1. No category

BMEFGFCSFSPEF"×P97***/
&M"OVBSJP"-"$0/53"i&MTFDUPSBMBMDBODFEFMBNBOPw
&/7*"136&#"&-A*/'03.&$"#&;¶/
$MBWFT(MPCBMFT
QPS4BOUJBHPEF2VJSPHB
4JHVFFMQFSJØEJDPEFMBDPNVOJEBEEFMNFEJDBNFOUPFOGBDFCPPLDPNFMHMPCBMZPVUVCFDPN/FU4BMVE57Z!FMHMPCBMOFU
&M1MFOPUFOESÃRVFDPOWBMJEBSFMUFYUPFONBS[P
6OBGBSNBDJBTJO
JOOPWBDJÓOOPTFSÎB
BTJTUFODJBM1ÈHJOB
&MA*OGPSNF$BCF[ÓOIBFODPOUSBEPFMDPOTFOTP6OPEFMPT
QVOUPTNÃTEFTUBDBEPTFOMBJODPSQPSBDJÓOEFMBSFTQPOTBCJMJEBE
TPDJBMEFMBTGBSNBDÊVUJDBTBMBIPSBEFJOWFTUJHBSGÃSNBDPT1
-B"/OPWFEFMJUPQFOBM
FOMBUSBNBA$POWFDUPS
■-PTJNQVUBEPTTFCFOFGJDJBOEFMBMBYJUVEEFMWJFKPDØEJHPQFOBM
-B"VEJFODJB/BDJPOBMIBBSDIJ
WBEPMB0QFSBDJÓO$POWFDUPS&M
NBHJTUSBEP FTUJNB RVF MPT JNQVUBEPTOPDPNFUJFSPOEFMJUP
DPOUSBMBTBMVEQÙCMJDBBMOP
PQFSBSDPOGÃSNBDPTDBEVDBEPT
PEFUFSJPSBEPTFMDPOEJDJPOBOUF
RVFSFGMFKBCBMBMFZDVBOEPTF
DPNFUJFSPOMPTIFDIPT1ÈHJOB
3PDIF$FMHFOFZ
#.4TFSÃO
MÎEFSFTFO
PODPMPHÎB
6O JOGPSNF EF &WBMVBUF
1IBSNB EFTUBDB B MBT
DPNQBÒÎBT3PDIF$FMHFOFZ
#SJTUPM.ZFST4RVJCCDPNP
MÎEFSFT FO FM NFSDBEP
PODPMÓHJDPQBSBFMFKFSDJDJP
1ÈHJOB
-BJOEVTUSJBQJEF
DPOUSBQSFTUBDJÓO
B%POBME5SVNQ
$JVEBEBOPTSFDVFSEBB
MBNJOJTUSBRVFFMDPQBHP
iTÎFTUÃFOMBBHFOEBu
1ÈHJOB
-BGBSNBDJB
TFQSFQBSBQBSB
BDPHFSCJPMÓHJDPT
-BTQPTJCJMJEBEEFRVFMPTCJPMÓ
HJDPTTFQVFEBOEJTQFOTBSFOMB
PGJDJOB EF GBSNBDJB OP WB B
DPHFSEFTQSFWFOJEBBMBCPUJDB
1PSFMMPTFFTUÃJOWJSUJFOEPFO
GPSNBDJÓOQBSBRVFMMFHBEPFM
DBTPQVFEBOEJTQFOTBSMPTTJO
QSPCMFNBT1ÈHJOB
-BCPUJDBiTVNBZ
TJHVFuFOMBMVDIB
DPOUSBFMDÃODFS
-PT QSPHSBNBT EF EFUFDDJÓO
QSFDP[EFDÃODFSDPMPSSFDUBM
JNQMBOUBEPTFOMBTGBSNBDJBT
EF$BUBMVÒB#BMFBSFTZ.VSDJB
TPOFMNÃYJNPFYQPOFOUFQFSP
OPÙOJDPEFMBJNQMJDBDJÓOEFMB
GBSNBDJB DPNVOJUBSJB FO MB
MVDIBDPOUSBFMDÃODFS1ÈHJOB
&M OVFWP QSFTJEFOUF EF
&TUBEPT6OJEPTRVJFSFRVFMB
JOEVTUSJBGBSNBDÊVUJDBCBKF
TVTQSFDJPTZGBCSJRVFEFOUSP
EFTVTGSPOUFSBT"OUFFTUBT
FYJHFODJBTMBJOEVTUSJBMFIB
TPMJDJUBEP RVF SFGPSNF FM
DÓEJHP USJCVUBSJP QBSB
HFOFSBSFNQMFP1ÈHJOB
y4FWFOEF#FYTFSPFOMBTDMÎOJDBT -BPODPMPHÎB
QSJWBEBT -BGBSNBDJBMPEFOVODJB FTMBCBTFEFM
DSFDJNJFOUP
%FTEFRVFFOPDUVCSFEFMB"FNQTQFSNJUJFSBRVF#FYTFSPTF
EJTQFOTBTFFOMBTGBSNBDJBFMBCBTUFDJNJFOUPEFFTUFQSPEVDUPOP
IBMMFHBEPOVODBBUFOFSVOSÊHJNFOOPSNBM"IPSBMBGBSNBDJB
‡FM$PMFHJP0GJDJBMEF'BSNBDÊVUJDPTEF.BESJEZ"EFGBSNB‡
EFOVODJBRVFQBSUFEFMQSPCMFNBTFFODVFOUSBFOFMiEFTWÎPuEFMB
BÙOJOTVGJDJFOUFQSPEVDDJÓOEFFTUBWBDVOBBMDBOBMIPTQJUBMBSJP
QSJWBEPFOEFUSJNFOUPEFQSJPSJ[BSFMBCBTUFDJNJFOUPBMBTCPUJDBT
-BQPMÊNJDBIBMMFHBEPBM$POHSFTPBUSBWÊTEFM140&RVJFOJOTUB
BM(PCJFSOPBBDMBSBSFTUFEFTBCBTUFDJNJFOUP1ÈHJOB
-PTSFTVMUBEPTEFMBTDPNQB
ÒÎBTGBSNBDÊVUJDBTFOFMBÒP
UJFOFOVOIJMPDPOEVD
UPSMBPODPMPHÎB&TUBÃSFB
UFSBQÊVUJDBTFIBDPOWFSUJEP
FO FM QSJODJQBM NPUPS EF
DSFDJNJFOUP1ÈHJOB
r&-(-0#"-BMEFGFCSFSPEF
$MBWFT(MPCBMFT
-BGBSNBDJBEFTQPKBEBEFMBJOOPWBDJÓO
QFSEFSÎBTVTFOUJEPBTJTUFODJBM
TBTFMQSFDJPEFMNFEJDBNFOUPZTVNBSHFOUPQBEP
FJODMVTPFM
QBHPEJGFSJEP3B[POFTTJOBSHVNFOUPBTJTUFODJBM%FCFIBCFSNF
EJDBNFOUPT%)RVFTFEJTQFOTFOEFNBOFSBFYDMVTJWBFOFMIPTQJ
UBM1FSPTFUSBUBEFMBFYDFQDJÓOZDPOWFSUJSMPFOMBSFHMBQPSDVFT
UJPOFTFDPOÓNJDBTFTBMNFOPTDVFTUJPOBCMF
MJOGPSNFTPCSFNFEJDBNFOUPTEF%JBHOÓTUJDP)PTQJUBMBSJP
1BSFDFSB[POBCMFRVFTFFYQMJRVFRVFSFDPHFSMBNFEJDBDJÓOFO
%)
QVCMJDBEPDPOFMTFMMPĸ%4*OUFMMJHFODF6OJU3FQPSUFT
VOTFSWJDJPEFGBSNBDJBIPTQJUBMBSJPQSPWPDBNÃTJODPNPEJEBEFT
FMQSJNFSEPDVNFOUPFTDSJUPZQÙCMJDPRVFQSPQPOFNFEJ
BMQBDJFOUFRVFIBDFSMPFOMBPGJDJOBEFGBSNBDJB"EFNÃTMBDMBTJ
GJDBDJÓOEFGÃSNBDPTDPNP%)EFCFSÎBSFTQPOEFSTÓMPBDSJUFSJPT
EBTQBSBBOBMJ[BSMBTBMJEBEFMBJOOPWBDJÓOEFMBPGJDJOBEFGBSNB
DJB4FUSBUBEFMQSJNFSEPDVNFOUPRVFSFWJTBZQSPGVOEJ[B
DMÎOJDPTZGBSNBDPMÓHJDPTZTJFNQSFQFOTBOEPFOFMCFOF
FOMBTQPTUVSBTRVFNBOUJFOFOMPTEJGFSFOUFTBHFOUFTMBGBS
GJDJPEFMQBDJFOUF"MHVOBTBTPDJBDJPOFTEFQBDJFOUFTQJFO
NBDJBIPTQJUBMBSJBMBGBSNBDJBDPNVOJUBSJBMBJOEVTUSJB 6OJOGPSNF TBORVFMBHSBUVJEBEEFMNFEJDBNFOUPIPTQJUBMBSJPGSFOUF
GBSNBDÊVUJDBMBEJTUSJCVDJÓOGBSNBDÊVUJDBZMPTQBDJFOUFT QSPQPOF
BMDPQBHPEFMBPGJDJOBEFGBSNBDJBFTVOBWFOUBKBRVF
6OFOGPRVFBOBMÎUJDPDPOVOEFTBSSPMMPJOUFHSBEPSZDPOGÓS
DPNQFOTBMBJODPNPEJEBE$PNPWFNPTBMHVOBTEVEBT
NFEJEBT
NVMBTRVFQMBOUFBODÓNPFWJUBSMPTQSPCMFNBTRVFHFOFSB
EFCFOTFSSFWJTBEBTZBDPSEBEBTDPOMBTQBSUFTJOUFSFTB
TBDBSNFEJDBNFOUPTJOOPWBEPSFTEFMBGBSNBDJB5SBTMBEBS QMBOUFBEBT EBT-PRVFFTVOIFDIPTFHÙOTFEFTQSFOEFEFMBOÃMJTJT
MBEJTQFTBDJÓOEFNFEJDBNFOUPTDMBTJGJDBEPTDPNP%)BM QPSMPT
EFM$($0'BMSFTQFDUPFTRVFEFMPTNFEJDBNFOUPT
ÃNCJUPIPTQJUBMBSJPFTVOBNFEJEBRVFWBDPOUSBMBCBTFEF BHFOUFTQBSB RVFTFIBOQBTBEPSFDJFOUFNFOUFB%)TÓMPSFTQPOEFO
MBBTJTUFODJBTBOJUBSJBEFCFQSPQPSDJPOBSTFDFSDBEFEPOEF
BDSJUFSJPTEFFTQFDJBMDPOUSPMNÊEJDP0USBFOUJEBENVZ
NBOUFOFSMB
TFHFOFSBMBOFDFTJEBE-BQSPYJNJEBEEFMBTPMVDJÓOEFM
BDUJWBFOFTUFBTVOUPMBQBUSPOBM'FEJGBSFTUÃUSBCBKBOEP
QSPCMFNBTFBQMJDBDPOFMDPOPDJEPQSJODJQJPEFTVCTJEJBSJF JOOPWBDJØO FOVOBQSPQVFTUBRVFQFSNJUBEJTQFOTBSFTUPTNFEJDB
EBEBNQMJBNFOUFDJUBEPFO&VSPQB%JDIPQSJODJQJPPUPSHB FOMB
NFOUPT%)FOMBPGJDJOBEFGBSNBDJBTJODPTUFBEJDJPOBM
BMPT&TUBEPTNJFNCSPMBDBQBDJEBEEFEFDJEJSTVTQPMÎUJDBT
QBSBMBBENJOJTUSBDJÓO5FOFNPTFKFNQMPTDPNP"MFNB
GBSNBDJB
TBOJUBSJBTTPOMPTRVFFTUÃOiDFSDBEFMQSPCMFNBBSFTPM
OJBFOEPOEFMPTBOUJWJSBMFTQBSBMBIFQBUJUJT$TFEJTQFO
WFSu1PSFTUBNJTNBSB[ÓORVFVONFEJDBNFOUP%)DVZB
TBOFOGBSNBDJBDPNVOJUBSJB)BCSÃRVFGBNJMJBSJ[BSTF
JOEJDBDJÓOEFCFSFBMJ[BSTFQPSVOFTQFDJBMJTUBIPTQJUBMBSJPUSBTFM
DPOMPTOVFWPTUÊSNJOPTDPNQSBDFOUSBMJ[BEBQBHPNJYUPQBHP
EJBHOÓTUJDPPQPSUVOPTFBEJTQFOTBEPFOMBPGJDJOBEFGBSNBDJBFT
QPSTFSWJDJPIPOPSBSJPQSPGFTJPOBMGJKPFTUBNPTGSFOUFBOVFWPT
SFTPMWFSFMQSPCMFNBEFNBOFSBDFSDBOBZFGJDB[+VTUPEFMBNB
SFUPTRVFFYJHFOOVFWBTTPMVDJPOFT1FSPTFUSBUBEFRVFMBJOOP
OFSBRVFTFSFTVFMWFOMPTQSPCMFNBTFOMBBTJTUFODJBTBOJUBSJB
WBDJÓOMMFHVFBMBGBSNBDJBOPEFSFQMBOUFBSBMBMJHFSBMBQSFT
$POUSBFTUPIBOTVSHJEPBMHVOBTJOJDJBUJWBTRVFDPOTJEFSBOBS
UBDJÓOGBSNBDÊVUJDB
HVNFOUPTEFNÃTQFTPMPTFDPOÓNJDPTFTQFDJBMNFOUFMPTEFTDVFO
!TBOUJEFRVJSPHB
UPTRVFTFSFBMJ[BOFOMBTDPNQSBTIPTQJUBMBSJBTQPSEJWFSTBTDBV
4BOUJBHPEF2VJSPHB
1SFTJEFOUF&EJUPSEF&(
&
4FHVJSFNPTMBQJTUB
X-BGBSNBDJBDPNVOJUBSJB
FTUÈQSFQBSBEBQBSBEJTQFOTBS
CJPMØHJDPTZNFEJDBNFOUPT
%)6SHFFTUBCMFDFSOVFWPT
NFDBOJTNPTQBSBOPSFEVDJS
TVQBQFMBTJTUFODJBM
X{2VÏDSJUFSJPTEFCFSÓBOQSJ
NBSFOMBEJTQFOTBDJØOEFMPT
NFEJDBNFOUPT%) 5BOTØMP
IBZRVFQPOFSTFFOMPT[BQB
UPTEFMPTQBDJFOUFT:FODPO
USBSVOBTPMVDJØOFDPOØNJDB
X$FMHFOFJNQVMTBFMEFCBUF
EFMBDPPQFSBDJØOBVUPOØNJDB
FO*%JZTFSÈVOPEFMPT
HSBOEFTFO0ODPMPHÓBFO
B×PT
X-B'*1QPOFFOTVBHFOEBMB
JOGPSNBDJØOTPCSFNFEJDB
NFOUPTBMQBDJFOUF
X5SBTFMTFNFTUSFEF)PMBOEB
FOMBQSFTJEFODJBEFMB6&
.BMUBSFMBKBMBUFOTJØOiIBZ
RVFUSBCBKBSEFMBNBOPEFMB
JOEVTUSJBOPFODPOUSBw
X$TQMBOUFBEBSNBSDIBBUSÈT
BVOBQBSUFEFMDPQBHP6SHF
WBMPSBSFMJNQBDUPFDPOØNJDP
QSFTVQVFTUBSJP
BMEFGFCSFSPEF&-(-0#"-r
&EJUPSJBM
.ÃTRVFOVODBFTIPSBEFIBCMBSEFBDDFTP
1FSTPOBKFTEFMBTFNBOB
(SBOEFTQBTPTTFIBOEBEPFO&/7*QFSPIBZRVFDPODSFUBSMBTGÓSNVMBTRVFTFQJEFO
QBSBMBDPMBCPSBDJÓOQÙCMJDPQSJWBEBZMBJOEVTUSJBEFCFQBSUJDJQBSFOTVEJTFÒP
.
VDIPTFIBIFDIPFTQFSBSMB
BQSPCBDJÓOEFMJOGPSNFTPCSF
BDDFTPBMPTNFEJDBNFOUPTFO
MB$PNJTJÓOEF4BMVEEFM1BSMBNFOUP
&VSPQFP1FSPMBFTQFSBIBNFSFDJEP
MBQFOB4VBQSPCBDJÓODBTJQPSVOBOJ
NJEBESFTVMUBEPEFVOBNÃTRVFUSB
CBKBEBMBCPSEFDPOTFOTPMMFWBEBBDBCP
QPS4PMFEBE$BCF[ÓOEFCFSÎBTFSNP
UJWPNÃTRVFTVGJDJFOUFQBSBRVFTFJOJ
DJFOZBMBTCBTFTGPSNBMFTEFVOEJÃ
MPHPRVFQFSNJUBFNQF[BSBUPNBSNF
EJEBTRVFMJNFOMBTEFGJDJFODJBTEFM
NFSDBEPOBEJFEVEBRVFMBTIBZ
TJO
EJOBNJUBSTVTCBTFT
$BTVBMNFOUFMBTBMJEBEF&/7*EF
FTUFEPDVNFOUPTFIBQSPEVDJEPFOMB
NJTNBTFNBOBFOMBRVFTFDFMFCSBFM
%ÎB.VOEJBMDPOUSBFM$ÃODFSVOBFO
GFSNFEBEDVZBJODJEFODJBTVQFSÓFO
UPEBTMBTQSFWJTJPOFTNBSDBEBT
QBSB)BZQSPEVDUPTQSPNFUFEP
SFTFOFMNFSDBEPZPUSPTNÃTWFOESÃO
NBSDBEPTBGVFHPQPSMBQFSFOUPSJBOF
DFTJEBEEFBMDBO[BSBDVFSEPTRVFQFS
NJUBOBMPTGÃSNBDPTDPOWBMPSUFSBQÊV
UJDPBÒBEJEPFOUSBSFOMPTNFSDBEPT
DVCSJFOEPMBTOFDFTJEBEFTNÊEJDBT
BTFHVSBOEPMBTPTUFOJCJMJEBEEFMPTTJT
UFNBTZNFEJBOUFFTRVFNBTRVFTJHBO
GBWPSFDJFOEPMBHFOFSBDJÓOEFOVFWB
JOOPWBDJÓO
(SBOEFTQBTPTTFIBOEBEPFO&/7*
QFSPTJHVFTJFOEPIPSBEFIBCMBSQBSB
DPODSFUBSFOUSFPUSBTDPTBTMBTOVFWBT
GÓSNVMBTRVFTFSFDMBNBOQBSBMBDP
MBCPSBDJÓOQÙCMJDPQSJWBEB&MFTQÎSJUV
4PMFEBE$BCF[ÓO
&VSPEJQVUBEBQPSFM140&
-BFVSPEJQVUBEBTPDJBMJTUBQVFEF
FTUBSPSHVMMPTBEFMUSBCBKPSFBMJ
[BEPDPOFMJOGPSNFEFBDDFTP
5SBTMBTDSÎUJDBTSFDJCJEBTQPSFM
CPSSBEPSJOJDJBMFMJOGPSNFRVF
IBTBMJEPEF&/7*MPIBIFDCPDPO
VOBQSPCBEPDBTJVOÃOJNF"IPSB
UPDBDPOTFOTVBSDPOFMTFDUPS
EFMBUBTBTPCSFWFOUBTOVODBTFGVF4J
HVFQSFTFOUFBVORVFOPFYQMÎDJUBNFOUF
FOFMA*OGPSNF$BCF[ÓOBMJHVBMRVFFM
EFVOiJODFOUJWPOFHBUJWPuBMPTHBTUPT
TPCSFNÃSLFUJOHZDVBMRVJFSPUSBJEFB
RVFTFRVJFSBDPOTJEFSBS&TIPSBEF
RVFMBJOEVTUSJBGBSNBDÊVUJDBQBSUJDJQF
BDUJWBNFOUFFOFMEJTFÒPEFFTUBDPO
USJCVDJÓOBMB*%iEFTEFFMQVOUPEF
WJTUBEFMBSFTQPOTBCJMJEBETPDJBMuQBSB
RVFFMSFTVMUBEPFGFDUJWBNFOUFTFB
CVFOPQBSBUPEPT
-PRVFDPNFO[ÓTJFOEPVOFKFSDJDJP
QVOUVBMRVFTFIBNBOUFOJEPEFTEFMB
1SFTJEFODJBIPMBOEFTBEFMB6&SFV
OJSDBEBDJFSUPTNFTFTFOGPSNBUPTEF
NFTBTSFEPOEBTBSFQSFTFOUBUFTEFM
TFDUPSZEFMPTFTUBEPTNJFNCSP
FTUÃ
BIPSBBQVOUPEFEBSVOTBMUPDVBMJUB
UJWPZDVBOUJUBUJWP"MHPRVFIBZRVF
BHSBEFDFSBMBFVSPEJQVUBEBQPQVMBS
'SBOÉPJTF(SPTTFUËUF4VMMBNBNJFOUP
BMBDSFBDJÓOEFVOGPSPFTUSBUÊHJDPEF
BMUPOJWFMFOFMTFDUPSGBSNBDÊVUJDPTVFOB
QSPNFUFEPSZMBNFKPSWÎBQBSBHBSBO
UJ[BSRVFMBSFMBDJÓOFOUSFFMTFDUPSQÙ
CMJDPZFMQSJWBEPOPEFKBBOBEJFFOUÊS
NJOPTEFEFTFRVJMJCSJP
&
FTUF UJQP EF QSÃDUJDBT DPNP IFDIP
EFMJDUJWPTJFNQSFZDVBOEPMPTNFEJDB
NFOUPTOPFTUÊODBEVDBEPTOJEFUFSJP
SBEPT
6OBJOUFSQSFUBDJÓOBMQJFEFMBMFUSB
EFMBMFZRVFIPZQPSIPZOPTFSÎB
QPTJCMF Z RVF TVQPOF VO BWJTP B
OBWFHBOUFTPNÃTCJFOBEJTUSJCVJEP
SFTQBSBMFMPTRVFOPRVJFSBOIBDFSMBT
DPTBT DPNP IBO EF IBDFSTF FO FM
GVUVSP $PO MB SFGPSNB EFM $ÓEJHP
1FOBMMBDPTBDBNCJBZFMDPNFSDJPEF
NFEJDBNFOUPTTJOMBOFDFTBSJBBVUPSJ
[BDJÓOBIPSBTÎFTVOEFMJUP%FBMHVOB
GPSNBTFSFDPOPDFFMFTQFDJBMDVJEBEP
RVFIBZRVFUFOFSDPOMPTGÃSNBDPT
13&4*%&/5&&%*503
1VCMJDBDJÓOEF
DISTRIBUCION
GRATUITA
4BOUJBHPEF2VJSPHB#PV[P
%*3&$503
"OUPOJP/JFUP4BOUJBHP
3&%"$503+&'&$BSMPT#
3PESÎHVF[#BSUPMPNÊ
3&%"$$*¶/"MCFSUP$PSOFKP
+BWJFS3VJ[5BHMF.BSUB3JFTHPZ
¦OHFMBEF3VFEB
RVFOPQVFEFOTFSDPOTJEFSBEPTDPNP
DVBMRVJFSPUSPCJFOEFMPTRVFDJSDVMBO
MJCSFNFOUFQPSMB6OJÓO&VSPQFB7JTUP
MPWJTUPMBTJHVJFOUFDBVTBFOQSPDFEFS
BTVBSDIJWPTFSÃMBA0QFSBDJÓO/PJTB
ZBQBSUJSEFBIÎFTQFSBSBRVFMB
SFGPSNB EFM $ÓEJHP 1FOBM IBZB
BQMBDBEPMBTHBOBTEFIBDFSNBMMBT
DPTBTZEFCVTDBSBUBKPTQBSBCVTDBS
VOFOSJRVFDJNJFOUPJMÎDJUP
"M JHVBM RVF IB PDVSSJEP DPO MB
TFOUFODJBEFMBTTVCBTUBTEFNFEJDB
NFOUPTTFFDIBFOGBMUBVOBDJFSUB
DPODJFODJBDPOPDJNJFOUPZTFOTJCJMJ
EBETBOJUBSJBQBSBQPEFSKV[HBSOP
TPMPDPOMBMFZFOMBNBOP
%FQBSUBNFOUP$PNFSDJBM1BMPNB
(BSDÎBEFM.PSBM#BSDFMPOB
1BUSJDJB
EFM0MNP.BESJE
%JS"TPD
+FTÙT$BTUJMMP(VUJÊSSF[%JS(SBM
#BSDFMPOB.JHVFM¦OHFM5PWBS
4PMVUJPOTZ'BSNBDJB
5BOJB7JFTDB"ENJOJTUSBDJÓO
¦SFBT"MNVEFOB%ÎF[.FOÊOEF[
4FWFSJOP&YQÓTJUP$POUSPMMFS
$BMJEBE
.BSUB&TUÊWF[.FEJDBM
4DJFODF-JBJTPO
"OUPOJP/JFUP4BOUJBHP $BSMPT4JFHGSJFE'PUPHSBGÎB
Z+PSHF
-ÓQF["VEJPWJTVBMFT
&TUSBUFHJB%JHJUBM
wecare-u. healthcare
communications group
-BNJOJTUSBEF4BOJEBEBTFHVSÓ
RVFFMDPQBHPOPFTUÃFOMB
BHFOEBEFM(PCJFSOP4JO
FNCBSHPFMQPSUBWP[EF4BOJEBE
QPS$JVEBEBOPTMFSFDPSEÓRVFFO
FMQBDUPEFJOWFTUJEVSBTÎTF
SFGMFKBVODBNCJPEFFTUFTJTUFNB
EFBQPSUBDJÓOGBSNBDÊVUJDB
-BGSBTFEFMBTFNBOB
-FZFTTJODPODJFODJBTBOJUBSJB
MTPCSFTFJNJFOUPQSPWJTJPOBMZ
BSDIJWPEFMBDBVTBQPSMBRVFTF
KV[HBCBMBA0QFSBDJÓO$POWFD
UPSQPSQBSUFEFMB"VEJFODJB/BDJPOBM
EBDBSQFUB[PBFTUFBTVOUPBMNFOPT
EFNPNFOUP4JFOMPTQSÓYJNPTTFJT
NFTFTOPTFBQPSUBOOVFWBTQSVFCBT
PJOEJDJPTRVFSFCBUBOMPTBSHVNFOUPT
BQPSUBEPTQBSBMBFYDVMQBDJÓOQPSFM
KVF['FSOBOEP"OESFVMB0QFSBDJÓO
$POWFDUPSTFSÃBSDIJWBEB.JFOUSBTMB
BDVTBDJÓOFTUVEJBMPTQPTJCMFTSFDVS
TPT B MB EFDJTJÓO KVEJDJBM FT FM
NPNFOUPEFBOBMJ[BSVOBBDUVBDJÓO
RVFTFIBBSDIJWBEPHSBDJBTBRVFFM
BOUJHVP$ÓEJHP1FOBMOPDPOUFNQMBCB
'SBODJTDP*HFB
%JQVUBEPQPS$JVEBEBOPT
i-BEJOÃNJDBEFMB
EJTUSJCVDJÓOJOWFSTB
FYJHFNFEJDBNFOUPT
FOQFSGFDUPFTUBEPu
'FSOBOEP"OESFV
+VF[EFMB"VEJFODJB/BDJPOBM
$POTFKPEF"ENJOJTUSBDJÓO4BOUJBHPEF
2VJSPHB3PCFSUP(BSDÎB4PUP"MCFSU
'FSSFS#PSKB(BSDÎB/JFUP7JDFOUF%ÎB[
Z¦VSFP3VJ[EF7JMMB
."%3*%$#BSÓOEFMB
5PSSF.BESJE
5MG
'BY
5PEPTMPTEFSFDIPTSFTFSWBEPT
%FQÓTJUPMFHBM.
*44/
*NQSJNF3PUPNBESJE4713$.
#"3$&-0/"$$BMWFUO
¦UJDP#BSDFMPOB
5MG
'BY
r1VCMJDJEBE&-(-0#"-BMEFGFCSFSPEF
BMEFGFCSFSPEF&-(-0#"-r
0QJOJØO
&OCVFOBTNBOPT
&M)BTIUBH
.ZTJNCBFOMBPCFTJEBE
#FYTFSP
i-PTQSPGFTJPOBMFTWFOÎBNPTSFDMBNBOEP
#BSUPMPNÊ#FMUSÃO
EFTEF IBDF UJFNQP MB EJTQPOJCJMJEBE EF
+FGFEFTFSWJDJPTNÏEJDPT".FEJB
GÃSNBDPTQBSBMVDIBSDPOUSBMBPCFTJEBE
-BHSBOOPWFEBEEF.ZTJNCBSBEJDBFORVF
FTVOGÃSNBDPEVBMRVFQFSNJUFBDUVBS
BGJDIBUÊDOJDBFTDMBSB-PTFGFDUPTEF
UBNCJÊOTPCSFMBBOTJFEBEZOPTWBBBZVEBS
.ZTJNCB FO MB SFEVDDJÓO EF QFTP
BMVDIBSDPOUSBMPTBUSBDPOFTUBOGSFDVFO
DPSQPSBM TF IBO EFNPTUSBEP FO UFT FO OVFTUSPT QBDJFOUFTu DPNFOUB FM
FTUVEJPTGVOEBNFOUBMFTFOMPTRVFQBSUJDJ
EPDUPS&TUFCBO+PEBSSFTQPOTBCMFEFMB
QBSPOBMSFEFEPSEFQBDJFOUFTPCFTPT
6OJEBE EF &OEPDSJOPMPHÎB EFM )PTQJUBM
PDPOTPCSFQFTPFOMPTDVBMFT.ZTJNCBTF
2VJSÓOEF.BESJE
DPNQBSÓ DPO QMBDFCP VO USBUBNJFOUP
i&T VOB DPOTFDVFODJB EFM EFTBSSPMMP
TJNVMBEP
"MPTQBDJFOUFTEFMPTFTUVEJPTTF
JOEVTUSJBMIBDFNPTNFOPTUSBCBKPGÎTJDP
MFTBENJOJTUSÓFMNFEJDBNFOUPDPNPQBSUF
QPSMPRVFDPOTVNJNPTNFOPTFOFSHÎBZTJO
EFVOQSPHSBNBEFQÊSEJEBEFQFTPRVF
FNCBSHPMPTBMJNFOUPTUJFOFODBEBWF[
JODMVÎBBTFTPSBNJFOUPTPCSFEJFUBZFKFSDJ
NBZPSEFOTJEBEDBMÓSJDBuFYQMJDBFMEPDUPS
DJP
+PEBS
-BTQSJODJQBMFTNFEJEBTEFMB -PTFYQFSUPT
-PT FYQFSUPT DPJODJEFO FO
FGJDBDJBGVFSPOFMQPSDFOUBKFEF DPJODJEFO
BQVOUBSRVFFMTFEFOUBSJTNPZFM
SFEVDDJÓOEFMQFTPDPSQPSBMBMP FOBQVOUBS
BVNFOUPEFMBQPSUFDBMÓSJDPTPO
MBSHPEFPTFNBOBTEFUSBUB
MBT QSJODJQBMFT DBVTBT EF MB
NJFOUPZMBQSPQPSDJÓOEFQBDJFO RVFFM
PCFTJEBEi-BWJEBRVFMMFWBNPT
UFTRVFMPHSBSPOBMNFOPTVOQPS TFEFOUBSJTNP
BDUVBMNFOUFOPFTUÃIFDIBQBSB
DJFOUPEFSFEVDDJÓOEFMQFTPFOMPT ZFMBVNFOUP
NBOUFOFS FM QFTPu EJDF MB
FTUVEJPT UBNCJÊO TF FWBMVÓ FM
EPDUPSB4VTBOB.POFSFPKFGF
EFMBQPSUF
OÙNFSPEFQBDJFOUFTRVFMPHSBSPO
EFTFSWJDJPEF&OEPDSJOPMPHÎBZ
BMNFOPTVOBSFEVDDJÓOEFMQPS DBMØSJDP
/VUSJDJÓOEFM)PTQJUBM(FOFSBM
DJFOUPEFMQFTPZMPTSFTVMUBEPTTF TPOMBT
6OJWFSTJUBSJP(SFHPSJP.BSBÒÓO
BOBMJ[BSPOVUJMJ[BOEPEJGFSFOUFT QSJODJQBMFT
EF .BESJE Z TFDSFUBSJB EF MB
NÊUPEPTQBSBUFOFSFODVFOUBFM
4PDJFEBE&TQBÒPMBEF0CFTJEBE
OÙNFSPEFQBDJFOUFTRVFOPGJOBMJ DBVTBT
i6UJMJ[BNPT MB DPNJEB DPNP
[BSPOFMFTUVEJPBMSFEFEPSEFM EFMBPCFTJEBE
SFDPNQFOTB P DPNPEÎO QBSB
QPSDJFOUPFONÃTEFVOBÒP
DVBMRVJFS UJQP EF TJUVBDJÓO
&OUSFTEFMPTFTUVEJPTMBQÊSEJEB
FNPDJPOBM1PSFTPFTUBOJNQPS
EFQFTPNFEJBFOMPTQBDJFOUFTUSBUBEPTDPO
UBOUFVOGÃSNBDPRVFBZVEFBFTUFUJQPEF
.ZTJNCBGVFEFBQSPYJNBEBNFOUFFM
QBDJFOUFTBDPOUSPMBSTVTHBOBTEFDPNFSu
QPSDJFOUPBMQPSDJFOUPDPNQBSBEPDPO
BÒBEFMBFYQFSUB
FMQPSDJFOUPBQPSDJFOUPEFMPTRVF
5FOFNPTRVFTFSDPOTDJFOUFEFRVFFM
UPNBSPOQMBDFCPMBQSPQPSDJÓOEFQBDJFO
QFTP OP TF NBOUJFOF TPMP i)BZ RVF
UFTUSBUBEPTDPO.ZTJNCBRVFMPHSBSPOVOB
DVJEBSTFMMFWBOEPVOBBMJNFOUBDJÓOFRVJMJ
QÊSEJEBEFQFTPEFMQPSDJFOUPPTDJMÓFOUSF
CSBEBZBKVTUBOEPMPRVFDPNFNPTBMHBTUP
VOQPSDJFOUPZVOQPSDJFOUPFO
FOFSHÊUJDP RVF SFBMJ[BNPTu GJOBMJ[B
DPNQBSBDJÓODPOVOQPSDJFOUPBVO
.POFSFP
&TMPRVFIBZ4FHVSP
QPSDJFOUPEFMPTRVFUPNBSPOQMBDFCP
-
'PUPGJKB
&TUFWFZ4FGBDUSBCBKBSÃOFOBEIFSFODJB
-
BDPNQBÒÎB&TUFWFZMB
4PDJFEBE &TQBÒPMB EF
'BSNBDJB 'BNJMJBS Z
$PNVOJUBSJB 4FGBD
IBO
GJSNBEP
VO
DPOWFOJP
NFEJBOUF FM DVBM BNCBT
FOUJEBEFTDPMBCPSBSÃOFOFM
EFTBSSPMMPEFVOQSPHSBNBEF
BDUJWJEBEFTQBSBFMGPNFOUPF
JNQMBOUBDJÓOEFVOQMBOEF
BEIFSFODJB UFSBQÊVUJDB FO
GBSNBDJB
DPNVOJUBSJB
EVSBOUF MPT EPT QSÓYJNPT
BÒPT
"OUPOJP/JFUP
%JSFDUPSEF&M(MPCBM
-
B4BOJEBEEFOUSPEFMBFTUSBUFHJBQPMÎUJDBEFVO(PCJFSOP
UJFOFRVFTFSUFOJEBNÃTFODVFOUB-BTEFDJTJPOFTRVFTF
UPNBOMPTDBNJOPTRVFTFFMJHFOZMBTQFSTPOBTRVF
BTVNFOTVSFQSFTFOUBUJWJEEBEUJFOFORVFUFOFSVOBNBZPS
EPTJTEFSFTQPOTBCJMJEBERVFFMSFTUPEFÃSFBTQPMÎUJDBT-BTFOTJ
TJCJMJEBEEFMBTEFDJTJPOFTUBNCJÊOUJFOFRVFTFSNBZPS1PS
UBOUPTFSFRVJFSFOBNQMJBTEPTJTEFTFOUJEPDPNÙOZHSBOWJTJÓO
EFGVUVSPQBSBFOUFOEFSRVFMBTNFEJEBTRVFTFUPNBOUJFOFO
DPOTFDVFODJBTNÃTBMMÃEFMPRVFTFBMDBO[BBWFS
6ODBTPNVZDMBSPFTFMQVOUPBMRVFTF
IBMMFHBEPDPO#FYTFSP-BWBDVOBGSFOUF -BTEFDJTJPOFT
BMNFOJOHPDPDP#RVFUBOUPFTUÃEBOEP RVFTFUPNBO
RVFIBCMBSGVFSFUJSBEBEFMDBMFOEBSJP
WBDVOBMTJORVFOBEJFFOTVNPNFOUPMP TJOQFOTBSFO
FOUFOEJFSB -B "HFODJB &TQBÒPMB EF MPTQSPCMFNBT
.FEJDBNFOUPT"FNQT
FNJUJÓVO*OGPSNF RVFQVFEBO
EF6UJMJEBE5FSBQÊVUJDBFOFMRVFQSPQP
HFOFSBS
OÎBDBMJGJDBSB#FYTFSPDPNPEFVTPIPTQJ
UBMBSJP&TPTVQVTPSFTUSJOHJSFMBDDFTPB QFSNJUFO
FTUBTWBDVOBTZVODBNCJPFOMBFTUSBUF RVFTFEFO
HJBEFMBDPNQBÒÎBRVFMBDPNFSDJBMJ[BCB TJUVBDJPOFT
QPSFOUPODFT/PWBSUJTBOUFTEFMBBERVJ
TJDJÓOEFMOFHPDJPHMPCBMEFWBDVOBTQPS DPNP
QBSUFEF(4,MPRVFTBDBCBB&TQBÒB MBEF#FYTFSP
DPNPVOPEFMPTNFSDBEPTQSJPSJUBSJPTFO
MPTRVFDPNFSDJBMJ[BSFTBWBDVOB$POMBWVFMUBBMBOPSNBMJ
EBEZFMUSJVOGPEFMTFOUJEPDPNÙOZMBSFTQPOTBCJMJEBEFTUÃ
DPTUBOEPRVF#FYTFSPTFFODVFOUSFDPOOPSNBMJEBEFOMBT
GBSNBDJBTFTQBÒPMBT1PDPBQPDPTFSFDVQFSBFMTVNJOJTUSPZ
QBSFDFRVFTFOPSNBMJ[BSÃFTUFBÒP)BZRVFSFDPSEBSMB
DPNQMFKJEBERVFTVQPOFMBFMBCPSBDJÓOEFWBDVOBTZMBOFDFTJ
EBEEFBOUJDJQBSTFZUFOFSDMBSBMBQMBOJGJDBDJÓOEFDBEBQBÎTFO
DVBOUPBQPMÎUJDBWBDVOBMQBSBRVFOPPDVSSBOFTUBTDPTBT
/PFTNPNFOUPEFQFEJSDVMQBCMFTTJOPEFBQSFOEFSEFVOB
NBMBFYQFSJFODJBNPUJWBEBQPSEJDUÃNFOFTQPDPDMBSPTZRVF
MPÙOJDPRVFIBODPOTFHVJEPFTTFNCSBSEFTDPODJFSUPZQSFPDV
QBDJÓO-BQSPUFDDJÓOEFMBTBMVEFTUÃNVZQPSFODJNBEF
DVBMRVJFSPUSBDPOTJEFSBDJÓO
!"OUPOJPOJFUPT
&ODVFTUB
FEFCFSÎBTVQSJNJSMBBQMJDBDJÓOEFMÎOEJDFDPSSFDUPSB
4
GBSNBDJBT7&$BCJFSUBTFONPEFMPTEFQMBOJGJDBDJÓOEF
NÎOJNPTDPNP/BWBSSB
4ÓFOFTUFNPEFMPFMUJUVMBSIBUFOJEPDJFSUBMJCFSUBEBM
FMFHJSTVVCJDBDJØOZEFCFBTVNJSUPEBTMBTDPOTFDVFODJBT
4ÓFYDFQUPQBSBBRVFMMBTRVFQFTFBFTBAMJCFSUBETF
IBZBOJOTUBMBEPFO[POBTSVSBMFTZPOÞDMFPTBJTMBEPT
/PMBOPSNBUJWBOPFTUBCMFDFEJTUJODJPOFTZEFCF
SFTQFUBSTFBTÓ/PIBZRVFNPEJGJDBSMB
&TUBTABZVEBTTPMPEFCFOBQMJDBSTFBCPUJDBTSVSBMFTBM
NBSHFOEFMUJQPEFQMBOJGJDBDJØORVFFYJTUBFOMB$$""
-BQSFHVOUBEFMBQSØYJNBTFNBOB
2VÏMFQBSFDFFMBSDIJWPEFMBDBVTBEFMBA0QFSBDJØO$POWFDUPS
TJOJODVMQBSEFMJUPQFOBMBMHVOPBTVTJNQVUBEPT
1VFEFWPUBSFO
<FODVFTUBXFC>
r&-(-0#"- BMEFGFCSFSPEF
1PMÓUJDB
&MEJÃMPHPGBSNBDÊVUJDPSFTVDJUBFOMB
6&QBSBSFFEJUBSMBTCBTFTEFMTFDUPS
■&MA*OGPSNF$BCF[ØOFRVJMJCSBMBCBMBO[BIBDJBMBTJOTUJUVDJPOFTQÞCMJDBTQBSBGBDJMJUBSFMBDDFTP
$"3-04#30%3¶(6&;
.BESJE
&OUSF Z MPT EFDJTPSFT
QBHBEPSFTZMPTBHFOUFTEFMNFEJDB
NFOUP NBOUVWJFSPO VO EJÃMPHP
DPOTUBOUFDPOFMPCKFUJWPEFEFTBSSPMMBS
VOBWJTJÓODPOKVOUBZEBSQBTPTRVF
BZVEBSBOBMBDPNQFUJUJWJEBEEFMTFDUPS
&TUPTFODVFOUSPTTFMMFWBSPOBDBCPFO
UPSOPBEPTGPSPTUSBTDVBUSPBÒPTEF
BOEBEVSBFMA(EFM.FEJDBNFOUPEJP
QBTPBMA'ÓSVN'BSNBDÊVUJDP/VFWF
BÒPTEFTQVÊTEFRVFÊTUFÙMUJNPGJOBMJ
[BSBTVTUSBCBKPTMB6&FTUÃNVZDFSDB
EFSFFEJUBSFTUBFYQFSJFODJBHSBDJBTB
VOBEFMBTFONJFOEBTBQSPCBEBTQBSBFM
JOGPSNFTPCSFBDDFTPBMPTNFEJDBNFO
UPTEFMBFVSPEJQVUBEB4PMFEBE$BCF[ÓO
&MJNQVMTPBVOEJÃMPHPFTUSBUÊHJDPEF
BMUPOJWFMQBSBFMTFDUPSGBSNBDÊVUJDP
FTUÃMMBNBEPBSFEFGJOJSMBTCBTFTEFM
NFSDBEPFVSPQFPFOCÙTRVFEBEFVO
OVFWP FRVJMJCSJP FOUSF MPT TFDUPSFT
QÙCMJDPZFMQSJWBEP
-B QSPQVFTUB RVF FM1MFOP EF MB
&VSPDÃNBSB UFOESÃ RVF BQSPCBS FO
NBS[PBCPHBQPSSFVOJSBSFQSFTFOUBO
UFT EF MB $PNJTJÓO EF MPT FTUBEPT
NJFNCSP EF MBT PSHBOJ[BDJPOFT EF
QBDJFOUFTEFMPTQBHBEPSFTEFMPTQSPGF
TJPOBMFTTBOJUBSJPTEFMPTSFQSFTFOUBO
UFTEFMNVOEPBDBEÊNJDPZDJFOUÎGJDPZEF
MBJOEVTUSJBGBSNBDÊVUJDB&MGJOÙMUJNP
EFGJOJSFTUSBUFHJBTBDPSUPNFEJPZMBSHP
QMB[PRVFBTFHVSFOFMBDDFTPBTFRVJCMF
B MPT NFEJDBNFOUPT Z HBSBOUJDFO MB
TPTUFOJCJMJEBEEFMPTTJTUFNBTTBOJUBSJPT
ZMBDPNQFUJUJWJEBEEFMBJOEVTUSJB
4JFMA*OGPSNF$BCF[ÓOMMFHBBCVFOP
QVFSUPZMMFWBBMB$PNJTJÓO&VSPQFBB
EBSUPEPTMPTQBTPTRVFTFMFSFRVJFSFOZ
MBFVSPEJQVUBEBTPDJBMJTUBFTPQUJNJTUBBM
SFTQFDUP
FTUFEPDVNFOUPNBSDBSÎBFM
JOJDJPEFVODBNCJPDPOTJEFSBCMFFOFM
NFSDBEP FVSPQFP 5SBT FM A*OGPSNF
$BCF[ÓOMBCBMBO[BTFFRVJMJCSBIBDJB
MBTJOTUJUVDJPOFTIBDJBFMQPEFSQÙCMJDP
IBDJBMPTFTUBEPTNJFNCSPwi"VNFOUB
NPTFOEFGJOJUJWBFMQPEFSEFOFHPDJB
DJÓOEFMPTFTUBEPTNJFNCSPZDPOFMMP
GBDJMJUBNPTFMBDDFTPBMPTNFEJDBNFO
UPTFOMB6OJÓO&VSPQFBuEJKPMBFVSPEJ
QVUBEBOBEBNÃTBQSPCBSTFTVJOGPSNF
FOMB$PNJTJÓOEF.FEJP"NCJFOUF4BMVE
1ÙCMJDBZ4FHVSJEBE"MJNFOUBSJB&/7*
&M JOGPSNF RVJFSF DPOTFHVJS FTUF
PCKFUJWPQPSVOBEPCMFWÎBFOQSJNFS
MVHBSTPMJDJUBOEPRVFTFBMB$PNJTJÓOMB
RVFNFEJBOUFVOBFWBMVBDJÓOPCKFUJWBZ
USBOTQBSFOUF EFUFSNJOF FM WBMPS
BÒBEJEP UFSBQÊVUJDP EF DBEB OVFWP
NFEJDBNFOUP BOUFT EF RVF ÊTUF TF
DPNFSDJBMJDFZFTUBCMF[DBVOBDMBTJGJDB
-B$PNJTJØOEF.FEJP"NCJFOUF4BMVE1ÞCMJDBZ4FHVSJEBE"MJNFOUBSJBEFM&VSPQBSMBNFOUPBQSPCØFMA*OGPSNF$BCF[ØODPOWPUPTBGBWPSVOPFODPOUSBZEPTBCTUFODJPOFT
(&/²3*$04:#*04*.*-"3&4%04&+&41"3"&-"$$&40
5SBTOVNFSPTPTEFCBUFTFM1BSMBNFOUP&VSPQFPQBSFDFIBCFSBMJOFBEPTVQPTUVSBDPOMBEFM$POTFKPEFMB6&FOUPSOPBMBDDFTPBTFRVJCMFBMPTNFEJDBNFOUPTZBMHVOBTEFMBT
DMBWFTQBSBMPHSBSMP6OBEFFMMBTFTMBBQVFTUBJODPOEJDJPOBMQPSHFOÏSJDPTZCJPTJNJMBSFT&MA*OGPSNF$BCF[ØOIBFOWJBEPVONBOEBUPDMBSPBMB$PNJTJØO&VSPQFBQBSB
FTUJNVMBSMBDPNQFUFODJBFOFMNFSDBEPZFMTFDUPSDPOGÓBFORVFFMNFOTBKFOPDBJHBFOTBDPSPUPi-B$PNJTJØOEFCFSÓBBDUVBSQBSBBTFHVSBSRVFFTUBTQSPQVFTUBTTFUSBEV
DFOFONFEJEBTSFBMFTQBSBRVFUPEPTMPTQBDJFOUFTBDDFEBOBMPTNFEJDBNFOUPTRVFOFDFTJUBOwBTFHVSØFMEJSFDUPSHFOFSBMEF.FEJDJOFTGPS&VSPQF"ESJBOWBOEFO)PWFO
-BQBUSPOBMDPOGÓBFORVFFTUBTNFEJEBTOPUBSEFOFOMMFHBSZFTQFSBRVFTFJODMVZBOFOUSFMBTSFDPNFOEBDJPOFTFTQFDÓGJDBTQPSQBÓTRVFGPSNBOQBSUFEFMTFNFTUSFFVSPQFP
&MFTUÓNVMPBMBDPNQFUFODJBOPFTMBÞOJDBSFDFUBBMBRVFIBDFSFGFSFODJBFMJOGPSNFTPCSFBDDFTPBMPTNFEJDBNFOUPTRVFUBNCJÏOTPMJDJUBBMB$PNJTJØORVFFTUJNVMFMB
FYQPSUBDJØOUFNQSBOBEFHFOÏSJDPTZCJPTJNJMBSFTBQBÓTFTEPOEFOPFYJTUFODFSUJGJDBEPTDPNQMFNFOUBSJPTEFQSPUFDDJØO
DJÓOFVSPQFBFOGVODJÓOEFMOJWFMEF
JOOPWBDJÓO&OTFHVOEPMVHBSBQPTUBOEP
QPSSFWJTBSFMTJTUFNBEFJODFOUJWPTQBSB
DPOTFHVJSRVFTFJOWFTUJHVFFOÃSFBT
EPOEFFMSFUPSOPFDPOÓNJDPFTEVEPTP
&MA*OGPSNF$BCF[ÓOEFKBDPOTUBODJBEFM
WPMVNFOEFSFDVSTPTRVFMPTTJTUFNBT
TBOJUBSJPTIBOEFEJDBEPBMB*%TJO
OJOHÙOUJQPEFDPOEJDJPOBMJEBE&/7*
DSFFRVFIBMMFHBEPMBIPSBEFDBNCJBS
MBTDPTBTZEFHBSBOUJ[BSSFUPSOPTBM
TJTUFNBQÙCMJDP1FSPFMEPDVNFOUPBÙO
EBVOQBTPNÃTZQJEFRVFMPTSFDVSTPT
QÙCMJDPTTFDPNCJOFOQBSBMMFWBSMBWP[
DBOUBOUFZEJSJHJSMBJOWFTUJHBDJÓOEF
OFDFTJEBEFTOPDVCJFSUBTBQFMBOEPQPS
QSJNFSBWF[BRVFMBJOEVTUSJBGBSNBDÊV
UJDBQBSUJDJQFEFTEFFMQVOUPEFWJTUBEF
TVSFTQPOTBCJMJEBETPDJBM
0USB EF MBT DPODMVTJPOFT RVF TF
FYUSBFOEFMJOGPSNFUSBTTVBQSPCBDJÓO
FO&/7*UJFOFRVFWFSDPOFMBOÃMJTJTEFM
NFSDBEP&MFTUVEJPRVFMPTNJOJTUSPT
EF 4BMVE EF MB 6& FODBSHBSPO B MB
$PNJTJÓO&VSPQFBTPCSFMBFWBMVBDJÓO
FDPOÓNJDBEFMPTJODFOUJWPTZSFDPNQFO
TBTQBSBMBJOOPWBDJÓOGBSNBDÊVUJDBFO
&VSPQBZTVGVODJPOBNJFOUPEFOUSPEFM
NFSDBEPJOUFSOPDVZPQMB[PEFBQPSUB
DJPOFT UFSNJOB QSFDJTBNFOUF FTUB
TFNBOB
FTTÓMPMBQSJNFSBQJF[BEFVOB
FWBMVBDJÓONVDIPNÃTQSPGVOEBZRVF
BGFDUBSÃBPUSPTBTQFDUPTEFMTFDUPS
&TQPSFKFNQMPFMDBTPEFMBQSPQJF
EBEJOUFMFDUVBM-PTFVSPEJQVUBEPTIBO
MMFHBEPBMBDPODMVTJÓOEFRVFFTOFDFTB
SJPIBDFSVOFTUVEJPPCKFUJWPRVFEFUFS
NJOFFMJNQBDUPRVFUJFOFTPCSFFMBDDFTP
BMPTNFEJDBNFOUPTZTPCSFMBQSPQJB
JOOPWBDJÓO%FTVTSFTVMUBEPTTFQPESÎBO
EFSJWBSNFEJEBTDPODSFUBT
&OMBNJTNBTJUVBDJÓORVFEBUBNCJÊO
MBQSFPDVQBDJÓOFONBUFSJBEFEFTBCBT
UFDJNJFOUPT &M JOGPSNF QJEF B MB
$PNJTJÓO RVF BOBMJDF Z FTUVEJF TVT
QPTJCMFTDBVTBTBTÎDPNPFMJNQBDUPEFM
DPNFSDJP QBSBMFMP Z MBT DVPUBT EF
TVNJOJTUSP DPNP QBTP QSFWJP QBSB
FTUBCMFDFSVOMJTUBEPEFNFEJDBNFOUPT
FTFODJBMFTRVFBDUVBMNFOUFSFHJTUSBO
QSPCMFNBTFOFMNFSDBEPFVSPQFP
5PEBWÎBTFFTQFSBONÃTUSBCBKPTQPS
QBSUFEFMB$PNJTJÓO"EFNÃTEFFYJHJSMF
QMBOFTQBSBHBSBOUJ[BSFMBDDFTPBUSBUB
NJFOUPT DPO DBQBDJEBE DVSBUJWB
FNQF[BOEP QPS MB IFQBUJUJT $
FM
JOGPSNFQJEFRVFBOBMJDFMPTJODFOUJWPT
SFHVMBUPSJPTFOFMDBNQPEFMPTNFEJDB
NFOUPT IVÊSGBOPT Z RVF SFQPSUF BM
$POTFKPZBM1BSMBNFOUPBMNFOPTVOB
WF[DBEBDJODPBÒPTFMFTUBEPEFTJUVB
DJÓOEFMBDDFTPFO&VSPQB
-BQBUSPOBMEFMBJOEVTUSJBGBSNBDÊV
UJDB JOOPWBEPSB &GQJB IB EFDJEJEP
RVFEBSTF DPO MP CVFOP EFM JOGPSNF
BQMBVEFMBQSPQVFTUBEFDSFBSVOGPSPEF
EJÃMPHPEFBMUPOJWFMZMBSFDPNFOEBDJÓO
EFDSFBSVONBSDPFTUBCMFZQSFEFDJCMF
FONBUFSJBEFQSPQJFEBEJOUFMFDUVBMTJ
CJFO OP IBDF NFODJÓO BM QVOUP NÃT
QPMÊNJDPFMOVFWPFRVJMJCSJPEFQPEFSFO
MBOFHPDJBDJÓOEFMPTQSFDJPT
BMEFGFCSFSPEF &-(-0#"-r
1PMÓUJDB
i-BGÓSNVMBQBSBRVFMBJOEVTUSJBQBSUJDJQF
FOMB*%BQFMBOEPBTV34$EFCFDPODSFUBSTFu
40-&%"%$"#&;¶/FVSPEJQVUBEBEFMB$PNJTJÓOEF4BMVE1ÙCMJDB
$"3-04#30%3¶(6&;
.BESJE
4JIBZVONFOTBKFDMBSPFOFMJOGPSNFEF
BDDFTPBMPTNFEJDBNFOUPTFTRVFMB
PCMJHBDJÓOEFMPTFTUBEPTNJFNCSPEF
QSPWFFSFMEFSFDIPBMBTBMVEIBTJUVBEP
BMTFDUPSQÙCMJDPFOVOBSFMBDJÓOEF
EFQFOEFODJB FYDFTJWB RVF IBZ RVF
SFFRVJMJCSBS&(IBIBCMBEPDPO4PMFEBE
$BCF[ÓOQPOFOUFEFMJOGPSNFUSBTTV
BQSPCBDJÓOFO&/7*
1SFHVOUB)BZRVJFOUFNÎBRVFUSBT
FMQSPDFTPEFFONJFOEBTFMJOGPSNFEF
BDDFTPQVEJFSBRVFEBSiEFTDBGFJOBEPu
y$PNQBSUFFTUBPQJOJÓO 3FTQVFTUB-BTFONJFOEBTEBCBOB
FOUFOEFSRVFMBQSFPDVQBDJÓOQPSMBT
EJGJDVMUBEFTEFBDDFTPBMPTNFEJDBNFO
UPTFO&VSPQBFTNVZHFOFSBMJ[BEBRVF
FYJTUFOGBMMPTFOFMTJTUFNBFVSPQFPZRVF
IBZRVFUPNBSNFEJEBT1VFEFIBCFS
EJGFSFODJBTFOMBTRVFTFDPOTJEFSBONÃT
JNQPSUBOUFT QFSP ÊTUBT TPO NÃT EF
NBUJDFTRVFEFGPOEPFOTVNBZPSQBSUF
1y2VÊNFOTBKFSFTBMUBSÎBUSBTMB
BQSPCBDJÓOEFMJOGPSNFFO&/7* 32VFMPTFVSPEJQVUBEPTSFDMBNBOVO
NFKPSFRVJMJCSJPFOFMTJTUFNBEFGPSNB
RVF MPT FTUBEPT UFOHBO FM OFDFTBSJP
QPEFSEFOFHPDJBDJÓOQBSBHBSBOUJ[BSFM
BDDFTPTJOQPOFSFOSJFTHPMBTPTUFOJCJMJ
EBEEFMPTTJTUFNBTTBOJUBSJPTRVFMBT
OFDFTJEBEFTNÊEJDBTEFCFOTFSDVCJFS
UBTZBDDFTJCMFTTPCSFUPEPTJIBZGPOEPT
QÙCMJDPTZRVFEFCFSFHVMBSTFEFGPSNB
RVFGVODJPOFNFKPSMBDPNQFUFODJBZOP
TFEÊMVHBSBNPOPQPMJPTRVFFOUSFOFO
DPOGMJDUPDPOFMEFSFDIPBMBTBMVE
1.FEJDJOFTGPS&VSPQFIBBQMBVEJEP
MPTUÊSNJOPTEFMJOGPSNF
3&MQBQFMEFMPTHFOÊSJDPTFOUÊSNJ
OPT EF BIPSSP FTUÃ EFNPTUSBEP Z
EFCFNPTHBSBOUJ[BSRVFTVFOUSBEBFO
FMNFSDBEPOPTFBSFUSBTBEBQPSOJOHÙO
UJQPEFJOUFSÊTOPMFHÎUJNPEFMNJTNP
NPEP RVF EFCF QSPNPWFSTF TV VTP
DVBOEPTVQSFTDSJQDJÓOEFNFEJBBÙOOP
MMFHBBMQPSDJFOUPFOMB6&)BZ
NBSHFOEFBDUVBDJÓOMPDVBMEFCFTFS
FTQFSBCMFUBNCJÊOQBSBMPTCJPTJNJMBSFT
11FSPyDÓNPDSFFRVFSFDJCJSÃMB
JOEVTUSJBJOOPWBEPSBQSPQVFTUBTDPNP
MB EFM FTUBCMFDJNJFOUP FVSPQFP EFM
WBMPSBÒBEJEPUFSBQÊVUJDPZMBDMBTJGJ
DBDJÓOFVSPQFBEFMBJOOPWBDJÓO 3&TVOPEFMPTTFDUPSFTNÃTDPNQF
UJUJWPTEF&VSPQBZEFCFZQVFEFTFHVJS
TJÊOEPMP: NFKPSBS MB DBMJEBE EF MB
JOOPWBDJÓOFTMBNFKPSFTUSBUFHJB&OMPT
ÙMUJNPTBÒPTIFNPTBTJTUJEPBDBTPTEF
JNQBDUPTQSFTVQVFTUBSJPTFYDFTJWPTDPO
HSBOEFTDBOUJEBEFTEFEJOFSPQÙCMJDP
EFEJDBEBTBMBJOWFTUJHBDJÓOZVONFOPS
OJWFMEFJOOPWBDJÓOSFTQFDUPBMOÙNFSP
-BFVSPEJQVUBEB4PDJBMJTUB4PMFEBE$BCF[ØOQPOFOUFEFMJOGPSNFTPCSFBDDFTPBMPTNFEJDBNFOUPTBQSPCBEPQPS
MB$PNJTJØOEF.FEJP"NCJFOUF4BMVE1ÞCMJDBZ4FHVSJEBE"MJNFOUBSJB&/7*
EFM1BSMBNFOUP&VSPQFP
EF BVUPSJ[BDJPOFT &T DJFSUP RVF MPT
DPTUFTEFMB*%QVFEFOTFSBMUPTQFSP
IBZNBSHFOQBSBOPUFOFSRVFBTVNJS
RVFIBZBNFEJDBNFOUPTRVFQPOHBOFO
DVFTUJÓOMBTPTUFOJCJMJEBEDPNPIBTJEP
FMDBTPEFMBIFQBUJUJT$ZRVFTFUFOHB
RVFPQUBSQPSUSBUBSBVOBQBSUFEFMB
QPCMBDJÓOFOMVHBSEFQPOFSFONBSDIB
VOQMBORVFFSSBEJRVFMBFOGFSNFEBE-B
JOEVTUSJBIBEBEPMVHBSBJNQPSUBOUFT
BWBODFTQFSPUBNCJÊOFTDPOTDJFOUFEF
MBTEJGJDVMUBEFTTFÒBMBEBT4FIBOQSPEV
DJEPDBNCJPTFOMPTNPEFMPTEFOFHPDJPT
EF BMHVOBT DPNQBÒÎBT &M SFUP EF MB
NFEJDJOBQFSTPOBMJ[BEBPMBQPTJCJMJEBE
EFEBSSFTQVFTUBBTFDUPSFTQFRVFÒPTEF
QPCMBDJÓOEFCFOTFSFMTJHVJFOUFQBTP
QFSP EFCFNPT IBDFSMP TPTUFOJCMF Z
BDDFTJCMFBMNJTNPUJFNQPRVFTFTJHVF
FTUJNVMBOEPMB*%J
1 2VF FM JOGPSNF TF USBEV[DB FO
NFEJEBTDPODSFUBTQBTBBIPSBQPSRVF
MB$PNJTJÓOBTÎMPRVJFSBy2VÊMFIBDF
TFOUJSTFPQUJNJTUBBMSFTQFDUP 3 -B $PNJTJÓO ZB FTUÃ EBOEP MPT
QSJNFSPTQBTPTFOVOBQSPQVFTUBEF
FWBMVBDJÓO Z FM $POTFKP UBNCJÊO IB
QFEJEPRVFTFUPNFONFEJEBTFOTVT
DPODMVTJPOFTEFMQBTBEPNFTEFKVOJP&T
DJFSUPRVFMPTFTUBEPTUJFOFOMBTDPNQF
UFODJBTFOQSFDJPTZSFFNCPMTPTZTPO
NVZiDFMPTPTEFMBTNJTNBTuZEFBIÎRVF
MB$PNJTJÓOOPIBZBUPNBEPMBJOJDJBUJWB
IBTUB BIPSB1FSP MBT QFUJDJPOFT EF
SFWJTJÓOTPOVOÃOJNFTEFOUSPZGVFSBEF
MB6&ZMB$PNJTJÓOEFCFFKFSDFSFMQBQFM
DPPSEJOBEPS F JNQVMTPS TPCSF UPEP
UFOJFOEPFODVFOUBRVFFMTJTUFNBEFM
NFEJDBNFOUPFTNVMUJEJTDJQMJOBSZMBT
DPNQFUFODJBTDPNQBSUJEBT-B$PNJTJÓO
UJFOF DPNQFUFODJBT FO QSPQJFEBE
JOUFMFDUVBMFOTBZPTDMÎOJDPTBVUPSJ[BDJP
OFTFTFMNBZPSGJOBODJBEPSQÙCMJDPEF
*%ZRVJFOWFMBQPSMBDPNQFUFODJBFO
FMNFSDBEPJOUFSJPSFOUSFPUSBT
1 y$ÓNP EFCFSÎB TFS FTB GVUVSB
QSPQVFTUBEFFWBMVBDJÓO 3"NCJDJPTBZDPODBSÃDUFSMFHJTMBUJWP
4POWBSJPTMPTGSFOUFTFOMPTRVFQVFEF
BDUVBSQFSPVOBFWBMVBDJÓOEFMWBMPS
UFSBQÊVUJDPBÒBEJEPDPNQBSBEPDPOMBT
BMUFSOBUJWBTFYJTUFOUFTEFMNFEJDBNFOUP
TFSÎBNVZJNQPSUBOUFQBSBEBSTFHVSJ
EBEBMPTFTUBEPTZMBJOEVTUSJBQBSB
FRVJMJCSBSFMQPEFSEFOFHPDJBDJÓOFOUSF
BNCPTBMEBSMFMBPCKFUJWJEBERVFTF
OFDFTJUBDPOWJTUBTMBQSPDFTPEFQSFDJPT
ZSFFNCPMTPZQPSRVFWFOESÎBBFTUJNV
MBSMBQSPQJBJOOPWBDJÓO
1y2VÊQBQFMDSFFRVFQPESÎBEFTFN
QFÒBSFMGPSPEFEJÃMPHPEFBMUPOJWFM
QSPQVFTUPQBSBFMTFDUPSGBSNBDÊVUJDP 3&MEJÃMPHPFOUSFUPEBTMBTQBSUFTFT
GVOEBNFOUBM6OBJOUFSMPDVDJÓOUSBOT
QBSFOUFZTJODFSBFTDMBWFQBSBBMDBO[BS
FMWFSEBEFSPFOUFOEJNJFOUPZFRVJMJCSJP
FOUSFFMTFDUPSQÙCMJDPZQSJWBEPQBSB
RVFTFHBSBOUJDFFMEFSFDIPBMBTBMVEZ
Z QBSB RVF MB JOEVTUSJB TJHB TJFOEP
DPNQFUJUJWB
1y1PESÎBBNQMJBSVOQPDPNÃTMB
JEFBEFMBQBSUJDJQBDJÓOEFMBJOEVTUSJB
iEFTEFFMQVOUPEFWJTUBEFMBSFTQPO
TBCJMJEBETPDJBMuFOMB*% 3-BSFMBDJÓOQÙCMJDPQSJWBEBEFCF
SFWJTBSTFQBSBEBSSFTQVFTUBBMPTSFUPT
TJORVFTFQSPEV[DBOQBSBEPKBTEFRVF
MPRVFFTQSPNPWJEPQPSMPQÙCMJDPOPFT
BDDFTJCMFBMNJTNP&OFTFTFOUJEPTF
QJEFRVFTFSFWJTFOFMVTPZBEFDVBDJÓO
EFMPTJODFOUJWPTQÙCMJDPTQVFTUPTFO
NBSDIBZRVFTFFYQMPSFOPUSBTWÎBTEF
DPMBCPSBDJÓOFOMBTRVFFMTFDUPSQÙCMJDP
MMFWFMBJOJDJBUJWBFOMBEFGJOJDJÓOEFMBT
OFDFTJEBEFTDPNPQPESÎBTFSFMDBTPEF
MBJOWFTUJHBDJÓOFOOVFWPTBOUJNJDSPCJB
OPTPDPPSEJOBOEPMPTSFDVSTPTQÙCMJDPT
NJFOUSBTRVFMBJOEVTUSJBQBSUJDJQBSÎB
UFOJFOEP FO DVFOUB RVF ÃNCJUP EF
OFHPDJPFTMBTBMVE
1y.FEJBOUFRVÊGÓSNVMB 3-BGÓSNVMBEFTJEFCFTFSBUSBWÊTEF
VOBUBTBFOCBTFBMBTWFOUBTFOMPTTJTUF
NBTQÙCMJDPTDPOJODFOUJWPTOFHBUJWPTB
MPTHBTUPTFONBSLFUJOHVPUSBTGÓSNVMBT
FTMPRVFEFCFDPODSFUBSTFQFSPRVFEB
DMBSPRVFMBCBMBO[BEFCFSFFRVJMJCSBSTF
IBDJBFMTFDUPSQÙCMJDPZFMJOUFSÊTEFMPT
QBDJFOUFT&OEFGJOJUJWBTFMMBNBBVO
SFFRVJMJCSJP UBNCJÊO FO MB SFMBDJÓO
QÙCMJDPQSJWBEBFOMBEJSFDDJÓOEFMPT
SFDVSTPTZSFTQPOTBCJMJEBEFT
1y&TUÃTBUJTGFDIBDPOFMSFTVMUBEP
FONBUFSJBEFQSPQJFEBEJOUFMFDUVBM 3&MBDFSDBNJFOUPOPIBTJEPEJGÎDJM
&YJTUF BDVFSEP FO RVF FT OFDFTBSJP
BOBMJ[BSFMJNQBDUPEFMBNJTNBFOFM
BDDFTP B MPT NFEJDBNFOUPT Z FO MB
QSPNPDJÓOEFMBJOOPWBDJÓOFOTÎNJTNB
ZEFTVDBMJEBEGJOÙMUJNPEFMBQSPQJF
EBEJOUFMFDUVBMMPRVFUBNCJÊOSFDPHFFM
$POTFKPFOTVTDPODMVTJPOFTEFMQBTBEP
NFTEFKVOJP-PTDSJUFSJPTEFQBUFOUBCJ
MJEBEEFCFOTFSDMBSBNFOUFDVNQMJEPTZ
MPTJODFOUJWPTDPNPMBTFYUFOTJPOFTP
DFSUJGJDBEPTTVQMFNFOUBSJPTEFCFOTFS
FWBMVBEPTZSFWJTBEPTQBSBFWJUBSRVFTF
DPOWJFSUBO FO VOB FTUSBUFHJB EF
OFHPDJPTBMNJTNPUJFNQPRVFEFTJODFO
UJWF VOB JOOPWBDJÓO HFOVJOB DPNP
QBSFDFRVFQVFEFFTUBSPDVSSJFOEP
1 y)BZ BMHÙO QVOUP EFM QSJNFS
CPSSBEPSRVFMBNFOUFIBCFSEFKBEP
BUSÃTFOBSBTEFMDPOTFOTP 3/PIBZOJOHVOBQSPQVFTUBJOJDJBMB
MBRVFIBZBUFOJEPRVFSFOVODJBSZDPOTJ
EFSPRVFZBSFDPHFNFEJEBTBNCJDJPTBT
RVF QVFEFO TFS NVZ QPTJUJWBT QBSB
NFKPSBSMBSFHVMBDJÓOEFFTUFTJTUFNBZ
EBSSFTQVFTUBMPTQSPCMFNBTQMBOUFBEPT
&TQSPCBCMFRVFBMHÙOTFDUPSQVFEB
FDIBSBMHPFOGBMUBZRVFPUSPTQJFOTFO
RVFQVFEFTFSEFNBTJBEPBNCJDJPTP
QFSPFMFRVJMJCSJPFTCÃTJDPQBSBBMDBO
[BSFMDPOTFOTPFJNQVMTBSMPTDBNCJPT
NS
Exclusivo NetSalud
r1PMÓUJDB&-(-0#"-BMEFGFCSFSPEF
%FMB)5"BMB&."-PTBTVOUPTRVFWBOB
NBSDBSMBQPMÎUJDBGBSNBDÊVUJDBEVSBOUF
■.BMUBNBSDBMBMÓOFBBTFHVJSQBSBDPOTFHVJSMPTPCKFUJWPTi 5SBCBKBSEFNBOPEFMBJOEVTUSJBOPFODPOUSBEFFMMBw
$3
.BESJE
&MBÒPGVFQBSBFMEJÃMPHPGBSNB
DÊVUJDPFVSPQFPVOQVOUPEFOPSFUPSOP
1PS QSJNFSB WF[ TF QVTJFSPO EF
NBOJGJFTUPMPTQSPCMFNBTZEFGJDJFODJBT
EFMBDUVBMNPEFMP1BSFDFRVFFMBÒP
TFSÃJHVBMEFQSPNFUFEPS
-B "MJBO[B &VSPQFB QPS MB 4BMVE
1ÙCMJDB&1)"QPSTVTTJHMBTFOJOHMÊT
BUSBWÊTEFTVSFTQPOTBCMFQBSB"DDFTP
6OJWFSTBMZ.FEJDBNFOUPT"TFRVJCMFT
:BOOJT/BUTJTIBTFÒBMBEPDVÃMFTTPOMPT
DJODP BTVOUPT NÃT DBOEFOUFT RVF
NBSDBSÃO MB QPMÎUJDB GBSNBDÊVUJDB
DPNVOJUBSJBIBTUBFMEFEJDJFNCSF
-B FWBMVBDJÓO EF MPT JODFOUJWPT BM
TFDUPSGBSNBDÊVUJDPFMGVUVSPEFMB)5"
FMEFCBUFFOUPSOPBMBTMJDFODJBTBEBQUB
CMFTFMNBSDPEFDPPQFSBDJÓOFOUSFMPT
FTUBEPTNJFNCSPZFMQBQFMEFMB"HFODJB
&VSPQFBEFM.FEJDBNFOUPDPOGPSNBO
VOBBHFOEBRVFBQVOUBEJSFDUBNFOUFB
MB JOEVTUSJB GBSNBDÊVUJDB Z RVF FT
OFDFTBSJPDPNQMFNFOUBSDPOMBTQSJPSJ
EBEFTEF.BMUBQBÎTRVFBDPHFMBQSFTJ
EFODJBTFNFTUSBMIBTUBKVOJP
-"&7"-6"$*»/%&-4&$503A'"3."
&-'65630%&-")5"
/PGVFGÈDJMOFHPDJBSFMUFYUPRVF&EJUI
4DIJQQFSTNJOJTUSBEF4BOJEBEEF)PMBOEB
DPOTJHVJØBQSPCBSFOFM$POTFKPEF.JOJTUSPTEF
4BMVEEFMB6OJØO&VSPQFBFOKVOJPEFBM
GJOBMJ[BSMBQSFTJEFODJBSPUBUPSJBIPMBOEFTB-PT
QSØYJNPTQBTPTUBNQPDPMPTFSÈO5BMZDPNPTF
MFFODPNFOEØMB$PNJTJØO&VSPQFBQVCMJDØMPT
UÏSNJOPTEFSFGFSFODJBQBSBFTUVEJBSFM
JNQBDUPFDPOØNJDPEFMPTDFSUJGJDBEPT
DPNQMFNFOUBSJPTEFQSPUFDDJØOEFMBT
SFDPNQFOTBTZEFMPTJODFOUJWPTGBSNBDÏV
UJDPTFO&VSPQBZTVGVODJPOBNJFOUPEFOUSPEFM
NFSDBEPJOUFSOP&MEFGFCSFSPGJOBMJ[BMBDPOWPDBUPSJBMBO[BEBQPSMBTBVUPSJEBEFTDPNVOJUBSJBTQBSBBTFHVSBS
RVFFMQSPDFTPZMBFMBCPSBDJØOEFFTUFFTUVEJPTFMMFWBOBDBCPEFNBOFSBUSBOTQBSFOUFFJOEFQFOEJFOUF5FØSJDB
NFOUFFMSFTVMUBEPGJOBMEFCFSÓBWPMWFSBNBOPTEFMB$PNJTJØOBGJOBMFTEFQFSPMB&1)"OPEFTDBSUBSFUSB
TPTOJUBNQPDPRVFBUFOPSEFTVTBNCJDJPTPTPCKFUJWPTTFEFCBDPOWPDBSVOTFHVOEPFTUVEJPFO
)BDFVOPTB×PTMB)5"OPFSBVOBTVOUP
FTQFDJBMNFOUFSFMFWBOUF)PZFTVOBQJF[B
DMBWFQSPGVOEBNFOUFJOUFSDPOFDUBEBDPOMBT
PUSBTRVFDPOGPSNBOFMEFCBUFTPCSFFM
BDDFTPBMPTNFEJDBNFOUPTFO&VSPQB%F
IFDIPSFTVMUBTJHOJGJDBUJWPRVFTFBMBÞOJDB
ÈSFBFOMBRVFDBCFFTQFSBSVOBOVFWB
MFHJTMBDJØODPNVOJUBSJBCBKPFMNBOEBUP
EF+FBO$MBVEF+VODLFS&MJOUFSÏTEFMB
$PNJTJØOZEFM$POTFKPFOFTUBÈSFBUJFOF
BIPSBVONBOEBUPDMBSPEFM&VSPQBSMBNFOUP
-BDPOTVMUBQÞCMJDBMBO[BEBQBSBEFGJOJSFM
GVUVSPEFMBDPPQFSBDJØOFONBUFSJBEFFWBMVBDJØOFDPOØNJDBZBIBGJOBMJ[BEPZOPTFFTQFSBRVFMBQSPQVFTUBEF
#SVTFMBTMMFHVFBOUFTEFFTUFWFSBOP&MDBMFOEBSJPFTFTUSFDIPZMBUBSFBBSEVBOPTFSÈGÈDJMDPOTFOTVBSFMGVUVSP
EFVONPEFMPRVFDMBSBNFOUFOPQVFEFTFHVJSBJTMBEPQFSPEFMDVBMEFQFOEFODVFTUJPOFTNVZTFOTJCMFT
BDDFTPQSFDJPTSFFNCPMTPT
QBSBMPTFTUBEPTNJFNCSP
-"4-*$&/$*"4"%"15"#-&4
&-&'&$50A#&/&-69"
1FTFBTVBWBO[BEPEFHFTUJØOQJMPUP
JODMVJEPTVGVUVSPOPFTUÈFTDSJUP-BT
QSFPDVQBDJPOFTZMPTQSPCMFNBTQFSTJTUFO
6OXPSLTIPQPSHBOJ[BEPQPSMB&."FMEF
EJDJFNCSFQFSNJUJØBSSPKBSBMHVOBMV[
BVORVFMB&1)"IBCSÓBQSFGFSJEPRVFVO
FWFOUPQÞCMJDPEFFTUBTDBSBDUFSÓTUJDBT
IVCJFSBUFOJEPMVHBSNJFOUSBTTFQJMPUBCBO
MBTMJDFODJBTBEBQUBCMFTZOPEFTQVÏT"FMMP
TFVOFFMIFDIPEFRVFMBTPDJFEBEDJWJMOPFT
MBÞOJDBRVFNJSBEFSFPKPFTUBOVFWBWÓB
SFHVMBUPSJBQBSBBVUPSJ[BSNFEJDBNFOUPTFOMB6&/VNFSPTPTDJFOUÓGJDPTIBOIFDIPTVQSPQJBDSÓUJDB
DPOTUSVDUJWBTPCSFFTUFTJTUFNB)BTUBMB&."BDFQUBZSFDPOPDFRVFMBTQSFPDVQBDJPOFTFTUÈOKVTUJGJDBEBT
1FSPBÞOOPTFIBEBEPSFTQVFTUBBMBTHSBOEFTDVFTUJPOFTRVFTFQMBOUFBOMBQPTJCJMJEBEEFRVFMBTMJDFO
DJBTAPSGBOJDFOMBSFHVMBDJØOZSFCBKFOMBTHBSBOUÓBTEFTFHVSJEBEQBSBMPTQBDJFOUFTEFOUSPEFMPTFTUBEPT
NJFNCSP
&TMBUFOEFODJBEFGVUVSPFOMBSFMBDJØOEFMPT
FTUBEPTDPOMBJOEVTUSJBGBSNBDÏVUJDBOPJS
QPSMJCSFTJOPEFMBNBOPEFBRVFMMPTDPO
DBSBDUFSÓTUJDBTTPDJPFDPOØNJDBTZOFDFTJEB
EFTTJNJMBSFT5PEBWÓBFTQSPOUPQBSBBWFOUV
SBSDVÈOUPÏYJUPPDVÈOUPJNQBDUPFDPOØNJDP
FOUÏSNJOPTEFBIPSSPPSFTVMUBEPTFOTBMVE
HFOFSBSÈFTUBWÓBQFSPMPDJFSUPFTRVFMPT
QSPQJPTEFDJTPSFTOBDJPOBMFTTPOMPTQSJNFSPT
RVFEFGJFOEFORVFMBTSFHMBTEFMKVFHPUJFOFO
RVFDBNCJBS-BDPMBCPSBDJØOFOUSF#ÏMHJDB
1BÓTFT#BKPT-VYFNCVSHPZ"VTUSJB#FOFMVYB
TFTJUÞBIBTUBBIPSBFOMBBWBO[BEJMMBEFMPTNÞMUJQMFTFYQFSJ
NFOUPTFYJTUFOUFTFOUPSOPBMBHFOFSBDJØOEFMOVFWPNPEFMPEFSFMBDJPOFT5PEPTFMMPTSFDJCJSÈOVOGVFSUF
JNQVMTPFOMPTQSØYJNPTNFTFTDPOMBEFGJOJDJØOEFVOBFTUSBUFHJBNÈTQSFDJTB&TFFTVOPEFMPTPCKFUJWPTEFMB
QSFTJEFODJBNBMUFTBRVFFM$POTFKPEF.JOJTUSPTEF4BMVEBQSVFCFVOBTCBTFTQBSBMMFWBSBDBCPVOBDPPQFSB
DJØOFTUSVDUVSBEBFOUSFMPTFTUBEPTNJFNCSP
-"&."
"#3*36/$"/"-$0/-"*/%6453*"
-BTEVEBTRVFFYJTUFOFOUPSOPBMBTMJDFODJBTBEBQUB
CMFTDPOGPSNBOVOPEFMPTBSHVNFOUPTRVFBKVJDJP
EFMB"MJBO[B&VSPQFBQPSMB4BMVE1ÞCMJDBBQVOUBOB
PUSPPCKFUJWPFMSFHVMBEPSFVSPQFP-B&1)"SFDPOPDF
RVFMB&."EFCFUSBCBKBSDPEPDPODPEPDPOMBJOEVT
USJBGBSNBDÏVUJDBQFSPJOTJTUFFORVFMPTJOUFSFTFTEF
MBJOEVTUSJBOPOFDFTBSJBNFOUFUJFOFORVFFTUBS
BMJOFBEPTDPOFMJOUFSÏTQÞCMJDPPMBTOFDFTJEBEFTEF
MPTQBDJFOUFT$POTDJFOUFEFRVFCVFOBTWBMMBTIBDFO
CVFOPTWFDJOPTMB&1)"DSFFRVFFTIPSBEFVCJDBS
VOBiNVSBMMB$IJOBwFOUPSOPBMSFHVMBEPSi&TUJFNQP
EFFDIBSVOBNJSBEBDSÓUJDBBMB&."ZTVQPTJDJPOB
NJFOUPFOUPSOPBBTVOUPTDPNPFMGVUVSPEFMBFWBMVBDJØOEFMBTUFDOPMPHÓBTTBOJUBSJBTMBEJTDVTJØOTPCSFMB
BTFRVJCJMJEBEFMJOUFSGB[FOUSFMB"HFODJBZMBJOEVTUSJBFMQBQFMEFMB*OJDJBUJWBEF.FEJDBNFOUPT*OOPWBEPSFTZ
TVTWÓODVMPTDPOMPTSFHVMBEPSFTPFMQBQFMEFMBTFTPSBNJFOUPDJFOUÓGJDPQPSDJUBSTØMPBMHVOPTwBTFHVSB:BOOJT
/BUTJT
-BFWPMVDJØOEFMPTDJODPBTVOUPTRVFDPOGPSNBOMB
BHFOEBEFMB&1)"FOQPMÓUJDBGBSNBDÏVUJDBQBSB
EFQFOEFOIBTUBKVOJPEFMQPEFSEFQSFTJØOEF
.BMUBQBSBJOGMVJSUBOUPFOFM$POTFKPDPNPFOMB
$PNJTJØO4JFMB×PQBTBEPFMEFCBUFGBSNBDÏVUJDPTF
JNQVMTØFOUÏSNJOPTQPDPGBWPSFDFEPSFTQBSBMB
JOEVTUSJBQSJODJQBMNFOUFEVSBOUFFMUVSOPEF
)PMBOEBMBOVFWBQSFTJEFODJBEFMB6OJØO&VSPQFB
UJFOFDMBSPRVFFTOFDFTBSJPSFCBKBSFMUPOPNBSDBEP
FOUPODFTFJOJDJBSVOEJÈMPHPDPOTUSVDUJWPDPOVO
TPDJPJOEJTQFOTBCMFi5FOFNPTRVFUSBCBKBSEFMB
NBOPEFMBJOEVTUSJBOPFODPOUSBEFFTB
JOEVTUSJBw2VJ[ÈTFBMBGSBTFNÈTEFTUBDBEBRVF$ISJT'FBSOFNJOJTUSPEF4BMVEEF.BMUBFYQVTPBOUFMPT
FVSPEJQVUBEPTEFMB$PNJTJØOEF.FEJP"NCJFOUF4BMVE1ÞCMJDBZ4FHVSJEBE"MJNFOUBSJBEFM1BSMBNFOUP
&VSPQFP&/7*
EVSBOUFTVDPNQBSFDFODJBQBSBFYQMJDBSMBTQSJPSJEBEFTTBOJUBSJBTEFFTUFTFNFTUSFFOFMRVFTV
QBÓTPTUFOUØMBQSFTJEFODJB
BMEFGFCSFSPEF&-(-0#"-1VCMJDJEBEr
r1PMÓUJDB&-(-0#"-BMEFGFCSFSPEF
-B"(1EFTWFMBMB
EFTJHVBMEBEFOMBT
BZVEBTBQFSTPOBT
DPOEJTDBQBDJEBE
+7
.BESJE
-BNJOJTUSBEF4BOJEBE%PMPST.POUTFSSBUZFMQPSUBWP[QPS$JVEBEBOPTEFMB$PNJTJØOEF4BOJEBE'SBODJTDP*HFBDPOWFSTBOFOFM$POHSFTPEFMPT%JQVUBEPT
$TSFDVFSEBBMBNJOJTUSBRVF
FMDPQBHPiTÎFTUÃFOMBBHFOEBu
■-BQPMÏNJDBUFOESÈOVFWPTDBQÓUVMPTUSBTFMSFHJTUSPEFVOB1/-EFMBGPSNBDJØOOBSBOKB
+36*;5"(-&
.BESJE
-B QPMÊNJDB FO UPSOP BM DPQBHP OP
UFSNJOÓMBTFNBOBQBTBEB4ÓMPGVFVO
DBQÎUVMPNÃTBQFTBSEFMBJOTJTUFODJBEF
MBNJOJTUSBEF4BOJEBEi/PFTUÃFOMB
BHFOEBNPEJGJDBSFMDPQBHP/PMPIBSÊu
SFQJUJÓFOWBSJBTPDBTJPOFTEVSBOUFTV
DPNQBSFDFODJBFOFM$POHSFTPEFMPT
%JQVUBEPTZFOMPTQBTJMMPTBOUFMPTQFSJP
EJTUBT *SÓOJDBNFOUF FTUBT QBMBCSBT
GVFSPOMBTRVFQSPEVKFSPORVFFMDPQBHP
UFOHBOVFWBTFOUSFHBTDPNPTJEFVOB
TFSJFUFMFWJTJWBEFÊYJUPTFUSBUBTF&M
SFTQPOTBCMFEFMPTOVFWPTDBQÎUVMPTTFSÃ
$JVEBEBOPTRVFTPSQSFOEJEPBOUFMB
SFTQVFTUB TJO BNCBHFT EF %PMPST
.POUTFSSBUJOUFSQFMÓBMBNJOJTUSBSFDPS
EÃOEPMFRVFTFFRVJWPDBCBi4ÎRVFFTUÃ
FOMBBHFOEBNPEJGJDBSFMDPQBHP-P
GJSNBSPO VTUFEFT QPS FM 1BSUJEP
1PQVMBS
DPOOPTPUSPTFOFMQBDUPEF
JOWFTUJEVSBuBTFHVSÓ'SBODJTDP*HFB
QPSUBWP[FOMB$PNJTJÓOEF4BOJEBEEFMB
GPSNBDJÓOOBSBOKB
&OUSFTBDÓ EF TVT QBQFMFT *HFB FM
BDVFSEPGJSNBEPQPSBNCPTQBSUJEPTFM
QBTBEPNFTEFBHPTUPZMFZÓBOUFMPT
QSFTFOUFTi1VOUPVOPFONBUFSJBTBOJUB
SJB"TFHVSBSRVFFMDPQBHPGBSNBDÊV
UJDPOPTFBVOBCBSSFSBFOFMBDDFTPBMPT
NFEJDBNFOUPTFOFTQFDJBMQBSBGBNJMJBT
NPOPQBSFOUBMFT P DPO NJFNCSPT FO
TJUVBDJÓO EF EFQFOEFODJBu &TUBT
QBMBCSBT OP GVFSPO DPOUFTUBEBT QPS
%PMPST.POUTFSSBUQFSPTÎQPS3VCÊO
.PSFOPEJQVUBEPQPQVMBSFODBSHBEPEF
JOUFSWFOJS TPCSF FM NPOPHSÃGJDP EFM
DPQBHPMBQBTBEBTFNBOBi4FQVFEFO
WFSMPTUSBNPT4JIBZBDVFSEPFOFTUB
%&'&#3&30
/PTFSÈVOBGFDIBUBOGBUÓEJDBDPNPMBEF
QFSPTÓRVFUFOESÈMVHBSVOOVFWPBTBMUPEFMDPQBHP
BM$POHSFTP-PTQPSUBWPDFTEFMB$PNJTJØOEF
4BOJEBETF×BMBSPOFOSPKPFTUBGFDIBQBSBDFMFCSBS
VOOVFWPEFCBUFFOFMQBSMBNFOUP4FSÈEÓBT
EFTQVÏTEFRVFTFDFMFCSFMBSFVOJØOEFMB.FTBEF
1PSUBWPDFTEFGFCSFSP
EPOEFMPTHSVQPTFMFHJ
SÈOMBT1SPQPTJDJPOFT/PEF-FZRVFFOUSBSÈOFOFM
PSEFOEFMEÓB
1SFWJTJCMFNFOUF$JVEBEBOPTQMBOUFBSÈ
CBUBMMBQBSBRVFTVQSPQVFTUBTPCSFDPQBHPOPTF
EFNPSF4FSÈFOUPODFTDVBOEPTFQVFEBWFSFOFM
$POHSFTPDVÈMFTTPOMBTQSPQVFTUBTDPODSFUBTEFMPT
EJTUJOUPTHSVQPTZTJTFSÈFMQSPQJP$POHSFTPEFMPT
%JQVUBEPTRVJFONPEJGJDBSÈFMDPQBHP
$ÃNBSBTVQPOHPRVFRVFSSÃORVFMB
NJOJTUSBIBHBDBTPuFTQFUÓBMBPQPTJ
DJÓO
4PUFSSBEBCBKPFTUFEFCBUFTFFODPO
USBCBVOB1SPQPTJDJÓO/PEF-FZQSFTFO
UBEBQPS$JVEBEBOPTIPSBTBOUFTEFMB
DPNQBSFDFODJB EF MB NJOJTUSB -B
QSPQVFTUBTPMJDJUBSFGPSNBSMPTDSJUFSJPT
QBSBQFSUFOFDFSBMPTEJTUJOUPTHSVQPTEF
DPQBHPEFNBOFSBRVFMBTQFOTJPOFT
DPOUSJCVUJWBTJOGFSJPSFTBM4.*QBTFO
BVUPNÃUJDBNFOUFEFM54*BM54*TF
SFWJTFFMDPQBHPEFNFEJDBNFOUPTQBSB
EFUFSNJOBEBTFOGFSNFEBEFTDSÓOJDBT
HSBWFTTFFTUBCMF[DBOUPQFTNFOTVBMFT
QBSBMPTQBDJFOUFTEFMPTHSVQPT54*RVF
BTFHVSFOMBBEIFSFODJBUFSBQÊVUJDBPFO
TVDBTPTFMFTCBKFEFUSBNP
"TJNJTNP$JVEBEBOPTBCSFMBQPTJCJ
MJEBEEFRVFMBTGBNJMJBTNPOPQBSFOUB
MFTZMBTGBNJMJBTDPOVOEFQFOEJFOUFB
DBSHPQVFEBOCBKBSEFUSBNPFOCBTFB
TVSFOUBGBNJMJBSZUBNCJÊOMMBNBB
NFKPSBSMBEFUFDDJÓOZBHJMJ[BDJÓOEFMPT
USÃNJUFT QBSB MB BETDSJQDJÓO EF VO
QBDJFOUFBVOEFUFSNJOBEPHSVQPBTÎ
DPNPBJOUSPEVDJSNFEJEBTRVFQFSNJ
UBOMBEFUFDDJÓOEFQBDJFOUFTDPOEJGJDVM
UBE EF BDDFTP B MPT NFEJDBNFOUPT Z
FWBMVBDJÓOEFMBTNFEJEBTJNQMBOUBEBT
-B 0GJDJOB EFM $PNJTJPOBEP QBSB MB
&RVJEBEEFMB"MJBO[B(FOFSBMEF1BDJFO
UFT"(1
BDBCBEFQVCMJDBSVOJOGPSNF
RVFFWJEFODJBMBFYJTUFODJBEFHSBOEFT
EFTJHVBMEBEFTBOJWFMOBDJPOBMFOFM
BQPZPBMBTQFSTPOBTDPOEJTDBQBDJEBE
DPONBMGPSNBDJPOFTDPOHÊOJUBTHFOÊUJ
DBTZDBVTBEBTQPSFGFDUPTUFSBUÓHFOPT
&MEPDVNFOUPRVFBOBMJ[BMBDPCFS
UVSBEFUSFTDPMFDUJWPTFTQFDJBMNFOUF
WVMOFSBCMFT‡MBTQFSTPOBTDPOFOGFSNF
EBEFTSBSBTTÎOESPNFEF%PXOZMPT
BGFDUBEPTQPSUBMJEPNJEB‡QMBOUFBMB
OFDFTJEBE EF RVF FM &TUBEP BEPQUF
NFEJEBTVSHFOUFTDPNPMBSFWJTJÓOEF
MBTBZVEBTRVFSFDJCFOFOMBBDUVBMJEBE
&OUSFPUSPTQVOUPTFMEPDVNFOUPTPMJDJUB
MBBEPQDJÓOEFNFEJEBTJONFEJBUBTQBSB
RVJFOFTQSFTFOUBOVONBZPSHSBEPEF
EJTDBQBDJEBEZDPODMVZFRVFMPTBGFDUB
EPT QPS UBMJEPNJEB SFRVJFSFO VOB
QSPUFDDJÓOZSFTQVFTUBBEFDVBEBBTVT
OFDFTJEBEFT6OBTVOUPRVFSFDJFOUF
NFOUF UBNCJÊO PDVQBCB QBSUF EF MB
BDUVBMJEBEJOGPSNBUJWBFOMB$PNJTJÓOEF
4BOJEBEEFM$POHSFTPEFMPT%JQVUBEPT
&MJOGPSNFIBTJEPSFNJUJEPBMBNJOJT
USBEF4BOJEBE%PMPST.POUTFSSBUBTÎ
DPNPBMPTQPSUBWPDFTEFMPTEJTUJOUPT
HSVQPTQPMÎUJDPTDPOSFQSFTFOUBDJÓOFO
FM$POHSFTP"EFNÃTUBOUPFMQSFTJEFOUF
EF MB "(1 "OUPOJP #FSOBM DPNP FM
$PNJTJPOBEPQBSBMB&RVJEBEEFMB"(1
¦OHFM(JMEF.JHVFMIBOTPMJDJUBEPVOB
SFVOJÓODPOMB0GJDJOBEFM%FGFOTPSEFM
1VFCMPQBSBBCPSEBSFTUFUFNB
$SÓUJDBTEFTEFMBJ[RVJFSEB
&MEFCBUFEFMDPQBHPQPSUBOUPWPMWFSÃ
BM$POHSFTPEFMPT%JQVUBEPT:TFFODPO
USBSÃDPOFM140&Z1PEFNPTRVJFOFT
DBSHBSPOEVSBNFOUFDPOUSBMBNFEJEBZ
MB HFTUJÓO EF MB NJTNB +FTÙT .BSÎB
'FSOÃOEF[QPSUBWP[TPDJBMJTUBFOMB
$PNJTJÓOEF4BOJEBEBTFHVSÓRVFFM
TJTUFNBBDUVBMFTiJOKVTUPJOOFDFTBSJPF
JOFGJDB[u"EFNÃTMFTFÒBMÓBMBNJOJT
USBRVFFOFMOÙNFSPEFSFDFUBT
DSFDJÓi&TGBMTPRVFEJTNJOVZBFMHBTUP
ZNPEFSFFMDPOTVNPZTJOPNFDSFFBNÎ
NJSF MPT EBUPT EFM 4JHSFu BTFWFSÓ
"EFNÃTFYQMJDÓBOUFMB$ÃNBSBRVF
FYJTUFOPUSBTGÓSNVMBTDPNPiGPNFOUBS
NÃTFMVTPEFMHFOÊSJDPFEVDBSBMB
QPCMBDJÓONFKPSBSMBTOFHPDJBDJPOFTEF
QSFDJPDPNPCJFOMFSFDPNJFOEBFM5SJCV
OBM EF $VFOUBT P QSPGVOEJ[BS FO MPT
QSFDJPT TFMFDDJPOBEPT DPNP IBDFS
DPNVOJEBEFTDPNP"OEBMVDÎBuEJKP
%FTEF 1PEFNPT .BSUB 4JCJOB MF
SFDPSEÓBMBNJOJTUSBRVFFOMBQBTBEB
MFHJTMBUVSB TV HSVQP QSFTFOUÓ VOB
QSPQVFTUBiRVFDBNJOBIBDJBTVFMJNJ
OBDJÓOuZRVFJODMVÎBNÃTUSBNPTQBSBFM
TJTUFNBi$SFFVOBMJTUBEFNFEJDBNFO
UPTMJCSFTEFDPQBHPTZTPCSFUPEPFWBMÙF
MBSFGPSNBEFQBSBWFSNFKPSRVÊ
DBNCJPTOFDFTJUBNPTuEJKP
&M5$BWBMBQPS
UFSDFSBWF[MBT
TVCBTUBTBOEBMV[BT
+36*;5"(-&
4FWJMMB
&M5SJCVOBM$POTUJUVDJPOBMIBWVFMUPB
FNJUJSVOBTFOUFODJBBGBWPSEFMBTVCBT
UBTEFNFEJDBNFOUPT1PSUFSDFSBWF[FM
ÓSHBOPKVEJDJBMSFTBMUBRVFMBNFEJEBEF
MB +VOUB EF "OEBMVDÎB OP WVMOFSB
OJOHVOBMFHJTMBDJÓOFTUBUBMFONBUFSJBEF
GJOBODJBDJÓOQÙCMJDBEFNFEJDBNFOUPT
OJDBVTBEFTJHVBMEBEFOUSFDPNVOJEBEFT
BVUÓOPNBT
"EFNÃT FO FTUB TFOUFODJB RVF
SFTQPOEFBVOSFDVSTPJOUFSQVFTUPQPS
FM.JOJTUFSJPEF4BOJEBEFOEJDJFNCSF
EFFMKVF["OESÊT0MMFSPSFJUFSB
RVFOPFYJTUFWVMOFSBDJÓOEFDPNQF
UFODJBT&M5SJCVOBM$POTUJUVDJPOBMZB
BSHVNFOUÓFOFTUFTFOUJEPFOTVQSJNFS
GBMMP QPS MP RVF FTUB TFOUFODJB OP
DBNCJBOJOHÙOBTQFDUPEFMBTBOUFSJP
SFT FNJUJEBT BOUFSJPSNFOUF QPS FM
$POTUJUVDJPOBM
BMEFGFCSFSPEF&-(-0#"-1VCMJDJEBEr
r1PMÓUJDB&-(-0#"-BMEFGFCSFSPEF
$BGÏEFSFEBDDJØO#JPTJNJMBSFT
$MÎOJDPTGBSNBDÊVUJDPTQPMÎUJDPTFDPOPNJTUBT
ZHFTUPSFTDPJODJEFOFOQSPNPWFSFMCJPTJNJMBS
■-PTBHFOUFTJNQMJDBEPTTF×BMBOMBOFDFTJEBEEFVOBOPSNBUJWBFTQFDÓGJDBZEFVOBFTUSBUFHJBGBSNBDÏVUJDBDPODSFUB
."3$04("3$¶"
.BESJE
)PZFOEÎBFMCJPTJNJMBSFTVOBSFBMJEBE
IPTQJUBMBSJB RVF OBEJF TF BUSFWF B
DPOUSBEFDJS4FJTFYQFSUPTRVFSFQSFTFO
UBOBMPTBHFOUFTJNQMJDBEPTFOFTUF
DBNQPTFÒBMBSPOMBOFDFTJEBEEFJODFO
UJWBSMBJOUSPEVDDJÓOEFMCJPTJNJMBSFOFM
4JTUFNB/BDJPOBMEF4BMVE4/4
"TÎTF
QVTPEFNBOJGJFTUPFOFMEFCBUFQSPNP
WJEPQPSMBQBUSPOBM#JPTJNZ'VOEBNFE
CBKPFMUÎUVMPA.FEJDBNFOUPTCJPTJNJMB
SFT &YQMPSBOEP WÎBT EF BDDFTP B MB
JOOPWBDJÓOFOMB$PNVOJEBEEF.BESJE
&M HSVQP EF FYQFSUPT NBOUVWP VO
JOUFOTPEFCBUFTPCSFMPTQSJODJQBMFTFKFT
RVFQSPUBHPOJ[BOMBSFBMJEBEBDUVBMEFM
CJPTJNJMBS FO &TQBÒB Z FODPOUSBSPO
NVMUJUVE EF QVOUPT EF FODVFOUSP Z
BMHVOBEJTDSFQBODJBTPCSFFMGVUVSPEF
FTUFUJQPEFNFEJDBNFOUPT%FFOUSBEB
UPEPTFTUVWJFSPOEFBDVFSEPFOTFÒBMBS
MBOFDFTJEBEEFVOBOPSNBUJWBFTQFDÎ
GJDBRVFGPNFOUFMBJOUSPEVDDJÓOEFMPT
CJPTJNJMBSFT%FMNJTNPNPEPJOEJDB
SPORVFVOBFTUSBUFHJBGBSNBDÊVUJDB
OBDJPOBMTFSÎBFTFODJBMQBSBDPOTPMJEBS
MPTBIPSSPTRVFQSPEVDFOTVMMFHBEBBM
NFSDBEP
&MTFOBEPSTPDJBMJTUB+PTÊ.BSUÎOF[
0MNPTIJ[PWFSMBJNQPSUBODJBEFEJDIB
OPSNBUJWB FTQFDÎGJDB Z MB FTUSBUFHJB
OBDJPOBMFOCJPTJNJMBSFTi-BOPSNBUJWB
FT OFDFTBSJB QPS TFHVSJEBE KVSÎEJDB
"QSFOEJFOEP EF MBT MFDDJPOFT EF MPT
HFOÊSJDPT DPNP GFOÓNFOP
EFCFSÎB
IBCFS VOB FTUSBUÊHJDB GBSNBDÊVUJDB
DPNQBSUJEBRVFOPTQFSNJUJSÃNPOJUPSJ
[BSMPDMÎOJDPZMPFDPOÓNJDPu
&ODBNCJP&ODBSOBDJÓO$SV[TVCEJ
SFDUPSBHFOFSBMEF'BSNBDJBZ1SPEVD
UPT4BOJUBSJPTEFM4FSWJDJP.BESJMFÒPEF
4BMVENBUJ[ÓMBTQBMBCSBTEFMQPMÎUJDPEFM
140&i.FSFWVFMWPVOQPDPFOFMBTJFOUP
QPSRVFQBSFDFRVFUFOFNPTBMHVOBEVEB
ZUJFOFORVFQPOFSOPTVOBOPSNBUJWB
RVFMPTPMVDJPOF.FHFOFSBJORVJFUVE
/PFOUJFOEPRVFEFTEFFMQVOUPEFWJTUB
UFDOPMÓHJDPEFDBMJEBEZTFHVSJEBETFB
.BSJP(BSDÓB)PTQJUBMEF'VFOMBCSBEB
'FEFSJDP%ÓB[4&3
&ODBSOBDJØO$SV[$PNVOJEBEEF.BESJE
"OUPOJP
/JFUP&(
+PTÏ.BSUÓOF[140&
«MWBSP)JEBMHP6$-.
Z+PBRVÓO)JOPKPTB4&1%
BCTPMVUBNFOUF OFDFTBSJB 5FOFNPT
PSHBOJTNPTRVFHBSBOUJ[BORVFFMCJPTJ
NJMBSRVFTFQPOFFOFMNFSDBEPUJFOF
HBSBOUÎBT0USBDPTBFTVOBOPSNBUJWB
RVFQSPNVFWBMBVUJMJ[BDJÓOu
$BQBDJEBEEFBIPSSP
-PRVFRVFEÓNFSJEJBOPGVFMBDBQBDJ
EBEEFBIPSSPQBSBFM4/4RVFHFOFSBFM
VTPEFCJPTJNJMBSFT&MQSPGFTPSEFMB
6OJWFSTJEBE EF $BTUJMMB -B .BODIB
¦MWBSP)JEBMHPJOEJDÓRVFiFMBIPSSP
QSPWPDBEPQPSMBFOUSBEBEFMPTCJPTJNJ
MBSFTFOMB6OJÓO&VSPQFBFOUSF
TFTJUÙBFOUSFMPTNJMMPOFT
EFFVSPTIBTUBMPT&O&TQBÒB
FTUBSÎBFOUSFMPTNJMMPOFTEFFVSPT
ZMPT&TUFEJOFSPQFSNJUFBUFOEFS
BNÃTQBDJFOUFTFJOUSPEVDJSJOOPWBDJP
OFTuTFÒBMÓ"VORVFFMBDBEÊNJDPRVJTP
TFSQSVEFOUFBMBTFHVSBSRVFiMBSFEVD
DJÓOEFQSFDJPFTUBSÎBFOUSFFMPQPS
DJFOUPFO&TQBÒB&O"MFNBOJBFMSBOHP
FTUÃ FOUSF FM Z FM QPS DJFOUP
5PEBWÎBUFOFNPTDBNJOPQPSBOEBSu
&OFTUFTFOUJEP$SV[EFTUBDÓRVFMB
MMFHBEBEFMPTCJPTJNJMBSFTQPTJCJMJUB
BCPSEBSMBTJOOPWBDJPOFTZGPNFOUBSMB
JOWFTUJHBDJÓOi4JFNQSFEFDJNPTRVFMB
JOEVTUSJBEFMCJPTJNJMBSZMBEFMGÃSNBDP
JOOPWBEPSOPTPOJODPNQBUJCMFTuEJKP
-BHFTUPSBNBESJMFÒBEFTDSJCJÓMPRVF
TVQPOFFMVTPEFFTUFUJQPEFGÃSNBDPT
CJPMÓHJDPTi4POVOBPQPSUVOJEBERVF
OPTQFSNJUFVOBCPSEBKFFDPOÓNJDPNÃT
TPTUFOJCMF 5FOFS CJPTJNJMBSFT FO FM
NFSDBEPFTBMHPRVFEFTEFUPEBTMBT
BENJOJTUSBDJPOFTTBOJUBSJBTUFOESÎBNPT
RVFGPNFOUBSuBTFWFSÓ
&OFMEFCBUFTFIBCMÓTPCSFFMFTUVEJP
/PS4XJUDIVOFTUVEJPDMÎOJDPDPNQBSB
UJWPFOUSFVOCJPMÓHJDPPSJHJOBMZTVCJPTJ
NJMBS GJOBODJBEP QPS FM HPCJFSOP
OPSVFHPRVFSFWFMÓMBNJTNBFGJDBDJBZ
MBTFHVSJEBEFOUSFBNCPTGÃSNBDPTZRVF
EBSÎBBSHVNFOUPTIBDJBMBTVTUJUVDJÓOEF
CJPMÓHJDPTQPSSB[POFTFDPOÓNJDBT&TUP
QSPWPDÓVOEFCBUFTPCSFMBJOUFSDBNCJB
CJMJEBEZTVTUJUVDJÓOZTVTJNQMJDBDJPOFT
MFHBMFT+PBRVÎO)JOPKPTBWJDFQSFTJ
EFOUFEFMB4PDJFEBE&TQBÒPMBEF1BUPMP
HÎB %JHFTUJWB BGJSNÓ RVF FM VTP FO
QBDJFOUFTOBÐWFFTUÃBTVNJEPEFOUSPEF
MBHBTUSPFOUFSPMPHÎBi-BTEVEBTFTUÃO
FMTXJUDIMBJOUFSDBNCJBCJMJEBE&OFTUF
TFOUJEPIBZRVFTFSQSVEFOUFTIBZRVF
JSIBDJÊOEPMPQPDPBQPDPZEFNBOFSB
QSPHSFTJWBTFMFDDJPOBOEPNVZCJFORVF
UJQPTEFQBDJFOUFTEFCFORVFFOUSBSFO
FTFQSPDFTPEFJOUFSDBNCJBCJMJEBERVF
TFSÃDVFTUJÓOEFUJFNQPuFYQMJDÓ
1PSTVQBSUF'FEFSJDP%ÎB[EJSFDUPS
EFMB6OJEBEEF*OWFTUJHBDJÓOEFMB4PDJF
EBE&TQBÒPMBEF3FVNBUPMPHÎBBTFHVSÓ
RVFiFTUÃFODPOUSBEFMBTVTUJUVDJÓO
BVUPNÃUJDBNBTJWBQPSRVFMBSFMBDJÓO
NÊEJDPQBDJFOUFOPTFQVFEFQFSEFS"
MPTSFVNBUÓMPHPTOPTQBSFDFVOBHSBO
OPUJDJBMPTCJPTJNJMBSFTZFOQBDJFOUFT
OBÐWF MPT VTBNPT FO FM DJFO QPS
DJFOuEJKP&TUBTQBMBCSBTTJSWJFSPOQBSB
BQVOUBSVOPEFMPTQSJODJQBMFTSFUPT
DPNP FT MB GBMUB EF JOGPSNBDJÓO Z
DPOGJBO[BQPSQBSUFEFMPTQBDJFOUFT
i5JFOFONVZQPDBJOGPSNBDJÓOEFMPRVF
FTVOCJPTJNJMBSZFODVBOUPBTVNFRVF
FT QPSRVF FT NÃT CBSBUP FNQJF[B B
IBCFSSFUJDFODJBJOEFQFOEJFOUFNFOUF
EFRVFTFBCVFOPPNBMP%FCFNPTIBDFS
VOFTGVFS[PMPTNÊEJDPTZMBBENJOJTUSB
DJÓOFORVFMPTQBDJFOUFTTFQBOMPRVFFT
VOCJPTJNJMBSuTFOUFODJÓ
&OFTUBUFTJTEFBQPSUBSDPOGJBO[BBM
VTVBSJPDPJODJEJÓ.BSJP(BSDÎBKFGFEF
TFSWJDJPEF'BSNBDJB)PTQJUBMBSJBEFM
)PTQJUBMEF'VFOMBCSBEBRVFTFÒBMÓRVF
iIBZRVFDSFBSVOBSFEFOUSFQSPGFTJP
OBMFT Z QBDJFOUFT TPQPSUBEB QPS MB
BENJOJTUSBDJÓORVFOPTEPUFEFIFSSB
NJFOUBTQBSBSFHJTUSBSEBUPTFOFGJDBDJB
TFHVSJEBEJONVOPHFOJDJEBEUSB[BCJMJ
EBE RVF TPO GVOEBNFOUBMFT QBSB
HFOFSBSDPOGJBO[B5FOFSSFTVMUBEPTFO
TBMVERVFOPTQFSNJUBORVJUBSMBJODFS
UJEVNCSFu $PNP DPOMVTJÓO (BSDÎB
FYQSFTÓVOEFTFPDPNQBSUJEPQPSUPEPT
MPTQPOFOUFTi4POVOSFUPVOBPQPSUV
OJEBEZIBZRVFCVTDBSMPTQVOUPTEF
FODVFOUSPuEJKP
-"4'3"4&4
'FEFSJDP%ÓB[EJSFDUPSEFMB6OJEBE
EF*OWFTUJHBDJØOEFMB4&3
i
&M.JOJTUFSJPTF
HBTUBNJMMPOFTBM
BÒPFOCJPMÓHJDPTFO
SFVNBUPMPHÎBQFSPOP
JOWJFSUFVOFO
NFEJSDPNPWBu
+PTÏ.BSUÓOF[0MNPTQPSUBWP[EF4BOJEBE
EFM140&FOFM4FOBEP
i
7BNPTBIBDFSVO
QMBOUFBNJFOUPMFHJTMB
UJWPFOCJPTJNJMBSFT
DPNPVOBQBUBEFMB
QPMÎUJDBGBSNBDÊVUJDB
BDBNCJBSu
.BSJP(BSDÓBKFGFEFTFSWJDJPEF'BSNBDJB
)PTQJUBMBSJBFOFM)PTQJUBMEF'VFOMBCSBEB
i
)BZRVFFWPMVDJP
OBSIBDJBVONPEFMP
NFOPTQBUFSOBMJTUB
ZEFSFTQPOTBCJMJEBE
DPNQBSUJEBQPSDMÎOJDP
ZQBDJFOUFu
BMEFGFCSFSPEF&-(-0#"-1PMÓUJDBr
$BGÏEFSFEBDDJØO#JPTJNJMBSFT
-PTJOUFSMPDVUPSFTDPJODJEJFSPOFOSFDIB[BSFMNPEFMPEFQSFDJPTEFSFGFSFODJBQBSBGPNFOUBSFMCJPTJNJMBS
*ODFOUJWPTFDPOÓNJDPTFJOUFSDBNCJBCJMJEBE
DBQJUBMJ[BOFMEFCBUFTPCSFMPTCJPTJNJMBSFT
■2VFEØQBUFOUFFMSFDIB[PBMPTQSFDJPTEFSFGFSFODJBDPNPNFEJEBFDPOØNJDBZBMBTVTUJUVDJØOBVUPNÈUJDB
QSFDJPEFMPTNFEJDBNFOUPTJOOPWBEPSFT
FTMBFYJTUFODJBEFMCJPTJNJMBS%FCFSÎB
NPT HBSBOUJ[BS EF BMHVOB GPSNB MB
-BTEJWFSTBTJODFSUJEVNCSFTRVFHFOFSB QFOFUSBDJÓOEFMPTCJPTJNJMBSFTQBSBRVF
FMQBVMBUJOPZDPOTUBOUFBUFSSJ[BKFEFMPT TFBOSFOUBCMFTZRVFIBZBFNQSFTBTRVF
NFEJDBNFOUPTCJPTJNJMBSFTFO&TQBÒB JOWJFSUBOuBTFHVSÓ
GVFSPO PCKFUP EF VO JOUFOTP EFCBUF &OFTFTFOUJEP)JEBMHPQSPQVTPWBSJPT
QSPNPWJEP QPS MB QBUSPOBM #JPTJN Z NPEFMPTi/FDFTJUBNPTVOBFTUSBUFHJBEF
'VOEBNFECBKPFMUÎUVMPA.FEJDBNFOUPT QPMÎUJDBGBSNBDÊVUJDB&VSPQBIBTJEP
CJPTJNJMBSFT&YQMPSBOEPWÎBTEFBDDFTP QJPOFSBFOFTUP4JIBDFNPTQSFDJPTEF
BMBJOOPWBDJÓOFOMB$PNVOJEBEEF SFGFSFODJBEFCFSÎBNPTUFOFSVOBQPMÎUJDB
.BESJE6OTFMFDUPHSVQPDPNQVFTUP GBSNBDÊVUJDBRVFHBSBOUJDFFMVTPQSJPSJ
QPSQSPGFTJPOBMFTTBOJUBSJPTQSPGFTPSFT UBSJPEFMCJPTJNJMBS0USPTQBÎTFTUJFOFO
VOJWFSTJUBSJPTHFTUPSFTQÙCMJDPTZQPMÎUJ VOBCBKBEBEFQSFDJPTQBSBMPTCJPTJNJMB
DPT EFCBUJFSPO TPCSF MPT QSJODJQBMFT SFTEVSBOUFVOUJFNQP1FSPFTVOFOUPSOP
SFUPTRVFHFOFSBFTUBSFBMJEBEZRVFHJSÓ IPTQJUBMBSJP Z IBCSÎB RVF DBNCJBS
FOUPSOPBMBJOUFSDBNCJBCJMJEBEZMBT NVDIBTDPTBTFOFTFDBNQPQPSRVFTF
EJTUJOUBTNBOFSBTEFJOUSPEVDJSNFEJEBT OFHPDJBOQSFDJPT:POPTPZNVZQBSUJEB
OPSNBUJWBTZFDPOÓNJDBTRVFGBWPSF[ SJPEFMPTQSFDJPTEFSFGFSFODJBuDPODMVZÓ
DBOVOBDPSSFDUBMMFHBEBEFMCJPTJNJMBS
1BSBBCPSEBSFTUBEJTZVOUJWB&ODBS
%FFOUSBEBFMQSPGFTPSEFMB6OJWFS OBDJÓO$SV[TVCEJSFDUPSBHFOFSBMEF
TJEBE EF $BTUJMMB -B .BODIB¦MWBSP 'BSNBDJBZ1SPEVDUPT4BOJUBSJPTEFM
)JEBMHP QVTP FM EFEP FO MB ZBHB BM 4FSWJDJP.BESJMFÒPEF4BMVETFÒBMÓRVF
TFÒBMBSVOPEFMPTNFPMMPTFOFMDBNQP iFMÃNCJUPEFVTPEFMCJPTJNJMBSFTFM
EFMPTCJPTJNJMBSFTi1BSBFMMFHJTMBEPSFT IPTQJUBMBSJP Z UJFOF VO QSPDFTP EF
WFSEBERVFFMCJPTJNJMBSQSPEVDFBIPSSP DPNQSBEJGFSFOUF%FCFSÎBIBCFSVOB
TJTFVUJMJ[B-PRVFIBDFRVFCBKFFM FTUSBUFHJBOBDJPOBMQBSBIBDFSBMCJPTJ
."3$04("3$¶"
.BESE
&ODBSOBDJØO$SV[TVCEJSFDUPSBHFOFSBM
EF'BSNBDJBEFMB$PNVOJEBEEF.BESJE
i
&OQBÎTFTDPNP
'JOMBOEJBFMTXJUDIFTUÃ
ZBQBTBEPEFNPEB
)BOMMFHBEPNÃTMFKPT
RVFOPTPUSPTFOFM
EFCBUFu
NJMBS BUSBDUJWP &O MPT QSPDFTPT EF
DPNQSBIPTQJUBMBSJBEFCJPTJNJMBSFTMB
SFEVDDJÓOEFQSFDJPFTUÃFOUPSOPBM
QPS DJFOUP /PTPUSPT OP QPEFNPT
DPNQSBSVONFEJDBNFOUPDPOFYDMVTJWJ
EBETJIBZDPNQFUFODJBOPTPCMJHBMB-FZ
EF $POUSBUPT EFM 4FDUPS 1ÙCMJDPu
BTFHVSÓ MB HFTUPSB TBOJUBSJB EF MB
$PNVOJEBEEF.BESJE
/PBMBTVTUJUVDJØOBVUPNÈUJDB
0USPEFMPTQSJODJQBMFTQSPCMFNBTRVF
UJFOFOMPTCJPTJNJMBSFTFO&TQBÒBFTFM
EFCBUFFOUSFJOUFSDBNCJBCJMJEBEZTVTUJ
UVDJÓO'FEFSJDP%ÎB[EJSFDUPSEFMB
6OJEBEEF*OWFTUJHBDJÓOEFMB4PDJFEBE
&TQBÒPMBEF3FVNBUPMPHÎB4&3
JOEJDÓ
RVF iIBZ IPTQJUBMFT RVF TVTUJUVZFO
BVUPNÃUJDBNFOUF&TPTFIBDFNBMZB
RVFDPOMBTVTUJUVDJÓOOPBIPSSBTVO
EVSP)BZHFOUFNVZPCUVTBRVFOPTFEB
DVFOUBRVFFMBIPSSPEFMIPZFTFMHBTUP
EFM NBÒBOB 6O NÊEJDP DVBOEP TF
FOGSFOUBBVOQBDJFOUFFOMPQSJNFSPRVF
QJFOTBBMBIPSBEFUPNBSVOBEFDJTJÓO
OPFTMPFDPOÓNJDPQFSPBTFHVSPRVFFT
MPTFHVOEPuFYQMJDÓ
«MWBSP)JEBMHPQSPGFTPSEFMB6OJWFSTJEBE
EF$BTUJMMB-B.BODIB
i
5JFOFRVFIBCFS
VOBQPMÎUJDBGBSNBDÊV
UJDBRVFEÊWFOUBKBFO
QSFDJPBMCJPTJNJMBS
&YDMVTJWJEBEEVSBOUF
VOUJFNQPu
+PBRVÎO)JOPKPTBWJDFQSFTJEFOUFEFMB
4PDJFEBE&TQBÒPMBEF1BUPMPHÎB%JHFT
UJWB4&1%
TFÒBMÓRVFiFOFMÃSFBEJHFT
UJWB MB QFSDFQDJÓO FT RVF IVCP VOB
BDUJUVEDPNQMFUBNFOUFOFHBUJWBBMB
JOUSPEVDDJÓOEFMCJPTJNJMBS/PTFTBCÎB
MPRVFTJHOJGJDBCBFYUSBQPMBSTVTUJUVJSZ
MPRVFFTMBJOUFSDBNCJBCJMJEBE&OMB
$PNVOJEBE7BMFODJBOBMPTIPTQJUBMFT
RVFDVFOUBODPOVODJFOQPSDJFOEFVTP
EFCJPTJNJMBSFTIBTJEPQPSTVTUJUVDJÓO
FGFDUVBEPEFNBOFSBEJSFDUBQPSFMTFSWJ
DJPEFGBSNBDJB&TVOUFNBRVFQVFEF
UFOFSJNQMJDBDJPOFTMFHBMFTuBTFWFSÓ
)JOPKPTB
&ODBNCJP.BSJP(BSDÎBKFGFEFTFSWJ
DJPEF'BSNBDJB)PTQJUBMBSJBEFM)PTQJ
UBMEF'VFOMBCSBEBNPTUSÓTVFYQFSJFO
DJB QFSTPOBM i&O QBDJFOUFT OBÐWF
UFOFNPTDJFOQPSDJFOEFVTPEFCJPTJNJ
MBS-BFTUSBUFHJBGVFDMBSBTFOUBSOPTFO
VOBTFTJÓODMÎOJDBZNVMUJEJTDJQMJOBSFO
MBRVFFTUBCBOQSFTFOUFTDMÎOJDPTHFTUP
SFTGBSNBDÊVUJDPTFRVJQPEJSFDUJWPEFM
IPTQJUBM&TBTFTJÓOHFOFSÓVODPOTFOTP
OBÐWFTÎTXJUDIJOHOPQPSRVFGBMUBCBO
EBUPTiBTFWFSÓ
+PBRVÓO)JOPKPTBEFM7BMMWJDFQSFTJEFOUFEFMB
4&1%
i
:PDSFPRVFFM
ÙOJDPQVOUPRVFRVFEB
QPSFTDMBSFDFSFTFM
UFNBEFMTXUJDI
-JNJUÃOEPMPEFNBOFSB
BEFDVBEBu
NS
Exclusivo NetSalud
r1PMÓUJDB&-(-0#"-BMEFGFCSFSPEF
'FDNBJOTJTUFFOMBOFDFTJEBEEFBHJMJ[BS
MBBDDFTJCJMJEBEFOMPTGÃSNBDPTPODPMÓHJDPT
■-BGFEFSBDJØOEFGJFOEFVOBBUFODJØOQFSTPOBMJ[BEBZNVMUJEJTDJQMJOBSBDDFTJCMFQBSBUPEPTMPTQBDJFOUFT
&.$
.BESJE
-B'FEFSBDJÓO&TQBÒPMBEF$ÃODFSEF
.BNB'FDNB
RVFGPSNBQBSUFEFMB
"MJBO[B (FOFSBM EF 1BDJFOUFT TF IB
VOJEPBMBDBNQBÒB8PSME$BODFS%BZ
EF MB 6OJÓO *OUFSOBDJPOBM $POUSB FM
$ÃODFS6*$$
RVFFOFMEÎBNVOEJBMEF
FTUBFOGFSNFEBERVFTFDFMFCSBFMEF
GFCSFSPIBQSPQVFTUPDPNPMFNBi-P
DPOTFHVJSFNPTMPDPOTFHVJSÊu
$PJODJEJFOEPDPOFTUBGFDIBMBGFEFSB
DJÓOIBJOTJTUJEPFOMBOFDFTJEBEEFBHJMJ
[BSMBEJTQPOJCJMJEBEEFGÃSNBDPTZUSBUB
NJFOUPT GBDJMJUBOEP FM BDDFTP B MBT
UFSBQJBTNÃTÙUJMFTFJOOPWBEPSBTVOB
QFUJDJÓORVFFOMB[BDPOMBEFRVFTF
HFOFSBMJDFOMBTVOJEBEFTEFPODPMPHÎB
NÊEJDBDPNPVOJEBEFTFTQFDÎGJDBTDPO
JEFOUJEBEQSPQJBZRVFTFFYUJFOEBOMBT
VOJEBEFTEFNBNBFOUPEPTMPTIPTQJUB
MFT
&TVOBEFMBTOVFWFDPOTJEFSBDJPOFT
NBOJGFTUBEBTEFTEF'FDNBRVFUBNCJÊO
SFDVFSEBRVFVOBEFUFDDJÓOUFNQSBOBZ
MPTBWBODFTDJFOUÎGJDPTRVFQSPQPSDJPOBO
OVFWPTNÊUPEPTUFSBQÊVUJDPTUÊDOJDBT
RVJSÙSHJDBT Z NFEJDBNFOUPT NÃT
JOOPWBEPSFTIBDFOQPTJCMFRVFEJTNJ
OVZBMBNPSUBMJEBEZNFKPSFMBDBMJEBE
EFWJEBEFMPTQBDJFOUFT
i-B'FEFSBDJÓOFTUÃDPOWFODJEBEF
RVF FTUBNPT DBEB WF[ NÃT DFSDB EF
WFODFSBMDÃODFSDPOMBJOWFSTJÓOFO
JOWFTUJHBDJÓO F JOOPWBDJÓO DPO FM
FTGVFS[PEFEJDBDJÓOZGPSNBDJÓOEFMPT
QSPGFTJPOBMFTTBOJUBSJPTDPOFMDPNQSP
NJTP EFM NPWNJFOUP BTPDJBUJWP EF
QBDJFOUFTCJFOJOGPSNBEPTZDPOVOB
BDUJWBDPODJFODJBTPDJBMuDJUBOUFYUVBM
NFOUF
%F JHVBM NPEP SFNBSDBO RVF FT
OFDFTBSJBVOBBUFODJÓOQFSTPOBMJ[BEBZ
NVMUJEJTDJQMJOBSJOEFQFOEJFOUFNFOUFEF
MBQPTJDJÓOTPDJBMPFMMVHBSEFSFTJEFODJB
EFMPTQBDJFOUFT&OFTUFTFOUJEPSFDBM
6OBEFMBTJNÈHFOFTEFMBDBNQB×BEFM%ÓB.VOEJBMEFM$ÈODFSQPOFFMBDFOUPFOFMBDDFTPBMPTDVJEBEPT
DBORVFFTCÃTJDPTVTUJUVJSMBGSJBMEBEZ
FOPDBTJPOFTIFSNFUJTNPEFMTJTUFNB
QPSMBEJNFOTJÓOIVNBOBEFMQSPGFTJP
OBM NFKPSBOEP TV SFMBDJÓO DPO FM
QBDJFOUFQBSBBWBO[BSFOVOBNFEJDJOB
NÃTDVJEBEPTBZIVNBOJ[BEB
&OFTUFDPOUFYUP'FDNBSFNBSDBTV
EFGFOTB EF VO TJTUFNB TBOJUBSJP EF
HFTUJÓOQÙCMJDBEFDBMJEBEEFBDDFTP
VOJWFSTBMHSBUVJUPZGJOBODJBEPDPOMPT
JNQVFTUPTi-BDBMJEBEMBFRVJEBEZMB
DPIFTJÓOBTJTUFODJBMEFCFOTFSQSJODJQJPT
FTUSBUÊHJDPTEFOVFTUSPTJTUFNBTBOJUB
SJPuJOTJTUFO
1PSFMMPTVCSBZBORVFFTGVOEBNFO
UBMTFHVJSUSBCBKBOEPQPSFWJUBSEFTJHVBM
EBEFT DPO VOB DBSUFSB EF TFSWJDJPT
iÙOJDBZDPNÙOFOUPEPFM4JTUFNB/BDJP
OBMEF4BMVEu1PSPUSPMBEPDPOTJEFSBO
FTFODJBMQPUFODJBSMBIVNBOJ[BDJÓOEF
MPT DFOUSPT Z TFSWJDJPT TBOJUBSJPT Z
NBOUFOFS Z NFKPSBS MB JOGPSNBDJÓO
TPCSF FM DÃODFS FOUSF MB QPCMBDJÓO
HFOFSBMFTQFDJBMNFOUFTPCSFMPTGBDUP
SFTEFSJFTHPMBTNFEJEBTEFQSFWFODJÓO
MBJNQPSUBODJBEFMBEFUFDDJÓOQSFDP[Z
TPCSFDÓNPBGSPOUBSMPTFGFDUPTBEWFSTPT
EFMBFOGFSNFEBE"EFNÃTDSFFORVFFT
CÃTJDPFMGPNFOUPEFIÃCJUPTEFWJEB
TBMVEBCMFJODMVJEPFMIÃCJUPEFMFKFSDJDJP
GÎTJDP Z MMFWBS VOB EJFUB FRVJMJCSBE
BEWJFSUFO
"TJNJTNPMBGFEFSBDJÓOTFNBOJGJFTUB
QSFPDVQBEBQPSRVFVOQPSDFOUBKFTJHOJ
GJDBUJWPEFNVKFSFTEJBHOPTUJDBEBTEF
DÃODFSEFNBNBFYQFSJNFOUFONFUÃT
UBTJTi"QPZBNPTRVFTFFYUJFOEBOMPT
NFKPSFT USBUBNJFOUPT QPTJCMFT Z MPT
BCPSEBKFTUFSBQÊVUJDPTDPOUSBTUBEPT
RVFQFSNJUFOFWJUBSFTBTSFDBÎEBTZFO
TVDBTPMPHSBSMBDSPOJGJDBDJÓOEFMB
FOGFSNFEBEDPOMBNFKPSDBMJEBEEFWJEB
QPTJCMFuBTFHVSBO5BNCJÊOSFJUFSBOMB
OFDFTJEBEEFSFHJTUSPTQPCMBDJPOBMFT
IPNPHÊOFPTZBDUVBMJ[BEPTEFDÃODFS
RVFQFSNJUBOTBCFSMBSFBMJEBEEFMBT
QBUPMPHÎBTPODPMÓHJDBTFOOVFTUSPQBÎT
&OFM%ÎB.VOEJBMEFM$ÃODFSDPODMV
ZFO 'FDNB BQPZBiRVF TF GPSNVMFO
PCKFUJWPTDPNQBSUJEPTRVFTJSWBOQBSB
QSFWFOJSDPOUSPMBSZWFODFSBMDÃODFSZ
RVFEFGJFOEBOMBJODMVTJÓOEFMBMVDIB
DPOUSBFTUBQBUPMPHÎBDPNPVOBQSJPSJ
EBE FO MB BHFOEB NVOEJBM QBSB FM
EFTBSSPMMPu
-B4&0.EFTQFKBEVEBTBMPTQBDJFOUFTPODPMÓHJDPT
"'
.BESJE
$PONPUJWPEFM%ÎB.VOEJBMEFM$ÃODFS
MB 4PDJFEBE &TQBÒPMB EF 0ODPMPHÎB
.ÊEJDB4&0.
IBFMBCPSBEPVOWÎEFP
QBSB BDPOTFKBS B MPT QBDJFOUFT DPO
DÃODFSFOSFMBDJÓODPOTVTWJTJUBTBM
PODÓMPHP.JHVFM.BSUÎOQSFTJEFOUFEF
FTUBTPDJFEBEDJFOUÎGJDBSFDPSEÓRVFFM
PODÓMPHPBZVEBSÃTJFNQSFBMQBDJFOUFZ
TVTGBNJMJBSFTZFTUBSÃBTVMBEPFOUPEP
FMQSPDFTP"EFNÃTQJEJÓRVFTFFMJNJOF
FMFTUJHNBBTPDJBEPBFTUBFOGFSNFEBE
QVFT DÃODFS ZB OP FT TJOÓOJNP EF
NVFSUF
&OUSFMBTSFDPNFOEBDJPOFTMB4&0.
BDPOTFKBOPBDVEJSTPMPBMBQSJNFSBDPO
TVMUBMMFWBSBOPUBEBTUPEBTMBTQSFHVOUBT
RVFTFUFOHBQSFWJTUPIBDFSZUPEBTMBTEV
EBTOPQFOTBSRVFOJOHVOBDVFTUJÓOTP
CSBZUFOFSFODVFOUBRVFFTOPSNBMOP
SFDPSEBSUPEPMPRVFFYQMJDBFMPODÓMPHP
USBTMBQSJNFSBWJTJUBQPSMPRVFTFQVFEF
QSFHVOUBSWBSJBTWFDFTZOPTFEFCFUFOFS
OJOHÙOSFQBSPBMBIPSBEFIBDFSMP
/PUPNBSOJOHÙOPUSPUSBUBNJFOUPOJ
TJRVJFSBOBUVSBMTJODPOTVMUBSMPDPOFMNÊ
EJDPQSFWJBNFOUFFTPUSPEFMPTDPOTFKPT
GVOEBNFOUBMFTQVFTBVORVFQBSF[DBJOP
DVPQVFEFPDBTJPOBSJOUFSBDDJPOFTDPOFM
USBUBNJFOUP
-B4&0.IBFMBCPSBEPVOWÓEFPQBSBSFDPNFOEBSBMPTQBDJFOUFTRVÏIBDFSBOUFTVWJTJUBBMFTQFDJBMJTUB
BMEFGFCSFSPEF&-(-0#"-r
'BSNBDJB
A$POWFDUPSMBUSBNBFMVEFFMEFMJUPQFOBM
BMPQFSBSDPOGÃSNBDPTiFOCVFOFTUBEPu
■-B"VEJFODJB/BDJPOBMBSDIJWBMBDBVTBRVFKV[HBCBMBNBZPSSFEEFDPNFSDJPJOWFSTPQSPCBEP
FO&TQB×B
1PSPUSBQBSUFTFDPOGJSNBOVOBEFMBT
QSFPDVQBDJPOFT EF MBT 'VFS[BT Z
$VFSQPT EF 4FHVSJEBE EFM&TUBEP MB
EJGJDVMUBEQBSBIBDFSFOUFOEFSBMPT
NBHJTUSBEPT‡TJOGPSNBDJÓOFTQFDÎGJDB
FO NBUFSJB TBOJUBSJB‡ RVF MB NFSB
EFTWJBDJÓO EF VO NFEJDBNFOUP EFM
DJSDVJUPMFHBMZBJNQMJDBVOSJFTHPDPOUSB
MBTBMVEQÙCMJDB
"-#&350$03/&+0
.BESJE
-PTDFSDBEFJNQVUBEPTFOMBDBVTB
RVFKV[HBMBA0QFSBDJÓO$POWFDUPSIBO
TJEPFYJNJEPTQPS'FSOBOEP"OESFV‡
UJUVMBSEFM+V[HBEPEF*OTUSVDDJÓOOEF
MB "VEJFODJB /BDJPOBM‡ EF IBCFS
DPNFUJEPVOEFMJUPQFOBMDPOUSBMBTBMVE
QÙCMJDBQFTFBEFNPTUSBSTFRVFSFBMJ[B
SPOEJTUSJCVDJÓOQBSBMFMBEFNFEJDB
NFOUPTBMNFOPTFOUSFZy&M
NPUJWP 3FBMJ[BSPO FTUF DPNFSDJP
JOWFSTPDPONFEJDBNFOUPTiFOCVFO
FTUBEPu&TUBFTVOBEFMBTDPODMVTJPOFT
RVFQVFEFOFYUSBFSTFEFMBVUPDPOFMRVF
FTUFNBHJTUSBEPIBPSEFOBEPFMTPCSF
TFJNFOUPQSPWJTJPOBMZBSDIJWPEFFTUB
DBVTBRVFQPOÎBFMGPDPTPCSFVOBUSBNB
OBDJPOBMDPOQBSUJDJQBDJÓO‡EJSFDUBP
JOEJSFDUB‡EFDFSDBEFGBSNBDJBTZ
EFDFOBTEFBMNBDFOFTQSJODJQBMNFOUF
TIPSUMJOFST"TJNJTNP"OESFVUBNCJÊO
EFTDBSUBFMSFTUPEFMPTUJQPTQFOBMFT
BOBMJ[BEPTGBMTFEBEEPDVNFOUBMFTUBGB
DPOUSBMBIBDJFOEBQÙCMJDBCMBORVFPP
EFPSHBOJ[BDJÓODSJNJOBM
-BEFDJTJÓOEFMKVF["OESFVEFOP
JODVMQBSEFMJUPBMHVOPFOFTQFDJBMDPOUSB
MBTBMVEQÙCMJDBZQFTFBDPSSPCPSBSTFFM
DPNFSDJPJOWFSTPQVFEFQBSFDFSJOFYQMJ
DBCMF1FSPTÎUJFOFTVFYQMJDBDJÓOMBDVBM
FTMÓHJDBMFZFONBOP
:FSBEFFTQFSBS
1BSBFMMPIBZRVFUFOFSFODVFOUBMB
SFEBDDJÓOWJHFOUFEFM$ÓEJHP1FOBMFOFM
NPNFOUPEFMBDPNJTJÓOEFMPTIFDIPT
&ODPODSFUPTVBSUÎDVMPRVFTPMP
DBTUJHB DPNP EFMJUP DPOUSB MB TBMVE
QÙCMJDB MB DPOEVDUB DPOTJTUFOUF FO
iFYQFOEFSPEFTQBDIBSNFEJDBNFOUPT
EFUFSJPSBEPTPDBEVDBEPTPRVFJODVN
QMBOMBTFYJHFODJBTUÊDOJDBTSFMBUJWBTB
TVDPNQPTJDJÓOFTUBCJMJEBEZFGJDBDJB
ZDPOFMMPQPOHBOFOQFMJHSPMBWJEBP
TBMVEEFMBTQFSTPOBTu
1BSUJFOEPEFFTUBQSFNJTBFMKVF[
"OESFVFYQPOFFOTVBVUPRVFMBJOWFT
UJHBDJÓOiOPIBQPEJEPBDSFEJUBSRVFTF
IBZBQSPEVDJEPMBWFOUBEFNFEJDBNFO
UPTDBEVDBEPTZQPSTVQVFTUPUBNQPDP
EFUFSJPSBEPTu5BNQPDPDPOUJOÙBiIBZ
DPOTUBODJBEFEFOVODJBTEFMPTPSHBOJT
NPTTBOJUBSJPTEFMPTQBÎTFTBMPTRVFTF
EFTUJOBEBMBFYQPSUBDJÓOBMFSUBOEPMB
EJTUSJCVDJÓOEFNFEJDBNFOUPTDBEVDB
EPTDPOPSJHFOFO&TQBÒBu5BNCJÊO
EFTDBSUBFMÙMUJNPEFMPTQSFDFQUPTRVF
QMBTNBCBFMDJUBEPBSUÎDVMPiOPTF
IBQSBDUJDBEPBMPMBSHPEFMBJOWFTUJHB
DJÓOVOBOÃMJTJTEFMPTNFEJDBNFOUPT
JOUFSWFOJEPTRVFBDSFEJUFOTVGBMUBEF
FGJDBDJBDVSBUJWBuy&MÙMUJNPATFSWJDJPB
MBDBVTBEFMPTNBMIFDIPSFT
EFMBOUJHVP
DÓEJHPQFOBM 3FDIB[PBPUSPTEFMJUPT
&MKV[HBEPEF*OTUSVDDJØOOEFMB"VEJFODJB/BDJPOBMDVZPUJUVMBSFT'FSOBOEP"OESFVIBBSDIJWBEPMBDBVTBEFMB
0QFSBDJØO$POWFDUPSMBDVBMBTVNJØEFSJWBEBEFVOKV[HBEPEF5FSVFMVOBWF[TFDPSSPCPSØFMBMDBODFOBDJPOBMEFMBSFE
-04"3(6.&/5041"3"-"&9$6-1"$*»/
4PCSFFMQSFTVOUPEFMJUPDPOUSBMBTBMVEQÞCMJDBi/PTFIBBDSFEJUBEPRVFTFIBZBQSPEVDJEPMBWFOUBEF
NFEJDBNFOUPTDBEVDBEPTOJEFUFSJPSBEPw
'BMTFEBEEPDVNFOUBMi/PTFIBQPEJEPBDSFEJUBSwBGJSNBFMNBHJTUSBEPMBFYJTUFODJBEFSFDFUBTTJNVMBEBT
QBSBKVTUJGJDBSMBWFOUBEFMPTNFEJDBNFOUPTEFTUJOBEPTBMBFYQPSUBDJØOJMÓDJUBw
%FMJUPDPOUSBMB)BDJFOEB1ÞCMJDBi%FMPTJOGPSNFTEFMB"HFODJB5SJCVUBSJBOPTFEFTQSFOEFMBJOGSBDDJØOw
#MBORVFPEFDBQJUBMFTi"MOPFYJTUJSVOEFMJUPBOUFDFEFOUFEFMRVFQSPWFOHBOMPTCFOFGJDJPTFDPOØNJDPT
RVFTFUSBUFOEFPDVMUBSOPQVFEFIBCMBSTFEFUBMEFMJUPw
%FMJUPEFPSHBOJ[BDJPODSJNJOBMi/PFYJTUFBDUJWJEBEEFMJDUJWBDPNPGJOPGVOEBNFOUPEFMBPSHBOJ[BDJØOw
1BSBNÃTJOSJFMKVF["OESFVEFTUBDB
RVFiMBQSPQJBEJOÃNJDBEFMBEJTUSJCV
DJÓOJOWFSTBFYDMVZFMBEJGVTJÓOEFMPT
NFEJDBNFOUPTFOFTFFTUBEPDBEVDBEPT
P EFUFSJPSBEPT
u"EFNÃT DPOTJEFSB
iDPOHSVFOUFuRVFiFMQMBOEFMPTJOWFTUJ
HBEPTEFFYQPSUBSMPTNFEJDBNFOUPTB
QBÎTFTEFMB6&ZMBFGFDUJWBEJTUSJCVDJÓO
EF MPT NFEJDBNFOUPT JMÎDJUBNFOUF
PCUFOJEPTFYJHFRVFTFUSBUFEFNFEJDB
NFOUPTFOQFSGFDUBTDPOEJDJPOFTu
6OBSFGPSNBOFDFTBSJBQFSPUBSEÓB
&MBVUPEFMKVF["OESFVTFIBDFFDPEF
RVFFONBS[PEFTFQSPDFEJÓB
BEBQUBS B MB MFHJTMBDJÓO FTQBÒPMB FM
DPOWFOJPJOUFSOBDJPOBM.FEJDSJNFQBSB
RVFFOMBBDUVBMJEBEFM$ÓEJHP1FOBM
UBNCJÊO QFSNJUB JODVMQBS VO EFMJUP
DPOUSBMBTBMVEQÙCMJDBBUPEPBRVFMiRVF
GBCSJRVFTVNJOJTUSFJOUFSNFEJFDPNFS
DJBMJDFPGSF[DBPQPOHBFOFMNFSDBEP
NFEJDBNFOUPTTJOMBOFDFTBSJBBVUPSJ[B
DJÓOFYJHJEBQPSMBMFZu/PPCTUBOUFFM
BVUPEFKBDMBSPRVFUPEPTMPTIFDIPT
JOWFTUJHBEPTFOMBA0QFSBDJÓO$POWFDUPS
EFCFOBOBMJ[BSTFDPOGPSNFBMBBOUFSJPS
SFHVMBDJÓOiQPSFMQSJODJQJPEFJSSFUSPBD
UJWJEBEuEFMBSFGPSNBEFMDÓEJHPQFOBM
&TUBTVFSUFEFATBMWPDPOEVDUPEFMRVF
TFIBOCFOFGJDJBEPMPTJNQVUBEPTQBSB
FMVEJSFMEFMJUPQFOBMWJFOFBDPSSPCPSBS
WBSJBTDPTBT1PSVOMBEPMPTBWJTPTSFBMJ
[BEPT FO FM QBTBEP QPS MB QSPGFTJÓO
GBSNBDÊVUJDBZMBT'VFS[BTZ$VFSQPTEF
4FHVSJEBEEFM&TUBEPSFTQFDUPBRVFMB
FGFDUJWJEBE EF MB MVDIB DPOUSB FTUBT
QSÃDUJDBTQBTBCBFOQSJNFSBJOTUBODJB
QPSVODBNCJPMFHJTMBUJWPRVFFOEVSF
DJFTFMBTQFOBTQPSEJTUSJCVJSJMÎDJUBNFOUF
GÃSNBDPT "TÎ OP DBCF EVEB RVF MB
SFGPSNBEFM$ÓEJHP1FOBMFTBUPEBTMVDFT
CJFOWFOJEBQFSPFMEFWFOJSEFFTUBDBVTB
DPOGJSNBORVFIBMMFHBEPDPOSFUSBTP
"ÙONÃTDBCFSFDPSEBSRVFFOMPTUSJCV
OBMFTTFFTUÃJOTUSVZFOEPPUSPQSPDFTP
TFNFKBOUF UBOUP FO ÊQPDB Z NPEVT
PQFSBOEJ0QFSBDJÓO/PJTB
TPCSFMBRVF
FTUFQSFDFEFOUFJNQJEFUFOFSQFSTQFDUJ
WBTIBMBHÛFÒBT
3FTQFDUPBMSFTUPEFEFMJUPTTPCSFMPTRVF
FSBOBDVTBEPTMPTDFSDBEFJNQVUB
EPTFOFTUBUSBNBFMUJUVMBSEFM+V[HBEP
EF *OTUSVDDJÓO OÙNFSP EF MB "/
UBNQPDP WF IFDIPT QSPCBEPT 1PS
FKFNQMPiOPTFIBQPEJEPBDSFEJUBSu
BGJSNBFMNBHJTUSBEPMBFYJTUFODJBEF
SFDFUBT TJNVMBEBT QBSB KVTUJGJDBS MB
WFOUBEFMPTNFEJDBNFOUPTEFTUJOBEPTB
MBFYQPSUBDJÓOJMÎDJUBRVFBDSFEJUBSÎBO
VOB QPTJCMF GBMTFEBE EPDVNFOUBM OJ
UBNQPDPFMEFMJUPEFFTUBGBBMOPIBCFSTF
QPEJEPDVBOUJGJDBSFMQPTJCMFQFSKVJDJP
DBVTBEPBMBBENJOJTUSBDJÓOTBOJUBSJB
QPSMPRVFUBNQPDPTFDVNQMFOMPTSFRVJ
TJUPTEFMUJQPQFOBM
&OSFMBDJÓODPOFMEFMJUPDPOUSBMB
)BDJFOEB1ÙCMJDBMBSFTPMVDJÓOFYQMJDB
RVFEFMPTJOGPSNFTEFMB"HFODJB5SJCV
UBSJBOPTFEFTQSFOEFMBFYJTUFODJBEF
EJDIB JOGSBDDJÓO TJO QFSKVJDJP EF TV
JOIJCJDJÓO BM +V[HBEP %FDBOP EF
(SBOBEB SFTQFDUP B EPT QFSTPOBT Z
DVBUSPFNQSFTBT
3FTQFDUPBMCMBORVFP
EFDBQJUBMFTTFÒBMBRVFBMOPFYJTUJSVO
EFMJUPBOUFDFEFOUFEFMRVFQSPWFOHBOMPT
CFOFGJDJPTFDPOÓNJDPTRVFTFUSBUFOEF
PDVMUBSOPQVFEFIBCMBSTFEFUBMEFMJUP
i5BNQPDPFYJTUFEFMJUPEFPSHBOJ[BDJÓO
DSJNJOBMQVFTOPFYJTUFBDUJWJEBEEFMJD
UJWBDPNPGJOPGVOEBNFOUPEFMBPSHBOJ
[BDJÓOuTFOUFODJB
4FJTNFTFTQBSBSFBCSJSFMDBTP
&MTPCSFTFNJFOUPiQSPWJTJPOBMuZBSDIJWP
EFA$POWFDUPSJNQMJDBBIPSBMBBQFSUVSB
EFVOQFSJPEPEFTFJTNFTFTFOMPTRVF
FTUFQSPDFEJNJFOUPQPESÎBSFBCSJSTFTJ
BQBSFDFOOVFWPTJOEJDJPTEFEFMJUPQFOBM
NFEJBOUFOVFWBTQSVFCBTRVFQVEJFTFO
BQPSUBSMBBDVTBDJÓO‡FOUSFFMMBTMB
"FNQTFM(PCJFSOPEF"SBHÓOZFM$0'
EF;BSBHP[B‡BTÎDPNPMBT'VFS[BTZ
$VFSQPTEF4FHVSJEBEEFM&TUBEP
"TJNJTNP FTUBT QBSUFT QVFEFO
QSFTFOUBS VO SFDVSTP EF BQFMBDJÓO
DPOUSBMBSFTPMVDJÓOEFMKVF["OESFVRVF
EBDBSQFUB[PBVOBTVOUPRVFHPMQFÓMPT
DJNJFOUPTEFMNPEFMPEFEJTUSJCVDJÓO
GBSNBDÊVUJDBOBDJPOBM1SFDJTBNFOUFBM
DJFSSFEFFTUBFEJDJÓOMPTBTFTPSFTMFHBMFT
EFM$0'EF;BSBHP[BBOBMJ[BCBOFTUF
BVUPQPSTJGVFTFNPUJWPEFSFDVSTP
r'BSNBDJB&-(-0#"- BMEFGFCSFSPEF
%JTQFOTBSCJPMÓHJDPTFOFMGVUVSPFTVOB
iMVDIBuQBSBMBRVFMBGBSNBDJBZBTFBSNB
■&M$0'.JOBVHVSBMBQSJNFSBEFDVBUSPTFTJPOFTEFMDVSTPA-PTNFEJDBNFOUPTCJPMØHJDPTQBSBVOBGBSNBDJBDPOGVUVSP
«/(&-"%&36&%"
.BESJE
&MDBUÃMPHPEFNFEJDBNFOUPTCJPMÓHJDPT
FTUÃDPNQVFTUPQPSBMHVOPTOVFWPT
DPNPMPTBOUJDVFSQPTNPOPDMPOBMFTZ
PUSPT iWJFKPT DPOPDJEPT DPNP MB
JOTVMJOBuDPNPFYQMJDBB&('SBODJTDP
;BSBHP[ÃDBUFESÃUJDPEFGBSNBDPMPHÎB
FOMB6OJWFSTJEBEEF"MDBMÃEF)FOBSFT
%F UBM NPEP RVF TF BCSF VO DBNQP
FOPSNFEFQPTJCJMJEBEFTQBSBUPEPTMPT
QSPGFTJPOBMFTEFMTFDUPSGBSNBDÊVUJDP
1SFDJTBNFOUFFTUFEFNBS[PTFDFMFCSB
FM%ÎB.VOEJBMDPOUSBFM$ÃODFSZFOTV
USBUBNJFOUPMPTNFEJDBNFOUPTCJPMÓHJ
DPTZUBNCJÊOMBGBSNBDJBDPNPSFGMFKB
FMSFQPSUBKFEFFTUFOÙNFSPEF&(
UJFOFO
VOHSBOQBQFM%FIFDIPHSBDJBTBMB
UFSDFSBHFOFSBDJÓOEFFTUPTGÃSNBDPT
CJPMÓHJDPT‡DPNPTPOMPTBOUJDVFSQPT
NPOPDMPOBMFT‡ FM USBUBNJFOUP EF
DÃODFSFTDPNPFMEFNBNBIBFYQFSJ
NFOUBEPVOTPSQSFOEFOUFBWBODFDPNP
FYQMJDB;BSBHP[Ã
1PSFMMPFM$PMFHJP0GJDJBMEF'BSNB
DÊVUJDPT EF .BESJE Z FM *OTUJUVUP EF
'PSNBDJÓO$PGBSFTOPIBOEFKBEPQBTBS
MBPQPSUVOJEBEEFGPSNBSBMPTQSPGFTJP
OBMFT EF MB CPUJDB DPO FM DVSTPA-PT
NFEJDBNFOUPT CJPMÓHJDPT QBSB VOB
GBSNBDJBDPOGVUVSP&OMBJOBVHVSBDJÓO
EFMBQSJNFSBEFMBTDVBUSPTFTJPOFTEFM
DVSTPFTUFEFGFCSFSPSFQSFTFOUBOUFT
EFMBGBSNBDJBMBEJTUSJCVDJÓOMBJOEVT
USJBZMBVOJWFSTJEBEBQPZBSPOFMQBQFM
EFMBGBSNBDJBBOUFMBQPTJCMFEJTQFOTB
DJÓOEFCJPMÓHJDPTZCJPTJNJMBSFT&OFTUB
-PTQSPGFTJPOBMFTEFMBGBSNBDJBRVJFSFORVFTFDVFOUFDPOMPTGÈSNBDPTCJPMØHJDPTRVFTVQPOFOFMQPSDJFOUPEFMHBTUPGBSNBDÏVUJDPZFMQPSDJFOUPEFMIPTQJUBMBSJP
MÎOFB 'FEFSJDP 1MB[B EJSFDUPS EF
(PWFSONFOU"GGBJSTEF3PDIFJODJEJÓFO
RVFMBGBSNBDJBFTMBQVFSUBEFFOUSBEB
BMTJTUFNBTBOJUBSJPZRVFMPTCJPMÓHJDPT
iEFCFSÎBOEJTQFOTBSTFFOMBTPGJDJOBTEF
GBSNBDJBu"VORVFSFDPOPDJÓRVFFO
BMHVOPTDBTPTMBDPNQMFKJEBEMPJNQJEF
UBNCJÊOBÒBEJÓRVFMPTCPUJDBSJPTiWFOB
FTUPT QBDJFOUFT Z QPS FMMP RVFSFNPT
DPOUSJCVJSBRVFUFOHBMPTDPOPDJNJFOUPT
TPCSFNFEJDBNFOUPTCJPMÓHJDPTu
4FUSBUBEFVOUFNBFTUSBUÊHJDPRVF
JOUFSFTBBMTFDUPSDPNPEFTUBDÓFMQSFTJ
EFOUFEF$PGBSFT$BSMPT(PO[ÃMF[#PTDI
RVFWFFTUFÃNCJUPDPNPVOiFMFNFOUP
CÃTJDPEFGVUVSPEFMPRVFTFSÃMBGBSNB
DJBu"TÎiFMTFDUPSGBSNBDÊVUJDPTFKVFHB
NVDIP DPO MPT CJPMÓHJDPTu BQVOUÓ
(PO[ÃMF[#PTDIQPSRVFiFTVOBMVDIB
RVFIBZRVFHBOBSQBSBMBGBSNBDJBZFM
TFDUPSu0USPEFMPTUFNBTRVFBCPSEBSÃ
FMDVSTPFTMBSFHVMBDJÓO&OPQJOJÓOEF
(PO[ÃMF[#PTDIiIBZVONBSDPSFHVMB
UPSJP RVF FTUÃ FO CMBODP Z TJ OP TF
HFTUJPOBCJFOQVFEFEFKBSEFTBJSBEBB
MBGBSNBDJBu4PCSFFTUBNJTNBDVFTUJÓO
+VMJP4ÃODIF['JFSSPWJDFQSFTJEFOUFEF
MB "TPDJBDJÓO EF %FSFDIP 4BOJUBSJP
EFTUBDÓRVFFMBDDFTPEFMPTGBSNBDÊVUJ
DPTBMPTNFEJDBNFOUPTCJPMÓHJDPTFTiOP
TÓMP VOB DVFTUJÓO KVSÎEJDB TJOP VOB
DVFTUJÓOGVODJPOBMRVFSFRVJFSFVOB
QSFQBSBDJÓOZGPSNBDJÓOu
&OFTUBMÎOFBDPNPZBTFBUJTCÓFOFM
DVSTPEFWFSBOPJNQBSUJEPFOMB6OJWFS
TJEBE*OUFSOBDJPOBM.FOÊOEF[1FMBZPFM
QBTBEPTFQUJFNCSFWFS&(O
FM
PCKFUJWPFTRVFMBGBSNBDJBFTUÊBIÎ&O
FTUFTFOUJEP-VJT(PO[ÃMF[QSFTJEFOUF
EFM$0'.EJTJQÓMBTQPDPQSPCBCMFT
EVEBTTPCSFFMJOUFSÊTEFMPTCPUJDBSJPT
:RVJTPEFKBSDPOTUBODJBEFRVFiTJMPT
NFEJDBNFOUPTCJPMÓHJDPTOPWBOBMB
GBSNBDJBOPFTQPSRVFFMGBSNBDÊVUJDP
OPFTUÊGPSNBEPTJOPQPSPUSBTDPTBTu
-BTDMÎOJDBTQSJWBEBTDFOUSBO
MBOVFWBQPMÊNJDBQPSFM
EFTBCBTUFDJNJFOUPEF#FYTFSP
"-#&350$03/&+0
.BESJE
&TOPUPSJPRVFEFTEFRVFFOPDUVCSFEF
MB"FNQTDBNCJÓFMFTUBUVTEFMB
WBDVOBEFMNFOJOHPDPDP##FYTFSPEF
(4,
QBSBTVWVFMUBBMDBOBMGBSNBDJB
FTUFJOZFDUBCMFIBBQBSFDJEPDPODVFOUB
HPUBTFOMBTCPUJDBT&TUFQFSNBOFOUF
EFTBCBTUFDJNJFOUP ‡RVF TJHVF TJO
TPMVDJPOBSTF‡IBQSPQJDJBEPFOFTUF
UJFNQPTJUVBDJPOFTRVFMBGBSNBDJBTFIB
FODBSHBEPEFEFOVODJBS"TBCFSWFOUB
JMFHBMQPSQBSUJDVMBSFTFOQMBUBGPSNBT
POMJOFEFTQMB[BNJFOUPTEFQBESFTB
PUSPTQBÎTFTQBSBBERVJSJSMBFUD
"IPSB TF BÒBEF PUSB EFOVODJB FM
iEFTWÎPuEFQBSUFEFMBBÙOJOTVGJDJFOUF
QSPEVDDJÓOEF#FYTFSPBMDBOBMIPTQJUB
MBSJPQSJWBEPFOEFUSJNFOUPEFQSJPSJ[BS
FMBCBTUFDJNJFOUPBGBSNBDJBT*ODMVTP
CVFOBQBSUFEFFTBTEPTJTMFKPTEFTFS
BENJOJTUSBEBTFOFTUPTDFOUSPTBDBCB
SÎBOUFOJFOEPDPNPEFTUJOPGJOBMMBWFOUB
BQBSUJDVMBSFT%FFMMPBTFHVSBOiUFOFS
DPOTUBODJBuUBOUPFM$PMFHJP0GJDJBMEF
'BSNBDÊVUJDPTEF.BESJEDPNPMBQBUSP
OBMNBESJMFÒB"EFGBSNBJOTUJUVDJPOFT
RVFIBODPJODJEJEPFOEFOVODJBSMP
4JFNQSFTFHÙOMBWFSTJÓOEFFTUBT
FOUJEBEFTuFOUPSOPBMBNJUBEuEFMBT
EPTJTRVFMMFHBOBMBTDMÎOJDBTEFFTUB
SFHJÓOiBDBCBOTJFOEPWFOEJEBTuBQBSUJ
DVMBSFT EFTUBDB B &( VO QPSUBWP[
DPMFHJBM 1PS TV QBSUF "EFGBSNB ZB
FYQVTPFOTVQFSGJMFOVOBSFETPDJBMTV
iJOEJHOBDJÓOuDPOFMEFTBCBTUFDJNJFOUP
EF#FYTFSPFOMBTGBSNBDJBTiNJFOUSBT
RVFBMPTQBDJFOUFTRVFQBHBOVOQMVT
TJD
FODMÎOJDBTTÎTFMPEBOu4VQSFTJ
EFOUF$SJTUÓCBM-ÓQF[EFMB.BO[BOBSB
DPOGJSNB RVF B FTUB QBUSPOBM MMFHBO
%FTEFRVFFOPDUVCSFEFMB"FNQTAEFWPMWJØMBWBDVOBEFMNFOJOHPDPDP##FYTFSP
BMDBOBMGBSNBDJBFM
EFTBCBTUFDJNJFOUPEFFTUFJOZFDUBCMFIBTJEPMBUØOJDBQSFEPNJOBOUFFOMBTCPUJDBTOBDJPOBMFT
EFOVODJBTEFTVTBTPDJBEPTBMFSUBOEP
RVFTPOMPTQSPQJPTVTVBSJPTMPTRVF
JOGPSNBOFOMBGBSNBDJBRVFMFTFMJNJOFO
EFMBMJTUBEFFTQFSB‡RVFUJFOFOBCJFS
UBTNVDIBTCPUJDBT‡EBEPRVFZBMBT
IBODPOTFHVJEPQPSFTUBWÎB&M$0'EF
.BESJEIBDPOUBDUBEPDPOFMMBCPSBUPSJP
GBCSJDBOUF(4,
QBSBJOGPSNBSMFEFFTUB
TJUVBDJÓOi-BDPNQBÒÎBTFIBDPNQSP
NFUJEPBSFWJTBSMPTQSPDFEJNJFOUPTEF
TVT SFEFT DPNFSDJBMFT EF WFOUBTu
DPOGJSNBFMQPSUBWP[EFMDPMFHJP
1PSPUSBQBSUFFMQPSUBWP[EF4BOJEBE
EFM140&FOFM$POHSFTP+FTÙT.BSÎB
'FSOÃOEF[IBSFHJTUSBEPVOBQSFHVOUB
BM (PCJFSOP TPCSF FTUF EFTBCBTUFDJ
NJFOUPZRVFBDDJPOFTTFFTUÃOUPNBOEP
QBSBOPSNBMJ[BSFMTVNJOJTUSP
BMEFGFCSFSPEF&-(-0#"-'BSNBDJBr
"DDFTJCJMJEBEFRVJEBEZDSJUFSJPTDMÎOJDPT
EFCFSÎBOQSJNBSFOMBEJTQFOTBDJÓOEF%)
■&MOÞNFSPEFMB3FWJTUBEF&DPOPNÓBEFMB4BMVE&%4
SFDPHFVOFYIBVTUJWPBOÈMJTJTEFMBTDMBWFT
GBSNBDJBTMBEJTQFOTBDJÓOEFMPTGÃS
NBDPT
«3.$"7
.BESJE
&MUSBTMBEPEFNFEJDBNFOUPTEF%JBHOÓT
UJDP)PTQJUBMBSJPEFMBGBSNBDJBBMPTDFO
USPTIPTQJUBMBSJPTIBTJEPMBUÓOJDBIBCJ
UVBMFOMPTÙMUJNPTBÒPT1FSPFMNPUJWPEFM
DBNCJPEFMBTDPOEJDJPOFTEFEJTQFOTB
DJÓOOPIBTJEPFTUSJDUBNFOUFDMÎOJDPTJOP
NÃTCJFOFDPOPNJDJTUB­TUBIBTJEPMBQP
TJDJÓOEFGFOEJEBQPSWBSJPTBHFOUFTEFM
TFDUPSDPNPSFDPHFFM*OUFMMJHFODF6OJU
3FQPSUA*OGPSNFTPCSFMBEJTQFOTBDJÓOEF
MPTNFEJDBNFOUPT%)QVCMJDBEPFOFMOÙ
NFSPEFMBSFWJTUBEF&DPOPNÎBEFMB4B
MVE&%4
-BEJTQFOTBDJÓOBNCVMBUPSJBEFNFEJ
DBNFOUPTFOMBTPGJDJOBTEFGBSNBDJB
BSSBODÓDPOVOBEJTQPTJDJÓOOBDJPOBMRVF
JODMVZÓQSJNFSPMPTUSBUBNJFOUPTQBSBIF
NPGÎMJDPTEFTQVÊTTFFYUFOEJÓBMPTEFM
7*)ZUBNCJÊOBMBFTDMFSPTJTNÙMUJQMF"
QBSUJSEFBIÎTFIBJODSFNFOUBEPMBBUFO
DJÓOBQBDJFOUFTFYUFSOPTFOUSFPUSPTNP
UJWPTQPSMBBQBSJDJÓOEFOVFWPTUSBUB
NJFOUPT-BEJTQFOTBDJÓOIPTQJUBMBSJBIB
MMFWBEPBQBSFKBEBMBQPTJCJMJEBEEFBIP
SSPQBSBFM4JTUFNB/BDJPOBMEF4BMVE
4/4
QPSMBTGÓSNVMBTQBSBBERVJSJSNF
EJDBNFOUPTPMBQPTJCJMJEBEEFBKVTUBSMB
EPTJTBDBEBQBDJFOUF
4JOFNCBSHPMPDJFSUPFTRVFMBEJTQFO
TBDJÓOEFNFEJDBNFOUPT%)FOMBTPGJDJ
OBTEFGBSNBDJBPGSFDFVOBTFSJFEFWFO
UBKBT&OUSFFMMBTMBNFKPSBEFMBBEIFSFO
DJBFMTFHVJNJFOUPEFMPTUSBUBNJFOUPTBTÎ
DPNPMBBDDFTJCJMJEBEBMBNFEJDBDJÓO
VOPTCFOFGJDJPTRVFSFEVOEBOFOFMCJF
OFTUBSEFMPTQBDJFOUFT
)JUPTOPSNBUJWPT
GVFFMBÒPFOFMRVFBSSBODÓFMDBN
CJP-BQVCMJDBDJÓOEFM3%EFSB
DJPOBMJ[BDJÓOEFMHBTUPGBSNBDÊVUJDPBCSÎB
MBQPTJCJMJEBEEFMBEJTQFOTBDJÓOIPTQJUB
MBSJBBQBDJFOUFTFYUFSOPTEFGÃSNBDPTTJO
OFDFTJEBEEFWJTBEPEFJOTQFDDJÓO"QBS
UJSEFBIÎTFQSPEVKPVOAFGFDUPMMBNBEBZ
1PTJDJPOFT
-PTBHFOUFTJNQMJDBEPTTFIBONPTUSBEPQFSQMFKPTBOUFEFDJTJPOFTBEPQUBEBTQPSBMHVOBT$$""RVFOPUFOÓBOMB
DPNQFUFODJBDPNPEJMVDJEØMBKVTUJDJBQBSBTBDBSEFMBTGBSNBDJBTMBEJTQFOTBDJØOEFEFDFOBTEFGÈSNBDPT%)
1PSDBEBIPTQJUBMIBZVOBNFEJB
EFPGJDJOBTEFGBSNBDJB
MMFHBOEPFOBMHVOBT[POBTB
VOBTQPSIPTQJUBM
1BSBMB"(1MBEJTQFOTBDJØOFO
')TPMPEFCFSFBMJ[BSTFTJMPT
DSJUFSJPTDMÓOJDPTMPJOEJDBOZ
QFOTBOEPFOFMQBDJFOUF
WBSJBT$$""BEPQUBSPOSFTPMVDJPOFTEJ
SJHJEBTBNPEJGJDBSFMDBOBMEFEJTQFOTB
DJÓOEFWBSJPTGÃSNBDPTZUSBTMBEBSMPTEF
MBGBSNBDJBDPNVOJUBSJBBMBGBSNBDJBIPT
QJUBMBSJB
&TUFGVFFMDBTPEFM(PCJFSOPEF-B3JPKB
RVFNPEJGJDÓMBEJTQFOTBDJÓOEFQSJODJ
QJPTBDUJWPT6OIFDIPRVFNPUJWÓVOSF
DVSTPEFM$PMFHJP0GJDJBMEF'BSNBDÊVUJDPT
3JPKBOPQPSUSBUBSTFEFVOBDPNQFUFODJB
FYDMVTJWBNFOUFFTUBUBM$PNPSFTQVFTUB
FM5SJCVOBM4VQFSJPSEF+VTUJDJBFNJUJÓVOB
TFOUFODJBRVFSFDPOPDÎBRVFiMB$POTFKF
SÎBEF4BOJEBEOPUFOÎBDPNQFUFODJBTQBSB
DBNCJBSMBTDPOEJDJPOFTEFEJTQFOTBDJÓO
EFFTUPTQSJODJQJPTBDUJWPTuZQPSFMMPFTB
FSBiVOBEFDJTJÓOFYDMVTJWBEFMÃNCJUPDPN
QFUFODJBMEFM&TUBEPu
0USPFKFNQMPFTFMEFM4FSWJDJP"OEBMV[
EF4BMVE4"4
RVFUSBTMBEÓMBEJTQFOTB
DJÓOEFVOUPUBMEFGÃSNBDPTZQSJO
DJQJPTBDUJWPTEFMBTCPUJDBTBMPTTFSWJDJPT
EFGBSNBDJBIPTQJUBMBSJB5BNCJÊOFTUB
EFDJTJÓOGVFSFDVSSJEBFOFTUFDBTPQPS
$FPGBZUBNCJÊOFM4"4SFDJCJÓVOBSFT
QVFTUBDMBSBFOEFM54+EF"OEBMV
DÎBMBNPEJGJDBDJÓOEFMBTDPOEJDJPOFTEF
EJTQFOTBDJÓOEFMPTGÃSNBDPTFTVOBDPN
QFUFODJBEFM&TUBEPZOPEFVOBBVUPOP
NÎB*ODMVTPUSBTFMSFDVSTPEFM4"4DPO
USBFTUBEFDJTJÓOFM5SJCVOBM4VQSFNPFO
BSBTEFiFWJUBSEJTDSJNJOBDJPOFTRVFTF
QVFEFOEBSFOGVODJÓOEFMMVHBSEFSFTJ
EFODJBEFMPTQBDJFOUFTuSFJUFSÓTVEFDJ
TJÓO&OKVMJPEFFM4"4EFWPMWÎBBMBT
-PTEJGFSFOUFTBDUPSFTRVFUJFOFOBMHPRVF
EFDJSTPCSFFMBTVOUPTFIBOQPTJDJPOBEP
FOOVNFSPTBTPDBTJPOFTTPCSFFMBSHV
NFOUPEFMMFWBSMPT%)BMPTIPTQJUBMFTQPS
FMBIPSSPRVFTVQPOF-PDJFSUPFTRVFOP
TFDPOPDFFMHBTUPJNQVUBCMFBMPTNFEJ
DBNFOUPT%)EJTQFOTBEPTFOMBTGBSNB
DJBTIPTQJUBMBSJBTDPNPSFDPHFFMJOGPSNF
TPCSF%)"TÎTFHÙOFMQSFTJEFOUFEFMB
4PDJFEBE&TQBÒPMBEF'BSNBDJB)PTQJUB
MBSJB4&')
.JHVFM¦OHFM$BMMFKBTFÒB
MBCBDPNPVOBEFMBTDBVTBTEFMJODSF
NFOUPEFHBTUPEFVOQPSDJFOUP
FMBV
NFOUPEFMBEJTQFOTBDJÓOBQBDJFOUFTFY
UFSOPT%FTEFMBQBUSPOBM'&'&DBMDVMBO
RVFMBWVFMUBBMBGBSNBDJBEFMPT%)UFO
ESÎBVOCBKPJNQBDUPFOFMHBTUPGBSNB
DÊVUJDPQBSBFM4/44JOFNCBSHPTÎUFO
ESÎBVOJNQBDUPNBZPSFOMBGBDUVSBDJÓO
EFFTUBTCPUJDBTDPOVOBVNFOUPEFVO
QPSDJFOUPZRVFHBSBOUJ[BSÎBMBWJBCJMJEBE
EFMBSFE
-B4PDJFEBE&TQBÒPMBEF'BSNBDJB'B
NJMJBSZ$PNVOJUBSJB4FGBD
DPOTJEFSB
RVFOPTFUJFOFOFODVFOUBMPTDPTUFTJO
EJSFDUPTRVFTVQPOFQBSBFMTJTUFNBFM
USBTMBEPEFMBEJTQFOTBDJÓOEFMBCPUJDBBM
IPTQJUBM$POFMQFSKVJDJPRVFTVQPOFQBSB
MPTQBDJFOUFT5BNCJÊOMB"MJBO[B(FOF
SBMEF1BDJFOUFT"(1
MMBNBBQFOTBSFO
FMQBDJFOUFZDPOTJEFSBRVFTÓMPEFCFEJT
QFOTBSTFFOIPTQJUBMDVBOEPMPTDSJUFSJPT
DMÎOJDPTZGBSNBDPMÓHJDPTMPJOEJRVFO1PS
TVQBSUFFMQSFTJEFOUFEFM$($0'+FTÙT
"HVJMBSBQVOUBRVFQPSDBEBIPTQJUBMIBZ
VOBNFEJBEFGBSNBDJBTMMFHBOEPFTUB
QSPQPSDJÓOFOBMHVOBT[POBTBQPS
IPTQJUBM&TUBSFBMJEBEGBDJMJUBFMBDDFTP
EFMPTQBDJFOUFTBMPTSFDVSTPTDPNPSF
DPHFMB&%4
$POTVMUFFM*OUFMMJHFODF6OJU3FQPSU
XXXFDPOPNJBEFMBTBMVEDPN
XXXOFUTBMVEFT"QQ4UPSF(PPHMF1MBZ
“Tres transmisiones
y las tres con
Farmaconsulting.
Cuando alguien te
transmite tanta
seguridad, cercanía
y profesionalidad,
¿cómo no repetir?”
26 años de compromiso con Beatriz, Elena
y con todos los farmacéuticos
Beatriz y Elena del Campo
̽902 115 765
www.farmaconsulting.es
Vendieron su farmacia
en Madrid en agosto de 2016
26
años
2500 TRANSACCIONES
El líder en transacciones
r1VCMJDJEBE&-(-0#"-BMEFGFCSFSPEF
BMEFGFCSFSPEF&-(-0#"-'BSNBDJBr
-BCPUJDBTJHVFEBOEPNPUJWPTQBSBTJUVBSTF
FOQSJNFSBMÎOFBEFMBMVDIBDPOUSBFMDÃODFS
■-BGBSNBDJBEFNVFTUSBDPOSFTVMUBEPTTVQBQFMFOQSPHSBNBTEFDSJCBEPDÈODFSEFDPMPO
PTFOTJCJMJ[BDJØOQJFMZNBNB
EFTEF"1TÎTFIBDPOTFHVJEPFOMBCPUJDB
EFTEF RVF FO TF TVNÓ B FTUF
DSJCBEPBMBTGBSNBDJBTEF#BSDFMPOB‡
FOTFFYUFOEJÓBMBTEF(JSPOBZ
SFDJFOUFNFOUFBÃSFBTEF5BSSBHPOB‡
-PTÙMUJNPTEBUPTSFWFMBOÎOEJDFTEF
QBSUJDJQBDJÓO EF QPCMBDJÓO EJBOB FO
BMHVOBT[POBTFOUPSOPBMQPS
DJFOUP6OBTQSVFCBTRVFIBOQFSNJUJEP
EFUFDUBSVOQPSDJFOUPEFQPTJUJWPT
i-PTSFTVMUBEPTEJDFORVFBDFSUBNPT
QMFOBNFOUF DPO FTUF QMBO Z DPO MB
EFDJTJÓOWBMJFOUFQPSFOUPODFTEFIBDFS
NÃTQSÓYJNPTMPTDSJCBEPT&TEFDJS
MMFWBSMPTBQJFEFDBMMFBMBTGBSNBDJBTu
NBOJGJFTUB3BGBFM(VBZUBEJSFDUPSEF
1SPZFDUPTF*OWFTUJHBDJÓOEFM$POTFKPEF
$0'EF$BUBMVÒB(VBZUBSFDVFSEBRVF
iIBZ QBÎTFT RVF UBSEBO EÊDBEBT FO
BMDBO[BSFTUPTOJWFMFTEFQBSUJDJQBDJÓO
FOQSPHSBNBTEFDSJCBEPu
"-#&350$03/&+0
.BESJE
$PNP DBEB BÒP FM DBMFOEBSJP UJFOF
NBSDBEPFMEFGFCSFSPDPNPGFDIBQBSB
DPONFNPSBS‡ZSFDPOPDFS‡MBMVDIB
DPOUSBVOBEFMBTQSJODJQBMFTMBDSBTEFMB
TPDJFEBENVOEJBMFMDÃODFS6ODPOKVOUP
EF QBUPMPHÎBT RVF BGFDUB B NÃT EF
QFSTPOBTFO&TQBÒBBGFDUB
EPTZGBNJMJBSFT
ZDPOVOBJODJEFODJBFO
BVNFOUP 4FHÙO BMFSUB MB 4PDJFEBE
&TQBÒPMBEF0ODPMPHÎB.ÊEJDB4&0.
VOQPSDJFOUPEFIPNCSFTZVOUFSDJP
EFNVKFSFTEFTBSSPMMBSÃBMHÙOUJQPEF
DÃODFSBMPMBSHPEFTVWJEB
%BUPT BTÎ PCMJHBO B OP EFTFDIBS
DVBMRVJFSUJQPEFBZVEBFONBUFSJBEF
TFOTJCJMJ[BDJÓOQSFWFODJÓOZPEFUFDDJÓO
QSFDP[RVFQVFEBPGSFDFSVOQSPGFTJPOBM
TBOJUBSJPDPNPFMGBSNBDÊVUJDPDPNVOJ
UBSJPEFTEFDVBMFTRVJFSBEFMBTDFSDBEF
CPUJDBTOBDJPOBMFT.ÃTBÙOTJ
FTBBZVEBZBIBBQPSUBEPSFTVMUBEPT
DPNP FM FKFNQMP EF MPT DSJCBEPT EF
DÃODFSEFDPMPO
"TÎMBTDPTBTSFDPHJFOEPFMUÎUVMPEFMB
DPOPDJEBDBODJÓOEF+PBRVÎO4BCJOBBMB
GBSNBDJBMFiTPCSBOMPTNPUJWPTuQBSB
SFJWJOEJDBSVOTJUJPFOQSJNFSBMÎOFBEF
MBMVDIBDPOUSBFMDÃODFS&OFTUFTFOUJEP
IBZ"ENJOJTUSBDJPOFT$BUBMVÒB#BMFB
SFT.VSDJB
RVFZBTJUÙBOBMBGBSNBDJB
FOFTUBQSJNFSBMÎOFBZPUSBTRVFOPMP
IBDFOQFSPQBSFDFOEJTQVFTUBTBDPSSF
HJSDVBOUPBOUFTFTUBTJUVBDJÓO"TÎMP
BWJTÓ SFDJFOUFNFOUF FM DPOTFKFSP EF
4BOJEBEEF$BTUJMMB-B.BODIB+FTÙT
'FSOÃOEF[iDPNFUÎFMFSSPSEFOPJOWPMV
DSBSBOVFTUSBTGBSNBDJBTFOFMQMBO
SFHJPOBMEFDSJCBEPEFDÃODFSEFDPMPO
ZBSFDPOPDÎNJDVMQBZOPWBBQBTBSMP
NJTNPSFTQFDUPBMDÃODFSEFDFSWJYu
5SBT FTUF BOVODJP MB GBSNBDJB
NBODIFHBFTQFSBRVFQVFEBODPODSF
UBSTF FTUBT JOUFODJPOFT i2VFSFNPT
DPMBCPSBSFOUPEPBRVFMMPRVFQPEBNPT
QBSBNFKPSBSMBDPCFSUVSBQPCMBDJPOBMZ
0QJOJØO
&
'VUVSPTFOTJCJMJ[BDJØOZOVFWBTUÏDOJDBT
#JFOBUSBWÏTEFDBNQB×BTJOGPSNBUJWBTZTFOTJCJMJ[BDJØOBMBQPCMBDJØOPDPOMBQBSUJDJQBDJØOFOQSPHSBNBTEF
DSJCBEP‰DÈODFSEFDPMPO‰MBGBSNBDJBDPNVOJUBSJBTFTJUÞBFOQSJNFSBMÓOFBEFMBMVDIBDPOUSBFMDÈODFS
FM EJBHOÓTUJDP QSFDP[u BQVOUB B &(
*HOBDJP3PNFPQSFTJEFOUFEFM$POTFKP
EF$PMFHJPTEF'BSNBDÊVUJDPTEF$BTUJ
MMB-B.BODIBZEFM$0'EF(VBEBMBKBSB
$PGDBN
y$ÓNPQMBTNBSFTBDPMBCPSB
DJÓO i$BQUBOEP QPCMBDJÓO EJBOB
FTUBCMFDJFOEPMBPQDJÓOEFDPODFSUBS
EJSFDUBNFOUFDJUBTEFTEFMBGBSNBDJBDPO
FMFTQFDJBMJTUBFUDuTVHJFSF&TUFEF
GFCSFSPFTUÃQSFWJTUBVOBSFVOJÓODPOFM
EJSFDUPS EF 4BMVE 1ÙCMJDB FO MB RVF
3PNFPDPOGÎBQPEFSUSBUBSFTUFBTVOUP
5BNCJÊOFO$BTUJMMBZ-FÓOTVDPOTF
KFSP"OUPOJP.BSÎB4BÊ[ZBIBUFOEJEP
MBNBOPBMBGBSNBDJBQBSBQBSUJDJQBS
QSÓYJNBNFOUFFOFTUFUJQPEFDSJCBEPT
&OTVDBTPFMEFDÃODFSEFDPMPOZSFDUP
DPNPZBIBDFOTVTDPNQBÒFSPTEFMB
[POB NFEJUFSSÃOFB QFOJOTVMBS
i4BCFNPTRVFIBZJOUFSÊTZWPMVOUBEEF
EF EFTBSSPMMBS FTUF QSPHSBNB QPS
OVFTUSBQBSUFWBNPTBIBDFSUPEPMP
QPTJCMF QPS QMBOUFBS VO QSPZFDUP
JSSFDIB[BCMFuJOEJDB3BRVFM.BSUÎOF[
QSFTJEFOUBEFM$POTFKPEF$0'EF$BTUJ
MMBZ-FÓO1BSBFMMPMBUBNCJÊOQSFTJ
EFOUBEFM$0'EF4PSJBDPOGJSNBRVFTF
GJKBSÃOiFOMBFYQFSJFODJBEF$BUBMVÒBu
$SJCBEPEFDÈODFSEFDPMPOFTUBOEBSUF
-PTQSPHSBNBTEFDSJCBEPEFDÃODFS
DPMPSSFDUBMFOGBSNBDJBTTPOFMNBZPS
FYQPOFOUFBDUVBMEFMBBQPSUBDJÓOEFMB
GBSNBDJBDPNVOJUBSJBFOFTUBMVDIB
1PSFKFNQMPFO$BUBMVÒBDVBOEPFO
FM*OTUJUVUP$BUBMÃOEF0ODPMPHÎB
QVTPFONBSDIBVOQSPHSBNBEFEFUFD
DJÓOQSFDP[EFDÃODFSEFDPMPOZSFDUPB
USBWÊTEFTVTDFOUSPTEF"UFODJÓO1SJNB
SJBTPMPTFDPOTJHVJÓMBQBSUJDJQBDJÓOEFM
QPS DJFOUP EF MB QPCMBDJÓO EJBOB
NJFOUSBTRVFMB0.4DPOTJEFSBVOB
iQBSUJDJQBDJÓOBDFQUBCMFuTJTFTVQFSBFM
QPSDJFOUP
-PRVFOPTFDPOTFHVÎB
.ÃTBMMÃEFTVQBSUJDJQBDJÓOFOBRVFMMBT
QBUPMPHÎBTDVZBTUÊDOJDBTEJBHOÓTUJDBT
QFSNJUFOFMDSJCBEPEFTEFFTUPTFTUBCMF
DJNJFOUPT MBT GBSNBDJBT KVFHBO ‡Z
QVFEFOKVHBS‡VOJNQPSUBOUFQBQFMFO
PUSPTBTQFDUPTDPNPMBTFOTJCJMJ[BDJÓO
"TÎPDVSSFZBSFTQFDUPBQBUPMPHÎBTDPNP
FMDÃODFSEFQJFMPEFNBNBBUSBWÊTEF
DBNQBÒBTJOGPSNBUJWBTRVFJODJEFOFO
MBJNQPSUBODJBEFSFWJTJPOFTQFSJÓEJDBT
1BSB FM SFTQPOTBCMF EFM $POTFKP
$BUBMÃOEF$0'TPOUSFTMBTAQBUBTFOMBT
RVFTFBSUJDVMBFMQBQFMQSFTFOUFQFSP
TPCSFUPEPGVUVSPEFMBGBSNBDJB"NÊO
EFMBFEVDBDJÓOTBOJUBSJBEFTEFMBGBSNB
DJBiFOFMEFDÃMPHPEFMDÃODFSuQBSBRVF
FM QBDJFOUF TFQB JEFOUJGJDBS QPTJCMFT
TJHOPTEFBQBSJDJÓOEFFTUBQBUPMPHÎB
(VBZUBUBNCJÊOBQVOUBBMTFHVJNJFOUP
GBSNBDPUFSBQÊVUJDPBMQBDJFOUFPODPMÓ
HJDP:NJSBOEPBMGVUVSPiMBBQBSJDJÓO
EFOVFWPTFMFNFOUPTEJBHOÓTUJDPTZZ
UÊDOJDBTNÃTTFODJMMBTQFSNJUJSÃBMB
GBSNBDJB DPNVOJUBSJB JOUFHSBSTF FO
OVFWPTDSJCBEPTuWBUJDJOB
&MDSJCBEPEFTBOHSFPDVMUBFOIFDFTHBSBOUÎBEFWJEB
TDPOPDJEPRVFMPTQSPHSBNBTEFDSJCBEPEF
40)
QBSBFMQPTJCMFEJBHOÓTUJDPEF$ÃODFS
$PMPSSFDUBM$$3
UJFOFOVOBFGJDBDJBEFNPT
USBEBZVOBBMUBDBQBDJEBEEFTBMWBSWJEBT-BNFOUB
CMFNFOUFFTUPTQSPHSBNBTOPTFFTUÃOEFTBSSPMMBOEP
DPNPTFSÎBEFTFBCMF$POHSBOEFTEJGFSFODJBTFOUSF
$$""MBNFEJBEFQBSUJDJQBDJÓOAOBDJPOBMFOFTUPT
QSPHSBNBTFTBQFOBTEFMQPSDJFOUP&OFM
PCKFUJWPEFMB&TUSBUFHJB/BDJPOBM$POUSBFM$ÃODFS
FTUJNBCBQBSBMBDJGSBEFMQPSDJFOUPEFMB
QPCMBDJÓOEFSJFTHPHSVQPEFFEBEFOUSFBÒPT
%FOUSPEFMBHFTUJÓOEFFTUFDSJCBEPDPOWJWFO
EJTUJOUBTGPSNBTEFGBDJMJUBSBMDJVEBEBOPTVQBSUJDJ
QBDJÓO5PEBTUJFOFOFMJOJDJPFOVOBDBSUBEFJOWJUB
DJÓOEFTEFMBT$POTFKFSÎBTBVUPOÓNJDBT&MQPS
DJFOUPJOEJDBOBEFNÃTRVFTFQVFEFSFDPHFSFMLJU
QBSBFMBOÃMJTJTEF40)FOGBSNBDJBPFMDFOUSPEF
TBMVE&OPUSPTDBTPTTFQJEFMBSFTQVFTUBQPTJUJWBTJ
FTBTÎTFFOWÎBDPOQPTUFSJPSJEBEFMLJUBMDJVEBEBOP
&TUPTDBTPTSFQSFTFOUBOFMQPSDJFOUP'JOBMNFOUF
BMQPSDJFOUPTFMFFOWÎBFMLJUQPTUFSJPSNFOUFBMB
JOWJUBDJÓOTBMWPRVFIBZBSFDIB[PPOFHBUJWB
&TUÃ DMBSP RVF MB NBZPS Z NFKPS BDUVBDJÓO
SFTQFDUPBMBJOWJUBDJÓOBQBSUJDJQBSFOFMQSPHSBNB
FTMBDJUBEBDBSUBDPOJOEJDBDJÓOEFSFDPHJEBFO
GBSNBDJBPDFOUSPEFTBMVE4FUSBEVDFVOBNFKPS
FGJDBDJBEFMBJOWJUBDJÓO4JSFDPHFFMUFTUMPOPSNBM
FTRVFBDVEBBMBQSVFCB4FBDPNPTFBMBJNQMFNFO
UBDJÓOEFMBJOWJUBDJÓOFMQSPCMFNBDPOFMRVFOPT
FOGSFOUBNPTBEFNÃTEFMPTHSBWFTSFUSBTPTFOMB
QVFTUBFONBSDIBEFMQSPHSBNBFTMBBEIFSFODJB
EFMQÙCMJDPPCKFUJWPBMQSPHSBNB4FFTUJNBVOB
BEIFSFODJBEFMQPSDJFOUPEFMPTJOWJUBEPT'BMUB
EFJOGPSNBDJÓOEFTJOUFSÊTEFSPNQFSFTBEFTJOGPS
NBDJÓOZQSFKVJDJPTBCTVSEPTFOTFDUPSFTQPDP
DPOTDJFOUFTIBDFORVFFTBBEIFSFODJBOPTFBMB
EFTFBCMF-BJNQPSUBODJBEFMQSPHSBNBJOEFQFO
EJFOUFNFOUFEFMTJTUFNBEFJOWJUBDJÓOFTRVFMB
NJUBEEFMPTQPTJUJWPTRVFTFEFUFDUBOMPTPOFO
&TUBEJP*MPRVFEBVOBTFHVSJEBEEFTVQFSWJWFODJB
EFMQPSDJFOUP-BEFTJOGPSNBDJÓOZMPTQSFKVJDJPT
BWFDFTOPTQVFEFODPTUBSMBWJEB
&NJMJP*HMFTJB
1SFTJEFOUFEF&VSPQB$PMPO&TQB×B
r'BSNBDJB&-(-0#"- BMEFGFCSFSPEF
1PSQSJNFSBWF[UFOFSCPUJDB7&$
QVOUÙBQFSPOPFTMBiQBOBDFBu
■&MDPODVSTPDPOWPDBEPFO.BESJEEBQVOUPTQPSIBCFSFKFSDJEPFOVOBGBSNBDJB7&$
5FOFSVOBPGJDJOBEFGBSNBDJBFOQSPQJF
EBEFTVOBBTQJSBDJÓOEFNVDIPTGBSNB
DÊVUJDPT6OPTMPUJFOFONÃTGÃDJMRVF
PUSPTDPNPBRVFMMPTQSPGFTJPOBMFTBMPT
RVFMBGBSNBDJBMFTWJFOFQPSUSBEJDJÓO
GBNJMJBSZZBDVFOUBODPOVOBMJDFODJBFO
ADBTB"RVFMMPTRVFOPIBOUFOJEPFTB
TVFSUFUJFOFORVFQBTBSQPSVOBTFSJFEF
QFSJQMPTFOTVNBZPSÎBGPSNBUJWPTQBSB
JSIBDJFOEPOÙNFSPTZTVNBSMBNÃYJNB
QVOUVBDJÓORVFQVFEBO4JTFMMFHBBMP
NÃTBMUPJHVBMTFQVFEFVOPBDFSDBSB
DBTBPBMBGBNJMJBZTJUPEBWÎBOPTF
MPHSBQVFEFUPDBSMFVOBGBSNBDJBNFOPT
ABQFUFDJCMF TJUVBEB FO VO QVFCMP
BMFKBEPPDPOFTDBTPTWFDJOPTZDPOFMMP
NFOPTQBDJFOUFTQPUFODJBMFT
&MQBTBEPEFFOFSPTFQVCMJDÓMB
MJTUB DPO MBT QVOUVBDJPOFT QBSB MB
BQFSUVSBEFGBSNBDJBTRVFSFTQPOEF
BM ÙMUJNP DPODVSTP RVF DPOWPDÓ MB
$PNVOJEBE EF .BESJE &O FTUF QPS
QSJNFSBWF[TFIBPUPSHBEPVOBQVOUVB
DJÓOEJSFDUBEFTJFUFQVOUPTQPSIBCFS
FKFSDJEPFOVOBGBSNBDJBFOTJUVBDJÓOEF
WJBCJMJEBE FDPOÓNJDB DPNQSPNFUJEB
7&$
BMNFOPTEVSBOUFVOBÒP1PSVO
MBEPEFTEF(ÓNF[$ÓSEPCB"CPHBEPT
SFDVFSEBORVFOPFTVOBNFEJEBQSPQPS
DJPOBMBMUJFNQPEFFKFSDJDJPTJOPRVFB
UPEPTMPTCPUJDBSJPTGVFSBDVBMGVFSBMB
EVSBDJÓOEFTVBDUJWJEBEMFTIBODPODF
EJEPMPTNJTNPTQVOUPT
1PSPUSBQBSUFFMQSFTJEFOUFEFMB
4PDJFEBE&TQBÒPMBEF'BSNBDÊVUJDPT
3VSBMFT4FGBS
+BWJFS(VFSSFSPWBNÃT
BMMÃZMMBNBMBBUFODJÓOTPCSFRVFFOWF[
EF TJFUF EFCFSÎBO IBCFS EBEP PDIP
QVOUPTTFHÙOJOEJDBMBQSPQJBOPSNBUJWB
"TÎTFSFGJFSFBMB-FZEF.FEJEBT
'JTDBMFTZ"ENJOJTUSBUJWBTRVFNPEJGJDB
FMBSUÎDVMPEFMBMFZEFRVFGJKBFM
CBSFNP EF .BESJE %F UBM NPEP MB
OPSNBJOEJDBRVFQPSIBCFSFKFSDJEPFO
GBSNBDJB7&$TFEBSÃFMNÃYJNPEF
QVOUPTRVFTFIBZBPUPSHBEPFOBMHVOB
PUSBDBUFHPSÎB1VFTCJFOIBZVONÊSJUP
FOFMRVFTFDPODFEFOPDIPQVOUPTDPNP
FTFMJNQSPCBCMFQFSPQPTJCMFDBTPEF
UFOFSFOUPEBTMBTBTJHOBUVSBTVOBNBUSÎ
DVMBEFIPOPS
4PCSFMBJNQPSUBODJBRVFFTUBQVOUVB
DJÓOEJSFDUBIBUFOJEPTPCSFFMSFTVMUBEP
GJOBM MP DJFSUP FT RVF TJ MB NÃYJNB
PCUFOJEBFO.BESJEIBTJEPEF
QVOUPT‡BVORVFMPIBCJUVBMFTRVF
SPOEF MPT QVOUPT‡ TJFUF QVOUPT
QVFEFOTVQPOFSNVDIP&OFTUFTFOUJEP
(VFSSFSPJEFOUJGJDBRVFiBMGJOBMFTUP
TVQPOFFMQPSDJFOUPEFMBQVOUVBDJÓO
UPUBMBTÎRVFFTBMHPEFUFSNJOBOUFu&T
DJFSUPRVFNÃTRVFVOBWFOUBKBDPNQF
UJUJWBMPRVFFMQSFTJEFOUFEF4FGBSDPOTJ
EFSBFTRVFFTVOBDPNQFOTBDJÓOB
UPEPTMPTBÒPTEFIBCFSEFTBSSPMMBEPMB
QSPGFTJÓOGBSNBDÊVUJDBDPOVODJFSUP
BJTMBNJFOUP "TÎ DPNP NBOJGJFTUB
&-(-0#"-
.BESJE
«/(&-"%&36&%"
.BESJE
-B'*1QJEFNÃT
QPMÎUJDBTEF
JOGPSNBDJÓOTPCSF
GÃSNBDPT
Baremación de la ruralidad en concursos convocados desde 2005
Año
Criterio: habitantes o VEC
Baremación / Méritos profesionales
Andalucía
2010
t Menos de 1.000 hab.
Se tiene en cuenta en caso de empate
Aragón
2011
t Menos de 1.000 hab.
t 1.001-10.000 hab.
t Más de 10.000 hab.
t 3 puntos /año (máx. 40)
t 1,75 puntos/año (máx. 40)
t 1,25 puntos/año
Cantabria
2015
t Menos de 2.800 hab.
Se tiene en cuenta en caso de empate
Castilla-La Mancha
2015
t Menos de 750 hab.
t Entre 750-1.500 hab.
t Más de 1.501 hab.
t 0,16 puntos/ mes (máx. 40)
t 0,14 puntos / mes (máx. 40)
t 0,12 puntos / mes (máx. 40)
Castilla y León
2006
t Hasta 5.000 hab.
t Más de 5.000 hab.
t 0,15 puntos / mes (máx. 18)
t 0,12 puntos / mes (máx. 14,4)
Madrid
2015
Farmacia en situación
de Viabilidad Económica
Comprometida (VEC)
7 puntos (por un mínimo de 12 meses.
No hay proporcionalidad. A todos se les
ha dado 7 puntos)
Murcia
2007*
t Menos de 1.800 hab.
0,0025 / mes (máx. de 2 puntos que
añaden a los méritos profesionales)
Com. Valenciana
2013
t Menos de 800 hab.
Se incrementa en un 25% la
puntuación obtenida por méritos
profesionales (máx. 8 puntos)
* La baremación en la Región de Murcia se modificó en 2012, pero todavía no se ha aplicado porque no
se ha convocado concurso.
Fuente: Elaboración propia y Gómez Córdoba Abogados.
(VFSSFSPiMPWFPEFTFOUJEPDPNÙOFT
VOJODFOUJWPZVOBPQPSUVOJEBEBVORVF
OPFTVOBQBOBDFBuTFÒBMB
.JHVFM¦OHFM /BWBSSP FT VO DMBSP
FKFNQMP&TVOPEFMPTTPMJDJUBOUFTBM
ÙMUJNPDPODVSTPRVFDPOWPDÓMB$PNVOJ
EBEEF.BESJEFOZIBRVFEBEPFO
TFHVOEBQPTJDJÓOFOUSFTEFMBTTJFUF
MJTUBT&OTVDBTPTFHÙOFYQMJDBB&(OP
TÓMPMMFWBVOBÒPEFFKFSDJDJPFOVOB
CPUJDB7&$TJOPRVFMMFWBBÒPT&OUPO
DFTDPNQSÓVOBGBSNBDJBTJOTBCFSRVF
MFQFSNJUJSÎBPCUFOFSFTUPTQVOUPTRVF
PUPSHBFMCBSFNPFO.BESJE&MGBSNB
DÊVUJDPSFDPOPDFRVFiTJOFTBQVOUVB
DJÓONFIBCSÎBUPDBEPVOBGBSNBDJBNVZ
BMMÎNJUFBTÎRVFBNÎNFIBTVQVFTUPVOB
EJGFSFODJBu"QFTBSEFFMMPDPOTJEFSB
RVFiMPQSJPSJUBSJPTFSÎBRVFFYJTUJFSBO
MPT NJTNPT CBSFNPT QBSB UPEBT MBT
$PNVOJEBEFT"VUÓOPNBTuZDPOFMMP
HBSBOUJ[BSVOBDDFTPFOJHVBMEBE
1BSB/BWBSSPRVFTFQSFNJFEFBMHÙO
NPEPFMFKFSDJDJPFOCPUJDBT7&$iFTEF
KVTUJDJBQPSRVFTPNPTFMTFHNFOUPNÃT
EFTGBWPSFDJEPEFMBTGBSNBDJBTuFYQMJDB
"QFTBSEFFTBDPODFTJÓOEFTJFUFQVOUPT
RVFFOTVDBTPIBOTVQVFTUPVOBHSBO
EJGFSFODJB SFDVFSEB RVF OP TF IB
RVFEBEPQBSBEPFOFMQVFCMPEF4PSJB
EPOEF FKFSDF ‡RVF DVFOUB DPO IBCJUBOUFTRVFFOJOWJFSOPTFSFEVDFOB
‡ 1PS FM DPOUSBSJP BEFNÃT EF
FKFSDFSEVSBOUFBÒPTFOCPUJDB7&$
UJFOFVOEPDUPSBEPVONÃTUFSQVCMJDB
DJPOFTZIBSFBMJ[BEPWBSJPTDVSTPT%F
FTUFNPEPZHSBDJBTBRVFQVOUÙBFO
UPEPTMPTNÊSJUPTRVFTFWBMPSBCBOFOMB
DPOWPDBUPSJB IB QPEJEP MMFHBS B MB
QVOUVBDJÓO1PSFMMPiOPTFOPTFTUÃ
SFHBMBOEPOBEBQPSRVFTJOPUFMPIBT
DVSSBEPOPUFMPWBOBEBSuBQVOUB
El Global
1PSTVQBSUF*ONBDVMBEB(ÓNF[4PUP
EF(ÓNF[$ÓSEPCB"CPHBEPTEFTUBDB
RVFMPRVFTVDFEFFTRVFMBT$PNVOJEB
EFT"VUÓOPNBTOPTBDBOBDPODVSTP
OVFWBTGBSNBDJBTQPSJOJDJBUJWBQSPQJB
TJOPRVFMPIBDFUSBTMBTPMJDJUVEEFMPT
GBSNBDÊVUJDPT%FIFDIPMB$PNVOJEBE
EF.BESJEMMFWBVOBEÊDBEBTJOTBDBSB
DPODVSTP GBSNBDJBT EF PGJDJP TFHÙO
EFOVODJB&OFTUFTFOUJEPFMQSFTJEFOUF
EF4FGBSDPOTJEFSBRVFiTJFM$POTFKP
*OUFSUFSSJUPSJBMTJSWJFSBQBSBBSNPOJ[BS
MBTQPMÎUJDBTIBCSÎBVODSJUFSJPDPNÙOu
7BSJBCJMJEBEEFDSJUFSJPT
%FFTUFNPEPEFTEFTFIBODPOWP
DBEPWBSJPTDPODVSTPTWFSUBCMB
&O
FMMPTBEFNÃTEFPUSPTDSJUFSJPTTFIB
QSJNBEPQPSFKFNQMPMBSVSBMJEBERVF
TFNJEFTFHÙOTJMBGBSNBDJBTFTJUÙBFO
VOBQPCMBDJÓODPOVONÎOJNPOÙNFSPEF
IBCJUBOUFTRVFTFFTUBCMFDFFOVOBDJGSB
WBSJBCMF TFHÙO MB [POB HFPHSÃGJDB
"VORVFTÓMPFOFMDBTPEFMB$PNVOJEBE
EF.BESJETFIBPUPSHBEPQVOUVBDJÓO
EJSFDUBEFQVOUPTQPSDVNQMJSFMDSJUF
SJPEFFKFSDJDJPFOVOBGBSNBDJB7&$
)BZRVFSFDPSEBSRVFDBEBDPOWPDB
UPSJBFTUBCMFDFVOCBSFNPDPOVOBEJTUSJ
CVDJÓO EF MB QVOUVBDJÓO NÃYJNB
EJGFSFOUF"EFNÃTFMDSJUFSJPEFFKFSDFS
FOQPCMBDJPOFTTFHÙOTVTIBCJUBOUFTTF
JODMVZFEFOUSPEFMBWBMPSBDJÓOEFMPT
NÊSJUPTQSPGFTJPOBMFT&OFMDBTPEF
$BTUJMMB-B.BODIBZ"SBHÓODVFOUB
IBTUB VO NÃYJNP EF QVOUPT &O
$BOUBCSJBZ"OEBMVDÎBTFUJFOFFODVFOUB
FODBTPEFFNQBUF:FOMPTDBTPTEFMB
$PNVOJEBE 7BMFODJBOB Z .VSDJB TF
PUPSHBMBQVOUVBDJÓOEJSFDUBDPOVO
NÃYJNPZEFSFTQFDUJWBNFOUFBM
NBSHFOEFMPTNÊSJUPTQSPGFTJPOBMFT
6OBTPDJFEBENFKPSJOGPSNBEBTPCSFFM
DPSSFDUPVTPEFTVTUSBUBNJFOUPTEFSJWB
FOVOBNFKPSTBMVEZFOVOPTTJTUFNBT
TBOJUBSJPT NÃT TPTUFOJCMFT 1PS FMMP
BQMJDBOEP FM ATFOUJEP EF &TUBEP MB
'FEFSBDJÓO*OUFSOBDJPOBM'BSNBDÊVUJDB
'*1
IBJOTUBEPBRVFMBTQPMÎUJDBTOBDJP
OBMFTTBOJUBSJBTiJODMVZBOFTUSBUFHJBT
QBSBMBNFKPSJOGPSNBDJÓOEFMPTNFEJDB
NFOUPTu"TÎTFQPOFEFNBOJGJFTUPFOFM
OVFWP JOGPSNF i*OGPSNBDJÓO TPCSF
NFEJDBNFOUPTEFTBSSPMMPFTUSBUÊHJDPu
QVCMJDBEP QPS FTUB GFEFSBDJÓO RVF
QSFTJEFMBFTQBÒPMB$BSNFO1FÒBTJFOEP
FMQSJNFSEPDVNFOUPRVFFYBNJOBB
OJWFMNVOEJBMMBBQMJDBDJÓOEFMBTFTUSB
UFHJBTTPCSFMBÓQUJNBJOGPSNBDJÓOTPCSF
NFEJDBNFOUPT6OBJOGPSNBDJÓORVFB
KVJDJPEFMB'*1FTDMBWFiQBSBFMVTP
TFHVSPZFGJDB[uEFMPTNJTNPT
4FHÙOTFEFTUBDBFOFTUFJOGPSNFFO
BMHVOPTDBTPTiMBJOGPSNBDJÓOTPCSF
NFEJDBNFOUPT QVFEF TFS JOFYBDUB
BCSVNBEPSBTFTHBEBJOÙUJMPTJNQMF
NFOUF OP TF FOUJFOEF CJFOu $PNP
SFTQVFTUB B FMMP FTUB QVCMJDBDJÓO
FTUBCMFDFMBTMÎOFBTFTUSBUÊHJDBTiQBSB
BTFHVSBS VOB JOGPSNBDJÓO EF BMUB
DBMJEBETPCSFMPTNFEJDBNFOUPTFOUPEP
FMNVOEPu"TÎBEFNÃTEFBQPZBSFMVTP
SFTQPOTBCMFEFMPTNFEJDBNFOUPTMPT
PCKFUJWPTEFMEFTBSSPMMPFTUSBUÊHJDPEFMB
'*1JODMVZFOMBTFHVSJEBEEFMPTNFEJDB
NFOUPT Z MB GBSNBDPWJHJMBODJB MB
QSFTDSJQDJÓOZEJTQFOTBDJÓOSBDJPOBMFTZ
MBBMGBCFUJ[BDJÓOFOTBMVE
(ÛFOFDIFB
DBOEJEBUPB
QSFTJEJS$PGBSFT
&-(-0#"-
.BESJE
&M BDUVBM WJDFQSFTJEFOUF EF (SVQP
$PGBSFT +VBO *HOBDJP (ÛFOFDIFB
FODBCF[BSÃMBDBOEJEBUVSBBMBQSFTJ
EFODJBEFMMBDPPQFSBUJWBEFEJTUSJCVDJÓO
GBSNBDÊVUJDB"TÎMPEFDJEJÓFM$POTFKP
3FDUPS EF $PGBSFT FM QBTBEP EF
GFCSFSP %FTQVÊT EF DBTJ BÒPT BM
GSFOUF EF MB DPPQFSBUJWB $PGBSFT TV
BDUVBMQSFTJEFOUF$BSMPT(PO[ÃMF[#PTDI
OPQVFEFSFQFUJSVOOVFWPNBOEBUPQPS
JNQFSBUJWPFTUBUVUBSJP
-BFMFDDJÓOEFMOVFWP$POTFKP3FDUPS
TFSÃFMEFKVOJPDVBOEPTFDFMFCSBSÃ
MB"TBNCMFB(FOFSBMEF%FMFHBEPTZ
GFDIBFOMBRVF(PO[ÃMF[#PTDIGJOBMJ
[BSÃTVNBOEBUP&M$POTFKP3FDUPSIB
EFDJEJEPBTÎBQPTUBSQPSVOBDBOEJEB
UVSBDPOUJOVJTUBBDPSEFDPOTVUSBZFDUP
SJBBMGSFOUFEFMBDPPQFSBUJWBZDPOMPT
SFUPTGVUVSPTRVFBCPSEBSÃ
BMEFGFCSFSPEF&-(-0#"-1VCMJDJEBEr
r'BSNBDJB&-(-0#"- BMEFGFCSFSPEF
1~P_
26 años de compromiso
con todos los farmacéuticos
&WPMVDJØOEFMDSFDJNJFOUPEFMBEFNBOEB
BOVBMEFGBSNBDJB-ÏSJEB
̽902 115 765
www.farmaconsulting.es
26
años
Sección elaborada por
2500 TRANSACCIONES
El líder en transacciones
-PTKØWFOFTCPUJDBSJPTJOWJFSUFOFO-ÏSJEB
%BUPTEFMBM
*OWFSTPSFTFOGVODJØO
EFTVUJUVMBSJEBE
*OWFSTPSFT
DPOGBSNBDJB
*OWFSTPSFT
TJOGBSNBDJB
.ÃTEFĸ
ĸ
ĸ
ĸ
ĸ
)BTUBĸ
1SPWJODJBEFSFTJEFODJB
ĸ
&%"%
4&90
ĸ
$MBTJGJDBDJØOEFMPTJOWFSTPSFTQPSFEBEZTFYP
*OWFSTPSFTQPSUSBNPTEFGBDUVSBDJØO
-BQSØYJNBTFNBOBMBFWPMVDJØOEFM
DSFDJNJFOUPEFEFNBOEBEFMB
QSPWJODJBEF«MBWB
-PTGBSNBDÏVUJDPTNBOUJFOFOFMJOUFSÏTEFJOWFSTJØOFOMBQSPWJODJBEF
-ÏSJEB"TDFOEJFOEPBGBSNBDÏVUJDPTMPTRVFFTUÈOFODPOUBDUPDPO
'BSNBDPOTVMUJOHQBSBMBDPNQSBEFGBSNBDJBFOEJDIBQSPWJODJB
-BJOWFSTJÓOFOMBTGBSNBDJBTEF
MBQSPWJODJBEF-ÊSJEBTFNBOUJFOF
"TÎMPJOEJDBOMPTCPUJDBSJPTRVF
FTUÃOFODPOUBDUPDPO'BSNBDPO
TVMUJOHQBSBMBDPNQSBEFGBSNBDJB
FO FTUB QSPWJODJB %F FTUPT MPT
GBSNBDÊVUJDPT NÃT KÓWFOFT
NFOPSFT EF BÒPT GVFSPO FM
ÙMUJNPBÒPMPTNÃTJOUFSFTBEPTFO
MBDPNQSBEFGBSNBDJBFO-ÊSJEB
DPOFMQPSDJFOUPEFTPMJDJUVEFT
"TÎMPTDBUBMBOFTTPOMPTCPUJDB
SJPT NÃT EJTQVFTUPT B DPNQSBS
GBSNBDJBFO-ÊSJEBBDVNVMBOEPFM
QPSDJFOUPEFMBTTPMJDJUVEFT"
FTUPTMFTTJHVFOMPTSFTJEFOUFTFOMB
QSPWJODJBDPOFMQPSDJFOUP-B
GBDUVSBDJÓONÃTEFNBOEBEBFOFM
QPSDJFOUPEFMPTDBTPTFTUÃ
FOUSFZFVSPT
"EFNÃTFMQPSDJFOUPGVFSPO
IPNCSFTGSFOUFBMQPSDJFOUPEF
MBTEFNBOEBTSFBMJ[BEBTQPSMBT
NVKFSFT'JOBMNFOUFTÓMPFMQPS
DJFOUP EF MPT RVF TPMJDJUBSPO
DPNQSBSGBSNBDJBFO-ÊSJEBFSBO
QSPQJFUBSJPTEFPUSBCPUJDB
&WPMVDJØOEFMBEFNBOEBEFGBSNBDJBFO-ÏSJEBEFTEF
■-PTNFOPSFTEF
B×PTBHMVUJOBOFMEF
TPMJDJUVEFTEFDPNQSBEF
GBSNBDJBEFMÞMUJNPB×P
&MEFMBTTPMJDJUVEFTEFJOWFSTJØOFOFTUBQSPWJODJBEFNBOEBSPO
GBSNBDJBEFGBDUVSBDJØOFOVOJOUFSWBMPFOUSFZû
#BSDFMPOB
-BT1BMNBT
-ÏSJEB
-B3JPKB
.BESJE
)VFTDB
#BEBKP[
(FSPOB
"MJDBOUF
5BSSBHPOB
4FHÞOMBTTPMJDJUVEFTSFDJCJEBTQPS'BSNBDPOTVMUJOHMPT
GBSNBDÏVUJDPTDBUBMBOFTTPOMPTNÈTJOUFSFTBEPTFOMB
DPNQSBEFGBSNBDJBFO-ÏSJEBBDVNVMBOEPFMEFM
UPUBM&OTFHVOEPMVHBSTFFODVFOUSBOMPTGBSNBDÏVUJDPT
SFTJEFOUFTFOEJDIBQSPWJODJBDPOFM
BMEFGFCSFSPEF&-(-0#"-r
*OEVTUSJB
3PDIF$FMHFOFZ#.4MJEFSBSÃO
FMNFSDBEPPODPMÓHJDPFO
■&TUFTFHNFOUPSFHJTUSBSÈVODSFDJNJFOUPBOVBMEFMQPSDJFOUPIBTUBBMDBO[BSMPTNJMMPOFT
.BESJE
&OTFIBOSFHJTUSBEPDBTPT
OVFWPTEFDÃODFSFO&TQBÒB
FOWBSPOFTZFONVKFSFT
MPRVF
TVQPOFRVFIBTPCSFQBTBEPFONÃTEF
MBTFTUJNBDJPOFTIFDIBTQBSBFM
BÒPCBTBEBTFOFMDSFDJNJFOUP
EFNPHSÃGJDPTFHÙOEBUPTQVCMJDBEPTQPS
MB 4PDJFEBE &TQBÒPMB EF 0ODPMPHÎB
.ÊEJDB4&0.
$POFTUBTQSFWJTJPOFT
TPCSFMBNFTBOPFTEFFYUSBÒBSRVFFM
NFSDBEP EF PODPMPHÎB TFB FM RVF
NBZPSFTDSFDJNJFOUPTSFHJTUSBSÃIBTUB
"TÎ MP BTFHVSB MB DPOTVMUPSB
&WBMVBUF1IBSNBRVFBQVOUBBVOJODSF
NFOUPBOVBMNFEJPEFFTUFNFSDBEPEFM
QPSDJFOUPFOMPTQSÓYJNPTTFJTBÒPT
&OFTUFTFHNFOUPSFHJTUSÓVOBT
WFOUBTHMPCBMFTEFNJMMPOFTEF
EÓMBSFT1BSBFTUBTWFOUBTBMDBO[B
SÃOMPTNJMMPOFTEFEÓMBSFT
TFHÙOMBDPOTVMUPSB"TÎFMTFHNFOUP
PODPMÓHJDPUSJQMJDBSÃMBTDJGSBTQSFWJTUBT
QBSBFMTFHVOEPÃSFBNÃTJNQPSUBOUFMB
EJBCFUFTDPOVOBTWFOUBTFTUJNBEBT
QBSBFTFQFSJPEPEFNJMMPOFTEF
EÓMBSFT
3PDIFMJEFSBSÃFMNFSDBEPDPOVOBT
WFOUBTFTUJNBEBTEFNJMMPOFTEF
EÓMBSFTDPOVODSFDJNJFOUPBOVBMEFM
QPSDJFOUP-FTFHVJSÃ$FMHFOFDPOVOBT
WFOUBTFTUJNBEBTEFZVODSFDJ
NJFOUPBOVBMEFMQPSDJFOUP&OUFSDFS
MVHBSTFTJUÙB#SJTUPM.ZFST4RVJCCDPO
NJMMPOFTFOWFOUBT#.4FTMB
DPNQBÒÎBRVFNBZPSDSFDJNJFOUPWBB
SFHJTUSBS IBTUB DPO VO QPS
DJFOUPBOVBM&OFMDVBSUPMVHBSDPO
NJMMPOFT EF EÓMBSFT TF TJUÙB
/PWBSUJTTFHVJEBEF1GJ[FSRVFDPOVO
DSFDJNJFOUPBOVBMEFMQPSDJFOUP
BMDBO[BSÃMPTNJMMPOFT
&O DVBOUP B MBT UFSBQJBT RVF NÃT
WFOUBTWBOBSFHJTUSBSEFBRVÎBTFJT
BÒPT MB DPOTVMUPSB TJUÙB B 0QEJWP
OJWPMVNBC
DPNPMÎEFSEFGBDUVSBDJÓO
DPOVOBTWFOUBTEFNJMMPOFTEF
EÓMBSFT &TUF GÃSNBDP BOUJ1% EF
#SJTUPM.ZFST4RVJCC#.4
IBSFWPMVDJP
OBEPFMUSBUBNJFOUPPODPMÓHJDPZEF
IFDIPBDBCBEFCBUJSIBDFVOPTNFTFT
SÊDPSE FO &TQBÒB BM DPOTFHVJS MB
BQSPCBDJÓOEFTVRVJOUBJOEJDBDJÓO"TÎ
BDUVBMNFOUFFMGÃSNBDPEF#.4DVFOUB
DPOMBBQSPCBDJÓOQBSBFMUSBUBNJFOUPFO
NPOPUFSBQJBEFDÃODFSEFQVMNÓOOP
NJDSPDÎUJDP $1/.
EF IJTUPMPHÎB OP
FTDBNPTB MPDBMNFOUF BWBO[BEP P
NFUBTUÃTJDPEFTQVÊTEFRVJNJPUFSBQJB
QSFWJBFONPOPUFSBQJBQBSBFMDBSDJ
OPNBBWBO[BEPEFDÊMVMBTSFOBMFT$$3
EFTQVÊT EF USBUBNJFOUP QSFWJP Z FO
Evolución del mercado oncológico hasta 2022
Ventas, cuota de mercado y crecimiento de las ventas (2015-2022)
25%
Cuota de mercado global (%)
."35"3*&4(0
Roche
20%
15%
Celgene
10%
Bristol-Myers Squibb
Johnson & Johnson
Novartis
AbbVie
Eli Lilly
5%
Pfizer
Merck & Co
AstraZeneca
0%
0%
+5%
+10%
+15%
+20%
+25%
+30%
+35%
% Crecimiento de ventas: CAGR 2015-22
Mejores cinco productos oncológicos a nivel global en 2022
Ventas globales
Rango
Producto
Genérico
Farmacéutica
CAGR
Cuota de mercado global
Tipo de fármaco
Estado actual
2015
2022
2015-22
2015
2022
1
Opdivo
nivolumab
Bristol-Myers
Squibb + OnoPharmaceutical
Anti-programmed
death-1 (PD-1) MAb
1.119
14.634*
+44%
1,3%
7,7%
Comercializado
2
Revlimid
lenalidomide
Celgene
Immunomodulator
5,801
13.024
+12%
7,0%
6,9%
Comercializado
AbbVie +
Johnson &
Johnson +
Pharmacyclics
Bruton’s tyrosine
kinase (BTK) inhibitor
1.299
7.287
+28%
1,6%
3,8%
Comercializado
3
Imbruvica
ibrutinib
4
Keytruda
pembrolizumab Merck & Co
Anti-programmed
death-1 (PD-1) MAb
566
5.959
+40%
0,7%
3,1%
Comercializado
5
Ibrance
Ibrance
Cyclin-dependent
kinase (CDK) 4 & 6
inhibitor
723
5.709
+34%
0,9%
3,0%
Comercializado
Pfizer
Fuente: EvaluatePharma, agosto 2016.
DPNCJOBDJÓODPO:FSWPZJQJMJNVNBC
QBSB FM USBUBNJFOUP EFM NFMBOPNB
BWBO[BEPJSSFTFDBCMFPNFUBTUÃTJDP
UPEBT FMMBT QBSB FM USBUBNJFOUP FO
BEVMUPT"FTUBTTFTVNBOMBTJOEJDBDJP
OFTDPODFEJEBTQBSBFMUSBUBNJFOUPEF
DÃODFSEFQVMNÓOOPNJDSPDÎUJDP$1/.
EF IJTUPMPHÎB FTDBNPTB MPDBMNFOUF
BWBO[BEP P NFUBTUÃTJDP EFTQVÊT EF
RVJNJPUFSBQJBQSFWJBZQBSBFMBCPSEBKF
EFMQBDJFOUFDPONFMBOPNBBWBO[BEP
JSSFTFDBCMFPNFUBTUÃTJDP
FOBEVMUPT
"EFNÃT MB DPNQBÒÎB FTQFSB FO MPT
QSÓYJNPTNFTFTQSFTFOUBSSFTVMUBEPTEF
MPT FTUVEJPT $IFDLNBUF QBSB
QSJNFSBMÎOFBEFDÃODFSEFQVMNÓOZ
$IFDLNBUFQBSBDÃODFSEFIÎHBEP
-B TFHVOEB QPTJDJÓO FO MB MJTUB MB
PDVQBFM3FWMJNJEMFOBMJEPNJEB
EF
$FMHFOFDPOVOBTWFOUBTFTUJNBEBTEF
NJMMPOFT "DUVBMNFOUF FTUF
GÃSNBDPFTUBBQSPCBEPQBSBUSFTJOEJDB
DJPOFTNJFMPNB NÙMUJQMF TJO USBUB
NJFOUPQSFWJPZFODPNCJOBDJÓODPO
EFYBNFUBTPOBFONJFMPNBNÙMUJQMFDPO
USBUBNJFOUPQSFWJPQBSBBOFNJBEFQFO
EJFOUFEFUSBOTGVTJPOFTEFCJEBBTÎOESP
NFTNJFMPEJTQMÃTJDPT4.%
EFSJFTHP
CBKPPJOUFSNFEJPBTPDJBEPTBVOB
El Global
BOPNBMÎBDJUPHFOÊUJDBEFEFMFDJÓOR
BJTMBEBDVBOEPPUSBTPQDJPOFTUFSBQÊV
UJDBTTPOJOTVGJDJFOUFTPJOBEFDVBEBTZ
QBSBFMUSBUBNJFOUPEFQBDJFOUFTBEVMUPT
DPOMJOGPNBEFDÊMVMBTEFMNBOUP-$.
FOSFDBÎEBPSFGSBDUBSJP"EFNÃTTF
FODVFOUSBQFOEJFOUFEFBQSPCBDJÓOQBSB
NJFMPNBNÙMUJQMFEFTQVÊTEFBVUPUSBOT
QMBOUFEFDÊMVMBTNBESFEFQSJNFSBMÎOFB
"4$5
*NCSVWJDBJCSVUJOJC
EF+BOTTFOZ
"CCWJFTFIBSÎBDPOFMUFSDFSQVFTUPFO
WFOUBTDPOVOPTJOHSFTPTEFNJMMP
OFTEFEÓMBSFT&TUFGÃSNBDPFTUBBDUVBM
NFOUFJOEJDBEPQBSBFMUSBUBNJFOUPEF
QBDJFOUFTBEVMUPTDPOMJOGPNBEFDÊMVMBT
EFMNBOUP-$.
FOSFDBÎEBPSFGSBDUB
SJPQBSBFMUSBUBNJFOUPEFQBDJFOUFT
BEVMUPTDPOMFVDFNJBMJOGÃUJDBDSÓOJDB
--$
RVFOPIBOTJEPQSFWJBNFOUFUSBUB
EPTFONPOPUFSBQJBPFODPNCJOBDJÓO
DPOCFOEBNVTUJOBZSJUVYJNBC#3
FTUÃ
QBSBFMUSBUBNJFOUPEFQBDJFOUFTBEVMUPT
DPO--$RVFIBOSFDJCJEPBMNFOPTVO
USBUBNJFOUPQSFWJPZQBSBNBDSPHMPCV
MJOFNJBEF8BMEFOTUSÕN.8
DPOUSBUB
NJFOUPQSFWJPPFOQSJNFSBMÎOFBFO
QBDJFOUFTFOMPTRVFMBJONVOPRVJNJP
UFSBQJBOPTFDPOTJEFSB
&O FM DVBSUP QVFTUP TF FODVFOUSB
,FZUSVEBQFNCSPMJ[VNBC%$*
UFSBQJB
BOUJ1%EF.4%DPOVOBGBDUVSBDJÓO
FTUJNBEBQBSBEFNJMMPOFTEF
EÓMBSFT 1SFDJTBNFOUF MB $PNJTJÓO
&VSPQFBBDBCBEFBOVODJBSTVBQSPCB
DJÓODPNPUSBUBNJFOUPEFQSJNFSBMÎOFB
EFMDÃODFSEFQVMNÓOOPNJDSPDÎUJDP
$1/.
NFUBTUÃTJDP&TUBJOEJDBDJÓOTF
TVNB B MB PCUFOJEB FO BHPTUP QBSB
DÃODFSEFQVMNÓOOPNJDSPDÎUJDP$1/.
MPDBMNFOUF BWBO[BEP P NFUBTUÃTJDP
"EFNÃT.4%DPOGÎBFOQSFTFOUBSSFTVM
UBEPTEFMFTUVEJP,FZOPUFRVFTJUÙFO
BFTUFGÃSNBDPDPNPTFHVOEBMÎOFBQBSB
DBSDJOPNB EF DÊMVMBT FTDBNPTBT EF
DBCF[BZDVFMMP)/4$$
ZEFMFOTBZP
,FZOPUF QBSB QSJNFSB MÎOFB FO
DÃODFSEFQVMNÓO
&OUSFMPTGÃSNBDPTQSPNFUFEPSFTRVF
TFFODVFOUSBOFOJOWFTUJHBDJÓOZRVF
FTQFSBOIBDFSTFDPOVOBDPOTJEFSBCMF
DVPUBEFNFSDBEPEFTUBDB%VSWBMVNBC
EF"TUSB;FOFDB VO BOUJ 1%- QBSB
DÃODFS EF QVMNÓO OP NJDSPDÎUJDP
$1/.
DÃODFSEFWFKJHBDBCF[BZDVFMMP
ZQBODSFÃUJDPZ7FMJQBSJCEF"CCWJFQBSB
FMUSBUBNJFOUPEFMDÃODFSEFQVMNÓOOP
NJDSPDÎUJDPFTDBNPTPBWBO[BEP
r*OEVTUSJB&-(-0#"-BMEFGFCSFSPEF
-BPODPMPHÎBTFDPOWJSUJÓFOFMNPUPS
EFDSFDJNJFOUPEFMBTDPNQBÒÎBTFO
■3PDIF1GJ[FSP"TUSB;FOFDBSFHJTUSBSPOJODSFNFOUPTFOFTUBTÈSFBTUFSBQÏVUJDBTFOFMQBTBEPFKFSDJDJP
&MHSVQPGBSNBDÊVUJDPJOUFSOBDJPOBM
+PIOTPO+PIOTPOBMDBO[ÓVOBTWFOUBT
EFNJMMPOFTEFEÓMBSFTFO
MPRVFTVQPOFVOJODSFNFOUPEFVO
QPSDJFOUPSFTQFDUPB1PSTFHNFO
UPTFMGBSNBDÊVUJDPFTFMRVFNÃTQFTP
TJHVFDPTFDIBOEPFOFMHSVQPDPOVOPT
JOHSFTPTBOVBMFTEFNJMMPOFTEF
EÓMBSFT0ODPMPHÎBSFHJTUSÓVOBTWFOUBT
UPUBMFTFOEFNJMMPOFTEF
EÓMBSFTVOQPSDJFOUPNÃTRVFFO
"RVÎEFTUBDBFMDPNQPSUBNJFOUP
EF*NCSVWJDBJCSVUJOJC
DPOVOJODSF
NFOUPEFMQPSDJFOUPMPRVFTFIB
USBEVDJEP FO VOBT WFOUBT UPUBMFT EF
NJMMPOFTEFEÓMBSFT
."35"3*&4(0
.BESJE
4JIBZVOBDPODMVTJÓORVFFYUSBFSBMWFS
MBTDVFOUBTEFSFTVMUBEPTEFMBTQSJODJ
QBMFTDPNQBÒÎBTFTRVFMBPODPMPHÎBTF
FTUÃDPOWJSUJFOEPFOFMNPUPSEFDSFDJ
NJFOUPQBSBMBTGBSNBDÊVUJDBT$PNQB
ÒÎBT DPNP 3PDIF 1GJ[FS +PIOTPO +PIOTPOP"TUSB;FOFDBSFHJTUSBOFOTVT
DVFOUBTTVCJEBTDPOTJEFSBCMFTFOFTUF
TFHNFOUP
-BGBDUVSBDJÓOEF1GJ[FSBMDBO[ÓVO
UPUBMEFNJMMPOFTEFEÓMBSFTVO
QPSDJFOUPNÃTRVFFO"RVÎ
EFTUBDBFMBVNFOUPEFMÃSFBPODPMÓHJDB
DPOVOBTWFOUBTUPUBMFTEFNJMMP
OFTTEFEÓMBSFTVOQPSDJFOUPNÃTRVF
FOFMFKFSDJDJPBOUFSJPSDVBOEPSFHJTUSÓ
VOPT JOHSFTPT EF NJMMPOFT EF
EÓMBSFT*CSBODFQBMCPDJDMJC
IBTJEPFM
NFEJDBNFOUP PODPMÓHJDP DPO NBZPS
BVNFOUPFOTVGBDUVSBDJÓO1BTBOEPEF
MPTNJMMPOFTEFEÓMBSFTSFHJTUSBEPT
FOBMPTNJMMPOFTEF
&TUFÃSFBUFSBQÊVUJDBQBSFDFRVFWBB
FKFSDFSEFQBSBDBÎEBTQBSBMBGBSNBDÊV
UJDB"TUSB;FOFDBRVFFOSFHJTUSÓ
VOEFTDFOTPFOMBTWFOUBTUPUBMFTEFMQPS
DJFOUPQBTBOEPEFMPTNJMMPOFTEF
EÓMBSFT GBDUVSBEPT B MPT EFM
QBTBEPFKFSDJDJP:FTRVFEVSBOUFFM
QBTBEPQFSJPEPMBDPNQBÒÎBSFHJTUSÓVO
DSFDJNJFOUPEFMQPSDJFOUPFOFMÃSFB
PODPMÓHJDBBMDBO[BOEPMPTNJMMP
OFTEFEÓMBSFT'ÃSNBDPTDPNP-ZOQBS[B
PMBQBSJC
P5BHSJTTPPTJNFSUJOJC
TPOMPT
QSPUBHPOJTUBTEFFTUFBVNFOUP
0USBTDPNQB×ÓBT
-BCPSBUPSJPTDPNP3PDIF1GJ[FSP"TUSB;FOFDBMPHSBSPOBVNFOUBSMBTWFOUBTEFTVTGÈSNBDPTPODPMØHJDPT
JOOPWBEPSFTEVSBOUFFMQBTBEPFKFSDJDJPEFGPSNBFYQPOFODJBM
&MMBCPSBUPSJPTVJ[P3PDIFUBNCJÊO
QVFEFQSFTVNJSEFSFTVMUBEPT&O
FTUBGBSNBDÊVUJDBSFHJTUSÓVOBTWFOUBT
UPUBMFTEFNJMMPOFTEFGSBODPT
TVJ[PTNJMMPOFTEFFVSPT
VO
QPSDJFOUPQPSFODJNBEFMEBUPDPSSFT
QPOEJFOUFB-BTWFOUBTHFOFSBMFT
DSFDJFSPODBTJBMNJTNPSJUNPRVFMPIB
IFDIPFMTFHNFOUPEFPODPMPHÎB&TUF
ÃSFB SFHJTUSÓ VO BVNFOUP EFM QPS
DJFOUPQBTBOEPEFMPTNJMMPOFTEF
GSBODPT TVJ[PT NJMMPOFT EF
FVSPT
BMPTNJMMPOFTEFGSBODPT
3PWJMBO[B.ZTJNCB
GÃSNBDPTDPOBDDJÓOEVBM
QBSBUSBUBSMBPCFTJEBE
&-(-0#"-
.BESJE
-PT MBCPSBUPSJPT GBSNBDÊVUJDPT 3PWJ
BDBCBOEFMBO[BSBMNFSDBEP.ZTJNCB
GÃSNBDPEFBENJOJTUSBDJÓOPSBMQBSB
USBUBSMBPCFTJEBE.ZTJNCBFTFMQSJNFS
GÃSNBDPDPOBDDJÓOEVBMFOFMUSBUB
NJFOUPEFMBPCFTJEBERVFBDUÙBEJSFDUB
NFOUFTPCSFFMTJTUFNBOFSWJPTPDFOUSBM
QPSVOMBEPBDUÙBTPCSFMBT[POBTEFM
DFSFCSPRVFDPOUSPMBOMBJOHFTUBZFM
CBMBODFDBMÓSJDPZQPSPUSPSFEVDFFM
FGFDUPEFMBQBSUFEFMDFSFCSPSFTQPOTB
CMFEFMBTFOTBDJÓOQMBDFOUFSBBTPDJBEB
BMDPOTVNPEFBMJNFOUPT&TQPSFMMPRVF
FM NFEJDBNFOUP EF MB DPNQBÒÎB
FTQBÒPMB DPOTUJUVZF VO USBUBNJFOUP
DPOUSB MB PCFTJEBE FOGFSNFEBE RVF
BGFDUBBMQPSDJFOUPEFMBQPCMBDJÓO
FTQBÒPMB
i-PTQSPGFTJPOBMFTWFOÎBNPTSFDMB
NBOEPEFTEFIBDFUJFNQPMBEJTQPOJCJ
MJEBEEFGÃSNBDPTQBSBMVDIBSDPOUSBMB
PCFTJEBE-BHSBOOPWFEBEEF.ZTJNCB
SBEJDBFORVFFTVOGÃSNBDPEVBMRVF
QFSNJUFBDUVBSUBNCJÊOTPCSFMBBOTJF
EBEZOPTWBBBZVEBSBMVDIBSDPOUSBMPT
BUSBDPOFTUBOGSFDVFOUFTFOOVFTUSPT
QBDJFOUFTuDPNFOUBFMFOEPDSJOÓMPHP
&TUFCBO+PEBS
-B FGJDBDJB EF FTUF OVFWP NFEJDB
NFOUPQBSBMBPCFTJEBEIBTJEPBWBMBEB
FOFTUVEJPT'BTF***FOQBDJFOUFT
"MBÒPEFUSBUBNJFOUPMPTQBDJFOUFT
USBUBEPT DPO .ZTJNCB KVOUP DPO VO
DBNCJPEFMFTUJMPEFWJEBUVWJFSPOWBSJB
DJPOFTNFEJBTFOMBQÊSEJEBEFQFTP
FOUSFFMQPSDJFOUPZFMQPS
DJFOUP-BTSFEVDDJPOFTEFQFTPFNQF[B
SPOBPCTFSWBSTFBQBSUJSEFMBDVBSUB
TFNBOBEFUSBUBNJFOUP
NJMMPOFT EF FVSPT
"WBTUJO
CFWBDJ[VNBC
Z)FSDFQUJO5SBTUV[V
NBC
TJHVFOMJEFSBOEPMBTWFOUBTFOFTUF
TFHNFOUPDPOVOPTJOHSFTPTEFZ
NJMMPOFTEFGSBODPTTVJ[PTSFTQFD
UJWBNFOUFZNJMMPOFTEF
FVSPT
/PPCTUBOUFFMRVFNBZPSDSFDJ
NJFOUPIBSFHJTUSBEPFOTVGBDUVSBDJÓO
GVF 1FSKFUB 1FSUV[VNBC
DPO VOBT
WFOUBTEFNJMMPOFTEFGSBODPT
TVJ[PTNJMMPOFTEFFVSPT
FO
VOQPSDJFOUPNÃTRVFFOFMFKFSDJDJP
BOUFSJPS
&OMPTÙMUJNPTEÎBTUBNCJÊOQSFTFOUBSPO
SFTVMUBEPTPUSBTDPNQBÒÎBTRVFOPFTUÃO
GPDBMJ[BEBTFOPODPMPHÎB1PSFKFNQMP
MBTWFOUBTEF/PWBSUJTFYQFSJNFOUBSPO
VOBDBÎEBEFMQPSDJFOUPFOBM
HFOFSBSVOBTWFOUBTEFNJMMPOFT
EF EÓMBSFT &M GÃSNBDP OFVSPMÓHJDP
(JMFOZBFYQFSJNFOUÓDSFDJNJFOUPEFM
QPSDJFOUPBMDBO[BOEPVOEFTQFHVFEF
NJMMPOFTEFEÓMBSFT$PTFOUZYFO
JONVOPMPHÎBSFHJTUSÓFMNBZPSDSFDJ
NJFOUPFOBMBVNFOUBSTVTWFOUBT
VOQPSDJFOUPHSBDJBTBMPT
NJMMPOFTEFEÓMBSFTGBDUVSBEPT
#JPHFOSFHJTUSÓVODSFDJNJFOUPEFTVT
WFOUBTEFVOQPSDJFOUPBMDBO[BOEPMPT
NJMMPOFTEFEÓMBSFT4VGÃSNBDP
FTUSFMMB 5FDGJEFSB EJNFUJMGVNBSBUP
BMDBO[ÓMPTNJMMPOFTEFEÓMBSFTVO
QPSDJFOUPNÃTRVFFO
6SJBDIBNQMÎBDPOOVFWF
QSPEVDUPTFMÃSFBEF
$POTVNFS)FBMUIDBSF
&-(-0#"-
.BESJE
-B DPNQBÒÎB GBSNBDÊVUJDB 6SJBDI
DPNFSDJBMJ[BSÃOVFWPTQSPEVDUPTB
USBWÊTEFMBOVFWBMÎOFBFTUSBUÊHJDBEF
OFHPDJPRVFIBQVFTUPFONBSDIBEFOUSP
EFM ÃSFB EF $POTVNFS )FBMUIDBSF
%FOPNJOBEB6SJBDI.FEJDBMTFFODBS
HBSÃEFQSPNPWFSEJTUSJCVJSZDPNFSDJB
MJ[BSDPNQMFNFOUPTBMJNFOUJDJPTBUSBWÊT
EFVOBSFEDPNFSDJBMQSPQJBFTQFDJBMJ
[BEBFOWJTJUBNÊEJDB5PEPTMPTQSPEVD
UPTTFDFOUSBOCÃTJDBNFOUFFOUSFTÃSFBT
5SBVNBUPMPHÎB(JOFDPMPHÎBZ/FVSPMP
HÎB
"EFNÃTMBNBSDB$JTUJUVTUBNCJÊOTF
TVNBSÃBMQPSUGPMJPEFFTUBOVFWBBDUJWJ
EBEDPNFSDJBM&OMPTQSÓYJNPTNFTFTTF
JSÃOEFTBSSPMMBOEPOVFWPTMBO[BNJFOUPT
RVF UBNCJÊO QFSNJUJSÃO BNQMJBS MBT
ÃSFBTUFSBQÊVUJDBTi-BDBSBDUFSÎTUJDB
QSJODJQBMEFFTUPTQSPEVDUPTFTTVBMUP
WBMPSJOOPWBEPSKVOUPDPOVOBGVFSUF
JOWFTUJHBDJÓODJFOUÎGJDBQBSBFODPOUSBS
SFNFEJPTOBUVSBMFTQBSBMBTBMVEDBEB
WF[NÃTEFNBOEBEPTQPSMBQPCMBDJÓOu
IBEFTUBDBEPFM$POTFKFSP%FMFHBEPEF
MBDPNQBÒÎB0SJPM4FHBSSB
)BDF QPDP NÃT EF VO BÒP 6SJBDI
BERVJSJÓ-BCPSFTUMBCPSBUPSJPJUBMJBOP
FTQFDJBMJ[BEPFOOVUSBDÊVUJDPTZFYQFSUP
FOMBQSPNPDJÓONÊEJDBCBTBEBFOMB
SFDPNFOEBDJÓOEFMGBDVMUBUJWP$POFM
PCKFUJWPEFSFQMJDBSMBFTUSBUFHJBDPNFS
DJBMRVFTFMMFWBBDBCPFO*UBMJB6SJBDI
IBUSBCBKBEPEVSBOUFUPEPFMQBSB
EFTBSSPMMBS 6SJBDI .FEJDBM JODPSQP
SBOEPQSPEVDUPTEF-BCPSFTUQBSB
QPTJDJPOBSMPT FO FM NFSDBEP
FTQBÒPM&TUBDPOUBSÃDPOVOBQMBOUJMMB
FO&TQBÒBEFQFSTPOBT
BMEFGFCSFSPEF&-(-0#"-*OEVTUSJBr
-BJOEVTUSJBMFQJEFB5SVNQSFGPSNBS
FMDÓEJHPUSJCVUBSJPQBSBHFOFSBSFNQMFP
■&MQSFTJEFOUFOPSUFBNFSJDBOPSFJWJOEJDBCBKBEBTEFQSFDJPZRVFQSPEV[DBOMPTGÈSNBDPTFO&TUBEPT6OJEPT
."35"3*&4(0
.BESJE
4JFMQSFTJEFOUFOPSUFBNFSJDBOP%POBME
5SVNQRVJFSFRVFMBJOEVTUSJBGBSNB
DÊVUJDBDFOUSFTVQSPEVDDJÓOFOFMQBÎTZ
HFOFSFQVFTUPTEFUSBCBKPOFDFTJUBSÃ
SFGPSNBSFMDÓEJHPUSJCVUBSJP&TBFTVOB
EFMBTQFUJDJPOFTRVFFMTFDUPSMFIB
QMBOUFBEPBMMÎEFSSFQVCMJDBOPEVSBOUF
VOBSFVOJÓODFMFCSBEBFOMB$BTB#MBODB
BMBRVFBDVEJFSPOBEFNÃTEFMQSFTJ
EFOUF EF MB QBUSPOBM EF MB JOEVTUSJB
1I3."
4UFQIFO+6CMMPTEJSFDUPSFT
FKFDVUJWPTEF/PWBSUJT.4%+PIOTPO
+PIOTPO$FMHFOF-JMMZZ"NHFO
%VSBOUF MB SFVOJÓO FM QSFTJEFOUF
FTUBEPVOJEFOTFJOTJTUJÓFOMBOFDFTJEBE
EFGSFOBSVOBTTVCJEBTEFQSFDJPRVFB
TVNBOFSBEFWFSTPOiBTUSPOÓNJDBTu
i5FOFNPT RVF CBKBS MPT QSFDJPT QPS
NVDIBT SB[POFT OP UFOFNPT PUSB
PQDJÓO QBSB .FEJDBSF Z .FEJDBJEu
BTFHVSÓ5SVNQEVSBOUFFMFODVFOUSP"
DBNCJPFMNBOEBUBSJPQSPNFUFBDFMFSBS
MPTUJFNQPTEFBQSPCBDJÓOEFOVFWPT
NFEJDBNFOUPTZRVFOPNCSBSÃMPBOUFT
QPTJCMFBMOVFWPEJSFDUPSEFMBBHFODJB
OPSUFBNFSJDBOB EFM NFEJDBNFOUP
'%"
"EFNÃTFMMÎEFSSFQVCMJDBOPQJEJÓRVF
FM TFDUPS JNQVMTF MB QSPEVDDJÓO EF
NFEJDBNFOUPT FO &TUBEPT 6OJEPT
i2VJFSPRVFUSBTMBEFOTVTDPNQBÒÎBTEF
SFHSFTPB&TUBEPT6OJEPT2VJFSPRVF
GBCSJRVFOFO&TUBEPT6OJEPTWBNPTB
DBNCJBSVONPOUÓOEFSFHMBTu#BKPTV
QVOUP EF WJTUB MB EFWBMVBDJÓO EF MB
&MQSFTJEFOUFOPSUFBNFSJDBOPTFSFVOJØFOMB$BTB#MBODBDPOMBQSJODJQBMQBUSPOBMEFMBJOEVTUSJBGBSNBDÏVUJDB
1I3."
QBSBEFCBUJSTPCSFTVTJOUFODJPOFTFONBUFSJBGBSNBDÏVUJDBEVSBOUFTVNBOEBUP
NPOFEBFOQBÎTFTFYUSBOKFSPTIBGBWPSF
DJEPRVFMBTDPNQBÒÎBTBVNFOUFOMB
QSPEVDDJÓOFOPUSPTQBÎTFTZIBQFEJEP
RVFFTUBTSFUPNFOMBQSPEVDDJÓOFOFM
QBÎT
&MNBOEBUBSJPTFÒBMÓRVFTVPCKFUJWP
FOFTUFTFOUJEPFTSFEVDJSMBTFYDFTJWBT
SFHVMBDJPOFT FO WJHPS RVF PCMJHBO B
NVDIBTFNQSFTBTBJSTFBMFYUSBOKFSP
QBSBTFSNÃTDPNQFUJUJWBTFJOTJTUJÓFO
TVQSPNFTBEFBDFMFSBSFMQSPDFTPEF
BQSPCBDJÓOEFOVFWPTNFEJDBNFOUPT
"EFNÃT5SVNQBOVODJÓRVFMPTQBÎTFT
FYUSBOKFSPTUFOESÃORVFBCPOBSVOB
iUBTBKVTUBuQPSFMEFTBSSPMMPEFGÃSNB
DPTi7BNPTBQPOFSGJOBMPTDPNQPSUB
NJFOUPTPQPSUVOJTUBTuQVOUVBMJ[Ó
1PSTVQBSUFEFTEFMBQBUSPOBMEFMB
JOEVTUSJBBTFHVSBSPOBUSBWÊTEFVO
DPNVOJDBEPRVFFMFODVFOUSPDPOFM
QSFTJEFOUFIBTJEPVOBPQPSUVOJEBE
QBSBiEJTDVUJSNVDIBTÃSFBTDPNVOFT
DPNPMBOFDFTJEBEEFBWBO[BSFOBDVFS
EPT DPNFSDJBMFT NÃT GVFSUFT QBSB
OJWFMBSMBTSFHMBTEFKVFHPDPOFMSFTUP
EFQBÎTFTBTÎDPNPSFGPSNBSFMDÓEJHP
USJCVUBSJPQBSBFTUJNVMBSMBJOWFSTJÓOZ
HFOFSBSQVFTUPTEFUSBCBKPFO&TUBEPT
6OJEPTu%FFTUFNPEPMBJOEVTUSJBIB
TPMJDJUBEP FMJNJOBS iSFHVMBDJPOFT
BOUJDVBEBTRVFBVNFOUBOMPTDPTUFTu4J
TFTJHVFOFTUPTQBTPTEJDFMBQBUSPOBM
QPESÎBO HFOFSBSTF IBTUB OVFWPTQVFTUPTEFUSBCBKPFOMPTQSÓYJ
NPTBÒPT
i/VFTUSBJOEVTUSJBTFUPNBFOTFSJPMBT
QSFPDVQBDJPOFT QMBOUFBEBT TPCSF MB
BTFRVJCJMJEBE Z BDDFTJCJMJEBE EF MPT
NFEJDBNFOUPT Z IFNPT FYQSFTBEP
OVFTUSPDPNQSPNJTPEFUSBCBKBSDPOMB
BENJOJTUSBDJÓO QBSB BWBO[BS FO MBT
SFGPSNBT CBTBEBT FO FM NFSDBEPu
BTFHVSÓMBQBUSPOBMUSBTFMFODVFOUSP
%FTEFTVQVOUPEFWJTUBFMTJTUFNBBDUVBM
iEFCF FWPMVDJPOBS QBSB QFSNJUJS BM
TFDUPSQSJWBEPMJEFSBSMBUSBOTJDJÓOBVO
TJTUFNBEFTBMVECBTBEPFOFMWBMPSu
1BSBFMMPFYQMJDÓMBQBUSPOBMiOFDFTJUB
NPTSFGPSNBSMBTMFZFTZMPTSFHMBNFO
UPTFYJTUFOUFTRVFBDUVBMNFOUFJNQJEFO
RVFMBTFNQSFTBTQSJWBEBTOFHPDJFO
NFKPSFTBDVFSEPTZQBHVFONFEJDBNFO
UPTCBTBEPTFOFMWBMPSRVFQSPQPSDJPOFO
BMPTQBDJFOUFTZOVFTUSPTJTUFNBEF
BUFODJÓOEFTBMVEu
/PFTMBQSJNFSBWF[RVF5SVNQMMBNB
MBBUFODJÓOBOUFFMBMUPQSFDJPEFMPT
NFEJDBNFOUPT %VSBOUF TV QSJNFSB
SVFEBEFQSFOTBUSBTTVFMFDDJÓODPNP
QSFTJEFOUFEF&TUBEPT6OJEPTFMNBOEB
UBSJPJOTJTUJÓFOMBOFDFTJEBEEFCBKBSMPT
QSFDJPT1BSBFMMPBTFHVSBCBRVFTV
HPCJFSOP JNQVMTBSÎB MB QVFTUB FO
NBSDIBEFNÃTTVCBTUBTZMJDJUBDJPOFT
'SBODJBSFJWJOEJDBCBKBEBT
EFQSFDJPQBSBGBDJMJUBS
FMBDDFTPBMBTJOOPWBDJPOFT
."35"3*&4(0
.BESJE
&MEFCBUFTPCSFMPTQSFDJPTQBSFDFRVF
IBMMFHBEPQBSBRVFEBSTF$BEBWF[TPO
NÃTMPTNBOEBUBSJPTRVFMBO[BONFOTB
KFTBMBJOEVTUSJBQBSBRVFFTUBSFEV[DB
TVTQSFDJPTQBSBGBWPSFDFSFMBDDFTPEF
MBTJOOPWBDJPOFTBMPTTJTUFNBTTBOJUB
SJPT &TUB TFNBOB FM QSFTJEFOUF EF
&TUBEPT6OJEPT%POBME5SVNQBWJTBCB
BMBJOEVTUSJBGBSNBDÊVUJDBEFTVQBÎTEF
FTUBOFDFTJEBE/PFTFMÙOJDP-BNJOJT
USBEF4BMVEGSBODFTB.BSJTPM5PVSBJOF
IBBWJTBEPBMTFDUPSGBSNBDÊVUJDPFOVOB
SVFEB EF QSFOTB DPO MPT NFEJPT EF
DPNVOJDBDJÓOHBMPTEFMBOFDFTJEBEEF
RVFMBTDPNQBÒÎBTSFEV[DBOFMQSFDJPEF
TVTNFEJDBNFOUPTi#BKFOTVTQSFDJPT
FTVODPOTFKPEFBNJHBuBTFHVSBCBMB
NJOJTUSBHBMB
"TÎ5PVSBJOFSFDPSEÓRVFMB-FZEF
'JOBODJBDJÓO EF MB 4FHVSJEBE 4PDJBM
JODMVZF VO NFDBOJTNP QBSB RVF FM
HPCJFSOPQVFEBGJKBSEFGPSNBVOJMBUFSBM
MPTQSFDJPTEFMPTNFEJDBNFOUPTRVF
TFBOEFNBTJBEPDBSPTQBSBFMTJTUFNB
TBOJUBSJPHBMP
-BNJOJTUSBQVTPDPNPFKFNQMPFMDBTP
EFMB)FQBUJUJT$BTFHVSBOEPRVFEPT
MBCPSBUPSJPTIBCÎBOEFDJEJEPCBKBSFM
QSFDJPEFTVTGÃSNBDPT/PPCTUBOUF
FYQMJDÓRVFBÙOFYJTUFVOMBCPSBUPSJP
RVFOPQBSFDFEJTQVFTUPBSFEVDJSTV
QSFDJPBVORVFOPRVJTPFTQFDJGJDBSFM
OPNCSFEFMGBCSJDBOUF
1PSPUSPMBEPMBNJOJTUSBGSBODFTB
SFDPSEÓRVFTVQBÎTFTUÃJNQMJDBEPFO
JOJDJBUJWBTQBSBGPNFOUBSMBTDPNQSBT
QÙCMJDBTDPOKVOUBTDPOPUSPTFTUBEPT
FVSPQFPT&OFTUFTFOUJEPEFTUBDÓMB
JOJDJBUJWBQVFTUBFONBSDIBQPS1BÎTFT
-BNJOJTUSBEF4BMVEGSBODFTB.BSJTPM5PVSBJOFIBFOWJBEPVONFOTBKFBMBJOEVTUSJBGBSNBDÏVUJDBFOFMRVFMFT
QJEFNBZPSOFHPDJBDJØOZRVFTFNVFTUSFOBCJFSUPTBCBKBSMPTQSFDJPT
#BKPT#ÊMHJDB-VYFNCVSHPZ"VTUSJB
RVFCVTDBOFHPDJBSQSFDJPTZDPNQSBSEF
NBOFSBDPOKVOUBNFEJDBNFOUPTIVÊSGB
OPT-BNJOJTUSBOPEFTUBSUBTVNBSTFFO
VOGVUVSPBVOBJOJDJBUJWBFOFTUFTFOUJEP
DPOPUSPTQBÎTFTi&TUPOPTMMFWBSÃBMHÙO
UJFNQPQFSPOJOHÙOQBÎTFTDBQBSÃFM
EFTBGÎPEFBDDFTPEFMPTQBDJFOUFTBMB
JOOPWBDJÓOi
1SFTJTBNFOUFFMQSFTJEFOUFGSBODÊT
'SBOÉPJT)PMMBOEFMBO[ÓVONFOTBKF
SFDJFOUFNFOUFFOFMRVFNPTUSBCBTV
EJTQPTJDJÓOBUSBTMBEBSFMEFCBUFEFMPT
QSFDJPTZFMBDDFTPBM(
r&-(-0#"-BMEFGFCSFSPEF
-BJOWFTUJHBDJØOBEFCBUFFO/BWBSSB
-BDPMBCPSBDJÓOZMBTBMJBO[BTTPOMBCBTF
RVFWFSUFCSBSÃMBOVFWBFTUSBUFHJBEF*%
■/BWBSSBCJPNFEFTMBTPMVDJØOEFMB$PNVOJEBE'PSBMQBSBJNQFEJSMBEFTDPOFYJØOFOUSFMPTDFOUSPTEFJOWFTUJHBDJØO
$"3.&/.-»1&;
1BNQMPOB
-BDSJTJTFDPOÓNJDBIBTVQVFTUPVOFTDP
MMPQBSBMBTPTUFOJCJMJEBEEFM4JTUFNB/B
DJPOBMEF4BMVE4/4
ZMBJOWFTUJHBDJÓOFT
VOBIFSSBNJFOUBGVOEBNFOUBMQBSBRVF
MBJOOPWBDJÓOHBSBOUJDFMBDBMJEBEZMBFGJ
DJFODJBEFMTJTUFNBTBOJUBSJP-BTDPNV
OJEBEFTBVUÓOPNBTUJFOFOWBSJPTSFUPT
QPSEFMBOUFFOUSFFMMPTQPUFODJBSMBMBCPS
JOWFTUJHBEPSBBUSBWÊTEFMPTJOTUJUVUPTEF
JOWFTUJHBDJÓOTBOJUBSJBZMBSFPSEFOBDJÓO
EFMUSBCBKPQBSBRVFMPTQSPGFTJPOBMFTQVF
EBOJOWFTUJHBSZDPNQMFNFOUBSTVUSBCBKP
DPOFTUBMBCPS
&OFTUFFTGVFS[PQPSNBOUFOFSFMSJUNP
JOOPWBEPSZHBSBOUJ[BSMBTPTUFOJCJMJEBE
TFFODVFOUSBJONFSTB/BWBSSB"TÎTFQVTP
EFNBOJGJFTUPFOFMFODVFOUSPEFSFEBD
DJÓOA-BJOWFTUJHBDJÓOBEFCBUFFO/BWB
SSBPSHBOJ[BEPQPS&-(-0#"-DPOFM
BQPZPEF$FMHFOF
&OFMÙMUJNPBÒPMBDPNVOJEBEBVUÓ
OPNBIBSFGPS[BEPMBDPMBCPSBDJÓODPOMB
JOEVTUSJBGBSNBDÊVUJDB-BJOWFSTJÓOFO
JOWFTUJHBDJÓOFYUSBNVSPTFOFMTFDUPSBT
DFOEJÓBPDIPNJMMPOFTEFFVSPTMPRVF
TVQPOFVOJODSFNFOUPEFMQPSDJFOUP
DPOSFTQFDUPBMBÒPBOUFSJPSTFHÙOMPTEB
UPTEFMPTA3FTVMUBEPTEFMBFODVFTUBTP
CSFBDUJWJEBEFTEF*%FO&MTFDUPS
QÙCMJDPFOMB$PNVOJEBE'PSBMTFFODVFO
USBFTQFDJBMNFOUFBDUJWPHSBDJBTBMBBD
UJWJEBEEF/BWBSSBCJPNFEZMB'VOEBDJÓO
.JHVFM4FSWFUQFSPUPEBWÎBRVFEBNBS
HFOEFNFKPSB
&MEJSFDUPSHFOFSBMEF4BMVEEFM(PCJFSOP
OBWBSSP-VJT(BCJMPOEPQVTPTPCSFMB
NFTBFMFTGVFS[PRVFFTUÃIBDJFOEP/B
WBSSBQBSBNBOUFOFSTFFOQSJNFSBMÎOFB
"TVKVJDJPFMOJWFMFTSB[POBCMFZQVFEFO
MMFHBSBTFSVOBEFMBTSFHJPOFTMÎEFSFT
iQFSPFMQFTPMPMMFWBMBJOJDJBUJWBQSJWBEBu
(BCJMPOEPSFDPOPDJÓRVFMBBDUJWJEBEEFM
TFDUPSQÙCMJDPFTMJNJUBEBBVORVFFTPTÎ
MBBQVFTUBFTEFDJEJEBi$PNPDPNVOJEBE
TPNPTVOBQPUFODJBFONVDIPTBTQFDUPT
QPSRVFDSFFNPTRVFMBJOWFTUJHBDJÓOFT
VOCJFOQBSBMBTPDJFEBEZQBSBFMEFTB
SSPMMPFDPOÓNJDP1PSFMMPBQPTUBNPTQPS
MBDPMBCPSBDJÓODPOMBTVOJWFSTJEBEZDPO
MB$MÎOJDB6OJWFSTJEBEEF/BWBSSBuBTF
HVSÓ
-BEFNPHSBGÎBUBNCJÊOJOGMVZFBMBIPSB
EFEFTBSSPMMBSMBBDUJWJEBEJOWFTUJHBEPSB
&OFMDBTPEF/BWBSSBTFIBDFNÃTFWJ
EFOUFZBRVFMBTQFRVFÒBTEJNFOTJPOFT
EFMBSFHJÓOFTUÃOSFMBDJPOBEBTDPOMBDB
QBDJEBEEFPQUJNJ[BSFTGVFS[PTi-BDP
MBCPSBDJÓOZMBTBMJBO[BTTPOEFUFSNJOBO
UFTuBTFHVSÓBMUJFNQPRVFJOEJDÓRVFFT
MPRVFQVFEFQFSNJUJSBVNFOUBSMBDPN
QFUJUJWJEBEEFMBBVUPOPNÎB
&MEJSFDUPSNÊEJDPEF$FMHFOF+PTÊ
-VJT(BSDÎBQVTPFOWBMPSFTUFFTGVFS[P
&M$FOUSPEF*OWFTUJHBDJØO#JPNÏEJDBEFM4JTUFNB/BWBSSPEF4BMVE/BWBSSBCJPNFE
BDPHJØFMFODVFOUSPEFSFEBDDJØOA-BJOWFTUJHBDJØOBEFCBUFFO/BWBSSB
3FDPSEÓRVF$FMHFOFJOWJFSUFFOUSFVO
ZVOQPSDJFOUPFOJOWFTUJHBDJÓO
i/BWBSSBFTEFMBTDPNVOJEBEFTRVF
NÃTJOWJFSUFFOTBMVEuJODJEJÓBMUJFNQP
RVFBTFHVSÓRVFBWFDFTMPJNQPSUBOUF
OPFTMBDBOUJEBETJOPMBDBMJEBE
/BWBSSBCJPNFE
-BBQVFTUBUJFOFRVFTFSDMBSB5PNÃT
#FM[VOFHVJQSFTJEFOUFEFMB$PNJTJÓOEF
*OWFTUJHBDJÓOZ'PSNBDJÓO$POUJOVBEB
FO 0TBTVOJCJEFB DPOTJEFSB RVF MB
DPNVOJEBEOPFTUÃBMOJWFMRVFTFDPSSFT
QPOEFSÎBUFOJFOEPFODVFOUBMBTJOWFS
TJPOFTRVFTFIBOIFDIP1BSBQPOFSVO
FKFNQMPIBDFBÒPTIBCÎBIPTQJUBMFT
TJNJMBSFTBM$PNQMFKP)PTQJUBMBSJPEF
/BWBSSBRVFFTUBCBOFOMBNJTNBTJUVB
DJÓOZRVFBDUVBMNFOUFQVFEFOQSFTVNJS
EFVOBQSPEVDDJÓODJFOUÎGJDBJNQPSUBOUF
i&OMPTÙMUJNPTBÒPTTFIBOEBEPQBTPT
/BWBSSBCJPNFEFTUÃMMBNBEBBKVHBSVO
QBQFMGVOEBNFOUBMuFYQMJDÓ&TUFDFOUSP
EFJOWFTUJHBDJÓOUBMZDPNPDPNFOUB
#FM[VOFHVJQSFUFOEFTFSMBQMBUBGPSNB
DJFOUÎGJDBQVFTUBBMTFSWJDJPEFMPTQSPGF
TJPOBMFTTBOJUBSJPTRVFUJFOFOEFTFPTEF
JOWFTUJHBS
)BTUBBIPSBMBEFTDPOFYJÓOFOUSFFM
DFOUSPEFJOWFTUJHBDJÓODPOFMQSPQJP
IPTQJUBMZDPOMBTVOJWFSTJEBEFTIBTJEP
FWJEFOUF1PSFMMPQBSBFMFYQFSUPFM
JNQVMTPEFM*EJ4/"*OTUJUVUPEF*OWFTUJ
HBDJÓO4BOJUBSJB EF /BWBSSB
TFSÃ
QPTJUJWPQBSBQSPQJDJBSQSFDJTBNFOUF
FTB FM USBCBKP FO SFE FOUSF EJWFSTPT
HSVQPT RVF TFSÃO DPNQMFNFOUBSJPT
i1FSNJUJSÃMBDPOFYJÓODPOPUSPTDFOUSPT
ZFTVOCVFOQVOUPEFQBSUJEBuBTFHVSÓ
FMFYQFSUPBMUJFNQPRVFQVOUVBMJ[ÓRVF
UPEPFMMPOPTFSÃQPTJCMFTJOVOBJOWFS
TJÓOJNQPSUBOUF
+VBO&SWJUJKFGFEFMBTFDDJÓOEF&WB
MVBDJÓOEFM4FSWJDJP/BWBSSPEF4BMVE4/4
ZBTFTPSEFMNFEJDBNFOUPFJOWFTUJHBDJÓO
QVTPFMQVOUPEFWJTUBDSÎUJDPEVSBOUFFM
EFCBUF"TVKVJDJPFTUBNPTFONPNFOUP
JOUFSFTBOUFFOMBGPSNBDJÓOEFMJEJ4/"Z
MPTSFUPTRVFTFQMBOUFBOTPOBUSBDUJWPT
1FSPFMUSBTGPOEPEFMBJOWFTUJHBDJÓOUBN
CJÊOEFCFUFOFSTFFODVFOUB-BFWBMVB
DJÓOEFQSPUPDPMPTMPTFOTBZPTDMÎOJDPTZ
FMQBQFMEFMBJOEVTUSJBGBSNBDÊVUJDBPDV
QBOVOMVHBSGVOEBNFOUBM
"EFNÃTFMTFDUPSOPIBQBTBEPQPSBMUP
FMBVHFEFMBTTUBSQVQZTQJOPGGFOFM
NVOEPTBOJUBSJPVOBUFOEFODJBiQPTJ
UJWBuTFHÙO&SWJUJQBSBBWBO[BSFOMBDJFO
DJBZHFOFSBSFDPOPNÎB4JOFNCBSHPMB
QPDBSFQFSDVTJÓORVFUJFOFOFTUBTJOWFT
UJHBDJPOFTQBSBMPTQBDJFOUFTZMPTDJVEB
EBOPTBQFTBSEFDPOUBSDPOMBGJOBODJB
DJÓOQÙCMJDBQMBOUFBOVOBSFEJNFOTJÓO
&MBTFTPSEFMNFEJDBNFOUPFJOWFTUJHB
DJÓODPOTJEFSBRVFFM4/4JOWJFSUFNÃTEF
NJMMPOFTEFFVSPTBMBÒPFONFEJ
DBNFOUPTiQFSPMBJOWFTUJHBDJÓORVFUJFOF
FTNVZQPCSFu-BTPMVDJÓOBTVKVJDJP
QBTBQPSDPOUBSDPOVOBFTUSVDUVSBEFJO
WFTUJHBDJÓOQPSGPOEPTRVFTFBODBQBDFT
EFPQUJNJ[BSMBJOWFSTJÓO&OFTUFDPOUFYUP
SFNBSDBSPOMPTFYQFSUPTRVFFTOFDFTB
SJPQPUFODJBSMBJOWFTUJHBDJÓODMÎOJDB
*OWFTUJHBDJØODMÓOJDBWTCÈTJDB
1BSBFMQSFTJEFOUFEFMB$PNJTJÓOEF
*OWFTUJHBDJÓOEFMB$MÎOJDB6OJWFSTJEBE
EF/BWBSSB'FMJQF1SPTQFSMBJOWFTUJHB
DJÓOSFTVMUBFTFODJBMQBSBNFKPSBSMB
DBMJEBEEFWJEB4JOFNCBSHPIBCSÎBRVF
QSJPSJ[BSMBTJOWFSTJPOFTi/PTFQVFEF
IBCMBSEFQÙCMJDPQSJWBEPMBJOWFTUJHB
DJÓOFTCVFOBPNBMBuBDMBSÓBMUJFNQP
RVFSFTPMWJÓRVFUBOUPMBCÃTJDBMBDMÎOJDB
ZMBUSBTMBDJPOBMGPSNBOVODPOUJOVP
i-BGPSNBFOIBDFSJOWFTUJHBDJÓOFTUÃ
DBNCJBOEPuTFÒBMÓ1SPTQFSBMVEJFOEPB
RVFFMTFDUPSBTJTUFBVODBNCJPEFQBSB
EJHNBEPOEFMFKPTRVFEBOZBMPTHSVQPT
SFEVDJEPTPJOEJWJEVBMFTEFJOWFTUJHBDJÓO
BIPSBiFMJOWFTUJHBEPSQSFDJTBEFDPMBCP
SBDJÓO/PTFQVFEFIBDFSEFNBOFSBBJT
MBEBu
(BSDÎBQPSTVQBSUFSFDPSEÓRVFFOPDB
TJPOFTTFZVYUBQPOFMBBTJTUFODJBDMÎOJDB
BMBBDUJWJEBEJOWFTUJHBEPSB&OFTUBMÎOFB
BOJNÓBRVFMBDPNVOJEBENBOUFOHBFM
DPNQSPNJTPQPSMBJOOPWBDJÓOZBRVFTJ
BMHPDBSBDUFSJ[BB/BWBSSBFTTVHSBODB
QBDJEBE
1SPTQFSWBMPSÓRVFOPTFFTUÃOVUJMJ
[BOEPUPEPTMPTSFDVSTPTEJTQPOJCMFTQBSB
FMCFOFGJDJPEFMPTQBDJFOUFTi$PNPSFT
QPOTBCMFTUFOESÎBNPTRVFTFSDBQBDFTEF
USBCBKBSKVOUPT)BZRVFVUJMJ[BSUPEPTMPT
SFDVSTPTTFBOQÙCMJDPTPQSJWBEPTu1BSB
FMMPFMQSFTJEFOUFEFMB$PNJTJÓOEF*O
WFTUJHBDJÓOEFMB$6/TVCSBZÓMBOFDFTJ
EBEEFJSEFMBNBOPEFMBJOEVTUSJBGBS
NBDÊVUJDBZBRVFiMPTGPOEPTQÙCMJDPTOP
QVFEFOBTVNJSMBJOWFTUJHBDJÓOu
&MTVCEJSFDUPSEF'BSNBDJBEFM%FQBS
UBNFOUPEF4BMVE"OUPOJP-ÓQF[QPSTV
QBSUFFTUÃDPOWFODJEPEFRVFFM4/4
UJFOFRVFTFSDBQB[EFIBDFSPiRVFPUSPT
IBHBOuMBJOWFTUJHBDJÓORVFMFJOUFSFTB
$VBOEPTFIBCMBEFJOWFTUJHBDJÓOFO
TBMVEMPOPSNBMFTQPOFSFMGPDPFOMB
DMÃTJDBi-PT FOTBZPT DMÎOJDPT FO MPT
HSBOEFT IPTQJUBMFT UJFOFO VO QBQFM
GVOEBNFOUBMuTJOFNCBSHPFMNÊEJDP
UJFOFRVFTFSDBQB[EFBTVNJSFTUFQBQFM
&YJTUFOBEÎBEFIPZVOBDBOUJEBEEF
EBUPT Z EF JOGPSNBDJÓO RVF QVFEF
PGSFDFSOVNFSPTPTSFTVMUBEPTQFSPMPT
FYQFSUPTMBNFOUBORVFFMTJTUFNBUJFOF
EJGJDVMUBEEFFYUSBFSMBZTBDBSDPODMVTJP
OFT-BJOWFTUJHBDJÓOFOSFTVMUBEPTFO
TBMVEFTGVOEBNFOUBMQBSBMBUPNBEF
EFDJTJPOFT i-BT MÎOFBT EF USBCBKP Z
BDUVBDJÓOUJFOFORVFJSFOFTBEJSFD
DJÓOuDPODMVZÓ-ÓQF[
NS
Exclusivo NetSalud
BMEFGFCSFSPEF&-(-0#"-*OEVTUSJBr
%FTFOUSBÒBOEPMPTFOUSFTJKPTEFMBSFMBDJÓO
FOUSFMBTBMVEZMPTNFEJPTEJHJUBMFT
■-BGVOEBDJØO$&'*PSHBOJ[ØVOTFNJOBSJPFMQBTBEPEFFOFSPQBSBBOBMJ[BSFMOJWFMEFEJHJUBMJ[BDJØOEFMTFDUPS
+6-*""-."(30
.BESJE
&MQBTBEPNBSUFTEFFOFSPUVWPMVHBS
FMTFNJOBSJPPSHBOJ[BEPQPSMB'VOEB
DJÓO$&'*i4BMVEZ.FEJPT%JHJUBMFTu
%VSBOUFFMFODVFOUSPEJTUJOUPTQPOFOUFT
EFMÃNCJUPKVSÎEJDPZGBSNBDÊVUJDPBOBMJ
[BSPOMBTQBSUJDVMBSJEBEFTEFMBDPNVOJ
DBDJÓOEJHJUBMEFOUSPEFMTFDUPSZMBRVF
IBTJEPTVFWPMVDJÓOIBTUBMBGFDIB4F
USBUBCBEFEFUFDUBSMBTQPTJCMFTCBSSFSBT
RVFTFIBOJOUFSQVFTUPFOFMDBNJOPZ
QPSMPUBOUPIBOEJGJDVMUBEPVOBJONFS
TJÓONÃTSÃQJEBEFMBJOEVTUSJBFOMBT
FTGFSBTEJHJUBMFT5BNCJÊOTFJOUFOUÓ
EJCVKBS VOB QBOPSÃNJDB EF GVUVSP
UFOJFOEPFODVFOUBMBTUFOEFODJBTUFDOP
MÓHJDBTNÃTQVOUFSBTFOMBBDUVBMJEBEZ
TVSFQFSDVTJÓOFOFMFOUPSOPTBOJUBSJP
-BMFUSBEB$BSPMJOB1JOB4ÃODIF[
TPDJBEF(BSSJHVFTMMBNBBVOPQUJNJTNP
NPEFSBEPSFDPSEBOEPRVFMBBDUJWJEBE
FOFMNVOEPPOMJOFFTUÃTPNFUJEBBMBT
NJTNBTOPSNBTRVFMBBDUJWJEBEPGGMJOF
ZRVFFTTVNBNFOUFJNQPSUBOUFFWJUBS
DVBMRVJFSUJQPEFQVCMJDJEBEFODVCJFSUB
%VSBOUFTVQPOFODJBBDMBSÓRVFDBEB
SFETPDJBMFTUBCMFDFTVTUÊSNJOPTZDPOEJ
DJPOFTQPSMPRVFFTQPTJCMFRVFTFOPT
SFRVJFSBVOBBVUPSJ[BDJÓOPDFSUJGJDBEP
RVF OPT BVUPSJDF DVBOEP RVFSBNPT
IBDFSQVCMJDJEBEJODMVTPEFNFEJDBNFO
UPTTJOQSFTDSJQDJÓO
"EFNÃTIBCMÓTPCSFMBSFTQPOTBCJMJ
EBEFOMPTGPSPTEFEJTDVTJÓOEJHJUBMFT
­TUBSFDBFTJFNQSFFOFMNPEFSBEPS
$VNQMJSBSBKBUBCMBDPOMBOPSNBUJWBZ
BTFHVSBSTFEFRVFUPEBTMBTPQJOJPOFT
WFSUJEBT FO FM GPSP TPO MFHBMFT TF
DPOWJFSUFQPSUBOUPFOVOSFRVJTJUP
GVOEBNFOUBM
&OFMDBTPEFMBTDVFOUBTEF5XJUUFSEF
MPTFNQMFBEPTIBZRVFBDUVBSUBNCJÊO
DPO QSFDBVDJÓO Z UFOFS VOB QPMÎUJDB
EFGJOJEB&YJTUFOQSFDFEFOUFTEFDBTPT
FOMPTRVFTFIBBUSJCVJEPSFTQPOTBCJMJ
EBEMFHBMBVOBDPNQBÒÎBGBSNBDÊVUJDB
QPSMPTUXFFUTBMVTJWPTBMOFHPDJPQVCMJ
DBEPTQPSVOUSBCBKBEPS
1PSÙMUJNPBMUSBUBSFMUFNBEFMPT
iIBUFSTuBDMBSÓRVFFMJOTVMUPOVODBFTUÃ
KVTUJGJDBEPQPSMBMJCFSUBEEFFYQSFTJÓO
4FHVJEBNFOUFFMUBNCJÊOBCPHBEP
"MFKBOESP5PVSJÒP1FOBTPDJPFO&$*+"
SFDPSEÓRVFQFTFBRVFNFOPTEFMB
NJUBEEFMBTGBSNBDÊVUJDBTUJFOFQSFTFO
DJB iSFBMu FO MBT SFEFT TPDJBMFT FM
QSFTFOUFZBFTEJHJUBMZRVFFMQÙCMJDP
PCKFUJWPEFMBJOEVTUSJBTFFODVFOUSBFO
MPTFOUPSOPT4PDJBM.FEJB%FIFDIPFM
QPSDJFOUPEFMPTVTVBSJPTBDVEFBMBT
3344QBSBCVTDBSJOGPSNBDJÓOTPCSF
TBOJEBE Z QSPEVDUPT EF GBSNBDJB
"MHVOBTDPNQBÒÎBTZBTFIBOMBO[BEPB
MBBWFOUVSBEJHJUBMZMPFTUÃOIBDJFOEP
CJFO&MiUPQUFOuJODMVZFB6$#"TUSB[F
OFDB .FSDL $P #BZFS /PWBSUJT
#PFISJOHFS1GJ[FS/PWP/PSEJTL(4,Z
+PIOTPO+PIOTPO
.ØOJDB$BTUJFMMPEJHJUBMNBOBHFSFO-JMMZ$FDJMJB«MWBSF[3JHBVEJBTNPEFSBEPSBZ'FSOBOEP.‹3BNPT4VÈSF[TPDJPEJSFDUPS%10JUMBXEVSBOUFFMTFNJOBSJP
&MNJFEPBMBTDPSUBQJTBTMFHBMFT
VOPEFMPTHSBOEFTSFTQPOTBCMFT
EFMBMFOUJUVEFOMBJONFSTJØO
EJHJUBMEFMTFDUPSiGBSNBw
-BHFTUJØOEFMBQSJWBDJEBETJHVF
TJFOEPFMQSJODJQBMFTDPMMPB
SFTPMWFSDVBOEPIBCMBNPT
EF#JH%BUB
5PVSJÒPOPTSFDVFSEBRVFIBZBMHVOBT
DPTBTRVFFTUÃOTJFOEPVOBDJFSUPEFTEF
IBDFUJFNQP1PSFKFNQMPDVBOEPFOMB
DVFOUBEF5XJUUFSEFVOBDPNQBÒÎBTF
JEFOUJGJDBTVQÙCMJDPPCKFUJWPQPSUFSSJUP
SJPBDMBSBOEPTJFTi64P&.&"POMZu
.ÓOJDB$BTUJFMMPEJHJUBMNBOBHFSFO
-JMMZFYQMJDÓDÓNPBGFDUBOMBSFBMJEBE
EJHJUBM Z FM FNQPEFSBNJFOUP EF MPT
QBDJFOUFT B MPT NPEFMPT EF OFHPDJP
BDUVBMFT Z RVÊ QVFEFO IBDFS MBT
DPNQBÒÎBTQBSBBEBQUBSTFEFNBOFSB
FYJUPTB
%FTEFFMBÒPFMQPSDJFOUPEF
OVFTUSPTNÊEJDPTTPOOBUJWPTEJHJUBMFT
QPSMPRVFFMDBNCJPEFQBSBEJHNBBMB
IPSBEFFOUFOEFSMB4BOJEBESFTVMUB
FWJEFOUF-BBEPQDJÓOGMVJEBEFM*OUFSOFU
EFMBTDPTBTZPUSBTOVFWBTUFDOPMPHÎBT
RVF IBDF UBO TÓMP VOPT BÒPT OPT
QBSFDÎBOTBDBEBTEFMBDJFODJBGJDDJÓOMP
DPSSPCPSBOEFNBOFSBJOOFHBCMF&TUÃ
DMBSPRVFFTUPTOVFWPTQSPGFTJPOBMFT
OBUJWPTEJHJUBMFTQPTFFOVOOVFWPUJQP
EFDPOPDJNJFOUPTZWBOBIBDFSVTPEF
IFSSBNJFOUBTRVFSFTVMUBOBVUÊOUJDBT
EFTDPOPDJEBTQBSBTVTQSFEFDFTPSFT-B
UFMFNFEJDJOBZMBCJPJNQSFTJÓODBEBWF[
QJTBODPONÃTGVFS[BZBCSJSÃOMBQVFSUB
BMEFTBSSPMMPEFOVFWBTFTQFDJBMJEBEFT
NÊEJDBT
1PSTVQBSUF'FSOBOEP.BSÎB3BNPT
4VÃSF[4PDJP%JSFDUPSFO%10JUMBX
BOBMJ[Ó MPT SÃQJEPT BWBODFT RVF
FNQVKBOBOVFTUSBTPDJFEBEIBDJBVO
NBÒBOBDBEBWF[NÃTUFDOPMÓHJDP-PT
XFBSBCMFTMBJNQSFTJÓO%MBJOUFMJHFO
DJB BSUJGJDJBM MB OBOPUFDOPMPHÎB MPT
ESPOFTMBCJPUFDOPMPHÎBFM#JH%BUBw
TPOTÓMPVOBTQPDBTNVFTUSBTEFRVFFM
NVOEPRVFDPOPDÎBNPTTFFODVFOUSBFO
QMFOBUSBOTGPSNBDJÓO$BEBWF[DPOUB
NPT DPO NFKPSFT WFMPDJEBEFT EF
DPOFYJÓO Z B TV WF[ SFRVFSJNPT
NBZPSFTFTQBDJPTEFBMNBDFOBNJFOUP
/VFTUSBSFBMJEBEIBQBTBEPBNFEJSTF
FOHJHBTZUFSBT-BJOUFMJHFODJBBSUJGJDJBM
OPT TPSQSFOEF DPO BWBODFT UBO
BTPNCSPTPTDPNPFMBTJTUFOUFQFSTPOBM
"MFYBEF"NB[PORVFGVODJPOBWJODV
MBEPBVOBMUBWP[ZTFFTNFSBFODPOUFT
UBSUPEBTOVFTUSBTQSFHVOUBTZPCFEFDFS
MBTÓSEFOFTRVFSFDJCF&TUFTJTUFNBRVF
SFTVMUB EF USFNFOEB VUJMJEBE FO MP
IPHBSFTEF&TUBEPT6OJEPT$BOBEÃF
*OHMBUFSSB QPESÎB GBDJMJUBS FOPSNF
NFOUFFMEFTFNQFÒPMBCPSBM1PSPUSP
MBEPUBNCJÊOJNQSFTJPOBOMPTBWBODFT
UFDOPMÓHJDPTRVFTFWJTMVNCSBODPOMB
MMFHBEBEF*#.8BUTPO4FUSBUBEFMB
QSJNFSBQMBUBGPSNBEFUFDOPMPHÎBEF
DPNQVUBDJÓODPHOJUJWBBCJFSUBZSFQSF
TFOUBVOBOVFWBFSBFOMBDVBMMPTTJTUF
NBT DPNQSFOEFO FM NVOEP EF MB
NBOFSBFORVFMPIBDFOMPTIVNBOPTB
USBWÊTEFMPTTFOUJEPTFMBQSFOEJ[BKFZ
MBFYQFSJFODJB
%FMVTPRVFIBDFFMQBDJFOUFEFMPT
NFEJPT EJHJUBMFT IBCMÓ 'SFEFSJDI
-MPSEBDITGVOEBEPSEF%PDUPSBMJB
4V FYQFSJFODJB DPO MB QMBUBGPSNB
NÊEJDBPOMJOFMFIBEFNPTUSBEPFMQBQFM
JNQFSBOUFRVFIBKVHBEPMBEJHJUBMJ[B
DJÓO FO FM FNQPEFSBNJFOUP EF MPT
QBDJFOUFT4JOEVEBMBTDJGSBTMFBWBMBO
ZB RVF DVFOUB DPO NJMMPOFT EF
VTVBSJPT EJTUSJCVJEPT FO NÃT EF QBÎTFT1BSUFEFTVFTUSBUFHJBIBQBTBEP
QPSHBSBOUJ[BSMBDPMBCPSBDJÓODPOMPT
QBDJFOUFTDPNPNVFTUSBTVBDVFSEP
NBSDPDPOMB"MJBO[B(FOFSBMEF1BDJFO
UFTNFEJBOUFFMDVBMMFTQSPQPSDJPOBO
EJSFDUPSJPTQFSTPOBMJ[BEPT
#FBUSJ[-P[BOPEJSFDUPSBEFDPNVOJ
DBDJÓOZQBDJFOUFTFO3PDIFEFTHSBOÓTV
WJTJÓO EF MPT QSPHSBNBT EF 1BUJFOU
4VQQPSU141
ZSFNBSDÓFMSFTVMUBEP
TBUJTGBDUPSJP RVF IBO UFOJEP DPO MB
BQMJDBDJÓOi%JBOBuEJSJHJEBBMBTQBDJFO
UFTEFDÃODFSEFNBNBZSFDJFOUFNFOUF
SFDPOPDJEBQPSFM%JBSJP&YQBOTJÓO
FOUSFMBTiNFKPSFTJEFBTEJHJUBMFTu
1PSÙMUJNPFMBCPHBEP.JHVFM(FJKP
FYQVTPMBTDPOEJDJPOFTMFHBMFTBMBIPSB
EFEFTBSSPMMBSVOBBQQEFMTFDUPS
$BCF EFTUBDBS RVF WBSJPT EF MPT
QPOFOUFT FTUVWJFSPO EF BDVFSEP BM
SFGFSJSTFBMDBQÎUVMPEFM$ÓEJHPEF
'BSNBJOEVTUSJB DPNP GVFOUF EF
DPOTVMUB QBSB SFTPMWFS MBT EVEBT
SFGFSFOUFTBMFOUPSOPEJHJUBM
r1VCMJDJEBE&-(-0#"-BMEFGFCSFSPEF
NS
Exclusivo NetSalud
BMEFGFCSFSPEF&-(-0#"-*OEVTUSJBr
&MWBMPSEF0UTVLBNBOUJFOFFMCVFOSJUNP
SFHJTUSBEPEVSBOUFFMQBTBEPFKFSDJDJP
■&OFMÞMUJNPNFTZNFEJPMBBDDJØOEFMBDPNQB×ÓBGBSNBDÏVUJDBBDVNVMBVOBTVCJEBTVQFSJPSBMQPSDJFOUP
-%¶";
.BESJE
-BBDDJÓOEF0UTVLBDFSSÓVOFKFSDJDJP
BMDJTUBFODPOUSBQPTJDJÓODPOFM
DPNQPSUBNJFOUPNFEJPEFMTFDUPS&OTV
FWPMVDJÓOEFMQBTBEPBÒPTFQVFEFO
EJTUJOHVJSVOBQSJNFSBGBTFEFTVCJEB
FOUSF MPT NFTFT EF BCSJM Z BHPTUP
MPHSBOEPFOFTUPTNFTFTVOBHBOBODJB
EFMQPSDJFOUPVOQFSJPEPQMBOPIBTUB
GJOBMFTEFOPWJFNCSFFOFMRVF0UTVLB
QVEP NBOUFOFS CVFOB QBSUF EF MBT
HBOBODJBTMPHSBEBTFOMPTNFTFTBOUFSJP
SFTZVOGVFSUFSFQVOUFFOUSFFMQBTBEP
NFTEFEJDJFNCSFZNFEJBEPTEFFOFSP
NBSDBOEPVONÃYJNPQPSFODJNBEFMPT
ZFOFTZMPHSBOEPFONFTZNFEJP
VOBTVCJEBEFMQPSDJFOUPQBSUFEFMB
DVBMIBJEPQFSEJFOEPFOMBTEPTÙMUJNBT
TFNBOBT$POUPEPFMMP0UTVLBDFSSÓFM
FKFSDJDJPDPOVOBSFWBMPSJ[BDJÓO
NVZTJHOJGJDBUJWBTJUVÃOEPTFFOUSFMBT
GBSNBDÊVUJDBT DPO NFKPS DPNQPSUB
NJFOUPFOVOFKFSDJDJPUBOTVNBNFOUF
DPNQMJDBEP
"OBMJ[BOEPVOQFSJPEPUFNQPSBMNÃT
BNQMJPMPTÙMUJNPTBÒPT
TFQVFEF
BQSFDJBSMBMÎOFBEFTVCJEBRVFFTUFWBMPS
GVFEJCVKBOEPFOUSFGJOBMFTEFZ
MMFHBOEPBEVQMJDBSFOFTUFQFSJPEP
TVDBQJUBMJ[BDJÓOCVSTÃUJM-PTÙMUJNPT
SFTVMUBEPTQVCMJDBEPTDPSSFTQPOEFOB
MPTQSJNFSPTNFTFTEFMQBTBEPBÒP-BT
WFOUBTBTDFOEJFSPOBNJMMPOFTEF
FVSPTVOQPSDJFOUPTNFOPTRVFFOFM
FKFSDJDJPBOUFSJPSNJFOUSBTRVFFMCFOFGJ
DJPGVFEFNJMMPOFTEFFVSPTDPOVOB
DBÎEBEFMQPSDJFOUP&MNBSHFOCSVUP
TPCSFWFOUBTTFEFUFSJPSÓFOQVOUPT
QPSDFOUVBMFTIBTUBFMQPSDJFOUP
-BEJWJTJÓOGBSNBDÊVUJDBDPOUSJCVZÓ
DPOFMQPDJFOUPEFMPTJOHSFTPTZFOFM
QPSDJFOUPEFMPTCFOFGJDJPTMBEJWJTJÓO
EFOVUSJDJÓODPOFMQPSDJFOUPEFMPT
JOHSFTPTZDPOFMQPSDJFOUPEFMCFOFGJ
DJPZMBEFQSPEVDUPTEFDPOTVNPDPOVO
QFTPTJHOJGJDBUJWBNFOUFNFOPSFMQPS
Otsuka en cifras
Dólares
VALOR DE LAS ACCIONES
t$BQJUBMJ[BDJØOCVSTÈUJM.JMM&VS
t'JOBMEFB×P:FOFT
t.ÈTBMUB
t.ÈTCBKB
t%JWJEFOEPTQPSBDDJØO
POR SEGMENTOS
t'BSNBDÏVUJDP
t/VUSBDÏVUJDP
t1SPEVDUPTEFDPOTVNP
t0USPT
2015
2014
VENTAS
12.906
millones
10.876
millones
2016
2015
19.181 millones
4.317
4.638
3.655
100
22.629 millones
5.093
5.027
3.774
100
2015
2014
8.646 millones
2.861 millones
381 millones
970 millones
9.206 millones
255 millones
39 millones
115 millones
INVERSIÓN EN I+D
% DE LAS VENTAS
1.785 millones
1.535 millones
13,9%
14,1%
VENTAS POR ÁREA GEOGRÁFICA
0UTVLB
11.983
millones
3.024 millones
0USPT
5.683 millones
Japón
4.137 millones
Estados Unidos
2013
2014
2015
El Global
Fuente: elaboración propia a partir de datos de la compañía.
DJFOUP EF MPT JOHSFTPT Z HFOFSBOEP
MJHFSBTQÊSEJEBT
1PS NFSDBEPT HFPHSÃGJDPT +BQÓO
HFOFSÓFMQPSDJFOUPEFMBTWFOUBTDPO
VOMJHFSPDSFDJNJFOUPJOUFSBOVBMEFTV
OFHPDJP EFM QPS DJFOUP &TUBEPT
6OJEPTHFOFSÓVOQPSDJFOUPQSFTFO
UBOEPVOBGVFSUFDBÎEBEFMQPSDJFOUP
NJFOUSBTRVFFMSFTUPEFNFSDBEPTJOUFS
OBDJPOBMFTDPOFMQPSDJFOUPEFMUPUBM
"MBQBSUBEPEF*%FTUFHSVQPEFTUJOÓ
FOMPTQSJNFSPTNFTFTEFMQBTBEPBÒP
NJMMPOFTEFFVSPTVOQPSDJFOUP
NFOPTRVFFOFMFKFSDJDJPBOUFSJPSSFQSF
TFOUBOEPVOQPSDFOUBKFTPCSFMBTWFOUBT
EFMQPSDJFOUP
1BSBFMFKFSDJDJPDPNQMFUPFTUF
HSVQPFTUJNBDFSSBSDPOVOBTWFOUBTEF
Otsuka
Yenes
6.000
5.500
5.000
4.500
4.000
¥
3.500
Feb
Abr
Jun Ago
Oct
Dic
Feb
2016
2016
2016
2016
2016
2017
2016
Fuente: elaboración propia.
El Global
&VSPQBBQSVFCB,FZUSVEBFOQSJNFSB
MÎOFBQBSB$1/.NFUBTUÃTJDP
&-(-0#"-
.BESJE
.4% IB BOVODJBEP RVF MB $PNJTJÓO
&VSPQFB IB BQSPCBEP ,FZUSVEB
QFNCSPMJ[VNBC
UFSBQJB BOUJ1%
DPNPUSBUBNJFOUPEFQSJNFSBMÎOFBEFM
DÃODFSEFQVMNÓOOPNJDSPDÎUJDP$1/.
NFUBTUÃTJDPFOBEVMUPTDVZPTUVNPSFT
UFOHBOVOBFMFWBEBFYQSFTJÓOEF1%-
QVOUVBDJÓOEFQSPQPSDJÓOUVNPSBM514
EFMQPSDJFOUPPNÃT
TJONVUBDJPOFT
BDUJWBEPSBTEF&('3P"-,
i-BBQSPCBDJÓOEF,FZUSVEBDPNP
QSJNFSB MÎOFB EF USBUBNJFOUP QBSB
QBDJFOUFTDPOFMFWBEPTOJWFMFTEFFYQSF
TJÓOEF1%-FOMVHBSEFRVJNJPUFSBQJB
UJFOF FM QPUFODJBM EF USBOTGPSNBS MB
GPSNBFOMBRVFTFUSBUBFMDÃODFSEF
QVMNÓOOPNJDSPDÎUJDPNFUBTUÃTJDPu
BGJSNÓ 3PZ #BZOFT WJDFQSFTJEFOUF
EJSFDUPSEFEFTBSSPMMPDMÎOJDPZEJSFDUPS
NÊEJDP FKFDVUJWP EF .4% 3FTFBSDI
-BCPSBUPSJFTi5FOFNPTFMDPNQSPNJTP
EF HBSBOUJ[BS RVF MPT QBDJFOUFT RVF
OFDFTJUFO OVFWBT PQDJPOFT EF USBUB
NJFOUP FO &VSPQB UFOHBO VO SÃQJEP
BDDFTPB,FZUSVEBu
-BBQSPCBDJÓOTFCBTBFOMPTEBUPTEF
VOFTUVEJPGBTFRVFIBEFNPTUSBEPVOB
TVQFSWJWFODJBHMPCBM4(
ZVOBTVQFSWJ
WFODJBMJCSFEFQSPHSFTJÓO4-1
TVQFSJP
SFTDPO,FZUSVEBFODPNQBSBDJÓODPO
RVJNJPUFSBQJBRVFFOMBBDUVBMJEBEFTFM
USBUBNJFOUP FTUÃOEBS QBSB FM $1/.
BWBO[BEPFOQSJNFSBMÎOFB
&OBHPTUPEFFMGÃSNBDPGVF
BQSPCBEPFO&VSPQBQBSBQBDJFOUFTDPO
$1/.MPDBMNFOUFBWBO[BEPPNFUBTUÃ
NJMMPOFTEFFVSPTVOQPSDJFOUP
JOGFSJPSFTBMBTEFFKFSDJDJPBOUFSJPS
NJFOUSBT RVF FM SFTVMUBEP PSEJOBSJP
QPESÎBBTDFOEFSBNJMMPOFTEFFVSPT
USBTIBCFSTJEPSFWJTBEPBMBM[BFOVO
QPSDJFOUP
FOUPEPDBTPVOQPSDJFOUP
QPSEFCBKPEFMPCUFOJEPFMQBTBEPBÒP
&OSFMBDJÓODPOFMQPTJCMFDPNQPSUB
NJFOUPFOCPMTBEFFTUFWBMPSFOFMDPSUP
NFEJPQMB[PTFÒBMBSRVFBVORVFTV
UFOEFODJBTJHVFTJFOEPBMDJTUBMBGVFSUF
QMVTWBMÎBBDVNVMBEBFOMPTEPTÙMUJNPT
NFTFTQVFEFRVFDPOMMFWFVOQFSJPEPEF
DPOTPMJEBDJÓOBOUFTEFBTVNJSOVFWPT
EFTBGÎPT4FSÎBDPNQMJDBEPQBSBFTUF
WBMPS NBOUFOFS EVSBOUF VO QFSJPEP
FYUFOTPVODPNQPSUBNJFOUPBMNBSHFO
EFMRVFNBSDBFMQSPNFEJPEFMTFDUPS
TJDP QSFWJBNFOUF USBUBEPT DVZPT
UVNPSFTFYQSFTBSBO1%-514EFQPS
DJFOUPPNÃT
ZRVFIVCJFSBOSFDJCJEP
QSFWJBNFOUFBMNFOPTVOSÊHJNFOEF
RVJNJPUFSBQJB
i-PTEBUPTEFNPTUSBSPORVF,FZUSVEB
QSPQPSDJPOÓVOBNFKPSBTJHOJGJDBUJWBEF
MBTVQFSWJWFODJBGSFOUFBMUSBUBNJFOUP
FTUÃOEBS BDUVBM FO QBDJFOUFT DVZPT
UVNPSFTFYQSFTBOFMFWBEPTOJWFMFTEF
1%-uDPNFOUB-VJT1B["SFTKFGFEFM
TFSWJDJPEF0ODPMPHÎB.ÊEJDBEFM)PTQJ
UBM6OJWFSTJUBSJP%PDFEF0DUVCSFFO
.BESJE&TQBÒB
i&TUPTSFTVMUBEPTRVF
BQPZBOMBBQSPCBDJÓOUBNCJÊOKVTUJGJDBO
MBSFBMJ[BDJÓOEFQSVFCBTEFCJPNBSDB
EPSFTDPOFMGJOEFJEFOUJGJDBSBBRVFMMPT
QBDJFOUFTRVFUJFOFONBZPSQSPCBCJMJ
EBEEFCFOFGJDJBSTFEFMUSBUBNJFOUPu
Exclusivo NetSalud
NS
r*OEVTUSJB&-(-0#"-BMEFGFCSFSPEF
Índice global. Evolución en los últimos doce meses
170
145
120
Índice Global: 1,34
95
BE 500
1,02
IBEX 35
1,00
70
Feb
2016
Mar
2016
Abr
2016
May
2016
Jun
2016
Jul
2016
Ago
2016
Sep
2016
Oct
2016
Nov
2016
Dic
2016
Ene
2016
2 febrero 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
&M±OEJDF(MPCBMDJFSSBMBTFNBOB
DPOTVCJEBTHFOFSBMJ[BEBT
■&TUFDPOKVOUPEFWBMPSFTBÞOTFNBOUJFOFFOOFHBUJWPFOFMBDVNVMBEPEFMB×P
-%¶";
.BESJE
&MTFDUPSGBSNBDÊVUJDPDFSSÓMBTFNBOB
CVSTÃUJMDPOVODMBSPQSFEPNJOJPEFMPT
NPWJNJFOUPTBMDJTUBTEFMPTWBMPSFTRVF
JOUFHSBOFM±OEJDF(MPCBMDFSSBSPOBM
BM[BGSFOUFBRVFMPIJDJFSPODPOQÊSEJ
EBT-PTNPWJNJFOUPTNÃTTJHOJGJDBUJWPT
GVFSPOQPSFMMBEPBMDJTUBMBTVCJEBEF
#SJTUPM.ZFSTEFMQPSDJFOUPNJFOUSBT
RVFQPSFMMBEPCBKJTUB"TUFMMBTSFUSPDF
EJÓVOQPSDJFOUP
&M±OEJDF(MPCBMDFSSÓMBTFNBOBDPO
VOB TVCJEB EFM QPS DJFOUP
NPWJNJFOUPRVFDPOUSBTUBDPOMBTDBÎEBT
HFOFSBMJ[BEBTEFMPTNFSDBEPT&OFM
BDVNVMBEPEFMBÒPFTUFJOEJDBEPSTF
NBOUJFOFFOOFHBUJWPDPOVOBQÊSEJEB
EFMQPSDJFOUPFOMÎOFBDPOFMQSPNF
EJPEFMBTCPMTBT
-BGBSNBDÊVUJDB'BFTTFBOPUÓVOB
TVCJEB EFM QPS DJFOUP DPUJ[BOEP
BDUVBMNFOUFFOFVSPTTJUVÃOEPTF
FOMBGSBOKBTVQFSJPSEFTVSBOHPEF
WBSJBDJÓOEFMÙMUJNPBÒP&MQFSGJMRVF
TJHVFNPTUSBOEPFTUFWBMPSFTIPSJ[PO
UBMDPOVOBMJHFSÎTJNBQFOEJFOUFBMDJTUB
4VNÃYJNPBOVBMFTFVSPTMPHSBEP
FOKVMJPEFMQBTBEPBÒPZSFGFSFODJBBMB
RVFEFCFSÎBEFUFOEFSBOUFTEFBDPNF
UFSOVFWBTNFUBT
1IBSNBNBS DFSSÓ FO DBNCJP FO
OFHBUJWPSFUSPDFEJFOEPVOQPSDJFOUP
RVFMPTJUÙBFOFVSPTBVORVFTF
NBOUJFOFEFOUSPEFMBUFOEFODJBBMDJTUB
RVFJOJDJÓFMQBTBEPNFTEFOPWJFNCSFZ
RVFMFEFCFSÎBQFSNJUJSBMDBO[BSMPT
FVSPT&TUBEFCFSÎBTFSVOBQSJNFSB
SFGFSFODJBBMPHSBSBOUFTEFDPOUJOVBS
VOBMÎOFBBTDFOEFOUF
(SJGPMTTFNBOUJFOF
(SJGPMT QSÃDUJDBNFOUF NBOUVWP TV
QPTJDJÓOEFMBTFNBOBBOUFSJPSDPUJ[BOEP
FOFMFOUPSOPEFMPTFVSPT&TUFWBMPS
IBDPOTFHVJEPSFDVQFSBSTFEFMBGVFSUF
DBÎEBRVFFYQFSJNFOUÓFOUSFMPTNFTFT
EFKVMJPZOPWJFNCSFEFMQBTBEPBÒPRVF
MFMMFWÓBQBTBSEFMNÃYJNPEFMBÒPBM
NÎOJNPDPOVOBQÊSEJEBFONFTFT
DFSDBOBBMQPSDJFOUP&OMPTEPT
ÙMUJNPTNFTFT(SJGPMTIBDPOTFHVJEP
SFDVQFSBS UPEP FM UFSSFOP QFSEJEP Z
BVORVFTVQFOEJFOUFBMDJTUBTFIBJEP
TVBWJ[BOEPTVUFOEFODJBCÃTJDBTJHVF
TJFOEPBMDJTUBMPRVFVOJEPBMQPUFODJBM
EFSFDVQFSBDJÓORVFBÙOQSFTFOUBMF
EFCFSÎBQFSNJUJSNBOUFOFSVOQFSGJM
QPTJUJWPFOMPTQSÓYJNPTNFTFT
"NHFOGVFVOPEFMPTWBMPSFTFTUSFMMBT
EFFTUBÙMUJNBTFNBOBBMBOPUBSTFVOB
TVCJEBEFMQPSDJFOUPRVFMPTJUÙBO
SP[BOEPMPTEÓMBSFTTJUVÃOEPTFFO
MBGSBOKBTVQFSJPSEFTVSBOHPEFWBSJB
DJÓOEFMÙMUJNPBÒP%FTEFFMQBTBEPNFT
EFOPWJFNCSFUSBTIBCFSNBSDBEPTV
NÎOJNPBOVBMFTUFWBMPSWJFOFSFDVQF
SBOEPQPTJDJPOFTVOQPSDJFOUPFOMPT
USFTÙMUJNPTNFTFT
TJCJFOTJHVFNPWJÊO
EPTFMFKPTEFMNÃYJNPEFMQBTBEPBÒP
EÓMBSFT
-PTBOBMJTUBTBOUJDJQBOVO
DPNQPSUBNJFOUPBMDJTUBFOMPTQSÓYJNPT
NFTFTDPOTJEFSBOEPVOQSFDJPPCKFUJWP
EFEÓMBSFTVOQPSDJFOUPQPS
FODJNBEFTVQSFDJPBDUVBM
-BOPSUFBNFSJDBOB(JMFBEUBNCJÊO
DFSSÓMBTFNBOBBMBM[BBOPUÃOEPTFVOB
TVCJEB EFM QPS DJFOUP DPUJ[BOEP
BDUVBMNFOUFFOEÓMBSFT&MQFSGJMEF
(JMFBEFOFMÙMUJNPBÒPIBTJEPQSFEPNJ
OBOUFNFOUFCBKJTUBEFTEFFMNÃYJNP
RVFNBSDÓFOBCSJMEFMQBTBEPBÒPFO
EÓMBSFTFTUFWBMPSBDVNVMBVOB
DBÎEBDFSDBOBBMQPSDJFOUPEFTEF
FOUPODFTTJCJFOTVQFOEJFOUFTFIBJEP
TVBWJ[BOEPUFOJFOEPBFTUBCJMJ[BSTF
BVORVFQPSFMNPNFOUPOPIBDPOTF
HVJEPSFWFSUJSFTUBTJUVBDJÓO-PTBOBMJT
UBTFTUJNBOQBSBFTUFWBMPSVOQSFDJP
PCKFUJWPQBSBMPTQSÓYJNPTNFTFTEF
EÓMBSFTDBTJVOQPSDJFOUPQPSFODJNB
EF TV QSFDJP BDUVBM PCKFUJWP RVF TF
QSFTFOUBVOUBOUPFYJHFOUFZRVFOP
QBSFDFDPSSFTQPOEFSTFDPOFMDPNQPSUB
NJFOUPNPTUSBEPFOMPTÙMUJNPTNFTFT
&VSPQBBQSVFCB
7PUVCJBQBSBDSJTJT
FQJMÊQUJDBT
SFGSBDUBSJBT
&-(-0#"-
.BESJE
/PWBSUJTIBBOVODJBEPRVFMB$PNJTJÓO
&VSPQFBIBBQSPCBEP7PUVCJBFWFSPMJ
NVT
FODPNQSJNJEPTEJTQFSTBCMFTDPNP
USBUBNJFOUPBEZVWBOUFQBSBQBDJFOUFT
NBZPSFTEFEPTBÒPTDPODSJTJTFQJMÊQUJ
DBTEFJOJDJPQBSDJBMSFGSBDUBSJBTDPOPTJO
HFOFSBMJ[BDJÓOTFDVOEBSJBBTPDJBEBBM
DPNQMFKPEFFTDMFSPTJTUVCFSPTB$&5
7PUVCJBFTBIPSBMBQSJNFSJBUFSBQJB
GBSNBDPMÓHJDBBQSPCBEBFOMPTQBÎTFT
NJFNCSPTEFMB6OJÓO&VSPQFB6&
NÃT
*TMBOEJB Z /PSVFHB FTQFDÎGJDBNFOUF
QBSBUSBUBSMBTDSJTJTFQJMÊQUJDBTEFJOJDJP
QBSDJBMSFGSBDUBSJBTBTPDJBEBBM$&5
i$PO FTUB ÙMUJNB BQSPCBDJÓO EF
7PUVCJBFOMB6&MPTQBDJFOUFTDPO$&5
RVFQBEFDFODSJTJTFQJMÊQUJDBTEFJOJDJP
QBSDJBMSFGSBDUBSJBTVOBEFMBTNBOJGFT
UBDJPOFT NÃT EFCJMJUBOUFT EFM $&5
DVFOUBO ZB DPO VOB OVFWB PQDJÓO
UFSBQÊVUJDBQBSBBCPSEBSVOBJNQPS
UBOUFOFDFTJEBEEFTBUFOEJEBuBOVODJÓ
#SVOP 4USJHJOJ $&0 EF /PWBSUJT
0ODPMPHZi4FUSBUBEFVOHSBUPBWBODFZ
VOIJUPJNQPSUBOUFFOOVFTUSPDPNQSP
NJTPQFSNBOFOUFEFNFKPSBSFMDVJEBEP
EFMBDPNVOJEBEEFFTUPTQBDJFOUFTu
-BBQSPCBDJÓOTFCBTÓFOMPTEBUPTEF
FGJDBDJBZTFHVSJEBEEFVOFTUVEJPDMÎOJDP
EF'BTF***&9*45&9BNJOJOHFWFSP
MJNVT*OB4UVEZPG54$
RVFEFTDVCSJÓ
RVFVTBEPDPNPUFSBQJBBEZVWBOUF
7PUVCJBSFEVDÎBTJHOJGJDBUJWBNFOUFMB
GSFDVFODJBEFMBTDSJTJTFQJMÊQUJDBTEF
JOJDJPQBSDJBMSFGSBDUBSJBTBTPDJBEBBM
$&5DPNQBSBEPDPOFMQMBDFCP
#JBMWFOEFTVÃSFB
EFJONVOPUFSBQJB
BMÊSHJDBB3PYFMM
&-(-0#"-
.BESJE
%JTQPOJCMFFO&TQBÒB1FSKFUBFO
OFPBEZVWBODJBQBSBDÃODFSEFNBNB
&-(-0#"-
.BESJE
&M.JOJTUFSJPEF4BOJEBEIBBVUPSJ[BEP
MBGJOBODJBDJÓOQÙCMJDBEFVOBOVFWB
DPNCJOBDJÓOEFEPTUFSBQJBTEJSJHJEBT
RVFBENJOJTUSBEBTKVOUPBRVJNJPUFSB
QJBQVFEFDVSBSNÃTEFMBNJUBEEFMPT
DBTPTEFVOUJQPBHSFTJWPEFDÃODFSEF
NBNBFM)&3QPTJUJWPDPNPUSBUB
NJFOUPOFPBEZVWBOUFBOUFTEFMBDJSVHÎB
&ODPODSFUPMBBQSPCBDJÓOQFSNJUF
VTBSFOFTUBEJPTJOJDJBMFTFMGÃSNBDP
QFSUV[VNBCDPNFSDJBMJ[BEPQPS3PDIF
DPNPA1FSKFUBRVFIBTUBBIPSBTÓMP
FTUBCBBVUPSJ[BEPFOQBDJFOUFTNFUBTUÃ
TJDBTFODPNCJOBDJÓODPORVJNJPUFSBQJB
ZFMGÃSNBDPFTUÃOEBSFOFTUPTUVNPSFT
FMA)FSDFQUJOEFMBNJTNBDPNQBÒÎB
"NCPT GÃSNBDPT BDUÙBO EF GPSNB
DPNQMFNFOUBSJBZDPOTJHVFOVOCMPRVFP
NÃTDPNQMFUPEFMBTWÎBTEFTFÒBMJ[BDJÓO
)&3JNQMJDBEBTFOMBQSPMJGFSBDJÓOZ
TVQFSWJWFODJBEFMBTDÊMVMBTUVNPSBMFT
&MTVCUJQP)&3QPTJUJWPSFQSFTFOUB
FOUPSOPBMQPSDJFOUPEFMPTNÃTEF
DBTPTEFDÃODFSEFNBNBRVFTF
SFHJTUSBO DBEB BÒP FO &TQBÒB Z MB
PQDJÓO EF USBUBS FM UVNPS BOUFT EF
PQFSBSMPQFSNJUFEJTNJOVJSTVUBNBÒP
QBSBFWJUBSMBFYUJSQBDJÓOEFMBNBNBMP
RVF BEFNÃT SFEVOEB FO VO NFKPS
QSPOÓTUJDPZVONFOPSSJFTHPEFSFDBÎEB
-PTFOTBZPTDMÎOJDPTRVFIBOQFSNJ
UJEPTVBQSPCBDJÓOIBOEFNPTUSBEPRVF
TFEVQMJDBOMBTQPTJCJMJEBEFTEFDVSBDJÓO
RVFIBCÎBIBTUBBIPSBBMDPOTFHVJSVOB
SFTQVFTUBQBUPMÓHJDBDPNQMFUBFOVO
QPSDJFOUPEFMPTDBTPT
#JBMIBBMDBO[BEPVOBDVFSEPDPOMB
FNQSFTBBMFNBOB3PYBMMQBSBWFOEFSTV
VOJEBEEFOFHPDJPEFJONVOPUFSBQJB
BMÊSHJDBDPOPDJEBDPNP#JBM"SJTUFHVJ
EFEJDBEBBMEFTBSSPMMPQSPEVDDJÓOZ
DPNFSDJBMJ[BDJÓOEFWBDVOBTBOUJBMÊSHJ
DBT Z NFEJPT EF EJBHOÓTUJDP QBSB
BMFSHJBT &TUB PQFSBDJÓO JODMVZF MBT
ÃSFBTDPNFSDJBMFTEFEJDBEBTBMBBMFSHP
MPHÎBFO&TQBÒB1PSUVHBMF*UBMJBRVFFO
SFQSFTFOUBSPOFMQPSDJFOUPEFMB
GBDUVSBDJÓOEFMBDPNQBÒÎBBTÎDPNPMB
VOJEBEEF*%FJOEVTUSJBMEF#JMCBPDPO
DFSDBEFUSBCBKBEPSFTRVFTFSÃO
JOUFHSBEPTFO3PYBMM-BWFOUBEFMÃSFB
EFOFHPDJPEFJONVOPUFSBQJBBMÊSHJDBMF
QFSNJUJSÃDPODFOUSBSTVBDUJWJEBEFOMB
JOWFTUJHBDJÓOZEFTBSSPMMPEFOVFWPT
NFEJDBNFOUPTQBSBFMTJTUFNBOFSWJPTP
DFOUSBMZDBSEJPWBTDVMBS
BMEFGFCSFSPEF&-(-0#"-1VCMJDJEBEr
&EJUBwecare-u. healthcare communications group
BMEFGFCSFSPEF
%FQFSGJM
&MTFDUPSBMBMDBODFEFMBNBOP
Anuario: ■ Wecare-u lanza su anuario con un análisis exclusivo de Dolors Montserrat sobre el sector
8FDBSFVMBO[BTVBOVBSJP6OSFTVNFO
FYUFOTPZVOBOÃMJTJTQPSNFOPSJ[BEP
SFBMJ[BEPQPSMPTQSPUBHPOJTUBTEFMTFDUPS
BTÎDPNPQPSMBTDBCFDFSBTMÎEFSFTEFMB
DPNVOJEBE EFM NFEJDBNFOUP &-
(-0#"-Z("$&5".­%*$"
13&4&/5"$*¶/
-BTQSJNFSBTQÃHJOBTEFM"OVBSJP
DVFOUBODPOMBTPQJOJPOFTZWBMPSBDJPOFT
EF MPT QSJODJQBMFT SFTQPOTBCMFT EFM
TFDUPSMBNJOJTUSBEF4BOJEBEFMQSFTJ
EFOUF EFM $($0' P TV IPNÓMPHP EF
'BSNBJOEVTUSJBDPNQBSUFOTVWJTJÓO
$30/0-0(±"
&M"OVBSJPDPOUJFOFVOBFYUFOTB
DSPOPMPHÎBEFMBTQSJODJQBMFTOPUJDJBT
RVFIBOSPEFBEPBMTFDUPSBTÎDPNPVO
SFDVFSEPBMPTQSJODJQBMFTFWFOUPTEFMB
DPNVOJEBEEFMNFEJDBNFOUP
"/¦-*4*4
-BJOGPSNBDJÓOOPQVFEFFTUBSDPNQMFUB
TJOVOBOÃMJTJTQBVTBEP1BSBFMMPFM
"OVBSJPIBDPOTFHVJEPSFVOJSB
DPOTFKFSPTBVUPOÓNJDPTEF4BOJEBE
QPSUBWPDFTTBOJUBSJPTEFM$POHSFTPF
*OTUJUVDJPOFT4BOJUBSJBT
'"3."$*"
-B PGJDJOB EF GBSNBDJB FT VO QJMBS
FTFODJBMEFOVFTUSPNPEFMP1PSFMMPFM
"OVBSJPDPOUJFOFBSUÎDVMPTEFMPT
QSJODJQBMFTFTQBEBTEFFTUFTFDUPS
.&%*$*/":5&3"1­65*$"
-BDPNVOJEBEEFMNFEJDBNFOUPFTUÃ
FTUSFDIBNFOUFMJHBEBBMBTTPDJFEBEFT
DJFOUÎGJDBT)BTUBTJFUFFTQFDJBMJTUBT
NVFTUSBOTVTDPOPDJNJFOUPT
$0.1"µ±"4
)BTUBMBCPSBUPSJPTDPNQBSUFOFO
FTUFEPTTJFSTVWJTJÓOTPCSFMPTSFUPTZ
PQPSUVOJEBEFTEFMTFDUPS
"40$*"$*0/&4%&1"$*&/5&4
$JODPEFMBTPSHBOJ[BDJPOFTEFQBDJFO
UFT NÃT JOGMVZFOUFT DVFOUBO FO FTUF
"OVBSJPMPTSFUPTRVFIBOBGSPOUBEP
i*NQVMTBSFNPT
NFEJEBTDPOMBT
RVFGBWPSFDFSRVF
FM4JTUFNB
/BDJPOBMEF4BMVE
PGSF[DBVOB
SFTQVFTUB
BTJTUFODJBMDBEB
WF[NÈTDPNQMFUB
NÈTUSBOTWFSTBM
IVNBOJ[BEB
JOUFHSBMTFHVSBZ
TBUJTGBDUPSJBw
i%FCFNPTFTUBS
PSHVMMPTPTEF
OVFTUSPTJTUFNB
TBOJUBSJPZEFUPEPT
MPTBWBODFTRVFIB
HFOFSBEPFM&TUBEP
EFM#JFOFTUBSw
i-BSFBMJEBETPDJPEFNPHSÈGJDBZ
FQJEFNJPMØHJDBIBDFOFDFTBSJPRVF
BGSPOUFNPTMPTQSØYJNPTB×PTDPNPVOB
FUBQBUSBTDFOEFOUBMQBSBDPOTPMJEBSUPEPMP
BMDBO[BEPFOMBTÞMUJNBTEÏDBEBTw
"OVBSJP4BOJEBE