14 al 20 de noviembre de 2016 Año XIV - nº 623
4JHVFFOGBDFCPPLDPNHBDFUBNFEJDBZPVUVCFDPN/FU4BMVE57!HBDFUBNFEJDBDPN
14 al 20 de noviembre de 2016
Año XIV - nº 623
1VCMJDJEBEBMEFOPWJFNCSFEF(.
Agenda Preliminar
miércoles 16 de noviembre
mañana
tarde
O9:OO - 1O:OO h.
16:OO - 17:15 h.
APERTURA Y CONFERENCIA INAUGURACIÓN
MESAS REDONDAS. SESIÓN 4
● La humanización del sistema
sanitario
Jesús Sánchez Martos, Consejero de
sanidad de la Comunidad de Madrid.
● Empoderamiento del paciente y autocuidado de la
salud.
● Humanización de la sanidad y calidad asistencial
1O:OO - 11:15 h
MESA REDONDA. SESIÓN 1
● La sanidad en España. ¿Y ahora qué?
Cristina
González
Rosa
Castro
Antonio
Bernal
17:15 - 18:3O h.
MESAS REDONDAS. SESIÓN 5
Teresa
Angulo
Jesús Mª
Fernández
Marta
Sibina
Francisco
Igea
● La información de salud en RR SS y otros medios
digitales.
● Anticoagulantes orales. Barreras de acceso.
16:OO - 17:15 h.
MESAS REDONDAS. SESIÓN 2
● La salud ocular: compromiso médicofarmacéutico
● Atención integral al paciente crónico: Comunidad
de Madrid.
● Igualdad en el acceso a la homeopatía: un derecho
de los pacientes.
18:3O - 19:3O h. CLAUSURA.
● Retos del autocuidado de la salud
Jaume
Pey*,
Director
General
ANEFP.
Luis González,
Presidente del
COFM y
vicepresidente
del CGCOF
13:OO - 14:OO h.
MESAS REDONDAS. SESIÓN 3
● Farmacia, gestión de personas y habilidades.
● Comunicación digital B2C en la farmacia.
● Importancia de la desnutrición relacionada con la
enfermedad
Convoca:
Inscríbete
Inscríbete gratuitamente, código: ab7b44df
congresoautocuidado.com
Organiza:
4JHVFFOGBDFCPPLDPNHBDFUBNFEJDBZPVUVCFDPN/FU4BMVE57!HBDFUBNFEJDBDPN
14 al 20 de noviembre de 2016
Año XIV - nº 623
-B"1DMBWFDPOUSBMB
WJPMFODJBEFHÊOFSP
&MBVUPDPOUSPMEFMB%.
VOQMVTQBSBFM4/4
&TUVEJBSMBBDUJWBDJÓO
EFM4*FOUVNPSFT
&MSFTQPOTBCMFEFWJPMFODJBEF
HÊOFSPFTDMBWFFOMBQSFWFO
DJÓO Z BUFODJÓO EF FTUF
QSPCMFNB1
$MÎOJDPTZQBDJFOUFTJOTJTUFOFO
MBJNQPSUBODJBEFMBGJOBODJB
DJÓOEFMPTTJTUFNBTEFBVUPDPO
USPMEFMBEJBCFUFT1
&YQMPSBSMBBDUJWBDJÓOJONVOP
MÓHJDB EFM UVNPS QFSNJUJSÎB
EFUFDUBSBMPTQBDJFOUFTBEFDVB
EPTQBSBMBJONVOPUFSBQJB1
3FZ+VBO$BSMPTZ"&TUSBEBEFTUBDBO
FOMBBUFODJÓOBMQBDJFOUFFOMPT#J$
● (BOBOMPTQSFNJPTB.FKPS)PTQJUBMZEF&YDFMFODJB ● -B$PNVOJEBE7BMFODJBOBGVFMBHSBOUSJVOGBEPSB
EFMBOPDIFBMSFDPHFSHBMBSEPOFT
FO"UFODJØO1SJNBSJB
&M)PTQJUBM6OJWFSTJUBSJP3FZ+VBO$BSMPTTFIB
JNQVFTUP FO MB DBUFHPSÎB EF .FKPS )PTQJUBM FO
"UFODJÓOBM1BDJFOUFNJFOUSBTRVF"&TUSBEBPCUVWP
FMHBMBSEÓOFO&YDFMFODJBFO"UFODJÓO1SJNBSJB
EVSBOUFMB9*FEJDJÓOEFMPT1SFNJPTJO$MBTT#J$
RVF
PSHBOJ[BO("$&5".%*$"ZMB$ÃUFESBEF*OOPWB
DJÓOZ(FTUJÓO4BOJUBSJBEFMB6OJWFSTJEBE3FZ+VBO
&OUSFOBNJFOUP
DPHOJUJWPQBSB
GPSNBSB
SFTJEFOUFT1
"OFTUFTJPMPHÎB
VOBSBNBEFMB
NFEJDJOBDPO
MBTFHVSJEBE
FOTV"%/1
$BSMPTZRVFTFDFMFCSBSPOMBTFNBOBQBTBEBFOFM
)PTQJUBM6OJWFSTJUBSJPZ1PMJDMÎOJDP-B'FEF7BMFODJB
"OUFVOBVEJUPSJPDPONÃTEFBTJTUFOUFTMB
$PNVOJEBE7BMFODJBOBTFDPOWJSUJÓFOMBHSBOUSJVO
GBEPSBEFMBOPDIFEFTQVÊTEFDPTFDIBSHBMBSEP
OFTEFFMMPTTVKFUPTBMÎOEJDF*$"1±OEJDFEF
$BMJEBE"TJTUFODJBMBM1BDJFOUF
-BNJOJTUSBTFFTUSFOBFO
MBDPOWFODJÓOEFNÊEJDPT
●+VMJBEF.JDIFPTVEJSFDUPSBEF(BCJOFUF
4F FTQFSBCB NÃT QFSP FM
$POTFKPEF.JOJTUSPTEFMQBTBEP
WJFSOFT BQSPCÓ VO ÙOJDP
OPNCSBNJFOUPFO4BOJEBEFM
EF MB EJSFDUPSB EF (BCJOFUF
+VMJBEF.JDIFP1PDBTIPSBT
EFTQVÊT MB OVFWB NJOJTUSB
%PMPST .POUTFSSBU IBDÎB TV
FTUSFOPFOFMTFDUPSTBOJUBSJPFO
MBJOBVHVSBDJÓOEFMB7$POWFO
DJÓOEFMB1SPGFTJÓO.ÊEJDBRVF
TFIBDFMFCSBEPFO.BESJEFOUSF
FMZEFOPWJFNCSF1
%PMPST.POUTFSSBU
-FTJHVFFOFMSBOLJOHMB$PNVOJEBEEF.BESJERVF
DPTFDIÓQSFNJPTEVSBOUFMBHBMBFOUSFMPTRVFTF
FODVFOUSBOFMSFDPOPDJNJFOUPEF)VNBOJ[BDJÓOEFMB
TBOJEBE&OMPTÙMUJNPTBÒPTFTUPTHBMBSEPOFTTFIBO
DPOTPMJEBEPDPNPVOBIFSSBNJFOUBEFHFTUJÓOQBSB
MPTIPTQJUBMFTZMPTTFSWJDJPTEFM4JTUFNB/BDJPOBMEF
4BMVE&EJUPSJBMZDVBEFSOJMMPDFOUSBM
"WBO[BSMBDJSVHÎBCBSJÃUSJDB
BMPTBEPMFTDFOUFTFTTFHVSP
-BUBTBEFTPCSFQFTPZPCFTJ
EBEFOUSFMPTBEPMFTDFOUFTFT
DBEBEÎBNÃTFMFWBEB%VSBOUF
FM$POHSFTP/BDJPOBMEF
$JSVHÎB EF MB "TPDJBDJÓO
&TQBÒPMBEF$JSVKBOPTTFIBO
FYQVFTUPMPTSFTVMUBEPTEFVO
FTUVEJPSFBMJ[BEPTJHVJFOEPFM
NÊUPEP%FMQIJDPPSEJOBEPQPS
MB6OJEBEEF$JSVHÎB&OEPDSJOB
Z #BSJÃUSJDB EFM )PTQJUBM
6OJWFSTJUBSJP7BMME)FCSPOFO
FMRVFTFIBSFDPHJEPEFGPSNB
FTUSVDUVSBEB MB PQJOJÓO EF
EJGFSFOUFT FYQFSUPT DPNP
QFEJBUSBTDJSVKBOPTFOEPDSJ
OPTEJFUJTUBT
TPCSFFTUVEJPT
DJFOUÎGJDPTEFDJSVHÎBCBSJÃUSJDB
FOBEPMFTDFOUFT&TUBSFWJTJÓO
EFFTUVEJPTNVFTUSBRVFFTUB
PQDJÓORVJSÙSHJDBFTTFHVSBZ
FGJDB[ NFKPSB MB DBMJEBE EF
WJEBEFMPTQBDJFOUFTZBZVEBB
NBOUFOFSMBQÊSEJEBEFQFTP
UPEBMBWJEB&OFMFTUVEJPTF
FYQMJDBRVFTJOVOUSBUBNJFOUP
NÊEJDP BEFDVBEP MPT OJÒPT
NVZ PCFTPT QPESÎBO TFHVJS
TVGSJFOEP PCFTJEBE DVBOEP
TFBOBEVMUPT1
BMEFOPWJFNCSFEF (.
*NÈHFOFTEFMBTFNBOB
4&$Z4&.*QJEFO
QSPHSBNBT
EFJOTVGJDJFODJB
DBSEJBDBFOUPEPT
MPTIPTQJUBMFT
-PT QSFTJEFOUFT EF MB 4PDJFEBE
&TQBÒPMBEF$BSEJPMPHÎB4&$
"OESÊT
±ÒJHVF[ZEFMB4PDJFEBE&TQBÒPMBEF
.FEJDJOB *OUFSOB 4&.*
&NJMJP
$BTBSJFHP BDBCBO EF GJSNBS VOB
QSPQVFTUBDPOKVOUBQBSBMBPSHBOJ[B
DJÓODPNQBSUJEBEFOVFWPTNPEFMPTEF
BUFODJÓOBMBJOTVGJDJFODJBDBSEJBDB
DFOUSBEBFOQSPHSBNBTZVOJEBEFT
FTQFDÎGJDPTEFFTUBQBUPMPHÎB$POFTUB
VOJÓOBNCBTTPDJFEBEFTSFGVFS[BOTVT
JOJDJBUJWBTQBSUJDVMBSFTFOFTUFDBNQP
:FTRVFMBJOTVGJDJFODJBDBSEJBDBFTMB
QSJNFSBDBVTBEFIPTQJUBMJ[BDJÓOFO
&TQBÒBFONBZPSFTEFBÒPTZMB
UFSDFSBDBVTBEFNVFSUFDBSEJPWBTDV
MBS&OMBBDUVBMJEBEBGFDUBBMQPS
DJFOUP EF MB QPCMBDJÓO QFSTPOBT
ZTVJODJEFODJBBVNFOUBDPO
MBFEBEBGFDUBOEPBFOUSFVOZVO
QPSDJFOUPEFMPTNBZPSFTEFBÒPT
4&/Z#JPHFODPMBCPSBOFOJOWFTUJHBDJÓO
-B4PDJFEBE&TQBÒPMBEF
/FVSPMPHÎB 4&/
Z
#JPHFOIBOGJSNBEPVO
DPOWFOJP NBSDP EF
DPMBCPSBDJÓO
RVF
FTUBCMFDFFMDPNQSPNJTP
BUSFTBÒPTFOUSFBNCBT
FOUJEBEFTQBSBMBDPOTUJ
UVDJÓO Z EFTBSSPMMP EF
QSPZFDUPTGPSNBUJWPTZEF
JOWFTUJHBDJÓOEJSJHJEPTB
NFKPSBS MB DBMJEBE
BTJTUFODJBMFOFOGFSNF
EBEFTOFVSPMÓHJDBTDPO
VOFOGPRVFFTQFDJBMFOFM
ÃSFBEFMBFTDMFSPTJTNÙMUJQMF-BGJSNBGVFQSPUBHPOJ[BEBQPSFMQSFTJEFOUFEFMB
4&/¶TDBS'FSOÃOEF[ZFMEJSFDUPSHFOFSBMEF#JPHFO4FSHJP5FJYFJSB
6OBBQQNPUJWBBMPT
EJBCÊUJDPTBMFKFSDJDJP
-BTQFSTPOBTDPOEJBCFUFTUJQPEJTQPOFO
EFVOBOVFWBIFSSBNJFOUBRVFMFTNPUJWF
BSFBMJ[BSFKFSDJDJPGÎTJDPVOBBDUJWJEBE
GVOEBNFOUBMQBSBMMFWBSVONFKPSDPOUSPM
EFMBQBUPMPHÎB4FUSBUBEF%JBCFUJOHVOB
BQQRVFIBEFTBSSPMMBEP4PDJBM%JBCFUFT
DPOMBDPMBCPSBDJÓOEF4BOPGJZRVFUJFOF
VOEPCMFPCKFUJWPQPSVOMBEPNPWJMJ[BSBM
QBDJFOUFDPOEJBCFUFTUJQPZQPSFMPUSP
BZVEBSBMQSPGFTJPOBMTBOJUBSJPBHFOFSBS
VOB QBVUB EF FKFSDJDJP QFSTPOBMJ[BEB
NBOUFOJFOEPFMSJHPSDJFOUÎGJDP-BOVFWB
IFSSBNJFOUBTFMBO[BFOFMNBSDPEFM%ÎB
.VOEJBMEFMB%JBCFUFTRVFTFDFMFCSBFM
EFOPWJFNCSF
"HFOEB
1VCMJDBDJÓOEF
&ODVFTUB
4BOUJBHPEF2VJSPHB1SFTJEFOUF&EJUPS
+VBO1BCMP3BNÎSF[3FEBDUPS+FGF
&TUIFS.BSUÎOEFM$BNQP3FEBDUPSB+FGF
3FEBDDJÓO"MNVEFOB'FSOÃOEF[$BSNFO-ÓQF[
$BSNFO4BOEJBOFTZ+PTÊ"OESÊT3PESÎHVF[#BSDFMPOB
$BSMPT4JFHGSJFE'PUPHSBGÎB
.BSUB)BSP.BRVFUBDJÓO
y$VÃMFTEFCFOTFSMBTQSJPSJEBEFT
EFMBOVFWBNJOJTUSBEF4BOJEBE wecare-u. healthcare communications group
4BOUJBHPEF2VJSPHB#PV[P1SFTJEFOUF&EJUPS
+FTÙT%ÎB[0MNP7JDFQSFTJEFOUF
+FTÙT$BTUJMMP(VUJÊSSF[%JS(SBMPGJDJOBEF#BSDFMPOB
"OUPOJP/JFUP4BOUJBHP&TUSBUFHJB%JHJUBM
1BMPNB(BSDÎBEFM.PSBM%QUP$PNFSDJBM#BSDFMPOB
5BOJB7JFTDB"ENJOJTUSBDJÓO
4FWFSJOP&YQÓTJUP$POUSPMMFS
+PSHF-ÓQF["VEJPWJTVBMFT
."%3*%$#BSÓOEFMB5PSSFr.BESJE
r5MGr'BY
#"3$&-0/"$$BMWFUO¦UJDPr#BSDFMPOB
r5MGr'BY
3FGPS[BSMBTQMBOUJMMBTEFSFDVSTPTIVNBOPTEFMPTIPTQJUBMFT
%JTUSJCVDJØODPOUSPMBEBQPS
◗ "NFSJDBO)FBSU"TTPDJBUJPO")"
&YQFSUPTEFEJGFSFOUFTQBÎTFT
TFEBSÃODJUBFO/VFWB0SMFBOTFOFM
FTUBEPEF-VJTJBOB
EFOPWJFNCSF
*ODSFNFOUBSMPTQSFTVQVFTUPTEFTUJOBEPTBBUFODJØOQSJNBSJB
5FSNJOBSDPOMBTEFTJHVBMEBEFTFOUSFDPNVOJEBEFTBVUØOPNBT
1VFEFQBSUJDJQBSFOMBFODVFTUBTFNBOBMBUSBWÊTEFMBXFCXXXHBDFUBNFEJDBDPN
5PEPTMPTEFSFDIPTSFTFSWBEPT%FQÓTJUPMFHBM.
*44/*NQSJNF3PUPNBESJE4713$.
wecare-u.com
EFOPWJFNCSF
%JTUSJCVDJØO
HSBUVJUB
1SFHVOUBEFMBQSÓYJNBTFNBOB
y$SFFRVFFMSFDPSUFEFDBTJNJMMPOFTEFFVSPTRVFUFOESÃRVF
BQMJDBSFM(PCJFSOPBGFDUBSÃB4BOJEBE
◗ -97***3FVOJÓO"OVBMEFMB4PDJF
EBE&TQBÒPMBEF/FVSPMPHÎB4&/
5FOESÃMVHBSFOFM1BMBDJPEF$POHSF
TPTEF7BMFODJB
EFOPWJFNCSF
◗ 7**3FVOJÓO$JFOUÎGJDBEF40-5*
&NFSHJOH5FDIOPMPHJFTJO1SFDJTJPO
.FEJDJOF"O&WPMWJOH1JQFMJOF0DGULG
(. BMEFOPWJFNCSFEF
0QJOJØO
(BDFUB.ÏEJDBFOMB3FE
NS
*OGPSNBDJØOBEJDJPOBMFO/FU4BMVE
%JTQPOJCMFFOXXXOFUTBMVEFT]"QQ4UPSF](PPHMFQMBZ
❚-BNJOJTUSBUFOESÈRVFEBSSFTQVFTUBBVO$JTOTRVFQJEFSFGPSNBTTBOJUBSJBT
❚ -B4&3MBO[B&1*4&3QBSBDPOPDFSMBQSFWBMFODJBEFMBT&3
❚ /VFWPFOTBZPDMÓOJDPQBSBUSBUBSBSSJUNJBTZFWJUBSFNCPMJBTTJOBOUJDPBHVMBOUFT
❚ #FSOBMi-BNJOJTUSBEFCFFTDVDIBSBNÏEJDPTZQBDJFOUFTw
❚ &M$BNJOPEF4BOUJBHPVOJODFOUJWPQBSBIBDFSFKFSDJDJP
/PUJDJBTNÈTMFÓEBTFO
❚
❚
❚
❚
❚
❚
❚
❚
❚
❚
i2VFEBNVDIPIBTUBUFOFSBMHÞOGÈSNBDPRVFMBDVSFw
3BKPZDPOGÓBB%PMPST.POUTFSSBUFM.JOJTUFSJPEF4BOJEBE
.FKPSBTTJHOJGJDBUJWBTFO)FSDPOUSBTUV[VNBCQFSUV[VNBCZ25
"DUVBSNÈTBMMÈEFMPTADIFDLQPJOUTQBSBQPUFODJBSMBJONVOPUFSBQJB
6OBFTQB×PMBBDFQUBFMA%FTBGÓPEFMBEJBCFUFTUJQPEFUSFLLJOHQPS*TMBOEJB
-PTFYQFSUPTSFDMBNBONBZPSGPSNBDJØOEFMPTFTQFDJBMJTUBTBOUFMBQBUPMPHÓBEVBM
-BNJOJTUSBNVFWFGJDIBMBCPSBM
.POUTFSSBUTFDPNQSPNFUFBUSBCBKBSQPSMBDPIFTJØOEFM4/4
i-BUFDOPMPHÓBQVFEFBZVEBSQFSPOPSFTVMUBEFUFSNJOBOUFFOBEIFSFODJBw
-PTFYQFSUPTJODJEFOFOMBOFDFTJEBEEFVOSFHJTUSPPGJDJBM
5VJUTNÈTQPQVMBSFTEF!HBDFUBNFEJDBDPN
❚
❚
❚
❚
❚
-BF)FBMUIIFSSBNJFOUBiDMBWFwFOFMNBOFKPEFMB&.
%F(VJOEPTDPOGÓBFOMBDPOUJOVJEBEEF7FMBBMGSFOUFEF*%J
&MHFO$')FTDMBWFFOMPTNFDBOJTNPTJOWBTJWPTEFMBFOGFSNFEBENFOJOHPDØDJDB
-VDIBSDPOUSBMBTSFTJTUFODJBTSFUPFONFMBOPNBBWBO[BEP
-PTSFDVSTPTIVNBOPTDPQBOMBTUBSFBTQFOEJFOUFT
(BDFUB.ÏEJDBFEJDJØO$BUBMBOB
❚
❚
❚
❚
&M5FSDFS$1.$SFQMBOUFKBRVJOIBEFTFSFMQBQFSEFMNFUHFEFMGVUVS
-*$4SFDVQFSBMBHFTUJØEFMBUFODJØDPOUJOVBEBEPNJDJMJËSJBB#$/
"WBOÎPTQFSFYQMPSBSMBDUJWBDJØJNNVOPMÛHJDBRVFQSFTFOUFOFMTUVNPST
4PMBNFOUFMEFMTQBDJFOUTBNC%.BTTPDJBFMTJOGBSUTBNCBRVFTUBQBUPMPHJB
&M&EJUPSJBM
.ÃTUSBOTQBSFODJBQBSB
VOBNFKPSFWBMVBDJÓO
&
OFTUPTÙMUJNPTBÒPTMPT1SFNJPT MPTEBUPTOPTÓMPFOUSFDPNVOJEBEFT
#FTUJO$MBTT#J$
TFIBODPOWFS BVUÓOPNBTTJOPUBNCJÊOFOUSFIPTQJUB
UJEPFOVOBIFSSBNJFOUBEFMPT MFT 4JO JS NÃT MFKPT MBT TPDJFEBEFT
TFSWJDJPTEFTBMVEEFMBTDPNVOJEBEFT DJFOUÎGJDBTTFIBOJOWPMVDSBEPEFGPSNB
BVUÓOPNBT Z EF MPT IPTQJUBMFT QBSB FTQFDJBMFOMPT1SFNJPT#J$*ODMVTPIBO
NFEJSTVTSFTVMUBEPTFOTBMVE
EBEPVOQBTPNÃTBMMÃ-BTTPDJFEBEFT
4ÓMPBSBÎ[EFVOBBDUJWJEBEFWBMVB IBOBQPTUBEPQPSBCSJSMPTDVFTUJPOBSJPT
EPSBTFSJBMPTDFOUSPTQVFEFOJEFOUJGJDBS DPOFMPCKFUJWPEFJODSFNFOUBSMBUSBOT
BRVFMMPTQSPCMFNBTSFMBDJPOBEPTDPOMB QBSFODJB%FFTUBNBOFSBMPTDFOUSPT
BTJTUFODJBTBOJUBSJBZTFOUBSMBTCBTFT QVFEFODPNQBSBSTF
RVFQFSNJUBONFKPSBSMBDBMJEBEFOMB
-BUSBOTQBSFODJBFTVOBOFDFTJEBE
BUFODJÓOBMQBDJFOUF
IPZQBSBRVFFTUBNFEJDJÓOEFSFTVMUB
&TFMPCKFUJWPRVFQFSTJHVFOEFTEFTV EPTQVFEBTVSUJSFGFDUPFOMPTTJTUFNBT
QVFTUB FO NBSDIB IBDF BÒPT MPT EF TBMVE -B DPNQBSBDJÓO FT VOB
1SFNJPT #J$ MB
QSFNJTB GVOEB
NFKPSB DPOUJOVB
-BTTPDJFEBEFTDJFOUÓGJDBTTF NFOUBMQBSBRVF
EFM4JTUFNB/BDJP
MPT IPTQJUBMFT TF
IBOJOWPMVDSBEPEFNBOFSB EFDJEBOBNFKPSBS
OBMEF4BMVE
FTQFDJBMFOMPT
&TUB UBSFB EF
TVTSFTVMUBEPTFO
NFEJDJÓOEFSFTVM
TBMVE Z IBTUB
1SFNJPT#FTUJO$MBTT
UBEPT FO TBMVE
BIPSBIBCSJMMBEP
DSFDFFOJNQPSUBO
QPS TV BVTFODJB
DJB FO VO DPOUFYUP NBSDBEP QPS MPT -BTJUVBDJÓOIBMMFHBEPBUBMQVOUPRVF
SFDPSUFTRVFTFIBOQSPEVDJEPFOMPT OPTFQVFEFDPNQBSBSTJRVJFSBMBTMJTUBT
ÙMUJNPTBÒPTQPSMBDSJTJTFDPOÓNJDB EFFTQFSBFOUSFDPNVOJEBEFTBVUÓOP
&TUF USBCBKP EF FWBMVBDJÓO QFSNJUF NBT
EFUFDUBS CPMTBT EF JOFGJDJFODJB RVF
&TUFUFNBTFIBDPOWFSUJEPFOVOB
TVQPOFOVOHBTUPJOOFDFTBSJPQBSBFM QSJPSJEBEJODMVTPEFOUSPEFMBBHFOEB
TJTUFNBZDVZBFMJNJOBDJÓOQPESÎBTFSWJS QPMÎUJDB&OTVQBDUPEFHPCJFSOP$JVEB
QBSBHFOFSBSBIPSSPTRVFQVFEFOJOWFS EBOPTZFM1BSUJEP1PQVMBSBCPHBOQPS
UJSTFFOPUSBTÃSFBT
GPNFOUBSMBUSBOTQBSFODJBFOFM4JTUFNB
-BTTPDJFEBEFTDJFOUÎGJDBTTFIBOEBEP /BDJPOBMEF4BMVE&TQFSFNPTRVFMPT
DVFOUB EF MB JNQPSUBODJB EF FTUF QBSUJEPTQPMÎUJDPTTJHBOMBFTUFMBRVF
USBCBKP %FTEF IBDF UJFNQP WJFOFO FTUÃONBSDBOEPMPT1SFNJPT#J$ZMBT
SFDMBNBOEPMBOFDFTJEBEEFDPNQBSBS TPDJFEBEFTDJFOUÎGJDBT
"DPSB[ØOBCJFSUP
&QPDZUBCBDPEPTQSPCMFNBTEFFOWFSHBEVSB
+6"/"3*&4$0
$PPSEJOBEPSEFM"ÒP
4FQBSEFMB
&10$ZFMUBCBDP
-
B&QPDFOGFSNFEBEQVMNPOBSPCT
USVDUJWBDSÓOJDBBGFDUBBNÃTEFMEJF[
QPSDJFOUPEFMBQPCMBDJÓOBEVMUBFO
&TQBÒBZDBVTBBQSPYJNBEBNFOUF
NVFSUFTBOVBMFTUBNCJÊOPSJHJOBVOFMF
WBEPDPTUFTPDJBMZTBOJUBSJP&YJTUFOEPT
QSPCMFNBTRVFOPTEFCFOIBDFSSFGMFYJP
OBSTPCSFFTUBFOGFSNFEBEFMJOGSBEJBH
OÓTUJDPFO&TQBÒBVOQPSDJFOUPEFMBT
QFSTPOBTDPO&QPDOPFTUÃEJBHOPTUJDBEB
FTEFDJSBQSPYJNBEBNFOUFTV
KFUPTOPSFDJCFOJOHÙOUSBUBNJFOUPZFMEFT
DPOPDJNJFOUPEJGFSFOUFTFTUVEJPTNVFT
USBORVFTÓMPFMQPSDJFOUPEFMBQPCMB
DJÓODPOPDFFTQPOUÃOFBNFOUFFMTJHOJGJDBEP
EFMBTTJHMBT&QPD"TÎTFFYQMJDBFMCBKPJN
QBDUPFOMBPQJOJÓOQÙCMJDBEFMB&QPDMB
SFEVDJEBQFSDFQDJÓOEFMBVSHFODJBQBSB VOBJOUFOTBMBCPSEFEJGVTJÓOZTFOTJCJMJ[B
QBMJBSFMQSPCMFNBZMBFTDBTBBTJHOBDJÓO DJÓOEFMB&QPDZFMUBCBRVJTNPEPTQSPCMF
EFSFDVSTPTQBSBBTJTUFODJBFJOWFTUJHBDJÓO NBTEFTBMVEQÙCMJDBEFHSBOFOWFSHBEVSB
)BZFWJEFODJBTDMÎOJDBTNPSGPMÓHJDBTZ
1BSBSFEVDJSFMBWBODFEFMB&QPDMBNF
FQJEFNJPMÓHJDBTJODPOUFTUBCMFTRVFSFMB EJEBNÃTFGFDUJWBFTSFEVDJSFMOÙNFSPEF
DJPOBOFMQBQFMFUJPMÓHJDPEFMUBCBRVJTNP GVNBEPSFTZFTQFDJBMNFOUFEFGVNBEP
FOMB&QPD)BTUBFMQPSDJFOUPEFMPTQB SFTDPO&QPD/VFTUSBTPDJFEBEDJFOUÎGJDB
DJFOUFTDPO&QPDQBEFDFOFTUBFOGFSNF IBUFOJEPZRVJFSFUFOFSVOQBQFMBDUJWPFO
EBEQPSIBCFSTJEPGVNBEPSFT5BNQPDP MBCBUBMMBDPOUSBFMUBCBRVJTNP%FTEFFM
QPEFNPTPMWJEBSRVF
QSJODJQJPBQPZBNPT
IBTUBVOQPS
%FKBSEFGVNBSFTMBNFEJEB FMEFTBSSPMMPEFMB
DJFOUPEFMPTQBDJFO
OVFWB-FZEF5BCBDP
UFTEJBHOPTUJDBEPTEF NÈTFGJDB[ZDPTUFFGFDUJWBEF ZOVODBIFNPTPDVM
UPEBTMBTJOUFSWFODJPOFT
&QPDDPOUJOÙBOGV
UBEPOVFTUSBJOUFO
NBOEP
DJÓOEFQSPNPWFSFM
UFSBQÏVUJDBTEFMB&QPD
5FOJFOEP FO
BDDFTPHSBUVJUPBMPT
DVFOUBMPTEBUPTFY
QSPDFTPTEFEFTIB
QVFTUPTEFTFQUJFNCSFEFBEJDJFN CJUVBDJÓOUBCÃRVJDBQBSBMBQPCMBDJÓOFO
CSFEFMB4PDJFEBE&TQBÒPMBEF/FV HFOFSBMZNVZFTQFDJBMNFOUFQBSBMPTQB
NPMPHÎBZ$JSVHÎB5PSÃDJDB4FQBS
IBEFEJ DJFOUFTDPOFOGFSNFEBEFTSFTQJSBUPSJBT
DBEPTV"ÒP4FQBSBMB&QPDZFMUBCBDP DSÓOJDBTTPCSFUPEPDPO&QPDDVZBTDBSBD
%VSBOUFNFTFTIFNPTFTUBEPSFBMJ[BOEP UFSÎTUJDBTEFBEJDJÓOTPOFTQFDÎGJDBT
%FKBSEFGVNBSFTMBNFEJEBNÃTFGJDB[
EFOUSPEFUPEBTMBTJOUFSWFODJPOFTUFSBQÊV
UJDBTEFMB&QPD:UBNCJÊOFTMBNFEJEB
NÃTDPTUFFGFDUJWB&MFTUVEJPA"OÃMJTJTEFM
JNQBDUPQSFTVQVFTUBSJPEFMBGJOBODJBDJÓO
EFMPTUSBUBNJFOUPTNÊEJDPTQBSBEFKBSEF
GVNBSFOQBDJFOUFTEF&QPDSFBMJ[BEPQPS
FM1SPHSBNBEF*OWFTUJHBDJÓOFO5BCBRVJTNP
EF4FQBSOPTPGSFDFVONPUJWPNÃTQBSB
QFEJSMBGJOBODJBDJÓOEFMPTUSBUBNJFOUPTEF
UBCBRVJTNPFOHFOFSBMZFOFTQFDJBMQBSB
MPTQBDJFOUFTRVFTVGSFO&QPD&MFTUVEJP
IBDBMDVMBEPRVFBMGJOBODJBSMPTUSBUBNJFO
UPTEFMUBCBRVJTNPDPNPMPTEFPUSBTFO
GFSNFEBEFTDSÓOJDBT
FOMPTGVNBEPSFTDPO
&QPDBMDBCPEFMPTDJODPBÒPTFM4/4BIP
SSBSÎBBMSFEFEPSEFFVSPT
&ODPOTFDVFODJBMBGJOBODJBDJÓOEFMPT
USBUBNJFOUPTEFMUBCBRVJTNPFTiSFOUBCMFu
QPSRVFBEFNÃTEFTBMWBSZNFKPSBSDBMJ
EBEEFWJEBEFMPTQBDJFOUFTUBNCJÊOQSP
QPSDJPOBBIPSSPFDPOÓNJDP
0QJOJØOBMEFOPWJFNCSFEF(.
-B'SBTF
i
-BNJOJTUSBFTVOB
HSBOHFTUPSBRVF
TBCFRVFFMNFKPS
QBDUPFTFMRVFOBEJFQJFSEF
ZUPEPFMNVOEPHBOBu
-PT1FSTPOBKFT
+VMJP#PCFTFTFMFHJEPQSFTJEFOUFEFMB
4PDJFEBE&TQBÒPMBEF1TJRVJBUSÎB
◗&MQSPGFTPS+VMJP#PCFTFTFMOVFWP
QSFTJEFOUFEFMB4PDJFEBE&TQBÒPMBEF
1TJRVJBUSÎBDBSHPFOFMRVFIBSFMFWBEP
BMQSPGFTPS.JHVFM(VUJÊSSF[ZBMRVF
BDDFEFEJSFDUBNFOUFUSBTDVBUSPBÒPT
PTUFOUBOEPMBWJDFQSFTJEFODJBEFMB
TPDJFEBE"DUVBMNFOUF BEFNÃT EF
QSFTJEFOUFEFMB4&1FTNJFNCSPEFM
1BUSPOBUPEFMB'VOEBDJÓO&TQBÒPMBEF
1TJRVJBUSÎBZ4BMVE.FOUBMEJSFDUPSEFM
$PNJUÊ &EJUPSJBM EF MB 3FWJTUB EF
1TJRVJBUSÎBZ4BMVE.FOUBMÓSHBOPEF
FYQSFTJÓOEFMBT4PDJFEBEFT&TQBÒPMBT
EF1TJRVJBUSÎBZEF1TJRVJBUSÎB#JPMÓ
HJDBZKFGFEF4FSWJDJPEF1TJRVJBUSÎBEFM
¦SFB4BOJUBSJBEF0WJFEP
+FTÙT4ÃODIF[.BSUPT$POTFKFSPEF
4BOJEBEEFMB$PNVOJEBEEF.BESJE
-BT$MBWFT
.POKF(JM
ZFMSPTUSP
EF(PZBDPNPQBJTBKFEFGPOEPQBSBBOB
#"350-0.#&-53¦/
MJ[BSFOQSJNFSQMBOPMBTEFGPSNJEBEFTGB
+FGFEFMPTTFSWJDJPT
DJBMFTOVFTUSBBDUVBMQSPQVFTUBTJFNQSF
NÊEJDPTEF"NFEJB
EFOUSPEFMNBSDPBDPUBEPQPSFMQFSNB
OFOUFEJÃMPHPFOUSFQJOUVSBZFOGFSNFEBE
BFFONJTNBOPTFMMJCSPEF*TJEPSPZ TFSFWFMBNVDIPNÃTBNCJDJPTB:OPFT
'MPSFODJP.POKF(JMiQJOUVSBTVOJ PUSBRVFMBEFUSBUBSEFFYQMJDBSMBWBSJF
WFSTBMFTQBSBDPNQSFOEFSMBTFOGFS EBEEFEFGPSNJEBEFTGBDJBMFTBUSBWÊTEFM
NFEBEFTEFDBSBZDVFMMPuPTFBi&M3PT FTUVEJPEFDJODVFOUBPCSBTQJDUÓSJDBTSF
USP&OGFSNPu-PTFTQFDJBMJTUBTFOIJTUPSJB QSFTFOUBUJWBTEFEJWFSTBTÊQPDBTZBQVFT
DJSVHÎBPSBMZNBYJMPGBDJBMIBOVUJMJ[BEP UBTFTUJMÎTUJDBTDPNPTJFNQSFFTDPHJEBT
MBTEFGPSNJEBEFTZQBUPMPHÎBTQMBTNBEBT CBKPMBQSFNJTBTVCKFUJWBEFMBPCTFSWBDJÓO
FOMBQJOUVSBQBSBFOUSFHBSOPTFTUFNB DPNPEFGPSNBDJÓOQSPGFTJPOBM
OVBMUBODJFOUÎGJDPDPNPFOUSFUFOJEP
'MPSFODJP.POKF(JMPCUVWPCFDBT'*4EF
+BWJFS4JFSSBTFÒBMBFOFMQSÓMPHPRVF 6$-"6OJWFSTJEBEEF4BO%JFHPZ.BZP$MJ
MPTIFSNBOPT.POKFTFOPTSFWFMBODPNP OJD&&66
&TBVUPSEFEJWFSTPTDBQÎUVMPT
FMQFSGFDUPUÃOEFNQBSBJOUFSQSFUBSFTPT EFMJCSPTEFMBFTQFDJBMJEBEZEFMMJCSPi%JBH
SBTHPTDBSHBEPTEFJOGPSNBDJÓORVFMPT OÓTUJDPZUSBUBNJFOUPEFMBQBUPMPHÎBEFMB
QSPGBOPTQBTBOEFTBQFSDJCJEPT1PSFTP BSUJDVMBDJÓOUFNQPSPNBOEJCVMBSuZi4VS
FTUJNPRVFTVPCSBFTZBUPEBVOBBQPS HJDBMNBOBHFNFOUPGUIF5.+uEPTWPMÙ
UBDJÓOBMB)JTUPSJBBMB)JTUPSJBEFM"SUF NFOFTFOGPSNBUPFCPPL
)BTJEPQSPGF
ZUBNCJÊOBMBTJNCPMPHÎB
TPSJOWJUBEPEFMBTVOJWFSTJEBEFTEF5FO
1JOUPSFTFTDVMUP
OFTTFF &&66
SFTGPUÓHSBGPTZEJ
.JMÃO*UBMJB
7JÒB
-PTBVUPSFTBOBMJ[BO
CVKBOUFTIBOQFS
EFM.BSZ7BMQBSBÎTP
QJOUVSBTVOJWFSTBMFTQBSB
QFUVBEP QBSB MB
$IJMF
ZEF-JNB
QPTUFSJEBEMBBQB DPNQSFOEFSMBTFOGFSNFEBEFT 1FSÙ
&TNJFNCSP
SJFODJBEFBMHVOPT ZEFGPSNJEBEFTEFDBSBZDVFMMP EFMB4PDJFEBE&TQB
FTDPHJEPTBUSBWÊT
ÒPMBEF$JSVHÎB0SBM
EFMNJTUFSJPTPZGBT
Z.BYJMPGBDJBM4&
DJOBOUFBSUFEFMSFUSBUP:MBFWPMVDJÓOEFM $0.
EFMB4PDJFEBE&TQBÒPMBEF%JTGVO
SFUSBUPFOMBIJTUPSJBEFMBQJOUVSBIBEF DJÓOEF"5.Z%PMPS0SPGBDJBM4&%$:%0
UFSNJOBEPTJOEVEBMBQSPQJBFWPMVDJÓO EFMB"NFSJDBO4PDJFUZPG5FNQPSPNBOEJ
TPDJBMEFMJOEJWJEVP
CVMBS+PJOU4VSHFPOT&45.+4
)BTJEPQSF
*OJDJBMNFOUFMBQSPIJCJDJÓOEFUPEBQBS TJEFOUFEFMB&VSPQFBO4PDJFUZPG5FNQP
UJDVMBSJEBEJNQFSGFDUBQSFTJEJÓMBUSBOT SPNBOEJCVMBS+PJOU4VSHFPOT&45.+4
NJTJÓOEFFTUFUFTUJNPOJPWJTVBMRVFTPS EVSBOUFFMBÒP&OMBBDUVBMJEBEFTKFGF
UFBCBMPTTFOEFSPTRVFUSBOTJUBCBOQPSMB EF4FSWJDJPEF$JSVHÎB0SBMZ.BYJMPGBDJBM
GFBMEBEMBEFGPSNJEBEZMBWFKF[ZFOVO EFM)PTQJUBM6OJWFSTJUBSJP*OGBOUB$SJTUJOB
FKFSDJDJPFGJDB[FTUPTBSUJTUBTMFHBSPOMPT EF#BEBKP[EJSFDUPSEFM$FOUSPEF*NQMBO
QSJODJQJPTEFMBCFMMF[BJEFBMFOMBTTVDF UPMPHÎB$JSVHÎBPSBMZ.BYJMPGBDJBM$*$0.
TJWBTFUBQBTEFMQBTBEP
ZQSFTJEFOUFEFMB'VOEBDJÓOQBSBFM&TUV
)PZTJOFNCBSHPEFTDVCSJNPTFOMBSF EJPZ%FTBSSPMMPEFMB*NQMBOUPMPHÎB$JSV
QSFTFOUBDJÓOEFFTUPTTFSFTEFTHSBDJBEPT HÎB0SBMZ.BYJMPGBDJBM'&%*$0.
*HVBM
RVFTVGSJFSPOMBFOGFSNFEBEMBNPSUJGJ NFOUFFTUVEJBFMHSBEPEF)JTUPSJBEFM"SUF
DBSPOZMBDSVFMEBEEFTVTDPOUFNQPSÃ 1PSPUSBQBSUF*TJEPSP.POKF(JMBTVNFMB
OFPTMBWFSEBEFSBJOUFODJPOBMJEBEEFMPT QBSUFIJTUÓSJDB&OMFGVFPUPSHBEBMB
NÃTHSBOEFTBSUJTUBTHFOJPTRVFCVTDB CFDBQSFNJPFVSPQFBEFJOWFTUJHBDJÓOZNP
SPOEFTQFSUBSMBDPNQBTJÓOMBUFSOVSBMB WJMJEBEFOFTUVEJPTFVSPQFPT1SFNJP&VSP
JOEVMHFODJBRVFUPEPTFSIVNBOPMMFWBFO QFP$BSMPT74JNPOF7FJMEFMB'VOEBDJÓO
TVDPSB[ÓO
"DBEFNJB&VSPQFBEF:VTUFQPSTVUSBCBKP
-PTBVUPSFTJOEJDBORVFTJFOVOBBOUF i-B/P*OUFSWFODJÓOVOMVHBSEFNFNPSJB
SJPSQVCMJDBDJÓOi(PZBZMBTEFGPSNJEBEFT EJQMPNÃUJDBQBSBMBTSFMBDJPOFTIJQBOPGSBO
GBDJBMFTu
OPTBDFSDÃCBNPTDPODVSJPTJEBE DFTBTEFMTJHMP99ZFTDPBVUPSEFMBPCSB
BMBUSBZFDUPSJBQJDUÓSJDPWJUBMEF'SBODJTDP i(PZBZMBTEFGPSNJEBEFTEFOUPGBDJBMFTu
$
$PNÎOSFBDUJWBSÃFM$POTFKPEFMB1SPGFTJÓO
.ÊEJDBQBSBMMFHBSBBDVFSEPTiWJODVMBOUFTu
◗&MDPOTFMMFSEF4BMVEEFMB(FOFSBMJUBU
EF$BUBMVÒB5POJ$PNÎOIBBOVODJBEP
RVF TV EFQBSUBNFOUP UJFOF FO TVT
QSÓYJNBT QSJPSJEBEFT SFBDUJWBS FM
$POTFKPEFMB1SPGFTJÓO.ÊEJDBDSFBEP
FOUSBTVOBIVFMHBIJTUÓSJDBEFMPT
NÊEJDPTQBSBQPEFSMMFHBSBBDVFSEPT
iWJODVMBOUFTuDPOMPTGBDVMUBUJWPTFO
SFMBDJÓOBDVFTUJPOFTTPCSFFMNPEFMP
BTJTUFODJBMZMBTJUVBDJÓOMBCPSBM
$PNÎOIBBGJSNBEPRVFTJFYJTUJFSBVO
JOGPSNF1*4"RVFWBMPSBMBDBMJEBE
EFMTJTUFNBFEVDBUJWPEFVOQBÎTFOFM
ÃNCJUPEFMBTBMVEFMDBUBMÃOFTUBSÎB
iFOUSFMPTQSJNFSPTEFMNVOEPuHSBDJBT
BMBDBMJEBEEFMPTNÊEJDPTDBUBMBOFT
-BTFMFDDJPOFTFO&TUBEPT6OJEPTEBO
VOSFTQJSPBMBJOEVTUSJBGBSNBDÊVUJDB
◗-BTVCJEBHFOFSBMJ[BEBEFMBTGBSNB
DÊVUJDBTFOMBT#PMTBTEF&&66FTMB
NFKPSSFTQVFTUBEFMTFDUPSBMBWJDUPSJB
EFMDBOEJEBUPSFQVCMJDBOPFMZBQSFTJ
EFOUFFMFDUP%POBME5SVNQ"FMMPTF
TVNBFMÊYJUPPCUFOJEPFO$BMJGPSOJB
"VORVFBMMÎFMWPUPGBWPSFDJÓB)JMMBSZ
$MJOUPO MB QSPQPTJDJÓO FTUBUBM TPNFUJEB B WPUBDJÓO QPQVMBS QBSB
DPOUSPMBSFMQSFDJPEFMPTNFEJDBNFOUPT
OPTBMJÓBEFMBOUFBQFTBSEFRVFTV
DPOUFOJEPJCBNÃTFOMÎOFBDPOMPRVF
QSPQPOÎBMBDBOEJEBUBEFNÓDSBUB-B
WJDUPSJBEF5SVNQQFSNJUFBMTFDUPS
PMWJEBSTFEFMAQSPHSBNB$MJOUPOQBSB
DPOUSPMBSFMQSFDJPEFMPTNFEJDBNFOUPT
"OB(PO[ÃMF[1JOUPOVFWBQSFTJEFOUBEFMB
4PDJFEBE&TQBÒPMBEF1TJRVJBUSÎB#JPMÓHJDB
◗"OB(PO[ÃMF[1JOUPFTMBOVFWBQSFTJ
EFOUB EF MB 4PDJFEBE &TQBÒPMB EF
1TJRVJBUSÎB#JPMÓHJDBDBSHPFOFMRVF
IB SFMFWBEP BM QSPGFTPS .JRVFM
#FSOBSEPZBMRVFBDDFEFEJSFDUB
NFOUFUSBTDVBUSPBÒPTPTUFOUBOEPMB
WJDFQSFTJEFODJBEFMBTPDJFEBE
%VSBOUFTVUSBZFDUPSJBQSPGFTJPOBM
IBEJSJHJEPOVNFSPTPTQSPZFDUPTEF
JOWFTUJHBDJÓOOBDJPOBMFTZFVSPQFPTZ
FTBVUPSBEFNÃTEFBSUÎDVMPTJOUFS
OBDJPOBMFTEFBMUPJNQBDUPZFEJUPSBEF
WBSJPTMJCSPTEFTUBDBOEPFOFMÙMUJNP
BÒPVOMJCSPTPCSFUFSBQJBJOUFHSBMQBSB
QSJNFSPTFQJTPEJPTQTJDÓUJDPTZPUSP
TPCSFUFSBQJBQBSBFMJOTPNOJP
(. BMEFOPWJFNCSFEF
1PMÓUJDB
.POUTFSSBUJSSVNQFFOFTDFOBFOMB
7$POWFODJÓOEFMB1SPGFTJÓO.ÊEJDB
3PESÓHVF[4FOEÓOUSBTMBEBTVUFNPSEFRVFFMTJTUFNBEFKFEFTFSWJBCMFTJTFBQMJDBOOVFWPTSFDPSUFT
&.$
.BESJE
&M$POTFKPEF.JOJTUSPTEFMWJFSOFTOPIB
EFTQFKBEPMBTEVEBTTPCSFFMFRVJQP
UÊDOJDPRVFTVTUFOUBSÃFMUSBCBKPEFMB
OVFWBNJOJTUSBEF4BOJEBE4FSWJDJPT
4PDJBMFTF*HVBMEBE%PMPST.POUTFSSBU
5BOTPMPTFIBIFDIPQÙCMJDPFMOPNCSB
NJFOUPEFMBEJSFDUPSBEFMHBCJOFUFEFMB
NJOJTUSB+VMJBEF.JDIFPMJDFODJBEBFO
$PNVOJDBDJÓO1VCMJDJEBEZ3FMBDJPOFT
1ÙCMJDBTDPOFYQFSJFODJBFOFM(BCJOFUF
EFM 1SFTJEFOUF EFM $POHSFTP EF MPT
%JQVUBEPTZBTFTPSBFOFMEF%FGFOTB
"DUVBMNFOUFMBEJSFDUPSBEFMHBCJOFUF
FSBBTFTPSBEFM(SVQP1BSMBNFOUBSJP
1PQVMBSFOFM$POHSFTP
"QPDBTIPSBTEFTVQBSUJDJQBDJÓOFO
FMFODVFOUSPTFNBOBMEFM&KFDVUJWPEF
.BSJBOP3BKPZMB OVFWBNJOJTUSBEF
4BOJEBETFFTUSFOBCBFOFMDBSHPDPOVO
QMBUPGVFSUFQBSBMPTGBDVMUBUJWPTMB7
$POWFODJÓOEFMB1SPGFTJÓO.ÊEJDBRVF
IBSFVOJEPFO.BESJEEVSBOUFFMZ
EFOPWJFNCSFBSFQSFTFOUBOUFTDPMFHJB
MFTEFUPEB&TQBÒBQBSBSFQBTBSMBTJUVB
DJÓOBDUVBMEFMPTQSPGFTJPOBMFT
%VSBOUFMBQSFTFOUBDJÓOEFMFODVFO
USPFMQSFTJEFOUFEFMB0SHBOJ[BDJÓO
.ÊEJDB$PMFHJBM0.$
+VBO+PTÊ3PESÎ
HVF[4FOEÎOSFDMBNÓVOBSFWJTJÓOEFMPT
BDVFSEPTGJSNBEPTDPOFMQSFTJEFOUFEFM
(PCJFSOP.BSJBOP3BKPZFORVF
SFDPHFOMPTQSPCMFNBTEFMBQSPGFTJÓO
NÊEJDBRVFFYJHFOVOBTPMVDJÓOEFGJOJ
UJWB&OFTUFTFOUJEPIJ[PIJODBQJÊFORVF
FM'PSPEFMB1SPGFTJÓO.ÊEJDBFOFMRVF
FTUÃJOUFHSBEBMBPSHBOJ[BDJÓOZBIB
TPMJDJUBEPVOBSFVOJÓOVSHFOUFDPOMB
NJOJTUSBEF4BOJEBEQBSBSFUPNBSUFNBT
DPNPMBHFTUJÓODMÎOJDBPFMDPOUSPMEFM
HBTUPGBSNBDÊVUJDP
-BOVFWBNJOJTUSBEF4BOJEBE%PMPST.POUTFSSBUQBSUJDJQØFOMBFOUSFHBEFQSFNJPTEFMB&TUSBUFHJB/"04EFMB"HFODJB&TQB×PMBEF4FHVSJEBE"MJNFOUBSJB
3PESÎHVF[ 4FOEÎO JOTJTUF FO MB
BNFOB[BRVFTFDJFSOFTPCSFMBBUFODJÓO
TBOJUBSJBiRVFHBSBOUJ[BMB$POTUJUVDJÓO
FOSÊHJNFOEFJHVBMEBEQBSBUPEPTMPT
FTQBÒPMFTu%FFTUFNPEPFMQSFTJEFOUF
EFMB0.$FYQVTPTVUFNPSEFRVFFM
TJTUFNBTBOJUBSJPEFKFEFTFSWJBCMFTJMPT
SFDPSUFT RVF UJFOF RVF BQMJDBS FM
(PCJFSOP QBSB DFSDBOPT B MPT
NJMMPOFT EF FVSPT JODJEFO EF
OVFWPFOFMDBQÎUVMPTBOJUBSJP
i"MB4BOJEBEFTQBÒPMBOPTFMFQVFEF
RVJUBSEFTVQSFTVQVFTUPOJVODÊOUJNP
NÃTuSFNBSDÓi%FMPDPOUSBSJPIBCSÎB
RVF QMBOUFBSTF MB IJQÓUFTJT EF RVF
BMHVJFOQVFEBFTUBSQMBOFBOEPDBSHBSTF
FMTJTUFNBQÙCMJDPDPNFO[BOEPQPSMPT
NÃTEÊCJMFTZQPSMPTRVFFTUÃOFOQFPS
TJUVBDJÓOu &O FTUF TFOUJEP QVTP FM
FKFNQMPEFEPTDPNVOJEBEFTBVUÓOPNBT
DPNPTPO"SBHÓOZ$BTUJMMB-B.BODIB
RVFTPOMBTRVFNÃTIBOTVGSJEPMPT
SFDPSUFTFOFMQFSÎPEP
DPO
VOQPSDFOUBKFDFSDBOPBMQPSDJFOUP
"OUFFTUPFMQPSUBWP[EFMPTNÊEJDPT
FYJHJÓVOBGJOBODJBDJÓOTVGJDJFOUFQBSB
iNBOUFOFSMPTTFSWJDJPTFOJHVBMEBEEF
DPOEJDJPOFTQBSBUPEPTMPTFTQBÒPMFTu
3PESÎHVF[4FOEÎOUBNCJÊOBEFMBOUÓ
RVFFOMBQSÓYJNB"TBNCMFBEFM$POTFKP
(FOFSBMEF$PMFHJPT0GJDJBMFTEF.ÊEJDPT
$HDPN
TFQSPQPOFOFTUVEJBSEJTUJOUPT
iNFDBOJTNPTQBSBMJHBSSFTQPOTBCJMJEB
EFT Z DPOTFDVFODJBT RVF TF QVFEBO
QSPEVDJS TPCSF MPT QBDJFOUFT DPNP DPOTFDVFODJBEFMPTSFDPSUFTFOQFSTP
OBM Z EF QMB[BTu -MFHBEP FM DBTP MB
DPSQPSBDJÓOOPEFTDBSUBMMFWBSBDBCP
BDDJPOFT MFHBMFT F JODMVTP BDVEJS BM
%FGFOTPSEFM1VFCMP/PFOWBOPBEWJS
UJÓEFMJNQBDUPEFFTUPTSFDPSUFTFOFM
BVNFOUPEFMBTMJTUBTEFFTQFSBPFM
SFUSBTP FO MPT EJBHOÓTUJDPT RVF TF
USBEVDFFOFMEFUFSJPSPEFMBDBMJEBE
BTJTUFODJBM
$BSNFO7FMBDPOUJOÙBBMGSFOUFEF*%J
(.
.BESJE
$BSNFO7FMB4FDSFUBSÓBEF&TUBEPEF*OWFTUJHBDJØO
%FTBSSPMMPF*OOPWBDJØO
$BSNFO7FMBDPOUJOVBSÃBMGSFOUFEFMB
4FDSFUBSÎBEF&TUBEPEF*OWFTUJHBDJÓO
%FTBSSPMMPF*OOPWBDJÓO:FTRVFFM
NJOJTUSP EF &DPOPNÎB *OEVTUSJB Z
$PNQFUJUJWJEBE -VJT EF (VJOEPT IB
NBOUFOJEPTVDPOGJBO[BFO7FMBQBSBMB
MFHJTMBUVSBRVFBDBCBEFBSSBODBS
&OTVQFSJPEPBMGSFOUFEFMB4FDSFUB
SÎBEF&TUBEPEF*%J7FMBDPOTJHVJÓ
GBWPSFDFSMBQBSUJDJQBDJÓOEFMBTFNQSF
TBT F JOTUJUVDJPOFT FTQBÒPMBT FO FM
1SPHSBNB EF MB 6OJÓO &VSPQFB
)PSJ[POUF
%VSBOUFFTUBMFHJTMBUVSBRVFTFBCSF
BIPSBBGSPOUBSÃUPEBVOBTFSJFEFSFUPT
&MQSJNFSPEFFMMPTFTTJUVBSMBJOWFSTJÓO
FOJOWFTUJHBDJÓOFOFMEPTQPSDJFOUPEFM
1SPEVDUP*OUFSJPS#SVUPDPNPNBSDBFM
BDVFSEPEFJOWFTUJEVSBDPO$JVEBEBOPT
/PPCTUBOUFFTVOPCKFUJWPRVFZBTF
IBCÎBNBSDBEPMBQSPQJB7FMBQSFWJB
NFOUF
0USP EF MPT UFNBT RVF UFOESÃ RVF
BCPSEBSTFSÃOMBTJUVBDJÓOMBCPSBMEFMPT
JOWFTUJHBEPSFTPMBBUSBDDJÓOEFUBMFOUP
FYUSBOKFSPDPNPMFIBSFDMBNBEPMB
'VOEBDJÓO$PUFD
7FMBUFOESÃUBNCJÊOMBPQPSUVOJEBEEF
EBSBMTJTUFNBEFDJFODJBMBFTUBCJMJEBE
RVF OFDFTJUB 1BSB FMMP TFSÃ CÃTJDP
FNQF[BSBQPOFSFONBSDIBMBRVFGVFMB
HSBOQSPNFTBEFTVTDVBUSPQSJNFSPT
BÒPTFOFMDBSHPMB"HFODJB&TUBUBMEF
*OWFTUJHBDJÓO"EFNÃTOFDFTJUBSÃVO
JNQVMTPDMBSPFOUÊSNJOPTQSFTVQVFTUB
SJPTQBSBFWJUBSRVFVOOVFWPSFDPSUFFO
TVTDSÊEJUPTQBSBJNQJEBB&TQBÒB
DVNQMJSFMPCKFUJWPEFJOWFSUJSFO*%FM
EPTQPSDJFOUPEFM1*#QBSBFMBÒP
"NFEJBEPTEF7FMBSFDPOPDÎBRVF
BVORVFEJGÎDJMFSBUPEBWÎBiQPTJCMFZ
SB[POBCMFuDVNQMJSFMPCKFUJWPDPNP
JOTJTUFOUFNFOUF TFÒBMB MB $PNJTJÓO
&VSPQFBFOTVTSFDPNFOEBDJPOFTTPCSF
&TQBÒB
NS
Exclusivo NetSalud
1PMÓUJDBBMEFOPWJFNCSFEF(.
-PTDPOTFKFSPTFTQFSBOFOFTUBJNBHFOEFBSDIJWPEFMÞMUJNPJOUFSUFSSJUPSJBMDFMFCSBEPFOBCSJMEFFTUFB×PMBMMFHBEBEFMFOUPODFTNJOJTUSP"MGPOTP"MPOTP4VQVFTUPTFSÈBIPSBPDVQBEPQPS%PMPST.POUTFSSBU
-BNJOJTUSBUFOESÃRVFEBSSFTQVFTUB
BVO$JTOTRVFQJEFSFGPSNBTTBOJUBSJBT
&YUSFNBEVSBJOTUBBM.JOJTUFSJPBEFTWJODVMBSTFEFM1MBOEF"EIFSFODJBFMBCPSBEPQPS'BSNBJOEVTUSJB
+36*;5"(-&
.BESJE
-BTDPNVOJEBEFTBVUÓOPNBTRVJFSFO
UPNBS FM QVMTP B %PMPST .POUTFSSBU
DVBOUP BOUFT &M TFOUJNJFOUP RVF
EFTQJFSUBMBMMFHBEBEFMBNJOJTUSBTF
EJWJEF FOUSF FM EFTDPOPDJNJFOUP Z FM
SFTQBMEPTFHÙOFMDPMPSQPMÎUJDPEFMB
SFHJÓO&YJTUFWPMVOUBEEFDPMBCPSBDJÓO
QFSPUBNCJÊOWJHJMBODJBZEFNBOEBTRVF
OPRVJFSFOQBTBSQPSBMUP&OMPRVFTÎ
DPJODJEFOUPEBTMBTDPNVOJEBEFTFTFOMB
OFDFTJEBEEFDFMFCSBSVO$POTFKP*OUFS
UFSSJUPSJBMUSBTVOBÒPFOFMRVFTÎIVCP
VOBDJUBQFSPFTUVWPNBSDBEBQPSMB
JOUFSJOJEBEEFM(PCJFSOPFOGVODJPOFT
-BTEFNBOEBTEFMBTDPNVOJEBEFT
BVUÓOPNBTUBNQPDPQSFTFOUBOHSBOEFT
OPWFEBEFTEFSPHBDJÓOEFM3FBM%FDSFUP
MFZQSFTDSJQDJÓOFOGFSNFSB
DPIFTJÓOUFSSJUPSJBMOVFWBTUFDOPMPHÎBT
SFDVSTPTIVNBOPTBVORVFIBZSFHJP
OFTDPNP$BUBMVÒBEPOEF"OUPOJ$PNÎO
OPUJFOFQFUJDJPOFTDPODSFUBT&OUSFMPT
OVFWPTUFNBTBUSBUBSTFFODVFOUSBMB
NFEJDJOBEFQSFDJTJÓOPMBEFNBOEBEF
NBZPSQPEFSOFHPDJBEPSQBSBMPTGÃSNB
DPTRVFMMFHVFOBMNFSDBEP
-BQSJNFSBEFFTUBTOPWFEBEFTFTUÃ
MJEFSBEB QPS MB DPOTFKFSB NVSDJBOB
&ODBSOBDJÓO(VJMMÊOi$PNPZBBOVODJÊ
.VSDJBMJEFSBSÈVOB&TUSBUFHJB
EF.FEJDJOBEF1SFDJTJØOZ
/BWBSSBQJEFNBZPSQSFTFODJB
FOMBTOFHPDJBDJPOFTEFQSFDJP
-BTDPNVOJEBEFTTPDJBMJTUBT
IBSÈOGSFOUFDPNÞOQBSB
SFDVQFSBSMBVOJWFSTBMJEBEFO
MBBTJTUFODJBTBOJUBSJB
FOFM999"OJWFSTBSJPEFM*4$***RVJFSP
QSPQPOFSRVFJOJDJFNPTFMEJTFÒPEFVOB
&TUSBUFHJB /BDJPOBM EF .FEJDJOB EF
1SFDJTJÓO RVF OPT BZVEF B HJSBS FM
TJTUFNB EF GPSNB QFSTPOBMJ[BEB BM
QBDJFOUFuTPTUJFOF-BTFHVOEBEFFMMBT
MB EFGFOEFSÃ 'FSOBOEP %PNÎOHVF[
DPOTFKFSPEF/BWBSSBi&OUSFMPTUFNBT
JNQPSUBOUFTQSJPSJ[BSÎBFOUSFPUSPTMB
SFHVMBDJÓOEFMBQBSUJDJQBDJÓOEFMBT
DPNVOJEBEFTFOMBQPMÎUJDBEFQSFDJPTEF
MPTGÃSNBDPTTPCSFUPEPEFMPTOVFWPT
GÃSNBDPTuFYQMJDB"DUVBMNFOUFTPO
DVBUSPMBTDPNVOJEBEFTQSFTFOUFTFOMB
$PNJTJÓO*OUFSNJOJTUFSJBMEF1SFDJPT
EPTQBSUJDJQBOUFTZEPTPCTFSWBEPSBT
%FOUSP EF MB EFSPHBDJÓO EFM 3FBM
%FDSFUPMFZTPMJDJUBEBQPS
UPEBTMBTDPNVOJEBEFTTPDJBMJTUBTMB
QVOUBEFMBO[BFTMBVOJWFSTBMJEBEFOMB
BTJTUFODJBTBOJUBSJBSFMFHBOEPFMDPQBHP
BVOTFHVOEPQMBOPi&TQFSBNPTRVFTF
BCSBVOQFSJPEPEFEJÃMPHPZRVFTF
FTDVDIFFMTFOUJSNBZPSJUBSJPEFUPEBTMBT
DPNVOJEBEFT BVUÓOPNBT FO UPSOP B
SFDVQFSBSMBVOJWFSTBMJEBEEFMTJTUFNB
TBOJUBSJPQÙCMJDPuBGJSNBFMDPOTFKFSP
BOEBMV["RVJMJOP"MPOTP%FJHVBMGPSNB
+FTÙT.PSFSB$BOBSJBT
JOTUBB.POUTF
SSBUBRVFiDVBOUPBOUFTMMFWFBDBCPMB
EFSPHBDJÓOEFM3FBM%FDSFUPMFZQPSTFS
MBÙOJDBGÓSNVMBFGFDUJWBDMBSBZEFGJOJ
UJWBEFEFWPMWFSB&TQBÒBFMDBSÃDUFS
VOJWFSTBMEFMBTBOJEBEQÙCMJDBu
0USPEFMPTUFNBTRVFQPOFEFBDVFSEP
BMBTDPNVOJEBEFTFTMBOFDFTJEBEEF
BWBO[BSFOMBDPIFTJÓOTBOJUBSJB$POMB
FYDFQDJÓOEF1BÎT7BTDPEPOEFFMDPOTF
KFSPFOGVODJPOFT+PO%BSQÓOFYQMJDBRVF
iWPMWFSÃBTPMJDJUBSBM.JOJTUFSJPSFTQFUP
JOTUJUVDJPOBMBMBTDPNQFUFODJBTTBOJUB
SJBTuFMSFTUPEFUFSSJUPSJPTDPOTVMUBEPT
QJEFOMJEFSB[HPNJOJTUFSJBM+PTÊ.BSÎB
7FSHFMFT&YUSFNBEVSB
BTFHVSÓRVFiMB
4BOJEBEBVORVFUSBOTGFSJEBOPFTVOB
A.BSÎBEFOUSPEFM(PCJFSOP0GSFDFSF
NPT MB DPMBCPSBDJÓO OFDFTBSJB QBSB
USBCBKBSFOQPTEFMBDPIFTJÓOuVOTFOUJ
NJFOUP DPNQBSUJEP FOUSF PUSPT DPO
4FCBTUJÃO$FMBZBDPOTFKFSPEF"SBHÓO
+VOUPBFTUBTQFUJDJPOFT.BSÎB.BSUÎO
-B3JPKB
FYQMJDÓB&(RVFFYJTUFONÃT
DVFTUJPOFTBUSBUBSBEFNÃTEFMBTNÃT
DPOPDJEBTi"M*OUFSUFSSJUPSJBMOPTFEFCF
JS DPO VSHFODJBT TJOP DPO JEFBT Z
QSPQVFTUBTDMBSBT-B3JPKBQMBOUFBSÃB
MBNJOJTUSBQSPQVFTUBTQBSBUSBCBKBSFO
SFDVSTPT IVNBOPT HFTUJÓO DMÎOJDB
UFNQPSBMJEBEUBNCJÊOBCPHBSFNPTQPS
MBJNQMBOUBDJÓOEFMBTOVFWBTUFDOPMP
HÎBT EF MB JOGPSNBDJÓO EFOUSP EF VO
DPOUFYUPDPIFTJPOBEPEFM4/4uEJDF
3FWÏTBM1MBOEF"EIFSFODJB
0USBEFMBTQFUJDJPOFTDPODSFUBTSFBMJ
[BEBQPSVOBDPNVOJEBEBVUÓOPNBB
%PMPST.POUTFSSBUFTEFTWJODVMBSTFEFM
1MBO EF "EIFSFODJB FMBCPSBEP QPS
'BSNBJOEVTUSJB7FSHFMFT BTFHVSÓ MB
TFNBOB QBTBEB RVFiTJ FM 1MFOP EFM
$POTFKP*OUFSUFSSJUPSJBMEPOEFFTUÃO
SFQSFTFOUBEBTUPEBTMBTDPNVOJEBEFT
BVUÓOPNBTOPIBBOBMJ[BEPEFCBUJEPZ
USBCBKBEPFTUF1MBOOPFTEFSFDJCPRVF
TFBMBJOEVTUSJBGBSNBDÊVUJDBMBRVFMP
QSFTFOUF DPNP VOB IFSSBNJFOUB EFM
4JTUFNB/BDJPOBMEF4BMVEu&MDPOTFKFSP
FYUSFNFÒPFYQSFTÓRVFiVOQMBOEFFTUF
DBMBEPuOPQVFEFMMFWBSTFBDBCPEFFTUB
GPSNBQVFTMBTDPNVOJEBEFTiIFNPT
TJEPZTFSFNPTMBTRVFNBOUFOFNPTMB
TBOJEBEFOFM4/4u
NS
Exclusivo NetSalud
(.BMEFOPWJFNCSFEF1PMÓUJDB
#FSOBMi-BNJOJTUSB
EFCFFTDVDIBSB
NÊEJDPTZQBDJFOUFTu
&MQSFTJEFOUFEFMB"(1BOJNBB.POUTFSSBU
BEFGFOEFSMPTJOUFSFTFTEFTVNJOJTUFSJP
.1
.BESJE
&MOPNCSBNJFOUPEFMBOVFWBNJOJTUSB
EF4BOJEBE4FSWJDJPT4PDJBMFTF*HVBM
EBE%PMPST.POUTFSSBUIBHFOFSBEP
VOBHSBOTPSQSFTBFOFMDPMFDUJWPEF
QBDJFOUFT QBSB FM DVBM FT VOB HSBO
EFTDPOPDJEB-BOVFWBUJUVMBSUFOESÃRVF
EFNPTUSBSBOUFFMMPTUBNCJÊOMBTEPUFT
QBSBFMEJÃMPHPZMBOFHPDJBDJÓODPOMBT
RVF IB IFDIP NÊSJUPT BOUF .BSJBOP
3BKPZQBSBTVEFTJHOBDJÓO
5SBTTVOPNCSBNJFOUPFMQSFTJEFOUF
EF MB"MJBO[B (FOFSBM EF 1BDJFOUFT
"OUPOJP#FSOBMIBPGSFDJEPMB.POUTF
SSBUMBDPMBCPSBDJÓOEFMB"MJBO[BFOUPEP
MPRVFOFDFTJUF#FSOBMTVCSBZBRVFMB
OVFWBNJOJTUSBFTiQSÃDUJDBNFOUFEFTDP
OPDJEBFOFMNVOEPTBOJUBSJPu"GBMUBEF
FYQFSJFODJBFOFMTFDUPSRVFFTVOBEF
MBTDBSFODJBTRVFIBOUFOJEPFODPNÙO
MPTNJOJTUSPTEFMSBNPEFTJHOBEPTQPSFM
BDUVBMQSFTJEFOUFEFMHPCJFSOPFMQPSUB
WP[EFMPTQBDJFOUFTQJEFRVFTFBiDBQB[
ZWBMJFOUFuQBSBBGSPOUBSMBUBSFBFOVO
NJOJTUFSJPRVFUJFOFNVDIPUSBCBKPQPS
IBDFS
&MQSFTJEFOUFEFMB"(1DSFFRVFVOB
EFTVTNJTJPOFTQSJODJQBMFTEFCFTFS
BMDBO[BSMBFRVJEBEEFMBTQSFTUBDJPOFT
TBOJUBSJBT FOUSF MBT DPNVOJEBEFT
BVUÓOPNBT&OMBNJTNBMÎOFB#FSOBM
DPOTJEFSBRVFEFCFFTUBSQSFQBSBEB
QBSBJNQVMTBSMBTOFHPDJBDJPOFTQBSBMB
JODPSQPSBDJÓOEFMPTOVFWPTUSBUBNJFO
UPTJOOPWBEPSFTFOFM4JTUFNB/BDJPOBM
EF4BMVE
&ODVBMRVJFSDBTPEFTNJFOUFBMHVOPT
DPNFOUBSJPTRVFTFIBOFTDVDIBEPFOMBT
UFSUVMJBTBSBÎ[EFMOPNCSBNJFOUPEFMB
NJOJTUSBFOMPTRVFTFIBCMBCBEFRVF
iOPFTVONJOJTUFSJPDPOGMJDUJWPui/PTÊ
RVJÊOQVFEFTFSDBQB[EFBTFHVSBSBMHP
BTÎuBEWJFSUF
0USPQVOUPJNQPSUBOUFFOTVPQJOJÓO
FTRVFTFQBSPEFBSTFEFMPTNFKPSFTi&M
FRVJQPTFSÃGVOEBNFOUBMuBTFHVSBFM
QSFTJEFOUFEFMB"(1
&OMBNJTNBMÎOFB#FSOBMEFTUBDBRVF
FTJNQPSUBOUFRVFMBOVFWBNJOJTUSB
iEFKFIBDFSBMPTQSPGFTJPOBMFTRVFOP
MJNJUFMBQSÃDUJDBDMÎOJDBu1BSBFMMPiFT
JNQPSUBOUFRVFMPHSFRVFTFDVNQMBUPEP
MPRVFTFEFDJEBFOFM$POTFKP*OUFSUFSSJ
UPSJBMEFM4JTUFNB/BDJPOBMEF4BMVE
QBSBRVFMPTNÊEJDPTOPUFOHBORVF
USBCBKBSDPOQSJWBDJPOFTu:QPSFODJNB
EFUPEPRVFiFTDVDIFBNÊEJDPTZQBDJFO
UFTu
&MQSFTJEFOUFEFMB"(1MBBOJNBBTFS
WBMJFOUFiQBSBCVTDBSTPMVDJPOFTJEÓOFBT
QBSBFOGSFOUBSTFBMPTQSPQJPTDPNQBÒF
SPTEFMDPOTFKPEFNJOJTUSPTZCBUBMMBSu
"OUPOJP#FSOBMQSFTJEFOUFEFMB"MJBO[B(FOFSBMEF1BDJFOUFTPGSFDFTVDPMBCPSBDJØOBMBOVFWBNJOJTUSBEF4BOJEBE
4FSWJDJPT4PDJBMFTF*HVBMEBE%PMPST.POUTFSSBU
DVBOEPTFBOFDFTBSJPi&TQFSPRVFB
QFTBSEFTVKVWFOUVETFBDBQB[EFEFGFO
EFS MPT JOUFSFTFT EFM NJOJTUFSJP TJO
TFOUJSTFQSFTJPOBEBQPSFTUFDBSHPRVF
MFIBWFOJEPuDPODMVZF
1FUJDJPOFTEF'FDNB
1PS PUSB QBSUF EFTEF MB 'FEFSBDJÓO
&TQBÒPMBEF$ÃODFSEF.BNB'FDNB
FM
EFTFPFTRVFUFOHBÊYJUPFOTVHFTUJÓO
TPCSFMBCBTFEFRVFTJTFEFTBSSPMMBVOB
HFTUJÓOFGJDB[EFTEFFM.JOJTUFSJPZMBT
"ENJOJTUSBDJPOFT4BOJUBSJBTSFEVOEBSÃ
FOCFOFGJDJPEFM4JTUFNB/BDJPOBMEF
4BMVEZEFMPTQBDJFOUFTDPNPVTVBSJPT
EJSFDUPTEFFTFTJTUFNB
-BGFEFSBDJÓODPOTJEFSBRVFMBOVFWB
NJOJTUSB EF 4BOJEBE EFCF GJKBSTF FM
PCKFUJWP EF SFDVQFSBS FM 'POEP EF
$PIFTJÓO DPNP TFÒBM EF FRVJEBE Z
DPIFTJÓO5BNCJÊOJOTJTUFFORVFEFCFSÃ
GPSUBMFDFSFMNPWJNJFOUPBTPDJBUJWPEF
QBDJFOUFTZBDUJWBSFMEJÃMPHPDPOUPEPT
MPTBHFOUFTJNQMJDBEPTJODMVJEPTMPT
QBDJFOUFT"TJNJTNP QPOF EF OVFWP
TPCSFMBNFTBMBOFDFTJEBEEFBMDBO[BS
VO1BDUPEF&TUBEPQPSMBTBOJEBERVF
JODMVZBBTVDPMFDUJWP
&M$BNJOPEF4BOUJBHPVOJODFOUJWPQBSBIBDFSFKFSDJDJP
DJPTFTMBGÓSNVMBNÃTBEFDVBEBQBSB
DPOTFHVJSVONBZPSDPOUSPMEFMBEJBCF
UFTZVONFKPSFTUBEPEFGPSNBZTBMVEu
(.
.BESJE
-BTQFSTPOBTDPOEJBCFUFTUJQPEJTQP
OFOEFVOBOVFWBIFSSBNJFOUBRVFMFT
NPUJWFBSFBMJ[BSFKFSDJDJPGÎTJDPGVOEB
NFOUBMQBSBNFKPSBSFMDPOUSPMEFFTUB
QBUPMPHÎB4FUSBUBEF%JBCFUJOHVOB
BQMJDBDJÓORVFIBEFTBSSPMMBEP4PDJBM
%JBCFUFTDPOMBDPMBCPSBDJÓOEF4BOPGJZ
RVFQFSTJHVFEPTPCKFUJWPT1PSVOMBEP
NPWJMJ[BSBMQBDJFOUFZQPSPUSPBZVEBS
BMQSPGFTJPOBMBPGSFDFSVOBQBVUBEF
FKFSDJDJPQFSTPOBMJ[BEB
4FSBGÎO .VSJMMP JOWFTUJHBEPS EFM
$JCFSEFN*EJCBQTFYQMJDBRVFFOFTUB
BQMJDBDJÓOiTFDPNCJOBOMPTFKFSDJDJPT
BFSÓCJDPTDPNPDBNJOBSJSFOCJDJDMFUB
POBEBSDPOFKFSDJDJPTEFGVFS[BNVTDV
MBSTUPTÙMUJNPTBZVEBOBNBOUFOFSVO
NFKPSFTUBEPEFGPSNBZTPOMBCBTFQBSB
FWJUBSMFTJPOFTRVFTVFMFOBQBSFDFSBM
IBDFSFKFSDJDJPEFGPSNBJODPSSFDUBu
.VSJMMPJOTJTUFFORVFiFOMBBDUVBMJEBE
MPTFTUVEJPTJOEJDBODMBSBNFOUFRVFMB
DPNCJOBDJÓOEFFTUPTEPTUJQPTEFFKFSDJ
4FJTNFTFTEFFKFSDJDJPQBVUBEP
-BBQQDPNQMFUBFUBQBTEFM$BNJOPEF4BOUJBHPFO
GVODJØOEFMBBDUJWJEBEGÓTJDBEFMVTVBSJP
&MQSPHSBNBUJFOFVOBEVSBDJÓONÎOJNB
EFTFJTNFTFTZEFNBOFSBBVUPNÃUJDB
DBEBTFNBOBTFNPEJGJDBOMBTWBSJBCMFT
DPNPFMUJFNQPPMBEVSBDJÓOQBSB
RVFTFBEBQUFBMBNFKPSBEFOJWFMRVFWB
DPOTJHVJFOEPFMVTVBSJP
-PTVTVBSJPTTFQVFEFOEFTDBSHBSMB
BQMJDBDJÓOZEFTQVÊTEFDPOGJHVSBSTV
QFSGJMMBQMBUBGPSNBSFBMJ[BVOTFODJMMP
UFTUQBSBQPEFSFMBCPSBSVOQSPHSBNBEF
BDUJWJEBEFTGÎTJDBTFTQFDÎGJDPFJOEJWJEVB
MJ[BEPQBSBDBEBQFSTPOB&MQSPHSBNB
DPOTUBEFEJWFSTPTFKFSDJDJPTRVFFO
BMHVOPTDBTPTTFBDPNQBÒBOEFWÎEFPT
EPOEFTFFOTFÒBMBNBOFSBDPSSFDUBEF
SFBMJ[BSMPT
&O GVODJÓO EF MPT QSPHSFTPT EFM
QBDJFOUFFMQSPHSBNBWBBEBQUÃOEPTFB
MBTNFKPSBTZQSPQPOFOVFWPTFKFSDJDJPT
-B BQMJDBDJÓO SFDPHF MPT EBUPT EF MB
BDUJWJEBESFBMJ[BEBZFTUPQFSNJUFBM
QSPGFTJPOBMTBOJUBSJPEJTQPOFSEFUPEBMB
JOGPSNBDJÓOEFMQBDJFOUFQBSBUFOFSVO
NBZPSDPOUSPMEFTVFWPMVDJÓO
1BSBFTUJNVMBSBMQBDJFOUFMBBDUJWJEBE
FTUÃFTUSVDUVSBEBFOFUBQBTEFM$BNJOP
EF4BOUJBHPWJSUVBMFTRVFWBDPNQMF
UBOEPBUSBWÊTEFTVNÓWJM
%FTEFMBDPNQBÒÎB.BSÎB+FTÙT"MTBS
EJSFDUPSBEF%JBCFUFTZ$BSEJPWBTDVMBS
FYQMJDBRVFTFUSBCBKBiDPOUJOVBNFOUF
QBSBCVTDBSTPMVDJPOFTRVFBZVEFOBMBT
QFSTPOBTDPOEJBCFUFTEFTEFEJTUJOUBT
QFSTQFDUJWBTui*OWFTUJHBNPTZEFTBSSP
MMBNPTUSBUBNJFOUPTJOOPWBEPSFTQFSP
UBNCJÊOOPTFTGPS[BNPTFOFODPOUSBS
GÓSNVMBTRVFTVQPOHBOVOWBMPSBÒBEJEP
UBOUPQBSBFTUBTQFSTPOBTDPNPQBSBMPT
QSPGFTJPOBMFTTBOJUBSJPTRVFMFTBUJFOEFO
BEJBSJP:BRVÎFTEPOEFFOUSBFOKVFHP
%JBCFUJOH VOB BQMJDBDJÓO RVF WB B
BZVEBSBNFKPSBSMPTIÃCJUPTTBMVEBCMFT
EFMBTQFSTPOBTDPOEJBCFUFTZBGBDJMJUBS
FMUSBCBKPEFMPTNÊEJDPTuBTFHVSB
%JBCFUJOH FTUÃ EJTQPOJCMF QBSB FM
TJTUFNBPQFSBUJWP"OESPJEZFOCSFWFTF
QPESÃEFTDBSHBSFO*04
1PMÓUJDBBMEFOPWJFNCSFEF(.
"/%34±µ*(6&;❘1SFTJEFOUFEFMB4PDJFEBE&TQBÒPMB
EF$BSEJPMPHÎB4&$
i/PTQSFPDVQBO
MBJOUFSJOJEBE
MBJOWFTUJHBDJÓOZMB
GJOBODJBDJÓOEFM4/4u
+6"/1"#-03".¶3&;
.BESJE
-BDBMJEBETFIBDPOWFSUJEPFOVOBEFMBT
QSJODJQBMFT MÎOFBT FTUSBUÊHJDBT EF MB
4PDJFEBE&TQBÒPMBEF$BSEJPMPHÎB4&$
4VQSFTJEFOUF"OESÊT±ÒJHVF[EFTUBDB
FOVOBFOUSFWJTUBB(.MPTUSBCBKPTRVF
TF FTUÃO SFBMJ[BOEP QBSB SFEVDJS MB
WBSJBCJMJEBEFOMBQSÃDUJDBDMÎOJDBUPEP
FMMP FO VO DPOUFYUP NBSDBEP QPS FM
OPNCSBNJFOUPEFMBOVFWBNJOJTUSBEF
4BOJEBE %PMPST .POUTFSSBU IBDF
BQFOBTVOBTFNBOB
1SFHVOUBy2VÊMFIBQBSFDJEPFM
OPNCSBNJFOUPEF%PMPST.POUTFSSBU
DPNPNJOJTUSBEF4BOJEBE 3FTQVFTUB &SB VO OPNCSBNJFOUP
EFTFBEP EFTEF IBDF NVDIP NFTFT
&TQFSBNPT RVF BQPSUF MB TPMVDJÓO B
NVDIPTEFMPTQSPCMFNBTTBOJUBSJPTEF
FTUFQBÎT/PTQSFPDVQBRVFTFNFKPSFMB
BTJTUFODJBTBOJUBSJBBMPTQBDJFOUFTDPO
FOGFSNFEBEFTDBSEJPWBTDVMBSFTQFSP
UBNCJÊOMBJOUFSJOJEBEEFMPTQSPGFTJPOB
MFTMBEFEJDBDJÓOEFGPOEPTQBSBMBJOWFT
UJHBDJÓOZMBGJOBODJBDJÓOEFMBTBOJEBE
/PTHVTUBSÎBRVFTFUVWJFSBFODVFOUBMB
PQJOJÓOEFMPTQSPGFTJPOBMFTFOMBUPNB
EFEFDJTJPOFT
1)BOQBTBEPDJODPBÒPTEFTEFMB
QVFTUBFONBSDIBEFMFTUVEJP3FDBMDBS
yRVÊ CFOFGJDJPT IB BQPSUBEP MB
NFEJDJÓOEFSFTVMUBEPT 3&TVOBEFMBTQSJODJQBMFTMÎOFBT
FTUSBUÊHJDBTEFMBTPDJFEBE&MFTUVEJP
3FDBMDBSBÙOBEPTWFSUJFOUFT1PSVO
MBEPMBFODVFTUBBOVBMEFSFDVSTPTEF
BDUVBDJÓOZEFEPUBDJÓOEFMPTTFSWJDJPT
EF$BSEJPMPHÎBZQPSPUSPFMBOÃMJTJTEF
MPTQSPDFTPTRVFFTUÃODPEJGJDBEPTFOFM
.JOJTUFSJPEF4BOJEBE$BTBSFTUBTEPT
JOGPSNBDJPOFTOPTIBQFSNJUJEPQPOFSEF
NBOJGJFTUPRVFIBZÃNCJUPTGSBODBNFOUF
NFKPSBCMFTFOFMUSBUBNJFOUPEFMJOGBSUP
BHVEPEFNJPDBSEJP4FIBOFTUBCMFDJEP
QPMÎUJDBTFOUPEBTMBTDPNVOJEBEFTRVF
IBOBZVEBEPBNFKPSBSMBBUFODJÓOZB
EJTNJOVJSMBNPSUBMJEBE:FTPMPIFNPT
PCTFSWBEP UBNCJÊO FO FM TFHVOEP
QSPDFTP RVF BGFDUB B MB FOGFSNFEBE
DBSEJPWBTDVMBSDPNPFTFMEFMBJOTVGJ
DJFODJBDBSEJBDBEPOEFFYJTUFOWFSEBEF
SBTWBSJBCJMJEBEFT
10USPEFMPTBTQFDUPTFOMPTRVFTF
QVFEFNFKPSBSFTMBBOUJDPBHVMBDJÓO
34FUSBUBEFGÃSNBDPTOVFWPTRVF
IBO EFNPTUSBEP TFS NÃT FGJDBDFT Z
FGFDUJWPTRVFMBBOUJDPBHVMBDJÓODMÃTJDB
WÎBPSBMDPOEJDVNBSÎOJDPT1FSPEFTHSB
DJBEBNFOUFTFIBPQUBEPQPSVOBSFHVMB
DJÓOCBTBEBFOMPTJOGPSNFTEFQPTJDJP
OBNJFOUPUFSBQÊVUJDPRVFFTUBCMFDFO
VOBTJOEJDBDJPOFTFOQBSUFMÓHJDBTQFSP
NVZBTJNÊUSJDBTFOUSFMBTDPNVOJEBEFT
/PTFQVFEFFTUBCMFDFSJOEJDBDJPOFTEF
QPTJDJPOBNJFOUPFOGVODJÓOEFDSJUFSJPT
FDPOÓNJDPTTJOPQPSDSJUFSJPTDJFOUÎGJDPT
/PEFCFIBCFSEJGFSFOUFTCBSSFSBTB
FTUPTGÃSNBDPTFOVOBTDPNVOJEBEFT
GSFOUFBPUSBTZRVFFOVOBTFMVTPEF
FTUPTNFEJDBNFOUPTFTUÊFOFMQPS
DJFOUPZFOPUSBTFOFMQPSDJFOUP
1y2VÊQBQFMKVFHBMBIJQFSDPMFTUF
SPMFNJBFOMBHÊOFTJTEFMBFOGFSNFEBE
BUFSPFTDMFSÓUJDBZDVÃMFTTPOMBTQSJODJ
QBMFTJNQMJDBDJPOFTDMÎOJDBT 3 &M QSPCMFNB OP FT RVF TFBNPT
DPOTDJFOUFTEFRVFUJFOFVOQBQFMGVOEB
NFOUBMFOMBHÊOFTJTEFMBBUFSPFTDMFSP
TJTTJOPRVFEFUFDUFNPTBMPTQBDJFOUFT
RVFMPTUSBUFNPTZRVFBEFNÃTFTUÊO
DPOUSPMBEPT4FDBMDVMBRVFTVQPOFO
FOUSFVOZVOQPSDJFOUPEFMB
QPCMBDJÓOQFSPEFFTUPTOPFTUÃUSBUBEP
NÃTRVFFMPFMQPSDJFOUP:TPMP
FTUÃDPOUSPMBEPFOUSFFMZFMQPS
DJFOUP)BZRVFJOUSPEVDJSVOFMFNFOUP
OPTÓMPEFJOGPSNBDJÓOBMBTPDJFEBEDJWJM
TJOPUBNCJÊOEFGPSNBDJÓOEFMPTQSPGF
TJPOBMFT
1-BTHVÎBTFVSPQFBTEFIJQFSDPMFT
UFSPMFNJBSFDPNJFOEBORVFFMDPMFTUF
SPM-%-EFMPTQBDJFOUFTEFNVZBMUP
SJFTHPOPTVQFSFMPTNJMJHSBNPTQPS
EFDJMJUSP4JOFNCBSHPFTUFDSJUFSJPMP
DVNQMFONFOPTEFMQPSDJFOUPEFMPT
QBDJFOUFTyRVÊTFQVFEFIBDFSQBSB
NFKPSBSFTUBDJGSB 3%FTEFNJQVOUPEFWJTUBEPT-B
QSJNFSBJODJEJSFOMBTFOTJCJMJ[BDJÓOFO
MBJOGPSNBDJÓOEFIÃCJUPTDBSEJPTBMVEB
CMFTZFODSJUFSJPTEFDPOUSPMEFMBFOGFS
NFEBE IBDJB FM DJVEBEBOP QBSB RVF
FKFS[BFMQBQFMRVFEFCFSFBMJ[BSFOTV
BVUPDVJEBEP4FHVOEPQSPNPWFSRVF
EFTEFMBBUFODJÓOQSJNBSJBZIPTQJUBMB
SJBTFGPNFOUFMBDPOUJOVJEBEBTJTUFODJBM
QBSBBTFHVSBSTFEFRVFFMQBDJFOUFFTUÃ
DPOUSPMBEP Z RVF FM USBUBNJFOUP FT
FGFDUJWP
1&YJTUFVOBDPOUSPWFSTJBFOSFMBDJÓO
B MB BCMBDJÓO DPNP QSJNFSB MÎOFB
UFSBQÊVUJDBQBSBFMUSBUBNJFOUPEFMB
GJCSJMBDJÓO BVSJDVMBS yDVÃM FT MB
QPTJDJÓOEFMB4&$ 3 -B 4&$ NBOUJFOF MB QPTJDJÓO
FYQVFTUBFOMBTHVÎBTDMÎOJDBTEFGJCSJMB
DJÓOBVSJDVMBSEFMB4PDJFEBE&VSPQFBEF
$BSEJPMPHÎBZIBDFNPTVOBBEBQUBDJÓOB
OVFTUSPNFEJP/PTFQVFEFOEBSSFHMBT
-BFTUSBUFHJBEFDBMJEBEEFMB4PDJFEBE&TQB×PMBEF$BSEJPMPHÓBTFCBTBFOUSFTQSPZFDUPTEJGFSFOUFT3FDBMDBS4&$
&YDFMFOUFZ4&$1SJNBSJBTFHÞOFYQMJDBTVQSFTJEFOUF"OESÏT¶×JHVF[
-"4'3"4&4
i
/PTFQVFEFO
FTUBCMFDFS
JOEJDBDJPOFTEF
QPTJDJPOBNJFOUPQPS
DSJUFSJPTFDPOÓNJDPTu
HMPCBMFTTPCSFMBQSJNFSBMÎOFBEFUSBUB
NJFOUP&OVOPTDBTPTTFSÃFMGBSNBDPMÓ
HJDPZFOPUSPTMBBCMBDJÓOEFMBGJCSJMB
DJÓO%FQFOEFEFMFTUBEPTJOUPNÃUJDPPEF
MBFEBE
1)BIBCMBEPEFMBDBMJEBEyDVÃMFT
MBFTUSBUFHJBEFMB4&$BMSFTQFDUP 3$VBOEPMMFHVÊBMBQSFTJEFODJBEFMB
4&$IBDFVOBÒPVOBEFMBTMÎOFBTFTUSB
UÊHJDBTRVFMBFKFDVUJWBTFQMBOUFÓGVFMB
QSPNPDJÓOEFMBDBMJEBEBTJTUFODJBM:B
IFNPTIBCMBEPEF3FDBMDBS&YJTUFOEPT
QSPZFDUPT NÃT &M QSJNFSP FT 4&$
&YDFMFOUFRVFQFSTJHVFQSPUPDPMJ[BSMPT
QSJODJQBMFTQSPDFTPTZUÊDOJDBTFOFOGFS
NFEBEFTDBSEJPWBTDVMBSFTHFOFSBSFM
DPOPDJNJFOUPTPCSFFMNBOFKPEFFTPT
QSPDFTPTQBSBSFEVDJSMBWBSJBCJMJEBEFO
MB QSÃDUJDB DMÎOJDB Z FTUBCMFDFS VOPT
JOEJDBEPSFTEFSFTVMUBEPT&MPCKFUJWPFT
EBSMFBMPTQSPGFTJPOBMFTZTFSWJDJPTFM
TFMMPNPSBMEFDBMJEBEEFMB4&$&MUFSDFS
QSPZFDUPFT4&$1SJNBSJB1SFUFOEFNPT
RVFVOQBDJFOUFRVFSFDJCFFMBMUBZWBZB
BTVDFOUSPEF"1FODVFOUSFVOBDPOUJ
OVJEBEFOUSFOJWFMFTEFDVJEBEPT4FFTUÃ
i
-PT1SFNJPT#J$
QPOFOEF
NBOJGJFTUPRVÊTFSWJDJPT
FTUÃOFNCBSDBEPTFOMB
NFKPSBEFMBDBMJEBEu
USBCBKBOEPUBNCJÊOFOPUSBQBUBRVFFT
EBSJOGPSNBDJÓOSFHMBEBFOFMÃNCJUP
DBSEJPWBTDVMBSBMBBTJTUFODJBQSJNBSJB
ZNFKPSBSMBDPNVOJDBDJÓOFOUSFOJWFMFT
1-PT1SFNJPT#FTUJO$MBTT#J$
IBO
IFDIPVOBBQVFTUBQPSMBUSBOTQBSFO
DJBDPOMBBQFSUVSBBQBSUJSBMBÒPRVF
WJFOF EF MPT DVFTUJPOBSJPT yDÓNP
QVFEFBMFOUBSFTUBEFDJTJÓOBMPTTFSWJ
DJPTEF$BSEJPMPHÎBEFUPEPFMQBÎT 3-PT1SFNJPT#J$TPOVOBNBHOÎGJDB
JOJDJBUJWBQPSRVFQPOFOEFNBOJGJFTUP
BRVFMMPTTFSWJDJPTRVFFTUÃOFNCBSDBEPT
FO VOB NFKPSB EF MB DBMJEBE Z EF MB
BTJTUFODJB1FSPMPRVFTFWBMPSBFOVO
NPNFOUPEFUFSNJOBEPQSPCBCMFNFOUF
IBZBRVFBDUVBMJ[BSMP-PTDVFTUJPOBSJPT
RVFTFVUJMJ[BOQBSBWBMPSBSMBFYDFMFO
DJBEFCFOTFSWBMJEBEPTEFBDVFSEPB
FTUÃOEBSFTEFDBMJEBEEFGJOJEPTQPSMBT
QSPQJBTTPDJFEBEFTDJFOUÎGJDBT6OBWF[
EJTFÒBEPTEFCFOTFSQÙCMJDPTZUSBOTQB
SFOUFTZPGFSUBSMPTBUPEPTMPTTFSWJDJPT
EF$BSEJPMPHÎBQBSBRVFTFQBOQPSRVÊ
TFMFTWBBNFEJS%FCFOTFSWJSDPNP
IFSSBNJFOUBTEFNFKPSB
(.BMEFOPWJFNCSFEF1PMÓUJDB
3FQPSUBKF
-BQSFDJTJÓOEFMBQSFOEJ[BKFBUSBWÊTEFM
FOUSFOBNJFOUPDPHOJUJWPEFSFTJEFOUFT
&M)PTQJUBM4BO$BSMPTEF.BESJEBWBO[BFOMBGPSNBDJØOEFSFTJEFOUFTNFEJBOUFMBTJNVMBDJØORVJSÞSHJDB
$"3.&/.-»1&;
.BESJE
*NBHÎOFOTF RVF TV UFMÊGPOP NÓWJM MF
QVEJFSBBEWFSUJSEFTVÊYJUPPGSBDBTPFO
VOPEFTVTQSPZFDUPTEFGVUVSP4FSÎBVOB
CVFOBNBOFSBEFUFTUBSQSFWJBNFOUFMB
DBQBDJEBEDPHOJUJWBEFVOBQFSTPOBQBSB
IBDFSPMMFHBSBIBDFSVOUSBCBKP1VFT
FTUBBQMJDBDJÓOBQQ
ZBFYJTUFZTFFTUÃ
VUJMJ[BOEP FO MB QSÃDUJDB NÊEJDB FO
&TQBÒBDPODSFUBNFOUFFODJSVHÎB-P
RVFBMEJSFDUPSNÊEJDPEFMB6OJEBEEF
*OOPWBDJÓO EFM )PTQJUBM $MÎOJDP 4BO
$BSMPT+VMJP.BZPMMFHVTUBMMBNBSMB
iQSFDJTJÓOEFMBQSFOEJ[BKFuFTVOBSFBMJ
EBE4FUSBUBEFVOBQMBUBGPSNBEFFOUSF
OBNJFOUPDPHOJUJWPQBSBFTUVEJBOUFT
SFTJEFOUFTZQSPGFTJPOBMFTEFFOGFSNFSÎB
RVFQFSNJUFBQSFOEFSZFWBMVBSTJNVMUÃ
OFBNFOUF MPT DPOPDJNJFOUPT EF MPT
VTVBSJPTFOQSPDFEJNJFOUPTRVJSÙSHJDPT
&M)PTQJUBM6OJWFSTJUBSJP4BO$BSMPTEF
.BESJEFTUÃFOUSFOBOEPBTVTSFTJEFOUFT
BUSBWÊTEFFTUBBQQRVFEFTBSSPMMBSPO
EPTDJSVKBOPTEFM*NQFSJBM$PMMBHFFO
-POESFT$PNPFYQMJDB.BZPMHSBDJBTBMB
BMJBO[BFTUSBUÊHJDBFOUSFFMIPTQJUBMZTV
*OTUJUVUPEF*OWFTUJHBDJÓO*E*44$
DPO
5PVDI4VSHFSZMPTSFTJEFOUFTTFQVFEFO
FOUSFOBSFOFTUFDBNQP&OUPUBMNÃTEF
VONJMMÓOEFQSPGFTJPOBMFTNÊEJDPTFOFM
NVOEP FTQFDJBMNFOUF FTUVEJBOUFT Z
SFTJEFOUFTTFFTUÃOCFOFGJDJBOEPEFFTUB
UFDOPMPHÎB4FDBSBDUFSJ[BQPSJOUFHSBSFM
DPOPDJNJFOUPUFÓSJDPZQSÃDUJDPFOVOB
BQMJDBDJÓONÓWJMTPDJBMRVFBEFNÃTEFTFS
VOBHVÎBEFQSPDFEJNJFOUPTQBTPBQBTP
QFSNJUFBMVTVBSJPNBOUFOFSVOTFHVJ
NJFOUPEFTVTQSPHSFTPTDPNQBSUJSMPT
SFTVMUBEPTDPOPUSPTQSPGFTJPOBMFTDSFBS
VOBCJCMJPUFDBQFSTPOBMJ[BEBEFPQFSBDJP
OFTBQSFOEFSUÊDOJDBTEFMPTNÊEJDPTNÃT
JNQPSUBOUFTEFMNVOEPZBDDFEFSBVOB
BNQMJBHBNBEFTJNVMBDJPOFTFO%
.BZPMFYQMJDBRVFFTUÃOEFTBSSPMMBOEP
BEFNÃT NÓEVMPT EF FOUSFOBNJFOUP
PSJFOUBEPTBMBFOGFSNFSÎBFORVJSÓGBOP
i&MFOUSFOBNJFOUPRVJSÙSHJDPOPUJFOF
TFOUJEPTJTFIBDFEFNBOFSBJOEJWJEVBM
TJOPRVFSFRVJFSFFMFRVJQPDPOFOUSFOB
NJFOUPEFBMUPSFOEJNJFOUPuBTFHVSB
QPSMPRVFMBQMBUBGPSNBOPTÓMPFTUÃ
GBDJMJUBOEPFMFOUSFOBNJFOUPJOEJWJEVBM
ZMBFWBMVBDJÓODPHOJUJWBTJOPRVFFTUÃ
PSJFOUBOEPBMPTQSPGFTJPOBMFTIBDJBMPT
FOUSFOBNJFOUPT FO HSVQP i&T BRVÎ
EPOEFFM$MÎOJDPFTUÃQBSUJDJQBOEPNÃT
BDUJWBNFOUFu
&MWBMPSBÒBEJEPEFFTUBBQQTPOMPT
SFTVMUBEPTJONFEJBUPTZWJTJCMFTQPSFM
QSPQJP VTVBSJP Z BEFNÃT iQFSNJUF
FWBMVBSBMPTSFTJEFOUFTZBOBMJ[BSDÓNP
HBOBODPOPDJNJFOUPTEFVOBNBOFSB
DVBOUJUBUJWBDPNQBSBCMFu6OQBTPNÃT
-BTJNVMBDJØORVJSÞSHJDB
0GSFDFSFTVMUBEPTJONFEJBUPT
ZWJTJCMFTQPSFMQSPQJPVTVBSJP
ZQFSNJUFFWBMVBSSFTVMUBEPT
DPNQBSBUJWBNFOUF
+VMJP.BZPMFTDJSVKBOPZEJSFDUPSNÏEJDPEFMB6OJEBEEF*OOPWBDJØOEFM)PTQJUBM6OJWFSTJUBSJP$MÓOJDP4BO$BSMPTEF.BESJE
&-%*"(/»45*$0"1*&%&$"."
&MIPTQJUBMUBNCJÏOFTUÈJONFSTPFOPUSPQSPZFDUPQBSBBDFSDBSFMEJBHOØTUJDPBMBDBNBEFMQBDJFOUF
4FUSBUBEF/BUFERVFDPOTJTUFFOMBVUJMJ[BDJØOEFOBOPNPUPSFTQBSBIBDFSMBCPSBUPSJPTFOVODIJQ
EFNBOFSBRVFQFSNJUBOIBDFSEJBHOØTUJDPTEFFOGFSNFEBEFTDPNQMFKBTRVFBOUFTSFRVFSÓBOHSBO
DBOUJEBEEFNFEJPTZNVDIPUJFNQPi2VFSFNPTMMFWBSFMEJBHOØTUJDPBMBDBNBEFMFOGFSNPFOVOJEBEFT
DMÓOJDBTDPNPQVFEFOTFSMBT6$*TZOFPOBUPMPHÓBwFYQMJDBFMFYQFSUP$POTJTUFFOEFTBSSPMMBS
IFSSBNJFOUBTBOBMÓUJDBTQBSBBQMJDBDJPOFTCJPNÏEJDBTOBOPNBUFSJBMFTRVFJOUFHSBOQFRVF×PT
MBCPSBUPSJPTFOGPSNBEFDIJQZNJDSPNÈRVJOBTBVUPQSPQVMTBEBT-PTQSJODJQBMFTPCKFUJWPTTPOFM
EFTBSSPMMPEFOVFWBTIFSSBNJFOUBTQBSBFMEJBHOØTUJDPZTFHVJNJFOUPEFQBUPMPHÓBTOFPOBUBMFTFO
EPTÈSFBTEFMBQSÈDUJDBDMÓOJDBFOGFSNFEBEFTSBSBTEJBHOØTUJDPIBTUBMBEFUFDDJØOEFBNJOPÈDJEPT
GFOJMDFUPOVSJBUJSPTJOFNJBZMBFOGFSNFEBEEFMBPSJOBEFKBSBCFEFBSDF
ZMBTFQTJTOFPOBUBM
-BJODPSQPSBDJØOFTUFUJQPEFUFDOPMPHÓBFOMBQSÈDUJDBDMÓOJDBTVQPOFVOQBTPNÈTFOFMEJBHOØTUJDP
QSFDP[ZFMTFHVJNJFOUPEFFTUFUJQPEFFOGFSNFEBEFTBEFNÈTQPESÈSFEVDJSFMOÞNFSPEFQSVFCBT
JOWBTJWBTFOOJ×PTSFDJÏOOBDJEPTVTBOEPFMWPMVNFOEFTBOHSFNVZCBKB&OFTUFDPOUFYUPMPT
JOWFTUJHBEPSFTQVFEFOMMFWBSBDBCPUBOUPFMBOÈMJTJTVMUSBSÈQJEPZQFRVF×BTDBOUJEBEFTEFNVFTUSB
TJFOEPFTUBTEPTDBSBDUFSÓTUJDBTMPTSFRVJTJUPTFTFODJBMFTFOFMEJBHOØTUJDPDMÓOJDPZFMTFHVJNJFOUPEF
EJDIBFOGFSNFEBE&TUBTIFSSBNJFOUBTRVFTFQSFTFOUBOQVFEFOTFSDPOTJEFSBEPTDPNPBMUBNFOUF
JOOPWBEPSZSFMFWBOUF.BZPMFTUÈDPOWFODJEPEFRVFiMPRVF&MJ[BCFUI)PMNFTZ5IFSBOPTOP
QVEJFSPORVJ[ÈQPESÓBNPTOPTPUSPTi
QBSBBZVEBSBUPNBSEFDJTJPOFTTPCSF
UPEP FYQMJDB .BZPM DVBOEP IBZ RVF
QFSNJUJSRVFVOSFTJEFOUFPVOBQFSTPOB
FOGPSNBDJÓOQVFEBPOPQVFEBSFBMJ[BS
VOEFUFSNJOBEPQSPDFEJNJFOUPFOVO
QBDJFOUFBUFOEJFOEPBTVHSBEPEFDPOPDJ
NJFOUPZBMBQSFOEJ[BKFRVFIBSFBMJ[BEP
%FIFDIPFOWBSJPTIPTQJUBMFTZFO
&&66TFFTUÃVUJMJ[BOEPFOSFTJEFOUFT
QBSB DFSUJGJDBS FM DPOPDJNJFOUP EFM
SFTJEFOUFBOUFTEFQFSNJUJSMFFOUSBSB
GPSNBSQBSUFEFMFRVJQPFOVOQSPDFEJ
NJFOUPRVJSÙSHJDPSFBM
&MGVUVSPBTVKVJDJPOPTÓMPQBTBQPS
MBVUJMJ[BDJÓOEFFTUFUJQPEFIFSSBNJFO
UBTTJOPQPSMBFYQMPUBDJÓOEFMPTEBUPT
RVFQFSNJUBODPNQSFOEFSNFKPSDÓNP
BQSFOEFOMPTQSPGFTJPOBMFTZEFTBSSPMMBS
BQPTUFSJPSJIFSSBNJFOUBTNVDIPNÃT
QSFDJTBT&TEFDJSFTUBQMBUBGPSNBOPTÓMP
BZVEBBBQSFOEFSTJOPRVFBMDBQUBSMB
JOGPSNBDJÓO EF DÓNP TF BQSFOEF FT
QPTJCMFVUJMJ[BSUFDOPMPHÎBTDPHOJUJWBTFM
BQSFOEJ[BKFEFNÃRVJOBiQBSBFOUFOEFS
DÓNPMPTIVNBOPTEFTBSSPMMBOIFSSB
NJFOUBTUPEBWÎBNVDIPNFKPSFTu
i)BDFOGBMUBNÃTIFSSBNJFOUBTEF
FTUFUJQPOPTÓMPFONFEJDJOBTJOPUPEBT
MBTQSPGFTJPOFTRVFSFRVJFSFODPOPDJ
NJFOUPTEFUÊDOJDBTDPNQMFKBTu"DUVBM
NFOUFTFFODVFOUSBFOMBGBTFEFEJTFÒP
ZEFTBSSPMMPZUPEBWÎBOPTFFTUÃJODPS
QPSBOEPDPNQMFUBNFOUFFOFMQSPDFTP
EFGPSNBDJÓOEFMPTQSPGFTJPOBMFT
&OPQJOJÓOEF.BZPMUPEPMPRVFUJFOF
RVFWFSDPOMBUFDOPMPHÎBDPHOJUJWBUJFOF
VOQPUFODJBMRVFOJTJRVJFSBFTQPTJCMF
FOUFOEFSBIPSBi5FOFSDBQBDJEBEEF
SFVOJSHSBODBOUJEBEEFJOGPSNBDJÓO
TPCSFDÓNPBDUÙBOMPTIVNBOPTZMVFHP
TFSDBQB[EFSFDSFBSMPDPONÃRVJOBT
BVORVFBWFDFTQVFEBQSPEVDJSDJFSUP
NJFEPFTVODBNQPQSJPSJUBSJPFOFTUF
NPNFOUPFOUPEBTMBTÃSFBTDJFOUÎGJDBT
TJO QPEFS EFDJS B EÓOEF WBNPTu
DPNFOUBy/PTWBOBQPEFSTVTUJUVJSMBT
NÃRVJOBT TJ MP IBDFO NFKPS RVF
OPTPUSPTZMJCFSBSOPTQBSBIBDFSMPRVF
OPTJOUFSFTBWFSEBEFSBNFOUF .BZPM
DSFFRVFTJOEVEBQPSMPRVFQVFEF
DBNCJBS SBEJDBMNFOUF FM NPEFMP EF
GPSNBDJÓO
&OMBTVOJWFSTJEBEFTZBTFVUJMJ[BMB
TJNVMBDJÓOQBSBFMBQSFOEJ[BKF"TV
KVJDJPMBBGJSNBDJÓOEFGPSNBSBMPTQSPGF
TJPOBMFTFOUFDOPMPHÎBTBOJUBSJBOPFT
DPSSFDUBi&TVODPODFQUPNVZDPOWFO
DJPOBMZUSBEJDJPOBMu&MEJSFDUPSEFMB
6OJEBEEF*OOPWBDJÓOUJFOFDMBSPRVF
VOBUFDOPMPHÎBRVFTFBÙUJMZVTBCMFUJFOF
RVFTFSJOUVJUJWB
1PMÓUJDBBMEFOPWJFNCSFEF(.
$BGÏEF3FEBDDJØO
A&MTJTUFNBGMBTIEFNPOJUPSJ[BDJØOEFMBHMVDPTB/VFWPTIPSJ[POUFTGVFFMFODVFOUSPEFSFEBDDJØORVFDPOUØDPO&MJBT%FMHBEP)6OJWFSTJUBSJP"TUVSJBT
3PRVF$BSEPOB4BO+PBOEF%FV
.BSJTB"NBZB)PTQJUBM1VOUBEF&VSPQB
Z"OEPOJ-PSFO[P'&%&
&YQFSUPTJOTJTUFOFOGJOBODJBSMPT
TJTUFNBTEFBVUPDPOUSPMEFMBEJBCFUFT
6OUSBUBNJFOUPRVFSFÞOFUPEPTMPTSFRVJTJUPTiFTQSFWFOUJWPQSFDP[QFSTPOBMJ[BEPZQBSUJDJQBUJWPi
$"3.&/.-»1&;
.BESJE
4FHÙOMPTEBUPTQVCMJDBEPTQPSFM.JOJT
UFSJPEF4BOJEBEQBSBMB&TUSBUFHJBFO
%JBCFUFTEFM4JTUFNB/BDJPOBMEF4BMVE
4/4
FO &TQBÒB TF DBMDVMB RVF TF
QSPEVDFOBMSFEFEPSEFJOHSFTPT
BOVBMFTEFQBDJFOUFTDPOEJBCFUFTMPRVF
TVQPOFVODPTUFEFNJMMPOFTEF
FVSPTBMBÒP
&TUBQBUPMPHÎBQPSUBOUPFTVOPEFMPT
SFUPTRVFUJFOFQPSEFMBOUFFMTJTUFNB
TBOJUBSJPZDPOUSPMBSMBHMVDPTBFTVO
QBSÃNFUSPDMBWFQBSBMPHSBSFMDPOUSPM
NFUBCÓMJDP Z QPEFS BKVTUBS FM USBUB
NJFOUPGBSNBDPMÓHJDP'VFBEFNÃTFM
UFNBDFOUSBMEFMFODVFOUSPEFSFEBDDJÓO
A&M TJTUFNB EF NPOJUPSJ[BDJÓO EF MB
HMVDPTB/VFWPTIPSJ[POUFTFOFMDPOUSPM
EFMBFOGFSNFEBERVFTJSWJÓQBSBQPOFS
TPCSFMBNFTBMBTQSJODJQBMFTOPWFEBEFT
RVFFTUÃOMMFHBOEPBMDBNQPEFMBEJBCF
UFT6OBEFFMMBTFTFM4JTUFNB'MBTIEF
.POJUPSJ[BDJÓOEF(MVDPTB'SFF4UZMF
-JCSFDPNFSDJBMJ[BEPQPS"CCPUU
VOB
UFDOPMPHÎBQJPOFSBRVFQFSNJUFDPOPDFS
MPTOJWFMFTEFHMVDPTBTJOOFDFTJEBEEF
QJODIBSTFFMEFEPEFGPSNBSVUJOBSJB4V
BQPSUBDJÓOFOMBQSÃDUJDBDMÎOJDBFTDMBWF
QBSBMPTFYQFSUPTQFSPUPEBWÎBFM4/4
UJFOF QPS EFMBOUF OVFWPT SFUPT FO
NBUFSJBEFHFTUJÓO
i&TUÃDMBSPRVFUPEBQFSTPOBRVFTFB
EJBHOPTUJDBEBEFFTUBFOGFSNFEBEEFCF
TFSJOTUSVJEBFOMPTQSJODJQBMFTNÊUPEPT
EFDPOUSPMEFMBQBUPMPHÎBUBOUPQBDJFO
UFTBEVMUPTDPNPQPCMBDJÓOQFEJÃUSJDBu
SFDPSEÓ .BSJTB "NBZB FOGFSNFSB
FTQFDJBMJTUBFOFEVDBDJÓOUFSBQÊVUJDBZ
EJBCFUFTEFM)PTQJUBM1VOUBEF&VSPQB
QPSUBOUPFTBTIFSSBNJFOUBTEFBZVEB
TPOJNQSFTDJOEJCMFT
&O FTUB MÎOFB QBSB &MÎBT %FMHBEP
NÊEJDPBEKVOUPEFM4FSWJDJPEF&OEPDSJ
OPMPHÎBEFM)PTQJUBM$FOUSBM6OJWFSTJUB
SJP EF"TUVSJBT MB BQMJDBDJÓO EF MBT
OVFWBTUFDOPMPHÎBTFTDMBWFOPTÓMPFOMB
-B%.FTVOBFOGFSNFEBE
RVFBGFDUBBQSPYJNBEBNFOUF
BNJMMPOFTEFQFSTPOBTFO
UPEPFMNVOEP
-PTDPTUFTBTPDJBEPTDPOMB
QBUPMPHÓBBTDJFOEFOFOFM
TJTUFNBTBOJUBSJPB
NJMMPOFTEFFVSPTBOVBMFT
BENJOJTUSBDJÓO EF GÃSNBDPT P FO FM
DPOUSPMEFMBHMVDPTBTJOPUBNCJÊOFOiFM
BVUPBOÃMJTJTEFMQBDJFOUFu6OBIFSSB
NJFOUB ÙUJM B TV KVJDJP RVF QFSNJUF
FWBMVBS DÓNP FTUÃO GVODJPOBOEP MPT
GÃSNBDPTFODBEBDBTP
/BEJFEVEBEFRVFFYJTUFVODBNCJPEF
QBSBEJHNBFOFMBVUPDPOUSPMEFMB%.
i&MTJTUFNBGMBTISFEVDFFMUJFNQPFO
IJQPHMVDFNJB Z MBT IJQPHMVDFNJBT
HSBWFTuFYQMJDÓ%FMHBEP&MQBDJFOUFUBO
QSPOUPWJTVBMJ[BTVTSFTVMUBEPTNPEJGJDB
DPOEVDUBT UPNBOEP EFDJTJPOFT RVF
NFKPSBOTVDPOUSPMZEJDIBNFKPSÎBOP
TÓMPBQBSFDFNVZQSPOUPUSBTDPNFO[BS
BVUJMJ[BSFMTJTUFNB'MBTITJOPRVFTF
NBOUJFOFNJFOUSBTTFVUJMJ[BBMBWF[RVF
BZVEBBMQBDJFOUFBWJWJSNFKPSDPNP
EFNPTUSBSPOMPTSFTVMUBEPTEFMPTUFTUEF
DBMJEBEEFWJEBSFBMJ[BEPT
3PRVF$BSEPOB1FEJBUSBDPPSEJOBEPS
EFMB6OJEBEEF%JBCFUFTEFM)PTQJUBM
4BOU+PBOEF%FVTFÒBMÓRVFFMTJHVJFOUF
QBTPFTBQSFOEFSBVUJMJ[BSFTBUFDOPMP
HÎBQFSPOPTÓMPMPTQBDJFOUFTMPTQSPGF
TJPOBMFTUBNCJÊOUJFOFOUBSFBi)BZRVF
JODJEJSFOFMDPODFQUPEFFNQPEFSB
NJFOUPQBSBTBDBSQBSUJEPBFTUBTUFDOP
MPHÎBT &O MPT QSÓYJNPT BÒPT JSFNPT
BTJTUJFOEPBVOQSPDFTPEFBVUPNBUJ[B
DJÓOuBEFMBOUÓFMDPPSEJOBEPS"MIJMPEF
FTUP"OEPOJ-PSFO[PQSFTJEFOUFEFMB
'FEFSBDJÓO EF %JBCÊUJDPT &TQBÒPMFT
'&%&
DPOTJEFSBRVFFMHSBOSFUPFO
&TQBÒBFTFMDBNCJPEFMNPEFMPTBOJUB
SJPi-BTBOJEBEFTUÃFOGPDBEBIBDJBFM
QBDJFOUF BHVEP QFSP EFCF IBCFS VO
FOGPRVFIBDJBMBDSPOJDJEBEu"TJNJTNP
BQFTBSEFMPTBWBODFTDPOTJEFSBRVF
iFYJTUFOEFTJHVBMEBEFTFOFMBDDFTPBMBT
JOOPWBDJPOFT FOUSF DPNVOJEBEFT
BVUÓOPNBTu BMHP RVF UBNQPDP FTUÃ
BZVEBOEP
&OFTUBDVFTUJÓOMPTFYQFSUPTDPJODJ
EJFSPOFORVFIBZRVFBVOBSFTGVFS[PT
i%F OBEB TJSWF MB BQBSJDJÓO EF MBT
JOOPWBDJPOFTTJFTUBTOPMMFHBOBMPT
QBDJFOUFTuJOEJDÓ-PSFO[P-BTPMVDJÓO
QBTB QPS VO $POTFKP *OUFSUFSSJUPSJBM
WJODVMBOUF4JOFNCBSHPiFTVOBCBUBMMB
QFSEJEBZBRVFIBZTJTUFNBTTBOJUB
SJPTRVFMPJNQJEFOuMBNFOUÓ%FMHBEP
-BTDVBUSPA1
2VFFTUBNPTFOVOQFSJPEPDBNCJBOUFZ
FTJNQPSUBOUFRVFMPTFRVJQPTDMÎOJDPTTF
QPTJDJPOFOQBSBDSFBSDPODJFODJBTPDJBM
TPCSFMBJNQPSUBODJBEFFTUBTIFSSB
NJFOUBTFTBMHPRVFUPEPTUJFOFODMBSP
1BSB%FMHBEPFMNFKPSUSBUBNJFOUPFTFM
EF MBT DVBUSPA1 QSFWFOUJWP QSFDP[
EFTEFFMQSJNFSNPNFOUPQFSTPOBMJ[BEP
ZQBSUJDJQBUJWPi&OFTUBMÎOFBQBSUJDJQB
UJWBZQFSTPOBMJ[BEBFTUBTOVFWBTUFDOP
MPHÎBTIBOWFOJEPBNFKPSBSMBDBMJEBEEF
WJEBEFVOHSVQPJNQPSUBOUFEFQBDJFO
UFTRVFTFQVFEFOCFOFGJDJBSuBTFHVSÓFM
FOEPDSJOP1FSPBIPSBIBZRVFUSBCBKBS
MBDPODJFODJBDJÓOi4JTPNPTDPOTDJFOUFT
EFRVFUFOFNPTVOQSPCMFNBZEFRVFOP
TF BCPSEB EF GPSNB BEFDVBEB
NFKPSBSÃuJOEJDÓ-PSFO[P
-BUBSFBBIPSBFTIBDFSFYUFOTJCMFFTUF
NFOTBKFBMB"ENJOJTUSBDJÓODPOVOB
WJTJÓONÃTADPSUPQMBDJTUBRVFEJGJDVMUBMB
UBSFB-BTBVUPSJEBEFTUJFOFORVFUFOFS
DMBSPRVFTPODPNQMJDBDJPOFTJNQPSUBO
UFTDPOVOHBTUPBTPDJBEPQFSPiFMEFTFN
CPMTPBMBIPSBEFJODPSQPSBSFTUPTTJTUF
NBT FO MB DBSUFSB EF TFSWJDJPT FT FM
NJTNPuFYQMJDÓ%FMHBEPBMUJFNQPRVF
SFDBMDÓRVFFTQPSBRVÎQPSEPOEFMBT
BVUPSJEBEFTUJFOFORVFIBDFSMPTOÙNFSPT
&TWFSEBERVFiOPFTVODBGÊQBSB
UPEPTuNBUJ[Ó-PSFO[P)BZQPSUBOUP
RVFDSFBSDPNJUÊTEFQBDJFOUFTZTFMFD
(.BMEFOPWJFNCSFEF1PMÓUJDB
DJPOBSBBRVÊMMPTRVFQSFWJBNFOUFTF
TBCFRVFTFQVFEFOCFOFGJDJBSEFFTUPT
TJTUFNBT
$BSEPOBSFDPSEÓRVFFYJTUFOFTUVEJPT
EFDPTUFCFOFGJDJPRVFEFNVFTUSBORVF
FTUBTFTUSBUFHJBTTJTFVUJMJ[BOEFNBOFSB
DPSSFDUBTPODPTUFFGFDUJWBT
&TMPRVFMMFWBOUJFNQPEFNBOEBOEP
MBTBTPDJBDJPOFTEFQBDJFOUFTi&TUPT
NFDBOJTNPTUJFOFORVFFOUSBSFOFM
4/4uBTFHVSÓ-PSFO[P%FIFDIPTF
FTUJNBRVFFMDPTUFEFMBIJQPHMVDFNJB
HSBWFFTEFDBTJFVSPTTJFMQBDJFOUF
FTUÃFOTVEPNJDJMJPQFSPTJJNQMJDB
IPTQJUBMJ[BDJÓOBTDJFOEFBFVSPT
i4JMPQFOTBNPTFMBIPSSPRVFTFHFOFSB
SÎBTFSÎBFOPSNFuBEFMBOUÓMBFOGFS
NFSB
&MJNQBDUP
4FFTUJNBRVFMPTQBDJFOUFTDPOEJBCFUFT
TVGSFO EF NFEJB EPT FQJTPEJPT EF
IJQPHMVDFNJBTJOUPNÃUJDBQPSTFNBOBZ
FWFOUPT EF IJQPHMVDFNJB HSBWF FO
QBDJFOUFTUJQPZVOPQPSBÒPFOEJBCF
UFTUJQPEFMPTDVBMFTBQSPYJNBEB
NFOUFVOQPSDJFOUPSFRVJFSFBTJTUFO
DJBIPTQJUBMBSJB
"EFNÃTTFDBMDVMBRVFVOPEFDBEB
QBDJFOUFTDPOEJBCFUFTNFMMJUVTUJQP
NPSJSÃQPSVOBIJQPHMVDFNJBJBUSPHÊ
OJDBi&MOJWFMEFHMVDPTBFOMBTBOHSFFT
FMDBSOFUEFJEFOUJEBEEFMQBDJFOUFu
BQVOUÓFMFOEPDSJOP
-BUPNBEFEFDJTJPOFTFOFTUFTFOUJEP
EFCFTFSDMBSB1SFDJTBNFOUFMPTFYQFS
UPT FYQMJDBSPO MB JNQPSUBODJB EF MBT
EFDJTJPOFTiNFKPSJOGPSNBEBTuHSBDJBT
BMDPNQMFUPQFSGJMEFMBHMVDPTBRVFTF
SFDJCFBUSBWÊTEFMTJTUFNBGMBTI6OB
IFSSBNJFOUBTFHÙOFYQMJDÓ-PSFO[PRVF
EB VO QBTP NÃT IBDJB FM FNQPEFSB
NJFOUPEFMQBDJFOUFZBRVFiDPOFTUF
TJTUFNBOPUJFOFTTPMPVODPOUSPMQVOUVBM
FOVONPNFOUPEFUFSNJOBEPTJOPVO
QFSGJM DPNQMFUP EF MB IJTUPSJB EF MBT
ÙMUJNBTPDIPIPSBTNÃTMBUFOEFODJBZ
FTPTJSWFQBSBRVFFMQBDJFOUFBDUÙFEF
NBOFSBNVDIPNÃTJOGPSNBEBu
&TF DBNCJP EF QBSBEJHNB FO MB
BVUPHFTUJÓOEFMBFOGFSNFEBEQBTBB
KVJDJPEF"NBZBQPSRVFFMQSPGFTJPOBMZ
FMQBDJFOUFiTFTJFOUFODPOKVOUBNFOUFu
&MDMÎOJDPUJFOFRVFUFOFSDMBSPDÓNP
JOUFSQSFUBSMPTEBUPTi3FBMNFOUFMBT
IJQPHMVDFNJBTFTBMHPRVFZBQFSDJCÎB
NPTQFSPFTRVFBIPSBMPWFNPT&M
QBDJFOUFBTJTUFFOEJSFDUPBMWÎEFPEFTV
HMVDPTBu FYQMJDÓ MB FTQFDJBMJTUB FO
FEVDBDJÓOUFSBQÊVUJDBFOEJBCFUFT
$PNP JOEJDÓ %FMHBEP iFM WBMPS
BÒBEJEPEFFTUBTIFSSBNJFOUBTFTTV
-B%.FTVOPEFMPTSFUPTNÈTJNQPSUBOUFTBMPTRVFTFFOGSFOUBFM4/4TJFOEPFMDPOUSPMGSFDVFOUFEFMBHMVDPTBVOQBSÈNFUSPDMBWFQBSBVOBEFDVBEPDPOUSPMNFUBCØMJDP
GBDJMJEBEuBVORVFFTOFDFTBSJPJOWFSUJS
FOQSPHSBNBTFEVDBUJWPTi&MTJTUFNBFO
TÎMPFTQBSBFMQBDJFOUFQFSPNÃTGPSNB
DJÓOBVNFOUBSÎBNÃTMBFGFDUJWJEBEu
JODJEJÓ$BSEPOBy$ÓNPTFDPOTJHVF TF
QSFHVOUB-PSFO[PZBRVFiMBTDPOTVMUBT
FTUÃOTBUVSBEBTu&TBRVÎEPOEFMBFOGFS
NFSBEFQSÃDUJDBBWBO[BEBFTJNQPS
UBOUF"NBZBFYQMJDÓRVFEFNPTUSBSMPT
CFOFGJDJPTBÒBEJEPTRVFTVMBCPSTVQPOF
BMQBDJFOUFFTVOPEFMPTSFUPTDPNQB
SBEPDPOMBBUFODJÓOSFDJCJEBQPSFOGFS
NFSBTDPOVOBNFOPSFYQFSJFODJBZ
DVBMJGJDBDJÓOi&MFOEPDSJOÓMPHPTJOMB
FOGFSNFSBFEVDBEPSBFTUÃDPKPuTFÒBMÓ
%FMHBEPBMUJFNQPRVFEFTUBDÓDÓNP
FOGFSNFSÎBNFEJDJOBZQBDJFOUFTIBO
JEPBQSFOEJFOEPEFMBNBOPFOFTUF
UJFNQP
-B PQUJNJ[BDJÓO EFM UJFNQP FO
DPOTVMUBUBNCJÊOFTVOWBMPSBÒBEJEP&M
QSPGFTJPOBMQVFEFDIFRVFBSEFVONPEP
SÃQJEPMBJOGPSNBDJÓOEFMQBDJFOUFZ
SFBMJ[BSFMTFHVJNJFOUPFYIBVTUJWPFOFM
iFTDBTPuUJFNQPEFDPOTVMUB
$PNQMJDBDJPOFTBHVEBT
&OUSFMBMJTUBEFQSJPSJEBEFTUBNCJÊOFTUÃ
MBEFSFEVDJSMBTDPNQMJDBDJPOFTBHVEBT
TPCSFUPEPFOQBDJFOUFTUSBUBEPTDPO
NÙMUJQMFTEPTJTEFJOTVMJOBFOMPTRVFMB
IJQPHMVDFNJB FT FM QSJODJQBM SJFTHP
BTPDJBEPBMBVUJMJ[BDJÓOEFJOTVMJOBZ
ÊTUPT QBDJFOUFT SFRVJFSFO NVDIPT
DPOUSPMFTEFHMVDPTBEJBSJPTQBSBQSFWF
OJSMB
&OVOBSUÎDVMPEFSFWJTJÓOSFBMJ[BEP
DPOKVOUBNFOUFQPSMPTQSFTJEFOUFTEFMBT
4PDJFEBEFT EF %JBCFUFT &TQBÒPMB Z
1PSUVHVFTBTFSFTBMUBOMPTEBUPTIBMMB
EPTFOEJGFSFOUFTQVCMJDBDJPOFTVUJMJ
[BOEPFM4JTUFNB'MBTIEF.POJUPSJ[B
DJÓOEFHMVDPTBFOMPTRVFTFNVFTUSBO
SFEVDDJPOFTEFIJQPHMVDFNJBTDMÎOJDB
NFOUFTJHOJGJDBUJWBTNBOUFOJFOEPBTV
WF[CVFODPOUSPMHMVDÊNJDP
-PT SFTVMUBEPT EFM FOTBZP DMÎOJDP
*NQBDUFOFMRVF&TQBÒBIBQBSUJDJQBEP
QVCMJDBEPTSFDJFOUFNFOUFFOMBSFWJTUB
A5IF-BODFUEFNVFTUSBORVFFMTJTUFNB
'SFF4UZMF-JCSFSFEVDFVOQPSDJFOUP
FMUJFNQPFOIJQPHMVDFNJBBMBWF[RVF
UBNCJÊOSFEVDFTJHOJGJDBUJWBNFOUFFM
OÙNFSPEFFQJTPEJPTEFIJQPHMVDFNJB
OPDUVSOBFOVOQPSDJFOUP"EFNÃT
SFEVDFMBTIJQPHMVDFNJBTHSBWFTFOVO
QPSDJFOUP"MPMBSHPEFMFOTBZPMPT
&MTJTUFNBEFNPOJUPSJ[BDJØO
GMBTIPGSFDFVODPNQMFUPQFSGJM
EFHMVDPTBZGBDJMJUBMBUPNBEF
EFDJTJØO
&MQSPGFTJPOBMQVFEFDIFRVFBS
SÈQJEBNFOUFMBJOGPSNBDJØO
EFMQBDJFOUFZSFBMJ[BSVO
TFHVJNJFOUPFYIBVTUJWP
SFTVMUBEPTNPTUSBSPORVFMPTVTVBSJPT
EF'SFFTUZMF-JCSFSFEVKFSPOFMUJFNQP
FOIJQPHMVDFNJBEFNBOFSBTJHOJGJDBUJWB
TJOJODSFNFOUBSMB)C"DEFNPTUSBOEP
RVF VO DPOUSPM NÃT GSFDVFOUF Z VO
DPNQMFUPQFSGJMEFMBHMVDPTBDPOMMFWBO
VONFKPSDPOUSPMEFMBEJBCFUFT
1BSB"NBZBMBNBZPSBEIFSFODJBFT
FMBSNBNÃTQPUFOUFQBSBEJTNJOVJSMBT
DPNQMJDBDJPOFTDSÓOJDBT"MHPFOMPRVF
UBNCJÊO DPJODJEJÓ $BSNPOB 4JO
FNCBSHPFOFMTFHVJNJFOUPUFSBQÊVUJDP
BUFODJÓOQSJNBSJB"1
UBNCJÊOUJFOFTV
QBQFMZBKVJDJPEFMBFOGFSNFSBiFM
NÊEJDPEF"1VUJMJ[BUSBUBNJFOUPTQBSB
MBTDPNQMJDBDJPOFTZMBDPNPSCJMJEBE
QFSPMBQSFWFODJÓOTFFTUÃPMWJEBOEPFO
FTUFOJWFMBTJTUFODJBMu$PNPJOEJDÓMB
FOGFSNFSBUBNCJÊOIBZRVFIBDFSVO
FKFSDJDJPFOFTUFTFOUJEP
1FSPQBSB-PSFO[PFTUFQSPCMFNBFT
HFOFSBMJ[BEP ZB RVF iFO &TQBÒB MB
EJBCFUFTOPTFBCPSEBDPNPTFEFCFSÎBu
4JOFNCBSHPEBSQBTPTDPNPMPTRVF
TFFTUÃOEBOEPFONBUFSJBEFBEIFSFO
DJBFTZBVOBCVFOBOPUJDJB%FMHBEP
BDMBSÓRVFDVBOEPWFTBMQBDJFOUFDBEB
USFTPTFJTNFTFTFTQPTJCMFBIPSBDPOFM
TJTUFNB'MBTIBOBMJ[BSUPEBMBJOGPSNB
DJÓOZFTUPFTVOBDJDBUFQBSBFMFOGFSNP
RVF WF DPNP WB NFKPSBOEPi2VF FM
FOGFSNPTFQBMPTOJWFMFTEFHMVDPTBFT
WJUBMZDPOTFHVJSÃNFKPSBSMPTEBUPTEF
DVNQMJNJFOUPuBQVOUÓ
"EFNÃTDPNPBEFMBOUÓ$BSEPOBiFO
VOFTDFOBSJPGVUVSPMBTOVFWBTUFDOPMP
HÎBTQFSNJUJSÃORVFMPTTJTUFNBTGVODJP
OFOEFNBOFSBBVUPNÃUJDBu&OMBEJBCF
UFT FTUÃT UPNBOEP EFDJTJPOFT
DPOUJOVBNFOUF QPS UBOUP FO FTF
NPNFOUPMBDBMJEBEEFWJEBNFKPSBSÃ
NVDIP"EFNÃTDPOTJEFSBOFDFTBSJP
JODPSQPSBSIFSSBNJFOUBTGJBCMFTQBSB
NFEJSBTQFDUPTEFMBEJBCFUFTFOUJQP
FO MB QSÃDUJDB DMÎOJDB EJBSJBi.FEJS
NPOJUPSJ[BSZFWBMVBSRVFMPTBKVTUFTFO
FMUSBUBNJFOUPFTUÃOUFOJFOEPJNQBDUP
DPOUSBTDFOEFODJBuSFNBSDÓ$BSEPOB
4JO FNCBSHP DPNP BQVOUBSPO MPT
FYQFSUPTMBEJBCFUFTSFÙOFFMQBSBEJHNB
EF NFEJDJOB QFSTPOBMJ[BEB $PNP
EFTUBDÓFMDPPSEJOBEPSEFMBVOJEBEEF
EJBCFUFTEFM4BOU+PBOEF%FViFTJNQPS
UBOUFEBSVOBBUFODJÓOQFSTPOBMJ[BEB
MBTBTPDJBDJPOFTEFQBDJFOUFTDPOUSJCV
ZFOBFMMPBEFNÃTEFCVTDBSIFSSBNJFO
UBTRVFIBHBOFMTJTUFNBNÃTFGJDJFOUFZ
TPTUFOJCMF
-"4'3"4&4
&MJBT%FMHBEP
)6OJWEF"TUVSJBT
3PRVF$BSEPOB
4BO+PBOEF%FV
.BSJTB"NBZB
)1VOUBEF&VSPQB
"OEPOJ-PSFO[P
1SFTJEFOUF'&%&
i
i
i
i
&MNFKPS
USBUBNJFOUP
FTFMQSFWFOUJWP
QSFDP[
QBSUJDJQBUJWPZ
QFSTPOBMJ[BEPu
&TUBNPTFO
VOQFSJPEP
DBNCJBOUFZFT
JNQPSUBOUFRVF
MPTDMÎOJDPTOPT
QPTJDJPOFNPTu
-B
FOGFSNFSB
EFQSÃDUJDB
BWBO[BEBEFCF
TFSDMBWFFOMPT
FRVJQPTu
-BTBOJEBE
FTUÃ
FOGPDBEBIBDJBFM
QBDJFOUFBHVEP
QFSPEFCFNJSBS
BMBDSPOJDJEBEu
1PMÓUJDBBMEFOPWJFNCSFEF(.
+"$*/50#¦5*;❘+FGFEFM¦SFBEF$VJEBEPT1BMJBUJWPTEFM)PTQJUBM4BO+VBOEF%JPTEF4BOUVSDF7J[DBZB
i$BEBBÒPNVFSFOQFSTPOBTFO
NBMBTDPOEJDJPOFTQPSGBMUBEFQBMJBUJWPTu
"-.6%&/"'&3/«/%&;
.BESJE
+BDJOUP#ÃUJ[NJFNCSPEFM(SVQPEF
5SBCBKP"UFODJÓO.ÊEJDBBM'JOBMEFMB
7JEBEFMB0SHBOJ[BDJÓO.ÊEJDB$PMFHJBM
FYQMJDÓB(.RVFFO&TQBÒBIBZ
SFDVSTPTBTJTUFODJBMFTFTQFDÎGJDPTEF
DVJEBEPTQBMJBUJWPTQFSPDPOVOBEJTUSJ
CVDJÓOEFTJHVBMFOUSFSFHJPOFT
1SFHVOUB-PTDVJEBEPTQBMJBUJWPTFO
&TQBÒBTPODMBSBNFOUFJOTVGJDJFOUFT
yQPESÎBDVBOUJGJDBSFTUFEÊGJDJU 3FTQVFTUB&OOVFTUSPQBÎTDBEBBÒP
NVFSFOQFSTPOBTEFMBTRVF
OFDFTJUBODVJEBEPTQBMJBUJWPT
CÃTJDPTZQSFDJTBODVJEBEPT
QBMJBUJWPTFTQFDJBMJ[BEPT.ÃTEF
QFSTPOBT OP QVFEFO BDDFEFS B FTUPT
DVJEBEPTQBMJBUJWPTZNVFSFOFONBMBT
DPOEJDJPOFT&MTVGSJNJFOUPBMGJOBMEFMB
WJEB EF FTUBT QFSTPOBT FT FWJUBCMF
%FTQVÊTEFDVBOUJGJDBSFMEÊGJDJUEFMPT
DVJEBEPT QBMJBUJWPT FO OVFTUSPT QBÎT
QPEFNPTBGJSNBSRVFNÃTEF
QFSTPOBTOFDFTJUBOTFEBDJÓOQBMJBUJWB
1 y$ÓNP TF TPMVDJPOBSÎB FM
QSPCMFNB 3%FTEFNJQVOUPEFWJTUBIBZUSFT
DPOEJDJPOFT GVOEBNFOUBMFT QBSB
BCPSEBSMPDPOFGJDBDJBMBJOWFSTJÓOFO
SFDVSTPTMBGPSNBDJÓOEFMPTQSPGFTJPOB
MFTZTPCSFUPEPMBWPMVOUBEQPMÎUJDB
11SFDJTBNFOUFNVDIPTEFMPTDBTPT
TPOTFHVJEPTEFTEFBUFODJÓOQSJNBSJB
yEFCFSÎBO SFDJCJS MPT NÊEJDPT EF
GBNJMJBNÃTGPSNBDJÓOFOFTUFTFOUJEP 3/PIBZRVFPMWJEBSRVFFTGVOEBNFO
UBMBDFSDBSMPTDVJEBEPTQBMJBUJWPTBMMÎ
EPOEFFMQBDJFOUFTFFODVFOUSFRVFTVFMF
TFSFMFOUPSOPEPNJDJMJBSJPZFMOÙDMFP
GBNJMJBSEPOEFJOUFSWJFOF"15BNCJÊOIBZ
RVFSFDPSEBSRVFMBSFTQPOTBCJMJEBEEFMB
"1FOMBBUFODJÓOQBMJBUJWBBFOGFSNPT
UFSNJOBMFTTFSFGMFKBFOFM3%
QPSFMRVFTFFTUBCMFDFMBDBSUFSBEFTFSWJ
DJPTDPNVOFTEFM4/4RVFJODMVZFVO
BQBSUBEPFTQFDJGJDPUBOUPFOQSJNBSJB
DPNPFTQFDJBMJ[BEB&OFMBQBSUBEPEF"1
TFJODMVZFiMBJEFOUJGJDBDJÓOEFFOGFSNPT
FOGBTFUFSNJOBMMBWBMPSBDJÓOJOUFHSBMEF
MBTOFDFTJEBEFTEFQBDJFOUFTZDVJEBEP
SFTZFMFTUBCMFDJNJFOUPEFVOQMBOEF
DVJEBEPTFMDPOUSPMEFMPTTÎOUPNBTGÎTJDPT
Z QTÎRVJDPT MB JOGPSNBDJÓO BTFTPSB
NJFOUPZBQPZPBMQBDJFOUFZBMPTDVJEB
EPSFTZFOMBTTJUVBDJPOFTRVFMPQSFDJTFO
MBGBDJMJUBDJÓOEFMBBUFODJÓOQPSFTUSVDUV
SBTEFBQPZPTBOJUBSJPZPTPDJBMQPSTFSWJ
DJPTFTQFDJBMJ[BEPTu
1y2VÊPCTUÃDVMPTQVFEFOFODPOUSBS
FMQSPGFTJPOBMTBOJUBSJPZFMQBDJFOUF 3 1BSB QPEFS SFBMJ[BS UPEBT FTUBT
UBSFBTRVFPSEFOBFM3%BMPTQSPGFTJPOB
MFTEFQSJNBSJBFTQSFDJTPRVFSFDJCBOVOB
GPSNBDJÓOFTQFDÎGJDBQBSBFWJUBSMBTUSFT
BDUJUVEFTRVFTVFMFOTFSDPOTFDVFODJBEF
MBGBMUBEFGPSNBDJÓOFODVJEBEPTQBMJBUJ
#ÈUJ[FTKFGFEFM«SFBEF$VJEBEPT1BMJBUJWPTEFM)PTQJUBM4BO+VBOEF%JPTEF4BOUVSDFZNJFNCSPEFMB$PNJTJØO
$FOUSBMEF%FPOUPMPHÓBEFMB0SHBOJ[BDJØO.ÏEJDB$PMFHJBM
-"4'3"4&4
i
-BGSPOUFSBFOUSF
TFEBDJÓOQBMJBUJWB
ZFVUBOBTJBTF
FODVFOUSBFOMB
JOUFODJÓOu
WPTMPTRVFDPOTJEFSBORVFTFFODVFOUSBO
BOUFVOBTJUVBDJÓODPNQMFKBZEFDJEFO
FWJUBSMBBDUJUVEEFBCBOEPOP
ZEFKBOBMB
QFSTPOBFOGFSNBZBTVGBNJMJBBMBMJCSF
FWPMVDJÓOEFTVQSPDFTPFOUFOEJFOEP
BEFNÃTRVFMPTDVJEBEPTQBMJBUJWPTTÓMP
EFCFOTFSBQMJDBEPTFOMBTGBTFTBHÓOJDB
MPTRVFDPOTJEFSBOVOBTJUVBDJÓOOJNJB
BDUJUVEEFBVUPTVGJDJFODJB
ZEFFTDBTB
DPNQMFKJEBERVFQVFEFTFSGÃDJMNFOUF
NBOFKBEBDPOVOPTNÎOJNPTDPOPDJNJFO
i
-BFTDBTF[EF
QBMJBUJWPTTF
TPMVDJPOBSÎBDPO
JOWFSTJÓOGPSNBDJÓO
ZWPMVOUBEQPMÎUJDBu
UPTUÊDOJDPTZMBBUFODJÓOEFMPTTÎOUPNBT
GÎTJDPT Z MPT RVF BOUF FM NJFEP Z MBT
SFUJDFODJBT B BDFQUBS MB TJUVBDJÓO
FNQSFOEFOBDUJUVEFTNÃTJOUFSWFODJPOJT
UBTBDUJUVEEFNJFEP
ZFWJUBOMBDPNVOJ
DBDJÓOZMPTFODVFOUSPTJODÓNPEPTDPOFM
FOGFSNPZTVGBNJMJB&TUBTUSFTBDUJUVEFT
QVFEFOQSPWPDBSRVFMBQFSTPOBBMGJOBM
EFMBWJEBZTVGBNJMJBTVGSBOMBGBMUBEF
BUFODJÓOJOUFHSBMEFMQSPDFTPMBGBMUBEF
BQPZPEPNJDJMJBSJPMBFTDBTF[EFDVJEB
EPTDPOUJOVBEPT1PSUPEPFTUPDSFPRVF
FTOFDFTBSJPJOWFSUJSFOGPSNBDJÓOQBSB
QPEFSDVJEBSNFKPS
1 y2VÊ EJGFSFODJBT IBZ FOUSF
DPNVOJEBEFTFOFTUFTFOUJEP 34FHÙOFMSFDJFOUFEJSFDUPSJPEFMB
4PDJFEBE&TQBÒPMBEF$VJEBEPT1BMJBUJWPT
SFDPHFVOUPUBMEFSFDVSTPTBTJTUFO
DJBMFTFTQFDÎGJDPTEFDVJEBEPTQBMJBUJWPT
FO&TQBÒBDPOVOBEJTUSJCVDJÓOIFUFSPHÊ
OFB$BUBMVÒB
.BESJE
"OEBMV
DÎB
7BMFODJB
1BÎT7BTDP
$BTUJMMBZ-FÓO
(BMJDJB
"TUVSJBT
Z$BTUJMMB-B.BODIB
"SBHÓO&YUSF
NBEVSBF*TMBT#BMFBSFT
$BOBSJBTZ
$BOUBCSJB
.VSDJBZ/BWBSSB
-B
3JPKB$FVUBZ.FMJMMB
-BTEJGFSFODJBT
UJFOFORVFWFSCBTUBOUFDPOMBWPMVOUBE
QPMÎUJDBEFMBTDPOTFKFSÎBEFTBOJEBEEFMBT
EJTUJOUBTDPNVOJEBE5PEPWBBEFQFOEFS
EFMJOUFSÊTRVFUFOHBORVJFOFTQVFEFO
HFTUJPOBSMBBUFODJÓOBMGJOBMEFMBWJEBEF
TVTDJVEBEBOPT
1 y$VÃM FT MB EJGFSFODJB FOUSF
TFEBDJÓOQBMJBUJWBZFVUBOBTJB 3&YJTUFVOBDMBSBZSFMFWBOUFEJGFSFO
DJB FOUSF BNCBT EFTEF MB ÊUJDB Z MB
EFPOUPMPHÎB-BGSPOUFSBFOUSFBNCBTTF
FODVFOUSBFOMBJOUFODJÓOFOFMQSPDFEJ
NJFOUPFNQMFBEPZFOFMSFTVMUBEP&OMB
TFEBDJÓOQBMJBUJWBTFCVTDBEJTNJOVJSFM
OJWFMEFDPOTDJFODJBDPOMBEPTJTNÎOJNB
OFDFTBSJBEFGÃSNBDPTQBSBFWJUBSRVFFM
QBDJFOUFQFSDJCBFMTÎOUPNBSFGSBDUBSJP
&OMBFVUBOBTJBTFCVTDBEFMJCFSBEB
NFOUF MB NVFSUF BOUJDJQBEB USBT MB
BENJOJTUSBDJÓO EF GÃSNBDPT B EPTJT
MFUBMFTQBSBUFSNJOBSDPOFMTVGSJNJFOUP
EFMQBDJFOUF
1%FTEFFMQVOUPEFWJTUBMFHBMyDBCF
MBPCKFDJÓOEFDPODJFODJBEFMNÊEJDPFO
MBTFEBDJÓOQBMJBUJWB 3-BTFEBDJÓOQBMJBUJWBTFIBEFDPOTJ
EFSBSBDUVBMNFOUFDPNPVOUSBUBNJFOUP
BEFDVBEPQBSBBRVFMMPTFOGFSNPTRVF
TPOQSFTBEFTVGSJNJFOUPTJOUPMFSBCMFTZ
OPIBOSFTQPOEJEPBMPTUSBUBNJFOUPT
BEFDVBEPT $VBOEP FTUÃ JOEJDBEB Z
FYJTUFDPOTFOUJNJFOUPFMNÊEJDPUJFOFMB
PCMJHBDJÓOEFBQMJDBSMB4JVONÊEJDPTF
OFHBSBBSFBMJ[BSMBFMQBDJFOUFPFOTV
EFGFDUPMBGBNJMJBMBQPESÎBFYJHJSDPNP
VOEFSFDIPRVFTFDPSSFTQPOEFDPOFM
EFCFSQSPGFTJPOBMEFMNÊEJDP&OFTUF
DBTPMBPCKFDJÓOEFDPODJFODJBOPUJFOF
DBCJEB DPNP UBNQPDP TFSÎB QPTJCMF
PCKFUBSBOUFDVBMRVJFSPUSPUSBUBNJFOUP
DPSSFDUBNFOUFJOEJDBEP
1y$VÃMFTMBMÎOFBQSJODJQBMEFMB
EFDMBSBDJÓOA"UFODJÓOBMGJOBMEFMBWJEB 3 5SBTGPSNBS MB OFDFTJEBE EF MB
BUFODJÓONÊEJDBBMGJOBMEFMBWJEBFOVO
WFSEBEFSPEFSFDIPQPSRVFUPEBTMBT
QFSTPOBTNFSFDFOVOBBTJTUFODJBTBOJUB
SJBEFDBMJEBEDJFOUÎGJDBZIVNBOB1PS
UBOUPSFDJCJSVOBBEFDVBEBBUFODJÓO
NÊEJDBBMGJOBMEFMBWJEBOPEFCFDPOTJ
EFSBSTFVOQSJWJMFHJPTJOPVOBVUÊOUJDP
EFSFDIP
Premios BiC 2016
NS
%JTQPOJCMFFM&TQFDJBM1SFNJPT
#J$DPNQMFUPFO
OFUTBMVEFT"QQ4UPSFZ(PPHMF1MBZ
3FQPSUBKFHSÈGJDP.BSHB'FSSFS
&M)PTQJUBM3FZ+VBO$BSMPT
Z"&TUSBEBHBOBOMPT#J$EF
NFKPSIPTQJUBMZDFOUSPEF"1
2016
MEJOR
HOSPITAL
2016
ATENCIÓN
PRIMARIA
.ÈTEFQFSTPOBTTFEJFSPODJUBFOFM)PTQJUBM-B'FEF7BMFODJB
6OBÒPNÃTMBDJUBDPOMBDBMJEBEZMBFYDFMFODJBFOMB
BUFODJÓOTBOJUBSJBUVWPOPNCSFQSPQJP#FTUJO$MBTT
&TUPTHBMBSEPOFTRVFDFMFCSBSPOTV9*FEJDJÓOSFVOJF
SPOBNÃTEFQFSTPOBTFOFM)PTQJUBM-B'FEF7BMFO
DJB&OUPUBMTFIJ[PFOUSFHBEFMPTQSFNJPTFOMBT
EJTUJOUBTDBUFHPSÎBTFOFMRVFIPTQJUBMFTEFEJGFSFOUFT
DPNVOJEBEFTBVUÓOPNBTQBSUJDJQBSPODPODBOEJEB
UVSBT
-B$PNVOJEBE7BMFODJBOBGVFMBHSBOUSJVOGBEPSBEFMB
OPDIFDPOHBMBSEPOFTBMPTRVFTFTVNBFMQSFNJP
PCUFOJEPQPSFM*OTUJUVUPEF*OWFTUJHBDJÓOTBOJUBSJB*ODMJWB
FO*%FO0ODPMPHÎB
-B$PNVOJEBEEF.BESJESFDJCJÓHBMBSEPOFTFOMBT
DBUFHPSÎBTTVKFUBTBMÎOEJDF*$"1FOUSFFMMPTFM1SFNJPBM
.FKPS)PTQJUBMFO"UFODJÓOBM1BDJFOUFRVFPCUVWPFM)PTQJ
UBM6OJWFSTJUBSJP3FZ+VBO$BSMPT"MPTRVFTFTVNBOFM
1SFNJPFO)VNBOJ[BDJÓOEFM)PTQJUBM*OGBOUB-FPOPSZMB
NFODJÓOEFIPOPSEFM)PTQJUBM(FOFSBM6OJWFSTJUBSJP
(SFHPSJP.BSBÒÓOFO1FEJBUSÎB&MQSFNJPBFYDFMFODJBFO
"UFODJÓO1SJNBSJBSFDBZÓFO"UFODJÓO1SJNBSJB"&TUSBEB
"EFNÃTEFFTUF(BMJDJBDPOTJHVJÓPUSPTUSFTHBMBSEPOFTZ
FTMBUFSDFSBSFHJÓOFOFMSBOLJOH-FTJHVFO$BOUBCSJBZ
1BÎT7BTDPDPOUSFTSFDPOPDJNJFOUPTDBEBVOB$BUBMVÒBZ
$BTUJMMBZ-FÓODPOVOHBMBSEÓODBEBVOB
&TUPTHBMBSEPOFTRVFPSHBOJ[B("$&5".%*$"ZMB
$ÃUFESBEF*OOPWBDJÓOZ(FTUJÓO4BOJUBSJBEFMB6OJWFSTJ
EBE3FZ+VBO$BSMPTDPCSBODBEBWF[NÃTQSPUBHPOJTNP
EFOUSPEFMTFDUPSDPNPEFNVFTUSBFMIFDIPEFRVFFOFTUB
9*FEJDJÓOTFIBQSPEVDJEPVOSÊDPSEEFQBSUJDJQBDJÓO6OPT
QSFNJPTRVFDPNPCJFOIBOEFTUBDBEPMPTEJGFSFOUFT
HBOBEPSFTTJSWFODPNPBDJDBUFQBSBTFHVJSUSBCBKBOEPFO
GBWPSEFMBFYDFMFODJB
2016
mejor proyecto
2016
E-SALUD
mejor proyecto
mejor hospital
2016
2016
HUMANIZACIÓN DE LA
ASISTENCIA SANITARIA
FORMACIÓN
MIR
r1SFNJPT#FTUJO$MBTTrBMEFOPWJFNCSFEF(.
-PT#J$BQVFTUBOQPSMBUSBOTQBSFODJBZ
IBSÃOQÙCMJDPTTVTDVFTUJPOBSJPTFO
&TUFPCKFUJWPTFTVNBBMBGVODJØOJOJDJBMEFMPTQSFNJPTFWBMVBSZNFEJSMBDBMJEBEEFMBBTJTUFODJB
FTUPTHBMBSEPOFTEFNFEJSMBDBMJEBE
BTJTUFODJBMi&TUBOPDIFFTQBSBSFDPOP
DFSBMPTNFKPSFTZTPCSFUPEPQBSBMPT
RVFEFDJEFOEBSFTFQBTPZDPNQBSBSTF
BVUPFWBMVBSTFDPOFMÙOJDPPCKFUPEF
NFKPSBS %F WFS EÓOEF TF FTUÃ Z EF
USB[BSIBDJBFMGVUVSPFMDBNJOPRVFTF
RVJFSFSFDPSSFSQBSBMBNFKPSBEFMB
BTJTUFODJB TBOJUBSJBu TVCSBZÓ %F
2VJSPHB
+13
.BESJE
&O TV PCKFUJWP EF NFEJS MB DBMJEBE
BTJTUFODJBMMPT1SFNJPT#FTUJO$MBTTIBO
SFBMJ[BEPVOBBQVFTUBQPSMBUSBOTQB
SFODJBDPOMBBQFSUVSBEFMPTDVFTUJPOB
SJPTBQBSUJSEFMBÒPQSÓYJNP-PBOVODJÓ
EVSBOUFMBHBMBEFMB9*FEJDJÓOEFFTUPT
HBMBSEPOFT4BOUJBHPEF2VJSPHBQSFTJ
EFOUFEFM8FDBSFVHSVQPFEJUPSEF
("$&5".%*$"
%VSBOUFMBFOUSFHBEFFTUPTQSFNJPT
RVFPSHBOJ[BO("$&5".%*$"ZMB
$ÃUFESBEF*OOPWBDJÓOZ(FTUJÓO4BOJUB
SJBEFMB6OJWFSTJEBE3FZ+VBO$BSMPT
63+$
%F2VJSPHBRVJTPSFDPOPDFSMB
JNQMJDBDJÓOEFMBTTPDJFEBEFTDJFOUÎGJDBT
FOMBFWBMVBDJÓOi-BNBZPSÎBEFFMMBTZB
UJFOFO DPNJUÊT EF FYQFSUPT RVF TF
PDVQBOEFRVFFTBDBMJEBEBTJTUFODJBM
TFB QBSUF FTFODJBM EFM USBCBKP Z EFM
EJTFÒPEFMTJTUFNBTBOJUBSJPuEFTUBDÓ
EVSBOUFTVJOUFSWFODJÓO1SFDJTBNFOUF
IBOTJEPFTUBTTPDJFEBEFTMBTRVFIBO
BQPTUBEPQPSMBBQFSUVSBEFMPTDVFTUJP
OBSJPT "TÎ TF EFDJEJÓ FO MB ÙMUJNB
SFVOJÓOEFMDPNJUÊEFFYQFSUPTFOUSFMPT
RVFTFFODPOUSBCBOQSFTJEFOUFTZ
EJGFSFOUFT SFTQPOTBCMFT EJSFDUPT EF
FTUBTPSHBOJ[BDJPOFT
i$POFTUBEFDJTJÓOEFMBTTPDJFEBEFT
DJFOUÎGJDBTFMBÒPRVFWJFOFDPOUBSFNPT
DPOVOBNBZPSUSBOTQBSFODJBZUPEPFM
NVOEPUFOESÃVOBGPUPQFSGFDUBNFOUF
DMBSBuBGJSNÓ%F2VJSPHB
&MPCKFUJWPEFUSBOTQBSFODJBTFVOFB
MBGVODJÓOJOJDJBMDPOMBRVFOBDJFSPO
$POTPMJEBDJØO
4BOUJBHPEF2VJSPHBQSFTJEFOUFFEJUPSEF(BDFUB.ÏEJDBZ«OHFM(JMEF.JHVFMWJDFSSFDUPSZEJSFDUPSEFMB$ÈUFESBEF
*OOPWBDJØOZ(FTUJØO4BOJUBSJBEFMB6OJWFSTJEBE3FZ+VBO$BSMPTFOMBJOBVHVSBDJØOEFMPT9*1SFNJPT#J$
1PS TV QBSUF ¦OHFM (JM EF .JHVFM
WJDFSSFDUPSZEJSFDUPSEFMB$ÃUFESBEF
*OOPWBDJÓOZ(FTUJÓO4BOJUBSJBEFMB
63+$EFTUBDÓRVFMPT1SFNJPT#J$DPO
iFTUBVOEÊDJNBFEJDJÓOTFQPESÎBEFDJS
RVFIBODVNQMJEPTVNBZPSÎBEFFEBEZ
TFIBODPOTPMJEBEPu
&OTVEJTDVSTP(JMEF.JHVFMJODJEJÓ
FOMBMBCPSEFTFNQFÒBEBQPSMPT#J$
QBSB FM BOÃMJTJT MB FWBMVBDJÓO Z MB
NFEJDJÓOEFMBDBMJEBEEFMBBTJTUFODJB
TBOJUBSJBi(SBDJBTBFTUPTQSFNJPTMB
DBMJEBEBTJTUFODJBMIBNFKPSBEPEFVOB
NBOFSBDPOTJEFSBCMFZEFFMMPEBOGF
OVFTUSPT QBDJFOUFT RVF TJHVFO
WBMPSBOEPEFVOBNBOFSBUSFNFOEB
NFOUFQPTJUJWBMBTBOJEBEFOOVFTUSP
QBÎTuFYQSFTÓ
&MWJDFSSFDUPSEFTUBDÓMBDPMBCPSBDJÓO
DPOMBVOJWFSTJEBERVFiDPOUFNQMBMB
QPTJCJMJEBEEFDSFBSDÃUFESBTRVFTF
TBMFOEFMÃNCJUPFTUSJDUBNFOUFBDBEÊ
NJDPu&OFTUFTFOUJEPMB6OJWFSTJEBE
3FZ+VBO$BSMPTQVTPFONBSDIBIBDFZB
BÒPT MB $ÃUFESB EF *OOPWBDJÓO Z
(FTUJÓO4BOJUBSJB
.POUÓOi-BIVNBOJ[BDJÓO
FTVOPEFMPTPCKFUJWPT
EFFTUB$POTFMMFSÎBu
+13
.BESJE
-B$POTFMMFSBEF4BOJUBU6OJWFSTBMZ
4BMVU1ÙCMJDBEFMB$PNVOJEBE7BMFO
DJBOB$BSNFO.POUÓOEFTUBDÓRVFiMB
IVNBOJ[BDJÓOEFMTJTUFNBFTVOPEFMPT
PCKFUJWPTRVFTFIBNBSDBEPMB$POTFMMF
SÎBuEVSBOUFMBDMBVTVSBEFMB9*FEJDJÓO
EFMPT1SFNJPT#FTUJO$MBTT#J$
RVFTF
DFMFCSÓMBTFNBOBQBTBEBFOFM)PTQJUBM
-B'FEF7BMFODJB
%VSBOUFTVJOUFSWFODJÓOMBDPOTFMMFSB
EFTUBDÓMBJNQPSUBODJBEFMPT1SFNJPT
#J$RVFQPOFOEFNBOJGJFTUPVOBTFSJF
EFFKFNQMPTiEFDBMJEBEZEFBGÃOEF
TVQFSBDJÓOu.POUÓOTPMJDJUÓMBDPMBCP
SBDJÓO FO FTUB UBSFB EF NFKPSBS MB
DBMJEBE EF MB BTJTUFODJB TBOJUBSJB
i&TUBNPTFOVOBUBSFBDPNÙOFOMBRVF
DBEBVOPBQPSUBMPRVFFTEFTVDPNQF
UFODJBu5VWPQBMBCSBTUBNCJÊOQBSBMPT
QSPGFTJPOBMFTEFM4JTUFNB/BDJPOBMEF
4BMVEEFTQVÊTEFFTUPTBÒPTEFDSJTJT
FDPOÓNJDBZFOMPTRVFIBOUFOJEPRVF
IBDFSGSFOUFBMPTSFDPSUFTQBSBRVFOP
UVWJFSBOJNQBDUPFOMBBTJTUFODJBBMPT
QBDJFOUFT1BSBFMMPTiFMSFDPOPDJNJFOUP
EFTVMBCPSQPSQBSUFEFMPTQBDJFOUFTFT
VOWBMJPTPQSFNJPuEFTUBDÓ
.POUÓO IJ[P HBMB UBNCJÊO EF MPT
QSFTVQVFTUPTTBOJUBSJPTEFMB$PNVOJ
EBE7BMFODJBOBi1PSQSJNFSBWF[MBT
QBSUJEBTEFTUJOBEBTBTBMVETVQFSBOMPT
NJMMPOFTEFFVSPTuJOEJDÓ
-BDPOTFMMFSBEF4BOJUBU6OJWFSTBMZ4BMVU1ÞCMJDBEFMB$PNVOJUBU7BMFODJBOB$BSNFO.POUØOZFMDPOTFKFSPEF
4BOJEBEEFMB$PNVOJEBEEF.BESJE+FTÞT4ÈODIF[.BSUPTBOUFTEFDPNFO[BSMB9*FEJDJØOEFMPT1SFNJPT#J$
&TGVFS[PQSPGFTJPOBM
&M FTGVFS[P RVF FTUÃO IBDJFOEP MBT
DPNVOJEBEFTQPSiIVNBOJ[BSMBTBOJEBEu
FTFWJEFOUF6OBEFMBTBVUPOPNÎBTQJPOF
SBTFOJNQMFNFOUBSFTUFUJQPEFFTUSBUF
HJBTIBTJEPMB$PNVOJEBEEF.BESJE"TÎ
MPSFDPSEÓTVDPOTFKFSPEF4BOJEBE+FTÙT
4ÃODIF[ .BSUPT RVF BHSBEFDJÓ B MB
PSHBOJ[BDJÓOEFMPT#FTUJO$MBTTIBCFS
SFDPHJEPFMHVBOUFRVFÊMNJTNPMBO[ÓFM
BÒPQBTBEPQBSBSFDPOPDFSFTUBMBCPSiUBO
JNQSFTDJOEJCMFFOFM4/4u$PNPFYQMJDÓ
FM1SFNJPBM.FKPS1SPZFDUPEF)VNBOJ[B
DJÓOIBTJEPVOBEFMBTDBUFHPSÎBTEFNÃT
ÊYJUPFOMBTDBOEJEBUVSBTiMPRVFTJHOJGJDB
RVFMPT1SFNJPT#J$IBOWVFMUPBBDFSUBSu
(.BMEFOPWJFNCSFEFr1SFNJPT#FTUJO$MBTTr
6OIPTQJUBMKPWFORVFIBMPHSBEP
TJUVBSTFFOVOBQPTJDJÓOEFMJEFSB[HP
&M3FZ+VBO$BSMPTDPOTJHVFFM1SFNJP#FTUJO$MBTTB.FKPS)PTQJUBMFO"UFODJØOBM1BDJFOUF
+13
.BESJE
&M )PTQJUBM 6OJWFSTJUBSJP 3FZ +VBO
$BSMPT FO .ÓTUPMFT .BESJE
TF IB
JNQVFTUPFOMBDBUFHPSÎBEF.FKPS)PTQJ
UBMFOMB"UFODJÓOBM1BDJFOUFEFMPT
1SFNJPT#FTUJO$MBTT#J$
4VEJSFDUPS
HFSFOUF3JDBSEP5SVKJMMPJEFOUJGJDBVOB
TFSJFEFNFEJEBTRVFIBOQFSNJUJEPRVF
FTUFDFOUSPDPOTPMPDJODPBÒPTEFBDUJWJ
EBEIBZBQPEJEPIBDFSTFDPOFTUFHBMBS
EÓOi&MQBDJFOUFFTFMFKFEFUPEPMPRVF
IBDFNPTHBSBOUJ[BOEPTVBDDFTJCJMJEBE
ZTJOEFNPSBTuEFTUBDB
" FTUB JOJDJBUJWB TF TVNBO iVOB
BQVFTUB QPS UFDOPMPHÎBT EF ÙMUJNB
HFOFSBDJÓORVFWJFOFOBEBSTPQPSUFB
VODVBESPNÊEJDPNVZQBSUJDJQBUJWPFO
MBT EFDJTJPOFT MB CÙTRVFEB EF VOB
NFKPSBDPOUJOVBEFMBDBMJEBEBTJTUFODJBM
ZUSFTBTQFDUPTWJUBMFTMBJOWFTUJHBDJÓO
MBGPSNBDJÓOZMBVUJMJ[BDJÓOEFUFDOPMP
HÎBTEFMBJOGPSNBDJÓOZMBDPNVOJDBDJÓO
QBSBMBNFKPSBEFMBBUFODJÓOZEFMB
TFHVSJEBEFOFMQSPDFTPBTJTUFODJBMu
TVCSBZB
&TUF QSFNJP UJFOF VO TJHOJGJDBEP
FTQFDJBMQBSB5SVKJMMPRVFMPFOUJFOEFOP
TÓMP DPNP VO SFDPOPDJNJFOUP TJOP
UBNCJÊODPNPVOFTUÎNVMPiQBSBDPOUJ
OVBSNFKPSBOEPFOMPTQSPDFTPTBTJTUFO
DJBMFTuBGJSNB
%FTEFTVOBDJNJFOUPFOFMIPTQJ
UBMWJFOFGPSNBOEPNÊEJDPTEFNBOFSB
BOVBMZUSBCBKBQBSBJODSFNFOUBSTVT
DBQBDJEBEFTEPDFOUFT&OMBBDUVBMJEBE
TFFODVFOUSBFOQSPDFTPiQBSBBDSFEJUBS
+VMJP;BSDP$PNVOJEBEEF.BESJE
3JDBSEP5SVKJMMP)PTQJUBM6OJWFSTJUBSJP3FZ+VBO$BSMPT
$BSNFO.POUØO$PNVOJEBE7BMFODJBOB
Z«OHFM(JM6OJWFSTJEBE3FZ+VBO$BSMPT
DBEBVOBEFMBTVOJEBEFTuFYQMJDBFM
EJSFDUPSHFSFOUFEFMIPTQJUBM
1PSPUSBQBSUFMBJOWFTUJHBDJÓOIBTJEP
PUSP EF MPT GPDPT EF TV BDUJWJEBE 4F
FODVFOUSBJOUFHSBEPFOFM*OTUJUVUPEF
*OWFTUJHBDJÓO4BOJUBSJBEFMB'VOEBDJÓO
+JNÊOF[%ÎB[ZDVFOUBDPOVOFRVJQPEF
NÊEJDPTRVFUSBCBKBOFOÃSFBTEF*%
DPNPPODPMPHÎBFOGFSNFEBEFTJOGFDDJP
TBTPOFVSPMPHÎB
"MJHVBMRVFFMSFTUPEFIPTQJUBMFTEFM
4JTUFNB/BDJPOBMEF4BMVETFFODVFOUSB
JONFSTPFOFMBCPSEBSKFEFMBTPTUFOJCJ
MJEBEi%FCFNPTBGSPOUBSMPDPOTPMVDJP
OFTQSÃDUJDBTZFGJDJFOUFTQFSPDSFPRVF
MPNÃTJNQPSUBOUFFTQMBOUFBSVODBNCJP
RVFHBSBOUJDFuSFMBUB5SVKJMMP&YJTUFO
VOBTFSJFEFDBNQPTEFBDUVBDJÓO&M
EJSFDUPSHFSFOUFBQVOUBFOQSJNFSMVHBS
BMBOFDFTJEBEEFBMDBO[BSBDVFSEPTDPO
"&TUSBEBMBBUFODJÓOQSJNBSJBFOGPDBEB
FOMBTFHVSJEBEZFOMBQFSTPOB
+13
.BESJE
i.ÃTRVFFOFMQBDJFOUFUFOFNPTFMGPDP
FOMBQFSTPOBuFYQMJDB+VBO4ÃODIF[
$BTUSPKFGFEF"UFODJÓO1SJNBSJBEF"
&TUSBEBRVFIBPCUFOJEPFM1SFNJP#FTU
JO$MBTT#J$
EF&YDFMFODJBFO"UFODJÓO
1SJNBSJB i)FNPT QBTBEP EF IBDFS
FODVFTUBTEFTBUJTGBDDJÓOBQSFHVOUBS
QPSMBFYQFSJFODJBEFMQBDJFOUFRVF
QSFTFOUBBTQFDUPTEJGFSFOUFTDPNPMB
JNQMJDBDJÓOEFMQBDJFOUFZMBDPNQSFO
TJÓO EF TV QSPQJP QSPDFTP DMÎOJDPu
BÒBEF
4FUSBUBEFVOBEFMBTNFEJEBTRVFIB
JNQMBOUBEP"&TUSBEBFOMPTÙMUJNPT
BÒPTZRVFBKVJDJPEF4ÃODIF[$BTUSPIB
TFSWJEP QBSB HBOBS FM 1SFNJP #J$
&YJTUFOPUSBTJOJDJBUJWBTDPNPFMGPSUB
MFDJNJFOUPEFMBGPSNBDJÓOZEFMBJOWFT
UJHBDJÓOi)FNPTBVNFOUBEPFMOÙNFSP
EFFTUVEJPTEFJOWFTUJHBDJÓOZEFQVCMJ
"TVODJØO*UVSSBMEF-MPSFUQSFTJEFOUBEF4.(7BMFODJB+VBO4ÈODIF[$BTUSPKFGFEF"UFODJØOQSJNBSJBEF"&TUSBEB
-VJT7FSEF3FNFTFJSPHFSFOUFEFM$PNQMFKP)PTQJUBMBSJPEF4BOUJBHPZ4BOUJBHP$VMÓEF#PFISJOHFS*OHFMIFJN
DBDJPOFTEFDPNVOJDBDJPOFTBDPOHSF
TPTwuTFÒBMBFMKFGFEF"UFODJÓO1SJNB
SJBEF"&TUSBEB
"MNJTNPUJFNQPFMDFOUSPIBMPHSBEP
FOFTUFQFSJPEPEFDSJTJTNBOUFOFSTVT
GPSUBMF[BTiDPNPMBBDUJWJEBERVJSÙSHJDB
FODJSVHÎBNFOPSMBDPOTVMUBEFUFMFNF
EJDJOBZUFOFNPTVOMJEFSB[HPJNQMJDBEP
iUPEPTMPTBHFOUFTRVFQVFEBOBQPSUBS
TBMVEBMBQPCMBDJÓODPNPMBTSFTJEFO
DJBTMPTBZVOUBNJFOUPTMBTGBSNBDJBTu
&OTFHVOEPMVHBSJOTJTUFFOMBOFDFTJEBE
EFDPSSFTQPOTBCJMJ[BSBMQBDJFOUFFOMBT
EFDJTJPOFT TBOJUBSJBT Z QPS ÙMUJNP
GBWPSFDFSMBJNQMJDBDJÓOEFMPTQSPGFTJP
OBMFTTBOJUBSJPTDPOVOBNBZPSDPNVOJ
DBDJÓOFOUSFOJWFMFTBTJTUFODJBMFTEBOEP
QFTPBMBT5*$
DPOJOOPWBDJÓOZQBSUJDJQBDJÓOEFMB
PSHBOJ[BDJÓOEFMFRVJQPuJOTJTUF
3FUPTEFQSJNBSJB
4ÃODIF[$BTUSPSFJWJOEJDBFMQBQFMRVF
EFTFNQFÒBQSJNBSJBEFOUSPEFM4JTUFNB
/BDJPOBMEF4BMVE4/4
i/PFTTPMPMB
QVFSUBEFFOUSBEBTJOPMBDPMVNOBWFSUF
CSBM FT FM FMFNFOUP WFSUFCSBEPSu
FYQMJDB
&MQSPCMFNBSBEJDBFORVFFTUFOJWFM
BTJTUFODJBMiTFIBTPNFUJEPBNÙMUJQMFT
SFUPTRVFMPUFOTJPOBOQSPCMFNBTEF
DBMJEBEEFJOTVGJDJFOUFTQPMÎUJDBTQSFWFO
UJWBTEFDSJCBEPEFMBTOFDFTJEBEFTFO
UFDOPMPHÎB FYQFDUBUJWBT DJVEBEBOBT
DSFDJFOUFTVOHBTUPEFTCPDBEPFOGBSNB
DJBIPTQJUBMBSJBQFSPTPCSFUPEPIBZEPT
JODPOWFOJFOUFTRVFEFTUBDBOTPCSFFM
SFTUPDPNPTPOFMFOWFKFDJNJFOUPEFMB
QPCMBDJÓODPOEJDJPOBOUFEFMJODSFNFOUP
EFMBDSPOJDJEBEZFMEÊGJDJUQSFTVQVFTUB
SJPuBGJSNB4ÃODIF[$BTUSP
"MBSHPQMB[PTFNBSDBOVOBTFSJFEF
PCKFUJWPTQBSBNFKPSBSMBBTJTUFODJB
i5FOESÎBNPT RVF QSPGVOEJ[BS FO MB
BUFODJÓODFOUSBEBFOMBQFSTPOB&OFTF
TFOUJEPFTJNQPSUBOUFMBGPSNBDJÓOFOUSF
JHVBMFTuEFTUBDB
r1SFNJPT#FTUJO$MBTTrBMEFOPWJFNCSFEF(.
'FMJDJEBEFTBUPEPTMPTHBOBEPSFTEFMB
)PTQJUBM6OJWFSTJUBSJP
3FZ+VBO$BSMPT
.FKPS)PTQJUBM
4FSWJDJPEF"UFODJØO
1SJNBSJBEF"&TUSBEB
.FKPS$FOUSPEF"1
3JDBSEP5SVKJMMPHFSFOUFEFM
)PTQJUBM6OJWFSTJUBSJP3FZ
+VBO$BSMPT
+VBO4ÈODIF[$BTUSPKFGF
EFM4FSWJDJPEF"UFODJØO
1SJNBSJBEF"&TUSBEB
)PTQJUBM(FOFSBM6
(SFHPSJP.BSB×ØO
"MFSHPMPHÓBF
*ONVOPMPHÓB$MÓOJDB
)PTQJUBM6OJWFSTJUBSJP
EF'VFOMBCSBEB
"OFTUFTJBZ
3FBOJNBDJØO
+PTÏ.BOVFM;VCFMEÓBKFGF
EFM4FSWJDJPEF"MFSHPMPHÓB
EFM(SFHPSJP.BSB×ØO
+PTÏ0MBSSB/VFMKFGFEFM
4FSWJDJPEF"OFTUFTJBZ
3FBOJNBDJØO
$PNQMFKP)PTQJUBMBSJP
6EF4BOUJBHP
"SUSJUJT3FVNBUPJEF
)PTQJUBM6.BSRVÏT
EF7BMEFDJMMB
$BSEJPMPHÓB
"OUPOJP.FSB7BSFMBKFGF
EFM4FSWJDJPEF"SUSJUJT
3FVNBUPJEFEFM$PNQMFKP
)PTQJUBMBSJPEF4BOUJBHP
+PTÏ+BWJFS;VFDP(JMKFGF
EFM4FSWJDJPEF$BSEJPMPHÓB
EFM)PTQJUBM6OJWFSTJUBSJP
.BSRVÏTEF7BMEFDJMMB
)PTQJUBM6OJWFSTJUBSJP
3FZ+VBO$BSMPT
$PNJUÏ*OUFSIPTQJUBMBSJP
EF5VNPSFTEF1SØTUBUB
Z6SPMØHJDPT
"OUPOJP#FOFEJDUP3FEØO
KFGFEFM4EF6SPMPHÓB
)PTQJUBM6OJWFSTJUBSJP
EF'VFOMBCSBEB
%FSNBUPMPHÓB
)PTQJUBM6OJWFSTJUBSJJ
1PMJUÒDOJD-B'F
%JBCFUFT
+PTÏ#PSCVKPKFGFEFM
4FSWJDJPEF%FSNBUPMPHÓB
EFM)PTQJUBM6OJWFSTJUBSJPEF
'VFOMBCSBEB
+VBO'SBODJTDP.FSJOPKFGF
EFM4FSWJDJPEF&OEPDSJOPMP
HÓBEFM)6OJWFSTJUBSJJ
1PMJUÏDOJD-B'FEF7BMFODJB
0SHBOJ[BDJØO
4BOJUBSJB*OUFHSBEB
"SBCB
%PMPS
)PTQJUBM6.BSRVÏT
EF7BMEFDJMMB
&OGFSNFEBEFT
*OGFDDJPTBT
&OSJRVF#BSF[KFGFEF
4FDDJØOEFMB6OJEBEEF
%PMPSEFMB04*«SBCB
.EFM$BSNFO'BSJ×BTKFGBEF
&OGFSNFEBEFT*OGFDDJPTBTEFM
).BSRVÏTEF7BMEFDJMMB
)PTQJUBM6OJWFSTJUBSJJ
1PMJUÒDOJD-B'F
'BSNBDJB
+PTÏ-VJT1PWFEBKFGFEFM
4FSWJDJPEF'BSNBDJBEFM
)PTQJUBM6OJWFSTJUBSJJ
1PMJUÒDOJD-B'F
&MTFDUPSTBOJUBSJPUVWPTVDJUBBOVBMDPOMBDBMJEBEZMBFYDFMFODJBFOMBBUFODJØO&M)PTQJUBM6OJWFSTJUBSJJ1PMJUÒDOJD-B'FEF7BMFODJBBD
IPTQJUBMFTEFEJTUJOUBTDPNVOJEBEFTBVUØOPNBT&OUPUBMDBOEJEBUVSBTRVFBQVFTUBOQPSTFHVJSJNQVMTBOEPVOBTBOJEBEEFDB
04*#JMCBPo#BTVSUP
&TDMFSPTJT.ÞMUJQMF
"MGSFEP3PESÓHVF["OUJHàF
EBE;BSSBO[KFGFEFMB
6OJEBEEF&.EFM4FSWJDJP
EF/FVSPMPHÓBEFM)PTQJUBM
EF#BTVSUPEF#JMCBP
'VOEBDJØO+JNÏOF[
%ÓB[65&
(JOFDPMPHÓBZ
0CTUFUSJDJB
)PTQJUBM6OJWFSTJUBSJP
EF0DUVCSF
)FNBUPMPHÓBZ
)FNPUFSBQJB
+BWJFS1MB[BKFGFEFM4FSWJDJP
EF(JOFDPMPHÓBEFMB'VOEB
DJØO+JNÏOF[%ÓB[65&
+PBRVÓO.BSUÓOF[-ØQF[
KFGFEF)FNBUPMPHÓBEFM
)PTQJUBMEF0DUVCSF
$POTFKFSÓBEF
4BOJEBEEFMB+VOUB
EF"OEBMVDÓB
(FTUJØO)PTQJUBMBSJB
1MBO*OUFHSBMEF
0ODPMPHÓBEFMB
+VOUBEF"OEBMVDÓB
&TUSBUFHJB0ODPMØHJDB
*OTUJUVUPEF
*OWFTUJHBDJØO
4BOJUBSJB*/$-*7"
*%FO0ODPMPHÓB
+PTÏ.BOVFM"SBOEBRVF
SFDPHJØFMQSFNJPFTFM
EJSFDUPSHFSFOUFEFM4FSWJ
DJP"OEBMV[EF4BMVE
&MPJTB#BZPEJSFDUPSBEFM
1MBO*OUFHSBMEF0ODPMPHÓB
EFMB$POTFKFSÓBEF4BMVE
EFMB+VOUBEF"OEBMVDÓB
"OB-VDIKFGBEFM4FSWJDJP
EF)FNBUPMPHÓBZ0ODPMP
HÓBEFM)PTQJUBM$MÓOJDPEF
7BMFODJB
'VOEBDJØO+JNÏOF[
%ÓB[65&Z)PTQJUBM
(FOFSBMEF7JMMBMCB
%JBCFUFT
$MPUJMEF7È[RVF[.BSUÓOF[
KFGBEF&OEPDSJOPMPHÓBEF
BNCPTDFOUSPT
)PTQJUBM6OJWFSTJUBSJJ
1PMJUÒDOJD-B'F
&TRVJ[PGSFOJB
-PSFO[P-JWJBOPTEJSFDUPS
EFM«SFB$MÓOJDBEF4BMVE
.FOUBMEFM)PTQJUBM6OJWFS
TJUBSJJ1PMJUÒDOJD-B'F
)PTQJUBM6OJWFSTJUBSJP
EFM3ÓP)PSUFHB
)FQBUJUJT$
(MPSJB4ÈODIF["OUPMÓOFTMB
KFGBEF)FQBUPMPHÓBEFM
)PTQJUBM6OJWFSTJUBSJP3ÓP
)PSUFHB
$)6EF(SBOBEB
*NQMFNFOUBDJØOEFVO
TJTUFNBEFFEJBHOØTUJDP
FOBOBUPNÓBQBUPMØHJDB
&4BMVE
3BJNVOEP(BSDÓBEFM
.PSBMEJSFDUPSEFMB6EF
"OBUPNÓB1BUPMØHJDB
(.BMEFOPWJFNCSFEFr1SFNJPT#FTUJO$MBTTr
B9*FEJDJØOEFMPT1SFNJPT#FTUJO$MBTT
DPHJØMB9*&EJDJØOEFMPT1SFNJPT#J$EPOEFTFIJ[PFOUSFHBEFMPTQSFNJPTFOMBTEJTUJOUBTDBUFHPSÓBTZDPOUØDPOMBQBSUJDJQBDJØOEF
BMJEBE&TUFB×PBEFNÈTMPT#J$FTUVWJFSPOBSSPQBEPTQPSMPTSFTQPOTBCMFTTBOJUBSJPTEFMB$PNVOJEBE7BMFODJBOBZMBNBESJMF×B
)PTQJUBM6OJWFSTJUBSJP
EF5PSSFWJFKB
.FEJDJOB*OUFSOB
'VOEBDJØO+JNÏOF[
%ÓB[65&
/FGSPMPHÓB
+VMJP$ÏTBS#MB[RVF[KFGFEFM
4FSWJDJPEF.FEJDJOB*OUFSOB
EFM)PTQJUBM6OJWFSTJUBSJPEF
5PSSFWJFKB
+FTÞT&HJEPEFMPT3ÓPTKFGF
EFM4FSWJDJPEF/FGSPMPHÓB
EFMB'VOEBDJØO+JNÏOF[
%ÓB[65&
$PNQMFKP)PTQJUBMBSJP
6EF4BOUJBHP
/FPOBUPMPHÓB
)PTQJUBM6OJWFSTJUBSJP
4BO+VBOEF"MJDBOUF
/FVNPMPHÓB
.BSÓB-V[$PVDFKFGBEFM
4FSWJDJPEF/FPOBUPMPHÓBEFM
$PNQMFKP)PTQJUBMBSJP
6OJWFSTJUBSJPEF4BOUJBHP
&VTFCJ$IJOFSKFGFEFM4FSWJ
DJPEF/FVNPMPHÓBEFM
)PTQJUBM6OJWFSTJUBSJP4BO
+VBOEF"MJDBOUF
)PTQJUBM6OJWFSTJUBSJP
-B1B[
/FVSPMPHÓB
)PTQJUBM6OJWFSTJUBSJJ
1PMJUÒDOJD-B'F
/VUSJDJØO$MÓOJDB
&YVQFSJP%ÓF[5FKFEPSKFGF
EFM4FSWJDJPEF/FVSPMPHÓB
EFM)PTQJUBM6OJWFSTJUBSJP-B
1B[
+VBO'SBODJTDP.FSJOPKFGF
EFM4FSWJDJP&OEPDSJOPMPHÓBZ
/VUSJDJØOEFM)PTQJUBM
6OJWFSTJUBSJJ1PMJUÒDOJD-B'F
)PTQJUBM6OJWFSTJUBSJP
4BO+VBOEF"MJDBOUF
0ODPMPHÓB
)PTQJUBM6OJWFSTJUBSJP
.BSRVÏTEF7BMEFDJMMB
1BUPMPHÓB%JHFTUJWB
)PTQJUBM6OJWFSTJUBSJP
$SVDFT
1FEJBUSÓB
)PTQJUBM6OJWFSTJUBSJJ
1PMJUÒDOJD-B'F
1TJRVJBUSÓB
/JFWFT%ÓB[KFGBEFM4FSWJ
DJPEF0ODPMPHÓBEFM)PTQJ
UBM6OJWFSTJUBSJP4BO+VBOEF
"MJDBOUF
+BWJFS$SFTQPKFGFEFM4FSWJ
DJPEF1BUPMPHÓB%JHFTUJWB
EFM)PTQJUBM6OJWFSTJUBSJP
.BSRVÏTEF7BMEFDJMMB
*U[JBS"TUJHBSSBHB"HVJSSF
KFGBEFM4FSWJDJPEF1FEJBUSÓB
EFM)PTQJUBM6OJWFSTJUBSJP
EF$SVDFT
-PSFO[P-JWJBOPTEJSFDUPS
EFM«SFB$MÓOJDBEF4BMVE
.FOUBMEFM)PTQJUBM6OJWFS
TJUBSJJ1PMJUÒDOJD-B'F
$PNQMFKP)PTQJUBMBSJP
EF1POUFWFESB
1TPSJBTJT
$POTPSDJP)PTQJUBM
(FOFSBMEF7BMFODJB
34$
)PTQJUBM6OJWFSTJUBSJJ
1PMJUÒDOJD-B'F
3FVNBUPMPHÓB
)PTQJUBM6OJWFSTJUBSJP
3FZ+VBO$BSMPT
5SBVNBUPMPHÓB
«OHFMFT 'MØSF[ KFGB EF MB
6OJEBEEF1TPSJBTJTZ'PUPUFSB
QJBEFM$PNQMFKP)PTQJUBMBSJP
6OJWFSTJUBSJPEF1POUFWFESB
+BJNF"MBQPOUSFTQPOTBCMFEF
34$EFM$POTPSDJP)PTQJUBM
(FOFSBM6OJWFSTJUBSJPEF
7BMFODJB
+PTÏ"OESÏT3PNÈO*WPSSBKFGF
EFM4FSWJDJPEF3FVNBUPMPHÓB
EFM )PTQJUBM 6OJWFSTJUBSJ J
1PMJUÒDOJD-B'F
&NJMJP$BMWPKFGFEFM4FSWJ
DJPEF5SBVNBUPMPHÓBEFM
)PTQJUBM6OJWFSTJUBSJP3FZ
+VBO$BSMPT
)PTQJUBM$MÓOJDEF
#BSDFMPOB
6SHFODJBT
)PTQJUBM6OJWFSTJUBSJP
3FZ+VBO$BSMPT
6SPMPHÓB
)PTQJUBM(FOFSBMEF
&MDIF
7*)4*%"
$PNQMFKP"TJTUFODJBM
6OJWFSTJUBSJPEF
4BMBNBODB 'PSNBDJØO.*3
&SOFTUP#SBHVMBU#BVSKFGF
EFTFDDJØOEF6SHFODJBTEFM
)PTQJUBM$MÓOJDEF
#BSDFMPOB
'SBODJTDP#PSPOBU5PSNP
KFGFEFM4FSWJDJPEF6SPMPHÓB
EFM)PTQJUBM6OJWFSTJUBSJP
3FZ+VBO$BSMPT
.BS.BTJËKFGBEFMB4FDDJØO
EF&OGFSNFEBEFT*OGFDDJP
TBTEFM)PTQJUBM(FOFSBMEF
&MDIF
-PVSEFT7È[RVF[4FSWJDJP
EF)FNBUPMPHÓBZ'PSNB
DJØO.*3EFM$PNQMFKP"
6OJWFSTJUBSJPEF4BMBNBODB
)6OJWFSTJUBSJP
*OGBOUB-FPOPS
)VNBOJ[BDJØOEFMB
BUFODJØOFOQBDJFOUFT
WVMOFSBCMFT
)VNBOJ[BDJØO
$BSNFO1BOUPKBHFSFOUF
EFM)*OGBOUB-FPOPS
.FODJPOFTEF)POPS
)PTQJUBM(FOFSBM6
(SFHPSJP.BSB×ØO
1FEJBUSÓB
)PTQJUBM6OJWFSTJUBSJP
EF.ØTUPMFT
1TJRVJBUSÓB
0TBLJEFU[B3FEEF
%JBHOØTUJDP#JPMØHJDP
&4BMVE
3PTB.3PESÓHVF['FSOÈO
EF[DPPSEJOBEPSBEF1FEJB
USÓBEFM)PTQJUBM(SFHPSJP
.BSB×ØO
#FSUB3ÓPTFTMBKFGBEFM
4FSWJDJPEF1TJRVJBUSÓBEFM
)PTQJUBM6OJWFSTJUBSJPEF
.ØTUPMFT
"OB2VJOUFJSP
DPPSEJOBEPSBEFMB3FEEF
%JBHOØTUJDP#JPMØHJDPEF
0TBLJEFU[B
r1SFNJPT#FTUJO$MBTTrBMEFOPWJFNCSFEF(.
)VNBOJ[BDJÓOFTBMVEZHFTUJÓO
IPTQJUBMBSJBRVFNBSDBSÃOUFOEFODJB
6OBJOJDJBUJWBFO.BESJEZEPTQSPZFDUPTFO"OEBMVDÓBTFTJUVBSPOFOUSFMPTNFKPSFTFOFTUBTDBUFHPSÓBT
&.$
.BESJE
&M#FTUJO$MBTTEF)VNBOJ[BDJÓOFOMB
"TJTUFODJB4BOJUBSJBIBTJEPVOBEFMBT
HSBOEFTOPWFEBEFTFOFTUBFEJDJÓOEFMPT
QSFNJPT#J$&MQSPZFDUPHBOBEPSIB
DPSSFTQPOEJEPBM)PTQJUBM6OJWFSTJUBSJP
*OGBOUB-FPOPSEF.BESJEQPSTVA1MBO
EFIVNBOJ[BDJÓOEFMBBUFODJÓOTBOJUB
SJBFOQBDJFOUFTFTQFDJBMNFOUFWVMOFSB
CMFT QPCMBDJÓO JOGBOUJM Z QBDJFOUFT
QTJRVJÃUSJDPT-BEJSFDUPSBHFSFOUFEFM
DFOUSP$BSNFO1BOUPKB;BS[BFYQMJDBB
(.RVFUSBCBKBOFOFTUFDBNQPEFTEF
IBDFWBSJPTBÒPTZBRVFFTVOBEFMBT
MÎOFBTQSJPSJUBSJBTEFTBSSPMMBEBTQPSFM
$PNJUÊEF$BMJEBE1FSDJCJEBDPODBSÃD
UFSHFOFSBMQBSBUPEBTMBTVOJEBEFTZ
TFSWJDJPTEFMIPTQJUBM
/PPCTUBOUFMFTQBSFDJÓOFDFTBSJP
iQPOFSFMBDFOUPFOFTUPTDPMFDUJWPTEF
QBDJFOUFTFTQFDJBMNFOUFWVMOFSBCMFTu
%FOUSPEFFTUFQSPHSBNBQSPNVFWFOFM
BDPNQBÒBNJFOUPEFMOJÒPEVSBOUFMB
SFBMJ[BDJÓOEFQSVFCBTNÊEJDBTiEPMPSP
TBTZFTUSFTBOUFTuFYQMJDBZUBNCJÊO
QSPQPSDJPOBOVOBHVÎBEFBDPHJEBQBSB
QBDJFOUFT Z GBNJMJBSFT DVBOEP TF
QSPEVDFVOJOHSFTPFOQTJRVJBUSÎBQPS
DJUBSTPMPEPTFKFNQMPTEFMBQVFTUBFO
QSÃDUJDBEFFTUFQMBO
0USP QSPZFDUP RVF IB NFSFDJEP FM
HBMBSEÓOEF&4BMVEQPSTVBQPSUBDJÓO
BMBDBMJEBEFOMBBUFODJÓOBMQBDJFOUFFT
MBA*NQMFNFOUBDJÓOEFVOTJTUFNBEFF
EJBHOÓTUJDP FO BOBUPNÎB QBUPMÓHJDB
QBSBMBQSPWJODJBEF(SBOBEBCBTBEPFO
MBQBUPMPHÎBEJHJUBMQVFTUPFONBSDIB
QPSFM$PNQMFKP6OJWFSTJUBSJP)PTQJUB
MBSJPEF(SBOBEB3BJNVOEP(BSDÎBEFM
.PSBMEJSFDUPSEFMB6OJEBEEF"OBUP
NÎB1BUPMÓHJDBEFMDPNQMFKPBTFHVSB
RVFIBTVQVFTUPVOBBVUÊOUJDBSFWPMV
DJÓO FO FTUF DBNQP i&M USBCBKP IB
DPOTJTUJEPCÃTJDBNFOUFFOMBTVTUJUVDJÓO
EFMNJDSPTDPQJPFOFMEJBHOÓTUJDPEF
BOBUPNÎB QBUPMÓHJDB QPS MB JNBHFO
EJHJUBMuFYQMJDBDPOJODPOUBCMFTWFOUB
KBTQBSBFMQBDJFOUFZUBNCJÊOQBSBMPT
QSPGFTJPOBMFT
1PSÙMUJNPFMQSFNJP#FTUJO$MBTTEF
(FTUJÓO)PTQJUBMBSJBRVJFSFQPOFSFO
WBMPSFOFTUBFEJDJÓOFMFTGVFS[PSFBMJ
[BEPFOMPTÙMUJNPTBÒPTQPSMB$POTFKF
SÎBEF4BMVEEFMB+VOUBEF"OEBMVDÎB&T
VOSFDPOPDJNJFOUPBTVBQVFTUBEFDJEJEB
QPSMBTVOJEBEFTEFHFTUJÓODMÎOJDBQFSP
UBNCJÊOBMJNQVMTPEFMBFWBMVBDJÓOB
USBWÊTEFMB"HFODJBEF$BMJEBE4BOJUB
SJBEF"OEBMVDÎBRVFUJFOFDPNPPCKFUJWP
QPUFODJBS FM TJTUFNB EF HBSBOUÎBT BM
DJVEBEBOPBUSBWÊTEFVOBIFSSBNJFOUB
EFSFGFSFODJBDPNPFTMBFWBMVBDJÓO&O
MBBDUVBMJEBENÃTEFMQPSDJFOUPEF
MBTVOJEBEFTEFHFTUJÓODMÎOJDBTF
FODVFOUSBOBDSFEJUBEBTQPSFTUBJOTUJUV
DJÓORVFDVFOUBDPOSFDPOPDJEPQSFTUJ
HJPJOUFSOBDJPOBM
*HOBDJP&TLFOEPSGEF(JMFBEKVOUPB+VMJP;BSDPEJSFDUPSEF)VNBOJ[BDJØOEFMB$POTFKFSÓBEF.BESJE$BSNFO1BOUPKBHFSFOUFEFM)PTQJUBM*OGBOUB-FPOPSZ+FTÞT4ÈODIF[.BSUPT
&EVBSE#FMFOHVFSEF*QTFO+PTÏ.BOVFM"SBOEBEFM4"4KVOUPB3BJNVOEP(BSDÓBEFM.PSBMEJSFDUPSEFMB6OJEBEEF"OBUPNÓB1BUPMØHJDBEFM$)(ZQBSUFEFMFRVJQP
&WB4FCBTUJÈOEF3PDIF+PTÏ.BOVFM"SBOEBEFM4FSWJDJP"OEBMV[EF4BMVERVFSFDJCJØFMQSFNJPEF(FTUJØO)PTQJUBMBSJBZ4BOUJBHPEF2VJSPHBQSFTJEFOUFFEJUPSEF8FDBSFV
(.BMEFOPWJFNCSFEFr1SFNJPT#FTUJO$MBTTr
$FSFNPOJBEFFOUSFHBEFMPT9*1SFNJPT#J$
-BDPOTFMMFSBEF4BOJUBU6OJWFSTBMZ4BMVU1ÞCMJDBEFMB$PNVOJEBE7BMFODJBOB$BSNFO.POUØOZ+FTÞT4ÈODIF[.BSUPTDPOTFKFSPEF4BOJEBEEFMB$PNVOJEBEEF.BESJEKVOUPDPOFMQSFTJEFOUFFEJUPSEF8FDBSFV4BOUJBHPEF2VJSPHB
«OHFM(JMEJSFDUPSEFMB$ÈUFESBEF(FTUJØOF*OOPWBDJØO4BOJUBSJBZ.ØOJDB"MNJ×BOBHFSFOUFEFM)PTQJUBM-B'FEF7BMFODJB«OHFM(JMBDPNQB×BBMDPOTFKFSPEF.BESJE+FTÞT4ÈODIF[.BSUPTZBMWJDFDPOTFKFSPEF4BOJEBEEFMB$PNVOJ
EBEEF.BESJE.BOVFM.PMJOB$BSNFO.POUØOZ4BOUJBHPEF2VJSPHB3JDBSEP$BNQPTTVCTFDSFUBSJPEFMB$POTFMMFSÓBEF4BOJUBU6OJWFSTBMZ4BMVU1ÞCMJDB3PESJHP(VUJÏSSF[EJSFDUPSHFOFSBMEF$BMJEBEZ)VNBOJ[BDJØOEFMB"TJTUFODJB
4BOJUBSJBEF$BTUJMMB-B.BODIBTVIPNØMPHPNBESJMF×P+VMJP;BSDPZ"OUPOJP#FSOBMQSFTJEFOUFEFMB"MJBO[B(FOFSBMEF1BDJFOUFT"(1
"MPUSPMBEP"OUPOJP/JFUPEJSFDUPSEF&-(-0#"-ZMPTSFQSFTFOUBOUFTEF#.4Z+BOTTFO3PCFSUP
ÁSCF[Z3BNØO'SFYFT3PESJHP(VUJÏSSF[KVOUPB«OHFM(JM"OUPOJP/JFUPZ+PSHF)JOPKPTBHFSFOUFEFMB"(1-PTEJGFSFOUFTFRVJQPTHBMBSEPOBEPTEFM)PTQJUBM-B'FEF7BMFODJBRVFBDPHJØMBFEJDJØOEFFTUFB×PBSSPQBEPTQPSMBHFSFOUF
.ØOJDB"MNJ×BOB+VMJP;BSDPZ3PESJHP(VUÓFSSF[DPOWFSTBODPOMBDPOTFMMFSBEF4BOJUBU6OJWFSTBMZ4BMVU1ÞCMJDB&MTFUEFUFMFWJTJØOEF("$&5".²%*$"BDPHJØBUPEPTMPTHBOBEPSFTZBVUPSJEBEFTRVFBDVEJFSPOBMFWFOUP&OFTUFDBTP
4ÈODIF[.BSUPTFYQMJDBOEPMBJNQPSUBODJBEFMBIVNBOJ[BDJØOTBOJUBSJB$BSNFO.POUØO4BOUJBHPEF2VJSPHB+FTÞT4ÈODIF[.BSUPT"OUPOJP#FSOBMZ+PTÏ.BOVFM"SBOEBEFM4FSWJDJP"OEBMV[EF4BMVE%FEFSFDIBBJ[RVJFSEBFM
WJDFDPOTFKFSPNBESJMF×P.BOVFM.PMJOB«OHFM(JM3JDBSEP$BNQPT+FTÞT$BTUJMMPEJSFDUPSHFOFSBMEFMBPGJDJOBEF8FDBSFVEF#BSDFMPOB$BSMPT5PCBSEFM*OTUJUVUP$BUBMÈOEF4BMVEZ+VMJP;BSDP
r1SFNJPT#FTUJO$MBTTrBMEFOPWJFNCSFEF(.
(.BMEFOPWJFNCSFEF1PMÓUJDB
-BTDPNVOJEBEFTBVUÓOPNBTQPOFOFO
DPNÙOTVBQVFTUBQPSMBIVNBOJ[BDJÓO
&MQSØYJNPEFOPWJFNCSFFM)PTQJUBM$MÓOJDP4BO$BSMPTBDPHFMBQSJNFSB+PSOBEB*OUFSBVUPOØNJDB
.1
.BESJE
-B$PNVOJEBEEF.BESJEZ$BTUJMMB-B
.BODIBIBOJODPSQPSBEPFOMBTFTUSVD
UVSBTEFTVTDPOTFKFSÎBTÃSFBTEFEJDBEBT
EF NBOFSB FTQFDÎGJDB B GPNFOUBS MB
IVNBOJ[BDJÓOEFMBBUFODJÓOTBOJUBSJB
FOTVTSFHJPOFT4VTSFTQPOTBCMFT+VMJP
;BSDPEJSFDUPSHFOFSBMEF$PPSEJOBDJÓO
EFMB"UFODJÓOBM$JVEBEBOPZ)VNBOJ
[BDJÓOEFMB"TJTUFODJB4BOJUBSJBEFMB
$POTFKFSÎBEF4BOJEBEEFMB$PNVOJEBE
EF.BESJEZ3PESJHP(VUJÊSSF[EJSFDUPS
HFOFSBMEF$BMJEBEZ)VNBOJ[BDJÓOEFMB
"TJTUFODJB4BOJUBSJBEFM4FSWJDJPEF4BMVE
EF$BTUJMMB-B.BODIBBOBMJ[BSÃOTVT
FTUSBUFHJBT FO MB QSJNFSB +PSOBEB
*OUFSBVUPOÓNJDBEF)VNBOJ[BDJÓOEFMB
"TJTUFODJB4BOJUBSJBRVFTFDFMFCSBFOFM
)PTQJUBM$MÎOJDP4BO$BSMPTFMQSÓYJNP
EFOPWJFNCSF
+VOUPBFMMPTFTUÃQSFWJTUBUBNCJÊOMB
QBSUJDJQBDJÓOEFMDPOTFKFSPEF4BOJEBE
EF MB $PNVOJEBE EF .BESJE +FTÙT
4ÃODIF[.BSUPTBTÎDPNPEFEJTUJOUPT
SFTQPOTBCMFT EF PUSBT DPNVOJEBEFT
BVUÓOPNBTDPNP"SBHÓOP.VSDJBRVF
FYQPOESÃOTVTJOJDJBUJWBTBEFNÃTEF
SFQSFTFOUBOUFTEFMPTQBDJFOUFT
Jornada Interautonómica
“Humanización de la Asistencia Sanitaria”
Programa preliminar
08:30 h.
Recepción
09:00 – 9:30 h.
Inauguración
Dña. Mercedes Martínez-Novillo González
Directora General de Asistencia Sanitaria Servicio
Murciano de Salud.
D. Julio Zarco Rodríguez
Director General de Coordinación de la Atención
al Ciudadano y Humanización de la Asistencia
Sanitaria. Consejería de Sanidad. Comunidad de
Madrid.
09:30 – 10:00 h.
D. Julio Zarco Rodríguez
Director General de Coordinación de la Consejería
de Sanidad. Comunidad de Madrid.
Representante de Asociación de Pacientes
11:30 – 12:00 h.
Pausa. Café.
10:00 – 11:30 h.
Mesa Redonda II
Iniciativas de Humanización en el entorno
Sanitario
Conferencia Inaugural
Cuidar al profesional de la salud. Reducción de estrés en el ámbito laboral
Modera
Margarita Salinero Aceituno
Coordinadora de Humanización de la Asistencia
Sanitaria. Consejería de Sanidad. Comunidad de
Madrid.
Alejandra Vallejo-Nágera
Profesora de Psicología Médica de la Universidad
Autónoma de Madrid.
10:00 - 11:30 h.
Mesa Redonda I
Estrategias de Humanización de la Asistencia Sanitaria
Modera
Dña. Cristina González del Yerro Valdés
Subdirectora General de Humanización de la
Asistencia. Consejería de Sanidad Comunidad de
Madrid.
Contenido
Iniciativas de cada Comunidad Autónoma representada.
10:00 – 11:30 h.
Conferencia de clausura
El desafío de humanizar la asistencia
sanitaria
D. José Carlos Bermejo Higuera
Director Centro San Camil Tres Cantos (Madrid)
Ponentes
Dña. Rosa María Cihuelo
Directora General de Derechos y Garantías de los
Usuarios. Servicio Aragonés de Salud.
30NOV2016
D. Rodrigo Gutiérrez Fernández
Director General de Calidad y Humanización de la
Asistencia Sanitaria Servicio de Salud de CastillaLa Mancha.
D. Jesús Sánchez Martos
Consejero de Sanidad de la Comunidad de
Madrid.
D. José Soto Bonell
Director Gerente. Hospital Universitario Clínico
San Carlos.
&TUFGPSPFTUÃPSHBOJ[BEPQPSFMHSVQP
8FDBSFV MB FNQSFTB FEJUPSB EF
("$&5".%*$""EFNÃTBQSJODJQJPT
EF WFSBOP 'VOEBNFE TVTDSJCJÓ VO
BDVFSEPDPOMB$POTFKFSÎBEF4BOJEBEEF
MB$PNVOJEBEEF.BESJEQBSBJNQVMTBS
FMEFCBUFTPCSFFTUFUFNB-BTJOTDSJQ
DJPOFTQVFEFOHFTUJPOBSTFBUSBWÊTEFMB
TJHVJFOUFEJSFDDJÓOEFDPSSFPFMFDUSÓ
OJDPIVNBOJ[B!TBMVENBESJEPSH
14:00 h.
Clausura
D. Manuel Molina Muñoz
Viceconsejero de Sanidad. Comunidad de Madrid.
Organiza:
1PMÓUJDBBMEFOPWJFNCSFEF(.
-BUFDOPMPHÎBBQMJDBEBBMBEJBCFUFT
VOJNQVMTPIBDJBMBHFTUJÓOJOUFHSBM
-BTQMBUBGPSNBTEJHJUBMFTQBSBFMTFHVJNJFOUPEFQBDJFOUFTTPODMBWFTQBSBNFKPSBSFOFMBVUPDPOUSPM
$.-
.BESJE
-PTFYQFSUPTTPODPOTDJFOUFTEFRVFFM
BVNFOUPEFMBQSFWBMFODJBEFMBEJBCF
UFTNFMMJUVT%.
FOMPTÙMUJNPTBÒPTFT
QSFWFOJCMFDPNPUBNCJÊOMPTPOTVT
DPNQMJDBDJPOFT4ÓMPFO&TQBÒBBGFDUBB
NÃTEFTFJTNJMMPOFTEFQFSTPOBTZTV
JODJEFODJBDSFDFSÃFOMPTQSÓYJNPTBÒPT
IBTUBDPOWFSUJSTFTFHÙOMB0.4FOMB
TÊQUJNBDBVTBEFNVFSUFFO
&MHSBOSFUPEFMTJTUFNBTBOJUBSJPFTFM
BCPSEBKFEFFTUBFOGFSNFEBEDSÓOJDB
6OB HFTUJÓO NÃT FGJDJFOUF QFSNJUJSÃ
NFKPSBSMPTSFTVMUBEPTEFTBMVEBVNFO
UBOEPMBBVUPOPNÎBEFMQBDJFOUFPGSFDJÊO
EPMFMBTFEVDBDJÓOZMBTIFSSBNJFOUBT
RVFMFQFSNJUBOVOBNFKPSBVUPHFTUJÓO
EFTVFOGFSNFEBE&OFTUFTFOUJEPMB
JNQMFNFOUBDJÓOEFNPEFMPTBTJTUFODJB
MFTPSJFOUBEPTBSFTVMUBEPTBUSBWÊTEFMB
DPMBCPSBDJÓOQÙCMJDPQSJWBEBZEPOEFMB
BTVODJÓOEFMSJFTHPTFBDPNQBSUJEBFTMB
CBTFQBSBMPHSBSVOTJTUFNBNÃTTPTUFOJ
CMFZQFSEVSBCMFRVFNFKPSBSÃBMNJTNP
UJFNQPMBDBMJEBEFOMBBUFODJÓOBMPT
QBDJFOUFTZMPTSFTVMUBEPT
&O FTUF DPOUFYUP MBT QMBUBGPSNBT
EJHJUBMFTQBSBFMTFHVJNJFOUPEFMBTQFSTP
OBTDPOEJBCFUFTKVFHBOVOQBQFMGVOEB
NFOUBM Z MPT QBTPT IBDJB MB HFTUJÓO
JOUFHSBMEFMB%.TPOFWJEFOUFTUBMZDPNP
FYQMJDB.FSDFEFT(BMJOEPFOGFSNFSB
FTQFDJBMJTUB FO EJBCFUFT EFM )PTQJUBM
$MÎOJDP4BO$BSMPTi-PTQBDJFOUFTQBSUJDJ
QBOFOMBEFDJTJÓOEFTVUSBUBNJFOUPZFT
GVOEBNFOUBMTPCSFUPEPFOFOGFSNFEB
EFTDSÓOJDBTuDPNFOUBMBFYQFSUB
-BFEVDBDJÓOUFSBQÊVUJDBQFSNJUFBMBT
QFSTPOBTUFOFSVOBQBSUJDJQBDJÓOiNÃT
BDUJWBZTFJOUFSFTBONÃTQPSTVFOGFS
NFEBEZTVFWPMVDJÓOu"TVKVJDJPDBEB
WF[TFFTUÃNÃTDFSDBEFFTBHFTUJÓO
JOUFHSBMiFTIBDJBEPOEFDBNJOBNPTZ
EPOEFFTUBNPTJODJEJFOEPu
-PTQSPGFTJPOBMFTIBOBTVNJEPFTUF
USBCBKPFEVDBUJWPDPNPVOBDPNQFUFO
DJBCÃTJDBZGVOEBNFOUBMEFOUSPEFTV
ÃNCJUPMBCPSBM-BFEVDBDJÓOQSPQPS
DJPOBBMBQFSTPOBDPOEJBCFUFTOPTPMP
MBNFKPSBEFTVDPOUSPMTJOPBQSFOEFSB
DPOWJWJSDPOMBEJBCFUFTZBTBCFSHFTUJP
OBSTVEÎBBEÎBTFHÙOTVTOFDFTJEBEFTZ
FYQFDUBUJWBT-BFEVDBDJÓOUFSBQÊVUJDB
GPSUBMFDFBMBQFSTPOB$BEBDFOUSPIB
JEPBKVTUBOEPTVTIPSBSJPTQBSBBEBQUBS
EFMBGPSNBNÃTÓQUJNBMPTQSPHSBNBT
FEVDBUJWPTBTVSFBMJEBE1PESÎBNPTQPS
UBOUPEFDJSRVFMBFEVDBDJÓOUFSBQÊVUJDB
SFWJFSUFBEFNÃTEFFOVONFKPSDPOUSPM
NFUBCÓMJDPFOMBQPTJCJMJEBEEFNFKPSBS
MBDBMJEBEEFWJEBBMIBDFSBMBQFSTPOB
NÃTJOEFQFOEJFOUFZNÃTBEIFSFOUFFO
TVBVUPDVJEBEPi4FUSBUBEFFTUBCMFDFS
VOBSFMBDJÓODPOMBQFSTPOBDPOEJBCF
UFT FOTFÒÃOEPMF B DPOWJWJS DPO TV
QBUPMPHÎBBMUSBTMBEBSMFDPOPDJNJFOUPTZ
IBCJMJEBEFTu
(SBDJBTBMBTIFSSBNJFOUBTEFFEVDBDJØOPOMJOFFTQPTJCMFDPOTFHVJSVOBJOEJWJEVBMJ[BDJØOEFMBCPSEBKFBTJTUFODJBMEFDBEBQBDJFOUF
&MHSBOSFUPEFMTJTUFNB
TBOJUBSJPFTVOBDPOTFHVJSVOB
HFTUJØOFGJDJFOUFEFMBT
QBUPMPHÓBT
-BUFMFNFEJDJOBPGSFDF
HSBOEFTQPTJCJMJEBEFTOPTØMP
BOJWFMBTJTUFODJBMUBNCJÏOFO
MBDBMJEBEEFWJEB
(SBDJBTBMBTIFSSBNJFOUBTEFFEVDB
DJÓOPOMJOFBEFNÃTDPOTJHVFVOBJOEJWJ
EVBMJ[BDJÓOEFMBCPSEBKFBTJTUFODJBM
&ODVBOUPBMBTWFOUBKBTQBSBFMUSBUB
NJFOUP(BMJOEPUJFOFDMBSPRVFMBUFDOP
MPHÎBFTUÃTJFOEPEFHSBOBZVEBQBSBMB
PQUJNJ[BDJÓOEFMDPOUSPMHMVDÊNJDP"EÎB
EFIPZVOQBDJFOUFQVFEFDPNQBSUJS
JOGPSNBDJÓODPOTVFRVJQPUFSBQÊVUJDP
$POFTFSFHJTUSPBVUPNÃUJDPMPTQSPGF
TJPOBMFTBTVWF[TPODBQBDFTEFNPOJUP
SJ[BSEFVONPEPNBTFGJDB[BMQBDJFOUF
"EFNÃTZBFTQPTJCMFIBCMBSEFSFEVD
DJÓO EF MBT WJTJUBT OP QSPHSBNBEBT
EFUFDDJÓO BOUJDJQBEB EF QSPCMFNBT
QPUFODJBMNFOUF HSBWFT Z NFKPSB EFM
DPOUSPM HMVDÊNJDP 4F DPOTJHVF VOB
PQUJNJ[BDJÓO EF MPT SFDVSTPT RVF
SFEVOEBFOMBSFEVDDJÓOEFMPTDPTUFT
JOEJSFDUPTEFMBFOGFSNFEBEi&MQSPGF
TJPOBMPCUJFOFMPTEBUPTFOUJFNQPSFBMZ
MPTQBDJFOUFTTPONPOJUPSJ[BEPTBUSBWÊT
EF VO TPQPSUF DPOUJOVBEPu BTFHVSB
(BMJOEP
&YQFSJFODJB
&M)PTQJUBM$MÎOJDP4BO$BSMPTDVFOUB
DPOHSBOFYQFSJFODJBFOFMDBNQPEFMB
UFMFNFEJDJOB$PNPJOEJDB.FSDFEFT
(BMJOEPFMDFOUSPFNQF[ÓDPOWBSJPT
FTUVEJPTQJMPUPDPNPVOUSBCBKPTPCSF
VOTJTUFNBEFUFMFNFEJDJOBCBTBEPFO
JOUFSOFUZNFOTBKFTDPSUPTDPNPVOB
OVFWBBQSPYJNBDJÓOFOFMTFHVJNJFOUP
EFQBDJFOUFTDPOEJBCFUFTHFTUBDJPOBMP
FM FTUVEJP 5FMFNFE QBSB NFEJS MB
FGJDJFODJB EF MB UFMFNFEJDJOB QBSB
PQUJNJ[BS FM DPOUSPM NFUBCÓMJDP FO
QBDJFOUFTDPOEJBCFUFTUJQP
$POBNCPTTFUSBUBCBEFFWBMVBSMB
VUJMJEBE Z SFOUBCJMJEBE FDPOÓNJDB Z
QFSTPOBMIBTUBRVFFWJEFODJBSPOMB
FGJDBDJBEFFTUPTTJTUFNBTEFBZVEBBMB
UPNBEFEFDJTJÓOFOFMTFHVJNJFOUPEF
MBQFSTPOB5SBTPDIPBÒPTVUJMJ[BOEP
FTUBTIFSSBNJFOUBT(BMJOEPDPNFOUB
RVFGPSNBQBSUFEFMBSVUJOBIBCJUVBMFO
DPOTVMUB TJO FNCBSHP iIBSÎB GBMUB
EFEJDBSNÃTUJFNQPBFTUPTFTQBDJPTu
&OBMHVOBTEFFTUBTQMBUBGPSNBT
DPNP TPO FNNJOFOT FDPOFDUB EF
3PDIF %JBCFUFT $BSF 4QBJO DBEB
QBDJFOUFTFEFTDBSHBMPTEBUPTEFMB
CPNCBEFJOTVMJOBZFMHMVDÓNFUSPZ
QVFEF DPNQBSUJSMPT DPO TV FRVJQP
UFSBQÊVUJDP i&TUB IFSSBNJFOUB
QFSNJUFVOTFHVJNJFOUPNÃTQSÓYJNP
ZDPOUJOVBEPBUSBWÊTEFWJTJUBTWJSUVB
MFTuJOEJDBMBFOGFSNFSBBMUJFNQPRVF
BGJSNB RVF QSPGFTJPOBM Z QBDJFOUF
EJTQPOFOEFJOGPSNBDJÓOGÃDJMEFJOUFS
QSFUBSZGJBCMFQBSBBKVTUBSMBUFSBQJB
FGJDB[NFOUF
&MQBDJFOUF
-BVSB-PSFO[PQBEFDF%.EFTEFIBDF
BÒPT"TFHVSBRVFMBTQPTJCJMJEBEFT
RVFPGSFDFOMBTOVFWBTUFDOPMPHÎBTFOFM
DBNQPEFMBEJBCFUFTTPOFOPSNFTFOUSF
FMMBT MB BVUPOPNÎB EFM QBDJFOUFi&M
DPOUBDUPEJSFDUPDPOMBFOGFSNFSBFT
DPOUJOVPBEFNÃTQFSNJUFIBDFSMPTJO
OFDFTJEBEEFEFTQMB[BSTFMPRVFTVQPOF
VOBIPSSPEFUJFNQPu4VFYQFSJFODJBFT
NVZQPTJUJWBZBRVFFTUBTIFSSBNJFOUBT
TPOGÃDJMFTFOFMVTPZNVZJOUVJUJWBT-B
HSBODBOUJEBEEFEBUPTRVFPGSFDFOQBSB
FMQBDJFOUFTPOBKVJDJPEF-PSFO[P
DMBWFT BM QFSNJUJS NFEJS BOBMJ[BS Z
FWBMVBSFMFTUBEPEFMBQBUPMPHÎBi6OB
BZVEBFOMBEFDJTJÓOEFMUSBUBNJFOUPu
FYQMJDBBMUJFNQPRVFJODJEFFORVFMB
NPUJWBDJÓOQPSMBNFKPSÎBEFMBFOGFSNF
EBEUBNCJÊOFTJNQPSUBOUF
$POUPEPFMGVUVSPFTUÃFOGPDBEPFOFM
EFTBSSPMMPEFFTUFUJQPEFIFSSBNJFOUBT
i4FFTUÃBWBO[BOEPNVDIPNÃTFOUPEP
MPRVFFTVOBUFDOPMPHÎBEFDPNVOJDB
DJÓO NÃT SÃQJEB Z NÃT JONFEJBUBu
BQVOUB(BMJOEPBMUJFNQPRVFNBUJ[B
RVF OP TJHOJGJDB EFTQFSTPOBMJ[BS MB
SFMBDJÓOFOUSFQSPGFTJPOBMZQBDJFOUF
TJOPUPEPMPDPOUSBSJPiTFBGJBO[BNVDIP
NÃTBMFYJTUJSNÃTDPOUBDUPZFNQBUÎBu
(.BMEFOPWJFNCSFEF1PMÓUJDB
Saber más sobre
responsabilidad civil
&RQVHQWLPLHQWRLQIRUPDGR
\GHIHQVDHVSHFLDOL]DGD
DFLHUWRVHJXUR
$ØSEPCBBDPHJØMBA+PSOBEBJ)PTQJUBMFTQBSBJ1BDJFOUFTRVFGPSNBQBSUFEFMPTFODVFOUSPTQSFDPOHSFTVBMFTEFM
$POHSFTP/BDJPOBMEF)PTQJUBMFTZ(FTUJØO4BOJUBSJBPSHBOJ[BEPQPS4FEJTBZ"OEF
'BMUBODSJUFSJPT
EFDPOUSPMEFMBT
UFDOPMPHÎBTTBOJUBSJBT
-PTFYQFSUPTSFDMBNBORVFVOBFOUJEBEJOEFQFOEJFOUF
FYUFSOBBOBMJDFMPTSJFTHPTRVFTVQPOFOQBSBFMQBDJFOUF
"-.6%&/"'&3/«/%&;
.BESJE
-BT FTUSBUFHJBT EF TFHVSJEBE EFM
QBDJFOUF TPO VO BTQFDUP DMBWF FO
TBOJEBE QFSP OPSNBMNFOUF FTUÃO
QMBOUFBEBTEFTEFVOBQFSTQFDUJWBiNVZ
DMÎOJDBuZFMJNQBDUPRVFUJFOFOMBTUFDOP
MPHÎBTEFMBJOGPSNBDJÓOFOFTUFDBNQP
FTUPEBWÎBCBTUBOUFEFTDPOPDJEP1PS
FTUFNPUJWP.BOVFM+JNCFSEFM4FSWJDJP
EF$BMJEBEZ%PDVNFOUBDJÓO$MÎOJDBEFM
)PTQJUBM3FJOB4PGÎBEF$ÓSEPCBFYQMJDÓ
B(.FOFMNBSDPEFMBA+PSOBEBJ)PTQJ
UBMFTQBSBJ1BDJFOUFTPSHBOJ[BEBQPS
MB4PDJFEBE&TQBÒPMBEF%JSFDUJWPTEFMB
4BMVE4FEJTB
ZMB"TPDJBDJÓO/BDJPOBM
EF%JSFDUJWPTEF&OGFSNFSÎB"/%&
RVF
TVDFOUSPMMFWBUSFTBÒPTUSBCBKBOEPFO
FTUBMÎOFB
&OFTUFTFOUJEP+JNCFSDPNFOUÓRVF
MBTUFDOPMPHÎBTEFMBJOGPSNBDJÓOTBOJUB
SJBBQPSUBOiJOOVNFSBCMFTWFOUBKBTuB
MPTTJTUFNBTEFTBMVEZBRVFBDUVBM
NFOUFOPTFQPESÎBIBDFSVOBBTJTUFODJB
TBOJUBSJBTJOFTUBTUFDOPMPHÎBTFTQFDJBM
NFOUFFOFMDBTPEFMBIJTUPSJBDMÎOJDB
FMFDUSÓOJDBRVFDPOTUJUVZFVOBIFSSB
NJFOUBFTFODJBMQBSBMPTDMÎOJDPTi7BO
NVDIPNÃTBMMÃEFVOTJNQMFSFQPTJUPSJP
EF JOGPSNBDJÓO )PZ FM DMÎOJDP UPNB
EFDJTJPOFT DPO MB JOGPSNBDJÓO RVF
BQBSFDFFOTVPSEFOBEPSBUSBWÊTEFMB
IJTUPSJBDMÎOJDBFMFDUSÓOJDBuEFUBMMÓQBSB
BÒBEJSRVFDPNPUPEBIFSSBNJFOUBRVF
TF JOUSPEVDF FO FM ÃNCJUP TBOJUBSJP
BHSFHBOVFWPTSJFTHPT
"VORVFTPOUPEBWÎBVOQPDPEFTDPOP
DJEPTTFTBCFRVFQVFEFOMMFHBSBDBVTBS
EBÒPTBMBQFSTPOBMPRVFTFDPOPDF
DPNPJODJEFOUFTZFWFOUPTBEWFSTPTQBSB
MBTBMVEEFMQBDJFOUF+JNCFSJODJEJÓFO
RVF FM IFDIP EF RVF MBT UFDOPMPHÎBT
WBZBOJODSFNFOUBOEPTVQFOFUSBDJÓO
QSFWJTJCMFNFOUFPDBTJPOBSÃRVFFTUPT
SJFTHPT WBZBO FO BVNFOUP QVFT OP
QBTBODPOUSPMFTEFDBMJEBEZTFHVSJEBE
DPNPFMSFTUPEFIFSSBNJFOUBTTBOJUBSJBT
ZOPFYJTUFOVOPTDSJUFSJPTSFHVMBEPTOJ
IBZVOBFOUJEBEFYUFSOBJOEFQFOEJFOUF
RVFMBTBOBMJDFEFTEFFTUBQFSTQFDUJWB
BVORVF TÎ QBTBO MBT QSVFCBT EF MPT
QSPQJPT GBCSJDBOUFT QFSP TPO UPEBT
GVODJPOBMFT
)BZNVDIPTFKFNQMPTEFFSSPSFTRVF
QVFEFO BGFDUBS B MB TFHVSJEBE EFM
QBDJFOUFBTFHVSBZFOVNFSBRVFQVFEF
TFSJOGPSNBDJÓORVFTFDSV[BFOMBIJTUP
SJBDMÎOJDBRVFQVFEFMMFWBSBFSSPSFTEF
JEFOUJGJDBDJÓOEFMQBDJFOUFBVOBJOUFS
WFODJÓO RVJSÙSHJDB JOOFDFTBSJB P B
QSVFCBT BOBMÎUJDBT RVF TF QVFEFO
BTJHOBSBMBQFSTPOBFRVJWPDBEBZRVF
QPESÎBO BDBCBS FO EJBHOÓTUJDPT
FSSÓOFPTPTJTUFNBTEFJOUFSPQFSBCJMJ
EBERVFSFEPOEFBOEFDJNBMFTDPOMP
DVBMTFQVFEFJODSFNFOUBSMBTEPTJTEF
VONFEJDBNFOUPZFOBMHVOPTDBTPT
DPNPFOMPTCFCÊTQVFEFTFSHSBWF
&MPSJHFOEFFTUPTQSPCMFNBTQVFEF
FTUBSFODPTBTTFODJMMBTZSFMBDJPOBEBT
DPOMBTUFDOPMPHÎBTEFMBJOGPSNBDJÓO
UBOUPFOTVEJTFÒPDPNPEFTVJNQMBOUB
DJÓOZFOTVVTPQPSFKFNQMPQBOUBMMBT
RVFTPONVZQFRVFÒBTZIBDFORVFMB
MFUSBTFBJMFHJCMFWFOUBOBTDPOJOGPSNB
DJÓORVFTFQJFSEFOQPSMBQBSUFEFSFDIB
EFMBWFOUBOBPQBOUBMMBTFOMBTRVFOP
TFBQSFDJBODMBSBNFOUFMPTEBUPTEF
JEFOUJGJDBDJÓOEFMQBDJFOUF
1PSTVQBSUF.BOVFM)VFSUBTQSFTJ
EFOUFEFFTUBKPSOBEBTFÒBMÓRVFMPT
TNBSUIPTQJUBMFTTPOZBVOBSFBMJEBE
QFSPIJ[PIJODBQJÊFOOPPMWJEBSRVF
UJFOFOTPMPVOPCKFUJWPJODSFNFOUBSFM
HSBEPEFQFSTPOBMJ[BDJÓOZIVNBOJ[B
DJÓOEFMBBUFODJÓOBMQBDJFOUFZBRVFFT
GÃDJMiQFSEFSFTUBWJTJÓOuZDBFSFOMB
GBTDJOBDJÓO UFDOPMÓHJDB RVF FTUPT
BWBODFTQSPEVDFO
<DKHPRVKDEODGRHQPiVGHXQDRFDVLyQGH LQIRUPHVSHULFLDOHVDVtFRPRODVGHPiV
ODLPSRUWDQFLDGHODGHIHQVDHVSHFLDOL]DGD\ SUXHEDVSUDFWLFDGDVGXUDQWHHOMXLFLRRUDOQR
HOFRQVHQWLPLHQWRLQIRUPDGR(QFDVRVGH H[LVWtDSUXHEDGHFDUJRTXHDFUHGLWDUDODPDOD
5&PpGLFDHVYLWDOFRQWDUFRQSURIHVLRQDOHV SUD[LVGHOPpGLFRWUDXPDWyORJR3RUWDQWRVH
TXHFRQR]FDQODVPHWRGRORJtDVSDUDQXHVWUD UDWLILFyODDEVROXFLyQGHGLFKRHVSHFLDOLVWD
5HVSHFWRDODQHVWHVLVWDVHDOHJDEDTXHHO
GHIHQVDDOLJXDOTXHLQIRUPDUDOSDFLHQWHGH
PDQHDUFRUUHFWDWDQWRHVFULWRFRPRYHUEDO MXH]GHSULPHUDLQVWDQFLDQRKDEtDYDORUDGR
PHQWHSXHGHVHUXQVHJXURGHYLGDDQWHXQD FRUUHFWDPHQWHODSUXHEDHVGHFLUHOLQIRUPH
GHOSHULWRGHVLJQDGRMXGLFLDOPHQWH(VWH
GHPDQGD
8QSDFLHQWHGHPDQGyDOPpGLFRWUDXPD LQIRUPHQRUHFRJtDTXHODDFWXDFLyQGHO
WyORJR\DODQHVWHVLVWDTXHLQWHUYLQLHURQHQ HVSHFLDOLVWDIXHUDLQFRUUHFWD\TXHSRUHQGH
VXRSHUDFLyQ$GHPiVLQFOX\yHQODGHPDQGD SXGLHVHGHULYDUHQUHVSRQVDELOLGDGPpGLFD
(OUHFXUVRDGHPiVPDQLIHVWDEDTXHGHOD
DOFHQWURKRVSLWDODULRHQHOTXHVHUHDOL]yOD
LQWHUYHQFLyQDVtFRPRDVXVHJXURPpGLFR GHFODUDFLyQGHGLFKRSHULWRHQHOMXLFLRQRVH
VROLFLWDQGRXQDLQGHPQL]DFLyQGH SRGtDGHVSUHQGHUTXHKXELHVHH[LVWLGRPDOD
SUD[LVPpGLFD\DTXHVRORVHUHFRJLHURQXQDV
HXURVDSDJDUVROLGDULDPHQWH
(OSDFLHQWHIXHLQWHUYHQLGRGHXQKDOOX[ UHFRPHQGDFLRQHV WDOHV FRPR HO XVR GH
YDOJXV\HOPHWDWDUVRYDURGHOSLHL]TXLHUGR HFyJUDIR 0LHQWUDV TXH D OD KRUD GH VHU
/DGHPDQGDEDDFKDFDEDDHVDLQWHUYHQFLyQ SUHJXQWDGRSRUVLVHKDEtDYXOQHUDGRDOJ~Q
XQD OHVLyQ QHXUROyJLFD GHO QHUYLR WLELDO SURWRFRORGHDFWXDFLyQHOSHULWRUHVSRQGLy
SRVWHULRUL]TXLHUGRDVtFRPRODQHFHVLGDGGH GHPDQHUDWDMDQWHTXHQR
(QYLVWDGHORDFRQWHFLGRWRGDVODVGHIHQ
UHLQWHUYHQFLyQXQPHVGHVSXpVSDUDOLEHUDU
GLFKRQHUYLR(QODHVWDVHJXQGDRSHUDFLyQ VDVGHODVSDUWHVFRGHPDQGDGDVSXVLHURQGH
PDQLIHVWy TXH OD
VH LGHQWLILFy XQD
UHODFLyQ HQWUH HO
EULGD YDVFXODU TXH
SURGXFtD
XQD La relación entre el paciente y SDFLHQWH\ORVIDFXO
los facultativos es una
WDWLYRV HV XQD
FRPSUHQVLyQ
REOLJDFLyQ
GH
/DVHQWHQFLDIXH
obligación de medios, no de
PHGLRV
QXQFD
GH
HVWLPDGD SDUFLDO
resultados
UHVXOWDGRV(VWRVH
PHQWH HQ SULPHUD
GHEH D TXH OD
LQVWDQFLD FRQGH
QDQGRDODQHVWHVLVWD\DOFHQWURKRVSLWDODULR PHGLFLQDQRHVXQDFLHQFLDH[DFWD\SXHGHQ
DDERQDUVROLGDULDPHQWHHXURVPiV VXUJLU FRPSOLFDFLRQHV DMHQDV D OD SURSLD
LQWHUHVHVDOSDFLHQWH(OWUDXPDWyORJR\VX DFWXDFLyQPpGLFDHQWRGDVODVLQWHUYHQFLRQHV
3RUHOORHVGHYLWDOLPSRUWDQFLDFRQVWDWDU
VHJXURPpGLFRIXHURQDEVXHOWRV
/DGHIHQVDGHODSDFLHQWHUHFXUULyGLFKD TXHHOSDFLHQWHKDVLGRLQIRUPDGRFRUUHFWD
VHQWHQFLDUHSURFKDQGRODDEVROXFLyQGHO PHQWHGHODVSRVLEOHVFRPSOLFDFLRQHVGHULYD
WUDXPDWyORJRDTXLHQFRQVLGHUDEDUHVSRQVD GDVGHODVLQWHUYHQFLRQHVTXLU~UJLFDVSDUD
EOHSULQFLSDOGHODOHVLyQRFDVLRQDGD$GHPiV RWRUJDUVXFRQVHQWLPLHQWRGHXQDPDQHUD
HQHOUHFXUVRPRVWUDEDQVXGLVFRQIRUPLGDG FRQVFLHQWH\YROXQWDULD(QHVWHFDVRVH
FRPSUREyTXHHOSDFLHQWHIXHLQIRUPDGRGH
FRQODFXDQWtDSRUGHEDMRGHODVROLFLWDGD
/DUHSUHVHQWDFLyQGHODQHVWHVLVWDWDPELpQ ODPDQHUDLGyQHDUHFLELHQGRHOGRFXPHQWR
UHFXUULyODVHQWHQFLDDOHJDQGRXQHUURUHQOD GHOFRQVHQWLPLHQWRLQIRUPDGRSRUHVFULWR
YDORUDFLyQGHODSUXHEDHQFRQFUHWRHQHO GRQGHVHUHFRJtDODFRPSOLFDFLyQTXHVXIULy
LQIRUPHGHOSHULWRMXGLFLDO([SRQtDQTXHHQ HQWUHORVULHVJRVGHGLFKDLQWHUYHQFLyQ
&RQFDVRVFRPRHVWHTXHGDFRPSUREDGR
QLQJ~QPRPHQWRVHFRQILUPyTXHH[LVWLHUD
PDODSUD[LVHQHOSURFHGHUGHOHVSHFLDOLVWD TXHXQDGHIHQVDHVSHFLDOL]DGDHVHVHQFLDOHQ
$GHPiVODSDUWHGHOWUDXPDWyORJRWDPELpQ ORVFDVRVGHUHVSRQVDELOLGDGFLYLOPpGLFD(Q
VHRSXVRDOUHFXUVRGHOSDFLHQWHXQLpQGRVH HVWD GHPDQGD VH FRQVLJXLy ILQDOPHQWH
UHYRFDUODVHQWHQFLDGHSULPHUDLQVWDQFLD
FRQHODQHVWHVLVWD
(O7ULEXQDOHQFDUJDGRHQVHJXQGDLQVWDQ DEVROYLHQGRDORVGHPDQGDGRV\FRQGH
FLDUHSURFKyDODGHIHQVDGHOSDFLHQWHTXHVH QDQGRHQFRVWDVDODUHSUHVHQWDFLyQGHO
KDEtDOLPLWDGRDPRVWUDUVXGHVDFXHUGRVLQ SDFLHQWH
GDUUD]RQHVGHSRUTXpVHGHELyGLFWDUXQD
VHQWHQFLDGLIHUHQWH'HHVWDIRUPDHO7ULEX
Más información en:
QDOYROYLyDFRQVLGHUDUTXHHQYLVWDGHORV
www.lexsanitaria.com
1PMÓUJDBBMEFOPWJFNCSFEF(.
:"%&.«4
■ A$POTUBOUFT Z 7JUBMFT
EJTUJOHVFBMPTQSPZFDUPTEF
JOWFTUJHBDJÓOCJPNÊEJDBZ
QSFWFODJÓOFOTBMVE
$POTUBOUFTZ7JUBMFTMBQSJNFSBDBNQBÒB
EF 3FTQPOTBCJMJEBE $PSQPSBUJWB EF
MB4FYUBFNQSFOEJEBKVOUPB'VOEBDJÓO
"9" IB DFMFCSBEP MB FOUSFHB EF MPT
1SFNJPT $POTUBOUFT Z 7JUBMFT -PT
HBMBSEPOBEPT EF MB ** &EJDJÓO EF MPT
1SFNJPT $POTUBOUFT Z 7JUBMFT B MB
*OWFTUJHBDJÓO#JPNÊEJDBZMB1SFWFODJÓO
FOTBMVEIBODPSSFTQPOEJEPB+BWJFS
$PSUÊT.JHVFM-ÓQF[1ÊSF[FM$POTFKP
(FOFSBMEF$PMFHJPT0GJDJBMFTEF.ÊEJDPT
EF &TQBÒB Z MB 3FE &TQBÒPMB EF
*OWFTUJHBEPSFTFO%PMFODJBTEFMB&TQBMEB
Z$BSMPT#FMNPOUF.BSUÎOF[
-B+VOUB%JSFDUJWBEF*%*4MPTNJFNCSPTEFM$PNJUÏ"VEJUPSZMBTBVUPSJEBEFTRVFBDVEJFSPOBMBFOUSFHBEFMPTSFDPOPDJNJFOUPTQPTBOKVOUPDPOMPTSFQSFTFOUBOUFTEFMBTFOUJEBEFTBDSFEJUBEBT
JOTUJUVDJPOFTTBOJUBSJBTDVFOUBO
ZBDPOMB"DSFEJUBDJÓO2)EF*%*4
-BDVBSUBFEJDJØOEFFTUFSFDPOPDJNJFOUPFTUÈZBBCJFSUBZTFSÈBOVBM
"-.6%&/"'&3/«/%&;
.BESJE
&OFMNBSDPEFMB4FNBOB&VSPQFBEFMB
$BMJEBEFM*OTUJUVUPQBSBFM%FTBSSPMMPF
*OUFHSBDJÓO EF MB 4BOJEBE *%*4
IB
DFMFCSBEPFMUFSDFSBDUPEFFOUSFHBEFMB
"DSFEJUBDJÓO2VBMJUZ)FBMUIDBSF2)
RVFSFDPOPDFMPTEJTUJOUPTBUSJCVUPTEFMPT
TJTUFNBTEFDBMJEBEFYJTUFOUFTZVOJGJDB
FOVOTPMPJOEJDBEPSTJOUÊUJDPMPTFTGVFS
[PTSFBMJ[BEPTQPSDVBMRVJFSPSHBOJ[B
DJÓOBTJTUFODJBMFOMBTFOEBEFMBDBMJEBE
6OUPUBMEFDFOUSPTTBOJUBSJPTIBOTJEP
SFDPOPDJEPTOVFWPTZPUSPTDVBUSP
IBONFKPSBEPFMOJWFMEFBDSFEJUBDJÓO
FO
FTUBPDBTJÓOQPSMPRVFTPOZBMBTJOTUJ
UVDJPOFTRVFIBOPCUFOJEPMB"DSFEJUB
DJÓO2)FOFTUBTUSFTFEJDJPOFT
"MGSFEP'FSOÃOEF[7BMNBZPSQSFTJ
EFOUFEF*%*4QVTPTPCSFMBNFTBRVF
iTJODBMJEBEOPIBZDPNQSPNJTPZTJO
DPNQSPNJTPOPIBZDPOGJBO[BuQPSMP
RVFWBMPSÓFMFTGVFS[PRVFIBDFOMBT
PSHBOJ[BDJPOFT BTJTUFODJBMFT QBSB
NFKPSBSFOFTUFDBNQP
&OFTUFTFOUJEPFYQMJDÓRVFFOVO
QFSJPEPEFHSBOEFTDBNCJPTDPNPFM
BDUVBMFTGVOEBNFOUBMDFOUSBSFMEFCBUF
FOUPSOPBEBUPTPCKFUJWPT1PSFMMPFTUF
TJTUFNBQSFUFOEFBQPSUBSUPEBMBJOGPS
NBDJÓORVFQVFEBSFRVFSJSTFEFGPSNB
PCKFUJWB QBSB UPNBS MBT EFDJTJPOFT
BEFDVBEBT
.BOVFM7JMDIFTEJSFDUPSHFOFSBMEF
*%*4TFÒBMÓQPSTVQBSUFRVFiDVBOEP
MBTDPTBTTFIBDFOCJFOIBZRVFSFDPOP
DFSMBTuZBHSBEFDJÓBUPEBTMBTPSHBOJ[B
DJPOFTRVFFOUJFOEFOMBDBMJEBEiDPNP
DVMUVSBUSBOTWFSTBMRVFBGFDUBBUPEPTu
.FEJS Z DPNQBSBS QBSB JNQVMTBS
NFKPSBTFTFTFODJBMNÃTFOVOTFDUPS
DPNPFMTBOJUBSJP"TÎMPTFÒBMÓ&MFOB
"OESBEBTEJSFDUPSBHFOFSBMEF4BMVE
1ÙCMJDB$BMJEBEF*OOPWBDJÓOEFM.JOJT
UFSJPEF4BOJEBERVFUBNCJÊOQBSUJDJQÓ
FO FM BDUP "EFNÃT BTFHVSÓ RVF MB
"DSFEJUBDJÓO2)FTiVODPNQMFNFOUP
FYDFMFOUFuZVOBQSPMPOHBDJÓOiNÃTRVF
BDFSUBEBu EF BMHVOBT JOJDJBUJWBT EFM
4JTUFNB/BDJPOBMEF4BMVE
&OUJEBEFTBDSFEJUBEBT
&ODPODSFUPMBDBUFHPSÎBA"DSFEJUBDJÓO
2) FO FTUB UFSDFSB FEJDJÓO EF MPT
SFDPOPDJNJFOUPTRVFEBJOUFHSBEBQPS
%JBHOÓTUJDPT.ÊEJDPT&TQFDJBMFT)PTQJ
UBM*ONBDVMBEB$PODFQDJÓO)PTQJUBM
.FTBEFM$BTUJMMP)PTQJUBM&M¦OHFM
(SVQP)PTQJUBMBSJP)-")PTQJUBMEF
.PMJOB*OOPWB0DVMBS-B"SSV[BGB*7*
*MMFT#BMFBSTZ.";.VUVBDPMBCPSBEPSB
DPOMB4FHVSJEBE4PDJBMO
-BA"DSFEJUBDJÓO2)FTUSFMMBIB
TJEPDPODFEJEBB'SBUFSOJEBE.VQSFTQB
.BOVFM7JMDIFTTF×BMBRVF
iDVBOEPMBTDPTBTTFIBDFO
CJFOIBZRVFSFDPOPDFSMBTw
EFBIÓMBJNQPSUBODJBEF2)
.BZFSPBQVOUBBRVFTF
NBOUJFOFTVDBSÈDUFS
iJOUFHSBEPSWPMVOUBSJPZ
HSBUVJUPw
.VUVBDPMBCPSBEPSBDPOMB4FHVSJEBE
4PDJBMO)PTQJUBM6OJWFSTJUBSJP
1SÎODJQF EF "TUVSJBT EF "MDBMÃ EF
)FOBSFT)PTQJUBM"TFQFZP$BSUVKB)14
)PTQJUBM1FSQFUVP4PDPSSP)PTQJUBM).
.PEFMP.BUFSOJEBE #FMÊO )PTQJUBM
6OJWFSTJUBSJP*OGBOUB$SJTUJOB)PTQJUBM
6OJWFSTJUBSJP EF5PSSFKÓO .VUVB EF
"OEBMVDÎBZEF$FVUB$FTNB
Z.VUVB
#BMFBS .VUVB DPMBCPSBEPSB DPO MB
4FHVSJEBE4PDJBMO
1PSPUSPMBEPMBA"DSFEJUBDJÓO2)
FTUSFMMBTTFIBDPODFEJEPBMB'VOEBDJÓO
)PTQJUBM$BMBIPSSB)PTQJUBM"TFQFZP
$PTMBEB)PTQJUBM"TFQFZP4BO$VHBUZ
)PTQJUBM)./VFWP#FMÊO
&O FTUB UFSDFSB DPOWPDBUPSJB EF MB
"DSFEJUBDJÓO2)EF*%*4UBNCJÊODVBUSP
DFOUSPTIBOTJEPSFDPOPDJEPTQPSNFKPSBS
TVOJWFM%FFTUBGPSNBFM)PTQJUBM6OJWFS
TJUBSJP'VOEBDJÓOEF"MDPSDÓOZFM)PTQJ
UBM6OJWFSTJUBSJP&M&TDPSJBMIBOSFDJCJEP
MBA"DSFEJUBDJÓO2)FTUSFMMB.VUVBMJB
.VUVBDPMBCPSBEPSBDPOMB4FHVSJEBE
4PDJBMO
IBPCUFOJEPMBA"DSFEJUBDJÓO
2)FTUSFMMBTZGJOBMNFOUFMPTPSHBOJ
[BEPSFTBTFHVSBORVFMFTiDPOHSBUVMB
FTQFDJBMNFOUFuRVFVOBPSHBOJ[BDJÓO
BTJTUFODJBMTFQSFTFOUFBNFKPSBSTVDBMJGJ
DBDJÓO Z DPOTJHB MMFHBS B PCUFOFS FM
NÃYJNPSFDPOPDJNJFOUPRVFPGSFDF2)
DPNPFTFMDBTPEFM$PNQMFKP)PTQJUBMB
SJP6OJWFSTJUBSJPEF(SBOBEBRVFIB
DPOTFHVJEPMBNÃYJNBDBUFHPSÎBQPTJCMF
MBA"DSFEJUBDJÓO2)FTUSFMMBTQPSMP
RVFMFTGFMJDJUBSPOKVOUPBUPEBTMPTEFNÃT
JOTUJUVDJPOFTSFDPOPDJEBTFOFTUBFEJDJÓO
-VJT.BZFSPTFDSFUBSJPHFOFSBMEFM
*OTUJUVUPQPSTVQBSUFEFUBMMÓRVFMB
"DSFEJUBDJÓO2)NBOUJFOFiTVDBSÃDUFS
JOUFHSBEPSWPMVOUBSJPZHSBUVJUPuFIJ[P
IJODBQJÊFORVFBQPSUBWBMPSEFNBOFSB
iFWJEFOUFuBMBQSPQJBJOTUJUVDJÓOBMPT
QBDJFOUFTBTVTGBNJMJBTZBMPTQSPGFTJP
OBMFT4FÒBMÓBTJNJTNPRVFMBDVBSUB
FEJDJÓOEFFTUPTSFDPOPDJNJFOUPTZBFTUÃ
BCJFSUBZTFSÃBOVBM
.BOVFM7JMDIFTJOGPSNÓBEFNÃTEF
RVF *%*4 WB B MBO[BS VOB DBNQBÒB
EJSJHJEBBMQÙCMJDPHFOFSBMQBSBEBSB
DPOPDFS FTUB BDSFEJUBDJÓO Z RVF MPT
QBDJFOUFTTFQBOMPRVFJNQMJDBRVFVO
DFOUSPEJTQPOHBEFMBNJTNB
■%,7QSFTFOUBMB*7FEJDJÓO
EFTVTQSFNJPT.FEJDJOBZ
4PMJEBSJEBEZFTUSFOBVOB
OVFWBDBUFHPSÎB
%,7JOJDJBVOOVFWPDJDMPEFMPT1SFNJPT
%,7.FEJDJOBZ4PMJEBSJEBEZBCSFMB
DPOWPDBUPSJB
QBSB
QSFTFOUBS
DBOEJEBUVSB B VOPT HBMBSEPOFT RVF
SFDPOPDFO B FOUJEBEFT Z QFSTPOBT
SFMBDJPOBEBTDPOFMTFDUPSTPDJPTBOJUBSJP
RVFUSBCBKBOQBSBBQPZBSPJNQVMTBS
QSPZFDUPT TPMJEBSJPT BZVEBOEP B
DBNCJBSFMNVOEPNÃTBMMÃEFTVMBCPS
FTUSJDUBNFOUFQSPGFTJPOBM)BTUBFMEF
BCSJMEFMPTDBOEJEBUPTQPESÃO
QSFTFOUBSTVTQSPZFDUPT
■ /VFWP $FOUSP .ÊEJDP
.BQGSF
4BMVE
FO
.BKBEBIPOEBRVFDVFOUB
DPONÃTEFNFUSPT
.BQGSFIBQVFTUPFOGVODJPOBNJFOUPVO
OVFWP$FOUSP.ÊEJDP.BQGSF4BMVEFOMB
MPDBMJEBEEF.BKBEBIPOEB.BESJE
-BT
OVFWBT JOTUBMBDJPOFT IBO TJEP
JOBVHVSBEBTQPSFM$&05FSSJUPSJBMEF
.BQGSF*CFSJB+PTÊ.BOVFM*ODIBVTUJFM
BMDBMEFEFMBDJVEBE/BSDJTPEF'PYÃZFM
EJSFDUPSEFMPTDFOUSPTNÊEJDPTQSPQJPTEF
.BQGSF+BWJFS"MPOTP4BOUPT-BTOVFWBT
JOTUBMBDJPOFTDVFOUBODPONÃTEF
NFUSPTDVBESBEPT
■)PTQJUBMFT/JTBGJSNBVO
DPOWFOJP RVF DPOWJFSUF B
FTUB JOTUJUVDJÓO FO VOB
FNQSFTBDBSEJPTBMVEBCMF
-B 'VOEBDJÓO )PTQJUBMFT /JTB MB
'VOEBDJÓO7JDFOUF5PSNPZMB'VOEBDJÓO
&TQBÒPMBEFM$PSB[ÓOIBOGJSNBEPVO
DPOWFOJPQPSFMDVBMFMHSVQPIPTQJUBMBSJP
TFBEIJFSFBM1SPHSBNB1&$4'PSNBDJÓO
QSPHSBNB
EF
FNQSFTBT
DBSEJPTBMVEBCMFT
&MPCKFUJWPEFFTUF
QSPHSBNBFTTFHÙO.BS¦MWBSF[HFSFOUF
EFMB'VOEBDJÓO)PTQJUBMFT/JTBiUSBUBS
EFQSFWFOJSZEJTNJOVJSMBJODJEFODJBEF
FOGFSNFEBEFTDBSEJPWBTDVMBSFTFOUSFMB
QMBOUJMMBu
(. BMEFOPWJFNCSFEF
1SJNBSJB
%FJ[RVJFSEBBEFSFDIB4POJB-ØQF[-VJTB-BTIFSBT.BSJBT1JSFTZ$BSNFO(BSDÓBUPEBTFMMBTTPOWPDBMFTEFMB$PNJTJØO5ÏDOJDBEF"DDJPOFTFO4BMVEGSFOUFBMB7JPMFODJBEF(ÏOFSPEFMB$PNVOJEBEEF.BESJE
&MSFTQPOTBCMFEFWJPMFODJBEFHÊOFSP
DMBWFFOQSFWFODJÓOZBUFODJÓOFO"1
.BESJEBWBO[BFOMBGPSNBDJØOEFTVTQSPGFTJPOBMFTTBOJUBSJPTFOUPEPTMPTÈNCJUPTEFBUFODJØO
"-.6%&/"'&3/«/%&;
.BESJE
-BDPOTVMUBEF"1FTVOMVHBSiJEFBMuQBSB
MBEFUFDDJÓOQSFDP[MBQSFWFODJÓOZMB
JOUFSWFODJÓO DPO NVKFSFT RVF TVGSFO
WJPMFODJBEFHÊOFSP"TÎMPBTFHVSBB(.
4POJB-ÓQF[EJSFDUPSBBTJTUFODJBMFOGFS
NFSBEFMB%JSFDDJÓO"TJTUFODJBM$FOUSP
EFMB$PNVOJEBEEF.BESJEZNJFNCSPEF
MB$PNJTJÓO5ÊDOJDBEF"DDJPOFT$POUSBMB
7JPMFODJBEF(ÊOFSPFOMBSFHJÓO"HSFHB
RVFMBTNVKFSFTBDVEFOGSFDVFOUFNFOUF
BMPTDFOUSPTEFTBMVECJFOQPSFMMBTCJFO
QPSMBTQFSTPOBTRVFUJFOFOBTVDBSHPF
JODMVTPQPSFMQSPQJPNBMUSBUBEPSi4F
QPTJCJMJUBVOBDPOUJOVJEBEFOMBBUFODJÓO
RVF GBWPSFDF FM FTUBCMFDJNJFOUP EF
SFMBDJPOFTEFDPOGJBO[BRVFBZVEBOBMB
QBDJFOUF FO FTUF QSPDFTP UBO EVSPu
TVCSBZB
-VJTB-BTIFSBTUÊDOJDBTVQFSJPSEFMB
%JSFDDJÓO(FOFSBMEF4BMVE1ÙCMJDBZ
WPDBMEFMB$PNJTJÓO5ÊDOJDBEF"DDJPOFT
FO4BMVEGSFOUFBMB7JPMFODJBEF(ÊOFSP
EFMB$PNVOJEBEEF.BESJEEFUBMMBRVF
FOMBÙMUJNBFODVFTUBQPCMBDJPOBMMB
QSFWBMFODJBEFNVKFSFTNBESJMFÒBTEF
FOUSFBBÒPTRVFTVGSÎBFTUFUJQPEF
WJPMFODJBGVFEFMQPSDJFOUP
%FTEFRVFTFQVTPFONBSDIBMB&TUSB
UFHJB3FHJPOBMVOBEFMBTMÎOFBTiDMBWFu
QBSBMB$PNVOJEBEEF.BESJEFTMBGPSNB
DJÓOEFMPTQSPGFTJPOBMFTFOUPEPTMPT
ÃNCJUPTFOFM4VNNBFOMPTIPTQJ
UBMFTFOMPTTFSWJDJPTEFTBMVEQÙCMJDBZ
DFOUSPTEFUSBUBNJFOUPEFBEJDDJPOFT
EFUBMMB-ÓQF[
"HSFHBRVFDPOMBDPMBCPSBDJÓOEF"1
TFIBDPOTFHVJEPBMDBO[BSiVOBEFMBT
NBZPSFT DPCFSUVSBTu EF GPSNBDJÓO
TJHVJFOEPDPOMB&TUSBUFHJBEFMB$POTFKF
-"'050/05*$*"
*&ODVFOUSPEF3FTQPOTBCMFTEF7JPMFODJBEF(ÏOFSPEF"1
3FDJFOUFNFOUFFM)PTQJUBM$MÓOJDP4BO$BSMPTBDPHJØMBDFMFCSBDJØOEFM*&ODVFOUSPEF3FTQPOTBCMFT
EF7JPMFODJBEF(ÏOFSPEF"UFODJØO1SJNBSJBEFMB$PNVOJEBEEF.BESJE
&TUBKPSOBEBFTUVWPEJSJHJEBBEJTUJOUPTSFTQPOTBCMFTEFMPTDFOUSPTEFTBMVEEFSFHJØOEFMB(FSFODJB
"TJTUFODJBMEF"UFODJØO1SJNBSJBBTÓDPNPBQSPGFTJPOBMFTEF4BMVE1ÞCMJDBDPOFMPCKFUJWPEF
BCPSEBSZDPNQBSUJSFYQFSJFODJBTZFTUVEJPTRVFTFIBOQVFTUPFONBSDIBFOFTUFUFSSFOP
SÎBEF4BOJEBE"EFNÃTTFIBJNQBSUJEP
iVOBGPSNBDJÓONVZFTQFDÎGJDBuEJSJHJEB
BMPTQSPGFTJPOBMFTEFMQSJNFSOJWFMFO
NBUFSJBEFWJPMFODJBEFHÊOFSPQBSBEBS
iVOBNFKPSSFTQVFTUBuBMBTOFDFTJEBEFT
Z EFNBOEBT EF MBT NVKFSFT DVBOEP
BDVEFOBMDFOUSPEFTBMVE
&OTFSFBMJ[BSPOBDUJWJEBEFTEF
GPSNBDJÓODPOUJOVBEBZUSFTDVSTPTEF
BVUPGPSNBDJÓOFOQSJNBSJBMPRVFTVQVTP
MBGPSNBDJÓOEFQSPGFTJPOBMFTZFO
iTFFTUÃEFTBSSPMMBOEPVOBMÎOFB
TJNJMBSuIBTUBGJOBMEFBÒPQPSMPRVFTF
EJTQPOESÃEFMOÙNFSPFYBDUPFOEJDJFN
CSF&ODPODSFUPTFSFBMJ[BOUBMMFSFT
CÃTJDPTPUSPTNÃTBWBO[BEPTZUBNCJÊO
EFDBTPTQSÃDUJDPT"EFNÃTTFIBOSFBMJ
[BEPDVBUSPBDUJWJEBEFTFTQFDÎGJDBNFOUF
QBSBQSPGFTJPOBMFTRVFOPUFOÎBOGPSNB
DJÓOQSFWJBFOFTUFUFNB
-BTIFSBTBÒBEFRVFMBEFUFDDJÓOEF
FTUFUJQPEFQSPCMFNBTWBJODSFNFOUÃO
EPTF Z NFKPSBOEP QFSP OP TF QVFEF
IBCMBSUPEBWÎBEFEFUFDDJÓOQSFDP[OJ
UFNQSBOB&OFTUFTFOUJEP.BSJTB1ÎSFT
EFMB%JSFDDJÓO(FOFSBMEF4BMVE1ÙCMJDB
ZTFDSFUBSJBEFMB$PNJTJÓO5ÊDOJDBEF
"DDJPOFTFO4BMVEGSFOUFBMB7JPMFODJBEF
(ÊOFSP EF MB $PNVOJEBE EF .BESJE
TVCSBZBRVFFOFTUBNFKPSBEFMPTEBUPT
IBZRVFUFOFSFODVFOUBiUPEPTMPTFTGVFS
[PTRVFTFFTUÃOIBDJFOEPEFTEFMB$POTF
KFSÎBEF4BOJEBEuUBOUPFOMBGPSNBDJÓO
EFMPTQSPGFTJPOBMFTDPNPFOMBFMBCPSB
DJÓOEFHVÎBTEFJOUFSWFODJÓORVFGBWPSF
DFORVFTFQVFEBOJSSFHJTUSBOEPMPTDBTPT
RVFTFEFUFDUBO
-BGJHVSBEFMSFTQPOTBCMFEFWJPMFODJB
EFHÊOFSPFOMPTDFOUSPTEFTBMVEKVFHB
iVOQBQFMDMBWFuBQVOUB-ÓQF[4FDSFÓ
FO QFSP OP TF IBCÎB IFDIP VO
USBCBKPFTQFDÎGJDPDPOFMMPT"MHVOBTEFMBT
GVODJPOFT EF FTUPT QSPGFTJPOBMFT TPO
BQPZBSZNPUJWBSBMPTTBOJUBSJPTEFTV
DFOUSPEFTBMVEEFCFTFSMBQFSTPOBRVF
QSPNVFWFMBJNQMBOUBDJÓOEFIFSSBNJFO
UBTQBSBMBNFKPSBEFMBBUFODJÓOFOFTUF
UFNBFOUSFFMSFTUPEFMPTTBOJUBSJPTMB
EJGVTJÓOEFHVÎBTEFQSÃDUJDBDMÎOJDBEF
QSPUPDPMPTEFBDUVBDJÓOFUD
"EFNÃTUJFOFRVFJOUFOUBSJODPSQPSBS
MBQSPNPDJÓOEFSFMBDJPOFTTBMVEBCMFTZ
MBQSFWFODJÓOEFMBWJPMFODJBEFHÊOFSP
EFOUSPEFUPEBTMBTBDUJWJEBEFTTPCSFUPEP
MBTEFFEVDBDJÓOQBSBMBTBMVERVFTF
EFTBSSPMMFOFOFMDFOUSP"RVÎUBNCJÊOTF
JODMVZFOBDUJWJEBEFTEFQBSUJDJQBDJÓO
DPNVOJUBSJBZEFQSPNPDJÓOEFTBMVEEF
MBTNVKFSFTFOMBTEJTUJOUBTFUBQBTEFMB
WJEBQPSMPRVFMBFYQFSUBDPOTJEFSBRVF
IBZRVFJOUFOUBSBCPSEBSFTUFUFNBEF
GPSNBUSBOTWFSTBMZQSPNPWFSSFMBDJPOFT
TBMVEBCMFTFOUSFIPNCSFTZNVKFSFT
"TJNJTNPFTFMQSPGFTJPOBMSFTQPOTBCMF
EFDBOBMJ[BSMBTEVEBTZTVHFSFODJBTEFM
SFTUPEFMFRVJQPEFMDFOUSPTPCSFFMUFNB
BMEFOPWJFNCSFEF (.
&TQFDJBMJ[BEB
$POHSFTP/BDJPOBMEF$JSVHÓB
4FÒBMBORVFMBDJSVHÎBCBSJÃUSJDB
FTTFHVSBFOQBDJFOUFTBEPMFTDFOUFT
&MNBSHFOEFSFTFDDJØOFOQBDJFOUFTPQFSBEBTEFDÈODFSEFNBNBQVFEFTFSJOGFSJPSBNN
+04²"30%3¶(6&;
#BSDFMPOB
y4FEFCFSFBMJ[BSVOBJOUFSWFODJÓOEF
DJSVHÎBCBSJÃUSJDBBVOBEPMFTDFOUFEF
BÒPTDPOVOÎOEJDFEFNBTBDPSQPSBM
TVQFSJPSBZDPNQMJDBDJPOFTBTPDJB
EBTDPNPIJQFSUFOTJÓOZEJBCFUFT y0FT
NFKPSFTQFSBSEPTBÒPTQBSBNJOJNJ[BS
SJFTHPT RVJSÙSHJDPT BVORVF BNCBT
QBUPMPHÎBTEBÒFOTVPSHBOJTNP &TUFIB
TJEPVOPEFMPTQSJODJQBMFTEFCBUFTEFM
$POHSFTP/BDJPOBMEF$JSVHÎBEFMB
"TPDJBDJÓO&TQBÒPMBEF$JSVKBOPT
$PNPTFÒBMÓ3BRVFM4ÃODIF[EJSFD
UPSBEFMB6OJEBEEF0CFTJEBE.ÓSCJEB
EFM$PNQMFKP)PTQJUBMBSJPEF1POUFWFESB
$)01
iBOUJHVBNFOUF DVBOEP MB
DJSVHÎBCBSJÃUSJDBTFSFBMJ[BCBQPSWÎB
BCJFSUBIBCÎBNÃTDPNQMJDBDJPOFTQFSP
IPZEÎBMBTUÊDOJDBTEFDJSVHÎBCBSJÃUSJDB
IBOBWBO[BEPNVDIPZMBJOUFSWFODJÓO
TF QVFEF MMFWBS B DBCP B USBWÊT EFM
PNCMJHPDPOVOBDJDBUSJ[OPWJTJCMFu
%VSBOUFFMDPOHSFTPTFIBOFYQVFTUP
MPTSFTVMUBEPTEFVOFTUVEJPSFBMJ[BEP
TJHVJFOEPFMNÊUPEP%FMQIJDPPSEJOBEP
QPSMB6OJEBEEF$JSVHÎB&OEPDSJOBZ
#BSJÃUSJDBEFM)PTQJUBM6OJWFSTJUBSJP7BMM
E)FCSPOFOFMRVFTFIBSFDPHJEPEF
GPSNB FTUSVDUVSBEB MB PQJOJÓO EF
EJGFSFOUFTFYQFSUPTQFEJBUSBTDJSVKB
OPT FOEPDSJOPT EJFUJTUBT
TPCSF
FTUVEJPTDJFOUÎGJDPTEFDJSVHÎBCBSJÃUSJDB
FOBEPMFTDFOUFTi4FIBOWBMPSBEPMPT
CFOFGJDJPT B DPSUP Z MBSHP QMB[P
DPNFOUÓ3BRVFM4ÃODIF[ZMPTSFTVM
UBEPTNVFTUSBORVFFTNFKPSMMFWBSB
DBCPMBDJSVHÎBBOUFTEFRVFMBTDPNQMJ
DBDJPOFTBQBSF[DBOu
&OFMNJTNPFTUVEJPTFFYQMJDBRVFTJO
VOUSBUBNJFOUPNÊEJDPBEFDVBEPMPT
OJÒPTFYUSFNBEBNFOUFPCFTPTQPESÎBO
TFHVJSTVGSJFOEPEFPCFTJEBEFOMBFEBE
BEVMUB-PTBEPMFTDFOUFTDPOTPCSFQFTP
UJFOFOVOBQSPCBCJMJEBEEFMQPSDJFOUP
EFTFSBEVMUPTPCFTPTPDPOTPCSFQFTP
1PS FTP TFÒBMÓ FTUB FYQFSUB FO
NVDIPT DBTPT TFSÎB SFDPNFOEBCMF
BEFMBOUBSMBFEBEEFMBDJSVHÎBEFMPT
BÒPTBMPTi&TUBNPTIBCMBOEPEF
QBDJFOUFTDPOVOÎOEJDFEFNBTBDPSQP
SBMTVQFSJPSBPTVQFSJPSBFOMPT
RVFBEFNÃTTFQSFTFOUFOQBUPMPHÎBT
BTPDJBEBTDPNPEJBCFUFTPIJQFSUFOTJÓO
ZFOMPTRVFIBOGSBDBTBEPPUSBTPQDJP
OFTDPNPMPTQSPHSBNBTEFSFEVDDJÓO
EFQFTPuJOEJDÓ4ÃODIF[DPNFOUÓRVF
FTOFDFTBSJPFOUPEPDBTPFTQFSBSBRVF
MPTBEPMFTDFOUFTGJOBMJDFOTVFUBQBEF
DSFDJNJFOUPBOUFTEFPQUBSQPSMBDJSVHÎB
i&OUPSOPBMPTBÒPTFOFMDBTPEFMBT
DIJDBTZMPTBÒPTFOFMDBTPEFMPT
DIJDPT&TUBSFWJTJÓOEFFTUVEJPTNVFTUSB
»TDBS(PO[ÈMF[EFM)PTQJUBM6OJWFSTJUBSJP7BMME)FCSPO+BJNF+JNFOPEFM)PTQJUBMEFM.BS%BNJÈO(BSDÓB0MNPEFM)PTQJUBM6OJWFSTJUBSJP'VOEBDJØO+JNÏOF[%ÓB[
NJMÎNFUSPQFSPTJODPOUBDUPDPOFMUVNPS
ZTFBQMJDBCBVOCPPTUTVQMFNFOUBSJPEF
SBEJPUFSBQJBiMBTUBTBTEFNPSUBMJEBE
SFDJEJWB MPDBM SFDJEJWB HBOHMJPOBS Z
SFDJEJWBTJTUÊNJDBFSBOTJNJMBSFTBMBTEF
$ÈODFSEFNBNB
MBTQBDJFOUFTDPOVONBSHFOEFSFTFDDJÓO
0USPEFMPTFTUVEJPTQSFTFOUBEPTFOFM NBZPSTJOOFDFTJEBEEFSFPQFSBSBMB
DPOHSFTPIBFYQMPSBEPFMQSPOÓTUJDPB QBDJFOUFQBSBBNQMJBSMPTNÃSHFOFTEFMB
MBSHPQMB[PEFMBTQBDJFOUFTPQFSBEBT UVNPSFDUPNÎBuEJKP+JNFOP
QPSDÃODFSEFNBNBDPONBSHFOEF
SFTFDDJÓO MJCSF EF FOGFSNFEBE QFSP 6TPEFFDPHSBGÓB
JOGFSJPSBNN$PNPFYQMJDÓ+BJNF &MVTPEFMBFDPHSBGÎBMBSÎOHFBUSBOTDV
+JNFOPNÊEJDPBEKVOUPEFM4FSWJDJPEF UÃOFBQBSBFMFYBNFOEFMBTDVFSEBT
$JSVHÎB(FOFSBMFOFM)PTQJUBMEFM.BS WPDBMFTFOMBUJSPJEFDUPNÎBUPUBMUBNCJÊO
1BSD EF 4BMVU .BS FO FTUF UJQP EF IB UFOJEP TV QSPUBHPOJTNP FO FM
UVNPSFT FM USBUBNJFOUP RVJSÙSHJDP DPOHSFTP6OBUFTJTEF&OSJD$BVCFUEFM
NVDIBTWFDFTQVFEFPCWJBSMBNBTUFDUP )PTQJUBM6OJWFSTJUBSJP7BMME)FCSPO
NÎBTJFNQSFRVFTFSFBMJDFMBSFTFDDJÓO EJSJHJEBQPS¶TDBS(PO[ÃMF[DJSVKBOPEFM
EFMUVNPSDPONÃSHFOFTEFTFHVSJEBEZ NJTNPDFOUSPBQVOUBBRVFMBFDPHSBGÎB
TFBQMJRVFSBEJPUFSBQJBQPTUFSJPSi1FSP FTÙUJMFOFTUFTFOUJEP
$PNPDPNFOUÓ(PO[ÃMF[iMBFDPHSBGÎB
TJFNQSFIBIBCJEPVODPOGMJDUPTPCSFMB
FYUFOTJÓOEFMNBSHFOEFTFHVSJEBEZ OPFSBIBTUBBIPSBVONÊUPEPWÃMJEP
IBTUBIBDFVOPTBÒPTTFSFDPNFOEBCB QBSBWBMPSBSMBNPUJMJEBEEFMBTDVFSEBT
RVFFTFNBSHFOGVFSBEFMBMNFOPT WPDBMFTUSBTVOBUJSPJEFDUPNÎBUPUBMu&O
DFOUÎNFUSPFOUSFFMUVNPSZFMUFKJEP FMDJUBEPFTUVEJPSFBMJ[BEPDPOBQSPYJ
OPSNBMRVFTFFYUSBÎB1SPHSFTJWBNFOUF NBEBNFOUFDJFOQBDJFOUFTTFIBDPNQB
FTF NBSHFO EF TFHVSJEBE TF IB JEP SBEPFMVTPEFFTUBQSVFCBDPOFMHPME
SFEVDJFOEP IBTUB VO NJMÎNFUSPu FTUÃOEBSRVFFTMBMBSJOHPTDPQJB"UPEPT
QVOUVBMJ[Ó4JFMNBSHFOFSBJOGFSJPSTF MPTQBDJFOUFTTFMFTTPNFUÎBBUJSPJEFDUP
BDPOTFKBMBSFPQFSBDJÓOEFMBQBDJFOUF NÎBUPUBM"OUFTZEFTQVÊTEFMBJOUFSWFO
DJÓOTFMFTSFBMJ[BCBVOBMBSJOHPTDPQJBZ
QBSBBTFHVSBSFMNBSHFORVJSÙSHJDP
&OFMFTUVEJPPCTFSWBDJPOBMSFBMJ[BEP VOBFDPHSBGÎB&MQSJODJQBMSFTVMUBEP
QPS FTUF FYQFSUP TF JODMVZFSPO TFÒBMÓ(PO[ÃMF[FTRVFMBFDPHSBGÎB
NVKFSFTPQFSBEBTQPSDBSDJOPNBJOGJM UJFOFVOHSBEPEFWBMJEF[EFMQPS
USBOUFZBMBTRVFMVFHPTFBQMJDÓSBEJPUF DJFOUPi%FQFOEFEFMBDVSWBEFBQSFOEJ
SBQJB5SBTVOTFHVJNJFOUPEFNFTFT [BKFQFSPBQBSUJSEFMPTQBDJFOUFT
BQBDJFOUFTTFIBPCTFSWBEPRVFFO JOUFSWFOJEPTMPTSFTVMUBEPTNFKPSBO
BRVFMMBTQBDJFOUFTFOMBTRVFTFEFKBCB DMBSBNFOUFu TVCSBZÓ &TUF FYQFSUP
VONBSHFOEFSFTFDDJÓOQPSEFCBKPEF TFÒBMÓRVFFTUFFTUVEJPFTQJPOFSPBOJWFM
RVF FTUB PQDJÓO FT TFHVSB Z FGJDB[
NFKPSBMBDBMJEBEEFWJEBEFMPTQBDJFO
UFTZBZVEBBNBOUFOFSMBQÊSEJEBEF
QFTPEVSBOUFUPEBMBWJEBuBTFHVSÓ
OBDJPOBMZBWBMBSÎBFMVTPEFVOBQSVFCB
RVFFTNVDIPNFOPTJOWBTJWBRVFMB
MBSJOHPTDPQJB
5FSBQJBDFMVMBS
-BUFSBQJBDFMVMBSZBIBEFNPTUSBEPTV
FGJDBDJBFOMBDJDBUSJ[BDJÓOEFMBTGÎTUV
MBT&MTJHVJFOUFQBTPFTUSBCBKBSFOMB
DVSBDJÓOEFMBTHSBOEFTIFSJEBTZFOMB
DJDBUSJ[BDJÓOFOHFOFSBMi-PTDJSVKBOPT
EFMTJHMP99*IFNPTTVQFSBEPFMEPMPS
DPOMBBOFTUFTJBMBJOGFDDJÓODPOMB
BOUJTFQTJBZMBQÊSEJEBEFTBOHSFMB
IFNPTUBTJBQFSPUFOFNPTQFOEJFOUFMB
SFWPMVDJÓOEFMBDJDBUSJ[BDJÓOuFYQMJDÓ
%BNJÃO(BSDÎB0MNPKFGFEFM%FQBSUB
NFOUPEF$JSVHÎBEFM)PTQJUBM6OJWFSTJ
UBSJP'VOEBDJÓO+JNÊOF[%ÎB[(SVQP
2VJSÓOTBMVEZDBUFESÃUJDPEF$JSVHÎBEF
MB6OJWFSTJEBE"VUÓOPNBEF.BESJE
&OFTUFTFOUJEPFMHSVQPEF(BSDÎB
0MNPFTUÃUSBCBKBOEPFONFKPSBSMPT
FGFDUPTEFMBTDÊMVMBTi5FOFNPTCVFOPT
SFTVMUBEPTQFSPTPMPQPEFNPTDVSBSBVO
QPSDFOUBKFEFOVFTUSPTQBDJFOUFTZOPT
QSFPDVQBOFTQFDJBMNFOUFMPTRVFOP
QPEFNPTDVSBS1PSFMMPRVFSFNPTIBDFS
NÃT QPUFOUFT OVFTUSBT DÊMVMBT Z MPT
NÊUPEPTQBSBBQMJDBSMBTuTFÒBMÓ&TMB
QSJNFSBWF[RVFVOQSPEVDUPEFFTUF
UJQPVONFEJDBNFOUPWJWPIBTVQFSBEP
DPOÊYJUPVOFOTBZPDMÎOJDPFOGBTFEJKP
FTUFFYQFSUPi1PEFNPTEFDJSRVFTFIBO
DPOWFSUJEPMBTDÊMVMBTFOVOWFSEBEFSP
JOTUSVNFOUPRVJSÙSHJDPRVFOPTBZVEBB
DVSBSBOVFTUSPTFOGFSNPT&ODPODSFUP
IFNPT EFNPTUSBEP RVF OPT QVFEF
BZVEBSBDFSSBSMBTGÎTUVMBTEFMPTQBDJFO
UFTDPOFOGFSNFEBEEF$SPIOuBÒBEJÓ
(.BMEFOPWJFNCSFEF&TQFDJBMJ[BEB
"WBODFTQBSBFYQMPSBSMBBDUJWBDJÓO
JONVOPMÓHJDBRVFQSFTFOUBOMPTUVNPSFT
$POPDFSMBBDUJWBDJØOEFMTJTUFNBJONVOFQFSNJUJSÓBQSFEFDJSMBSFTQVFTUBBMBJONVOPUFSBQJB
%F FTUF NPEP HSBDJBT BM TJTUFNB
/$PVOUFSiBOBMJ[BSFNPTEJTUJOUPT
HFOFTJONVOPMÓHJDPTRVFFTUÃOBTPDJB
EPT B EJTUJOUPT UJQPT EF JOGJMUSBDJÓO
JONVOPMÓHJDBSFMBDJPOBEPTDPOMPTMJOGP
DJUPT5MPTMJOGPDJUPT#MBTDÊMVMBTEFOESÎ
UJDBTMPTNBDSÓGBHPT1PEFNPTBOBMJ
[BSDBEBHFOBOJWFMJOEJWJEVBMZMVFHPMBT
GJSNBTHFOÓNJDBTFTEFDJSMPTHFOFT
BHSVQBEPTQPSGVODJPOFTuBÒBEJÓ
+04²"30%3¶(6&;
#BSDFMPOB
%JTQPOFSEFCJPNBSDBEPSFTRVFQFSNJ
UBO QSFEFDJS RVÊ UJQP EF QBDJFOUFT
PODPMÓHJDPTTFQVFEFOCFOFGJDJBSEFMB
JONVOPUFSBQJBFTVOPEFMPTQSJODJQBMFT
SFUPTFOFMDBNQPEFMBTOFPQMBTJBT
DPNPDPNFOUBSPOMPTFYQFSUPTDPOHSF
HBEPTFOMB3FVOJÓOEF*OWFTUJHBDJÓO
5SBTMBDJPOBMFO.FMBOPNBDFMFCSBEBFO
FM)PTQJUBM6OJWFSTJUBSJP2VSÓO%FYFVT
&ONFMBOPNBFTUFUJQPEFBCPSEBKF
UFSBQÊVUJDPFTZBVOBSFBMJEBEDMÎOJDB
1FSPOPUPEPTMPTQBDJFOUFTSFTQPOEFOB
FTUF USBUBNJFOUP DPNP TFÒBMÓ"MFJY
1SBUKFGFEF0ODPMPHÎB.ÊEJDBEFM)PTQJ
UBM$MÎOJDEF#BSDFMPOB&TUFFYQFSUP
DPNFOUÓRVFiDPOGÃSNBDPTDPNPJQJMJ
NVNBCMBSFTQVFTUBFTUÃFOUPSOPBM
QPSDJFOUPEFMPTQBDJFOUFTNJFOUSBTRVF
DPO MPT NFEJDBNFOUPT NÃT OVFWPT
DPNPMPTBOUJ1%-FTUBSFTQVFTUB
BTDJFOEFBMQPSDJFOUPu
&OFTUFTFOUJEP1SBUDPNFOUÓRVFFTUÃ
MMFWBOEPBDBCPVOFTUVEJPDPOFMTJTUFNB
/$PVOUFSRVFQFSNJUFFYQMPSBSMBBDUJWB
DJÓO JONVOPMÓHJDB EFM UVNPS i)BZ
NVDIPTUJQPTEFBDUJWBDJÓOJONVOPMÓ
HJDBZEBUPTSFDJFOUFTTFÒBMBORVFMB
SFTQVFTUBBMPTBOUJ1%-EFQFOEFSÃEFM
UJQPEFBDUJWBDJÓOuFYQVTP&OFMDJUBEP
FTUVEJPSFBMJ[BEPDPOQBDJFOUFTEF
NFMBOPNBDÃODFSEFQVMNÓOZDÃODFSEF
DBCF[BZDVFMMPZUSBUBEPTDPOBOUJ1%
-iTFIBOBOBMJ[BEPQFSGJMFTJONVOPMÓ
HJDPTZTFIBWJTUPRVFFTUPTTFBTPDJBOB
$ÈODFSZ7*)
1PS TV QBSUF .BSÎB (PO[ÃMF[$BP
PODÓMPHBNÊEJDBEFM*OTUJUVUP0ODPMÓHJDP
%S3PTFMM)PTQJUBM6OJWFSTJUBSJP2VJSÓO
%FYFVT
IBCMÓTPCSFMBSFMBDJÓOFOUSFFM
DÃODFSZFMWJSVTEFMBJONVOPEFGJDJFODJB
IVNBOB7*)
i&OFMDBNQPEFMDÃODFS
BDUVBMNFOUF IBZ USBUBNJFOUPT EF
JONVOPUFSBQJB FGJDBDFT QBSB FM
NFMBOPNBDPODIFDLQPJOTJOIJCJUPST
DPNPMPTBOUJ1E-PMPTBOUJ1%u
EJKP1FSPDPNPTFÒBMÓFTUBFYQFSUBiMPT
QBDJFOUFTDPO7*)TJFNQSFTFIBOWJTUP
"MFJY1SBUKFGFEF0ODPMPHÓB.ÏEJDBEFM)PTQJUBM$MÓOJDEF#BSDFMPOBZ.BSÓB(PO[ÈMF[$BPPODØMPHBNÏEJDBEFM*OTUJ
FYDMVJEPTEFMPTFOTBZPTDMÎOJDPTDPOMPT
UVUP0ODPMØHJDP%S3PTFMM
OVFWPTGÃSNBDPTi)PZFOEÎBDVBOEPMB
JONVOPUFSBQJBZBFTVOBSFBMJEBEOP
MBSFTQVFTUBBMPTGÃSNBDPTu1PSUBOUP QVFEFMMFWBSBDBCPEFVOBGPSNBNVZ IBZEBUPTDMÎOJDPTTPCSFMBFGJDBDJBEF
BQVOUB1SBUMPTQFSGJMFTJONVOPMÓHJDPT SFQSPEVDJCMF:FTUPFTVOGBDUPSNVZ FTUBFOFTUPTQBDJFOUFT:NVDIBTWFDFT
QPESÎBOTFSVONBSDBEPSQBSBTFMFDDJP JNQPSUBOUFQPSRVFTFFTUÃFWBMVBOEP TFMFTOJFHBFTUFUJQPEFUSBUBNJFOUPTQPS
OBSBMPTQBDJFOUFTRVFTFQVFEFOCFOFGJ MB JONVOPIJTUPRVÎNJDB FT EFDJS FM FTUFNPUJWPuSFNBSDÓ
FTUBEP EF MB BDUJWBDJÓO EFM TJTUFNB
1PSFTPFTUBFYQFSUBDPNFOUÓRVF
DJBSEFMBJONVOPUFSBQJB
JONVOFFOFMUVNPS1FSPOPFTGÃDJM FTUÃ QSFWJTUP RVF FO MPT QSÓYJNPT
%BUPTSFQSPEVDJCMFT
NFEJSMBFYQSFTJÓOEFMPTNBSDBEPSFT NFTFTTFQPOHBFONBSDIBVOFTUVEJP
0USBEFSJWBEBJOUFSFTBOUFEFMFTUVEJP FOJONVOPIJTUPRVÎNJDBQPSRVFFTUPT GBTFDPOQBDJFOUFTRVFQSFTFOUBO
RVFFTUÃSFBMJ[BOEPFTUFFYQFSUPiFTRVF TPOTVCKFUJWPTBMHPRVFOPPDVSSFDPO DÃODFSZ7*)DPOFMPCKFUJWPEFFWBMVBS
FMBOÃMJTJTEFFTUPTCJPNBSDBEPSFTTF MBQMBUBGPSNBRVFFTUBNPTFNQMFBOEPu FMVTPEFMPTBOUJ1%
4PMBNFOUFFMEFMPT
QBDJFOUFTDPO%.BTPDJB
MPTJOGBSUPTDPOFTUBQBUPMPHÎB
+7
.BESJE
.FOPT EF EPT EF DBEB QBDJFOUFT
BTPDJBOMBTBMUFSBDJPOFTDBSEJPWBTDVMB
SFT$7
DPOTVFOGFSNFEBEZTPMPFM
QPSDJFOUPBTPDJBOMPTJOGBSUPTDPOMB
EJBCFUFTUJQP%.
&TUBFTVOBEFMBT
QSJODJQBMFTDPODMVTJPOFTEFMBA&ODVFTUB
DSFFODJBTZBDUJUVEFTTPCSFMB%JBCFUFT
QSFTFOUBEBQPS-JMMZZ#PFISJOHFS*OHFM
IFJN DVZP PCKFUJWP FSB DPOPDFS MB
QFSDFQDJÓOSFBMRVFUJFOFMBQPCMBDJÓO
HFOFSBMZMPTQBDJFOUFT
4FFTUJNBRVFVOPEFDBEBBEVMUPT
MBQBEFDFDJGSBRVFWBFOBVNFOUP
ZTF
FTUJNBRVFFOTFSÃEFVOPEFDBEB
"EFNÃTFMQPSDJFOUPEFMBT
NVFSUFTFOQBDJFOUFTEJBCÊUJDPTTFEFCF
BFOGFSNFEBEFT$7ZMBFTQFSBO[BEF
WJEBTFSFEVDFEFNFEJBIBTUBBÒPT
FOQFSTPOBTDPOEJBCFUFTZSJFTHP$7
i-BTQFSTPOBTDPO%.QSFTFOUBO
IBTUBDVBUSPWFDFTNÃTQSPCBCJMJEBEFT
EFTVGSJSVOJOGBSUPEFNJPDBSEJPPVO
JDUVTRVFMPTRVFOPUJFOFOEJBCFUFT
NJFOUSBTRVFFMQPSDJFOUPEFMPT
IPTQJUBMJ[BEPTQPSJOGBSUPEFNJPDBSEJP
QSFTFOUBEJBCFUFTDPOGJSNBEBPEJBHOPT
UJDBEBBOUFSJPSNFOUFuEFTUBDB"OUPOJP
)PSNJHPNÊEJDPEFGBNJMJBEFM$FOUSP
EF4BMVE1VFSUB#MBODBEF.ÃMBHB
&M FTUVEJP IB EFUFDUBEP VO CBKP
DPOPDJNJFOUPEFMBEJBCFUFTFOUSFMB
QPCMBDJÓOHFOFSBMRVFMBBTPDJBZEFGJOF
DPNPVOBMUPOJWFMEFB[ÙDBSFOTBOHSF
BMJHVBMRVFFMQPSDJFOUPEFMPT
QBDJFOUFTDSFFRVFFMB[ÙDBSBMUPFTVOB
QBUPMPHÎBBTPDJBEBBMBFOGFSNFEBE
&MSJFTHP$7BTPDJBEPBMB%.FTBÙO
NÃTEFTDPOPDJEPZTPMPFMUSFTQPSDJFOUP
MPBTPDJBBMBQBUPMPHÎBDVBOEPFTUÃOQPS
4FFTUJNBRVFVOPEFDBEBBEVMUPTQBEFDF%.ZFOMBDJGSBBVNFOUBSÈBVOPEFDBEB
EFCBKPEFMQPSDJFOUPEFMBTNVFSUFT
EFQBDJFOUFTEJBCÊUJDPTQSJODJQBMNFOUF
QPSDBSEJPQBUÎBZBDDJEFOUFWBTDVMBS
DFSFCSBM
"QBSUFMPTQBDJFOUFTRVJFSFOTBCFS
DÓNP DVJEBSTF Z FTQFDJBMNFOUF MFT
QSFPDVQBDÓNPNBOUFOFSTVDBMJEBEEF
WJEB&OFTUFTFOUJEPEPTEFDBEBUSFT
QBDJFOUFTFTUÃOJOUFSFTBEPTFODPOPDFS
DBNQBÒBTJOGPSNBUJWBT-BJOGPSNBDJÓO
TPCSFMBFOGFSNFEBETVQSFWFODJÓOZ
SJFTHPTZIÃCJUPTIJHJÊOJDPEJFUÊUJDPT
TPOMPTBTQFDUPTQSFGFSJEPT5BNCJÊO
DPOTJEFSBOÙUJMMBEFUFDDJÓOQSFDP[ZMB
TFOTJCJMJ[BDJÓO/PPCTUBOUFTPMPVO
QPSDJFOUPDPOTJEFSBÙUJMSFDJCJS
JOGPSNBDJÓOTPCSFMPTSJFTHPT$7'JOBM
NFOUFFOMBQSÃDUJDBFMQPSDJFOUP
EJDFOIBCFSJODPSQPSBEPOVFWPTIÃCJUPT
ZPDIPEFDBEBBGJSNBOIBCFSJOUSP
EVDJEPFMFKFSDJDJPGÎTJDPSFHVMBSFOTV
EÎBBEÎB
i-BQSFWFODJÓOMBFEVDBDJÓOQBSBMB
TBMVEFMEJBHOÓTUJDPQSFDP[ZMBQSFWFO
DJÓOEFDPNQMJDBDJPOFTGPSNBOUBNCJÊO
QBSUFEFMEÎBBEÎBEFMPTQSPGFTJPOBMFT
EF MB BUFODJÓO QSJNBSJBu DPODMVZF
)PSNJHP
&TQFDJBMJ[BEBBMEFOPWJFNCSFEF(.
$BGÏEF3FEBDDJØO
4BOUJBHP1BMBDJPTQSFTJEFOUFEFMB'VOEBDJØO&TQB×PMB.VKFSZ4BMVEEJSFDUPSEFM$FOUSP.ÏEJDP*OTUJUVUP1BMBDJPTZQSFTJEFOUFEFMB4PDJFEBE*CFSPBNFSJDBOBEF0TUFPMPHÓBZ.FUBCPMJTNP»TFP.JOFSBM.FSDFEFT"OEFZSPKFGBEFM4FSWJDJPEF0CTUFUSJ
DJBZ(JOFDPMPHÓBEFM)PTQJUBM(FOFSBMEF7JMMBMCB+VBO1BCMP3BNÓSF[SFEBDUPSKFGFEF(BDFUB.ÏEJDBF*HOBDJP$SJTUØCBMKFGFEFM4FSWJDJPEF0CTUFUSJDJBZ(JOFDPMPHÓBEFM)PTQJUBMEFMB;BS[VFMBZQSPGFTPSEFMB6OJWFSTJEBE'SBODJTDPEF7JUPSJB
"MUFSOBUJWBTUFSBQÊVUJDBTMPHSBOFWJUBS
FMEFMBTDJSVHÎBTFONJPNBTVUFSJOPT
1FSNJUFQMBOJGJDBSMBTJOUFSWFODJPOFTBNFEJPQMB[PZRVFMBNVKFSTFSFDVQFSFEFQPTJCMFTBOFNJBT
+7
.BESJE
-BQSFWBMFODJBEFNJPNBTVUFSJOPTTF
TJUÙBFOFMQPSDJFOUPEFMBTNVKFSFT
FOFEBEGÊSUJMQVEJFOEPMMFHBSIBTUBFM
FOUSFMPTZMPTBÒPT)BTUBIBDF
QPDPTBÒPTMPTDBTPTTJOUPNÃUJDPTTPMP
QPEÎBO BCPSEBSTF DPO DJSVHÎB TJO
FNCBSHPFMEFGFCSFSPEFMB
"HFODJB &VSPQFB EF .FEJDBNFOUPT
&."
BQSPCÓFM"DFUBUPEF6MJQSJTUBM
NHDPNFSDJBMJ[BEPQPS(FEFPO3JDIUFS
DPNP&TNZB¡
VOGÃSNBDPPSBMQBSB
FTUPTUVNPSFTCFOJHOPTZBTFBDPNP
USBUBNJFOUPNÊEJDPÙOJDPPDPNPUSBUB
NJFOUPQSFPQFSBUPSJPQBSBGBDJMJUBSMB
DJSVHÎBEFMPTNJPNBTVUFSJOPTTJOUPNÃ
UJDPTEFHSBEPNPEFSBEPZTFWFSPFO
NVKFSFTBEVMUBTFOFEBESFQSPEVDUJWB
"TÎTFQVTPEFNBOJGJFTUPEVSBOUFFM
EFCBUFA5SBUBNJFOUP EF MPT NJPNBT
VUFSJOPT PSHBOJ[BEP QPS ("$&5"
.%*$" DPO FM BQPZP EF (FEFPO
3JDIUFS
.FSDFEFT"OEFZSPKFGBEFM4FSWJDJP
EF0CTUFUSJDJBZ(JOFDPMPHÎBEFM)PTQJ
UBM (FOFSBM EF 7JMMBMCB EF .BESJE
BTFHVSÓRVFEFTEFMBJOUSPEVDDJÓOEF
FTUFGÃSNBDPTFIBBCJFSUPVOBOVFWB
MÎOFBEFUSBUBNJFOUPiJNQPSUBOUFuRVF
QFSNJUFBMPTGBDVMUBUJWPTDPOUBSDPO
PQDJPOFTEFUSBUBNJFOUPEJGFSFOUFT&O
FTUFTFOUJEPTFÒBMÓRVFIBCSÃQBDJFO
UFTRVFDPOUJOÙFODPOMBWÎBRVJSÙSHJDB
PUSBTBMBTRVFTFMFTQSFTDSJCJSÃ"DFUBUP
EF6MJQSJTUBMQBSBGBDJMJUBSMBDJSVHÎB
iQPSMPRVFQSPCBCMFNFOUFTFBNÃT
BNCVMBUPSJBuZPUSBTBMBTRVFFMUSBUB
NJFOUPMFTTPMVDJPOBSÃFMQSPCMFNB
QFSPFTGVOEBNFOUBMUFOFSFODVFOUB
RVFiFMBMHPSJUNPEFUSBUBNJFOUPTFIB
BNQMJBEPDPOFTUBOPWFEBEUFSBQÊV
UJDBu
$PO"DFUBUPEF6MJQSJTUBMTF
EJTQPOFEFiVOBSNBNÈTwZB
RVFIBDFVOPTB×PTiTF
PQFSBCBTJFNQSFw
"MSFEFEPSEFMEFMBT
QBDJFOUFTOPUFOESÓBORVF
QBTBSQPSRVJSØGBOPDPOFTUF
OVFWPGÈSNBDP
*HOBDJP$SJTUÓCBMKFGFEFM4FSWJDJPEF
0CTUFUSJDJBZ(JOFDPMPHÎBEFM)PTQJUBMEF
MB;BS[VFMBEF.BESJEZQSPGFTPSEFMB
6OJWFSTJEBE'SBODJTDPEF7JUPSJBBÒBEJÓ
RVFFOUSFMPTUVNPSFTTJOUPNÃUJDPTRVF
TPOMPTÙOJDPTRVFTFUSBUBO
MPRVFTFIB
DPOTFHVJEPDPO"DFUBUPEF6MJQSJTUBMFT
EJTQPOFSEFiVOBSNBNÃTuZBRVFIBDF
VOPT BÒPT iTF PQFSBCB TJFNQSFu
NJFOUSBT RVF BIPSB IB TVSHJEP VOB
QPTJCJMJEBEUBOWÃMJEBDPNPMBDJSVHÎBFO
NVDIPTDBTPTZEFIFDIPTFSFEVDJSÃO
EFGPSNBNVZTJHOJGJDBUJWB"MSFEFEPSEFM
QPS DJFOUP EF FTUBT QBDJFOUFT OP
UFOESÎBORVFQBTBSQPSFMRVJSÓGBOP&TUF
FTFMDBTPQPSFKFNQMPEFMBTNVKFSFT
RVFTFFODVFOUSBOFOVOBFUBQBDFSDBOB
BMBNFOPQBVTJBNPNFOUPFOFMRVF
MPT NJPNBT OP TVQPOFO ZB VO
QSPCMFNB4JTFDPOTJHVFDPOUSPMBSFM
QSPCMFNBEVSBOUFFMQFSJPEPRVFSFTUB
OPSFTVMUBSÎBOFDFTBSJPJOUFSWFOJSBFTB
QBDJFOUF
6OBQBUPMPHÓBBTPDJBEBBHSBOEFTDPTUFT
4BOUJBHP1BMBDJPTEJSFDUPSEFM$FOUSP
.ÊEJDP*OTUJUVUP1BMBDJPTZQSFTJEFOUFEF
MB'VOEBDJÓO&TQBÒPMB.VKFSZ4BMVE
JODJEJÓ FO RVF FTUPT UVNPSFT TPO MB
QBUPMPHÎB RVF QSPEVDF VO DPTUF NÃT
FMFWBEPFO&TUBEPT6OJEPTUSBTMBEJBCF
UFTQPSFODJNBEFPUSBTDPNPFMDÃODFS
EFNBNB"EFNÃTTJTFUJFOFFODVFOUB
RVFEVSBOUFMPTÙMUJNPTBÒPTOPTFIBCÎB
QSPEVDJEPOJOHÙOBWBODFFOFTUFUFNB
MBBQBSJDJÓOEFFTUFNFEJDBNFOUPMPFT
OPTPMPQPSTFSVODBNCJPNVZTJHOJGJDB
UJWPTJOPUBNCJÊOQPSFMIFDIPEFRVF
JNQMJDB RVF TF WVFMWBO B EBS QBTPT
BEFMBOUFFOFMUSBUBNJFOUPEFMPTNJPNBT
$SJTUÓCBM BHSFHÓ RVF BOUFT EF MB
MMFHBEBEF"DFUBUPEF6MJQSJTUBMFOMPT
DPOHSFTPTEFMBFTQFDJBMJEBEUBNQPDP
TFIBCMBCBEFNJPNBT
0USPTNFEJDBNFOUPTTPMPBMJWJBOMPT
TÎOUPNBTEFMPTNJPNBTNJFOUSBTRVFFM
"DFUBUP EF 6MJQSJTUBMUSBUBFMQSPQJP
NJPNBZiDPOVOBFGFDUJWJEBENVZBMUBu
QPS MP RVF"OEFZSP PQJOÓ RVF FO MB
NBZPSÎB EF MPT DBTPT EFCFSÎB TFS MB
QSJNFSBPQDJÓOBVORVFFOPDBTJPOFT
UFOHBO RVF VUJMJ[BSTF UBNCJÊO PUSPT
DPBEZVWBOUFT P BENJOJTUSBS DJDMPT Z
DPNCJOBSMVFHPDPOPUSPTNFEJDBNFOUPT
i5SBUBFMNJPNBUJFOFVOBFGFDUJWJEBE
NVZBMUBMBTQBDJFOUFTMPUPMFSBOGFOPNF
OBMZOPTPMPSFEVDFFMUBNBÒPTJOPRVF
RVJUBUBNCJÊOMPTTÎOUPNBTuTVCSBZÓ
QBSBBHSFHBSRVFNJFOUSBTMPTUSBUB
NJFOUPTBOUFSJPSFTDPSUBCBOFMTBOHSBEP
FOEÎBTDPOFTUBOVFWBPQDJÓOTVDFEF
FOUSFZFOMBNBZPSÎBEFMPTDBTPT
&ODBTPEFRVFTFFMJHJFTFEBSVO
NFEJDBNFOUPEFMPTBOUFSJPSFTFMQSFTJ
EFOUFEFMB'VOEBDJÓO&TQBÒPMB.VKFS
Z4BMVEDPOTJEFSÓRVFFMGBDVMUBUJWP
UFOESÃRVFKVTUJGJDBSMBOPVUJMJ[BDJÓOEFM
NJTNPDPNPQSJNFSBNFEJEB
&GJDBDJB
:FTRVFUSBTFMQSJNFSDJDMP1BMBDJPT
DPODSFUÓRVFFMQPSDJFOUPEFMBT
QBDJFOUFTQSFTFOUBOVOBSFEVDDJÓOEFM
QPSDJFOUPEFMWPMVNFOEFMUVNPS
(.BMEFOPWJFNCSFEF&TQFDJBMJ[BEB
NJFOUSBTRVFFOFMDVBSUPDJDMPMBDJGSB
EFNVKFSFTBMBTRVFTFMFTSFEVDFFM
UVNPSFTEFMQPSDJFOUP"EFNÃTFO
FTUFDVBSUPDJDMPFMQPSDJFOUPEFMBT
QBDJFOUFTWFSFEVDJEPTVUVNPSBMQPS
DJFOUPQPSMPRVFMBQSPQJB4PDJFEBE
&TQBÒPMBEF(JOFDPMPHÎBZ0CTUFUSJDJB
4&(0
IBDBNCJBEPTVQPTJDJPOBNJFOUP
QBSBJODMVJSFTUFGÃSNBDPEFOUSPEFMPT
BMHPSJUNPTUFSBQÊVUJDPTEFMQSPUPDPMP
BTJTUFODJBMQBSBNJPNBTVUFSJOPT4PMP
FMQPSDJFOUPEFMBTNVKFSFTDPO
NJPNBTOPSFBDDJPOBOQPTJUJWBNFOUF
DPOFTUFGÃSNBDP
&OMPRVFSFTQFDUBBMBSFTQVFTUBEF
MBTQBDJFOUFTMBKFGBEFM4FSWJDJPEF
(JOFDPMPHÎBZ0CTUFUSJDJBEFM)PTQJUBM
(FOFSBMEF7JMMBMCBJOTJTUJÓFORVFiNVZ
QPDBTuTPONBMBTSFTQPOEFEPSBTZMB
NBZPSÎBQFSDJCFCFOFGJDJPTUBOUPFO
UBNBÒPEFMUVNPSDPNPFOTÎOUPNBT&O
DPODSFUP1BMBDJPTEFUBMMÓRVFTPMPFM
QPSDJFOUPEFMBTNVKFSFTDPONJPNBT
OPNFKPSBODPOFTUFGÃSNBDP
1PSFTUFNPUJWPEFTEFFMQVOUPEFWJTUB
EFMGBDVMUBUJWP"OEFZSPJODJEJÓFORVFFT
iNVZ CVFOB PQDJÓOu PQUBS QPS VO
NFEJDBNFOUPDPOMBDFSUF[BEFRVFiDBTJ
TFHVSPMFWBBJSCJFOZRVFUJFOFNVZ
QPDPTFGFDUPTTFDVOEBSJPTu"HSFHÓRVF
VONFTEFTQVÊTEFMUSBUBNJFOUPMBNVKFS
SFDVQFSBTVGFSUJMJEBEQPSMPRVFFTVOB
PQDJÓONVZBQSPQJBEBDVBOEPTFRVJFSF
TFSNBESFBMGJOBMJ[BSFMUSBUBNJFOUP
:FTRVFMBTFHVSJEBEFTPUSBEFTVT
WFOUBKBT ZB RVF BEFNÃT EF RVF MPT
FGFDUPT BEWFSTPT TPO NVZ FTDBTPT Z
TJFNQSFMFWFTTJTFBWJTBBMBTQBDJFOUFT
EFMBQPTJCJMJEBEEFQBEFDFSMPTTPONVZ
CJFOUPMFSBEPT4FUSBUBGVOEBNFOUBM
NFOUFEFTPGPDPTDFGBMFBTZEPMPSBCEPNJ
OBM&OFTUBNJTNBMÎOFB$SJTUÓCBMBÒBEJÓ
RVF BEFNÃT MBT NVKFSFT TF TJFOUFO
NVDIPNFKPSEFMPRVFFTUBCBOBOUFTEFM
USBUBNJFOUPQPSMPRVFOJOHVOBEFTVT
QBDJFOUFTIBBCBOEPOBEPFMUSBUBNJFOUP
-"4'3"4&4
.FSDFEFT"OEFZSP4FSWJDJPEF
(JOFDPMPHÓB)PTQJUBMEF7JMMBMCB
4BOUJBHP1BMBDJPTQSFTJEFOUFEFMB
'VOEBDJØO&TQB×PMB.VKFSZ4BMVE
*HOBDJP$SJTUØCBM4FSWJDJPEF
(JOFDPMPHÓB)PTQJUBMEFMB;BS[VFMB
i
&MNÊEJDPRVF
EFDJEBOPVUJMJ[BS
"DFUBUPEF6MJQSJTUBMFO
TVTQBDJFOUFTUFOESÃRVF
KVTUJGJDBSMPu
i
i
TVCSBZÓRVFMPTGBDVMUBUJWPTUJFOFOMB
PCMJHBDJÓOEFFYQMJDBSUPEBTMBTPQDJP
OFTEJTQPOJCMFTBTVTQBDJFOUFTZPSJFO
UBSMBTIBDJBMBTRVFDPOTJEFSFONÃT
BEFDVBEBTBVORVFMBEFDJTJÓOGJOBMTFB
TJFNQSFEFFMMBTi&TUPUBNCJÊOTVQPOF
VOBQPZPQBSBOPTPUSPTTJUFOHPUSFT
WÎBT QPTJCMFT TF MBT DPNFOUP B MB
QBDJFOUFZKVOUPTEFDJEJNPTDVÃMFTMB
NFKPSPQDJÓOQBSBFMMBuSFDBMDÓ
&TUPTFTQFDJBMJTUBTBQVOUBSPOUBNCJÊO
RVFMBTNVKFSFTMMFHBOBMBDPOTVMUBDBEB
WF[DPONÃTJOGPSNBDJÓOFONVDIBT
PDBTJPOFTCBTUBOUFBDFSUBEBBVORVFOP
TJFNQSF
QFSPJODJEJFSPOFOFMQBQFM
JNQPSUBOUFEFMGBDVMUBUJWPBNQMJBOEP
UPEPT FTPT EBUPT Z FYQMJDBOEP FM
NFDBOJTNPEFBDDJÓORVFUJFOFOQBSB
RVFUFOHBOUBNCJÊODMBSBMBWJTJÓODJFOUÎ
GJDBEFMBCPSEBKFEFFTUBFOGFSNFEBE
NFOUFQPSVONJPNBOFDFTJUBOVOB
QPTUFSJPSSFJOUFSWFODJÓOVOBTWFDFTQPS
MBQSFTFODJBEFPUSPTQFRVFÒPTRVFFM
NÊEJDPOPWFZOPSFUJSBRVFQPTUFSJPS
NFOUFDSFDFOZPUSBTQPSRVFSFBQBSF
DFOQPSFTP$SJTUÓCBMQVTPTPCSFMBNFTB
MBQPTJCJMJEBEEFRVFUSBTMBJOUFSWFODJÓO
TFUSBUFDPO"DFUBUPEF6MJQSJTUBMBMHP
RVFDJFSUPTIPTQJUBMFTFTUÃODPNFO[BOEP
BIBDFSZPCTFSWBSTJTFSFEVDFMBUBTB
EFSFBQBSJDJÓOEFFTUPTUVNPSFTZBRVF
BEFNÃT FT VOB SFJOUFSWFODJÓO NVZ
GSFDVFOUF
"OEFZSPBHSFHÓRVFIBTUBBIPSBMBT
QBDJFOUFT BTJOUPNÃUJDBT DPO FTUF
QSPCMFNB OP SFDJCÎBO OJOHÙO USBUB
NJFOUPTJOFNCBSHPUBNCJÊOQPESÎB
PQUBSTFQPSVUJMJ[BS"DFUBUPEF6MJQSJT
UBMFOBMHVOBTEFFMMBTGVOEBNFOUBM
NFOUFDPOMBTNÃTKÓWFOFTBMBTRVFFM
NJPNB QVFEF PDBTJPOBS QSPCMFNBT
SFQSPEVDUJWPTPDPOBRVFMMBTNVKFSFT
DVZPUVNPSTJHVFDSFDJFOEPFOMBQBSFE
EFMÙUFSP
5SBUBFMNJPNB
UJFOFVOB
FGFDUJWJEBENVZBMUBZ
MBTQBDJFOUFTMPUPMFSBO
GFOPNFOBMu
-PTUSFTFYQFSUPTDPJODJEJFSPOFORVF
FTUBNCJÊOGVOEBNFOUBMBMBIPSBEF
FMFHJS FM USBUBNJFOUP RVF MB NVKFS
RVJFSBPOPQSFTFSWBSTVGFSUJMJEBE&O
DBTPBGJSNBUJWPDPO"DFUBUPEF6MJQSJT
UBMFTQPTJCMFSFUSBTBSBMHVOBTJOUFSWFO
DJPOFT&TUBTDJSVHÎBTQVFEFOTJHOJGJDBS
VOSJFTHPBMBDBQBDJEBEEFFNCBSB[P
EFMBNVKFSZVOBWF[RVFIBZBEBEPB
MV[QPESÎBTPNFUFSTFBMBPQFSBDJÓO
"TJNJTNPFOVONPNFOUPFOFMRVFMB
BVUPOPNÎBEFMQBDJFOUFFTUBOSFMFWBOUF
MB FYQFSUB EFM )PTQJUBM (FOFSBM EF
7JMMBMCBBQVOUÓRVFFM"DFUBUPEF6MJQSJT
UBMQFSNJUJSÃQMBOJGJDBSMBTDJSVHÎBTB
NFEJP QMB[P BM QPEFS EFUFOFS FM
TBOHSBEP-BQBDJFOUFQVFEFEFDJEJSBTÎ
SFUSBTBSMBJOUFSWFODJÓOQPSNPUJWPT
QFSTPOBMFTPDPOFMPCKFUJWPEFRVFTF
SFDVQFSF EF TV BOFNJB FO DBTP EF
QBEFDFSMBQBSBBDVEJSBMRVJSÓGBOPFO
DPOEJDJPOFTÓQUJNBT
&OFTUFTFOUJEPFMKFGFEFM4FSWJDJPEF
(JOFDPMPHÎBEFM)PTQJUBMEFMB;BS[VFMB
/VFWBTWÓBT
"MHPNÃTEFMQPSDJFOUPEFMBTQBDJFO
UFTBMBTRVFTFJOUFSWJFOFRVJSÙSHJDB
-BPCMJHBDJÓOEF
MPTGBDVMUBUJWPTFT
FYQMJDBSMFBTVT
QBDJFOUFTUPEBTMBT
PQDJPOFTEJTQPOJCMFTu
-PTQBSUJDJQBOUFTFOFMFODVFOUSPA5SBUBNJFOUPEFMPTNJPNBTVUFSJOPTPSHBOJ[BEPQPS("$&5".²%*$"DPOFMBQPZPEF(FEFPO3JDIUFSQVTJFSPOTPCSFMBNFTBMBTÞMUJNBTOPWFEBEFTFOFMBCPSEBKFEFFTUPTUVNPSFT
&TQFDJBMJ[BEBBMEFOPWJFNCSFEF(.
+6-*¦/¦-7"3&;&4$6%&30❘1SFTJEFOUFEFMB4PDJFEBE&TQBÒPMBEF"OFTUFTJPMPHÎB3FBOJNBDJÓOZ5FSBQÊVUJDBEFM%PMPS4F
i-BTFHVSJEBEEFMBBOFTUFTJPMPHÎBFTUÃFOFM
$4
.BESJE
'VFSBEFMÃNCJUPTBOJUBSJPMBBOFTUFTJP
MPHÎB OP FT QSFDJTBNFOUF VOB EF MBT
FTQFDJBMJEBEFT NÃT DPOPDJEBT 4JO
FNCBSHPMBTJUVBDJÓOEFÊTUBFO&TQBÒB
OPUJFOFOBEBRVFFOWJEJBSBMBEFPUSPT
QBÎTFT FVSPQFPT DPNP "MFNBOJB P
'SBODJB"TÎMPBTFHVSBB(.FMQSFTJEFOUF
EFMB4PDJFEBE&TQBÒPMBEF"OFTUFTJPMP
HÎB3FBOJNBDJÓOZ5FSBQÊVUJDBEFM%PMPS
4FEBS
+VMJÃO¦MWBSF[&TDVEFSP
1SFHVOUBy$VÃMFTTPOMPTQSJODJQBMFT
PCKFUJWPTRVFUJFOFBMGSFOUFEFMB1SFTJ
EFODJBEFMB4FEBS 3FTQVFTUB"QBSUFEFMUSBCBKPEFEÎBB
EÎBFODVBMRVJFSTPDJFEBEDJFOUÎGJDBMB
4FEBSZTVKVOUBEJSFDUJWBUJFOFOWBSJPT
PCKFUJWPTNVZFTQFDÎGJDPTRVFQVFEFO
SFTVNJSTFFOVOBOVFWBSFFEJDJÓOEFM
-JCSP#MBODPMPHSBSVOBFTQFDJBMJEBEEF
BMNFOPTDJODPBÒPTZNVZQPTJCMFNFOUF
EFNÃT&OFTUFNPNFOUPFTUBNPTUSBCB
KBOEP JOUFOTBNFOUF DPO MB 4PDJFEBE
&TQBÒPMBEF1BUPMPHÎB%JHFTUJWB4&1%
FOFMUFNBEFMBTTFEBDJPOFTQSPGVOEBT
RVFFTVOUFNBQSFPDVQBOUF.FHVTUBSÎB
BHSBEFDFSQFSTPOBMZDPSQPSBUJWBNFOUF
FM BQPZP EF MB 0SHBOJ[BDJÓO .ÊEJDB
$PMFHJBM0.$
FOFTUFUFNB6OÙMUJNP
PCKFUJWPTFSÎBTJOEVEBEBSBDPOPDFS
OVFTUSPUSBCBKPBMBTPDJFEBEQFSPFT
FWJEFOUFRVFQBSBFMMPQSFDJTBNPTEFM
BQPZPEFMPTNFEJPTEFDPNVOJDBDJÓO
1 y$ÓNP FTUÃ MB FTQFDJBMJEBE EF
"OFTUFTJPMPHÎB Z 3FBOJNBDJÓO FO
&TQBÒB yUJFOFBMHPRVFFOWJEJBSBMBEF
PUSPTQBÎTFTEFOVFTUSPFOUPSOP 3&MTJTUFNB.*3BVORVFBIPSBTF
QSFUFOEBSFGPSNBSIBEFNPTUSBEPTFSVO
FYDFMFOUF JOTUSVNFOUP QBSB GPSNBS
FTQFDJBMJTUBT -B FTQFDJBMJEBE DPO
BMHVOPTQSPCMFNBTFTUÃBMNJTNPOJWFM
RVFFOQBÎTFTDPNP'SBODJB"MFNBOJB
*UBMJBFUD
1)BDFWBSJPTBÒPTRVFOPTFBDUVB
MJ[BFM-JCSP#MBODPEFMBFTQFDJBMJEBE
yDVÃOEPDSFFRVFTFQPESÃEBSVOQBTP
NÃTFOFTUFBTQFDUPZRVÊJODMVJSÃFM
OVFWPEPDVNFOUP 3&TQFSPRVFFONFOPTEFVOBÒP
UFOHBNPTVOCPSSBEPS/PPCTUBOUFIBZ
RVFUFOFSFODVFOUBRVFFOFTUPTBÒPT
UPEPIBDBNCJBEPEFVOBGPSNBJODSFÎCMF
$VBOEPTFSFBMJ[ÓMBÙMUJNBFEJDJÓOOP
FYJTUÎBJOUFSOFU$SFPRVFDPOFTPEJHP
CBTUBOUF
1 "EFNÃT MB 4FEBS FOHMPCB MB
UFSBQÊVUJDB EFM EPMPS y$VFOUBO MPT
FTQFDJBMJTUBTDPOTVGJDJFOUFTPQDJPOFT
QBSBUSBUBSFMEPMPSOPDJDFQUJWPZFM
OFVSPQÃUJDP yUJFOFOBMHVOBSFJWJOEJ
DBDJÓOBMSFTQFDUP 3&MUSBUBNJFOUPEFMEPMPSFTVOHSBO
EFTDPOPDJEPQBSBNVDIPTQBDJFOUFTMP
RVFEFBMHVOBGPSNBFTVOBDPOTUBOUFFO
MB FTQFDJBMJEBE /JOHÙO NÊEJDP WB B
TFOUJSTFTBUJTGFDIPNJFOUSBTUFOHBVO
FOGFSNPRVFOPFTUÊSFTQPOEJFOEPEF
GPSNBBEFDVBEBBMUSBUBNJFOUPQSFWJTUP
4JOFNCBSHPIBZQPTJCJMJEBEFTUFSBQÊV
UJDBTNVZJNQPSUBOUFTNFSFGJFSPBMBT
UÊDOJDBTEFOFVSPFTUJNVMBDJÓOZTJNJMB
SFT"VOBTÎUFOFNPTEPTQSFPDVQBDJPOFT
VOBFTMBFTDBTBBUFODJÓORVFTFQSFTUBBM
EPMPSBHVEPFOMBNBZPSÎBEFMBTJOTUJUV
DJPOFTZMBTFHVOEBFTRVFBMOPFYJTUJSVO
NFDBOJTNPEFDPOUSPMEFMPTFOGFSNPTFO
MJTUBEFFTQFSBFOMBT6OJEBEFTEFM%PMPS
OPFYJTUFONFDBOJTNPTQBSBRVFQBSBRVF
TFQVFEBMJNJUBSFMUJFNQPEFFTQFSB
5BNCJÊOOPTQSFPDVQBFMSFUSBTPFOMB
EFSJWBDJÓOEFQBDJFOUFTDPOEPMPSDSÓOJDP
DPNQMFKP B 6OJEBEFT EFM %PMPS: FO
BMHVOPTUJQPTEFEPMPSDPNPFMOFVSPQÃ
UJDP FTF SFUSBTP QPESÎB FNQFPSBS TV
QSPOÓTUJDP
1)BDJFOEPVOSFQBTPEFMPTBWBODFT
NÃTTJHOJGJDBUJWPTFOFMUSBUBNJFOUPEFM
EPMPSyDVÃMFTEFTUBDBSÎB 3 3BSBNFOUF FO NFEJDJOB IBZ VO
BWBODF GVOEBNFOUBM FO VO NPNFOUP
EBEP-PIBCJUVBMFTRVFFTFBWBODFTFB
BMHPDPOUJOVPZFTPQBTBFOFMUSBUBNJFOUP
EFMEPMPS&MUSBUBNJFOUPGBSNBDPMÓHJDP
EFM EPMPS BHVEP Z DSÓOJDP FT CJFO
DPOPDJEP&TPTÎBWFDFTOPTPMWJEBNPTEFM
EPMPSBHVEPDVZPDPOUSPMFTTVNBNFOUF
FGJDB[ DPO MBT UÊDOJDBT EF CMPRVFP
OFSWJPTPHVJBEBTQPSFDPHSBGÎBTJFNQSF
RVFTFBQPTJCMFFWJEFOUFNFOUF&OFM
EPMPSDSÓOJDPOPPODPMÓHJDPNFHVTUBSÎB
EFTUBDBSFMVTPEFSBEJPGSFDVFODJBZMB
OFVSPFTUJNVMBDJÓO$POMPTEJWFSTPTUJQPT
EFSBEJPGSFDVFODJBFYJTUFMBQPTJCJMJEBEEF
EFOFSWBSTFOTJUJWBNFOUFBMHVOBTSFHJP
OFTBOBUÓNJDBTQPSQFSJPEPTQSPMPOHBEPT
EFUJFNQPMPRVFBCSFVOBWÎBNVZJOUFSF
TBOUFFOQBDJFOUFTDPOEPMPSQPSFKFNQMP
BSUSÓTJDP FO QBDJFOUFT FO MPT RVF MB
DJSVHÎBFTUFDPOUSBJOEJDBEB&MPUSPHSBO
DBNQPFTFMEFMBOFVSPFTUJNVMBDJÓORVF
FTUÃMMFOPEFOPWFEBEFTZQPTJCJMJEBEFT
UFSBQÊVUJDBT
1y$VÃOEPFMEPMPSTFDPOWJFSUFFO
FOGFSNFEBE yFYJTUFO TVGJDJFOUFT
VOJEBEFTEFEPMPSFOOVFTUSPQBÎT 3&ONFEJDJOBMPTFTQFDJBMJTUBTWBNPT
BSFJWJOEJDBSTJFNQSFNÃTSFDVSTPTDSFP
RVFFTJOFWJUBCMF&TQPTJCMFRVFFOUÊSNJ
OPTHFOFSBMFTFYJTUBOFOBMHVOBTDPNVOJ
EBEFTVOEÊGJDJUFOFMOÙNFSPEFFTUBT
VOJEBEFTQFSPEFCFNPTUFOFSFODVFOUB
RVFQSÃDUJDBNFOUFUPEPTMPT4FSWJDJPTEF
"OFTUFTJBDVFOUBODPO6OJEBEEFM%PMPSZ
GSFDVFOUFNFOUFTPONVMUJEJTDJQMJOBSJBT
4JOFNCBSHPFOVOBÊQPDBEFEFNBOEB
DSFDJFOUFFMQSPCMFNBFTTJMPTSFDVSTPT
TPO TVGJDJFOUFT FO DBEB VOJEBE QBSB
TPMVDJPOBSFTBEFNBOEB1PSPUSBQBSUF
FMOJWFMBTJTUFODJBMEFFTUBTVOJEBEFTFT
NVZEJTQBS&ODVBMRVJFSDBTPMBTVOJEB
EFTEFCFODFOUSBSTFFOFMUSBUBNJFOUPEFM
EPMPSDPNQMFKPRVFPUSPTFTQFDJBMJTUBTOP
QVFEFOBCPSEBS
1&MQBTBEPEFPDUVCSFMB0/5ZMB
4FEBSGJSNBSPOVODPOWFOJPEFDPMBCP
SBDJÓOQBSBMBGPSNBDJÓOEFBOFTUFTJT
UBTFOEPOBDJÓOZUSBTQMBOUFyFORVÊ
DPOTJTUJSÃFTUFBDVFSEP 3)BZRVFUFOFSFODVFOUBRVFBQSPYJ
NBEBNFOUFMBNJUBEEFMBTDBNBTEF
+VMJÈO«MWBSF[QSFTJEFOUFEFMB4PDJFEBE&TQB×PMBEF"OFTUFTJPMPHÓB3FBOJNBDJØOZ5FSBQÏVUJDBEFM%PMPSBGJSNBRVF
MBT6OJEBEFTEFM%PMPSEFCFODFOUSBSTFFOFMUSBUBNJFOUPEFMEPMPSDPNQMFKPRVFPUSPTFTQFDJBMJTUBTOPQVFEFONBOFKBS
-"4'3"4&4
i
&TQFSPRVFFO
NFOPTEFVOBÒP
UFOHBNPTVOCPSSBEPS
EFM-JCSP#MBODPEFMB
"OFTUFTJPMPHÎBu
DVJEBEPTDSÎUJDPTEFOVFTUSPQBÎTFTUÃO
BUFOEJEBTQPSBOFTUFTJÓMPHPT&TEFDJSFO
FMUFNBEFUSBTQMBOUFTOPTPMPQBSUJDJQB
NPTFOMBDJSVHÎBEFFYUSBDDJÓOEFMPT
ÓSHBOPTZFOTVJNQMBOUBDJÓOTJOPRVF
BUFOEFNPTFMQPTUPQFSBUPSJPJONFEJBUP
EFNVDIPTEFFTUPTFOGFSNPTZFOFTUBT
VOJEBEFT TF HFOFSB VO OÙNFSP NVZ
JNQPSUBOUFEFEPOBDJPOFT&TUFFTVO
DPOWFOJPEFDPMBCPSBDJÓOWBBGBDJMJUBSMB
GPSNBDJÓO.FKPSBSOVFTUSBGPSNBDJÓO
QPSFMCJFOEFOVFTUSPTFOGFSNPT&TQFSB
NPTRVFFMQSJNFSDVSTPTFSFBMJDFFOMPT
QSÓYJNPTNFTFT
1y$ÓNPTFEFGJOFMBBOFTUFTJBNÃT
BEFDVBEBQBSBDBEBQBDJFOUF yDVÃMFT
TPOMPTFGFDUPTBEWFSTPTBTPDJBEPTBMB
NJTNB i
3BSBNFOUFFO
NFEJDJOBTF
QSPEVDFVOBWBODF
GVOEBNFOUBMFOVO
NPNFOUPEBEPu
3-BBOFTUFTJBÓQUJNBOPFTGÃDJMEF
EFGJOJSBVORVFQPESÎBNPTEFDJSRVFFT
BRVFMMB RVF NBYJNJ[B MPT CFOFGJDJPT
FOUSFMPTRVFFTUÃFMFGFDUPDJUPQSPUFDUPS
EFBMHVOPTBOFTUÊTJDPTZNJOJNJ[BMPT
FGFDUPTTFDVOEBSJPTZMBTDPNQMJDBDJPOFT
/JOHÙOBOFTUFTJÓMPHPWBBEFDJSDVÃMFTMB
NFKPSUÊDOJDBBOFTUÊTJDBQFSPTJTFMFEB
VOBIJTUPSJBDMÎOJDBZVOQSPDFEJNJFOUP
RVJSÙSHJDPBVOBOFTUFTJÓMPHPTJOEVEBMF
EJSÃDVÃMFTMBUÊDOJDBBOFTUÊTJDBÓQUJNB
QBSBFTFFOGFSNP"QBSUFMBTJUVBDJÓO
DMÎOJDBEFMFOGFSNPZFMQSPDFEJNJFOUP
RVJSÙSHJDPEFGJOFOMBUÊDOJDBBOFTUÊTJDB
ÓQUJNB&ODVBOUPBMPTFGFDUPTBEWFSTPT
EFMBBOFTUFTJBTFEFCFOFOHMPCBSFOVO
DPOKVOUPEFFGFDUPTBEWFSTPTBOFTUÊTJDPT
RVJSÙSHJDPT-BTOÃVTFBTZWÓNJUPTQPTUP
(.BMEFOPWJFNCSFEF&TQFDJBMJ[BEB
FEBS
"%/EFMBFTQFDJBMJEBEu
QFSBUPSJPTQVFEFOEFCFSTFBVOFGFDUP
TFDVOEBSJPEFBMHVOPTGÃSNBDPTBMB
TPCSFIJESBUBDJÓOEFMQSPDFEJNJFOUPPBM
FEFNBJOUFTUJOBMEFMBDJSVHÎB"QBSUFMB
EJTGVODJÓO DPHOJUJWB EF MPT QSPDFTPT
BOFTUÊTJDPRVJSÙSHJDPT FT VOP EF MPT
UFNBTEFBDUVBMJEBEDJFOUÎGJDB
1 y$VÃOUP TF IB BWBO[BEP FO TV
TFHVSJEBE 3-BTFHVSJEBEEFMBBOFTUFTJPMPHÎB
FTUÃFOFM"%/EFMBFTQFDJBMJEBE-PT
DMÃTJDPTEFGJOÎBORVFFMQSJODJQBMPCKFUJWP
EFMBOFTUFTJÓMPHPFSBRVJUBSFMEPMPSZTV
NÃYJNBQSFPDVQBDJÓOFSBNBOUFOFSMB
SFTQJSBDJÓO&OFTUFNPNFOUPTFFTUÃ
JNQMFNFOUBOEP MB %FDMBSBDJÓO EF
)FMTJOLJTPCSF4FHVSJEBEEFMQBDJFOUFFO
BOFTUFTJPMPHÎB&TUBTVQPOFVOIJUPFOMPT
FTGVFS[PTQPSQBSUFEFMBBOFTUFTJPMPHÎB
QBSBQSPNPWFSVOPTDVJEBEPTQFSJPQFSB
UPSJPTTFHVSPT-B%FDMBSBDJÓOFTFMSFTVM
UBEPEFVODPOTFOTPBMDBO[BEPFOUSFMPT
SFQSFTFOUBOUFTDJFOUÎGJDPTZQPMÎUJDPTEFMB
BOFTUFTJPMPHÎBFVSPQFBMB+VOUB%JSFDUJWB
EFMB4PDJFEBE&VSPQFBEF"OFTUFTJPMPHÎB
&4"
ZMB&VSPQFBO#PBSEPG"OBFTUIF
TJPMPHZ&#"
4VQSFTFOUBDJÓOFOKVOJPEF
FOFMDPOHSFTPEFMB&4"FO)FMTJOLJ
GVFTFHVJEBEFMBGJSNBQPSQBSUFEFUPEBT
MBT4PDJFEBEFT&VSPQFBTEF"OFTUFTJPMP
HÎBJODMVZFOEPBMB4FEBSMB0SHBOJ[BDJÓO
.VOEJBMEFMB4BMVE0.4
PMB'FEFSBDJÓO
.VOEJBMEF4PDJFEBEFTEF"OFTUFTJÓMPHPT
8'4"
FOUSFPUSBT
1y2VÊTJHOJGJDBQBSBMPTFYQFSUPT yDVÃMFTFMJNQBDUPFOMBFTQFDJBMJEBE 3&TPTJHOJGJDBVOQMBOHMPCBMZPSHBOJ
[BEPFOMBCÙTRVFEBEFFTUBTFHVSJEBE
DPOBDDJPOFTDPODSFUBTBSFBMJ[BSFOFTUF
DBNQPFOUSFMBTRVFTFJODMVZFFMEFOPNJ
OBEP$IFDL-JTU/PPCTUBOUFFTUBNPT
BTJTUJFOEPBVOBTJUVBDJÓOBCTVSEBUBMWF[
BMFOUBEBQPSVOBJOGPSNBDJÓOJODPNQMFUB
EFMPTNFEJPTEFDPNVOJDBDJÓOZEFMBT
SFEFT TPDJBMFT FO MB RVF TF UJFOEF B
PDVMUBSPBIBDFSEFTBQBSFDFSMBTDPNQMJ
DBDJPOFTZMPTFGFDUPTTFDVOEBSJPTEFMB
NFEJDJOB)BZNVDIBTDPTBTFOMBTRVFOP
UFOFNPTDFSUF[BTZRVFTFTJHVFOJOWFTUJ
HBOEPDPNPFMFGFDUPEFMBTBOFTUFTJBTFO
FMEFTBSSPMMPZNBEVSBDJÓODFSFCSBMEFMPT
OJÒPTEFFTDBTBFEBE
1i-BBOFTUFTJBIBIFDIPQPTJCMFFM
QSPHSFTPEFMBDJSVHÎBuy2VÊPUSPTIJUPT
TFQVFEFOEFTUBDBS 3-BCBTFEFMBDJSVHÎBBEFNÃTEFMB
QSPQJBUÊDOJDBRVJSÙSHJDBZTVTJOEJDBDJP
OFTFTMBBTFQTJBZMBBOFTUFTJB"VORVF
DBEBEÎBIBZNÃTQSPDFEJNJFOUPTBOFTUÊ
TJDPTGVFSBEFMPTRVJSÓGBOPTFTFWJEFOUF
RVFBOFTUFTJBZDJSVHÎBTPOVONBUSJNP
OJP RVF OP TF QVFEF TFQBSBS KBNÃT
)BCJUVBMNFOUFOPTFIBCMBEFFMMBQFSP
MBDJSVHÎBBNCVMBUPSJBTFQVFEFIBDFS
HSBDJBT B MB SFBMJ[BDJÓO EF UÊDOJDBT
RVJSÙSHJDBTNFOPTJOWBTJWBTZBMFNQMFP
EFUÊDOJDBTBOFTUÊTJDBTRVFQPTJCJMJUFO
RVF FO NVZ QPDBT IPSBT FM QBDJFOUF
EFBNCVMFDPOTFHVSJEBEZQVFEBJSTFB
TVDBTBTJOEPMPSZTJOOÃVTFBTZWÓNJUPT
&TPTFSÎBJNQFOTBCMFFOMBBOFTUFTJBZ
DJSVHÎBEFIBDFBÒPT)BZVOUFNBRVF
MFQSFPDVQBBUPEPTMPTBOFTUFTJÓMPHPTFM
EFMDPOUSPMEFMBWÎBBÊSFBEJGÎDJM&TFFTVO
NVOEPBQBTJPOBOUFMMFOPEFOPWFEBEFT
FOMPTÙMUJNPTBÒPTMBNFKPSBFOFTF
DBNQPTFCBTBFOEPTBTQFDUPTMBGPSNB
DJÓOZEFEJDBDJÓOEFMPTQSPGFTJPOBMFTMB
JOWFTUJHBDJÓOZFMEJTFÒPEFOVFWPTEJTQP
TJUJWPT/VFTUSPIJUPNÃTJNQPSUBOUFTJHVF
TJFOEPFMEFBENJOJTUSBSMBUÊDOJDBBOFTUÊ
TJDBNÃTTFHVSBBMPTQBDJFOUFTDBEBWF[
EF NBZPS FEBE Z DPO NÃT QBUPMPHÎB
BTPDJBEBZDPODJSVHÎBQSPHSBNBEBTNÃT
BHSFTJWBT
1&ODVBOUPBMBSFBOJNBDJÓOyFYJTUF
TVGJDJFOUFGPSNBDJÓOQPSQBSUFEFMPT
FTQFDJBMJTUBT yFOEÓOEFTFEFCFSÎB
JOTJTUJSNÃT 3y&YJTUFTVGJDJFOUFGPSNBDJÓOFOMB
BOFTUFTJPMPHÎBDBSEJPWBTDVMBS y:FOMB
BOFTUFTJBPCTUÊUSJDB y:FOMBBOFTUFTJB
QFEJÃUSJDB y: FO FM USBUBNJFOUP EFM
EPMPS &O MPT ÙMUJNPT BÒPT FTUB
FTQFDJBMJEBEIBDBNCJBEPSBEJDBMNFOUF
ZFM.JOJTUFSJPIBNPTUSBEPVOBDJFSUB
EFTJEJBBMOPNPEJGJDBSMBEVSBDJÓOEFMB
3FTJEFODJBRVFTFIBRVFEBEPDMBSB
NFOUFJOTVGJDJFOUF-BSFBOJNBDJÓOMPT
DVJEBEPTJOUFOTJWPTEFMQBDJFOUFRVJSÙS
HJDPTEFMQBDJFOUFRVJSÙSHJDPTPOVOB
QBSUFEFOVFTUSBFTQFDJBMJEBEBMBRVFMF
EFEJDBNPTVOFOPSNFFTGVFS[PZEFEJDB
DJÓO&O&TQBÒBIBZVOBFTQFDJBMJEBEEF
$VJEBEPT *OUFOTJWPT IBZ QFEJBUSBT
EFEJDBEPT B MPT DVJEBEPT JOUFOTJWPT
QFEJÃUSJDPTZOFPOBUBMFTZFONVDIPT
IPTQJUBMFTFYJTUFODVJEBEPTDPSPOBSJPT
MMFWBEPTQPSDBSEJÓMPHPTFTEFDJSIBZ
WBSJBT FTQFDJBMJEBEFT EFEJDBEBT BM
DVJEBEPEFMFOGFSNPDSÎUJDPZFTUFNBQB
BTJTUFODJBMTFWBBNPEJGJDBSQPSRVFMB
NFEJDJOB FT NVZ EJOÃNJDB /VFTUSB
FTQFDJBMJEBETFIBRVFEBEPNVZDPSUBMP
NJTNPRVFNVDIBTFTQFDJBMJEBEFTQFSP
UPEBTFTBTFTQFDJBMJEBEFTDPOVOUJFNQP
EFGPSNBDJÓONVZDPSUPIFNPTUFOJEPFM
TFOUJEPDPNÙOEFTFHVJSGPSNÃOEPOPT
DPOUJOVBNFOUF
1 y2VÊ QBTPT EFCFSÎBO EBSTF BM
SFTQFDUP 3#VFOPTFSÎBRVFFM.JOJTUFSJPZTVT
SFTQPOTBCMFTNPTUSBSBOTFOTJCJMJEBEFO
FTUPTUFNBT-PTNÊEJDPTQPSOVFTUSB
QBSUFEFCFSÎBNPTIBCMBSNÃTBQSPWF
DIBS MBT TJOFSHJBT BQSFOEFS KVOUPT F
JOUFOUBSEFTBSSPMMBSVOBNFEJDJOBDBEB
WF[NÃTNVMUJEJTDJQMJOBSJBZNÃTCBTBEB
FOMBTOFDFTJEBEFTEFMFOGFSNPZOPFO
MPTNPEFMPTBSDBJDPTZCVSPDSBUJ[BEPT
RVF DPO DJFSUB GSFDVFODJB EPNJOBO
OVFTUSBTJOTUJUVDJPOFTTBOJUBSJBT%FTEF
MB4FEBSFTUBNPTEJTQVFTUPTBEJBMPHBS
DPO UPEBT MBT FTQFDJBMJEBEFT Z QPS
TVQVFTUPDPOMBTBVUPSJEBEFTFTUBUBMFTZ
BVUPOÓNJDBTQBSBMPHSBSFTFPCKFUJWP
RVFFTFMEFUPEPNÊEJDPBUFOEFSDBEB
WF[NFKPSBOVFTUSPTFOGFSNPTZBZVEBS
BRVFFTUBBUFODJÓOTBOJUBSJBTFBTPTUFOJ
CMFEFTEFFMQVOUPEFWJTUBFDPOÓNJDP
$SFFNPT RVF FO UPEPT FTUPT QVOUPT
QPEFNPTIBDFSWBMJPTBTBQPSUBDJPOFTZ
QPSTVQVFTUPSFDJCJSWBMJPTBTBQPSUBDJP
OFTEFPUSBTFTQFDJBMJEBEFT
+PTÏ1B[4PMÓTFTNÏEJDPBEKVOUPBMTFSWJDJPEF/FVSPDJSVHÓBEFM)PTQJUBM6OJWFSTJUBSJP-B1B[EF.BESJE
/VFWPOFVSPFTUJNVMBEPS
DPOUSBFMEPMPSDSÓOJDP
&TDPNQBUJCMFDPOMBSFBMJ[BDJØOEFQSVFCBTEF3.
&#
#BSDFMPOB
6OOFVSPFTUJNVMBEPSDPOUSBFMEPMPS
DSÓOJDPRVFFTDPNQBUJCMFDPOMB3.
SFTPOBODJBNBHOÊUJDB
TUBFTVOBEF
MBTQSJODJQBMFTWFOUBKBTEFMOFVSPFTUJ
NVMBEPS 1SFDJTJPO .POUBHF .3* EF
#PTUPO 4DJFOUJGJD &M USBUBNJFOUP EFM
EPMPSDSÓOJDPFTVOPEFMPTHSBOEFTSFUPT
FOFMDBNQPEFMBNFEJDJOBZBRVFIBZ
QBDJFOUFTRVFBQFTBSEFMPTGÃSNBDPT
EJTQPOJCMFT BQFOBT NFKPSBO EF TVT
TÎOUPNBT1PSFTP+PTÊ1B[4PMÎTBEKVOUP
BMTFSWJDJPEF/FVSPDJSVHÎBEFM)PTQJUBM
6OJWFSTJUBSJP-B1B[EF.BESJETFÒBMB
RVF FT OFDFTBSJP DPOUBS DPO OVFWPT
BCPSEBKFTQBSBUSBUBSFMEPMPSDSÓOJDP
$PNPTFÒBMBFTUFFYQFSUPFTUFOVFWP
OFVSPFTUJNVMBEPSiTFDPMPDBEJSFDUB
NFOUFFOMBDBSBQPTUFSJPSEFMBNÊEVMB
: BDUÙB FO FM TJTUFNB OFSWJPTP
NPEVMBOEPMBBDUJWJEBEDFSFCSBMBUSBWÊT
EFJNQVMTPTFMÊDUSJDPTMPDBMJ[BEPTFOMBT
WÎBTRVFUSBOTNJUFOFMEPMPSu&MQBDJFOUF
QVFEFEFDJEJSTJEFTFBDBNCJBSFMEPMPS
QPS VOB TFOTBDJÓO EF IPSNJHVFP P
TJNQMFNFOUFQPSMBBVTFODJBEFEPMPS
1B[DPNFOUBRVFFTUFBQBSBUPFTUÃ
JOEJDBEP QBSB QBDJFOUFT DPO EPMPS
DSÓOJDPFTQFDJBMNFOUFEFUJQPOFVSPQÃ
UJDPi&TUÃQFOTBEPQBSBQBDJFOUFTRVF
TVGSFOEPMPSUSBTVOBDJSVHÎBMVNCBSP
USBTQFSEFSVONJFNCSPQPSFKFNQMP
1BDJFOUFT RVF MMFWBO NFTFT P BÒPT
MVDIBOEP DPOUSB FM EPMPS Z RVF OP
NFKPSBOBQFTBSEFUPNBSEFDFOBTEF
QBTUJMMBTDBEBEÎBu
$PNQBUJCMFDPO3.
&TUFFYQFSUPEFTUBDBRVFFTUFOFVSPFT
UJNVMBEPSFTUÃBEBQUBEPQBSBRVFOPTF
WFBBGFDUBEPQPSMBTQSVFCBTEFSFTPOBO
DJBNBHOÊUJDB)BZRVFUFOFSFODVFOUB
RVF MPT QBDJFOUFT RVF MMFWBO PUSPT
NPEFMPTEFCFOTPNFUFSTFBQSVFCBT
NFOPT QSFDJTBT RVF MB 3. P EFCFO
RVJUBSTF FM BQBSUBEP TJ OFDFTJUBO
TPNFUFSTFBVOB3.&MFMFDUSPEPEFM
OVFWPFTUJNVMBEPSTFIBEJTFÒBEPDPO
VOBUSJQMFDBQBQBSBDBODFMBSMBFOFSHÎB
EFSBEJPGSFDVFODJBRVFDBVTBFMDBMPS
QSPUFHJFOEPBMQBDJFOUFBMBIPSBEF
TPNFUFSTFB3.EFNBOFSBJMJNJUBEB
#BUFSÓBNÈTEVSBEFSB
0USB EF MBT WFOUBKBT EF FTUF OVFWP
OFVSPFTUJNVMBEPSBKVJDJPEF1B[4PMÎT
FTMBCBUFSÎBi"IPSBDBEBWF[MPTQBDJFO
UFTRVFEFNBOEBOFTUFUJQPEFEJTQPTJUJ
WPTTPONÃTKÓWFOFT&OMPTQBDJFOUFT
RVFMMFWBOEJTQPTJUJWPTDPOCBUFSÎBTOP
SFDBSHBCMFT IBZ RVF SFBMJ[BS VOB
DJSVHÎBDBEBPBÒPTQBSBBCSJSFM
CPMTJMMPTVCDVUÃOFPZDBNCJBSMBQJMBu-B
CBUFSÎBEFMOVFWPNPEFMPUJFOFVOBWJEB
NFEJBEFBÒPTZBEFNÃTFTSFDBSHB
CMFBUSBWÊTEFJOEVDDJÓO
"TJNJTNP BÒBEF FTUF FYQFSUP iFM
TJTUFNBEFQSPHSBNBDJÓOFTNÃTQPUFOUF
ZBRVFDVFOUBDPONÃTQSPHSBNBTQPSMP
RVF TF QVFEFO DPOUSPMBS NFKPS MPT
EJGFSFOUFT QBSÃNFUSPTu &M TJTUFNB
QFSNJUFBGJOBSFMUBNBÒPZMBGPSNBEFM
DBNQPEFFTUJNVMBDJÓO&TUPNJOJNJ[B
MPTFGFDUPTTFDVOEBSJPTEFVOBSFBDDJÓO
OPEFTFBEBZQSPMPOHBFMUSBUBNJFOUPu-B
DMBWFFTRVFFMQBDJFOUFQVFEFDPOUSPMBS
FMTJTUFNBEFQSPHSBNBDJÓOZNPEJGJDBS
FMUJQPEFTFOTBDJÓOZMBJOUFOTJEBEEFMB
NJTNBBTVBOUPKPuBÒBEF1B[
1PSÙMUJNPFTUFFYQFSUPQPOFFMÊOGBTJT
FORVFDBEBWF[TFJEFOUJGJDBNFKPSBMPT
QBDJFOUFTDPOEPMPSDSÓOJDPi&MEPMPS
DSÓOJDPFTVOBQBUPMPHÎBFOTÎNJTNB
RVFMMFHBBDBNCJBSMBGPSNBEFQFOTBS
EFMPTQBDJFOUFTTVTSFMBDJPOFTQFSTPOB
MFTTVNBOFSBEFBGSPOUBSFMUSBCBKP1PS
FTPFTGVOEBNFOUBMDPSUBSFMDÎSDVMP
WJDJPTPRVFHFOFSBu
NS
Exclusivo NetSalud
&TQFDJBMJ[BEBBMEFOPWJFNCSFEF(.
-B4&3MBO[B&1*4&3
QBSBDPOPDFSMB
QSFWBMFODJBEFMBT&3
-PTSFTVMUBEPTTFVUJMJ[BSÈOQBSBFTUJNBSFMHBTUPRVF
TVQPOFMBJODMVTJØOEFOVFWPTGÈSNBDPTFOFMNFSDBEP
(.
.BESJE
-B4PDJFEBE&TQBÒPMBEF3FVNBUPMPHÎB
4&3
IBQVFTUPFONBSDIBFMQSPZFDUP
&1*4&3FTUVEJPEFMBQSFWBMFO
DJBTPCSFMBTFOGFSNFEBEFTSFVNÃUJDBT
&3
FO&TQBÒBQBSBBDUVBMJ[BSMBT
DJGSBTEFQSFWBMFODJBZBRVFFMUSBCBKP
BOUFSJPSTFSFBMJ[ÓFO
i&O FTUPT BÒPT TF IBO QSPEVDJEP
JNQPSUBOUFTDBNCJPTQPCMBDJPOBMFTFO
OVFTUSPQBÎTRVFQPESÎBOJOGMVJSFOMB
QSFWBMFODJB EF MBT FOGFSNFEBEFT
SFVNÃUJDBTDPNPFMFOWFKFDJNJFOUPFM
BVNFOUPEFMBQPCMBDJÓOFYUSBOKFSBFM
NBZPSQPSDFOUBKFEFTPCSFQFTPZPCFTJ
EBE P MPT DBNCJPT EF QBUSÓO FO FM
UBCBRVJTNPMPRVFIBDFRVFVOOVFWP
FTUVEJPFQJEFNJPMÓHJDPFTUÊNÃTRVF
KVTUJGJDBEPuFYQMJDB4BHSBSJP#VTUBCBE
JOWFTUJHBEPSBQSJODJQBMEFMQSPZFDUPZ
KFGBEF4FSWJDJPEF3FVNBUPMPHÎBEFM
)PTQJUBM6OJWFSTJUBSJPEF$BOBSJBT
-PT FTUVEJPT TPCSF QSFWBMFODJB EF
FOGFSNFEBEFTTPOFTUVEJPTPCTFSWBDJP
OBMFT EFTDSJQUJWPT RVF BEFNÃT EF
BQPSUBSDPOPDJNJFOUPTPCSFMBTFOGFSNF
EBEFTSFVNÃUJDBTRVFBGFDUBOBMBQPCMB
DJÓOHFOFSBMTPOiFTFODJBMFTQBSBRVF
MPTGJOBODJBEPSFTEFMBTBOJEBEZBTFB
BENJOJTUSBDJPOFTQÙCMJDBTPFNQSFTBT
EFTFHVSPTQVFEBOFTUJNBSMPTHBTUPT
RVF TVQPOFO MB JODMVTJÓO EF OVFWPT
GÃSNBDPTBMNFSDBEPuBHSFHB#VTUBCBE
3FTVMUBEPT
-PTEBUPTEFM&1*4&3TFDPOTJEF
SBO SFQSFTFOUBUJWPT EF MB QPCMBDJÓO
FTQBÒPMBZMPTVUJMJ[BFM.JOJTUFSJPEF
4BOJEBEQBSBDBMDVMBSMPTQSFDJPTEF
SFFNCPMTPEFMPTOVFWPTNFEJDBNFOUPT
DPOJOEJDBDJÓOFOBMHVOPEFMPTQSPDF
TPTSFVNÃUJDPT
&ODPODSFUPFOFTUBOVFWBFEJDJÓOEFM
FTUVEJP TF JODMVJSÃO BEFNÃT EF MBT
QBUPMPHÎBTRVFZBTFBOBMJ[BSPOFOMB
FEJDJÓOBOUFSJPSPUSBTOVFWBTTPCSFMBT
DVBMFTTFEFTDPOPDFMBQSFWBMFODJBFOMB
QPCMBDJÓOFTQBÒPMB&MUBNBÒPNVFTUSBM
TFSÃEFDBTJJOEJWJEVPTDBTJFM
EPCMFRVFFOMBFEJDJÓOBOUFSJPSZMBT
FOUSFWJTUBTTFSFBMJ[BSÃOBQBSUJSEF
NFEJBEPTEFMNFTEFOPWJFNCSFBUSBWÊT
EFVOBFNQSFTBFTQFDJBMJ[BEBFOÃSFB
EFTBMVEZDPOTFSWJDJPEFDBMMDFOUFSRVF
DPOUBDUBSÃQPSUFMÊGPOPDPOMPTJOEJWJ
EVPTQBSUJDJQBOUFTQBSBMBSFBMJ[BDJÓO
EFVODVFTUJPOBSJPEFDSJCBEPEFMBT
FOGFSNFEBEFTBFTUVEJP
-PTTVKFUPTDPODSJCBEPQPTJUJWPTPO
MPTRVFTFSÃOFWBMVBEPTQPSMPTSFVNB
UÓMPHPTRVFDPOGJSNBSÃOMBTPTQFDIB
EJBHOÓTUJDB
4BHSBSJP#VTUBCBEJOWFTUJHBEPSBQSJODJQBMEFMQSPZFDUPZKFGBEF4FSWJDJPEF3FVNBUPMPHÓBEFM)PTQJUBM6OJWFSTJUBSJP
EF$BOBSJBTBGJSNBRVFVOBWF[RVFTFPCUFOHBOMPTSFTVMUBEPTEFM&1*4&3TFDPNQBSBSÈODPOFM&1*4&3
"EFNÃTBQVOUBMBFTQFDJBMJTUBEFOUSP
EFMPTPCKFUJWPTTFDVOEBSJPTiTFCVTDB
DPNQBSBSMPTSFTVMUBEPTDPOMPTPCUFOJEPT
FOFM&1*4&3DPOPDFSMBGSFDVFODJB
DPOMBRVFMBQPCMBDJÓOBEVMUBFO&TQBÒB
IBDPOTVMUBEPFOFMÙMUJNPBÒPBBMHÙO
NÊEJDPQPSQSPCMFNBTPTUFPBSUJDVMBSFTZ
TBCFSMBGSFDVFODJBEFDPOTVNPEFGÃSNB
DPT QPS QSPCMFNBT PTUFPBSUJDVMBSFT
EVSBOUFBMNFOPTVONFTFOFMÙMUJNPBÒP
FOFMNJTNPHSVQPEFQPCMBDJÓOu
i-BJEFBFTRVFTJOPOPTFODPOUSBNPT
DPOOJOHÙOJODPOWFOJFOUFMPTQSJNFSPT
SFTVMUBEPTFTUÊOQBSBQSJNFSUSJNFTUSF
/VFWPFOTBZPDMÎOJDPQBSBUSBUBSBSSJUNJBT
ZFWJUBSFNCPMJBTTJOBOUJDPBHVMBOUFT
&#
#BSDFMPOB
$BSEJÓMPHPTEFMB$MÎOJDB6OJWFSTJEBEEF
/BWBSSB$6/
QBSUJDJQBOFOVOFOTBZP
DMÎOJDPJOUFSOBDJPOBMEJSJHJEPBQFSTPOBT
RVFTVGSFOGJCSJMBDJÓOBVSJDVMBS'"
DPO
FMPCKFUJWPEFSFEVDJSMBJODJEFODJBEF
BDDJEFOUFDFSFCSPWBTDVMBSZTVQSJNJSMPT
BOUJDPBHVMBOUFTi4FUSBUBEFVOFOTBZP
RVFFNQJF[BBIPSBZFTUÃBCJFSUPB
QBDJFOUFTFOEJGFSFOUFTQBÎTFTZMB$MÎOJDB
FTVOPEFMPTDFOUSPTRVFSFBMJ[BFTUB
UÊDOJDBEFTEFIBDFNÃTEFBÒPTuFYQMJDB
+PTÊ*HOBDJP(BSDÎB#PMBPFTQFDJBMJTUBEFM
%FQBSUBNFOUPEF$BSEJPMPHÎBEFMB$MÎOJDB
6OJWFSTJEBEEF/BWBSSB
%FCJEP B TVT FGFDUPT MB UPNB EF
BOUJDPBHVMBOUFT DPOMMFWB VO NBZPS
SJFTHPEFDPNQMJDBDJPOFTIFNPSSÃHJDBT
TFWFSBT1PSFTFNPUJWPMPTFTQFDJBMJTUBT
EFMB$MÎOJDBSFBMJ[BOVOUSBUBNJFOUP
IÎCSJEPRVFDPNCJOBEPTQSPDFEJNJFO
EFMBÒPuDPNFOUBMBJOWFTUJHBEPSB
RVJFOQSFDJTBRVFMBQFSJPEJTUB3PTB
.BSÎB $BMBG TFSÃ MB NBESJOB EFM
QSPZFDUP
&OFTUBJOWFTUJHBDJÓOQBSUJDJQBSÃO
NVOJDJQJPTEFUPEBTMBTDPNVOJEBEFT
BVUÓOPNBTEFMBQFOÎOTVMBNVOJDJ
QJPT&ODBEBMPDBMJEBETFDPOUBDUBSÃ
QPSUFMÊGPOPDPOMPTQBSUJDJQBOUFTQBSB
MB SFBMJ[BDJÓO EF VO DVFTUJPOBSJP EF
DSJCBEPEFMBTFOGFSNFEBEFTBFTUVEJP
-BTMMBNBEBTTFIBSÃOBMPTUFMÊGPOPT
GJKPTTFMFDDJPOBEPTEFGPSNBBMFBUPSJBFO
MPTNVOJDJQJPTJODMVJEPT
&TUFUSBUBNJFOUPDPNCJOBEPDPOTJHVF
RVFFMQPSDJFOUPEFMPTQBDJFOUFT
USBUBEPTQVFEBOTVQSJNJSMBUFSBQJBEF
BOUJDPBHVMBDJÓO%FFTUBNBOFSBTFUSBUB
MBBSSJUNJBZBMNJTNPUJFNQPTFSFEVDF
MBJODJEFODJBEFJDUVT
0SFKVFMB
$SJTUJOB%ÓB[1BCMP3BNPT(SBDJFMB-ØQF[+PTÏ*HOBDJP(BSDÓB#PMBP(BCSJFM#BMMFTUFSPT&ODBSOB&DIBSUFZ&MFOF
+BOJBTIWJMJEFMB6OJEBEEF"SSJUNJBT$6/
UPTFOVOBÙOJDBJOUFSWFODJÓOTJODJSVHÎB
MBBCMBDJÓOMFTJÓO
EFMQFSÎNFUSPEFMBT
WFOBTQVMNPOBSFTQBSBFMUSBUBNJFOUP
EFMBGJCSJMBDJÓOBVSJDVMBSMBBSSJUNJB
DBSEÎBDBDSÓOJDBNÃTGSFDVFOUF
ZFM
DJFSSFEFMBPSFKVFMBBQÊOEJDFEFMB
BVSÎDVMBJ[RVJFSEB
QBSBFWJUBSMBTBMJEB
EFUSPNCPTEFTEFFMDPSB[ÓO
-BPSFKVFMBEFMBBVSÎDVMBJ[RVJFSEBFT
VOBQÊOEJDFPEJMBUBDJÓOFOGPSNBEF
CPMTBRVFEFTFNCPDBDFSDBEFMBTWFOBT
QVMNPOBSFT 4V GVODJÓO QSJODJQBM FT
FWJUBSRVFTFRVFEFTBOHSFFTUBODBEBFO
MBBVSÎDVMB&OQBDJFOUFTDPOGJCSJMBDJÓO
BVSJDVMBSOPWBMWVMBSIBTUBFMQPS
DJFOUPEFMPTUSPNCPTTFPSJHJOBOFO
EJDIBDBWJEBE
&OQFSTPOBTDPO'"BMBTRVFTFMFTIB
JNQMBOUBEPVOEJTQPTJUJWPQFSDVUÃOFPQBSB
FMDJFSSFEFMBPSFKVFMBJ[RVJFSEBTFIBWJTUP
RVFiFMUBQPOBNJFOUPEFFTUFBQÊOEJDFIB
EFNPTUSBEPJHVBMFGJDBDJBRVFFMUSBUB
NJFOUPBOUJDPBHVMBOUFFOMBQSFWFODJÓOEF
BDDJEFOUFTDFSFCSPWBTDVMBSFTFWJUBOEPMB
OFDFTJEBEBMBSHPQMB[PEFBOUJDPBHVMB
DJÓOBMHPFTQFDJBMNFOUFJNQPSUBOUFFO
QBDJFOUFT RVF QSFTFOUFO FQJTPEJPT EF
TBOHSBEPuBQVOUB(BSDÎB#PMBP
(.BMEFOPWJFNCSFEF1VCMJDJEBE
BMEFOPWJFNCSFEF (.
$POSBZPT9
-B$POUSB
-B&%4QSFTFOUBTVOÙNFSP
&OUSFWJTUBTDPOSFTQPOTBCMFTEF'FOJOZ'FEFBZUSFTBSUÓDVMPTPSJHJOBMFT
-B'VOEBDJØOEF&TUVEJPTEF&DPOPNÓB"QMJDBEB
'FEFB
IBQVCMJDBEPFMTFHVOEPJOGPSNFRVFFWBMÞBFM
JNQBDUPEFMPTSFDPSUFTFOMPTJOEJDBEPSFTEFTBMVE4V
SFTQPOTBCMFEF&DPOPNÓBEFMB4BMVE4FSHJ+JNÏOF[
QSPUBHPOJ[BVOBEFMBTFOUSFWJTUBTEFFTUFOÞNFSP
#FTUJO
$MBTTFOMB
4BOJEBE
4"/5*"(0%&
26*30("
1SFTJEFOUF&EJUPS
EF(.
5
SBTBÒPTMBHBMBEFFOUSFHBEF
QSFNJPTBMPTNFKPSFTIPTQJUBMFT
TFSWJDJPTVOJEBEFTPQSPZFDUPT
TBOJUBSJPTRVFBZFSUVWPMVHBSFO7BMFO
DJBNVFTUSBRVFOVFTUSBTBOJEBEHP[B
EFCVFOBTBMVE4JIBZRVFNFODJPOBS
BMHVOBTEFMBT$$""DVZBBTJTUFODJB
TBOJUBSJB EFTUBDB FO EFCFNPT
IBCMBSEFMB$7BMFODJBOB.BESJE1BÎT
7BTDPZ"OEBMVDÎB4PCSFTBMFODPOTVT
IPTQJUBMFT Z DFOUSPT TBOJUBSJPT FO
NVDIBTEFMBTFTQFDJBMJEBEFTZUBNCJÊO
QPSTVTQSPZFDUPTFOHFTUJÓOTVQMBOJGJ
DBDJÓOFOFTUSBUFHJBTTBOJUBSJBTPTVT
QSPZFDUPTFOFTBMVEP)VNBOJ[BDJÓOEF
MB4BOJEBE1FSPOPTPOMBTÙOJDBT)BTUB
$$""IBOQBSUJDJQBEPOVFWBNFOUF
ZIBODPOTFHVJEPTJUVBSBTVTDFOUSPT
FOUSFMPTNFKPSFTEF&TQBÒB1PSPUSP
MBEP FM JNQVMTP B MB DBMJEBE TF FTUÃ
DPOTPMJEBOEPQPSQBSUFEFMBTTPDJFEB
EFTDJFOUÎGJDBTZFTVOPEFMPTGBDUPSFT
RVFFYQMJDBFMJODSFNFOUPEFDBOEJEBUV
SBTBMPT#*$BMHPDPOTUBOUFFOFTUPT
BÒPT-BTTPDJFEBEFTDJFOUÎGJDBTIBDFO
TVZPTMPTQBSÃNFUSPTEFDBMJEBEBTJTUFO
DJBMNÃTSFMFWBOUFTMPTDVBMFTGPSNBOFM
±OEJDFEF$BMJEBEFO"UFODJÓOBM1BDJFOUF
*$"1
RVFQFSNJUFMBBVUPFWBMVBDJÓOZ
FTUBCMFDFVOBNBHOJUVE&M*$"1QFSNJUF
BDBEBTPDJFEBEQPOFSFMBDFOUPFOMBT
DVFTUJPOFTNÃTSFMFWBOUFTQBSBTFSVO
-BOVFWB&%4DPNQBSUFDPOTVBOUFDFTPSBMPTNJTNPTWBMPSFTCBTBEPTFOFMSJHPSZFMBOÈMJTJT
TFSWJDJPPVOJEBEFYDFMFOUF:FOFTUB
QFSPQSFTFOUBEPTEFVOBNBOFSBBDUVBMOPWFEPTBZDPOWJTJØOEFGVUVSP
UBSFBMPTFYQFSUPTFO$BMJEBEEFMPT
1SFNJPT#*$ZEFMB$ÃUFESBEF(FTUJÓOF
*OOPWBDJÓO4BOJUBSJBEFMB63+$FODVFO
USBOFOMBTTPDJFEBEFTTVTFTQFKPT4PMP
%JTQPOJCMFFO
FTQPTJCMFEFGJOJSMBDBMJEBEEFMBNBOP
EFMPTRVFQSPQPSDJPOBOMBBTJTUFODJBZ
NJEJFOEPMBTBUJTGBDDJÓOEFMPTRVFMB
EJTGSVUBOMPTQBDJFOUFT-BTDPNQBÒÎBT
RVFMJEFSBOEJWFSTBTÃSFBTUFSBQÊVUJDBT
("$&5".²%*$"
"/¦-*4*4
03*(*/"-&4
P RVF EFDJEFO BQPTUBS QPS BSFBT EF
.BESJE
r"OBMJ[BOEPMPTEBUPTEFMQBDJFOUF
ry&TTPTUFOJCMFFMNPEFMPBDUVBM HFTUJÓOOPWFEPTBTTPOTPDJPTJNQSFTDJO
QBSBNFKPSBSFMTFDUPSTBMVE
EFBERVJTJDJÓOEFWBDVOBTQBSBFM EJCMFTFOMPTQSFNJPT#*$$POUPEPTFTUPT
%*'64*¶/
DBMFOEBSJPJOGBOUJMEFWBDVOBDJÓO BQPZPTFTGÃDJMFOUFOEFSRVFIPTQJ
rF)FBMUIMBSFWPMVDJÓOMMFHBSÃ
&91&353&7*&8
(PO[BMP1BSÎT7JDFOUF
UBMFTDFOUSPTEFTBMVEZQSPZFDUPTIBZBO
r*OOPWBSVOMVKPOFDFTBSJP
r-BVOJEBEEF&OEPUFMJPEFM3BNÓO
r7BMJEBDJÓOEFMBWFSTJÓOFTQBÒPMB QSFTFOUBEPDBTJDBOEJEBUVSBTFTUF
r&MWBMPSTPDJPFDPOÓNJDPEFMBWB
Z$BKBMDPNPNPEFMPEFNFEJDJOB
EFMDVFTUJPOBSJP7&*/&42P-4ZN BÒP-PTSFUPTRVFBGSPOUBMBTBOJEBE
DVOBDJÓO
QSFWFOUJWBZFOWFKFDJNJFOUP
QBSBQBDJFOUFTDPOUSPNCPTJTWF QBTBOQPSIBDFSQBSUÎDJQFTBUPEPTMPT
r-BTDPOTFDVFODJBTFDPOÓNJDBTEF
OPTBQSPGVOEB
QSPGFTJPOBMFTTBOJUBSJPTZBMPTSFTQPO
MBTVCFTUJNBDJÓOEFMBNFEJEBEFMB
&/53&7*45"4
'SBODJTDP4BOUJBHP-P[BOP4ÃO TBCMFTEFMBHFTUJÓO1PSFTPSFTVMUBNVZ
MPOHFWJEBE
r.BSÎB-V[-ÓQF[$BSSBTDP
DIF[ZDPM
SFDPOGPSUBOUFTBCFSRVFMBTBOJEBETFIB
3FDPSUFTFO4BOJEBE
r4FSHJ+JNÊOF[
&WBMVBDJÓO4PDJP&DPOÓNJDBEFM QSPQVFTUPOPEFKBSOVODBEFNFKPSBSTVT
"OUFTEFQPEFSWFSMP%FUFDDJÓO
4ÎOESPNFEFBQOFBTFIJQPQOFBT QSPDFTPTZDPNQBSUJSTVTFYQFSJFODJBT
QSFDP[EFQBUPMPHÎBTEFSFUJOB
3&1035"+&4
EFMTVFÒPFO&TQBÒB
!TBOUJEFRVJSPHB
$PNJTJÓOEF1SFDJPT
r6O1MBOQBSBBEIFSJSMPTBUPEPT
0MNP2VJOUBOB7ZDPM
i4JHVFIBCJFOEPBWJTPTEFRVFIBZ
QSPCMFNBTEFGPOEPHSBWFTQPSMBWÓB
EFMPTJOEJDBEPSFTEFQPCSF[BRVFB
NÈTMBSHPQMB[PQPESÓBOJODJEJS
UBNCJÏOFOMPTEFTBMVEw
i$BTJUPEBTMBTBHFODJBTEFFWBMVBDJØO
RVFTFIBOJOUSPEVDJEPIBTUBMBGFDIB
IBOTJEPAEFSJTB4FIBEFIBDFSVOB
FWBMVBDJØOTFSJBZDPOGJBSUBNCJÏOFOMP
RVFOPTJOEJDBw
© Copyright 2025