Descargar nº: 618 completo.

Anuncio
4JHVFFOGBDFCPPLDPNHBDFUBNFEJDBZPVUVCFDPN/FU4BMVE57!HBDFUBNFEJDBDPN
10 al 16 de octubre de 2016
Año XIV - nº 618
1VCMJDJEBEBMEFPDUVCSFEF(.
4JHVFFOGBDFCPPLDPNHBDFUBNFEJDBZPVUVCFDPN/FU4BMVE57!HBDFUBNFEJDBDPN
10 al 16 de octubre de 2016
Año XIV - nº 618
-BJOWFTUJHBDJÓOFO
WJEBSFBMBVNFOUB
1BDJFOUFTZ4BOJEBE
FMCJOPNJPJOEJTPMVCMF
4BOUJBHP(PO[ÃMF[
QSFTJEFOUFEF&440
-B JOWFTUJHBDJÓO EFM GVUVSP
QBTBSÃQPSOPTFQBSBSMBCÃTJDB
EFMBDMÎOJDBQBSBDPOPDFSEBUPT
FOWJEBSFBM1
%VSBOUFFMDBGÊEFSFEBDDJÓOEF
MB'VOEBDJÓO.FSDL4BMVETF
BOBMJ[ÓDÓNPFTMBSFMBDJÓOFOUSF
QBDJFOUFTZ"ENJOJTUSBDJÓO1
4BOUJBHP(PO[ÃMF[TFSÃFMQSFTJ
EFOUFEFMB4PDJFEBE&VSPQFB
EF$JSVHÎB0ODPMÓHJDB&440
QBSBMPTQSÓYJNPTEPTBÒPT1
-BTTPDJFEBEFT
BTVNFOMBGVODJÓO
EFNFEJSSFTVMUBEPT
*EFOUJGJDBOÈSFBTEFNFKPSBFOFMTJTUFNB
●
-PTFYQFSUPTFOFDPOPNÎBEFMB
TBMVEIBOMMBNBEPMBBUFODJÓO
TPCSFMBJNQPSUBODJBEFNFEJS
SFTVMUBEPT -BT TPDJFEBEFT
DJFOUÎGJDBTIBOEBEPVOQBTP
BEFMBOUFZIBOBTVNJEPFTUB
GVODJÓO$VBUSPEFFMMBTQSFTFO
UBSPOTVTFTUVEJPTMBTFNBOB
QBTBEBFOMBKPSOBEBA2VÊFTZ
RVÊOPFTHFTUJÓODMÎOJDB-B
QFSTQFDUJWBEFMPTQSPGFTJPOB
MFTPSHBOJ[BEBQPS'BDNF
-BTTPDJFEBEFTEF1BUPMPHÎB
%JHFTUJWB/FVNPMPHÎBZ$JSVHÎB
Z0ODPMPHÎB.ÊEJDBIBOTFHVJEP
MBTFOEBRVFJOJDJÓ$BSEJPMPHÎB
FO
-PT FTUVEJPT MMBNBO MB
BUFODJÓOTPCSFEFUFSNJOBEBT
DVFTUJPOFTDPNPMBJNQPSUBODJB
EFDSFBSSFEFTBTJTUFODJBMFTPMB
QPUFODJBDJÓO EF MB SFMBDJÓO
FOUSFQSJNBSJBZIPTQJUBMFT-B
4&$ Z 4&0. BEWJSUJFSPO EF
EJGFSFODJBTFOUSFDPNVOJEBEFT
BVUÓOPNBT&EJUPSJBMZ1
&MQSFTJEFOUFEFMB4&3+PTÏ-VJT"OESFVBTFHVSBRVFFMDPTUFBOVBMHMPCBMEFMPTQBDJFOUFTDPOBSUSJUJTSFVNBUPJEFTVQFSBMPTNJMNJMMPOFT
/FDFTBSJBTNÃTPQDJPOFT
QBSBGSFOBSMB&1
&MEFTDPOPDJNJFOUPBDFSDBEF
MBTFOGFSNFEBEFTOFVSPMÓHJDBT
ZTVTTJHOPTEFBMBSNBTMMFWÓBMB
4PDJFEBE&TQBÒPMBEF/FVSPMP
HÎB4&/
ZMB'VOEBDJÓOEFM
$FSFCSP B PSHBOJ[BS BOVBM
NFOUFMB4FNBOBEFM$FSFCSP
RVFFTUFBÒPTFIBDFMFCSBEPEFM
BMEFPDUVCSFCBKPFMMFNBA5V
DFSFCSPFTWJEBDVÎEBMP6OPEF
MPT PCKFUJWPT EF FTUB PDUBWB
.ÃTEF
DBOEJEBUPTFO
MB9*FEJDJÓO
EFMPT#*$1
-B4&'QJEFMB
MFHBMJ[BDJÓOEF
MBNBUFSOJEBE
TVCSPHBEB
FO&TQBÒB1
FEJDJÓOFTQPUFODJBSMBQSFWFO
DJÓOBDUJWBEFMDFSFCSPZQBSB
DPOTFHVJSMPVOBVUPCÙTJOGPS
NBUJWP Z EF EJBHOÓTUJDP IB
SFDPSSJEPMBHFPHSBGÎBFTQBÒPMB
BMUJFNQPRVFSFBMJ[BCBQSVFCBT
EJBHOÓTUJDBT Z EF BHJMJEBE
NFOUBM"TJNJTNPFMWFIÎDVMPIB
DPOUBEPDPOVOB[POBQBSBMB
SFBMJ[BDJÓOEFQSVFCBTEFBHJMJ
EBENFOUBM1
i&MCJPTJNJMBSNFKPSBSÃ
MBFGJDJFODJBEFMTJTUFNBu
● +PTÏ-VJT"OESFVQSFTJEFOUFEFMB4PDJFEBEEF3FVNBUPMPHÓB
&MQSFTJEFOUFEFMB4PDJFEBE&TQBÒPMBEF3FVNB
UPMPHÎB4&3
+PTÊ-VJT"OESFVBTFHVSBRVFMPT
NFEJDBNFOUPTCJPTJNJMBSFTQPESÃOiNFKPSBSMB
FGJDJFODJBEFM4JTUFNB/BDJPOBMEF4BMVEuQFSNJ
UJFOEPUSBUBSiBMPTQBDJFOUFTBVONFOPSDPTUFu
/PPCTUBOUF"OESFVIBSFDPSEBEPRVFMBMFHJTMB
DJÓOFTQBÒPMBJNQJEFMBTVTUJUVDJÓOEFVOCJPMÓ
&MNBOFKPEFMEPMPS
FTDMBWFQBSBFM.'Z$
●/PTJFNQSFUJFOFOBDDFTPBQBMJBUJWPT
&MIFDIPEFRVFOPUPEBTMBT
ÃSFBTEFTBMVEUFOHBOBDDFTPB
VOBVOJEBEEFDVJEBEPTQBMJBUJ
WPTQBSBFMNBOFKPEFMQBDJFOUF
PODPMÓHJDP HSBWF QSJODJQBM
NFOUFDPOEPMPSZDPNQMJDBDJP
OFT IBDF OFDFTBSJP RVF MPT
NÊEJDPTEFGBNJMJBDPOUSPMFOB
FTUPTQBDJFOUFT1PSFTUFNPUJWP
4&.($BTUJMMB Z -FÓO GPSNÓ
TPCSFFTUFUFNBEVSBOUFTVT
+PSOBEBT QBSB .ÊEJDPT
3FTJEFOUFT1
+BWJFS(BNBSSB4&.($BTUJMMBZ-FØO
HJDPQPSTVCJPTJNJMBS&OFTUFTFOUJEPIBJOTJT
UJEPFOMBJNQPSUBODJBEFRVFiMBJOUSPEVDDJÓOEFM
CJPTJNJMBSTFIBHBDPOMBBVUPSJ[BDJÓOFYQSFTBEFM
NÊEJDPZFMQBDJFOUFQPSRVFTFIBSÃEFVONPEP
SB[POBCMFu"OESFVBEFNÃTIBBOBMJ[BEPMBT
QSJODJQBMFTOPWFEBEFTRVFTFFTUÃOEBOEPFOFM
DBNQPEFMBSFVNBUPMPHÎB1
&YQFSUPTTVCSBZBOFMQBQFM
EFMBUFSBQJBDJUPUÓYJDB
i$PO UPEB QSPCBCJMJEBE MB
JONVOPUFSBQJBTFUFOESÃRVF
DPNCJOBSDPOUFSBQJBTDPOWFO
DJPOBMFT QPSRVF QSPCBCMF
NFOUFFTUPGPSUBMF[DBMBDBQBDJ
EBE EF BDDJÓO EF NVDIPT
NFEJDBNFOUPTu"TÎMPBTFHVSÓ
FMKFGFEFM4FSWJDJPEF"OBUPNÎB
1BUPMÓHJDB EFM .%"OEFSTPO
.BESJE+VBO'FSOBOEP(BSDÎB
FO FM NBSDP EFM FODVFOUSP
DJFOUÎGJDP A"WBODFT FO FM
%JBHOÓTUJDP EF MB QBUPMPHÎB
NPMFDVMBS FO MB &SB EF MB
5FSBQJB 1FSTPOBMJ[BEB FO
$ÃODFS5SBTMBQVCMJDBDJÓOEF
SFTVMUBEPTQPTJUJWPTEFGÃSNB
DPTDPNPOJWPMVNBC0QEJWPEF
#.4
QBSBDÃODFSEFQVMNÓOOP
NJDSPDÎUJDP EF IJTUPMPHÎB
FTDBNPTB$1/.
MPDBMNFOUF
BWBO[BEP P NFUBTUÃTJDP Z
NFMBOPNBBWBO[BEPJSSFTFDB
CMFPNFUBTUÃTJDP
PQFNCSP
MJ[VNBC ,FZUSVEB EF .4%
UBNCJÊOQBSB$1/.MPDBMNFOUF
BWBO[BEP P NFUBTUÃTJDP MB
JONVOPPODPMPHÎB WB BERVJ
SJFOEPDBEBWF[NÃTQSPUBHP
OJTNP1
BMEFPDUVCSFEF (.
*NÈHFOFTEFMBTFNBOB
-B"(1QSFTFOUBB11140&Z$TTVQPTUVSBFOWBDVOBDJÓOFOFMBEVMUP
-B"MJBO[B(FOFSBMEF1BDJFOUFT"(1
IBQSFTFOUBEPBMPTHSVQPTQBSMBNFOUB
SJPTEPTEPDVNFOUPTRVFSFDPHFOTVQPTUVSBTPCSFMBWBDVOBDJÓOFOFMBEVMUP6O
EPDVNFOUPEFBOÃMJTJTZFMJOGPSNFEFM(SVQPEFUSBCBKPEF7BDVOBDJÓOFOFMBEVMUP
ZFMQBDJFOUFDSÓOJDP&OFTUFTFHVOEPEPDVNFOUPQBSUJDJQBSPOSFQSFTFOUBOUFT
EFEJWFSTBTTPDJFEBEFTDJFOUÎGJDBTBTÎDPNPFTQFDJBMJTUBTFOFOEPDSJOPMPHÎBZ
"OÃMJTJT&DPOÓNJDPTZ'JOBO[BT"NCPTUSBCBKPTDPJODJEFOFOQMBOUFBSMBOFDFTJ
EBEEFVODBMFOEBSJPTTJTUFNÃUJDPEFWBDVOBDJÓOFOBEVMUPT&OMBTJNÃHFOFTMBT
SFVOJPOFTDPO5FSFTB"OHVMPZ#JFOWFOJEPEF"SSJCBEFM11J[RVJFSEB
+FTÙT
.BSÎB'FSOÃOEF[&MWJSB3BNÓO(VBEBMVQF.BSUÎOZ.JSJBN"MDPODIFMEFM140&
BSSJCB
Z'SBODJTDP*HFBEF$JVEBEBOPTEFSFDIB
'FOJOWJTJUBFM$POTFKPEF&TUBEP
-B"&1DFMFCSBFM%ÎBEFMB1FEJBUSÎB
-B+VOUB%JSFDUJWBEFMB
'FEFSBDJÓO &TQBÒPMB
EF&NQSFTBTEF5FDOP
MPHÎB4BOJUBSJB'FOJO
IB TJEP SFDJCJEB QPS
+PTÊ .BOVFM 3PNBZ
#FDDBSÎBQSFTJEFOUFEFM
$POTFKP EF &TUBEP
NÃYJNPÓSHBOPDPOTVM
UJWPEFM(PCJFSOP
-B'FEFSBDJÓOMFIB
USBTMBEBEPFMDPNQSP
NJTP EFM TFDUPS EF
UFDOPMPHÎBTBOJUBSJBDPO
MPT QBDJFOUFT SFTBM
UBOEPFMFTGVFS[PDPOTUBOUFRVFSFBMJ[BQBSBEFTBSSPMMBSUFDOPMPHÎBTJOOPWBEPSBTZ
FGJDJFOUFTRVFNFKPSFOTVTBMVEZDBMJEBEEFWJEB
-B "TPDJBDJÓO &TQBÒPMB
"&1
IBDFMFCSBEPFM%ÎBEF
MB 1FEJBUSÎB CBKP FM MFNB
A3FDVFSEBFMNFKPSNÊEJDP
QBSBFMOJÒPFTFMQFEJBUSB
:FTRVFFTUPTQSPGFTJPOB
MFTBMFSUBOEFRVFBMOPFTUBS
SFDPOPDJEBTTVTFTQFDJBMJEB
EFT TF FTUÃ QPOJFOEP FO
QFMJHSPFMBDUVBMNPEFMPEF
BUFODJÓOTBOJUBSJBJOGBOUJM"
TV KVJDJP FTUB TJUVBDJÓO
JOGMVJSÃ FO MPT ÎOEJDFT EF
TVQFSWJWFODJBZEJBHOÓTUJDP
QSFDP[EFQBUPMPHÎBTQFEJÃ
USJDBTGSFDVFOUFTPCUFOJEPTIBTUBFMNPNFOUPZBRVFMPTOJÒPTDPOQBUPMPHÎBTFTQFDÎ
GJDBTFSBOUSBUBEPTQPSQFEJBUSBTDPOGPSNBDJÓOFTQFDJBMJ[BEB
"HFOEB
1VCMJDBDJÓOEF
&ODVFTUB
4BOUJBHPEF2VJSPHB1SFTJEFOUF&EJUPS
+VBO1BCMP3BNÎSF[3FEBDUPS+FGF
&TUIFS.BSUÎOEFM$BNQP3FEBDUPSB+FGF
3FEBDDJÓO"MNVEFOB'FSOÃOEF[$BSNFO-ÓQF[
$BSNFO4BOEJBOFTZ+PTÊ"OESÊT3PESÎHVF[#BSDFMPOB
$BSMPT4JFHGSJFE'PUPHSBGÎB
.BSUB)BSP.BRVFUBDJÓO
y&TUÃEFBDVFSEPDPORVFTF
QSPSSPHVFBMPTNÊEJDPTFOFEBE
EFKVCJMBDJÓOTJOPIBZGBDVMUBUJWPT
TVGJDJFOUFTEFMBFTQFDJBMJEBE
wecare-u. healthcare communications group
4BOUJBHPEF2VJSPHB#PV[P1SFTJEFOUF&EJUPS
+FTÙT%ÎB[0MNP7JDFQSFTJEFOUF
+FTÙT$BTUJMMP(VUJÊSSF[%JS(SBMPGJDJOBEF#BSDFMPOB
"OUPOJP/JFUP4BOUJBHP&TUSBUFHJB%JHJUBM
1BMPNB(BSDÎBEFM.PSBM%QUP$PNFSDJBM#BSDFMPOB
5BOJB7JFTDB"ENJOJTUSBDJÓO
4FWFSJOP&YQÓTJUP$POUSPMMFS
+PSHF-ÓQF["VEJPWJTVBMFT
."%3*%$4VFSPEF2VJÒPOFT‰QMBOUBr.BESJE
r5MGr'BY
#"3$&-0/"$$BMWFUO¦UJDPr#BSDFMPOB
r5MGr'BY
5PEPTMPTEFSFDIPTSFTFSWBEPT%FQÓTJUPMFHBM.
*44/*NQSJNF3PUPNBESJE4713$.
wecare-u.com
%JTUSJCVDJØODPOUSPMBEBQPS
%JTUSJCVDJØO
HSBUVJUB
4ÓQPSRVFMBFTQFDJBMJEBETPODVBUSPB×PTEFGPSNBDJØOJNQSFTDJOEJCMFT
4ÓQPSRVFBQFTBSEFUFOFSNÈTEFB×PTQVFEFOBQPSUBSNVDIPBM
QBDJFOUF
/PQPSRVFMPTNÏEJDPTHSBEVBEPTIBOUFSNJOBEPMBDBSSFSBZQVFEFO
EFTFNQF×BSFTBMBCPS
1VFEFQBSUJDJQBSFOMBFODVFTUBTFNBOBMBUSBWÊTEFMBXFCXXXHBDFUBNFEJDBDPN
1SFHVOUBEFMBQSÓYJNBTFNBOB
y2VJÊOUJFOFRVFBTVNJSFMSPMEFNFEJSMPTSFTVMUBEPTFOTBMVE
EFPDUVCSF
◗ $POHSFTP/BDJPOBMEFMB4PDJF
EBE &TQBÒPMB EF /FGSPMPHÎB /D
UHXQLyQVHFHOHEUDHVWHDxRHQODFLXGDG
GH2YLHGR
EFPDUVCSF
◗ 8PSME7BDDJOF$POHSFTT/RV
PD\RUHV H[SHUWRV PXQGLDOHV HQ HO
FDPSRGHODVYDFXQDVVHUH~QHQHQ
%DUFHORQD
EFPDUVCSF
◗ $POHSFTPEFMB4PDJFEBE&VSPQFB
EF .FEJDJOB /VDMFBS &"/.
6H
FHOHEUDHQ%DUFHORQD
(. BMEFPDUVCSFEF
0QJOJØO
(BDFUB.ÏEJDBFOMB3FE
NS
*OGPSNBDJØOBEJDJPOBMFO/FU4BMVE
%JTQPOJCMFFOXXXOFUTBMVEFT]"QQ4UPSF](PPHMFQMBZ
❚&MTFHVOEPJOGPSNFEF'FEFBSFGMFKBNFKPSBTFOMPTJOEJDBEPSFTEFFNQMFP
❚ -B4&3MBO[BTVBQQQBSBQSPGFTJPOBMFTZQBDJFOUFT
❚ -B"(1QSFTFOUBB11140&Z$TTVQPTUVSBFOWBDVOBTEFBEVMUPT
❚ 7BMME)FCSPOJODPSQPSBVO5"$JOGBOUJMRVFSFEVDFMBEPTJTEFSBEJBDJØOIBTUBVO
❚ $ØNPBCPSEBSNFKPSMBTOFPQMBTJBTIFNBUPMØHJDBT
/PUJDJBTNÈTMFÓEBTFO
❚
❚
❚
❚
❚
❚
❚
❚
❚
❚
6OBDBSSFSBEFEJF[B×PTABDPOUSBSSFMPKQBSBTFSSFGFSFODJBFOFMNBOFKPEFMJDUVT
.ÏEJDPTTJOFTQFDJBMJEBETVTUJUVZFOFO"1
/VFWBTJEFBTQBSBNFKPSBSMPTQSPCMFNBTDPUJEJBOPTFOMBFTDMFSPTJTNÞMUJQMF
i&ONJUSBCBKPUFOHPNVZQSFTFOUFBM2VJKPUFTVSPNBOUJDJTNPZBMUSVJTNPw
'FOJOWJTJUBFM$POTFKPEF&TUBEP
&M$POHSFTPJOTUBBM(PCJFSOPBSFEVDJSMBUFNQPSBCJMJEBEFOFM4/4BM
3FGPSNBMBCPSBMFO4BOJEBE
-B"FNQTBEWJFSUFEFRVFOPTFGVFSDFBMPTNÏEJDPTDPOMPTCJPTJNJMBSFT
6OBGPSNBDJØOJOUFSQSPGFTJPOBMEJTUJOUBQBSBOVFWBTOFDFTJEBEFTBTJTUFODJBMFT
1SJNFSDBTPEFFOGFSNFEBEOFVSPMØHJDBBTPDJBEBBVODPSPOBWJSVT
5VJUTNÈTQPQVMBSFTEF!HBDFUBNFEJDBDPN
❚
❚
❚
❚
❚
1VCMJDBEPTMPTEBUPTQPTJUJWPTEFEVQJMVNBCFOQBDJFOUFTDPOEFSNBUJUJTBUØQJDB
:PTIJOPSJ0ITVNJIBTJEPHBMBSEPOBEPFTUFMVOFTDPOFM1SFNJP/PCFMEF.FEJDJOB
"HVBEPTJUÞBFOZMBTNBZPSFTJOWFSTJPOFTFOSFQPTJDJØOFO)PTQJUBMEF4BMBNBODB
&MBCPSEBKFEFMBDSPOJDJEBESFUPEFMBGBSNBDJBEFIPTQJUBM
&MGVUVSPQBSBNFKPSBSMBDBMJEBEEFWJEBEFMPTQBDJFOUFTFTUÈFOMBUFSBQJBEPNJDJMJBSJB
(BDFUB.ÏEJDBFEJDJØO$BUBMBOB
❚
❚
❚
❚
-FTDBEIFSJOFTDMBVFOFMTQSPDFTTPTEFNJHSBDJØDFMrMVMBS
$PNÓOFTSFVOFJYBNCFM5FSDFS4FDUPS
&ONBSYBQFSMBQBSËMJTJDFSFCSBM
i&MCJPTJNJMBSNJMMPSBSËMFGJDJÒODJBEFMTJTUFNBw
&M&EJUPSJBM
-BTDPNQBSBDJPOFTOP
TJFNQSFTPOPEJPTBT
%
JDFFMWJFKPSFGSÃORVFMBTDPNQB NÃTFMDPOGMJDUPFOUSFMPTQBSUJEPTQPMÎUJ
SBDJPOFTTPOTJFNQSFPEJPTBT&T DPT-BTJUVBDJÓOMMFHBBUBMQVOUPFORVF
VOBQSVFCBNÃTEFRVFFMSFGSB IPZFO&TQBÒBOPQPEFNPTTJRVJFSB
OFSPOPFTJOGBMJCMFZRVFFYJTUFOFYDFQ DPNQBSBSMPTEBUPTEFMJTUBTEFFTQFSBFO
DJPOFT&YQFSUPTEFFDPOPNÎBEFMBTBMVE MBTEJGFSFOUFTSFHJPOFT
ZMBTTPDJFEBEFTDJFOUÎGJDBTIBOWFOJEP
1FSPNÃTBMMÃEFMBFTUSFDIF[EFNJSBT
MMBNBOEPMBBUFODJÓOFOMPTÙMUJNPTBÒPT EFNVDIPTEFMPTSFTQPOTBCMFTEFMBT
TPCSFMBOFDFTJEBEEFDPNQBSBSMPTEBUPT BENJOJTUSBDJPOFTQÙCMJDBTFTUFUJQPEF
FOTBMVEMBTQSÃDUJDBTDMÎOJDBTMPTEBUPT JOGPSNFTTJSWFOQBSBJEFOUJGJDBSÃSFBTEF
EFDPTUFFGJDJFODJB
NFKPSB BRVFMMPT QVOUPT EÊCJMFT RVF
"OUFMBQBTJWJEBEEFMBTDPNVOJEBEFT OFDFTJUBOTFSSFWJTBEPT4&0.Z4&$
BVUÓOPNBTMBTTPDJFEBEFTDJFOUÎGJDBTZ IBDÎBOSFGFSFODJBBMBWBSJBCJMJEBEEF
MPTQSPGFTJPOBMFTTBOJUBSJPTIBOEFDJEJEP SFTVMUBEPTFOUSFDPNVOJEBEFTBVUÓOP
BTVNJSMBGVODJÓO
NBTJODMVTPEJTUJO
EFNFEJSMPTSFTVM
DJPOFTFOGVODJÓO
-BJOJDJBUJWBEFFTUBTTFJT
UBEPTFOTBMVEEF
EFMUBNBÒPEFMPT
MPT TFSWJDJPT Z TPDJFEBEFTTFQSPEVDFFOVO IPTQJUBMFT
DPOUFYUPFORVFMBT$$""
VOJEBEFT EF MPT
&TUBT EPT Z
IPTQJUBMFT
EFM
%JHFTUJWPUBNCJÊO
FWJUBODPNQBSBSTF
4JTUFNB /BDJPOBM
IBDÎBOSFGFSFODJB
EF4BMVE4FJTTPDJF
B QPUFODJBS MBT
EBEFT DJFOUÎGJDBT IBO DPNFO[BEP B SFEFTBTJTUFODJBMFTBTÎDPNPMBJNQPS
FTUVEJBSMPTSFTVMUBEPTFOTBMVE1BUPMP UBODJBEFRVFMBDPMBCPSBDJÓOFOUSFMPT
HÎB%JHFTUJWB/FVNPMPHÎB0ODPMPHÎB IPTQJUBMFT Z MPT DFOUSPT EF BUFODJÓO
.ÊEJDB.FEJDJOB*OUFSOBZ&OEPDSJOP QSJNBSJBTFBNÃTGMVJEB
MPHÎBIBOTFHVJEPMPTQBTPTRVFZBJOJDJÓ
6OBWF[RVFMBTTPDJFEBEFTIBOQVFTUP
$BSEJPMPHÎB IBDF DJODP BÒPT DPO FM EFMBOUFEFMPTPKPTEFMPTHFTUPSFTEFMBT
FTUVEJP3FDBMDBS
DPNVOJEBEFT BVUÓOPNB FTUF UJQP EF
-BJOJDJBUJWBEFFTUBTTPDJFEBEFTTF EBUPTSFTVMUBSÎBOFDFTBSJPRVFBCSJFSBO
QSPEVDF FO VO DPOUFYUP FO RVF MBT MPTPKPTQBSBJOJDJBSMBSFGPSNBRVFUBOUP
DPNVOJEBEFTBVUÓOPNBTFWJUBOUPEB OFDFTJUBFMTJTUFNB
DPNQBSBDJÓOQPSFMNJFEPBRVFFMWFDJOP
%FNPNFOUPTPOTPMPTFJTTPDJFEBEFT
QVFEBQSFTFOUBSNFKPSFTSFTVMUBEPTFO MBTRVFIBOFNQF[BEPBSFDPQJMBSEBUPT
VOBÃSFBDPODSFUB&OUSBBRVÎVOBWF[ &TJNQPSUBOUFRVFTFTVNFONÃT
"DPSB[ØOBCJFSUP
7JWJSDPOFOGFSNFEBESFOBM
."3*$&-+6-7&
&YQSFTJEFOUBEFMB
4PDJFEBE&TQBÒPMBEF
&OGFSNFSÎB/FGSPMÓHJDB
-
BFOGFSNFEBESFOBMDSÓOJDB&3$
UJFOFVOBBMUBQSFWBMFODJBFOMBQP
CMBDJÓOHFOFSBMFOFTQFDJBMFOMBQP
CMBDJÓOEFFEBEBWBO[BEBZPDPOFOGFSNF
EBEFTDSÓOJDBTBTPDJBEBTDPNPMBEJBCFUFT
ZMPTQSPDFTPTDBSEJPWBTDVMBSFT4FFTUJNB
RVFFMQPSDJFOUPEFMBQPCMBDJÓOFTQB
ÒPMBQSFTFOUB&3$FOTVTEJTUJOUPTFTUBEJPT
QPSDFOUBKFRVFMMFHBIBTUBFMQPSDJFOUP
BMIBCMBSEFMPTNBZPSFTEFBÒPT
"OUFFTUBTJUVBDJÓOFM.BOJGJFTUPFOFM
RVFTFSFDPHFOMPTEFSFDIPTZOFDFTJEBEFT
EFMPTQBDJFOUFTDPO&3$JNQVMTBEPQPS
'FEFSBDJÓO/BDJPOBMEF"TPDJBDJPOFTQBSB
MB-VDIB$POUSBMBT&OGFSNFEBEFT3FOB
MFTBQVFTUBDMBSBNFOUFQPSMBQSPNPDJÓO
EFMBBVUPHFTUJÓOEFMBTBMVEDFOUSBEBFO
MPTQBDJFOUFTDFOUSPOFVSÃMHJDPEFMBJOUFS
WFODJÓOQSPGFTJPOBMTBOJUBSJBZTPDJBMTV EFMQSPDFTPEFTVFOGFSNFEBE$PNPUPEP
BVUPOPNÎBZTVTEFSFDIPT
QBDJFOUFDSÓOJDPZQMVSJQBUPMÓHJDPFMQB
-PTQSPGFTJPOBMFTTBOJUBSJPTRVFOPTEF DJFOUFSFOBMUJFOFEFSFDIPBTFSUSBUBEP
EJDBNPTBMDVJEBEPEFFTUPTQBDJFOUFTEF QPSVOOFGSÓMPHPEFSFGFSFODJBRVFWBMP
CFNPTFYJHJSBMBTBENJOJTUSBDJPOFTTBOJ SBSÃFMNBOFKPJOUFHSBMEFMQBDJFOUFOP
UBSJBTFMBDDFTPEFUPEPTMPTQBDJFOUFTJO TÓMPTVFOGFSNFEBE&TFMQSPGFTJPOBM‡
EFQFOEJFOUFNFOUFEFTVFTUBEPTPDJP KVOUPBMBFOGFSNFSÎB‡RVFEFCFIBDFS
FDPOÓNJDPDPOEJDJÓOTPDJBMPMVHBSEFSF QBSUÎDJQFBMBQFSTPOBDPO&3$ZGBNJMJB
TJEFODJBEFMUSBUBNJFOUPNÃTBEFDVBEP SFTFOMBUPNBEFEFDJTJPOFTDMBWFFOSF
QBSBFMMPT&MFO
MBDJÓOBTVBUFODJÓO
GFSNPSFOBMUJFOFFM
ZUSBUBNJFOUP
&MQBDJFOUFSFOBMUJFOF
EFSFDIPEFFTUBSJO
6OFMFNFOUPDMBWF
EFSFDIPBTFSUSBUBEPQPSVO FOMBDBMJEBEBTJTUFO
GPSNBEPEFUPEBTMBT
OFGSØMPHPEFSFGFSFODJBRVF DJBMFTMBTFHVSJEBE
PQDJPOFTQPTJCMFTEF
USBUBNJFOUPZTFS
ZUPEPTMPTQSPGFTJP
WBMPSFFMNBOFKPJOUFHSBM
BVUÓOPNPQBSBFMF
OBMFTJNQMJDBEPTFO
HJSRVÊPQDJÓOTF
UPEBTMBTGBTFTEFM
BEBQUBNFKPSBTVFTUJMPEFWJEB
DVJEBEPEFCFOBTFHVSBSTFEFSFBMJ[BSUP
&TJNQPTJCMFBENJOJTUSBSUSBUBNJFOUPT EPTMPTUSBUBNJFOUPTUÊDOJDBTBQMJDBOEP
EFDBMJEBEZTFHVSPTTJOMBFYJTUFODJBEF MPTQSPUPDPMPTBWBMBEPTQPSMBTTPDJFEBEFT
VOFRVJQPQSPGFTJPOBMNVMUJEJTDJQMJOBSDP DJFOUÎGJDBTFJNQMFNFOUBOEPQSÃDUJDBTTF
PSEJOBEPRVFHBSBOUJDFFMTFHVJNJFOUPZ HVSBTFOQSPDFEJNJFOUPTZBDUVBDJPOFT
BDPNQBÒBNJFOUPEFMQBDJFOUFBMPMBSHP
&TQBÒBZMPTQBÎTFTEFOVFTUSPFOUPSOP
JOWJFSUFOBMSFEFEPSEFMQPSDJFOUPEFTV
QSFTVQVFTUPTBOJUBSJPFOFMFOGFSNPSFOBM
RVFOPFTQPDPZFMMPOPTIBDFJODJEJSFOMB
OFDFTJEBEEFJNQMBOUBSFTBTFTUSBUFHJBTEF
BCPSEBKFEFMB&3$SFMBDJPOBEBTDPOTVQSF
WFODJÓOEJBHOÓTUJDPQSFDP[ZEFSJWBDJÓO
UFNQSBOBBTÎDPNPMBTFOTJCJMJ[BDJÓOBGB
WPSEFMBEPOBDJÓOEFÓSHBOPTZFMUSBTQMBOUF
4ÓMPTJBDFQUBNPTBMQBDJFOUFSFOBMDPNP
USJCVUBSJPEFVONBOFKPJOUFHSBMEFTVFO
GFSNFEBEZBQMJDBOEPMBTIFSSBNJFOUBTZ
SFDVSTPTIVNBOPTZNBUFSJBMFTQBSBFMMP
DPOTFHVJSFNPTVOPTUSBUBNJFOUPTEFDB
MJEBETFHVSPTZDPOFRVJEBE
/PPMWJEFNPTOVODBRVFFOMBNBZPSÎB
EFMPTDBTPTMBFOGFSNFEBESFOBMBDPN
QBÒBBMQBDJFOUFBMPMBSHPEFUPEBTVWJEB
ZRVFMBTBTPDJBDJPOFTEFQFSTPOBTDPO&3$
QBSUJDJQBSÃOBDUJWBNFOUFFOUPEPTVSFDP
OPDJNJFOUPEFEFSFDIPTZOFDFTJEBEFTZ
RVFMPTQSPGFTJPOBMFTRVFWJWJNPTDBEBEÎB
MBSFBMJEBEEFMBFOGFSNFEBESFOBMOPQP
EFNPTRVFEBSOPTDPOMPTCSB[PTDSV[BEPT
0QJOJØOBMEFPDUVCSFEF(.
-B'SBTF
i
-PT1FSTPOBKFT
&MGVUVSPQBSB
NFKPSBSMB
DBMJEBEEFWJEB
EFMPTQBDJFOUFT
TFDFOUSBFOMBUFSBQJB
EPNJDJMJBSJBu
-BT$MBWFT
TPSQSFOEFSÎBOBMDPNQSPCBSRVFIBZ
QFSTPOBTRVFWJWFOTVWJEBDPNQMFUBTJO
VOÃQJDFEFBVUPFTUJNBTJORVFSFSTF
KBNÃT&MIFDIPGVOEBNFOUBMFTRVFPTV
FOUPSOPMFTJNQJEFOBDFQUBSTFZQPSMP
FBDBCBEFJOUFSFTBSMBJOTFHV UBOUPRVFSFSTFEFNPEPRVFTJFNQSF
SJEBE5PEPBJOTUBODJBTEFMMJCSP TBMFONBMQBSBEPTBMDPNQBSBSTFJOFWJ
EF.BSUB3PCMFTi)B[MPRVF UBCMFNFOUFDPOMPTEFNÃT
UFNBTu 2VJ[ÃT QPSRVF TJFNQSF TF
1FSPOVODBFTUBSEFQBSBBDFQUBSTF
DPNQBSBODPOMPTEFNÃTZTFWFOQFPS RVFSFSTFPBMNFOPTTPQPSUBSTFZOP
RVFFMMPTPUSPTQPSRVFOPTBCFOEFDJS TFOUJSTFNBMDPOUPEPMPRVFVOPUJFOF
iOPuNVDIPTTPOJODBQBDFTEFSFDVQF &TPTJHOJGJDBFTUBSUPUBMNFOUFTBUJTGFDIP
SBSGPSUBMFDFSPEFTBSSPMMBSMBBVUPFT EF VOP NJTNP OJ UFOFS QFRVFÒPT
UJNB
DPNQMFKJMMPTRVFOPTNPMFTUFOQFSPTÎ
1BSB .BSUB 3PCMFT DVBOEP TF FT TBCFSRVFFTUÃOBIÎZRVFTFUSBUBEF
JOTFHVSPOPFTGÃDJMNJSBSBMSFEFEPSZ DPOWJWJSDPOFMMPTZEFRVFSFSTFQFTFB
TFOUJSTFOPNFKPSRVFMPTEFNÃTTJOP FMMPT
TFODJMMBNFOUFBHVTUPFOMBQJFMRVFB
-B NFKPS NBOFSB EF FNQF[BS B
DBEBVOPMFIBUPDBEP-BSFHMBCÃTJDB RVFSFSTFFTMBEFTBCFSRVFOPTFQVFEF
TFSÎBUSBUBSEFEFKBSEFDPNQBSBSTF RVFSFSBMPTEFNÃTTJVOPOPTFRVJFSFB
"QSFOEFS RVF TJFNQSF IBZ BMHVJFO TÎNJTNP
NFKPSZQFPSZRVFDBEBVOPUJFOFBMHP
-PTFYQFSUPTTFÒBMBORVFDVBOEPVOB
EJTUJOUP BM SFTUP
QFSTPOBDBSFDFEF
RVF NFSFDF MB
DPOGJBO[B
Z
&YQFSUPTTF×BMBORVFTJVOB SFTQFUPIBDJBVOP
QFOBi-PTNFKPSFT
OPDPNQJUFOu&TUÃ QFSTPOBDBSFDFEFDPOGJBO[BZ NJTNPBQBSFDFMB
NVZ CJFO DSFFS
SFTQFUPIBDJBVOPNJTNPMB BVUPFTUJNB CBKB
RVFMPTJOTFHVSPT
DPO VOB TFSJF EF
BVUPFTUJNBCBKB
UBNCJÊO QVFEFO
NBOJGFTUBDJPOFT
MMFHBS B TFS MPT
RVF BGFDUBO B
NFKPSFTZEFKBSEFDPNQFUJS5PEPFT UPEBTMBTFTGFSBTEFMBWJEB6OBFTMB
DVFTUJÓOEFNJSBSNÃTIBDJBEFOUSPRVF BVUPDSÎUJDBFHPÎTUBRVFTFNBOJGJFTUBDPO
IBDJBGVFSB4JOQBTBSTFQPSRVFDPNP TFOUJNJFOUPTEFWBDÎPZUFOEFODJBBWJWJS
EFDÎB3BNÓO#VFOBWFOUVSBiIBZRVF FOVOFTUBEPDPOTUBOUFEFJOTBUJTGBDDJÓO
DPOPDFSTFQFSPOPFTQFDJBMJ[BSTFuQFSP QFSTPOBM 0USB NBOJGFTUBDJÓO FT FM
TBCJFOEPRVFIBZRVFNFKPSBSMPRVF QFSGFDDJPOJTNPDVBOEPTFTPNFUFOB
DBEBVOPUJFOFOPQSFUFOEFSBMDBO[BSMP VOBFYJHFODJBFYBHFSBEBZTFQMBOUFBO
RVFUJFOFOMPTEFNÃT
VOPTPCKFUJWPTQPDPSFBMJTUBTZOPTPO
3PCMFTUBNCJÊOTFÒBMBRVFMPTRVFOP DBQBDFTEFDVNQMJS5BNCJÊOIBZQFSTP
TBCFOEFDJSRVFiOPuFTQPSRVFQJFOTBO OBTRVFUJFOFONJFEPBMSFDIB[PZTF
RVFTJMPIBDFOEFKBSÃOEFRVFSFSMPT FNQFÒBOFYDFTJWBNFOUFFODPNQMBDFS
$VBOEP QPS GJO VO EÎB TF BUSFWFO BMPTEFNÃT:QPSÙMUJNPMPTRVFUJFOFO
DPNQSVFCBORVFOPQBTBOBEBRVFIBTUB TFOUJNJFOUPEFDVMQBCJMJEBEDPOTUBOUF
MPTWBMPSBONÃTTJBMHÙOEÎBEJDFOiOPu QPSDPOEVDUBTRVFOPTPOOFDFTBSJB
EBOVOQBTPEFHJHBOUF:FTPTVDFEF NFOUFSFQSPCBCMFTQFSPRVFFMMPTDPOTJ
DVBOEPQPSGJOEFKBOEFCVTDBSGVFSBZTF EFSBONBMBT
QSFDJQJUBO B TBDBS EF TV JOUFSJPS B
:GJOBMNFOUF3PCMFTTFÒBMBFOFMMJCSP
BDFQUBSMPRVFIBZZBNFKPSBSMPTJQVFEF TFJTQJMBSFTJOEJTDVUJCMFTTJRVFSFNPT
TFSQBSBDPNQBSUJSMPFTFOUPODFTDVBOEP IBCMBSEFBVUPFTUJNB-BQSÃDUJDBEF
TFBUSFWFOBEFKBSEFEFDJSiTÎuBUPEPZ WJWJSDPOTDJFOUFNFOUFMBEFBDFQUBDJÓO
QPSGJOEJDFOiOPu
EFVOPNJTNPMBEFSFTQPOTBCJMJEBE
1BSB SFDVQFSBS MB BVUPFTUJNB MB IBDJBVOPNJTNPMBEFBVUPBGJSNBDJÓO
BVUPSB TFÒBMB RVF IBZ RVF IBCFSMB MBEFWJWJSDPOQSPQÓTJUPZMBQSÃDUJDBEF
UFOJEPBOUFTZTFHVSPRVFNVDIPTTF MBJOUFHSJEBEQFSTPOBM
.
◗ -B$PNJTJÓOEF&NQMFPZ4FHVSJEBE
4PDJBMFOFM$POHSFTPEFMPT%JQVUBEPT
FOMBJNBHFOMBNJOJTUSBEF&NQMFP
'ÃUJNB #ÃÒF[
IB BQSPCBEP VOB
NPDJÓODPOFMPCKFUJWPEFJOTUBSBM
(PCJFSOPBJOJDJBSVOQMBOEFBDUVB
DJÓODPOMBTBENJOJTUSBDJPOFTBVUPOÓ
NJDBTZMPTTJOEJDBUPTQBSBSFEVDJSMB
UBTBEFUFNQPSBMJEBEFOFM4JTUFNB
/BDJPOBMEF4BMVEBNFOPTEFVOEJF[
QPSDJFOUP-BWPUBDJÓOIBDPOUBEPDPO
FMBQPZPEFUPEPTMPTHSVQPTQBSMBNFO
UBSJPT B FYDFQDJÓO EFM 11 DVZPT
EJQVUBEPTIBOQSFGFSJEPBCTUFOFSTF
BVORVFIBOUSBCBKBEPUBNCJÊOFOMB
FMBCPSBDJÓOEFMUFYUPBQSPCBEP
.JHVFM¦OHFM$BMMFKB
1SFTJEFOUFEFMB4&')
*OTFHVSJEBEFM
MJCSPEF3PCMFT
#"350-0.­#&-53¦/
+FGFEFMPTTFSWJDJPT
NÊEJDPTEF"NFEJB
&M$POHSFTPJOTUBBM(PCJFSOPBRVF
SFEV[DBMBUFNQPSBCJMJEBEFOFM4/4BM
/BWBSSBGJKBMBGFDIBEFMBPGFSUBQÙCMJDP
EFFNQMFPEFFOGFSNFSÎBFO/BWBSSB
◗ /BWBSSBDPOWPDBSÃVOBPGFSUBQÙCMJDP
EFFNQMFP01&
EFFOGFSNFSÎBFOFM
NFT EF TFQUJFNCSF EF Z MPT
FYÃNFOFTUFOESÃOMVHBSFONBZPEF
"TÎMPBOVODJÓFMDPOTFKFSPEF
4BMVEEF/BWBSSB'FSOBOEP%PNÎO
HVF"EFNÃTJOEJDÓRVFQSFWJBNFOUFTF
WBBDPOWPDBSFMDPODVSTPEFUSBTMBEPT
ZRVFOPIBCSÃDPOWPDBUPSJBEFBDPQMB
NJFOUP JOUFSOP QPSRVF iTVQPOESÎB
SFUSBTBSFMDPODVSTPEFUSBTMBEPTZFO
DPOTFDVFODJBMB01&ZMMFWBNPTNVDIP
UJFNQPTJOVOB01&FOTBMVEu%PNÎO
HVF[SFTQPOEJÓFOFMQMFOPEFM1BSMB
NFOUPBVOBQSFHVOUBEFM14/TPCSFMPT
NPUJWPTEFMPTSFUSBTPT
6OPUPSSJOPFTQBÒPMDPOTJHVFFMUÎUVMPEF
FYQFSUPFVSPQFPFONFEJDJOBEFMTVFÒP
◗ $BSMPT0$POOPSDPEJSFDUPSEFM
TFSWJDJPEFPUPSSJOPMBSJOHPMPHÎBEF
MPTIPTQJUBMFT2VJSÓOTBMVE$BNQPEF
(JCSBMUBSZ.BSCFMMBTFIBDPOWFS
UJEPFOFMQSJNFSNÊEJDPFTQBÒPMEF
FTUB FTQFDJBMJEBE FO DPOTFHVJS FM
UÎUVMPEFFYQFSUPFONFEJDJOBEFM
TVFÒP PUPSHBEP QPS MB &VSPQFBO
4MFFQ3FTFBSDI4PDJFUZ4PDJFEBE
&VSPQFBEF*OWFTUJHBDJÓOEFM4VFÒP
0$POOPSTFDPOWJFSUFFOFMQSJNFS
PUPSSJOPMBSJOHÓMPHP RVF DPOTJHVF
VOBBDSFEJUBDJÓOEFFTUFUJQP"TV
KVJDJPiTFBCSFVOBOVFWBFSBFOMB
NFEJDJOB EFM TVFÒP QBSB OVFTUSB
FTQFDJBMJEBEu
.VSDJBBTFTPSBB&VSPQBQBSBDSFBSVONPEFMP
TPDJPTBOJUBSJPEFBUFODJÓOFO&&33
◗ -BDPOTFKFSBEF4BOJEBENVSDJBOB
&ODBSOB(VJMMÊOIBQBSUJDJQBEPDPNP
NJFNCSPEFMDPNJUÊEFFYQFSUPTFO
VOBSFVOJÓOEFMHSVQPA*OOPW$BSFDPO
FMPCKFUJWPEFEFTBSSPMMBSVONPEFMPEF
DVJEBEPTRVFJOUFHSFZDPPSEJOFMPT
TFSWJDJPT TBOJUBSJPT TPDJBMFT Z EF
BQPZPEJSJHJEPTBMBTQFSTPOBTBGFDUB
EBTQPSFOGFSNFEBEFTSBSBT&&33
ZTVTDVJEBEPSFT&TUFQSPZFDUPRVF
EVSBSÃIBTUBFTUÃDPPSEJOBEP
QPSFM.JOJTUFSJPEF4BOJEBEZQBSUJDJ
QBO DPNP TPDJPT MB 0SHBOJ[BDJÓO
&VSPQFBEF&OGFSNFEBEFT3BSBTFM
*OTUJUVUP,BSPMJOTLBEF&TUPDPMNPF
JOTUJUVDJPOFTEFQBÎTFTFVSPQFPT
(.BMEFPDUVCSFEF1VCMJDJEBE
BMEFPDUVCSFEF (.
1PMÓUJDB
-BTTPDJFEBEFTDJFOUÎGJDBTBTVNFOMB
UBSFBEFNFEJSMPTSFTVMUBEPTFOTBMVE
$BSEJPMPHÓB%JHFTUJWP/FVNPMPHÓBZ0ODPMPHÓB.ÏEJDBQSFTFOUBOMPTSFTVMUBEPTEFEJGFSFOUFTFTUVEJPT
+6"/1"#-03".¶3&;
.BESJE
-BNFEJDJÓOEFSFTVMUBEPTTFIBDPOWFS
UJEPFOVOBOFDFTJEBEEFM4JTUFNB/BDJP
OBMEF4BMVE-PTFYQFSUPTIBOMMBNBEP
MBBUFODJÓOTPCSFMBJNQPSUBODJBEFFTUB
BDUJWJEBEZEJGFSFOUFTTPDJFEBEFTDJFOUÎ
GJDBTIBOSFDPHJEPFMHVBOUF$VBUSPEF
FMMBTQSFTFOUBSPOMBTFNBOBQBTBEBMPT
SFTVMUBEPTEFTVTSFTQFDUJWPTFTUVEJPT
EVSBOUFMBDFMFCSBDJÓOEFMBKPSOBEBA2VÊ
FTZRVÊOPFTHFTUJÓODMÎOJDB-BQFSTQFD
UJWBEFMPTQSPGFTJPOBMFTPSHBOJ[BEBQPS
MB'FEFSBDJÓOEF"TPDJBDJPOFT$JFOUÎGJDP
.ÊEJDBT&TQBÒPMBT'BDNF
$PO FM BQPZP EFM *OTUJUVUP QBSB MB
.FKPSBEFMB"TJTUFODJB4BOJUBSJB*."4
MBTTPDJFEBEFTEF/FVNPMPHÎB1BUPMPHÎB
%JHFTUJWB0ODPMPHÎB.ÊEJDBZ/FVNPMP
HÎBIBOTFHVJEPMPTQBTPTEF$BSEJPMPHÎB
RVFFOJOJDJÓFMFTUVEJP3FDBMDBS
-PTJOGPSNFTTFIBOFMBCPSBEPBQBSUJS
EFFODVFTUBTBMPTTFSWJDJPTEFMPTIPTQJ
UBMFT QÙCMJDPT EFM 4/4 0USBT DPNP
&OEPDSJOPMPHÎBZ/VUSJDJÓOZ.FEJDJOB
*OUFSOBUBNCJÊOIBOQVFTUPFONBSDIB
FTUBJOJDJBUJWB
-BQSJNFSBEFFMMBTBÙOTFFODVFOUSB
FOMBGBTFEFSFDPQJMBDJÓOEFEBUPT-BFY
QSFTJEFOUBZEJSFDUPSBEFMB$ÃUFESBEF
MB4PDJFEBE&TQBÒPMBEF/FVNPMPHÎBZ
$JSVHÎB5PSÃDJDB4FQBS
1JMBSEF-VDBT
FYQMJDÓRVFFTUBJOJDJBUJWBTFFODVFOUSB
EFOUSPEFMBFTUSBUFHJBEFDBMJEBEEFMB
TPDJFEBEi&OMPTÙMUJNPTPBÒPTTF
IBDPOWFSUJEPFOVOPCKFUJWPCÃTJDPu
NBOJGFTUÓ%F-VDBTDPPSEJOBEPSBEFM
&TUVEJP3FDBMBS
0ODPMPHÓB
-PTFTUVEJPTIBOTFSWJEPQBSBJEFOUJGJDBS
PQPSUVOJEBEFTEFNFKPSB-BQSFTJEFOUB
EFM$POTFKP/BDJPOBMEF&TQFDJBMJEBEFT
Z SFTQPOTBCMF EFM FTUVEJP 3FDBMPN
EFOUSP EF MB 4PDJFEBE &TQBÒPMB EF
0ODPMPHÎB.ÊEJDB4&0.
1JMBS(BSSJEP
TVCSBZÓVOBTFSJFEFÃSFBTEFDSFDJ
NJFOUP%VSBOUFTVJOUFSWFODJÓOEFTUBDÓ
MBOFDFTJEBEEFNFKPSBSFOFMGVODJPOB
NJFOUPEFMBTiSFEFTBTJTUFODJBMFTEFMPT
DPNJUÊTEFUVNPSFTZFOMBSFMBDJÓODPO
BUFODJÓOQSJNBSJBu(BSSJEPJOTJTUJÓFO
MBSFMBDJÓODPOFTUFOJWFMBTJTUFODJBMB
QFTBSEFRVFFMQPSDJFOUPEFMPT
NÊEJDPT MB DPOTJEFSBO MB QVFSUB EF
FOUSBEBEFMTJTUFNB
-BFTQFDJBMJTUBBEWJSUJÓEFMBTEJGFSFO
DJBTFOUSFIPTQJUBMFTFOUBTBCSVUBEF
NPSUBMJEBEZFOSB[ÓOEFNPSUBMJEBE
FTUBOEBSJ[BEBQPSSJFTHPi1SPCBCMF
NFOUFQPOFOEFNBOJGJFTUPEJGFSFODJBT
FOFMNBOFKPBTJTUFODJBMEFMPTQBDJFOUFT
DPODÃODFSuSFTBMUÓ(BSSJEPi4FIBO
7JDFOUF#FSUPNFVQSFTJEFOUFEFIPOPSEFMB4&$1JMBSEF-VDBTEF4FQBS7JDFOUF(ØNF[5SJMMPEF4FNJDZVD1JMBS(BSSJEPEF4&0.Z'FSOBOEP$BSCBMMPQSFTJEFOUFEFMB4&1%
FODPOUSBEPEJGFSFODJBTFOUSFDPNVOJEB
EFTBVUÓOPNBTRVFEFCFOFTUVEJBSTF
DPONBZPSQSPGVOEJEBEuBÒBEJÓ
-BTDJGSBTNVFTUSBOVOiNFKPSEFTFN
QFÒPFOMPTDFOUSPTDPNQMFKPTDPONÃT
EFDBNBTuFYQMJDÓMBDPPSEJOBEPSB
EFMFTUVEJPEFMB4&0.BVORVFBENJUJÓ
RVFMBFODVFTUBIBCÎBTJEPSFTQPOEJEBFO
TV NBZPSÎB QPS KFGFT EF TFSWJDJP EF
HSBOEFTIPTQJUBMFTQPSMPRVFQPESÎB
FYJTUJSTFTHPFOMBDJGSB
&YQFSUPTBEWJFSUFORVFFYJTUF
VOBiJNQPSUBOUFWBSJBCJMJEBEw
FOMBDPNQBSBDJØOEF
JOEJDBEPSFTFOUSFIPTQJUBMFT
&OMBBDUVBMJEBEFM4/4DVFOUBDPOEPT
PODÓMPHPTQPSDBEBIBCJUBOUFT
-PTIPTQJUBMFTDVFOUBEFNFEJBDPO
DBNBTZTJFUFMPDBMFTEFDPOTVMUBEF
NFEJBVOBDJGSBiSJEÎDVMBNFOUFuCBKB
TFHÙO(BSSJEP
1BUPMPHÓBEJHFTUJWB
"MJHVBMRVF(BSSJEPFMQSFTJEFOUFEFMB
4PDJFEBE&TQBÒPMBEF1BUPMPHÎB%JHFT
UJWB4&1%
'FSOBOEP$BSCBMMPMMBNÓMB
BUFODJÓOTPCSFiVOQPCSFEFTBSSPMMPEF
SFEFTBTJTUFODJBMFTZSFHJPOBMJ[BDJÓOEF
TFSWJDJPTJODMVTPFOMBTVOJEBEFTGVODJP
OBMFTNVMUJEJTDJQMJOBSFTu&OFTUBMÎOFB
MMBNÓMBBUFODJÓOTPCSFMBOFDFTJEBEEF
QPUFODJBSNÃTMBDPMBCPSBDJÓOFOUSFMBT
VOJEBEFTEFEJHFTUJWPEFMPTIPTQJUBMFTZ
EFMPTDFOUSPTEFBUFODJÓOQSJNBSJB
$BSCBMMPJEFOUJGJDÓPUSPEFMPTQSPCMF
NBT TPCSF MPT RVF IBCÎB MMBNBEP MB
BUFODJÓOMBPODÓMPHBi4FIBOIBMMBEP
OPUBCMFTWBSJBDJPOFTFOJOEJDBEPSFTEF
QSPEVDUJWJEBEZDBMJEBERVFQSPCBCMF
NFOUFTFÒBMBOJNQPSUBOUFTPQPSUVOJEB
EFTEFNFKPSBu4JOFNCBSHPFMQSFTJ
EFOUFEFMB4&1%BENJUJÓRVFOPFYJTUFO
iHSBOEFTWBSJBCJMJEBEFTuFOMPTSFTVMUB
EPTQPSDPNVOJEBEFTBVUÓOPNBTiQPSMP
RVFQBSFDFRVFIBZDPIFSFODJBFOMB
QSÃDUJDBDMÎOJDBu$BSCBMMPEFTUBDÓRVFFM
JOGPSNFIBQFSNJUJEPDPOPDFSEBUPTRVF
OPBQBSFDÎBOFOMPTSFHJTUSPTEFM.JOJT
UFSJP4VCSBZÓRVFFOMPTÙMUJNPTBÒPTTF
IBQSPEVDJEPVOBNFKPSBEFMBUBTBCSVUB
EFNPSUBMJEBEBEFNÃTEFVOBDBÎEBEF
MBFTUBODJBNFEJB
$BSEJPMPHÓB
&MQSFTJEFOUFEFIPOPSEFMB4PDJFEBE
&TQBÒPMBEF$BSEJPMPHÎB4&$
ZDPPSEJ
OBEPS EFM FTUVEJP 3FDBMDBS 7JDFOUF
#FSUPNFVJOTJTUJÓFOMBTSFDPNFOEBDJP
OFTRVFIBCÎBSFBMJ[BEP0ODPMPHÎBZ
%JHFTUJWPTPCSFMBOFDFTJEBEEFDSFBS
iSFEFTBTJTUFODJBMFTFOFM4JTUFNB/BDJP
OBMEF4BMVERVFGBWPSF[DBOFMJOUFSWFO
DJPOJTNPDPSPOBSJPZMBQBSUJDJQBDJÓOEF
MPTTFSWJDJPTEFDBSEJPMPHÎBFOFMNBOFKP
EF QBDJFOUFT DPO JOGBSUP BHVEP EF
NJPDBSEJPu
#FSUPNFVBEWJSUJÓUBNCJÊOEFVOB
JNQPSUBOUFWBSJBCJMJEBEFOMPTJOEJDBEP
SFTEFBDUJWJEBEQSPEVDUJWJEBEZSFTVM
UBEPTFOMBDPNQBSBDJÓOFOUSFIPTQJUB
MFT -BT EJGFSFODJBT TF QSPEVDFO
QSJODJQBMNFOUF FOUSF DPNVOJEBEFT
BVUÓOPNBT DPNP UBNCJÊO QVTP EF
NBOJGJFTUP0ODPMPHÎB
"QFTBSEFFTUBBEWFSUFODJBFMQSFTJ
EFOUFEFIPOPSEFMB4&$BWJTÓEFRVF
FTUPTEBUPTOPEFCFOTFSWJSQBSBFYUSBFS
DPODMVTJPOFT QSFDJQJUBEBT 1SFDJTB
NFOUFTFÒBMÓDPNPVOBEFMBTBNFOB
[BTiVOBNBMBJOUFSQSFUBDJÓOEFMPT
EBUPTu
%FNBOFSBQBSBMFMBEFOVODJÓVOB
GBMUBEFDVMUVSBEFFWBMVBDJÓOFO&TQBÒB
QPSEJGFSFOUFTSB[POFTDPNPMBJOEJGF
SFODJBPMBEFTDPOGJBO[BIBDJBMBDSÎUJDB
OPDPOTUSVDUJWB
(.BMEFPDUVCSFEF1PMÓUJDB
+04­-6*4"/%3&6❘1SFTJEFOUFEFMB4PDJFEBE&TQBÒPMB
EF3FVNBUPMPHÎB4&3
i-BFWBMVBDJÓOZFM
ACFODINBSLJOH
UJFOFORVFQFOFUSBS
ZBFOFM4/4u
$"3.&/.-»1&;
.BESJE
4FFTUJNBRVFFMDPTUFBOVBMHMPCBMEFMPT
QBDJFOUFTDPOBSUSJUJTSFVNBUPJEF"3
TVQFSBMPTNJMMPOFTEFFVSPTVOB
DJGSBRVFQPESÎBJSFOBVNFOUPTJOPTF
FNQJF[B B QPOFS TPMVDJPOFT4JO
FNCBSHPFMJNQBDUPFOMBDBMJEBEEFWJEB
EFMPTQBDJFOUFTFTBVONÃTQSFPDV
QBOUF&MQSFTJEFOUFEFMBTPDJFEBE+PTÊ
-VJT"OESÊV4ÃODIF[IBBOBMJ[BEPFTUPT
EBUPTDPO(.BEFNÃTEFMPTQSJODJQBMFT
BWBODFT RVF TF FTUÃO EBOEP FO MB
FTQFDJBMJEBE
1SFHVOUB)BCMBNPTEFNJMMP
OFTEFFVSPTVOBDBOUJEBEOBEBEFTEF
ÒBCMFQBSBDPNFO[BSBQPOFSTPMVDJP
OFTw
3FTQVFTUB&TVOHBTUPFOPSNFQFSP
UBNQPDPEFCFNPTQFSEFSEFWJTUBMPRVF
JNQMJDBFOJNQBDUPFODBMJEBEEFWJEBEF
VOBQPCMBDJÓORVFFTUÃFOFMNPNFOUP
WJUBMNÃTJNQPSUBOUFEFMBWJEBEFMPT
JOEJWJEVPTMPTBÒPT)PZQPSIPZ
OPQPEFNPTFWJUBSRVFMPTQBDJFOUFT
EFTBSSPMMFOBSUSJUJTSFVNBUPJEFQFSPTÎ
QPEFNPTQSFWFOJS
1y:FMEJBHOÓTUJDPQSFDP[FTVODMBSP
PCKFUJWPUBNCJÊO 3&MEJBHOÓTUJDPQSFDP[ZVOUSBUB
NJFOUPUFNQSBOPDPOGÃSNBDPTDBQBDFT
EFNPEJGJDBSFMDVSTPFWPMVUJWPEFMB
FOGFSNFEBETPOGVOEBNFOUBMFTQBSB
NPEJGJDBS FM QSPOÓTUJDP$VBOEP
EJBHOPTUJDBNPTZDPNFO[BNPTBUSBUBS
VOB"3FOMBTQSJNFSBTTFNBOBTMP
IBCJUVBMFTRVFMBFOGFSNFEBEFOUSFFO
SFNJTJÓOZBVORVFOPTFQVFEBIBCMBSEF
DVSBDJÓOTÎTFQVFEFIBCMBSEFDPOUSPM
DPNQMFUP
1&OUSFMPTQSJODJQBMFTBWBODFTEF
FTUBQBUPMPHÎBDBCFEFTUBDBSPQUJNJ[B
DJÓOEFMVTPEFMPTGÃSNBDPTDPOWFODJP
OBMFTZFMBEWFOJNJFOUPEFOVNFSPTPT
BHFOUFTCJPMÓHJDPTw
3&GFDUJWBNFOUF"QBSUJSEF
DPNFO[BSPOBBQBSFDFSBHFOUFTCJPMÓ
HJDPTRVFCMPRVFBCBOEJBOBTFTQFDÎGJ
DBT&TUPTVQVTPVOWBMPSJOUSÎOTFDPFO
TÎNJTNPQPSRVFQBDJFOUFTBMPTRVFOP
QPEÎBNPTTFHVJSEFOJOHVOBNBOFSB
DPNFO[BNPTBDPOUSPMBSMBBDUJWJEBE
EFMBFOGFSNFEBE"EFNÃTHSBDJBTBM
BEWFOJNJFOUPEFFTUPTUSBUBNJFOUPT
PUSPGÃSNBDPRVÎNJDPFODPODSFUPFM
NFUSPUFYBUPRVFBOUFTVUJMJ[ÃCBNPTFO
VOBTEPTJTTVCÓQUJNBTBIPSBMPVUJMJ
[BNPTFOEPTJTBEFDVBEBTMPRVFUJFOF
HSBOEFTCFOFGJDJPTQBSBFMQBDJFOUF
1-PTCJPTJNJMBSFTUJFOFOVOQBQFM
BDUJWPFOMBFTQFDJBMJEBEyDÓNPFTUÃ
TJFOEPTVJODPSQPSBDJÓOFOFM4/4 3%FQFOEFEFMBT[POBT-BNBZPSÎB
EFMPTIPTQJUBMFTFTUÃEFKBOEPRVFTFBFM
CJOPNJPNÊEJDPQBDJFOUFFMRVFEFDJEB
RVÊEJBOBCMPRVFBSZDPORVÊBHFOUF&O
PUSPT IPTQJUBMFT EFCJEP B NFEJEBT
FDPOPNJDJTUBTTFIBJNQVFTUPMBVUJMJ[B
DJÓOEFVOBHFOUFEFUFSNJOBEP&OFTUF
TFOUJEPQBSBMB4&3OPFTBMHPDPSSFDUP
ZQFOTBNPTRVFMBMFHJTMBDJÓOFTQBÒPMB
JNQJEFMBTVTUJUVDJÓOBVUPNÃUJDBEFVO
BHFOUFJOOPWBEPSQPSTVCJPTJNJMBS1FSP
FODVBMRVJFSDBTPDSFFNPTRVFFTBMHP
CVFOPZBRVFWBBNFKPSBSMBFGJDJFODJB
EFMTJTUFNBZWBNPTBQPEFSUSBUBSBMPT
QBDJFOUFTBVONFOPSDPTUF$PNPTPDJF
EBEOPTJOUFSFTB&TJNQPSUBOUFRVFMB
JOUSPEVDDJÓOEFMCJPTJNJMBSTFIBHBDPO
MBBVUPSJ[BDJÓOEFMNÊEJDPZFMQBDJFOUF
QPSRVFWBBBTFHVSBSRVFTFBVOBJOUSP
EVDDJÓOSB[POBCMFZRVFFMQBDJFOUF
TFQBRVFWBBTFSUSBUBEPDPOFTFBHFOUF
EFUFSNJOBEP
1y:RVÊEJDFMBFYQFSJFODJBDMÎOJDB 3-MFWBNPTZBVOPTNFTFTDPOFMMPT
-B"HFODJB&VSPQFBEFM.FEJDBNFOUPZB
IBCÎB DFSUJGJDBEP RVF TPO BHFOUFT
TFHVSPTZFGJDBDFTTJNJMBSFTFOUPEPBM
JOOPWBEPS&TUÃ DMBSP RVF QBSB FM
QBDJFOUFRVFDPNJFO[BVOOVFWPUSBUB
NJFOUPDPOVOBHFOUFABZIBZVOAB
CJPTJNJMBSNÃTFDPOÓNJDPQVFTFTNVZ
SB[POBCMFVUJMJ[BSMP
1%FMBJOWFTUJHBDJÓOBMBHFTUJÓO
$PNPQSFTJEFOUFEFMB4&3yRVÊSFUPT
TF IB QMBOUFBEP QBSB MPT QSÓYJNPT
BÒPT 3-B4PDJFEBE&TQBÒPMBEF3FVNBUP
MPHÎB BDUVBMNFOUF FT MB QSJODJQBM
QSPWFFEPSBEFGPSNBDJÓOEFDBMJEBE
QBSB SFVNBUÓMPHPT Z QSPGFTJPOBMFT
BGJOFTZFOFTUFTFOUJEPOVFTUSPSFUPFT
TFHVJSBWBO[BOEPZBQPSUBSVOBGPSNB
DJÓONÊEJDBDMBSBZGÊSUJMQBSBTFHVJS
EJTGSVUBOEPEFMBNJTNBSFVNBUPMPHÎB
EFFYDFMFODJBDPNPMBEFBIPSB
1)BCMBOEPEFFYDFMFODJBMB4&3
BDBCBEFGJSNBSVODPOWFOJPEFDPMBCP
SBDJÓODPO8FDBSFVyVOQBTPNÃTFO
DBMJEBEZMBGPSNBDJÓO 3&GFDUJWBNFOUF&TVOBDVFSEPFOFM
RVFBNCBTQBSUFTTBMESFNPTCFOFGJDJB
EPT $PNP TPDJFEBE OPT JOUFSFTB
DPNVOJDBSBMBQPCMBDJÓORVÊIBDFNPT
RVÊQSPZFDUPTFTUÃOFONBSDIBZQPS
PUSBQBSUFMB4&3QVFEFQFSGJMBSNVZ
CJFOMPTSFRVJTJUPTEFDBMJEBERVFMPT
&MQSFTJEFOUFEFMB4PDJFEBE&TQB×PMBEF3FVNBUPMPHÓB4&3
+PTÏ-VJT"OESFVWJTJUØFMQMBUØEF/FU4BMVE57EPOEF
BOBMJ[ØMPTQSJODJQBMFTBWBODFTRVFTFFTUÈOEBOEPFOMBFTQFDJBMJEBE
"$6&3%04&38&$"3&6
-B4&3Z8FDBSFVIBOGJSNBEPVOBDVFSEPEFDPMBCPSBDJØOFOBSBTEFJNQVMTBSMBNFKPSBEFMB
DBMJEBEEFMBBTJTUFODJBBMPTQBDJFOUFTSFVNÈUJDPTFOMPTIPTQJUBMFTEFMUFSSJUPSJPOBDJPOBM%FFTUF
NPEPBNCBTFOUJEBEFTUSBCBKBSÈOFOBRVFMMPTBTQFDUPTRVFMPSFRVJFSBODPOFMPCKFUJWPEFJNQVMTBS
MBSFVNBUPMPHÓBDPNPMBFTQFDJBMJEBENÏEJDBEFSFGFSFODJBFOFMBCPSEBKFEFMBTFOGFSNFEBEFT
SFVNÈUJDBT‰NVTDVMPFTRVFMÏUJDBTZBVUPJONVOFTTJTUÏNJDBT‰(BSBOUJ[BSMBNFKPSBTJTUFODJBB
USBWÏTEFMBGPSNBDJØOEPDFODJBFJOWFTUJHBDJØONFKPSBOEPFMDPOPDJNJFOUPZWJTJCJMJEBEEFFTUBT
FOGFSNFEBEFTFOMBTPDJFEBEZTVTJOTUJUVDJPOFTFJOGMVJSFOMPTÈNCJUPTEFEFDJTJØOTPCSFFMMBTTPO
MPTPCKFUJWPTEFMBDVFSEPNBSDP
1SFNJPT #J$ SFQSFTFOUBO&T BMHP
GVOEBNFOUBMFOVODPOUFYUPEPOEFMP
RVFOPTFFWBMÙBTFEFWBMÙBZMBDVMUVSB
EF FWBMVBDJÓO DPOUJOVB Z EFM
CFODINBSLJOHUJFOFRVFQFOFUSBSFOFM
TJTUFNBTBOJUBSJP
1 6OB DVMUVSB EF FWBMVBDJÓO RVF
QBSFDFRVFOPBDBCBEFBSSBODBSFOFM
4/4
3/PFYJTUF"OJWFMEFNFEJDJOBEF
DPOTVMUBTFYUFSOBTFTWFSEBERVFFO
DPOTVMUBTIPTQJUBMBSJBTIBZDPNVOJEB
EFTRVFTÎRVFIBOIFDIPFTGVFS[PTQPS
QVCMJDBSEBUPTEFTBMVEQFSPSFBMNFOUF
FO BTJTUFODJB BNCVMBUPSJB OP IBZ
FWBMVBDJÓOEFSFTVMUBEPTFOTBMVEBMHP
UBOOFDFTBSJPQBSBQPEFSDPNQBSBS&T
SFTQPOTBCJMJEBEEFMB"ENJOJTUSBDJÓO
BTFTPSBEBQPSQSPGFTJPOBMFTEFMBTBMVE
QFSPFTJNQSFTDJOEJCMFIBDFSMPZB
1&TUBNPTZBBMBTQVFSUBTEFMB9*
&EJDJÓO EF MPT 1SFNJPT #J$ yRVÊ
TVQPOFOFTUPTHBMBSEPOFTDPNPIFSSB
NJFOUBEFNFKPSBEFDBSBBVOTFSWJDJP
IPTQJUBMBSJP 34POGVOEBNFOUBMFT4FSMPTNFKPSFT
EFMBDMBTFFTVOIPOPSQFSPMPTRVFTF
RVFEBOBMBTQVFSUBTUJFOFOVOMJTUBEPEF
PQPSUVOJEBEFTEFNFKPSBZBOBMJ[BSMBT
GPSUBMF[BTZEFCJMJEBEFTFTJNQPSUBOUF
"EFNÃT FTUPT EBUPT QVFEFO TFS FM
QSFUFYUPQBSBRVFHFTUPSFTZ"ENJOJTUSB
DJÓOTFDPODJFODJFOEFDBSBBJNQVMTBSB
MPTTFSWJDJPTRVFMPQSFDJTBO
1PMÓUJDBBMEFPDUVCSFEF(.
-BJOWFTUJHBDJØOBEFCBUF
-BJOWFTUJHBDJÓOEFMGVUVSPQBTBSÃ
QPSOPTFQBSBSMBCÃTJDBEFMBDMÎOJDB
1FSNJUJSÈDPOPDFSFMJNQBDUPFOWJEBSFBMEFMBUFDOPMPHÓBZMPTNFEJDBNFOUPTRVFTBMFOBMNFSDBEP
"-.6%&/"'&3/«/%&;
.BESJE
-BOFDFTJEBEEFBÒBEJSWBMPSBMBTBDUVB
DJPOFTFOTBMVEQBSBNFKPSBSBMDBMJEBE
EFWJEBEFMPTQBDJFOUFTGPNFOUBSMB
JOWFTUJHBDJÓO UBOUP QÙCMJDB DPNP
QSJWBEBZEBSMFTBMPTDJVEBEBOPTVO
QBQFMNÃTJNQPSUBOUFFOMBUPNBEF
EFDJTJPOFTGVFSPOBMHVOPTEFMPTUFNBT
RVFTFQVTJFSPOTPCSFMBNFTBEVSBOUF
FMDBGÊEFSFEBDDJÓOA-BJOWFTUJHBDJÓOB
EFCBUF PSHBOJ[BEP QPS ("$&5"
.­%*$"DPOFMBQPZPEF$FMHFOF
$ÊTBS1BTDVBMEJSFDUPSHFOFSBMEF
"TJTUFODJB4BOJUBSJBEFM4FSWJDJP.BESJ
MFÒPEF4BMVE4FSNBT
QVOUVÓDPOiVO
OPUBCMFuMBJOWFTUJHBDJÓOFOMBSFHJÓOZB
RVFRVFEBDBNJOPQPSSFDPSSFSQFSPFTUÃ
iCJFOQPTJDJPOBEBu3FDPOPDJÓRVFFT
UPEBWÎBEFNBTJBEPBDBEÊNJDBZRVF
RVJ[Ã QSJNB MB QVCMJDBDJÓO TPCSF FM
JNQBDUPFOWBMPSiQFSPFTVOBUFOEFODJB
RVFFTUÃDBNCJBOEPu
-PTIPTQJUBMFTNBESJMFÒPTBVORVF
NJEBO TV JOWFTUJHBDJÓO EFOUSP EF MB
SFHJÓOUJFOFORVFTFSDBQBDFTEFFTUBS
FOQPTJDJÓOEFDPNQFUJSBOJWFMJOUFSOB
DJPOBM UBM Z DPNP TFÒBMÓ +PTÊ -VJT
(BSDÎBEJSFDUPSNÊEJDPEF$FMHFOFQBSB
RVJFO.BESJEFTUÃiFOSBOHPJOUFSOBDJP
OBMu-BTJUVBDJÓOQPESÎBNFKPSBSDPO
iQFRVFÒBTDPTBTuDPNPDPMBCPSBSVOPT
DFOUSPTDPOPUSPTFOMVHBSEFDPNQFUJSZ
CVTDBSVOFRVJMJCSJPFOUSFBTJTUFODJBF
JOWFTUJHBDJÓOQPSRVFFMTJTUFNBNVDIBT
WFDFTPCMJHBBNJSBSBMQSFTFOUFQFSPOP
EFCFPMWJEBSTFRVFJOWFTUJHBSFTBWBO[BS
i4JRVFSFNPTVOBNFKPSTBMVENBÒBOB
UFOFNPTRVFFNQF[BSIPZOPNFKPSBFO
VO EÎB FT VO FTGVFS[P DPOUJOVPu
TVCSBZÓ
"EFNÃTEFMPTHSBOEFTIPTQJUBMFTF
JOTUJUVUPTFTJNQPSUBOUFJODPSQPSBSBMB
BDUJWJEBEJOOPWBEPSBBMPTNFEJBOPTZ
QFRVFÒPT&TUPQFSNJUJSÎBRVFiFYDFMFO
UFTQSPGFTJPOBMFTJOWFTUJHBEPSFTuQBSUJ
DJQFOFOHSBOEFTQSPZFDUPTBÒBEJÓ
&MKFGFEFM4FSWJDJPEF%FSNBUPMPHÎBEFM
)PTQJUBM6OJWFSTJUBSJPEF-B1B[1FESP
)FSSBO[BTFHVSÓRVFFYJTUFVOJOUFSÊT
iFTQFDUBDVMBSuEFMPTQSPGFTJPOBMFTEF
CBTFFOQSPZFDUPTNPEFTUPTEFJOWFTUJ
HBDJÓO"MJDJB)FSSFSPKFGBEFM4FSWJDJP
EF'BSNBDJBEFFTUFNJTNPIPTQJUBM
DPOTJEFSÓQPSTVQBSUFRVFFMJODSF
NFOUP iBÒP B BÒPu EFM OÙNFSP EF
FOTBZPTEFOPUBFMJOUFSÊTEFMPTQSPGFTJP
OBMFTFOFTUFÃNCJUPFJODJEJÓFORVFTF
EFCFSÎBQPUFODJBSMBGBDFUBBTJTUFODJBM
iDPNPVOFOTBZPDMÎOJDPDPOUJOVPuBMHP
RVF BDUVBMNFOUF OP TF FTUÃ BQSPWF
DIBOEP
&MHFSFOUFEFM)PTQJUBM6OJWFSTJUBSJP
1VFSUB EF )JFSSP 3JDBSEP )FSSBO[
+VBO1BCMP3BNÓSF[SFEBDUPSKFGFEF(.3JDBSEP)FSSBO[HFSFOUFEFM)1VFSUBEF)JFSSP+PTÏ4PUPHFSFOUFEFM)$MÓOJDP4BO$BSMPT+FTÞT%ÓB[WJDFQSFEJFOUFEF8FDBSF6$ÏTBS
1BTDVBMEJSEF"TJTUFODJB4BOJUBSJBEFM4FSNBT"MJDJB)FSSFSPKFGBEF'BSNBDJBEFM)-B1B[1FESP)FSSBO[KFGFEF%FSNBUPMPHÓBEFM)-B1B[Z+PTÏ-VJT(BSDÓBEJSNÏEJDPEF$FMHFOF
JODJEJÓFORVFQSPGFTJPOBMFTZHFTUPSFT
IBDFOVOFTGVFS[PiNÃTRVFOPUBCMFuFO
FTUFÃNCJUP-PTSFTVMUBEPTiOPTFQVFEF
EFDJSRVFTFBONBMPTuZFMBQPZPEFMB
$POTFKFSÎBZFM.JOJTUFSJPEF4BOJEBEFT
iNVZJNQPSUBOUFuUBQFTBSEFMBTJUVB
DJÓOFOMBRVFTFFODVFOUSBMBFDPOPNÎB
FTQBÒPMB
7BMPSÓQPTJUJWBNFOUFRVFMPTIPTQJUB
MFTiNFEJBOPTZQFRVFÒPTuFOUSFOEF
NBOFSB TJTUFNÃUJDB FO QSPZFDUPT EF
&MBQPZPEFMB"ENJOJTUSBDJØO
BMBJOWFTUJHBDJØOFTiNVZ
JNQPSUBOUFwUFOJFOEPFO
DVFOUBMBTJUVBDJØOBDUVBM
%FCFSÓBJOWFTUJHBSRVJFO
UFOHBNÈTDPOPDJNJFOUPTB
USBWÏTEFBMJBO[BTQBSBGPSNBS
HSVQPTJOWFTUJHBEPSFT
JOWFTUJHBDJÓOZTPMJDJUÓRVFSFDJCBONÃT
BZVEBTBMEJTQPOFSEFiQFPSFTJOTUSV
NFOUPTu&OMPRVFSFTQFDUBBMBTGVOEB
DJPOFT F JOTUJUVUPT EF JOWFTUJHBDJÓO
BTFHVSÓRVFTPOIFSSBNJFOUBTiNVZ
JNQPSUBOUFTu)BOMJCFSBEPBMJOWFTUJHB
EPSEFBTQFDUPTCVSPDSÃUJDPTTPOUSBOT
QBSFOUFTZUSBCBKBOEFTEFVOFOGPRVF
USBTMBDJPOBM QBSB RVF MPT BWBODFT
MMFHVFOBMQBDJFOUF&OUSFMBTÃSFBTEF
NFKPSBTFFODVFOUSBMBQPTJCJMJEBEEF
DPNQBUJCJMJ[BSMBMBCPSBTJTUFODJBMDPOMB
JOWFTUJHBEPSBZMBQPTJCJMJEBEEFDSFBS
VOBDBSSFSBQSPGFTJPOBMJOWFTUJHBEPSB
RVFUFOHBQFTPFODPOWPDBUPSJBTDPNP
MBTPQDJPOFTBKFGBUVSBEFTFSWJDJP
"MJBO[BT
2VFOPUPEPTMPTDFOUSPTJOWFTUJHVFOUPEP
ZMPIBHBTPMPRVJFOUFOHBNÃTDPOPDJ
NJFOUPTZFYQFSJFODJBBUSBWÊTEFBMJBO
[BTFOUSFJOTUJUVUPTQBSBGPSNBSHSVQPT
JOWFTUJHBEPSFTGVFMBQSPQVFTUBEF+PTÊ
4PUPHFSFOUFTEFM)PTQJUBM6OJWFSTJUBSJP
$MÎOJDP4BO$BSMPT"DUVBMNFOUFTFWFMB
JOWFTUJHBDJÓOiDPNPGVFOUFEFPCUFODJÓO
EF EJOFSP NÃT RVF EF SFTVMUBEPTu Z
DBNCJBS FTUB WJTJÓO FT iFM SFUP
JONJOFOUFuBHSFHÓ
&OMPRVFBJOWFTUJHBDJÓOFOEFSNBUP
MPHÎBFO-B1B[TFSFGJFSF1FESP)FSSBO[
TFÒBMÓRVFMBTIFSSBNJFOUBTiUBOCSVUBM
NFOUFFGJDBDFTuEFMBTRVFTFEJTQPOF
DBNCJBOFMQBSBEJHNB&OFTUFDPOUFYUP
QVFEFOMMFWBSTFBDBCPFTUVEJPTQPCMB
DJPOBMFTBMUFOFSQBDJFOUFTDPOVOB
NJTNBQBUPMPHÎBZVONJTNPGÃSNBDPFO
MVHBS EF IBDFSMPT JOEJWJEVBMNFOUF
)FSSFSPQPSTVQBSUFBÒBEJÓRVFTF
JOWFTUJHB NÃT FO MBT QBUPMPHÎBT NÃT
QSFWBMFOUFTRVFUJFOFOEFUSÃTBNÃT
QFSTPOBTDPOOFDFTJEBEFTBFYDFQDJÓO
EFMPTQSPCMFNBTDBSEJPMÓHJDPTZMBT
FOGFSNFEBEFTJOGFDDJPTBTFOMPTRVFMB
JOWFTUJHBDJÓO FT FTDBTB B QFTBS EFM
FMFWBEPOÙNFSPEFQBDJFOUFTRVFMBT
TVGSFO
3JDBSEP)FSSBO[EFTUBDÓMPTHSBOEFT
BWBODFTMPHSBEPTFOVOFOTBZPDMÎOJDP
DPODÊMVMBTBVUÓMPHBTRVFUSBCBKBEBTF
JOUSPEVDJEBT FO MFTJPOFT NFEVMBSFT
FTUÃOFNQF[BOEPBDPOTFHVJSRVFVO
QPSDFOUBKFJNQPSUBOUFEFFTUPTQBDJFO
UFTSFDVQFSFOQBSUFEFMBNPWJMJEBE
"TJNJTNPFM$BSMPT***FT‡UBMZDPNP
DPNFOUÓTVHFSFOUF‡FMDPPSEJOBEPSEF
MB1MBUBGPSNBEF$PNJUÊTEF­UJDBEF
*OWFTUJHBDJÓO$MÎOJDBFO&TQBÒB
"KVJDJPEF1BTDVBMMBWJTJÓOHFOFSBMEF
MBSFHJÓOFTEFiHSBOEJTQFSTJÓOuDPO
NVDIPTHSVQPTQSPZFDUPTZMÎOFBTEF
JOWFTUJHBDJÓOEJGFSFOUFTBEFNÃTDPOWJ
WFOMBGJOBODJBDJÓOQÙCMJDBZMBQSJWBEB
4PCSFFTUFQBSUJDVMBSEFUBMMÓRVFMB
EJTQFSTJÓOFTCVFOBiQFSPUJFOFQFHBTuZ
SFDPOPDJÓRVFiFMTVFÒPEFM4FSNBTTFSÎB
#JPNBESJEu1BSBDPNQFUJSJOUFSOBDJP
OBMNFOUFFTOFDFTBSJPUFOFSVOBNBSDB
*OTJTUJÓFOMBJNQPSUBODJBEFBWBO[BSFO
MBDSFBDJÓOEFFTUBNBSDBBTÎDPNPEF
RVFMBSFHJÓOTFFNCBSRVFFOQSPZFDUPT
QPCMBDJPOBMFT
&OMB$PNVOJEBEEF.BESJEMBJOEVT
USJBGBSNBDÊVUJDBJOWJFSUFNJMMPOFTEF
FVSPTBMBÒPFO*%EFIFDIPFTMB
QSJODJQBMSFDFQUPSBEFFTUPTSFDVSTPTFO
&TQBÒBTJOFNCBSHPQPESÎBJODSFNFO
(.BMEFPDUVCSFEF1PMÓUJDB
UBSTFZMMFHBSBTJTFQSPGVOEJ[BTFFO
FMUSBCBKPDPOKVOUPFOUSFMBJOWFTUJHBDJÓO
QÙCMJDBZQSJWBEBUBMZDPNPBVHVSÓ
(BSDÎB"CPHÓ QPS OP TFQBSBS FOUSF
JOWFTUJHBDJÓOCÃTJDBZDMÎOJDBZBRVFFTUB
ÙMUJNBFTUBNCJÊOJOWFTUJHBDJÓO"MB
IPSBEFJODPSQPSBSMBTOVFWBTUFDOPMP
HÎBTZMPTGÃSNBDPTZQBTBSEFMFOTBZPB
MBQSÃDUJDBFTEJGÎDJMTBCFSFMJNQBDUPSFBM
FODVBOUPBCFOFGJDJPTZDPTUFTEFMBT
OVFWBT JODPSQPSBDJPOFT QPS MP RVF
SFTVMUBJOUFSFTBOUFWFSDVÃMFTTPOMPT
SFTVMUBEPTFOTBMVEZWPMWFSBMBJOWFTUJ
HBDJÓOQBSBEFDJEJSTJTFEFCFJODPSQP
SBSTJFTTPTUFOJCMFPTJJODMVTPOPQVFEF
DPOTJEFSBSTFVOBJOOPWBDJÓOFODVZP
DBTPFMQSPQJPMBCPSBUPSJPQVFEFEFDJEJS
OPFOUSBSFOFMNFSDBEPFOFTBPDBTJÓO
)FSSFSPMBNFOUÓRVFOPTFBQSPWF
DIFOMBTQPTJCJMJEBEFTRVFPGSFDFOMBT
OVFWBTUFDOPMPHÎBTDPNPFMCJHEBUBPFM
SFBMXPSMEEBUBQBSBIBDFSSFDJSDVMBSMB
JOGPSNBDJÓOEFOUSPEFMBJOWFTUJHBDJÓO
ZBRVFUPEPQBDJFOUFFTGVFOUFEFJOGPS
NBDJÓOBEFNÃTBTFHVSÓRVFMBJOEVT
USJB GBSNBDÊVUJDB QVFEF DPMBCPSBS
UBNCJÊOFOFTUFTFOUJEP
&TUVEJPQPCMBDJPOBM
1FESP)FSSBO[JODJEJÓFOMBOFDFTJEBEEF
SFBMJ[BSVOFTUVEJPQPCMBDJPOBMSFBMQBSB
DPOPDFSFMOÙNFSPEFQBDJFOUFTDPODBEB
QBUPMPHÎB&MQSPCMFNBFTRVFTFUSBUBEF
iVOUSBCBKPJOHSBUPOPFTMVDJEPZDVFTUB
NVDIPFTGVFS[PuBEFNÃTJNQMJDBUSBCB
KBSEFNBOFSBDPOKVOUBDPOQSJNBSJB
5FOFSNÃTFODVFOUBUBOUPBMQBDJFOUF
DPNP BM GBDVMUBUJWP GVF PUSB EF MBT
QSPQVFTUBTEF1BTDVBM&OFTUFTFOUJEP
BGJSNÓRVFTFIBDVMQBEPBMQBDJFOUFEF
MBGBMUBEFBEIFSFODJBQFSPRVFFTUBTF
EFCFBRVFOPQFSDJCFFMWBMPSEFMB
NFEJDBDJÓO"MHPTJNJMBSPDVSSFDVBOEP
MBNBZPSÎBEFMPTGBDVMUBUJWPTOPTJHVFO
EFUFSNJOBEBHVÎBDMÎOJDBMPRVFIBZRVF
DVFTUJPOBSTFFTMBHVÎBBQPTUJMMÓ
&OFTUBMÎOFB4PUPTFÒBMÓRVFOPTFMF
EBWP[TVGJDJFOUFBMQBDJFOUFQVFTFT
JNQPSUBOUF SFDPOPDFS RVF DBEB WF[
FOUJFOEFNÃTZQPSUBOUPIBZRVFMFHJUJ
NBSMPTQBSBRVFQVFEBOUPNBSEFDJTJP
OFT &T QPTJUJWP RVF TFBO TPDJPT EFM
NÊEJDPQBSBRVFTFDPOWJFSUBOFOVO
SFGVFS[P "TJNJTNP BGJSNÓ RVF MPT
QBDJFOUFTUJFOFOHFOFSBMNFOUFiGVFS[B
QFSPOPEJOFSPuFJOUFOUBOJOGMVJSFO
QPMÎUJDBTZFTUSBUFHJBTTBOJUBSJBTiQFSPTF
FODVFOUSBODPOVONVSPuQPSMPRVFFO
PDBTJPOFTTFTJSWFOEFMBJOEVTUSJBQBSB
SPNQFSFTUBCBSSFSBBMHPRVFQVFEFTFS
CVFOPBMDPOUSJCVJSBEJGVOEJSDPOPDJ
NJFOUPQFSPUBNCJÊOQVFEFHFOFSBS
"DUVBMNFOUFOPTFFTUÈO
BQSPWFDIBOEPMBT
QPTJCJMJEBEFTRVFPGSFDFOMBT
OVFWBTUFDOPMPHÓBT
-BSFMBDJØOFOUSFMBJOEVTUSJBZ
MBTBTPDJBDJPOFTEFQBDJFOUFT
EFCFTFSQÞCMJDBZ
USBOTQBSFOUF
QSFTJPOFTPEFTDPOGJBO[BTRVFOPTPO
QPTJUJWPT
4PCSFFTUBDVFTUJÓOFMEJSFDUPSNÊEJDP
EF$FMHFOFJOTJTUJÓFORVFQBSBFWJUBSMPT
SJFTHPTRVFQVFEBIBCFSMBSFMBDJÓOEF
MBT DPNQBÒÎBT EFCF EBSTF TPMP DPO
BTPDJBDJPOFT EF QBDJFOUFT Z OP DPO
QFSTPOBT QBSUJDVMBSFT TFS QÙCMJDB
USBOTQBSFOUFZFTUBSSFHVMBEB
&OPUSPPSEFOEFDPTBT1BTDVBMQJEJÓ
RVFTJVOBWBODFTJHOJGJDBiVOÊYJUP
QFSPFTJOBQMJDBCMFuQPSFMDPTUFRVF
TVQPOFQBSBFMTJTUFNBiOPTFEFKFBMPT
QJFT EF MPT DBCBMMPT B MPT HFTUPSFTu
EFDJEJFOEPDVSBSBVOPTQBDJFOUFTZB
PUSPTOP"TVKVJDJPUFOESÃRVFTFSMB
TPDJFEBEFOTVDPOKVOUPMBRVFEFDJEB
RVÊBTVNJSZDÓNPEFTEFFMQVOUPEF
WJTUBÊUJDP1VTPDPNPFKFNQMPFMJODSF
NFOUPEFFTUFBÒPEFMQPSDJFOUPEFM
HBTUPFOPODPMPHÎB
"MJWJBSFMTVGSJNJFOUP
1FESP)FSSBO[JODJEJÓFOMBOFDFTJEBE
OP TPMP EF DVSBS MBT FOGFSNFEBEFT
NPSUBMFTTJOPEFBMJWJBSFMTVGSJNJFOUP
FOPUSBTRVFOPMPTPODPNPQVFEFTFSFM
DBTPEFMBEFSNBUJUJTBUÓQJDBFOMBRVFTF
FTUÃJOWFTUJHBOEPZBWBO[BOEPQPSMP
RVFTFQSFHVOUÓTJTFWBBTPNFUFSBMPT
OJÒPTBGFDUBEPTBUPYJDJEBEDVBOEPIBZB
VOGÃSNBDPiNBSBWJMMPTPZTFHVSPu&OFM
DBTPEFMBQTPSJBTJTDPOTJEFSÓRVFTFIB
MMFHBEPiBMBNÃYJNBFGJDBDJBuBVORVF
BIPSBRVFEBFMQSPCMFNBEFHFTUJPOBSFM
DPTUFRVFTVQPOF
&OFTUFTFOUJEPFMHFSFOUFEFM$MÎOJDP
4BO$BSMPTSFDPSEÓRVFBOUFTMBTBMVE
FSB FWJUBS MB NVFSUF NJFOUSBT RVF
BIPSBFTUFOFSDBMJEBEEFWJEBQPSMP
RVF DPOTJEFSÓ GVOEBNFOUBM RVF TF
BWBODFFOFTUFUJQPEFQBUPMPHÎBTRVF
BGFDUBOEFNBOFSBNVZTJHOJGJDBUJWBB
MBTQFSTPOBT5BNCJÊOJOTJTUJÓFOMB
OFDFTJEBEEFQSPNPWFSMBFEVDBDJÓO
TBOJUBSJB
i5BOJNQPSUBOUFFTMBDBMJEBEEFWJEB
DPNPMBTVQFSWJWFODJBuBTFHVSÓ(BSDÎB
QBSBBÒBEJSRVFFOPDBTJPOFTQVFEFTFS
QSFGFSJCMF NFKPSBS MB WJEB EF VO
QBDJFOUF DPO QTPSJBTJT HSBWF RVF
BMBSHBSEÎBTMBEFVOBQFSTPOBDPO
VOBQBUPMPHÎBNVZTFWFSB%FIFDIP
BQVOUÓBRVFMBTFOGFSNFEBEFTCFOJH
OBTDPOMBTRVFMBDBMJEBEEFWJEBFT
NBMB DVFTUBO NJMMPOFT EF
FVSPTFOBTJTUFODJBZEFFMMPT
NJMMPOFT TPO FO TBOJEBE"TJNJTNP
SFGMFYJPOÓRVFEFUPEPTMPTEFSFDIPT
GVOEBNFOUBMFTFMQSJNFSPFTUBSWJWPZ
DPODBMJEBEEFWJEBQBSBQPEFSFKFSDFS
MPTEFNÃT
-"4'3"4&4
$ÏTBS1BTDVBM%(EF"TJTUFODJB
4BOJUBSJBEFM4FSNBT
i
&MTVFÒPEFM
4FSNBT
TFSÎBMBDSFBDJÓO
EF#JPNBESJE
QBSBQPEFS
DPNQFUJSBOJWFM
JOUFSOBDJPOBMu
"MJDJB)FSSFSPKFGBEFM4FSWJDJP
EF'BSNBDJBEFM)PTQJUBM-B1B[
i
&M
JODSFNFOUP
BÒPBBÒPEFM
OÙNFSPEF
FOTBZPTEFOPUB
FMJOUFSÊTEFMPT
QSPGFTJPOBMFTu
+PTÏ4PUPHFSFOUFEFM)PTQJUBM
$MÓOJDP4BO$BSMPTEF.BESJE
i
/PTFMFEB
WP[
TVGJDJFOUFBM
QBDJFOUFIBZ
RVFSFDPOPDFS
RVFDBEBEÎB
FOUJFOEFNÃTu
1FESP)FSSBO[KFGFEF
%FSNBUPMPHÓBEF-B1B[
i
/PTPMPIBZ
RVFDVSBS
FOGFSNFEBEFT
NPSUBMFT
UBNCJÊOIBZRVF
BMJWJBSFM
TVGSJNJFOUPu
3JDBSEP)FSSBO[HFSFOUFEFM
)PTQJUBM1VFSUBEF)JFSSP
i
&TQPTJUJWP
RVFMPT
IPTQJUBMFT
NFEJBOPTZ
QFRVFÒPTFOUSFO
UBNCJÊOFO
JOWFTUJHBDJÓOu
+PTÏ-VJT(BSDJBEJSFDUPSNÏEJDP
EF$FMHFOF
i
-BJOEVTUSJB
JOWJFSUF
NJMMPOFTBMBÒP
FO*%FOMB
$PNVOJEBEQFSP
QPESÎB
BVNFOUBSu
-PTQBSUJDJQBOUFTFOFMFODVFOUSPEFCBUJFSPOFOMBTFEFEF8FDBSFVTPCSFFMQSFTFOUFZFMGVUVSPEFMBJOWFTUJHBDJØOFOMB$PNVOJEBEEF.BESJE
1PMÓUJDBBMEFPDUVCSFEF(.
9-*&ODVFOUSP'VOEBDJØO.FSDL4BMVE
&NJMJB2VJOUBOB&VSPQB$PMPO&TQB×B+FTÞT%ÓB['VOEBNFE.BSHBSJUB4BMJOFSP$POTFKFSÓBEF4BOJEBEEFMB$PNVOJEBEEF.BESJE$BSNFO(PO[ÈMF[.BESJE'VOEBDJØO.FSDL4BMVE$POYJUB5BSSVFMMBQSFTJEFOUBEF&.&1BMPNB$BTBEP
TVCEJSFDUPSBHFOFSBMEF$BMJEBEZ$PIFTJØOEFM.JOJTUFSJPEF4BOJEBE.POUTFSSBU%PNÒOFDIQSFTJEFOUBEF'FDNB4BOUJBHPEF2VJSPHBQSFTJEFOUFFEJUPSEF(BDFUB.ÏEJDBZWJDFQUF&KFDVUJWPEF'VOEBNFEZ+JNFOB.BSUÓOF[1JUB.FSDL
-PTQBDJFOUFTTPMJDJUBOVOQBQFMNÃT
WJTJCMFZBDUJWPFOMB"ENJOJTUSBDJÓO
%FTEFFM.JOJTUFSJPZMB$POTFKFSÓBEF4BOJEBEEFMB$".TFTVCSBZØMBJNQPSUBODJBRVFUJFOFRVFMBTBTPDJBDJPOFTBQPSUFOTPMVDJPOFT
+7
.BESJE
1FTFBRVFMPTQBDJFOUFTIBOSFQFUJEPFO
EJGFSFOUFT PDBTJPOFT RVF TF TJFOUFO
QSFQBSBEPTQBSBUPNBSMBTSJFOEBTFOFM
NBOFKPEFTVFOGFSNFEBEZRVFFTUÃO
MJTUPTQBSBBZVEBSBHFTUJPOBSEFDJTJPOFT
BENJOJTUSBUJWBT MB SFBMJEBE UPEBWÎB
NVFTUSBMBHVOBTFOFTUFBTQFDUP%FJHVBM
NPEPFMQBOPSBNBFTQBÒPMDPOTVT
TJTUFNBTTBOJUBSJPTTJHVFQJEJFOEPVO
DBNCJPEFQBSBEJHNBRVFQFSNJUBIBCMBS
EFFRVJEBEZEFGBDJMJEBEFTFOFMBDDFTPB
USBUBNJFOUPT
$POFMPCKFUJWPEFBOBMJ[BSQPSNFOPSJ
[BEBNFOUF DVÃOUP IB DBNCJBEP MB
SFMBDJÓOFOUSFBHFOUFT‡TPCSFUPEPFOUSF
QBDJFOUFTZ"ENJOJTUSBDJÓO‡ZEFRVÊ
NBOFSBTFQVFEFDPOUSJCVJSBTVFNQPEF
SBNJFOUPZBMBQSPGFTJPOBMJ[BDJÓOEFMBT
BTPDJBDJPOFTTFPSHBOJ[ÓFM9-*&ODVFO
USP'VOEBDJÓO.FSDL4BMVEA"TPDJBDJPOFT
ZFMQBQFMBDUJWPEFMQBDJFOUF
-BTVCEJSFDUPSBHFOFSBMEF$BMJEBEZ
$PIFTJÓO EFM .JOJTUFSJP EF 4BOJEBE
1BMPNB$BTBEPEFKÓDMBSPRVFEFTEF
IBDFBÒPTMB"ENJOJTUSBDJÓOOPTPMP
DPOUFNQMBRVFFMQBDJFOUFQBSUJDJQFFOMB
UPNBEFEFDJTJPOFTTJOPRVFRVJFSFRVF
MPIBHB"MHPRVFFYUSBQPMBBMBTQPMÎUJDBT
TBOJUBSJBT/PPCTUBOUFQBSBDPOTFHVJSMP
FTQSFDJTPiDPOUBSDPOMPTQBDJFOUFTQFSP
UJFOFORVFFTUBSGPSNBEPTFJOGPSNBEPTu
QSFDJTÓ$BTBEPBMUJFNQPRVFJODJEJÓFO
RVFIBZRVFiUFOFSFODVFOUBMBTOFDFTJ
EBEFT Z QSJPSJ[BDJPOFT EF UPEPT MPT
BHFOUFTRVFFOUSBOFOFTFKVFHPQPSMP
RVF MB GPSNB FGFDUJWB EF QPOFS BM
&MEJÈMPHPFTDMBWFQBSB
BWBO[BSFOMBNFKPSBEFMB
SFMBDJØORVFFYJTUFFOUSF
BENJOJTUSBDJØOZQBDJFOUFT
QBDJFOUF FO FM DFOUSP EFM TJTUFNB FT
UFOFSMP FO DVFOUB FO MPT HSVQPT EF
USBCBKPu
&OFTUFQVOUPMBQSFTJEFOUBEF&TDMFSP
TJT .ÙMUJQMF &TQBÒB &.&
$POYJUB
5BSSVFMMBSFDPOPDJÓRVFBDUVBMNFOUFTÎ
TFDPOTVMUBBMPTQBDJFOUFTi"IÎIFNPT
HBOBEPNVDIPuTVCSBZÓ/PPCTUBOUF
BEWJSUJÓ EF RVF UJFOF RVF FYJTUJS VOB
SFMBDJÓOEFEJÃMPHPi:BTFIBEBEPVO
QBTPQFSPRVFEBFMEFGJOJUJWPRVFTF
FTDVDIF/PTPMPRVFTFTJFOUFOBMBNFTB
TJOPRVFTFUFOHBOFODVFOUBTVTFONJFO
EBTQSPCMFNBTDPOGMJDUPTFUDZRVF
QVFEBGPSNBSQBSUFEFMBUPNBEFEFDJTJP
OFTSFBMNFOUFuBQPTUJMMÓ
-BT BTPDJBDJPOFT EF QBDJFOUFT RVF
BTJTUJFSPOBMFODVFOUSP‡&.&MB'FEFSB
DJÓO &TQBÒPMB EF $ÃODFS EF .BNB
'FDNB
Z&VSPQB$PMPO‡TFNPTUSBSPO
EFBDVFSEPFOMBJNQPSUBODJBEFNBOUF
OFSVOBSFMBDJÓOFTUSFDIBDPOMB"ENJOJT
USBDJÓOFOEPOEFFMEJÃMPHPMBDPOGJBO[B
ZMBUSBOTQBSFODJBTFBOFMIJMPDPOEVDUPS
"MSFTQFDUP.POUTFSSBU%PNÍOFDIQSFTJ
EFOUBEF'FDNBJOTJTUJÓFORVFIBZRVF
FTUBSFOMBTQPMÎUJDBTKVTUBNFOUFDVBOEP
TFFTUÃOFMBCPSBOEPZBTVWF[&NJMJB
2VJOUBOBWPDBMEF&VSPQB$PMPO&TQBÒB
FYQSFTÓRVFEFCFSÎBFYJTUJSiVOBSFMBDJÓO
DPNQMFNFOUBSJBFOUSFMBTBENJOJTUSBDJP
OFTZMBTBTPDJBDJPOFTu"NCBTQBSUFT
NPTUSBSPOUFOFSVOPCKFUJWPJEÊOUJDPMB
NFKPSÎBEFMQBDJFOUFOPTPMBNFOUFEFTV
QBUPMPHÎBTJOPEFTVCJFOFTUBS"KVJDJPEF
2VJOUBOBEFTEFMB"ENJOJTUSBDJÓOTF
CVTDBNÃTFMDVSBSMBFOGFSNFEBEZEFTEF
MBTBTPDJBDJPOFTTFCVTDBFMCJFOFTUBSEFM
QBDJFOUFi$SFPRVFMBWP[EFMQBDJFOUFTPO
MBTBTPDJBDJPOFTZTFEFCFFTDVDIBSEF
GPSNBDPOKVOUBu
0SHBOJ[BDJØO
-BFOUSBEBBMTJTUFNBSFTVMUBFOPDBTJP
OFTVOFOHPSSPQBSBFMQBDJFOUFRVF
TJFOUFRVFFOWF[EFBZVEBTZGBDJMJEBEFT
UJFOFOVNFSPTPTPCTUÃDVMPTDVBOEPTF
USBUBEFBCPSEBSTVFOGFSNFEBE
-BTMJTUBTEFFTQFSBMBTEJGJDVMUBEFTEF
DPNVOJDBDJÓODPOFMFTQFDJBMJTUBMBQPDB
FNQBUÎBPMBTUSBCBTJOGPSNÃUJDBTTPO
BMHVOPTEFMPTQSPCMFNBTRVFTFQVTJFSPO
TPCSFMBNFTB5SBCBTRVFQPESÎBOSFTPM
WFSTFDPOPSHBOJ[BDJÓODPNPBTFWFSÓ
%PNÍOFDI
"OUF FTUF QMBOUFBNJFOUP $BTBEP
SFDPOPDJÓRVFQFTFBRVFTFIBOEBEP
iQBTPTJNQPSUBOUFTUPEBWÎBOPTFIB
DPOTFHVJEPu
&TPOPRVJUBQBSBRVFUBOUPEFTEFFM
.JOJTUFSJPEF4BOJEBEDPNPEFTEFMB
$POTFKFSÎBEF4BOJEBEEFMB$PNVOJEBE
EF.BESJEUFOHBODMBSPTMPTPCKFUJWPTZ
QSFUFOEBOTFHVJSDBNJOBOEPIBDJBMB
NFKPSBEFMTJTUFNBBTÎDPNPMBDBMJEBE
(.BMEFPDUVCSFEF1PMÓUJDB
-"4'3"4&4
$BSNFO(PO[ÈMF[.BESJEQUB
EFMB'VOEBDJØO.FSDL4BMVE
i
%FTEFMBT
GVOEBDJPOFT
QPEFNPTBZVEBS
NVDIPUBOUPB
MPTQBDJFOUFT
DPNPBMPT
DVJEBEPSFTu
1BMPNB$BTBEPTVCEJSHFOFSBMEF
$BMJEBEZ$PIFTJØOEFM.JOJTUFSJP
i
1BSBRVFFM
QBDJFOUFFTUÊ
FOFMDFOUSPEFM
TJTUFNBIBZRVF
UFOFSMPFODVFOUB
FOMPTHSVQPT
EFUSBCBKPu
.BSHBSJUB4BMJOFSP$POTFKFSÓB
EF4BOJEBEEFMB$PNEF.BESJE
i
4JFNQSF
IFNPT
EJDIPRVFUPEBMB
DPMBCPSBDJÓO
RVFTFIBHB
QBSBBWBO[BS
TFSÃCJFOWFOJEBu
$POYJUB5BSSVFMMBQSFTJEFOUB
EF&.&
i
&MQBTPRVF
UFOFNPT
RVFEBSFTRVFFM
QBDJFOUFFTUÊFO
FMTJUJPPQPSUVOP
FOMBUPNBEF
EFDJTJPOFTu
.POUTF%PNÒOFDIQSFTJEFOUB
EF'FDNB
i
)BZRVF
FTUBS
QSFTFOUFTFOMBT
QPMÎUJDBT
KVTUBNFOUF
DVBOEPTFFTUÃO
FMBCPSBOEPu
&NJMJB2VJOUBOBWPDBMEF
&VSPQB$PMPO&TQB×B
i
%FCFSÎB
FYJTUJSVOB
SFMBDJÓO
DPNQMFNFOUBSJB
FOUSFMB
"ENJOJTUSBDJÓOZ
MBTBTPDJBDJPOFTu
EFWJEBEFMPTQBDJFOUFTFOTVUPUBMJEBE
5BSSVFMMBJOEJDÓRVFIBTUBRVFUPEPTMPT
BDUPSFT‡NÊEJDPTFOGFSNFSBT"ENJOJT
USBDJÓOQBDJFOUFTJOEVTUSJBFUD‡OPNBO
UFOHBOiVOEJÃMPHPGSBODPuTPCSFUFNBT
TBOJUBSJPTiOPTFDPOTFHVJSÃOBEBu
i-BTMJTUBTEFFTQFSBDPOTUJUVZFOVOB
QSFPDVQBDJÓOUBOUPBMPTHFTUPSFTDPNP
BUPEPTOPTQSFPDVQBQFSPMBDMBWFFTFM
QBDJFOUFZUPEPTMPTQSPDFTPTIBOEFFT
UBSBTVBMSFEFEPSuTFÒBMÓMBTVCEJSFDUPSB
HFOFSBM
"TJNJTNP5BSSVFMMBIJ[PIJODBQJÊFORVF
MPTQSPGFTJPOBMFTEFCFSÎBOUFOFSQSFTFOUF
RVFUBSEFPUFNQSBOPUBNCJÊOTFSÃOQB
DJFOUFT-BEJGFSFODJBSBEJDBFORVFiDVBOEP
MPTFBOOPTFSÃOUSBUBEPTJHVBMuTJOPRVF
iFOUSBOQPSMBQVFSUBEFBUSÃTuDPNPQVO
UVBMJ[Ó%PNÍOFDI&TUFFTVOPEFMPTBT
QFDUPTRVFNÃTMBNFOUBOMBTBTPDJBDJPOFT
EFQBDJFOUFTMBTEJGFSFODJBTEFUSBUP
&MQBQFMEFMPTDVJEBEPSFTOPQBTÓJOBE
WFSUJEPZ5BSSVFMMBJOTJTUJÓFOTVJNQPSUBO
DJBi4JVOPDBFDBFOUPEPTZDVFTUBIBDFS
MMFHBSFTUBTOFDFTJEBEFTBMB"ENJOJTUSB
DJÓOuBGJSNÓ-BQSFTJEFOUBEF&.&BQSP
WFDIÓQBSBQFEJSRVFTFQSPQPSDJPOFiBQPZP
ZBDPNQBÒBNJFOUPuBMPTQBDJFOUFT
6OUFMÊGPOPVOBEJSFDDJÓOVODPOTFKPP
BMHPEFJOGPSNBDJÓOFTMPNÎOJNPRVFEF
CFOGBDJMJUBSMPTGBDVMUBUJWPTBMPTQBDJFO
UFTQBSBRVFÊTUPTTFQBOBEPOEFEJSJHJSTF
PRVFIBDFSEFTQVÊTEFSFDJCJSTVEJBHOÓT
UJDPi"WFDFTFTPCBTUBuBTFHVSÓMBQSFTJ
EFOUBEF&.&
)VNBOJ[BOEPMBTBOJEBE
&YBDUBNFOUFFOFTFNPNFOUP$BTBEPTF
ÒBMÓRVFMPTQSPGFTJPOBMFTTPOiQMFOB
NFOUFuDPOTDJFOUFTEFRVFTPOOFDFTBSJBT
NFKPSBTQBSBNBOUFOFSFMTJTUFNB"IPSB
CJFOyDÓNPNFKPSBSMPTQSPDFTPTBTJTUFO
DJBMFT /PIVCPEVEBTi1BSUJDJQBOEPUP
EPTuBÒBEJÓ
"DPOUJOVBDJÓOTFIJ[PSFGFSFODJBBM
1MBO&TUSBUÊHJDPEF)VNBOJ[BDJÓOEFMB
"TJTUFODJB4BOJUBSJBEFMB&T
DVFMB.BESJMFÒBEF4BMVEBQSPCBEPSF
DJFOUFNFOUFZRVFDVFOUBDPOMÎOFBT
FTUSBUÊHJDBTFOMBTRVFTFJODMVZFOQSP
HSBNBTEFBDUVBDJÓO
&OTVEJTFÒPZFMBCPSBDJÓODPMBCPSB
SPONÃTEFQFSTPOBTFOUSFMBTRVFTF
JODMVZFOQBDJFOUFTDVJEBEPSFTBTPDJBDJP
OFTGFEFSBDJPOFTZDJVEBEBOPTFOHFOF
SBMBTÎDPNPQSPGFTJPOBMFTZEJSFDUJWPTEF
MB$POTFKFSÎB
i&TUFQSPHSBNBFTWJWPFTUBNPTFOQF
SJPEPEFEJGVTJÓOZIBZRVFTFHVJSEFTB
SSPMMÃOEPMPuFYQVTP.BSHBSJUB4BMJOFSP
DPPSEJOBEPSBEFMB4VCEJSFDDJÓO(FOFSBM
EF)VNBOJ[BDJÓOEFMB"TJTUFODJB4BOJUB
SJBEFMB$POTFKFSÎBEF4BOJEBEEFMBSF
HJÓONBESJMFÒB
&MFODVFOUSPTJSWJÓBEFNÃTQBSBSFQB
TBSBMHVOBEFMBTJOJDJBUJWBTQSPNPWJEBT
QPSEJDIB$POTFKFSÎBZGVFFOUPODFTDVBOEP
TFNFODJPOÓMB&TDVFMB.BESJMFÒBEF4B
MVE%FFOUSFTVTEJGFSFOUFTPCKFUJWPT4B
MJOFSPIJ[PSFGFSFODJBBRVFÊTUBTVSHJÓ
iQBSBRVFMPTQBDJFOUFTQVFEBOFTUBSJO
GPSNBEPTZUFOHBOIFSSBNJFOUBTQBSBTFS
SFTQPOTBCMFTuEFTVTBMVE
&OFTBBQVFTUBRVFTFIBDFQPSNFKP
SBSMBBUFODJÓOTBOJUBSJBRVFPGSFDFFM4/4
MB$PNVOJEBEEF.BESJEIBQVFTUPFO
NBSDIBFM1SPHSBNBQBSBMB"UFODJÓO*O
UFHSBMEFM1BDJFOUF0ODPMÓHJDP1BJQP
%FOUSPEFTVTPCKFUJWPTHFOFSBMFT$B
TBEPEFTUBDÓFMQPEFSEFGJOJSJNQVMTBSZ
GBWPSFDFSMBJNQMFNFOUBDJÓOEFBDUVBDJP
OFTFJOJDJBUJWBTEJSJHJEBTBQSPQPSDJPOBS
BMQBDJFOUFPODPMÓHJDPZTVGBNJMJBVOB
BUFODJÓOJOUFHSBMZQFSTPOBMJ[BEBEVSBOUF
UPEPFMQSPDFTPEFMBFOGFSNFEBE-BTVC
EJSFDUPSBTVCSBZÓRVFDPOFMQMBOFTUSB
UÊHJDPTFIBDPOTFHVJEPFTFBDFSDBNJFOUP
ZBHSFHÓRVFMBSFBMJEBEFTRVFUPEPTMPT
BHFOUFTUJFOFOWPMVOUBEEFIBDFSRVFTFB
QPTJCMF
1BVMBUJOBNFOUFMPTQBDJFOUFTTFFTUÃO
JODPSQPSBOEPFOMBTEJGFSFOUFTMÎOFBTEF
USBCBKPJNQVMTBEBTQPSFM.JOJTUFSJPPMB
$POTFKFSÎBEF4BOJEBEEFMB$".DPNP
BGJSNÓ$BTBEPBMUJFNQPRVFOPNCSÓMB
IVNBOJ[BDJÓOFOMBTVOJEBEFTEFDVJEB
EPTJOUFOTJWPTDPNPMBT6$*QFEJÃUSJDBTZ
OFPOBUBMFTZMBQBSUJDJQBDJÓOEFMPTQBDJFO
UFTFOMBFMBCPSBDJÓOEFEFUFSNJOBEBTHVÎBT
EFQSÃDUJDBDMÎOJDB
i&TJOEJTDVUJCMFRVFMPTQBDJFOUFTUJFOFO
RVFFTUBSQSFTFOUFTQFSPIBZRVFCVTDBS
FMÓSHBOPNÃTFGFDUJWPQBSBRVFFTBQBS
-BDPMBCPSBDJØOQÞCMJDP
QSJWBEBFTiJNQSFTDJOEJCMFwZ
QPESÓBGBDJMJUBSMPTBWBODFTFO
FTUFUFSSFOP
-PTQBDJFOUFTUJFOFO
EFSFDIPTQFSPUBNCJÏO
EFCFSFTQPSMPRVFTFBCPHB
QPSTVFNQPEFSBNJFOUP
-BSFBMJEBEFTRVFTJHVF
IBCMBOEPEFHBTUPFOWF[EF
JOWFSTJØOZTJHVFOQSJNBOEP
MBTNFEJEBTDPSUPQMBDJTUBT
UJDJQBDJÓOTFBSFBMuBEWJSUJÓ
"QBSUFEFTEFRVFTFEJPMV[WFSEFBFTUF
QSPZFDUPMPTDFOUSPTTBOJUBSJPTEFM4FSWJ
DJP.BESJMFÒPEF4BMVEIBOJNQMBOUBEPP
FTUÃOEFTBSSPMMBOEPBDDJPOFTRVFGBWPSF
DFOMBDPOTFDVDJÓOEFFTUPTPCKFUJWPTFO
MBGBTFEFEJBHOÓTUJDPIPTQJUBMJ[BDJÓOZ
BUFODJÓOBNCVMBUPSJB
1BSB5BSSVFMMBFTUBJOJDJBUJWBFTVOFKFN
QMPQBSBPUSBTDPNVOJEBEFTBVUÓOPNBTZ
TFEFCFSÎBFYUFOEFS4JOFNCBSHPUBN
CJÊOBQSPWFDIÓFMNBSDPQBSBIBCMBSEF
MBPCTPMFTDFODJBEFMPTNFEJPTUFDOPMÓHJ
DPTRVFSFRVJFSFOFOGFSNPTDPOEFUFSNJ
OBEBTQBUPMPHÎBTDPNPQVFEFOTFSMBTTJ
MMBTEFSVFEBTQBSBMBTQFSTPOBTDPOHSB
EPTBWBO[BEPTEF&.i5BNCJÊOFT
JNQPSUBOUFDPOUFNQMBSMBTUFDOPMPHÎBTEFM
EÎBBEÎBQBSBRVFMBTQFSTPOBTQVFEBO
MMFWBSVOBWJEBMPNÃTBVUÓOPNBQPTJCMFu
BQVOUÓ
5PEPTMPTBTJTUFOUFTTFNPTUSBSPOEF
BDVFSEPFORVFFTOFDFTBSJPJNQVMTBSUP
EBTFTUBTJOJDJBUJWBTRVFIBOUFOJEPVOB
CVFOBBDPHJEB&TPOPJNQJEFRVFIBZB
ÃSFBTEFNFKPSBTPCSFMBTRVFTFEFCFUSB
CBKBSDPNPBTFHVSÓ$BTBEP
%PNÍOFDIJOEJDÓRVFMBDMBWFFTUÃFO
FMDPODFQUPEFJOWFSTJÓO-BSFBMJEBEFT
RVFTFTJHVFIBCMBOEPEFHBTUPFOWF[EF
JOWFSTJÓOZTJHVFOQSJNBOEPMBTNFEJEBT
DPSUPQMBDJTUBT"MHPRVFEJGJDVMUBBWBO[BS
FONVDIPTUFSSFOPT
&RVJEBEZQSPGFTJPOBMJ[BDJØO
&OMBUFPSÎBFYJTUFVOBDMBSBBQVFTUBQPS
MBFRVJEBEFOFMBDDFTPBUSBUBNJFOUPTZ
QSVFCBTEJBHOÓTUJDBTQFSPFOSFBMJEBEMP
RVFQSJNBOTPOEJGFSFODJBT/JOHVOBEF
MBTBTJTUFOUFTBMFODVFOUSPQVTPFOEVEB
FTUBTJUVBDJÓORVFUBOEJGÎDJMFTEFTPMWFO
UBS
1PSFMMPMBQSFTJEFOUBEF&.&SFJUFSÓ
TVEFTDPOUFOUPDPOFTUFQBOPSBNBZSF
NBSDÓRVFBQFTBSEFRVFMBMFZFTUBCMFDF
RVFFMQBDJFOUFUJFOFEFSFDIPBMNFKPSUSB
UBNJFOUPQPTJCMFTFHÙOTVQBUPMPHÎBOP
TJFNQSFPDVSSFBTÎ$JFSUPFTRVFBEFNÃT
EFEFSFDIPTMPTQBDJFOUFTUBNCJÊODVFO
UBODPOEFCFSFTZEFCFOBDUVBSFODPOTF
DVFODJBi2VFTFBQSVFCFVONFEJDBNFOUP
OPRVJFSFEFDJSRVFTFBBEFDVBEPQBSB
ÊMuQVOUVBMJ[Ó5BSSVFMMBRVFNBUJ[ÓRVF
MPTQBDJFOUFTEFCFOFTUBSMPNFKPSGPSNB
EPTFJOGPSNBEPTQPTJCMFZTFSDPSSFTQPO
TBCMFTDPOTVTBMVEZDPOMBTBOJEBE
&ODVBOUPBMBQSFHVOUBEFDVÃOUPIB
BWBO[BEPFMNPWJNJFOUPBTPDJBUJWPZEF
RVÊNBOFSBTFQVFEFQSPNPWFSTVQSPGF
TJPOBMJ[BDJÓOEFTEFMB"ENJOJTUSBDJÓO$B
TBEPFYQMJDÓRVFMBTJUVBDJÓOEFMBTPSHB
OJ[BDJPOFTEFQBDJFOUFTIBCÎBDBNCJBEP
NVDIPFOMPTÙMUJNPTBÒPT/PPCTUBOUF
iUJFOFORVFFWPMVDJPOBSEFTEFFMNPEFMP
JOJDJBMDPODBSÃDUFSSFJWJOEJDBUJWPIBTUB
TVQSPGFTJPOBMJ[BDJÓOQBSBQPEFSUSBCB
KBSDPNPJHVBMFTFOMBNFTBZBRVFOPTF
USBUBEFTPMBNFOUFJSSFJWJOEJDBOEPUPEP
TJOPBQPSUBOEPQPTJCMFTTPMVDJPOFTZUSB
CBKBSZDPMBCPSBSDPOFMTJTUFNBuQSPTJ
HVJÓ
"OUFTEFDPODMVJSMBTVCEJSFDUPSBHFOF
SBMBTFHVSÓRVFBDUVBMNFOUFFMHSBEPEF
NBEVSF[EFNVDIBTBTPDJBDJPOFTFTiBM
UÎTJNPuBVORVFDPNPSFQJUJÓBMPMBSHPEFM
FODVFOUSPFTDPOTDJFOUFEFRVFFYJTUFO
iNVDIBTÃSFBTEFNFKPSBuFOMPRVFBTB
OJEBESFTQFDUB
:RVJ[ÃTFOFTUFTFOUJEPMBDPMBCPSB
DJÓOQÙCMJDPQSJWBEBQPESÎBGBDJMJUBSMPT
BWBODFTFOFTUFDBNQPi4JFNQSFEFDJNPT
RVFUPEBMBDPMBCPSBDJÓORVFTFQVFEBIB
DFSQBSBBWBO[BSCJFOWFOJEBTFBuBEWJS
UJÓ4BMJOFSPBQPZBEBQPS$BTBEPRVFJO
EJDÓRVFMBDPMBCPSBDJÓOEFUPEPTMPTBHFO
UFTRVFUSBCBKBOQBSBFM4/4UJFOFRVFTFS
FGFDUJWBEFOUSPEFMBTGVODJPOFTZSFTQPO
TBCJMJEBEFTEFDBEBVOP1BSB5BSSVFMMB
ÊTUBFTiJNQSFTDJOEJCMFZOFDFTBSJBZBRVF
NVDIPTUFNBTOPTBMESÎBOBEFMBOUFTJOP
FTHSBDJBTBFMMBu
'JOBMNFOUF$BSNFO(PO[ÃMF[.BESJE
QSFTJEFOUBFKFDVUJWBEFMB'VOEBDJÓO.FSDL
4BMVEDPODMVZÓRVFiFOFTUPTNPNFOUPT
FOMPTRVFIBZBQSPWFDIBSUPEPTMPTSF
DVSTPTQPTJCMFTIBZRVFEFTUBDBSFMQBQFM
RVFUJFOFOMBTGVOEBDJPOFTu&MÙMUJNPNFO
TBKFRVFUSBOTNJUJÓMBQSFTJEFOUBGVFRVF
EFTEFMB'VOEBDJÓO.FSDL4BMVEFYJTUFFM
EFTFPEFUSBCBKBSQBSBBZVEBSBMQBDJFOUF
ZBMPTDVJEBEPSFTQPSRVFiUPEPTTPNPT
TFSFNPTPIFNPTTJEPQBDJFOUFTu
1PMÓUJDBBMEFPDUVCSFEF(.
Saber más sobre
responsabilidad civil
8QDPXHUWHVLQFDXVD
QRWLHQHFXOSDEOH
&MTBMØOEFBDUPTEFM)PTQJUBM-B'FEF7BMFODJBBDPHFSÈEFOVFWPMBFOUSFHBEFQSFNJPTEFFTUBÞMUJNBFEJDJØOEFMPT
#J$BMJHVBMRVFFO-BTFHVOEBFEJDJØOEFMPTHBMBSEPOFTUBNCJÏOTFFOUSFHØFO7BMFODJBFOFMB×P
.ÃTEFDBOEJEBUPT
FOMB9*FEJDJÓOEFMPT
1SFNJPT#FTUJO$MBTT
&OFTUBDPOWPDBUPSJBQBSUJDJQBOVOUPUBMEFIPTQJUBMFTZ
DFOUSPTEFTBMVEEFDPNVOJEBEFTBVUØOPNBT
+7
.BESJE
6OBÒPNÃTMBQBSUJDJQBDJÓOEFDFOUSPT
ZIPTQJUBMFTFOMPT1SFNJPT#FTUJO$MBTT
FT UPEP VO ÊYJUP &M QBTBEP EF
TFQUJFNCSFGJOBMJ[ÓFMQMB[PEFQSFTFOUB
DJÓO EF DBOEJEBUVSBT B MB EÊDJNP
QSJNFSBFEJDJÓOEFMPT#J$MPTHBMBSEP
OFT RVF DPODFEF ("$&5" .­%*$"
QVCMJDBDJÓOEFM(SVQPEF$PNVOJDBDJÓO
8FDBSF6ZMB$ÃUFESBEF*OOPWBDJÓOZ
(FTUJÓO4BOJUBSJBEFMB6OJWFSTJEBE3FZ
+VBO$BSMPT&OMPTQSÓYJNPTEÎBTFM
DPNJUÊEFFYQFSUPTSFWJTBSÃNÃTEF
DBOEJEBUVSBTRVFBTQJSBOBVOPEFMPT
QSFNJPTRVFTFFOUSFHBSÃOFMQSÓYJNP
EFOPWJFNCSFFOFMTBMÓOEFBDUPTEFM
)PTQJUBM-B'FEF7BMFODJB
&OUPUBMQBSUJDJQBOIPTQJUBMFTZ
DFOUSPTEFBUFODJÓOQSJNBSJBEFUPEBTMBT
DPNVOJEBEFTBVUÓOPNBTDPOMBTÙOJDBT
FYDFQDJPOFT EF "SBHÓO Z MB DJVEBE
BVUÓOPNBEF$FVUB-BNBZPSQBSUJDJQB
DJÓODPSSFTQPOEFBMB$PNVOJEBEEF
.BESJEDPOIPTQJUBMFTZDFOUSPTEF
BUFODJÓOQSJNBSJBTFHVJEPEF$BUBMVÒB
DPOZ$PNVOJEBE7BMFODJBOBDPO
-FTJHVFO$BTUJMMB-B.BODIBDPO
DFOUSPTEFQSJNBSJBZIPTQJUBMFT(BMJDJB
DPOBTQJSBOUFTZ1BÎT7BTDPZ"OEBMV
DÎBDPOVOBEPDFOBEFDFOUSPTFOUSFMPT
JOTDSJUPT.VSDJBDPODFOUSPTTBOJUB
SJPTFOUSFMPTBTQJSBOUFTBMPTQSFNJPT
$BTUJMMBZ-FÓODPOTJFUFZ$BOBSJBTDPO
DVBUSPDPNQMFUBOFTUFNBQBEFBTQJSBO
UFTBMRVFIBZRVFTVNBSPUSPTDFOUSPT
EF#BMFBSFT"TUVSJBT/BWBSSB$BOUB
CSJB&YUSFNBEVSBZ-B3JPKB
-BFEJDJÓODPOTFSWBTVTQSFNJPTFTUSF
MMBBM.FKPS)PTQJUBMZBM.FKPS$FOUSPFO
"UFODJÓO1SJNBSJB&OFMQSJNFSPEF
FMMPT EFTUBDB MB DBOEJEBUVSB EF IPTQJUBMFTNBESJMFÒPTEFMB$PNVOJ
EBE7BMFODJBOBZEF$BUBMVÒB+VOUP
BFTUPTIPTQJUBMFTDPNQJUFOMPTOVFWF
DFOUSPTEF(BMJDJBZMPTTFJTEF1BÎT7BTDP
"OEBMVDÎB"TUVSJBT$BTUJMMBZ-FÓOZ
$BTUJMMB-B.BODIBZ/BWBSSBUBNCJÊO
BQPSUBOTVTDBOEJEBUVSBT
1PSPUSBQBSUFFMQSFNJPBMBDBMJEBE
FOFMQSJNFSOJWFMUJFOFUBNCJÊOVOB
BNQMJB SFQSFTFOUBDJÓO EF SFHJPOFT
FTQBÒPMBT$PNVOJEBE7BMFODJBOBZMB
$PNVOJEBEEF.BESJEUJFOFONBZPS
QSFTFODJBDPOTFJTDFOUSPTEFDBEBVOB
EFFMMBTTFHVJEBTEF(BMJDJBZ$BUBMVÒB
DPOUSFTDFOUSPTSFTQFDUJWBNFOUF$BTUJ
MMB-B.BODIB$BTUJMMBZ-FÓOZ1BÎT
7BTDPUBNCJÊOUJFOFOSFQSFTFOUBDJÓO
"TJNJTNPTFNBOUJFOFOMPT#J$FO
ÃSFBTFTQFDÎGJDBT&OFTUFBQBSUBEPTF
TJUÙBO FM EF "MFSHJB F *ONVOPMPHÎB
$MÎOJDB"OFTUFTJBZ3FBOJNBDJÓO"SUSJ
UJT3FVNBUPJEF$BSEJPMPHÎB%FSNBUPMP
HÎB %JBCFUFT %PMPS &OGFSNFEBEFT
*OGFDDJPTBT&TDMFSPTJT.ÙMUJQMF&TRVJ
[PGSFOJB 'BSNBDJB 'PSNBDJÓO .*3
(JOFDPMPHÎBZ0CTUFUSJDJB)FNBUPMPHÎBZ
)FNBUPUFSBQJB )FQBUJUJT $ .BOFKP
JOUFHSBMEFMBJOTVGJDJFODJBDBSEJBDB
.FEJDJOB*OUFSOB/FGSPMPHÎB/FPOBUP
MPHÎB/FVNPMPHÎB/FVSPMPHÎB0ODPMP
HÎB 1BUPMPHÎB %JHFTUJWB 1FEJBUSÎB
1TJRVJBUSÎB1TPSJBTJT3FTQPOTBCJMJEBE
4PDJBM $PSQPSBUJWB 3FVNBUPMPHÎB
5SBTQMBOUFT5SBVNBUPMPHÎB6SHFODJBT
6SPMPHÎBZ7*)4*%"
"EFNÃTGVFSBEFM±OEJDFEF$BMJEBE
"TJTUFODJBMBM1BDJFOUF*$"1
RVFTF
PCUJFOFBQBSUJSEFMPTDVFTUJPOBSJPT
DPNQMFUBEPTMPT9*1SFNJPT#J$SFDPOP
DFSÃOJOJDJBUJWBTFOHFTUJÓODMÎOJDBZ
BENJOJTUSBUJWBFO&4BMVEDPODBOEJ
EBUVSBTP)VNBOJ[BDJÓODPOQSPZFD
UPTQBSBFTUFHBMBSEÓOOVFWP5BNCJÊO
TFDPODFEFSÃFMEF'PSNBDJÓO.*3DPO
DBOEJEBUVSBTFOTVTFHVOEPBÒPBTÎ
DPNPFMEF(FTUJÓO)PTQJUBMBSJBRVF
WBMPSBMBTFTUSBUFHJBTEFMBTDPOTFKFSÎBT
/RVIDPLOLDUHVGHXQDSDFLHQWHLQWHUYHQLGD GHODHVSHFLDOLGDGHQMXLFLDGDHOMXH]QROHGLR
GHOQHUYLRFXELWDOGHOFRGRGHUHFKRFRQ PiVLPSRUWDQFLDTXHDOUHVWRGHSHULWRV
DQHVWHVLDJHQHUDOLQWHUSXVLHURQXQUHFXUVR SDUWLFLSDQWHV
3RURWURODGRODGRFWRUDTXHWHVWLILFy
GHDSHODFLyQWUDVODDEVROXFLyQHQSULPHUD
LQVWDQFLDGHORVDQHVWHVLVWDVDFXVDGRVGHXQ FRPSDxHUDGHORVDFXVDGRVLQGLFyTXHWUDV
GHOLWRGHLPSUXGHQFLDFRQUHVXOWDGRGH HOIDOOHFLPLHQWRVHDEULyLQYHVWLJDFLyQHQHO
KRVSLWDOSDUDGHWHUPLQDUODVFDXVDVGHOD
PXHUWH
/DIDPLOLDVROLFLWDEDXQDSHQDGHGRVDxRV PXHUWHSHURWDPSRFRVHOOHJyDQLQJXQD
GHSULVLyQPiVLQKDELOLWDFLyQHVSHFLDOSDUD FRQFOXVLyQ
$UDt]GHHVWRHOMXH]GHOLEHUyODSUHYLVLEL
HOHMHUFLFLRGHWRGDSURIHVLyQUHODFLRQDGD
FRQODPHGLFLQDGXUDQWHDxRV$VXYH] OLGDGSDUDGLVFXWLUODFXOSDGHORVPpGLFRV
SHGtDQXQDLQGHPQL]DFLyQGHFDVL FXHVWLRQiQGRVHORSUHGHFLEOHGHODVLWXDFLyQ
HXURVSDUDODKLMDGHODIDOOHFLGDDVtFRPR \HOGHVHQFDGHQDQWHGHOUHVXOWDGR
/DGRFWRUDTXHUHDQLPyDODSDFLHQWHGHOD
FHUFDGHHXURVSDUDFDGDSURJHQLWRU
GHODIDOOHFLGDYLYRVHQHOPRPHQWRGHORV SDUDGDWDPELpQSUHVWyGHFODUDFLyQHQWHQ
KHFKRVDXQTXHHQHOPRPHQWRGHOMXLFLR GLHQGRHQODPLVPDTXHVHDFWXyGHPDQHUD
KDEtDQIDOOHFLGR(OWRWDOGHODLQGHPQL]D UiSLGD\HILFD]UHFXSHUDQGRDODSDFLHQWH
UHVWDEOHFLHQGRVXVFRQVWDQWHV\GHULYiQGROD
FLyQDOFDQ]DEDORVHXURV
7UDVODLQWHUYHQFLyQGHOQHUYLRFXELWDOGHO DFXLGDGRVLQWHQVLYRV
3RUHOORORTXHKDEtDTXHGLOXFLGDUHUDHO
FRGR GHUHFKR FRQ DQHVWHVLD JHQHUDO OD
SDFLHQWHIXHWUDVODGDGDDOVHUYLFLRGHUHFXSH DFWRPpGLFRTXHVHFRQVLGHUDEDLPSUXGHQWH
UDFLyQPRQLWRUL]DGD\FRQWURODGD$OD \ODVLWXDFLyQHQODTXHTXHGyODSDFLHQWH
SDFLHQWHVHOHVXPLQLVWUy)HQWDQHVW\SURIX GHVGHODUHDQLPDFLyQKDVWDVXIDOOHFLPLHQWR
VLyQGH8OWLYDSDUDHOGRORU3RFRWLHPSR $ OD 6DOD GH OD $XGLHQFLD 3URYLQFLDO OH
GHVSXpVGHODLQWHUYHQFLyQODSDFLHQWHUHIHUtD VRUSUHQGLyTXHODSUXHEDSUDFWLFDGDQRVH
GRORUHVSRUORTXHODHQIHUPHUtDVHSXVRHQ GLULJLHUDKDFLDODVLQVWUXFFLRQHVTXHORV
PpGLFRV GLHURQ DO
FRQWDFWR FRQ HO
HTXLSRGHHQIHUPH
PpGLFRGHJXDUGLD
La sentencia exponía que la
UtD SDUD SRGHU
SDUDTXHOHVLQGLFDUD
XQD
ODVSDXWDVDVHJXLU evaluación de una imprudencia HVWDEOHFHU
)LQDOPHQWH
VH médica tiene que ir ligada a las UHODFLyQGHFDXVDOL
GDG
GHFLGLyDXPHQWDUOD
circunstancias concretas
'XUDQWHHOMXLFLR
GRVLVGHDQDOJHVLD
VH KDEOy GHO
/D
SDFLHQWH
FRPHQ]yDPHMRUDUSRUORTXHVHODWUDVODGy FRQVHQWLPLHQWRLQIRUPDGRTXHHQHVWH
DSODQWDPRPHQWRHQHOTXHHPSH]yDVHQWLU FDVR VROR VHUYtD SDUD HQWHQGHU TXH OD
VHQVDFLyQGHIUtR\PDUHRSHUGLHQGRHO FRPSOLFDFLyQVXIULGDSRGtDVHUPiVRPHQRV
FRQRFLPLHQWRDQWHVGHHQWUDUHQSDUDGD SUHYLVLEOH
5HVSHFWRDODFRQGXFWDTXHVHFRQVLGH
FDUGLRUUHVSLUDWRULDFDXVDGDDOSDUHFHUSRU
ORVRSLiFHRVVXPLQLVWUDGRV7UDVODVPDQLR UDEDLPSUXGHQWHHVGHFLUHOVXPLQLVWURGH
EUDV GH UHFXSHUDFLyQ VH UHDQLPy D OD IiUPDFRVHPSOHDGRVSDUDODDQHVWHVLDODV
SDFLHQWH PDQWHQLHQGR VXV FRQVWDQWHV SHULFLDOHVSUDFWLFDGDVH[SRQtDQTXHIXHURQ
ORVDGHFXDGRVDOLJXDOTXHODVGRVLV([WUD
YLWDOHVVLQHPEDUJRTXHGyHQFRPDYLJLO
(QODVHQWHQFLDVHGHVFULEtDHOFRQFHSWR \HQGR GH ORV LQIRUPHV TXH DGHPiV VH
GHLPSUXGHQFLDPpGLFDLQGLFDQGRTXHOD PDQWXYRFRQVWDQWHDODSDFLHQWHKDVWDHO
FXOSD PpGLFD QR OD FRQVWLWX\H XQ HUURU PRPHQWRTXHHQWUyHQSDUDGDODFXDOVH
FLHQWtILFRRGHGLDJQyVWLFRVDOYRFXDQGR UHPRQWyJUDFLDVDODDGHFXDGDDWHQFLyQTXH
FRQVWLWX\HQXQHUURUGHH[WUHPDJUDYHGDG VHGLVSHQVyDODPLVPD
&RQ WRGR OR H[SXHVWR \ ODV SUXHEDV
$GHPiVODVHQWHQFLDH[SRQtDTXHODHYDOXD
FLyQGHXQDLPSUXGHQFLDPpGLFDWLHQHTXH SUDFWLFDGDVHO7ULEXQDODEVROYLytQWHJUD
LUOLJDGDDODVFLUFXQVWDQFLDVFRQFUHWDVGH PHQWH D ORV DFXVDGRV \D TXH QR H[LVWtD
UHVSRQVDELOLGDGFULPLQDOHQODDFWXDFLyQGH
FDGDFDVR
(OSHULWRGHVLJQDGRSRUHOMX]JDGRVH ORVGRFWRUHV\SRUWDQWRWDPSRFRGHUHFKR
FHQWUyHQODDFWXDFLyQPpGLFDGHOGtDGHOD DQLQJXQDLQGHPQL]DFLyQ
LQWHUYHQFLyQ\QRHQORVXFHGLGRFRQSRVWH
ULRULGDGHVGHFLUHOUHVXOWDGRGHODPXHUWH
'LFKRSHULWRFRQFOX\yTXHODFDXVDGHOD
Más información en:
PXHUWHHUDXQDLQFyJQLWD$OQRVHUXQSHULWR
www.lexsanitaria.com
(.BMEFPDUVCSFEF1VCMJDJEBE
1PMÓUJDBBMEFPDUVCSFEF(.
-B4&'TPMJDJUBMBSFHVMBSJ[BDJÓOEFMB
NBUFSOJEBETVCSPHBEBFO&TQBÒB
6OOVFWPNBOVBMSFDPHFDBTPTSFBMFTBMPTRVFEBSFTQVFTUBEFTEFFMQVOUPEFWJTUBÏUJDPZMFHBM
TPMPUFOESÎBOMBPQDJÓOEFEPOBSMPTQBSB
JOWFTUJHBDJÓOPQBSBPUSBQBSFKBRVFMPT
OFDFTJUF
4JOFNCBSHPFOPUSPTQBÎTFTDPNP
3FJOP6OJEP
CBTUBDPORVFVOPEFMPT
EPTNJFNCSPTEFMBQBSFKBTPMJDJUFMB
EFTDPOHFMBDJÓOQBSBRVFTFQSPDFEBBMB
NJTNB
"CFMMÃODPOTJEFSBRVFMBMFHJTMBDJÓO
FTQBÒPMBFTSFTUSJDUJWBFOMPRVFSFTQFDUB
BMBEFTDPOHFMBDJÓOQPSRVFTFQSFUFOEÎB
EJTQPOFSEFFNCSJPOFTEFEJDBEPTBMB
JOWFTUJHBDJÓO4JOFNCBSHPBDUVBMNFOUF
TPOFTDBTPTMPTFTUVEJPTEFFTUFUJQP
EFCJEPBMQSPUPDPMPFTQFDÎGJDPRVFIBZ
RVF TFHVJS QPS MP RVF FM OÙNFSP EF
FNCSJPOFTDPOHFMBEPTFTNVZFMFWBEP
#BMMFTUFSPTMPDJGSBFONÃTEF
-PTDFOUSPTEFSFQSPEVDDJÓOBTJTUJEB
UJFOFOMBPCMJHBDJÓOEFDPOUBDUBSDBEB
EPTBÒPTDPOMBTQFSTPOBTRVFEJTQPOFO
EFFNCSJPOFTDPOHFMBEPTQBSBTBCFSRVÊ
RVJFSFOIBDFSDPOFMMPTZFODBTPEFRVF
FOEPTPDBTJPOFTOPSFTQPOEBOUJFOFOMB
QPTJCJMJEBEEFEPOBSMPTQBSBJOWFTUJHB
DJÓOPEFVUJMJ[BSMPTFOPUSBTQBSFKBTRVF
MPTOFDFTJUFO
"-.6%&/"'&3/«/%&;
.BESJE
-B 4PDJFEBE &TQBÒPMB EF 'FSUJMJEBE
4&'
TPMJDJUÓRVFTFMFHBMJDFZSFHVMFFO
&TQBÒBMBNBUFSOJEBETVCSPHBEBUBMZ
DPNPNBOJGFTUÓTVQSFTJEFOUF"HVTUÎO
#BMMFTUFSPTEVSBOUFMBQSFTFOUBDJÓOEFM
.BOVBM#JPÊUJDP-FHBM$BTPT$MÎOJDPTFO
3FQSPEVDDJÓO)VNBOB"TJTUJEBEFMB
'VOEBDJÓO.FSDL4BMVE
"EFNÃTEFFTUBJODMVTJÓOFOMB-FZ
TPCSFUÊDOJDBTEFSFQSPEVDDJÓO
IVNBOBBTJTUJEBQSPQVTPRVFTFBÒBEB
FMDPNFO[BSBUSBCBKBSDPOSFFNQMB[P
NJUPDPOESJBMQBSBQPEFSEFNPTUSBSTJ
FTUBTUÊDOJDBTTPOPOPFGJDJFOUFTBTÎ
DPNPRVFTFMJNJUFFMOÙNFSPEFFNCSJP
OFTRVFMFHBMNFOUFTFQVFEFOJNQMBOUBS
BEPT‡BDUVBMNFOUFTFTJUÙBFOUSFT‡
QPSRVFTFEFCFUFOEFSBVOPTPMPi-PT
FNCBSB[PTNÙMUJQMFTTPOOVFTUSPDBCBMMP
EFCBUBMMBuTFÒBMÓ
1SFDJTBNFOUFFMNBOVBMSFDPHFDBTPT
SFBMFTRVFTFFODVFOUSBOIBCJUVBMNFOUF
MPTQSPGFTJPOBMFTFOTVDPOTVMUBZEB
SFTQVFTUBEFTEFFMQVOUPEFWJTUBÊUJDPZ
MFHBMBFTUPTQSPCMFNBT
$BSNFO(PO[ÃMF[.BESJEQSFTJEFOUB
FKFDVUJWBEFMB'VOEBDJÓO.FSDL4BMVE
JODJEJÓFORVFTVSHFOEVEBTiEFHSBO
DPNQMFKJEBEuDVBOEPTFUSBUBEFVOB
OVFWBWJEBUBMFTDPNPTJFTQPTJCMFMB
TFMFDDJÓOEFMBSB[BEFMEPOBOUFFMTFYP
EFMOJÒPMBTQPTJCJMJEBEFTRVFBCSFFM
EJBHOÓTUJDP QSFJNQMBOUBDJPOBM P MPT
DPOTFOUJNJFOUPTJOGPSNBEPTi&MPCKFUJWP
FTBQPSUBSMV[BNVDIBTDVFTUJPOFTRVF
IBOJEPTVSHJFOEPuEFTUBDÓ
-BSFQSPEVDDJÓOBTJTUJEBFTMBÙOJDB
FTQFDJBMJEBENÊEJDBRVFUJFOFVOBMFZ
QSPQJBZBEFNÃTFTiNVZBWBO[BEB
BVORVFFTUÊUPEBWÎBMFKPTEFTFSMBMFZ
QFSGFDUBuBTFHVSÓ#BMMFTUFSPT(SBDJBT
FOQBSUFBRVFTFUSBUBEFVOBEFMBT
MFHJTMBDJPOFTNÃTBWBO[BEBTTPCSFFTUF
UFNB&TQBÒBFTSFGFSFOUFFVSPQFPZ
NVOEJBMFOSFQSPEVDDJÓOBTJTUJEBUBOUP
FO DBOUJEBE DPNP FO DBMJEBE 4JO
FNCBSHPMPTBWBODFTDJFOUÎGJDPTZTPDJB
MFTTPONVZSÃQJEPTZMBMFZOPUJFOF
DBQBDJEBEQBSBBEBQUBSTFBFMMPT
&OFTUBMÎOFBTFÒBMÓMBFYJTUFODJBEF
OVFWPTNPEFMPTEFGBNJMJBDPNPMPTEF
QFSTPOBTEFMNJTNPTFYPPMBTNPOPQB
SFOUBMFTBMPTRVFFTOFDFTBSJPEBSVOB
PQDJÓOSFQSPEVDUJWB-BEPOBDJÓOEF
HBNFUPTQPSFKFNQMPPMBNBUFSOJEBE
TVCSPHBEB TJ GVFTF MFHBM QFSNJUFO
SFTQPOEFSBMBTOFDFTJEBEFTEFFTBT
QFSTPOBT
1MBOJGJDBSEFTDFOEFODJB
'FSOBOEP"CFMMÃOEJSFDUPSEF%FSFDIP
4BOJUBSJP"TFTPSFTZDPPSEJOBEPSEFM
NBOVBM JODJEJÓ FO RVF MBT QBSFKBT
IPNPTFYVBMFTZMBTQFSTPOBTUSBOTFYVB
MFTWFOMBSFQSPEVDDJÓOBTJTUJEBDPNP
VOBWÎBQBSBQMBOJGJDBSTVEFTDFOEFODJB
&MFDDJØOEFMEPOBOUF
"HVTUÓO#BMMFTUFSPTQSFTJEFOUFEFMB4PDJFEBE&TQB×PMBEF'FSUJMJEBE4&'
$BSNFO(PO[ÈMF[.BESJEQSFTJEFOUB
FKFDVUJWBEFMB'VOEBDJØO.FSDL4BMVEZ'FSOBOEP"CFMMÈOEJSFDUPSEF%FSFDIP4BOJUBSJP"TFTPSFT
TPCSFUPEPFOFMDBTPEFNVKFSFTMFTCJB
OBT RVF FTUBOEP DBTBEBT UJFOFO MB
QPTJCJMJEBEEFRVFTVIJKPUFOHBVOB
EPCMFGJMJBDJÓONBUFSOBZQPESÃTFSBTÎ
SFHJTUSBEP&OFMDBTPEFMBTFQBSBDJÓO
EFMBQBSFKBFYJTUFVOWBDÎPMFHBMFO
-BSFQSPEVDDJØOBTJTUJEBFT
DBEBWF[NÈTVOBGPSNBEF
QMBOJGJDBSFMQSPZFDUP
SFQSPEVDUJWPEFMBTQBSFKBT
-BMFZEFSFQSPEVDDJØO
BTJTUJEBFTQB×PMBFTNVZ
BWBO[BEBBVORVFFTUÏMFKPT
EFTFSQFTGFDUB
SFMBDJÓODPOTJVOBNVKFSQPESÎBQPTUF
SJPSNFOUFUSBOTGFSJSTFMPTFNCSJPOFT
DSFBEPTEVSBOUFFMNBUSJNPOJPDPOTVT
QSPQJPTPWPDJUPTTJOFMDPOTFOUJNJFOUPEF
MBFYQBSFKBQFSPBOUFFTUFWBDÎPTF
FOUJFOEFRVFEFCFEBSTFVOBSFOVODJB
FYQSFTBEFMBPUSBQFSTPOB
-BT QFSTPOBT USBOTFYVBMFT QPS TV
QBSUFQVFEFOQSFTFSWBSTVGFSUJMJEBE
BOUFTEFDPNFO[BSFMUSBUBNJFOUPQBSB
FODBTPEFUFOFSVOBQBSFKBQPTUFSJPS
NFOUFQPEFSQBSUJDJQBS
$BEB WF[ IBZ VOB NBZPSiQSFTJÓO
TPDJBMuEJSJHJEBBRVFMBSFQSPEVDDJÓO
BTJTUJEBEFKFEFTFSTPMBNFOUFVOBGPSNB
EFTPMVDJPOBSQSPCMFNBTNÊEJDPTQBSB
DPOWFSUJSTFFOVOBGPSNBEFQMBOJGJDBS
TVQSPZFDUPSFQSPEVDUJWP
/PCBTUBDPOBVUPSJ[BS
&OFMDBTPEFMBTQBSFKBTIFUFSPTFYVBMFT
RVFGJOBMJ[BOTVSFMBDJÓOZUJFOFODPOHF
MBEPTFNCSJPOFTMBTJUVBDJÓOFTNÃT
DPNQMJDBEB ZB RVF OP CBTUB DPO MB
BVUPSJ[BDJÓOEFMIPNCSFQBSBRVFMB
NVKFSQVFEBVUJMJ[BSFTPTFNCSJPOFT
QBSBVOQSPZFDUPSFQSPEVDUJWPJOEJWJ
EVBM QVFT FTB EFTDFOEFODJB FTUBSÎB
MFHBMNFOUFWJODVMBEBBBNCPTBVORVF
IBZBOSFRVFSJEPMBBZVEBEFVOEPOBOUF
EFTFNFO"EFNÃTTJRVJTJFTFOEFTDPO
HFMBSMPTUBNQPDPFTQPTJCMFIBTUBRVFMB
NVKFS GÎTJDBNFOUF OP QVFEB UFOFS
EFTDFOEFODJBBMSFEFEPSEFMPTBÒPT
*OGMVJSFOMBFMFDDJÓOEFMEPOBOUFOPFT
QPTJCMFFO&TQBÒBBVORVFTÎTFUJFOEFB
CVTDBS RVF TFBO MP NÃT QBSFDJEPT
QPTJCMFBMBNBESFZBRVFFTFMFRVJQP
NÊEJDPFMFODBSHBEPEFFTUBTFMFDDJÓO
4JOFNCBSHPFOFMDBTPDPODSFUPEFMB
EPOBDJÓOTFBEFFTQFSNBUP[PJEFTTJMB
NBESFFTCMBODBZFMQBESFOFHSPMPT
QBESFT OP QVFEFO TPMJDJUBS RVF TV
EPOBOUFTFBOFHSPQBSBRVFTVIJKPTFB
MPNÃTQBSFDJEPQPTJCMFBMPRVFFMMPT
UFOESÎBO"MHVOPTQBÎTFT&VSPQFPTTÎ
QFSNJUFOFTUBTFMFDDJÓOQPSMPRVFMPT
QSPHFOJUPSFTUJFOFOMBPQDJÓOEFEFTQMB
[BSTF
&MFHJSFMTFYPEFMGVUVSPCFCÊUBNQPDP
FTQPTJCMFQPSRVFQVFEFGBWPSFDFSMB
EJTDSJNJOBDJÓOQPSTFYPTZEFTJHVBMEB
EFTEFNPHSÃGJDBTTJOFNCBSHPFOMPT
QBÎTFTFOMPTRVFFTMFHBMMBTQBSFKBT
TVFMFOTPMJDJUBSFMTFYPDPOUSBSJPBMPRVF
ZBUJFOFO
"CFMMÃOTFÒBMÓUBNCJÊORVFFMDSVDF
EFMBTQSVFCBTHFOÊUJDBTDPOMBNFEJDJOB
SFQSPEVDUJWBBCSFNVDIBTQPTJCJMJEBEFT
QBSBBTFHVSBSVOBEFTDFOEFODJBTBOB
QPSMPRVFQPESÎBDBNCJBSMBGPSNBFO
RVF MBT QBSFKBT UJFOFO TVT IJKPT 4JO
FNCBSHPFMBMUPDPTUFEFFTUBTUÊDOJDBT
IBSÃOFDFTBSJPQSPGVOEJ[BSFOBTQFDUPT
CJPÊUJDPTBOUFMBQPTJCJMJEBEEFRVFIBZB
QBSFKBTRVFTFWFBOQSJWBEBTEFFTUBT
WFOUBKBT
-B QSPDSFBDJÓO QPTU NPSUFN FT
UBNCJÊOMFHBMZFODBTPEFGBMMFDJNJFOUP
EFMWBSÓOMBWJVEBEJTQPOFEFVOBÒP
QBSB EFDJEJS TJ RVJFSF VUJMJ[BS FTF
NBUFSJBMSFQSPEVDUJWPTJFNQSFZDVBOEP
FMNBSJEPIVCJFTFSFBMJ[BEPVOBBVUPSJ
[BDJÓOFYQSFTB
(.BMEFPDUVCSFEF1VCMJDJEBE
1PMÓUJDBBMEFPDUVCSFEF(.
'PSNBDJØO
%VSBOUFFMFODVFOUSPPSHBOJ[BEPQPS(SVQP$50TFQVTPTPCSFMBNFTBMBOFDFTJEBEEFTFHVJSUSBCBKBOEPQBSBRVFMPTFTUVEJBOUFTPCUFOHBOMPTNFKPSFTSFTVMUBEPTFOMBTQSVFCBEFBDDFTPBMBFTQFDJBMJEBEFYBNFO&*3
1PUFODJBSFMSPMEFFOGFSNFSÎBVO
EFTBGÎPRVFUJFOFQPSEFMBOUFFM4/4
&M7$POHSFTP/BDJPOBMEF%FMFHBEPTEF&OGFSNFSÓBSFVOJØBSFQSFTFOUBOUFTEFMBTFTDVFMBTEFFOGFSNFSJB
$.-
.BESJE
1PUFODJBSFMQBQFMEFFOGFSNFSÎBFOMB
QSÃDUJDBDMÎOJDBEJBSJBFTVOPEFMPTPCKF
UJWPTRVFUJFOFQPSEFMBOUFFM4JTUFNB/B
DJPOBMEF4BMVE4/4
ZFOMPTRVFZBTF
FTUÃUSBCBKBOEP#BKPFTUFNBSDPUVWPMV
HBSFM7$POHSFTP/BDJPOBMEF%FMFHBEPT
EF&OGFSNFSÎBPSHBOJ[BEPQPS(SVQP$50
6OFODVFOUSPBMRVFBTJTUJFSPOEFMFHBEPT
EFQSÃDUJDBNFOUFUPEBTMBTFTDVFMBTEF
FOGFSNFSÎBFTQBÒPMBT
&MFWFOUPQFSTJHVFFMPCKFUJWPEFJOGPS
NBSBMPTBTJTUFOUFTTPCSFMBSFBMJEBERVF
FYJTUFFOTVTFDUPSBDUVBMNFOUFQFSNJ
UJÊOEPMFTBERVJSJSVOBWJTJÓOHMPCBMTPCSF
DVÃMFTTPOMBTPQPSUVOJEBEFTQSPGFTJPOB
MFTRVFWBOBFODPOUSBSTFUSBTGJOBMJ[BS
TVTFTUVEJPT
-BJNQPSUBODJBEFMBDPNVOJDBDJÓOFO
USFFOGFSNFSBZQBDJFOUFFTVOBSFBMJEBE
FOFM4/4$PNPFYQMJDBMBFOGFSNFSBEFM
4FSWJDJPEF0ODPIFNBUPMPHÎBZEFMB6OJ
EBEEF5SBTQMBOUFEF.ÊEVMB¶TFBEFM)PT
QJUBM(SFHPSJP.BSBÒÓO$BSNFO-ÓQF[MPT
QSPGFTJPOBMFTEFFOGFSNFSÎBFTUBCMFDFOFO
TVQSÃDUJDBEJBSJBVOBSFMBDJÓORVFJNQMJDB
VOBDPNVOJDBDJÓODPOUJOVBDPOMPTQBDJFO
UFTi4FUSBUBEFVOQSPDFTPTVNBNFOUF
DPNQMFKPNÃTJNQPSUBOUFEFMPRVFQV
EJFSBQBSFDFSBTJNQMFWJTUBuJOEJDB
&OMBBDUVBMJEBEMBGPSNBDJÓOUÊDOJDB
EFFOGFSNFSÎBFTUÃDBMJGJDBEBDPNPFYDF
MFOUF4JOFNCBSHPNVDIPTQSPGFTJPOB
MFTDBSFDFOEFMBTIBCJMJEBEFTDPNVOJDB
UJWBTTPDJBMFTDVMUVSBMFTPGBNJMJBSFT
OF
DFTBSJBTQBSBFTUBCMFDFSVOBDPNVOJDB
DJÓOBEFDVBEB
$PNVOJDBDJØOUFSBQÏVUJDB
&OFTUFNBSDP-ÓQF[IBCMBEFMBDPNV
OJDBDJÓOUFSBQÊVUJDBVOBDPNVOJDBDJÓO
JOUSÎOTFDBFOMPTDVJEBEPTEFFOGFSNFSÎB
i&MQBDJFOUFIBEFQFSDJCJSRVFMPTQSPGF
TJPOBMFTEFFOGFSNFSÎBFTUBNPTQBSBFT
DVDIBSMFZBUFOEFSMFuBGJSNB
"TVKVJDJPFOMBBQMJDBDJÓOEFMBTJOUFS
WFODJPOFTPDVJEBEPTEFFOGFSNFSÎBMPT
QSPGFTJPOBMFTUJFOFOVOQBQFMGVOEBNFO
UBMFOMPRVFSFTQFDUBBMBFEVDBDJÓOTB
OJUBSJB4FUSBUBEFJNQMJDBSBMQBDJFOUFFO
MPTDVJEBEPTRVFQSFDJTFTJTVTJUVBDJÓO
NÊEJDBMPQFSNJUF
#JPTFHVSJEBE
0USPEFMPTBTQFDUPTFOMPTRVFTFJODJEJÓ
EVSBOUFFMFODVFOUSPGVFFOMBCJPTFHVSJ
EBEFOMBQSPGFTJÓO%JFHP"ZVTPTFDSFUB
SJPHFOFSBMEFM$POTFKP(FOFSBMEF&OGFS
NFSÎBGVFFMFODBSHBEPEFEBSMBTQJODF
MBEBTFOFTUBNBUFSJB
4FHÙOFM*OTUJUVUP/BDJPOBMEF)JHJFOF
Z4FHVSJEBEFOFM5SBCBKP*OITU
MPTDPS
UFTPQJODIB[PTSFQSFTFOUBOFMQPSDJFOUP
EFMPTSJFTHPTEFBDDJEFOUFTFOFMQVFTUP
EFUSBCBKP1FRVFÒPTQFSDBODFTRVFDPO
MMFWBOVOBBMUBQPTJCJMJEBEEFDPOUBHJPEF
NÃTEFWJSVTQPUFODJBMNFOUFNPSUB
MFTFOUSFFMMPTMPTEFMBIFQBUJUJTmUBOUP#
DPNP$mPEFM7*)FOUSFPUSBTFOGFSNF
EBEFTUSBOTNJTJCMFT
"OUFFTUBSFBMJEBEZEFTQVÊTEFRVFTF
BQSPCBSBFOVOB%JSFDUJWBEFMB6OJÓO
&VSPQFBQBSBQSFWFOJSFTUFUJQPEFMFTJP
OFTFMDPMFDUJWPFOGFSNFSPMMFWBUJFNQPEF
NBOEBOEPBM.JOJTUFSJPEF4BOJEBERVF
FMBCPSFVOBOPSNBUJWBFOMBNBUFSJBSF
TBMUBOEPRVFOVNFSPTPTFTUVEJPTOBDJPOB
MFTFJOUFSOBDJPOBMFTEFNVFTUSBORVFFT
OFDFTBSJPQBSBQSFWFOJSMFTJPOFTMBDPNCJ
OBDJÓOEFVOBGPSNBDJÓOBEFDVBEBQSÃD
UJDBTNÃTTFHVSBTFOFMUSBCBKPZVTPEFNB
UFSJBMTBOJUBSJPRVFJODPSQPSFEJTQPTJUJWPT
EFTFHVSJEBEQBTJWBi-PTQSPGFTJPOBMFTTB
OJUBSJPTUJFOFORVFFYJHJSRVFMPTNBUFSJB
MFTTFBOTFHVSPTuFYQMJDBFMFYQFSUP&O
FTUFTFOUJEP"ZVTPBQVOUBRVFBVORVFMB
GPSNBDJÓOEFQSFHSBEPFOFTUBNBUFSJBFTUÃ
MJNJUBEBTJOFNCBSHPUJFOFRVFTFSMBEF
QPTUHSBEPMBRVFEÊQBTPTFOCJPTFHVSJEBE
BUSBWÊTEFVOBUVUPSJ[BDJÓOFTQFDÎGJDBZ
VOBGPSNBDJÓOEFEPTPUSFTEÎBT
&TQFDJBMJEBEFT
.VDIPTEFMPTFTUVEJBOUFTBTJTUFOUFTBM
DPOHSFTPFTUÃOBQVOUPEFUFSNJOBSMBDB
SSFSBEFFOGFSNFSÎBZEBSFMTBMUPBMNVOEP
MBCPSBM&OQPDPTNFTFTUFOESÃORVFFO
GSFOUBSTFBTVTQSJNFSPTQBDJFOUFTDPNP
FOGFSNFSPTZFOGFSNFSBT&TQPSFMMPRVF
EVSBOUFFMFODVFOUSPTFQVTPTPCSFMBNFTB
MBSFBMJEBEEFFTUBOVFWBFUBQB.BZUF7B
MMFEJSFDUPSBEFMÃSFB&*3FO$50FOGFS
NFSÎBEJPQBTPBMBNFTBSFEPOEBFOMB
RVFFOGFSNFSBTQSPGFTJPOBMFTEFMBTEJ
GFSFOUFTFTQFDJBMJEBEFT0CTUÊUSJDPHJOF
DPMÓHJDB4BMVE.FOUBM'BNJMJBSZ$PNV
OJUBSJB(FSJBUSÎB1FEJÃUSJDBZFOGFSNFSÎB
EFM5SBCBKP
FYQVTJFSPOMBTDBSBDUFSÎTUJ
DBTQSPQJBTEFDBEBVOBEFFMMBTMPRVF
GBDJMJUÓRVFMPTKÓWFOFTFTUVEJBOUFTRVF
BIPSBTFFOGSFOUBOBTVJODJQJFOUFGVUVSP
QSPGFTJPOBMQVFEBOWBMPSBSQSPTZDPO
USBTEFDBEBVOBEFMBTPQDJPOFT
&MFYBNFO&*3FTVOPEFMPTHSBOEFTEF
TBGÎPTRVFEFCFOBGSPOUBSMPTGVUVSPTFO
GFSNFSPT$PNPFYQMJDB7BMMFFTJNQPSUBOUF
EFDBSBBFTUBQSVFCBUFOFSVOAIJMPDPO
EVDUPSZVOPTGPSNBEPSFTRVFFODBNJOFO
MBQSFQBSBDJÓOi6OWBMPSBÒBEJEPRVFTÓMP
TFBQPSUBFOMBBDBEFNJBuJOEJDBBMUJFNQP
RVFBTFHVSBRVFNFEJBOUFVOBTDMBTFTNB
HJTUSBMFTFOGPDBEBTBMFYBNFO&*3TFFY
QMJDBFMUFNBSJPTFSFTVFMWFOEVEBTZTFFO
TFÒBOUÊDOJDBTEFUFTUQBSBRVFMPTFTUV
EJBOUFTQVFEBOBCPSEBSFMFYBNFODPO
ÊYJUP"EFNÃTMBGJHVSBEFMUVUPSFTJNQPS
UBOUFZBRVFBMGJOBMFTRVJÊOMPTBDPNQB
ÒBSÃFOFMDBNJOPRVFUJFOFORVFSFDPSSFS
4JOFNCBSHPEFDBSBBMGVUVSPFMSFDP
OPDJNJFOUPEFMBTFTQFDJBMJEBEFTFTQBSB
7BMMFMBCBUBMMBRVFUFOESÃORVFMJEJBSMPT
GVUVSPTFOGFSNFSPTZFOGFSNFSBTQBSBRVF
iMPTQVFTUPTEFFTQFDJBMJTUBTTFBOPDVQB
EPTSFBMNFOUFQPSFTUPTQSPGFTJPOBMFTu
NS
Exclusivo NetSalud
(.BMEFPDUVCSFEF1PMÓUJDB
&MTFHVOEPJOGPSNFEF'FEFBSFGMFKB
NFKPSBTFOMPTJOEJDBEPSFTEFFNQMFP
&MUSBCBKPEFM0CTFSWBUPSJPEFMB4BOJEBEOPBDVTBVOEFUFSJPSPEFMTJTUFNBFOMPTÞMUJNPTEPTB×PT
&.$
.BESJE
-B'VOEBDJÓOEF&TUVEJPTEF&DPOPNÎB
"QMJDBEB'FEFB
BDBCBEFQVCMJDBSFM
TFHVOEPJOGPSNFEFTV0CTFSWBUPSJPEF
MB4BOJEBERVFBOBMJ[BFMJNQBDUPEFMB
TJUVBDJÓOFDPOÓNJDBFOMPTQSJODJQBMFT
JOEJDBEPSFTEFTBMVEZEFHBTUPTBOJUB
SJP4FHÙOFTUFEPDVNFOUPFMBCPSBEP
QPSFMSFTQPOTBCMFEF4BOJEBEEF'FEFB
FMQSPGFTPSEF&DPOPNÎBEFMB6OJWFSTJ
UBU 1PNQFV 'BCSB 4FSHJ +JNÊOF[ Z
"OBMÎB"OESFB7JPMBEF'FEFBVOBEF
MBTDPODMVTJPOFTNÃTJNQPSUBOUFTFTRVF
FO MPT ÙMUJNPT EPT BÒPT FM TJTUFNB
TBOJUBSJPOPIBTVGSJEPVOEFUFSJPSP
TJHOJGJDBUJWPTFHÙOTFEFTQSFOEFEFM
FTUVEJPEFMPTJOEJDBEPSFTBOBMJ[BEPT
QPSMPTBVUPSFTEFMUSBCBKP
&OFTUBÙMUJNBFOUSFHBEFMUPUBMEF
JOEJDBEPSFTFOFTUVEJPSFGMFKBOVOB
TJUVBDJÓOQPTJUJWBFODPMPSWFSEFFOFM
DVBESPBEKVOUP
OVFWFQSFPDVQBOUF
OBSBOKB
TJFUFOFHBUJWBSPKP
ZVOB
NVZOFHBUJWB
&MQSJNFSJOGPSNFEFM0CTFSWBUPSJPTF
QVCMJDÓFOEJDJFNCSFEF&OBRVFM
NPNFOUPFMBOÃMJTJTEFMPTEBUPTEJTQP
OJCMFTIBTUBMBGFDIBSFWFMBCBRVFFM
TJTUFNBTBOJUBSJPFTQBÒPMFTUBCBFOVOB
FODSVDJKBEBi4JMBTJUVBDJÓOTFSFWJFSUF
QSPOUPMBTDPOTFDVFODJBTBMBSHPQMB[P
TFSÃO NÎOJNBT 4J MPT SFDPSUFT TF
NBOUJFOFOPBHVEJ[BOFMEFUFSJPSPEF
MPTSFTVMUBEPTFOTBMVETFSÃVOBSFBMJ
EBEuUBMZDPNPBEWFSUÎBOTVTBVUPSFT
&OBRVFMNPNFOUPTFBOBMJ[BSPO
JOEJDBEPSFTEFMPTRVFNPTUSBCBO
VOBFWPMVDJÓOGBWPSBCMF'SFOUFBFTUPT
PUSBTWBSJBCMFTNPTUSBCBOVOBFWPMV
DJÓO QSFPDVQBOUF Z TFHVÎBO VOB
UFOEFODJBOFHBUJWB
$BTJ EPT BÒPT EFTQVÊT MPT EBUPT
QVFTUPTFOPCTFSWBDJÓOQPSMPTFDPOP
NJTUBT EF 'FEFB BQFOBT NVFTUSBO
WBSJBDJPOFT -B NÃT JNQPSUBOUF VO
DMBSPEFUFSJPSPBVORVFNPEFSBEPFO
NBUFSJBEFTBMVENFOUBMQPSFMEFTHBTUF
EFMBDSJTJTFDPOÓNJDBFOMPTDJVEBEB
OPTRVFIBIFDIPBVNFOUBSJOEJDBEP
SFTDPNPMBQSPQPSDJÓOEFNVFSUFTQPS
EFTÓSEFOFTNFOUBMFTTPCSFFMUPUBMEF
EFGVODJPOFT RVF FTUÃ FOiOFHBUJWPu
TFHÙOFTUFUSBCBKPZFMBVNFOUPEFMBT
UBTBTFTUBOEBSJ[BEBTEFNVFSUFQPS
TVJDJEJPQPSDBEBIBCJUBOUFT
RVFSFDJCFFMEJBHOÓTUJDPEFiQSFPDV
QBOUFuFOFTUBÙMUJNBFEJDJÓO
"MPUSPMBEPEFMBCBMBO[BTFTJUÙBOMPT
JOEJDBEPSFT EF FNQMFP FO FM TFDUPS
TBOJUBSJPRVFSFDPHFOVOBFWPMVDJÓO
QPTJUJWB&OFTUFTFOUJEPEBUPTDPNPMB
QBSUJDJQBDJÓOEFPDVQBEPTFO4BOJEBE
FOFMUPUBMNBOUJFOFTVMV[WFSEFFOFM
OVFWPEPDVNFOUPZPUSPTDPNPMBWBSJB
DJÓOJOUFSBOVBMEFMOÙNFSPEFPDVQBEPT
FOTBOJEBEPFMEFFNQMFPTZTBMBSJPT
IBO QBTBEP EF TFS DBMJGJDBEPT DPNP
Informes del Observatorio de Sanidad de Fedea
Informe
2014
Indicadores
Informe
2016
Estado de salud de la población
Esperanza de vida al nacer
Esperanza de vida de buena salud
Mortalidad infantil
Salud mental
*Proporción de muertes por desórdenes mentales sobre el total
*Tasas estandarizadas de muerte por suicidio cada 100.000 hab.
Riesgos para la salud
Víctimas de accidentes de tráfico
Frecuencia de accidentes de trabajo
Indicadores de gasto en sanidad
Gasto sanitario total como porcentaje del PIB
Gasto farmacéutico como porcentaje del gasto sanitario total
Indicadores de situación laboral en sanidad
Participación de ocupados en sanidad en el total
Variación interanual número de ocupados en sanidad
Empleo y salarios
Indicadores de calidad de empleo y grado de feminización
Situación positiva
Situación preocupante
Situación negativa
*Este indicador no aparece recogido de forma directa en el informe anterior. El campo Informe 2014
corresponde en este caso al indicador de nivel que recoge el último trabajo.
Fuente: Fedea.
&MBOÈMJTJTSFWFMBVOEFUFSJPSP
NPEFSBEPEFMBTBMVENFOUBM
EFMPTDJVEBEBOPTDPNP
DPOTFDVFODJBEFMBDSJTJT
-PTJOEJDBEPSFTRVFNJEFOMB
DBMJEBEZFMHSBEPEF
GFNJOJ[BDJØOFOFMFNQMFP
TJHVFOTJFOEPiQSFPDVQBOUFTw
iQSFPDVQBOUFTuBTFSEBUPTiQPTJUJWPTu
/PPCTUBOUFOPTJHVFOMBNJTNBFWPMV
DJÓO MPT JOEJDBEPSFT RVF NJEFO MB
DBMJEBE FO FM FNQMFP Z FM HSBEP EF
GFNJOJ[BDJÓORVFEPTBÒPTEFTQVÊTEFM
BOUFSJPSUSBCBKPTFNBOUJFOFOFOFMOJWFM
EFiQSFPDVQBOUFu
&MFDPOPNJTUB4FSHJ+JNÊOF[FYQMJDB
B(.RVFFOFTUFBTQFDUPiFMTFDUPS
TBOJUBSJPOPIBDFTJOPTFHVJSMBTUFOEFO
Gaceta Médica
DJBTRVFTFIBOTFHVJEPFOPUSPTTFDUP
SFTu"QVOUBFODVBMRVJFSDBTPRVFiVO
QSPGVOEPDBNCJPEFMBSFHVMBDJÓOEFM
NFSDBEPEFUSBCBKPQPESÎBGBWPSFDFSMB
NFKPSB EF MB DBMJEBE EFM FNQMFP FO
HFOFSBMZEFMFNQMFPFOFMTFDUPSTBOJUB
SJPFOQBSUJDVMBSu
"QFTBSEFFTUBNFKPSBFMFDPOPNJTUB
OPQVFEFWBMPSBSTJFTUBUFOEFODJBDPOUJ
OVBSÃFOFMGVUVSPPTJTFUSBUBTPMPEFM
SFGMFKPEFVOBÒPDPONBZPSFT
SFDVSTPT FDPOÓNJDPT FO NVDIBT
DPNVOJEBEFTFOMBTRVFTFDFMFCSBSPO
FMFDDJPOFT i/P QVFEP BOUJDJQBS FM
GVUVSPTPMPTFÒBMBSRVFFMTFDUPSTBOJUB
SJPFTFTUSBUÊHJDPZRVFMBEFNBOEBEF
TBMVEOPQBSBSÃEFDSFDFSuBEWJFSUF
&OFMSFTVNFOiOPUÊDOJDPuEFFTUF
JOGPSNFMPTBVUPSFTDJUBOBMHVOBTDJGSBT
RVFQFSNJUFOTPTUFOFSFTUBTTFÒBMFTEF
SFDVQFSBDJÓO1PSFKFNQMPFOFMUFSDFS
USJNFTUSFEFFMFNQMFPFOFMTFDUPS
TBOJUBSJP DSFDJÓ VO QPS DJFOUP
SFTQFDUP BM NJTNP QFSJPEP EFM BÒP
BOUFSJPSUFOEFODJBRVFTFDPOTPMJEÓFO
MPTUSJNFTUSFTQPTUFSJPSFTDPOVODSFDJ
NJFOUPEFMQPSDJFOUPFOFMDVBSUP
USJNFTUSFEFEFMQPSDJFOUPFO
FMQSJNFSUSJNFTUSFEFZVOFTQFD
UBDVMBSQPSDJFOUPFOFMTFHVOEP
USJNFTUSFEF
5BNCJÊO EFTUBDBO RVF BVORVF MB
QBSUJDJQBDJÓOEFMTFDUPSTBOJUBSJPTPCSF
FMUPUBMEFPDVQBEPTOPIBEBEPHSBOEFT
TBMUPTTFIBNBOUFOJEPFTUBCMFEFTEF
IBDFUJFNQPDPOVOBMJHFSBUFOEFODJBBM
BM[BFOMPTÙMUJNPTUSJNFTUSFT
"MBOBMJ[BSMBTCBTFTEFDPUJ[BDJÓOZ
MPTTBMBSJPTFM0CTFSWBUPSJPEF4BOJEBE
EF'FEFBUBNCJÊOJOUVZFNFKPSBTZB
RVFTFEFUFDUBVOBMFWFUFOEFODJBBMBM[B
FOFMBÒPBVORVFUBNCJÊOEFTUBDB
VOBVNFOUPEFMBDPOUSBUBDJÓOBUJFNQP
QBSDJBM&ODVBMRVJFSDBTPVOPEFMPT
BTQFDUPTNÃTQSFPDVQBOUFTBTFHVSBO
FT RVJ[ÃT RVF MB SFDVQFSBDJÓO EF
DPUJ[BOUFTFOFMTFDUPSTFFTUÃIBDJFOEP
NBZPSJUBSJBNFOUFBUSBWÊTEFFNQMFP
UFNQPSBM Z UJFNQP QBSDJBM RVF IBO
BVNFOUBEP TV QSFWBMFODJB FO MPT
ÙMUJNPTBÒPT
3FTVMUBEPTFOTBMVE
5FOJFOEPFODVFOUBMPTSFTVMUBEPTFO
TBMVEMBPQJOJÓOEFMPTBVUPSFTEFFTUF
JOGPSNFFTRVFMBTJUVBDJÓOTJHVFTJFOEP
NVZTBUJTGBDUPSJB-BFTQFSBO[BEFWJEB
IBTVCJEPDBTJVOBÒPFOUSFZ
ZOVFTUSPQBÎTTFNBOUJFOFDPNPMÎEFS
FVSPQFPFOFTUFJNQPSUBOUFJOEJDBEPS
JOTJTUFOEFTEFFTUBGVOEBDJÓOFODVZP
FMFODPEFQBUSPOPTTFJODMVZFOCBODPTZ
DBKBTEFBIPSSPTZBMHVOBTEFMBTQSJODJ
QBMFTDPNQBÒÎBTEFOVFTUSPQBÎT
&ODVBOUPBMBWBMPSBDJÓOQÙCMJDBEFM
TJTUFNBTBOJUBSJPMPTÙMUJNPT#BSÓNF
USPT4BOJUBSJPTNVFTUSBOVOBDBÎEBFOFM
OJWFMEFTBUJTGBDDJÓOEFMPTVTVBSJPTEFM
TJTUFNBRVFQPESÎBSFGMFKBSFMEFTDFOTP
EFMBJOWFSTJÓOFOFMTFDUPS"TJNJTNPFM
QPSDFOUBKFEFQPCMBDJÓORVFQJFOTBRVF
FMQSPCMFNBEFMBTMJTUBTEFFTQFSBIB
FNQFPSBEPDSFDJÓQVOUPTFOUSF
Z
0USPT EBUPT BOBMJ[BEPT QPS MPT
FTQFDJBMJTUBTTFNBOUJFOFOFOOJWFMFT
RVF FO TV EÎB TF DBMJGJDBSPO DPNP
iQSFPDVQBOUFTu&TFMDBTPEFMBTUBTBT
EF PCFTJEBE FO BEVMUPT Z OJÒPT DPO
OJWFMFT SFMBUJWBNFOUF FMFWBEPT
"EFNÃTMPTBVUPSFTOPQJFSEFOEFWJTUB
RVFFMBVNFOUPEFMBTUBTBTEFQPCSF[B
ZEFTJHVBMEBEFTEFMBSFOUBRVFTFIBO
SFHJTUSBEPEVSBOUFMBDSJTJTFDPOÓNJDB
QPESÎBOBVNFOUBSBÙONÃTBNFEJPZ
MBSHPQMB[PMBTEFTJHVBMEBEFT.JFOUSBT
PUSPTJOEJDBEPSFTDPNPMBNFOPSQSFWB
MFODJBEFGVNBEPSFTEJBSJPTZMBJNQPS
UBOUF SFEVDDJÓO FO FM DPOTVNP EF
DJHBSSJMMPTQFSDÃQJUBSFTVMUBOBMFOUBEP
SFT$BNCJPTFOMPTIÃCJUPTEFWJEBRVF
QPESÎBOUFOFSVOSFGMFKPBMBSHPQMB[PFO
FMFTUBEPEFTBMVEEFMPTFTQBÒPMFT
NS
Exclusivo NetSalud
1PMÓUJDBBMEFPDUVCSFEF(.
%PUBSEFPSEFOBNJFOUPKVSÎEJDPMB
WBDVOBDJÓOFOTBOJUBSJPTyVOBTPMVDJÓO
"QVOUBORVFMBBVTFODJBEFVOBOPSNBQBSBQSPNPWFSVOBNFEJEBQÞCMJDBEFWBDVOBDJØOFTVOEÏGJDJUMFHBM
$"3.&/.-»1&;
.BESJE
&TJOEJTDVUJCMFRVFMBTWBDVOBTDPOTUJUV
ZFOFMJOTUSVNFOUPEF4BMVE1ÙCMJDBRVF
NÃTÊYJUPIBOUFOJEPFOMBMVDIBDPOUSB
FOGFSNFEBEFTJOGFDDJPTBT4JOFNCBSHP
FTQSFPDVQBOUFRVFTFBOQSFDJTBNFOUFBM
HVOPTQSPGFTJPOBMFTEFMTFDUPSTBOJUBSJP
MPTRVFTFNVFTUSBONÃTSFBDJPTSFDIB
[BOEPWBDVOBSTFDVBOEPUBMEFDJTJÓOQB
SFDFiOPSFTQFUBSVOPEFMPTQSJODJQJPTCÃ
TJDPTEFTVSFMBDJÓODPOMPTQBDJFOUFTDPNP
FTFMEFQSJNFSPOPIBDFSEBÒPBEFNÃT
EFOPWFOJSBTFOUBEBFOBSHVNFOUPTDJFO
UÎGJDPTuFYQMJDÓ'FEFSJDPEF.POUBMWPWJ
DFQSFTJEFOUFEFM$PNJUÊEF#JPÊUJDBEF&T
QBÒB
%VSBOUFMBKPSOBEBA-B1SPNPDJÓOEFMB
7BDVOBFOFM"EVMUPPSHBOJ[BEBQPSFM
)PTQJUBM6OJWFSTJUBSJP3BNÓOZ$BKBMTF
QVTPTPCSFMBNFTBMBJORVJFUVERVFFTUÃO
HFOFSBOEPMBTCBKBTDPCFSUVSBTEFWBDV
OBDJÓOFOBEVMUPT-BJOFYJTUFODJBEFVO
DBMFOEBSJPWBDVOBMFTVOFTDPMMPFONBUF
SJBEFQSFWFODJÓOi6OEFTBGÎPQFOEJFOUF
EFM4JTUFNB/BDJPOBMEF4BMVE4/4
uUBM
ZDPNPEFTDSJCJÓMBEJSFDUPSBHFOFSBMEF
4BMVE1ÙCMJDBEFMB$PNVOJEBEEF.BESJE
$BSNFO:PMBOEB'VFOUFT
"VORVFMB$PNVOJEBEEF.BESJEIBTJEP
QJPOFSBFOFYUFOEFSMBWBDVOBEFMOFVNP
DPDPBMPTBEVMUPTEFBÒPTUPEBWÎBRVFEB
NBSHFOEFNFKPSB"TVKVJDJPMBOFDFTJ
EBEEFIBDFSFYUFOTJWPFMNFOTBKFEFMB
QSFWFODJÓOFTVOBUBSFBRVFBEFNÃTEF
DPSSFTQPOEFSBMB"ENJOJTUSBDJÓOMPTQSP
GFTJPOBMFTTBOJUBSJPTUJFOFOVOQBQFMDMBWF
i/PBWBO[BNPTMPTVGJDJFOUFFOBMHPRVF
FTFGJDB[uMBNFOUÓMBEJSFDUPSBHFOFSBM
&O&TQBÒBUBMZDPNPSFDPSEÓ+FTÙT.B
SÎB"SBOB[KFGFEFM4FSWJDJPEF.FEJDJOB
1SFWFOUJWBZ4BMVE1ÙCMJDBEFM3BNÓOZ
$BKBMTFJOJDJÓMBBDUJWJEBEWBDVOBEPSBFO
&OMBBDUVBMJEBEMBDPCFSUVSBEFMBT
WBDVOBTJOGBOUJMFTSFDPNFOEBEBTFTTV
QFSJPSBMQPSDJFOUPZFMQPSDFOUBKF
EFOJÒPTRVFSFDJCFOMBTEPTJTEFSFDVFSEP
FTEFNÃTEFMQPSDJFOUP4JOFNCBSHP
iFOFMDBTPEFMPTBEVMUPTMBTDPCFSUVSBT
WBDVOBMFTDBFOEFGPSNBDPOTJEFSBCMFu
BEWJSJUJÓ"SBOB[
5PEBWÎBIPZZDPOMBFYDFQDJÓOEFMBWB
DVOBDJÓOBOUJHSJQBMFYJTUFMBDSFFODJBFRVJ
WPDBEBEFRVFMBTWBDVOBTTPOTÓMPDPTB
EFOJÒPTDVBOEPEFIFDIPMPTBEVMUPTUBN
CJÊOSFRVJFSFOEFMBQSFWFODJÓOQPSJONV
OJ[BDJÓOGSFOUFBVOBCBUFSÎBEFFOGFSNF
EBEFTJOGFDDJPTBT"EFNÃTBNFEJEBRVF
TFFOWFKFDFTFJODSFNFOUBMBTVTDFQUJCJMJ
EBEBMBTJOGFDDJPOFTSFQSFTFOUBOEPVO
SFUPEFDPOTJEFSBCMFTEJNFOTJPOFTQBSB
MPTTFSWJDJPTEFTBMVE
&MQSFWFOUJWJTUBFYQMJDÓRVFIBZRVFUF
OFSFODVFOUBVOBTFSJFEFGBDUPSFTRVF
DPOEJDJPOBOMBWBDVOBDJÓOEFMBEVMUPZRVF
SFRVJFSFOQPSUBOUPVOBFTQFDJBMBUFODJÓO
i.VDIPTBEVMUPTOPGVFSPOWBDVOBEPTFO
TVJOGBODJBPSFDJCJFSPOVOBWBDVOBDJÓO
&O&TQB×BMBWBDVOBDJØOEFBEVMUPTOPUJFOFCVFOPTEBUPTEFDPCFSUVSB.VDIPTTBOJUBSJPTDPOTJEFSBOMBJONVOJ[BDJØODPNPVOQSÈDUJDBQSFWFOUJWBEFJOUFSÏTMJNJUBEPBMBQPCMBDJØOJOGBOUJM
&-%"50
-BTDPCFSUVSBTEFWBDVOBDJØOFOUSFQBÓTFTGVFSB
EFMBDPNVOJEBEFVSPQFBTPONVZWBSJBCMFT%F
IFDIP.POUBMWPDPNFOUØDPNPFYJTUFO
GØSNVMBTEFJODFOUJWPTFDPOØNJDPTPTJNJMBSFT
‰EFOPNJOBEPTFOFMNVOEPBOHMPTBKØO
OVEHFTZRVFFTUÈODPCSBOEPHSBOSFMFWBODJBFO
MBTOVFWBTQPMÓUJDBTEFTBMVEQÞCMJDB‰&O
&TUBEPT6OJEPTFYJTUFONFEJEBTDPFSDJUJWBTFO
WJSUVEEFMBTDVBMFTMPTUSBCBKBEPSFTEFMTFDUPS
TBOJUBSJPQVFEFOWFSTFFYQVFTUPTBMBQÏSEJEB
EFMQVFTUPEFUSBCBKPTJOPBDFQUBOTFS
WBDVOBEPTTPCSFUPEPFOEFUFSNJOBEPT
ÈNCJUPTBTJTUFODJBMFTFOMPTRVFFYJTUFNBZPS
SJFTHPEFDPOUBHJP
JODPNQMFUBQPSMBOPEJTQPOJCJMJEBEEFMB
QSPGJMBYJTFOFTBÊQPDBuBTFHVSÓ
"SBOB[DPOTJEFSBQPSUBOUPRVFTPOOF
DFTBSJBTFTUSBUFHJBTEFWBDVOBDJÓOTFMFD
UJWBEJSJHJEBTBHSVQPTEFSJFTHP1FSPTJO
EVEBMPTFYQFSUPTDPJODJEFOFORVFFMNF
KPSQSFEJDUPSEFMBWBDVOBDJÓOEFVOQB
DJFOUFFTIBCFSSFDJCJEPMBSFDPNFOEBDJÓO
EFVOQSPGFTJPOBMTBOJUBSJP
%FFTUFNPEPEVSBOUFFMFODVFOUSPTF
QVTPTPCSFMBNFTBMBOFDFTJEBEEFEFEJ
DBSNÃTBUFODJÓOZSFDVSTPTBFTUFOJWFM
DPODJFODJBOEPOPTÓMPBMBTPDJFEBEUBN
CJÊOBMPTQSPGFTJPOBMFTTBOJUBSJPTi&MQSJO
DJQBMSJFTHPEFMBTWBDVOBTEFSJWBEFTV
QSPQJPÊYJUPZFOFMUFSDFSNJMFOJPUFOFNPT
VOSFUPFOWBDVOBTWFODFSMBTCBSSFSBT
GSFOUFBMBWBDVOBDJÓOuBEWJSUJÓ"SBOB[
1BSB%PMPSFT#BSSBODPKFGBEFTFDDJÓO
EFMB%JSFDDJÓO(FOFSBMEF4BMVE1ÙCMJDB
EFMB$".FTUBNPTBOUFVOQSPCMFNBEF
iPQPSUVOJEBEFTQFSEJEBTu-BFYQFSUBFTUÃ
DPOWFODJEBEFMBGBMUBEFJOGPSNBDJÓODJFO
UÎGJDBTPCSFMBFGFDUJWJEBEZTFHVSJEBEEF
MBTWBDVOBTFTVOGSFOPFOFTUFTFOUJEP
i4FFTUJNBRVFMBWBDVOBDJÓOGSFOUFBMB
HSJQFFTUBDJPOBMFO&TQBÒBOPBMDBO[ÓFM
QPSDJFOUPFODVBOEPFOFMNJTNP
QFSJPEPFO&&66MBWBDVOBDJÓOBOUJHSJ
QBMEFMQFSTPOBMTBOJUBSJPTVQFSÓFMQPS
DJFOUPZFOTFBMDBO[ÓFMQPS
DJFOUPuBOBMJ[Ó"SBOB["EFNÃTDPNFOUÓ
RVFMBTCBKBTDPCFSUVSBTWBDVOBMFTGSFOUF
BMBHSJQFFOUSFFMQFSTPOBMTBOJUBSJPOPTPO
ÙOJDBNFOUFVOQSPCMFNBEF&TQBÒBiTJOP
RVFTFUSBUBEFVOGFOÓNFOPDPNÙOFO
UPEPFMNVOEPu
&O&VSPQB'SBODJBFTFMQBÎTRVFEFT
UBDBQPSUFOFSFTUBCMFDJEBMBPCMJHBUPSJF
EBEEFRVFMPTQSPGFTJPOBMFTTBOJUBSJPTTF
WBDVOFOi&OFMSFTUPOPFYJTUFPCMJHBDJÓO
EFCJEPBMDPODFQUPNVZBSSBJHBEPFO&V
SPQBEFMBMJCFSUBEJOEJWJEVBMFOSFMBDJÓO
BRVFMBTDPTBTIBZRVFIBDFSMBTQPSVO
QSJODJQJPEFSFTQPOTBCJMJEBEuQSFDJTBFM
GBDVMUBUJWP&O&TUBEPT6OJEPTTFFTUÃJN
QPOJFOEPFONVDIBTDPSQPSBDJPOFTNÊ
EJDBTMBPCMJHBUPSJFEBEEFMBWBDVOBDJÓO
GSFOUFBMBHSJQFZFTUÃODPOTJHVJFOEPVOBT
DPCFSUVSBTEFQPSDJFOUP
%FFTUFNPEP"SBOB[FTUÃDPOWFODJEP
EFRVFQBSBNFKPSBSMBTDPCFSUVSBTFTOF
DFTBSJBMBGPSNBDJÓOSFHMBEBZDÎDMJDBFO
WBDVOBTFYJTUJFOEPVOBHSBOEJTDVTJÓOTP
CSFMBPCMJHBUPSJFEBEEFWBDVOBSTFBMNF
OPTBMPTQSPGFTJPOBMFTFODPOUBDUPDPOFO
GFSNPTEFNBTSJFTHP
"TJNJTNPEFTEFFMQVOUPEFWJTUBÊUJDP
.POUBMWPUJFOFDMBSPRVFFMQSJODJQBMQSP
CMFNBRVFIBZFO&TQBÒBFTFMEFMBOP
FYJTUFODJBFOFMPSEFOBNJFOUPEFVOEF
CFSMFHBMEFWBDVOBDJÓO$PNPJOEJDÓMBT
OPSNBTRVFSFHVMBOMBTWBDVOBTQFTFB
SFDPOPDFSTVFTQFDJBMSFMFWBODJBFOFM
DBNQPEFMBTBMVEQÙCMJDBZEFMBQSFWFO
DJÓOEFFOGFSNFEBEFTJOEJWJEVBMFTZDP
MFDUJWBTFQJEFNJBT
iOPJODPSQPSBOVOB
DMÃVTVMBKVSÎEJDBEFPCMJHBUPSJFEBEFOMPT
QSPGFTJPOBMFTTBOJUBSJPTu
%FFTUFNPEPFMFYQFSUPFOCJPÊUJDB
BQVFTUBQPSBSUJDVMBSKVSÎEJDBNFOUFVOTJT
UFNBDPNQMFUPEFNFEJEBTFOFMPSEFOB
NJFOUPEFNBOFSBRVFFMSFDVSTPBDBEB
VOBEFFMMBTBUFOEJFOEPBTVOJWFMEFBGFD
UBDJÓOEFMBMJCFSUBEJOEJWJEVBMEFCFSÎBIB
DFSTFEFNBOFSBQSPQPSDJPOBMTFHÙOMBT
DJSDVOTUBODJBTRVFDPODVSSBOFODBEBDBTP
i1BSFDFBEFDVBEPEFTEFVOBQFSTQFDUJWB
ÊUJDPMFHBMRVFKVOUPBMJNQVMTPEFNFEJ
EBTEFFEVDBDJÓOJOGPSNBDJÓOZQSPNP
DJÓOEFDPOEVDUBTGBWPSBCMFTBMBWBDVOB
DJÓOQPSQBSUFEFMBQPCMBDJÓODPNPQPMÎ
UJDBQSJODJQBMEFTBMVEQÙCMJDBQVFEB
JNQPOFSTFFOTVQVFTUPTNVZFTQFDÎGJDPT
MBWBDVOBDJÓOPCMJHBUPSJBuBOUJDJQÓ
"MNJTNPUJFNQPFOPQJOJÓOEF.PO
UBMWPIBZRVFQSPNPWFSFMQSJODJQJPEF
USBOTQBSFODJBFOFMÃNCJUPEFMFNQMFPEF
MBTWBDVOBTZTFHVJSUSBCBKBOEPEFTEFMPT
QPEFSFTQÙCMJDPTDPOBQPZPEFMBTTPDJF
EBEFTDJFOUÎGJDBTZHSVQPTQSPGFTJPOBMFT
FOMBEFUFSNJOBDJÓOEFDVBMFTTPOSFBM
NFOUFMBTWBDVOBTRVFTFNVFTUSBODPNP
JOEJTQFOTBCMFTQBSBMBTBMVEDPMFDUJWB
$POUPEPMPTFYQFSUPTMMBNBSPOBMBDPO
DJFODJBDJÓOQPSQBSUFEFUPEPTUBOUPBHFO
UFTTBOJUBSJPTDPNPTPDJBMFT"TJNJTNPBM
JHVBMRVFFOWBDVOBDJÓOJOGBOUJMTFIBIF
DIPVOFTGVFS[PQPSFTUBCMFDFSVODBMFO
EBSJPWBDVOBMUPEPTPQJOBORVFIBDFSMP
NJTNPQBSBBEVMUPTFTPUSBNFEJEBFGJDB[
NS
Exclusivo NetSalud
(.BMEFPDUVCSFEF1PMÓUJDB
-B"(1QSFTFOUB
B11140&Z$T
TVQPTUVSBFO
WBDVOBTEFBEVMUPT
-PTSFQSFTFOUBOUFTEFMB"MJBO[BFOUSFHBSPOBMPT
HSVQPTMBEPDVNFOUBDJØOTPCSFFTUBQSPQVFTUB
5PSÃDJDB MB 4PDJFEBE &TQBÒPMB EF
.ÊEJDPTEF"UFODJÓO1SJNBSJB-B4PDJF
EBE&TQBÒPMBEF.FEJDJOBEF'BNJMJBZ
&OFTUBTTFNBOBTMB"MJBO[B(FOFSBMEF $PNVOJUBSJBZMB4PDJFEBE&TQBÒPMBEF
1BDJFOUFTIBNBOUFOJEPSFVOJPOFTDPO (FSJBUSÎB Z (FSPOUPMPHÎB KVOUP B VO
MPTHSVQPTQBSMBNFOUBSJPTEFM1BSUJEP FTQFDJBMJTUB FO FOEPDSJOPMPHÎB Z VO
1PQVMBS 11
140& Z
QSPGFTPSEF"OÃMJTJT
$JVEBEBOPT
&DPOÓNJDPT Z
$T
QBSBIBDFS
'JOBO[BT EF MB
MFT MMFHBS FM
6OJWFSTJEBE EF
Ù M U J N P $BTUJMMB-B
EPDVNFOUP EF
.BODIB6OBEF
BOÃMJTJT
RVF
TVTDPODMVTJPOFT
SFDPHFFMUSBCBKP
QSJODJQBMFTFTRVF
EFMB"(1TPCSFMB
FTSFDPNFOEBCMF
WBDVOBDJÓO FO
MB WBDVOBDJÓO
BEVMUPT
/P
GSFOUFBMBHSJQFFM
PCTUBOUF
FM
IFSQFT[ÓTUFSZFM
FTGVFS[P EF MB
OFVNPDPDP
BMJBO[BQPSTJUVBS
%F OVFWP FTUF
FTUF UFNB FO MB
ÙMUJNP
USBCBKP
BHFOEBQPMÎUJDBOP
JOTJTUFFOMBJNQPS
-B"(1DVFOUBDPOEPT
QBSBBRVÎZFOMPT
UBODJB EF MB
JOGPSNFTRVFBOBMJ[BOMB
QSÓYJNPTEÎBTTVT
WBDVOBDJÓO DPNP
TJUVBDJØOFOWBDVOBDJØOEF VOPEFMPTQJMBSFT
SFTQPOTBCMFT
FTQFSBO QPEFS
EFMBTBMVEQÙCMJDB
BEVMUPTZDSØOJDPT
SFVOJSTF UBNCJÊO
ZQMBOUFBMBOFDFTJ
DPO SFQSFTFOUBO
EBEEFFTUBCMFDFS
UFTEFMHSVQPQBSMBNFOUBSJPEF1PEFNPT VODBMFOEBSJPTJTUFNÃUJDPEFWBDVOBDJÓO
&TUFÙMUJNPEPDVNFOUPDPNQMFUBFM FOBEVMUPTZDSÓOJDPTDPNPFMRVFZB
USBCBKPEFMB"(1TPCSFFTUFUFNBRVFZB FYJTUF FO OJÒPT Z KÓWFOFT 5BNCJÊO GVFBCPSEBEPFOTFQUJFNCSFEFMBÒP SFDBMDBMBJNQPSUBODJBEFRVFFMQSFTV
QBTBEP FO VO *OGPSNF EFM (SVQP EF QVFTUPFOWBDVOBTTFBWBMPSBEPDPNP
USBCBKPTPCSF7BDVOBDJÓOFOFM"EVMUPZ VOBJOWFSTJÓOZOPVOHBTUP
FM1BDJFOUF$SÓOJDPRVFUBNCJÊOGVF
1PS PUSB QBSUF MB "(1 DPOUJOÙB
FOUSFHBEPBMPTHSVQPTZFODVZBFMBCP BWBO[BOEPFOTVTDPOUBDUPTDPOSFQSF
SBDJÓOQBSUJDJQBSPOSFQSFTFOUBOUFTEF TFOUBOUFTEFMPTEJGFSFOUFTHSVQPTEFM
TPDJFEBEFTDJFOUÎGJDBTDPNPMB4PDJFEBE 4FOBEPQBSBUSBTMBEBSMFTTVTMÎOFBTEF
&TQBÒPMB EF /FVNPMPHÎB Z $JSVHÎB USBCBKPFOFRVJEBEEFMTJTUFNBTBOJUBSJP
(.
.BESJE
&MFRVJQPEFMB"(1MJEFSBEPQPSTVQSFTJEFOUF"OUPOJP#FSOBMTFHVOEPQPSMBEFSFDIB
KVOUPBMBQPSUBWP[EF
4BOJEBEEFM115FSFTB"OHVMPBMBEFSFDIB
ZFMEJQVUBEP#JFOWFOJEPEF"SSJCB
-B"MJBO[B(FOFSBMEF1BDJFOUFTTFSFVOJØUBNCJÏODPOFMQPSUBWP[EF4BOJEBEEFM140&+FTÞT.BSÓB'FSOÈOEF[ZMBT
EJQVUBEBT&MWJSB3BNØO(VBEBMVQF.BSUÓOZ.JSJBN"MDPODIFM
&MQPSUBWP[EF4BOJEBEEF$JVEBEBOPT'SBODJTDP*HFBSFDJCJØMPTEPDVNFOUPTEFBOÈMJTJTTPCSFWBDVOBDJØOEFBEVMUPT
ZFMJOGPSNFEFM(SVQPEF5SBCBKPTPCSFFTUFUFNBEFNBOPTEFMPTSFQSFTFOUBOUFTEFMB"(1
-B4&3MBO[BTVBQQQBSBQSPGFTJPOBMFTZQBDJFOUFT
(.
.BESJE
-B4PDJFEBE&TQBÒPMBEF3FVNBUPMPHÎB
4&3
IBMBO[BEPTV"QQ4&3VOBBQMJDB
DJÓOHSBUVJUBQBSBEJTQPTJUJWPTNÓWJMFT
"OESPJEFJ04EJSJHJEBUBOUPBQSPGFTJP
OBMFT TBOJUBSJPT SFMBDJPOBEPT DPO FM
DBNQP EF MB SFVNBUPMPHÎB DPNP B
QBDJFOUFTDPOFOGFSNFEBEFTSFVNÃUJDBT
-BBQMJDBDJÓOTJSWFQBSBRVFMPTQBDJFO
UFTQVFEBOMPDBMJ[BSEFGPSNBSÃQJEBMPT
NÊEJDPTFTQFDJBMJTUBTQPSQSPYJNJEBEB
USBWÊTEFVOTFODJMMPHFPMPDBMJ[BEPS
4FHÙO.JHVFM¦OHFM#FMNPOUFSFTQPO
TBCMFEFMB$PNJTJÓOEF5FDOPMPHÎBEFMB
*OGPSNBDJÓOZ$PNVOJDBDJÓO5*$
EFMB
4&3BTFHVSBRVFiFTUBBQQDVCSFFMWBDÎP
FYJTUFOUFFOFMÃNCJUPEFMBSFVNBUPMP
HÎBZBRVFMPTFTQFDJBMJTUBTZQBDJFOUFT
OPEJTQPOÎBOEFVOBIFSSBNJFOUBEFFTUF
UJQPDPOJOGPSNBDJÓOBDUVBMJ[BEBÙUJMZ
EFJOUFSÊTBDDFTJCMFBUSBWÊTEFMPTEJTQP
TJUJWPTNÓWJMFTu
"QBSUBEPTEJGFSFODJBEPT
&ODPODSFUPFOFMBQBSUBEPEFQSPGFTJP
OBMFTTFJODMVZFOMBTTJHVJFOUFTTFDDJP
OFT FWFOUPT CFDBT JOWFTUJHBDJÓO
OPUJDJBTFOMBDFTEFJOUFSÊTCPMTBEF
USBCBKPEJSFDUPSJPEFDFOUSPTDPOUBDUPZ
SFEFTTPDJBMFT"QBSUFTFIBOBÒBEJEP
VOBTFSJFEFDBMDVMBEPSBTNÊEJDBTZ
DSJUFSJPTEFDMBTJGJDBDJÓO
1PSPUSBQBSUFMBTFDDJÓOEFQBDJFOUFT
SFDPHFUBNCJÊOOPUJDJBTJOGPSNBDJÓO
TPCSFMBTFOGFSNFEBEFTSFVNÃUJDBTNÃT
DPNVOFTFOMBDFTEFJOUFSÊTEFBTPDJB
DJPOFTEFQBDJFOUFTZFMTJTUFNBEFMPDBMJ
[BDJÓOEFDPOTVMUBTNÊEJDBT&MEJSFDUP
SJPEFDFOUSPTPHFPMPDBMJ[BEPSFTVO
BQBSUBEPDMBWFFOFMDVBMTFSFDPHFOMPT
DFOUSPTDPOFTQFDJBMJTUBTFOSFVNBUPMP
HÎBSFHJTUSBEPTDPOTVTEBUPTSFDVSTPT
EJTQPOJCMFTÃSFBTEFJOUFSÊTZTPDJFEB
EFTDPOMBTRVFTFUSBCBKB4FJODMVZFVO
QPTJDJPOBNJFOUP(14RVFNVFTUSBMPT
DFOUSPTNÃTDFSDBOPTBMVTVBSJP
1VCMJDJEBEBMEFPDUVCSFEF(.
(. BMEFPDUVCSFEF
1SJNBSJB
'BMUBOQSFWFODJÓOZVOJEBEFTEF
SFGFSFODJBFOFMDPOUSPMEFMBBSUSPTJT
/PTFMFEBBFTUBQBUPMPHÓBMBJNQPSUBODJBRVFUJFOFZRVFEBNVDIPDBNJOPQPSSFDPSSFSFOTVBCPSEBKF
+7
.BESJE
4JTFUJFOFFODVFOUBiMBBNQMJBJODJEFO
DJBuEFMBBSUSPTJTZiTVTHSBWFTDPOTFDVFO
DJBTuFOSFMBDJÓODPOMBJODBQBDJEBEGVO
DJPOBMZFMEPMPSRVFDPOUJOÙBHFOFSBOEP
BKVJDJPEF+PTÊ3BNÓO"[BO[BEJSFDUPS
EFM4FSWJDJPEF'BSNBDPMPHÎB$MÎOJDBEFMB
$MÎOJDB6OJWFSTJEBEEF/BWBSSBFTFWJ
EFOUFRVFOPTFFTUÃIBDJFOEPGSFOUFDP
SSFDUBNFOUFBFTUBQBUPMPHÎB
"TÎMPFYQMJDÓB(.FOFMNBSDPEFMEF
CBUFA-BBSUSPTJTDPNPQBSBEJHNBEFFO
GFSNFEBEDSÓOJDB$POUSPWFSTJBTZSFUPT
EFTEFMB"UFODJÓO1SJNBSJBPSHBOJ[BEP
QPSFM$PMFHJPEF.ÊEJDPTEF/BWBSSBZMB
4PDJFEBE&TQBÒPMBEF.ÊEJDPTEF"UFO
DJÓO1SJNBSJB4FNFSHFO
&OFTUBMÎOFB
BHSFHÓRVFFTQSFDJTPSFDPSSFSiVOMBSHP
DBNJOPuBOUFTEFRVFFTUBFOGFSNFEBE
QVFEBDPOTJEFSBSTFTVQFSBEB
-VJT.FOEPQSFTJEFOUFEF4FNFSHFO
EF/BWBSSBJODJEJÓFOMBJNQPSUBODJBEF
VODPSSFDUPBCPSEBKFEFMBBSUSPTJTQPSMB
FMFWBEBSFEVDDJÓOEFMBDBMJEBEEFWJEB
EFMPTQBDJFOUFTRVFMBQBEFDFO4FHÙOVO
FTUVEJPEF4FNFSHFOFTUPTQBDJFOUFTDPO
TVNFONÃTNFEJDBNFOUPTUBOUPBOUJJO
GMBNBUPSJPTZBOBMHÊTJDPTDPNPGÃSNBDPT
QBSBMBBOTJFEBEZMBEFQSFTJÓOBMOPQP
EFSMMFWBSVOBWJEBOPSNBM
5BNCJÊOTVHBTUPFOCBKBTMBCPSBMFTFT
NÃTFMFWBEPZNBZPSFMOÙNFSPEFJOUFS
-PTQBSUJDJQBOUFTFOMBNFTBA-BBSUSPTJTDPNPQBSBEJHNBEFFOGFSNFEBEDSØOJDB$POUSPWFSTJBTZSFUPTEFTEFMB"UFODJØO1SJNBSJBPSHBOJ[BEPQPSFM$PMFHJPEF/BWBSSBZ4FNFSHFO
WFODJPOFTRVJSÙSHJDBTBMBTRVFUJFOFORVF
TPNFUFSTFi&TVOBQBUPMPHÎBNVZJNQPS
UBOUFEFMBTRVFNÃTJODBQBDJEBEHFOFSB
QFSPOPTFMFEBMBJNQPSUBODJBRVFUJFOFu
TFÒBMÓ.FOEP
&OMPRVFSFTQFDUBBMUSBUBNJFOUPJODJ
EJÓFORVFFMFKFSDJDJPGÎTJDPQSFWFOJSFM
TPCSFQFTPZMBPCFTJEBEZMBSFIBCJMJUBDJÓO
TPOGVOEBNFOUBMFTQBSBRVFMBQBUPMPHÎB
FNQFPSFMPNFOPTQPTJCMF"[BO[BEFUB
MMÓRVFFMOÙNFSPEFNFEJDBNFOUPTDPO
JOEJDBDJÓOBVUPSJ[BEBQBSBTVVTPFOFM
USBUBNJFOUPEFFTUBFOGFSNFEBEFTFMF
WBEPQFSPiMBNFOUBCMFNFOUFUBNCJÊOTPO
BMUBTZOVNFSPTBTMBTMJNJUBDJPOFTEFFGJ
DBDJBZPUPMFSBCJMJEBEuEFMBNBZPSÎBEF
FMMPT"[BO[BEFTDSJCJÓFMBSTFOBMGBSNB
DPMÓHJDPBDUVBMNFOUFFYJTUFOUFQBSBFMUSB
UBNJFOUPEFMBBSUSPTJTIBDJFOEPFTQFDJBM
IJODBQJÊFOMBTWFOUBKBTFJODPOWFOJFOUFT
EFDBEBNFEJDBNFOUP%FGFOEJÓMBMJCSF
QSFTDSJQDJÓOEFMNÊEJDPZNÃTUFOJFOEP
FODVFOUBRVFEJDIPQBOPSBNBUFSBQÊV
UJDPOPWBBDBNCJBSBBÒPTWJTUBQPS
MPRVFSFDPNFOEÓMBVUJMJ[BDJÓOEFMGÃS
NBDPNÃTBEFDVBEPFODBEBDBTP1BSB
USBUBNJFOUPTDSÓOJDPTJOTJTUJÓFOMBOFDF
TJEBEEFQPEFSDPOUBSDPOGÃSNBDPTDPO
"QSFOEFSBNBOFKBSFMEPMPSDMBWFFO"1
BOUFMBGBMUBEFBDDFTPBDVJEBEPTQBMJBUJWPT
"-.6%&/"'&3/«/%&;
.BESJE
/PUPEBTMBTÃSFBTEFTBMVEUJFOFOBDDFTP
BVOBVOJEBEEFDVJEBEPTQBMJBUJWPTQBSB
NBOFKBSBMQBDJFOUFPODPMÓHJDPHSBWF
TPCSFUPEPDPOEPMPSZDPODPNQMJDBDJP
OFT ZB RVF FO EJDIPT DBTPT TFSÃ FM
NÊEJDP EF GBNJMJB FM RVF UFOHB RVF
DPOUSPMBSBFTUBTQFSTPOBTNPUJWPQPSFM
DVBMMB4PDJFEBE$BTUFMMBOPMFPOFTBEF
.ÊEJDPT(FOFSBMFTZEF'BNJMJB4&.(
$BTUJMMBZ-FÓO
JODMVZÓFTUFUFNBFOTV
QSJNFSB+PSOBEBEF.ÊEJDPT3FTJEFOUFT
UBMZDPNPTFÒBMÓB(.TVQSFTJEFOUF
+BWJFS(BNBSSB
%VSBOUFFTUFFODVFOUSPBMPTSFTJEFO
UFTQBSUJDJQBOUFTTFMFTFYQMJDÓMBFTDBMB
EFMEPMPSZDÓNPNBOFKBSBMPTQBDJFOUFT
EFTEFFMUFSDFSFTDBMÓOEFMBBOBMHFTJBFO
BEFMBOUFDPNCJOBOEPGÃSNBDPTJODSF
NFOUBOEPEPTJTBWBO[BOEPFOMBFTDBMB
ZBTVWF[TPMVDJPOBOEPMPTQSPCMFNBT
%VSBOUFMBQSJNFSB+PSOBEBEF.ÏEJDPT3FTJEFOUFTEFMB4PDJFEBE$BTUFMMBOPMFPOFTBEF.ÏEJDPT(FOFSBMFTZEF
'BNJMJBTFBCPSEBSPOQSPCMFNBTDPNPMBEJBCFUFTZTFEJFSPOQBVUBTBMPTGBDVMUBUJWPTBTJTUFOUFT
TFDVOEBSJPT PDBTJPOBEPT QPS FTUPT
NFEJDBNFOUPTPUSBUBOEPBMBTQFSTPOBT
RVFTFFODVFOUSBOFOFTUBEPUFSNJOBM
UPEPFMMPUFOJFOEPFODVFOUBMBTDBSBDUF
SÎTUJDBTQBSUJDVMBSFTEFMFOGFSNP
4FBCPSEÓUBNCJÊOFMNBOFKPEFMBT
FTQJSPNFUSÎBTRVFFTUÃOQSFTFOUFTZBFO
UPEPTMPTDFOUSPTEF"1QFSPiBMHVOBTOP
VOFMFWBEPQFSGJMEFTFHVSJEBEDPNPMPT
EFOPNJOBEPT4ZTBEPBDPNPDPOESPJUÎO
TVMGBUPZHMVDPTBNJOBEBEPRVFTFUSBUB
EFQBDJFOUFTQPMJNFEJDBEPT
&ODBTPEFOPGVODJPOBSFMQSFTJEFOUF
EF4FNFSHFOEF/BWBSSBFYQMJDÓRVFTF
QVFEFSFDVSSJSBMBTJOGJMUSBDJPOFTDPOÃDJEP
IJBMVSÓOJDPZFOÙMUJNPDBTPBMBTJOUFS
WFODJPOFTRVJSÙSHJDBT
'JOBMNFOUFDPNPUBSFBTQFOEJFOUFTJO
DJEJÓ.FOEPFORVFIBZRVFNFKPSBSMBDP
PSEJOBDJÓOEJTQPOFSEFVOJEBEFTEFSF
GFSFODJBQSFWFOJSMBQSPHSFTJÓOEFMBFO
GFSNFEBEZQFSTPOBMJ[BSFOFMBCPSEBKF
TPOEFNVDIBDBMJEBEuUBMZDPNPTFÒBMÓ
(BNBSSB
&OFMDBTPEFMBEJBCFUFTTFJOTUÓBMPT
SFTJEFOUFTEFGBNJMJBBJOEJWJEVBMJ[BSMB
QSFTDSJQDJÓOFOGVODJÓOEFMBTDBSBDUF
SÎTUJDBTEFDBEBQBDJFOUFZBTFSNÃT
JOUFOTPTBMBIPSBEFBMDBO[BSMPTPCKFUJ
WPTQMBOUFBEPT‡UBOUPHMVDÊNJDPTDPNP
EFUFOTJÓOBSUFSJBMPEFMÎQJEPT‡DVBOEP
FMQBDJFOUFFTKPWFORVFFOFMDBTPEFRVF
MBQFSTPOBUFOHBPUSBTDPNPSCJMJEBEFT
"VORVF FM EFSNBUPTDPQJP OP FT
UPEBWÎBGSFDVFOUFFOFMQSJNFSOJWFM
BTJTUFODJBMFMQSFTJEFOUFEF4&.($BTUJ
MMBZ-FÓODSFFRVFTFJNQMBOUBSÃQSÓYJ
NBNFOUFQPSMPRVFEVSBOUFMBKPSOBEB
TFFYQMJDÓTVNBOFKPBMPTQSFTFOUFTVO
JOTUSVNFOUPRVFQPESÎBTFSFTQFDJBM
NFOUFÙUJMFOMBEFUFDDJÓOQSFDP[EF
NFMBOPNBTZFMDPOUSPMZTFHVJNJFOUPEF
MPTOFWVTQBSBOPEFSJWBSBMQBDJFOUFFO
DBTPEFRVFOPTFBOFDFTBSJP
(BNBSSBDPODMVZÓRVFBEFNÃTFTUÃO
FWBMVBOEPQPSRVÊMPTNÊEJDPTFOQSJNB
SJBJOWFTUJHBOQPDPBQFTBSEFEJTQPOFS
EFNVDIPTEBUPTZBUFOEFSBNVDIPT
QBDJFOUFTRVFTPOVOBGVFOUFEFJOWFT
UJHBDJÓOZEFFTUVEJPEFTVRVFIBDFS
EJBSJP
1VCMJDJEBEBMEFPDUVCSFEF(.
(.BMEFPDUVCSFEF1VCMJDJEBE
BMEFPDUVCSFEF (.
&TQFDJBMJ[BEB
7***FEJDJØOEFMB4FNBOBEFM$FSFCSP
-PTFYQFSUPTTPMJDJUBOUSBUBNJFOUPT
QBSBGSFOBSMBFWPMVDJÓOEFMB&1
-BNFEJBFVSPQFBFTEFOFVSØMPHPTQPSDBEBIBCJUBOUFTVOBDJGSBRVFEJTUBEFMBSFBMJEBEFO&TQB×B
$4
.BESJE
&MEFTDPOPDJNJFOUPBDFSDBEFMBTFOGFS
NFEBEFTOFVSPMÓHJDBTZTVTTJHOPTEF
BMBSNBTMMFWÓBMB4PDJFEBE&TQBÒPMBEF
/FVSPMPHÎB4&/
ZMB'VOEBDJÓOEFM
$FSFCSP B PSHBOJ[BS BOVBMNFOUF MB
4FNBOBEFM$FSFCSPRVFFTUFBÒPTFIB
DFMFCSBEPEFMBMEFPDUVCSFCBKPFM
MFNBA5VDFSFCSPFTWJEBDVÎEBMP
6OPEFMPTPCKFUJWPTEFFTUBPDUBWB
FEJDJÓOFTQPUFODJBSMBQSFWFODJÓOBDUJWB
EFMDFSFCSPZQBSBDPOTFHVJSMPVOBVUPCÙT
JOGPSNBUJWPZEFEJBHOÓTUJDPIBSFDPSSJEP
MBHFPHSBGÎBFTQBÒPMBBMUJFNQPRVFSFBMJ
[BCBQSVFCBTEJBHOÓTUJDBTZEFBHJMJEBE
NFOUBM"TJNJTNPFMWFIÎDVMPIBDPOUBEP
DPO VOB [POB QBSB MB SFBMJ[BDJÓO EF
QSVFCBTEFBHJMJEBENFOUBM
i'VF FO MB DVBSUB FEJDJÓO DVBOEP
FNQF[BNPTBIBDFSQSVFCBTOFVSPMÓHJ
DBTDPNPFMEPQQMFSQBSBWFSMBTDBSÓUJ
EBTPFMFDUSPNJPHSBNBTQBSBDPNQSP
CBS DÓNP FTUÃO MPT OFSWJPT EF MPT
QBDJFOUFTuFYQMJDBB(.+FTÙT1PSUB
&UFTTBNEJSFDUPSEFMB'VOEBDJÓOEFM
$FSFCSPRVJFOJODJEFFORVFFTUBTQBUPMP
HÎBTTPOiUBOWBSJBEBTRVFTFQPESÎB
IBCMBSEFDBEBVOBEFFMMBTEFNBOFSB
JOEFQFOEJFOUFu
1FTFBRVFMBFOGFSNFEBEOFVSPMÓHJDB
NÃTGSFDVFOUFZEJTDBQBDJUBOUFFTMB
NJHSBÒBOPFYJTUFBQFOBTDPODJFODJB
DJÓOTPDJBMDPNPBTFHVSBFMEJSFDUPS&O
DBNCJPMBQPCMBDJÓOFTUÃNÃTGBNJMJBSJ
[BEBDPOFMJDUVTPFMBM[IÊJNFS
&M DBTP EFM JDUVT FT FTQFDJBMNFOUF
MMBNBUJWPQPSRVFDPNPFYQMJDB1PSUB
BVORVFIBZVONBZPSDPOPDJNJFOUPZ
TFOTJCJMJEBEBDFSDBEFFTUBQBUPMPHÎBTPO
NVDIBTMBTQFSTPOBTRVFOPSFBDDJPOBO
BQSPQJBEBNFOUF BOUF EFUFSNJOBEPT
TJHOPTPTFÒBMFTEFBMBSNB*HOPSÃOEP
MPTiTFQJFSEFVOUJFNQPEFPSPQBSBFM
DFSFCSPuSFDVFSEB
-BFOGFSNFEBEEF"M[IFJNFSMBFOGFS
NFEBEEF1BSLJOTPO&1
MBFTDMFSPTJT
MBUFSBMBNJPUSÓGJDB&-"
MBFQJMFQTJBP
MBFTDMFSPTJTNÙMUJQMF&.
TPOBMHVOBT
EFMBTQBUPMPHÎBTTPCSFMBTRVFTFIB
IFDIPIJODBQJÊFTUPTEÎBTZRVFIBO
FYQFSJNFOUBEPiVODBNCJPSBEJDBMuFO
MPTÙMUJNPTBÒPTDPOMBMMFHBEBEFOVFWPT
USBUBNJFOUPTZBWBODFTFOFMEJBHOÓTUJDP
"STFOBMUFSBQÏVUJDP
"MSFTQFDUP1BCMP*SJNJBWPDBMEFMB4&/
SFTBMUBRVFDPOMBJOUSPEVDDJÓOEFUSBUB
NJFOUPTQBSBFMJDUVTBHVEPEFMJDUVTZMBT
VOJEBEFT EF JDUVT iTF IB NFKPSBEP
NVDIPFMDVJEBEPEFMPTQBDJFOUFTDPOTJ
HVJFOEPEJTNJOVJSMBNPSUBMJEBEZMB
EJTDBQBDJEBEu
1BCMP*SJNJBWPDBMEFMB4&/Z+FTÞT1PSUBEJSFDUPSEFMB'VOEBDJØOEFM$FSFCSPJODJEFOFOMBJNQPSUBODJBEFMBTSFMBDJPOFTTPDJBMFTQBSBNBOUFOFSVODFSFCSPTBOP
$6*%"3&-$&3&#30
3FBMJ[BSBDUJWJEBEFTRVFFTUJNVMFOMB
BDUJWJEBEDFSFCSBMRVFQFSNJUBONBOUFOFSTF
NFOUBMNFOUFBDUJWPDPNPMFFSFTDSJCJS
NFNPSJ[BSOÞNFSPTEFUFMÏGPOPFUD
●&KFSDJUBSBMHÞOUJQPEFBDUJWJEBEGÓTJDBEF
GPSNBSFHVMBS
●1PUFODJBSMBTSFMBDJPOFTTPDJBMFTZBGFDUJWBT
FWJUBOEPMBJODPNVOJDBDJØOFMBJTMBNJFOUP
TPDJBMZFMFTUSÏT
●.BOUFOFSVOBEJFUBFRVJMJCSBEB&WJUBSFM
FYDFTPEFHSBTBTBOJNBMFTZEFTBMZQPUFODJBS
FMDPOTVNPEFGSVUBTZWFSEVSBT
●-MFWBSIÈCJUPTEFWJEBTBMVEBCMFTZEPSNJS
BQSPYJNBEBNFOUFPDIPIPSBTEJBSJBT
●$POUSPMBSMBIJQFSUFOTJØOEBEPRVFFTFM
QSJODJQBMGBDUPSEFSJFTHPEFFOGFSNFEBEFT
DFSFCSPWBTDVMBSFTDPNPFMJDUVT
●1SPUFHFSFMDFSFCSPDPOUSBMBTBHSFTJPOFT
GÓTJDBTEFMFYUFSJPSNFEJBOUFMBVUJMJ[BDJØO
TJTUFNÈUJDBEFMDJOUVSØOEFTFHVSJEBEFOMPT
WFIÓDVMPTZEFMDBTDPDVBOEPTFWJBKBFONPUP
●
&OSFMBDJÓODPOMB&.FOMPTÙMUJNPT
BÒPT TF IB FYQFSJNFOUBEP VO DSFDJ
NJFOUPFOMBTQPTJCJMJEBEFTEFUSBUB
NJFOUPNVZJNQPSUBOUFi/PDPOUBNPT
DPO USBUBNJFOUPT DVSBUJWPT QFSP TÎ
QFSNJUFOEJTNJOVJSMBEJTDBQBDJEBEu
BQPTUJMMB4JOFNCBSHPBQSPWFDIBQBSB
JOTJTUJSFORVFiTFFDIBFOGBMUBuEJTQP
OFSEFPQDJPOFTFGJDBDFTQBSBUSBUBS
EFUFSNJOBEBTFOGFSNFEBEFTDPNPFM
BM[IÊJNFSPFMQÃSLJOTPO
i%JTQPOFNPT EF BMUFSOBUJWBT RVF
DPOUSPMBO MPT TÎOUPNBT QPS FKFNQMP
DJSVHÎBTRVFBZVEBOBDPOUSPMBSMB&1
QFSPOPTFEJTQPOFEFOJOHÙONFEJDB
NFOUP RVF GSFOF MB FWPMVDJÓO EF MB
QBUPMPHÎBuDPOUJOÙB*SJNJBBMUJFNQP
RVFBÒBEFRVFMPTFTQFDJBMJTUBTFTQFSBO
RVFBMHVOPTEFMPTGÃSNBDPTEFMPTRVF
TF FTUÃO IBDJFOEP FOTBZPT DMÎOJDPT
PCUFOHBOSFTVMUBEPTQPTJUJWPTQBSBEBS
FTQFSBO[Bi/FDFTJUBNPTBMHÙOUSBUB
NJFOUPRVFWFSEBEFSBNFOUFGSFOFEF
GPSNBDMBSBMBFOGFSNFEBEZDPOTJHB
EJTNJOVJSFMOÙNFSPEFFOGFSNPTDPOMPT
RVFOPTFODPOUSBNPTBOVBMNFOUFFOMBT
DPOTVMUBTuSFDBMDB
-BFTUJNVMBDJÓODFSFCSBMQSPGVOEB
&$1
FTVOBEFMBTPQDJPOFTOFVSPRVJ
SÙSHJDBTQBSBBWBO[BEBTQBSBBCPSEBS
MPTEBÒPTNPUPSFTEFMB&1QFSPOPUPEPT
MPTQBDJFOUFTQVFEFOTFSDBOEJEBUPTi&M
OÙNFSP EF FTUSBUFHJBT FT MJNJUBEP Z
BEFNÃTDPOMMFWBBRVFUPEPTMPTQBDJFO
UFTRVFUJFOFOFTUBTFOGFSNFEBEFTTF
QVFEBOCFOFGJDJBSuDPNFOUBFMWPDBMEF
MB4&/
-BOFDFTJEBEFTUÃDMBSBDPOUBSDPO
OVFWPT NFEJDBNFOUPT RVF QFSNJUBO
USBUBSBNÃTQFSTPOBT&MQSPCMFNBTV
QSFDJPi)BZRVFNBOUFOFSVO4/4TPTUF
OJCMFQPSMPRVFMBÙOJDBNBOFSBEF
DPOTFHVJSMPFTFTUBCMFDJFOEPVOFRVJMJ
CSJPQBSBRVFFMQSFDJPEFMPTGÃSNBDPTOP
TVQPOHBVOFODBSFDJNJFOUPJNQPSUBOUF
EFMBBTJTUFODJBEFMPTQBDJFOUFTuFYQMJDÓ
/PSFTVMUBFYUSBÒPRVFBNCPTFTQFDJB
MJTUBTEFTUBRVFORVFMFTHVTUBSÎBQPEFS
VUJMJ[BSiNVDIBTNÃTJOEJDBDJPOFTuEFMBT
RVFFTUÃOBDUVBMNFOUFBQSPCBEBT/P
PCTUBOUF TFÒBMBO RVF FT OFDFTBSJP
FOUFOEFSRVFiMBTBOJEBEUJFOFVOQSFTV
QVFTUPMJNJUBEPZRVFQPSUBOUPTFEFCF
USBUBSEFFTUBCMFDFSDJFSUPTMÎNJUFTu
'JOBMNFOUF*SJNJBTVCSBZÓRVFMB
TJUVBDJÓOEFMBOFVSPMPHÎBFO&TQBÒBFT
iHMPCBMNFOUFCVFOBuBVORVFEFCJEPBM
FOWFKFDJNJFOUP EF MB QPCMBDJÓO Z BM
BVNFOUPEFMBJODJEFODJBEFFOGFSNFEB
EFTOFVSPMÓHJDBTTFSÃOFDFTBSJPDPOUBS
DPONÃTFTQFDJBMJTUBTEFFTUBSBNB
i4JOPTDPNQBSBNPTDPOPUSPTQBÎTFT
FVSPQFPTOPFTUBNPTFOMBQFPSTJUVB
DJÓOQFSPUBNQPDPFTUBNPTFOMBJEFBMu
NFODJPOB4FSFGJFSFBRVFMBNFEJBFO
&VSPQBFTEFVOPTDJODPOFVSÓMPHPTQPS
DBEBIBCJUBOUFT6OBDJGSBRVF
OPTFEBFOOVFTUSPQBÎTPBMNFOPTOP
FOUPEBMBHFPHSBGÎBFTQBÒPMBQPSJHVBM
"TÎNJFOUSBTRVF/BWBSSBTFTVQFSBFTB
DJGSBFO"TUVSJBT1BÎT7BTDPP$BOUBCSJB
TFTJUÙBOFOUPSOPBZFO"OEBMVDÎB
QPSFKFNQMPFTUÃOQPSEFCBKPEFUSFTQPS
DBEB
(.BMEFPDUVCSFEF&TQFDJBMJ[BEB
+04­."3±""(6"%0❘+FGFEFMB6OJEBEEF&OGFSNFEBEFT
*OGFDDJPTBTEFM)PTQJUBMEF0DUVCSFEF.BESJE
i-BTJOGFDDJPOFTQPS
A4BVSFVTVOBHSBO
DBVTBEFNPSUBMJEBE
FOMPTIPTQJUBMFTu
&#
#BSDFMPOB
&M QSPCMFNB EF MB SFTJTUFODJB B MPT
BOUJCJÓUJDPTTVNBEPBMFMFWBEPSJFTHP
QBSBMBWJEBRVFTVQPOFONVDIBTJOGFD
DJPOFTFTVOPEFMPTHSBOEFTSFUPTEFM
TJTUFNBTBOJUBSJP&OFTUBFOUSFWJTUB
+PTÊ.BSÎB"HVBEPDPNFOUBMPTQSJODJ
QBMFTBWBODFTRVFTFIBOQSPEVDJEPFO
MPTÙMUJNPTUJFNQPTFOFTUFDBNQP
1SFHVOUBy2VÊFTUSBUFHJBTIBCSÎB
RVF JNQMFNFOUBS QBSB DPNCBUJS MB
DSFDJFOUFSFTJTUFODJBBMPTBOUJCJÓUJ
DPT 3FTQVFTUB)BZNVDIPTBTQFDUPTRVF
TFQPESÎBONFKPSBS1PSFKFNQMPDPNP
FTPCWJPFTOFDFTBSJPSFBMJ[BSVOVTP
BQSPQJBEPEFMPTBOUJCJÓUJDPTQFSPOP
ÙOJDBNFOUFFOFMÃNCJUPEFMBNFEJDJOB
TJOPUBNCJÊOFOMBHBOBEFSÎB"EFNÃT
FMNÊEJDPUJFOFRVFJOGPSNBSBEFDVBEB
NFOUFBMQBDJFOUFEFMVTPEFFTUFUJQPEF
GÃSNBDPT)BZRVFUFOFSFODVFOUBRVF
SFDJFOUFNFOUFMB4PDJFEBE&TQBÒPMBEF
&OGFSNFEBEFT*OGFDDJPTBTZ.JDSPCJPMP
HÎB$MÎOJDBSFBMJ[ÓVOBFODVFTUBRVF
NVFTUSBRVFUPEBWÎBNVDIBTQFSTPOBT
DPOJOGFDDJPOFTWJSBMFTDPNPDBUBSSPT
DSFFORVFFTUBTTFQVFEFODPNCBUJSDPO
BOUJCJÓUJDPT:DVSJPTBNFOUFNVDIBT
QFSTPOBTKÓWFOFTUJFOFOFTUBDSFFODJB
FSSÓOFB
1y$ÓNPGVODJPOBOMPT1SPHSBNBTEF
0QUJNJ[BDJÓOEF6TPEF"OUJNJDSPCJB
OPT130"
ZDVÃMFTTVHSBEPEFJNQMF
NFOUBDJÓO 3&TUBJOJDJBUJWBFTNVZJNQPSUBOUF
4PO QSPHSBNBT RVF UJFOFO DPNP
PCKFUJWP RVF MPT DFOUSPT TBOJUBSJPT
PQUJNJDFOFMVTPEFBOUJNJDSPCJBOPTFO
QBDJFOUFT IPTQJUBMJ[BEPT 4F FTUÃO
JNQMFNFOUBOEPFOEJGFSFOUFTIPTQJUB
MFTQFSPQBSBDPOTFHVJSRVFTFFYUJFO
EBOTFSÎBOFDFTBSJPEPUBSMPTFDPOÓNJ
DBNFOUFZQSPGFTJPOBMNFOUF:FTPFT
BMHPRVFQPSFMNPNFOUPOPTFFTUÃ
MMFWBOEP B DBCP 5BNQPDP IBZ VO
QSPHSBNBJNQMFNFOUBEPBOJWFMOBDJP
OBM"VORVFTFFTUÃJOUFOUBOEPEFTBSSP
MMBSSFHVMBDJPOFTRVFQFSNJUBORVFMPT
130"TFJNQMFNFOUFOFOMPTIPTQJUBMFT
EFNBZPSDPNQMFKJEBE
1&M)PTQJUBMEF0DUVCSFGVFVOP
EFMPTQJPOFSPTFOMBQVFTUBFONBSDIB
EFFTUFUJQPEFQSPHSBNBTy$VÃMFTTV
FGJDBDJB 3 -P FTUBNPT MMFWBOEP B DBCP EF
GPSNBJOUFSNJUFOUFQPSRVFQBSBIBDFSMP
EFGPSNBSFHVMBSTFSÎBOFDFTBSJPRVF
DPOUÃSBNPTDPOVOBQFSTPOBRVFTF
FODBSHBSBEFÊM4FMMFWBBDBCPFOMBT
ÃSFBTEFMIPTQJUBMEFNBZPSSJFTHPWBSJPT
EÎBTBMBTFNBOB%FFTUFNPEPIFNPT
WJTUPRVFTFSFEVDFFOUSFFMZFMQPS
DJFOUPFMDPOTVNPEFBOUJNJDSPCJBOPT
"TÎUBNCJÊOCBKBFMHBTUPIPTQJUBMBSJPZ
MBTJOGFDDJPOFT1FSPMPNÃTJNQPSUBOUF
FTRVFBMSFEVDJSFMVTPJOOFDFTBSJPEF
BOUJCJÓUJDPTTFCFOFGJDJBMBTBMVEEFMPT
QBDJFOUFT
&TUF QSPHSBNB TF MMFWB B DBCP FO
DPMBCPSBDJÓODPOFMTFSWJDJPEF'BSNB
DJBRVFOPTJOEJDBRVÊUJQPEFBOUJCJÓUJ
DPTQPSTVNBZPSFTQFDJGJDJEBEEFCFNPT
NJNBSNÃTQBSBRVFOPTFBCVTFEFTV
DPOTVNP6OFYQFSUPFOFOGFSNFEBEFT
JOGFDDJPTBT RVF QFSUFOFDF B OVFTUSB
VOJEBEIBCMBDPOFMNÊEJDPEFMQBDJFOUF
ZWJTJUBBFTUFZSFDPNJFOEBFMUSBUB
NJFOUPNÃTBKVTUBEPQPTJCMF
1 y2VÊ FTQFDJBMJTUB TFSÎB FM NÃT
BEFDVBEPQBSBMBHFTUJÓOEFMPT130" 34JOMVHBSBEVEBTMPT130"EFCFO
TFSSFTQPOTBCJMJEBEEFMPTFTQFDJBMJTUBT
FOFOGFSNFEBEFTJOGFDDJPTBT&OFTUF
TFOUJEPTJHVFTJFOEPQSFPDVQBOUFRVF
&TQBÒB TFB VOP EF MPT QPDPT QBÎTFT
FVSPQFPTRVFOPUJFOFSFDPOPDJEBFTUB
FTQFDJBMJEBE
1&ODVBOUPBMBTJOGFDDJPOFTOPTPDP
NJBMFTyRVÊUJQPEFQBDJFOUFTQSFTFO
UBONÃTSJFTHPEFDPOUSBFSMBT 3"RVFMMPTQBDJFOUFTRVFQBTBONÃT
UJFNQPFOFMIPTQJUBMPRVFBDVEFOBMPT
DFOUSPTTBOJUBSJPTDPONÃTGSFDVFODJB:
DMBSP BRVFMMPT QBDJFOUFT RVF FTUÃO
JONVOPEFQSJNJEPT
1 y2VÊ IBCSÎB RVF IBDFS QBSB
SFEVDJSFMSJFTHPEFFTUBTJOGFDDJPOFT 3 &OUSF PUSBT DPTBT NFKPSBS MBT
DPOEJDJPOFTEFQSFWFODJÓOEFMBJOGFD
DJPO IPTQJUBMBSJB DPO NFEJEBT EF
QSFWFODJÓOZDPOUSPMEFMBJOGFDDJPOBTÎ
DPNPNFKPSBSFOMPQPTJCMFMPTFTQBDJPT
GÎTJDPTFOOVFTUSPTIPTQJUBMFT:QPS
TVQVFTUPSFEVDJSBMNÃYJNPFMUJFNQP
EFFTUBODJBFOMPTIPTQJUBMFT&OFTUF
TFOUJEPFMQSPHSBNB130"QFSNJUFEBSMF
FMBMUBBMQBDJFOUFBOUFT"FTUFTÓMPMF
RVFEBDPNQMFUBSFMUSBUBNJFOUPBOUJCJÓ
UJDPRVFQVFEFTFSWÎBPSBMDPONVDIPT
BOUJCJÓUJDPT P JOUSBWFOPTP QFSP DPO
WJTJUBTBMPTIPTQJUBMFTEFEÎBPWJTJUBT
EPNJDJMJBSJBTQPSQBSUFEFMPTQSPGFTJP
OBMFTTBOJUBSJPT
1y-BDBUFUFSJ[BDJÓOFTUBNCJÊOPUSP
GBDUPSEFSJFTHPQBSBTVGSJSJOGFDDJPOFT
OPTPDPNJBMFT 34ÎFTVOGBDUPSEFSJFTHPUBOUPMB
DBUFUFSJ[BDJÓOQPSWÎBVSJOBSJBDPNPQPS
+PTÏ.BSÓB"HVBEPDBUFESÈUJDPEF.FEJDJOBFOMB6OJWFSTJEBE$PNQMVUFOTFEF.BESJEDPOTJEFSBRVFFTOFDFTBSJP
JOWFSUJSNÈTSFDVSTPTQBSBJNQMFNFOUBSZFYQBOEJSMPT1SPHSBNBTEF0QUJNJ[BDJØOEF6TPEF"OUJNJDSPCJBOPT130"
-"4'3"4&4
i
)BOBQBSFDJEP
OVFWPTGÃSNBDPT
QBSBJOGFDDJPOFT
DBVTBEBTQPSCBDUFSJBT
(SBNQPTJUJWBTu
WÎBFOEPWFOPTB4JTFFWJUBODBUFUFSJ[B
DJPOFTTFBIPSSBOQSPCMFNBTEFJOGFD
DJPOFT
1y-BTJOGFDDJPOFTFTUBGJMPDÓDJDBT
HSBWFTTJHVFOTJFOEPVOQSPCMFNBEF
SFMFWBODJB 31PSTVQVFTUP-BTJOGFDDJPOFTDBVTB
EBTQPSFM4UBQIZMPDPDDVTBVSFVTTPOVO
QSPCMFNBNVZHSBWFNVZGSFDVFOUF
)BZRVFUFOFSFODVFOUBRVFTFUSBUBEF
VOBEFMBTNBZPSFTDBVTBTEFNPSUBMJ
EBE FO MPT IPTQJUBMFT 1VFEF DBVTBS
CBDUFSFNJBFTEFDJSQSFTFODJBEFCBDUF
SJBTFOMBTBOHSF&TUBCBDUFSJBQVFEF
QSPWPDBSNPSUBMJEBEFTTVQFSJPSFTBM
QPSDJFOUP
1y2VÊBWBODFTTFIBOQSPEVDJEPFO
MPTÙMUJNPTBÒPTFOFMUSBUBNJFOUPEF
MBTJOGFDDJPOFTQSPWPDBEBTQPSCBDUF
SJBT(SBNQPTJUJWBT 3&OFTUFDBNQPIBOBQBSFDJEPNÃT
USBUBNJFOUPTSFDJFOUFNFOUFRVFQBSB
MBT CBDUFSJBT (SBNOFHBUJWBT 1PS
FKFNQMPEBMCBWBODJOBRVFTFBENJOJT
USBQPSWÎBQBSFOUFSBMFOEPTJTÙOJDBP
FOEPTJTTFQBSBEBTQPSVOBTFNBOB
0USPTTPOUFEJ[PMJEVOUSBUBNJFOUPQPS
WÎBPSBMRVFTFBENJOJTUSBVOBWF[BM
i
)FNPTEFTDSJUPVO
NBSDBEPSEF
WJSVMFODJBBMBJOGFDDJÓO
QPS4UBQIZMPDPDDVT
BVSFVTu
EÎBZDFGUBSPMJOBRVFUJFOFVOBBMUB
FGJDBDJBZVOBCBKBUPYJDJEBE
1y&ORVÊMJOFBTEFJOWFTUJHBDJÓO
FTUÃUSBCBKBOEPVTUFEBDUVBMNFOUF 3&ONJVOJEBEIFNPTDPOTFHVJEP
EFTDSJCJSVONBSDBEPSEFWJSVMFODJBBMB
JOGFDDJÓOQPS4UBQIZMPDPDDVTBVSFVTB
USBWÊTEFMBNFEJEBEFMBDPODFOUSBDJÓO
NÎOJNBJOIJCJUPSJBVODPODFQUPNVZ
IBCJUVBM$VBOEPTFEFUFDUBOFMFWBEPT
OJWFMFTEFDPODFOUSBDJÓONÎOJNBJOIJCJ
UPSJBBMBWBODPNJDJOBIBCMBNPTEFRVF
IBZ VOB NBZPS BHSFTJWJEBE EF FTUB
CBDUFSJB:DPOUJOVBNPTUSBCBKBOEPFO
FTUBMÎOFB2VFSFNPTBQSFOEFSNFKPS
RVÊQBDJFOUFTWBOBJSQFPSFOCBTFBMB
DPODFOUSBDJÓONÎOJNBJOIJCJUPSJBFO
SFMBDJÓODPOMBWBODPNJDJOB
5BNCJÊO FTUBNPT USBCBKBOEP FO
CBDUFSJBT (SBNOFHBUJWBT VO HSBWF
QSPCMFNBQPSMBGSFDVFODJBEFMBTJOGFD
DJPOFTQSPWPDBEBTQPSFTUBTCBDUFSJBTZ
MBGBMUBEFOVFWPTUSBUBNJFOUPT)BZ
TJUVBDJPOFTFOMBTRVFFMNÊEJDPOPUJFOF
USBUBNJFOUPT EJTQPOJCMFT Z TF WF
PCMJHBEPBFNQMFBSDPNCJOBDJPOFTEF
BOUJCJÓUJDPTRVFTÓMPDPOTJHVFOSFTVMUB
EPTQBSDJBMFT
&TQFDJBMJ[BEBBMEFPDUVCSFEF(.
/VFWBQSVFCB
QBSBDPOPDFSMPT
OJWFMFTEFB[ÙDBS
FOTBOHSF
(.
.BESJE
+,IPVSZ%JWJTJPOPG1BUIPMPHZ-BC.FEJDJOFEF.%"OEFSTPO)PVTUPO+'(BSDÓB"OBUPNÓB1BUPMØHJDBEF.%"OEFSTPO.BESJEZ+PYFM(BSDÓB.%"OEFSTPO$BODFS$FOUFSEF)PVTUPO
-BUFSBQJBDJUPUÓYJDBIBCJUVBMFT
OFDFTBSJBZQFSNBOFDFQSFTFOUF
-BOVFWBDMBTJGJDBDJØOEFUVNPSFTEFM4/$QSPQVFTUBQPSMB0.4BEFCBUF
$4
.BESJE
i$POUPEBQSPCBCJMJEBEMBJONVOPUFSB
QJBTFUFOESÃRVFDPNCJOBSDPOUFSBQJBT
DPOWFODJPOBMFTQPSRVFQSPCBCMFNFOUF
FTUPGPSUBMF[DBMBDBQBDJEBEEFBDDJÓOEF
NVDIPTNFEJDBNFOUPTu"TÎMPBTFHVSÓ
FMKFGFEFM4FSWJDJPEF"OBUPNÎB1BUPMÓ
HJDB EFM .%"OEFSTPO .BESJE +VBO
'FSOBOEP (BSDÎB FO FM NBSDP EFM
FODVFOUSP DJFOUÎGJDP A"WBODFT FO FM
%JBHOÓTUJDPEFMBQBUPMPHÎBNPMFDVMBSFO
MB&SBEFMB5FSBQJB1FSTPOBMJ[BEBFO
$ÃODFS
5SBT MB QVCMJDBDJÓO EF SFTVMUBEPT
QPTJUJWPTEFGÃSNBDPTDPNPOJWPMVNBC
0QEJWPEF#.4
QBSBDÃODFSEFQVMNÓO
OPNJDSPDÎUJDPEFIJTUPMPHÎBFTDBNPTB
$1/.
MPDBMNFOUFBWBO[BEPPNFUBTUÃ
TJDPZNFMBOPNBBWBO[BEPJSSFTFDBCMF
P NFUBTUÃTJDP
P QFNCSPMJ[VNBC
,FZUSVEBEF.4%
UBNCJÊOQBSB$1/.
MPDBMNFOUFBWBO[BEPPNFUBTUÃTJDPMB
JONVOPPODPMPHÎBWBBERVJSJFOEPDBEB
WF[NÃTQSPUBHPOJTNP
/P PCTUBOUF Z BVORVF FYJTUFO
OVNFSPTBTJOWFTUJHBDJPOFTFONBSDIB
QBSBTFHVJSEFTDVCSJFOEPIBTUBEÓOEF
TFQVFEFBDDFEFSDPOMBJONVOPUFSBQJB
MBTUFSBQJBTDPOWFODJPOBMFTTFHVJSÃO
QSFTFOUFTFOFMBCPSEBKFEFMDÃODFSUBMZ
DPNPSFJUFSBSPOMPTFYQFSUPTEVSBOUFFM
FODVFOUSP
i-BUFSBQJBDJUPUÓYJDBDPOWFODJPOBMWB
BTFHVJSFTUBOEPZTJFOEPOFDFTBSJBuFO
MBQSÃDUJDBDMÎOJDBEJBSJBEFTUBDÓ(BSDÎB
BEFNÃTEFTFÒBMBSRVFDPOGÎBFORVF
QSÓYJNBNFOUFTFQVFEBOUFOFSEBUPT
RVFQFSNJUBODPSSPCPSBSMBFGJDBDJBEF
FTUBQBSBFMUSBUBNJFOUPEFMDÃODFSEF
QÃODSFBTi6OBQBUPMPHÎBQBSBMBDVBMMPT
FTQFDJBMJTUBTOPDPOUBNPTDPOUFSBQJBT
FGJDBDFTuMBNFOUÓ(BSDÎB
$POPDFSNÈTZNFKPSMPTUVNPSFT
0USPEFMPTBTQFDUPTBCPSEBEPTEVSBOUF
MBSFVOJÓOGVFMBOVFWBDMBTJGJDBDJÓOEF
UVNPSFTEFM4JTUFNB/FSWJPTP$FOUSBM
4/$
RVFQPSQSJNFSBWF[TFIBSFBMJ
[BEPBUFOEJFOEPOPTPMPBTVIJTUPMPHÎB
TJOPUBNCJÊOBQBSÃNFUSPTNPMFDVMBSFT
i&OMPTÙMUJNPTBÒPTTFIBBWBO[BEP
FOMBDPNQSFOTJÓOEFMPTNFDBOJTNPT
NPMFDVMBSFTEFFTUPTUVNPSFTZTFIBO
QPEJEP DPOPDFS NBSDBEPSFT NVZ
SFMFWBOUFTRVFOPTQFSNJUFOTVCDMBTJGJ
DBSBMHVOPTUVNPSFTuFYQMJDÓ(BSDÎB
RVFIJ[PSFGFSFODJBBEJDIBDMBTJGJDBDJÓO
QSPQVFTUBQPSMB0SHBOJ[BDJÓO.VOEJBM
EFMB4BMVE0.4
&MFKFNQMPRVFEJPFMGBDVMUBUJWPGVFFM
EFMHMJPCMBTUPNB-BJEFOUJGJDBDJÓOEF
BMHVOPTNFDBOJTNPTEFFTUBFOGFSNF
EBEDPNPMBTNVUBDJPOFTFO*%)F
*%)QFSNJUFOTVCEJWJEJSBMPTQBDJFO
UFTiFOEPTDBUFHPSÎBTEJBHOÓTUJDBTiNVZ
EJGFSFODJBEBTZRVFWBOBOFDFTJUBSEPT
BCPSEBKFTEFUSBUBNJFOUPZTFHVJNJFOUP
NVZEJGFSFOUFTuBQPTUJMMÓ
i"IPSBQPEFNPTFNQF[BSBFOUFOEFS
QPSRVÊVOPTQBDJFOUFTDPOHMJPCMBTUPNB
WJWFONFTFTZPUSPTFODBNCJPWJWFO
BÒPTZPGSFDFSUFSBQJBTNÃTQFSTPOBMJ[B
EBTuBHSFHÓBMUJFNQPRVFEFTUBDÓRVF
FOMBBDUVBMDMBTJGJDBDJÓOTFIBOBÒBEJEP
OVFWBTOFPQMBTJBTSFDJFOUFNFOUFJEFOUJ
GJDBEBTZTFIBOTVQSJNJEPPUSBTFOUJEB
EFT RVF ZB OP UJFOFO JNQPSUBODJB
EJBHOÓTUJDBZPCJPMÓHJDB
&OMÎOFBDPO(BSDÎB+PTFQI,IPSZ
%JWJTJPOPG1BUIPMPHZ-BC.FEJDJOFEF
.%"OEFSTPO)PVTUPOBQVOUÓRVFiTPMP
TF QVFEF BMDBO[BS FM USBUBNJFOUP
DPSSFDUPDPOFMEJBHOÓTUJDPDPSSFDUPu
i$VBOUPNÃTBWBO[BNPTFOFMDPOPDJ
NJFOUP EFM DÃODFS NÃT DVFOUB OPT
EBNPTEFRVFOPFYJTUFVOBÙOJDBWÎB
QBSBTPMVDJPOBSMPuTJOPRVFIBZNVMUJ
QMFT BQSPYJNBDJPOFT RVF EFCFO TFS
BOBMJ[BEBTEFTEFNÙMUJQMFTQFSTQFDUJWBT
JOEJDÓFMQBUÓMPHP"EFNÃTBMUJFNQPRVF
IBCMÓ EF MBT UFSBQJBT EJSJHJEBT Z MBT
PQDJPOFT DJUPUÓYJDBT TFÒBMÓ RVF MB
JONVOPUFSBQJBFTVOBEFMBTPQDJPOFT
iNÃTQSPNFUFEPSBTQFSPOPFMÙOJDP
NPEFMPuQBSBTBMWBSUPEPTMPTPCTUÃDV
MPTRVFTFQSFTFOUFOFOPODPMPHÎB
"MIBCMBSEFJONVOPUFSBQJBTFIBDF
SFGFSFODJBBMBEFUFDDJÓOEFNBSDBEPSFT
MBTDÊMVMBTUVNPSBMFTZUBNCJÊOBMNJDSP
BNCJFOUFUVNPSBM
1BSB(BSDÎBFTGVOEBNFOUBMFOUFOEFS
RVFMPTUVNPSFTOPTPOVOBFTUSVDUVSB
SÎHJEBTJOPQMÃTUJDBZDPNQVFTUBQPS
NVDIPT FMFNFOUPT ‡MPT WBTPT MBT
DÊMVMBT JONVOJUBSJBT FM FTUSPNB FM
DPMÃHFOPFUD‡ZUPEPBDUÙBEFiVOB
GPSNBEJOÃNJDBZDBNCJBOUFZBMBWF[
NPEJGJDBCMFQPSMBUFSBQJBu
'JOBMNFOUF+PYFM(BSDÎB&YFDVUJWF
%JSFDUPSPGUIF$BODFS1SFWFOUJPOBOE
$POUSPM.%"OEFSTPO$BODFS$FOUFSEF
)PVTUPOIJ[PIJODBQJÊFOMBEFNPDSBUJ
[BDJÓOEFMBEBUBi$PNQBSUJSFMDPOPDJ
NJFOUPRVFTFBERVJFSFDPOUPEPTMPT
NJFNCSPTEF.%"OEFSTPOGBDJMJUBSÃZ
BHJMJ[BSÃDVBMRVJFSEFTDVCSJNJFOUPRVF
TFQVFEBQSPEVDJSFOEJGFSFOUFTDBNQPT
EFMBPODPMPHÎBuSFTBMUÓ
6O OVFWP NÊUPEP QBSB FTUJNBS MPT
OJWFMFTEFB[ÙDBSFOMBTBOHSFQVFEF
SFEVDJSMPTFSSPSFTEFEJBHOÓTUJDPFONÃT
EFMQPSDJFOUPFODPNQBSBDJÓODPOMB
QSVFCBBDUVBMEFTBOHSFBNQMJBNFOUF
VUJMJ[BEBTFHÙOVOFTUVEJPEFNÃTEF
QBDJFOUFTEJBCÊUJDPTDVZPTSFTVMUB
EPTTFQVCMJDBOFO4DJFODF5SBTMBUJPOBM
.FEJDJOF
&TUFIBMMB[HPBCSFMBQVFSUBBMDPOUSPM
QFSTPOBMJ[BEPEFMBEJBCFUFTQBSBMPT
NÃTEFNJMMPOFTEFEJBCÊUJDPTFO
UPEP FM NVOEP RVF EFQFOEFO EF MPT
BOÃMJTJTEFTBOHSFQBSBHFTUJPOBSTV
SJFTHPEFDPNQMJDBDJPOFTSFMBDJPOBEBT
DPOMBEJBCFUFT
&MFTUÃOEBSEFPSPQBSBMBNFEJDJÓO
EFMQSPNFEJPEFMBHMVDPTBFOTBOHSFEF
VOBQFSTPOBTFCBTBFOMBDBOUJEBEEF
IFNPHMPCJOBHMVDPTJMBEB)C"D
MB
HMVDPTBRVFTFBEIJFSFBMBIFNPHMPCJOB
PQPSUBEPSEFPYÎHFOPEFOUSPEFMBT
DÊMVMBTSPKBTEFMBTBOHSF4JOFNCBSHP
EFCJEPBRVFQVFEFOJOGMVJSNVDIPT
GBDUPSFTFOFTUFQSPDFTPMBSFMBDJÓO
FOUSFMB)C"DZMBHMVDPTBQSPNFEJPFO
TBOHSFQVFEFWBSJBSTVTUBODJBMNFOUF
DPOQBDJFOUFTDPOMFDUVSBTEFQSVFCBEF
)C"DJEÊOUJDBTRVFTFUSBEVDFOFO
OJWFMFT EF B[ÙDBS WFSEBEFSPT NVZ
EJGFSFOUFT
&OCVTDBEFVOBOÃMJTJTEFTBOHSFNÃT
QSFDJTP3PZ.BMLB%BWJE/BUIBOZ+PIO
)JHHJOTEFM)PTQJUBM(FOFSBMEF.BTTB
DIVTFUUT&TUBEPT6OJEPT
DPNCJOBSPO
VONPEFMPNBUFNÃUJDPEFMBIFNPHMP
CJOBHMVDPTJMBEBFOVOBQPCMBDJÓOEF
DÊMVMBTSPKBTEFMBTBOHSFDPOHSBOEFT
DPOKVOUPTEFEBUPTEFNFEJDJPOFTEFMB
HMVDPTBEFMQBDJFOUF
4VBOÃMJTJTJEFOUJGJDÓMBFEBEEFMBT
DÊMVMBTSPKBTEFMBTBOHSFDPNPVOB
GVFOUFJNQPSUBOUFEFWBSJBDJÓOEFMB
)C"DZBRVFMBIFNPHMPCJOBFOMBT
DÊMVMBTSPKBTEFMBTBOHSFBDVNVMBNÃT
B[ÙDBSDPOFMUJFNQP.FEJBOUFFMDPOUSPM
EFFTUFGBDUPSTVUÊDOJDBFTQFDÎGJDBEFM
QBDJFOUFDVBOEPTFQSPCÓFODVBUSP
HSVQPTTFQBSBEPTEFNÃTEFEJBCÊ
UJDPTSFEVKPMBUBTBEFFSSPSEFTEFVOP
EFDBEBUSFTQBDJFOUFTDPOMBQSVFCBEF
TBOHSFIBCJUVBMBVOBUBTBEFVOFSSPS
EFDBEBEJF[
&MFTUVEJPDPONÈTEFQBDJFOUFTDPOEJBCFUFTTFIB
QVCMJDBEPFO4DJFODF5SBTMBUJPOBM.FEJDJOF
(.BMEFPDUVCSFEF1VCMJDJEBE
&TQFDJBMJ[BEBBMEFPDUVCSFEF(.
-BWÃMWVMBBÓSUJDBQFSDVUÃOFB-PUVT
&EHFQBSB&"(SFDJCFFMNBSDBEP$&
&TUÈJOEJDBEBFOQBDJFOUFTDVZBWÈMWVMBBØSUJDBOPGVODJPOBCJFOZQSFTFOUBOSJFTHPRVJSÞSHJDPFMFWBEP
("$&5".²%*$"
#BSDFMPOB
&M TJTUFNB WBMWVMBS -PUVT &EHF EF
#PTUPO4DJFOUJGJD$PSQPSBUJPO
BDBCBEF
SFDJCJSFMNBSDBEP$&PUPSHBEPQPSMB
6OJÓO&VSPQFB6&
ZRVFDPOTUJUVZFMB
QSVFCB EF RVF FM QSPEVDUP TF IB
FWBMVBEP Z DVNQMF MPT SFRVJTJUPT EF
TFHVSJEBE TBOJEBE Z QSPUFDDJÓO EFM
NFEJPBNCJFOUFFYJHJEPTQPSMB6&
&TUFTJTUFNBFTVOBWÃMWVMBBÓSUJDB
QFSDVUÃOFB5"7*
EFOVFWBHFOFSBDJÓO
EF MB FNQSFTB Z FTUÃ JOEJDBEP QBSB
QBDJFOUFT DVZB WÃMWVMB BÓSUJDB OP
GVODJPOBCJFOFTUFOPTJTBÓSUJDBHSBWF
&"(
ZQSFTFOUBOVOSJFTHPRVJSÙSHJDP
EFNBTJBEP FMFWBEP -B WBMWVMPQBUÎB
BÓSUJDBDPOTJTUFFOVOBEJTGVODJÓOEFMB
WÃMWVMBEFMBBPSUBVOBEFMBTDVBUSP
WÃMWVMBT RVF DPOUSPMBO FM GMVKP EF
FOUSBEBZTBMJEBEFMBTBOHSFBMJOUFSJPS
ZBMFYUFSJPSEFMDPSB[ÓO-BFTUFOPTJT
WBMWVMBSBÓSUJDBFTVOQSPDFTPEFFOHSP
TBNJFOUPZFOEVSFDJNJFOUPEFMBWÃMWVMB
RVFQVFEFEBSMVHBSBMBSFTUSJDDJÓOEF
TVBQFSUVSBZBVOBSFEVDDJÓOEFMGMVKP
TBOHVÎOFP
$BCF EFTUBDBS RVF FO MVHBS EF B
DPSB[ÓOBCJFSUPMBQSÓUFTJTWBMWVMBSTF
DPMPDB NFEJBOUF VOB JOUFSWFODJÓO
QFSDVUÃOFBUSBOTDBUÊUFSVOQSPDFEJ
NJFOUP NÎOJNBNFOUF JOWBTJWP RVF
VUJMJ[B VOB QFRVFÒB JODJTJÓO QBSB
BDDFEFSBVOWBTPTBOHVÎOFP&ODPNQB
SBDJÓODPOFMTJTUFNBWBMWVMBS-PUVT
UBNCJÊO EF #PTUPO 4DJFOUJGJD
FTUB
OVFWBWFSTJÓOJODPSQPSBVODBUÊUFSNÃT
&TUBOVFWBWFSTJØOJODPSQPSBVODBUÏUFSNÈTGMFYJCMFZEFNÈTCBKPQFSGJMEJTF×BEPQBSBVOBNBZPSGBDJMJEBEEFVTPZVOBNFKPSBEBQUBDJØOBMBTFTUSVDUVSBTBOBUØNJDBTUPSUVPTBT
GMFYJCMFZEFNÃTCBKPQFSGJMEJTFÒBEP
QBSBVOBNBZPSGBDJMJEBEEFVTPZVOB
NFKPS BEBQUBDJÓO B MBT FTUSVDUVSBT
BOBUÓNJDBT UPSUVPTBT 0USP SBTHP
EJGFSFODJBEPS FT MB JODMVTJÓO EFM
FMFNFOUPEFEJTFÒP%FQUI(VBSEDVZP
PCKFUJWP FT SFEVDJS MB OFDFTJEBE EF
NBSDBQBTPTEFGJOJUJWPT
i&TUFEJTQPTJUJWPFTMBNVZFTQFSBEB
WFSTJÓOEFOVFWBHFOFSBDJÓOEFMTJTUFNB
WBMWVMBS-PUVTuBQVOUBFMDBUFESÃUJDP
*BO.FSFEJUIEJSFDUPSEF.POBTI)FBSU
FO FM .POBTI .FEJDBM $FOUSF EF
.FMCPVSOF "VTUSBMJB i&TUF TJTUFNB
NBOUJFOFNVDIBTEFMBTFYDMVTJWBTZ
WBMJPTBTDBSBDUFSÎTUJDBTQBUFOUBEBTEFTV
QSFEFDFTPSRVFJODMVZFOMBDBQBDJEBEEF
SFQPTJDJPOBS FM EJTQPTJUJWP EF GPSNB
TFHVSBZFWJUBSMBTGVHBTQBSBWBMWVMBSFT
BMUJFNQPRVFJODPSQPSBOVFWBTDBSBDUF
SÎTUJDBTEFEJTFÒPDPNPVODBUÊUFSNÃT
GMFYJCMFQBSBGBDJMJUBSFMJNQMBOUFZMB
UFDOPMPHÎB%FQUI(VBSEEJTFÒBEBQBSB
SFEVDJSMBJOUFSBDDJÓODPOFMTJTUFNBEF
DPOEVDDJÓO EFM DPSB[ÓO EVSBOUF FM
EFTQMJFHVFEFMBQSÓUFTJTu
"QSPWFDIBOEPMBQMBUBGPSNBBDUVBMEF
-PUVTFMTJTUFNBJOUFHSBMBUFDOPMPHÎB
"EBQUJWF4FBMRVFNJOJNJ[BMBSFHVSHJUB
DJÓOQBSBWBMWVMBSDPNPTFFWJEFODJBFO
MPTQBDJFOUFTEFMSFHJTUSPEFQPTUDP
NFSDJBMJ[BDJÓO3FTQPOE&OFTUFFTUVEJP
TFIBMMÓRVFVOQPSDJFOUPEFMPT
QBDJFOUFT QSFTFOUBCB SFHVSHJUBDJÓO
QBSBWBMWVMBSOFHMJHJCMFPOVMBZVO
QPS DJFOUP QSFTFOUBCB SFHVSHJUBDJÓO
QBSBWBMWVMBSMFWFTFHÙOVOMBCPSBUPSJP
FYUFSOP/PTFPCTFSWÓGVHBQBSBWBMWVMBS
HSBWFFOOJOHÙOQBDJFOUF
$PNCJOBOEPEJGFSFOUFTNPMÊDVMBTTFQPESÃ
DVSBSBNÃTEFMEFQBDJFOUFTDPOFM7)$
SFHJTUSPPGJDJBMQBSBDPOPDFSMBQSFWBMFO
DJBEFFTUBQBUPMPHÎBFOOVFTUSPQBÎTZB
RVFBDUVBMNFOUFMBDJGSBRVFTFNBOFKB
FTEFVOPTQBDJFOUFT
"MBIPSBEFIBCMBSEFMBIFQBUJUJT#
&TUFCBONFODJPOBMPTUSFTNBSDBEPSFT
RVFUJFOFOEJTQPOJCMFTMPTFYQFSUPTMB
DVBOUJGJDBDJÓOEFMBOUÎHFOPEFTVQFSGJ
DJFMBEFUFSNJOBDJÓOEFVOBQSPUFÎOBEFM
OÙDMFPEFM7)#ZVO"3/EFMQSPQJPWJSVT
i&TUBNPTNBOFKÃOEPMPTUPEPTQBSB
QPEFS QSFDJTBS NFKPS RVÊ QBDJFOUFT
UJFOFONÃTSJFTHPEFQSPHSFTBSPEF
QSFTFOUBSDPNQMJDBDJPOFTuSFNBSDB
"QBSUFBVORVFFYJTUFOiCVFOPTUSBUB
NJFOUPT QBSB NBOUFOFS FTUF WJSVT
EPSNJEPuFYJTUFVOBDBSFODJBEFBMUFS
OBUJWBTUFSBQÊVUJDBTQBSBFMJNJOBSMP
BEWJFSUFFMFTQFDJBMJTUB&TPTÎFOFTUPT
NPNFOUPT TF FTUÃO EFTBSSPMMBOEP
OVFWBTFTUSBUFHJBTDPOEJGFSFOUFTUJQPT
EF GÃSNBDPT QBSB DPNCBUJS FM7)#
BHSFHB&TUFCBORVJFOJODJEFFORVF
UPEBWÎBTFUSBUBEFVOBGBTFFYQFSJNFO
UBMBVORVFMPTSFTVMUBEPTJOJDJBMFTTPO
iNVZQSPNFUFEPSFTu
i&TQSPCBCMFRVFFOQPDPTBÒPTTFBNPT
DBQBDFT EF FMJNJOBS FM7)# UBOUP FO
&TQBÒBDPNPFOPUSPTQBÎTFTuDPODMVZF
$4
.BESJE
-PTUSBUBNJFOUPTEFÙMUJNBHFOFSBDJÓO
DPOUSB FM 7)$ DPO VOB FGFDUJWJEBE
TVQFSJPSBMQPSDJFOUPMPTOVFWPT
NBSDBEPSFTEFMWJSVTEFMBIFQBUJUJT#P
EBUPTFOWJEBSFBMEFMPTGÃSNBDPTQBSB
MBIFQBUJUJT$TPOBMHVOPTEFMPTUFNBT
BCPSEBEPTFOFM9***4JNQPTJP*OUFSOB
DJPOBMTPCSF)FQBUJUJT7JSBMFTRVFTF
DFMFCSBFO#BSDFMPOB
3BGBFM&TUFCBOKFGFEFM4FSWJDJPEF
.FEJDJOB *OUFSOB)FQBUPMPHÎB EFM
)PTQJUBM 7BMM E)FCSPO Z FEJUPS EF
+PVSOBMPG)FQBUPMPHZBOE)FQBUPMPHZ
3FTFBSDITVCSBZBB(.RVFFMBWBODF
RVFTFIBQSPEVDJEPFOMPTÙMUJNPT
NFTFTFOSFMBDJÓODPOFMBCPSEBKFEFMB
IFQBUJUJT$IBTJEPiFTQFDUBDVMBSu:FT
RVFQPSQSJNFSBWF[MPTFTQFDJBMJTUBT
EJTQPOFOEFNFEJDBNFOUPTPSBMFTRVF 3BGBFM&TUFCBOKFGFEFM4FSWJDJPEF.FEJDJOB*OUFSOB
BEFNÃTEFDVSBSBMQPSDJFOUPEFMPT )FQBUPMPHÓBEFM)PTQJUBM7BMME)FCSPO
QBDJFOUFTUJFOFOVOPTCVFOPTOJWFMFTEF
UPMFSBCJMJEBERVFIBOCFOFGJDJBEPZBB
VOPTQBDJFOUFTDPNPJOEJDBFM
GBDVMUBUJWP
"TJNJTNPTVCSBZBRVFFMTJHVJFOUF
QBTPTPOMPTNFEJDBNFOUPTEFTFHVOEB
HFOFSBDJÓORVFWBOBQFSNJUJSBDPSUBSFM
UJFNQPEFUSBUBNJFOUPi$PNCJOBOEP
EJGFSFOUFT NPMÊDVMBT FO VO NJTNP
DPNQSJNJEPTFQPESÃDVSBSBNÃTEFM
QPSDJFOUPEFMPTQBDJFOUFTFOFOUSFTFJT
ZPDIPTFNBOBTuBQPTUJMMB
&OOVFTUSPQBÎTHSBDJBTBM1MBO/BDJP
OBMQBSBFM7)$TFIBDPOTFHVJEPRVFMPT
QBDJFOUFTNÃTHSBWFTBDDFEJFSBOBMPT
USBUBNJFOUPT
i"IPSBFTUBNPTFOVOBTFHVOEBGBTF
RVFDPOTJTUFFORVFUPEPTMPTQBDJFOUFT
QVFEBOBDDFEFSBFTUPTNFEJDBNFOUPT
JOEFQFOEJFOUFNFOUF EF TV HSBEP EF
MFTJÓOu TFÒBMB QBSB B DPOUJOVBDJÓO
SFJUFSBSRVFVOBEFMBTSFJWJOEJDBDJPOFT
RVFUJFOFOMPTFYQFSUPTFTRVFFYJTUBVO
(.BMEFPDUVCSFEF&TQFDJBMJ[BEB
1FSGJMFTHFOÊUJDPTFOJONVOPUFSBQJB
VOPEFMPTHSBOEFTSFUPTFOPODPMPHÎB
-PTBWBODFTFOFMDBNQPEFMPTUFTUTHFOÏUJDPTQFSNJUFOPGSFDFSVOBNFEJDJOBDBEBWF[NÈTQFSTPOBMJ[BEB
+04²"30%3¶(6&;
#BSDFMPOB
"MBJONVOPUFSBQJBFOFMUSBUBNJFOUPEF
MBTOFPQMBTJBTTFMFBVHVSBVOCVFO
GVUVSP:BIBZUSBUBNJFOUPTRVFIBO
EFNPTUSBEPVOBCVFOBFGJDBDJBQBSB
QPUFODJBSFMTJTUFNBJONVOFEFMQSPQJP
QBDJFOUFQBSBDPNCBUJSFTUBQBUPMPHÎB
1FSPDPNPFYQMJDÓ3VCÊO1ÎPEJSFDUPS
EFM 1SPHSBNB EF5VNPSFT 4ÓMJEPT Z
#JPNBSDBEPSFTEFM$FOUSPEF*OWFTUJHB
DJÓO.ÊEJDB"QMJDBEB$*."
EVSBOUFFM
**OUFSOBUJPOBM8PSLTIPQPO(FOPNJD
5FTUJOHJO$BODFSPSHBOJ[BEPQPSMB
$MÎOJDB6OJWFSTJEBEEF/BWBSSBFMSFUP
FTTFHVJSBWBO[BOEPFOMBJOWFTUJHBDJÓO
QBSBiBTPDJBSVOQFSGJMHFOÊUJDPDPOVOB
SFTQVFTUBJONVOPUFSBQÊVUJDBFTEFDJS
JEFOUJGJDBS NFEJBOUF VO FTUVEJP
HFOÊUJDPRVÊQBDJFOUFTTFWBOBCFOFGJ
DJBSDPONBZPSQSPCBCJMJEBEEFFTUFUJQP
EFBCPSEBKFUFSBQÊVUJDPu
1ÎPTFÒBMÓRVFMBJONVOPUFSBQJBIB
SFBMJ[BEPHSBOEFTQSPHSFTPTFOFMUSBUB
NJFOUPTEFQBUPMPHÎBTDPNPFMDÃODFS
EFQVMNÓOPFMNFMBOPNBi"EFNÃTFO
MPTQBDJFOUFTFOMPTRVFFTUBUFSBQJB
GVODJPOBFTDJFSUPRVFGVODJPOBNVZ
CJFO‡DPNFOUӇ1FSPFOMBBDUVBMJ
EBEOPTBCFNPTRVÊQBDJFOUFTWBOB
SFTQPOEFSCJFO/PTBCFNPTEFUFSNJ
OBSBOJWFMHFOÊUJDPFODVÃMFTFMUSBUB
NJFOUPWBBTFSSFBMNFOUFFGJDB[u1PS
FTFNPUJWPFTUFFYQFSUPRVJTPEFTUBDBS
RVF iJEFOUJGJDBS NBSDBEPSFT EF
SFTQVFTUBBJONVOPUFSBQJBFTVOPEF
MPTHSBOEFTPCKFUJWPTFOFMDBNQPEFMBT
OFPQMBTJBTu
&OFTUFTFOUJEPZBTFIBSFBMJ[BEP
BMHÙOBWBODFi)BZUFSBQJBTBOUJ1%
RVFTFIBOJOUFOUBEPBTPDJBSDPOFM
MJHBOEPEF1%VOBNPMÊDVMBRVFFT
1%-‡DPNFOUÓFMFYQFSUPEFMB$MÎOJDB
EFMB6OJWFSTJEBEEF/BWBSSB‡&YJTUFO
USBCBKPTRVFTVHJFSFORVFIBZDJFSUB
SFMBDJÓO QFSP RVF UBNQPDP FT NVZ
GVFSUF 3FBMNFOUF FT VOB JODÓHOJUB
TBCFSRVÊQBDJFOUFTWBOBSFTQPOEFSZ
DVÃMFTOPu
.FEJDJOBQFSTPOBMJ[BEB
$PNPDPNFOUÓ1ÎPEVSBOUFFMFODVFO
USPDFOUSBEPFOMBTQSJODJQBMFTOPWFEB
EFTRVFTFIBOQSPEVDJEPFOMPTÙMUJNPT
BÒPTFOFMÃNCJUPEFMPTFTUVEJPTHFOÊUJ
DPTEFMPTUVNPSFTMPTFYQFSUPTDPJODJ
EJFSPOFOTFÒBMBSRVFFTUPTBWBODFTIBO
DPOUSJCVJEPBQBTBSEFUFSBQJBTNVZ
HFOFSBMFT DPNP MB RVJNJPUFSBQJB B
BCPSEBKFTNVDIPTNÃTFTQFDÎGJDPTZ
QFSTPOBMJ[BEPT&OFTUFTFOUJEPEJKPFTUF
FYQFSUPiFM DÃODFS EF QVMNÓO FT FM
QBSBEJHNB ZB RVF TF IB QBTBEP EF
UFSBQJBTNVZUÓYJDBTBUSBUBNJFOUPTNVZ
FTQFDÎGJDPTZRVFDPOTJHVFOVOBNFKPS
SFTQVFTUBFOMPTQBDJFOUFTu
-BJOWFTUJHBDJÓOBOJWFMHFOFUJDPIB
QFSNJUJEPJEFOUJGJDBSHFOFTDPODSFUPT
$PNJUÏDJFOUÓGJDPEFM8PSLTIPQ-VJT.POUVFOHB3VCÏO1ÓPZ.BSÓB+PTÏ$BMBTBO[EF$*."*HOBDJP(JM#B[PZ.BSJBOP1PO[EFMB$6/9BCJFS"HJSSF$*."
Z"OB1BUJ×P$6/
RVFFTUÃOBMUFSBEPTZEFFTUFNPEPTF
IBOEFTBSSPMMBEPGÃSNBDPTRVFBDUÙBO
FTQFDÎGJDBNFOUFFOFTPTHFOFT
%FUPEPTNPEPTBQFTBSEFMPTJOEVEB
CMFTBWBODFTFOMBNFEJDJOBEFQSFDJTJÓO
QBSBDPNCBUJSMBTOFPQMBTJBT1ÎPTFÒBMÓ
RVFiFMQPSDFOUBKFEFQBDJFOUFTRVFTF
QVFEFOCFOFGJDJBSEFMBNFEJDJOBQFSTP
OBMJ[BEBFOFMDÃODFSEFQVMNÓOTJHVF
TJFOEPCBKP&OFTUBQBUPMPHÎBDPOUBNPT
DPONBSDBEPSFTQBSBBQSPYJNBEBNFOUF
FMQPSDJFOUPEFMPTQBDJFOUFT:FOFM
&MQPSDFOUBKFEFQBDJFOUFT
RVFTFQVFEFOCFOFGJDJBSEF
MBNFEJDJOBQFSTPOBMJ[BEBFO
FMDÈODFSEFQVMNØOFTCBKP
-PTBWBODFTFOMPTUFTUT
HFOÏUJDPTQFSNJUFOSFBMJ[BS
FTUBTQSVFCBTDPONVFTUSBT
DBEBWF[NÈTQFRVF×BT
SFTUP IBZ RVF TFHVJS PQUBOEP QPS MB
RVJNJPUFSBQJBu
&OMBNJTNBMÎOFB"OB1BUJÒPEJSFD
UPSBEFMB6OJEBEEF(FOÊUJDB$MÎOJDBEF
MB $MÎOJDB 6OJWFSTJEBE EF /BWBSSB
DPNFOUÓ RVF ZB OP TF QSBDUJDB VOB
NFEJDJOBiCBTBEBFYDMVTJWBNFOUFFOFM
EJBHOÓTUJDPEFHSVQPTEFQBDJFOUFTDPO
QBUPMPHÎBTQBSFDJEBTTJOPRVFTFBOBMJ[B
FMUFKJEPFJEFOUJGJDBFMTVCUJQPIJTUPMÓ
HJDPu)PZFOEÎBFYQMJDÓTFBOBMJ[BFM
QFSGJMHFOÊUJDPFTEFDJSiTFFTUVEJBVO
HFOPUPEPTMPTHFOFTRVFIBZFOMBT
DÊMVMBTEFVOUVNPS:FMUSBUBNJFOUP
FTUBSÃFOGVODJÓOEFMBTNFDBOJTNPT
BMUFSBEPTRVFTFJEFOUJGJRVFOu
1BOFMFTHFOÏUJDPT
&OFMNFSDBEPIBZEJTQPOJCMFTEJWFSTPT
QBOFMFT HFOÊUJDPT QBSB EFUFDUBS MBT
BMUFSBDJPOFTQSFTFOUFTFOVOBNVFTUSB
1BUJÒPFYQMJDÓRVFFOMB$MÎOJDB6OJWFS
TJEBEEF/BWBSSBIBOPQUBEPQPSVO
QBOFMRVFBOBMJ[BHFOFTQPSRVFFT
NÃTSFOUBCMFFDPOÓNJDBNFOUFZBIPSSB
UJFNQP i$VBOEP VO QBDJFOUF OP TF
CFOFGJDJBEFVOUSBUBNJFOUPFOQSJNFSB
MÎOFBPSFDBFFTQSFGFSJCMFFTUVEJBS
HFOFTBMBWF[RVFNJSBSVOPZFTQFSBS
VOBTFNBOBBWFSRVÊTBMF1PSRVFTJFTF
HFORVFNJSBTOPFTUÃBMUFSBEPUJFOFT
RVFNJSBSPUSPZFTQFSBSPUSBTFNBOB‡
EJKP 1BUJÒP‡ *ODMVTP IBZ NVDIPT
DFOUSPT FTUBEPVOJEFOTFT RVF OJ TF
QMBOUFBOFTQFSBSFTEFDJSRVFOJTF
QMBOUFBO IBDFS FM BOÃMJTJT HFOÊUJDP
EFTQVÊTEFVOBQSJNFSBMÎOFBEFUSBUB
NJFOUPTJOPRVFMPMMFWBOBDBCPBOUFTu
&TUFUJQPEFFTUVEJPTHFOÊUJDPTQFSNJUF
WFSTJIBZNVUBDJPOFTQFSPUBNCJÊOTJ
FYJTUFOPUSPUJQPEFBMUFSBDJPOFTSFMFWBO
UFTFOFMUVNPS1PSFKFNQMPUSBTMPDBDJP
OFT EF HFOFT FYQMJDÓ 1BUJÒP RVF TF
QSPEVDFODVBOEPMBTCBTFTEFM"%/TPO
DPSSFDUBTQFSPVOBQBSUFEFVODSPNP
TPNBTFUSBOTGJFSFBPUSPDSPNPTPNBi0
VOBBNQMJGJDBDJÓORVFFTVOUJQPEF
BMUFSBDJÓORVFTFQSPEVDFFOFMDÃODFS
EFNBNBZRVFDPOTJTUFFOMBQSPEVDDJÓO
EFVOOÙNFSPFMFWBEPEFDPQJBTEFVO
EFUFSNJOBEPHFOPTFDVFODJBTEFHFOFT
5BNCJÊOIBZUVNPSFTRVFSFPSEFOBOTVT
HFOFTFTEFDJSVOHFORVFFTUÃFOVO
DSPNPTPNBZPUSPHFORVFFTUÃFOPUSP
DSPNPTPNBTFJOUFSDBNCJBOQPTJDJPOFT
i&TUPFTVOCJPNBSDBEPSUSBUBCMFFOFM
DÃODFSEFQVMNÓOQPSFKFNQMPNJFOUSBT
RVFFOFMDÃODFSDPMPOFTUFNFDBOJTNP
OPFTUBOSFMFWBOUFuBÒBEJÓ1BUJÒP
1PSPUSPMBEPMPTBWBODFTFOMBUFDOP
MPHÎBEFMPTUFTUTHFOÊUJDPTQFSNJUFO
SFBMJ[BSFTUBTQSVFCBTDPONVFTUSBT
DBEB WF[ NÃT QFRVFÒBTi&T QPTJCMF
SFBMJ[BSVOEJBHOÓTUJDPHFOÊUJDPDPOEJF[
OBOPHSBNPT EF "%/ ‡DPNFOUÓ
1BUJÒP‡VOBDBOUJEBEEFNBUFSJBMRVF
TFPCUJFOFTJFNQSF:FTJOEJGFSFOUFRVF
MBNVFTUSBMMFHVFGSFTDBGJKBEBZDPSUBEB
FOQBSBGJOBu
5FTUTHFOÏUJDPTFOOJ×PT
6OBEFMBTMJNJUBDJPOFTEFMPTFTUVEJPT
HFOÊUJDPT FT RVF FO FM DBTP EF MPT
UVNPSFT JOGBOUJMFT iFTUPT OP UJFOFO
NBSDBEPSFTPUJFOFOQPDPTNBSDBEPSFT
‡DPNFOUÓ1BUJÒP‡ZBRVFMPTUVNPSFT
EFMPTOJÒPTTPOEJGFSFOUFTBMPTEFMPT
BEVMUPT-PTOJÒPTUJFOFOQSJODJQBMNFOUF
UVNPSFTEFMTJTUFNBOFSWJPTPDFOUSBM
MJOGPNBTPTBSDPNBTFOUSFPUSPTQFSPOP
DÃODFSEFDPMPONBNBPQVMNÓOu1PS
FTFNPUJWPMPTFYQFSUPTTFÒBMBSPORVF
FTOFDFTBSJPTFHVJSJOWFTUJHBOEPQBSB
JEFOUJGJDBSNÃTNBSDBEPSFTHFOÊUJDPT
QBSBMBTOFPQMBTJBTJOGBOUJMFT
1VCMJDJEBEBMEFPDUVCSFEF(.
(.BMEFPDUVCSFEF1VCMJDJEBE
&TQFDJBMJ[BEBBMEFPDUVCSFEF(.
-BTDBEIFSJOBTTPO
DMBWFFOMPTQSPDFTPT
EFNJHSBDJÓODFMVMBS
-BTDÏMVMBTUVNPSBMFTDPOVOOJWFMNFEJPEFDBEIFSJOBT
TPOMBTNÈTQFMJHSPTBTFOSFMBDJØOBMBNFUÈTUBTJT
+04²"30%3¶(6&;
#BSDFMPOB
&OUFOEFSMPTQSPDFTPTCJPMÓHJDPTJNQMJ
DBEPTFOMBNJHSBDJÓODFMVMBSPUSBOTJ
DJÓOFQJUFMJPNFTÊORVJNB
FTGVOEB
NFOUBMQBSBDPNCBUJSQBUPMPHÎBTDPNP
FMDÃODFS"TÎMPTFÒBMBSPOMPTFYQFSUPT
SFVOJEPT EVSBOUF MB $POGFSFODJB
#BSDFMPOB#JP.FEi5SBOTJDJPOFTFQJUF
MJBMFTZNJHSBDJÓODFMVMBSBQSFOEJFOEP
EFMEFTBSSPMMPQBSBDPNCBUJSMBFOGFS
NFEBEuPSHBOJ[BEBQPSMB'VOEBDJÓO
##7"ZFM*3##BSDFMPOB*OTUJUVUPEF
*OWFTUJHBDJÓO #JPNÊEJDB EF #BSDF
MPOB
$PNPFYQMJDÓ+PSEJ$BTBOPWBDPPSHB
OJ[BEPSEFMFWFOUPFJOWFTUJHBEPSEFM
*3##BSDFMPOBiMBUSBOTJDJÓOFQJUFMJP
NFTÊORVJNBFTOFDFTBSJBEVSBOUFFM
EFTBSSPMMPFNCSJPOBSJPQFSPMVFHPTF
SFBDUJWBFOEJTUJOUBTQBUPMPHÎBTBEVMUBT
DPNPFMDÃODFSPMBEFHFOFSBDJÓOEF
ÓSHBOPTu
&ODPOEJDJPOFTOPSNBMFTMBGVODJÓO
OBUVSBMEFMBNJHSBDJÓODFMVMBSFTMB
HFOFSBDJÓOEFÓSHBOPTFOFMFNCSJÓO
i.VDIBTDÊMVMBTEFMFNCSJÓOOBDFONVZ
MFKPTEFTVEFTUJOPGJOBM‡DPNFOUÓFTUF
FYQFSUP‡"TÎRVFUJFOFORVFSFBMJ[BS
MBSHPTEFTQMB[BNJFOUPTQBSBMMFHBSBTV
EFTUJOPZGPSNBSMPTÓSHBOPTu
&M QSPCMFNB BQBSFDF DVBOUP FTUBT
NJHSBDJPOFTTFBDUJWBOEFGPSNBQBUPMÓ
HJDBEVSBOUFMBFEBEBEVMUB
&OFTUFTFOUJEPDPNPTFÒBMÓ¦OHFMB
/JFUPEFM*OTUJUVUPEF/FVSPDJFODJBTEF
"MJDBOUF $4*$6OJWFSTJEBE .JHVFM
)FSOÃOEF[
EVSBOUF FM EFTBSSPMMP
FNCSJPOBSJPMBTDÊMVMBTQVFEFOSFTQPO
EFSBNVDIBTTFÒBMFTi1FSPOPPDVSSFMP
NJTNPFODPOEJDJPOFTOPSNBMFTFOMBT
DÊMVMBTBEVMUBT‡FYQMJDӇQPSRVFZB
FTUÃONVZEJGFSFODJBEBT4FHVSBNFOUF
MPRVFTVDFEFFOQSPDFTPTQBUPMÓHJDPTFT
RVFTÎQVFEFOSFTQPOEFSBFTBTTFÒBMFTu
&O FTUPT DBTPT MBT DÊMVMBT BEVMUBT
WVFMWFOBIBDFSMPNJTNPRVFIBDÎBOFO
FMQFSJPEPFNCSJPOBSJPNJHSBSi&TUPTF
QVFEF USBEVDJS QPS FKFNQMP FO MB
EJTFNJOBDJÓOEFDÊMVMBTEFTEFVOUVNPS
QSJNBSJPuEJKP/JFUP
1BQFMEFMBTDBEIFSJOBT
6OBEFMBTJEFBTNÃTBSSBJHBEBTFOFTUF
DBNQPIBTUBIBDFQPDPTBÒPTFSBRVFTJ
MBTDÊMVMBTEFVOUVNPSQSFTFOUBCBOVOB
FMFWBEBDBOUJEBEEFMBQSPUFÎOBDBEIF
SJOBiTFQPEÎBIBCMBSEFCVFOGBDUPS
QSPOÓTUJDPu TFÒBMÓ $BTBOPWB &TUBT
QSPUFÎOBTTPOMBTQSJODJQBMFTNPMÊDVMBT
EFBEIFTJÓODFMVMBS%FFTUFNPEPTJIBZ
VOB HSBO DBOUJEBE EF FTUF UJQP EF
NPMÊDVMBTQBSFDFMÓHJDPTVQPOFSRVFMBT
+PSEJ$BTBOPWBDPPSHBOJ[BEPSEFMFWFOUPFJOWFTUJHBEPSEFM*3##BSDFMPOBZ«OHFMB/JFUPEFM*OTUJUVUPEF/FVSPDJFO
DJBTEF"MJDBOUF$4*$6OJWFSTJEBE.JHVFM)FSOÈOEF[
DÊMVMBTUJFOFONÃTDPNQMJDBEPEFTQF
HBSTFZNJHSBS1FSPDPNPDPNFOUÓ
$BTBOPWBFTUBJEFBIBDBNCJBEPFOMPT
ÙMUJNPTUJFNQPTi4FIBDPNQSPCBEPRVF
MPSFBMNFOUFQFMJHSPTPTPOMPTFTUBEJPT
JOUFSNFEJPTFTEFDJSMBTDÊMVMBTUVNPSB
MFTRVFOPUJFOFOOJNVDIBOJQPDBDBOUJ
EBEEFFTUBQSPUFÎOBu%FFTUFNPEP
UBNCJÊOQVFEFONJHSBSZTPCSFUPEPTPO
NÃTDBQBDFTEFJOWBEJSPUSPTUFKJEPT
3FUPT
'JOBMNFOUF$BTBOPWBRVJTPFOGBUJ[BSMB
SFMFWBODJB EF MB JOWFTUJHBDJÓO FO FM
DBNQP EF MB NJHSBDJÓO DFMVMBS i-B
NFUÃTUBTJT TF QVFEF QSPEVDJS QPS
EJGFSFOUFTNFDBOJTNPT1PSFKFNQMPIBZ
DÊMVMBTRVFQVFEFONJHSBSEFGPSNB
JOEJWJEVBMNJFOUSBTRVFPUSBTMPIBDFO
EFNBOFSBDPMFDUJWB1PSFTPFTOFDFTB
1BSBEJHN)'DPOGJSNBMBTVQFSJPSJEBEEF
TBDVCJUSJMPWBMTBSUÃOFO*$'&SWTFOBMBQSJM
+7
.BESJE
y2VÊ FTQFSBO MPT DBSEJÓMPHPT EF VO
GÃSNBDPQBSBMBJOTVGJDJFODJBDBSEJBDB
*$
2VFSFEV[DBMBNPSUBMJEBEZFM
OÙNFSPEFIPTQJUBMJ[BDJPOFTRVFTFB
WFSTÃUJMQBSBRVFQVFEBFNQMFBSTFDPO
PUSPTGÃSNBDPTZEJTQPTJUJWPTRVFTFBÙUJM
QBSBBCPSEBSMBTDPNPSCJMJEBEFTRVF
QSFTFOUFOMPTQBDJFOUFTZRVFTFBTFHVSP
ZCJFOUPMFSBEP
&MKFGFEFMB6OJEBEEF*$Z5SBTQMBOUF
$BSEÎBDPEFM)PTQJUBM6OJWFSTJUBSJPEF
#FMMWJUHF/JDPMÃT.BOJUPBTFHVSBRVFFM
NFEJDBNFOUP -$; ‡TBDVCJ
USJMPWBMTBSUÃO‡DPNFSDJBMJ[BEPQPS
/PWBSUJTDPNP&OUSFTUPDVNQMFFTBT
DBSBDUFSÎTUJDBTQBSBQBDJFOUFTDPO*$DPO
GSBDDJÓOEFFZFDDJÓOSFEVDJEB*$'&S
-PDJFSUPFTRVFTFHÙOMPTSFTVMUBEPT
EFMFOTBZPDMÎOJDP1BSBEJHN)'QVCMJ
DBEP FO FM /FX &OHMBOE +PVSOBM PG
+PSHF$VOFP/PWBSUJT+PTÏ-VJT-ØQF[4FOEØO)PTQJUBM6OJWFSTJUBSJP-B1B[.BOVFM"OHVJUBQSFTJEFOUFFMFDUPEFMB
4PDJFEBE&TQB×PMBEF$BSEJPMPHÓB4&$
/JDPMÈT.BOJUP)PTQJUBM6OJWEF#FMMWJUHFZ+PTÏ.BUÓBT1ÏSF[/PWBSUJT
.FEJDJOFFTUFUSBUBNJFOUPSFEVDFVO
QPSDJFOUPFMSJFTHPEFNVFSUFDBSEJPWBT
DVMBS$7
ZVOQPSDJFOUPFMOÙNFSP
EF JOHSFTPT IPTQJUBMBSJPT QPS *$ FO
DPNQBSBDJÓO DPO FM USBUBNJFOUP EF
IBTUB BIPSB SFGFSFODJB FOBMBQSJM
"TJNJTNP.BOJUPTVCSBZBRVFBEFNÃT
TFDPOTJHVFVOQPSDJFOUPEFMSJFTHP
SJPDPOPDFSMPTCJFOQBSBQPEFSEJTFÒBS
GÃSNBDPTRVFMBFWJUFOuJOEJDÓ
&OMBNJTNBMÎOFB/JFUPDPNFOUÓRVF
IBZ RVF iEFTDVCSJS MPT NFDBOJTNPT
DPNVOFTBMPTQSPDFTPTQBUPMÓHJDPTEF
NJHSBDJÓODFMVMBS&TOFDFTBSJPEFTWFMBS
DÓNP MBT DÊMVMBT JOUFSBDUÙBO DPO TV
FOUPSOPUBOUPDPODÊMVMBTQBSFDJEBT
DPNPDPODÊMVMBTEJGFSFOUFTEFUBMNPEP
RVFPSHBOJ[BOVONPWJNJFOUPDFMVMBSu
&TUB FYQFSUB QBSUJDJQÓ IBDF EPT
EÊDBEBT FO VOB JOWFTUJHBDJÓO RVF
QFSNJUJÓ JEFOUJGJDBS WBSJPT HFOFT
SFMBDJPOBEPTDPOFTUFQSPDFTPQBUPMÓ
HJDP EF NJHSBDJÓO /JFUP UBNCJÊO
DPNFOUÓ RVF VOB EF MBT QSJODJQBMFT
MÎOFBTEFJOWFTUJHBDJÓOFOFTUFDBNQPFT
iFTUVEJBSDÓNPMBSFBDUJWBDJÓOEFFTUF
NFDBOJTNPFTUÃJNQMJDBEBFOQBUPMPHÎBT
DPNPMBGJCSPTJTSFOBMu
EFNPSUBMJEBEBTPDJBEBBDVBMRVJFSPUSB
DBVTB
i7BNPTBUFOFSVOOVFWPSFGFSFOUFVO
GÃSNBDPRVFWBBTVTUJUVJSQSPHSFTJWB
NFOUFBFOBMBQSJMuBQPTUJMMBFMGBDVMUB
UJWP6OBJEFBTVTDSJUBQPSFMKFGFEFM
4FSWJDJP EF $BSEJPMPHÎB EFM )PTQJUBM
6OJWFSTJUBSJP-B1B[+PTÊ-VJT-ÓQF[
4FOEÓORVJFOSFTBMUBRVFTVQPUFODJBM
iFT FOPSNFu Z FM QMBOUFBNJFOUP RVF
PGSFDFO MPT SFTVMUBEPT EFM FTUVEJP
iJNQMJDBDBNCJBSFMUSBUBNJFOUPu
-PTDBSEJÓMPHPTEFTUBDBORVFFMFOTBZP
TFJOUFSSVNQJÓiQSFNBUVSBNFOUFuBM
EFNPTUSBSTFEFGPSNBiFTUBEÎTUJDBNFOUF
TJHOJGJDBUJWBuMBTVQFSJPSJEBEEFFTUF
USBUBNJFOUPBOUFTEFMPFTUBCMFDJEP
'JOBMNFOUF.BOJUPNFODJPOBRVFFO
NBZPEFFTUFBÒPTFJODMVZÓFOMBTOVFWBT
(VÎBT&VSPQFBTFO*$QVCMJDBEBTQPSMB
4PDJFEBE&VSPQFBEF$BSEJPMPHÎBDPO
SFDPNFOEBDJÓO*C‡MBNÃTFMFWBEB‡
%FTEFFMQBTBEPUSFTEFPDUVCSFFTUF
NFEJDBNFOUPZBFTUÃEJTQPOJCMFFOMBT
GBSNBDJBTFTQBÒPMBTZFTUÃGJOBODJBEP
DPOQSFDJPZSFFNCPMTPMPRVFTJHOJGJDB
RVF UBOUP MPT FTQFDJBMJTUBT DPNP MPT
NÊEJDPTEFBUFODJÓOQSJNBSJBZBQVFEFO
QSFTDSJCJSMP
(.BMEFPDUVCSFEF&TQFDJBMJ[BEB
4"/5*"(0(0/;¦-&;.03&/0❘1SFTJEFOUFEFMB4PDJFEBE&VSPQFBEF$JSVHÎB0ODPMÓHJDB&440
i-BDJSVHÎBFTGVOEBNFOUBMFOFM
EJBHOÓTUJDPZFMUSBUBNJFOUPEFMDÃODFSu
+04²"30%3¶(6&;
#BSDFMPOB
4BOUJBHP (PO[ÃMF[ .PSFOP EJSFDUPS
NÊEJDPEF.%"OEFSTPO$BODFS$FOUFS
.BESJEBDBCBEFTFSOPNCSBEPQSFTJ
EFOUFEFMB4PDJFEBE&VSPQFBEF$JSVHÎB
0ODPMÓHJDB&440
QBSBMPTQSÓYJNPTEPT
BÒPT%FFTUBGPSNBTFDPOWJFSUFFOFM
QSJNFSFTQBÒPMFOPDVQBSFTUFQVFTUP
&OFTUBFOUSFWJTUBFTUFPODÓMPHPRVJSÙS
HJDPEFGJFOEFMBJNQPSUBODJBEFMBDJSVHÎB
FOFMEJBHOÓTUJDPZFMUSBUBNJFOUPEFMBT
OFPQMBTJBTZSFJWJOEJDBMBOFDFTJEBEEF
RVFTFSFDPOP[DBFTUBFTQFDJBMJEBEFO
&TQBÒB
1SFHVOUBy$VÃMFTTFSÃOTVTQSJODJ
QBMFT MÎOFBT EF BDDJÓO BM GSFOUF EF
&440 3FTQVFTUB/VFTUSBTPDJFEBEJODMVZFB
UPEPT MPT FTQFDJBMJTUBT RVJSÙSHJDPT
FVSPQFPTGPDBMJ[BEPTFOFMUSBUBNJFOUP
EFMDÃODFS6OBEFOVFTUSBTQSJODJQBMFT
NJTJPOFTFTZTFSÃMBFEVDBDJÓOEFMPT
DJSVKBOPT 2VFSFNPT BVNFOUBS FM
OÙNFSPEFDVSTPTRVFPGSFDFNPTUBOUP
B MPT DJSVKBOPT ZB GPSNBEPT DPNP B
BRVFMMPTRVFUPEBWÎBFTUÃOFOGBTFEF
GPSNBDJÓO
"TJNJTNPRVFSFNPTRVFMBTPDJFEBE
TFDPOWJFSUBFOVOBDUPSJNQPSUBOUFB
OJWFMQPMÎUJDP2VFSFNPTQBSUJDJQBSKVOUP
DPOFMSFTUPEFTPDJFEBEFTSFMBDJPOBEBT
DPOFMDÃODFSFOFMEJTFÒPEFMBTQPMÎUJDBT
QBSBDPNCBUJSFTUBFOGFSNFEBERVFTF
MMFWFO B DBCP EFTEF FM 1BSMBNFOUP
FVSPQFP &O FTUF TFOUJEP GPSNBNPT
QBSUF EF &$$0 RVF FT MB &VSPQFBO
$BO$FS 0SHBOJTBUJPO VOB TPDJFEBE
QBSBHVBT RVF BHSVQB B UPEPT MPT
FTQFDJBMJTUBT SFMBDJPOBEPT DPO FTUB
FOGFSNFEBEDPNPDJSVKBOPTSBEJÓMPHPT
QBUÓMPHPT%FTEF&$$0RVFSFNPTUFOFS
VOBWP[VOJGJDBEBQBSBJOGMVJSFOMBT
EJGFSFOUFTDPNJTJPOFTEFM1BSMBNFOUP
&VSPQFP Z MB DSFBDJÓO EF QPMÎUJDBT
&M$POHSFTPEFMB&440DFMFCSBEPFOUSFFMZFMEFTFQUJFNCSFFO$SBDPWJBGVFFMFTDFOBSJPFMFHJEPQBSBFMOPNCSBNJFOUPEF4BOUJBHP(PO[ÈMF[.PSFOPDPNPQSFTJEFOUF
SFMBDJPOBEBTDPOMBQSFWFODJÓOFMBDDFTP
JHVBMJUBSJPBMPTUSBUBNJFOUPTZRVFUPEPT
MPTQBDJFOUFTFVSPQFPTUFOHBOBDDFTPBM
NFKPSBCPSEBKFJOUFHSBMZNVMUJEJTDJQMJ
OBS
1PSPUSPMBEPUBNCJÊOSFGPS[BSFNPT
MBJOWFTUJHBDJÓODFOUSBEBFODPOTFHVJS
CFOFGJDJPTDMBSPTQBSBMPTQBDJFOUFTZB
TFBFOTVQFSWJWFODJBFTUÊUJDBPDBMJEBE
EFWJEB
1y&TOFDFTBSJPNFKPSBSFMSFDPOPDJ
NJFOUPQPMÎUJDPZQÙCMJDPEFMBPODPMP
HÎBRVJSÙSHJDB 34ÎZQPSFTPUBNCJÊOBOJWFMQPMÎUJDP
RVFSFNPT DPOTFHVJS MB WJTJCJMJEBE
BEFDVBEBQBSBFMPODÓMPHPRVJSÙSHJDP
5FOFNPTVOQBQFMNVZJNQPSUBOUFFOFM
USBUBNJFOUPEFMDÃODFSQFSPOPDPOUB
NPTDPOMBTVGJDJFOUFWJTJCJMJEBEFOMPT
NFEJPTEFDPNVOJDBDJÓOOJMBTBEFDVB
EBTPQPSUVOJEBEFTEFGJOBODJBDJÓO
1 y$VÃM FT FM QBQFM EFM PODÓMPHP
RVJSÙSHJDPFOFMBCPSEBKFEFMDÃODFS 3&OQSJNFSMVHBSVODÃODFSOPTF
QVFEF USBUBS TJO VO EJBHOÓTUJDP
BEFDVBEP1BSBFMMPIBZRVFUPNBSVOB
NVFTUSBEFMUVNPS:RVJFOUPNBFTB
NVFTUSB TPMFNPT TFS MPT PODÓMPHPT
RVJSÙSHJDPT%FCFNPTDPOTFHVJSFMUFKJEP
BEFDVBEP1PSPUSPMBEPFODVBOUPBM
USBUBNJFOUPCVFOBQBSUFEFMBDVSBDJÓO
EFMPTUVNPSFTTÓMJEPTQBTBQPSVOB
CVFOBDJSVHÎB-BRVJNJPUFSBQJBBQPSUB
VOCFOFGJDJPFYUSBBMBDJSVHÎB
%FNVFTUSBORVFFMHFO53&9UJFOFVO
QBQFMDMBWFFOFMUSBUBNJFOUPEFMBQTPSJBTJT
(.
.BESJE
6OFTUVEJPQVCMJDBEPFOMBSFWJTUBDJFOUÎ
GJDB+PVSOBMPG*OWFTUJHBUJWF%FSNBUP
MPHZIBJEFOUJGJDBEPVOBEJBOBUFSBQÊV
UJDBQPUFODJBMQBSBUSBUBSMBQTPSJBTJT&M
USBCBKPEFNVFTUSBRVFFMHFO53&9
QPTFFVOQBQFMSFMFWBOUFFOMBSFTQVFTUB
JOGMBNBUPSJB RVF TF EFTFODBEFOB
EVSBOUFMBFOGFSNFEBE53&9DPEJGJDB
QBSB VOB FYPOVDMFBTB RVF TF IBCÎB
SFMBDJPOBEPDPOFMNBOUFOJNJFOUPEFMB
FTUBCJMJEBEHFOÓNJDBZDPOEFUFSNJOB
EPTNFDBOJTNPTUBOUPEFSFQBSBDJÓO
DPNPEFEFHSBEBDJÓOEFM"%/
&OFTUVEJPTBOUFSJPSFTTFPCTFSWÓRVF
FTUBQSPUFÎOBTFFYQSFTBCBFTQFDÎGJDB
NFOUFFOMBQJFM"EFNÃTFMFTUVEJPEFM
GFOPUJQPEFSBUPOFTEFGJDJFOUFTQBSBFTUB
QSPUFÎOBSFWFMBRVFMBQÊSEJEBEF53&9
QSPWPDBVOBTVTDFQUJCJMJEBENBZPSBMB
DBSDJOPHÊOFTJT EF QJFM JOEVDJEB QPS
HFOPUÓYJDPTDPNPMBSBEJBDJÓOVMUSBWJP
MFUB1BSBQSPGVOEJ[BSFOFMQBQFMEF
53&9FOMBIPNFPTUBTJTZQBUPHÊOFTJT
EFMBQJFMMPTJOWFTUJHBEPSFTRVJTJFSPO
DPOPDFSMBGVODJÓOEFFTUBOVDMFBTBFOMB
QTPSJBTJT *OJDJBMNFOUF BOBMJ[BSPO
EJGFSFOUFTCJPQTJBTEFQBDJFOUFTZEF
QFSTPOBTTJOMBFOGFSNFEBE-VFHPVUJMJ
[BOEPEJGFSFOUFTNPEFMPTEFQTPSJBTJTFO
SBUÓODPNQBSBSPOMBFWPMVDJÓOEFMB
FOGFSNFEBE FO SBUPOFT OPSNBMFT Z
EFGJDJFOUFTQBSB53&9DPOFMQSPQÓTJUP
EFJOGFSJSMBGVODJÓOEFFTUBNPMÊDVMBi-PT
SFTVMUBEPTNVFTUSBORVF53&9UFOESÎB
VOQBQFMSFMFWBOUFFOMBEFHSBEBDJÓOEFM
"%/FOMBFQJEFSNJTQTPSJÃTJDBBMQSPNP
1y:DVÃMFTMBTJUVBDJÓOEFMBPODPMP
HÎBRVJSÙSHJDBFOOVFTUSPQBÎT 3-BFTQFDJBMJEBEOPFTUÃSFDPOPDJEB
EFGPSNBPGJDJBMDPNPUBM5FOFNPTVOB
4PDJFEBE &TQBÒPMB EF 0ODPMPHÎB
2VJSÙSHJDB4&02
EFMBDVBMZPTPZ
QSFTJEFOUFRVFFTUÃJOUFHSBEBFOMB
4PDJFEBE&VSPQFBEF$JSVHÎB0ODPMÓ
HJDB %FTEF MB 4&02 JOUFOUBNPT
DPODJFODJBSBMPTQPMÎUJDPTEFMBOFDFTJ
EBEEFSFDPOPDFSMBFTQFDJBMJEBEEF
PODPMPHÎBRVJSÙSHJDBZBRVFFTUBNPT
NÃTFTQFDJBMJ[BEPTRVFMPTDJSVKBOPT
HFOFSBMFT)BZQBÎTFTDPNP)PMBOEBFO
RVFMBFTQFDJBMJEBEFTUÃSFDPOPDJEB
QFSP FO &TQBÒB EF NPNFOUP OP MP
IFNPTDPOTFHVJEP
WFSMBSFTQVFTUBJOGMBNBUPSJBDBSBDUFSÎT
UJDBEFFTUBFOGFSNFEBEuFYQMJDB$PODFQ
DJÓ4PMFSSFTQPOTBCMFEFMFTUVEJP
"TJNJTNPTFPCTFSWBRVFMBQJFMEF
QBDJFOUFTDPOQTPSJBTJTFYQFSJNFOUBVO
GVFSUF BVNFOUP EF MB FYQSFTJÓO EF
53&9RVFTFDPODFOUSBFOFMOÙDMFP
DFMVMBSEFMPTRVFSBUJOPDJUPTRVFQSPMJ
GFSBONVFSFOZTFEJGFSFODJBOEFGPSNB
BCFSSBOUF -PT SFTVMUBEPT EFGJOFO
53&9 DPNP VOB QPUFODJBM EJBOB
UFSBQÊVUJDBQBSBBCPSEBSFTUBFOGFSNF
EBEDPOVOBFTUSBUFHJBEJGFSFOUFZNÃT
GPDBMJ[BEB EF NPEP RVF FM QSÓYJNP
PCKFUJWPTFSÃEFTDJGSBSTVNFDBOJTNPEF
BDDJÓO DPNQMFUP FO FM EFTBSSPMMP Z
NBOUFOJNJFOUPEFMBQTPSJBTJTDPOFMGJO
EFEJTFÒBSFTUSBUFHJBTUFSBQÊVUJDBTQBSB
USBUBSMBFOGFSNFEBE
NS
Exclusivo NetSalud
&TQFDJBMJ[BEBBMEFPDUVCSFEF(.
$ÓNPBCPSEBSNFKPS
MBTOFPQMBTJBT
IFNBUPMÓHJDBT
-PTFTQFDJBMJTUBTJODJEFOFORVFTFEFCFBWBO[BS
IBDJBVOBNFEJDJOBQFSTPOBMJ[BEB
RVFDFOUSBOMBTGPSNBDJPOFTRVFMPT
IFNBUÓMPHPT PGSFDFO B MPT NÊEJDPT
SFTJEFOUFT
&M(SVQP&TQBÒPMEF-JOGPNBT(FMUBNP
" TV WF[ .BSÎB %PMPSFT $BCBMMFSP
KVOUPDPOFM(SVQP&TQBÒPMEF-FVDFNJB SFTQPOTBCMFEFMB6OJEBE$MÎOJDBZEF
-JOGPDÎUJDB$SÓOJDB(FMMD
IBOPSHBOJ 5SBTQMBOUFEFM4FSWJDJPEF)FNBUPMPHÎB
[BEPVODVSTPTPCSFOFPQMBTJBTIFNBUP EFM)PTQJUBM6OJWFSTJUBSJPEF4BMBNBODB
MÓHJDBT&OUPUBMTFIBOEBEPDJUB ZQSFTJEFOUBEFMB'VOEBDJÓOEFM(FMUBNP
NÊEJDPTIFNBUÓMPHPTSFTJEFOUFTQSPDF JOEJDBRVFVOPEFMPTPCKFUJWPTRVFTF
EFOUFTEFEJWFSTPTIPTQJUBMFTEF&TQBÒB QFSTJHVFDPOFTUFUJQPEFDVSTPTZKPSOB
RVFEVSBOUFEPTKPSOBEBTIBOQSPGVOEJ EBTFTRVFiFMNÊEJDPKPWFOBQSFOEBRVF
[BEPFOMPTOVFWPTDPOPDJNJFOUPTCJPMÓ FMBCPSEBKFEFMQBDJFOUFDPOVOBOFPQMB
HJDPTEFMPTMJOGPNBTBHSFTJWPTZMB--$ TJBIFNBUPMÓHJDBZNÃTDPODSFUBNFOUF
MPT GBDUPSFT QSPOÓTUJDP Z MBT OVFWBT DPOMJOGPNBIBEFTFSNVMUJEJTDJQMJOBSu
EJBOBTUFSBQÊVUJDBTRVFFYJTUFOQBSB
&MQBDJFOUFOFDFTJUBEFVOUSBCBKP
USBUBSMBT
DPOKVOUPiQPSQBSUFEFMIFNBUÓMPHPEFM
+PTÊ"OUPOJP(BSDÎB.BSDPIFNBUÓ FTQFDJBMJTUBFOBOBUPNÎBQBUPMÓHJDBEFM
MPHPEFM)PTQJUBM6OJWFSTJUBSJP1VFSUBEF CJÓMPHPRVFBOBMJ[BMBCJPMPHÎBEFMUVNPS
)JFSSP.BKBEBIPOEBEF.BESJEFYQMJDB FM SBEJÓMPHP FM NÊEJDP OVDMFBSu
RVF DPO FTUF UJQP EF GPSNBDJPOFT TF DPODSFUBMBFYQFSUB
CVTDBRVFMPTSFTJEFOUFTBCPSEFOMPT
&OFTUFTFOUJEPEFJOUFSBDDJÓOQSPGF
DBTPTDMÎOJDPTEFTEFVOBiWJTJÓOBNQMJB TJPOBM(BSDÎB.BSDPUBNCJÊOEFTUBDBMB
ZBMBWF[QPSNFOPSJ[BEBuEFMBCJPMPHÎB PQPSUVOJEBERVFPGSFDFBMPTSFTJEFOUFT
DFMVMBS EFM UVNPS EF MBT UÊDOJDBT FTUFUJQPEFKPSOBEBTEPOEFQVFEFO
EJBHOÓTUJDBTEFMBQSPHSFTJÓODMÎOJDBEF DPOPDFSDÓNPTFUSBCBKBFOPUSPTIPTQJ
MBFOGFSNFEBEZFODPOTFDVFODJBEFMBT UBMFTi-BJOUFSBDDJÓOFOUSFFMMPTTFÒBMB
BMUFSOBUJWBTUFSBQÊVUJDBTFOQSJNFSB FMEPDUPSUBNCJÊOFTJNQPSUBOUFQPSRVF
MÎOFBPQPTUFSJPSFTBIPSBTPCSFUPEPRVF BEJBSJPOPUJFOFOUJFNQPOJQPTJCJMJEBE
TF UJFOEF IBDJB MP RVF TF EFOPNJOB EFFOUSBSFODPOUBDUPDPOPUSPTSFTJEFO
UFSBQJBQFSTPOBMJ[BEB
UFTEFIFNBUPMPHÎBZFOFTUPTDVSTPT
1BSB(BSDÎB.BSDPiFTGVOEBNFOUBM QVFEFO DPOPDFS UBNCJÊO DVÃM FT MB
PCUFOFSVOCVFOEJBHOÓTUJDPQBSBQPEFS GPSNBEFNBOFKPEFMPTQBDJFOUFTFO
JOJDJBSUSBUBNJFOUPFTQFDJBMNFOUFFOMPT VOPTIPTQJUBMFTZFOPUSPTu
DBTPTEFQSPHSFTJÓOEFMBFOGFSNFEBEu
/VFWBTEJBOBTUFSBQÏVUJDBT
-BDMBWFEFMBCPSEBKFNVMUJEJTDJQMJOBS
-BTBQPSUBDJPOFTEFMBCJPMPHÎBDFMVMBSBM
-BDPOTUJUVDJÓOEFFRVJQPTNVMUJEJTDJQMJ DBNQPEFMBPODPMPHÎBFTVOBEFMBT
OBSFT QBSB BCPSEBS MBT OFPQMBTJBT NVFTUSBTEFMÊYJUPRVFTFQVFEFDPOTF
IFNBUPMÓHJDBTFTVOBQSÃDUJDBRVFMPT HVJSDPOFMUSBCBKPFODPNÙOEFEJTUJOUBT
FTQFDJBMJTUBTDPOTJEFSBOFTFODJBMQBSB FTQFDJBMJEBEFT"MSFTQFDUP$BCBMMFSP
NFKPSBS MPT ÎOEJDFT EF ÊYJUP DPO VO EFTUBDBMBMMFHBEBEFEJGFSFOUFTNPMÊDV
QBDJFOUFZQPSUBOUPVOPEFMPTBTQFDUPT MBTBMHVOBTBQSPCBEBTSFDJFOUFNFOUF
("$&5".²%*$"
.BESJE
-BQSFTJEFOUBEFMB'VOEBDJØOEFM(FMUBNPJODJEJØFORVFFMQBDJFOUFOFDFTJUBEFVOUSBCBKPDPOKVOUPQPSQBSUFEFM
IFNBUØMPHPFMFTQFDJBMJTUBFOBOBUPNÓBQBUPMØHJDBFMCJØMPHPFMSBEJØMPHPZFMNÏEJDPOVDMFBS
DPNPJCSVUJOJCDVZBBQBSJDJÓOIBTJEP
QPTJCMFBQBSUJSEFMDPOPDJNJFOUPCJPMÓ
HJDPEFFTUPTUVNPSFT
*CSVUJOJCFTVOJOIJCJEPSEFMBUJSPTJOB
RVJOBTB EF #SVUPO #5,
RVF BDUÙB
GPSNBOEPVOGVFSUFFOMBDFDPWBMFOUFDPO
MB#5,QBSBCMPRVFBSMBUSBOTNJTJÓOEF
TFÒBMFTEFTVQFSWJWFODJBDFMVMBSFOMBT
DÊMVMBT#NBMJHOBT"MCMPRVFBSFTUB
QSPUFÎOBBZVEBBEFTUSVJSMBTDÊMVMBT
DBODFSPTBT Z B SFEVDJS TV OÙNFSP
5BNCJÊOGSFOBFMFNQFPSBNJFOUPEFM
DÃODFS
-PTSFTJEFOUFT
"EFNÃT EF BDVEJS DPNP BMVNOPT
NVDIPTEFMPTSFTJEFOUFTIBOUFOJEPMB
PQPSUVOJEBEEFQSFTFOUBSTVFYQFSJFO
DJBDMÎOJDBSFDPHJEBFOMPTIPTQJUBMFTFO
MPTRVFFTUÃOUSBCBKBOEP
7BMME)FCSPOJODPSQPSBVO5"$JOGBOUJM
RVFSFEVDFMBEPTJTEFSBEJBDJÓOIBTUBVO
(.
#BSDFMPOB
&M4FSWJDJPEF3BEJPMPHÎBEFM)PTQJUBM
6OJWFSTJUBSJP7BMME)FCSPOIBJODPSQP
SBEPVO5"$JOGBOUJMEFÙMUJNBHFOFSB
DJÓORVFSFEVDFMBSBEJBDJÓOIBTUBVO
QPSDJFOUPNBOUFOJFOEPMBDBMJEBEEFMB
JNBHFO&M5"$ZMBTTBMBTEFM4FSWJDJPEF
3BEJPMPHÎBIBOTJEPEFDPSBEBTDPOWJOJMPT
BNCJFOUBEPTFOFMFTQBDJPFOFMNBSDP
EFM QSPZFDUP *NBUHJOB VO DPODFQUP
BWBO[BEPEFIVNBOJ[BDJÓOFOSBEJPMPHÎB
QFEJÃUSJDBQBSBNFKPSBSMBFYQFSJFODJB
EFMPTOJÒPTBOUFMBTQSVFCBTEJBHOÓTUJ
DBT&MQSPZFDUPFTSFTVMUBEPEFMBDPMBCP
SBDJÓOFOUSFMB'VOEBDJÓO1IJMJQTMB
'VOEBDJÓO$VS"SUFZFM4FSWJDJPEF3BEJP
MPHÎBEFM)PTQJUBMZFTFMQSJNFSPFO
JODPSQPSBSEFNBOFSBJOUFHSBEBUSFT
FMFNFOUPTBNCJFOUBDJÓOFEVDBDJÓOZ
iHBNJGJDBDJÓOu
.BOFM&TDPCBSEJSFDUPSDMÎOJDPEFM
4FSWJDJPEF%JBHOÓTUJDPQPSMB*NBHFOEFM
)PTQJUBM7BMME)FCSPOFYQMJDBRVFiMBT
JOEJDBDJPOFTQBSBSFBMJ[BSVO5"$FO
OJÒPTTPONVZFTUSJDUBTQPSRVFUJFOFO
NÃTBÒPTQPSEFMBOUFQBSBBDVNVMBS
SBEJBDJÓOZQPSMPUBOUPNÃTSJFTHPEF
TVGSJSDÃODFSu/PPCTUBOUFDPOFMOVFWP
EJTQPTJUJWPFMGBDVMUBUJWPBTFHVSBRVF
iQPESFNPTSFEVDJSDPOTJEFSBCMFNFOUF
MBEPTJTEFSBEJBDJÓOBQPSUBOEPNBZPS
TFHVSJEBEBMPTQBDJFOUFTQFEJÃUSJDPTu
&ODPODSFUPFM5"$FTFMNPEFMPJ$5
EF1IJMJQTRVFQFSNJUFNFEJBOUFMB
EFOPNJOBEBUFDOPMPHÎBEFiSFDPOTUSVD
DJÓO JUFSBUJWBu TFS VUJMJ[BEP FO MBT
QSVFCBTQFEJÃUSJDBT4VDBMJEBEZQSFDJ
$POFMGJOEFBÒBEJSNPUJWBDJÓOBM
DVSTPTFDPOWPDÓVODPODVSTPBMRVF
MPT GVUVSPT IFNBUÓMPHPT QPEÎBO
QSFTFOUBSUSBCBKPTFOGPSNBEFQÓTUFS
DPO SFTVMUBEPT EF JOUFSÊT DJFOUÎGJDP
PCUFOJEPTFOMPTTFSWJDJPTBMPTRVF
QFSUFOFDFOZSFMBDJPOBEPTCJFODPO
MJOGPNBTBHSFTJWPTCJFODPOMFVDFNJB
MJOGÃUJDBDSÓOJDB
&OUPUBMTFSFDJCJFSPOUSBCBKPTEF
MPTRVFVODPNJUÊDPNQVFTUPQPSMPT
QPOFOUFTZPSHBOJ[BEPSFTEFMDVSTP
TFMFDDJPOÓMPTUSFTNFKPSFTFODBEBUJQP
EFUVNPS
"OOB7BSFMB3FCFDB#BJMÊOZ$BSMPT
1MB[BGVFSPOMPTUSFTQSFNJBEPTFOMB
DBUFHPSÎBEF--$NJFOUSBTRVFFOMJOGP
NBTBHSFTJWPTMPTUSBCBKPTHBMBSEPOB
EPTGVFSPOMPTQSFTFOUBEPTQPS+BWJFS
$PSOBHP'FMJY-ÓQF[Z-VJT(BSDÎB
TJÓOFOMBJNBHFOOPIBCÎBTJEPWJTUB
IBTUBBIPSBVUJMJ[BOEPQSPUPDPMPTiEF
VMUSBCBKBEPTJGJDBDJÓOuDFSDBOPTBMPTEF
VOBTJNQMFSBEJPHSBGÎBEFUÓSBY&MOVFWP
5"$ TF IB JOTUBMBEP FO FM )PTQJUBM
.BUFSOP *OGBOUJM QBSB OP UFOFS RVF
USBTMBEBSBMPTQBDJFOUFTNFOPSFTBM
)PTQJUBM(FOFSBMZQPEFSSFDSFBSVO
BNCJFOUFRVFNFKPSFMBFYQFSJFODJBEF
MPTVTVBSJPT"ÙOBTÎFM5"$GVODJPOBSÃ
MBTIPSBTZUBNCJÊOTFSÃVUJMJ[BEPQPS
QBDJFOUFTBEVMUPT
&MQSPZFDUP*NBHJUOBTFCBTBFOFEVDB
DJÓOiHBNJGJDBDJÓOu Z BNCJFOUBDJÓO
FTUBCMFDJEPTUSBTDPOTVMUBSMBTPQJOJPOFT
EFGBNJMJBTZQSPGFTJPOBMFT%FTEFTV
QVFTUBFONBSDIBFMQSPZFDUPIBDPOTF
HVJEPSFEVDJSFOVOQPSDJFOUPMBT
TFEBDJPOFTBMPTQBDJFOUFTQFEJÃUSJDPT
NS
Exclusivo NetSalud
(.BMEFPDUVCSFEF&TQFDJBMJ[BEB
&TUBTFNBOBBOBMJ[BNPT
-FPUFD'JUXBUDI
"DUVBMJEBETPCSFFIFBMUINIFBMUIZXFBSBCMFT
&MTNBSUXBUDI
FTQB×PMBM
BMDBODFEFUPEPT
-FPUFD'JUXBUDIFNJUFVOBBMFSUBTJOPT
FYDFEFNPTDPOMBFYQPTJDJØOBMTPM
+6-*""-."(30
.BESJE
"RVFMMPTRVFTFFODVFOUSFOCVT
DBOEPVOSFMPKEFQPSUJWPNVMUJGVO
DJØOFTUÈOEFTVFSUF-BFNQSFTB
UFDOPMØHJDBFTQB×PMB-FPUFDTF
SFBGJSNBFOTVBQVFTUBQPSMPTXFB
SBCMFTZMBO[BBMNFSDBEPFMTNBSU
XBUDI-FPUFD'JUXBUDI
1BSBTBDBSQBSUJEPEFUPEBTTVT
GVODJPOFTFTOFDFTBSJPEFTDBSHBS
MBBQMJDBDJØONØWJMJ(PU6-JGF
RVFTFTJODSPOJ[BSÈDPOFMEJTQPTJ
UJWPWÓB#MVFUPPUI
#ÈTJDBNFOUFQPTFFUPEBTMBT
QSFTUBDJPOFTRVFTFFTQFSBOEFVO
SFMPKJOUFMJHFOUFQPEØNFUSPNP
OJUPSJ[BDJØOEFMTVF×PBMBSNBTSF
HJTUSPEFBDUJWJEBEFTEFQPSUJWBTWJ
TVBMJ[BDJØOEFMBTOPUJGJDBDJPOFT
NØWJMFT&TFTQFDJBMNFOUFJOUFSF
TBOUFMBQPTJCJMJEBERVFPGSFDFEF
NFEJSMBSBEJBDJØOVMUSBWJPMFUB
NVZÞUJMTJQSBDUJDBNPTEFQPSUFBM
BJSFMJCSFPTJTPNPTPMWJEBEJ[PTDPO
FMVTPEFQSPUFDUPSTPMBS
-BQBOUBMMBFT0-&%ZDPOTVNF
QPDBCBUFSÓBEFUBMNBOFSBRVF
QVFEFEVSBSOPTJODMVTPNÈTEF
EJF[EÓBTTFHVJEPT1BSBDBSHBSMB
UBOTØMPUFOFNPTRVFDPOFDUBSMP
VOQBSEFIPSBTBMPSEFOBEPSNF
EJBOUFVODBCMFVTC
"VORVFFTSFTJTUFOUFBMBHVBZ
DVFOUBDPOMBDFSUJGJDBDJØO*1TF
SFDPNJFOEBOPEVDIBSTFDPOÏM
1304
.VZCVFOBSFMBDJØODBMJEBE
QSFDJP0GSFDFMBTNJTNBTQSFT
UBDJPOFTRVFSFMPKFTRVFFYJ
HFOVOEFTFNCPMTPNVDIP
NBZPS
$0/4
-BGVODJØOEFNPOJUPSJ[BDJØO
EFMTVF×POPTJFNQSFFT
FYBDUBZBRVFFNQJF[BB
DPOUBCJMJ[BSRVFFTUÈTEPS
NJEPUPEPTMPTEÓBTBMB
NJTNBIPSBBVUPNÈUJDB
NFOUF
3&46.&/
-FPUFD'JUXBUDIFTVOTNBSU
XBUDIQBSBUPEPTEFEJTF×P
CPOJUPZSPCVTUPGÈDJMEFVTBS
ZBVOQSFDJPDPNQFUJUJWP6OB
CVFOBJOWFSTJØO
7FBFMQSPHSBNBDPNQMFUP
FO/FU4BMVE57
-FPUFD'JUXBUDIFT
FMTNBSUXBUDIJEFBM
QBSBBRVFMMPTRVF
FTUÏOCVTDBOEPVO
EJTQPTJUJWPGÈDJMEF
VTBSZFDPOØNJDP
TJOSFOVODJBSBMB
DBMJEBE
%*4&º0
&OFMQBDLBHJOHFODPOUSBSFNPT
USFTDPSSFBTFOCMBODPOFHSPZ
WFSEFQBSBQPEFSFMFHJSTFHÞO
OVFTUSPHVTUPPOFDFTJEBEFT
%FOUSPEFMBPGFSUBBDUVBMEF
QVMTFSBTNVMUJGVODJØOZSFMPKFTJO
UFMJHFOUFT-FPUFD'JUXBUDIFTTJO
EVEBVOBPQDJØOBDPOTJEFSBSNVZ
FOTFSJP-BSFMBDJØODBMJEBEQSF
DJPFTJONFKPSBCMFZTBUJTGBSÈMBT
OFDFTJEBEFTEFMPTNÈTFYJHFO
UFT
64"#*-*%"%
$BUFHPSÓB8FBSBCMFT
1SFDJPûBQSPY
*EJPNB&TQB×PMBQQJ(PU6-JGF
4JTUFNB0QFSBUJWPJ04"OESPJE
7FSTJØO3FWJTBEB
$"-*%"%13&$*0
(PPHMF'JU
-BPQDJØO
TBOBEF
(PPHMF
3VOTUBUJD
.ÓUJDBBQQ
QBSBMPT
SVOOFST
&OFMTJHVJFOUFBOÈMJTJTEF5FDOP4BMVE
.FEJDIFDL
BMEFPDUVCSFEF (.
$POSBZPT9
-B$POUSB
1&3'*-❘ :PTIJOPSJ0ITVNJQSFNJP/PCFMEF.FEJDJOB
y-B
TBOJEBE #JFO
4"/5*"(0%&
26*30("
1SFTJEFOUF&EJUPS
EF(.
.
&M1SFNJP/PCFMEF.FEJDJOB
WJBKBB+BQÓODPOMBBVUPGBHJB
$.-
.BESJE
$BEBBÒPEFTEFMPTDJFOUÎGJDPTZ
NÊEJDPTRVFTPCSFTBMFOQPSTVTDPOUSJ
CVDJPOFTFOFMDBNQPEFMBGJTJPMPHÎBPMB
NFEJDJOBUJFOFOVOBDJUBFOIPOPSEF
"MGSFE/PCFM
&TUF FT VOP EF MBT DJODP QSFNJPT
FTUBCMFDJEPTFOTVUFTUBNFOUPRVFTPO
EBEPTBBRVFMMBTQFSTPOBTRVFSFBMJ[BO
DPOUSJCVDJPOFTOPUBCMFTFORVÎNJDB
GÎTJDBMJUFSBUVSBZQPSMBQB[
&OFTUBPDBTJÓOMBDJUBGVFMBTFNBOB
QBTBEB -B DPNVOJEBE DJFOUÎGJDB
EFTBZVOBCBFMMVOFTDPOFMBOVODJPEF
RVFFMKBQPOÊT:PTIJOPSJ0ITVNJFSBFM
1SFNJP/PCFM:FTRVFMBMBCPSEF
0ITVNJUJFOFTPMFSBZQPSFMMPFTUF
QSFNJPIBRVFSJEPSFDPOPDFSUPEPTV
FTGVFS[PTPCSFUPEPFOMBEÊDBEBEFMPT
y4VBQPSUBDJÓO i%FTDVCSJSZBDMBSBS
MPT NFDBOJTNPT RVF TVCZBDFO B MB
BVUPGBHJBVOQSPDFTPGVOEBNFOUBMQBSB
EFHSBEBSZSFDJDMBSMPTDPNQPOFOUFT
DFMVMBSFTu
%FTEFMBMFWBEVSBBMBBVUPGBHJB
(SBDJBTBTVBQPSUBDJÓODJFOUÎGJDBFT
QPTJCMFWJODVMBSGBMMPTFOFMQSPDFTP
JOUFSOPEFMBTDÊMVMBTRVFQVFEFOUFOFS
%"504
:PTIJOPSJ0TIVNJOBDJØFOFO+BQØO
ZFTUVEJØFOMB6OJWFSTJEBEEF5PLJPZ
USBCBKØ EVSBOUF BMHVOPT B×PT FO MB
6OJWFSTJEBE3PDLFGFMMFSFO/VFWB:PSL
1PTUFSJPSNFOUFWPMWJØBTVQBÓTEPOEFIB
EFTBSSPMMBEPFMSFTUPEFTVDBSSFSBZEPOEF
ZBHBOØFM1SFNJP,JPUPMPTOPCFMKBQPOF
TFT
FO
SFMBDJÓODPOQBUPMPHÎBTDPNPMBEJBCF
UFTUJQPFMDÃODFSPFM1ÃSLJOTPO/PFT
RVF0ITVNJEFTDVCSJFSBFTUFDPODFQUP
‡FYJTUÎB EFTEF MPT BÒPT ‡ 4JO
FNCBSHPTVBQPSUBDJÓOGVFSFBMNFOUF
OPWFEPTBZUSBTDFOEFOUBM
&MKBQPOÊTBOBMJ[ÓMPTNFDBOJTNPTEF
MBTDÊMVMBTFODPODSFUPMBHFOFSBDJÓOEF
FOFSHÎBDPNPSFTQVFTUBBMBGBMUBEF
BMJNFOUPPBMBTJOGFDDJPOFT&TEFDJSFM
QSPDFTPEFSFDJDMBKFDVZPPCKFUJWPFT
MJNQJBSFMPSHBOJTNP
-PNÃTTPSQSFOEFOUFFTRVF0ITVNJ
PCTFSWÓFTUFQSPDFTPFOMBMFWBEVSB
4ÎFOMBMFWBEVSBEFMQBO
1PTUFSJPS
NFOUFQVEPDPNQSPCBSRVFMBNBRVJ
OBSJBEFMBTDÊMVMBTIVNBOBTFSBQSÃDUJ
DBNFOUFMBNJTNB
5PEPUJFOFVOQPSRVÊMBTDÊMVMBTEF
MFWBEVSBTPOSFMBUJWBNFOUFGÃDJMFTEF
FTUVEJBSZQPSMPUBOUPBNFOVEPTFVUJMJ
[BODPNPNPEFMP"EFNÃTTPOQBSUJDV
MBSNFOUFÙUJMFTQBSBMBJEFOUJGJDBDJÓOEF
HFOFTRVFTPOJNQPSUBOUFTFOMBTWÎBT
DFMVMBSFTDPNQMFKBT&OFTUFTFOUJEP
DVMUJWÓMBMFWBEVSBNVUBOUFRVFDBSFDF
EFMBTFO[JNBTEFEFHSBEBDJÓOWBDVPMBS
ZBMNJTNPUJFNQPFTUJNVMBMBBVUPGBHJB
QPSIBNCSF
%F VO NPEP NÃT HSÃGJDP TFQB FM
MFDUPSRVFMBQBMBCSBBVUPGBHJBUJFOFTV
PSJHFOFOFMJEJPNBHSJFHPZRVJFSFEFDJS
iDPNFSTFBVOPNJTNPu
3FTVMUBEPT
-PTSFTVMUBEPTGVFSPOTPSQSFOEFOUFT&O
DVFTUJÓOEFIPSBTMBTWBDVPMBTTFMMFOB
SPO EF QFRVFÒBT WFTÎDVMBT RVF OP
IBCÎBOTJEPEFHSBEBEBT1FSPBÙONÃT
JNQPSUBOUFBIPSBUFOÎBVONÊUPEPQBSB
JEFOUJGJDBSZDBSBDUFSJ[BSMPTHFOFTDMBWF
JOWPMVDSBEPTFOFTUFQSPDFTP'VFFO
DVBOEP0TIVNJQVCMJDÓMPTSFTVM
UBEPT
$POFTUFHBMBSEÓOFMDJFOUÎGJDPKBQPOÊT
TF DPOWJFSUF FO FM QSFNJP EF
.FEJDJOBFOMBIJTUPSJBEFMPT/PCFM
IBDJÊOEPTFBDSFFEPSBVOBEPUBDJÓO
FDPOÓNJDBEFNJMMPOFTEFEÓMBSFT
NJMMPOFTEFDPSPOBTTVFDBT
VDIBTEFMBTBGJSNBDJPOFTRVF
SFBMJ[BOMPTQPMÎUJDPTBNFSJDB
OPTTFTPNFUFOBBOÃMJTJTEF
WFSBDJEBE4POWBSJBTMBTPSHBOJ[BDJPOFT
ZXFCTRVFUSBTVOEFCBUFiQJMMBOuBMPT
NFOUJSPTPT DBOEJEBUPT RVF SFBMJ[BO
BGJSNBDJPOFT GBMTBT P TJNQMFNFOUF
JOWFOUBEBT
$POMB4BOJEBEEFCFSÎBNPTSFBMJ[BS
VOTFHVJNJFOUPEFFTUFUJQP7FSÎBNPT
DÓNPTFJOWFOUBOFTUBEPTEFBMBSNB
NVDIBT WFDFT WJOJFOEP EF QFSTPOBT
BKFOBTBMTFDUPSQFSPFOPDBTJPOFTEF
QFSTPOBTEFEFOUSP)PZDPNFOUBNPTVO
NFOTBKFPDBTJPOBMRVFTFVUJMJ[BDPO
JOUFODJPOFTQPQVMJTUBTMBBGJSNBDJÓOEF
RVFMBTBOJEBEFO&TQBÒBiFTVOEFTBT
USFu&TGBMTPZMPTBCFOMPTMFDUPSFTEF
FTUFNFEJPFTQFDJBMJ[BEPZMPTQBDJFOUFT
-B'FEFSBDJÓOEF&TUVEJPTEF&DPOP
NÎB"QMJDBEB'FEFB
IBIFDIPQÙCMJDP
VOOVFWPJOGPSNFFOFMRVFDPNQBSB
JOEJDBEPSFTEFDPO"OBMJ[BFM
FTUBEPEFTBMVEEFMBQPCMBDJÓOMBTBMVE
NFOUBMMPTSJFTHPTQBSBMBTBMVEMPT
JOEJDBEPSFTEFHBTUPPEFMBTJUVBDJÓO
MBCPSBM FO TBOJEBE -PT JOEJDBEPSFT
NFKPSBOFOFNQMFPTBOJUBSJPZDPOGJSNB
RVFMBTBOJEBEOPTFEFUFSJPSB2VFMF
GBMUFEJOFSPZSFDVSTPTFTVOBSFBMJEBE
RVFFTVOBGBMUBEFSFDVSTPTDSÓOJDB
UBNCJÊO1FSPMB4BOJEBEFO&TQBÒBTF
NBOUJFOFQPSMBDBMJEBEEFTVTQSPGFTJP
OBMFTZQPSRVFFTVOBQSJPSJEBEQBSBMPT
(PCJFSOPTBVUPOÓNJDPT/PTPOBNCBT
SB[POFTNFOPSFT
)BZBMHPQSFPDVQBOUFMBTBMVENFOUBM
FOUSBFOTJUVBDJÓOOFHBUJWBJNQVMTBEB
QPSMBNVFSUFQPSEFTÓSEFOFTNFOUBMFT
ZQPSTVJDJEJP1PESÎBNPTEFDJSRVFMP
ÙOJDPRVFFNQFPSBFOEPTBÒPTFTMB
TBMVENFOUBMEFOVFTUSPTDJVEBEBOPT
QFSPRVJ[ÃTFTUPOPTFBUBOTPSQSFO
EFOUFTJTFNFQFSNJUFMBCSPNB-B
4BOJEBEOPOFDFTJUBOJOHÙOiTBMWBQB
USJBTuDPOMBSFDFUBNBSBWJMMPTB/FDFTJUB
SFDVSTPT/FDFTJUBRVFFM1*#DSF[DBZ
RVFMPT(PCJFSOPTTVDFTJWPTBQVFTUFO
QPSNFKPSBSFMTVFMPEFMBJOWFSTJÓOFO
TBOJEBE WT FM 1*# &TQBÒB EFTUBDB
QFMJHSPTBNFOUFDPOVOFTDBTPZQSFWJTUP
QBSB4JFOEPFTUFEBUPNVZ
QSFPDVQBOUFIBZRVFTPSQSFOEFSTFEF
MPNVDIPRVFTFIBDFFO4BOJEBEDPOUBO
QPDPTSFDVSTPT
!TBOUJEFRVJSPHB
Descargar