Descargar nº: 619 completo.

4JHVFFOGBDFCPPLDPNHBDFUBNFEJDBZPVUVCFDPN/FU4BMVE57!HBDFUBNFEJDBDPN
17 al 23 de octubre de 2016
Año XIV - nº 619
-BFWBMVBDJÓOBIPSSB
VOFOFMTJTUFNB
6OPTHBMBSEPOFT
RVFWBOBNÃT
&MQBQFMEFMPT$%
FOFOGFSNPTSFOBMFT
-BJOTQFDDJÓOEFMPTTFSWJDJPT
TBOJUBSJPTUJFOFVOQBQFMDMBWF
FO NBUFSJB EF TFHVSJEBE Z
FGJDJFODJB1
&MWJDFSSFDUPSEFMB6OJWFSTJEBE
3FZ +VBO $BSMPT BOBMJ[B MPT
EBUPTEFQBSUJDJQBDJÓOFOMPT9*
1SFNJPT#FTUJO$MBTT1
&MSFDVFOUPEFMJOGPDJUPT$%
QVFEFTFSVOGBDUPSQSFEJDUJWP
EFMBNPSUBMJEBEFOQBDJFOUFT
DPO&3FO)%1
4ÓMPTFJTSFHJPOFT
IBOQBHBEPFM
EFMBAFYUSBEF
5SFT$$""UFSNJOBSÈOEFQBHBSFO
●
)BTUB FM NPNFOUP TÓMP TFJT
DPNVOJEBEFTBVUÓOPNBTIBO
QBHBEPBTVTGVODJPOBSJPTFM
QPSEFMBQBHBFYUSBPS
EJOBSJB EF RVF FM
(PCJFSOPEFDJEJÓTVTQFOEFSFO
QMFOBDSJTJTFDPOÓNJDB
%FTEFFMQBTBEPBCSJMDVBOEP
FM .JOJTUFSJP EF )BDJFOEB Z
"ENJOJTUSBDJPOFT1ÙCMJDBTEJP
MB PSEFO EF QBHBS FM QPS
DJFOUP RVF BÙO RVFEBCB QPS
QBHBSBMPTGVODJPOBSJPTEFMB
"ENJOJTUSBDJÓO (FOFSBM EFM
&TUBEP MB TJUVBDJÓO IB
NFKPSBEP1PSBRVFMFOUPODFT
TPMP&YUSFNBEVSBIBCÎBIFDIP
GSFOUFBMUPUBMEFMPTQBHPT&O
FTUFQFSJPEPEFDBTJTFJTNFTFT
TF IBO TVNBEP $BOBSJBT
$PNVOJEBE7BMFODJBOB$BTUJMMB
Z-FÓO-B3JPKBZ(BMJDJB5SFT
DPNVOJEBEFTZBIBOBEWFSUJEP
EFRVFOPUFSNJOBSÃOEFQBHBS
IBTUB4FUSBUBEF"OEBMV
DÎB$BUBMVÒBZ/BWBSSB1
&MQSFTJEFOUFEFMB0SHBOJ[BDJØO.ÏEJDB$PMFHJBM+VBO+PTÏ3PESÓHVF[4FOEÓOZMBFVSPEJQVUBEBTPDJBMJTUB4PMFEBE$BCF[ØO
"WBODFTDMBWFFODÃODFS
EFNBNBFO&4.0
&O FM ÙMUJNP $POHSFTP EF MB
4PDJFEBE&VSPQFBEF0ODPMPHÎB
.ÊEJDB &4.0 TF IBO
QSFTFOUBEP
JNQPSUBOUFT
BWBODFTFODÃODFSEFNBNB
$.
&OFTUFTFOUJEPVOFOTBZP
GBTFNVFTUSBRVFMBNFEJBOB
EF TVQFSWJWFODJB MJCSF EF
QSPHSFTJÓO4-1
FTNFTFT
NBZPSDPOGVMWFTUSBOURVFDPO
BOBTUSP[PM RVF FT FM USBUB
3FQSPHSBNBDJÓO
EFMBFYQSFTJÓO
HÊOJDBBOJWFM
USBEVDDJPOBM
FODÃODFS1
5SFTDBOEJEBUPT
BTQJSBOBMB
WJDFQSFTJEFODJB
‰EFMB0.$1
NJFOUP FTUÃOEBS FO QSJNFSB
MÎOFB 6OPT SFTVMUBEPT RVF
TFHÙOBMHVOPTFYQFSUPTQVFEFO
TVQPOFS VO DBNCJP EF
QBSBEJHNBFOFMUSBUBNJFOUPEF
FTUBQBUPMPHÎB&TUFGÃSNBDPOP
TFMJNJUBBCMPRVFBSFMSFDFQUPS
EF FTUSÓHFOP EF MBT DÊMVMBT
UVNPSBMFTTJOPRVFMPEFHSBEB
MPRVFQPUFODJBTVFGFDUPBOUJUV
NPSBM1
&MBDDFTPBGÃSNBDPTFO
FMQVOUPEFNJSBEFMB6&
● $BCF[ØOQSFTFOUBTVJOGPSNFFOFM1BSMBNFOUP&VSPQFP
&MEFCBUFTPCSFFMBDDFTPBMPTNFEJDBNFOUPT
HBOB GVFS[B FO FM 1BSMBNFOUP &VSPQFP -B
TFNBOB QBTBEB MB FVSPEJQVUBEB TPDJBMJTUB
4PMFEBE $BCF[ÓO QSFTFOUÓ VO QSPZFDUP EF
JOGPSNFFOMB$PNJTJÓOEF.FEJP"NCJFOUF4BMVE
1ÙCMJDBZ4FHVSJEBE"MJNFOUBSJB&/7*QPSTVT
TJHMBTFOJOHMÊT
&OFMEPDVNFOUP$BCF[ÓOSFDMBNBNBZPS
QPEFSEFOFHPDJBDJÓOQBSBMPT&TUBEPTNJFNCSP
BMBIPSBEFUSBUBSDPOMBJOEVTUSJBGBSNBDÊVUJDB
ZVOBSFWJTJÓOEFMBDUVBMTJTUFNBEFQBUFOUFT&M
JOGPSNFRVFNBOUJFOFEJWJEJEPBM&VSPQBSMB
NFOUPSFDJCJÓFMSFTQBMEPEFMB0SHBOJ[BDJÓO
.ÊEJDB$PMFHJBM&EJUPSJBMZ1
-PTGÃSNBDPTTJOSFDFUB
&MEFMPTDBTPTEF*$
UBNCJÊOEFCFOSFHJTUSBSTF DVSTBODPOEÊGJDJUEFIJFSSP
●3&"1QJEFNÈTTFHVSJEBEFOMBIJTUPSJBDMÓOJDB
-B3FE&TQBÒPMBEF"UFODJÓO
1SJNBSJB3&"1
IBTPMJDJUBEP
EVSBOUFTVT+PSOBEBTRVF
MPTGÃSNBDPTTJOSFDFUBRVFEFO
UBNCJÊO SFHJTUSBEPT FO MB
SFDFUBFMFDUSÓOJDBQBSBFMMP
EFCFSÃOQPEFSIBDFSMPMBTPGJDJ
OBTEFGBSNBDJB
"EFNÃT TPMJDJUBO RVF MB
IJTUPSJB DMÎOJDB FMFDUSÓOJDB
DVFOUF DPO VOB TFHVSJEBE
NBZPSQBSBHBSBOUJ[BSMBQSJWB
DJEBEEFMPTQBDJFOUFT1
+PSOBEBTEFMB3&"1
-B4&$ZMB4&.*IBOUSBCBKBEP
DPOKVOUBNFOUF EVSBOUF EPT
BÒPT FO MB FMBCPSBDJÓO EFM
1SJNFS%PDVNFOUPEF$POTFOTP
TPCSF%)FOQBDJFOUFTDPO*$Z
FOFMRVFTFQSPQPOFVOQSPUP
DPMPEFBDUVBDJÓOEJBHOÓTUJDBZ
UFSBQÊVUJDBi&MNPUJWPEFUPEP
FTUPFTRVFDBEBWF[TPONÃT
JNQPSUBOUFMBTDPNPSCJMJEBEFT
BTPDJBEBTBMB*$ZFTUBTQSPWP
DBONBZPSNPSCJMJEBEZNPSUB
MJEBEuFYQMJDB/JDPMÃT.BOJUP
KFGF EF MB 6OJEBE EF *$ Z
5SBTQMBOUF EFM )PTQJUBM EF
#FMMWJUHF4FIBSFBMJ[BEPFOUSF
EPT TPDJFEBEFT DJFOUÎGJDBT
QPSRVFDPNPBGJSNBFMFYQFSUP
DBEBWF[TFFTUÃOWJFOEPNÃT
QBDJFOUFTEFFEBEFTBWBO[BEBT
DPONÃTDPNPSCJMJEBEFTi%FTEF
IBDF VOPT BÒPT UFOFNPT VO
FTDFOBSJPFOFMRVFIBZQBDJFO
UFTRVFHFOFSBMNFOUFUJFOFO*$
Z EF FOUSF PUSBT QBUPMPHÎBT
BTPDJBEBT%)MPRVFGBDJMJUBRVF
TF DBOTFO NVDIP NÃT FTUÊO
NÃTEÊCJMFTZGSÃHJMFTZUFOHBO
TPCSF UPEP NÃT JOHSFTPT Z
SFJOHSFTPTIPTQJUBMBSJPTu1
BMEFPDUVCSFEF (.
*NÈHFOFTEFMBTFNBOB
‰$BSSFSBZ$BNJOBUB1PQVMBS
QPSMB%JBCFUFTZ&YQPEJBCFUFT
-B"TPDJBDJÓOEF%JBCÊUJDPTEF.BESJEZMB'VOEBDJÓOQBSBMB%JBCFUFTPSHBOJ
[BOBOVBMNFOUFMB$BSSFSBZ$BNJOBUB1PQVMBSQPSMB%JBCFUFTZ&YQP%JBCF
UFTVOFWFOUPTPMJEBSJPRVFTFIBDPOWFSUJEPFOFMNBZPSBDPOUFDJNJFOUPEFQPS
UJWPSFMBDJPOBEPDPOFTUBFOGFSNFEBE-BRVJOUBDPOWPDBUPSJBEFFTUBDBSSFSB
TFDFMFCSBSÃFMQSÓYJNPEFOPWJFNCSF
"MNJSBMMZ7BMMBEPMJEGJSNBOVOBDVFSEP
"MNJSBMMIBGJSNBEPVODPOWFOJPNBSDPEFDPMBCPSBDJÓODPOFM$PMFHJP0GJDJBMEF
.ÊEJDPTEF7BMMBEPMJEQBSBFTUBCMFDFSVOQSPZFDUPEFBDUVBDJÓOJOUFHSBMRVFQFSNJUB
QSPNPWFSFMEFTBSSPMMPEFBDUJWJEBEFTFOMPTÃNCJUPTEFJOWFTUJHBDJÓOZMBGPSNBDJÓO
DJFOUÎGJDBPSJFOUBEBTBMDBNQPEFMBTBMVE-BGJSNBEFBDVFSEPIBUFOJEPMVHBSFOMB
TFEFEFM$PMFHJP0GJDJBMEF.ÊEJDPTEF7BMMBEPMJEDPOMBQSFTFODJBEFTVQSFTJEFOUF
+PTÊ"OUPOJP0UFSPF*HOBDJP.BSUÎEJSFDUPSEFMBEJWJTJÓOEF33**EF"MNJSBMM
&M1BQBSFDJCFBBGFDUBEPTQPSMB&-"
&M$0.;BDPHFVOTFNJOBSJPTPCSFÊUJDB
6OUPUBMEFBGFDUBEPT
FTQBÒPMFTQPS&TDMFSPTJT
-BUFSBM"NJPUSÓGJDB&-"
GVFSPOSFDJCJEPTQPSFM
1BQB'SBODJTDPFOVOB
BVEJFODJBRVFUVWPMVHBS
FO FM 7BUJDBOP DPO FM
PCKFUJWP EF EPUBS EF
NBZPSWJTJCJMJEBEBFTUB
FOGFSNFEBEZSFDMBNBS
NÃTJOWFTUJHBDJÓOBOJWFM
FVSPQFPBMNJTNPUJFNQP
RVFIBDFSMFQBSUÎDJQFEF
MBTSFJWJOEJDBDJPOFTRVF
FTUF DPMFDUJWP UJFOF FO
NBSDIB5SBTFTUBWJTJUBBM7BUJDBOPMPTBGFDUBEPTTBMESÃOBMBTDBMMFTEF.BESJEFM
QSÓYJNPEFOPWJFNCSFFOMBTFHVOEB$BNJOBUBDPOUSBMB&-"FOMBDBQJUBM
-BTFTJÓOEFMPTTFNJOBSJPTEF
MB$ÃUFESBEF1SPGFTJPOBMJTNP
Z­UJDB$MÎOJDBEFMB6OJWFSTJ
EBEEF;BSBHP[BRVFTFIB
DFMFCSBEPFOFM$PMFHJPEF
.ÊEJDPT EF ;BSBHP[B
$0.;
IB QVFTUP EF
NBOJGJFTUPRVFMBNFEJDJOB
QBMJBUJWBEFCFUFOFSFMNJTNP
SBOHPDJFOUÎGJDPZEFDBMJEBE
RVFMBNFEJDJOBDVSBUJWB-B
TBOJEBE EFCF EFEJDBS TVT
NFKPSFTSFDVSTPTBDVJEBSB
MPTFOGFSNPTBMGJOBMEFMBWJEB
DPNPFYQSFTJÓOEFMBDBMJEBE
NPSBMEFVOBTPDJFEBE1FSPUBMZDPNPTFIBBQVOUBEPUPEPFTUPSFRVJFSFRVFMPT
QSPGFTJPOBMFTBERVJFSBOVOBBEFDVBEBGPSNBDJÓOFOFTUBÃSFB
"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
y2VJÊOUJFOFRVFBTVNJSFMSPM
EFNFEJSMPTSFTVMUBEPT
FOTBMVE 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*%$4VFSPEF2VJÒPOFT‰QMBOUBr.BESJE
r5MGr'BY
#"3$&-0/"$$BMWFUO¦UJDPr#BSDFMPOB
r5MGr'BY
5PEPTMPTEFSFDIPTSFTFSWBEPT%FQÓTJUPMFHBM.
*44/*NQSJNF3PUPNBESJE4713$.
wecare-u.com
%JTUSJCVDJØODPOUSPMBEBQPS
%JTUSJCVDJØO
HSBUVJUB
-BTTPDJFEBEFTDJFOUÓGJDBT
EFPDUVCSF
◗ $POHSFTP/BDJPOBMEFMB4PDJF
EBE &TQBÒPMB EF )FNBUPMPHÎB Z
)FNPUFSBQJB4&))
6HFHOHEUDHQ
6DQWLDJRGH&RPSRVWHOD
EFPDUVCSF
-BTDPNVOJEBEFTBVUØOPNBTZFM.JOJTUFSJPEF4BOJEBE
-PTIPTQJUBMFTZHFTUPSFT
1VFEFQBSUJDJQBSFOMBFODVFTUBTFNBOBMBUSBWÊTEFMBXFCXXXHBDFUBNFEJDBDPN
1SFHVOUBEFMBQSÓYJNBTFNBOB
y$SFFRVFMPTJOTQFDUPSFTEFCFSÎBOTFSSFDPOPDJEPTDPNPQSPGFTJP
OBMFTTBOJUBSJPT
◗  $POHSFTP EF MB 4PDJFEBE
&TQBÒPMBEF&OEPDSJOPMPHÎBZ/VUSJ
DJÓO4&&/
(OHYHQWRWHQGUiOXJDUHQ
0iODJD
EFPDUVCSF
◗ $POHSFTP$POUSPWFSTJBT%FCBUFTZ
$POTFOTPTFO1BUPMPHÎBT"SUJDVMBSFT
.VTDVMBSFTZ¶TFBT(Q%DUFHORQD
(. BMEFPDUVCSFEF
0QJOJØO
(BDFUB.ÏEJDBFOMB3FE
*OGPSNBDJØOBEJDJPOBMFO/FU4BMVE
NS
%JTQPOJCMFFOXXXOFUTBMVEFT]"QQ4UPSF](PPHMFQMBZ
❚4BOJEBECVTDBGØSNVMBTQBSBAQBMJBSMBQSFDBSJ[BDJØO
❚ .FOTBKFTBGBWPSEFMBJHVBMEBEFOFM.BOJGJFTUPFODÈODFSEFNBNB
❚ 6OBEPTJTEFBSUFGSFOUFBMBBSUSJUJTSFVNBUPJEF
❚ i-BJONVOPUFSBQJBFTFGJDB[DPNPOFPBEZVWBOUFFONFMBOPNBw
❚ -BCJPQTJBMÓRVJEBQFSNJUFNPOJUPSJ[BSFMUSBUBNJFOUPFO$$
/PUJDJBTNÈTMFÓEBTFO
❚
❚
❚
❚
❚
❚
❚
❚
❚
❚
-BTTPDJFEBEFTDJFOUÓGJDBTBTVNFOMBUBSFBEFNFEJSMPTSFTVMUBEPTFOTBMVE
-B4&'TPMJDJUBMBSFHVMBSJ[BDJØOEFMBNBUFSOJEBETVCSPHBEBFO&TQB×B
&YQFSUPTEFGJFOEFOMBFGJDBDJBZMBTFHVSJEBEEFMPT"$0%T
-PTFYQFSUPTTPMJDJUBOUSBUBNJFOUPTQBSBGSFOBSMBFWPMVDJØOEFMB&1
i-BFWBMVBDJØOZFMACFODINBSLJOHUJFOFORVFQFOFUSBSZBFOFM4/4w
-BTDPNQBSBDJPOFTOPTJFNQSFTPOPEJPTBT
"QSFOEFSBNBOFKBSFMEPMPSDMBWFFO"1BOUFMBGBMUBEFBDDFTPBDVJEBEPTQBMJBUJWPT
-PTTPDJBMJTUBTFVSPQFPTQSFTFOUBOVOBQSPQVFTUBTPCSFBDDFTPBNFEJDBNFOUPT
.ÈTEFDBOEJEBUPTFOMB9*FEJDJØOEFMPT1SFNJPT#FTUJO$MBTT
-BJOWFTUJHBDJØOEFMGVUVSPQBTBSÈQPSOPTFQBSBSMBCÈTJDBEFMBDMÓOJDB
5VJUTNÈTQPQVMBSFTEF!HBDFUBNFEJDBDPN
❚
❚
❚
❚
❚
-B!4&3FVNBUPMPHJBMBO[BBQQQBSBQSPGFTJPOBMFTZQBDJFOUFT
'BMUBOQSFWFODJØOZVOJEBEFTEFSFGFSFODJBFOFMDPOUSPMEFMBBSUSPTJT
1FSNJUJSBMBTFOGFSNFSBTQSFTDSJCJSBMHVOPTGÈSNBDPTFOVSHFODJBTSFEVDFIBTUBFOIPSBTMBTFTQFSBT
$ØNPNFKPSBSFMBCPSEBKFEFMBTOFPQMBTJBTIFNBUPMØHJDBT
3FMBDJPOBOMBBOIJESBTBDBSCØOJDBDPOFMFOWFKFDJNJFOUP
(BDFUB.ÏEJDBFEJDJØO$BUBMBOB
❚
❚
❚
❚
&M1MBEF4BMVUEF#BSDFMPOBOFV[QFSBSFEVJSMBTEFTJHVBMUBUTTPDJBMT
&M(PWFSOBQSPWBFMQSPKFDUFEFMMFJEBDDÒTVOJWFSTBMBMBTBOJUBUDBUBMBOB
3FQSPHSBNBDJØEFMFYQSFTTJØHÒOJDBBOJWFMMUSBEVDDJPOBMDMBVFODËODFS
#FMMWJUHFGBMBQSJNFSBJOUFSWFODJØBNCVOSPCPU%B7JODJ9JEVMUJNBHFOFSBDJØ
&M&EJUPSJBM
&MEFCBUFTBOJUBSJPOPTF
MJCSBEFUJOUFTQBSUJEJTUBT
&
TMÎDJUPRVFMPT&TUBEPTNJFNCSPEF
&MEPDVNFOUPOPDPOUFNQMBBMBJOEVT
MB6OJÓO&VSPQFBCVTRVFOGÓSNV USJBGBSNBDÊVUJDBDPNPVOHSBOBMJBEP
MBTQBSBGBDJMJUBSFMBDDFTPEFMPT EFMPTTJTUFNBTTBOJUBSJPTFVSPQFPT4F
DJVEBEBOPTBMPTNFEJDBNFOUPT%FCFSÎB USBUBEFMTFDUPSRVFNÃTJOWJFSUFFOMB
TFSNÃTCJFOVOBPCMJHBDJÓO-BDPPQF BDUVBMJEBEFOJOWFTUJHBDJÓOEFTBSSPMMPF
SBDJÓOFOUSFQBÎTFTSFTVMUBOFDFTBSJBFO JOOPWBDJÓO 4ÓMP FO &TQBÒB EFTUJOP
MBDPOTFDVDJÓOEFFTUFGJO4JOFNCBSHP NJMMPOFTEFFVSPTMPRVFTVQPOF
OPTFQVFEFPCWJBSPOPTFQVFEFIBDFS VOJODSFNFOUPEFMQPSDJFOUPDPO
BDPTUBEFMBJOEVTUSJBGBSNBDÊVUJDB
SFTQFDUPBMBÒPBOUFSJPS4FUSBUBEFVO
&TFMHSBOQSPCMFNBRVFQSFTFOUBFM FTGVFS[PFDPOÓNJDPJNQPSUBOUFFOVO
JOGPSNFRVFMBFVSPEJQVUBEBTPDJBMJTUB FTDFOBSJPNBSDBEPQPSMPTJOUFOUPTEF
4PMFEBE $BCF[ÓO IB MMFWBEP B MB MBT "ENJOJTUSBDJPOFT 1ÙCMJDBT EF
$PNJTJÓO EF .FEJP"NCJFOUF 4BMVE TVQFSBSMBDSJTJTFDPOÓNJDB
1ÙCMJDBZ4FHVSJEBE
%FFTUPTNÃTEF
"MJNFOUBSJB&/7*
NJMMPOFTEF
&MJOGPSNFEF4PMFEBE
QPS TVT TJHMBT FO
FVSPTBMHPNÃTEF
JOHMÊT
FOFM1BSMB $BCF[ØOEFCFDPOTJEFSBSBMB VOQPSDJFOUPTF
NFOUP&VSPQFP&M
JOEVTUSJBDPNPVOBMJBEPEF EFTUJOÓBDPOUSB
UFYUPJODJEFVOBWF[
UPT EF JOWFTUJHB
MPTTJTUFNBTBOJUBSJPT
NÃTFOMBSFWJTJÓO
DJÓODPOIPTQJUB
EFM TJTUFNB EF
MFTVOJWFSTJEBEFT
QBUFOUFT-BSFDMBNBDJÓOOPFTOVFWB4F ZDFOUSPTEFJOWFTUJHBDJÓO
MB MMFWBNPT FTDVDIBOEP EFTEF IBDF
-PTTJTUFNBTTBOJUBSJPTEFCFOCVTDBS
UJFNQP B MB 0SHBOJ[BDJÓO .ÊEJDB GÓSNVMBEFBIPSSPQFSPEFCFOJSPSJFO
$PMFHJBM&MBDUVBMNPEFMPIBQFSNJUJEP UBEBTBPUSBTQSÃDUJDBTMBFWBMVBDJÓOEF
HBSBOUJ[BSJOOPWBDJPOFTRVFIBOSFQFS MBT UFDOPMPHÎBT TBOJUBSJBT Z EF MPT
DVUJEPGBWPSBCMFNFOUFFOMBTBMVEEFMPT NFEJDBNFOUPT JOOPWBEPSFT VOB
QBDJFOUFT%FTEFFTUBTMÎOFBTIFNPT QSÃDUJDBRVFCSJMMBQPSTVBVTFODJBFO
WFOJEPJOTJTUJFOEPFOMBOFDFTJEBEEF &TQBÒBDPNPIBOQVFTUPEFNBOJGJFTUP
FMJNJOBSUJOUFTJEFPMÓHJDPTPNÃTCJFO MPTFDPOPNJTUBTEFMBTBMVEFONÃTEF
QBSUJEJTUBTEFMTJTUFNBTBOJUBSJPZOP VOBPDBTJÓO"OUFMBQBTJWJEBEEFMBT
QSPWPDBSEJWJTJPOFTJOOFDFTBSJBTFOMPT BENJOJTUSBDJPOFTMBTTPDJFEBEFTDJFOUÎ
QBSMBNFOUPT FVSPQFP OBDJPOBMFT Z GJDBTIBODPNFO[BEPJODMVTPBNFEJS
BVUPOÓNJDPT
SFTVMUBEPTFOTBMVE
"DPSB[ØOBCJFSUP
4BMBNBODBDBQJUBMEFMBQFEJBUSÎBFTQBÒPMB
7&/"/$*0."35±/&;
1SFTJEFOUFEFMB
4FQFBQ
5
SBTVOBUSBZFDUPSJBEFBÒPTEFTEF
TVDSFBDJÓOMB4PDJFEBE&TQBÒPMB
EF1FEJBUSÎB&YUSBIPTQJUBMBSJBZ
"UFODJÓO1SJNBSJB4FQFBQ
IBMMFHBEPB
MBUSJHÊTJNBFEJDJÓOEFTV$POHSFTP/B
DJPOBM4VQSJNFSBSFVOJÓODPNPTFDDJÓO
EFMB"&1TFPSHBOJ[ÓFO4FWJMMBTJFOEP
QSFNJBEBDPNPFM.FKPS$POHSFTP.ÊEJDP
EFMBÒP-BGJMPTPGÎBEFMB4FQFBQFO
TVTBDUJWJEBEFTTVTGJOFTZFMDBSÃDUFSEF
MBNJTNBTFIBONBOUFOJEPZTPOMPTRVF
TJFNQSFTFIBODPOUFNQMBEPFOTVTFTUB
UVUPTQSPNPWFSMPTWBMPSFTEFMBQFEJBUSÎB
FYUSBIPTQJUBMBSJBZEFBUFODJÓOQSJNBSJB
FOTVTUSFTNJTJPOFTGVOEBNFOUBMFTEF
BTJTUFODJBQSFWFOUJWBDVSBUJWBZSFIBCJ
MJUBEPSB
EPDFOUFEFMQSFHSBEPEFMSFTJ
EFOUFZEFMQPTUHSBEPZFEVDBDJÓOTBOJ
UBSJBEFMBQPCMBDJÓO
FJOWFTUJHBEPSBGB NJTJÓOEF'PSNBDJÓO$POUJOVBEB1FEJB
WPSFDJFOEPMBSFMBDJÓODPOUPEPTMPTTFS USÎB*OUFHSBMRVFBDBCBEFDVNQMJSWFJO
WJDJPTTBOJUBSJPTZQPUFODJBOEPMPTSFDVS UJEÓTBÒPT
TPTTPDJBMFTEFMBDPNVOJEBE/PTPNPTMB
&TUBTFNBOBDPOWPDBNPTFO4BMBNBODB
ÙOJDBTPDJFEBEQFEJÃUSJDBEFBUFODJÓOQSJ BUPEPTOVFTUSPTTPDJPTZBUPEPTMPTQF
NBSJBQFSPTÎMBÙOJDBRVFEFTEFTVDSFB EJBUSBTFTQBÒPMFT-BDJVEBEFTMVHBSQSP
DJÓOEFGFOEJÓMBJNQPSUBODJBEFMBQSÃD QJDJPQBSBFMFODVFOUSPUBNCJÊOQPSRVF
UJDBQSJWBEBMBJEFBEFVOBÙOJDBQFEJB MBQFEJBUSÎBTBMNBOUJOBIBTJEPIJTUÓSJDB
USÎBZMBEFVOBDPMBCPSBDJÓODPOMBJOEVTUSJB NFOUFVOBEFMBTNÃTBDUJWBTZBWBO[B
EFTEFMBUSBOTQBSFO
EBTEFOVFTUSPQBÎT
DJBFOMPTBDVFSEPT
#BTUFSFDPSEBSMBJO
EFGJOBODJBDJÓOZDPO 1BSBRVFVOBSFVOJØOEFFTUF GMVFODJBFOMPTBÒPT
FMCFOFGJDJPEFMOJÒP UJQPQVFEBQFSEVSBSIBZRVF SFDJFOUFTEFMPTQSP
BUSBWÊTEFMBGPSNB
GFTPSFTEPO&SOFTUP
NBOUFOFSDPNPOÞDMFP
DJÓOEFMQFEJBUSB
DFOUSBMVOEFOTPQSPHSBNB 4ÃODIF[7JMMBSFT
DPNPNPUJWPFYDMV
EPO7BMFOUÎO4BMB
TJWP(SBDJBTBMUSB
[BSZEPO'ÊMJY-P
CBKPEFMBTTVDFTJWBTKVOUBTEJSFDUJWBTIPZ SFOUFBDPNQBÒBEPTFODBEBUJFNQPSFT
DPOUBNPTDPOUSFTNJMRVJOJFOUPTTPDJPT QFUBEPT‡EJSÎBRVFWFOFSBEPT‡ZBQP
FOUPEBTMB$$""BQBSUFEFNÃTEFNJM ZBEPTQPSVOHSVQPOVUSJEPZEFTUBDBEP
SFTJEFOUFTWJODVMBEPTDPNPBTPDJBEPT: EFQFEJBUSBTRVFIBODPOGPSNBEPVOBFT
FOUPSOPBMBTPDJFEBEZBMB'VOEBDJÓO DVFMBNVZDPIFTJPOBEBZSFDPOPDJEBFO
1SBOEJVOBSFWJTUBBDSFEJUBEBQPSMB$P UPEPTMPTÃNCJUPTQSPGFTJPOBMFT
$POWJFOFSFDPSEBSRVFQBSBRVFDVBM
RVJFSSFVOJÓOEFFTUFUJQPQVFEBQFSEVSBS
FOFMUJFNQPFTQSFDFQUJWPNBOUFOFSDPNP
OÙDMFPDFOUSBMVOEFOTPQSPHSBNBDJFOUÎ
GJDPQPSMPRVFTFIBJODSFNFOUBEPFMOÙ
NFSPUBMMFSFTZTFTJPOFTQSÃDUJDBTEFTF
NJOBSJPTZEFNFTBTSFEPOEBTZEFOUSPEFM
DVBMTFFYQPOESÃODJFOUPTEFDPNVOJDBDJP
OFTMJCSFT5PEPFMMPTBDBEPBEFMBOUFDPO
NÃTEFDJFOQPOFOUFTEFQSFTUJHJPFYIBVT
UJWBNFOUFNFEJEPZPSHBOJ[BEPQPSVOPT
DPNJUÊTMPDBMFTMJEFSBEPTQPSFMQSPGFTPS
+BWJFS1FMMFHSJOJEJHOÎTJNPWBMFEPSEFTVT
DPNQBÒFSPTEFMBNFEJDJOBJOGBOUJMFTQB
ÒPMBZEFOVFTUSBTPDJFEBE$POUPEPTFTPT
BUSBDUJWPTFTUBNPTTFHVSPTEFRVFFTUF
$POHSFTPEFMB4FQFBQFTFMRVFEFNBOEBO
OVFTUSPTDPNQBÒFSPTHFOFSBMJTUBTZHBSBO
UJ[BSÃTVÊYJUP1PSFMMPOPTQBSFDFPCMJHBEP
NBOJGFTUBSOVFTUSBHSBUJUVEBMPTQSJODJQB
MFTSFTQPOTBCMFTEFTVQSPHSBNBZBTVT
DPMBCPSBEPSFTIBDJÊOEPMBFYUFOTJWBBUPEB
MBQFEJBUSÎBTBMNBOUJOB
0QJOJØOBMEFPDUVCSFEF(.
-B'SBTF
i
%FCFFYJTUJSVO
FRVJMJCSJPFOUSF
MPTJOUFSFTFT
QÙCMJDPTZ
QSJWBEPTDPOFMQBDJFOUF
FOFMDFOUSPEFMTJTUFNBu
-PT1FSTPOBKFT
+FTÙT$BTUJMMPOVFWPEJSFDUPSHFOFSBM
EF4PMVUJPOTZ'BSNBDJBEF8FDBSFV
◗ +FTÙT$BTUJMMPFTFMOVFWPEJSFDUPS
HFOFSBMEF4PMVUJPOTZ'BSNBDJBEF
8FDBSFVMBEJWJTJÓOEFDPOTVMUPSÎB
EFM HSVQP FEJUPS EF (. $BTUJMMP
TFHVJSÃNBOUFOJFOEPTVTSFTQPOTBCJ
MJEBEFTDPNPEJSFDUPSHFOFSBMEFMB
PGJDJOBEF#BSDFMPOB"MPMBSHPEFTV
USBZFDUPSJBIBPDVQBEPEJGFSFOUFT
QPTJDJPOFTEF.BSLFUJOHZ$PNFSDJBM
FODPNQBÒÎBTNVMUJOBDJPOBMFTFOUSF
FMMBTCJPUFDOPMÓHJDBTGBSNBDÊVUJDBTZ
EFHFOÊSJDPT$BTUJMMPFT-JDFODJBEPFO
$JFODJBT#JPMÓHJDBTZTFJODPSQPSÓB
8FDBSF6 FO PDUVCSF EF MJEFSBOEPQSPZFDUPTRVFIBODPOUSJ
CVÎEPBMDSFDJNJFOUPEFMBDPNQBÒÎB
4PMFEBE$BCF[ÓO
FVSPEJQVUBEBTPDJBMJTUB
-BT$MBWFT
"WBODFTFO
PODPMPHÎB
RVFMPTSFTVMUBEPTEFNÙMUJQMFTFTUVEJPT
QBUSPDJOBEPTFJOEFQFOEJFOUFTRVFFWB
MÙBOFMVTPEFBCSBYBOFQBDMJUBYFMVOJEP
BBMCÙNJOBFOVOBGPSNVMBDJÓOEFOBOP
QBSUÎDVMBTOBCQBDMJUBYFMQBSBTVTQFO
BNPTBIBCMBSEFNFEJDBNFOUPT-P TJÓOJOZFDUBCMF
DPNPUSBUBNJFOUPEFCBTF
RVFTJHOJGJDBWFSMBTÙMUJNBTOPWF TPMPPFODPNCJOBDJÓODPOOVFWPTBHFO
EBEFTRVFDBFOFOOVFTUSBTNBOPT UFTZOVFWPTSFHÎNFOFTQBSBQBDJFOUFTDPO
#SJTUPM.ZFST4RVJCC$PNQBOZIBBOVO UVNPSFTIBCJUVBMNFOUFEJGÎDJMFTEFUSBUBS
DJBEPOVFWPTEBUPTEFDBMJEBEEFWJEBDP JODMVJEPTFMDÃODFSEFQÃODSFBTNFUBTUÃT
SSFTQPOEJFOUFTBVOPCKFUJWPFYQMPSBUPSJP UJDPN1"$QPSTVTTJHMBTFOJOHMÊT
FMDÃO
EFMFOTBZPQJWPUBMEFGBTF$IFDL.BUF DFSEFNBNBNFUBTUÃUJDP.#$QPSTVTTJ
FOFMRVFTFFWBMVÓOJWPMVNBCFOQB HMBTFOJOHMÊT
ZFMDÃODFSEFQVMNÓOOP
DJFOUFTDPODBSDJOPNBFTDBNPTPEFDB NJDSPDÎUJDPBWBO[BEP/4$-$QPSTVTTJ
CF[BZDVFMMPSFDVSSFOUFPNFUBTUÃTJDPEFT HMBTFOJOHMÊT
IBOTJEPUBNCJÊOQSFTFO
QVÊTEFUSBUBNJFOUPDPOQMBUJOPFODPN UBEPTFOMB3FVOJÓO"OVBMEFMB4PDJFEBE
QBSBDJÓODPOMBUFSBQJBEFFMFDDJÓOEFM &VSPQFBEF0ODPMPHÎB.ÊEJDB&4.0
JOWFTUJHBEPSNFUPUSFYBUPEPDFUBYFMPDF
'JOBMNFOUF+BOTTFOIBBOVODJBEPMPT
UVYJNBC
-BTFWBMVBDJPOFTEFSFTVMUBEPT EBUPTEFVOBOÃMJTJTEFTFHVJNJFOUPEFMFO
EFNPTUSBSPORVFOJWPMVNBCFTUBCJMJ[ÓMPT TBZP$06""EFGBTFRVFTVCSBZBO
TÎOUPNBTZMBGVODJÓOEFMPTQBDJFOUFTJO MBTFHVSJEBEZUPMFSBCJMJEBEEF[ZUJHBBDF
DMVJEBMBGVODJÓOGÎTJDBEFSPMZTPDJBMFO UBUPEFBCJSBUFSPOB
ZMBJNQPSUBODJBRVF
USFTJOTUSVNFOUPT
FTUPUJFOFQBSBPGSF
TFQBSBEPT
DFSCFOFGJDJPTDMÎOJ
#SJTUPM.ZFST4RVJCC
&TUPTIBMMB[HPTTF
DPTBMPTQBDJFOUFT
$FMHFOFZ+BOTTFO
QSFTFOUBSPOFOFM
DPODÃODFSEFQSÓT
$POHSFTPEFMB4P
UBUBNFUBTUÃTJDPSF
BWBO[BOFOTVT
DJFEBE&VSPQFBEF
TJTUFOUFBMBDBTUSB
USBUBNJFOUPTPODPMØHJDPT
0ODPMPHÎB.ÊEJDB
DJÓO$13$N
-PT
&4.0
EF
EBUPTQSFTFOUBEPT
-PTEBUPTEFMFOTBZP$IFDL.BUFTF FOFM$POHSFTPEFMB4PDJFEBE&VSPQFBEF
QVCMJDBSPOTJNVMUÃOFBNFOUFFO5IF/FX 0ODPMPHÎB.ÊEJDB&4.0
DFMFCSBEPFO
&OHMBOE+PVSOBMPG.FEJDJOF
$PQFOIBHVF%JOBNBSDB
EFNVFTUSBORVF
i-PTQBDJFOUFTRVFWJWFODPOFTUBGPSNB BDFUBUPEFBCJSBUFSPOBNÃTQSFEOJTPOBFT
EFUVNPSBWBO[BEPEFDBCF[BZDVFMMPB CJFOUPMFSBEPDVBOEPTFBENJOJTUSBBMBSHP
NFOVEPFYQFSJNFOUBOFGFDUPTGJTJPMÓHJDPT QMB[PEVSBOUFDVBUSPPNÃTBÒPT
FOQB
EFCJMJUBOUFTBEFNÃTEFEJGJDVMUBEFTFNP DJFOUFTDPO$13$N
DJPOBMFTZTPDJBMFTPDBTJPOBEBTQPSMBFO
&M%S+PBO$BSMFTKFGFEFMBVOJEBEEF
GFSNFEBEBQFTBSEFMBTPQDJPOFTEFUSB HFOJUPVSJOBSJPEFM)PTQJUBM6OJWFSTJUBSJP
UBNJFOUPBDUVBMFTuEJKP,FWJO)BSSJOHUPO 7BMME{)FCSPOIBEFDMBSBEPi-PTWBSPOFT
.%1I%DBUFESÃUJDPEF5FSBQJBT#JPMÓ WJWFOBIPSBNÃTUJFNQPDPODÃODFSEFQSÓT
HJDBTEFM$ÃODFSFOFM*OTUJUVUFPG$BODFS UBUBMPRVFTJHOJGJDBRVFMBDBMJEBEEFWJEB
3FTFBSDIZPODÓMPHPDMÎOJDPFTQFDJBMJTUB TFFTUÃDPOWJSUJFOEPFOVOBTQFDUPDBEBWF[
FO5IF3PZBM.BSTEFO/)4'PVOEBUJPO NÃTJNQPSUBOUFEFTVUSBUBNJFOUP&MNB
5SVTUEF-POESFTi&TUPTSFTVMUBEPTDPNV OFKPEFMBTDPOTFDVFODJBTFNPDJPOBMFTZGÎ
OJDBEPTQPSQBDJFOUFTTPOJNQPSUBOUFTZ TJDBTEFMBFOGFSNFEBEZEFTVTUSBUBNJFO
BMFOUBEPSFTQPSRVFOPTBZVEBOBDPOP UPTFOMPTWBSPOFTDPODÃODFSEFQSÓTUBUB
DFSFMQPUFODJBMEFOJWPMVNBCFOMBDBMJEBE FTGVOEBNFOUBMZMBUPMFSBCJMJEBEEFMUSB
EFWJEBEFFTUPTQBDJFOUFTu
UBNJFOUPQVFEFEFTFNQFÒBSVOJNQPSUBOUF
&MDBSDJOPNBEFDÊMVMBTFTDBNPTBTEF QBQFMBMSFTQFDUP&TBMFOUBEPSBEWFSUJSRVF
DBCF[BZDVFMMPSFQSFTFOUBBQSPYJNBEB BDFUBUPEFBCJSBUFSPOBFOHFOFSBMTFUP
NFOUFFMQPSDJFOUPEFUPEPTMPTUVNP MFSBEFGPSNBBEFDVBEBFOQBDJFOUFTDPO
SFTEFDBCF[BZDVFMMP
$13$NZQPESÎBTFSVOBPQDJÓOEFUSBUB
1PSPUSBQBSUF$FMHFOFIBBOVODJBEPIPZ NJFOUPFGJDB[QBSBFMMPTBMBSHPQMB[Pu
#"350-0.­#&-53¦/
+FGFEFMPTTFSWJDJPT
NÊEJDPTEF"NFEJB
7
$FSDBEFQFSTPOBTIBOSFDJCJEPVO
USBUBNJFOUPEFIFQBUJUJT$EFÙMUJNBHFOFSBDJÓO
◗ %FTEFFOFSPEFIBTUBTFQUJFN
CSFEFFTUFBÒPTFIBODPOUBCJMJ[BEP
QBDJFOUFTUSBUBEPTEFMWJSVTEF
MBIFQBUJUJT$DPOMPTOVFWPTGÃSNBDPT
BOUJWJSBMFTEFÙMUJNBHFOFSBDJÓO&TUPT
EBUPTIBOTJEPQSFTFOUBEPTEVSBOUFMBT
SFVOJPOFTEFM$PNJUÊ$JFOUÎGJDP"TFTPS
ZFM$PNJUÊ5ÊDOJDP*OTUJUVDJPOBMEFM
1MBO&TUSBUÊHJDPQBSBFM"CPSEBKFEFMB
)FQBUJUJT$QSFTJEJEBTQPSFMTFDSFUBSJP
EF 4BOJEBE +BWJFS $BTUSPEF[B -BT
DJGSBT TF SFDPHFO FO FM SFHJTUSP EF
FWBMVBDJÓOUFSBQÊVUJDBZMBDPOUBCJMJ
EBE EF QBDJFOUFT EF FTUF QMBO &M
PCKFUJWPQSJODJQBMIBTJEPHBSBOUJ[BSFM
BDDFTPBMPTNÃTEFBGFDUBEPT
-B$PNVOJEBEEF.BESJEUSBCBKB
QBSBSFBDUJWBSMB$BSSFSB1SPGFTJPOBM
◗ -B $PNVOJEBE EF .BESJE FO MB
JNBHFOTVDPOTFKFSPEF4BOJEBE+FTÙT
4ÃODIF[.BSUPT
USBCBKBQBSBSFBDUJWBS
MBDBSSFSBQSPGFTJPOBMDPOFMPCKFUJWPEF
SFDPOPDFSOJWFMFTQSPGFTJPOBMFTQFSP
TJOQBHPFDPOÓNJDPUSBTWBSJPTJOUFOUPT
QBSBSFBDUJWBSFMEFTBSSPMMPQSPGFTJP
OBMRVFOPTFIBCÎBOQVFTUPFONBSDIB
-BDPOTFKFSÎBEF4BOJEBEIBFYQMJDBEP
RVF TF WB B DPOTUJUVJS MB $PNJTJÓO
$FOUSBM EF $BSSFSB 1SPGFTJPOBM RVF
BOBMJ[BSÃMBTJUVBDJÓOEFMPTQSPGFTJPOB
MFT BGFDUBEPT QPS MB TVTQFOTJÓO EFM
SFDPOPDJNJFOUPEFOVFWPTOJWFMFTZ
BCPOPEFMBTDVBOUÎBTDPSSFTQPOEJFOUFT
FTUBCMFDJEBEFTEFFMBÒP
"SUVSP'FSOÃOEF[$SV[FTEJTUJOHVJEPDPOMB
(SBO$SV[EFMB4BOJEBE.BESJMFÒB
◗ -B$PNVOJEBEEF.BESJEIBDPODF
EJEPMBTEJTUJODJPOFTIPOPSÎGJDBTRVF
SFDPOPDFOMBNFKPSBEFMBDBMJEBEFO
4BOJEBE6OPTHBMBSEPOFTRVFSFDPOP
DFOBMBTQFSTPOBTGÎTJDBTZFOUJEBEFT
QÙCMJDBTZQSJWBEBT&OFTUBPDBTJÓOMB
(SBO$SV[EFMB4BOJEBE.BESJMFÒBIB
SFDBÎEPFO"SUVSP'FSOÃOEF[$SV[QPS
TV USBZFDUPSJB QSPGFTJPOBM EF HSBO
QSFTUJHJPFOFMÃNCJUPEFMBQSFWFODJÓO
DBSEJPWBTDVMBS Z SFIBCJMJUBDJÓO
DBSEÎBDB 'FSOÃOEF[ $SV[ IB TJEP
DBUFESÃUJDPEF.FEJDJOB*OUFSOBEFMB
6OJWFSTJEBE$PNQMVUFOTFZKFGFEF
4FSWJDJPEFFTUBFTQFDJBMJEBEFOFM
)PTQJUBM$MÎOJDP4BO$BSMPTEF.BESJE
(. BMEFPDUVCSFEF
1PMÓUJDB
&MEFCBUFTPCSFFMBDDFTPBMPTGÃSNBDPT
HBOBQFTPFOFM1BSMBNFOUP&VSPQFP
4PMFEBE$BCF[ØOQSFTFOUBVOEPDVNFOUPRVFBCPHBQPSEPUBSEFNÈTQPEFSBMPT&TUBEPTNJFNCSP
+6"/1"#-03".¶3&;
.BESJE
-PTTPDJBMJTUBTFVSPQFPTIBOQSFTFOUBEP
VOBQSPQVFTUBQBSBNFKPSBSFMBDDFTPB
MPTNFEJDBNFOUPTFOMB6OJÓO&VSPQFB
-BFODBSHBEBEFSFMFWBSFMQSPZFDUPEF
JOGPSNFBMB$PNJTJÓOEF.FEJP"NCJFOUF
4BMVE1ÙCMJDBZ4FHVSJEBE"MJNFOUBSJB
&/7*QPSTVTTJHMBTFOJOHMÊT
EFM1BSMB
NFOUP&VSPQFPIBTJEPMBFVSPEJQVUBEB
FTQBÒPMB4PMFEBE$BCF[ÓO
5SBTFMJOJDJPEFMPTUSÃNJUFTQBSMB
NFOUBSJPT$BCF[ÓOQBSUJDJQÓMBTFNBOB
QBTBEBFOVOFODVFOUSPPSHBOJ[BEPFO
MB0SHBOJ[BDJÓO.ÊEJDB$PMFHJBM0.$
FOFMRVFEFTHSBOÓVOBTFSJFEFNFEJEBT
QBSBRVFMB6&QVFEBGBDJMJUBSFMBDDFTP
TJORVFFMMPTVQPOHBVOBJOUSPNJTJÓO
6OPEFMPTQSJNFSPTPCKFUJWPTFTiEPUBS
EFNBZPSQPEFSEFOFHPDJBDJÓOBMPT
&TUBEPTNJFNCSPBMBIPSBEFTFOUBSTF
DPOMBJOEVTUSJBGBSNBDÊVUJDBuFYQMJDÓ
MBFVSPEJQVUBEBRVFFTUVWPBDPNQB
ÒBEBQPSFMQSFTJEFOUFEFMB0.$+VBO
+PTÊ3PESÎHVF[4FOEÎO
$POFTUFGJOQSPQPOFVOBSFWJTJÓOEFM
TJTUFNB EF GJKBDJÓO EF QSFDJPT Z EF
SFFNCPMTP EF MPT NFEJDBNFOUPT -B
NPEJGJDBDJÓO EF MB OPSNBUJWB JSÎB
FODBNJOBEBBGPSUBMFDFSMBQPTJDJÓOEF
MPTQBÎTFTi)BZRVFUFOFSFODVFOUBFM
WFSEBEFSPWBMPSBÒBEJEPUFSBQÊVUJDPEF
VONFEJDBNFOUPTVJNQBDUPTPDJBMTV
SFOUBCJMJEBETVJNQBDUPQSFTVQVFTUBSJP
ZTVFGJDJFODJBQBSBMPTTJTUFNBTTBOJUB
SJPT QÙCMJDPTu TFHÙO FM EPDVNFOUP
3FDMBNÓVOBBSNPOJ[BDJÓOEFMBOPSNB
UJWB EFTEF #SVTFMBT RVF QFSNJUJSÎB
DVNQMJSFTUFPCKFUJWP
"QFTBSEFMEPDVNFOUPMBFVSPEJQV
UBEBTPDJBMJTUBBMBCÓMBMBCPSEFMBJOEVT
USJBVOBEFMBTiNÃTDPNQFUJUJWBTEF
&VSPQBuDPNPQPOFEFNBOJGJFTUPTV
JOWFSTJÓOFO*%JZVOBGVFS[BMBCPSBM
EFNÃTEFUSBCBKBEPSFT1FSP
JODJDJÓFORVFEFCFFYJTUJSiVOCBMBODF
FOUSFMPTJOUFSFTFTQÙCMJDPTZQSJWBEPT
DPOFMQBDJFOUFFOFMDFOUSPEFMTJTUFNBu
$SÓUJDBTFO&VSPQB
$BCF[ÓOTVCSBZÓRVFFMQSFDJPKVTUP
EFCFDVCSJSFMDPTUFEFMEFTBSSPMMPMB
QSPEVDDJÓO EFM NFEJDBNFOUP Z VO
NBSHFOEFCFOFGJDJPQBSBMBDPNQBÒÎB
-BFVSPEJQVUBEBFOUJFOEFRVFFM$POTFKP
EFCFSFGPS[BSMBDPPQFSBDJÓOFOUSFMPT
&TUBEPT NJFNCSP BOUF FTUF UJQP EF
QSPDFEJNJFOUPTDPOFMPCKFUJWPEFRVF
QVFEBO JOUFSDBNCJBS iJOGPSNBDJÓO
TPCSF MPT QSFDJPT FM SFFNCPMTP MB
OFHPDJBDJÓOEFBDVFSEPTZMBTCVFOBT
QSÃDUJDBTu&TUBTFSÎBMBSFDFUBQBSB
FWJUBSMPRVFFMMBFOUJFOEFDPNPQSFDJPT
&MQSFTJEFOUFEFMB0SHBOJ[BDJØO.ÏEJDB$PMFHJBM0.$
+VBO+PTÏ3PESÓHVF[4FOEÓOZMBFVSPEJQVUBEBTPDJBMJTUB4PMFEBE$BCF[ØO
BCVTJWPTQPSQBSUFEFMBJOEVTUSJBGBSNB
DÊVUJDB&TUBBGJSNBDJÓOMFIBWBMJEPMBT
DSÎUJDBTEFPUSPTTFDUPSFTEFMBDÃNBSB
FTQFDJBMNFOUFQSPDFEFOUFTEFM1BSUJEP
1PQVMBS&VSPQFPRVFDPOTJEFSBJOKVTUBT
FTUBTWBMPSBDJPOFTMPRVFIBDFQSFWFS
RVFFMUFYUPTVGSJSÃNPEJGJDBDJPOFTBMP
MBSHP EF TV USBNJUBDJÓO RVF QPESÎB
DPODMVJSFOFMQSJNFSQMFOPEFFOFSP
&MEPDVNFOUPIBSFDJCJEP
DSÓUJDBTEFQBSUFEFMB$ÈNBSB
QPSMPRVFTFFTQFSBRVFTVGSB
NPEJGJDBDJPOFT
-B0.$BQPZØFMEPDVNFOUP
QSFTFOUBEPQPSMB
FVSPEJQVUBEBTPDJBMJTUB
4PMFEBE$BCF[ØOFOFM&/7*
&MEPDVNFOUPTÎSFDJCJÓFMSFTQBMEPEF
MB0.$3PESÎHVF[4FOEÎOJOTJTUJÓFORVF
MPTNFEJDBNFOUPTTVQPOFOFO&VSPQB
VOQPSDJFOUPEFMHBTUPGBSNBDÊVUJDP
VODPTUFEFNBTJBEPBMUP&MQSFTJEFOUF
EF MPT NÊEJDPT JODJEJÓ FO RVF IBZ
NBSHFOEFNFKPSBFO&TQBÒBEPOEFFM
EFTFNCPMTPTVQFSBMBNFEJBEFMDPOUJ
OFOUF&OQBÎTFTDPNP3FJOP6OJEPFM
HBTUPFONFEJDBNFOUPTTVQPOFFMQPS
DJFOUPEFM1SPEVDUP*OUFSJPS#SVUP1*#
NJFOUSBTRVFFO&TQBÒBTFTJUÙBFOFM
QPS DJFOUP %F TFHVJS BVNFOUBEP MB
GBDUVSBBEWJSUJÓEFRVFiOPTFWBOB
QPEFSQBHBSMPTQSFDJPTRVFMBTMFZFTEFM
NFSDBEPRVJFSFOPCMJHBSBQBHBSu
&MQSFTJEFOUFEFMB0.$FYQSFTÓTV
QSFPDVQBDJÓOQPSMBQPTJCJMJEBEEFRVFFM
JODSFNFOUPEFMDPTUFEFMPTNFEJDBNFO
UPT QVFEB MMFWBS B MBT DPNVOJEBEFT
BVUÓOPNBTBBDPNFUFSSFCBKBTTBMBSJBMFT
PSFDPSUFTEFQMBOUJMMBDPOFMPCKFUJWPEF
TVBWJ[BSFMDBQÎUVMPVOPEFMPTQSFTVQVFT
UPT&OFTUFFTDFOBSJP$BCF[ÓOBCPHÓQPS
MBDPNQSBDFOUSBMJ[BEBPMBBERVJTJDJÓO
DPOKVOUB EF NFEJDBNFOUPT DPNP IB
PDVSSJEPFOFMDBTPEFMBTWBDVOBT
/JWFMFTEFJOOPWBDJØO
%FOUSPEFTVBSHVNFOUBDJÓOMBFVSPEJ
QVUBEBQSPQVTPFMFTUBCMFDJNJFOUPEF
EJGFSFOUFTOJWFMFTEFJOOPWBDJÓOi-PRVF
OPBQPSUBWBMPSOPTFQBHBuEFGFOEJÓ
1BSBMMFWBSBDBCPFTUBUBSFBQSPQVTPMB
DSFBDJÓO EF VOB BHFODJB FVSPQFB EF
FWBMVBDJÓOEFUFDOPMPHÎBTTBOJUBSJBT6OP
EFMPTQSPCMFNBTBPKPTEF$BCF[ÓOFT
RVFiMBNBZPSQBSUFEFMPTQSPDFEJNJFO
UPTOPTPOBVUÊOUJDBJOOPWBDJÓOTJOPB
NFOVEPSÊQMJDBTPQFSQFUVBDJPOFTEF
QSPEVDUPTRVFTFBVUPSJ[BOFOQBSUJDV
MBSNFEJBOUFBNQMJBDJPOFTDPNQMFNFO
UBSJBTEFQBUFOUFu&TUBUFTJTUBNCJÊOIB
HFOFSBEP VOB JNQPSUBOUF QPMÊNJDB
EFOUSPEFM1BSMBNFOUP&VSPQFPZIB
HFOFSBEPDSÎUJDBTEFM11&VSPQFP
4JTUFNBEFQBUFOUFT
&OFTUFDPOUFYUP$BCF[ÓOBCPSEÓPUSB
EF MBT SFDMBNBDJPOFT EF MB 0.$ MB
SFWJTJÓOEFMBDUVBMTJTUFNBEFQBUFOUFT
&OFMEPDVNFOUPTPMJDJUBBMB$PNJTJÓO
&VSPQFBVOBOÃMJTJTEFiMBTSFQFSDVTJP
OFTHFOFSBMFTEFMBQSPQJFEBEJOUFMFDUVBM
FO FM GPNFOUP EF MB JOOPWBDJÓO FO
FTQFDJBMFMJNQBDUPEFMPTDFSUJGJDBEPT
DPNQMFNFOUBSJPT EF QSPUFDDJÓO MB
FYDMVTJWJEBEEFMPTEBUPTPMBFYDMVTJWJ
EBEDPNFSDJBMTPCSFMBDPNQFUJUJWJEBEZ
MB DBMJEBE EF MB JOOPWBDJÓO Z RVF
FTUBCMF[DB MÎNJUFT FTUSJDUPT B FTUBT
QSÃDUJDBTu
-BFVSPEJQVUBEBFYUFOEJÓFTUFBOÃMJ
TJTBMPTJODFOUJWPTBMBJOWFTUJHBDJÓO
DPNPMPTRVFTFWJFOFOQSPEVDJFOEPQBSB
MBTFOGFSNFEBEFTSBSBTi/PRVJFSPEFDJS
RVFOPTFJODFOUJWFMBJOWFTUJHBDJÓOTJOP
SFWJTBSRVFTFBOMPTDPSSFDUPTuBÒBEJÓ
&OMBNJTNBMÎOFBSFDMBNÓUBNCJÊOVO
FTUVEJPTPCSFMBTIFSSBNJFOUBTEFBDDFTP
SÃQJEPEFMPTNFEJDBNFOUPTBMNFSDBEP
QBSBHBSBOUJ[BSRVFOPDIPRVFODPOMB
TFHVSJEBEEFMPTQBDJFOUFT
1PMÓUJDBBMEFPDUVCSFEF(.
-BJOTQFDDJÓOTBOJUBSJBVOBQSÃDUJDBRVF
DPOUSJCVZFBTBOFBSMBFDPOPNÎBEFM4/4
4FFTUJNBRVFMBBDUVBDJØOEFMBJOTQFDDJØOTVQPOFVOBIPSSPEFFOUSFFMZFMEFMBTQSFTUBDJPOFTUPUBMFT
NJFOUPQPSMBFYQFSJFODJBZDPOPDJNJFO
UPTBERVJSJEPTQPSTVTQSPGFTJPOBMFTOP
EFCF EFTBQSPWFDIBSTFu BTFHVSB FM
FYQFSUP
"TÎMBBVEJUPSÎBNÃTRVFVOBDPNQF
UFODJBFTVOBEFMBTGPSNBTEFUSBCBKPEF
MB JOTQFDDJÓO QBSB HBSBOUJ[BS VOB
BTJTUFODJBEFDBMJEBE&MQSPQJP4JTUFNB
/BDJPOBMEF4BMVE4/4
QVFEFEJTQPOFS
MBSFBMJ[BDJÓOEFBVEJUPSJBTJOUFSOBTZ
DPNQMFNFOUBSMBTDPOMBTSFBMJ[BEBTQPS
EFUFSNJOBEBTFNQSFTBTZPSHBOJTNPT
BVEJUPSFT
%FMNJTNPNPEPFMFYQFSUPBTFWFSB
RVF SFTVMUB EJGÎDJM FTUBCMFDFS FO RVÊ
DVBOUÎBMBBDUJWJEBEEFMBJOTQFDDJÓO
TBOJUBSJBDPOUSJCVZFBMiTBOFBNJFOUP
FDPOÓNJDPEFMTJTUFNBuQFSPTJDPOTJEF
SBNPTMPTEJTUJOUPTDBNQPTEFUSBCBKP
VOPEFMPTDVBMFTFTFMEFMBQSFTUBDJÓO
GBSNBDÊVUJDBQPESÎBNPTFTUBSIBCMBOEP
EFBIPSSPTTVTUBODJBMFTQBSBFM4/4
UBOUPQPSOPHBTUBSFODPTBTJOOFDFTB
SJBTDPNPQPSBIPSSPTFOQSFTUBDJPOFT
BMJOUSPEVDJSDSJUFSJPTEFSBDJPOBMJ[BDJÓO
BMBIPSBEFTVNJOJTUSBSMBTNJTNBT
i/PTFSÎBFYBHFSBEPEFDJSRVFEFMB
BDUVBDJÓOEFMBJOTQFDDJÓOEFTFSWJDJPT
TBOJUBSJPTTFEFSJWFOBIPSSPTEFFOUSF
FMZFMQPSDJFOUPEFMBTQSFTUBDJP
OFT UPUBMFT EFM TJTUFNBu DPODSFUB
(BSSJEP
$"3.&/.-»1&;
.BESJE
(BSBOUJ[BSMPTEFSFDIPTZTFHVSJEBEEF
MPTQBDJFOUFTFTVOPEFMPTDPNFUJEPT
GVOEBNFOUBMFTZMBSB[ÓOEFTFSEFMB
JOTQFDDJÓOEFTFSWJDJPTTBOJUBSJPT%F
FTUFNPEPDVBOEPMBTFWBMVBDJPOFT
BQPZBEBTFODSJUFSJPTEFCVFOBTQSÃDUJ
DBT EFUFDUBO QPTJCMFT EFGJDJFODJBT F
JEFOUJGJDBO ÃSFBT EF NFKPSB FO FM
TJTUFNBDPOUSJCVZFOBRVFMPTHFTUPSFT
UPNFOEFDJTJPOFTBDFSUBEBT&TUBFTMB
MBCPSEFMPTJOTQFDUPSFTTBOJUBSJPTZBTÎ
MPFYQMJDB-VJT(BSSJEPQSFTJEFOUFEFMB
'FEFSBDJÓOEF"TPDJBDJPOFTEF*OTQFD
DJÓOEF4FSWJDJPT4BOJUBSJPT'BJTT
-BFWBMVBDJÓOTBOJUBSJBFTQJPOFSBZTF
FONBSDBDBEBWF[NÃTFOMBSFWJTJÓOEF
QPMÎUJDBTQÙCMJDBT"EFNÃTEFTFSVOB
OFDFTJEBE QBSB HBSBOUJ[BS TFSWJDJPT
FGJDJFOUFTZFRVJUBUJWPTiFTVOJOTUSV
NFOUPRVFDPMBCPSBBMBOFDFTBSJBUSBOT
QBSFODJBFOMBHFTUJÓOEFMPTSFDVSTPTFO
VOPTNPNFOUPTFOMPTRVFMBDJVEBEBOÎB
MB EFNBOEB DBEB WF[ NÃTu FYQMJDB
(BSSJEPBMUJFNQPRVFNBUJ[BRVFFM
DBSÃDUFSQSJWBEPPQÙCMJDPEFMBQSFTUB
DJÓOEFTFSWJDJPTOPEFCFDPNQSPNFUFS
MBDBMJEBEEFMPTNJTNPTi4JOPTSFGFSJ
NPTBMBBTJTUFODJBTBOJUBSJBBMBRVF
UPEPTUFOFNPTEFSFDIPFTQSFDJTBNFOUF
MBJOTQFDDJÓOEFTFSWJDJPTTBOJUBSJPTMB
RVFHBSBOUJ[BRVFTFQSFTUFFOJHVBMEBE
EFDPOEJDJPOFTTFBDVBMTFBFMDBSÃDUFS
EF MB QSPWJTJÓO EF SFDVSTPTu JOEJDB
(BSSJEP
1PSPUSBQBSUFMBQSFPDVQBDJÓOQPSMB
TFHVSJEBEEFMQBDJFOUFFTVOBTQFDUP
QSJPSJUBSJPFOMBQPMÎUJDBEFDBMJEBEEFMPT
TJTUFNBTTBOJUBSJPT&OFMQSPDFTPGBSNB
DPUFSBQÊVUJDP EFTEF MB QSFTDSJQDJÓO
IBTUBMBBENJOJTUSBDJÓOEFMPTNFEJDB
NFOUPTQVFEFOQSPEVDJSTFGBMMPTRVF
PDBTJPOBOFGFDUPTOPEFTFBEPTZFOFTUF
BTQFDUPMPTTJTUFNBTEFQSFTDSJQDJÓO
FMFDUSÓOJDBBTJTUJEBBQBSFDFODPNPVOB
IFSSBNJFOUBBUSBDUJWBQBSBHBSBOUJ[BS
MBTFHVSJEBE
)JTUPSJBDMÓOJDB
&MFYQFSUPFYQMJDBRVFMPTJOTQFDUPSFT
TBOJUBSJPTDPOTDJFOUFTEFMPTQSPCMFNBT
RVFQVFEFOTVSHJSFODVBMRVJFSJOOPWB
DJÓOTJFNQSFIBOUSBCBKBEPKVOUPBMBT
BVUPSJEBEFTTBOJUBSJBTFOMBFMBCPSBDJÓO
EFQSPUPDPMPTÃHJMFTRVFHBSBOUJDFOFM
BDDFTPBMBTQSFTUBDJPOFTCBTBEPFO
DSJUFSJPTDMÎOJDPTZFOMBFWJEFODJBQFSP
RVFOVODBEFCFSÎBOMJNJUBSMBUPNBEF
EFDJTJPOFTQPSQBSUFEFMPTQSPGFTJPOBMFT
RVFFTFOTVNBMPRVFTFFTUÃDVFTUJP
OBOEP$PNPBTFHVSB(BSSJEPMBQVFTUB
FONBSDIBEFMBSFDFUBFMFDUSÓOJDBIB
TVQVFTUPVOBNFKPSBJNQPSUBOUFFOMB
DBMJEBEBTJTUFODJBMi$POTVBQMJDBDJÓO
TFBHJMJ[BOFOPSNFNFOUFUPEPTMPTQBTPT
EFMQSPDFTPEFQSFTDSJQDJÓOEJTQFOTB
DJÓO Z TF FWJUBO QPTJCMFT FSSPSFTu
1SPGFTJØO
-VJT(BSSJEPQSFTJEFOUFEF'FEFSBDJØOEF"TPDJBDJPOFTEF*OTQFDDJØOEF4FSWJDJPT4BOJUBSJPT'BJTT
BEFMBOUBMBTDMBWFT
EFM7*$POHSFTPEF*OTQFDDJØOEF4FSWJDJPT4BOJUBSJPTRVFUFOESÈMVHBSEFMBMEFOPWJFNCSF
FYQMJDB"TVWF[QBSBFTUPTQSPGFTJPOB
MFTFMWJTBEPFMFDUSÓOJDPBQPSUBMBQPTJCJ
MJEBEBÒBEJEBEFDPOTVMUBJONFEJBUBFO
UJFNQPSFBMEFMBIJTUPSJBDMÎOJDBEFM
QBDJFOUF MP RVF GBDJMJUB MB UPNB EF
EFDJTJPOFTBDFSDBEFMBQSPDFEFODJBEFM
USBUBNJFOUP &M FYQFSUP BQVOUB RVF
IBTUBMBGFDIBMBTJODJEFODJBTPEJTUPS
TJPOFTQSPEVDJEBTTPOFTDBTBTMBNBZPS
QBSUFEFSJWBEBTEFMDBNCJPEFTJTUFNB
JOGPSNÃUJDP Z IBO TJEP TVTCTBOBEBT
SÃQJEBNFOUFHSBDJBTBMBNFKPSBRVF
TVQPOFFMJOUFSDBNCJPEFMBJOGPSNBDJÓO
FOUJFNQPSFBMi4PONVDIBTMBTDPNVOJ
EBEFTBVUÓOPNBTFOEPOEFMBQSFTDSJQ
DJÓOZFMWJTBEPFMFDUSÓOJDPFTUÃODPNQMF
UBNFOUF JNQMBOUBEPT FO UPEP FM
UFSSJUPSJPDPOHSBOTBUJTGBDDJÓOQBSB
VTVBSJPTZQSPGFTJPOBMFTuBWBMB
y&TUÃHBSBOUJ[BEBMBDPOGJEFODJBMJEBE
EFM QBDJFOUF (BSSJEP BTFHVSB RVF
EFOUSPEFMNBSDPOPSNBUJWPEFMB-FZ
0SHÃOJDBMPTEJGFSFOUFTTJTUF
NBTEFSFHJTUSPJOGPSNBUJ[BEPEFIJTUP
SJBDMÎOJDBIBOJNQMFNFOUBEPBDDFTPT
QFSTPOBMJ[BEPTRVFHBSBOUJ[BOMBUSB[B
CJMJEBEEFMPTNJTNPTZRVFPUPSHBO
DBQBDJEBEEFDPOTVMUBPNPEJGJDBDJÓOEF
MBJOGPSNBDJÓOSFMBUJWBBDBEBQBDJFOUF
FOGVODJÓOEFMBDBUFHPSÎBQSPGFTJPOBMEFM
VTVBSJPZEFMUJQPEFBDUJWJEBERVFTF
EFTFB SFGMFKBS EFOUSP EF MB IJTUPSJB
DMÎOJDB HBSBOUJ[ÃOEPTF DPO FMMP MB
OFDFTBSJBDPOGJEFODJBMJEBE
"IPSSP
&OFTUBMÎOFB(BSSJEPUBNCJÊOJODJEFFO
RVFVOBJOTQFDDJÓOTBOJUBSJBNPEFSOB
OPEFCFPMWJEBSPUSPTBTQFDUPTDPNP
HBSBOUJ[BSMPTEFSFDIPTEFMPTDJVEBEB
OPTBVOBBTJTUFODJBTBOJUBSJBEFDBMJEBE
iZ TV FOPSNF QPUFODJBM EF BTFTPSB
4JO FNCBSHP B QFTBS EFM QBQFM RVF
KVFHBOFTUPTQSPGFTJPOBMFTFOFM4/4
DPOTJEFSBORVFOPTPOMPTVGJDJFOUF
NFOUFSFDPOPDJEPTQPSMBTBENJOJTUSB
DJPOFTi-BNFOUBCMFNFOUFMBTFOTJCJMJ
EBE EF MB BENJOJTUSBDJÓO IBDJB FTUB
EFNBOEBEFQSPGFTJPOBMJ[BDJÓOIBTJEP
IBTUBFMNPNFOUPFTDBTBZTBMWPFO
BMHVOBTDPNVOJEBEFTDPNP$BTUJMMB-B
.BODIBZMB$PNVOJEBE7BMFODJBOB
SFTVMUBMBNFOUBCMFDPNQSPCBSRVFMPT
QSPGFTJPOBMFTEFMBJOTQFDDJÓOTPOQSÃDUJ
DBNFOUFMPTÙOJDPTQSPGFTJPOBMFTBMPT
RVFTFTJHVFTJOSFDPOPDFSFMDBSÃDUFS
TBOJUBSJPEFTVQSPGFTJÓO&TUPJNQMJDB
VOBMJNJUBDJÓOFOFMEFTBSSPMMPEFMB
DBSSFSBQSPGFTJPOBM%FIFDIP(BSSJEP
DPOTJEFSBQBSBEÓKJDPRVFQSPGFTJPOBMFT
NÊEJDPTFOGFSNFSPTZGBSNBDÊVUJDPT
RVFEFEJDBOTVQMFOBZUPUBMEFEJDBDJÓO
BMTJTUFNBTBOJUBSJPiOPTFMFTSFDPOP[DB
DPNPQFSTPOBMTBOJUBSJPu
&TUBGBMUBEFFRVJEBEQBTBBMUFSSFOP
SFUSJCVUJWP4JHVFFYJTUJFOEPZiBVOOJWFM
NVZBDVTBEPuEJGFSFODJBTTBMBSJBMFTEF
DFSDB EF FVSPT"TJNJTNP
UBNCJÊOFYJTUFOJOFRVJEBEFTFOUFSSFOP
QSPGFTJPOBMFONBUFSJBEFDPNQFUFODJBT
ZGVODJPOFT-BGFEFSBDJÓOTJFNQSFIB
JOUFOUBEPIPNPHFOFJ[BSMPTBTQFDUPT
QSPGFTJPOBMFT Z SFUSJCVUJWPT EF MPT
NJFNCSPT EF MB JOTQFDDJÓO QFSP MPT
SFTVMUBEPTFOVOFTUBEPDPOMBNBZPSÎB
EFMBTDPNQFUFODJBTEFTDFOUSBMJ[BEBT
DPNPFMOVFTUSPOPFTFMEFTFBEP
(.BMEFPDUVCSFEF1VCMJDJEBE
1PMÓUJDBBMEFPDUVCSFEF(.
&MFDDJPOFTBMB7JDFQSFTJEFODJB‹EFMB0SHBOJ[BDJØO.ÏEJDB$PMFHJBM0.$
i$POP[DPCJFOMPRVF
OFDFTJUBOMPTDPMFHJPTu
i)BZRVFUSBCBKBSQPSMB
FRVJEBEEFEFSFDIPTu
'PSUÞOGVFQSFTJEFOUBEFM$PMFHJPEF.ÏEJDPTEF/BWBSSB
'POUFTSFQSFTFOUBOUFOBDJPOBMEF.ÏEJDPTEF)PTQJUBMFT
"-.6%&/"'&3/«/%&;
.BESJE
.BSÎB 5FSFTB 'PSUÙO BDVEF B FTUBT
FMFDDJPOFTBTFHVSBOEPRVFOPMFHVTUB
SÎBTFSMBWJDFQSFTJEFOUBEFMB0SHBOJ[B
DJÓO.ÊEJDB$PMFHJBMTJOPEFMPTDPMFHJPT
EFNÊEJDPTFTQBÒPMFT&OTVPQJOJÓOFM
$POTFKP(FOFSBMOPEFCFTFSMBJOTUJUV
DJÓORVFEJSJKBMBNBSDIBEFMBQSPGFTJÓO
NÊEJDBFTQBÒPMBTJOPFMÓSHBOPRVF
SFQSFTFOUFBMPTDPMFHJPTZFMRVFBZVEF
BJNQMFNFOUBSMBTNFEJEBTRVFDBEBVOP
EFFMMPTOPQVFEBEFTBSSPMMBSZRVFTFBO
QPTJUJWBTQBSBMPTNÊEJDPTFTQBÒPMFT
)BCFSUSBCBKBEPEVSBOUFBÒPTFOFM
$PMFHJP EF .ÊEJDPT EF /BWBSSB MF IB
QFSNJUJEPiDPOPDFSBGPOEPMPTQSPCMFNBT
ZMBTOFDFTJEBEFTEFMPTNÊEJDPTTBCFSMPT
SFDVSTPTDPOMPTRVFDVFOUBVODPMFHJPZ
HFTUJPOBSMPTuBTFHVSBB(.$POTJEFSB
RVFFTUFGBDUPSFTJNQPSUBOUFQVFTTPMP
DPOPDJFOEPBGPOEPVODPMFHJPTFQVFEF
DPNQSFOEFSZWBMPSBSMBJNQPSUBODJBEFMB
JOTUJUVDJÓO RVF MPT BHSVQB B UPEPT
i/JOHVOPEFMPTPUSPTDBOEJEBUPTUJFOFOMB
FYQFSJFODJBDPMFHJBMRVFZPUFOHPuJODJEF
"TBNCMFBT
1PSPUSPMBEPFOMPTÙMUJNPTTJFUFBÒPT
UBNCJÊOIBQBSUJDJQBEPFOMB"TBNCMFB
EFMB0.$ZDPOPDFTVGVODJPOBNJFOUP
BEFNÃTMPTNJFNCSPTEFMB"TBNCMFB
TBCFODVÃMFTTVGPSNBEFUSBCBKBSZTV
iÃOJNPu EF FTUBCMFDFS VOB SFMBDJÓO
GMVJEBZEJSFDUBFOUSFDPMFHJPTZ$POTFKP
"TJNJTNPFMTBCFSRVFFTUBTZPUSBT
JEFBTTPODPNQBSUJEBTZBQPZBEBTQPS
NVDIPT NJFNCSPT EF MB "TBNCMFB
"-.6%&/"'&3/«/%&;
.BESJE
.BSJB5FSFTB'PSUÞODBOEJEBUBFOMBTFMFDDJPOFTBMB
7JDFQSFTJEFODJB4FHVOEBEFMB0.$
&ODBTPEFTBMJSFMFHJEP+BWJFS'POU
DPOTJEFSBRVFFOUSBSÎBBGPSNBSQBSUF
EF VO FRVJQP DPIFTJPOBEP RVF
GVODJPOBUSBCBKBZSFQSFTFOUBBMPT
NÊEJDPTiEFGPSNBFYDFMFOUFuQPSMP
RVFFTUÃNVZNPUJWBEP
&O FTUB MÎOFB FYQMJDB B ("$&5"
.­%*$" RVF TF FODVFOUSBO FO VO
NPNFOUPEFOVFWPTFTUBUVUPTZEF
DBNCJPTFOMB$PNJTJÓO1FSNBOFOUFZ
EFOUSPEFMBTEJTUJOUBTPCMJHBDJPOFTRVF
TFQSFTFOUBODPOTJEFSBRVFVOBEFMBT
MÎOFBTFOMBTRVFTFEFCFSÎBJOTJTUJSiFT
FOMBFRVJEBEEFEFSFDIPTEFMPTQSPGF
TJPOBMFTuFOFMFKFSDJDJPEFTVQSPGFTJÓO
iBTÎDPNPQSPNPWFSMBTNFKPSBTRVFTF
FTUJNFOPQPSUVOBTRVFHBSBOUJDFOMB
DBMJEBEZTFBEFDÙFOBMPTJOUFSFTFTEF
MPTQBDJFOUFTZEFMPTDJVEBEBOPTFO
HFOFSBMu
+BWJFS'POUDBOEJEBUPFOMBTFMFDDJPOFTBMB7JDFQSFTJ
EFODJB4FHVOEBEFMB0.$
&YQFSJFODJBDPMFHJBM
(FOFSBM Z FTUBS DPOWFODJEB EF RVF
NFSFDFOVOBPQPSUVOJEBEQBSBEFTBSSP
MMBSTF MB MMFWÓ B DPODVSSJS B FTUPT
DPNJDJPTQBSBJOUFOUBSBDDFEFSBMDBSHP
USBTMBTFMFDDJPOFTEFMEFPDUVCSF
&OFTUBMÎOFB'PSUÙOBTFHVSBRVFTF
FODVFOUSBFOVONPNFOUPQFSTPOBMFO
FMRVFQVFEFEFEJDBSUJFNQPBFTUBMBCPS
Z USBCBKBS QBSB MMFWBS MBT JEFBT RVF
UJFOFO FO NFOUF BDBCPi5PEPT FMMPT DPOPDFONJEFUFSNJOBDJÓOQBSBUSBCB
KBSQPSNFKPSBSMPTBTQFDUPTRVFTFB
OFDFTBSJPuDPODMVZFMBFYQSFTJEFOUBEFM
$PMFHJPEF.ÊEJDPTEF/BWBSSB
'POURVFFTBDUVBMNFOUFSFQSFTFO
UBOUFOBDJPOBMEF.ÊEJDPTEF)PTQJUB
MFTEFMB0SHBOJ[BDJÓO.ÊEJDB$PMFHJBM
SFDPOPDF RVF UPEPT MPT DBOEJEBUPT
UJFOFODPTBTRVFBQPSUBSBMQVFTUP&O
TVDBTPQBSUJDVMBSFTUÃFOEJTQPTJDJÓO
EF PGSFDFS TV FYQFSJFODJB DPMFHJBM
UBOUPFOMB7PDBMÎB/BDJPOBMEF.ÊEJDPT
EF)PTQJUBMFTDPNPFOMB$PNJTJÓO
%FPOUPMÓHJDBZPGSFDFSTViBDUJUVEEF
FTGVFS[PZUSBCBKPuBTÎDPNPQPOFSTV
FYQFSJFODJBZEFEJDBDJÓOBMTFSWJDJPEF
MB0SHBOJ[BDJÓOZEFUPEPTMPTNÊEJDPT
RVFMBDPNQPOFO
&ODVBOUPBMNPUJWPRVFMPMMFWÓB
QSFTFOUBSTFBMB7JDFQSFTJEFODJB4FHVOEB
EF MB 0SHBOJ[BDJÓO .ÊEJDB $PMFHJBM
FYQMJDBRVFBMHVOPTEFTVTDPNQBÒFSPT
NÃTQSÓYJNPTTFMPTVHJSJFSPOZMPBOJNB
SPOBEBSFMQSJNFSQBTPFOFTUFTFOUJEP
i%FTQVÊTWBMPSBTTJUJFOFTBMHPRVF
PGSFDFSBMBPSHBOJ[BDJÓOTJUFWFTDPO
GVFS[BTZTJUJFOFTBMHVOBQPTJCJMJEBEu
TFÒBMBFMDBOEJEBUPBFTUPTDPNJDJPT"
MBWJTUBEFRVFZBTFIBQPTUVMBEPQBSB
FMDBSHPRVFEBDMBSPRVFTVSFTQVFTUB
BMBTDVFTUJPOFTBOUFSJPSFTFTTJFNQSF
BGJSNBUJWB
i5FOFNPTRVFHFOFSBSJMVTJÓOFOMPT
NÊEJDPTZBDUVBSFOMPTNBMPTNPNFOUPTu
'FSSFSFTBDUVBMNFOUFMBQSFTJEFOUBEFM$PMFHJPEF.ÏEJDPTEF;BSBHP[B
"-.6%&/"'&3/«/%&;
.BESJE
$PODFQDJØO'FSSFSDBOEJEBUBFOMBTFMFDDJPOFTBMB
7JDFQSFTJEFODJB4FHVOEBEFMB0.$
-BQBSUJDJQBDJÓOEVSBOUFMPTÙMUJNPTUSFT
BÒPTBUPEBTMBTSFVOJPOFTEFMB0SHBOJ
[BDJÓO.ÊEJDB$PMFHJBMIBIFDIPRVF
$PODFQDJÓO'FSSFSUPNFDPODJFODJBEFMB
iMBCPSJOHFOUFuRVFUJFOFFTUBJOTUJUV
DJÓOi5FOFNPTRVFHFOFSBSJMVTJÓOFO
MPTQSPGFTJPOBMFTBDUVBSFOMPTNPNFO
UPTEFEFTFODBOUPUSBOTNJUJSMPTWBMPSFT
EF MB QSPGFTJÓO NÊEJDB B MBT OVFWBT
HFOFSBDJPOFTZBEBQUBSMBBMPTOVFWPT
UJFNQPTZOVFWBTSFBMJEBEFTuTFÒBMB
"FTUPBÒBEJÓTVDPNQSPNJTPQBSB
IBDFSVOB0SHBOJ[BDJÓO.ÊEJDB$PMFHJBM
RVFTFBiMBDBTBEFUPEPTuDBQB[EF
SFVOJSBUPEPTFOMBEJWFSTJEBE
"VORVFBTFHVSBRVFUPEPTMPTDBOEJ
EBUPTQVFEFOBQPSUBSDPTBTBMDBSHPFO
TV DBTP DPODSFUP EFUBMMB RVF TF IB
EFTQPKBEP EF BMHVOBT PCMJHBDJPOFT
BTJTUFODJBMFTUSBTKVCJMBSTFBOUJDJQBEB
NFOUFIBDFVOPTNFTFTQPSMPRVF
QVFEF PGSFDFS iUPEB VOB WJEB EF
BTJTUFODJBIPTQJUBMBSJBuDPOMPTDPOEJ
DJPOBOUFTRVFBDPNQBÒBOBMBBDUJWJEBE
IPTQJUBMBSJBZFTQFDJBMJ[BEBiRVFIBTUB
MBBDUVBMJEBEOPUFOÎBQSFTFODJBFOMB
DPNJTJÓOQFSNBOFOUFu
"TJNJTNPDPOTJEFSBRVFFMFKFSDJDJP
QSJWBEPEFMBQSPGFTJÓOQVFEFBÒBEJS
OVFWPTNBUJDFTZTVCSBZBUBNCJÊOiMB
JNQSPOUB EF VOB NFOUBMJEBE FO
GFNFOJOPuRVFBQPSUFFMDPOPDJNJFOUP
MBTEJGJDVMUBEFTZMBTJUVBDJÓOFTQFDJBM
RVF BERVJFSF MB GFNJOJ[BDJÓO EF MB
QSPGFTJÓO NÊEJDB iVOB SFBMJEBE
JOOFHBCMFuZBRVFFMQPSDJFOUPEFMPT
NÊEJDPTNFOPSFTEFTPONVKFSFT
i-BGFNJOJ[BDJÓOEFMBQSPGFTJÓOFT
VOBSFBMJEBERVFIBZRVFBTVNJSZDSFP
TFSÃ JNQPSUBOUF DPOPDFSMB EFTEF FM
QVOUPEFWJTUBEFVOBNVKFSuTVCSBZBMB
QSFTJEFOUBEFM$PMFHJPEF.ÊEJDPTEF
;BSBHP[B
-BEFDJTJÓOEFQSFTFOUBSTFTVSHJÓFO
TV+VOUB%JSFDUJWBZBQBSUJSEFFTF
NPNFOUP'FSSFSNFEJUÓTVTJUVBDJÓO
QFSTPOBMZFMSFUPBBTVNJS"TFHVSBRVF
MBUSBZFDUPSJBEFBÒPTEFWJEBDPMFHJBM
FOFMRVFIBBTVNJEPQVFTUPTEJWFSTPT
DPOEJTUJOUBTDBSHBTTFHÙOTVTJUVBDJÓO
QSPGFTJPOBMIBDFORVFDPOP[DBFMDPMFHJP
ZEFTUBDBRVFTVFUBQBFOMBQSFTJEFODJB
‡FO MB RVF TJHVF JONFSTB‡ MF IB
FOTFÒBEPNVDIPTPCSFMBTSFMBDJPOFT
JOTUJUVDJPOBMFT i)F BQSFOEJEP B
FTDVDIBSBEJBMPHBSBJOUFOUBSTVNBSB
QPOFSNFFOFMTJUJPEFMPUSPuDPODMVZF
(.BMEFPDUVCSFEF1VCMJDJEBE
'JDIBUÏDOJDBFOQÈHJOB
1PMÓUJDBBMEFPDUVCSFEF(.
:"%&.«4
■ -B 9** $POWPDBUPSJB EF
"ZVEBTEF%,7FTUSFOB
OVFWBTDBUFHPSÎBT
%,74FHVSPTQPOFFONBSDIBMB9**
$POWPDBUPSJB 1ÙCMJDB EF "ZVEB B
1SPZFDUPTEF4BMVEZ.FEJP"NCJFOUF
&MPCKFUJWPEFFTUBJOJDJBUJWBFTBQPZBS
QSPZFDUPT EF TBMVE Z NFEJP
BNCJFOUBMFTEFBQPZPBQBDJFOUFTEF
QSFWFODJÓOZQSPNPDJÓOEFMBTBMVEEF
EJTDBQBDJEBE Z EF FOWFKFDJNJFOUP
BDUJWP $BEB QSPZFDUP SFDJCJSÃ VO
NÃYJNP EF FVSPT Z MB
DPOWPDBUPSJBFTUÃEPUBEBDPOVOUPUBM
EF&MQSPQÓTJUPFTMPHSBSRVF
MPT HSVQPT EF JOUFSÊT QSFTFOUFO Z
BQBESJOFO QSPZFDUPT &TUF BÒP MB
DPOWPDBUPSJBTFIBPSHBOJ[BEPFODJODP
DBUFHPSÎBT1SPZFDUPTTBMVEZNFEJP
BNCJFOUF "QPZP B QBDJFOUFT
1SFWFODJÓOZQSPNPDJÓOEFMBTBMVE
%JTDBQBDJEBEZ&OWFKFDJNJFOUPBDUJWP
"EPMGP'FSOÈOEF[7BMNBZPSQSFTJEFOUFEF*%*44BMWBEPS/BWBSSPQSFTJEFOUFEFMB$&7"MCFSUPEF3PTBQSFTJEFOUFEFMB$PNJTJØOEF$PPQFSBDJØO1ÞCMJDP1SJWBEBEFMB$&7
-BDPMBCPSBDJÓOQÙCMJDPQSJWBEB
DMBWFFOMB$PNVOJEBE7BMFODJBOB
-BTBOJEBEQSJWBEBDVFOUBDPOFMEFMPTDFOUSPTIPTQJUBMBSJPTEFMBSFHJØO
(.
.BESJE
-PTNPEFMPTEFDPMBCPSBDJÓOQÙCMJDP
QSJWBEBDPOUSJCVZFOEFGPSNBTJHOJGJDB
UJWBBMBTPTUFOJCJMJEBEEFMTJTUFNBZ
QFSNJUFO FO FM DBTP DPODSFUP EF MB
$PNVOJEBE7BMFODJBOBPGSFDFSBTJTUFO
DJB TBOJUBSJB FO [POBT FO MBT RVF FM
TJTUFNBQÙCMJDPOPDVFOUBDPOJOGSBFT
USVDUVSBTVGJDJFOUF4PCSFMBTEJGFSFOUFT
GÓSNVMBTEFDPPQFSBDJÓOFOUSFMPTTJTUF
NBTQÙCMJDPZQSJWBEPTFEFCBUJÓFOMB
TFEFEFMB$POGFEFSBDJÓO&NQSFTBSJBM
7BMFODJBOB$&7
EF7BMFODJBDPONPUJWP
EFMBDPOGFSFODJBA4PTUFOJCJMJEBEEFM
4JTUFNB 4BOJUBSJP 4BOJEBE QSJWBEB
BQPSUBOEPWBMPSJNQBSUJEBQPS"EPMGP
'FSOÃOEF[7BMNBZPS QSFTJEFOUF EFM
*OTUJUVUPQBSBFM%FTBSSPMMPF*OUFHSBDJÓO
EFMB4BOJEBE*%*4
&OFTUBNJTNBMÎOFB"MCFSUPEF3PTB
QSFTJEFOUFEFMB$PNJTJÓOEF$PPQFSB
DJÓO1ÙCMJDP1SJWBEBEFMB$&7IBJOTJT
UJEPFORVFiMBDPMBCPSBDJÓOQÙCMJDP
QSJWBEBFTJNQSFTDJOEJCMFuUBOUPQBSB
DPOUSJCVJSBMBTPTUFOJCJMJEBEEFM&TUBEP
EF #JFOFTUBS DPNP QBSB BZVEBS B
DBNCJBSVOTJTUFNBDPOFTUSVDUVSBTZ
NFOUBMJEBEiEFIBDFBÒPTuBTÎDPNP
QBSBRVF&TQBÒBOPTFBMFKFEFUPEPTMPT
QBÎTFT EFM FOUPSOP FVSPQFP RVF IBO
FNQSFOEJEPSFGPSNBTDPOUBOEPDPOMB
JOJDJBUJWBQSJWBEB
&TUPTNPEFMPTTPOVOFMFNFOUPDMBWF
QBSBMBNFKPSBEFMBFDPOPNÎBZEFM
UFKJEP FNQSFTBSJBM WBMFODJBOP FO
HFOFSBM:FTRVFTFHÙOEBUPTEFMÙMUJNP
JOGPSNF EFM *%*4 A4BOJEBE QSJWBEB
1-"$"%&-"2)%&3*#&3"4"-6%
■ $FOUSP .ÊEJDP 5FLOPO
BDSFEJUBTVDBMJEBEQPSA+PJOU
$PNNJTTJPO*OUFSOBUJPOBM
$FOUSP .ÊEJDP 5FLOPO m (SVQP
2VJSÓOTBMVE FT FM ÙOJDP IPTQJUBM EF
&TQBÒBRVFIBDPOTFHVJEPSFBDSFEJUBS
TVDBMJEBEBTJTUFODJBMQPSRVJOUBWF[
DPOTFDVUJWBQPSMB+PJOU$PNNJTTJPO
*OUFSOBUJPOBM+$*
MBPSHBOJ[BDJÓODPO
NÃT FYQFSJFODJB FO MB BDSFEJUBDJÓO
TBOJUBSJBFOFMÃNCJUPJOUFSOBDJPOBM
5FLOPOTFDPOWJFSUFBTÎFOVOPEFMPT
DFOUSPTIPTQJUBMBSJPTEFUPEPFMNVOEP
RVFMPHSBPCUFOFSFTUBBDSFEJUBDJÓOFO
MB WFSUJFOUF EF IPTQJUBMFT FO DJODP
PDBTJPOFTDPOTFDVUJWBTZMBNBOUJFOFEF
GPSNB JOJOUFSSVNQJEB EFTEF FM BÒP
-BBDSFEJUBDJÓOEFMB+$*FTVO
SFDPOPDJNJFOUPQÙCMJDPJOUFSOBDJPOBM
EFMBBUFODJÓORVFPGSFDFFMIPTQJUBM
RVFEFNVFTUSBRVFFMDFOUSPDVNQMF
UPEPTMPTFTUÃOEBSFTEFDBMJEBEEFMB
+$*
■).)PTQJUBMFTDPOUJOÙB
BWBO[BOEPFOTVQSPZFDUPEF
FYQBOTJÓOFO(BMJDJB
&M)PTQJUBM6OJWFSTJUBSJPEF-B3JCFSBIBDFMFCSBEPFMBDUPEFEFTDVCSJNJFOUPEFMBQMBDBEFMB
"DSFEJUBDJØO2VBMJUZ)FBMUIDBSF2)
VOBFTUSFMMBVOSFDPOPDJNJFOUPPUPSHBEPBFTUFDFOUSP
IPTQJUBMBSJPQPSMB'VOEBDJØO*%*4RVFWBMPSBFMFTGVFS[PSFBMJ[BEPQPSFTUBJOTUJUVDJØOQBSBGPNFOUBS
MBDBMJEBEBTJTUFODJBM&OMBJNBHFOEFJ[RVJFSEBBEFSFDIB"MCFSUPEF3PTBDPOTFKFSPEFMFHBEPEFM
(SVQP3JCFSB4BMVE7JDFOUF1BMPQEJSFDUPSNÏEJDPBTJTUFODJBMEFM)PTQJUBMEF-B3JCFSB+PTÏ&NJMJP
-MPQJTEJSFDUPSNÏEJDPRVJSÞSHJDP"EPMGP'FSOÈOEF[7BMNBZPSQSFTJEFOUFEFMB'VOEBDJØO*%*4
+BWJFS1BMBVEJSFDUPSHFSFOUFZ&TUIFS(ØNF[EJSFDUPSBEFFOGFSNFSÓB%VSBOUFFMBDUP'FSOÈOEF[
7BMNBZPSIBTF×BMBEPFTiVOSFDPOPDJNJFOUPBMUSBCBKPEFUPEPTMPTQSPGFTJPOBMFTEFM)PTQJUBMw
BQPSUBOEPWBMPS"OÃMJTJTEFMBTJUVBDJÓO
FOMB$PNVOJEBE7BMFODJBOBFM
TFDUPS TBOJUBSJP QSJWBEP SFQSFTFOUB
BDUVBMNFOUFVOQPSDJFOUPEFMHBTUP
TBOJUBSJPEFEJDIBDPNVOJEBEVOBDJGSB
RVFWJFOFBKVTUJGJDBSTVFMFWBEPQFTPFO
FMTFDUPSQSPEVDUJWPHFOFSBM
&MTFDUPSTBOJUBSJPQSJWBEPDVFOUBFOMB
SFHJÓODPOFMQPSDJFOUPEFMUPUBMEF
DFOUSPTIPTQJUBMBSJPTFYJTUFOUFTZFM
EFMUPUBMEFDBNBT&MJOGPSNFNVFTUSB
UBNCJÊORVFTFIBSFHJTUSBEPVOJODSF
NFOUPBOVBMEFMQPSDJFOUPFOFM
OÙNFSPEFBTFHVSBEPTFOFMQFSÎPEP
SFQSFTFOUBOEP FM EFM
NFSDBEPOBDJPOBMFOWPMVNFOEFQSJNBT
%FTQVÊT EF MB PQDJÓO EF DPNQSB
QSFTFOUBEBFO).)PTQJUBMFTIB
GJSNBEPMBDPNQSBEFVOQBRVFUFEF
BDDJPOFT EF DPOUSPM NBZPSJUBSJP EFM
HSVQPIPTQJUBMBSJPHBMMFHP-B3PTBMFEB
$POFTUBPQFSBDJÓOTFJOJDJBFMQSPZFDUP
EFJOUFHSBDJÓORVFDVMNJOBSÃBGJOBMFT
EF PDUVCSF DPO MB BERVJTJDJÓO EF
QBRVFUFTEFBDDJPOJTUBTNJOPSJUBSJPTRVF
TFRVJFSBOBEIFSJSBMBQSPQVFTUBEF
DPNQSBQSFTFOUBEBQPS).)PTQJUBMFT
FO MB QBTBEB +VOUB HFOFSBM EF
"DDJPOJTUBTEFMB3PTBMFEB-BDPNQSBEF
FTUFQBRVFUFEFDPOUSPMFTFMQVOUPEF
QBSUJEBEFMQMBOEFJOUFHSBDJÓOEFMPT
IPTQJUBMFT-B3PTBMFEB/VFTUSB4FÒPSB
EFMB&TQFSBO[BZEFM$FOUSP"TJTUFODJBM
-BMÎO EFOUSP EF MB FTUSVDUVSB
PSHBOJ[BUJWB Z BTJTUFODJBM EF ).
)PTQJUBMFT
(.BMEFPDUVCSFEF1VCMJDJEBE
1PMÓUJDBBMEFPDUVCSFEF(.
4PMPTFJTDPNVOJEBEFTBVUÓOPNBTFTUÃO
BMEÎBDPOMBFYUSBPSEJOBSJBEF
"OEBMVDÓB$BUBMV×BZ/BWBSSBQSFWÏOBGSPOUBSFMÞMUJNPQBHPQFOEJFOUFDPOTVTGVODJPOBSJPTFO
+6"/1"#-03".¶3&;
.BESJE
Situación de la paga ‘extra’ de 2012
4FJT DPNVOJEBEFT BVUÓOPNBT IBO
QBHBEPZBFMQPSEFMBQBHB
FYUSBPSEJOBSJBEF-BTJUVBDJÓOIB
NFKPSBEPDPOSFTQFDUPBMQBTBEPNFTEF
BCSJMDVBOEPFM.JOJTUFSJPEF)BDJFOEB
Z"ENJOJTUSBDJPOFT1ÙCMJDBTBOVODJÓTV
JOUFODJÓOEFQBHBSBMPTGVODJPOBSJPTEF
MB"ENJOJTUSBDJÓO(FOFSBMEFM&TUBEPFM
QPS DJFOUP RVF BÙO RVFEBCB
QFOEJFOUF
1PSBRVFMFOUPODFTTPMP&YUSFNBEVSB
IBCÎBDVNQMJEPDPOTVTDPNQSPNJTPT
&OFTUFQFSJPEPEFDBTJTFJTNFTFTPUSBT
DJODPSFHJPOFTTFIBOQVFTUPBMEÎBDPO
MPT FNQMFBEPT QÙCMJDPT $BOBSJBT
$PNVOJEBE7BMFODJBOB$BTUJMMBZ-FÓO
-B3JPKBZ(BMJDJB
-F TJHVFO $BTUJMMB-B .BODIB $PNVOJEBE EF .BESJE $BOUBCSJB Z
25%: Cataluña
"TUVSJBTRVFZBIBOIFDIPGSFOUFBM
50%: Baleares, Aragón, País Vasco, Andalucía, Navarra
QPSDJFOUP.VSDJBIBQBHBEPVOQPS
60%: Murcia
DJFOUPNJFOUSBTRVF#BMFBSFT"SBHÓO
75%: Castilla-La Mancha, Madrid, Cantabria y Asturias
1BÎT7BTDP"OEBMVDÎBZ/BWBSSBUJFOFO
100%: Canarias, Comunidad Valenciana, Extremadura, Castilla y León, La Rioja y Galicia
BÙOQFOEJFOUFVOQPSDJFOUP-BNÃT
Fuente:
Elaboración
propia.
Gaceta Médica
SF[BHBEB FT $BUBMVÒB RVF TPMP IB
QBHBEPVOQPSDJFOUP-BNBZPSÎBEF
MBTDPNVOJEBEFTTFIBODPNQSPNFUJEP DPSSFTQPOEFOQBSB6OBEFMBT ÙMUJNPQBHPFOQFSPGJOBMNFOUF
B TPMWFOUBS FTUB TJUVBDJÓO FM BÒP QSFPDVQBDJPOFTEFM(PCJFSOPFSBRVFFM QPSNPUJWPTQSFTVQVFTUBSJPTIBEFDJEJEP
QSÓYJNP QFSP EFQFOEFSÃ FO HSBO QBHPQVEJFSBJOUFSGFSJSFOFMDVNQMJ RVFTPMWFOUBSÃMBEFVEBFOFOFSPEF
MP RVF IB HFOFSBEP VO GVFSUF
NFEJEBEFMBEJTQPOJCJMJEBEQSFTVQVFT NJFOUPEFMEÊGJDJUEFMBTDPNVOJEBEFT
NBMFTUBSFOMPTTJOEJDBUPT"TUVSJBTUJFOF
UBSJB-BTSFHJPOFTDPOUJOÙBOBMBFTQFSB
UBNCJÊOMBJOUFODJÓOEFDPNQMFUBSFM
EF MB GPSNBDJÓO EF (PCJFSOP QBSB 1FOEJFOUFTEFZ
DPOPDFSMPT1SFTVQVFTUPT(FOFSBMFTEFM -B$PNVOJEBEEF.BESJEFSBVOBEFMBT QPS FO FTB NJTNB GFDIB 0USBT
&TUBEP Z MBT USBOTGFSFODJBT RVF MFT RVFTFIBCÎBDPNQSPNFUJEPBBGSPOUBSFM BVUPOPNÎBTDPNP$BTUJMMB-B.BODIBP
MB3FHJÓOEF.VSDJBBÙONBOUJFOFOFM
PCKFUJWPEFQBHBSBOUFTEFRVFGJOBMJDFFM
QSFTFOUFFKFSDJDJP
4ÓMPUSFTDPNVOJEBEFTIBOFTUBCMF
DJEPFOTVIPKBEFSVUBRVFUFSNJOBSÃO
EFQBHBSMBQBHBFYUSBPSEJOBSJBFO
4F USBUB EF "OEBMVDÎB $BUBMVÒB Z
/BWBSSB-BQSJNFSBEFFMMBTBMDBO[ÓVO
BDVFSEPDPOMB.FTB(FOFSBMEF&NQMFB
EPT1ÙCMJDPTFOFMRVFFTUBCMFDÎBUSFT
QMB[PT&OMBÙMUJNBOÓNJOBEFTFQUJFN
CSFMB+VOUBIBQBHBEPVOQPS
DJFOUP&OGFCSFSPEFBCPSEBSÃOFM
QPSDJFOUPZFODPNQMFUBSÃO
DPOFMQPSDJFOUPSFTUBOUF
&O /BWBSSB FM (PCJFSOP EF 6YVF
#BSLPTIBFTUBEPBQVOUPEFDBNCJBSTVT
QMBOFTEFCJEPBMBQSPQVFTUBEF61/RVF
PCMJHBCBBQBHBSFMQPSDJFOUPEFMB
FYUSBPSEJOBSJBFOMBQSJNFSBTFNBOBEF
FOFSPEF'JOBMNFOUFMBQSPQVFTUB
OPMMFHÓBCVFOGJO(FSPB#BJ&)#JMEV
1PEFNPT F *[RVJFSEB&YRVFSSB
TVNBSPOWPUPTFODPOUSBGSFOUFBMPT
EF61/11Z140&
-B (FOFSBMJUBU EF $BUBMVÒB MMFHÓ
UBNCJÊOBVOBDVFSEPDPOMPTTJOEJDBUPT
BOUFTEFMWFSBOPQBSBIBDFSGSFOUFBM
QPSDJFOUPRVFBÙOMFGBMUBQPSQBHBSFO
USFTBÒPT&MQSJNFSPEFFTPTQBHPTRVF
DPSSFTQPOEFSÎBBMQPSDJFOUPTF
SFBMJ[BSÃFOFTUBOÓNJOBEFPDUVCSFP
JODMVTP FO OPWJFNCSF &O NBS[P EF
BCPOBSÃ FM QPS DJFOUP
NJFOUSBTRVFFMQPSDJFOUPSFTUBOUF
MMFHBSÎBBMBDVFOUBEFMPTGVODJPOBSJPT
FONBS[PEF
(.BMEFPDUVCSFEF1PMÓUJDB
i-PT1SFNJPT#J$
IBODPOUSJCVJEPB
DPOTPMJEBSMBDVMUVSB
EFMBDBMJEBEu
«OHFM(JMEF.JHVFMWJDFSSFDUPSEFMB6OJWFSTJEBE
3FZ+VBO$BSMPTSFQBTBMBTDBOEJEBUVSBT
&.$
.BESJE
&TUBTFNBOBMBOVFWBTFEFEF8FDBSFV
BDPHFMBTSFVOJPOFTEFMHSVQPEFFYQFS
UPTZMPTKVSBEPTRVFWBMPSBSÃOMBT
DBOEJEBUVSBTEFMPT9*1SFNJPT#FTUJO
$MBTT RVF DPODFEFO (BDFUB .ÊEJDB
QVCMJDBDJÓOEFM(SVQP8FDBSFVZMB
$ÃUFESBEF*OOPWBDJÓOZ(FTUJÓO4BOJUB
SJBEFMB6OJWFSTJEBE3FZ+VBO$BSMPT
6OPTHBMBSEPOFTRVFQBSB¦OHFM(JMEF
.JHVFMWJDFSSFDUPSEF$PPQFSBDJÓOBM
%FTBSSPMMP7PMVOUBSJBEPZ3FMBDJPOFT
*OTUJUVDJPOBMFTEFMB6OJWFSTJEBE3FZ
+VBO$BSMPTZUJUVMBSEFMB$ÃUFESBEF
*OOPWBDJÓO Z (FTUJÓO 4BOJUBSJB EFM
DFOUSPiFTUÃONÃTRVFDPOTPMJEBEPT
EFTQVÊTEFNÃTEFBÒPTu
4FHÙOTVPQJOJÓOQBSBMPTIPTQJUBMFT
TPOZBVOBSFGFSFODJB1SVFCBEFFMMPFTFM
BVNFOUP EF MB QBSUJDJQBDJÓO RVF IB
DSFDJEPUBOUPFOOÙNFSPEFDFOUSPTDPNP
FTQFDJBMNFOUFFOFMOÙNFSPEFTFSWJDJPT
RVFBTQJSBOBMBTEJGFSFOUFTDBUFHPSÎBT
i-BTDJGSBTQPOFOEFNBOJGJFTUPRVFMB
NBZPSÎBEFMPTIPTQJUBMFTEF&TQBÒB
DVFOUBOZBDPOTFSWJDJPTEFDBMJEBEFO
MPT RVF IBZ QSPGFTJPOBMFT EFEJDBEPT
FTQFDÎGJDBNFOUFBFTUFDBNQPBFTUBS
QFOEJFOUFTEFMBBUFODJÓOBMQBDJFOUFEF
MBDBMJEBEMPTTFSWJDJPTFUDuJOEJDB
6OBTQFDUPJNQPSUBOUFZFMSFGMFKPEFRVF
iMBDVMUVSBEFMBDBMJEBEIBDBMBEPZTFWB
DPOTPMJEBOEPFOMPTTFSWJDJPTTBOJUBSJPTu
&OFTUFTFOUJEPFMWJDFSSFDUPSEFMB63+$
DPOTJEFSBRVFFTVOBEFMBTDPOUSJCVDJPOFT
EFMPT1SFNJPT#FTUJO$MBTTVOPCKFUJWP
JOJDJBMEFFTUPTHBMBSEPOFTRVFZBTFIB
DPOTFHVJEPi)FNPTDPOUSJCVJEPBRVFTF
WBZBDPOTPMJEBOEPFTBDVMUVSB/PIBZ
IPTQJUBMOVFWPRVFOPQJFOTFFORVJÊOWBB
TFSTVSFTQPOTBCMFEFDBMJEBEFTBMHPRVF
TFIBMPHSBEPZTFIBFYUFOEJEPuBDMBSB
%FIFDIPFYQMJDBRVFIBDFVOPTBÒPT
FTUB QPMÎUJDB EF DBMJEBE FTUBCB NVZ
FYUFOEJEBFOMBTHFSFODJBTEFMPTIPTQJ
UBMFTi"IPSBMBTVOJEBEFTZMPTTFSWJDJPT
EFDBMJEBEFTUÃOMMBNBOEPBMBQVFSUBEF
MPTEJGFSFOUFTTFSWJDJPTEFPODPMPHÎB
IFNBUPMPHÎBFUDuBTFHVSBEFTUBDBOEP
RVFiOPFTVOJOUFSÊTEFMIPTQJUBMDPNP
UBMTJOPRVFEFCFJNQMJDBSBUPEPTMPT
TFSWJDJPTu&TUFDBNCJPEFNFOUBMJEBE
FYQMJDBRVFMBFEJDJÓOFODVSTPDVFOUF
DPODBOEJEBUVSBTJOTJTUF
$PNVOJEBEFTBVUØOPNBT
3FTQFDUPBMBEJTUSJCVDJÓOEFFTUBTDBOEJ
EBUVSBT(JMEF.JHVFMSFDPOPDFRVFMB
«OHFM(JMEF.JHVFMEFTUBDBRVFEFTQVÏTEFNÈTEFEJF[B×PTEF1SFNJPT#FTUJO$MBTTTFQVFEFDPOTJEFSBSRVFMPT
HBMBSEPOFTFTUÈONÈTRVFBTFOUBEPTFOFM4JTUFNB/BDJPOBMEF4BMVE
QBSUJDJQBDJÓOFTNVZJSSFHVMBS&TNVZ
BNQMJBFODPNVOJEBEFTRVFMMFWBOBÒPT
JODPSQPSBOEPFTUPTDSJUFSJPTDPNPMB
$PNVOJEBE EF .BESJE P $PNVOJEBE
7BMFODJBOBZPUSBTDPNP"OEBMVDÎBQPS
FKFNQMPUJFOFOZBVOOJWFMEFQBSUJDJQB
DJÓO JNQPSUBOUF FYQPOF i-FT DPTUÓ
FOUSBS BM QSJODJQJP QFSP BIPSB TVT
DFOUSPTFTUÃOQSFTFOUFTEFVOBGPSNB
NVZBDUJWBuBTFHVSB
-BÙOJDBSFHJÓOBVTFOUFFT"SBHÓO&M
WJDFSSFDUPSOPQBTBQPSBMUPRVFFOFTUF
NPNFOUPBMHVOPTDFOUSPTJNQPSUBOUFTEF
FTUBDPNVOJEBEFTUÃOFOGBTFEFSFFTUSVD
UVSBDJÓO1BTBEBFTUBUSBOTJDJÓOBTFHVSB
iFTUBSÃOQSFQBSBEPTQBSBQBSUJDJQBSFO
GVUVSBTFEJDJPOFTu"EFNÃT(JMEF.JHVFM
QPOFFOWBMPSFMFTGVFS[PEFMPTDFOUSPTEF
BUFODJÓOQSJNBSJBEFFTUBDPNVOJEBERVF
iTJFNQSFIBOUSBCBKBEPNVZCJFOZTFSÎB
CVFOPRVFTFEFDJEJFSBOBQSFTFOUBSTVT
DBOEJEBUVSBTFOGVUVSBTPDBTJPOFTu
1PS ÙMUJNP FM QPSUBWP[ EFTUBDB FM
JNQVMTP DPO FM RVF IB BSSBODBEP FM
QSFNJPBMNFKPSQSPZFDUPEF)VNBOJ[B
DJÓODPODBOEJEBUVSBTi-BDBMJEBE
FOSFBMJEBEUBNCJÊOFTIVNBOJ[BDJÓO
2VFSFNPTEBSMFOPNCSFQSPQJPQFSPFO
SFBMJEBETJTFUSBCBKBMBDBMJEBEFTUBNPT
USBCBKBOEP QPS MB IVNBOJ[BDJÓOu
QVOUVBMJ[BEFTUBDBOEPFMFTGVFS[PEF
DPNVOJEBEFTBVUÓOPNBTDPNP.BESJE
P$BTUJMMB-B.BODIBRVFEFOUSPEFMB
QSPQJBFTUSVDUVSBEFMBTDPOTFKFSÎBTEF
4BOJEBEIBOBCPHBEPQPSEBSMFVOB
WJTJCJMJEBEFTQFDJBM
1PMÓUJDBBMEFPDUVCSFEF(.
*4"#&-.0/50:"❘1SFTJEFOUBEFM$PMFHJP0GJDJBM
EF.ÊEJDPTEF.VSDJB$0..VSDJB
Saber más sobre
responsabilidad civil
i-B"ENJOJTUSBDJÓO
UJFOFRVFSFDPOPDFSMB 2FXOWDULQIRUPDFLyQ
DPMFHJBDJÓOPCMJHBUPSJBu H[LPHGHSRVLEOHVHUURUHV
GLDJQyVWLFRV
$.-
.BESJE
&M$PMFHJPEF.ÊEJDPTEFMB3FHJÓOEF
.VSDJBDFMFCSBFTUFBÒPTVBOJWFS
TBSJP%FTEFTVPSJHFOMBJOTUJUVDJÓOOP
IBIFDIPNÃTRVFDSFDFS"IPSBUPDB
TFHVJSUSBCBKBOEPFOMBNJTNBMÎOFBQBSB
BEBQUBSMBJOTUJUVDJÓOBMOVFWPFTDFOB
SJP TBOJUBSJP 4V QSFTJEFOUB *TBCFM
.POUPZBUJFOFDMBSPDVÃMFTTPOMPTSFUPT
NÃTJONFEJBUPTZMPTBOBMJ[BFO(.
1SFHVOUBBÒPTFTNVDIPUJFNQP
yRVÊIBOTVQVFTUPQBSBFM$0. 3FTQVFTUBA$VJEBOEPEFMQBDJFOUFFT
FMMFNBEFFTUFBOJWFSTBSJPRVFWJFOFB
SFGMFKBSOVFTUSPDPNQSPNJTP&OFTUPT
BÒPTMBJOTUJUVDJÓOIBDPOTFHVJEP
SFHVMBSMBQSPGFTJÓOSFQSFTFOUBSBMPT
NÊEJDPTBTFHVSBSFMCVFOFKFSDJDJPZ
DPMBCPSBS DPO MB BENJOJTUSBDJÓO FO
NFKPSBSMBBUFODJÓOBMPTQBDJFOUFT
5PEPFMMPIBQBTBEPQPSDPOUSPMBSFM
FKFSDJDJP QSPGFTJPOBM SFTQFUBOEP FM
$ÓEJHP%FPOUPMÓHJDPEFMPTNÊEJDPTRVF
FKFSDFOZBTFHVSBSRVFRVJÊOFKFSDFMB
NFEJDJOB FTUÃ FO DPOEJDJPOFT EF
IBDFSMP1BSBFMMPFMDPMFHJPFTUÃJNQVM
TBOEP MB7BMJEBDJÓO 1FSJÓEJDB EF MB
$PMFHJBDJÓO 71$
Z MB GPSNBDJÓO B
USBWÊT EF DVSTPT QSPQJPT0USB EF
OVFTUSBTMÎOFBTFTUSBUÊHJDBTIBTJEP
BQPZBSBMPTKÓWFOFTBUSBWÊTEFCFDBT
QBSBFTUBODJBTFOFMFYUSBOKFSPFOUSF
PUSBTBDUJWJEBEFT
1-BNFEJDJOBBWBO[BZBMNJTNP
UJFNQPMBJOTUJUVDJÓOUJFOFRVFUBNCJÊO
BEBQUBSTFBFTPTBWBODFTBMBNPEFS
OJEBE
3-BTOVFWBTUFDOPMPHÎBTZBTPODMBWF
FOMBJOTUJUVDJÓO&MDPMFHJPUJFOFVO
CPMFUÎOFMFDUSÓOJDPRVFTBMFDBEBEÎBT
1SPDVSBNPTRVFFMDPMFHJBEPFTUÊJOGPS
NBEPZBCJFSUPBMBTOVFWBTHFOFSBDJP
OFTZBMPTDBNCJPT
1 -B QSFDBSJFEBE MBCPSBM FT VOB
QSFPDVQBDJÓOMBCPMTBEFUSBCBKPEFM
DPMFHJP FT VOB IFSSBNJFOUB QBSB
HFTUJPOBSFMFNQMFPyDÓNPTFFTUÃO
FOGSFOUBOEPBFTUBJOFTUBCJMJEBE 3-PTRVFUFSNJOBOMBFTQFDJBMJEBE
BDFQUBOFOPDBTJPOFTFTBQSFDBSJFEBE
QPSRVFDVBOEPVOPFTUÃFNQF[BOEPFO
TVFKFSDJDJPTFDPOGPSNB&TGVOEBNFO
UBMTBCFSRVFFONFEJDJOBVONÊEJDPOP
QVFEFFTUBSQBSBEPZBRVFTFQJFSEFO
BDUVBMJ[BDJPOFT1BSB VO DJSVKBOP FT
QSFGFSJCMFPQFSBSBVORVFTVDPOUSBUP
TFBEFNFTFONFT%FTEFMBWPDBMÎBEF
NÊEJDPTKÓWFOFTFOGPSNBDJÓOEFMB0.$
FTUÃO BOBMJ[BOEP MB TJUVBDJÓO SFBM B
USBWÊTEFMBTFODVFTUBTRVFSFBMJ[BOZB
RVFMPTEBUPTRVFBQPSUBOMBTBENJOJT
USBDJPOFTOPTPOEFMUPEPQSFDJTPT&T
DJFSUPRVFFOFTFÃNCJUPTPOPUSBTMBT
&M$PMFHJPEF.ÏEJDPTEF.VSDJBDFMFCSBFTUFB×PTV
BOJWFSTBSJP*TBCFM.POUPZBQSFTJEFMBJOTUJUVDJØO
PSHBOJ[BDJPOFTRVFUJFOFOMBDBQBDJEBE
EFOFHPDJBDJÓOQFSPFMDPMFHJPTJFNQSF
TFQPTJDJPOBZDVBOEPUJFOFEFJOUFSMPDV
UPS B MB "ENJOJTUSBDJÓO TF TJUÙB FO
EFGFOTBEFMQSPGFTJPOBM
1 y2VÊ BTJHOBUVSBT QFOEJFOUFT
RVFEBOFO-B3FHJÓO 32VFMB"ENJOJTUSBDJÓOSFDPOP[DBMB
DPMFHJBDJÓOPCMJHBUPSJBQBSBFMFKFSDJDJP
EFMBNFEJDJOB$SFFNPTRVFFTVOB
HBSBOUÎBQBSBFMDJVEBEBOP5FOFNPT
RVFQPOFSFONBSDIBMB71$IBZRVF
CVTDBS FM BQPZP EF MB DPOTFKFSÎB EF
4BOJEBEQBSBFMQSPHSBNBEF"UFODJÓO
BM.ÊEJDP&OGFSNPZBRVFOPUFOFNPT
OJOHÙO BQPZP FDPOÓNJDP0USP UFNB
NVZJNQPSUBOUFFTMBEJTQFOTBDJÓOEF
NFEJDBNFOUPT&TOFDFTBSJPMMFHBSBVO
DPOTFOTPTPDJBMQBSBRVFEFTEFMBGBSNB
DJBOPTBMHBOJOHÙONFEJDBNFOUPRVF
QSFDJTFQSFTDSJQDJÓONÊEJDB&TOFDFTB
SJPQBSBHBSBOUJ[BSMBTFHVSJEBEEJTNJ
OVJSSFBDDDJPOFTBEWFSTBTEJTNJOVJSFM
HBTUPZDPOUSPMBSMBTSFTJTUFODJBTCBDUF
SJBOBT)BZ DPNVOJEBEFT EPOEF FT
JNQFOTBCMF RVF VO BOUJCJÓUJDP TF
EJTQFOTFTJOQSFTDSJQDJÓOQFSPFOPUSBT
IBZNVDIPEFTDPOUSPM&TUPOPFTOVFWP
TJFNQSFIBTJEPBTÎ
1&OFTUFDBTPyFM$0.UJFOFVO
QBQFMFEVDBEPS 3&TGVOEBNFOUBM4FEFCFUSBOTNJUJS
FTUF NFOTBKF OP QPSRVF RVFSBNPT
EFGFOEFSVOBDPNQFUFODJBOVFTUSBTJOP
QPSRVF EFCF TFS BTÎ QPS FM CJFO EFM
QBDJFOUF
$ODKRUDGHDFXGLUDOPpGLFRWRGRVVDEHPRV XQVHUYLFLRXQDGHIDFLOLWDUODDVLVWHQFLDVDQLWD
RDOPHQRVDVtGHEHUtDVHUTXHHVYLWDODSRUWDU ULD\ODRWUDODGHSURSRUFLRQDUORVPHGLRV
WRGDODLQIRUPDFLyQSRVLEOHDORVSURIHVLRQD WpFQLFRVDORVSURIHVLRQDOHVSHURVRQDMHQDV
OHV\DVHDVREUHQXHVWURKLVWRULDOPpGLFRR DORVKHFKRVHQMXLFLDGRVHQHOSURFHGLPLHQWR
(Q OD VHQWHQFLD VH YDORUy OD IDOWD GH
VXFHVRVUHFLHQWHVTXHSXHGDQVHUUHOHYDQWHV
DODKRUDGHHODERUDUXQGLDJQyVWLFR3RUWDQWR SUHVFULSFLyQ\GHOHJLWLPDFLyQSDVLYDTXHVH
RFXOWDULQIRUPDFLyQQROOHYDDQLQJ~QOXJDU PHQFLRQDEDQ HQ ODV FRQWHVWDFLRQHV (O
&XDWURWUDXPDWyORJRVHOFHQWURPpGLFR\ HVFULWRDUJXPHQWDEDTXHODSUHVFULSFLyQVt
ODDVHJXUDGRUDGHVDOXGIXHURQGHPDQGDGRV H[LVWtDGHMDQGRFODURTXHHOSOD]RGHXQDxR
SRUXQSDFLHQWHTXLHQVROLFLWDEDHXURV GHULYDGRGHODUHODFLyQH[WUDFRQWUDFWXDOTXH
SRUGDxRV\SHUMXLFLRV\HXURVSRU XQtDDSDFLHQWH\GRFWRUHVVHKDEtDVREUHSD
GDxRVPRUDOHVHVGHFLUXQWRWDOGH VDGR
(QUHIHUHQFLDDODOHJLWLPDFLyQSDVLYDQR
HXURVSRUXQSUHVXQWRHUURUGLDJQyVWLFR
/DGHPDQGDH[SRQtDTXHWUDVYDULDVYLVLWDV TXHGySUREDGRTXHH[LVWLHUD/DVHQWHQFLD
DODVFRQVXOWDVGHORVGRFWRUHVSRUXQGRORU FRQFOXtDTXHQRVHGDED\DTXHDPEDVHQWLGD
HQODSLHUQDQRVHGLRUHVSXHVWDFRQFUHWD GHVHVWiQOHJLWLPDGDVSDUDVHUGHPDQGDGDVOD
VREUHHOGRORUTXHFDGDYH]HUDPiVIXHUWH DVHJXUDGRUDGHVDOXGSRUTXHDGHPiVGHHVWDU
3RUHOORIXHWUDVODGDGRDRWURKRVSLWDO REOLJDGDDSUHVWDUDVLVWHQFLDVDQLWDULDVHREOLJD
GRQGHOHGLDJQRVWLFDURQFROHFFLyQLQWUDPXV DUHVSRQGHUGHODVSRVLEOHVQHJOLJHQFLDVTXH
FXODU\IDVFLWLVQHFURWL]DQWHHQHOPLHPEUR SXHGDQGDUVHHQHVDSUHVWDFLyQ3RUVXODGR
LQIHULRUGHUHFKR(OSDFLHQWHIXHLQWHUYHQLGR ODFOtQLFDWDPELpQ\DTXHQRVHFXHVWLRQDOD
GHIDVFLWRPtDPiVGUHQDMHGHJUDQDEFHVRHQ IDOWDGHPHGLRVVLQRDODRUJDQL]DFLyQGHORV
ODFDUDSRVWHULRUGHODH[WUHPLGDGLQIHULRU PLVPRVSDUDFRQHOSDFLHQWHGHELGRDTXH
DSDUHQWHPHQWH QR
GHUHFKD\PiVWDUGH
VH JHVWLRQy GH
GHFRORVWRPtDODWHUDO
El paciente exponía un error PDQHUDFRUUHFWD
HQ EDUUD 7UDV OD
/D
VHQWHQFLD
EXHQDHYROXFLyQIXH diagnóstico, ya que decía que
ese hecho podría haberle
H[SUHVyVLQJpQHUR
GDGRGHDOWD
GHGXGDVTXHQRVH
(O
SDFLHQWH
causado el fallecimiento
SUREy XQD DFWXD
H[SRQtD XQ HUURU
FLyQQHJOLJHQWHGH
GLDJQyVWLFR\DTXH
GHFtDTXHHVHKHFKRSRGUtDKDEHUOHFDXVDGR ORVFRGHPDQGDGRVQLUHODFLyQGHFDXVDOLGDG
HQWUHODLQIHFFLyQ\HOGLDJQyVWLFRSUHYLR\D
ODSpUGLGDGHOPLHPEURRHOIDOOHFLPLHQWR
7RGRVORVGHPDQGDGRVPDQLIHVWDURQHQ TXHODLQIHFFLyQVHGHVHQFDGHQySRUOD~OFHUD
VXVFRQWHVWDFLRQHVODIDOWDGHUHVSRQVDELOL SHULQHDOTXHWHQtDHOSDFLHQWH\GHODFXDOQR
GDGGHORVPLVPRV\XQDDFWXDFLyQFRUUHFWD KDEtDLQIRUPDGRHQQLQJ~QPRPHQWR3RU
GHDFXHUGRDODOH[DUWLVDGKRF\DTXHHO HOORVHFHUWLILFDEDTXHORVGLDJQyVWLFRV\
SDFLHQWHPDQLIHVWyHQWRGRPRPHQWRTXH DFWXDFLRQHVIXHURQORVFRUUHFWDVWRGRHOOR
HO GRORU SRGtD VHU SRU XQ PRYLPLHQWR DGHPiVFRUURERUDGRSRUORVSHULWRVGHORV
EUXVFRTXHKDEtDUHDOL]DGR(VDPDQLIHVWD GHPDQGDGRV(VWDFXHVWLyQDGHPiVQRSXGR
FLyQ XQLGD D OD HFRJUDItD UHIRU]DEDQ HO VHUUHEDWLGD\DTXHODUHSUHVHQWDFLyQGHO
GLDJQyVWLFRGHURWXUDILEULODUDGHPiV\PiV SDFLHQWHUHQXQFLyDVXSURSLDSHULFLDO
)LQDOPHQWH\WHQLHQGRHQFXHQWDWRGROR
LPSRUWDQWHD~QHOSDFLHQWHQRGHFODUyHQ
QLQJ~Q PRPHQWR D ORV SURIHVLRQDOHV OD H[SXHVWRHOIDOORGHODVHQWHQFLDGHVHVWLPDED
H[LVWHQFLDGHXQDXOFHUDFLyQSHULQHDODQDO tQWHJUDPHQWHODGHPDQGDFRQFRQGHQDHQ
8QR GH ORV GRFWRUHV DGHPiV DOHJy FRVDVSDUDODSDUWHGHPDQGDQWH(VWHUHVXO
SUHVFULSFLyQGHODDFFLyQ\DTXHVHKDEtD WDGRVHFRQVLJXLyJUDFLDVDORVDERJDGRVGH
VREUHSDVDGRHOSOD]RGHXQDxRTXHLPSRQH '6/HJDO*URXSTXHDSRUWDQVXVFRQRFL
OD UHVSRQVDELOLGDG H[WUDFRQWUDFWXDO GHO PLHQWRV\HVSHFLDOL]DFLyQHQHOVHFWRUDVt
FRPRDORVPHMRUHVFRODERUDGRUHVSDUD
SDFLHQWHFRQORVGRFWRUHV
/DDVHJXUDGRUDGHVDOXG\ODFOtQLFDDOHJD HODERUDUODSUXHEDHVWUHOODHQHVWRVFDVRVOD
URQIDOWDGHOHJLWLPDFLyQSDVLYDILJXUDMXUtGLFD SHULFLDO
TXHFRQOOHYDODLPSRVLELOLGDGGHGHPDQGDUD
XQVXMHWRSRUDOJXQDFDXVDHQHVWHFDVRSRU
Más información en:
VHUGRVHQWLGDGHVTXHVLPSOHPHQWHSUHVWDQ
www.lexsanitaria.com
(.BMEFPDUVCSFEF1VCMJDJEBE
'JDIBUÏDOJDBFOQÈHJOBTZ
NS
Exclusivo NetSalud
1PMÓUJDBBMEFPDUVCSFEF(.
BQSPCÓu$PNPFYQMJDÓMBNJOJTUSBMBBMUFS
OBUJWBBFTUBSFGPSNBiFTOBEBuZiWPMWFS
BMBTQPMÎUJDBTRVFUSBKFSPOB&TQBÒBDJODP
NJMMPOFTEFQBSBEPTOPFTBDFSUBEBu
BTFWFSÓ
&M4FTDBNDBMJFOUBNPUPSFT
"VORVFUPEBWÓBOPIBZGFDIBMBNJOJTUSBFOGVODJPOFT'ÈUJNB#È×F[WBBSFBDUJWBSFM$POTFKP*OUFSUFSSJUPSJBMQBSBCVTDBSTPMVDJPOFTBOUFMBiFYDFTJWBwUFNQPSBMJEBEEFMTJTUFNB
4BOJEBECVTDBGÓSNVMBT
QBSBAQBMJBSMBQSFDBSJ[BDJÓO
'ÈUJNB#È×F[UJFOEFMBNBOPBOFHPDJBSTJOEFSPHBSMBSFGPSNBMBCPSBM
$"3.&/.-»1&;
.BESJE
&VSPQBEJPMBWP[EFBMBSNBDPOMBTFOUFO
DJB RVF DSJUJDBCB MB FODBEFOBDJÓO EF
DPOUSBUPT UFNQPSBMFT FO MB TBOJEBE
FTQBÒPMB6OIFDIPRVFQVTPFOKBRVFB
VOTFDUPSRVFMMFWBCBUJFNQPBEWJSUJFOEP
EFMBFYDFTJWBUFNQPSBMJEBEEFMPTQSPGF
TJPOBMFTEFMTJTUFNBTBOJUBSJP
"VORVFMPTGBMMPTEFM5SJCVOBMEF+VTUJ
DJB&VSPQFP5+6&
TÓMPUJFOFOFGFDUP
EJSFDUPTPCSFMPTDBTPTQBSUJDVMBSFTFOKVJ
DJBEPTTÎRVFTFIBBCJFSUPMBQVFSUBQBSB
SFHVMBSJ[BSMBTJUVBDJÓOEFMPTNÃTEF
FWFOUVBMFTFJOUFSJOPTRVFUSBCB
KBOBDUVBMNFOUFFOMBTBOJEBEQÙCMJDB‡
DBTJVOQPSDJFOUP‡ZRVFIBODPOWFS
UJEP FM TJTUFNB DPNP FO NÃT EF VOB
PDBTJÓOIBTFÒBMBEPFMQSFTJEFOUFEFMB
0SHBOJ[BDJÓO.ÊEJDB$PMFHJBM+VBO+PTÊ
3PESÎHVF[4FOEÎOFOiMBNBZPSFNQSFTB
EFUSBCBKPUFNQPSBMuEF&TQBÒB
&TUBSFBMJEBEUBNCJÊOIBUSBTDFOEJEPB
PUSBTFTGFSBTQPMÎUJDBTBTVNJFOEPRVFFTUB
TJUVBDJÓOSFRVJFSFVOBTPMVDJÓO-BNJOJT
USB EF 4BOJEBE FO GVODJPOFT'ÃUJNB
#ÃÒF[ IB BENJUJEP MB FYJTUFODJB EF
BMHVOPTDBTPTEFiBCVTPuFOFMÃNCJUPEF
MBTBOJUBSJPQPSMBFYDFTJWBUFNQPSBMJEBE
EFMFNQMFPZBTFHVSBRVFFM(PCJFSOPFTUÃ
FTUVEJBOEPDÓNPDPSSFHJSMBTJUVBDJÓO
%FQSJNFSBTMBUJUVMBSWBBSFBDUJWBSFM
$POTFKP*OUFSUFSSJUPSJBMBUSBWÊTEFMHSVQP
EFSFDVSTPTIVNBOPTQBSBBCPSEBSFTF
QSPCMFNBDPOMBTDPNVOJEBEFTBVUÓOP
NBT%FIFDIPMB$PNJTJÓOEF&NQMFPZ
4FHVSJEBE 4PDJBM BQSPCÓ MB TFNBOB
QBTBEB VOB NPDJÓO QBSB JOTUBS BM
(PCJFSOPBJOJDJBSFMQMBOEFBDUVBDJÓODPO
MBTBENJOJTUSBDJPOFTBVUPOÓNJDBTZMPT
TJOEJDBUPTDPOFMPCKFUPEFSFEVDJSMBUBTB
EFUFNQPSBMJEBEFOMBTBOJEBEBNFOPTEF
VOQPSDJFOUP1FSPFTUFQMBOWBNÃT
BMMÃOPTÓMPMPBCPSEBSÃOMBTDPNVOJEB
EFTTFHÙOMBNPDJÓOEFCFSÃOQBSUJDJQBS
MPTTJOEJDBUPT
&M PCKFUJWP EF FTUF FODVFOUSP TFSÃ
NPEJGJDBSMBTMJNJUBDJPOFTBMBTUBTBTEF
SFQPTJDJÓODVBOEPBGFDUFOBQVFTUPTEF
DBSÃDUFS FTUBCMF SFDPOPDFS UPEBT MBT
QMB[BTDPODPOUSBUPTDPODBUFOBEPTEFNÃT
EFEPTBÒPTZGJKBSVODBMFOEBSJPEF0GFSUBT
1ÙCMJDBTEF&NQMFP
6OBNPDJÓORVFIBTJEPCJFOSFDJCJEB
QPSMBTPSHBOJ[BDJPOFTTJOEJDBMFTRVF
#È×F[IBBENJUJEPMB
FYJTUFODJBEFiBCVTPwFOFM
ÈNCJUPTBOJUBSJPQPSMB
FYDFTJWBUFNQPSBMJEBE
$BTUJMMB-B.BODIBZMB
$PNVOJEBEEF.BESJEZBIBO
QVFTUPFONBSDIBTVTQSPQJBT
FTUSBUFHJBTEFSFDPOWFSTJØO
MMFWBOWBSJPTNFTFTSFDMBNBOEPSFUPNBS
FM EJÃMPHP 6(5 QPS TV QBSUF RVJFSF
BQSPWFDIBSFTUFFODVFOUSPQBSBOFHPDJBS
MBNPEJGJDBDJÓOEFM&TUBUVUP.BSDPEFM
1FSTPOBM&TUBUVUBSJPEFMPT4FSWJDJPTEF
4BMVE i&TUB OPSNB BQSPCBEB TJO
DPOTFOTPFOTVEÎBEFCFBEFDVBSTFBMP
GBMMBEPQPSFM5+6&SFTUBCMFDFSFMQSJODJ
QJPEFDBVTBMJEBEFOMPTDPOUSBUPTUFNQP
SBMFTFJOUSPEVDJSMBJOEFNOJ[BDJÓOBM
UÊSNJOPEFTVDPOUSBUPuBTFHVSÓFMTJOEJ
DBUPFOVODPNVOJDBEP
1PSPUSBQBSUF#ÃÒF[UBNCJÊOTFDPNQS
PNFUFBSFUPNBSFMEJÃMPHPQBSBBCPSEBS
PUSBTFOUFODJBFVSPQFBRVFMMBNBBUSBUBS
QPSJHVBMBMPTFNQMFBEPTRVFUFOHBOVO
DPOUSBUPGJKPZBMPTRVFTPOJOUFSJOPTP
FWFOUVBMFTBMBIPSBEFFTUBCMFDFSMBT
JOEFNOJ[BDJPOFTQPSEFTQJEP#ÃÒF[UJFOF
DMBSPRVFFOFMÃNCJUPEFMEJÃMPHPTPDJBM
iTFQVFEFFODPOUSBSFTFQVOUPEFFODVFO
USPu
$PNPFYQMJDÓMBNJOJTUSBFM&KFDVUJWP
FTUÃFTUVEJBOEPFMGBMMPDPOFMPCKFUJWPEF
NFKPSBSMBQSPUFDDJÓOTPDJBMEFMPTUSBCB
KBEPSFTZDPODFEFSVOBTFHVSJEBEKVSÎEJDB
BMBTFNQSFTBT#ÃÒF[BTFHVSÓRVFFM
OÙNFSPEFDPOUSBUPTUFNQPSBMFTFJOUFSJ
OPTQSFPDVQBBM(PCJFSOPEFTEFBOUFT
JODMVTPEFFTBEFDJTJÓOKVEJDJBM
/PSFGPSNBBMUFSOBUJWB
"KVJDJPEFMBNJOJTUSBOPTFQVFEFiDPOEF
OBS B VOB QFSTPOB B UFOFS DPOUSBUPT
UFNQPSBMFTFODBEFOBEPTu4FHÙOSFDPSEÓ
EVSBOUFVOBJOUFSWFODJÓOFOFMQSPHSBNB
EF"OUFOBA&TQFKP1ÙCMJDPFMBDVFSEPEF
JOWFTUJEVSBGJSNBEPQPSFM11Z$JVEBEB
OPTZBDPOUFNQMBNFEJEBTFOFTUFTFOUJEP
QBSBNFKPSBSMPTDPOUSBUPTEFJOUFSJOJEBE
" QFTBS EF FTUF BDFSDBNJFOUP DPO MB
GPSNBDJÓOEF"MCFSU3JWFSBFONBUFSJBEF
FNQMFPB#ÃÒF[MFTJHVFTJODPOWFODFSMB
QSPQVFTUB FTUSFMMB EF $JVEBEBOPT FM
DPOUSBUPÙOJDPBGJSNBOEPRVFi&TQBÒBOP
FT QBÎT QBSB FM DPOUSBUP ÙOJDP DPNP
UBNQPDP MP FT OJOHVOP EF MB 6OJÓO
&VSPQFBuQPSRVFBTVKVJDJPDBEBTFDUPS
UJFOFTVTOFDFTJEBEFT
&ODVBMRVJFSDBTPMBUJUVMBSEF&NQMFP
UJFOFDMBSPRVFVOOVFWPHPCJFSOPEFM11
iOPWBBEFSPHBSMBSFGPSNBMBCPSBMDPNP
SFDMBNBOMPTTPDJBMJTUBTEFTEFRVFTF
:NJFOUSBTFM(PCJFSOPCVTDBTVTQSPQJBT
GÓSNVMBTQBSBBDBCBSDPOMBQSFDBSJFEBE
BMHVOB DPNVOJEBE BVUÓOPNB ZB IB
EFDJEJEPUPNBSDBSUBTFOFMBTVOUP-B
%JSFDDJÓO(FSFODJBEFM4FSWJDJPEF4BMVE
EF$BTUJMMB-B.BODIBIBDPOWPDBEPBMBT
PSHBOJ[BDJPOFTTJOEJDBMFTDPOSFQSFTFOUB
DJÓOFOMB.FTB4FDUPSJBMEFM4FTDBNQBSB
JOGPSNBSBDFSDBEFMBJOTUSVDDJÓOTPCSF
DPOUSBUBDJPOFTUFNQPSBMFTFOMPTDFOUSPT
TBOJUBSJPT
%FTEFIBDFVOBTTFNBOBTFM4FSWJDJPEF
4BMVEEF$BTUJMMB-B.BODIB4FTDBN
FTUÃ
iDFOUSBMJ[BOEPuMBDPOUSBUBDJÓOUFNQPSBM
EFMQFSTPOBMRVFIBTUBBIPSBSFBMJ[BCBO
UPEBT MBT HFSFODJBT TBOJUBSJBT"TÎ MB
JOTUSVDDJÓOEFMTFSWJDJPQSPIJCFMBTDPOUSB
UBDJPOFTDPODBSÃDUFSHFOFSBMTBMWPQBSB
FMQFSTPOBMGBDVMUBUJWPZFTQFDJBMJTUBTEF
ÃSFBIBTUBGJOBMEFBÒPZQPSNPUJWPT
QSFTVQVFTUBSJPT
%FFTUFNPEPMBDPOTFKFSÎBCVTDBMB
IPNPHFOFJ[BDJÓOEFMPTOPNCSBNJFOUPT
UFNQPSBMFTZDPNPBTFHVSBOEFTEFFM
(PCJFSOPSFHJPOBMiFTUBJOTUSVDDJÓOFT
VOBFUBQBEFOUSPEFMQSPDFTPEFDPOTPMJ
EBDJÓOu &O FTUF TFOUJEP MB EJSFDUPSB
HFSFOUFEFM4FTDBN3FHJOB-FBMJOTJTUFFO
RVFOPTFFTUÃQSPIJCJFOEPMBDPOUSBUBDJÓO
EFQSPGFTJPOBMFTTJOPRVFÙOJDBNFOUFTF
IBDBNCJBEPFMQSPDFEJNJFOUP%FIFDIP
uFOMPTQSJNFSPTEÎBTEFWJHFODJBEFMB
JOTUSVDDJÓOTFBVUPSJ[BSPODFSDBEF
DPOUSBUBDJPOFTuEFTUBDB-FBM
-BDPOTFKFSÓBANFUFQSJTB
-BDPOTFKFSÎBEF4BOJEBEEFMB$PNVOJEBE
EF.BESJEUBNCJÊOTFFODVFOUSBJONFSTB
FOVOBGBTFEFSFDPOWFSTJÓO&TQFSBUFOFS
UPUBMNFOUFDPNQMFUBEPBGJOBMFTEFBÒPFM
QSPDFTPEFNÃTEFQSPGFTJPOBMFT
FWFOUVBMFTEFBUFODJÓOIPTQJUBMBSJBZEFM
4VNNBFOJOUFSJOPTTFHÙOFYQMJDBFM
EJSFDUPSHFOFSBMEF3FDVSTPT)VNBOPTEF
MB$POTFKFSÎBEF4BOJEBE1BCMP$BMWP
$BMWPEFUBMMBRVFTFIBBEPQUBEPFM
DPNQSPNJTPFO.FTB4FDUPSJBMEFDSFBSVO
HSVQPEFUSBCBKPTPCSFFTUFQSPDFTPEF
SFDPOWFSTJÓOQBSBEJNFOTJPOBSMBTQMBOUJ
MMBTFOGVODJÓOEFDBUFHPSÎBZFTQFDJBMJEBE
NÊEJDB"EFNÃTFMEJSFDUPSHFOFSBMIB
FYQMJDBEPBMPTTJOEJDBUPTRVFFMSFDVSTP
EFJODPOTUJUVDJPOBMJEBETPCSFEFUFSNJOB
EPTQSFDFQUPTEFMB-FZEFMB$PNVOJEBE
EF.BESJEEFNFEJEBTGJTDBMFTZBENJOJT
USBUJWBTEFOPBGFDUBBMQSPDFTP
iEBEP RVF FM TPQPSUF OPSNBUJWP FT FM
&TUBUVUPNBSDPEFMPT5SBCBKBEPSFTZMPT
BDVFSEPTEFMBNFTBTFDUPSJBMuFYQMJDBO
$PNP ZB BEFMBOUÓ FM DPOTFKFSP EF
4BOJEBE+FTÙT4ÃODIF[.BSUPTFTUBFTUSB
UFHJB EF SFDPOWFSTJÓO MMFWB UJFNQP
EFTBSSPMMÃOEPTF%FIFDIPFOBUFODJÓO
QSJNBSJBZBTFIBDPNQMFUBEPZBIPSBFT
FM UVSOP EF BUFODJÓO IPTQJUBMBSJB Z
FNFSHFODJBT
$BMWPBTFHVSBRVFMB$POTFKFSÎBRVJFSF
iEBSTFQSJTBuZMPHSBSFMQPSDFOUBKFEF
FWFOUVBMJEBEEFMDJODPQPSDJFOUP&OFTF
DBTPMBQSPQPSDJÓOEFFNQMFBEPTFWFOUVB
MFTSFTQPOEFSÎBTJNQMFNFOUFBDVFTUJPOFT
DPZVOUVSBMFTEFMTFSWJDJPTBOJUBSJP
NS
Exclusivo NetSalud
(.BMEFPDUVCSFEF1PMÓUJDB
.FOTBKFTBGBWPSEFMBJHVBMEBEFOFM
.BOJGJFTUPFODÃODFSEFNBNB
'FDNBBCPHBQPSFTUFQSJODJQJPFOMBBUFODJØOTBOJUBSJBTJOEFKBSEFSFGPS[BSMBQFSTQFDUJWBEFHÏOFSP
.1
.BESJE
&MQSÓYJNPNJÊSDPMFTEFOPWJFNCSF
TF DFMFCSB FM %ÎB *OUFSOBDJPOBM EFM
$ÃODFSEF.BNB&OFTUFDPOUFYUPMB
'FEFSBDJÓO &TQBÒPMB EF $ÃODFS EF
.BNB 'FDNB
IB QSFTFOUBEP TV
NBOJGJFTUPBOVBMFOFMRVFTFSFNBSDBFM
DPNQSPNJTPEFMBGFEFSBDJÓODPOiVO
4JTUFNB /BDJPOBM EF 4BMVE 4/4
EF
HFTUJÓOQÙCMJDBRVFPGSF[DBVOBBUFODJÓO
JOUFHSBMQFSTPOBMJ[BEBNVMUJEJTDJQMJOBS
Z EF DBMJEBE EF BDDFTP VOJWFSTBM Z
HSBUVJUPZGJOBODJBEPDPOMPTJNQVFTUPTu
0USP EF MPT NFOTBKFT QSJODJQBMFT MBO[BEPT QPS FTUB GFEFSBDJÓO RVF
JOUFHSBBBTPDJBDJPOFTFOOVFTUSP
QBÎTFTRVFMBTPMJEBSJEBEFMGJOEFMBT
EFTJHVBMEBEFTTBOJUBSJBTZFMUSBCBKPB
GBWPSEFMBFRVJEBEEFCFOTFSMÎOFBT
FTUSBUÊHJDBTEFMBTBENJOJTUSBDJPOFT
TBOJUBSJBTQPSMPRVFFTQSFDJTPUFSNJ
OBSDPOEFTJHVBMEBEFTUFSSJUPSJBMFTFOFM
BDDFTPBMPTNFKPSFTEJBHOÓTUJDPTUSBUB
NJFOUPTZGÃSNBDPTNÃTFGJDBDFT
%FTEF'FDNBTVQSFTJEFOUB.POUTF
SSBU%PNÍOFDIEFTUBDBRVFMBTNVKFSFT
DPODÃODFSEFNBNBBTQJSBOBDPOTFHVJS
iVOBTPDJFEBEEJOÃNJDBEPOEFOBEJF
TPCSBGPSNBEBQPSIPNCSFTZNVKFSFT
JHVBMFTRVFTFFTGVFS[BOQBSBDPNQBSUJS
VOGVUVSPNFKPSZVOBTPDJFEBENÃT
BDUJWBDPIFTJPOBEBZKVTUBRVFBQPZB
JOJDJBUJWBTHFOFSBEPSBTEFJHVBMEBE
HFOFSPTJEBEZTPMJEBSJEBEu
&O FM EPDVNFOUP EF FTUF BÒP MB
GFEFSBDJÓO SFDMBNB BEFNÃT VOB
DBSUFSBEFTFSWJDJPTÙOJDBZDPNÙOQBSB
RVF UPEPT MPT QBDJFOUFT UFOHBO MBT
NJTNBTQSFTUBDJPOFTZTFSWJDJPTDPO
JOEFQFOEFODJB EF MB BENJOJTUSBDJÓO
HFTUPSBZEFTVMVHBSEFSFTJEFODJB&O
FTUFTFOUJEPNVFTUSBTVQSFPDVQBDJÓO
EFRVFQBSBBKVTUBSMBTDVFOUBTQÙCMJDBT
MPTSFDPSUFTBGFDUFOBMBGJOBODJBDJÓOEF
QSFTUBDJPOFTTFSWJDJPTPUSBUBNJFOUPT
.POUTFSSBU%PNÒOFDI'FDNB
&WB.BSÓB$JSVFMPT(SVQP4PMUJ
"HVTUJ#BSOBEBT(FJDBN
Z.JHVFM.BSUÓO4&0.
EVSBOUFMBQSFTFOUBDJØOEFMNBOJGJFTUPBOVBM
i/VFTUSBTBOJEBEQÙCMJDBDPOTFSWBFOUSF
VTVBSJPT Z QBDJFOUFT QSFTUJHJP Z
DPOGJBO[B4JFTUPTWBMPSFTTFEFUFSJPSBO
BTJTUJSFNPTBMBDSJTJTEFVOEFSFDIP
CÃTJDPDPNPFTFMEFSFDIPBMBTBMVE-B
TBMVEOPFTVOTJNQMFEBUPQSFTVQVFTUB
SJPuBEWJFSUF
%FJHVBMNPEPMBGFEFSBDJÓOJOTJTUFFO
MBOFDFTJEBEEFBMDBO[BSVOQBDUPEF
FTUBEPFOEFGFOTBEFMBTBOJEBEQÙCMJDB
FOFMRVFUBNCJÊOFTUÊSFQSFTFOUBEPFM
NPWJNJFOUPBTPDJBUJWPEFMPTQBDJFOUFT
-BDBNQBÒBDVFOUBDPOFMBQPZPEFMB
4PDJFEBE&TQBÒPMBEF0ODPMPHÎB.ÊEJDB
4&0.
ZMPTHSVQPTEFJOWFTUJHBDJÓO
(FJDBNZ4PMUJ&MQSFTJEFOUFEFMB4&0.
.JHVFM.BSUÎOTVCSBZBRVFiMBNBZPS
FYQFDUBUJWBEFWJEBEFMBQPCMBDJÓOTF
BTPDJBDPOVOJODSFNFOUPFOFMOÙNFSP
EFQBDJFOUFTDPODÃODFSuQPSMPRVF
TJHVFTJFOEPGVOEBNFOUBMFMEJBHOÓTUJDP
QSFDP[JNQMFNFOUBSBEFDVBEBNFOUF
MBTDBNQBÒBTEFDSJCBEPZQSPNPWFSMB
FEVDBDJÓOTBOJUBSJBTPCSFGBDUPSFTEF
SJFTHPZIÃCJUPTEFWJEBTBMVEBCMFTu
%FTEFFTUBTPDJFEBEDJFOUÎGJDBDPOTJEF
SBORVFFTQSFDJTPSFGPS[BSFM4/4Z
BEBQUBSMP B MBT OVFWBT OFDFTJEBEFT
UFOJFOEP FO DVFOUB FM BVNFOUP EFM
OÙNFSPEFQBDJFOUFTRVFDBEBWF[TPO
EFNBZPSFEBEZRVFMBFOGFSNFEBETF
DSPOJGJDBFOBMHVOPTDBTPT
&O TV PQJOJÓO FT QSFDJTP CVTDBS
TPMVDJPOFT RVF QFSNJUBO GJOBODJBS
GÃSNBDPTJOOPWBEPSFTQBSBMPDVBMIBZ
RVFHFOFSBSVOBNQMJPEFCBUFUBOUP
QPMÎUJDPDPNPTPDJBMQBSBMMFHBSBVO
DPOTFOTPTPCSFRVÊTFEFCFZTFQVFEF
QBHBSZDÓNPTFWBBIBDFSiEFGFOEJFOEP
MBFRVJEBEZFMBDDFTPJHVBMJUBSJPEF
UPEPTuJOEJDB
1PSPUSBQBSUF&WB$JSVFMPTQSFTJ
EFOUB EFM HSVQP 4PMUJ BHSBEFDF MB
HFOFSPTJEBEEFMBTNVKFSFTRVFQBSUJDJ
QBOFOFOTBZPTDMÎOJDPTi6OEBUPRVF
TFSÃNBZPSDVBOUPNFKPSTFBMBJOGPSNB
DJÓORVFSFDJCBOMBTQBDJFOUFTuBDMBSB
QBSBBÒBEJSRVFMBTVNBEFUPEPTFTUPT
FTGVFS[PTIBDFQPTJCMFRVFFMDÃODFSEF
NBNBBMDBODFVOBDJGSBEFTVQFSWJWFO
DJBDFSDBOBBMQPSDJFOUP
4PCSFFTUFQVOUP"HVTUJ#BSOBEBT
WJDFQSFTJEFOUFEF(FJDBNDPJODJEFFO
RVFFTQSFDJTPDBNJOBSKVOUPTQBSBRVF
FMDPOPDJNJFOUPHFOFSBEPFOUPEPTMPT
FOTBZPTDMÎOJDPTTFBEFBQMJDBDJÓOSFBM
QBSBMBTGVUVSBTQBDJFOUFT
6OBEPTJTEFBSUFGSFOUFBMBBSUSJUJTSFVNBUPJEF
.1
.BESJE
-BTJMVTUSBDJPOFTTFSÈOTVCBTUBEBTBMGJOBMJ[BSMBFYQPTJ
DJØORVFBDPHFFMDBGÏNBESJMF×P
)BTUBFMQSÓYJNPEFOPWJFNCSFQVFEF
WJTJUBSTFFOFMDBGÊCJTUSÓ-B$FOUSBMEF
$BMMBPFO.BESJEVOBFYQPTJDJÓORVF
QSFUFOEFQPOFSFMBSUFBMTFSWJDJPEFM
CJFOFTUBSEFMPTQBDJFOUFTDPOBSUSJUJT
SFVNBUPJEF
-BNVFTUSBSFDPHFMBTJMVTUSBDJPOFTEF
USFT BSUJTUBT 3JDBSEP $BWPMP "JUPS
4BSBJCBZ$BSMB'VFOUFTRVFBUSBWÊTEF
TVTUSBCBKPTJOWJUBOBMBTQFSTPOBTDPO
FTUBFOGFSNFEBEBBCSJSTFBDPNQBSUJS
TFOUJNJFOUPT Z UFNPSFT EVEBT Z
FTQFSBO[BTEPMPSFTZPQJOJPOFTDPOTV
FOUPSOPNÃTDFSDBOPZDPOTVTNÊEJDPT
-B FYQPTJDJÓO GPSNB QBSUF EF MB
DBNQBÒB"OJN"3UVOBJOJDJBUJWBEFMB
$PPSEJOBEPSB /BDJPOBM EF "SUSJUJT
$PO"SUSJUJT
Z3PDIFDPOFMBWBMDJFOUÎ
GJDPEFMB4PDJFEBE&TQBÒPMBEF3FVNB
UPMPHÎB4&3
-PTEJCVKPTOPPDVMUBOMBEVSF[BRVFB
WFDFTUJFOFVOBFOGFSNFEBEDVZPTTÎOUP
NBTDPNPSJHJEF[PEPMPSSFTVMUBOFO
DJFSUPTDBTPTEJTDBQBDJUBOUFTQFSPOP
QJFSEFEFWJTUBVOFOGPRVFPQUJNJTUB
MBO[BOEP VO NFOTBKF DMBSBNFOUF
QPTJUJWPQFRVFÒPTHFTUPTQBMBCSBTEF
ÃOJNPZMBTFOTBDJÓOEFTFOUJSTFSFTQBM
EBEPTQPSTVFOUPSOPZVOBDPNVOJDB
DJÓOGMVJEBDPOTVTNÊEJDPTTJSWFOEF
HSBOBZVEBBMPTQBDJFOUFTFOMPTQFPSFT
NPNFOUPTEFMBFOGFSNFEBE
&MQSFTJEFOUFEF$PO"SUSJUJT"OUPOJP
5PSSBMCBTVCSBZBMBJNQPSUBODJBEFEBS
BDPOPDFSDÓNPDPOEJDJPOBMBFOGFSNF
EBEGÎTJDBNFOUFQFSPUBNCJÊOMPTSFUPT
ZEJGJDVMUBEFTDPOMBTRVFTFFOGSFOUBOFO
TVEÎBBEÎBRVFQVFEFOMMFHBSBBGFDUBS
BOJWFMFNPDJPOBM1PSTVQBSUFEFTEFMB
4&3TVQSFTJEFOUF+PTÊ-VJT"OESÊV
EFTUBDBMBJNQPSUBODJBEFMBSFMBDJÓOEF
NÊEJDPZQBDJFOUFVOBEFMBTDMBWFTQBSB
iQPEFSDPOUSPMBSMBFOGFSNFEBEBMDBO
[BOEPTVSFNJTJÓOZQFSNJUJFOEPRVFFM
QBDJFOUFMMFWFVOBWJEBOPSNBMu
1SJNBSJB
BMEFPDUVCSFEF (.
+PSOBEBTEFMB3FE&TQB×PMBEF"UFODJØO1SJNBSJB3&"1
-PTNFEJDBNFOUPTTJOQSFTDSJQDJÓO
EFCFSÎBOSFHJTUSBSTFFOMBFSFDFUB
-BGBSNBDJBQJEFRVFBMHVOPTNFEJDBNFOUPTTFTJUÞFOBDBCBMMPFOUSFMPTDPOZTJOSFDFUB
"-.6%&/"'&3/«/%&;
.BESJE
"VORVFFTDJFSUPRVFIBZIFSSBNJFOUBT
QBSB GBDJMJUBS MB DPPSEJOBDJÓO FOUSF
OJWFMFT BTJTUFODJBMFT FO PDBTJPOFT
TVSHFODPNQMJDBDJPOFTBTPDJBEBTBMBT
NJTNBT&TFMDBTPEFMBSFDFUBFMFDUSÓ
OJDBRVFQFSNJUFMBDPNVOJDBDJÓOFOUSF
FMGBDVMUBUJWPZMBGBSNBDJBQFSPiFTUÃ
NVZMJNJUBEBuUBMZDPNPFYQMJDÓB(.
'SBODJTDP"CBMQSFTJEFOUFEFMBT
+PSOBEBTEFMB3FE&TQBÒPMBEF"UFODJÓO
1SJNBSJBFOFMNBSDPEFMBTNJTNBT
&OFTUFTFOUJEPEFUBMMÓRVFBUSBWÊT
EF FTUB IFSSBNJFOUB TJ MB GBSNBDJB
RVJFSFDPNVOJDBSTFDPOFMNÊEJDPUJFOF
VO OÙNFSP MJNJUBEP EF DBSBDUFSFT
NJFOUSBTRVFTJFTBMSFWÊTFMGBDVMUBUJWP
OP EJTQPOF EF OJOHÙO FTQBDJP QBSB
IBDFSMP"CBMUBNCJÊODPOTJEFSÓRVF
TVQPOFVOQSPCMFNBFMIFDIPEFRVFMB
NFEJDBDJÓORVFOPFTUÃGJOBODJBEBOP
FTUÊJODMVJEBEFOUSPEFMTJTUFNBQPSMP
RVFFTNVDIPNÃTDPNQMJDBEPEFUFDUBS
QPTJCMFTJOUFSBDDJPOFTi4JVOBQFSTPOB
FTUÃ UPNBOEP BOUJDPODFQUJWPT OP
QPEFNPT WFSMP EFOUSP EF OVFTUSP
QSPHSBNBZTJUFOFNPTPUSPQSPHSBNB
RVFOPTBWJTBEFJOUFSBDDJPOFTFTPOPMP
DPOUFNQMBuJODJEJÓQBSBBÒBEJSRVFFT
BMHPiHSBWFuRVFOPFTUÊSFDPHJEBUPEBMB
NFEJDBDJÓORVFUPNBVOQBDJFOUF
-BGBSNBDÊVUJDB3PTB1SBUTQPSTV
QBSUFJODJEJÓFORVFUSBTSFBMJ[BSVOB
JOEJDBDJÓOMBGBSNBDJBOPQVFEFSFHJT
USBSFOMBIJTUPSJBDMÎOJDBFTFGÃSNBDPBM
TFS TJO SFDFUB NÊEJDB QPS MP RVF FM
NÊEJDPOPTVFMFTBCFSMP4JOFNCBSHPTÎ
MPBOPUBFOMBQSPQJBGBSNBDJBQPSMPRVF
TJFMQBDJFOUFWBBDPNFO[BSDPOVOUSBUB
NJFOUPRVFQVFEFJOUFSBDDJPOBSDPOFM
NJTNPMFSFDPNFOEBSÃEFKBSEFUPNBS
FTFNFEJDBNFOUPTJOSFDFUBZBWJTBSBTV
NÊEJDP
)JTUPSJBDMÓOJDBFMFDUSØOJDB
1PSPUSPMBEPFOMPRVFSFTQFDUBBMB
IJTUPSJBDMÎOJDBFMFDUSÓOJDBFMQSFTJEFOUF
EFMBTKPSOBEBTBGJSNÓRVFiFTNVZGÃDJM
BDDFEFSu Z PQJOÓ RVF TF FTUÃ EBOEP
FYDFTJWB MJCFSUBE QBSB FMMP ZB RVF
iQVFEFFOUSBSDBTJUPEPFMNVOEPZB
DVBMRVJFSDPTBu$VBOEPVOBQFSTPOB
DVFOUBBMHPFOMBDPOTVMUBTFMPFTUÃ
EJDJFOEP BM QSPGFTJPOBM RVF UJFOF
EFMBOUFFMTBOJUBSJPFTDSJCJSÃMPRVF
DPOTJEFSFJNQPSUBOUFQFSPFTPiEFCFSÎB
UFOFSVOOJWFMEFTFHVSJEBEFOSFMBDJÓO
BRVFOPWBBFTUBSTJFOEPWJTUPQPS
DVBMRVJFSBuBQPTUJMMÓ1SPQVTPFOFTUF
TFOUJEPRVFUPEPTMPTQBDJFOUFTSFDJCBO
DBEBBÒPVOMJTUBEPEFMBTQFSTPOBTRVF
FOUSBSPO FO TV IJTUPSJB DMÎOJDB DPO
-BT+PSOBEBTEFMB3FE&TQB×PMBEF"UFODJØO1SJNBSJBVOJFSPOBUPEPTMPTQSPGFTJPOBMFTRVFUJFOFOBMHVOBSFMBDJØODPOFMQSJNFSOJWFMBTJTUFODJBMFO&TQB×B
OPNCSF Z BQFMMJEPT Z TF EFUBMMF FM
NPNFOUP EF FOUSBEB Z FM EF TBMJEB
QPSRVFTJOPiFTVOBJOEFGFOTJÓOEFM
QBDJFOUFu
"TVKVJDJPFMGBSNBDÊVUJDPUJFOFRVF
FTUBSBMUBOUPEFMBNFEJDBDJÓOQBSB
EFUFDUBS JOUFSBDDJPOFT QFSP QBSB
BDDFEFSBPUSPUJQPEFEBUPTEFOUSPEFMB
&MGBSNBDÏVUJDPUJFOFRVF
FTUBSBMUBOUPEFUPEBMB
NFEJDBDJØOQBSBQSFWFOJS
JOUFSBDDJPOFT
-BIJTUPSJBDMÓOJDBFMFDUSØOJDB
QPESÓBUFOFSNBZPSTFHVSJEBE
QBSBHBSBOUJ[BSMB
DPOGJEFODJBMJEBE
IJTUPSJBEFCFSÎBDPOUBSDPOMBBVUPSJ[B
DJÓOEFMQBDJFOUF
1SBUTUBNCJÊOIJ[PIJODBQJÊFORVFOP
FYJTUFVOMJTUBEPEFTÎOUPNBTNFOPSFTBM
RVFTFQVFEFBKVTUBSMBGBSNBDJBiTJO
FSSPSuDVBOEPWBBJOEJDBSVOUSBUB
NJFOUPBVOQBDJFOUF
1BSBFMMBFMQBTPEFMPTNFEJDBNFOUPT
EFDPOSFDFUBBTJOSFDFUBTFFTUÃQSPEV
DJFOEP EFNBTJBEP SÃQJEP EF IFDIP
BMHVOPTGÃSNBDPTIBOUFOJEPRVFWPMWFS
B DPO SFDFUB QPSRVF TF QSPEVKFSPO
BCVTPTFOTVDPOTVNP:FTRVFQBTBOB
TFSTJOSFDFUBFONVDIBTPDBTJPOFTQPS
NPUJWPTFDPOÓNJDPTBMTFSCBSBUPTZ
QBSB RVF BTÎ OP SFRVJFSBO EF VOB
DPOTVMUB NÊEJDB QBSB PCUFOFSMPT
1SPQVTPRVFBMHVOPTEFFTUPTNFEJDB
NFOUPTDPNPQVFEFOTFSMPTRVFTFVUJMJ
[BOQBSBUSBUBSMBBOFNJBTFTJUÙFOFO
VOFTDBMÓOJOUFSNFEJP‡RVFOPFYJTUFFO
&TQBÒBQFSPTÎFOPUSPTQBÎTFT‡EVSBOUF
VOQFSJPEPEFVOBÒPRVFTFSÎBFMEFMB
QSFTDSJQDJÓOGBSNBDÊVUJDB&OFTUFDBTP
FM QBDJFOUF QPS TÎ NJTNP OP QPESÎB
DPNQSBSMPTQFSPTÎTFMPTQPESÎBEJTQFO
TBS FM GBSNBDÊVUJDP CBKP TV QSPQJB
SFTQPOTBCJMJEBE
4FÒBMÓUBNCJÊOMBJODPOHSVFODJBRVF
TVQPOFRVFDPFYJTUBONFEJDBNFOUPT
JHVBMFTVOPDPOSFDFUBZPUSPTJOFMMBRVF
TPMPTFEJGFSFODJFOFORVFFMQSFDJPEFM
TJOSFDFUBFTFMUSJQMFi&TUPOPFYJTUFFO
PUSPTQBÎTFTIBZVOBTEPTJTDPOSFDFUBZ
PUSBTTJOQFSPOPFMNJTNPNFEJDB
NFOUPuBQPTUJMMÓ
&OFMDBNQPEFMBEJTQFOTBDJÓO1SBUT
MBNFOUÓRVFEFTEFMBGBSNBDJBOPQVFEB
DBNCJBSTFMBGPSNBGBSNBDÊVUJDBEFM
NFEJDBNFOUPQSFTDSJUPQPSFMNÊEJDPEF
QBTUJMMBTBTPCSFTQPSFKFNQMP
BQFUJDJÓO
EFMQBDJFOUFBTÎDPNPRVFOPTFQVFEBO
DBNCJBS MBT EPTJT DVBOEP BTÎ GVF
QSFTDSJUPQPSFMNÊEJDPFOBRVFMMPTUSBUB
NJFOUPTRVFFNQJF[BOPUFSNJOBOEF
NBOFSBHSBEVBM
"TJNJTNPJODJEJÓFORVFFOGFSNFSÎB
UJFOFVOQBQFMNVZSFMFWBOUFFOPUSPT
QBÎTFTNJFOUSBTRVFFO&TQBÒBOPTFFTUÃ
QFSNJUJFOEPFTUPBQFTBSEFRVFiGBDJMJUB
RVFMBBUFODJÓOTFBNÃTEJOÃNJDBZRVF
FMQBDJFOUFOPUFOHBRVFIBDFSDPMBTFO
UPEBTQBSUFTu
$PNVOJDBDJØO
-BDPNVOJDBDJÓOFTQBSB#FMÊO(BSDÎB
NÊEJDPEFGBNJMJBFMQSJODJQBMQSPCMFNB
FOMBSFMBDJÓONÊEJDPQBDJFOUF
&OUSFMBTGPSUBMF[BTEFMB"1TFÒBMÓMB
MPOHJUVEJOBMJEBE EF MB BUFODJÓO RVF
QFSNJUFIBDFSVOTFHVJNJFOUPEFFTF
QBDJFOUF$PNPEFCJMJEBEFTMBGBMUBEF
UJFNQPRVFFONVDIBTPDBTJPOFTOPTF
TVTUJUVZFBMPTQSPGFTJPOBMFTZMPTQSPQJPT
NJFEPT B MBT FNPDJPOFT UBOUP EFM
QBDJFOUFDPNPEFMNÊEJDP
-BDPNVOJDBDJÓOFTTJFNQSFGVOEB
NFOUBMQFSPNÃTTJDBCFDVBOEPBVOB
QFSTPOBTFMFEJBHOPTUJDBVOBFOGFSNF
EBEJNQPSUBOUFNPNFOUPFOFMDVBMIBZ
RVFUFOFSFODVFOUBTVTTFOUJNJFOUPT
DÓNPDBNCJBTVWJEBZRVÊFTQFSBRVFTV
NÊEJDP MF FYQMJRVF P DVÃMFT TPO MBT
QSFHVOUBTRVFMFEFCFSÃDPOUFTUBS
(.BMEFPDUVCSFEF1VCMJDJEBE
BMEFPDUVCSFEF (.
&TQFDJBMJ[BEB
$POHSFTPEFMB4PDJFEBE&VSPQFBEF0ODPMPHÓB.ÏEJDB&4.0
-B4PDJFEBE&VSPQFBEF0ODPMPHÓB.ÏEJDB&4.0QPSTVTTJHMBTFOJOHMÏT
IBDFMFCSBEPTV$POHSFTP&4.0VOBEFMBTDJUBTJOUFSOBDJPOBMFTJNQSFTDJOEJCMFTFOPODPMPHÓBFOMBDJVEBEEF$PQFOIBHVF%JOBNBSDB
-PTBWBODFTFODÃODFSEFNBNB
QSPUBHPOJ[BOFM$POHSFTP&4.0
-BNFEJBOBEF4-1FTNFTFTNBZPSDPOGVMWFTUSBOURVFDPOBOBTUSP[PMFO$.BWBO[BEPPNFUBTUÈTJDP
+04²"30%3¶(6&;
#BSDFMPOB
&M$POHSFTPEFMB4PDJFEBE&VSPQFBEF
0ODPMPHÎB&4.0
IBTJEPUFTUJHP
EF MB QSFTFOUBDJÓO EF NÃT EF USBCBKPTFODBNQPTDPNPMBJONVOPUF
SBQJBMPTUVNPSFTTÓMJEPTMPTUVNPSFT
IFNBUPMÓHJDPT:USFTEFMPTFTUVEJPT
NÃTSFMFWBOUFTUJFOFORVFWFSDPOFM
DÃODFSEFNBNB&ODPODSFUPTFFTQFSB
CBOMPTSFTVMUBEPTEFMFOTBZPDMÎOJDPEF
GBTF'BMDPORVFDPNQBSÓVOBEPTJTEF
NH EF GVMWFTUSBOU 'BTMPEFY EF
"TUSB;FOFDB
NÃTQMBDFCPGSFOUFBVOB
EPTJTEFNHEFBOBTUSP[PM"SJNJEFY
UBNCJÊOEF"TUSB;FOFDB
NÃTQMBDFCP
FO NVKFSFT QPTNFOPQÃVTJDBT DPO
DÃODFSEFNBNBMPDBMNFOUFBWBO[BEPP
NFUBTUÃTJDP)3RVFOPIBCÎBOSFDJCJEP
OJOHVOB UFSBQJB IPSNPOBM QSFWJB
"OBTUSP[PMFTFMUSBUBNJFOUPFOQSJNFSB
MÎOFBQBSBFTUBTQBDJFOUFT
-PTQSJODJQBMFTSFTVMUBEPTEFMUSBCBKP
NVFTUSBORVFMBNFEJBOBEFTVQFSWJWFO
DJB MJCSF EF QSPHSFTJÓO 4-1
GVF NFTFTNBZPSDPOGVMWFTUSBOURVFDPO
BOBTUSP[PM&TUBNFEJBOBGVFEF
NFTFTFOFMHSVQPEFGVMWFTUSBOUGSFOUFB
NFTFTFOFMHSVQPEFBOBTUSP[PM&O
FMFTUVEJPNVMUJDÊOUSJDPBMFBUPSJ[BEPZ
EPCMFDJFHPQBSUJDJQBSPOQBDJFOUFT
$PNPFYQMJDÓ.JHVFM.BSUÎOKFGFEF
4FSWJDJPEF0ODPMPHÎB.ÊEJDBEFM)PTQJ
UBM(SFHPSJP.BSBÒÓOZQSFTJEFOUFEF
(FJDBN(SVQP&TQBÒPMEF*OWFTUJHBDJÓO
FO$ÃODFSEF.BNB
iFTUFUSBCBKPIB
EFNPTUSBEPMPRVFZBTFTPTQFDIBCBRVF
GVMWFTUSBOUFTTVQFSJPSBMUSBUBNJFOUP
FTUÃOEBS FO QSJNFSB MÎOFBu &TUF
GÃSNBDPZBTFBENJOJTUSBFOFTUFUJQPEF
QBDJFOUFTFOFTDBMPOFTNÃTBWBO[BEPT
EFUSBUBNJFOUP"KVJDJPEF.BSUÎOMPT
EBUPTSFDJFOUFNFOUFQSFTFOUBEPTWBOB
TVQPOFSiVODBNCJPEFQBSBEJHNBuFOFM
BCPSEBKFUFSBQÊVUJDPEFMBTNVKFSFT
QPTNFOPQÃVTJDBTDPODÃODFSEFNBNB
BWBO[BEP DPO SFDFQUPS IPSNPOBM
QPTJUJWP&TUFFYQFSUPTFÒBMÓRVFFTUF
HSVQPEFQBDJFOUFTTVQPOFiFOUSFFMZ
FMQPSDJFOUPEFUPEBTMBTQBDJFOUFT
DPODÃODFSEFNBNBu
1PSPUSPMBEP.BSUÎOUBNCJÊORVJTP
EFTUBDBSRVFFTUFBVNFOUPEFMBFGJDJB
DJBTFQSPEVDFTJOVOJODSFNFOUPEFMB
UPYJDJEBEi1SPCBCMFNFOUFMBUPYJDJEBE
TFBNFOPSTPCSFUPEPFOBTQFDUPTDPNP
MBSJHJEF[ZMPTEPMPSFTBSUJDVMBSFTuEJKP
&ODVBOUPBMNFDBOJTNPEFBDDJÓOEF
FTUFGÃSNBDP.BSUÎODPNFOUÓRVFB
EJGFSFODJBEFPUSPTUSBUBNJFOUPTIPSNP
OBMFTFTUFiEFHSBEBFMSFDFQUPSEFFTUSÓ
HFOPEFMBTDÊMVMBTUVNPSBMFT&TEFDJS
OPTFMJNJUBBCMPRVFBSMPDPNPIBDFQPS
FKFNQMPFMUBNPYJGFOPTJOPRVFWBNÃT
BMMÃZMPEFTUSVZFMPRVFQPUFODJBTV
FGFDUPBOUJUVNPSBMu
"OÈMPHPEFMBUSBCFDUFEJOB
5BNCJÊOFODÃODFSEFNBNBTFDPNVOJ
DBSPOSFTVMUBEPTEFVOFTUVEJPEFGBTF
DPO MVSCJOFDUFEJOB 1. FO
EFTBSSPMMP QPS 1IBSNB.BS
DPO QBDJFOUFTDPODÃODFSEFNBNBNFUBT
UÃTJDPZNVUBDJPOFTFO#3$"P#3$"
RVF IBCÎBO SFDJCJEP QSFWJBNFOUF
DPNPNÃYJNPUSFTUSBUBNJFOUPTDPO
RVJNJPUFSBQJB QBSB MB FOGFSNFEBE
NFUBTUÃTJDB $PNP FYQMJDÓ +VEJUI
#BMNBÒB FTQFDJBMJTUB FO 0ODPMPHÎB
.ÊEJDBEFM)PTQJUBM6OJWFSTJUBSJP7BMM
E)FCSPOEF#BSDFMPOBFJOWFTUJHBEPSB
QSJODJQBMEFMFOTBZPiFMQPSDJFOUP
EFMBTQBSUJDJQBOUFTSFTQPOEJFSPOBFTUF
GÃSNBDP-BEVSBDJÓOEFMUSBUBNJFOUP
GVF EF NFTFT -B TVQFSWJWFODJB
NFEJBMJCSFEFQSPHSFTJÓOGVFEF
NFTFTNJFOUSBTRVFMBTVQFSWJWFODJB
HMPCBMGVFEFNFTFTu&TUBFYQFSUB
UBNCJÊOEFTUBDÓPUSPTEBUPTJOUFSFTBO
UFTEFSJWBEPTEFMFTUVEJPDPNPRVFMBT
QBDJFOUFTRVFOPIBCÎBOSFDJCJEPUSBUB
NJFOUPQSFWJPDPOQMBUJOPSFTQPOEJFSPO
NFKPSQPSDJFOUPWTQPSDJFOUP
5BNCJÊO SFTQPOEJFSPO NFKPS MBT
QBDJFOUFTDPONVUBDJÓOFO#3$"FO
DPNQBSBDJÓODPOBRVFMMBTDPONVUBDJÓO
FO#3$"QPSDJFOUPWTQPS
DJFOUP
-BMVSCJOFDUFEJOBFTVOBOÃMPHPEFMB
USBCFDUFEJOB BVORVF NÃT FWPMVDJP
OBEP Z QSFTFOUB VO NFDBOJTNP EF
BDDJÓO TFMFDUJWP DPNFOUÓ #BMNBÒB
i*OIJCFMBUSBOTDSJQDJÓOBDUJWBEFMB"3/
QPMJNFSFTB ** VOJÊOEPTF B FMMB ‡
BÒBEJӇ%FFTUFNPEPQSPWPDBSPUVSBT
EFMBDBEFOBEPCMFEFM"%/RVFUJFOFO
RVFSFQBSBSTFNFEJBOUFFMTJTUFNBEFMB
SFDPNCJOBDJÓO IPNÓMPHB "EFNÃT
UBNCJÊOUJFOFFGFDUPTPCSFFMNJDSPNB
CJFOUFUVNPSBMJOIJCJFOEPMBUSBOTDSJQ
DJÓO EF DJUPRVJOBTu &O DVBOUP B MB
TFHVSJEBE#BMNBÒBOBTFÒBMÓRVFiMB
UPYJDJEBETFDPODFOUSÓBOJWFMIFNBUP
MÓHJDPPCTFSWÃOEPTFOFVUSPQFOJBHSBEP
ZUSPNCPDJUPQFOJBFOFMQPSDJFOUPEF
MBTQBDJFOUFT:TÓMPVOBQBDJFOUFTVGSJÓ
OÃVTFBTZWÓNJUPTu
1PSPUSPMBEPTFQSFTFOUBSPOEBUPTEF
EFMFOTBZPDMÎOJDPEFGBTF.POBMFFTB
RVF EFNVFTUSBO RVF SJCPDJDMJC
-&&FOEFTBSPMMPQPS/PWBSUJT
FO
DPNCJOBDJÓODPOMFUSP[PMSFEVKPFMSJFTHP
EFQSPHSFTJÓOPNVFSUFFOVOQPS
DJFOUPDPNQBSBEPDPOFMUSBUBNJFOUPEF
SFGFSFODJBMFUSP[PMFOQSJNFSBMÎOFBFO
NVKFSFTQPTUNFOPQÃVTJDBTDPODÃODFS
EF NBNB BWBO[BEP P NFUBTUÃTJDP
SFDFQUPSIPSNPOBMQPTJUJWPZSFDFQUPS
EFMGBDUPSEFDSFDJNJFOUPFQJEÊSNJDP
IVNBOPOFHBUJWP)3)&3
"EFNÃT
NFKPSÓ TJHOJGJDBUJWBNFOUF MB 4-1 FO
UPEPTMPTTVCHSVQPTEFQBDJFOUFT&TUF
GÃSNBDPFTVOJOIJCJEPSTFMFDUJWPEF
RVJOBTB EFQFOEJFOUF EF DJDMJOB VO
OVFWP UJQP EF GÃSNBDP RVF BZVEB B
SBMFOUJ[BS MB QSPHSFTJÓO EFM DÃODFS
JOIJCJFOEP EPT QSPUFÎOBT MMBNBEBT
RVJOBTBTEFQFOEJFOUFTEFDJDMJOBTZ
$%,
.ÈTJOGPSNBDJØOFO
XXXOFUTBMVEFT
"QQ4UPSF(PPHMFQBZ
NS
NS
Exclusivo NetSalud
(.BMEFPDUVCSFEF&TQFDJBMJ[BEB
$POHSFTPEFMB4PDJFEBE&VSPQFBEF0ODPMPHÓB.ÏEJDB&4.0
+04&15"#&3/&30❘1SFTJEFOUFFMFDUPEF&4.0FOUSFZ
i-BJONVOPUFSBQJBFTFGJDB[DPNP
OFPBEZVWBOUFFONFMBOPNBu
+04²"30%3¶(6&;
#BSDFMPOB
+PTFQ5BCFSOFSPGVUVSPQSFTJEFOUFEFMB
4PDJFEBE&VSPQFBEF0ODPMPHÎB.ÊEJDB
&4.0
SFQBTB FO FTUB FOUSFWJTUB
BMHVOPTEFMPTUFNBTNÃTSFMFWBOUFTEFM
SFDJFOUFDPOHSFTPEFMBTPDJFEBE
1SFHVOUB y$VÃMFT IBO TJEP MBT
QSJODJQBMFTOPWFEBEFTFOFMDBNQPEF
MBJONVOPUFSBQJB 3FTQVFTUB4FIBOQSFTFOUBEPFTUVEJPT
JNQPSUBOUFTFOBMHVOBTJOEJDBDJPOFTEF
DÃODFSEFQVMNÓOFOQSJNFSBZTFHVOEB
MÎOFB6OUFNBNVZJOUFSFTBOUFUBNCJÊO
IBTJEPMBJONVOPUFSBQJBFOFMUSBUB
NJFOUPDPNQMFNFOUBSJPEFMNFMBOPNB
EFTQVÊTEFMBDJSVHÎB:BTBCÎBNPTRVF
FTUFUJQPEFBCPSEBKFFTFGJDB[FOMBFOGFS
NFEBE NFUBTUÃTJDB QFSP UPEBWÎB OP
DPOPDÎBNPTTVFGJDBDJBFOFMUSBUBNJFOUP
OFPBEZVWBOUFZBIPSBTFIBEFNPTUSBEP
RVFUBNCJÊOFTBDUJWPFOFTUBTJUVBDJÓO
4FQVFEFEFDJSRVFFTUBOPWFEBETVQPOF
VODBNCJPEFQBSBEJHNB5BNCJÊOIBO
EFTUBDBEP EBUPT EF JQJMJNVNBC RVF
TFÒBMBORVFNFKPSBMBTVQFSWJWFODJBFO
NFMBOPNBFOFUBQB***
1y)BIBCJEPBMHVOBOPWFEBEFO
DVBOUPBMPTJOIJCJEPSFTEF1"31 34ÎIBZVOGÃSNBDPOJSBQBSJCRVF
BDUÙBDPNPUSBUBNJFOUPEFMBBMUFSBDJÓO
EFMPTFO[JNBTSFQBSBEPSFTEFM"%/4F
IBWJTUPRVFFTBDUJWPFODÃODFSEFPWBSJP
UBOUPFOQBDJFOUFTDPONVUBDJÓOEFMB
MÎOFBHFSNJOBM#3$"DPNPBRVFMMBTRVF
-BCJPQTJBMÎRVJEB
QFSNJUF
NPOJUPSJ[BSFM
USBUBNJFOUPFO$$
+"3
#BSDFMPOB
+PTFQ5BCFSOFSPEJSFDUPSEFM7BMME)FCSPO*OTUJUVUPEF0ODPMPHÓB7)*0
TF×BMBRVF&4.0RVJFSFJOGMVJSFOMPT
PSHBOJTNPTEFMB6OJØO&VSPQFBQBSBNFKPSBSMBBDDFTJCJMJEBEBMPTUSBUBNJFOUPT
OPMBQSFTFOUBO&TVOIBMMB[HPNVZ
JNQPSUBOUFQPSRVFMBTQBDJFOUFTDPOFTUF
UVNPSRVFGSBDBTBODPOMBRVJNJPUFSB
QJBZBOPUJFOFOPUSBPQDJÓO
16OUSBCBKPSFBMJ[BEPQPSFYQFSUPT
GSBODFTFTIBQVFTUPFMGPDPFOMBOP
BEIFSFODJBFOQFSTPOBTNBZPSFTDPO
QSPCMFNBT DPHOJUJWPT y$VÃM FT MB
NBHOJUVEEFFTUFQSPCMFNB 3&TVOQSPCMFNBJNQPSUBOUFQFSPOP
ÙOJDBNFOUFFOMPTQBDJFOUFTDPOQSPCMF
NBTDPHOJUJWPT/PTFQVFEFBTVNJSRVF
FMDJFOQPSDJFOEFMPTQBDJFOUFTDPO
GÃSNBDPTPSBMFTTJHVFOBSBKBUBCMBTV
USBUBNJFOUP
10USPFTUVEJPIBTFÒBMBEPRVFMBT
EJGJDVMUBEFTFDPOÓNJDBTEFMPTQBDJFO
UFTSFEVDFOTVDBMJEBEEFWJEB
31PSFTPFO&4.0FTUBNPTDPNQSP
NFUJEPTEFTEFFMÃSFBEFPODPQPMÎUJDB
FORVFUPEPTMPTQBDJFOUFTUFOHBOBDDFTP
BMPTNFKPSFTUSBUBNJFOUPTEJTQPOJCMFT
)FNPT QVFTUP FO NBSDIB FM $BODFS
.FEJDJOFT8PSLJOH(SPVQQBSBDPOTF
HVJSFODBEBQBÎTFMSFFNCPMTPEFUPEPT
MPTGÃSNBDPTRVFGVODJPOBO
&OMPTÙMUJNPTNFTFTTFIBOQSPEVDJEP
JNQPSUBOUFTOPWFEBEFTFOFMDBNQPEF
MBCJPQTJBMÎRVJEBFODÃODFSEFDPMPO
$$
"WBODFTRVFTFÒBMBORVFFMUFTU
TBOHVÎOFP QFSNJUF JEFOUJGJDBS
NVUBDJPOFTSFMFWBOUFTEFMPTUVNPSFT
EFDPMPORVFOPTPOEFUFDUBEBTDPOMB
CJPQTJBEFUFKJEPT$MBSB.POUBHVU
PODÓMPHBEFM)PTQJUBMEFM.BSQSFTFOUÓ
MPTEBUPTEFVOFTUVEJPDPOQBDJFO
UFTRVFNVFTUSBORVFMBDPSSFMBDJÓO
FOUSFMBCJPQTJBMÎRVJEBZMBEFUFKJEPFT
EFMQPSDJFOUP:RVFDPOGJSNBORVF
iFMUFTUTBOHVÎOFPPGSFDFVOBNBZPS
TFOTJCJMJEBEuTFÒBMÓ
"EFNÃTUBNCJÊODPNFOUÓRVFDPO
EBUPTEFVOBTFSJFEFQBDJFOUFTTF
IBDPNQSPCBEPRVFFTUBQSVFCBFT
FGJDB[QBSBFWBMVBSMBSFTQVFTUBBM
USBUBNJFOUPiZBRVFQFSNJUFPCTFS
WBS MB EJTNJOVDJÓO EFM NBSDBEPS
3"4u"EFNÃTFMCFOFGJDJPPOPEFM
USBUBNJFOUPTFQVFEFDPNQSPCBSEF
GPSNBQSFDP[iBMPTRVJODFEÎBTu
NJFOUSBTRVFDPOMBTQSVFCBTDMÃTJ
DBTDPNPFTFM5"$iIBZRVFFTQFSBS
VOPTUSFTNFTFTu
-BCJPQTJBMÎRVJEBNÃTBMMÃEFTFS
VOBQSVFCBNFOPTJOWBTJWBQBSBFM
QBDJFOUF iSFTVMUB NVZ ÙUJM QBSB
BRVFMMPTQBDJFOUFTBMPTRVFQPSFM
NPUJWPRVFTFBOPTFMFTQVFEFSFBMJ
[BSVOBCJPQTJBEFUFKJEPuDPNFOUÓ
.POUBHVU
.ÃT4(DPOBUF[PMJ[VNBC
RVFDPOEPDFUBYFMFO$1/.
+"3
#BSDFMPOB
&OMPTQBDJFOUFTDPODÃODFSEFQVMNÓO
OP NJDSPDÎUJDP $1/.
BWBO[BEP P
NFUBTUÃTJDPFMUSBUBNJFOUPFTQBMJBUJWP
PEFNFKPSBEFMBDBMJEBEEFWJEBQFSPOP
IBZPQDJPOFTEFDVSBDJÓO1PSFTPFT
GVOEBNFOUBM EFTBSSPMMBS OVFWBT
UFSBQJBTFOFTUBEÎPTUBOBWBO[BEPTEF
FTUBOFPQMBTJB"IPSBVOFOTBZPGBTF
NVFTUSBRVFMBTVQFSWJWFODJBNFEJBOB
EFMPTQBDJFOUFTUSBUBEPTDPOBUF[PMJ[V
NBC5FDFOUSJREF3PDIF
GVFEF
NFTFTNFTFTNÃTRVFMPTUSBUBEPT
DPORVJNJPUFSBQJBCBTBEBFOEPDFUBYFM
NFEJBOBEFTVQFSWJWFODJBHMPCBM
NFTFTGSFOUFBNFTFT)3
JOUFSWBMPEFDPOGJBO[BEFMQPSDJFOUP
&OMPTQBSUJDJQBOUFTEFM
FTUVEJPMBFOGFSNFEBEIBCÎBQSPHSF
TBEPEFTQVÊTEFVOBPNÃTRVJNJPUFSB
QJBTDPOEFSJWBEPTEFMQMBUJOPPEVSBOUF
MBTNJTNBT6OBCVFOBOPUJDJBBKVJDJP
EF.BOVFM$PCPNÊEJDPBEKVOUPEFM
4FSWJDJP EF 0ODPMPHÎB EFM )PTQJUBM
6OJWFSTJUBSJP7JSHFOEFMB7JDUPSJBEF
.ÃMBHBZVOPEFMPTBVUPSFTEFFTUF
USBCBKPiZBRVFFMQPSDJFOUPEFMPT
QBDJFOUFT DPO DÃODFS EF QVMNÓO OP
NJDSPDÎUJDPTFEJBHOPTUJDBOFOFTUBEÎPT
BWBO[BEPTEFMBFOGFSNFEBEZEPDFUBYFM
FTFMUSBUBNJFOUPFTUÃOEBSu
"UF[PMJ[VNBC FT VO BOUJDVFSQP
NPOPDMPOBMEJTFÒBEPQBSBBDUVBSGJKÃO
EPTFFOMBQSPUFÎOB1%-MJHBOEPEF
MBQSPUFÎOBEFNVFSUFDFMVMBSQSPHSB
NBEB
RVFTFFYQSFTBFOMBTDÊMVMBT
UVNPSBMFTZFOMPTMJOGPDJUPTJOGJMUSBOUFT
EFUVNPSFT1PSUBOUPTFUSBUBEFVO
BHFOUFJONVOPUFSBQÊVUJDP$PNPTFÒBMÓ
$PCPiMBTUFSBQJBTRVFJOIJCFOMPTSFDFQ
UPSFTEF1%-QSPWPDBORVFMPTMJOGPDJ
UPT5SFDPOP[DBOEFOVFWPBMUVNPS
DPNPVOFOUFFYUSBÒPZMPBUBRVFOu
"VORVF DPNP BQVOUÓ FTUF FYQFSUP
.BOVFM$PCPTF×BMØRVFFOMPTÞMUJNPTB×PTTFIBQSPEVDJEPVOBFDMPTJØOEFMBJONVOPUFSBQJBFOFMDBNQPEFMB
PODPMPHÓBZEFMDÈODFSEFQVMNØOFOQBSUJDVMBS
BUF[PMJ[VNBCOPFTFMQSJNFSBHFOUF
JONVOPUFSBQÊVUJDPFOMPHSBSCVFOPT
SFTVMUBEPT FO FTUB QBUPMPHÎBiFYJTUF
DJFSUPGVOEBNFOUPDJFOUÎGJDPQBSBQFOTBS
RVFQVFEFTFSBMHPNÃTFGJDB[ZBMHP
NFOPTUÓYJDPRVFPUSPTBOUJ1%-u
0USP EF MPT EBUPT JOUFSFTBOUFT EFM
USBCBKPFTRVFFTUFGÃSNBDPNFKPSBMB
TVQFSWJWFODJBSFTQFDUPBMBRVJNJPUFSB
QJBJODMVTPFOQBDJFOUFTDPOVOOJWFMEF
FYQSFTJÓOEF1%-CBKPPJOEFUFDUBCMF
&OFTUFTFOUJEP$PCPFYQMJDÓRVFFOFM
FTUVEJPFOFMRVFIBOQBSUJDJQBEP
QBDJFOUFT TF FTUSBUJGJDÓ B FTUPT FO
GVODJÓOEFTVFYQSFTJÓOEF1%-i:TF
WJP RVF FO UPEPT MPT TVCHSVQPT MPT
QBDJFOUFTTFCFOFGJDJBSPOu"EFNÃTMPT
SFTVMUBEPTEFTVQFSWJWFODJBHMPCBMTF
SFGJFSFO UBOUP B UVNPSFT FTDBNPTPT
DPNPOPFTDBNPTPT
1VCMJDJEBEBMEFPDUVCSFEF(.
(.BMEFPDUVCSFEF1VCMJDJEBE
&TQFDJBMJ[BEBBMEFPDUVCSFEF(.
9-7*$POHSFTP/BDJPOBMEFMB4PDJFEBE&TQB×PMBEF/FGSPMPHÓB4&/
&MSFDVFOUPEFMJOGPDJUPT$%GBDUPS
QSFEJDUJWPEFMBNPSUBMJEBEFO&3DPO)%
&MGJMUSBEPHMPNFSVMBSFWJUBSÓBFMJOGSBEJBHOØTUJDPEFJOTVGJDJFODJBSFOBMFOQBDJFOUFTDPO4ÓOESPNFEF%PXO
$'.
.BESJE
)BTUB BIPSB FYJTUÎB QPDB FWJEFODJB
DJFOUÎGJDBTPCSFMBJOGMVFODJBEFMTJTUFNB
JONVOFFOMBNPSCJNPSUBMJEBEEFMPT
QBDJFOUFTFOIFNPEJÃMJTJT4JOFNCBSHP
VOB JOWFTUJHBDJÓO SFBMJ[BEB FOUSF FM
4FSWJDJPEF/FGSPMPHÎBZFMEF*ONVOPMP
HÎB EFM )PTQJUBM 6OJWFSTJUBSJP EF
0DUVCSFZQSFTFOUBEBEVSBOUFFM9-7*
$POHSFTP /BDJPOBM EF MB 4PDJFEBE
&TQBÒPMBEF/FGSPMPHÎB4&/
QPOFEF
NBOJGJFTUPRVFMBMJOGPQFOJB$%QPESÎB
TFSVOOVFWPNBSDBEPSEFNPSUBMJEBE
JOEFQFOEJFOUFEFMSFTUPEFGBDUPSFTDMÃTJ
DPTFOMPTQBDJFOUFTDPOFOGFSNFEBE
SFOBM&3
FOIFNPEJÃMJTJT)%
i)BTUBBIPSBTFDSFÎBRVFMPTQBDJFO
UFTDPOJOTVGJDJFODJBSFOBMDSÓOJDBFO)%
UFOÎBOBMUFSBEPFMTJTUFNBJONVOFMPRVF
PDVSSFFTRVFOPFTUBCBDVBOUJGJDBEPu
FYQMJDBB(.&OSJRVF.PSBMFTEFM4FSWJ
DJPEF/FGSPMPHÎBEFMEF0DUVCSF
"TJNJTNPQSFDJTBRVFFMFTUVEJPOPTF
IBIFDIPFOEJÃMJTJTQFSJUPOFBMQFSP
SFDPOPDFRVFFTiQSPCBCMFNFOUFuVO
QBTPRVFIBCSÃRVFEBS
i%FTQVÊTEFMPTSFTVMUBEPTPCUFOJEPT
WFNPTRVFVOQPSDFOUBKFJNQPSUBOUFEF
OVFTUSPTQBDJFOUFTUJFOFVOBSFEVDDJÓO
EFMOÙNFSPEFMJOGPDJUPT&ODPODSFUP
BMHVOPTDPNPTPOMPTOBUVSBMLJMMFSPMPT
MJOGPDJUPT$FTUÃOQPSEFCBKPEFMPT
MÎNJUFTOPSNBMFTFOUFOEJFOEPQPSFTUP
FMSBOHPRVFEBFMMBCPSBUPSJPEFJNVOJ
EBERVFUFOFNPTFOFMIPTQJUBMuBÒBEF
FMFTQFDJBMJTUBBMUJFNQPRVFQVOUVBMJ[B
RVFFOFTPTQBDJFOUFTTFIBWJTUPRVFIBZ
QPSDFOUBKFTSFEVDJEPTEFQPCMBDJPOFT
MJOGPDJUBSJBTNFOPTFO$%$%ZTPCSF
UPEPMPTOBUVSBMLJMMFSMPT$
RVFTPO
BMPTRVFNÃTBGFDUB
&OEJGFSFOUFTUSBCBKPTTPCSFUSBTQMBO
UFTTFIBCÎBWJTUPRVFFOFMEÎBDFSPEFM
USBTQMBOUFTJTFMFTIBDÎBVOBOÃMJTJTBMPT
QBDJFOUFTTFPCTFSWBCBRVFMBJONVOP
HMPCVMJOB P MPT OJWFMFT MJOGPDJUBSJPT
QPEÎBOFTUBSBMUFSBEPTBOUFTEFSFDJCJS
JONVOPTVQSFTJÓO
i"MBMBSHBFTUPQPEÎBJOGMVJSFOFM
EFTBSSPMMPEFJOGFDDJPOFTFOFMQPTU
USBTQMBOUFEFNPEPRVFOPTQMBOUFBNPT
RVÊMFTQPESÎBQBTBSBMPTQBDJFOUFTRVF
FTUÃOFOEJÃMJTJTuJOEJDB.PSBMFT
%BEPRVFMPTQBDJFOUFTFOEJÃMJTJTTF
NVFSFOGVOEBNFOUBMNFOUFQPSDBVTB
DBSEJPWBTDVMBS$7
QPSUVNPSFTFJOGFD
DJPOFTMPTFTQFDJBMJTUBTRVFQBSUJDJQBSPO
FOFTUFUSBCBKPMJEFSBEPQPS.PSBMFTMB
OFGSÓMPHB.BSÎB.PMJOBZFMJONVOÓMPHP
-VJT"MMFOEFTFQSFHVOUBSPOTJMBTQPCMB
DJPOFTMJOGPDJUBSJBTUFOÎBOBMHPRVFWFS
FOFTUBTJUVBDJÓO1VFTiFGFDUJWBNFOUF
IBZVOBDPSSFMBDJÓODVBOEPVOPWFRVF
FODPODSFUPMPT$%FTFMJOEJDBEPSNÃT
QPUFOUFQBSBWFSMBNPSUBMJEBEHMPCBMF
&OTFSFBMJ[BSPOUSBTQMBOUFTEFEPOBOUFWJWPMBTFHVOEBNFKPSDJGSBEFTEFFMJOJDJPEFMQSPHSBNBFO-BTEPOBDJPOFTSFQSFTFOUBOZBFMEFMUPUBMEFUSBTQMBOUFSFOBM
JODMVTPMBNPSUBMJEBE$7uBQPTUJMMB
&M TJHVJFOUF QBTP DPNP TFÒBMB FM
FYQFSUPTFSÃSFBMJ[BSMPFOQBDJFOUFTRVF
FTUÊOFOEJÃMJTJTQFSJUPOFBMZFOBRVFMMPT
RVFUPEBWÎBOPFTUÊOSFDJCJFOEPEJÃMJTJT
FTEFDJSFOTVKFUPTDPOJOTVGJDJFODJB
SFOBMDSÓOJDB4FUSBUBSÎBEFWFSiTJDPO
EJTUJOUPTHSBEPTEFJOTVGJDJFODJBSFOBM
UBNCJÊOTFNPEJGJDBOMBTQPCMBDJPOFT
MJOGPDJUBSJBTuTVCSBZBFMFTQFDJBMJTUB
IBDJFOEPIJODBQJÊFORVFFTUFFTVOPEF
MPTSFUPTRVFTFIBOBCJFSUP
(MPNFSVMPOFGSJUJT
0USPEFMPTBTQFDUPTRVFEFTQFSUÓNBZPS
JOUFSÊTEVSBOUFFM$POHSFTPEFMB4&/IB
TJEPFMEFMBHMPNFSVMPOFGSJUJT
"MSFTQFDUPVOPEFMPTFTUVEJPTRVF
TFQSFTFOUÓGVFFMSFBMJ[BEPQPSDVBUSP
OFGSÓMPHPTZEPTJOUFSOJTUBTEFM)PTQJ
UBM6OJWFSTJUBSJP-B1SJODFTBFOFMRVF
TFBEWJSUJÓEFMBOFDFTJEBEEFBKVTUBSFM
GJMUSBEPHMPNFSVMBSBMBTDBSBDUFSÎTUJDBT
GÎTJDBTEFMPTQBDJFOUFTDPO4ÎOESPNFEF
%PXOQBSBFWJUBSFMJOGSBEJBHOÓTUJDPEF
JOTVGJDJFODJBSFOBMFOFTUBQPCMBDJÓO
#PSKB2VJSPHBEFM4FSWJDJPEF/FGSP
MPHÎBEF-B1SJODFTBTFÒBMBRVFQBSB
FTUJNBSMBGVODJÓOSFOBMTFFNQMFBMB
DSFBUJOJOB Z SFNBSDB RVF FTUB TF
TFDSFUBFOTBOHSFQSPWFOJFOUFEFMPT
NÙTDVMPTEFMDVFSQPZQPTUFSJPSNFOUF
MMFHB B MPT SJÒPOFT EPOEF QSÃDUJDB
NFOUFUPEBMBDSFBUJOJOBRVFMMFHBTF
GJMUSBZFYDSFUBQPSMBPSJOBQPSMPRVFTJ
FTUPTOPGVODJPOBOBEFDVBEBNFOUF
TVCFFOTBOHSF
1BSBTBCFSTJMPTOJWFMFTEFDSFBUJOJOB
TPOOPSNBMFTPOPTFIBOFTUBCMFDJEP
VOBTGÓSNVMBTFOGVODJÓOEFEFUFSNJOB
EPTQBSÃNFUSPTDPNPMBFEBEHÊOFSP
SB[BPTVQFSGJDJFDPSQPSUBMRVFEBOFM
EBUPEFMGJMUSBEPHMPNFSVMBSRVFDPOUBCB
QSFWJBNFOUF i&TUBT GÓSNVMBT FTUÃO
FTUBOEBSJ[BEBT QBSB MB QPCMBDJÓO
HFOFSBMQFSPOPQBSBVOBQPCMBDJÓO
FTQFDJBM DPNP TPO MBT QFSTPOBT DPO
4ÎOESPNFEF%PXORVFBMUFOFSNFOPS
NBTBNVTDVMBSQSFTFOUBOVOBDPNQP
TJDJÓODPSQPSBMEJGFSFOUFuBHSFHBFM
GBDVMUBUJWP
3FTQFDUP B TJ TF EFCFSÎBO SFWJTBS
FTUPTOJWFMFTFOPUSPHSVQPEFQBDJFO
UFT2VJSPHBJODJEFFORVFFMGJMUSBEP
HMPNFSVMBSFTUJNBEPQPSDSFBUJOJOB
FTUÃ WBMJEBEP QBSB MB QPCMBDJÓO FO
HFOFSBM
/PPCTUBOUFiDPNPVOPEFMPTJODPO
WFOJFOUFTRVFQSFTFOUBMBDSFBUJOJOBFT
RVFFOGVODJÓOEFMBNBTBNVTDVMBSEFM
TVKFUP BOBMJ[BEP TV JOUFSQSFUBDJÓO
QPESÎBWBSJBSZTFIBOFTUVEJBEPPUSPT
NBSDBEPSFTDPNPMBDJTUBUJOB$RVFTPO
JOEFQFOEJFOUFTEFMBDPNQPTJDJÓODPSQP
SBMBMBIPSBEFFTUJNBSFMGVODJPOB
NJFOUPEFMPTSJÒPOFTuQVOUVBMJ[B
5SBTQMBOUFSFOBM
6OBEFMBTDPNVOJDBDJPOFTPSBMFTRVFTF
QSFTFOUÓEVSBOUFFMDPOHSFTPDPOTJTUJÓ
FOVOFTUVEJPSFUSPTQFDUJWPSFBMJ[BEP
DPOKVOUBNFOUFQPSOFGSÓMPHPTEFM)PTQJ
UBMEFM.BSZFM3FHJTUSFEF.BMBMUT3FOBMT
EF$BUBMVOZB
"RVÎ TF QVTP EF NBOJGJFTUP RVF
BRVFMMPTQBDJFOUFTUSBTQMBOUBEPTDPOVO
SJÒÓOEFVOEPOBOUFNBZPSEFBÒPT
SFEVDFOTVNPSUBMJEBEFOVOQPS
DJFOUPWFSTVTBRVFMMPTRVFQFSNBOFDFO
FO EJÃMJTJT FO MJTUB EF FTQFSB EF
USBTQMBOUF&TUÃDJFOUÎGJDBNFOUFEFNPT
USBEPRVFMBTVQFSWJWFODJBEFMPTQBDJFO
UFTRVFIBOTJEPUSBTQMBOUBEPTFTNFKPS
RVFMBEFRVJFOFTQFSNBOFDFOFOEJÃMJ
TJTTJOFNCBSHPFMCFOFGJDJPFOTVQFSWJ
WFODJB DPO SJÒPOFT QSPWFOJFOUFT EF
EPOBOUFT EF FEBE NVZ BWBO[BEB OP
IBCÎBTJEPBOBMJ[BEPQSFWJBNFOUF
i&ODPODSFUPMPTBÒPTEFWJEBQSPZFD
UBEPTGVFSPOFOFMHSVQPEFUSBTQMBO
UBEPTGSFOUFBFOFMHSVQPRVFQFSNB
OFDJÓFOEJÃMJTJTFOMJTUBEFFTQFSBuFYQMJDÓ
MBOFGSÓMPHB.BSÎB+PTÊ1ÊSF[RVJFO
QSFDJTÓRVFFOMPTSFDFQUPSFTNFOPSFTEF
BÒPTTFPCTFSWÓVOBSFEVDDJÓOFOMB
NPSUBMJEBEiFTQFDJBMNFOUFSFMFWBOUF
TJFOEPFMCFOFGJDJPEFMQPSDJFOUPu
&O&TQBÒBMBUBTBEFEPOBOUFWJWPEF
SJÒÓOFTEFQPSNJMMÓONJFOUSBTRVF
MBUBTBUPUBMEFEPOBOUFTEFUSBTQMBOUFEF
SJÒÓOBTDJFOEFBQPSNJMMÓO&OFTUF
TFOUJEPFMOFGSÓMPHP'FSOBOEP$PTÎPRVF
MJEFSBMBJOWFTUJHBDJÓOZQSÃDUJDBEFM
USBTQMBOUF EF EPOBOUF WJWP EFTEF
.JOFTTPUB SFNBSDÓ RVF iIBDFS FM
USBTQMBOUFEFVOEPOBOUFWJWPTVQPOF
NBZPS DPNQMFKJEBE Z USBCBKP QFSP
SFQFSDVUFFONBZPSFTCFOFGJDJPTOPTPMP
QBSBFMQBDJFOUFTJOPUBNCJÊOQBSBFM
TJTUFNBZBRVFFTNÃTDPTUPFGJDJFOUF
RVFMBEJÃMJTJTu
(.BMEFPDUVCSFEF&TQFDJBMJ[BEB
&MEFMPTDBTPT
EF*$DVSTBODPO
EÊGJDJUEFIJFSSP
-B4&.*ZMB4&$FMBCPSBOFM1SJNFS%PDVNFOUP
EF$POTFOTPTPCSF%)FO*$EFTQVÏTEFEPTB×PT
$4
.BESJE
-B4PDJFEBE&TQBÒPMBEF$BSEJPMPHÎB
4&$
Z MB 4PDJFEBE &TQBÒPMB EF
.FEJDJOB*OUFSOB4&.*
IBOUSBCBKBEP
DPOKVOUBNFOUFEVSBOUFEPTBÒPTFOMB
FMBCPSBDJÓOEFM1SJNFS%PDVNFOUPEF
$POTFOTPTPCSFEÊGJDJUEFIJFSSP%)
FO
QBDJFOUFTDPOJOTVGJDJFODJBDBSEJBDB*$
ZFOFMRVFTFQSPQPOFVOQSPUPDPMPEF
BDUVBDJÓOEJBHOÓTUJDBZUFSBQÊVUJDB
i&MNPUJWPEFUPEPFTUPFTRVFDBEBWF[
TPONÃTJNQPSUBOUFMBTDPNPSCJMJEBEFT
BTPDJBEBTBMB*$ZFTUBTQSPWPDBONBZPS
NPSCJMJEBEZNPSUBMJEBEuFYQMJDBB(.
/JDPMÃT.BOJUPKFGFEFMB6OJEBEEF
*OTVGJDJFODJB$BSEÎBDBZ5SBTQMBOUFEFM
)PTQJUBM6OJWFSTJUBSJPEF#FMMWJUHF
4FIBSFBMJ[BEPFOUSFEPTTPDJFEBEFT
DJFOUÎGJDBT QPSRVF DPNP BGJSNB FM
FYQFSUPDBEBWF[TFFTUÃOWJFOEPNÃT
QBDJFOUFTEFFEBEFTBWBO[BEBTDPONÃT
DPNPSCJMJEBEFTi%FTEFIBDFVOPTBÒPT
UFOFNPTVOFTDFOBSJPFOFMRVFIBZ
QBDJFOUFTRVFHFOFSBMNFOUFUJFOFO*$Z
EFFOUSFPUSBTQBUPMPHÎBTBTPDJBEBT%)
MPRVFGBDJMJUBRVFTFDBOTFONVDIPNÃT
FTUÊONÃTEÊCJMFTZGSÃHJMFTZUFOHBO
TPCSFUPEPNÃTJOHSFTPTZSFJOHSFTPT
IPTQJUBMBSJPTuEFTUBDBFMFTQFDJBMJTUBB
MBWF[RVFBGJSNBRVFFOFTUPTNPNFO
UPTFTMBDBVTBEFJOHSFTPOÙNFSPVOP
FOMPTIPTQJUBMFTFTQBÒPMFT
(VÓBTFVSPQFBT
&O MÎOFB DPO MBT SFDPNFOEBDJPOFT
FVSPQFBTSFDPHJEBTFOMBT(VÎBTEF
*$EFMB4PDJFEBE&VSPQFBEF$BSEJPMP
HÎB&4$
QBSBFMEJBHOÓTUJDPZUSBUB
NJFOUP EF MB *$ BHVEB Z DSÓOJDB FM
EPDVNFOUPSFDPNJFOEBFMUSBUBNJFOUP
QPSWÎBFOEPWFOPTBDPOIJFSSPDBSCPYJ
NBMUPTB)$.
BMDPOTUBUBSRVFNFKPSB
EFGPSNBNÃTSÃQJEBZTJHOJGJDBUJWBMB
DBQBDJEBEGÎTJDBZMBDBMJEBEEFWJEBEF
MPTQBDJFOUFTDPO*$TJTUÓMJDB
i&O MBT ÙMUJNBT HVÎBT MBT QÃHJOBT
EFEJDBEBTBDPNPSCJMJEBEFTIBOBVNFO
UBEPFMEPCMFSFTQFDUPBMBTBOUFSJPSFT
EFKBOEPQBUFOUFRVFDBEBWF[FTNÃT
JNQPSUBOUF UFOFS QSFTFOUF UPEBT MBT
DPNPSCJMJEBEFTEFFTUPTQBDJFOUFTZB
RVFDPOEJDJPOBOFMQSPOÓTUJDPuBEWJFSUF
.BOJUPRVJFOWVFMWFBJODJEJSFORVFVOB
EFMBTNÃTJNQPSUBOUFTFTMBRVFTF
SFGJFSFBMBBOFNJBZBM%)
&MEPDVNFOUPDPOTUBEFUSFTQBSUFT&O
MBQSJNFSBTFSFNBSDBMBJNQPSUBODJB
EFM%)FOFTUPTQBDJFOUFTZTVTDPOTF
DVFODJBTFOMBTFHVOEBTFIBCMBEFM
EJBHOÓTUJDPZTFQSPQPOFVOBMHPSJUNP
QBSB TV SFBMJ[BDJÓO Z MB UFSDFSB TF
FYQMJDBDÓNPTFIBEFUSBUBS
/JDPMÈT.BOJUPKFGFEFMB6OJEBEEF*OTVGJDJFODJB$BSEÓBDBZ5SBTQMBOUFEFM)PTQJUBM6OJWFSTJUBSJPEF#FMMWJUHF
i&MQPSDJFOUPEFMPTQBDJFOUFTDPO
*$ UJFOFO %) Z DVBOEP IBCMBNPT EF
QBDJFOUFTBHVEPTMBDJGSBQVFEFBTDFO
EFSIBTUBFMQPSDJFOUPuBQPTUJMMB
.BOJUPSFNBSDBRVFMBSFDPNFOEBDJÓO
EFM)$.iFTJNQPSUBOUFTÓMJEBZNVZ
DPOTJTUFOUFCBTBEBFOEPTFTUVEJPTNVZ
QPUFOUFT‡'"*3)'Z$POGJSN)'EPT
FOTBZPTEPCMFDJFHPDPOUSPMBEPTDPO
QMBDFCP‡ RVF IBO EFNPTUSBEP VOB
NFKPSBFOMBDBQBDJEBEGVODJPOBMEFMPT
QBDJFOUFTZTVDBMJEBEEFWJEBu"EFNÃT
MBBQMJDBDJÓOEFMUSBUBNJFOUPFTSÃQJEP
NFOPT EF VOB IPSB
Z OP QSFTFOUB
SFBDDJPOFTBMÊSHJDBTTJHOJGJDBUJWBT
i&MUSBUBNJFOUPQPSWÎBPSBMQVFEF
UBSEBS NFTFT FO BMDBO[BS FM ÊYJUP
&VSPQBBÙOBFTGVFS[PTQBSBFMBCPSBSVOB
FTUSBUFHJBFOUSPNCPTJTBTPDJBEBBMDÃODFS
+7
.BESJE
&TQFDJBMJTUBTFVSPQFPTFOUSPNCPTJTIBO
QSFTFOUBEPVO-JCSP#MBODPEFMB5SPNCP
TJT"TPDJBEBBM$ÃODFSFOFM1BSMBNFOUP
&VSPQFP-PTFYQFSUPTIBOQSPQVFTUPVO
QMBOEFBDDJÓOTPCSFFTUBQBUPMPHÎBBMPT
EJQVUBEPTFVSPQFPTDPJODJEJFOEPDPOFM
%ÎB.VOEJBMEFMB5SPNCPTJT&MPCKFUJWP
FTQFEJSBZVEBBMB6OJÓO&VSPQFBiQBSB
DPODJFODJBSBMPTHPCJFSOPTZDPOTFHVJS
BTÎVOBNBZPSZNFKPSJOGPSNBDJÓOTPCSF
FTUBQBUPMPHÎBuTFHÙOTFÒBMÓ.BOVFM
.POSFBMEFM)PTQJUBM(FSNBOT5SJBTJ
1VKPM&OFTUFTFOUJEPBTFHVSÓRVFiFT
JNQPSUBOUFRVFMPTNÊEJDPTZMPTPODÓMP
HPTTFQBOSFDPOPDFSMPTTÎOUPNBTEFMB
FOGFSNFEBE QBSB MMBNBS MB BUFODJÓO
TPCSFFMEJBHOÓTUJDPZFNQF[BSFMUSBUB
NJFOUPSÃQJEBNFOUFu
1SFDJTBNFOUF VOP EF MPT SFUPT
NÊEJDPTFOFTUFÃNCJUPFTBOBMJ[BSMPT
-PTFYQFSUPTQSPQVTJFSPOFOFM1BSMBNFOUP&VSPQFPVOQMBOEFBDDJØODPJODJEJFOEPDPOFM%ÓB.VOEJBMEFMB5SPNCPTJT
OVFWPTGÃSNBDPTRVFWBOBQBSFDJFOEP
FOPODPMPHÎBQBSBUSBUBSFMDÃODFSZ
BOBMJ[BSTVSFMBDJÓODPOMBUSPNCPTJTiZ
FMJNQBDUPUJFOFOQBSBQPEFSDPOUSPMBS
NFKPSFTPTFGFDUPTu1FESP1ÊSF[4FHVSB
PODÓMPHPEFM)PTQJUBM$MÎOJDP4BO$BSMPT
&M SJFTHP EF USPNCPTJT TFHÙO MPT
FTQFDJBMJTUBT FT NBZPS FO BMHVOPT
UJQPTEFDÃODFSRVFFOPUSPT%FIFDIP
DPNPFYQMJDBFMPODÓMPHPiMPTQBDJFO
UFTRVFUJFOFOVOBFOGFSNFEBEEJTFNJ
OBEBUJFOFONÃTQSPCBCJMJEBEFTRVF
MPTRVFUJFOFOVOBFOGFSNFEBEMPDBMJ
[BEB"RVFMMPTQBDJFOUFTRVFUJFOFO
DVBOEP MP RVF OFDFTJUBNPT FO FTUPT
DBTPTFTVOUSBUBNJFOUPSÃQJEPFOEPOEF
TFWFBVOBTVCJEBSÃQJEBEFMPTOJWFMFT
EFIJFSSPFOTBOHSFuBHSFHBFMFYQFSUP
&O SFTVNFO UBM Z DPNP NFODJPOB .BOJUPiQBSBUSBUBSIBZRVFEJBHOPTUJ
DBSZQBSBEJBHOPTUJDBSIBZRVFTBCFS
QSJNFSPDÓNPIBDFSMPu%FFOUSFMPT
SFUPTRVFUPEBWÎBRVFEBOQPSTPMVDJPOBS
DPNPBTFHVSBFMGBDVMUBUJWPFTFODPOUSBS
MBNBOFSBEFSFEVDJSMBTIPTQJUBMJ[BDJP
OFTZTBCFSDÓNPBCPSEBSBRVFMMBTTJUVB
DJPOFTRVFMMFWBOBMPTJOHSFTPTBEFNÃT
EF BQMJDBS MPT USBUBNJFOUPT RVF IBO
EFNPTUSBEPNBZPSFGJDBDJBFTQFDJBM
NFOUFFOFTUFBTQFDUPZFOMBNFKPSBEF
MBDBMJEBEEFWJEBEFMPTQBDJFOUFT
UVNPSFTEFMUJQPDBSDJOPNBTUJFOFO
NÃTQPTJCJMJEBEFTu
"TJNJTNPMPTFYQFSUPTDPJODJEFOFO
RVFFMUSBUBNJFOUPNÃTBEFDVBEPQBSB
FTUPTQBDJFOUFTFTMBIFQBSJOBEFCBKP
QFTPNPMFDVMBS4FHÙO1JMBS-MBNBT
IFNBUÓMPHB EFM )PTQJUBM 'VOEBDJÓO
+JNÊOF[%ÎB[IBCSÎBUBNCJÊOQPTJCJMJ
EBEFTDPOMPTBOUJDPBHVMBOUFTEFBQMJDB
DJÓOEJSFDUB"$0%
4JOFNCBSHPOPIBZ
FTUVEJPTRVFMPTDPNQBSFOEJSFDUBNFOUF
DPOMBTIFQBSJOBT&ODVBOUPBMBJOWFT
UJHBDJÓOFOFTUFDBNQPQBSB-MBNBT
iTFSÎBJOUFSFTBOUFFYQMPSBSFMVTPEFMB
IFQBSJOB DPNP UFSBQJB DPBEZVWBOUF
QBSBMPTQBDJFOUFTTJORVJNJPUFSBQJBRVF
CJFOIBZBOSFTQPOEJEPPRVFFTUÊOFO
FTUBEJPTJOJDJBMFTEFMQSPDFTPu
$POUPEPMPTFYQFSUPTDPJODJEJFSPOFO
EFTUBDBSRVFFYJTUFGBMUBEFJOGPSNBDJÓO
TPCSFMBUSPNCPTJTBTPDJBEBBMDÃODFS
%F FTUB NBOFSB FM -JCSP #MBODP
QSFTFOUBEPFOFM1BSMBNFOUPWBBDPOUSJ
CVJSBKVJDJPEF$BMMFKBBNFEJSFMJNQBDUP
EFMBUSPNCPTJTBTPDJBEBBMDÃODFSiFO
DBEBVOPEFMPTQBÎTFTuMPRVFQFSNJUJSÃ
BDUVBMJ[BSMBHVÎBEFQSÃDUJDBTDMÎOJDBTZ
TFSWJSÃUBNCJÊOQBSBDPOTFHVJSRVFFM
DVNQMJNJFOUPEFMBTNJTNBTTFBNBZPS
&TQFDJBMJ[BEBBMEFPDUVCSFEF(.
3FQSPHSBNBDJÓOEFMBFYQSFTJÓOHÊOJDB
BOJWFMUSBEVDDJPOBMDMBWFFODÃODFS
"MFMJNJOBSMBTQSPUFÓOBT$1&#FOSBUPOFTALOPDLPVUTFMPHSBRVFEFTBQBSF[DBOMBTDÏMVMBTUVNPSBMFT
QFSNJUFOTPCSFWJWJSFOFTBTDPOEJDJPOFT
&OFMMBCPSBUPSJPDPOSBUPOFTLOPDLPVU
IB PCTFSWBEP RVF iBM FMJNJOBS FTBT
QSPUFÎOBTMPTUVNPSFTOPQVFEFOTPCSF
WJWJSZEFTBQBSFDFOu"QFTBSEFRVFTV
HSVQP USBCBKB FO QSPZFDUPT QBSB
EFTBSSPMMBSJOIJCJEPSFTEFFTUBTQSPUFÎ
OBTiFTUPTTPOUPEBWÎBNVZJODJQJFOUFTu
&TUFNFDBOJTNPFTUÃJNQMJDBEPFOUPEBT
MBTGBTFTEFMDÃODFSEFTEFFMJOJDJPBMB
NFUÃTUBTJT
+04²"30%3¶(6&;
#BSDFMPOB
&YQFSUPTOBDJPOBMFTFJOUFSOBDJPOBMFT
FOFQJHFOÊUJDBZDÃODFSTFIBOSFVOJEP
QPSDVBSUPBÒPDPOTFDVUJWPFO$PTNP
$BJYBFO#BSDFMPOBQBSBIBCMBSTPCSF
MPTNFDBOJTNPTEFSFHVMBDJÓOHFOÊUJDB
ZFQJHFOÊUJDBEFMDÃODFSDPOWPDBEPTQPS
#p%FCBUFVOBJOJDJBUJWBEF#JPDBUZMB
0CSB4PDJBMiMB$BJYBu6OFODVFOUSPRVF
IB QFSNJUJEP QPOFS TPCSF MB NFTB
BMHVOBTEFMBTMÎOFBTEFJOWFTUJHBDJÓO
NÃTJOUFSFTBOUFTFOFMDBNQPEFMBT
OFPQMBTJBT-PTDJFOUÎGJDPTEFCBUJFSPO
TPCSFSFHVMBDJÓOFQJHFOÊUJDBGBDUPSFTEF
USBOTDSJQDJÓOEFM"3/CJPMPHÎBEFMBT
DÊMVMBTNBESFPFMNJDSPBNCJFOUFEFM
JOUFSJPSEFMPTUVNPSFTBTÎDPNPTPCSF
MBJOGPSNBDJÓOEFMPTHFOPNBTEFMPT
UVNPSFTQBSBFOUFOEFSMBSFQSPHSBNB
DJÓODFMVMBSRVFTFEBEVSBOUFMBQSPHSF
TJÓOEFVODÃODFS
&OFTUFTFOUJEP3BÙM.ÊOEF[SFTQPO
TBCMFEFMHSVQPEFM*OTUJUVUPEF*OWFTUJ
HBDJÓO#JPNÊEJDB*3#
EF#BSDFMPOB
TPCSFEJGFSFODJBDJÓODFMVMBSDPNFOUÓ
RVFVOBJNQPSUBOUFMÎOFBEFJOWFTUJHB
DJÓOFTiMBEFQFOEFODJBEFMPTUVNPSFT
EFMBSFQSPHSBNBDJÓOEFMBFYQSFTJÓO
HÊOJDBBOJWFMUSBEVDDJPOBMu4FUSBUB
DPNP JOEJDÓ EF JS NÃT BMMÃ EF MBT
NVUBDJPOFTZMPTDBNCJPTFOFMHFOPNB
RVF TF QSPEVDFO FO FM DÃODFS QBSB
DFOUSBSTFFOMBSFQSPHSBNBDJÓOBOJWFM
EFMBUSBEVDDJÓOEFM"3/NFOTBKFSPFO
QSPUFÎOBT&MHSVQPEF.ÊOEF[USBCBKB
)FUFSPHFOFJEBEUVNPSBM
1PSTVQBSUF&EVBSE#BUMMFSFTQPOTBCMF
EFM MBCPSBUPSJP EF JOWFTUJHBDJÓO FO
DÃODFSDPMPSSFDUBMEFM*3##BSDFMPOB
DPNFOUÓRVFVOEFCBUFBCJFSUPFOFM
DBNQPEFMDÃODFSFTDÓNPTFDPNCJOBO
MBTEPTNBOFSBTEFFOUFOEFSMBIFUFSP
HFOFJEBEEFMPTUVNPSFTi1PSVOMBEP
IBZVOBWJTJÓORVFTFÒBMBRVFMBIFUFSP
HFOFJEBEUVNPSBMTFEFSJWBEFMIFDIPEF
RVFMPTEJWFSTPTUJQPTEFDÊMVMBTUJFOFO
EJGFSFOUFTNVUBDJPOFT0USBWJTJÓOFTRVF
MBTDÊMVMBTTPOIFUFSPHÊOFBTQPSRVF
FTUÃOPSHBOJ[BEBTEFBDVFSEPBVOB
KFSBSRVÎB DFMVMBS RVF EFGJOF DVÃO
3BÞM.ÏOEF[4BMWBEPS"[OBS#FOJUBIMÓEFSEFMHSVQPEFJOWFTUJHBDJØOFODÏMVMBTNBESFZDÈODFSEFM*3##BSDFMPOBZ UVNPSPHÊOJDBTTPOu4FHÙOFTUBTFHVOEB
&EVBSE#BUMMF-PTUSFTIBOTJEPDPMÓEFSFTEFM#%FCBUFZTPOQSPGFTPSFT*DSFB'PUPHSBGÓB#r%FCBUF]+PSEJ$BCBOBT
WJTJÓOEJKP#BUMMFBMHVOBTDÊMVMBTTPO
NVZUVNPSPHÊOJDBTZQVFEFOSFHFOFSBS
FOVOBGBNJMJBEFQSPUFÎOBTEFOPNJOBEB RVFBTVWF[BDUJWBOMBUSBEVDDJÓOEF MPTUVNPSFTi"ÙOOPTFDPNQSFOEFNVZ
$1&# DZUPQMBTNJD QPMZBEFOZMBUJPO "3/ NFOTBKFSPT RVF DPEJGJDBO QBSB CJFODÓNPTFDPNCJOBOFTUBTEPTGVFOUFT
FMFNFOU CJOEJOH
RVF DPOUSPMBO MB QSPUFÎOBTJNQMJDBEBTFOMBTVQFSWJWFO EFIFUFSPHFOFJEBE‡TFÒBMӇ"TÎRVFTF
USBEVDDJÓOEF"3/FTQFDÎGJDPT
DJBZFMQSPDFTPEFJOJDJBDJÓOEFMUVNPSu FTUÃJOUFOUBOEPFOUFOEFSDÓNPMBEJWFS
.ÊOEF[TFÒBMÓRVFFTUÃJOWFTUJHBOEP
-BTDÊMVMBTUVNPSBMFTQBSBBEBQUBSTF TJEBEBOJWFMEFNVUBDJPOFTJOGMVZFFOFM
FOUVNPSFTEFQJFMFMQBQFMiEFMFTUSÊT BMBTTJUVBDJPOFTEFFTUSÊTTFCFOFGJDJBO DPNQPSUBNJFOUP KFSÃSRVJDP EF MBT
DFMVMBSRVFBDUJWBFTUPTNFDBOJTNPT EFVOPTGBDUPSFTEFDSFDJNJFOUPRVFMBT DÊMVMBTUVNPSBMFTu
*EFOUJGJDBOFMNFDBOJTNP
EFMQBSÃTJUPA-FJTINBOJBRVF
iTBCPUFBuMBSFTQVFTUBEFM4*
("$&5".²%*$"
#BSDFMPOB
&YQFSUPTEFM$FOUSP/BDJPOBMEF*OWFT
UJHBDJPOFT$BSEJPWBTDVMBSFT$BSMPT***
$/*$
FODPMBCPSBDJÓODPODJFOUÎGJDPT
EFPUSPTDFOUSPTOBDJPOBMFTFJOUFSOBDJP
OBMFTIBOJEFOUJGJDBEPVONFDBOJTNP
RVFQFSNJUFBMQBSÃTJUP-FJTINBOJBFM
DBVTBOUFEFMBMFJTINBOJBTJTFTRVJWBS
MBSFTQVFTUBEFMTJTUFNBJONVOF4*
Z
EFTBSSPMMBSBTÎMBJOGFDDJÓO
&MFTUVEJPRVFTFQVCMJDBFO*NNVOJUZ
EFNVFTUSBRVFMBSFTQPOTBCMFFTVOB
NPMÊDVMBQSPEVDJEBZTFDSFUBEBQPSFM
QSPQJPQBSÃTJUPRVFFTDBQB[EFVOJSTF
FTQFDÎGJDBNFOUFBVOSFDFQUPSMMBNBEP
.JODMF$MFDF
FYQSFTBEPFODÊMVMBT
QSFTFOUBEPSBT EF BOUÎHFOP DÊMVMBT
EFOESÎUJDBT
QBSBiTBCPUFBSuTVGVODJÓO
"EFNÃTEBEPRVFFOMBBDUVBMJEBEOP
FYJTUFVOBWBDVOBFGJDB[GSFOUFBMB
MFJTINBOJBTJT MPT JOWFTUJHBEPSFT
FTQFDVMBODPOMBQPTJCJMJEBEEFRVFMB
QSFTFODJBEFVOMJHBOEPQBSB.JODMFFO
MBTWBDVOBTCBTBEBTFOFYUSBDUPTUPUBMFT
EFMQBSÃTJUPDPOUSJCVZBBMBFTDBTBFGJDB
DJBEFÊTUBT
"VORVFFYJTUFOEJWFSTBTFWJEFODJBT
RVFJOEJDBORVFFMQBSÃTJUPIBFWPMVDJP
OBEP QBSB NBOJQVMBS Z FWBEJS MB
SFTQVFTUBJONVOFEFMIPTQFEBEPSOPTF
DPOPDF DPO FYBDUJUVE DÓNP PDVSSFO
EJDIPTQSPDFTPTEFJOIJCJDJÓO"IPSBFM
FTUVEJPEFNVFTUSBFMQBQFMEFMSFDFQUPS
.JODMF $MFDF
QBSB iCPJDPUFBSu MB
GVODJÓOEFMTJTUFNBJONVOPMÓHJDP&TUF
SFTVMUBEPiJOFTQFSBEPuZBRVFHFOFSBM
NFOUFFTUFSFDFQUPSUSBOTNJUFVOBTFÒBM
EFBDUJWBDJÓOQBSBMBDÊMVMBEFOESÎUJDB
RVFEFTFODBEFOBMBSFTQVFTUBJOGMBNB
UPSJBTFÒBMBB.JODMFDPNPVOBQPTJCMF
-PTJOWFTUJHBEPSFTEFM$/*$4BMWBEPS*CPSSB.BSÓB.BSUÓOF[Z%BWJE4BODIP-BMFJTINBOJBTJTQFSUFOFDFBMHSVQPEF
MBTiFOGFSNFEBEFTPMWJEBEBTwEFCJEPBTVBNQMJBEJTUSJCVDJØOJODJEFODJBZEJGJDVMUBEEFDPOUSPM
EJBOBQBSBGVUVSBTUFSBQJBTQBSBFTUB
FOGFSNFEBEi&OFMFTUVEJPPCTFSWBNPT
VOBSFEVDDJÓOEFMQPSDJFOUPFOFM
OÙNFSPEFQBSÃTJUPTZQPSUBOUPNFOPS
QBUPMPHÎBDVUÃOFBFOSBUPOFTEFGJDJFOUFT
FO.JODMFJOGFDUBEPTFOMBQJFMDPO-FJTI
NBOJBNBKPSuFYQMJDB%BWJE4BODIP
RVJFOEJSJHFFMMBCPSBUPSJPEF*ONVOP
CJPMPHÎBEFM$/*$FOFMRVFTFIBSFBMJ
[BEPFMFTUVEJP
(.BMEFPDUVCSFEF1VCMJDJEBE
BMEFPDUVCSFEF (.
$POSBZPT9
-B$POUSB
"DDFTPZ
QSFDJPT
FO&VSPQB
4"/5*"(0%&
26*30("
1SFTJEFOUF&EJUPS
EF(.
&
/"5"-*".*/(03"/$&❘ $PPSEJOBEPSBEFM(SVQPEF%JBCFUFTEFMB"JGJDD
i.FNPKPQPSBZVEBSBMBTQFSTPOBT
FODVBMRVJFSÃNCJUPMVHBSZNPNFOUPu
"-.6%&/"'&3/«/%&;
.BESJE
&MTFOEFSJTNPMBMFDUVSBMPTWJBKFTFM
CVDFPMBNÙTJDBMPTDPODJFSUPTFMDJOF
FMUFBUSPTVTEPTHBUPTZTPCSFUPEPTV
QSPGFTJÓO DPNP FOGFSNFSB PDVQBO
DPNQMFUBNFOUFFMEÎBBEÎBEFMBDPPSEJ
OBEPSB EFM (SVQP EF %JBCFUFT EF MB
"TPDJBDJÓOEF&OGFSNFSÎB'BNJMJBSZ
$PNVOJUBSJBEF$BUBMVÒB"JGJDD
/BUBMJB
.JOHPSBODF RVF BÙO BTÎ TJFNQSF
FODVFOUSBUJFNQPQBSBBZVEBSBMPT
EFNÃTUBOUPFO&TQBÒBDPNPFOPUSPT
QBÎTFT
1SFHVOUB$PNPBGJDJPOBEBBMCVDFP
yUFHVTUBMMFHBSBMGPOEPEFMBTDPTBT 3FTQVFTUB4ÎNFHVTUBEFTDVCSJSMP
RVFPSJHJOBFMQSPCMFNB.JGJMPTPGÎBEF
WJEBFTJOUFOUBSDPOPDFSFMQPSRVÊEFMBT
DPTBTQBSBBSSFHMBSMPTQSPCMFNBT
1&MOFPQSFOPUFJNQJEFNPKBSUF
DVBOEPCVDFBTQFSPIBZPUSBTDBVTBT
QPSMBTRVFTÎUFNPKBT
35PEP MP RVF UFOHB RVF WFS DPO
BZVEBS B MBT QFSTPOBT FO DVBMRVJFS
ÃNCJUPMVHBSZNPNFOUPFTFOMPRVFOP
NFJNQPSUBNPKBSNFOVODB
1y$SFFTRVFMBBUFODJÓOQSJNBSJBFO
&TQBÒBFTUÃBQVOUPEFBIPHBSTF 34ÎTFOPTIBJEPEFMBTNBOPTB
UPEPT)BDFVOUJFNQPBMPTTBOJUBSJPTZ
BMTJTUFNBDPOFMQBUFSOBMJTNP"IPSB
UPEPMPDPOUSBSJPRVFSFNPTTBMJSEFM
QBUFSOBMJTNP Z FTUBNPT JOUFOUBOEP
DSFFS FO FM FNQPXFSNFOU QFSP MPT
QBDJFOUFTOPFTUÃOSFTQPOEJFOEPEFFTB
NBOFSB )FNPT QFSEJEP MPT WBMPSFT
CÃTJDPTEFDPTBTUBOTFODJMMBTDPNPVOB
CVFOBBMJNFOUBDJÓOPIBDFSFKFSDJDJP
1¶-%03"4
{$VÈMIBTJEPUVÞMUJNPWJBKF "4FOFHBM
5FHVTUBOMPTDPODJFSUPTFMDJOFFMUFBUSPy
{"MHÞOFTQFDUÈDVMPBMRVFFTUÏTEFTFBOEP
JS "WFSVOBPCSBEFUFBUSPEFVOBNJHP
&MCVDFPUJFOFRVFTFSTJFNQSFFOQBSFKB
{DPORVJÏOJSÓBTBMBTQSPGVOEJEBEFTEFM
NBS $POVOCVFOBNJHP
1 $PNCJOBT QJTBS TJUJPT OVFWPT
WJBKBS
DPOFYQMPSBSMPRVFOPTFQJTB
FM NBS
yDPO DVÃM EF FTUBT EPT
FYQFSJFODJBTUFRVFEBT 3*OUFOUPBVOBSMBTEPTDPTBT.F
HVTUB MP EFTDPOPDJEP MPT DBNCJPT
JOOPWBS MBT DPTBT OVFWBT FOUPODFT
FYQMPSPTJUJPTOVFWPTZFMNBSGPSNB
QBSUFEFFMMP
1¼MUJNBNFOUFyDSFFTRVFMBTBOJEBE
IBUFOJEPBMHVOBCPUFMMBEFPYÎHFOP 3/PEFTEFRVFZPFNQFDÊBTFS
FOGFSNFSBZBUSBCBKBSFO"1OPIFNPT
JEPQBSBCJFOFOOBEB4ÎIBZQFRVFÒBT
HPUJUBTEFPYÎHFOPRVFMFWBNPTEBOEP
MPT QSPGFTJPOBMFT DSFP RVF UPEP FM
NÊSJUPBMGJOBMFTOVFTUSPZOBEJFMP
SFDPOPDF
15BNCJÊOFSFTBGJDJPOBEBBMTFOEF
SJTNPy$ÓNPFTFMDBNJOPRVFIBT
SFDPSSJEPFOFMTFDUPSTBOJUBSJP 3%VSPQFSPCPOJUP%FDJEÎTFSFOGFS
NFSBDVBOEPUPEBWÎBOPTBCÎBRVFJCBB
TFSMBQSPGFTJÓOEFNJWJEBZNJQBTJÓO
.FIFJEPBEBQUBOEPQBSBMMFHBSBEPOEF
FTUPZZIFIFDIPHSBOEFTFTGVFS[PT
1y)BTFODPOUSBEPNVDIBTQJFESBT
FOFMDBNJOP 3/PUBOUBTBWFDFTQJFOTBTFOFM
NPNFOUPRVFTPOQJFESBTQFSPMVFHP
NJSBTBUSÃTZOPMPIBOTJEP
1)BDFTWPMVOUBSJBEPTNVZIBCJUVBM
NFOUFyDSFFTRVFMBDPPQFSBDJÓOFTFM
ÙOJDPDBNJOPQPTJCMF 3/PFTFMÙOJDPFMQSPCMFNBFTRVFMPT
DBNCJPT UFOESÎBO RVF TFS EFM #BODP
.VOEJBMEFMBTQPMÎUJDBTFYUFSJPSFTEF
DPTBTRVFOPFTUÃOBNBOP2VJ[ÃMBÙOJDB
WÎBEFBZVEBBIPSBFTMBDPPQFSBDJÓOMP
RVFMFTRVFEBBNVDIPTQVFCMPTQBSB
QPEFSNFKPSBSTVTBMVEQFSPFTVOBQFOB
1$PNPFYQFSUBFOEJBCFUFTyDSFFT
RVFDPOFMJODSFNFOUPEFMBPCFTJEBETF
FTUÃOEBOEPQBTPTBUSÃT 3 4Î NVDIPT &TUÃO TBMJFOEP VOBT
DJGSBTRVFQPOFOMBQJFMEFHBMMJOBEFBRVÎ
BQPSMPTNBMPTIÃCJUPTRVFUFOFNPT
7BNPTBCPDBEPTBUFOFSVOBQPCMBDJÓO
EJBCÊUJDBDPONVDIÎTJNPTQSPCMFNBT
14JEJDFORVFUPEPTMPTDBNJOPT
DPOEVDFO B 3PNB y)BDJB EÓOEF
EFCFOJSUPEPTMPTDBNJOPTFO4BOJEBE 3"MBQSFWFODJÓOBWFDFTTJNQMFNFOUF
DPOIBDFSMPBVOBFEBEUFNQSBOBTBCFT
RVFSFUSBTBTEJF[BÒPTMBFOGFSNFEBE
1"EFNÃTEFQBSBIBDFSTFOEFSJTNP
yDPORVÊPUSBTDPTBTUFQPOFTMBTCPUBT 3&OMBTFMWBDVBOEPUFOHPRVFDSV[BS
FMSÎPUPNBOEPTVTIJPCFCJÊOEPNFVOB
DFSWF[BEFTQVÊTEFVOEÎBEVSPFO¦GSJDB
15FHVTUBOMPTWJBKFTOPQSPHSBNB
EPT4J-BCPSEFUBMMFWBCBiVOQBÎTFOMB
NPDIJMBuyRVÊOPGBMUBFOMBUVZB 3 &O MB NÎB GBMUBO NVDIBT DPTBT
QPSRVFTPOJOOFDFTBSJBTIFBQSFOEJEPB
MMFWBSMPNÎOJNP-PRVFOVODBGBMUBFT
VOMJCSPMBTMFOUJMMBTQBSBQPEFSWFSCJFO
ZTJWPZBVOQBÎTDPOMMVWJBTNJDIVCBT
RVFSPWBDPONJHPTJFNQSF
M CPSSBEPS QSFTFOUBEP QPS MB
FVSPEJQVUBEB4PMFEBE$BCF[ÓOIB
QVFTUPEFNBOJGJFTUPMBTEJGFSFO
UFTWJTJPOFTRVFFYJTUFOTPCSFMBJOEVT
USJBGBSNBDÊVUJDB"MHVOPTFVSPEJQVUB
EPTBGJSNBCBORVFEBCBMBTFOTBDJÓOEF
RVFTFUSBUBEFVOBJOEVTUSJBRVFOPFT
CJFOWFOJEB-BQSFPDVQBDJÓOFTFMQSFDJP
EFMPTNFEJDBNFOUPTJOOPWBEPSFTQFSP
FMUÎUVMPFTFMBDDFTPBMPTNJTNPT/PTF
QVFEFBDDFEFSBVONFEJDBNFOUPTJFM
QSFDJPFTFMFWBEPDPNPUBNQPDPTFWBB
UFOFSJOOPWBDJÓOTJFMQSFDJPOPMPFT4JO
NBSHFOBMUPOPIBCSÃJOWFSTJÓOBMUB
1SFUFOEFSDBMDVMBSFMQSFDJPEFVO
OVFWPNFEJDBNFOUPTVNBOEPMPTDPTUFT
EFQSPEVDDJÓOZEFTBSSPMMPZQSPQPSDJP
OBOEPVOiNBSHFOSB[POBCMFuFTSFOVO
DJBSBDPTUFBSMBJOWFSTJÓOEFMBTPUSBT
NPMÊDVMBTRVFOPIBOMMFHBEPBM
QBDJFOUF1BSBRVFVOBMMFHVFNVDIBT
PUSBTEFCFOGSBDBTBS
&M &VSPQBSMBNFOUP TF IB EJWJEJEP
FOUSFMPTRVFDSFFORVFFMQSFDJPEFMB
JOOPWBDJÓOFTFMQSPCMFNBZFOUSFMPTRVF
DSFFORVFBTFHVSBSMBJOOPWBDJÓOFTMB
QSJPSJEBE-BTPTUFOJCJMJEBEEFMTJTUFNB
FTUÃQPSNFEJPRVJ[ÃTRVFSBNPTVO
TJTUFNBRVFOPHBTUFUBOUPZRVFOPUFOHB
UBOUBJOOPWBDJÓO
&TFWJEFOUFRVFFMQSFDJPEFMBJOOPWB
DJÓOEFCFBCPSEBSTF1FSPIBDFSMPEF
NBOFSBTFTHBEBFTQFMJHSPTPFJOKVTUP
:BOPFTTÓMPFMFNQMFPMBJOWFSTJÓOPMB
GBMUBEFJOOPWBDJÓORVFOPMMFHBSÃTJOP
IBZCFOFGJDJPT4FUSBUBEFRVFQFSEFSF
NPTUPEPTMPTFVSPQFPT
&TUÃNVZCJFORVFKBSTFEFMPTQSFDJPT
BMUPT1FSPQMBOUFBSMBFMJNJOBDJÓOEFMBT
QBUFOUFT QFSKVEJDB MB TBMVE EF MPT
FVSPQFPT-B0.$Z+VBO+PTÊ3PESÎHVF[
4FOEÎOQVFEFOBQPZBSMBJEFBEFRVFIBZ
RVFBDBCBSDPOMPTQSFDJPTBMUPTZSFDPS
EBSRVFMBTQBUFOUFTQVFEFOPCWJBSTF
QFSP NVDIPT NÊEJDPT EF BUFODJÓO
QSJNBSJB Z FTQFDJBMJ[BEB PQJOBO MP
DPOUSBSJP&OPDBTJPOFTVOBPQJOJÓOP
QPTUVSBQFSTPOBMOPUJFOFQPSRVÊSFQSF
TFOUBSBUPEPFMDPMFDUJWPBVORVFUFOHB
UPEPFMEFSFDIPBPQJOBSFOTVOPNCSF
&MEFCBUFEFMQSFDJPEFMPTNFEJDB
NFOUPTFTOFDFTBSJPQFSPIBDFSMPDPOVO
FOGPRVFEFiCVFOPTZNBMPTuFTVOB
WJTJÓOSFEVDDJPOJTUBZQFSKVEJDJBMQBSBMB
TBMVEEFUPEPT
!TBOUJEFRVJSPHB