You are on page 1of 26

C;H97:EI  '+hZi^ZbWgZ B7I;C7D7;9EDãC?

97$$$FJ:E6Hâ

?I8LB#:EM@ED;I 8DBEG6HH:<JG6H#&M BMB$POTUJUVDJwOBMNJOJT RVFDSFBFM1SPHSBNBQBSB


>H7KA 9?>6 MVOFTMB3FTFSWB'FEF USPEF&DPOPNrBZ'JOBO MB3FFTUSVDUVSBDJwOEFMB
''!,&& &(!((' SBMEF&&66BOVODJwRVF [BT -VJT7BMEJWJFTP"SHV %FVEB"HSBSJB"EFNgT TF
'&!*&- &'!&.(
MPT CBODPT EF JOWFSTJwO NFOUwRVFFM.&'SFDPSUw DBMDVMwRVF BHSJDVM
'%!('* &&!%*)
(PMENBO4BDITZ.PSHBO MBQBSUJEBQSFTVQVFTUBMEF UPSFTTFWFSgOCFOF¾DJBEPT
&.!&(' .!.&*
4UBOMFZ .4
 QBTBSgO B CJFOFT TFSWJDJPTFJOWFSTJP DPOMBOPSNBRVFDPOEPOB
&,!.(. -!,,+
&&#%- '&#%- %)#%. &+#%. '+#%. GPSNBSQBSUFEFMBCBODB OFTEFM1PEFS+VEJDJBMFO SgMPTQSJNFSPT4 EF
;jZciZ/7KA DPNFSDJBM&MNBZPSCBODP NgTEF4NJMMPOFT&M DBEBEFVEB
J?FE:;97C8?E KBQPOnT  .JUTVCJTIJ 6'+  NJnSDPMFT MBTFOUJEBEFTMJ
;dglVgY PGSFDJwTBMJSBMSFTDBUFEF HBEBTBMBKVTUJDJBGPSNBSPO µ;J:G6&MQSFTJEFOUFEF
HdaZhmY‹aVg Hedi (%Y +%Y .%Y .4 Z BERVJSJS FM  EF VOTPMPGSFOUFQBSBBQPZBS &&66 (FPSHF8#VTI PSEF
8dbegV '#.++ '#.+. '#.+. '#.,% MB FOUJEBE QPS 64  MBEFOVODJB QFSPFMKVFWFT OwBMDJFSSFEFFTUBFEJDJwO
KZciV '#.+- '#.,+ '#.-( '#..% NJMMPOFT&MKVFWFT MB FM.&'ZFM1+BDPSEBSPORVF JOJDJBSMPTUSgNJUFTQBSBFY
HdaZhmZjgd Hedi 9‹aVgmZjgd Hedi
QSJODJQBMDBKBEFBIPSSP MBSFEVDDJwOTFBTPMBNFOUF QVMTBSB#PMJWJBEFM"51%&"
8dbegV )#(& 8dbegV &#)+ EF4NJMMPOFT QPSTVGBMUBEFDPMBCPSBDJwO
EF&&66 8BTIJOHUPO.V
KZciV )#() KZciV &#)+ FOMBMVDIBBOUJOBSDwUJDPT
;jZciZ/>ciZgWVc`"9^k^h^‹cYZXVe^iVaZh#H7H
UVBM 8B.V
TFEFDMBSwFO
CBODBSSPUBHSBOQBSUFEF CåB:GDH:A:K69DH#&M
<KJKHEI MBFOUJEBETFSgBERVJSJEB 'POEP.POFUBSJP*OUFSOB DIG686Þ96#-BTBDDJPOFT
IVhVhXdgideaVod;:9
 QPSFMDPOTPSDJP¾OBODJFSP DJPOBMFMFWwB64CJMMP EF$BWBMJTFDPOWJSUJFSPOFO
'#(,
+1.PSHBO$IBTFB64  OFTTVWBMPSJ[BDJwOEFMDPT MBTEFNBZPSDSFDJNJFOUP
'#''
'#%, NJMMPOFT UPEFMBDSJTJT FMFWBOEPFO BMBVNFOUBSFOFO
&#.( TVDgMDVMPBOUFSJPS4F MBTFNBOB"UBDPDIB#$P
&#,-
HÞ!CD!HÞ!CD#5SBTSFTJT H|OMPEJWVMHBEP MPTCBODPT NVOFTDSFDJw BVO
&#+(
hZi"%-
dXi"%-
cdk"%-
Y^X"%-
ZcZ"%.
[ZW"%.
bVg"%.
VWg"%.
bVn"%.
_jc"%.
_ja"%.
V\d"%.
hZi"%.
dXi"%.

UFODJBTQPSQBSUFEFM$POHSF FVSPQFPTZFTUBEPVOJEFOTFT RVF-JNB$BVDIP 


Z
;jZciZ/>ciZgWVc` TPFTUBEPVOJEFOTFEVSBOUF IBOQFSEJEPBQSPYJNBEB &NQSFTB&MnDUSJDBEF1JVSB
UPEBMBTFNBOB MBOPDIF NFOUF64 NJMMP 
GVFSPOMBTRVFNgT
9ECCE:?J?;I
Hedi KVg# ;jijgd EFMWJFSOFTFMHPCJFSOP OFTZ64 NJMMPOFT DBZFSPO-B#7-CBKw°FOTV
NI9 (bZhZh
EF&&66IBCSrBMMFHBEPB QPSMBDBrEBEFMWBMPSEFTVT ÊOEJDF(FOFSBM°FO&M
DgdJH$Do#Igdn -,.#. *#+ --)#%
VOBDVFSEPQPMrUJDPQBSB BDUJWPT ÊOEJDF4FMFDUJWPMPIJ[PFO
EaViVJH$Do# &(#( "-#. &(#)
BQSPCBSVOQMBOEFSFTDBUF &MTFDUPSNJOFSPGVF
8dWgZ–JH$AW (&)#& "&)#- (&%#%
¾OBODJFSPQPS64  HJ6K:8>IDH#  &M $PO FM|OJDPRVFSFHJTUSwHBOBO
O^cXJH$Ib &!,-%#( ")&#* &!,.%#%
NJMMPOFT FMDVBMTFEFUBMMB HSFTPBQSPCwFMKVFWFTMB DJBT 

=Vg^cVeZhX#JH$Ib&!%-%#% .#& c#Y#
SrBFTUFEPNJOHP BDVTBDJwODPOTUJUVDJPOBM
EZig‹aZdLI>JH$WVgg^a &%+#. .#. &%+#%
;jZciZ/>ciZgWVc`!9^Vg^d;^cVcX^Zgd8]^aZ
DPOMFWBOUBNJFOUPEFMB 676?D!676?D#"JOJDJPT
CJ:K68=6B76#.JOTVS  JONVOJEBEQBSMBNFOUBSJB
 EFMBTFNBOB FMQFUSwMFP
H?;I=E#F7ßI EFM(SVQP#SFTDJB BERVJ DPOUSBFMMFHJTMBEPS+PTn UBNCJnONBSDwMBQBVUB
:B7>EZg :B7>AVi^cd
SJwQPS64NJMMPOFT "OBZB RVJFOBEFNgTGVF "Tr FMMVOFTFMQSFDJPEFM
'*.
')% MPTOFHPDJPTEFFTUBvPEFM TVTQFOEJEPFOFMFKFSDJDJP DSVEPMMFHwBMPT64
''&
HSVQPCSBTJMFvP1BSBOB EFTVTGVODJPOFTIBTUBRVF QPSCBSSJMFO/VFWB:PSL
'%'
&-( QBOFNB TFH|OTFJOGPSNw EVSFFMQSPDFTPKVEJDJBMFO EFCJEPQSJODJQBMNFOUFBM
&+)
FMMVOFT.JOTVSJOEJDwRVF TVDPOUSB1PSGBMUBEFWPUPTZ EFCJMJUBNJFOUP EFM EwMBS
&-#%-
'%#%-
''#%-
'+#%-
'-#%-
%&#%.
%)#%.
%-#%.
&%#%.
&'#%.
&+#%.
&-#%.
''#%.
')#%.
'+#%.

FTUBBERVJTJDJwOTFFONBSDB QFTFBMBTBDVTBDJPOFTFOTV GSFOUFBMFVSPZPUSBTEJWJTBT


;jZciZ/>ciZgWVc`"9^k^h^‹cYZ8Ve^iVaZh
FOTVQMBOEFDSFDJNJFOUPZ DPOUSB FMQMFOPSFDIB[wMB 4JOFNCBSHP FMWJFSOFTFM
H;DJ7<?@7#H?;I=EF7ßI BTFHVSBFMBDDFTPBNBZPSFT BDVTBDJwODPOUSB.BSHBSJUB QFUSwMFPEFTDFOEJwZDFSSw
7dcdhhdWZgVcdhH$# <adWVaZhEZgJH
7dcdhIZhdgdcdgiZVbZg^XVcdJH SFTFSWBTQBSBVOJNQPSUBOUF 4VDBSJZTwMPTFSgTVTQFOEJ FO64FMCBSSJM UBN
IVhVYZ^ciZg‚h
QSPEVDUPDPNPFTFMFTUBvP EBQPSErBT CJnOFO/VFWB:PSLQ
.#%

,#%

*#% G:8DGI:H#&MNBSUFTMB BDGDHDH#4rBMDBO[BSPO


(#% 4BMB1MFOBEFMB$PSUF4V MPTWPUPT B
FODBN F7H7I78;HCÜI0
CJP QBSBBQSPCBS°UBNCJnO :cXdcigVg{Zab{hXdbeaZid
&#%
% ' ) + - &% &' &) &+
QSFNBEF+VTUJDJBBDPSEw gZhjbZcY^Vg^dYZcdi^X^VhZc/
9jgVX^‹cZcVŠdh
EFOVODJBSQPSJOGSBDDJwO FMKVFWFT°FMQSPZFDUPEFMFZ lll#hZbVcVbV^a#Xdb
;jZciZ/>ciZgWVc`"9^k^h^‹cYZ8Ve^iVaZh

'-9:H:I>:B7G:9:A'%%- H:B6C6:8DCâB>86q)
;D;H=ß7

-BTPMVDJwOFOFMRVJOUPFMFNFOUP
AV^ckZgh^‹cZcXZcigVaZhZa‚Xig^XVhcdZhaVc^XVhVa^YVedh^WaZVaVVXijVaZhigZX]Zo
ZcigZaVd[ZgiVYZ\ZcZgVX^‹cnaVYZbVcYVYZZaZXig^X^YVY#Fj^o{hZVbdbZcidYZ
Zc[dXVghZ!b{hW^Zc!ZcX‹bdbZ_dgVgaVZÒX^ZcX^VZcZg\‚i^XVYZaeV†h

EDG6J<JHIDIDLCH:C9@#

A
BTFNBOBQBTBEBFMTJTUFNBFMnDUSJ DEMANDA DE ENERGÍA (2007) VOFTUVEJPEPOEFBMFHBRVF"NnSJDB-BUJ
DPOBDJPOBMWPMWJwBBGSPOUBSVOB Crecimiento por zonas (%) OBQPESrBBIPSSBS64 NJMMPOFTFO
TJUVBDJwOEFMJDBEB&MCMPRVFPEFMB 30
26.2 FMFDUSJDJEBEEFUPNgSTFMPFOTFSJP
SFQSFTBEF6QBNBZP MBQVFSUBEFTBMJEB 25 7nBTFDwNPPQFSBFTUPFOMBQSgDUJDB
Tasa de crecimiento

EFMMBHP+VOrO FMHSBOSFTFSWPSJPEFMDPN 20 %FBDVFSEPDPOFM#*% TJFM1FS|RVJTJFSB


QMFKPIJESPFMnDUSJDP.BOUBSP
JOIBCJMJUw 15 NFKPSBSTVF¾DJFODJBFOFSHnUJDBFO
10.8 12.0 10.9
DFSDBEF.8EFDBQBDJEBEEFHFOF 10 8.5 FOMBQSwYJNBEnDBEB FMMPJNQMJDBSrBVO
SBDJwO:BVODVBOEPMBSFQSFTBTFMJCFSw 7.0 BIPSSPEF (8IBvP1BSBMPHSBSMP FM
5
FMNJnSDPMFT MBTBHVBTEFNPSBOIPSBT QBrTUFOESrBRVFJOWFSUJSDFSDBEF64
0
FOMMFHBSB.BOUBSP QPSMPDVBMFMKVFWFT Norte Norte Centro Sur Oriente Total
Medio
NJMMPOFTFOTVTUJUVJSGPDPTJODBOEFTDFOUFT
FTUVWPBQVOUPEFEBSTFVODPSUFEFM¿VJ Zona geográfica QPSGPDPTBIPSSBEPSFT NPUPSFTJOF¾DJFOUFT
Fuent: Minem
EPFMnDUSJDP"GPSUVOBEBNFOUF FNQF[wB QPSNPUPSFTF¾DJFOUFT FOUSFPUSBTNFEJEBT
MMPWFSZFMMPBVNFOUwMBQSPEVDDJwOEFMB CENTRALES ELÉCTRICAS TFNFKBOUFT1PSFMDPOUSBSJP TJRVJTJFSBBV
DFOUSBM$BSIVBRVFSP ZUBNCJnOMMFHBSPO Eficiencia (%) NFOUBSTVPGFSUBEFHFOFSBDJwOFO 
B$IJNCPUFF*MPMPTFOWrPTEFEJnTFMRVFTF Hidro- (8IBvPFOFTFNJTNPMBQTP UFOESrBRVF
eléctrica
OFDFTJUBCBOQBSBBCBTUFDFSBMBTDFOUSBMFT DPOTUSVJSFMFRVJWBMFOUFBPDIPUVSCJOBTB
Mareo-
UnSNJDBTEFFTBT[POBT motriz HBTEFDJDMPBCJFSUPEF.8DBEBVOB 
Ciclo
:BTFIBEJTDVUJEPMBSHBNFOUFTPCSF combina- DVZBTPMBDPOTUSVDDJwO FYDMVZFOEPMPT
do (gas)
MBEJ¾DVMUBERVFIBUFOJEPMBPGFSUBEF DPTUPTWBSJBCMFTTVCTFDVFOUFT
EFNBOEBSrB
Carbón
HFOFSBDJwOMPDBMQBSBNBOUFOFSVOB VOBJOWFSTJwOEF64 NJMMPOFT
Ciclo
IPMHVSBTBMVEBCMFGSFOUFBMJOFTQFSBEB abierto -VFHPEFDPNQBSBSBNCBTBMUFSOBUJWBT 
(gas)
NFOUFBMUPDSFDJNJFOUPEFMBEFNBOEB FM#*%DPODMVZFRVFFTNgTSFOUBCMFQBSBFM
Eólica
EFFMFDUSJDJEBE FMTJTUFNBFTUgUSBCBKBO QBrTBIPSSBSBOUFTRVFBNQMJBSTVPGFSUBEF
EPDPOEFNBSHFOEFSFTFSWB
4FIB Nuclear HFOFSBDJwO:OPFTMB|OJDBJOTUJUVDJwORVF
MMBNBEPMBBUFODJwO FOUSFPUSBTDPTBT  Biomasa DPODMVZFUBMDPTB&OGFCSFSPEFFTUFBvP 5IF
y biogás
TPCSFMBBVTFODJB PMMFHBEBUBSErB
EF .D,JOTFZ(MPCBM*OTUJUVUF .(*
FMCSB[PEF
Diésel
MBTJOWFSTJPOFTFOIJESPFMFDUSJDJEBEZ JOWFTUJHBDJwOFDPOwNJDBEFMBDPOTVMUPSB
Células
TPCSFMBJNQSFWJTJwOFOUPSOPBMDPOHFT fotovol- .D,JOTFZ FTUJNwRVFFMDSFDJNJFOUPEFMB
taicas
UJPOBNJFOUPEFMHBTPEVDUPEF$BNJTFB  Geo- EFNBOEBNVOEJBMEFFOFSHrBFOMPTQSwYJ
RVFBCBTUFDFBMBTDFOUSBMFTUnSNJDBTEF térmica NPTBvPTQPESrBSFEVDJSTFBMBNJUBETJTF
$IJMDBZ-JNB 4&
 Solar JOWJSUJFSF64 NJMMPOFTFOF¾DJFODJB
&MDSFDJNJFOUPEFMBEFNBOEBTFIB 0 20 40 60 80 100 FOFSHnUJDB EFMPTDVBMFT64 EFCFSrBO
Fuente: Kema Power Generation & Sustainables
BTVNJEPDPNPVOIFDIPEFMBSFBMJEBEZ EFTUJOBSTFBQBrTFTFNFSHFOUFT TJOJODMVJSB
FMnOGBTJTTFIBQVFTUP NgTCJFO FODwNP 7cfb_WY_Œdl[hikiW^ehhe $IJOB
EPOEFVOEFMQPUFODJBMEFBIPSSP
BNQMJBSMBPGFSUBEFHFOFSBDJwO1FSP FT -BSFTQVFTUBRVJ[gTFBFMRVJOUPFMFNFOUP FTUBSrBFOFMTFDUPSJOEVTUSJBM
nTUBVOBDSJTJT BVORVFMPTJOWPMVDSBEPT P NFKPSEJDIP FM²RVJOUPDPNCVTUJCMF³  4FH|OFM.(* MBUBTBJOUFSOBEFSFUPSOP
PNJUBOEFMJCFSBEBNFOUFVUJMJ[BSFTUF DPNPTFMFDPOPDFGJHVSBUJWBNFOUFBMB EFFTBTJOWFSTJPOFTQSPNFEJBSrBVOZ
UnSNJOP
RVFTwMPEFCFTPCSFMMFWBSTFDPO F¾DJFODJBFOFSHnUJDB WBMFEFDJS QSPEVDJS nTUBTHFOFSBSrBOVOBIPSSPDPOKVOUPFOJO
JOWFSTJPOFTFOOVFWBTDFOUSBMFT  /PIBZ MPNJTNPDPOVONFOPSDPOTVNPEFFOFS GSBFTUSVDUVSBOPDPOTUSVJEBEF64 
BDBTPBMHVOBPUSBBMUFSOBUJWBRVFOPEF HrB
cTUFFTVODPODFQUPRVFDBTJOPIBBTP NJMMPOFTBOVBMFTQBSBFM BEFNgTEF
NPSFUBOUPFODPODSFUBSTF NBEPFOFMEFCBUFNFEJgUJDP TJOPGVFSB UFOFSDPNPVOPEFTVTQSJODJQBMFTFGFDUPT
QPSRVFFOMBT|MUJNBTTFNBOBTFM#BODP TFDVOEBSJPTMBSFEVDDJwOEFFNJTJPOFTEF
K^k^VcV<{akZoXdaVWdg‹ZcaV^ckZhi^\VX^‹cYZZhiZ
^c[dgbZ *OUFSBNFSJDBOPEF%FTBSSPMMP #*%
QVCMJDw HBTFTEFFGFDUPJOWFSOBEFSP

*qH:B6C6:8DCâB>86 '-9:H:I>:B7G:9:A'%%-
:C:G<Þ6

WFOEFSFMDPODFQUPEFF¾DJFODJBFOFSHnUJDB
QPSRVFMBTFNQSFTBTFTUgOQSFPDVQBEBT NgT
IN
NCE
CENT
ENTIV
NTIVOS
IVOS PAR
RA
CJFO QPSBNQMJBSTVTPQFSBDJPOFT³ SF¾FSF
EL AHO
HO
HORR
ORRO
RR
RO EN
ENER
ERGÉ

ÉTI
TICO
CO
"MCFSUP%JEPOJ P¾DJBMEFPQFSBDJPOFTEFMB
Según Osinergmin, se podría ahorrar 0¾DJOBEF4FSWJDJPTEF"TFTPSrBFO"NnSJDB
casi un 15% de los 4,200 MW que el
-BUJOBZ&M$BSJCFEFMB$PSQPSBDJwO'JOBO
Perú necesita para abastecer su
demanda en horas punta (de 6 pm DJFSB*OUFSOBDJPOBM *'$ QPSTVTTJHMBTFOJO
a 11 pm) a través de las siguientes HMnT
4JOFNCBSHP %JEPOJFTUJNBRVFIBZ
medidas (unas, por cierto, más OFHPDJPTFOMPTRVFTFQVFEFMPHSBSBIPSSPT
Cambio
Camb
mbiio de
io de sencillas de implementar que otras): IIluminar
ar el
el día: FOFSHnUJDPTEFIBTUB DPNPFOMBNFUBM
horario:
horari
io: Que
Qu
ue se adela
adelante
ante ell
Que loss usuarioss horario
o para NFDgOJDB MPTIPTQJUBMFTZMBTDMrOJDBTZMPT
aprovechen
aprove echen la aprovechar
a
aprovechaar máss IPUFMFT&MGVODJPOBSJPBHSFHBRVFUBNCJnO
actual diferencia horas
horras con luz solar.
tarifaria (se cobra [1] [6] Ah
Ahorro
horro estim
estimado:
mado:
IBZNVDIPQPUFODJBMFOMPTTFDUPSFTUFYUJM
40% más por la electricidad 50 MW-10
MW-10000 MWW ZEFCFCJEBTZBMJNFOUPT ZQSPCBCMFNFOUF
en horas punta) para FOFMEFUSBOTQPSUFT BVORVFFTUF|MUJNP
adquirir medidores duales
OPMPIBBOBMJ[BEP²&OMPRVFSFTQFDUBBM
y así re
reorientar
eorientar su
u consum
consumo
a fueraa de horas punta. DBNCJPEFNPUPSFTWJFKPTQPSNPUPSFTEF
Ahorro o estimado
estimado:o: [5] BMUBF¾DJFODJB TFUJFOFVONFSDBEPEFQPS
100 MW
MW-200
W-200 MW W [2] MPNFOPT64NJMMPOFT³ SF¾FSF
1PODF QPSTVQBSUF DBMDVMBRVFMPT
Habilitar
Hab
bilitar má
más
s gas:
Que las
las empresa
empresas as que DMJFOUFTMJCSFTEFMTFDUPSFMnDUSJDP WBMFEF
consum
consumenmen gas n natural
aturall DJS MBTFNQSFTBTRVFDPOTVNFONgTEF
para oper
operar
rar caldero
calderos,
os, porr .8 DPNPMBTHSBOEFTNJOFSBT
QVFEFO
ejemplo,
j l reciban
ib
b un
Nuevos
Nuev
evo
os ffocos:
os ocos: [3] [4] beneficio por volver a MJCFSBSFOUSF.8Z.8DPONFEJ
Que see impulse e ell cambio utilizar otros combustibles EBTEFF¾DJFODJBFOFSHnUJDB/PPCTUBOUF 
de parte de los 3 3.8
.8 millon
millones como el diésel (en cuyo FOUnSNJOPTQPSDFOUVBMFTFMQPUFODJBMEF
de foco
focos
os incande
incandescentes
escentes caso –se entiende– el g gas
que h
ha
hay
ay ell país
í ppor
or ffocos sobrante e se destin
destinaría
naría a BIPSSPEFMTFDUPSNJOFSP FOUSFZ

ahorra
ahorradores.
adores. gener
generación
ración eléc
eléctrica).
ctrica). FTCBKPFODPNQBSBDJwODPOFMEFMTFDUPS
Ahorroo estimado
estimado:o: 100 MW Ahorro estestimado:
timado: 20
200
00 MWW JOEVTUSJBM FOUSFZ
PFMEFMDPNFS
DJBM FOUSFZ

Premio
Premio en dinero:
Que
Q ue se implemente
imp un nuevo Ajustón en
n C[iWYebWif_bWi
esquema
esquema re regulatorio que el Estado:: $PNPTFIBEJDIP FMTFDUPSFNQSFTBSJBM
otorgue ununa cantidad de Que se
e motive la UJFOFTVTQSPQJPTJODFOUJWPTQBSBTFS
dinero al us
usuario que deje eficiencia energética
de consum
consumir en horas punta. en el sector
or público. FOFSHnUJDBNFOUFF¾DJFOUF%FIFDIP SF
Ahorro est
estimado: 120 MW Ahorro estimado:
do: 20 MW TVMUBJOUFSFTBOUFRVFWBSJBTFNQSFTBTZB
TFNVFTUSFOBDUJWBTFOFMMP+BWJFS3JWFSB
Fej[dY_WbbeYWb SB$FOFSHJB QPSDVBOUPTwMPJNQMJDBVOB 0SBNT EJSFDUPSEFNBSLFUJOHEF&SOTU
"IPSBCJFO FMQSPQJP#*%TFvBMBRVFFMOJ TVTUJUVDJwOEFVODPNCVTUJCMFQPSPUSPFO :PVOH1FS| EFTUBDB FOFTFTFOUJEP MB
WFMEFJOUFOTJEBEFOFSHnUJDBEFM1FS| VO MVHBSEFSFEVDJSMPTSFRVFSJNJFOUPTFOFS NBZPSEFNBOEBRVFWJFOFSFHJTUSBOEP
JOEJDBEPSRVFSF¿FKBDVgOUBTVOJEBEFTEF HnUJDPTFOTr MBDPOTVMUPSBQPSTFSWJDJPTEFBTFTPSrBFO
FOFSHrBTPODPOTVNJEBTQPSDBEBVOJEBE "EFDJSEF$BSMPT)FSSFSB%FTDBM[J FY FGJDJFODJBFOFSHnUJDB4"1 QPSFKFNQMP 
EF1#*
FTVOPEFMPTNgTCBKPTEFMBSFHJwO  NJOJTUSPEF&OFSHrBZ.JOBTZDPOTVMUPS MBO[wMBTFNBOBQBTBEBBOJWFMMPDBMVOB
²MPRVFTJHOJ¾DBRVFFMQBrTIBDFVOVTP FOUFNBTFOFSHnUJDPT MBCVFOBVCJDBDJwO OVFWBTPMVDJwOQBSBMBBENJOJTUSBDJwOEF
SFMBUJWBNFOUFF¾DJFOUFEFTVFOFSHrB³&MMP EFM1FS|FOFMSBOLJOHMBUJOPBNFSJDBOP FOFSHrBRVFBQVOUBFOMBNJTNBMrOFB&O
QPESrBEFCFSTFBRVFFMFNQSFTBSJBEPMPDBM EFJOUFOTJEBEFOFSHnUJDBQPESrBEFCFSTF USFUBOUP FM*'$Z##7"#BODP$POUJOFOUBM
UJFOFVOHFOVJOPJOUFSnTQPSTFSFOFSHn BRVFFOTVFDPOPNrBUJFOFVOBNBZPS WJFOFODPMPDBOEPDPOKVOUBNFOUFGPOEPT
UJDBNFOUFF¾DJFOUF EBEBTVC|TRVFEBEF QSFQPOEFSBODJBFMTFDUPSEFTFSWJDJPTFO QBSBQSPZFDUPTEFF¾DJFODJBFOFSHnUJDBB
DPNQFUJUJWJEBEFOVOFOUPSOPEFNBZPS DPNQBSBDJwODPOPUSBTFDPOPNrBTNgT NFEJBOBTFNQSFTBT WFSOPUBBQBSUF
QPS
BQFSUVSBDPNFSDJBM JOEVTUSJBMFT Z QPSUBOUP NgTJOUFOTBTFO DVBOUP²MBTHSBOEFTDPNQBvrBTZBMPTFT
-BJNQPSUBOUFDPOWFSTJwOEFJOEVTUSJBT DPOTVNPEFFOFSHrB
DPNP$IJMFP#SBTJM  UgOEFTBSSPMMBOEPDPOTVTQSPQJPT¿VKPT
BMDPOTVNPEFHBTOBUVSBMQPESrBJOUFSQSF BRVJFOFTBOUFDFEF²&ODBNCJP TJVOP EFDBKB³ TFH|O%JEPOJ
UBSTFDPNPFWJEFODJBFOFTFTFOUJEP/P BOBMJ[BMBEJGFSFODJBFOUSFMBFOFSHrBQSJ /PPCTUBOUFFMMP ²IBZVOQSPDFTPEF
PCTUBOUF FTUFQSPDFTP TJCJFOSFEVDFFM NBSJBZMBFOFSHrB¾OBMNFOUFVUJMJ[BEB MB F¾DJFODJBFOFSHnUJDBEFBMUBSFOUBCJMJEBE
HBTUPFOFSHnUJDPEFBRVnMMBT OPDPOTUJUVZF F¾DJFODJBEFMBQBSBUPFOFSHnUJDPQFSVBOP RVFMBTFNQSFTBTOPFTUgOUPNBOEPFO
VOBNFEJEBEFF¾DJFODJBFOFSHnUJDBQBSB FTCBKB³ QVOUVBMJ[B)FSSFSB DVFOUBMBDPHFOFSBDJwO³ JOEJDB1PODF
+PTn1PODF HFSFOUFHFOFSBMEFMBDPOTVMUP ²&OVOQBrTRVFDSFDFNVDIPFTEJGrDJM &TUF|MUJNPJNQMJDBRVFMBTDPNQBvrBT4

'-9:H:I>:B7G:9:A'%%- H:B6C6:8DCâB>86q+
:C:G<Þ6

4 RVFMJCFSBOWBQPSDPNPQBSUFEFTVT CAÍDA DE LA COGENERACIÓN (GW.h) TJPOFTRVF&FDLFMFSTDBMJ¾DBEFBCTPMVUB


QSPQJPTQSPDFTPTQSPEVDUJWPTMPVUJMJDFO NFOUFJNQSFTDJOEJCMFTEBEBMBDPZVOUVSB

Generación por uso propio Consumo total
QBSBHFOFSBSFMFDUSJDJEBEZBTrQVFEBO 30,000
TJOPRVF°TFH|O%BNNFSU°IVCJFSBDBSF
BVUPBCBTUFDFSTFFOMVHBSEFEFTQFSEJDJBS DJEPEFTFOUJEPQFEJSMFFOFTFFOUPODFTBM
25,000 QSPEVDUPSRVFDPCSBSBNgTEFMPPGSFDJEP
FMSFDVSTP MPDVBMBEFNgTSFEVDFQnSEJ
EBTEFUSBOTNJTJwO
/PFT QPSUBOUP FM 20,000 (BSDrB#VSHPTDPODVFSEBDPORVFFMCBKP
DBTPEFMBTFNQSFTBTRVFEFDJEFOFOUSBS QSFDJPEFMHBTMFIBQFSNJUJEPBM1FS|TFS
15,000
FOFMOFHPDJPFMnDUSJDPDPNPVOFNQSFO DPNQFUJUJWPFOUnSNJOPTFOFSHnUJDPTGSFOUF
EJNJFOUPBEJDJPOBMBTVSVCSPQSJODJQBM  10,000 BPUSPTQBrTFTEFMBSFHJwO VOBSHVNFOUP
EFTUJOBEPBTVNJOJTUSBSBMBSFEOBDJPOBM BEJDJPOBMQBSBDBQUBSJOWFSTJPOFT
QFSP
5,000
ZEFQBTPBBVUPBCBTUFDFSTF DPNPPDVSSF RVFFTNPNFOUPEFSFQFOTBSMBTJUVBDJwO
DPO$PNQBvrBEF.JOBT#VFOBWFOUVSB  0 FOGVODJwOBMPRVFSFRVJFSFFMQBrTIBDJB

1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
20071
RVFBOVODJwMBTFNBOBQBTBEBMBDPOT GVUVSP NBZPSEJWFSTJ¾DBDJwOZF¾DJFODJB
1Información preliminar
USVDDJwOEFUSFTDFOUSBMFTIJESPFMnDUSJDBT FOFSHnUJDB
&FDLFMFSTUBNCJnOPQJOBRVF
Fuente: Cenergia
EF.8FODPOKVOUP SFTVMUBSrBDPOWFOJFOUFJODSFNFOUBSFMQSF
%JEPOJFTUJNBRVFFMNFSDBEPMPDBM HFOFSBEPSFOMPT|MUJNPTBvPTTFIBCBTB DJPEFMHBT MPDVBMQPESrBSFBMJ[BSTFDPOMB
EFDPHFOFSBDJwOTFSrBEFQPSMPNFOPT EPFOMBBEJDJwOEFUVSCJOBTBHBTEFDJDMP BQMJDBDJwOEFVOJNQVFTUPTFMFDUJWPRVF
64NJMMPOFT1PODF QPSTVQBSUF  BCJFSUP QFSPMPRVFOPTFIBWJTUPFONBZPS TwMPHSBWFTVDPOTVNPQPSQBSUFEFMBT
JOEJDBRVFTVQPUFODJBMEFHFOFSBDJwO NFEJEB TBMWPQPSFMDBTPEF&EFHFM
FTMBJOT HFOFSBEPSBTFMnDUSJDBT
F¾DJFOUFFTUBSrBFOUSFMPT.8Z UBMBDJwOEFOVFWBTDFOUSBMFTEFDJDMPDPN
.8ZRVFQPESrBJOWPMVDSBS QPSFKFNQMP  CJOBEP RVFTPONgTF¾DJFOUFTQPSDVBOUP I_di[‹WbZ[[iYWi[p
BFNQSFTBTUFYUJMFT EFBMJNFOUPT SF¾OF HFOFSBOFMFDUSJDJEBETPCSFMBCBTFEFMWBQPS ²/PQVFEFIBCMBSTFEFF¾DJFODJBFOFSHnUJ
SrBT IPTQJUBMFTZGgCSJDBTEFDFNFOUPT RVFEFTFDIBOMBTQSJNFSBT
FIJESPFMnDUSJDBT DBTJOPIBZVOBTFvBMEFQSFDJPTRVFSF¿FKF
1PSDJFSUP FYJTUFOUBNCJnOEJWFSTBTGPS RVFTPOBMUBNFOUFF¾DJFOUFTQPSDVBOUPSF MBFTDBTF[FOFMNFSDBEP³ FYQMJDB$BSMPT
NBTEFCVTDBSF¾DJFODJBTFOFSHnUJDBTFO RVJFSFOTwMPEFM¿VKPEFMBHVB
 1BUSwO TPDJPEF1BZFU 3FZ $BVWJ"CPHBEPT
FMgNCJUPSFTJEFODJBM DPNPMBTVTUJUVDJwO ²4FTVFMFTVCFTUJNBSMBDPNQMFKJEBE ZFTQFDJBMJTUBFOUFNBTSFHVMBUPSJPT-BTVC
EFGPDPTJODBOEFTDFOUFTQPSGPDPTBIPSSB EFIBDFSVOBDFOUSBMEFDJDMPDPNCJOB FTUJNBDJwOEFMQSFDJPEFMHBTZMB¾KBDJwO
EPSFT TFH|O1PODF QPSDBEBNJMMwOEFMPT EP RVFFTTJNJMBSBMBEFDPOTUSVJSVOB EFUBSJGBTFMnDUSJDBTRVF BTVDSJUFSJP OPTF
TFHVOEPTTFMJCFSBO.8EFDBQBDJEBE
 IJESPFMnDUSJDB³ FYQMJDB+BWJFS(BSDrB#VS BKVTUBOBMBTDPOEJDJPOFTEFMNFSDBEPTPO
MBTQPMrUJDBTEFFUJRVFUBEPEFFMFDUSPEP HPT HFSFOUFHFOFSBMEF*OLJB&OFSHZ²4JO MBQSJODJQBMCBSSFSBQBSBRVFMPTQSPQJPT
NnTUJDPTBIPSSBEPSFT MBTSFHVMBDJPOFTEF FNCBSHP EFCFFOUFOEFSTFUBNCJnORVFOP VTVBSJPT TFBOFNQSFTBSJBMFTPSFTJEFODJB
BIPSSPFOFSHnUJDPFOMBTFEJ¾DBDJPOFTZMB UJFOFTFOUJEPJOTUBMBSMBTDPOFMBDUVBMOJWFM MFT NPEFMFOTVQSPQJPDPOTVNPFOFSHnUJ
JOUSPEVDDJwOEFJODFOUJWPTSFHVMBUPSJPT EFMBTUBSJGBTFMnDUSJDBTZTJOPTFMFTIBDF DPFOQPTEFVOBNBZPSF¾DJFODJB
QBSBNPUJWBSSFEVDDJPOFTFOFMDPOTVNP PQFSBSUPEPFMBvP³ BvBEFFMFKFDVUJWP1B 1FSPFTUFFMFNFOUPTFWVFMWFEPCMF
DPNPJNQMFNFOUBSQSFDJPTFTDBMPOBEPT USJDL&FDLFMFST HFSFOUFHFOFSBMEF&OFSTVS  NFOUFDSVDJBMQPSDVBOUP DPNPTFIB
RVFQSFNJFOTJTFSFEVDF°PTBODJPOFOTJ PQJOBFOTFOUJEPTJNJMBS²&MQSFDJPRVFMPT WJTUP UBNCJnOFTVOJOIJCJEPSEFMBEJ
TFBVNFOUB°FMDPOTVNPIJTUwSJDP
 DMJFOUFTRVJFSFOQBHBSOPKVTUJ¾DBQPSBIP WFSTJGJDBDJwOZBNQMJBDJwOEFMBPGFSUB
%FIFDIP FTUP|MUJNPPDVSSJwFO#SBTJM SBMBJOWFSTJwOFODJDMPTDPNCJOBEPT³ EFHFOFSBDJwOFTEFDJS FMPUSPFTDFOBSJP
DVBOEPFTUFQBrTFOGSFOUwVOFTDFOBSJPEF &MGBDUPSDMBWFFOFTUBEJTZVOUJWBFTFM EFMVDIBDPOUSBFMGBOUBTNBEFMSBDJPOB
SBDJPOBNJFOUPBQSJODJQJPTEFFTUBEnDBEBZ QSFDJPEFMHBT&MRVFnTUFTFBQBSUJDVMBS NJFOUP.JFOUSBTFMHPCJFSOPDFOUSBM RVF
TVQSJODJQBMFGFDUPQPTJUJWPGVFRVF²FMDPO NFOUFCBKPFOFM1FS| 64QPSNJMMwOEF EFDMJOwEFDMBSBSQBSBFMQSFTFOUFJOGPS
TVNPTFSFEVKPZOPEFNBOFSBUFN #56GSFOUFB64P64FOFMNFSDBEP NF
QMBOUFBNFEJEBTDPNPCPOJGJDBSB
QPSBM TJOPQFSNBOFOUF³ BEFDJSEF"MGSFEP JOUFSOBDJPOBM TFH|O&FDLFMFST
MFEBVOB MBTIJESPFMnDUSJDBTFOMBTMJDJUBDJPOFTEF
%BNNFSU QSFTJEFOUFEF0TJOFSHNJO4FH|O WFOUBKBDPNQFUJUJWBBMBTUVSCJOBTEFDJDMP MBTEJTUSJCVJEPSBT IBDFSPCMJHBUPSJBMB
FTUF|MUJNP TJTFJNQMFNFOUBTFOFOFM1FS| TJNQMF%FBDVFSEPDPO)FSSFSB TJFMDPTUP DPOTUSVDDJwOEFDJDMPTDPNCJOBEPTDPO
NFEJEBTOPTwMPEFBIPSSP TJOPUBNCJnOEF EFMEJDIPDPNCVTUJCMFGVFTFNBZPS FMMP JODFOUJWPTB|OJOEFUFSNJOBEPT PSFDV
SFPSJFOUBDJwOEFMDPOTVNPEFFMFDUSJDJEBE DPNQFOTBSrBMBNBZPSJOWFSTJwOEFDBQJ SSJSB1SP*OWFSTJwOQBSBMJDJUBSOVFWBT
GVFSBEFIPSBTQVOUB TFQPESrBSFEVDJSFO UBMZQMB[PEFDPOTUSVDDJwOBTPDJBEPTB DFOUSBMFTDPODPOUSBUPT#005ZSFHrNF
DFSDBEFMBQSFTJwOTPCSFMBDBQBDJEBE MPTDJDMPTDPNCJOBEPTFIJESPFMnDUSJDBT  OFTEJGFSFODJBEPT VOFKFDVUJWPEFMTFDUPS
EFMTJTUFNBFMnDUSJDPFOIPSBTQVOUB WFS ZQPOESrBBFTUBT|MUJNBTFODPOEJDJPOFT FMnDUSJDPMBO[BFMTJHVJFOUFDPNFOUBSJP
²*ODFOUJWPTQBSBFMBIPSSPFOFSHnUJDP³
 EFDPNQFUJSDPOMBTQSJNFSBT BDPHJnOEPTFBMBOPOJNBUP²&OMVHBSEF
%BNNFSUTFvBMBRVFFMQSFDJPEFMHBTFT QFSGPSBSFMNBSDPSFHVMBUPSJPDPOQBSDIFT
7fb‡YWj["][d[hWZeh CBKPQPSRVFnTFGVFFMDPNQSPNJTPBMDVBM RVFBQVOUBOUPEPTBTVCJEBTFOFMQSFDJP
4JOQFSKVJDJPEFMPBOUFSJPS VOTFDUPSEFM BDDFEJwFMQSPEVDUPS FM$POTPSDJP$BNJ EFMBFMFDUSJDJEBE  QPSRVnOPNFKPSTJO
DVBMTFFTQFSBSrBVOBNBZPSF¾DJFODJBFOFS TFB
FOVOQSJNFSNPNFOUP&MMPOPTwMP DFSBOMBTUBSJGBTEFNBOFSBEJSFDUB ³2VJ
HnUJDBFT WBMHBMBSFEVOEBODJB FMFOFSHn QFSNJUJwMBJOTUBMBDJwOEFMBTUVSCJOBTB [gFMMPBZVEFUBOUPBMBF¾DJFODJBDPNPB
UJDP%FIFDIP FMDSFDJNJFOUPEFMQBSRVF DJDMPTJNQMFBDUVBMNFOUFPQFSBUJWBT JOWFS MBFYQBOTJwOEFMQBSRVFHFOFSBEPSQ

,qH:B6C6:8DCâB>86 '-9:H:I>:B7G:9:A'%%-
EF?D?ãD

CbZgd&&)%
B_cW"(.Z[i[j_[cXh[Z[b(&&. $PNFOUBFMEJSFDUPS

´86E>I6A>HBD:C:A67>HBD4
O 5JFOFOSB[wORVJFOFTDSJUJDBOMBJODPIF
<DCO6ADO:<6GG6 SFODJBEFVOSnHJNFORVFQSJWBUJ[BHBOBO
BJA6CDK>8= DJBTZTPDJBMJ[BQnSEJEBT1FSPOPUJFOFO
SB[wOFOFUJRVFUBSUBMDPTBDPNP²MJCFSB
MJTNP³&MHPCJFSOPEF#VTIBVNFOUwFM
<KD:7:EH
HBTUP¾TDBM QSJODJQBMNFOUFQPSMBHVFSSB
;Za^eZDgi^oYZOZkVaadhB#

A
:?H;9JEH
BFTQBOUPTBDSJTJT¾OBODJFSBEF EF*SBL QFSPOPTwMP
BOJWFMFTEFFTQBOUP 
<dcoVadOZ\VggVBjaVcdk^X] TBUBEBFOMBT|MUJNBTTFNBOBT BNnOEFIBCFSEFGFOEJEPQPMrUJDBTQSP
@;<;:;H;:799?ãD
6j\jhidIdlchZcY@#
IBBQSFTVSBEP°BOJWFMMPDBMF
7D7B?IJ7I JOUFSOBDJPOBM°BQPDBMrQUJDPTBV BWYh_i_ide[ifheZkYje
GdWZgid8Vhigd!=j\d<VaaZ\dh! HVSJPTTPCSFVOBTVQVFTUBBHPOrBEF¾OJ
<dcoVad8VggVcoV!6Yg^VcVGdXV!
Z[bceZ[be"i_de
KVcZhhVGZVŠd!6cYgZV7VgVXXd UJWBEFMDBQJUBMJTNP1SPQPOHPBMHVOBT [l[djkWbc[dj[Z[\WbbWi
hZbVcVZXdcdb^XV5VedndejWa^XVX^dcZh#Xdb SF¿FYJPOFT [dikWfb_YWY_Œd
=;H;DJ;9EC;H9?7B
O 4JCJFOFOWPMVNFOQVFEFOTFSDPNQBSB
C^Xda{hGdYg†\jZo<VaZg
IKI9H?F9?ED;I%7J;D9?ãD7BIKI9H?FJEH CMFT FTVOBMJHFSF[BFRVJQBSBSMBTDBVTBT UFDDJPOJTUBT DPNPFOFMDBTPEFMBDFSP
Aj^hAVBVYg^Y!8nci]^V7Zggn ZDPOTFDVFODJBTEFMBDSJTJTBDUVBMDPOMBT QSJNFSNBOEBUP
4JFTPFTMJCFSBMJTNP 
hjhXg^eX^dcZh5VedndejWa^XVX^dcZh#Xdb
FK8B?9?:7:
EFMBHSBOEFQSFTJwOEFMPTBvPTUSFJOUB QPESrBMMBNBSTFMJCFSBMBMQSJNFSHPCJFSOP
GdWZgidAVBVYg^Y!<gVX^ZaV:hXdWVa! &MNVOEPFTNVZEJTUJOUP5PEPFTUgJO EF"MBO(BSDrB PBMEF7FMBTDP
6cVGZnZh
UFSDPOFDUBEP ZBTrDPNPMBTDPSSJEBTTF O &OFM1FS| MPTDSrUJDPTEFMNPEFMPFDPOw
9EHH;99?ãD
6aWZgidx^fjZc EFTBUBONgTSgQJEBNFOUF VOBFWFOUVBM NJDPOPPDVMUBOTVBMFHSrBZFNQJF[BOB
9EEH:?D79?ãD=HÜ<?97 SFDVQFSBDJwOEFNPSBSgNFOPTRVFIBDF FMBCPSBSBSHVNFOUPTQBSBJOUFOUBSEFNPT
HVcYgV;adg^{c
F7=?D79?ãD
BvPT USBSRVFEJDIPNPEFMPOPTFYQPOFBDSJTJT
BVg^dEdejX]Z!GdcnB‚cYZo O "USJCVJSBMBBVTFODJBEFSFHVMBDJwO DPNPMBEF&&66 ZQPSUBOUPIBCSrBRVF
:?I;yE
MBQSJODJQBMSFTQPOTBCJMJEBE FOUPODFT DBNCJBSMP1BTBOQPSBMUPRVFFTFNPEFMP
D:8dbjc^XVYdgZh
?BKIJH79?ED;I ZBIPSB
OPFTSJHVSPTP&OQVFEF FTFMRVFOPTQFSNJUFFOGSFOUBS BQFTBS
E^ZgdFj^_Vcd IBCFSIBCJEP²QPDB³SFHVMBDJwO¾OBODJF EFMBBQFSUVSBDPNFSDJBMZFM5-$
MBDSJTJT
EC8K:IC7D
?dh‚"BVg†VYZGdbVŠV SB QFSPMBFDPOPNrBFOTVDPOKVOUPZB DPOSFMBUJWBUSBORVJMJEBE/PQPESrBNPT
YZgdbVcV5k^VWXe#Xdb FTUBCB¾SNFNFOUFJOUFSWFOJEBBMNFOPT IBDFSMPTJODVFOUBT¾TDBMFTTwMJEBT CVFO
:aDbWjYhbVcXVcVa^oVh^c^ciZgbZY^VX^‹cVa
Y^gZXidgaVh^cfj^ZijYZhnfjZ_VhYZadhaZXidgZh!
EFTEF DVBOEPTFQSPNVMHwMB-FZ OJWFMEFSFTFSWBT BDDFTPB¾OBODJBNJFOUP
Vfj^ZcZhgZegZhZciV#Cdi^ZcZgZaVX^‹cYZhjW" 4IFBSNBO BOUJNPOPQwMJDB
DVZBKVTUJ¾ JOUFSOBDJPOBM BQVOUBMBEPQPSFMHSBEPEF
dgY^cVX^‹cc^aZVaiVYXdcaVZbegZhVZY^idgV!edg DBDJwOQPMrUJDB°ZQBSUFEFTVBQMJDBDJwO JOWFSTJwO
1PSUBOUP MBJEFBEFDBNCJBS
adfjZVXiVYZbVcZgVdW_Zi^kV!ZmiZgcVZ^cYZ"
eZcY^ZciZ# KVEJDJBM°FSBFYQMrDJUBNFOUFDPNCBUJSMB EFNPEFMPFTVOEJTQBSBUF-BDSJTJTOPFT
6YZb{h!6EDNDEjWa^XVX^dcZhH#6#Zhb^ZbWgdYZa BDVNVMBDJwOEFSJRVF[B:IPZMBSFHVMB QSPEVDUPEFMNPEFMP TJOPFWFOUVBMNFOUF
9edi[`eZ[bWFh[diWF[hkWdW!nZhi{hj_ZidVaV
XdbeZiZcX^VYZhjIg^WjcVaYZwi^XVeZg^dY†hi^XV# DJwOFTGSPOEPTB JODMVTPFOMP¾OBODJFSP EFGBMMBTFOTVBQMJDBDJwO-BFYVCFSBOUF
?CFH;I?ãD /PFTDJFSUP QVFT RVFBMBTDSJTJTIBZB TP¾TUJDBDJwO¾OBODJFSBOPFRVJWBMFBMJCSF
A^i]dVgiZH68?g#>fj^fjZ)+!7gZŠV#
GJ8'%*%.(&')'-
QSFDFEJEPVOQBSBrTPMJCFSUBSJP OJRVF NFSDBEP
:;FãI?JEB;=7B MBJOUFSWFODJwOQSFWFOUJWPSFHVMBUPSJB O :FTBFYVCFSBODJBTFSgUBMWF[MP|OJDP
&*%&%*".*"%'%) EFM&TUBEPHBSBOUJDFFTUBCJMJEBE RVFTFFYUJOHB&MDBQJUBMJTNPOPNPSJ
E<?9?D7:;H;:799?ãD
?jVcYZaV;jZciZ+'*!A^bV&-!EZg O :FTRVFMBFTUBCJMJEBEFTVOBVUPQrB&O Sg QFSPFOUSBSgBDBTPFOVOBGBTFOVFWB
HK9 FMOJWFMNJDSP UPEPFMRVFIBDFOFHPDJPT QPSMPQSPOUPZBEFTBQBSFDJwMBCBODB
'%'+%*&%--,
J;Bx<EDE'&("%+%%<7N)))"*')%
BWFDFTHBOBZBWFDFTQJFSEF&OFMOJWFM EFJOWFSTJwOUBMDPNPMBDPOPDrBNPT

NBDSP MBFDPOPNrBBUSBWJFTBDJDMPT MPT 0KBMgRVFMBFUBQBEFMHSBODBQJUBMJTNP
I;C7D7;9EDãC?97ZhjcVejWa^XVX^‹cYZ NBMPTTPOQSPEVDUPEFVOBHSFHBEPNB EF&TUBEP EFTFODBEFOBEBQPSMPTSFTDBUFT
6EDNDEjWa^XVX^dcZhH#6#!ZbegZhVfjZdeZ"
gVXdc^cYZeZcYZcX^VnVjidcdb†VYZadhdigdh ZPSEFQnSEJEBT
 ¾OBODJFSPT
EVSFMPNFOPTQPTJCMF
b^ZbWgdhYZa<gjed6EDND!nZheZX†ÒXVbZciZ
YZadhfjZegZhiVchZgk^X^dhVÒgbVhneZghdcVh 0rEPFOMBDBMMF
hdWgZaVhfjZZhiZhZbVcVg^dgZedgiV!Xdbd
6EDND8dbjc^XVX^‹c8dgedgVi^kV!>ehdh"6EDND ²1FSPTJTFTPMVDJPOBO MPTQSPCMFNBTFOUSFTPDJPT
NF
De^c^‹cnBZgXVYdn6EDND8dchjaidg†V#6EDND HVTUBSrBFOUSBSBMBCPMTBZRVFEBSNFDPONJQPSDFOUBKF
EjWa^XVX^dcZhcdXdbeVgiZXdcZaaVh^c[dgbV"
X^‹cVXZgXVYZadhXa^ZciZhYZ‚hiVh!c^VXiV
EFMDBOBM³ DPOUwEFTQSFPDVQBEP(FOBSP%FMHBEP1BSLFSTPCSFMBTVQVFTUBWJTJUB
EFJOWFSTJPOJTUBTJOUFSFTBEPTFODPNQSBS1BOBNFSJDBOB:BEFDrB"MFKBOESP%VNBT
XddgY^cVYVbZciZV[VkdgYZhjh^ciZgZhZh#

²4JEBJTMBJNQSFTJwOEFOFDFTJUBSDVBMRVJFSDPTB OPPT
6EDNDEjWa^XVX^dcZhH#6# EBSgOOBEBQBSBIBDFSGPSUVOBFTQSFDJTPBQBSFOUBSTFSSJDP³

.qH:B6C6:8DCâB>86 '-9:H:I>:B7G:9:A'%%-
$PMJTFP3PNBOP -BDPMVNOBEF'0;
7:AA:O6 69>8>DC6A#
4gCBEP QN6OBBOBMJT
UBMMFHBBMBQFMVRVFSrB4FCFMM B886>CND76B6
4BMwO.FE4QB EFNBMIVNPSZBRVFFO
FM4QFDDIJEF-B.PMJOBMFIBCrBOEJDIP ZTJ0CBNBQFSEJFSB )JMMBSZ$MJOUPO
RVFSFDJnOMBQPESrBOBUFOEFSEPTIPSBT ;:A>E:DGI>O UFOESrBDBTJBTFHVSBEBMBOPNJOBDJwOZ°BM
EFTQVnT ZQJEFRVFMFIBHBOVOQFJOBEP 9:O:K6AADHB# HVOPTEJDFO°MBFMFDDJwOFOEJDIPBvP
&O4FCFMMMFIBDFOMMFOBSVOB¾DIBQPSTFS
'JOBMNFOUF ZSFTQFDUPEFMBDUVBMHPCJFS
MBQSJNFSBWF[RVFJCBZ BMSFWJTBSMPTEBUPT
EFMB¾DIB MBDBKFSBTFQFSDBUBRVFFTFErB OP BNCPTMrEFSFTUJFOEFOBWBMPSBSNgTMBT
FSBFMDVNQMFBvPTEFMBBOBMJTUB1PSFTF BMJBO[BTJOUFSOBDJPOBMFT&TUFGBDUPSQVFEF

8
NPUJWP EFDJEFSFHBSMFVOBNBOJDVSF$PO PNPTFPCTFSWwFOFMEFCBUFEFMB SFTVMUBSJODMVTPNgTJNQPSUBOUFRVFTVTBQB
FTFUSBUBNJFOUP UPEPFMNBMIVNPSTFEJTJ TFNBOBQBTBEB MPTDBOEJEBUPTB
QwZFMTBMwOPCUVWPVOBOVFWBDMJFOUB MBQSFTJEFODJBEF&&66EJ¾FSFO 9ecfWhj[dkdeh_][d
86DH<DJGB:I#7JFSOFT 
FOFEBE SB[B QSPGFTJwO DSFFO Yedj[ijWjWh_e[dikifWhj_Zei
QN6OBQSVEFOUFDPO
DJBTZQSPHSBNBT5BNCJnOUJFOFO TJOFN o^WdcWdj[d_ZekdWh[bWj_lW
EVDUPSBEFFTUBSFEBDDJwOOVO CBSHP BMHVOBTTJNJMJUVEFT Z_ijWdY_WZ[bWi\Wc_b_Wi8ki^
DBJNBHJOwRVFMB1SJNFSB'FSJB(BTUSPOw 6OBQSJNFSBFTRVFMPTEPTTPONVZ o9b_djed
NJDB*OUFSOBDJPOBM²1FS| .VDIPHVTUP³ QSBHNgUJDPTZDPOVOBEJTQPTJDJwOSFBM
MFUSBFSrBBNBSHBTTPSQSFTBT"MMMFHBSB IBDJBFMDPNQSPNJTPDPOMBPUSBQBSUF SFOUFTEJGFSFODJBTSFTQFDUPEFDwNPUSBUBSrBO
FTBIPSBBMBJOUFSTFDDJwOEFMBTBWFOJEBT +PIO.D$BJOUJFOFNgTRVFNPTUSBSFO MBTSFMBDJPOFTCJMBUFSBMFTDPOQBrTFTDPNP
4BMBWFSSZZ%FM&KnSDJUP TFUPQwDPOVOB FTFTFOUJEP DPNPFMQSPZFDUPEFMFZTPCSF *SgO $IJOB 3VTJB 7FOF[VFMBP$VCB
DPOHFTUJwOWFIJDVMBSRVFMMFHBCBIBTUBFM JONJHSBDJwORVFQSFTFOUwDPOTVDPMFHB &O*SBL MPTIFDIPTQSPCBCMFNFOUFGPS[B
.FSDBEP.VOJDJQBMEF4BO*TJESP UBOUPBTr EFNwDSBUB&EXBSE,FOOFEZQFSPFOFM4F SrBOVOBDPOWFSHFODJBFOUSFMBTQPTJDJPOFT
RVFMMFHBSEFVOQVOUPBPUSPMFUPNw OBEPEFM&TUBEPEF*MMJOPJT #BSBDL0CBNB RVFBDUVBMNFOUFTFEJTDVUFOFOMBDBNQBvB
NJOVUPT.JFOUSBTUBOUP MPTDBSSJMFTBEZB
UBNCJnODSV[BCBMrOFBTQBSUJEBSJBTQBSB FMSJFTHPEFVOBJOFTUBCJMJEBESFHJPOBMPCMJ
DFOUFTBMBCFSNBUSJBOHVMBSVCJDBEBFOFM
MMFHBSBBDVFSEPTDPODFSUBEPT HBSrBB0CBNBBNBOUFOFSMBTUSPQBTQPSVO
JOJDJPEFMBCBKBEBBMBQMBZBIBCrBOTJEP
UPNBEPTDPNPFTUBDJPOBNJFOUPQPSMPTBV 5BNCJnOMPTEPTDBOEJEBUPTDPNQBSUFO UJFNQPNBZPSBMRVFPGSFDFZ.D$BJO FTQF
UPNwWJMFTFTUBDJPOBEPTEFMPTBTJTUFOUFTBM VOPSJHFODPOUFTUBUBSJPFOTVTQBSUJEPTZ DJBMNFOUFQPSMJNJUBDJPOFT¾TDBMFT TFWFSrB
FWFOUP MPRVFBVNFOUBCBFMBUPSP IBONBOUFOJEPVOBSFMBUJWBEJTUBODJBEF GPS[BEPBBQVSBSFMSFHSFTPEFMBTUSPQBT
MBTGBNJMJBT#VTIZ$MJOUPORVFIBOTJEP &OPUSPTUFNBT DPNPMBQPMrUJDBFOFS
CdiV/Adh]ZX]dhYZhXg^idhn$dXdbZciVYdhZcZhiV
hZXX^‹c]Vch^YdY^gZXiVbZciZZmeZg^bZciVYdhdXdch"
TVTMrEFSFTUSBEJDJPOBMFT DBTJEJOgTUJDPT4J HnUJDBZMBJONJHSBDJwO QVFEFOUFSNJOBS
iViVYdhYZ^cX‹\c^idedgaVgZYVXX^‹cYZZhiVgZk^hiV# .D$BJOQFSEJFSB QPSFKFNQMP +FC#VTIQP QBSFDJnOEPTFFOFMHPCJFSOPNVDIPNgTEF
CdhZejWa^XVcYZcjcX^Vhc^Zad\^dhYZiZgXZgdh#
ESrBBTQJSBSBMBDBOEJEBUVSBSFQVCMJDBOBFO MPRVFTFRVJFSFSFDPOPDFSFOMBDBNQBvB

%JMCFSU H8DII696BH

'-9:H:I>:B7G:9:A'%%- H:B6C6:8DCâB>86q/
H;I7BJ7:EHI;9JEH?7B

%JDIPZIFDIP NJMMPOFTFOFTUPTQSPZFDUPTFOMPT
QSwYJNPTDJODPBvPT3FTQFDUPEF
IFDUgSFBTEFDBvBEFB[|DBSFO
FM7BMMFEFM$IJSB 1JVSB
FOFM
MPTOFHPDJPTOPBHSBSJPT MBFNQSF DVBM1E&JOWFSUJSg64NJ
-B1SJNFSB'FSJB(BTUSPOwNJDB*OUFSOBDJPOBM²1FS| .VDIP
TBEFTUJOBSgVOBTVNBTVQFSJPSBM MMPOFT$BCFJOEJDBSRVF"HSP
HVTUP³GVFMBPDBTJwOFTDPHJEBQPS"KFQBSBFMFTUSFOPEFMB
64NJMMwOQBSBBMDBO[BSVOB QFDVBSJBEFM4IBOVTJZ"HSrDPMB
CPUFMMBQFSTPOBMEF'SBODB DPOVODPOUFOJEPEFNM%JDIP
QSPEVDDJwOEF VOJEBEFT EFM$IJSB TVCTJEJBSJBTEF1E&

MBO[BNJFOUP BOUJDJQBEPQPSFTUBSFWJTUBBNFEJBEPTEFNBS[P
BOVBMFTEFDVZFT NJFOUSBTRVF BDUVBMNFOUFUJFOFODBEBVOB
4&
ZDPO¾SNBEPMVFHPQPSFKFDVUJWPTEFMBFNQSFTB 4&
QSPEVDJSg5.BOVBMFTEF  IFDUgSFBTFOTVT[POBT
 
MFTFSWJSgBMBNBSDBQBSBJOHSFTBSBMDBOBMPOQSFNJTF
UJMBQJBZ 5.EFIVNVTFO EFJO¿VFODJB
SFTUBVSBOUFT CBSFTZEJTDPUFDBT
NJFOUSBTRVFFMFTDFOBSJPEF
TJNJMBSQFSrPEPEFUJFNQP 1BSBFMQSPDFTBNJFOUPEF
TVQSFTFOUBDJwOSFGVFS[BMBJOUFODJwOEFWJODVMBSB'SBODBDPO
FTUPTDVMUJWPT 1E&ZBDPNQMF
MBHBTUSPOPNrBMPDBM/PPCTUBOUF QBSBFMNFSDBEPDFSWFDFSP 
UwMBJOTUBMBDJwOEFVOBQMBO
nTUFTFSrBVODBNCJPNFOPSDPNQBSBEPDPOFMRVFQPESrBWFOJS
UBFYUSBDUPSBFO5PDBDIFDPO
EFM.JOJTUFSJPEF&DPOPNrBZ'JOBO[BT TFH|OMPBOVODJBEPFTUB
VOBJOWFSTJwOEF64NJMMP
TFNBOBQPSFMWJDFNJOJTUSPEF&DPOPNrB &EVBSEP.PSwOMB
OFTZPUSBEFSF¾OBDJwOQBSB
NJHSBDJwOBVOJNQVFTUPTFMFDUJWPBMDPOTVNPRVFHSBWFMBT
DPOWFSUJSFMBDFJUFEFQBMNB
CFCJEBTBMDPIwMJDBTQPSTVOPDJWJEBE VOBUFOEFODJBDPOMB
FOCJPDPNCVTUJCMFT BMBDVBM
DVBMFTQFDVMw4&DVBOEPEJDIPDSJUFSJPTFDPNFO[wBBQMJDBS
EFTUJOBSg64NJMMPOFT: 
BMBTHBTPMJOBT 4&
-B²DIFMB³ QPSTVCBKPDPOUFOJEPEF
QPSPUSPMBEP MBFNQSFTBFTUg
BMDPIPM TBMESrBGBWPSFDJEBDPOFTUFDBNCJPUSJCVUBSJP
FOQSPDFTPEFDPOTUSVDDJwOEF
VOBQMBOUBEFFMBCPSBDJwOEF
6:GD8DB:G8>6A FTUgFOQMFOPQSPDFTPEFGV FUBOPMRVFFTUgFOVOEF
TJwODPO/PSUIXFTU"JSMJOFT BWBODFZFOMBDVBMJOWFSUJSg
²&OFOFSPEFMUFSNJOB 64NJMMPOFT
SgFMQSPDFTPZWFSFNPTBMB
8G>H>H!´FJw8G>H>H4²%FM BFSPMrOFBNVDIPNgTGPSUB >CK:GH>âC8DCHI6CI:#
UB"JSMJOFTGBDUVSBSg64NJ MFDJEB ZBDPNPMBTFHVOEB :FODVBOUPBMBTJOWFSTJP -BBHSPJOEVTUSJBM1SPDFTBEP
MMPOFTFTUFBvPFOFMOFHPDJPEF NgTJNQPSUBOUFEF"NnSJDB OFTBHSrDPMBT MB¾SNBEFTUJOB SB-BSgO 1-
JODSFNFOUBSgFO
QBTBKFSPTFOFM1FS| MPRVFSF -BUJOB³ EJDF$PTUB&OUSFMBT Sg64NJMMPOFTQBSBMPHSBS IFDUgSFBTTVTUJFSSBTFO
QSFTFOUBVOJODSFNFOUPEF OPWFEBEFTRVFTFWFSgOFOMB MBPDVQBDJwOQMFOBEFTVTUJF *DBQBSBFMTFNCSrPEFDrUSJDPT
FODPNQBSBDJwODPOFM³  SFHJwOUSBTMBGVTJwOFTUBSgO SSBT&OFTBMrOFB EFTBSSPMMBSg ZVWBT QBSBMPDVBMJOWFSUJSg
B¾SNB.BSDFMP$PTUB SFHJPOBM VOBTDBCJOBTOVFWBTMMBNBEBT VODVMUJWPJOUFOTJWPEFNBr[ 64NJMMPOFTFOFM
NBOBHFSEFMBMrOFBBnSFBQBSB ²CVTJOFTTFMJUF³QBSBFMQ|CMJDP FO IFDUgSFBT BMBTDVB "TJNJTNP MBGJSNBEFTUJOB
"NnSJDB-BUJOB%JDIBDJGSBOP DPSQPSBUJWP MFTTFTVNBSgO IFDUgSFBT SgBMSFEFEPSEF64 
FTQPDBDPTBFOVODPOUFYUPFO EFBMHPEwOIB[FSB  IFD BNFKPSBSMBTQMBOUBTEFQSP
FMDVBMMBNBZPSrBEFMBTBFSPMr 6<G>8JAIJG6 UgSFBTEFDBvBEFB[|DBSZ DFTBNJFOUPRVFUJFOFFO*DBZ
OFBTJOUFSOBDJPOBMFTFTUgSFQPS IFDUgSFBTEFDBQTJDVNT $IJODIB&OMBQSJNFSB EPOEF
UBOEPHSBOEFTQnSEJEBTFDPOw TFQSPDFTBOVWBT TFBNQMJBSgO
NJDBTQPSFMBM[BEFMQSFDJPEFM 6<GD>C9JHIG>6 MBTJOTUBMBDJPOFTEFGSrPZ FO
QFUSwMFP 4&
 BÛHFJ:6Oå86G#-B&N MBTFHVOEB EFDrUSJDPT MBDBQB
²&M1FS|TFIBDPOWFSUJEPFO QSFTB"HSPJOEVTUSJBM$BZBMUr DJEBEJOTUBMBEBBVNFOUBSgEF
VOPEFMPTQBrTFTNgTJNQPSUBO &"$
JODVSTJPOBSgFOFMOF 5.ErBB5.ErB
UFTQBSBMBBFSPMrOFB UBOUPQPS HPDJPQFDVBSJPZBDVrDPMBDPO E6AB6H:C6K6C8:#&O $BCFSFTBMUBSRVF1-JOWJS
MPTQBTBKFSPTDPNPQPSFMOFHP MBDSJBO[BEFDVZFTZUJMBQJB  NFEJPEFMQSPZFDUPEFFYQBO UJwUBNCJnO64NJMMPOFT
DJPEFDBSHB³ EJDF$PTUB BVORVF BMPRVFTVNBSgMBQSPEVD TJwOEFTVTGSPOUFSBTBHSrDPMBT  FTUF BvP QBSB BNQMJBS 
NBOUJFOFFOSFTFSWBDVgOUPTF DJwOEFIVNVT:FOFMDBNQP MBTTVCTJEJBSJBTEF1BMNBTEFM IFDUgSFBT MVFHPEFMPDVBMMB
GBDUVSBSgFTUFBvPQPSFMOFHPDJP BHSrDPMB MB¾SNBBWBO[BSgFO &TQJOP 1E&
JODSFNFOUBSgOTV FNQSFTBBMDBO[wMBT IFD
EFDBSHB&OFTUF|MUJNP%FMUBTF MBPDVQBDJwOZQVFTUBFOQSP TVQFS¾DJFBHSrDPMBUPUBMIBTUB UgSFBT 4&

IBFTQFDJBMJ[BEPFOUSBOTQPSUBS EVDDJwOEFTVTUJFSSBT-PTQSP BMDBO[BSMBT IFDUgSFBTFO ²$POUPEPFTUPQPESFNPT
FTQgSSBHPT UFYUJMFTZ¿PSFTOB ZFDUPTTPOQBSUFEFMBUFSDFSB FM%FnTUBT MBTQMBOUBDJP FOWJBSDrUSJDPTFMQSwYJNPBvP
UVSBMFT EFTVOFHPDJPFTFM GBTFEFMQMBOEFEFTBSSPMMPEF OFTEFQBMNBTFSgOEF Z BMNFSDBEPDIJOP³ TFvBMB&T
USBOTQPSUFEFDBSHB
²&TUBgSFB MBFNQSFTB FMDVBMUJFOFDPNP  IFDUgSFBTFO1BMNBXBTJZ UVBSEP.BTrBT HFSFOUFHFOFSBM
IBDSFDJEPFOVOQSPNFEJP PCKFUJWPBMDBO[BSVOQBUSJNP 4IBOVTJ BNCBTFO4BO.BSUrO
 EF1-4FH|OFMFKFDVUJWP FOFM
BOVBMEF NJFOUSBTRVFMB OJPNBZPSBMPT64NJMMP SFTQFDUJWBNFOUF&OMBQSJNFSB TFFOWJBSgFMEFMWP
EFQBTBKFSPTTwMPMPIBIFDIPFO OFTIBDJBFM VO TFJOWFSUJSg64NJMMPOFTZ MVNFOQSPEVDJEPEFDrUSJDPTB
³ DPNFOUBFMFKFDVUJWP NBZPSBMBDUVBM 64NJMMPOFTFOMBTFHVOEB $IJOB MPRVFFRVJWBMFBVOB
$BCFEFTUBDBSRVF%FMUB &"$JOWFSUJSgNgTEF64 "nTUBTTFBEJDJPOBSgO  QSVFCBEF5.

'&qH:B6C6:8DCâB>86 '-9:H:I>:B7G:9:A'%%-
G:H6AI69DGH:8IDG>6A

-BGBDUVSBDJwOQSPZFDUBEB BUFODJwOBOVFTUSPTDMJFOUFTEF 8DB:G8>D JOUFOUPEFGVTJwOFOUSF%4Z


EF1-QBSBFTUFBvPTFNBO FTUFQSPEVDUP BTrDPNPEFTB 'BMBCFMMB 4&

UJFOFFO64NJMMPOFTZ EF SSPMMBEPVOBBUFODJwONgTFO
BDVFSEPDPO.BTrBT TFSgEF GPDBEBFOOVFTUSPTDMJFOUFTEF 8DBE:I:C8>69:76GG>D#
64NJMMPOFTFOFM UBSKFUBTEFDSnEJUP ´6I:GG>O6?:68:A:G6" 5PUBM"SUFGBDUPT 5"
NBUSJ[EF-B
$BCFJOEJDBSRVF DPOFTB 9D4 4&QVEPDPOPDFSRVF  $VSBDBP JODVSTJPOBSgFOFMOFHP
76C86 ¾OBMJEBE FMCBODPIBDSFBEP 1BUSJDJP-MPTB VOFKFDVUJWP DJPEFMPTTVQFSNFSDBEPTCBKPMB
VOBHFSFODJBEFWFOUBTFJO EFMBPQFSBEPSBDIJMFOBEF NBSDB.BYJCPEFHB4VTQSJNFSPT
DPSQPSBEP²GVFS[BTEFWFOUB TVQFSNFSDBEPT%4 TFJOT FTUBCMFDJNJFOUPTTFVCJDBSgOFO
NBTJWBT UBOUPJOUFSOBTDPNP UBMwSFDJFOUFNFOUFFO-JNB FMDSVDFEFMBBWFOJEB5BDOBZFM
:C;DFJ:BJAI>H:<B:C" FYUFSOBT³ &MIFDIPEFKBFOUSFWFSFMBOUJ KJSwO7JS| FOFM3rNBD ZFOMB
ID#&OFMSFQPSUFFTUBErTUJDP DJQBEPJOUFSnTEFMBFNQSFTB TFHVOEBDVBESBEFMKJSwO$BMMBP 
EFMB4VQFSJOUFOEFODJBEF#BO :;>8>:C8>676C867A:# QPSFYQMPSBSFMNFSDBEPMPDBM FO*DBcTUPTTFJOBVHVSBSgOBOUFT
DB 4FHVSPTZ"'1QBSBBHPTUP  ²&OVOBvPZNFEJP IFNPT DPONJSBTBTVUBOBOVODJBEB EFMDJFSSFEFM
EFTUBDBVONPWJNJFOUPFOFM VUJMJ[BEPVOEFMBMrOFB FYQBOTJwOJOUFSOBDJPOBM .BYJCPEFHBTFSgVOBV
SBOLJOHEFDSnEJUPTEJSFDUPT EF64NJMMPOFTRVFOPTGB 0USPIFDIPMMBNBUJWPGVFMB UPTFSWJDJPEFDPOWFOJFODJB 
FM#BODP'JOBODJFSPEFTQMB[w DJMJUwMB$PSQPSBDJwO'JOBODJF TPMJDJUVEEFSFHJTUSPEFMBNBSDB QPSMPDVBMDPNQFUJSgEJSFD
B$JUJCBOLEFMTnUJNPMVHBS SB*OUFSOBDJPOBM *'$ QPSTVT "DVFOUBBOUFMB0¾DJOBEF4JH UBNFOUFDPO&DP"MNBDFOFT 
MVFHPEFBMDBO[BSVOTBMEPEF TJHMBTFOJOHMnT
QBSBQSPZFDUPT OPT%JTUJOUJWPTEFM*OEFDPQJ FM FMDVBMZBPQFSBFOFM3rNBD
DPMPDBDJPOFTEF4 NJMMP EFF¾DJFODJBFOFSHnUJDBZNF EFTFUJFNCSF$BCFJOEJDBS ZQMBOFBJOTUBMBSTFFO*DB 4&
OFTBMDJFSSFEFEJDIPNFT&TUP KPSBTBNCJFOUBMFT ZFMSFTUPZB RVF%4NBOFKBTVQFSNFSDB  

SFQSFTFOUBVODSFDJNJFOUPEF FTUgDPNQSPNFUJEPFOOVFWPT EPTEFEFTDVFOUPCBKPEJDIB
SFTQFDUPEFMDJFSSFEFKV QSPZFDUPT³ BTFHVSB1JMBS'MP NBSDBFO$IJMF/PPCTUBOUF FM 9H;9?C?;DJEJEJ7B
MJPQBTBEPZEFSFTQFDUP SFT SFTQPOTBCMFEFHFTUJwO MPHPUJQPSFHJTUSBEPFOFM1FS| AV8jgVXVdVWg^g{&%i^ZcYVh
EFBHPTUPEFM EFSJFTHPBNCJFOUBMEFM##7" EJ¾FSFEFMVUJMJ[BEPQPSMB¾SNB VcjVaZh]VhiVZa'%&(!aVbVndg†V
%FBDVFSEPDPO$BSMPT#MBO #BODP$POUJOFOUBM FOFMWFDJOPQBrT 4FSgnTUBMB YZaVhXjVaZhiZcYg{{gZVhhjeZ"
DP HFSFOUFHFOFSBMBEKVOUPEFM 4FH|O 'MPSFT  FM CBODP NBSDBDPOMBDVBMJODVSTJPOBSrB g^dgZhVadh+%%b'#
#BODP'JOBODJFSP MPBOUFSJPS ZBIBBQSPCBEPFMGJOBODJB FOFMNFSDBEPQFSVBOP  I6egdnZXiVVaXVcoVgkZciVhedg
FTFMSFTVMUBEPEFMBFTUSBUFHJB NJFOUPEFJOJDJBUJWBTEF JH'*%b^aadcZhVaX^ZggZYZa
NVMUJTFHNFOUPEFTBSSPMMBEB FTBOBUVSBMF[B EFMBTDVBMFT '%%-JH&&%b^aadcZhZcZa'%%,#
QPSFMCBODP&ONBUFSJBEF FMMPDPOTUJUVZFODFOUSB
DSnEJUPTDPNFSDJBMFT EPOEF MFTIJESPFMnDUSJDBTQFRVFvBT "EFDJSEF+VBO'SFJSF HF
IBFYIJCJEPTVNFKPSBNgT EFNFOPTEF.8
ZPUSP SFOUFHFOFSBMEF5" MBJOJDJB
TJHOJ¾DBUJWB VODSFDJNJFOUP DPSSFTQPOEFBDBNCJPT UJWBTVSHFTPCSFMBCBTFEFMB
EFGSFOUFBMNFTBOUFSJPS EFFRVJQPTQPSTVTUJUVUPTNgT FYQFSJFODJBEF5"FOFMTFDUPS
ZEFGSFOUFBBHPTUPEFM F¾DJFOUFT1PSFKFNQMP FOFM SFUBJMZTVDPOPDJNJFOUPEFM

²FTUBNPTJNQVMTBOEP OPSUFEFMQBrTTFFTUBSrBGBDJMJ NFSDBEPEFQSPWJODJBT&MFKF
AD<DH/:A8=>A:CDN:AE:GJ6CD
FMDSFDJNJFOUPEFOVFTUSBDBS UBOEPMBJOTUBMBDJwOEFDBMEF DVUJWPBHSFHBRVF.BYJCPEFHB
UFSBEFNFEJBOBTZQFRVFvBT SBTEFCJPNBTBRVFGVODJPOBO   OPUFOESgQSPCMFNBTQBSBDPO
FNQSFTBT EgOEPMFQBSUJDVMBS BQBSUJSEFDgTDBSBTEFDBGn Z &OCVTDBEFPCUFOFSNBZP TFHVJSUFSSFOPTEFFOUSF 
nOGBTJTBMQPSUBGPMJPEFQSPEVD FOFMTFDUPSNBEFSFSPTFFT SFTEFUBMMFT FTUBSFWJTUBTFDP NZ NQBSBDPOUJOVBS
UPTQBSBNFUSJ[BEPTEFNVZ UBSrBIBDJFOEPMPNJTNPDPO NVOJDwDPOMBNBUSJ[EF%4 DPOTVQMBOEFFYQBOTJwO
SgQJEBBQSPCBDJwOEPOEFEFT DBMEFSBTRVFPQFSBOTPCSFMB FO4BOUJBHP QFSPPCUVWPDPNP -BTUJFOEBTPGSFDFSgOVO
UBDB FOUSFPUSPT FMMFBTJOHZFM CBTFEFBTFSSrO SFTQVFTUBVOBEFDMJOBDJwOEF NJYEFQSPEVDUPTRVFUBN
EFTDVFOUPEFMFUSBT³ BEFDJS ²/PTwMPFODBKBDPOMBWJTJwO QSPOVODJBSTFBMSFTQFDUP CJnOJODMVJSgFMFDUSPEPNnTUJ
EFMFKFDVUJWP EFSFTQPOTBCJMJEBETPDJBMDPS 1PSPUSPMBEP MBTFNBOB DPT$BCFJOEJDBSRVFMBOVFWB
4FH|O#MBODP FM#BODP'J QPSBUJWBEFMCBODP TJOPRVF QBTBEBOVFWBNFOUFTVSHJF DBEFOBMMFWBSgFMNJTNPOPN
OBODJFSPUBNCJnOFTUgFOGPDB FTQBSUFEFVOBFTUSBUFHJBNgT SPOSVNPSFTFOUPSOPBVOB CSFRVFVOPEFMPTGPSNBUPTEF
EPFOEFTBSSPMMBSTVOFHPDJPEF BNQMJBEFFODPOUSBSOVFWPT QPTJCMFBMJBO[BEFMBQSPQJFUB 8BMNBSUFO$PTUB3JDB BVO
NJDSP¾OBO[BT ²FMDVBMWJFOF OJDIPTJOFYQMPSBEPT³ TFvBMB SJBEFMBDBEFOB-rEFSDPOMB RVFOPFYJTUFOJOH|OWrODVMP
DSFDJFOEPQPSFODJNBEFMQSP 'MPSFT"Tr EFTUBDBRVFFTUBTDP FTUBEPVOJEFOTF8BMNBSUPTV FOUSFBNCBT
NFEJPEFMNFSDBEPDPONVZ MPDBDJPOFTSFTVMUBO²UPUBMNFO DPOOBDJPOBM3JQMFZ MPDVBMEF 1PSTVQBSUF BOUFTEF¾OBM
CVFOPTrOEJDFTEFNPSPTJEBE³ UFSFOUBCMFTQBSBFMCBODP³ BM SJWwFOFMJODSFNFOUPEFMQSF EFBvP -B$VSBDBPBCSJSgTFJT
%FMNJTNPNPEP FONBUFSJB QVOUPRVFZBFTUBSrB¾OBODJBO DJPEFMBBDDJwOEFMBT¾SNBT OVFWBTUJFOEBTFO1VOP *MP 
EFCBODBQFSTPOBM²IFNPTQP EPQSPZFDUPTEFF¾DJFODJBFOFS DIJMFOBT$PNPTFSFDVFSEB FM $BNBOg "SFRVJQB *RVJUPTZ
UFODJBEPOVFTUSPDFOUSPIJQPUF HnUJDBZNFKPSBTBNCJFOUBMFT EFFOFSPMBBVUPSJEBEBOUJ $IJODIB&OUBOUP TFSFBMJ[B
DBSJPQBSBCSJOEBSMFVOBNFKPS DPOSFDVSTPTQSPQJPT NPOPQwMJDBDIJMFOBGSVTUSwVO SgOBNQMJBDJPOFTFOMBTUJFO 4

'-9:H:I>:B7G:9:A'%%- H:B6C6:8DCâB>86q''
H;I7BJ7:EHI;9JEH?7B

4 EBTEF$VTDP )VBDIPF*DB NFOUFFO-JNB/PSUF QPSMP


-BJOWFSTJwOFOBNCBTDBEFOBT
CEL?:7I RVFCVTDBNPTTBUJTGBDFSMBEF
TFSg¾OBODJBEBFOQBSUFDPOFM Q+PTn$BSMPTEFM7BMMF$BT NJOFSP JOEVTUSJBMZDPOUSB NBOEBQPSNFKPSFTNBSDBT³ 
QSnTUBNPEF64NJMMPOFTTP USPBTVNJwMBQSFTJEFODJB UJTUBT SFTQFDUJWBNFOUF EFMB QVOUVBMJ[w+JNnOF[
MJDJUBEPTQPS5"B*OUFSCBOL EFMEJSFDUPSJPEF5FYUJM4BO FNQSFTB
$SJTUwCBM FOSFFNQMB[PEF A6HBDK>96H9:E6JA"
86;w:B:G<:CI:#/PTFSg &SOFTUP3BGGP Q"MEP1JOUPGVFOPNCSBEP B6CC# .JFOUSBTFMTFDUPS
.JSB¿PSFTOJ4BO*TJESP TJOP WJDFQSFTJEFOUFEFUBSKFUBTEF SFUBJMFO$IJMFB|OFTUgDPO
OBEBNFOPTRVF*OEFQFOEFO Q+BWJFS0UFSPBTVNJwMBHF DSnEJUPEF*OUFSCBOL NPDJPOBEPQPSMBSFOVODJB
DJBFMQSJNFSEJTUSJUPEF-JNB SFODJBEFEJWJTJwOEFBTVOUPT EF5IPNBT,FMMFSBMBHFSFO
EPOEF"MUPNBZP (MPSJB+FBOµT DPSQPSBUJWPTEFM#$1 NJFO Q(JVMJBOB(FSMPOJGVFEFTJH DJBHFOFSBMDPSQPSBUJWBEFTV
$PGGFFTZ4UBSCVDLT$PGGFFDPN USBTRVF$BSMPT.PSBOUFGVF OBEBHFSFOUFEFDBOBMFTNJOP QFSNFSDBEPTEF$FODPTVE FM
QFUJSgOEJSFDUBNFOUF&MMP QPS OPNCSBEPHFSFOUFEFMBEJ SJTUBTEF&M1BDr¾DP1FSVBOP DPOHMPNFSBEPDIJMFOPWJFOF
DVBOUPFTUB|MUJNBDBEFOB PQF WJTJwODPNFSDJBMEFMNJTNP 4VJ[B$PNQBvrBEF4FHVSPT USBCBKBOEPFOTJMFODJPWBSJPT
SBEBFOFM1FS|QPS%FMPTJ DPO CBODP Z3FBTFHVSPT NJFOUSBTRVF EFTVTQSPZFDUPTQBSBFM1FS|
DSFUBSgTVBOVODJBEPEFCVUFO +PSHF0TUPMB[BGVFOPNCSBEP 6OPEFFMMPTFTMBJNQMFNFO
-JNB/PSUFFOFOFSPEFM Q"MCFSUP$BCFMMPGVFJODPS HFSFOUFEFPQFSBDJPOFT UBDJwOEFTVgSFBGJOBODJFSB 
4&
DPOVOBMPDBDJwOFOFM QPSBEPDPNPEJSFDUPSHFSFO EFTBSSPMMPRVFFTUgBMNBOEP
QSJNFSOJWFMEF.FHB1MB[B UFEF.nUSJDB Q+BJNF1JOJMMPTGVFOPNCSBEP EF.BSJP$BNQPEwOJDP FYFKF
$BCFSFDPSEBSRVF"MUPNBZP HFSFOUFEFEFTBSSPMMPEFOFHP DVUJWPEF3JQMFZ1FS| 4&
Z
ZBUJFOFVOBDBGFUFSrBFOFMSFGF Q"MFY.PMMJTPOBTVNJwMB DJPTEF&TUSFNBEPZSPZ'BTTJPMJ RVJFOUBNCJnOFTUVWPBDBSHPEF
SJEPDFOUSPDPNFSDJBMNJFOUSBT WJDFQSFTJEFODJBDPNFSDJBM $POUSBUJTUBT(FOFSBMFT MBGBMMJEBJODVSTJwOEFFTBDBEF
RVF(MPSJB+FBOµTJOBVHVSBSg EF $FQFS "TJNJTNP  +PS OBFO$PMPNCJBEVSBOUFFM
IBDJBGJOBMFTEFBvPVOFTUB HF.BMMNBZ$BSMPT7JMMBS Q"OB5FSFTB#BSSFUPBTVNJw "EFNgT 3FO[P1BPOFTTB 4&
CMFDJNJFOUPFO1MB[B/PSUF FM BTVNJFSPO MBT HFSFODJBT MBKFGBUVSBEFMgSFBEFQSPQJF 
DPOEPTBvPTFO$FODPTVE 
DFOUSPDPNFSDJBMEFQSPQJFEBE EFMTFDUPSFOFSHrBZUFMFDP EBEJOUFMFDUVBMEF1J[BSSP  USBCBKBFOMPRVFTFSgMB¾MJBMQF
EFMBGBNJMJB8POH NVOJDBDJPOFTZEFMTFDUPS #PUUP&TDPCBS"CPHBEPT SVBOBEF1BSJT DVZPQSJNFSQBTP
IBTJEPMBTPMJDJUVEEFSFHJTUSPEF
UPEBTTVTNBSDBTQSPQJBTBOUFMB
0¾DJOBEF4JHOPT%JTUJOUJWPTEFM
*OEFDPQJ 4&
.JFOUSBTUBO
UP +VBO1BCMP&TDVEFSPZBFTUgB
DBSHPEFMBEJWJTJwOJONPCJMJBSJB
EFMBDUVBMQSPQJFUBSJPEF8POH 
.FUSPZ&DP"MNBDFOFT
'JOBMNFOUF EFTEFIBDFVO
;JIJGDHI6G7J8@H:C6G:FJ>E6 NFT +8513FTMBBHFODJBEFSF
9>K:GM>969 G:I6>A:G # HVOBTEFMBTNBSDBTRVFTFPGSF MBDJPOFTQ|CMJDBTEF$FODPTVE
4JOQFSKVJDJPEFMPBOUFSJPS  .PEJQTB MBGBCSJDBOUFEFMPT DFOFO%JWFS9JB DVZBQSJNFSB FOFM1FS| ZBDUVBMNFOUFFOUSF
TFTVQPRVF4UBSCVDLTJOHSFTBSg KFBOT1JPOJFS ([VDLZ4RVFF[F  UJFOEBQPTFFVOgSFBEFN OBBRVJFOFTTFSgOMPTWPDFSPT
QSFWJBNFOUFBMBDJVEBEEF"SF IBJODVSTJPOBEPFOFMOFHPDJP ZSFQSFTFOUwVOBJOWFSTJwOEF EFMBFNQSFTBQBSBTVQSJNFSB
RVJQBDPOVOFTUBCMFDJNJFOUPFO EFMBTUJFOEBTQPSEFQBSUBNFO BQSPYJNBEBNFOUF64NJMMwO DPOGFSFODJBEFQSFOTB BSFB
MBDBMMF-B.FSDFE BNFUSPTEF UPT&MMPNFEJBOUFMBBQFSUVSB &TUBDBEFOBDPOUBSgDPODJODP MJ[BSTFBNFEJBEPTEFPDUVCSF
MB1MB[BEF"SNBT DVZBBQFSUV EFTVQSJNFSFTUBCMFDJNJFOUP OVFWBTVCJDBDJPOFTEVSBOUFMPT
SBTFSFBMJ[BSrBFOEJDJFNCSF%F CBKPMBNBSDB%JWFS9JBFOFM QSwYJNPTNFTFT ZTVBQFSUV 8DCHJBDB6H>KD
BDVFSEPDPO+BWJFS#VTUBNBOUF  DFSDBEPEF$IJDMBZP SBNgTQSwYJNBTFSgFOFMDFO
HFSFOUFHFOFSBMEFMBDBEFOBQBSB ²&M1FS|WJFOFFYQFSJNFO USPEF1JVSB BNFEJBDVBESBEFM
FMNFSDBEPMPDBM FTUBDBGFUFSrBTF UBOEPVOBVHFFOFMTFDUPS DFOUSPDPNFSDJBM1MB[BEFM4PM 
VCJDBSgFOVOBDBTPOBBOUJHVB SFUBJM ZDPNPDPOTFDVFODJB FOEJDJFNCSF4FHVJSrBOVOB <DJGB:I6A6B6CD#²%F
EPOEFDPNQBSUJSgFTQBDJPTDPO EFFMMPEFDJEJNPTJODVSTJPOBS FO)VBODBZP QSPCBCMFNFOUF CJEPBMBCVFOBSFTQVFTUBRVF
PUSPEFMPTGPSNBUPTEF%FMPTJ FOFTUFOVFWPSVCSPMVFHPEF DPNPQBSUFEFMBPGFSUBEFVO IBOUFOJEPMBTOVFWBTMrOFBT 
4UBSCVDLTUBNCJnOBCSJ BOBMJ[BSFMNFSDBEP³ TFvBMw DFOUSPDPNFSDJBM
PUSBFO5SVKJ QFOTBNPTMBO[BSEPTWBSJFEB
SgTVTFHVOEBMPDBDJwOFOFM B4&-VJT+JNnOF[ HFSFOUFDP MMPZPUSBNgTFO-JNB/PSUF EFTNgTEFDPOTFSWBTDPOMB
OPSUFEFMQBrT ZBPQFSBFO5SV NFSDJBMEF.PEJQTB ²$POTJEFSBNPTRVFFOQSP NBSDB$BNQPNBS³ EJDF$JO
KJMMP
DPNPQBSUFEFMDFOUSPDP "FSPQPTUBMF %PDLFST ,JET WJODJBTMBTHSBOEFTDBEFOBT EZ'FSOgOEF[ KFGBEFNBSDBT
NFSDJBM3FBM1MB[B$IJDMBZP 4& NBEFIFSF ,PTJVLP -FPOJTB  B|OTVCFTUJNBOBMDPOTVNJ QSPQJBTEF1FTRVFSB)BZEVL

FMEFPDUVCSF /JLF 1BOBTPOJDZ1VNBTPOBM EPS DPNPPDVSSJwBOUFSJPS -B FNQSFTB JODSFNFOUw4

'(qH:B6C6:8DCâB>86 '-9:H:I>:B7G:9:A'%%-
H;I7BJ7:EHI;9JEH?7B

4 SFDJFOUFNFOUFTVPGFSUBB QBTBEBMBBERVJTJDJwOEFVO ;>C6CO6H >CBD7>A>6G>D


DJODPWBSJFEBEFTDPOMBJOUSP UFSSFOPFOMBVSCBOJ[BDJwO-PT
EVDDJwOEFMBTMrOFBTHPVSNFU ÇMBNPTEF.POUFSSJDP BMFEBvPB
ZEFFTQFDJBMJEBEFT RVFTFTV MBTFEFEF$FOUSVN$BUwMJDB&TUF
NBSPOBMBTEFDPOTFSWBTUSB FTQBDJPTFSrBEFTUJOBEPBMBDPOT K>:C: 8DC ;DC9DH#  &M 7 > : C  ; A 6 C F J : 6 9 D H #
EJDJPOBMFT BODIPWFUBTTFMFDUBT USVDDJwOEFM²$BNQVT&TUF³EFMB CBODPEFJOWFSTJwODIJMFOP ²-JNBZ#PHPUgTPODJVEBEFT
ZGSVUPT SFGFSJEBVOJWFSTJEBE EPOEFTF $FMGJO DPMPDBSg TV QSJNFS EFDBTJMBNJTNBUBMMBZEF
EJDUBSrBOMPTDVSTPTEF&TUVEJPT GPOEPEFJOWFSTJwOFOFM1FS| FDPOPNrBTQBSFDJEBT³ TFvBMB
(FOFSBMFT-FUSBTZEFMBTGBDVMUB BOUFTEF¾OBMFTEFBvP$nTBS "OESnT"SBOHP QSFTJEFOUFEF
EFTEF%FSFDIP (FTUJwOZ"MUB EFMB'VFOUF HFSFOUFHFOFSBM 0TQJOBTZ$rB QSPNPUPSBZ
%JSFDDJwO *OHFOJFSrB*OEVTUSJBM EF$FM¾O$BQJUBM1FS| TFvBMB DPNFSDJBMJ[BEPSBEFQSPZFD
Z1TJDPMPHrB EFNBOFSBTJNVM RVFnTUFDBQUBSrBGPOEPTFO UPTJONPCJMJBSJPT&MMPIBEFT
UgOFBBMPTRVFTFEJDUBOFOTV USF64NJMMPOFTZ64 QFSUBEPFMJOUFSnTEFMB¾SNB
BDUVBMSFDJOUPFO4BO.JHVFM NJMMPOFT²*OJDJBMNFOUFTB DPMPNCJBOBQPSEFTBSSPMMBSWJ
$BCFJOEJDBSRVFMB16$1 DBSFNPTVOGPOEPFTQFKPEF WJFOEBT FEJ¾DJPTEFP¾DJOBTZ
SFRVJFSFFMDBNCJPEF[POJGJ GPOEPTFTUSVDUVSBEPTFO$IJ DFOUSPTDPNFSDJBMFTFOFM1FS| 
DBDJwOEFMUFSSFOPEFSFTJEFO MF³ QSFDJTBFMFKFDVUJWP&OFTF EFFODPOUSBSMPTGPSNBUPTBEF
%FBDVFSEPDPO'FSOgOEF[  DJBMBFEVDBUJWPQBSBJOJDJBSMB TFOUJEP MB4"'*BQSPWFDIBSg DVBEPT4VJOHSFTPBMQBrTTF
MBTMrOFBTHPVSNFUZEFFTQFDJB DPOTUSVDDJwO MPRVFUPNBSrB MB¾HVSBEFMGPOEPEFGPOEPT DPODSFUBSrBFOFMBUSBWnT
MJEBEFTBQVOUBOBMDSFDJFOUF BQSPYJNBEBNFOUFTFJTNFTFT RVFSFDJFOUFNFOUFTFJOUSPEV EFVOBBMJBO[BDPOVOTPDJPMP
NFSDBEPEFKwWFOFTTPMUFSPTZ %FOPBQSPCBSTFFTUBNFEJEB  KPFOMBOPSNBUJWBEFMNFSDB DBMZVOBFOUJEBE¾OBODJFSB MB
QFSTPOBTRVFCVTDBOQSBDUJDJ MBDBTBEFFTUVEJPTPQUBSrBQPS EPEFDBQJUBMFTMPDBM DVBMTFPDVQBSrBEFFTUSVDUVSBS
EBEFOMBQSFQBSBDJwOEFTVT BNQMJBSMBTJOTUBMBDJPOFTEF &TUFQSJNFSGPOEPTFEJSJ TVTQSPZFDUPTBMBSHPQMB[P
BMJNFOUPT"MJHVBMRVFPUSBT $FOUSVNZWFOEFSFMgSFBSFT HJSgBJOWFSTJPOJTUBTJOTUJUV 4FH|O"SBOHP MPTFEJGJ
FNQSFTBTRVFIBOJODVSTJP UBOUFEFMUFSSFOP DJPOBMFT BVORVF$FM¾OQSF DJPTEFEFQBSUBNFOUPTTFSgO
OBEPFOFTUFTFHNFOUP DPNP 1PSPUSPMBEP BGJOBMFTEF WnRVFTVTTJHVJFOUFTGPOEPT MBQJFESBBOHVMBSEFUPEPT
3FEPOEPT 4&
$BNQPNBS OPWJFNCSFMB16$1DVMNJOBSg TFBOEFDBSgDUFSMPDBM$PNP TVTQMBOFT ZBRVF BQFTBS
SFDPOPDFFOFTUPTDPOTVNJEP MBTPCSBTEFTVOVFWB'BDVMUBE QBTP QSFWJP  MB DPNQBvrB EFMDSFDJNJFOUPEFMBPGFSUB 
SFTVOBGVFSUFQSFEJTQPTJDJwO EF"SUFT RVFEFNBOEwVOBJO DIJMFOBFTQFSBPCUFOFSEFMB B|OIBCSrBVOBMUPrOEJDFEF
BOVFWBTFYQFSJFODJBTEFDPO WFSTJwOEF4NJMMPOFTcTUB $POBTFWMBBVUPSJ[BDJwOQBSB EFNBOEBJOTBUJTGFDIBFOWJ
TVNP BVORVFUBNCJnODJFSUBT FOUSBSgFOPQFSBDJwOQBSBFM DPOTUJUVJSMB4"'*FOMPTQSwYJ WJFOEBT/PPCTUBOUF QPSTV
EJGJDVMUBEFTFOMBBDFQUBDJwO QSJNFSTFNFTUSFBDBEnNJDPEFM NPTErBT WBTUBFYQFSJFODJBFOFMSVCSP
JOJDJBMEFFTUBDMBTFEFPGFSUBT  DVBOEPUBNCJnOTFFTUSF &MCBODPEFJOWFSTJwODIJ EFDFOUSPTDPNFSDJBMFT 0TQJ
$BCF NFODJPOBS RVF MB OBSrBMBDBSSFSBEF'PUPHSBGrB MFOPUVWPTVQSJNFSBJOUFS OBTZ$rBUBNCJnOBOBMJ[BDPO
FNQSFTBSFBMJ[wMBQSJNFSB 'JOBMNFOUF MBVOJWFSTJEBE WFODJwOMPDBMFTUFBvPDPO RVnGPSNBUPDPNQFUJSrBFO
FYQPSUBDJwOEFFTUPTQSPEVD JOBVHVSBSgFOMPTQSwYJNPT MBTFNJTJPOFTEFEFVEBEF FTUFSVCSP UBMWF[DPNCJOBO
UPTB&&66ZB3FQ|CMJDB$IF ErBTTV$PNQMFKP'FMJQF.BD $FODPTVE 4&
Z3JQMFZ EPP¾DJOBTDPODPNFSDJPTQFSP
DBFTUFBvP"TJNJTNP QMBOFB (SFHPS 4&
FMDVBMFTUg FOFMNFSDBEPMPDBM MBTDVB DPOVONBZPSWBMPSBHSFHBEP
JODVSTJPOBSQSwYJNBNFOUFFO DPOGPSNBEPQPSEPTFEJ¾DJPT MFTGVFSPOEFOPNJOBEBT*ODB FOMBQSPQVFTUBBSRVJUFDUwOJDB
FMNFSDBEPDPMPNCJBOP EFDJODPQJTPTZVOBUPSSFQSJO #POET ZVSCBOrTUJDB
DJQBMEFOJWFMFT FMDVBMTFSg -BFNQSFTBIBCrBBOVODJB "DUVBMNFOUFMBFNQSFTB
:9J868>âC EFTUJOBEPBBVMBTNVMUJVTPTZB EPQSFWJBNFOUFRVFUBNCJnO MMFWBBDBCPMBDPOTUSVDDJwOEF
P¾DJOBTQBSBMB&TDVFMBEF(SB EBSrBBTFTPSrBQBSBQSPDFTPT $FOUSP.BZPSFOFMTVSEF#P
EVBEPT FM$FOUSPEF&EVDBDJwO EFGVTJPOFTZBERVJTJDJPOFT  HPUg FMQSPZFDUPDPNFSDJBMNgT
$POUJOVB 16$17JSUVBM FM$FO BEFNgTEFQSPNPWFSPUSBT HSBOEFEF$PMPNCJB RVFDVM
´86IâA>866A:HI:4-B1PO USPEF$POTVMUPSrBZ4FSWJDJPT FNJTJPOFTEFEFVEBEF¾SNBT NJOBSgFOFM"EFDJSEFM
UJ¾DJB6OJWFSTJEBE$BUwMJDBEFM *OUFHSBEPT *OOPWB16$1
ZFM DIJMFOBTFOMBQMB[BQFSVBOB  FKFDVUJWP MBFNQSFTBQSPZFDUB
1FS| 16$1
BQSPCwMBTFNBOB *OTUJUVUPQBSBMB$BMJEBE FOUSFPUSPTQMBOFT 4&
 BMDBO[BSWFOUBTQPS644

Nuevos papeles 100% reciclados post-consumo


con certificación ambiental FSC
S M A R T PA P E R S T. 440 8919
www.impresso.com.pe

'*qH:B6C6:8DCâB>86 '-9:H:I>:B7G:9:A'%%-
H;I7BJ7:EHI;9JEH?7B

4 NJMMPOFTZVUJMJEBEFTQPS UJWBNFOUF FOFMMBQTPEFVO DPNFOUwRVFTFFTUgFWBMVBOEP NJFOUSBTRVFFOFMTFHVOEPTF


64NJMMPOFTBMDJFSSFEFM BvPZNFEJP1PSBIPSBMB¾S MBNFKPSFTQFDJFDPOMBDVBMMB CVTDBSrBQSPEVDJSDPOTFSWBT
 NBFTUgFOCVTDBEFMPDBMFT QFTRVFSBFOUSBSrBFOFTUBBDUJWJ HPVSNFUZUSBEJDJPOBMFT
FO7FOUBOJMMBQBSBBNQMJBSTV EBE"TJNJTNP BHSFHwRVFOP "EFNgT MBQFTRVFSBJODVS
E:H869:>CFJ>A>CDH#²4B DBSUFSBEFUFSSFOPTJOEVTUSJB TwMPTFFTUVEJBSgFMDVMUJWPEF TJPOBSgFOFMOFHPDJPBDVrDPMB
CFNPTEFNVZCVFOBGVFOUF MFTZOPEFTDBSUBTVJODVSTJwO DPODIBEFBCBOJDP MBOHPTUJOPT ZBUVOFSP4FH|O#FSOBMFT UP
RVF1BSJTRVJFSFJOJDJBSDPO FOFMEFTBSSPMMPEFDFOUSPTDP PUJMBQJB UBNCJnOTFDPOTJEFSB EPTFTUPTQSPZFDUPTEFNBOEB
WFSTBDJPOFT DPO OPTPUSPT NFSDJBMFTEPTBvPT SgPUSBTFTQFDJFTNFOPTUSBEJDJP SgOVOBJOWFSTJwOEF64
QBSBQBSUJDJQBSEFMQSPZFDUP OBMFT
-B¾SNB TFH|O4QF[JBOJ  NJMMPOFTBNFEJBOPQMB[P
DPNFSDJBMRVFJODMVJSgFMDFO QPESrBEFTBSSPMMBSFTUFQSPZFDUP &ODVBOUPBMBQPTJCJMJEBE
USPFNQSFTBSJBM1MB[B3FQ| FOMBDPTUB TJFSSBPTFMWB EFBTPDJBSTF 4&
MBFN
CMJDB 4&
³ TFvBMB+VMJB 'JOBMNFOUF 5"4"BCSJSg QSFTBFTUBSrBOFHPDJBOEPDPO
3PKBT HFSFOUFHFOFSBMEF*O EPTQVOUPTNgTEFEJTUSJCV VOTPDJP¾OBODJFSPZFOCSFWF
WFSTJPOFT*ONPCJMJBSJBT.BS DJwOEFQFTDBEPDPOHFMBEPFO QMB[PUFOESrBFMBTVOUPEFGJ
**."3
FNQSFTBEFQSPQJFEBE FMJOUFSJPSEFMQBrTFOFM  OJEP%FCJEPBMBFYJTUFODJB
EFMPTBDDJPOJTUBTNBZPSJUBSJPT MPTDVBMFTTFTVNBSgOBMPTTJF EFVODPOWFOJPEFDPOGJEFO
EF)BZEVL&OFTUFDPNQMFKP UFRVFUJFOFBDUVBMNFOUF DJBMJEBE  #FSOBMFT EFDMJOw
UBNCJnOJOHSFTBSrBOPQFSBEP DPOGJSNBSPOFHBSFMSVNPS
SFTNFOPSFTDPNP4UBSCVDLT 6BEA>6C9DA6HG:9:H# RVFBQVOUBBRVFEJDIPTPDJP
$PGGFFZ$SJTPM E:H86 ²"NFEJBOPQMB[PFMQMBOEF TFSrB&OGPDB4"'*&ODVBMRVJFS
"EJDJPOBMNFOUF IBZEPT 1FTRVFSB%JBNBOUFFTUFSNJ DBTP MBJODVSTJwOEFMOVFWPTP
PQFSBEPSFTJOUFSOBDJPOBMFT OBSDPOUSFTDPNQMFKPTQFTRVF DJPTVTUJUVJSgDPNPGVFOUFEF
EFIPUFMFT VOPQSFTFOUFFO SPTDPNPnTUF³ EJDF3JDBSEP ¾OBODJBNJFOUPTVQPTUFSHBEB
FMNFSDBEPMPDBMZPUSPRVF C6K:8DCO6C8DH#-BQFT #FSOBMFT EJSFDUPSEFMBFNQSF FOUSBEBBMBCPMTB USBTMBDBrEB
FWBM|BFOUSBS ZEPTGPOEPTEF RVFSBEFM(SVQP#SFTDJB 5FD TB SFTQFDUPEFMBMPDBDJwOEF EFMPTNFSDBEPT
JOWFSTJwO FOSFQSFTFOUBDJwOEF OPMwHJDBEF"MJNFOUPT 5"4"
 TVQMBOUBEFIBSJOBEFQFTDBEP
HSVQPTIPUFMFSPT JOUFSFTBEPT JOWJSUJw64NJMMPOFTFOMB FOFM$BMMBP EPOEFMBTFNBOB 6G>IBD9:H6B76#²&O
FOMBTFHVOEBUPSSF MBDVBMFTUg DPNQSBEFVOBOBWFBSSBTUSFSB QBTBEBDPNFO[wBPQFSBSUBN USFTPDVBUSPTFNBOBTTBCSF
EFTUJOBEBBBMCFSHBSP¾DJOBTFO DPOHFMBEPSBEFCBOEFSBCSJ CJnOVOBQMBOUBEFDPOHFMBEP NPTDVgMTFSgMBQBSUJDJQBDJwO
QSJODJQJP²"EFNgTEFMBDPOT UgOJDB RVFTFEFTUJOBSgBMB ZEPOEFTFBMJTUBMBDPOTUSVD EFBNCBTFNQSFTBTFOFTUFQSP
USVDDJwOEFM8FTUJO-JCFSUBEPS DBQUVSBEFMKVSFM&TUBFNCBS DJwOEFVOBEFDPOTFSWBT-B ZFDUP³ JOEJDw"ESJBOB(JVEJDF 
-JNB FMSFTUPEFIPUFMFTTFDPO DBDJwOUJFOFVOBDBQBDJEBEEF JOUFODJwOEFMBDPNQBvrBTFSrB HFSFOUFHFOFSBMEF$POTFSWFSB
DFOUSBFOMB[POBSFTJEFODJBMEF CPEFHBEF NZEFQSPDF UFOFSVODPNQMFKPTJNJMBSFO EFMBT"NnSJDBT°TVCTJEJBSJB
4BO*TJESP MFKBOBBMHSVFTPEF TBNJFOUPEF5.ErB FMOPSUFEFMQBrT RVFQPESrB EF"VTUSBM(SPVQTPCSFMBT
PGJDJOBTEFMEJTUSJUP³ BGJSNB ²&TUFCBSDPWBBQPEFSUSB FTUBSFO#BZwWBS 4BMBWFSSZP OFHPDJBDJPOFTQBSBVO KPJOU
3PKBT1PSMPQSPOUP ²FTUBNPT CBKBSEFOUSPZGVFSBEFMBT 4BNBODP
ZPUSPFOFMTVS FO WFOUVSFRVFnTUBIBJOJDJBEP
JOUFSFTBEPTFOSFDJCJSMBNFKPS NJMMBT BTrDPNPFOFMNBSBE .PRVFHVBP"SFRVJQB
 DPOMBCSBTJMFvB#FSUJO
QSPQVFTUB³ JOEJDBMBFKFDVUJWB  ZBDFOUF³ EFTUBDw)VNCFSUP 1PSMPQSPOUP %JBNBOUF &OUSFUBOUP $POTFSWFSBEF
NJFOUSBTBHSFHBRVFFMBDVFS 4QF[JBOJ BTFTPSEFMBBMUBEJ JOWFSUJSgFMQSwYJNPBvPFOUSF MBT"NnSJDBTFTUgUSBCBKBOEP
EPEFWFOUBEFMPTUFSSFOPTEFM SFDDJwOEFMBSFGFSJEBFNQSF 64NJMMPOFTZ64NJMMP FO PCUFOFS MPT QFSNJTPT Z
1MB[B3FQ|CMJDBTFDPODSFUBSg TB-BOBWFQBSUJSgEF)PMBOEB OFTQBSBMBTFHVOEBFUBQBEF MJDFODJBTRVF"VTUSBM(SPVQ
B¾OBMFTEFFTUFNFT °EPOEFGVFBERVJSJEB°BNF MBQMBOUBEFDPOHFMBEPZFOUSF UJFOFSFTQFDUPEFMBQMBOUB
1PSPUSPMBEP **."3JOHSF EJBEPTEFPDUVCSFZMMFHBSg 64NJMMPOFTZ64NJMMP EF1BJUBRVFnTUBMFDFEJwBMB
TBSgBMOFHPDJPEFMBDPOTUSVD BMQVFSUPEFM$BMMBPBOUFTEF OFTQBSBMBEFDPOTFSWBT BNCBT QSJNFSBDPNPQBSUFEFVOBSF
DJwOEFWJWJFOEBTNFEJBOUF NFEJBEPTEFOPWJFNCSF FOFM$BMMBP&OFMQSJNFSDBTP  PSHBOJ[BDJwOTJNQMF4FFTQFSB
QSPZFDUPTEFEFQBSUBNFOUPT 1PSPUSPMBEP 5"4"EFGJOJ MBNFUBFTEVQMJDBSMBDBQBDJ RVFFTUFQSPDFTPDPODMVZBFO
ZDBTBT FOTVTUFSSFOPTEF SgFMQSwYJNPBvPTVQSPZFDUP EBEEFMBQMBOUBJOBVHVSBEBMB NgYJNPEPTNFTFT²&OUSFUBO
5SVKJMMPZ$IBDBSJMMB SFTQFD BDVrDPMB"MSFTQFDUP 4QF[JBOJ TFNBOBQBTBEBFOUSFBNCBT  UP "VTUSBMFTUgVTBOEPMB4

',qH:B6C6:8DCâB>86 '&9:H:I>:B7G:9:A'%%-
H;I7BJ7:EHI;9JEH?7B

4 QMBOUB³ QSFDJTw(JVEJDF MJ[BEPFOFMUSBUBNJFOUPEFMBT -BUJOBZFM$BSJCFEFMB¾SNB TF EF"NnSJDB.wWJM°FNQSFTB


$BCFJOEJDBSRVFMBFWFO FOGFSNFEBEFTEFMDPSB[wOZEFM vBMBRVFTVTTPMVDJPOFTCVTDBO RVFNBOFKBMBNBSDB$MBSP° 
UVBMFOUSBEBEF#FSUJOTFSrB DFSFCSP1BSBFMMP TFIBJOWFSUJ TBUJTGBDFSFMJOUFSnTEFMPTPQF TPCSFMPTQBUSPOFTRVFNBSDB
VODBNCJPEFFOGPRVFFOMB EP64NJMMPOFTFOFRVJQPTEF SBEPSFTFOMPTTFSWJDJPTEFWBMPS SgOMBDPNQFUFODJBFOFMTFDUPS
C|TRVFEBEFMTPDJPFTUSBUnHJDP  |MUJNBUFDOPMPHrBZNPCJMJBSJP  BHSFHBEP²&MMBO[BNJFOUPEFMB EFUFMFGPOrBNwWJMFOFM
QVFTJOJDJBMNFOUF$POTFSWFSB NFEJBOUFVOKPJOUWFOUVSFDPOVO SFENwWJM(BCSJSgFMBQFUJUP "MSFTQFDUP FMFKFDVUJWP
EFMBT"NnSJDBTFTQFSBCBDPO TPDJPFYUSBOKFSP QPSnTUPT³ SFTBMUB DPOTJEFSwRVFMBTUBSJGBTIBO
TFHVJSVOTPDJPRVFMFBCBTUF 4F PQUw QPS DBNCJBS FM -BTTPMVDJPOFTRVFQSPQPOF EFKBEPEFTFSVOEJGFSFODJBM
DJFSFEFBU|O 4&
4JOQFS OPNCSFEF$BSEJPWBTDVMBS 5FMDPSEJBQFSNJUFO QPSFKFNQMP  SFBM&OUSFUBOUP TFFTQFSBRVF
KVJDJPEFFMMP MB¾SNBFTQFSB 1BDrGJDP QVFT²TFQSFTUBCBB FNQBRVFUBSTFSWJDJPTEFFOWrPT MBDBNQBvBOBWJEFvBTFBMB
BQSPWFDIBSFTQFDJFTQSFTFOUFT DPOGVTJPOFTDPOMPTTFSWJDJPT EFNFOTBKFTEFUFYUPZNVMUJNF PDBTJwOFOMBDVBMMPTQSPWFF
FOMB[POBOPSUFEFMQBrTDPNP EF1BDr¾DPT4FHVSPT³ BEFDJS EJB 4.4Z..4 SFTQFDUJWBNFO EPSFTQSFTFOUFOVOQPSUBGPMJP
BU|O NFMWB FOUSFPUSPT EF8BMUFS.PHSPWFKP EJSFDUPS UF
EFTDVFOUPTFOUBSJGBT FOUSF NgTBNQMJPEFFRVJQPTDPNQB
1PSPUSPMBEP "VTUSBMFTUg NnEJDPEF*/$""TJNJTNP TF HBEFSJOHUPOFTPXBMMQBQFST FOUSF UJCMFTDPOFTUBOVFWBSFE
USBCBKBOEPFOEBSNBZPSWBMPS JNQMFNFOUBSPOOVFWBTgSFBT PUSPT FOVOTPMPQSPEVDUP4V 3FTQFDUPEFMPTSFTVMUBEPT
BHSFHBEPBTVBDFJUFEFQFTDB QBSBMBTBGFDDJPOFTOFVSPMwHJ TPGUXBSFUBNCJnOQFSNJUFDSFBS EFFTUFBvP "NnSJDB.wWJMDSFF
EP&TUBQFTRVFSBBCBTUFDFEF DBT BVORVFFMEFMBTJO QSPEVDUPTRVFNF[DMFOMPTTFS RVFSFQFUJSgFMSnDPSEEFM
FTUFQSPEVDUPB"VTUFWPMM4F WFSTJPOFTFTUgEFTUJOBEPBMPT WJDJPTEFUFMFGPOrB¾KB NwWJMZ EFBHSFHBSBTVCBTFEFDMJFOUFT
BGPPE EFMBDVBMFTTVCTJEJBSJB QSPCMFNBTDBSEJBDPT UFMFWJTJwOEFQBHB NJMMPOFTEFVTVBSJPTUPUBMFT
JOEJSFDUB
RVFUJFOFVOBFN "QFTBSEFMBTP¾TUJDBDJwO MB "VORVFMBTTPMVDJPOFTFTUgO OFUPT/PPCTUBOUF $IgWF[SFDP
QSFTBQSPEVDUPSBEF0NFHB  JOTUJUVDJwOBQVOUBBUPEPTMPT PSJFOUBEBTBMBTDPNQBvrBTEF OPDFRVFFTUF|MUJNPUSJNFTUSF
BTrDPNPBPUSPTDMJFOUFT TFDUPSFTTPDJPFDPOwNJDPT²&O UFMFGPOrBNwWJM 5FMDPSEJB5FDI EFMTFSgJNQPSUBOUFQBSB
'JOBMNFOUF (JVEJDFEFT QFMJHSPEFNVFSUFTFIBDFIBTUB OPMPHJFTCVTDBRVFMBTFNQSFTBT BMDBO[BSFTUBNFUBPTVQFSBSMB
NJOUJwVOSVNPSRVFBQVOUB MPJNQPTJCMF1PSFMMPUFOESFNPT EFDPOTVNPNBTJWPTFBQPZFO 'JOBMNFOUF MBFNQSFTBFTUJNB
CBBRVF"VTUSBMFTUBSrBFOOF MBGBDJMJEBEEFDBODFMBSMPTQBHPT FOFMMBTQBSBMBO[BSQSPNPDJP RVFBVNFOUBSgTVGBDUVSBDJwO
HPDJBDJPOFTDPO&YBMNBSQBSB NFEJBOUFMFUSBT³ SFTBMUBFMHBMF OFTRVFCPOJ¾RVFOBMPTDMJFO FOFTUFBvP QVFTTVTOVF
JOJDJBSVOQSPDFTPEFGVTJwO OP RVJFOFTQFSBBMDBO[BSFMQVO UFTDPOUFMnGPOPTDFMVMBSFT6O WPTVTVBSJPTTPOEFNFOPS
FOUSFBNCBTQFTRVFSBT²/P UPEFFRVJMJCSJPFODVBUSPBvPT FKFNQMPEFFMMPTFSrBFMFOWrPEF DBQBDJEBEBERVJTJUJWB MPDVBM
IBZOBEB³ EJKPMBFKFDVUJWB  1FSPMPBOUFTEJDIPOPFTPCTUgDV EFTDVFOUPTWrBUFMnGPOPNwWJMB FTUgSFEVDJFOEPFMJOHSFTPNF
RVJFOSFDPSEwRVFTwMPFYJTUF MPQBSBRVFMBFNQSFTBQSPZFDUF DMJFOUFTRVFQSFWJBNFOUFIBZBO EJPQPSVTVBSJP "316 QPSTVT
VOKPJOUWFOUVSFDPO&YBMNBS TVJOUFSOBDJPOBMJ[BDJwO"Tr FO EBEPTVBVUPSJ[BDJwO TJHMBTFOJOHMnT

SFTQFDUPEFMNBOFKPEF$PS VOQBSEFBvPTTFFTQFSBFYQPS "TJNJTNP MB¾SNBFWBM|B
QPSBDJwOEFM.BS $PSNBS
 UBSMBJOJDJBUJWBMPDBMCBKPFMGPS BCSJSVOBP¾DJOBMPDBMFMQSwYJ H67DGN8DCIGDA#"NF
NBUPEFGSBORVJDJBTB&DVBEPS  NPBvP BVORVFFTUPEFQFOEF SJDBUFM1FS|MBO[BSgQSwYJNB
H:GK>8>DH #PMJWJB 1BSBHVBZZ$IJMF SgEFMPTBDVFSEPTRVFTFMPHSFO NFOUFVOBWFSTJwODPOUSPMEF
DPOMPTPQFSBEPSFTNwWJMFT TVTFSWJDJPEFUFMFGPOrBF*OUFS
I:8CDAD<Þ6 OFUFNQSFTBSJBM/(/²$POFTUF
I:A:8DBJC>868>DC:H QMBOBUFOEFSFNPTBDMJFOUFT
8DG6OâCIG6CH;DGB69D# RVFCVTDBONFEJSTVHBTUPZMMF
'JOBMNFOUF°ZUBMDPNPMPBEF WBSVODPOUSPMEFTVDPOTVNP 
MBOUwFTUBSFWJTUBIBDFUSFTBvPT° EA6C:HBâK>A:H#-B¾SNB EJTUSJCVZFOEPMBCPMTBEFNJOV
TFJOBVHVSwFM*OTUJUVUP/FVSP FTUBEPVOJEFOTF5FMDPSEJB5FDI :HE:G6CBÛH#²-BDPCFS UPTEFBDVFSEPDPOTVTOFDFTJ
$BSEJPWBTDVMBSEFMBT"NnSJDBT OPMPHJFTFTUgFOOFHPDJBDJPOFT UVSBEFMBSFE(TFSgVOPEF EBEFT³ FYQMJDB+VBO'SBODJTDP
°*/$" 4&
FOMBDVBESBUSFT DPOMBTPQFSBEPSBTMPDBMFTEFUF MPTUFNBTNgTJNQPSUBOUFTFM #PHHJP HFSFOUFEFSFMBDJPOFT
EFMBBWFOJEBEFKVMJP FO.J MFGPOrBNwWJMQBSBJOUSPEVDJSTV QSwYJNPBvP QPSRVFTFSgEPO JOTUJUVDJPOBMFTEFMBFNQSFTB
SB¿PSFT-BDMrOJDB EFTFJTQJTPTZ QPSUBGPMJPEFTPGUXBSFBMNFSDB EFTFNPOUBSgOMPTTFSWJDJPTEF $PNPFKFNQMP FMFKFDVUJWP
EPTTwUBOPT CVTDBQPTJDJPOBSTF EPQFSVBOP.BVSJDJP#FOEFDL  WBMPSBHSFHBEP³ JOEJDB)VN DJUBBMPTDMJFOUFTRVFPQFSBO
DPNPFMQSJNFSDFOUSPFTQFDJB EJSFDUPSFKFDVUJWPQBSB"NnSJDB CFSUP$IgWF[ EJSFDUPSHFOFSBM FON|MUJQMFTQVOUPT DPNPMBT

'.qH:B6C6:8DCâB>86 '&9:H:I>:B7G:9:A'%%-
G:H6AI69DGH:8IDG>6A

DBEFOBTEFGBSNBDJBT JOHSFTPTFOFTUFSVCSPTFJODSF ZBFTUBSrBFOMBFUBQB¾OBMEF NPNFOUPFOMBDVBMFNQF[wB


%FBDVFSEPDPO#PHHJP  NFOUBSPOFONJFOUSBTRVF MBTOFHPDJBDJPOFTDPOMPTQSP CVTDBSVOUFSSFOPQBSBDPOT
DPOFMMBO[BNJFOUPEF/(/ MBQBSUJDJQBDJwOEFNFSDBEPEF QJFUBSJPTEFMB)BDJFOEB)VBZP USVJSTVIPUFM 4& 

IBDFVOPTNFTFT MBFNQSFTB MBDPNQBvrBUBNCJnONFKPSw DBSJ MPDBMJ[BEBFOFM7BMMFEFM 4JOFNCBSHP B|OOPTFTBCFTJ
MPHSwJODSFNFOUBSTVDBSUF ²&T VO TFHNFOUP NBEVSP  6SVCBNCB QBSBRVFFMIPUFMEF DPNQSBSgMBIBDJFOEBPTJNQMF
SBEFDMJFOUFTZBVNFOUBSFO EPOEFFMDSFDJNJFOUPWFOESg MBDBEFOBGVODJPOFFOEJDIPFT NFOUFPQFSBSgTVIPUFMBMMr&O
TVTJOHSFTPTQPSTFSWJ VTVBMNFOUFQPSDBNCJPTUFD UBCMFDJNJFOUP%JDIBIBDJFOEB BNCPTDBTPT MPNgTQSPCBCMF
DJPTFNQSFTBSJBMFT²&TBMrOFB OPMwHJDPTPSFHVMBUPSJPT³ B¾S FTVOBEFMBTNgTFNCMFNgUJ FTRVF"3SFNPEFMFZBNQMrF
EFOFHPDJPFTMBRVFNgTFTUg NBFMFKFDVUJWP DBTEFMWBMMFQPSTVVCJDBDJwO FOUFSBNFOUFMBIBDJFOEB
DSFDJFOEPBDUVBMNFOUFQBSB $BCFNFODJPOBSRVFFTUF QSJWJMFHJBEBFOVOBMPNBDPO 5BNCJnOTFTVQPRVFMBDB
OPTPUSPT³ EJDFFMFKFDVUJWP BvPMBFNQSFTBDVMNJOwFM BNQMJBWJTUB BTrDPNPQPSTV EFOBOPTwMPFTUBSrBJOUFSFTBEB
EFTQMJFHVFEFTVSFE8J.BYFO USBEJDJPOBMBSRVJUFDUVSBZSF¾ FOBCSJSVOIPUFMFOFM6SVCBN
BEIDæC;HEI:;B'/#-- -JNB DPOMPDVBMBMDBO[wVOB OBEBEFDPSBDJwO CB TJOPRVFQMBOFBSrBBCSJSEPT
>c\gZhdhidiVaZh'%%,/JH(* DPCFSUVSBEFFOMBDBQJ 4FTVQPRVFZBFTUBSrBFOMB PUSFTIPUFMFTNgTFOFMQBrT
b^aadcZh UBM-BJOWFSTJwOSFRVFSJEBQBSB GBTFEFQFEJSQFSNJTPTNVOJDJQB 6OBEFMBTQPTJCMFTMPDBDJPOFT
8gZX^b^Zcid'%%,/- FTUFQSPZFDUPIBCSrBTJEPEFQPS MFT/PPCTUBOUF 1BCMP-gNCBSSJ  TFSrBPUSB[POBEFM$VTDP NJFO
A†cZVhZchZgk^X^d_jc^d'%%-/ MPNFOPT64NJMMPOFT NJFNCSPEFMBGBNJMJBQSPQJFUB USBTRVFMPTPUSPTEPTFTUBSrBO
&(!*%) SJBEFMBIBDJFOEB BTFHVSBRVF FOPUSBTQBSUFTEFM1FS|
;jZciZ/:begZhV!Dh^eiZa MBTDPOWFSTBDJPOFTOPFTUgOUBO &OFTFDPOUFYUP DBCFTF
IJG>HBD
/PPCTUBOUF FTUFBvPMB BWBO[BEBT²"|OFTUBNPTOF vBMBSRVFFOVOBQVCMJDJEBE
FNQSFTBUBNCJnOIBNPTUSB HPDJBOEPDPOFMMPT QPSMPDVBM SFDJFOUFEF"3BQBSFDF"ESJBO
EPVOBFWPMVDJwOQPTJUJWBFO UPEBWrBOPQVFEPEBSNgTJOGPS ;FDIB GVOEBEPSZQSPQJFUBSJP
FMOFHPDJPEFMBSHBEJTUBODJB  N6AA:<66B6C#5SBTDFOEJw NBDJwORVFnTB³ B¾SNB EFMBDBEFOB BOVODJBOEPRVF
MBDVBMTFFYQMJDBQPSMBFMJNJ MBTFNBOBQBTBEBRVFMBDBEF -BDBEFOBJOEPOFTJBFTUg QSPOUPMBDBEFOBQSFTFOUBSg
OBDJwOEFMBQSFTFMFDDJwOQPS OBEFIPUFMFTVMUSBMVKPTPTEF JOUFSFTBEBFOJOHSFTBSBM1FS| OPWFEBEFTFOFTUFIFNJTGFSJP
EFGFDUP"Tr TFH|O#PHHJP MPT *OEPOFTJB "NBO3FTPSUT "3
 EFTEFIBDFNgTEFDVBUSPBvPT  EFMNVOEP„

'&9:H:I>:B7G:9:A'%%- H:B6C6:8DCâB>86q'/
;DJH;L?IJ7

G>86G9D8>AAâC>O!egZh^YZciZZ_ZXji^kdYZ8dgedgVX^‹c6XZgdh6gZfj^eV

²-BEFNBOEBEFBDFSPFO
FMNVOEPWBBTFHVJSGVFSUF³
;DID/N6:AGD?6H

:aegZh^YZciZYZ6XZgdh
6gZfj^eVYZhb^ZciZadh
XdchiVciZhgjbdgZhYZ
kZciVYZaVZbegZhVn!edg
ZaXdcigVg^d!YZhiVXVadh
VkVcXZhYZaVbW^X^dhdeaVc
YZVbea^VX^‹c^c^X^VYdZc
Za'%%,#:aZbegZhVg^d
gZhedcYZ!Vh^b^hbd!hdWgZ
adheaVcZhgZheZXidYZa
cjZkdÒcVcX^Vb^ZcidfjZ
VXVWVYZXdbegdbZiZgXdc
aV86;nZa^beVXidYZaV
ijgWjaZcX^V^ciZgcVX^dcVa
hdWgZadhegZX^dhYZaVXZgd
nYZadh^chjbdh
ZhigVi‚\^Xdh# ÇBWWcfb_WY_Œdgk[[ijWcei /PTPUSPTWFOJNPTEFTBSSPMMBOEPVOBFT
h[Wb_pWdZe_dYbko[bW USBUFHJBEFFYQBOTJwOEFTEFIBDFUSFTP
_dj[]hWY_Œd^WY_WWjh|i"fWhW DVBUSPBvPT&OKVMJPEFMBvPQBTBEP FM
EDG6C9G:676G688D
YedjWhYeddk[ijhWifhef_Wi QSFTJEFOUF"MBO(BSDrBJOBVHVSwVOQSP
\k[dj[iZ[c[jWbÈ ZFDUPEFBNQMJBDJwORVFOPTQFSNJUJwQB
TBSEFQSPEVDJS 5.BvPB 
µGkƒh[jeiW\hedjWWYjkWbc[dj[7Y[hei µFeZh‡WZWhi["fehbWYh_i_iÓdWdY_[hW[i# 5.BvP*ODMVTP FOEJDIBGFDIBTFDPNV
7h[gk_fW5 jWZekd_Z[di["kdWZ[iWY[b[hWY_ŒdZ[bYh[# OJDwRVFMMFHBSrBNPTBQSPEVDJS 
&OFMDPOUFYUPNBDSPIBZRVFDPOTJEFSBS Y_c_[djeZ[bi[YjehYedijhkYY_Œdo"Yedi[# 5.BvPFOMPTEPTTJHVJFOUFTBvPT%BEP
RVFFM1FS|FTUgDSFDJFOEPZFOGSFOUBOEP Yk[dj[c[dj["Z[bWil[djWiZ[WY[he[d[b FMEFTBSSPMMPEFMQBrTZOVFTUSPTSFTVM
VOBTFSJFEFSFUPTZPQPSUVOJEBEFT&OMPT c[Z_WdefbWpe5 UBEPT OPTIFNPTQFSNJUJEPUSB[BSVOB
|MUJNPTBvPTFMEFTBSSPMMPIBTJEPDPO &MNVOEPFTUgHMPCBMJ[BEPZEFBMHVOB NFUBUPEBWrBNBZPSµ 5.BvP
TJTUFOUF DPNPOPMPIBTJEPEFTEFIBDF NBOFSBMBDSJTJTOPTWBBBGFDUBS4JOFN &OMPRVFWBEFMZBIFNPTMMFHBEP
EnDBEBT4JCJFOOPTBGFDUBOMPTTVDFTPTEF CBSHP MBTJUVBDJwOFDPOwNJDBQFSVBOB BMBT 5.BvP/PTPMBNFOUFFO
MBFDPOPNrBNVOEJBM ZPDSFPRVFFMQBrT FTNVZTwMJEBZFMHPCJFSOPZBIBUPNBEP QSPEVDUPUFSNJOBEP TJOPUBNCJnOFO
WBBTFHVJSFOMBTFOEBEFMDSFDJNJFOUPF QSFDBVDJPOFTQBSBDPOUSPMBSFMSJUNPEF BDFSPMrRVJEP
JODMVTPWBBTVQFSBSBMPTQBrTFTWFDJOPT DSFDJNJFOUP QBSBRVFnTUFTFBNgTPSHB
"OUFUBMPQPSUVOJEBE USB[BNPTIBDF OJ[BEPZQFSNBOFOUF/PTFWBBQBSBSFM µ;dgkƒc[Z_ZWi[^Wl_ijeW\[YjWZWbWef[#
VOBvPVOQMBOQBSBMBFNQSFTB FOFM DSFDJNJFOUP QPSMPRVFMBJOEVTUSJBEFMB hWY_ŒdZ[bW[cfh[iWfeh[b_dYh[c[djeZ[
DVBMTFDPOUFNQMBMBBERVJTJDJwOEFOVF DPOTUSVDDJwOUBNQPDPEFKBSgEFDSFDFS beifh[Y_eiZ[bei_dikcei5
WPTFRVJQPTQBSBBVNFOUBSOVFTUSBQSP -PTQSFDJPTEFMBDFSPZMPTJOTVNPTIBO
EVDUJWJEBE ZUBNCJnOFMSFGVFS[PEFMB BWfheZkYY_ŒdZ[WY[hebeYWb^WYh[Y_Ze FTUBEPTVCJFOEPZMBEFNBOEBJOUFSOB
PSHBOJ[BDJwO DPOFM¾OEFRVFnTUBTFB +([dbeifh_c[heic[i[iZ[bW‹e"c_[d# DJPOBMUBNCJnO MPDVBMOPTIBPCMJHBEP
gHJM FTUnDPOGPSNBEBQPSQFSTPOBTNPUJ jhWigk[bWfheZkYY_Œdh[]_edWbiŒbebe BFMFWBSOVFTUSPTQSFDJPTFOMPTQSJNFSPT
WBEBT JOOPWBEPSBT DPODBQBDJUBDJwOZFM ^W^[Y^e[d'($.obWckdZ_Wb[d/$*$ NFTFTEFMBvP4JOFNCBSHP FOMBT|MUJ
FOUSFOBNJFOUPBEFDVBEPQBSBDPODSFUBS µGkƒjWdieij[d_Xb[[i[ij[h_jceZ[Yh[# NBTTFNBOBTIBIBCJEPVOBDPSSFDDJwO
OVFTUSPTQMBOFT Y_c_[dje5 BOJWFMNVOEJBM FMQSFDJPEFBMHVOPT

(&qH:B6C6:8DCâB>86 '-9:H:I>:B7G:9:A'%%-
:CIG:K>HI6

JOTVNPTTFIBSFEVDJEPZFTPOPTIB µI[^Wd_cfb[c[djWZedk[lWi_d_Y_Wj_lWi
QFSNJUJEPEJTNJOVJSMPTQSFDJPT¾OBMFT [dbeiYWdWb[iZ[Z_ijh_XkY_ŒdZ[bW[c#
3FDJFOUFNFOUF nTUPTSFUSPDFEJFSPOFO fh[iWfWhWWj[dZ[hc[`ehWbWYh[Y_[dj[
VO Z[cWdZW_dj[hdW5
"OJWFMNVOEJBM VOEFMDPOTVNP )BDFWBSJPTBvPTJNQMFNFOUBNPTVOTJT
EFBDFSPDPSSFTQPOEFBMBTFDPOPNrBTEF UFNBEFDPNFSDJBMJ[BDJwOFO-JNBZBIP
TBSSPMMBEBT4JOFNCBSHP TFFTQFSBRVF SBMPFTUBNPTMMFWBOEPBMB[POBTVSEFM
QBSBFM BFTDBTPTDVBUSPBvPT FM QBrT UBOUPB"SFRVJQBDPNPB1JTDP DPO
EFMBDFSPTFBDPOTVNJEPQPSMPTQBrTFT FM¾OEFIBDFSNgTBDDFTJCMFFMQSPEVDUP
FOWrBTEFEFTBSSPMMP&TUPTJHOJ¾DBRVF FOMPTQVOUPTEFWFOUBEFUPEPFM1FS|
MPTBDUVBMFTQSPCMFNBTFOQBrTFTDPNP 1PSFKFNQMP DVBOEPTVDFEJwFMTJTNPFO
&&66UFOESgOFGFDUJWBNFOUFVOJNQBDUP  1JTDPUSBUBNPTEFIBDFSMMFHBSOVFTUSPT
QFSPDSFFNPTRVFnTUFTFSgNFOPSDPOFM QSPEVDUPTBMPTQVOUPTNgTBMFKBEPTEF
UJFNQP-BFDPOPNrBNVOEJBMDBEBWF[ MB[POB QPSSB[POFTNgTBMMgEFMIFDIP
EFQFOEFNFOPTEFMPTQBrTFTEFTBSSPMMB EFRVFOVFTUSBQMBOUBRVFEB1JTDPZFM
EPT)BZQBrTFTDPNP$IJOB *OEJB MPTQBr EBvPRVFUPEPFTPJNQMJDwQBSBOVFTUSPT
TFTEFM.FEJP0SJFOUF EFMOPSUFEFÇGSJDB USBCBKBEPSFT)FNPTBNQMJBEPUPEPTOVFT
PEFMTVEFTUFBTJgUJDP BEFNgTEF#SBTJM  USPTDBOBMFTEFEJTUSJCVDJwOQBSBMMFHBSB
RVFUJFOFOVOBJODJEFODJBDSFDJFOUFFO MPNgTQSPGVOEPEFMQBrTZTFHVJSFNPT
MBFDPOPNrBNVOEJBMZFOFMDPOTVNPEF USBCBKBOEPFOFMMP
BDFSP-BEFNBOEBEFBDFSPFOFMNVOEP
WBBTFHVJSGVFSUF QPSRVFFTUPTQBrTFTWBO µGkƒfWhj_Y_fWY_ŒdZ[c[hYWZecWdj_[d[
BTFHVJSDSFDJFOEP >79?;D:E79;HE;D7H;GK?F7 7Y[hei7h[gk_fWWYjkWbc[dj[5
(&&-
1SFGJFSPOPEFDJSRVnQPSDFOUBKFEFM
µ9Œcekj_b_pWh|d[bfhƒijWcegk[WYWXWd NFSDBEPOPTDPSSFTQPOEF QFSPTrQVF
KZciVhZcIB +//",&&
Z[h[Y_X_hZ[bW97<5 EPBTFHVSBSRVFIFNPTNBOUFOJEPVO
>c\gZhdhH$#b^aadcZh '")),
&TUFQSnTUBNPDPOTJTUFFOVOBMrOFBEF QPSDFOUBKFTJNJMBSBMPMBSHPEFMPTBvPT
Ji^a^YVYZhH$#b^aadcZh '.(
64NJMMPOFTQBSB¾OBODJBSMBTDBSUBT )FNPTJEPDSFDJFOEPKVOUPDPOFM1FS| 
EFDSnEJUPQBSBJNQPSUBDJwOEFJOTVNPT >ckZgh^dcZhJHb^aadcZh *( TBUJTGBDJFOEPMBEFNBOEBJOEVTUSJBMZEF
NFUgMJDPTZPUSPTTVNJOJTUSPT"EFNgT  (&&. DPOTUSVDDJwO
UFOFNPTVOBMrOFBEFDBQJUBMEFUSBCBKP 8gZX^b^ZcidZhi^bVYd '(
EF64NJMMPOFT/PFTVOQSnTUBNPFO µ9Œce[lWb‘W[bZ[i[cf[‹eZ[bWYecf[#
(Zejh_c[ijh[(&&.
Tr FTVOBGBDJMJEBEQBSBJNQPSUBSMPRVF j[dY_WjWdje[d[bfW‡iYece[dbWh[]_Œd5
>c\gZhdhH$#b^aadcZh ,.)
OFDFTJUFNPT $POMBHMPCBMJ[BDJwOFOMPT|MUJNPTBvPT
KVg#>ciZgVcjVa '((
TFIBOQSPEVDJEPGVTJPOFTZBERVJTJDJP
;jZciZ/8dcVhZk
µGkƒfheo[Yjeif_[diWdZ[iWhhebbWhkdW OFT ZEFUFSNJOBEPTHSVQPTTJEFS|SHJDPT
l[pgk[Ykbc_d[ikfhe]hWcWZ[Wcfb_W# QBSBDPOUBSDPOOVFTUSBTQSPQJBTGVFOUFT IBOUPNBEPNBZPSQSPUBHPOJTNPFOMB
Y_Œd_dj[]hWb5 EFNFUBM QBSBDPOUSPMBSOVFTUSPTDPT QSPEVDDJwONVOEJBMEFMBDFSP4JOFNCBS
&MQMBOEFBNQMJBDJwOUJFOFWBSJBTGBTFT Z UPT ZQBSBTFSNgTDPNQFUJUJWPTDPONJ HP FTUPOPFOUSBFOEFTNFESPOVFTUSP&M
FTQFSPRVFUPEBTFTUnOUFSNJOBEBTQBSBFM SBTBNBOUFOFSFMMJEFSB[HPFOFM1FS|&O BvPQBTBEPMPTQSJNFSPTHSVQPTDPO
&MQSPZFDUPJODMVZF DPNPIFTFvB FMDBTPEF#SBTJM QPSFKFNQMP IBZHSBO USPMBCBOFMEFMBQSPEVDDJwOEFBDFSP 
MBEP FMPCKFUJWPEFEVQMJDBSMBDBQBDJEBE EFTZBDJNJFOUPTEFIJFSSP ZMBTDPNQB ZQBSBFMDPOUSPMBSgOFM&OUSF
BDUVBMEFQSPEVDDJwOEF 5.BvPB vrBTUJFOFOVOGVFSUFDPOUSPMEFTVTJO MPTQSPEVDUPSFTEFNJOFSBMEFIJFSSP IBZ
µ 5.BvP5PEPTMPTFTUVEJPTZBGVF TVNPT1PSOVFTUSBQBSUF UFOFNPTZBDJ USFTRVFDPOUSPMBOFMFOBVUPT TPO
SPOSFBMJ[BEPTZMPTFRVJQPTFTUgOQFEJEPT NJFOUPTEFIJFSSPFOBMHVOBT[POBTDPNP USFTQSPEVDUPSFTMPTRVFDPOUSPMBOFM
&MBOgMJTJTFTUgDBNJOBOEPZFTUPZBFTUgFO FM$VTDP QFSPMPTVTBSFNPTDVBOEPTFB "Tr WFNPTRVFFMDPOUSPMEFMBTFNQSFTBT
NBSDIB-VFHPDPOTJEFSBSFNPTOVFWPTQSP OFDFTBSJP HSBOEFTFOFMSVCSPTJEFS|SHJDPFTB|O
ZFDUPT QVFTUPRVFEFOUSPEFOVFTUSPQMBO QFRVFvP
FTUSBUnHJDPBMBSHPQMB[PZBIBZQMBOFTHFS µI[feZh‡WfheZkY_hkdW_dj[]hWY_ŒdeWb]e
NJOBMFTEFDSFDJNJFOUPZBNQMJBDJwO i_c_bWh[djh[7Y[hei7h[gk_fWoJhWZ_iWe 9ed[b\ehjWb[Y_c_[djeZ[bW[cfh[iW[d
9ecWiW5 [ijei‘bj_ceiW‹ei"Wb]kdeic[Z_ei^Wd
;bi[Yjehj_[dZ[^WY_WkdW_dj[]hWY_Œdl[h# 4PNPTBDDJPOJTUBTEF$PNBTB QFSPOPUF l[d_Ze[if[YkbWdZeieXh[bWfei_X_b_ZWZ
j_YWb"jWdje^WY_WWjh|iYece^WY_WWZ[bWd# OFNPTOJOHVOBQBSUJDJQBDJwOFO5SBEJTB Z[gk[7Y[hei7h[gk_fWi[l[dZW$µ9k|d
j[$µKij[ZZ_h‡Wgk[[ijWj[dZ[dY_Wi[[ij| "NCBTTPOEJTUSJCVJEPSBTJNQPSUBOUFTEF jWd]_Xb[[i[iWfei_X_b_ZWZ5
[l_Z[dY_WdZe[d[bfW‡i5 MBFNQSFTB QFSPUJFOFOWJEBQSPQJB1PS "DFSPT"SFRVJQBOPFTUgFOWFOUB4JOFN
1BSUFEFMBBNQMJBDJwORVFFTUBNPTSFBMJ BIPSB OPUFOFNPTEJTUSJCVDJwOFYDMVTJWB CBSHP OPQPEFNPTIBDFSOBEBQBSBRVF
[BOEPJODMVZFMBJOUFHSBDJwOIBDJBBUSgT  OJQMBOFTEFGVTJwOQSFWJTUPT MPTQFSJwEJDPTEFKFOEFFTQFDVMBS Q

'-9:H:I>:B7G:9:A'%%- H:B6C6:8DCâB>86q('
<?D7DP7I

&OUSBOUFTBNCJDJPTPT
7jhXVcYd]VXZghZjcaj\VgZcZabZgXVYd!aVhcjZkVhhdX^ZYVYZhV\ZciZYZWdahV
VejZhiVcedgaVY^[ZgZcX^VX^‹cZchZgk^X^d

EDG=J<D<6AA:<DH

*OHSFTBSBVOBQMB[BDPNPFMNFSDBEP SAB TOPS #SBTJM


QBSBRVFTVTDMJFOUFTDPNQSFOBDDJP
CVSTgUJMMPDBM EPOEFDJODPTPDJFEBEFT Montos negociados por las SAB en renta OFTMBUJOPBNFSJDBOBTPHMPCBMFT"EFNgT 
BHFOUFEFCPMTB 4"#
°DVBUSPEFFMMBTWJO variable, enero-agosto 2008 (US$ millones) MB¾SNBBQVOUBSgBMBO[BSOVFWPTQSPEVD
DVMBEBTBCBODPTEPNJOBOFMEFMP 5,000 UPTPSJFOUBEPTBMJOWFSTJPOJTUBJOEJWJEVBM
OFHPDJBEPFOSFOUBWBSJBCMFZEPOEFFTBT 4,000 FJOTUJUVDJPOBMTJOgOJNPEFTFSVOB4"#
NJTNBTDVBUSP4"#CBODBSJBTPTUFOUBO 3,000 NBTJWB#VTDBSgO BTJNJTNP QSPNPWFSMB
FMEFMPUSBOTBEPFOJOTUSVNFOUPT 2,000 JOWFSTJwOFOJOTUSVNFOUPTEFSFOUB¾KBDPO
EFEFVEB UPEPTFH|ODJGSBTBBHPTUPEFM 1,000 QSPEVDUPTFTUSVDUVSBEPTRVFTFMBO[BSgO

QVFEFTPOBSQPDPFTUJNVMBOUF 0 FOMPTQSwYJNPTNFTFT²2VFSFNPTTFSVOB

Inv. Investa
Scotia
Bolsa

Credibolsa

Centura

Seminario

Continental
Bolsa

Prom. e

Otros
/PPCTUBOUF FMBvPQBTBEP4UBOGPSE CPVUJRVFEFBTFTPSrB¾OBODJFSB³ JOEJDB#FB
(SPVQ1FS|Z4PM¾OEFDJEJFSPOJOHSFTBSB USJ[.BSUrOF[ HFSFOUFHFOFSBMEF$PNQBTT
FTUFNFSDBEPDPODFOUSBEPZFMEFCFSrB (SPVQ4"# NJFOUSBTBHVBSEBFMJOJDJPEF
DFSSBSDPOBMNFOPTUSFTJOTUJUVDJPOFTOVF Montos negociados por las SAB en TVTPQFSBDJPOFT
instrumentos de deuda, enero-agosto 2008
WBTBEJDJPOBMFT ,BMMQB4FDVSJUJFT $PNQBTT ²)FNPTWFOJEPBUSBFSOVFWPTKVHBEP
(en millones US$)
(SPVQZ$FM¾O$BQJUBM1FS|
&TUFQSPDFTP 2,000
SFTBMNFSDBEPRVFJOWJFSUBOFOMBCPMTB
EFFOUSBEBEFOVFWPTDPSSFEPSFTWBFOQB MJNFvBGPOEPTJOUFSOBDJPOBMFT DMJFOUFT
1,500
SBMFMPDPOFMEFOVFWPTMJTUBEPTFNQSFTBTFO DIJMFOPT³ EJDF$nTBSEFMB'VFOUF HFSFOUF
MB#PMTBEF7BMPSFTEF-JNB 4&
 1,000 HFOFSBMEF$FM¾O1FS|4"# RVFUBNCJnO
 2VnMBTBUSBFZRVnMFTHBSBOUJ[BRVF 500 BQSPWFDIBSgMB4"#RVFUJFOFTVNBUSJ[
QPESgOIBDFSTFVOFTQBDJP &MDSFDJNJFOUP 0
DIJMFOBQBSBPGSFDFSBDDJPOFTEF¾SNBTEF
Continental
Credibolsa

Centura

Bolsa

Scotia
Bolsa

Solfin y
otros

EFMBFDPOPNrBQFSVBOBFT MwHJDBNFOUF  FTUFQBrT BTrDPNPEFMNFSDBEPFTUBEPVOJ


VOMVHBSDPN|OFOTVTSFTQVFTUBT QFSP EFOTF&OMPRVFSFTQFDUBBMTFHNFOUPEF
UBNCJnOIBZPUSBTNPUJWBDJPOFT EFVEB MBOVFWB4"#USBCBKBSgUBNCJnOFO
Fuente: BVL
FTUSVDUVSBSFNJTJPOFTEFOVFWBTFNQSFTBT
:ƒ`Wc[WokZWhj[ CVSTgUJMDVBOEPUFOHBOUSFTBvPTPQFSBOEP QFSPFODPMPDBDJPOFTQPSFODJNBEFMPT
-PTFOUSBOUFTUJFOFODMBSPRVFDBQUBSQBS QPSMPQSPOUPZBMPIJDJFSPODPODVBUSP
 64 "TFNFKBO[BEF,BMMQB BQPT
UFEFMBDBSUFSBEFMBT4"#FYJTUFOUFTOP ²$SFFNPTRVFFMTFSWJDJPRVFEBOMBT UBSgUBNCJnOQPSUFOFSVOgSFBEFSFTFBSDI
TFSgGgDJM QPSMPDVBMFTUgOPQUBOEPQPS 4"#OPFTCVFOP³ EJDF QPSTVQBSUF "M RVFJEFOUJ¾RVFBMBTDPNQBvrBTQFSVBOBT
MBFTQFDJBMJ[BDJwOPQPSBUSBFSBOVFWPT CFSUP"SJTQF HFSFOUFHFOFSBMEF,BMMQB4F MrEFSFT4PCSFMBDBQUBDJwOEFDMJFOUFT FTUB
JOWFSTJPOJTUBTBMNFSDBEPCVSTgUJM DVSJUJFT+VTUBNFOUFQBSBQPTJDJPOBSTFFOFM 4"#DPOGrBFORVFNBOUFOESgMBTDBSUFSBT
&OFMDBTPEF4PM¾O4"# &OSJRVF4PMB NFSDBEP FTUB¾SNBBQPTUBSgQPSNFKPSBS RVFUSBFSgODPOTJHPTVTDVBESPTFKFDVUJWPT
OP TVHFSFOUFHFOFSBM EJDFRVFQSPNPWFSg MPTTJTUFNBTEFJOGPSNBDJwORVFTFQPOFO :SFTQFDUPEFMPTDMJFOUFTJOTUJUVDJPOBMFT TF
FM¾OBODJBNJFOUPEFNFEJBOBTFNQSFTBT  BEJTQPTJDJwOEFMPTJOWFSTJPOJTUBTJOEJWJEV FTQFSBRVFMBDPMPDBDJwOEF*ODB#POETRVF
ZBTFBDPOFNJTJPOFTEFBDDJPOFTPEFEFV BMFTFJOTUJUVDJPOBMFT ZPGSFDFSgBTJNJTNP IJ[PTVNBUSJ[QBSBMBTDIJMFOBT$FODPTVE
EB%FTEFRVF4PM¾ODPNFO[wBPQFSBSFO SFTFBSDIZSFVOJPOFTDPOTUBOUFTDPOFMMPT Z3JQMFZTJSWBQBSBNBOUFOFSVOBSFMBDJwO
GFCSFSPEFM MB¾SNBSFBMJ[wDPMP :BTFNFKBO[BEF4PMGJO OPTFEFEJDBSg EFOFHPDJPTDPOMBT"'1
DBDJPOFTQSJNBSJBTEFEFVEBEFNFEJBOBT TwMPBMBOFHPDJBDJwOEFBDDJPOFTQBSBTVT 1FSPMBT4"#USBEJDJPOBMFTOPTFRVFEBSgO
FNQSFTBTDPNP$PSQPSBDJwO.JTLJ 5JFOEBT DMJFOUFT TJOPRVFUBNCJnOEBSgTFSWJDJPEF USBORVJMBT+PSHF.POTBOUF HFSFOUFHFOFSBM
&'&Z.FUBMQSFO"TJNJTNP BTFTPSwB/$' DPMPDBDJPOFT FTUSVDUVSBDJPOFT FOUSFPUSPT EF$SFEJCPMTB JOEJDBRVFBVORVFMBDPN
*OWFSTJPOFTFOFMUSgNJUFQBSBTVMJTUBEP SFMBDJPOBEPTDPOMBCBODBEFJOWFSTJwO QFUFODJBFTCJFOWFOJEB OPTFMFFTQFSBSg
FOCPMTBZSFBMJ[wDPMPDBDJPOFTQSJWBEBT QBTJWBNFOUF"MSFTQFDUP FMFKFDVUJWPTFvB
DPNPMBEF&OGPDB%FTDVCSJEPS* EF&OGP L_[d[dZ[bikh MBRVFTV¾SNBFTUgUSBCBKBOEPFOOVFWPT
DB4"'*"DUVBMNFOUFFTUgUSBCBKBOEPFO 0USPTEFMPTFOUSBOUFTCVTDBSgOWFOUBKBT QSPEVDUPT¾OBODJFSPTRVFTFMBO[BSgOFOMPT
PUSBDPMPDBDJwOQSJWBEBDPO"$$BQJUBMFT DPNQFUJUJWBTBQBSUJSEFTVTSFEFTJOUFSOB QSwYJNPTNFTFT (VFSSBBWJTBEB  Q
ZQBSUJDJQBFOFMQSPHSBNB"WBO[B#7-RVF DJPOBMFT"Tr QPSFKFNQMP $PNQBTT(SPVQ
CVTDBMMFWBSBMBTNZQFTBMBCPMTB4FH|O 4"#BQSPWFDIBSgMBT4"#RVFTVNBUSJ[DIJ F7H7I78;HCÜI0
4PMBOP MBNFUBEF4PM¾OFTIBDFSRVF MFOBUJFOFFO"SHFOUJOB .nYJDP $PMPNCJB  H:&&(-&)$%.$%-/:bWdahVcYdh^cgZbdgY^b^Zc"
id/VeZhVgYZaVXV†YVYZaVWdahV!VjbZciVcaVh
FNQSFTBTNFEJBOBTFTUnOFOFMNFSDBEP .JBNJZ/VFWB:PSL ZFMQSwYJNPBvPFO Zb^h^dcZh

((qH:B6C6:8DCâB>86 '-9:H:I>:B7G:9:A'%%-
C?D;Hß7

:SBTHVvBMBTQJFESBT
´8j{cid\VcVcadh\Z‹ad\dh4HZ]VckjZaidiVcegZX^VYdhXdbd
Zab^cZgVafjZWjhXVc

EDG6C9G:676G688D

;DID/9>;JH>âC
 "MHVOBWF[IBMMFWBEPVODVSTPEFQFUSP
MPHrB HFPUFDUwOJDBPDSJTUBMPHSBGrB 4JTV
FYQSFTJwOBOUFFTUBQSFHVOUBFT²¡2VnUBM
SPDB³ IBEBEPFOFMDMBWP QVFTTFUSBUB
EFNBUFSJBTJOGBMUBCMFTFOFMDVSSrDVMP
EFVOHFwMPHP
&MBvPQBTBEP FMCBSwNFUSPFNQSF
TBSJBMEFMB6OJWFSTJEBEEF-JNB
DBMJ¾DwBMHFwMPHPDPNPVOPEFMPTQSP
GFTJPOBMFTNgTEJGrDJMFTEFFODPOUSBS&M
NFKPSBNJFOUPEFTVTQFSTQFDUJWBTMBCP
SBMFTSFTQPOEFBMNBZPSBUSBDUJWPEFMPT
TFDUPSFTNJOFSPZEFIJESPDBSCVSPTFO
VOBnQPDBEFBMUBT BVORVFJOFTUBCMFT
DP
UJ[BDJPOFTEFMPTDPNNPEJUJFT²%FBIrRVF
MBEFNBOEBQPSFTUPTJOHFOJFSPTTFBUBO
DrDMJDBDPNPMPTQSFDJPT³ B¾SNB)FSOgO
5BOBCF HFwMPHPZKFGFEFBENJOJTUSBDJwO A6<:DAD<Þ6G:FJ>:G:CDHâAD9:>CK:HI><68>âC!H>CDI6B7>wC9::HEÞG>IJ6K:CIJG:GD
EFFYQMPSBDJPOFTEF$PNQBvrBEF.JOBT
#VFOBWFOUVSB BMPRVFBvBEFRVF²IPZ QPSMPNFOPTFNQSFTBTKVOJPSTFOFM 1PSTVQBSUF .JHVFM$BSEP[P HFwMPHP
MBHFPMPHrBOPFTDPOTJEFSBEBDPNPVOB 1FS|ZDBEBVOBFYJHFFOUSFUSFTZDJODP ZQSFTJEFOUFEFMBKVOJPS"MUVSBT.JOFSBMT 
DBSSFSBIJUFDI QPSMPDVBMMPTKwWFOFTOP HFwMPHPT BTrRVFMBEFNBOEBFTFOPSNF  TFvBMBRVF GVOEBNFOUBMNFOUF FTFOMB
TVFMFOFTDPHFSMB³ TJODPOUBSMPRVFSFRVJFSFOBEFNgTMBT HFPMPHrBPSJFOUBEBBMBFYQMPSBDJwOEPO
-PTDVSTPTBOUFTDJUBEPTTPOBMHVOPTEF FNQSFTBTHSBOEFT³ EFTFWFVOBFTDBTF[EFQSPGFTJPOBMFT 
MPTPGSFDJEPTFOFMQMBOEFFTUVEJPTEFMB BVORVFIBZHFwMPHPTRVFDPOEVDFOMPT
6OJWFSTJEBE/BDJPOBMEF*OHFOJFSrB RVF Begk[bWi[cfh[iWigk_[h[d QSPZFDUPTPBMBTNJTNBTFNQSFTBTNJOF
KVOUPDPOMB6OJWFSTJEBE/BDJPOBM.BZPS %FBDVFSEPDPO%JBOB3BLF HFSFOUFHF SBT DPOUBOEPBEJDJPOBMNFOUFDPOIBCJMJ
EF4BO.BSDPTTPOMBT|OJDBTRVFPGSFDFO OFSBMEF%PXOJOH5FBM1FS| TJCJFOFM EBEFTHFSFODJBMFT²&TUPDPJODJEFDPOMB
MBDBSSFSBFO-JNB MBTPDIPSFTUBOUFTVOJ QSFNJPBMFTGVFS[PEFVOHFwMPHPFTFO BQBSJDJwOEFMBTKVOJPST FOMBTDVBMFTTF
WFSTJEBEFT°UBNCJnOOBDJPOBMFT°RVFMB DPOUSBSOVFWPTZBDJNJFOUPT MBSFNVOF SFRVJFSFEFFNQSFOEFEPSFTRVFCVTDBO
EJDUBOTPOEFQSPWJODJBT
%FBDVFSEPDPO SBDJwOUBNCJnOFTVOGBDUPSJNQPSUBOUF EFTBSSPMMBSTFDPNPQFSTPOBTEFOFHP
"OUFOPS$IgWF[ EJSFDUPSEFMB'BDVMUBE Z QPSUBOUP TVFMFOCVTDBSFNQMFPTFOFM DJPT³ BHSFHB$BSEP[P QSwYJNPFYQPTJUPS
EF(FPMPHrBEFMB6OJWFSTJEBE/BDJPOBM FYUSBOKFSP/PPCTUBOUF NVDIPTQSPGFTJP EFMBNFTBEF²&OTFvBO[BVOJWFSTJUBSJB³
EF4BO"HVTUrOFO"SFRVJQB 6/4"
FTUB OBMFTBIPSBPCTFSWBOVONFOPSEJGFSFO FOFM9***$POHSFTP-BUJOPBNFSJDBOPEF
JOTUJUVDJwODVFOUBDPOVOBEFMBTQSPNP DJBMFOUSFMPTTBMBSJPTJOUFSOBDJPOBMFTZ (FPMPHrBBSFBMJ[BSTFFTUBTFNBOB BMDVBM
DJPOFTNgTHSBOEFTEFMQBrTFHSFTBEPT MPTMPDBMFTZ FOFTBNFEJEB EFDJEFORVF ZBTFIBOJOTDSJUPNgTEFFTUVEJBOUFT
BOVBMFT4JCJFOMBDPNJTJwOEFCFDBTEFCF EBSTFBUSBCBKBSFOFMQBrT"Tr FMHFSFOUF EFEJWFSTPTQBrTFT
CVTDBSQSgDUJDBTZQSPHSBNBTEFFOUSFOB HFOFSBMEFVOBNVMUJOBDJPOBMFYUSBDUJWB "MJHVBMRVF$BSEP[P 3POBME-VFUIF 
NJFOUP BIPSBOPOFDFTJUBBDFSDBSTFBMBT SFWFMwB4&RVFVOHFwMPHPSFDJnOFHSF HFwMPHPZHFSFOUFHFOFSBMEFMQSPZFDUP
FNQSFTBT²6OBFNQSFTBQFSVBOBOPTIB TBEPTJOFYQFSJFODJBEFDBNQPQVFEF -BT#BNCBT EF9TUSBUB$PQQFS NFODJPOB
TPMJDJUBEPVOFRVJQPEFHFwMPHPTQBSB HBOBSFOFM1FS|NgTEFNgTRVF  RVFTJCJFOTFTPMJDJUBOUBOUPQSBDUJDBO
USBCBKBSFOTVTJOWFSTJPOFTFO$IJMFZOP QPSFKFNQMP FO$PMPNCJB UFTDPNPQSPGFTJPOBMFTDPOBvPTEFFYQF
QPEFNPTDVCSJSMBTQMB[BT³ BDPUB 4FH|O3BLF TwMPVOEFMPTHFwMP SJFODJB OPTwMPIBZVOBQSFGFSFODJBQPS
-VDJP3rPT HFwMPHP FYHFSFOUFHFOF HPTQFSVBOPTBQSFOEFBIBCMBSJOHMnT B FMDPOPDJNJFOUPUnDOJDP TJOPRVFBIPSB
SBMEFMBNJOB5JOUBZBZBDUVBMCVTJOFTT QFTBSEFRVF²FMJOHMnTQVFEFJODSFNFOUBS TFJODMVZFVOBFWBMVBDJwOEFDPNQFUFO
EJSFDUPSEF%PXOJOH5FBM1FS| IFBEIVOUFS FMTVFMEPFOUSFVOZ³"MSFTQFD DJBT²%FCFTFSHFOUFRVFUSBCBKFDPOMB
BVTUSBMJBOBFTQFDJBMJTUBFOFMTFDUPSNJOF UP TwMPMB6/4"DVFOUBDPODVSTPTEF DPNQBvrBZRVFDPNQBSUBTVFTUJMPEF
SPZFOFSHnUJDP
JOEJDBRVF²IPZUFOFNPT JOHMnTFOFMQSJNFSBvP USBCBKPQPSFKFNQMP RVFUFOHBSFTQFUP

(*qH:B6C6:8DCâB>86 '-9:H:I>:B7G:9:A'%%-
UN GEÓLOGO EN EL PERÚ
Rango de sueldos y requisitos1/

Cargo Sueldo Requisitos


anual (US$)
Más de 20 años
Gerente de 170,000 - de experiencia,
exploraciones 210,000 dominio
del inglés
De 15 a 20 años
Geólogo 65,000 - de experiencia,
senior 70,000 dominio
del inglés
De 10 a 15 años
Geólogo 35,000 - de experiencia,
de proyectos 50,000 dominio
del inglés
De 5 a 10 años
Geólogo 25,000 - de experiencia,
junior 30,000 dominio
del inglés
Los rangos pueden variar de acuerdo con la empresa
1/
No incluye recién egresado
Fuente: Downing Teal Peru

QPSMBTDPNVOJEBEFT³ DPNQMFNFOUB
-VFUIF

Beidk[leiÇdWj][eiÈ
%FOUSPEFMBNJTNBDBSSFSB DJFSUBTFT
QFDJBMJEBEFTTPONgTFTDBTBTBVO&OUSF
FMMBTMBHFPMPHrBFTUSVDUVSBM MBHFPGrTJDB 
MBIJESPHFPMPHrB MBHFPMPHrBBTPDJBEBB
UFNBTBNCJFOUBMFTZMBHFPUnDOJDB"
OJWFMNVOEJBM NVDIBTVOJWFSTJEBEFT
IBODFSSBEPTVTGBDVMUBEFTEFHFPMPHrB
PFTUBSrBOFWBMVgOEPMP*ODMVTP)BSWBSE
°EPOEFFTUVEJBSB"MCFSUP#FOBWJEFTEFMB
2VJOUBOB GVOEBEPSEF$PNQBvrB.JOBT
#VFOBWFOUVSB°DFSSwTVGBDVMUBE
4JOFNCBSHP DPNPTFvBMB3rPT MB
DSJTJT¾OBODJFSBJOUFSOBDJPOBMQSPCBCMF
NFOUFHPMQFBSgBMBTNJOFSBTKVOJPSDPO
VOBSFTUSJDDJwOEFMJRVJEF[ MPDVBMRVJ[g
MMFWFBRVFTFQBSBMJDFODJFSUPTQSPZFDUPT
ZRVFBMHVOPTHFwMPHPTRVFEFOEJTQPOJ
CMFTPSFEV[DBOTVTQSFUFOTJPOFTTBMBSJB
MFT&TUBQPESrBTFSVOBPQPSUVOJEBEQBSB
RVFMBTHSBOEFTNJOFSBT RVFUJFOFOMJRVJ
EF[TV¾DJFOUFQBSBBWBO[BSDPOTVTQSP
QJPTQSPZFDUPT TFFOGPRVFOFOBOBMJ[BS
FMNFSDBEPMBCPSBMEFMPTHFwMPHPTQBSB
WFSDVgOUPUBMFOUPQVFEFOJODPSQPSBSB
TVT¾MBT Q

'-9:H:I>:B7G:9:A'%%-
9EDIKBJEH?E:;9ECF;J?J?L?:7:

E6<DEDGK:G
AVhVhdX^VX^dcZheWa^Xd"eg^kVYVhnZaYZWViZhdWgZhjg‚\^bZcaZ\Va

BRVFMMBTRVFOPSFRVJFSFOVTBSSFDVSTPT DPOTUJUVZFVOBWBMMBNVZBMUBQBSBQSPNP
Q|CMJDPT&TJNQPSUBOUFEFTUBDBSRVFTF WFSMBT&MMPJNQMJDBSgRVFMPTQSPQPOFOUFT
EDG<:D;;G:N86CCD8@
<ZgZciZYZZXdcdb†VVea^XVYV IBEF¾OJEPRVFMB"11OBDFQPSVOBJOJ QSJWBEPTUFOESgORVFQFSTVBEJSQSJNFSP
YZ6EDND8dchjaidg†V DJBUJWBEFVOBFOUJEBEQ|CMJDB4FQMBOUFB BMBTBVUPSJEBEFTZPFNQSFTBTTFDUPSJBMFT
FMQSJODJQJPEFM²WBMPSQPSEJOFSP³ DPO QBSBRVFIBHBTVZPFMQSPZFDUPZnTUFTFB
FM¾OEFNBYJNJ[BSMBTBUJTGBDDJwOEFMPT QSFTFOUBEPDPNPVOB"11
-BTBTPDJBDJPOFTQ|CMJDPQSJWBEB "11
QFS VTVBSJPTFOFMVTPEFMPTSFDVSTPTQ|CMJ /PQBSFDFSB[POBCMFQMBOUFBSRVFEF
NJUFORVFFM&TUBEPQVFEBDP¾OBODJBSP DPT4FJOUSPEVDFUBNCJnOFMDPODFQUPEF QFOEJFOEPEFRVJnOQSFTFOUBFMQSPZFDUP
HBSBOUJ[BSQSPZFDUPTRVFTPOBUSBDUJWPT DPNQBSBEPSQ|CMJDPQSJWBEP NFEJBOUF TFEFGJOBOMBTJNQMJDBODJBTGJOBODJFSBT
QBSBFMQBrT QFSPRVFBSSPKBSrBOVOB FMDVBMTFEFCFSgKVTUJGJDBSMBTWFOUBKBT EFnTUF&MQSPCMFNBEFGPOEPFTRVFQBSB
SFOUBCJMJEBEOFHBUJWBQBSBFMJOWFSTJPOJTUB EFMBQBSUJDJQBDJwOQSJWBEBSFTQFDUPEF FMQSPQJP&TUBEPOPFTVOBUBSFBGgDJMEF
QSJWBEPPCJFORVFTFDBSBDUFSJ[BOQPS MBEFMTFDUPSQ|CMJDP-BT"11EFCFODPO UFSNJOBSTJVOQSPZFDUPFTTPDJBMNFOUF
UFOFSSJFTHPTRVFOPQVFEFOTFSBTVNJEPT UBSUBNCJnODPONFUBTEFTFSWJDJPT4F SFOUBCMF&TUPTFQSFUFOEFSFTPMWFSDPOMB
PEJWFSTJ¾DBEPTQPSFMTFDUPSQSJWBEP EF¾OFMPTSPMFTEFMBTFOUJEBEFTQ|CMJDBT DSFBDJwOEFDSJUFSJPTEFFWBMVBDJwOZQSPDF
&TUPTQSPZFDUPTTPODPNVOFTFOJOGSB JOWPMVDSBEBTFOFMQSPDFTP"TJNJTNP TF EJNJFOUPTRVFQVFEFOBIPHBSMBTQSPQVFT
FTUSVDUVSB EPOEF°TJCJFOQVFEFOHFOF FTUBCMFDFVOUPQFEFEFM1#*QBSBFM UBTEFJOWFSTJwO-PTDPODFQUPTQMBOUFBEPT
SBSHSBOWBMPSQBSBMPTVTVBSJPT°TVTQSP DP¾OBODJBNJFOUPEFM&TUBEP-BT"11RVF DPNPWBMPSQPSEJOFSPZDPNQBSBEPSQ|
NPUPSFTOPQPESrBOPCUFOFSMPTJOHSFTPT SFRVJFSBOEFDP¾OBODJBNJFOUPTFHVJSgO CMJDPQSJWBEPOPUJFOFONFUPEPMPHrBTEF
OFDFTBSJPTQBSBDVCSJSMBJOWFSTJwO&KFN DgMDVMPQBSBFTUBCMFDFSDMBSBNFOUFMBTVQF
QMPTUrQJDPTTPOMBTWrBTEFUSBOTQPSUFDVZB KdYWie[n_jeieZ[7FF SJPSJEBEEFVOEFUFSNJOBEPQSPZFDUPPEF
JOWFSTJwOOPTFSFDVQFSBTwMPDPOFMQFBKF ^Wdi_Zebeifheo[Yjei MBQBSUJDJQBDJwOQSJWBEB FOQBSUJDVMBSFO
%FDPCSBSTFVOQSFDJPJHVBMBMDPTUPQSP [dpedWihkhWb[ifeXh[i TFDUPSFTEFJOGSBFTUSVDUVSBEFSFEFTDPNP
NFEJPTFFYDMVJSrBBVOBQBSUFJNQPSUBOUF Z[b<edZeZ[?dl[hi_Œd BHVB EPOEFFYJTUFOQSPZFDUPTNVUVBNFO
EFMPTVTVBSJPTRVFEFCFOTFSBUFOEJEPT Z [dJ[b[Yeckd_YWY_ed[i" UFFYDMVZFOUFT-BTDBQBDJEBEFTUnDOJDBTZ
TFQFSEFSrBOMBTWFOUBKBTEFTVTFDPOPNrBT gk[h[gk_h_[hedZ[ EFHFTUJwOEFMBTOVNFSPTBTFOUJEBEFTQ|
EFFTDBMB"TJNJTNP DVBOEPMPTQSPZFD YeÓdWdY_Wc_[djeZ[b CMJDBTJOWPMVDSBEBTQVFEFODPOWFSUJSTFFO
UPTTFEJSJHFOBMPTQPCSFT MBQSPWJTJwOEF ;ijWZeZkhWdj[bei TFSJPTDVFMMPTEFCPUFMMB
MPTTFSWJDJPTQPSQBSUFEFMTFDUPSQSJWBEP fh_c[heiW‹ei"ogk[bk[]e &TQFSFNPTRVFTFNJUJHVFFMSJFTHPEF
QVFEFTFSDPTUPF¾DJFOUF QFSPTFSFRVJFSF be]hWhedi[hieij[d_Xb[i CVSPDSBUJ[BDJwOBMIBCFSTFFTUBCMFDJEPFM
DMBSBNFOUFEFVOBBTPDJBDJwODPOFM&T TJMFODJPBENJOJTUSBUJWPQPTJUJWP1FSPMB
UBEPQBSBWJBCJMJ[BSMBJOWFSTJwO6ODBTP MPTQSPDFTPTEFMPTQSPZFDUPTEFJOWFSTJwO SFTQVFTUBQBTBQPSVOTJTUFNBEFBQSPCB
FYJUPTPIBOTJEPMPTQSPZFDUPTFO[POBT Q|CMJDBEFM4/*1 DJwOUJQPDVFSQPDPMFHJBEPDPOQSPDFEJ
SVSBMFTQPCSFTEFM'POEPEF*OWFSTJwOFO &MFTUBCMFDJNJFOUPEFVOUPQFZEFVO NJFOUPTTFODJMMPTTPQPSUBEPDPOQFSTPOBM
5FMFDPNVOJDBDJPOFT RVFSFRVJSJFSPOEF QSPDFEJNJFOUPQBSBQSPZFDUPTDP¾OBODJB UnDOJDPFTQFDJBMJ[BEP: BEFNgT QPSFM
DP¾OBODJBNJFOUPEFM&TUBEPEVSBOUFMPT EPTFTTJOEVEBVOBTFvBMQPTJUJWB)BTUB IFDIPEFRVFQBSBEFDJEJSFMDP¾OBODJB
QSJNFSPTBvPT ZRVFMVFHPMPHSBSPOTFS BIPSBMPTQSPZFDUPTDP¾OBODJBEPTOPIBO NJFOUPEFMPTQSPZFDUPTBQSPCBEPTOPTF
TPTUFOJCMFTQPSMBIBCJMJEBEEFMDPODFTJP TJEPDPNVOFT DVBOEPIBOEFCJEPNPT QSFUFOEBQSJPSJ[BSFOUSFTFDUPSFT TJOPTF
OBSJPQBSBWFOEFSTFSWJDJPTDPOFYPT USBSVOBQBSUJDJQBDJwONVDIPNBZPSFO BQMJRVFFMQSJODJQJPEFBUFOEFSMBTJOJDJBUJ
&MHPCJFSOPIBFTUBEPBQPTUBOEPBMB MBT"11"MHVOPTQSPQPOFOUFTJODMVTP WBTQPSPSEFOEFMMFHBEB4FSrBJOUFSFTBOUF
JOWFSTJwODPNPFMFMFNFOUPDMBWFQBSBFM IBOUSBUBEPEFFWJUBSRVFTFDBMJGJRVFO BEPQUBSMBFYQFSJFODJBEFM3FJOP6OJEP 
DSFDJNJFOUPEFOVFTUSBFDPOPNrBZQSF TVTQSPZFDUPTDPNPDP¾OBODJBEPTQPSMB EPOEFVOBPSHBOJ[BDJwORVFQSPNVFWF
UFOEFJNQVMTBSMBT"11 QBSBMPDVBMFTUg JODFSUJEVNCSFRVFFYJTUrBFOFMQSPDFTP "11FTOBEBNFOPTRVF¡VOB"11 Q
BDUVBMJ[BOEPFMNBSDPMFHBM EFBQSPCBDJwO
$VBOEPMBJEFBEFMQSPZFDUPTVSHFEFM F7H7I78;HCÜI0
;dXbWdYeod[]he TFDUPSQSJWBEP TFMFEF¾OFDPNPVOBJOJ H:&&','.$%+$%-EVfjZiZZcigZ\VYd#:meZgidh
XdbZciVcadhYZXgZidhaZ\^haVi^kdhVegdWVYdh
 2VnEJDFFMOVFWPNBSDP -BT"11TPO DJBUJWBQSJWBEB4JOFNCBSHP BMFTUBCMFDFS bZY^VciZaVYZaZ\VX^‹cYZ[VXjaiVYZhedgaV^b"
DMBTJ¾DBEBTFOBVUPTPTUFOJCMFTPDP¾OBO MBOPSNBRVFMBTJOJDJBUJWBTQSJWBEBTOP eaZbZciVX^‹cYZaIA8
H:&&((&%$%-$%-:heZgVcYdgZ\aVbZcid#JcV
DJBEBT-BTBVUPTPTUFOJCMFTFOFTFODJBTPO QPESgOSFRVFSJSEFSFDVSTPTQ|CMJDPT TF de^c^‹chdWgZZagZ\aVbZcidYZaVaZnYZ6EE

(,qH:B6C6:8DCâB>86 '-9:H:I>:B7G:9:A'%%-
F;H<?B<?D7D9?;HE

9WiW=hWdZ[

6cVa^hiV/=J<D<6AA:<DH
'+hZi^ZbWgZ'%%-
B7I9?<H7I:;B7;CFH;I7 OBDJPOBMZQPSMBJNQPSUBDJwO
CZb‹c^XdVXX^dcZhYZXVe^iVa86H6<G8&
-BVUJMJEBEOFUBEFMBB[VDBSFSBDBZw
;CFH;I7 GZXdbZcYVX^‹c  c#Y# BMTFHVOEPUSJNFTUSFEFMBvP ZGVF
$BTB(SBOEF FY&NQSFTB"HSPJOEVTUSJBM EgZX^dJH &#,( EF64NJMMPOFT&TUFSFTVMUBEPTFEFCJw
$BTBHSBOEF
FTVOBTVCTJEJBSJBJOEJSFDUB B{m#$B†c#åai#*'hZbVcVhJH )#+%$&#)- BMBVNFOUPFOMPTDPTUPTEFWFOUBT HBTUPT
KVadgYZbZgXVYdJHb^aadcZh &)+#%+
EFM(SVQP(MPSJB RVFUJFOFDPNPBDUJWJEBE EFWFOUBT PUSPTHBTUPTZHBTUPT¾OBODJF
;adVi c#Y#
FDPOwNJDBQSJODJQBMMBTJFNCSBFJOEVT 7ZiV+%bZhZh &#''
SPT&OFMQSJNFSDBTP FTUPTFKVTUJ¾DwBM
USJBMJ[BDJwOEFDBvBEFB[|DBS"KVOJPEF EgZX^d$KVadgXdciVWaZ &#%). JODSFNFOUPFOMBVOJEBEFTWFOEJEBT QFTF
FTUFBvP MBFNQSFTBUFOrB IFDUgSFBT JE6%+JH %#'() E$J%+ )#-- BRVFFMDPTUPVOJUBSJPTFSFEVKPFO
FO-B-JCFSUBE EFMBTDVBMFT FTUBCBO JE6%,JH %#&%& E$J%, '(#'+ :FOFMDBTPEFMHBTUPEFWFOUBT nTUFTFWJP
JE6%-:JH %#%+* E$J%-: '+#--
EFTUJOBEBTBMDVMUJWPEFDBvBEFB[|DBS BGFDUBEPQPSMPTNBZPSFTDPTUPTEF¿FUFT 
:b^i^YVedg8ZcijgVH67#
JE6/Ji^a^YVYedgVXX^‹cqE$J/EgZX^d$Ji^a^YVY DBSHBZBMNBDFOBKF
EF;H79?ED;I 87B7D9;=;D;H7B
$FSDBEFMEFMPTJOHSFTPTEF$BTB JHb^aadcZh 9>8%+ 9>8%, ?JC%- F;HIF;9J?L7I
(SBOEFQSPWJFOFEFMBDPNFSDJBMJ[BDJwOEFM 6Xi^kdh )).#%. (--#+. )&'#(' $BTB(SBOEFFTUgEFTBSSPMMBOEPVOQSPHSB
B[|DBSSVCJB FOUBOUPRVFTVTEFSJWBEPT EVh^kdh (',#-+ '+&#.) ','#-* NBEFJOWFSTJPOFTQPS64NJMMPOFTIBT
EVig^bdc^dcZid &'&#'' &'+#,* &(.#), UBFM PSJFOUBEPBFMFWBSMBF¾DJFODJB
BMDPIPM NFMB[BZCBHB[P
FYQMJDBOMBEJGF
SFODJB"Tr MBFNQSFTBQSPEVKPNJMMPOFT ;IJ7:E:;H;IKBJ7:EI FOFMDBNQP JOHFOJPZQSPDFTPEFHFTUJwO
EFCPMTBTEFB[|DBSSVCJBZNJMMPOFT >c\gZhdhWgjidh +%#,. ,&#(* ()#.) %FFTUFNPOUP FMJSgBNFKPSBSMBGg
GZhjaiVYddeZgVi^kd &'#++ '&#)+ *#,* CSJDBNFEJBOUFMBSFOPWBDJwOPBNQMJBDJwO
EFMJUSPTEFBMDPIPMBMDJFSSFEFMTFHVOEP
GZhjaiVYdcZid &.#,( -#** &#(+
USJNFTUSFEFM FTUPFT Z EFMBDBQBDJEBEJOTUBMBEBQBSBNFKPSBSMB
NgTRVFFOTJNJMBSQFSrPEPEFM ?D:?97:EH;I<?D7D9?;HEI SFDVQFSBDJwOZMBDBMJEBEEFMB[|DBS BTr
$BCFJOEJDBSRVF$BTB(SBOEFFYQPSUB GZhjaiVYdcZid$>c\gZhdh %#(' %#&' %#%) DPNPJODSFNFOUBSMBQSPEVDDJwOEFBM
>c\gZhdh$6Xi^kdh %#&) %#&- %#() DPIPM&OFMQSJNFSTFNFTUSFEFMBvP MB
UBOUPB[|DBSSVCJBDPNPBMDPIPM"MQSJ
6Xi^kdh$EVig^bdc^d (#,% (#%, '#.+
NFSTFNFTUSFEFMBvP TVTFYQPSUBDJPOFTSF ¾SNBJOWJSUJw64NJMMPOFTQBSBUBMFT
QSFTFOUBSPOFMEFTVTWFOUBT MPDVBM ;@;9KJ?LEIFH?D9?F7B;I ¾OFT$FSDBEF64NJMMPOFTEFFTUBDJ
EgZh^YZciZYZaY^gZXidg^d/@eh][HeZh‡]k[pH$ GSBTFEFTUJOBSPOQBSBBEFDVBS QSFQBSBSZ
TVQFSBMBQBSUJDJQBDJwOEFSFHJTUSBEP
K^XZegZh^YZciZ/L_jeHeZh‡]k[pH$
FOFMQSJNFSTFNFTUSFEFM TFNCSBS IFDUgSFBTEFDBvBEFB[|
<ZgZciZ\ZcZgVa/@e^d9Whjo9^$
"EJGFSFODJBEFMZEFM FOFM <ZgZciZYZVYb#nÒcVcoVh/FWXbe8[hZ[`e:$
DBS"EFNgT MBFNQSFTBUFOESrBJOUFSnT
OPIVCPFYQPSUBDJPOFT
&&66EFKw FO IFDUgSFBTRVFTVCBTUBSgFOMPT
EFTFSTVQSJODJQBMNFSDBEPQVFTOPFY QSwYJNPTNFTFTFM1SPZFDUP&TQFDJBM$IB
FH?D9?F7B;I799?ED?IJ7I
QPSUwOBEBIBDJBFTBQMB[BFOMPTTJFUFQSJ WJNPDIJD 4&

Xdcb{hYZa&%YZeVgi^X^eVX^‹c
NFSPTNFTFTEFM FOUBOUPRVF)BJUr 8dgedgVX^‹c6ojXVgZgVYZaEZg EZg +-$&/ &ODVBOUPBMBMDPIPM MBDPNQBvrBDPOT
GVFFMQSJODJQBMEFTUJOPFOEJDIPQFSrPEP  ;jZciZ/8dcVhZk USVJSgVOBOVFWBEFTUJMFSrBRVFFMFWBSgTV
TFHVJEPQPSMPT1BrTFT#BKPT EJHEI?D:?97:EH;I<?D7D9?;HEI QSPEVDDJwOEFMPTBDUVBMFT MJUSPT
8^[gVhZc BOVBMFTB MJUSPTFOFM&OFTUF
H;IKBJ7:EI 8G:8>B>:CID B6G<:C 86E:M$ QSPZFDUPTFJOWFSUJSgO64NJMMPOFT
 9:K:CI6H :7>I96 9:EG:8>68>âC
-BTWFOUBTEF$BTB(SBOEFBVNFOUBSPO "TJNJTNP MB¾SNBJOJDJBSgMBDPOTUSVD
 :begZhV HZXidg :begZhV HZXidg :begZhV HZXidg
BMTFHVOEPUSJNFTUSFEFM BMDBO DJwOEFVOOVFWPDBMEFSPRVFGPSNBSgQBSUF
'%%+ )'$- '/$. (,$, (-$/ ''/$/ ''/$/
[BOEP64NJMMPOFT&TUFSFTVMUBEPTF '%%, '&$. #',$) )+$' (/$+ -)$' +-$' EFVOBDFOUSBMUFSNPFMnDUSJDBEF.8RVF
MPHSwEFCJEPBMJODSFNFOUPFOEF '%%-"_jc#)$-#(($( (.$, (.$, (--$( ''($. FOUSBSgFOPQFSBDJwOFONBS[PEFM
MBTVOJEBEFTWFOEJEBT RVFDPOUSBSSFTUwMB ;jZciZ/:Xdcdb{i^XV 1PSPUSPMBEP $BTB(SBOEFJOJDJwFO
DBrEBFOFMQSFDJPEFQSPEVDUPEF :hiZ^c[dgbZi^ZcZjcVÒcVa^YVYejgVbZciZ BHPTUPQBTBEPFOTBZPTFOBVUPNwWJMFT
eZg^dY†hi^XVncdYZWZhZgji^a^oVYdXdbdWVhZeVgV
MBNBZPSPGFSUBEFB[|DBSFOFMNFSDBEP [dgbjaVgZhigViZ\^VhYZ^ckZgh^‹c# RVFVTBOFUBOPM„

ANÁLISIS PROFESIONAL de empresas listadas en Bolsa en Latinoamérica.


Análisis fundamental y técnico, Optimización de carteras, Valorizaciones, etc.

(.qH:B6C6:8DCâB>86 '-9:H:I>:B7G:9:A'%%-
;CFH;I7I7B:ß7

;DID/:9J6G9D6B6INA:âC
;B;L;DJE0 "10:0$POTVMUPSrBTVTDSJCJwVO ;B;L;DJE0&M3FTUBVSBOU
BDVFSEPEFOFHPDJPTDPO&DPOTVMUEF$IJMF BEI 4VNBR EFM)PUFM$SPXOF
<EJE=H7<?7:EI0+PTn3BNwO7BMFOUF EF&DPOTVMU 1MB[B -JNB  QSFTFOUw TV
(JBOGSBODP$BTUBHOPMBEF"10:0$POTVMUPSrBZ"M 'FTUJWBMEF1BFMMBTBEI<E#
GPOTP4BMBT UBNCJnOEFMB¾SNBDIJMFOB&-%"50 JE=H7<?7:EI0&MDIFG+PSHF
.FEJBOUFEJDIPDPOWFOJPBNCBTFNQSFTBTDPNQBS $IBWBSSFZ$BSMPT.PMFSP 
UJSgOTVTDPOPDJNJFOUPT KFGFEFBMJNFOUPTZCFCJEBT
;DID/9>;JH>âC
EFM$SPXOF1MB[B;B:7JE0
&OFMGFTUJWBMTFPGSFDFODVB
USPUJQPTEFQBFMMBTZTFSFB
MJ[BSgUPEPTMPTKVFWFT

;DID/9>;JH>âC
;B ;L;DJE0  $MBVTVSB EF
1FS|(JGU4IPX BEI<EJE#
=H7<?7:EI0&MBMDBMEFEF
#BSSBODP 'FMJQF.F[BSJOB
FMTFDSFUBSJPHFOFSBMBEKVOUP
EFMB0SHBOJ[BDJwO.VOEJBM
EFM5VSJTNP 5BMFC3JGBJZMB
NJOJTUSBEF$PNFSDJP&YUF
SJPSZ5VSJTNP .FSDFEFT
"SgP[ KVOUPBMPTEBO[BOUFT
EFMBGFSJB

;DID/?6K>:GODA:OO> ;DID/9>;JH>âC
;B;L;DJE0-BDFSFNPOJBEFJOBVHVSBDJwOEFMB
OVFWBP¾DJOBEFMB$BKB.VOJDJQBMEF"SFRVJQB 
FO4BO*TJESP BEI<EJE=H7<?7:EI0&MQSJNFS
NJOJTUSP +PSHFEFM$BTUJMMP$BSMPT1BSFEFT QSF
TJEFOUFEFMEJSFDUPSJPEFMBDBKBZFMBMDBMEFEF
4BO*TJESP "OUPOJP.FJFS
;DID/?6K>:GODA:OO>

;B;L;DJE0&MDwDUFMEFM&TUV
EJP(BSDrB4BZgO RVFDVNQMJw
BvPT BEI<EJE=H7<?7#
:EI0+PTn.JHVFM.PSBMFTZFM
QSFTJEFOUFEFMEJSFDUPSJPEF
;B;L;DJE0-JNB#BS4IPX;B<EJE# 7PMDBO$PNQBvrB.JOFSB 3P
=H7<?7:E0+BNFT1BJU CBSNBOEF&&66 CFSUP-FUUT$PMNFOBSFT

)&qH:B6C6:8DCâB>86 '-9:H:I>:B7G:9:A'%%-
7=;D:7;@;9KJ?L7

?DJ;HD7J?ED7B <?D7D9; ?DJ;HD7J?ED7BJ7NH;L?;M 


9EHFEH7J?ED  *'$
PCUVWP SFWJTUBRVFBOVBMNFOUFQSFNJB
FMEFMBDDJPOBSJBEPEF BMBT¾SNBTMrEFSFTFONBUFSJB FbWY[h[ii[cWdWb[i
MBDPNQBvrBEFTFHVSPT1SP USJCVUBSJBBOJWFMNVOEJBM EJP
UFDUB QFSUFOFDJFOUFBM(SVQP BDPOPDFSMBTOPNJOBDJPOFTB 9Za'-YZhZi^ZbWgZVa)YZdXijWgZ
"$1"|OFTUgQFOEJFOUFRVFMB USFTDBUFHPSrBTFOFM1FS|cT
4#4BQSVFCFFMJOHSFTPEF*'$ UBTTPO


EDG>K6C6;>:HI6H


BMBDDJPOBSJBEPEF1SPUFDUB …-B'JSNBEFM"vPFO*NQVFT
UPT%FMPJUUF 1SJDFXBUFSIPVTF 5SBTErBZNFEJPEFEFTDBOTBSMVFHPEFMBHSBOJOBVHVSBDJwO
AKDJKHJH7DIFEHJ7:EH7 $PPQFST .JSBOEB"NBEP EFMDBTJOP'JFTUBFMWJFSOFTQBTBEP IPZEPNJOHPEFUPEBT
:;=7I SFDJCJwMBDPODFTJwO "CPHBEPT 3PESJHP &MrBT.F NBOFSBTJSnBMBGFSJBHBTUSPOwNJDB1FS| .VDIPHVTUP4J
EFUSBOTQPSUFEFHBTOBUVSBM ESBOP U|UBNCJnORVJFSFTJS UFTVHJFSPBTJTUJSPUFNQSBOPPTJO
QPSEVDUPTQBSBMB[POBTVS …-B'JSNBEFM"vPFO1SFDJPTEF DBSSPQPSRVFFMUSg¾DPQBSBMMFHBSFMWJFSOFTZFMTgCBEPGVF
EFMQBrTRVFTFFYUFOEFSgEFT 5SBOTGFSFODJB%FMPJUUF &SOTU VOBQFTBEJMMB
EF-BT.BMWJOBTIBTUB*MP DPO :PVOH ,1.( 1SJDFXBUFS &MMVOFT MVFHPEFVOBNBvBOBEFBSEVPFKFSDJDJPQBSB
EFSJWBDJPOFTQBSBMPTTJTUFNBT IPVTF$PPQFST OPFOHPSEBSDPOUPEPMPRVFDPNFSnIPZ QMBOFPEBSNFVOB
EFUSBOTQPSUFPEJTUSJCVDJwO …-B'JSNBEFM"vPFO-JUJHJPT DPSUBWVFMUBQPSMBQSFNJBDJwOEFM$PODVSTP/BDJPOBMBMB
EFHBT&MEVDUPUFOESgVOB 5SJCVUBSJPT&TUVEJP&DIFDPQBS  $BMJEBE QBSBGFMJDJUBSBMHBOBEPSFM#$1-BDFSFNPOJBTFSg
FYUFOTJwOEF LNZFYJHJ )FSOgOEF[$rB .JSBOEB BMBTQNFOMB#JCMJPUFDB/BDJPOBM%FTQVnTNFEJSJHJSn
SgVOBJOWFSTJwOEF64  "NBEP "CPHBEPT  3PESJHP IBDJB#BSSBODP BMDwDUFMEF.1FS| QPSFMMBO[BNJFOUP
NJMMPOFT &MrBTZ.FESBOP EFTVOVFWBMrOFB.%FDP%FTJHO RVFTFSgFOMBTBMBEF
FYQPTJDJPOFTEF$BTB$PS
DEHJ;IKHDPOGJSNwTVJO 7KJE<ED:EBCSJSgVOBOVF &MNBSUFTFNQJF[BMB+PSOBEB$VMUVSBMEF$IJOB PSHB
UFSnT EF JODVSTJPOBS FO FM WB¾MJBMFO4BO+VBOEF.JSB¿P
OJ[BEBQPSMB1POUJ¾DJB6OJWFSTJEBE$BUwMJDBEFM1FS|ZMB
TJTUFNBGJOBODJFSPQFSVBOP  SFTEFCJEPBMBEFNBOEBEF$IF
&NCBKBEBEF$IJOB%VEPRVFWBZBBMBJOBVHVSBDJwO QFSPTr
UBMDPNPTFBOVODJBSBQSF WZ5BYJTEFMQSPHSBNB.J5BYJ
RVJFSPWFSMBTQFMrDVMBTEFMPTEJSFDUPSFTEFFTBOBDJPOBMJEBE 
WJBNFOUF 4& 
&M -BFNQSFTBIBBERVJSJEPVOB
RVFFTUSFOBSgOEFTEFFMNBSUFTIBTUBFMKVFWFT TJRVJFSFTWFS
HSVQPCVTDBBQPZBSBJOTUJUV ¿PUBNgTHSBOEFQBSBTBUJTGBDFS
BMHPFOMBQBOUBMMBHSBOEFUFSFDPNJFOEPWFS.Z#MVFCFSSZ
DJPOFTGJOBODJFSBTFNFSHFO BTVTDMJFOUFT RVJFOFTQVFEFO
/JHIUT EFMIPOLPOnT8POH,BSXBJ

UFTZTVPCKFUJWPFTEFTBSSPMMBS TFQBSBSFMBVUPDPO64
TFSWJDJPTOPCBODBSJPTZPUSBT &MNJnSDPMFTOPNFWPZBQFSEFSQPSOBEB7JWB.nYJDP 
QSFTUBDJPOFT L;DC7HAMMFHwBMNFSDBEP EwOEFQPESnWFSMPNFKPSEFMBDVMUVSB FMBSUF MBNPEBZMB
OBDJPOBMDPOUSBUBEBQPS*O HBTUSPOPNrBEFFTFQBrT4FSgBMBTQNFOFMgSFBBSRVF
J797QSFTFOUwTVOVFWBJNB EVTUSJBT7FODFEPSQBSBEFTB PMwHJDBEFMB)VBDB1VDMMBOB
HFORVFJNQMJDBVODBNCJP SSPMMBSVOQSPHSBNBEFSFQP #VFOP ZFMKVFWFTUFDPO¾FTPRVFTFSgVOHSBOErBQBSBNr
EFDPMPSFT MPHPUJQPTZPUSPT TJDJPOBNJFOUPBOJWFMMPDBM  5FDVFOUPVOTFDSFUP 4JFNQSFNFIFNVFSUPEFHBOBTEF
FMFNFOUPT-PTBWJPOFT"JSCVT &MUSBCBKPRVFFTUgSFBMJ[BO DPOPDFSBMBHVS|EFMTFYP "MFTTBOESB3BNQPMMB ZFMKVFWFT
DPOMPTRVFDVFOUBMBFNQSFTB EPMBDPOTVMUPSBTFJOJDJwDPO QPS¾OQPESnIBDFSMP&TUPHSBDJBTBRVF%VSFYIBEFDJEJEP
TFSgOSFNPEFMBEPTQSPHSFTJWB FMEJTFvPEFMBNBSDB3FE$P JOWJUBSMBQBSBFMDwDUFMRVFPSHBOJ[BSgFTFErBQBSBDFMF
NFOUF BMJHVBMRVFMPTVOJGPS MPS:BTPOMPTQVOUPTEF CSBSFMMBO[BNJFOUPEFTVOVFWBMrOFBEFQSPEVDUPT%VSFY
NFTEFMQFSTPOBM BDBSHPEFMB WFOUB3FE$PMPSFOGVODJP 1MBZ FOFM.VTFP-BSDP¡&TQFSPRVFNFEnCVFOPTUJQT &SFT
EJTFvBEPSBDPMPNCJBOB*TBCFM OBNJFOUP ZnTUBUJFOFDPNP BNBOUFEFMBDVMUVSBZRVJFSFTWFSNgTBMMgEFMBDPMFDDJwO
)FOBP
ZTFBvBEJSgOBMB¿PUB PCKFUJWPBMDBO[BSMPTQBSB EF&OSJDP1PMJ 5FTVHJFSPJSBMFWFOUPZBRVFIBCSgVOBHSBO
OVFWPTBWJPOFT&NCSBFS ¾OBMFTEFM FYQPTJDJwOEFIVBDPTFSwUJDPT
&MKVFWFT$JUJCBOLUBNCJnOJOBVHVSBSgTVOVFWBBHFODJB
9;C;DJEIFEHJB7D:"9;C;D# IJ7H8K9AI9E<<;; FTUVWP FO-JNB$BSHP$JUZ BMBTQN:POPQPESnFTUBSQFSPUF
JEIEJEHED=EO9;C;DJEI QSFTFOUFFOMBGFSJB²1FS|  SFDPNJFOEPQBTBSQPSBIr ZBRVFQSPCBCMFNFOUFTFSgVOB
?DJ;HE9;ÜD?9EIFTUBSrBOJO .VDIPHVTUP³EPOEFJOTUB CVFOBDJUBQBSBIBDFSOFUXPSLJOH ZQVFEFTQSFHVOUBSQPSMB
UFSFTBEPTFOJOWFSUJS64  MwVOBDBGFUFSrBQBSBRVFMPT
DSJTJT¾OBODJFSBFTUBEPVOJEFOTF

NJMMPOFTIBTUBFMQBSBBN BTJTUFOUFTQVEJFSFODBUBSMPT
'JOBMNFOUF FMWJFSOFTJSnBMIPNFOBKFEFMHSBOEFEF
QMJBSTVDBQBDJEBEJOTUBMBEB  EPTDBGnTRVFQSPEVDFODPO
MPTCPMFSPT +BWJFS4PMrTcTUFTFSgBMBTQNFOFM5FBUSP
TFH|OJOGPSNwVOFTUVEJPEFM HSBOPQFSVBOP4VNBUSB1FS|
.VOJDJQBMEFM$BMMBP
#$3$POMBTUSFTOVFWBTFN Z$BGn1FS|4UBSCVDLT&MEJTF
QSFTBTFOUSBOUFT MBDBQBDJEBE vPEFMFTQBDJPCVTDwNPTUSBS
JOTUBMBEBTFFMFWBSgFOBM MBSJRVF[BOBUVSBMEFMBTQSJO
F7H7I78;HCÜI0
QBTBSEF B NJMMP DJQBMFT[POBTEFDVMUJWPEFDBGn :kZcidYZ9jgZm/,&&",%%%
OFTEF5. QFSVBOP Q ?dgcVYVYZ8jaijgV8]^cV/+'+"'%%%VcZmd))%*

'-9:H:I>:B7G:9:A'%%- H:B6C6:8DCâB>86q)'
;DJH;F7HxDJ;I?I

1FRVFvPOPTJFNQSFFTQFPS
AdhVjidhXdbeVXidhhdcaVcjZkViZcYZcX^VbjcY^VaZcZabZgXVYdVjidbdidg
EDG69G>6C6GD86NGD9G><DH6A6O6G

 1BTBSgOBMPMWJEPBMH|OErBMPT UFEF²IFSNBOPTNFOPSFT³DPOWFOUBKBT
NVTDMFDBSTFTUBEPVOJEFOTFTDPNP SFEVDJEBT
FM'PSE.VTUBOHPFM$IFWSPMFU ²-PTDPNQBDUPTTPOBIPSBBVUPT
$PSWFUUF 1SPCBCMFNFOUF NPEFSOPT BUSFWJEPT SFOPWBEPT
OP QFSPMPTBVUPTQPUFO ZEFQPSUJWPT RVFPGSFDFO 
UFTZMPTTQPSUVUJMJUZWF FOBMHVOPTDBTPT 
IJDMF 467
SFQSFTFO NgTFMFNFOUPTEF
UBEPTQPSNPEFMPT MVKPRVFMPTBVUPT
DPNPMPTBOUFSJP NgTHSBOEFT³ TF
SFT JSgODBZFOEP vBMB;BQGG EF7PM
QBVMBUJOBNFOUF WP RVFUJFOFFMNP
FOEFTVTP EFCJ EFMPNJOJ$1PS
EPBTVFMFWBEP FKFNQMP TFQVFEF
D P O T V N P  E F EJTGSVUBSEFDBMFGBD
DPNCVTUJCMF FO DJwOFOMPTBTJFOUPT 
VODPOUFYUPFOFM TJTUFNBCMVFUPPUIZ
DVBMMPTQSFDJPT FOUSFUFOJNJFOUPB
EFMDBSCVSBOUF CPSEPFOFTUPTBVUPT
BVNFOUBO
 Z -PTCFOFGJDJPTUBN
BTVTUBNBvPT CJnOTFBQSFDJBOFO
EFTQSPQPSDJPOB FMNBOFKP QVFT²MB
EPTQBSBDJVEBEFT DPOEVDDJwOFTNgT
DBEBWF[NgTDPQB gHJMZFMFTUBDJPOBNJFOUP
EBT"Tr TFJSgDFEJFO NgTTFODJMMP³ BvBEF;BQGG
EPFMMVHBSBBVUPTDPNQBD (.ZBUJFOFUPEPVOQMBOQBSB
UPTEFNFOPSUBNBvPZEFNFOPS JODPSQPSBSFMFNFOUPTIJQFSMVKPTPT
DPOTVNPEFDPNCVTUJCMF FOTVTNJOJT
&OUSFMPTOVFWPTBEFQUPTBMBQSP .PEFMPTIBZQBSBUPEPTMPTHVTUPT
EVDDJwOEFFTUFUJQPEFBVUPTFTUgO(FOF cTUPTWBOEFTEFMPTQFRVFvPTDPNPFM
SBM.PUPST (.
'PSEZ.FSDFEFT#FO[ QBDUPTEFIFDIP QSVFCBEFFMMPFTRVF 4NBSU VOPEFMPTBVUPTNgTEJNJOV
3FDJFOUFNFOUF(.SFQPSUwQnSEJEBT MPTDPNQBDUPTZTFEBOFTQFRVFvPTZBTPO UPTDPNFSDJBMJ[BEPTFO&VSPQB
ZFM5PZP
QPS64 NJMMPOFTFOMPT|MUJNPT MPTBVUPTNgTWFOEJEPT³ BTFHVSB3BGBFM UBJ2 IBTUBDPNQBDUPTEFNBZPSUBNB
DVBUSPUSJNFTUSFT Z'PSEJOGPSNwRVF $IBOH EJSFDUPSFKFDVUJWPEF5PZPUBEFM vPDPNPFM#.84FSJFZFM7PMWP$
IBQFSEJEPNgTEF64 NJMMPOFT 1FS|%JFUSJDI;BQGG HFSFOUFEFNBSDBEF "TJNJTNP IBDFBMHVOPTNFTFTMBNBSDB
FOMPTEPT|MUJNPTBvPT1PSFMMP FMQSF 7PMWP DPJODJEF²&MQSFDJPEFMQFUSwMFP JOEJB5BUBQSFTFOUwFMBVUPNgTCBSBUP
TJEFOUFEF(.BOVODJwRVFFMTFHNFOUP TJOEVEBWBBJOGMVJSFOMBEFDJTJwOEF EFMNVOEP FM/BOP DVZPDPTUPTFSgEF
467IBCrBNVFSUPZRVFFMDBNCJPIBDJB DPNQSB ZZBMPWFNPTDPOFMDSFDJNJFOUP 64 
BVUPTDPNQBDUPTTFSgQFSNBOFOUF/PFT EFMTFHNFOUPEFDPNQBDUPTFOFM1FS|³&M "Tr IBCSgUPEBVOBHBNBEFDPN
DBTVBMJEBERVF(.WBZBBEFTUJOBSDVBUSP DBNCJPTVTUBODJBM TJOFNCBSHP DPOTJTUF QBDUTQBSBFMFHJS EFTEFFM/BOPIBTUB
EFTVTQMBOUBTEF467ZQJDLVQBQSPEVDJS FORVFFOTwMPVOQBSEFBvPTUFOFSVO DVBUSPUJQPTEFNJOJBVUPTRVFFTUgMBO
BVUPTDPNQBDUPT ZRVF'PSEFTUJNFRVF DPNQBDUTFSgTrNCPMPEFFTUBUVTZTP¾TUJ [BOEP.FSDFEFT#FO[FOFM0KBMg
MBTWFOUBTEFnTUPTBVNFOUBSgOEFNJ DBDJwO NJFOUSBTRVFBIPSBOPMPFT UBOUBWBSJFEBEMMFHVFUBNCJnOQSPOUP
MMPOFTBOVBMFTNVOEJBMNFOUFFOFM &TUPTQFRVFvPT BTJNJTNP UJFOFO BM1FS| Q
BNJMMPOFTFOFM NgTWFOUBKBTEFMBTRVFVOPQPESrBJNB
HJOBSTF1FTFBRVFPGSFDFONFOPSFT
F[j_jfWhWc‡ QBDJPZTPONFOPTJNQPOFOUFTRVFMPT
F7H7I78;HCÜI0
"RVrFTUPTDBNCJPTZBTFFTUgOEFKBOEP HSBOEFTWFIrDVMPT MBUFDOPMPHrBIBIF lll#Vjidbdi^kZ#Xdb$cZl"XVgh
WFS²&M1FS|ZMPTEFNgTQBrTFTFNFSHFO DIPRVFTFDPOWJFSUBOFOVOTFHNFOUP EgZX^dWVhZYZaHbVgi/ JH&&!*.% h‹ad Zc
:jgdeV
UFTWFSgOVOJODSFNFOUPEFBVUPTDPN BUSBDUJWPFOTrNJTNPZOPFOVOBTVFS EgZX^dWVhZYZaKdakd8(%/JH'.!.%%

)(qH:B6C6:8DCâB>86 '-9:H:I>:B7G:9:A'%%-
;DJH;J;D?C?;DJE
;DJH;CxI
7@e^Wdd[iXkh]e
oWBedZh[i :ahjhXg^eidg/
9ƒiWh<Wh\|d
 :BRVJFSFSFTFSWBSTVTFOUSBEBTQBSBMPT
7hW]Œd
GVUVSPTNgYJNPTFWFOUPTEFMEFQPSUF MBT
<ZgZciZ\ZcZgVa
0MJNQJBEBTFO-POESFTZFM.VOEJBMEF
YZ7VhXEZg
'|UCPMFO4VEgGSJDB
4JRVJFSFJSB4VEg
GSJDBFOFM EFCFTBCFSRVFUPEBWrBOP
IBTJEPBOVODJBEBMBGFDIBEFJOJDJPEFMBT ;bh[bWn[d
WFOUBTBMQ|CMJDP4JOFNCBSHP MPTQSFDJPT
EFQFOEFSgOEFMBVCJDBDJwOZFMHSBEPEF
DJBMPTQSFDJPTEFMBTFOUSBEBTQBSB#FJKJOH
 RVFDPTUBSPOFOUSF64Z64 
c_d_WjkhW
DPNPEJEBE MPDVBMEFUFSNJOBSgTJTVTFO Z64QBSBMBDMBVTVSB 6OBEFMBTDPTBTRVFTJFNQSFRVJTF
USBEBTDVFTUBOFOUSF64Z64  .VZUFNQSBOPQBSBQFOTBSFOFTUP  IBDFSFONJUJFNQPMJCSFFSBDPMFDDJP
1PSQSJNFSBWF[FOFTUF.VOEJBMTFJO 4FHVSBNFOUFVTUFEOPDPNQBSUFMBEFTJMV OBSTPMEBEJUPTEFQMPNP/PPCTUBOUF 
UFHSBSgMBEJTUSJCVDJwOEFFOUSBEBTDPO TJwOEFRVJFOFTTFRVFEBSPOTJOFOUSBEBT SFDJnOIBDFBMHVOPTBvPTQVEFIBDFS
FMBMRVJMFSEFDVBSUPTFOIPUFMFTZIPTQF QBSBWFSJOTJUVMBNBHOr¾DBDMBVTVSBEF SFBMJEBEFTUBJORVJFUVE DVZPPSJHFO
EBKFT BUSBWnTEFMBFNQSFTB.BUDI&T #FJKJOH.FKPSNBOUFOFSTFBMFSUBZ PCFEFDF°DSFP°BNJDVSJPTJEBEQPS
EFDJS QPESgSFTFSWBSTVTCPMFUPTZTVBMP DPO¾BSFORVF-POESFTMFQFSNJUJSgWFSFO WFSMBFWPMVDJwOEFMBNJMJDJBBUSBWnT
KBNJFOUPEFTEFVONJTNPMVHBSFOMBXFC WJWPZFOEJSFDUPBVOOVFWPGVFSBEFTFSJF EFFTUPTQFSTPOBKFT5BMWF[PUSBEFMBT
TJONBZPSFTDPNQMJDBDJPOFT RVFBMDBODFPTVQFSFMBTPDIPQSFTFBTEP SB[POFTQPSMBTDVBMFTNFGBTDJOBFTUF
&OFMDBTPEFMPTNJMMPOFTEFFOUSB SBEBTFOVOBNJTNBKVTUBPMrNQJDB UFNBFTQPSRVFTJFNQSFBCSJHVnMBJMV
EBTRVFTFQJFOTBPGSFDFSQBSBMBT0MJN TJwOEFJOUFHSBSVODVFSQPBSNBEP 
]iie/$$Zh#Ò[V#Xdb$ldgaYXje$dg\Vc^hVi^dc$i^X`Z"
QJBEBTEF-POESFT TFTBCFRVFJODMVJSgO i^c\$^cYZm#]iba
DPTBRVFOVODBQBTw
USBOTQPSUFQ|CMJDPHSBUJTFMErBEFMFWFOUP ]iie/$$lll#adcYdc'%&'#Xdb$eaVch$i^X`Zi^c\$ &TUBB¾DJwONFSFMBKBTPCSFNBOFSB 
BQSFTFODJBS ZRVFVTBSgODPNPSFGFSFO ^cYZm#e]e QPSRVFNFEFMFJUPDPOUFNQMBOEPNJT
TPMEBEPTZBMVDJOPFTUBSFOMBGPSNB
DJwO"OBMJ[PDwNPQPEFSPSEFOBSMPT
=7IJHEDECß7 CE:7 ZBSNBSTJUVBDJPOFTFTUSBUnHJDBT DPTB
RVFNFIBBZVEBEPNVDIBTWFDFTB
SFTPMWFSQSPCMFNBTEFUSBCBKPQPSRVF 
KdXWhZ[ F[YWZeid[Y[iWh_ei BNJQBSFDFS FTUFIPCCZFTUgSFMBDJP
µfeijh[i5 *OZnDUBMFBUVBSNBSJPEFQSJNBWFSBVO OBEPUBNCJnODPOMBCPSFTWJODVMBEBT
QPDPEFEPMDFWJUB QFSEwO DPODJFOUFWJUB  EFBMHVOBGPSNBDPOMPTDPOUSPMFTZFM
%FUSgTEFVOBCBSSB DPO1VSP$PSB[wO&TUBNBSDB EFMBDP PSEFO$POUFNQMBSBMBHVBSEJBSFBMJO
MBSHB DPOMVDFTNPEFSOBT MPNCJBOB$BSPMJOB3FTUSFQP MMFOBEF HMFTBFONJOJBUVSBFTQBSUJDVMBSNFOUF
ZVOBEFDPSBDJwOFYRVJTJ DPMPSFTZNBUJDFT VTBDPNPJOTQJSBDJwO MPRVFNgTNFTVTDJUBFTBQBTJwOQPS
UB FTUgVOCBSNBODPOMBT MBEJWFSTJEBEDVMUVSBMQFSVBOBQBSBDSFBS FMPSEFOZFMSFTQFUP WJSUVEFTRVFRVJ
NBOPTPDVQBEBT1FSPOP QJF[BTZBDDFTPSJPT|OJDPT7BSJBTDBSUFSBT TJFSBQSJNFOFOFMQBrT"TJNJTNP WFS
FTUgIBDJFOEPNBMBCBSFT TPOIFDIBTDPOQBSUFTEFMBTQPMMFSBTUrQJ FONJOJBUVSBB(FPSHF8BTIJOHUPOP
DPOEJTUJOUPTUSBHPT&TUgQSFQBSBOEPMPT DBTEFMBTNVKFSFTEFMPT"OEFT /BQPMFwO#POBQBSUFNFIBDFSFUSPDF
NgTEFMJDJPTPTQPTUSFTEF/VFWB:PSL FO &MMFJUNPUJWEFMBNBSDB FTFMBNPS  EFSFOFMUJFNQP
MPRVFTFIBDPOWFSUJEPFOMB|MUJNBNPEB QFSPUBNCJnOMBTHBOBTEFBZVEBS1PSFMMP  &OMBTPDBTJPOFTFORVFWJBKPBMFY
EFFTBDJVEBE FMCBSEFQPTUSFT-VYFF4F 3FTUSFQPDSFwFMQSPZFDUPTPDJBM²$PNQBSUF UFSJPSTJFNQSFUSBUPEFCVTDBSVOIPCCZ
H|O5IF/FX:PSL5JNFT FMCBSPGSFDFUPEPMP DPSB[wO³ BUSBWnTEFMDVBMFNQMFBBNVKF DFOUFSEwOEFFODPOUSBSNgTTPMEBEPT
JNBHJOBCMFFOEFMJDJBTEVMDFT-BJEFBEFM SFTBGFDUBEBTQPSMBWJPMFODJBFO"ZBDVDIP %FNPEPFTQFDJBMNF¾KPNVDIPFOMB
CBSOBDJwFO-µ&DPMF7BOUBO VOBFTDVFMB QBSBBZVEBSBHFOFSBSFNQMFP$PONPEB DBMJEBEEFTVTBDBCBEPT&OFM1FS|MPT
DVMJOBSJBZEFNPEBEF5PLJP EPOEFFTUF BTr EBHVTUPDPNQSBS FODVFOUSPFOWBSJPTBOUJDVBSJPT QFSP
UJQPEFJOJDJBUJWBTTPOQPQVMBSFT 4FSgRVF BEFNgTOFDFTJUPEFVOBCVFOBSFEEF
FOFM1FS|BMHVJFODPNP4BOESB1MFWJTBOJP DPOUBDUPTQBSBDPOTFHVJSMPTNFKPSFT
.BSJTB(VJVMGPQPESrBBWFOUVSBSTFBFOUSBS 6aVkZciV/ 1PSFKFNQMP 'SBODJTDP5VEFMBFTVO
')&"',-)
FOUBMOFHPDJP  HSBODPMFDDJPOJTUB5BNCJnOFODVFOUSP
lll#b^ej
gdXdgVodc# CVFOBTQJF[BTQPS*OUFSOFU
lll#ajmZZcnX#Xdb Xdb

'-9:H:I>:B7G:9:A'%%- H:B6C6:8DCâB>86q))
C7D7=;C;DJ

9edi[`eijhWi[bj[hh[cejeZ[MWbbIjh[[j
¡/P OP OP4JVTUFEFTVOFNQMFBEP VOBNCJFOUFDPOFTDBTBTPQPSUVOJEBEFT
EF.FSSJMM PTJVTUFEFTFNQMFBEPEF EJTQPOJCMFT6TUFEOFDFTJUBBQFMBSBTVBV
DVBMRVJFSPUSBFNQSFTBBERVJSJEB EFCF UPDPO¾BO[BZDPNFO[BSBCVTDBSFNQMFP
FOUFOEFSVOBDPTB4VOVFWPQSPQJFUBSJP BQBSUJSEFIPZ
UJFOFFTDBTBQBDJFODJBDPOBRVFMMPTRVF 4JVTUFEFTUgQFOTBOEP ²&TPFTUgCJFO 
IBDFONPIJOFT&MMPTTBCFORVFRVJFOFT QFSPOBEJFFO8BMM4USFFUFTUgDPOUSBUBO
<6C6Gq?68@HJONL:A8=
TFSFTJTUFOBMBTGVTJPOFTEFTBDFMFSBOMBT EP³ MPFTUBNPTFTDVDIBOEP:FTQPSFTP
EG:<JCI6/µGkƒYedi[`eiZWh‡WWbei[c# UBSFBT ZRVFTVDJOJTNPFOWFOFOBMBT RVFOVFTUSPDPOTFKPFTRVFBNQMrFTV
fb[WZeiZ[C[hh_bbBodY^oZ[B[^cWd BHVBT&TQPSFTPRVF DVBOEPTFUSBUBEF C|TRVFEB UBOUPFONBUFSJBEFUSBCBKP
8hej^[hi5 FMFHJSOVFWPTFNQMFBEPT MBWBTUBNBZPSrB DPNPEFHFPHSBGrB)BDFBMHVOPTBvPT 
8DJGIC:N:AA>HDC!6B=:GHI!B6HH68=JH:IIH# EFMPTDPNQSBEPSFTFMJHFBRVJFOFTBTJFO DPOPDJNPTBVOHSVQPEFJOHFOJFSPTRVF
UFO OPBRVJFOFTTPONgTJOUFMJHFOUFT4r  IBCrBOTJEPEFTQFEJEPTEFTVTMBCPSFTFO
G:HEJ:HI6//PWBNPTBEFDJSBMFHSFNFOUF UBMWF[DPOUSBUFOUBNCJnOBBMHVOBTEF VOBDJVEBEEFMBSFHJwODFOUSBMEF&&66
BMPT FNQMFBEPTEF.FSSJMM PBMPT MBTGBNPTBTT|QFSFTUSFMMBTRVFDBNJOBO ZRVFOPQPErBOFODPOUSBSUSBCBKPMVFHP
 EF-FINBORVFTPOSrBOZTJHBO QPS8BMM4USFFUDPOGBDJMJEBE1FSPTJVTUFE EFVOBvPEFCVTDBS-BSB[wOFSBRVFTV
DPOTVWJEBDPNPTJOBEBIVCJFSBPDVSSJ FTVOUJQP²OPSNBM³ EJHBNPTVOHFSFOUF JOEVTUSJBTFIBCrBSFEVDJEP ZFOCVFOB
EP6OHSBOUFSSFNPUPIBFTUSFNFDJEPB NFEJPDPOVOCVFOEFTFNQFvP TFSgBIP QBSUFBCBOEPOBEPMBSFHJwO&TPTJOHF
8BMM4USFFU&TDPNQSFOTJCMFRVFNVDIBT SBVOBEFEPTQFSTPOBTDPNQJUJFOEPQPS OJFSPTRVFSrBOFMNJTNPUJQPEFQVFTUP
QFSTPOBTRVFEFOUBNCBMFgOEPTFEVSBOUF FMNJTNPFNQMFP4VNBSHFOEFFSSPSFT RVFBOUFT1FPSBVO OPRVFSrBONVEBSTF
VOUJFNQP1FSPMPTFNQMFBEPTNgTEJSFD NgTQFRVFvPRVFOVODB BPUSBQBSUF
UBNFOUFBGFDUBEPTOPQVFEFOUBNCBMFBSTF 1PSMPUBOUP FTUFFTNJDPOTFKPBMPT &OPDBTJPOFT BMHVOPTFNQMFBEPTQVF
QPSNVDIPUJFNQP&O.FSSJMM MPTFNQMFB FNQMFBEPTEF.FSSJMMSJOEBOIPNFOBKF EFOTFHVJSUSBCBKBOEPFOVOTJUJPMVFHP
EPTEFCFOBEBQUBSTFSgQJEBNFOUFBVOB EFBMH|OQSPCMFNBEFSFFTUSVDUVSBDJwO 
²NFOUBMJEBEEFOPSFTJTUFODJB³:FO-FI 9kWdZei[jhWjWZ[[b[]_h QFSPFTPSBSBNFOUFPDVSSFDPOQFSUVSCB
NBO OFDFTJUBOBDUVBSSgQJEPQBSBFWJUBS dk[lei[cfb[WZei"bWlWijW DJPOFTDPNPMBTRVFBIPSBFTUSFNFDFOB
²&MWwSUJDFEFMBEFSSPUB³ cWoeh‡WZ[beiYecfhWZeh[i 8BMM4USFFU1BSBBWBO[BS MPTFYFNQMFB
1SJNFSPIBCMBSFNPTEF.FSSJMM%VSBOUF [b_][Wgk_[d[iWi_[dj[d"deW EPTEF-FINBOOFDFTJUBSgOQFOTBSEF
VOTJHMP IBTJEPVOBDPNQBvrBJOEFQFO gk_[d[iiedc|i_dj[b_][dj[i NBOFSBDSFBUJWBBDFSDBEFDPNFO[BSEF
EJFOUF5BOPSHVMMPTBRVFTVTDPSSFEPSFT OVFWP&TPFTBUFSSBEPS Tr1FSPUBNCJnO
TFMMBNBCBOFOUSFFMMPT²MBNBOBEBBUSPOB BTVQBTBEP ZQwOHBOMPBVOMBEP%FKFO MPFTMBPQDJwOEFFTQFSBSQPSBMHP²GBNJ
EPSB³%FSFQFOUF TFIBDPOWFSUJEPFOVOB EFIBDFSTFMBTWrDUJNBT |OBOTFBM#BOL MJBS DwNPEP³ RVFUBMWF[OVODBWVFMWB
TJNQMFTVCTJEJBSJBEFMHJHBOUFTDP#BOLPG PG"NFSJDBDPODVFSQPZBMNB ZUSBCBKFO BBQBSFDFS
"NFSJDB USBTVOBNJTJwOEFSFTDBUF $wNP DPOWJHPSFOTVGVUVSP&TMBNFKPSQPTJCJ /PFTQFSBNPTRVFMPTFNQMFBEPTEF.F
SFBDDJPOBSgOMPTFNQMFBEPTEF.FSSJMMBOUF MJEBEEFRVFFMGVUVSPEFM#BOLPG"NFSJDB SSJMMPEF-FINBOBDFQUFOGgDJMNFOUFOVFT
FTFDBNCJP &TDJFSUPRVF#BOLPG"NFSJDB MPTJODMVZBBVTUFEFT USPNFOTBKF "RVJFOMFHVTUBRVFMFEJHBO
IBEFNPTUSBEPVOBHSBODPNQFUFODJBQBSB -PTFNQMFBEPTEF-FINBOFOGSFOUBO RVFEFCFBCBOEPOBSTVJSBPTVBOHVTUJB 
FMQSPDFTPEFJOUFHSBDJwOEFGVTJPOFTZBE VOEFTBGrPNgTEVSP#VTDBOUSBCBKPT FTQFDJBMNFOUFDVBOEPUBMFTTFOUJNJFOUPT
RVJTJDJPOFT"VOBTr TJMPTFNQMFBEPTEF FOVOBJOEVTUSJBNFOHVBOUF SFQMFUBEF TPOUPUBMNFOUFIVNBOPT 1FSPUJFNQPT
.FSSJMMTPODPOUSBUBEPTUSBTMBGVTJwO NV FNQMFBEPTDPONVDIBFYQFSJFODJB:FTB FYUSBPSEJOBSJPTFYJHFOTPMVDJPOFTFYUSBPS
DIPTEFFMMPTEVEBSgO-BDVMUVSBEFM#BOL TJUVBDJwOQVFEFQPOFSBNVDIBTQFSTP EJOBSJBT&TSB[POBCMFRVFMPTUVNVMUVPTPT
PG"NFSJDB TVTQSPDFTPT TVTMrEFSFT ZMB OBTFOVOBFTQJSBMEFQBSgMJTJTZEVEBT FWFOUPTEFFTUBTFNBOBMFIBHBOBvPSBSFM
GPSNBEFIBDFSOFHPDJPTQBSFDFTFSEJGFSFO &MNFKPSBOUrEPUPDPOUSBFTUF²WwSUJDFEF QBTBEP1FSPOPTPUSPTSFDPNFOEBNPTRVF
UFZFRVJWPDBEB5PEPMPRVFIBHBFM#BOL EFSSPUB³FTVOBBDDJwOJONFEJBUB5BMWF[ QJFOTFFOFMGVUVSP Q
PG"NFSJDB CgTJDBNFOUF QBSFDFSgQFPSRVF VTUFERVJFSBUPNBSTFBMHVOPTErBTQBSB
MPTCVFOPTErBTEPSBEPTQBTBEPTFO.FSSJMM  QFOTBSTVTJUVBDJwO ZMPRVFIBSgDPO
ZNVDIPTFNQMFBEPTMPEJSgO TJOPFOWP[ TVWJEB QFSPDVBMRVJFSEFNPSBQPSTV 8#'%%-?VX`nHjonLZaX]#9^hig^WjiZYWnI]ZCZl
Ndg`I^bZhHncY^XViZ#H^YZhZV]VXZgegZ\jciVh!
BMUB BMNFOPTDPOTVTBDUJUVEFT QBSUFQFSNJUJSgBPUSPTUFOFSWFOUBKBFO Y^g†_VaVhVl^cc^c\5cni^bZh#Xdb

)*qH:B6C6:8DCâB>86 '-9:H:I>:B7G:9:A'%%-

You might also like