6iFDOH SURYHFKR D WX GLQHUR

&RQWHQLG
!E?EAI>NA
/1!")
/"! &º+
"+ ,/1,
$"+!-/))"3/
-/&*"/-)+,
+KI=HC=OPAOPQ=CQEJ=H@K
,L?EKJAOL=N=KLPEIEV=N
PQ=CQEJ=H@KUIAFKN=NPQO
ťJ=JV=OLANOKJ=HAO
+KPE?E=O@A*ËTE?K
UAHIQJ@K
+KP=JNÄLE@K
?PERE@=@AOU?KJOAFKO
MQAPA=UQ@=NÄJ
=LNKPACANPQ@EJANK
/=VKJAOL=N=NA?KJOE@AN=N
H=?KILN=@APA?JKHKCÏ=
OQCANAJ?E=OL=N=PQ?=NP=
KJOAFKOL=N=HKOIÄOLAMQAÒKO
1"+!"+ &0
ĵ-ÄOAHA-=EO=JK
/A?KIAJ@=?EKJAO
L=N=AHNACNAOK=?=O=
#
1,/',3"+
)A??EKJAOťJ=J?EAN=O
@A+KOKPNKOHKOLK>NAO
"OPA?HÄOE?K@AH?EJA
IATE?=JKJKOAJOAÒ==
PN=RËO@AOQOLANOKJ=FAOMQA
PKI=N@A?EOEKJAOťJ=J?EAN=O
=?ANP=@=OLQA@AAREP=NJKO
LNK>HAI=O
)= NAREOP= -NKPAF= OQ @EJANK LQ>HE?=@=
IAJOQ=HIAJPA LKN H= KIEOEÍJ +=?EKJ=H L=N=
H= -NKPA??EÍJ U !ABAJO= @A HKO 2OQ=NEKO @A
0ANRE?EKO#EJ=J?EANKOĤ KJ@QOAB
AOP½@AOPEJ=@=
=EJBKNI=NUKNEAJP=NOK>NAPAI=O@A"@Q?=?EÍJ
#EJ=J?EAN=)KOAFAN?E?EKO?KIL=N=PERKOHEOP=@KOU
@AO?NEL?EÍJ@ALNK@Q?PKOUOANRE?EKOňJ=J?EANKO
OA LQ>HE?=J ?KJ ňJAO EJBKNI=PERKO )=O
KLEJEKJAO LQJPKO @A REOP= ?EP=O U AOPEI=?EKJAO
LNAOAJP=@=O JK @A>AN½J ?KJOE@AN=NOA ?KIK
NA?KIAJ@=?EKJAO L=N= H= ?KJPN=P=?EÍJ
?KILN= K RAJP= @A JEJCÒJ PELK @A R=HKNAO
>EAJAO LNK@Q?PKO K OANRE?EKO )= EJBKNI=?EÍJ
CAJAN=@= LKN BQAJPAO @EOPEJP=O = KJ@QOAB AO
NAOLKJO=>EHE@=@@AH=OIEOI=O"H?KJPAJE@K@A
HKO=NPÈ?QHKOňNI=@KOJKJA?AO=NE=IAJPANAʼnAF=
H=KLEJEÍJ@AH=NAREOP=JE@A KJ@QOAB
LNKLÔOEPKOťJ=J?EANKOL=N=
ÔIKLNKLE?E=NQJLNÔOLANKIQULNÔOLANK=ÒKJQARK
-/,1"$"12,)0&)),
#KJ@KO@A=DKNNK
ł.QËLQA@AOD=?AN
?KJAOA@EJANK
,+02)1,/&,
#&++ &"/,
ł0KJAHQJKL=N=AHKPNK
PNK
"JAHIAN?=@KD=U
@A?AJ=O@AKL?EKJAO
@AP=NFAP=O@A?NË@EPK
1A@A?EIKO?ÔIK
AO?KCANH=MQAIÄOPA
?KJREAJA
-"/0-"
1&3
NË@EPKL=N=AHH=O
)=I=UKNÏ=@AHKO
IE?NKLNËOP=IKOOAKPKNC=J
=IQFANAOł0=>AOLKNMQË
1)"/,#&++
&"/,
AJAť
AJAť?EKOU?KOPKO
@AH=>=J?=LKNEJPANJAP
@AH=
&J@E?=@KNAOÙPEHAOL=N=
&J@
PKI=NIAFKNAO@A?EOEKJAO
PK
,+!2)"1/0
LNAJ@AFQC=J@K
)"1/ %&.2&1
)
KJOPNQUAPQBQPQNK
-H=JAOLANOKJ=HAO@A
/APENKĮQJ=KL?EÔJ@A
=DKNNK=@E?EKJ=H=PQBKNA
=D
3URWHMDVXGLQHUR
ZZZFRQGXVHIJREP[
Monitoreo Ciudadano de
la Carta Compromiso al Ciudadano
Procedimiento Conciliatorio
SEÑOR USUARIO:
Hacemos de su conocimiento que durante el 2007 se implementó en
esta Comisión Nacional la figura de participación ciudadana denominada
“MONITOREO CIUDADANO”.
Es un mecanismo de participación donde la sociedad civil organizada evalúa y
asegura, que la institución está cumpliendo con los compromisos establecidos
en la carta compromiso al ciudadano, además de realizar sugerencias en busca
de enriquecer la calidad y fomentar la transparencia en los servicios públicos.
Para este primer ejercicio se contó con la participación de la Facultad de
Derecho de la Barra Nacional de Abogados, A.C., quienes colaboraron en la
evaluación y propusieron algunas acciones de mejora para nuestro servicio,
sugerencias que ya se implementaron.
Lo anterior refrenda nuestro compromiso con la mejora continua y la búsqueda
de la excelencia en el servicio.
Para mayor información usted podrá consultar nuestra página de internet:
www.condusef.gob.mx en el apartado Carta Compromiso al Ciudadano.
Por su atención… Muchas Gracias.
'
-NAOE@AJPA
)QEO-=VKO@AH=1KNNA
0A?NAP=NEK@AH='QJP=@A$K>EANJK
#ANJ=J@K D=NHAOPKJ%ANJ½J@AV
3E?ALNAOE@AJP=@A!AHAC=?EKJAO
*=NÈ=&O=>AH3AH=O?K/=IKO
3E?ALNAOE@AJPA'QNÈ@E?K
ANJ=N@K%KN=?EK =OPAHH=JKO#ANJ½J@AV
3E?ALNAOE@AJPA@A-H=JA=?EÍJ
U@IEJEOPN=?EÍJ
)=QNK)ÍLAV0½J?DAV?ARA@K
3E?ALNAOE@AJPA1Ä?JE?K
)QEO#=>NA-NQJA@=
!ENA?PKN$AJAN=H@A"@Q?=?EÍJ#EJ=J?EAN=
NPQNK)QJ= =J=HAO
!ENA?PKN=@A-NKIK?EÍJ
U!AO=NNKHHK"@Q?=PERK
3=JAO=,HER==QPEOP=
KJOAFK"@EPKNE=H
NPQNK)QJ= =J=HAOĤ?KKN@EJ=@KN
'KOÄ*=NÈ=N=I>QNQ
)QEOH>ANPKI=@K =OPNK
!=RE@*AJ@KV=
"@EPKNNAOLKJO=>HA
3E?AJPA/K@NÈCQAVCQENNA
/A@=??EÍJ
$=>NEAH=$QEHHÄJ,NPAC=
J="QJE?A/K?D= D½RAV
!EOAËK
NPQNK3=VMQAV3=H@AV
,O?=N1*=NPÈJAV1KNNAO
NPQNK,HEREAN$KJV½HAV
@IEJEOPN=?EÍJU!EOPNE>Q?EÍJ
$AKNCEJ=$=N?È=$KJV½HAV
!EOAËK@A-KNP=@=
,O?=N1*=NPÈJAV1KNNAO
-NKPAF=OQ!EJANK
"O QJ= NAREOP= IAJOQ=H A@EP=@= U LQ>HE?=@= LKN H=
KIEOEÍJ +=?EKJ=H L=N= H= -NKPA??EÍJ U !ABAJO=
@A HKO 2OQ=NEKO @A 0ANRE?EKO #EJ=J?EANKO Q>E?=@= AJ
&JOQNCAJPAO0QN KH@AH3=HHA -!AHAC
AJEPK 'Q½NAV *ÄTE?K !# 1AHĥ "@EPKN
NAOLKO=>HAĥ3E?AJPAHBKJOK/K@NÈCQAVCQENNA
E?EAI>NAAOQJIAOAJAHMQAAH?KJOQIKOA@EOL=N="H=CQE
J=H@KUAH=I>EAJPABAOPERKCAJAN=JAJJKOKPNKOH=OAJO=?EÔJ
@AMQAPN=AIKO@EJANK@AIÄOOEPQ=?EÔJMQA?KJPN=OP=?KJHK
MQAREREIKO@QN=JPAH=?QAOP=@AAJANK-NAL=N=IKOAOPAJÙIANKL=N=
MQALQA@=OBAOPAF=NOEJ?=ANAJAT?AOKOMQA@Eť?QHPAJPQ
)KLNEIANKMQAPAOQCANEIKOAOD=?AN?KJO?EAJ?E=@AMQAPQ=CQE
J=H@KJKAO@EJANKATPN=OEJKBNQPK@APQAOBQANVK@QN=JPAQJ=ÒK
LKNAOKAOIQUEILKNP=JPAMQAPA@APAJC=O=LAJO=N?QÄHAOAHIA
FKN@AOPEJKMQALQA@AO@=NHAEAJQPEHEV=@KPQ=CQEJ=H@KLQA@AOAN
QJ=KLKNPQJE@=@L=N=?=I>E=NPQRE@=ťJ=J?EAN=ĮLQA@AOAHEIEJ=N
KNA@Q?ENPQO@AQ@=O?NA=NQJBKJ@KL=N=EILNAREOPKOK@=NAHLNE
IANL=OKL=N==OACQN=NHKOAOPQ@EKOQJERANOEP=NEKO@APQODEFKOLA
MQAÒKO .QEVÄ AOP=O KL?EKJAO JK OQAJ=J P=J PAJP=@KN=O ?KIK QJ=
P=N@A@A?KILN=OAJQJ?AJPNK?KIAN?E=HLANKPA=OACQN=IKOMQA
=IA@E=JKUH=NCKLH=VKNAOQHP=NÄJIQ?DKIÄO>AJËť?=OL=N=PEU
L=N=PQB=IEHE=
%=>H=J@K@AB=IEHE=Į?KIK?=@=@E?EAI>NAAJAOP=ËLK?=@AťAO
P=ONACNAO=NÄJ=HL=ÏOIEHAO@AJQAOPNKOL=EO=JKOMQARERAJAJHKO
"OP=@KO2JE@KO-KNAOKPA@A?EIKO@AI=JAN=OAJ?EHH=?QÄHAO=NPÏ
?QHKOLQA@AOEJCNAO=N=HL=ÏOHE>NAIAJPAU?QÄHAO=IANEP=JAHL=CK
@AEILQAOPKO KILHAIAJP=IKOAOAPN=>=FK?KJH=OIAFKNAOKL?EK
JAOL=N=NA=HEV=NAJRÏKO@A@EJANK@AQJL=ÏO=KPNK
"JR=NEKOJÙIANKODAIKOEJOEOPE@KAJMQA=QJMQA=HCQJKOH=?KJ
?E>=J?KIKQJÄNA=PAÔNE?=U?KILHAF=H=A@Q?=?EÔJťJ=J?EAN=AOQJ
?KJFQJPK@A?KJK?EIEAJPKOUD=>EHE@=@AOMQAOANAŦAF=JAJPK@KOHKO
ÄI>EPKO @A JQAOPN= RE@= -=N= LNK>=NHK JKO BQEIKO =H ?EJA U =J=HE
V=IKO>=FKH=HQL=@AH=OťJ=JV=OLANOKJ=HAO@KO?HÄOE?KO@AH?EJA
IATE?=JKĮ +KOKPNKO HKO LK>NAO U 2OPA@AO HKO NE?KO 1A OKNLNAJ@ANÄ RAN
?ÔIKLQ@K?=I>E=NH=RE@=@A-ALA"H1KNKOEOADQ>EAN=LNAK?QL=@K
LKNPKI=N>QAJ=O@A?EOEKJAOAJHKMQA=OQ>KHOEHHKOANAťANA
"OPKOOKJ=HCQJKO@AHKO?KJPAJE@KO@AAOPAJÙIANK@AIÄOAJ
HKOBKNNKOAJ?KJPN=NÄOQJ?=HAJ@=NEKťJ=J?EANKL=N=0QCANEIKO
MQAHK?KJOANRAOLQAO?KJPEAJABA?D=ONAHAR=JPAOL=N=PQRE@=ťJ=J
?EAN= H=O BA?D=O Kť?E=HAO AJ MQA JK KLAN=NÄJ HKO >=J?KO U ?KJOAFKO
LNÄ?PE?KOMQAPA=UQ@=NÄJ=?QE@=NAEJ?NAIAJP=NPQL=PNEIKJEK0ÔHK
JKONAOP=@AOA=NHAO=PEU=PQB=IEHE=BAHE?AOťAOP=OUQJLNÔOLANKIQU
LNÔOLANK=ÒKJQARK
)=/A@=??EÔJ
!EOPNE>Q?EÍJ KJ@QOAB &JOQNCAJPAO 0QN KH
@AH 3=HHA - !AHAC AJEPK 'Q½NAV *ÄTE?K
!# ANPEň?=@K @A )E?EPQ@ @A 1ÈPQHK JÒI ANPEň?=@K@A)E?EPQ@@A KJPAJE@K=JPAH= KIEOEÍJ
=HEň?=@KN=@A-Q>HE?=?EKJAOU/AREOP=O&HQOPN=@=O@AH=
0A?NAP=NÈ=@A$K>ANJ=?EÍJ+ÒI ANPEň?=@K@A
/AOANR= @A !ANA?DKO +ÒI &ILNAO= AJĥ /ALNK@Q??EKJAO #KPKIA?½JE?=O
0 @A 3 !AIK?N=?E=O JÒI KH 0=J *ECQAH
I=JPH=!AHACV?=LKPV=H?K -*ÄTE?K!#
3URWHMDVXGLQHUR
ZZZFRQGXVHIJREP[
1LSUHPLRVQLKHUHQFLDV
ĵ QE@=@KłPAD=JHHAC=@K?KNNAKOAHA?PNÔJE?KOAJHKOMQAOAPAEJBKNI=
MQAD=OC=J=@KQJLNAIEKKMQAQJ=DANA@AN=PACN=PEť?=NÄOEH==UQ@=O
=?K>N=NOQBKNPQJ=+KD=C=O?=OKOKJOÔHKPÄ?PE?=OL=N=@ABN=Q@=NPA
)K MQA NA=HIAJPA >QO?=J AO K>PAJAN EJBKNI=?EÔJĮ PQ JKI>NA @KIE?E
HEK?KJPN=OAÒ=OJÙIANK@A?QAJP=>=J?=NE=@=PKO@AP=NFAP=@A?NË@E
PKK@Ë>EPK
1KI=PQOLNA?=Q?EKJAOĮ
+KLNKLKN?EKJAOPQO@=PKOLANOKJ=HAOLKNPAHËBKJKJELKNEJPANJAP
ĭNA@AOOK?E=HAO
)=OEJOPEPQ?EKJAOťJ=J?EAN=OJKPALE@AJLKNPAHËBKJKJELKN
?KNNAKAHA?PNÔJE?K=?PQ=HEV=NEJBKNI=?EÔJLANOKJ=HE@AJPEť?=@K
NAO@AQOQ=NEKU?KJPN=OAÒ=O
#QAJPAĥ KJ@QOAB
)iFLOKDFHUQHJRFLRVHQ0p[LFR
*ËTE?KOA?KHK?=AJAHN=JGEJCIÄO=HPK@AIËNE?=)=PEJ=AJB=?EHE@=@L=N=D=?ANJACK?EKO@A=?QAN@K?KJ
QJEJBKNIA@AH=J?K*QJ@E=HĮ!KEJCQOEJAOO
JERAHEJPANJ=?EKJ=HOAQ>E?=AJAHN=JGEJC@AA?KJKIÏ=O@AHIQJ@KLKN=NNE>=@AL=ÏOAO?KIK
DEJ=MQAK?QL=AHJÙIANKN=OEHAHA&J@E=AHOEIEOIKOA?KHK?=?KIKH=MQEJP=A?KJKIÏ=AJ
PNAHKOL=ÏOAOAIANCAJPAOHÏ@ANAO@AOLQËO@A KNA=1=EH=J@E=*=H=OE=U0Q@ÄBNE?=įUAJAHLQAOPKAJPNA
L=ÏOAO@AH=,NC=JEV=?EÔJL=N=H= KKLAN=?EÔJU!AO=NNKHHK"?KJÔIE?Kĭ, !"
#QAJPAĥ0A?NAP=NÈ=@A"?KJKIÈ=
/RVSULPHURVSDtVHV
1RUXHJD
5HLQR8QLGR
&DQDGi
'LQDPDUFD
+RQJ.RQJ
(VWDGRV8QLGRV
,UODQGD
6LQJDSXU
+RQJ.RQJ&KLQD
1XHYD=HODQGD
5HLQR8QLGR
(VWDGRV8QLGRV
'LQDPDUFD
&DQDGi
1RUXHJD
,UODQGD
$XVWUDOLD
33URWHMDVXGLQHUR
U RWW HMD
H M D
HM
D VX
V X GG LQQ HU
HURR
ZZZFRQGXVHIJREP[
Z
ZZFR
FR QGXVH
QGX
GXX VH
VHI JR
J EP[
6LQJDSXU
$XVWUDOLD
1XHYD=HODQGD
,QIRQDYLWSDUDWRGRV
´,QIRQDYLWSDUD7RGRVµHVXQSUR
JUDPD TXH DEUH VXV SXHUWDV D
TXLHQHV DFWXDOPHQWH QR FXHQWDQ
Q FRQ VH
JXULGDG VRFLDO /RV HPSUHVDULRV LQVFULWRV DQWH HO 6$7 EDMR HO
5pJLPHQGH3HTXHxRV&RQWULEX\HQWHV5HSHFRV\ORVHPSOHDGRUHV
GHWUDEDMDGRUHVGRPpVWLFRVSRGUiQLQFRUSRUDUGHPDQHUDYROXQWDULD
DOUpJLPHQGHYLYLHQGDTXHDGPLQLVWUDHVWH,QVWLWXWRDORVWUDEDMDGR
UHVTXHOHVDSR\DQHQVXQHJRFLRXKRJDU
3DUDPD\RULQIRUPDFLyQYLVLWDZZZLQIRQDYLWJREP[
z1UÏ
CUENTAS
'XUDQWHODFULVLV
GHVHSHUGLHURQ
#QAJPAĥ&JBKJ=REP
¢&XiQWDVVXFXUVDOHVEDQFDULDV
KD\HQWXPXQLFLSLR"
/RVHVWDGRVGHOD5HS~EOLFDFRQPHQRVPXQLFLSLRVFXELHUWRVSRUVHUYL
FLRVÀQDQFLHURVVRQ2D[DFD7OD[FDOD3XHEOD6RQRUD\<XFDWiQ
HPSOHRVHQHO,066
'XUDQWHHVWHDxRVHKDQFUHDGR
3RUFHQWDMHGHPXQLFLSLRVFRQDOPHQRVXQDVXFXUVDO
(QRFWXEUHGHVHUHJLVWUDURQ
HPSOHRVQHWRV
%DMD&DOLIRUQLD
%DMD&DOLIRUQLD6XU
'LVWULWR)HGHUDO
4XHUpWDUR
4XLQWDQD5RR
6LQDORD
7DEDVFR
*XDQDMXDWR
&ROLPD
-DOLVFR
&DPSHFKH
0LFKRDFiQ
1D\DULW
0p[LFR
&RDKXLOD
1XHYR/HyQ
0RUHORV
$JXDVFDOLHQWHV
7DPDXOLSDV
6DQ/XLV3RWRVt
+LGDOJR
=DFDWHFDV
*XHUUHUR
'XUDQJR
&KLDSDV
9HUDFUX]
&KLKXDKXD
<XFDWiQ
6RQRUD
3XHEOD
7OD[FDOD
2D[DFD
3URPHGLR1DFLRQDO
(OQ~PHURWRWDO
GHFRWL]DQWHVDO,066HVGH
#QAJPAĥ0% -
#QAJPAĥ +3
'RQDQPLOORQHVGHGyODUHV
(OPDWULPRQLRFRPSXHVWRSRU$OOHQ\9LROHW/DUJHGH\DxRV
GHHGDGUHVSHFWLYDPHQWHGRQyDHQWLGDGHVVLQiQLPRGHOXFURODPD
\RUtDGHORVPLOORQHVGHGyODUHVTXHJDQDURQHQODORWHUtDSRUTXH
VHJ~QGLMHURQQRQHFHVLWDQHOGLQHUR\WLHQHQWRGRORTXHTXLHUHQ
´1RORKLFLPRVSDUDJDQDUDWHQFLyQ¢SRUTXpJDVWDUGLQHURFXDQGR
\DWLHQHVWRGRORTXHQHFHVLWDV"µGLMR9LROHW/DUJH
/RV/DUJHTXHYLYHQHQ1XHYD(VFRFLD&DQDGiHQXQD
FDVDSURSLDGHOVLJOR;,;\WLHQHQXQDXWRPyYLOGH
DxRVGHFLGLHURQGDUSDUWHGHOGLQHURDIDPL
OLDUHV\HOUHVWRDHQWLGDGHVORFDOHVFRPROD
&UX]5RMD´+HPRVWUDEDMDGRGXUDQWH
DxRV\JXDUGiEDPRVDOJRFDGDDxRµH[
SOLFy$OOHQ/DUJH
#QAJPAĥ"#"
3URWHMDVXGLQHUR
ZZZFRQGXVHIJREP[
QUEJAS, DENUNCIAS,
SOLICITUDES, SUGERENCIAS,
CONSULTAS O RECONOCIMIENTOS
Porque nos interesa promover la transparencia de
la gestión pública y lograr la participación ciudadana,
ponemos a tu disposición los medios para presentar una
Queja, Denuncia, Solicitud, Sugerencia,
Consulta o Reconocimiento
1. Personalmente
4. Página de internet
acudir al 9º piso, y presentarse
http://www.condusef.gob.mx en el sitio
en el Área de Quejas.
del Órgano Interno de Control
2. Vía telefónica
5. Correo electrónico:
por línea directa o a los números [email protected]
54 48 71 80 y
atención de la C. Yolanda Rodríguez
01 800 71 71 774
Sánchez
3. Por Buzones
6. A través de la Secretaría de la
Función Pública
instalados en las áreas de
asesoría las 24 horas los 365 días del año
atención al público.
Distrito Federal: 2000 2000
De Estados Unidos 1 800 475 2393
[email protected]
Titular del Órgano Interno de Control
Lic. Manuel Galán Jiménez
[email protected]
54 48 71 77 Fax 54 48 71 76
Ayúdanos a combatir
la Corrupción
Titular de Quejas y de Responsabilidades
No permitas
Lic. César Larriva Ruíz
irregularidades,
[email protected]
estamos para servirte
54 48 71 75
Sancionar las conductas indebidas,
satisfacer las necesidades y expectativas
de los usuarios de la CONDUSEF, es tarea de todos
Ubicación:
Av. Insurgentes Sur
No. 762, Piso 9,
Col. Del Valle,
Mexico, D. F. 03100
Delegación Benito Juárez.
Horario
de Atención:
Lunes a Viernes
de 9:00
a 18:00 horas
(9(172
'LQHURDODLUH
-NKCN=I=ĥ$E=J?K>QJ@EVUOQO
ňJ=JV=OLANOKJ=HAO
KJ@Q?PKNĥ$E=J?K>QJ@EV =>NANK
"OP=?EÍJĥJKPE?E=O#*
Ĥ$QLK &/
%KN=NEKĥ @A HQJAO = REANJAO @A ĥ
= ĥ DNOĦ O½>=@K @A ĥ = ĥ
DNOĦ @KIEJCK @A ĥ = ĥ U @A
ĥ=ĥDNO
-NKCN=I=ĥ!KJ!EJANK
KJ@Q?PKNĥH>ANPKCQEH=N
"OP=?EÍJĥ#*K@A*
Ĥ$NQLK/=@EK AJPNK
%KN=NEKĥ @A HQJAO = REANJAO @A
ĥ=ĥDNO
(;32
"TLKPK@KL=N=PQ?=O=
)= BANE= @AH DKC=N AO QJ= ATLKOE?EÍJ ?KIAN?E=H @A LNK
@Q?PKOUOANRE?EKOL=N=?KJOPNQENNAIK@AH=NU@A?KN=NPQ
DKC=N
MQAOA?AHA>N=N½AJ$Q=@=H=F=N=@AH=H@A
@E?EAI>NA@A@Aĥ=ĥDNOAJAHNA?EJPKBA
NE=H"TLK$Q=@=H=F=N=RAJE@=*=NE=JK,PANK KH
3AN@A3=HHA$Q=@=H=F=N='=HEO?K"JPN=@=)E>NA-=N=I½O
EJBKNI=?EÍJĥDPPLĥSSSATLKPK@KL=N=PQ?=O=?KI
(;32
"TLK1QO'QCQAPAO
0AHHAR=N½=?=>K@AH@A@E?EAI>NA@A=H@AAJANK
@AAJH=OEJOP=H=?EKJAO@AH4KNH@1N=@A AJPANQ>E?=
@KAJ#EH=@AHň=0+ KH+½LKHAO@AHAC=?EÍJAJEPK'Q½NAV
-*ÄTE?K!#"JPN=@=HE>NA-=N=I½OEJBKNI=?EÍJĥ
SSSATLKPQOFQCQAPAOSP??KI
#ANE=&JPANJ=?EKJ=H@AHHE>NK$Q=@=H=F=N=
-=NPE?EL=J=QPKNAO=CAJPAOHEPAN=NEKO>E>HEKPA?=NEKOHE>NA
NKOUI½O@A?=O=OA@EPKNE=HAO@AL=ÈOAO0AAO
LAN=H==OEOPAJ?E=@AI½O@AIA@EKIEHHÍJ@AREOEP=JPAO
MQA=?Q@EN½J=NA=HEV=NEJPAN?=I>EKO?KIAN?E=HAOULNK
BAOEKJ=HAO 0A HHAR=N½ = ?=>K @AH @A JKREAI>NA =H @A @E?EAI>NA @A @A ĥ = ĥ DNO AJ H=O EJO
P=H=?EKJAO @AH NA?EJPK BANE=H "TLK $Q=@=H=F=N= Q>E?=
@K AJ RAJE@= *=NE=JK ,PANK KH 3AN@A 3=HHA
$Q=@=H=F=N='=HEO?K KOPKĥLAOKO-=N=I½OEJBKNI=?EÍJĥ
DPPLĥSSSňH?KIIT
3DUDOHHU
"H@EJANKAOIE=IECK
QPKNĥ-DEH)=QP
"@EPKNE=Hĥ1KIK
&0+ĥ
$=J=N @EJANK LQA@A OAN QJ= AILNAO= @ERANPE@= B=O?E
J=JPAU?NA=PER=-DEH)=QP?QUKOOAIEJ=NEKOOK>NAňJ=J
V=OD=J=UQ@=@K=IEHAO@ADKI>NAOUIQFANAO@APK@KO
HKOJERAHAOOK?E=HAO==QIAJP=NOQOEJCNAOKO
PAAJOAË=N½=RAJ?ANHKOLNEJ?EL=HAOK>OP½
?QHKO L=N= C=J=N @EJANKĥ HKO OAJPEIEAJPKO
@A?QHL=IEA@KEJOACQNE@=@U@ERANOKOPE
LKO@ALNAOEKJAO2J=RAVMQAD=U=O?KJ
RANPE@K =H @EJANK AJ PQ =IECK @AO?Q>NEN½O
MQAAHJERAH@APQOEJCNAOKO@ALAJ@AN½OÍHK
@APQEI=CEJ=?EÍJ
"HHAJCQ=FA@AHKOňJ=J?EANKO
QPKNĥNPQNK*KN=HAO =OPNK
"@EPKNE=Hĥ-=PNE=
&0+ĥ
"H HAJCQ=FA @A HKO ňJ=J?EANKO LNAOAJP= @A H= = H= 7
HKO?KJ?ALPKOI½O=?PQ=HAOLNKLEKO@AHAJ
PKNJK ňJ=J?EANK U =@AI½O EJ?HQUA QJ !
@A=LKUKO?KJOEIQH=@KNAOUAFAN?E?EKOL=N=
QJ= IAFKN ?KILNAJOEÍJ @A HKO ?KJ?ALPKO
1A RAN½O EJ@Q@=>HAIAJPA >AJAň?E=@K ?KJ
AOPA ?KILAJ@EK @AH HÄTE?K QPEHEV=@K AJ PQ
½NA=@A@AO=NNKHHK
3URWHMDVXGLQHUR
ZZZFRQGXVHIJREP[
1"+!"+ &0
£3iVHOH
3DLVDQR
$/&")$2&))±+,/1"$
6LHVWiVSRUHPSUHQGHUHOUHJUHVRDFDVDHVWDV
UHFRPHQGDFLRQHVSXHGHQDJLOL]DUWXHQWUDGDDOSDtV
&
=@=@E?EAI>NAIEHAO@AIATE?=JKOMQARERAJAJAHATPN=JFANKNACNAO=J=?=O=@ABKNI=PAILKN=HK
LANI=JAJPA-AJO=J@KAJAHHKAH$K>EANJK#A@AN=H=LHE?=AJAOP=OBA?D=OAH-NKCN=I=-=EO=JK@EOA
Ò=@KL=N=>NEJ@=NLNKPA??EÔJ=HKO@ANA?DKO@AHKO?KJJ=?EKJ=HAOMQAEJCNAO=JPN=JOEP=JUO=HAJ@AH
PANNEPKNEKJ=?EKJ=H EBN=O@AH&JOPEPQPK+=?EKJ=H@A*ECN=?EÔJĭ&+*
EJ@E?=JMQAAH=ÒKL=O=@KAHLNKCN=I=
=PAJ@EÔ=L=EO=JKO@QN=JPAH=ËLK?=@A?AI>NEJ=AJIÔ@QHKOQ>E?=@KOAJHKO=ANKLQANPKOEJPANJ=
?EKJ=HAOC=NEP=O@A=>=J@KJKU?AJPN=HAO@A=QPK>QOAO
0EPÙK=HCÙJB=IEHE=NAOPÄJLKNAILNAJ@ANAHNACNAOK=?=O=?KJREAJAMQA?KJKV?=O=HCQJKOLQJPKOMQA
LQA@AJ=UQ@=N==CEHEV=NPQAJPN=@==HL=ÏO=OÏ?KIK=MQAHH=O?KO=OMQALQA@AOEJCNAO=NULKN?QÄHAOIKJPKO
H=O?KO=OMQALQA@AOEJCNAO=NULKN?QÄHAOIKJPKO
@A=?QAN@K?KJH=$QÏ=-=EO=JK@AH&+*
(OPH[LFDQRQRSDJD
6=OA=MQAHHACQAOLKN=QPK>=N?K=REÔJK=QPK>ÙOHKLNEIA
KLNEIA
NKMQA@A>AOD=?ANAO?KILNK>=NPQJ=?EKJ=HE@=@IATE?=J=U=
E?=J=U=
MQALKNOANHKJKL=C=OAH!ANA?DK@AJK&JIECN=JPAĭ!+&
AH?Q=HOÔHK
?Q=HOÔHK
L=C=JHKOATPN=JFANKO-=N=@AIKOPN=NPQJ=?EKJ=HE@=@AORÄHE@=H=?NA
@=H=?NA
@AJ?E=H@AH&#"AH=?P=@AJ=?EIEAJPKH=?=NPEHH=IEHEP=NAHL=O=LKNPAH=
=LKNPAH=
I=PNÏ?QH=?KJOQH=NKH=?=NP=@AJ=PQN=HEV=?EÔJ0EJKPEAJAO@K?QIAJ
K?QIAJ
PKO>=OP=NÄPQ@A?H=N=?EÔJ>=FKLNKPAOP=@A@A?ENRAN@=@
'LQHURHQHIHFWLYR
1N=AN@EJANKJKAO@AHEPKJK@A?H=N=NHKOÏHEJCNAO=NKO=HEN
=NKO=HEN
@AHL=ÏOJKLQA@AOHHAR=NIÄO@AHPKLALANIEPE@KMQAAO@A
AO@A
IEH@ÔH=NAO=IANE?=JKOOEJ@A?H=N=NHK=JPAH==QPKNE@=@=@Q=JAN=0E
=JAN=0E
JKHKD=?AOOAPA=LHE?=NÄQJ=IQHP=MQAR=@AH=HOK>NAAH
OK>NAAH
AT?A@AJPA@AHPKLA0EH=?=JPE@=@MQAHHAR=OAOI=UKN=IEH@ÔH=
IEH@ÔH=
NAO=IANE?=JKOOANÄOLQAOPK=@EOLKOE?EÔJ@AH*EJEOPANEK-Ù>HE?K@A
Ù>HE?K@A
H=#A@AN=?EÔJ
3URWHMDVXGLQHUR
ZZZFRQGXVHIJREP[
¢4XpSDVD\TXpQR"
)==@Q=J=AOH==QPKNE@=@AJ?=NC=@=@ARECEH=NH=OIAN?=J?È=OUPN=JOLKNPAOMQAAJPN=JUO=HAJ@AHL=ÈO)=IAN?=J?È=MQAJK
L=C=EILQAOPKOAOH=MQAAOP½EJ?HQE@=AJPQAMQEL=FALANOKJ=HUH=OMQAAOP½J@AJPNK@AH=BN=JMQE?E==H=MQAPEAJAO@ANA?DK
"J?=OK@A=NNE>=N=*ÄTE?KLKN>=N?KK=REÍJAO@A@ÍH=NAO=IANE?=JKOKHKAMQER=HAJPAAJKPN=OIKJA@=O0EHHAC=OAJ
=QPKAO@A@ÍH=NAOĦLANKAJÄLK?=@A?AI>NEJ==QIAJP==@ÍH=NAO)=O?=JPE@=@AOLK@N½J=?QIQH=NOALKNAHL=@NAH=
I=@NAUHKODEFKO?KJOE@AN=J@KEJ?HQOERA=HKOIAJKNAO@AA@=@?Q=J@KAH=NNE>K=PANNEPKNEKJ=?EKJ=HOA=OEIQHP½JAKUAJ
AHIEOIKIA@EK@APN=JOLKNPA+KEJ?HQUA>A>E@=O=H?KDÍHE?=OP=>=?KOH=>N=@KOJE?KI>QOPE>HA=@E?EKJ=HL=N=AHRADÈ?QHK
!A>AO ?KJP=N ?KJ B=?PQN=O ?KILNK>=JPAO @A RAJP= K ?Q=HMQEAN KPNK @K?QIAJPK MQA ATLNAOA AH R=HKN ?KIAN?E=H
@AH=OIAN?=J?È=O!A=?QAN@K=H=$QÈ=-=EO=JK@AH&JOPEPQPK+=?EKJ=H@A*ECN=?EÍJH=IAN?=J?È=MQAOA?KJOE@AN=
L=NPA@APQAMQEL=FAAOĥ
‹/KL=?=HV=@KULNK@Q?PKO@A=OAKU>AHHAV=JQARKOK
QO=@KO@A=?QAN@K=H=@QN=?EÍJ@APQRE=FA&J?HQUAQJ
=FQ=N@AJKRE=0ERE=F=O?KJQJ>A>ÄEJ?HQUAHKO=NPÈ?Q
HKOL=N=OQPN=OH=@K=OAKUAJPNAPAJEIEAJPK
‹ !KO ?½I=N=O BKPKCN½BE?=O K @A RE@AKCN=>=?EÍJ
D=OP=@K?ANKHHKO@ALAHÈ?QH=RE@AK?=OAPAOUI=PA
NE=HBKPKCN½BE?K
‹!KOPAHÄBKJKO?AHQH=NAOK@AN=@EKHK?=HEV=?EÍJ
‹2J=I½MQEJ=@AAO?NE>EN=CAJ@=AHA?PNÍJE?=UQJ=
?KILQP=@KN= LKNP½PEH QJ= ?KLE=@KN= K EILNAOKN=
LKNP½PEHAO QJ MQAI=@KN U QJ LNKUA?PKN LKNP½PEH U
OQO=??AOKNEKO
‹ 2J N=@EK LKNP½PEH L=N= CN=>=N UK NALNK@Q?EN OKJE
@KKQJNALNK@Q?PKN@AOKJE@K@ECEP=HKNALNK@Q?PKN
LKNP½PEH@A@EO?KO ?KIL=?PKOU QJNALNK@Q?PKNLKN
P½PEH@A!3!
‹ EJ?K@EO?KOH½OAN@EAV@EO?KO!3!U@EO?KO?KI
L=?PKOĤ !
K=Q@EK?=OAPAOU?EJ?K@EOLKOEPERKO@A=H
I=?AJ=IEAJPK ĤLKN AFAILHK 20 E-K@
K P=NFAP=O @A
IAIKNE=L=N=?Q=HMQEANAMQELKAHA?PNÍJE?KUPNAOL=
MQAPAO@AOKBPS=NA
‹2JFQACK@A>K?EJ=OLKNP½PEHAOUOQO=??AOKNEKO
‹2J FQACK @A DANN=IEAJP=O @A I=JK ?KJ AOPQ
?DA ĤP=H=@NK LEJV=O HH=RAO @=@KO @AO=NI=@KNAO
?=>HAO@A?KNNEAJPAAJPNAKPNKO
‹!KOEJOPNQIAJPKOIQOE?=HAOUOQO=??AOKNEKO
‹)E>NKONAREOP=OU@K?QIAJPKOEILNAOKO
‹ EJ?KFQCQAPAOLQA@AJOAN@A?KHA??EÍJ?EJ?KRE@AKFQA
CKOUQJ=?KJOKH=@ARE@AKFQACKO
‹)=OLANOKJ=O?KJ@EO?=L=?E@=@LQA@AJPN=ANAMQELKOK
=L=N=PKO@AQOKLANOKJ=HMQAOQLH=JK@EOIEJQU=J@E?D=
@EO?=L=?E@=@Ĥ=J@=@AN=OOEHH=O@ANQA@=OIQHAP=O>=OPK
JAOAJPNAKPNKO
‹*A@E?=IAJPKO@AQOKLANOKJ=HOEOKJOQOP=J?E=OLOE?K
PNÍLE?=OĤ@NKC=O
@A>AOIKOPN=NH=NA?AP=IÄ@E?=
‹2J=L=N=PKL=N=IA@ENH=LNAOEÍJ=NPANE=HUQJKL=N=IA
@ENAHJERAH@ACHQ?KO=Ĥ=VÒ?=N
‹)KOI=UKNAO@AA@=@LQA@AJPN=ANI½TEIK?=FAPEHH=O
@A?EC=NNKOLQNKOKCN=IKO@AP=>=?KUD=OP=PNAO
HEPNKO@A>A>E@=O=H?KDÍHE?=OUOAEOHEPNKO@AREJK0EMQEANAO
PN=ANI½OHEPNKO@A>A>E@=O=H?KDÍHE?=OULQNKO=@E?EKJ=HAO
=PQAMQEL=FAL=C=N½OLKNH=O>A>E@=OAH@AEILQAOPKU
LKNHKOLQNKOOK>NAAHR=HKN@AHKOIEOIKO
‹ 2J= PEAJ@= @A ?=IL=Ë= U AMQELK L=N= =?=IL=N !KO
AMQELKO @ALKNPERKO LANOKJ=HAO ?Q=PNK ?=Ë=O @A LAO?=
PNAO@AOHEV=@KNAO=?Q½PE?KO?KJKOEJRAH=UOQO=??AOKNEKO
OEAILNAMQALQA@=JOAN?=NC=@KOLKNPEIEOIK2J=?=IE
J=@KN=ňF=UQJ=>E?E?HAP=ňF=
‹2J>EJK?QH=NUQJPAHAO?KLEK
‹ 3AHE?AO LAP=?=O >=ÒHAO I=HAP=O K
?Q=HMQEAN KPNK =NPÈ?QHK JA?AO=NEK
L=N=AHPN=OH=@K@AHAMQEL=FA
Ĭ1QOI=O?KP=OP=I>EÄJLQA@AJEJCNAO=N#ENQH=EOUH=*EJEJ=LQA@AJAJPN=N=HL=ÈO
OÍHKAOJA?AO=NEKMQALNAOAJPAOAH?ANPEň?=@K@AO=HQ@U?=NPEHH=@AR=?Q
J=?EÍJ@APQLANNKKC=PK"HPN½IEPAL=N=QJ=K@KOI=O?KP=OAOCN=
PQEPKLANKOEPN=AOI½O@A@KO@A>AN½O?Q>NENAH?KOPK@AH ANPEň?=@K
7KKO=JEP=NEKL=N=EILKNP=?EÍJMQAAO=LNKTEI=@=IAJPA@A"OPA
PN½IEPAHKNA=HEV=OAJHKOIÍ@QHKO@AH=0=C=NL=Q>E?=@KOAJPK@KOHKOLQAN
PKO=ANKLQANPKOUBNKJPAN=O@A*ÄTE?K
3URWHMDVXGLQHUR
ZZZFRQGXVHIJREP[
1"+!"+ &0
/X]URMD«DOWR
0E HHAC=O =H L=ÏO AJ =REÔJ
>=N?K K =QPK>ÙO AO EILKN
P=JPAMQA@A?H=NAOHKMQAPN=AOLKN
MQA BKNVKO=IAJPA @A>ANÄO L=O=N
LKNAH0AIÄBKNK#EO?=HAH?Q=HAOQJ
IA?=JEOIK=HA=PKNEKJKNI=@KLKN
H=)AU@Q=JAN=MQAOAQPEHEV=L=N=
NAREO=NH=IAN?=J?Ï=AJPN=JPAUO=
HEAJPA @AH L=ÏO 0Q BQJ?EKJ=IEAJ
PKAOL=NA?E@K=H@AQJOAIÄBKNK
?KIÙJH=@EBANAJ?E=AOMQAPEAJAO
MQA =LNAP=N QJ >K
PÔJ =H HHAC=N =H ÄNA=
@A EJOLA??EÔJ OE PA
PK?= AH NKFK PQ AMQE
L=FA U @A?H=N=?EÔJ
=@Q=J=HPAJ@NÄJMQA
OAN NAREO=@KO 0E PA
PK?=AHRAN@APAJ@NÄO
AHHE>NAL=OK
"J?=OK@AMQARE=FAOLKN=QPK
=HHHAC=N=H==@Q=J=@A>ANÄO@AAHA
CEN AH ?=NNEH @A ŏQPK@A?H=N=?EÔJ
?Q=J@K ?NA=O K OAL=O MQA NA>=O=O
AH HÏIEPA @A H= BN=JMQE?E= !A>ANÄO
D=?ANPQL=CK@A?KJPNE>Q?EKJAO=H
?KIAN?EK ATPANEKN U HQACK PK?=N AH
OAIÄBKNKťO?=H0EPAPK?=AHNKFKPA
NAREO=NÄJL=N=RANEť?=NMQAAHL=CK
D=U=OE@K?KNNA?PKOEPAPK?=AHRAN
@AJKPANAREO=NÄJ0EJKNA>=O=OAH
HÏIEPA@APQBN=JMQE?E=UOÔHKPN=AO
PQ AMQEL=FA LANOKJ=H AHECA AH ?=
NNEHŏ+=@=MQA@A?H=N=N1KI=AJ
?QAJP=MQAOE=HL=O=N=HOAIÄBKNK
PAPK?=AHNKFKPANAREO=NÄJUOEAJ
?QAJPN=J IAN?=J?Ï= =@E?EKJ=H = PQ
AMQEL=FAUBN=JMQE?E=PAH=AI>=N
C=NÄJFQJPK?KJAHRADÏ?QHK
OA NAMQEANA QJ LANIEOK L=N= ?EN
?QH=N@ABKNI=HAC=HLKN@Ï=O
AJ QJ =ÒK "J ?KJFQJPK ?KJ ËOPA
LQA@AO NA=HEV=N H= EILKNP=?EÔJ
@A QJ= K IÄO IKPK?E?HAP=O PNE
IKPKO ?Q=PNEIKPKO IKPKO =?QÄ
PE?=O K ?=NNKO @A NA?NAK ?Q=J@K
RAJC=J NAIKH?=@=O D=OP= LKN QJ
IÄTEIK@APNAOQJE@=@AO"HPNÄ
IEPAHKLQA@AONA=HEV=NAJH=LÄCE
J=SSS>=JFAN?EPK?KIITAJH=O
BNKJPAN=O @AH L=ÏO U AJ @ERANOKO
?KJOQH=@KO IATE?=
JKO"H?KOPKR=@AO
@AHKOD=OP=HKO
@ÔH=NAO @ALAJ@EAJ
@K @AH IA@EK LKN AH
MQAHKD=C=OLANKAO
JA?AO=NEK MQA ?QAJ
PAO ?KJ QJ= P=NFAP=
@A ?NË@EPK K @Ë>EPK
EJPANJ=?EKJ=H=PQJKI>NAKPKNC=
@= LKN QJ >=J?K AJ AH ATPN=JFANK
UMQAAOPË=?PER=@=L=N=OANQO=
@= AJ AH L=ÏO OA= 3EO= K *=OPAN
?=N@0EJK?QAJP=O?KJQJ=OÔHK
LK@NÄOD=?ANAHPNÄIEPAAJH=BNKJ
PAN= @AF=J@K QJ @ALÔOEPK AJ C=
N=JPÏ=MQANA?QLAN=NÄO=HNAPKNJ=N
AHRADÏ?QHK=JPAO@AMQAATLENAPQ
LANIEOK"H@ALÔOEPKR=@AHKO
=HKO@ÔH=NAO
0E AO PQ @AOAK EILKNP=N @AťJE
PER=IAJPA QJ RADÏ?QHK QO=@K B=
>NE?=@KKAJO=I>H=@KAJ"OP=@KO
2JE@KO =J=@Ä *ËTE?K '=LÔJ K
@A H= KIQJE@=@ "QNKLA= =LHE
?=J@K QJ PN=PK =N=J?AH=NEK LNABA
NAJ?E=H AO @A?EN AH EILQAOPK LKN
EILKNP=?EÔJLQA@AOD=?ANHKOEAI
LNAMQAPQLA@EIAJPKOA=?KIL=
ÒA@AH?ANPEť?=@K@AKNECAJRÄHE@K
KAH@K?QIAJPK?KILNK>=PKNEK@A
KNECAJ?KJEJBKNI=?EÔJLNKLKN?EK
J=@= @ENA?P=IAJPA LKN H= ?KIL=
ÒÏ==NI=@KN=
$OLQJUHVDUR
VDOLUQRSXHGHV
OOHYDUPiVGH
PLOGyODUHV
HQHIHFWLYR
¢<ORVDXWRV"
1EAJAOH=LKOE>EHE@=@@AEJ
PNK@Q?EN=HL=ÏOQJ=QPK?KJ
LH=?=OLANIEOKKNACEOPNK@A?EN
?QH=?EÔJ @A KPNK L=ÏO -=N= AHHK
3URWHMDVXGLQHUR
ZZZFRQGXVHIJREP[
0EPQRADÏ?QHK?KNNAOLKJ@A=QJ
IK@AHK@A=ÒKO=JPANEKNAO=H=
EILKNP=?EÔJ OEAILNA MQA OQ +Ù
IANK @A &@AJPEť?=?EÔJ 3ADE?QH=N
?KNNAOLKJ@= =H @A B=>NE?=?EÔJ K
AJO=I>HA@AHRADÏ?QHKAJ*ËTE?K
"OP=@KO2JE@KO@AIËNE?=K =
J=@Ä LK@NÄO D=?ANHK @A I=JAN=
@AťJEPER=OEJMQANAMQEAN=LANIE
OKLNAREK@AH=0A?NAP=NÏ=@A"?K
JKIÏ= L=C=J@K QJ EILQAOPK @A
EILKNP=?EÔJ@AH
/A?QAN@= MQA OÔHK QJ =CAJPA
=@Q=J=H AO H= LANOKJ= =QPKNEV=@=
L=N= H= EILKNP=?EÔJ @AťJEPER= @A
PQRADÏ?QHKAH?KOPKR=@A=?QAN@K
=HR=HKN@AHIEOIK-=N=?KJK?AN=
HKO =CAJPAO =@Q=J=HAO =QPKNEV=@KO
AJ AH L=ÏO ?KJOQHP= H=O LÄCEJ=O @A
H= KJBA@AN=?EÔJ @A OK?E=?EKJAO
@ACAJPAO@Q=J=HAO@AH=/ALÙ
>HE?=*ATE?=J=SSS?===NAIKNC
ITU@AH= KJBA@AN=?EÔJ)=PEJK=
IANE?=J= @A CAJPAO @Q=J=HAO
SSS?H==KNCIT
(QYtRVGHGLQHUR
.QEVÄ PA ?KJRAJC= IÄO JK
RE=F=N?KJABA?PERK0EPAAJ
?QAJPN=O AJ "OP=@KO 2JE@KO @KO
BKNI=OL=N=AJRE=N@EJANK=*ËTE
?K AO = PN=RËO @A AILNAO=O AOLA
?E=HEV=@=O AJ PN=JOBANAJ?E=O K H=O
EJOPEPQ?EKJAO>=J?=NE=O
5HPHVDGRUDV
0ÔHK AO JA?AO=NEK MQA =?Q@=O =
H=AILNAO=L=N=D=?ANAHPNÄIEPA
AJPNA HKO KBANAJPAO OAAJ?QAJPN=J
*KJAU$N=I 0QNA *KJAU @AH
0ANRE?EK-KOP=H@A"OP=@KO2JE@KO
U4AOPANJ2JEKJ"OP=OAILNAO=O
P=I>EËJKBNA?AJAHOANRE?EK=PN=
RËO @A OQO LÄCEJ=O AHA?PNÔJE?=O
QO=J@K L=N= AH AJRÏK @A @EJANK
=HCQJ=P=NFAP=@A?NË@EPKK@Ë>EPK
2J= KL?EÔJ OEIEH=N AO H= MQA
KBNA?A 1AHA?KII1AHËCN=BKO = PN=
RËO@AH$ENK-=EO=JKMQALQA@AOAN
?K>N=@KAJH=OIÄO@AKť?EJ=O
@A PAHËCN=BKO @AH L=ÏO "J "OP=@KO
2JE@KOHKOAJRÏKOOANA=HEV=J=PN=
RËO@A!KHAT/E="JRE=BAT3ECK
,N@AN"TLNAOOK4AOPANJ2JEKJ"H
PNÄIEPAAOOAJ?EHHKOÔHKPEAJAOMQA
@ALKOEP=NAH@EJANKUOAPAEJ@E?=NÄ
QJ JÙIANK @A AJRÏK 1QO B=IEHE=
NAOAJAHL=ÏOLK@NÄJ?K>N=NHK?KJ
QJ= E@AJPEť?=?EÔJ U AH JÙIANK @A
AJRÏKAJ?Q=HMQEANKť?EJ=@A1AHA
?KII1AHËCN=BKO1=I>EËJ?QAJP=
?KJAHOANRE?EK@AL=CK@ANAIAO=O
KLAN=@=OLKNKPN=OAILNAO=O?KIK
=JGKBIANE?=,NH=J@E3=HQP=U
=J?KIAN1N=JOBAN0ANRE?A
'HXQEDQFRDRWUR
HCQJKO >=J?KO JKNPA=IANE?=JKO
PN=>=F=J?KJ>=J?KOIATE?=JKOL=N=
AHAJRÏK@A@EJANK=QJ=?QAJP=>=J
?=NE=AJAHL=ÏO EPE>=JG4AHHO#=N
CKU=JGKBIANE?=OKJ=HCQJKO
-=N=AHOANRE?EKAOJA?AO=NEKMQAPAJ
C=OQJ=?QAJP=@A?DAMQAOK=DKNNK
AJAH>=J?K@A@KJ@AOAPN=JOBANENÄJ
HKONA?QNOKOAJ"OP=@KO2JE@KO"J
*ËTE?K=HCQJ=O@AH=OEJOPEPQ?EKJAO
=OK?E=@=OOKJ=J=IAT=J?KIAN
0=JP=J@ANU%0 "J *ËTE?K )ı /A@ @A H= $AJ
PA@A=JOAť?QAJP=?KJQJOANRE
?EK OEIEH=N MQA PA LANIEPA NA=HEV=N
PN=JOBANAJ?E=O@A@EJANK=>=FK?KO
PK "OPÄ ?KJBKNI=@= LKN ?=F=O
@A =DKNNK AJ IÄO @A HK?=HE
@=@AO AJ PK@K *ËTE?K )=O PN=JO
BANAJ?E=O OA LQA@AJ D=?AN @AO@A
?QAJP=O @A "OP=@KO 2JE@KO @ENA?
P=IAJPA = HKO NALNAOAJP=JPAO @A
H= /A@ AJ *ËTE?K ,PN=O KLAN=
?EKJAO MQA KBNA?A OKJ AH L=CK @A
OANRE?EKO?NË@EPKOLANOKJ=HAO?KI
LN= U RAJP= @A @ÔH=NAO =OÏ ?KIK
=LANPQN= @A ?QAJP=O @A =DKNNK
-=N= ?KJK?AN IÄO @A H= /A@ =OÏ
?KIK @A H=O AILNAO=O L=NPE?EL=J
PAO AJ "OP=@KO 2JE@KO ?KJOQHP=
SSSH=NA@@AH=CAJPA?KIIT
*ORVDULR
#N=JMQE?E=ĤAJI=PANE==@Q=J=H
ĥ
)=BN=JMQE?E=AOAHLANIEOKMQAAHCK
>EANJK IATE?=JK ?KJ?A@A = QJ= LAN
OKJ=U=OA=J=?EKJ=HKATPN=JFAN=L=N=
JK L=C=N @ANA?DKO A EILQAOPKO LKN
QJ=@APANIEJ=@=?=JPE@=@@AIAN?=J
?È=OMQAEJPNK@Q?A=HL=ÈO
-A@EIAJPKĥ !K?QIAJPK AJ @KJ@A
OA@A?H=N=H=EJBKNI=?EÍJ?KNNAOLKJ
@EAJPA=H=IAN?=J?È=MQAOALNAPAJ@A
EILKNP=N K ATLKNP=N ?KJPEAJA P=I
>EÄJ H= EJBKNI=?EÍJ @AH EILKNP=@KN
K ATLKNP=@KN MQÄ IAN?=J?È= AO AH
?QILHEIEAJPK @A HKO =N=J?AHAO U @A
HKOLANIEOKO=HKOMQAAOP½OQFAP="H
PN½IEPAL=N=EILKNP=N=QPKIÍREHAOHK
NA=HEV=QJ=CAJPA=@Q=J=H
-=N=AJRÈKO@A@EJANK
3URGXFWR
5HFHSWRUDVHQ0p[LFR
&RVWR
&DUDFWHUtVWLFDV
([SUHVV6HQG
:HOOV)DUJR
%%9$ %DQFRPHU %DQRUWH +6%& 0p[L
FR 7HOHFRPP7HOpJUDIRV 2UJDQL]DFLyQ
6RULDQD*UXSR)$06$%DQVHÀ\%DQFR
6DQWDQGHU
'HVGHXQDFXHQWD
GyODUHV
0HGLDQWHGLQHURHQ
HIHFWLYRGyODUHV
(QYtR GH GLQHUR D EHQHÀFLDULR GLUHFWR \
WUDQVIHUHQFLDDFXHQWDEDQFDULD
/tPLWHGHSDJRVPHQVXDOHV+6%&
%DQVHÀ6DQWDQGHU
6DIH6HQG%DQN
RI$PHULFD
%DQFR6DQWDQGHU%DQVHÀ/#5HGGHOD
*HQWH\7HOHFRPP7HOpJUDIRV
6HUYLFLRJUDWLVGHODV
FXHQWDVGHFKHTXHV
SHUVRQDOHVGH%DQN
RI$PHULFD
6HUYLFLR JUDWLV TXH VH SXHGH DxDGLU D FXDO
TXLHUFXHQWDGHFKHTXHVSHUVRQDOGH%DQNRI
$PHULFDSDUDTXHVXVFOLHQWHVGHORV(VWDGRV
8QLGRVHQYtHQGLQHURD0p[LFR
*OREDO7UDQVIHUV
&LWLEDQN
$ERQRDFXHQWDV%DQDPH[RSDJRHQ
HIHFWLYRHQFXDOTXLHUDGHODVVXFXUVDOHV
VyORHQYtR(VWDGRV8QLGR0p[LFR
*UDWLVGHVGH
FXHQWDVGHFKH
TXHV\DKRUURV
(QYtRVGHGLQHURGHVGH&LWLEDQNHQ(VWDGRV
8QLGRV\RWURVSDtVHVSDUWLFLSDQWHV
'HVGHGyODUHOPi[LPRYDUtDGHSHQGLHQGR
GHOWLSRGHFXHQWDGHTXLHQHQYtD
9DUtDHQUHODFLyQDO
PRQWRHQYLDGR
6LQFRVWRSDUD
TXLHQUHFLEH
3HUPLWH HQYLDU GyODUHV SRU WUDQVDFFLyQ
SRU GtD 3DUD WUDQVDFFLRQHV PD\RUHV GH GyODUHVVHUHTXLHUHLGHQWLÀFDFLyQGHTXLHQHQYtD
(OGLQHURHVWiGLVSRQLEOHHQPLQXWRV
6XUH0RQH\8QLWHG
6WDWHV3RVWDO6HUYLFH
0RQH\*UDPP
%%9$%DQFRPHU
/#5HGGHOD*HQWH7HOHFRPP7H
OpJUDIRV\%DQFRPHUWUDQVIHUHQFLDD
FXHQWDRSDJRDEHQHÀFLDULR
'HVGHGyODUHVKDV
WDGyODUHVPLVPR
GtD\GHVGHKDVWD
GyODUHVWUHVGtDV
7UiPLWH D WUDYpV GH VX VLWLR ZHE FRQ
FDUJRDWDUMHWDGHFUpGLWRRGpELWR
#QAJPAĥ"H=>KN=?EÍJLNKLE==L=NPEN@AH=OL½CEJ=OAHA?PNÍJE?=O@AH=OAILNAO=O
3URWHMDVXGLQHUR
ZZZFRQGXVHIJREP[
# 1,/',3"+
/HFFLRQHVILQDQFLHUDVGH
1RVRWURVORVSREUHV
+"2+& "/, %)/"!
&º+
´6LQROHKDFHPRV
PDODQDGLH¢3RU
TXpQRVSDVDQHVWDV
FRVDV"µH[FODPD
V
&KDFKLWDHQ1RVRWURV
ORVSREUHV
XQFOiVLFRGHO
FLQHPH[LFDQR
7
=JPKAOP=LAHÏ?QH=?KIKOQ
?KJPEJQ=?EÔJ2OPA@AOHKONE
?KOD=?AJNABANAJ?E=@AO@A
AHPÏPQHK=QJ=NA=HE@=@MQAIQ?DK
PEAJAMQARAN?KJH=OťJ=JV=OLANOK
J=HAOQJMQA-ALA"H1KNKU D=
?DEP=JKPAJÏ=JIQ?DKONA?QNOKOOA
D=>NÏ=JAREP=@KIQ?DKOLNK>HAI=O
PKI=J@KH=O@A?EOEKJAO?KNNA?P=O
1RHVFXHVWLyQGHVXHUWH
"JAH?QILHA=ÒKO@A D=
?DEP= -ALA "H 1KNK HA NA
3URWHMDVXGLQHUR
ZZZFRQGXVHIJREP[
C=H= QJ= ?=F= L=N= MQA CQ=N@A OQ
@EJANK=H@ÄNOAH=HA@E?AĮŏKF=HÄMQA
H=OQANPAJKO?=I>EAL=N=MQA=OÏH=
PAJC= HHAJ= @A ?AJP=RKO U JQJ?= HA
B=HPAJ=@=-ALA?KIAPAAHANNKN@A
EJ?QH?=NHA=OQDEF=H=E@A=@AMQAPA
JANQJ=OťJ=JV=OO=J=OAO?QAOPEÔJ
@A OQANPA "O BQJ@=IAJP=H AJOA
Ò=NHA=HKODEFKOH=EILKNP=J?E=@AH
=DKNNK MQA @A>A PAJAN QJ LNKLÔ
OEPK AJ AOLA?Ïť?K U= OA= ?NA=N QJ
BKJ@K L=N= AIANCAJ?E=O K O=PEOB=
?ANQJ=JA?AOE@=@K@AOAK
6HSDUDODVFXHQWDV
0EPEAJAOQJJACK?EKLNK
LEK ?KIK -ALA "H 1KNK
MQA PAJÏ= QJ= ?=NLEJPANÏ= AO EI
LKNP=JPA OAL=N=N H=O ?QAJP=O LAN
OKJ=HAO @A ËOPA -ALA JK HK D=?A
?Q=J@K QJ ?HEAJPA AH HE?AJ?E=@K
*KJPAOHALE@AQJPN=>=FK-ALAHA
OKHE?EP=QJ=@AH=JPKL=N=AILAV=N
AHPN=>=FKUŏKPNK@EJANEPKL=N=ËH
HFQJP=NH=O?QAJP=OAOBÄ?EH?KJ
BQJ@ENOA0EPEAJAOQJ=PEAJ@=QJ
P=TEQJ=AOPËPE?=KQJ=?=NLEJPANÏ=
=OÏCJ=PAQJOQAH@KU?KJËOPA?Q
>NA PQO C=OPKO LANOKJ=HAOĮ ?=O=
HQV ?KIE@= ?KHACEK‘ )K @AIÄO
OKJEJCNAOKO@AHJACK?EKĮQJ=L=N
PA PA OANRENÄ L=N= ?Q>NEN OQO LNK
LEKO C=OPKO U KPN= L=N= NAEJRANPEN
UD=?ANHK?NA?AN
6LQRVDEHVLQIyUPDWH
Q=J@KAHHE?AJ?E=@K*KJ
PAOHAMQEANAL=C=N=-ALA
?KJQJ?DAMQAËOPAHA@E?AMQAIA
FKNOAHK@ËŏAJH=?=ĭABA?PERK
LKN
MQA?KJHKO>=J?KOD=ULNK>HAI=O
UJKIÄOHARAJ=QJKH=?=N=@ALK
>NA U AILEAV=J HKO LNK>HAI=O
"O ARE@AJPA MQA -ALA JK ?KJP=>=
?KJ QJ= A@Q?=?EÔJ ťJ=J?EAN= MQA
HALANIEPEAN=O=>AN?ÔIKKLAN=QJ
?DAMQAUOQO@ANA?DKO?KIKQOQ=
NEK "OPÄ AJ HK ?EANPK QJ= ?=J?EÔJ
MQABKNI=L=NPA@AH=>=J@=OKJK
N= @A H= LAHÏ?QH=Į ŏJK BQA B=HP= @A
@EJANK B=HPÔ A@Q?=?EÔJį @E?AJ MQA
OKU?=?KIETPHA0EJKO=>AOEJBÔN
I=PAĮ H= LÄCEJ= SA> @A KJ@QOAB
KBNA?AEJBKNI=?EÔJÙPEHMQAPA=UQ
@=NÄ = =ILHE=N PQO ?KJK?EIEAJPKO
@A ťJ=JV=O LANOKJ=HAOį D=U ?=H?Q
H=@KN=O OEIQH=@KNAO IE?NKOEPEKO
?=HEť?=@KNAOUIÄO
9HDORVHJXUR
-ALA HA @= = CQ=N@=N =
D=?DEP= AH =JPE?ELK @A
*KJPAOUAHH=HK?KHK?=@APNÄO@AHNA
PN=PK@AQJO=JPK@A@KJ@A=HCQEAJ
OAHKNK>=UHKOLNK>HAI=O=QIAJ
P=J"OPKHAL=O==-ALALKNJKPA
JANOQ@EJANKAJQJEJOPNQIAJPK@A
=DKNNKBKNI=H?KIKQJ=?QAJP=@A
=DKNNK"OPAPELK@A?QAJP=OPAKBNA
?AJ=HCQJ=ORAJP=F=OĮPQ@EJANKAOPÄ
OACQNKUC=N=JPEV=@KLKNAH&-
AO IÄO BÄ?EH =??A@AN = KPNKO OANRE
?EKO ťJ=J?EANKO U C=J=O EJPANAOAO
)K LAKN AO AOP=N AMQERK?=@K U JK
@=NOA?QAJP=Įŏ@AJ=@EAAOH=?QHL=
DEF=@E?A-ALA"H1KNK
2UJDQL]DWXV
LQJUHVRV\JDVWRV
‹1AJCK MQA L=C=N AOA
@EJANK=QJMQALE@=HEIKOJ=‹@E?A
-ALA
‹-ËH=PA@A>N=?ANK=HKO"OP=@KO
2JE@KO‹HA=?KJOAF=QJ=IECK
‹ KJKV?KQJ=ÒKN=MQALNAOP=
@EJANK=NË@EPKOłR=IKO=RANH=‹
?KIAJP=KPNKIÄO
‹-QAOR=IKO‹=??A@A-ALA
HHHAC=NH=ÒKN=HAEJBKNI=MQA
AHNË@EPKAO@A
‹ł1KP=H‹LNACQJP=-ALA
‹+K IAJOQ=H ‹=?H=N= H=
OAÒKN=
‹ł*AJOQ=H "OPÄ >QAJK ‹
=?ALP=-ALA@AOEHQOEKJ=@K
)= OKHQ?EÔJ JK AOPÄ AJ LA@EN HE
IKOJ= AJ ENOA @A >N=?ANK =H KPNK
H=@KJEAJLA@EN@EJANK=NË@EPKO=H
PÏOEIKO)=OKHQ?EÔJAOPÄAJKNC=JE
V=NJQAOPNKOEJCNAOKOUC=OPKOLKN
IA@EK @A QJ LNAOQLQAOPK U ?KJ
PAILH=NQJ=L=NPE@=L=N=AH=DKNNK
@AJPNK@AËOPA
&UHDXQIRQGR
SDUDHPHUJHQFLDV
"J LNEOEÔJ -ALA "H 1KNK
OAAJPAN=LKNOQJKRE= AHE=MQAOQ
I=@NAAOPÄIQUAJBANI=AJAHDKO
LEP=H)=NA=??EÔJ@A-ALAAOLA@ENHA
=OQJKRE=MQARAJ@=H=DANN=IEAJ
P= @A H= ?=NLEJPANÏ= ŏ= RAN ?QÄJPK
O=?=*QANAOQI=IÄUH=NAOLQAO
P=@A-ALAAOOEIEH=N)A@E?A=OQ
JKRE=Įŏ.QÏP=IAH=IA@=HH=U?KI
LN=QJ?=FÔJL=N=IEI=@NA-ALA
JK PAJÏ= QJ BKJ@K L=N= AIANCAJ
?E=OU?KIK@E?AAHNABNÄJPAJÏ=MQA
ŏ=>NENQJDKUKL=N=P=L=NKPNK
ŏ0A OQBNA‘ĵLANK OA =LNAJ
@A ?KJ AOPA HAI= PANIEJ= H=
LAHÏ?QH=Į =DÔNN=PA AH OQBNEIEAJ
PK U LNALÄN=PA L=N= AJBNAJP=N H=O
?KJPEJCAJ?E=O@AH=RE@=
3URWHMDVXGLQHUR
ZZZFRQGXVHIJREP[
# 1
1,/',3"+
8VWHGHVORVULFRV
,QYLHUWHHQWXWLHUUD
"J 2OPA@AO HKO NE?KO QJK
@A HKO LANOKJ=FAO NACNA
O=@AHKO"OP=@KO2JE@KO@AOLQËO
@A =ÒKO @A PN=>=F=N =HHÄ )A HH=
I=J "H N=?ANK KIK NAOQHP=@K
@AOQPN=>=FKPN=AQJ?=IEÔJMQA
=LKNP==H=?KKLAN=PER=MQA@ENECA
-ALA"H1KNK0EJO=>ANHK"HN=
?ANK AOPÄ EILQHO=J@K HK MQA OA
?KJK?A?KIKNAIAO=OLNK@Q?PER=O
+QAOPNKO ?KJJ=?EKJ=HAO AJ
RÏ=J ?=@= =ÒK IÄO @A IEH
IEHHKJAO @A @ÔH=NAO "O QJ DA
?DK MQA H= I=UKNÏ= @A AOA @E
JANK OA @AOPEJ= =H ?KJOQIK AO
@A?EN = NKL= ?KIE@= =L=N=
PKO AHA?PNK@KIËOPE?KO U L=CK
@A OANRE?EKO "J AH AOMQAI= @A
NAIAO=O LNK@Q?PER=O AH @EJA
NK OA AILHA= L=N= EILQHO=N
3URWHMDVXGLQHUR
ZZZFRQGXVHIJREP[
JACK?EKO LNKLEA@=@ @A HKO IE
CN=JPAO U OQO B=IEHE=O ?NA=J
@K BQAJPAO @A AILHAK AJ H=O
?KIQJE@=@AO ATLQHOKN=O @A IE
CN=JPAOL=N=MQAOQOLK>H=@KNAOOA
MQA@AJAJ*ËTE?K
2JAFAILHK@A?ÔIKOALQA@AJ
=LNKRA?D=N H=O NAIAO=O L=N= >A
JAť?E=N A EIL=?P=N LKOEPER=IAJ
PA QJ= LK>H=?EÔJ AO 0J= 'KHK>EH
KNC=JEV=?EÔJ EJ@ÏCAJ= OEJ ťJAO
@AHQ?NK?KJBKNI=@=LKNIÄO@A
EJPACN=JPAO @A @EBANAJPAO
?KIQJE@=@AO EJ@ÏCAJ=O @A DE=
L=O 3EOEP= OQ PEAJ@= RENPQ=H AJ
SSSOJ=FKHK>EH?KI
&DGDQLxRWUDHVXWRUWD
)= DKNNA=@= AOLKO=
@A -ALA "H 1KNK AOPÄ
AI>=N=V=@= 0=>AIKO P=I>EËJ
MQA D=U CN=RAO LNK>HAI=O A?K
JÔIE?KOJKOÔHKAJH=?=O=P=I
>EËJ AJ H= ?KKLAN=PER= LAO=N
@A AOK H= $Q=U=>= U H= 1KOP=@=
HA @E?AJ = H= BQPQN= I=IÄ MQA
JK OA LNAK?QLA LQAO ŏ?=@= JEÒK
PN=AOQPKNP="OKAOQJIEPK1A
JAN QJ DEFK AO QJ= @A?EOEÔJ EI
LKNP=JPA MQA EILHE?= PKI=N AJ
?QAJP= MQA PQ RE@= ?=I>E=NÄ AJ
IQ?DKO =OLA?PKO U H=O ťJ=JV=O
JKOKJH=AT?AL?EÔJ
"J JQAOPNKO @Ï=O H= HHAC=@=
@A QJ >A>Ë LQA@A ?KOP=N D=OP=
OEOQI=OHKOC=OPKOMQA
PAJ@NÄO MQA NA=HEV=N @QN=JPA AH
AI>=N=VK JPAO @A @=N AH L=OK
PA=?KJOAF=IKOMQAPALNACQJPAO
OEPQ>KHOEHHKAOPÄLNAL=N=@KL=N=
=BNKJP=N ťJ=J?EAN=IAJPA H= HHA
C=@=@AQJ>A>Ë
&UHDEXHQDIDPD«
ŏ NA= >QAJ= B=I= U
Ë?D=PA=@KNIEN@E?AAH
NABNÄJ KIKIQAOPN=AJ2OPA@AO
HKONE?KOAJ?KJPN=IKOAOPA@EÄHKCK
AJPNA-ALA"H1KNKUQJRAJ@A@KN
@ADANN=IEAJP=OL=N=?=NLEJPANÏ=Į
OQHP= HKO NACEOPNKO @A H=O 0K?EA
@=@AO@A&JBKNI=?EÔJ NA@EPE?E=
?KJK?E@=O ?KIÙJIAJPA ?KIK
>QNÔ@A?NË@EPK
L=NA?ANAJAH>QNÔ@A?NË@EPK
JKAOI=HKAOH=BKNI=AJH=MQA
=L=NA?AOAJHKMQA@A>AOťF=NPA0E
6LSDJDVSXQWXDOPHQWHWXKLVWRULDO
VHUiSRVLWLYR\WHQGUiVDELHUWDVODV
SXHUWDVSDUDIXWXURVFUpGLWRV
‹0E IA LQA@A @=N ?NË@EPK IA
I=J@=PK@KAHHKPAOEJKLQAOJK
IÄOH=OEANN=‹@E?A-ALA"H1KNK
‹3KUIER=HALQAOJKAOI=H=
H= ?KJPAOP=‘ LANK = IÏ łMQEËJ
IA C=N=JPEV= ‹NAOLKJ@A AH
RAJ@A@KN
‹-QAOUK
‹ł6MQEËJAOQOPA@
‹-ALA"H1KNK
‹+E D=>H=N QOPA@ LQA@A HHA
R=NOAAHLQAOPK?Q=J@KMQEAN=
-KN AT=CAN=@K MQA L=NAV?= AO
?EANPKĮPQB=I=LQA@A=>NENPAK?A
NN=NPALQANP=O =@=RAVMQAOKHE
?EP=O QJ ?NË@EPK H= EJOPEPQ?EÔJ =
H= MQA HA LE@AO AH LNËOP=IK ?KJ
L=C=O LQJPQ=HIAJPA PQ DEOPKNE=H
OANÄLKOEPERKUPAJ@NÄO=>EANP=OH=O
LQANP=OL=N=BQPQNKO?NË@EPKOįK?Q
NNENÄ HK ?KJPN=NEK OE PEAJAO EJ?QI
LHEIEAJPKO L=CKO EILQJPQ=HAO
K D=O @AF=@K @A L=C=N LQAO OANÄ
IÄO @EBÏ?EH MQA MQEAN=J LNAOP=NPA
0E JK AOPÄO AJ AH >QNÔ OANÄ @EBÏ?EH
MQAQJ=AILNAO=PA@ËQJ?NË@EPK
LQAOJKLK@NÄAR=HQ=NPQ@AOAI
LAÒK?KIK@AQ@KN
´6LQRVHQGHXGDPRV
HVSRUTXHQRWHQHPRVµ
!E?A-ALA?Q=J@KR=J=
?K>N=NHAHKMQA@A>AOQ?KK
LAN=PER= 0A AMQERK?=Į AH ?NË@EPK
LQA@A @=NPA =??AOK = >EAJAO MQA
@A KPNK IK@K P=N@=NÏ=O IQ?DK
AJ=@MQENEN?KIKQJ=QPKKQJ=
?=O="H?NË@EPKLQA@AOANQJ=LK
@ANKO=DANN=IEAJP=L=N=?NA=NQJ
L=PNEIKJEKLANOKJ=HKB=IEHE=N"H
OA?NAPKAOPÄAJQPEHEV=NHK?KJLH=
JA=?EÔJ U NAOLKJO=>EHE@=@ LQAO
@A KPN= I=JAN= LQA@A ?KJRANPEN
OA QJ K>OPÄ?QHK L=N= IAFKN=N PQ
?=HE@=@@ARE@=-QA@AO?KJPN=P=N
?NË@EPKO ?KJ EJOPEPQ?EKJAO ťJ=J
?EAN=O?KIK>=J?KOOKBKHAOUOK
BKIAOAJPNAKPNKO
1RUHJDOHV
ORTXHQRWLHQHV
"J H= JK?DA>QAJ= D=
?DEP= RAJ@A OQ ?=>AHHK L=N=
?KILN=NHAQJ=?=@AJ==HNAHKF@AH
P=N=JP=@K OQ JKREK *EAJPN=O
P=JPKAHP=AILAÒ=OQNAHKFL=N=
?KILN=NHA QJ=O LAEJAP=O = D=
?DEP=OÏJEJCQJK@AHKONAC=HKO
PEAJAOAJPE@K
KJ BNA?QAJ?E= ?=AIKO AJ AH
ANNKN@ALAJO=NMQAH=EILKNP=J
?E=@AQJNAC=HKAOPÄNAH=?EKJ=@=
?KJ OQ ?KOPK /AOEOPA AH >KI>=N
@AK LQ>HE?EP=NEK MQA EJ@Q?A =
C=OP=NPA PQ =CQEJ=H@K U =
AJ@AQ@=NPA-=N=MQA
PQ=CQEJ=H@KJKOA
@EHQU= AILHË=HK
AJ=ILHE=NPQL=PNE
IKJEK JK AJ C=O
PKO @A PAILKN=@=
2PEHEV= ?KJ NAOLKJ
O=>EHE@=@ PQO P=NFA
P=O @A ?NË@EPK JPAO
@A?KILN=N?Q=HMQEAN
LNK@Q?PK=L=CKOťFKO
K IAOAO OEJ EJPANAOAO
?QAOPEÔJ=PA OE NA=H
IAJPAHKJA?AOEP=O
3URWHMDVXGLQHUR
ZZZFRQGXVHIJREP[
-/&*"/-)+,
'LFLHPEUHHVXQPHVGHIHVWHMRV«\GH
PiVJDVWRV6LFXLGDVWXGLQHUR\WRPDV
ODVGHFLVLRQHVDGHFXDGDVSXHGHVHU
WDPELpQXQDH[FHOHQWHRSRUWXQLGDG
SDUDFDPELDUWXYLGDILQDQFLHUD$TXt
HQFRQWUDUiVDOJXQDVVXJHUHQFLDV
3URWHMDVXGLQHUR
ZZZFRQGXVHIJREP[
¢7HQGUiV XQ
"
SUyVSHUR
4XL]iQRHVWiVKDFLHQGRORPHMRUSDUDSURSLFLDUODSURVSHULGDGGHODxRTXHFRPLHQ]D
+"2+& "/, %
8
O=N?DKJAO=I=NEHHKONKFKOKRAN@AO>=NNANH=?=O=RAOPENNKL=JQAR=?=I>E=NH=?=NPAN=@=NH=RQAHP==H=I=J
V=J=?KJI=HAP=OHHAJ=O?KIAN@K?AQR=O=H=IA@E=JK?DAłD=?AOHKIEOIK?=@=ťJ@A=ÒKU?=@==ÒKPANIE
J=O?KJLNK>HAI=O@A@EJANK KJPAOP=LNACQJP=OL=N=O=>ANMQËP=J>EAJPAENÄAOPA
ł.QËD=NÄO?KJPQ=CQEJ=H@K
=
-=C=NIEO@AQ@=O?KJPN=P=NQJOA
CQNKHK=DKNN=NË
>
-=C=NH=?AJ=@AJ=RE@=@NAC=HKO
NKL=AHA?PNK@KIËOPE?KO
?
-=NPE?EL=N AJ EJPAN?=I>EKOLKO=
@=O?AJ=@AJ=RE@=@NAC=HKO
"J AJANK D=U L=CKO EILKNP=JPAOĮ
LNA@E=H PAJAJ?E= AH OACQNK @A =QPK
A EILQAOPKO ł1EAJAO ?KJPAILH=@K
ĭ=DKNN=@K
AH@EJANKL=N=D=?ANBNAJ
PA=AOKOC=OPKO
=
0Ï
>
2J=L=NPA
?
-EAJOKLA@ENLNAOP=@K
ł ÔIKL=C=NÄOHKONAC=HKO
=
%=NË UK IEOIK =HCK AOLA?E=HĮ QJ=
?=NP=QJL=OPAH
>
KJIE=CQEJ=H@K
?
KJ P=NFAP= @A ?NË@EPK= IAOAO OEJ
EJPANAOAO
ł QÄJPKO ?EC=NNKO ?=BË K >KPAHH=O
@A=CQ=?KILN=O=H=OAI=J=
=
-NK?QNKJKC=OP=NAJAOK
>
?=FAPEHH=IÄO@AP=V=OK>KPAHH=O
?
?=FAPEHH=O K IÄO K IÄO P=V=O K
>KPAHH=O
ł.QË L=O=NÏ= OE PA MQA@=N=O OEJ
PN=>=FK
=
NAKMQALK@NÏ=I=JPAJANIEOC=O
PKOUK>HEC=?EKJAOD=OP=AJ?KJPN=NKPNK
PN=>=FK
>
QJMQALK@NÏ=L=C=NHK>ÄOE?KPAJ
@NÏ= LNK>HAI=O L=N= OKHRAJP=N IEO
@AQ@=O
?
+K LK@NÏ= I=JPAJAN IEO C=OPKO JE
QJ=MQEJ?AJ=
ł.QËD=?AOAJ?=OKO@AAIANCAJ?E=
=
1AJCKQJBKJ@K@A=DKNNKL=N=AO
PKO?=OKO
>
-E@KLNAOP=@K==IECKOUB=IEHE=NAO
?
,?QLKH=P=NFAP=@A?NË@EPK
ł/A=HEV=OQJLNAOQLQAOPKB=IEHE=N
=
0ÏPN=PK@AOACQENHK=HLEA@AH=HAPN=
>
RA?AO
?
+KłMQËAOAOK
ł!ÔJ@ACQ=N@=OPQ@EJANK
=
"JAH>=J?K
>
"JQJ=?=F=@A=DKNNKĭ@AO?KJKV?K
OEAOPÄNACQH=@=
?
"JIE?=O=
ł1EAJAO?KJPN=P=@KQJOACQNKL=N=
PQ?=O=
=
0Ï
>
+KLANKIAEJPANAO=
?
+K?NAKMQAAOQJC=OPKEJJA?AO=NEK
"JPNAPQOLNKLÔOEPKO@A=ÒKJQA
RKAOPÄ=DKNN=NAEJRANPENPQ@EJANK
=
0Ï
>
+KLANKLEAJOKEJPAJP=NHK
?
+KAOIQU@EBÏ?EH
9HULILFDWXVUHVSXHVWDV
0QI=LKNOAL=N=@KPK@=OH=ONAOLQAOP=O@A=?QAN@K=HKOOECQEAJPAOR=HKNAOĮD
E F !A=LQJPKOĮ0ACQN=IAJPAOANÄQJ=ÒKLNÔOLANKL=N=PEĮHHAR=OQJLNAOQLQAOPK=DKNN=OPEAJAOQJBKJ@KL=N=
AIANCAJ?E=OLNAREAJAO?KJQJOACQNKL=N=PQ?=O=KPQ=QPKAREP=OHKOC=OPKODKNIEC=U>QO?=OMQAPQ@EJANK?NAV?=
!A=LQJPKOĮ0E>EAJPQEJPAJ?EÔJAOMQAAOPA=ÒKMQA?KIEAJV=OA=>QAJKAJHQC=N@AO=HEN?KJPQOI=HAP=OU>=NNAN
H=?=O=BÔNF=PAAHLNKLÔOEPK@A=DKNN=NQJ=L=NPA@APQOEJCNAOKOUQJ=RAVMQAFQJPAOQJ=?=JPE@=@?KJOE@AN=>HAĮĵEJREËNPA
HK0ECQAPQLNAOQLQAOPKLH=JA=?=@=C=OPKUAREP=HKOC=OPKODKNIEC=?KIK?DE?HAO?EC=NNKO?=BËAP? KJPN=P=HKOOACQ
NKOMQAJA?AOEPAOĮ?=O==QPKRE@=C=OPKOIË@E?KO
!A=LQJPKOĮ+EHKO?DKJAO=I=NEHHKOPAO=HR=NÄJLQAO?KIEAJV=OAH=ÒK?KJLNK>HAI=OĮ@AQ@=OOEJLNAOQLQAOPKJE
BKJ@KL=N=AIANCAJ?E=O+A?AOEP=OQJLH=J@A=??EÔJL=N=HEMQE@=NPQO@AQ@=OKLKNHKIAJKOI=JPAJANH=OAJQJJERAHMQA
LQA@=OI=JAF=NOEJLNK>HAI=OUQJLH=J@A=DKNNKLQAOAJ?=OK@AQJ=AIANCAJ?E=PQOťJ=JV=OLK@NÏ=JRANOA=BA?P=@=O
-NARËJHKONEAOCKOMQALQA@=J@=Ò=NPQL=PNEIKJEKUA?KJKIÏ=
3URWHMDVXGLQHUR
ZZZFRQGXVHIJREP[
-/&*"/-)+,
-/&*"/
"/-)
)+,
$
$
$ $
$$
$ $
$$ $
$ $
$
$
$
$
$
$
$
$
$
$
$
$
$
$$
$
$
$
$
$
$$
$
$
$
$
$
$
DJ
+KI=HC=OPAOPQ
&HQOPN=?EKJAOĥ,O?=N1*=NPEJAV
3URWHMDVXGLQHUR
ZZZFRQGXVHIJREP[
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
IÄO@Eť?QHP=JAHO=JKI=JAFK@A
H=O ťJ=JV=O LANOKJ=HAO OKJ H=O
@AQ@=O-KNAOKPANA?KIAJ@=IKO
@AOPEJ=NQJLKN?AJP=FAEILKNP=J
PA @A HKO EJCNAOKO @A @E?EAI>NA
ŠJK OÔHK AH =CQEJ=H@K P=I>EËJ
D=U MQA ?KJOE@AN=N HKO NA?QNOKO
LNKRAJEAJPAO @AH BKJ@K @A =DK
NNKAJPNAKPNKOŠ=L=C=N@AQ@=O
ł.QË IKJPK D=U MQA @AOPEJ=N
= AOPA ťJ )= NAOLQAOP= @ALAJ
@A @AH P=I=ÒK @A PQO LNK>HAI=O
U @AH IKJPK @A PQ =CQEJ=H@K !A
=?QAN@K =H &JOPEPQPK +=?EKJ=H @A
"OP=@ÏOPE?= U $AKCN=BÏ= ĭ&+"$&
AH OQAH@K LNKIA@EK @A HKO IATE
?=JKOAO@ALK?KIÄO@AIEHU
LKN)AUAH=CQEJ=H@KMQAK>HEC=PK
NE=IAJPA@A>AJ@=NH=OAILNAO=O=
OQO AILHA=@KO AMQER=HA = @Ï=O
@AOQAH@K=QJMQA=HCQJ=OAILNA
O=OŠH=OIAJKOŠKPKNC=J=OQOAI
LHA=@KOQJ=CN=PEť?=?EÔJ=JQ=H@A
@Ï=OKIÄO"O=AOLQAOQJ=N=
VÔJ @A ŏLAOK L=N= KLPEIEV=N AH
$
'
AOPEJKOL=N=AH=CQEJ=H@K
OK>N=Jį OEJ AI>=NCK =H
@A?E@EN AJ MQË QPEHEV=NHK
@A>AIKOPAJANLNAOAJPAMQALQA
@A OAN H= KLKNPQJE@=@ L=N= D=?AN
?=I>EKO=JQAOPN=RE@=ťJ=J?EAN=
K?KJOKHE@=NHKHKCN=@KAJAH?=OK
@A I=JPAJAN QJ=O ťJ=JV=O LAN
OKJ=HAOO=J=O-KNťJ=JV=OO=J=O
AJPAJ@AIKO =MQAHH=O MQA I=JA
F=JQJÔLPEIKJERAH@A@AQ@=ĭJK
PEAJAJ LNK>HAI=O L=N= ?QILHEN
OQO ?KILNKIEOKO ťJ=J?EANKO
U
?QAJP=J?KJ?=L=?E@=@@A=DKNNK
L=N= =BNKJP=N OQO NAPKO L=PNEIK
JE=HAO@A=?QAN@K=OQLH=JťJ=J
?EANKLANOKJ=H
0E PEAJAO LNK>HAI=O L=N= =@
IEJEOPN=N PQ @EJANK PA OQCANE
IKO MQA PA AOIANAO AJ HKCN=N
QJ ?=I>EK N=@E?=H AJ PQO ťJ=J
V=O@AOPEJ=J@K>QAJ=L=NPA@APQ
=CQEJ=H@K=NAOKHRANK=HIAJKO
=PAILAN=NPQOLNK>HAI=OIÄOQN
CAJPAO2JK@AHKOLNK>HAI=OMQA
$
$
$
$$
$
$
$
$
$
$ $
$
$
$
$
$
XLQDOGR
*1&+#),/"0
KH=>KN=@KN=ATPANJ=
3URWHMDVXGLQHUR
ZZZFRQGXVHIJREP[
-/&*"/-)+,
QOK@AAOPA@EJANK?KJMQA?KJP=
IKO=HťJ=HEV=NAH=ÒKU?QE@=NJKO
@AJK@ANNK?D=NHK
"H I=JAFK E@A=H @A H=O ťJ=J
V=O LANOKJ=HAO JK OA @APANIEJ=
@A =?QAN@K = QJ NA?AP=NEK @A ?K
?EJ= =@=LANOKJ=KB=IEHE=LNA
OAJP= ?KJ@E?EKJAO U JA?AOE@=@AO
L=NPE?QH=NAO "J AOPA OAJPE@K AO
JA?AO=NEKOAN=QPK?NÏPE?KOU@APAN
IEJ=N OE AH I=JAFK MQA AOP=IKO
D=?EAJ@K @A JQAOPN=O @AQ@=O AO
AH =@A?Q=@Kį OE HK I=JPAJAIKO K
PAJAIKOMQAIK@Eť?=NHKįOEL=C=
IKOAHPKP=H@AH=O@AQ@=OKOÔHK
QJ=L=NPA@AP=HI=JAN=MQA H=
@AQ@=MQAI=JPAJC=IKO
JKJKO?=QOALNK>HAI=O
@A OKHRAJ?E= U P=I
LK?K JKO @AFA OEJ H=
HEMQE@AV MQA JA?AOEP=IKO
L=N=@AOPEJ=N=KPNKONQ>NKO
MQA P=I>EËJ ?KJOE@AN=IKO
EILKNP=JPAO ?KIK LQA
@AJOANH=?KILN=@AAHA?
PNK@KIËOPE?KO U HÏJA=
>H=J?=į NAL=N=?EKJAO
AJ ?=O= K H= ?KILN= K EJE?EK
@A H= ?KJOPNQ??EÔJ @A QJ=
?=O= LNKLE= &J?HQOK LQA
@AO ?KJPAILH=N H= ?KILN=
@ANKL=U?=HV=@KL=N=PK@=
H= B=IEHE= -KN ?EANPK L=N=
AOPA ÙHPEIK NQ>NK ?KJRAJ@NÏ=
AR=HQ=N H= LKOE>EHE@=@ @A LKOLK
JAN H=O ?KILN=O = AJANK ?Q=J@K
HKO ?AJPNKO ?KIAN?E=HAO =NI=J HE
MQE@=?EKJAO@ALNK@Q?PKOLKNťJ
@APAILKN=@=ULQA@AO=@MQENEN
HKO ?KJ IQU >QAJKO @AO?QAJPKO
ĭD=OP=@AH
U>QAJ=?=HE@=@
/AOEOPA AH >KI>=N@AK LQ>HE?EP=
NEKMQAEJ@Q?AJKOÔHK=?KILN=NU
C=OP=NPAPQ=CQEJ=H@KOEJK=AJ@AQ
3URWHMDVXGLQHUR
ZZZFRQGXVHIJREP[
@=NPA?KJUOEJEJPANAOAOįLKNAFAI
LHK?KJP=NFAP=O@A?NË@EPK?KILN=O
=L=CKOťFKOU=IAOAOOEJEJPANAOAO
-KJC=IKO QJ AFAILHKĮ H= LKOE>EHE
@=@@A?KILN=NQJ=13@AL=JP=
HH= LH=J= @A LQHC=@=O AJ L=CKO
IAJOQ=HAO @A LQA@A L=NA?AN
IQU =PN=?PERK LANK OE =@MQEANAO
>=FKAOPAAOMQAI=R=NEKOLNK@Q?PKO
HKOL=CKOŏ?DEMQEPKOOALK@NÏ=JOQ
I=NAJQJ=CN=J?=JPE@=@@EBÏ?EH@A
L=C=N?=@=IAOUMQAPALQA@ACA
JAN=NOANEKO>=?DAOťJ=J?EANKO
0E HHAC=OPA = @E?EAI>NA ?KJ QJ
JERAH@A@AQ@=I=JAF=>HA=OACÙ
N=PA@AI=JPAJANHKAJ2PEHEV=
PQ=CQEJ=H@KAJ>EAJAOUOANRE?EKO
MQA PA @AJ IÄO MQA >QAJKO IK
IAJPKO AJ H=O ťAOP=O @A?AI>NE
J=OįIEN==HBQPQNKREOQ=HEV=?ÔIK
MQEANAORERENŠAJPQAP=L=LNK@Q?
PER=UAJAHNAPENKUPKI=H=O@A?E
OEKJAOAJ?=IEJ=@=O=HKCN=NHK
EANPK@E?EAI>NAAOQJIAO@A
ťAOP=O U NAC=HKO U JK AOPÄ I=H
JKOHKIANA?AIKO@AOLQËO@AQJ
=ÒK@APN=>=F=NLANKD=UMQA@AO
PEJ=N NA?QNOKO ŏIA@E@KO = AOPKO
ťJAO KILN= K>OAMQEKO ÙPEHAO U
A?KJÔIE?KO K D=VHKO PÙ IEOIK
ĭLÄCEJ=O IÄO =@AH=JPA AJ?KJPN=
NÄO=HCQJ=OOQCANAJ?E=O
2J ?KJOAFK RA ?KILN=J@K HKO
NAC=HKO@AH=+=RE@=@@A=HK
H=NCK@AH=ÒKLNKRA?D=PAILKN=
@=O@AKBANP=OUNA>=F=OMQAAJ?QAJ
PNAO AJ AH PN=JO?QNOK @AH =ÒK L=N=
?KILN=NHKO @A I=JAN= LH=JA=@=
OÏHKNAOAJPENÄJIAJKOPQOťJ=J
V=OLANOKJ=HAO?=@=@E?EAI>NA
6JKKHRE@AOťF=NPAK>FAPERKO@A
=DKNNKAEJRANOEÔJ1AOKNLNAJ@A
NÏ= O=>AN MQA OE ?KIEAJV=O = =DK
NN=N IAJOQ=HAO AJ PQ BKNA
ĭAJH=OQ>?QAJP=@A=DKNNKRK
HQJP=NEK
=H ?=>K @A =ÒKOĭPQAP=L=LNK@Q?PE
R=
HKCN=NÏ=ONAQJENLK?K
IÄO @A IEHHKJAO
?KJOE@AN=J@K QJ NAJ@E
IEAJPKLNKIA@EK=JQ=H@A
+K AO JA?AO=NEK ?=J=HE
V=N CN=J@AO ?=JPE@=@AO @A @E
JANK=QJK>FAPERKL=PNEIKJE=H6
AOPAEJE?EK@A=ÒKAOQJ>QAJLNA
PATPK L=N= KNC=JEV=N JQAOPN=O ť
J=JV=O =FQOP=N C=OPKO U CAJAN=N
=DKNNK?KJLNKLÔOEPKO>EAJ@AťJE
@KOURE=>HAO@ANA=HEV=N
*XDUGDGLQHURSDUDHQHUR
+K PA C=OPAO PK@K AJ @E?EAI>NA
/A?QAN@= MQA AJ AJANK PAJ@NÄO
MQAD=?ANL=CKOEILKNP=JPAOįLKN
AFAILHK H= HHAC=@= @A HKO /AUAO
*=CKOįAHL=CK=JQ=H@AHEILQAOPK
LNA@E=HH=PAJAJ?E=UAHOACQNK@AH
=QPK H= @A?H=N=?EÔJ =JQ=H
@AEILQAOPKOAP?ËPAN=
-=N= MQA JK PAJC=O
MQA NA?QNNEN =H AILAÒK K =
H= ?KJPN=P=?EÔJ @A ?NË@EPKO ŏ?=
NKOį?KIKLQA@AOANAH@AJÔIE
J= U LANOKJ=H @AO@A =DKN= D=V
PQ=L=NP=@KL=N=?QILHEN?KJHKO
C=OPKOUK>HEC=?EKJAO@AEJE?EK@A
=ÒK LH=J= H= LAJ@EAJPA @A H=
?QAOP=UOÙ>AH=OEJAOBQANVK
1AJ AJ ?QAJP= MQA H= OEPQ=?EÔJ
A?KJÔIE?= =ÙJ JK AO H= ÔLPEI=
L=N=CAJAN=NAHAILHAKŠAJ?=JPE
@=@U?=HE@=@MQAHKOIATE?=JKO
@AI=J@=IKOOÏMQA?KIK@E?A
AH NABNÄJĮ ĵ= ?QE@=N HKO ?AJP=RKO
MQAHKOLAOKOOA?QE@=JOKHKO
£&XLGDWXODQDFRQXQSODQGHDKRUUR
(ODJXLQDOGRHVXQEXHQSUHWH[WRSDUDLQLFLDUFDPELRVVLJQLÀFDWLYRVDQXHVWURSUR\HFWRÀQDQFLHURSHUVRQDO
\PDUFDUHOSULQFLSLRGHODUHDOL]DFLyQGHPHWDV
3RGUtDPRVHPSH]DUSRUGHÀQLUXQRRYDULRVSUR\HFWRV\SRVWHULRUPHQWHWUD]DUHOSODQGHDKRUURDVH
JXLUFRQGLVFLSOLQDSDUDORJUDUOR
3RUHMHPSORVLXQDSHUVRQDGHDxRVFDVDGDFRQXQKLMRGHWUHVDxRVXQVXHOGRGHPLODJXLQDO
GRGHOPLVPRPRQWR\FRQXQQLYHOGHGHXGDVGHDSHQDVHOGHVXLQJUHVRQHWRPHQVXDOSXHGHGHV
WLQDUVXDJXLQDOGRDGDUHOSULPHUSDVRTXHOROOHYHDFXPSOLUVXVPHWDVHQHOWLHPSRVLQGHVWLQDUPXFKRV
UHFXUVRVDFDGDREMHWLYR
0HWD
3OD]R
2EMHWLYRILQDQFLHUR
,QYHUVLyQLQLFLDO
$SRUWDFLRQHVPHQVXDOHV
&DVD
DxRV
1HJRFLR
DxRV
(GXFDFLyQKLMRV
DxRV
5HWLUR
DxRV
"JC=J?DAL=N=?KILN=NQJ=REREAJ@=?KJQJR=HKN@AAJPNAIEHUIEHHÍJ
Ĥ
=LKNP=?EKJAOIAJOQ=HAO@AUQJ=@A@QN=JPA=ËKO
Ĥ
=LKNP=?EKJAOIAJOQ=HAO@AUQJ=@A@QN=JPA=ËKOL=NPEN@AHUD=OP=AH=ËKH==LKNP=?EÍJAO@A
Ĥ
=LKNP=?EKJAOIAJOQ=HAO@AUQJ=@A@QN=JPA=ËKO
Ĥ
=LKNP=?EKJAO@AUQJ=@A@QN=JPA=ËKO
(QWRGRVORVREMHWLYRVGHLQYHUVLyQVHVXSRQHXQUHQGLPLHQWRSURPHGLRDQXDOGHTXHELHQSXHGHRE
WHQHUVHDOLQYHUWLUHQXQIRQGRGHUHQWDYDULDEOHHLQFOXVRHQODVXEFXHQWDGHDKRUURYROXQWDULRGHWX$IRUH
3DUDODFDVDVHFRQVLGHUyXQUHQGLPLHQWRSURPHGLRDQXDOGH\DTXHHOSOD]RGHLQYHUVLyQHVPHQRU
\QRVHSXHGHLQYHUWLUHQLQVWUXPHQWRVGHDOWRULHVJRFRPRVRQORVIRQGRVGHUHQWDYDULD
EOH/DRSFLyQVRQORVIRQGRVHQLQVWUXPHQWRVGHGHXGDOD$IRUHHLQFOXVRXQDPH]FODGH
GHXGDFRQUHQWDYDULDEOHSHURpVWD~OWLPDVyORSRGUtDDEVRUEHUHOGHORLQYHUWLGR
6LHVWHDxRYDVDGLVSRQHUGHXQDJXLQDOGRVLPLODU\FXHQWDVFRQXQDVÀ
QDQ]DVSHUVRQDOHVVDQDVHVWHHMHPSORSRGUtDVHUYLUWHGHUHIHUHQFLDSDUD
SODQHDU\WUD]DUHOFDPLQRSDUDORJUDUWXVPHWDV5HFXHUGDTXHHQWUHPiV
WHPSUDQRLQLFLHVXQSODQGHDKRUURPHQRVHVIXHU]RÀQDQFLHURWHUH
TXHULUiQ\WXFDSDFLGDGSDUDORJUDUPiVPHWDVVHLQFUHPHQWDUi
3URWHMDVXGLQHUR
ZZZFRQGXVHIJREP[
-/&*"/-)+,
+KP=JUiSLGR
!")/"!
&º+
$QWHVGHDGTXLULUXQJDGJHWDQDOL]DVLORQHFHVLWDV
&
=@= RAV HA @A@E?=IKO
IÄO PEAILK = H= PA?JK
HKCÏ=!A=?QAN@K?KJH=
OK?E=?EÔJ*ATE?=J=@A&JPANJAP
ĭ*&- &
AJAHPEAILKLNK
IA@EKMQA?=@=?E>ANJ=QP=AOPQ
RK?KJA?P=@KBQA@ADKN=OU
IEJQPKO‘ ĵ=H @Ï= )=O =?PERE@=
@AOMQA?KJIÄOBNA?QAJ?E=NA=HE
V=J=PN=RËO@AH=NA@OKJĮAJRE=N
U NA?E>EN I=EHO >=F=N IÙOE?= EJ
PAN=?PQ=N AJ NA@AO OK?E=HAO ?KJ
OQHP= @A IA@EKO EJBKNI=PERKO
AHA?PNÔJE?KO U ?KILN=N K L=C=N
OANRE?EKOKARAJPKO
)H=I=IKOC=@CAP=HKO@EOLKOEPE
RKOMQAPEAJAJQJLNKLÔOEPKUQJ=
BQJ?EÔJ AOLA?Ïť?= CAJAN=HIAJPA
@A LAMQAÒ=O LNKLKN?EKJAO LNÄ?PE
?K U JKRA@KOK 0E AOPÄO LAJO=J@K
?KILN=NQJELK@ILH=LPKL>H=?
G>ANNUN=@EKEL=@GEJ@HAELDKJASEE
K=L=N=PKOOEIEH=NAOPKI=AJ?QAJ
P=HKOOECQEAJPAOLQJPKOĮ
ł)K JA?AOEP=O JPAO @A ?KILN=N
QJPAHËBKJKMQAPALANIEP=?KJA?
&HQOPN=?EKJAOĥ,O?=N1*=NPEJAV
3URWHMDVXGLQHUR
ZZZFRQGXVHIJREP[
P=NPA = EJPANJAP =J=HEV= OE NA=H
IAJPA HK JA?AOEP=O 0E MQEANAO QJ
PAHËBKJK L=N= PKI=N BKPKO MQEVÄ
LQA@=O ?KJOACQEN QJ= >QAJ= ?Ä
I=N= @ECEP=H LKN IAJKO @A H= IE
P=@ @A HK MQA ?QAOP= AH ?AHQH=N @A
IK@=‘ 0QLKJC=IKO MQA MQEA
NAO QJ C=@CAP ?KJ =LHE?=?EKJAO
@A H=O ?Q=HAO OÔHK QO=NÏ=O ?Q=PNK
MQEANA @A?EN MQA AOP=NÄO QPEHEV=J
@K OÔHK AH JPAO @A =@MQE
NEN QJ =L=N=PK EJRAOPEC= PK@=O H=O
QPEHE@=@AOMQAPAKBNA?AP=HRAVPA
?KJRAJC=?KILN=NQJK?KJIAJKO
=LHE?=?EKJAO=IAJKN?KOPK
KJOE@AN= HKO =??AOKNEKOĮ EJ@=
C=OEOANAMQEANAJ=??AOKNEKOL=N=
K>PAJAN H= BQJ?EÔJ MQA JA?AOE
P=O .QEVÄ REOPA = QJ =IECK PQUK
A@EP=J@K EIÄCAJAO AJ OQ ?KILQ
P=@KN= LANK AH LNKCN=I= KNECE
J=HIAJPA JK REAJA ?=NC=@K AJ H=
IÄMQEJ= "J AOA ?=OK
HK MQA >QO?=O AO AH LNKCN=I= JK
H=?KILQP=@KN=-NACQJP=NLQA@A
=DKNN=NPAOKNLNAO=OU@EOCQOPKO
/A?E?H=Į D=U AILNAO=O MQA NA
?E?H=J U NA?KHA?P=J PK@K PELK @A
=L=N=PKOAHA?PNÔJE?KOįEJ?HQOERA=H
CQJ=OHKO=?ALP=J?KIKL=NPA@AH
L=CK LKN AMQELK JQARK J=HEV=
?QÄHAO@APQO=L=N=PKOU=JKQO=OU
?ÄI>E=HKOKRËJ@AHKO!AAOP=I=
JAN= AOP=NÄO K>PAJEAJ@K QJ @K>HA
>AJAť?EKĭPA@AOD=?AO@AHKMQAJK
JA?AOEP=O U JK C=OP=O P=JPK AJ PQ
AMQELKJQARK
)AA H=O EJOPNQ??EKJAOĮ =@MQENEN
QJC=@CAPOEJO=>ANL=N=MQËOENRA
K?ÔIKBQJ?EKJ=PEAJAOQO?KJOA
?QAJ?E=O )K ?KNNA?PK AO HAAN H=O
EJOPNQ??EKJAO =JPAO @A QO=NHKį AH
LNK>HAI=AOMQAIQ?D=ORA?AOAH
QOQ=NEKJKH=OHAAKJKH=OAJPEAJ
@A U =?=>= @AO=LNKRA?D=J@K AH
LNK@Q?PK %=?AN AOPK AMQER=HA =
?KILN=NPA QJ ?K?DA JQARK U JK
O=>ANI=JAF=N
6
6yOR
SDUD
QLxRV
!")/"!
&º+
HDFHUFDHOPRPHQWRGHKDFHUODFDUWDD6DQWDDORV5H\HVRDTXLHQVHDTXHYLVLWHWX
FDVDHQHVWDWHPSRUDGD(VWDVUHFRPHQGDFLRQHVSXHGHQVHUYLUWH
+DFHUXQDFDUWDQRHVVyORSHGLUFRVDVHVFULEHXQDFDUWDQRKDJDVXQSHGLGRSRUFRUUHR&XHQWD
TXpWHSDVyHQHODxRFyPRHVWiWXIDPLOLDVLVHHQIHUPyHOSHUURWXVSODQHVSDUDHODxRTXHYLHQH3HU
VRQDOt]DODSpJDOHIRWRVRHVWDPSLWDVStQWDOD
$FODUDTXpTXLHUHV\SRUTXpQRSLGDVSRUSHGLU6LYLYHVHQXQGHSDUWDPHQWR\TXLHUHVXQDELFLFOH
WDGHPRQWDxDWHVHUiPX\GLItFLOXVDUOD
(VWDEOHFHSULRULGDGHVQRVHSXHGHWHQHUWRGRORTXHTXHUHPRVDVtTXHGHMDPX\FODURTXpWHLQWHUHVD
PiVSRUTXHPXFKRVQLxRVOHVSLGHQDORV5H\HV\SXHGHVHUTXHQROHVDOFDQFHSDUDWRGRORTXHSLGDV
&RQVXOWDSDSiVDEXHORVWtRV\PDHVWURVSXHGHQGDUWHEXHQDVLGHDVSDUDKDFHUWXFDUWD3UH
J~QWDOHVTXpSHGtDQHOORVFXDQGRWHQtDQWXHGDG
3RQWH GH DFXHUGR FRQ WXV KHUPDQRV VL WLHQHV KHUPDQRV SXHGHQ SHGLU DOJR TXH WRGRV
TXLHUDQHQOXJDUGHSHGLUFDGDTXLHQSRUVXODGR$VtORV5H\HVWHQGUiQTXHHQWUHJDUXQVRORSH
GLGRHQWXFDVD
¢4XpSDVyFRQORVUHJDORVGHODxRSDVDGR"¢\WXVUHJDORVGH"¢ORVWLHQHVD~Q"¢HVWiQFRPSOH
WRV"$YHFHVGHVHDPRVXQDFRVD\FXDQGRODFRQVHJXLPRVQRODXWLOL]DPRV¢WHKDRFXUULGR"+D]XQDYHQ
WDGHFRFKHUDRUHJDODDOJXQRVGHWXVMXJXHWHVDQLxRVTXHQRUHFLELUiQUHJDORV
$FHSWDODVVRUSUHVDVQL6DQWDQLORV5H\HVVRQXQVHUYLFLRGHPHQVDMHUtDTXHVHOLPLWDDHQWUHJDUOR
TXHRUGHQDVSRUFRUUHR4XL]iWHHVWiVSHUGLHQGRXQUHJDORIDEXORVRSRUTXHQRORFRQRFHVDVtTXHFR
PpQWDOHVHQWXFDUWDTXHSXHGHQWUDHUWHVRUSUHVDV
'LVWLQJXHORTXHTXLHUHVGHORTXHQHFHVLWDVVLSUDFWLFDVDOJXQDDFWLYLGDG\WHIDOWDXQEDOyQXQRV
WHQLVSLQWXUDVXQLQVWUXPHQWRPXVLFDORFXDOTXLHURWURDFFHVRULRDSURYHFKDSDUDSHGLUOR
&XLGDWXVMXJXHWHVOHHODVLQVWUXFFLRQHV\XWLOt]DORVSDUDORTXHVRQ'HVFDEH]DUPXxHFDV
FRUWDUOHVHOSHORPRUGHUOHVORVSLHVSRQFKDUEDORQHVRGHVDUPDUFDUULWRVQRHVGLYHU
VLyQHVGHVSHUGLFLR
7HQSDFLHQFLDFDGDYH]KD\PiVQLxRVHQHOPXQGRORTXHFRPSOLFDHO
WUDEDMRGH6DQWDFOyV\GHORV5H\HV6LWXVUHJDORVVXIUHQDOJ~QUHWUD
VRQRWHGHVHVSHUHVKDVWDORVPHMRUHV*36IDOODQGHYH]HQFXDQGR
3URWHMDVXGLQHUR
ZZZFRQGXVHIJREP[
-/&*"/-)+,
&RQRFHODVUHJODVGHOMXHJR
6iFDOHSURYHFKRDWXGLQHUR
2UJDQL]DWXVILQDQ]DV
&UHDXQIRQGRSDUDLPSUHYLVWRV
&RQWURODWXVGHXGDV
&RQWUDWDGHXGD´SURGXFWLYDµ
'LVHxDXQSODQGHDKRUURHLQYHUVLyQ
'RPLFLOLDWXVSDJRV
$KRUUDSDUDWXUHWLUR
8WLOL]DODVWDUMHWDV
FRPRPHGLRGHSDJR
3ODQHDWXVJDVWRV
´IXHUWHVµ
9HDORVHJXUR
3URWHMDVXGLQHUR
ZZZFRQGXVHIJREP[
SURSyVLWRVÀQDQFLHURV
SDUD
*1&+#),/"0
$
ÒK?KJ=ÒKJKOPN=V=
IKO LNKLÔOEPKO ?KJ
H= ťNIA LNKIAO= @A
?QILHENHKO LANK IQ?D=O RA
?AO PK@K OA MQA@= AJ >QAJKO
@AOAKO LKN B=HP= @A PEAILK
U‘@EJANK
.QËP=HOEAOPA=ÒK=H=L=N
@A PQO LNKLÔOEPKO PN=@E?EKJ=
HAOĭEJO?NE>ENPAAJAHCEIJ=OEK
?KIAN IÄO O=HQ@=>HA AOPQ
@E=NQJ@ELHKI=@K?KILN=N
PA QJ ?K?DA
PA LH=JPA=O LNKLÔOEPKO ťJ=J?EANKO MQA PA
LANIEP=J@EOLKJAN@AH@EJANK
MQAJA?AOEP=OL=N=?QILHENPK
@KOPQO@AOAKOOQAÒKOUIA
P=O"OP=OOKJ=HCQJ=OE@A=OĮ
&RQRFHODVUHJODVGHOMXHJR
+KEILKNP=OEPEAJAOKJK@EJANK=DKNN=@KK@EOLKJE>HAL=N=
EJRANPENįOEJKO=>AOMQËD=?AN?KJËHJKLK@NÄOHKCN=NPQO
K>FAPERKO"OREP=HMQA=LNAJ@=O==@IEJEOPN=NPQ@EJANKU=
QPEHEV=NHK@AH=IAFKNI=JAN=LKOE>HAUL=N=AOKPEAJAOMQA
O=>ANMQËLNK@Q?PKOťJ=J?EANKOAEJOPNQIAJPKO@AEJRANOEÔJ
ATEOPAJ?ÔIKBQJ?EKJ=J?QÄJPK?QAOP=JMQEËJHKOKBNA?AU
?QÄHOA=@=LP=IAFKN=PQOJA?AOE@=@AO
6JKD=UAT?QO=OJELNAPATPKO0EMQEANAOLQA@AO)= KJ@QOABHKO
>=J?KO U H=O =OACQN=@KN=O ŠAJPNA KPNKO KNC=JEOIKO A EJOPEPQ?EKJAO ť
J=J?EAN=O KBNA?AJ EJBKNI=?EÔJ I=PANE=H @E@Ä?PE?K ?QNOKO A EJBKNI=
?EÔJAJHÏJA=ŠOEJ?KOPKL=N=MQA=LNAJ@=O=O=?=NHAAHI=UKNLNKRA?DK
=?=@=LAOKMQAHHACQA=PQ?=NPAN="H=J=HB=>APEOIKťJ=J?EANKAR=LK
N=PQOOQAÒKO
6iFDOHSURYHFKRDWXGLQHUR
2J=BKNI=@A=OACQN=NPA@AMQA?=@=LAOKNEJ@==HIÄTEIK
AORECEH=NMQAAJPQ?=O=JKOA@AOLAN@E?EAJNA?QNOKO?KIK
HQVAJANCÏ=AHË?PNE?=?KIE@=L=LAHU=CQ=ł0=>AO?QÄJPK
C=OP=O=HIAOAJPEAILK=ENAL=N=PQ?AHQH=N/A@Q?AC=OPKO
EJJA?AO=NEKO
KH=>KN=@KN=ATPANJ=
3URWHMDVXGLQHUR
ZZZFRQGXVHIJREP[
-/&*"/-)+,
&RQWURODWXVGHXGDV
2UJDQL]D
WXVILQDQ]DV
ł0=>AO ?KJ AT=?PE
PQ@ ?QÄH AO PQ EJCNAOK
?QÄJPKC=OP=OUAJMQË
ł.QËLQA@AOD=?AN?KJ
PQO EJCNAOKO R=NE=>HAO
ł QÄJPK LQA@AO =DK
NN=N )= IAFKN I=JAN= @A O=>ANHK
AO D=?EAJ@K QJ LNAOQLQAOPK AJ AH
MQA?KJP=>EHE?AOPK@KOPQOEJCNAOKO
UPK@KOPQOC=OPKO@AHIAOĭK=ÒK
/ËOP=HAHKOOACQJ@KO=HKOLNEIA
NKOUOEAHO=H@KAOLKOEPERK>QO?=
H=I=JAN=@AEJ?NAIAJP=NHK0EAO
JAC=PERK JK @Q@AO AJ NA@Q?EN K
AHEIEJ=NNQ>NKO@AC=OPKL=N=@A
RKHRANHA H= O=HQ@ = PQO ťJ=JV=O
KIEAJV=LKNI=JPAJAN>=FK?KJ
PNKHHKOC=OPKODKNIEC=ĭ?=BË?EC=
NNKO >KP=J=O LNKLEJ=O AP?ËPAN=
AHEIEJ=NHKOMQAJKOKJJA?AO=NEKO
UNA@Q?ENHKOMQAJKLQA@=O@AF=N
@AD=?AN
)=O @AQ@=O OQAHAJ ?KJRANPEN
OAAJ>KH=O@AJEARALQA@AJ
?NA?AN=P=HCN=@KMQAHKMQA
C=J=O=LAJ=OPA=H?=JV=L=N=
L=C=N A EJ?HQOK PEAJAO MQA
?KJPN=P=N IÄO @AQ@=O L=N=
=IKNPEV=NH=O"OKLQA@AK?Q
NNEN ?KJ H=O P=NFAP=O @A ?NË@EPK OE H=O QO=O
ENNAOLKJO=>HAIAJPA U =@AIÄO I=JAF=O PK@=QJ=?KHA?
?EÔJ?QU=@AQ@=PKP=HNA>=O=PQ?=L=?E@=@@AL=CK
2J>QAJLQJPK@AL=NPE@=AO@AF=N@AQPEHEV=NH=OUAILAV=NLKN
L=C=NH=@AQ@=IÄOLAMQAÒ==OÏPAIKPER=NÄENAHEIEJ=J@K?KILNKIE
OKO1=I>EËJLQA@AO?KJOKHE@=NPQO@AQ@=OUL=C=N=L=CKOťFKOAJQJ
LH=VKLNAAOP=>HA?E@K0EPQOLNK>HAI=O@AL=CKU=NAOQHP=J=CK>E=JPAO
>QO?=JACK?E=N@ENA?P=IAJPA?KJPQO=?NAA@KNAOĭNAAOPNQ?PQN=
&RQWUDWDGHXGD´SURGXFWLYDµ
&UHDXQ
IRQGRSDUD
LPSUHYLVWRV
KJOE@AN= PAJAN QJ
CQ=N@=@EPK AJ QJ=
?QAJP= @A =DKNNK K
?DAMQAOEJ?HQOKAJQJ
BKJ@K@AEJRANOEÔJ@A
IQU ?KNPK LH=VK .QEVÄ JK C=JAO
JEJCÙJ NAJ@EIEAJPK K IQU LK?K
AJAH?=OK@AHBKJ@KLANKAOAOANÄ
AH?KOPKMQA@A>ANÄOL=C=NLKNPA
JAN=H=I=JK@EJANK@AOPEJ=@K=
ŏ?Q>NENAIANCAJ?E=O
3URWHMDVXGLQHUR
ZZZFRQGXVHIJREP[
??A@AN=H?NË@EPKAOQJ=?KJ@E?EÔJMQAPK@=A?KJKIÏ=@A>A
B=?EHEP=N = AILNAO=O U L=NPE?QH=NAO HKO LNEIANKO L=N= MQA
?NAV?=JU=HKOOACQJ@KOL=N=B=?EHEP=NHAOH=?NA=?EÔJ@AQJL=
PNEIKJEKįLKNAFAILHK?=O=U=QPK
'LVHxDXQSODQGHDKRUURHLQYHUVLyQ
+KPAHEIEPAO==?QIQH=N@EJANK@A>=FK@AH?KH?DÔJQJ==H
?=J?Ï=KQJ=?QAJP=@A=DKNNKOįAO@A?ENJK=DK
NNAOEJREANPA#ÏF=PAIAP=O=JKP=?QÄJPKJA?AOEP=O
L=N= HKCN=NHK U AJ ?QÄJPK PEAILK PA CQOP=NÏ=
NA=HEV=NH=OOÏO=>NÄO?QÄJPK@A>AO=DKNN=N
AJMQËLH=VKUAJMQËEJOPNQIAJPKOLQA@AO
EJRANPENL=N==H?=JV=NPQOIAP=OAJIAJKO
PEAILK0KHE?EP=H==UQ@=@AQJ=OAOKNťJ=J?EANKUAT
LHÏ?=HAPQOK>FAPERKO+QJ?=EJREANP=OAJKL?EKJAO
?QUKNAJ@EIEAJPKOA=IAJKN=H=EJŦ=?EÔJUMQA
JKAJPEAJ@=O?ÔIKBQJ?EKJ=J
$KRUUDSDUDWXUHWLUR
'RPLFLOLD
WXVSDJRV
ł QÄJPKOEJPANAOAOIK
N=PKNEKO K ?QKP=O LKN
L=CKP=N@ÏKK?KOPKO@A
NA?KJATEÔJ =H OANRE?EK
@APAHAREOEÔJLKN?=>HA
KAHC=OAJPNAKPNKOPA
D=J ?K>N=@K OÔHK LKNMQA OA PA KH
RE@Ô L=C=N 0E AOK PA D= K?QNNE@K
O=>NÄOMQALQA@ANALNAOAJP=N=H=
H=NC= QJ EILKNP=JPA ?KOPK ťJ=J
?EANKUQJ=BQC=@ANA?QNOKO)=OK
HQ?EÔJAOQPEHEV=NOANRE?EKO?KIKH=
>=J?=AJHÏJA=KH=@KIE?EHE=?EÔJ@A
L=CKOL=N=MQAOANA=HE?AJ=QPKIÄ
PE?=IAJPAAJH=BA?D=OAÒ=H=@=
2JLQJPKMQA@Ï==@Ï=?K>N=IÄONAHAR=J?E=AOH=EILKNP=J
?E=@A=DKNN=NL=N=AHNAPENKHKOQť?EAJPA?KIKL=N==OACQ
N=NJKO@APAJANHKONA?QNOKOJA?AO=NEKOL=N=?Q>NENJQAOPNKO
C=OPKO?KJQJJERAH@ARE@=OEIEH=N=HMQAPAJAIKOAJH=AP=
L=LNK@Q?PER=,L?EKJAO@A=DKNNKL=N=AHNAPENKĭH=NCKLH=
VK
D=U IQ?D=OĮ BKNA NAJP= R=NE=>HA OACQNKO @KP=HAO K
HEC=@KO==DKNNKBKJ@KO@ALAJOEÔJAP?ËPAN=
8WLOL]DODV
WDUMHWDV
FRPRPHGLR
GHSDJR
0E QO=O H=O P=NFAP=O @A
?NË@EPK Š>=J?=NE=O U
?KIAN?E=HAO =OACÙ
N=PA @A MQA OA= ?KIK
IA@EK @A L=CK $=OP= HK MQA PEA
JAO LNAOQLQAOP=@K U L=C= ?KJ AH
LHÄOPE?KLANKHEMQE@=AH=@AQ@K=J
PAOKAJH=BA?D=@A?KNPAOÏJK
?=NC=OABA?PERKUPAD=?AO=?NAA@KN
= LQJPKO K >AJAť?EKO MQA KPKN
C=JH=OP=NFAP=O=H=RAVMQAI=J
PEAJAOQJ>QAJDEOPKNE=H?NA@EPE?EK
MQAPA=>NENÄH=OLQANP=O@AH=@AQ
@=LNK@Q?PER=0EJKLQA@AOL=C=N
AH IKJPK PKP=H @A HK MQA =@AQ@=O
= PQ P=NFAP= @A ?NË@EPK D=V QJ AO
BQANVKUL=C==HIAJKOAH@K>HA@A
HKMQAPQAOP=@K@A?QAJP=I=NMQA
?KIKL=CKIÏJEIKL=N=JKCAJA
N=NEJPANAOAO
3ODQHD
WXVJDVWRV
´IXHUWHVµ
)= LH=JA=?EÔJ @A
HKO C=OPKO U AH =DK
NNK @EO?ELHEJ=@K L=N=
?QILHENHKO JKO AREP=
L=@A?AN ŏ?NEOEO ťJ=J
?EAN=O%=U@APANIEJ=@KO>EAJAO
MQA OA ?KJOECQAJ IÄO >=N=PKO AJ
?EANP= PAILKN=@= @AH =ÒKĮ @AO@A
=QPKIÔREHAO D=OP= NKL= U FQCQA
PAO )KO =HI=?AJAO ?KJPAILH=J
PAILKN=@=O @A NA>=F=O AJ H=O MQA
LQA@AO ?KJOACQEN IAN?=J?Ï= LKN
QJ LNA?EK IÄO >=FK 2J AFAILHK
IÄOĮ OE MQEANAO ?KILN=N QJ= ?=O=
= ?NË@EPK LE@A = H=O EJOPEPQ?EKJAO
MQA KBNA?AJ ?NË@EPKO DELKPA?=NEKO
MQA PA @AJ H= KBANP= REJ?QH=JPA
±OP= AO QJ @K?QIAJPK MQA @A>A
EJBKNI=NPA AJ LAOKO U ?AJP=RKO
?QÄJPKPA?KOP=NÏ=?KJPN=P=NAH?NË
@EPK?KJAHHKO%=?ANHKLQA@A=DK
NN=NPA?EAJPKO@AIEHAO@ALAOKO
$VHJ~UDWH
,PN=AOPN=PACE=L=N=AJBNAJP=NHKOEILNAREOPKOOKJHKOOACQNKOĮQJ=AJBAN
IA@=@KQJ@AO=OPNAJ=PQN=HLQA@AJ@=NQJ@QNKCKHLA=PQL=PNEIKJEK
OE@A>AOD=?ANPA?=NCKPÙOKHK@AHKOC=OPKOJ=HEV=?QÄHAOOKJHKONEAOCKO
IÄOLNAOAJPAOAJPQRE@=U?KJPN=P=QJOACQNKMQAPA?Q>N==PEU=PQB=
IEHE=AJ?=@=?=OK"TEOPAJKL?EKJAO@AOACQNKOL=N=PK@KOHKO>KHOEHHKO
3URWHMDVXGLQHUR
ZZZFRQGXVHIJREP[
-/&*"/-)+,
¢4
UHJDORV
TXHFDVLQRFXHVWDQ
$/&")$2&))±+,/1"$
QEËJ@EFKMQAPEAJAOMQAC=OP=NIEHAO@ALAOKOL=N=@AIKOPN=N?=NEÒK"TEOPAJNAC=HKOMQAJKNA
MQEANAJAHAR=@=OOQI=OMQALQA@AJOECJEť?=NIQ?DK
7(
7HOHJUDPDFDUWD
/(
*5
$0
$
)=PA?JKHKCÏ=D=DA?DKMQA
=JQAOPNK>QVÔJJKHHACQAJIÄO
MQA B=?PQN=O U LQ>HE?E@=@ ł.QË PA
L=NA?ANÏ=NA?E>ENQJ=?=NP=KQJPA
HACN=I= "H OANRE?EK KN@EJ=NEK MQA
KBNA?A 1AHA?KII1AHËCN=BKO AO @A
D=OP= L=H=>N=O ?KJ QJ ?KOPK @A
H=L=H=>N=ATPN=OA?K>N==
UOAAJPNAC=AJDKN=O
/RWUDGLFLRQDOQXQFD
"OK@AMQAOÔHKOALQA@AJNAC=H=N SDVDGHPRGD
5HJDODUHFXHUGRV
?KO=O JQAR=O AO QJ LNAFQE?EK MQA
>AJAť?E= = HKO =HI=?AJAO "J QJ
>=V=N LQA@AO D=HH=N K>FAPKO IQU
EJPANAO=JPAO @AO@A QJ= IQÒA?=
@A KPN= ËLK?= D=OP= A@E?EKJAO =J
PECQ=O@AHE>NKOMQAF=IÄOL=O=NÄJ
@AIK@=
$SURYHFKDWXV
KDELOLGDGHV
3HUVRQDOL]D
REMHWRV
/AC=H==HCKDA?DKLKNPE+KLKJC=O
AT?QO=OĮPK@KOO=>AIKOD=?AN=HCKĮ
PAFAN?K?EJ=NC=HHAP=OKD=?AN?DK?K
H=PAO?KILKJANQJ=?=J?EÔJ‘
0EOAPAD=?AIQU?QNOED=?ANQJ=
LH=UAN=?KJQJ=BKPKLQA@AOD=?AN
QJ@EOAÒK>KJEPK=?KILQP=@KN=A
EILNEIENHKAJQJ=PEAJ@=AOLA?E=
HEV=@=,PN=KL?EÔJAO?KILN=NQJ
NAHKF@AOLANP=@KNULKJANHAQJ@E
OAÒK?NA=@KLKNPE
3RUWDUUHWUDWRV
RULJLQDOHV
%=VHKPÙ0EH=?=NLEJPANÏ=JKOAPA
@=LQA@AOEN=H=OPEAJ@=O@AI=
JQ=HE@=@AO U =@MQENEN QJK >=N=PK
ĭD=U @AO@A KILN= LEJPQN=
L=N= LEV=NNÔJ U LÏJP=HK AH IA@EK
HEPNK?QAOP=?AN?=@A2PEHEV=CE
OAO@A?KHKNAOMQA?QAOP=J@A
=H=?=FEP=L=N=@A?KN=NHKO&I
LNEIEN QJ= BKPK ?QAOP= AJ
LNKIA@EK
3(3(
!=PAQJ=RQAHP=LKNAHIAN?=@K@A
PQ ?EQ@=@ U =@MQEANA @QH?AO PÏLE
?KO%=V?=J=OPEP=OK>KHOEP=OLKJ
HAOQJIKÒEPKUHEOPK
0DVFRWDV
"TEOPAJ I=O?KP=O MQA
LQA@AJD=?ANBAHEV=QJJEÒKUMQA
JKNALNAOAJP=JCN=J?KOPKLKNAFAI
LHKLQA@AO?KILN=NQJLAV>AP=K
QJ=PKNPQC=F=LKJAO=@AO@A
%DOHURVWURPSRV\R\RV
8VDODWHFQRORJtD
JPAO HKO JEÒKO OA AJPNA
PAJÏ=J?KJFQCQAPAOOAJ?E
HHKO EJ?HQOK FQC=J@K ?KJ
QJ >KPA QJ NAOKNPA K QJ =REKJ?E
PKLEJP=@KAJAHOQAHK"JOËÒ=HAO=
QO=NOQEI=CEJ=?EÔJU=@ERANPENOA
2O= QJ= ?KILQ
YLGHR
P=@KN=KH=?ÄI=
N= @A PQ ?AHQH=N L=N= CN=>=NHA QJ
RE@AK=MQEAJMQEAN=ONA?KLEH=BK
PKO @A IKIAJPKO MQA D=U=J L=
O=@KFQJPKOAEJ?HÙUAH=OHCQJKO
A@EPKNAOPALANIEPAJEJ?HQENIÙOE
?==OÏMQA=I>EËJP=HK
-QA@AO NAC=H=N @AO@A QJ
>=I>ÙKQJ?=?PKD=OP=QJ=LH=J
P= ?=NJÏRKN= MQA OA =HEIAJP= @A
EJOA?PKO LAMQAÒKO )=O D=U IQU
A?KJÔIE?=O
3ODQWDV
5HFXHUGDHOYDORUHFRQyPLFRGHXQUHJDORQRUHSUHVHQWD
HODSUHFLRRHOFDULxRTXHVLHQWDVSRUXQDSHUVRQD
&HQOPN=?EKJAOĥ,O?=N1*=NPEJAV
3URWHMDVXGLQHUR
ZZZFRQGXVHIJREP[
-/,1"$"12,)0&)),
#KJ@KO
@A=DKNNK
0/µ"01/!
$
@AIÄO @AH =CQEJ=H@K U
PQ O=H=NEK MQA OKJ LNAO
P=?EKJAO MQA LKN @A
NA?DK PA ?KNNAOLKJ@AJ =HCQJ=O
AILNAO=O KPKNC=J = OQO AILHA=
@KO KLKNPQJE@=@AO =@E?EKJ=HAO
L=N=EJ?NAIAJP=NOQOEJCNAOKOAJ
AOP= PAILKN=@= @A?AI>NEJ=
JKO NABANEIKO = HKO BKJ@KO
@A =DKNNK MQÏ PA @A?E
IKO?ÔIKBQJ?EKJ=JHKO
>AJAť?EKOMQAK>PEAJAOU
PA @=IKO NA?KIAJ@=?EK
JAO L=N= =LNKRA?D=N AH
@EJANKMQANA?E>ENÄO
¢4XpVRQ\FyPRIXQFLRQDQ"
)KOBKJ@KO@A=DKNNKJKOKJK>HE
C=PKNEKO OKJ QJ= LNAOP=?EÔJ MQA
H= AILNAO= LQA@A KPKNC=N = OQO
AILHA=@KO @A I=JAN= KL?EKJ=H
)= RAJP=F= L=N= AH PN=>=F=@KN AO
MQA =DKNN= U =H ťJ=H @AH =ÒK NA
?E>A HK =?QIQH=@K IÄO QJ= ?=J
PE@=@ =@E?EKJ=H H PN=>=F=@KN OA
HA @AO?QAJP= QJ LKN?AJP=FA@A OQ
OQAH@K U H= AILNAO= =LKNP= QJ=
?=JPE@=@ECQ=HI=UKNKIAJKN=
H= @AH AILHA=@Kį ?=OE OEAILNA AH
L=PNÔJ @A?E@A @=N QJ= ?=JPE@=@
ECQ=H LQAO LKN HAU LQA@A @A@Q
?EN AOPA @EJANK @A OQO EILQAOPKO
ĭL=N= D=?ANHK H= =LKNP=?EÔJ @AH
L=PNÔJJK@A>AAT?A@ANAH@AH
O=H=NEK@AHAILHA=@K
0QLKJC=IKO MQA =H IAO C=J=O
U MQA PQ L=PNÔJ @AO?QAJP=
@A PQ JÔIEJ= QJ @A PQ O=H=
NEK ĭ =H IAO
L=N= PQ BKJ
@KUMQA@A?E@A=LKNP=NH=
IEOI= ?=JPE@=@ MQA PÙ
NPÈ?QHKBN=??EÍJ5&&L½NN=BK3@AH=
)AU@AH&ILQAOPK0K>NAH=/AJP=
-NAOP=@KN= @A LN½?PE?=O
LNKBAOEKJ=HAOAJ KJ@QOAB
3URWHMDVXGLQHUR
ZZZFRQGXVHIJREP[
HťJ=H@AH=ÒKD=>NÄO=?QIQH=@K
UPQAILNAO=D=>NÄ=LKNP=
@K KPNKO LKN HK MQA AJ @E
?EAI>NANA?E>ENÄO
$SURYHFKDVXVYHQWDMDV
ł.QË=HPANJ=PER=@A=DKNNKPAKBNA
?AAH@K>HA@AHKMQA=LKNP=OAOPK
OANÏ=?KIKK>PAJANQJ@ANAJ
@EIEAJPK0EPQAILNAO=?QAJP=?KJ
AOP=LNAOP=?EÔJ@A>ALH=OI=NHKAJ
PQ ?KJPN=PK H=>KN=H U @AP=HH=N H=O
?KJ@E?EKJAOAJMQABQJ?EKJ=AHBKJ
@K@A=DKNNKĭR=NÏ=J@A=?QAN@K=
H=O LKHÏPE?=O @A H= AILNAO=
/ARE
O=PQ?KJPN=PKULNACQJP==HÄNA=@A
/A?QNOKO%QI=JKO=L=NPEN@AMQË
BA?D= ?KIAJV=NKJ HKO @AO?QAJPKO
ĭOEAOMQAHK@AO?KJK?AO
MQËLKN
?AJP=FA @A PQ O=H=NEK OA @AOPEJ= =
PQBKJ@K@A=DKNNK?ÔIKU?QÄJ
@KLQA@AOOKHE?EP=NLNËOP=IKOUH=
BKNI=AJMQALK@NÄOL=C=NHKO
¢4XLpQDGPLQLVWUDHOIRQGR"
)= AILNAO= IEOI= LQA@A =@IE
JEOPN=NAHBKJ@KK>EAJLQA@A@A?E
@ENMQAOA?KJPN=PAJHKOOANRE?EKO@A
QJ=EJOPEPQ?EÔJťJ=J?EAN=L=N=MQA
NAOCQ=N@AAEJREANP=AH@EJANK
"O EILKNP=JPA MQA HHARAO QJ
NACEOPNK@APQO@AO?QAJPKO=PN=
RËO @A HKO NA?E>KO @A JÔIEJ=
IEOIKO MQA NAŦAF=J H= ?=JPE@=@
MQAOA@AOPEJ==PQBKJ@KLQAOPA
OANRENÄJ ?KIK ?KILNK>=JPA @A
PQO=LKNP=?EKJAO
¢&XiQGRUHFLEHVWXVDKRUURV"
)=HAUAOP=>HA?AMQA=HPN=>=F=@KN
OAHAAJPNACQAJOQO=LKNP=?EKJAO
OA=LKNAHPËNIEJK@AH=NAH=?EÔJ
H=>KN=H K QJ= RAV LKN =ÒK ĭAOPA
OQLQAOPKOÔHK=LHE?=L=N=MQAAH
L=PNÔJLQA@=@A@Q?EN@AOQOEI
LQAOPKOH=O=LKNP=?EKJAONA=HEV=
@=O=AOPABKJ@K
%HQHILFLRV
95HIXHU]DV
HO KiELWR GHO
DKRUUR
96L WX SDWUyQ DSRUWD RWUD
FDQWLGDG HVR VHUYLUi FRPR XQ
LQFHQWLYRSDUDDOFDQ]DUPiVUi
SLGRWXVPHWDV
93XHGHV SHGLU PiV GH XQ
SUpVWDPR DO DxR )XQFLRQD
FRPR XQ IRQGR GH HPHUJHQ
FLDVGHELGRDTXHHVWXGLQHUR
\SXHGHVVROLFLWDUORHQFDVRGH
DOJ~QVXFHVRLQHVSHUDGRWHID
YRUHFH \D TXH QR WHQGUiV TXH
SHGLUXQFUpGLWRHQHOTXHWHQ
JDVTXHSDJDULQWHUHVHV7HVX
JHULPRV TXH QR VDTXHV OR TXH
DKRUUDVWH D PHQRV TXH YHUGD
GHUDPHQWHVHDXQDHPHUJHQFLD
9(Q GLFLHPEUH UHFLEHV PiV
GHORTXHDKRUUDVWH\HVWDFDQ
WLGDGHVWDUiOLEUHGHOFREURGH
,PSXHVWR6REUHOD5HQWD
NPÈ?QHKBN=??EÍJ&&@AH/ACH=IAJPK@AH=)AU@AH&ILQAOPK0K>NAH=/AJP=
NPÈ?QHKBN=??EÍJ&@AH/ACH=IAJPK@AH=)AU@AH&ILQAOPK0K>NAH=/AJP=
NPÈ?QHKBN=??EÍJ&&&@AH/ACH=IAJPK@AH=)AU@AH&ILQAOPK0K>NAH=/AJP=
NPÈ?QHKBN=??EÍJ3&&&@AH=)AU@AH&ILQAOPK0K>NAH=/AJP=
¢4XpSXHGHVKDFHUFRQWXVLQJUHVRVH[WUD"
7HDFRQVHMDPRVQRJDVWDUWRGRVWXVLQJUHVRVSHUFLELGRVHQHVWHPHVVXHOGRDJXLQDOGRIRQGRGHDKRUURERQRVHWF
$GPLQLVWUDWXGLQHUR\SLHQVDHQQXHYDVDOWHUQDWLYDVSDUDFRPHQ]DUPHMRUWXSUy[LPRDxR
/LTXLGDWXVGHXGDV
1R FRPLHQFHV FRQ GHXGDV
YLHMDV WX QXHYR DxR 6L KDV
DGTXLULGR WDUMHWDV GH FUpGL
WRRSUpVWDPRV\QRSXHGHV
OLTXLGDUODV HQ VX WRWDOLGDG
UHDOL]D HO HVIXHU]R GH SDJDU
OD PD\RU FDQWLGDG SRVLEOH
HVWR WH SHUPLWLUi UHGXFLU HO
WLHPSRSDUDOLTXLGDUODGHX
GD\SDJDUPHQRVLQWHUHVHV
$KRUUDHQWX$IRUH
$KRUUDHQODVXEFXHQWDGHDSRUWDFLR
QHVYROXQWDULDVGHWX$IRUH7HEHQHÀ
FLDVHQPXFKRVVHQWLGRV
$SRUWDV OD FDQWLGDG TXH TXLHUDV \
FXDQGRSXHGDV
2EWLHQHVPHMRUHVUHQGLPLHQWRVTXH
HQDOJ~QSDJDUpRLQVWUXPHQWRGHDKR
UUREDQFDULR
3RGUiV GLVSRQHU GH pO FDGD R PHVHVGHSHQGHGHOD$IRUHHQODTXH
WH HQFXHQWUHV GHVSXpV GH WX SULPHU
GHSyVLWRR~OWLPRUHWLUR
&RQWUDWDXQVHJXURSDUDWXFDVD
1R SXHGHV SUHGHFLU ORV GHVDVWUHV QD
WXUDOHV SHUR Vt SXHGHV SUHYHQLU ULHV
JRVTXHDIHFWHQWXSDWULPRQLR&RQWUDWD
XQVHJXURGHFDVDKDELWDFLyQFRQHOTXH
SXHGHV DVHJXUDU GHVGH HO HGLÀFLR HO
ELHQLQPXHEOHKDVWDVXFRQWHQLGRSHU
WHQHQFLDV¢+DVSHQVDGRHQHOFRVWRGH
FDGDXQDGHWXVSHUWHQHQFLDV"WHOHYLVLyQ
ODYDGRUDHVWpUHRPLFURRQGDV(OVHJXUR
SDUDWXFDVDQRHVFDURHQFRPSDUDFLyQ
FRQORTXHSRGUtDVSHUGHUHQXQGHVDV
WUHQDWXUDO
3URWHMDVXGLQHUR
ZZZFRQGXVHIJREP[
,+02)1,/&,#&++ &"/,
ĸ0KJAHQJK
L=N=AHKPNK
(QHOPHUFDGRKD\GHFHQDVGHRSFLRQHVGHWDUMHWDVGHFUpGLWR«
DTXtWHGHFLPRVFyPRHVFRJHUODTXHPiVWHFRQYLHQH
+"2+& "/, %
7
K@=O MQEOEAN=J AOP=N ?KJ
PECK HCQJ=O PA KBNA?AJ
LQJPKO L=N= RE=F=N KPN=O
PA LNKIAPAJ AJPN=@=O AT?HQOE
R=O=?KJ?EANPKOK?KILAPAJ
?E=O@ALKNPER=O?KJ=HCQJ=O
=?QIQH=OLQJPKOMQALQA
@AO?=JFA=NLKNKPNKOLNK
@Q?PKO LANK‘ łAJPNA
PK@=O H=O P=NFAP=O @A
?NË@EPK ?ÔIK O=>AO
?QÄHAOH=IAFKN
2JK @A HKO
LQJPKO EILKN
P=JPAOL=N=AHA
CENQJ=P=NFAP=
@A ?NË@EPK
AO ?KIL=
N=NAHIA
JKN KOPK JQ=H 1KP=H ĭ 1
@A
H=O KL?EKJAO MQA HH=IAJ PQ =PAJ
?EÔJ "H 1 AO QJ= IA@E@= MQA
EJ?KNLKN=AJQJ=OKH=?EBN=PK@KO
HKO ?KOPKO AJ HKO MQA EJ?QNNEIKO
=H ?KJPN=P=N =HCÙJ PELK @A ?NË@E
PKĮ =QPK ?=O= P=NFAP= @A ?NË@EPK
AJPNAKPNKO@AIÄO@AH=P=O=@A
EJPANËO AH 1 ?KJOE@AN= H=O ?K
IEOEKJAO OACQNKO U KPNKO C=OPKO
NAH=?EKJ=@KO?KJAHťJ=J?E=IEAJ
PKMQAP=I>EËJJKO?QAOP=JUCA
JAN=HIAJPA @AO?KJK?AIKO 0E
>EAJËOPAAOQJ=OLA?PKMQA@A>AO
PKI=N AJ ?QAJP= ?KJOE@AN= MQA
JKAOPK@K=H=DKN=@AAHACEN
)= IAFKN OANÄ =MQAHH= MQA OA
=@=LPA = PQO JA?AOE@=@AO U LANťH
@AQOQ=NEKĮH=P=NA=AOE@AJPEť?=NH=
78+,6725,$/&5(',7,&,2
IDFWRUHVSDUDGHÀQLU
FXiOWDUMHWDWHFRQYLHQH
786+É%,726'(&216802
JPAO @A =@MQENEN QJ LHÄOPE?K AO EILKN
P=JPAMQAPAJC=O?H=NKL=N=MQËHKMQEANAOĮ
HKR=O=QPEHEV=N?KIKIA@EK@AL=CKOÔHK
AJ ?=OK @A AIANCAJ?E= K L=N= =LNKRA?D=N
H=OLNKIK?EKJAOMQAKBNA?A0EQPEHEV=OLK?K
H=P=NFAP=PA?KJRAJ@NÄ=MQAHH=MQA=QJMQA
KBNAV?= IAJKO >AJAť?EKO ?K>NA IAJKO ?K
IEOEKJAOUQJ==JQ=HE@=@>=F=KOEJ?KOPK
0E LKN AH ?KJPN=NEK QPEHEV=O H= P=NFAP= ?KIK
IA@EK@AL=CKUNA=HEV=O?KJAHH=H=I=UKNÏ=
@APQO?KILN=OAJPEAJ@=OAOP=>HA?E@=OMQE
VÄPA?KJRAJC==MQAHLHÄOPE?KMQA=QJMQA
PAJC= QJ I=UKN ?KOPK KBNAV?= LNKPA??EÔJ
= PQO ?KILN=O IA@E=JPA QJ OACQNK ?KJPN=
BN=Q@AOU?HKJ=?EÔJ@APQP=NFAP=KQJOACQNK
@A?KILN=LNKPACE@=1=I>EËJPA?KJRAJ@NÏ=
QJ LHÄOPE?K MQA KBNAV?= >AJAť?EKO LKN PQO
?KILN=O?KIKLQJPKO=?QIQH=>HAO
"HDEOPKNE=H?NA@EPE?EKAOPQ?=NP=@ALNAOAJP=?EÔJ=JPA
HKO >=J?KO = H= DKN= @A OKHE?EP=N QJ ?NË@EPK 0ANÄ IQU
@EBANAJPAOKHE?EP=NHKOE?QAJP=O?KJQJDEOPKNE=H?NA@EPE
?EKO=JKMQAOEPEAJAOI=H=OJKP=OAJAH>QNÔ@A?NË@E
PKKOEJK?QAJP=O?KJQJDEOPKNE=HJE>QAJKJEI=HK0E
PEAJAO>QAJ=OJKP=OOANÄBÄ?EHMQAPAKPKNCQAJH=P=NFAP=
MQAMQEAN=Oĭ=?KN@A=PQJERAH@AEJCNAOK
OEPEAJAOI=
H=OJKP=O@EBÏ?EHIAJPAPAKPKNC=NÄJQJ=
78,1*5(62
1K@=OH=OP=NFAP=O@A?NË@EPKLE@AJMQA?KILNQA>AO
?KIKIÏJEIKQJ@APANIEJ=@KEJCNAOKIAJOQ=H"JAH
?=OK@AH=OP=NFAP=O?HÄOE?=OAHEJCNAOK=?KILNK>=NJK
AOP=J=HPKAJ?KIL=N=?EÔJ?KJP=NFAP=OPELK-H=PEJQIK
$KH@OK?E=@K=AOPAIKJPKĭPQ?=L=?E@=@@AL=CK
U=H
PELK@ALHÄOPE?KAH>=J?KPAKBNA?AQJ=HÏJA=@A?NË@EPK
-KNAOKLNEIANK@A>AOLKJANHKOLEAOAJH=PEANN=@A
ťJEN?QÄJPKC=J=OU=L=NPEN@AAHHKE@AJPEť?=N=?QÄHAO
P=NFAP=O@A?NË@EPKLQA@AO=??A@AN)=OP=NFAP=OMQAKPKN
C=JQJ=I=UKNHÏJA=@A?NË@EPK>NEJ@=JLKNHKCAJAN=H
IÄOOANRE?EKOULNKIK?EKJAOMQA=MQAHH=O?KJQJ?NË
@EPKIAJKNLANKP=I>EËJ?K>N=JQJ==JQ=HE@=@I=UKN
78(67,/2'(9,'$
%=UP=NFAP=OMQAR=J@ENECE@=O=LANOKJ=O?KJQJLANťHAOLA?Ïť?KĮ
IQFANAORE=FANKOAILNAO=NEKO@ALKNPEOP=OFÔRAJAO‘LKNAOKEJ?HQ
UAJOANRE?EKOMQA>QO?=JO=PEOB=?ANOQOCQOPKOULNABANAJ?E=OD=>EPQ=
HAOL=N=AOACNQLK-KNAFAILHKATEOPAJP=NFAP=O?KJ>AJAť?EKOL=N=
RE=FANKOįOERE=F=O?KJBNA?QAJ?E=PAKBNA?AJLNKIK?EKJAOK@AO?QAJPKO
AJ>KHAPKO@A=REÔJUDKOLA@=FAOANRE?EK@A?KJ?EANCAAP?0EPQAOPEHK
@ARE@=JKPALANIEPARE=F=N?KJNACQH=NE@=@?KJOE@AN=MQA=H?KJP=N
?KJQJ=P=NFAP=@AAOPAAOPEHKL=C=NÏ=OQJ==JQ=HE@=@IÄO?=N=MQAOE
PQREAN=OQJ=P=NFAP=?HÄOE?=UJK@EOBNQP=NÏ=OHKO>AJAť?EKO=@E?EKJ=
HAO%=UP=NFAP=OMQA?QAOP=JIÄOLKNAHŏAOP=PQOMQAKBNA?AJLQA@A
OANAH?=OK@ALHÄOPE?KO@A=ťJE@=@AO@A?EN=MQAHH=OMQAPAE@AJPEť
?=J?KJPQQJERANOE@=@AMQELK@ABQP>KHB=RKNEPK1=I>EËJLQA@AOAN
AH?=OK@AH=OP=NFAP=O$KH@U-NAIEANJ=HEV=OEAOPÄO@EOLQAOPK=L=
C=NIÄOOÔHKLKNAOP=PQOUOE=LNKRA?D=NÄOPK@KOHKO>AJAť?EKOMQAPA
KBNAV?=H=P=NFAP=
783$75Ð1'(3$*2
)=P=NFAP=MQAJA?AOEP=OOANÄIQU@EO
PEJP=OEANAO@AHKOMQA=?KOPQI>N=L=C=N
OÔHKAHIÏJEIKKOEANAOPKP=HANKAO@A?EN
HEMQE@=OAJH=BA?D=@AL=CKAHIKJPKPK
P=H MQA =@AQ@=O = H= P=NFAP= 0E NA=HEV=O
OÔHK L=CKO IÏJEIKO A EJ?HQOK PA =PN=O=O
AJPQOL=CKOPA?KJREAJAPAJANQJLHÄOPE
?KMQAKBNAV?=QJ=P=O=@AEJPANËO>=F="J
?=I>EKOEANAO@AHKOMQA?=@=IAOL=C=
PK@KHKMQA=@AQ@=OH=P=O=@AEJPANËOJK
AOQJB=?PKN=PKI=NAJ?QAJP=LQAOJQJ
?=L=C=OEJPANAOAO=OÏMQAPA?KJREAJAť
F=NPA AJ KPNK PELK @A >AJAť?EKO ?KIK H=
=JQ=HE@=@OEJ?KOPK
3URWHMDVXGLQHUR
ZZZFRQGXVHIJREP[
,+02)1,/&,#&++ &"/,
,QIyUPDWH
2J=RAV@AťJE@KPQLANťHEJBÔNI=
PAAJ=HIAJKO?EJ?K>=J?KOOK>NA
H=O P=NFAP=O @A ?NË@EPK MQA KBNA?AJ
A E@AJPEť?= =MQAHH=O MQA IAFKN OA
=@=LPAJ=PQO?KJ@E?EKJAOįBÏF=PAAJ
H=O RAJP=F=O MQA ?=@= QJ= KBNA?AĮ
P=O= @A EJPANËO >=F= =JQ=HE@=@ OEJ
?KOPK NA?KILAJO=O LKN PQO ?KI
LN=O K OACQNKO L=N= PQO ?KILN=O
-NACQJP=@ENA?P=IAJPAAJOQ?QNO=H
KREOEP=OQLÄCEJ=@AEJPANJAP
(YDO~DORVFRVWRV
KIL=N= AH KOPK JQ=H 1KP=H
ĭ 1
H=P=O=@AEJPANËOH=O?KIE
OEKJAOUH==JQ=HE@=@@A?=@=QJ=
@AH=OP=NFAP=O
DKN= ?QAJP=O ?KJ IÄO AHA
IAJPKO L=N= AHACEN H= P=NFAP= MQA
NAOLKJ@= = PQO JA?AOE@=@AO -KN
OQLQAOPK H= IAFKN OANÄ =MQAHH=
MQA ?QILHA ?KJ PQO ATLA?P=PER=O
=HIAJKN?KOPK
0E=?PQ=HIAJPA?QAJP=O?KJQJ=
MQA JK OA =@=LP= = PQ LANťH ?=J
?ËH=H=U?KJPN=P=H==@A?Q=@=-QA
@AO ?=J?AH=N PQ P=NFAP= @A ?NË@EPK
=?PQ=H=PN=RËO@AH>=J?KMQAKBNA
?AH=P=NFAP=MQAPÙMQEANAOAOPAÙH
PEIK D=NÄ H= ?=J?AH=?EÔJ LKN PE U
NA=HEV=NÄ QJ= KLAN=?EÔJ ?KJK?E@=
?KIKLKNP=?EÔJ@A?NË@EPKOEJ?K
>N=NPALKNAHHK"H>=J?KAIEOKN@A
PQP=NFAP==?PQ=H@A>ANÄ>HKMQA=NH=
HÏJA=@A?NË@EPK?KNNAOLKJ@EAJPAU
¢'HVHDVPiVLQIRUPDFLyQ"
?=J?AH=N AH LHÄOPE?K AH IEOIK @Ï=
MQAHKOKHE?EPAO
/A?QAN@=MQAJKLK@NÄHHAC=N=
PQ@KIE?EHEKQJ=P=NFAP=MQAJKD=
U=OOKHE?EP=@K
(OHJLUODWDUMHWDGH
FUpGLWRDGHFXDGD
WHDKRUUDUi
GLQHUR/DPHMRU
VHUiDTXHOODTXH
VHDGDSWHDWXV
QHFHVLGDGHV\
SHUILOGHXVXDULR
9LVLWDOD&DOFXODGRUDGH7DUMHWDVGH&UpGLWRHQ
KWWSSRUWDOLIFRQGXVHIJREP[WDUMHWDVLQGH[SKS
GRQGHSRGUiVFRQRFHU\FRPSDUDUHO&$7GHODVGLYHUVDVWDUMHWDVGHFUpGLWR
TXHH[LVWHQHQHOPHUFDGRFOiVLFDVRURRSODWLQR
¢7LHQHVPDODVQRWDVHQHOEXUy"
EXUy"
6LpVWDHVWXVLWXDFLyQXQDRSFLyQDFRQVLGHUDUHVODWDUMHWDGHFUpGLWRJDUDQWL
HWDGHFUpGLWRJDUDQWLL
]DGDHVXQSOiVWLFRYLQFXODGRDXQDFXHQWDGHDKRUURRFKHTXHVTXHFRQWUD
KHTXHVTXHFRQWUD
WDVFRQHOEDQFRTXHHPLWHODWDUMHWD7~GHSRVLWDVXQDVXPDGHGLQHURGH
XPDGHGLQHURGH
ODTXHQRSRGUiVGLVSRQHUSXHVpVWDVHUiODFDQWLGDGPi[LPDSRUODFXDO
i[LPDSRUODFXDO
SXHGHVKDFHUFDUJRVDWXSOiVWLFReVWDIXQFLRQDLJXDOTXHXQDWDUMHWDGH
HXQDWDUMHWDGH
FUpGLWRFRQODGLIHUHQFLDGHTXHHQFDVRGHTXHQRUHDOLFHVDWLHPSR
DOLFHVDWLHPSR
WXVSDJRVHOEDQFRSRGUiWRPDUORTXHGHEHVGHGLFKDFXHQWDEDQFD
FXHQWDEDQFD
ULD7DPELpQVRQXQDEXHQDRSFLyQFXDQGRQRFXHQWDVFRQXQDKLVWR
RQXQDKLVWR
ULDFUHGLWLFLDSXHVVLQRHVWiVUHJLVWUDGRHQHOEXUyGHFUpGLWRVHUi
UpGLWRVHUi
GLItFLOTXHXQEDQFRWHRWRUJXHXQDWDUMHWDSXHVpVWHQRWHQGUiHOH
HQGUiHOH
PHQWRVSDUDHYDOXDUWXGHVHPSHxRFRPRGHXGRU(QDPERVFD
PERVFD
VRVVLGHPXHVWUDVXQEXHQFRPSRUWDPLHQWRFUHGLWLFLRSRGUiV
SRGUiV
FRPHQ]DUDUHXQLUORVUHTXLVLWRVSDUDTXHHQXQIXWXURSXHGDV
SXHGDV
REWHQHUXQDWDUMHWDQRJDUDQWL]DGD
7DOYH]D~QQRWHQJDVSUREOHPDVFRQHOEXUyGHFUpGLWRSHUR
SHUR
WLHQHVGLÀFXOWDGHVSDUDSDJDUWXDFWXDOWDUMHWDGHFUpGLWRWH
RWH
FRQYHQGUiFRQWUDWDUXQSOiVWLFRFRQXQDWDVDGHLQWHUpVPH
VPH
QRUTXHWHRIUH]FDODRSFLyQGHWUDQVIHULUWXVDOGR
#QAJPAĥ KJ@QOAB
3URWHMDVXGLQHUR
ZZZFRQGXVHIJREP[
1XHYDV
WDUMHWDVEiVLFDV
!")/"!
4
QEVÄ D=U=O AO?Q?D=@K
MQA U= ATEOPAJ H=O P=NFA
P=O @A ?NË@EPK >ÄOE?=O U
MQA ËOP=O JK PA ?K>N=J =JQ=HE@=@
JE ?KIEOEKJAO "O ?EANPK -ANK JK
PA?KJBQJ@=OĮAOKJKOECJEť?=MQA
QO=N@E?D=OP=NFAP=OJKPAJ@NÄJEJ
CÙJ?KOPKL=N=PE KIK?Q=HMQEAN
KPNK?NË@EPKOAPN=P=@AQJLNËOP=
IKMQAPAJ@NÄOMQAL=C=N?KJEJ
PANAOAOAO@A?EN?KJQJLKN?AJP=FA
=@E?EKJ=H =H IKJPK MQA H= EJOPEPQ
?EÔJ PA LNAOPÔ 0E AOPÄO LAJO=J@K
?KJPN=P=NQJ=P=NFAP=@A?NË@EPK>Ä
OE?=PAOQCANEIKOMQA?KIL=NAOAH
KOPKJQ=H1KP=Hĭ 1
=OÏ?KIK
HKO OANRE?EKO =@E?EKJ=HAO MQA PA
KBNA?AJH=O@EOPEJP=OKL?EKJAOMQA
ATEOPAJAJAHIAN?=@K
JPAO @A PKI=N QJ= @A?EOEÔJ
P=I>EËJ@A>AOPKI=NAJ?QAJP=MQA
H=O P=NFAP=O @A ?NË@EPK >ÄOE?=O OKJ
LNK@Q?PKO @AOPEJ=@KO = =@MQENEN
>EAJAOUOANRE?EKOAO@A?ENJKLK
@NÄO QPEHEV=NH=O L=N= NAPEN=N @EJANK
@AQJ?=FANK=QPKIÄPE?K"O=IA@E
@=OAPKIÔLKNMQA@E?D=KLAN=?EÔJ
OA?KJOE@AN=IQU?=N=AJPËNIEJKO
@A?KIEOEKJAOULKNAHKPNKH=@KAO
QJ=LNÄ?PE?=@AH=?Q=HIQ?DKOP=N
FAP=D=>EAJPAO=?=>=J=>QO=J@K
H ?EANNA @A AOPA =NPÏ?QHK AN=J
JQARA H=O EJOPEPQ?EKJAO ťJ=J?EAN=O
=QPKNEV=@=O L=N= ?KIAN?E=HEV=N AH
LNK@Q?PKĮIANE?=J"TLNAOO=FÏK
=J?= ťNIA =J?K &JRAT 3
=J?KIAN =J?KLLAH =JKNPA
%0 U0?KPE=>=JG@AIÄOOAAO
LAN=MQAAJLK?KPEAILKKPN=OOEAPA
LQA@=J KBNA?AN P=NFAP=O >ÄOE?=O !A
=?QAN@K?KJH=HAUH=O?=N=?PANÏOPE?=O
@AH=OP=NFAP=O>ÄOE?=OOKJĮ
 0Q HÏIEPA @A ?NË@EPK OANÄ @A
D=OP=@KO?EAJP=ORA?AOAHO=H=NEKIÏ
JEIK=LNKTEI=@=IAJPA
 "OPÄJ ATAJP=O @A ?KIEOEÔJ
LKN =JQ=HE@=@ K LKN ?Q=HMQEAN
KPNK?KJ?ALPK
 )=O EJOPEPQ?EKJAO JK AOPÄJ
K>HEC=@=O = EJ?KNLKN=N =PNE>QPKO
=@E?EKJ=HAO = H= HÏJA= @A ?NË@EPK
@A@E?DKLNK@Q?PK>ÄOE?KOEJAI
>=NCK LK@NÄJ D=?ANHK OEJ ?KOPK
L=N=AH?HEAJPA
&º+
 +K ?QAJP=J ?KJ H= B=?EHE@=@
@A @EOLKJAN @EJANK AJ ?=FANKO
=QPKIÄPE?KO
"TEOPAJ KPN=O EJOPEPQ?EKJAO ?KIK
1=NFAP=O=J=IAT0=JP=J@AN KJ
OQIK&5"1=NFAP=OA&J>QNO=MQA
KBNA?AJH=P=NFAP=@A?NË@EPK=PN=
RËO @A QJ AOMQAI= @AJKIEJ=@K
0KBKIAO "/ ĭ0K?EA@=@AO #EJ=J
?EAN=O @A ,>FAPK *ÙHPELHA "J
PE@=@AO /ACQH=@=O
0E >EAJ H=O
EJOPEPQ?EKJAO MQA KLAN=J >=FK
AOPA AOMQAI= JK AOPÄJ K>HEC=@=O
= KBNA?AN P=NFAP=O @A ?NË@EPK >ÄOE
?=O OA AOLAN= MQA LNÔTEI=IAJPA
KBNAV?=JQJLNK@Q?PK?KJ?=N=?PA
NÏOPE?=OOEIEH=NAO?KJAHťJ@AMQA
HKOQOQ=NEKOPAJC=JIÄOKL?EKJAO
L=N=AHACENH=P=NFAP=MQAIAFKNOA
=@=LPA=OQOJA?AOE@=@AO
¢'yQGHFRQWUDWDUODV"
/RVEDQFRVTXH\DRIUHFHQHVWHSURGXFWRVRQ
#QAJPAĥ KJ@QOAB
3URWHMDVXGLQHUR
ZZZFRQGXVHIJREP[
)"1/ %&.2&1
KJOPNQUA
PQIXWXUR
"!$/*!,/
/DGHFLVLyQGHDKRUUDUSDUDHOUHWLURHVPX\LPSRUWDQWH
\GHEHWRPDUVHGXUDQWHHOSHUtRGRGHPD\RUSURGXFWLYLGDG
KH=>KN=@KNATPANJK
3URWHMDVXGLQHUR
ZZZFRQGXVHIJREP[
(
J QJ= AJPNAC= =JPANEKN ?K
IAJPÄ>=IKOOK>NAH=JA?A
OE@=@@A?NA=NQJ=?QHPQN=
@A=DKNNKL=N=AHNAPENKAJPNAHKO
IATE?=JKO "OPA =DKNNK AO EJ@A
LAJ@EAJPA@AOEPAJAIKOKJKQJ=
BKNA K ?KPEV=IKO = H= OACQNE
@=@OK?E=HLÙ>HE?=
-=N= IKOPN=N H= JA?AOE@=@ @A
@E?DK =DKNNK @A OAJP=N H=O >=
OAO L=N= ?KJOPNQEN QJ= ŏLAJ
OEÔJ LNER=@= >=OP= LAJO=N AJ
HKOOECQEAJPAO@=PKOĮ=HCQEAJJ=
?E@K AJ PEAJA QJ= AOLA
N=JV= LNKIA@EK @A RE@= @A =ÒKOį QJ JEÒK J=?E@K DKU @A>E
@K = HKO CN=J@AO =R=J?AO AJ H=
IA@E?EJ= U AJ AH ?=I>EK AJ H=O
?KJ@E?EKJAO@AO=HQ@PEAJAH=AO
LAN=JV= @A REREN AJ LNKIA@EK
D=OP=HKO=ÒKO
HCQEAJ J=?E@K AJ PQRK
AJ LNKIA@EK DEFKOį HKO JEÒKO
J=?E@KO DKU PAJ@NÄJ AJ LNKIA
@EKDEFKO Q=J@KAHJEÒKJ=?E
@KAJHHACQA=REAFKPAJ@NÄ
DEFKO MQA LK@NÄJ =UQ@=NHA
?KJH=I=JQPAJ?EÔJAJOQRAFAV
Q=J@K AH JEÒK J=?E@K DKU HHA
CQA=OQRAFAVPAJ@NÄOÔHKDE
FKOL=N==LKU=NHA
+QAOPNK AFAILHK J=?E@K AJ
PAJ@NÏ= AJ NA=HE@=@ IQU
LK?K PEAILK LNKIA@EK @A LAJ
OEÔJ )= @EOP=J?E= AJPNA OQ FQ>E
H=?EÔJ U OQO ÙHPEIKO @Ï=O AO AJ
LNKIA@EK IQU ?KNP= U LKN P=J
PK JK JA?AOEP= QJ =DKNNK EI
LKNP=JPA -ANK AH JEÒK J=?E@K
AJ PEAJA QJ= ATLA?P=PER=
@A RE@= ÙPEH HQACK @A FQ>EH=NOA
IQU EILKNP=JPA =OÏ MQA @A
>ANÄ @A =DKNN=N IÄO @QN=J
PA OQ RE@= H=>KN=H L=N= LK@AN
OKOPAJANOA@QN=JPAOQNAPENK
-KN@KJ@AOAHAIENAHKOIATE?=
JKO@A>AIKO@A=DKNN=NIÄOL=N=
JQAOPNKO =ÒKO LKOPH=>KN=HAO U
HKO -H=JAO -ANOKJ=HAO @A /APENK
ĭ--/
MQA
?KIEAJV=
= KBNA?ANOA
AJ *ËTE?K
N
@A>AJ?KJRAN
A
PENOA AJ QJ= @A
AJP=O
H=O DANN=IEAJP=O
=N=PK@KO
IÄOÙPEHAOL=N=PK@KO
(OLJHWX335
5
"J LNEIAN HQC=N NA?KN@AIKO
MQA OA PN=P= @AH @EJANK MQA
MQA
HEV=N ?Q=J@K U=
R=IKO = QPEHEV=N
KO U LKN P=JPK
JK PN=>=FAIKO
QA @A>AIKO @A
@A
HK LNEIANK MQA
AOMQAAH@EJANK
=OACQN=NJKOAOMQAAH@EJANK
@KJKONAPENAIKO
AOPË=HHÏ?Q=J@KJKONAPENAIKO
@A?ENMQAHKLNEIANK
"OPKMQEANA@A?ENMQAHKLNEIANK
O@APKI=NAJ?QAJP=
MQA@A>AIKO@APKI=NAJ?QAJP=
AO?KCANJQAOPNK--/
=H=DKN=@AAO?KCANJQAOPNK--/
EJEOPN=@KN
AOAJAH=@IEJEOPN=@KN
A?KIAJ@=>HA AO MQA
)K IÄO NA?KIAJ@=>HA
/ OA= =@IEJEOPN=@K
JQAOPNK --/
=@IEJEOPN=@K
Q?EÔJťJ=J?EAN=OÔHE
LKNQJ=EJOPEPQ?EÔJťJ=J?EAN=OÔHE
HA?KJQJ=PN=@E?EÔJ
@=UDKJKN=>HA?KJQJ=PN=@E?EÔJ
@=N AH EJPANËO @A OQO
@A O=HR=CQ=N@=N
A ?Q=HMQEAN
?HEAJPAO OK>NA
N=?EÔJ "OPA
KPN= ?KJOE@AN=?EÔJ
/RVPH[LFDQRV
LHAAOHKMQA
LNEJ?ELEKOEILHAAOHKMQA
GHEHPRVGHDKRUUDU
A = HK H=NCK
D= DA?DK MQA
HKO >=J?KO SDUDQXHVWURVDxRV
@A HKO OECHKO
KOLNABANE@KO SRVWODERUDOHV\ORV
OQEVKOOA=JHKOLNABANE@KO
@AO BKNPQJ=O
LKN H=O CN=J@AO
=N OQ NEMQA 3ODQHV3HUVRQDOHVGH
L=N= ?QOPK@E=N
V= 0E >EAJ L=N= AH ?K 5HWLURVRQXQDRSFLyQ
IATE?=JKOJK
IÙJ@AHKOIATE?=JKOJK
DGLFLRQDODWX$IRUH
?A@AN = AO=O
AO LKOE>HA =??A@AN
EJOPEPQ?EKJAO HK LNEIANK
LNEIANK
NL=N=JQAOPNK--/AO
AJ?KJOE@AN=NL=N=JQAOPNK--/AO
H= OKHE@AV U H= DKJKN=>EHE@=@ @AH
@AH
NMQAAHEF=IKO
=@IEJEOPN=@KNMQAAHEF=IKO
"J OACQJ@K HQC=N @A>AIKO ťF=N
QEAJPAĮ @=@K MQA H=O
JKO AJ HK OECQEAJPAĮ
ËOAOPÄJ=?PQ=HIAJPA
P=O=O@AEJPANËOAOPÄJ=?PQ=HIAJPA
OIÏJEIKO@A?=OEQJ
AJHKOJERAHAOIÏJEIKO@A?=OEQJ
O=NEK>QO?=N=MQAHH=O
OECHKAOJA?AO=NEK>QO?=N=MQAHH=O
MQAJKO@AJAHI=UKN
=HPANJ=PER=OMQAJKO@AJAHI=UKN
LKOE>HA
NAJ@EIEAJPKLKOE>HA
3URWHMDVXGLQHUR
ZZZFRQGXVHIJREP[
)"1/ %&.2&1
)= ATLHE?=?EÔJ AO OAJ?EHH=Į OE
OQLKJAIKOMQAAH=@IEJEOPN=@KN
MQA AHACEIKO AOP=NÄ =HHÏ ?Q=J@K
JKO NAPENAIKO AJPKJ?AO HK MQA
JKO@A>AEILKNP=NAO?QÄJPKNEJ
@EANKJHKONA?QNOKOMQAL=?EAJPA
IAJPA=HKH=NCK@A=ÒKO@ARE@=
H=>KN=HBQEIKO=LKNP=J@K
!E?AJMQA"EJOPAEJ@EFK=HCQJ=
RAV MQA ?Q=J@K QJK AJPAJ@Ï= AH
ABA?PK@AHEJPANËO?KILQAOPKJK
OALK@Ï=LAJO=NAJJ=@=IÄO"OK
MQA OKNLNAJ@Ï= = "EJOPAEJ PEAJA
EILHE?=?EKJAO @N=IÄPE?=O L=N=
JQAOPN=OLAJOEKJAO
"H OECQEAJPA AFAILHK HK @A
IQAOPN=Į OQLKJC=IKO MQA QJ
PN=>=F=@KN FKRAJ ?KIEAJ?A = H=
>KN=N = HKO =ÒKO U MQA HKCNA
=LKNP=NL=N=OQNAPENKIEHLA
OKO AJ OQ LNEIAN =ÒK 0QLKJC=
3URWHMDVXGLQHUR
ZZZFRQGXVHIJREP[
IKOP=I>EËJUL=N=OEILHEť?=N PN=JAJOQOJERAHAOIÄO>=FKO@A
MQAJQAOPNKPN=>=F=@KN=DKNN= H=DEOPKNE=IK@ANJ=
-=N=EHQOPN=NHK=JPANEKNH=OP=
IEHLAOKO=H=ÒKD=OP=MQAOANAPE
NA=HKO=ÒKOAO@A?ENMQA?K O=O @A EJPANËO @A ?KNPK LH=VK AJ
HKO"OP=@KO2JE@KOOAAJ?QAJPN=J
PEV==OQ--/LKN=ÒKO
+QAOPNKPN=>=F=@KNHH=IËIKO AJ ?=OE ?ANK LKN ?EAJPK ĭOE ?ANK
HA 3E?AJPA AO?KCA QJ= =@IEJEO IEAJPN=OMQAH=O@AH=NCKLH=VKJK
PN=@KN= @A OQ --/ MQA HA KBNA?A OQLAN=J AH "J *ËTE?K @E?DKO
JERAHAO OA AJ?QAJ
QJ NAJ@EIEAJPK @A
6HSXHGHREWHQHU
PN=J AJ U IEAJPN=OMQAOQ
?KIL=ÒANK @A Kť PiVUHQGLPLHQWR '=IÄO OA D=>Ï=J AJ
?KJPN=@KP=J>=F=O
?EJ= =NHKO AO?KCA
SHURHQWUH
0EH=OP=O=O@AEJ
QJ--/MQAHAKBNA
PiVUHQGLPLHQWR PANËO
OA AJ?QAJPN=J
?A QJ NAJ@EIEAJPK
VHEXVTXHHO
P=J>=F=Oł?ÔIKR=
@A "O= LAMQA
ULHVJR
IKO=D=?ANHA=MQA
Ò= @EBANAJ?E= @A QJ
LQJPKLKN?AJPQ=HOA
GHODLQYHUVLyQ HHKO IATE?=JKO MQA
U= @A?E@EIKO =DK
PN=@Q?ENÄ AJ HK OE
DXPHQWD
NN=N MQA PAJAIKO
CQEAJPAĮ ?Q=J@K 3E
?AJPAU =NHKOOANAPENAJ=HKO = QJ =@IEJEOPN=@KN ?KJť=>HA U
=ÒKO AH LNEIANK D=>NÄ =?QIQ MQA MQANAIKO MQA JKO =H?=J
H=@K IEHHKJAO @A LAOKO ?A L=N= JQAOPN= RAFAV ł"J @ÔJ
IEAJPN=O MQA =NHKO D=>NÄ =I= @A R=IKO = AJ?KJPN=N H=O P=O=O
O=@K IEHHKJAO @A LAOKO @A NAJ@EIEAJPK MQA LNK@QV?=J
AH =QIAJPK AJ JQAOPN=O LAJOEK
2J=@EBANAJ?E=@A
"H AFAILHK =JPANEKN AO JAO OQť?EAJPAO L=N= MQA JKO =H
@AI=OE=@K OEILHEť?=@K ?=J?AAJHKO=ÒKO@ANAPENK
"OPA AO AH LQJPK IÄO ?KILHE
LANK OENRA L=N= EHQO
PN=N QJ LQJPKĮ OE U= ?=@K @A =J=HEV=N L=N= QJ ?EQ@=
PKI=IKO H= @A?E @=JK ?KIÙJ OK>NA PK@K LKNMQA
OEÔJ@A=LKNP=NQJ= ATEOPAQJLNK>HAI=ĮOALQA@AK>
L=NPA IAJOQ=H @A PAJAN IÄO NAJ@EIEAJPK LANK AJ
JQAOPNKO EJCNAOKO U PNA IÄO NAJ@EIEAJPK OA >QOMQA
AO?KCEIKO = QJ =@ AHNEAOCK@AH=EJRANOEÔJ=QIAJ
IEJEOPN=@KN ?KJ P=0EMQANAIKOEJRANPENAJ=MQA
ť=>HAAHOECQEAJPA HHKO--/OMQAKBNAV?=JQJI=UKN
?NEPANEKAJEILKN NAJ@EIEAJPK OACQN=IAJPA AH
P=J?E= AO OAHA? LKNP=BKHEK MQA KBNAV?=J ?KJPAJ
?EKJ=N=HMQAJKO @NÄ =?PERKO MQA PAJC=J QJ NEAO
@Ë AH IAFKN NA CK I=UKN U R=NE=?EKJAO =ILHE=O
PKNJK LKN JQAO AJOQOLNA?EKO
PNKO
=DKNNKO
AOLA?E=HIAJPA AJ
¢'HVHDVPiVLQIRUPDFLyQ"
QJIKIAJPK?KIK
AH =?PQ=H ?Q=J@K
&RQVXOWDODSiJLQDGHLQWHUQHW
H=OP=O=O@AEJPANËO@A
ZZZFRQGXVHIJREP[GRQGH
HKO>KJKOMQAAO@KJ@A
HQFRQWUDUiVFDOFXODGRUDV
OAEJREANPAJH=I=UKNÏ=@A
VLPXODGRUHV\RWUDVKHUUDPLHQWDV
H=O LAJOEKJAO OA AJ?QAJ
%.#/.4!#4/
%NLA#ONDUSEFRESOLVEMOSTUSDUDASYTEOFRECEMOS
VALIOSAINFORMACIØNPORLASSIGUIENTESVÓAS
WWW
CONDUSEF
GOBMX
•Registro de Usuarios
(REUS): si no deseas ser molestado
con publicidad y promociones por parte
de las Instituciones Financieras en sus
prácticas de mercadotecnia, inscríbete
en el Registro de Usuarios y dejarás de
recibir la publicidad no deseada durante
dos años, a partir de 45 días naturales
transcurridos desde tu inscripción.
•Calificadores: evaluamos, la calidad de la información que generan las
instituciones financieras para dar a conocer, promocionar y formalizar la compra o la contratación de lo que ofertan
en el mercado.
•Encuestas: informamos a los usuarios la percepción de la calidad en el
servicio de diversos productos y servicios financieros.
•Registro de contratos:
•Simuladores:
usa estas herramientas para saber cuánto te costaría
contratar productos y servicios financieros como créditos hipotecarios o créditos automotrices, entre otros.
•Calculadoras:
si quieres saber
cuánto vas a pagar por concepto de intereses en tu tarjeta, o si deseas conocer una estimación del tiempo en que
pagarás tu deuda, ingresa a nuestra calculadora http://portalif.condusef.gob.
mx/tarjetas/index.php y entérate.
¿vas
a firmar un contrato y deseas estudiarlo previamente? ¿Perdiste un contrato y
necesitas consultarlo? En el Registro de
Contratos de Adhesión (RECA) podrás
encontrar contratos de operaciones como:
•Tarjeta de crédito.
•Cuentas de depósito con
o sin chequera o tarjeta de débito
•Crédito hipotecario.
•Crédito automotriz.
•Créditos personales y al consumo.
•Diplomado: desde cualquier punto
del país, tú puedes tomar vía electrónica este diplomado en cultura financiera
que te ayudará a tomar decisiones más
informadas.
WWWCONDUSEFGOBMX
0UEDESREALIZAR
CONSULTASLLAMANDOAL
DESDEEL$&YÉREA
METROPOLITANAOAL
LADASINCOSTODESDE
CUALQUIERPARTEDELPAÓS
4AMBIÏNPUEDES
HACERLOESCRIBIENDO
ALCORREOELECTRØNICO
OPINION CONDUSEFGOBMX
$EFENSORÓALEGAL
Si eres víctima u ofendido de
algún delito derivado de la
contratación de productos o
servicios financieros, la Condusef
te ofrece, también en forma
gratuita asesoría jurídica en
materia penal.
$ICTAMEN
Agotado el procedimiento
conciliatorio, puedes solicitar una
opinión especializada para hacer
valer tus reclamos. En la Condusef
podemos otorgarte un Dictamen
que básicamente consiste en la
opinión de un experto.
-ESAMES
DESCARGA
GRATUITAMENTEEN
NUESTRAPÉGINA
LAVERSIØN
ELECTRØNICA
DE0ROTEJASU
$INERO
-"/0-" 1&3
&UpGLWR
SDUDHOODV
/DPD\RUtDGHORVPLFURSUpVWDPRVGHOPXQGRVHRWRUJDQD
PXMHUHV¢6DEHVSRUTXp"
$/&")$2&))±+,/1"$
£2
UA =NPKH= DÏ PA @AFK
AOPKO @KO LAOKO‘ L=
C=OH=NAJP=AHPAHËBKJK
UH=HQV!AHKMQAOK>NA?KCA@A=DÏ
L=N=PQC=OPKCQÄN@=IAAHNAOPKL=Œ
?KILN=NIA IE =HELÙO IQ?DKO
JKO LQA@A NAOQHP=N QJ= IAHK@Ï=
CN=?EKO=LANKł?QÄJP=OIQFANAOAJ
*ËTE?K PEAJAJ MQA D=?AN NAJ@EN AH
C=OPK @E=NE=IAJPA >QO?=J@K O=?=N
=OQB=IEHE==@AH=JPA-=N=HKCN=NHK
U =H?=JV=N ?EANP= EJ@ALAJ@AJ?E= ť
J=J?EAN=QJ=OKHQ?EÔJOKJHKOJQA
RKOAOMQAI=O@AIE?NKťJ=JV=O
)=O IE?NKťJ=JV=O LNKRAAJ
OANRE?EKO ťJ=J?EANKO ?KIK OKJ
?NË@EPKO U LNËOP=IKO OANRE?EKO
@A @ALÔOEPKO EJOPNQIAJPKO @A
=DKNNK IA?=JEOIKO @A PN=JOBA
NAJ?E= U OACQNKO = LANOKJ=O LK
>NAO U @A >=FKO EJCNAOKO MQA @A
KPNK IK@K MQA@=NÏ=J AT?HQE@=O
@AH=??AOK=ËOPKO
"H AJ?DI=NGEJC @A H=O *E
?NKťJ=JV=OAJ*ËTE?KAH=>KN=@K
LKN -NK!AO=NNKHHK NA@ J=?EKJ=H
3URWHMDVXGLQHUR
ZZZFRQGXVHIJREP[
MQA =CNQL= = KNC=JEV=?EKJAO
@A IE?NKťJ=JV=O U *E?NKťJ=J?A
&JBKNI=PEKJ "T?D=JCA ĭ*&5
LNK
RAA@KN HÏ@AN @A EJBKNI=?EÔJ @A
JACK?EKO U OANRE?EKO @A EJBKNI=
?EÔJ L=N= H=O IE?NKťJ=JV=O NA
LKNPÔ MQA = @E?EAI>NA @A H=OIE?NKťJ=J?EAN=O@=>=JOANRE
?EK=LANOKJ=O@AH=O?Q=
HAOOKJIQFANAOURERAJ
AJVKJ=ONQN=HAO
)=O EJOPEPQ?EKJAO IE?NKťJ=J
?EAN=O JK ?QAJP=J ?KJ QJ= ťCQN=
FQNÏ@E?= LNKLE= LKN AHHK LQA@AJ
OAN KLAN=@=O LKN QJ= =ILHE=
C=I= @A AJPE@=@AO K EJOPEPQ?EK
JAOĮ ,NC=JEV=?EKJAO @A H= 0K?EA
@=@ EREH0K?EA@=@AOJÔJEI=O
0KBKIAO 0KBKHAO 0K?EA@=@AO #E
J=J?EAN=O -KLQH=NAO 0K?EA@=@AO
KKLAN=PER=O 2JEKJAO @A NË@E
PKU=J?KO?KIAN?E=HAO
)=O IE?NKťJ=JV=O EJE?E=
NKJ ?KJ AH KPKNC=IEAJPK @A IE
?NK?NË@EPKO AO @A?EN LNËOP=IKO
LAMQAÒKOMQAOAQPEHEV=JAJ=?PE
RE@=@AO@A=QPKAILHAK?KIKJA
CK?EKOEJ@QOPNE=HAOK=NPAO=J=HAO
RAJP=@ALNK@Q?PKO?KIK@QH?AO
NKL=RAJP=LKN?=PÄHKCKH=LQAO
P=AJI=N?D=@AQJEJRANJ=@ANK
AJPNAKPNKO
)=O IE?NKťJ=J?EAN=O D=J @A
O=NNKHH=@K OQO LNKLEKO AOMQAI=O
L=N= KPKNC=N U CAOPEKJ=N HKO ?NË
@EPKO"JPNAHKONAMQEOEPKOMQAOK
HE?EP=J LQA@AJ AOP=N AH LH=J @A
JACK?EKO L=N= @AO=NNKHH=N AH LNK
UA?PK LNK@Q?PERK D=?AN QJ= LA
MQAÒ= EJRAOPEC=?EÔJ @A IAN?=@K
AOPQ@EKO OK?EKA?KJÔIE?KO A EJ
RAOPEC=?EÔJ @A H= ATLANEAJ?E= @AH
JACK?EK LH=JEť?=@K )= I=UK
NÏ= @A H=O EJOPEPQ?EKJAO @A IE?NK
ťJ=JV=O R=J D=?E= OQO ?HEAJPAO
D=OP=OQO?KIQJE@=@AO=@EBANAJ
?E= @AH AOMQAI= ?KPE@E=JK @A HKO
>=J?KO ?KIAN?E=HAO ,PNK =OLA?
PK EILKNP=JPA AO MQA HKO IE?NK
?NË@EPKOOA>=O=JAJH=?KJť=JV=
LQAOPKMQAJKD=UC=N=JPÏ=OBÏOE
?=OL=N=KPKNC=NHKO
/DXQLyQKDFHODIXHU]D
-KNOQBKNI=@AKLAN=NAJHKOIE
?NK?NË@EPKOOALQA@AJLAN?E>ENPNAO
IK@AHKO LANK AH IÄO @ERQHC=@K
AOAH?NË@EPKOKHE@=NEKKCNQL=H"J
ËOPAOABKNI=JCNQLKO@AIQFANAO
MQAOKHE?EP=JQJ?NË@EPK)KONA?QN
OKOOKJKPKNC=@KO@ABKNI=EJ@ERE
@Q=H LANK H= NAOLKJO=>EHE@=@ @AH
L=CK@AEJPANAOAOUH=@ARKHQ?EÔJ
JKIEJ=HAO?KIL=NPE@=LKNPK@KO
"OPKOECJEť?=MQAOEQJ=IQFANJK
LQA@ANA=HEV=NOQL=CKQJ=OAI=
J=H=OKPN=OOK?E=OL=C=JLKNAHH=
UHQACKH=?HEAJP=NAAI>KHO==HCNQ
LKAHLNËOP=IKHKIÄOLNKJPKLKOE
>HAAOPKCAJAN=MQAATEOP=JLK?KO
L=CKO=PN=O=@KO
-=NPA @AH IK@AHK ?KJPAI
LH=MQAH=OIQFANAOOANAÙJ=JAJ
QJ HQC=N LÙ>HE?K L=N= L=C=N OQO
LNËOP=IKO D=?AN @ALÔOEPKO @A
@EJANK AJ ?QAJP=O @A =DKNNKO U
NA?E>EN ?=L=?EP=?EÔJ AJ I=PANE=
AILNAO=NE=H U O=HQ@ LANK AOPK
JK AO K>HEC=PKNEK AJ PK@=O H=O
IE?NKťJ=J?EAN=O
)KO IKJPKO MQA LNAOP=J R=
NÏ=J@AEJOPEPQ?EÔJAJEJOPEPQ?EÔJ
LANK LKN HK CAJAN=H R=J @A LAOKOAJ=@AH=JPAĭL=N=?=@=QJ=
@A H=O L=NPE?EL=JPAO
)KO L=CKO
OANA=HEV=JOAI=J=HAOMQEJ?AJ=
HAOKIAJOQ=HAO
¢3RUTXpDHOODV"
(OHVTXHPDGHOPLFURFUpGLWRHVPX\YDULDGR\SRVHHGLYHUVDVFDUDF
WHUtVWLFDVSHURGHVWDFDDQLYHOPXQGLDOTXHpVWHVHRWRUJDHQVXPD
\RUtDDODVPXMHUHVSRUWUHVIDFWRUHV
/DVPXMHUHVDGPLQLVWUDQPHMRUVXVUHFXUVRVSRUVXFRQGLFLyQGH
DPDVGHFDVD\PDGUHVGHIDPLOLD
([LVWHXQDPD\RUSUREDELOLGDGTXHHOGLQHURTXHOOHJDDVXVPDQRV
VHDXWLOL]DGRSDUDVXVKLMRVORTXHWLHQHPD\RULPSDFWRHQHOELHQHV
WDUGHVXIDPLOLD
3XHGHQGHVDUUROODUPHMRUVXVFDSDFLGDGHVDWULEX\pQGROHVPD\RU
SRGHU\RSRUWXQLGDGHVSDUDORJUDUHTXLGDGHQHOKRJDUHOWUDEDMR\
VXFRPXQLGDG
#QAJPAĥ KJEJBKNI=?EÍJ@AHKO Q=@ANJKO@AH= ½PA@N=ŀH= =ET=ˆ@A/AOLKJO=>EHE@=@0K?E=H@AH=AILNAO=U
CK>EANJK?KNLKN=PERK&"0"QOEJAOO0?DKKH2JERANOE@=@@A+=R=NN=
3URWHMDVXGLQHUR
ZZZFRQGXVHIJREP[
-"/0-" 1&3
$OLFLD1
$OLFLD1LHEODV
&RPRPX
&RPRPXFKDVGHVXVFRPSDxHUDV
HQHO&HQ
HQHO&HQWUROD~QLFD
H[SHULHQ
H[SHULHQFLDGHWUDEDMRTXHWHQtD
$OLFLD1LH
$OLFLD1LHEODV0RUR\RTXLDQWHV
GHLQJUHV
GHLQJUHVDUVHD*UDPHHQGH
OD)URQWH
OD)URQWHUDHUDVXWUDEDMRHQHO
FDPSR&
FDPSR&RQVXSULPHUSUpVWDPR
KDFHFXD
KDFHFXDWURDxRVDEULyXQD
VDVWUHUtD
VDVWUHUtDHQVXFDVD$ODXPHQWDU
VXVSUpVW
VXVSUpVWDPRVWDPELpQDXPHQWy
HOGHVHR
HOGHVHRGHKDFHUFUHFHUVX
QHJRFLR
QHJRFLR8QRVDxRVDQWHVHOOD
DSHQDVS
DSHQDVSRGUtDKDEHUVHLPDJLQDGR
TXHKR\V
TXHKR\VHUtDODGXHxDRUJXOORVD
GHXQDOD
GHXQDODYDQGHUtDDXWRPiWLFDHQ
VXKRJDU
VXKRJDUFRQFXDWURODYDGRUDVXQ
QHJRFLR
QHJRFLRDPEXODWRULRGHMR\DVGH
RUR\GH
RUR\GHSODWD\XQDFRPSXWDGRUD
TXHDOTX
TXHDOTXLODSRUKRUDDHVWXGLDQWHV
SDUDVXV
SDUDVXVWUDEDMRVGHHVFXHOD\TXH
HVSHUDK
HVSHUDKDFHUDFFHVLEOHDLQWHUQHW
FRQVXSU
FRQVXSUy[LPRSUpVWDPR
$QWHVGH
$QWHVGHLQJUHVDUD*UDPHHQ
DSHQDVS
DSHQDVSRGtDFXEULUVXVJDVWRV
KR\VXVJ
KR\VXVJDQDQFLDVOHGDQOD
RSRUWXQL
RSRUWXQLGDGGHSDJDUORVJDVWRV
HVFRODUH
HVFRODUHV\KDSRGLGRFRPSUDU
GRVQXHY
GRVQXHYDVFDPDV\XQWHOHYLVRU
SDUD
SDUDODFDVD
K EJBKNI=?EÍJ @A $N=IAAJ @A H=
KJ
#NKJPAN=ĥ
#NKJ
ĤDPPLĥSSSCN=IAAJ@AH=BNKJPAN=KNC
ĤDPPLĥ
7RGDVSDUDXQR
\XQRSDUDWRGDV
"H OACQJ@K IK@AHK ?KNNAOLKJ@A
=H>=J?K@AH=?KIQJE@=@K>=J?K
?KIQJ=HAJ@KJ@AOA?KJ?A@AQJ
LNËOP=IKÙJE?K=HCNQLKL=N=MQA
OA@ERE@=AJPNAPK@KOOQOEJPACN=J
PAO )= NAOLKJO=>EHE@=@ @AH L=CK
AO?KIL=NPE@=AJPNAPK@KO
"H CNQLK AO @A =QPKCAOPEÔJ
AOPK OECJEť?= HKO IEAI>NKO AHE
CAJ = OQO NALNAOAJP=JPAO HHAR=J
OQ LNKLE= ?KJP=>EHE@=@ AOP=
>HA?AJ OQ NACH=IAJPK EJPANJK U
I=JAF=J AHHKO IEOIKO H=O PN=J
O=??EKJAO@A@EJANK
)=IE?NKťJ=J?EAN=LKNOQL=N
PA =JPAO @A KPKNC=N AH LNËOP=IK
HA @= QJ= ?=L=?EP=?EÔJ =H CNQLK
L=N= MQA ?KJKV?=J H= IAPK@KHK
CÏ=MQA@A>AJ@AAILHA=NL=N=OQ
?KNNA?PKBQJ?EKJ=IEAJPK
0iVYDOHVROR«
"H ÙHPEIK IK@AHK AO AH @AH ?NË@E
PK EJ@ERE@Q=H = PN=RËO @AH ?Q=H
QJ= LANOKJ= MQA PEAJA QJ JACK
%HQHILFLRVGHODVPLFURILQDQ]DV
$OJXQDVGHODVYHQWDMDVTXHDSRUWDHOHVTXHPDGHSHTXHxRVSUpVWDPRVVRQ
$XPHQWRGHOLQJUHVRHQORVKRJDUHVVHPHMRUDQHOQLYHO\FDOLGDGGHYLGDGHODVSHUVRQDVFRQED
MRVUHFXUVRVDOSURSRUFLRQDUOHVÀQDQFLDPLHQWRSDUDDFWLYLGDGHVHPSUHVDULDOHV
$FXPXODFLyQGHDFWLYRVFRQHOLQFUHPHQWRGHOLQJUHVRODSRVLELOLGDGGHDKRUUR\HODFFHVRDOFUp
GLWRODVIDPLOLDVWLHQHQPHGLRVSDUDPHMRUDUVXFDVDFRPSUDUELHQHVGXUDGHURV\FRQVWUXLUVXSDWULPRQLR
6XSHUDFLyQGHODVFRQGLFLRQHVGHSREUH]DHODXPHQWRGHORVLQJUHVRV\ODDFXPXODFLyQGHSDWUL
PRQLRLQLFLDXQFtUFXORYLUWXRVRGHIRUWDOHFLPLHQWRÀQDQFLHUR
3URWHFFLyQIUHQWHDOULHVJRDOJHQHUDUDFWLYRVFXHQWDQFRQDUWtFXORVTXHSXHGHQXWLOL]DUFRPRJD
UDQWtDSDUDGHIHQGHUVHHQSHULRGRVGHFULVLV$GHPiVDOJXQDVPLFURÀQDQFLHUDVFXHQWDQFRQPLFURVHJXURV
GHYLGDVDOXG\YLYLHQGDTXHOHVD\XGDQDSURWHJHUVXSDWULPRQLR
(PSRGHUDPLHQWRGHODPXMHUODVPXMHUHVTXHSDUWLFLSDQHQSURJUDPDVGHPLFURÀQDQ]DVVXHOHQWH
QHUPiVDXWRHVWLPD\FRQÀDQ]DHQVtPLVPDVVHYXHOYHQPiVYLVLEOHVHQVXVFRPXQLGDGHV\WLHQHQPiVSDU
WLFLSDFLyQHQODHVIHUDS~EOLFDDOWLHPSRGHKDFHUVHGHVXVDFWLYRVSURSLRV
#QAJPAĥ KJEJBKNI=?EÍJ@AHKO Q=@ANJKO@AH= ½PA@N=ŀH= =ET=ˆ@A/AOLKJO=>EHE@=@0K?E=H@AH=AILNAO=UCK>EANJK?KNLKN=PERK&"0"QOEJAOO0?DKKH2JERANOE@=@@A
+=R=NN=
3URWHMDVXGLQHUR
ZZZFRQGXVHIJREP[
¢4XLpQRIUHFHPLFURFUpGLWRV"
0LFURILQDQFLHUD
7LSRGHFUpGLWR
0RQWRGHSUpVWDPR
5HTXLVLWRV
=RQDGH2SHUDFLyQ
*UXSRV VROLGDULRV LQGLYLGXDOHV \ 'HVGH KDVWD ,QJUHVRVGHFUHGHQFLDOGHO 'LVWULWR )HGHUDO (VWD
SURGXFWLYRV
LQGLYLGXDO
,)(\UHFLERWHOHIyQLFR
GRGH0p[LFR0RUHORV
*XHUUHUR
&UpGLWRV LQGLYLGXDOHV SURGXFWL 'HVGHGyODUHVKDVWDGy 2UJDQL]DGDVHQEDQFRVFRPXQDOHV +LGDOJR (VWDGR GH
0p[LFR 3XHEOD 7OD[FD
YRV EDQFRV FRPXQDOHV FUpGLWR ODUHV HQ SOD]RV GH FXDWUR D VHLV GHDFOLHQWDV
OD4XHUpWDUR9HUDFUX]
HVWDFLRQDO
PHVHV
0LFURFUpGLWR FUpGLWRV FRPHU KDVWD KDVWD HQ 0iVGHVHLVPHVHVFRQHOQHJRFLR 1XHYR /HyQ &RDKXL
FLDOHV KLSRWHFDULR \ PHMRUDV D OD PHVHVFRQSDJRVFDWRUFHQDOHV FUHGHQFLDO GH HOHFWRU VROLFLWXG OD 7DPDXOLSDV -DOLV
YLYLHQGD
PLFURFUpGLWR
FRPSUREDQWH GH YHQWDV GHO QH FR (VWDGR GH 0p[LFR \
HQSOD]RGHDPHVHV JRFLRFRPSUREDQWHGHGRPLFLOLR *XDQDMXDWR
SUpVWDPRSHUVRQDO
UHIHUHQFLDVFRPHUFLDOHVIDPLOLDUHV
'HVGH\KDVWD \SHUVRQDOHVHQWUHRWURVGHSHQ
KLSRWHFDULR
GLHQGRGHOFUpGLWRVROLFLWDGR
3URGXFWLYR PHMRUDPLHQWR GH OR 3UpVWDPRVGHVGHSDUDQH 0tQLPR XQ DxR GHO QHJRFLR 'LVWULWR )HGHUDO \ =RQD
0HWURSROLWDQD 3XHEOD
FDO FRQVXPR PHMRUDPLHQWR GH JRFLRV3DJRVVHPDQDOHVFDWRUFH IXQFLRQDQGR
QDOHV\FDGDGtDV
YLYLHQGD
7DPELpQ PDQHMDQ FUpGLWR %LPER 6DQ /XLV 3RWRVt 1XHYR
3ULFH 6KRHV 0HUFKDQWH ORFDWD /HyQ\*XDGDODMDUD
ULRVGHPHUFDGR\6FRUSLyQ
*UXSRV VROLGDULRV FUpGLWRV LQ 'HVGH KDVWD HQ $QWLJHGDGGHODHPSUHVDPtQLPD 'LVWULWR)HGHUDO
GLYLGXDOHV SURGXFWLYRV EDQFRV SOD]RV GHVGH KDVWD PHVHV GHGRVDxRV
'HVFULSFLyQ GHO QHJRFLR \ FLFOR
FRPXQDOHV FUpGLWRV LQGLYLGXD FUpGLWRSURGXFWLYR
FRPHUFLDOHQWUHRWURV
OHVSDUDYLYLHQGDRPHMRUDGHYL
YLHQGDFUpGLWRVLQGLYLGXDOHVSDUD
HPHUJHQFLDV
0LFURFUpGLWRJUXSDOPLFURFUpGL 0RQWRV VHFXHQFLDOHV KDVWD XQ *DUDQWtDVROLGDULD\JUXSRVGHD 6LQDORD1D\DULW\-DOLVFR
WR LQGLYLGXDO PLFURHPSUHVDULR Pi[LPR GH HQ \ SHUVRQDV
PLFURFUpGLWRDJURSHFXDULRFUpGL PHVHVJUXSDO
*DUDQWtD SUHQGD H KLSRWHFD
WRHPSUHVDULDO
+DVWDSOD]RVKDVWDPH LQGLYLGXDO
VHVVHJ~QFDSDFLGDGLQGLYLGXDO
*UXSRVVROLGDULRVFUpGLWRVLQGLYL 0RQWRLQLFLDOGHVROLGDULR 0tQLPR FLQFR LQWHJUDQWHV HQ HO (VWDGR GH 0p[LFR +L
GXDOHVSURGXFWLYRV
JUXSRVROLGDULR
GDOJR9HUDFUX]
*UXSRV VROLGDULRV PLFURHPSUHVD 0RQWR LQLFLDO GHVGH KDVWD /RV JUXSRV VROLGDULRV VH IRUPDQ &KLDSDV
FUpGLWR LQGLYLGXDO \ WHPSRUDGD VROLGDULRV
GHDPXMHUHV
FUpGLWR SDUDOHOR TXH VH SURPR 'HVGH KDVWD $QiOLVLV VRFLRHFRQyPLFR FRSLDV
FLRQDSDUDODVFOLHQWDVGHPLFURH PLFURHPSUHVD
GH ODV IDFWXUDV GHO QHJRFLR \ GHO
PSUHVD VL KDQ FXPSOLGR FRQ VXV
SDJRSUHGLDOGHODFDVDGRQGHYLYH
SDJRV\VXQHJRFLRVLJXHFUHFLHQ
PLFURHPSUHVDV
GRHVWi´SUHDSUREDGRSDUDHOODVµ
&UHGHQFLDO GHO ,)( FRPSUREDQWH
GH GRPLFLOLR DFWD GH QDFLPLHQWR
&853HQWUHRWURV
#QAJPAĥ&JBKNI=?EÍJUOEPEKOSA>@AH=OIE?NKňJ=J?EAN=OU-NK@AO=NNKHHK
?EK =CNKLA?Q=NEK =NPAO=J=H EJ
@QOPNE=H ?KIAN?E=H K @A OANRE?EKO
LQA@AOKHE?EP=NNA?QNOKOL=N=?KJ
OKHE@=NOQIE?NKAILNAO=UD=?ANH=
IÄO Ať?EAJPA U LNK@Q?PER= "OPKO
?NË@EPKONAOQHP=JOANPN=FAO=H=IA
@E@=LQAOOA=@A?Q=J=H=JA?AOE
@=@@AMQEAJHKOKHE?EP=
-=N=KPKNC=NHKOH=OIE?NKťJ=J
?EAN=OLQA@AJOKHE?EP=NQJ=R=HOK
HE@=NEK K C=N=JPÏ=O LNAJ@=NE=O
C=N=JPÏ=@AHKO@K?QIAJPKO@AEJ
IQA>HAO K C=N=JPÏ=O ?KJ =DKNNK
ATEOPAJPA AJ H= IEOI= EJOPEPQ?EÔJ
"J *ËTE?K @A HKO ?NË@EPKO
KPKNC=@KO LKN H=O IE?NKťJ=J?EA
N=O AO @AH PELK >=J?= ?KIQJ=H K
?NË@EPKCNQL=HUAHAOLKN?NË
@EPKEJ@ERE@Q=H
#KPKO?KNPAOE=ĥSSSAGHELOALDKPK?KI
&HQWUR&DUPHOLWDV3DOHQTXH
´1RVVHQWLPRVFRQWHQWDVSRUTXH
DSUHQGLPRVFyPRLQYHUWLUQXHVWUR
FUpGLWRDQWHVQRVDEtDPRVVHSDUDU
ODJDQDQFLDGHORVJDVWRVSHUVRQDOHV
\ORGHOQHJRFLR$SUHQGLPRVTXH
HQWUHPiVVHLQYLHUWHPiVVHJDQD
WDPELpQDHVFXFKDUDWHQHUPiV
FRPXQLFDFLyQ(OWDOOHUQRVGLRiQLPR
SDUDVHJXLUHQHOFUpGLWRHQWHQGLPRV
FyPRFXLGDUHOGLQHUR\DHVWDPRV
SXHVWDVSDUDUHFLELUHOVLJXLHQWHµ
#QAJPAĥDPPLĥSSS=HOKH?DE=L=OKNC
3URWHMDVXGLQHUR
ZZZFRQGXVHIJREP[
1)"/,#&++ &"/,
%DQFDSRU
Internet
&XRWDDQXDO\PHQVXDOSRUHOXVRGHLQWHUQHW
¢7
AD=OQ?A@E@KMQAR=O
=H >=J?K = L=C=N PQ
P=NFAP= @A ?NË@EPK K =
LA@ENQJAOP=@K@A?QAJP=ULEAN
@AOPK@=H=I=Ò=J=AJťH=O
-QA@AO =DKNN=N PEAILK QO=J@K
H=ŏ>=J?=LKNEJPANJAPQJOANRE?EK
MQAKBNA?AJHKO>=J?KOL=N=NA=HEV=N
@ERANO=O KLAN=?EKJAO ?KIK L=CKO
@AP=NFAP=O@A?NË@EPKEILQAOPKOK
3URWHMDVXGLQHUR
ZZZFRQGXVHIJREP[
/12/,*±+!"7
OANRE?EKOĭC=OHQVPAHËBKJKPAHARE
OEÔJ @A L=C=
PN=JOBANAJ?E=O AHA?
PNÔJE?=O AJRÏK @A NAIAO=O ?KJ H=
RAJP=F= @A MQA LQA@AO QPEHEV=NHK
@AO@APQDKC=NQKť?EJ=
-=N= =??A@AN = H= >=J?= LKN
EJPANJAP@A>AOĮ
=
1AJAN QJ= ?QAJP= @A ?DA
MQAOKI=JAF=NQJ=P=NFAP=@A@Ë
>EPKKJÔIEJ=
>
0KHE?EP=NUťNI=NQJ?KJPN=PK
L=N==QPKNEV=NAOPAOANRE?EK
?
KJP=NKPAJAN=??AOK=QJ=
?KILQP=@KN= ?KJ OANRE?EK @A ?K
JATEÔJ = EJPANJAP =@AIÄO @A PA
JAN EJOP=H=@K QJ >QAJ =JPERENQO
L=N=AREP=NEJPNQOKOAJH=NA@
@
-A@EN=PQ>=J?KQJ@EOLKOE
PERK@AOACQNE@=@L=N=AREP=NLK
OE>HAOBN=Q@AO"JPNAHKOJKI>NAO
IÄO ?KIQJAO ?KJ MQA OA ?KJK
?AJ=AOPKO@EOLKOEPERKOPAJAIKOĮ
1KGAJ+APGAUAHH=RAAP?
??A@AN=AOPAPELK@AOANRE?EK
LQA@AOANCN=PQEPKKRAJEN=?KI
L=Ò=@K@AQJ=?KIEOEÔJIAJOQ=H
K =JQ=H MQA R=NÏ= @A =?QAN@K =H
PELK@ALNK@Q?PK?KJPN=P=@KĮ
=
0EAH>=J?K?K>N=QJ=?KIE
OEÔJLQA@A>NEJ@=NPAPK@=OKOÔHK
=HCQJ=O @A H=O KLAN=?EKJAO OEJ
?KOPK=@E?EKJ=H
>
0EJK?K>N=?KIEOEÔJAH>=J
?KLQA@A@=N=HCQJKOOANRE?EKOOEJ
?KOPK?KIK?KJOQHP=@AO=H@KIK
REIEAJPKOUPN=OL=OKOAJPNA?QAJ
P=O LNKLE=O @AH IEOIK >=J?K U OE
OA @AOA= NA=HEV=N QJ= KLAN=?EÔJ
=@E?EKJ=HOA?K>N=NÄQJ=?KIEOEÔJ
-=N= ?KJK?AN = @AP=HHA HKO OAN
RE?EKOMQA=LHE?=J=PQLNK@Q?PK
?KJOQHP==PQ>=J?KKREOEP=OQLÄ
CEJ=@AEJPANJAP
"JH=P=>H=PAIKOPN=IKOAH?KOPK@AHOANRE?EK@A>=J?=LKNEJPANJAPAJ=HCQJ=O?QAJP=O@A?DAMQAOĮ
&XRWD0HQVXDO
%DQFR
3URGXFWR
&XRWDPHQVXDOSRU
XVRGHLQWHUQHW
&XRWD$QXDO
%DQFR
3URGXFWR
&XHQWD/Ì'(53)01
&XHQWDHIH(PSUHVDULDO
&XHQWDGH&KHTXHV0DHVWUD
&XHQWDGH&KHTXHV0DHVWUD
3HUVRQDV)tVLFDV
&XHQWD9HUViWLO
&KHTVL3HUVRQDV)tVLFDV
&XHQWD3HUÀOHV
FRQHVTXHPDWDULIDULRGH
3DJRSRURSHUDFLyQUHDOL]DGD
&XHQWD0XOWLYD
(QODFH*OREDO303DJR)LMR
3OXV%;,
&XHQWD0DHVWUDPRQHGD
QDFLRQDO3HUVRQDV)tVLFDV
&XHQWD0DHVWUD
&XHQWDHIH
,[H&KHTXHV
&XHQWD0XOWLSOLFD
6XSHUFXHQWDFRQ&KHTXHV
&XRWDDQXDOSRUXVR
GHLQWHUQHW
,[H&XHQWD1yPLQD
&XHQWDGH&KHTXHV
VLQ,QWHUHVHV
&XHQWDÓQLFD7RWDO
3HUVRQDV0RUDOHV
#QAJPAĥ"H=>KN=@KLKN KJ@QOAB?KJ>=OAAJEJBKNI=?EÍJ@AH/ACEOPNK@A?KIEOEKJAONAH=PER=O
=?NÄ@EPKOUOANRE?EKO@AL=CK@A=J?K@A*ÄTE?K=,?PQ>NA@A KIEOEKJAOOEJ&3
KJK?ANPQLNK@Q?PKKOANRE?EKťJ=J?EANKPA=UQ
@=NÄ=E@AJPEť?=NOQO=H?=J?AOUHEIEP=?EKJAO
¢'HVHDVPiVLQIRUPDFLyQ"
&RQVXOWDPiVFRPLVLRQHVTXHDSOLTXHQDWXSURGXFWRYLVLWDQGR
HO5HJLVWURGHFRPLVLRQHVUHODWLYDVDFUpGLWRV\VHUYLFLRVGH
SDJRGH%DQFRGH0p[LFR
ZZZEDQ[LFRRUJP[
3URWHMDVXGLQHUR
ZZZFRQGXVHIJREP[
1)"/,#&++ &"/,
3URWHMDVXGLQHUR
ZZZFRQGXVHIJREP[
5HQGLPLHQWRV1HWRV
GHODV6LHIRUHV%iVLFDV
$)25(6
3OD]R\7DVDDQXDO
GHUHQGLPLHQWR
3DJDUpV3HUVRQDV)tVLFDV\0RUDOHV
,QVWLWXFLyQ
$OFLHUUHGHVHSWLHPEUHGH
6LHIRUH
6LHIRUH
6LHIRUH
6LHIRUH
%iVLFD
%iVLFD
%iVLFD
%iVLFD
6LHIRUH
%iVLFD
=ËKOU
IAJKNAO
AJPNAU
=ËKO
AJPNAU
=ËKO
AJPNAU
=ËKO
=ËKOU
I=UKNAO
#QAJPAĥ KJO=N=OALPEAI>NA@A EBN=OLNAAHEIEJ=NAO
+KP=ĥ"H?½H?QHK@AHKONAJ@EIEAJPKO?KJOE@AN=H=IAPK@KHKCÈ=@AO?NEP=AJH= EN?QH=N ,+0/
"OAHNAJ@EIEAJPKMQAK>PQREANKJHKO=?PERKO@AH=O0EABKNAO=JPAO@AH?K>NK@A?KIEOEKJAO
-NKIA@EKLKJ@AN=@KLKNAHR=HKN@AHKO=?PERKOJAPKO@AH=O0EABKNAO
+KP=Oĥ
)=O?EBN=OOKJLKN?AJP=FAO@ANAJ@EIEAJPKOJKIEJ=HAOAJPÄNIEJKO=JQ=HEV=@KO
"HNAJ@EIEAJPKK>OANR=@KAJAHL=O=@KJKAOC=N=JPÈ=@AH@AOAILAËKBQPQNK
¢4XpVRQODV6LHIRUHV"
0KJH=OAJ?=NC=@=O@AEJRANPENHKONA?QNOKO@APQ?QAJP=EJ@ERE@Q=H
L=N=K>PAJANNAJ@EIEAJPKOUD=?AN?NA?ANPQ@EJANK0KJKLAN=@=O
LKNPQBKNAUOQLANREO=@=OLKNH= KJO=N
¢(QTXp6LHIRUHHVWiV"
1QO=DKNNKOAOPÄJAJH=0EABKNAMQAPA?KNNAOLKJ@A?KJBKNIA=
H=A@=@*EAJPN=OIÄOFKRAJANAOIÄO@ERANOEť?=@=OOKJH=OEJ
RANOEKJAOMQAOAD=?AJ?KJPQONA?QNOKOUIEAJPN=OIÄO?AN?=JK
AOPÄO=HNAPENKPQOEJRANOEKJAOOKJIÄO?KJOANR=@KN=O
¢3DUDTXpVDEHUORVUHQGLPLHQWRVTXHRIUHFHWX$IRUH"
"OP=NAJQJ=BKNAMQAPA@ËQJI=UKN/AJ@EIEAJPK+APKLQA
@AD=?ANH=@EBANAJ?E=AJAHIKJPK@APQLAJOEÔJ/A?QAN@=MQA
LQA@AOPN=OL=O=NPQONA?QNOKOQJ=RAV=H=ÒK=H=@IEJEOPN=@K
N=@APQLNABANAJ?E=UQJ=OACQJ@=K?=OEÔJAJAH=ÒK=QJ=BK
NAMQAKBNAV?=I=UKNNAJ@EIEAJPK-QA@AO?=I>E=NPAAJ?Q=HMQEAN
IKIAJPKOEPQBKNAEJ?NAIAJP=H=?KIEOEÔJLKN=@IEJEOPN=?EÔJ
,QYHUVLyQHQPLOHV
GHSHVRV
'tDV
'tDV
'tDV
'HD
'HD
'HD
'HD
0iVGH
'HD
'HD
'HD
'HD
'HD
'HD
'HD
'HD
'HD
0iVGH
'HD
'HD
'HD
'HD
0DVGH
'HD
'HD
'HD
'HD
'HD
0DVGH
'HD
'HD
'HD
'HD
'HD
'HD
0DVGH
'HD
'HD
'HD
'HD
'HD
'HD
'HD
0iVGH
'HD
'HD
'HD
'HD
'HD
0iVGH
'HD
'HD
0DVGH
'HD
'HD
'HD
0DVGH
1'
1'
1'
Inflación 3.70%**
1=O=NQP=ĥ=JPAO@AEILQAOPKO
&Jʼn=?EÍJ=OALPEAI>NA@A@AHKO
ÒHPEIKOIAOAO
+!ĥ+K!EOLKJE>HA
!=PKO=K?PQ>NA@A
#QAJPAĥ"H#EJ=J?EANKU=J?K@A*ÄTE?K
3URWHMDVXGLQHUR
ZZZFRQGXVHIJREP[
F R Q G X OH W U D V
',0±*/µ/*2/2
11. Cómo se le conoce a los eventos altamente
improbables.
12. Cuál es la ciencia que etimológicamente significa “Leyes de la casa”.
13. Cómo se le conoce al registro de ingresos y a la
planeación de los gastos en un periodo de tiempo.
14. Forma de enviar dinero de Estados Unidos a
México.
15. Título de crédito que opera en el mercado de
valores.
16. Siglas de la autoridad que supervisa a las Casas de Empeño.
17. Operación pasiva que no pueden realizar las
Sofomes.
18. Siglas de la autoridad que va supervisar los seguros básicos.
19. Quién se encarga de coordinar el sistema de
pagos en el país.
20. Quién calcula la inflación en México.
3/,5#)¼.
C
I
S
N
E
N
E
G
R
O
E
D
I
Z
O
S
W
Y
Q
1. Es una de las fiestas más importantes del
Cristianismo.
2. Qué significa la etimología de la palabra Navidad.
3. En dónde fue el primer banquete de Navidad en
el que se festejó el nacimiento de Jesús de Nazaret.
4. Cómo se le conoce a la Navidad en las lenguas
germánicas.
5. Fiesta popular que recuerda el trayecto de San
José y la Virgen María para llegar a Belén.
6. Cantos alusivos al nacimiento del Hijo de Dios.
7. Ingreso que se guarda, con objeto de utilizarlo en
un futuro cercano.
8. Cuál es la operación bancaria similar al factoraje
financiero.
9. Cómo se le conoce a la garantía constituida sobre
bienes muebles.
10. Ingreso que se deposita a plazos largos con la finalidad de acrecentarlo.
C
I
S
N
E
N
E
G
R
O
E
D
I
Z
O
S
W
Y
Q
B
A
N
C
O
D
E
M
E
X
I
C
O
A
T
X
I
H
A
B
A
N
C
O
D
E
M
E
X
I
C
O
A
T
X
I
H
A
I
L
T
R
E
M
E
S
A
A
P
R
O
F
E
C
O
S
D
I
L
T
R
E
M
E
S
A
A
P
R
O
F
E
C
O
S
D
P
P
R
E
S
U
P
U
E
S
T
O
C
L
E
P
P
B
N
P
P
R
E
S
U
P
U
E
S
T
O
C
L
E
P
P
B
N
S
O
F
O
M
T
I
D
E
P
O
S
I
T
O
O
M
W
E
S
O
F
O
M
T
I
D
E
P
O
S
I
T
O
O
M
W
E
A
N
R
C
N
S
F
T
S
N
T
O
X
N
A
C
N
C
R
A
N
R
C
N
S
F
T
S
N
T
O
X
N
A
C
N
C
R
E
I
S
S
P
O
N
X
O
E
E
C
O
O
O
F
X
Y
P
E
I
S
S
P
O
N
X
O
E
E
C
O
O
O
F
X
Y
P
N
T
S
A
I
T
O
H
E
T
A
I
T
I
N
E
G
I
W
N
T
S
A
I
T
O
H
E
T
A
I
T
I
N
E
G
I
W
N
N
A
D
N
N
P
D
R
H
S
C
N
S
S
P
M
O
X
N
N
A
D
N
N
P
D
R
H
S
C
N
S
S
P
M
O
X
O
A
V
A
E
E
I
A
C
C
U
N
E
R
Z
X
V
R
K
O
A
V
A
E
E
I
A
C
C
U
N
E
R
Z
X
V
R
K
P
T
I
S
E
U
D
D
S
A
R
A
I
E
Q
C
Z
R
U
P
T
I
S
E
U
D
D
S
A
R
A
I
E
Q
C
Z
R
U
U
S
S
O
I
C
R
I
S
N
P
L
M
V
R
P
O
O
T
U
S
S
O
I
C
R
I
S
N
P
L
M
V
R
P
O
O
T
S
N
A
P
S
S
R
V
Q
H
W
L
I
N
R
O
U
H
C
S
N
A
P
S
S
R
V
Q
H
W
L
I
N
R
O
U
H
C
E
O
O
N
O
E
B
A
R
I
N
I
C
I
O
V
I
A
Y
E
O
O
N
O
E
B
A
R
I
N
I
C
I
O
V
I
A
Y
W
C
M
V
D
D
P
N
E
E
D
V
A
C
P
C
H
L
S
W
C
M
V
D
D
P
N
E
E
D
V
A
C
P
C
H
L
S
R
E
C
O
N
O
M
I
A
W
F
B
N
O
X
X
X
M
V
R
E
C
O
N
O
M
I
A
W
F
B
N
O
X
X
X
M
V
C
E
R
T
I
F
I
C
A
D
O
B
U
R
S
A
T
I
L
C
E
R
T
I
F
I
C
A
D
O
B
U
R
S
A
T
I
L
Tu opinión es importante. Envía tus comentarios, opiniones y sugerencias a:
[email protected]
O llámanos al tel:
01 800 999 80 80
“La información es tu ganancia”
01 800 999 80 80
Para presentar reclamaciones es necesario acudir a cualquiera de nuestras 32 delegaciones regionales,
a las 3 delegaciones metropolitanas o la delegación central de Condusef ubicada en:
Av. Insurgentes Sur No. 762, Col. Del Valle,
Delegación Benito Juárez, C.P. 03100, México, D.F.
$*8$6&$/,(17(6
!V&RANCISCO)-ADERO.O
:ONA#ENTRO!GUASCALIENTES!GS
#0
DJVFRQG#FRQGXVHIJREP[
%$-$&$/,)251,$
*OSÏ-A6ELASCO.O0"
:ONA2IO4IJUANA"##0
EFQFRQG#FRQGXVHIJREP[
%$-$&$/,)251,$685
!V"AJA#ALIFORNIA.O
%NTRE)GNACIO!LLENDEY.ORMAL
5RBANA&RACC0ERLA,A0AZ"#3
#0
EFFRQG#FRQGXVHIJREP[
&$03(&+(
#ALLEØ0ASEODELOS(ÏROES
.O!"ARRIO3AN2OMÉN
#AMPECHE#AMP#0
FDPSFRQG#FRQGXVHIJREP[
&2$+8,/$
"LVD)NDEPENDENCIA.O/TE
0LANTABAJA,OCALh!v#OL%STRELLA
4ORREØN#OAH#0
FRDKFRQG#FRQGXVHIJREP[
&2/,0$
!V#ONSTITUCIØN.O,OCAL
Y#OL2ESIDENCIALLOS/LIVOS
#OLIMA#OL#0
FROFRQG#FRQGXVHIJREP[
&+,$3$6
!V#ENTRAL0ONIENTE.O
%SQ0ONIENTE3UR#OL#ENTRO
4UXTLA'UTIÏRREZ#HIS#0
FKLVFRQG#FRQGXVHIJREP[
&+,+8$+8$
!V&RANCISCO:ARCO.O
#OL*ARDINESDEL3ANTUARIO
%SQ#ALLE'UILLERMO0RIETO
#HIHUAHUA#HIH#0
FKLKFRQG#FRQGXVHIJREP[
&'-8È5(=&+,+
#ENTRO#OMERCIAL'ALERÓAS4%#
,OCAL!0LANTA!LTA#OL&UENTES
DEL6ALLE#D*UÉREZ#HIH
#0
MXDFRQG#FRQGXVHIJREP[
'85$1*2
(IDALGO.O.ORTE:ONA#ENTRO
$URANGO$GO#0
GJRFRQG#FRQGXVHIJREP[
(67$'2'(0(;,&2
!VDEMAYO.OLOCAL
h0LAZA#OMERCIAL6ALLE$ON#AMILOv
&RACC6ALLE$ON#AMILO
4OLUCA%DODE-EX#0
PH[FRQG#FRQGXVHIJREP[
*8$1$-8$72
#ALZDELOS(ÏROES.O
#OL!NDRADE,EØN'TO#0
JWRFRQG#FRQGXVHIJREP[
*8(55(52
!V#OSTERA-IGUEL!LEMÉN.O
-EZANINE%DIlCIO.AlN
&RACC-AGALLANES!CAPULCO'RO
#0
JURFRQG#FRQGXVHIJREP[
+,'$/*2
"LVD%VERARDO-ÉRQUEZ0ISO
#OL0ERIODISTAS%DIlCIODE)NFONAVIT
0LAZA"ELLA0ACHUCA(GO
#0
KJRFRQG#FRQGXVHIJREP[
-$/,6&2
%DIlCIOh#IMAv,ØPEZ#OTILLA
.ODOYTOPISO
#OL!RCOS3UR'UADALAJARA*AL
#0
MDOFRQG#FRQGXVHIJREP[
18(92/(Ï1
-ORELOS.O/RIENTEªPISO
#ONDOMINIOh-ONTERREYv
:ONA#ENTRO-ONTERREY.,
#0
QOFRQG#FRQGXVHIJREP[
7$0$8/,3$6
­LVARO/BREGØN.O/RIENTE
0LANTAALTAENTRE/LMOSY#OLØN
#OL#ENTRO4AMPICO4AMPS
#0
WDPSVFRQ#FRQGXVHIJREP[
2$;$&$
!V(IDALGO.ODESPAL
#OL#ENTRO/AXACA/AX#0
RD[FRQG#FRQGXVHIJREP[
7/$;&$/$
!V-ARIANO3ÉNCHEZ.OCASI
ESQUINACON'UERRERO#OL#ENTRO
4LAXCALA4LAX#0
WOD[FRQG#FRQGXVHIJREP[
38(%/$
"OULEVARD,IBRAMIENTO3AN*UAN
%STEBANDE!NTU×ANO.OLOCAL
"#OL!MPLIACIØN2EFORMA3URLA
,IBERTAD0UEBLA0UE#0
SXHFRQG#FRQGXVHIJREP[
48(5e7$52
!V:ARAGOZA0ONIENTE.O
%DIlCIO4ORRE!ZULPISO#OL#ENTRO
1UERÏTARO1RO#0
TURFRQG#FRQGXVHIJREP[
48,17$1$522
!V4ULUM.OY
%SQ#ALLE!GUA-ZA.O
3UPERMANZANA.O
#ANCÞN12OO#0
TUFRQG#FRQGXVHIJREP[
6$1/8,632726Ë
!V2EALDE,OMAS.OPLANTA
BAJA&RACC,OMASCUARTASECCIØN
3AN,UIS0OTOSÓ3,0#0
VOSFRQG#FRQGXVHIJREP[
0,&+2$&È1
!V#AMELINAS.ODESP
&RACC,AS!MÏRICAS-ORELIA-ICH
#0
PLFKFRQG#FRQGXVHIJREP[
6,1$/2$
!V)NSURGENTES3UR.O!
#OL#ENTRO3INALOA#ULIACÉN3INALOA
#0
VLQFRQG#FRQGXVHIJREP[
025(/26
!V!LTA4ENSIØN.OESQUINA
'USTAVO$ÓAZ/RDAZ#OL#ANTARRANAS
#UERNAVACA-OR#0
PRUFRQG#FRQGXVHIJREP[
62125$
$R)GNACIO0ESQUEIRA.O
%SQCON-ADRID
#OL0RADOSDEL#ENTENARIO
(ERMOSILLO3ON#0
VRQFRQG#FRQGXVHIJREP[
1$<$5,7
#ALLE3AN,UIS3URPLANTABAJA
#OL#ENTRO4EPIC.AY#0
QD\FRQG#FRQGXVHIJREP[
53 400 999
0ARAEL$&YÉREAMETROPOLITANA
7$%$6&2
6IVEROS.O0LAZA#ASCADA
&RACC(ERIBERTO+EHOE
6ILLAHERMOSA4AB#0
WDEFRQG#FRQGXVHIJREP[
9(5$&58=
&RAY"ARTOLOMÏDELAS#ASAS
.OENTRE4UERO-OLINAY
-ANUEL!LTAMIRANO#OL)GNACIO
:ARAGOZA6ERACRUZ6ER#0
YHUFRQG#FRQGXVHIJREP[
<8&$7È1
#ALLE.OESQCON!
&RACC'ONZALO'UERRERO
-ÏRIDA9UC#0
\XFFRQG#FRQGXVHIJREP[
=$&$7(&$6
"LVD!DOLFO,ØPEZ-ATEOS.ORTE
.O,ETRA#)NTERIOR
#OL#ENTRO:ACATECAS:AC
#0
]DFFRQG#FRQGXVHIJREP[
'(/(*$&,21(63$5$(/')
<È5($0(75232/,7$1$
1257(
0ROL-OLIÒRE.O#ERPISO
#OL!MPLIACIØN'RANADA
$EL-IGUEL(IDALGO-ÏXICO$&
#0
PHQFRQG#FRQGXVHIJREP[
25,(17(
0LAZA%RMITA!V%RMITA)ZTAPALAPA
.OESQUINACON%JE/RIENTE
,OCALESY%#OL0ROGRESODEL
3UR$ELEGACIØN)ZTAPALAPA
-ÏXICO$&#0
PHRUFRQG#FRQGXVHIJREP[
685
#ANDELARIA.O#OL,OS2EYES
#OYOACÉNENTRE0ACÓlCOY$IVISIØN
DEL.ORTE$EL#OYOACÉN-ÏXICO$&
#0
PHVFRQG#FRQGXVHIJREP[
ZZZFRQGXVHIJREP[