1. No category

4JHVFFOGBDFCPPLDPNHBDFUBNFEJDBZPVUVCFDPN/FU4BMVE57!HBDFUBNFEJDBDPN
31 de octubre al 6 de noviembre de 2016
Año XIV - nº 621
i$POGÎPFOVOBTVCJEB
QSFTVQVFTUBSJBu
"VNFOUBOMPT
EPOBOUFTEFNÊEVMB
3FUJOPQBUÎBNBSDBEPS
EFSFJOHSFTPFO$7
&M DPOTFKFSP EF 4BOJEBE EF
&YUSFNBEVSB+PTÊ.‰7FSHF
MFTBOBMJ[BFO(.FMNPEFMP
TBOJUBSJPEFMBDPNVOJEBE1
.BUFTBO[SFDPOPDFRVFFMDBTP
EF1BCMP3ÃF[IBJODSFNFOUBEP
FTUBDJGSBFOUPEBTMBTDPNVOJ
EBEFTBVUÓOPNBT1
&MHSBEPEFSFUJOPQBUÎBTFDPSSF
MBDJPOBDPOMBHSBWFEBEEFMB
FOGFSNFEBEDPSPOBSJBTFHÙO
VOOVFWPFTUVEJP1
"TÎQVFEFBGFDUBS
MBQSÓSSPHBEFMPT
1(&BMBTBOJEBE
$JODPFDPOPNJTUBTBOBMJ[BOTVJNQBDUP
●
-BBVTFODJBEFVOOVFWP&KFDV
UJWP FO MP RVF WB EF BÒP
QFOEJFOUFT EF MB TFHVOEB
WPUBDJÓO EF JOWFTUJEVSB EF
.BSJBOP3BKPZBMDJFSSFEFFTUB
FEJDJÓOIBPCMJHBEPBQSPSSPHBS
MPT1SFTVQVFTUPT(FOFSBMFTEFM
&TUBEPQBSBFMBÒPQSÓYJNP
$JODPFDPOPNJTUBTDPOTVMUB
EPTQPS("$&5".­%*$"BOBMJ
[BOFMJNQBDUPEFFTUBNFEJEB
TPCSFMBGJOBODJBDJÓOTBOJUBSJB
RVFQPESÎBDBNCJBSBNFEJP
QMB[PTJGJOBMNFOUFFMBDUVBM
QSFTJEFOUFFOGVODJPOFTSFDBCB
BQPZPT Z QSFTFOUB OVFWBT
DVFOUBT
"VORVF DBEB FTQFDJBMJTUB
QPOFFMGPDPFOVOBTQFDUPMB
NBZPSÎBDPJODJEFFORVFFTUSF
DIB FM NBSHFO EF NBOJPCSB
QBSBMBTDPNVOJEBEFTZQMBOUFB
EJGJDVMUBEFT QBSB GJOBODJBS
JOJDJBUJWBTOVFWBTRVFPCWJB
NFOUFOPiIFSFEBOuBTJHOBDJP
OFTBOUFSJPSFT&EJUPSJBMZ1
-BTDPNVOJEBEFTBVUØOPNBTIBDFOGSFOUFBMBQSFDBSJFEBEMBCPSBMDPOVOQPSDJFOUPEFQSPGFTJPOBMFTFOTJUVBDJØOEFJOFTUBCJMJEBE
&TUVEJPTNPMFDVMBSFTMB
QJF[BADMBWFFOPODPMPHÎB
-BBDUVBMJ[BDJÓOEFMPTEBUPT
DMÎOJDPTZMBTOVFWBTJONVOPUF
SBQJBTFOEFTBSSPMMPFMQBQFMEF
MPTCJPNBSDBEPSFTQSFEJDUJWPT
EFSFTQVFTUBBUFSBQJBEJSJHJEB
FJONVOPUFSBQJBMBVUJMJEBEEF
MBTIFSSBNJFOUBTEFTFDVFODJB
DJÓO NBTJWB Z EF UFTUT QBSB
EJBHOPTUJDBSEJWFSTPTUVNPSFT
GVFSPOBMHVOPTEFMPTBTQFDUPT
RVFTFBCPSEBSPOEVSBOUFFM
$TQJEFRVF
MBGPSNBDJÓO
QBHBEBQPS
MBJOEVTUSJB
OPUSJCVUF1
3FUSBTBSFM
FOWFKFDJNJFOUP
FTVOSFUPQBSB
MBHFOÓNJDB1
$POHSFTP EF MB 4PDJFEBE
&TQBÒPMBEF0ODPMPHÎB.ÊEJDB
FMDVBMIBDPJODJEJEPDPOFM
"OJWFSTBSJPEFMBTPDJFEBE&OMB
TFTJÓO GPSNBUJWB TPCSF
NFMBOPNBTFIBCMÓEFMPTGBDUP
SFTRVFQVFEFOQSPQPSDJPOBS
JOGPSNBDJÓOQBSBTBCFSDÓNP
TFSÃMBSFTQVFTUBEFVOQBDJFOUF
B MPT USBUBNJFOUPT QBSB FM
NFMBOPNBDPONFUÃTUBTJT1
$PUPBMBUFNQPSBMJEBE
ZQSFDBSJFEBEFOFM4/4
● 4BOJEBE$$""ZTJOEJDBUPTIBODSFBEPHSVQPTEFUSBCBKP
&MOVFWPNJOJTUSPPNJOJTUSBEF4BOJEBEUJFOFQPS
EFMBOUFCBTUBOUFTEFCFSFT&MNÃTJONFEJBUPTFSÃ
QPOFSMBTNFEJEBTOFDFTBSJBTQBSBBDBCBSDPOMB
UFNQPSBMJEBEZQSFDBSJFEBEMBCPSBM6ODMBNPS
RVFMMFWBUJFNQPSFTPOBOEPFOMPTDÎSDVMPTTBOJUB
SJPTOBDJPOBMFTZFVSPQFPT&TUBUBSFBDPNP
BEWJFSUFOMPTTJOEJDBUPTOPFTDPNQFUFODJBFYDMV
"WBO[BOEPFOFM..
MBIFNPGJMJBZFMMJOGPNB
●-B4&))ZMB4&5)DBNCJBOEFQSFTJEFOUFT
"MHVOPTEFMPTUFNBTRVFNBSDB
SPOFM$POHSFTP/BDJPOBMEF
MB4PDJFEBE&TQBÒPMBEF)FNB
UPMPHÎBZ)FNPUFSBQJB4&))
Z
$POHSFTP/BDJPOBMEFMB4P
DJFEBE&TQBÒPMBEF5SPNCPTJT
Z)FNPTUBTJB4&5)
GVFSPOMPT
BWBODFTRVFTFIBOQSPEVDJEP
HSBDJBTBMBUFSBQJB$"35Z
DÓNPMBMMFHBEBEFMBJONVOPUF
SBQJBQPESÎBTVQPOFSNFKPSBT
FOFMUSBUBNJFOUPEFQBUPMPHÎBT
IFNBUPMÓHJDBT1
7JDFOUF7JDFOUFFYQSFTJEFOUFEFMB4&5)
TJWBEFFTUBDBSUFSB&M(PCJFSOPUFOESÃRVF
ABSSJNBSFMIPNCSPTJRVJFSFODVNQMJSDPOMBT
TFOUFODJBTEFM5SJCVOBMEF+VTUJDJBEFMB6OJÓO
&VSPQFB-PTTJOEJDBUPTDPJODJEFOFORVFMBT
DPNVOJEBEFTUJFOFORVFFMJNJOBSMPTMÎNJUFTBMBT
UBTBTEFSFQPTJDJÓOTJOFNCBSHPTJOQSFTVQVFT
UPTOVFWPTOPTFQVFEFDPNFO[BSBSFTPMWFS1
-PTCJPMÓHJDPTTPOHSBOEFT
EFTDPOPDJEPTEFMB"1
2VF FM QPS DJFOUP EF MPT
NÊEJDPTEFGBNJMJBOPTBCFO
EFTDSJCJSDPSSFDUBNFOUFRVÊFT
VONFEJDBNFOUPCJPTJNJMBSZ
USFTEFDBEBDVBUSPDPOTJEFSBO
RVFTVNBOFKPFTJHVBMBMEFVO
HFOÊSJDP TPO BMHVOPT EF MPT
EBUPTRVFTFEFTQSFOEFOEFVOB
FODVFTUBSFBMJ[BEBFOUSF
GBDVMUBUJWPT Z QSFTFOUBEB FO
4BOUJBHP EF $PNQPTUFMB
EVSBOUFFM$POHSFTPEFMB
4PDJFEBE&TQBÒPMBEF.ÊEJDPT
EF"UFODJÓO1SJNBSJB4FNFS
HFO
"EFNÃTVOQPSDJFOUPEF
MPTFODVFTUBEPTDPOTJEFSBRVF
TVGPSNBDJÓOFOFTUBÃSFBFT
NBMBPJOFYJTUFOUF:BVORVFFM
QPS DJFOUP EF MPT NÊEJDPT
PQJOBRVFMBTVTUJUVDJÓOBVUPNÃ
UJDB Z MB JOUFSDBNCJBCJMJEBE
QVFEFODPNQSPNFUFSMBUSB[BCJ
MJEBEFMOPTBCFRVFFTPCMJHB
UPSJPQSFTDSJCJSMPTCJPMÓHJDPTQPS
NBSDBDPNFSDJBMZTPMPFMFT
DPOTDJFOUFEFRVFMPTCJPMÓHJDPT
OPQVFEFOTFSTVTUJUVJEPTTJOFM
DPO TFOUJNJFOUP FYQSFTP EFM
QSFTDSJQUPS1
EFPDUVCSFBMEFOPWJFNCSFEF (.
*NÈHFOFTEFMBTFNBOB
"."QSFTFOUBTVOVFWBTFEF
FO7BMFODJBMBTBOJEBEBVUPOÓNJDB
"."IBJOBVHVSBEPTVOVFWBTFEFBOUFNÃTEFQFSTPOBMJEBEFTEFMB
NBZPSÎBEFDPMFHJPTQSPGFTJPOBMFTBDBEFNJBTZIPTQJUBMFTEFMB$PNVOJEBE
7BMFODJBOB&OMBJOBVHVSBDJÓOPGJDJBMTFTVCSBZÓFMPCKFUJWPEFTFHVJS
PGSFDJFOEPFOMBOVFWBPGJDJOBVOUSBUPEFDBMJEBEQFSTPOBMJ[BEPZBDPSEFBM
DBEBWF[NBZPSOÙNFSPEFNVUVBMJTUBTUBOUPFOMBDJVEBEDPNPFOFMSFTUP
EFMBDPNVOJEBE
4FQBSJOBVHVSBTVDFOUSPGPSNBUJWP
-B4PDJFEBE&TQBÒPMBEF/FVNPMPHÎBZ$JSVHÎB5PSÃDJDB4FQBS
IBJOBVHVSBEPTVOVFWB
TFEFFO.BESJEDPOFMPCKFUJWPEFQPEFSJNQBSUJSDVSTPTQSFTFODJBMFTBTVTBTPDJBEPT
-BQSFTJEFOUBEFFTUBTPDJFEBEDJFOUÎGJDB*ONBDVMBEB"MGBKFNFQVTPEFNBOJGJFTUPRVF
TFSÃVOQVOUPEFFODVFOUSPQBSBUPEPTMPTTPDJPT-BJOBVHVSBDJÓODPOUÓDPOMBQSFTFO
DJBEF$BSMPT.PSFOPEJSFDUPSHFOFSBMEF0SEFOBDJÓO1SPGFTJPOBMEFM.JOJTUFSJPEF
4BOJEBEZ+FTÙT4ÃODIF[.BSUPTDPOTFKFSPEF4BOJEBEEFMB$PNVOJEBEEF.BESJE
A#FTPTQPSMBQTPSJBTJTBSSBODBFOMB6$.
$VJEBEPTTPDJPTBOJUBSJPTJOUFSNFEJPT
"DDJÓO1TPSJBTJTJNQVMTB
FO DPMBCPSBDJÓO DPO
/PWBSUJTMBJOJDJBUJWBEF
DPODJFODJBDJÓO TPDJBM
A#FTPTQPSMBQTPSJBTJT
VOB DBNQBÒB RVF EJP
DPNJFO[PFOMB6OJWFSTJ
EBE $PNQMVUFOTF EF
.BESJE6$.
DPONPUJWP
EFM %ÎB .VOEJBM EF MB
1TPSJBTJTZRVFUBNCJÊO
TFEFTBSSPMMBFOMB6OJWFS
TJEBEEF#BSDFMPOBZMB
6OJWFSTJEBEEF4FWJMMB&M
PCKFUJWP FTFODJBM EFM
QSPZFDUPFTEJGVOEJSFMDPOPDJNJFOUPFOUPSOPBFTUBQBUPMPHÎBZQSPNPWFSMBDPODJFO
DJBDJÓOEFMBTPDJFEBETPCSFFMJNQBDUPRVFPDBTJPOBFOMBDBMJEBEEFWJEB
-B 'VOEBDJÓO
QBSBFM%FTBSSP
MMPF*OUFHSBDJÓO
EF MB 4BOJEBE
*%*4
Z MB
'VOEBDJÓO
&EBE7JEB
QSFTFOUBSPOFO
.BESJE
FM
JOGPSNFA&MSFUP
EFMPTDVJEBEPT
TPDJPTBOJUBSJPT
JOUFSNFEJPT.BQBEFSFDVSTPTZQSPQVFTUBTEFGVUVSP&OMBJNBHFO+PBO#BSSVCÊT
EJSFDUPSEF"OUBSFT$POTVMUJOH-VJT.BZFSPTFDSFUBSJPHFOFSBMEF*%*4&EVBSEP
3PESÎHVF[3PWJSBQSFTJEFOUFEFMB'VOEBDJÓO&EBE7JEB$ÊTBS"OUÓOEJSFDUPS
HFOFSBMEFM*NTFSTP"EPMGP'FSOÃOEF[7BMNBZPSQSFTJEFOUFEF*%*4.BOVFM7JMDIFT
EJSFDUPSHFOFSBMEF*%*4Z3BNÓO#FSSBEJSFDUPSHFOFSBMEF4BOZSFT
1VCMJDBDJÓOEF
+FTÙT%ÎB[0MNPEFKB8FDBSFVEFTQVÊTEFBÒPT
4BOUJBHPEF2VJSPHB1SFTJEFOUF&EJUPS
+VBO1BCMP3BNÎSF[3FEBDUPS+FGF
&TUIFS.BSUÎOEFM$BNQP3FEBDUPSB+FGF
3FEBDDJÓO"MNVEFOB'FSOÃOEF[$BSNFO-ÓQF[
$BSNFO4BOEJBOFTZ+PTÊ"OESÊT3PESÎHVF[#BSDFMPOB
$BSMPT4JFHGSJFE'PUPHSBGÎB
.BSUB)BSP.BRVFUBDJÓO
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$.
wecare-u.com
%JTUSJCVDJØODPOUSPMBEBQPS
%JTUSJCVDJØO
HSBUVJUB
+FTÙT%ÎB[0MNP7BMFODJB
EFKBSÃUPEBTTVTGVODJPOFTFO8FDBSFVFEJUPSB
EF&(Z(.
Z'VOEBNFEFMQSÓYJNPEFEJDJFNCSFEFQPSSB[POFTQFSTP
OBMFT%ÎB[TFJODPSQPSÓBMBDPNQBÒÎBBGJOBMFTEFDPNPTVCEJSFDUPSHFOFSBM
TJFOEPSFTQPOTBCMFEFMBTÃSFBTEFQFSTPOBMZMPHÎTUJDB$POUSJCVZÓFOUPODFTBMB
DPOTPMJEBDJÓOEFMBEJTUSJCVDJÓOEFMBFEJDJÓOFOQBQFMEF&(Z(.BUSBWÊTEFEJWFS
TPTBDVFSEPTEFEJTUSJCVDJÓO&OGFCSFSPEFTFJODPSQPSBBM¦SFBEF3FMBDJP
OFT*OTUJUVDJPOBMFTZBM¦SFB$PNFSDJBMDPNPBEKVOUPBMBQSFTJEFODJB%VSBOUF
FTUFQFSJPEP8FDBSFVTFFYQBOEFZMBO[BEJWFSTBTDBCFDFSBTJOUFOTJWBT4FDPOTP
MJEBOUBNCJÊOMBTBDUJWJEBEFTEFMCSB[PTPDJBMEFMBDPNQBÒÎB'VOEBNFE%ÎB[IB
DPMBCPSBEPFOBMHVOPTEFMPTQSPZFDUPTNÃTFNCMFNÃUJDPTEFMBDPNQBÒÎBQSPZFDUPTRVFIBODPOUSJCVJEP
BMMJEFSB[HPBDUVBMEF8FDBSF6&O&OFSPEFDVMNJOBTVUSBZFDUPSJBZFTOPNCSBEPWJDFQSFTJEFOUF
DBSHPRVFEFTFNQFÒBFOMBBDUVBMJEBEi+FTÙTIBTJEPVOBQJF[BDMBWFFOFTUPTBÒPTBQPSUBOEPFYQFSJFO
DJBFOFMNBOFKPEFFRVJQPTUFOBDJEBEZVOBHSBODBQBDJEBEEFUSBCBKPuDPNFOUB4BOUJBHPEF2VJSPHB
QSFTJEFOUFEF8FDBSFVi3FTQFUPMBEFDJTJÓOEF+FTÙTZFOUJFOEPTVTNPUJWBDJPOFT5FOHPFMNFKPSEFMPT
SFDVFSEPTEFMUSBCBKPDPOKVOUPEFFTUPTBÒPTuDPODMVZF2VJSPHB
(. EFPDUVCSFBMEFOPWJFNCSFEF
0QJOJØO
(BDFUB.ÏEJDBFOMB3FE
NS
*OGPSNBDJØOBEJDJPOBMFO/FU4BMVE
%JTQPOJCMFFOXXXOFUTBMVEFT]"QQ4UPSF](PPHMFQMBZ
❚6ODFOUFOBSEFNFEJEBTQBSBBMJWJBSMBTUFOTJPOFTEFMTJTUFNBTBOJUBSJP
❚ i&M$ØEJHP*DUVTUPEBWÓBOPFTUÈJNQMBOUBEPFOQSPWJODJBTw
❚ i1PEFNPTDVFTUJPOBSZBRVFFTUBNPTIFDIPTQBSBNPSJSw
❚ &MHSBEPEFSFUJOPQBUÓBTFDPSSFMBDJPOBDPOMBTFWFSJEBEEFMBFOGFSNFEBEDPSPOBSJB
❚ -PTSFTQPOTBCMFTEFWJPMFODJBEFHÏOFSPFO"1BOBMJ[BOMPTBWBODFTFO.BESJE
/PUJDJBTNÈTMFÓEBTFO
❚
❚
❚
❚
❚
❚
❚
❚
❚
❚
&MWPMVOUBSJBEPTBOJUBSJPVOBFYQFSJFODJBIBDJBMBIVNBOJ[BDJØO
-BJONVOPUFSBQJBMBTUFSBQJBTCJPMØHJDBTZMBTCJPMPHÓBNPMFDVMBSMPTFKFTEF4&0.
"$4"FWBMVBSÈBMPTIPTQJUBMFTFVSPQFPTFO&&33
6OBUSFJOUFOBEFFYQFSUPTSFWJTBOMBTDBOEJEBUVSBTEFMPT#J$
1BDJFOUFTZFYQFSUPTDPOGJSNBORVFIBZDBNCJPTTJOKVTUJGJDBSFOCJPMØHJDPT
i1BTBSÈVOUJFNQPIBTUBRVFFO&TQB×BTFIBCMFEFUFSBQJBTFYWJWPFODÈODFSw
-PTUSBTUPSOPTEFMTVF×PHSBOEFTEFTDPOPDJEPTEFMBQFEJBUSÓBEF"1
-PTNFEJDBNFOUPTTJOQSFTDSJQDJØOEFCFSÓBOSFHJTUSBSTFFOMBFSFDFUB
6OFTUVEJPEFM(PCJFSOPOPSVFHPDPOTUBUBMBNJTNBFGJDBDJBEFJOGMJYJNBCZTVCJPTJNJMBS
-BSFDFUBEFDMÓOJDPTZHFTUPSFTQBSBBWBO[BSFOPODPMPHÓB
5VJUTNÈTQPQVMBSFTEF!HBDFUBNFEJDBDPN
❚
❚
❚
❚
❚
-PT9&ODPOUSPTSFJWJOEJDBOVOBTBOJEBEDFOUSBEBFOFMQBDJFOUF
3JCFSBJOUFSQPOFVOSFDVSTPUSBTMBOPSFOPWBDJØOEFMDPOUSBUPEF"M[JSB
&MFWBEPTOJWFMFTEF"(&TFTUÈOBTPDJBEPTBEB×PQVMNPOBSFOQBDJFOUFTDPO%.
"$4"FWBMVBSÈBMPTIPTQJUBMFTFVSPQFPTFOFOGFSNFEBEFTSBSBT
-BIVNBOJ[BDJØODPOTUSVZFMBFOUSBEBEFMQBDJFOUFFOFMQSPDFTPEFTBMVE
(BDFUB.ÏEJDBFEJDJØO$BUBMBOB
❚
❚
❚
❚
-B'VOEBDJØ*%*4EFNBOBRVFOPTFTUJHNBUJU[JFMTFDUPSTBOJUBSJQSJWBU
.$FTUËBGBWPSEFGFSQÞCMJDM)($QFSÛJOEFNOJU[BOUFMTFVUJUVMBS
&MHSBVEFSFUJOPQBUJBFTDPSSFMBDJPOBBNCMBTFWFSJUBUEFMBNBMBMUJBDPSPOËSJB
i-BDVJOBÒTVOEFMTQSJNFSTQBTTPTQFSGFSNFEJDJOBw
&M&EJUPSJBM
-PTQSFTVQVFTUPTVOB
PQPSUVOJEBEQFSEJEB
&
MQBÎTQBSFDFQSFQBSBEPQBSBTBMJS UBOQBSBDVNQMJSDPOMPTPCKFUJWPTEF
EFMFTUBEPEFIJCFSOBDJÓOBMRVF EÊGJDJURVFNBSDBMB$PNJTJÓO&VSPQFBP
TFIBWJTUPTPNFUJEPQPSFMFOGSFO TFFOEFVEBOUPEBWÎBNÃT#SVTFMBTZB
UBNJFOUPFOUSFMBTGVFS[BTQPMÎUJDBTFOFM IBSFDMBNBEPB&TQBÒBNJMMPOFT
$POHSFTPEFMPT%JQVUBEPT"MDJFSSFEF EFFVSPT&TUÃQPSWFSRVÊQFTPBTVNFO
FTUBFEJDJÓOOPTFIBCÎBDFMFCSBEPMB MPTHPCJFSOPTSFHJPOBMFT&TUBEFDJTJÓO
TFHVOEBTFTJÓOEFJOWFTUJEVSBFOMBRVF EBSÎB VOB JEFB EFM JNQBDUP SFBM FO
TFBCTUFOESÃFM140&QBSBRVF.BSJBOP TBOJEBEZBRVFFOUSFFMZFMQPS
3BKPZ WVFMWB B TFS QSFTJEFOUF EFM DJFOUP EF MPT QSFTVQVFTUPT EF MBT
(PCJFSOP
DPNVOJEBEFTBVUÓOPNBTTFEFTUJOBOB
-B QSJNFSB DPOTFDVFODJB TFSÃ MB TBOJEBE
QSÓSSPHBEFMPT1SFTVQVFTUPT(FOFSBMFT
"ÙO BTÎ Z BVORVF MB MFHJTMBUVSB
EFM&TUBEP-BTDPNVOJEBEFTBVUÓOPNBT DPNJFODFBEBSQBTPTUBNQPDPFTTFODJ
TFWFSÃOPCMJHBEBT
MMP RVF FM OVFWP
BJOJDJBSDPO
EF
-BTDPNVOJEBEFTEFCFSÈO (PCJFSOP
MBTNJTNBTUSBOTGF
.BSJBOP 3BKPZ
EFDJEJSTJSFDPSUBOQBSB
SFODJBTRVFFMBÒP
QVFEB
TBDBS
DVNQMJSDPOFMPCKFUJWPEF
BOUFSJPS 4JHOJGJDB
BEFMBOUF VOPT
VOB PQPSUVOJEBE
OVFWPT QSFTV
EÏGJDJUPTFFOEFVEBONÈT
QFSEJEB FO VO
QVFTUPT&M140&
DPOUFYUPEFDSFDJ
ZBIBBEWFSUJEPEF
NJFOUPFDPOÓNJDPEFTQVÊTEFBÒPTEF RVFOPTFMPQPOESÃGÃDJM3BKPZBEFNÃT
SFDPSUFTZBKVTUFTFOFMTFDUPSTBOJUBSJP EFMBQPZPEF$JVEBEBOPTZ$PBMJDJÓO
QPSMBDSJTJT
$BOBSJBTEFCFSÃCVTDBSFOUPODFTFM
&OVOFOUPSOPFOFMRVFMBTDPNVOJEB SFTQBMEPEFMPTOBDJPOBMJTUBTQBSBTBDBS
EFTBVUÓOPNBTIBOQSFWJTUPJODSFNFO BEFMBOUFMBTDVFOUBTEFM&TUBEPFO
UPTEFQMBOUJMMBDPOPGFSUBTQÙCMJDBTEF
-BOFDFTJEBEEFBMDBO[BSBDVFSEPTFO
FNQMFPMBSFDVQFSBDJÓOEFMBDBSSFSB FM $POHSFTP QBSB MFHJTMBS DSFBO FM
QSPGFTJPOBMFMGJOEFMBQBHBFYUSBPSEJ DPOUFYUPJEÓOFPQBSBRVFMPTQBSUJEPT
OBSJBDPSSFTQPOEJFOUFBMBOFDFTJ DBNCJFOFOUSFPUSBTNFEJEBTVOTJTUFNB
EBEEFSFOPWBSFMFRVJQBNJFOUPUFDOPMÓ EFGJOBODJBDJÓORVFQVFEBHBSBOUJ[BSMB
HJDPMBNFKPSBEFJOGSBFTUSVDUVSBTFUD TPTUFOJCJMJEBEEFMTJTUFNBTJORVFMPT
OPTFODPOUSBNPTDPORVFMBTDPNVOJEB TFSWJDJPTTFSFTJFOUBO7FSFNPTTJOPTF
EFTBVUÓOPNBTEFCFSÃOEFDJEJSTJSFDPS QJFSEFPUSBPQPSUVOJEBE
"DPSB[ØOBCJFSUP
"DBCBSDPOMBQSFDBSJFEBEMBCPSBMUBSFBEFUPEPT
7±$503";/"3."3$­/
QUFEFM4JOEJDBUPEF
&OGFSNFSÎB4"54&
1
PS GJO UFOFNPT QSFTJEFOUF EFM
(PCJFSOPFO&TQBÒB)BUSBOTDV
SSJEPDFSDBEFVOBÒPEFTEFRVF
.BSJBOP3BKPZZMPTNJFNCSPTEFTV&KFDV
UJWPFOUSBSPOFOGVODJPOFTZFOFTUFUJFNQP
OPTFIBIBCMBEPQSÃDUJDBNFOUFEFOBEB
NÃTRVFEFMPTFODVFOUSPTZTPCSFUPEP
EFTFODVFOUSPTEFMPTQBSUJEPTQPMÎUJDPT
&TUBGBMUBEFBDVFSEPUSBTEPTFMFDDJP
OFTHFOFSBMFTIBQSPWPDBEPRVFOPTF
IBZBOBEPQUBEPMBTSFGPSNBTOFDFTBSJBT
QBSBBDBCBSDPOMPTQSPCMFNBTSFBMFTEF
MPTDJVEBEBOPTMPTDVBMFTQFSTJTUFOUSBT
BÒPTEFGVFSUFDSJTJTFDPOÓNJDBZRVFFO
FTUFUJFNQPEFJOBDUJWJEBEQBSMBNFOUBSJB
TFIBOEFUFSJPSBEPBÙONÃT
-PTUSBCBKBEPSFTEFOVFTUSPQBÎTIBO
WJTUPDÓNPMPTSFDPSUFTFOEFSFDIPTZ
QSFTUBDJPOFTIBODPOUJOVBEPZDÓNPFO 4BOJEBEZMBTDPNVOJEBEFTBVUÓOPNBTZ
BMHVOPTDBTPTOPWBSJBCBOVOÃQJDFMBT EFM¦NCJUPEF/FHPDJBDJÓOFOFMRVF
TJUVBDJPOFTEFDMBSPBCVTPPJODMVTPEF QBSUJDJQBOMBTPSHBOJ[BDJPOFTTJOEJDBMFT
EVEPTBMFHBMJEBE
NÃTSFQSFTFOUBUJWBT
6OBWF[NÃTIBOUFOJEPRVFTFSPUSBT
#JFOFTUÃQPSTVQVFTUPRVFEFTQVÊTEF
JOTUBODJBTMBTRVFOPTiMMBNFOBMPSEFOu NVDIPTNFTFTEFGBMUBEFEJBMPHPFJOUFS
DPOGJSNBOEPMPRVFEFTEFPSHBOJ[BDJP MPDVDJÓOMBBENJOJTUSBDJÓOTBOJUBSJBTF
OFTDPNP4BUTFTFIBWFOJEPEFOVODJBEP TJFOUFDPOMPTSFQSFTFOUBOUFTEFMPTUSBCB
EFTEFIBDFNVDIPUJFNQP.FSFGJFSPBMBT KBEPSFT:BFTIPSBEFQPOFSTFBUSBCBKBS
ZB
DPOPDJEBT
QPS Z QBSB MPT
TFOUFODJBT
EFM
DJVEBEBOPT Z MPT
)FNPTEFKBEPDMBSPMB
5SJCVOBMEF+VTUJDJB
U S B C B K B E P S F T EJTQPTJDJØOQBSBFODPOUSBS BVOBOEPFTGVFS[PT
EF
MB
6OJÓO
&VSPQFB SFMBUJWBT BDVFSEPTFOCFOFGJDJPEFMPT QBSB
CVTDBS
BMVTPGSBVEVMFOUP
TPMVDJPOFTBMBGBMUB
QSPGFTJPOBMFTTBOJUBSJPT
EFMBDPOUSBUBDJÓO
EF FNQMFP B MB
FWFOUVBMZTPCSFMB
QSFDBSJFEBE
EJTDSJNJOBDJÓORVFTVGSFOMPTQSPGFTJPOB MBCPSBM BM BCVTP FO MB DPOUSBUBDJÓO
MFTJOUFSJOPTFOMPSFGFSFOUFBMBTJOEFN FWFOUVBMBMBEJTDSJNJOBDJÓOFOUSFUSBCB
OJ[BDJPOFTUSBTFMDFTFEFTVTDPOUSBUPT
KBEPSFTZBPUSPTNVDIPTJNQPSUBOUFT
4FFOUJFOEFBTÎMBDPOWPDBUPSJBSFDJFOUF UFNBTFOFMÃNCJUPEFMB4BOJEBE
EFMB$PNJTJÓOEF3FDVSTPT)VNBOPTEFM
%FTEF4BUTFIFNPTEFKBEPNVZDMBSP
4/4 DPO QSFTFODJB EFM .JOJTUFSJP EF MBEJTQPTJDJÓOQBSBFODPOUSBSBDVFSEPT
FOCFOFGJDJPEFMPTQSPGFTJPOBMFTTBOJUB
SJPTZEFTVTDPOEJDJPOFTMBCPSBMFTDPOFM
DPOWFODJNJFOUPEFRVFFMMPSFEVOEBSÃ
JOEVEBCMFNFOUFFOCFOFGJDJPEFMQSPQJP
4JTUFNB4BOJUBSJPZEFTVTVTVBSJPT:FMMP
QBTBQPSSFGPSNBSFM&TUBUVUP.BSDPEF
MPT5SBCBKBEPSFTZPUSBTOPSNBTRVFTFBO
OFDFTBSJBT TVQSJNJS MBT MJNJUBDJPOFT
BDUVBMFTEFMBTUBTBTEFSFQPTJDJÓOEF
FGFDUJWPTZMMFWBSBDBCP0GFSUBT1ÙCMJDBT
EF&NQMFPRVFDPOWPRVFOMBTQMB[BT
FTUSVDUVSBMFTRVFFOMBBDUVBMJEBEPDVQB
FMQFSTPOBMUFNQPSBM
1PS GJO UFOFNPT QSFTJEFOUF EFM
(PCJFSOP$POÊMZFMOVFWPUJUVMBSEFM
.JOJTUFSJPEF4BOJEBEBTÎDPNPDPO
UPEPTMPTQBSUJEPTQPMÎUJDPTFTQFSBNPT
USBCBKBS EF NBOFSB DPOKVOUB QBSB
FNQSFOEFSMBTSFGPSNBTFTUSVDUVSBMFTZ
OPSNBUJWBTRVFDPOTPMJEFOVOUSBUPKVTUP
F JHVBMJUBSJP QBSB FM USBCBKBEPS EF
OVFTUSPQBÎT&TUBSFBZSFTQPOTBCJMJEBE
EFUPEPT
0QJOJØOEFPDUVCSFBMEFOPWJFNCSFEF(.
-B'SBTF
i
-PT1FSTPOBKFT
i-POPWFEPTPEF
MBSFVOJÓODPO
4BOJEBEGVFRVF
VOBNJOJTUSB
CBKBSBBTBMVEBSBM¦NCJUP
EF/FHPDJBDJÓOu
-BT$MBWFT
UBTQBUPMÓHJDBTBTPDJBEBBVOBNFOPSUBTB
EFSFDJEJWBTZVOBNBZPSTVQFSWJWFODJB
HMPCBM1PSFTUBSB[ÓOMBTBHFODJBTSFHV
MBEPSBTFVSPQFB&."ZBNFSJDBOB'%"
IBOBQSPCBEPTVVTP
OMBTFHVOEBFEJDJÓOEFMPTQSFNJPT
1PSPUSBQBSUFFM%S.JHVFM"OUPOJP-Ó
$POTUBOUFTZ7JUBMFTTFIBODPODF QF[1ÊSF[FT1SPGFTPS5JUVMBSEFM%FQBS
EJEPEPTQSFNJPTRVFNFIBOMMB UBNFOUPEF'JTJPMPHÎBEFMB6OJWFSTJEBEEF
NBEPNVDIPMBBUFODJÓOEFCJEPBMOJWFMEF 4BOUJBHPEF$PNQPTUFMB64$
EFTEFFMBÒP
MPTQSFNJBEPTZBTVTUSBCBKPT"TÎRVFFM 5SBTGJOBMJ[BSTV5FTJT%PDUPSBMFOMB
QSFNJPBMB.FKPS*OWFTUJHBDJÓO#JPNÊEJDB 64$FOFMBÒPTFUSBTMBEÓBMB6OJ
EFM"ÒPIBSFDBÎEPTPCSFFMEPDUPS+BWJFS WFSTJEBEEF$BNCSJEHFQBSBUSBCBKBSFO
$PSUÊTZBM+PWFO5BMFOUPFO*OWFTUJHBDJÓO FMDBNQPEFMBBEJQPCJPMPHÎB"MMÎSFBMJ[Ó
#JPNÊEJDBIBDPSSFTQPOEJEPBMEPDUPS. VOQPTUEPDUPSBEPEFWBSJPTBÒPTIBTUBTV
"-ÓQF[1ÊSF[
SFJODPSQPSBDJÓOBMBNQBSPEFM1SPHSBNB
&MQSJNFSPQPSTVUSBCBKPTPCSFFMDÃO 3BNÓOZ$BKBMFOFMBÒP&T+FGFEFM
DFSEFNBNBNFUBTUÃTJDP4FUSBUBEFVOB (SVQPEF*OWFTUJHBDJÓOEF/FVS0CFTJEBE
FOGFSNFEBEJODVSBCMFZFMPCKFUJWPEFMUSB /FVS0CFTJUZ
FOFM$FOUSPEF*OWFTUJHB
UBNJFOUPFTNFKPSBSMBTVQFSWJWFODJBZ DJÓOFO.FEJDJOB.PMFDVMBSZ&OGFSNFEB
NBOUFOFSVOBCVFOBDBMJEBEEFWJEB&M EFT$SÓOJDBT$*.64
)BPCUFOJEPGJOBO
TVCUJQP)&3DPONBZPSBHSFTJWJEBE DJBDJÓODPNQFUJUJWBOBDJPOBMDPOUJOVBFO
DMÎOJDBTFDBSBDUFSJ[BQPSMBTPCSFFYQSF DBMJEBEEF*1EFTEFTVSFJODPSQPSBDJÓOFO
TJÓOEFMBQSPUFÎOB
FM BÒP BTÎ
)&3ZMPTUSBUB
DPNPEFM&VSPQFBO
"×BEJSQFSUV[VNBCBM
NJFOUPTDPOUSBT
3FTFBSDI$PVODJM
USBTUV[VNBCZBMB
UV[VNBCZMBQBUJ
&3$
FOMBNPEB
OJCEJSJHJEPTDPOUSB
RVJNJPUFSBQJBNFKPSBMB4-1 MJEBE$POTPMJEBUPS
FTUBEJBOBIBCÎBO
4VJOWFTUJHBDJÓO
ZMBHMPCBM
EFNPTUSBEPNFKP
BCPSEBMBCJPMPHÎB
SBSFMQSPOÓTUJDP
NPMFDVMBSEFMBPCF
&OFTUFFTUVEJPTFIBEFNPTUSBEPQPS TJEBEVOQSPCMFNBCJPNÊEJDPDFOUSBMFO
QSJNFSBWF[RVFBÒBEJSQFSUV[VNBCBM MBTTPDJFEBEFTPDDJEFOUBMFTEFTEFVOBÓQ
USBTUV[VNBCZBMBRVJNJPUFSBQJBUSBUB UJDBOPWFEPTBRVFDFOUSBFMJOUFSÊTFOFM
NJFOUPFTUÃOEBSFOQSJNFSBMÎOFBEFMDÃO QBQFMEFTFOTPSFTFOFSHÊUJDPTJOUSBDFMV
DFSEFNBNBNFUBTUÃTJDP)&3
NFKPSB MBSFTDPNP".1,
FMNFUBCPMJTNPMJQÎ
UBOUPMBTVQFSWJWFODJBMJCSFEFQSPHSFTJÓO EJDPZFMFTUSÊTEFSFUÎDVMPFOEPQMÃTNJDP
DPNPMBTVQFSWJWFODJBHMPCBMDPOVOBV DPNPNFDBOJTNPTEFJOUFHSBDJÓOCÃTJDPT
NFOUPFOMBNFEJBOBEFTVQFSWJWFODJBEF EFMBIPNFPTUBTJTFOFSHÊUJDBZNFUBCÓMJDB
NFTFT%FTEFFOUPODFTFTUBDPNCJOB QPSQBSUFEFMTJTUFNBOFSWJPTPDFOUSBM4V
DJÓOBQSPCBEBQPSMB&."Z'%"DPOMPT QSPEVDDJÓODJFOUÎGJDBFOFTUFDBNQPFTFY
SFTVMUBEPTEFFTUFFTUVEJPTFDPOTJEFSBFM DFMFOUFDPOBSUÎDVMPTDPNPQSJNFSBVUPS
NFKPSUSBUBNJFOUPQBSBFTUFHSVQPEFQB FOMBTQSJODJQBMFTSFWJTUBTEFTVDBNQP
DJFOUFT&OUPEBMBIJTUPSJBFTUPTTPOMPT %JBCFUFTZ$FMM.FUBC
ZDPNPBVUPSQBSB
NFKPSFTEBUPTPCUFOJEPTFOFMUSBUBNJFOUP DPSSFTQPOEFODJBFOSFWJTUBTHFOFSBMFTZ
EFMDÃODFSEFNBNBNFUBTUÃTJDP
FTQFDÎGJDBTEFQSJNFSOJWFM/BUVSF.FEJ
&TUPTSFTVMUBEPTIBOSFGPS[BEPFMEFTB DJOF1-P4#JPMPHZ$FMM3FQPSUT$FMM.F
SSPMMPEFFTUBDPNCJOBDJÓOFOFMUSBUBNJFOUP UBC/BUVSF3FWJFXT&OEPDSJOPM
"EFNÃT
QSFPQFSBUPSJPEFMDÃODFSEFNBNBOPNF TFUSBUBEFVOBQSPEVDDJÓOOVNFSPTBZDJ
UBTUÃTJDP)&3EFBMUPSJFTHPEFSFDJEJWB UBEBFYUFOTBNFOUFMPRVFMFIBWBMJEPVO
EPOEFMBDVSBDJÓOFTQPTJCMFZFMPCKFUJWP ÎOEJDF)NVZBMUPFOSFMBDJÓODPOPUSPT
QSJODJQBMEFMUSBUBNJFOUPDPOVOCFOFGJ DBOEJEBUPTTVQFSJPSB
1PSÙMUJNPDBCF
DJPFWJEFOUFQBSBMBTQBDJFOUFTZQBSBMB UBNCJÊOSFTFÒBSVOBMBCPSGPSNBUJWBJO
TPDJFEBE-BDPNCJOBDJÓOIBPCUFOJEPVOB UFOTBQBSUJDVMBSNFOUFBUSBWÊTEFMBEJ
UBTBNVZFMFWBEBEFSFTQVFTUBTDPNQMF SFDDJÓOEFUFTJTEPDUPSBMFT
&
◗-BSFDVQFSBDJÓOEFMPTEFSFDIPT
MBCPSBMFTQFSEJEPTFMBVNFOUPEFM
FNQMFPFOGFSNFSPZMBNPEJGJDBDJÓOEF
MBOPSNBUJWBTPCSFQSFTDSJQDJÓOFOGFS
NFSBTFSÃOMPTQSJODJQBMFTBTVOUPT
RVF4BUTFQPOESÃTPCSFMBNFTBEFM
OVFWPNJOJTUSPEF4BOJEBEEFTQVÊTEF
VO BÒP EF VO iQBSÓOu RVF TFHÙO
BQVOUBOIBEFUFSJPSBEPBÙONÃTMBT
DPOEJDJPOFTEFMPTQSPGFTJPOBMFTZFM
GVODJPOBNJFOUPEFMTJTUFNBTBOJUBSJP
-BPSHBOJ[BDJÓOBTFHVSBRVFiUSBTMB
QÊTJNBHFTUJÓOEFM11uOPDPOGJBSÃO
iFOQSPNFTBTIVFDBTuZSFDMBNBSÃO
iBWBODFT SFBMFT EFTEF VO QSJNFS
NPNFOUPu
5PNÃT5PSBO[P
1SFTJEFOUFEF$&4.
$PSUÊTZ-ÓQF[1ÊSF[
EPTGFOÓNFOPT
#"350-0.­#&-53¦/
+FGFEFMPTTFSWJDJPT
NÊEJDPTEF"NFEJB
4BUTFiTFFOGSFOUBSÃB3BKPZuTJWVFMWFBGBMMBS
BMBQSPGFTJÓOFOGFSNFSBDPOMBQSFTDSJQDJÓO
+PSHF4JFSSBOVFWPQSFTJEFOUFEFMB4PDJFEBE
&TQBÒPMBEF)FNBUPMPHÎBZ)FNPUFSBQJB
◗+PSHF4JFSSBPDVQBSÃMBQSFTJEFODJB
EFMB4PDJFEBE&TQBÒPMBEF)FNBUPMP
HÎBZ)FNPUFSBQJB4&))
EVSBOUFMPT
QSÓYJNPTUSFTBÒPT&MKFGFEFM4FSWJDJP
EF)FNBUPMPHÎBEFM)PTQJUBM6OJWFSTJ
UBSJPEFMB4BOUB$SFVJ4BOU1BVEF
#BSDFMPOBTVTUJUVZFFOTVDBSHPB+PTÊ
.BSÎB.PSBMFEB4JFSSBFTDBUFESÃUJDP
EF)FNBUPMPHÎBZ)FNPUFSBQJBEFMB
'BDVMUBEEF.FEJDJOBEFMB6OJWFSTJ
EBE"VUÓOPNBEF#BSDFMPOBEFTEF
5BNCJÊOIBGPSNBEPQBSUFEFM
FRVJQP EJSFDUJWP EF MB &VSPQFBO
)FNBUPMPHZ "TTPDJBUJPO &)"
EF
BTPDJFEBEFODVZPDPNJUÊ
FKFDVUJWPQBSUJDJQÓ
+PTÊ"OUPOJP1ÃSBNPTVTUJUVZFB7JDFOUF
7JDFOUFFOMBQSFTJEFODJBEFMB4&5)
◗+PTÊ"OUPOJP1ÃSBNPIBTJEPFMFHJEP
OVFWP QSFTJEFOUF EF MB 4PDJFEBE
&TQBÒPMBEF5SPNCPTJTZ)FNPTUBTJB
4&5)
SFTVMUBEPEFMBTFMFDDJPOFT
QBSBMBSFOPWBDJÓOEFMB+VOUB%JSFD
UJWB DFMFCSBEBT IBDF VOPT EÎBT FO
4BOUJBHPEF$PNQPTUFMB1ÃSBNPTFSÃ
FMSFTQPOTBCMFEFMBTPDJFEBEEVSBOUF
MPTQSÓYJNPTDVBUSPBÒPTFOTVTUJUVDJÓO
EF7JDFOUF7JDFOUF&MOVFWPSFTQPOTB
CMFFTFMDPEJSFDUPSEFMEFQBSUBNFOUP
EF)FNBUPMPHÎBZ)FNPUFSBQJBZEJSFD
UPSEFM¦SFBEF.FEJDJOB7BTDVMBSEFMB
$MÎOJDB 6OJWFSTJEBE EF /BWBSSB
"EFNÃTFTDBUFESÃUJDPEF)FNBUPMPHÎB
FOMB6OJWFSTJEBEEF/BWBSSB
$BTUJMMB-B.BODIBDPOUBSÃDPONÃT
QSPGFTJPOBMFTTBOJUBSJPTFOFMQSÓYJNPBÒP
◗$BTUJMMB-B.BODIBUFOESÃFO
NÃT QSPGFTJPOBMFT TBOJUBSJPT NÃT
SFDVSTPTUFDOPMÓHJDPTZNÃTBDUJWJEBE
FOTVTDFOUSPT"TÎMPIBBTFHVSBEPTV
DPOTFKFSPEF4BOJEBE+FTÙT'FSOÃO
EF[ 4BO[ "DUVBMNFOUF MB SFHJÓO
iDVFOUBDPOQSPGFTJPOBMFTNÃT
RVFDPO%PMPSFTEF$PTQFEBMZBRVFFM
11EFTQJEJÓBQSPGFTJPOBMFTEF
MBTBOJEBEQÙCMJDBZUFOÎBQSPHSB
NBEP PUSPT DVBUSP NJM EFTQJEPTu
BQVOUB&MDPOTFKFSPIBJOEJDBEPRVF
FOTPMPVOBÒPFM(PCJFSOPEF(BSDÎB
1BHFIBDPOUSBUBEPB"EFNÃT
MBDPOTFKFSÎBUJFOFQSPHSBNBEBVOB
01&DPONÃTEFQMB[BT
(. EFPDUVCSFBMEFOPWJFNCSFEF
1PMÓUJDB
&M4/4DPOVOEFUFNQPSBMJEBE
DPNJFO[BBFMBCPSBSTVNBQBMBCPSBM
-PTTJOEJDBUPTDPJODJEFOFORVFMBTDPNVOJEBEFTUJFOFORVFFMJNJOBSMPTMÓNJUFTBMBTUBTBTEFSFQPTJDJØO
$"3.&/.-»1&;
.BESJE
&MQSPCMFNBEFMBUFNQPSBMJEBEFOMBT
QMBOUJMMBTEFM4JTUFNB/BDJPOBMEF4BMVE
4/4
FTMBIFSFODJBRVFSFDJCJSÃFMOVFWP
JORVJMJOP NJOJTUFSJBM FO FM 1BTFP EFM
1SBEP6OBUBSFBRVFOPTPMPEFQFOEFEF
FTUB DBSUFSB FM (PCJFSOP UFOESÃ RVF
ABSSJNBSFMIPNCSPTJRVJFSFDVNQMJSMBT
TFOUFODJBTEFM5SJCVOBMEF+VTUJDJBEFMB
6OJÓO &VSPQFB -B TPMVDJÓO QBTBSÎB
BEFNÃTEFQPSVOBSFGPSNBMFHJTMBUJWBEFM
&TUBUVUP.BSDPEFM5SBCBKBEPSQPSVOB
SFEJNFOTJÓOEFMBTQMBOUJMMBTEFMTJTUFNB
TBOJUBSJPQBSBBKVTUBSMBTBMBTOFDFTJEB
EFTEFNPHSÃGJDBT4JOFNCBSHPDPNP
FYQMJDBFMWJDFQSFTJEFOUFEFMB$POGFEFSB
DJÓO &TUBUBM EF 4JOEJDBUPT .ÊEJDPT
$&4.
5PNÃT 5PSBO[P TJO OVFWPT
QSFTVQVFTUPTIBZBMHVOBTNFEJEBTRVF
OP TF QPESÃO MMFWBS B DBCP &O FTUF
TFOUJEPMBTTJOFSHJBTZMBWPMVOUBEEFPUSPT
NJOJTUFSJPTTFSÃODMBWFT
$POMBJOUFODJÓOEFFNQF[BSBUSBCBKBS
FOFTUFUFSSFOPDPNVOJEBEFTBVUÓOPNBT
$$""
TJOEJDBUPT Z .JOJTUFSJP EF
4BOJEBE TF SFVOJFSPO MB TFNBOB
QBTBEB5SBTVOBÒPDPOFM¦NCJUPEF
/FHPDJBDJÓO QBSBEP EFTEF FM EF
PDUVCSF EF MBT PSHBOJ[BDJPOFT
BDPHJFSPOEFCVFOBHSBEPFTUFFODVFO
USP:FTRVFVOBEFMBTOPWFEBEFTEFMB
DJUBGVFMBWJTJUBEFMBNJOJTUSBFOGVODJP
OFT'ÃUJNB#ÃÒF[BMPTJOUFHSBOUFTEFM
¦NCJUPi)BTUBBIPSBOJOHÙONJOJTUSPMP
IBCÎBIFDIPuDPNFOUBMBQPSUBWP[EF
4BUTF.BS3PDIB"MNBSHFOEFFTUBT
iCVFOBTTFOTBDJPOFTuMBTPSHBOJ[BDJPOFT
DPJODJEFOFORVFiIBZRVFQPOFSGFDIBB
MBIPKBEFSVUBu
-BTDPNVOJEBEFTBVUÓOPNBTUJFOFO
UBSFBQPSEFMBOUFiIBDFSVONBQBEFM
TFDUPSQÙCMJDPQBSBUFTUBSMBUFNQPSBMJEBE
SFBMuTFÒBMB3PDIB1BSBFMMPIBODSFBEP
VOHSVQPEFUSBCBKPDPOFMNJOJTUFSJPRVF
BCPSEBSÃMBTQPMÎUJDBTRVFIBCSÃRVF
JNQMBOUBSQBSBFRVJMJCSBSMBCPMTBEF
FNQMFP.JFOUSBTMPTTJOEJDBUPTTFHVJSÃO
EFDFSDBMBTTFOUFODJBTFVSPQFBTQBSB
BCPSEBSMBCPMTBEFQSFDBSJFEBE
"KVJDJPEFMBTDFOUSBMFTMPQSJNFSPRVF
IBCSÎBRVFIBDFSFTFMJNJOBSMBUBTBEF
SFQPTJDJÓO RVF MMFWB JNQVFTUB EFTEF
&TFBÒPTPMPTFQVEPSFQPOFSFM
QPSDJFOUPEFMBTCBKBTVOQPSDFOUBKFRVF
TFIBJODSFNFOUBEPIBTUBMMFHBSBM
QPSDJFOFOMPTÙMUJNPTQSFTVQVFTUPTi-B
TJUVBDJÓOIBHFOFSBEPVOEÊGJDJUFTUSVD
UVSBMRVFMBT$$""IBOTPMWFOUBEPDPO
DPOUSBUBDJÓOUFNQPSBMuJOEJDBOFO6(5
-PRVFTVQPOFRVFDFSDBEFMQPSDJFOUP
EFMUPUBMEFMPTQSPGFTJPOBMFTUSBCBKFO
DPNP JOUFSJOPT -PT EBUPT EF $4*'
Distribución de plantillas en el SNS
Porcentaje de médicos con plaza en propiedad por CC.AA.
1
Porcentaje de médicos
con plaza en propiedad
dentro de la CC.AA.
Menor del 30%
Entre el 30 y el 40%
Entre el 40 y el 50%
Mayor del 50%
Duración de los contratos en el sistema público: Indefinidos y duración mayor de 6 meses vs. ocupación
Indefinidos (laboral fijo). Centro público o concertado en Sanidad Pública.
A tiempo completo
Mayor de 6 meses (interino o temporal mayor de 6 meses). A tiempo completo
19,6%
39,8%
4,1%
Indefinidos y contrato de duración superior a 6 meses a tiempo parcial
11,1%
Menos de 6 meses (suplencias o coberturas de ausencias)
8,8%
Menos de 3 meses (suplencias o coberturas de ausencias)
2,6%
Semanas (suplencias o coberturas de ausencias)
4,0%
Días (suplencias o coberturas de ausencias)
40,9%
6,4%
Contrato de guardias
Contrato de voluntariado 0,1%
3,8%
Otros
0%
10%
20%
30%
40%
50%
Base: médicos que trabajan en la SNS sin contar a los que tienen plaza en propiedad (3.310 casos)
Fuente: Organización Médica Colegial (OMC).
FTUJNBORVFFOFMÃNCJUPEFMBTBENJOJT
USBDJPOFTQÙCMJDBTIBZNÃTEF
QFSTPOBTDPOFTUFUJQPEFDPOUSBUPiMB
DJGSBNÃTBMUBEFMPTÙMUJNPTDVBUSPBÒPTu
-BTPMVDJÓODPNPEFTUBDB5PSBO[PFTVOB
HSBO01&iDPOUPEBTMBTQMB[BTWBDBOUFT
JODMVZFOEPBMPTFWFOUVBMFTDPOWFSUJEPT
FOJOUFSJOPTZMBTHFOFSBEBTQPSKVCJMB
DJÓOBTÎDPNPMBTOFDFTBSJBTQBSBDVCSJS
UPEPTMPTQVFTUPTu5PSBO[PBEWJFSUFEF
RVFMB01&EFCFTFSDPPSEJOBEBQPSFM
$POTFKP*OUFSUFSSJUPSJBMiFTUBCMFDJFOEP
VOBTCBTFTZVODBMFOEBSJPDPNÙOu
5SBT FTUB HSBO DPOWPDBUPSJB MBT
BENJOJTUSBDJPOFTUFOESÃORVFDPNQSP
NFUFSTFBVOB01&BOVBM-PTTJOEJDBUPT
EFGJFOEFOUBNCJÊORVFÊTUBTUJFOFORVF
JSQSFDFEJEBTQPSDPODVSTPTEFUSBTMBEPT
&TDJFSUPRVFQBSBFMMPIBCSÃRVFSFBMJ
[BSNPEJGJDBDJPOFTMFHBMFTQBSBRVFTJUVB
DJPOFTDPNPMBBDUVBMOPTFSFQJUB&OFTUF
TFOUJEPIBCSÃRVFSFDPOWFSUJSFOQMBOUJ
Gaceta Médica
MMBPSHÃOJDBUPEPTMPTQVFTUPTEFUSBCBKP
RVFFTUÃOEFNBOFSBFWFOUVBMZRVF
TFHÙOFTUJNB$&4.TPODFSDBEF
"TJNJTNPiIBCSÃRVFUSBOTGPSNBSFO
JOUFSJOPTBMPTQSPGFTJPOBMFTDPODPOUSB
UPTFWFOUVBMFTuBÒBEF5PSBO[P
"VORVFMPTEBUPTEFMB&1"IBOSFHJT
USBEPVOMFWFJODSFNFOUPiMBTBENJOJT
USBDJPOFTBSSBTUSBOVOBQÊSEJEBEFNÃT
EFQVFTUPTEFUSBCBKPEFTEF
GJOBMFTEFuFTUJNB$4*'
&MCBJMFEFDJGSBTFTFWJEFOUF$PNP
SFDVFSEBOMPTTJOEJDBUPTMBTFTUJNBDJPOFT
RVFFYJTUFOTPOMBTFMBCPSBEBTQPSMBT
QSPQJBT PSHBOJ[BDJPOFT ZB RVF iMBT
DPNVOJEBEFT OP EBO EBUPTu BQVOUB
3PDIB4JOFNCBSHPUPEPTDPJODJEFOFO
RVFFMQPSDFOUBKFEFQSPGFTJPOBMFTUFNQP
SBMFTSPOEBSÎBFMZQPSDJFOUP
4FHÙOEBUPTEFM$POTFKP(FOFSBMEF
$PMFHJPT0GJDJBMFTEF.ÊEJDPTBUSBWÊTEFM
&TUVEJPTPCSFMB4JUVBDJÓOMBCPSBMEF
.ÊEJDPTFMQPSDJFOUPEFMPTNÊEJDPT
TJO QMB[B FO QSPQJFEBE DVFOUBO DPO
DPOUSBUPTUFNQPSBMFTEFNFTFTTFNBOBT
FJODMVTPIPSBTWFSUBCMB
-BNBZPSÎBEF
FMMPTDPOVOBNFEJBEFNÃTEFTJFUF
DPOUSBUPTQPSBÒP
&M'PSP
6OPEFMPTDPNQSPNJTPTEFM'PSPEFMB
1SPGFTJÓO.ÊEJDBDPOFM(PCJFSOPFSB
QSFDJTBNFOUFFMFNQMFP$PNPFYQMJDBTV
QPSUBWP['SBODJTDP.JSBMMFTMPTQSPGFTJP
OBMFTZBIBOTPMJDJUBEPBMNJOJTUFSJPVOB
SFVOJÓO QBSB BCPSEBS UBNCJÊO FTUF
BTVOUPBVORVFUPEBWÎBOPIBOSFDJCJEP
SFTQVFTUB-PDJFSUPFTRVFBVORVFMBDJUB
DPOFM¦NCJUPZMBTDPNVOJEBEFTIBQSFDJ
QJUBEPMPTBDPOUFDJNJFOUPT.JSBMMFTFT
DPOTDJFOUFEFRVFFTVOUFNBTJOEJDBMQPS
MPRVFSFTQFUBSÃOUPEBTMBTEFDJTJPOFTRVF
TFUPNFOFOFM¦NCJUPRVFOPEJTUBO
NVDIPEFMBTEFM'PSP
1PMÓUJDBEFPDUVCSFBMEFOPWJFNCSFEF(.
RVFiOPEFCFSÎBIBCFSQSPCMFNBTJNQPS
UBOUFTFYDMVTJWBNFOUFQPSFTUFNPUJWPOJ
QSFTVQVFTUBSJBNFOUFOJEFUFTPSFSÎBu
4BMVEZQSFTVQVFTUP
&OMBNJTNBMÎOFB1FSF*CFSOQSPGFTPS
EFM %FQBSUBNFOUP EF &DPOPNÎB Z
&NQSFTBEFMBNJTNBVOJWFSTJEBEDJUB
DPNPFKFNQMP$BUBMVÒBEPOEFFMHBTUP
TBOJUBSJPIBBVNFOUBEPEPTFVSPTFO
VOBEÊDBEBi"FTUBTBMUVSBTRVFFO
MVHBSEFBÒPTTFBOZBOPJNQSF
TJPOB"MHVJFOEFCFQSFHVOUBSTFQPSMB
TBMVEEFMPTDJVEBEBOPTZOPQPSFM
QSFTVQVFTUPBEJDJPOBMRVFOPMPIBCSÃu
TFOUFODJB
1PSTVQBSUF%BWJE$BOUBSFSPQSPGF
TPS EF &DPOPNÎB Z SFTQPOTBCMF EFM
(SVQPEF*%JFO&DPOPNÎBEFMB4BMVE
EFMB6OJWFSTJEBEEF$BOUBCSJBQPOFFM
BDFOUPFOFMUFDIPEFHBTUPi-BTDPNVOJ
EBEFT TF FOGSFOUBO B VO FTDFOBSJP
JOÊEJUPEFTEFIBDFBÒPT"ÙOOPTFIB
BQSPCBEPFMUFDIPEFHBTUPEFMQSFTV
QVFTUPFTUBUBMQBSBu
&OTVPQJOJÓOMBQSÓSSPHBQSFTVQVFT
UBSJBiBGFDUBSÃZCBTUBOUFBMBGJOBODJB
DJÓOTBOJUBSJB"ÙOWBNPTBUBSEBSFO
TBCFSRVÊJNQVFTUPTQBHBSFNPTZRVÊ
TFSWJDJPT QÙCMJDPT SFDJCJSFNPT FO
FTQFDJBMFOTBOJEBE
ZBRVFEFTEFFM
QVOUPEFWJTUBQSFTVQVFTUBSJPMBDPOTF
DVFODJBFTRVFOPTFODPOUSBNPTDPORVF
DVBMRVJFSSFHJÓOOPTBCFDVÃMFTTFSÃO
-ØQF[$BTBTOPWBTTF×BMB
RVFMBTJUVBDJØOFDPOØNJDB
iZBIBIFDIPCBKBSNVDIP
MBJOWFSTJØOw
$BOUBSFSPQPOFEFNBOJGJFTUP
RVFMBTDPNVOJEBEFT
SFQFUJSÈOQSFTVQVFTUPTFOVO
NBSDPEFDSFDJNJFOUP
&MBDUVBMQSFTJEFOUFFOGVODJPOFT.BSJBOP3BKPZQSFTFOUBSÈOVFWPTQSFTVQVFTUPTDVBOUPBOUFTTJGJOBMNFOUFSFDJCFBQPZPTTVGJDJFOUFTFOMBÞMUJNBWPUBDJØOEFJOWFTUJEVSB
$JODPWJTJPOFTTPCSFFMQFTP
EFMBQSÓSSPHBEFMPT1(&
FOMBGJOBODJBDJÓOTBOJUBSJB
-PTFDPOPNJTUBTDPJODJEFOFOFMFTUSFDIPNBSHFOEFNBOJPCSBQBSBMBT$$""
&.$".10+13".¶3&;
.BESJE
-B QBSBMJ[BDJÓO RVF IB TVGSJEP FM
$POHSFTPEFMPT%JQVUBEPTFOFMÙMUJNP
BÒPIBGPS[BEPBM(PCJFSOPFOGVODJPOFT
BQSPSSPHBSMPT1SFTVQVFTUPT(FOFSBMFT
EFM&TUBEP1(&
EF&MBDUVBMQSFTJ
EFOUF.BSJBOP3BKPZTFIBJNQVFTUP
DPNPQSJNFSPCKFUJWPTVBQSPCBDJÓOFO
DVBOUPTFQPOHBBUSBCBKBSFMOVFWP
&KFDVUJWP1FSPMBTBVUPOPNÎBTQBSUJSÃO
DPOVOBTUSBOTGFSFODJBTNFOPSFTBMP
JOJDJBMNFOUFQSFWJTUPMPRVFJNQBDUBSÃ
EFNBOFSBOFHBUJWBFOTBOJEBE$JODP
FYQFSUPTFOFDPOPNÎBEFMBTBMVEFYQMJ
DBOMBTQPTJCMFTDPOTFDVFODJBT
1BSB (VJMMFN -PQF[ $BTBTOPWBT
QSPGFTPSEF&DPOPNÎBEFMB6OJWFSTJEBE
1PNQFV'BCSBMBTJUVBDJÓOHFOFSBVO
FTDFOBSJPFTQFDÎGJDP4FQSPSSPHBSÎBOMPT
DSÊEJUPTJOJDJBMFTEFMPTHBTUPTEFMPT
QSFTVQVFTUPTEFMBÒPBOUFSJPS&MQSPGF
TPSEFTUBDBRVFMBFTUSVDUVSBPSHÃOJDB
EFMQSFTVQVFTUPQSPSSPHBEPTFQVFEF
BEBQUBSTJOBMUFSBSTVDVBOUÎBHMPCBMB
MBPSHBOJ[BDJÓOBENJOJTUSBUJWBWJHFOUF
FOFMOVFWPFKFSDJDJP$POSFTQFDUPB
DBQÎUVMPVOPMBTSFUSJCVDJPOFTEFQFSTP
OBMTFBKVTUBSÎBOBMBTEPUBDJPOFTQSFTV
QVFTUBEBTBEFEJDJFNCSFEF
BDMBSBFMFYQFSUP&ODVBOUPBMPTDBQÎUV
MPTEFMBMTFQSPSSPHBOQPSMBUPUBMJ
EBE EFM QSFTVQVFTUP JOJDJBM EF BKVTUBEPBMBTQSFWJTJPOFTEFJOHSFTPTGJO
BMJTUBTZBGFDUBEPTQPS
$POSFTQFDUPBMPTHBTUPTEVSBOUFFTUB
FUBQB-ÓQF[$BTBTOPWBTSFDVFSEBRVF
OP TF QPESÃO USBNJUBS HBTUPT EF MPT
DBQÎUVMPTZDPOMBFYDFQDJÓOEFMBT
RVFTFGJOBODJBODPODSÊEJUPTBVUPSJ[B
EPTQPSBDVFSEPTEF(PCJFSOPEFDBSÃD
UFSQMVSJBOVBM"OUFFTUPFMFDPOPNJTUB
SFTVNFRVFIBCSÃiOPSNBMJEBEBCTPMVUB
FO DVBOUP B MPT HBTUPT DPSSJFOUFT Z
SFTUSJDDJÓODPNPFOFMSFTUPEFQSÓSSP
HBTFOFMHBTUPEFJOWFSTJÓOOVFWBu"ÙO
BTÎ-ÓQF[$BTBTOPWBTSFDVFSEBRVFMB
TJUVBDJÓOFDPOÓNJDBZQSFTVQVFTUBSJB
iZBIBIFDIPCBKBSNVDIPMBJOWFSTJÓO
EFMPTÙMUJNPTBÒPTu1PSUBOUPTVCSBZB
TVTAFTUSFDIFDFTFDPOÓNJDBTQBSBFM
QSÓYJNPBÒPu
$BOUBSFSP BWJTB EF RVF TF FTUÃO
EFTQMB[BOEPHBTUPTZEÊGJDJUBFO
WF[EFB:MPRVFFTNÃTiFMFGFDUP
ACPMBEFOJFWFTFHVJSÃDSFDJFOEPFOMBT
DVFOUBT TBOJUBSJBT Z BVNFOUBSB MB
EFVEBQPSMPRVFQVFEFWPMWFSBQSPEV
DJSTF VOB HSBWF EFTWJBDJÓO FOUSF FM
QSFTVQVFTUPJOJDJBMZFMSFBMNFOUFMJRVJ
EBEPBMGJOBMEFMFKFSDJDJPuBEWJFSUF
4J GJOBMNFOUF TF BQSVFCBO OVFWPT
QSFTVQVFTUPTBDPSUPQMB[PTFQSPEVDJ
SÎBCBKPMBDPOEJDJÓOEFGJKBSVOiUFDIPEF
HBTUPuUBMZDPNPMBFYJHFMB-FZ0SHÃOJDB
EF&TUBCJMJEBE1SFTVQVFTUBSJBZ4PTUFOJ
CJMJEBE'JOBODJFSB&OFTUFDPOUFYUPMBT
SFHJPOFTSFQFUJSÎBOFOTVTQSFTVQVFTUPT
BMOPUFOFSEBUPTBDUVBMJ[BEPTBTFHVSB
"MHPEJGÎDJMEFFOUFOEFSQPSPUSBQBSUF
FOVOFOUPSOPFOFMRVFTFQSFWÊRVFMB
FDPOPNÎBDSF[DBFMBÒPRVFWJFOFDPNP
NÎOJNP BM QPS DJFOUP TVCSBZB
i1SPSSPHBS TVQPOF GVODJPOBS DPO MP
NJTNP RVF TF UFOÎB FO FM FKFSDJDJP
BOUFSJPSZFTPFRVJWBMFFOFMNPNFOUP
BDUVBMBOVFWPTBKVTUFTZBSFTUSJDDJPOFT
GVFSUFTEFMHBTUPJODMVJEBMBTBOJEBE
QSPEVDJÊOEPTFQBSBEÓKJDBNFOUFFOVO
EÓOEFIBCSÎBDSFDJNJFOUPFDPOÓ
NJDPQPTJUJWPuDPODMVZF
(.EFPDUVCSFBMEFOPWJFNCSFEF1PMÓUJDB
4FHÙOTVWJTJÓOMPJNQPSUBOUFBIPSB
FTEJTQPOFSEFVOCPSSBEPSCBTBEPFO
TJNVMBDJPOFTTVKFUPBSFWJTJÓOQPTUFSJPS
i:FTRVFFM.JOJTUFSJPEF)BDJFOEBOP
IBFOWJBEPBMPTEJGFSFOUFTUFSSJUPSJPT
EBUPTDMBWFDPNPTVPCKFUJWPEFEÊGJDJU
GJOBM&MMPJNQMJDBRVFIBZRVFDPOPDFS
CJFOFTUBTDJGSBTQVFTTVQPOFONVDIPT
NJMMPOFTEFFVSPTBMFMBCPSBSVOQSFTV
QVFTUPQBSBFMBÒPRVFWJFOFRVFTFIB
EFIBDFSCBKPVOQBSBHVBTEFJODFSUJ
EVNCSFuBENJUF$BOUBSFSPBVHVSBRVF
BOUF FTB JOEFGJOJDJÓO Z QBSÃMJTJT MB
JOFTUBCJMJEBEWBBIBDFSQSÃDUJDBNFOUF
JNQPTJCMFDVNQMJSMPTPCKFUJWPTEFEÊGJDJU
&MFTQFDJBMJTUBJOTJTUFFORVFTJMPT1(&
TFQSPSSPHBOTFSFEVDFFMNBSHFOEF
NBOJPCSB QSFTVQVFTUBSJP SFHJPOBM
2VFEBQFOEJFOUFTBCFSTJTFMJNJUBFMHBTUP
SFHJPOBMJODMVJEBMBTBOJEBE
NFEJBOUFMB
JOUSPEVDDJÓOEFDPOEJDJPOBMJEBEFOMPT
'POEPTEF-JRVJEF["VUPOÓNJDB
i&OUPEPDBTPMBSFDBVEBDJÓOFTUBUBM
TJHVFDSFDJFOEPNFOPTRVFMPQSFWJTUPZ
MB TBOJEBE WFSÃ SFDPSUBEP TV DSFDJ
NJFOUPQVFTMPJNQPSUBOUFFOVOQSFTV
QVFTUP FT MP RVF BQBSFDF Z TJ OBEB
DBNCJBMPRVFOPBQBSF[DBBIÎFTVOB
NFSBEFDMBSBDJÓOEFJOUFODJPOFTuDJUB
FOBMVTJÓOBMIBDFOEJTUB'SJU[/FVNBSL
4PCSFFTUFQVOUPFMFDPOPNJTUBEFMB
6OJWFSTJEBEEF$BOUBCSJBEFTUBDBRVF
iGBMUBWPMVOUBEQPMÎUJDBQBSBQBTBSEFMBT
QBMBCSBTBMPTIFDIPTFOVOTFDUPSDPNP
FMTBOJUBSJPRVFOFDFTJUBTFSJODFOUJWBEP
QVFTBZVEBBRVFVOBFDPOPNÎBGVODJPOF
CJFODSFBOEPWBMPSTPDJBMFJHVBMEBEEF
PQPSUVOJEBEFTu&OSFTVNFOJOTJTUFFO
RVFiTFOFDFTJUBVOBGJOBODJBDJÓOTBOJUB
SJBNVDIPNÃTHBSBOUJ[BEBFODVBOUPB
TVTSFDVSTPTRVFBDUVBMNFOUFBTÎDPNP
FM EFTQMJFHVF EF EJWFSTPT GPOEPT EF
DPIFTJÓOZTPMJEBSJEBERVFQFSNJUBO
SFCBKBSMBTEFTJHVBMEBEFTu
1(&MPTJOHSFTPTTFTJUVBSPOFOFO
NJMMPOFTEFFVSPTMPRVFTVQPOF
VOQPSDJFOUPNÃTRVFFMBÒPBOUFSJPS
/PPCTUBOUF#PIJHBTJOTJTUFFORVFFTUB
DBOUJEBETFMFTEFWPMWFSÃFOFMGVUVSP
&OMBNJTNBMÎOFB+PBO3PWJSBQSPGF
TPSFNÊSJUPEFM%FQBSUBNFOUPEF5FPSÎB
&DPOÓNJDBEFMB6OJWFSTJEBEEF#BSDF
MPOBDPJODJEFFORVFMBQSÓSSPHBTVQPOF
VOBNBZPSJODFSUJEVNCSFUBOUPQBSBMBT
BENJOJTUSBDJPOFTQÙCMJDBTDPNPQBSBMBT
FNQSFTBTi4JBDUÙBODPOQSVEFODJBMP
MÓHJDPFTRVFMPTBHFOUFTFDPOÓNJDPT
HBTUFONFOPTQBSBFWJUBSTJUVBDJPOFTEF
GBMUBEFDPCFSUVSBGJOBODJFSBZMPTDPOTJ
HVJFOUFTJNQBHPTuBEWJFSUF
%FUPEBTGPSNBTiFOVODPOUFYUPEF
QSFTJÓOEFMB6OJÓO&VSPQFBQBSBRVF
&TQBÒBSFEVKFTFFMHBTUPQÙCMJDPQBSB
SFEVDJSFMEÊGJDJUMBQFSTQFDUJWBEFRVF
TFNBOUFOESÃOMBTBTJHOBDJPOFTEF
QVFEFTVHFSJSBMPTBHFOUFTMBQPTJCJMJ
EBEEFRVFEJTQPOESÃONÃTEFMPTRVF
QPESÎBOEJTQPOFSTJOQSÓSSPHBuJOEJDB
&OPDBTJPOFTBOUFSJPSFT3PWJSBJODJEFFO
RVFMBQSÓSSPHBEFMPTQSFTVQVFTUPT
DPOUSJCVZÓBSFEVDJSFMEÊGJDJUEFCJEPBM
FGFDUPTJNVMUÃOFPEFMBDPOHFMBDJÓOEF
QBSUJEBTEFHBTUPZFMBVNFOUPEFMPT
JOHSFTPTGJTDBMFTRVFHFOFSÓFMNBOUFOJ
NJFOUPEFMPTUSBNPTJNQPTJUJWPTFOVO
QFSJPEPEFJOGMBDJÓO
&MFDPOPNJTUBIBDFIJODBQJÊFORVFMBT
DPNVOJEBEFTOPSFDJCFOVOBBTJHOBDJÓO
#PIJHBTSFDVFSEBRVFMB
$PNJTJØO&VSPQFBIBQFEJEP
B&TQB×BSFDPSUFTEF
NJMMPOFTEFFVSPT
&YJHFODJBTEF#SVTFMBT
3PWJSBJOTJTUFFORVFiMB
SFTQVFTUBEFQFOEFSÈEFMB
DBQBDJEBEEFTVCJSJNQVFTUPT
PEFFOEFVEBSTFw
&OFTUFDPOUFYUPFMFYQFSUPFOFDPOPNÎB
EFMBTBMVE-MVÎT#PIJHBTSFDVFSEBRVFMB
$PNJTJÓO&VSPQFBZBIBBEWFSUJEPB
&TQBÒBEFRVFEFCFBGSPOUBSSFDPSUFTEF
NJMMPOFTEFFVSPTTJRVJFSFDVNQMJS
DPOMBTFOEBEFMEÊGJDJU-BTBENJOJTUSB
DJPOFTOPIBODPOTFHVJEPDPSSFHJSMB
EFTWJBDJÓOEVSBOUFFTUFFKFSDJDJP&OMPT
QSFTVQVFTUPT RVF FM (PCJFSOP IB
SFNJUJEPB#SVTFMBTFTUJNBRVFFMEÊGJDJU
TFTJUVBSÃFOFOFMQPSDJFOUP
NFEJPQVOUPQPSFODJNBEFMPCKFUJWP
QBSBFTFFKFSDJDJP
&MJNQBDUPFOTBOJEBEEFQFOEFSÃEF
iTJFMSFDPSUFSFDBFTPCSFMBTDPNVOJEB
EFT BVUÓOPNBT P TF SFQBSUF DPO MB
BENJOJTUSBDJÓO DFOUSBMu FYQMJDB
#PIJHBT4PMP1BÎT7BTDPZ/BWBSSBDPO
VO SÊHJNFO GJTDBM EJGFSFOUF QPESÎBO
BNPSUJHVBSMPTBKVTUFTi4JGJOBMNFOUFMBT
DPNVOJEBEFTEFCFOIBDFSGSFOUFTPMBTB
FTPTNJMMPOFTIBZRVFUFOFSFO
DVFOUBRVFFMQSFTVQVFTUPFOTBOJEBE
SFQSFTFOUBFMQPSDJFOUPuBÒBEF
-BQSÓSSPHBQSFTVQVFTUBSJBTVQPOESÃ
RVFMPTHPCJFSOPTSFHJPOBMFTQBSUBODPO
MBTNJTNBTUSBOTGFSFODJBTRVFFMBÒP
QBTBEP4FHÙO#PIJHBTFTUBDBOUJEBETF
DBMDVMBFOGVODJÓOEFMPTJOHSFTPTRVFFM
&TUBEPSFDBVEÓIBDFEPTBÒPTi&TUFBÒP
MFTDPSSFTQPOEFSÎBSFDJCJSMBDJGSBEF
QFSPQBSUJSÃODPOFMNJTNPEJOFSP
RVFFOuFYQMJDB#PIJHBT4FHÙOMPT
GJOBMJTUB QBSB TBMVE EF NBOFSB RVF
DVFOUBODPODJFSUPNBSHFOQBSBBVNFO
UBSPSFEVDJSTVHBTUPFOTBMVEJOEFQFO
EJFOUFNFOUF EF MB BTJHOBDJÓO RVF
SFDJCBOEFMPT1(&i/PFTUÃOPCMJHBEBT
BOBEBEFGPSNBEFUFSNJOJTUBu
1PSFMMPQVOUVBMJ[BRVFiMBSFTQVFTUB
EFQFOEFSÃEFMBDBQBDJEBEEFBVNFOUBS
MPTJOHSFTPTJNQVFTUPT
QSPQJPTPEF
FOEFVEBSTF Z EF MB QSJPSJEBE RVF
PUPSHVFOBMHBTUPFOTBMVESFTQFDUPB
PUSBTQBSUJEBTu
1BSBGJOBMJ[BS3PWJSBJOTJTUFFORVF
NBOUFOFSMBGJOBODJBDJÓOTBOJUBSJBEFMBT
DPNVOJEBEFTTJMPTJOHSFTPTEFM1(&
EJTNJOVZFOiTPMPFTQPTJCMFDPOVOB
DPNCJOBDJÓOEFBVNFOUPTFOMBTBQPSUB
DJPOFTQSPQJBTPEFMFOEFVEBNJFOUPu
%FOUSPEFMPTMÎNJUFTFYUFSOPTBDMBSBRVF
iTFUSBUBEFVOBEFDJTJÓOQPMÎUJDBRVF
EFQFOEFSÃQSPCBCMFNFOUFEFMBPSJFO
UBDJÓO QPMÎUJDB EFM HPCJFSOP EF DBEB
DPNVOJEBEBVUÓOPNBu$PNPFKFNQMP
FMFDPOPNJTUBDJUBFMDBTPEF/BWBSSB
RVF BOVODJÓ SFDJFOUFNFOUF RVF TVT
QSFTVQVFTUPTEFTBMVEQBSBDSFDF
SÃOFOVOQPSDJFOUPSFTQFDUPBMBÒP
BOUFSJPS VOB EFDJTJÓO SFMBUJWBNFOUF
BTVNJCMFFOVOBDPNVOJEBERVFDVFOUB
DPOiVOBGJOBODJBDJÓOBVUPOÓNJDBSFMBUJ
WBNFOUFGBWPSBCMFu
$TSFDMBNBRVFMPT
NÊEJDPTOPUSJCVUFO
QPSMBGPSNBDJÓO
)BDJFOEBDPOTJEFSBRVFQPESÓBTFSQBHPFOFTQFDJF
+13
.BESJE
-B PCMJHBDJÓO EFM $ÓEJHP EF #VFOBT
1SÃDUJDBTEF'BSNBJOEVTUSJBEFQVCMJDBS
UPEBT MBT USBOTGFSFODJBT EF WBMPS IB
HFOFSBEPJODFSUJEVNCSFFOUSFMPTQSPGF
TJPOBMFTTBOJUBSJPT&TUBQSFPDVQBDJÓO
IBMMFWBEPBMHSVQPQBSMBNFOUBSJPEF
$JVEBEBOPTBQSFTFOUBSVOBQSPQPTJDJÓO
OPEFMFZ1/-
FOFM$POHSFTPEFMPT
%JQVUBEPTQBSBRVFTFEFDMBSFOFYFOUBT
EFUSJCVUBDJÓOBRVFMMBTiEFEJDBEBTBMB
GPSNBDJÓO EF MPT QSPGFTJPOBMFT EFM
4JTUFNB/BDJPOBMEF4BMVEu
-B JOUFODJÓO EF MB GPSNBDJÓO RVF
MJEFSB"MCFSU3JWFSBFTRVFFTUFUFNB
QVFEBFOUSBSFOMB$PNJTJÓOEF4BOJEBE
QBSBTVEFCBUF&MUFYUPDPOTJEFSBUSBOT
GFSFODJBT EF WBMPSiMPT QBHPT EF MBT
JOTDSJQDJPOFT B DVSTPT DPOHSFTPT P
DVBMFTRVJFSB BDUJWJEBEFT GPSNBUJWBT
QBSB MBT RVF IBZBO PCUFOJEP QSFWJB
BVUPSJ[BDJÓOEFMDFOUSPTBOJUBSJPFOFM
RVFQSFTUFOTVTTFSWJDJPTBTÎDPNPMPT
HBTUPTEFUSBTMBEPZBMPKBNJFOUPRVFTF
EFSJWFOEFMBBTJTUFODJBBMBTNJTNBT
FYDFQUPMPTEFNBOVUFODJÓOu
$JVEBEBOPT DPOTJEFSB RVF FO VO
DPOUFYUPNBSDBEPQPSMPTCBKPTTBMBSJP
EFMPTNÊEJDPTFTQBÒPMFTiBGSPOUBSMPT
HBTUPTEFMBGPSNBDJÓODPOUJOVBEB
BTJTUFODJBBDVSTPTZDPOHSFTPT
EFCFSÎB
EFTFSUBSFBEFMQSPQJP4JTUFNB/BDJPOBM
EF4BMVEu
%JTUJODJØOFOMBTUSBOTGFSFODJBT
-B1/-EF$JVEBEBOPTTFEJSJHFFYDMVTJ
WBNFOUFBMBDVFTUJÓOEFMBGPSNBDJÓOZ
FTQFDJGJDBRVFiFMSFTUPEFUSBOTGFSFODJBT
EF WBMPS SFBMJ[BEBT QPS MB JOEVTUSJB
GBSNBDÊVUJDBEFJOTUSVNFOUBMNÊEJDPP
DVBMRVJFSPUSBFTUBSÃTVKFUBBMBUSJCVUB
DJÓOIBCJUVBMu5BNCJÊOEFCFSÎBOUSJCV
UBSBKVJDJPEFMBGPSNBDJÓOOBSBOKBMBT
USBOTGFSFODJBTEFEJDBEBTBMBMBQSPNP
DJÓOPJOWFTUJHBDJÓOEFQSPEVDUPTGBSNB
DÊVUJDPTZBRVFTVQPOFOiVOBBDUJWJEBE
EFTUJOBEBEJSFDUBNFOUFBGBWPSFDFSMB
BDUJWJEBE QSPEVDUJWB Z MPT MFHÎUJNPT
JOUFSFTFTEFVOBFNQSFTB1PSUPEPFMMP
FM HSVQP QBSMBNFOUBSJP DJVEBEBOPT
QSFTFOUBMBTJHVJFOUF
)BTUBBIPSBMB%JSFDDJÓO(FOFSBMEF
5SJCVUPTTJFNQSFIBCÎBFOUFOEJEPRVFMB
BTJTUFODJB B DPOHSFTPT Z MPT QBHPT
EFSJWBEPTQPEÎBODPOTJEFSBSTFQBHPFO
FTQFDJF"TÎMPSFTPMWJÓFOZ
BOUFMBTQSPHVOUBTRVFGPSNVMBSPOVOB
DPNQBÒÎB GBSNBDÊVUJDB Z PUSB EF
FRVJQBNJFOUPTBOJUBSJP
-PTEJDUÃNFOFTDVFOUBOZBDPODJFSUB
BOUJHÛFEBEQFSPDPOUJOÙBOWJHFOUFTZB
RVFOPFYJTUFOSFTPMVDJPOFTQPTUFSJPSFT
RVFIBZBOUSBUBEPFMUFNB7FS(.O
&TUBT SFUSJCVDJPOFT FO FTQFDJF
QVFEFO DMBTJGJDBSTF EF EPT NBOFSBT
EJGFSFOUFTi1SPDFEFSÃTVDBMJGJDBDJÓO
DPNPSFOEJNJFOUPTEFMUSBCBKPDVBOEPMB
AJOWJUBDJÓOBMDPOHSFTPWFOHBNPUJWBEB
QPSFMQVFTUPEFUSBCBKPEFTFNQFÒBEP
QPSFMNÊEJDPCFOFGJDJBSJPuTFHÙOMB
SFTPMVDJÓOEFMBEJSFGDJÓOHFOFSBM&OFM
DBTPEFMFKFSDJDJPMJCSFEFMBQSPGFTJÓOiTV
DBMJGJDBDJÓOTFSÃMBEFSFOEJNJFOUPTEFMB
BDUJWJEBEQSPGFTJPOBMu
'VFOUFT EF 'BSNBJOEVTUSJB IBO
NPTUSBEPBFTUFQFSJÓEJDPTVBQPZPBMB
QSPQVFTUBEF$JVEBEOPTFOFM$POHSFTP
EFMPT%JQVUBEPTi-BJOEVTUSJBGBSNB
DÊVUJDBMPTQSPGFTJPOBMFTZFOHFOFSBM
FMNVOEPEFMBTBMVEIBOFOUFOEJEPTJFN
QSFRVFUBMFTQBUSPDJOJPTOPEFCÎBOTFS
DPOTJEFSBEPTSFUSJCVDJPOFTFOFTQFDJF
PFODBTPEFTFSMPOPEFCFSÎBOUFOFS
JNQBDUPGJTDBMFOFMQSPGFTJPOBMTBOJUB
SJPZBRVFEFCFODPOTJEFSBSTFDPNPVOB
DBVTBEFFYDMVTJÓOTFHÙOMPTTVQVFTUPT
RVF DPOUFNQMB MB -FZ EFM *31'u -B
QBUSPOBMJOTJTUFFORVFMBGPSNBDJÓOFT
VOB PCMJHBDJÓO EFM QSPGFTJPOBM RVF
CFOFGJDJBBMTJTUFNBTBOJUBSJP
&MQPSUBWP[EF4BOJEBEEF$JVEBEBOPTFOFM$POHSFTPEFMPT%JQVUBEPT'SBODJT*HFB4VGPSNBDJØOIBQSFTFOUBEPFTUB
TFNBOBVOB1/-QBSBFWJUBSRVFMBGPSNBDJØOQBHBEBQPSMBJOETVUSJBGBSNBDÏVUJDBTFDPOTJEFSFQBHPFOFTQFDJF
1PMÓUJDBEFPDUVCSFBMEFOPWJFNCSFEF(.
+04­."3±"7&3(&-&4❘$POTFKFSPEF4BOJEBEEFMB+VOUBEF&YUSFNBEVSB
i-BUFNQPSBMJEBETFBDBCBDPOWPDBOEP
01&TZFMJNJOBOEPMBUBTBEFSFQPTJDJÓOu
+35
.BESJE
&YUSFNBEVSBMMFWBUJFNQPUSBCBKBOEP
QBSBQBMJBSMPTFGFDUPTEFMPTBKVTUFT
EFSJWBEPTEFMBDSJTJTFDPOÓNJDBZEBSVO
OVFWPFOGPRVFBMNPEFMPEFBTJTUFODJBM
-PTQMBOFTFTUSBUÊHJDPTFOMPTEJGFSFOUFT
OJWFMFTGPSNBOQBSUFZBEFMRVFIBDFS
EJBSJPEFMFRVJQPRVFEJSJHFFMDPOTFKFSP
EF4BOJEBE+PTÊ.BSÎB7FSHFMFT(.IB
BOBMJ[BEPDPOÊMMBTBOJEBEFYUSFNFÒB
14FUJFOFORVFBQSPCBSQSFTVQVFT
UPTFOCSFWFy)BCSÃNBZPSQBSUJEB
QBSB4BOJEBE 3 &O DSFDJNPT VO QPS
DJFOUP'VJNPTDBQBDFTDPOFMFYUSB'-"
EFQPEFSQBHBSBQSPWFFEPSFTZBIPSB
NJTNP FTUBNPT DVNQMJFOEP DPO FM
QFSJPEPNFEJPEFQBHPBQSPWFFEPSFT
TFHÙOMB-FZEF&TUBCJMJEBE1SFTVQVFT
UBSJB /P FTQFSP VO DSFDJNJFOUP UBO
FTQFDUBDVMBSDPNPFMRVFUVWJNPTFO
TJ CJFO RVJFSP QFOTBS RVF MPT
HSVQPTQPMÎUJDPTQVFEFOFTUBSEFBDVFSEP
FOVOBTVCJEBRVFBZVEFBNFKPSBSFM
DBQÎUVMP**RVFFTEPOEFFTUÃOMPTWFSEB
EFSPTQSPCMFNBTEFDVBMRVJFSTFSWJDJP
SFHJPOBMEFTBMVEZEFMFYUSFNFÒPFO
QBSUJDVMBS
1y)BCSÃQPTJCJMJEBEEFJOWFSTJÓOFO
OVFWBUFDOPMPHÎB 3&TUBNPTUSBCBKBOEPFOMBDPNQSB
EFOVFWBUFDOPMPHÎB7BNPTBFNQF[BS
QPSMPTBDFMFSBEPSFTMJOFBMFT4POMPT
FMFNFOUPTRVFNÃTOPTQSFPDVQBOFO
FTUFNPNFOUPQPSDVBOUPFTFMUSBUB
NJFOUPSBEJPUFSÃQJDPEFUVNPSFTRVFFO
FTUFNPNFOUPQPSMBPCTPMFTDFODJBEFMPT
BQBSBUPTFTUÃODBEVDBOEPTVTQFSJPEPT
EFHBSBOUÎB&TUBNPTJOUFOUBOEPCVTDBS
GÓSNVMBTRVFQFSNJUBOFMQBHPQPSVTP
EFBMUBUFDOPMPHÎBFOFMSFTUPEFMPTIPTQJ
UBMFT5FOFNPTRVFTFSDBQBDFTEFQBHBS
QPSVTPZHBSBOUJ[BSVOBSFOPWBDJÓO
UFDOPMÓHJDB 4FSÎB VOB FTQFDJF EF
SFOUJOH
1&OFOFSPTFJOJDJÓMBSFWJTJÓOEFM
NBQBTBOJUBSJPQBSBQPEFSMMFWBSB
DBCPMBWFSEBEFSBDPPSEJOBDJÓOTPDJP
TBOJUBSJBy)BZOPWFEBEFT 34Î&MNBQBTBOJUBSJPFTUÃCBTUBOUF
BWBO[BEP&OVOBQPCMBDJÓOUBOEJTQFSTB
DPNPMBOVFTUSBDPOLJMÓNFUSPT
DVBESBEPTIFNPTQVFTUPFMGPDPFOMB
EJTUSJCVDJÓO EF MBT [POBT EF TBMVE Z
BRVFMMPRVFBGFDUBBMNBQBEFBUFODJÓO
QSJNBSJB&MNBQBTBOJUBSJPFTUÃQSÃDUJ
DBNFOUFDFSSBEP1FSPMPJNQPSUBOUFEF
FTUFUSBCBKPFTRVFBMNJTNPUJFNQP
FTUBNPTEFTBSSPMMBOEPFMNBQBTPDJBM4J
TPNPTDBQBDFTEFIBDFSMPTDPNQMFNFO
UBSJPT Z TPMBQBS FM NBQB TBOJUBSJP Z
TPDJBMUFOESFNPTBTFHVSBEBMBDPPSEJ
OBDJÓOBTJTUFODJBMEFTEFMBCBTF/PTFSÃ
VOB DPPSEJOBDJÓO TPDJPTBOJUBSJB EF
BSSJCB BCBKP TJOP VOB DPPSEJOBDJÓO
EPOEFVOUSBCBKBEPSEFVOTFSWJDJPEF
1SFTVQVFTUPT
i/PFTQFSPVODSFDJNJFOUP
UBOFTQFDUBDVMBSDPNPFMRVF
UVWJNPTFOTJCJFO
RVJFSPQFOTBSFOVOBTVCJEBw
&NQMFP
i5FOFNPTVOEF
UFNQPSBMJEBEFOFMFNQMFPZ
VOEFFWFOUVBMJEBEFOFM
TFDUPSTBOJUBSJPw
&MDPOTFKFSPEF4BOJEBEEF&YUSFNBEVSB+PTÏ.BSÓB7FSHFMFTBTFHVSBRVFFMNBQBTPDJPTBOJUBSJPFTUÈCBTUBOUFBWBO[BEPQBSBJNQVMTBSMBiWFSEBEFSBDPPSEJOBDJØOBTJTUFODJBMw
BUFODJÓOTPDJBMCÃTJDBTFDPPSEJOBDPOFM
USBCBKBEPSEFVOFRVJQPEFBUFODJÓO
QSJNBSJBEFTBMVE"IÎFTUBSÎBMBWFSEB
EFSBDPPSEJOBDJÓO&TBFTMBOPWFEBEEFM
NBQBTPDJPTBOJUBSJPFYUSFNFÒP
1)BDFEPTEÎBTMBTDPNVOJEBEFT
BVUÓOPNBTTFSFVOÎBOFOFM.JOJTUFSJP
EF4BOJEBEQBSBBUBKBSFMQSPCMFNBEF
MBQSFDBSJFEBEy$ÓNPBGFDUBFO&YUSF
NBEVSBMBUFNQPSBMJEBEMBCPSBM 3/PUFOFNPTNVDIBUFNQPSBMJEBE:
MPEJHPBMDPNQBSBSNFDPOPUSBT$$""
5FOFNPTVOQPSDJFOUPEFUFNQPSBMJ
EBEFOFMFNQMFPTBOJUBSJPZVOEPTQPS
DJFOUP EF FWFOUVBMJEBE FO FM TFDUPS
TBOJUBSJP4PODJGSBTRVFOPTPOEFMBT
NÃTJNQPSUBOUFTEFMSFTUPEFMPTTFSWJ
DJPT SFHJPOBMFT EF TBMVE &TUBNPT
QSFPDVQBEPTQPSFTUFUFNBQSJNFSP
QPSRVFMBTFOUFODJBEFTEFOVFTUSPQVOUP
EF WJTUB IBDF UPEBWÎB NÃT SÎHJEB MB
BEBQUBDJÓOBMBTDPOUJOHFODJBTRVFTF
QSPEVDFOFOFMÃNCJUPTBOJUBSJPDPNP
DPOTFDVFODJBEFDBNCJPTFOEFUFSNJ
OBOUFTEFTBMVEQBUSPOFTFQJEFNJPMÓHJ
DPTPDBNQBÒBTRVFTFQVFEBOJOJDJBSFO
FMTFDUPSTBMVE1FSPDPNPUFOFNPTRVF
BDBUBSMBZTPNFUFSOPTBFMMBOVFTUSBJEFB
DPOSFTQFDUPBMBUFNQPSBMJEBEFTRVF
FTUPEFCFTFSVOBSFTQVFTUBBSNPOJ[BEB
QPS QBSUF EF UPEP FM 4/4 1PS UBOUP
DFMFCSBNPTRVFTFIBZBSFVOJEPFMQMFOP
EFMBDPNJTJÓOEF3FDVSTPT)VNBOPTEFM
4/4QBSBMMFHBSBMBDPODMVTJÓOEFRVF
IBZRVFHFOFSBSVOHSVQPEFUSBCBKPEF
MBT $$"" RVF OPT QFSNJUB DPOPDFS
DVÃMFTTPOMBTNFEJEBTBUPNBS
1y$VÃMFTMBTPMVDJÓOBTVKVJDJP 3)BZVOUFNBEFQSPGVOEPDBMBEP
RVF IBZ RVF BGSPOUBS DPNP QBÎT -B
UFNQPSBMJEBE TF BDBCB DPOWPDBOEP
PGFSUBTQÙCMJDBTEFFNQMFP01&T
4F
DPOWPDBOPQPTJDJPOFTDPONÃTQMB[BTTJ
FM(PCJFSOPFMJNJOBMBUBTBEFSFQPTJDJÓO
EFMTFDUPSTBOJUBSJP"FMMPJSFNPT-P
FYJHJSFNPTFOFM$POTFKP*OUFSUFSSJUPSJBM
FOMB"TBNCMFBEF&YUSFNBEVSBZBMMÃ
EPOEFMPUFOHBNPTRVFFYJHJSQBSBRVF
MBUBTBEFSFQPTJDJÓOEFTBQBSF[DBEFM
ÃNCJUPTBOJUBSJPZTFBNPTDBQBDFTEF
DPOWPDBSWFSEBEFSBTPQPTJDJPOFTRVF
EFODPCFSUVSBBFTFQPSDJFOUPEF
JOUFSJOPTRVFUFOFNPTFOFM4&4
1SFHVOUB&YUSFNBEVSBGVFFO
VOB EF MBT SFHJPOFT EPOEF NÃT IB
TVCJEPFMHBTUPy$VÃMFTWBOBTFSMBT
NFEJEBTBJNQMFNFOUBSFOVOBTJUVB
DJÓOEFJOUFSWFODJÓOQPS)BDJFOEB 3-BTNFEJEBTTFFTUÃOUPNBOEPFO
WBSJPTÃNCJUPT-BQSJNFSBFTDSFBSVOB
DPNJTJÓO DFOUSBM EF GBSNBDJB RVF
QFSNJUBBOBMJ[BSDVÃMFTTPOMPTGBDUPSFT
RVFFTUÃOJODJEJFOEPFOFTFJODSFNFOUP
EFMHBTUP$POSFTQFDUPBMBGBSNBDJB
BNCVMBUPSJB MP NÃT JNQPSUBOUF TF
FODVFOUSBFOFMQSFDJPQPSSFDFUBRVFFT
FMNÃTBMUPEFUPEPFMQBÎT5FOFNPTRVF
CBKBSMP &TUBNPT USBCBKBOEP DPO VO
QSPHSBNBEFJOUFSDBNCJPEFFRVJWBMFO
UFT
1y6OBTTVCBTUBT 3/PTVCBTUBTOP%FNPNFOUPOPOPT
MBT QMBOUFBNPT &T VO QSPHSBNB EF
JOUFSDBNCJPEFFRVJWBMFOUFTUFSBQÊVUJ
DPT:KVOUPBÊMFTUBNPTGPNFOUBOEPMB
QSFTDSJQDJÓOQPSQSJODJQJPBDUJWP&TVOB
QPMÎUJDBDPONVDIPNBSHFOEFSFDPSSJEP
&O GBSNBDJB BNCVMBUPSJB IBZ VOB
UFSDFSBDVFTUJÓOJOUSPEVDJSVONÓEVMP
EFBZVEBBMBQSFTDSJQDJÓOEFBTFTPSB
NJFOUPBMBQSFTDSJQDJÓOTPCSFMBBMUFS
OBUJWBNÃTFGJDJFOUFQBSBFMNÊEJDP
JOUFHSBEPEFOUSPEFMTJTUFNB+"3"
1y:FOIPTQJUBM 3)FNPTFNQF[BEPDPOMBDPNQSB
DFOUSBMJ[BEB
"EFNÃT
FTUBNPT
BWBO[BOEPCBTUBOUFSÃQJEPFOMBQPMÎUJDB
EFCJPTJNJMBSFT1BSBMBTJOOPWBDJPOFT
RVFWBZBNPTBERVJSJFOEPMBDPOUSBUB
DJÓODFOUSBMJ[BEBOPTFTUÃQFSNJUJFOEP
IBCMBSDPOMBJOEVTUSJBGBSNBDÊVUJDB
QBSBRVFMPTDPOUSBUPTTFBODPOUFDIPEF
HBTUPDPOHFTUJÓOEFSJFTHPDPNQBSUJEP
(.EFPDUVCSFBMEFOPWJFNCSFEF1PMÓUJDB
Saber más sobre
responsabilidad civil
&RQGHQDSRUIDOWDGH
YLJLODQFLDDQWHDOWRULHVJR
GHVXLFLGLR
3BGBFM.BUFTBO[QSFTJEFOUFEFMB0SHBOJ[BDJØO/BDJPOBMEF5SBTQMBOUFT0/5
EFUBMMBRVFMPJEFBMFTRVFTFQSPEV[DB
VOBBGMVFODJBDPOUJOVBZDPOTUBOUFEFEPOBOUFTBMJHVBMRVFTVDFEFDPOMBTBOHSF
1SPTZDPOUSBTEFBUSBFS
EPOBOUFTEFNÊEVMB
QPSMBTSFEFTTPDJBMFT
&MQSFTJEFOUFEFMB0/5BCPHBQPSDBNQB×BTEFiMMVWJBGJOBw
GSFOUFBJOJDJBUJWBTiEFQJDPwDPNPMBEFMNBMBHVF×P
BMHPRVFBQBSUFEFRVFFTUÃQSPIJCJEP
QPSMFZOPFTFGFDUJWP%FIFDIPEFUBMMB
RVFOPDPOPDFOJOHÙODBTPFOFMRVFVO
"MHVOPTDBTPTEFQBDJFOUFTQBSUJDVMBSFT QBDJFOUFIBZBDPOTFHVJEPMPDBMJ[BSBVO
TFIBOIFDIPAWJSBMFTFOMBTSFEFTTPDJB EPOBOUFDPOVOBDBNQBÒBEFFTUFFTUJMP
MFTFOEJTUJOUPTNPNFOUPTFOGBWPSEFMB i&TVOBDVFTUJÓOFTUBEÎTUJDBFOFTUF
EPOBDJÓOEFNÊEVMBDPNPFTFMDBTPEFM NPNFOUPIBZNJMMPOFTEFEPOBOUFT
NBMBHVFÒP1BCMP3ÃF[ZPDBTJPOBORVF FOFMNVOEPZFOFMNFKPSEFMPTDBTPT
VOOÙNFSPNÃTFMFWBEPEFQFSTPOBTTF VO MMBNBNJFOUP EF FTUF UJQP QVFEF
JOUFSFTFO QPS MB EPOBDJÓO QFSP DPOTFHVJSNÃTuTVCSBZB
ySFBMNFOUFTPOFGFDUJWBTFTUFUJQPEF
-BPSHBOJ[BDJÓOFTNÃTQBSUJEBSJBEF
DBNQBÒBT SFBMJ[BSiDBNQBÒBTEFMMVWJBGJOBuEF
&M QSFTJEFOUF EF MB 0SHBOJ[BDJÓO CBKB JOUFOTJEBE QFSP DPOTUBOUFT FO
/BDJPOBMEF5SBTQMBOUFT0/5
3BGBFM MVHBSEFPUSBTiEFQJDPuZBRVFFTGVOEB
.BUFTBO[FYQMJDBB(.RVFFOQSJODJ NFOUBMJOGPSNBSCJFOBMBTQFSTPOBTRVF
QJPFTNÃTQPTJUJWPRVFOFHBUJWPTJFM TFJOUFSFTBOQPSMBEPOBDJÓOUBOUPQBSB
MMBNBNJFOUPFTUÃCJFOIFDIPZIBTJEP TBCFSTJDVNQMFOMPTSFRVJTJUPTDPNP
BTFTPSBEPQPSTVNÊEJDP‡iZFMEF1BCMP QBSBRVFTFQBOBMPRVFTFDPNQSPNF
FTUà CJFO IFDIPu BÒBEF‡ BM BUSBFS UFO 1VTP DPNP FKFNQMP RVF TPMP FT
EPOBOUFT%FIFDIPFOTVÙMUJNBSFVOJÓO QPTJCMFFOUSFMPTZMPTBÒPT‡TFB
DPOMBTDPNVOJEBEFTBVUÓOPNBTUPEBT QSFGFSJCMFFOUSFMPTZMPTQBSB
NBOJGFTUBSPORVFIBCÎBOQFSDJCJEPVO QPEFSFTUBSNÃTBÒPTDPNPEPOBOUF‡P
JODSFNFOUPSFMBDJPOBEPDPOFMDBTPEF RVF QVFEFO MMBNBSMP FO DVBMRVJFS
1BCMPNBZPSFO"OEBMVDÎBBDBVTBEFMB NPNFOUPQBSBEPOBSBQFSTPOBTEFUPEP
DFSDBOÎB &M QSPCMFNB RVF QPESÎB FM NVOEP UPEB MB JOGPSNBDJÓO FTUÃ
EFSJWBSTFFTRVFFOVONPNFOUPEFUFS SFDPHJEBFOMBXFCEFMB0/5
i-PJEFBM
NJOBEPTFQVFEBTPCSFDBSHBSFMTJTUFNB FTRVFIBZBVOBBGMVFODJBDPOUJOVBEF
OFDFTBSJPQBSBPCUFOFSMBTNVFTUSBT EPOBOUFTZRVFTFBODPOTUBOUFTBMJHVBM
UJQBSMBT QSPDFTBSMBT FUD BVORVF RVFDPOMBEPOBDJÓOEFTBOHSFuFYQMJDB
.BUFTBO[BHSFHBRVFFYJTUFMBQPTJCJMJ
1VTPDPNPFKFNQMPB"OEBMVDÎBZ1BÎT
EBEEFUJQBSMBTBQPTUFSJPSJ
7BTDPDPNPSFHJPOFTRVFiJOGPSNBONVZ
4JOFNCBSHPBEWJFSUFEFRVFDBEBBÒP CJFOuZBRVFDJUBOBMPTJOUFSFTBEPTMFT
IBZ FO &TQBÒB BMSFEFEPS EF FYQMJDBO FO RVÊ DPOTJTUF B RVÊ TF
QBDJFOUFTRVFFOUSBOFOCÙTRVFEBEF DPNQSPNFUFOZMPTSJFTHPTBTPDJBEPTB
VOBEPOBDJÓOEFNÊEVMB‡NÃTEFM MBEPOBDJÓORVFiBVORVFTPOQFRVFÒPT
QPSDJFOUPMBDPOTJHVFO‡QPSMPRVFiOP TJFNQSFIBZBMHÙOSJFTHPu
UFOESÎBOJOHÙOTFOUJEPuFNQSFOEFSVOB
&OMPRVFSFTQFDUBBTJMBDBOUJEBEEF
DBNQBÒBQPSDBEBVOPEFFMMPTZBRVF EPOBOUFTFTPOPTVGJDJFOUF.BUFTBO[
BEFNÃTiFMNFOTBKFEFKBSÎBEFUFOFSVO BQVOUBRVFFMTJTUFNBUJFOFRVFFTUBCMF
FGFDUPMMBNBEBu
DFSUPEBWÎBVOPTPCKFUJWPTFODVBOUPB
&MQSFTJEFOUFEFMB0/5UBNCJÊOEFKB OÙNFSPSJUNPFJODPSQPSBDJÓOEFMPT
DMBSPRVFFMMMBNBNJFOUPUJFOFRVFTFS NJTNPT Z B QBSUJS EF BIÎ JNQVMTBS
HFOFSBMOPQBSBVOBQFSTPOBDPODSFUB DBNQBÒBT
"-.6%&/"'&3/«/%&;
.BESJE
0HVHVGHVSXpVODSDFLHQWHWXYRXQDUHFDtGD
8QDGHODVKLMDVGHXQDSDFLHQWHGHPDQGyD
ODFOtQLFDGRQGHHVWDEDLQWHUQDGDVXPDGUH FRQHODOFRKROYROYLHQGRDYHUEDOL]DUVX
DVt FRPR DO ~QLFR PpGLFR GH HVWD (VWD LQWHQFLyQ GH VXLFLGDUVH /RV IDPLOLDUHV
SDFLHQWHSDGHFtDXQWUDVWRUQRGHSUHVLYR\ FRQWDFWDURQFRQHOGRFWRUGHODFOtQLFDTXLHQ
DGLFFLyQDODOFRKROTXLWiQGRVHODYLGDWUDVXQ UHFRPHQGyHOLQJUHVRLQPHGLDWR(OGtDGHO
HSLVRGLRGHFULVLVFRQHOFDEOHGHOWHOpIRQRGH LQJUHVRQRFRQVWDEDHYDOXDFLyQGHOGRFWRU
VXKDELWDFLyQ/DGHPDQGDQWHIXQGDPHQ VLQRGHORVHQIHUPHURVTXHDQRWDURQ´/D
WDEDODGHQXQFLDSRUXQDQHJOLJHQFLDHQOD SDFLHQWHVHHQFHUUyOORUDQGRHQVXKDELWDFLyQ
YDORUDFLyQ\DGRSFLyQGHPHGLGDVGHVHJXUL \QRVDOtDGHHOODµPLVPDVLWXDFLyQTXHFRQWD
GDGVROLFLWDQGRXQDFRQGHQDVROLGDULDGH URQORVGHOWXUQRGHQRFKH
(QHVWHFDVRHODVXQWRFRQIOLFWLYRHUDVDEHU
HXURV
/D KLVWRULD FRPHQ]y HQ DEULO GH VLVHLQIRUPyDOPpGLFRUHSUHVHQWDQWHOHJDOGHO
FXDQGRODSDFLHQWHLQJUHVySRUSULPHUDYH] FHQWURGHOLQWHQWRGHVXLFLGLRGHODSDFLHQWH
WUDVXQLQWHQWRDXWROtWLFRSRULQJHVWDGH \DTXHpOGHFODUyTXHGHKDEHUFRQRFLGRHVH
PHGLFDPHQWRV/RVLQIRUPHVGHOKRVSLWDO\D DOWRULHVJRQRVHODKDEUtDDGPLWLGR
(OMXH]FRQVLGHUySUREDGRSRUHOLQWHUUR
PRVWUDEDQXQLQWHQWRGHVXLFLGLRFXDQGROD
SDFLHQWHWHQtDDxRVXQGLDJQyVWLFRGH JDWRULRTXHHOPpGLFRFRQRFtDGLFKDLQIRUPD
GHSUHVLyQGHDEXVRGHDOFRKROHLGHDFLyQ FLyQ$GHPiVH[SXVRTXHSHVHDODUHODFLyQ
DXWROtWLFDDVtFRPRTXHSRGtDHVWDUDFXPX GHSDUHQWHVFRGHORVWHVWLJRVVXVWHVWLPRQLRV
ODQGRPHGLFDPHQWRV3ULPHURLQJUHVyHQOD PHUHFtDQYDORUSUREDWRULR\DTXHORVUHODWRV
XQLGDGGHHQIHUPRVPHQWDOHVGHVXKRVSLWDO FRLQFLGtDQ\HUDQGHWDOODGRV\FRQVLVWHQWHV
GHUHIHUHQFLDKDVWDTXHORVIDPLOLDUHVGHFLGLH FRPR SDUD QR VRVSHFKDU TXH IXHUD XQD
URQLQJUHVDUODHQODFOtQLFDHQODTXHILQDO IDEXODFLyQ
$GHPiV GH OD
PHQWHPXULy
SUXHEDDSRUWDGDQR
$OOtIXHHYDOXDGD
Meses después, la paciente
FRQVWDEDTXHWUDVODV
DQWHVGHODOWDSRUHO
SVLTXLDWUDGHJXDUGLD tuvo una recaída con el acohol, DQRWDFLRQHV GHO
volviendo a verbalizar su
SHUVRQDOGHHQIHU
TXH H[WHQGLy XQ
PHUtD TXH GHFtDQ
LQIRUPH
TXH
intención de suicidarse
TXHODSDFLHQWHQR
PRVWUDED´WUDVWRUQR
VDOtD GH VX KDELWD
GHSUHVLYR \ XQ
FRQVXPRSHUMXGLFLDOGHDOFRKRO\%=3µVLQ FLyQVHKXELHUDQWRPDGRPHGLGDVGHVHJXUL
PHQFLRQDUODLGHDFLyQDXWROtWLFD6HVXEUD\y GDGRTXHH[LVWLHUDQSURWRFRORVGHDFWXDFLyQ
TXHHUDXQLQIRUPHSURYLVLRQDO\TXHVHHQYLD SDUDSDFLHQWHVFRQHVWDSDWRORJtD
/DVGHIHQVDVDOHJDURQTXHODFOtQLFDQR
UtDHOGHILQLWLYRSRUHPDLO(QHVWHGRFXPHQWR
VHLQGLFDEDFRPRGLDJQyVWLFRSULQFLSDOXQ HVWDEDGLVHxDGDSDUDDFRJHUDSDFLHQWHVTXH
HSLVRGLRGHSUHVLYR\TXHDFXGLyDXUJHQFLDV SUHVHQWDUDQULHVJRGHVXLFLGLR6LQHPEDUJR
DFRPSDxDGDGHIDPLOLDUHV\YHUEDOL]DQGR ODSXEOLFLGDGGHODFOtQLFDDVHJXUDEDTXHOD
LGHDVDXWROtWLFDVSRUHOORIXHLQJUHVDGDHQOD PRGDOLGDGGHLQWHUQDPLHQWRHVWDED´GHVWL
QDGDDSDFLHQWHVTXHGHELGRDXQDLQFDSDFL
8QLGDGGH+RVSLWDOL]DFLyQ3VLTXLiWULFD
/DIDPLOLDDFXGLyDODFOtQLFDGHPDQGDGD GDGSUHYLDSDUDPDQWHQHUVHHVWDEOHVSUHFLVDQ
FHQWURHVSHFLDOL]DGRHQDGLFFLRQHV\VDOXG XQFRQWUROPiVULJXURVR\XQWUDEDMRLQWHQ
PHQWDO\DTXHHOPD\RUSUREOHPDHUDOD VLYRµ3RUWRGRHOORHOMXH]FRQVLGHUyTXHVt
DGLFFLyQDODOFRKRO(OSULPHUGtDIXHYDORUDGD H[LVWLyQHJOLJHQFLDSRUSDUWHGHODFOtQLFD\GHO
SRUHO~QLFRPpGLFRGHOFHQWURTXHQRHUD IDFXOWDWLYRSRUODIDOWDGHYLJLODQFLDDQWHXQD
SVLTXLDWUD (Q HO LQIRUPH UHVHxDED HO SDFLHQWHFRQDOWRULHVJRGHVXLFLGLR
(OMXH]QRHVWDEDGHDFXHUGRFRQODFXDQWtD
WUDVWRUQRGHSUHVLYRHOFRQVXPRGHDOFRKRO\
HOUHFLHQWHLQJUHVRHQHOKRVSLWDOSRULQWR[L VROLFLWDGD\DTXHHOEDUHPRGHWUiILFRHV
FDFLyQGHDOFRKRO\EHQ]RGLDFHSLQDV'tDV RULHQWDWLYR \ QR VH SXHGH XWLOL]DU VHJ~Q
GHVSXpVIXHYDORUDGDSRUHOSVLFyORJRGHOD LQWHUHVH(OMXH]DSOLFyHOEDUHPRGHODxR
FOtQLFDTXHGHVWDFDEDHQVXHYDOXDFLyQTXH´OD FRQFUHWRSRUORTXHODLQGHPQL]DFLyQILQDO
EHELGDLQIOX\yHQVXVHSDUDFLyQFRQ\XJDOH PHQWHIXHPXFKRPHQRVHOHYDGD
LQWHQWRGHVXLFLGLRSRULQJHVWDGHPHGLFD
FLyQµ'tDVGHVSXpVVHOHGLRHODOWDSDUDFRQWL
Más información en:
QXDUHOWUDWDPLHQWRGHPDQHUDDPEXODWRULD
www.lexsanitaria.com
1PMÓUJDBEFPDUVCSFBMEFOPWJFNCSFEF(.
'PSNBDJØO
%FJ[RVJFSEBBEFSFDIBQUBEFM$POTFKP&TUBUBMEF&TUVEJBOUFTEF.FEJDJOB$&&.
.BSJOB(BSDÓB.BSJP7BMMBEBSFTQSFTJEFOUFEF'FE-BUJOPBNFSJDBOBEF44$$EF&TUVEJBOUFT'FMTPDFN
Z"MFKBOESP$BMMJ[PWQUFEFGPSNBDJØOEF$&&.
&TQBÒBZ-BUJOPBNÊSJDBBDPSUBO
EJTUBODJBTBUSBWÊTEFMBGPSNBDJÓO
$POFMBQPZPEF(SVQP$50$&&.Z'FMTPDFNBOBMJ[BSÈOMBTOFDFTJEBEFTEFMPTFTUVEJBOUFTEFNFEJDJOB
$"3.&/.-»1&;
.BESJE
&WBMVBSMBTOFDFTJEBEFTGPSNBUJWBTFO
NFEJDJOBFTVOJOUFSÊTDPNÙOQBSBMPT
EPDFOUFT Z FTUVEJBOUFT EF &TQBÒB Z
-BUJOPBNÊSJDB6OFKFNQMPEFFMMPFTMB
BMJBO[B JOUFSOBDJPOBM RVF FM$POTFKP
&TUBUBM EF &TUVEJBOUFT EF .FEJDJOB
$&&.
ZMB'FEFSBDJÓO-BUJOPBNFSJDBOB
EF4PDJFEBEFT$JFOUÎGJDBTEF&TUVEJBOUFT
EF.FEJDJOB'FMTPDFN
IBOGJSNBEP
QBSBBDPSUBSEJTUBODJBTFONBUFSJBEF
GPSNBDJÓO6OBPQPSUVOJEBEBKVJDJPEF
.BSJP7BMMBEBSFTQSFTJEFOUF'FMTPDFN
QBSB UFOEFS QVFOUFT FOUSF &TQBÒB
&VSPQBZ"NÊSJDB-BUJOBFTUBCMFDJFOEP
HSBOEFTMÎOFBTEFBDDJÓOFOUSFBNCBT
BTPDJBDJPOFTRVFiSFEVOEFOFOCFOFGJDJP
EFMBGPSNBDJÓODJFOUÎGJDBBDBEÊNJDBEF
MPTFTUVEJBOUFTEFNFEJDJOBuEFTUBDB
1BSBTVIPNÓMPHBFO$&&..BSJOB
(BSDÎBFTUBPQPSUVOJEBEMFTDPMPDBFOVO
FTDFOBSJPÓQUJNPQBSBSFGMFYJPOBSBOBMJ
[BSFJODPSQPSBSOVFWBTJOJDJBUJWBTZ
QSPZFDUPTBEFNÃTEFUSBCBKBSDPOTFO
TPTNÃTBNQMJPT
-BTQSPQVFTUBTEFMQSPZFDUPTFCBTBO
QSJODJQBMNFOUFFOGPNFOUBSMBTSFMBDJP
OFTFOUSFBNCBTBTPDJBDJPOFTBQBSUJS
EFMEFTBSSPMMPEFFTUVEJPTDPMBCPSBUJWPT
JOUFSJOTUJUVDJPOBMFTDPOFMQSPQÓTJUPEF
DPOTUJUVJSVOSFGFSFOUFJOUFSOBDJPOBMFO
MBHFOFSBDJÓOEFFWJEFODJBDJFOUÎGJDBFO
MBTMÎOFBTEFFEVDBDJÓONÊEJDBZSFTQPO
TBCJMJEBETPDJBMiQSPNPWJFOEPBTÎMB
DVMUVSBEFJOWFTUJHBDJÓOFOGBUJ[BOEPFO
MBT QVCMJDBDJPOFT DJFOUÎGJDBT FO MPT
FTUVEJBOUFTEFNFEJDJOBuJOEJDB7BMMB
EBSFT(BSDÎBQPSTVQBSUFDPNFOUBRVF
EVSBOUF FM HSBEP EF NFEJDJOB FO
&TQBÒB TF SFBMJ[BO BQSPYJNBDJPOFT
-"‹&%*$*»/%&-"A(6¶"%&-/07"50
1PSTFHVOEPB×PDPOTFDVUJWP$&&.WBBQVCMJDBSMBA(VÓBEFMOPWBUP$PNPEFTUBDBMBQSFTJEFOUBEF$&&.
TFUSBUBEFVOQSPZFDUPÞOJDPRVFIBTBMJEPBEFMBOUFHSBDJBTBMBQPZPEF(SVQP$50i"QPZBSBMPT
DPNQB×FSPTEFTEFFMQSJNFSNPNFOUPFOFMRVFBDDFEFOBMBVOJWFSTJEBEFTVOPEFMPTNBZPSFT
PCKFUJWPTRVFFYJTUFQBSBMBO[BSVOBHVÓBRVFQVFEBJOUSPEVDJSMPTBTQFDUPTCÈTJDPTEFMHSBEPZMBTQPTJCMFT
EJOÈNJDBTBQFSTFHVJSEVSBOUFFMNJTNPwEFTUBDB&OFTUFTFOUJEPMBMMFHBEBEFMBTHVÓBTEFMOPWBUPBMBT
GBDVMUBEFTTFDBOBMJ[BSÈBUSBWÏTEFMBDBNQB×BA#JFOWFOJEP.FEJDJOPRVFBEFNÈTQFSTJHVFPCKFUJWPT
NÈTBNQMJPTDPNPMBJOUFSDPOFYJØOFOUSFMPTFTUVEJBOUFTEFNFEJDJOBRVFTFEFTQMB[BSÈOEFVOBT
GBDVMUBEFTBPUSBTQBSBBQPZBSMBTCJFOWFOJEBTMBQSPNPDJØOEFMBJOGPSNBDJØOZMBGPSNBDJØODFOUSBEBFO
MPTUFNBTEFBDUVBMJEBEFEVDBUJWBZTBOJUBSJBDPNPJOJDJPQBSBFMFNQPEFSBNJFOUPZBDUJWJTNP
FTUVEJBOUJMZQPSÞMUJNPFMBQPZPBMBTQFRVF×BTJOJDJBUJWBTMPDBMFTZHSBOEFTQSPZFDUPTRVFTPOMMFWBEPT
BDBCPDBEBB×PFOMBQSÈDUJDBUPUBMJEBEEFMBTGBDVMUBEFTEFNFEJDJOBFOSJRVFDJFOEPMBGPSNBDJØOEFUPEPT
OPTPUSPT%FFTUBNBOFSBTFDPOTJHVFEFOVFWPiBVOBSWJTJPOFTDPNQBSUJSFTQBDJPTZDPOTUSVJS
EJOÈNJDBTRVFUSBTMBEBOMPTWBMPSFTQSPNPWJEPTQPSZQBSBFMGVUVSPEFMBNFEJDJOBw
iNVZ UÎNJEBTu B MB JOWFTUJHBDJÓO Z
TJFNQSFEFTEFVOQMBOPUFÓSJDP4PMP
EVSBOUFFM5SBCBKPEF'JOBMEF(SBEPTF
SFBMJ[BVOBJONFSTJÓOBMNVOEPEFMB
JOWFTUJHBDJÓO i&M QBOPSBNB DPO MB
MMFHBEB BM NVOEP QSPGFTJPOBM FT FM
FTQFSBCMFNÊEJDPTRVFFOUJFOEFOFM
NVOEPEFMBJOWFTUJHBDJÓODPNPBMHP
BKFOPZBMUBNFOUFUFDOJGJDBEPuBQVOUB
(BSDÎBBMUJFNQPRVFNBUJ[BRVFBUSBWÊT
EF MB DPMBCPSBDJÓO DPO 'FMTPDFN TF
QSFUFOEFBDFSDBSMBJOWFTUJHBDJÓOBMPT
FTUVEJBOUFTNFEJBOUFMBDPMBCPSBDJÓOFO
MPTQSPZFDUPTEFJOWFTUJHBDJÓOFOMPTRVF
MB BTPDJBDJÓO MBUJOPBNFSJDBOB FT
QVOUFSBEFTBSSPMMPEFQSPZFDUPTNVMUJ
DÊOUSJDPTDPPSEJOBEPTQPSFTUVEJBOUFT
EFEJTUJOUPTDFOUSPTFOEJTUJOUPTQBÎTFT
FMEFTBSSPMMPEFQSPHSBNBTEFQBTBOUÎBT
EF JOWFTUJHBDJÓO FOUSF GBDVMUBEFT
FTQBÒPMBTZEFQBÎTFTMBUJOPBNFSJDBOPT
$PNPBEFMBOUBMBQSFTJEFOUBEF$&&.
EVSBOUFMPTQSÓYJNPTNFTFTTFFTUBCMF
DFSÃVOHSVQPNJYUPQBSBFWBMVBSMBT
QPTJCJMJEBEFTZPQPSUVOJEBEFTRVFPGSFDF
MBDPMBCPSBDJÓO&OFTUFTFOUJEP"MFKBO
ESP$BMMJ[PWJDFQSFTJEFOUFEFGPSNBDJÓO
EF$&&.TFÒBMBRVFTFDSFBSÃOUBNCJÊO
QSPZFDUPT DPODSFUPT B USBWÊT EF VO
TJTUFNB EF CFDBT Z VOB QMBUBGPSNB
POMJOFEFTBSSPMMBEBQPS(SVQP$50MÎEFS
FOFMTFDUPSEFGPSNBDJÓOTBOJUBSJB
%FFTUFNPEPMPTCFOFGJDJPTBDPSUP
QMB[P TFSÃO NFEJS PCKFUJWBNFOUF MBT
OFDFTJEBEFT EF MPT FTUVEJBOUFT EF
NFEJDJOB IJTQBOPMBUJOPBNFSJDBOPT
QBSBBQBSUJSEFFTUBTEJTFÒBSZCSJOEBS
IFSSBNJFOUBT FEVDBUJWBT NÊEJDBT EF
BDVFSEPBMBTÃSFBTEFUSBCBKPSFTQFDUJ
WBTi-BWJTJÓOFOVOGVUVSPFTSFBMJ[BSVOB
FWBMVBDJÓOQPTUFSJPSQBSBEFUFSNJOBSFM
JNQBDUPFOMPTFTUVEJBOUFTDPOTPMJEBOEP
MBDBQBDJUBDJÓOZGPSNBDJÓOJOUFHSBMEFTEF
FMQSFHSBEPuTFÒBMB7BMMBEBSFT
$PNPEFTUBDBFMQSFTJEFOUFEF'FMTP
DFN FM BQPZP EF (SVQP$50 QBSB MB
DPOTPMJEBDJÓOEFFTUFQSPZFDUPIBTJEP
GVOEBNFOUBM iTV MBSHB USBZFDUPSJB
EFNVFTUSBVOJOUFSÊTSFBMQPSDPOUJOVBS
GPNFOUBOEPZBQPZBOEPVOBFEVDBDJÓO
NÊEJDBJOUFHSBMu
1BSB(BSDÎBUBOUPMB'FEFSBDJÓODPNP
FM$POTFKPBWBO[BOQBSBMFHJUJNBSMB
JOWFTUJHBDJÓODPNPVOPEFMPTQJMBSFTEF
MBQSPGFTJÓONÊEJDBZRVFIBEFWFSTF
SFGMFKBEB FYQMÎDJUBNFOUF EVSBOUF FM
HSBEPQBSBVOBBQSPYJNBDJÓOHMPCBMBMB
QSPGFTJÓO i&TUB OVFWB QMBUBGPSNB
DSFBEBQPS(SVQP$50QSFTFOUBSÃUPEBT
MBTIFSSBNJFOUBTFEVDBUJWBTNÊEJDBTRVF
SFTVFMWBOMBTEJGJDVMUBEFTQSFTFOUFTFOMB
WJEB EJBSJB EF MPT FTUVEJBOUFT EF
NFEJDJOB ZB TFB EFTEF FM JOJDJP EF
DBSSFSBIBTUBFMGJOBMEFMBNJTNBQSPNP
WJFOEPFMEFTBSSPMMPEFMQFOTBNJFOUP
DSÎUJDPZMBBDUJWJEBEDJFOUÎGJDBBDBEÊNJDB
FTUVEJBOUJMuBTFHVSB7BMMBEBSFT
$POUPEPOPIBZEVEBEFRVFFTUB
QMBUBGPSNB FT iVOB PQPSUVOJEBE EF
JOUFSDBNCJPBQSFOEJ[BKFZFOSJRVFDJ
NJFOUPEFMBTFTUSVDUVSBTZEJOÃNJDBTEF
MBTUSFTPSHBOJ[BDJPOFTuJOEJDB$BMMJ[P
(.EFPDUVCSFBMEFOPWJFNCSFEF1VCMJDJEBE
'JDIBUÏDOJDBFOQÈHJOB
NS
Exclusivo NetSalud
1PMÓUJDBEFPDUVCSFBMEFOPWJFNCSFEF(.
6ODFOUFOBSEFNFEJEBTQBSBBMJWJBS
MBTUFOTJPOFTFOFMTJTUFNBTBOJUBSJP
&MEPDVNFOUPFMBCPSBEPQPSEPDFHSVQPTEFUSBCBKPBTQJSBBOPTFSJHOPSBEPDPNPFM*OGPSNF"CSJM
+35
.BESJE
&M 4JTUFNB /BDJPOBM EF 4BMVE QJEF
BVYJMJP-BOVFWBSFBMJEBENBSDBEBQPS
VOBJOWFSTJÓOFOMBQJSÃNJEFQPCMBDJP
OBMFMBVHFEFMBDSPOJDJEBEZFMSFUPEF
EBS SFTQVFTUB B MBT JOOPWBDJPOFT
UFSBQÊVUJDBTOFDFTJUBSFTQVFTUBT1BSB
IBMMBSMBTMPTFDPOPNJTUBTEFMBTBMVE
DFMFCSBSPO MB TFNBOB QBTBEB VO
DÓODMBWF EFM RVF FTQFSBO TBDBS VO
EPDVNFOUPEFNFEJEBTRVFBMJWJFO
MBTUFOTJPOFTBDUVBMFT%PDFHSVQPTEF
USBCBKPTFTFOUBSPOBMBNFTBQBSBQPEFS
DPOTFOTVBSFOUSFPUSBTMBTJOJDJBUJWBT
BEFDVBEBTFONBUFSJBEFJOOPWBDJÓO
JOUFHSBDJÓOTPDJPTBOJUBSJBFWBMVBDJÓO
UFDOPMÓHJDBPMBBQPSUBDJÓOEFMBJOEVT
USJBBMBTPTUFOJCJMJEBEi&TQFSFNPTRVF
OPTFBVOGSBDBTPUBOFYJUPTPDPNPGVFFM
*OGPSNF"CSJMuSFTVNJÓFMFYNJOJTUSPEF
4BOJEBE+VMJÃO(BSDÎB7BSHBT
&MDPOUFYUPBDUVBMDPNQBSBEPDPOFM
EFMPTJOJDJPTEFMPTBÒPTIBWBSJBEP
.VDIPTEFMPTEPHNBTEFBRVFMJOGPSNF
‡FOUPODFT DSJUJDBEP‡ TF GVFSPO
BEPQUBOEPBDPNJFO[PTEFM4JHMP99*
QFSP TF IBDF OFDFTBSJP VO OVFWP
JNQVMTPi)PZIBZDPODJFODJBFOGBWPSEF
MPT MÎNJUFT QSFTVQVFTUBSJPT Z TF IB
BCBOEPOBEPMBJEFBEFRVFMPTHSBOEFT
DBNCJPTWJFOFOEFMPTQBDUPTEF&TUBEPu
BOBMJ[Ó(BSDÎB7BSHBT4JOFNCBSHPFMFY
NJOJTUSPTFÒBMÓRVFFTiOFDFTBSJPuNFEJS
MBJOOPWBDJÓO&OFTUBMÎOFBZBUSBCBKBCB
FM.JOJTUFSJPEF4BOJEBEIBDFVOBÒPTJ
CJFOMBJOUFSJOJEBEWJWJEBBMPTMBSHPEF
IBQBSBEPFMMMBNBEPAJOOPWÓNF
USP
-BDPNQSBQÙCMJDBEFNFEJDBNFOUPT
UBNCJÊOTFSÃVOPEFMPTFKFTFOMPTRVF
USBCBKBSÃO MPT FDPOPNJTUBT (BSDÎB
7BSHBTTFÒBMÓRVFTFQJFSEFOPQPSUVOJ
EBEFT DPO MB -FZ EF $POUSBUBDJÓO
1ÙCMJDBi)BZNPEFMPTEFDPNQSBNÃT
BQSPQJBEPTQBSBMPTNFEJDBNFOUPT&M
QSFDJPEFCFFWPMVDJPOBSBUSBWÊTEFMPT
&MFYNJOJTUSP+VMJÈO(BSDÓB7BSHBTKVOUPBMSFTUPEFQPOFOUFTFOMBJNBHFOEFTUBDØRVFFTOFDFTBSJPNFEJSMBJOOPWBDJØOZSFWJTBSMBMFZBDUVBMEFDPOUSBUBDJØOQÞCMJDB
SFTVMUBEPTPEFMOÙNFSPEFQBDJFOUFT
USBUBEPTZOPTFQVFEFQFSEFSEFWJTUBMB
$PNQSB1ÙCMJDB*OOPWBEPSB$1*
EFMB
RVFOPTFIBFYQMPUBEPUPEPTVQPUFO
DJBMuBTFWFSÓ
6ODBNCJPEFNPEFMP
-BTTPMVDJPOFTRVFCVTDBOMPTFDPOPNJT
UBTOPTÓMPTFDFOUSBSÃOFOQBSDIFTRVF
NJUJHVFO MPT QSPCMFNBT &M PCKFUJWP
QSJODJQBM EFM DÓODMBWF TFSÃ BQPSUBS
IFSSBNJFOUBTRVFDBNCJFOFMQBSBEJHNB
EF DPODFQDJÓO RVF TF UJFOF TPCSF FM
TJTUFNB TBOJUBSJPi&TUBNPT BOUF VO
TFDUPSFTUSBUÊHJDPEFJOWFSTJÓO$POMB
DSJTJTTFIBBDFOUVBEPMBOFDFTJEBEEF
DBNCJBSFMNPEFMPQSPEVDUJWPZFMTFDUPS
EFMBTBMVEUJFOFNVDIPRVFBQPSUBS
QPSRVFFTMÎEFSFODPOPDJNJFOUPUFDOP
MÓHJDP Z FT HFOFSBEPS EF FNQMFP EF
DBMJEBEu BTFHVSÓ "MCFSUP (JNÊOF[
QSFTJEFOUFEFMB'VOEBDJÓO&DPOPNÎBZ
4BMVE
i/PEJDFNVDIPEFMBQPMÎUJDBTBOJUB
SJBRVFFMNJOJTUSPRVFNÃTIBZBEVSBEP
BMGSFOUFEFM.JOJTUFSJPIBZBTJEPZPu-BT
QBMBCSBTEF(BSDÎB7BSHBTTFFONBSDBO
EFOUSPEFVOBDSÎUJDBBMBJOFRVJEBERVF
TFWJWFFOFM4JTUFNB/BDJPOBMEF4BMVE
&MFYNJOJTUSPMBNFOUÓRVFNÃTEFWFJOUF
BÒPTEFTQVÊTEFTVFUBQBBMGSFOUFEF
4BOJEBETJHBTJOIBCFSVOB&TUSBUFHJB
/BDJPOBMEF4BMVE1BSBSFWFSUJSFTUB
TJUVBDJÓO QJEJÓ VO i.JOJTUFSJP DPO
MJEFSB[HPNBOPJ[RVJFSEBZRVFUSBCBKF
DPEP DPO DPEP DPO MBT DPNVOJEBEFT
BVUÓOPNBTu4JOFNCBSHPTÎRVFJOTJTUJÓ
FORVFMBWP[DBOUBOUFUJFOFRVFMMFHBS
EFTEF FM 1BTFP EFM 1SBEP IBDJB VO
$POTFKP*OUFSUFSSJUPSJBMRVFTFBNÃT
FKFDVUJWP"TJNJTNPQJEJÓBMPTSFQSFTFO
UBOUFT QÙCMJDPT RVF SFDVQFSBSBO FM
'POEPEF$PIFTJÓO‡RVFEFTBQBSFDJÓFO
MPTQBTBEPTQSFTVQVFTUPT‡QBSBRVFTF
GPNFOUFMBTPMJEBSJEBEFOUSFSFHJPOFT
5PEPTFTUPTJOHSFEJFOUFTTFNF[DMBSPO
EVSBOUF IPSBT FO CVTDB EF VO
EPDVNFOUPEFDPOTFOTPRVFTFSÃQSFTFO
UBEPBOUFTEFGJOBMEFBÒP1PTUFSJPS
NFOUFFMSFDPSSJEPRVFMFFTQFSBTFSÃ
QBSMBNFOUBSJPi2VFSFNPTRVFMMFHVF
UBOUPBM$POHSFTPEFMPT%JQVUBEPTDPNP
BDBEBQBSMBNFOUPBVUPOÓNJDPQBSBRVF
TFBEJTDVUJEPuQVOUVBMJ[Ó(JNÊOF[
6OOVFWPBCPSEBKFEFMBEFTOVUSJDJÓOFOFMQSJNFSOJWFM
(.
.BESJE
-B"MJBO[BNÃTOVUSJEPTIBQVCMJDBEP
SFDJFOUFNFOUFVOOVFWPDVBEFSOPFM
OÙNFSPRVFUSBUBTPCSFFMBCPSEBKFEF
MBEFTOVUSJDJÓOSFMBDJPOBEBDPOMBFOGFS
NFEBEFOMBDPNVOJEBE&TUFUFNBEB
DPOUJOVJEBEBMBTBOUFSJPSFTQVCMJDBDJP
OFTEFMB"MJBO[BFMDVBEFSOPOÙNFSP
VOP A1MBO EF FGJDJFODJB OVUSJDJPOBM
)FSSBNJFOUBTEFDSJCBEPOVUSJDJPOBM
QBSB)PTQJUBMFT3FTJEFODJBTZ$PNVOJ
EBEZFMDVBEFSOPOÙNFSPEPTA)BDJB
MBEFTOVUSJDJÓODFSPFOMPTDFOUSPTIPTQJ
UBMBSJPT1MBOEF"DDJÓO
&MUFSDFSDVBEFSOPEFMB"MJBO[BNBTOVUSJEPTQSFUFOEF
BWBO[BSIBDJBMBEFTOVUSJDJØODFSPFOMBDPNVOJEBE
&TUFUFSDFSUSBCBKPTFDFOUSBFOFM
BCPSEBKFOVUSJDJPOBMEFMQBDJFOUFFO
BUFODJÓOQSJNBSJBJODMVZFOEPVO1MBOEF
"DDJÓO QBSB SFEVDJS MB EFTOVUSJDJÓO
SFMBDJPOBEBDPOMBFOGFSNFEBEFOFM
4JTUFNB/BDJPOBMEF4BMVE
-PTFYQFSUPTRVFIBOFMBCPSBEPFM
DVBEFSOPTFÒBMBORVFiFTVOPCKFUJWP
FTUSBUÊHJDPJNQPSUBOUFEFTBSSPMMBSZ
GPNFOUBSMBQSÃDUJDBEFMDSJCBEPFOMPT
EJTUJOUPTOJWFMFTBTJTUFODJBMFTu
&TQPSFMMPRVFFM1MBOEF"DDJÓOEF
MVDIBDPOUSBMBEFTOVUSJDJÓOTFQMBOUFB
DPNPVOPCKFUJWPPQFSBUJWPGVOEBNFOUBM
FOMPTUSFTOJWFMFTBTJTUFODJBMFTEFTBSSP
MMBSVOBSFEEFA)PTQJUBMFTTJO%FTOVUSJ
DJÓOTJNJMBSBMBSFEEFIPTQJUBMFTTJO
IVNPPMBSFEEFIPTQJUBMFTTJOEPMPS
EFTBSSPMMBSVOBSFEEFDFOUSPTTPDJP
TBOJUBSJPTTJOEFTOVUSJDJÓOZEFTBSSPMMBS
FMMFNBA)BDJBMB%FTOVUSJDJÓO
"EFNÃTFOUSFMBTBDDJPOFTQSPQVFT
UBTQPSTVTBVUPSFTEFTUBDBMBJNQMFNFO
UBDJÓO EF VO NÊUPEP EF DSJCBEP EFM
FTUBEP OVUSJDJPOBM FO MPT DFOUSPT EF
QSJNBSJBZFOMBTGBSNBDJBTDPNVOJUB
SJBTBDVBMRVJFSQBDJFOUFRVFQSFTFOUF
DSJUFSJPTEFTPTQFDIBDMÎOJDBEFEFTOVUSJ
DJÓODPNPQVFEFOTFSQÊSEJEBEFQFTP
JOWPMVOUBSJB QÊSEJEB TVTUBODJBM EF
NÙTDVMPTZHSBTBTVCDVUÃOFBZGBMUBEF
BQFUJUPQFSTJTUFOUFFOUSFPUSPT
NS
Exclusivo NetSalud
(.EFPDUVCSFBMEFOPWJFNCSFEF1PMÓUJDB
+6-*0"(3&%"/0❘1SFTJEFOUFEFMBBTPDJBDJÓO'SFOPBM*DUVT
i&M$ÓEJHP*DUVT
UPEBWÎBOPFTUÃ
JNQMBOUBEPFO
QSPWJODJBTu
&45)&3."35¶/%&-$".10
.BESJE
&O BQFOBT VO BÒP EF FYJTUFODJB MB
BTPDJBDJÓO'SFOPBM*DUVTIBDPOTFHVJEP
EBSWJTJCJMJEBEBFTUBFOGFSNFEBEDPOFM
PCKFUJWPEFSFGPS[BSMBQSFWFODJÓO4V
QSFTJEFOUF+VMJP"HSFEBOPFYQMJDBB(.
MBMÎOFBEFUSBCBKPEFMBFOUJEBEJONFSTB
FOMBDFMFCSBDJÓOEFM%ÎB.VOEJBMEFM
*DUVTFMEFPDUVCSF
1SFHVOUBy2VÊBQPSUBMBBTPDJBDJÓO
FOMBMVDIBGSFOUFBMJDUVT 3FTQVFTUB6OGPDPFOMBQSFWFODJÓOEF
MBFOGFSNFEBEHSBOQBSUFEFOVFTUSBT
BDDJPOFTFTUÃOBFOGPDBEBTBJOGPSNBS
WJTJCJMJ[BS TFOTJCJMJ[BS Z DPODJFODJBS
TPCSFFMJDUVTQBSBBQPSUBSBDUJWBNFOUF
FOTVQSFWFODJÓO&TUFGPDPOPTIBDF
SFBMJ[BSBDDJPOFTRVFUFOHBOVOJNQBDUP
EJSFDUPFOFMDPOPDJNJFOUPQSFWFODJÓO
EFUFDDJÓOZBDUVBDJÓOTPCSFFMJDUVT
5SBCBKBNPTNVDIPFOMBCÙTRVFEBEFM
GBDUPSiNVMUJQMJDBEPSuFTEFDJSOPTPUSPT
DSFFNPTRVFMBJOGPSNBDJÓOUJFOFNÃT
JNQBDUPDVBOEPBMHVJFODFSDBOPBUJUFMP
DVFOUBQPSFKFNQMPUSBCBKBOEPFOMBT
FTDVFMBTQBSBRVFMPTDIBWBMFTFEVRVFO
BTVTQBESFTTPCSFIÃCJUPTTBMVEBCMFTP
USBCBKBOEPFOMBTFNQSFTBTQBSBRVFFM
FNQMFBEPIBHBEFiFWBOHFMJ[BEPSuEFTV
FOUPSOPZQBTFBUFOFSJOGPSNBDJÓOZ
GPSNBDJÓOTPCSFDÓNPJEFOUJGJDBSVO
JDUVTZDÓNPBDUVBSDPSSFDUBNFOUF
1y$VÃMFTWVFTUSPPCKFUJWP 3 &MJNJOBS FM ESBNB QFSTPOBM
GBNJMJBSZTPDJBMRVFSFQSFTFOUBFMJDUVT
FOOVFTUSPQBÎT&TVOBFOGFSNFEBEDVZB
EJNFOTJÓO OP TF DPSSFTQPOEF DPO FM
DPOPDJNJFOUPRVFIBZTPCSFFMMBQPS
QBSUFEFMBTPDJFEBE
&TUBNPTDPOWFODJEPTRVFVOFMFNFOUP
EFQSFWFODJÓOGVOEBNFOUBMFTRVFMB
HFOUFUFOHBDPODJFODJBEFMPRVFFTZB
RVÊOPTFTUBNPTFOGSFOUBOEP4PMPB
USBWÊT EF FTF DPOPDJNJFOUP MMFHB MB
DPODJFODJBDJÓOZMBQSFWFODJÓO
1y2VÊNBSHFOUJFOFFMQBDJFOUFFO
MBQSFWFODJÓOEFFTUBQBUPMPHÎB 3&MQPSDJFOUPEFMPTJDUVTTPO
QSFWFOJCMFTFTVOEBUPRVFJOWJUBBMB
FTQFSBO[BEFRVFSFEVDJSFMJNQBDUPRVF
UJFOFFMJDUVTFOMBTPDJFEBEFTQPTJCMF
-B QSFWFODJÓO QBTB GVOEBNFOUBM
NFOUF QPS MMFWBS VOB WJEB BDUJWB Z
TBMVEBCMF &TUBNPT IBCMBOEP QPS
FKFNQMP EF UBCBRVJTNP PCFTJEBE
TFEFOUBSJTNPGBDUPSFTNVZMJHBEPTB
OVFTUSPTIÃCJUPTZRVFTPOGÃDJMNFOUF
NPEJGJDBCMFTSFEVDJFOEPTJHOJGJDBUJWB
NFOUFFMSJFTHPEFQBEFDFSMP
1y&TUÃMBTPDJFEBEDPODJFODJBEB 3-BSFTQVFTUBDMBSBNFOUFFTOP1PS
QPOFSVOFKFNQMPSFBMJ[BNPTBDDJPOFT
EFQSPNPDJÓOEFMBTBMVEFOMBTFNQSF
TBTEFOUSPEFTVTQSPHSBNBTEFSFDVSTPT
IVNBOPT `¼OJDBNFOUF FM DJODP QPS
DJFOUP EF FNQMFBEPT RVF BTJTUFO B
OVFTUSBTDPOGFSFODJBTTBCFOMBEJNFO
TJÓOEFMBFOGFSNFEBEDÓNPQSFWFOJSMB
DÓNPEFUFDUBSMBZDÓNPBDUVBS
1 " FTDBMB OBDJPOBM yIBZ VOB
BUFODJÓOFRVJUBUJWBGSFOUFBFTUBFOGFS
NFEBE 3/PIBZVOBFRVJEBEFOUSFDPNVOJ
EBEFTIBZDPNVOJEBEFTPEFOUSPEF
FMMBTQSPWJODJBTRVFFTUÃONFKPSQSFQB
SBEBTRVFPUSBT1PSFKFNQMPFM$ÓEJHP
*DUVT EF BUFODJÓO VSHFOUF OP FTUÃ
JNQMBOUBEP FO QSPWJODJBT )BZ
DPNVOJEBEFT DPNP .BESJE DPO VOB
CVFOBSFEEFIPTQJUBMFTEFOUSPEFMBSFE
JDUVTQFSPQPSFKFNQMP"OEBMVDÎBDPO
TVEJNFOTJÓOZFYUFOTJÓOUJFOFNFOPT
SFDVSTPTFTQFDJBMJ[BEPTRVF.BESJE
1y&ORVÊEFCFNFKPSBSTVBCPSEBKF 3)BZRVFNFKPSBSFOUSFTMÎOFBTFO
FMDPOPDJNJFOUPQPSQBSUFEFMBTPDJFEBE
EFMBFOGFSNFEBEFTEFDJSFOQSFWFO
DJÓOFOBUFODJÓOVSHFOUFFMJNJOBSMBT
JOFRVJEBEFTEFMTJTUFNBZQPSÙMUJNP
NFKPSBSDMBSBNFOUFFOSFDVSTPTQBSBMB
SFIBCJMJUBDJÓOZNFKPSBEFMBGFDUBEP
&OFTUFÙMUJNPQVOUPFTJNQPSUBOUF
SFDPSEBSRVFVOBGFDUBEPEFJDUVTRVF
TPCSFWJWFBMBFOGFSNFEBEUJFOFNVDIBT
PQDJPOFTEFTVQFSBSMBDPOTFDVFMBT4PMP
FMQPSDJFOUPEFMPTBGFDUBEPTOPUJFOFO
TFDVFMBTPTFDVFMBTNPEFSBEBTFMSFTUP
FTNVFSUFPTFDVFMBTJODBQBDJUBOUFT
3FDPSEFNPTRVFFMJDUVTFTMBQSJNFSB
DBVTBEFEJTDBQBDJEBENVOEJBM
&TUPTJHOJGJDBRVFBEFNÃTEFMESBNB
QFSTPOBMZGBNJMJBSRVFSFQSFTFOUBMB
FOGFSNFEBEIBCMBNPTEFVOFMFWBEP
DPTUF TBOJUBSJP TPDJBM Z QFSTPOBM
.FKPSBOEPZEPUBOEPEFNÃTSFDVSTPT
MPTTFSWJDJPTQÙCMJDPTEFSFIBCJMJUBDJÓO
DPOTFHVJNPTHFOUFDPONFOPTTFDVFMBT
&TEFDJSDPOTFHVJNPTSFEVDJSFMDPTUF
HMPCBMRVFSFQSFTFOUBMBFOGFSNFEBE
)PZFOEÎBMBSFIBCJMJUBDJÓOEFMBFOGFS
NFEBEEFQFOEFEFMBDBQBDJEBEBERVJ
TJUJWBEFMBGFDUBEP
1y2VÊQBSUFEFFTUBNFKPSBDPSSFT
QPOEFBMPTQSPGFTJPOBMFTTBOJUBSJPT 3-PTQSPGFTJPOBMFTTBOJUBSJPTUJFOFO
RVF FTUBS FO NFKPSB DPOUJOVB TPCSF
OVFWPTQSPUPDPMPTOVFWBTUÊDOJDBTRVF
BZVEFOQPSVOBQBSUFFOMBNFKPSBEFMB
BDUVBDJÓOVSHFOUFEFMBFOGFSNFEBEFT
EFDJSDPOTFHVJSSFEVDJSMPTQSPUPDPMPTEF
BDUVBDJÓOQBSBHBOBSUJFNQPUJFNQP
+VMJP"HSFEBOPQSFTJEFOUFEFMBBTPDJBDJØO'SFOPBM*DUVTFOMBDBNQB×BEFM%ÓB.VOEJBMEFFTUFB×P
-"4'3"4&4
i
i
$VBOUPNÃTTF
)PZFOEÎBMB
DPOP[DBFOMB
SFIBCJMJUBDJÓO
TPDJFEBENÃTQSFTJÓO
EFQFOEFEFMB
QBSBRVFTFEFTUJOFOMPT DBQBDJEBEBERVJTJUJWB
SFDVSTPTOFDFTBSJPTu
EFMBGFDUBEPQPSJDUVTu
BRVÎFTDFSFCSP1PSPUSPMBEPEFCFO
TFHVJSJNQMFNFOUBOEPOVFWBTUÊDOJDBT
EFSFIBCJMJUBDJÓORVFBZVEFOBSFEVDJS
MBTTFDVFMBTQPTUFSJPSFT
%FUPEBTGPSNBTNFHVTUBSÎBJOEJDBS
RVFMPTQSPGFTJPOBMFTTBOJUBSJPTFTUÃO
DPOEJDJPOBEPTQPSBMHPRVFTFMMBNB
iQSFTVQVFTUPuRVFOPEFQFOEFEFFMMPT
1PSFTPFTJNQPSUBOUFEBSWJTJCJMJEBE
TPCSFMBFOGFSNFEBE$VBOUPNÃTTF
DPOP[DBFOMBTPDJFEBENÃTFMFNFOUPT
EFQSFTJÓOIBCSÃQBSBRVFTFEFTUJOFO
MPTSFDVSTPTOFDFTBSJPT
1&ONVDIBTEFWVFTUSBTDBNQBÒBT
DPOUÃJT DPO FM BQPZP EF QFSTPOBT
GBNPTBTyPTIBSFTVMUBEPGÃDJMRVFTF
JNQMJRVFOFOWVFTUSBDBVTB 3/PTIBSFTVMUBEPFYUSFNBEBNFOUF
GÃDJMDPOUBSDPOTVBQPZP-BTQFSTPOBT
RVFUJFOFOSFMFWBODJBTPDJBMTBCFOEFMB
JNQPSUBODJB RVF FMMPT UJFOFO FO MB
WJTJCJMJEBEEFVOBDBVTBEFVOBFOGFS
NFEBE UBO EFWBTUBEPSB DPNP ÊTUB
)BTUBMBGFDIBOPTIFNPTFODPOUSBEP
DPOHFOUFRVFBDFQUBTViSFTQPOTBCJMJ
EBEuTPDJBMDPNPHFOUFRVFDSFBPQJOJÓO
FOUSFMBHFOUFZRVFDPOTVTBDDJPOFT
QVFEFO JOGMVJS QPTJUJWBNFOUF FO MBT
QFSTPOBT
1y2VÊNFOTBKFRVFSÊJTRVFRVFEF
CJFODMBSPFOFTUF%ÎB.VOEJBM 3 &M MFNB Z MB JNBHFO RVF TF IB
FMFHJEPQBSBFTUFBÒPNBOPTFOUSFMB[B
EBTZi$PNQSPNFUJEPTDPOUSBFMJDUVTu
JOEJDBO DMBSBNFOUF RVF ÊTUB FT VOB
CBUBMMBRVFTPMBNFOUFQPEFNPTHBOBS
FOUSF UPEPT TPDJFEBE NÊEJDB
NPWJNJFOUPBTPDJBUJWPJOEVTUSJBNFEJPT
EF DPNVOJDBDJÓO TPDJFEBEw 5PEPT
KVOUPTQBSBQPOFSGSFOPBMJDUVT
1y2VÊQSPZFDUPTEFGVUVSPUFOÊJT 3.VDIPT&TUBNPTJMVTJPOBEPTDPOMB
SFQFSDVTJÓORVFFTUBNPTUFOJFOEPFO
OVFTUSPQPDPUJFNQPEFWJEBZUFOFNPT
RVFBQSPWFDIBSFTBWFOUBOBQBSBTFHVJS
EFTBSSPMMBOEPMPTQSPZFDUPTBDUVBMFTZ
MPTOVFWPTFOMPTRVFZBUSBCBKBNPT
&EVDBDJÓOFNQSFTBZTPDJFEBETPOMPT
QJMBSFTFOMPTRVFOPTCBTBNPTZFOMPT
RVF RVFSFNPT TFHVJS FWPMVDJPOBOEP
QBSBBQPSUBSOVFTUSPHSBOJUPEFBSFOB
FOMBQSFWFODJÓOEFMBFOGFSNFEBE
1SJNBSJB
EFPDUVCSFBMEFOPWJFNCSFEF (.
$POHSFTPEFMB4PDJFEBE&TQB×PMBEF.ÏEJDPTEF"UFODJØO1SJNBSJB
&MEFMPT.'Z$OPTBCFORVFMPT
CJPMÓHJDPTTFQSFTDSJCFOQPSNBSDB
-BNBZPSÓBEFMPTNÏEJDPTEFBUFODJØOQSJNBSJBSFDPOPDFORVFMBSFDFSUJGJDBDJØOFTOFDFTBSJB
"-.6%&/"'&3/«/%&;
.BESJE
&MQPSDJFOUPEFMPTNÊEJDPTEFGBNJMJB
.'Z$
OPTBCFOEFTDSJCJSDPSSFDUB
NFOUFRVÊFTVONFEJDBNFOUPCJPTJNJ
MBSZUSFTEFDBEBDVBUSPDPOTJEFSBORVF
TVNBOFKPFTJHVBMBMEFVOHFOÊSJDP"TÎ
TFEFTQSFOEFEFVOBFODVFTUBSFBMJ[BEB
FOUSFGBDVMUBUJWPTZQSFTFOUBEBFOFM
$POHSFTPEFMB4PDJFEBE&TQBÒPMBEF
.ÊEJDPTEF"UFODJÓO1SJNBSJB4FNFS
HFO
RVFTFIBDFMFCSBEPFO4BOUJBHPEF
$PNQPTUFMB
"EFNÃT VO QPS DJFOUP EF MPT
FODVFTUBEPTDPOTJEFSBRVFTVGPSNBDJÓO
FOFTUBÃSFBFTNBMBPJOFYJTUFOUF:
BVORVFFMQPSDJFOUPEFMPTNÊEJDPT
PQJOBORVFMBTVTUJUVDJÓOBVUPNÃUJDBZ
MBJOUFSDBNCJBCJMJEBEQVFEFODPNQSP
NFUFSMBUSB[BCJMJEBEFMOPTBCFRVF
FTPCMJHBUPSJPQSFTDSJCJSMPTCJPMÓHJDPT
QPSNBSDBDPNFSDJBMZTPMPFMFT
DPOTDJFOUF EF RVF MPT CJPMÓHJDPT OP
QVFEFOTFSTVTUJUVJEPTTJOFMDPOTFOUJ
NJFOUPFYQSFTPEFMQSFTDSJQUPS
+PTÊ -VJT -MJTUFSSJ QSFTJEFOUF EF
4FNFSHFO DBMJGJDÓ EF iFWJEFOUF F
JOBDFQUBCMFuFTUBGBMUBEFDPOPDJNJFOUP
UFOJFOEPFODVFOUBRVFMPTNFEJDBNFO
UPTCJPMÓHJDPTTFQPESÃOQSFTDSJCJSDBEB
WF[NÃTEFTEFFMQSJNFSOJWFMBTJTUFODJBM
i&TFTQFDJBMNFOUFBDVTBEPFMEFTDPOP
DJNJFOUPEFMBTDVFTUJPOFTSFMBDJPOBEBT
DPOMBJOUFSDBNCJBCJMJEBEQSFTDSJQDJÓO
ZTVTUJUVDJÓOBVUPNÃUJDBEFCJPTJNJMBSFT
BTÎDPNPTPCSFFMNBSDPMFHBMFO&TQBÒB
QBSBTPCSFTVNBOFKPuMBNFOUÓ
4FNFSHFO IB QVFTUP UBNCJÊO FO
NBSDIBTV0GJDJOBEF"QPZPB1SPZFDUPT
EF*OWFTUJHBDJÓOiVOBWFOUBOJMMBRVF
GVODJPOBEFNBOFSBQFSNBOFOUFMBT
IPSBTEFMEÎBZMPTEÎBTEFMBÒPuZRVF
UJFOFDPNPPCKFUPQSPQPSDJPOBSBMPT
GBDVMUBUJWPTBQPZPNFUPEPMÓHJDPQBSB
RVFQVFEBOSFBMJ[BSTVTJOWFTUJHBDJPOFT
FTUÊOFTUBTFODVBMRVJFSBEFMBTGBTFTEF
EFTBSSPMMPUBMZDPNPFYQMJDÓTVSFTQPO
TBCMF"OUPOJP4FHVSB&TUBPGJDJOBQVFEF
QSFTUBSTVBQPZPUBOUPFOMBSFWJTJÓO
QSFWJBEFMBFWJEFODJBDPNPFOFMEJTFÒP
ZSFEBDDJÓOEFMQSPZFDUPFOFMEJTFÒPEF
MBNVFTUSBFOMBEFGFOTBTBOUFFWBMVB
DJPOFTEFMPTDPNJUÊTÊUJDPTZEFMPT
SFWJTPSFTFUD1VFEFOCFOFGJDJBSTFEF
FMMBTUPEPTMPTQSPGFTJPOBMFTPHSVQPTEF
JOWFTUJHBDJÓOEF"1RVFTFBOTPDJPTEF
4FNFSHFO
&O FM NPNFOUP BDUVBM UJFOFO QSPZFDUPTEFJOWFTUJHBDJÓOFONBSDIB
EJTUSJCVJEPTQSÃDUJDBNFOUFQPSUPEBMB
HFPHSBGÎB OBDJPOBMi&TQFSBNPT RVF
FTUPTQSPZFDUPTRVFFTUÃOFONBSDIB
WBZBODVMNJOBOEPQPDPBQPDPZEBOEP
*NBHFOEFMBJOBVHVSBDJØOEFM$POHSFTPEFMB4PDJFEBE&TQB×PMBEF.ÏEJDPTEF"UFODJØO1SJNBSJB4FNFSHFO
RVFTFDFMFCSØFO4BOUJBHPEF$PNQPTUFMB
PSJHFOBMBTQVCMJDBDJPOFTQFSUJOFOUFTu
TVCSBZÓ4FHVSB
&OFTUFNBSDPTFEJPBDPOPDFSBMPT
BTJTUFOUFT MB"DBEFNJB &TQBÒPMB EF
.FEJDJOBEF'BNJMJBEF&TQBÒB&OSJRVF
$IBWJEBVOPEFMPTNJFNCSPTEFMHSVQP
EFUSBCBKPJOUFHSBEPQPSMBTUSFTTPDJF
EBEFTEFGBNJMJB‡4FNFSHFO4FNGZDZ
4&.(‡DPNFOUÓRVFEVSBOUFMPTNFTFT
EFKVMJPBHPTUPZTFQUJFNCSFFTUBCMFDJF
SPOVOBTQSPQVFTUBTRVFSFNJUJFSPOB
-B0GJDJOBEF"QPZPB
1SPZFDUPTEF*OWFTUJHBDJØO
UJFOFBDUVBMNFOUF
JOJDJBUJWBTFONBSDIB
3FEVDJSMBJOGMBNBDJØOFT
GVOEBNFOUBMFOMPT
USBUBNJFOUPTEFQÏSEJEBEF
QFTPEFQFSTPOBTPCFTBT
MBTTPDJFEBEFTZBIPSBTPOÊTUBTMBTRVF
UFOESÃO RVF iUPNBS MBT EFDJTJPOFT
PQPSUVOBTu&OFTUBMÎOFBSFDPOPDJÓRVF
iTFIBSFUSBTBEPVOQPDPuQPSRVFMBT
KVOUBTEJSFDUJWBTRVFTFIBODPOTUJUVJEP
SFDJFOUFNFOUFUJFOFORVFSBUJGJDBSMPT
BDVFSEPT
1PSTVQBSUF+PTÊ1PMPWJDFQSFTJEFOUF
EF4FNFSHFODPNFOUÓMBJNQPSUBODJBEF
MBSFDFSUJGJDBDJÓOEFMPTQSPGFTJPOBMFTB
TPOQBDJFOUFTCBTUBOUFJOEFQFOEJFOUFT
BVORVFFOSFBMJEBEOPFTBTÎu
&OUSFMBTQBUPMPHÎBTNÃTQSFWBMFOUFT
EFTUBDBSPOMBIJQFSUFOTJÓOMBEJBCFUFTZ
MBFOGFSNFEBEDBSEJPWBTDVMBSRVFiUJFOF
VOJNQBDUPTJHOJGJDBUJWPFOFMQSPOÓTUJDP
EFFTUPTQBDJFOUFTu&OTFSFBMJ[BSÃ
MBTFHVOEBGBTFEFFTUFFTUVEJP
1PSPUSPMBEPFM&TUVEJP1O,-JQPJOGMB
NBDJÓOQBSUJÓEFMBQSFNJTBEFRVFMPT
QBDJFOUFTPCFTPTRVFEJTNJOVZFOEFQFTP
FTUÃOMJQPJOGMBNBEPTZQPSMPUBOUPOPFT
TVGJDJFOUFDPOCBKBSMPTJOPRVFBEFNÃT
UJFOFORVFEJTNJOVJSMBJOGMBNBDJÓOEFM
UFKJEPHSBTPUBMZDPNPTFÒBMÓVOPEFMPT
JOWFTUJHBEPSFT"OUPOJP4ÃODIF[1PSFMMP
TFBQMJDÓVOUSBUBNJFOUPEFQÊSEJEBEF
QFTPRVFDPNCJOBQSPUFÎOBEFBMUPWBMPS
CJPMÓHJDPZ%)"EFBMUBCJPEJTQPOJCJMJEBE
BMHPRVFDPOTJHVJÓSFCBKBSMBJOGMBNBDJÓO
"ODJBOPGSÈHJM
ZFODPOTFDVFODJBEJTNJOVZÓFMFGFDUP
%VSBOUF FM $POHSFTP UBNCJÊO TF SFCPUFUSBTEFUFDUBSDBNCJPTUBOUPEF
QSFTFOUÓFM&TUVEJP1ZDBGTPCSFWBMPSB QFTPEFÎOEJDFEFNBTBDPSQPSBMZEF
DJÓOEFMBQSFWBMFODJBZDBSBDUFSÎTUJDBT QFSÎNFUSPEFDJOUVSBFOMPTNBSDBEPSFT
DMÎOJDBTZTPDJPTBOJUBSJBTEFMBODJBOP RVFTFEFUFDUBOFOMBTBOBMÎUJDBTUSJHMJDÊ
GSÃHJM BTJTUJEP FO BUFODJÓO QSJNBSJB SJEPTDPMFTUFSPMJOTVMJOB
ZPUSPTJOEJDB
4FSHJP $JO[B QSFTJEFOUF EFM $PNJUÊ EPSFTNÃTCJPMÓHJDPTFTQFDÎGJDPTEFMB
0SHBOJ[BEPSEFUBMMÓRVFFMSFTVMUBEP JOGMBNBDJÓOEFMUFKJEP
GVOEBNFOUBMEFFTUBJOWFTUJHBDJÓOFTRVF
&OEFGJOJUJWBUSBTTFJTNFTFTEFJOWFT
IBZiDMBSBNFOUFuNÃTBODJBOPTGSÃHJMFT UJHBDJÓOTFPCTFSWÓRVFMPTQBDJFOUFT
EF MPT RVF TF FTQFSBCB FODPOUSBS BEFNÃTEFCBKBSEFQFTPiDPOTJHVJFSPO
UFOJFOEPFODVFOUBRVFFMNVFTUSFPTF VOFGFDUPQSPUFDUPSBOUJJOGMBNBUPSJPRVF
MMFWÓBDBCPTPMPFOUSFMPTQBDJFOUFTRVF FTMPNÃTJNQPSUBOUFZBRVFFTMPRVF
BDVEFO QPS TVT QSPQJPT NFEJPT B QSFEJTQPOFBRVFOPTFSFDVQFSFFMQFTP
DPOTVMUBiZFOUFPSÎBTFQSFTVQPOFRVF BMBSHPQMB[PuSFDBMDÓ4ÃODIF[
MBRVFPCMJHBSÃQSÓYJNBNFOUFMBOPSNB
UJWBFVSPQFBZRVFFTUÃSFDPHJEBZBMFHBM
NFOUFFOQBÎTFTEFUPEPFMNVOEP4PCSF
FTUF BTVOUP MBT USFT TPDJFEBEFT EF
NFEJDJOBEFGBNJMJBiWBOEFMBNBOPuEF
MB0SHBOJ[BDJÓO.ÊEJDB$PMFHJBMUBMZ
DPNPTVDFEFUBNCJÊODPOPUSBTFTQFDJB
MJEBEFT
4FNFSHFO QSFTFOUÓ EVSBOUF FTUF
FODVFOUSPTVNBQBEFDPNQFUFODJBTZ
BEFNÃTVOBQMBUBGPSNBQBSBSFBMJ[BSMB
FWBMVBDJÓOEFUPEBMBDPNQFUFODJBQSPGF
TJPOBM"DUVBMNFOUFTFFTUÃSFBMJ[BOEP
VOQJMPUBKFiQPSUPEB&TQBÒBuRVFFO
BCSJM EF BMDBO[BSÃ MPT NÊEJDPT1PMPTFÒBMÓBTJNJTNPRVFiMB
NBZPSÎBuEFMPTNÊEJDPTEFGBNJMJBTPO
DPOTDJFOUFT EF MB OFDFTJEBE EF FTUB
FWBMVBDJÓO
(.EFPDUVCSFBMEFOPWJFNCSFEF1VCMJDJEBE
'JDIBUÏDOJDBFOQÈHJOBTZ
EFPDUVCSFBMEFOPWJFNCSFEF(.
&TQFDJBMJ[BEB
-7***$POHSFTP/BDJPOBMEFMB4PDJFEBE&TQB×PMBEF)FNBUPMPHÓBZ)FNPUFSBQJB4&)
3FTVMUBEPTQPTJUJWPTEFMUSBUBNJFOUPUFN
-PTFYQFSUPTSFDPOPDFOFMQBQFMEFQJYBOUSPOBQBSBUFSDFSBZDVBSUBMÓOFBEF-#%$(FOSFDBÓEBTQFSPBEWJFSUFO
$4"/%*"/&4
4BOUJBHPEF$PNQPTUFMB
A-BTDÊMVMBTOBUVSBMLJMMFS/,
BDUJWBEBTZ
FYQBOEJEBTEFTUSVZFOMBTDÊMVMBTJOJDJBEP
SBTEFUVNPSEFNJFMPNBNÙMUJQMF..
6OBEFMBTDPODMVTJPOFTEFFTUFUSBCBKPQSF
TFOUBEPFOFM-7***$POHSFTP/BDJPOBMEFMB
4PDJFEBE&TQBÒPMBEF)FNBUPMPHÎBZ)F
NPUFSBQJB4&))
Z999**$POHSFTP/B
DJPOBMEFMB4PDJFEBE&TQBÒPMBEF5SPNCP
TJTZ)FNPTUBTJB4&5)
FTRVFMBTDÊMVMBT
TJEFQPQVMBUJPO41
QPTFFODBSBDUFSÎTUJDBT
FTQFDÎGJDBTEFDÊMVMBTNBESFZRVFQPESÎBO
DPOTUJUVJSMBDÊMVMBJOJDJBEPSBEFM..
i-BTDÊMVMBT/,BDUJWBEBTZFYQBOEJEBT
/,"&
UJFOFONBZPSDBQBDJEBEEFBEIF
TJÓOZNJHSBDJÓORVFMBT/,ZBEFNÃTEFT
USVZFOMBTDÊMVMBTEFMB41uFYQMJDÓFMKFGF
EFMBTFDDJÓOEF)FNBUPMPHÎBEFM)PTQJUBM
6OJWFSTJUBSJP%PDFEF0DUVCSF+PBRVÎO
.BSUÎOF[EVSBOUFMBDPNVOJDBDJÓOPSBM
A#BODPEFTBOHSFZQSÃDUJDBUSBOTGVTJPOBM
UFSBQJBDFMVMBS
"TJNJTNPÊTUBTQSFTFSWBOMBTDÊMVMBT
TBOBTEFNÊEVMBÓTFBZMBTDÊMVMBTQSPHF
OJUPSBT$%&ODVBOUPBMGVUVSPFMFY
QFSUPQMBOUFÓMBQPTJCJMJEBEEFBOBMJ[BSFM
QPUFODJBMDJPOPHÊOJDPEFMBTDÊMVMBTEFMB
41ZSFBMJ[BSFTUVEJPTJOWJWPDPODÊMVMBT
QSJNBSJBTEF..
0USPEFMPTUSBCBKPTQSFTFOUBEPTGVFFM
SFBMJ[BEPQPSFM)PTQJUBM(FOFSBM6OJWFS
TJUBSJP.PSBMFT.FTFHVFSZFM$FOUSP3F
HJPOBMEF)FNPEPOBDJÓO*.*#EF.VSDJB
A-BDPOUBNJOBDJÓOEFDÊMVMBTUVNPSBMFTFO
FMNBUFSJBMEFBGÊSFTJTOPQSFEJDFMBFWPMV
DJÓOEFQBDJFOUFTDPO..TPNFUJEPTBVO
USBTQMBOUFBVUÓMPHP
%VSBOUFMBQPOFODJBTFJOTJTUJÓFORVF
MBFOGFSNFEBENÎOJNBSFTJEVBM&.3
RVF
DPOUBNJOBFMNBUFSJBMEFBGÊSFTJTOPUJFOF
VOJNQBDUPFOMBFWPMVDJÓODMÎOJDBEÎB
EFMPTQBDJFOUFTTPNFUJEPTBVOUSBTQMBOUF
BVUÓMPHPEFTBOHSFQFSJGÊSJDB5BTQF
ZRVF
FMUJQPEFNPWJMJ[BDJÓOVUJMJ[BEB‡($4'
TPMPPDPORVJNJPUFSBQJB25
‡OPJOGMVZF
FOMBDBOUJEBEEFDÊMVMBTQMBTNÃUJDBTBUÎ
QJDBTSFDPMFDUBEBTRVFDPOUBNJOBOFMNB
UFSJBMEFBGÊSFTJT
$POMPTSFTVMUBEPTPCUFOJEPTOPFYJTUF
KVTUJGJDBDJÓORVFBWBMFSFBMJ[BSEFUFSNJOB
DJÓOEF&.3FOFMNBUFSJBMEFBGÊSFTJTEF
QBDJFOUFTDPOOFPQMBTJBTEFDÊMVMBTQMBT
NÃUJDBTDPNPTFEFTUBDÓFOEVSBOUFMBDP
NVOJDBDJÓOPSBM
&M..GVFVOBEFMBTQBUPMPHÎBTBMBTRVF
TFMFTQSFTUÓNÃTBUFODJÓOEVSBOUFFMDPO
HSFTP"TÎMBIFNBUÓMPHB.BSÎB7JDUPSJB.B
UFPTEFM)PTQJUBM6OJWFSTJUBSJPEF4BMB
NBODBZNJFNCSPEFM(SVQP&TQBÒPMEF
.JFMPNB(&.
TFFODBSHÓEFMB99*9-FD
DJÓO$PONFNPSBUJWB"OUPOJP3BJDITA"WBO
DFTFOFMEJBHOÓTUJDPZUSBUBNJFOUPEFM..
BQPSUBDJPOFTEFM(&.-BJODMVTJÓOEFQB
DJFOUFTBTJOUPNÃUJDPTDPOVOSJFTHPDBTJ
iJONJOFOUFuEFEFTBSSPMMBSFTUBQBUPMPHÎB
GVFVOBEFMBTOPWFEBEFTSFDPHJEBTFOMPT
DSJUFSJPTEJBHOÓTUJDPTEFFTUBFOGFSNFEBE
1PSFMMPiQPEFSJEFOUJGJDBSQBDJFOUFTRVF
QVFEBOCFOFGJDJBSTFEFUSBUBNJFOUPBOUFT
EFRVFEFTBSSPMMFOMBTJOUPNBUPMPHÎBFTNVZ
JNQPSUBOUFuFYQVTP.BUFPTRVJFOQSFDJTÓ
RVFFM(&.IBEJTFÒBEPVONPEFMPQBSB
QPEFSJEFOUJGJDBSBQBDJFOUFTDPONJFMPNB
BTJOUPNÃUJDPDPOVOSJFTHPBMUPEFQSPHSF
TBSBNJFMPNB
-BFTQFDJBMJTUBIJ[PVOSFQBTPEFMPTIJ
UPTRVFTFIBOQSPEVDJEPFOMPTÙMUJNPTBÒPT
FOFMEJBHOÓTUJDPUSBUBNJFOUPZTFHVJNJFOUP
EFFTUBQBUPMPHÎB"MSFTQFDUPNFODJPOÓFM
FOTBZPDMÎOJDPNVMUJDÊOUSJDPGBTF**(&.
$FTBS$VS&4US"UFHZGPSIJHI3JTLTNPM
EFSJOH
EJTFÒBEPQBSBFWBMVBSMBFGJDBDJB
ZUPYJDJEBEEFVOFOGPRVFUFSBQÊVUJDPJO
UFOTJWPFOQBDJFOUFTDPO..BTJOUPNÃ
UJDP4..
EFBMUPSJFTHP
&OFTUFFTUVEJPMPTQBDJFOUFTSFDJCFOVO
USBUBNJFOUPEFJOEVDDJÓORVFDPNQSFO
EFSÃTFJTDJDMPTEFDBSGJM[PNJCMFOBMJEP
NJEBZEFYBNFUBTPOBBEPTJTCBKBT,3E
"DPOUJOVBDJÓOSFDJCJSÃOVOUSBUBNJFOUP
)%5"4$5CBTBEPFONFMGBMÃOBBMUBTEP
TJTBENJOJTUSBEPQPSWÎBJOUSBWFOPTBTF
HVJEPEFVOUSBTQMBOUFBVUÓMPHPEFQSPHF
OJUPSFTEFTBOHSFQFSJGÊSJDB&MUSBUBNJFOUP
EFDPOTPMJEBDJÓOTFSÃEFEPTDJDMPTEF,3E
BMBTNJTNBTEPTJTZEFBDVFSEPDPOMBNJTNB
QBVUBQPTPMÓHJDBEFMUSBUBNJFOUPEFJOEVD
DJÓOZGJOBMNFOUFBRVFMMPTQBDJFOUFTFO
BVTFODJBEFQSPHSFTJÓOB4..PUPYJDJEBE
RVFSFRVJFSBEJTDPOUJOVBDJÓOEFMFTUVEJP
SFDJCJSÃOUSBUBNJFOUPEFNBOUFOJNJFOUP
EVSBOUFDJDMPT
"MSFEFEPSEFIFNBUØMPHPTZQSPGFTJPOBMFTEFFTQFDJBMJEBEFTBGJOFTBDVEJFSPOBMDPOHSFTPEPOEFTFQVTPEF
NBOJGJFTUPRVFHSBDJBTBMBUFSBQJB$"35TFFTUÈOMMFWBOEPBDBCPFTUSBUFHJBTEFJONVOPUFSBQJBBOUJUVNPSBM
4FFTUÈOJODPSQPSBOEP
OVFWPTBHFOUFTFOFM
USBUBNJFOUPEFM..RVFTPO
iNVZQSPNFUFEPSFTw
5FOJFOEPQSFTFOUFRVFFMPCKFUJWPQSJ
NBSJPFTFWBMVBSRVÊQSPQPSDJÓOEFQBDJFO
UFTDPOTJHVFOVOBSFTQVFTUBJONVOPGFOP
UÎQJDBTPTUFOJEBBDJODPBÒPT.BUFPTJOEJDÓ
RVFMBIJQÓUFTJTRVFNBOFKBOMPTFYQFSUPT
FTRVFBMNFOPTFMQPSDJFOUPEFMPTQB
DJFOUFTMPMPHSFO
&OFTUBMÎOFBMBIFNBUÓMPHBSFTBMUÓRVF
TFFTUÃOJODPSQPSBOEPOVFWPTBHFOUFTFO
FMUSBUBNJFOUPEFFTUBFOGFSNFEBEGÃSNB
DPTEFTFHVOEBHFOFSBDJÓOZDPNCJOBDJP
OFTOVFWBTRVFJODMVZFOMBJODPSQPSBDJÓO
EFBOUJDVFSQPTNPOPDMPOBMFTDPOSFTVMUB
EPTiNVZQSPNFUFEPSFTu*HVBMNFOUFIB
CMÓEFMFTUVEJPGBTF***BCJFSUPBMFBUPSJ
[BEP$MBSJEFYQBSBBOBMJ[BSDÓNPJNQBDUB
MBDPNCJOBDJÓOEFMFOBMJEPNJEBZEFYBNF
UBTPOBDPOZTJODMBSJUSPNJDJOBFOQBDJFO
UFTEFOVFWPEJBHOÓTUJDPRVFOPDBOEJEB
UPTBUSBTQMBOUFZRVFOPIBOSFDJCJEPUSB
UBNJFOUPQSFWJP
&OKVMJPEFFTUFBÒPTFQVCMJDBSPOMPTSF
TVMUBEPTBMBSHPQMB[PEFMFOTBZP2VJ3F
EFYEPOEFTFIBFWBMVBEPFMUSBUBNJFOUP
-BIFNBUØMPHB.‹7.BUFPTEFM)PTQJUBM6OJWEF4BMBNBODBZNJFNCSPEFM(SVQP&TQB×PMEF.JFMPNB(&.
TFFODBSHØEF
MB99*9-FDDJØO$PONFNPSBUJWB"OUPOJP3BJDITA"WBODFTFOFMEJBHOØTUJDPZUSBUBNJFOUPEFM..BQPSUBDJPOFTEFM(&.
&MNFKPSDPOPDJNJFOUPEFMBTCBTFTNPMFDVMBSFTEFMBTQBUPMPHÓBTIFNBUPMØHJDBTNÈTHSBWFTZRVFUJFOFOVOBNPSUB
MJEBENÈTQSFDP[IBDFRVFTFBQPTJCMFFMEJTF×PEFNFEJDBNFOUPTEJSJHJEPTBEJBOBTFTQFDÓGJDBT
(.EFPDUVCSFBMEFOPWJFNCSFEF
)
Z999**$POHSFTP/BDJPOBMEFMB4PDJFEBE&TQB×PMBEF5SPNCPTJTZ)FNPTUBTJB4&5)
NQSBOPFO4..
EFRVFFTOFDFTBSJPNFKPSBSFMGÈSNBDPFOSFTJTUFODJBT
QSFDP[FOQBDJFOUFTTFMFDDJPOBEPTDPOBMUP
SJFTHPEF4..%FBDVFSEPDPOFMUSBCB
KBEPQVCMJDBEPFO5IF-BODFUiMPTSFTVMUB
EPTQPTJUJWPTBQPZBSÎBOFMVTPEFVOUSBUB
NJFOUPUFNQSBOPQBSBMPTQBDJFOUFTDPO
FOGFSNFEBEEFBMUPSJFTHPFOVOGVUVSPQSÓ
YJNPuDPNPTVCSBZÓ.BUFPT
-JOGPNB#
&OFTUFDPOUFYUPTFQSFTFOUBSPOEBUPT
BDFSDBEFQJYBOUSPOB‡VOBNPMÊDVMBRVF
QFSUFOFDFBMBGBNJMJBEFMPTBOUSBDJDMÎOJ
DPTDPOVONFDBOJTNPEFBDDJÓORVFOPMJ
CFSBSBEJDBMFTBMDPIÓMJDPTDPOUSJCVZFOEP
BMBQSPUFDDJÓOEFMDPSB[ÓO‡QBSBFMMJO
GPNB#EJGVTPEFDÊMVMBTHSBOEFT-#%$(
&TUBNPMÊDVMBiOPOFDFTJUBMBWÎBQ
QBSBQSPEVDJSBQPQUPTJTQPSRVFMPT
DIFDLQPJOUTEFMBQSPQJBDÊMVMBOPTPODB
QBDFT1PSFMMPQBDJFOUFTRVFTPOSFTJTUFO
UFTBPUSPTBOUSBDJDMÎOJDPTZRVFTÎOFDFTJ
UBOMBQQVFEFOTFSTFOTJCMFTBQJYBO
USPOBuBGJSNÓ"OESÊT-ÓQF[EFM4FSWJDJP
EF)FNBUPMPHÎBEFM)PTQJUBM6OJWFSTJUBSJP
(FOFSBM7BMME)FCSPORVJFOQVOUVBMJ[Ó
RVFQPSBIPSBiUPEPFTNVZUFÓSJDPZRVF
TFEFCFOSFBMJ[BSFOTBZPTDMÎOJDPTQBSBEF
NPTUSBSMPu
&TMBÙOJDBNPMÊDVMBBQSPCBEBQBSBUFS
DFSBZDVBSUBMÎOFBFOSFDBÎEBT/PPCTUBOUF
DPNPTFÒBMÓFMFTQFDJBMJTUBMPTUSBCBKPTTPMP
TFIBOSFBMJ[BEPFOSFDBÎEBTZOPFOSFTJT
UFODJBTi5FOFNPTVOCVFOGÃSNBDPNVZ
CJFOQPTJDJPOBEPFOSFDBÎEBTQFSPMPUFOF
NPTRVFNFKPSBSFOSFTJTUFODJBTuBQPTUJ
MMÓ-ÓQF[BÒBEJFOEPRVFEBEPRVFFM
QPSDJFOUPEFMPTQBDJFOUFTRVFSFRVJFSFO
VOBUFSDFSBMÎOFBFTQPSRVFTPOSFTJTUFO
UFTBMBQSFWJBIBZRVFPQUJNJ[BSFMQBQFM
EFFTUBNPMÊDVMB
)BZNBSHFOEFNFKPSBBTFHVSÓFMGBDVM
UBUJWPRVJFOEJKPRVFKVOUPDPORVJNJPUF
SBQJBPDPOOVFWBTNPMÊDVMBTEJBOBTFQP
ESÃNFKPSBSUPEBWÎBNÃTi&TUBNPTBOUF
VOBNPMÊDVMBQSPNFUFEPSBQFSPBÙOFTUB
NPTBMJOJDJPuEFDMBSÓ
4JHVJFOEPMBMÎOFBEF-ÓQF[&WB(PO[Ã
MF[#BSDBEFM4FSWJDJPEF)FNBUPMPHÎB$MÎ
OJDBEFM*OTUJUVUP$BUBMÃOEF0ODPMPHÎB*$0
NBUJ[ÓRVFFOFTUBQBUPMPHÎBiMPTQBDJFO
UFTRVFOPTFDVSBODPOMBQSJNFSBMÎOFBMB
NBZPSÎBTFDPOTJEFSBOJODVSBCMFTZTPMPVO
QPSDFOUBKFNVZQFRVFÒPDBOEJEBUPTBUSBT
QMBOUFQVFEFODPOTFHVJSDVSBSTFDPOVOB
TFHVOEBMÎOFBu%FNPEPRVFFTUFFTFMQSJ
NFSGÃSNBDPRVFIBEFNPTUSBEPRVFFO
QBDJFOUFTRVFZBMMFWBOVOBNFEJBEFUSFT
MÎOFBTQVFEFOSFTQPOEFSZTVFMFONPTUSBS
iSFTQVFTUBTSÃQJEBTu
"VORVFTFUSBUBEFNPOPUFSBQJB(PO
[ÃMF[DPOTJEFSÓRVFQFTFBRVFFTUFHSVQP
EFQBDJFOUFTIBOFTUBEPQPMJUSBUBEPTZIBO
SFDJCJEPEJGFSFOUFTWÎBT25JONVOPUFSB
QJBFUD
iIBEFNPTUSBEPFGJDBDJBTFSÙUJM
ZUFOFSVOBUPYJDJEBENVZUPMFSBCMFu4JO
FNCBSHPBÒBEJÓRVFMPQSPQJPTFSÃQSPCBS
DPNCJOBDJPOFTEFGÃSNBDPTQBSBPCUFOFS
NFKPSFTSFTQVFTUBT
1PSPUSPMBEPMBJOWFTUJHBEPSB-BVSB&T
DSJCÆEFM4FSWJDJPEF)FNBUPMPHÎBEFM)PT
QJUBM4BOUB$SFVJ4BOU1BVQSFTFOUÓVO
USBCBKPSFBMJ[BEPFODPMBCPSBDJÓODPOFM
/,55IFSBQFVUJDT*OD8BMUIBNEF.BTTB
DIVTFUUTFOFMRVFIBCMÓEFMBJONVOPUF
SBQJBDPOBOUJDVFSQPTBHPOJTUBTEFDÊMVMBT
/,DPNPOVFWPUSBUBNJFOUPQBSBFMMJO
GPNB#"TÎMBIFNBUÓMPHBJODJEJÓFORVFFM
USBUBNJFOUPDPOFMBOUJDVFSQP/,5NHF
OFSBVOBSFTQVFTUBBOUJUVNPSBMFGFDUJWBZ
EFNFNPSJBBTPDJBEBBVOJODSFNFOUPEF
DÊMVMBT/,5QSPEVDUPSBTEFJOUFSGFSÓO
HBNNB*'/Ȗ
i-BDPNCJOBDJÓOEF/,5NDPODJDMP
GPTGBNJEBHFOFSBVOFGFDUPBOUJUVNPSBMTJ
OÊSHJDPZNÃTQPUFOUFBTPDJBEPBVOJODSF
NFOUPEFDÊMVMBT/,5ZDÊMVMBT5TFDSFUP
SBTEF*'/ȖuBGJSNÓQBSBBDPOUJOVBDJÓO
TVCSBZBSRVFFTUPTEBUPTBQPZBOFMEFTB
SSPMMPZFMVTPEFBOUJDVFSQPTBHPOJTUBTEF
DÊMVMBT/,5QBSBMBHFOFSBDJÓOEFVOBOVFWB
JONVOPUFSBQJBFGFDUJWBDPOUSBFMMJOGPNB#
-BFWPMVDJØOFOMBIFNPGJMJB
"TVWF[.BSÎB5FSFTB¦MWBSF[KFGBEFMB
4FDDJÓOEF5SPNCPTJTZ)FNPTUBTJBEFM)PT
QJUBM6OJWFSTJUBSJP-B1B[QBSUJDJQÓFOFM
TJNQPTJPA$PBHVMPQBUÎBTIFNPSSÃHJDBT
BWBODFTFOFMUSBUBNJFOUPZBQMJDBDJÓOEF
OVFWBTIFSSBNJFOUBTFOFMTFHVJNJFOUP
DPOTVDIBSMBA1BQFMEFMPTGBDUPSFTEFWJEB
NFEJBQSPMPOHBEBZOVFWBTNPMÊDVMBTFO
FMUSBUBNJFOUPEFMBIFNPGJMJBEPOEFSFJ
UFSÓMPNVDIPRVFTFIBBWBO[BEPUBOUPFO
FMEJBHOÓTUJDPDPNPFOFMUSBUBNJFOUPEF
FTUBQBUPMPHÎB
i$POUPEBTMBTUÊDOJDBTEFEJBHOÓTUJDP
NPMFDVMBSEFTFDVFODJBDJÓONBTJWBFM
BCPSEBKFUFSBQÊVUJDPEFFTUPTQBDJFOUFT
FTNVDIPNÃTBEFDVBEPZFTUPQFSNJUF
BEBQUBSNVDIPMBUFSBQJB"QBSUFFO
DVBOUP BM USBUBNJFOUP OP TPMP IB
DBNCJBEPEFGPSNBFTQFDUBDVMBSFOMPT
ÙMUJNPTDJODPPEJF[BÒPTTJOPRVFDPODSF
UBNFOUFFOIFNPGJMJB#FTFOEPOEFTFIB
BWBO[BEPNÃTuBTFWFSÓ
$POMBBQBSJDJÓOEFMPTMPOHBDUJOHMPT
QBDJFOUFTTFQVFEFOJOGVOEJSFMGBDUPSVOB
WF[BMBTFNBOBDPNPNVDIPEPTPUSFTZ
FTUÃO QSPUFHJEPT GSFOUF BM TBOHSBEP
TFHÙOFYQMJDÓMBGBDVMUBUJWBBMUJFNQPRVF
JOEJDÓRVFFMGVUVSPQBTBQPSPCUFOFSNÃT
EBUPTEFMPTNFEJDBNFOUPTRVFFTUÃO
EJTQPOJCMFTZQSFDJTÓDPOTPMJEBSMPRVFZB
FTUÃEJTQPOJCMF
1BSB¦MWBSF[MPNÃTSFWPMVDJPOBSJPFO
EJÃUFTJTIFNPSSÃHJDBFTFMUSBUBNJFOUPEF
MPTMPOHBDUJOHFOIFNPGJMJB#i-PTSFTVMUB
EPTTPOFTQFDUBDVMBSFTUBOUPFOQSPGJMBYJT
DPNPDJSVHÎBu&OQSPGJMBYJTTFUSBEVDFFO
NFOPTJOGVTJPOFTQBSBFMQBDJFOUFDBEBEPT
PUSFTTFNBOBTZQFSNJUFRVFMPTQBDJFOUFT
FTUÊOJHVBMNFOUFCJFOQSPUFHJEPTZDPOOJ
WFMFTQMBTNÃUJDPTNVZBMUPTQPSMPRVFQP
ESÃOMMFWBSVOBWJEBSJHVSPTBNFOUFOPS
NBMZFODJSVHÎBNFOPTJOGVTJPOFTSFDJCJS
FMBMUBBOUFTFUDDPODMVZÓMBFTQFDJBMJTUB
7JDFOUF7JDFOUFKFGFEFM4FSWJDJPEF)FNBUPMPHÓBZ0ODPMPHÓBEFM)PTQJUBM.PSBMFT.FTFHVFSZ+PTÏ.BSÓB
.PSBMFEBKFGFEFM4FSWJDJPEF)FNBUPMPHÓBEFM)PTQJUBM6OJWFSTJUBSJP7JSHFOEFMB"SSJYBDB
+04­.‰.03"-&%"❘1SFTJEFOUFEFMB4&))
7*$&/5&7*$&/5&❘1SFTJEFOUFEFMB4&5)
6OÙMUJNPSFQBTPBOUFT
EFFOUSFHBSFMSFMFWP
%FTQVÊTEFWBSJPTBÒPTDPNPQSFTJEFO
UFTEFMB4&5)ZMB4&))7JDFOUF7JDFOUF
Z+PTÊ.BSÎB.PSBMFEBSFTQFDUJWBNFOUF
GJOBMJ[BSPOTVNBOEBUPBMGSFOUFEFTFO
EBTTPDJFEBEFTBMUÊSNJOPEFM$POHSFTP
/BDJPOBM"OUFTEFEFTQFEJSTFIBCMBSPO
DPO(.TPCSFBMHVOPTEFMPTBTQFDUPT
NÃTSFMFWBOUFTRVFTFUSBUBSPOFOFTUF
FODVFOUSP
1SFHVOUBy2VÊQVFEFBQPSUBSMBUF
SBQJBHÊOJDBBMUSBUBNJFOUPEFMBIF
NPGJMJB 7JDFOUF$PNPTFUSBUBEFVOBFOGFS
NFEBENVMUJHÊOJDBFTNVZEJGÎDJMIBDFS
UFSBQJBHÊOJDB/PPCTUBOUFZBIBZSSF
TVMUBEPTDMÎOJDPTRVFEFNVFTUSBORVF
UBOUPFOIFNPGJMJB"DPNP#TFFTUÃODPO
TJHVJFOEPSFTVMUBEPTFTUVQFOEPTDPOUF
SBQJBHÊOJDB
16TUFERVFFTVOGJFMDSFZFOUFFOMBT
DÊMVMBNBESFyDVÃOEPQPESÃOTFSVOB
SFBMJEBEFOFMBCPSEBKFEFMBTQBUPMP
HÎBTIFNBUPMÓHJDBT .PSBMFEB1FOTBNPTRVFFMDVFSQPUJFOF
NFDBOJTNPTEFSFQBSBDJÓORVFFTUÃOHVJB
EPTFOHSBOQBSUFQPSFMBMNBDÊOEFDÊMV
MBTNBESFRVFUFOFNPT"IPSBCJFOIBZ
RVFBQSFOEFSDÓNPNBOFKBSMP4BCFNPT
RVFIBZEFUFSNJOBEBTDÊMVMBTEFOVFTUSP
DVFSQPRVFSFÙOFOFTPTSFRVJTJUPTFONB
ZPSPNFOPSNFEJEBZFTFNBUJ[FTNVZ
JNQPSUBOUF/PTPOMPNJTNPMBTDÊMVMBT
NBESFBEVMUBTRVFMBTFNCSJPOBSJBTPMBT
DÊMVMBTNBESFQMVSJQPUFOUFTJOEVDJEBT
J14
ZMPRVFFTUBNPTBQSFOEJFOEPFTB
NBOFKBSMBTBVORVFFTUPOPTQVFEFMMFWBS
EÊDBEBT/FDFTJUBNPTNÃTUJFNQPQBSB
DPOPDFSMPTNFDBOJTNPTZVUJMJ[BSMPTFO
OVFTUSPCFOFGJDJP1SPCBCMFNFOUFMBTDÊ
MVMBTNBESFTFBOFMUSBUBNJFOUPEFMGV
UVSPQBSBFTUBTZPUSBTQBUPMPHÎBT
1y$VÃMFTTPOMBTWFOUBKBTEFM#MF
FEJOH"TTFTTNFOU5PPM#"5
76OBEFMBTDPTBTNÃTMMBNBUJWBTQBSB
VOQBDJFOUFDPOUSBTUPSOPTEFMBDPBHV
MBDJÓOFTTBOHSBSZVOBEFMBTDPTBTNÃT
EJGÎDJMFTQBSBFMNÊEJDPFTDVBOUJGJDBSFM
TBOHSBEP1PSFMMPFTUFDVFTUJPOBSJPJO
UFOUBVOJGJDBSMBFYQSFTJÓODMÎOJDB‡FM
QBDJFOUFUJFOFRVFSFTQPOEFSBVOBTF
SJFEFQVOUPT‡ZMPTEBUPTEFMMBCPSBUP
SJP-BDPNCJOBDJÓOEFFTPTEBUPTOPT
QVFEFEFDJSTJOPTFODPOUSBNPTBOUFVOB
IFNPSSBHJBNFOPSJOUFSNFEJBPNBZPS
&TUBFTVOBEFMBTJOJDJBUJWBTJNQPSUBO
UFTEFMB4PDJFEBE*OUFSOBDJPOBMEF5SPN
CPTJTZ)FNPTUBTJB*45)
1y2VÊQBQFMKVFHBMBUFSBQJB$"35
FOMBMFVDFNJBBHVEBNJFMPCMÃTUJDB
-".
FM..ZFMMJOGPNBEF)PEHLJO .1VFEFFMJNJOBSVOUVNPS&MQPEFS
BOUJUVNPSBMEFMTJTUFNBJONVOPMÓHJDPMP
BQSFOEJNPTDPOFMUSBTQMBOUFEFNÊEVMB
ÓTFBZFTPOPTIBEBEPQJFBGBCSJDBSFO
FMMBCPSBUPSJPDÊMVMBTDPONÃTQPEFSBO
UJUVNPSBM
1y2VÊTVQPOFOMPTOVFWPTCJPNBS
DBEPSFTQBSBFMJOGBSUPBHVEPEFNJP
DBSEJP 7/PTWBOBQFSNJUJSQSFEFDJSSJFTHPT
&OFMJOGBSUPEFNJPDBSEJPUFOFNPTNV
DIPJOUFSÊTFODPOPDFSBBRVFMMPTQBDJFO
UFTRVFQVFEFOUFOFSSFDVSSFODJB)F
NPTFTUBEPUSBCBKBOEPBDUJWBNFOUFFO
MBJOUFSMFVDJOBZFMGBDUPS8JMMFCSBOE
ZBRVFTFIBWJTUPRVFTPONBSDBEPSFT
RVFJOEJDBORVÊQBDJFOUFTQVFEFOEFTB
SSPMMBSVOJDUVT"IPSBTFFTUÃFTUVEJBOEP
TJMPT/&5QVFEFOTFSVONBSDBEPSCJP
NBSDBEPSEFJDUVTFOQBDJFOUFTDPO'"
1y$ÓNPTFQVFEFFWJUBSMBFOGFSNF
EBEJOKFSUPDPOUSBIVÊTQFE&*$)
USBT
VOUSBTQMBOUFEFNÊEVMBÓTFB .4FIBNFKPSBEPNVDIP&TUPMP
NJTNPRVFMBTFHVSJEBEFOFMUSBUBNJFOUP
USBOTGVTJPOBM)BDFBÒPTEFDBEBUSBOT
GVTJÓORVFTFSFBMJ[BCBIBCÎBVOSJFTHP
EFEFUSBOTNJUJSIFQBUJUJT$NJFO
USBTRVFIPZFTBDJGSBFTEF
4FWBHBOBOEPFOTFHVSJEBEQFSPDFSP
OVODBFYJTUF$POFMUSBTQMBOUFEFNÊEVMB
ÓTFBPDVSSFFTMBNJTNBGJMPTPGBFTVO
CBMBODFSJFTHPCFOFGJDJPFTEFDJSIBZRVF
QMBOUFBSRVÊTFQVFEFQFSEFSTJOFMUSB
UBNJFOUPZRVÊQVFEFTHBOBSDPOÊM
1VCMJDJEBEEFPDUVCSFBMEFOPWJFNCSFEF(.
(.EFPDUVCSFBMEFOPWJFNCSFEF&TQFDJBMJ[BEB
$POHSFTPEFMB4PDJFEBE&TQB×PMBEF0ODPMPHÓB.ÏEJDB4&0.
%VSBOUFFM$POHSFTP4&0.BMRVFBTJTUJFSPOBMSFEFEPSEFQFSTPOBTTFBCPSEBSPOOPTPMPBTQFDUPTDMÓOJDPTTJOPRVFTFMMFWBSPOBDBCPTFTJPOFTTPCSFPODPHFSJBUSÓBZCJPÏUJDB
&TUVEJPTNPMFDVMBSFTMBAMMBWF
QBSBMBPODPMPHÎBEFQSFDJTJÓO
&OUFSDFSBMÓOFB5"4PCUJFOFNFKPSBTFOMBNFEJBOBEF4(ZMB4-1FO$$3N
$4
.BESJE
"DUVBMJ[BDJÓOEFEBUPTDMÎOJDPTZOVFWBT
JONVOPUFSBQJBTFOEFTBSSPMMPFMQBQFM
EFMPTCJPNBSDBEPSFTQSFEJDUJWPTEF
SFTQVFTUBBUFSBQJBEJSJHJEBFJONVOPUF
SBQJBMBVUJMJEBEEFMBTIFSSBNJFOUBTEF
TFDVFODJBDJÓONBTJWBZEFUFTUTQBSB
EJBHOPTUJDBSEJWFSTPTUVNPSFTGVFSPO
BMHVOPTEFMPTBTQFDUPTRVFTFBCPSEB
SPOEVSBOUFFM$POHSFTPEFMB4PDJFEBE
&TQBÒPMB EF 0ODPMPHÎB .ÊEJDB
4&0.
FMDVBMIBDPJODJEJEPDPOFM
"OJWFSTBSJPEFMBTPDJFEBEDJFOUÎGJDB
&O MB TFTJÓO GPSNBUJWB TPCSF
NFMBOPNBFMKFGFEFMB4FDDJÓOEFM4FSWJ
DJPEF0ODPMPHÎBEFM)PTQJUBM-B1B[
&OSJRVF&TQJOPTBTFDFOUSÓFOBRVFMMPT
GBDUPSFTRVFQVFEFOQSPQPSDJPOBSJOGPS
NBDJÓOQBSBTBCFSDÓNPWBBTFSMB
SFTQVFTUBEFVOQBDJFOUFBMPTUSBUB
NJFOUPT RVF TF FNQMFBO QBSB FM
NFMBOPNBDPONFUÃTUBTJT
&OVOQSJNFSNPNFOUPIBCMÓEFMPT
JOIJCJEPSFT EF #3"' Z EF DÓNP FM
GBDUPSQSJODJQBMEFSFTQVFTUBFTRVF
FYJTUBMBNVUBDJÓOFOEJDIPHFO%F
IFDIP iDVBOEP MB NVUBDJÓO FTUÃ
QSFTFOUFMBJONFOTBNBZPSÎBEFMPT
QBDJFOUFTSFTQPOEFOBMUSBUBNJFOUPFT
EFDJSRVFTPOQPDPTMPTDBTPTFOMPT
RVFFMUVNPSFTQSJNBSJBNFOUFSFTJT
UFOUFBFTUFUJQPEFGÃSNBDPTuBGJSNÓ
&TQJOPTB RVJFO FYQMJDÓ B (. RVF
IBCJUVBMNFOUFTFFNQMFBVOJOIJCJEPS
EF#3"'KVOUPDPOVOJOIJCJEPSEF
.&,i-PTEPTBDUÙBODPOKVOUBNFOUF
ZQSPEVDFOSFTQVFTUBTFOMBNBZPSÎB
EFMPTQBDJFOUFTuBHSFHÓ
&OFTUPTNPNFOUPTFYJTUFOEPTDPNCJ
OBDJPOFTDPNFSDJBMJ[BEBTWFNVSBGFOJC
DPCJNFUJOJCZEBCSBGFOJCUSBNFUJOJC
i$VBOEP MB NVUBDJÓO FTUÃ QSFTFOUF
QPEFNPT FNQMFBSMPT DPO CBTUBOUFT
HBSBOUÎBTEFRVFFMQBDJFOUFWBBSFTQPO
EFSuQSPTJHVJÓFMFTQFDJBMJTUB
:B TF IBO MMFWBEP B DBCP BMHVOPT
FTUVEJPTQBSBTBCFSQPSRVÊDPOFMQBTP
EFMUJFNQPBMHVOPTUVNPSFTTFIBDFO
SFTJTUFOUFTBMPTGÃSNBDPT/PPCTUBOUF
QSFDJTÓFMFYQFSUPiUPEBWÎBOPIBZVOB
DMBSBBQMJDBDJÓOQSÃDUJDBEFFTUFUJQPEF
FTUVEJPTu
-B JONVOPUFSBQJB UBNCJÊO FTUVWP
QSFTFOUFZBMSFTQFDUP&TQJOPTBTVCSBZÓ
RVFEBEPRVFDBTJVOUFSDJPEFMPTQBDJFO
UFTDPOFTUBQBUPMPHÎBTPOiEFFOUSBEBu
SFTJTUFOUFTBFTUFUJQPEFUSBUBNJFOUPTF
EFCFBMNFOPTJOEBHBSDVÃMFTTPOFTPT
QBDJFOUFTRVFUJFOFONÃTQPTJCJMJEBEFTEF
SFTQVFTUB
&M QBSÃNFUSP NÃT VUJMJ[BEP FT FM
NBSDBEPS1%-i1PSTÎTPMPOPFTNVZ
EFDJTJWPOPBZVEBEFNBTJBEP1SPCBCMF
NFOUFFOFMGVUVSPQSÓYJNPOFDFTJUFNPT
BÒBEJSPUSBTFSJFEFGBDUPSFTQBSBDPOTF
HVJSVOBQSFEJDDJÓONÃTFYBDUBuBTFHVSÓ
FMGBDVMUBUJWPBMUJFNQPRVFBEWJSUJÓEF
RVFiBMBSHPQMB[PTFQPESÃOVUJMJ[BS
IFSSBNJFOUBTEFBOÃMJTJTNPMFDVMBSQBSB
BWFSJHVBSRVÊQBDJFOUFTTFWBOBCFOFGJ
DJBSNÃTEFFTUFUJQPEFGÃSNBDPTu
6OQBTPNÈTFOFM$$3N
&OFMNBSDPEFFTUFDPOHSFTPFMKFGFEFM
4FSWJDJPEF0ODPMPHÎB.ÊEJDBEFM)PTQJ
UBM$MÎOJDP4BO$BSMPT&EVBSEP%ÎB[
3VCJPQBSUJDJQÓFOFMTJNQPTJPA/VFWPT
BHFOUFTZFTUSBUFHJBTEFUSBUBNJFOUPFO
FM DÃODFS DPMPSSFDUBM NFUBTUÃTJDP
$$3N
FOFMRVFEFTUBDÓFMDBNCJPEF
QBSBEJHNBRVFIBWJWJEPFTUFUVNPSFO
MPTÙMUJNPTBÒPT
i)FNPTDPOTFHVJEPUFOFSQBDJFOUFT
RVFBVNFOUBODMBSBNFOUFMBTVQFSWJWFO
DJBDVBOEPSFDJCFOUPEBTMBTMÎOFBTEF
USBUBNJFOUPFJODMVTPFOPDBTJPOFTMPT
QBDJFOUFTQVFEFOTFSSFTDBUBEPTQPTUF
SJPSNFOUF DVBOEP IBZ VOB CVFOB
SFTQVFTUBUSBTDJSVHÎB-PDJFSUPFTRVF
UFOFNPTQBDJFOUFTRVFQVFEFOMMFHBSDBTJ
BMBDVSBDJÓOEFMBFOGFSNFEBEuDPNFOUÓ
-PJNQPSUBOUFDPNPSFDBMDÓ%ÎB[
3VCJPFTDPOUBSDPOVOBTFDVFODJBEF
PQDJPOFTUFSBQÊVUJDBTEFQSJNFSBIBTUB
DVBSUB MÎOFB RVF QFSNJUF PCUFOFS
NBZPSFTCFOFGJDJPTi&OFTUPTNPNFOUPT
UFOFNPTGÃSNBDPTFOPSNFNFOUFJOUFSF
TBOUFTRVFMMFHBOBUFSDFSBMÎOFBZRVF
DPOUPEBTFHVSJEBETFBDBCBSÃOJODPSQP
SBOEPBMBQSJNFSBZTFHVOEBMÎOFBEF
USBUBNJFOUPuBQPTUJMMÓ
&OFTUFTFOUJEPTFIBCMÓEF5"4
DPNQVFTUPQPSUJGMVPSPUJNJEJOBZUSJGMVSJ
EJOB&TUFFTVOGÃSNBDPRVFJOIJCFVOB
TFSJF EF WÎBT EFM NFUBCPMJTNP EF MBT
DÊMVMBTUVNPSBMFTZTFJODPSQPSBEJSFDUB
NFOUFFOFM"%/i&OUFSDFSBMÎOFBFTUÃ
QSPEVDJFOEPBVNFOUPTEFTVQFSWJWFODJB
HMPCBM4(
DPOVOBUPYJDJEBEBTVNJCMFZ
DSFFNPTRVFTFJODPSQPSBSÃBQSJNFSBP
TFHVOEBMÎOFBFOMPTQSÓYJNPTBÒPTu
EFDMBSÓJOEJDBOEPRVFUBNCJÊOBVNFOUB
MBTVQFSWJWFODJBMJCSFEFQSPHSFTJÓO4-1
DPNPTFQVTPEFNBOJGJFTUPFOVOFTUVEJP
JOUFSOBDJPOBMEFGBTF***QVCMJDBEPFO5IF
/FX&OHMBOE+PVSOBMPG.FEJDJOF
1VFTUPRVFFOMBBDUVBMJEBEQSÃDUJDB
NFOUF DBEB QBDJFOUF UJFOF VO USBUB
NJFOUPDBTJQFSTPOBMJ[BEPFMTJHVJFOUF
QBTPFTDPOPDFSDVÃMFTTPOMBTBMUFSBDJP
OFTNPMFDVMBSFTRVFUJFOFFMUVNPSEF
EFUFSNJOBEPTQBDJFOUFTZFOGVODJÓOEF
FTPBENJOJTUSBSFMUSBUBNJFOUPDPSSFT
QPOEJFOUF
i&OFMDBNQPEFMBJONVOPUFSBQJB
FYJTUFBQSPYJNBEBNFOUFVODJODPQPS
DJFOUP EF QBDJFOUFT DPO$$3N RVF
QSFTFOUBOVOBBMUFSBDJÓOQBSUJDVMBS
JOFTUBCJMJEBEEFNJDSPTBUÊMJUFTuTFÒBMÓ
FMGBDVMUBUJWPFYQMJDBOEPRVFFTFOFTUF
HSVQP FO FM RVF MB JONVOPUFSBQJB
GVODJPOBQFSPOPBTÎFOFMSFTUP&TFO
FTFDJODPQPSDJFOUPEFQBDJFOUFTRVF
UJFOFO EJDIBT BMUFSBDJPOFT Z SFDJCFO
JONVOPUFSBQJBFOFMRVFTFQSPEVDFiVO
CFOFGJDJP JNQPSUBOUF Z USBTDFOEFOUF
QBSBMBTVQFSWJWFODJBu
1BSBDPODMVJS%ÎB[3VCJPJOEJDÓRVF
QBSBFTUFUVNPSMPTÙOJDPTNFEJDBNFOUPT
RVFIBOEFNPTUSBEPCFOFGJDJPQBSBFM
USBUBNJFOUP EF NBOUFOJNJFOUP TPO
BOUJBOHJPHÊOJDPTDPNPCFWBDJ[VNBCFO
DPNCJOBDJÓODPOVOBNPOPUFSBQJB
GMVPSVSBDJMP'6
PVOEFSJWBEPEFFTUF
$ÈODFSEFFOEPNFUSJP
4J CJFO FT DJFSUP RVF TPO QPDPT MPT
BWBODFTRVFTFIBOQSPEVDJEPFOUPSOP
BMDÃODFSEFFOEPNFUSJPMBTFTJÓOGPSNB
UJWBEFUVNPSFTHJOFDPMÓHJDPTTJSWJÓQBSB
RVFFOUSFPUSPTFTQFDJBMJTUBT"OB4BOUB
CBMMBEFM4FSWJDJPEF0ODPMPHÎB.ÊEJDB
)PTQJUBM6OJWFSTJUBSJP-B'FIJDJFTFVOB
QBOPSÃNJDBTPCSFMBTBMUFSOBUJWBTRVF
FYJTUFOFOMBBDUVBMJEBEQBSBUSBUBSFTUF
UVNPS Z IBDJB EÓOEF WB FM GVUVSP
UFSBQÊVUJDP
1SÃDUJDBNFOUFFMQPSDJFOUPEFMBT
QBDJFOUFTTFEJBHOPTUJDBOFOFTUBEJPT
JOJDJBMFT Z UJFOFO HFOFSBMNFOUF VOB
TVQFSWJWFODJBiNVZCVFOBu&MQSPCMFNB
SBEJDBFOFTFQPSDJFOUPSFTUBOUFEF
QBDJFOUFTFOFTUBEJPTBWBO[BEPTPRVF
WBOBSFDBFS-BNBMBOPUJDJBFTRVFDPNP
BTFWFSÓ4BOUBCBMMBiFOMPTÙMUJNPT
BÒPT OP TF IBO QSPEVDJEP HSBOEFT
BWBODFTZSFBMNFOUFFMOÙNFSPEFGBMMF
DJNJFOUPTFTFYBDUBNFOUFFMNJTNPRVF
FOUPODFTu)BTUBBIPSBMPTQSPGFTJPOBMFT
TBOJUBSJPTDPOUBCBODPODPNCJOBDJPOFT
EF RVJNJPUFSBQJB RVF IBO QFSNJUJEP
iHBOBSVOQPDPuFOTVQFSWJWFODJBQFSP
FTUBTJHVFTJFOEPUBOTPMPEFNFTFT
&ODVBOUPBMGVUVSPiTBCFNPTNÃT
BDFSDBEFMBTBMUFSBDJPOFTNPMFDVMBSFT
RVÊWÎBTFTUÃOBMUFSBEBTFOEJGFSFOUFT
TVCUJQPTEFDÃODFSEFFOEPNFUSJPZDÓNP
EFUFSNJOBEBT UFSBQJBT DPOUSBEJBOB
FTUÃOUFOJFOEPSFTVMUBEPTRVFOPTQVFEFO
QFSNJUJSBWBO[BSuJODJEJÓ
&OFTUBMÎOFBIBCMÓEFMPTJOIJCJEPSFT
EFMBWÎBEF1*,EFMBBOHJPHÊOFTJTZEF
MBTPQDJPOFTRVFQVFEFQSPQPSDJPOBSMB
JONVOPUFSBQJBFOMPTUVNPSFTBWBO[BEPT
4PCSFFTUFBTVOUP4BOUBCBMMBEFKÓDMBSP
RVFMPTSFTVMUBEPTFTUÃOFOGBTFTJOJDJBMFT
ZTPMPTFIBIBCMBEPEFMBTQPTJCJMJEBEFT
RVFQVFEFPGSFDFSQFNCSPMJ[VNBCZB
RVFBVNFOUBFMQPSDFOUBKFEFSFTQVFTUBT
QFSPSFJUFSÓiTPOFTUVEJPTNVZQSFMJNJ
OBSFTEFGBTF**u
"NQMÓBMBJOGPSNBDJØOFO
XXXOFUTBMVEFT
"QQ4UPSF(PPHMFQBZ
NS
NS
Exclusivo NetSalud
&TQFDJBMJ[BEBEFPDUVCSFBMEFOPWJFNCSFEF(.
$POHSFTPEFMB4PDJFEBE&TQB×PMBEF0ODPMPHÓB.ÏEJDB4&0.
5BTBEFTVQFSWJWFODJBiTVQFSJPSuDPO
JONVOPUFSBQJBDPNPSFTDBUFFO$DFDD
(*45EJTFNJOBEPTFIBDPOWFSUJEPFOVONPEFMPEFUFSBQJBEJSJHJEBZUSBUBNJFOUPQFSTPOBMJ[BEP
QVOUPTEFSFHVMBDJÓOJONVOPMÓHJDPTuJO
EJDÓ#FSSPDBM
$4
.BESJE
&ODVBOUPBMPTOVFWPTEBUPTDMÎOJDPTTPCSF
JONVOPUFSBQJB"MGPOTP#FSSPDBMFMKFGFEF
MB4FDDJÓOEFM)PTQJUBM(FOFSBM6OJWFSTJ
UBSJPEF7BMFODJBQSFTFOUÓMPTSFTVMUBEPT
EFMPTÙMUJNPTFOTBZPTGBTF***RVFTFQSF
TFOUBSPOQSFWJBNFOUFFOMPTDPOHSFTPT
BNFSJDBOPZFVSPQFPEFPODPMPHÎB"4$0
Z&4.0SFTQFDUJWBNFOUF
ZRVFIBOTV
QVFTUPOVFWBTBQSPCBDJPOFTEFFTUBPQDJÓO
EFUSBUBNJFOUP
&MFYQFSUPTFDFOUSÓFOMPTEBUPTNÃTSF
MFWBOUFTFODÃODFSEFQVMNÓO$1
FOQSJ
NFSBMÎOFBQBSBQBDJFOUFTDPOFMFWBEBFY
QSFTJÓOEF1%-QPSFODJNBEFMQPS
DJFOUPNFMBOPNBFOBEZVWBODJBEPOEF
JQJMJNVNBCIBEFNPTUSBEPRVFNFKPSBMB
TVQFSWJWFODJBEFMPTQBDJFOUFTRVFMPSFDJ
CFOZUJFOFBEFNÃTJOUFODJÓOEFQSFWFOJS
MBSFDBÎEBZEBUPTEFVOFTUVEJPEFDÃODFS
EFDBCF[BZDVFMMPFOFMRVFIBGSBDBTBEP
MBRVJNJPUFSBQJB25
ZFOFMRVFFMUSBUB
NJFOUPEFSFTDBUFDPOJONVOPUFSBQJBPGSFDF
VOBUBTBEFTVQFSWJWFODJBiNVZTVQFSJPSu
BMBRVFTFDPOTJHVFDPO25DPOWFODJPOBM
i-BJONVOPUFSBQJBFTNVZFGJDB[ZTFTV
QFSQPOFBUPEPTMPTUSBUBNJFOUPTRVFUF
OÎBNPTIBTUBBIPSBQFSPOPMPTEFTUJFSSBu
BDMBSÓFMUJFNQPRVFJOEJDÓRVFVOBEFTVT
WFOUBKBTFTiMBGBDJMJEBEQBSBQPEFSDPN
CJOBSMBDPOPUSBTPQDJPOFTUFSBQÊVUJDBTu
&OFTUFQVOUPNBUJ[ÓRVFFYJTUFOEFUFSNJ
OBEBTQBUPMPHÎBTDPNPFM$1EPOEFIBZFO
TBZPTFONBSDIBFOTFHVOEBMÎOFBEPOEF
TFDPNCJOBJONVOPUFSBQJBDPO25ZTFFTUÃ
WJFOEPRVFMPTSFTVMUBEPTTPOTVQFSJPSFT
RVFVUJMJ[BOEPTPMBNFOUFJONVOPUFSBQJB
6OPEFMPTFTUVEJPTTPCSFMPTRVFIJ[PFT
QFDJBMIJODBQJÊEBEPRVFGVFiMBSFWPMV
DJÓOuFO&4.0GVFFMFOTBZPGBTF***
,FZOPUFQVCMJDBEPFOFM/FX&OHMBOE
+PVSOBMPG.FEJDJOFFMDVBMDPODMVZFRVF
QFNCSPMJ[VNBCTFDPOWFSUJSÃFOVOBOVFWB
PQDJÓOQBSBFMUSBUBNJFOUPEFQSJNFSBMÎ
OFBEFQBDJFOUFTDPO$1BWBO[BEPZBMUB
FYQSFTJÓOEF1%-
3FTQFDUPBMDBSDJOPNBEFDÊMVMBTFTDB
NPTBTEFDBCF[BZDVFMMP$DFDD
SFDVSSFOUF
PNFUBTUÃTJDPDPOQSPHSFTJÓOUVNPSBM#F
SSPDBMSFDVSSJÓBMFOTBZP$IFDL.BUF
EFGBTF***BCJFSUPZBMFBUPSJ[BEPEPOEFTF
FWBMVÓOJWPMVNBCGSFOUFBMUSBUBNJFOUPEF
FMFDDJÓO-PTQBDJFOUFTUSBUBEPTDPOOJWP
MVNBCFYQFSJNFOUBSPOVOBSFEVDDJÓOEFM
QPSDJFOUPEFMSJFTHPEFNVFSUFDPOVOB
4(NFEJBEFNFTFTFODPNQBSBDJÓO
DPONFTFTDPOFMUSBUBNJFOUPFMFHJEP
QPSFMJOWFTUJHBEPS
&ODVBOUPBMBTOVFWBTJONVOPUFSBQJBT
FOEFTBSSPMMPFMGBDVMUBUJWPSFNBSDÓFMQB
QFMEFMPTMJOGPDJUPTNPEJGJDBEPTHFOÊUJDB
NFOUFi5FOFNPTMPT$"3RVFZBTFFN
QMFBOFOMBTMFVDFNJBT‡FODPODSFUPFO
MFVDFNJBBHVEBMJOGPCMBTUJDB-"-
‡ZMBT
DPNCJOBDJPOFTEFMPTJOIJCJEPSFTEFMPT
(*45EJTFNJOBEP
%FOUSPEFMPTUVNPSFTEFMFTUSPNBHBTUSPJOUFTUJOBMFYJTUFVOQPSDJFOUPEFUVNPSFTRVFOPUJFOFOOJMBNVUBDJØOFO
,*5OJFO1%('3BMGBRVFTPOMPTEFOPNJOBEPT(*45XJMEUZQF
&QJDVQFMQSJNFSUFTUFQJHFOÊUJDPQBSB$0%
ZBTFFODVFOUSBDPNFSDJBMJ[BEP
&YJTUFVOQPSDFOUBKFEFUVNPSFTRVFEFCVUBODPONFUÈTUBTJTZFOMPTRVFOPTFEFUFDUBFM
UVNPSQSJNBSJPBQFTBSEFSFBMJ[BSVOFTUVEJPDPSSFDUP&TUPTVQPOFVOQPSDJFOUPEFMPT
UVNPSFTRVFUSBUBOMPTPODØMPHPTDPNPFYQVTPB(.MBKFGBBTJTUFODJBMEFM*OTUJUVUP$BUBMÈO
EF0ODPMPHÓB*$0
EF#BEBMPOB$BSNFO#BMB×ÈRVJFODPOUØRVFZBFTUÈDPNFSDJBMJ[BEP
i&TFQPSDJFOUPTPOUVNPSFTNÈTBHSFTJWPTRVFTFIBOFYUFOEJEPZEFMPTRVFOPTFUJFOF
DPOPDJNJFOUPEFMUVNPSQSJNBSJPTJIBEFTBQBSFDJEPTJTFDPOGVOEFDPOMBNFUÈTUBTJTPTJ
EFCVUBSÈNÈTUBSEFwEFTUBDØ#BMB×ÈRVJFOFYQMJDØRVFIBTUBFMNPNFOUPMPRVFTFIB
IFDIPIBTJEPDMBTJGJDBSBMPTQBDJFOUFTFOGVODJØOEFMPTQSPUPDPMPTRVFUJFOFOEJTQPOJCMFTMPT
FTQFDJBMJTUBTQBSBBENJOJTUSBSVOPVPUSPUSBUBNJFOUP/PPCTUBOUFB×BEJØRVFTJFNQSFIBZ
VOHSVQPEFQBDJFOUFTEFMPTRVFOPIBZDPOTUBODJBEFEØOEFQSPWJFOFMBNFUÈTUBTJT$PNP
EFTEFIBDFVOPTB×PTTFUJFOFNVDIBJOGPSNBDJØOHFOÏUJDBEFUPEPTMPTUVNPSFTMPRVFTFIB
SFBMJ[BEPFTVOBEFTDSJQDJØOEFMPTRVFZBTFDPOPDFOBOJWFMNPMFDVMBS$POMPTEJGFSFOUFT
UFTUTRVFIBOTVSHJEPQBSBJEFOUJGJDBSBMUVNPSQSJNBSJPiMPRVFTFIBDFFTUPNBSFTFDÈODFS
EFPSJHFOEFTDPOPDJEP$0%
IBDFSFMQFSGJMNPMFDVMBSNFEJBOUFEJGFSFOUFTUÏDOJDBTZCVTDBS
FMUVNPSBMRVFTFQBSFDFNÈTBOJWFMNPMFDVMBSwBGJSNØMBKFGBBTJTUFODJBMEFM*$0
&QJDVQTFIBSFBMJ[BEPCVTDBOEPFMQBUSØOEFNFUJMBDJØOEFMHFOi-PRVFIJ[PFMEPDUPS.BOFM
&TUFMMFS‰MÓEFSEFMFTUVEJP‰GVFJEFOUJGJDBSFMQBUSØOEFNFUJMBDJØOEFMPTUVNPSFTDPOPDJ
EPTZVOBWF[DPOPDJEPTFBQMJDØMBQSVFCBEJBHOØTUJDBFODBTPTCJFODBSBDUFSJ[BEPTEF
DÈODFSEFPSJHFOQSJNBSJPEFTDPOPDJEPZTFJEFOUJGJDBSPOMPTUVNPSFTBMPTRVFNÈTTF
QBSFDÓBOwQVOUVBMJ[ØMBFTQFDJBMJTUB
-PTSFTVMUBEPTNVFTUSBORVFMBSFBMJ[BDJØOEFFTUBQSVFCBFOEFUFSNJOBEPTDBTPTQVFEF
NFKPSBSiTJHOJGJDBUJWBNFOUFwFMEJBHOØTUJDPEFDÈODFSEFPSJHFOQSJNBSJPEFTDPOPDJEPZGBDJMJ
UBSMBSFDPNFOEBDJØOEFUSBUBNJFOUPTNÈTQSFDJTPTBTPDJBEPTBNFKPSFTSFTVMUBEPT&TUP
QPESÓBTFSiVOFOGPRVFÞUJMQBSBEFTFONBTDBSBSFMPSJHFOEFMUVNPSQSJNBSJPFODBTPTEF$0%
ZVOQBTPIBDJBMBNFKPSBEFMNBOFKPDMÓOJDPEFFTUPTQBDJFOUFTwDPNPDPODMVZFFMFTUVEJP
NVMUJDÏOUSJDPQVCMJDBEPFO5IF-BODFU
%FOUSPEFMPTTBSDPNBTTFMFQSFTUÓBUFO
DJÓOBMUVNPSEFMFTUSPNBHBTUSPJOUFTUJOBM
(*45
EJTFNJOBEPZBDÓNPIBQBTBEPEF
TFSVOUVNPSiBCTPMVUBNFOUFRVJNJPSF
TJTUFOUFuBDPOWFSUJSTFFOVONPEFMPEFUV
NPSTÓMJEPEFUFSBQJBEJSJHJEBHSBDJBTBIB
CFSJEFOUJGJDBEPMBTNVUBDJPOFTRVFMPPSJ
HJOBOZGÃSNBDPTFTQFDÎGJDPTQBSBEJDIBT
NVUBDJPOFT
"TÎMPBTFHVSÓ7JSHJOJB.BSUÎOF[EFM4FS
WJDJPEF0ODPMPHÎBEFM)PTQJUBM6OJWFSTJUB
SJP-B1B[RVJFOJODJEJÓFORVFGVFFO
DVBOEPTFEFTDVCSJÓMBNVUBDJÓOFOFMHFO
,*5MPRVFTVQVTPiVOBSFWPMVDJÓOuFOFM
USBUBNJFOUP
$POVO(*45EFEFCVUNFUBTUÃTJDPMPT
QBDJFOUFTUFOÎBOFOUPODFTVOB4(RVFSPO
EBCBFMBÒPPBÒPZNFEJP%FTEFFOUPODFT
TFQVEJFSPOEJTFÒBSGÃSNBDPTFTQFDÎGJDPT
QBSBBDUVBSTPCSFFMUVNPS
i&OUPODFTTFFODPOUSÓVOJOIJCJEPSEF
MBUJSPTJORVJOBTB‡JNBUJOJC‡RVFTFQSPCÓ
QPSQSJNFSBWF[FOZPCUVWPVOSF
TVMUBEPSFWPMVDJPOBSJP%FTEFFOUPODFTTF
SFBMJ[BSPOFTUVEJPTFOGBTF**Z***FOFOGFS
NFEBEEJTFNJOBEBDPOFTUFNFEJDBNFOUP
ZMBWFSEBEFTRVFFMCFOFGJDJPGVFFOPSNF
DPOUBTBTEFSFTQVFTUBTEFMQPSDJFOUPu
BGJSNÓ.BSUÎOF["QBSUFBOBMJ[BOEPMPTEB
UPTBMBSHPQMB[PTFPCTFSWBRVFBBÒPT
EFJOJDJBSFMUSBUBNJFOUPVOQPSDJFOUP
EFMPTQBDJFOUFTDPOUJOÙBOWJWPT
&OTFEFTDVCSJÓPUSBNVUBDJÓOPO
DPHÊOJDBRVFGPSNBEBQBSUFEFMBHÊOFTJT
EFFTUPTUVNPSFTMB1%('3"RVFQFSNJ
UJÓFYQMJDBSFOQBSUFMBCJPMPHÎBNPMFDVMBS
EFFTUPTUVNPSFT
5SBTFMÊYJUPEFJNBUJOJCTFEFTBSSPMMÓ
VOOVFWPSFDFQUPSEFMBUJSPTJORVJOBTBNÃT
DPNQMFUPRVFJNBUJOJCQPSRVFJOIJCÎBOP
TPMBNFOUF,*5Z1%('3BMGBTJOPRVFUF
OÎBVOQFSGJMBOUJBOHJPHÊOJDP
i4VOJUJOJCTFQSPCÓFOTFHVOEBMÎOFBFO
BRVFMMPTQBDJFOUFTRVFIBCÎBOQSPHSFTBEP
ZFOEFNPTUSÓNVZCVFOPTSFTVMUB
EPTZDPOTJHVJÓQSPMPOHBSFMUJFNQPEF4(
Z4-1uDPOUJOVÓMBFTQFDJBMJTUBBMUJFNQP
RVFBHSFHÓRVFMPTDMÎOJDPTDVFOUBODPO
VOBUFSDFSBBMUFSOBUJWBFOUFSDFSBMÎOFB
RVFFTSFHPSBGFOJCEJTQPOJCMFFOFMBSTF
OBMUFSBQÊVUJDPEFMPTIPTQJUBMFTEFOVFT
USPQBÎTIBDJBGJOBMFTEF
1BSBUFSNJOBS.BSUÎOF[JOEJDÓRVFBVO
BTÎFYJTUFVOQPSDJFOUPEFUVNPSFTRVF
OPUJFOFOOJMBNVUBDJÓOFO,*5OJFO1%('3
BMGBZBFTUPTTFEFOPNJOBO(*45XJMEUZQF
i&TFUJQPEFUVNPSFTUJFOFOVOBCJPMPHÎB
CBTUBOUFEFTDPOPDJEBZFTUÃOFOJOWFTUJHB
DJÓO"EFNÃTUBNQPDPIBZVOGÃSNBDPFT
QFDJBMNFOUFCVFOPQBSBFMMPTZMBSFTQVFTUB
RVFIBONPTUSBEPMPTQBDJFOUFTBMPTUSFT
GÃSNBDPTDJUBEPTOPFSBOUBOCVFOBTuDPO
DMVZÓMBGBDVMUBUJWB
(.EFPDUVCSFBMEFOPWJFNCSFEF1VCMJDJEBE
1VCMJDJEBEEFPDUVCSFBMEFOPWJFNCSFEF(.
(.EFPDUVCSFBMEFOPWJFNCSFEF&TQFDJBMJ[BEB
-BHFOÓNJDBBCSFMBQVFSUBBiJOWFSUJSMB
GMFDIBEFMUJFNQPuFOGVUVSBTHFOFSBDJPOFT
6OUSBUBNJFOUPNÈTJOUFOTPDPOUSBMBIJQFSUFOTJØOSFEVDFVOMPTFWFOUPTDBSEJPWBTDVMBSFT
"-.6%&/"'&3/«/%&;
.BESJE
5BMWF[FOVOIPSJ[POUFOPNVZMFKBOPMBT
OVFWBTUFDOPMPHÎBTQFSNJUBOiJOWFSUJSMB
GMFDIBEFMUJFNQPuZMBTQSÓYJNBTHFOFSB
DJPOFT QVFEBO BMDBO[BS VO FTUBEP
iQPTUIVNBOJTUBuFOFMRVFMBIVNBOJEBE
EFKFEFTFSUBMZDPNPTFMBDPOPDFZFM
FOWFKFDJNJFOUPOPTFBDPNQMFKPJSSFWFS
TJCMFVOJWFSTBMFJOFYPSBCMF"TÎMPTFÒBMÓ
$BSMPT-ÓQF[0UÎODBUFESÃUJDPEF#JPRVÎ
NJDBZ#JPMPHÎB.PMFDVMBSEFMB'BDVMUBE
EF.FEJDJOBEFMB6OJWFSTJEBEEF0WJFEP
EVSBOUFMB‰-FDDJÓO.FNPSJBMA-BMVDIB
DPOUSBFMFOWFKFDJNJFOUPZMBNVFSUF
FNQJF[BQPSUJPSHBOJ[BEPQPSMB'VOEB
DJÓO"SUVSP'FSOÃOEF[$SV[FOFM)PTQJ
UBM6OJWFSTJUBSJP$MÎOJDP4BO$BSMPT
"EFNÃT FO MPT QSÓYJNPT BÒPT FT
QSPCBCMFRVFTFBWBODFIBDJBVOSFUSBTP
EFMFOWFKFDJNJFOUP%FIFDIP"SUVSP
'FSOÃOEF[$SV[QSFTJEFOUFEFMBGVOEB
DJÓO Z DBUFESÃUJDPKFGF EF 4FSWJDJP
FNÊSJUP EFM )PTQJUBM 6OJWFSTJUBSJP
$MÎOJDP4BO$BSMPTEFTFÓRVFTFBMDBO
DFOMPTBÒPT
-ÓQF[0UÎODPODSFUÓRVFHSBDJBTBMBT
OVFWBTUFDOPMPHÎBTTFQPESÃiBWBO[BSB
MPEFTDPOPDJEPu1PSFKFNQMPFMCJHEBUB
IBBCJFSUPMBQPTJCJMJEBEEFEFTDJGSBSFM
HFOPNBIVNBOP&OFTUBMÎOFBJODJEJÓ
FORVFiTFBQSFOEFEFMPTFYUSFNPTEF
MPTRVFWJWFONVDIPZEFMPTRVFMPIBDFO
NVZQPDPuQVFTQFSNJUFBOBMJ[BSRVÊ
PDBTJPOBFTUBEJGFSFODJB&OFMDBTPEF
MBTQFSTPOBTDFOUFOBSJBTZTÙQFSDFOUF
OBSJBTMBTEJGFSFODJBTDPOMBTQFSTPOBT
RVFOPWJWFOUBOUPTBÒPTTFFODVFOUSBO
FOWBSJBOUFTFOFM"%/FOMBQSPUFPTUB
TJTZMBSFTQVFTUBEFTVTHFOFTBMFTUSÊT
1PS FM DPOUSBSJP FM FTUVEJP EFM
TÎOESPNF QSPHFSJB EF )VUDIJOTPO
(JMGPSEPFMTÎOESPNF/ÊTUPS(VJMMFSNP
FO MBT RVF MPT QBDJFOUFT QSFTFOUBO
BMUFSBDJPOFTHFOÊUJDBTNVZEJTUJOUBT
QVFEFOQFSNJUJSUBNCJÊOBWBO[BSFOFM
SFUSBTPEFMFOWFKFDJNJFOUP
&MDBUFESÃUJDPEF#JPRVÎNJDBZ#JPMP
HÎB .PMFDVMBS UBNCJÊO TFÒBMÓ RVF
iFYJTUFOPQPSUVOJEBEFTEFSFQSPHSBNBS
FMPSHBOJTNPuZDPOFTPTDBNCJPTTF
PCUFOESÎB NÃT WJEB Z NÃT DBMJEBE
"EFNÃT BCSJÓ MB QVFSUB B RVF FTUB
SFQSPHSBNBDJÓO DPOTJHB EFUFOFS F
JODMVTPSFWFSUJSQSPDFTPTDPNPFMDÃODFS
$ÏMVMBTRVFQSFWBMFDFO
&O TVT JOWFTUJHBDJPOFT FO SBUPOFT
DPNFOUÓRVFDPNQSPCBSPOTJMBJNQMBO
UBDJÓOEFQSPHFSJOBFOBMHVOBTDÊMVMBT
PDBTJPOBCBSBUPOFTFOBQBSJFODJBTBOPT
PFOGFSNPTDPOFMPCKFUJWPEFTBCFSRVÊ
DÊMVMBTQSFWBMFDÎBO&MIFDIPEFRVF
FTUPTSBUPOFTFTUVWJFTFOTBOPTBCSFMB
QVFSUBBBWBO[BSFOMBDVSBDJÓOEFFOGFS
NFEBEFTDPNPFMDÃODFSTJOFMJNJOBS
UPEBTMBTDÊMVMBTDBODFSÎHFOBTZBRVFMBT
TBOBTJNQFSBO
"SUVSP'FSOÈOEF[$SV[QSFTJEFOUFEFMBGVOEBDJØOZDBUFESÈUJDPKFGFEF4FSWJDJPFNÏSJUPEFM)PTQJUBM6OJWFSTJUBSJP$MÓOJDP4BO$BSMPTJOBVHVSØMB-FDDJØO.FNPSJBM
&OMPRVFSFTQFDUBBMBTFTUSBUFHJBT
RVFQBSFDFGBDUJCMFRVFQFSNJUBOSFUSB
TBS FM FOWFKFDJNJFOUP FO FM GVUVSP
EFTUBDÓMBFMJNJOBDJÓOEFMBTDÊMVMBT
TFOFTDFOUFTFOWJWPMBTJOUFSWFODJPOFT
EJFUÊUJDBTZFEJUBSFMHFOPNB%FIFDIP
MBFEJDJÓOEFMHFOPNBUJFOFVOHSBO
QPUFODJBMZBRVFTFQPESÎBFMJNJOBSMB
QSPHFSJOBMPRVFPDBTJPOBSÎBVOMFWF
BVNFOUPEFMBMPOHFWJEBE
-BFMJNJOBDJØOEFMBTDÏMVMBT
TFOFTDFOUFTFOWJWPQPESÓB
TFSGBDUJCMFQBSBQSPMPOHBSMB
WJEBEFMBTQFSTPOBT
-PTBOUJ14$,JODMVTP
B×BEJEPTBFTUBUJOBTCBKBO
FMD-%-BNFOPTEFM
QPSDJFOUP
"EFNÃT-ÓQF[0UÎOTVCSBZÓRVFMB
TPDJFEBEQPESÎBJOUFSWFOJSNVDIPNÃT
EFMPRVFMPFTUÃIBDJFOEPBUSBWÊTEFMB
SFBMJ[BDJÓOEFFKFSDJDJPGÎTJDPMBSFTUSJD
DJÓODBMÓSJDBTJOMMFHBSBMBNBMOVUSJDJÓO
P MB JOUFSWFODJÓO DPO QSPCJÓUJDPT Z
QSFCJÓUJDPTBVORVFOJOHVOBBMUFSOBUJWB
GBSNBDPMÓHJDBFTNFKPSRVFVOBEJFUB
FRVJMJCSBEB
4JOFNCBSHPQFTFBUPEPMPBOUFSJPS
SFDPSEÓRVFFMTFSIVNBOPFTWVMOFSB
CMFZQPSBIPSBFTQSPCBCMFRVFOPTF
QVFEBOTVQFSBSMPTPBÒPT
+FOT+VVM)PTMTUDBUFESÃUJDPZKFGFEFM
%FQBSUBNFOUPEF$JFODJBT#JPRVÎNJDBT
EFMB6OJWFSTJEBEEF$PQFOIBHVFQPSTV
QBSUFFOSFMBDJÓOBMPTUSBUBNJFOUPTDPO
JODSFUJOBTQBSBFMBCPSEBKFEFMBEJBCF
UFTUJQPDPODMVZÓRVFMBJOIJCJDJÓOEFM
%11 FT TFHVSB Z FTQFDJBMNFOUF
FGFDUJWBFODPNCJOBDJÓODPONFUGPS
NJOB&MQÊQUJEP(-1QPESÎBFTUBS
JOWPMVDSBEPFOMBBDDJÓOEFMBNFUGPS
NJOB"EFNÃTBMHVOPTEFMPTOVFWPT
BHPOJTUBTEFM(-1QPESÎBOTFSNÃT
FGFDUJWPT
)JQFSUFOTJØO
&OMPRVFSFTQFDUBBMBIJQFSUFOTJÓO
BSUFSJBM3BGBFM(BCSJFMEJSFDUPSEFMB
6OJEBEEF.FUPEPMPHÎBEFMB*OWFTUJHB
DJÓOEFMB&TDVFMB/BDJPOBMEF4BOJEBE
6/&%QSFTFOUÓFMFTUVEJP4QSJOURVF
BOBMJ[ÓFMFGFDUPEFVOUSBUBNJFOUPNÃT
JOUFOTPEFMPRVFSFDPNJFOEBOMBTHVÎBT
DMÎOJDBTBDUVBMNFOUFFOBRVFMMPTQBDJFO
UFTDPOBMHÙOGBDUPSEFSJFTHPBÒBEJEPZ
FODPOTFDVFODJBVOSJFTHPNÃTBMUPEF
QBEFDFSBMHÙOFWFOUPDBSEJPWBTDVMBS
4FEFNPTUSÓRVFFMHSVQPRVFFTUBCB
CBKP VO USBUBNJFOUP NÃT JOUFOTJWP
SFEVKPMBQSFTJÓOBSUFSJBMTJHOJGJDBUJWB
NFOUFZMBNBOUVWPBTÎEVSBOUFUPEPFM
TFHVJNJFOUP MP RVF PDBTJPOÓ RVF TF
QBSBTFFMFTUVEJPQPSFYDFTPEFCFOFGJ
DJPQBSBBQMJDBSFMNJTNPUSBUBNJFOUPFO
UPEPTMPTQBDJFOUFTUSBTIBCFSTFFWJUBEP
VOBNVFSUFQPSFOGFSNFEBEDBSEJPWBT
DVMBSEFDBEBFOMPTDBTPTUSBUBEPT
&OUSFMBTDPODMVTJPOFTEFTUBDÓVOBT
EJGFSFODJBTSÃQJEBTZTPTUFOJEBTFOUSFMBT
EPTSBNBTEFUSBUBNJFOUPZVOBJODJEFO
DJBEFMEFTFOMBDFQSJNBSJPDPNQVFTUP
QPSFWFOUPTDBSEJPWBTDVMBSFT
QPS
DJFOUPJOGFSJPSFOFMHSVQPJOUFOTJWPRVF
FOFMFTUÃOEBSZTFSFEVKPVOQPS
DJFOUP MB NPSUBMJEBE QPS UPEBT MBT
DBVTBTFOUSFPUSBT
"OUJ14$,
+FTÙT&HJEPKFGFEFM4FSWJDJPEF/FGSPMP
HÎB EF MB 'VOEBDJÓO +JNÊOF[ %ÎB[
QSFTFOUÓVOFTUVEJPRVFEFNPTUSÓRVF
MPTBOUJ14$,JODMVTPBÒBEJEPTBFTUBUJ
OBTCBKBOFMD-%-BNFOPTEFMQPS
DJFOUPMBMJQPQSPUFÎOB"ZMPTUSJHMJDÊSJ
EPTNJFOUSBTRVFBVNFOUBFM)%-Z"QP
""EFNÃTMPTBOUJ14$,TFDPNQPS
UBODPNPGÃSNBDPTTFHVSPTJODMVTPTJFM
-%-CBKBEFNHEM
4JOFNCBSHP&HJEPTFÒBMÓRVFIBCSÃ
RVFFTQFSBSBQBSBPCUFOFSSFTVM
UBEPTEFVOPPNÃTEFMPTUSFTHSBOEFT
FOTBZPTDMÎOJDPTRVFFTUÃOBDUVBMNFOUF
FONBSDIBZRVFDPOGJSNBSÃOTJFTUPT
GÃSNBDPTSFEVDFOMBJODJEFODJBEFFOGFS
NFEBEDBSEJPWBTDVMBS
&O FTUB MÎOFB TFÒBMÓ RVF BMHVOBT
JOWFTUJHBDJPOFTSFDPHFORVFMBQSFTFO
DJBEFOJWFMFTNÃTFMFWBEPTEF1$4,FO
FMPSHBOJTNPTVQPOFOVOBTVQFSWJWFO
DJBJOGFSJPSBVORVFPUSPTBVUPSFTOP
DPOTJEFSBO RVF TFB BTÎ QPS MP RVF
iNFSFDFNÃTFTUVEJPu
1VCMJDJEBEEFPDUVCSFBMEFOPWJFNCSFEF(.
(.EFPDUVCSFBMEFOPWJFNCSFEF1VCMJDJEBE
&TQFDJBMJ[BEBEFPDUVCSFBMEFOPWJFNCSFEF(.
$"3-043&7&/("❘3FTQPOTBCMFEFM4FSWJDJPEF5SBVNBUPMPHÎBEFM)PTQJUBM4BO+VBO(SBOEF
i3FEVDJSFMEPMPSBOUFTEFVOBBSUSPQMBTUJB
FTDMBWFQBSBPCUFOFSCVFOPTSFTVMUBEPTu
&#
#BSDFMPOB
&MQSPCMFNBEFMBTFOTJCJMJ[BDJÓODFOUSBM
FOMPTQBDJFOUFTDPOBSUSPTJTOPTPMP
QVFEFSFTUBSMFTDBMJEBEEFWJEBTJOPRVF
UBNCJÊOQVFEFDPNQMJDBSMPTSFTVMUBEPT
EF MB BSUSPQMBTUJB 1PS FTP $BSMPT
3FWFOHBUSBVNBUÓMPHPEFM)PTQJUBM4BO
+VBO(SBOEF+FSF[EFMB'SPOUFSB
SFDPNJFOEBSFBMJ[BSVOCVFOBCPSEBKF
EFMEPMPSUBOUPEFTEFFMQVOUPEFWJTUB
GÎTJDPBOBMHÊTJDPZQTJDPMÓHJDPQSFWJB
NFOUFBMBJOUFSWFODJÓORVJSÙSHJDB
1SFHVOUB$BEBWF[TFQVCMJDBONÃT
BSUÎDVMPTTPCSFMBJNQPSUBODJBEFMB
TFOTJCJMJ[BDJÓO DFOUSBM FO EJTUJOUBT
QBUPMPHÎBT4JOPTDFOUSBNPTFOMBBSUSP
TJTyDVÃMFTTVPQJOJÓOTPCSFFTUBOVFWB
UFOEFODJBEFJOWFTUJHBDJÓO 3FTQVFTUB-BTFOTJCJMJ[BDJÓODFOUSBM
FTVOUFNBDPNQMFKPZNVZSFMFWBOUFFO
MPTQBDJFOUFTRVFTVGSFOBSUSPTJT4F
QPESÎBEFDJSRVFFTVONFDBOJTNPEF
EFGFOTBQPSQBSUFEFMTJTUFNBOFSWJPTP
TJNQÃUJDP
1y2VÊJNQMJDBEFTEFVOQVOUPEF
WJTUBOFVSPGJTJPMÓHJDPMBTFOTJCJMJ[BDJÓO
DFOUSBM 3 )BZ RVF FOUFOEFSMP DPNP TJ
BRVFMMBTDÊMVMBTFODBSHBEBTEFMBUSBOT
NJTJÓOEFMEPMPSUVWJFSBOVOSFDVFSEP
QSFWJPBMBDJSVHÎBZMBJOGPSNBDJÓOEF
FTFSFDVFSEPFTRVFFMFTUÎNVMPFSBNVZ
EPMPSPTP:DPNPUJFOFOFTBNFNPSJBFM
EPMPS TF NBOUJFOF JHVBM EF JOUFOTP
EFTQVÊTEFMBDJSVHÎB1PSFTPIBZRVF
QPOFSUBOUPÊOGBTJTFOSFEVDJSMBJOGMB
NBDJÓOZFMEPMPSBOUFTEFMBJOUFSWFO
DJÓO
1y$VÃMFTTPOMPTTÎOUPNBTPTJHOPT
RVFMFIBDFOQFOTBSFOVOBTFOTJCJMJ[B
DJÓODFOUSBMFOQBDJFOUFTDPOBSUSPTJT 3-BDMBWFFTRVFTFQSPEVDFVOB
SFTQVFTUBDPSQPSBMDPOIJQFSFTUJNVMB
DJÓODPOIJQFSBMHFTJB%FFTUFNPEPFM
NÎOJNP SPDF FM NÎOJNP FTUÎNVMP
QSPWPDBVOEPMPSNVZTVQFSJPSBMPRVF
TFSÎBOPSNBM"EFNÃTTFPCTFSWBRVFMPT
QBDJFOUFT QSFTFOUBO NÃT BOTJFEBE
EFQSFTJÓOJOTPNOJPZQFPSDBMJEBEEF
WJEB
1y$SFFRVFMBTFOTJCJMJ[BDJÓODFOUSBM
QVFEF BGFDUBS BM SFTVMUBEP EF MB
DJSVHÎB 34Î-PRVFPDVSSFFTRVFBRVFMMPT
QBDJFOUFT RVF UJFOFO NVDIP EPMPS
QSFWJBNFOUFBVOBJOUFSWFODJÓODPNP
MBBSUSPQMBTUJBEFTQVÊTEFMBDJSVHÎB
SFTQPOEFSÃOQFPSDPONÃTEPMPSZPUSBT
NBOJGFTUBDJPOFTDMÎOJDBT)BZFTUVEJPT
RVFSFGMFKBOEFGPSNBDMBSBFTUFIFDIP
1PSFTPMPTFTGVFS[PTOPEFCFOJSEJSJHJ
EPTÙOJDBNFOUFBSFBMJ[BSVOBCVFOB
DJSVHÎBZDPOUSPMBSFMEPMPSQPTUPQFSB
UPSJP TJOP UBNCJÊO B QSFQBSBS BM
QBDJFOUFEFMBNFKPSNBOFSBQBSBMB
NJTNB
3FWFOHBFYQMJDBRVFMPTiQBDJFOUFTRVFUJFOFONVDIPEPMPSQSFWJBNFOUFBVOBJOUFSWFODJØODPNPMBBSUSPQMBTUJB
EFTQVÏTEFMBDJSVHÓBSFTQPOEFSÈOQFPSDPONÈTEPMPSZPUSBTNBOJGFTUBDJPOFTDMÓOJDBTw
-"4'3"4&4
i
-BTFOTJCJMJ[BDJÓO
DFOUSBMFTVOUFNB
DPNQMFKPZNVZ
SFMFWBOUFFOMPT
QBDJFOUFTDPOBSUSPTJTu
1y2VÊQPSDFOUBKFEFTVTQBDJFOUFT
DPOBSUSPTJTEJSÎBRVFQBEFDFOTFOTJCJ
MJ[BDJÓODFOUSBM 3/PUFOHPFTUBEÎTUJDBTOJSFWJTJPOFT
CJCMJPHSÃGJDBTQFSPQPSNJFYQFSJFODJB
QFSTPOBMDBMDVMPRVFFOUPSOPBMQPS
DJFOUPPDBTJFMQPSDJFOUPEFMPT
QBDJFOUFTUJFOFOVOEPMPSDSÓOJDP&M
QSPCMFNBFTRVFDPOMBTMJTUBTEFFTQFSB
EFMTJTUFNBQÙCMJDPMPTQBDJFOUFTMMFWBO
i
5BQFOUBEPMFTVO
GÃSNBDPFGJDB[QBSB
FMEPMPSZBRVFBDUÙB
TPCSFMBWÎBBTDFOEFOUFZ
SFTUBVSBMBEFTDFOEFOUFu
NFTFT P BÒPT DPO EPMPS BOUFT EF MB
DJSVHÎBZFTUFTFDSPOJGJDB
1y$ÓNPTFEFCFFOGPDBSFMUSBUB
NJFOUPEFMPTQBDJFOUFTDPOTFOTJCJMJ[B
DJÓODFOUSBM 3 &O MPT QBDJFOUFT RVF WBO B TFS
TPNFUJEPTBVOBBSUSPQMBTUJBMBJOUFS
WFODJÓO RVJSÙSHJDB FT FM FMFNFOUP
DFOUSBM1FSPBVORVFVOBCVFOBDJSVHÎB
FTGVOEBNFOUBMFTNVZJNQPSUBOUFFM
BOUFTZFMEFTQVÊTEFMBNJTNB&OFTUF
TFOUJEPVOBNBMBQSFQBSBDJÓOGÎTJDB
QTJDPMÓHJDBPBOBMHÊTJDBQVFEFDPOEJDJP
OBSFMSFTVMUBEP"TÎRVFFMDPOUSPMEFM
EPMPSFTVOGBDUPSDMBWFUBOUPBOUFTEF
MBDJSVHÎBDPNPEFTQVÊTEFFTUB:QBSB
MPHSBSMP UJFOFO RVF JOUFSWFOJS MPT
GBSNBDÓMPHPTDMÎOJDPTMPTFYQFSUPTEFMB
VOJEBE EFM EPMPS MPT BOFTUFTJTUBTw
%FTEFIBDFBÒPTFYQMJDPBMPTQBDJFOUFT
EFGPSNBNVZDMBSBRVFUSBTMBJOUFSWFO
DJÓORVJSÙSHJDBOPWBOTFOUJSVOBMJWJP
JONFEJBUPEFTVTTÎOUPNBTZEFMEPMPS
/PWBOBQPEFSSFBMJ[BSBMEÎBTJHVJFOUF
MBT BDUJWJEBEFT RVF MMFWBCBO B DBCP
DVBOEPFSBOKÓWFOFTZBEFNÃTTJOTFOUJS
EPMPS1PSFTPFMQBDJFOUFEFCFFTUBS
QSFQBSBEPQTJDPMÓHJDBNFOUFZUBNCJÊO
UJFOFRVFFTUBSQSFQBSBEPGÎTJDBNFOUF
$POVOCVFODPOUSPMEFMEPMPSDPNPZB
IFTFÒBMBEPZVOBCVFOBSFIBCJMJUBDJÓO
)BZFTDVFMBTEFSPEJMMBZEFDBEFSBQPS
FKFNQMPNVZBDUJWBT-PTQBDJFOUFTRVF
IBOSFBMJ[BEPFKFSDJDJPTZMMFHBOBMB
PQFSBDJÓODPOVOCVFOCBMBODFBSUJDV
MBSWBOBSFDVQFSBSTFNVDIPNFKPS
1y2VÊCFOFGJDJPBQPSUBVOGÃSNBDP
DPNP1BMFYJBUBQFOUBEPM-1
BFTUF
UJQPEFQBDJFOUFT 31FSNJUFRVFDPOUSPMFNPTFMEPMPS
)BZEPTDPODFQUPTGVOEBNFOUBMFTFO
FTUPTQBDJFOUFTRVFTPOMBJOGMBNBDJÓOZ
FM EPMPS 4J BOUFT EF MB BSUSPQMBTUJB
EBNPTVOBOUJJOGMBNBUPSJPZVOBOBMHÊ
TJDPQPUFOUFDPNPUBQFOUBEPMMPHSBNPT
DPOUSPMBSFMEPMPSEFVOBGPSNBNVDIP
NÃT SFBMJTUB QBSB VO NFKPS DPOUSPM
QPTUPQFSBUPSJP
"EFNÃT UBQFOUBEPM FT VO CVFO
GÃSNBDPEFTEFFMQVOUPEFWJTUBGBSNB
DPEJOÃNJDPZBRVFBDUÙBTPCSFMBWÎB
BTDFOEFOUFZTPCSFUPEPSFTUBVSBOEPMB
WÎBEFTDFOEFOUFUBOJNQPSUBOUFFOMB
TFOTJCJMJ[BDJÓO DFOUSBM *ODMVTP MPT
BOFTUFTJÓMPHPTWBMPSBORVFFMQBDJFOUF
MMFHVFDPONFOPTEPMPSBMBJOUFSWFO
DJÓOZBRVFOFDFTJUBSÃNFOPTBOFTUF
TJB1SFTFOUBVOBQPTPMPHÎBDÓNPEB4F
QVFEFFNQF[BSDPOEPTJTQFRVFÒBTFJS
BVNFOUBOEPFOGVODJÓOEFMEPMPS6OB
EPTJTEFNJDSPHSBNPTDBEBIPSBT
TVFMFTFSTVGJDJFOUFQBSBDPOUSPMBSFM
EPMPSQSFWJPBMBPQFSBDJÓOQFSPUBNCJÊO
FM QPTUPQFSBUPSJP 1PS PUSP MBEP FO
DVBOUP B MB TFHVSJEBE UJFOF NFOPT
FGFDUPT TFDVOEBSJPT Z VOB NFKPS
UPMFSBODJBFODPNQBSBDJÓODPOPUSPT
PQJPJEFTNBZPSFT
1y2VÊSFDPNFOEBDJPOFTEBSÎBQBSB
FM VTP EF 1BMFYJB y"MHÙO DPOTFKP
FTQFDÎGJDP FO GVODJÓO EFM UJQP EF
QBDJFOUFPEFMBFEBEEFMNJTNP 3&TUFGÃSNBDPQVFEFSFDPNFOEBSTF
PQSFTDSJCJSTFQBSBQBDJFOUFTDPOEPMPS
DSÓOJDPJOUFOTP&MDSJUFSJPRVFZPTJHPFT
MB JOUFOTJEBE Z EVSBDJÓO EFM EPMPS
$VBOEP VO QBDJFOUF UJFOF EPMPS OP
DPOUSPMBEPZPQSFTDSJCPFTUFNFEJDB
NFOUPTJFNQSF
(.EFPDUVCSFBMEFOPWJFNCSFEF&TQFDJBMJ[BEB
$POHSFTP4&$EFMBT&OGFSNFEBEFT$BSEJPWBTDVMBSFT4&$
.BSÓB4BO[EFMB(BS[BDBSEJØMPHBEFM)PTQJUBM$MÓOJDEF#BSDFMPOB+FTÞT1JRVFSBTNÏEJDPSFTJEFOUFEFM)PTQJUBM(FOFSBM6OJWFSTJUBSJPEF$JVEBE3FBMZ$BSPMJOB(ÈMWF[.POUØOEFM)PTQJUBM(FSNBOT5SJBTJ1VKPMEF#BEBMPOB
&MHSBEPEFSFUJOPQBUÎBVONBSDBEPSEF
SFJOHSFTPFOFOGFSNFEBEDBSEJPWBTDVMBS
-BBEBQUBDJØOEFMWFOUSÓDVMPEFSFDIPBMFTGVFS[PEFSFTJTUFODJBFTNBZPSFONVKFSFTRVFFOIPNCSFT
+04²"30%3¶(6&;
;BSBHP[B
.FKPSBSMBNBOFSBEFNFEJSFMSJFTHP
DBSEJPWBTDVMBSFTVOPMPTPCKFUJWPTNÃT
SFMFWBOUFTFOFMDBNQPEFMBDBSEJPMPHÎB
&OFTUFTFOUJEPTFTBCFRVFMBQSFTFODJB
EFSFUJOPQBUÎBTFBTPDJBDPOFOGFSNFEBE
DPSPOBSJB"IPSBVOFTUVEJPQSFTFOUBEP
EVSBOUF FM $POHSFTP EF MB 4PDJFEBE
&TQBÒPMBEF$BSEJPMPHÎBIBFYQMPSBEP
NÃTFTUBSFMBDJÓOZIBQFSNJUJEPMMFHBSB
MBDPODMVTJÓORVFFMHSBEPEFSFUJOPQBUÎB
TFDPSSFMBDJPOBDPOMBTFWFSJEBEEFMB
FOGFSNFEBEDPSPOBSJB
$PNPFYQMJDÓ+FTÙT1JRVFSBTNÊEJDP
SFTJEFOUFEFM)PTQJUBM(FOFSBM6OJWFSTJ
UBSJPEF$JVEBE3FBMFOTVUSBCBKPRVF
JODMVZÓ QBDJFOUFT SFBMJ[BSPO VO
FTUVEJPEFMGPOEPEFPKPBQBDJFOUFTRVF
JCBOBTFSTPNFUJEPTBVODBUFUFSJTNP
FMFDUJWP%FFMMPTVOQPSDJFOUPUFOÎB
FOGFSNFEBEBSUFSJBMDPSPOBSJBTJHOJGJDB
UJWBZVOQPSDJFOUPQSFTFOUBCBSFUJOP
QBUÎBi5SBTVOTFHVJNJFOUPBVOBÒP‡
DPNFOUÓFTUFFYQFSUP‡WJNPTRVFMPT
QBDJFOUFT DPO SFUJOPQBUÎB TFWFSB
SFJOHSFTBONÃTQPSDBVTBTDBSEJPWBTDV
MBSFTu-PTQBDJFOUFTDPOSFUJOPQBUÎB
IJQFSUFOTJWBNÃTHSBWFSFHJTUSBSPOVOB
UBTBEFSFJOHSFTPIPTQJUBMBSJPVOQPS
DJFOUP NBZPS RVF MPT QBDJFOUFT TJO
SFUJOPQBUÎBPDPOSFUJOPQBUÎBMJHFSB%F
UPEPTNPEPTFOMBJOWFTUJHBDJÓOOPTF
$"4*45&/$*"$POFMGJOEFNFKPSBSMBDBMJEBEBTJTUFODJBMZEF
FTUFNPEPSFEVDJSMBNPSUBMJEBE
DBSEJPWBTDVMBSMB4&$IBQVFTUPFONBSDIB
SFDJFOUFNFOUFFMQSPZFDUP4&$&YDFMFOUFB
USBWÏTEFMDVBMFTUÈDSFBOEPQSPHSBNBTEF
DBMJEBEBTJTUFODJBMRVFBCBSDBOTJFUFQSPDFTPTZ
PDIPQSPDFEJNJFOUPTSFMBDJPOBEPTDPOMBT
FOGFSNFEBEFTDBSEJPWBTDVMBSFTDPOFM
PCKFUJWPEFBDSFEJUBSBBRVFMMPTTFSWJDJPTP
VOJEBEFTBTJTUFODJBMFTRVFDVNQMBODPOMPT
FTUÈOEBSFTSFDPNFOEBEPT'SBODJTDP3VJ[
.BUFBTDPPSEJOBEPSEFMQSPZFDUPIB
FYQMJDBEPRVFZBIBZIPTQJUBMFTRVFIBO
JOJDJBEPDBNCJPTFOFMNBSDPEFFTUFQSPDFTP
FOJOTVGJDJFODJBDBSEÓBDBi4FUSBUBEFVO
QSPZFDUPEFBDSFEJUBDJØOQBSBNFKPSBSMB
BTJTUFODJBZMPTSFTVMUBEPTFOTBMVE
DBSEJPWBTDVMBS‰IBDPNFOUBEP"OESÏT
¶×JHVF[QSFTJEFOUFEFMB4PDJFEBE&TQB×PMBEF
$BSEJPMPHÓB‰1PSBIPSBFTWPMVOUBSJPQFSP
FTUBNPTFODPOUBDUPDPOEJGFSFOUFTDPOTFKFSÓBT
QBSBRVFMPBEPQUFOFOTVTQPMÓUJDBTTBOJUBSJBTw
1PSPUSPMBEPUBNCJÏOTFIBQSFTFOUBEPFM
QSPZFDUP4&$1SJNBSJBRVFDSFBQSPUPDPMPT
EFBDUVBDJØODPOKVOUPTFOUSFBUFODJØO
QSJNBSJBZDBSEJPMPHÓBQBSBNFKPSBSMB
DPOUJOVJEBEBTJTUFODJBM3BGBFM)JEBMHP
DPPSEJOBEPSEFFTUFQSPZFDUPIBTF×BMBEPRVF
iFTOFDFTBSJPMPHSBSVOBJOUFHSBDJØOSFBMFOUSF
BUFODJØOQSJNBSJBZBUFODJØOFTQFDJBMJ[BEB
NFKPSBOEPBTQFDUPTDPNPMPTJOGPSNFTEFBMUB
RVFEFCFSÓBOTFSNÈTIPNPHÏOFPTw
PCTFSWÓVOBDPSSFMBDJÓOFOUSFFMHSBEP
EF SFUJOPQBUÎB Z NBZPS NPSUBMJEBE
DBSEJPWBTDVMBS 1PS UBOUP 1JRVFSBT
TFÒBMÓRVFiFMHSBEPEFSFUJOPQBUÎBTFSÎB
VONBSDBEPSEFSFJOHSFTPu
&KFSDJDJPGÓTJDPZ7%
0USP EF MPT USBCBKPT EFTUBDBEPT EFM
DPOHSFTPUSBUBTPCSFMBSFMBDJÓOFOUSFFM
FTGVFS[PGÎTJDPEFBMUBJOUFOTJEBEZFM
SFNPEFMBEPEFMWFOUSÎDVMPEFSFDIP7%
.BSÎB4BO[EFMB(BS[BDBSEJÓMPHBEFM
)PTQJUBM$MÎOJDEF#BSDFMPOBDPNFOUÓ
RVFiIBDÎBGBMUBFTUVEJBSFTUFSFNPEFMBEP
FONVKFSFTu1BSBFTUBJOWFTUJHBDJÓOMPT
FYQFSUPTSFDMVUBSPOBEFQPSUJTUBTEF
SFTJTUFODJBIPNCSFTZNVKFSFT
RVFMMFWBCBONÃTEFBÒPTIBDJFOEP
EFQPSUFNÃTEFIPSBTBMBTFNBOBZ
RVFIBCÎBOSFBMJ[BEPDPNQFUJDJPOFT
EFBMUBSFTJTUFODJBFOMPTÙMUJNPTUSFT
BÒPT5PEPTTFTPNFUJFSPOBVOFDPDBS
EJPHSBNBFOSFQPTPZFOQJDPEFFTGVFS[P
ZTFBOBMJ[BSPONFEJEBTFTUÃOEBSEF
FDPDBSEJPHSBNB Z EF EFGPSNBDJÓO
NJPDÃSEJDBDPOTQFDLMFUSBDLJOH
-BT DPODMVTJPOFT DPNFOUÓ FTUB
FYQFSUBTPORVFiDVBOEPTFQFEÎBNÃT
FTGVFS[PFMWFOUSÎDVMPJ[RVJFSEPBVNFO
UBCBFOWPMVNFOZDPOUSBDUJMJEBEFO
NVKFSFTZIPNCSFT1FSPFMWFOUSÎDVMP
EFSFDIPTFWFÎBNÃTMJNJUBEPFOBMUBT
DBSHBTEFFTGVFS[PFOMPTEFQPSUJTUBT/P
QPEÎB BVNFOUBS TV DPOUSBDUJMJEBE Z
GVODJÓOFOQSPQPSDJÓOBMBEFNBOEB
BMHP RVF FSB NÃT NBSDBEP FO MPT
WBSPOFTu
5FSBQJBDFMVMBS
&OFMDBNQPEFMBJOWFTUJHBDJÓONÃT
CÃTJDBVOFRVJQPMJEFSBEPQPSFYQFSUPT
EFM)PTQJUBM(FSNBOT5SJBTJ1VKPMEF
#BEBMPOBIBFWBMVBEPFOVONPEFMP
QPSDJOP MB FWPMVDJÓO EF MB GVODJÓO
DBSEJBDBZMBDJDBUSJ[QPTUJOGBSUPUSBTMB
JNQMBOUBDJÓO EF VOB CJPQSÓUFTJT EF
QFSJDBSEJP IVNBOP EFTDFMVMBSJ[BEP
FOSJRVFDJEPDPODÊMVMBTQSPHFOJUPSBTEF
UFKJEPBEJQPTPDBSEÎBDPQPSDJOP$PNP
FYQMJDÓ $BSPMJOB (ÃMWF[.POUÓO EFM
(FNBOT5SJBTJ1VKPMVOBEFMBTQSJODJ
QBMFTOPWFEBEFTEFFTUFUSBCBKPIBTJEP
MBFWBMVBDJÓOOPJOWBTJWBEFMBQSÓUFTJT
NFEJBOUFFTQFDUSPTDPQJBEFJNQFEBODJB
QBSBSFTQPOEFSBMBEVEBEFFORVÊ
NPNFOUP TF IBO EF BENJOJTUSBS MBT
DÊMVMBTQSPHFOJUPSBTQBSBRVFTFBONÃT
FGJDBDFT
%F FTUF NPEP DPNFOUÓ (ÃMWF[
iDPNQBSBOEPBOJNBMFTDPOJOGBSUPZDPO
MBCJPQSÓUFTJTZBOJNBMFTDPOJOGBSUPZTJO
USBUBSWJNPTRVFQBTBEPTPDIPEÎBTFO
MPTBOJNBMFTDPOUSPMFTMBJNQFEBODJB
EFTDFOEÎBMPRVFRVJFSFEFDJSRVFMB
DJDBUSJ[FSBEFOTBNJFOUSBTRVFFOMPT
USBUBEPT DPO DÊMVMBT TF NBOUFOÎB
FMFWBEB QPS MP RVF FM USBUBNJFOUP
HFOFSBCBVOBDJDBUSJ[NFOPTEFOTBu
NS
Exclusivo NetSalud
&TQFDJBMJ[BEBEFPDUVCSFBMEFOPWJFNCSFEF(.
"35630'&3/¦/%&;$36;❘1SFTJEFOUFEF'VOEBDJÓO
'FSOÃOEF[$SV[
i:BQPEFNPT
DVFTUJPOBSRVFOP
FTUBNPTIFDIPT
QBSBNPSJSu
+13
.BESJE
-PT BWBODFT FO NFEJDJOB HFOÓNJDB
DPOTFHVJSÃO BVNFOUBS FO VO CSFWF
QMB[PMBFTQFSBO[BEFWJEBZTJUVBSMB
JODMVTPQPSFODJNBEFMPTBÒPT4F
WJTMVNCSBVOOVFWPPCKFUJWPMBJONPS
UBMJEBE"TÎMPFYQMJDB"SUVSP'FSOÃO
EF[$SV[DBUFESÃUJDPKFGFEFTFSWJDJP
FNÊSJUPEFM)PTQJUBM$MÎOJDP4BO$BSMPT
ZQSFTJEFOUFEFMB'VOEBDJÓO'FSOÃO
EF[$SV[ RVF MB TFNBOB QBTBEB
DFMFCSÓMBTMFDDJÓONFNPSJBMA-BMVDIB
DPOUSBFMFOWFKFDJNJFOUPZMBNVFSUF
FNQJF[BQPSUJ
1SFHVOUB y2VÊ QVFEF BQPSUBS FM
QBDJFOUFPFMDJVEBEBOPFOFTBMVDIB
DPOUSBFMFOWFKFDJNJFOUP 3FTQVFTUB.VDIÎTJNP&TFPCKFUJWPTF
MPHSBDPOMBDVMUVSBEFMDJVEBEBOPT
DVBOUPNÃTDVMUPFTNÃTWBBWJWJS&TP
JNQMJDBRVFMBQBSUJDJQBDJÓOEFMDJVEB
EBOPFOFMTFOUJEPEFRVFMPQPEBNPT
FNQPEFSJ[BS DPO MB JOGPSNBDJÓO
BEFDVBEBQBSBQPEFSDPSSFHJSMPTEBÒPT
RVFTFWBOQSPEVDJFOEPFOFM"%/RVF
TPOMPTSFTQPOTBCMFTEFRVFBQBSF[DBO
FTUPTQSPDFTPT&TUPFTVOBSFBMJEBE
JODPOUFTUBCMFQPSRVFBEFNÃTZBIFNPT
QSPCBEPFONFEJDJOBDJFOUÎGJDBRVFMB
DPSSFDDJÓOEFFTPTQSPDFTPTFTUBCMFDF
DPODMBSJEBEVOBVNFOUPEFMBFTQFSBO[B
EFWJEBZTPCSFUPEPQBSBFMHBTUPTBOJUB
SJPVOBEJTNJOVDJÓOEFMBNPSCJMJEBE4J
FMDJVEBEBOPTFJOGPSNBZTFFNQPEFSB
DPODPTBTTJNQMFTZFMFNFOUBMFTDPOTUJ
UVZFOVOJNQBDUPFOPSNFQBSBDPOTF
HVJS MB NFUB EF FOWFKFDFS EF GPSNB
TBMVEBCMF
1 &O FTUB MVDIB KVFHB VO QBQFM
JNQPSUBOUFMPTUSBUBNJFOUPTDPOJODSF
UJOBTZDPOUSBMBTFOGFSNFEBEFTDBSEJP
WBTDVMBSFT
3)BCÎBNPTJOUFSQSFUBEPEFTEFFM
QSJODJQJPRVFMBQSFWFODJÓOEFMBTFOGFS
NFEBEFTDSÓOJDBTDPOTUJUVÎBVOBIFSSB
NJFOUBÙUJM&TUBNPTFOVONPNFOUPFO
RVF MB CJPUFDOPMPHÎB IB MPHSBEP VO
EFTBSSPMMPBDFMFSBEPEFFTUFQSPDFTP
UFDOPMÓHJDP Z RVF TF IB QFSNJUJEP
BQMJDBSBMBNFEJDJOBBDUVBM/PTÓMPTF
IBDPOTFHVJEPFOMBNFUPEPMPHÎBEFM
EJBHOÓTUJDPTJOPUBNCJÊOFOFMDBNQPEF
MPTUSBUBNJFOUPTDPOGÃSNBDPT&TUFBÒP
MFIFNPTQSFTUBEPBMPRVFDSFFNPTTPO
MPTEPTUSBUBNJFOUPTNÃTSFWPMVDJPOB
SJPTFOFMDBNQPEFMBTFOGFSNFEBEFT
DSÓOJDBT-BQSJNFSBFTMBEJBCFUFT&TUB
QBUPMPHÎBFOTVMFOHVBKFNÃTDPOWFODJP
OBMDMÃTJDPZEFTEFFMQVOUPEFWJTUBOP
GBSNBDPMÓHJDPDPOTJTUÎBFOOPHBOBS
QFTPFKFSDJDJPFWJUBSFMFTUSÊTDSÓOJDP
VOB EJFUB NFEJUFSSÃOFB5FOÎBNPT
GÃSNBDPTDPOWFODJPOBMFTRVFQPUFODJB
CBO MB MJCFSBDJÓO EF JOTVMJOB QPS FM
QÃODSFBT"IPSBIBDBNCJBEPCSVUBM
NFOUF Z OPT FODPOUSBNPT DPO EPT
FTUSVDUVSBTEFGÃSNBDPTEJGFSFOUFT6OB
EF FMMBT TPO MBT JODSFUJOBT RVF IBO
DBNCJBEPMBEJOÃNJDBEFMQSPDFTPEFM
EJBCÊUJDP FO TV FWPMVDJÓO DSÓOJDB
MPHSBOEPRVFEFKFTFSEFEJBCÊUJDP
1y2VÊBIPSSPTQPESÎBODSFBSTFQBSB
FMTJTUFNB 3#SVUBMQPSRVFMBEJBCFUFTFTVOB
FOGFSNFEBENBMEJUBRVFTFBTPDJBB
PUSBTFOGFSNFEBEFTEFUJQPDBSEJPWBTDV
MBSZPODPMÓHJDBTBTÎDPNPBMBM[IÊJNFS
RVFUJFOFOVOGVFSUFJNQBDUPFDPOÓNJDP
1&TUPTUSBUBNJFOUPTQPESÎBOBZVEBS
BDPOTFHVJSVOPEFMPTHSBOEFTSFUPT
RVFFTMBTPTUFOJCJMJEBEEFM4/4
3"CTPMVUBNFOUF6OBEFMBTDPTBTEF
MBTRVFTFUJFOFORVFNFOUBMJ[BSMPTTJTUF
NBTTBOJUBSJPTFTDBNCJBSTVPCKFUJWP&O
FTUFQFSJPEPEFUJFNQPTFIBPSJFOUBEP
MBHFTUJÓOTBOJUBSJBIBDJBMBFOGFSNFEBE
FTEFDJSBEJBHOPTUJDBSMBDPONBZPS
QSFDJTJÓO B IBDFSMP EF NBOFSB
UFNQSBOB Z SFBMJ[BS VO USBUBNJFOUP
BEFDVBEP QBSB DPSSFHJSMP &TUF VO
MFOHVBKF BOUJHVP %F MP RVF TF USBUB
BIPSBFTRVFFMHFOOPTFFYQSFTFRVFOP
TFQSPEV[DBVOBBMUFSBDJÓOEFMBMGBCFUP
IFSFEBEPZRVFOPTFFYQSFTFMBFOGFS
NFEBE-PTTJTUFNBTTBOJUBSJPTEFCFO
IBDFSVOHSBOEÎTJNPFTGVFS[PFOUSBCB
KBSDPOFMDJVEBEBOPRVFEFCFQBSUJDJQBS
BDUJWBNFOUFZTFSHFTUPSEFTVQSPQJB
TBMVEQBSBQSFWFOJSMBTFOGFSNFEBEFT
$POUSBDPOIFSSBNJFOUBTQBSBRVFFMHFO
TFSFQSJNBZEFKFEFFYQSFTBSTFDPOTUJ
UVZFVOQBTPFOFMDBNQPNÊEJDP
1y7BBTFSMBHFOÓNJDBMBQSJODJQBM
BSNBFOMBMVDIBDPOUSBFMFOWFKFDJ
NJFOUP 3"MPMBSHPEFMPTÙMUJNPTBÒPTZBFO
FM NFNPSJBM EFM BÒP QBTBEP $BSMPT
-ÓQF[0UÎOFYQMJDÓMPTDSJUFSJPTRVFOPT
QFSNJUJSÎBOOPFOWFKFDFS5PEPQSPDFEF
EFVOEBÒPFOFM"%/QFSPTFQVFEF
DPSSFHJS+VBO$BSMPT*[QJTVBEJSFDUPSEF
(FOF&YQSFTTJPO-BCPSBUPSJFTEFM*OTUJ
UVUP4BML$BMJGPSOJB&&66
OPTIB
FYQMJDBEPBMHPSFWPMVDJPOBSJPRVFOPT
DPMPDBDFSDBEFMBJONPSUBMJEBE&TB
TFDVFODJBEF"%/RVFTFIBMMBBMUFSBEB
PQSPDFTPEFBMUFSBDJÓOQVFEFSFBMJ[BSTF
VOBDJSVHÎBEFMHFOFTEFDJSFEJUBFTFHFO
ZDPSSJHFMBFOGFSNFEBE&TUPOPTIBDF
DVFTUJPOBSRVFOPTPUSPTIFDIPTQBSB
"SUVSP'FSOÈOEF[$SV[QSFTJEFOUFEFMB'VOEBDJØO'FSOÈOEF[$SV[BOUFTEFMBDFMFCSBDJØOEFMBMFDDJØONFNPSJBMA-B
MVDIBDPOUSBFMFOWFKFDJNJFOUPZMBNVFSUFFNQJF[BQPSUJ
-"4'3"4&4
i
i
&M4/4UJFOFJEFBT
&NQPEFSBSBM
DMBSBTTPCSFMBT
QBDJFOUFDPOTUJUVZF
HSBOEFTQBOEFNJBTRVF VOJNQBDUPQBSB
FTUÃOBTPDJBEBTBM
DPOTFHVJSFOWFKFDFSEF
FOWFKFDJNJFOUPu
GPSNBTBMVEBCMFu
NPSJS&TQPTJCMFBMDBO[BSFMDJFMPTJO
NPSJSTF
1&MFOWFKFDJNJFOUPFTVOPEFMPT
HSBOEFT SFUPT EFM 4/4 yDÓNP TF
EFCFSÎBBCPSEBS 3:PDSFPRVFFM4/4UJFOFJEFBTDMBSBT
TPCSFMBTHSBOEFTQBOEFNJBTRVFFTUÃO
BTPDJBEBTBMFOWFKFDJNJFOUP"MPMBSHPEF
FTUPTÙMUJNPTBÒPTIFNPTBQSFOEJEPRVF
OPFYJTUFOHFOFTRVFOPTDPEJGJRVFOFM
FOWFKFDJNJFOUPFTEFDJSRVFOPFTUBNPT
QSPHSBNBEPTQBSBFOWFKFDFS4ÎIFNPT
BQSFOEJEP RVF EJTNJOVJNPT OVFTUSB
FTQFSBO[BEFWJEBDVBOEPTFFYQSFTBO
EFUFSNJOBEBT QBOEFNJBT Z RVF TF
SFMBDJPOBO DPO MB NPEJGJDBDJÓO EF MB
DVSWBEFMFOWFKFDJNJFOUPEFMTFSIVNBOP
&TUPTQSPDFTPTTPOCJFODPOPDJEPTQPSMPT
TJTUFNBTEFTBMVE4POMBTFOGFSNFEBEFT
DSÓOJDBTRVFTFIBODPOWFSUJEPVOSFUP
QPSRVFDPOTUJUVZFOQPSFODJNBEFMPT
BÒPTFMQPSDJFOUPEFMHBTUPTBOJUBSJP
QÙCMJDPZQSJWBEP&TUBTFOGFSNFEBEFT
DSÓOJDBTTPOCJFODPOPDJEBT4JQVEJÊSB
NPTTFSNÃTFGJDBDFTFOQSFWFOJSMBT
FOGFSNFEBEFTDSÓOJDBTFOUSBSÎBNPTFO
VOFTDFOBSJPEJGFSFOUFZFNQF[BSÎBNPT
B DPOGJSNBS RVF TF QVFEF WJWJS QPS
FODJNBEFMPTBÒPT
1 4F IBCMB IPZ EF FNQPEFSBS BM
QBDJFOUFyIBTUBRVÊQVOUPTFIBDPOTF
HVJEPPTFFTUÃDPOTJHVJFOEPFTBNFUB 3&TQBÒBFTFMFKFNQMPZBRVFIB
DPOTFHVJEP RVF UFOHBNPT VOB
FTQFSBO[BEFWJEBBMUBZDSFPRVFFTUPTF
FODVFOUSB FO QBSUF FO MPT HFOFT -P
FYQMJDÓ$BSMPT-ÓQF[0UÎO1FSPFTPT
HFOFTTFEBÒBOOPTÓMPQPSVOMFOHVBKF
RVFQVFEFBQBSFDFSBMUFSBEPFOMBJOGBO
DJBTJOPEFMBNCJFOUFUÓYJDPRVFTFDSFB
BMSFEFEPSEFTVTIÃCJUPTOPSNBMFTFOUSF
MPTRVFTFFODVFOUSBDPNPEJKPMB/PCFM
EF.FEJDJOBEFMBÒPQBTBEP&MJTBCFUI
#MBDLCVSOFMFTUSÊTDSÓOJDP
(.EFPDUVCSFBMEFOPWJFNCSFEF1VCMJDJEBE
EFPDUVCSFBMEFOPWJFNCSFEF (.
$POSBZPT9
-063%&450.¦4❘ .ÊEJDPEFGBNJMJBZBVUPSBEFA-BTBMVEUVNFKPSUBMFOUP
i-BDPDJOBFTVOPEFMPTQSJNFSPT
QBTPTQBSBIBDFSNFEJDJOBu
"-.6%&/"'&3/«/%&;
.BESJE
/PIBTJEPDPOMPTGPHPOFTBVORVFFO
FMMPTTFTJFOUBDÓNPEBTJOPDPOMBQMVNB
‡PDPOPSEFOBEPSZBRVFMBTOVFWBT
UFDOPMPHÎBTNBOEBO‡1FSPFMDBTPFTRVF
MBNÊEJDPEFGBNJMJB-PVSEFT5PNÃTiIB
DPDJOBEPuMBPCSBA-BTBMVEUVNFKPS
UBMFOUPRVFJOWJUBNPTBOVFTUSPTMFDUP
SFTBEFHVTUBSBMJHVBMRVFFTUBFOUSFWJTUB
1SFHVOUB $VBOEP DPDJOBT yRVÊ
UJFOFUVBUFODJÓOQSJNBSJB 3FTQVFTUB-BDPDJOBFTVOPEFMPT
QSJNFSPTQBTPTQBSBIBDFSNFEJDJOB
DVBOEP QPOFT MB BUFODJÓO FO DBEB
BMJNFOUP FO DÓNP MPT NF[DMBT BIÎ
FNQJF[BMBBMRVJNJBEFMBTBOBDJÓO
1y$VÃOUBTSFDFUBTIBTEJGVOEJEP
FOUSFMBHFOUF :OPNFSFGJFSPBMBTEFM
UBMPOBSJP
3.FHVTUBNVDIPDPDJOBSQFSPOPIF
EJGVOEJEPNVDIBTSFDFUBTFOUSFBNJHPT
TPMPMBTRVFNFQJEFODVBOEPWJFOFOB
DBTBBDPNFS
1 y)B IBCJEP BMHVOB WF[ FO UV
DPOTVMUBVOJOUFSDBNCJPEFSFDFUBT 34ÎMPIBIBCJEP
1&MDBNJOPIBDJBVOBWJEBTBMVEB
CMFRVFEFGJFOEFTFOUVMJCSPyEFRVÊ
JOHSFEJFOUFTTFDPNQPOF 3-PTQSJODJQBMFTJOHSFEJFOUFTTPOMB
PCTFSWBDJÓOEFVOPNJTNPMBBMJNFOUB
DJÓOZBRVFOPTDPOTUSVJNPTDPOBRVFMMP
RVFDPNFNPTZTPNPTDBQBDFTEFEJHFSJS
ZFMTVFÒPEFDBMJEBEQVFTNJFOUSBT
EPSNJNPT TF QSPEVDFO UPEPT MPT
NFDBOJTNPT RVF FWJUBO FM FOWFKFDJ
NJFOUPQSFNBUVSP-BBDUJWJEBEGÎTJDBFT
PUSPEFMPTJOHSFEJFOUFTNÃTJNQPSUBOUFT
QBSBDBNJOBSIBDJBMBTBMVEZFMRVJOUP
EFFMMPTFTMBHFTUJÓOEFMBTFNPDJPOFT
DBTJUPEPUJFOFPSJHFOFNPDJPOBM
1y&TVOQMBUPEJGÎDJMEFQSFQBSBSPFT
NÃTGÃDJMEFMPRVFQBSFDF 3$SFPRVFFTNÃTGÃDJMEFMPRVFOPT
QBSFDFQPSRVFUPEPFTEFTFOUJEPDPNÙO
-PTTFSFTIVNBOPTOPTIFNPTEFTDPOFD
UBEPNVDIÎTJNPEFOVFTUSBOBUVSBMF[B
QFSPFOFMNPNFOUPFOFMRVFFNQFDF
NPTDBEBVOPBSFDPSEBSMPMMFWBNPTFO
OVFTUSBTDÊMVMBTZFOOVFTUSBNFNPSJB
1&OUSFGPHPOFTyUFEBJHVBMNBSDB
RVFNBSDBTCMBODBT y:DÓNPNÊEJDP 3 " OJWFM EF DPDJOB TJFNQSF
SFDPNJFOEPQSPEVDUPTEFDBMJEBE6OBEF
MBTDPTBTRVFIBDFNPTCBTUBOUFNBMFT
DPNFSNVDIBDBOUJEBEQFSPEFNVZNBMB
DBMJEBEQPSMPRVFNJSFDFUBFTDPNQSBS
QSPEVDUPTEFQSPYJNJEBEEFUFNQPSBEB
:FODVBOUPBMPTNFEJDBNFOUPTTVFMP
SFDFUBSQPDPTQSFGJFSPBJSBPUSPUJQPEF
NFEJDJOBNFOPTUSBEJDJPOBM
15VMJCSPEJDFRVFMBTBMVEFTFMNFKPS
UBMFOUPy&YJTUFMBTBMVEOBUVSBM -B$POUSB
'PSNBDJÓO
ZQBHPTB
NÊEJDPT
4"/5*"(0%&
26*30("
1SFTJEFOUF&EJUPS
EF(.
-
EJHFSJSÙMUJNBNFOUF 3-BNVFSUFEFNJNFKPSBNJHB
1&SFTNÊEJDPEFGBNJMJByUBNCJÊO
FSFTFMNÊEJDPEFUVGBNJMJB
5VÞMUJNPWJBKF"VOBJTMB
34ÎDVBOEPFSFTJOGPSNÃUJDPUPEPTUF
-FQSFTDSJCJSÓBTUVMJCSPB5PEPFMNVOEP
QJEFORVFBSSFHMFTFMPSEFOBEPSZTJFSFT
RVF RVJFSB WJWJS FO VO FTUBEP NVDIP NÈT
NÊEJDPZBTFBFOMBGBNJMJBPJODMVTPFO
DPOTDJFOUF
SFVOJPOFT EF USBCBKP HFOFSBMNFOUF
6OQMBUP1PSMPRVFDPOMMFWBDFOBSQJ[[BMPT
WJFSOFTDPONJTIJKPT
BDBCBNPT IBCMBOEP EF MB TBMVE EF
BMHVOPTEFMPTBTJTUFOUFT
1-PTEJTUJOUPTQSPGFTJPOBMFTRVF
34ÎMBTBMVEFTVOUBMFOUPOBUVSBMRVF USBCBKÃJTKVOUPTFOFMDFOUSPEFTBMVE
UFOFNPTUPEPT&MDVFSQPUJFOFVOBTFSJF yTPJTDPNPVOBGBNJMJB EFGVFS[BTRVFHFOFSBOTBMVEZTVDFEFO
34JOEVEB)BDFUSFTBÒPTRVFOP
DBEBEÎBBVORVFOPTFBNPTOJDPOTDJFO FTUPZUSBCBKBOEPFOVODFOUSPEFTBMVE
UFTDPNPFMIFDIPEFJSOPTBEPSNJS QFSPEVSBOUFUPEBNJFYQFSJFODJBQPS
1PEFNPTJSOPTDBOTBEPTDPOEPMPSEF TFSWJDJPTEFVSHFODJBTZDFOUSPTEFTBMVE
DBCF[BZTJFMTVFÒPFTEFDBMJEBEZIBDF IFTFOUJEPRVFTFFTUBCMFDFOVOPTMB[PT
CJFO TV GVODJÓO SFQBSB UPEP FTP &M NVZGVFSUFTDPOMBHFOUF
DVFSQPFTUÃHFOFSBOEPTBMVEFODBEB
16OPEFTVTMJCSPTQSFGFSJEPTFTA-B
NPNFOUPEFMEÎBZEFMBOPDIF
$JVEBEEFMB"MFHSÎByDÓNPTFSÎBMB
1%FWPSBSDPNJEBQVFEFQSPWPDBS A"1EFMB"MFHSÎB FNQBDIPTy:EFWPSBSMJCSPTFTTBOP 3-PJEFBMTFSÎBRVFOPUVWJÊSBNPT
34JTPOMFDUVSBTÓQUJNBTTÎ6OBEF RVF BUFOEFSMB RVF TBMJFTF EF GPSNB
MBTHSBOEFTDBSFODJBTIPZFOEÎBFTFM OBUVSBM1BSBNÎMBBMFHSÎBUSBTDJFOEFB
BCBOEPOPEFMBMFDUVSB
BTQFDUPTNÃTFYJTUFODJBMFTZWBMJHBEB
1y2VÊFTMPRVFNÃTUFIBDPTUBEP DPOMBWJEBFOQMFOJUVE
1¶-%03"4
B $PNJTJÓO EF 4BOJEBE EFM
$POHSFTPEFMPT%JQVUBEPTIBTJEP
FTDFOBSJPFMQBTBEPEF0DUVCSF
EFBMHPRVFIBDFNÃTKVTUPFMUSBCBKPEF
NÊEJDPT Z FTQFDJBMJTUBT &M QBSUJEP
$JVEBEBOPT $T
IB SFHJTUSBEP VOB
1SPQPTJDJÓO/PEF-FZ1/-
QBSBRVFMPT
QBHPTPUSBOTGFSFODJBTEFWBMPSDPNPMBT
JOTDSJQDJPOFTBMPTDPOHSFTPT
OPUSJCV
UFODPNPQBHPZQPSFMMPEFCFSÎBOFTUBS
FYFOUPTZOPTFSDPOTJEFSBEBTSFUSJCV
DJÓO'BSNBJOEVTUSJBIBFTUBEPNVZ
BDUJWBFYQMJDBOEPFTUFQVOUPOPQVFEF
TFS DPOTJEFSBEP VO QBHP FO FTQFDJF
BRVFMMPTEFTUJOBEPTBMBGPSNBDJÓOEFMPT
NÊEJDPT2VFFTVOBDMBSBFYDMVTJÓOEF
MPTTVQVFTUPTRVFDPOUFNQMBFM*31'FT
UBO FWJEFOUF DPNP MBT EVEBT RVF
)BDJFOEB NPTUSÓ SFDJFOUFNFOUF
SFTQFDUPBRVFTÎUSJCVUBSÎBO%FTDPOP[DP
TJMBSFTQVFTUBEF)BDJFOEBTFFONBSDB
EFOUSPEFMBBOUJQBUÎBHFOFSBMRVFIB
EFTQFSUBEPFTUFNJOJTUFSJPFOMBQBTBEB
MFHJTMBUVSB1FSPTJOPFTQPSMBTCVFOBT
TFSÃQPSPCMJHBDJÓO$TFTUÃFOEJTQPTJ
DJÓOEFRVFPUSPTQBSUJEPTMFTFDVOEFOZ
MPTNÊEJDPTQPESÃODPNQSPCBSBRVFMMPT
RVFFOUJFOEFOZGBDJMJUBOTVGPSNBDJÓOEF
MPTRVFOPFTUÃOQPSMBMBCPS&MBQPZP
QFSNJUJSÃFTUBCMFDFSDÓNPWBBFOGPDBS
MBSFMBDJÓODPOMPTNÊEJDPTDBEBHSVQP
QBSMBNFOUBSJP 5PEP VO BTVOUP EFM
NÃYJNPJOUFSÊT
)BDJFOEBIBIFDIPDBTPPNJTPEFVO
BTQFDUPDSVDJBMDPNPFTFORVJÊOSFWJFSUF
MBGPSNBDJÓOEFMPTQSPGFTJPOBMFTTBOJUB
SJPT
&OFTUFTFOUJEPEFTEF'BSNBJOEVTUSJB
IBOJOEJDBEPMBOFDFTJEBEEFSFGPS[BSMB
SFMBDJÓOEFMTFDUPSDPOMBT4PDJFEBEFT
$JFOUÎGJDBTBTÎDPNPBZVEBSBTJUVBSBMPT
QSPGFTJPOBMFT B MB WBOHVBSEJB EF MB
JOWFTUJHBDJÓOMPRVFWJFOFSFDPHJEPFOMB
SFHVMBDJÓOUBOUPMB-FZEFMBT1SPGFTJP
OFT4BOJUBSJBTDPNPMB-FZEF(BSBOUÎBT
Z 6TP 3BDJPOBM EF .FEJDBNFOUPT Z
1SPEVDUPT4BOJUBSJPT4JCJFOFTDJFSUP
RVF&TQBÒBEFTUJOBBGPSNBDJÓODBOUJ
EBEFTJNQPSUBOUFTMPTQSPGFTJPOBMFTOP
UJFOFOPUSBTGVFOUFTQBSBGJOBODJBSTV
GPSNBDJÓODPNPPDVSSFFOPUSPTQBÎTFT
EFOVFTUSPFOUPSOP"IPSBUPDBFTQFSBS
BWFSTJMB1/-EF$TUJFOFFMBQPZPEFTV
QSJNFSTPDJP140&
ZEFTVTPDJPEF
JOWFTUJEVSBQPTUFSJPSFM11
!TBOUJEFRVJSPHB