJWFODJBEFMQBDJFOUFZBIPSSBDPTUFT
.1
.BESJE
&OFMDBTPEFMBTUFSBQJBTSFOBMFTTVTUJ
UVUJWBTFMPSEFOEFMPTGBDUPSFTTÎBMUFSB
FMQSPEVDUP6OFTUVEJPEFMB&TDVFMB
"OEBMV[BEF4BMVE1ÙCMJDBRVFBOBMJ[B
FMSFHJTUSPEFQBDJFOUFTDPOFOGFSNFEBE
SFOBMDSÓOJDBFO"OEBMVDÎBFOUSFZ
FOFMRVFIBOQBSUJDJQBEPFTQFDJB
MJTUBTEFMB4PDJFEBE&TQBÒPMBEF/FGSP
MPHÎBEFNVFTUSBRVFTJFMQPSDJFOUP
EFMPTQBDJFOUFTSFOBMFTFOMBDPNVOJEBE
IVCJFSBOJOJDJBEPTVUSBUBNJFOUPDPO
EJÃMJTJTQFSJUPOFBMFOMVHBSEFIFNPEJÃ
MJTJTFM4JTUFNB"OEBMV[EF4BMVETF
IBCSÎBBIPSSBEPBMSFEFEPSEFNJMMP
OFTEFFVSPTFOFTBFUBQBBMSFEFEPSEFM
QPSDJFOUPEFMHBTUPBOEBMV[FOFOGFS
NFEBESFOBMDSÓOJDB
-PTBVUPSFTTVCSBZBORVFFMPSEFOFO
FMRVFTFFNQMFBOMBTEJGFSFOUFTUFSBQJBT
TVTUJUVUJWBT SFOBMFT USBTQMBOUF
IFNPEJÃMJTJT Z EJÃMJTJT QFSJUPOFBM
TÎ
JOGMVZFEFNBOFSBTJHOJGJDBUJWBFOMB
TVQFSWJWFODJBEFMQBDJFOUFZMBFGJDJFO
DJBEFMTJTUFNBQÙCMJDP
-PTFYQFSUPTTFÒBMBORVFMPTQBDJFO
UFTRVFDPNJFO[BODPOEJÃMJTJTQFSJUPOFBM
ZUSBTWBSJPTBÒPTEFUSFTBDJODP
QBTBO
B IFNPEJÃMJTJT QSFTFOUBO VO NFOPS
SJFTHPEFNPSUBMJEBERVFMPTRVFSFDJCFO
IFNPEJÃMJTJTEFTEFFMJOJDJP&OMBNJTNB
MÎOFB BQVOUBO RVF MPT DBOEJEBUPT B
USBTQMBOUFRVFJOJDJBOEJÃMJTJTQFSNBOF
DFO NFOPT UJFNQP FO USBUBNJFOUP
DVBOEPTVQSJNFSBPQDJÓOFTMBEJÃMJTJT
QFSJUPOFBMGSFOUFBRVJFOFTDPNJFO[BO
DPOIFNPEJÃMJTJT
&TUFUSBCBKPUBNCJÊOSFDPHFRVFFM
JOJDJPÓQUJNPEFMUSBUBNJFOUPTFDVNQMF
FOFMQPSDJFOUPEFMPTQBDJFOUFT&M
DPNJFO[PQPSEFCBKPEFMBQBVUBRVFMPT
FYQFSUPTDPOTJEFSBOÓQUJNBTVQPOFVOB
EJGFSFODJBFDPOÓNJDBEFFVSPT
QPSQBDJFOUFRVFTFHBTUBGVOEBNFOUBM
NFOUFFOFMQSJNFSBÒP
-PTEBUPTGVFSPOQSFTFOUBEPTFOMB
KPSOBEBTPCSFi3FUPTFOFMBCPSEBKFEF
MB&OGFSNFEBE3FOBM$SÓOJDBuFOMBRVF
TFBQPSUBSPOPUSBTDJGSBTDPNPRVFNÃT
EFQFSTPOBTUJFOFOUSBUBNJFOUP
SFOBMTVTUJUVUJWPFO&TQBÒBEFMBTRVFFM
QPSDJFOUPDPNJFO[BODPOIFNPEJÃMJ
TJTQPSDJFOUPDPOEJÃMJTJTQFSJUPOFBM
Z QPDP NÃT EFM QPS DJFOUP DPO
USBTQMBOUFSFOBM&MHBTUPQÙCMJDPEF
FTUBTUFSBQJBTFOOVFTUSPQBÎTBTDJFOEF
BNJMMPOFTEFFVSPTSFQBSUJEPTFO
NJMMPOFTFOIFNPEJÃMJTJTFO
EJÃMJTJTQFSJUPOFBMZFOUSBTQMBOUF
&MTJTUFNBTBOJUBSJPBOEBMV[QPESÓBIBCFSBIPSSBEPNJMMPOFTEFFVSPTDPOVOBBQMJDBDJØOØQUJNBEFMBTUFSBQJBT
1PMÓUJDBBMEFEJDJFNCSFEF(.
5SJBKFFOVSHFODJBT
VOGBDUPSEFFRVJEBE
QBSBFMQBDJFOUF
4FNFTQVCMJDBVOEPDVNFOUPQBSBJNQVMTBS
VOPTNÓOJNPTEFDBMJEBEFOUPEPTMPTIPTQJUBMFT
&45)&3."35¶/%&-$".10
.BESJE
-B4PDJFEBE&TQBÒPMBEF.FEJDJOBEF
6SHFODJBTZ&NFSHFODJBT4FNFT
BDBCB
EFQVCMJDBSVOEPDVNFOUPEFSFDPNFO
EBDJPOFTTPCSFFMUSJBKFFOMPTTFSWJDJPT
EFVSHFODJBT&TUFQSPDFTPRVFUBMZ
DPNPSFDVFSEBOQSPNVFWFMBFRVJEBE
FOMBBUFODJÓOBMQBDJFOUFVSHFOUFTF
BQMJDBEFGPSNBUPUBMNFOUFEFTJHVBMOP
TPMPFOUSFDPNVOJEBEFTBVUÓOPNBTTJOP
JODMVTP FOUSF DFOUSPT EF VOB NJTNB
SFHJÓO3BÙM4ÃODIF[NJFNCSPEF(SVQP
EF5SJBKFEFMBTPDJFEBEDJFOUÎGJDBZVOP
EFMPTBVUPSFTEFMUSBCBKPFYQMJDBRVF
DPOFTUBJOJDJBUJWBTFQSFUFOEFFTUBCMF
DFSVOPTNÎOJNPTEFDBMJEBEFOUPEPT
FMMPT.ÎOJNPTRVFSFNBSDBFOBMHVOPT
IPTQJUBMFTTFDPOTJEFSBOFWJEFOUFTQFSP
RVF FO PUSPT UPEBWÎB FTUÃO MFKPT EF
DPOWFSUJSTFFOSFBMJEBE
$BUBMVÒBQPSFKFNQMPFTVOBEFMBT
DPNVOJEBEFT NÃT BWBO[BEBT FO MB
JNQMBOUBDJÓOEFFTUPTTJTUFNBTGSFOUFB
PUSBTDPNP&YUSFNBEVSBBDMBSBEPOEF
OPIBZVOQSPHSBNBEFBZVEBFTUSVDUV
SBEP&MQPSUBWP[EF4FNFTSFDVFSEBRVF
IBTUB IBDF QPDP OP TF IB QVFTUP FO
NBSDIBFO"OEBMVDÎBP$BTUJMMBZ-FÓO
EPOEFIBZDFOUSPTRVFOPMPBQMJDBOBM
JHVBMRVFPDVSSFFO$BTUJMMB-B.BODIB
BQFTBSEFMPTBWBODFTFOMPTÙMUJNPT
BÒPT&O"TUVSJBT(BMJDJBPMB$PNVOJ
EBEEF.BESJEUBNCJÊOTFIBDPOTFHVJEP
VOCVFOEFTBSSPMMPFOFTUFTFOUJEPTFHÙO
FMQPSUBWP[
&MEPDVNFOUPEF4FNFTJODJEFFORVF
MBEJTQPOJCJMJEBEEFVOTJTUFNBEFUSJBKF
TFDPOTJEFSBJOEJDBEPSEFDBMJEBEEF
SJFTHPFGJDJFODJBQBSBMPTTFSWJDJPTEF
VSHFODJBT$POUBSDPOVOPTDSJUFSJPT
DMBSPT TPCSF FTUF QSPDFTP JOTJTUFO
QFSNJUJSÃVOBNFKPSBEFMBQFSDFQDJÓO
EFMBTPDJFEBEEFMPTTFSWJDJPTEFVSHFO
DJBTZFTUBCMFDFSUJFNQPTEFFTQFSBQBSB
FMQBDJFOUFTFHÙOMBVSHFODJB
1BSB FNQF[BS FM EPDVNFOUP GJKB
DVBUSP SFRVJTJUPT CÃTJDPT RVF EFCFO
SFVOJSMPTQSPGFTJPOBMFTRVFSFBMJDFOFTUF
DSJCBEP 6OP EF FMMPT FT GPSNBDJÓO
FTQFDÎGJDBFOVSHFODJBTFNFSHFODJBTZ
BUFODJÓOBMQBDJFOUFDSÎUJDPBEFNÃTEF
GPSNBDJÓOQSÃDUJDBZUFÓSJDBTPCSFFM
NPEFMPEFUSJBKFRVFTFVUJMJ[BFYQFSJFO
DJBNÎOJNBQSPGFTJPOBMFOVSHFODJBTEF
VOBÒPZEFTFJTNFTFTFOFMTFSWJDJPEF
VSHFODJBTFOQBSUJDVMBS"TJNJTNPEFTEF
FMHSVQPEFUSBCBKPTFDPOTJEFSBRVFMPT
QSPGFTJPOBMFT EF FOGFSNFSÎB UJFOFO
DBQBDJEBEQBSBBTVNJSFTUBGVODJÓO
iBVORVFOPUPEPTQVFEFOIBDFSMPDPO
VOBBMUBDBMJEBE/PUPEPFMNVOEPRVF
MMFHBBVOTFSWJDJPEFVSHFODJBTDPOVOB
3BÞM4ÈODIF[#FSNFKPFTTVQFSWJTPSEF6SHFODJBTEFM)PTQJUBM/VFTUSB4F×PSBEFM1SBEPFO5BMBWFSBEFMB3FJOBZ
NJFNCSPEFM(SVQPEF5SJBKFEF4FNFT
PEPTTFNBOBTFOFMTFSWJDJPFTUÃQSFQB
SBEPQBSBUSJBSuBEWJFSUF
&TUFBQVOUFTPCSFMBTQFSTPOBTRVF
SFBMJ[BOFTUBUBSFBOPFTCBMBEÎ)BDFEPT
BÒPT PUSP USBCBKP EFM NJTNP HSVQP
SFQBSBCBFOMPTQFSGJMFTQSPGFTJPOBMFTZ
MB JNQSFTJÓO FT RVF MB TJUVBDJÓO IB
NFKPSBEPMJHFSBNFOUF&OMBNBZPSÎBEF
MPTIPTQJUBMFTSFDVFSEB4ÃODIF[FMUSJBKF
MPSFBMJ[BFOGFSNFSÎBDPOBQPZPQVOUVBM
EFVONÊEJDPPDPOTVMUPSEFUSJBKF&O
BMHVOPTDFOUSPTNVZQPDPTTPMPFTSFBMJ
[BEPQPSNÊEJDPTGVOEBNFOUBMNFOUF
SFTJEFOUFTFOGPSNBDJÓO:MPRVFFTNÃT
FOPUSPTDFOUSPTFTUBMBCPSDPSSFTQPOEF
BBVYJMJBSFTPDFMBEPSFTi/PTQBSFDF
EFTDBCFMMBEP QPSRVF OP DPOPDFO MPT
QSPUPDPMPTEFMBVOJEBEOPUJFOFOMB
QFSJDJBQBSBIBDFSMPBMHVOPTEFFMMPTOP
TPOQSPGFTJPOBMFTTBOJUBSJPTuBEWJFSUF
-BDSJTJTFDPOÓNJDBZMBHSBOSPUBDJÓO
EF QSPGFTJPOBMFT FO FTUPT TFSWJDJPT
MBTUSBOMBJNQMFNFOUBDJÓOEFCVFOPT
TJTUFNBTEFUSJBKFVOPCKFUJWPBMRVF
FTQFSBODPOUSJCVJSDPOFTUFEPDVNFOUP
RVFFTUBSÃEJTQPOJCMFBUSBWÊTEFMBXFC
ZTFQSFTFOUBSÃFOFMQSÓYJNPDPOHSFTP
-BTPDJFEBEDJFOUÎGJDBBTQJSBBDBOBMJ
[BSMBGPSNBDJÓOFOFTUFÃNCJUPVOB
MBHVOBNÃTRVFRVFEBSÎBSFTVFMUBTJ
GJOBMNFOUFMPHSBOTVPCKFUJWPEFDPOTF
HVJSMBDSFBDJÓOEFMBFTQFDJBMJEBEVOB
EFDJTJÓORVFFTUÃBIPSBFONBOPTEFM
5SJCVOBM4VQSFNP
Presentación
€ds
El director general de Wecare-u, la directora de la €ds y
EADA Business School
tienen el placer de invitarle al acto de presentación de la Revista
Española de Economía de la Salud que tendrá lugar el próximo
14 de diciembre a las 19:00 horas en el Aula 43 de EADA,
carrer d’Aragò, 204, Barcelona.
El acto contará con la presencia de
Josep Torrent i Farnell
Se ruega confirmación:
Srta. Rocío Gómez Cano - E-mail: [email protected]
Director del Àrea del Medicament
(.BMEFEJDJFNCSFEF1PMÓUJDB
".*(UFNFRVFTFBDBCFDPOMB
IPTQJUBMJ[BDJÓOEPNJDJMJBSJB
$BOEJEBUPTiNÈTRVFFWJEFOUFTwIBOTJEPSFDIB[BEPTFO"$PSV×B
"-.6%&/"'&3/«/%&;
.BESJE
Programa
5SBTIBCFSTFQSPEVDJEPTGBMMPTFOFM
TJTUFNBEFIPTQJUBMJ[BDJÓOBEPNJDJMJP
EVSBOUFVOUJFNQPQSPMPOHBEPFOMB
[POBEF"$PSVÒBZBRVFDBOEJEBUPT
iNÃTRVFFWJEFOUFTuBTFSJODMVJEPTFO
FTUFQSPHSBNBIBOTJEPSFDIB[BEPT
'SBODJTDP-VFJSPQPSUBWP[EFMB"TPDJB
DJÓOEF.ÊEJDPT*OUFSJOPTEF(BMJDJB
".*(
BTFHVSBB(.RVFIBOUFOJEP
BDDFTPBJOGPSNFTEFBMUBEFNÊEJDPT
JOUFSOJTUBTEFM)PTQJUBM+VBO$BOBMFKP
EF" $PSVÒB &O MPT NJTNPT RVFEB
DPOTUBODJBEPDVNFOUBMEFRVFFMTFSWJ
DJPEFIPTQJUBMJ[BDJÓOBEPNJDJMJPFT
JODBQB[EFBCTPSCFSBMPTQBDJFOUFTRVF
DBEBWF[FONBZPSNFEJEBQPSNPUJWPT
EFFEBEZEFDSPOJDJEBEFOFTUB[POBiOP
QVFEFOTFSJODMVJEPTQPSEFGJDJFODJBT
TFHÙOEJDFOUFYUVBMNFOUFMPTJOGPSNFT
EFSFDVSTPTNBUFSJBMFTZIVNBOPTu
&OFTUFTFOUJEPBTFHVSBRVFB".*(
FTUPMFTMMFWBBQFOTBSRVFFMTFSWJDJPP
CJFO IB RVFEBEP DMBSBNFOUF JOTVGJ
DJFOUFiPIBZVOBWPMVOUBEEFDJEJEBQPS
QBSUFEFMBHFSFODJBEFEFTNBOUFMBSMPu
ZRVFQPDPBQPDPTFWBZBOIBDJFOEP
DBSHP EF FTUBT DPNQFUFODJBT MPT
NÊEJDPT EF BUFODJÓO QSJNBSJBi/PT
QBSFDFVOBSFHSFTJÓOBÊQPDBTQBTBEBT
RVFMPTNÊEJDPTEFGBNJMJBOPQVFEFO
BCTPSCFS4VTPCSFDBSHBBTJTUFODJBMFT
UBO HSBOEF FO FTUPT NPNFOUPT RVF
BTVNJSQBDJFOUFTRVFUFOESÎBORVFFTUBS
JODMVJEPTFOFMQSPHSBNBEFMIPTQJUBM
TFSÎBVOBWVFMUBBUSÃTuTVCSBZB-VFJSP
BHSFHB RVF EFTEF".*(IBO EFKBEP
iNVZDMBSPuRVFTBCFORVFFTUPFTUÃ
PDVSSJFOEPFOMB(FSFODJB*OUFHSBEBEF
"$PSVÒBTJOFNCBSHPOPTBCFOTJFO
PUSBT[POBTEF(BMJDJBFTUÃPDVSSJFOEP
MPNJTNPBVORVFiFTFWJEFOUFuRVFOPTF
BMDBO[BiOJQPSBTPNPuMBDPCFSUVSBRVF
UJFOFOPUSBTSFHJPOFTEF&TQBÒBDPNP
QPSFKFNQMP1BÎT7BTDPRVFDVFOUBVOB
DPCFSUVSBQSÃDUJDBNFOUFUPUBMEFTV
UFSSJUPSJP
i&M(BMJDJBOPIBZSBUJPTEFDPCFSUVSB
QFSP MP RVF TÎ IFNPT DPOTUBUBEP
GFIBDJFOUFNFOUFFTRVFBMNFOPTFOVOB
[POBJNQPSUBOUFFMTFSWJDJPEFIPTQJUB
MJ[BDJÓOBEPNJDJMJBSJBGBMMBFTUSFQJUPTB
NFOUFuJOTJTUF
-PTQBDJFOUFT
&OMPRVFSFTQFDUBBMPTQBDJFOUFTFM
QPSUBWP[EF".*(JODJEFFORVFTVQPOF
iVOBEJTNJOVDJÓOJNQPSUBOUFuEFMBT
BUFODJPOFTRVFWFOÎBOSFDJCJFOEPTPCSF
UPEPMPTFOGFSNPTRVFTFFODVFOUSBOFO
TJUVBDJPOFT EF EFQFOEFODJB HSBWF
"EFNÃTPDBTJPOBVOQSPCMFNBQBSBMBT
GBNJMJBT RVF FO NVDIPT DBTPT OP
QVFEFOBTVNJSFMDPOUSPMZTFHVJNJFOUP
EFFTUBTQFSTPOBTQPSRVFTPOQBDJFOUFT
P CJFO DSÓOJDPT NVZ JOFTUBCMFT RVF
OFDFTJUBOUSBUBNJFOUPTFTQFDJBMFTP
CJFO FOGFSNPT FO GBTF UFSNJOBM RVF
SFRVJFSFOUSBUBNJFOUPQBMJBUJWPZUJFOFO
RVFFTUBSQFSNBOFOUFNFOUFDPOUSPMB
EPTQPSTFSWJDJPTFTQFDJBMJ[BEPT1PS
FMMP DPOTJEFSBO RVF iOP TF QVFEF
UPMFSBSu RVF MPT NÊEJDPT EF GBNJMJB
UFOHBORVFIBDFSTFDBSHPEFFTUFUJQPEF
QSFTUBDJPOFT RVF GPSNBO QBSUF EFM
ÃNCJUPIPTQJUBMBSJP
$BTPTFYUSFNBEBNFOUFHSBWFT
&OFTUBMÎOFBBTFHVSBRVFMPTSFTQPOTB
CMFTEFMQSPQJPTFSWJDJPEFIPTQJUBMJ[B
DJÓOBEPNJDJMJPFODPSSFPTFMFDUSÓOJDPT
iMBÙOJDBTPMVDJÓOuRVFMFTIBOPGSFDJEP
FT RVF B QBSUJS EF BIPSB TFBO MPT
QSPQJPT NÊEJDPT EF GBNJMJB MPT RVF
UFOESÃORVFTFIBHBODBSHPEFFTUFUJQP
EFFOGFSNPTZFOMPTDBTPTiZBFYUSFNB
EBNFOUFHSBWFTRVFOPQVFEBOUFOFS
PUSBSFTQVFTUBuTÎTFSÎBFTUFTFSWJDJPFM
RVFTFIBSÎBDBSHPEFMDPOUSPMZTFHVJ
NJFOUPEFMQBDJFOUF
i)BZ VOB WPMVOUBE EFDJEJEB EF MB
(FTUJÓO*OUFHSBEBEF)PTQJUBMZ"UFODJÓO
1SJNBSJB EF " $PSVÒB QBSB RVF FM
DPSEÓOVNCJMJDBMTFSPNQBZRVFWBZB
QSJNBSJB QPS VO MBEP Z IPTQJUBM QPS
PUSPuMBNFOUBFMQPSUBWP[EF".*(
"TÎEFOVODJBRVFiQPSNVDIPRVF
OJFHVFOuEFTEFMB"ENJOJTUSBDJÓORVFFM
TFSWJDJPGVODJPOBNBMMBFWJEFODJBFTUÃ
BIÎZBEFNÃTIBZQSVFCBTEFFMMP1PS
FTUPSFDVFSEBRVFIBZDPOTUBODJBEF
RVFFTUÃQBTBOEPDPONVDIPTQBDJFOUFT
EFEJTUJOUBTQBUPMPHÎBTBMPTRVFOPTFMFT
IBJODMVJEPFOFTUFTFSWJDJPi&TGÃDJM
OFHBSMBFWJEFODJBQFSPOPTPUSPTMPRVF
RVFSFNPTFTBGJSNBSMBSFBMJEBEZMB
SFBMJEBEFTFTUBuEFUBMMB
"DUVBMNFOUFMBBTPDJBDJÓOFTUÃFMBCP
SBOEPiVOQFRVFÒPFTUVEJPuZQBSBFMMP
'SBODJTDP-VFJSPQPSUBWP[EFMB"TPDJBDJØOEF.ÏEJDPT
*OUFSJOPTEF(BMJDJB".*(
TFIBOQVFTUPFODPOUBDUPDPOBMHVOBT
DPNVOJEBEFTBVUÓOPNBTDPOFMPCKFUJWP
EFWFSFYBDUBNFOUFDVÃMFTMBSFBMJEBE
FOFMTFSWJDJPFOPUSBT[POBTEF&TQBÒB
OPTPMPFOFMDBTPEFMBIPTQJUBMJ[BDJÓOB
EPNJDJMJPTJOPUBNCJÊOTPCSFBUFODJÓO
EPNJDJMJBSJBZBRVFFTUBÙMUJNBTVQPOF
VOQFTPZVOBTPCSFDBSHBiFOPSNFTu
TPCSFMPTNÊEJDPTEFBUFODJÓOQSJNBSJB
RVFBEFNÃTOPUJFOFODPCFSUVSBEF
WFIÎDVMPTOJEFTFHVSPTZUJFOFORVF
IBDFSTFDBSHPEFUPEPTMPTHBTUPT
&MQPSUBWP[DPODMVZFRVFUBOUPFOFM
DBTPEFMTFSWJDJPEFIPTQJUBMJ[BDJÓOB
EPNJDJMJPDPNPFOBUFODJÓOEPNJDJMJB
SJBTJ4BOJEBERVJFSFQPUFODJBSMPTUJFOF
RVFQPOFSNFEJPTUBOUPFDPOÓNJDPT
DPNPIVNBOPTQBSBFMMPZBRVFiMPRVF
OPQVFEFTFSuFTRVFMBDBSHBBTJTUFODJBM
DBJHBiTPCSFFMEFTJFNQSFRVFFTFM
NÊEJDPEFGBNJMJBu
19:00-19:05. Bienvenida / Benvinguda
Juan Carlos Serra, director Master Marketing Farmacéutico y codirector Programa Market Access
19:05-19:25. Presentación/ Presentació Revista Economía de la Salud: €ds
Carme Pinyol, directora de la EDS - Jesús Castillo, director general de Wecare-u
19:25-19:55. Conferència: La nova Àrea del Medicament en el CatSalut
Josep Torrent i Farnell, director del Àrea del Medicament
19:55-20:00. Tancament
Juan Carlos Serra
Patrocinadores oficiales de la €ds
NS
Exclusivo NetSalud
1PMÓUJDBBMEFEJDJFNCSFEF(.
&M1MBO1JENBQSFWJFOFMB
EJBCFUFTUJQPFO"OEBMVDÎB
&TGVOEBNFOUBMQPUFODJBSMBJOWFTUJHBDJØOFONFEJEBTEFJOUFSWFODJØO
(.
.BESJE
&O MPT QSÓYJNPT BÒPT TF QSFWÊ VO
BVNFOUPEFMBDPNPSCJMJEBEFOUSFMPT
QBDJFOUFTDPOEJBCFUFTNPUJWBEPQSJODJ
QBMNFOUFQPSMPTDBNCJPTFOMBBMJNFO
UBDJÓOZFMTFEFOUBSJTNP&TUPJNQMJDB
NÃTQBDJFOUFTEJBCÊUJDPTDPOFOGFSNF
EBEFT DBSEJPWBTDVMBSFT SFUJOPQBUÎB
OFGSPQBUÎBPQJFEJBCÊUJDPRVFSFRVJFSFO
EFVOBCPSEBKFNÃTDPNQMFKPZDPOFMMP
FMBVNFOUPEFDPTUFTEFBUFODJÓOTBOJUB
SJB &TUF OVFWP FTDFOBSJP QMBOUFB
BMHVOPTSFUPTBTJTUFODJBMFTBTPDJBEPTBM
EJBHOÓTUJDPZBMUSBUBNJFOUPBEFDVBEP
PCKFUPEFBOÃMJTJTFOMBKPSOBEBA%JBCF
UFT Z DPNPSCJMJEBE VO FODVFOUSP
PSHBOJ[BEPFO(SBOBEBQPSMB&TDVFMB
"OEBMV[BEF4BMVE1ÙCMJDB&"41
RVF
DPOUÓDPOFMQBUSPDJOJPEF"TUSB;FOFDB
-BKPSOBEBFOMBRVFTFEJFSPODJUB
BMSFEFEPSEFFYQFSUPTFOEJGFSFOUFT
FTQFDJBMJEBEFTDMÎOJDBTFOUSFNÊEJDPTEF
GBNJMJBFOGFSNFSBTJOUFSOJTUBTDBSEJÓ
MPHPTFOEPDSJOÓMPHPTZPGUBMNÓMPHPT
SFGVFS[BMBJNQPSUBODJBEFMBQSFWFODJÓO
ZEFMBCPSEBKFNVMUJEJTDJQMJOBSFOMB
BUFODJÓOBQBDJFOUFTDPOOFDFTJEBEFT
DPNQMFKBTEFTBMVE5BMZDPNPTFÒBMÓ
+PBO$BSMFT.BSDIEJSFDUPSEFMB&"41
FTUBKPSOBEBBQPSUBMBWJTJÓOEFMBEJBCF
UFTEFTEFMPTEJGFSFOUFTGSFOUFTQSPGFTJP
OBMFTRVFMBBUJFOEFOQBSBWFSDÓNP
USBCBKBDBEBVOPRVÊOFDFTJUBEFMPUSPZ
RVÊ OFDFTJEBEFT DPNVOFT UJFOF
5BNCJÊOUVWPDBCJEBVOFTQBDJPEFJOUFS
DBNCJPFOUSFQSPGFTJPOBMFTZEJSFDDJÓO
EF MB FTDVFMB EF QBDJFOUFT BTÎ DPNP
QSPGFTJPOBMFTEFIPTQJUBMFTZBUFODJÓO
QSJNBSJBTJOPMWJEBSMPTEFEJGFSFOUFT
FTQFDJBMJEBEFTMJHBEPTBEJTUJOUBTDPNPS
CJMJEBEFTi&TUFFTQBDJPRVJFSFTFSVO
QVOUPEFBZVEBFOMBCÙTRVFEBEFBTQFD
UPTDPNVOFTEFTEFMBQFSTQFDUJWBEFMPT
EJGFSFOUFT BDUPSFT JNQMJDBEPT FO MB
BUFODJÓOBMBEJBCFUFTQBSBRVFBZVEFB
NFKPSBS MB TBMVE EFM QBDJFOUF FO TV
HMPCBMJEBEu TVCSBZÓ .BSDI RVJFO
DPOGJSNÓRVFFMQBTBEPBÒPDFSDBEF
QSPGFTJPOBMFTTBOJUBSJPTQBSUJDJQB
SPOFOBDUJWJEBEFTQSFTFODJBMFTPSHBOJ
[BEBTQPSFTUBJOTUJUVDJÓO
3FUPTFOEJBCFUFT
-BEJBCFUFTZTVDPNPSCJMJEBETPOVO
QSPCMFNBEFTBMVESFMFWBOUFQPSQSFWB
MFODJBFJNQBDUPFOSFTVMUBEPTEFTBMVE
RVFSFRVJFSFEFVOHSBOFTGVFS[PEF
JOWFTUJHBDJÓO&OMPTFTUVEJPTSFMBDJPOB
EPT DPO FTUB FOGFSNFEBE FM GPDP TF
DFOUSBFOMBQSFWFODJÓOBTÎDPNPFOMB
USBOTGFSFODJBEFMBJOWFTUJHBDJÓOBMB
QSÃDUJDBDMÎOJDBZMBJODPSQPSBDJÓOEFMB
UFDOPMPHÎBBQMJDBEBFOMBTQFSTPOBTDPO
EJBCFUFTDPODSJUFSJPTEFFGJDJFODJB&O
FTUBMÎOFB.BSÎB"TVODJÓO.BSUÎOF[
EJSFDUPSBEFM1MBO*OUFHSBMEF%JBCFUFT
EF"OEBMVDÎB1JENB
EFTUBDÓMBOFDFTJ
EBEEFQPUFODJBSFTQFDJBMNFOUFMBJOWFT
+BWJFS.BSUÓOF[QSFTJEFOUFEFM4FDUPSEF4BOJEBEEFMB
$FOUSBM4JOEJDBM*OEFQFOEJFOUFZEF'VODJPOBSJPT$4*'
$4*'QJEFRVFTF
OPNCSFEFGPSNB
VSHFOUFVO
EJSFDUPSEF.VGBDF
(.
.BESJE
-B$FOUSBM4JOEJDBM*OEFQFOEJFOUFZEF
'VODJPOBSJPT$4*'
EFOVODJBRVFMB
NVUVBMJEBE HFOFSBM EF GVODJPOBSJPT
DJWJMFTEFM&TUBEP.VGBDF
MMFWBNÃTEF
VOBÒPTJOEJSFDUPSHFOFSBMZQPSFMMPQJEF
BM (PCJFSOP RVF OPNCSF EF GPSNB
VSHFOUFVOSFTQPOTBCMFRVFHBSBOUJDFTV
WJBCJMJEBEUSBTBÒPTEFiSFDPSUFTuFOMPT
RVF TV GPOEP EF SFTFSWB TF IB WJTUP
NFSNBEP
&TUFTJOEJDBUPDSJUJDBMBiJODFSUJEVN
"RVJMJOP"MPOTPDPOTFKFSPEF4BMVEEF"OEBMVDÓBSFHJØORVFBDPHJØMBKPSOBEBA%JBCFUFTZDPNPSCJMJEBEPSHBOJ[BEB
CSFuRVFTFIBHFOFSBEPEFTQVÊTEFRVF
QPSMB&TDVFMB"OEBMV[BEF4BMVE1ÞCMJDBRVFDPOUØDPOFMQBUSPDJOJPEF"TUSB;FOFDB
.BSÎB%PMPSFTEFMB3JDBRVFUSBTMB
TBMJEBEF(VTUBWP#MBODPDPNPEJSFDUPS
UJHBDJÓOFONFEJEBTEFJOUFSWFODJÓO OBDJPOBMRVFFOFMDBTPEF"OEBMVDÎBTF HFOFSBM FO PDUVCSF EF WFOÎB
PSJFOUBEBTBMBQSFWFODJÓOEFMBEJBCF NBUFSJBMJ[BFOMBQVFTUBFONBSDIBEFM BTVNJFOEPFTUBGVODJÓOKVOUPBMBEF
UFTFOQPCMBDJÓOEFBMUPSJFTHPZMBJOWFT 1MBO1JENB"USBWÊTEFFTUBJOJDJBUJWB TFDSFUBSJBHFOFSBMIBZBDFTBEPEFTV
UJHBDJÓODMÎOJDBFOBRVFMMPTBTQFDUPT SFHJPOBMBETDSJUBBM*71MBO"OEBMV[EF DBSHPQPSKVCJMBDJÓOEFKBOEPiEFTDBCF
SFMBDJPOBEPTDPOMBEJBCFUFTRVFUJFOFO 4BMVEZBMB&TUSBUFHJBEF$BMJEBEEFMB [BEPuFTUFPSHBOJTNP
$POTFKFSÎBTFCVTDBSFEVDJSMBJODJEFO
$4*'SFDVFSEBRVFFMDBSHPEFEJSFD
VOJNQBDUPFOTBMVESFMFWBOUF
1FTFBUPEPFMMPFTUFHSVQPEFQBDJFO DJBEFEJBCFUFTFO"OEBMVDÎBZEJTNJOVJS UPSHFOFSBMDPOMMFWBMBSFTQPOTBCJMJEBE
UFT EF FTQFDJBM DPNQMFKJEBE QMBOUFB MB GSFDVFODJB OP DPOPDJEB FO FTUB EFJNQPSUBOUFTEFDJTJPOFTDPNPMBFKFDV
BMHVOPTSFUPTBTJTUFODJBMFTJNQPSUBOUFT DPNVOJEBE BEFNÃT EF SFEVDJS FM DJÓOEFQSFTVQVFTUPTFMSFDPOPDJNJFOUP
RVF WBO EFTEF MB QSFWFODJÓO EF MBT JNQBDUPFONPSCJNPSUBMJEBEZNFKPSBS BMEFSFDIPBMBTQSFTUBDJPOFTMPTQSPHSB
DPNQMJDBDJPOFTBTPDJBEBTBMBEJBCFUFT MBDBMJEBEEFWJEBEFMBTQFSTPOBTDPO NBTTPDJPTBOJUBSJPTMBDFMFCSBDJÓOEF
QBTBOEP QPS MB EFUFDDJÓO QSFDP[ EF FTUBFOGFSNFEBEFOUSFPUSPTNVDIPT DPOUSBUPT MBT SFDMBNBDJPOFT Z FM
SÊHJNFOKVSJTEJDDJPOBMEFMBNVUVBMJEBE
ÊTUBTIBTUBMBBUFODJÓODPPSEJOBEBZ PCKFUJWPT
1PSUBOUPFOUJFOEFORVFMBBVTFODJB
SÃQJEBFOMBTTJUVBDJPOFTEFFTQFDJBM
EFVOEJSJHFOUFFOFTFQVFTUPJNQJEFB
DPNQMFKJEBE&OMPRVFSFTQFDUBBMB &TUJMPTEFWJEBTBMVEBCMF
QSFWFODJÓOQVOUVBMJ[Ó.BSUÎOF[iQBSUF &OUÊSNJOPTHFOFSBMFTTFHÙOFYQMJDÓ .VGBDFBEPQUBSEFDJTJPOFTJNQPSUBOUFT
EFMBTPMVDJÓOFTUÃFOMBPQUJNJ[BDJÓOEFM .BSUÎOF[FMQMBOTFDFOUSBFOMBQSFWFO RVFMFQFSNJUBOiSFNPOUBSFMSVNCPu
DPOUSPMEFMPTGBDUPSFTEFSJFTHPZMB DJÓOEFMBEJBCFUFTUJQPBUSBWÊTEF EJTFÒBOEP FM QSFTVQVFTUP QBSB FM
FEVDBDJÓOUFSBQÊVUJDBQBSBEPUBSBMPT NFEJEBTEFBCPSEBKFEFMBPCFTJEBEZFM QSÓYJNPBÒPiSFWJSUJFOEPMPTSFDPSUFTZ
QBDJFOUFTEFIFSSBNJFOUBTOFDFTBSJBT GPNFOUPEFFTUJMPTEFWJEBTBMVEBCMFTFM BGSPOUBOEPDVFTUJPOFTDPNPMBNFSNB
EJBHOÓTUJDP QSFDP[ Z MB FEVDBDJÓO EFTVGPOEPEFSFTFSWBuSFNBOFOUFEF
QBSBFMBVUPDVJEBEPu
UFSBQÊVUJDB BEBQUBEBT BM ÃNCJUP EF UFTPSFSÎB
RVFFOMPTÙMUJNPTTJFUFBÒPT
3FUJOPQBUÓBEJBCÏUJDB
BDUVBDJÓOFOBUFODJÓOQSJNBSJBZIPTQJ IBQBTBEPEFBNJMMPOFT
&OFMDBNQPEFMBEFUFDDJÓOQSFDP[ UBMBSJBBEFNÃTEFHBSBOUJ[BSMBBUFODJÓO
i$POTJEFSBNPT RVF MPT FNQMFBEPT
EPOEFZBTFIBJNQMBOUBEPDPOÊYJUPVO DPNQBSUJEBZMBDPPSEJOBDJÓOJOUFSOJWF QÙCMJDPTZBIBOQBHBEPFMQFBKFEFMB
QSPHSBNBEFEFTQJTUBKFEFSFUJOPQBUÎB MFTFOMPTDBTPTEFFTQFDJBMDPNQMFKJEBE DSJTJTFDPOÓNJDBBUSBWÊTEFMPTEJGFSFO
EJBCÊUJDBIBZRVFTFSDBQBDFTEFHBOBS %FNBOFSBFTQFDÎGJDBMBJOJDJBUJWBUJFOF UFTSFDPSUFTZFTOFDFTBSJPSFDPOEVDJSMPT
FOFGJDJFODJBBNQMJBOEPFMQFSGJMEFM QPSPCKFUJWPJNQVMTBSMBJOWFTUJHBDJÓOEF OJWFMFTEFBUFODJÓOFO.VGBDFuTFHÙO
QSPGFTJPOBMEFDSJCBEPZQPUFODJBOEPFM FYDFMFODJBZHBSBOUJ[BSMBGPSNBDJÓO EFGJFOEF$4*'FOVODPNVOJDBEPFOFM
EFTBSSPMMP UFDOPMÓHJDP RVF BHJMJDF MB DPOUJOVBEBEFMPTQSPGFTJPOBMFTBUSBWÊT RVF OP PCTUBOUF BENJUF FM DPSSFDUP
HFTUJÓOZMFDUVSBBVUPNBUJ[BEBEFMBT EFM EJTFÒP EF JUJOFSBSJPT GPSNBUJWPT GVODJPOBNJFOUPEFMOVFWPDPODJFSUPEF
SFUJOPHSBGJBTNBUJ[Ó
FTQFDÎGJDPT BEFNÃT EF GBWPSFDFS MB BTJTUFODJBTBOJUBSJBiUSBTMBTEJGJDVMUBEFT
-BDPNPSCJMJEBEFOUSFQBDJFOUFTDPO DPNVOJDBDJÓO FOUSF QSPGFTJPOBMFT Z ZQSPCMFNBTEFBUFODJÓOHFOFSBEPTFM
EJBCFUFT SFQSFTFOUB VOB QSJPSJEBE UBNCJÊODPOMPTDJVEBEBOPT
QBTBEPBÒPu
NS
Exclusivo NetSalud
(.BMEFEJDJFNCSFEF1PMÓUJDB
.ÃTEFQSPQVFTUBTQBSBNFKPSBS
FMBCPSEBKFEFMBQTPSJBTJTFOFM4/4
"DDJØO1TPSJBTJTZMB"&%7QSFTFOUBOVOFTUVEJPBQBSUJSEFMBWJTJØOEFMQBDJFOUFTPCSFFTUBQBUPMPHÓB
.1
.BESJE
-B BTPDJBDJÓO EF QBDJFOUFT "DDJÓO
1TPSJBTJT Z MB TFDDJÓO DBOBSJB EF MB
"DBEFNJB&TQBÒPMBEF%FSNBUPMPHÎBZ
7FOFSFPMPHÎB"&%7
IBOQSFTFOUBEPMPT
SFTVMUBEPTEFVOFTUVEJPSFBMJ[BEPDPOMB
DPMBCPSBDJÓOEF/PWBSUJTRVFBOBMJ[BFM
SFUPSOP TPDJBM EF MB JOWFSTJÓO EF VO
BCPSEBKFJEFBMEFFTUBFOGFSNFEBE&M
PCKFUJWPEFFTUFUSBCBKPFMBCPSBEPB
QBSUJSEFFODVFTUBTBMPTQBDJFOUFTFT
BMDBO[BSFMDPOTFOTPFOMBCÙTRVFEBEF
VOBCPSEBKFJEFBMQBSBFTUPTQBDJFOUFT
FOFM4JTUFNB/BDJPOBMEF4BMVE4/4
Z
IBDFSIJODBQJÊFOTVJNQBDUPDMÎOJDP
BTJTUFODJBMFDPOÓNJDPZTPDJBMDPOFMGJO
EFSFBMJ[BSVOBQMBOJGJDBDJÓOFTUSBUÊHJDB
JEFBMEFMPTSFDVSTPTTBOJUBSJPT
4FHÙOTVTEBUPTQPSDBEBFVSPJOWFS
UJEPFOQTPSJBTJTTFQPESÎBPCUFOFSVO
SFUPSOPEFFVSPTDPOVOQMBOUFB
NJFOUPJEFBMEFFTUBQBUPMPHÎBQPSDJUBS
TPMPVOFKFNQMP&MFTUVEJPSFBMJ[B
QSPQVFTUBT EF NFKPSB USFT B OJWFM
EJBHOÓTUJDPEPTQBSBVOHSBEPMFWF
OVFWFQBSBNPEFSBEBZPDIPQBSBHSBWF
RVF GBWPSFDFSÎBO VOB QMBOJGJDBDJÓO
ÓQUJNBEFMPTSFDVSTPT
&EVDBDJØOZBEIFSFODJB
$PNPEFOPNJOBEPSDPNÙOMBTNFEJEBT
TF DFOUSBO GVOEBNFOUBMNFOUF FO MB
NFKPSBEFMBFEVDBDJÓOTBOJUBSJBQBSB
PCUFOFSVOBNBZPSBEIFSFODJBBMUSBUB
NJFOUPPSFGPS[BSFMQBQFMEFMBFOGFSNF
SÎBZQTJDPMPHÎBFOMPTEJGFSFOUFTOJWFMFT
3FTQPOTBCMFTEF"DDJØO1TPSJBTJTZEFMB"DBEFNJB&TQB×PMBEF%FSNBUPMPHÓBZ7FOFSFPMPHÓBQBSUJDJQBSPOFOMBQSFTFOUBDJØOFO$BOBSJBTEFFTUFFTUVEJP
BTJTUFODJBMFTBTÎDPNPFMTFHVJNJFOUPEF
MPTIÃCJUPTDPUJEJBOPTEFMQBDJFOUF
-BT QSPQVFTUBT TF IBO FMBCPSBEP
NFEJBOUFFMBOÃMJTJTEFMBTWBMPSBDJPOFT
EFNÃTEFFTQBÒPMFTBGFDUBEPTQPS
FTUBQBUPMPHÎB4FHÙOTVTBQPSUBDJPOFT
MBFOGFSNFEBEBGFDUBBEJTUJOUPTÃNCJUPT
EFTVWJEBFNPDJPOBMPDJPTFYVBMJEBEZ
SFMBDJPOFT TPDJBMFT BTÎ DPNP FO FM
FOUPSOPGBNJMJBSZMBCPSBMFOUSFPUSPT
&OFTUFTFOUJEPFMQPSDJFOUPEF
MPTQBSUJDJQBOUFTDPOTJEFSBRVFTFWF
BGFDUBEBTVWJEBTFYVBMVOQPSDJFOUP
BDVEF NFOPT BM HJNOBTJP QMBZB Z
QJTDJOBVOQPSDJFOUPTFTJFOUFNÃT
BOTJPTPZVOQPSDJFOUPNÃTEFQSJ
NJEPQPSDJUBSBMHVOPTFKFNQMPT
.BSUB(BSDÎB#VTUJOEVZQSFTJEFOUBEF
MBTFDDJÓODBOBSJBEFMB"&%7EFTUBDB
BMHVOBTEFMBTQSPQVFTUBTEFBDDJÓO
QMBOUFBEBTFOFTUFJOGPSNFDPNPJOUFO
TJGJDBS MB DPOTVMUPSÎB FOUSF BUFODJÓO
6OMJCSPTPCSFJDUVTQBSBBZVEBSBMPT
QBDJFOUFTBBGSPOUBSTVOVFWBTJUVBDJÓO
(.
.BESJE
6OPEFMPTOVFWPTMJCSPTQVCMJDBEPTQPS
MB&EJUPSJBM4BO1BCMPEFOUSPEFTV$PMFD
DJÓO4FOEFSPEF"VUPBZVEB1SÃDUJDB
MMFWBFMTFMMPEFMBBTPDJBDJÓONBESJMFÒB
'SFOP BM *DUVT 4V QSFTJEFOUF +VMJP
"HSFEBOPFTFMBVUPSEFVOPEFFMMPTi:
EFTQVÊTEFVOJDUVTyRVÊ &OFMDVFOUB
TVFYQFSJFODJBQFSTPOBMUSBTTPCSFWJWJS
BVOBDDJEFOUFDFSFCSPWBTDVMBSQBSB
BZVEBSBPUSBTQFSTPOBTBUSBWÊTEFTV
QSPQJBIJTUPSJB
&MBVUPSPGSFDFBMHVOBTDMBWFTQBSB
BDPNQBÒBSBMBQFSTPOBBGFDUBEBQPS
FTUBFOGFSNFEBEZBTVTGBNJMJBSFTZ
USBOTNJUJSMFT FTQFSBO[B PGSFDJFOEP
DPOTFKPT QSÃDUJDPT QBSB BTVNJS FM
DBNCJPSBEJDBMRVFTFQSFTFOUBZFMSFUP
RVFTVQPOFMBWJEBEJBSJBi.JSBBMGSFOUF
IBZNVDIBTDPTBTFOMBWJEBQPSMBTRVF
NFSFDF MB QFOB MVDIBSu BEWJSUJÓ
"MBJ[RVJFSEB+VMJP"HSFEBOPQSFTJEFOUFEF'SFOPBM*DUVTKVOUPBMSFTUPEFBVUPSFTEFMPTDJODPMJCSPTRVFDPNQMFUBOMB
DPMFDDJØOEFBVUPBZVEBQVCMJDBEBQPSMB&EJUPSJBM4BO1BCMP
"HSFEBOPEVSBOUFMBQSFTFOUBDJÓOEFM
MJCSPZSFDPSEÓRVFiVOBBDUJUVEQPTJUJWB
NBSDBSÃMBEJGFSFODJBFOUVSFDVQFSB
DJÓOu
1PSPUSBQBSUFEFTEFMB'VOEBDJÓOEF
*OWFTUJHBDJÓO FO (BTUSPFOUFSPMPHÎB
'VSFHB
IBOMMBNBEPMBBUFODJÓOTPCSF
VOBEFMBTDPNQMJDBDJPOFTGSFDVFOUFTFO
QSJNBSJBZ%FSNBUPMPHÎBNFEJBOUFFM
FNQMFPEFMBUFMFEFSNBUPMPHÎBZBQPSUBS
JOGPSNBDJÓOBMQBDJFOUFFOFMNPNFOUP
EFTVEJBHOÓTUJDPTPCSFBTPDJBDJPOFT
XFCTPHVÎBTRVFMFQFSNJUBODPOPDFSTV
FOGFSNFEBEFJNQMJDBSTFFOFMDVJEBEP
&M EPDVNFOUP UBNCJÊO FTUBCMFDF VO
OVFWPDPODFQUPEFJOUFSWFODJÓOUFSBQÊV
UJDBQSFDP[DPOFMQBTPEFUSBUBNJFOUPT
UÓQJDPTBTJTUÊNJDPTFOBUFODJÓOQSJNB
SJBMPRVFDPOUSJCVZFBVONFKPSDPOUSPM
QFSTPOBTRVFIBOTVGSJEPVOJOGBSUP
DFSFCSBMMBEJTGBHJBPSPGBSÎOHFBVOB
BMUFSBDJÓORVFBGFDUBBNÃTEFMQPS
DJFOUPEFFTUPTQBDJFOUFTEVSBOUFTV
JOHSFTPIPTQJUBMBSJP
4FHÙOMBGVOEBDJÓOFOFTUPTQBDJFOUFT
MBEJTGBHJBEFUFSNJOBMBTDPNQMJDBDJPOFT
ZNPSUBMJEBEEVSBOUFFMJOHSFTPZFM
QSJNFSBÒPEFTFHVJNJFOUP
"QFTBSEFMBWBODFRVFTVQPOFUSBCB
KBSDPOJOJDJBUJWBTDPNPFM$ÓEJHP*DUVT
1FSF$MBWÊTFDSFUBSJPEF'VSFHBZQSFTJ
EFOUF EF MB &VSPQFBO 4PDJFUZ GPS
4XBMMPXJOH%JTPSEFSTJOTJTUFFORVFIBZ
VO BNQMJP NBSHFO EF NFKPSB FO FM
EJBHOÓTUJDPZUSBUBNJFOUPEFMBEJTGBHJB
BMUJFNQPRVFBÒBEFRVFFMEJBHOÓTUJDP
FTQPTJCMFTPMPDPOMBPCTFSWBDJÓOEFMPT
QBDJFOUFT EF NBOFSB RVFiVO CVFO
QSPUPDPMPFOFTUFTFOUJEPTJHOJGJDBSÎBVO
TBMUPDVBMJUBUJWPNVZJNQPSUBOUFRVF
QPESÎBTBMWBSWJEBTu
&M FTQFDJBMJTUB BWBO[B RVF TF FTUÃ
USBCBKBOEPFOFMEFTBSSPMMPEFVOOVFWP
NFEJDBNFOUPRVFQPESÎBDBNCJBSFM
QBSBEJHNBBDUVBMRVFQPSFMNPNFOUP
TFDFOUSBFOUSBUBNJFOUPTEFOFVSPSFIB
CJMJUBDJÓOZFTUJNVMBDJÓODFSFCSBMZGBSÎO
HFBFOFTUPTQBDJFOUFT
BMEFEJDJFNCSFEF (.
1SJNBSJB
1*-"330%3±(6&;-&%0❘7PDBMEFMB$PNJTJÓO/BDJPOBM
EF.FEJDJOBEF'BNJMJBZNJFNCSPEF4&.(
i/PFTMÓHJDPRVF
BMHVJFORVFOPTFB
NÊEJDPEFGBNJMJB
EÊFTUBBTJHOBUVSBu
"-.6%&/"'&3/«/%&;
.BESJE
1JMBS3PESÎHVF[-FEPSFTQPOTBCMFEF
JOWFTUJHBDJÓOEFMB4PDJFEBE&TQBÒPMBEF
.ÊEJDPT(FOFSBMFTZEF'BNJMJB4&.(
BTVNFBIPSBUBNCJÊOVOBEFMBTWPDBMÎBT
EFMB$PNJTJÓO/BDJPOBMEF.FEJDJOBEF
'BNJMJB&OFTUFNBSDPFYQMJDBB(.MBT
EJGJDVMUBEFTRVFBUSBWJFTBMBFTQFDJBMJ
EBEFOMPRVFTFSFGJFSFBMBGPSNBDJÓOEF
MPTGVUVSPTNÊEJDPTEFMQSJNFSOJWFM
BTJTUFODJBM
1SFHVOUBy$VÃMFTTPOTVTSFUPTFO
FTUFOVFWPDBSHP 3FTQVFTUB4POMPTSFUPTEFUPEBMB
NFEJDJOBEFGBNJMJBZEFMBTTPDJFEBEFT
DJFOUÎGJDBTEFMBFTQFDJBMJEBE&TUBNPTFO
VONPNFOUPEFMJDBEPEFDBNCJPTEPOEF
TFBWBO[BIBDJBMBUSPODBMJEBEUPEPFM
DBNCJP EF MB GPSNBDJÓO TBOJUBSJB
FTQFDJBMJ[BEBZEFOUSPEFMBUSPODBMJEBE
ZFMUSPODPNÊEJDPIBZRVFFTUBCMFDFSFM
QBQFMRVFIBEFKVHBSMBNFEJDJOBEF
GBNJMJBRVFPCWJBNFOUFDPNPFMSFTUPEF
MBTFTQFDJBMJEBEFTHFOFSBMJTUBTFTNVZ
JNQPSUBOUF/VFTUSPSFUPFTMBEFGFOTBEF
FTUFQBQFMQSJNPSEJBMFOMBGPSNBDJÓOEF
MPTSFTJEFOUFTQBSBRVFUFOHBNPTMPT
FTQFDJBMJTUBTNFKPSGPSNBEPTQPTJCMF
1 y$ÓNP FT MB GPSNBDJÓO EF MPT
NÊEJDPTEFGBNJMJBBDUVBMNFOUF y2VÊ
TF EFCF NFKPSBS DPO FTUF OVFWP
NPEFMP 3&TVOBQSFHVOUBEJGÎDJMDVBOEPTF
USBUBEFMBNFEJDJOBEFGBNJMJBQPSRVF
DVBOEPTFIBCMBEFUSPODBMJEBEFTUBNPT
SFGJSJÊOEPOPTDPNPEFDÎBBOUFTBGPSNB
DJÓOHFOFSBMJTUBZMBFTQFDJBMJEBEEF
NFEJDJOBEFGBNJMJBUJFOFVOBGPSNBDJÓO
HFOFSBMJTUBBDSFEJUBEBQPSNVDIPTBÒPT
FOMPTRVFIBIBCJEPFWBMVBDJPOFTEF
VOJEBEFTEPDFOUFTEFTBUJTGBDDJÓOEF
DPNQFUFODJBTFUDÊUFSB1PSUPEPFMMP
SFBMNFOUFFMSFUPOPFTQPSMPTDBNCJPT
RVFQPEBNPTJNQMFNFOUBSFOOVFTUSP
OVFWPQSPHSBNBRVFZBFOTÎNJTNPFT
FMHFOFSBMJTNPQPSFYDFMFODJBTJOPMPT
DBNCJPTRVFQVFEFOTPCSFWFOJSEFRVF
FMSFTUPEFFTQFDJBMJEBEFTDPMBCPSFODPO
MBGPSNBDJÓOHFOFSBMJTUBZTPCSFUPEPMP
RVFQPEFNPTBQPSUBSMFBMBTFTQFDJBMJEB
EFTRVFOPUJFOFOGPSNBDJÓOHFOFSBMJTUB
KVOUPDPONFEJDJOBJOUFSOBHFSJBUSÎBZFM
FOUPSOPEFGPSNBDJÓOEFMBVSHFODJB4Î
UFOFNPTVOBQSFPDVQBDJÓOQSJNPSEJBMZ
FTRVFQVFTUPRVFUFOFNPTVOQSPHSBNB
CBTBEPFOFTBGPSNBDJÓOHFOFSBMJTUBOP
QPEFNPTQFSEFSMB$VBMRVJFSDBNCJP
UJFOFRVFTFSQBSBNFKPSBSZBWBO[BS
1 'BMUBO QMB[BT FO FM .*3 EF
NFEJDJOB EF GBNJMJB Z OP TF TVFMFO
TFHVJS MPT DSJUFSJPT EF MB $PNJTJÓO
/BDJPOBMEFMBFTQFDJBMJEBEyRVÊFTUÃ
GBMMBOEP 3&TVOQSPCMFNBDPNQMFKPRVFTJOP
TFTPMVDJPOBFTQPSRVFUJFOFNÙMUJQMFT
BSJTUBTFOMBTRVFFOGPDBS-BTSFDPNFO
EBDJPOFTRVFEBMB$PNJTJÓO/BDJPOBMEF
MBFTQFDJBMJEBETFCBTBOFOVOFTUVEJP
EFUBMMBEPEFMBTJUVBDJÓOFOMBRVFFTUÃMB
NFEJDJOBEFGBNJMJBZFOHMPCBMMB"1
.VDIBT WFDFT FTUF QBQFM UÊDOJDP EF
BTFTPSÎBFTEJGÎDJMEFDPOHFOJBSDPOPUSPT
ZPUSBTEFDJTJPOFTRVFTFFTUBCMFDFOB
PUSPOJWFMFOMPTNJOJTUFSJPTRVFOPTPO
UBOUÊDOJDBTTJOPNÃTQPMÎUJDBT"EFNÃT
EFOPUFOFSFODVFOUBMBTSFDPNFOEBDJP
OFTOPTFTUÃBCPDBOEPBVOBTJUVBDJÓO
FOMBRVFEJGÎDJMNFOUFWBNPTBUFOFS
NÊEJDPTEFGBNJMJBRVFQVFEBOTVQMJSMBT
BVTFODJBTEFMBTQMB[BTRVFWBOBRVFEBS
EFTDVCJFSUBTQPSKVCJMBDJPOFT
1&TBEFNÃTEFMBTÙMUJNBTFTQFDJB
MJEBEFTRVFDPNQMFUBOTVTQMB[BTEF
NÊEJDPT SFTJEFOUFT yDÓNP QVFEF
SFWBMPSJ[BSTFMB"1 3%FTEFUPEBTMBTTPDJFEBEFTDJFOUÎGJ
DBTZEFTEF4&.(FODPODSFUPFTUBNPT
IBSUPTEFEFDJSMPFTUPFTVODPOUJOVVN
RVFWJFOFEFTEFRVFFMFTUVEJBOUFTF
JOJDJBFOVOHSBEPEFJOGPSNBDJÓOTBOJUB
SJBOPTFQVFEFFMFHJSBRVFMMPRVFOPTF
DPOPDFFOUPODFTUFOFNPTRVFBCPSEBS
FTUPIBDJFOEPRVFMPTFTUVEJBOUFTDPOP[
DBOEVSBOUFTVFTUBODJBFOMBVOJWFSTJ
EBEMBNFEJDJOBEFGBNJMJBRVÊIBDF
QBSB RVÊ TJSWF DVÃM FT TV NPEP EF
USBCBKP/PFTVOBDVFTUJÓOEFOPEBSMF
WBMPSTJOPEFEFTDPOPDJNJFOUPBCTPMVUP
/PFTOPSNBMRVFBCBSDBOEPFMNBZPS
QPSDFOUBKFEFQSPGFTJPOBMFTEFDVBMRVJFS
FTQFDJBMJEBETBOJUBSJBSFTPMWJFOEPFM
QPSDJFOUPEFMPTQSPDFTPTBTJTUFODJBMFT
Z TJFOEP MB QVFSUB EF FOUSBEB EFM
TJTUFNBTJHBNPTTJOTFSDPOPDJEPTQPS
MPTFTUVEJBOUFT
1)BZBEFNÃTQPDPTQSPGFTPSFTRVF
TFBO NÊEJDPT EF "1 yEFCFSÎBO
3PESÓHVF[-FEPBMFSUBEFRVFEFTFHVJSPGFSUBOEPNFOPTQMB[BT.*3EFNFEJDJOBEFGBNJMJBRVFMBTSFDPNFOEBEBT
QPSMB$PNJTJØO/BDJPOBMEFMBFTQFDJBMJEBETFDPSSFFMSJFTHPEFOPQPEFSDVCSJSMBTKVCJMBDJPOFT
DBNCJBSTFMPTDSJUFSJPTQBSBBDDFEFSB
FTUBTQMB[BT 3"WFDFTMBTOPSNBTOPBWBO[BOBMB
NJTNBWFMPDJEBERVFMBMÓHJDB"OBEJFMF
QBSFDFSÎBSB[POBCMFRVFMBBTJHOBUVSB
EFDBSEJPMPHÎBMBFTUÊEBOEPBMHVJFORVF
OPUFOHBGPSNBDJÓOFODBSEJPMPHÎBZEJHP
DBSEJPMPHÎBDPNPEJHPBOFTUFTJBPNJDSP
CJPMPHÎB4JOFNCBSHPUPEBWÎBOPIFNPT
SFQBSBEPFORVFOPFTMÓHJDPRVFBMHVJFO
RVFOPTFBNÊEJDPEFGBNJMJBEÊMBGPSNB
DJÓOEFFTUBFTQFDJBMJEBE0CWJBNFOUF
UJFOFORVFDBNCJBSMPTDSJUFSJPTQBSBRVF
TFQVFEBQSFTFOUBSDPNPQSPGFTPSFM
QFSGJMBEFDVBEPQBSBDBEBVOBEFMBT
BTJHOBUVSBT$SFPRVFFTUÃGVFSBEFUPEB
EVEBRVFVODBSEJÓMPHPUJFOFRVFJNQBS
UJSMBBTJHOBUVSBEFDBSEJPMPHÎBZVO
NÊEJDPEFGBNJMJBMBEFNFEJDJOBEF
GBNJMJBTJOEFUSJNFOUPEFRVFIBZBPUSPT
QFSGJMFTQSPGFTJPOBMFTRVFDPOP[DBOBMHP
EFMBNFEJDJOBEFGBNJMJBRVFFTPOBEJF
MPOJFHBZBEFNÃTFTEFTFBCMFRVFTFB
BTÎQPSFTPTVSHFMBUSPODBMJEBEQFSPFM
QFSGJMQSPQJPUJFOFRVFTFSFMFTQFDÎGJDP
EFMBUJUVMBDJÓO
14JOFNCBSHPyFTUÃNFKPSBOEPMB
SFMBDJÓOFOUSFNFEJDJOBEFGBNJMJBZ
VOJWFSTJEBE 3/JUPEPFTCMBODPOJUPEPFTOFHSP
/PTHVTUBSÎBRVFMBTDPTBTGVFSBONÃT
SÃQJEBTMBTPDJFEBEFWPMVDJPOBBVO
SJUNPEJTUJOUPBMEFMBVOJWFSTJEBEQFSP
RVFTFWBOEBOEPQBTPT/PTUFOFNPT
RVFNFOUBMJ[BSEFRVFTJMBTDPTBTEFCFO
TFSEFPUSPNPEPOPIBZNÃTSFNFEJP
RVFDBNCJBSMBT/PWBMFOQBÒPTDBMJFO
UFTMPDSFFNPTPOPMPDSFFNPTZTJ
DSFFNPTRVFUJFOFRVFTFSEFPUSPNPEP
IBZRVFEBSMPTQBTPTQBSBDBNCJBSMP
"EFNÃTMPTNÊEJDPTEFGBNJMJBFTUBNPT
EJTQVFTUPTQBSBQPEFSEBSFTUFQBTP
(.BMEFEJDJFNCSFEF1VCMJDJEBE
BMEFEJDJFNCSFEF(.
&TQFDJBMJ[BEB
$POHSFTP.VOEJBMTPCSF$ÈODFSEF1VMNØOEFMB*"4-$
0TJNFSUJOJCSFEVDFVOFMSJFTHPEF
QSPHSFTJÓOFO$1/.Z5.NVUBEP
-B*"4-$IBQSFTFOUBEPTVOVFWBQSPQVFTUBEFDMBTJGJDBDJØOUVNPSHBOHMJPZNFUÈTUBTJT
+04²"30%3¶(6&;
&OWJBEPFTQFDJBMB7JFOB
&M$POHSFTP.VOEJBMTPCSF$ÃODFS
EF1VMNÓOEFMB"TPDJBDJÓO*OUFSOBDJP
OBMQBSBFM&TUVEJPEFM$ÃODFSEF1VMNÓO
*"4-$ QPS TVT TJHMBT FO JOHMÊT
IB
DPOGJSNBEPFMCVFONPNFOUPQPSFMRVF
QBTBMBJOWFTUJHBDJÓOFOFTUBQBUPMPHÎB
&OUSFMPTUFNBTNÃTEFTUBDBEPTMPT
EBUPTRVFDPOGJSNBOMBTVQFSJPSFGJDBDJB
TPCSF MB RVJNJPUFSBQJB EF GÃSNBDPT
EJSJHJEPTDPOUSBNVUBDJPOFTFTQFDÎGJDBT
MBOVFWBDMBTJGJDBDJÓOUVNPSHBOHMJP
NFUÃTUBTJT 5/.
Z OPWFEBEFT FO FM
DBNQPEFMBJONVOPUFSBQJB
%VSBOUFFMTJNQPTJPQSFTJEFODJBMTF
QSFTFOUBSPOOVFWPTEBUPTEFMFTUVEJP
GBTF"63"FOFMRVFTFDPNQBSÓMB
FGJDBDJB Z TFHVSJEBE EF PTJNFSUJOJC
5BHSJTTPEF"TUSB;FOFDBZBBQSPCBEP
FOMB6&
ZMBRVJNJPUFSBQJBCBTBEBFO
EPCMFUFEFQMBUJOPQMBUJOPQFNFUSFYBEP
FOQBDJFOUFTDPODÃODFSEFQVMNÓO
OP NJDSPDÎUJDP $1/.
MPDBMNFOUF
BWBO[BEPPNFUBTUÃTJDPDPOMBNVUBDJÓO
5.EFM&('3ZRVFIBCÎBOTVGSJEP
QSPHSFTJÓOEVSBOUFPEFTQVÊTEFMUSBUB
NJFOUPQSFWJPDPOVOJOIJCJEPSEFMB
UJSPTJOBRVJOBTBEFM&('3$PNPEFTUBDÓ
7BTTJMJLJ 1BQBEJNJUSBLPQPVMPV EF MB
6OJWFSTJEBE EF 5FYBT .% "OEFSTPO
$BODFS$FOUFSFO)PVTUPOiPTJNFSUJOJC
SFEVKPFMSJFTHPEFQSPHSFTJÓOEFMBFOGFS
NFEBEFOVOQPSDJFOUPu"EFNÃTFM
GÃSNBDPNPTUSÓVOBNFKPSÎBFTUBEÎTUJDB
NFOUFTJHOJGJDBUJWBFOMBTVQFSWJWFODJB
MJCSFEFQSPHSFTJÓOGSFOUFBMBRVJNJPUF
SBQJBNFTFTGSFOUFBNFTFTMP
RVFTVQPOFVOBNFKPSBEFNFTFT
$BCFSFDPSEBSDPNPTFÒBMÓ5POZ.PL
EFMB6OJWFSTJEBE$IJOBEF)POH,POH
RVFiFMQPSDJFOUPEFMPTQBDJFOUFT
DPODÃODFSEFQVMNÓOOPNJDSPDÎUJDP
QSFTFOUBONVUBDJÓO5.EFM&('3Z
RVFDBTJUPEPTFMMPTEFTBSSPMMBOSFTJTUFO
DJBBMBTUFSBQJBTEJSJHJEBTDPOUSBFTUB
NVUBDJÓOu
"VORVFFMCFOFGJDJPEFPTJNFSUJOJCTF
PCTFSWÓ FO UPEPT MPT TVCHSVQPT EF
QBDJFOUFTPUSBEFMBTEFSJWBEBTJOUFSF
TBOUFT EFM FTUVEJP FT RVF MB UFSBQJB
UBNCJÊOCFOFGJDJÓBMPTQBDJFOUFTRVF
TVGSFONFUÃTUBTJTDFSFCSBMi&TUBFTVOB
EFMBTDPNQMJDBDJPOFTNÃTHSBWFTFOFTUF
UJQPEFDÃODFSEFQVMNÓOuSFNBSDÓ
.PL&OFTUFTFOUJEPFMFTUVEJPNVFTUSB
RVFMBNFEJBOBEFMBTVQFSWJWFODJBMJCSF
EFQSPHSFTJÓOFOUSFMPTQBDJFOUFTDPO
NFUÃTUBTJT DFSFCSBM Z USBUBEPT DPO
PTJNFSUJOJCGVFEFNFTFTQPS
NFTFTFOUSFBRVFMMPTRVFSFDJCJFSPO
RVJNJPUFSBQJBi:MBIB[BSESBUJPGVFEF
u BÒBEJÓ 1BQBEJNJUSBLPQPVMPV
7BTTJMJLJ1BQBEJNJUSBLPQPVMPVEFMB6OJWFSTJEBEEF5FYBT.%"OEFSTPO$BODFS$FOUFSFO)PVTUPOEVSBOUFMBQSFTFOUBDJØOEFSFTVMUBEPTFOFMTJNQPTJPQSFTJEFODJBM
"63"UBNCJÏONVFTUSBRVF
PTJNFSUJOJCCFOFGJDJBBMPT
QBDJFOUFTRVFTVGSFO
NFUÈTUBTJTDFSFCSBM
&OMBOVFWBDMBTJGJDBDJØO5/.
DPCSBFTQFDJBMSFMFWBODJB
NFEJSEFGPSNBQSFDJTBFM
UBNB×PEFMUVNPS
&TUBFYQFSUBQVTPÊOGBTJTFOMBSFMFWBO
DJBEFMCFOFGJDJPPCTFSWBEPFOMPTQBDJFO
UFTDPONFUÃTUBTJTFOFMDFSFCSPi&TVOB
DPOEJDJÓO NVZ EFCJMJUBOUF QBSB MB
DBMJEBEEFWJEBZDPOUSPMBSMBFTGVOEB
NFOUBMQBSBFWJUBSVOBNVFSUFSÃQJEBu
"TJNJTNP MB CVFOB SFTQVFTUB BM
GÃSNBDPFOUSFFTUPTQBDJFOUFTTFQSPEVKP
TJO RVF JOGMVZFSB TJ IBCÎBO SFDJCJEP
USBUBNJFOUPSBEJPUFSÃQJDPQSFWJP
&ODVBOUPBMPTFGFDUPTTFDVOEBSJPTEF
PTJNFSUJOJCFTUBFYQFSUBTFÒBMÓRVFiMPT
FGFDUPTTFDVOEBSJPTNÃTHSBWFTDPNPMB
BOFNJBMBOFVUSPQFOJBPMBGBUJHBGVFSPO
NFOPTGSFDVFOUFTFOUSFMPTQBDJFOUFT
RVFSFDJCJFSPOFMGÃSNBDPu
&OPQJOJÓOEF.PLFTUPTSFTVMUBEPT
JOEJDBORVFFTGVOEBNFOUBMiSFBMJ[BSVOB
CJPQTJBMÎRVJEBPVOBOÃMJTJTEFMUFKJEP
UVNPSBMBMPTQBDJFOUFTQBSBEFUFDUBSMB
QSFTFODJB EF NVUBDJÓO 5. EFM
&('3u1PSTVQBSUF1BQBEJNJUSBLPQPV
MPVBGJSNÓRVFNÃTBMMÃEFMPTCVFOPT
EBUPTBSSPKBEPTQPSFMFTUVEJPiFMIFDIP
EFRVFFTUFTFBFMQSJNFSFOTBZPRVF
NVFTUSB RVF VO GÃSNBDP NFKPSB MB
TVQFSWJWFODJBMJCSFEFQSPHSFTJÓOTPCSF
MB RVJNJPUFSBQJB Z RVF UBNCJÊO FT
CFOFGJDJPTPDVBOEPTFQSPEVDFNFUÃTUB
TJTDFSFCSBMEFCFSÎBDPOWFSUJSBPTJNFS
UJOJCFOFMOVFWPFTUÃOEBSEFUSBUBNJFOUP
QBSBFTUPTQBDJFOUFTu
/VFWBDMBTJGJDBDJØO5/.
%VSBOUFFMDPOHSFTPMB*"4-$QSFTFOUÓ
TV OVFWB QSPQVFTUB EF DMBTJGJDBDJÓO
UVNPSHBOHMJPZNFUÃTUBTJT5/.
QBSB
FMDÃODFSEFQVMNÓOEFDÊMVMBTQFRVFÒBT
ZFMEFDÊMVMBTOPQFRVFÒBT$PNPFYQMJDÓ
3BNPO3BNJ1PSUBEFM)PTQJUBM6OJWFS
TJUBSJ.VUVB5FSSSBTTBZQSFTJEFOUFEFM
DPNJUÊ RVF TF IB FODBSHBEP EF FTUB
OVFWBDMBTJGJDBDJÓOTFIBOBOBMJ[BEP
EBUPTEFVOPTQBDJFOUFTEFUPEPFM
NVOEP&TUBDMBTJGJDBDJÓOUJFOFDPNP
PCKFUJWPPGSFDFSBMQBDJFOUFVOQSPOÓTUJDP
NÃTQSFDJTPEFTVFOGFSNFEBE3BNJ
1PSUBSFNBSDÓRVFMBQSJODJQBMOPWFEBE
FTRVFiBIPSBIBZVOEFTDSJQUPSFOUPEBT
MBTDBUFHPSÎBT5RVFEFGJOFOFMUBNBÒP
EFMUVNPSu&TEFDJS5TFEJWJEFFO5B
5CZ5DDPOOVFWPTQVOUPTEFDPSUFEFM
UBNBÒPFODNZDN&TUFFYQFSUP
FOGBUJ[ÓRVFFTGVOEBNFOUBMNFEJSDPO
NVDIB QSFDJTJÓO FM UVNPS iQPSRVF
EJGFSFODJBT EF NJMÎNFUSPT QVFEFO
TVQPOFSVOBEJGFSFODJBEFMQPSDJFOUP
FOMBTVQFSWJWFODJBBDJODPBÒPTu1BSB
FMMP3BNJ1PSUBSFDPNJFOEBFM5"$Z
SFBMJ[BSVOBWFOUBOBNFEJBTUJOBMBTÎ
DPNPDPSUFTBYJBMFTDPSPOBMFTZTBHJUB
MFT QBSB iPCUFOFS MB EJNFOTJÓO NÃT
HSBOEFEFMUVNPSu
"TJNJTNPMB*"4-$QSPQPOFRVFZB
RVFTFSÎBDPTUPTPFOUJFNQPZSFDVSTPT
SFBMJ[BSVOBOÃMJTJTHBOHMJPBHBOHMJP
iIBCSÎB RVF FTUVEJBS MBT FTUBDJPOFT
HBOHMJPOBMFTZBRVFFMIFDIPEFRVFFTUÊ
BGFDUBEBVOBFOMVHBSEFEPTPUSFTJOEJDB
NFKPSQSPOÓTUJDPuBÒBEJÓ3BNJ1PSUB
(.BMEFEJDJFNCSFEF
-PSMBUJOJC
MPHSBVO
EFSFTQVFTUBT
FO/4$-$
+"3
&OWJBEPFTQFDJBMB7JFOB
#SBINFSDFOUSP
DBMJGJDØDPNPiSFWPMVDJPOBSJPFONVDIPTBTQFDUPTwFMFTUVEJP,FZOPUFZTF×BMØRVFFTiNVZJNQPSUBOUFwMBNFKPSBEFMBDBMJEBEEFWJEBDPOQFNCSPMJ[VNBC
1FNCSPMJ[VNBCNFKPSBMB$E7
FO$1/.BWBO[BEP
/VFWPTEBUPTDPOGJSNBOMPTCFOFGJDJPTEFMBJONVOPUFSBQJBFO$1
+"3
&OWJBEPFTQFDJBMB7JFOB
6OPEFMPTFTUVEJPTNÃTSFMFWBOUFTEFM
QBTBEP $POHSFTP EF MB 4PDJFEBE
&VSPQFBEF0ODPMPHÎB&4.0
GVF
FM,FZOPUFFOFMRVFTFJOWFTUJHBCB
FMVTPEFQFNCSPMJ[VNBC,FZUSVEBEF
.4%
FOQBDJFOUFTDPODÃODFSEFQVMNÓO
OP NJDSPDÎUJDP $1/.
BWBO[BEP TJO
USBUBNJFOUP QSFWJP Z DVZPT UVNPSFT
FYQSFTBSPOOJWFMFTFMFWBEPTEF1%-
&MGÃSNBDPQSPEVKPVOBSFEVDDJÓO
EFMQPSDJFOUPEFMSJFTHPEFQSPHSFTJÓO
EFMBFOGFSNFEBEZVOBSFEVDDJÓOEFM
QPS DJFOUP EFM SJFTHP EF NVFSUF FO
DPNQBSBDJÓODPOFMEPCMFUFEFRVJNJP
UFSBQJB DPO QMBUJOP %F FTUF NPEP
QFNCSPMJ[VNBC TF DPOWFSUÎB FO FM
QSJNFS BOUJ1% RVF TF NPTUSBCB
TVQFSJPSBMBRVJNJPUFSBQJBFOQSJNFSB
MÎOFBFOFTUPTQBDJFOUFTVOPTSFTVMUBEPT
RVFZBMFIBOWBMJEPTVBQSPCBDJÓOQPS
QBSUFEFMB'%"
&O7JFOB+VMJF#SBINFSEFM4JEOFZ
,JNNFM$PNQSFIFOTJWF$BODFS$FOUFS
BU+PIOT)PQLJOT#BMUJNPSF&&66
QSFTFOUÓEBUPTEFMNJTNPFTUVEJPTPCSF
DBMJEBEEFWJEB$E7
-PTQBDJFOUFTTF
TPNFUJFSPOBEPTUFTUTQBSBNFEJSTV
DBMJEBE EF WJEB FM &035$ 2-2$
TPCSFDBMJEBEEFWJEBHMPCBMZFM&035$
2-2-$TPCSFUPTEPMPSFOFMQFDIPZ
EJTOFB#SBINFSTFÒBMÓRVFUSBT
TFNBOBTEFUSBUBNJFOUPMPTQBDJFOUFT
EFMHSVQPEFQFNCSPMJ[VNBCiHBOBSPO
QVOUPTEFDBMJEBEEFWJEBNJFOUSBT
RVFMPTEFRVJNJPUFSBQJBQFSEJFSPOu
6OPTSFTVMUBEPTNVZSFMFWBOUFTBTV
KVJDJPiQPSRVFFTUVEJPTQSFWJPTEFNVFT
USBORVFFOFTUPTQBDJFOUFTRVFUJFOFO
NVDIPTTÎOUPNBTZNVZJNQPSUBOUFT
QFRVFÒPTDBNCJPTFOMBQVOUVBDJÓOEF
MPTUFTUTTPCSFDBMJEBEEFWJEBTPODMÎOJ
DBNFOUFNVZTJHOJGJDBUJWPTu
-PSMBUJOJCGÃSNBDPFOEFTBSSPMMPQPS
1GJ[FS
IB PCUFOJEP VOB UBTB EF
SFTQVFTUBEFMQPSDJFOUPFOVO
FTUVEJPGBTFFOQBDJFOUFTDPODÃODFS
EFQVMNÓOEFDÊMVMBTOPQFRVFÒBT
/4$-$
DPONVUBDJPOFTFO"-,P
304ZRVFZBIBCÎBOSFDJCJEPUSBUB
NJFOUP QSFWJP $PNP FYQMJDÓ
&OSJRVFUB'FMJQPODÓMPHBEFM)PTQJ
UBM7BMME)FCSPOBVORVFMBNBZPSÎB
EFMPTQBDJFOUFTRVFQSFTFOUBOFTUF
UJQPEFQBUPMPHÎBSFTQPOEFOQPTJUJWB
NFOUFBMPTJOIJCJEPSFTEF"-,PEF
304iFM QSPCMFNB FT RVF IBZ VO
TVCHSVQPEFQBDJFOUFTRVFQVFEFO
EFTBSSPMMBSSFTJTUFODJBBFTUPTUSBUB
NJFOUPTu :B IBZ BQSPCBEP VO
GÃSNBDP DFSJUJOJC DVZP OPNCSF
DPNFSDJBM FT ;ZLBEJB Z IB TJEP
EFTBSSPMMBEPQPS/PWBSUJT
RVFTF
FNQMFB DVBOEP TF QSPEVDF FTUB
QSPHSFTJÓO1FSPFOPQJOJÓOEF'FMJQ
FTiJNQPSUBOUFDPOUBSDPOOVFWBT
BMUFSOBUJWBTQBSBFTUPTQBDJFOUFTu
&OFMDJUBEPFTUVEJPTFJODMVZFSPO
UBOUPQBDJFOUFTRVFIBCÎBOSFDJCJEP
VOBÙOJDBMJOFBEFUSBUBNJFOUPDPOVO
JOIJCJEPSEF"-,PEF304ZUBNCJÊO
QBDJFOUFTRVFIBCÎBOSFDJCJEPEPT
MÎOFBTEFUSBUBNJFOUPi"QBSUFEFMB
CVFOBUBTBEFSFTQVFTUBDPOTFHVJEB
FMFTUVEJPNVFTUSBRVFFMGÃSNBDPFT
CJFOUPMFSBEPuBÒBEJÓ'FMJQ
."3*"/01307&/$*0❘ 1SFTJEFOUFEFM(SVQP&TQBÒPMEF$ÃODFSEF1VMNÓO
i-BJONVOPUFSBQJBWBBTFSNVZJNQPSUBOUF
FOFMUSBUBNJFOUPEFMDÃODFSEFQVMNÓOu
+"3
&OWJBEPFTQFDJBMB7JFOB
.BSJBOP1SPWFODJPMBNFOUBRVFFM(&$1OPSFDJCBGJOBO
DJBDJØOQBSBJOWFTUJHBS
.BSJBOP1SPWFODJPKFGFEF4FSWJDJPEF
0ODPMPHÎB.ÊEJDBEFM)PTQJUBM6OJWFS
TJUBSJP1VFSUBEF)JFSSPZQSFTJEFOUF
EFM (SVQP &TQBÒPM EF $ÃODFS EF
1VMNÓO(&$1
DPNFOUBFMQSFTFOUFZ
FMGVUVSPEFMBJONVOPUFSBQJBFOFTUB
QBUPMPHÎB
1SFHVOUB y$VÃMFT IBO TJEP MPT
QSJODJQBMFTBWBODFTFOFMUSBUBNJFOUP
EFMDÃODFSEFQVMNÓOFOMPTÙMUJNPT
BÒPT 3FTQVFTUB"QBSUFEFMEFTDVCSJNJFOUP
EF OVFWPT GÃSNBDPT JEFOUJGJDBS MBT
QPCMBDJPOFTNÃTTFOTJCMFTBEFUFSNJOB
EPT USBUBNJFOUPT HSBDJBT B OVFWPT
NBSDBEPSFTUVNPSBMFTZNVUBDJPOFT
DPNP&('3"-,Z3045PEPFMMPOPT
QFSNJUFBWBO[BSFOMBNFEJDJOBQFSTP
OBMJ[BEBQBSBMPTQBDJFOUFTRVFTVGSFO
FTUBQBUPMPHÎB
1y$ÓNPWFFMQSFTFOUFZFMGVUVSPEF
MBJONVOPUFSBQJBQBSBFMDÃODFSEF
QVMNÓO 3 &T VOB HSBO SFBMJEBE :B IBZ
UVNPSFTQBSBMPTDVBMFTMBJONVOPUFSB
QJBUJFOFJOEJDBDJÓO.FKPSBMBTVQFSWJ
WFODJB HMPCBM &T VOB IFSSBNJFOUB
OVFWBZZBTFFTUÃOFTUVEJBOEPDÓNP
QVFEFCFOFGJDJBSBMPTQBDJFOUFTDPNCJ
OBEBDPOMBRVJNJPUFSBQJBQPSFKFNQMP
$SFPRVFBQBSUFEFTVQSFTFOUFTFQVFEF
BGJSNBSRVFBÙOTFBWBO[BSÃNVDIPFO
FTUFTFOUJEP
1y&ORVÊTVCUJQPTEFDÃODFSEF
QVMNÓOIBEFNPTUSBEPZBTVFGJDBDJB
FTUFBCPSEBKF 3 %F NPNFOUP FO MPT EPT NBT
GSFDVFOUFTFTDBNPTPZOPFTDBNPTP
+VOUPTSFQSFTFOUBODBTJFMQPSDJFOUP
EFMPTDBTPTEFDÃODFSEFQVMNÓO"IPSB
MBJONVOPUFSBQJBFTUÃBQSPCBEBQBSB
TFHVOEBTMÎOFBT4FFTUÃJOWFTUJHBOEP
QBSBTVJOEJDBDJÓOFOQSJNFSBMÎOFBZ
QSPCBCMFNFOUFOPTFUBSEBSÃNVDIPFO
MPHSBSMP
1y5BNCJÊOTJHVFOTJFOEPSFMFWBOUFT
MPTFTUVEJPTTPCSFMBUPYJDJEBEEFMB
RVJNJPUFSBQJB 34Î&OFTUFDPOHSFTPIFNPTQSFTFO
UBEPVOFTUVEJPFOFTUBEÎPTCJOPQFSB
CMFTFOFMRVFTFIBDPNQBSBEPMBDPNCJ
OBDJÓOEFMBRVJNJPUFSBQJBUÎQJDBEF
&TUBEPT6OJEPTDJTQMBUJOPZFUPQÓTJEP
Z
MBUÎQJDBEFMB6OJÓO&VSPQFBDJTQMBUJOP
ZWJOPSFMCJOB
"NCBTTPOJHVBMEFFGJDB
DFTQFSPMBUPYJDJEBEEFFTUBÙMUJNBFT
NVDIP NFOPS DPO VO QPS DJFOUP
NFOPTEFQBDJFOUFTRVFTFWFOBGFDUBEPT
EFOFVNPOJUJT
&TQFDJBMJ[BEBBMEFEJDJFNCSFEF(.
+04­"/50/*01¦3".0❘1SFTJEFOUFEFMB4PDJFEBE
&TQBÒPMBEF5SPNCPTJTZ)FNPTUBTJB
i&MCFOFGJDJPEFMPT
"$0%FTJOEVEBCMF
ZBRVFTVFGJDBDJBFT
TVQFSJPSBMPT"7,u
$4
.BESJE
4PONVDIBTMBTQSFHVOUBTRVFRVFEBOTJO
SFTQPOEFSFOFMDBNQPEFMBUSPNCPTJTZ
IFNPTUBTJBDPNPRVÊHSVQPTEFQBDJFO
UFT QSFTFOUBSÃO SFDVSSFODJB USBT VO
FQJTPEJPUSPNCÓUJDPPRVÊQBQFMKVFHBMB
JOGMBNBDJÓOZEJTGVODJÓOFOEPUFMJBM1BSB
PUSBTDVFTUJPOFT+PTÊ"OUPOJP1ÃSBNP
QSFTJEFOUFEFMB4PDJFEBE&TQBÒPMBEF
5SPNCPTJTZ)FNPTUBTJB4&5)
IBCMB
DPO(.ZPGSFDFSFTQVFTUBT
1SFHVOUBy$VÃMFTTPOMPTQSJODJQBMFT
PCKFUJWPTRVFUJFOFQPSEFMBOUFDPNP
QSFTJEFOUFEFMB4&5)IBTUB 3FTQVFTUB%BSWJTJCJMJEBEBMB4&5)FO
PUSBTTPDJFEBEFTDJFOUÎGJDBTZQBSBFMMP
SFBMJ[BSDPOUBDUPTDPOBRVFMMBTBGJOFTF
JOUFSFTBEBTFOIFNPTUBTJBZUSPNCPTJT
TFHVJSGPSUBMFDJFOEPMBJOUFSOBDJPOBMJ[B
DJÓOEFMB4&5)CVTDBOEPFMBQPZPEFMBT
EJGFSFOUFTTPDJFEBEFTFOFMDBNQPQPUFO
DJBS MBT BDUJWJEBEFT EF MPT HSVQPT EF
USBCBKPNFEJBOUFFMJNQVMTPEFQSPZFD
UPTEFJOWFTUJHBDJÓOZMBQBSUJDJQBDJÓOEF
KÓWFOFTDMÎOJDPTFJOWFTUJHBEPSFTJODSF
NFOUBSMBBDUJWJEBEGPSNBUJWBQPUFO
DJBOEP MPT DVSTPT EF BDUVBMJ[BDJÓO Z
NFKPSBSMBSFMBDJÓODPOMBJOEVTUSJBQBSB
RVFTJHBGPNFOUBOEPMBTBDUJWJEBEFTEF
GPSNBDJÓODPOUJOVBEBFOIFNPTUBTJBZ
USPNCPTJT
1y$VÃMFTMBWBMPSBDJÓORVFIBDF
TPCSFMBFTQFDJBMJEBEFO&TQBÒB yFO
EÓOEFIBCSÎBRVFJODJEJSNÃT 36OBTQFDUPJNQPSUBOUFTFSÃJODJEJS
FOMBEJGVTJÓOEFMBTDPNQFUFODJBTDVSSJ
DVMBSFTDBSBDUFSÎTUJDBTEFFTUBFTQFDJBMJ
EBEFOUSFMPTNÊEJDPTKÓWFOFTZGPSUBMFDFS
MPTMB[PTDPOPUSBTTPDJFEBEFTBGJOFTBTÎ
DPNPEFTUBDBSFMQBQFMBDUJWPEFMB4&5)
FOMBEJGVTJÓOEFMQSPCMFNBEFMBUSPNCP
TJTFOUSFMBQPCMBDJÓOQBSBVOBNBZPS
TFOTJCJMJ[BDJÓOEFMNJTNP&TUPZTFHVSP
EFRVFBDPSUPQMB[PMBNFEJDJOBQFSTPOB
MJ[BEBFOFMDBNQPEFMBUSPNCPTJTZ
IFNPSSBHJBWBBTFSVOBSFBMJEBE(SBDJBT
BMPTBWBODFTEJBHOÓTUJDPTZUFSBQÊVUJDPT
TFQPESÃJEFOUJGJDBSQSFDP[NFOUFZDPO
QSFDJTJÓOTVKFUPTDPOQSFEJTQPTJDJÓOB
FTUBTQBUPMPHÎBTMPRVFQFSNJUJSÃVOB
BQSPYJNBDJÓOJOEJWJEVBMJ[BEB
1 y$VÃOEP DSFF RVF TF QPESÎB
DFMFCSBS VO $POHSFTP &VSPQFP EF
5SPNCPTJTZ)FNPTUBTJB "MGJOZBM
DBCPMBVOJÓOIBDFMBGVFS[ByOP 3-BJOUFSOBDJPOBMJ[BDJÓOEFMB4&5)
FTVOPEFMPTFKFTGVOEBNFOUBMFTEFMB
OVFWBFUBQBZQBSBFMMPTFCVTDBSÃFM
BQPZP EF MBT EJGFSFOUFT TPDJFEBEFT
FVSPQFBT&ODPODSFUPTFUSBUBSÃBDPSUP
QMB[P EF RVF QPEBNPT PSHBOJ[BS FO
OVFTUSPQBÎTVODPOHSFTPEFMB4PDJFEBE
&VSPQFB EF5SPNCPTJT Z )FNPTUBTJB
&$5)
RVFQPESÎBDFMFCSBTFBMPMBSHPEF
ZRVFDPOTUJUVJSÎBVOIJUPDJFOUÎGJDP
1y2VÊQBQFMKVFHBMBGJCSJOÓMJTJTZMB
QSPUFÓMJTJTFOMBUSPNCPTJTZRVÊBTQFD
UPTEFCFOUFOFSTFFODVFOUBQBSBFWJUBS
VOUSPNCP 3 -B GJCSJOÓMJTJT FT VO NFDBOJTNP
OBUVSBMEFEFGFOTBEFMPSHBOJTNPDPOUSB
MBUSPNCPTJTQPSMPRVFVOBBMUFSBDJÓOEF
FTUF TJTUFNB QVFEF QSFEJTQPOFS B TV
BQBSJDJÓO&TUVEJPTSFDJFOUFTJOEJDBORVF
BEFNÃT EF MB GJCSJOPMJTJT FYJTUF PUSP
TJTUFNBMBQSPUFÓMJTJTRVFDPPQFSBDPO
BRVFMQBSBFMJNJOBSMBGJCSJOBSFTQPOTB
CMFEFMDPÃHVMP-PTGÃSNBDPTGJCSJOPMÎUJ
DPTTPOEFFMFDDJÓOFOQBUPMPHÎBTUSPNCÓ
UJDBT BHVEBT DPNP MPT TÎOESPNFT
DPSPOBSJPTBHVEPTFMJDUVTZFMUSPNCPFN
CPMJTNPQVMNPOBS
1y2VÊTFTBCFEFMPTNBSDBEPSFTEF
/&5PTJTDPNPQSFEJDUPSFTEFMSJFTHPEF
FWFOUPT$7FOQBDJFOUFTDPO'"BOUJDPB
HVMBEPT 3-PT/&5TTPOQSPEVDUPTMJCFSBEPT
QPS MPT MFVDPDJUPT OFVUSÓGJMPT DPNP
NFDBOJTNPEFEFGFOTBBOUJNJDSPCJBOP
QFSPFTUFNJTNPNFDBOJTNPQVFEFTFS
SFTQPOTBCMFEFMBUSPNCPTJTMPRVFIB
QFSNJUJEPBDVÒBSFMUÊSNJOPEFJONVOP
USPNCPTJTDPNPVOQSPDFTPGJTJPQBUPMÓ
HJDPRVFFYQMJDBMBJOUFSSFMBDJÓOFOUSF
JOGMBNBDJÓOZUSPNCPTJTDVZBSFMFWBODJB
DMÎOJDBBÙOOPTFIBFTUBCMFDJEP
1y1VFEFOMPTNJDSP3/"QMBTNÃUJDPT
TFSCJPNBSDBEPSFTEFSJFTHPEFJDUVTFO
QBDJFOUFTDPO'" -PTNJDSP"3/UJFOFOMBDBQBDJEBEEF
SFHVMBSMBFYQSFTJÓOEFPUSPTHFOFT4F
EJTQPOFEFFWJEFODJBDJFOUÎGJDBNVZQSFMJ
NJOBSTPCSFTVQBQFMFOMBIFNPTUBTJBZ
USPNCPTJT TJ CJFO QVFEFO DPOTUJUVJS
OVFWBT IFSSBNJFOUBT QSPOÓTUJDBT
EJBHOÓTUJDBTZUFSBQÊVUJDBT
1.JFOUSBTRVFMPTFYQFSUPTEFGJFOEFO
FMVTPEFMPT"$0%QBSBMBQSFWFODJÓOEF
JDUVTFOMPTIPTQJUBMFTZFOMBTDPOTVMUBT
EFQSJNBSJBTFMJNJUBTVQSFTDSJQDJÓO
yDÓNPTFQVFEFBWBO[BSFOFTUFUFSSFOP 3"EFNÃT EF MPT FTUVEJPT DMÎOJDPT
SBOEPNJ[BEPTMPTEBUPTEFMANVOEPSFBM
BQPZBOFMQBQFMEFFTUPTGÃSNBDPTFOFM
USBUBNJFOUPEFMBUSPNCPTJTWFOPTBFOMB
QSFWFODJÓOEFMJDUVTFOQBDJFOUFTDPO'"
ZFOMBQSFWFODJÓOEFMBUSPNCPTJTFO
DJSVHÎBPSUPQÊEJDBNBZPS&MCFOFGJDJP
DMÎOJDPOFUPEFMPT"$0%FTJOEVEBCMFZB
+PTÏ"OUPOJP1ÈSBNPQSFTJEFOUFEFMB4PDJFEBE&TQB×PMBEF5SPNCPTJTZ)FNPTUBTJB4&5)
JODJEFFORVFMBT
BENJOJTUSBDJPOFTQÞCMJDBTEFCFSÓBOFTGPS[BSTFNÈTQBSBNFKPSBSMBJNQMBOUBDJØOEFMPT"$0%FO&TQB×B
RVFBTVFGJDBDJBTJNJMBSPTVQFSJPSBMPT
BOUJWJUBNJOBT,"7,
TFTVNBMBNFOPS
JODJEFODJBEFDPNQMJDBDJPOFTIFNPSSÃHJ
DBTZMBGBDJMJEBEEFBENJOJTUSBDJÓOOP
SFRVJSJFOEPNPOJUPSJ[BDJÓO$POTJEFSP
RVF MBT BENJOJTUSBDJPOFT QÙCMJDBT
EFCFSÎBOIBDFSVOFTGVFS[PQBSBNFKPSBS
TV JNQMBOUBDJÓO FO UPEP FM UFSSJUPSJP
OBDJPOBMFOBRVFMMPTQBDJFOUFTFOMPTRVF
FTUÃOFTQFDJBMNFOUFJOEJDBEPTFOMÎOFB
DPO MBT SFDJFOUFT JOEJDBDJPOFT EF MBT
QSJODJQBMFTHVÎBTDMÎOJDBTJOUFSOBDJPOBMFT
1 -PT OVFWPT USBUBNJFOUPT QBSB
IFNPGJMJB"Z#IBOTVQVFTUPVODBNCJP
SBEJDBMEFQBSBEJHNBQBSBMPTQBDJFO
UFTQFSPyDÓNPTFQVFEFBWBO[BSIBDJB
VOEJBHOÓTUJDPQSFDJTPEFIFNPGJMJB"
NFEJBOUFTFDVFODJBDJÓONBTJWB 3&OMPTÙMUJNPTBÒPTTFIBOQSPEVDJEP
JNQPSUBOUFTBWBODFTFOFMUSBUBNJFOUPEF
MBIFNPGJMJBEFTBSSPMMBEPTDPOCBTFFO
UFDOPMPHÎB SFDPNCJOBOUF &OUSF MPT
QSPEVDUPTFOEFTBSSPMMPEFTUBDBO'BDUPS
7***Z*9EFMBSHBEVSBDJÓOBOÃMPHPTEFM
'7**CJPTJNJMBSFT'BDUPS7***Z*9USBOT
HÊOJDPT$POFMMPTTFDPOTJHVFNBZPS
FGFDUJWJEBEFOFMUSBUBNJFOUPZDBMJEBEEF
WJEB EF MPT QBDJFOUFT "QMJDBOEP MBT
NFUPEPMPHÎBTDPOWFODJPOBMFTEFEJBHOÓT
UJDPHFOÊUJDPFYJTUFVOQPSDFOUBKFNÎOJNP
EFQBDJFOUFTIFNPGÎMJDPTFOMPTDVBMFTOP
FTQPTJCMFMMFHBSBVOBDPOGJSNBDJÓOEFTV
QBUPMPHÎBNPMFDVMBS-BTOVFWBTUÊDOJDBT
EFTFDVFODJBDJÓONBTJWBFTUÃODPOUSJCV
ZFOEPBMBSFTPMVDJÓOEFNVDIPTEFFTPT
DBTPTZBVOFTUVEJPNÃTQSPGVOEPEFMBT
DPSSFMBDJPOFTHFOPUJQPGFOPUJQP
1y$VÃMFTTPOMPTQSJODJQBMFTBWBODFT
EFMPTÙMUJNPTBÒPTFOFMUSBUBNJFOUP
EFMBTDPBHVMPQBUÎBTDPOHÊOJUBT 3-PTNBZPSFTBWBODFTTFFTUÃOQSPEV
DJFOEPDPOMBHFOFSBMJ[BDJÓOEFMBTUÊDOJ
DBTEFTFDVFODJBDJÓONBTJWBRVFQFSNJ
UJSÃO MB DBSBDUFSJ[BDJÓO QSFDJTB EFM
EFGFDUPNPMFDVMBSZFMMPGBDJMJUBSÃVOB
NFEJDJOBQFSTPOBMJ[BEB
1 y2VÊ QSFHVOUBT RVFEBO TJO
SFTQVFTUBBDUVBMNFOUFFOFMDBNQPEF
MBUSPNCPTJTZMBIFNPTUBTJB 36OUFNBTJOSFTPMWFSFTMBJEFOUJGJDB
DJÓOEFQBDJFOUFTRVFWBOBQSFTFOUBS
SFDVSSFODJBUSBTVOFQJTPEJPUSPNCÓUJDP
5BNCJÊOFTOFDFTBSJPDPOPDFSDVÃMFTFM
QBQFM EF MB JOGMBNBDJÓO Z EJTGVODJÓO
FOEPUFMJBMMBJOUFSSFMBDJÓOFOUSFDÃODFSZ
USPNCPTJTEFUFDDJÓOEFOVFWBTWBSJBOUFT
EFSJFTHPUSPNCÓUJDPFTUSBUFHJBTÓQUJNBT
EFUSPNCPQSPGJMBYJTZGJOBMNFOUFyTFSÃ
QPTJCMF MB PCUFODJÓO EF GÃSNBDPT
BOUJUSPNCÓUJDPTTJOSJFTHPIFNPSSÃHJDP &OFMÃNCJUPEFMPTOVFWPTUSBUBNJFOUPT
FOIFNPGJMJBBÙORVFEBQPSDPOPDFSTV
TFHVSJEBEBMBSHPQMB[PFMJNQBDUPTPCSF
MPTQSPEVDUPTFYJTUFOUFTFMDPTUFEFMPT
OVFWPTNFEJDBNFOUPTZFMQBQFMEFMB
UFSBQJBHÊOJDB
(.BMEFEJDJFNCSFEF&TQFDJBMJ[BEB
+03(&4*&33"❘1SFTJEFOUFEFMB4PDJFEBE&TQBÒPMBEF)FNBUPMPHÎBZ)FNPUFSBQJB
i)BZRVFDPOTFHVJSJNQMBOUBSFJNQVMTBS
MBJONVOPUFSBQJBFOOVFTUSPQBÎTu
$4
.BESJE
4JIBZBMHPRVFEFTUBDB+PSHF4JFSSB
QSFTJEFOUFEFMB4PDJFEBE&TQBÒPMBEF
)FNBUPMPHÎBZ)FNPUFSBQJB4&))
B
(.FTRVFMPTIFNBUÓMPHPTFTUÃOGBNJMJB
SJ[BEPTDPOMBUFSBQJBDFMVMBSEFTEFIBDF
BÒPT/PPCTUBOUFJODJEFFOFMJNQPSUBOUF
QBQFMRVFKVFHBFTUBUFSBQJBZMPNVDIP
RVFQVFEFBQPSUBSMBJONVOPUFSBQJBBM
USBUBNJFOUPEFFTUBTQBUPMPHÎBT
1SFHVOUBy$VÃMFTTPOMPTQSJODJQBMFT
PCKFUJWPTRVFUJFOFQPSEFMBOUFDPNP
QSFTJEFOUFEFMB4&)) 3FTQVFTUB%BEPMPTBWBODFTRVFTF
IBOQSPEVDJEPFOEJGFSFOUFTBTQFDUPTEF
MBFTQFDJBMJEBEFOMPTÙMUJNPTBÒPTUSBUB
NPTEFDPOTFHVJSVOBBNQMJBDJÓOEFMB
GPSNBDJÓO.*3EFIFNBUPMPHÎBBDJODP
BÒPT ‡EPT USPODBMFT EF NFEJDJOB
JOUFSOBZUSFTEFGPSNBDJÓOFOIFNBUP
MPHÎB‡USBCBKBSQBSBRVFTFJNQMFNFOUF
VOTJTUFNBEFBDSFEJUBDJÓODPOUJOVBEB
EFJHVBMNPEPBPUSPTQBÎTFTFVSPQFPTZ
&TUBEPT6OJEPTNFEJBOUFVOUSBCBKP
DPOKVOUPDPOFM$HDPNFJNQVMTBSFM
EFTBSSPMMPEFMBJOOPWBDJÓOFOIFNBUP
MPHÎB 0USP BTQFDUP JNQPSUBOUF FT FM
SFMBDJPOBEPDPOMBUFSBQJBEFQSFDJTJÓO
RVFFTUBTFBBDDFTJCMFBMPTGBDVMUBUJWPT
ZBMPTQBDJFOUFTBTÎDPNPQSPZFDUBS
UPEBWÎBNÃTMBFTQFDJBMJEBEFO&VSPQB
1y$VÃMFTMBWBMPSBDJÓORVFIBDF
TPCSFMBFTQFDJBMJEBEFO&TQBÒB yFO
EÓOEFIBCSÎBRVFJODJEJSNÃT 3$SFPRVFHP[BEFNVZCVFOBTBMVE
-PTIFNBUÓMPHPTFTQBÒPMFTFTUÃONVZ
CJFODPOTJEFSBEPTFOFMNVOEPZTPO
MÎEFSFTEFPQJOJÓOFOEJGFSFOUFTFOGFSNF
EBEFTBOJWFMJOUFSOBDJPOBM)BZUPEBVOB
GFEFSBDJÓOEFIFNBUÓMPHPTRVFIBUSBCB
KBEPJOUFOTBNFOUFFOFRVJQPZIBDPOTF
HVJEPRVFFTPTFSFGMFKFBOJWFMJOUFSOB
DJPOBM*OUFSOBNFOUFMBDBMJEBEEFMB
IFNBUPMPHÎB FTQBÒPMB FO MB TBOJEBE
QVCMJDBZQSJWBEBFTNBHOÎGJDBZFTVOB
FTQFDJBMJEBENVZWJWBZRVFJODPSQPSB
SÃQJEBNFOUF MBT JOOPWBDJPOFT -B
NFEJDJOB QFSTPOBMJ[BEB OBDJÓ FO MB
IFNBUPMPHÎB &M QSJNFS USBUBNJFOUP
NPMFDVMBSEFMDÃODFSGVFFOMBMFVDFNJB
QSPNJFMPDÎUJDBBHVEBZEFTQVÊTFOMB
MFVDFNJBNJFMPJEFDSÓOJDB"EFNÃTFM
QSJNFS BOUJDVFSQP NPOPDMPOBM EFM
NFSDBEPGVFFOMPTMJOGPNBT#
1&M$POHSFTPBNFSJDBOPEFIFNBUP
MPHÎB "4)
FT SFGFSFODJB QBSB MPT
QSPGFTJPOBMFTTBOJUBSJPTy$VÃMFTIBO
TJEPMPTIPUUPQJDTEFM"4) 3-PTBTQFDUPTNÃTSFMFWBOUFTIBO
IFDIPSFGFSFODJBBMBJEFOUJGJDBDJÓOEF
OVFWPTNBSDBEPSFTQSPOÓTUJDPTEFUJQP
NPMFDVMBSBQMJDBOEPUÊDOJDBTEFTFDVFO
DJBDJÓONBTJWBFMEFTBSSPMMPEFGÃSNBDPT
DPOUSB EJBOBT BOUJHÊOJDBT DPNP MPT
NPOPDMPOBMFT P MBT DÊMVMBT $"35 Z
UBNCJÊOBTQFDUPTSFMFWBOUFTEFMBIFNPT
UBTJBDPNPFMEFTBSSPMMPEFGÃSNBDPTQBSB
+PSHF4JFSSBQSFTJEFOUFEFMB4PDJFEBE&TQB×PMBEF)FNBUPMPHÓBZ)FNPUFSBQJB4&))
JOEJDBRVFMPTSFTVMUBEPTEFMBUFSBQJB$"35BVORVFTPOQSFMJNJOBSFTTPOiNVZQSPNFUFEPSFTw
QBDJFOUFTDPOIFNPGJMJBRVFUJFOFOJOIJCJ
EPSFTEFMPTGBDUPSFTEFMBDPBHVMBDJÓO
13FDJFOUFNFOUFMPIBOOPNCSBEP
FEJUPSKFGFEFVOBOVFWBFEJDJÓOPOMJOF
EFMBSFWJTUB#MPPEy$VÃMFTTPOMBT
QSJODJQBMFTEJGFSFODJBTFODVBOUPB
JOWFTUJHBDJÓOCÃTJDBZDMÎOJDBFOUSF
&TQBÒB&VSPQBZ&TUBEPT6OJEPT 3&O&TQBÒBMBCÃTJDBFTTPCSFUPEP
FODFOUSPTNVZNPOPHSÃGJDPTZEFBMUP
OJWFMQFSPTVOÙNFSPZGJOBODJBDJÓOOP
TPMPQVCMJDBTJOPUBNCJÊOQSJWBEBQPS
QBSUFEFNFDFOBTFTNVDIPNÃTBMUBFO
&TUBEPT6OJEPT&ODVBOUPBMBUSBTMBDJP
OBMBRVÎTFIBDFNVZCVFOBJOWFTUJHB
DJÓORVFUBNCJÊOOFDFTJUBGPOEPTQÙCMJ
DPT-BDSJTJTFDPOÓNJDBIBBGFDUBEPQPS
MPRVFFMEFTBSSPMMPFTBMHPNFOPSRVF
&TUBEPT6OJEPTBVORVFTJHVFIBCJFOEP
NVZCVFOPTHSVQPT"DFSDBEFMBJOWFT
UJHBDJÓODMÎOJDBUJFOFVOBMUÎTJNPOJWFM
QFSPFMQSPCMFNBFTRVFMPTFOTBZPTDMÎOJ
DPTFOGBTFQSFDP[MMFHBOQPDPBMPT
IPTQJUBMFTEFOVFTUSPQBÎT
1y$VÃOEPTFQPESÃDPOUBSDPOVOB
BDUVBMJ[BDJÓOEFM-JCSP#MBODPEFMB
)FNBUPMPHÎB 3)BZEJGFSFOUFTEPDVNFOUPTRVF
QSPCBCMFNFOUFOFDFTJUFOSFWJTJÓO&M
-JCSP#MBODPQVFEFTFSVOPEFFMMPT
7BNPTBUSBCBKBSEVSBOUFMPTQSÓYJNPT
BÒPTQBSBBMDBO[BSFTPTPCKFUJWPT
1y%FRVÊNBOFSBTFQPESÎBGBDJMJUBS
FM BDDFTP B MBT OVFWBT PQDJPOFT
UFSBQÊVUJDBTZDÓNPTFQVFEFBDBCBS
DPOMBTJOFRVJEBEFTFOUSFSFHJPOFT 3&TJNQPSUBOUFRVFFMUJFNQPRVF
USBOTDVSSF EFTEF MB BQSPCBDJÓO QPS
QBSUFEFMB&."IBTUBRVFMPTGÃSNBDPT
FTUÃOEJTQPOJCMFTTFBDPSUFEFGPSNB
TJHOJGJDBUJWB&ODVBOUPBMBFRVJEBE
SFBMNFOUFUFOESÎBRVFIBCFSVOQMBO
OBDJPOBMEFBDDFTPBMPTGÃSNBDPTJHVBM
FO UPEBT MBT DPNVOJEBEFT Z DPO MBT
NJTNBTHBSBOUÎBTEFBDDFTPFOMPTIPTQJ
UBMFT EF VOB NJTNB DPNVOJEBE DPO
EJTUJOUPTSFHJNFOFTEFGJOBODJBDJÓO
1y2VÊJNQBDUPUJFOFOMBTUÊDOJDBT
EFTFDVFODJBDJÓONBTJWBZMBTFDVFO
DJBDJÓOEFMHFOPNBFOMBIFNBUPMPHÎB 3.VZJNQPSUBOUFQPSRVFQFSNJUFOMB
EFUFDDJÓOEFOVFWBTNVUBDJPOFTZUSBTMP
DBDJPOFTRVFUJFOFOWBMPSQSPOÓTUJDPZ
RVF QVFEFO TFSWJS DPNP EJBOBT EF
OVFWPTUSBUBNJFOUPT
1 &O FM $POHSFTP EF MB 4&)) FO
4BOUJBHPEF$PNQPTUFMBTFQSFTFOUÓFM
USBCBKPA-BTNVUBDJPOFTEF/05$)
BOBMJ[BEBT NFEJBOUF UÊDOJDBT EF
TFDVFODJBDJÓONBTJWBQFSNJUFOEFGJOJS
NFKPSFMQSPOÓTUJDPEFMPTQBDJFOUFT
EJBHOPTUJDBEPTEF--$DPOUSJTPNÎB
yDVÃMFTFMQBQFM/05$) 3&TVOOVFWPHFORVFTFFTUÃVUJMJ
[BOEPQBSBEFGJOJSFMGBDUPSQSPOÓTUJDP
TPCSFUPEPFOQBDJFOUFTDPO--"ZFTVO
HFORVFUSBEJDJPOBMNFOUFOPTFBOBMJ
[BCBZBIPSBTFIBSFMBDJPOBEPDPOFM
QSPOÓTUJDPEFFTUBFOGFSNFEBE"IPSB
TFFTUÃJOUFOUBOEPBWFSJHVBSTJQVFEF
TFSVOBEJBOBUFSBQÊVUJDBFOFMGVUVSP
EFFTUPTQBDJFOUFTZFWJUBSBTÎMBTSFDBÎ
EBT/PPCTUBOUFFTFFTUVEJPFTNVZ
QSFMJNJOBS
1y$ÓNPIBOWJWJEPMPTIFNBUÓMPHPT
MBJSSVQDJÓOEFMBJONVOPUFSBQJBQBSB
FM USBUBNJFOUP EF MBT IFNPQBUÎBT
NBMJHOBT yDÓNPIBTJEPFMQBTPEFMPT
NPOPDMPOBMFTBMBTDÊMVMBT$"35 33FDJFOUFNFOUFTFIBWJTUPTVQBQFM
FO FOGFSNFEBEFT DPNP FM NJFMPNB
NÙMUJQMF..
TFFTUÃNFKPSBOEPVO
NPOPDMPOBMBOUJ$%VUJMJ[BEPQBSB
-." BQBSFDJFSPO MPT NPOPDMPOBMFT
DPNCJOBEPTDPOUPYJOBTFUD&TUFFTVO
UFNBRVFFTUÃFODPOUJOVPEFTBSSPMMP
-PTIFNBUÓMPHPTNBOFKBNPTMBUFSBQJB
DFMVMBSEFTEFIBDFUJFNQPQPSFKFNQMP
FMUSBTQMBOUFEFNFEVMBÓTFBOPFTNÃT
RVF VO UJQP EF JONVOPMPHÎB DFMVMBS
5BNCJÊOFTUÃOMPTJOIJCJEPSFTEFMPT
DIFDLQPJOUTRVFTFIBOEFTBSSPMMBEP
NVDIPFOUVNPSFTTÓMJEPTQFSPRVFTPO
ÙUJMFTFOFOGFSNFEBEFTIFNBUPMÓHJDBTZ
PUSPIFDIPBEFTUBDBSFTMBJOUSPEVDDJÓO
EF MB JONVOPUFSBQJB DPO DÊMVMBT /,
OBUVSBMLJMMFS
-BTDÊMVMBT$"35FTUÃO
FOEFTBSSPMMPFO&TUBEPT6OJEPTBVORVF
SFBMNFOUFMPTSFTVMUBEPTBMBSHPQMB[P
UPEBWÎBOPTFDPOPDFO/PPCTUBOUFMPT
SFTVMUBEPTQSFMJNJOBSFTTPONVZQSPNF
UFEPSFT &O &TQBÒB FTUÃ BCJFSUP VO
FOTBZPEFM)PTQJUBM4BO+PBOEF%FVZEF
WBSJPTHSVQPTFTQBÒPMFTFTUBNPTUSBCB
KBOEPQBSBQSPEVDJSFOFMFOUPSOPBDBEÊ
NJDPOVFTUSBTQSPQJBTDÊMVMBT$"35QBSB
BQMJDBSMBTBMPTQBDJFOUFTRVFUFOHBNPT
1 y2VÊ QSFHVOUBT RVFEBO TJO
SFTQVFTUBBDUVBMNFOUF 3)BZNVDIBTQBUPMPHÎBTIFNBUPMÓHJ
DBTEFMBTRVFUPEBWÎBOPDPOPDFNPTCJFO
TVDBVTBOJTVNFDBOJTNPEFBQBSJDJÓO
QPSMPRVFIBZRVFTBCFSDÓNPBUBDBSMBT
EFGPSNBFTQFDÎGJDB&OFMDBNQPEFMPT
UVNPSFT IBZ NVDIPT QBDJFOUFT RVF
UJFOFOSFDBÎEBTEFNPEPRVFOFDFTJUB
NPT USBUBNJFOUPT NÃT FGJDBDFT &O
SFMBDJÓODPOMBJONVOPUFSBQJBIBZRVF
DPOTFHVJSJNQMBOUBSMBFJNQVMTBSMBFO
OVFTUSPQBÎT
1VCMJDJEBEBMEFEJDJFNCSFEF(.
(.BMEFEJDJFNCSFEF1VCMJDJEBE
&TQFDJBMJ[BEBBMEFEJDJFNCSFEF(.
-PTSFTVMUBEPTTPCSFSFNJFMJOJ[BDJÓO
TPOiBMFOUBEPSFTuQFSPJOTVGJDJFOUFT
4FOFDFTJUBOUSBUBNJFOUPTiNÈTFGJDBDFTwQBSBDPOUSPMBSMPTNFDBOJTNPTJNQMJDBEPTFOMBOFVSPEFHFOFSBDJØO
i&MBOVODJPEFFTUPTEPTFOTBZPTFTFM
DPNJFO[PEFMWJBKFQBSBUSBUBNJFOUPT
FGJDBDFTQBSBMBTGPSNBTQSPHSFTJWBTZ
TJHOJGJDBRVFNVZQSPOUPDVBOEPFTUPT
GÃSNBDPTFTUÊOEJTQPOJCMFTZBOPTF
QPESÃEFDJSRVFMB&.QSPHSFTJWBFT
JOUSBUBCMFuBHSFHBIBDJFOEPSFGFSFODJB
BTJQPOJNPEQBSBMB&.41
ZPDSFMJ[V
NBCQBSBMB&.11
/PPCTUBOUFFM
DBNJOPDPOUJOÙBQBSBFODPOUSBSUSBUB
NJFOUPTiBÙONÃTFGJDBDFTuQBSBDPOUSP
MBSMPTNFDBOJTNPTJNQMJDBEPTFOMB
OFVSPEFHFOFSBDJÓO
$4
.BESJE
-B FTDMFSPTJT NÙMUJQMF SFNJUFOUF
SFDVSSFOUF&.33
TFQSFTFOUBJOJDJBM
NFOUFDPOVOCSPUFQÊSEJEBUSBOTJUP
SJBEFWJTJÓOZBMUFSBDJPOFTTFOTPSJBMFT
P NPUSJDFT RVF QVFEFO NFKPSBS
BVORVF USBT VO QFSJPEP EF UJFNQP
JOEFUFSNJOBEPFTUBTNBOJGFTUBDJPOFT
QVFEFOSFQFUJSTFi%FTQVÊTEFBMHÙO
UJFNQP BMSFEFEPS EF BÒPT MPT
QBDJFOUFT DPNJFO[BO B OPUBS VO
EFUFSJPSPMFOUPZHSBEVBMEFTVTTÎOUP
NBTBMPRVFMPTOFVSÓMPHPTMMBNBNPT
&. TFDVOEBSJB QSPHSFTJWB &.41
"QBSUFIBZVOQFRVFÒPQPSDFOUBKFEF
QBDJFOUFT‡FOUPSOPBVOQPSDJFOUP
‡FOMPTRVFFTFEFUFSJPSPHSBEVBMTF
QSPEVDFEFTEFFMQSJODJQJPZFTUFHSVQP
TFEFTDSJCFDPNP&.QSJNBSJBQSPHSF
TJWB&.11
uFYQMJDBB(.FMOFVSÓMPHP
"MBO5IPNQTPOEFM)PTQJUBM/BDJPOBM
EF/FVSPMPHÎBZ/FVSPDJSVHÎBEF2VFFO
4RVBSF
-BMMFHBEBEFQPTJCMFTUSBUBNJFOUPT
QBSBMBTGPSNBTQSJNBSJBZTFDVOEBSJB
QSPHSFTJWBTEFMBFTDMFSPTJTNÙMUJQMF
&.11Z&.41SFTQFDUJWBNFOUF
TVQPOF
VOBiSFWPMVDJÓOuFOFTUBFTQFDJBMJEBE
/PPCTUBOUFUPEBWÎBTFUSBUBEFSFTVMUB
EPTQSFMJNJOBSFT
)BDF VO QBS EF NFTFT EVSBOUF FM
$POHSFTP EFM &DUSJNT FO -POESFT TF
FYQVTJFSPOEBUPTiQPTJUJWPTuEFFOTBZPT
DMÎOJDPTFONBSDIBDPOGÃSNBDPTQBSB
FTUBTGPSNBTEFMBFOGFSNFEBE
&MGVUVSP
5IPNQTPOBTFHVSBRVFZBFOFM$POHSFTPEFM$PNJUÏ&VSPQFPQBSBFM5SBUBNJFOUPF*OWFTUJHBDJØOFO&TDMFSPTJT.ÞMUJ
QMF&DUSJNT
TFFYQVTJFSPOSFTVMUBEPTiQPTJUJWPTwEFGÈSNBDPTQBSBMBTGPSNBTQSPHSFTJWBTEFMBFOGFSNFEBE
&ODPODSFUP5IPNQTPOEFTUBDBRVF
BDUVBMNFOUFZBFYJTUFOUSBUBNJFOUPT
iFGFDUJWPTuQBSBMB&.33"DPOUJOVB
DJÓOJODJEFFOFMQBQFMEFPDSFMJ[VNBC
‡DVZPFGFDUPFTTPCSFUPEPFOMPTMJOGP
DJUPT#‡ZTJQPOJNPE
i4PO VO HSBO DPNJFO[P BVORVF
UBNCJÊOIBZUSBCBKPTJNQPSUBOUFTEF
BHFOUFTOFVSPQSPUFDUPSFTJODMVZFOEP
OVFWBTEPTJTEFJCVEJMBTUGMVPYFUJOB
SJMV[PMZBNJMPSJEBuBGJSNBBMUJFNQP
RVFQSFDJTBRVFFYJTUFOPUSPTBHFOUFT
DPNP TJNWBTUBUJOB RVF NPTUSÓ iVO
FGFDUPQPTJUJWPuFOVOFOTBZPEFGBTF**
QBSBMB&.41ZCJPUJOBRVFBDUÙBTPCSF
FMNFUBCPMJTNPDFMVMBSZMBQSPEVDDJÓO
EFNJFMJOBi"NCPTSFRVJFSFOEFNÃT
FTUVEJPTQBSBDPSSPCPSBSFTUPTSFTVMUB
EPTuDPODMVZÓ
$JFSUBNFOUFRVFEBJODJEJSNÃTFOMPT
FTUVEJPTTPCSFSFNJFMJOJ[BDJÓOBVORVFZB
TFDVFOUBDPOiSFTVMUBEPTBMFOUBEPSFTu
-BWBSJBOUFBMÊMJDBDPSUB
EFMQPMJNPSGJTNP)UUMQSFT
DMBWFQBSBDPEJGJDBSFMTPOJEP
("$&5".²%*$"
#BSDFMPOB
*OWFTUJHBEPSFT EF MB 6OJWFSTJEBE EF
#BSDFMPOB6#
IBOJEFOUJGJDBEPVOHFO
JNQMJDBEP FO FM QSPDFTBNJFOUP EFM
TPOJEP -PT FYQFSUPT IBO EFUFDUBEP
EJGFSFODJBTHFOÊUJDBTFOMBFGJDBDJBDPO
MBRVFFMDPMÎDVMPJOGFSJPSDPEJGJDBMBT
TFÒBMFTBVEJUJWBT&TUPTSFTVMUBEPTTFSWJ
SÃOQBSBQSPGVOEJ[BSFOMBDPNQSFOTJÓO
EFMTJTUFNBBVEJUJWPZEFMBTEJTUJOUBT
QBUPMPHÎBTRVFUJFOFORVFWFSDPOMB
DPEJGJDBDJÓOEFMMFOHVBKF
&MDPMÎDVMPJOGFSJPSFTVOBFTUSVDUVSB
EFMTJTUFNBBVEJUJWPRVFBDUÙBDPNP
GJMUSPPQVOUPEFJOUFHSBDJÓOQBSBEFDPEJ
GJDBSMPTTPOJEPTFYUFSJPSFTZRVFFO
GVODJÓOEFMBFYQFSJFODJBEFMJOEJWJEVP
TFWBNPEVMBOEPPBGJOBOEPi&TUVEJPT
SFDJFOUFTFOBOJNBMFTNVFTUSBORVFMB
TFSPUPOJOBFOFMFTQBDJPTJOÃQUJDPJOGMVZF
FOFTUBDPEJGJDBDJÓOEFMTPOJEPQPSMPRVF
MBQSFTFODJBEFFTUFOFVSPUSBOTNJTPS
BZVEBBRVFMBTOFVSPOBTTFBONÃTGJOBT
ZQSFDJTBTBMBIPSBEFGJMUSBSMBJOGPSNB
DJÓO RVF MMFHB BM DPMÎDVMP JOGFSJPSv
FYQMJDB$BSMFT&TDFSBEFMB6#
$POFMPCKFUJWPEFBWFSJHVBSTJFYJTUF
FTUBDPSSFMBDJÓOFOIVNBOPTMPTJOWFTUJ
HBEPSFTFTUVEJBSPOFMHFOPUJQPEF
WPMVOUBSJPTQBSBBOBMJ[BSMBQSFTFODJBEF
)UUMQSVOQPMJNPSGJTNPHFOÊUJDPRVF
NPEVMBMBTFSPUPOJOBFOFMFTQBDJPTJOÃQ
UJDP%FTQVÊTMPTQBSUJDJQBOUFTGVFSPO
TPNFUJEPTBVOFTUÎNVMPSFQFUJUJWPMB
TÎMBCBCB
ZTFSFHJTUSÓMBSFTQVFTUBEF
MBTOFVSPOBTEFMDPMÎDVMPJOGFSJPSDPOVO
DBTDPEFFMFDUSPEPT4FUSBUBEFMBHSBCB
DJÓOEFVOBSFTQVFTUBFTQFDÎGJDBEFOPNJ
OBEB SFTQVFTUB EF TFHVJNJFOUP EF
GSFDVFODJB&TEFDJSiDVBOEPTFQSFTFOUB
&MSFUPRVFTFQMBOUFBOBIPSBMPTJOWFTUJHBEPSFTFTBWFSJHVBSRVÏDPOTFDVFODJBTGVODJPOBMFTUJFOFFTUBDMBSJEBEFOMB
DPEJGJDBDJØOEFMTPOJEPZTJQPESÓBTFSWJSDPNPNBSDBEPSEFEFUFSNJOBEPTUSBTUPSOPTEFMIBCMB
VOFTUÎNVMPDPOVOBGSFDVFODJBDBSBDUF
SÎTUJDBZEFOUSPEFVOSBOHPEFUFSNJOBEP
MBTOFVSPOBTEFMDPMÎDVMPJOGFSJPSSFBDDJP
OBOZTJODSPOJ[BOTVSFTQVFTUBGJTJPMÓHJDB
DPOMBEFMFTUÎNVMPuFYQMJDB-FOLB4FMJO
HFSEFMB6#
-PT SFTVMUBEPT NVFTUSBO RVF MBT
OFVSPOBTEFMBTQFSTPOBTDPOMBWBSJBOUF
BMÊMJDBDPSUBEFMQPMJNPSGJTNP)UUMQSZ
QPSUBOUPDPONBZPSEJTQPOJCJMJEBEEF
TFSPUPOJOBFOFMFTQBDJPTJOÃQUJDP
TF
TJODSPOJ[BSPODPOFMFTUÎNVMPDPONÃT
QSFDJTJÓOi-BTQFSTPOBTDPONÃTTFSPUP
OJOBFOFMDPMÎDVMPJOGFSJPSTPODBQBDFTEF
BOBMJ[BS NÃT DVJEBEPTBNFOUF FM
FTUÎNVMPZFYUSBFSNVDIBNÃTTFÒBMFOFM
NJTNPDPOUFYUP%FIFDIPFTMBQSJNFSB
WF[RVFTFFODVFOUSBVOBEJGFSFODJB
HFOÊUJDBUBOSPCVTUBFOMBDPEJGJDBDJÓO
EFMTPOJEPuBDMBSB&TDFSB
(.BMEFEJDJFNCSFEF&TQFDJBMJ[BEB
.ÃTEF
USBTQMBOUFTEF
DPSB[ÓOFOMPT
ÙMUJNPTBÒPT
(.
#BSDFMPOB
1SBUJOWFTUJHBEPSQSJODJQBMEFMFTUVEJP1BNFMBBEWJFSUFRVFBQFTBSEFRVFTFTJHVFTJODVSBSBFTUBTQBDJFOUFTMBDSPOJGJDBDJØOEFMBFOGFSNFEBENFUBTUÈTJDB)&3FTUÈNÈTDFSDB
&MEFMBTQBDJFOUFTDPO
)&3QPESÎBFWJUBSMB25
&MTJHVJFOUFQBTPFTEFNPTUSBSRVFMB4(QVFEFTFSFYDFMFOUFTJOFTUBPQDJØO
+7
.BESJE
&MDÃODFSEFNBNBFTVOPEFMPTUJQPTEF
UVNPSFTFOMPTRVFMBNFEJDJOBEFQSFDJ
TJÓOBWBO[BNÃTSÃQJEBNFOUFZIBDF
QPTJCMFBEBQUBSFMUSBUBNJFOUPBMQFSGJM
HFOÓNJDPEFDBEBQBDJFOUF-PRVFTF
QSFUFOEFMPHSBSFTRVFVOOÙNFSPDBEB
WF[NBZPSEFQBDJFOUFTQVFEBOFWJUBS
UFSBQJBTBHSFTJWBTPJOWBTJWBT
&MFOTBZP1BNFMBFOFMRVFIBOQBSUJ
DJQBEP QBDJFOUFT EF DFOUSPT
IPTQJUBMBSJPTFTQBÒPMFTIBTJEPQSPNP
WJEPQPS4PMUJZTVTSFTVMUBEPTTFIBO
EBEPBDPOPDFSFOFM4JNQPTJPEF
$ÃODFSEF.BNBEF4BO"OUPOJP5FYBT
PSHBOJ[BEPQPSMB"TPDJBDJÓO"NFSJDBOB
QBSBMB*OWFTUJHBDJÓOEFM$ÃODFS""$3
ZFM$FOUSPEF*OWFTUJHBDJÓOZ5FSBQJBEFM
$ÃODFSEF4BO"OUPOJP$53$
i-PTEBUPTEFM1BNFMBTVHJFSFORVF
IBZVOTVCHSVQPEFQBDJFOUFTDPOFOGFS
NFEBE)&3RVFTFQPESÎBOCFOFGJDJBS
EFFTUSBUFHJBTUFSBQÊVUJDBTEFUSBUB
NJFOUP BOUJ)&3 TJO RVJNJPUFSBQJB
25
uBGJSNB"MFJY1SBUDPPSEJOBEPSEFM
$PNJUÊ$JFOUÎGJDPEF4PMUJFJOWFTUJHBEPS
QSJODJQBMEFMFTUVEJPRVJFOBTVWF[
QSFDJTBRVFFOMBBDUVBMJEBEUPEBWÎBOP
TFDVFOUBDPOiTVGJDJFOUFFWJEFODJBuQBSB
SFDPNFOEBSIBDFSFTUFUFTUFOFTUBT
QBDJFOUFTZRVFBTÎQVFEBOBIPSSBSTFMB
25i"IPSBCJFOFMDBNJOPIBDJBVO
USBUBNJFOUPQFSTPOBMJ[BEPTJORVJNJPUF
SBQJBFOFOGFSNFEBE)&3BDBCBEF
BCSJSTFuTVCSBZB
1BSBIBDFSTFVOBJEFBEFDVÃOUBT
QBDJFOUFT QPESÎBO CFOFGJDJBSTF FM
FYQFSUPQPOFMBTDBSUBTTPCSFMBNFTB
i5FOJFOEPFODVFOUBRVFMBTQBDJFOUFT
)&3TPOBMSFEFEPSEFMQPSDJFOUP
EFUPEBTMBTQBDJFOUFTEJBHOPTUJDBEBTEF
DÃODFSEFNBNBZRVFFMQPSDJFOUP
&OFMEFMPTDBTPTFM
UVNPSQSÈDUJDBNFOUFIBCÓB
EFTBQBSFDJEPBMBTEPT
TFNBOBTEFMUSBUBNJFOUP
SFTQPOEFNVZCJFOBMUSBUBNJFOUPBOUJ
)&3 TJO 25 EF MBT NVKFSFTEJBHOPTUJDBEBTDBEBBÒPFO
&TQBÒBQPESÎBOFWJUBSMB25uFYQMJDB
/PPCTUBOUFyRVÊEFUFSNJOBRVFVO
HSVQPEFQBDJFOUFTTFCFOFGJDJFOEFFTUB
UÊDOJDB %FBDVFSEPDPOFMFTQFDJBMJTUB
MBFYJTUFODJBEFMTVCUJQP)&3FOSJRVF
DJEPEFOUSPEFMBFOGFSNFEBE)&3TF
DPOPDFEFTEFIBDFBÒPT%FIFDIPQSPTJ
HVFBOJWFMCJPMÓHJDPFTUFTVCHSVQPTF
DBSBDUFSJ[BQPSVOBFMFWBEBBDUJWBDJÓO
EFMBWÎBEFTFÒBMJ[BDJÓOJOUSBDFMVMBS
JOEVDJEB QPS FM )&3 FT EFDJS TPO
UVNPSFT)&3NVZEFQFOEJFOUFTEF
FTUFPODPHÊOi1PSFTPDVBOEPMPTUSBUB
NPTDPOGÃSNBDPTBOUJ)&3TPMBNFOUF
VOB HSBO QSPQPSDJÓO EF UVNPSFT
SFTQPOEFFJODMVTPEFTBQBSFDFuQVOUVB
MJ[B
1".
.FEJBOUFMBVUJMJ[BDJÓOEFEBUPTHFOÓNJ
DPTTFQVFEFOJEFOUJGJDBSDVBUSPTVCHSV
QPTEFOUSPEFMBFOGFSNFEBE)&3
MVNJOBM"MVNJOBM#CBTBMMJLFZ)&3
FOSJRVFDJEP&TUPTFEFUFSNJOBBUSBWÊT
EFMBQMBUBGPSNB1".‡VOUFTURVF
QFSNJUFBOBMJ[BSHFOFT‡
&MFTUVEJPFWBMÙBFMGFOPUJQP)&3
FOSJRVFDJEP DPNP QSFEJDUPS EF
SFTQVFTUBUFNQSBOBBMBUFSBQJBOFPBE
ZVWBOUFEFEPCMFCMPRVFPDPOMBQBUJOJC
Z USBTUV[VNBC FO DÃODFS EF NBNB
)&3EFGJOJEPQPSDSJUFSJPTIJTUPMÓHJ
DPT"MSFEFEPSEFVOQPSDJFOUPEFMBT
QBDJFOUFTDPODÃODFSEFNBNB)&3
TPO)&3FOSJRVFDJEPEFBIÎRVFMPT
BVUPSFTFTUJNFORVFFTFTUFFMQPSDFOUBKF
EFQBDJFOUFTRVFQPESÎBFWJUBSMB25
i%F DPOGJSNBSTF FTUPT SFTVMUBEPT
TVQPOESÃRVFMB25EFKFEFTFSVOUSBUB
NJFOUPQBSBVOTVCHSVQPEFQBDJFOUFT
)&3 MP RVF TF USBEVDF FO NFOPT
UPYJDJEBEBDPSUPZBMBSHPQMB[P&MUSBUB
NJFOUPFWBMVBEPFOOVFTUSPFTUVEJPTPMP
SFRVJFSFEFGÃSNBDPTPSBMFTPTVCDVUÃ
OFPTMPRVFJNQMJDBVOBNFKPSDBMJEBE
EFWJEBQBSBMBTQBDJFOUFTuTVCSBZB
1SBU
"MBTEPTTFNBOBTEFUSBUBNJFOUPTF
PCTFSWÓRVFFOFMQPSDJFOUPEFMBT
QBDJFOUFTFMUVNPSIBCÎBEFTBQBSFDJEP
QSÃDUJDBNFOUF P RVFEBCBO iQPDBT
DÊMVMBTUVNPSBMFTu&TUPTJHOJGJDBRVFMPT
DBNCJPT UFNQSBOPT FO MB FYQSFTJÓO
HÊOJDBQVFEFOQSFEFDJSMBQSPCBCJMJEBE
EFRVFTFBMDBODFMBSFTQVFTUBQBUPMÓHJDB
DPNQMFUBFOMBDJSVHÎB
i&MTJHVJFOUFQBTPFTEFNPTUSBSRVFMB
TVQFSWJWFODJBEFMBTQBDJFOUFTDPOFTUPT
UVNPSFT)&3EFGJOJEPTHFOÓNJDB
NFOUFFTFYDFMFOUFBVORVFOPSFDJCBO
RVJNJPUFSBQJBuNBUJ[BFMBVUPSQSJODJ
QBMEFMFTUVEJPRVJFOSFDVFSEBRVFBEÎB
EF IPZ NÃT EFM QPS DJFOUP EF MBT
QBDJFOUFTDPOFOGFSNFEBE)&3MPDBMJ
[BEB‡OPNFUBTUÃTJDBEFJOJDJP‡TF
DVSBODPOUSBUBNJFOUPTBOUJ)&3Z25
i&MPCKFUJWPFTPCUFOFSMPTNJTNPTSFTVM
UBEPTQFSPTJO25uBQPTUJMMB
3FTQFDUPBMBTPQDJPOFTDPOMBTRVF
DVFOUBOFTUBTQBDJFOUFTFMFTQFDJBMJTUB
EFTUBDBRVFQBSBFOGFSNFEBE)&3
EJTFNJOBEBFMBCBOJDPFTiNÙMUJQMFuZMBT
BMUFSOBUJWBTTPOiNVZFGJDBDFTu"IPSB
CJFOBEWJFSUFiTFHVJNPTTJODVSBSB
FTUBTQBDJFOUFTBVORVFMBDSPOJGJDBDJÓO
EFMBFOGFSNFEBENFUBTUÃTJDB)&3
DBEBEÎBFTUÃNÃTDFSDBu
-B4PDJFEBE&TQBÒPMBEF$BSEJPMPHÎB
4&$
BUSBWÊTEFMB4FDDJÓOEF*OTVGJ
DJFODJB$BSEJBDBMMFWBEFTEFSFBMJ
[BOEPBOVBMNFOUFFM3FHJTUSP&TQBÒPM
EF5SBTQMBOUF$BSEJBDPZBDBCBEFQVCMJ
DBSFO3FWJTUB&TQBÒPMBEF$BSEJPMPHÎB
3&$
MPTEBUPTSFGFSFOUFTBKVOUP
DPOVOBOÃMJTJTEFMPTÙMUJNPTBÒPTEF
BDUJWJEBEDPOUSBTQMBOUFTSFBMJ[B
EPTFODFOUSPTFTQFDJBMJ[BEPT
-PTEBUPTRVFNVFTUSBFM3FHJTUSP
&TQBÒPMTPODPNQBSBCMFTBMPTEFMPT
SFHJTUSPTJOUFSOBDJPOBMFTEFUSBTQMBOUF
DBSEJBDPRVFSFÙOFOMBFYQFSJFODJBEF
MPTNFKPSFTDFOUSPTEFMNVOEP%FFOUSF
UPEPTMPTQBSÃNFUSPTBOBMJ[BEPTVOPEF
MPTRVFDPCSBNÃTJNQPSUBODJBFTFM
SFMBUJWPBMBTVQFSWJWFODJBEFMBTQFSTP
OBTUSBTQMBOUBEBTFYQMJDB'SBODJTDP
(PO[ÃMF[7ÎMDIF[EJSFDUPSEFM3FHJTUSP
WPDBM EF MB 4FDDJÓO EF *OTVGJDJFODJB
$BSEJBDBEFMB4&$ZQSJNFSGJSNBOUFEFM
FTUVEJPi"TÎIFNPTQPEJEPDPNQSPCBS
RVFMBFTQFSBO[BEFWJEBEFFTUBTQFSTP
OBTIBJEPBVNFOUBOEPEFGPSNBQBVMB
UJOB&OFMQSJNFSQFSJPEPFTUVEJBEPEF
BMBNFEJBFSBEFBÒPT
EFBEFBÒPTZEFB
QBTÓBTFSEFBÒPTuDPNFOUB
FTUFFYQFSUP%FTQVÊTEFMBNFKPSBEFMB
TVQFSWJWFODJBBMBÒPFOMBEÊDBEBEF
BRVFTFNBOUJFOFUBNCJÊO
FOMBTJHVJFOUFEÊDBEBFOFMQFSJPEP
BOBMJ[BEPEFBTFFOUSFWÊVOB
NFKPSBBEJDJPOBMDPOVOBTVQFSWJWFODJB
BMBÒPDFSDBOBBMQPSDJFOUPBTFHVSB
(PO[ÃMF[7ÎMDIF[ : BÒBEF RVF iMB
NFKPSBBNFEJPMBSHPQMB[PTFIBNBOUF
OJEPDPOTUBOUFBMPMBSHPEFUPEPTMPT
QFSJPEPTFTUVEJBEPTZTFFTQFSBRVFTJHB
NBOUFOJÊOEPTFFOMPTQSÓYJNPTBÒPTu
&MSFHJTUSPUBNCJÊOBOBMJ[BMBTDBVTBT
EFGBMMFDJNJFOUPTJFOEPMBFOGFSNFEBE
WBTDVMBSEFMJOKFSUPNVFSUFTÙCJUBMBNÃT
DPNÙOQPSDJFOUP
5BOUPFMQFSGJMEFMSFDFQUPSDPNPFMEFMEPOBOUFIB
FOWFKFDJEPBMPMBSHPEFFTUFQFSJPEP
NS
Exclusivo NetSalud
&TQFDJBMJ[BEBBMEFEJDJFNCSFEF(.
.*(6&-¦/(&-.03&/0❘+FGFEFM4FSWJDJPEF(FOÊUJDBEFM)PTQJUBM6OJWFSTJUBSJP3BNÓOZ$BKBM
i"MBTPDIPTFNBOBTFTQPTJCMFDPOPDFS
FMSJFTHPEFUSJTPNÎBTJODSJCBEPJOWBTJWPu
$.-»1&;
.BESJE
&M 4FSWJDJP EF (FOÊUJDB EFM IPTQJUBM
3BNÓOZ$BKBMTFIBDPOWFSUJEPFOFM
QSJNFSPFOUFOFSFMDFSUJGJDBEPEFDBQBDJ
UBDJÓOQBSBMBSFBMJ[BDJÓOEFMUFTUQSFOB
UBMOPJOWBTJWPJOEJDBEPQBSBMBEFUFDDJÓO
EFMBTQSJODJQBMFTUSJTPNÎBTCBTBEPFO
MB TFDVFODJBDJÓO NBTJWB RVF UJFOF
DPOGPSNJEBEFVSPQFBQBSBTVVTPFO
EJBHOÓTUJDPJOWJUSPUP&MKFGFEFM4FSWJDJP
EF(FOÊUJDBEFM)PTQJUBM6OJWFSTJUBSJP
3BNÓO Z $BKBM DPNFOUB DPO(. MBT
QSJODJQBMFTOPWFEBEFTEFFTUBIFSSB
NJFOUB
1SFHVOUBy$VÃMFTMBJNQPSUBODJBEF
FTUFUFTUEFDSJCBEPOPJOWBTJWP 3FTQVFTUB5JFOFJNQBDUPBEJTUJOUPT
OJWFMFTQPSVOMBEPIBZVOCFOFGJDJP
NVZJNQPSUBOUFQBSBMBTHFTUBOUFTZB
RVFFTQPTJCMFEFUFDUBSMBTUSJTPNÎBTNÃT
DPNVOFTDPNPFM4ÎOESPNFEF%PXO
4ÎOESPNFEF1BUFBVPFMEF&EXBSETB
VOBFEBEEFHFTUBDJÓOEFPDIPTFNBOBT
1PSPUSPMBEPIBTUBBIPSBFMDSJCBEP
QSFOBUBMFTUBCBCBTBEPFONBSDBEPSFT
CJPRVÎNJDPT Z FDPHSÃGJDPT F JODMVTP
EFNPHSÃGJDPTDPNPFEBEEFMBNBESF
BOUFDFEFOUFTGBNJMJBSFTFUDRVFMMFWB
CBOBEBSVOÎOEJDFEFSJFTHPCJPRVÎNJDP
FDPHSÃGJDPFOCBTFBVOSBOHPEFSJFTHP
TVQFSJPS B &O FTUF DBTP TF
JOEJDBCB VOB QSVFCB JOWBTJWB VOB
BNOJPDFOUFTJTPCJPQTJBDPSJBM)FNPT
WJTUPRVFFOHFTUBOUFTEPOEFFTFÎOEJDF
EFSJFTHPFSBTVQFSJPSBFOFMQPS
DJFOUPEFFTUBTHFTUBOUFTFSBOGBMTPT
QPTJUJWPTFTEFDJSOPIBCÎBOJOHVOB
USJTPNÎBFOFMGFUP$POMPDVBMBIPSBDPO
VOB FYUSBDDJÓO EF TBOHSF QPEFNPT
EFUFDUBSQPSUÊDOJDBTEFTFDVFODJBDJÓO
NBTJWBZQPSVODPOUBHFBMÊMJDPMBQPTJCJ
MJEBEEFRVFFYJTUBVOBUSJTPNÎBBTPDJBEB
BMDSPNPTPNBP$MBSBNFOUFTF
FTUÃSFEVDJFOEPFMJNQBDUPQTJDPMÓHJDPZ
BOTJFEBE RVF MMFWB TPNFUFSTF B VOB
QSVFCBJOWBTJWBFOBMHPUBOEFMJDBEP
DPNPFTVOQSPDFTPEFHFTUBDJÓO
1y%FRVÊQPSDFOUBKFIBCMBNPT 33FEVDJNPTDBTJBMQPSDJFOFM
SJFTHP DMÎOJDP EF IBDFS VOB QSVFCB
JOWBTJWBDPOMPDVBMTJNQMFNFOUFMB
HFTUBOUFTFTPNFUFBVOBFYUSBDDJÓOEF
TBOHSFEPOEFDVBOUJGJDBNPTMBGSBDDJÓO
EF%/"GFUBMRVFWBFOTBOHSFNBUFSOB
ZBQBSUJSEFBIÎTFBOBMJ[BTJIBZBMHVOB
EFFTUBTUSJTPNÎBT
1$PNPDPNFOUBCBMBTIFSSBNJFOUBT
QBSBFMEJBHOÓTUJDPDPNQSFOEFMBVUJMJ
[BDJÓOEFFDPHSBGÎBEBUPTNBUFSOPTw
y&TUBIFSSBNJFOUBEBVOQBTPNÃT 34ÎKVOUPDPOFMDSJUFSJPDMÎOJDPEFM
HJOFDÓMPHPMPTEBUPTEFNPHSÃGJDPTZMB
IJTUPSJBOBUVSBMEFMBHFTUBOUFTFUPNBCB
VOBEFDJTJÓOZMBEFDJTJÓOEFFTFSJFTHP
DPNCJOBEPJOEJDBCBVOBQSVFCBJOWBTJWB
&OFTUFDBTPDMBSBNFOUFOPIBZSJFTHP
.JHVFM«OHFM.PSFOPKFGFEFM4FSWJDJPEF(FOÏUJDBEFM)PTQJUBM3BNØOZ$BKBMEF.BESJEEVSBOUFMBFOUSFWJTUBFO/FU4BMVE57
-"4'3"4&4
i
i
i
TFDVFODJBDJÓONBTJWBBOÃMJTJTEFEBUPT
ZFMJOGPSNFHFOÊUJDP5PEPFTPVUJMJ[BOEP
UBOUPVOBUFDOPMPHÎBDPNPVOPTSFBDUJ
WPTMPRVFMMBNBNPTLJURVFUJFOFOFM
NBSDBEP$*7&$FSUJGJDBDJÓO&VSPQFB
QBSB FM %JBHOÓTUJDP JO 7JUSP
Z VO
TPGUXBSFRVFBOBMJ[BFTPTEBUPTTFHÙO
DPOGPSNJEBEFVSPQFBDPOMBTFTUSJDUBT
OPSNBUJWBTMFHBMFTRVFTVCZBDFOEFUSÃT
EFFTUPTQSPDFTPT
1/PTWBNPTBVOQMBOPNÃTHFOFSBM
-BNFEJDJOBEFQSFDJTJÓOFTFMNBOUSB
RVFNÊEJDPJOWFTUJHBEPSFTQBDJFOUFT
Z QSPGFTJPOBMFT SFQJUFOw y&O RVÊ
NPNFOUPFTUBNPT 3 &T ZB VOB JEFB RVF FTUÃ TJFOEP
BTJNJMBEB/PRVJ[ÃTQPSMPTFYQFSUPT
RVFZBMPUFOÎBNPTTJOPRVFFTUÃDBMBOEP
BUPEPTMPTOJWFMFTBVUPSJEBEFTTBOJUB
SJBT RVF ZB FT VOB SFBMJEBE RVF MB
TFDVFODJBDJÓONBTJWBZPUSBTUÊDOJDBTEF
BMUBSFTPMVDJÓOTFFTUÃOJNQMBOUBOEPFO
VOBFWPMVDJÓOMÓHJDBEFOUSPEFMPTTFSWJ
DJPTEFHFOÊUJDBFOIPTQJUBMFTUFSDJBSJPT
DPNPFMOVFTUSP&TUBNPTHFOFSBOEPMB
DBOUJEBEEFEBUPTOFDFTBSJPTQBSBRVF
BIPSB DPO BOÃMJTJT CJPJOGPSNÃUJDB Z
FTUVEJPTNVZBNQMJPTQPEBNPTBDFSDBS
OPTBMBNFEJDJOBEFQSFDJTJÓOQFSPDBEB
DBNQPJSÃBTVEFUFSNJOBEPSJUNP
1&TVOUFNBNVZSFDVSSFOUFFOFM
EJTDVSTPQPMÎUJDPyQFSPIBZVOSFTQBMEP
SFBMEFTEFFMQMBOPBENJOJTUSBUJWP 3.JQFSDFQDJÓOFTRVFTÎZBRVFMB
EJSFDDJÓOTJFNQSFIBEBEPFMBQPZPZ
IFNPTJEPFOFTBEJSFDDJÓO$SFPRVF
BIPSBFTOFDFTBSJPPSHBOJ[BSFMNBQB
EFEJBHOÓTUJDPHFOÊUJDPZBQPTUBSÎBQPS
DFOUSPTUFSDJBSJPTRVFFTUÊOFTQFDJBMJ
[BEPTOPTÓMPFOHFOFSBSEBUPTTJOPRVF
IBZB DPOPDJNJFOUP EFUSÃT EF MBT
QBUPMPHÎBTRVFIBZBRVFEJBHOPTUJDBS
"QPTUBSÎBQPSFMCJOPNJPDSFBEPEF
TFSWJDJPTDMÎOJDPTQPUFOUFTZTFSWJDJPT
EF HFOÊUJDB RVF SFTQPOEBO B FTB
EFNBOEBEFTEFFMQVOUPEFWJTUBEFM
EJBHOÓTUJDPHFOÊUJDP
1y2VÊSFUPTRVFEBO 3 .VDIPT &TUBNPT FNQF[BOEP Z
PCWJBNFOUFMPJNQPSUBOUFFTRVFWFSFNPT
NVDIPNÃTCFOFGJDJPTDVBOEPFNQFDF
NPTBOÃMJTJTSFUSPTQFDUJWPTEFMPTDBTPT
RVFTFIBOJEPFTUVEJBOEPQPSUÊDOJDBT
DMÃTJDBTZDPNPBIPSBMBTOVFWBTUFDOPMP
HÎBTFTUÃOFTUSBUJGJDBOEPNFKPSQBUPMPHÎBT
RVFUJFOFOBMUBIFUFSPHFOFJEBEHFOÊUJDB
ZRVFDMÎJDBNFOUFFTEJGÎDJMEJGFSFODJBSMP
-BHFOÊUJDBFTUÃQPOJFOEPPSEFOFOUPEP
FTUP&TBRVÎIBDJBEÓOEFWBNPTQPSRVF
VOBWF[RVFTBCFNPTFMEFGFDUPHFOÊUJDP
MBQSPUFÎOBPTJTUFNBCJPMÓHJDPRVFFTUÃ
BMUFSBEPQPESFNPTFNQF[BSBFODBV[BS
ZQPOFSFONBSDIBFMEFTBSSPMMPEFMBT
UFSBQJBTRVFIBHBOGBMUB
6OQPSDJFOUPEF
4FFTUÃSFEVDJFOEP
MBTHFTUBOUFTRVFTF
FMJNQBDUP
TPNFUFOBMBQSVFCB
QTJDPMÓHJDPZBOTJFEBE
JOWBTJWBBDBCBOTJFOEP
RVFMMFWBTPNFUFSTFB
GBMTPTQPTJUJWPTu
VOBQSVFCBJOWBTJWBu
DMÎOJDPZFYJTUFFTFCFOFGJDJPBÒBEJEP
14FFTUÃBWBO[BOEPFOMPTGBMTPTQPTJUJ
WPTy2VÊNBSHFOEFFSSPSFYJTUFBIPSB 3&TUBQSVFCBWJFOFBDPNQMFNFOUBS
PUSPTDSJCBEPTZBZVEBBMHJOFDÓMPHPFO
TVUPNBEFEFDJTJPOFTQPSMPRVFFM
QSPGFTJPOBMDVFOUBDPOVODVBESPNÃT
DPNQMFUPQBSBWFSTJWBBVOBQSVFCB
JOWBTJWBPOP"DUVBMNFOUFMPTSBOHPT
CBTBEPT FO FM DSJCBEP CJPRVÎNJDP Z
FDPHSÃGJDPTPONVZDPOTFSWBEPSFTZFO
FTUFDBTPIFNPTEFUFDUBEPRVFVOQPS
DJFOUPEFMBTHFTUBOUFTRVFTFTPNFUFOB
MBQSVFCBJOWBTJWBBDBCBOTJFOEPGBMTPT
QPTJUJWPT$POFTUBOVFWBBQPSUBDJÓO
RVFSFNPT DBNCJBS FM NBOFKP EF MPT
SBOHPTZEJSJHJSBQSVFCBTJOWBTJWBTB
BRVFMMBTHFTUBOUFTRVFFTUÊOFOVOSBOHP
TVQFSJPSBÓ
1"DBCBOEFPCUFOFSMBBDSFEJUBDJÓO
FVSPQFByRVÊSFRVJTJUPTIBOUFOJEP
RVFDVNQMJS 3&TBMHPRVFFODBKBDPOMBTMÎOFBT
FTUSBUÊHJDBTRVFNBSDBMBEJSFDDJÓOEFM
IPTQJUBM4FIBOJNQMBOUBEPEFGPSNB
QBVMBUJOBBMHVOBTUÊDOJDBTEFTFDVFODJB
DJÓO DPNP TPO MB TFDVFODJBDJBDJÓO
NBTJWB FO MP RVF FT FM EJBHOÓTUJDP
HFOÊUJDPHFOFSBM)FNPTBQPTUBEPQPS
JOUFOUBSDPOUSPMBSFMQPSDJFOEFM
QSPDFTPEFTEFMBFYUSBDDJÓOEFMBTBOHSF
FOMBTBOHSFEFMBHFTUBOUFFMQSPDFTPEF
&TVOBSFBMJEBERVF
MBTFDVFODJBDJÓO
NBTJWBTFFTUÃ
JNQMBOUBOEPFOVOB
FWPMVDJÓOMÓHJDBu
(.BMEFEJDJFNCSFEF1VCMJDJEBE
BMEFEJDJFNCSFEF (.
$POSBZPT9
-B$POUSB
4BOJEBEFO
QSFDBSJFEBE
MBCPSBM
4"/5*"(0%&
26*30("
1SFTJEFOUF&EJUPS
EF(.
*
+04­'­-*9)0:0❘ 1SFTJEFOUFEF.ÊEJDPTEFM.VOEP&TQBÒBZNÊEJDPEFVSHFODJBT
i-BTJUVBDJÓOEFOFDFTJEBEBDUVBMFT
MBQFPSEFTEFMB**(VFSSB.VOEJBMu
"-.6%&/"'&3/«/%&;
.BESJE
%FMBTVSHFODJBTFOFM)PTQJUBM(FOFSBM
6OJWFSTJUBSJPEF.ÓTUPMFTBMBTAVSHFO
DJBTRVFBUJFOEFUSBCBKBOEPDPNPDPPQF
SBOUFFOPUSPTQBÎTFT:FTRVFFMQSFTJ
EFOUFEF.ÊEJDPTEFM.VOEP+PTÊ'ÊMJY
)PZPBTFHVSBRVFIBDFNVDIPTBÒPTRVF
UJFOFiJNQSFHOBEPuFOTVTFSFMQFSUFOF
DFSBVOB0/(
1SFHVOUB*OUFOUFNPTIBDFSVOCSFWF
SFTVNFO EF UV CJPHSBGÎB DPO VOB
QSFHVOUBy1PSRVÊNÊEJDPZQPSRVÊ
FTUFNVOEPFMEFMBDPPQFSBDJÓO 3FTQVFTUB.ÊEJDPQPSRVFFTNJQSPGF
TJÓOEFTEFIBDFNVDIPTBÒPTZMBDPPQF
SBDJÓOQPSRVFBÙOBBMHVOBTDPTBTRVFOP
UFOFNPTMPTNÊEJDPTDVBOEPUSBCBKBNPT
FOFM4/4NÃTBMMÃEFBUFOEFSBQBDJFOUFT
FOOVFTUSPDPOUFYUPEFTBSSPMMBEP
1y4FUFRVFEBCBQFRVFÒPFMANVOEP
EFMBNFEJDJOBZQPSFTPFOUSBTUFFO
.ÊEJDPTEFM.VOEP 3&MNVOEPEFMBNFEJDJOBFTNVZ
BNQMJPQFSPTPZVOBQFSTPOBJORVJFUBB
MBRVFMFHVTUBIBDFSNÃTDPTBT
1y-BEJGFSFODJBFOUSFUVFKFSDJDJP
QSPGFTJPOBMZUVMBCPSFO.ÊEJDPTEFM
.VOEPFTRVFQBTBTEFTFSVONÊEJDPEF
VSHFODJBTBUSBCBKBSDPOVSHFODJB 3 )BZ DPPQFSBDJÓO JOUFSOBDJPOBM Z
BDDJÓOIVNBOJUBSJBRVFFTDVBOEPTF
USBCBKBDPOVSHFODJBBVORVFVSHFODJB
IBZTJFNQSFQPSRVFMBTQFSTPOBTDPOMBT
RVFOPTNPWFNPTWJWFOFOFTUBTJUVBDJÓO
DPOTUBOUFNFOUF-PRVFQSFUFOEFNPTFO
.ÊEJDPTEFM.VOEPFTDBNCJBSMBTDPTBTZ
RVFUPEBTMBTQFSTPOBTUFOHBOEFSFDIPB
MBTBMVE&TPBWFDFTMMFWBQPDPUJFNQP
DPNPDVBOEPBDUÙBTFOVOBFQJEFNJBPFO
VOBHVFSSBPUSBTNVDIPDVBOEPQSFUFO
EFTDBNCJBSBDUJUVEFTEFMBTQFSTPOBT
1&OUVTDBTJBÒPTDPNPDPPQF
SBOUFyMBVSHFODJBIBJEPBNÃT 34JFNQSFIBIBCJEPQJDPTEFDSJTJTFO
FMNVOEPQFSPBIPSBMBTJUVBDJÓOFT
PCKFUJWBNFOUFMBQFPSDPOSFTQFDUPBMBT
QFSTPOBTRVFOFDFTJUBOBZVEBVSHFOUF
EFTEFMB**(VFSSB.VOEJBM&TNVZNBMB
ZUJFOFQFSTQFDUJWBTEFFNQFPSBS
1y$VÃOUBTWFDFTIBTQPEJEPEBSGFEF
RVFRVFSFSOPFTQPEFS 3-BTOFDFTJEBEFTTPOUBOJONFOTBT
RVFMPRVFQPEFNPTPGSFDFSTPMPTFQVFEF
QMBOUFBSBMBSHPQMB[PWBNPTDPOTUSV
ZFOEPDPTBTDPOQFRVFÒPTMPHSPT
1$PNPBGJDJPOBEPBMCVDFPyTBMWBS
VOB WJEB FT MB NFKPS CPNCPOB EF
PYÎHFOP 3$VBOEPUSBCBKBTTPCSFFMUFSSFOPFO
QBÎTFTRVFUJFOFONVDIBTEJGJDVMUBEFT
TJFNQSFSFDJCFTNÃTEFMPRVFEBT"QFTBS
EFWFSHSBOEFTDBUÃTUSPGFTDPOGMJDUPT
HFOUFRVFTVGSFDSÓOJDBNFOUFZRVFFT
EVSPFMCFOFGJDJPQFSTPOBMFTNVZBMUP
1"IPSBRVFTFIBCMBNVDIPEFHMPCB
MJ[BDJÓOyQBSBDVÃOEPMBHMPCBMJ[BDJÓO
EFMBTBMVE 3&TDPNQMJDBEPBDBCBNPTEFQSFTFO
UBSVOPCTFSWBUPSJPFOTBMVEZIBZNVDIBT
EJGFSFODJBTJODMVTPEFOUSPEF&VSPQB-B
QPCMBDJÓOOPUJFOFBDDFTPBVOBTBMVE
SB[POBCMFMPIFNPTWJTUPSFDJFOUFNFOUF
FOFQJEFNJBTDPNPMBEFMÊCPMB-BTBMVE
OPFTUÃOJNVDIPNFOPTHMPCBMJ[BEBZIBZ
NVDIPTJOUFSFTFTQSJWBEPTRVFQSFUFOEFO
IBDFSEFFMMBVOOFHPDJP
1 5BNCJÊO FSFT BGJDJPOBEP B MB
GPUPHSBGÎByUFOFNPTVOBJNBHFOEJTUPS
TJPOBEBEFMBTQFSTPOBTSFGVHJBEBT 34ÎTPOQFSTPOBTOPSNBMFTDPNP
DVBMRVJFSPUSBZTJOPTPUSPTOPTWJÊSBNPT
FOMBNJTNBDJSDVOTUBODJBQSPCBCMF
NFOUF IBSÎBNPT MP NJTNP:P OP NF
QVFEPJNBHJOBSBNÎNJTNPWJWJFOEP
EFOUSPEFVOBHVFSSBDPONJGBNJMJBTJO
JOUFOUBSTBMWBSMBOBEJFFTVOSFGVHJBEPEF
OBDJNJFOUPOBEJFRVJFSFEFKBSTVQBÎT
1*NBHJOFNPTRVFUFDFEFOMBDBSUFSB
EF4BOJEBEQPSVOPTEÎBTyRVÊJOJDJBUJWB
UFOESÎBRVFFDIBSTFBUFNCMBS 3$MBSBNFOUFBCPMJSÎBFM3%
RVF FT NVZ EPMPSPTP 5BNCJÊO IBZ
QSPHSBNBTEFDPPQFSBDJÓOTBOJUBSJBRVF
IBOTVGSJEPNVDIPDPOMBDSJTJT)BZ
NVDIBTDPTBTRVFDBNCJBSRVFIBSÎBO
RVFFMNVOEPGVFSBNÃTFRVJUBUJWP
1$POMBMMFHBEBEFMB/BWJEBEEFTEF
.ÊEJDPTEFM.VOEPQFEÎTBMPTDJVEBEB
OPTRVFUFOHBOAVOHFTUPyRVÊHFTUPMF
QFEJSÎBTBMBTBENJOJTUSBDJPOFT 3-BEFSPHBDJÓOEFM3%RVF
IBSÎBEFKBSEFTVGSJSJOOFDFTBSJBNFOUFB
NVDIBTQFSTPOBT5BNCJÊORVFIBHBO
DVBESBS MP RVF TJFOUFO MBT QFSTPOBT
SFBMNFOUFDPOMPRVFJOUFSQSFUBOMBT
BENJOJTUSBDJPOFT&TQBÒBFTVOQBÎTNVZ
TPMJEBSJPQFSPFTPOPIBUSBTDFOEJEPBMB
PQJOJÓOEFOVFTUSPTQPMÎUJDPT
1y2VÊUFIBDFUPSDFSFMHFTUP 3-BJOUPMFSBODJBMBTBDUJUVEFTQPDP
SFGMFYJPOBEBTDPNPFMSBDJTNPMBYFOPGP
CJBMPRVFJNQVMTBBFTPDPNPNPUJWPEF
VOJÓO DVBOEP FT TPMBNFOUF VO USVDP
FHPÎTUBQBSBIBDFSQSFWBMFDFSTVTQSPQJPT
JOUFSFTFT
1 4JO ÃOJNP EF MVDSP UF EFKP MBT
ÙMUJNBTMÎOFBTEFFTUBFOUSFWJTUBQBSB
RVFNFAWFOEBT.ÊEJDPTEFM.VOEPw
3&TVOBBTPDJBDJÓONVZQPUFOUFFO
JEFBTZNVZDPNQMFKBRVFMVDIBQPSFM
EFSFDIPBMBTBMVE#BTBEPFOMBFWJEFO
DJBFOFMUSBCBKPRVFIBDFNPTEJBSJB
NFOUFFOQBÎTFTEFMNVOEPEBNPT
BMUFSOBUJWBTQBSBCVTDBSRVFUPEPTUFOHB
NPTEFSFDIPBTFSBUFOEJEPTDVBOEP
FTUBNPTFOGFSNPTPVOTFHVJNJFOUP
HOPSBSRVFMPTQSFTVQVFTUPTTBOJUB
SJPTFTDBTPTIBOMMFWBEPBSFDPSUBS
QVFTUPTEFUSBCBKPEFTEF
FTNJSBSBPUSPMBEPBMIBCMBSEF
QSFDBSJFEBEMBCPSBM(.TFIBIFDIPFDP
EFMOJWFMEFDPOUSBUBDJÓOJOUFSJOBFOFM
4/4RVFFOTVDPOKVOUPTFFMFWBBVO
QPSDJFOUP/PRVJFSPQFOTBSFOFMFTUBEP
EFÃOJNPEFVOBQMBOUJMMBEFVOHSBO
SFTUBVSBOUFFOMBRVFMBNJUBEFTUÊOEF
NBOFSBJOUFSJOB$MBSPRVFMBTBOJEBEOP
FTMBIPTUFMFSÎBFOTBOJEBETFDPNF
HSBUJTZBEFNÃTTFIBDFOMBTDPTBTDPO
WPDBDJÓOZDPOIVNBOJEBE1FSPIBZRVF
BZVEBSZDPMBCPSBSBMNÃTBMUPOJWFMQBSB
RVFMBT$POTFKFSÎBTQVFEBOSFBMJ[BSMBT
DPOWPDBUPSJBTEFTVTEJWFSTBT0GFSUBT
1ÙCMJDBTEF&NQMFPZQFSNJUBOVONBZPS
HSBEPEFFTUBCJMJEBEMBCPSBMBOVTFTUSPT
QSPGFTJPOBMFTEFMBTBOJEBE
'SBODJTDP.JSBMMFTTFDSFUBSJPHFOFSBM
EFMTJOEJDBUPEFNÊEJDPT$&4.IBJOTJT
UJEPIBDFTFNBOBTFORVF)BDJFOEB
UFOHBFODVFOUBFOMPT1(&MPTSFDPSUFT
EFMPTQSPGFTJPOBMFTNÊEJDPTEVSBOUFMB
DSJTJT%FTEFMBSFUSJCVDJÓOEFMPT
QSPGFTJPOBMFTTBOJUBSJPTQÙCMJDPTTFIB
SFEVDJEPEFNFEJBVOQPSDJFOUPZ
VOBTJUVBDJÓOEFFYDFQDJPOBMJEBEFDPOÓ
NJDBTFIBDSPOJGJDBEP-BWVFMUBBMBT
IPSBTFTPUSBQFUJDJÓOTPCSFMBNFTB
1FSPQBSFDFRVFTFSÃVOBQSJPSJEBEEF
MBMFHJTMBUVSBZRVF11Z$TFTUÃOEF
BDVFSEPFOSFWJTBSMBTJUVBDJÓODPOUSBD
UVBMEFMPTQSPGFTJPOBMFTEFMBTBOJEBE
QÙCMJDBBTQFDUPRVFTFSFDPHFFOFM
1BDUPEFJOWFTUJEVSBGJSNBEPQPSMPT
QPSUBWPDFTFOFM$POHSFTPEFMBTEPT
GPSNBDJPOFT
"IPSBCJFOIBZRVFBSSJNBSVOQPDP
FMIPNCSPEFTEFFM(PCJFSOPZOPEFKBS
TPMBTBMBTDPOTFKFSÎBTEF4BOJEBEMB
NBZPSÎBEFMBTDVBMFTIBOJODSFNFOUBEP
MJHFSBNFOUFTVTQSFTVQVFTUPTTBOJUBSJPT
QBSBQFSPOFDFTJUBSÃOBQPZPQBSB
TVT01&
5PEP FTUP WJFOF DPOEJDJPOBEP
BEFNÃTQPSMBTTFOUFODJBTEFM5SJCVOBM
EF+VTUJDJB&VSPQFPFOSFMBDJÓOBMB
FYDFTJWB QSFDBSJFEBE MBCPSBM EF MB
TBOJEBEQÙCMJDBFTQBÒPMBMPRVFIBDF
RVFZBOPTFBTÓMPVOQSPCMFNBEFMBT
$$""TJOPRVFEFCBTFSSFTVFMUPKVOUP
BM.JOJTUFSJPEF5SBCBKPZQVFTUPTBTFS
QSÃDUJDPTEF)BDJFOEB
!TBOUJEFRVJSPHB