HQIRFR EHORMDUGLP
$QR ;, 1ěPHUR RXWXEUR GH %HOR -DUGLP 3( H 5HJLÊR
1RYD JHVWmR GR &HQWUR GH $UWHVDQDWR 7DUHFR H 0DULROD SODQHMD DWp GH]HPEUR UHYLWDOL]DU R HVSDoR 'PUP 4JEOFZ 1FSFJSB
$PN FTTB SFWJUBMJ[BÎÍP B OPWB HFTUÍP CVTDB BHSFHBS OPWPT BSUFTÍPT BP 5BSFDP F .BSJPMB BVNFOUBS B WJTJCJMJEBEF EP FTQBÎP OBT SFEFT TPDJBJT F WBMPSJ[BS BJOEB NBJT B JNQPSUÉODJB EB BSUF EP CFMP KBSEJOFOTF 1PSÏN JTUP TØ Ï QPTTÓWFM DPN BQPJP EB DPNVOJEBEF RVF QSFDJTB DPOTVNJS F WBMPSJ[BS PT BSUJTUBT MPDBJT EFTUB NBOFJSB Ï QPTTÓWFM DSFTDFS F NPTUSBS OPTTB DVMUVSB %FOUSP EP BUVBM QMBOP FTUÈ QSFWJTUP VNB NVEBOÎB OP IPSÈSJP EF GVODJPOBNFOUP EP FTQBÎP F VNB QSPHSBNBÎÍP FTQFDJBM EF /BUBM RVF JOJDJBSÈ FN OPWFNCSP $ $PSUFTJB ćJBHP %JBT
(PSUHHQGHGRUHV JDQKDP GHVWDTXH HP %- H FRQTXLVWDP VXFHVVR ID]HQGR R TXH DPDP $ 0 EFTBĕP F P TPOIP EF FNQSFFOEFS GB[ QBSUF EF VN HSVQP EF QFTTPBT WJTJPOÈSJBT RVF CVTDBN WBMPSJ[BÎÍP EP TFV USBCBMIP ĕEFMJEBEF Ë TVB WJTÍP DSJBUJWB NFMIPS PQPSUVOJEBEFT EF OFHØDJP F NBJT RVBMJEBEF EF WJEB & ÈSFBT RVF BCSBÎBN FTTBT QSFNJTTBT TÍP NPEB F CFMF[B 1PS JTTP P &OGPDP PVWJV EPJT FNQSFFOEFEPSFT RVF UÐN GFJUP TVDFTTP 7JMNBSB 4BOUPT NBRVJBEPSB F JOĘVFODFS EJHJUBM OB ÈSFB F 3POZ 1FSFJSB FTUJMJTUB F QSPQSJFUÈSJP EB NBSDB EF SPVQBT (BUB 3BCBOOJ RVF % CVTDB SFTQFJUBS B NVMIFS SFBM F BUFOEFS BPT TFVT BOTFJPT
2XWXEUR 5RVD PLWRV H YHUGDGHV VREUH R FkQFHU GH PDPD $
(QFRQWUR GH 7DWXDGRUHV DFRQWHFH HP QRYHPEUR $
#RTXHWHPHPEM WUD] D YLVLRQiULD 'RQD &RQFHLomR 0RXUD %
1R $U &RTXHWHO 0RORWRY GLYXOJD SURJUDPDomR % % FRPSOHWD
&LGDGH
I HQIRFR EHORMDUGLP MRUQDOHQIRFREM#JPDLO FRP
$ %HOR -DUGLP $QR Qลถ RXWXEUR GH
%HOR -DUGLP UHFHEH ย (QFRQWUR GH 7DWXDGRUHV HP RXWXEUR H YHP FRP QRYLGDGHV GH YiULRV VHJPHQWRV
0
&ODPOUSP EF 5BUVB EPSFT EF #FMP +BS EJN OP "HSFTUF QFS OBNCVDBOP FTUร OB TVB ยก FEJ ร ร P DIFJB EF OPWJEBEFT QBSB Wร SJPT Qร CMJDPT 4ร P NBJT EF UBUVBEPSFT EF EJWFSTBT SFHJร FT POEF P WJTJUBOUF QPEF Sร DPOIFDFS BMร N EF GB[FS UBUV BHFOT DPN HSBOEFT BSUJTUBT UBUVBEPSFT F BNBOUFT EP RVF GB[ 0 &ODPOUSP BDPOUFDF FOUSF PT EJBT F EF OPWFNCSP OP )PUFM -BDB[[POB EBT I ร T I /FTUF BOP BMร N EF DPO DVSTPT XPSLTIPQT F QSFNJB ร ร FT B OPWJEBEF EFTUB WF[ ร
RVF P FODPOUSP DPOUBSร DPN TUBOET RVF UFSร P NBRVJBHFOT FTUJMJ[BEBT FTNBMUFSJB DPSUF EF DBCFMPT SBEJDBJT F UJOUVSBT FTUJ MJ[BEBT EFTJHOFS EF TPCSBODF MIBT )BNCVSHVFSJB (PVSNFU BSUFTร T $P[JOIB #SVYB MPKB EPT OFSET SPVQBT QFSTPOBMJ[B EBT DBDIBร BSJB F HBNFT i&TUB NPT UFOUBOEP GB[FS VN FWFOUP NBJT PSHBOJ[BEP &N RVFTUร P EP MPDBM TFSร NFMIPS EP RVF PT EPT PVUSPT BOPT BMร N EF USB[FS VN Qร CMJDP WBSJBEP DPN BUSB UJWPT EJGFSFOUFTw SFMBUB P JEFB MJ[BEPS EP FWFOUP -FPOBSEP .BSDPT DPOIFDJEP DPNP -FP 5BUUPP
5BNCร N IBWFSร BUSB ร ร FT NVTJDBJT %+ TVTQFOร ร P DPSQPSBM F VNB .JTT 5BUUPP #FMP +BSEJN TFSร TFMFDJPOBEB 0 FWFOUP UFN DPNP PCKFUJWP QSPNPWFS P JOUFSDร NCJP FOUSF UBUVBEPSFT BMร N EF QPQVMBSJ [BS B BSUF EB UBUVBHFN OB SFHJร P i0 FWFOUP FTUF BOP TFSร VN EPT NFMIPSFT RVF Kร BDPO UFDFSBNw Bฤ SNB -FP 5BUUPP &N CSFWF TFSร EJWVMHBEP RVFN TFSร P BT BUSBร ร FT NVTJDBJT RVF GBSร P BQSFTFOUBร ร FT OP FODPO USP
*OHSFTTPT QBSB P &ODPOUSP EF 5BUVBEPSFT TFSร P WFOEJEP B QBSUJS EP EJB EF PVUVCSP 0 WBMPS EP JOHSFTTP QBSB P ย &ODPOUSP EF 5BUVBEPSFT EF #FMP +BSEJN FTUร QPS 3 LH EF BMJNFOUP Oร P QFSFDร WFM "T WFOEBT DPNFร BN B QBSUJS EP EJB EF PVUVCSP OP 4UVEJP EF -ร P 5BUUPP RVF ฤ DB MPDBMJ[BEP OB 1SBร B 1BESF $JDFSP BP MBEP EF #FUร OJB .BTTBT 1BSB DBEB EJB EP FWFOUP ร VNB QVMTFJSB EJGF SFOUF DPN JTTP RVFN RVJ TFS JS PT EPJT EJBT ร OFDFT
Tร SJP DPNQSBS EPJT JOHSFT TPT 0 RVJMP EF BMJNFOUP EFWFSร TFS FOUSFHVF OP BUP EB DPNQSB FMFT TFSร P EPB EPT QBSB P -BS EPT *EPTPT RVF ฤ DB MPDBMJ[BEP OB "WFOJEB EP #PN $POTF MIP QBSB B GFTUB OBUBMJOB EB JOTUJUVJร ร P TFHVOEP P PSHBOJ[BEPS EP &ODPOUSP -FPOBSEP .BSDPT DPOIF DJEP DPNP -FP 5BUUPP /P &ODPOU SP EF 5BUVBEPSFT EF #FMP KBSEJN UBNCร N TFSร TFMFDJPOB
VNB .JTT 5BUUPP EP NVOJ D ร Q J P " T D B O E J E BU B T EFWFN UFS OP Nร OJNP BOPT F BT JOTDSJร ร FT Tร P HSBUVJUBT F QPEFN TFS SFB MJ[BEBT QPS F NBJM NJTT UBUUPPCKQF!HNBJM DPN PV QPS 8IBUTBQQ POEF SFDFCF Sร P UPEBT BT JOGPSNBร ร FT OFDFTTร SJBT 0 EFTฤ MF BDPO UFDFSร OP EJB EF OPWFN CSP ร T I OP NFTNP MPDBM EP &ODPOUSP i0 $PO DVSTP ร QFOTBEP FN BMHP
WPMUBEP QBSB B WBMPSJ[Bร ร P GFNJOJOB BMร N EF VN EJGF SFODJBM QSB P FWFOUP F QSB NVMIFSBEB RVF QBSUJDJQBw
&WFOUP WBJ DPOUBS DPN B QBSUJDJQBร ร P EF PVUSPT TFHNFOUPT BKVEBS P MBS EPT *EPTPT F BJOEB FTDPMIFS B .JTT 5BUPP
(;3(',(17( 'LUHWRULD ([HFXWLYD 6LOYDQD *DOYร R 'LUHWRUD ([HFXWLYD 'HSDUWDPHQWR &RPHUFLDO $OFLQHLGH 6DQWRV
'HSDUWDPHQWR GH -RUQDOLVPR xULND 7UDYDVVRV -RUQDOLVWD HGLWRUD '57 3(
6LGQH\ 3HUHLUD 5HSฤ UWHU 'LDJUDPDร ร R H UHGHV VRFLDLV #HWFRPXQLFDFDR
)$/( &2126&2 MRUQDOHQIRFREM#JPDLO FRP )DFHERRN ,QVWDJUDP HQIRFR EHORMDUGLP
SFMBUB "MJOF ,FMMZ DSJBEPSB EP .JTT 5BUUPP %B BTTFTTPSJB
2V FRQWHฤ GRV GDV SURSDJDQGDV H RSLQLฤ HV GH WHUFHLURV Qร R QHFHVVDULDPHQWH UHIOHWHP D RSLQLร R GR (QIRFR ORJR Qร R QRV UHVSRQVDELOL]DPRV SRU VHXV FRQWHฤ GRV
(QIRFR GLJLWDO
/HLD WRGDV DV HGLร ฤ HV GD YHUVร R GLJLWDO GR -RUQDO (QIRFR WRWDOPHQWH JUDWXLWR
5XD 5DLPXQGR GH 0RUDHV &HQWUR (GLItFLR - ' VDODV H &(3 %HOR -DUGLP 3( )RQH )D[ ( PDLO DVVHWDELOH#KRWPDLO FRP
&LGDGH
I HQIRFR EHORMDUGLP MRUQDOHQIRFREM#JPDLO FRP
$ %HOR -DUGLP $QR QŶ RXWXEUR GH
&HQWUR GH $UWHVDQDWR GH %HOR -DUGLP YDL SDVVDU SRU UHYLWDOL]DomR %B SFEBÎÍP 4JEOFZ 1FSFJSB KPSOBMFOGPDPCK!HNBJM DPN
0
$FOUSP 5BSFDP F .BSJP MB WFN QBTTBOEP QPS NVEBOÎBT EF HFTUÍP EFTEF B NPSUF EF TVB GVOEBEPSB FN NBSÎP EFTUF BOP %POB $PODF JÎÍP .PVSB FSB DP GVOEBEPSB EP (SVQP .PVSB 0T BUVBJT SFTQPOTÈ WFJT QFMP FTQBÎP RVFSFN DBQUBS F GFDIBS OPWBT QBSDFSJBT DPN BSUF TÜFT MPDBJT OP JOUVJUP EF RVF B BSUF CFMP KBSEJOFOTF DPOUJOVF GPSUF F TFOEP CFN WJTUB QFMPT UVSJTUBT RVF WJTJUFN B DJEBEF 0T BSUFTÜFT BTTPDJBEPT FN TVB NBJPSJB TÍP NPSBEPSFT EB ;POB 3VSBM F RVF DSJBN TVBT PCSBT VTBOEP PCSB QSJNB SFUJSBEB EB UFSSB TFOEP NBJT FTQFDÓĕDP o P CBSSP NBUFSJBM RVF Ï NVJUP DPNVN BJOEB NBJT OB 3FHJÍP "HSFTUF OB RVBM #FMP +BSEJN Ï TJUV BEB "PT JOUFSFTTBEPT FN FYQPS PCSBT F PV QSPEVUPT OP $FOUSP EF "SUFTBOBUP Ï OFDFTTÈSJP SFBMJ[BS JOTDSJÎÍP OP MPDBM F TVCNFUÐ MBT B BOÈMJTF EB DVSBEPSJB %F BDPSEP DPN )PSUÐOTJB -VDFOB BUVBM HFT UPSB VN EPT QSÏ SFRVJTJUPT EB BWB
MJBÎÍP EBT PCSBT Ï RVF FMBT EFWFN TFS QSPEV[JEBT QFMP BSUFTÍP F EBOEP NBJT EFUBMIFT DPNQMFUPV JOGPSNBOEP RVF PT BTTPDJBEPT BP FTQBÎP UÐN WBOUBHFOT i6N HSBO EF EJGFSFODJBM EPT RVF TF BTTPDJBN BP 5BSFDP Ï RVF QPEFN FYQPS TVB BSUF FN GFJSBT F FWFOUPT EP TFHVJ NFOUP w JOGPSNB )PSUÐOTJB 6N FYFNQMP EF HSBOEF QFTP FN OPTTP FTUBEP Ï B 'FOFBSUF o 'FJSB *OUFS OBDJPOBM EF "SUFTBOBUP EF 1FS OBNCVDP "T JOTDSJÎÜFT QBSB TFS BTTP DJBEP BDPOUFDFN BUÏ ĕOBM EF PVUV CSP F QBSB QSFFODIFS GPSNVMÈSJP Ï OFDFTTÈSJP BQFOBT EPDVNFOUP DPN GPUP 3( PV $/) $1' F DPNQSPWBOUF EF SFTJEÐODJB &N TVBT PCSBT PT BSUFTÜFT HFSBMNFOUF SFUSBUBN VNB SFBMJEBEF WJWJEB QPS FMFT F UBOUPT PVUSPT NPSBEPSFT EB DJEBEF RVF WJWFN EF GPSNB TJN QMFT F NPTUSBN FTTB TJNQMJDJEBEF OB BSUF RVF QSPEV[FN TFKBN OBT FTDVMUVSBT EF CBSSP F NBEFJSB WPDÐ FODPOUSB EFTEF BOJNBJT SFDPSUFT EF QBJTBHFOT DPNP ÈSWPSFT F BUÏ NFTNP BMHVNBT QSPĕTTÜFT TFOEP SFQSFTFOUBEBT OP CBSSP 'PUP 4JEOFZ 1FSFJSB
'PUP 4JEOFZ 1FSFJSB
7ÈSJBT PCSBT F BSUJHPT EF EFDPSBÎÍP FYQPTUPT OP IBMM EF FOUSBEB 'PUP 4JEOFZ 1FSFJSB
.BT OP DFOUSP QPEF 5BSFDP F .BSJPMB ĕDB ËT NBSHFOT EB #3 TF FODPOUSBS WÈSJPT 1BTTBHFN PCSJHBUØSJB QBSB RVFN WJTJUB #+ UJQPT EF PCSBT F BSUJ H P T G F J U P T D P N EJWFSTPT NBUFSJBJT 0 DFOUSP RVF FYJTUF BUVBMNFOUF GPJ GVO E B E P F N E F EF[FNCSP EF F FTUF BOP FMF DPN QMFUBSÈ USF[F BOPT EF FYJTUÐODJB " OPWB NVEBOÎB OB HFTUÍP F FTUSVUVSB EP DFOUSP WFN FN CPN NPNFOUP B NV E BO Î B G B [ T F OFDFTTÈSJP %F PVUV CSP BUÏ EF[FNCSP T F S È F Y F D V U B E P NVEBOÎB EF MBZPVU EF FYQPTJÎÍP EPT QSPEVUPT QPS UJQP MPHJB .BT BMÏN EP DJUBEP IBWFSÈ UBN CÏN B JNQMBOUBÎÍP E F V NB D BOU J OB EBS WJTJCJMJEBEF F SFDPOIFDJNFOUP QBSB WFOEB EF DBGÏ FYQSFTTP HFMFJBT CJTDPJUPT UPSSB Ë DSJBUJWJEBEF EF VN QPWP 6N EBT F MJDPSFT BSUFTBOBJT BP QÞCMJDP FTQBÎP EF SFGPSÎP Ë JEFOUJEBEF EP " QBSUJS EP ÞMUJNP ĕOBM EF &TUBEP EF 1FSOBNCVDP w GBMPV TFNBOB EFTUF NÐT P 5BSFDP F .BSJ %POB $PODFJÎÍP .PVSB RVBOEP PMB QBTTBSÈ B GVODJPOBS OPT TÈCB P DFOUSP EF BSUFTBOBUP GPJ GVOEBEP EPT F EPNJOHPT /FTUF NFTNP F OB ÏQPDB FMB BTTVNJB DPNP QFSÓPEP TFSÈ EBEP JOÓDJP B QSPHSB TFDSFUÈSJB EF UVSJTNP DVMUVSB F NBÎÍP EF /BUBM F OP JOÓDJP EF QBJTBHJTNP EP NVOJDÓQJP " BSUF OPWFNCSP TFSÈ GFJUP BCFSUVSB DPN EP CFMP KBSEJOFOTF QSFDJTB FYJTUJS BQSFTFOUBÎÜFT QBSRVFT QBSB DSJ F SFTJTUJS DPN BQPJP EB DPNVOJEB EF F WBMPSJ[BÎÍP EFTUF FTQBÎP BOÎBT F GFJSBT UÓQJDBT 0 CFMP KBSEJOFOTF QSFDJTB WBMPSJ[BS NBJT P RVF Ï QSPEV[JEP OB DJEBEF F TBCFS QSFTFSWBS TVB DVMUVSB F BUÏ NFTNP DPNÏSDJP Ï QPS FTUF NPUJWP RVF FYJTUF 5BSFDP F .BSJPMB i.BJT RVF VN FNQSFFO EJNFOUP VN TPOIP SFBMJ[BEP QBSB
'PUP 4JEOFZ 1FSFJSB
5SBCBMIBEPS SVSBM DBOHBDFJSP F NÞTJDP TÍP BMHVNBT EBT QSPĕTTÜFT SFUSBUBEBT OP CBSSP
6D~GH
I HQIRFR EHORMDUGLP MRUQDOHQIRFREM#JPDLO FRP
$ %HOR -DUGLP $QR QŶ RXWXEUR GH
2XWXEUR 5RVD PLWRV H YHUGDGHV VREUH R &kQFHU GH 0DPD
0
DÉODFS EF NBNB Ï TFHVOEP UJQP RVF NBJT BDPNFUF CSB TJMFJSBT SFQSFTFOUBOEP FN UPSOP EF EF UPEPT PT DÉODFSFT RVF BGFUBN P TFYP GFNJOJOP 1BSB P #SBTJM GPSBN FTUJNBEPT DBTPT OPWPT EF DÉODFS EF NBNB FN DPN SJTDP FTUJNBEP EF DBTPT B DBEB NJM NVMIFSFT 0T QSJODJQBJT TJOBJT F TJOUPNBT EB EPFOÎB TÍP DBSP ÎP OØEVMP HFSBMNFOUF FOEVSFDJEP ĕYP F JOEPMPS QFMF EB NBNB BWFSNFMIBEB PV QBSFDJEB DPN DBTDB EF MBSBOKB BMUFSBÎÜFT OP CJDP EP Q FJUP NBNJMP F TBÓEB FTQPOUÉOFB EF MÓRVJEP EF VN E P T N B N J M P T 5B N C Ï N QPEFN BQBSFDFS QFRVFOPT OØEVMPT OP QFTDPÎP PV OB SFHJÍP FNCBJYP EPT CSBÎPT BYJMBT /ÍP IÈ VNB DBVTB ÞOJDB QBSB P DÉODFS EF NBNB %JWFSTPT BHFOUFT FTUÍP SFMBDJPOBEPT BP EFTFO WPMWJNFOUP EB EPFOÎB FOUSF BT NVMIFSFT DPNP FOWFMIF DJNFOUP RVBOUP NBJT JEBEF
NBJPS P SJTDP EF UFS B EPFO ÎB GBUPSFT SFMBDJPOBEPT Ë WJEB SFQSPEVUJWB EB NVMIFS JEBEF EB QSJNFJSB NFOTUSV BÎÍP UFS UJEP PV OÍP ĕMIPT UFS PV OÍP BNBNFOUBEP JEBEF FN RVF FOUSPV OB NFOPQBVTB IJTUØSJDP GBNJ MJBS EF DÉODFS EF NBNB DPO TVNP EF ÈMDPPM FYDFTTP EF QFTP BUJWJEBEF GÓTJDB JOTVĕ DFOUF F FYQPTJÎÍP Ë SBEJBÎÍP JPOJ[BOUF " QSÈUJDB EF BUJWJEBEF GÓTJDB F EF BMJNFOUBÎÍP TBV EÈWFM DPN NBOVUFOÎÍP EP QFTP DPSQPSBM BEFRVBEP FTUÍP BTTPDJBEBT B NFOPS SJTDP EF EFTFOWPMWFS DÉODFS EF NBNB DFSDB EF EPT DBTPT QPEFN TFS FWJUBEPT " BNBNFOUBÎÍP UBNCÏN Ï DPO TJEFSBEB VN GBUPS QSPUFUPS /PT ÞMUJNPT BOPT P */$" *OTUJUVUP /BDJPOBM EP $ÉODFS UFN USBCBMIBEP DPN B QPQVMBÎÍP GFNJOJOB B JNQPSUÉODJB EF iFTUBS BMFSUBw B RVBMRVFS BMUFSBÎÍP TVTQFJUB OBT NBNBT FTUSBUÏHJB EF DPOTDJFOUJ[BÎÍP BTTJN DPNP UFN EFTFOWPMWJEP BÎÜFT DPN HFTUPSFT F QSPĕTTJ
POBJT EF TBÞEF TPCSF B JNQPSUÉODJB EP SÈQJEP FODB NJOIBNFOUP QBSB B JOWFTUJ HBÎÍP EJBHOØTUJDB EF DBTPT TVTQFJUPT F JOÓDJP EP USBUB NFOUP BEFRVBEP RVBOEP DPOĕSNBEP P EJBHOØTUJDP "MÏN EF FTUBSFN BUFO UBT BP QSØQSJP DPSQP NVMIF SFT EF B BOPT EFWFN GB[FS NBNPHSBĕB EF SBTUSFB NFOUP B DBEB EPJT BOPT &TTF FYBNF QPEF BKVEBS B JEFOUJĕ DBS P DÉODFS BOUFT EF B QFTTPB UFS TJOUPNBT " NBNPHSBĕB OFTUB GBJYB FUÈSJB DPN QFSJP EJDJEBEF CJFOBM Ï B SPUJOB BEPUBEB OB NBJPSJB EPT QBÓ TFT RVF JNQMBOUBSBN P SBT USFBNFOUP PSHBOJ[BEP EP DÉODFS EF NBNB F CBTFJB TF OB FWJEÐODJB DJFOUÓĕDB EP CFOFGÓDJP EFTUB FTUSBUÏHJB OB SFEVÎÍP EB NPSUBMJEBEF OFTUF HSVQP %F BDPSEP DPN P MFWBOUBNFOUP i$ÉODFS EF NBNB IPKF DPNP P #SBTJM FOYFSHB B QBDJFOUF F TVB EPFOÎB w DPOEV[JEP QFMP *CPQF *OUFMJHÐODJB F QVCMJDB EP OP TJUF EB 4BÞEF &EJUPSB "CSJM FYJTUF VN QSPGVOEP
'PUP :JO :BOH *TUPDL $BUSBUB -JWSF
"UJWJEBEF GÓTJDB F CPB BMJNFOUBÎÍP BKVEBN
EFTDPOIFDJNFOUP TPCSF BT DBVTBT EP DÉODFS EF NBNB P RVF EJĕDVMUB P EJBHOØTUJDP i EBT QBSUJDJQBOUFT BDSF EJUBN RVF B HSBOEF DBVTB Ï B IFSBOÎB HFOÏUJDBw EJ[ B NBUÏ SJB i/B WFSEBEF FMB DPSSFT QPOEF B NFOPT EF EPT DBTPTw 0V TFKB x "QFOBT EPT CSB TJMFJSPT DPOIFDFN B SFMBÎÍP EFTTF UVNPS DPN CFCJEBT BMDPØMJ DBT x OÍP TBCFN PV OÍP DSFFN RVF DPNFS DBSOF QSPDFTTBEB F FNCVUJEPT FTUÈ BTTP DJBEP Ë EPFOÎB x BDIBN RVF RVFN
DPNFÎB B NFOTUSVBS BOUFT EPT BOPT OÍP DPSSF VN SJTDP NBJPS x 4PNFOUF QFOTBN RVF B NFOPQBVTB UBS EJB FMFWB P QFSJHP " NBUÏSJB BJOEB GBMB EPT NJUPT i"MÏN EJTTP NJUPT BOUJHPT QFSTJTUFN )È RVFN BDIF RVF FTRVFOUBS BMJNFO UPT OP NJDSP POEBT FTUÈ MJHB EP Ë FOGFSNJEBEF F RVFN EFTDPOĕF EF RVF VTBS TVUJÍ DPN CPKP BVNFOUB B QPTTJCJMJEBEF EF DÉODFS EF NBNB *TTP TJNQMFT NFOUF OÍP Ï WFSEBEF w EJ[ B SFQPSUBHFN EF .BSJB 5FSF[B 4BOUPT 'POUF */$" F 3FWJTUB 4ÈVEF
(FRQRPLD
I HQIRFR EHORMDUGLP MRUQDOHQIRFREM#JPDLO FRP
% %HOR -DUGLP $QR QŶ RXWXEUR GH
%HOR MDUGLQHQVHV FRQTXLVWDP VXFHVVR SURÀVVLRQDO DR HPSUHHQGHU %B SFEBÎÍP 4JEOFZ 1FSFJSB KPSOBMFOGPDPCK!HNBJM DPN
2
VBOEP GBMBNPT FN TVDFTTP OP ÉNCJUP QSPĕTTJP OBM IÈ JOÞNFSBT RVFTUÜFT B TF BOBMJTBS DPO UVEP BT QSJODJQBJT TÍP HBOIP ĕOBODFJSP RVBMJEB EF EF WJEB ĘFYJCJMJEBEF EF IPSÈSJP F SFDPOIFDJNFOUP &TTFT QPOUPT TÍP PT NBJT MFWBOUBEPT QPS QSPĕT
TJPOBJT FN RVBMRVFS ÈSFB RVBOEP CVTDBN QPS USBCB MIP PV PQPSUVOJEBEFT QBSB F NQ S F F O E F S 2 V B O E P UPEPT FMFT FTUÍP FN DPOGPS NJEBEF EFOUSP EPT DSJUÏSJ PT UJEPT DPNP QPTJUJWPT FOUÍP QPEFNPT EFĕOJ MP DPNP USBCBMIP PV OFHØDJP JEFBM &OUSFUBOUP FTTB OÍP Ï B SFBMJEBEF EF NVJUPT USB CBMIBEPSFT OP NFSDBEP
/B WFSEBEF P RVF FODPO USBNPT TÍP FNQSFHBEPT FYFSDFOEP DBSHB IPSÈSJB FYBVTUJWB F DPN CBJYB SFNV OFSBÎÍP / B N B J P S J B E P T DBTPT FTUÍP USBCBMIBOEP EF GPSNB JSSFHVMBS TFN SFT QBMEP EPT TFVT EJSFJUPT F FN TJUVBÎÜFT QSFDÈSJBT " GPSNB RVF FTUFT FODPOUSBN QBSB DPOTFHVJS P USBCBMIP JEFBM F DPORVJTUBS TVDFTTP Ï
TBJOEP EFTUF NFSDBEP TFN HSBOEFT FYQFDUBUJWBT EF DSFTDJNFOUP F FNQSFFO EFOEP OBRVJMP RVF UÐN UBMFOUP BĕOJEBEF PV QBJ YÍP 0 QFSĕM EP FNQSF FOEFEPS HFSBMNFOUF Ï BRVF MF RVF UFN DPSBHFN QPS RVF OÍP UFNF FSSBS RVF CVTDB RVBMJĕDBÎÍP F EFTFKB PGFSFDFS P NFMIPS QSPEVUP F PV TFSWJÎP BP BCSJS TFV
QSØQSJP OFHØDJP %F BDPS EP DPN B QFTRVJTB i(MPCBM &OUSFQSFOFVSTIJQ .POJUPS (&. w QBUSPDJOBEB QFMP 4FCSBF OP #SBTJM FN NJMIÜFT EF CSBTJMFJSPT DPN JEBEF FOUSF F BOPT FTUBWBN FOWPMWJEPT OB DSJBÎÍP PV OB NBOVUFO ÎÍP EF BMHVN OFHØDJP OB DPOEJÎÍP EF FNQSFFOEF EPS FN FTUÈHJP JOJDJBM PV FTUBCFMFDJEP 'PUPT EJWVMHBÎÍP F BSRVJWP QFTTPBM
%HOR -DUGLP &OUSBNPT FN DPOUBUP DPN EPJT FNQSFFOEFEPSFT MPDBJT QBSB TBCFSNPT VN QPVDP TPCSF PT EFTBĕPT RVF DBEB VN UFWF OFTUB USBKFUØSJB EB JOEF QFOEÐODJB ĕOBODFJSB F TVDFT TP QSPĕTTJPOBM 0T RVF FMFT UÐN FN DPNVN Ï GPSÎB EF WPO UBEF QPJT BDSFEJUBN OFMFT NFT NPT F QPS UFSFN DSFTDJEPT DPN GBNJMJBSFT RVF FSBN FNQSFFOEFEPSFT BDBCBSBN UPNBOEP JOJDJBUJWB UBNCÏN EF UFS BMHP QSØQSJB 5PEBWJB BOUFT EJTUP BDPOUFDFS KÈ GPSBN GVODJPOÈ SJPT F UJWFSBN FYQFSJÐODJBT DPNP QSPĕTTJPOBJT BTTBMBSJB EPT .BT WJSBN RVF FSB CFN NBJT WBOUBKPTP TBJS EB [POB EF DPOGPSUP F BHJS DPN BQPJP BGF UJWP FNPDJPOBM EB GBNÓMJB UJWF SBN P QPOUB QÏ JOJDJBM NBT OB BUVBMJEBEF TFHVFN TP[JOIPT F EFTUBDBOEP TF
#FMF[B F DPTNÏUJDPT
/P RVFTJUP NBRVJBHFN QPEFNPT DJUBS 7JMNBSB 4BOUPT BOPT FMB HBOIPV HSBOEF WJTJCJMJEBEF OB 3FEF 4PDJBM *OTUBHSBN !WJMNB SBTBOUPTT GBMBOEP TPCSF CFMF[B F NPTUSBOEP SFTVMUBEPT EF TVBT QSPEVÎÜFT $PNFÎPV NBRVJBOEP TVBT BNJHBT QBSB BMHVOT FWFOUPT EB DJEBEF F EBUBT DPNFNPSBUJWBT JOJDJBMNFOUF TFN SFDFCFS QBHB
NFOUP QPS 1PSÏN RVBOEP QFSDF CFV FTUBWB UFOEP VNB ØUJNB PQPS UVOJEBEF QBSB EFTUBDBS TF F TPCSFWJWFS BQFOBT EF TFV USBCBMIP DPNP NBRVJBEPSB 0 RVF NPUJWPV B JOWFTUJS TFV UFNQP F FTGPSÎBS TF QSB BQSFOEFS NBJT TPCSF NBRVJBHFN GPSBN PT DPNFOUÈSJPT QPTJUJWPT DPN SFMBÎÍP BPT NBLFT i" QBSUF EF NF UPSOBS JOĘVFODJBEPSB WFN EB QBJYÍP EF FOTJOBS UVEP RVF TFJ OB ÈSFB EB CFMF[B "EPSP EBS EJDBT QBSB RVF UPEPT QPTTBN TF JOTQJSBS F BQSFOEFS TFN HBTUBS NVJUP QPS JTTPw EJTTF 7JMNBSB %FTEF FMB NBRVJB F QSPEV[ DPOUFÞEP WPMUBEP QBSB P QÞCMJDP GFNJOJOP F GB[ VTP EF TVBT NÓEJBT TPDJBJT QBSB DPORVJTUBS NBJT DMJFOUFT QPS NFJP EB JOUFS OFU %P JOÓDJP F BUÏ IPKF TFV NBJPS EJWVMHBEPS Ï P hCPDB B CPDBh EBT QFTTPBT & DPNP DPOTFRVÐODJB EF TFVT FTGPSÎPT DBUJWPV VN QÞCMJDP
-PPL EP EJB 2VBOEP P BTTVOUP Ï QSPEVÎÍP EF NPEB MPDBM QPEFNPT GBMBS TPCSF 3POZ 1FSFJSB BOPT FMF DSJPV VNB NBSDB EF SPVQBT !(BUB3BCBOOJ0ĕDJBM DPN QSPEVÎÜFT QSØQSJBT 4VB NBSDB FYJTUF IÈ RVBTF USÐT BOPT JOHSFTTPV OBT SFEFT TPDJBJT SFDFOUFNFOUF QPSRVF TBCF RVF TFV QÞCMJDP FTUÈ F DPOTPNF QSPEVUPT EP NFJP 4FV QSPDFTTP EF DSJBÎÍP UFN DPNP CBTF JEFJBT QFTTPBJT TVHFTUÜFT EF DMJFOUFT JOTQJSBÎÜFT QPS NFJP EB MFJUVSB F BDPNQBOIBNFOUP EBT UFOEÐODJBT WJTBOEP BUFOEFS BT OFDFTTJEBEFT EP QÞCMJDP RVF OFTUF DBTP Ï GFNJOJOP F KPWFN "P TFS RVFTUJPOBEP TPCSF BT EJĕDVMEBEFT FMF EFJYB CFN DMBSP RVF OÍP Ï GÈDJM QPSÏN Ï HSBUJĕDBOUF TFS SFDPOIFDJEP QFMP USBCBMIP F DPMIFS PT GSVUPT TFV TFVT FTGPSÎPT i-FWB TF UFNQP BUÏ DPNFÎBS B EBS DFSUP F B NBJPS EJĕDVMEBEF Ï P SFDPOIFDJNFOUP TFS SFDPOIFDJEP DPN TFV USBCBMIP 'B[FS UPEP NVOEP GB[ NBT EBS DFSUP F DPOTFHVJS FTQBÎP Ï P NBJT EJGÓDJMw EJTTF 3POZ "UVBMNFOUF BUFOEF BQFOBT QÞCMJDP GFNJOJOP FOUSFUBOUP WJTB BNQMJ BS FTTB WJTÍP EF DSJBÎÍP F NPEFMBHFN UFOEP DPNP SFGFSÐODJB P DPSQP EB SFBM NVMIFS CSBTJMFJSB DPN DVSWBT F NBJT BWBOUBKBEP & OP GVUVSP QSØYJNP RVFN TBCF DIFHBS BP QÞCMJDP NBTDVMJOP KPWFN i1SFUFOEP BUFOEFS BNCPT PT QÞCMJDPT <GFNJOJOP F NBTDVMJOP> F TFVT OJDIPT &YJTUF VN MFRVF EF PQÎÜFT B NPEB QMVT TJ[F F HPTQFM FYJTUF NVJUP P RVF FYQMPSBS ² VNB RVFT UÍP EF DSFTDJNFOUP NBT QSFUFOEP FTUBS BHSBEBOEP VNB HSBOEF NBJPSJB w GBMPV 3POZ BP TFS QFSHVOUBEP TPCSF DSFTDJNFOUP EB FNQSFTB &WJEFODJBNPT RVF P JOEJWJEVP RVF FNQSFFOEF QSFDJTB TFS GPDBEP OBRVJMP RVF BDSFEJUB FODPOUSBS VNB PQPSUVOJEBEF OPT NPNFOUPT EF DSJTF F DPN BQPJP GBNJMJBS PCUFS FTUSVUVSB FNPDJPOBM QBSB MJEBS DPN BT EJĕDVMEBEFT EFTUF VOJWFSTP RVF FTUÈ FN DPOTUBOUF NVEBOÎB F DSFTDFOEP
ĕFM OB JOUFSOFU RVF DPOTPNF TFV DPOUFÞEP &MB USB[ EJDBT QSÈUJDBT F CBSBUBT EF QSPEVUPT F NBOFJSBT EF NBRVJBS TF "CSJV TFV FTUÞEJP EF NBRVJBHFN IÈ NFOPT EF VN NÐT BUFOEF TVBT DMJFOUFT MÈ F FN EFUFS NJOBEPT DBTPT BUFOEF FN EPNJ DÓMJP 7JMNBSB WJV B PQPSUVOJEBEF SFBM F VTPV P *OTUBHSBN QBSB TF QSPKFUBS MPDBMNFOUF
'PUPT ćJBHP %JBT
" (BUB 3BCBOOJ FTDVUB PT EFTFKPT EF TVBT DMJFOUFT F GB[ BDPOUFDFS TFNQSF GPDBOEP P DPSQP EB NVMIFS SFBM
(VSHFLDO
I HQIRFR EHORMDUGLP MRUQDOHQIRFREM#JPDLO FRP
% %HOR -DUGLP $QR Qลถ RXWXEUR GH
'RQD &RQFHLomR 0RXUD XPD PXOKHU j IUHQWH GR VHX WHPSR
/FTUB FEJร ร P USB[FNPT EVBT NBUร SJBT RVF DJUBN B QBSUJDJQBร ร P EF %POB $PODFJร ร P .PVSB B EP 5BSFDP F .BSJPMB MPDBM JEFBMJ[B EP QPS FMB F P 'FTUJWBM /P "S $PRVFUFM .PMPUPW BQPJBEP QFMB NFTNB 1PS JTTP QFEJNPT B DPMVOB !PRVFUFNFNCK QBSB GBMBS EFTUB NVMIFS RVF TFNQSF WJB P GVUVSP
7
PDร Kร PVWJV GBMBS FN %POB $PODF Jร ร P .PVSB %POB $PODFJร ร P DPNP FSB DPOIFDJEB OBTDFV FN OB 3FHJร P .FUSPQPMJ UBOB EP 3FDJGF NVEBOEP TF QBSB #FMP +BSEJN OB Eร DB EB EF KVOUBNFOUF DPN TFV FTQPTP &ETPO .PSPSร .PVSB TPCSF P RVBM GBMBSFNPT ร QPTUFSJPSJ /B NFTNB Eร DBEB GPJ JEFBMJ[BEPSB EB DSJBร ร P EB #BUFSJBT .PVSB 4 " FN GPSNPV TF FN &OHF
OIBSJB 2Vร NJDB F KVOUB NFOUF DPN &ETPO Kร DJUB EP DPNBOEPV PT SVNPT EB BUVBM NBJPS GBCSJDBOUF EF CBUFSJBT BVUPNPUJWBT EB "Nร SJDB -BUJOB #BUFSJBT .PVSB GBCSJDBOUF HFOVJOB NFOUF CFMP KBSEJOFOTF $PNBOEBOUF EF HSBO EFT Bร ร FT TPDJBJT OP NVOJ Dร QJP EP BHSFTUF $PODFJร ร P QMBOFKPV F Qร T FN QSร UJDB QSPKFUPT BP MPOHP EF TVB WJEB $SJBร ร P EP 1SP HSBNB EF 2VBMJEBEF 5PUBM OB &EVDBร ร P DPOIFDJEP
%POB $PODFJร ร P .PVSB FYFNQMP EF FNQSFFOEPSJTNP F WBMPSJ[Bร ร P DVMUVSBM
*NBHFOT *OUFSOFU
DPNP 4 'VOEBร ร P EB "TTPDJBร ร P EF 3FDJDMB EPSFT F "SUFTร PT $POTUSVร ร P EP $FOUSP EF "SUFTBOBUP 5BSFDP F .BSJP MB DVKB GVOร ร P Kร GPJ EFTDSJ UB FN PVUSB QPTUBHFN BRVJ OP OPTTP GFFE 'VO EBร ร P EP *OTUJUVUP $PODFJ ร ร P .PVSB RVF DPOUSJCVJ B NBJT EF NJM QFTTPBT BOV BMNFOUF "Mร N EFTTFT QSPKF UPT NVJUPT PVUSPT GPSBN iFODBCFร BEPTw QPS %POB $PODFJร ร P RVF TFNQSF UFWF
VN PMIBS WPMUBEP BP TPDJBM CFMP KBSEJOFOTF "TTJN FN GBMFDFV BPT BOPT OB DJEBEF EP 3FDJGF EFJ Y B O E P V N M F H B E P E F FNQSFFOEFEPSJTNP ร GSFO UF EF TVB ร QPDB F JOEP DPO USB QSFDPODFJUPT F FTUFSJร UJ QPT FTUBCFMFDJEPT DPOUSB P Hร OFSP GFNJOJOP OP Tร DVMP QBTTBEP
" $PMVOB h0 RVF UFN FN #FMP +BSEJNh ร VN USBCBMIP EPT FTUVEBOUFT .BUIFVT EB 4JMWB #BUJTUB 4BOUPT BOPT ยก BOP EP &OTJOP .ร EJP EP $PMร HJP ยซHVJB F &EVBSEP 3ZBO .FMP 3PDIB BOPT ยก BOP EP &OTJOP .ร EJP &5& &ETPO .PSPSร .PVSB " QSPQPTUB ร USB[FS DVSJPTJEBEFT F DPOUBS GBUPT IJTUร SJDPT SFMFWBOUFT EP NVOJDร QJP &MFT Uร N VNB Qร HJOB OP *OTUBHSBN !PRVFUFNFNCK POEF WPDร QPEF DPOGFSJS UPEP P USBCBMIP & UBNCร N FN OPTTBT FEJร ร FT F OPTTBT SFEFT TPDJBJT !FOGPDP CFMPKBSEJN
&XOWXUD
I HQIRFR EHORMDUGLP MRUQDOHQIRFREM#JPDLO FRP
% %HOR -DUGLP $QR QŶ RXWXEUR GH
1R $U &RTXHWHO 0RORWRY GLYXOJD SURJUDPDomR FRPSOHWD HP %-
"
DBEFNJB EB #FSMJO EB -VJ[ -JOT /JY -B .BSHF .BHP 5SJP .BSBDBUV #PJ EB (FOUF $JFM 4BOUPT F +ÏTTJDB $BJUBOP TÍP PT OPNFT RVF GPSNBN P MJOF VQ EB FEJÎÍP EF DJODP BOPT EP 'FTUJWBM /P "S $PRVFUFM .PMPUPW &UBQB #FMP +BSEJN &TUBT ÞMUJNBT DJODP BUSBÎÜFT GPSBN TFMFDJP OBEBT BUSBWÏT EB DPOWPDBUØ SJB EP GFTUJWBM RVF PCUFWF NBJT EF JOTDSJUPT EP BHSFTUF F TFSUÍP QFSOBNCV DBOP 0 FWFOUP PDPSSF FOUSF PT EJBT F EF PVUVCSP OP $JOF 5FBUSP $VMUVSB $IBNJ OÏ F 1BSRVF EP #BNCV DPN PĕDJOBT TIPXT F B .PTUSB 1MBZ ćF .PWJF RVF WBJ FYJCJS ĕMNFT F EPDVNFOUÈSJ PT 0 /P "S UBNCÏN BCSF FTQBÎP QBSB FTUJMJTUBT DPMFUJWPT EFTJHOFST BSUJTUBT GPPE USVDLT NBSDBT F QSPEV UPSFT EB SFHJÍP DPNFSDJBMJ[B SFN PT TFVT QSPEVUPT OB 'FJSB /P "S RVF FTUF BOP OB DJEBEF EF #FMP +BSEJN DPOUB DPN TUBOET EF NBSDBT EP DBMJCSF EB /BLPNCFFS #PEF
HB 5SVDL EP $PMFUJWP "SUF OB 3VB (BSBOIVOT $PMFUJ WP $SJBUJWP 4BOUB $SV[ EP $BQJCBSJCF 4ÓOUF[F $BNJTBT $BSVBSV *OEJDBUJWB )FBE TIPQ $BSVBSV F NVJUP NBJT 6NB EBT OPWJEBEFT Ï B QSPHSBNBÎÍP QBSB P QÞCMJ DP JOGBOUJM DPN QBSUJDJQBÎÍP EP 5BQFUF 7PBEPS QBSB DSJBS FYQFSJÐODJBT MÞEJDBT QBSB B DSJBOÎBEB DPN VNB BQSFTFO UBÎÍP F PĕDJOB /PT EJBT RVF BOUFDF EFN PT TIPXT OP 1BSRVF EP #BNCV P 'FTUJWBM /P "S $PRVFUFM .PMPUPW o &UBQB #FMP +BSEJN SFBMJ[B VNB TÏSJF EF BUJWJEBEFT RVF JODMV FN 0ĕDJOBT 5ÏDOJDBT F B RVBSUB FEJÎÍP EB .PTUSB 1MBZ ćF .PWJF OB DJEBEF "T PĕDJOBT F B NPTUSB PDPSSFN OP $JOF 5FBUSP $VMUVSB F $IBNJOÏ 3FDFQÎÜFT FOUSF PT EJBT F EF PVUVCSP 0 GF T U J W B M /P " S $PRVFUFM .PMPUPW Ï BQSFTFO UBEP QFMP *OTUJUVUP $PODFJ ÎÍP .PVSB EP (SVQP .PV SB DPN BQPJP EP 1SPHSBNB 1POUFT BUSBWÏT EP 0J 'VUVSP F #SJUJTI $PVODJM BQPJP EB
$&1& 1SFGFJUVSB EF #FMP +BSEJN 5/5 F SFBMJ[BEP QFMP $JOF 5FBUSP $VMUVSB *$. F $PEB 1SPEVÎÜFT "T RVBSUB I BUSBÎÜFT TÍP HSBUVJUBT $PSQP .BSÏ 7JWÐODJB &YQFSJNFOUBM 1BSB .VMIF 352*5$0$d®2 SFT 6+2:6 'BDJMJUBEPSBT $PMFUJWP %FTB 1BSRVF EP #BNCV CSPDIBS F .BSÓMJB "[FWFEP 4ÈCBEP
1BMDP $JOF 5FBUSP $VMUVSB "DBEFNJB EB #FSMJOEB 1&
F RVJOUB F TFYUB -VJ[ -JOT /B[BSÏ EB .BUB
I +ÏTTJDB $BJUBOP 5SJVOGP
0ĕDJOB 1SPEVÎÍP EF WJEFP $JFM 4BOUPT #F[FSSPT
DMJQFT DPN TNBSUQIPOF 4PN /B 3VSBM 'BDJMJUBEPS 3PTUBOE $PTUB /JY -B .BSHF "SDPWFSEF
.BHP 5SJP #FMP +BSEJN
02675$ 3/$< 7+( 029,( 0 5BQFUF 7PBEPS 1&
$PSUFKP EP .BSBDBUV #PJ EB $JOF 5FBUSP $VMUVSB (FOUF #FMP +BSEJN
I o *NFSTÍP DPN P HSVQP 50."(" 2),&,1$6 I o 4FMFÎÍP EF WJEFPDMJ $IBNJOÏ 3FDFQÎÜFT QFT EB $POWPDBUØSJB 1MBZ B I ćF .PWJF *NFSTÍP DPN 50."(" I o 4FTTÍP BDFTTÓWFM *OHMBUFSSB
/FVSÙOJPT EB *MIB %JS 3PTUBOE $PTUB
$JOF 5FBUSP $VMUVSB I o 4FTTÍP BDFTTÓWFM UFSÎB I i$MBSB &TUSFMBw %JS 4VTBO 8PSLTIPQ TPCSF QSPEVÎÍP OB -JSB F 3PESJHP "M[VHVJS
EF NÞTJDB OP #SBTJM 'BDJMJUBEPSB .FMJOB )JDL TPO $JOF 5FBUSP $VMUVSB
I o 0ĕDJOB 1SPEVÎÍP EF 7JEFPDMJQFT DPN 4NBSUQIPOF QPS 3PTUBOE $PTUB I o 4FMFÎÍP EF WJEFPDMJQFT EB $POWPDBUØSJB 1MBZ ćF .PWJF I o i&SMPO $IBWFT .BFTUSP EP 7FOFOPw %JS "MFTTBOESP (BNP
I o 4FMFÎÍP EF WJEFPDMJQFT EB $POWPDBUØSJB 1MBZ ćF .PWJF I o i1JQPDB .PEFSOBw %JS )FMEFS -PQFT
$JOF 5FBUSP $VMUVSB I o 4FMFÎÍP EF WJEFPDMJQFT EB $POWPDBUØSJB 1MBZ ćF .PWJF I o i4MBN 7P[ EF -FWBOUFw %JS 5BUJBOB -PINBOO F 3PCFSUB &TUSFMB %h"MWB
$IBNJOÏ I o 50."(" o $JOF $PODFSUP BP WJWP 4BJCB NBJT FN
XXX DPRVFUFMNPMPUPW DPN CS