1. No category

BMEFFOFSPEF"×P97**/
%FQFSGJMFMRVJOUPOÞNFSPEFMB3FWJTUB&TQB×PMBEFMB&DPOPNÓBEFMB4BMVEi&%4WPMw
&-$01"(076&-7&"-"41035"%"4
$MBWFT(MPCBMFT
QPS4BOUJBHPEF2VJSPHB
4JHVFFMQFSJØEJDPEFMBDPNVOJEBEEFMNFEJDBNFOUPFOGBDFCPPLDPNFMHMPCBMZPVUVCFDPN/FU4BMVE57Z!FMHMPCBMOFU
140&Z1PEFNPTQJEFOB.POUTFSSBUFYQMJDBDJPOFT
6OFTUVEJPTPCSFMBTJUVBDJÓOEFMDPQBHPIBFODFOEJEPMBTBMBSNBT
FOHSBOQBSUFEFMBPQPTJDJÓO-BNJOJTUSBOPBDMBSBRVÊQVFEF
DBNCJBSFOFMTJTUFNBQFSPEFTDBSUBTVCJEBTQBSBQFOTJPOJTUBT1
&MDPQBHPFYDVTB
QBSBRVFMBNJOJTUSB
DPNQBSF[DB1ÈHJOB
/BWBSSBMJEFSÓFMBVNFOUPEFMB
DJGSBEFGBSNBDJBT7&$FO
5SVNQBNFOB[B
DPONÃT
MJDJUBDJPOFTFOTV
QSJNFSEJTDVSTP
■6OUPUBMEFCPUJDBTOBDJPOBMFTUJFOFOJOWJBCJMJEBEFDPOØNJDBEFMBSFE
&TQBÒB Z TV QMBOJGJDBDJÓO
GBSNBDÊVUJDBTJHVFUFOJFOEPVO
QSPCMFNBFOGPSNBEFCPUJDBT
FO TJUVBDJÓO EF WJBCJMJEBE
FDPOÓNJDB
DPNQSPNFUJEB
7&$
"VORVFEJWFSTPTFTUVEJPT
SFGMFKBOBVNFOUPTEFMNFSDBEP
EFMBQSFTDSJQDJÓOFOVOJEBEFT
VOBOÃMJTJTEF&(DPOGJSNBRVF
MBDJGSBEFGBSNBDJBT7&$MFKPT
EFBNJOPSBSDSFDJÓMJHFSBNFOUF
FO6OUPUBMEFFTUBCMF
DJNJFOUPTSFDJCJFSPOMBBQMJDB
DJÓOEFVOÎOEJDFDPSSFDUPSBTV
GBDUVSBDJÓO/BWBSSBDPOVO
QPSDJFOUPNÃT
FYQFSJNFOUÓMB
NBZPSTVCJEB$BTUJMMBZ-FÓO
TJHVFDPOUBOEPDPOMBSFENÃT
AFNQPCSFDJEBZTPMP$BOBSJBTZ
.VSDJBFTUÃOFYFOUBT1ÈHJOB
Farmacias VEC en España
Boticas a las
que se aplicó
el índice
corrector en
2016
1
1
74
15 0
256 3
13
9
70
35
Total Nacional
Porcentaje sobre
la red regional de
farmacias
-B$&ZBEFGJFOEF
MBiSFHMBNFOUBDJÓO
KVTUJGJDBEBuEFMB
GBSNBDJB
-B 4PDJFEBE &TQBÒPMB EF
'BSNBDJB)PTQJUBMBSJBUSBCB
KBSÃ KVOUP B PUSBT FOUJEBEFT
QBSBEFWPMWFSBMDBVDFEFMB
MFHBMJEBEBBRVFMMPTTFSWJDJPT
RVFOJUBOTJRVJFSBUJFOFOVO
GBSNBDÊVUJDPBMGSFOUF1ÈHJOB
-B$PNJTJÓO&VSPQFBOPTPMP
ABDFQUBZBFMFTUBCMFDJNJFOUPEF
SFTUSJDDJPOFTFO'BSNBDJBTJOP
RVFQPSQSJNFSBWF[EFGPSNB
QÙCMJDBEFGJFOEFFOVOFTDSJUP
MBiSFHMBNFOUBDJÓOKVTUJGJDBEBu
EFFTUBQSPGFTJÓO1ÈHJOB
15 0
8
100
Variación sobre
número de farmacias
VEC en 2015
Fuente: Elaboración propia a partir de datos de las CC.AA.
&MEFTFSWJDJPT
EF'BSNBDJBEFMBT
DÃSDFMFTGVODJPOBO
EFGPSNBiJMFHBMu
&MWBMPSEFMBT
GVTJPOFTCBKÓVO
FO
0 0
147 12
Número de farmacias
VEC que recibieron
ayudas VEC en 2016
47 4
1
2
148
44 6
973 13
2 1
3 1
15 1
0
0
El Global
&M5SJCVOBMEF$VFOUBTQJEFBGJOBS
MPTBDVFSEPTEFUFDIPEFHBTUP
&M 5SJCVOBM EF $VFOUBT IB
FNJUJEPVOJOGPSNFFOFMRVF
QJEFBM.JOJTUFSJPEF4BOJEBE
RVFBGJOFTVTBDVFSEPTEFUFDIP
EF HBTUP QBSB QPS GJTDBMJ[BS
NFKPS TV TFHVJNJFOUP &M
PSHBOJTNPPQJOBRVFiBMHVOBT
EFMBTSFTPMVDJPOFTFTDBQBOB
MBTQPTJCJMJEBEFTEFJOTQFDDJÓO
&MTFDUPSGBSNBDÊVUJDPOPTF
IB MJCSBEP FO FM QSJNFS
EJTDVSTPEF%POBME5SVNQ
&M OVFWP QSFTJEFOUF IB
EFKBEPDMBSPTVQMBONÃT
MJDJUBDJPOFTFJNQVFTUPTBMBT
RVFQSPEV[DBOGVFSB1ÈHJOB
ZFYBNFOQPSQBSUFEFM.JOJTUF
SJPuZFOPUSBTTFIBOCBTBEPFO
UFDIPT EF HBTUP DPOKVOUPT P
GPSNVMBDJPOFT EF NFEJDJÓO
DPNPFMDPTUFUSBUBNJFOUPEÎB
RVFiMMFWBBTPDJBEBVOBJNQPS
UBOUFDPNQMFKJEBEBMBIPSBEF
QSFDJTBSFMOÙNFSPEFQBDJFOUFT
USBUBEPT1ÈHJOB
%VSBOUFMPTQBTBEPTEPDF
NFTFT MB JOEVTUSJB DFSSÓ
PQFSBDJPOFT QPS WBMPS EF
NJMMPOFTEFEÓMBSFT
VOQPSDJFOUPNFOPTRVF
FO /P PCTUBOUF FM
OÙNFSPEFNPWJNJFOUPTTÓMP
EFTDFOEJÓVOQPSDJFOUPFO
FMQBTBEPBÒP1ÈHJOB
&TQBÒBFMRVJOUP
NFSDBEPEFMB6&
FO
&M NFSDBEP GBSNBDÊVUJDP
FTQBÒPM BMDBO[BSÃ MPT
NJMMPOFTEFFVSPTFO
TJUVÃOEPTF DPNP FM
RVJOUPNFSDBEPEFMB6OJÓO
&VSPQFBTFHÙOEBUPTEFMB
DPOTVMUPSB JOUFSOBDJPOBM
&WBMVBUF1IBSNB1ÈHJOB
r&-(-0#"-BMEFFOFSPEF
$MBWFT(MPCBMFT
-BNJOJTUSBEF4BOJEBE4FSWJDJPT4PDJBMFTF*HVBMEBE%PMPST.POUTFSSBUFO-PT%FTBZVOPTEFMB
EF57&FMQBTBEPEF&OFSPEPOEFNBUJ[ØTVTEFDMBSBDJPOFTTPCSFMBNPEJGJDBDJØOEFMDPQBHPFO
MPTQFOTJPOJTUBTTFHVOFMUSBNP
&MDPQBHPMBFYDVTBQBSBRVFTVTTFÒPSÎBT
TPMJDJUFOMBDPNQBSFDFODJBEFMBNJOJTUSB
4FHVJSFNPTMBQJTUB
X{%FCBUJSÈFMDPQBHPFM
$POTFKP*OUFSUFSSJUPSJBMUSBT
USBFSMPBMBBHFOEB X4FEJGVNJOBOMBTBNFOB[BT
DBNJOP&ODPOEJDJPOFTEJGFSFOUFTDPNPVO(PCJFSOPEF
4BOUJBHPEF2VJSPHB
NBZPSÎBBCTPMVUBNPOPDPMPSMBNJOJTUSBOPIVCJFSBDPNQBSF
1SFTJEFOUF&EJUPSEF&(
DJEPZBRVFIBEBEPMBTFYQMJDBDJPOFTFOMPTNFEJPTQFSPBIPSB
TFUSBUBEFNPTUSBSFMQPEFSEFVOQBSMBNFOUPRVFFTUÃ
EJTQVFTUP B QSFTFOUBS CBUBMMB"IPSB UPDB B MB NFTB EFM
JNVDIPTEFMPTRVFTFIBOMMFWBEPMBTNBOPTBMBDBCF[B
$POHSFTPBQSPCBSMBQFUJDJÓOEFDPNQBSFDFODJBEFMBNJOJTUSB
USBTMBTEFDMBSBDJPOFTEFMBNJOJTUSB%PMPST.POUTFSSBU
MPRVFQVFEFEBSBMUSBTUFDPOMB$PNJTJÓOEF4BOJEBERVFEFCÎB
IVCJFSBOSFWJTBEPFMBSUÎDVMPRVFQVCMJDB&(FOFTUF
DFMFCSBSTFFOFOFSPTPCSFIFQBUJUJT$4FSÃOFDFTBSJPSFDBMFO
EBSJ[BSQFSPEBSMFQSJPSJEBEBMHMPCPTPOEBEFMBNPEJGJDBDJÓO
OÙNFSPOPIBCSÎBOTJEPUBOWFIFNFOUFTDPOMBTDSÎUJDBT-B
NJOJTUSBOPUFOÎBJOUFODJÓOTFHÙONJPQJOJÓO
EFJODPS
EFM DPQBHP FO MPT UÊSNJOPT BMVEJEPT
GSFOUF BM
QPSBSOJOHÙODBNCJPEFDBMBEPFOFMDPQBHPEFMPT
QSPCMFNB EF MB IFQBUJUJT $ OP FT QSFDJTBNFOUF
KVCJMBEPTTJOPIBDFSVTPEFMNBSHFORVFQSPQPSDJPOBFM &MOVFWP
PDVQBSTFEFMPSFMFWBOUF
3%ZEFTVDBSÃDUFSEVBMFMQBHPQPSSFOUBPQPS FTDFOBSJP
$JVEBEBOPTIBTJEPFMNFOPTCFMJHFSBOUFDPOMBT
BDUJWJEBE-BSFBMJEBEFTRVFDVBMRVJFSQFOTJPOJTUBRVF
EFDMBSBDJPOFT4JCJFOTVQPSUBWP[1BDP*HFBSFDPOPDF
PCMJHBBMB
DPCSFNFOPTEFFVSPTBOVBMFTZNÃTEF
RVFFMDPQBHPFOMPTQFOTJPOJTUBTQVFEFTFSQSPHSFTJWP
ĸ
QBHBFMEFMWBMPSEFMNFEJDBNFOUPDPOVOUPQF NJOJTUSBB
ZFOUJFOEFRVFTFQVFEFTJUVBSQPSEFCBKPEFMPTĸFO
NFOTVBMEFĸ3FTVMUBSB[POBCMFDVFTUJPOBSTFTJOP DPNQBSFDFS MPTQFOTJPOJTUBTEFSFOUBTEFMPTUSBNPTJOGFSJPSFT4F
EFCFSÎBTFSVOQBHPBKVTUBEPBMBSFOUBZFTPFTMPRVF ZFWJEFODJB
USBUBSÎBQVFTEFVOBKVTUFBMBCBKBMPDPOUSBSJPEFMP
IBBGJSNBEPMBNJOJTUSBRVFTFFTUBCMFDFSÎBOUSFT
RVFQMBOUFBCBMBNJOJTUSB%PMPST.POUTFSSBU$TUJFOF
RVFMB
USBNPTFOUSFZFOUSFZZFOUSFZ
MBIBCJMJEBEEFEFDJSMBTDPTBTDPOBTFSUJWJEBETJFOEP
1PSFTPSFTVMUBQPTJCMFFTUBCMFDFSUPQFTOVFWPT PQPTJDJØO
DPOTDJFOUFRVFTPOPQPTJDJÓOZBQPZPTFHÙOTFNJSF
ZTVCJSEFĸNFTBMPTQFOTJPOJTUBTDPONBZPSFTJOHSF DPNJFO[BB
1BSB140&Z1PEFNPTFMDPQBHPOPFTBCPSEBCMFEF
TPT-PRVFIBIFDIPSFGMFYJPOBSZNBUJ[BSBMBNJOJTUSB
OJOHVOBEFMBTNBOFSBT:BVORVFOPMFTHVTUBFM3%
EBSCBUBMMB
FTTJOEVEBFMIFDIPEFRVFOFDFTJUBFMBWBMQBSMBNFO
MBQBSUFEFÊTUFFOMBRVFMBTSFOUBTNÃTCBKBT
UBSJPQBSBJSBEFMBOUFDPOFTUPTDBNCJPTZZBTFIBO
ZMPTQBSBEPTEFKBOEFQBHBSQPSMPTNFEJDBNFOUPTMB
QPTJDJPOBEPBMSFTQFDUPDMBSBNFOUFBMHVOPTHSVQPT140&
TVTDSJCFOUPEPT2VF%PMPST.POUTFSSBUIBZBQFOTBEPFO
1PEFNPTZ&3$IBOTPMJDJUBEPMBDPNQBSFDFODJBEFMBNJOJTUSB
GPSNBTEFBIPSSBSTÓMPFWJEFODJBRVFFM.JOJTUFSJPEF4BOJEBE
FOTFEFQBSMBNFOUBSJBQBSBRVFFYQMJRVFPNBUJDFTVTEFDMB
EFCFGBDJMJUBSMPTPCKFUJWPTEFEÊGJDJU-BPQPTJDJÓOIBDFTVUBSFB
SBDJPOFT
MFJNQPSUBNFOPTFMBIPSSPZTJMPTOÙNFSPTOPTBMFOFTMB
&MKVFHPQBSMBNFOUBSJPDPOTJTUFFOFTUPUJSBTZBGMPKBTEF
SFTQPOTBCJMJEBEEFM(PCJFSOP1BTFOZWFBO
PQPTJDJÓOZ(PCJFSOPNVFTUSBTEFGVFS[BEFEJÃMPHPEFWPMVO
!TBOUJEFRVJSPHB
UBEEFOFHPDJBSPOPMBOVFWBSFBMJEBEQBSMBNFOUBSJBTFBCSF
4
MJCFSBMJ[BEPSBT#SVTFMBT
BIPSBWFCFOFGJDJPTFOMBSF
HVMBDJØOEFMBTGBSNBDJBTZ
TBDBEFMQBRVFUFEFiEFTSFHV
MBDJPOFTwQFSJØEJDBTBMBTCPUJ
DBT
X6OB$PNJTJØOEF4BOJEBE
NPOPHSÈGJDBFO&OFSPTPCSF
)FQBUJUJT$QFMJHSBQPSMBQFUJ
DJØOEFDPNQBSFDFODJBEFMB
NJOJTUSBQPSTVTEFDMBSBDJPOFT
TPCSFFMDPQBHP
X-PTFDPOPNJTUBTEFMBTBMVE
FYQMJDBOFOVOOVFWPOÞNFSP
EFMB&%4TVPQJOJØOTPCSFMPT
UFDIPTEFHBTUP
XNJFOUSBTRVFFM5SJCVOBM
EF$VFOUBTDSJUJDBRVFTFBO
NVZDPNQFKPTMPTDÈMDVMPTEF
ÏTUPTZTVTFHVJNJFOUP
X4JVOUFDIPEFHBTUPMJNJUB
FMBDDFTPBMBJOOPWBDJØOMB
QPCMBDJØOTFQFSKVEJDBBMOP
PCUFOFSFMCFOFGJDJPBMBSHP
QPSFMBIPSSPBDPSUP
BMEFFOFSPEF&-(-0#"-r
&EJUPSJBM
&MNFOTBKFPDVMUPEFM5SJCVOBMEF$VFOUBT
1FSTPOBKFTEFMBTFNBOB
&OSFBMJEBEMPRVFFTUÃEJDJFOEPFMÓSHBOPGJTDBMJ[BEPSFOTVJOGPSNFTPCSFMBHFTUJÓO
GBSNBDÊVUJDBEFZFTRVFFM3%EF1SFDJPTOPQVFEFTFHVJSFOVODBKÓO
)
BDFVOBTFNBOBEFTEFFTUB
NJTNBUSJCVOBTFFTQFDVMBCB
TPCSFFMQPSRVÊEFMBEJGJDVMUBE
EFDPOTFOTVBSVOBQPMÎUJDBGBSNBDÊV
UJDBFO&TQBÒB4JFUFEÎBTEFTQVÊT
OVFWBT SB[POFT NBOUJFOFO FTUF
EFCBUFFOQSJNFSUÊSNJOP/PFTMB
QSJNFSB WF[ RVF FM 5SJCVOBM EF
$VFOUBT BM JHVBM RVF FM $POTFKP
&DPOÓNJDPZ4PDJBMQPOFOMPTQVOUPT
TPCSFMBTÎFTBMBQPMÎUJDBGBSNBDÊVUJDB
EFM(PCJFSOP-PRVFBIPSBEJDFFM
ÓSHBOPGJTDBMJ[BEPSEFMBTDVFOUBTZEF
MBHFTUJÓOFDPOÓNJDBEFM&TUBEPWB
NÃTBMMÃEFMBTDSÎUJDBTBMBTQSÃDUJDBT
FKFDVUBEBTFOMPTFKFSDJDJPTZ
SFMBUJWBBMBQSFTUBDJÓOGBSNB
DÊVUJDB &O SFBMJEBE MP RVF FTUÃ
EJDJFOEPFM5SJCVOBMEF$VFOUBTFTRVF
FM3FBM%FDSFUPEF1SFDJPTZ'JOBODJB
DJÓOOPQVFEFTFHVJSFOVODBKÓO
"MUJFNQPRVFFMJOGPSNFEFM5SJCV
OBMEF$VFOUBTTFDFOUSBFOMBGPSNB
EFMPTUFDIPTEFHBTUPVOBSUÎDVMP
QVCMJDBEPQPSUSFTFDPOPNJTUBTEF
$BMJGPSOJBBEWJFSUFEFMPTQSPCMFNBT
RVF TVCZBDFO FO FM GPOEP EF FTUB
IFSSBNJFOUB : OP QVFEFO IBCFS
FODPOUSBEPVOBNBOFSBNÃTHSÃGJDB
EFIBDFSMPQMBOUFBOEPMBIJQÓUFTJTEF
RVÊPDVSSJSÎBTJMPTBOUJSSFUSPWJSBMFTZ
MBTFTUBUJOBTIVCJFSBOFOUSBEPFOMPT
NFSDBEPTDPOUFDIPTEFHBTUPEJCVKBO
VOIPSJ[POUFEFBIPSSPTTFHVSPTFOFM
DPSUPQMB[PQFSPDPOTFSJPTOVCBSSP
OFTFOMBJOOPWBDJÓOGBSNBDÊVUJDBEFM
GVUVSP1BOQBSBIPZ
%PMPST.POUTFSSBU
.JOJTUSBEF4BOJEBE
)BTJEPVOBTFNBOBEFSVJEP
BMSFEFEPSEFVOUFNBRVFOP
FTUBCBFOMBBHFOEBFMDPQBHP
1FSPTÎIBTFSWJEPQBSBDPNQSP
CBSRVFFMBDVFSEPFONBUFSJB
TBOJUBSJBUPEBWÎBQSFEPNJOBOMBT
QSFNJTBTJEFPMÓHJDBTTPCSFFM
QSBHNBUJTNPZMBFGJDJFODJB
&MBSUÎDVMPEFFTUPTUSFTFDPOPNJT
UBTDBMJGPSOJBOPTDPJODJEFDPOMBWJTJÓO
FYQVFTUBFOFMRVJOUPWPMVNFOEFMB
SFWJTUB&DPOPNÎBEFMB4BMVEQPSDJODP
FYQFSUPTFOFDPOPNÎBEFMBTBMVEEF
SFDPOPDJEPQSFTUJHJP-PTUFDIPTEF
HBTUPOPQBSFDFOEFTEFMVFHPMBQFPS
EFMBTPQDJPOFTBVORVFUBNQPDPMB
NFKPS-BTNJSBEBTEFMPTFDPOPNJT
UBTQBSFDFOBQVOUBSBMPTBDVFSEPTEF
SJFTHPDPNQBSUJEPBVOBBQVFTUBSFBM
QPSMBFWBMVBDJÓOFDPOÓNJDBZBMPT
VNCSBMFTDPTUFFGFDUJWJEBE
)BTUBBIPSBMPTEFDJTPSFTFTQBÒP
MFTIBOUSBTMBEBEPMBTEFDJTJPOFTEFM
/*$&CBTBEBT FO VNCSBMFT
BM
DPOUFYUPFTQBÒPMTJOUFOFSFODVFOUB
TVQPTJCMFBEFDVBDJÓOPOP/PIBCÎB
NÃTSFNFEJPRVFBDUVBSBTÎQPSRVF
&TQBÒBOPEJTQPOÎBEFVNCSBMQSPQJP
:BOPDBCFSFDVSSJSBFTUFBSHVNFOUP
QPSRVFMBDVBOUJGJDBDJÓOEFMVNCSBM
FTQBÒPMGVFVOPEFMPTHSBOEFTUJUVMB
SFTRVFEFKÓMBFDPOPNÎBEFMBTBMVE
FO&TIPSBEFEFTUFSSBSFTUB
DPTUVNCSFZUPEBTMBTQSÃDUJDBTRVF
EFTEFBÒPTOVUSFOMPTJOGPSNFTEFMPT
PSHBOJTNPTDPOTVMUPSFTZGJTDBMJ[BEP
SFTEFMTFDUPSQÙCMJDP&TQBÒBOFDFTJUB
TV3FBM%FDSFUPEF1SFDJPTZB
-
$BTUJMMB-FÓO$BTUJMMB-B.BODIBZ
/BWBSSBTPOMBTDPNVOJEBEFTFOMBT
RVFMBQSPCMFNÃUJDB7&$DPCSBNBZPS
QSPUBHPOJTNP-PTGBDUPSFTTPONÙMUJ
QMFTTJHOJGJDÃOEPTFFOMBEJTQFSTJÓO
HFPHSÃGJDBFOFMDBTPEFMBTEPT$BTUJ
MMBTZFOMBQMBOJGJDBDJÓOEFNÎOJNPT
FOFMDBTPEF/BWBSSB&ODVBMRVJFS
DBTPZTJOQSPGVOEJ[BSFOFMBOÃMJTJT
NÃTBMMÃEFFTUPTEBUPTFWJEFOUFTFM
NBSDPOPSNBUJWPRVFSJHFFMSFDPOP
DJNJFOUPDPNPGBSNBDJB7&$ZTV
ÎOEJDFDPSSFDUPSEFCFOEFTFSSFWJTB
EPTFOQSPGVOEJEBEZBDUVBMJ[BEPT
QBSBSFTQPOEFSBMBSFBMJEBEEFFTUF
UJQPEFGBSNBDJBTIPZQPSIPZ-PRVF
13&4*%&/5&&%*503
1VCMJDBDJÓOEF
4BOUJBHPEF2VJSPHB#PV[P
%*3&$503
"OUPOJP/JFUP4BOUJBHP
3&%"$503+&'&$BSMPT#
3PESÎHVF[#BSUPMPNÊ
3&%"$$*¶/"MCFSUP$PSOFKP
+BWJFS3VJ[5BHMF.BSUB3JFTHP
.BSDPT(BSDÎBZ¦OHFMBEF3VFEB
DISTRIBUCION
GRATUITA
wecare-u. healthcare
communications group
+FTÙT$BTUJMMP(VUJÊSSF[%JS(SBM0GJDJOB
EF#BSDFMPOB¦SFBT"MNVEFOB%ÎF[
.FOÊOEF[$BMJEBE
"OUPOJP/JFUP
4BOUJBHP&TUSBUFHJB%JHJUBM
-BQPMÎUJDBEFQSFDJPTEFMPT
NFEJDBNFOUPTTFSÃVOBEFMBT
QSJPSJEBEFTEF%POBME5SVNQ
EVSBOUFTVNBOEBUPFOMB$BTB
#MBODB5BNCJÊOMPTFSÃJOEVDJSB
RVFMBTGBSNBDÊVUJDPTQSPEV[DBO
FOTVFMPFTUBEPVOJEFOTFQBSB
UFOFSQSFGFSFODJBTDPNQFUJUJWBT
-BGSBTFEFMBTFNBOB
-BSFBMJEBE7&$OFDFTJUBTFSSFWJTBEB
BSFBMJEBEEFMBTJUVBDJÓOEFMBT
GBSNBDJBT7&CPUJDBTFOWJBCJMJ
EBEFDPOÓNJDBDPNQSPNFUJEB
OFDFTJUBEFVOBQSPGVOEBSFWJTJÓONÃT
QSPOUPRVFUBSEFOPIBTJEPVO
CVFOBÒPQBSBFTUBTCPUJDBTZBTFIBO
BVNFOUBEPMBTGBSNBDJBTBMBTRVFTF
MFTBQMJDBVOÎOEJDFDPSSFDUPSBTV
GBDUVSBDJÓOBMOPBMDBO[BSFMNÎOJNP
EFFVSPTEFGBDUVSBDJÓOBOVBM
FO WFOUBT BM 4JTUFNB /BDJPOBM EF
4BMVE4JFOBOUFSJPSFTJOGPSNFTFMBCP
SBEPTQPS&(0TFDPOTUBUBCBMPEJGÎDJM
RVFSFTVMUBTBMJSEFFTBTJUVBDJÓOFTUF
BÒPTFDPOGJSNBBOUFFMBVNFOUPEFM
QPSDJFOUPQSPEVDJEPFTUF
%POBME5SVNQ
1SFTJEFOUFFMFDUPEF&&66
FOTVNPNFOUPGVFVOBCVFOBJEFB
OFDFTJUBEFBDUVBMJ[BDJÓO
-B4PDJFEBE&TQBÒPMBEF'BSNBDJB
3VSBM 4FGBS
UJFOF BOBMJ[BEB B MB
QFSGFDDJÓOMBTJUVBDJÓOEFFTUBTGBSNB
DJBTTVTQSPCMFNBTZMBTTPMVDJPOFT
RVF BQPSUBSÎBO BMHP EF MV[ B FTUF
QSPCMFNÃUJDB6OBTTPMVDJPOFTRVF
QBTBOQPSFNQF[BSBEFWPMWFSBMB
CPUJDBQBSUFEFMPBQPSUBEPEFTEFMB
JNQPTJDJÓOEFBRVFMMPTGBNPTPTSFBMFT
EFDSFUPTUFNQPSBMFTRVFTFDPOWJSUJF
SPOFOFUFSOPT&TEFKVTUJDJBZNÃTRVF
OFDFTBSJPRVFTFBTFHVSFMBTVQFSWJ
WFODJBEFBRVFMMBTGBSNBDJBTRVFMP
OFDFTJUFOQFSPEFOUSPEFPSEFOFTPTÎ
%FQBSUBNFOUP$PNFSDJBM1BMPNB
(BSDÎBEFM.PSBM#BSDFMPOB
%JS"TPD
#BSDFMPOB.JHVFM¦OHFM5PWBS
.BSUÎOF[
5BOJB7JFTDB"ENJOJTUSBDJÓO
4FWFSJOP&YQÓTJUP$POUSPMMFS
$BSMPT
4JFHGSJFE'PUPHSBGÎB
Z+PSHF-ÓQF[
"VEJPWJTVBMFT
i0OPTQPOFNPTEF
BDVFSEPPOPIBCSÃ
TJTUFNBEF
GJOBODJBDJÓOu
$SJTUÓCBM.POUPSP
.JOJTUSPEF)BDJFOEB
$POTFKPEF"ENJOJTUSBDJÓO4BOUJBHPEF
2VJSPHB3PCFSUP(BSDÎB4PUP"MCFSU
'FSSFS#PSKB(BSDÎB/JFUP7JDFOUF%ÎB[
Z¦VSFP3VJ[EF7JMMB
5PEPTMPTEFSFDIPTSFTFSWBEPT
%FQÓTJUPMFHBM.
*44/
*NQSJNF3PUPNBESJE4713$.
."%3*%$#BSÓOEFMB
5PSSF.BESJE
5MG
'BY
#"3$&-0/"$$BMWFUO
¦UJDP#BSDFMPOB
5MG
'BY
r1VCMJDJEBE&-(-0#"-BMEFFOFSPEF
BMEFFOFSPEF&-(-0#"-r
0QJOJØO
&OCVFOBTNBOPT
&M)BTIUBH
0KPDPOMBOFVNPOÎB
5SVNQDJB
HVJWJDFQSFTJEFOUFEFMB4PDJFEBE&TQBÒPMBEF
/FVNPMPHÎBZ$JSVHÎB5PSÃDJDB4&1"3
MPT
+FGFEFTFSWJDJPTNÏEJDPT".FEJB
SFTVMUBEPTEFMBJOWFTUJHBDJÓOEFNVFTUSBORVF
FTUBCMFDFSMBEVSBDJÓOEFMUSBUBNJFOUPBOUJCJÓ
UJDPFOCBTFBMPTDSJUFSJPTEFFTUBCJMJEBEDMÎOJDB
OBSFDJFOUFJOWFTUJHBDJÓOTFÒBMBRVFFM
FTVOBNFEJEBRVFQVFEFTFSJNQMFNFOUBEBEF
USBUBNJFOUPBOUJCJÓUJDPEFMBOFVNPOÎB
GPSNBTFHVSBFOQBDJFOUFTJOHSFTBEPTQPS
QVFEFSFEVDJSTFBDJODPEÎBT"TÎMP
OFVNPOÎBBERVJSJEBFOMBDPNVOJEBEDPOEV
JOEJDBOMPTSFTVMUBEPTEFMFTUVEJPA%VSBUJPOPG
DJFOEPBVOBSFEVDDJÓOTJHOJGJDBUJWBEFMB
BOUJCJPUJDUSFBUNFOUJO$PNNVOJUZ"DRVJSFE
EVSBDJÓO EFM USBUBNJFOUP Z BQPSUBOEP MPT
1OFVNPOJB".VMUJDFOUFS3BOEPNJ[FE$MJOJ
CFOFGJDJPTEFVOBQBVUBDPSUBEFUSBUBNJFOUP
DBM5SJBMQVCMJDBEPTFOMBSFWJTUBDJFOUÎGJDB
BOUJCJÓUJDP
+"."
-B EPDUPSB "OF 6SBOHB OFVNÓMPHB
: FT RVF MB OFVNPOÎB BERVJSJEB FO MB
NJFNCSPEF4&1"3ZQSJNFSBGJSNBOUFEFFTUF
DPNVOJEBE/"$
DPOUJOÙBTJFOEPVOBJNQPS
FTUVEJPBGJSNBRVFMBSFEVDDJÓOEFMBEVSBDJÓO
UBOUFDBVTBEFNPSCJMJEBEZNPSUBMJEBEBOJWFM
EFMPTUSBUBNJFOUPTUPEBWÎBFTVOSFUPFOMB
NVOEJBM-BJODJEFODJBBOVBMEFMB
QSÃDUJDBDMÎOJDBBDUVBM.VDIPTEF
/"$PTDJMBEFBDBTPTQPSDBEB
MPT GBDVMUBUJWPT UJFOFO VO GBMTP
-BOFVNPOÓB
BEVMUPTZDPOMMFWBFMFWBEPT
TFOUJNJFOUPEFTFHVSJEBEDPOMB
DPTUFTTBOJUBSJPT&O&TUBEPT6OJEPT BERVJSJEB
QSFTDSJQDJÓOEFUSBUBNJFOUPTNÃT
KVOUPDPOMBHSJQFGVFMBTÊQUJNBDBVTB FOMBDPNVOJEBE MBSHPT4JOFNCBSHPMPTSFTVMUBEPT
EFNPSUBMJEBEFO.ÃTEF /"$
DPOUJOÞB
JOEJDBO FO UÊSNJOPT EF ÊYJUP
QFSTPOBTNVFSFOEFOFVNPOÎBBMBÒP
DMÎOJDPRVFMBTVQSFTJÓOEFMUSBUB
FO&TQBÒBZBEFNÃTFTUBFOGFSNF TJFOEP
NJFOUPDPOBOUJCJÓUJDPTFOCBTFB
EBE FT MB SFTQPOTBCMF EF VOBJNQPSUBOUF DSJUFSJPT EF FTUBCJMJEBE DMÎOJDB
IPTQJUBMJ[BDJPOFT
EFTQVÊTEFVONÎOJNPEFEÎBTEF
DBVTB
)BTUBFMNPNFOUPEFTEF
TF
USBUBNJFOUPBQSPQJBEPOPSFHJTUSB
EFNPSCJMJEBE
FNQMFBCBO VOBT OPSNBT QBSB
SFTVMUBEPTJOGFSJPSFTBMPTPCUFOJ
FTUBCMFDFSMBEVSBDJÓOEFMUSBUBNJFOUP ZNPSUBMJEBE
EPTFOMPTQSPHSBNBTEFUSBUB
BOUJCJÓUJDPCBTBEPFOMPTDSJUFSJPTEF BOJWFM
NJFOUPUSBEJDJPOBMFT
FTUBCJMJEBEDMÎOJDB&TUBTEJSFDUSJDFT NVOEJBM
-PT USBUBNJFOUPT BDPSUBEPT
TVHFSÎBOCBTBSFMUSBUBNJFOUPBOUJCJÓ
UJFOFO OVNFSPTBT WFOUBKBT &O
UJDPFODSJUFSJPTEFFTUBCJMJEBEDMÎOJDB
QSJNFSMVHBSTFBTPDJBOBUBTBT
DPOVONÎOJNPEFEÎBTEFUSBUBNJFOUPZTF
NÃTCBKBTEFSFTJTUFODJBBOUJNJDSPCJBOBFOUSF
SFDPNFOEÓVOBEVSBDJÓONÃTQSPMPOHBEBTJMB
MPTQBUÓHFOPTSFTQJSBUPSJPT"TJNJTNPSFEVDJS
UFSBQJBJOJDJBMOPFSBBDUJWBDPOUSBFMQBUÓHFOP
MBEVSBDJÓOEFMPTUSBUBNJFOUPTDPOUSJCVZFB
JEFOUJGJDBEPPTJMBBGFDDJÓOEFMQBDJFOUFFSB
VOBHFTUJÓONÃTFGJDJFOUFEFMPTSFDVSTPTZMPT
DPNQMJDBEBQPSVOBJOGFDDJÓOFYUSBQVMNPOBS
DPTUFTTBOJUBSJPT:FTRVFDPNPTFÒBMBMB
:QBSBWBMJEBSEJDIBTEJSFDUSJDFTTFEFTBSSPMMÓ
EPDUPSB6SBOHBIBZRVFEFTUBDBSRVFBMBSHBS
FTUFFOTBZPDMÎOJDPNVMUJDÊOUSJDPZBMFBUPSJ[BEP
MPT USBUBNJFOUPT JOOFDFTBSJBNFOUF QVFEF
QBSBFWBMVBSTJMBEVSBDJÓOEFMUSBUBNJFOUPDPO
GBDJMJUBSMBBQBSJDJÓOEFFGFDUPTBEWFSTPT1PS
BOUJCJÓUJDPTCBTBEBFOMPTDSJUFSJPTFTUBCMFDJ
PUSPMBEPPUSBEFMBTWFOUBKBTNÃTEFTUBDBCMFT
EPTQPSMB*%4"ZMB"54FSBJHVBMEFFGFDUJWB
EFMBJNQMFNFOUBDJÓOEFFTUBTEJSFDUSJDFTFT
RVFFMUSBUBNJFOUPDPOWFODJPOBM
RVFMBBEIFSFODJBBMPTUSBUBNJFOUPTTFWF
$PNPBTFHVSBFMEPDUPS"MCFSUP$BQFMBTUF
NFKPSBEBTJFTUPTTPONÃTDPSUPT
#BSUPMPNÊ#FMUSÃO
6
'PUPGJKB
"EFGBSNBZ8FDBSFVDPOMBGBSNBDJB
-
BQBUSPOBMGBSNBDÊVUJDB
NBESJMFÒB"EFGBSNBZ
8FDBSFV DPNQBÒÎB
FEJUPSBEF&-(-0#"-
IBO
GJSNBEP VO BDVFSEP EF
DPMBCPSBDJÓORVFUJFOFDPNP
PCKFUJWPMBQSPNPDJÓOEFMB
GBSNBDJB FTQBÒPMB Z MB
EFGFOTBEFMNPEFMPSFHVMBEP
FOFMRVFTVTUFOUB-PTQSFTJ
EFOUFTEFBNCBTFOUJEBEFT
$SJTUÓCBM-ÓQF[EFMB.BO[B
OBSBZ4BOUJBHPEF2VJSPHB
SVCSJDBSPOFMBDVFSEP
"OUPOJP/JFUP
%JSFDUPSEF&M(MPCBM
"
ÙOJNQBDUBEPQPSMBTVSSFBMJTUBJOUFSWFODJÓOEFMQSFTJ
EFOUFFMFDUPEFMPT&TUBEPT6OJEPT%POBME5SVNQBOUF
MPT NFEJPT EF DPNVOJDBDJÓO BNFSJDBOPT IBZ RVF
TFOUBSTFBBOBMJ[BSMBTQBMBCSBTEFMNBHOBUFOPSUFBNFSJDBOP
:BIFNPTIBCMBEPFOPUSBTPDBTJPOFTEFMAFGFDUPNBSJQPTBEF
MBTDPOTFDVFODJBTRVFPSJHJOBOMBTEFDJTJPOFTRVFTFUPNBO:
FOFTPFMQSÓYJNPQSFTJEFOUFEFMBNBZPSQPUFODJBNVOEJBM
UFOESÎBRVFFNQF[BSBEPDUPSBSTF&TNVZEJGFSFOUFIBCMBSFO
VONJUJOPFOVOQSPHSBNBEFUFMFWJTJÓOBIBDFSMPDPNPQSÓYJNP
QSFTJEFOUFEF&&66:FTBFTVOBEFMBT
QSJNFSBTDPTBTRVFTFEFCFSÎBOFTUBS %POBME5SVNQ
FTDSJUBTFOFMAMJCSPEFJOTUSVDDJPOFTRVF
SFDJCFFMJORVJMJOPQSJODJQBMEFMB$BTB QBSFDF
EJTQVFTUPB
#MBODB
&TUÃNVZCJFOFYQSFTBSMBTJOUFODJPOFT EBSMFMBWVFMUB
EFDBEBVOPTVTJEFBTQPMÎUJDBT&TPFT
BMTJTUFNB
DJFSUPQFSPUBNCJÊOFTUÃNVZCJFOZFT
BDPOTFKBCMFSFTQFUBSMBJOEFQFOEFODJBMB TBOJUBSJPEF
MJCFSUBEEFNFSDBEP/PPCMJHVFJODFOUJWF MPT&&66FM
/PBNFOBDFEJBMPHVF1PSRVFMBTVQFSWJ NFEJDBNFOUP
WJFODJBPOPEFVOBDPNQBÒÎBOPUFOESÎB
RVFFTUBSMJHBEBBMBTDBQSJDIPTBTEFDJTJP DPNPOPFTUÈ
OFTEFOBEJF&TNÃTJOUFMJHFOUFTFOUBSTF FOFMGPDP
DPO MB JOEVTUSJB GBSNBDÊVUJDB RVF
BOVODJBSNFEJEBTEFPCMJHBEPDVNQMJ
NJFOUPCBTÃOEPTFFOMBTNJTNBTQBUSBÒBTEFTJFNQSFRVFTPMP
TFGVOEBNFOUBOEFTEFMBJEFPMPHÎBTJONÃT2VJ[ÃTFMQSPCMFNB
OPFTUÊFOFMNFEJDBNFOUPRVJ[ÃTFMQSPCMFNBTFBFMQSPQJP
TJTUFNBTBOJUBSJPFTUBEPVOJEFOTFZMBTEFDJTJPOFTRVFTFIBO
UPNBEPRVFIBOPCMJHBEPBMBTFNQSFTBTBCVTDBSPUSPTFTDFOB
SJPTEPOEFJOWFSUJS7FSFNPTFORVÊBDBCBUPEPFTUPZTJMBT
DÃNBSBTEFSFQSFTFOUBOUFTQFSNJUFOBMQSÓYJNPQSFTJEFOUFEF
MPT&TUBEPT6OJEPTTFHVJSBEFMBOUFDPOTVTJEFBT
$POFM0CBNBDBSFUPDBEPEFNVFSUFIBZRVFDPOPDFSMBJEFB
EFTJTUFNBTBOJUBSJPRVFQMBOUFB5SVNQ&OQSJODJQJPFMNJTNP
EÎBRVFEFSPHVFMBSFGPSNBTBOJUBSJBEFTVBOUFDFTPSBOVODJBSÃ
TVNPEFMPEFTBOJEBE&TUBEPT6OJEPTTFSFJOWFOUBFONBUFSJB
TBOJUBSJBDPOFMGPDPFOFMNFEJDBNFOUPDPNPOP
!"OUPOJPOJFUPT
&ODVFTUB
ÓNPWBMPSBMBTVCJEBEFMQPSDJFOUPEFMPTTBMBSJPTFO
$
MBTGBSNBDJBTQBSBNJFOUSBTOPIBZBBDVFSEP
TPCSFFMOVFWPDPOWFOJP
#JFOUPEBTVCJEBTBMBSJBMTFBDVBMTFBTVDVBOUÓBFT
QPTJUJWB
#JFOFTVOJODSFNFOUPBTVNJCMFQBSBFMUJUVMBSZØQUJNB
QBSBFMUSBCBKBEPS
.BMMBTGBSNBDJBTTJHVFOTVGSJFOEPMBDSJTJTZMPTTBMBSJPT
EFCFSÓBOADPOHFMBSTF
-PJNQPSUBOUFFTOFHPDJBSVOOVFWPDPOWFOJPDPMFDUJWP
FMBTQFDUPTBMBSJBMOPMPFTUPEP
-BQSFHVOUBEFMBQSØYJNBTFNBOB
$SFFRVFMBTEFOPNJOBEBTABZVEBT7&$TPOJOTVGJDJFOUFTQBSB
HBSBOUJ[BSMBWJBCJMJEBEEFMBTGBSNBDJBTFNQPCSFDJEBT
1VFEFWPUBSFO
<FODVFTUBXFC>
r&-(-0#"-BMEFFOFSPEF
1PMÓUJDB
y:TJMPTBOUJ7*)ZMBTFTUBUJOBT
IVCJFSBOMMFHBEPDPOUFDIPTEFHBTUP ■6OFTUVEJPEFDMBSBJODPNQBUJCMFTMPTMÓNJUFTNÈYJNPTBMHBTUPGBSNBDÏVUJDPDPOMBJOOPWBDJØOBGVUVSP
$"3-04#30%3¶(6&;
.BESJE
"NFEJBEPTEFMPTBÒPTMBTUFSBQJBT
BOUJSSFUSPWJSBMFTIJDJFSPOQPTJCMFRVFFM
7*) QBTBSB EF TFS VOB TFOUFODJB EF
NVFSUFBVOBDPOEJDJÓODSÓOJDB"OUFTB
GJOBMFTEFMPTMBMMFHBEBEFMBTFTUBUJ
OBTBZVEÓBTBMWBSNVDIBTWJEBTRVFEF
PUSBNBOFSBTFIBCSÎBOQFSEJEPDPNP
DPOTFDVFODJBEFFOGFSNFEBEFTDBSEJP
WBTDVMBSFT 1FSP IPZ FTUB SFBMJEBE
QPESÎBIBCFSTJEPNVZEJGFSFOUFTJMPT
HFTUPSFTIVCJFSBOEFDJEJEPJOUSPEVDJS
FTUBTBOUJHVBTJOOPWBDJPOFTBQMJDBOEP
MÎNJUFTPUFDIPTEFHBTUPGBSNBDÊVUJDP
&TUPFTMPRVFQSFUFOEFEFNPTUSBSFM
BSUÎDVMP"SF#JPQIBSNBDFVUJDBMCVEHFU
DBQTHPPEQVCMJDQPMJDZ QVCMJDBEPFO
5IF&DPOPNJTU7PJDF4VTBVUPSFTTPTUJF
OFORVFFTUBTIFSSBNJFOUBTWJPMBOTFJT
QSJODJQJPTFDPOÓNJDPT
&M USBCBKP FT VOB SFTQVFTUB B MPT
UFDIPTRVFVUJMJ[BOBMHVOPTBTFHVSBEP
SFT QÙCMJDPT Z QSJWBEPT FO &TUBEPT
6OJEPTQFSPTVNFOTBKFFTGÃDJMNFOUF
FYUSBQPMBCMFBMPTTJTUFNBTFVSPQFPT-B
SFOPWBDJÓOEFMQSPUPDPMPRVFWJODVMBFO
&TQBÒBFMDSFDJNJFOUPEFMHBTUPGBSNB
DÊVUJDPBMSJUNPEFM1*#FTFMFKFNQMPNÃT
SFDJFOUFEFVOQSPDFTPRVFDPCSÓGVFS[B
USBTMBSFDFTJÓOEFDVBOEPMPT
FTUBEPTNJFNCSPQSPDFEJFSPOBJOUSPEV
DJSQPMÎUJDBTEFBVTUFSJEBECBTBEBTFO
UFDIPTEFHBTUPZDSJUFSJPTEFDPCFSUVSB
ZQSFDJPJOGMVJEPTQPSMBEJTQPOJCJMJEBE
QSFTVQVFTUBSJBBDPSUPQMB[P
&MQVFTUPRVFIBDFBÒPTPDVQBSPOMBT
FTUBUJOBT Z MPT BOUJSSFUSPWJSBMFT MP
PDVQBO IPZ PUSPT USBUBNJFOUPT -B
JONVOPUFSBQJBPGSFDFQSPNFTBTQBSB
BMBSHBS MB WJEB EF MPT QBDJFOUFT MB
0QJOJØO
-
4JEFMPRVFTFUSBUBFTEFDPOTJEFSBSMBTEFDJTJPOFTTPCSFMPTUSBUBNJFOUPTDPNPVOBJOWFSTJØOMPTUFDIPTEFHBTUPOPTPOMBSFTQVFTUBTFHÞOVOFTUVEJPQVCMJDBEPFO64"
WBDVOBEFMQBQJMPNBWJSVTIBSFEVDJEPMB
JODJEFODJBEFDÃODFSDFSWJDBMMPTOVFWPT
BOUJWJSBMFTEFBDDJÓOEJSFDUBPGSFDFO
UBTBTEFDVSBDJÓONVZFMFWBEBTBMPT
QBDJFOUFTDPOIFQBUJUJT$-BDVFTUJÓO
SFMFWBOUFTFHÙOMPTFDPOPNJTUBTFTTJMB
JOOPWBDJÓO GBSNBDÊVUJDB EFM GVUVSP
DPOUJOVBSÃFMMFHBEPEFMPTBOUJSSFUSPWJ
SBMFTZMBTFTUBUJOBTPTJTFWFSÃSBMFOUJ
[BEB:ÊTUBFTBÒBEFOVOBDVFTUJÓONÃT
QPMÎUJDBRVFEFTVFSUFQPSRVFMPTEFTDV
CSJNJFOUPT NÊEJDPT EFQFOEFO TPCSF
UPEPEFMBJOWFSTJÓOFO*%RVFEFTUJOBO
UBOUPMBJOEVTUSJBDPNPMPTHPCJFSOPT
4FBQPZBOQBSBFMMPFOMPTFTUVEJPTRVF
TFÒBMBORVFDBEBBWBODFRVFMMFHBBM
NFSDBEPUJFOFEFUSÃTEJF[EFTBSSPMMPT
GBMMJEPTi%FTEFVOBQFSTQFDUJWBFDPOÓ
NJDBQPSUBOUPMPTJOOPWBEPSFTEFCFO
SFDVQFSBSFMDPTUFEFEFTBSSPMMBSEJF[
USBUBNJFOUPTQPSDBEBNFEJDBNFOUPRVF
QVFEFODPNFSDJBMJ[BSQBSBVOBJOEJDB
DJÓOFODPODSFUPuTPTUJFOFOMPTFDPOP
NJTUBT:QPSUPEPFMMPDPOUJOÙBOMPT
UFDIPTEFHBTUPGBSNBDÊVUJDPQPOFOFM
GPDPFOFMBDDFTPZOPFOMBJOOPWBDJÓO
&MMPFYQMJDBBTVKVJDJPRVFTJTFIVCJF
SBOJOUSPEVDJEPNFEJBOUFFTUBGÓSNVMB
OJMBTUFSBQJBTBOUJSSFUSPWJSBMFTOJMBT
FTUBUJOBTIBCSÎBOMMFHBEPBUBOUBHFOUF
-PTTFJTFSSPSFTEFMPTUFDIPTEFHBTUP
&TUBNBOFSBEFQSPDFEFSWJPMBBUFOPS
EFMPTFYQFSUPTTFJTQSJODJQJPTFDPOÓNJ
DPT&OQSJNFSMVHBSMBDPOTJEFSBDJÓOEF
JOWFSTJÓOi-PTUFDIPTEFHBTUPEBOBM
HBTUPTBOJUBSJPFMUSBUBNJFOUPEFVOCJFO
EF DPOTVNP iDPNP JS BM DJOF P
DPNQSBSTFVOBCPUFMMBEFWJOPuDVBOEP
FOSFBMJEBEUFOESÎBNÃTTFOUJEPDVCSJS
VOOVFWPUSBUBNJFOUPTJMPTCFOFGJDJPT
QPUFODJBMFT BDUVBMFT Z GVUVSPT TPO
-PTFGFDUPTOPEFTFBEPTEFMPTUFDIPTEFHBTUP
BTSB[POFTQPSMBTRVFMPTUFDIPTNÃYJNPTEF
HBTUPGBSNBDÊVUJDPOPTPOVOBCVFOBQPMÎUJDB
IBOTJEPBOBMJ[BEPTFOVOSFDJFOUFBSUÎDVMPEF
USFTFDPOPNJTUBTDBMJGPSOJBOPTQVCMJDBEPFO5IF
&DPOPNJTUT7PJDFMPTMÎNJUFTNÃYJNPTEFHBTUPZMBT
EFDJTJPOFTEFDPCFSUVSBCBTBEBTFOMBEJTQPOJCJMJEBE
QSFTVQVFTUBSJBBDPSUPQMB[PQVFEFOTFSEBÒJOBTQBSB
MBTBMVEEFMBQPCMBDJÓOBMBSHPQMB[PTJFOEPFMHBTUP
TBOJUBSJPVOBJOWFSTJÓOMPTUFDIPTEFHBTUPOPQVFEFO
TFSMBSFTQVFTUBTJOPRVFTFEFCFOCVTDBSNFDBOJT
NPTEFEFDJTJÓORVFUFOHBOFODVFOUBFMWBMPSBMBSHP
QMB[P
3FTVMUBBSCJUSBSJPZDPOUSBQSPEVDFOUFBODMBSFM
WPMVNFOEFVOBQBSUFEFMHBTUPTBOJUBSJPFMEFMBT
JOOPWBDJPOFTCJPGBSNBDÊVUJDBTBMBFWPMVDJÓOEFM
1SPEVDUP*OUFSJPS#SVUP-BTEJOÃNJDBTEFM1*#BDPSUP
QMB[PZEFMHBTUPGBSNBDÊVUJDPPCFEFDFOBMÓHJDBT
EJTUJOUBT-BDVPUBEFHBTUPGBSNBDÊVUJDPTPCSFHBTUP
TBOJUBSJPZTPCSFFM1SPEVDUP*OUFSJPS#SVUPOPEFCF
QFSNBOFDFSDPOTUBOUF
5BNQPDPEFCFODSFDFSBMNJTNPSJUNPMPTEJTUJOUPT
DPNQPOFOUFT EFM HBTUP TBOJUBSJP &TUB QSFNJTB
SFTQPOEFBVOBMÓHJDBHSFNJBMJTUBEFSFQBSUPEF
SFOUBTBDBEBQSPWFFEPSRVFFTUÃQPDPBMJOFBEBDPO
FMCJFOFTUBSTPDJBM4FSÎBJOFGJDJFOUFRVFMBJOWFSTJÓO
TPDJBMFOJOOPWBDJPOFTWBMJPTBTFTUVWJFSBTVKFUBBMPT
BWBUBSFTEFMDJDMPFDPOÓNJDP&RVJWBMESÎBBQSFNJBS
MBJOOPWBDJÓOQPSMBTWBSJBDJPOFTDBQSJDIPTBTEFM1*#
EFBÒPFOBÒP
'SFOUFBMBMÓHJDBEFMBEJTQPOJCJMJEBEQSFTVQVFT
UBSJBBDPSUPQMB[PFTOFDFTBSJPDPOUSBQPOFSVOVTP
NÃTDPNQSFIFOTJWPEFMDPTUFFGFDUJWJEBEJODMVZFOEP
MPTCFOFGJDJPTZDPTUFTTPDJBMFTBDPSUPZBMBSHPQMB[P
$POWJFOFUBNCJÊOJNQMFNFOUBSQPMÎUJDBTEFQSFDJPT
Z GJOBODJBDJÓO RVF QSFNJFO MB JOWFTUJHBDJÓO FM
EFTBSSPMMPZMBJOOPWBDJÓOBUSBWÊTEFSBUJPTDPTUF
FGFDUJWJEBEEJOÃNJDPTRVFSFFWBMÙFOMBFWJEFODJBFO
FMVTPSFBMEFTQVÊTEFMBDDFTPBMNFSDBEPSJFTHP
DPNQBSUJEP
ZRVFUFOHBOFODVFOUBMPTQSFDJPTOP
TÓMPBDPSUPQMB[PTJOPUBNCJÊOBMBSHPQMB[PDVBOEP
MBTJOOPWBDJPOFTQJFSEFOMBQBUFOUFPQSPUFDDJÓOZMPT
QSFDJPTDBFO
+BVNF1VJH+VOPZ
%FQBSUBNFOUPEF&DPOPNÓBZ&NQSFTB
6OJWFSTJEBE1PNQFV'BCSB
BMEFFOFSPEF &-(-0#"-r
1PMÓUJDB
TVQFSJPSFTBMPTDPTUFT&OTFHVOEPMVHBS
BTFHVSBORVFFMDPTUFFTVOBNFEJEB
JOBEFDVBEBEFMWBMPSZBRVFMPSFMFWBOUF
FTDPNQBSBSFMCFOFGJDJPJODSFNFOUBM
DPOFMDPTUFJODSFNFOUBM
6OUFSDFSFSSPSBTPDJBEPBMPTUFDIPT
FTFMEFBEPQUBSDPNPHVÎBMBEJTQPOJCJ
MJEBEQSFTVQVFTUBSJBBDPSUPQMB[PBMHP
RVFQVFEFFNQFPSBSMPTSFTVMUBEPTEF
DBSBBMGVUVSPZBRVFNVDIBTJOOPWBDJP
OFTNVFTUSBOTVTCFOFGJDJPTBNFEJPZ
MBSHPQMB[P+VOUPBFMMPSFDVFSEBORVF
MBBUFODJÓOTBOJUBSJBQSPQPSDJPOBVO
BNQMJPBCBOJDPEFCFOFGJDJPTBMBTPDJF
EBEQVFTUBNCJÊONFKPSBMBQSPEVDUJWJ
EBEZSFEVDFFMDPTUFFODVJEBEPSFT
&ORVJOUPMVHBSBQVOUBOBRVFMBT
EFDJTJPOFTCBTBEBTFOMBEJTQPOJCJMJEBE
QSFTVQVFTUBSJBBDUVBMTFBODMBOFOFM
TUBUVRVPJNQMJDBONBZPSFTCBSSFSBT
QBSBMBTJOOPWBDJPOFTRVFQBSBMPRVF
BDUVBMNFOUFZBTFGJOBODJBBQFTBSEF
RVFMBFWJEFODJBQVFEBBSSPKBSVOVTP
JOBEFDVBEPFJOFGJDJFOUF1PSÙMUJNP
SFDVFSEBO RVF iMPT DPOTVNJEPSFT
&TUBCMFDFSMÓNJUFTNÈYJNPTBM
HBTUPGBSNBDÏVUJDPWJPMBTFHÞO
VOUSBCBKPTFJTQSJODJQJPT
FDPOØNJDPT
i$VBOEPMBTEFDJTJPOFTTPCSFMPT
USBUBNJFOUPTTFDPOTJEFSBOVOB
JOWFSTJØOMPTUFDIPTEFHBTUPOP
TPOMBSFTQVFTUBwEJDFFMFTUVEJP
WBMPSBO MB JOOPWBDJÓOu QPS MP RVF
DVBOEPMBEJTQPOJCJMJEBEJOEJWJEVBMFT
TVQFSJPSBMDPTUFOPFTFGJDJFOUFJNQPOFS
MÎNJUFTBMHBTUP
5PEPFTUPIBDFQFOTBSBMPTFDPOPNJT
UBTRVFQPOFSFMGPDPFOFMDPSUPQMB[P
QVFEF TFS QFSKVEJDJBM B MBSHP QMB[P
i$VBOEPMBTEFDJTJPOFTTPCSFMPTUSBUB
NJFOUPTTFDPOTJEFSBOBEFDVBEBNFOUF
DPNPVOBJOWFSTJÓO‡DPODMVZFO‡MPT
UFDIPTEFHBTUPOPTPOMBSFTQVFTUBFO
TV MVHBS OFDFTJUBNPT FODPOUSBS
NFDBOJTNPTRVFBMJFOUFOEFDJTJPOFTEF
HBTUPCBTBEBTFOFMWBMPSBMBSHPQMB[Pu
6ONPEFMPEFDMBSPTDVSPT
QBSBMPTFDPOPNJTUBTEFMBTBMVE
■$JODPFYQFSUPTDPOTVMUBEPTQPS&%4FYQPOFOTVQVOUPEFWJTUBTPCSFMPTUFDIPTEFHBTUP
$3
.BESJE
5SFT EF MPT NPEFMPT GBSNBDÊVUJDPT
FVSPQFPTNÃTBWBO[BEPTFMBMFNÃOFM
CSJUÃOJDP Z FM GSBODÊT IBO EFDJEJEP
SFDJFOUFNFOUFBWBO[BSQPSFMNJTNP
DBNJOPUFDIPTEFHBTUPQBSBJOOPWBDJP
OFT&O&TQBÒBFM(PCJFSOPBQSPWFDIÓ
MB SFOPWBDJÓO EFM QSPUPDPMP DPO
'BSNBJOEVTUSJB QBSB BOVODJBS TV
JOUFSÊTFOMMFHBSBBDVFSEPTDPOPUSPT
QSPWFFEPSFT &M DBNJOP QBSFDF
NBSDBEP BVORVF B OJWFM QPMÎUJDP MB
PQPTJDJÓOFTUPUBMZUBNQPDPMPTFDPOP
NJTUBTMPUJFOFODMBSP$JODPEFFMMPTIBO
QVFTUPEFNBOJGJFTUPTVTDMBSPTDVSPTFO
VOBSUÎDVMPEFEJGVTJÓOJODMVJEPFOFM
RVJOUPWPMVNFOEFMBSFWJTUB&%4
%FTEFFMMBEPOFHBUJWPFMKVJDJPEF
+BVNF1VJH+VOPZDBUFESÃUJDPEFMB
6OJWFSTJEBE1PNQFV'BCSB61'
FT
UBKBOUFMPTUFDIPTEFHBTUPHMPCBMFTiOP
TPMVDJPOBOFMQSPCMFNBEFUSBTMBEBSMB
SFTUSJDDJÓOQSFTVQVFTUBSJBBOJWFMEF
EFUBMMFUBSHFUQPQVMBUJPOTJOEJDBDJPOFT
Z OVFWPT NFEJDBNFOUPTu 1FSP QPS
DPOUSBQFSNJUFOBMPTHFTUPSFTTBCFSEF
BOUFNBOP FM HBTUP NÃYJNP FO VOB
QBUPMPHÎB P NFEJDBNFOUP DPODSFUP
%FTEFFTFQVOUPEFWJTUBBMHVOPTEFMPT
FYQFSUPTFOUJFOEFOTVWFSUJFOUFQPTJUJWB
BVORVF DPO NBUJDFT 4FHÙO (VJMMFN
-ÓQF[ $BTBTOPWBT DBUFESÃUJDP EF
&DPOPNÎBEFMB61'ZEJSFDUPSEFTV
$FOUSPEF*OWFTUJHBDJÓOFO&DPOPNÎBZ
4BMVEiTFIBEFSB[POBSTVGJDJFOUFNFOUF
QBSBRVFFMBDVFSEPNBDSPTFBBTVNJ
CMFFOTVSFQBSUPBMPNÃTNJDSPEFMB
HFTUJÓODMÎOJDBu
+PBO3PWJSBQSPGFTPSEFMB6OJWFSTJ
EBEEF#BSDFMPOBDPOTJEFSBRVFFTUF
FOGPRVFDPOTUJUVZFEFIFDIPiVOGPOEP
HFOFSBM QBSB UPEBT MBT UFDOPMPHÎBT
-PTUFDIPTEFHBTUPOPFTUÈOFOUSFMBTNFEJEBTRVFMPT
FDPOPNJTUBTQJEFOBMBOVFWBNJOJTUSBEF4BOJEBE
JOOPWBEPSBTu&MQSPCMFNBBTVKVJDJP
FTEFGJOJSRVÊFTJOOPWBDJÓOZDVÃOUPT
BÒPTBQBSUJSEFTVMBO[BNJFOUPTFDPOTJ
EFSBSÃJOOPWBEPSVOQSPEVDUP1PSFMMP
FTUF FYQFSUP PQUBSÎB QPS QSPNPWFS
iGPOEPTEFJOOPWBDJÓOCJPNÊEJDPTuRVF
UFOESÎBODPNPPCKFUJWPQBHBSOPMPT
QSPEVDUPTTJOPMBTJOOPWBDJPOFTFOTÎ
NJTNBT i&M JOOPWBEPS SFDJCJSÎB VO
QSFNJPPDBOUJEBEGJKBFOGVODJÓOEFMB
BQPSUBDJÓO UFSBQÊVUJDB Z FDPOÓNJDB
HMPCBMEFTVJOOPWBDJÓOZFWFOUVBMNFOUF
VOBTSPZBMUJFTEBEBTQFSPFMQSPEVDUPTF
QSPEVDJSÎBZDPNFSDJBMJ[BSÎBDPNPVO
HFOÊSJDPFTEFDJSFODPOEJDJPOFTEF
DPNQFUFODJBEFTEFFMQSJNFSEÎB&TUP
QFSNJUJSÎBBMBTPDJFEBEEFUFSNJOBSEF
GPSNBUSBOTQBSFOUFZNÃTDPOTDJFOUF
NFOUFDVÃOUPRVJFSFHBTUBSTFFOJOOPWB
DJÓOCJPNÊEJDBEFGPSNBTJNJMBSBDPNP
MPIBDFFOJOWFSTJÓOQÙCMJDBFEVDBDJÓO
PEFGFOTBuFYQMJDB
-PT HSJTFT BQVOUBO UBNCJÊO B MB
NFEJDJÓOEFSFTVMUBEPT"TÎMPJOEJDB
%BWJE $BOUBSFSP QSPGFTPS UJUVMBS EF
&DPOPNÎBZSFTQPOTBCMFEFM(SVQPEF
*%JFO&DPOPNÎBEFMB4BMVEEFMB
6OJWFSTJEBEEF$BOUBCSJBQBSBRVJFO
iOPFTVOBDVFTUJÓOTÓMPEFUFDIPTEF
HBTUPTJOPEFGJKBSFOEÓOEFTFJOWJFSUF
DPNPDPTUFFGFDUJWPFOSFTVMUBEPTFO
TBMVEZEÓOEFTFEFTJOWJFSUFEBEPRVFMPT
SFDVSTPTTBOJUBSJPTTPOMJNJUBEPTu-B
NJTNBMÎOFBTJHVF+BJNF&TQÎOQSPGFTPS
EFMB&TDVFMBBOEBMV[BEF4BMVE1ÙCMJDB
i4BCFNPTMPRVFWBNPTBHBTUBSQFSPOP
TJMPHBTUBNPTBEFDVBEBNFOUF.FEJSMPT
SFTVMUBEPTFOTBMVETFSÎB‡EJDF‡FM
TJHVJFOUF QBTPu $MBSP RVF UBNCJÊO
DBCSÎBEBSVOQBTPQSFWJPRVFMBGJKBDJÓO
EFMQSFDJPFTUVWJFSBFTUBCMFDJEBEFGPSNB
USBOTQBSFOUFZFOSFMBDJÓOBTVWBMPSi4J
IBDFNPTFTUPQPTJCMFNFOUFTFBNFOPT
OFDFTBSJPIBDFSUFDIPTEFHBTUPFTEFDJS
MPTUFDIPTEFHBTUPTQVFEFOTFSFMSFTVM
UBEPEFVOBNBOFSBJOBEFDVBEBEFGJKBS
MPTQSFDJPTuBÒBEF&TQÎO
-BBHFOEBEFMBMFHJTMBUVSB
-BPQJOJÓOEFMPTFYQFSUPTTPCSFMPRVF
EFCFSÎBJODMVJSTFFOMBBHFOEBTBOJUBSJB
EFMBMFHJTMBUVSBTFDPNQMFUBDPOVOAOP
BGPOEPTGJOBMJTUBTVOATÎBMPRVFJNQMJDB
VO)JTQB/*$&BVORVFOPOFDFTBSJB
NFOUF NFEJBOUF MB DSFBDJÓO EF VOB
BHFODJB
ZPUSPWPUPBGBWPSEFMFTUBCMF
DJNJFOUPEFVNCSBMFTDPTUFFGFDUJWJEBE
FO&TQBÒBQPSQBUPMPHÎBT
7FBFMBSUÓDVMPFO
&%4
XXXOFUTBMVEFT"QQ4UPSF(PPHMF1MBZ
-"4'3"4&4
(VJMMFN-ØQF[$BTBTOPWBT +BJNF&TQÓO&TDVFMB
$3&461'
"OEBMV[BEF4BMVE1ÞCMJDB
i
4FIBEFSB[POBS
TVGJDJFOUFQBSBRVFFM
BDVFSEPNBDSPTFB
BTVNJCMFFOTV
SFQBSUPBMPNÃTNJDSP
EFMBHFTUJÓODMÎOJDBu
i
-PTUFDIPTEF
HBTUPQVFEFOTFSFM
SFTVMUBEPEFVOB
NBOFSBJOBEFDVBEBEF
GJKBSMPTQSFDJPTEFMPT
NFEJDBNFOUPTu
+BVNF1VJH+VOPZ
+PBO3PWJSB6OJWFSTJEBE
6OJWFSTJEBE1PNQFV'BCSB EF#BSDFMPOB
i
-PTUFDIPTEF
HBTUPHMPCBMFTOP
TPMVDJPOBOFMQSPCMFNB
EFUSBTMBEBSMBSFTUSJD
DJÓOQSFTVQVFTUBSJBB
OJWFMEFEFUBMMFu
i
&TUFFOGPRVF
DPOTUJUVZFEFIFDIPVO
GPOEPHMPCBM1BSBNÎ
EFCFSÎBQBHBSTFOPFM
QSPEVDUPTJOPMB
JOOPWBDJÓOFOTÎu
%BWJE$BOUBSFSP
6OJWFSTJEBEEF$BOUBCSJB
i
/PFTTÓMPDVFTUJÓO
EFUFDIPTTJOPEFGJKBS
EÓOEFTFJOWJFSUFDPNP
DPTUFFGFDUJWPFOSFTVM
UBEPTFOTBMVEZEÓOEF
TFEFTJOWJFSUFu
r1PMÓUJDB&-(-0#"-BMEFFOFSPEF
&M5SJCVOBMEF$VFOUBTQJEFQSPGVOEJ[BSFO
MPTFTUVEJPTFDPOÓNJDPTEFMBTFWBMVBDJPOFT
■&MPSHBOJTNPFYQMJDBRVFMBTSFTPMVDJPOFTGJSNBEBTDPOMPTMBCPSBUPSJPTiFTDBQBOBMBTQPTJCJMJEBEFTEFJOTQFDDJØOw
+36*;5"(-&
."%3*%
&M.JOJTUFSJPEF4BOJEBEIBSFDJCJEP
EVSBTDSÎUJDBTEFM5SJCVOBMEF$VFOUBT
QPSTVHFTUJÓOEFMÃSFBGBSNBDÊVUJDB
FOUSFMPTFKFSDJDJPTEFZ&OUSF
MBTSFQSPCBDJPOFTEFMPSHBOJTNPEFTUB
DBOUSFTFMTFHVJNJFOUPEFMPTBDVFSEPT
EFGJOBODJBDJÓOCBTBEPTFOUFDIPTEF
HBTUPMBFKFDVDJÓOEFMBQPMÎUJDBGBSNB
DÊVUJDBZEFGJKBDJÓOEFQSFDJPTDPOGPSNF
BMQSPHSBNBQSFTVQVFTUBSJPZMBGBMUBEF
QSPUPDPMP FTQFDÎGJDP EFOUSP EF MB
$PNJTJÓO*OUFSNJOJTUFSJBMEF1SFDJPT
4PCSFFMQSJNFSPEFMPTBTQFDUPTFM
5SJCVOBMEF$VFOUBTBSHVNFOUBRVFMPT
BDVFSEPTEFUFDIPEFHBTUPGJSNBEPTFO
BRVFMMPTBÒPTiIBOEFUFSNJOBEPPCMJHB
DJPOFTBEJDJPOBMFTBMPTMBCPSBUPSJPTRVF
FTDBQBOBMBTQPTJCJMJEBEFTEFJOTQFDDJÓO
ZFYBNFOQPSQBSUFEFM.JOJTUFSJPu-B
SB[ÓOTFHÙOFMPSHBOJTNPSBEJDBFOMB
DPNQMFKJEBEEFMPTBDVFSEPTCJFOQPS
FTUBCMFDFSUFDIPTEFHBTUPDPOKVOUPTP
CBTBEPTFOTJTUFNBTDPNPFMDPTUFUSBUB
NJFOUPEÎBi5PEPFMMPIBDFEFEJGÎDJM
DPNQSPCBDJÓOFMDVNQMJNJFOUPEFMMÎNJUF
GJKBEPFOMBTEJTUJOUBTSFTPMVDJPOFTZTVT
SFUPSOPTBM4JTUFNB/BDJPOBMEF4BMVE
SFUPSOPTRVFQVFEFOIBCFSTFFTUBCMF
DJEPEFGPSNBEJSFDUBFODVBOUÎBTFDPOÓ
NJDBTPEFGPSNBJOEJSFDUBFOCPOJGJDB
DJPOFT FO TVNJOJTUSPT QPTUFSJPSFTu
FYQMJDB
-BTFHVOEBEFMBTDSÎUJDBTRVFBQVOUB
BMBFKFDVDJÓOEFMBQPMÎUJDBGBSNBDÊVUJDB
ZEFGJKBDJÓOEFQSFDJPTDPOBSSFHMPBM
QSPHSBNBQSFTVQVFTUBSJPTFÒBMBEJSFD
UBNFOUF B MB %JSFDDJÓO (FOFSBM EF
'BSNBDJBZBMB"HFODJB&TQBÒPMBEFM
.FEJDBNFOUP4FHÙOFM5SJCVOBMFTUPT
EPTPSHBOJTNPTTPOMPTFODBSHBEPTEF
FTUBFKFDVDJÓODVZBTQBVUBTEFTFHVJ
NJFOUP DPOTJEFSB JOTVGJDJFOUFTi-PT
JOEJDBEPSFTOPQSPQPSDJPOBOJOGPSNB
DJÓOSFMFWBOUFTPCSFMBDPOTFDVDJÓOEF
&M5SJCVOBMEF$VFOUBTDFOUSBTVTDSÓUJDBTB4BOJEBEFOFMTFHVJNJFOUPEFMPTBDVFSEPTEFUFDIPEFHBTUPZFOMPTQSPUPDPMPTEFBDUVBDJØOEFMB$PNJTJØO*OUFSNJOJTUFSJBMEF1SFDJPT
MPTPCKFUJWPTOJPSJFOUBOTPCSFMBBTJHOB
DJÓOEFSFDVSTPTZBDUJWJEBEFTSFMBDJPOB
EBTQBSBQPEFSDVNQMJSMPTuBSHVNFOUB
FMJOGPSNF"EFNÃTFM5SJCVOBMTFÒBMB
RVFMBGPSNVMBDJÓOEFMBTQBVUBTBTFHVJS
FTiNVZHFOFSBMZOPBQPSUBOJOGPSNB
DJÓOPQPSUVOBTJHOJGJDBUJWBZGJBCMFBMPT
SFTQPOTBCMFTEFMBHFTUJÓOTPCSFMBTJUVB
DJÓOZFWPMVDJÓOEFBRVFMMPTBTQFDUPTRVF
JODJEFOFOMBDPOTFDVDJÓOEFMPTPCKFUJ
WPTFTUBCMFDJEPTQPSMPRVFSFTVMUBO
JOTVGJDJFOUFTQBSBMBBEPQDJÓOEFEFDJTJP
OFTFOMPTEJGFSFOUFTOJWFMFTEFMBPSHBOJ
[BDJÓOu 1PS ÙMUJNP FM 5SJCVOBM EF
$VFOUBTSFDBMDBFOTVJOGPSNFRVFiOP
FYJTUFONBOVBMFTEFQSPDFEJNJFOUPTRVF
EFGJOBOMBTGVODJPOFTZSFTQPOTBCJMJEB
EFTEFMB%JSFDDJÓO(FOFSBMEFMB$BSUFSB
#ÃTJDBEF4FSWJDJPTZ'BSNBDJBFOMBT
RVFTFIBOSFBMJ[BEPMBTQSVFCBTEF
GJTDBMJ[BDJÓOu
-BUFSDFSBDSÎUJDBRVFSFBMJ[BFM5SJCV
OBMEF$VFOUBTTPCSFMBMBCPSEFM.JOJT
UFSJPEF4BOJEBESFDBFTPCSFMBTBDUVB
DJPOFTEFMB$PNJTJÓO*OUFSNJOJTUFSJBMEF
1SFDJPT&OFTUFBQBSUBEPFMPSHBOJTNP
EBVOBEFDBMZPUSBEFBSFOB1PSVOMBEP
SFDPOPDFRVFUPEPFMQSPDFEJNJFOUPEF
FWBMVBDJÓO TF SFBMJ[B iQPS UJUVMBEPT
GBSNBDÊVUJDPT DPO DPOPDJNJFOUP FO
FWBMVBDJÓO FDPOÓNJDB Z BNQMJB
FYQFSJFODJBFOFMTFDUPSu4JOFNCBSHP
MBTDSÎUJDBTBSSFDJBODVBOEPFM5SJCVOBM
BOBMJ[BFMQSPUPDPMPEFBDUVBDJÓOEFFTUB
$PNJTJÓOi-BFWBMVBDJÓOTFSFBMJ[BEF
BDVFSEPBEJTUJOUPTDSJUFSJPTFTUBCMFDJ
EPTTJCJFOIBOTJEPDPNVOJDBEPTEF
NBOFSBJOGPSNBMBMQFSTPOBMFWBMVBEPS
ZOPFTUÃOSFDPHJEPTFOOJOHÙONBOVBM
EFQSPDFEJNJFOUPuSFDPHFFMJOGPSNF
"EFNÃTFMPSHBOJTNPJOTUBBM.JOJTUF
SJPEF4BOJEBEBQPOFSNBZPSÊOGBTJTFO
MPTDSJUFSJPTFDPOÓNJDPTi%FCFSÎBDPOTJ
EFSBSTFMBDPOWFOJFODJBEFBNQMJBSMPT
FTUVEJPTFDPOÓNJDPTRVFBDUVBMNFOUFTF
SFBMJ[BONFEJBOUFFMFYBNFOZFOTV
DBTPJNQMFNFOUBDJÓOEFOVFWBTUFDOP
MPHÎBTEFBOÃMJTJTBTÎDPNPSFGPS[BSFM
FNQMFPEFQSPDFEJNJFOUPTFTDSJUPTZ
DPNVOFTQBSBUPEPTMPTFWBMVBEPSFTu
EJDFO
.POUPSPi&OTFHBTUÓFO4BOJEBE
DBTJNJMMPOFTNÃTRVFFOu
$3
.BESJE
&M(PCJFSOPIBSFEVDJEPFMEÊGJDJUQÙCMJDP
BVNFOUBOEPFMHBTUPTPDJBM"TÎMPIB
BTFHVSBEP FM NJOJTUSP EF )BDJFOEB
EVSBOUFTVQSJNFSBDPNQBSFDFODJBFOFM
$POHSFTP&OUSFMPTEBUPTFTHSJNJEPTQPS
$SJTUÓCBM.POUPSPTFFODVFOUSBOMPT
SFMBUJWPTBMHBTUPTBOJUBSJPRVFFO
GVFiDBTJNJMMPOFTEFFVSPTuNBZPS
RVFFOBOUFTEFRVFFTUBMMBSBMB
DSJTJTFDPOÓNJDB&TPTÎ.POUPSPTFÒBMÓ
RVFBIPSBUPDBiEFTBQBMBODBSuFMTFDUPS
QÙCMJDPRVFTFFOGSFOUBBMBÒPNÃTEVSP
FOMBSFEVDDJÓOEFMEÊGJDJUQÙCMJDPVO
BKVTUFEFNJMMPOFTEFFVSPT
1BSBDPOTFHVJSMPFM(PCJFSOPRVJFSF
RVFFMHBTUPQÙCMJDPDSF[DBBVOSJUNP
JOGFSJPSBMEFMDSFDJNJFOUPEFMBBDUJWJEBE
FDPOÓNJDBFOUÊSNJOPTOPNJOBMFTVO
NFOTBKFNBMSFDJCJEPQPSMBPQPTJDJÓO
RVFOPPMWJEBRVFFOMPTDPNQSPNJTPT
FOWJBEPTB#SVTFMBTFM(PCJFSOPDPOUFN
QMB SFEVDJS FM HBTUP TBOJUBSJP 2VJ[Ã
QSFWJFOEPFTUBSFTQVFTUB.POUPSPIBCÎB
IFDIP IJODBQJÊ FO MB OFDFTJEBE EF
SFTQPOEFSDPOKVOUBNFOUFEBEBMBSFBMJ
EBEQBSMBNFOUBSJBi5PEPMPRVFUSBJHB
FM(PCJFSOPUJFOFRVFFTUBSCBTBEPFOFM
EJÃMPHPMBOFHPDJBDJÓOZFOTVNPNFOUP
MBDFTJÓODPOMPTMÎNJUFTJNQVFTUPTQPS
3BKPZFOTVEJTDVSTPEFJOWFTUJEVSBu
EFDMBSÓ&TFMDBTPEFMPT1(&QBSB
RVF)BDJFOEBRVJFSFQSFTFOUBSFOMBT
QSÓYJNBTTFNBOBTQFSPUBNCJÊOEFMB
SFGPSNBEFMTJTUFNBEFGJOBODJBDJÓOi0
OPTQPOFNPTEFBDVFSEP‡EJKP‡POP
IBCSÃTJTUFNBEFGJOBODJBDJÓOu
$SJTUØCBM.POUPSPDJGSØFONJMMPOFTEFFVSPTFM
BKVTUFEFMBTBENJOJTUSBDJPOFTQÞCMJDBTQBSB
BMEFFOFSPEF&-(-0#"-1PMÓUJDBr
&MDPQBHPBTBMUBMBBHFOEBTBOJUBSJBDPOVOB
SFGPSNBRVFTFFODVFOUSBFOGBTFEFFTUVEJP
■%PMPST.POUTFSSBUQSPWPDBFMSFWVFMPEFMPTHSVQPTEFMBPQPTJDJØOUSBTDVBUSPEFDMBSBDJPOFTFOBQFOBTEJF[EÓBT
+36*;5"(-&
.BESJE
-BSFMBDJÓOFOUSFFM1BSMBNFOUPZFM
.JOJTUFSJPEF4BOJEBEOPWBBTFSTFODJ
MMB"MNFOPTBTÎMPEFNVFTUSBFMEFTFO
DVFOUSPFOUSFFMQSJNFSPBOUFMBTEFDJTJP
OFTPEFDMBSBDJPOFTRVFIBUPNBEPFM
TFHVOEP4JIBDFVOPTEÎBTMBPQPTJDJÓO
SFDIB[BCBMBTCPOEBEFTEFM1SPUPDPMPEF
4PTUFOJCJMJEBEGJSNBEPDPO'BSNBJOEVT
USJBMBTFNBOBQBTBEB.POUTFSSBUTF
FODPOUSÓDPOFMSFHJTUSPEFVOBQFUJDJÓO
EFDPNQBSFDFODJBFOFM$POHSFTPQPSTVT
EFDMBSBDJPOFTSFTQFDUPBMBNPEJGJDBDJÓO
EFMDPQBHPi"IPSBTFQBHBFOGVODJÓOEF
MBSFOUBZSFDPOPDFNPTRVFOPFTKVTUP
RVFQBHVFOMPNJTNPMPTRVFUJFOFOVOB
SFOUB EF RVF MPT EF FVSPT4FFTUBCMFDFSÃOUSFTUSBNPTVOP
QBSBMPTRVFHBOBOEFBFVSPT
PUSPEFBZEFB
FVSPTu EFDÎB .POUTFSSBU FM
QBTBEPEFEJDJFNCSF-BTFNBOB
QBTBEB RVJTP RVJUBS IJFSSP B BRVFM
BOVODJP BM BGJSNBS RVF OP TF EFCF
BMBSNBSiBMPTQFOTJPOJTUBTQPSRVFOPTF
WBBTVCJSFMDPQBHPuQBSBGJOBMNFOUF
EFDJSRVFiFTUBCBTJFOEPFTUVEJBEPQPS
MPTUÊDOJDPTu
&OUSFFTUPTBOVODJPTQPESÎBOPIBCFS
SFDUJGJDBDJÓOBMHVOBQVFTTFSÎBODPNQB
UJCMFT4FQVFEFAUSPDFBSFMUSBNPRVF
DPNQSFOEFEFTEFMPTFVSPTIBTUB
MPTTJOUFOFSRVFBGFDUBSBMPT
QFOTJPOJTUBT&MTJTUFNBEFDPQBHPRVF
USBKPFM3FBM%FDSFUPUJFOFVO
DBSÃDUFSEVBM1PSVOMBEPBGFDUBBMB
SFOUBQFSDJCJEBQFSPUBNCJÊOBGFDUBBMBT
DJSDVOTUBODJBT WJUBMFT WFS UBCMB
BEKVOUB
$VBMRVJFS QFOTJPOJTUB RVF
DPCSFNFOPTEFFVSPTBOVBMFT
IPZQPSIPZQBHBVOQPSDJFOUPEFM
WBMPSEFMNFEJDBNFOUPDPOVOUPQF
NFOTVBM
NJFOUSBTRVFDVBMRVJFSDJVEB
EBOPBDUJWPQBHBFMQPSDJFOUPCJFO
DPCSFFVSPTP
5BNCJÊOFYJTUFNBSHFOEFSFGPSNBB
MPT QFOTJPOJTUBT EF GPSNB FYDMVTJWB
5PEPTBRVFMMPTTJUVBEPTFOUSFMBIPSRVJ
MMB BOUFSJPS UJFOFO VO UPQF NÃYJNP
NFOTVBMEFFVSPTZBIÎTÎQPESÎB
FYJTUJS WBSJBCJMJEBE )BCMBS EF VOB
TVCJEBPCBKBEBEFMDPQBHPPJODMVTP
RVFEBSTFJHVBMFOUÊSNJOPTBCTPMVUPTEF
SFDBVEBDJÓO
EFQFOEFSÃEFRVÊUPQFT
QVEJFSBFTUBCMFDFS4BOJEBETJFMFTUVEJP
FODBSHBEP UBOUP B MPT UÊDOJDPT EFM
.JOJTUFSJPDPNPFYUFSOPTMMFHBBCVFO
QVFSUP
-BSFGPSNBEFIBDFSTFUFOESÎBRVF
DPOUBSDPOFMBWBMQBSMBNFOUBSJP:BRVÎ
FTEJGÎDJMMMFHBSBVOBDVFSEPBMNFOPTEF
NPNFOUP140&Z1PEFNPTSFDIB[BO
DVBMRVJFSNPEJGJDBDJÓOEFMDPQBHPRVF
OPWBZBFODBNJOBEBBTVTVQSFTJÓOi/P
FT OVFTUSP NPEFMP Z OP FOUFOEFNPT
DÓNPMBNJOJTUSBQVFEFQMBOUFBSBMHPBTÎ
NJFOUSBTTJHVFTJOSFDVQFSBSFM'POEPEF
$PIFTJÓORVFFMJNJOÓTVHPCJFSOPPTJO
El copago hoy en día
QUIÉN PAGARÁ CUÁNTO
% SOBRE PVP
QUIÉNES
60%
> 100.000 euros anuales de ingresos
50%
Entre 18.000 y 100.000 anuales de
ingresos
40%
< 18.000 euros anuales de ingresos
30%
Funcionarios
Referido a mutualistas y clases pasivas de la Mutualidad General
de Funcionarios Civiles del Estado
10%
Pensionistas
Siempre que no tengan rentas superiores a 100.000 euros anuales
(que pagan el 60%).
0%
Referido a los usuarios y sus beneficiarios
en función de la renta consignada en la
casilla de base liquidable de la declaración
del Impuesto sobre la Renta de las Personas
Físicas.
Afectados por el síndrome tóxico y otras discapacidades, los que perciban rentas de
integración social o pensiones no contributivas, parados que hayan extinguido
su prestación o subsidio y los que tienen tratamientos derivados de accidentes de
trabajo o enfermedades profesionales.
- 10% para usuarios en general con estas patologías con un tope máximo anual
TRATAMIENTOS
CRÓNICOS*
- 8 euros/mes para pensionistas con ingresos inferiores a 18.000 euros
- 18 euros/mes para pensionistas con ingresos entre 18.000 y 100.000 euros
- 60 euros/mes para pensionistas con ingresos superiores a 100.000 euros
* Los importes expresados son como máximo en cada caso
Fuente: Ministerio de Sanidad.
EPUBSFM'POEPEF(BSBOUÎBuTFÒBMBFM
QPSUBWP[TPDJBMJTUB+FTÙT.BSÎB'FSOÃO
EF[i-BTSFGPSNBTEFMNPEFMPBDUVBMEF
DPQBHPGBSNBDÊVUJDPIBOEFTFSMBTRVF
MPHVÎFOIBDJBTVFMJNJOBDJÓOEFKBOEP
QBVMBUJOBNFOUFMJCSFEFDPQBHPTBVO
NBZPSOÙNFSPEFQFSTPOBTuBQVOUBMB
QPSUBWP[EF1PEFNPT.BSUB4JCJOB
&MTJTUFNBEFDPQBHPBDUVBM
UJFOFVODBSÈDUFSEVBMRVF
QFSNJUFTVSFGPSNVMBDJØOUBOUP
QPSSFOUBDPNPQPSBDUJWJEBE
140&1PEFNPTZ&3$SFHJTUSBO
FOFM$POHSFTPMBQFUJDJØOEF
DPNQBSFDFODJBEFMBNJOJTUSB
QBSBRVFEÏFYQMJDBDJPOFT
-BQSPQVFTUBBMUFSOBUJWBEFM140&FT
WPMWFSBMBTJUVBDJÓOBOUFSJPSBM3FBM
%FDSFUPMFZi&TFFTOVFTUSP
FTDFOBSJPDPOJOEFQFOEFODJBEFRVFTF
QVFEBOFWBMVBSDBTPTEFQFSTPOBTP
DPMFDUJWPT EF NFOPS SFOUB DPNP MPT
QBSBEPTEFMBSHBEVSBDJÓOPQFSTPOBTFO
SJFTHPEFFYDMVTJÓOuFYQMJDB'FSOÃOEF[
1PSTVQBSUF4JCJOBSFDBMDBRVFBMB
QSPHSFTJWJEBEGJTDBMTFMMFHBiBUSBWÊTEF
VOBSFGPSNBGJTDBMRVFIBHBRVFQBHVFO
NÃTJNQVFTUPTRVJFOFTNÃTUJFOFOZOP
NFEJBOUFMBVUJMJ[BDJÓOEFMBFOGFSNFEBE
El Global
ZFMDPOTVNPEFNFEJDBNFOUPTDPNP
GPSNBTEFSFEJTUSJCVJSMBTSFOUBTu
%FTEF$JVEBEBOPTTFIBOUPNBEPMBT
QBMBCSBTEFMBNJOJTUSBDPNPVOiFSSPS
EFFYQMJDBDJÓOuNÃTRVFDPNPVOBJOUFO
DJÓOEFJODSFNFOUBSFMDPQBHP&MQPSUB
WP[EFMB$PNJTJÓOEF4BOJEBEEFMB
GPSNBDJÓO OBSBOKB 'SBODJTDP *HFB
TFÒBMBRVFFMBDVFSEPDPOFM1BSUJEP
1PQVMBS QBTB QPS RVF FM DPQBHP OP
TVQPOHBCBSSFSBTBQPCMBDJÓOFOEJGJDVM
UBEFTi/PTPUSPTRVFSFNPTCBKBSMPFO
GBNJMJBTFOTJUVBDJÓOEFEFQFOEFODJBZ
NPOPQBSFOUBMFTuFYQMJDB1SFHVOUBEP
QPSFMDBTPDPODSFUPEFMPTQFOTJPOJTUBT
*HFBFYQMJDBRVFB$JVEBEBOPTMFQBSFDF
NÃTKVTUPRVFFMDPQBHPiTFFTUBCMF[DB
QPSSFOUBuQFSPBTFHVSBRVFMBIPSRVJMMB
RVFDPNQSFOEFBMPTQFOTJPOJTUBTFOUSF
MPTFVSPTZMPTBENJUF
VOBSFGPSNBBMBCBKBi4FQVFEFNBOUF
OFSFMUPQFEFMPTFVSPTQBSBMPTRVF
TFTJUÙFOFOMBQBSUFBMUBEFFTFSBOHPZ
EJTNJOVJSMPQBSBBRVFMMPTRVFTFTJUÙFO
NÃTDFSDBEFMFYUSFNPJOGFSJPSuSFTVNF
1BSBBDMBSBSMBTJOUFODJPOFTEF%PMPST
.POUTFSSBUUBOUP140&DPNP1PEFNPT
Z&3$IBOQFEJEPMBDPNQBSFDFODJBEF
MBNJOJTUSBFOFM$POHSFTP"QFOBT
EÎBT EFTQVÊT EF TV QSFTFOUBDJÓO
.POUTFSSBUUFOESÃRVFEBSFYQMJDBDJPOFT
TPCSFVOUFNBRVFOPQBSFDJÓMFWBOUBS
BNQPMMBTEVSBOUFBRVFMMBQSJNFSBUPNB
EFDPOUBDUP1BSBRVFMBNJOJTUSBBDVEB
BM$POHSFTPEFCFBQSPCBSTFMBQFUJDJÓO
EFFTUPTHSVQPTFOMB.FTBEFM$POHSFTP
EFMPT%JQVUBEPT&TUBTJUVBDJÓOFYDFQ
DJPOBMQVFEFFOUPSQFDFSMBDFMFCSBDJÓO
EFVOB$PNJTJÓOEF4BOJEBENPOPHSÃ
GJDBTPCSFIFQBUJUJT$RVFMPTEJQVUBEPT
ATBOJUBSJPT IBCÎBO DPOTFHVJEP RVF
QVEJFSBDFMFCSBSTFFOFOFSP
{:FM$POTFKP*OUFSUFSSJUPSJBM &MDPQBHPGBSNBDÊVUJDPUBNCJÊOTBMQJ
DBSÃBMBSFVOJÓORVFNBOUFOESÃOFO
GFCSFSP .JOJTUFSJP Z $POTFKFSÎBT EF
4BOJEBE5SBTMPTBOVODJPTZEFTNFOUJ
EPTBUSBWÊTEFFOUSFWJTUBTRVFIBEBEP
%PMPST.POUTFSSBUZBIBIBCJEPBMHVOBT
DPNVOJEBEFTRVFIBOQVFTUPFMHSJUPFO
FMDJFMP&MQSJNFSPGVFFMSFTQPOTBCMF
FYUSFNFÒP+PTÊ.BSÎB7FSHFMFTRVJFO
OPFOUJFOEFRVFMBNJOJTUSBIBCMFEF
BTVOUPTTBOJUBSJPTDPOMBQSFOTBBOUFT
RVFDPOMBTDPNVOJEBEFTBVUÓOPNBT
i&TUPZEJTHVTUBEPDPOMBBDUJUVEEFMB
NJOJTUSBBOUFFMBOVODJPEFFTUBCMFDFS
NÃTUSBNPTBMDPQBHPuFYQSFTÓ
%FTEF"OEBMVDÎBUBNCJÊOTFSFDIB[BO
MBTQBMBCSBTEFMBNJOJTUSBDPNPMP
IBDFO UBNCJÊO MBT DPNVOJEBEFT EF
"TUVSJBTZ$BTUJMMBZ-FÓO-PTEPTQSJNF
SPTUFSSJUPSJPTDSJUJDBORVFFMDPQBHPZTV
QPTJCMFSFGPSNVMBDJÓODSFBOQSPCMFNBT
EFFRVJEBEFOFMBDDFTPBNFEJDBNFOUPT
QBSBMBTQPCMBDJPOFTDPONFOPTSFDVS
TPTNJFOUSBTRVFMBUFSDFSBBCPHBQPS
NFKPSBSMPQBSBRVFMBTQFSTPOBTDPO
NFOPSSFOUBOPQBHVFO
r1VCMJDJEBE&-(-0#"-BMEFFOFSPEF
NS
Exclusivo NetSalud
BMEFFOFSPEF&-(-0#"-1PMÓUJDBr
-PTQBDJFOUFTDFMFCSBORVF.BESJEJODPSQPSF
BTVUFSBQÊVUJDBFMÙMUJNP*15EFMPT"$0%
■-BDPNVOJEBEJODPSQPSBFMEFMJOGPSNFEFFTUPTGÈSNBDPTFOVOBSFTPMVDJØOQSFTFOUBEBBMBTBTPDJBDJPOFT
&45)&3."35¶/$".10
.BESJE
-BTBTPDJBDJPOFTRVFSFQSFTFOUBOBMPT
QBDJFOUFTBOUJDPBHVMBEPTEFMB$PNVOJ
EBEEF.BESJETFNVFTUSBOTBUJTGFDIBT
DPOMBTOVFWBTQBVUBTQBSBMBQSFTDSJQ
DJÓO EF BOUJDPBHVMBOUFT EF BDDJÓO
EJSFDUB"$0%
FOFTUBSFHJÓO3FQSFTFO
UBOUFTEFMB"TPDJBDJÓO'SFOPBM*DUVTMB
"TPDJBDJÓO.BESJMFÒBEF"OUJDPBHVMBEPT
"."$
ZMB"TPDJBDJÓOEF1BDJFOUFT
$PSPOBSJPTKVOUPBPUSBTFOUJEBEFTZFO
QSFTFODJBEFNJFNCSPTEFMB"MJBO[B
(FOFSBMEF1BDJFOUFTGVFSPOJOGPSNBEPT
FOVOBSFVOJÓODFMFCSBEBDPOSFTQPOTB
CMFTEFMÃSFBEF$PPSEJOBDJÓOEF"TJTUFO
DJB4BOJUBSJBEFM4FSWJDJP.BESJMFÒPEF
4BMVEEFMDPOUFOJEPEFVOBOVFWBSFTPMV
DJÓOEJDUBEBQPS$ÊTBS1BTDVBMEJSFDUPS
HFOFSBMEF$PPSEJOBDJÓOEFMB"TJTUFODJB
4BOJUBSJBEFMBDPOTFKFSÎBNBESJMFÒBRVF
BDUVBMJ[B MBT JOTUSVDDJPOFT QBSB FM
FNQMFPEFFTUPTGÃSNBDPTFOMBDPNVOJ
EBE
-BEFDJTJÓOQPMÎUJDBEBSFTQVFTUBBMB
EFNBOEBEFMDPMFDUJWPEFQBDJFOUFTRVF
IBSFDMBNBEPMBBQMJDBDJÓOEFMBTJOEJDB
DJPOFTEFMÙMUJNP*OGPSNFEF1PTJDJPOB
NJFOUP 5FSBQÊVUJDP *15
EF FTUPT
NFEJDBNFOUPTQVCMJDBEPBGJOBMFTEF
OPWJFNCSFQPSMB"HFODJB&TQBÒPMBEF
.FEJDBNFOUPT QBSB QPOFS GJO B MBT
EJGFSFODJBTEFDSJUFSJPRVFIBOSFHJEPFM
VTPEFFTUPTGÃSNBDPTFOMBTDPNVOJEB
EFTBVUÓOPNBT%FTEFMBTBTPDJBDJPOFT
TFIBODSJUJDBEPMBTEJWFSHFODJBTFOFM
BDDFTPBFTUPTNFEJDBNFOUPTDPOWBSJB
«OHFM"CBE4FSNBT
+VMJP"HSFEBOP'SFOPBM*DUVT
«OHFM-VJT(VJSBPZ"EPMGP&[RVFSSB%JSFDDJØO(FOFSBMEF
*OTQFDDJØO4BOJUBSJB
Z+VBO.BOVFM0SUÓ["."$
DJPOFTEFTEFFMQPSDJFOUPEFUSBUB
NJFOUPTDPO"$0%QSFTDSJUPTFO$BOUB
CSJBBMQPSDJFOUPFOMB$PNVOJEBEEF
.BESJE
4BUJTGBDDJØOFOMBTBTPDJBDJPOFT
+VBO.BOVFM0SUÎ[QSFTJEFOUFEF"."$
TFNVFTUSBTBUJTGFDIPDPOFMMPHSPBMDBO
[BEP-BSFTPMVDJÓOFTGSVUPEFMUSBCBKP
DPOKVOUPEFMÃSFBEF*OTQFDDJÓOZEF
'BSNBDJB EFM 4FSWJDJP .BESJMFÒP EF
4BMVEFYQMJDBZSFDPHFBMHPNÃTEFM
QPSDJFOUPEFM*15i/PTMMFOBEFTBUJTGBD
DJÓOZRVFEBQPDPNÃTRVFBÒBEJSBM
DFSUJGJDBEPZBTVDPOUFOJEPuBTFHVSB
BVORVFBENJUFRVFBQFTBSEFRVFiTFIB
SPUPMBDÃTDBSBOPTFIBDPOTFHVJEPMB
ZFNBuQVFTUPRVFFMPCKFUJWPFTRVFFM
QPSEFMBTQBVUBTRVFSFDPHFFTUF
JOGPSNFTFBQMJRVFOFOMBDPNVOJEBE
BVUÓOPNB/PPCTUBOUFSFDPOPDFRVFFM
NBSHFOEFNFKPSBFTFQPSDJFOUP
UFOESÎBVOJNQBDUPNÎOJNPi1PEFNPT
EFDJSRVFFTUÃDPOTFHVJEPuDPODMVZF
%FTEF'SFOPBM*DUVTTVQSFTJEFOUF
+VMJP"HSFEBOPWBMPSBQPTJUJWBNFOUF
'FEFSZMBSFJOB-FUJ[JBBOBMJ[BOMPTSFUPT
FOFMBCPSEBKFEFMBTFOGFSNFEBEFTSBSBT
&-(-0#"-
.BESJE
-BEJSFDUJWBEFMB'FEFSBDJÓO&TQBÒPMB
EF&OGFSNFEBEFT3BSBT'FEFS
ZMB
SFJOB-FUJ[JBNBOUVWJFSPOMBTFNBOB
QBTBEBTVSFVOJÓOEFUSBCBKPBOVBM
%FTEFIBDFBÒPTMBSFJOBTJHVFEF
DFSDBMBTJOJDJBUJWBTEFFTUFDPMFDUJWP&O
FTUFÙMUJNPFODVFOUSPIBDPOPDJEPEF
QSJNFSBNBOPMBBQVFTUBEFMBGFEFSB
DJÓOQPSJNQVMTBSFMUSBCBKPFOSFEFO
UPEPTMPTÃNCJUPTSFMBUJWPTBMBCPSEBKF
EFFTUBTQBUPMPHÎBT-PIJ[PDPOFTQFDJBM
IJODBQJÊFOHBSBOUJ[BSRVFMPTQBDJFOUFT
QVFEBOBDDFEFSBUPEBTMBTQSFTUBDJPOFT
Z SFDVSTPT FTQFDJBMJ[BEPT FYJTUFOUFT
DPJODJEJFOEPDPOMBDPOWPDBUPSJBEFMB
BQFSUVSB EF MBT SFEFT FVSPQFBT EF
SFGFSFODJB
-BSFJOBUBNCJÊOGVFJOGPSNBEBTPCSF
MBTMÎOFBTCÃTJDBTEFMGVUVSP%ÎB.VOEJBM
EF MBT &OGFSNFEBEFT 3BSBT RVF TF
-PTSFTQPOTBCMFTEFMBGFEFSBDJØOZMBGVOEBDJØOEF'FEFSTFSFVOJFSPOSFDJFOUFNFOUFDPOMBSFJOB-FUJ[JBFOVO
FODVFOUSPRVFDFMFCSBODPODBSÈDUFSBOVBMQBSBBOBMJ[BSMBTOFDFTJEBEFTEFMDPMFDUJWP
DFMFCSBFMQSÓYJNPEFGFCSFSPZRVF
FTUFBÒPTFDFOUSBSÃFOMBJNQPSUBODJB
EFMBJOWFTUJHBDJÓOFOFTUBTQBUPMPHÎBT
CBKPVOFOGPRVFJOUFHSBMZEFUSBCBKPFO
SFERVFHBSBOUJDFMBDPPSEJOBDJÓOFOUSF
UPEPTMPTBHFOUFTJNQMJDBEPTBENJOJT
USBDJÓOBTPDJBDJPOFTFTQFDJBMJTUBTF
JOEVTUSJBGBSNBDÊVUJDB"TJNJTNPTF
FTUBSFTPMVDJÓORVFTFHÙOTVTQBMBCSBT
iFRVJQBSBBMB$PNVOJEBEEF.BESJE
DPOPUSBTDPNVOJEBEFTEFMQBÎTEBOEP
DPCFSUVSB B MBT SFDPNFOEBDJPOFT
FTUBCMFDJEBT FO FM *15 DPO DBSÃDUFS
OBDJPOBMu "HSFEBOP DSFF RVF FTUB
SFTPMVDJÓONBSDBVOBMÎOFBEFBDFSDB
NJFOUPEFMBSFHJÓOBMBTSFDPNFOEBDJP
OFTRVFTFWBONBSDBOEPBOJWFMOBDJP
OBMMPRVFiQVFEFTJHOJGJDBSRVFGVUVSPT
DBNCJPTFOFMJOGPSNFEFQPTJDJPOB
NJFOUP UFSBQÊVUJDP EF MB "HFODJB
&TQBÒPMBEF.FEJDBNFOUPTTFSÃONÃT
GÃDJMNFOUFBEPQUBEPTQPSMBDPNVOJ
EBEuNBUJ[BOEPRVFBMNFOPTFTMB
FYQFDUBUJWBEFFTUBBTPDJBDJÓOZRVF
USBCBKBSÃOQBSBFMMP
1PSTVQBSUFFMQSFTJEFOUFEF"QBDPS
+PTÊ -VJT +JNÊOF[ TF DFOUSB FO MBT
EJSFDUSJDFTEFMB"FNQT4VPCKFUJWPFT
RVFFM*15SFDPKBEFGPSNBDPNQMFUBiMPT
DSJUFSJPTEFMBTTPDJFEBEFTDJFOUÎGJDBTEF
DBSEJPMPHÎB Z PUSBT FTQFDJBMJEBEFT
FTQBÒPMBTFVSPQFBTZBNFSJDBOBT
RVF
SFDMBNBOFMUSBUBNJFOUPBEFDVBEPQBSB
QSFWFOJSJDUVTZFNCPMJBTFOQBDJFOUFT
DPOBSSJUNJBTu
+JNÊOF[SFDPOPDFRVFMPTQBDJFOUFT
FTUÃO TBUJTGFDIPT EF RVF FM 4FSNBT
IBZB TJEP TFOTJCMF B MB JORVJFUVE Z
OFDFTJEBEQMBOUFBEBQPSMBTBTPDJBDJP
OFT QBSB FMJNJOBS MBTiUSBCBTu RVF
IBDÎBONÃTEJGÎDJMMBQSFTDSJQDJÓOEF
FTUPTBOUJDPBHVMBOUFTFO.BESJEMPRVF
QFSNJUJSÃRVFTFQVFEBBNQMJBSMBVUJMJ
[BDJÓOiEFFTUPTGÃSNBDPTEFOVFWB
HFOFSBDJÓOFOVONBZPSOÙNFSPEF
QBDJFOUFTu
IBSÃIJODBQJÊFOMBOFDFTJEBEEFGBWPSF
DFSFJODFOUJWBSMPTNFDBOJTNPTRVF
IBHBO FTUB JOWFTUJHBDJÓO SFOUBCMF Z
TPTUFOJCMF
&MMFNBEFFTUFBÒPTFSÃi-BJOWFTUJ
HBDJÓO FT OVFTUSB FTQFSBO[Bu Z TF
USBUBSÃEFUSBTMBEBSBMBTPDJFEBERVFFM
BDDFTPBVOEJBHOÓTUJDPQSFDP[ZBVO
BEFDVBEPUSBUBNJFOUPTPMPFTQPTJCMF
HSBDJBTBMBJOWFTUJHBDJÓOEFNBOFSB
DPPSEJOBEB6OBBDUJWJEBERVFEFCFTFS
JOIFSFOUFBUPEPTMPTÃNCJUPTEFMQSPDFTP
TPDJPTBOJUBSJPZBUPEBTMBTGBTFTEF
BUFODJÓO
-BKVOUBEJSFDUJWBEF'FEFSZTVGVOEB
DJÓOIBORVFSJEPEFTUBDBSFOFMNBSDP
EFFTUBSFVOJÓOFMDPNQSPNJTPZBQPZP
EFMBSFJOB-FUJ[JBIBDJBUPEBTMBTQFSTP
OBTDPOFOGFSNFEBEFTQPDPGSFDVFOUFT
4V QSFTJEFOUF +VBO $BSSJÓO MF IB
BHSBEFDJEPiTVJNQMJDBDJÓODFSDBOÎBZ
FOUSFHBQPSMBTGBNJMJBTu"TJNJTNPFM
SFTUPEFSFQSFTFOUBOUFTQPSUBWPDFTZ
FRVJQPUÊDOJDPEFMBGFEFSBDJÓOUBNCJÊO
IBOUSBTMBEBEPBMBSFJOBTVBHSBEFDJ
NJFOUPQPSiTVJNQMJDBDJÓOTPDJBMuZIBO
TVCSBZBEPRVFDPOTJEFSBOTVBQPZPVOB
CBTFGVOEBNFOUBMiEFMPRVFMBGFEFSB
DJÓOIBDPOTFHVJEPTFSBEÎBEFIPZu
r&-(-0#"-BMEFFOFSPEF
'BSNBDJB
-BDJGSBEFGBSNBDJBT7&$TVCJÓFO
DPOFMANPEFMPOBWBSSPBMBDBCF[B
■6OUPUBMEFCPUJDBTEFMBSFE
UJFOFOJOWJBCJMJEBEFDPOØNJDBZTPMP$BOBSJBTZ.VSDJBFTUÈOAMJCSFT
"-#&350$03/&+0
.BESJE
-FKPT EF BNJOPSBS FM QSPCMFNB RVF
BDBSSFBMBQMBOJGJDBDJÓOGBSNBDÊVUJDB
DPO BRVFMMBT GBSNBDJBT RVF QPS TV
VCJDBDJÓOTFFODVFOUSBOFOTJUVBDJÓOEF
WJBCJMJEBE FDPOÓNJDB DPNQSPNFUJEB
7&$
WPMWJÓBDSFDFSMJHFSBNFOUFFOFM
ÙMUJNPBÒP&ODPODSFUPFMHSVQPEF
FTUBCMFDJNJFOUPTBMPTRVFTFMFTBQMJDB
VOÎOEJDFDPSSFDUPSBTVGBDUVSBDJÓOBMOP
BMDBO[BSVONÎOJNPEFFVSPT
BOVBMFT EF WFOUBT BM 4/4 MBT NBM
EFOPNJOBEBTBKVJDJPEFFTUFDPMFDUJWP
ABZVEBT7&$
EJPMBCJFOWFOJEBBUSFDF
OVFWBTCPUJDBT
6OBOÃMJTJTEF&(‡BQBSUJSEFEBUPT
PGSFDJEPT QPS MBT $POTFKFSÎBT EF
4BOJEBE‡ SFGMFKB RVF &TQBÒB DFSSÓ
DPOGBSNBDJBTFOSJFTHPEF
TVCTJTUFODJBVOEFMUPUBMEFMBSFE&O
FTUFQPSDFOUBKFTFTJUVBCBFOFM
QPSDJFOUP4JVOBOÃMJTJTQBTBEPEF&(ZB
SFWFMÓRVFTPMPVOQPSDJFOUPEFGBSNB
DJBT7&$IBCÎBMPHSBEPTBMJSEFMQP[PEF
MBJOWJBCJMJEBEFOEJDIPBÒPFOOJ
TJRVJFSBTFQVFEFIBCMBSEFQPSDFOUBKFT
QPTJUJWPT"MDPOUSBSJPMBDJGSBBVNFOUÓ
VOQPSDJFOUP"TÎMBTDPTBTFOVO
FKFSDJDJPFOFMRVFBQFOBTTFWJPBVNFO
UBEPFMNBQBGBSNBDÊVUJDPOBDJPOBMZFO
FMRVFMPTFTUVEJPTSFGMFKBOJODSFNFOUPT
EFMNFSDBEPEFMBQSFTDSJQDJÓOFOUPSOP
BMQPSDJFOUPFOVOJEBEFTFMGPDPEFMBT
DBVTBTEFCFTFÒBMBSBMBTDPOUJOVBT
CBKBEBTEFMQSFDJPEFMPTNFEJDBNFOUPT
&MBOÃMJTJTEFMPTEBUPTFYUSBFDPODMV
TJPOFTOPWFEPTBTZPUSBTRVFSBUJGJDBO
QSPCMFNBTQBTBEPT1PSFKFNQMP$BTUJ
MMBZ-FÓO‡DPOGBSNBDJBT7&$‡FT
VOBÒPNÃTMBSFHJÓODPONBZPSQPSDFO
UBKFEFCPUJDBTDPOJOWJBCJMJEBEFDPOÓ
NJDBQPSDJFOUPEFTVSFE
4V
NBSDBEPDBSÃDUFSSVSBMZMBEJTQFSTJÓO
QPCMBDJPOBMUBNCJÊOQVFEFOFYUSBQP
MBSTFDPNPDBVTBTB$BTUJMMB-B.BODIB
DPOPUSPQSFPDVQBOUFQPSDJFOUPEF
PGJDJOBTFOEJDIBTJUVBDJÓO&OFMMBEP
PQVFTUPFTUÃO$BOBSJBTZ.VSDJBZBRVF
DPNPFODPOUJOÙBOAQSFTVNJFOEP
EFOPUFOFSGBSNBDJBT7&$WFSNBQB
4PMP DVBUSP BVUPOPNÎBT IBO WJTUP
SFEVDJSTVTDJGSBT$BUBMVÒBRVFQBTÓEF
MBTCPUJDBT7&$FOB"OEBMV
DÎBEPDFGBSNBDJBTNFOPT
&YUSFNB
EVSBTFJTNFOPT
Z$BOUBCSJBEFDVBUSP
BUSFT
.JFOUSBTPUSBTDPNP-B3JPKBP
#BMFBSFTBMNFOPTDPOUVWJFSPOTVTDJGSBT
EFBÒPTBOUFSJPSFT
/BWBSSBVONÈTEF7&$FO
&OFMTFNQJUFSOPEFCBUFFOUSFMPTQBSUJ
EBSJPTEFMBQMBOJGJDBDJÓOEFNÃYJNPT‡
Farmacias VEC en España
2
15
1
3
1
74
13
15 0
47 4
3
256
1
2
148
44 6
100
0
147 12
Total Nacional
9
70
35
Boticas a las
que se aplicó
el índice
corrector en
2016
1
2
1
0
973 13
Número de farmacias
VEC que recibieron
ayudas VEC en 2016
15 0
8
0
Porcentaje sobre
la red regional de
farmacias
0
Variación sobre
número de farmacias
VEC en 2015
Fuente: Elaboración propia a partir de datos de las CC.AA.
El Global
%"504
%PT
TPOMBTÞOJDBTSFHJPOFT$BOBSJBTZ.VSDJB
RVFOP
DVFOUBODPOGBSNBDJBT7&$VOBTJUVBDJØORVFZB
FYQFSJNFOUBSPOFMQBTBEPFKFSDJDJP1BÓT7BTDPTPMP
CPUJDBTFOJOWJBCJMJEBE
$BOUBCSJB
Z"TUVSJBT
UBNCJÏOQPESÓBOQSFTVNJSEFCVFOBTBMVEFDPOØNJDB
HFOFSBMEFTVTSFEFTSFHJPOBMFTEFGBSNBDJBT
FTFMQPSDFOUBKFEFGBSNBDJBTFO$BTUJMMBZ-FØOTPCSF
FMUPUBMEFTVSFESFHJPOBM
RVFSFDJCFOMBBQMJDBDJØOEFM
ÓOEJDFDPSSFDUPSBTVCBKBGBDUVSBDJØOQÞCMJDBTJFOEPMB
NFEJBNÈTBMUBEF&TQB×B/BWBSSBQPSDJFOUP
$BTUJMMB-B.BODIB
Z"SBHØO
UBNCJÏO
TVQFSBODPODSFDFTMBNFEJBOBDJPOBMEFMBSFE
FVSPTFTMBDBOUJEBENFEJBRVFBCPOØ/BWBSSBFO
BDBEBVOBEFTVTGBSNBDJBT7&$VOUPUBMEF
FVSPTQBSBTVTCPUJDBTFOFTUBTJUVBDJØO
6OBDJGSB
TFNFKBOUFBMBRVFEFTFNCPMTØ1BÓT7BTDPFVSPT
QBSBTVTÞOJDBTEPTCPUJDBT7&$
QFSPNVZQPSFODJNB
EFPUSBT$$""DPNP&YUSFNBEVSBFVSPTCPUJDB
WJHFOUFFOMBQSÃDUJDBUPUBMJEBEEFMQBÎT‡
ZMPTRVFBCPHBOQPSMBQMBOJGJDBDJÓOEF
NÎOJNPTDPNPMBRVFSJHFFO/BWBSSB
MBDPNQBSBUJWBEFGBSNBDJBT7&$QVFEF
TFSVOCVFOFMFNFOUPEFKVJDJP&OFTUF
TFOUJEPMPTEBUPTEJDUBORVFMBGMFYJCJMJ
EBEFOMPTDSJUFSJPTEFBQFSUVSBSFQFS
DVUFOFHBUJWBNFOUFFOMBWJBCJMJEBEEF
MPTFTUBCMFDJNJFOUPTFOFTQFDJBMFOVOB
ÊQPDBEFSFDPSUFTZCBKBEBTFOFMQSFDJP
EFMPTGÃSNBDPTDPNPMBBDUVBM
&O/BWBSSBVOUPUBMEFPGJDJOBTEF
GBSNBDJBVOQPSDJFOUPEFTVSFE
SFDJCJFSPODPNQFOTBDJPOFTFDPOÓNJDBT
FOQPSTVCBKBGBDUVSBDJÓOBM4/4
MPRVFTVQPOFVOJODSFNFOUPEFMQPS
DJFOUPGSFOUFBTVTCPUJDBT7&$FO
4FUSBUBEFMBSFHJÓODPONBZPS
BVNFOUPEFTVQPSDFOUBKFEFCPUJDBT
JOWJBCMFTFOFMQFSJPEP4PMP
"SBHÓOZ$PNVOJEBE7BMFODJBOBDPO
JODSFNFOUPTFOFTUFQFSJPEPFOUPSOPBM
ZQPSDJFOUPSFTQFDUJWBNFOUFTF
BDFSDBOBFTUBFTUFMBOFHBUJWBRVFEFKB
USBT EF TÎ FM EFOPNJOBEP ANPEFMP
OBWBSSP
OFTSFHJPOBMFTTJCJFOTFUSBUBEFVOEBUP
RVFOPUPEBTPGSFDFO
%FBRVFMMBTRVFTÎIBOGBDJMJUBEPEBUPT
DBCFEFTUBDBSMBWBSJFEBEEFMPTJNQPS
UFTTBUJTGFDIPT1PSFKFNQMP/BWBSSB
EFTFNCPMTÓFVSPTMPRVFBSSPKB
VOBNFEJBEFFVSPTBOVBMFTQPS
DBEBGBSNBDJB7&$VOBDJGSBTJNJMBSBMB
EF1BÎT7BTDPFVSPTFOTVTÙOJDBT
EPTGBSNBDJBT&OPUSBTSFHJPOFTDPNP
&YUSFNBEVSBFTUBTABZVEBTOPBMDBO[B
SPOUBMFTEJNFOTJPOFTVOBNFEJBEF
FVSPTQBSBDBEBVOPEFTVT
FTUBCMFDJNJFOUPTFOFTUBTJUVBDJÓO
$BCF
SFDPSEBSRVFFM3%-FTUBCMFDF
VOBTDPNQFOTBDJPOFTNÃYJNBTEF
FVSPTNFOTVBMFTFVSPTBÒP
$BOUJEBEFTEFTFNCPMTBEBT
$BTJNÃTJNQPSUBOUFRVFMBDJGSBEF
GBSNBDJBTEFTEFMB4PDJFEBE&TQBÒPMB
EF'BSNBDJB3VSBM4FGBS
TVQSFTJ
EFOUF+BWJFS(VFSSFSPUBNCJÊOTFÒBMB
MBTDBOUJEBEFTEFTFNCPMTBEBTQPSFTUF
DPODFQUPQPSQBSUFEFMBT"ENJOJTUSBDJP
BMEFFOFSPEF&-(-0#"-r
'BSNBDJB
4PSJBQSPWJODJBFTUBOEBSUFEFMNPEFMPZFO
MBRVFMBATVFSUFFTFTDBQBSEFMBJOWJBCJMJEBE
■&OMBQSPWJODJBDBTUFMMBOBVOUFSDJPEFCPUJDBTEF
SFDJCJØMBBQMJDBDJØOEFMÓOEJDFDPSSFDUPSBTVGBDUVSBDJØOFO
"-#&350$03/&+0
$VFODB
%VSBOUF TV SFDJFOUF BTJTUFODJB B MB
FOUSFHBEFMPT1SFNJPT1BOPSBNBEFM
$POTFKP(FOFSBMMBNJOJTUSBEF4BOJEBE
%PMPST.POUTFSSBUBTFHVSBCBDPOPDFS
iMBJNQPSUBODJBEFMBMV[WFSEFFOFM
ÃNCJUPSVSBMu1PSFMMPTJFMPCKFUJWPFT
NBOUFOFS MB BDUVBM BDDFTJCJMJEBE Z
DBQJMBSJEBE EF MB SFE EF PGJDJOBT EF
GBSNBDJBIBZBTQFDUPTDPOUSBMPTRVF
QPDPPOBEBTFQVFEFIBDFS&TFMDBTPEF
MBTQFDVMJBSJEBEFTHFPHSÃGJDBTEFDJFSUBT
DPNVOJEBEFTZPMBEJTQFSTJÓOQPCMBDJP
OBMRVFBDBSSFB&MMPQSPWPDBVOEBÒP
DPMBUFSBMAEJSFDUPFOMBFDPOPNÎBEF
BRVFMMBTGBSNBDJBTRVFEBOTFSWJDJPB
QPCMBDJPOFTRVFFONVDIPTDBTPTOJUBO
TJRVJFSBTVQFSBOVOPTDFOUFOBSFTEF
SFTJEFOUFT&OFMNFKPSEFMPTDBTPT
$BTUJMMB Z -FÓO B OJWFM SFHJPOBM Z
4PSJBTJMPDFÒJNPTBMPQSPWJODJBMFTFM
NFKPSFKFNQMPEFUFSSJUPSJPFOFMRVFTF
DPOKVHBOMBTWJSUVEFTEFMNPEFMPGBSNB
DÊVUJDP QMBOJGJDBEP Z MB JOWJBCJMJEBE
FDPOÓNJDBEFCVFOBQBSUFEFTVSFE
)BTUBFMQVOUPRVFCJFOQVFEFEFDJSTF
RVFFOFTUBQSPWJODJBDBTUFMMBOPMFPOFTB
MBATVFSUFFTOPTFSGBSNBDJB7&$&OFM
ÙMUJNPBÒPVOUPUBMEFCPUJDBTTPSJB
OBTEFVOBSFEEFFTUBCMFDJNJFOUPTTF
WJFSPOBCPDBEBTBTPMJDJUBSMBBQMJDBDJÓO
&OQSPWJODJBTDPNP4PSJBZ$VFODBEFNBSDBEPDBSÈDUFSSVSBMFMNBOUFOJNJFOUPEFMBBDDFTJCJMJEBEEFMBSFEEF
GBSNBDJBTQFTFBMBEJTQFSTJØOQPCMBDJPOBMBDBSSFBRVFFOUPSOPBVOUFSDJPEFTVTSFEFTSFHJPOBMFTTFBOCPUJDBT7&$
EFVOÎOEJDFDPSSFDUPSBTVGBDUVSBDJÓOBM
OPBMDBO[BSMPTFVSPTBOVBMFT
EFWFOUBTQÙCMJDBTBM4/4&TEFDJSVO
UFSDJPEFMBSFEEFGBSNBDJBTEF4PSJBFT
JOWJBCMFFDPOÓNJDBNFOUFFOMBBDUVBMJ
EBEBMPRVFTFEFCFTVNBSMBTEPTPGJDJ
OBT RVF EJSFDUBNFOUF UVWJFSPO RVF
FDIBSFMDJFSSFFOMPTÙMUJNPTNFTFT
i&WJEFOUFNFOUFUFOFNPTVOHSBWF
QSPCMFNB&MQPSDJFOUPEFOVFTUSPT
NVOJDJQJPTFTUÃFOFMÃNCJUPSVSBMMB
EFTQPCMBDJÓOFTVOBSFBMJEBEZDPOUBNPT
DPOVOSBUJPNVZQPSEFCBKPEFMBNFEJB
OBDJPOBM4JFNQSFIFNPTBQPZBEPMB
GBSNBDJBSVSBMZFTPCKFUJWPQSJPSJUBSJP
CVTDBS KVOUP B MB "ENJOJTUSBDJÓO
NFEJEBT RVF QBMJFO FTUB TJUVBDJÓOu
FYQPOFB&(3BRVFM.BSUÎOF[QSFTJ
EFOUBEFM$POTFKPEF$PMFHJPTEF'BSNB
DÊVUJDPTEF$BTUJMMBZ-FÓOBTÎDPNPEFM
$0' EF 4PSJB "M NFOPT .BSUÎOF[
BHSBEFDFMBBDUJUVEEFM(PCJFSOPSFHJP
OBMEFiMJRVJEBSDPOQSPOUJUVEDBEBBÒP
FTUFÎOEJDFDPSSFDUPSuBNÊOEFPUSBT
EFDJTJPOFTDPNPDPOHFMBSTJOFEJFFM
NBQB GBSNBDÊVUJDP " DPSUP QMB[P
UBNCJÊOIBZQSFEJTQPTJDJÓOBUSBCBKBSFO
DBNCJPTMFHJTMBUJWPTFOFMÃNCJUPEFMPT
CPUJRVJOFT QSJPSJEBE FO USBTMBEPT Z
EFQÓTJUPTEFNFEJDBNFOUPT
5BNCJÊOEFTEFPUSBTQSPWJODJBTDBTUF
MMBOPMFPOFTBT DPNP -FÓO ‡DPO GBSNBDJBT7&$VOQPSDJFOUPEFTV
SFE‡TFBWJTBEFiVOOÙNFSPJNQPSUBOUF
EFCPUJDBTFOSJFTHPEFDJFSSFuJOGPSNB
TVQSFTJEFOUF+BWJFS)FSSBEÓOi%FTEF
OVFTUSPDPMFHJPTPMJDJUBNPTVOBSFGMFYJÓO
TPCSFFTUBSFBMJEBESVSBM/PQPEFNPT
RVFEBSOPTFORVÊWBBQBTBSDPOFTUF
UJQPEFGBSNBDJBTIBZRVFQBTBSBMRVÊ
WBNPTBIBDFSFOFMMBTZQPSFMMBTuQJEF
FTUFEJSJHFOUF&MQSPCMFNBEFATPCSFFY
DFTP EF GBSNBDJBT 7&$ UBNCJÊO FT
QBMQBCMFFOPUSBTDPNVOJEBEFTZQSPWJO
DJBTDBTUFMMBOBT1PSFKFNQMPFO(VBEB
MBKBSB EF Z FTQFDJBMNFOUF
$VFODBEF
UBNCJÊOTFNVFWFO
FOQPSDFOUBKFTEF7&$QSÓYJNPTBMUFSDJP
EFTVTSFEFT*ODMVTPTFHÙOIBODPOGJS
NBEPB&(FOFMDPMFHJPDPORVFOTFIBO
FTUSFOBEPFMBÒPDPOVOBTPMJDJUVEEF
DJFSSFEFPGJDJOBEFGBSNBDJBTPCSFMB
NFTB
i&MÎOEJDFDPSSFDUPSGVFVOIJUPFOTV
NPNFOUPQFSPJOTVGJDJFOUFBDUVBMNFOUFu
+"7*&3(6&33&30QSFTJEFOUFEF4FGBS
"-#&350$03/&+0
.BESJE
4JOPUPEBT‡IBZBMHVOBTFOFTUBTJUVB
DJÓO FO DJVEBEFT DPNP .BESJE P
4BOUBOEFS‡MBQSÃDUJDBUPUBMJEBEEF
GBSNBDJBT FO WJBCJMJEBE FDPOÓNJDB
DPNQSPNFUJEB7&$
BMBTRVFTFBQMJDB
FMNFDBOJTNPDPSSFDUPSTPOFTUBCMFDJ
NJFOUPTSVSBMFT&OUPSOPBMQPS
DJFOUP EF FMMBT TFHÙO MB 4PDJFEBE
&TQBÒPMBEF'BSNBDJB3VSBM4FGBS
4V
QSFTJEFOUFBOBMJ[BFTUPTEBUPTDPO&(
1&OTPMPVOQPSDJFOUPEF
CPUJDBT7&$MPHSÓTBMJSEFMQP[PEFMB
JOWJBCJMJEBE&OMBDJGSBJODMVTP
BVNFOUÓy2VÊWBMPSBDJÓOIBDF 3FTQVFTUB-BUFOEFODJBOBUVSBMIB
EFTFSBMBM[BQPSRVFFMEFTBSSPMMPEF
NFEJEBTEFBKVTUFEFHBTUPTJFNQSFTPO
MJOFBMFTZBDUÙBOTPCSFFMQSFDJPEFMPT
NFEJDBNFOUPT &YJTUF QPS UBOUP VO
DPOTJEFSBCMF OÙNFSP EF GBSNBDJBT
TVTDFQUJCMFTEFTFSNÃTBGFDUBEBTZ
ÊTUBTEFCFSÎBODPSSFTQPOEFSTFDPOMBT
RVFQSFTFOUFOVOBNBZPSEFQFOEFODJB
EFMBSFDFUBFOTVTGBDUVSBDJPOFT
1"VORVFCJFOWFOJEPEFTEF4FGBSTF
DPOTJEFSBFTUFÎOEJDFDPSSFDUPSVO
iQBSDIFuy$VÃMFTTFSÎBOMBTNFEJEBT
NÃTFGFDUJWBTQBSBRVFVOBGBSNBDJB
7&$OPMPTFBiQBSBUPEBMBWJEBu 3 -B VCJDBDJÓO EF MBT GBSNBDJBT
SVSBMFT EFUFSNJOBEB QPS DSJUFSJPT
HFOFSBMFTEFQMBOJGJDBDJÓOMBFTDBTB
QPCMBDJÓO B MB RVF BUJFOEFO Z VO
TJTUFNBEFSFUSJCVDJÓODPNÙORVFOP
BUJFOEFBTVTQBSUJDVMBSJEBEFTIBDF
OFDFTBSJPFMEFTBSSPMMPEFNFDBOJTNPT
DPSSFDUPSFTQFSPÊTUFRVFDPOTUJUVZÓ
VOIJUPFOFMNPNFOUPEFTVQVCMJDB
DJÓO TF IB NPTUSBEP JOTVGJDJFOUF
IBCJEBDVFOUBEFMBBQPSUBDJÓONFEJB
RVFQFSDJCFOFTUPTFTUBCMFDJNJFOUPTZ
FMFTDBTPFGFDUPTPCSFMBDPSSFDDJÓOEF
TVFOPSNFEÊGJDJUFTUSVDUVSBM
1+VOUBBPUSBTNFEJEBTyWFOFDFTB
SJP NPEJGJDBS FM 3%- CJFO
BVNFOUBSMBTBQPSUBDJPOFTPFMVNCSBM
EFGBDUVSBDJÓOQBSBBDPHFSTFBFMMBT 3$PNPZBJOEJDBNPTEFTEF4FGBSZ
BSHVNFOUBNPT DPO OÙNFSPT FO MB
NBOPMBTDBOUJEBEFTTPOFYJHVBTZ
FTUÃONVZMFKPTEFSFEVDJSFTUFEÊGJDJU
FTUSVDUVSBMRVFOPTPUSPTIFNPTDBMDV
MBEPZFMDVBMTFSÎBNVZGÃDJMEFFMJNJ
OBSHBSBOUJ[BOEPEFFTUBGPSNBVOB
&MQSFTJEFOUFEF4FGBSSFDVFSEBRVFFOUPSOPBM
EFCPUJDBT7&$TFVCJDBOFOFOUPSOPTSVSBMFT
QSFTUBDJÓOVOJWFSTBMZVOBTDPOEJDJPOFT
EFFKFSDJDJPEJHOBT5BOGÃDJMDPNPJODSF
NFOUBSMBBQPSUBDJÓOBDUVBMBMBT7&$
DJGSBEBFOFMQPSDJFOUPEFMHBTUP
GBSNBDÊVUJDPBOVBMZRVFTVQPOFFM
EFMPRVFBQPSUBMBGBSNBDJBQPS
FM3%
BMQPSDJFOUP
r'BSNBDJB&-(-0#"-BMEFFOFSPEF
4BOJEBEEJTQVFTUBBSFUPNBSFMEFTBSSPMMPEFM
"DVFSEP.BSDPDPOMBQSPGFTJÓOGBSNBDÊVUJDB
■&M$0'EF+BÏODFMFCSBTVTB×PTEFBDUJWJEBEQSPGFTJPOBMDPOMBSFJWJOEJDBDJØOEFMQBQFMEFMPTQSPGFTJPOBMFT
«/(&-"%&36&%"
+BÏO
&MTFDSFUBSJPHFOFSBMEF4BOJEBE+PTÊ
+BWJFS$BTUSPEF[BNBOJGFTUÓTVBHSBEF
DJNJFOUP QPS MB QSPGFTJÓO QPS TV
DPNQSFOTJÓOQBSBiQPSGJOEFTBSSPMMBS
MPTDPNQSPNJTPTRVFTFGPSNBMJ[BSPO
EFOUSPEFM"DVFSEP.BSDPDPOMB1SPGF
TJÓO'BSNBDÊVUJDBu6OBDVFSEPRVFTF
TVTDSJCJÓBGJOBMFTEFZRVFUPEBWÎB
FTUÃ QFOEJFOUF EF EFTBSSPMMBS &TUBT
EFDMBSBDJPOFTGVFSPOSFBMJ[BEBTEVSBOUF
FMBDUPEFDFMFCSBDJÓOEFMPTBÒPTEF
BDUJWJEBEEFM$PMFHJP0GJDJBMEF'BSNB
DÊVUJDPTEF+BÊORVFUVWPMVHBSFTUF
EF FOFSP 6OPT QSPGFTJPOBMFT Z
BNJHPTMMFOBSPOFM1BMBDJPEF$POHSFTPT
EF+BÊOEPOEFTFQSFTFOUÓFMQSPHSBNB
EFBDUJWJEBEFTQBSB
$PNPZBSFDPHJÓ&(FM$0'EF+BÊO
FTQFSBTFSFMBOGJUSJÓOEFVOBDPOWFODJÓO
EFUPEPTMPTDPMFHJPTEF'BSNBDÊVUJDPT
EFMQBÎTRVFFTUÃQSFWJTUBQBSBGJOBMFTEF
TFQUJFNCSF"TJNJTNPIBOQSFQBSBEP
VOBFYQPTJDJÓODPONFNPSBUJWBFOMB
RVFTFSFDSFBSÃVOBGBSNBDJBEFQSJODJ
QJPTEFMT99DPOMPTVUFOTJMJPTRVFTF
VUJMJ[BCBO FOUPODFT -B QPCMBDJÓO
HFOFSBMFTUBSÃJOWJUBEBBMBTKPSOBEBTEF
QVFSUBTBCJFSUBTEFMBFOUJEBEDPMFHJBM
"EFNÃTNBOUFOESÃOFODVFOUSPTDPOMPT
FTUVEJBOUFTVOJWFSTJUBSJPTRVFDPOUBSÃO
DPOMBDPMBCPSBDJÓOEFMBTVOJWFSTJEBEFT
EF+BÊO(SBOBEBZ4FWJMMBBTÎDPNPMB
WJBKFTQBSBDPOPDFSMBQSPWJODJBEPOEF
EFTBSSPMMBOTVBDUJWJEBEQSPGFTJPOBM
-BOVUSJEBBTJTUFODJBPGSFDJÓPUSBT
-PTBTJTUFOUFTBMBDUPEFDFMFCSBDJØOEFMDFOUFOBSJPQVEJFSPOWFSVOBQSPZFDDJØOFOWÓEFPDPOMPTQSPQJPTQSPGFTJPOBMFTZMPTQBDJFOUFTDPNPQSPUBHPOJTUBT
DBSBTDPOPDJEBTDPNPFMBMDBMEFEF+BÊO
+BWJFS .ÃSRVF[ FM QSFTJEFOUF EFM
$POTFKP(FOFSBMEF$PMFHJPT0GJDJBMFTEF
'BSNBDÊVUJDPT+FTÙT"HVJMBSZFMQSFTJ
EFOUF EFM $POTFKP "OEBMV[ EF $0'
"OUPOJP.JOHPSBODFFMQSFTJEFOUFEFM
$0' EF +BÊO +VBO 1FESP 3ÎTRVF[
"TJNJTNPFMBDUPDPOUÓDPOMBEFMFHBEB
UFSSJUPSJBMEF*HVBMEBE4BMVEZ1PMÎUJDBT
4PDJBMFT5FSFTB7FHBZFMWJDFQSFTJEFOUF
EFMB%JQVUBDJÓOEF+BÊO.BOVFM
'FSOÃOEF[BEFNÃTEFPUSBTBVUPSJEB
EFTEFMÃNCJUPQPMÎUJDPBDBEÊNJDPZ
GBSNBDÊVUJDP
-BGJOBODJBDJÓOBVUPOÓNJDB
DFOUSBMBÙMUJNBSFVOJÓOEF
DPPSEJOBDJÓOEFM$($0'
«3
.BESJE
&TUFNFTEFFOFSPIBBSSBODBEPDPOMB
TPTUFOJCJMJEBEEFMBTGBSNBDJBTDPNP
UFNBEFMBQSJNFSBSFVOJÓOEFDPPSEJOB
DJÓOBVUPOÓNJDBEFM$POTFKP(FOFSBMEF
$PMFHJPT0GJDJBMFTEF'BSNBDÊVUJDPTEF
FTUF&TUFFODVFOUSPUVWPMVHBSFM
QBTBEPEÎBZDPOUÓDPOSFQSFTFOUBO
UFTEFMPTEJWFSTPT$PMFHJPT&OMBSFVOJÓO
TFIJ[PSFQBTPEFMBBDUVBMJEBEGBSNB
DÊVUJDBZTFBOBMJ[ÓMBTJUVBDJÓOEFMBT
GBSNBDJBTDPNVOJUBSJBTFODBEBVOBEF
MBT$PNVOJEBEFT"VUÓOPNBT
%FFTUFNPEPDPNPUFNBTEFTUBDBEPT
EFMBSFVOJÓOTFFODPOUSÓFMEFMBGJOBO
DJBDJÓOBVUPOÓNJDBBTÎDPNPFMNBOUF
OJNJFOUPEFMBTPTUFOJCJMJEBEEFMTJTUFNB
TBOJUBSJPBTÎDPNPFMNBOUFOJNJFOUPEF
MBTPGJDJOBTEFGBSNBDJB&OFTUBMÎOFBTF
SFQBTÓMBTJUVBDJÓOEFMPTJNQBHPTFOMBT
$$""BTÎDPNPMBTQSFWJTJPOFTQBSBFTUF
&O DVBMRVJFS DBTP EFTEF FM
$POTFKP(FOFSBMEF$0'JOEJDBORVFMB
QSÓYJNBTFNBOBUFOESÃMVHBSMBSFVOJÓO
EFQSFTJEFOUFTEFMBTFOUJEBEFTDPMFHJB
MFT
3FVOJØOFO+BÏO
"QSPWFDIBOEPMBQSFTFODJBEF+FTÙT
"HVJMBSQSFTJEFOUFEFM$POTFKP(FOFSBM
EF$0'FOFMBDUPEFDFMFCSBDJÓOEFM
DFOUFOBSJPEFM$PMFHJP0GJDJBMEF'BSNB
DÊVUJDPTEF+BÊOTFQSPEVKPVOBSFVOJÓO
DPO MPT NJFNCSPT EF MB +VOUB EF
(PCJFSOP FO MB TFEF EFM DPMFHJP
KJFOOFOTF %VSBOUF FM FODVFOUSP
"HVJMBSRVFGVFJOGPSNBEPEFMPTBDUPT
EFMDFOUFOBSJPIBCMÓEFMPTBTVOUPTNÃT
DBOEFOUFTEFQBOPSBNBGBSNBDÊVUJDP
FOFMÃNCJUPOBDJPOBMFJOUFSOBDJPOBM
&OTVEJTDVSTP+VBO1FESP3ÎTRVF[
SFQBTÓMPTBWBODFTEFM$0'EFTEFTVT
JOJDJPT FO DPO .BOVFM 4VDB BM
GSFOUFIBTUBMBBDUVBMJEBE"EFNÃTRVJTP
SFDPOPDFS MB GJHVSB EFM KJFOOFOTF
+PBRVÎO3VJ[+JNÊOF[RVFJNQMBOUÓMB
DPMFHJBDJÓOPCMJHBUPSJB&MPCKFUJWPEF
FTUFBÒPEFDFMFCSBDJÓOFTiIPNFOBKFBS
MBGJHVSBEFMGBSNBDÊVUJDPEFTEFFMRVF
USBCBKBFOVOBGBSNBDJBSVSBMDPNPFO
VOIPTQJUBMMBCPSBUPSJPPFNQSFTBu
JOTUÓ3ÎTRVF[&MQSFTJEFOUFSFJWJOEJDÓFM
QBQFMEFMPT$0'ZEFMPTQSPGFTJPOBMFT
EFMBCPUJDBiQPSTVOFDFTBSJBFJNQSFT
DJOEJCMFMBCPSFOFMFKFSDJDJPQSPGFTJPOBM
ZFOTVBQPSUBDJÓOBMBTPDJFEBEu
&MQFSJPEJTUB'FSOBOEP¶OFHBSFDPSEÓ
FOTVQPOFODJBBBMHVOPTQFSTPOBKFT
IJTUÓSJDPT EF MB QSPWJODJB Z BMBCÓ MB
QSPGFTJPOBMJEBEEFMPTCPUJDBSJPTRVFIBO
TVQFSBEPMBTEJGJDVMUBEFT"TÎMPTGBSNB
DÊVUJDPT EF +BÊO DPONFNPSBSÃO
EVSBOUFUPEPFTUFFMDFOUFOBSJPEF
MBDSFBDJÓOEFTVPSHBOJ[BDJÓODPMFHJBM
CBKPFMMFNBABÒPTDFSDBEFUJ$PO
ÊMTFEFTUBDBMBDFSDBOÎBBMBQPCMBDJÓO
RVFPGSFDFOMPTQSPGFTJPOBMFTTBOJUBSJPT
EFMBTGBSNBDJBTDPNVOJUBSJBT
&MDPOTVNPEFNFEJDBNFOUPT
FOVOJEBEFTTÓMPIBDSFDJEP
VOQPSDJFOUPFOBÒPT
&-(-0#"-
.BESJE
&OFMÙMUJNP0CTFSWBUPSJPEFM.FEJDB
NFOUPEFMB'FEFSBDJÓO&NQSFTBSJBMEF
'BSNBDÊVUJDPT &TQBÒPMFT '&'&
TF
SFBMJ[BVOBSFUSPTQFDUJWBEFMDPOTVNP
EF GÃSNBDPT FO MPT ÙMUJNPT BÒPT
UPNBOEP DPNP CBTF MPT EBUPT EF MB
DPOTVMUPSB2VJOUJMFT*.44FHÙOFTUFEF
BTFIBQSPEVDJEPVOFTDBTP
JODSFNFOUPEFMQPSDJFOUPFOVOJEB
EFT4JOFNCBSHPFOWBMPSFTFMDPOTVNP
TFIBBMDBO[BEPVOBVNFOUPEFMQPS
DJFOUP'VFFOFMBÒPDVBOEPTF
QSPEVKPFMNBZPSDPOTVNPEFNFEJDB
NFOUPT FO VOJEBEFT Z WBMPSFT DPO
NJMMPOFTEFVOJEBEFTZ
NJMMPOFTEFFVSPTB17-TFHÙOTFÒBMBFM
0CTFSWBUPSJP4JTFDPNQBSBFMQFSÎPEP
FOUSFZMBTVOJEBEFTQFS
DÃQJUBBOVBMFTDPOTVNJEBTIBOWBSJBEP
TÓMP FOUSF Z VOJEBEFT EF
DPOTVNPBOVBMQPSIBCJUBOUF&TUBDJGSB
FTJOGFSJPSBMBEFQBÎTFTEFOVFTUSP
FOUPSOPDPNP'SBODJBF*UBMJBFYQMJDBFM
0CTFSWBUPSJP
1PSPUSPMBEP'&'&EFTUBDBMPTEBUPT
TPCSFNFEJDBNFOUPTHFOÊSJDPTDVZP
DPOTVNPTFIBFTUBODBEPFOMPTÙMUJNPT
EPTBÒPTFOFMQPSDJFOUPFOVOJEBEFT
ZFMQPSDJFOUPFOWBMPSFT4FHÙOMB
QBUSPOBMMPTNPUJWPTEFMFTUBODBNJFOUP
SFTQPOEFOBMBFYJTUFODJBEFMBiHSBO
EFTWFOUBKBDPNQFUJUJWBQBSBMPTHFOÊSJ
DPTRVFEJDIPTNFEJDBNFOUPTZMPTEF
NBSDBDPOFMNJTNPQSJODJQJPBDUJWP
UFOHBOJEÊOUJDPQSFDJPu"TJNJTNP'&'&
EFOVODJB RVF FTUF IFDIP iQPOF FO
FWJEFODJB MB QPMÎUJDB EF QSFDJPT EF
SFGFSFODJB DVZB JODJEFODJB FO FM
NFSDBEPFTDBEBWF[NFOPSu
BMEFFOFSPEF&-(-0#"-'BSNBDJBr
$BTJFMEFMPTTFSWJDJPTEFGBSNBDJB
EF*OTUJUVDJPOFT1FOJUFODJBSJBTTPOJMFHBMFT
■-BTGVODJPOFTQSPQJBTEFMGBSNBDÏVUJDPTFEFMFHBOFONÏEJDPTFOGFSNFSPTBVYJMJBSFTPJODMVTPBENJOJTUSBUJWPT
«/(&-"%&36&%"
.BESJE
-BTDÃSDFMFTTPODFOUSPTQÙCMJDPTFJHVBM
RVFBMPTSFTQPOTBCMFTQPMÎUJDPTTFMFT
FYJHFFKFNQMBSJEBEUBNCJÊOMBTJOTUJUV
DJPOFT EFCFSÎBO UPNBS OPUB 4JO
FNCBSHP*OTUJUVDJPOFT1FOJUFODJBSJBT
**11
MMFWBBÒPTIBDJFOEPDBTPPNJTPB
MBMFHBMJEBEWJHFOUF-BOPSNBUJWBPCMJHB
BMPTDFOUSPTQFOJUFODJBSJPTBEJTQPOFS
EFVOTFSWJDJPEFGBSNBDJB4'
DPOVO
GBSNBDÊVUJDPFTQFDJBMJTUBBMGSFOUFPCJFO
EFVOEFQÓTJUPEFNFEJDBNFOUPT%.
WJODVMBEPZMFHBMNFOUFBVUPSJ[BEP
4JO FNCBSHP MB SFBMJEBE FT CJFO
EJTUJOUBEFMPTDFOUSPTIBZRVFOP
DVNQMFODPOMBOPSNBUJWBFMQPS
DJFOUP
NJFOUSBTRVFMPTSFTUBOUFTTÎ
MPIBDFO$PODSFUBNFOUFEFMPT
TFSWJDJPTEFGBSNBDJBFTEFDJSNÃTEFMB
NJUBETPOJMFHBMFT.JFOUSBTRVFEF
MPTEFQÓTJUPTEFNFEJDBNFOUPTRVF
FYJTUFOFO&TQBÒBUBNCJÊOFTUÃOFO
TJUVBDJÓOEFJMFHBMJEBE"TÎMPBGJSNBB&(
.JSJBN$FMESÃOFTQFDJBMJTUBFO'BSNB
DJB)PTQJUBMBSJBZUJUVMBSEFMTFSWJDJPEF
GBSNBDJB EFM )PTQJUBM 1TJRVJÃUSJDP
1FOJUFODJBSJPEF"MJDBOUFZEFMEFQÓTJUP
EFNFEJDBNFOUPTEFM$FOUSP1FOJUFODJB
SJP"MJDBOUFRVFDJUBFMÙMUJNPJOGPSNF
EFMB4FDSFUBSÎB(FOFSBMEF**11
-BTJUVBDJÓOEFJMFHBMJEBETFQSPEVDF
iEFTEFFMNJTNPNPNFOUPFORVFTF
BERVJFSF Z EJTQFOTB NFEJDBDJÓO FO
DVBMRVJFS DFOUSP EFQFOEJFOUF EF MB
4FDSFUBSÎB (FOFSBM EF *OTUJUVDJPOFT
1FOJUFODJBSJBTTJOUFOFSBVUPSJ[BEPVO
4'ZTJOMBQSFTFODJBEFVOGBSNBDÊVUJDP
BMGSFOUFEFMNJTNPuSFDVFSEB$FMESÃO
&OUPODFTyEFTEFDVÃOEPFYJTUFFTUF
QSPCMFNB 4FHÙO BQVOUB $BSNFO
3VBOPRVJFOMMFWBBÒPTDPNPSFTQPO
TBCMFEFM4FSWJDJPEF'BSNBDJBEFM)PTQJ
UBM1FOJUFODJBSJPEF4FWJMMBiMBTJUVBDJÓO
EF MB "UFODJÓO GBSNBDÊVUJDB FO MPT
DFOUSPTQFOJUFODJBSJPTIBTJEPDMBSB
NFOUFEFGJDJUBSJBEFTEFTVTJOJDJPTu&O
%VSBOUFFM$POHSFTPEFMB4&')DFMFCSBEPFO(JKØO.JSJBN$FMESÈOZBEFOVODJØMBTJUVBDJØOEFJMFHBMJEBEEFMPTTFSWJDJPTEFGBSNBDJBFO*OTUJUVDJPOFT1FOJUFODJBSJBT
TVUSBCBKPIBHFTUJPOBEPMBBERVJTJDJÓO
ZEJTQFOTBDJÓOEFGÃSNBDPTBMPT%.EF
WBSJPT DFOUSPT QFOJUFODJBSJPT IBTUB
GJOBMFTEFMDVBOEPMPTEFQÓTJUPT
QBTBSPOBHFTUJPOBSTVTNFEJDBNFOUPT
TJOMBJOUFSWFODJÓOEFVOGBSNBDÊVUJDP
"TÎBVORVFBDUVBMNFOUFiFOUPEP$1IBZ
BUFODJÓO TBOJUBSJB B MPT JOUFSOPT TF
BERVJFSFONFEJDBNFOUPTTFQSFTDSJCFO
ZTFEJTQFOTBOu3VBOPEFOVODJBRVFiFO
NVDIPTDBTPTTFEFMFHBFOPUSPTTBOJUB
SJPT DPNPNÊEJDPT FOGFSNFSPT P
JODMVTPBVYJMJBSFTZBENJOJTUSBUJWPTu
-BEFOVODJBEFMBTJUVBDJÓOEFJMFHBMJ
EBEFOMBRVFPQFSBOMPTTFSWJDJPTEF
GBSNBDJBFOMPTDFOUSPTQFOJUFODJBSJPT
IBVOJEPBWBSJBTFOUJEBEFTDPNPMB
4PDJFEBE&TQBÒPMBEF'BSNBDJB)PTQJ
UBMBSJB4&')
MB0SHBOJ[BDJÓO.ÊEJDB
$PMFHJBM0.$
ZMB4PDJFEBE&TQBÒPMBEF
4BOJEBE 1FOJUFODJBSJB 4&41
5PEBT
FMMBTUJFOFONVDIPRVFEFDJSBOUFFM
QSPCMFNBZIBOIFDIPGSFOUFDPNÙO
QBSBQSFTJPOBSBMB"ENJOJTUSBDJÓOZRVF
QPOHBMBTDPTBTFOTVTJUJP$PODSFUB
NFOUF MB FYJHFODJB MFHBM FT RVF MB
4BOJEBE1FOJUFODJBSJBTFJOUFHSFFOMB
TBOJEBEQÙCMJDBZQBSBFMMPFTQSFDJTP
RVFiMPTTFSWJDJPTEFQFOEJFOUFTEF*OTUJ
UVDJPOFT1FOJUFODJBSJBTTFBOUSBOTGFSJ
EPTBMBT$PNVOJEBEFT"VUÓOPNBTQBSB
TVQMFOBJOUFHSBDJÓOFOMPTTFSWJDJPT
BVUPOÓNJDPTEFTBMVEuQMBOUFB+PTÊ
.JHVFM"OUPMÎOTFDSFUBSJPEFMB4&41
%FTEFMB4&')QPOFOFMGPDPFOFM
QBQFMEFMPTGBSNBDÊVUJDPTFTQFDJBMJTUBT
: SFDVFSEBO RVF FOUSF MB QPCMBDJÓO
SFDMVTB IBZ VOB BMUB QSFWBMFODJB EF
QBUPMPHÎBTQTJRVJÃUSJDBTJOGFDDJPTBTZ
UPYJDÓNBOBT"TÎMBQSFTUBDJÓOGBSNB
DÊVUJDBFOFTUPTDFOUSPTJODMVZFFTQFDJB
MJEBEFTEFVTPIPTQJUBMBSJPNFEJDBNFO
UPTTVKFUPTBFTQFDJBMDPOUSPMNÊEJDP
QTJDPUSÓQJDPTBOUJQTJDÓUJDPTZFTUVQFGB
DJFOUFT&MMPIBDFOFDFTBSJBMBQSFTFODJB
EF MPT GBSNBDÊVUJDPT 4JO FNCBSHP
RVJFOFTUSBCBKBOFO**11EFOVODJBO
GBMUBEFSFDPOPDJNJFOUP"TÎ.JSJBN
$FMESÃOSFDIB[BiSPUVOEBNFOUFuRVFTF
QVFEBEFTBSSPMMBSVOBBEFDVBEBQSFTUB
DJÓOGBSNBDÊVUJDBTJOFTUPTQSPGFTJPOB
MFT.JFOUSBTRVF3VBOPEFOVODJBRVFMB
DBSSFSB QSPGFTJPOBM FT VO DPODFQUP
iJOFYJTUFOUFuQBSBFTUPTGBSNBDÊVUJDPT
r'BSNBDJB&-(-0#"-BMEFFOFSPEF
*UBMJBSFUPNBMBMFZ
RVFQFSNJUFDBQJUBM
OPQSPGFTJPOBMFO
TVTGBSNBDJBT
"-#&350$03/&+0
.BESJE
-B$PNJTJØO&VSPQFBIBQSFTFOUBEPVOOVFWPQBRVFUFEFNFEJEBTEFUJOUFAMJCFSBMJ[BEPSFODJFSUPTTFDUPSFTQSPGFTJPOBMFTFOUSFMPTRVFFYDMVZFFYQSFTBNFOUFBMPTGBSNBDÏVUJDPT
-B$&QBTBEFBUBDBSBAEFGFOEFS
MBSFHVMBDJÓOEFMBGBSNBDJB
■1PSQSJNFSBWF[EFGPSNBQÞCMJDBBMVEFBMBiSFHMBNFOUBDJØOKVTUJGJDBEBwEFFTUBQSPGFTJØO
"-#&350$03/&+0
#SVTFMBT#ÏMHJDB
2VJÊOMFIBWJTUPZRVJÊOMFWFEJSÃO
BMHVOPTUBOUPQBSUJEBSJPTDPNPEFUSBD
UPSFTEFMPTNPEFMPTSFHVMBEPT
1BSBMPT
QSJNFSPTIBDPTUBEPNVDIPTBÒPTEF
EFGFOTB GÊSSFB GSFOUF B EJDUÃNFOFT
NPUJWBEPTZFOVOBTFOUFODJBEFM
QSPQJP5SJCVOBM4VQFSJPSEF+VTUJDJBEF
MB6OJÓO&VSPQFBBMSFTQFDUP1FSPMB
$PNJTJÓO&VSPQFB$&
QPSGJOIBIFDIP
TVZP ‡Z EF GPSNB QÙCMJDB‡ RVF FM
FTUBCMFDJNJFOUPEFSFTUSJDDJPOFTFOMB
BDUJWJEBE GBSNBDÊVUJDB FTUÃ iKVTUJGJ
DBEBu
"TÎMPFYQPOFFYQSFTBNFOUFFOVO
NBOJGJFTUP MBO[BEP FM QBTBEP EF
FOFSPFOFMDVBMBOVODJBCBMBQVFTUBFO
NBSDIBEFVOOVFWPQBRVFUFEFNFEJEBT
QBSBNFKPSBSMBQSFTUBDJÓOEFTFSWJDJPT
QSPGFTJPOBMFTFO&VSPQBZGBWPSFDFSMB
DPNQFUJUJWJEBEZHFOFSBDJÓOEFFNQMFP
6OQBRVFUFEFNFEJEBTFOUSFMBTRVFTF
TVHJFSFBMPTFTUBEPTNJFNCSPMBOFDFTJ
EBEEFFTUBCMFDFSSFGPSNBTRVFGBDJMJUFO
FM BDDFTP Z FKFSDJDJP FO QSPGFTJPOFT
DPODSFUBTDPNPiBSRVJUFDUPTJOHFOJFSPT
BCPHBEPTZDPOUBCMFTuFOUSFPUSPT
-BJNQPSUBODJBEFFTUFDPNVOJDBEPEF
MB $& SFTQFDUP B MB GBSNBDJB Z MPT
NPEFMPTGBSNBDÊVUJDPTSFHVMBEPTFO
&VSPQBSBEJDBOPTPMPFORVFZBEFTDBSUB
JODMVJSBFTUBQSPGFTJÓOEFOUSPEFTVT
OVFWBTQFUJDJPOFTEFEFTSFHVMBDJÓOEF
TFDUPSFTTJCJFOMBTFOUFODJBEFM54+EF
-VYFNCVSHPMFDFSSÓMBTQVFSUBTEFGJOJ
UJWBNFOUF-POPWFEPTPFTRVFJODMVTP
DJUBUFYUVBMNFOUFBMPTiGBSNBDÊVUJDPTu
DPNPFKFNQMPEFVOBEFMBTQSPGFTJPOFT
FOMBTRVFMBSFHMBNFOUBDJÓOFTUÃiKVTUJ
GJDBEBuKVOUPBPUSBTSFMBDJPOBEBTiDPO
MBTBMVEZMBTFHVSJEBEui&ONVDIPT
PUSPTDBTPT‡EJDFMB$&‡MBFYJTUFODJB
EFOPSNBTPCTPMFUBTFJOOFDFTBSJBNFOUF
HSBWPTBT QVFEF EJGJDVMUBS NÃT EF MP
SB[POBCMFFMBDDFTPEFDBOEJEBUPTDVBMJ
GJDBEPTBEFUFSNJOBEPTFNQMFPTuVO
NJTNPBSHVNFOUPRVFVUJMJ[BCBDVBOEP
QVTPFMGPDPMJCFSBMJ[BEPSFOMBGBSNBDJB
FOBÒPTQBTBEPT
"TJNJTNPFOFTUFOVFWPFTDSJUPMB$&
JODJEFFORVFiDPOBSSFHMPBM%FSFDIPEF
MB6&MPTFTUBEPTNJFNCSPEFCFOEFUSF
NJOBSTJTPOOFDFTBSJPTZFRVJMJCSBEPT
MPTSFRVJTJUPTQSPGFTJPOBMFTOBDJPOBMFTu
QSFDJTBNFOUFMBMBCPSRVFDPOCVFO
BDJFSUPMMFWÓBDBCPFM"CPHBEP(FOFSBM
EF&TQBÒBFOMBTTVDFTJWBTWJTUBTFO
-VYFNCVSHPEFMBEFOPNJOBEBADVFTUJÓO
QSFKVEJDJBM BTUVSJBOB VO QSPDFTP
QBSBMFMPBMEJDUBNFONPUJWBEPQFSPRVF
UBNCJÊOQPOÎBTPCSFMBNFTBMBOFDFTJ
EBEPOP
EFFTUBCMFDFSSFTUSJDDJPOFTFO
MBQSPQJFEBEZQMBOJGJDBDJÓOGBSNBDÊV
UJDB
.ÈTBMMÈEFMBPNJTJØO
&MWBMPSEFFTUFDPNVOJDBEPQBSBMB
GBSNBDJB FTUSJCB FO RVF MFKPT EF
MJNJUBSTFBPNJUJSBMBQSPGFTJÓOGBSNB
DÊVUJDBEFOUSPEFTVTOVFWBTQSFUFOTJP
OFTMJCFSBMJ[BEPSBTMB$PNJTJÓO&VSPQFB
IBDFTVZPFMQSPOVODJBNJFOUPEFM5SJCV
OBMEF-VYFNCVSHPQBSBNBOJGFTUBS
FYQSFTBZQÙCMJDBNFOUFMBiSFHMBNFOUB
DJÓOKVTUJGJDBEBuQBSBMBQSPGFTJÓOGBSNB
DÊVUJDB6OBDJUBRVFBVORVFQVFEB
QBSFDFSOPSNBMIBDFBQFOBTVOPTBÒPT
FSBJNQFOTBCMFRVFQVEJFTFTBMJSEFFTUF
PSHBOJTNP4JMBGBSNBDJBSFHVMBEBZB
QPEÎBSFTQJSBSUSBORVJMBQPSFMBQPZPEF
MB+VTUJDJBBIPSBQVFEFIBDFSMPBÙO
NÃT
/PPCTUBOUFMB$PNJTJÓO&VSPQFBZB
EJPPGJDJBMNFOUFDBSQFUB[PBMEJDUBNFO
NPUJWBEPBCJFSUPDPOUSBMBGBSNBDJB
FTQBÒPMBFOKVOUPBPUSPTQSPDFTPT
BCJFSUPT B PUSPT QBÎTFT DPO NPEFMPT
TJNJMBSFT'SBODJB"VTUSJB"MFNBOJB
$IJQSF1PSUVHBM#VMHBSJBZ(SFDJB"TÎ
MBT DPTBT TF EBCB QPS DFSSBEP FM
GBOUBTNBEFMBMJCFSBMJ[BDJÓORVFTPCSF
WPMÓFMBNCJFOUFEFTEFKVOJPEFFO
GPSNBEFVOEJDUBNFONPUJWBEPRVF
QPOÎBFODVFTUJÓOMPTDSJUFSJPTEFQMBOJ
GJDBDJÓOZSFHVMBDJÓOEFMNPEFMPGBSNB
DÊVUJDPFTQBÒPM
$POFMQBTPEFMPTBÒPTFTBBNFOB[B
MJCFSBMJ[BEPSB DBNCJÓ EF TFEFT
DBNCJBOEP#SVTFMBTQPSBMHVOBTEFMBT
QSJODJQBMFT"ENJOJTUSBDJPOFTQÙCMJDBT
OBDJPOBMFT DPNP FM .JOJTUFSJP EF
&DPOPNÎB Z TV QSJNFS CPSSBEPS EF
BOUFQSPZFDUP EF -FZ EF 4FSWJDJPT Z
$PMFHJPT1SPGFTJPOBMFT/PPCTUBOUF
FTFQSJNFSHMPCPTPOEBFOGPSNBEF
CPSSBEPSGVFSÃQJEBNFOUFQJODIBEP
"IPSBRVJÊOTBCFTJFOVOIJQPUÊUJDP
OVFWPJOUFOUPEFTEFEFOUSPEFOVFTUSBT
GSPOUFSBTMBGBSNBDJBFTQBÒPMBUFOESÎB
FO#SVTFMBTVOBMJBEPQBSBTVEFGFOTB
&M ANVOEP BM SFWÊT FO BQFOBT VOB
EÊDBEB
-B MJCFSBDJÓO QBSDJBM EF MB GBSNBDJB
JUBMJBOBWVFMWFBMBBHFOEBQPMÎUJDBEF
FTUFQBÎT5SBTFMJNQBTTFRVFTVQVTPFM
DBNCJPEF(PCJFSOPBMEJNJUJSFOEJDJFN
CSF FM QPS FOUPODFT QSJNFS NJOJTUSP
.BUFP3FO[JFMOVFWP(PCJFSOPRVF
MJEFSB1BPMP(FOUPMJOJIBDPSSPCPSBEP
RVFVOBEFTVTQSJPSJEBEFTFTSFUPNBSFM
QSPZFDUPEF-FZEF$PNQFUFODJBFOFM
RVFTFSFDPHFFTUBMJCFSBMJ[BDJÓO
&MQSPZFDUPEF-FZEF$PNQFUFODJB
DPNFO[ÓBUSBNJUBSTFIBDFKVTUPEPT
BÒPTBDPNJFO[PTEF5BMDPNPTF
BSUJDVMBBEÎBEFIPZMBOPSNBQFSNJUJ
SÎBMBFOUSBEBEFDBQJUBMOPGBSNBDÊVUJDP
FOMBQSPQJFEBEEFCPUJDBTTJCJFOFM
QPSDFOUBKFEFDBQJUBMQSPGFTJPOBMEFCF
TFSTVQFSJPSBMQPSDJFOUPBEFNÃTEF
JNQFEJSMBQBSUJDJQBDJÓOEFBDUPSFTDPO
DPOGMJDUPTEFJOUFSFTFTNÊEJDPTDPNQB
ÒÎBT GBSNBDÊVUJDBT FUD
5SBT VOB
QSJNFSB BQSPCBDJÓO EFM $POHSFTP
JUBMJBOPFMQBTBEPKVMJPMB$PNJTJÓOEF
*OEVTUSJBEFM4FOBEPJOUSPEVKPOVFWBT
FONJFOEBTBMUFYUPQBSBQPSFKFNQMP
MJNJUBS RVF MBT DBEFOBT OP QVFEBO
DPOUSPMBSFOUPEPDBTPNÃTEFMQPS
DJFOUPEFGBSNBDJBTEFDBEBSFHJÓO4JO
FNCBSHPMBWPUBDJÓOGJOBMEFMBOPSNB
FOFM4FOBEPOPTFMMFHÓBQSPEVDJS&MFY
QSJNFSNJOJTUSP3FO[JQBSBMJ[ÓTVUSBNJ
UBDJÓOBGJOEFOPJOGMVJSFOFMSFGFSÊOEVN
DPOTUJUVDJPOBMDFMFCSBEPFMEFEJDJFN
CSFZDVZPTSFTVMUBEPTQSPWPDBSPOTV
EJNJTJÓO"IPSBFMOVFWP(PCJFSOPIB
DPOGJSNBEPTVJOUFODJÓOEFSFUPNBSMP
&M$($0'TFSFVOF
FOFM4FOBEPDPO
.BSUÎOF[0MNPT
&-(-0#"-
.BESJE
&M TFOBEPS EFM 140& Z QPSUBWP[ EF
4BOJEBE EFM HSVQP TPDJBMJTUB FO MB
$ÃNBSB "MUB +PTÊ .BSUÎOF[ 0MNPT
SFDJCJÓFMQBTBEPEFFOFSPBVOBSFQSF
TFOUBDJÓO EFM DPNJUÊ EJSFDUJWP EFM
$POTFKP(FOFSBMEF$PMFHJPT0GJDJBMFTEF
'BSNBDÊVUJDPT$($0'
FODBCF[BEBQPS
TVQSFTJEFOUF+FTÙT"HVJMBS
%VSBOUFFMFODVFOUSP.BSUÎOF[0MNPT
ZMPTNJFNCSPTEFM$($0'EFQBSUJFSPO
TPCSF GBSNBDJB BTJTUFODJBM QPMÎUJDB
GBSNBDÊVUJDBTFSWJDJPTQSPGFTJPOBMFT
GBSNBDÊVUJDPTEJTQFOTBDJÓOEFJOOPWB
EPSFTBTÎDPNPMPTQSPZFDUPTUFDOPMÓHJ
DPTFOMPTRVFFTUÃJONFSTBMBPSHBOJ[B
DJÓODPMFHJBMDPNPMBQMBUBGPSNBEF
EBUPT/PEP'BSNB&TUFFODVFOUSPTF
FONBSDBFOMBSPOEBEFDPOUBDUPTRVFFM
$($0'FTUÃNBOUFOJFOEPDPOMPTQPSUB
WPDFTQBSMBNFOUBSJPTEF4BOJEBE
BMEFFOFSPEF&-(-0#"-'BSNBDJBr
-BTGBSNBDJBTEF3FJOP6OJEPTVGSJSÃOVO
SFDPSUFFOMBGJOBODJBDJÓOQÙCMJDBEFM
■-BSFEVDDJØOIBDFQFMJHSBSBVOUFSDJPEFMBTPGJDJOBTEFGBSNBDJBZFTUÈBMBFTQFSBEFSFWJTJØOFOMB$PSUF4VQSFNB
«/(&-"%&36&%"
-POESFT
&MQBTBEPPDUVCSFFMHPCJFSOP#SJUÃOJDP
BOVODJÓVOSFDPSUFEFNJMMPOFTEF
MJCSBTNJMMPOFTEFFVSPT
QBSBFM
QFSJPEPEFEJDJFNCSFEFIBTUB
NBS[PEF&TUPTVQPOESÃRVFVOB
EFDBEBUSFTGBSNBDJBTTFFODVFOUSFFO
QFMJHSPEFFDIBSFMDJFSSF/PFTVOB
BGJSNBDJÓO FYBHFSBEB TJ TF UJFOF FO
DVFOUBRVFFMQPSDJFOUPEFTVGJOBO
DJBDJÓOWJFOFGJOBODJBEPEJSFDUBNFOUF
EFM4JTUFNB/BDJPOBMEF4BMVE/)4
HSBDJBTBMBDVBMMBTGBSNBDJBTPGSFDFO
OVNFSPTPTTFSWJDJPT
-B"TPDJBDJÓO'BSNBDÊVUJDB/BDJPOBM
EF3FJOP6OJEP/1"
‡RVFSFQSFTFOUB
BMBTGBSNBDJBTDPNVOJUBSJBTJOEFQFO
EJFOUFTEFMQBÎTCSJUÃOJDP‡IBDBMJGJDBEP
FTUFNPWJNJFOUPDPNPiMBJNQPTJDJÓOB
MBGBSNBDJBu"TÎQPSVOMBEPDSJUJDBO
RVFOPIBZBOUFOJEPFODVFOUBFMTFSWJ
DJP RVF QSFTUBO MPT QSPGFTJPOBMFT Z
BEFNÃTDPOTJEFSBORVFFM%FQBSUB
NFOUPEF4BMVEOPIBDPOUBEPDPOFM
QFSKVJDJPRVFHFOFSBSÃOFTUPTSFDPSUFT
TPCSFMBQPCMBDJÓONÃTWVMOFSBCMFBTÎ
DPNPBRVFMMBTRVFSFTJEFOFOMBT[POBT
NÃTEFQSJNJEBT
"TÎTVDFEFDPOMPTTFSWJDJPTGJOBODJB
EPTRVFQSFTUBOMBTPGJDJOBTEFGBSNBDJB
RVFiQPSFMNPNFOUPTPOMPTNJTNPTZ
OPIBOTVGSJEPOJOHÙOSFDPSUFuDPNP
FYQMJDBB&(-FPOPS/JFUPGBSNBDÊVUJDB
EF#PPUTFO1MZNPVUIZRVFUJFOFNÃTEF
EJF[BÒPTEFFYQFSJFODJBQSPGFTJPOBMFO
3FJOP6OJEP4FHÙOFYQMJDBMPTTFSWJDJPT
&MQMBOEFMTJTUFNBOBDJPOBMEFTBMVEEF3FJOP6OJEP/)4
FTSFEVDJSFMQSFTVQVFTUPEFGBSNBDJBDPNVOJUBSJBFO
*OHMBUFSSBFOVOQPSDJFOUPFOUSFEJDJFNCSFEFZBCSJMEFDPONÈTSFDPSUFTQSFWJTUPTFOFMGVUVSP
GJOBODJBEPT NÃT IBCJUVBMFT TPO MB
SFWJTJÓOEFMVTPEFMBNFEJDBDJÓO36.
EFTUJOBEB B BRVFMMPT QBDJFOUFT RVF
UPNBONÃTEFEPTGÃSNBDPTPEJBCÊUJDPT
5BNCJÊOFMTFSWJDJPEFBTFTPSBNJFOUP
TPCSFOVFWPTUSBUBNJFOUPTZNFEJDBDJÓO
/.4
QPSFMDVBMTVQFSWJTBORVFOP
UFOHBOFGFDUPTBEWFSTPTOJQSPCMFNBT
DPOMBNFEJDBDJÓO"EFNÃTEFIBDFSVO
TFHVJNJFOUPEVSBOUFVOBTEPTTFNBOBT
FYQMJDBMBGBSNBDÊVUJDB0USPTTFSWJDJPT
GJOBODJBEPTTPOMBWBDVOBEFMBHSJQF
)BZRVFSFDPSEBSRVFFO3FJOP6OJEP
MBTGBSNBDJBTSFDJCFOVOQBHPGJKPQPS
SFDFUB RVF TF EJTQFOTB"EFNÃT MPT
NFOPSFTEFBÒPTZNBZPSFTEFOP
UJFOFORVFBCPOBSOBEB-BNFEJEBEFM
(PCJFSOPFTQPSBIPSBBMHPBCTUSBDUBZ
DPNPBQVOUB/JFUPiQBSFDFRVFUPEBWÎB
OPTBCFOFORVÊWBOBSFDPSUBSu&OMB
[POBEPOEFUSBCBKBIBODFSSBEPDVBUSP
DFOUSPTEFTBMVEZiMPTFNQMFBEPTEFMBT
GBSNBDJBTIBOOPUBEPDÓNPTFDPOHFMBO
TVTTBMBSJPTBMBFTQFSBEFMPRVFFTUÃQPS
WFOJSuBÒBEF
-B/1"FYQMJDBRVFMBEJTUSJCVDJÓOEF
MBTDVBOUÎBTRVFTFBCPOBCBOQPSMPT
TFSWJDJPTGBSNBDÊVUJDPTIBOQBTBEPEF
TFSDVBUSPBBHSVQBSTFFOVOBTPMB&T
EFDJSBOUFSJPSNFOUFFMGBSNBDÊVUJDP
SFDJCÎBFMIPOPSBSJPQSPGFTJPOBMFMQBHP
EFMBQSÃDUJDBFMQBHPQPSEJTQFOTBDJÓO
EFSFQFUJDJÓOZFMQBHPNFOTVBMEFM
TFSWJDJPTEFQSFTDSJQDJÓOFMFDUSÓOJDB
&14
5PEBTFTUBTUBSJGBTFTUÃOTJFOEP
TVTUJUVJEBTQPSVOBTPMBEFOPNJOBEB
UBSJGBEFMBBDUJWJEBE4"'
4JFTUPTF
MMFWB B MB QSÃDUJDB DPNP QMBOUFB FM
$PNJUÊ EF /FHPDJBDJÓO EF 4FSWJDJPT
'BSNBDÊVUJDPT14/$
MBOVFWBUBSJGB
QVFEFTVQPOFSVOSFDPSUFEFFVSPT
MJCSBT
QPSBSUÎDVMPEFEJDJFNCSFEF
BNBS[PEFZTFFTQFSBRVF
BVNFOUFIBTUBFVSPTMJCSBT
"EFNÃTTFFTUÃFMJNJOBOEPQSPHSFTJ
WBNFOUFFMQBHPEFMFTUBCMFDJNJFOUP
DPNFO[BOEPDPOVOSFDPSUFEFMQPS
DJFOUPEFTEFEFEJDJFNCSFEFZPUSP
QPSDJFOUPBQBSUJSEFMEFBCSJMEF
-BTQSFWJTJPOFTTPORVFFMQBHP
EFTBQBSF[DBQPSDPNQMFUPFOÓ
1PSFMMPMB/1"IBBQFMBEPMB
EFDJTJÓO EFM (PCJFSOP B MB $PSUF
4VQSFNBZFTQFSBOMBSFTQVFTUBEFFTUB
TFHVOEBSFWJTJÓOKVEJDJBMQBSBNFEJBEPT
EFGFCSFSPEFFTUFBÒP
&TDPDJBDPOUSBUBSÃB
GBSNBDÊVUJDPTQSFTDSJQUPSFT
FODFOUSPTEF"1QBSB
«/(&-"%&36&%"
&EJNCVSHP
.JFOUSBTRVFFOFMDPOKVOUPEF3FJOP6OJEP
SFDPSUBOBMBGBSNBDJBDPNVOJUBSJBMBQSF
TFODJBEFGBSNBDÊVUJDPTDPOUSBUBEPTFO
MPT(FOFSBM1SBDUJDFPDFOUSPTEFBUFODJÓO
QSJNBSJBCSJUÃOJDPTFTUÃHFOFSBMJ[BEB"TJ
NJTNP&TDPDJBTFIBTVCJEPBMUSFOEFSF
DPOPDFSFJODSFNFOUBSFMQBQFMRVFMPT
GBSNBDÊVUJDPTEFBUFODJÓOQSJNBSJBFKFS
DFODPNPQSPGFTJPOBMFTTBOJUBSJPTFOMBT
DPOTVMUBTRVFTFSFBMJ[BOFOMPTDFOUSPT
EFTBMVE
&TUFJNQVMTPDPNFO[ÓFMQBTBEP
BVORVFGVFIBDFVOPTEÎBTDVBOEPFM(P
CJFSOPFTDPDÊTBOVODJÓTVQMBOEFTBMVE
ZBTJTUFODJBTPDJBM&MPCKFUJWPFTRVFFO
DBEBVOPEFMPTDFOUSPTEFBUFODJÓO
QSJNBSJBEF&TDPDJBDVFOUFDPOVOGBSNB
DÊVUJDPDPOiIBCJMJEBEFTDMÎOJDBTBWBO[B
EBTuTFHÙOSFDPHFFMUFYUP&TUPTFUSB
EVDFFOVODPNQSPNJTPEFDPOUSBUBDJÓO
EFGBSNBDÊVUJDPTBGJOBMFTEF
&TUPTQSPGFTJPOBMFTQSFTDSJCJSÃOGÃSNB
DPTZUSBCBKBSÃODPEPDPODPEPDPOMPTNÊ
EJDPTFOMPTDFOUSPTEFTBMVE
&MPCKFUJWPEFMQMBOFTRVFMPTGBSNB
DÊVUJDPTDMÎOJDPTBUJFOEBOBBRVFMMPTQB
DJFOUFTDPOFOGFSNFEBEFTEFMBSHPSFDP
SSJEPEFUBMGPSNBRVFMPTNÊEJDPTRVF
EFOMJCFSBEPT(SBDJBTBMBNFEJEBQP
ESÃOEFEJDBSNÃTUJFNQPBMPTQBDJFOUFT
DPOOFDFTJEBEFTNÃTDPNQMFKBT$PNPFSB
EFFTQFSBSMBBTPDJBDJÓOEFGBSNBDJBTEF
&TDPDJB$14
IBSFDJCJEPDPOBHSBEPFM
DPNQSPNJTPEFM(PCJFSOP
{:FO&TQB×B &TUBEFDJTJÓOTFSFDJCFFO&TQBÒBDPNP
iVOBGBOUÃTUJDBOPUJDJBuTFHÙONBOJGJFTUB
B&(¦OHFM.BUÃJYQSFTJEFOUFEFMB4PDJF
-BNFEJEBEFMHPCJFSOPFTDPDÏTMJCFSBEFUSBCBKPBMPTNÏEJDPTEFBUFODJØOQSJNBSJBRVFTJDVFOUBODPOFMBQPZP
EFGBSNBDÏVUJDPTQBSBEPMFODJBTNFOPSFTQVFEFOEFEJDBSNÈTUJFNQPBQBDJFOUFTDPOOFDFTJEBEFTNÈTDPNQMFKBT
EBE&TQBÒPMBEF'BSNBDÊVUJDPTEF"UFO
DJÓO1SJNBSJB4FGBQ
i4JTFIBCMBEFQSFT
DSJQDJÓOFOGFSNFSByQPSRVÊOPEFQSFT
DSJQDJÓOGBSNBDÊVUJDB uBQVOUB.BUBJY
RVJFOSFDVFSEBRVFUPEBTMBTEFDJTJPOFT
TPCSFDBNCJPTFOMBNFEJDBDJÓOEFMPTQB
DJFOUFTTFBEPQUBOFOUPUBMDPPSEJOBDJÓO
DPOFMNÊEJDP&MQSFTJEFOUFEF4FGBQEF
TFBSÎBRVFFTUBNFEJEBTJSWJFSBEFFKFN
QMPiPKBMÃFTUFUJQPEFJOJDJBUJWBTTFEFTB
SSPMMFNÃTFO&TQBÒBuBGJSNB"VORVF
BDMBSBRVFOPFTBMHPRVFTFQVFEBFYQPS
UBSBOVFTUSPQBÎTZBRVFDBEBVOPUJFOF
TVTQFDVMJBSJEBEFT&TUPTQBÎTFTBSSBTUSBO
VOBiFTDBTF[DSÓOJDBEFQSPGFTJPOBMFTNÊ
EJDPTEFBUFODJÓOQSJNBSJBuBMHPRVFOP
TVDFEFEFOUSPEFOVFTUSBTGSPOUFSBTSF
DVFSEB.BUBJY"VORVFIBZDJFSUBUFOEFO
DJBZBRVFOVFWF$PNVOJEBEFT"VUÓOP
NBTIBOFNQF[BEPBiQSPCBSMBTGVODJP
OFTEFMPT'"1FOMPTDFOUSPTEFTBMVEu&T
FMDBTPEF(BMJDJB&YUSFNBEVSB$PNVOJ
EBE7BMFODJBOB$BOUBCSJB#BMFBSFT$BT
UJMMBZ-FÓO/BWBSSB.BESJEZ"SBHÓO
r'BSNBDJB&-(-0#"-BMEFFOFSPEF
1~P_
&WPMVDJØOEFMDSFDJNJFOUPEFMBEFNBOEB
BOVBMEFGBSNBDJB;BSBHP[B
-PTJOWFSTPSFTFOCPUJDBTEF;BSBHP[BTPOMPTNÈTKØWFOFT
%BUPTEFMBM
"DUVBMNFOUFGBSNBDÏVUJDPTFTUÈOFODPOUBDUPDPO'BSNBDPOTVMUJOH
QBSBDPNQSBSGBSNBDJBFO;BSBHP[B-PTGBSNBDÏVUJDPTNBOUJFOFOFMJOUFSÏT
EFJOWFSTJØOFOMBQSPWJODJBDPOOVFWPTJOWFSTPSFTEFNFEJBDBEBB×P
*OWFSTPSFTFOGVODJØO
EFTVUJUVMBSJEBE
*OWFSTPSFT
DPOGBSNBDJB
*OWFSTPSFT
TJOGBSNBDJB
1SPWJODJBEFSFTJEFODJB
.ÃTEFĸ
ĸ
ĸ
ĸ
ĸ
ĸ
)BTUBĸ
&%"%
4&90
ĸ
$MBTJGJDBDJØOEFMPTJOWFSTPSFTQPSFEBEZTFYP
*OWFSTPSFTQPSUSBNPTEFGBDUVSBDJØO
-BQSØYJNBTFNBOBMBFWPMVDJØOEFM
DSFDJNJFOUPEFEFNBOEBEFMB
QSPWJODJBEF"MCBDFUF
-PTGBSNBDÊVUJDPTNFOPSFTEF
BÒPTGVFSPOEVSBOUFFMÙMUJNPBÒP
MPTNÃTJOUFSFTBEPTFOMBDPNQSB
EFGBSNBDJBFO;BSBHP[BDPONÃT
EFMQPSDJFOUPEFMBTEFNBOEBT
"DUVBMNFOUFGBSNBDÊVUJDPT
FTUÃOEJTQVFTUPTBDPNQSBSVOB
CPUJDBFO;BSBHP[B
$PO VOB EFNBOEB RVF TF
NBOUJFOFFOOVFWPTJOWFSTPSFT
DBEBBÒPEFNFEJBTFHÙOMPTEBUPT
EF 'BSNBDPOTVMUJOH &M QPS
DJFOUP EF MPT DPNQSBEPSFT EF
GBSNBDJBTEF;BSBHP[BSFTJEÎBOFO
MBQSPWJODJB"EFNÃTMBGBDUVSB
DJÓOGBWPSJUBQBSBFMQPSDJFOUP
EFMPTTPMJDJUBOUFTTFTJUVBCBFOUSF
ZFVSPT
1PSPUSPMBEPEFMUPUBMEFTPMJDJ
UVEFTSFBMJ[BEBTB'BSNBDPOTVM
UJOHFOFMÙMUJNPBÒPFMQPS
DJFOUPGVFSPONVKFSFTZFMQPS
DJFOUP GVFSPO SFBMJ[BEBT QPS
IPNCSFT"EFNÃTTÓMPFMQPS
DJFOUPEFMPTCPUJDBSJPTJOWFSTPSFT
FO;BSBHP[BFSBOZBQSPQJFUBSJPT
EFPUSBGBSNBDJB
&WPMVDJØOEFMBEFNBOEBEFGBSNBDJBFO;BSBHP[BEFTEF
■-PTNFOPSFTEF
B×PTTVNBOFMEFMBT
TPMJDJUVEFTEFDPNQSBEF
GBSNBDJBFO;BSBHP[B
&MEFMBTTPMJDJUVEFTEFJOWFSTJØOFOFTUBQSPWJODJBEFNBOEBSPO
GBSNBDJBEFGBDUVSBDJØOFOVOJOUFSWBMPFOUSFZû
;BSBHP[B
/BWBSSB
.BESJE
7BMMBEPMJE
-FØO
#BEBKP[
7BMFODJB
"MJDBOUF
(SBOBEB
3FTUP
&MEFMPTGBSNBDÏVUJDPTRVFTFQVTJFSPOFODPOUBDUP
DPO'BSNBDPOTVMUJOHEVSBOUFFMÞMUJNPB×PQBSBDPNQSBS
GBSNBDJBFO;BSBHP[BGVFSPOSFTJEFOUFTEFMBQSPWJODJB
BMEFFOFSPEF&-(-0#"-r
*OEVTUSJB
%POBME5SVNQBSSFNFUFDPOUSBMBT
A#JH1IBSNBBOUFTEFUPNBSQPTFTJÓO
■3FDMBNBRVFMBTDPNQB×ÓBTQSPEV[DBOFO&&66ZBOVODJBRVFJOUFSWFOESÈFMNFSDBEPQBSBCBKBSQSFDJPT
)JMMBSZ$MJOUPOQPSMPRVFOPIBOTJEP
QPDPTMPTNJFNCSPTEFMBJOEVTUSJBRVF
TFNVFTUSBOTPSQSFOEJEPTQPSMBBHSFTJ
WJEBEEF5SVNQIBDJBMBJOEVTUSJBGBSNB
DÊVUJDB
-BTQSJNFSBTSFBDDJPOFTOPTFIBO
IFDIPFTQFSBSBVORVFMPTNJFNCSPTEF
MBJOEVTUSJBMPIBOIFDIPEFVONPEP
DPODJMJBEPS &M $&0 EF MB QBUSPOBM 1I3."4UFQIFO6CMBTFHVSÓRVFiMPT
NFEJDBNFOUPT TF DPNQSBO FO VO
NFSDBEPDPNQFUJUJWPEPOEFHSBOEFTZ
TPGJTUJDBEPT DPNQSBEPSFT OFHPDJBO
BHSFTJWBNFOUF QSFDJPT NÃT CBKPTu
"EFNÃTBTFHVSÓRVFMBJOEVTUSJBFTUÃ
iDPNQSPNFUJEBBUSBCBKBSDPOFMQSFTJ
EFOUFFMFDUP5SVNQZDPOFM$POHSFTP
QBSB NFKPSBS MB DPNQFUJUJWJEBE EF
&&66ZQSPUFHFSMPTFNQMFPTFTUBEPV
OJEFOTFTu
."3$04("3$¶"
/VFWB:PSL
%POBME5SVNQUPEBWÎBOPIBUPNBEP
QPTFTJÓOEFTVDBSHPDPNPQSFTJEFOUF
OÙNFSPEF&TUBEPT6OJEPTZZBIB
IFDIPTBMUBSUPEBTMBTBMBSNBTFOFMTFOP
EFMBJOEVTUSJBGBSNBDÊVUJDB4VQSJNFSB
JOUFSWFODJÓOQÙCMJDBUSBTTVWJDUPSJBFO
MBTQSFTJEFODJBMFTEFOPWJFNCSFZBUBO
TPMPOVFWFEÎBTEFIBCJUBSMB$BTB#MBODB
IB QVFTUP DPOUSB MBT DVFSEBT B FTUF
TFDUPS JOEVTUSJBM DVZP NFSDBEP FO &&66FTFMQSJNFSPEFMNVOEP"VORVF
FTWFSEBERVF5SVNQBMPMBSHPEFMB
DBNQBÒBFTHSJNJÓMBCBKBEBEFQSFDJPT
EFMPTNFEJDBNFOUPTDPNPVOPEFTVT
QSJODJQBMFTBSHVNFOUPTFMFDUPSBMFTRVF
TVTQSJNFSBTQBMBCSBTGVFSBOEJSJHJEBT
BMTFDUPSGBSNBDÊVUJDPIBDBVTBEPVOB
HSBOJNQSFTJÓO
%FFOUSBEB5SVNQBOVODJÓRVFVOB
EFTVTQSJNFSBTNFEJEBTJSÃEJSJHJEBB
JOUFSWFOJS FM NFSDBEP GBSNBDÊVUJDP
DPODSFUBNFOUFMBQPMÎUJDBEFFTUBCMFDJ
NJFOUPEFQSFDJPTi&M(PCJFSOPEFCF
USBCBKBSFOOVFWPTQSPDFTPTEFBEKVEJ
DBDJÓOMJDJUBDJÓOZDPOUSPMMBJOEVTUSJB
GBSNBDÊVUJDBFTVOHSBOMPCCZUJFOF
NVDIPQPEFSZIBZNVZQPDBJOUFSWFO
DJÓOu TFÒBMÓ FM UPEBWÎB QSFTJEFOUF
FMFDUP
$POFMBOVODJPEFVONBZPSJOUFSWFO
DJPOJTNP5SVNQQBSFDFBQPTUBSQPS
DVNQMJSFTBQSPNFTBFMFDUPSBMFOMBRVF
BCPHBCBQPSSFEVDJSMPTQSFDJPTEFMPT
GÃSNBDPTZQPOFSDPUPBMPTCFOFGJDJPTEF
MB JOEVTUSJBi)BZ RVF BVNFOUBS MBT
TVCBTUBTZMJDJUBDJPOFTQBSBPCUFOFSVO
QSFDJPNÃTDPNQFUJUJWP4PNPTFMNBZPS
DPNQSBEPSEFNFEJDBNFOUPTZOPEJTQP
OFNPTEFTVGJDJFOUFTTVCBTUBT7BNPTB
$BÓEBTHFOFSBMJ[BEBT
&OMBJOEVTUSJBGBSNBDÏVUJDBFTUBEPVOJEFOTFNVDIPTTFEFDMBSBSPOBMJWJBEPTQPSFMUSJVOGPEF5SVNQQFSPQPDP
QPEÓBOJNBHJOBSRVFFTUFTFDUPSTFDPOWFSUJSÓBFOVOPEFMPTQSJODJQBMFTDBNQPTEFJOUFSWFODJØOEFMQSFTJEFOUF
DPNFO[BSBIBDFSMPZBBIPSSBSNJMFTEF
NJMMPOFTEFEÓMBSFTuEFTUBDÓ
1FSPFTUFOPIBTJEPFMÙOJDPNFOTBKF
MBO[BEPQPS5SVNQBMBJOEVTUSJBGBSNB
DÊVUJDB$PODSFUBNFOUFIBSFDMBNBEPB
MBT DPNQBÒÎBT FTUBEPVOJEFOTFT RVF
WVFMWBO B QSPEVDJS FO BRVFM QBÎT
i/VFTUSBJOEVTUSJBGBSNBDÊVUJDBUJFOF
RVFWPMWFS4PNPTFMQBÎTRVFNÃTGÃSNB
DPTDPOTVNFQFSPOPMPTGBCSJDBNPT
BRVÎuBTFHVSÓ&TUBTEFDMBSBDJPOFTTF
FONBSDBOEFOUSPEFMBQPMÎUJDBEF5SVNQ
EFSFDVQFSBSMBJOEVTUSJBEFMQBÎTZFO
BOUFSJPSFTPDBTJPOFTIBEFOVODJBEPMB
EFTMPDBMJ[BDJÓOEFDPNQBÒÎBTGVFSBEF
MBTGSPOUFSBTFTUBEPVOJEFOTFT
"OBEJFEFCFFYUSBÒBSFTUBTEFDMBSB
DJPOFTEF5SVNQDVZBQPMÎUJDBFNQSFTB
SJBMIBDJBSFDVQFSBSMBQSPEVDDJÓOFO
&TUBEPT6OJEPTFSBQÙCMJDBZOPUPSJBFO
DBNQBÒBZRVFTFIBJOJDJBEPDPOQSFTJP
OFTTPCSFPUSPTFDUPSDMBWFFOMBFDPOP
NÎB FTUBEPVOJEFOTF DPNP FM EF MB
BVUPNPDJÓO&TPTÎFMBEBMJEEFMBSFEVD
DJÓOEFQSFDJPTQBSBMPTGÃSNBDPTFO
DBNQBÒB GVF TV SJWBM MB EFNÓDSBUB
-BTQBMBCSBTEF5SVNQUVWJFSPODPOTF
DVFODJBT JONFEJBUBT -B DPUJ[BDJÓO
CVSTÃUJMEFMBJOEVTUSJBGBSNBDÊVUJDBFO
8BMM4USFFUDBZÓFOQJDBEPZMPTWBMPSFT
GBSNBDÊVUJDPTFYQFSJNFOUBSPOQÊSEJEBT
TFOTJCMFT"MPTQPDPTNJOVUPTEFMBJOUFS
WFODJÓOEF5SVNQMBTOVFWFNBZPSFT
DPNQBÒÎBTGBSNBDÊVUJDBTQPSDBQJUBMJ
[BDJÓOEFMNFSDBEP+PIOTPO+PIOTPO
1GJ[FS .4%"NHFO"CC7JF #SJTUPM
.ZFST4RVJCC(JMFBE$FMHFOFZ&MJ-JMMZ
QFSEJFSPO VOPT NJMMPOFT EF
EÓMBSFTFONJOVUPT&MGPOEP41%3
41#JPUFDIRVFSFHJTUSBMBTBDDJPOFT
GBSNBDÊVUJDBTDBZÓDBTJVOQPSDJFOUP
FOFTFQFSÎPEPNJFOUSBTRVFFMJ4IBSFT
/BTEBR#JPUFDIOPMPHZ*OEFYDBZÓVO
QPSDJFOUP1FTFBUPEPMBTQÊSEJEBT
FYQFSJNFOUBEBTTPOJOTJHOJGJDBOUFTBOUF
MBDBQJUBMJ[BDJÓOEFFTUBTFNQSFTBT
&MFTQBÒPM+PBRVÎO%VBUPOVFWP
QSFTJEFOUFEFMBQBUSPOBMEF&&66
&-(-0#"-
.BESJE
&MFTQBÒPM+PBRVÎO%VBUPQSFTJEFOUF
NVOEJBMEFMBEJWJTJÓOGBSNBDÊVUJDBEF
+PIOTPO +PIOTPO IB TJEP FMFHJEP
DPNPNÃYJNPSFQSFTFOUBOUFEFMBQBUSP
OBMEFMBJOEVTUSJBJOOPWBEPSBFTUBEPV
OJEFOTF1I3."%FFTUFNPEP%VBUP
TVDFEFFOMBQSFTJEFODJBEFMBQBUSPOBM
B(FPSHF4DBOHPT$&0EF#JPHFO
i.FDPNQMBDFEBSMBCJFOWFOJEBB
+PBRVJO%VBUPDPNPQSFTJEFOUFEFMB
KVOUBEJSFDUJWBEF1I3."ZBHSBEF[DPB
(FPSHF4DBOHPTFMMJEFSB[HPFKFSDJEP
EVSBOUFMPTÙMUJNPTBÒPTuIBBTFHVSBEP
FOVODPNVOJDBEPFM$&0EF1I3."
4UFQIFO+6CM
%VBUPEFUFOUBFMDBSHPEFQSFTJEFOUF
NVOEJBMEFMBEJWJTJÓOGBSNBDÊVUJDBFO
+PIOTPO +PIOTPO EFTEF FOFSP EF
%VSBOUFTVTBÒPTEFDBSSFSBFO
+PIOTPO+PIOTPO%VBUPIBUSBCBKBEP
FOMPTTFHNFOUPTEFQSPEVDUPTGBSNB
DÊVUJDPTZEJTQPTJUJWPTNÊEJDPTEFMB
DPNQBÒÎBGBSNBDÊVUJDBFONÙMUJQMFT
QBÎTFTFOUSFFMMPT&TQBÒB4VEPCMF
OBDJPOBMJEBEFTQBÒPMBZOPSUFBNFSJ
DBOB
BQPSUBVOBQFSTQFDUJWBJOUFSOBDJP
OBMÙOJDBBTVUSBCBKPTFHÙOMBQBUSPOBM
GBSNBDÊVUJDB
%VBUP MMFHB B MB QSFTJEFODJB EF MB
QBUSPOBMFOVONPNFOUPUFOTPQBSBFM
TFDUPSUSBTMBTBNFOB[BTEFMOVFWPQSFTJ
EFOUFEF&TUBEPT6OJEPT%POBME5SVNQ
EFBQMJDBSNÃTMJDJUBDJPOFTZTVCBTUBTZ
EFTVCJSMPTJNQVFTUPTBMBTFNQSFTBT
OPSUFBNFSJDBOBTRVFGBCSJRVFOFOPUSPT
QBÎTFT
+PBRVÓO%VBUPQSFTJEFOUFEF+PIOTPO+PIOTPOZEFMB
QBUSPOBMEFMBJOEVTUSJBOPSUFBNFSJDBOB
r*OEVTUSJB&-(-0#"-BMEFFOFSPEF
&MWBMPSEFMBTGVTJPOFTZBERVJTJDJPOFT
FOMBJOEVTUSJBEFTDFOEJÓVOFO
■4FDFSSBSPOPQFSBDJPOFTQPSNJMMPOFTEFEØMBSFTFMQPSDJFOUPGVFSPOEFTUJOBEBTBCJPUFDOPMPHÓB
."35"3*&4(0
.BESJE
"VORVF FM SJUNP EF PQFSBDJPOFT EF
DPNQSBZGVTJÓOTJHVFTJFOEPCBTUBOUF
BMUPFOFMTFDUPSGBSNBDÊVUJDPFOFM
ÙMUJNPBÒPEFTUBDBFMEFTDFOTPFOFM
WBMPSEFMBTNJTNBT4FHÙOEBUPTGBDJMJ
UBEPTQPS,1.(FMWBMPSUPUBMEFFTUBT
USBOTBDDJPOFTIBEFTDFOEJEPVOQPS
DJFOUPFOFMÙMUJNPBÒP"TÎNJFOUSBTFO
FTUBTPQFSBDJPOFTTVQVTJFSPOVOPT
NJMMPOFTEFEÓMBSFTFO
FTUBTTÓMPBMDBO[BOMPTNJMMPOFT
EFEÓMBSFT&TUFEBUPDPOUSBTUBTJTF
PCTFSWBFMOÙNFSPEFPQFSBDJPOFTQVFT
FOFTUBTBMDBO[BSPOMBTUBO
TÓMPVODJODPQPSDJFOUPNFOPTRVFFOFM
FKFSDJDJPBOUFSJPSi-BDPNQBÒÎBTGBSNB
DÊVUJDBTIBONBOUFOJEPVODPNQBSUJ
NJFOUPSPCVTUPEVSBOUFFMFKFSDJDJP
FOTVBDUJWJEBEFODPNQSBTZGVTJPOFT
TFHÙOOVFTUSPÙMUJNP%FBM$BQTVMFQBSB
MBJOEVTUSJBGBSNBDÊVUJDBEFFOFSPEF
uBTFHVSBB&(-VJT;BSBHP[B
EJSFDUPSFOFMÃSFBEF%FBM"EWJTPSZEF
,1.(FO&TQBÒB
&MWBMPSUSBOTBDDJPOBMBDVNVMBEPB
DJFSSFEFMUFSDFSUSJNFTUSFEFMEF
MBTQSJODJQBMFTPQFSBDJPOFTDFSSBEBT
TFÒBMB ;BSBHP[B iIB BTDFOEJEP B
NJMMPOFTEFEÓMBSFTNJFOUSBT
RVFFMWBMPSEFMBTQSJODJQBMFTPQFSB
DJPOFTBOVODJBEBTZQFOEJFOUFTEFDJFSSF
FO FTUF NJTNP FKFSDJDJP BTDJFOEF B
NJMMPOFTEFEÓMBSFTu
&MJOGPSNFEFMBDPOTVMUPSBBOBMJ[B
UBNCJÊOFMOÙNFSPEFPQFSBDJPOFTSFBMJ
[BEBTQPSQBÎTFT"TÎMBNBZPSÎBEFMBT
USBOTBDDJPOFTTFSFBMJ[BSPOFO&TUBEPT
6OJEPTDPO-FTFHVJSÎB$IJOBDPO
NPWJNJFOUPT#BTUBOUFQPSEFCBKP
TFTJUÙB3FJOP6OJEP
+BQÓO
$PSFBEFM4VS
Z'SBODJB
&OUSF MBT PQFSBDJPOFT SFBMJ[BEBT
EFTUBDBFMDSFDJFOUFJOUFSÊTQPSMBCJPUFD
OPMPHÎB&TUFUJQPEFDPNQSBTTVQVTJFSPO
VOQPSDJFOUPEFMUPUBMEFPQFSBDJPOFT
GSFOUF BM QPS DJFOUP SFHJTUSBEP
EVSBOUFFMBOUFSJPSFKFSDJDJP"EFNÃT
UBNCJÊOFTSFTFÒBCMFFMJOUFSÊTQPSMPT
HFOÊSJDPTPMBTÃSFBTEFTBMVEBOJNBM
&O FTUF TFHNFOUP EFTUBDBO WBSJBT
PQFSBDJPOFT4IJSFMJEFSÓFMDBNJOPDPO
MBBERVJTJDJÓOIJTUÓSJDBEF#BYBMUBQPS
NJMMPOFTEFEÓMBSFTBDDFEJFOEP
BVOBBNQMJBDBSUFSBEFUSBUBNJFOUPT
QBSBFOGFSNFEBEFTSBSBTZTVOFHPDJP
EFGÃSNBDPTDPOUSBFMDÃODFS"OUFSJPS
NFOUF MB DPNQBÒÎB JSMBOEFTB IBCÎB
BERVJSJEP%ZBY$PSQQPSNJMMPOFT
EFEÓMBSFTIBDJÊOEPTFDPOQSPNFUFEP
SFTDPNQVFTUPTFOFUBQBTUBSEÎBTEF
EFTBSSPMMPQBSBFOGFSNFEBEFTSBSBT
"NCBTPQFSBDJPOFTTJUVBSPOB4IJSF
DPNPMBDPNQBÒÎBMÎEFSFO&&33
1PSTVQBSUF1GJ[FSSFGPS[ÓTVÃSFBEF
PODPMPHÎBDPOMBDPNQSBEF.FEJWBUJPO
CJPUFDOPMÓHJDBFTQFDJBMJ[BEBFONFEJDB
NFOUPT PODPMÓHJDPT QPS VO UPUBM EF
Adquisiciones y fusiones en la industria farmacéutica
Acuerdos completados en 2016
Valor
Total
Objetivo
Área terapéutica
Teva Pharmaceutical Industries Ltd.
Allergan PLC
Genéricos
40,5
Shire PLC
Baxalta Inc.
Hematología, inmunología,
oncología
32,0
Pfizer Inc.
Medivation Inc.
Oncología
14,0
Abbvie Inc.
Stemcentrx Inc.
Oncología
Mylan N.V.
Meda AB
Prescripción y OTC
Shire PLC
Dyax Corp.
Enfermedades raras
Pfizer Inc.
Anacor Pharmaceuticals Inc.
Dermatología
AstraZeneca PLC
Acerta Pharma BV (55%)
Oncología
ViiV Healthcare Ltd.
Bristol-Myers Squibb - VIH Portfolio
VIH
Teva Pharmaceutical Industries Ltd.
Representaciones e Investigaciones
Médicas S.A. de C.V. (Rimas
Laboratorios)
Genéricos
Valor
Pagos
Contingentes
Licitador
5,8
4,0
9,8
7,2
5,9
0,6
6,5
5,2
4,0
0,4
2,5
2,9
2,3
Valor total de los acuerdos cerrados en 2016: 124.400 millones de dólares
Acuerdos anunciados en 2016 listos para cerrarse
Licitador
Objetivo
Área terapéutica
Situación del acuerdo
Valor
Total
Abbott Laboratories
Alere Inc.
Enfermedades infecciosas,
toxicología
Abbott ha presentado una
denuncia para terminar el
acuerdo
5,8
Lonza Group AG
Capsugel SA (KKR & Co. L.P.)
Tecnología de administración
oral
Pendiente aprobación
antimonopolio
5,5
New Huadu Industrial Group Co. Ltd.
Yunnan Baiyao Holding Co. Ltd. (50%)
Medicina tradicional china
Pendiente
3,6
2,9
Allergan PLC
LifeCell Corp. (Part of Acelity L.P. Inc.)
Tejidos regenerativos
Pendiente aprobación
antimonopolio
Fujifilm Corp.
Wako Pure Chemical Industries Ltd. (part
of Takeda Pharmaceutical Co. Ltd. 69%)
Reactivos de diagnóstico
clínico y químicos de
laboratorio
Pendiente aprobación
antimonopolio y
accionistas
1,3
Chongqing Jianfeng Chemical Co. Ltd.
Chongqing Pharmaceutical Group Co.
Ltd.
Distribución de medicamentos
Pendiente
1,3
Shanghai Fosun Pharmaceutical
(Group) Co. Ltd.
Gland Pharma Ltd.
Genéricos inyectables
Pendiente
1,3
ICU Medical Inc.
Pfizer Inc. - Negocio Terapia de infusión
Tecnologías inyectables
Pendiente aprobación
antimonopolio
1,0
Elanco Animal Health Inc. (part of Eli
Lilly and Company)
C.H. Boehringer Sohn AG & Co. KG Algunas vacunas de salud animal
Salud animal
Pendiente aprobación
antimonopolio
0,9
Chiesi Farmaceutici S.p.A.
The Medicines Co. - Activos
cardiovasculares
Cardiosvacular
Pendiente aprobación
antimonopolio
0,8
Valor total de los acuerdos cerrados en 2016: 24.400 millones de dólares
Fuente: KPMG.
NJMMPOFTEFEÓMBSFT-BOPSUF
BNFSJDBOBUBNCJÊOTFIJ[PDPO"OBDPS
1IBSNBDFVUJDBMTQPSNJMMPOFTEF
EÓMBSFT BÒBEJFOEP B TV QJQFMJOF FM
QSPNFUFEPSGÃSNBDP$SJTBCPSPMFVO
JOIJCJEPSEF1%&OPFTUFSPJEFPDPO
QSPQJFEBEFTBOUJJOGMBNBUPSJBTRVFFTUÃ
QFOEJFOUFEFBQSPCBDJÓOQPSMB'%"
QBSBEFSNBUJUJTBUÓQJDB
-B GBSNBDÊVUJDB "CCWJF BERVJSJÓ
4UFNDFOUSY QPS NJMMPOFT EF
EÓMBSFTDPOFMPCKFUJWPEFFYQBOEJSTV
OFHPDJP EF PODPMPHÎB &O FTUB ÃSFB
UBNCJÊOEFTUBDBMBBERVJTJDJÓOEFEFM
QPSDJFOUPFOMBDPNQBÒÎBCJPGBSNBDÊV
UJDB "DFSUB 1IBSNB QPS QBSUF EF
"TUSB;FOFDBQPSVOUPUBMEFNJMMP
OFTEFEÓMBSFT$POFTUFNPWJNJFOUPMB
DPNQBÒÎB CSJUÃOJDB IB BDDFEJEP BM
GÃSNBDPBDBMBCSVUJOJC"$1
RVF
ZB IB PCUFOJEP MB EFTJHOBDJÓO EF
IVÊSGBOPQPSMB6&QBSBMB-FVDFNJB
-JOGÃUJDB$SÓOJDB--$
ZFM-JOGPNB
El Global
-JOGPDÎUJDPEF$ÊMVMBT1FRVFÒBT--$1
FM-JOGPNBEFDÊMVMBTEFMNBOUP-$.
MB
Z.BDSPHMPCVMJOFNJBEF8BMEFOTUSÕN
.(8
" GJOBMFT EF EJDJFNCSF EF +PIOTPO+PIOTPOZ"DUFMJPO1IBSNB
DFVUJDBMTDPOGJSNBSPOMBTDPOWFSTBDJP
OFTFYDMVTJWBTQBSBVOBQPTJCMFUSBOTBD
DJÓOFTUSBUÊHJDB"DUFMJPOFTMÎEFSFO
IJQFSUFOTJÓO BSUFSJBM QVMNPOBS VOB
FOGFSNFEBERVFBGFDUBBQFSTP
OBTFOMPT&&66Z&VSPQB
-VJT;BSBHP[BEFTUBDBiMBSFMFWBODJB
EFDJFSUBTPQFSBDJPOFTDFSSBEBTFOFM
TFHNFOUPEFHFOÊSJDPTDPNPMBQSPUB
HPOJ[BEBQPS5FWBZ"MMFSHBOQPSVO
UPUBMEFNJMMPOFTEFEÓMBSFTu
"EFNÃT FO FM TFHNFOUP EF "OJNBM
)FBMUIEFTUBDBMBUSBOTBDDJÓOEF4BOPGJ
Z#PFISJOHFS*OHFMIFJNDPOTJTUFOUFFO
FMJOUFSDBNCJPEFMBEJWJTJÓOEFTBMVE
BOJNBM EF MB GSBODFTB .FSJBM Z MB
EJWJTJÓOEFBVUPDVJEBEPEFMBTBMVE
$POTVNFS )FBMUIDBSF $)$
EF MB
BMFNBOB&MWBMPSBHSFHBEPEFFTUF
JOUFSDBNCJP EF BDUJWPT TVQFSB MPT
NJMMPOFTEFFVSPT
1ÏSEJEBTEFQBUFOUF
&M JOGPSNF EF MB DPOTVMUPSB BOBMJ[B
UBNCJÊO MBT GVUVSBT FYQJSBDJPOFT EF
QBUFOUF Z TVT DPOTFDVFODJBT FO FM
NFSDBEP"TÎFTUJNBRVFBMSFEFEPSEF
NJMMPOFTEFEÓMBSFTFOWFOUBT
FTUÃOFOSJFTHPQPSFYQJSBDJPOFTFOUSF
Z"RVÎEFTUBDBFMTVQFSWFO
UBT)VNJSBEF"CCWJFRVFZBEJTQPOFEF
CJPTJNJMBSFT
&ODVBOUPBMTFDUPSEFMHFOÊSJDPMB
DPOTVMUPSB BQVOUB B VO DSFDJNJFOUP OPUBCMFEFFTUFNFSDBEPFO&&66RVF
QBTBSÃEFMPTNJMMPOFTEFEÓMBSFT
FOBMPTNJMMPOFTFO
"TUSB;FOFDB (4, -JMMZ +PIOTPO +PIOTPOZ"CCWJFTPOMBTDPNQBÒÎBTNÃT
BGFDUBEBTQPSFYQJSBDJPOFT
BMEFFOFSPEF&-(-0#"-*OEVTUSJBr
Previsiones del mercado europeo para 2022
EU-5 ventas a 2022
Productos comercializados vs. de I+D
220.000
Ventas en millones de euros
200.000
180.000
€27,5 MM
160.000
€43,4 MM
140.000
120.000
100.000
80.000
60.000
€29,8 MM
€17,4 MM
€28,7 MM
40.000
20.000
0
2012
2013
2014
2015
2016
2017
Ventas
2018
2019
2020
2021
2022
I+D
Top ventas productos comercializados en 2022
Evolución de las ventas hasta 2022
3.500
Productos
€M
3.000
1. Opdivo
€ 3.230
2.500
2. Xarelto
€ 2.532
2.000
3. Revlimid
€ 2.159
4. Spiriva
€ 1.727
1.000
5. Perjeta
€ 1.618
500
Ventas
Xarelto
Revlimid
1.500
Spiriva
Perjeta
Opdivo
0
2015
2016
2017
2018
2019
2020
2021
Fuente: EvaluatePharma.
2022
El Global
&MNFSDBEPGBSNBDÊVUJDPFTQBÒPMBMDBO[BSÃ
MPTNJMMPOFTEFFVSPTFO
■0QEJWP9BSFMUP3FWMJNJE4QJSJWBZ1FSKFUBTFSÈOMPTGÈSNBDPTNÈTWFOEJEPTFO&VSPQB
."35"3*&4(0
.BESJE
&O FM NFSDBEP GBSNBDÊVUJDP
FTQBÒPM QPESÎB BMDBO[BS MPT NJMMPOFT EF FVSPT TFHÙO FTUJNB MB
DPOTVMUPSB JOUFSOBDJPOBM &WBMVBUF
1IBSNBFOTVÙMUJNPJOGPSNFEFQSFWJ
TJÓOEFNFSDBEPDFOUSBEPFO&VSPQB%F
FTUBGPSNB&TQBÒBPDVQBSÃFMRVJOUP
QVFTUPFODVBOUPBUBNBÒPEFNFSDBEP
EFUSÃTEFMCSJUÃOJDPRVFQBSBFTUBGFDIB
BMDBO[BSÃMPTNJMMPOFTEFFVSPT
"MFNBOJB MJEFSBSÃ FM TFDUPS DPO VO
NFSDBEPUPUBMEFNJMMPOFTEF
FVSPTTFHVJEPEF'SBODJBQPS
NJMMPOFTEFFVSPTF*UBMJBDPO
NJMMPOFTEFFVSPT
&MNFSDBEPHMPCBMFVSPQFPSPOEBSÃ
MPTNJMMPOFTEFEÓMBSFTDPOVO
DSFDJNJFOUPUPUBMFOUSFZEF
VOQPSDJFOUP-BQVCMJDBDJÓOEFTUBDB
UBNCJÊOFMQBQFMEFMBTJOOPWBDJPOFTRVF
TFMBO[BSÃOFOMPTQSÓYJNPTBÒPTFOFTUF
NFSDBEP"TÎBTFHVSBRVFMPTNFEJDB
NFOUPTRVFBDUVBMNFOUFTFFODVFOUSBO
FOJOWFTUJHBDJÓOTVQPOESÃOQBSBFTUB
GFDIBFMQPSDJFOUPEFMNFSDBEPUPUBM
FVSPQFP
&MJOGPSNFEFMBDPOTVMUPSBSFBMJ[B
UBNCJÊOVOSBOLJOHEFMPTGÃSNBDPTNÃT
WFOEJEPTFOFTBGFDIB"TÎFMJONVOP
PODPMÓHJDP0QEJWPEFMBDPNQBÒÎB#.4
FTUBSÎBFOQSJNFSMVHBSDPOVOBTWFOUBT
EFNJMMPOFTEFFVSPTFO&VSPQB-F
TFHVJSÎBFMBOUJDPBHVMBOUFPSBMEF#BZFS
9BSFMUPDPOVOBGBDUVSBDJÓOFTUJNBEBEF
NJMMPOFTEFFVSPT3FWMJNJEEF
$FMHFOFQBSBNJFMPNBNÙMUJQMFEFTQVÊT
EFBVUPUSBOTQMBOUFEFDÊMVMBTNBESFEF
QSJNFSB MÎOFB "4$5
BMDBO[BSÃ MPT
NJMMPOFT EF FVSPT FO WFOUBT
4QJSJWB JOEJDBEP QBSB FM BTNB EF
#PFISJOHFS*OHFMIFJNPCUFOESÎBVOBT
WFOUBTEFNJMMPOFTEFFVSPT&OFM
RVJOUPQVFTUPTFTJUVBSÎB1FSKFUBEF
3PDIFJOEJDBEPQBSBDÃODFSEFNBNB
RVFBMDBO[BSÎBMPTNJMMPOFTEF
FVSPTFOWFOUBT
&MNFSDBEPFVSPQFPBMDBO[BSÓB
MPTNJMMPOFTEFFVSPT
DPOVODSFDJNJFOUPUPUBMEFM
QPSDJFOUPFOTJFUFB×PT
&MJONVOPPODPMØHJDP0QEJWP
MMFHBSÓBFO&VSPQBBVOBTWFOUBT
EFNJMMPOFT
EFFVSPTFO
&WBMVBUFUBNCJÊOSFBMJ[BVOSBOLJOH
EF MPT GÃSNBDPT RVF BDUVBMNFOUF TF
FODVFOUSBOFO*%ZRVFNÃTDSFDFSÃO
EFTEFB&OFMQSJNFSQVFTUP
TFFODVFOUSB%VQJMVNBCQBSBEFSNBUJUJT
BUÓQJDB EF MBT DPNQBÒÎBT 4BOPGJ Z
3FHFOFSPORVFEFOUSPEFTJFUFBÒPT
BMDBO[BSÃMPTNJMMPOFTEFFVSPTFO
WFOUBT FO &VSPQB &M USBUBNJFOUP EF
JONVOPUFSBQJB 5FDFOUSJR EF 3PDIF
PCUFOESÃVOBTWFOUBTEFNJMMPOFTEF
FVSPT -B DPNCJOBDJÓO #JDUFHSB
WJS'5"' EF (JMFBE JOIJCJEPS EF MB
JOUFHSBTBOPQPUFODJBEPFNUSJDJUBCJOB
UFOPGPWJSBMBGFOBNJEB
QBSB7*)TFIBSÎB
DPO VOBT WFOUBT EF NJMMPOFT EF
FVSPT&OFMDVBSUPQVFTUPTFTJUÙBFM
BOUJQTJDÓUJDP*5*EF*OUSB$FMMVMBS
5IFSBQJFTDPONJMMPOFTEFFVSPTFO
WFOUBT&OFMÙMUJNPMVHBSTFFODVFOUSB
0DSFWVTEF3PDIFQBSBFTDMFSPTJTNÙMUJ
QMFDPOVOBTWFOUBTFTUJNBEBTEF
NJMMPOFTEFFVSPT
&ODVBOUPBNFSDBEPTFTQFDÎGJDPTMB
DPOTVMUPSBIBDFFTUJNBDJPOFTQBSBMPT
NFEJDBNFOUPTJOIJCJEPSFTEFM'BDUPSEF
/FDSPTJT5VNPSBMPBOUJ5/'EFNBSDB
RVFTVGSJSÃOVOSFUSPDFTPEFWFOUBTEFMPT
DBTJNJMMPOFTFTUJNBEPTQBSB
BÒPFOFMRVFBMDBO[BSÃOTVQJDPEF
WFOUBT
BMPTNJMMPOFTEF&TUF
EFTDFOTPTFFYQMJDBTFHÙOMBDPOTVMUPSB
QPSMBMMFHBEBEFOVNFSPTPTGÃSNBDPT
CJPTJNJMBSFT&OFTUFTFHNFOUPIBZDJODP
GÃSNBDPT RVF MJEFSBSÃO MBT WFOUBT
)VNJSB "CCWJF
&OCSFM "NHFO
4JNQPOJ+BOTTFO
3FNJDBEF+BOTTFO
Z
$JN[JB6$#1IBSNB
1PSDPOUSBEFTUBDBFMDSFDJNJFOUPRVF
WB B QSFTFOUBS FM NFSDBEP EF MPT
BOUJDVFSQPTNPOPDMPOBMFTBOUJOFPQMÃTJ
DPT&MWBMPSEFFTUFNFSDBEPQVFEF
TVQFSBSMPTNJMMPOFTEFFVSPT
"WBTUJO 3PDIF
,FZUSVEB .4%
)FSDFQUJO3PDIF
1FSKFUB3PDIF
Z
0QEJWP#.4
DPQBSÃOMBNBZPSÎBEFFTUF
NFSDBEP
/P PCTUBOUF FM JOGPSNF BQVOUB
UBNCJÊOBMBMMFHBEBEFQSPNFUFEPSFT
GÃSNBDPTFOFTUFTFHNFOUP"TÎEFTUBDB
5FDFOUSJREF3PDIF%VSWBMVNBCEF
"TUSB;FOFDB.BSHFUVYJNBCEF.BDSP
(FOFTJT 0MBSBUVNBC EF -JMMZ Z 1'
EF1GJ[FS
1SFWJTJPOFTQBSB
&ODVBOUPBMBTQSFWJTJPOFTEFMBDPOTVM
UPSBJOUFSOBDJPOBMQBSBMPTQSÓYJNPT
NFTFT QFSP B OJWFM HMPCBM &WBMVBUF
SFBMJ[BVOUPQEFNFEJDBNFOUPTDPO
NÃTGBDUVSBDJÓO"MBDBCF[BTFTJUÙB
)VNJSBEF"CCWJFDPONJMMPOFT
EF EÓMBSFT -F TJHVF 3FWMJNJE EF
$FMHFOFDPOVOBTWFOUBTEFNJMMP
OFTEFFVSPT3JUVYBOEF3PDIFBMDBO
[BSÃ MPT NJMMPOFT Z "WBTUJO
UBNCJÊOEF3PDIFPCUFOESÃNJMMP
OFT)BSWPOJJOHSFTBSÃNJMMPOFT
FO1SFWOBSEF1GJ[FSBMDBO[BSÃ
MPT NJMMPOFT Z 3FNJDBEF EF
+POITPO+POITPOTFRVFEBSÃFO
NJMMPOFTFOWFOUBT&OFMOPWFOPQVFTUP
TFFODPOUSBSÎB&OCSFMEF"NHFORVF
PCUFOESÃNJMMPOFTZQPSÙMUJNPFM
SBOLJOHMPDJFSSB-BOUVTEF4BOPGJDPO
VOBTWFOUBTFTUJNBEBTQBSBEF
NJMMPOFTEFFVSPT
r1VCMJDJEBE&-(-0#"-BMEFFOFSPEF
BMEFFOFSPEF&-(-0#"-*OEVTUSJBr
&TQBÒBNBSDBFMQBTPFOJOWFTUJHBDJÓOUSBT
VOBÒPFOWJHPSEFM3%EF&OTBZPT$MÎOJDPT
■4FDPOTUBUBVOBSFEVDDJØOFOQMB[PTZCVSPDSBDJBRVFQPOFBMQBÓTBMBDBCF[BFOMBBEBQUBDJØOBMSFHMBNFOUPFVSPQFP
."3$04("3$¶"
.BESJE
&MQBTBEPEFFOFSPTFDVNQMÎBVOBÒP
EFMBFOUSBEBFOWJHPSEFM3FBM%FDSFUP
3%
‡DPOPDJEPDPNP3%
&OTBZPT$MÎOJDPT‡DVZBQSJODJQBMJOUFO
DJÓOFTSFEVDJSMBCVSPDSBDJBZGBWPSFDFS
MB JOWFTUJHBDJÓO JOEFQFOEJFOUF OP
DPNFSDJBM $PO FTUF UFYUP MFHJTMBUJWP
&TQBÒBTFBEFMBOUBCBBMSFTUPEFOBDJP
OFTFVSPQFBTBMSFDPHFSCVFOBQBSUFEF
MBOPSNBUJWBFVSPQFBDPOUFOJEBFOFM
3FHMBNFOUPZRVFTFSÃQBSUF
PCMJHBUPSJBEFMPSEFOBNJFOUPKVSÎEJDP
DPOUJOFOUBMFONBZPEF
&MSFTVMUBEPUSBTEÎBTEFOVFWB
SFHMBNFOUBDJÓOFTRVF&TQBÒBTFIB
TJUVBEPBMBDBCF[BFOMBSFHVMBDJÓOEF
FOTBZPTDMÎOJDPTZTFDPOTUBUBTFHÙO
UPEPTMPTBHFOUFTRVFTFIBOSFEVDJEP
QMB[PTZCVSPDSBDJBBMBIPSBEFTPMJDJ
UBS Z EFTBSSPMMBS MPT USÃNJUFT QBSB
PCUFOFSMPTQFSUJOFOUFTQFSNJTPT
1PSMPUBOUP&TQBÒBTFIBDPOWFSUJEP
FOFMQBÎTEFSFGFSFODJBZFOFMRVFTF
GJKBOMPTFTUBEPTEFMFOUPSOPBMBIPSBEF
JOJDJBS TVT QSPHSBNBT QJMPUP QBSB
BEBQUBSTVTMFHJTMBDJPOFTBMBGVUVSB
OPSNBUJWBFVSPQFB-BSFTQPOTBCMFEF
MB1MBUBGPSNBEF.FEJDBNFOUPT*OOPWB
EPSFTEF'BSNBJOEVTUSJB"NFMJB.BSUÎO
6SBOHBBUFOEJÓB&(ZBTFHVSÓRVFiMB
WBMPSBDJÓOFTQPTJUJWBTJOOJOHVOBEVEB
)BTJEPQPTJUJWPRVFFMOVFTUSPTFBFM
QSJNFSQBÎTFO&VSPQBFOJNQMFNFOUBS
NVDIPTEFMPTBTQFDUPTEFM3FHMBNFOUP
&VSPQFP)FNPTFTUBEPWJWJFOEPFTUPT
&TQB×BTFIBTJUVBEPBMBDBCF[BDPOUJOFOUBMBMBIPSBEFTJNQMJGJDBSQSPDFTPTZQMB[PTBOUJDJQÈOEPTFBMBGVUVSB
3FHVMBDJØO&VSPQFBEFFOTBZPTDMÓOJDPTZIBHFOFSBEPVOBWFOUBKBDPNQFUJUJWBGSFOUFBPUSPTNFSDBEPT
NFTFTTVQVFTUBFONBSDIBRVFFGFDUJ
WBNFOUFSFEVDFMPTUJFNQPTu
&OUSFMBTQSJODJQBMFTOPWFEBEFTFTUÃ
RVF DPO MB FWBMVBDJÓO Z EJDUBNFO
QPTJUJWPEFVOTÓMPDPNJUÊEFÊUJDBNÃT
MBBVUPSJ[BDJÓOEFMB"HFODJB&TQBÒPMB
EFM.FEJDBNFOUPZ1SPEVDUPT4BOJUBSJPT
"FNQT
FTTVGJDJFOUFQBSBSFBMJ[BSVO
NJTNP FOTBZP FO MPT DFOUSPT RVF MP
TPMJDJUFO%FFTUBGPSNBTFIBDPOTFHVJEP
SFEVDJSFMQMB[PQBSBQPOFSFONBSDIB
VOFOTBZPDMÎOJDPRVFIBQBTBEPEF
EÎBTEFNFEJBBFOFMQSJNFSTFNFT
USFEFVOQPSDJFOUPNFOPT
%FMNJTNPNPEPMBFTQFSBEFNFEJB
QBSBPCUFOFSVOEJDUBNFOBOUFTEFMB
OVFWBMFHJTMBDJÓOFSBEFEÎBTZBDUVBM
NFOUFTFTJUÙBFOEÎBT0USPTEBUPT
RVFNVFTUSBOMBFGFDUJWJEBEEFM3%EF
&OTBZPT$MÎOJDPTFTUÃFOFMQMB[PEF
NFEJBQBSBPCUFOFSFMDPOUSBUPOFDFTB
SJPQBSBJOJDJBSFMFOTBZPDMÎOJDPRVFIB
QBTBEPEFBEÎBT"MHPTJNJMBS
PDVSSFBMSFDMVUBSBMQSJNFSQBDJFOUFEFM
FOTBZPRVFIBQBTBEPEFEFEÎBTB
EÎBT"VORVFRVJ[ÃTFMEBUPNÃTSFWFMB
EPSFTFMUJFNQPRVFUBSEBMB"FNQTFO
DPODFEFS VOB BVUPSJ[BDJÓO QBSB FM
FOTBZPDMÎOJDPRVFIBQBTBEPEFEÎBT
DPOMBBOUFSJPSMFHJTMBDJÓOBEÎBT
%FTEF MB JOEVTUSJB TF TFÒBMB FM
FTGVFS[PRVFIBTVQVFTUPMBBEBQUBDJÓO
EFQSPDFTPTQFSPUBNCJÊOTFDPOTUBUBMB
NFKPSBFYQFSJNFOUBEBi4FPCTFSWBVOB
JNQPSUBOUF NFKPSB FO MPT QSPDFTPT
DPPSEJOBDJÓO Z DPNVOJDBDJÓO FOUSF
"FNQTZ$PNJUÊEF­UJDBEFMB*OWFTUJHB
DJÓODPONFEJDBNFOUPT$&*N
/PTÓMP
MBFWBMVBDJÓOFTQPTJUJWBQBSBFMQSPDFTP
EFTEFVOQVOUPEFWJTUBDVBMJUBUJWPTJOP
RVFDVBOUJUBUJWBNFOUFPCTFSWBNPTVOB
SFEVDDJÓOEFUJFNQPTUBOUPFOMBFNJTJÓO
EFMEJDUBNFODPNPFOMBSFTPMVDJÓOEF
MB "FNQT DPPSEJOBOEP MB EFDJTJÓO
ÙOJDBuTFÒBMB.JSJBN3VGJOPDPVOUSZ
IFBE$MJOJDBM0QFSBUJPOTEF3PDIFFO
&TQBÒB
-P RVF FTUÃ DMBSP FT RVF &TQBÒB NBSDBFMQBTPFOMBBEFDVBDJÓOZDVFOUB
ZB DPO VOB WFOUBKB DPNQFUJUJWB FO
FOTBZPT DMÎOJDPT i)FNPT HFOFSBEP
FYQFDUBDJÓO&TQBÒBFTFMQSJNFSQBÎTFO
BWBO[BSFOFTUFDBNQPZFTUÃOUPEPTVO
QPDPQFOEJFOUFTEFMPRVFIBDFNPTu
TFÒBMB"NFMJB.BSUÎO6SBOHB
"MPMBSHPEFFTUFBÒPTFIBOQVCMJDBEP
SFGPSNBTDPNPVOBOFYPBM3%DPNPMB
HVÎBEFDPOTFOUJNJFOUPJOGPSNBEPZFTB
IPKBEFJOGPSNBDJÓOBMQBDJFOUFi)B
TJEPBMHPDPOTFOTVBEPFOUSFMBBHFODJB
MPTDPNJUÊTEFÊUJDBZ'BSNBJOEVTUSJB
-PNJTNPRVFFMDFSUJGJDBEPEFMTFHVSPu
TFÒBMÓ 6SBOHB &TP TÎ BÙO RVFEBO
GMFDPTEFM3%QPSBQMJDBSDPNPMBQBSUJ
DJQBDJÓOEFMPTQBDJFOUFTFOMPTDPNJUÊT
EFÊUJDB
$POMBWFOJB .JDSPNBOBHFNFOUZTVCBTUBT
/
PTNPWFNPTFOVOFOUPSOPFOFMDVBMUPEP
TVDFEFDPOUBMSBQJEF[RVFUFOFNPTMBUFOUB
DJÓOEFQFOTBSRVFTÓMPQPEFNPTOBWFHBS
FOUSFMBTEJTUJOUBTTJUVBDJPOFTOPWFEPTBTRVFTFOPT
WBOQSFTFOUBOEPFJSUPNBOEPEFDJTJPOFTUJSBOEPEF
QSJODJQJPTHFOFSBMFTZOPTPMWJEBNPTEFBMHVOBT
WFOUBKBTRVFUJFOFFMNJDSPNBOBHFNFOUFOUSFMBT
DVBMFTEFTUBDBVONBZPSDPOUBDUPDPOMBSFBMJEBE
DPUJEJBOBRVFQVFEFRVFEBSBGFDUBEBEFGPSNBQSÃDUJ
DBNFOUFJONFEJBUBQPSOVFTUSBEFDJTJÓO1PSPUSP
MBEPFTBNJTNBSBQJEF[TJSWFQBSBEBSDBSQFUB[PB
BMHVOPTUFNBTTJOQSPDFEFSBVOBFWBMVBDJÓOEFMBT
DPOTFDVFODJBTEFMBTEFDJTJPOFTRVFTFBEPQUBO5PEP
FTUPNFUFNPFTMPRVFQVFEFTVDFEFSDPOMBTFOUFO
DJBEFM5SJCVOBM$POTUJUVDJPOBMTPCSFMBTTVCBTUBT
BOEBMV[BTVOBSFTPMVDJÓORVFNFQBSFDFNVZDSJUJ
DBCMFQPSEJWFSTPTNPUJWPT
&OQSJNFSMVHBSOPFTEFSFDJCPRVFFM5SJCVOBM
$POTUJUVDJPOBMTFBQPZFFOJEFBTSFDPHJEBTFOFM3FBM
%FDSFUP-FZuTFIBFTUBCMFDJEPDPNPOPSNB
HFOFSBMMBQSFTDSJQDJÓOQPSQSJODJQJPBDUJWPFOFM
4JTUFNB/BDJPOBMEF4BMVEZMBEJTQFOTBDJÓOQPSFM
GBSNBDÊVUJDPEFMNFEJDBNFOUPEFNFOPSQSFDJPu
PMWJEBOEPRVFFM5FYUP3FGVOEJEPEFMB-FZEF(BSBO
UÎBTBCBOEPOBMBOPSNBHFOFSBMEFQSFTDSJQDJÓOQPS
QSJODJQJPBDUJWPFOGBWPSEFMBJEFBEFRVFMBQSFTDSJQ
DJÓOTFIBHBiFOMBGPSNBNÃTBQSPQJBEBQBSBFM
CFOFGJDJPEFMPTQBDJFOUFTBMBWF[RVFTFQSPUFHFMB
TPTUFOJCJMJEBEEFMTJTUFNBu&MSB[POBNJFOUPEFM
5SJCVOBM$POTUJUVDJPOBMQPSUBOUPQBSUFEFVOBCBTF
FRVJWPDBEB
&OTFHVOEPMVHBSMPTKVFDFTDPOTJEFSBORVFMPT
QBDJFOUFTBOEBMVDFTOPWBOBTVGSJSQFSKVJDJPBMHVOP
QPSRVFBMJHVBMRVFFMSFTUPEFMPTFTQBÒPMFTSFDJCJ
SÃOTJFNQSFFMNFEJDBNFOUPEFQSFDJPNÃTCBKPZ
TFÒBMBORVFFTUPFTMPRVFQSFWÊMBOPSNBFTUBUBM
"EFNÃT MB TFOUFODJB TFÒBMB RVF FM TJTUFNB EF
BHSVQBDJPOFTIPNPHÊOFBTFYJHFQBSBMBGJOBODJBDJÓO
EFDBEBQSPEVDUPFODBEBDBTPDPODSFUPRVFTVQSFDJP
TFBFMNÃTCBKPEFOUSPEFMBDPSSFTQPOEJFOUFBHSVQB
DJÓO6OBOÃMJTJTVOQPDPNÃTGJOPIBCSÎBQFSNJUJEP
TFÒBMBSRVFMBDPOEJDJÓOOFDFTBSJBQBSBRVFVO
HFOÊSJDPTFBEJTQFOTBEPFTFGFDUJWBNFOUFRVFTV
QSFDJPTFBFMNÃTCBKPEFOUSPEFMBDPSSFTQPOEJFOUF
BHSVQBDJÓO Z RVF EJDIB DPOEJDJÓO FT BEFNÃT
TVGJDJFOUFOPTJFOEPQSFDJTPBÒBEJSDPNPSFRVJTJUP
RVFMBFNQSFTBRVFMPDPNFSDJBMJ[BTFBMBRVFPGSFDF
VOBNBZPSBQPSUBDJÓOBM4JTUFNB"OEBMV[EF4BMVEB
USBWÊTEFMBTTVCBTUBT&MQSPEVDUPEFQSFDJPNÃTCBKP
PEFQSFDJPNFOPSBMHPRVFBNÎQFSTPOBMNFOUFNF
IBQBSFDJEPTJFNQSFMPNJTNP
EFCFSÎBTFSBRVÊM
DVZPQSFDJPGJKBEPQPSFM.JOJTUFSJPEF4BOJEBETFB
FGFDUJWBNFOUFFMNÃTCBKPPNFOPSEFOUSPEFMB
BHSVQBDJÓORVFFTMPMFHBMNFOUFQSFWJTUPOPBRVÊM
RVFSFQSFTFOUFVONFOPSDPTUFFDPOÓNJDPGJOBMQBSB
FM4FSWJDJP"OEBMV[EF4BMVE
6ONBZPSDPOUBDUPDPOMBSFBMJEBEEFMTFDUPSZDPO
MBTJUVBDJÓOEFMPTQBDJFOUFTIBCSÎBQFSNJUJEPUBNCJÊO
BM5SJCVOBMBQPZBSMBUFTJTEFMBCPHBEPEFM&TUBEPFO
FMTFOUJEPEFRVFMBTTVCBTUBTDSFBOEJTUPSTJPOFTFO
FMGVODJPOBNJFOUPEFMBTBOJEBEQÙCMJDBRVFQVFEFO
BGFDUBSBMPTQBDJFOUFTEJGJDVMUBOEPMBBEIFSFODJBB
MPTUSBUBNJFOUPT
&OEFGJOJUJWBTJUFOFNPTFODVFOUBRVFMBTQBSUFT
QSFTFOUBSPOTVTBMFHBDJPOFTFOPDUVCSFEFZ
RVFFM5SJCVOBMIBUFOJEPIBTUBBÒPTQBSBEFMJCFSBS
TPCSF FM UFNB QPEFNPT DPODMVJS RVF UPEPT OPT
NFSFDÎBNPTVOBOÃMJTJTNÃTQSFDJTPEFMBDVFTUJÓO
BMHPNÃTEFBUFODJÓOBVOUFNBRVFQVFEFQBSFDFS
EFJNQPSUBODJBNFOPSEFNJDSPNBOBHFNFOUQFSP
RVFFOSFBMJEBEUJFOFVOBJNQPSUBODJBDBQJUBMFOFM
GVODJPOBNJFOUPEFMTJTUFNB
!'BVT+PSEJ
+PSEJ'BVT
"CPHBEPZTPDJPEF'BVT.PMJOFS
r1VCMJDJEBE&-(-0#"-BMEFFOFSPEF
BMEFFOFSPEF&-(-0#"-*OEVTUSJBr
3PDIFJOTJTUFFOJONVOPPODPMPHJBZBQVFTUB
QPSMBTUFSBQJBTEJSJHJEBTZMBOFVSPDJFODJB
■&MIJUPFOFO&TQB×BTFSÈMBMMFHBEBEF1FSKFUBDPNPUSBUBNJFOUPOFPBEZVWBOUFFODÈODFSEFNBNB)&3
."3$04("3$¶"
.BESJE
3PDIF TF EFGJOF B TÎ NJTNB DPNP MB
DPNQBÒÎBCJPUFDOPMÓHJDBNÃTJNQPS
UBOUFEFMNVOEPZDPNPPUSBTHSBOEFT
DPSQPSBDJPOFT CJPGBSNBDÊVUJDBT IB
DPOWFSUJEPMBJONVOPPODPMPHÎBFOFM
TBOUPZTFÒBEFTVFTUSBUFHJBBGVUVSP
"MHVOBTEFTVTNPMÊDVMBTNÃTQSPNFUF
EPSBTFTUÃOBQVOUPEFBSSPKBSBWBODFT
TJHOJGJDBUJWPTPUSBTZBIBOEFNPTUSBEP
TVQPUFODJBMUFSBQÊVUJDPFONFSDBEPT
GPSÃOFPTZTFFODVFOUSBOBMBTQVFSUBT
EFMOVFTUSP
%FTEFMBDPNQBÒÎBTVJ[BTFQSPQVTJF
SPOIBDFBÒPTBCPSEBSFMDJDMPJONVOP
MÓHJDPEFMDÃODFSZPGSFDFSTPMVDJPOFTB
DBEBVOPEFMPTQVOUPTDMBWFEFFTUB
QBUPMPHÎB5SBTJOUFOTPTBÒPTEFJOWFTUJ
HBDJÓOFMQJQFMJOFEF3PDIFTFFODVFO
USBOFOVONPNFOUPÓQUJNPEFOUSPEFTV
QSPHSBNBEF*%FOJONVOPPODPMPHÎB
i$POTUBEFNPMÊDVMBTFYQFSJNFOUB
MFTFOWBSJPTUVNPSFTDPNPFMDÃODFSEF
NBNBUSJQMFOFHBUJWPDÃODFSEFDÊSWJY
DPMPONFMBOPNBFOUSFPUSPT%JF[EF
FMMBTFTUÃOBDUVBMNFOUFFOFOTBZPTDMÎOJ
DPTuBTFHVSBB&("OOBSJUB(BCSJFMF
EJSFDUPSBNÊEJDPEF3PDIF'BSNBFO
&TQBÒB
6OFKFNQMPDPODSFUPEFMBUFSSJ[BKFEF
MB JONVOP PODPMPHÎB EF 3PDIF FO FM
NFSDBEPFTQBÒPMFTMBMMFHBEBEF5FDFO
USJRBUF[PMJ[VNBC
'ÃSNBDPEFSFDJFOUF
BQSPCBDJÓO QPS QBSUF EF MB"HFODJB
&VSPQFBEFM.FEJDBNFOUP&."
DPNP
QSJNFSBJONVOPUFSBQJBDPOJOEJDBDJÓO
FOEPTUVNPSFTEFNBMQSPOÓTUJDPRVF
MMFWBONVDIPTBÒPTÃWJEPTEFOVFWBT
PQDJPOFT UFSBQÊVUJDBT -B QSJNFSB
JOEJDBDJÓO FT QBSB DÃODFS EF WFKJHB
BWBO[BEP RVF SFQSFTFOUB FM QPS
DJFOUP EF UPEPT MPT UVNPSFT EF FTUF
ÓSHBOP-BTFHVOEBFTQBSBFMDÃODFSEF
QVMNÓOOPNJDSPDÎUJDPFOGBTFBWBO[BEB
i&OFMDBTPEFMEFWFKJHBFTUBNPTBOUFFM
QSJNFSBOUJ1%-BVUPSJ[BEPQPSMB
"HFODJB&TUBEPVOJEFOTFEFM.FEJDB
NFOUP'%"
ZFMQSJNFSUSBUBNJFOUP
BQSPCBEPFONÃTEFBÒPTQBSBFTUPT
QBDJFOUFT TF BQSPCÓ QSJNFSP QBSB
BRVFMMPTRVFQSPHSFTBCBOBMBRVJNJPUF
SBQJBZFOFTUFNPNFOUPTFSFWJTBEF
GPSNBQSJPSJUBSJBQBSBTVVTPFOQSJNFSB
MÎOFBuTFÒBMB(BCSJFMF
1FSPFMQJQFMJOFZMBFTUSBUFHJBDPSQP
SBUJWB EF 3PDIF UBNCJÊO DFOUSB TVT
FTGVFS[PTFOFMEFTBSSPMMPEFUFSBQJBT
EJSJHJEBTFOPODPMPHÎBZCVFOBQSVFCBEF
FMMPFTFMBSTFOBMUFSBQÊVUJDPRVFFTUÃQPS
MMFHBS FO FTUF ÃNCJUP 6OP EF FTPT
FKFNQMPTFT"MFDFOTBQBSBDÃODFSEF
QVMNÓODVZBFYQFDUBUJWBFOFMBCPSEBKF
FTUÃNÃTRVFGVOEBEBi&ODÃODFSEF
QVMNÓO MPT QSÓYJNPT NFTFT TFSÃO
GVOEBNFOUBMFTQBSBBWBO[BSFOMBEJTQP
OJCJMJEBE EF "MFDFOTB BMFDUJOJC
FO
TFHVOEB MÎOFB 6O USBUBNJFOUP ZB -BCJPUFDOPMØHJDBTVJ[B3PDIF'BSNBUJFOFVOQJQFMJOFNÈTRVFQSPNFUFEPSRVFFOBMHVOPTDBTPTFTUÈBMBTQVFSUBTEFMMFHBSBMBSTFOBMUFSBQÏVUJDPEJTQPOJCMFFO&TQB×B
WFSEF B MB DPNCJOBDJÓO EF $PUFMMJD
DPCJNFUJOJC
DPO;FMCPSBGWFNVSBGF
OJC
QBSBMPTQBDJFOUFTDPONFMBOPNB
NFUBTUÃTJDPPRVFZBOPTPODBOEJEBUPT
BDJSVHÎBRVFQSFTFOUBOMBNVUBDJÓO
#3"'7QSFTFOUFFOBQSPYJNBEB
NFOUFMBNJUBEEFMPTDBTPT
6OBDPNCJ
OBDJÓORVFBQPSUBNÃTTVQFSWJWFODJBZ
1FSKFUBFO&TQB×B
QFSNJUFRVFMPTQBDJFOUFTWJWBONÃT
6OPEFMPTCMPDLCVTUFSEFMBDPNQBÒÎB UJFNQPTJORVFTVFOGFSNFEBEQSPHSFTF
MMFHBSÃFO&TQBÒBFOZTFFTQFSB 3FDJFOUFIBTJEPUBNCJÊOMBBQSPCBDJÓO
RVFQSPQPSDJPOFOVFWPTQBSBEJHNBTFO FOOVFTUSPQBÎTEF"WBTUJOCFWBDJ[V
FM BCPSEBKF EF VO UJQP FTQFDÎGJDP EF NBC
DPNP QSJNFS CJPMÓHJDP QBSB FM
DÃODFSEFNBNBRVFQVFEFSFQSFTFOUBS DÃODFSEFDÊSWJYBWBO[BEP
VOQBTPNÃTFOMBEJSFDDJÓODPSSFDUB
&OIFNBUPMPHÎB3PDIFUJFOFQVFTUBT
i"SSBODBNPTFTUFBÒPDPOMBEJTQPOJCJ UPEBT TVT BOIFMPT FO BOUJDVFSQPT
MJEBE FO OVFTUSP QBÎT EF 1FSKFUB NPOPDMPOBMFTDPNP(B[ZWBSPPCJOV
QFSUV[VNBC
QBSB TV VTP BOUFT EF UV[VNBC
Z &NJDJ[VNBC i7BNPT B
DJSVHÎB DPNP USBUBNJFOUP OFPBEZV DPOPDFSFOCSFWFFMVTPEF(B[ZWBSPFO
WBOUFFONVKFSFTDPODÃODFSEFNBNB FM USBUBNJFOUP EFM MJOGPNB GPMJDVMBS
)&3 FO GBTF JOJDJBM DPO PCKFUJWP SFGSBDUBSJPZFOIBSFNPTMPQSPQJP
DVSBUJWPuJOGPSNB(BCSJFMF
FOFMMJOGPNBOP)PEHLJOJOEPMFOUFu4JO
"TJNJTNPFOMPTÙMUJNPTNFTFTMB TBMJSEFMBIFNBUPMPHÎB3PDIFUBNCJÊO
DPNQBÒÎBIBQPEJEPQPOFSBMBMDBODFEF DPOTJEFSBDPNPFOBÒPFOFMRVFTF
MPTQSPGFTJPOBMFTZQBDJFOUFTFTQBÒPMFT QSFTFOUBSÃOOVFWPTEBUPTQPTJUJWPTQBSB
WBSJPTUSBUBNJFOUPTRVFEBOSFTQVFTUBB &NJDJ[VNBCi5SBUBNJFOUPQSPGJMÃDUJDP
JNQPSUBOUFTOFDFTJEBEFTNÊEJDBTOP QBSBSFEVDJSFMOÙNFSPEFIFNPSSBHJBT
DVCJFSUBTi)FNPTSFDJCJEPMBBQSPCB FOMBIFNPGJMJB"uBTFHVSB"OOBSJUB
DJÓO EFM QSJNFS GÃSNBDP FTQFDÎGJDP (BCSJFMF
&SJWFEHFWJTNPEFHJC
QBSBFMDÃODFSEF
QJFMNÃTDPNÙOFMDBSDJOPNBCBTPDFMV 'VUVSPJONFEJBUPEFOFVSPDJFODJBT
MBS $#$
4F USBUB EF VO OVFWP 1FSPMBPODPMPHÎBOPDPQBUPEPMBJOWFT
FYQPOFOUF EF VOB HFOFSBDJÓO EF UJHBDJÓO Z FTUSBUFHJB EF 3PDIF &O
UFSBQJBTEJSJHJEBTEFBENJOJTUSBDJÓO OFVSPDJFODJBTUJFOFBDUVBMNFOUFVO
PSBMDBQB[EFSFEVDJSFMUBNBÒPEFM GPDPJNQPSUBOUFFJONFEJBUPFOFMÃSFB
UVNPS NFKPSBOEP BTÎ DPOTJEFSBCMF EF&TDMFSPTJT.ÙMUJQMF&ODPODSFUPDPO
NFOUFMBDBMJEBEEFWJEBEFFTUPTQBDJFO MB NPMÊDVMB FYQFSJNFOUBM 0DSFWVT
PDSFMJ[VNBC
QSJNFSBFOEFNPTUSBS
UFTu
5BNCJÊOFODÃODFSEFQJFMDPODSFUB FGJDBDJBFOEPTUJQPTEFFTDMFSPTJTNÙMUJ
NFOUFFONFMBOPNBIBDFBQFOBTVOPT QMFMBSFDVSSFOUFSFNJUFOUFZMBQSJNB
NFTFTFM.JOJTUFSJPEF4BOJEBEEJPMV[ SJBQSPHSFTJWB&OFTUBÙMUJNBBDUVBM
BQSPCBEPEFNBOFSBBDFMFSBEBQPSMB
'%"QBSBQBDJFOUFTDPOFOGFSNFEBE
BWBO[BEBZ"-,QPTJUJWPRVFOPQVFEFO
SFDJCJSPIBOQSPHSFTBEPBMFTUÃOEBS&O
OVFWBTDPNCJOBDJPOFTTFIBNPTUSBEP
NVZFTQFSBO[BEPSuTFÒBMBMBEJSFDUPSB
NÊEJDPEF3PDIF
NFOUF OP FYJTUF OJOHVOB UFSBQJB
EJTQPOJCMF i3FDJFOUFNFOUF FM /FX
&OHMBOE+PVSOBMPG.FEJDJOFIBQVCMJ
DBEPMPTFTUVEJPTEFSFGFSFODJBEFFTUB
NPMÊDVMB0QFSB*m**Z0SBUPSJP
&TUÃ
QSFWJTUPSFDJCJSMBBQSPCBDJÓOEFMB
&."FOFMTFHVOEPTFNFTUSFEFMZ
TV EJTQPOJCJMJEBE FO &TQBÒB FO FM
u
"EFNÃTEFMBFTDMFSPTJTNÙMUJQMFMB
MÎOFB EF EFTBSSPMMP DMÎOJDP EF 3PDIF
BCBSDBNÃTEFVOBEPDFOBEFGÃSNBDPT
FO JOWFTUJHBDJÓO QBSB FOGFSNFEBEFT
DPNPOFVSPNJFMJUJTÓQUJDBBM[IFJNFS
BUSPGJBNVTDVMBSFTQJOBMQBSLJOTPO
TÎOESPNFEF%PXOZBVUJTNP
&MCVFOGVODJPOBNJFOUPEFMBJOWFTUJ
HBDJÓO RVF EFNVFTUSB 3PDIF WJFOF
QSPWPDBEPQPSMBEFDJEJEBBQVFTUBEFMB
DPNQBÒÎBTVJ[BQPSSFJOWFSUJSTVGBDUV
SBDJÓO%FIFDIPEFMPTNÃTEF
NJMMPOFTEFFVSPTFOWFOUBTSFHJTUSBEP
FO3PDIFSFJOWJFSUFNÃTEF
NJMMPOFTEFFVSPTFO*%MPRVFBMJNFOUB
VONÙTDVMPFOFTUFDBNQPRVFUJFOF
QPDPTDPNQFUJEPSFTFOEJNFOTJÓO
"EFNÃT FM ÊYJUP DPOUJOVBEP EF MB
DPNQBÒÎBTFCBTBFOMPTCVFOPTSFTVMUB
EPT DPNFSDJBMFT EF QSPEVDUPT DPNP
3JUVYBORVFPCUFOESÃFOWFOUBT
QPSWBMPSEFNJMMPOFTEFEÓMBSFT
"WBTUJONJMMPOFTEFEÓMBSFTZ
)FSDFQUJONJMMPOFTEFEÓMBSFT
TFHÙOSFDPHFVOFTUVEJPBGVUVSPEFMB
DPOTVMUPSB JOUFSOBDJPOBM &WBMVBUF
1IBSNB&TUBTQSFWJTJPOFTTFDPNQMF
NFOUBOZBDPOMPTSFTVMUBEPTTBUJTGBDUP
SJPTFOGBDUVSBDJÓORVFFYQFSJNFOUBSPO
FO QSPEVDUPT DPOTJEFSBEPT
CMPDLCVTUFSDPNP)FSDFQUJO"WBTUJO
&TCSJFU1FSKFUB,BEZDMBZ3JUVYBO
NS
Exclusivo NetSalud
r*OEVTUSJB&-(-0#"-BMEFFOFSPEF
"MNJSBMMDPOTJHVFSFEVDJSMBGVFSUFQÊSEJEB
BDVNVMBEBFOFMQBTBEPFKFSDJDJP
■-BBDDJØOEFMBDPNQB×ÓBDFSSØSFDVQFSBOEPQPTJDJPOFTQFSPDPOVODBÓEBBDVNVMBEBEFMQPSDJFOUP
-%¶";
.BESJE
-BBDDJÓOEF"MNJSBMMDFSSÓSFDVQF
SBOEPQPTJDJPOFTTJCJFOFOFMDPOKVOUP
EFMBÒPTVFWPMVDJÓOGVFOFHBUJWBSFUSP
DFEJFOEPDBTJVOQPSDJFOUPDPNQPS
UBNJFOUPQFPSRVFFMEFMBNFEJBEFM
TFDUPS&MQSJNFSTFNFTUSFEFMQBTBEP
BÒPGVFNBSDBEBNFOUFCBKJTUBMMFHBOEP
B BDVNVMBS FO NFTFT VOB DBÎEB
TVQFSJPSBMQPSDJFOUPUSBTVOQFSJPEP
EFFTUBCJMJ[BDJÓO"MNJSBMMDPNFO[ÓFO
OPWJFNCSF B SFDVQFSBS QPTJDJPOFT
UFOEFODJBRVFTFIBJOUFOTJGJDBEPFOMBT
ÙMUJNBTTFNBOBT
"OBMJ[BOEPVOQFSJPEPNÃTBNQMJPTF
QVFEFWFSFMSFQVOUFRVFFYQFSJNFOUÓ
FTUFWBMPSFOUSFPDUVCSFEFZBHPTUP
EFMBÒPTJHVJFOUFQBTBOEPBDPUJ[BSFOFM
FOUPSOP EF MPT FVSPT B TVQFSBS
BNQMJBNFOUFMPTFVSPT"MNJSBMMTF
NBOUVWPFOFTUPTOJWFMFTNÃYJNPTIBTUB
GJOBMFTEFJOJDJBOEPFOUPODFTMB
DBÎEBDPNFOUBEBBOUFSJPSNFOUF
-PTÙMUJNPTSFTVMUBEPTQVCMJDBEPTQPS
FTUFHSVQPGBSNBDÊVUJDPDPSSFTQPOEFO
BMPTQSJNFSPTNFTFTEFMQBTBEPBÒP
-PTJOHSFTPTBTDFOEJFSPOBNJMMPOFT
EFFVSPTDPOVODSFDJNJFOUPJOUFSBOVBM
EFMQPSDJFOUPNJFOUSBTRVFFMCFOFGJ
DJPOFUPGVFEFNJMMPOFTEFFVSPT
NVZQPSFODJNBEFMPTNJMMPOFTEF
FVSPTPCUFOJEPTFOFMNJTNPQFSJPEPEFM
BÒPBOUFSJPS
&MJODSFNFOUPEFMBTWFOUBTTFGVOEB
NFOUÓ FO HSBO NFEJEB FO FM CVFO
DPNQPSUBNJFOUPEFMOFHPDJPEFEFSNB
UPMPHÎBRVFFYQFSJNFOUÓVODSFDJNJFOUP
FO FM BÒP DFSDBOP BM QPS DJFOUP
HFOFSBOEPBDUVBMNFOUFDBTJFMQPS
DJFOUPEFMPTJOHSFTPTEFMHSVQP
1PSNFSDBEPTHFPHSÃGJDPTEFTUBDÓFM
EJOBNJTNP RVF NPTUSÓ FM NFSDBEP
FVSPQFP DVZBT WFOUBT BVNFOUBSPO
JOUFSBOVBMNFOUF VO QPS DJFOUP Z
EPOEFFTUBDPNQBÒÎBDPODFOUSBCVFOB
QBSUFEFTVGBDUVSBDJÓO
Almirall en cifras
Coronas danesas
VALOR DE LAS ACCIONES
t$BQJUBMJ[BDJØOCVSTÈUJM
t'JOBMEFB×P
t.ÈTBMUB
t.ÈTCBKB
t%JWJEFOEPTQPSBDDJØO
VALOR DE LAS ACCIONES
t"DOÏ'SBORVJDJB
t&CBTUFMZPUSPT
t5FTBWFM&óDJC
t4PMBSB[F
t1MVTWFOU
t"JSUBMZPUSPT
t"MNPHSBOZPUSPT
2015
2014
VENTAS
2015
3.179 millones
18,4
18,7
13,0
0,19
2015
2014
96,8 millones
62,1 millones
44,1 millones
39,7 millones
31,8 millones
28,0 millones
17,7 millones
—
67,8 millones
46,3 millones
38,5 millones
38,3 millones
30,6 millones
43,2 millones
INVERSIÓN EN I+D
% DE LAS VENTAS
66,3 millones
100,6 millones
9,7%
12,8%
VENTAS POR ÁREA GEOGRÁFICA
1.407
millones
692,9
millones
2016
2.530 millones
14,8
18,2
12,3
—
"MNJSBMM
769
millones
52,8 millones
Otros
168,7 millones
/PSUF"NÏSJDB
463,4 millones
Europa
2013
2014
2015
Fuente: elaboración propia a partir de datos de la compañía.
&OFTUFQFSJPEP"MNJSBMMEFTUJOÓB*%
NJMMPOFTEFFVSPTVOQPSDJFOUP
NÃTRVFFOFMFKFSDJDJPBOUFSJPSSFQSF
TFOUBOEPVOQPSDFOUBKFTPCSFMBTWFOUBT
EFMQPSDJFOUP&TUFHSVQPGPDBMJ[B
TVFTGVFS[PEFJOWFTUJHBDJÓOFOMBTÃSFBT
EFEFSNBUPMPHÎBZEFFTUÊUJDBSFDJFOUF
NFOUFIBQVCMJDBEPBWBODFTTJHOJGJDBUJ
WPTFOEPTQSPZFDUPTFOGBTFBWBO[BEB
FOFMDBNQPEFMBQTPSJBTJT&MDSFDJ
NJFOUP PSHÃOJDP EFSJWBEP EF FTUF
FTGVFS[PJOWFSTPSTFVOFBMBFTUSBUFHJB
EFQPTJCMFTBERVJTJDJPOFTDPNQMFNFOUB
SJBTRVFQFSNJUBOBDFMFSBSTVFYQBOTJÓO
JOWFSTJPOFT RVF QPESÎB BDPNFUFS
"MNJSBMMFOCBTFBTVTBOFBEBFTUSVDUVSB
EFCBMBODFTVQBUSJNPOJPOFUPSFQSF
TFOUB NÃT EFM QPS DJFOUP EF TVT
El Global
Almirall
Euros
18
17
16
15
14
€
13
Ene Mar May
Jul
Sep Nov Ene
2016
2016
2016
2016
2016
Fuente: elaboración propia.
2016
2017
El Global
4BOJEBEBQSVFCB-POTVSGEF4FSWJFS
QBSBDÃODFSDPMPSSFDUBMNFUBTUÃTJDP
&-(-0#"-
.BESJE
-BDPNQBÒÎBGBSNBDÊVUJDB4FSWJFSIB
BOVODJBEP MB DPNFSDJBMJ[BDJÓO EF
-POTVSGUSJGMVSJEJOBUJQJSBDJMP
UBNCJÊO
DPOPDJEPDPNP5"4USBTTVBQSPCB
DJÓOQPSMB"HFODJB&VSPQFBEFM.FEJDB
NFOUP&."
FOMB6OJÓO&VSPQFBQBSB
FMUSBUBNJFOUPEFMDÃODFSDPMPSSFDUBM
NFUBTUÃTJDP $$3N
FO QBDJFOUFT
BEVMUPTRVFIBZBOTJEPQSFWJBNFOUF
USBUBEPTPOPTFMFTDPOTJEFSFDBOEJEB
UPTBMUSBUBNJFOUPDPOUFSBQJBTEJTQPOJ
CMFTJODMVJEBTMBRVJNJPUFSBQJBCBTBEB
FO GMVPSPQJSJNJEJOBT PYBMJQMBUJOP F
JSJOPUFDÃOMPTBHFOUFTBOUJ7&('ZMPT
BHFOUFTBOUJ&('3
-POTVSGFTVOGÃSNBDPBOUJDBODFSÎ
HFOPPSBMRVFDPNQSFOEFMBBTPDJBDJÓO
EFUSJGMVSJEJOB'5%
ZUJQJSBDJMP51*
DVZPNFDBOJTNPEFBDDJÓOÙOJDPFTUÃ
EJTFÒBEPQBSBNBOUFOFSMBBDUJWJEBE
DMÎOJDB
"EFNÃTFTUFZBDVFOUBDPOQSFDJPZ
SFFNCPMTPEFM.JOJTUFSJPEF4BOJEBEZT
FMQSJNFSGÃSNBDPEF4FSWJFSQBSBFM
USBUBNJFOUP EF UVNPSFT TÓMJEPT Z FM
TFHVOEPFO0ODP)FNBUPMPHÎBEFOUSPEF
VOFTQFSBO[BEPSQSPHSBNBHMPCBMEF
JOWFTUJHBDJÓO
-BTFWJEFODJBTDMÎOJDBTEFMVTPEFFTUF
OVFWPGÃSNBDPPODPMÓHJDPBTPDJBEPBM
NFKPS USBUBNJFOUP EF TPQPSUF .54
QSPWJFOFOEFMFTUVEJPQJWPUBM3FDPVSTF
EPOEF FM USBUBNJFOUP EFNPTUSÓ VOB
QSPMPOHBDJÓOEFMBTVQFSWJWFODJBBTÎ
DPNP VOB SFEVDDJÓO EFM SJFTHP EF
NVFSUFDPNQBSBEPDPOQMBDFCPZ.54
BDUJWPTDPOUBOEPBDJFSSFEFTFQUJFNCSF
DPOVOBQPTJDJÓOEFMJRVJEF[EF
NJMMPOFTEFFVSPT
1BSBFMFKFSDJDJPDPNQMFUPFTUF
HSVQPFTUJNBBMDBO[BSVOJODSFNFOUPEF
MBTWFOUBTDFSDBOPBMQPSDJFOUPUBTB
TJNJMBSBMBRVFFTQFSBPCUFOFSFO&CJUEB
CFOFGJDJPBOUFTEFJOUFSFTFTBNPSUJ[B
DJPOFTFJNQVFTUPT
1BSBGJOBMJ[BSZFOSFMBDJÓODPOTV
QPTJCMFDPNQPSUBNJFOUPFOCPMTBFOMPT
QSÓYJNPTNFTFTTFÒBMBSRVFTVQFSGJM
BDUVBMFTDMBSBNFOUFBMDJTUBEFTUBDBOEP
MBTPMJEF[EFMSFQVOUFEFFTUBTÙMUJNBT
TFNBOBTMPRVFVOJEPBMBNQMJPDBNQP
EFSFDVQFSBDJÓORVFNVFTUSBQFSNJUF
FTQFSBSVOBFWPMVDJÓOBMDJTUBEFFTUF
WBMPSFOFMDPSUPNFEJPQMB[P
FO QBDJFOUFT DPO DÃODFS DPMPSSFDUBM
NFUBTUÃTJDP-BDPNCJOBDJÓOEFUSJGMVSJ
EJOBZUJQJSBDJMPBDUÙBEJSFDUBNFOUFFO
FM"%/BMJOUFSGFSJSFOTVGVODJPOBMJEBE
FJOIJCJSMBQSPMJGFSBDJÓODFMVMBS&TUF
NFDBOJTNPEJGJFSFEFMBGPSNBEFBUBDBS
FM DÃODFS EF PUSPT GÃSNBDPT RVF TF
BENJOJTUSBOFOMÎOFBTQSFWJBTBMQFSNJ
UJSSFUSBTBSMBQSPHSFTJÓOEFMUVNPSFO
NBZPSNFEJEBRVFWPMWJFOEPBVUJMJ[BS
MPTUSBUBNJFOUPTRVFTFIBOVUJMJ[BEP
QSFWJBNFOUF
1PSPUSPMBEPFMOVFWPNFEJDBNFOUP
EF 4FSWJFS UBNCJÊO IB NPTUSBEP VO
BVNFOUPEFMBTVQFSWJWFODJBMJCSFEF
QSPHSFTJÓOZQSFTFSWBDJÓOEFMFTUBEP
GVODJPOBMEFMQBDJFOUF&OFMFTUVEJP
QBSUJDJQBSPODFOUSPTFTQBÒPMFTRVF
SFDMVUBSPO
Exclusivo NetSalud
NS
BMEFFOFSPEF&-(-0#"-*OEVTUSJBr
Índice global. Evolución en los últimos doce meses
170
145
120
Índice Global: 4,88
95
BE 500
1,81
IBEX 35
2,08
70
Ene
2016
Feb
2016
Mar
2016
Abr
2016
May
2016
Jun
2016
Jul
2016
Ago
2016
Sep
2016
Oct
2016
Nov
2016
Dic
2016
13 enero 2017
El Índice Global, referencia en bolsa del sector farmacéutico, está integrado por 29 valores internacionales. La ponderación de cada uno está en función de su capitalización bursatil. El valor de este
índice el 1 de enero del 2000, se tomó como base
100, de manera que su valor actual indica la revalorización o depreciación que dicho índice acumula
respecto a la base. Las variaciones de cada uno de
los índices se calculan respecto a la misma frecha
del mes anterior, mientras que las variaciones recogidas en el texto de la noticia hacen referencia
a la semana.
Para conocer los valores del Índice Global, consulte:
www.elgobal.net
Fuente: elaboración propia.
El Global
&MTFDUPSGBSNBDÊVUJDPBSSBODB
HBOBOEPQPTJDJPOFT
■&OMPRVFWBEFNFTFMHSVQPEFWBMPSFTBDVNVMBOVOBTVCJEBEFMQPSDJFOUP
-%¶";
.BESJE
&MTFDUPSGBSNBDÊVUJDPIBBSSBODBEP
DPOVODPNQPSUBNJFOUPBMDJTUBFO
CPMTBEFMPTWBMPSFTRVFJOUFHSBOFM
±OEJDF(MPCBMDFSSBSPOBMBM[BGSFOUF
BUBOTÓMPRVFMPIJDJFSPODPODBÎEBT
-PT NPWJNJFOUPT NÃT EFTUBDBEPT
GVFSPOQPSFMMBEPBMDJTUB'BFTTFBOPUÓ
VOBTVCJEBEFMQPSDJFOUPNJFOUSBT
RVFQPSFMMBEPCBKJTUB/PWP/PSEJTL
SFUSPDFEJÓVOQPSDJFOUP&M±OEJDF
(MPCBMTFBOPUÓVOBTVCJEBEFMQPS
DJFOUPDPNQPSUBNJFOUPOPUBCMFNFOUF
NFKPSRVFFMEFMBNFEJBEFMBTCPMTBT
NJFOUSBT RVF FO MP RVF WB EF BÒP
BDVNVMB VOB HBOBODJB EFM QPS
DJFOUP TVQFSBOEP OVFWBNFOUF BM
NFSDBEPZTJFOEPVOBSSBORVFEFBÒP
FODMBSPDPOUSBTUFDPOMBTQÊSEJEBTEF
'BFT DFSSÓ VOB EF TVT NFKPSFT
TFNBOBTEFMPTÙMUJNPTNFTFTBDFSDÃO
EPTFBMPTFVSPTTJUVÃOEPTFDFSDBEF
TVNÃYJNPBOVBM-BFWPMVDJÓOEFFTUF
WBMPSFOFMÙMUJNPBÒPIBTJEPBMDJTUB
MPDBMJ[ÃOEPTFFTUBTVCJEBFOMPTNFTFT
DFOUSBMFTEFMQBTBEPBÒPZWPMWJFOEPB
HBOBS QPTJDJPOFT FO MBT ÙMUJNBT
TFNBOBTFMSFTUPEFMQFSJPEPQSFTFOUB
VOQFSGJMQMBOPNBOUFOJFOEPMBTHBOBO
DJBTMPHSBEBT"OBMJ[BOEPMPTEPTÙMUJNPT
BÒPTTFQVFEFWFSDPNPFTUFWBMPSIB
NÃTRVFEVQMJDBEPTVWBMPSFOCPMTB
EFKBOEPZBNVZMFKPTMPTFVSPTBMPT
RVFDPUJ[BCBBQSJODJQJPTEF4F
USBUBFOUPEPDBTPEFVOWBMPSRVFTF
TJHVFNPWJFOEPMFKPTEFTVTSFGFSFODJBT
IJTUÓSJDBTDPOUBOEPQPSUBOUPDPOQPUFO
DJBMEFSFDVQFSBDJÓO
1IBSNBNBSUBNCJÊOEFTUBDÓDPOVOB
HBOBODJBEFMQPSDJFOUPRVFMFBDFSDB
BMPTFVSPT"MJHVBMRVFFOFMDBTP
BOUFSJPSFTUFWBMPSTFTJUÙBBDUVBMNFOUF
SFMBUJWBNFOUF DFSDB EF TV NÃYJNP
BOVBM%FTEFFMQBTBEPNFTEFOPWJFN
CSF1IBSNBNBSWJFOFHBOBOEPQPTJDJP
OFTEFGPSNBTVBWFQFSPNBOUFOJEB
BDVNVMBOEPFOMBDPNQBSBDJÓOJOUFSB
OVBMVOBTVCJEBDFSDBOBBMQPSDJFOUP
1IBSNBNBSOPPCTUBOUFTJHVFMFKPTOP
TÓMPEFTVTSFGFSFODJBTIJTUÓSJDBTTJOP
UBNCJÊOEFMPTFVSPTOJWFMRVFTVQFSÓ
BNFEJBEPTEF
(SJGPMTTFBOPUÓVOBTVCJEBEFMQPS
DJFOUPDPUJ[BOEPBDUVBMNFOUFFO
FVSPTFWPMVDJPOBOEPOVFWBNFOUFFOMB
GSBOKBTVQFSJPSEFTVSBOHPEFWBSJBDJÓO
EFM ÙMUJNP BÒP &TUF WBMPS FTUVWP
QFSEJFOEPQPTJDJPOFTFOUSFMPTNFTFTEF
KVMJPZQSJODJQJPEFEJDJFNCSFNPNFOUP
FOFMRVFNBSDÓFMNÎOJNPEFFO
FVSPT &O QPDBT TFNBOBT IB
SFDVQFSBEPHSBOQBSUFEFMPQFSEJEP
DPUJ[BOEPFOOJWFMFTTJNJMBSFTBMPTEF
IBDFVOBÒPQFSPTJHVFMFKPTEFMPT
FVSPTBMPTRVFMMFHÓBDPUJ[BSFO
3PWJGVFPUSBGBSNBDÊVUJDBRVFDFSSÓ
FOQPTJUJWPBMBOPUBSTFVOBTVCJEBEFM
QPSDJFOUPRVFMFTJUÙBNVZDFSDBEFMPT
FVSPTDPUJ[BOEPFOVOB[POBJOUFS
NFEJBEFOUSPEFTVSBOHPEFWBSJBDJÓO
EFMÙMUJNPBÒP&MQFSGJMEFFTUFWBMPSFT
TJNJMBSBMBOUFSJPSQSFTFOUBOEPVOBGBTF
CBKJTUBRVFPDVQÓHSBOQBSUFEFZ
RVFMFMMFWÓBNBSDBSVONÎOJNPBOVBMB
NFEJBEPTEFOPWJFNCSFBDFSDÃOEPTFB
MPTFVSPT%FTEFFOUPODFTFTUFWBMPS
IB WFOJEP SFDVQFSBOEP QPTJDJPOFT
NPWJNJFOUPRVFEBEBMBTPMJEF[RVF
WJFOFNPTUSBOEPFTNVZQPTJCMFRVFTF
QSPMPOHVFFOFMDPSUPQMB[P"OBMJ[BOEP
MPT EPT ÙMUJNPT BÒPT 3PWJ TF NVFWF
BDUVBMNFOUFMFKPTEFMPTFVSPTRVF
BMDBO[ÓFOVOGVMHVSBOUFJOJDJPEFM
/PWP /PSEJTML SFQSFTFOUÓ MB DBSB
OFHBUJWBEFMBTFNBOBTJCJFOTFUSBUÓEF
VOBQÊSEJEBNVZMJNJUBEB/PPCTUBOUF
MBGBTFEFSFDVQFSBDJÓORVFJOJDJÓFM
QBTBEPNFTEFEJDJFNCSFUSBTIBCFS
DBÎEPBTVNÎOJNPBOVBMIBJEPQSPHSF
TJWBNFOUFQFSEJFOEPGVFMMFFWPMVDJP
OBOEPJOJDJBMNFOUFIBDJBVONPWJNJFOUP
IPSJ[POUBM Z FO FTUPT ÙMUJNPT EÎBT
UPNBOEPVOBQFOEJFOUFOFHBUJWB
.BESJE
"VSPCJOEPIBBOVODJBEPMBGJSNBEFVO
BDVFSEP QBSB BERVJSJS (FOFSJT
'BSNBDËVUJDB EF .BHOVN $BQJUBM
1BSUOFSTEFEJDBEBBMBGBCSJDBDJÓOZ
WFOUBEFHFOÊSJDPTFO1PSUVHBM&MDJFSSF
EFMBUSBOTBDDJÓOFTUÃDPOEJDJPOBEPBMB
PCUFODJÓOEFMBTBQSPCBDJPOFTEFMBT
BVUPSJEBEFT FVSPQFBT Z TV JNQPSUF
BTDJFOEF B NJMMPOFT EF FVSPT
"EFNÃTFTUBJODMVZFMBQMBOUBEFGBCSJ
DBDJÓOFO"NBEPSB1PSUVHBMRVFUJFOF
VOBDBQBDJEBEEFQSPEVDDJÓOEF
CJMMPOFTEFUBCMFUBTDÃQTVMBTCPMTJUBT
BOVBMNFOUF
&TUFBDVFSEPDPOTPMJEBMBQSFTFODJBEF
"VSPCJOEPFO1PSUVHBMRVFBDUVBMNFOUF
FTUÃGPSNBEBQPS"VSPWJUBT6OJQFTTPBM
-%"Z"VSPCJOEP1IBSNB1PSUVHBM
6OJQFTTPBM-JNJUBEB$POFTUBBERVJTJ
DJÓOFMHSVQPPDVQBSÃFMQSJNFSMVHBSFO
FMNFSDBEPHFOÊSJDPQPSUVHVÊTZDPOUBSÃ
DPOMBNBZPSDBSUFSBFOFTUFTFHNFOUP
DPNQVFTUBQPSQSPEVDUPT
&-(-0#"-
.BESJE
*OUBT1IBSNBDFVUJDBMTBUSBWÊTEFTV
GJMJBM"DDPSE)FBMUIDBSFIBBOVODJBEPMB
DPNQSBEF"DUBWJT6,Z"DUBWJT*SFMBOE
EF5FWB1IBSNBDFVUJDBM5FWB
QPSVO
WBMPSFNQSFTBSJBMEFNJMMPOFTEF
MJCSBTFTUFSMJOBTNJMMPOFTEFFVSPT
QBHBEPT BM DPOUBEP -B USBOTBDDJÓO
GPSNBQBSUFEFMBTDPOEJDJPOFTBOUJNP
OPQPMJPEFMB$PNJTJÓO&VSPQFBQBSBMB
WFOUBEFBDUJWPTSFTVMUBOUFEFMBDPNQSB
QPSQBSUFEF5FWBEFMOFHPDJPEFHFOÊSJ
DPTEF"MMFSHBO
5SBTMBBERVJTJDJÓO"DDPSEGPSUBMFDF
TVQSFTFODJBFOFMNFSDBEPEFM3FJOP
6OJEPF*SMBOEBBMNJTNPUJFNQPRVF
*OUBTQBTBBGPSNBSQBSUFEFMUPQEF
HFOÊSJDPTEFMNFSDBEPJOUFSOBDJPOBM-B
DPNCJOBDJÓOEF"DUBWJT6,Z"DUBWJT
*SFMBOEQSPQPSDJPOBB"DDPSEMBPQPSUV
OJEBEEFDSFDFSFOTVQPTJDJÓOFOFM
NFSDBEP Z GBDJMJUB B MB FNQSFTB VO
BNQMJP BDDFTP BM TFDUPS NJOPSJTUB Z
IPTQJUBMBSJPFOFM3FJOP6OJEPF*SMBOEB
-BDPNCJOBDJÓOEFBNCBTFNQSFTBT
BVNFOUB MB QSFTFODJB QSPEVDUJWB EF
"DDPSE6,DPOMBJODPSQPSBDJÓOEFMB
QMBOUB(.1FO#BSOTUBQMF*OHMBUFSSB
QSPQJFEBEEF"DUBWJTRVFTVQPOFVOPT
JOHSFTPTSFHJPOBMFTZDPNCJOBEPTEF
CBTFEFNÃTEFNJMMPOFTEFFVSPTBM
BÒP
-JMMZZ.4%BNQMÎBO
TVBDVFSEPFO
JONVOPPODPMPHÎB
&-(-0#"-
.BESJE
-JMMZIBBOVODJBEPMBFYQBOTJÓOEFVOB
DPMBCPSBDJÓOJONVOPPODPMÓHJDBDPO
.4%QBSBFMEFTBSSPMMPEFVOOVFWP
FTUVEJPCBTBEPFOMBDPNCJOBDJÓOEFM
GÃSNBDPEF-JMMZ-BSUSVWPPMBSBUVNBC
Z,FZUSVEB1FNCSPMJ[VNBC
EF.4%FO
QBDJFOUFT DPO TBSDPNB EF UFKJEPT
CMBOEPT BWBO[BEPT P NFUBTUÃTJDPT
QSFWJBNFOUFUSBUBEPT454
-B"ENJOJTUSBDJÓO EF"MJNFOUPT Z
'ÃSNBDPTEFMPT&TUBEPT6OJEPT'%"
SFDJFOUFNFOUFDPODFEJÓMBBQSPCBDJÓO
-B DPNQBÒÎB EF HFOÊSJDPT JOEJB BDFMFSBEBEF-BSUSVWPFODPNCJOBDJÓO
FTQFSBBMDBO[BSDPOFTUBOVFWBBERVJTJ DPOEPYPSSVCJDJOBQBSBFMUSBUBNJFOUP
DJÓOVOBTWFOUBTFOFMQBÎTMVTPFO EFBEVMUPTDPO454DPOVOTVCUJQPIJTUP
EFNJMMPOFTEFFVSPTGSFOUFBMPT MÓHJDP-BSUSVWPFODPNCJOBDJÓODPO
NJMMPOFT GBDUVSBEPT FO 7 EPYPSSVCJDJOBUBNCJÊOSFDJCJÓSFDJFO
.VSBMJEIBSBOWJDFQSFTJEFOUFEF0QFSB UFNFOUFMBBVUPSJ[BDJÓODPOEJDJPOBMEF
DJPOFT&VSPQFBTEF"VSPCJOEPIBBTFHV DPNFSDJBMJ[BDJÓOEFMB"HFODJB&VSPQFB
SBEPRVFiMBBERVJTJDJÓOEF(FOFSJT EF.FEJDBNFOUPTQBSBFMUSBUBNJFOUPEF
BQSPWFDIBOEPTVGVFSUFDBSUFSBZVO BEVMUPT DPO 454 BWBO[BEB RVF OP
SFDPOPDJNJFOUPEFNBSDBJOJHVBMBCMF QVFEFOSFDJCJSUSBUBNJFOUPDVSBUJWPDPO
OPTQFSNJUJSÃFTUBCMFDFSOPTDPNPFM DJSVHÎBPSBEJPUFSBQJBZRVFOPIBOTJEP
NFKPS HFOFSBEPS EF HFOÊSJDPT FO FM QSFWJBNFOUFUSBUBEPTDPOEPYPSSVCJ
DJOB
NFSDBEPQPSUVHVÊTu
"VSPCJOEPBERVJFSFMBQPSUVHVFTB
(FOFSJTQPSNJMMPOFTEFFVSPT
&-(-0#"-
*OUBTTFIBDF
DPO"DUBWJT6,
*SFMBOEQPS
NJMMPOFTEFFVSPT
&EJUBwecare-u. healthcare communications group
BMEFFOFSPEF
%FQFSGJM
&%4WPM
EDS: ■ Un nuevo artículo original y una entrevista a una personalidad relevante del sector (Joaquín
Rodrigo, presidente de Biosim) son dos de los platos fuertes del quinto número de la revista EDS
3&%"$$*»/
4FUFNFMPRVFTFEFTDPOPDF"FTUBGBNPTBNÈYJNBBMVEF
+PBRVÓO3PESJHPQSFTJEFOUFEFMB"TPDJBDJØO&TQB×PMBEF
#JPTJNJMBSFT#JPTJN%FBIÓTVSFDFUBQBSBTVQFSBSDVBMRVJFS
SFDFMPBOUFMPTCJPTJNJMBSFTGPSNBDJØOFJOGPSNBDJØOEF
DBMJEBE1PSGPSUVOBBIÓFMTFDUPSDVFOUBDPOMBDPNQMJDJEBE
EFMBTBENJOJTUSBDJPOFT
.BESJE
%*'64*¶/
ry-BMFHJTMBUVSBEFMBFWBMVBDJÓO
FDPOÓNJDB r&MSPNQFDBCF[BTEFMBDDFTP-BT
FONJFOEBTBMA*OGPSNF$BCF[ÓO
r.VDIBFWBMVBDJÓOZQPDPDPTUF
FGFDUJWJEBE
r&OCVTDBEFVOBOVFWBQFOJDJMJOB
r-BDPMBCPSBDJÓOQÙCMJDPQSJWBEB
FOFOGFSNFEBEFTDSÓOJDBTDMBWFFO
MBHFTUJÓOEFMBEJBCFUFT
*/5&--*(&/$&6/*53&1035
r*OGPSNFTPCSF.FEJDBNFOUPT%)
"/¦-*4*4
r&MQBDUPEFJOWFTUJEVSBy&MDP
NJFO[PEFMBTSFGPSNBTTBOJUBSJBT r&MQBQFMEFMBOFVSPNPEVMBDJÓO
DFSFCSBMQSPGVOEBFOMBTOFVSPDJFO
DJBTEFMGVUVSP
&91&353&7*&8
r$BSHBFDPOÓNJDBEFMBTFOGFSNF
EBEFTEFSNBUPMÓHJDBTFO&TQBÒB
&/53&7*45"
r+PBRVÎO3PESJHP1SFTJEFOUFEF
#JPTJN
3&1035"+&4
r1VFTUBEFMBSHPEFM1MBOEF"EIF
SFODJBBM5SBUBNJFOUP
r-PT#J$SFGFSFOUFFOMBNFKPSBEF
MBDBMJEBEBTJTUFODJBM
r-BIVNBOJ[BDJÓOEFMBBTJTUFODJB
DFOUSBFMEFCBUFEFMBVUPDVJEBEP
r$POHSFTP&VSPQFPEF*4103
r6OOVFWPSFGFSFOUFQFSJPEÎTUJDP
QBSBMBFDPOPNÎBEFMBTBMVE
03*(*/"-
r5IF#VSEFOPG6MDFSBUJWF$PMJUJT
BOE$SPIOT%JTFBTFJO4QBJO
"(BSDÎB2VJOUBOBZDPM
i$SFPRVFMBBEBQUBDJØO
ZBEPQDJØOEFM
CJPTJNJMBSWBBTFSNÈT
SÈQJEBRVFMBEFM
HFOÏSJDPw
i-BJOEVTUSJB
GBSNBDÏVUJDBEFCF
TFSNVZDPOTDJFOUF
EFMBOFDFTJEBEEF
BQPTUBSQPSMB
USBOTQBSFODJBZ
MMFWBSBDBCPVOB
i{$VPUBTQBSBRVÏ 6O QPMÓUJDBEFQSFDJPT
OÞNFSPBMFBUPSJPTJO DPIFSFOUFFODBEB
CBTFQPSEFUSÈTTVFOB QBÓTw
BJNQPTJDJØOZBQPDB
SFGMFYJØO1PSFTP
NFJODMJOP
QPSMBJOUFHSBDJØO
FJOUSPEVDDJØO
QBVMBUJOBEFMBT
OPWFEBEFTFOFM
TJTUFNBw
-BOVFWB&%4DPNQQBSUFDDPOTVBBOUFDFTPSBMPTN
NJTNPTWBMPSFTTCCBTBEPTFFOFFMSJHPSZFMBOÈMJTJT
QFSPQQSFTFOUUBEPTEEFVOBN
NBOFSBBDUVBMOOPWFEPTBZDDPOWJTJØOEFGVUVSP
%JTQPOJCMFFO