You are on page 1of 136

ESTUDOS JAPONESES

n. 33 – 2013 ISSN 1413-8298


            
 

                             

!    "                !  #     $ %  

&  '        &    (   ) *  +     ,  -  '    . /    

                0 1    2    3   4     4   5   6

!    "                 7  8    5     9  :  ; 4  2    

<  =   +  /   +   *  +    >     +   

?
#                  @ 4  9  :  ; 4     A B 

!    "  #                     #  :  4 C  D 

,   +    E  +   F  =     

?
                     4  @    G   ; 6 H  C  ; #  :      4   

!    "                 I     6 J  H 6  # 

K L M N O P Q L R S T U L V T W P X

?
Y @  Z    ; 6 H  [  ; #        Z \ 2 2 ] C "  ] ^ " _ 0  `

?
9   % I  H  ;  H  \ 2 2 ] C "  ] ^ " _ 0  `

?
7 6  H  ^   \ 2 2 ] C "  ] ^ " _ 0  `

?
J    #      \ 2 2 ] C "  ] ^ " _ 0  `

?
]   H     ; 6 5        @  ; \ 2 2 ] C "  ] ^ " _ 0  `

?
] 6  Z  G    a  ; #  4  \ 2 2 ] C "  ] ^ " _ 0  `

? ?
  4  @    G   ; 6 H  C  ; #  :      4    \ 2 2 ] C "  ] ^ " _ 0  `

?
G   4  C  ; ;   G    \ 2 2 ] C "  ] ^ " _ 0  `

?
0 #   @   ]    b  #  ;    C  ; #  :    \ 2 2 ] C "  ] ^ " _ 0  `

?
I     6 J  H 6  #  \ 2 2 ] C "  ] ^ " _ 0  `

K L M N O P Q L K L M N c P U T d L

 @  e   4      ; 6  _  #    \ 2   6 @ 4  4  ; b      4  ;    f      `

Y @ Z  [   H     \ _     : $ `

  ;    G    :  %  \ 2  " _ 0  `

   #  H  ^ H    \ _ G b 2 Y 0  `

?
     @ 0 #  B  \  _ " 0  `

0  H    6   H  :  9    6 e \ _   g   ;   1 4  0    ; 5  6  `

?
0 #  Z      %  :  \ 2 2 ] C "  C " _ 0  `

?
0  @ g     %  Z  H  \ Y  C " _ 0  `

?
0 6 :  H  G  ; #      b H  4  \  _ " 0  `

[   0 6 Z 6 H  \ _  f `

a 6 H   6 H   \ _  f `

?
a 6 :  9      4  ; 0     ; \ 2  2 b C " _ 2  9 `

R S T U L V h O N i L M N j d O P X

I     6 J  H 6  # 

K L k T N N l L R S T U L V T W P X

] 6  Z  G    a  ; #  4 

I     6 J  H 6  # 

K W i W X

?
  4  @    G   ; 6 H  C  ; #  :      4   

m O P O n l L O U V W S c n l L S L i L O k W X

?
  4  @    G   ; 6 H  C  ; #  :      4   

I     6 J  H 6  # 

$SRLR¿QDQFHLUR
? ?
   4    3 8  4   $      3   :     4    ; ;   @ 4  G o g  @ 0 6 $      p   Y 0 " f   0 b ]

     :  4   $    q  r ; " 9   4 6  3 8  p   ^   s t u v

w V x W M T y W n l L X

? ?
     4  Y ;  6 4  ; 7  $    ;  ; 4  _   g   ;  4  4  4  0 8    6 @  p Y 7   " _ 0 

? ?
6  ;  4  ] o  6   ]       6   7  $    ;  p  ] ^ " 2 2 ] C " _ 0 

? ?
     :  4   r ; " 9   4 6  3 8   : ] o  6  z ]       6    6 @  6   7  $    ;  p  ] ^ " 2 2 ] C " _ 0 
[  4        ; $   4 {     4  g   | ;     g   4   

?
Y G [  ^  Y Y 0 [ _  ^ 0 7   ^ G Y 0 Y 0   _ G b ! Y  0 b    Y  Y 0 } ^   _ ] ^

 g       ]    6    ;   ; z u ~ 

?
 4  4  _   g   ;   |   

t ~ ~ t € "  t t p 0 8    6 @  p f   ;  @

2     \ t e e u u ` v t  u " s  s ‚ ƒ s  s v

Y " :   @    g  ;    ;  6 4  ; B  $    ;  ; „ :   @    :
… † † ‡ ˆ ‰ ˆ Š ‹ Œ  Ž Œ

  ‘ ’ “ ”  • – — ” ˜ ™  ™  š
”
Ï Ð Ñ Ò Ó Ô Õ Ö × Æ È œ ¥  Ÿ « ª
À Ã ²

› œ  œ ž Ÿ   œ ¡ ¢ Ÿ £ œ ¤ ¥ ¦ ž § ¨ œ ¡ ¢ Ÿ

© ª « ¬ § ¡ Ÿ £ ª ­ § ¦ ž § Ÿ  ª ¨ œ ª ® Ÿ ¨ ¥ ¯ ª °  œ ¡ ¢ Ÿ

)DFXOGDGHGH)LORVR¿D/HWUDVH&LrQFLDV+XPDQDVGD8QLYHUVLGDGHGH6mR3DXOR
 ¥ £ Ÿ œ ´ Ÿ ° ª ª › ª °  « Ÿ £ ª  ¥ £ Ÿ œ ´ Ÿ ° ª ª ® ª ´ œ «  œ ¯ ª °  Ÿ £ ª · ª  « œ « § ª °  œ §
± ² ² ³ ² ² µ ± ² ² ³ ² ² ¶ ² ¸ ² ¶

)DFXOGDGHGH)LORVR¿D/HWUDVH&LrQFLDV+XPDQDV8QLYHUVLGDGHGH6mR3DXOR
±Q  ±±6mR3DXOR2¿FLQD(GLWRULDO
¹ ° ¥ œ ž

¹ «  §   Ÿ ´ ¥ ¦ ž § ¨ œ £ Ÿ ª ¯ ¤ Ÿ «  ¥   ¥ º °   ž º « œ ° ¨ º ´ œ ° ¾ Ÿ ž ª œ ´ Ÿ ° º
² ² ² » ¼ ² » ½ ² » ± ² ³ ² ¶

® ª ¨ « § ¡ ¢ Ÿ ¦ œ ª œ £ œ ª ¯ ¿ °
² ² ¶ À Á Â À Ã Ã Á Ä ¶

© © Å Æ Ç Æ È É Ê Ê
¼ À Ë

Æ · §  ª « œ  ¥ « œ œ ´ Ÿ ° ª œ · Ì °   ¥ œ œ ´ Ÿ ° ª œ È  ¥ £ Ÿ œ ´ Ÿ ° ª ª Ç › ¥ ž  ¥ « œ
¶ ³ ² ¶ À ¶ ³ ² ¶ ¶ ± ² ² ³ ² ² ¶ ¶

DSRQHVD,8QLYHUVLGDGHGH6mR3DXOR)DFXOGDGHGH)LORVR¿D/HWUDVH&LrQFLDV
³

¥ ¯ œ ° œ ® ª ´ œ «  œ ¯ ª °  Ÿ £ ª · ª  « œ « § ª °  œ § › ª °  « Ÿ £ ª  ¥ £ Ÿ œ ´ Ÿ ° ª ª
Í ² ¶ ² ¸ ² ¶ ± ² ² ³ ² ² ¶

› ® ® Ê È
Ë Á ¶ Î

Ç
Ë Á ¶ Î Á

È
à Π¶ Ë Á À

† Ø Ù Ú Û Ü Ý Þ Ø ß Þ Û à Ý Ù á Ü â Ý Ø ã Û ä à Ù Û å æ Û Ü â Ý

HGLWRUDIÀFK#IÀFKEU

ç
Ý Ý Ù Þ Ø è á Ü â Ý ß Þ Û à Ý Ù Û á é

ê ë ì Ø é Ø è á í ë î Ý Þ Ù Û ï æ Ø ä ê à å  Œ ë Œ ‰ ð

ã Û á ï Ù á ñ á Ü â Ý

ê á Ù ò Ý ä ß Ù Û Ú Ø Ù à Ý è ó Û Ø Û Ù á

î Ø Ú Û ä â Ý

ô
æ à Ý Ù Ø ä

õ ö ÷ ø ù ÷ ú ö ö û ù ü ý þ ÷ ú ö ÿ ù  ÿ

  ü  ù þ þ ö  ö    þ ÷ ÿ    ÷  ú ù û ÷     ÷ ÿ


      
5HÀH[}HVVREUHDOLWHUDWXUDFRQWHPSRUkQHDQDVDODGHDXODGDWUDGXomR
              !   "  #  $ %  & '     ( &  ) *     + !     ,     " ! #  - 

 /  " 0

1    ! $ 2     *  ! 

  !   - !  4   

3 3 3

      # !  )  5 6  +   

7     

"   / %  ! "  $ 

*  $  ! 7  +  $  " ! 7   %  $ /  ( 8     "  #   9   2   ! 

GH¿QLomRDQiOLVHGHSRHPDVGDDQWRORJLD
+     !

HTXHVW}HVWUDGXWROyJLFDV
 6   4  6   / :

5 $  %   ; +  *  6  ! + 

7UDGXomRQRFRQWH[WRGDVUHOLJL}HVMDSRQHVDVQR%UDVLO
8      $ % !  2 !  !   

#    +  5   /   - + 

< = > ? @ A = B C D A E F = F = z   v v z $  G z s t u v G
  "   &  I   !  ! 

SHVTXLVDVFLHQWt¿FDVGDiUHDGH/tQJXD/LWHUDWXUDH&XOWXUD-DSRQHVDUHDOL]DGDV
SRUGRFHQWHVSHVTXLVDGRUHVHSyVJUDGXDQGRVGHGLYHUVDVLQVWLWXLo}HVGR%UDVLO

(VWHYROXPHVHLQLFLDFRPRDUWLJR³5HÀH[}HVVREUHDOLWHUDWXUDFRQWHP
SRUkQHD QD VDOD GH DXOD GD WUDGXomR DR HQVLQR FRPXQLFDWLYR GD OtQJXD´ HP

GHREUDVFRQWHPSRUkQHDVMDSRQHVDVQR%UDVLOHGDH[SHULrQFLDGHWHUWUDEDOKDGR

HKLVWyULFRVQRDUWLJR³7UDGXomRQRFRQWH[WRGDVUHOLJL}HVMDSRQHVDVQR%UDVLO´

.
 /  " 0

€ Y 4       @
 6  

5 K !  + ! $ /  !  * ! 9  

QRTXHWDQJHDRSDSHOVRFLDOHDRSHU¿OSVLFROyJLFRpRDVVXQWRWUDEDOKDGRSRU

7      "   / %  ! "  $ 

+     !  6   4  6   / :

GH¿QLomR
+     ! L

HTXHVW}HVWUDGXWROyJLFDV´
 6   4  6   / :

3RU¿PHP³(VWXGRVFRPSDUDWLYRVGRVUHFXUVRVGHSROLGH]QDOtQJXDMDSR

FRPSDUDWLYDHQWUHDVH[SUHVV}HVGHSROLGH]GRMDSRQrVHGRSRUWXJXrVFRPRLQGLFD
RWtWXORGLVFRUUHQGRWDPEpPVREUHRVKRQRUt¿FRVHDVH[SUHVV}HVGHWUDWDPHQWR
  "   &  I   !  ! 

FRPR-DSmRFRQWULEXLQGRDVVLPSDUDRGHVHQYROYLPHQWRGDViUHDVD¿QVQR%UDVLO

< = > ? @ A = B C D A E F = F = z   v v z $  € "  z s t u v 


i

 2 SUHVHQWH WUDEDOKR YLVD DSUHVHQWDU XPD EUHYH UHÀH[mR VREUH R OHYDQWDPHQWR SDUFLDO
k l m n o p q

UHDOL]DGRSHORJUXSR*UXSRGHSHVTXLVD³$ERUGDJHQVHP(VWXGRVGH$UWHV+LVWyULD/LQJXtVWLFDH
/LWHUDWXUDV-DSRQHVDVWUDGXomRDXWyFWRQHHWUDGLomRRUDOHXURSpLD´RQGHYHUL¿FRXVHXPQ~PHUR
H[SUHVVLYRGHWUDGXo}HVGHREUDVFRQWHPSRUkQHDVMDSRQHVDV'RVDXWRUHVPDLVWUDGX]LGRVWUDoDPRV
HPOLQKDVJHUDLVVXDVSULQFLSDLVFDUDFWHUtVWLFDVHPTXHSHUFHEHPRVVLPLODULGDGHVTXHSRVVLYHOPHQWH
DWUDHPROHLWRUEUDVLOHLUR3RU¿PUHODWDPRVDH[SHULrQFLDGHWUDEDOKDUFRPXPFRQWRGDHVFULWRUD
FRQWHPSRUkQHD<RVKLPRWR %DQDQD HP VDOD GH DXOD VRE R YLpV GD DERUGDJHP FRPXQLFDWLYD QR
HQVLQRDSUHQGL]DJHPGHOtQJXDMDSRQHVD
OLWHUDWXUDFRQWHPSRUkQHDMDSRQHVDDXWRUHVFRQWHPSRUkQHRVMDSRQHVHVOLWHUDWXUD
r s t s u v s m w x y s u l q

HPVDODGHDXODWUDGXomRHQVLQRGDOtQJXDMDSRQHVD

7KLVSDSHUSUHVHQWVDEULHIUHÀHFWLRQRQWKHVXUYH\GRQHE\WKHJURXS5HVHDUFKJURXS
z {
m | v s x | q

³$SSURDFKHVLQ6WXGLHVRI$UWV+LVWRU\/LQJXLVWLFVDQG/LWHUDWXUH-DSDQHVHWUDQVODWLRQDQGDXWR
FKWKRQRUDOWUDGLWLRQ(XURSHDQ´ZKHUHWKHUHZDVDVLJQL¿FDQWQXPEHURIWUDQVODWLRQVRI-DSDQHVH
FRQWHPSRUDU\ZRUNV7KHPRVWWUDQVODWHGDXWKRUVWUDFHGLQRXWOLQHWKHPDLQFKDUDFWHULVWLFVZKLFKRI
ZHSHUFHLYHVLPLODULWLHVSRVVLEO\DWWUDFWE\WKH%UD]LOLDQUHDGHU,QWKLVDGGHQGXPWRUHÀHFWRQWKH
DSSOLFDWLRQRIWKHOLWHUDWXUHRQWKHELDVRIWKHFRPPXQLFDWLYHDSSURDFKLQWKHWHDFKLQJDQGOHDUQLQJ
RIWKH-DSDQHVHODQJXDJH

 3URIHVVRUHVWDJLiULRGR&HQWURGH/tQJXDVH'HVHQYROYLPHQWRGH3URIHVVRUHV &/'3 GD8QHVS$VVLVHPDLO


DPEXHQR#JPDLOFRP
 3URIHVVRUD0HVWUH$VVLVWHQWHGDÈUHDGH-DSRQrVGD8QHVS$VVLVHPDLOMR\VRX]D#JPDLOFRP

-R\1DVFLPHQWR$IRQVRGH5HÀH[}HVVREUHD/LWHUDWXUD
M N O P Q R S T U V W X Y W Z Y [ \ ] ^ Y _ ` a b W Y c \ d Z e f \ g d S P h V U
 -DSDQHVH FRQWHPSRUDU\ OLWHUDWXUH FRQWHPSRUDU\ -DSDQHVH DXWKRUV OLWHUDWXUH LQ WKH
ˆ l ‰ Š p v ‹ m q

Œ  Ž    ‘ ‘ ’ “ ”  Ž •   Ž ” – ‘ • — ˜ Ž ™ Ž • š  š  Ž • › œ Ž › š š  œ Œ Ž ” – ‘ • ž

2OHYDQWDPHQWRUHDOL]DGRHPSHOR*UXSRGHSHVTXLVD³$ERUGDJHQV
HP (VWXGRV GH$UWHV +LVWyULD /LQJXtVWLFD H /LWHUDWXUDV -DSRQHVDV WUDGXomR
DXWyFWRQHHWUDGLomRRUDOHXURSHLD´PRVWURXXPDXPHQWRVLJQL¿FDWLYRGHREUDV
FRQWHPSRUkQHDV GD OLWHUDWXUD MDSRQHVD WUDGX]LGDV SDUD D OtQJXD SRUWXJXHVD H
FRQVHTXHQWHPHQWH VH DWHYH D ID]HU VREUHWXGR R OHYDQWDPHQWR GRV WUDGXWRUHV
TXHDWXDPQHVVDiUHD'HQWUHDVREUDVWUDGX]LGDVYHUL¿FRXVHTXHDOJXQVDXWRUHV
MDSRQHVHVVmRPDLVWUDGX]LGRVGRTXHRXWURV
'HQWUHDVREUDVPDLVYHQGLGDVQRWDVHTXHKiXPDJUDQGHSURFXUDSRUWHPDV
YLQFXODGRVjLPDJHPGHXP-DSmRWUDGLFLRQDOFDVRGH GH<RVKLNDZD Ÿ   ¡ ¢ ¡ £ ¤

(LMLTXHQDUUDDKLVWyULDGHXPVDPXUDLUHQHJDGRWUDGX]LGRHPSRU/HLNR
*RWRGD$YHQGDJHPVXUSUHHQGHXDWpPHVPRDHGLWRUD³SRLVXOWUDSDVVRXRV
PLOYROXPHVYHQGLGRV´QDVSDODYUDVGH-R7DNDKDVKL )XQGDomR-DSmR  &81+$
 )RLDYHQGDJHPGHVWDREUDTXHFKDPRXDDWHQomRSDUDSURGXomROLWHUiULD
MDSRQHVDQR%UDVLOSRLVVHWRUQRXXP³EHVWVHOOHUDSHVDUGHVHXVGRLVYROXPHVGH
TXDVHSiJLQDV´ ,GHP 2TXHFRUURERUDFRPDVSDODYUDVGH1DJDH
TXH ³RV OHLWRUHV EUDVLOHLURV TXHUHP XP -DSmR TXH HVWi QR PXQGR GDV LGHLDV´
1$*$( 
1RHQWDQWRQRV~OWLPRVDQRVYHUL¿FDVHTXHKiXPQ~PHURFRQVLGHUiYHOGH
REUDVGDOLWHUDWXUDMDSRQHVDFRQWHPSRUkQHDQRWRSRGDOLVWDGH%HVW6HOOHUVFRQ
¿UPDPRVLVWREDVHDQGRQRVQDOLVWDGDVREUDVPDLVYHQGLGDVGDHGLWRUD$OIDJXDUD
RQGHRQ~PHURp4HHPWHUFHLUROXJDURVHJXQGRYROXPHGDPHVPDWULORJLD ¥

GRDXWRU0XUDNDPL+DUXNLRTXHSUHVVXS}HDH[LVWrQFLDGHXPS~EOLFROHLWRUTXH
QmRVHUHVWULQJHDSHQDVDGHVYHQGDURWUDGLFLRQDOXQLYHUVROLWHUiULRMDSRQrV
'HDFRUGRFRPROHYDQWDPHQWRUHDOL]DGRRVHVFULWRUHVPDLVWUDGX]LGRVSDUD
DOtQJXDSRUWXJXHVDVmR0LVKLPD<XNLR REUDVWUDGX]LGDV 7DQL]DNL-XQ¶LFKLUR
 2H.HQ]DEXUR  H0XUDNDPL+DUXNL  
'LDQWHGHVVDFRQVWDWDomRDQRVVDSURSRVWDpOHYDQWDUHPOLQKDVJHUDLVDV
FDUDFWHUtVWLFDVTXHOHYDPRVOHLWRUHVEUDVLOHLURVHPEXVFDGDVREUDVFRQWHPSRUkQHDV
MDSRQHVDVHXPDSRVVtYHOFRQWULEXLomRGHVVHVWH[WRVQDVDXODVGH/tQJXD-DSRQHVD
DWUDYpVGHXPDDERUGDJHPGRVWHPDVGHVHQYROYLGRVQHVVDVREUDV

 'LVSRQtYHOHPZZZREMHWLYDFRPEUPDLV9HQGLGRVSKS!$FHVVDGRHP
 $OLVWDGHREUDVFRQVWDHPDQH[R

QS 
} ~  €  ‚ ~ ƒ „ … ‚ † ‡ ~ ‡ ~
&RPSDUDQGRRVDUWLJRVGH<RVKLGD  H1LQRPL\D  TXHWUDWDP
GRHQVLQRGDOLWHUDWXUDMDSRQHVDQRVFXUVRVGHJUDGXDomRHP/HWUDV-DSRQrVGD
863 H GD 8)5- UHVSHFWLYDPHQWH FRP R QRVVR FXUVR GD 81(63 ± FDPSXV GH
$VVLV±SRGHPRVREVHUYDUTXHDOLWHUDWXUDFOiVVLFDSDUHFHVHUPDLVDERUGDGDQD
JUDGXDomRSRVVLYHOPHQWHGDGDDrQIDVHQDSHVTXLVDGDPHVPDMiTXHRFOiVVLFR
SRVVXLWDPEpPXPDFDUJDKLVWyULFDHFXOWXUDOWmRDSUHFLDGDSHOROHLWRURFLGHQWDO

,VVRSRUpPQmRVLJQL¿FDTXHDOLWHUDWXUDFRQWHPSRUkQHDpXPDVVXQWRUH
OHJDGRDRVHJXQGRSODQR2TXHGHIDWRVHFRQVWDWDpTXHHODQmRpDERUGDGDQDV
VDODVGHDXODGHYLGRjLQVX¿FLrQFLDGHFDUJDKRUiULDTXHQDJUDGXDomRFRQFHQWUD
VHSULQFLSDOPHQWHQRHQVLQRGDOtQJXDMDSRQHVD'LDQWHGHVVDGLQkPLFDYROWDGD
SDUDDOtQJXDRFRUUHTXHQDSUiWLFDDFDUJDKRUiULDUHVHUYDGDSDUDDVGLVFLSOLQDV
GHOLWHUDWXUDPRGHUQDHFRQWHPSRUkQHDpUHGX]LGDHFRQVHTXHQWHPHQWHRVDOXQRV
QHPVHPSUHFRQVHJXHPGLVFXWLUWDLVREUDVHPVDODGHDXOD
3UHVXPHVHTXHQR2FLGHQWHROXJDUGHGHVWDTXHGDVREUDVFOiVVLFDVGD
OLWHUDWXUDMDSRQHVDVHGHYHjH[LVWrQFLDGHIDWRUHVKLVWyULFRVHFXOWXUDLVTXHHODV
QRVUHYHODP8PDGDVREUDVTXHFRPSURYDPHVVHIDWRpRURPDQFHMiFLWDGRDQWH
GH<RVKLNDZD(LMLTXHVHJXQGRDUHYLVWD9HMD³¿FRXDOJXPDV
Ÿ   ¡ ¢ ¡ £ ¤

VHPDQDVQDOLVWDGRVPDLVYHQGLGRVHDFXPXORXWLUDJHPGHPLOH[HPSODUHV
GRVGRLVYROXPHVFRPPDLVGHSiJLQDVFDGDXP´ &58= (VVHVGDGRV
FRPSURYDPTXHROHLWRUEUDVLOHLURHPPXLWRVDVSHFWRVVHQWHVHDWUDtGRSRUFRQKH
FHURLPDJLQiULRMDSRQrVWUDGLFLRQDOH³QmRRFRQWHPSRUkQHRRUHDO´ 1$*$(
 XPDYH]TXH UHWUDWDDKLVWyULDGRVDPXUDL0L\DPRWR0XVDVKL Ÿ   ¡ ¢ ¡ £ ¤

TXHYLYHXHQWUHH
$GHVSHLWRGDJUDQGHWLUDJHPGHYHQGDVGHREUDVKLVWyULFDVFRPR0XVDVKL
WHPRVRVHVFULWRUHVFRQWHPSRUkQHRVFLWDGRVQRLQtFLRGHVWHWUDEDOKRHTXHDSHVDU
GRQ~PHURFRQVLGHUiYHOGHREUDVWUDGX]LGDVDLQGDVmRSRXFRHVWXGDGRVRXSHV
TXLVDGRVQR%UDVLO0DVDH[SOLFDomRGHVVDWtPLGDSURGXomRDFDGrPLFDVHGHYH
QmRVRPHQWHDRIDWRGHTXHDOJXQVGHVVHVDXWRUHVFRQWLQXDPVXDSURGXomROLWHUiULD
FRPRWDPEpPSRUHOHVWUDWDUHPGHWHPDVFRQWHPSRUkQHRVGHGLItFLOHFRPSOH[D
DQiOLVH1RHQWDQWRHQWHQGHPRVTXHRLQWHUHVVHGRS~EOLFREUDVLOHLURSRUHVVHV
DXWRUHVVHGHYHDDOJXPDVFDUDFWHUtVWLFDVTXHGHVFUHYHUHPRVDVHJXLU
0LVKLPD<XNLR   SVHXG{QLPR GH +LUDRND .LPLWDNH SRVVXL
REUDVWUDGX]LGDVSDUDRSRUWXJXrV5RPDQFLVWDGUDPDWXUJRSRHWDFRQWLVWDH
HQVDtVWDVXDSURGXomROLWHUiULDGHVHQYROYHWHPDVHHVWLORVYDULDGRV³&RPHIHLWR
VHXHVWLORVHWRUQDSRUYH]HVUHEXVFDGRHDWpSUROL[RWHQGHQGRDRSUHFLRVLVPR
RTXHWRUQDDWUDGXomRPXLWDVYH]HVGLItFLO´ 68=8., 2EUDVFRPR
DGH0LVKLPDVmRFRQVLGHUDGDVGHGLItFLOWUDGXomRWDQWRSHORVHXHVWLOROLWHUiULR
TXDQWRQRQtYHOGDVLGHLDVSRLVUHÀHWHPRSHQVDPHQWRGD³JHUDomRSHUGLGD´GR

-R\1DVFLPHQWR$IRQVRGH5HÀH[}HVVREUHD/LWHUDWXUD
M ¦ O P Q R S T U V W X Y W Z Y [ \ ] ^ Y _ ` a b W Y c \ d Z e f \ g d S P h V U
SyVJXHUUD6XDVREUDVUHYHODPXPDYLVmRQRVWiOJLFDRQGHR³SURFHVVRKLVWyULFR
VHpTXHH[LVWLXUHVXPHVHDVHUHIHULUDRSUHVHQWHFRPRXPDHVSpFLHGHUHSHWLomR
GRSDVVDGR´ %$7,67$ ³'HSHUVRQDOLGDGHPXOWLIDFHWDGDTXHVHPD
QLIHVWDHPVXDYDVWDREUDTXHFRQWDFRPPDLVGHQRYHODVREUDVGHWHDWUR
VRPDGRDRVVHXVPXLWRVFRQWRVHHQVDLRV´ '$5,6 $SHVDUGHWHUVLGR
LQGLFDGRWUrVYH]HVDR3UrPLR1REHOGH/LWHUDWXUDQXQFDRUHFHEHX$OpPGHVWD
YDVWDSURGXomROLWHUiULDDLQGDVHGHGLFDYDDGUDPDWXUJLDFRPSRVLomRPXVLFDOH
§ ¨ © ª «

3DUD'DULV  ³0LVKLPDLQWULJDDVVRPEUDVHFRQWUDGL]HPVXDVSUySULDV


RSLQL}HVHQRVID]GXYLGDUGHQRVVDSUySULDFDSDFLGDGHGHFRPSUHHQVmRTXDVH
MRJDQGRFRPDLPDJLQDomRWUDQVERUGDQWHTXHQRVSURS}H´ S 4XDQWRDVXD
HVWLOtVWLFDGHJUDQGHEHOH]DHUH¿QDPHQWREDVHDYDVHQRVPROGHVGDpSRFDHP
³TXHR-DSmRHUD¿HODRVPLWRVGHVXDIXQGDomRHDpSRFDGRVVDPXUDLVFRPRV
TXDLVGHVHMDYDLJXDODUVH´ S 
7DQL]DNL-XQ¶LFKLUR  SRVVXLREUDVWUDGX]LGDVSDUDRSRUWXJXrV
pFRQVLGHUDGRXPGRVPDLRUHVDXWRUHVGDOLWHUDWXUDPRGHUQDMDSRQHVDHpXPGRV
URPDQFLVWDVPDLVSRSXODUHVGR-DSmR,QÀXHQFLDGRSRU3RHXPDGDVFDUDFWHUtVWLFDV
SULQFLSDLVGHVXDVREUDVpRGHUHJLVWUDUDOtQJXDHDFXOWXUDMDSRQHVDVWUDGLFLRQDLV
GHPRGRDGHVHQYROYHUXPDOLWHUDWXUDEDVHDGDQDEHOH]DHQDDUWHDFLPDGHWXGR
6HJXQGR'RQDOG.HHQH  RHVWLORQDUUDWLYRGH7DQL]DNL³DEUDQJHTXDVHWR
GDVDVYDULHGDGHVSRVVtYHLVGDWpFQLFDDQDUUDomRHPWHUFHLUDSHVVRDDFRQ¿VVmR
HPSULPHLUDSHVVRDXPHVWLORPLVWRHQWUHKLVWyULFRHFRQWHPSRUkQHRQRTXDOR
QDUUDGRUVHPHVFODjVYH]HVDXPUHODWRGHXPIDWRRFRUULGRQRSDVVDGRDOpP
GLVVRXVDFDUWDVHGLiULR>@3RGHPRVSHQVDUTXHKDYLDQHOHXPHVFULWRUFDSD]GH
FRQIURQWDUVHFRPTXDOTXHUpSRFDHPTXDOTXHUHVWLORXPHVFULWRUGHSURGLJLRVD
YHUVDWLOLGDGH´ S (PDFUpVFLPRDLVVRDGLYHUVLGDGHGDVREUDVGH7DQL]DNL
p³DUDUDFRHUrQFLDGRVWHPDVTXHVHOLJDPHPFDGDXPDGDVQXPHURVDVYDULDo}HV´
,GHPS VHQGRTXHDFDUDFWHUtVWLFDGRPLQDQWHGHVXDVREUDVpRSURIXQGR
FXOWRjEHOH]DIHPLQLQD
2H .HQ]DEXUR   IRL R VHJXQGR HVFULWRU MDSRQrV ± R SULPHLUR IRL
.DZDEDWD<DVXQDUL±DJUDFLDGRFRPRSUrPLR1REHOGH/LWHUDWXUDHP1D
LQWURGXomRjEUDVLOHLUDGH GR&HQWURGH(VWXGRV-DSRQHVHV
© ® ª ¨ ¯ ¨ ° ¨ © ±

¬ ­ ­ ¡ ¢ ²   ³ ­

DRFRPHQWDUVREUHRVHXHVWLORQDUUDWLYRDSURIHVVRUD*HQ\:DNLVDNDUHVVDOWDTXH
SRUHOHHVWDULQVHULGRQDOLWHUDWXUDMDSRQHVDGRSyVJXHUUDRHVFULWRU³VHGHVWDFD
SHODVVXDVREUDVTXHUHWUDWDPRKRPHPVRERUHJLPHGHRFXSDomRHVWUDQJHLUDQR
VHXKDELWDWGHFRQ¿QDPHQWRHPVXDVDWLYLGDGHVHVWpUHLVDJXHUUDHYLGDFRPX
QLWiULDVHQVtYHLVjVGLVFULPLQDo}HVGRSRGHUHRTXHH[S}HFRPXPVHQVRFUtWLFR
DJXoDGRPDVLPEXtGRGHOLULVPRSRpWLFRDEDUFDQGRWDLVSUREOHPiWLFDVVRFLDLV
GR SRQWR GH YLVWD JOREDO´   $VVLP SRU PDLV TXH HP DOJXQV DVSHFWRV
VXDREUDVHDSUR[LPHGDYHUWHQWHGR³5RPDQFHGR(X´SRLVHPVXDVSDODYUDV

QS 
} ~  €  ‚ ~ ƒ „ … ‚ † ‡ ~ ‡ ~
GHVHMD³UHDOL]DUXPDYLDJHPGHH[SORUDomRGHVLSUySULREHPQRLQWHULRUGR(X´
%(&+/(5 DRPHVPRWHPSRVHDIDVWDGHVVHSHQVDPHQWRDRSURSRU
TXHXPDH[SHULrQFLDVLQJXODUQmRSRVVDVHUXQLYHUVDOPDVVLPSHVVRDO
0XUDNDPL+DUXNL  pFRQVLGHUDGRXPGRVHVFULWRUHVMDSRQHVHVFRQ
WHPSRUkQHRVPDLVSRSXODUHVQR2FLGHQWH$OJXPDVREUDVIRUDPWUDGX]LGDVHPTXD
UHQWDLGLRPDVGHQWUHRVTXDLVRLQJOrVHRSRUWXJXrV$OJXQVGHVHXVWH[WRVWDPEpP
IRUDPDGDSWDGRVSDUDRWHDWURFRPRpRFDVRGH
¨ ¨ ¶ ¨ © ® ª ¨ º © ® ¨

´ ¡ ¢ µ ¢ ³ ¤ · ­ ­ ¸ ¹ ¢

ຝ喘੃ྐ   TXHIRLDGDSWDGD


« © « ¨ ® ¨ ¨ º © ® ¾ © ¨

» ¼ ­ ¡ £ · ¡   ½ £ ¸ ¹ ¢ ¢ ¤ ¡ £ ¡

SDUDRSRUWXJXrVGRWH[WRDPHULFDQR6HJXQGRDGLUHWRUD0RQLTXH*DUGHQEHUJD
SHoDPRQWDGDQR%UDVLOPDQWHYHDYLVmRGRSUySULR0XUDNDPLTXHVHJXQGRHOD
³WHPXPDSHUFHSomRDJXGDGDVRFLHGDGHFRQWHPSRUkQHD3DUWHVHPSUHGHFHQDV
FRWLGLDQDVFRPSHUVRQDJHQVDSDUHQWHPHQWHFRPXQVSDUDFULDUVLWXDo}HVVXUUHDLV
TXHEHLUDPDRQRQVHQVH´ )(51$1'(6 
6REUHRHVWLOROLWHUiULRGRDXWRUQDDSUHVHQWDomRGH
© ¶ ¨ ¿ ª © ¶ ¨ ¿ ª © ¶ ¨

´ ¢ ¢ ¢

WUDGX]LGRHPSRU1HLGH1DJDHH/LFD+DVKLPRWRDVWUDGXWRUDVREVHUYDP
TXH0XUDNDPLSRVVXLXP³GLVFUHWRWRTXHGHKXPRUHRVLQYHQWLYRVHDSUHFLDGRV
UHFXUVRVHVWLOtVWLFRVHIRUPDLV>@FRPRRMRJRWH[WXDOTXHFRPS}HFRPRVVLVWHPDV
GDJUD¿DMDSRQHVDRVRPTXHHOHWLUDGDVRQRPDWRSHLDVDLQWHUIHUrQFLDSURSRVLWDO

WH[WR±TXHVDOWDDRVQRVVRVROKRVVREIRUPDVGHGHVWDTXHV´IXQFLRQDPFRPR
XPD ³HVSpFLH´ GH UHSUHVHQWDomR ³GH XP PXQGR SDUDOHOR´ 0XUDNDPL 
FRQWUDFDSD 
6HJXQGR R FUtWLFR H WUDGXWRU -HIIHUVRQ - 7HL[HLUD ³DSHVDU GD LQÀXrQFLD
PDUFDQWHGHYiULRVHVFULWRUHVRFLGHQWDLVRDXWRUGHVHQYROYHXXPHVWLORLFRQRFODVWD
RULJLQDOSURGX]LQGRREUDV¿FFLRQDLV~QLFDVTXHGHVD¿DPTXDOTXHUFODVVL¿FDomR
>@2XVRXVHDIDVWDUGRVSDUkPHWURVIRUPDLVH[LJLGRVSHOD 
>@$V
© © Á §

À   ²   ¢  

SHUVRQDJHQVGH0XUDNDPLVmRSHVVRDVFRPXQVGRPXQGRFRVPRSROLWDGR-DSmR
DWXDO´ &8/7 (PUHVXPRSRGHPRVGL]HUTXHRHVWLORGH+DUXNLVHULDXPD
PHVFODGRVXUUHDOLVPRDVLWXDo}HVFRWLGLDQDVTXHHQYROYHPROHLWRUHROHYDPD
UHÀHWLUVREUHVXDSUySULDFRQGLomRQRPXQGRFRQWHPSRUkQHR
$VFDUDFWHUtVWLFDVGRVDXWRUHVMDSRQHVHVFRQWHPSRUkQHRVVmRSRUWDQWRRGH
GHVFUHYHUVLWXDo}HVHH[SHULrQFLDVGHYLGDTXHRDSUR[LPDPGRVOHLWRUHVRFLGHQWDLV
DWUDYpVGRSRQWRGHYLVWDGRLQGLYtGXRTXHYLYHQXPDPHWUySROHHTXHEXVFDR
DXWRFRQKHFLPHQWRFRPEDVHQRFRQIURQWRGHYDORUHVPRUDLVHpWLFRVDFRQVWDWDomR
GDVROLGmRGDVFLGDGHVJUDQGHVHTXHQmRUDURHVWmRjPHUFrGHVLWXDo}HVVXUUHDLV
RXIDQWiVWLFDVQRFRWLGLDQRGHVXDVYLGDV1RWDVHTXHHPJHUDOHOHVDERUGDP
WHPDVHVLWXDo}HVTXHQmRVHUHVWULQJHPDRLQGLYtGXRMDSRQrVRXEUDVLOHLURPDV

 Â Ã Ä Å Ã Ä Æ Ç È Ã OLWHUDWXUDSXUDMDSRQHVD

 -R\1DVFLPHQWR$IRQVRGH5HÀH[}HVVREUHD/LWHUDWXUD
O P Q R S T U V W X Y W Z Y [ \ ] ^ Y _ ` a b W Y c \ d Z e f \ g d S P h V U
TXHVmRSDVVtYHLVGHDFRQWHFHUDTXDOTXHUSHVVRDHPTXDOTXHUOXJDUGRSODQHWD$
OLWHUDWXUDMDSRQHVDFRQWHPSRUkQHDSRUWDQWRSURSRUFLRQDDROHLWRUQmRVRPHQWH
WHPDVUHODFLRQDGRVjFXOWXUDMDSRQHVD±DLQGDPXLWRUHFRUUHQWHVHPVXDVREUDV
±PDVWDPEpPGHVHQYROYHPWHPDVHVLWXDo}HVTXHH[WUDSRODPR-DSmR±DLQGD
HVWHUHRWLSDGRSHORVOHLWRUHVRFLGHQWDLVTXHLQVLVWHPHPUHIRUoDUDV¿JXUDGHJXHL[DV

(VWDYLVmRGRP~OWLSORRXGDRUJDQL]DomRGRFRWLGLDQRpRTXH$XHUEDFK
GH¿QHFRPR

5HDOL]DULQFHVVDQWHPHQWHXPSURFHVVRGHIRUPXODomRHGHLQWHUSUHWDomRFXMRREMHWR
VRPRVQyVPHVPRVDQRVVDYLGDFRPSDVVDGRSUHVHQWHHIXWXURRPHLRTXHQRV
 ‘  š – Ž “ ‘ ’ œ •  ‘ š ’ É œ š Ê – Ê š ’ ‘  “ ” œ  ‘ –   ‘ ” š • ” Ž ’ ‘  – • Œ š   Ž • ” š ’ š • ” š – • ” š  ™  š ” Ž  š

RUGHQDUGHWDOIRUPDTXHJDQKHSDUDQyVXPDIRUPDGHFRQMXQWRDTXDOHYLGHQWHPHQ
WHVHJXQGRVHMDPRVREULJDGRVLQFOLQDGRVHFDSD]HVGHDVVLPLODUQRYDVH[SHULrQFLDV
TXHVHQRVDSUHVHQWDPPRGL¿FDVHFRQVWDQWHPHQWHGHIRUPDPDLVUiSLGDRXPDLV
OHQWDPDLVRXPHQRVUDGLFDO  

2&HQWURGH/tQJXDVH'HVHQYROYLPHQWRGH3URIHVVRUHV &/'3 GD8QHVS


$VVLVpXPSURMHWRGHH[WHQVmRTXHIRUQHFHFXUVRVJUDWXLWRVGHOtQJXDVHVWUDQJHLUDV
SDUDFRPXQLGDGHLQWHUQDHH[WHUQDGD8QHVSHP$VVLV'HQWUHDVOtQJXDVRIHUHFLGDV
WHPRVRVFXUVRVEiVLFRHLQWHUPHGLiULRGH-DSRQrV
&RPEDVHQDVSURSRVWDVGDDERUGDJHPFRPXQLFDWLYDHPXOWLFXOWXUDOLVPR
RIRFRGR&/'3pHQVLQDUDOtQJXDHVWUDQJHLUDSDUDPHLRVFRPXQLFDWLYRV3DUD
XWLOL]DomRGDOLWHUDWXUDHPVDODGHDXODQDWXUPDGHQtYHOLQWHUPHGLiULRWRPDPRV
FRPREDVHDOJXPDVWHRULDVSURSRVWDVSRU1XQDQ 3257(/$ SDUD
ª

¢ µ  

HODERUDomRGDVDXODVGHMDSRQrV³  DLQWURGXomRGHWH[WRVDXWrQWLFRVQDVLWXDomR
GDDSUHQGL]DJHP  DSURYLVmRGHRSRUWXQLGDGHVSDUDRVDOXQRVQmRVRPHQWHQD
OLQJXDJHPPDVWDPEpPQRSURFHVVRGHVXDDSUHQGL]DJHP´
3DUDDWLQJLUWDLVREMHWLYRVQRVEDVHDPRVQRVFRQFHLWRVGHWDUHIDVSURSRVWRV
SRU1REX\RVKLH(OOLV $/0(,'$),/+2 RQGHDVWDUHIDVFR
ª

¢ µ  

PXQLFDWLYDVGHYHP³D WHUXPSURSyVLWRFRPXQLFDWLYR QmRDSHQDVXPREMHWLYR


OLQJXtVWLFR E WHURIRFRQDPHQVDJHPHQmRQRFyGLJROLQJXtVWLFR´$VVLPSRU
PHLRGDVWDUHIDVSURFXUDPRVGHVHQYROYHUDFRPSHWrQFLDFRPXQLFDWLYDGRVDOXQRV
XWLOL]DQGRPDWHULDLVDXWrQWLFRVFRPRWUHFKRVGHREUDVOLWHUiULDVFRQWHPSRUkQHDV
DOpPGHDWLYLGDGHVGHFRPSUHHQVmRDXGLWLYDRUDOLQWHUSUHWDomRGHWH[WRHDSUH
VHQWDomRGHSURMHWRV
2DOXQRGLDQWHGHXPWH[WRHPMDSRQrVSHUFHEHTXHQmRVRPHQWHpFDSD]
GHOrORFRPRWDPEpPFRQVHJXHHQWHQGHURVHXVHQWLGRIDYRUHFHQGRDDPSOLDomR

QS 
} ~  €  ‚ ~ ƒ „ … ‚ † ‡ ~ ‡ ~
$¿PGHFRPSURYDUDD¿UPDomRFLWDGDWHPRVFRPRH[HPSORDH[SHULrQFLD
DGRWDGDQDDXODGHMDSRQrVGRFXUVRLQWHUPHGLiULRGR&/'3QRSULPHLURVHPHVWUH
¨ © Ë ©

´ ¢ Ì   ³ ¤

GDDXWRUD<RVKLPRWR%DQDQDGH
® © ¨

­ Í ¢ ² ¤

$DXWRUDp¿OKDGRIDPRVRSRHWD¿ORVyIRHFRQFHLWXDGRFULWtFR<RVKLPRWR
7DNƗNLUD1DVFLGD<RVKLPRWR0DKRNRHP7yTXLRHPWHYHXPDFULDomROL
EHUDOHDLQGDFXUVDQGROLWHUDWXUDQD8QLYHUVLGDGH
©

Í ¤ µ µ ­

URPDQFHVTXHYHQGHUDPPLOK}HVGHFySLDVHUHFHEHUDPSUrPLRV
%DQDQD UHFHEHX HP  R SUrPLR OLWHUiULR
° ¨ ©

¢ ¤

 $&R]LQKD HHPSHODPHVPDREUDRSUrPLR,]XPL.\{ND$REUD
° ® ¶ ¨ ©

¤ £

 $(VSXPD26DQWXiULR UHFHEHXDLQGLFDomRSDUDRSUrPLR
® § © § ¶

¢ ¢ Ï Ð ¢   £   ¢ ³ ¤

$NXWDJDZDWDPEpPHP³6HXSULPHLURURPDQFHpQDUHDOLGDGHFRPSRVWRSRU
WUrVFRQWRV  $&R]LQKD  ±  /XD&KHLD±$&R]LQKD
° ® ¶ ¨ © © Á ¨ ® ° ® ¶ ¨ © Ñ

¤ £ Ÿ ¢ ¡   ¤ £

 H0€QUDLWRVKDGǀ 6RPEUDVGR/XDU ´ <26+,'$ 


6HJXQGR/HFOHUFTMi³QHVVHVSULPHLURVOLYURVHQFRQWUDPVHRVWHPDVTXH
HODFRQWLQXDUiGHVHQYROYHQGRDSHUGDROXWRDIDPtOLD HPERUDQmRHPXPIRUPDWR
WUDGLFLRQDO DVH[XDOLGDGHRVXLFtGLRDLGHQWLGDGHDVROLGmR>@$OLWHUDWXUDGH
<RVKLPRWRIDODGHGHVHQFDQWRQmRGHGHVHVSHUR(ODSRGHVLPEROL]DURSDUDGR[R
GR-DSmRHQWUHWUDGLomRHPRGHUQLGDGH´  $WpRVHXSVHXG{QLPRWmR
SHFXOLDU±%DQDQDWUD]FRQVLJRGXDOLGDGH³SRLVRUDHODH[SOLFDTXHRHVFROKHXSRU
JRVWDUGHEHOH]DGDVÀRUHVGHEDQDQHLUDRUDD¿UPDTXHIRLSRUVHXODGRHQJUDoDGR
HDQGUyJLQR´ ,GHP 
$SHVDUGHWHUPRVFLWDGRRXWURVDXWRUHVFRQWHPSRUkQHRVDQWHULRUPHQWHSDUD
HVWDH[SHULrQFLDSUHOLPLQDUXWLOL]DPRVDDXWRUDH[DWDPHQWHSHODIDOWDGHWUDGXo}HV
GDPHVPDSDUDDOtQJXDSRUWXJXHVDDSHVDUGHPXLWDVWUDGXo}HVHPRXWUDVOtQJXDV
D¿PGHSURSLFLDUDRDOXQRXPDSULPHLUDH[SHULrQFLDHPWUDGXomRGDOtQJXDDOYR
SDUDDOtQJXDPDWHUQD
1HVWHFRQWRDSURWDJRQLVWDXPDMDSRQHVDTXHYLDMDSDUDD$UJHQWLQDDWUD
EDOKRHUHÀHWHVREUHDVGLIHUHQoDVFXOWXUDLVHDUTXLWHW{QLFDVGDFXOWXUDMDSRQHVD
HODWLQRDPHULFDQD'XUDQWHDYLDJHPHODUHFHEHXPDOLJDomR±SRULVVRRFRQWR
LQWLWXODVH  WHOHIRQH ±QRWL¿FDQGRRIDOHFLPHQWRGHVHXDPDQWHQR-DSmR
ª ¨ © Ë

LQWHUSUHWDURWH[WRHSURFXUDUFRPSUHHQGHURSRQWRGHYLVWDGDDXWRUDKRXYHWDPEpP
DSUHRFXSDomRGHWUDEDOKDUDVTXHVW}HVOH[LFDLVDVVLPLODUSDODYUDVQRYDVHOXFLGDU
SRQWRVJUDPDWLFDLVHDFRQVWUXomRGHVHQWLGRV2VDOXQRVSRUHVWDUHPHQWHQGHQGR
R VLJQL¿FDGR GR TXH OLDP FRQVHJXLDP DQDOLVDU H GHVYHQGDU DV FRQVWUXo}HV GD
QDUUDWLYDDVGHVFULo}HVGRVDPELHQWHVHDVUHÀH[}HVSVLFROyJLFDVGDSURWDJRQLV
WD8OWUDSDVVDQGRD¿QDOLGDGHGLGiWLFDGHSURSRUFLRQDUDRDOXQRDFRPSUHHQVmR
WH[WXDOYLPRVTXHDDSOLFDomRGHWH[WRVOLWHUiULRVFRQWHPSRUkQHRVHPVDODGHDXOD
SURSRUFLRQRXRTXH/HLOD3HUURQH0RLVpV  GH¿QHFRPRPHGLDomR³R

 -R\1DVFLPHQWR$IRQVRGH5HÀH[}HVVREUHD/LWHUDWXUD
O P Q R S T U V W X Y W Z Y [ \ ] ^ Y _ ` a b W Y c \ d Z e f \ g d S P h V U
WH[WROLWHUiULRpXPPHGLDGRUHQWUHRDXWRUHROHLWRURPHGLDGRUTXHSUHVVXS}H
XPDLQ¿QLGDGHGHPHGLDo}HVOtQJXDVQDFLRQDLVUHSHUWyULRVFXOWXUDLVSDFWRVGH
OHLWXUDGH¿QLGRVSHORVJrQHURVSHORWRPHWF´

 &RQVLGHUDo}HV¿QDLV
7HQGRFRPRREMHWLYRSURSRUPDLVHVWXGRVVREUHDOLWHUDWXUDFRQWHPSRUkQHD
QmRVRPHQWHHPSHVTXLVDVPDVSULQFLSDOPHQWHQRVFXUVRVGHIRUPDomRGHSUR
IHVVRUHVGHOtQJXDMDSRQHVDYLVDQGRXPHQWHQGLPHQWRJOREDOGDFXOWXUDMDSRQHVD
YLVWRTXHKiXPQ~PHURH[SUHVVLYRGHHVFULWRUHVMDSRQHVHVFRQWHPSRUkQHRVVHQGR
WUDGX]LGRV SDUD D QRVVD OtQJXD FRP R SUHVHQWH WUDEDOKR YLVDPRV QmR VRPHQWH
UHVVDOWDUDLPSRUWkQFLDGHWDLVWUDGXo}HVFRPRWDPEpPUHÀHWLUVREUHRXVRGD
OLWHUDWXUDHPVDODGHDXODHVXDVDSOLFDo}HVQDVDXODVGHOtQJXDMDSRQHVDTXHFRPR
REVHUYDGRQDH[SHULrQFLDFLWDGDDXPHQWRXDPRWLYDomRGRVDOXQRVQRSURFHVVR
GHHQVLQRDSUHQGL]DJHPGDOtQJXDDOYR
(PVXPDDFUHGLWDPRVTXHQmRVRPHQWHRVFkQRQHVGDOLWHUDWXUDMDSRQHVD
FOiVVLFDHPRGHUQDMDSRQHVDGHYDPVHUSULYLOHJLDGRVPDVFRPYLVWDVjPRWLYDomR
GRDOXQRWH[WRVFRQWHPSRUkQHRVPDLVSUy[LPRVGDUHDOLGDGHGRDOXQRSRGHP
VHUYLU GH IHUUDPHQWD SDUD R HQVLQR GD OtQJXD MDSRQHVD &RPR D¿UPD 3HUURQH
0RLVpV  QyVSURIHVVRUHVGHYHPRVDWXDUFRPRFRQFLOLDGRUHV
DRV HVWXGDQWHV ³WH[WRV PDLV FRPSOH[RV GR TXH DTXHOHV FRP TXH HOH VH GHSDUD
KDELWXDOPHQWH PRVWUDUOKHV FRPR RV WH[WRV VH LQVHUHP QXPD KLVWyULD H FRPR
SURGX]HPVHQWLGRVHYDORUHV´

%LEOLRJUD¿D
$/)$*8$5$ Ò Ó Ô Õ Ö × Ø Ô Ù Ö Ó Ô Ú Û Ü × Ó × Ø Ô 'LVSRQtYHOHPZZZREMHWLYDFRPEUPDLV9HQGLGRV
SKS!$FHVVRHP
$/0(,'$),/+2-RVH&DUORV3 %$5%,5$725LWD&$PELHQWHVFRPXQLFDWLYRVSDUD
DSUHQGHUOtQJXDHVWUDQJHLUD,Q &DPSLQDV(GLWRUD Ý Þ Ö ß Ö à á Ø Ô × Û Ò Ó Ü â ã ä Ô Õ Ó å Ö æ ç à Ó å Ö × Ö

8QLFDPSYRO-XO'H]
$8(5%$&+(ULFK$0HLD0DUURP è Ó Ù Û Ô Ó Ô 6mR3DXOR3HUVSHFWLYDS
%$56$1(//, 0DULD /XtVD é Ø Ü Õ Ø Ô ê Ô ã Þ Þ Û Ö Ó Ô ë × Û ì Ö Þ ã í Ó è ã Þ Ö í Ö Ù Ó Ú Ó Þ Ö Ù ç Û î Ö å Ø Ù

Ö Õ Ø Þ Û Ô â   'LVSRQtYHO HP KWWSJXLDIROKDXROFRPEU


à Ø ß Ö Ó Ô Ü Ø ï ð ï é

WHDWURFRQWRVVXUUHDLVGHKDNXULPXUDNDPLYLUDPSHFDFRPDWRUHVJOREDLV
QRVHVFVKWPO æ å Û Ô Ô Ö × Ø Û Ù ñ ò ó ô õ ö ô ò õ ÷ ø ù ÷ ó á ú

 &RQFLOLDGRUHVVHJXQGRDGHILQLomRGH3HUURQH0RLVpVFRQFLOLDGRUHVVmRDTXHOHVTXHFRQVHJXHPFRQFLOLDURX
PHGLDURVMXt]RVGHYDORUGDOLWHUDWXUDRXVHMDDTXHOHVTXHDWULEXHPYDORU3DUDDDXWRUDVHULDRVSURIHVVRUHV
HFUtWLFRVOLWHUiULRV

QS 
} ~  €  ‚ ~ ƒ „ … ‚ † ‡ ~ ‡ ~
%$7,67$9DO'LQHL'LDV*{]{<RVKLPDVXH<XNLR0LVKLPDDSHGUDRIRJRHDDXODGHOLWHUD
WXUDMDSRQHVD,Q æ Ü Ö Ó Ô × Ø û ü ý ð Ü å Ø Ü Õ Þ Ø þ Ö å Ó Ø Ü Ö à × Û ÿ Þ Ø Û Ô Ô Ø Þ Û Ô  Ü Ó Ú Û Þ Ô Ó Õ  Þ Ó Ø Ô × Û

Ò $VVLV6381(63±'HSDUWDPHQWRGH/HWUDV
ä Ü â ã Ö ù Ò Ó Õ Û Þ Ö Õ ã Þ Ö Û é ã à Õ ã Þ Ö  Ö ç Ø Ü Û Ô Ö

0RGHUQDVS
%(&+/(5$QWRQLQÐH.HQ]DEXURHDGHVFRQVWUXomRGR5RPDQFHGR(X,Q æ Ü Ö Ó Ô × Ø û û

ð Ü å Ø Ü Õ Þ Ø þ Ö å Ó Ø Ü Ö à × Û ÿ Þ Ø Û Ô Ô Ø Þ Û Ô  Ü Ó Ú Û Þ Ô Ó Õ  Þ Ó Ø Ô × Û Ò ä Ü â ã Ö ù Ò Ó Õ Û Þ Ö Õ ã Þ Ö Û é ã à Õ ã Þ Ö

 Ö ç Ø Ü Û Ô Ö Û ý ü ü é Ø Ü â Þ Û Ô Ô Ø ü Ü Õ Û Þ Ü Ö å Ó Ø Ü Ö à × Û ð Ô Õ ã × Ø Ô  Ö ç Ø Ü Û Ô Û Ô Ü Ø  Þ Ö Ô Ó à 6mR3DXOR
&HQWURGH(VWXGRV-DSRQHVHVS
'$5,6 /LOLDQD *DUFLD 0LVKLPD /D %HOOH]D /D 0XHUWH< (O$QKHOR GH /D7LHUUD )HOL]
 

û û ü ð Ü å Ø Ü Õ Þ Ø þ Ö å Ó Ø Ü Ö à × Û ÿ Þ Ø Û Ô Ô Ø Þ Û Ô  Ü Ó Ú Û Þ Ô Ó Õ  Þ Ó Ø Ô × Û Ò ä Ü â ã Ö ù Ò Ó Õ Û Þ Ö Õ ã Þ Ö Û

é ã à Õ ã Þ Ö  Ö ç Ø Ü Û Ô Ö Û ý ü ü ü é Ø Ü â Þ Û Ô Ô Ø ü Ü Õ Û Þ Ü Ö å Ó Ø Ü Ö à × Û ð Ô Õ ã × Ø Ô  Ö ç Ø Ü Û Ô Û Ô Ü Ø  Þ Ö Ô Ó à ú

%UDVtOLD81%S
&81+$3DXOR (GLomRVHWHPEURGH'LVSRQtYHO ð Ô å Þ Ó Õ Ö  ã Û Ú Û Ù à  × Ø  Ö ç  Ø

HP! ZZZXROFRPEUHQWUHOLYURVUHSRUWDJHQVHVFULWDBTXHBYHPBODBGRBMDSDRBKWPO
!$FHVVRHP
&58=5HQDWR GH-XQKRGH'LVSRQtYHOHP!KWWS æ à Ó Õ Û Þ Ö Õ ã Þ Ö Ö ç Ø Ü Û Ô Ö Ü Ø  Þ Ö Ô Ó à

EORJVHVWDGDRFRPEUUHQDWRFUX]DOLWHUDWXUDMDSRQHVDQREUDVLO"GRLQJBZSBFURQ 
$FHVVRHPK
)(51$1'(60LFKHO2'HVDSDUHFLPHQWRGR(OHIDQWH+DUXNL0XUDNDPLHPFLQFRFRQWRV
GHDEULOGH'LVSRQtYHOHP!KWWSZZZDSODXVREUDVLOFRPEUFDWHJRU\FULWLFDV
SDJH$FHVVRHP!
.((1('RQDOG'RVDVSHFWRVGH/DQRYHODMDSRQHVDPRGHUQD,Q Ò Ö Ò Ó Õ Û Þ Ö Õ ã Þ Ö  Ö ç Ø Ü Û Ô Ö

Û 0p[LFR(O&ROHJLRGH0H[LFRS
Ü Õ Þ Û
Þ Ó Û Ü Õ Û
å Ó × Û Ü Õ Û

/(&/(5&4/DXUHQFH$VPXOKHUHVQDSURGXomROLWHUDULDMDSRQHVDXPDDWXDomRGHGHVWDTXH
,Q 6mR3DXOR&HQWURGH(VWXGRV-DSRQHVHV æ Ü Ö Ó Ô × Ø û ý ü ü ð þ ÿ  Ò Ò é  ü ý é ü ð  

SS
1$*$( 1HLGH +LVVDH7UDGXomR PHLR H ¿P ,Q æ Ü Ö Ó Ô × Ø û ý ü ü ð Ü å Ø Ü Õ Þ Ø þ Ö å Ó Ø Ü Ö à × Û

ÿ Þ Ø Û Ô Ô Ø Þ Û Ô  Ü Ó Ú Û Þ Ô Ó Õ  Þ Ó Ø Ô × Û Ò ä Ü â ã Ö ù Ò Ó Õ Û Þ Ö Õ ã Þ Ö Û é ã à Õ ã Þ Ö  Ö ç Ø Ü Û Ô Ö Û ü ý é Ø Ü â Þ Û Ô Ô Ø

ü Ü Õ Û Þ Ü Ö å Ó Ø Ü Ö à × Û ð Ô Õ ã × Ø Ô  Ö ç Ø Ü Û Ô Û Ô Ü Ø  Þ Ö Ô Ó à 6mR3DXOR&HQWURGH(VWXGRV-DSRQHVHV
S
1$*$(1HLGH+LVVDH +$6+,0272/LFD&RQWUDFDSD085$.$0,+DUXNL,Q Ö Ü å Û ù

× 6mR3DXOR(VWDomR/LEHUGDGH
Ö Ü å Û ù × Ö Ü å Û

1,120,<$ 6RQLD 5HJLQD /RQJKL 2 HQVLQR GH /LWHUDWXUD -DSRQHVD QR &XUVR GH /HWUDV
3RUWXJXrV ± -DSRQrV GD )DFXOGDGH GH /HWUDV GD 8)5- ,Q æ Ü Ö Ó Ô × Ø û ý ü ð Ü å Ø Ü Õ Þ Ø

þ Ö å Ó Ø Ü Ö à × Û ÿ Þ Ø Û Ô Ô Ø Þ Û Ô  Ü Ó Ú Û Þ Ô Ó Õ  Þ Ó Ø Ô × Û Ò ä Ü â ã Ö ù Ò Ó Õ Û Þ Ö Õ ã Þ Ö Û é ã à Õ ã Þ Ö  Ö ç Ø Ü Û Ô Ö Û ü ü ü

é Ø Ü â Þ Û Ô Ô Ø ü Ü Õ Û Þ Ü Ö å Ó Ø Ü Ö à × Û ð Ô Õ ã × Ø Ô  Ö ç Ø Ü Û Ô Û Ô Ü Ø  Þ Ö Ô Ó à %UDVLOLD')'HSDUWDPHQWR
GH/tQJXDV(VWUDQJHLUDVH7UDGXomRS
26$.$%( +DTXLUD$SUHVHQWDomR ,Q é Ø Ü Õ Ø Ô × Û
Û  Û Ü  Ö ß ã Þ Ø  6mR 3DXOR &HQWUR GH
(VWXGRV-DSRQHVHVS
3(5521(02,6(6/H\OD æ à Ó Õ Û Þ Ö Õ ã Þ Ö å Ø Ù Ø Ù Û × Ó Ö î  Ø ž&RQJUHVVRGD$%5$/,&
S

 -R\1DVFLPHQWR$IRQVRGH5HÀH[}HVVREUHD/LWHUDWXUD
O P Q R S T U V W X Y W Z Y [ \ ] ^ Y _ ` a b W Y c \ d Z e f \ g d S P h V U
3257(/$.H\OD&KULVWLQD$OPHLGD$ERUGDJHP&RPXQLFDWLYDQDDTXLVLomRGHOtQJXDHV
WUDQJHLUD,Q YROXPHQžS  Û Ú Ó Ô Õ Ö ð  ç Û å Õ Ö Õ Ó Ú Ö

68=8.,7DH 8P FRQWR GH 0LVKLPD ³3H{QLDV´ ,Q  Û Ú Ó Ô Õ Ö × Û ð Ô Õ ã × Ø Ô  Ö ç Ø Ü Û Ô Û Ô  6mR


3DXOR&HQWURGH(VWXGRV-DSRQHVHVYROXPHS
7(,;(,5$-HIIHUVRQ-2XYLQGRDFDQomRGRYHQWR,Q HG6mR3DXOR  Û Ú Ó Ô Õ Ö é ã à Õ

PDUoR  'LVSRQtYHO HP! ZZZUHYLVWDFXOWXROFRPEUKRPHRXYLQGRD


FDQFDRGRYHQWR!$FHVVRHP
<26+,'$ /XL]D 1DQD /LWHUDWXUD -DSRQHVD ± 'HVD¿RV H SHUVSHFWLYDV ,Q æ Ü Ö Ó Ô × Ø û ý ü

ð Ü å Ø Ü Õ Þ Ø þ Ö å Ó Ø Ü Ö à × Û ÿ Þ Ø Û Ô Ô Ø Þ Û Ô  Ü Ó Ú Û Þ Ô Ó Õ  Þ Ó Ø Ô × Û Ò ä Ü â ã Ö ù Ò Ó Õ Û Þ Ö Õ ã Þ Ö Û é ã à Õ ã Þ Ö

 Ö ç Ø Ü Û Ô Ö Û ü ü ü é Ø Ü â Þ Û Ô Ô Ø ü Ü Õ Û Þ Ü Ö å Ó Ø Ü Ö à × Û ð Ô Õ ã × Ø Ô  Ö ç Ø Ü Û Ô Û Ô Ü Ø  Þ Ö Ô Ó à 
%UDVLOLD')
'HSDUWDPHQWRGH/tQJXDV(VWUDQJHLUDVH7UDGXomRS
BBBBBB.LWFKLQHRIHQ{PHQR%DQDQD,Q ð Ô Õ ã × Ø Ô  Ö ç Ø Ü Û Ô Û Ô ù Qž6mR3DXOR&HQWURGH
(VWXGRV-DSRQHVHVSS

(VFULWRUHVMDSRQHVHVHVXDVREUDVWUDGX]LGDVSDUDRSRUWXJXrV

(6&5,725 2%5$ 75$'8725(',725$$12


0,6+,0$<XNLR 'HSRLVGREDQTXHWH 9HUD3HGURVD(',129$
0,6+,0$<XNLR 0DGDPHGH6DGH $30DQGLDUJXHV
  *DOOLPDUG
0,6+,0$<XNLR 20DULQKHLURTXHSHUGHX :DOWHQVLU'XWUD5RFFR
 DVJUDoDVGRPDU
0,6+,0$<XNLR 6ROH$oR 3DXOR/HPLQVNL
  %UDVLOLHQVH
0,6+,0$<XNLR 0RUWHHPSOHQRYHUmR $XO\GH5RGULJXHV
 HRXWUDVKLVWyULDV 5RFFR
0,6+,0$<XNLR 1HYHGHSULPDYHUD 1HZWRQ*ROGPDQ
  %UDVLOLHQVH
0,6+,0$<XNLR 2KDJDNXUHDpWLFDGRVVDPXUDLV :DOWHQVLU'XWUD5RFFR
 HR-DSmRPRGHUQR
0,6+,0$<XNLR &DYDOR6HOYDJHP 'LRJR.DXSDWH]
  %UDVLOLHQVH
0,6+,0$<XNLR $TXHGDGRDQMR ,VD0DUD/DQGR
  %UDVLOLHQVH
0,6+,0$<XNLR 2WHPSRGDDXURUD ,VD0DUD/DQGR
  %UDVLOLHQVH
0,6+,0$<XNLR &RUHV3URLELGDV -HIIHUVRQ7HL[HLUD
  5RFFR

 &ODVVLILFDPRVQmRSRURUGHPDOIDEpWLFDPDVVLPSHODTXDQWLGDGHGHREUDVWUDGX]LGDVSDUDDOtQJXDSRUWXJXHVD

QS 
} ~  €  ‚ ~ ƒ „ … ‚ † ‡ ~ ‡ ~
 0,6+,0$<XNLR 0DULQTXLHWR /HLNR*RWRGD 
   &LDGDV/HWUDV
 0,6+,0$<XNLR &RQ¿VV}HVGHXPDPiVFDUD -DTXHOLQH1DEHWD
   &LDGDV/HWUDV
 0,6+,0$<XNLR &RUHV3URLELGDV -HIIHUVRQ7HL[HLUD5RFFR
 0,6+,0$<XNLR 2WHPSORGRSDYLOKmRGRXUDGR (OLDQD6DELQR5RFFR
 7$1,=$.,-XQ¶LFKLUR 1DRPL 6RQLD&RXWLQKR
   %UDVLOLHQVH
 7$1,=$.,-XQ¶LFKLUR (PORXYRUGDVRPEUD /HLNR*RWRGD 
   (VWDomR/LEHUGDGH
 7$1,=$.,-XQ¶LFKLUR $FKDYH -HIIHUVRQ7HL[HLUD
   &LDGDV/HWUDV
 7$1,=$.,-XQ¶LFKLUR 9RUDJHP /HLNR*RWRGD 
   &LDGDV/HWUDV
 7$1,=$.,-XQ¶LFKLUR 'LiULRGHXPYHOKRORXFR /HLNR*RWRGD 
   (VWDomR/LEHUGDGH
 7$1,=$.,-XQ¶LFKLUR +iTXHPSUH¿UDXUWLJDV /HLNR*RWRGD 
   &LDGDV/HWUDV
 7$1,=$.,-XQ¶LFKLUR $VLUPmV0DNLRND /HLNR*RWRGD 
   &LDGDV/HWUDV
 7$1,=$.,-XQ¶LFKLUR (PORXYRUGDVRPEUD /HLNR*RWRGD 
   (VWDomR/LEHUGDGH
 7$1,=$.,-XQ¶LFKLUR $YLGDVHFUHWD /HLNR*RWRGD 
  GRVHQKRU0XVDVKL &LDGDV/HWUDV
 7$1,=$.,-XQ¶LFKLUR .X]X /HLNR*RWRGD 
   &LDGDV/HWUDV
 7$1,=$.,-XQ¶LFKLUR $PRULQVHQVDWR -HIIHUVRQ7HL[HLUD
   &LDGDV/HWUDV
 2(.HQ]DEXUR 2JULWRVLOHQFLRVR 6HUJLR5XII 
   (G)UDQFLVFR$OYHV
 2(.HQ]DEXUR 7DUHID,QVyOLWD 9iULRV7UDGXWRUHV&(-863
   &RQWRVGH2H.HQ]DEXUR
 2(.HQ]DEXUR $DUURJkQFLDGRVPRUWRV 9iULRV7UDGXWRUHV&(-863
   &RQWRVGH2H.HQ]DEXUR
 2(.HQ]DEXUR $QLPDOGHFULD 9iULRV7UDGXWRUHV&(-863
   &RQWRVGH2H.HQ]DEXUR
 2(.HQ]DEXUR 2KRPHPFDUQHLUR 9iULRV7UDGXWRUHV&(-863
   &RQWRVGH2H.HQ]DEXUR
 2(.HQ]DEXUR 6~ELWDPXGH] 9iULRV7UDGXWRUHV&(-863
   &RQWRVGH2H.HQ]DEXUR
 2(.HQ]DEXUR 8PDYLGDHPGHFDGrQFLD 9iULRV7UDGXWRUHV&(-863
   &RQWRVGH2H.HQ]DEXUR
 2(.HQ]DEXUR (QVLQHQRVRPHLRSDUDVXSHUDU 9iULRV7UDGXWRUHV&(-863
  QRVVDORXFXUD &RQWRVGH2H.HQ]DEXUR

-R\1DVFLPHQWR$IRQVRGH5HÀH[}HVVREUHD/LWHUDWXUD
¦ N O P Q R S T U V W X Y W Z Y [ \ ] ^ Y _ ` a b W Y c \ d Z e f \ g d S P h V U
 2(.HQ]DEXUR 8PDTXHVWmRSHVVRDO 6KLQWDUR+D\DVKL
  2EMHWLYD
 2(.HQ]DEXUR -RYHQVGHXPQRYRWHPSR /HLNR*RWRGD
 š  ™ š  ” Ž – 

&LDGDV/HWUDV
 2(.HQ]DEXUR &RQWRVGH2H.HQ]DEXUR /HLNR*RWRGD
   &LDGDV/HWUDV
 085$.$0,+DUXNL &DoDQGRFDUQHLURV /HLNR*RWRGD 
   (VWDomR/LEHUGDGH
 085$.$0,+DUXNL 'DQFHGDQFHGDQFH 1HLGH1DJDHHYiULRV
   WUDGXWRUHV(VWDomR
   /LEHUGDGH
 085$.$0,+DUXNL 1RUZHJLDQ:RRG -HIIHUVRQ7HL[HLUD
   2EMHWLYD
 085$.$0,+DUXNL 0LQKDTXHULGD6SXWLQLN $QD/XL]D%RUJHV
   $OIDJXDUD
 085$.$0,+DUXNL .DINDjEHLUDPDU /HLNR*RWRGD 
   2EMHWLYD
 085$.$0,+DUXNL $SyVRDQRLWHFHU /LFD+DVKLPRWR
   $OIDJXDUD
 085$.$0,+DUXNL *UDQWD±$PELomR /LFD+DVKLPRWR
   $OIDJXDUD
 085$.$0,+DUXNL 'RTXHHXIDORTXDQGRIDOR &DVVLR/HLWH 
  GHFRUULGDV $OIDJXDUD
 085$.$0,+DUXNL 4/LYUR /LFD+DVKLPRWR
   $OIDJXDUD
 085$.$0,+DUXNL 4/LYUR /LFD+DVKLPRWR
   $OIDJXDUD
 085$.$0,+DUXNL 4/LYUR /LFD+DVKLPRWR
   $OIDJXDUD

QS 
} ~  €  ‚ ~ ƒ „ … ‚ † ‡ ~ ‡ ~
7

8 9 : ; < = > ? @ A B C D E B F E B G H G D I A J A K H C F L G E A L I A J A H B K D C H D B F E D M H A N O P H I D Q L J F E C J A R L E D I A J S D T

B @ D D I H K H N H U D V W A @ L J D B D G E X G E S C H X I D X E C D X E S A X X L H H J S A C F D B F E S D S E N B D Y A C J D V W A G E X H G A X L Z E H F A

J A G E C B A [ \ L D E M H X F ] B I H D N E K D D A R L E X F H A B D J E B F A G E D C R L Q F H S A X R L E E M S N H R L E J I A J A L J F E C J A S A G E

X E C L B H K E C X D N H U D G A E B F C E A X @ A J E B X E J G H Y E C E B F E X Q S A I D X E E J G H Y E C E B F E X I A B F E M F A X @ H X F O C H I A X E I A J

Y A C F E I A B A F D V W A B A D P H C G A X L Z E H F A [ ^ E X F E S E R L E B A D C F H P A E M S A C E J A X L J D S A X X _ K E N N E H F L C D X A ` C E E X F E

F E C J A G E B F C A G D Q F H I D J A G E C B D Z D S A B E X D Y A I D B G A B D A ` C D a b c d e f g h i d j k g b l g m n o p o q r s t u u v G E

^ H F A ` E w B D U A r s x y x T s t z z v { D R L D N D S C E X E B F D L J D C E N E H F L C D G A I O G H P A G E I A B G L F D G A X X D J L C D H X K A N F D G D

| |

G H K L N P D V W A G A X K D N A C E X B H S } B H I A X J A G E C B A X I A J L B H G D G E H B F E C B D I H A B D N G A X Q I L N A ~ ~ [

 €  € ‚ ƒ € : „ … † € ‚ 9 : > @ A B C D { Q F H I D { ‡ b c d e f ˆ { ‰ D S W A { Š E H Z H [

‹ Œ
:  ƒ € …  > Ž @ E @ A B A C L B G E C X F A A G D X D K H C F L E A C D X D M H A N A P H I D N H B K D C H D B F H X D F E C J F @ D F I A J E X @ L J D B

I H K H N H U D F H A B X H B I E D P E X S C H X F H B E D B G @ D X D B H J S A C F D B F C A N E H B F @ E Y A C J D F H A B A Y F @ E J A G E C B X L ` Z E I F

H F X E N Y [ Ž @ E H C E M H X F E B I E C D H X E X F @ E R L E X F H A B A Y D C I @ E F  S E X F A E M S N D H B @ A  D F E C J I D B ` E L B H K E C X D N H U E G

D J A B P J E B H B G H Y Y E C E B F F H J E X D B G H B G H Y Y E C E B F @ H X F A C H I D N I A B F E M F X D B G  H F @ D X F C A B P I A B B A F D F H A B H B

F @ E D I F A Y F @ E X L ` Z E I F [ w B F @ H X X J D N N D C F H I N E  E  H N N E M S A X E D S A X X H ` N E C E D G H B P D ` A L F F @ H X F E C J H B X H G E

F @ E J A G E C B E F @ H I ‰ D S D B E X E Y A I L X E G H B F @ E  A C ‘ a b c d e f g h i d j k g b l g m n o p o q r s t u u v A Y ^ H F A ` E w B D U A

r s x y x T s t z z v {  @ H I @ S C E X E B F X D C E H B F E C S C E F D F H A B A Y F @ E X D J L C D H I A G E A Y I A B G L I F D H J E G D F G H X X E J H B D F H B P

J A G E C B ^ H S S A B E X E K D N L E X F A F @ E H B F E C B D F H A B D N I A J J L B H F  A Y F @ E F  E B F H E F @ I E B F L C  [

’ 9 “ ” = ƒ • : > @ A B A C { E F @ H I { ` L X @ H G A { ‰ D S D B { Š E H Z H [

– — ˜ ™ š › œ ™ ™  ž Ÿ › ™ œ   › ¡ œ   ¢ ž £ ¤ ¥ ¡   ™ ¦ ¡ § › ¡ œ   ¨   © ª ¤ ™ š   ™ «   ¬ ­   œ ™ § ™  ® Ÿ § ª š ª ¯ Ÿ   © ™ §   ® ® ž ¦ ° ± ² ³ ´ ¢ š ­ Ÿ  ™    ¤ µ

¥    Ÿ § — ¬ ª 

              !  " # $ %  &  ' ( )  " #   * + $ '  , - $ .  " $ , - $ .  / $ "   " $ 0 1 2 3 4 5 6 .    # $  


WHPOLEHUGDGHQRPXQGRVHHVWDEHOHFHXPDFRQYLYrQFLDTXHSRGHVHUSDFt¿FD
RXFRQÀLWXRVD(VWDVUHODo}HVGHQWURGDVRFLHGDGHSRGHPVHUFRQGLFLRQDGDVSHOD

FDPSRGDVUHODo}HVVRFLDLVUHJUDGDVSRUYDORUHVFRPXQVDWRGRV$LQGDVHJXQGRD

Ã Ä Å Æ Ç È É Ê Ë Ì Ä Å Æ Ç È É Ê Ë Í Å Î Ï Í Ï Ë É Ð Å

Í È È Ñ Ð Æ È

YHUVmRGHODQD5HWyULFDGH$ULVWyWHOHV $5,67Ï7(/(6 TXDQGRD¿UPDTXH


Ã Ä Å Æ Ç È É Ê Ë Ì Ò Ï Ç Ë Í Ë Ë É È Î Î Ë Ó Æ Ô Ó Æ Ï Ë È Ó Ï É Ï Õ È

$KRQUDHDYHUJRQKDVmRYDORUL]Do}HVVRFLDLVHSDUWLOKDPSRUWDQWRGDQDWXUH]DGH
VDQo}HVVRFLDLVTXDQWRPDLVPRQROtWLFRpRM~ULPDLVVHYHURpRMXOJDPHQWR+RQUD
H YHUJRQKD VmR GRLV SRORV GH XPD YDORUL]DomR 6mR D UHÀH[mR GD SHUVRQDOLGDGH
VRFLDOQRHVSHOKRGRVLGHDLVVRFLDLV2TXHpHVSHFt¿FRGHVVDVYDORUL]Do}HVpVHUHP
L X D G D X I A J A S D G C W A G E J E G H G D G A F H S A G E S E C X A B D N H G D G E I A B X H G E C D G A C E S C E X E B F D T

WLYRHH[HPSODUGHXPDGDGDVRFLHGDGH4XHPVDWLVID]HUHVVHVSDGU}HVSRGHVHP
I D H C E J G E X P C D V D { R L E ` C D C A L F C D X C E P C D X I A B X H G E C D G D X J E B A C E X R L E D X G D @ A B C D [

r Ö × Ø w \ Ž w ? ^ Ù { s t y Ú { S [ z v [

Ò Ü Ë Í Ë

FDUiWHUGRVXMHLWRHWDPEpPDFRQFHSomRGHTXHDVDo}HVGRVXMHLWRVmRUHJUDGDVSRU
Ð Ï Ý Ì Þ Ò Å È Î

DJOyULDTXHSRVVLELOLWDUiTXHWRGDVDVJHUDo}HVIXWXUDVVHOHPEUHPGRVIHLWRVGR

QmRSRVVXtDPLQWHUSUHWDo}HVLPXWiYHLVQRRFLGHQWHHODVVHDGDSWDUDPDRORQJR

2 · 1 5 ¸ 2 ¹ º » ¸ ¼ ½ 2 ½ 2  " % ¾ ¾  + %   ¿ ¾ À   Á Â ¾  ¾

TXHPDQWpPXPVLVWHPDMXUtGLFRIXQFLRQDOHLPS}HDVGHFLV}HVGRWULEXQDODRVUpXV
Ð Ï Ý Ì

RUHÀH[RGDVPXGDQoDVQDSUySULDVRFLHGDGHRFLGHQWDOFRPRQRVPRVWUD%DURMD
ß à
g q á o â o q â g ã b e j á j f j ä e á å æ g ç g o f j l o q â o ç j q â g c j è o l o f g æ g q l g g á å ã b j é o q o g ç j

p g á á o ä g q f j l l g é o á ã b j â e j q j å g p g á m o ä j á m j æ d g æ g q g c æ e f g ã b j m o ä j å g p g á ‡ g q f o f j

´(VVDpDGH¿QLomRTXHVHHQFRQWUDQDV3DUWLGDVFyGLJRFDVWHOKDQRGR
ã b j j ç j l d o

VpF;9,,FXMDLPSRUWkQFLDpWDOYH]PDLRUGHXPSRQWRGHYLVWDpWLFRH¿ORVy¿FR
R L E G L J S A B F A G E K H X F D E X F C H F D J E B F E Z L C _ G H I A [ ? @ A B C D Y L B G D J E B F D T X E B D ` A B G D G E

SUySULDHFRQVWUyLVHPHGLDQWHDo}HVGRSUySULRRXGDTXHOHVTXHRJHUDUDPQXPD
S A X H V W A r N A P D C [ v E B W A B A L F C D [ r H B Ö × Ø w \ Ž w ? ^ Ù { s t y Ú { S [ y y v

GRVXMHLWRSXGHVVHVHUPHQVXUDGDRXTXDQWL¿FDGDVHJXQGR%DURMD
Ö A G E { S A H X G H U E C T X E R L E B D w G D G E J Q G H D { E M H X F E J { A L I A E M H X F E J G A H X X H X F E J D X G E

FRQFHSWXDOL]DUKRQRUHKRQUD8PTXHSDUWHGHSULQFtSLRVUHOLJLRVRV¿ORVy¿FRVH
MXUtGLFRVHTXHpJHUDO2XWURTXHSDUWHGHVLWXDo}HVGHIDFWRGHQWURGDHVWUXWXUD
X A I H D N [ ? Z L X F D C D J T X E A X G A H X X H X F E J D X L J D A A L F C A G E Y A C J D S E C E P C H B D { G E J A B X F C D V W A

S N E B D G E R L E A S C H B I _ S H A G D I A B F C D G H V W A B W A C E P E D K H G D G D X X A I H E G D G E X { J D X R L E D

S C O S C H D I A B F C D G H V W A E X F ê B A X E C G D X I A H X D X r j l c j á f j l o c æ g c o c v I A J A S C E F E B G E C H D L J

@ E P E N H D B A [ r H B Ö × Ø w \ Ž w ? ^ Ù { s t y Ú { S [ y y [ v

QDVTXDLVWRGRRWHFLGRVRFLDOpFRQVWLWXtGRDSDUWLUGDVQRo}HVGHKRQUDHYHUJRQKD
ë

ì — ¦ ª ¤ ¯ í ¬ Ÿ ª  ª œ œ ™ ¡ ™  î ï ð   — ¦ —   ª š ï ì   ¤ ª š ñ ™ Ÿ ñ   ñ ™ — ò ª š š ™ ¡ š › œ   ›   ñ ª š ™ š › ó ª   š ñ ª ¡ › œ Ÿ ¤   š ¯ ¡ ¤ ñ    ™ ¤ ›   Ÿ š ñ ª

¬ ª ¤ ¯ ¡ ¬ Ÿ ª ¤ Ÿ š  ª ô   ™ š š õ ¤ ¬ Ÿ   ñ ª ­ ¡    ¤ ª ö   ÷ ª   ø ª ¤ ›   ñ ™ ù ª ­ ª  ™  ñ ™ ø ™ ­ ¡    ¤ Ÿ ú   œ ± š ™ ¢ © ™ § ª ¬ ¡ § › Ÿ ø ª ñ ™ š ¡   š


¯ ª œ û   š  ª œ   Ÿ š ¢ š ™ ¤ ó ª š ™ ñ ™ š ø Ÿ   ñ ª ¦ ¡ œ š ª ü ñ ý ª þ ù   ©   œ › Ÿ œ ñ   ÷   š ™ ¯    Ÿ § Ÿ   œ ñ ™ ø ™ ª ­ ª  ™  ™ š › ™ ¤ ñ ™ œ ª    ª œ

 À             !  " # $ %  &  ' ( )  " #   * + $ '  , - $ .  " $ , - $ .  / $ "   " $ 0 1 2 3 4 5 6 .    # $  


 Æ Ï Î  É Ð Å Ý È Å Ë  Î Ó Ë Í Ë

 J @ A J E J H G } B E A X E B F E I A J D J E X J D H B F E B X H G D G E A X H B X L N F A X F D B F A R L D B F A A X

` E B E Y _ I H A X R L E C E I E ` E [  A B X F H F L H K H C F L G E S D P D C D L J A L D A L F C A [ × N E B W A X E S D C D A X

ß 
G A H X { I A J A Y D U E J A X B O X I @ D J D B G A D L J D D P C E X X W A E D A A L F C D B W A T D P C E X X W A [ r [ [ [ v

J L B G A E X F ê K H C D G A  { G H U E J E N E X E B R L D B F A L J H B X L N F A { E X F H P J D A L G E C C A F D B W A X E Z D

C E K H G D G A A L E N H J H B D G A [  J @ A J E J G E I E B F E G E K E F E B F D C S } C A J L B G A B A K D J E B F E E J

S A X H V W A G E E R L H N _ ` C H A [  D K H C F L G E @ L J D B D E B W A L J K _ I H A ` E J @ L J D B A [ r × ^ ×
w  Ž {


u u { S [ s y [ v

㾇οਔж
ᙹ㡚 IDYRUHFHXRÀRUHVFLPHQWRGDKRQUDFRQIXFLRQLVWD1RDUTXLSpODJR
Ë Þ È Þ Ñ

᪰ஸ Ц໚ܴ
È Æ Ë Ï Ý Å Ï

    

‫ݓ‬γၰ ܴ‫ݯ‬ਔж

Ñ Î Ê Ï Í

ཥ෠㛍!
Ñ Î Ê Ï Í È   Ê Å È Ñ Ò È   Ë Ó Ë É 


㿻೷

¯ Ÿ § Ÿ   §   › ª ñ ª š ù   ­   œ  ª ¤ Ÿ   ™ ¤ › œ ™ ª ­ ª  ™  ™    ¡ § ­ ™ œ ¬ ª ¤ š › Ÿ › ¡ Ÿ   š   í ñ ™ š ª ¬ Ÿ   § ù ª š ­ ª  ™ ¤ š ¤   š ¬ ™  ¬ ª    š

PHVPDVDSWLG}HVDSROtWLFDpRFDPSRGHHIHWLYDomRGDPRUDOQDYLGDS~EOLFDDLQIRUPDomRGHYHFRLQFLGLU
¬ ª    ™ ¯ ™ › Ÿ ø   û ó ª ù   Ÿ ¤ ø ™ š › Ÿ ¥   û ó ª ñ   š ¬ ª Ÿ š   š © œ Ÿ ¤ ¬ Ÿ © Ÿ   © ™ §   œ ™ › Ÿ ¯ Ÿ ¬   û ó ª ñ    ™ ¤ › ™ ™ œ ™ š ¡ § ›   ¤ ª ¬ ª ¤ ­ ™ ¬ Ÿ  ™ ¤ › ª

ñ ª ÷ ™  Ÿ ¤   › ª ¢ © œ Ÿ ¤ ¬ £ © Ÿ ª ™ ¯ Ÿ  ñ     û ó ª  ª œ   § — ü ³ ´        ¢ – ð  ð ¢ © — ð þ

— ! ø ™ œ › ™ ¤ › ™ " ­ ¡ # Ÿ ü ¦ ­ ¡ ° š Ÿ – – $ ± – ì $ $ þ ¢ ñ Ÿ ¯ ¡ ¤ ñ Ÿ ñ   ¤ ª ¨   © ó ª © œ Ÿ ¤ ¬ Ÿ ©   §  ™ ¤ › ™ © ª œ  ¥ % ¡ ³ ª œ   Ÿ ü – & & & ± – ï ì  þ ¢

© œ ™ ¥   ø     ÷ ª ¤ ñ   ñ ™ Ÿ ¤   ›     ª š ­ ª  ™ ¤ š  ™ š  ª ' ¡ ™ ™ š › ™ š   ¥ Ÿ š š ™  Ÿ  ª œ   §  ™ ¤ › ™ ¢ © ª Ÿ š ª ¬ ¡ § › Ÿ ø ª ñ    ª œ   § › œ   œ Ÿ  

¬ §   œ Ÿ ñ   ñ ™ ý ¯ ª œ û   ø Ÿ ›   § ü ( ) þ ñ ª ­ ª  ™  —

î —  š ›   ø ™ œ › ™ ¤ › ™ ¯ œ ¡ › ª ñ ª © ™ ¤ š    ™ ¤ › ª ñ ™ *   ¤ ¥ +   ¤ ¥ ˜ Ÿ ¤ ¥ ü – î ï ì ± – , ì ð þ Ÿ ¤ ¯ § ¡ ™ ¤ ¬ Ÿ ª ¡ ñ Ÿ œ ™ ›    ™ ¤ › ™ ˜ ª › ª ª œ Ÿ

ò ª œ Ÿ ¤   ¥   ü – ï $ ± –  $ – þ ¢ ' ¡ ™   ¯ Ÿ œ  ª ¡ š ™ œ ª ¬ ª ¤ ­ ™ ¬ Ÿ  ™ ¤ › ª Ÿ ¤   › ª ý š © ™ š š ª   š ¢ ñ ™ š ›   ¯ ª œ    ¢ › ª ñ ª š š   ÷ ™ œ Ÿ     

ñ Ÿ ¯ ™ œ ™ ¤ û   ™ ¤ › œ ™ ª ÷ ™  ™ ª    § —

, — ò Ÿ › ª ÷ ™ ñ ™ š ñ ™   š ¡   Ÿ ¤ ¯ - ¤ ¬ Ÿ   œ ™ ¬ ™ ÷ ™ ¡ ¡    ™ ñ ¡ ¬   û ó ª ª ¬ Ÿ ñ ™ ¤ ›   § Ÿ ú   ñ   ñ ™ ø Ÿ ñ ª ý   ÷ ™ œ › ¡ œ   ñ ª š © ª œ › ª š .   © ª ¤ ™ š ™ š

  © / š    ™ š ›   ¡ œ   û ó ª ˜ ™ Ÿ . Ÿ — ò     ñ ª § ™ š ¬ õ ¤ ¬ Ÿ   ø Ÿ   . ª ¡ ©   œ   ª š  š ›   ñ ª š ² ¤ Ÿ ñ ª š ©   œ   ¯   ú ™ œ © / š ± ¥ œ   ñ ¡   û ó ª ™ ¤  

ø ª § ›   © ¡ ÷ § Ÿ ¬ ª ¡   š ¡   © œ Ÿ ¤ ¬ Ÿ ©   § ª ÷ œ   ô 0 1 2 3 ) 4 5 6 7 3 8 9 5 1 : 5 ; < = > = ? —   š ™ ¡ š › ™ @ › ª š © ª ñ ™  ª š ¤ ª ›   œ   Ÿ ¤ ¯ § ¡ õ ¤ ¬ Ÿ  

GH&DUO\OHH%XUNHDOpPGRGLVFXUVRFULVWmRHPGHWULPHQWRGDVUHOLJL}HVFRPXQVQR-DSmR1DGpFDGDGH
IRLRUHSUHVHQWDQWHMDSRQrVQD/LJDGDV1Do}HVLQVWLWXLomRTXHSUHFHGHXD2UJDQL]DomRGDV1Do}HV
² ¤ Ÿ ñ   š ü  ò ² þ —  ™ ¤ ¡ ¤ ¬ Ÿ ª ¡   ª ¬   œ ¥ ª © ª œ ñ Ÿ ø ™ œ ¥ õ ¤ ¬ Ÿ   š ¬ ª  ª ¥ ª ø ™ œ ¤ ª ¤ Ÿ © A ¤ Ÿ ¬ ª —

2 · 1 5 ¸ 2 ¹ º » ¸ ¼ ½ 2 ½ 2  " % ¾ ¾  + %   ¿ ¾ À   Á Â ¾  ÿ

IRUPDomRGHXPDLGHQWLGDGHQDFLRQDOMDSRQHVDDH[HPSORGRTXHDVQDo}HVHX
URSHLDV¿]HUDPDRORQJRGRVpFXOR;,;3RUPHLRGHVWDREUDRDXWRUPRVWURXDRV

L X @ H G A { F @ E B { H X F @ E I A G E A Y J A C D N S C H B I H S N E X  @ H I @ F @ E ‘ B H P @ F X  E C E C E R L H C E G A C

H B X F C L I F E G F A A ` X E C K E [ w F H X B A F D  C H F F E B I A G E C D F ` E X F H F I A B X H X F X A Y D Y E  J D M H J X

@ D B G E G G A  B Y C A J J A L F @ F A J A L F @ A C I A J H B P Y C A J F @ E S E B A Y X A J E  E N N T ‘ B A  B

 D C C H A C A C X D K D B F [ Š A C E Y C E R L E B F N  H F H X D I A G E L B L F F E C E G D B G L B  C H F F E B { S A X X E X X H B P D N N

WKHPRUHWKHSRZHUIXOVDQFWLRQRIYHULWDEOHGHHGDQGRIDODZZULWWHQRQWKHÀHVKO\
F D ` N E X A Y F @ E @ E D C F [ w F  D X Y A L B G E G B A F A B F @ E I C E D F H A B A Y A B E ` C D H B { @ A  E K E C D ` N E {

A C A B F @ E N H Y E A Y D X H B P N E S E C X A B D P E { @ A  E K E C C E B A  B E G [ w F  D X D B A C P D B H I P C A  F @ A Y


G E I D G E X D B G I E B F L C H E X A Y J H N H F D C  I D C E E C [ r s t { S [ Ú [ v

VRFLHGDGHVKXPDQDVDRORQJRGRWHPSRHGLYHUVDVLQWHUSUHWDo}HVSRGHPVHUGDGDV
DRVHXVLJQL¿FDGR&RQWXGRjPHGLGDTXHDVRFLHGDGHHYROXLXQRWDVHTXHWDO

YUDVHPVLWXDo}HVKLVWyULFDVUHFHQWHVKRXYHDWHQWDWLYDSRUGLIHUHQWHVVHWRUHVGD

޺ο!ᓪϐϟ
E

F Å É G È

Ћτ GHFRPSDUWLOKRXRSRQWRGHYLVWDGH1LWREHVREUHDDUWL¿
Ë É Þ Ë I Ê Ï

FLDOLGDGHH[LVWHQWHQDVUHODo}HVVRFLDLVPRGHUQDVDVTXDLVQmR]HODPSHODHYROXomR

& — ¨ ™   ¤ ± ˜ Ÿ ¬ ­ ™ § « ™ § ª œ ¥ ™ % ¢ ™  š ™ ¡   œ › Ÿ ¥ ª J K = ? 4 8 L = 8 2 8 K M ) 4 N 8 2 4 = O K = ? 2 P K 8 2 2 Q 5 ¢ ¯   ú ¡    § ™ Ÿ › ¡ œ   š ª ÷ œ ™   ­ ª ¤ œ  

ñ ª š š    ¡ œ   Ÿ š ¢ ª š ' ¡   Ÿ š ¯ ª œ    ¡ › Ÿ § Ÿ ú   ñ ª š ¬ ª  ª ™ @ ™  © § ª ñ ™ Ÿ ñ ™   § ö › Ÿ ¬ ª   š ™ œ š ™ ¥ ¡ Ÿ ñ ª © ™ § ª š ¬ Ÿ ñ   ñ ó ª š .   © ª ¤ ™ š ™ š

¤ ª Ÿ ¤ £ ¬ Ÿ ª ñ ª š ö ¬ ¡ § ª # # ô

R ²  š    ¡ œ   Ÿ S ¢ ñ Ÿ ú ª 0 1 2 3 ) 4 5 ¢ ª ¬ / ñ Ÿ ¥ ª ñ ™ ­ ª ¤ œ   ñ ª š    ¡ œ   Ÿ ¢ R ¤ ó ª › ™  ñ ¡   š ©   §   ø œ   š —  § ™ ¤ ó ª › ™  ñ ª Ÿ š  ™ š › œ ™ š —

 § ™ š   › Ÿ š ¯   ú ý ­ ª ¤ œ   ñ ™ œ œ      ¤ ñ ª š ™ ¡ š   ¤ ¥ ¡ ™ ¢ ¬ ª  ª   ¬ ™ œ ™ . ™ Ÿ œ   ñ ™ Ÿ @   ¬   Ÿ œ š ¡   š ¯ § ª œ ™ š S — ü Ÿ ¤ T ! ² U °    ò ¢

– ð ð ì ¢ © — – , – ± – , ì — þ

ï — ³ ¡   © œ ª ñ ¡ û ó ª ÷ Ÿ ÷ § Ÿ ª ¥ œ V ¯ Ÿ ¬   š ™ ¬ ª ¤ ¬ ™ ¤ › œ   ¤ ª © ™ œ £ ª ñ ª U   Ÿ š ­ A ™ š ™ ¡ š ¬ ª ¤ › ª š › õ  ™ ¤ œ ™ ñ ª š ' ¡ ™ › œ   ›    ñ   ª ÷ š ¬ ¡ ±

œ Ÿ ñ   ñ ™ ñ   ¤   › ¡ œ ™ ú   ­ ¡    ¤   —

 B             !  " # $ %  &  ' ( )  " #   * + $ '  , - $ .  " $ , - $ .  / $ "   " $ 0 1 2 3 4 5 6 .    # $  


r [ [ [ v D @ A B C D I A C C E X S A B G E D A X E B F H J E B F A G A S C O S C H A K D N A C J A C D N [ ? P E T X E G E Y A C J D

@ A B C D G D R L D B G A X E S C A I L C D J D B F E C A L D L J E B F D C A K D N A C J A C D N S C E X E B F E B D X C E S C E X E B T

WDo}HVGHVL0RVWUDVHVHUVHQVtYHOjKRQUDTXDQGRXPDYH]FRPHWLGRXPDDomRTXH
I A B F C D C H D D J A C D N { X E B F E T X E K E C P A B @ D [  B E X F E X E B F H G A R L E @ A B C D S A G E X E C X H B } B H J A

S C E I H X A G D K E C P A B @ D J A C D N r S C A X S E I F H K D E C E F C A X S E I F H K D v [ Ž A G D K H D { I A J A X E L S E X A

VHPkQWLFR p FDUUHJDGR GH YiULDV LQWHUSUHWDo}HV QRWDGDPHQWH FRP DPELJXLGDGHV


r @ A B C D S C E I E G ] B I H D K E C X L X @ A B C D K H C F L G E { @ A B C D E M F E C H A C K E C X L X @ A B C D H B F E C H A C { D P H C


S A C @ A B C D K E C X L X D P H C I A J @ A B C D T K E C X D Ž D H N N E { u u u v { F D N K E U X E Z D S C L G E B F E E J S C E P D C

A L F C A I A B I E H F A { R L E X E E B I A B F C D B D A ` C D G E Ø D  N X r s t s v { E R L E S A G E F E C A J E X J A

X E B F H G A Y A D L F A C C E X S E H F A [ ? X X H J F E C E J A X D L F A E X F H J D R L D B G A A X K D N A C E X D X X A I H D G A X

jVUHSUHVHQWDo}HVGHVLIRUHPHVWUDQKRVRXFRQWUiULRVjPRUDOHWHUHPRVKRQUDRX
D L F A C C E X S E H F A R L D B G A F D H X K D N A C E X Y A C E J J A C D H X [ × E X F E D L F A C C E X S E H F A I A C C E X S A B G E {

I A J A F A G A B A X X A F E M F A S C A I L C A L J A X F C D C { Y A C V D J A F H K D I H A B D N R L E N E K D D S E X X A D D

DJLUHDSHQVDUPRUDOPHQWH7DOWHVHSRGHVHUVLQWHWL]DGDFRPRRSURS}H/H'RHXI
r s t t z v Y C E X S E H F D C A X A L F C A X E C E X S E H F D C D X H S C O S C H A H J S N H I D J T X E C E I H S C A I D J E B F E [


r Ž ? w X X × { u u { S [ z [ v

 Æ Ï Î  É Ð Å Ý È Å Ë  Î Ó Ë Í Ë

VmRPXLWREHPGH¿QLGRVRVDVVXQWRVGDHVIHUDSULYDGDHS~EOLFD3RUH[HPSOR
TXDQGRXPVXMHLWRGHL[DGHFXPSULUDOJRTXHVHMDVXDREULJDomRHTXHEHQH¿FLHR

Ê Ë Æ Ë Z Ñ Ï Æ Ï

ဎϪ Ϫဎ
Î Å Ó Ó Ñ Þ Ñ

HPVXDREUDH[S}HQRVTXHQR-DSmRSRUFDXVDGR
Ñ Î Ê Ï Í

SRUQmRKDYHUXPWULEXQDOTXHMXOJDVVHRPpULWRGHTXHVW}HVUHODFLRQDGDVjKRQUD
GRVXMHLWR2SUREOHPDHUDTXHSRUQmRH[LVWLUXPFyGLJRHVFULWRTXHGH¿QLVVHR

LQWHUSUHWDo}HVEDVHDGRHPIDWRVHH[SHULrQFLDVGHFDGDLQGLYtGXR'HVWDIRUPD

2 · 1 5 ¸ 2 ¹ º » ¸ ¼ ½ 2 ½ 2  " % ¾ ¾  + %   ¿ ¾ À   Á Â ¾  W


E D F @ H B K A N K H B P D R L E X F H A B A Y @ A B A L C {  D X D I I E S F E G H B L X @ H G A D X D ‘ E  F A F @ E X A N L T

F H A B A Y J D B  I A J S N E M S C A ` N E J X { X A F @ D F F A D B D J ` H F H A L X X D J L C D H D B D F L C D N G E S D C F L C E

Y C A J N H Y E X E E J E G D C D F @ E C F D J E D Y Y D H C D B G D I A B X L J J D F H A B B A F G E K A L F N  F A ` E  H X @ E G


Y A C [ r ^ w Ž × { s t { S [ t z v [

GRGLUHLWR 5($/( D¿UPDKDYHUXPSURFHVVRQRTXDOFRPRGHFRUUHUGR


WHPSRRVYDORUHVGHQWURGRJUXSRKXPDQRVHPRGL¿FDPREULJDQGRjPRGL¿FDomR

YRQWDGHSDUWLFXODUDVLQWHUSUHWDo}HVTXHVXUJHPVREUHDQRomRGHKRQUDHVWDULDP

EiUEDUR PDV R UHÀH[R GD UHVSRQVDELOLGDGH TXH R LQGLYtGXR DVVXPH SHUDQWH D

? J A B P D X D K D P E F C H ` E  @ H I @ @ D X B A J D C C H D P E { D G L N F E C  H X B A F D X H B { D B G A B N  F @ E

Z E D N A L X  A Y D N A K E C S C A F E I F X D  A J D B Y C A J D ` L X E C X A H B D F H J E  @ H I @ @ D X B A I C H J H B D N

I A L C F { J L C G E C H X B A F D I C H J E { D B G A B N  F @ E K H P H N D B F K E B P E D B I E A Y F @ E K H I F H J \ X S E A S N E


S C E X E C K E X X A I H D N A C G E C [ r ^ w Ž × { s t { S [ s u u v [

FRPSDUWLOKDU GR FRQKHFLPHQWR GH VXDV SRVLo}HV GHQWUR GD KLHUDUTXLD VRFLDO$

QDH[HFXomRGRKDUDTXLULSRUKDYHURGHVFRQWUROHQDVGHFLV}HVGHSUiWLFDVVXLFLGDV
7HPRVDKRQUDTXDVHFRPRXPLQVWUXPHQWRUHJXODGRUGDVUHODo}HVHVWDEHOHFLGDV

A F @ A Y F @ E X E H B X F H F L F H A B X A Y X L H I H G E D B G C E G C E X X N A X F F @ E H C á o e c g q f ] j â á j D F F @ E S C A T

J L N P D F H A B A Y F @ E  C H J H B D N  A G E [ ^ A J A C E G A  E @ E D C A Y C A J D B F H I D G K E B F L C E X A Y D

 [             !  " # $ %  &  ' ( )  " #   * + $ '  , - $ .  " $ , - $ .  / $ "   " $ 0 1 2 3 4 5 6 .    # $  


Y D H C J D H G E B D X X @ E F C D I ‘ X H B G H X P L H X E F @ E J L C G E C E C A Y @ E C S D C E B F [ ^ A J A C E I D B  E

 H F B E X X F C D P E G H E X A Y Y D J H N  K E B G E F F D E B D I F E G [ Ž @ E ‘ B H P @ F E C C D B F C  A Y Š H  D J A F A

Š L X D X @ H H X B A  D F D N E A Y F @ E S D X F [ Ž @ E  E N N T A C G E C E G S A N H I E X S H E X A L F F @ E I C H J H B D N Y A C

F @ E H B Z L C E G S D C F  D B G F @ E N D  J E F E X A L F Z L X F H I E [ Ž @ E  @ A N E X F D F E D B G X A I H E F   H N N X E E

WKDWZURQJLVULJKWHG7KHVHQVHRIMXVWLFHVDWLV¿HGWKHUHLVQRQHHGRI
o â o e ` b æ d e [

_ _

ß
w Y F @ H X @ D G J E D B F F @ D F @ L B P E C A Y F @ E @ E D C F  @ H I @ Y E E G X L S A B F @ E @ A S E A Y P N L F F H B P F @ D F

@ L B P E C  H F @ F @ E N H Y E ` N A A G A Y F @ E K H I F H J {  D X D ^ E  × B P N D B G G H K H B E @ D X G E X I C H ` E G H F {

D Y E  S D C D P C D S @ X H B F @ E  C H J H B D N  A G E  A L N G B A F X A E B F H C E N  @ D K E J D G E D B E B G A Y


H F [ r ^ w Ž × { s t { S [ s u v [

SRLVLVWRVHULDD¿UPDUTXHDKRQUDpXPDHDPHVPDDRORQJRGRVWHPSRV&RPR
H[SRVWRDFLPDRVYDORUHVVHPRGL¿FDPVHJXQGRRVFRVWXPHVGRVKRPHQVDRORQJR

PRGHUQRVVmRGLIHUHQWHV$MXVWL¿FDWLYDVHHQFRQWUDQRVLVWHPDGHSRGHUHVWDEHOH

? @ A B C D T K H C F L G E S A G E { E J I E C F D X Q S A I D X { G H U E J { X E X H F L D C E J A S A X H V W A D A E J I A T

J L J A L I A B K E B H E B F E { E I A B F L G A X E C C E I A B @ E I H G D I A J A F D N { S A C J D H X I @ A I D B F E R L E

H X F A S A X X D S D C E I E C @ A Z E a D I A J S E F ] B I H D S D C D Z L N P ê T N D E X F D B G A E X F C E H F D J E B F E N H P D G D

D A X X H X F E J D X G E S A G E C A L G E S C E I E G ] B I H D E B F W A E J K H P A C [ ? H B G D D X X H J E N D X E D I @ D K D

E X F D ` E N E I H G D B D E M H X F ] B I H D G E L J D I A J L B H G D G E G D @ A B C D { S A X X H K E N J E B F E A ` X I E B D {


J D X B W A H J D P H B ê C H D [ r H B b ?  Ž c × Ø ^ { s t t { S [ s Ú v [


Ñ Î Ê Ï Í

YiULDVLQIRUPDo}HVDFHUFDGDKRQUD³

 Ï Î e Ó È Æ Ð Ë É Ð È e È Z Ñ Å I È É I Å Æ É Å f Ê È É Æ Ë g Î È Æ Å


Ë Ï Ý Ó Ñ Í h É I Ï Ë Ì Å Ä Ï Í Å É Ð Å Z Ñ Å Í È Î I È É Ð Æ i Æ Ï È Î Ð Ï Æ Ë Æ Å Ý È Î Ë Ñ É Í Ë É Ð Å Î Ó Æ Å Ý Ï Î Î Ë Î

 — R U ª ñ ª § ª ' ¡ ™ š ™ ñ ™ š   œ œ ª § § /  V š   § § V ñ ™ § ¬ ª ¤ ¬ ™ © › ª ñ ™ ­ ª ¤ ª œ ¯ ™ ¡ ñ   § ™ ¤ ¬ ¡   ¤ › ª   š ¡ ÷ § Ÿ    ¬ Ÿ / ¤ ñ ™ §   ø Ÿ ñ   Ÿ  © ¡ § ±

š Ÿ ø   % ™  ª ¬ Ÿ ª ¤   § ­   š Ÿ ñ ª Ÿ ¤ ñ Ÿ š ¬ ¡ › Ÿ ÷ § ™  ™ ¤ › ™ ª ÷ œ   š ¡ %   — U    ÷ Ÿ ö ¤   ' ¡ £ ™ § ÷ ¡ ñ Ÿ š  ª ¬ ª ¤ š ™ œ ø / ™ § ¯ œ £ ª › ™  © § ™ ñ ™

§   š ª › ™ œ Ÿ ª § ª ¥ £   Ÿ ¤ › ™ § ™ ¬ › ¡   § Ÿ ¤ ñ Ÿ   ¢ ' ¡ ™ š ™ ¯ ¡ ¤ ñ Ÿ / ¬ ª ¤ §   ¤ ª œ    ¬ ª ¤ ¯ ¡ ¬ Ÿ   ¤   ñ ™ §   R ¬ ª ¤ › ™ ¤ ¬ Ÿ / ¤ S % ™ § R ñ ™ ¬ ª œ ª S ¢

Ÿ ¤ › ™ œ © œ ™ ›   ñ   ™ ¤ ¨   © / ¤ ¤ ¡ ™ ø    ™ ¤ › ™ ™ ¤ ™ § š ™ ¤ › Ÿ ñ ª ¯ ™ ¡ ñ   § ¢ ™ ¤ ™ § Ÿ ñ ™   § ñ ™ § ¥ ™ ¤ › § ™    ¤ ÷   š   ñ ª ™ ¤ §   ñ Ÿ ¥ ¤ Ÿ ñ   ñ ñ ™ §

¥ ™ š › ª % §   ñ Ÿ š ›   ¤ ¬ Ÿ   š ™ ¤ › Ÿ  ™ ¤ ›   § ñ ™ § ™ ¡ œ ª © ™ ª ¢ š ¡ ™ § ™ ¤ š ™ ¤ › Ÿ œ š ™ § ª š ¨   © ª ¤ ™ š ™ š ¬ ¡ § › ª š œ ™ © œ ™ š ™ ¤ ›   ¤ › ™ š ñ ™ ™ š › ™ Ÿ ñ ™   § — S

ü *  «   ¢ – ð  ï ¢ © — ì ð $ ± ì ð – þ —

2 · 1 5 ¸ 2 ¹ º » ¸ ¼ ½ 2 ½ 2  " % ¾ ¾  + %   ¿ ¾ À   Á Â ¾  ^

$KRQUDHDYHUJRQKDVmRYDORUL]Do}HVVRFLDLVHSDUWLOKDPSRUWDQWRGDQDWXUH]DGH
VDQo}HVVRFLDLVTXDQWRPDLVPRQROtWLFRpRM~ULPDLVVHYHURpRMXOJDPHQWR+RQUD
H YHUJRQKD VmR GRLV SRORV GH XPD YDORUL]DomR 6mR D UHÀH[mR GD SHUVRQDOLGDGH
VRFLDOQRHVSHOKRGRVLGHDLVVRFLDLV2TXHpHVSHFt¿FRGHVVDVYDORUL]Do}HVpVHUHP
L X D G D X I A J A S D G C W A G E J E G H G D G A F H S A G E S E C X A B D N H G D G E I A B X H G E C D G A C E S C E X E B F D F H K A

E E M E J S N D C G E L J D G D G D X A I H E G D G E [ r Ö × Ø w \ Ž w ? ^ Ù { s t y Ú { S [ z v [

|

S C E F E B G E B F E @ A B C D F E J R L E Y D U E C I A J R L E A X A L F C A X D I E H F E J D X L D D K D N H D V W A R L E

Y D U G E X H S C O S C H A { F E J R L E I A B X E P L H C C E S L F D V W A { S A H X { B A I D X A I A B F C ê C H A { D S C E F E B X W A

S D X X D D X E C X H J S N E X K D H G D G E { A ` Z E F A G E C H G _ I L N A A L G E X S C E U A a J D X S A C S D C F E G E R L E J k

2PRUDOLVWDWHPRGLUHLWRGHDUELWUDUDVSUHWHQV}HVjKRQUDGHDFRUGRFRPRVVHXV
S C O S C H A X K D N A C E X l E J L H F A X G A X F C D F D G A X G E @ A B C D X W A { B D C E D N H G D G E { F H C D G A X I A B F C D

A X I A X F L J E X G D Q S A I D m { J D X A X I H E B F H X F D X X A I H D H X A I L S D J T X E G E Y D I F A X E S C A I E X X A X

GHLGHQWL¿FDomRFRPRFRPTXHIXQGDPHQWRHSRUTXHPpDKRQUDLGHQWL¿FDGD"
r Ö × Ø w \ Ž w ? ^ Ù { s t y Ú { S [ s n v [

SRLVRLQFHQWLYDULDDID]HUHVFROKDVHUUDGDVHSURYDYHOPHQWHDLJQRUDUFRORFDo}HV

Ñ Î Ê Ï Í

ð — ˜ õ ¤ ¬ Ÿ ª ü ï $   — ¦ — o ì  ð   — ¦ ¢ þ ¯ ª Ÿ ¡  ¯ Ÿ § / š ª ¯ ª ¬ ­ Ÿ ¤ õ š ¬ ª ¤ š Ÿ ñ ™ œ   ñ ª ­ ™ œ ñ ™ Ÿ œ ª Ÿ ¤ › ™ § ™ ¬ › ¡   § ñ ™ ¦ ª ¤ ¯ í ¬ Ÿ ª —

¾ Á             !  " # $ %  &  ' ( )  " #   * + $ '  , - $ .  " $ , - $ .  / $ "   " $ 0 1 2 3 4 5 6 .    # $  


Ð Ï Ý Ì

Ð Ï Ý Ì

Ë Æ Ï Î Ð Ô Ï

༹৭Ј
Æ Å É I Ê Ï Î Ê Ï É Ð Ï Ý Ì

Þ Ò Ì È Î i Ó Ê Ð Ê Ï Ð È É

Ë Ç Ë Ð Ê p Î Ë É Ì Æ

× J L J D X A I H E G D G E G E I A B Y C A B F A B D R L D N { S D C D X E C C E I A B @ E I H G A { Q S C E I H X A G E C C A F D C A X

C H K D H X E J L J D I A J S E F H V W A H B I E X X D B F E S E N D P N O C H D { I D G D H B G H K _ G L A E X F ê I A N A I D G A X A `

A A N @ D C G A A L F C A { I D G D H B G H K _ G L A E M H X F E S A C E X F E A N @ D C [ × N E Q A R L E A X A L F C A X K E E J

G E N E [ ? H G E B F H G D G E G E L J H B G H K _ G L A I A H B I H G E I A J X L D D K D N H D V W A X A I H D N Y G D G E C C H X W A

D A N A L K A C { G A G E X S C E U A D G J H C D V W A [ \ E A K D N A C G E L J @ A J E J S E C J D B E I E D X X H J

| |

N H P D G A X L D C E S L F D V W A { F A G D A Y E B X D S q ` N H I D X L D G H P B H G D G E { F A G A D F A A L I A J E B F ê C H A

R L E D F H B P E X E L S C E X F _ P H A X E C W A X E B F H G A X S E N D K _ F H J D { E B R L D B F A B W A Y A C E J D ` E C F D J E B F E

C E S D C D G A X { I A J A L J D Y A C J D G E C E ` D H M D C A L G E G E X F C L H C X E X E C { X L D K H C F L G E _ B F H J D E

G E I A B X L J H C X L D R L E G D [
E X A B C D G A { D R L E N E R L E B W A I A B X E P L H L R L E A @ A J E J R L E A

A Y E B G E L S D P L E S E N A L N F C D Z E S E C G E { I A J X L D â e ç r { A C E B A J E { A N L P D C B D @ H E C D C R L H D E

A X S C H K H N Q P H A X [ \ E S D C D G A G D X X A N H G D C H E G D G E X D B F H P D X { D Y D X F D G A G A P C L S A G E X E L X S D C E X {

A R L E C E X F D G E N E k  D _ G A D ` D H M A G A K H N W A { G A g c R L E D H B G D F E J X E L N L P D C E B F C E D X

_ s _

@ A X F E X G A S A K A { F A C B D T X E L J E C C D B F E { X E J S D _ X A L C D _ U E X { Q L J E M H N D G A G E X S C E U _ K E N {

L J @ A J E J X E J B E B @ L J K D N A C { S D C D C E F A J D C A X F E C J A X G E ? R L H N E X A Y E B G H G A S A C


? P D J ] B A B r w N _ D G D { w ~ { y n x E w t z v [ r t × Ø ^ ? ^ Ž { u u { S [ u T u x v [

QRTXDOVHHQFRQWUDRLQGLYtGXRHGDHODERUDomRGRVMXt]RVFRPRD¿UPD3LHUUH

 J S A B F A G E @ A B C D Q A Y L B G D J E B F A G D J A C D N S C O S C H A G E L J H B G H K _ G L A R L E X E J E G E

X E J S C E X A ` A A N @ D C G A X A L F C A X { R L E F E J B E I E X X H G D G E G A X A L F C A X S D C D E M H X F H C { S A C R L E

D H J D P E J R L E X E Y A C J D G E X H S C O S C H A B W A S A G E X E C G H Y E C E B F E G D H J D P E J G E X H R L E Q

G E K A N K H G D S E N A X A L F C A X [

 J X H X F E J D G E K D N A C E X B L B I D Q L J I O G H P A @ A J A P Q B E A G E S C H B I _ S H A X D ` X F C D F A X D R L E

A ` E G E I E J F A G A X A X S D C F H I H S D B F E X G E L J D G D G D I L N F L C D E R L E { S A G E X E C E M F C D _ G A G E

L J H B Y A C J D G A C I A J A D L M _ N H A G E L J I A B Z L B F A G E S E C P L B F D X @ H S A F Q F H I D X { J D X L J D

I A N E V W A G E I A B I E H F A X C E N D I H A B D G A X L B X I A J A X A L F C A X E L F H N H U D G A X G E J D B E H C D G H Y E T

2 · 1 5 ¸ 2 ¹ º » ¸ ¼ ½ 2 ½ 2  " % ¾ ¾  + %   ¿ ¾ À   Á Â ¾ ¾ Â

UHQWHSHORVYiULRVJUXSRVVRFLDLVGH¿QLGRVSRULGDGHVH[RFODVVHRFXSDomRHHWF
B A X I A B F E M F A X X A I H D H X r E B W A J E C D J E B F E N H B P L _ X F H I A X v G H Y E C E B F E X R L E N @ E X A Y E C E I E J

YiULRVVLJQL¿FDGRV´ LQ3(5,67,$1<S 

Ç Ï Æ Ï

ৱ က౛
È É È É Ç Ï Æ Ï

 FRQVHJXLXID]HUXPDH[SRVLomRPRGHUQDVREUHRWHPDH[HPSOL¿FDQGRRTXH

1mRVmRGtYLGDVREWLGDVSRUHPSUpVWLPRV¿QDQFHLURVPDVGtYLGDTXHRGLVFtSXOR

GDYRQWDGHGRLQGLYtGXRHOH¿FDHPGpELWRFRPRPHVWUHSRUTXHIRLDFHLWRFRPR
È É

PHQWRGHTXHDRSHGLUXPIDYRU¿FDUiHPGpELWRFRPRRXWUR

g q Q L J D G _ K H G D R L E S C E I H X D X E C S D P D { J D X B A ‰ D S W A F A G A X A X S D P D J E B F A X X W A


I A B X H G E C D G A X I A J A S E C F E B I E B F E X D F A G D L J D A L F C D I D F E P A C H D [ X Z D S A B E X E X D I @ D J D

B A X X D J A C D N { R L E I A B Y L B G E E X X D X G L D X I D F E P A C H D X E J B A X X D Q F H I D E E J B A X X D X S D N D K C D X

B E L F C D X F D H X I A J A A ` C H P D V W A E G E K E C { F W A E X F C D B @ D R L D B F A D B O X S D C E I E C H D J A X B E P O I H A X

¿QDQFHLURVQXPDWULERFXMDOtQJXDQmR¿]HVVHVHSDUDomRHQWUH³GHYHGRU´H³FUHGRU´
HPWUDQVDo}HVPRQHWiULDV3DUDHOHVRGpELWRSULPRUGLDOHVHPSUHSUHVHQWHTXHVH
G E B A J H B D g q E X F ê D J L B G A X G E G H X F u B I H D G A F E B X A E D F H K A S D P D J E B F A B A J E D G A B L J D


X Q C H E G E A L F C A X I A B I E H F A X [ G Q ` H F A G E L J @ A J E J I A J E V D R L D B G A E N E X E E J S E B @ D


D F H K D J E B F E B A J H X F E C G D P C D F H G W A [ r × ^ ×
w  Ž { u u { S [ t t v

Ç Ï Æ Ï

XP(VWDGRSDUDID]HUDLQWHUSUHWDomRGHXPFyGLJRHVFULWRDVTXHVW}HVUHODFLRQDGDV

¾              !  " # $ %  &  ' ( )  " #   * + $ '  , - $ .  " $ , - $ .  / $ "   " $ 0 1 2 3 4 5 6 .    # $  


HUDPLQVWUXPHQWRVFULDo}HVSURSULDPHQWHMDSRQH
È É Ç Ï Æ Ï

 K E C G D G E R L E { B D K D N A C H U D V W A G D I A B G L F D G E L J D S E X X A D { D X L D S A X H V W A X A I H D N Q

F A J D G D E J I A B X H G E C D V W A [  F D J ` Q J K E C G D G E R L E B W A @ ê S A X H V W A X A I H D N B E J Y D V D T

B @ D S E X X A D H X R L E K D N @ D J D R L E J B W A S A X X L D A X H B P C E G H E B F E X G E @ A B C D [ × M I E N ] B I H D

B E X F D X R L D N H G D G E X r G D @ A B C D v Y D U S D C F E G D H J D P E J G A @ A J E J H G E D N { Y D N F D G E N D X D ` C E A


I D J H B @ A D A A X F C D I H X J A X A I H D N [ @ A J E J H G E D N E A @ A J E J C E X S E H F D G A E X F W A D B _ K E H X

G H Y E C E B F E X G D J E X J D E X I D N D G E K D N A C E X [  J E X F L G A G A X Z L _ U A X G E K D N A C C E N D I H A B D G A X

I A J @ A B C D E K E C P A B @ D H J S N H I D A E X F L G A G A X H G E D H X F E J S A C D H X X L S C E J A X G D X A I H E G D G E

E G D X L D E B I D C B D V W A B A F H S A H G E D N G E @ A J E J [  F D J ` Q J L J E X F L G A G A J A N G E ` ê X H I A

G D S E C X A B D N H G D G E X A I H D N [ r Ö × Ø w \ Ž w ? ^ Ù { s t y Ú { S [ n v [

SRUYDORUL]Do}HVMXt]RVFRQFHELGRVSRUPHLRGRVYDORUHVVRFLDLVLQHUHQWHVDFDGD

QLVVRUHODo}HVFRPDVXDH[LVWrQFLDHPRXWURVJUXSRVpLJQRUDUDFRQWULEXLomR

2VPRYLPHQWRVQDFLRQDOLVWDVMDSRQHVHVGRLQtFLRGRVpFXOR;;¿]HUDPR

Ñ Î Ê Ï Í

GLVWRUo}HVVXUJLUDPHDTXLORTXHGHYHULDVHUUHVWULWDDSHQDVFRPRFRQVHTXrQFLDGR
Ç Ï Æ Ï

%LEOLRJUD¿D
v w x y z { z | } | y ~  €  ‚ ƒ „ … † ‡ † ˆ ‰ † „ Š ‹ € ˆ Œ y  Ž   ‘ ’ Ž “ ”  • – — ˜ ™ š Ž ˜ – › ™ ~ œ   ž Œ

|   | ¡ x ¢ £ ¤ ¥ ¦ § ¨ © ª « ¬ ­ ® ¯ ° ± ² ³ ´ ² µ ¶ ® · µ ¸ µ © ¹ º » ¼ ½ ¦ ¾ » ¿ ¼ À Á Â Ã À Ä § Å Æ ½ ¤ Ç È È É ©
Ÿ

Ê Ë Ì £ Í Î ¥ Ï Ð ¤ Ñ ½ Á Å À © Ò Ó ´ ° ¬ µ Ô Õ ³ µ Ö ² ³ ¸ ² ® ­ ´ × ¸ ´ ³ ¸ ² ® ­ Ø × ³ ­ ¸ ² µ Ù ² Ú × Û Ü ´ Ý ´ © ¼ » Á § »

Ë ¾ À Þ Á À ¿ ß à ¼ Ñ ¤ á â â Ç ©

2 · 1 5 ¸ 2 ¹ º » ¸ ¼ ½ 2 ½ 2  " % ¾ ¾  + %   ¿ ¾ À   Á Â ¾ ¾ ¾

Ð  £ Ï  Î ¤  ½
» © ² ´ ¬  ® ´  Õ ° µ  ´  ­ ± ´  ² ©  » ¾ ¦  À á   ¦ Â ¨ Å  » ¿ £ ¨ À ¹ » ¦ ¾ »   ½ Ã ½ ¤ £ ¨ » ¦ Þ ¨ § Â

½  Î Â Â ½  Â  © £   ¦ Å » ¤ Ì Å Æ À Á Â Å §  »  £ »   » ¼ Á À Â Â ¤ á â É Ç ©

¼ Î ¥  ¹ £  Ë Ð  ¤  » ¨ Ê ©  Ï Á Þ ©  © Ó ´ ° ¬ µ ²  ² ¬ Ö ´ ° µ Ø  µ Ù ´ ¬ ² ® ¸ µ ® ´ Ý ­ ² ¸ µ ¸ ² ® ! ² ¸ ­ ± ² ¬ ¬ ¯ ° ­ Ý µ ® ©

ß Å Â " » ½ ¿ # ¦  ½ $ º » ¢ ½ ¾ » ¦ Â § À Ê ¦ ¾ " À  Å ½ ¤ á â % & ©

¥ Î Ë ß Î ¤ Ñ Å Þ ¦ À ¾ © ² ´ ¬ ­ µ ¬ ­ ¸ ­ ³ ² ° ® ­ ´ ° µ Ù ¸ ´ ' ­ ¬ ² ­ ± ´ © ¹ º » ¼ ½ ¦ ¾ » ¿ Î  Å $ º » ¹ ½ Á ½ Å Æ ½ ¤ á â % ( ©

¹ Ë ¥ £ ¥ Î ¤  À ½ ) ¼ ½ ¦ ¾ © ª ² ¬ ² ´  µ ¸ µ © ¼ À § Á  Ã » ¾ Å Â ¿ Î  Å § » Á ½  »
À Â ¤ Ç È È * ©

63529,(520iULR%UXQR$VSHFWRVGD¿ORVR¿DFKLQHVD&RQI~FLRH/DR]L5HÀH[mR
¤ ¹ º »

¼ ½ ¦ ¾ » ¤ Æ © + á ¤ á â ( â ©

7$,//(<YHV GH /D 2 6HQWLPHQWR GH 9HUJRQKD H VXDV 5HODo}HV FRP D 0RUDOLGDGH ,Q
³3VLFRORJLD5HÀH[mRH&UtWLFD´
¤ , á & ¤ Ç È È Ç ¤ Ã © á * ) Ç & ©

 Î ¥ Ð Ë Ð £ ¤  À ½ ) ¼ Å À Á Á À © ! ­ ± ´ ² - ´ Ù Û ± ­ Ý µ © ¹ º » ¼ ½ ¦ ¾ » ¿ Î  ¦ Â Ã ¤ Ç È È Ç ©

Î  Î ¥ ¤ Ñ ½ / © ¶ ° ® µ 0 ´ ® ® ´  ¬ ² ´ Ý ­ ´ Ù ´ Ö Û µ ¸ ² Ù µ 1 ² Ù ­ Ö ­ 2 ° Õ Õ ¤ Ñ ½  Á Å  ¿ £ ½ ¦ Á ¦ Â ¤ á â ( É ©
.

ã ä å æ å ç è é ê ë ì í î ï ð ñ î ò ó ô õ æ ö ë ÷ ø ù î ò ó ë ï ú û ô ÷ î ü ý ô þ ë ò ô ü ý ô þ ï ÿ ô ò í ë ò ô       þ ï å î ó ô ì ï
I J K L M N O P Q R S R T U V U W X Y Z U [ \ ] U V T S ^ S _ ` a \ T Q b Y ` U X _ Q R c T _ U S a Y ` a S _ R Y d S e f g f h i j k l j k m j n g j i U ` R S Q d S

U ` U W _ Q U T ] Y Q S ] o \ S ] S d _ d U U Q Y V T U Q d S p U [ U _ q Q U ] \ r Y d S T _ U ] Q S T S ` o \ U d T U d U Q ` S Q Q S s t ` S T Y W _ R S T u T _ Y v

w x y x z { x K | } ~ x z J O p U [ U _ q Q U ] \  € _ R S T U R \ T U  U r Y ` S Q U  P Q a T _ R U d Y P \  ‚ U R \ T U W _ Q ] Y  ƒ S U W _ Q ] Y

„ …
K † { x } † O ‡ S ] U ˆ S U V T _ S Z _ ` a \ T Q _ Y ` _ ` R Y R X S _ d S U U ` d X _ Q R Y T ‰ Y Z R X S a Y ` a S r R Y Z Š U R U ˆ \ Q X _ Q X ‹ Q S R Q \

V S Z Y T S U ` U W ‰ [ _ ` s _ ` Š X _ a X ] S U Q \ T S R X S Š Y T ˆ Q Y Z p U [ U _ q Q U ] \ a Y \ W d V S Q U _ d R Y V S W Y ` s R Y R X _ Q W _ R S T U T ‰

s S ` T S v

Œ J  Ž N {  K O p U [ U _ q Q U ] \   U r U ` S Q S € _ R S T U R \ T S   ` Y ^ S W  ‚ U R \ T U W _ Q ]  ƒ S U W _ Q ]

GH7yTXLRFLGDGHTXHDWUDtDDVSHVVRDVSHODVVXDVLQ¿QLWDVSRVVLELOLGDGHVROXJDU

‘ ’ “ ” • – — ˜ ™ š ˜ š › œ — ›  — ˜ ž ˜ š ” Ÿ   ™  ¡ ˜ ¢ Ÿ £ – ” — ˜ – ¡ — ˜ ” ¤ ¡ ¥ – ¡ — ˜ ¦ ˜ œ › ™ ” • ˜ š ˜ § ™ £ ¨ ” — • £ š ˜ š ” š ” © ª › « ˜ ¡ ¥ › ’ ¤ › ™ – ˜ – › ¬

­ ­ ­ ¯
˜ ® ˜ ™ ˜ ¡ • œ ’ ° —

3 4 5 6 7 8 4 9 : ; 8 < = 4 = 4 > ? @ A A > B @ A C D E E > F G H A A C


UH¿QDPHQWRVFRPRVHXVFRQWHUUkQHRVDOJXpPTXHVHVHQWHGHVORFDGRQDFDSLWDO

$OLDGRVDERPEDDW{PLFDHQ¿PXPSHUtRGRGHSHUGDVTXHPDUFRXSURIXQGDPHQWH

VHWRUQDUDPURWLQDQHVVHSHUtRGRH¿FDUDPUHJLVWUDGDVHPVXDVREUDV

È É Ê Ë Ì Ê

$VREUDVGH'D]DLVmRFODVVL¿FDGDVFRPR
Ì Î Ì Ï É Ð Ñ Ò Ð Ñ Ó Ð Ô Î Ð É Õ

È É Ê Ë Ì Ê Ö

DSDUWLUGRSHUtRGR0HLML  0XLWRVDXWRUHVHFUtWLFRVLQÀXHQFLDGRVSH

OLWHUDWXUDPDLVDXWrQWLFDHYHUGDGHLUD¿HOjUHDOLGDGHHQDTXDORVVHQWLPHQWRVGRV

HVEDUUDPQDVH[LJrQFLDVHYDORUHVGDVRFLHGDGH(VmRHVVHVFRQÀLWRVRVJUDQGHV

GRVFRQGHQDGDVSHODVRFLHGDGHSRUDIURQWDUHPVXDVFRQYHQo}HVWrP¿QVWUiJLFRV

SURFXUDPGHVFUHYHUHVVDVVLWXDo}HVFRP¿GHOLGDGHUHYHODPRVVHQWLPHQWRVGH

× ’ Ø ˜ ž ° Ù ž Ú › ™ Û ” Ú £ š › Ú › ž › • Û £ • Û Ü • ” – • ¡ ¢ › • š › £ • – ” — ž › • • ª › £ ™ – ” — Ú ˜ ž ° £ Ý ¨ ” £ • ’

­ ­
Þ ’ © › ° — ” › ß ˜ – ˜ ¡ • Û £ © Û Ü • ” – • ¡ ¬ © ¡ à ¡ £ ¢ Ø › ž £ ’ á â ã ã â ä å æ ç ä è é ê é ë ì ’ ‘ í ” š ’ © – ˜ ™ î › — š ¬ © – ˜ ™ î › — š § ™ £ ¨ ” — • £ – ï « — ” • • ¢

­
‘ ð ð ñ ’ ò ” — – ˜ ž ° Ù ž ¬ ó › ® ¥ ” — ¢ ô š ® ˜ — š ’ õ è é ö è é ä ÷ ã å ø ÷ ì ù ÷ æ ì é ú ú å ÷ æ ’ ‘ ˜ ” š ’ û ” — ” ¥ ” ï ¬ § ™ £ ¨ ” — • £ – ï › î ¤ ˜ ¥ £ î › — ™ £ ˜

« — ” • • ¢ ‘ ð ü ü ’

A ± ² ³ ´ ³ µ ³ > ² ¶ · ¸ ? ² ¶ ¹ º ¸ @ » ¼ ½ ¾ ¿ À ¸ · ¸ ¶ Á ¼ Â ¶ Â ¸ ? ¶ Ã À Ä · ¶ Ã Â ¸ Å ¶ ¹ ¶ ¼ Æ Ã ¶ Ç º
YHQGRSHVVRDOPHQWHQDQDUUDWLYD7UDWDVHGH¿Fo}HVRVSHUVRQDJHQVHRVHQUHGRV

4XDOTXHUPXOKHUSRGHULDVHLGHQWL¿FDUFRPDVSHUVRQDJHQVGH)ODXEHUWRX7ROVWRL

GHFRQÀLWRVHQWUHVRFLHGDGHHLQGLYtGXRQHVVHDPELHQWHQmRHUDXPDHPSUHLWDGD

Ð Î Ì Î É Ð þ É ÿ

2QDWXUDOLVPRMDSRQrVFRQVHUYRXDLGHLDGHTXHDOLWHUDWXUDGHYHVHU¿HOj

ÀLWRVWRUQDPVHVXEMHWLYRVDUHDOLGDGHHRVVHQWLPHQWRVVmRDTXHOHVUHWLUDGRVGDV
Ì Î Ì Ï É Ð Ñ Ò

Ð Ñ Ó Ð Ô Î Ð É

É Î ÿ Ê

Ì Î Ì Ï É Ð Ñ Ò Ð Ñ Ó Ð Ô Î Ð É

VXDOLPLWDomRHPUHODomRDHVWH~OWLPRD¿QDORVDVVXQWRVVHHVJRWDPQDYLGDGRV

$VVLPPHVPRQmRVmRSRXFRVDTXHOHVTXHFKHJDPDD¿UPDUTXHXPWH[WRTXHQmR

HVHJXQGRHVVHFULWpULRREUDV¿FWtFLDVFRPR
Ì Ë Ì  Ô  ÿ  Ì    Ê Ê Ì  Ì  Ô Ê Ò Ê Ì

Ì Î Ì Ï É Ð Ñ Ò Ð Ñ Ó Ð Ô Î Ð É

VHPSUHXPD¿JXUDLGHQWL¿FiYHO7LUDUGDYLGDRPDWHULDOSDUDHODERUDUXPWH[WR

È É Ê Ë Ì Ê

Ì Î Ì Ï É Ð Ñ Ò Ð Ñ Ó Ð Ô Î Ð É

È É Ê Ë Ì Ê

3 4 5 6 7 8 4 9 : ; 8 < = 4 = 4 > ? @ A A > B @ A C D E E > F G H A A ý


DLGHQWL¿FDomRGRVQDUUDGRUHVHSHUVRQDJHQVFRPSHVVRDVHDFRQWHFLPHQWRVUHDLV
Ì Î Ì Ï É Ð Ñ Ò Ð Ñ Ó Ð Ô Î Ð É Ð Ñ Ò Ê Ï  Ó Ð Ñ Ó Ð Ô Î Ð É

Ì Î Ì Ï É Ð Ñ Ò Ð Ñ Ó Ð Ô Î Ð É

Ð Ñ Ò Ê Ï  Ó Ð Ñ Ó Ð Ô Î Ð É

REUDVDFDEDPSRUVHUDVVRFLDGRVDDXWRELRJUD¿DVRXFRQ¿VV}HV

JUD¿DSRLVPHVPRTXHHODVHMDEDVHDGDHPH[SHULrQFLDVSHVVRDLVHODQmRpXP

DSHQDVXPDSDUWHGRPDWHULDOGHVHXVWH[WRVHQmRGHYHPVHULGHQWL¿FDGRVFRP

Ô Ò  É Î Ð É Ò  Ì Ò
 

] S W X Y T  Y s U T Z Y T U U Q ` Y   S Q d S U d S T S  Y Q ^ U s Y Q  Y a X U ] U d Y  U T R  Q R _ a Y  v  _ ^ S T ` b Y

   
U T R S v  ` U R \ T S [ U R U ] V ] ` b Y v  S s \ _ ` d Y S Q Q U W c s _ a U  Y T Y ] U ` a S R U ] V ] ` b Y U T R S v

+iXPDWHRULDTXHD¿UPDTXHRURPDQFHFRPHoDDVHGHJUDGDUQRPRPHQWRHP
o \ S Y a Y ` Q _ d S T U ] Y Q U T R S S S \ a Y ` a Y T d Y v  r T Y d \  b Y W _ R S T u T _ U d S ^ S Q S S Q Z Y T  U T r U T U

­
 ’ © ¡ à ¡ £ ¢ ‘ ð ð ñ ’

’ © Û £  ˜ ” — ˜ Ú › ™ Û ” Ú £ š › Ú › ž › ›  © Û Ü • ” – • ¡ ™ ›  ˜ ž £ • ˜ ž ˜  ’


ñ ’ © ”  ¡ ™ š › › Ú —   – £ Ú ›  › ï ˜ ™ › Ø › ™ ¢ Ú › ž ” Ú ” ! ª › š ˜ • › ° — ˜ • š ” î £ Ú ! ª › Ú £ ” ™ –   î £ Ú ˜ ¢ î ˜ ™ – ˜ • £ ˜ › ¡ — › ž ˜ ™ Ú ” • Û £ • – " — £ Ú › • ¢

œ › ¡ Ú ˜ • › ° — ˜ • ¥ £ – ” — Ý — £ ˜ • ™ ª › Ú › ™ – ” — £ ˜ ž ˜ ¥  ¡ ž ” ¥ ” ž ” ™ – › — ” – £ — ˜ š › š ˜ • ” œ ” — £ # ™ Ú £ ˜ • š ” ¡ ž ˜ ¡ – › — ’ ¨ ’  › ï ˜ ™ › ¢ Ø › ™ ’

â ä â % & ú è å ê è ' ú é ä ú & õ ÷ ( ⠒ ‘ í ” š ’ Ø " ) ¡ £ › ¬ * ” £ ° › ™ • Û ˜ ¢ × + + ð ’


$

’ « › — ” ” ž œ ¥ › ¢ ˜ – ” ™ – ˜ – £ ¨ ˜ š ” • ¡ £ Ú   š £ › Ú › ž ˜ œ — £ ž ” £ — ˜ ” • œ › • ˜ ¢ - ï ˜ ž ˜ * ˜ – • ¡ ï › Ù ™ ˜ — — ˜ š ˜ ” ž . / â ú & ä é 0 ‘ ð Þ ü 1 ”
,

• ” ¡ œ ” —   › š › £ ™ – ” — ™ ˜ š › œ ˜ — ˜ • ” – — ˜ – ˜ — š › ¨   Ú £ › ” ž ˜ ™ ˜ ¥  Ù • £ Ú › • ” • – Ý ” ž 2 & 3 â æ 4 ÷ ú ä 0 ‘ ð  ‘ 1 ’ - š ¡ œ ¥ › • ¡ £ Ú   š £ ›

­
Ú › ž Ø ˜ ™ ˜ ° ” © Û £ ž ” › ¢ ™ ˜ ) ¡ ˜ ¥ ” • – ˜ ž › — — ” ¢ ˜ œ ˜ — ” Ú ” ” ž 5 ' % é æ ÷ 2 â æ â 0 ‘ ð Þ 1 ” á å æ ç é æ ê è å % % â % & 0 ‘ ð  ü 1 ’


A ² ³ ´ ³ µ ³ > ² ¶ · ¸ ? ² ¶ ¹ º ¸ @ » ¼ ½ ¾ ¿ À ¸ · ¸ ¶ Á ¼ Â ¶ Â ¸ ? ¶ Ã À Ä · ¶ Ã Â ¸ Å ¶ ¹ ¶ ¼ Æ Ã ¶ Ç º
 
Q S T  U a \ T U d U  v ‚ b Y X u ` U d U U W ] d _ Q Q Y v 7 \ U ` d Y \ ] ] Y _ ` X Y d S ^ S ` R Y ^ _ Q R Y a Y ] Y


\ ] d S ] ‹ ` _ Y  r T S a _ Q Y Z U [ S T U d S Q a T _  b Y d S \ ] d S ] ‹ ` _ Y Q S ] X S Q _ R U  b Y v  s Y T U  Q S


Y W X U T ] Y Q r U T U \ ] ] Y _ ` X Y d S ^ S ` R Y S ` b Y ^ S T ] Y Q ` U d U U W ] d S \ ] ] Y _ ` X Y d S ^ S ` R Y 


] S W X Y T d S Q a T S ^ t 8 W Y a Y ] Y \ ] ] Y _ ` X Y d S ^ S ` R Y v 9 u S Q a T _ R Y T S Q R Y W Y Q o \ S  ] S Q ] Y

^ S ` d Y \ ] ] Y _ ` X Y d S ^ S ` R Y  d S Q a T S ^ S ] 8 ` Y a Y ] Y \ ] d S ] ‹ ` _ Y r Y T ] S _ Y d S ^ u T _ U Q

WpFQLFDVHQJHQKRVDVIDFLOPHQWHLGHQWL¿FiYHLVHOHVWrPDLQWHQomRGHVHUURPkQWLFRV
U a X U ] _ Q Q Y  U T R  Q R _ a Y   ] U Q ` \ ` a U a X S s U T b Y U W \ s U T U W s \ ] d S Q Q U Z Y T ] U v ‚ b Y Q S d S ^ S

` \ ` a U r T Y a \ T U T d U T U T S Q  U T R  Q R _ a Y Q  U \ ] T Y ] U ` a S v : ; p U [ U _  < = > =  r v ? @ v

UHMHLWD¿Fo}HVPDVEDVHDUDUHDOLGDGH
Ì Î Ì Ï É Ð Ñ Ò Ð Ñ Ó Ð Ô Î Ð É

SHUVRQDJHPGHXPDREUDOLWHUiULDGHYHUHÀHWLULVVR'DSHUFHSomRGRDXWRUSDV
Ò Ê B Ô Ê C Ñ Ò Ï Ï Ì Ï É

HSLVyGLRVTXHID]HPSDUWHGHVXDELRJUD¿DDLQIkQFLDHPXPDIDPtOLDDEDVWDGD

GHXPDELRJUD¿DWUDWDVHGHXPWH[WROLWHUiULRFRPYDORUSUySULRHQmRGHYHPRV

QmRLGHQWL¿FDGRFRPRSUySULRDXWRU(QHVVHVHQWLGRWXGRRTXH<{]{GL]pUHDO

­ ­
ü ’ D ˜ à ˜ £ ¢ - • ˜ ž ¡ ’ E ” £ F ¡ – • ¡ E £ — ˜ £ ’ G ™ ¬ 5 â H â å I ú â 3 & J é æ ú è K ’ Ø " ) ¡ £ › ¬ ¤ Û £ ¡ ž ˜ û ¡ ™ › ¢ ‘ ð ü ð ’ œ ’ ’ D £ • œ › ™   ¨ ” ¥


­
™ › • £ – ” ¬ ® ® ® ’ ˜ › à › — ˜ ’  — ’ F œ ’ - • ™ L ž ” — › • š ˜ • œ Ý  £ ™ ˜ • Ú › — — ” • œ › ™ š ” ž M ) ¡ ” ¥ ” • š ˜ ¨ ” — • ª › ” ž ” N ° › › š £ • œ › ™   ¨ ” ¥

œ ˜ — ˜ š › ® ™ ¥ › ˜ š ™ ” • • ” • £ – ” ’ O – — ˜ š ¡ ! ª › š › • – ” – › • ” ž F ˜ œ › ™ # • Ù ™ › • • ˜ ’

3 4 5 6 7 8 4 9 : ; 8 < = 4 = 4 > ? @ A A > B @ A C D E E > F G H A A 6


'D]DLGiYR]DSHUVRQDJHQVTXHIDODPVHPÀRUHLRVVHPHQIHLWDURXPR
GL¿FDURTXHVHQWHPHSRULVVRGmRDLPSUHVVmRGHHVSRQWDQHLGDGHGHTXHVmR

TXHFRQVLGHUDPLQFRUUHWR$IRUPDGHGLiULRVFDUWDVHQ¿PWH[WRVHVFULWRVHP

Ò Ê B Ô Ê C Ñ Ò Ï Ï Ì Ï É

WUDGLWRSRURXWURVSHUVRQDJHQV(OHVHFRQVLGHUDXPSiULDGDVRFLHGDGHEHEH¿FD
YLFLDGRHPPRU¿QDHUHYHODYiULRVPRPHQWRVGHIUDTXH]DHFRYDUGLDQRHQWDQWR

 S R \ d Y Y o \ S S Q R _ ^ S T S Q a T _ R Y U o \ _ Z Y Q Q S ^ S T d U d S  S Q S S \ Z Y Q Q S U ] _ s Y d S Q ‹ [ ‹ 


r T Y ^ U ^ S W ] S ` R S R U ] V ] _ T _ U _ ` R S T ` u 8 W Y S ] \ ] X Y Q r  a _ Y v


 a \ W r U d Y r U _ d S W S  d _ Q Q S U R U d U ] S a Y ] _ ` d _ Z S T S `  U v q Q ‹ [ ‹ o \ S a Y ` X S a _ S T U

] \ _ R Y V Y ` d Y Q Y  Q S ` Q  ^ S W  Q S ` b Y V S V S Q Q S  ` b Y  ] S Q ] Y o \ U ` d Y V S V _ U v v v S T U \ ] U `  Y v S

; p U [ U _  < = > ?  r v < = T @ v

FRPTXHPYLYLDHQWmRHD¿OKDGHFLQFRDQRV
Y T o \ S S W S V S V S V

P U

 
q R _ Y ` b Y V S V S r Y T o \ S s Y Q R U d S V S V S T  r Y T o \ S S W S \ ] U r S Q Q Y U ] \ _ R Y V Y U v v v

 Q r S Q Q Y U Q V Y U Q V S V S ] V


‚ b Y r Y T _ Q Q Y v v v

; p U [ U _  < = > ?  r v < T W @

ð ’ D ˜ à ˜ £ ¢ - • ˜ ž ¡ ’ á å æ ç é æ ê è å % % â % & ’ Ø " ) ¡ £ › ¬ © Û £ ™ Ú Û Ü • Û ˜ ¢ ‘ ð ü ’ œ ’ ‘ ð Þ ’ D £ • œ › ™   ¨ ” ¥ ™ › • £ – ” ¬ ® ® ® ’ ˜ › à › — ˜ ’  — ’ F œ


E G ² ³ ´ ³ µ ³ > ² ¶ · ¸ ? ² ¶ ¹ º ¸ @ » ¼ ½ ¾ ¿ À ¸ · ¸ ¶ Á ¼ Â ¶ Â ¸ ? ¶ Ã À Ä · ¶ Ã Â ¸ Å ¶ ¹ ¶ ¼ Æ Ã ¶ Ç º
Ì Î Ì Ï É X

Ð Ñ Ò Ð Ñ Ó Ð Ô Î Ð É Y Ì  Ò

Z [

Ì Ê Ì Î Ì

Ð Ô Ê Ð Ô Ò

WDQWRDVVLPHRSUySULRDXWRUVHGH¿QLDFRPRXPDSHVVRD³LOHWUDGD´2WRPGD


v v v ` b Y S Q a T S ^ _ ] S \ S ` d S T S  Y S ` Y ] S ` S Q Q U a U T R U v ‚ b Y d S d U T ] S d Y V  S S W S U r U T S a S Q Q S

WRGRVXMRHErEDGRHPFDVDPDPmH¿FDULDDVVXVWDGD(OHSRGHULDDPHDoiODSHGLQGR

d _ ` X S _ T Y S ] r T S Q R U d Y  _ ] r Y Q Q  ^ S W Q U V S T Y o \ S \ ] U r S Q Q Y U a Y ] ] U \ Q X u V _ R Y Q a Y ] Y

S W S r Y d S T _ U Z U [ S T v \ \ ; p U [ U _  < = > >  r v ] 8 ^ @ v

຦Π
‘ + ’

­ ­
‘ ‘ ’ D ˜ à ˜ £ ¢ - • ˜ ž ¡ ’ * ˜ F £ ’ G ™ ¬ 5 â H â å I ú â 3 & J é æ ú è K _ ’ Ø " ) ¡ £ › ¬ ¤ Û £ ¡ ž ˜ û ¡ ™ › ¢ ‘ ð ü ü ’ œ ’ ñ N ’ D £ • œ › ™   ¨ ” ¥ ™ ›
,

• £ – ” ¬ ® ® ® ’ ˜ › à › — ˜ ’  — ’ F œ

3 4 5 6 7 8 4 9 : ; 8 < = 4 = 4 > ? @ A A > B @ A C D E E > F G H A E H


REUDVGH'D]DLTXHRVOHLWRUHVLGHQWL¿FDPFRPRVHQGRDOWHUHJRVGRSUySULRDXWRU

SXEOLFDGRHPXPDUHYLVWDOLWHUiULDH¿FDFKRFDGDSRLVDSURWDJRQLVWDWHPRPHVPR
QRPHHDPHVPDLGDGHTXHHODHWDPEpPp¿OKDGHXPSURIHVVRUXQLYHUVLWiULR


 U \ d U   S Q v ƒ S a S V _ Q \ U a U T R U v R \ _ R Y Y V T _ s U d Y r S W Y U r Y _ Y v ` U ] V ] W _ Q \ U a W R _ ] U a U T R U v

$WpKRMHQXQFD¿]DOJRWmRLQDSURSULDGRTXDQWRULUHPRVWUDUXPDFDUWDSDUDPLQKD
HVSRVD7DPEpPMDPDLV¿]DODUGHHPRVWUHLFDUWDVSDUDFRQKHFLGRV)LTXHWUDQTXLOD
S ] T S W U  b Y U _ Q Q Y v  Y a t S Q a T S ^ S o \ S a Y ` Q S ` R _ T u S ] o \ S ` Y Q S ` a Y ` R T S ] Y Q o \ U ` d Y ] S \

FDUiWHUPHOKRUDUPDVD¿QDORVHUKXPDQRpFDSD]GHPHOKRUDUVHXSUySULRFDUiWHU"
b
Y T d _ U W ] S ` R S v ; p U [ U _  < = > >  r v < < @

HXPDEOXVDDPDUHODTXH¿FRXFXUWDHFXMDVPDQJDVTXDVHFKHJDPDRVFRWRYHORV

b
Y ] Y Y Q S ` X Y T Q U V _ U o \ S ] S \ S T U V  _ ] r U T U r S T s \ ` R U T 8 W X S _ Q Q Y  d _ Q Q S r T Y a \ T U ` d Y

Q U W ^ U T U Q U r U T t ` a _ U Q v

b
Y ] Y U Q Q _ ] V P W S ` b Y R _ ` X U U ] S ` Y T _ d S _ U d Y o \ S S \ S Q R U ^ U Z U W U ` d Y v

P \ ` b Y T S ^ S W S _ ] S \ ` Y ] S Y \ S ` d S T S  Y  ] U Q Y Q S ` X Y T ` b Y Y Q d S Q a Y V T _ \ V 7 \ U ` d Y

HQYLHLD~OWLPDFDUWDDFKHLTXHPLQKDSHUJXQWDWLYHVVH¿FDGRFODUD

E F ² ³ ´ ³ µ ³ > ² ¶ · ¸ ? ² ¶ ¹ º ¸ @ » ¼ ½ ¾ ¿ À ¸ · ¸ ¶ Á ¼ Â ¶ Â ¸ ? ¶ Ã À Ä · ¶ Ã Â ¸ Å ¶ ¹ ¶ ¼ Æ Ã ¶ Ç º
P \ ` b Y Q S _ ` U d U Q Y V T S ^ Y a t v 7 \ S a Y _ Q U S Q o \ _ Q _ R U c P W S Y V Q S T ^ Y \ ] S \ T Y Q R Y a Y ] Y Q

Y W X Y Q Q S T S ` Y Q Q S ] o \ U W o \ S T T S Q S T ^ U S d S \ \ ] U r S o \ S ` U T _ Q U d U v

±0DV&RPHFHLD¿FDUFRQIXVD(QWmRRVHQKRUQmRFRPSUHHQGHXPLQKD~OWLPD
FDUWDHDLQGDDVVLP¿FRXTXLHWRLVVRpWHUUtYHO2VHQKRUGHYHWHUDFKDGRTXHHXHUD
\ ] U _ d _ Y R U c ; p U [ U _  < = > >  r v < ? 8 < ] @

¿FomR.D]XNRVHGiFRQWDGHVHXHQJDQRH¿FDHPEDUDoDGD(ODHVWiDOLYHVWLGD

P Q a T _ R Y T S Q  S W S Q ` b Y ^ U W S ] ` U d U v  b Y U S Q a c T _ U v  c S Q a T S ^ S ] ] S ` R _ T U Q v ‚ b Y Q b Y ` S ]

\ ] r Y \ a Y T Y ] d ` R _ a Y Q v  _ ^ S ] R T U ` o \ _ W Y Q S ] \ ] U a U Q U a Y ] \ ] S d S Q d S ` X U ] \ ] U

JDURWDPDOYHVWLGDVHPRVGHQWHVGDIUHQWHQmRDDFRPSDQKDPDWpDSRUWDH¿FDP
a Y ] a U T U d S o \ S ` b Y S Q R b Y ` S ] U   Q b Y X Y T T  ^ S _ Q v S Q Q Y U Q U Q Q _ ] ` b Y Q b Y a X U ] U d U Q

d S a X U T W U R b Q V ; p U [ U _  < = > >  r v < = @

Ë Ì e Ì Ò Ê Ò Ì Ê Ì

Ì Î Ì Ï É Ð Ñ Ò Ð Ñ Ó Ð Ô Î Ð É

%LEOLRJUD¿DFRQVXOWDGD
f g h g i j k l m n o p q r s t o u l o q s v m s w f r u r l u x m v u r y p i z { | } ~ }  €  } ‚ ƒ „ … †  ‡ ˆ p ‰ Š ‹ o s x { Œ  s Ž o n m

 o z Ž x j  ‘ ’ ‘ p f s l “ x z ” • r – “ m v m — x ˜ z – x m — r n {  u u “ { ™ ™ ˜ ˜ ˜ p m x š x v m p › v p t “ ™ œ m v — l ™     ž Ÿ ™

œ m v —      p  u n – p g œ r l l x r n {  ’ — r x o u p ¡   ž p

f g h g i j k l m n o p ¢ m t s w £ r v › x z  m y p i z { f m š m s k l m n o h r z l  ¤ ¥ p ‰ Š ‹ o s x { Œ  s Ž o n m  o z Ž x j  ‘ ’ ’ p

f s l “ x z ” • r – “ m v m — x ˜ z – x m — r n {  u u “ { ™ ™ ˜ ˜ ˜ p m x š x v m p › v p t “ ™ œ m v — l ™     ž Ÿ ™ œ m v — ¡   ¡ p  u n – p

g œ r l l x r n {  ’ — r x o u p ¡   ž p

 'HVTXDOL¿FDGRFRPRVHUKXPDQR 7yTXLR6KLQFK{VKD
f g h g i j k l m n o p ¦  † § … † ¨ ‡  © © } © ƒ

 ‘ ’ Ÿ p f s l “ x z ” • r – “ m v m — x ˜ z – x m — r n {  u u “ { ™ ™ ˜ ˜ ˜ p m x š x v m p › v p t “ ™ œ m v — l ™     ž Ÿ ™ œ m v — ž   p

 u n – p g œ r l l x r n {  ’ — r x o u p ¡   ž p

(GZDUG7KH5KHWRULFRI&RQIHVVLRQ $5HWyULFDGD&RQ¿VVmR DHG%HUNHOH\


ª k « ¬ ­ ®

¯ z s • r v l s u ° x ± Œ m – s ± x v z s m ² v r l l j  ‘ ’ ’ p

3 4 5 6 7 8 4 9 : ; 8 < = 4 = 4 > ? @ A A > B @ A C D E E > F G H A E A


³ k ´ g µ k j ‰ x z p ¶ } · } © ƒ  ‡  ¨ ‡ ¸  … ·  ƒ ¹ º » } w k ‹ o r ¼ µ m v v m u s • m — x ­ o y  ½ r — p ‰ Š ‹ o s x { ¢ r s ¾ x z l  m j

¡   ‘ p

¿ ¿ ¿
o š o Ž s j ‰ x n s p ¦ } À À } ·  † § · ‡ … ¨ … Á  w µ m v v m z — x x ­ o y p  ½ r — p u m z ± x v — { u m z ± x v — ¯ z s • r v l s u ° ² v r l l j

 ‘ ‘   p

E E ² ³ ´ ³ µ ³ > ² ¶ · ¸ ? ² ¶ ¹ º ¸ @ » ¼ ½ ¾ ¿ À ¸ · ¸ ¶ Á ¼ Â ¶ Â ¸ ? ¶ Ã À Ä · ¶ Ã Â ¸ Å ¶ ¹ ¶ ¼ Æ Ã ¶ Ç º
Ú Û Ü Ý Þ ß à á â ã ä å æ ã ç è é ä ê ë é ì å í î ä ë é æ ï å ì é ï ð å æ å ã ç ñ å í å â ð ä æ â é ê å è ä ê â ì ä ê ã æ å ç â î å â é ò æ å â ó ô õ ô ö ÷ ø ù ú û ü

î é ä â ì æ ç ã é æ ý å ð é ê þ â ÿ ç ï å  å  ç   â é ê ÷ ø     ø ù
ü ä           ÷          ö  í

ø 
ú ü î é æ ä å  ç â ã å ë æ å ê ì þ â ÿ ã ä ê î å   á ï ò é æ å é  ä å  ç â ï é   å ã  æ å  ç â ï é ý å ð é ê þ â ã ä ê å æ ä ì ä ò ç î é ï å ç é æ

LQÀXrQFLDGH*X\GH0DXSDVVDQWHGRVDXWRUHVDOHPmHVQRWDPRVJUDQGHVVLPLOLWXGHVHQWUHDVREUDV
GH7{VRQH6WHQGKDODVTXDLVVHUmRH[SRVWDVQHVWHDUWLJR5HVVDOWDPRVSRUpPTXHRHVWXGRFRP


SDUDWLYRDTXLVHUiUHVWULWRjDQiOLVHGRSDSHOVRFLDOHGRSHU¿OSVLFROyJLFRGDVGXDVSHUVRQDJHQV
8VKLPDWVXH-XOLHQGHQWURGHVHXVUHVSHFWLYRVFRQWH[WRVKLVWyULFRVVHPDLQWHQomRSRUWDQWRGH
å ò é æ î å æ é  ã æ é â å â ð ä ì ã é â î å â î  å â é ò æ å â 

   ! "  Ü # $ %  ! Û à  ä å  ç â ï é   å ã  æ å  ç â ï é í ÿ ã ä ê î å  í ÿ ç ï å  å  ç   â é ê í ó ô õ ô ö í & ' ä æ ï ä  é ä é  ä è æ é 

7KLVDUWLFOHIRFXVHVFRPSDUDWLYHO\WKHFHQWUDOFKDUDFWHUVRIERRNV
( )
Ü * "  $ * à ó ô õ ô ö ÷ +  ,   õ -

 -DSDQHVHZULWHU6KLPD]DNL7ǀVRQDQG
.

   ô - /  -           ö  ÷ +   / ô - /  

,  ô 0 õ í ø 
ú ü é ë ã ä 1 æ ä ê ì æ ä å  ç â ã ÿ ã ä ê î å   2  ã é  è ã ä 3 å ð å ê ä â ä  ä å  ç â ï   å ã  æ å  ç â ï æ ä ì ä ç ñ ä î

JUHDWHULQÀXHQFHRI*X\GH0DXSDVVDQWDQG*HUPDQDXWKRUVQRWHGPDQ\VLPLODULWLHVEHWZHHQWKH
ZRUNVRI6WHQGKDODQG7ǀVRQZKLFKZLOOEHH[SRVHGLQWKLVDUWLFOH:HHPSKDVL]HKRZHYHUWKDW
WKHFRPSDUDWLYHVWXG\KHUHZLOOEHUHVWULFWHGWRWKHDQDO\VLVRIVRFLDOUROHDQGSV\FKRORJLFDOSUR¿OH
RIWKHWZRFKDUDFWHUV8VKLPDWVXDQG-XOLHQZLWKLQWKHLUUHVSHFWLYHKLVWRULFDOFRQWH[WVZLWKRXWWKH
ç ê ã ä ê ã ç é ê í ã ä æ ä ë é æ ä í ã é å î î æ ä â â é ã ä æ å â ð ä ì ã â é ë ã ä ã 4 é 4 é æ  â 

5 Û 6 7 ß " 8 Ü à  ä å  ç â ï   å ã  æ å  ç â ï í ÿ ã ä ê î å  í ÿ ç ï å  å  ç   â é ê í ó ô õ ô ö 9 +   / ô - /   ,  ô 0 õ 

2¿QDOGRSHUtRGR0HLML  IRLPDUFDGRSHORDXJHHGHFOtQLRGR


5HDOLVPR1DWXUDOLVPRMDSRQrVTXDQGRDLQÀXrQFLDHVWUDQJHLUDVHIH]SUHVHQWH
pXPDWUDGXomROLWHUDOGR
: ; < = > ? @ ; A B <

Ã Ä Å Æ Ç È Ä É Ê Ë È Ì Í Ä Í Ä Î Ï Ð Ñ Ñ Î Ò Ð Ó Ô Õ Ö × Î Ø Ù × Ñ Ó Ô
SRUpPDSHVDUGHDSDODYUDIUDQFHVDWHUVLGRLQFRUSRUDGD
A F < @ H >

C D E D G

QDVXDLQWHJULGDGHRVHXFRQWH~GRVRIUHXDOJXPDVPRGL¿FDo}HVHDGDSWDo}HVj
FXOWXUDHDRPRPHQWRKLVWyULFRMDSRQrV
(VWHDUWLJRWHPFRPRLQWHQomRDSUHVHQWDUXPDDQiOLVHFUtWLFRFRPSDUDWLYD

MXQomRGDVGXDVFRPRID]HPDOJXQVFUtWLFRVOLWHUiULRV1RFDVRGR-DSmRDHQWUDGD

2VUHDOLVWDVQDWXUDOLVWDVIUDQFHVHVIRUPDUDPR*URXSHGH0pGDQTXHWHYH
FRPR¿JXUDGHGHVWDTXHRSROrPLFRMRUQDOLVWDFUtWLFRGHDUWHHHVFULWRUePLOH=ROD

JHUDomRGRVUHDOLVWDV$WHRULDOLWHUiULDUHDOLVWDQDWXUDOLVWDIUDQFHVDIRLSUDWLFDPHQWH
HSRUFRQVHJXLQWHD)UDQoDIRLFRQVLGHUDGD
?

C D D

REHUoRGR5HDOLVPR1DWXUDOLVPR(VVHPRYLPHQWROLWHUiULRIUDQFrVIRLLQWURGX
]LGRHPGLYHUVDVSDUWHVGRPXQGRHHPGLIHUHQWHVpSRFDVIDWRTXHRFDVLRQRXD
LQHYLWiYHODGDSWDomRHUHIRUPXODomRGHDOJXPDVLGHLDVjVWUDGLo}HVHDRFRQWH[WR
KLVWyULFRGHFDGDSDtV7DOIRLRFDVRGR-DSmRFRPRYHUHPRVDVHJXLU

7VXERXFKL6K{\{IRLXPUHQRPDGROLWHUDWRTXHPRVWURXDVXDYHUVDWLOLGDGH
FRPRFUtWLFROLWHUiULRHGXFDGRUHVFULWRUHWUDGXWRU6HJXQGR'RQDOG.HHQH  
IRLRLQWURGXWRUGR5HDOLVPRQR-DSmRHHUDXPJUDQGHDSUHFLDGRUGH6KDNHVSHDUH
6XDREUDWHyULFD  pFRPSRVWD
: ; I @ > @ A : ; < ? = A < J K @ @ L ? M < H ? M >

E D N O P O D

SRUGRLVYROXPHVVHQGRTXHQRSULPHLUR7VXERXFKLH[S}HRVSULQFtSLRVIXQGD

%DVLFDPHQWHROLYURWUDWDGDHYROXomROLWHUiULDHGDQHFHVVLGDGHGHHPSUHJDUR
UHDOLVPRQRVURPDQFHVMiTXHSDUDHOHDOLWHUDWXUDQmRSRGHVHUWUDWDGDFRPR

YLGD6HXUHDOLVPRHUDEDVHDGRHPREVHUYDo}HVREMHWLYDVHGHVFULo}HVGDYLGDH
RSULQFtSLRIXQGDPHQWDOGRURPDQFHHVWDYDFHQWUDGRQDQDWXUH]DKXPDQDVHQGR

-i)XWDEDWHL6KLPHLGLVFtSXORGH7VXERXFKLHVFUHYHXRSULPHLURURPDQFH
UHDOLVWDGRSHUtRGR0HLMLLQWLWXODGD
< B A H < H > ? @ A > ? @

O S T O U E O N D C U

Q R

UDUXVVDHDGPLUDGRUGH7XUJHQLHY5HDOL]RXYiULDVWUDGXo}HVGHREUDVUXVVDV
FKHJDQGRLQFOXVLYHDDSOLFDURTXHRDXWRUFKDPDYDGHPpWRGRREMHWLYRGHWUD
GXomRRXVHMDWHQWDYDUHSURGX]LUQmRVyDLGHLDRULJLQDOGDREUDPDVWDPEpP
FDGDYtUJXODHSRQWRGDVHQWHQoD2PRWLYRGHVHXLQWHUHVVHSHODOLWHUDWXUDUXVVD

2.$02720RQLFD6HWX\R2UHDOLVPRQDWXUDOLVPRGH6WHQGKDOH6KLPD]DNL7{VRQ8PDDQiOLVHSVLFROyJLFD
Ó Ö
HVWDYDOLJDGRDTXHVW}HVGLSORPiWLFDVHQWUHRVGRLVSDtVHVTXHVHHQFRQWUDYDP
HPFRQÀLWRQDpSRFD
0DVR5HDOLVPR1DWXUDOLVPRMDSRQrVDWLQJLXDVXDIDVHiXUHDORJRDSyVR¿P
GDJXHUUDFRQWUDD5~VVLD  HFHUWDPHQWHQmRIRLSRUDFDVR2VMDSRQH
VHVDFUHGLWDYDPTXHDYLWyULDPDUFDULDRLQJUHVVRGR-DSmRQDYLGDLQWHUQDFLRQDO

QLS{QLFRV¿FDUDPGHVDSRQWDGRVFRPRVLQMXVWRV7UDWDGRVGH3D]HVWLSXODGRVSHORV
SDtVHVSRGHURVRV,QJODWHUUD)UDQoD(VWDGRV8QLGRVH$OHPDQKD(VVDVQDo}HV
TXHFULWLFDYDPRVKRUURUHVFRPHWLGRVGXUDQWHDJXHUUDUXVVRMDSRQHVDWDPEpP

YROWDLQMXVWLoDHSHVVLPLVPRHUDJHUDOQR-DSmROHYDQGRDVHGHVLJQDURSHUtRGR
SyVJXHUUDFRPRR³$QRGDGHVLOXVmR´7RGDHVVDVLWXDomRQmRSRGHULDSDVVDU
GHVSHUFHELGDSHORVHVFULWRUHVMDSRQHVHVGDpSRFDTXHFRQWDJLDGRVSHORPRPHQWR
KLVWyULFRSDVVDUDPDEXVFDUXPDQRYDYLVmRGHPXQGRPDLVFHQWUDGDQDUHDOLGDGH
PDLVHPStULFDHFRQVHTXHQWHPHQWHPHQRVURPkQWLFDHLOXVyULD
)RL QHVVH FOLPD TXH R 5HDOLVPR1DWXUDOLVPR MDSRQrV ÀRUHVFHX HP VXD
WRWDOLGDGH&RPRVHVDEHR-DSmRLPSRUWRXGD)UDQoDRVSUHVVXSRVWRVEiVLFRVGR
5HDOLVPR1DWXUDOLVPRSRUpPHPDOJXQVDVSHFWRVREVHUYDVHTXHDWHRULDGH=ROD

KDYLDVHH[WLQJXLGRQD)UDQoDKiTXDVHYLQWHDQRVTXDQGRHVWHIRLLQWURGX]LGRQR
-DSmR1RWDPRVSRUH[HPSORTXHRVWHPDVVRFLDLVFRPRDEUXWDOLGDGHDSURV
WLWXLomRRDOFRROLVPRHDSURPLVFXLGDGHVH[XDOIRUDPWUDWDGRVGHPDQHLUDPDLV
FkQGLGDQRVURPDQFHVQLS{QLFRV$SDUWLUGRSRQWRGHYLVWDGDGLIHUHQoDFXOWXUDO
GHVWDFDPRVTXHHVVHIDWRQmRIRLDOHDWyULRVLPSOHVPHQWHSRUTXHRVMDSRQHVHVWrP
XPDFRQFHSomRGLIHUHQWHGHVVHVWHPDVHPFRPSDUDomRFRPDDFHSomRRFLGHQWDO
1DTXHODpSRFDPXLWDVPXOKHUHVMDSRQHVDVHUDPYHQGLGDVjFDVDGHSURVWLWXLomR
SHODSUySULDIDPtOLDRXDWpPHVPRSHORPDULGRGHFRUUHQWHVGHSUREOHPDV¿QDQFHL
URV1DWXUDOPHQWHLVVRQmRGHL[DYDGHVHUXPSUREOHPDVRFLDOSRUpPDLPDJHP
GD JXHL[D HVWDYD EHP GLVWDQWH GD LPDJHP GD SURVWLWXWD RFLGHQWDO$V JXHL[DV
YHQGLGDVQHVVDVFLUFXQVWkQFLDVHUDPPRWLYRGHUHVSHLWRSDUDDIDPtOLDHSDUDR
PDULGRTXHUHFRQKHFLDPRVDFULItFLRGDSREUHPXOKHUHPSUROGREHPHVWDUGH
VHXVIDPLOLDUHV4XDQWRjEUXWDOLGDGHHDRDOFRROLVPRHUDPFDUDFWHUtVWLFDVTXDVH
LQHUHQWHVDRHVStULWRQLS{QLFRUHFpPVDtGRGRVLVWHPD[RJXQDOQRTXDODEUDYXUD
HDIRUoDGRVVDPXUDLVWLQKDPTXHVHUFRQVWDQWHPHQWHUHD¿UPDGDVFRPRGHPRQV
WUDomRGHVXDFRUDJHPHYLULOLGDGH
$ YLVmR FDSLWDOLVWD WDPEpP IRL PDLV DPHQD HQWUH RV HVFULWRUHV UHDOLVWDV
QDWXUDOLVWDVMDSRQHVHVSRLVDSHVDUGHHOHVVHEDVHDUHPQRSULQFtSLRGDFDXVDOLGD
GHRXVHMDQRGHVHQYROYLPHQWRQDWXUDOGRHQUHGRQDHOLPLQDomRGRDFDVRHGRV
PLODJUHVHQDGHVFULomRGRDPELHQWHGHDFRUGRFRPDVFRQGLo}HVHPRWLYRVQmR
REVHUYDPRVFRPPXLWDIUHTXrQFLDRSHQVDPHQWRWHFQROyJLFRHFLHQWt¿FRVREUH

Ã Ä Å Æ Ç È Ä É Ê Ë È Ì Í Ä Í Ä Î Ï Ð Ñ Ñ Î Ò Ð Ó Ô Õ Ö × Î Ø Ù × Ñ Ó V
RHVStULWRWUDGLFLRQDOMDSRQrV3RURXWURODGRRVDXWRUHVIUDQFHVHVUHWUDWDUDPD
QRYDVRFLHGDGHWUDQVIRUPDGDFULWLFDQGRRVYDORUHVGDEXUJXHVLDHRVLVWHPDSROt
WLFRFDSLWDOLVWDDOpPGLVVRGHVSUH]DUDPRQHRFODVVLFLVPRURPkQWLFRTXHSRVVXtD
LQWHQVDOLJDomRFRPD,JUHMDHD0RQDUTXLD
2XWUDGLIHUHQoDpTXHR5HDOLVPR1DWXUDOLVPRQR-DSmRQmRWHYHVHXVWHUULWy

MDSRQrVXPDH[WHQVmRGRLPSXOVRGDGRSHOR5HDOLVPRGH7VXERXFKL6K{\{8PD

DSURGXomRGHREUDVFRPXPDOLQJXDJHPPDLVSRSXODU
6HJXQGR 'RQDOG .HHQH   D SULPHLUD DSUHVHQWDomR GR 5HDOLVPR
1DWXUDOLVPRIUDQFrVQR-DSmRIRLIHLWDSHORHVFULWRU0RULÐJDLHPVHXDUWLJRGH
QRTXDOWUDWDGDREUDGH=RODHVXDUHODomRFRPDPHGLFLQDH[SHULPHQWDOGH
&ODXGH%HUQDUGÐJDLDSHVDUGHPpGLFRGHVDSURYDHVVDIXVmRHQWUHDPHGLFLQDH
D¿FomRHHPVHXVDUWLJRVSRVWHULRUHVFRQWLQXRXFULWLFDQGRRUHDOLVPRH[DFHUEDGR
GH=RODTXHVHJXQGRRFUtWLFRMDSRQrVSHFDYDSHORVVHXVWHPDVLPRUDLVHREVFH
QRV3HUFHEHPRVGHVVDPDQHLUDTXHDVREUDVGH=RODIRUDGRFRQWH[WRKLVWyULFR
H VRFLDO GD )UDQoD IRUDP LQFRPSUHHQGLGDV SRU PXLWRV HVFULWRUHV H SRU JUDQGH
SDUWHGRS~EOLFRQLS{QLFR&XULRVDPHQWHD¿JXUDGH*X\GH0DXSDVVDQWDFDERX
VHWRUQDQGRPXLWRPDLVSRSXODUTXHDGH=RODQR-DSmReSUHFLVRHVFODUHFHUTXH
LQLFLDOPHQWH0DXSDVVDQWFRPHoRXDVXDFDUUHLUDOLWHUiULDVHQGRPHPEURGR*URXSH
GH0pGDQUHDOLVWDVQDWXUDOLVWDVOLGHUDGRVSRU=RODPDVURPSHXFRPDHVWpWLFD
SURGX]LQGRWH[WRVPDLVSUy[LPRVGH)ODXEHUWVHXPHVWUH
X > F H < ?

D G

2HVFULWRU7D\DPD.DWDLFRQWDFRPRFRPHoRXDVXDDGRUDomRSRU0DXSDVVDQW
< > F F Z < [ > < ? \ Z

Y E D Y O O

FROHomR
? @ > A ^ @ @ ?

O E O N T D D D E

VDEHUTXHHUDDSULPHLUDSHVVRDQR-DSmRDOHUHVVDREUD.DWDLDLQGDUHYHODTXH
SDVVRX D FRPSUHHQGHU PHOKRU RV HVFULWRUHV MDSRQHVHV DSyV DV VXDV OHLWXUDV GH
REUDVRFLGHQWDLVSDUWLFXODUPHQWH=ROD0DXSDVVDQW1LHW]VFKH7ROVWRLH)ODXEHUW

WHOHFWXDLVMDSRQHVHVGDpSRFDFRPRSDUDGLJPDVFXOWXUDLVDX[LOLRX7D\DPD.DWDL
DSHUFHEHUDGLIHUHQoDHQWUHXP¿FFLRQLVWDTXHGHVFUHYHLQFLGHQWHVHXPHVFULWRU
TXHUHWUDWDRODGRSVLFROyJLFRGHVXDVSHUVRQDJHQV

OLVWD FRPR DSRQWDP DOJXQV FUtWLFRV QLS{QLFRV  IRL


@ A @ A B F < H > < F @
D E D E D ` O O

_ Q

A < H ? ? J ?

N O a O O O O C O U O

LQWURGXomRGDWHRULDGH=RODQR-DSmR7HQJDLFRQKHFHXRVWUDEDOKRVGH=RODHP
HSDVVRXDHVFUHYHUSURGX]LQGRGHVFULo}HVPDLVREMHWLYDV1RSUHIiFLRGH
RHVFULWRUMDSRQrVHVFODUHFHTXHQmRHVFUHYHFRPLQWHQo}HVGHDJUD
@ A @ A B

D E D E D

GDUDVLSUySULRPXLWRPHQRVRVFUtWLFRVRXOHLWRUHV HVVDSRVWXUDpLGrQWLFDjGH

2.$02720RQLFD6HWX\R2UHDOLVPRQDWXUDOLVPRGH6WHQGKDOH6KLPD]DNL7{VRQ8PDDQiOLVHSVLFROyJLFD
Ó W
=RODTXHWDPEpPQmRHVWDYDLQWHUHVVDGRHPDJUDGDUDRVHXS~EOLFRFRPURPDQFHV

2XWUR HVFULWRU TXH UHFHEHX JUDQGH LQÀXrQFLD GH =ROD H 0DXSDVVDQW IRL
.XQLNLGD'RSSR)LOKRLOHJtWLPRGHXPVDPXUDLHGHXPDFULDGDHVWXGRXOLWHUDWXUD
LQJOHVDQD8QLYHUVLGDGHGH:DVHGDHWDPEpPFRPR.RVXJL7HQJDLWLQKDLQWHQ
o}HVGHVHUSROtWLFRPDVDSURPXOJDomRGD&RQVWLWXLomR0HLMLHPDFDERX
FRPVHXVVRQKRVURPkQWLFRV6XDGHVLOXVmRFRPDSROtWLFDROHYRXDRFDPLQKRGR
&ULVWLDQLVPRHGDOLWHUDWXUD3DVVDDHVFUHYHUDVELRJUD¿DVGH%HQMDPLQ)UDQNOLQH
$EUDKDP/LQFROQDFUHGLWDQGRTXHHVVDVGXDV¿JXUDVGLVWLQWDVGDSROtWLFDRFLGHQWDO

'RSSRIRLEDVLFDPHQWHXPURPkQWLFRQRLQtFLRGHVXDFDUUHLUDHQWUHWDQWR
DSyVVRIUHUGHVDSRQWDPHQWRVQDYLGDSUR¿VVLRQDOHDPRURVDUHYHODXPFDUiWHU
PDLVSHVVLPLVWDGHUHVLJQDomRGLDQWHGDVPLVpULDVKXPDQDVTXHHPVXDRSLQLmR
HVWmROLJDGDVDRIDWRUKHUHGLWiULR
0DVGHQWUHWRGRVHVVHVHVFULWRUHVMDSRQHVHVRPDLVUHSUHVHQWDWLYRGHVVH
SHUtRGRIRLVHPG~YLGD6KLPD]DNL7{VRQDXWRUGH TXHIRLTXDOL¿FDGRSRU
<

D D

_ R

1DWVXPH6{VHNLFRPRRSULPHLURURPDQFHGHYDORUGRSHUtRGR0HLML  
1DYHUGDGHHVVDREUDWHYHLQtFLRHPTXDQGR7{VRQGHL[DDFDSLWDOSDUD
OHFLRQDUQXPDHVFRODVHFXQGiULDGH.RPRURXPDSHTXHQDFLGDGHGDSURYtQFLD
GH1DJDQRQR-DSmR3DVVDDQRVID]HQGRDQRWDo}HVGRORFDOHPVHXFDGHUQRGH
REVHUYDo}HVHUHWRUQDD7yTXLRHPTXDQGRWRPDFRQWDWRQRYDPHQWHFRPD
OLWHUDWXUDUHDOLVWDQDWXUDOLVWDIUDQFHVD(VVHIDWRIRLGHFLVLYRQDSURGXomRGH
<

D D

_ R

TXHIRLODQoDGRHPPDUoRGRDQRVHJXLQWH3DUDDVXUSUHVDGHWRGRVLQFOXVLYHGR
HVFULWRUGH]GLDVDSyVDSULPHLUDSXEOLFDomRGDREUDIRLIHLWRXPQRYRSHGLGR
SDUDDVHJXQGDSXEOLFDomR2VXFHVVRIRLVLJQL¿FDWLYRHGHVGHHQWmRRWHUPR
5HDOLVPR1DWXUDOLVPRSDVVRXDVHUGLYXOJDGRQRVMRUQDLVHQDVUHYLVWDVMDSRQHVDV
¬PHGLGDTXHQRVDSUR[LPDPRVGR¿QDOGRSHUtRGR0HLMLQRWDPRVDSUHVHQ
oDGDOLWHUDWXUDIUDQFHVDQRPHLROLWHUiULRMDSRQrV&RPRQmRSRGHULDGHL[DUGHVHU
R-DSmRWDPEpPWRPRXD)UDQoDVREFHUWRVDVSHFWRVFRPRPRGHORGHFLYLOL]DomR
HFXOWXUD(VFODUHFHPRVTXHSRUVHWUDWDUGHXPDVVXQWRH[WHQVRHFRPSOH[RVHUmR
UHODWDGRVDVHJXLUDSHQDVRVSULQFLSDLVDFRQWHFLPHQWRVGHVVHSHUtRGREHPFRPR
VHUmRH[SRVWRVRVSUHVVXSRVWRVIXQGDPHQWDLVGHVVDHVFRODOLWHUiULDXPDYH]TXH
RQRVVRREMHWLYRQmRpRGHSHUFRUUHUWRGRVRVFDPLQKRVGRPRYLPHQWRUHDOLVWD
QDWXUDOLVWDPDVDSUHVHQWDUDSHQDVXPHVERoRKLVWyULFROLWHUiULR

$WpRVpFXOR;9,,,RVHVFULWRUHVIUDQFHVHVHVFUHYLDPSDUDXP~QLFRS~EOL
FRDDULVWRFUDFLD(QWUHWDQWRDSyVD5HYROXomR)UDQFHVD  VXUJHXPDQRYD
FODVVHGHOHLWRUHVDEXUJXHVLDTXHWRPRXRSRGHUPDVTXHFRQVHUYRXRPpWRGR

Ã Ä Å Æ Ç È Ä É Ê Ë È Ì Í Ä Í Ä Î Ï Ð Ñ Ñ Î Ò Ð Ó Ô Õ Ö × Î Ø Ù × Ñ Ó b
DGPLQLVWUDWLYR GD YHOKD DULVWRFUDFLD 0XQLGD GH SRGHU H GLQKHLUR D VRFLHGDGH
EXUJXHVDLPSHURXLQDEDOiYHODWpDVHJXQGDPHWDGHGRVpFXOR;,;TXDQGRWHPR
LQtFLRDOXWDGDFODVVHSUROHWiULDSHODFRQTXLVWDGHUHIRUPDVVRFLDLV$OLWHUDWXUDH
DVDUWHVVRIUHUDPXPDWHUUtYHOGHJUDGDomRSRUHVWDUHPDWUHODGDVDRJRVWRGHVHX

DJUDGiYHLVHDDUWHFXPSULDXPDIXQomRXQLFDPHQWHGHFRUDWLYD&RQWXGRGHSRLV
GD5HYROXomRGHQDVFHXPDQRYDFRQVFLrQFLDGHFODVVHHQWUHRVSUROHWiULRV
TXHUHWRPDPDVUHLYLQGLFDo}HVHVTXHFLGDVDSyVD5HYROXomR)UDQFHVD
2VURPDQFHVGH6WHQGKDOH%DO]DFVmRDVSULPHLUDVREUDVTXHWUDWDPGDYLGD
UHDOGDVVXDVGL¿FXOGDGHVGRVVHXVSUREOHPDVHGRVVHXVFRQÀLWRVPRUDLV(OHV
FDXVDUDPRSULPHLURDEDORQRFRQVHUYDGRUS~EOLFRURPkQWLFRDRWUDQVIRUPDUHP
HPKHURLVSHVVRDVFRPXQVHGHRULJHPSOHEHLD$GLIHUHQoDEiVLFDHQWUH6WHQGKDO
H%DO]DFpTXHRSULPHLURIRLXPFUtWLFRFRQVHUYDGRUHQTXDQWRRRXWURXPOLEHUDO
6WHQGKDODFUHGLWDQDYROWDGDFXOWXUDLOXPLQLVWDTXHDVHXYHUUHÀHWHXPPXQGR
H[HPSODUMi%DO]DFFRQVLGHUDTXHHVVHPXQGRMiVHGHVLQWHJURXGLDQWHGRSURJUHVVR
GRFDSLWDOLVPRHTXHDPRGHUQDVRFLHGDGHEXUJXHVDHDJDQkQFLDSHORGLQKHLUR
VmRRVJUDQGHVPDOHVGHVHXWHPSRHD~QLFDVDOYDomRHVWDYDQD0RQDUTXLDHQD
,JUHMD&DWyOLFD6XDFUtWLFDHVWiYROWDGDDRVLGHDLVHDRFRPSRUWDPHQWRGDVRFLH
GDGHWDQWREXUJXHVDTXDQWRSUROHWiULDTXHHPVXDYLVmROXWDPSHODVPHVPDV
DPELo}HVOXFURVHSULYLOpJLRV
$PRGHUQDVRFLHGDGHFDSLWDOLVWDRVDYDQoRVWHFQROyJLFRVHFLHQWt¿FRVR
UDFLRQDOLVPRHFRQ{PLFRRVDFRQWHFLPHQWRVSROtWLFRVHVRFLDLVGDSULPHLUDPHWDGH
GRVpFXOR;,;VmRDOJXQVGRVIDWRUHVTXHGHUDPLQtFLRDXPDFDPSDQKDFRQWUDR
5RPDQWLVPR3RUYROWDGDGpFDGDGHRVLGHDLVURPkQWLFRVHVWDYDPFDGDYH]
PDLVGHVJDVWDGRVFRPDHYROXomRGRSHQVDPHQWRRFLGHQWDOHRGHVHQYROYLPHQWR
FLHQWt¿FR2PXQGRUHDOHUDPHVTXLQKRHLQMXVWRHWRGRVVHFDQVDUDPGRVVRQKRV
HWHQWDUDPEXVFDURFRQKHFLPHQWRH[DWRGDUHDOLGDGHQRHVStULWRFLHQWt¿FR
$OJXQVURPkQWLFRVWHQWDUDPPDQWHUVHQRPHLROLWHUiULRFULDQGRXPDUHGRPD
GHYLGURLVWRpSURFXUDUDPUHI~JLRQRLQGLYLGXDOLVPRQD
F ^ A F F

G c D E O G c D E

VHJXLGRUHVGHVVDWHRULDIRLRHVFULWRUUHDOLVWD*XVWDYH)ODXEHUW  FXMDV


H > d F Z

T D N D O U D

DFUHGLWDUTXHDVXDLQWHQomRVHMDDGHSDVVDUXPDYLVmRLGHROyJLFDDUHVSHLWRGD
YLGDEXUJXHVDSRUpPXPDOHLWXUDPDLVDWHQWDQRVOHYDDSHUFHEHUTXHRDXWRUGH
K A M : > ? < H > ?

N D e f O E E D G

pVXDFRQWHPSRUkQHDGHIRUPDLPSHVVRDOHDSDUWLGiULD
0DXSDVVDQWFRQFRUGDFRP)ODXEHUWDUHVSHLWRGDLPSHVVRDOLGDGHGRDXWRU
QDDUWHFXMRREMHWLYRPDLRUpRGHUHSURGX]LUDUHDOLGDGHVHPTXDOTXHUYHVWtJLR
RXRSLQLmRGRDXWRUSRUpPVHPGHL[DUGHODGRDIRUPD
eLPSUHVFLQGtYHOHVFODUHFHUTXHDGLVWLQomRHQWUH5HDOLVPRH1DWXUDOLVPR
pEDVWDQWHVXWLOWDQWRTXHPXLWRVFUtWLFRVFRVWXPDPDJUXSDURVGRLVWHUPRVHHP

2.$02720RQLFD6HWX\R2UHDOLVPRQDWXUDOLVPRGH6WHQGKDOH6KLPD]DNL7{VRQ8PDDQiOLVHSVLFROyJLFD
Ô Ù
DOJXQVFDVRVLQFOXHPR,PSUHVVLRQLVPRQRFDRVWHUPLQROyJLFR6HMDFRPRIRUR
PRYLPHQWRUHDOLVWDIRLDQWLFOHULFDODQWLUURPkQWLFRUDFLRQDOLVWDDGHSWRGRREMH
WLYLVPRUHSXEOLFDQRGHWHUPLQLVWDHFLHQWL¿FLVWD6HJXQGR$UQROG+DXVHU  
DGLIHUHQoDEiVLFDHQWUHR5HDOLVPRHR1DWXUDOLVPRHVWiQRSULQFtSLRGHVVHVGRLV
PRYLPHQWRV 2 5HDOLVPR SUHJD XPD ¿ORVR¿D RSRVWD DR 5RPDQWLVPR H DR VHX
LGHDOLVPRH[DFHUEDGRDRSDVVRTXHR1DWXUDOLVPRDSUHVHQWDVHPDLVFRPRPR
YLPHQWRDUWtVWLFRGDPDVVDRXVHMDGLULJHVHDRSRYRPRVWUDVXDVIHULGDVDEHUWDV

*XVWDYH)ODXEHUWDSUHVHQWDSRUH[HPSORDKLSRFULVLDURPkQWLFDHDGH
JUDGDomRGRHVWLORGHYLGDHSHQVDPHQWREXUJXrVHPVXDREUD
H > d F Z

T D N D O U D

DR SDVVR TXH RV LUPmRV (GPRQG H -XOHV GH *RQFRXUW SURWHVWDP HP
X > F H < ? < >

  FRQWUDRGHVFDVRGDGRjVFDPDGDVPDLVEDL[DVQDV¿Fo}HV1RV
M > F > A g

Y D E

URPDQFHVGH6WHQGKDO%DO]DFH)ODXEHUWRSUROHWDULDGRpSUDWLFDPHQWHLJQRUDGR
PDVQDREUDGRVLUPmRV*RQFRXUWDVFODVVHVPDLVKXPLOGHVJDQKDPGHVWDTXHHR

-i2WWR0DULD&DUSHDX[  QmRDFUHGLWDTXHD~QLFDGLIHUHQoDHQWUHR


5HDOLVPRHR1DWXUDOLVPRIUDQFrVVHMDRJUDXGH³UDGLFDOLVPRVRFLROyJLFR´$VHX
YHU³QDHYROXomRSHUFRUULGDGRUHDOLVPRDRQDWXUDOLVPRGHYHPWHUDJLGRRXWUDV
LQÀXrQFLDVPDLVGRTXHRUDGLFDOLVPRVRFLROyJLFR´ S 
3DUDFRPSUHHQGHUPHOKRUDYLVmRUHDOLVWDQDWXUDOLVWDWDQWRQDDUWHFRPR
QDOLWHUDWXUDpLPSUHVFLQGtYHORFRQKHFLPHQWRGDVSULQFLSDLVFRUUHQWHV¿ORVy¿FDV
HFLHQWt¿FDVGRVpFXOR;,;DVTXDLVVHPRVWUDPIXQGDPHQWDLVSDUDDIRUPDomR

+LVWRULFDPHQWHD5HYROXomR,QGXVWULDOVLJQL¿FRXXPSHUtRGRGHJUDQGHV
WUDQVIRUPDo}HVVRFLDLVHHFRQ{PLFDVHPYLVWDGRHVSDQWRVRSURJUHVVRWHFQROyJLFR
HFLHQWt¿FRTXHLPSXOVLRQRXRFUHVFLPHQWRXUEDQRHDLQVWDODomRGHIiEULFDV1mR
REVWDQWHWRGRHVVHLQFUHPHQWRFUHVFHDUHYROWDVRFLDOGLDQWHGDPHFDQL]DomRGR
WUDEDOKRKXPDQRHGDPLVpULDGDVPDVVDVTXHSDVVDPDVHRUJDQL]DUHPVLQGLFDWRV

8PGRVHVFULWRUHVGR5HDOLVPR1DWXUDOLVPRIUDQFrVTXHPHOKRUGHVFUHYHX
DVSpVVLPDVFRQGLo}HVGDFODVVHGRVWUDEDOKDGRUHVIRLePLOH=ROD(P
X > F H < ?

D G

 SRUH[HPSORRWHPDFHQWUDOVmRDVJUHYHVHDVUHYROWDVGRSUROHWDULDGR-i
  RDXWRUWUDWDGDPLVpULDGDYLGDKXPDQDGHJUDGDGDSHOR
J @ @ H < F

Y c O O

iOFRROHSHODSREUH]D'HQXQFLRXWDPEpPDVGHVLJXDOGDGHVVRFLDLVGRFDSLWDOLVPR
  HDJDQkQFLDSHORGLQKHLURHSHORSRGHUHP
J A d ? ; > A F > @ h H > @

O N D

J F B > ?

Y c E

VREUHWXGR IUDQFHVDV DV TXDLV IRUDP WD[DGDV SHORV FRQVHUYDGRUHV GH LPRUDLV
YXOJDUHVPyUELGDVHREVFHQDV
(VVH PRYLPHQWR OLWHUiULR H DUWtVWLFR LQWLPDPHQWH OLJDGR j 5HYROXomR
,QGXVWULDOHjVVXDVFRQVHTXrQFLDVFKDPRXDDWHQomRSDUDDPXGDQoDGHYDORUHV

Ã Ä Å Æ Ç È Ä É Ê Ë È Ì Í Ä Í Ä Î Ï Ð Ñ Ñ Î Ò Ð Ó Ô Õ Ö × Î Ø Ù × Ñ Ô ×
GDVRFLHGDGHFDGDYH]PDLVFRQFHQWUDGDQRVDVSHFWRVH[WHUQRVHQRVHOHPHQWRV
PDWHULDLVGDYLGD2SURJUHVVRGDVFLrQFLDVQHVVHSHUtRGRWDPEpPFRQWULEXLXSDUD
DUHYROXomRGHSHQVDPHQWRVHFUHQoDVVHGLPHQWDGRVFRPRIRLRFDVRGDSXEOLFD
omRHPGD IRUPXODGDSHORWHyULFRHYROXFLRQLVWD&KDUOHV
F < B < ? [ : ^ > M < > @

S O

'DUZLQ(OHSDUWHGRSULQFtSLRGHTXHRKRPHPpGHVFHQGHQWHGRVDQLPDLVHTXH
QDOXWDSHODH[LVWrQFLDDQDWXUH]DHRPHLRDPELHQWHVHOHFLRQDPRVPDLVIRUWHV
SDUDDVREUHYLYrQFLDHUHSURGXomRSRUXPSURFHVVRGHVHOHomRQDWXUDO$WHRULD
GH'DUZLQGHVWUXLXRRUJXOKRDULVWRFUiWLFRHGLYHUJLXIURQWDOPHQWHGHWRGRVRV
HQVLQDPHQWRVGD,JUHMD&DWyOLFD
2¿OyVRIRLQJOrV+HUEHUW6SHQFHU  FRPEDVHQDWHRULDGDUZLQLV
WDDFUHVFHQWRXDLGHLDGD³VREUHYLYrQFLDGRVPDLVDSWRV´HGHIHQGHXFRQVHTXHQ
WHPHQWHRLQGLYLGXDOLVPR'DPHVPDIRUPD$XJXVWR&RPWHWDPEpPDSURYHLWRX
RLPSXOVRGDGRSHODWHRULDHYROXFLRQLVWDSDUDIRUPXODUR3RVLWLYLVPR¿ORVy¿FR
VLVWHPDTXHODQoRXDLGHLDGHFDXVDHHIHLWRRXVHMDR~QLFRPHLRYiOLGRSDUDVH
DWLQJLURFRQKHFLPHQWRKXPDQRpSRUPHLRGRPpWRGRFLHQWt¿FRGHSHQVDPHQWR
(VVDDSOLFDomRGRPpWRGRFLHQWt¿FRDRHVWXGRGRKRPHPpFODUDPHQWHYLVtYHOQD
WHRULDGRVUHDOLVWDVQDWXUDOLVWDVTXHFRVWXPDYDPUHDOL]DUDQiOLVHVPLFURVFySLFDV
GLVVHFDQGRRFRPSRUWDPHQWRKXPDQR'HVVDPDQHLUDSRGHPRVFRQVWDWDUTXHD
GRXWULQDQDWXUDOLVWDSDUWHGRSUHVVXSRVWRGHTXHRKRPHPQmRSDVVDGHXPDQLPDO
GHWHUPLQDGRSHODKHUHGLWDULHGDGHPHLRHPRPHQWRKLVWyULFR
2V UHDOLVWDVQDWXUDOLVWDV VH DSURYHLWDP GHVVH IXQGDPHQWR FLHQWt¿FR QR
TXDORKRPHPpUHGX]LGRDRPHVPRQtYHOGRVDQLPDLVLQIHULRUHVHPFRQWUDVWH
FRPRKRPHPLGHDOL]DGRGRSHUtRGRURPkQWLFR SDUDSURYDUTXHRVHUKXPDQR
HPPRPHQWRVH[WUHPRVGHSUHVVmRHFULVHWUD]jWRQDDVXDEUXWDOLGDGHSULPLWLYD

SURFHVVRGHHYROXomRGRKRPHPRXVHMDDFUHGLWDPTXHRKRPHPQXQFDHYROXLX
SRLV HP PRPHQWRV H[WUHPRV R VHX ODGR LUUDFLRQDO HVWDUi VHPSUH ODWHQWH (VVD
GHJHQHUDomRKXPDQDSRGHVHUFRQVWDWDGDQDREUD GH=ROD
J @ @ H < F

Y c O O

   GHGLFD XP FDStWXOR LQWLWXODGR


< H > @ < @

³*HUPLQLH /DFHUWHX[´  j DQiOLVH GR SUHIiFLR GD REUD GRV LUPmRV *RQFRXUW
6HJXQGR$XHUEDFKDDWUDomRGRVDXWRUHVSHORIHLRHSHORSDWROyJLFRpDSRQWDGD
ORJRQRSUHIiFLRGH, QRTXDODGYHUWHPROHLWRUSDUD³  
X > F H < ? < > M > F > A g

Y D E

TXHQmRHVSHUHDIRWRJUi¿FDGHFRWDGDGR3UD]HURHVWXGRTXHVHJXHpDFOtQLFDGR
DPRU´ S HTXHVHWUDWDGHXPURPDQFHYHUGDGHLUR DWDTXHDRVXEMHWLYLVPR
HDRLGHDOLVPRURPkQWLFRVTXHID]HPRS~EOLFRDSUHFLDUURPDQFHV³IDOVRV´ 2
SURVVHJXHVXDDQiOLVHHIDODGDLQWHQomRGRVLUPmRV*RQFRXUW
< H > @ < @
T

HPSURYRFDUXPDWHQVmRHQWUHHVFULWRUHOHLWRUHQWUHDH[SHFWDWLYDGRS~EOLFR R

2.$02720RQLFD6HWX\R2UHDOLVPRQDWXUDOLVPRGH6WHQGKDOH6KLPD]DNL7{VRQ8PDDQiOLVHSVLFROyJLFD
Ô Ø
GRVSUREOHPDVGDVRFLHGDGHFRQWHPSRUkQHD$ROHUPRVRSROrPLFRSUHIiFLRQR
WDPRVWDPEpPTXHQDYLVmRGHVVHVGRLVLUPmRVDVREUDVURPkQWLFDVWRUQDUDPRV
OHLWRUHVLQVHQVtYHLVDTXDOTXHUTXHVWmRTXHQmRHVWLYHVVHYLQFXODGDDRUHSHUWyULR
HVFODUHFHWDPEpPTXHDPDLRUSDUWHGRV
< H > @ < @

OHLWRUHVGDTXHODpSRFDSHUWHQFLDjEXUJXHVLDSRUWDQWRDVUHYLVWDVHRVMRUQDLVTXH

ePLOH=RODFRQVLGHUDGRRSDLGR5HDOLVPR1DWXUDOLVPRFURQRORJLFDPHQWH
SRVWHULRUjJHUDomRGH)ODXEHUWH*RQFRXUWVRIUHXJUDQGHLQÀXrQFLDGHOHV6XD
SUHWHQVmRHUDDGHDSUHVHQWDUXPUHWUDWRYHUGDGHLURGDVRFLHGDGHFRQWHPSRUkQHD
VHPDSUHRFXSDomRGHSURFXUDUDJUDGDUDRVHXS~EOLFR)H]GDVGRHQoDVVRFLDLV
GHVXDpSRFDRVWHPDVGHVXDVREUDVFRPRDOXWDHQWUHRFDSLWDOLQGXVWULDOHD
FODVVHRSHUiULDHEXVFRXLQVSLUDomRSHUFRUUHQGRDVUXDVRVFDPSRVGHPLQHUDomR
LQ¿OWUDQGRVHQDVFDVDVHQDYLGDGRVPHLRVVRFLDLVPHQRVIDYRUHFLGRVWRPDQGR
QRWDGHWXGRFRPRPi[LPRGHGHWDOKHV6HPG~YLGDSRGHPRVFRQVLGHUDURDXWRU
X > F H < ?

D G

IUDQFrV GR VpFXOR ;,; 2XWUD FDUDFWHUtVWLFD EDVWDQWH DFHQWXDGD GR 5HDOLVPR
1DWXUDOLVPRGH=RODpDEXVFDGHFULWpULRVQRHPSLULVPRGDVFLrQFLDVQDWXUDLV
WDLVFRPRRSULQFtSLRGDFDXVDOLGDGHDRUGHPQDWXUDOGRVIDWRVDHOLPLQDomRGRV
DFDVRVHPLODJUHVDGHVFULomRIRWRJUi¿FDGRVDPELHQWHVHDREVHUYDomRFLHQWt¿FD
GDUHDOLGDGHDWUDYpVGRPHLRGDKHUHGLWDULHGDGHHGRPRPHQWRKLVWyULFR
6HJXQGR/tOLDQ5(XUVWH3HWHU16NULQH  RWHUPR1DWXUDOLVPRIRL
LQWURGX]LGRQDOLWHUDWXUDDWUDYpVGDV FHUWDPHQWHSRU=RODTXHHQWUH
d > A @ i J F @

D E

HPDQWHYHPXLWRVFRQWDWRVFRPRPXQGRDUWtVWLFRRUDFRPRFUtWLFR
GH UHYLVWDV HVSHFLDOL]DGDV RUD FRPR FRPSDQKHLUR GH OXWD GH VHX DPLJR 3DXO
&p]DQQH2SUHIiFLRjVHJXQGDHGLomRGDREUD   GH=ROD
\ ; j F k @ > A < ?

P D l

PDUFDHVVDSDVVDJHPGDVLGHLDVTXHDÀRUDYDPQRFDPSRDUWtVWLFRSDUDDFUtWLFD
OLWHUiULDRFDVLmRHPTXHHOHDGYHUWHVHXVOHLWRUHVVREUHDVVXDVLQWHQo}HV³(P
HXTXLVHVWXGDUWHPSHUDPHQWRVHQmRFDUDFWHUHV$TXLHVWiWRGRR
\ ; k F j @ > A < ?

P D l

OLYURHXHVFROKLSHUVRQDJHQVH[WUHPDPHQWHGRPLQDGRVSRUVHXVQHUYRVHVDQJXH
VHPOLYUHDUEtWULRFRQGX]LGRHPFDGDDWRGHVXDYLGDSHODVPRUWHVGHVXDFDUQH´
SWUDGXomRQRVVD 

DVPXGDQoDVGHXPPHVPRREMHWRGHDFRUGRFRPRMRJRGHOX]HVRPEUDHFRPR
kQJXORFDSWDGRQXPGHWHUPLQDGRPRPHQWR$OLJDomRHQWUHDDUWHLPSUHVVLRQLVWD
HDOLWHUDWXUDUHDOLVWDQDWXUDOLVWDSRGHVHUREVHUYDGDQDVFHQDVGHGHVFULomRHP
TXHRHVFULWRUVHXWLOL]DGDWpFQLFDGR,PSUHVVLRQLVPRSDUDGHWDOKDURREMHWRRX

Ã Ä Å Æ Ç È Ä É Ê Ë È Ì Í Ä Í Ä Î Ï Ð Ñ Ñ Î Ò Ð Ó Ô Õ Ö × Î Ø Ù × Ñ Ô Ñ
DSDLVDJHPHPIRFR2XWUDFRQWULEXLomRGHVVHPRYLPHQWRDUWtVWLFRIRLDGRWDGD
VREUHWXGRSRU=RODTXHEXVFRXLQVSLUDomRQDUHDOLGDGHYLVLWDQGRRV³WHPDV´GH
VXDVREUDVFRPXPFDGHUQRGHDQRWDo}HV3RU¿PWDQWRRVLPSUHVVLRQLVWDVTXDQWR
RVUHDOLVWDVQDWXUDOLVWDVDVVXPHPXPDYLVmRSHVVLPLVWDHGHFDGHQWHGDVRFLHGDGH

(PERUD .RVXJL 7HQJDL WHQKD VLGR R SLRQHLUR QD SURGXomR GH XPD REUD
UHDOLVWDQDWXUDOLVWDQR-DSmR
<

D D

_ R

GH¿QLWLYDGDWHRULDGH=RODHGRURPDQFHVRFLDOIUDQFrV'HXPDPDQHLUDJHUDOD
OLWHUDWXUDIUDQFHVDVHPSUHHVWHYHSUHVHQWHQRFtUFXOROLWHUiULRMDSRQrVGRSHUtRGR
0HLML  HVXDGLYXOJDomRVyQmRIRLPDLRUGHYLGRDRVSUREOHPDVGH
WUDGXomRHDRQ~PHURUHGX]LGRGHMDSRQHVHVTXHGRPLQDYDPDOtQJXDIUDQFHVD
UD]mRTXHOHYRXRVQLS{QLFRVDWRPDUHPFRQWDWRFRPDVREUDVIUDQFHVDVSRUPHLR
GHWUDGXo}HVLQJOHVDV2IDWRGHRVOLWHUDWRVMDSRQHVHVGDpSRFDQmRWHUHP³EHELGR
GLUHWDPHQWHQDIRQWHOtPSLGD´LVWRpQmRWHUHPDSUHFLDGRDOHLWXUDGHREUDVIUDQ
FHVDVHPVXDOtQJXDGHRULJHPQmRRVLPSHGLXGHDVVLPLODUHPSRUYH]HVGHIRUPD
VXWLOHDWpLQFRQVFLHQWHDVWpFQLFDVRHVWLORHDWpDYLVmRGHPXQGRIUDQFHVD(VVD
SUHVHQoDVHIH]PDLVRVWHQVLYDQRFRPHoRGRVpFXOR;;PDLVHVSHFL¿FDPHQWH
DSyVDJXHUUDUXVVRMDSRQHVD
2PRPHQWRKLVWyULFRQR-DSmRQmRSRGHULDVHUPDLVSURStFLRjLQWURGXomR
HGLYXOJDomRGRVSUHVVXSRVWRVEiVLFRVGR5HDOLVPR1DWXUDOLVPRIUDQFrV$SyV
FRQTXLVWDUHPDYLWyULDQRFRQÀLWRFRQWUDD5~VVLDRVMDSRQHVHVTXHVRQKDYDP
URPDQWLFDPHQWHDOFDQoDUVHXVLGHDLVGHSDUDUDPVHFRPRXWUDUHDOLGDGHEHPGLV
WLQWDGRVORXURVTXHLPDJLQDYDPUHFHEHUFRPDFRQTXLVWD2FOLPDHUDGHGHVLOXVmR
HSHVVLPLVPRHQWUHDSRSXODomRTXHWHYHGHDFHLWDUDVLPSRVLo}HVGR7UDWDGRGH
3D] HVWLSXODGDV SHODV SRWrQFLDV RFLGHQWDLV  2 GHVDSRQWDPHQWR H R VHQWLPHQWR
GHLQMXVWLoDOHYDUDPRVMDSRQHVHVDUHYHUHPDOJXQVFRQFHLWRVHDPXGDUHPDVXD
YLVmRGHPXQGRFRQVHTXHQWHPHQWHHOHVVHWRUQDUDPPDLVFpWLFRVREMHWLYRVH

&RPSDUDWLYDPHQWHR5HDOLVPR1DWXUDOLVPRIUDQFrVWDPEpPVXUJLXQXP
PRPHQWRGHGHVLOXVmR DSyVRIUDFDVVRGDVH[SHULrQFLDVSROtWLFDVGHHGH
TXHDSDJRXDVFKDPDVGRVLGHDLVGHPXGDQoDVRFLDO HGHWRPDGDGHFRQVFLrQFLD
SRUSDUWHGRVUHYROXFLRQiULRVeHYLGHQWHTXHDVLWXDomRKLVWyULFDHUDEHPGLVWLQWD
HQWUHD)UDQoDHR-DSmRQRPRPHQWRHPTXHR5HDOLVPR1DWXUDOLVPRVXUJLXHP
FDGDXPGHVVHVSDtVHVSRUpPJXDUGDGDVDVGHYLGDVSURSRUo}HVSRGHVHGL]HU
TXHRVREMHWLYRVVRFLRSROtWLFRVHUDPPXLWRSUy[LPRVQDPHGLGDHPTXHDPERV

2.$02720RQLFD6HWX\R2UHDOLVPRQDWXUDOLVPRGH6WHQGKDOH6KLPD]DNL7{VRQ8PDDQiOLVHSVLFROyJLFD
Ô Ó
1D)UDQoDDOXWDIRLLQWHUQDDSDUWLUGDUHYROWDGDFODVVHSUROHWiULDHGRV
SHTXHQRV EXUJXHVHV TXH KDYLDP VLGR LOXGLGRV FRP DV LGHLDV GD 5HYROXomR H
GH5RXVVHDX HTXHHVWDYDPFDQVDGRVFRPDPLVpULDHDLQMXVWLoDGDGLYLVmRGH
FODVVHV DR SDVVR TXH QR -DSmR D UHYROWD IRL WDQWR LQWHUQD TXDQWR H[WHUQD SRLV
DSHVDU GH R JRYHUQR QLS{QLFR WHU WHRULFDPHQWH DEROLGR D GLYLVmR GH FODVVHV QD
&RQVWLWXLomR 0HLML D GLVFULPLQDomR SHUPDQHFLD ODWHQWH HP PXLWRV SRQWRV 1R
QtYHOLQWHUQDFLRQDORVMDSRQHVHVHVSHUDYDPFRPDYLWyULDFRQWUDD5~VVLDDFHUWDU
RSDVVRFRPDVJUDQGHVSRWrQFLDVRFLGHQWDLVHGHVIUXWDUGRVPHVPRVEHQHItFLRV
RTXHQmRDFRQWHFHX
%DVLFDPHQWHpDSDUWLUGHVVHSRQWRHPFRPXPDLQMXVWLoDGDGLYLVmRGH
FODVVHVTXHLQLFLDUHPRVDDQiOLVHGRSHU¿OSVLFROyJLFRGRVSURWDJRQLVWDVGRVUR
< > F H > ; > > B F > A B > >

D D S m G O O C O Y P O E

_ R

> < F

Y C O

FRQWDDKLVWyULDGH6HJDZD8VKLPDWVXXPMRYHPLQWHOLJHQWH
<

D D

_ R

TXHVHPXGDSDUDDSHTXHQDFRPXQLGDGHUXUDOGH,L\DPDORFDOL]DGDDRORQJRGR
ULR&KLNXPDQDSURYtQFLDGH1DJDQRRQGHSDVVDDWUDEDOKDUFRPRSURIHVVRUHP

e
> A F A H < ?

E D n D

QHFHVViULRH[SOLFDUTXH pXPDFODVVHVRFLDOFRQVLGHUDGDDEDL[R
> A F A H < ?

E D n D

GRVPHQGLJRVHUHSXGLDGDSHORVMDSRQHVHV(PERUDDFODVVHWHQKDVLGRR¿FLDOPHQWH
A F A H < ?

n D

JDGDHPJXHWRVHFRPXQLGDGHVIHFKDGDV &$1*,È 2KHURLGH


<

D D

_ R

PHLRGHVDOYDomRSDUDRVHXFRQÀLWR1DYHUGDGHVHXHPEDWHPHQWDOWHPLQtFLRDR
OHUDREUDGH,QRNR5HQWDU{XPDWLYLVWDTXHOXWDSHORVGLUHLWRVGDFODVVH 3RU
>

E D

HVXDDGPLUDomRFUHVFHLPHGLDWDPHQWH5HQWDU{WRUQDVHXPDHVSpFLHGHUHIHUrQFLD
VtPERORGHFRUDJHPHXPKHUyLQDYLVmRGRSURWDJRQLVWD8VKLPDWVXVHQWHJUDQGH
D5HQWDU{PDVRDWLYLVWDpDSHGUHMDGRDWpDPRUWH
>

E D

SRUVHXVRSRQHQWHVSROtWLFRV$SyVRLQFLGHQWH8VKLPDWVXGHFLGHFRQIHVVDUDRVVHXV

QmRSRGHULDSHUPDQHFHUQDTXHODFLGDGH'HSRLVGLVVR8VKLPDWVXVHPXGDSDUDR
7H[DVQRV(VWDGRV8QLGRVHHVWDEHOHFHXPDFRO{QLDGHDJULFXOWRUHVMDSRQHVHVQR

$SHVDU GDV LPSOLFDo}HV SROtWLFDV VHUHP RXWUDV HVWUXWXUDOPHQWH D REUD


SULPDGH6WHQGKDOWDPEpPUHODWDDKLVWyULDGHXPMRYHPLQWHOLJHQWHGHFODVVH
EDL[D FKDPDGR -XOLHQ 6RUHO TXH DWLQJH FRP PXLWR HVIRUoR FHUWR GHVWDTXH QD

Ã Ä Å Æ Ç È Ä É Ê Ë È Ì Í Ä Í Ä Î Ï Ð Ñ Ñ Î Ò Ð Ó Ô Õ Ö × Î Ø Ù × Ñ Ô Ô
FRQVHJXLUURPSHUDYHOKDGLYLVmRGHFODVVHVHQWUHDDULVWRFUDFLDHDSOHEH-XOLHQ
6RUHOQDVFHXQDSHTXHQDFLGDGHGH9HUULqUHVQR)UDQFR&RQGDGRHHUD¿OKRGH
XPKXPLOGHFDUSLQWHLUR2UDSD]GHRULJHPSOHEHLDFRQVHJXHLQ¿OWUDUVHQRPXQGR
DULVWRFUiWLFRIUDQFrVJUDoDVDRVHX³SDLLQWHOHFWXDO´RFXUD&KpODQTXHOKHRIH
UHFHDRSRUWXQLGDGHGHWUDEDOKDUFRPRSUHFHSWRUGRV¿OKRVGRSUHIHLWRGDFLGDGH

GRSUHIHLWRDVHQKRUD5rQDOHGHSRLVGHLQ~PHURVSHUFDOoRVQDUHODomRRUDSD]
GHFLGHDEDQGRQDUDPDQVmR0XGDVHSDUD3DULVHYDLWUDEDOKDUFRPRVHFUHWiULRQD
PDQVmRGRPDUTXrVGH/D0ROH1RYDPHQWH-XOLHQWHPXPFDVRDPRURVRVHFUHWR
GHVVDYH]FRPD¿OKDGRPDUTXrV0DWKLOGH2VHJUHGRpUHYHODGRDRSDLTXDQGR
0DWKLOGHFRQWDTXHHVWiJUiYLGDGH-XOLHQ$SHVDUGDI~ULDLQLFLDORSDLUHVROYH
FRQVHQWLURFDVDPHQWRGHDPERVID]HQGR-XOLHQHQWUDUHPr[WDVHSRLV¿QDOPHQWH
IDULDSDUWHGDDOWDVRFLHGDGH&RQWXGRVHXVVRQKRVVmRGHVWUXtGRVTXDQGRVXDH[

KLSyFULWD-XOLHQHQWmRWHQWDPDWDUDWLURVDVHQKRUD5rQDOHHPVHJXLGDpSUHVR

$PERVRVKHURLVYLYHPQXPVLVWHPDWUDGLFLRQDORSUHVVRUUtJLGRHGLVFUL
PLQDWyULRQRTXDORWDOHQWRHDLQWHOLJrQFLDQmRVmRTXHVLWRVVX¿FLHQWHVSDUDVH
<

D D

_ R

FDSLWDOLVWDTXHFRQVHUYDRSHQVDPHQWRGRSHUtRGR(GR  HGDPHVPD


IRUPDQDREUDGH6WHQGKDOFRQVWDWDPRVXPVLVWHPDFDSLWDOLVWDQmROLEHUDOTXH
FRQVHUYDRPpWRGRDGPLQLVWUDWLYRGDYHOKDDULVWRFUDFLD$PERV-XOLHQH8VKLPDWVX
VHQWHPGHVSUH]RSHODFODVVHGRPLQDQWHHJXDUGDPFDGDTXDORVHXVHJUHGR6HJDZD
>

E D

-XOLHQVRERPDQWRGRFHOLEDWRPDQWpPHPVLJLORRVVHXVVRQKRVGHJUDQGLRVLGDGH
QDSROH{QLFD$PERVVRIUHPSVLFRORJLFDPHQWHSRUQmRVHUHP³EHPQDVFLGRV´H
SUHFLVDPHQIUHQWDUDGXUDUHDOLGDGHGHTXHQXQFDSRGHUmRDWLQJLUDDVFHQVmRVRFLDO

8VKLPDWVXH-XOLHQGHFHUWRPRGRVmRSHUVRQL¿FDo}HVGRVVRQKRVGHJUDQ
GHVFRQTXLVWDVHGHJUDQGHVGHFHSo}HVGHWRGDXPDpSRFD1RFDVRGH
<

D D

_ R

5HIRUPD0HLMLUHSUHVHQWDYDXPDHVSHUDQoDVRFLDOGHLJXDOGDGHXPDQRYDRUJD
QL]DomRSROtWLFDTXHLULDSURSRUFLRQDUOLEHUGDGHDRVGLVFULPLQDGRVSRUVHXQDVFL
PHQWRPDVRWHPSRSURYRXTXHDVFRQTXLVWDVGHPRUDPDVHUHPFRQFUHWL]DGDVHP
VHXSODQRUHDO-iRSRYRIUDQFrVGRLQtFLRGRVpFXOR;,;DFUHGLWDYDQRVVRQKRV
LQVWLJDGRVSHODVFRQTXLVWDVQDSROH{QLFDVPDVDSyVSRXFRWHPSRSHUFHEHUDPD
LQRFXLGDGHGHVVDVJOyULDVTXDQGRQRWDUDPTXHDGLYLVmRGHFODVVHVQmRVySHU
PDQHFLDFRPRWDPEpPKDYLDVHIRUWDOHFLGRHTXHDQDomRIUDQFHVDFRQWLQXDYD
VHJXLQGRDDGPLQLVWUDomRGDYHOKD$ULVWRFUDFLD
2EYLDPHQWHQmRFRORFDPRVQXPPHVPRSDWDPDURVFDUDFWHUHVGHVVDVGXDV
SHUVRQDJHQVTXHSVLFRORJLFDPHQWHDJHPGHPDQHLUDDWpRSRVWD2KHURLGH7{VRQ

2.$02720RQLFD6HWX\R2UHDOLVPRQDWXUDOLVPRGH6WHQGKDOH6KLPD]DNL7{VRQ8PDDQiOLVHSVLFROyJLFD
Ô Ö
GHDOJXPDPDQHLUDDVXDLQWHJULGDGHHRVHXRUJXOKRLVWRpPHQWHSDUDQmRVRIUHU
GLVFULPLQDomRDRSDVVRTXH-XOLHQJXDUGDRVHXVHJUHGRSDUDDWLQJLUDDVFHQVmR
VRFLDOHVHJXHRFDPLQKRGRFHOLEDWRQmRSRUYRFDomRPDVSRUTXHVDEHVHUD~QLFD
YLDGHDFHVVRSDUDFKHJDUDRVVHXVREMHWLYRV1mRVHLPSRUWDQGRFRPRVPHLRV
> F H > ; > > B F

S m G O O C O

VHDOWDPHQWHKLSyFULWDQDVUHODo}HVKXPDQDV3ULPHLURXVDDVXDIDOVDYRFDomR

DSURYHLWDVHGDLQJHQXLGDGHURPkQWLFDGDHVSRVDGHVHXSDWUmRDVHQKRUD5rQDO
SDUDVHGX]LOD3RVWHULRUPHQWHTXDQGR-XOLHQYDLjPDQVmRGRPDUTXrVGHOD0ROH
QDTXDOLGDGHGHVHFUHWiULRSDUWLFXODURSHTXHQREXUJXrVXVDDPHVPDIyUPXODGH
VHGXomRHFRQVHJXHFRQTXLVWDUDFRQ¿DQoDGRGRQRGDFDVDHRFRUDomRGHVXD
¿OKD0DWKLOGHGHOD0ROHXPDJDURWDGHGH]HQRYHDQRVPLPDGDVRQKDGRUDH
LQH[SHULHQWH(Q¿P-XOLHQWHQWDH[SORUDUWRGDVDVRSRUWXQLGDGHVHPVHXEHQHItFLR
eLQWHUHVVDQWHQRWDURGHVHQYROYLPHQWRSVLFROyJLFRHHPRFLRQDOGDVSHU

UHYHODomRGRVHJUHGRGDIDFHRFXOWD'HVVDIRUPDRVQDUUDGRUHVGHUDPHQIRTXH
PDLRU j VHTXrQFLD GH SHQVDPHQWRV H HPRo}HV GRV GRLV KHURLV QR GHFRUUHU GRV
DFRQWHFLPHQWRVHYLWDQGRDVVLPDVQDUUDo}HVGUDPiWLFDVHVLWXDo}HVLQFRHUHQWHV

RVVHXVHVIRUoRVVmRLQ~WHLVSRLVHVWDYDPSUHVRVDXPVLVWHPDVRFLDOHSROtWLFR
KHUPpWLFRTXHQmRSHUPLWLDJUDQGHPRELOLGDGH'HSDUDPVHWDPEpPFRPDWULVWH
UHDOLGDGHGHTXHRSRGHUQRFDVRGH6HJDZDHVWDYDDLQGDQDVPmRVGDWUDGLomR
IHXGDOHQRFDVRGH-XOLHQGDYHOKDWUDGLomRDULVWRFUiWLFD4XHUHPHVTXHFHUD
VXDRULJHPLQIHULRUPDVQmRFRQVHJXHPHVmRDWRUPHQWDGRVIUHTXHQWHPHQWHFRP
LVVR&RQVLGHUDPDVLWXDomRYLYLGDSRUHOHVKXPLOKDQWH6HJDZDHQFRQWUDFRPR
D~QLFDVDOYDomRGHVVDVLWXDomRFRQÀLWDQWHDTXHEUDGDSURPHVVDHDUHYHODomRGH
VHXVHJUHGR-XOLHQSRUVXDYH]FRPDUHYHODomRGHVHXVHJUHGRYrFRPR~QLFD
VDOYDomRDPRUWH
2XWURSRQWRFRQYHUJHQWHHQWUHRVGRLVURPDQFHVpTXHDPERVIRUDPEDVHDGRV

FRPDH[HFXomRGHXPFULPLQRVR$QWRLQH%HUWKHWTXHFRPR-XOLHQHUDGH
FODVVHEDL[DPDVSRULQÀXrQFLDGHXPFXUDWRUQRXVHSUHFHSWRUGHXPDIDPtOLDULFD

SDUD3DULVIRLVHUSUHFHSWRUHPRXWUDIDPtOLDRQGHVHGX]D¿OKDGR6HQKRU1mR
FRQVHJXLQGRVHXLQWHQWRGHVHFDVDUFRPD¿OKDTXHHVWDYDHVSHUDQGRXP¿OKRVHX
SRULQWHUYHQomRGDDQWLJDDPDQWH%HUWKHWYDLDWUiVGDH[DPDQWHHWHQWDPDWiOD
DWLURV3UHVRpORJRH[HFXWDGRDRVYLQWHHFLQFRDQRV

Ã Ä Å Æ Ç È Ä É Ê Ë È Ì Í Ä Í Ä Î Ï Ð Ñ Ñ Î Ò Ð Ó Ô Õ Ö × Î Ø Ù × Ñ Ô V
-i7{VRQSDUHFHWHUVHEDVHDGRQDYLGDGHÐH,VRNLFKLTXHQDVFHXHP
PHVPRDQRHPTXHR-DSmRLQLFLDVHXSURFHVVRGHPRGHUQL]DomRHRFLGHQWDOL]DomR
GHL[DQGRRSDVVDGRIHXGDOSDUDWUiVÐHHUDPHPEURGRJUXSRPLQRULWiULR
>

E D

QRQRYR-DSmRDSRSXODomRSHUPDQHFHXSUHVDHPVHXVDQWLJRVSHQVDPHQWRVH
SUHFRQFHLWRVHÐHDFDEDVHQGRYtWLPDGHVVDGLVFULPLQDomR
4XDQWR j SUHVHQoD GR 5HDOLVPR1DWXUDOLVPR IUDQFrV QD REUD GH 7{VRQ
FRQVWDWDPRVFHUWDLQÀXrQFLDGHDOJXQVSUHVVXSRVWRVWHyULFRVGH=ROD7{VRQVRIUHX
LQÀXrQFLDGH.DZDNDPL%L]DQTXHFRQVHTXHQWHPHQWHRIDULDOHYDUDePLOH=ROD
1DRSLQLmRGHDOJXQVFUtWLFRV7{VRQQmRWHYHLQWHQo}HVGHHVFUHYHUXPURPDQFH
UHDOLVWDQDWXUDOLVWDHD~QLFDLQÀXrQFLDUHFHELGDSRU=RODWHULDVLGRHPUHODomRj
VXDSUHRFXSDomRHPEXVFDUXPURPDQFHYHUGDGHLURFRPDGHVFULomRREMHWLYDGD
UHDOLGDGH&RQWXGRDQRVVRYHUFRORFDQGRjSDUWHRFDUiWHUWHFQROyJLFRHFLHQ
Wt¿FR
<

D D

_ R

FRQFHSomRGDSDODYUD
3RGHPRVD¿UPDUTXHHPSULPHLUROXJDU=RODH7{VRQWUDEDOKDPFRPDV
¿JXUDVTXHYHPGDVFDPDGDVVRFLDLVPHQRVIDYRUHFLGDVRSRYRSURSULDPHQWHGLWR
pDIRQWHGHLQVSLUDomRGHVVHVHVFULWRUHV$VSHUVRQDJHQVSHUGHPDLQGLYLGXDOLGDGH
>

E D

VmRRVFRQÀLWRVGHFODVVHV(PVHJXQGROXJDUDPERVDFUHGLWDPQDLPSRUWkQFLD
GRHVWXGRGHFDPSRSDUDDGHVFULomRREMHWLYDGDUHDOLGDGH=RODFRVWXPDYDYLDMDU
DRVORFDLVFRPXPFDGHUQRGHDQRWDo}HVSDUDSRGHUVHQWLUPHOKRUDUHDOLGDGH
GH VHXV WHPDV DPELHQWDUVH FRP RV IDWRV H UHDOL]DU XPD DQiOLVH PLFURVFySLFD
GRORFDO'DPHVPDIRUPD7{VRQSURFXURXHVVDREMHWLYLGDGHDRYLDMDUHP
SDUDDFLGDGHGH.RPRURRQGHSDVVRXVHWHDQRVID]HQGRDQRWDo}HVHWUDEDOKDQGR
FRPRSURIHVVRUSULPiULR(PWHUFHLUROXJDU7{VRQH=RODDFUHGLWDPQRSULQFtSLR
GDKHUHGLWDULHGDGHHGDLQÀXrQFLDGRPHLRFRPRFRQGLFLRQDGRUGDVDWLWXGHVHGDV
TXDOLGDGHVGRLQGLYtGXR(P
< >
D D E D

_ R

DHVVDFODVVHLQGHSHQGHQWHPHQWHGHVXDYRQWDGHDVXDFRQGLomRVRFLDOIRUDKHUGDGD
HQmRKiFRPRHVFDSDUGLVVR1DYLGDUHDO6KLPD]DNL7{VRQYLYHXXPDVLWXDomR
VHPHOKDQWHjGHVXDSHUVRQDJHPTXDQWRjTXHVWmRGDKHUHGLWDULHGDGH2SDLGR
HVFULWRUQR¿QDOGHVXDYLGDUHYHORXVHLQVDQRIDWRTXH7{VRQWHQWRXRPLWLUSH
UDQWHDVRFLHGDGHFRPPHGRGHVRIUHUDOJXPWLSRGHGLVFULPLQDomRHQWUHWDQWRR
VHXUHFHLRPDLRUHUDRGHTXHDGRHQoDGRSDLHVWLYHVVHHPVHXVDQJXH
eLPSRUWDQWHDFUHVFHQWDUTXHDYLWyULDQDJXHUUDUXVVRMDSRQHVDFHUWDPHQ
WHPDUFRXDDFHLWDomRHRFUHVFLPHQWRGRPRYLPHQWR1DWXUDOLVWDQR-DSmRTXH
ÀRUHVFHXHQWUHH3DUD'RQDOG.HHQHHVVHIDWR³QmRIRLDFLGHQWDO´ S
 2PXQGRWRGRKDYLDVXEHVWLPDGRDIRUoDGR-DSmRXPSHTXHQRSDtVUHFpP
VDtGRGRSHUtRGRIHXGDOPDVTXHPHVPRDSyVWHUSURYDGRRVHXSRGHULRHDVXD

2.$02720RQLFD6HWX\R2UHDOLVPRQDWXUDOLVPRGH6WHQGKDOH6KLPD]DNL7{VRQ8PDDQiOLVHSVLFROyJLFD
Ô W
FDSDFLGDGHEpOLFDQmRFRQVHJXLXDWLQJLUWRGRVRVVHXVREMHWLYRVHHQWUDUSDUDR
FtUFXORGDVJUDQGHVSRWrQFLDVRFLGHQWDLV$HXIRULDGDYLWyULDVHJXLGDGDGHFHSomR
IRLGHQRPLQDGDSHORVMDSRQHVHVFRPRR³$QRGD'HVLOXVmR´$REUD
<

D D

_ R

7{VRQSDUHFHODQoDUHVVHPHVPRROKDUGHHQWXVLDVPRSRUXPDSRVVtYHOPXGDQoD
VHJXLGDLPHGLDWDPHQWHGHXPDJUDQGHGHFHSomRQDTXDODSHVDUGDVYLUWXGHVLU
UHIXWiYHLVGHXPLQGLYtGXRFRPR8VKLPDWVXHOHHVWDYDIDGDGRDRGHWHUPLQLVPR
GHVXDKHUHGLWDULHGDGH7{VRQODQoDLJXDOPHQWHDLGHLDGHHVWHUHyWLSRGHXPD
FODVVHRXUDoDLQIHULRUHP
<

D D

_ R

HUDPVXMRVHVHPFDSDFLGDGHLQWHOHFWXDO¿FDP
>

E D

>

E D

WHUHYLGrQFLDVGHXPURPDQFHVRFLDOpQHFHVViULRHVFOD
<

D D

_ R

UHFHUTXHRDXWRUQmRWHYHRGHVHMRGHHVFUHYHUXPSDQÀHWRVRFLROyJLFR(PXP
HQVDLRHVFULWRHP7{VRQUHYHODTXHRVLJQL¿FDGRGHVHXURPDQFH
<

D D

_ R

HVWiQDUHODomRLQWUtQVHFDHQWUHSDLH¿OKRHTXHVHXLQWHUHVVHSHODFODVVH QmR
>

E D

pSURSULDPHQWHSRUVXDIDFHWDVRFLDOPDVSVLFROyJLFDSRLVVHXURPDQFHUHYHOD
XPUHWUDWRSVLFROyJLFRYtYLGRGHVHXKHURLFXMRVFRQÀLWRVPHQWDLVHUDPFRQVWDQ
WHPHQWHQDUUDGRVHPIRUPDGHH[DPHGHFRQVFLrQFLDSUHVVmRVRFLDOVRQKRVH
PHGRGDUHYHODomR .((1( 
6WHQGKDOWDPEpPWUDoDXPSHU¿OSVLFROyJLFREDVWDQWHFRPSOH[RGHVHXV
SHUVRQDJHQVHSRUHVVDUD]mRDFDERXUHFHEHQGRGH7DLQHRWtWXORGHJUDQGHUR
PDQFLVWDHRPDLRUSVLFyORJRGRVpFXOR =2/$ =RODWDPEpPSDUWLOKDGD
PHVPDRSLQLmRHDUUHPDWDD¿UPDQGRTXH

6WHQGKDOpDQWHVGHWXGRXPSVLFyORJR7DLQHGH¿QLXPXLWREHPVHXGRPtQLRGL


]HQGRTXHHOHVHLQWHUHVVDYDXQLFDPHQWHSHODYLGDGDDOPD3DUD6WHQGKDORKRPHP
pFRPSRVWRDSHQDVGHFpUHEURRVRXWURVyUJmRVQmRFRQWDP6LWXDHYLGHQWHPHQWH
RVVHQWLPHQWRVDVSDL[}HVRVFDUDFWHUHVQRFpUHEURQDPDWpULDSHQVDQWHHDJHQWH
(OHQmRDGPLWHTXHDVRXWUDVSDUWHVGRFRUSRWHQKDPLQÀXrQFLDVREUHHVVHyUJmR
QREUHRXSHORPHQRVHVVDLQÀXrQFLDQmROKHSDUHFHGHPRGRDOJXPEDVWDQWHIRUWH
QHPEDVWDQWHGLJQDSDUDTXHQRVLQTXLHWHPRVFRPHOD ,GHPS

5HWRUQDQGRjUHODomRHQWUHSDLH¿OKRGHVWDFDGDSRU7{VRQHQFRQWUDPRV
WDPEpPQDREUDGH6WHQGKDOXPDIRUWHFRQH[mRHQWUH-XOLHQHVHXSDLHQWUHWDQWR

GRSURWDJRQLVWD-XOLHQVHULDXP¿OKRGHRUJXOKRQXPDIDPtOLDDULVWRFUiWLFDLQWH
OLJHQWH¿QRHVWXGLRVRHDPELFLRVRHQWUHWDQWRIRUDSUpGHWHUPLQDGRSHORGHVWLQR
DWHUXPSDLLJQRUDQWH2SDL6RUHOHUDXPKRPHPEUXWRTXHQmRDFHLWDYDXP¿OKR
VHQVtYHOFRPLQFOLQDomRjFXOWXUDRTXHIH]GH-XOLHQXPDPiTXLQDGHDPELomRH
KLSRFULVLD$LPDJHPGHXPSDLDPELFLRVRHFDVWUDGRUOHYRX-XOLHQDWDPEpPROKDU

Ã Ä Å Æ Ç È Ä É Ê Ë È Ì Í Ä Í Ä Î Ï Ð Ñ Ñ Î Ò Ð Ó Ô Õ Ö × Î Ø Ù × Ñ Ô b
DIHWLYDHPFRQVHTXrQFLDjHGXFDomRUXGHTXHUHFHEHXFRPRQRWDPRVQRGLiORJR
DEDL[RFRPRSDL

GHRQGHFRQKHFHD6UD
 ä â ð é ê î å  ï ä â ä ï ï ä ê ã ç æ í â ä ð é î ä í p q p r s t t s u v w v x y z t q

î ä  þ ê å  í {  å ê î é ë å  é  ì é ï ä  å |

±1XQFDOKHIDOHL±UHVSRQGHX-XOLHQ±1XQFDYLHVWDVHQKRUDVHQmRQDLJUHMD
±0DVYRFrROKRXSDUDHOD
! } ~ ß 8 Û Ü $  "  8 ß 

±1XQFD2VHQKRUVDEHTXHVyYHMR'HXVQDLJUHMD±DFUHVFHQWRX-XOLHQFRPXP
DU]LQKR KLSyFULWD SUySULR VHJXQGR SHQVDYD D DIDVWDU R UHWRUQR GDV SDQFDGDV
67(1'+$/SJULIRQRVVR

IRUPDomRGHVHX¿OKR3DUHFHQDWXUDOTXHXPSDLTXHLUDRPHOKRUSDUDRVHX¿OKR
HPWHUPRVGHVD~GHHGXFDomRHSUR¿VVmRSRUpPSDUDRSDLGH8VKLPDWVXGHVHMDU
LVVRHWHQWDUSURPRYHUREHPHVWDUGR¿OKRHUDPGXDVFRLVDVEHPGLVWLQWDVSRU
2SDLGH8VKLPDWVXSURMHWRXHPVHX¿OKRWXGRDTXLORTXH
>

E D

MXOJRXFRPRVHQGRRPHOKRUSDUDHOHQRHQWDQWRDSHVDUGHVXDLQWHQomRVXEOLPH
GHFXLGDGRULJQRURXDQDWXUH]DVHQVtYHOGHVHX¿OKR6H8VKLPDWVXSDLWLYHVVH
HVSUHLWDGRPHOKRUDSHUVRQDOLGDGHGHVHX¿OKRFHUWDPHQWHVDEHULDTXHHOHQmR

7{VRQQmRSHUWHQFLDjFODVVH SRUpPWDPEpPRFXOWRXSRUORQJRWHPSR
>

E D

GH7{VRQHUDTXHDGRHQoDGHVHXSDLIRVVHKHUHGLWiULDHTXHDVSHVVRDVSDVVDVVHP
DGLVFULPLQiORSRULVVR$RTXHSDUHFHDRIRFDUDUHODomRSDLH¿OKRQRURPDQFH
 7{VRQ WUDQVIHULX D VXD SUySULD SUREOHPiWLFD DR SURWDJRQLVWD GDt D VXD
<

D D

_ R

GHFODUDomRQRHQVDLRGH
3RU ¿P UHVWD GL]HU TXH RV GRLV URPDQFLVWDV HQFRQWUDUDP XPD VROXomR
OLWHUiULDFRQYHQLHQWHSDUDRVUHVSHFWLYRVHStORJRV(P
<

D D

_ R

QRVGHSDUDPRVFRPXP³¿QDOIHOL]´DWtSLFRGRVURPDQFHVQDWXUDOLVWDVHQWUHWDQWR
QDYLGDUHDOSURFXUDYDPQDHPLJUDomR
>

E D

XPDVROXomRSDUDRVVHXVSUREOHPDVGHGLVFULPLQDomR-iHP
> F H > ; > > B F

S m G O O C O

R¿QDOWUiJLFRpFRQGL]HQWHFRPRVHQVRGHMXVWLoDGDYLGDUHDO-XOLHQSDVVDGH
MRYHPDPELFLRVRHKLSyFULWDSDUDDVVDVVLQRYLQJDWLYR(Q¿PGDURXWURGHVIHFKR
DRURPDQFHGH6WHQGKDOVHULDQRPtQLPRLUUHDOLVWDSDUDQmRVHGL]HULPSUySULR
DRFRQWH[WRKLVWyULFRYLYLGRSHORDXWRU

5HIHUrQFLDELEOLRJUi¿FD
$8(5%$&+(ULFK $UHSUHVHQWDomRGDUHDOLGDGHQDOLWHUDWXUDRFLGHQWDO6mR3DXOR €  ‚ ƒ „  „

(GXVS(GLWRUD3HUVSHFWLYDSS

2.$02720RQLFD6HWX\R2UHDOLVPRQDWXUDOLVPRGH6WHQGKDOH6KLPD]DNL7{VRQ8PDDQiOLVHSVLFROyJLFD
Ö Ù
&$1*,È)OiYLD … ƒ † ‡ ˆ † ‚  ‰ Š ‹ Œ ƒ  Ž †   Ž ‘ ’  † †  ‹  “ ƒ „ ˆ ‰ ” Ž • ‹ Ž † ƒ „  ‰ – — “ ƒ † ˜ –  ˜ •  ‡ ƒ  ‰

” ˆ ‰ ‹ ƒ ‚ ™ ˆ †  † ˜ š  ™  ‰ ‘ %HUOLQ/LW9HUODJ'U:+RSI
&$53($8;2WWR021DWXUDOLVPR,Q $pSRFDGDFODVVH ›  „ ‹ œ †   –  •  ‹ ƒ †  ‹ Ž †  ˆ   – ƒ ‰ ‹  •

PpGLD9RO95LRGH-DQHLUR(GLo}HV2&UX]HLURSS
&/$8'21)UDQFLV +$$'$':27/,1*.DUHQ — • ƒ ‚ ƒ ‰ ‹ ˆ „ – ƒ •  ‹ ƒ †  ‹ Ž †   ˆ ‚ ™  †  –  ž

7HRULDVHPpWRGRVGDDERUGDJHPFRPSDUDWLVWD6LQWUD,QTXpULWR
(8567/tOLDQ 6.5,1(3HWHU Ÿ   ƒ  •  „ ‚ ˆ ¡ ’  ‹ Ž †  •  „ ‚ ˆ $OLQJXDJHPFUtWLFD7UDGXomR
-RmR3LQJXHOR/LVERD/\VLD
*/81&. &DURO š  ™  ‰ ¢ „ ‚ ˆ – ƒ † ‰ ‚ ˜ ‹ Œ „  ,GHRORJ\ LQ WKH ODWH 0HLML SHULRG 1HZ -HUVH\
3ULQFHWRQ8QLYHUVWL\3UHVV
+$86(5$UQROG ›  „ ‹ œ †   „ ˆ    • –  •  ‹ ƒ †  ‹ Ž †  ƒ –   † ‹ ƒ 9,,6mR3DXOR(GLWRUD0HVWUH
£ ¤ ¥ ¦ § ¨ © §

.$7$,7D\DPD/LWHUDU\/LIHLQ7RN\R/LWHUDU\OLIHLQ7ǀN\ǀ7D\DPD.DWDL¶V
PHPRLUV³7KLUW\\HDUVLQ7ǀN\ǀ´7UDQVODWHGDQGLQWURGXFHGE\.HQQHWK*+HQVKDOO
ª « ¬ ­ ­ ¦ § ¨ ® ©

.((1('RQDOG ¯  ° ‰ ‹ ˆ ‹ Œ ƒ ° ƒ „ ‹ ‘ š  ™  ‰ ƒ „ ƒ •  ‹ ƒ †  ‹ Ž † ƒ ˆ ‡ ‚ ˆ – ƒ † ‰ ƒ †  ‘ ±   ‹  ˆ ‰ ‘ 1HZ<RUN
+ROW5LQHKDUWDQG:LQVWRQ
.81,72027DGDR-DSDQHVHOLWHUDWXUHVLQFH7RN\R7KH+RNNXVHLGR3UHVV
0,77(5$1'+HQUL ² ˆ •   ODYpULWpHPPDUFKH 3DULV'pFRXYHUWHV*DOOLPDUG/LWWpUDWXUH
§ ¨ ¨ ³

67+(1'$/ Ÿ “ ƒ † ‚ ƒ • Œ ˆ ƒ ˆ ’ ƒ Š † ˆ 7UDGXomR0DULD&ULVWLQD)GD6LOYD6mR3DXOR(GLWRUD
´ ¤ µ ¶ · ¥ ­ ¸ ¥ « ¶ ­ ¹ ¸ º ¶ ¦ » ¼ ¼ ½

7Ð621 6KLPD]DNL ¾ Œ ƒ  † ˆ  ƒ ‰ ” ˆ ‚ ‚  ‰ – ‚ ƒ ‰ ‹  7UDGXomR 2VXNH 6KLPD]DNL 7RN\R


8QLYHUVLW\RI7RN\R3UHVV
:(%(5(XJHQ ± †  ‰ ¿  ¿QGHVLqFOH7UDGXomR5RVDXUD(LFKHQEHUJ6mR3DXOR&RPSDQKLD
º ¶ À ¹ Á ¸ « ¶ À ¦ § ¨ ® ®

=2/$ePLOH  à  ‹  • Œ  – ˆ Ä ‚ ™ † ƒ „ „  ˆ ‰  „ ‚ ˆ 7UDGXomR0DUWKD*DPELQL5LRGH-DQHLUR
3D]H7HUUD
Å Å Å Å Å
'RURPDQFH6WHQGKDO)ODXEHUWHRV*RQFRXUW7UDGXomR3OtQLR$XJXVWR&RHOKR
Å
ž

6mR3DXOR(GLWRUD,PDJLQiULR(GLWRUDGD8QLYHUVLGDGHGH6mR3DXOR

Ã Ä Å Æ Ç È Ä É Ê Ë È Ì Í Ä Í Ä Î Ï Ð Ñ Ñ Î Ò Ð Ó Ô Õ Ö × Î Ø Ù × Ñ Ö ×
í

ï ð ñ ò ó ô õ ö ÷ ø ù ú û ü ý ù þ ü ÿ        
ý ü ø ÷ þ ù ø þ  ù  þ ù                    ÿ      

        ! "   #  $ ù ü ù
% ù $ ù ø ù  & þ ' ù ý ( ø ÷
ý &
$ & ÷ $ ) & ü
ù ø ü ý * % ü & + , þ ÷ ÷ ý & ÷

ù þ & ü - & ÷ $
$  ' ÷ & ü . ù ý ù % ü ù þ
ý & / 0  1 1 2  2 3 ÷ / 4 ù
& ø
þ ü 5 ý & ÷ $ 3 þ ÷ ÷ ý & ÷ ý ÷ ù

 þ ù "  
ù ý ø
$ þ ÷ ÷ ý ø (  % ù ù þ & ü þ ø ù & ÷ þ ü 6 ù 7 8 ÷
ý ù - þ ù ø ù  þ ÷ - ( ý ÷ þ "  ÷ $
$

SURSRUXPDGLVFXVVmRDFHUFDGHDOJXQVGHVVHVFRQFHLWRVUHODFLRQDQGRRVFRPDVHVSHFL¿FLGDGHVGD
% ü & ÷ þ ù &  þ ù ü ý * % ü & ù ' ù ý ÷ ù +

9 : ; : < = : ñ > ? @ : < ð õ A ý * % ü & B % ü & ÷ þ ù &  þ ù ' ù ý ÷ ù B C ù ý & ) & ü


B  þ ÷ ý ù &  þ ù % B ö ÷ ø ù ú û ü ý ù þ ü

D E
ñ F = : ? F õ ö ÷ ø ù ú û ü ý ù þ ü ÿ         ü
ý ü ø ÷ þ ÷ ø  G H ü I þ û J      K L     !        !  ÿ      

        ! "   #  & H ÷ $ & ù



% ù ü $ ÷ ø M ù ù ý ÷ ÷ ù  & H þ C H þ & & þ ü ÷ I ü & H & H ÷ $ ÷ C & H ÷  ý   ù % +

N H ü ù ÷ þ ù ü $ & ù ý ù % G 6 ÷ & H ÷ & þ ü ÷ / N H ÷ , I % C & H ÷ N H þ ÷ ÷ M ÷ I ÷ % 3 ù ý ø / O H þ G ù ý & H ÷ $  $ P I 3

þ ÷ ÷ ý & ü ý & H ü I þ û " ÷ ÷ û ü ý - &  ý ø ÷ þ & ù ý ø & H ÷ $ C þ $


% ù ü
ù % & H ÷ þ ü ÷ ù   & - ÷ ý ø ÷ þ " ù ý ø þ ÷

ù ø ü
 ü ý C $ ÷ C & H ÷ ÷
ý
÷ &  G þ ÷ % ù & ü ý - & H ÷ $ M ù ù ý ÷ ÷  ý   ù % % ü & ÷ þ ù &  þ ÷
H ù þ ù
& ÷ þ ü & ü
+

Q ð R S ô = T ñ õ ö ý   ù % B M ù ù ý ÷ ÷ % ü & ÷ þ ù &  þ ÷ B C ù ý & ù & ü


B  ÷ þ ý ù &  þ ù % B ö ÷ ø ù ú û ü ý ù þ ü

eXPGHVD¿RDQDOLVDUDVUHSUHVHQWDo}HVGRLQVyOLWRQDOLWHUDWXUDMDSRQHVD
SULPHLUDPHQWHGHYLGRjGL¿FXOGDGHGHDFHVVRjVDQiOLVHVHWHRULDVSURSRVWDVSH

U V W X Y Z X [ \ ] ^ \ _ ` a b Z Y ^ X b c d Z _ [ e [ d X b f _ g \ h ] d i _ [ b d ^ \ ^ _ a b Z \ ^ Y \ g ^ _ c X ] ^ [ d ] \ j h a c k V l X g b d b Z \ m n o a p V m X ] Z \ Z X q

] d g r _ s r \ ` d g \ t u X Z ` \ d g V r X `

v V W X Y Z X [ \ ] ^ X _ ` w d b Z x [ d \ p X r d \ g f _ g \ h ] d i _ [ b d ^ \ ^ _ ^ _ p y X o \ Y g X j z z c m w { | a w } ~ h p o k V l X g b d b Z \ m n o a p V

m X ] Z \ Z X q [ d r \ [ ^ X b X [  X ] t u X Z ` \ d g V r X `

Æ Ç È É Ê Ë É Ì Í Î Ï Ð Ñ Ò Ó Ô È Õ Ö Ñ Ò Õ × Ô Ø Ù Ú Ê Û Ü Ï Ê Ñ Ó Õ Ý × Þ Ü Þ Ý ß Þ à á â Ì Ñ ã Ô Ý Õ ã ä Ý Õ × Ô å Õ à ã Õ æ Ö Õ ç à Þ è Õ é ê Þ ë Õ Ó Þ à æ ã Ý ä ì ê Þ × Þ á á á
GH¿QLo}HVGHVVHJrQHURIRLSHQVDGDDSDUWLUGHPRGHORVQDUUDWLYRVSHUWHQFHQWHVj
OLWHUDWXUDHXURSHLDHODWLQRDPHULFDQDPDLVHVSHFL¿FDPHQWH $VVLPDRFODVVL¿FDU ”

• – — ˜ ™ — ˜

D¿UPDTXH

$LPSRUWkQFLDGHVWDWHPiWLFD>IHQRPHQRORJLDPHWDHPStULFD@UHÀHWHDLQGDQRHP


þ ÷ - ø ù ' ) þ ÷ C ÷ þ ü ø ù ÷ š þ ÷ › / % ü & ÷ þ ù &  þ ù ø  þ ÷ ý ù &  þ ù % 3 ù þ ù ø ÷ ü - ý ù þ ø ÷ C þ $ ù

- ÷ ý þ ü
ù & ø ù ù  þ ù œ  ÷ þ ÷
þ þ ÷ $  C ÷ ý $ ÷ ý % - ü ù ü ý * % ü & ù ÷ % H ÷
ý C ÷ þ ÷ $  $ ù

IXQomRGHFLVLYDQRGHVHQURODUGDDomR3RU¿PWDOLPSRUWkQFLDUHYHODVHWDPEpPQD
- %  ù % ü ø ù ø ÷ ø ù % ü & ÷ þ ù &  þ ù ü " ù % $ ø ÷ ÷ & þ ý ù þ ù  %  & ù $ ÷ ý & ÷ ý ÷
÷ ) þ ü ù C ù ý & ) & ü

 ù $ ù þ ù . ü % H ÷ $  ü & C þ ÷ œ  ÷ ý & ÷ ý ÷ & þ ù ý H " þ ÷


 þ  & ÷ $ ) & ü
ù  þ ÷ ý ù &  þ ù %

QD¿FomRXOWUDSDVVDGHORQJHDVIURQWHLUDVGHVWHVJrQHURV'HIDWRPXLWDVREUDVTXH
ý ù ø ù & ÷ $ ù . ÷ þ
$ ÷ % ÷ ü ý
%  ÷ $ ù þ
÷ % ù ø ù ù 7 ›  ÷ þ ý ù - ÷ ý ø ÷ ž ý ø % ÷ $ ÷ & ù 

 ÷ $ ž þ ü
ù " ù ü ý ø ù œ  ÷ ÷ $
ù þ ) & ÷ þ ø $ ü ý ù ý & ÷ + ÿ Ÿ ö   N ú ¡ , "    " + ¢ 

™ ¤ ¥ ™ ¦ § • ¨ © ª « • ¬ § • ­ ª •

FRQFHLWXDo}HVPDLVHVSHFt¿FDVHSRQWXDLV1RVGRLVFRQWRVTXHVHUmRDQDOLVDGRV
DGLDQWHVHSURFXUDUiGHPRQVWUDUDOJXPDVGHVVDVHVSHFL¿FLGDGHVDWHQWDQGRSDUDDV

VLGDGHGHKLVWyULDVFRPWHPDVGRLQVyOLWRVHMDHQYROYHQGR¿JXUDVHGLYLQGDGHV
PLWROyJLFDVVHMDVHUHIHULQGRDIDQWDVPDVRXjVHQWLGDGHVPDOp¿FDVHEHQp¿FDV

® V n ^ d ¯ d r Y g ^ \ ^ _ r X ] r _ d Z Y \ g f \ [ \ X _ ] ° Y \ ^ [ \ ` _ ] Z X ^ _ X ± [ \ b ^ \ g d Z _ [ \ Z Y [ \ ² \ f X ] _ b \ ³ _ i d ^ _ ] Z _ ° Y \ ] ^ X b _ \ Z _ ] Z \ ´

f X [ _ µ _ ` f g X ´ \ X b Y ± Z ¶ Z Y g X [ _ r _ ± d ^ X f _ g \ Z [ \ ^ Y · y X ^ _ m X ] Z X b ^ \ r u Y i \ _ ^ \ g Y \ f \ [ \ \ g ¶ ]  Y \ d ]  g _ b \ ^ _ U ¸ ¹ U q

º » \ f \ ] _ b _ ¼ X Z u d r ½ \ g _ b ¾ V

à á Œ Œ é á  Ž   ‘ Ž ’ “ Œ  Œ
€  ‚ ƒ „ …  † ‡ ˆ … ‰ Š  Š  ‹ ‹ ‹
DUWtVWLFDV([HPSORVDWXDLVSRGHPVHUYLVWRVQRLPHQVRUHSHUWyULRGH¿OPHVGH
Õ Ö × Ø

'HYLGR jV VXDV FRQGLo}HV KLVWyULFDV H JHRJUi¿FDV D QDWXUH]D QR -DSmR

• – ™ ¦ ¥ ¬ — ˜ ™ — ˜ ¨ ™ Ù ™ ¦ © ˜ ¤ ¥ Ú

SDSHOGHGHVWDTXHFRPRpSHUFHSWtYHOSRUH[HPSORQD¿JXUDGRV Û
• Ù ˜ Ü

FRPRLQVyOLWRVmRFODVVL¿FDGDVFRPROHQGDVSRSXODUHVFXMDRULJHPVHSHUGHQR
Ù ª • ¦ © ˜ Ý • ¤ • ¦ © ˜

DRV¿OKRV
Þ

— • ¦ © ˜ Ù • ß • — Ú

• — — • ¥ ˜ « • ¦ § ™ ¨ ™ — ¥ • § ™ — § ¬ Ý • Ù Ý ª ¥ • ¬ ¥ ™ — ˜ Ù ™ á

¤ ™ ⠕ ¥ • — ˜

DWRPDFRPR¿OKDDWpRPRPHQWRHPTXHVHQGRSULQFHVDHODGHFLGHYROWDUSDUD
ã ä ä

¬ ¤ ˜ ¤ ™ § ™ – å ¦ ¦ ¬ ⠙ ™ Ù ™ ¥ • — Ú

™ ¤ ˜ æ

ç V n f _ b \ [ ^ \ ^ d ¯ d r Y g ^ \ ^ _ ^ _ ^ _ ¯ d ] d · y X ^ _ i d ^ X è \ ` f g d Z Y ^ _ ^ _ b b _ Z _ [ ` X ´ é ê ë ì ´ f X [ i _ í _ b ´ _ ° Y d i X r \ ^ \ ` _ ] Z _

Z [ \ ^ Y í d ^ X f X [ º W _ Y b ¾ ´ f X ^ _ b _ [ Z \ ] Z X Y ` \ f _ ^ [ \ ´ ° Y \ ] Z X Y ` \ ` X ] Z \ ] u \ ´ Y ` \ ] d ` \ g X Y X b \ ] r _ b Z [ \ d b ^ _ Y ` \

¯ \ ` ¶ g d \ X Y \ g ^ _ d \ V | \ [ _ \ g d ^ \ ^ _ ´ é ê ë ì f X ^ _ b _ [ ° Y \ g ° Y _ [ r X d b \ ° Y _ \ f [ _ b _ ] Z _ Y ` b d  ] d ¯ d r \ ^ X Z [ \ ] b r _ ] ^ _ ] Z \ g

f \ [ \ Y ` \ r X ` Y ] d ^ \ ^ _ X Y ¯ \ ` ¶ g d \ V W _ b b _ ` X ^ X ´ ] _ ` Z X ^ \ ` X ] Z \ ] u \ ³ Y ` é ê ë ì ´ ` \ b b X ` _ ] Z _ \ ° Y _ g \ ° Y _ ´

f X [ \ g  Y ` \ [ \ í y X ´ b _ ² \ f X [ b Y \  [ \ ] ^ d X b d ^ \ ^ _ _ d ` f X ] î ] r d \ ´ b _ ² \ f X [ b _ [ [ _ ¯ _ [ d ^ \ ] \ b ` d Z X g X  d \ b ´ r X ` f X [ Z _

Y ` r X ` f X ] _ ] Z _ º b \  [ \ ^ X ¾ ´ ] X b _ ] Z d ^ X ^ \ ^ X f X [ a g d \ ^ _ j v ï U ï k V

V z d  Y [ \ ` Y d Z X r X ` Y ` ] X ¯ X g r g X [ _ ² \ f X ] î b V ½ [ \ ^ Y í d ^ X f X [ i _ í _ b r X ` X X  [ X ´ ^ _ ` ñ ] d X ´ ^ _ ] Z [ _ X Y Z [ X b V } b ò ó ì
ð

f X ^ _ ` b _ [ _ ] ° Y \ ^ [ \ ^ X b ^ _ ] Z [ X ^ X Z _ [ ` X ² \ f X ] î b ` \ d b \ ± [ \ ]  _ ] Z _ ^ _ ô õ é ê ì ´ ° Y _ ^ _ b d  ] \ Y ` \  [ \ ] ^ _ i \ [ d _ ^ \ ^ _

^ _ r [ d \ Z Y [ \ b b X ± [ _ ] \ Z Y [ \ d b V

 ¿ À Á  à Á Ä Å Æ À Ì Í Ì × Ø Ù Î Â Ï Ð Â Ì Ñ × Ò Ð Ò Ñ Ó Ò Ô á â Ä ã Ñ Ì ã ä Ñ Ì × å Ì Ô ã Ì æ Í Ì ç Ô Ò è Ì é ê Ò ë Ì Ò Ô æ ã Ñ ä ì ê Ò × Ò á á á
‹ Ç È É Ê Ë È É Ë ‹ È Ê È Ë Ë Ê
• – – •

¦ © ˜ ¤ ¥ Ú

• Ù ˜ ¦ © ˜ ¤ ¥ Ú

SRUSDUWHGRJRYHUQRFHQWUDOHPSDFL¿FDUDVSRSXODo}HVLQWHULRUDQDVHPFRQVWDQWHV

IRUPDPXLWRPDLVH¿FD]SDUDSUHMXGLFDUXPLQLPLJRID]HQGRRVHQWLUVHFXOSDGR

© ˜ ¤ ⠙ ¤

DPXOHWRVPDQGDODVHUH]DVSDUDSXUL¿FDomRHSURWHomRFRQWUDDWDTXHVVREUHQDWXUDLV
ø

™ ù ˜ ˜ ú ¬ ⠘ ¦ ¥ — ™ § ¬ û • ¥ ™ ¦ • ¤ ¥ ˜ á

ä £

⠙ ¦ • ¤ ü ý Ú ¦ © þ ™ ­ ¬ ¥ ÿ ¤ ¬ • § • ¦ § ¬ Ù ˜ ­ û ™ ­ © • ¦

Ô á Œ Œ é á  Ž   ‘ Ž ’ “ Œ  ö
€  ‚ ƒ „ …  † ‡ ˆ … ‰ Š  Š  ‹ ‹ ‹
 

¬ ¤ ù ˜ Ù ™ ¤ ™ ⠕ ¥ • — ˜ • — — • ¥ ˜ « • ¦ § ¬ ¬ ¤ ù ˜   ¨ 

ø à

™ ¤ ù • ª Ù ™ ¤ ™ ⠕ ¥ • — ˜ • — — • ¥ ˜ « • ¦  ª ¬ • ⠙ — • ¦  ™ – • ¦ ¦ • § ™

TXHHODVHWRUQDXPJrQHUROLWHUiULRHVSHFt¿FRGHQRPLQDGR Û
• ˜ § • ¤ 

WUDLYDUtRODTXHRGHL[DFRPXPGRVGHGRVGDPmRDWUR¿DGRSDUDRUHVWRGDYLGD
ß • ­ ¬ ¦

™ û Ù ™ ™ ¤ ­ ˜ â © ¥ • ¤ § — • ˜ ¤

FRPRFDVRSHUGLGRSRGHWHULQÀXHQFLDGRRIXWXURDXWRUTXDQWRjVTXHVW}HVGH
• Ù ˜

LUUHYHUrQFLDWtSLFRVGHVXDSHUVRQDOLGDGHHGH¿FomRDRHVWLOR ª

Û
˜ ý ™ Ú ¦ © ˜ 

™ ª ⠕ ª

Û Û Û

£
Þ

™ ¤ ¥ ™ ¦ § • ¨ © ª « • ¬ § • ­ ª • â ¬ ¥ ¦ ª Ù ™ ¤ ™ ⠕ ¥ • — ˜


V W _ \ r X [ ^ X r X ` _ d ^ _ [ j v ï ï U k X  î ] _ [ X é ê ì ê ó ´ ^ X ° Y \ g n d ] \ [ d ¯ X d Y ` ^ X b b _ Y b ` \ d b ± [ d g u \ ] Z _ b _ µ f X _ ] Z _ b ´

b _ r X ] b Z d Z Y d Y \ f \ [ Z d [ ^ _ ^ d i _ [ b \ b ` \ Z [ d í _ b ´ ^ _ ] Z [ _ \ b ° Y \ d b q \ b u d b Z x [ d \ b ^ _ b X ± [ _ ] \ Z Y [ \ g X [ d Y ] ^ \ b ^ \ g d Z _ [ \ Z Y [ \

r u d ] _ b \ ´ \ b d ] ¯ g Y î ] r d \ b ^ _ r X ] Z X b ± Y ^ d b Z \ b _ \ Z [ \ ^ d · y X f X f Y g \ [ ² \ f X ] _ b \ ^ _ u d b Z x [ d \ b ¯ \ ] Z \ b ` \  x [ d r \ b V a b b _ b

Z [ î b [ _ ¯ _ [ _ ] r d \ d b b y X r g \ [ \ ` _ ] Z _ f _ [ r _ f Z ¶ i _ d b _ ` m X ] Z X b ^ \ r u Y i \ _ ^ \ g Y \ V

¹ V n g  X r X ` X º [ X ` \ ] r _ ^ X ` Y ] ^ X ¯ g Y Z Y \ ] Z _ ¾ V ¼ î ] _ [ X g d Z _ [ e [ d X ^ _ b _ ] i X g i d ^ X f X [  u \ [ \ p \ d \ Y r Y ² \ r \ [ \ r Z _ [ ¶ b Z d r \

³ X Z X ` [ _ \ g d b Z \ ^ _ r [ ¶ Z d r \ \ X b r X b Z Y ` _ b _ f _ [ b X ] \ g d ^ \ ^ _ b r X ] Z _ ` f X [  ] _ \ b \ X ` X ` _ ] Z X ^ _ r [ d \ · y X ^ X b g d i [ X b V

_ [ m } W n } ´ v ï ï v V


 V ½ _ [ ` X g d Z _ [ \ g ` _ ] Z _ Z [ \ ^ Y í d ^ X r X ` X º a b Z Y ^ X b _ [ ] \ r Y g \ [ _ b ¾ V z X d Y ` \ _ b r X g \ ^ _ f _ ] b \ ^ X [ _ b ° Y _ f [ X r Y [ \ i \ `


b _ ^ _ b i d ] r Y g \ [ ^ \ ¯ X [ Z _ d ] ¯ g Y î ] r d \ r Y g Z Y [ \ g _ ³ Z d r \ r u d ] _ b \ ^ X f _ [ ¶ X ^ X ´ ± Y b r \ ] ^ X [ _ Z d [ \ [ ^ \ ` \ [  d ] \ g d ^ \ ^ _ _

^ X _ b ° Y _ r d ` _ ] Z X Z \ ] Z X \ g ¶ ]  Y \ r g e b b d r \ ² \ f X ] _ b \ ° Y \ ] Z X b Y \ b  [ \ ] ^ _ b X ± [ \ b ´ f X [ ` _ d X ^ _ r [ ¶ Z d r \ b ´ [ _ g _ d Z Y [ \ b ´

\ ] e g d b _ b ´ _ b Z Y ^ X b ¯ d g X g x  d r X b _ [ _ f Y ± g d r \ ·  _ b V

  À Á  à Á Ä Å Æ À Ì Í Ì × Ø Ù Î Â Ï Ð Â Ì Ñ × Ò Ð Ò Ñ Ó Ò Ô á â Ä ã Ñ Ì ã ä Ñ Ì × å Ì Ô ã Ì æ Í Ì ç Ô Ò è Ì é ê Ò ë Ì Ò Ô æ ã Ñ ä ì ê Ò × Ò á á á
‹ Ç È É Ê Ë È É Ë ‹ È Ê È Ë Ë Ê
8PD TXHVWmR LPSRUWDQWH D VHU FRORFDGD p D GL¿FXOGDGH HP FDWHJRUL]DU

WRPDURVSUHVVXSRVWRVGH9HUVLDQLTXDQGRD¿UPDTXHDGH¿QLomRGHDOJRFRPR

GHPHDGRVGRSHUtRGR(GRQmRHVWDYDSDXWDGDQDGLFRWRPLDUHDOLGDGH±¿FomR
Ù ý ¥ © ™ ¦ ­ ™ ⠙ ¦

GHVXDLQÀXrQFLD

WUDEDOKRV GH FDUiWHU ³FLHQWt¿FR´ H ³UDFLRQDO´ VREUH D OLWHUDWXUD pWLFD H UHOLJLmR


• ™ Ù ¬ ¦ Ù ™ ¥ ¬ Ù – ™

™ ¤ ¥ ™ ¦ § •

¨ © ª « • ¬ § • ­ ª •

• Ù ˜ ¦

HPPHDGRVGRVpFXOR;,;VH³RFLGHQWDOL]D´HUHFHEHLQÀXrQFLDGRUDFLRQDOLVPR
OyJLFD H ¿ORVR¿D HXURSHLD LVVR QmR LPSHGLX D PDQXWHQomR GHVVDV FRQFHSo}HV
UHOLJLRVDV H FXOWXUDLV LQFOXVLYH D FUHQoD YLJHQWH DWp R ¿P GD 6HJXQGD *XHUUD

FDGDVFDOFDGDVHPXPDYLVmRHXURFrQWULFDTXHDQXODDVHVSHFL¿FLGDGHVGLPLQXL

Ô á Œ Œ é á  Ž   ‘ Ž ’ “ Œ  
€  ‚ ƒ „ …  † ‡ ˆ … ‰ Š  Š  ‹ ‹ ‹
VH WRGD XPD GLQkPLFD FRP ÀX[R FUHVFHQWH GH SHVVRDV H PHUFDGRULDV 0XLWRV

¬ ¦ • ª

™ ¤ ¥ ™ ¦ § • ¨ © ª « • ¬ § • ­ ª •

ý ™ Ù ˜ © ™ ¤

 ³OLYURVSDUDOHLWXUD´ TXHVXUJLXQR¿QDOGRVpFXOR;9,,,
ª ¦ • á Ú ¦ © ˜

ý ™ Ù ˜ © ™ ¤

IRUDPIRUWHPHQWHLQÀXHQFLDGDVSHORVURPDQFHVHFRQWRVYHUQDFXODUHVFKLQHVHV
$NLQDULHVFUHYHVHXOLYURWHQGRFRPRLQÀXrQFLDWDQWRDSHUVSHFWLYDGR ý ™ Ù ˜ © ™ ¤

™ ª ⠕ ª

Û Û Û

• ˜ § • ¤

™ ¤ ¥ ™ ¦ § • ¨ © ª « • ¬ § • ­ ª •

(PWRGRVKiHOHPHQWRVGRLQVyOLWR¿FFLRQDO

VL¿FDomR~QLFDSDUDRVFRQWRVGH$NLQDUL&RPRLQWXLWRGHDSUHVHQWDUXPSRXFR í 

ª – – Ú ¦ Ú

TXDLVH[HPSOL¿FDPGLIHUHQWHVIRUPDVGRHPSUHJRGRLQVyOLWRQDREUDGH$NLQDUL

KLVWyULFDVHJHRJUi¿FDVDFHUFDGRVORFDLVHPTXHDKLVWyULDVHSDVVD2VSHUVRQD

¸ V p _  Y ] ^ X _ d ^ _ [ j v ï ï U k ´  ò ó  ò  ê     ê  ê   ê Z _ ` Y ` \ ¯ X [ Z _ d ] ¯ g Y î ] r d \ ^ X Z _ \ Z [ X r g e b b d r X ² \ f X ] î b ´ X  õ ´

Z \ ] Z X ] X _ ] [ _ ^ X ^ _ \ g  Y ] b r X ] Z X b ´ ° Y \ ] Z X ] \ f [ x f [ d \ _ b Z [ Y Z Y [ \ ^ X b r \ f ¶ Z Y g X b _ Z X ` X b V n g  Y ] b r X ] Z X b ´ ] X ° Y \ g

X _ ] [ _ ^ X ³ r X ] b Z [ Y ¶ ^ X _ ` Z X [ ] X ^ _ Y ` f [ X Z \  X ] d b Z \ b X ± [ _ ] \ Z Y [ \ g _ ` ^ d e g X  X r X ` Y ` r X \ ^ ² Y i \ ] Z _ u Y ` \ ] X ´

b _  Y _ ` X _ ] [ _ ^ X ^ _ Y `  î ] _ [ X ^ _ Z _ \ Z [ X  õ ^ _ ] X ` d ] \ ^ X ë    ó V

U ï V | X ` _ ^ _ Y ` f e b b \ [ X [ \ [ X ° Y _ u \ ± d Z \ \ b ` X ] Z \ ] u \ b _ ° Y _ ³ r X ] b d ^ _ [ \ ^ X ^ _ ± X ` \  X Y [ X V

 ‘ À Á  à Á Ä Å Æ À Ì Í Ì × Ø Ù Î Â Ï Ð Â Ì Ñ × Ò Ð Ò Ñ Ó Ò Ô á â Ä ã Ñ Ì ã ä Ñ Ì × å Ì Ô ã Ì æ Í Ì ç Ô Ò è Ì é ê Ò ë Ì Ò Ô æ ã Ñ ä ì ê Ò × Ò á á á
‹ Ç È É Ê Ë È É Ë ‹ È Ê È Ë Ë Ê


ª – – Ú ¦ Ú

R OHLWRU D YLVXDOL]DU XP OXJDU ERQLWR SDFt¿FR GRWDGR GH SUHVHQoDV HVSLULWXDLV
Ý ª – – Ú ¦ Ú

0X]HQHVHXLUPmR¿FDPSURLELGRVGHSHUQRLWDUQRWHPSORPHVPRVHWUDWDQGRGH

0X]HQQDUUDD6DNXQRMLDVKLVWyULDVGDPRQWDQKD.{\DHD¿UPD³QmRKiIRQWHV

HVWUDQKDFRLQFLGrQFLDHVWDULDUHODFLRQDGRDRVERQVÀXLGRVGHQRVVDSUHGHVWLQDomR´
$FRQ¿DQoDGH0X]HQSDUHFHVHFRQ¿UPDUTXDQGRHOHRXYHRFDQWRGR Ý ª – – Ú ¦ Ú

  ÷ & ü þ  ÷  ù ÷ % ÷ ü ý
÷ % œ  ÷
&  $ ù . ù þ & ù þ ÷ $  ù . ü ù - ÷ ý " þ ÷ - ü & þ  ÷ $ ù

VREDOX]YRWLYDHDSXUDQGRRRXYLGR¿FRXQDH[SHFWDWLYDGHFDSWDUPDLVXPFDQWR
ø ) ù þ " œ  ù ý ø " ù þ ù ÷  ÷ ù ý & "  . ü  ù % ý - ÷ " . ü ý ø ø % ù ø ø & ÷ $ % "

% ÷ ý ÷ . 6 ÷ ø ÷  ù & ÷ ø þ ÷ œ  ÷ ù ý & ÷
ü ù $ ý þ $ ù % $ ÷ ý & ÷ ù
$ ü & ü . ù ø ÷ ý  þ ÷ ÷

.  % & œ  ÷ þ ù ü ø ù $ ÷ ý & ÷ ÷ ù þ š ü $ ù $ + !  ÷ $ ÷ & ù þ ü ù


H ÷ - ù ý ø ù ÷ & ù H þ ù ù þ ù

RUDU" 'HVFRQ¿DGRV H WHPHURVRV RV GRLV VH HQWUHROKDUDP H GH UHVSLUDomR SUHVD

Ô á Œ Œ é á  Ž   ‘ Ž ’ “ Œ 
€  ‚ ƒ „ …  † ‡ ˆ … ‰ Š  Š  ‹ ‹ ‹
÷ þ ÷ ü & ù . ù $ " œ  ù ý ø ' . ÷ ý -  ÷ þ þ ÷ ü þ ÷ ù þ š ü $ ù þ ù $ " C ù 6 ÷ ý ø þ ÷ ù þ ÷  ù

ý ù ý & ÷ ø ÷ $ ù ø ÷ ü þ ù " C þ ÷ ý & ÷  %  6 . & ü . ù + ÿ ö " ¡ ú "   # " +   

2VSURWDJRQLVWDVVHQWHPPHGRHSURFXUDP¿FDUQRDPELHQWHGRPRGRPDLV

LQFRPSUHHQVtYHLV´ 8('$S 1HVVHPRPHQWR0X]HQ¿FDVDEHQGR

í í

/ / O H ÷ -  ù H þ ù ø ù
ù þ ý ù - ÷ $ + , ø ÷ $ # ý ü ' ) ÷ ù þ š ü $ ù $ $ P ù $  ý $ 3 %  $

÷ -  ý ø " - þ  $  ø ù ø ÷ C ÷ ü 7 8 ÷ " œ  ÷ ø ÷ & ÷ 6 & ü ý & ù ÷ $ ù ý -  ÷ "


$ ÷ 7 ù ù ÷ ù - ü & ù þ &

/ P ù $ ý ÷ & ù ý ü & ÷ ø ÷ ý . ù 6 
þ ü ý ù þ A H ü ø ù ÷ ' ù  ø ù 3 + ( ü ø ÷ &  -  . % & ù  ÷ ù þ ù

) ü $  þ ù ÷ þ ø ÷ ý ù & / A $ þ  ø ÷ ý & ÷ $ ÷ ý & ÷ $ ÷ ÷ š  ù ÷ ÷ ü $  ÷


ü " % ÷ . ÷ 
ý

ù þ ù
÷ ý ) þ ü ø ù
ù þ ý ù - ÷ $ 3 + , . ÷ % H . ù ù % ü ý & ÷ þ
÷ ø ÷ þ ù $ ÷ $  ý ž ý & / " % ÷

ù ü ý ø ù & ( $  $ ù . ü ø ù ù
 $ þ ü þ + % › ø ÷ . ÷ ü . % & ù þ  þ ) & ü
ù ÷ þ . ÷ þ ù 3 + ú ÷ ù ù 

% ù . þ ù " ù ü $ ù - ÷ ý ø ù ÷ ù ÷ ÷ $ ù ÷
÷ þ ù $ ÷ ù þ ÷
ü ù $ ÷ . % & ù þ ù þ ù ù ý  . ÷ ý 3 +

ÿ ö " ¡ ú "   # " +  ¢ 

LQVyOLWRTXHSUHVHQFLDYDPPDVDFHULP{QLDHUDSDFt¿FDRSURWDJRQLVWDIRLREULJDGR

U U V a µ d b Z _ Y ` _ b Z d g X f X ³ Z d r X ² \ f X ] î b ^ _ ] X ` d ] \ ^ X [ _ ]  \ j f X _ ` \ _ ] r \ ^ _ \ ^ X k _ ` ° Y _ Y ` \ f _ b b X \ r X ` f  _ X

f [ d ` _ d [ X i _ [ b X ^ _ ^ _ í _ b b _ Z _ b ¶ g \ ± \ b _ Y ` \ X Y Z [ \ r X ` f g _ Z \ r X ` Y ` i _ [ b X ^ _ ° Y \ Z X [ í _ b ¶ g \ ± \ b V a b b _ _ b ° Y _ ` \

f X ^ _ b _ b Y r _ ^ _ [ b d ` Y g Z \ ] _ \ ` _ ] Z _ [ _ b Y g Z \ ] ^ X Y ` f X _ ` \ g X ]  X r X ` i e [ d X b \ Y Z X [ _ b V

 ’ À Á  à Á Ä Å Æ À Ì Í Ì × Ø Ù Î Â Ï Ð Â Ì Ñ × Ò Ð Ò Ñ Ó Ò Ô á â Ä ã Ñ Ì ã ä Ñ Ì × å Ì Ô ã Ì æ Í Ì ç Ô Ò è Ì é ê Ò ë Ì Ò Ô æ ã Ñ ä ì ê Ò × Ò á á á
‹ Ç È É Ê Ë È É Ë ‹ È Ê È Ë Ë Ê
2FRQWR¿QDOL]DFRPDSHUGDGHVHQWLGRVGRVSURWDJRQLVWDVTXH¿FDPFRPR

RVVHXVYDVVDORV 0X]HQD¿UPD³(UDSOHQRGLDHQRHQWDQWRH[SHULPHQWHLXPD

´GLIHUHQWHPHQWHGRVRXWURVFRQWRVGH$NLQDUL¿QDOL]DGHL[DQGR


ª – – Ú ¦ Ú

R¿PQmRVHQGRSDVVtYHOGHVHUUHVROYLGDQHPSHORVSHUVRQDJHQVQHPSHOROHLWRU
72'2529 (QWUHWDQWRDRIRUPXODURJrQHUR7RGRURYD¿UPD
* + ,

÷  þ ÷ ý ù &  þ ù % ÷ - ( ý ÷ þ œ  ÷ % H ÷
þ þ ÷ ý ø ÷ " $ ù þ ù . ü % H " ÷ š ü & ÷ $ ø ÷ 

ø ÷ ÷ $ þ ÷ ÷
ý & ü ý  ù $ ù þ % ü C ÷ þ ù þ H ' ÷ " C ù ý & ) & ü
& ÷ . ÷  $ ù . ü ø ù þ ÷ % ù & ü . ù $ ÷ ý & ÷

EUHYH$SDUHFHXGHPDQHLUDVLVWHPiWLFDQR¿PGRVpFXOR;9,,,FRP&D]RWWHXP

 % $ ù ü & ù þ ø ÷ " ÷ ý
ý & þ ù $ ý ù ý . ÷ % ù ø ÷ ' ù  ù ù ý & - % & ü $ ÷ š ÷ $ %

÷ & ÷ & ü
ù $ ÷ ý & ÷ ù & ü C ù & * þ ü ø ÷ ÷ - ( ý ÷ þ + 4 ø ÷ $ ÷ ý
ý & þ ù þ ÷ š ÷ $ % ø ÷ H ÷ ü & ù 7 ›

C ù ý & ) & ü
ù ÷ $  & þ ù
ù " $ ù * ÷ š
÷
ü ý ù % $ ÷ ý & ÷ ÷ ù H ÷ ü & ù 7 › ÷ þ ) þ ÷ þ ÷ ÷ ý 

& ù ø ù + ÿ N , ¡ ,   , P " ¢   # " + #  

ª – – Ú ¦ Ú

Ô á Œ Œ é á  Ž   ‘ Ž ’ “ Œ  “
€  ‚ ƒ „ …  † ‡ ˆ … ‰ Š  Š  ‹ ‹ ‹


ª – – Ú ¦ Ú

VHXLUPmRWDPEpPVmRPHGLGRV2VSURWDJRQLVWDVHVSHUDPDFRQ¿UPDomRGHXPD

(Q¿PQRFRQWR³


ª – – Ú ¦ Ú

© ˜ — • Ù ˜ ¤ ¬

˜ ¤ û ª ª — ™ ¤

QRFLHQWL¿FLVPRSRUpPLQFDSD]GHSHUFHEHUHH[SOLFDUDVDQJ~VWLDVHLQFHUWH]DV

 Ž À Á  à Á Ä Å Æ À Ì Í Ì × Ø Ù Î Â Ï Ð Â Ì Ñ × Ò Ð Ò Ñ Ó Ò Ô á â Ä ã Ñ Ì ã ä Ñ Ì × å Ì Ô ã Ì æ Í Ì ç Ô Ò è Ì é ê Ò ë Ì Ò Ô æ ã Ñ ä ì ê Ò × Ò á á á
‹ Ç È É Ê Ë È É Ë ‹ È Ê È Ë Ë Ê
LQLFLDVHFRPXPDUHÀH[mR
ø

˜ ª • ¤ ™ ¨ © ˜ ⠘ — ˜

Û Û

³WLQKDRDVSHFWRGHXPVDPXUDLGH¿QRWUDWR´ 8('$S HTXHSHGLD

PXLWDVD¿QLGDGHVSULQFLSDOPHQWHHPUHODomRDRJRVWRSRU¿OyVRIRVHSHQVDGRUHV
$FDEDUDPSRU¿UPDUXP³SDFWRGHLUPmRV´WDPDQKDIRLDFXPSOLFLGDGHHQWUHHOHV
6DPRQDSUHVHQWRXRLUPmRjPmHHHVWD¿FRXIHOL]SHOR¿OKRWHUHQFRQWUDGR

í î

U v V | _ b b \ ^ \ Z \ X r X [ [ d \ X z _ b Z d i \ g ^ X r [ d b  ] Z _ ` X ´ ^ Y [ \ ] Z _ X ° Y \ g _ [ \ r X b Z Y ` _ ] \ m u d ] \ r X ` _ ` X [ \ [ ] \ b ` X ] Z \ ] u \ b

Z X ` \ ] ^ X b \ ° Y î ^ _ r [ d b  ] Z _ ` X r X ` X b \ ` d  X b V

Ô á Œ Œ é á  Ž   ‘ Ž ’ “ Œ  Œ
€  ‚ ƒ „ …  † ‡ ˆ … ‰ Š  Š  ‹ ‹ ‹
HVWRUYRVPDVRGLDHVWDYD¿QGDQGRHQDGDGH6RHPRQDSDUHFHU$PmHGL]LDTXH

WDUGDULDYLVWRTXHHUDXPVDPXUDLGHFRQ¿DQoD1RPRPHQWRHPTXH
ú ÷ & þ ÷ % ù ø ù P ü ù / )
& ÷ ù ÷ $ ù ÷
÷ þ ù $ " ù /  ù ü %  $ ü ý ù . ù  ÷ $  ù % ü ø › + ,  . ü ù 

÷  ü . ø ü & ù ý & ÷ ø ÷  $
› ø ÷ -  ù þ ø ù ÷  ù þ  % H ø ù ý ø ù ù . ù
$ ÷ ÷ % ù


H ÷ - ù ÷ $ '  ý & ù ÷  +

ú %  ù
$ ÷ 7  ù
 % & ù  ÷ ù & þ ) ø ù $ ý & ù ý H ù " ÷
 ÷
 þ ÷
÷  + " ý & › 0 ù $ ý

÷ ý  & / 1 ÷ $ " ù - þ ù + + + 3 ÷ ' ) ü ù C ÷


H ù ý ø ù þ & ù œ  ù ý ø " ÷ ý & þ ÷ ù $  þ ù " . ü   $

.  % & + " & þ ù ý H  œ  ÷ ÷ ù þ š ü $ ù . ù ù ÷ $  ù % ø . ÷ ý & ÷ * ÷ ý & › þ ÷


ý H ÷
÷  ú û ù ý ù

0 ÷ $ ý + ÿ ö " ¡ ú "   # " +  ¢ 

6DPRQ¿FRXPXLWRIHOL]SHORIDWRGRLUPmRWHUFXPSULGRRFRPSURPLVVR

O $ ø ÷ þ ü ù þ ÷
 ù þ  $ ù þ ÷
÷ 7 › & ›
ù % þ ù ø ÷ &  ù ù þ & ÷ 2 % › & ÷ ý H þ œ  ÷

$ ÷ ý & ü þ " . 
ý & ù þ  & ÷ ù . ÷ þ ø ù ø ÷ + M ù $ ù ü ø  . ü ø ÷ ø ÷ $ ü ý H ù ù % ù . þ ù " þ C ù . þ + % ›

 $ ù ü ø ÷ & ÷ $  ý ø + 0   $ ÷ ž þ ü & ü $  þ œ  ÷ ÷ $ ù & ÷ þ ü ù % ü 6   ù C þ $ ù H  

$ ù ý ù + 0 ù $ ý "  ù & ù ý & ÷  þ þ ÷ " ø ü ÷ & / A þ $ › " þ œ  ÷ þ ù 6 › ÷ & ù ü C ù % ù ý ø


ü ù & ›

ü ý ü & þ ù 2 " ý › $ ÷ ù þ ÷
÷ & ù $ 
œ  ÷ ÷ & þ ù & ÷ ø ÷  $ ý H 3 ÿ ö " ¡ ú "   # " +   

ª – – Ú ¦ Ú

 ¿ À Á  à Á Ä Å Æ À Ì Í Ì × Ø Ù Î Â Ï Ð Â Ì Ñ × Ò Ð Ò Ñ Ó Ò Ô á â Ä ã Ñ Ì ã ä Ñ Ì × å Ì Ô ã Ì æ Í Ì ç Ô Ò è Ì é ê Ò ë Ì Ò Ô æ ã Ñ ä ì ê Ò × Ò á á á
‹ Ç È É Ê Ë È É Ë ‹ È Ê È Ë Ë Ê
, ù ý & ü - ø ü 6 ü ù $ & 3 , H $ ÷ ý › ü ý
ù ù 6 ÷ ø ÷ ÷ þ
þ þ ÷ þ $ ù ü ø ÷ œ  ù & þ
÷ ý &

œ  ü % # $ ÷ & þ ý  $ - ý ü
ø ü ù " $ ù ÷ ž þ ü &
ù ù 6 ø ÷ C ù 6 (  %
$ C ù
ü % ü ø ù ø ÷ 4 +

  ÷
þ ø ù ý ø  $ ÷ ø ÷ ù ù % ù . þ ù " ù  ý H ù % ÷ ü ù $ ü $ $ ÷ $ ÷ " ù þ . ÷ ü & ù ý ø . ÷ ý & "

. ü $ ø ÷ $  ü & % ý - ÷ ù þ ù ý › C ù % & ù þ ù ù
& ø
þ ü 5 ý & ÷ $ + 4 þ C ù . þ "
ý ü ø ÷ þ ù ü

$ ÷  ÷ ý & ü $ ÷ ý & 3 ÿ ö " ¡ ú "   # " +   

¿FRXFKRUDQGRDFDERXDFRUGDQGRVXDPmHTXHDSULQFtSLRSHQVRXWUDWDUVHGH
XPVRQKRPDVDFDERXDFUHGLWDQGRQR¿OKReUHOHYDQWHGHVWDFDUTXHRSUySULR

HPREHGLrQFLDFHJDDXPJHQHUDODSHQDVSDUDJDUDQWLUQRWRULHGDGH$R¿QDOGR
GLiORJR6DPRQWLUDDHVSDGDHPDWDRSULPRGH6RHPRQ2JHQHUDO$PDNR¿FD

FLDVHFRP¿QDOLGDGHVPXLWRGLYHUVDVGDTXHODVHQFRQWUDGDVHP³


ª – – Ú ¦ Ú

YRO~YHLV2IDWRGHRFRQWRWHUPLQDUFRPRQDUUDGRUFRQ¿UPDQGRDD¿UPDomRGR
SURYpUELRLQGLFDTXHDKLVWyULDQDUUDGDWHYHSRUREMHWLYRH[HPSOL¿FDUDVLWXDomR

U ® V ½ _ ] ^ X _ ` i d b Z \ ° Y _ \ b [ _ g \ ·  _ b u X ` X b b _ µ Y \ d b _ [ \ ` f [ e Z d r \ b [ _ g \ Z d i \ ` _ ] Z _ r X ` Y ] b ] \ b X r d _ ^ \ ^ _ ² \ f X ] _ b \ ´

_ ` _ b f _ r d \ g ] X o _ [ ¶ X ^ X a ^ X ´ i d b Z X ° Y _ _ ` Z _ [ ` X b ` X [ \ d b ´ g _  \ d b X Y [ _ g d  d X b X b ] y X u \ i d \ d ` f _ ^ d ` _ ] Z X f \ [ \

Z \ g ´ f X ^ _ 5 b _ d ] ¯ _ [ d [ ° Y _ u e \ f X b b d ± d g d ^ \ ^ _ ^ _ ° Y _ X b f [ X Z \  X ] d b Z \ b ^ _ b b _ r X ] Z X Z d i _ b b _ ` Y ` \ [ _ g \ · y X ` \ d b

¶ ] Z d ` \ ^ X ° Y _ b _ b Y f  _ ` è f [ d ` _ d [ \ i d b Z \ V m X ] Z Y ^ X ´ d ] ^ _ f _ ] ^ _ ] Z _ ` _ ] Z _ ^ \ i \ g d ^ \ ^ _ X Y ] y X ^ _ b b \ u d f x Z _ b _ ´

^ _ ¯ _ ] ^ _ 5 b _ ° Y _ \ ° Y _ b Z y X f [ d ] r d f \ g r X g X r \ ^ \ f X [ n d ] \ [ d ´ ] _ b b _ r X ] Z X ´ ^ d í [ _ b f _ d Z X è i \ g X [ d í \ · y X ^ \ g _ \ g ^ \ ^ _ ´

^ X r X ` f \ ] u _ d [ d b ` X _ ^ \ ³ Z d r \ b \ ` Y [ \ d V

Ô á Œ Œ é á  Ž   ‘ Ž ’ “ Œ  ö
€  ‚ ƒ „ …  † ‡ ˆ … ‰ Š  Š  ‹ ‹ ‹
XPDIXQomRQDUUDWLYDDVDEHUFRQ¿UPDUWDQWRSDUD6DPRQTXDQWRSDUDROHLWRU
TXH GH IDWR 6RHPRQ FXPSULX VXD SURPHVVD H PDQWHYHVH ¿HO D VHX LUPmR GH

ª – – Ú ¦ Ú

DSHQDVDIXQomRGHLQIRUPDURSURWDJRQLVWDHSRUWDQWRHVFDSDjVGH¿QLo}HVFLWDGDV


ª – – Ú ¦ Ú

TXHVW}HVpWLFDVDXPDHVWpWLFDOLWHUiULDRULJLQDOQDTXDODVLQÀXrQFLDVGDVOLWHUDWXUDV

&RQVLGHUDo}HV¿QDLV
$ LQWHQomR GHVVH DUWLJR IRL SURSRU XPD UHÀH[mR DFHUFD GH XP FDVR GD

• ˜ § • ¤

™ ¤ ¥ ™ ¦ § • ¨ © ª « • ¬ § • ­ ª •

DSHQDVGRLVFRQWRV&RPRKiXPJrQHURHVSHFt¿FRSDUDGHVLJQDUWDOOLWHUDWXUDQR

KiSRXFDWUDGXomRDWpGHREUDVOLWHUiULDV¿FDGLItFLORDFHVVRjFUtWLFDMDSRQHVD

  À Á  à Á Ä Å Æ À Ì Í Ì × Ø Ù Î Â Ï Ð Â Ì Ñ × Ò Ð Ò Ñ Ó Ò Ô á â Ä ã Ñ Ì ã ä Ñ Ì × å Ì Ô ã Ì æ Í Ì ç Ô Ò è Ì é ê Ò ë Ì Ò Ô æ ã Ñ ä ì ê Ò × Ò á á á
‹ Ç È É Ê Ë È É Ë ‹ È Ê È Ë Ë Ê
FRQVLGHUDUDVSDUWLFXODULGDGHVGRFRQWH[WRKLVWyULFRFXOWXUDOHJHRJUi¿FRQDTXDO
£

™ ¤ ¥ ™ ¦ § • ¨ © ª « • ¬ § • ­ ª •

™ ¤ ¥ ™ ¦ § • ¨ © ª « • ¬ § • ­ ª •

LPSRUWDQWHVUHÀH[}HVQRkPELWRGDFUtWLFDOLWHUiULD&RPRYLVWRDVGL¿FXOGDGHV

5HIHUrQFLDVELEOLRJUi¿FDV
6 7 8 9 : 9 ; < = > ? < @ A B C D B E F G H I J K G L F G M J G @ N ? > O @ O P Q P < O P R < S S > P Q > T > P P U @ > V @ W X Y Z > [ V Y \

]
P = U ? Y O P P S U [ O Y S ^ > _ Y = P S P S O > 6 W Z : ` a a b @

@ d G M L E B e f B B C M g h I D I D G C F i G g C @ N ? > O @ j P = ^ < R > k > O > N Y ; l Y \ 6 = < m P ? S < U l Y n N Y ; l Y

c c c c c c

Z ? P S S : ` a o ` @

@ d G M L E B e D I L p q r g C h i G g C @ N ? > O @ s > ? ? l t > u ; k > = @ N Y ; l Y \ N v P t > _ > = w Y [ O > U < Y = : ` a o x @

c c c c c c

9 j 6 N 9 y 9 z 9 : { l | = Y S [ ; P @ } 8 P m Y ~ X Y  V < U P ? > U [ ? > _ Y _ [ V > ? € @  ? T @ P U ? > O @ O P ‚ > O > V P = >

]
R > S v < k Y U Y Y ? O > ? Y P t [ = ; Y  U > @ ƒ = \ i G E I „ … B C L B J D r B E H B C D B E @ W X Y Z > [ V Y \ R P O ? > : † ‡ ‡ ˆ @

]
9 ‰ Š ƒ Q  : ƒ U > V Y ‹ Y ? T @ Œ @ } ƒ = U ? Y O [ ~ X Y € @ ƒ = \ A B C D B E e G C D  E D g H B E F B E Ž H J M B    ‘  n > = U ’ S U < u Y

]
m < S < Y = ’ ? < Y P Y n > = U ’ S U < u Y u Y U < O < > = Y @ W X Y Z > [ V Y \ Y k _ > = v < > O > S ‰ P U ? > S : † ‡ ‡ “ @

3LQWXUD H HVFULWXUD GR PXQGR ÀXWXDQWH


]
 { 8 9 {  : ‚ > O > V P = > Q > U S [ ; Y R > S v < k Y U Y @

R < S v < ; > ” > ‚ Y ? Y = Y • [ P [ ; < l Y – P — W > < ; > ; [ ƒ v > ? > P [ ; < l Y – ˜ ™ S v < @ W X Y Z > [ V Y \ R P O ? > : † ‡ ‡ † @

&29,==,/HQLUD0DUTXHV³8PD¿FomRLQVyOLWDQXPPXQGRLQVyOLWR,Q
g C E › M g D B L … œ 

ž
J g … G r Ÿ L E L   B r h L E ‹ u ? < S P O > k < k P S P ¡ k < k P S P O > u ? < S P Œ @ W X Y Z > [ V Y \ 7 O < U Y ? > ¢ U < u > : ` a o ˆ @

Ô á Œ Œ é á  Ž   ‘ Ž ’ “ Œ  
€  ‚ ƒ „ …  † ‡ ˆ … ‰ Š  Š  ‹ ‹ ‹
7 ‰ ƒ 9 8 7 : ‚ < ? u P > @ p G h r G F B L B q r B e G C B ‘ 9 P S S ¬ = u < > O > S ? P V < T < ­ P S @ N ? > O @ O P { Y T ® ? < Y w P ? = > = O P S @

W X Y Z > [ V Y \ ‚ > ? U < = S w Y = U P S : † ‡ ` ‡ @

w 6 { N 9 8  : w < V < _ P @ ¯ H B C E D r J ° Ÿ B F B e G C D  E D g H B C G C G r r G D g K G @ ‰ < S • Y > \ ‰ < m ? Y S R Y ? < ˜ Y = U P : ` a ˆ ‡ @

]
y 9 { ƒ 9 : w V ’ m < Y ‹ Y ? T @ Œ @ ¯ ± G C G M g ² G ° Ÿ B F B g C E › M g D B ‘ ³ J L E D ´ L E F L h µ C L r B M g D L r  r g B — k P u > = < S k Y S

O P u Y = S U ? [ ~ X Y = > ? ? > U < m > @ { < Y O P t > = P < ? Y \ 8 < > V Y T > ? U S : † ‡ ‡ o @

BBBBBB³7HQV}HVHQWUHRVFRQFHLWRVGHJrQHURHSHUtRGRVHVFRODVHHVWLORVQDKLVWRULRJUD¿D
V < U P ? ’ ? < > \ Y S T ¬ = P ? Y S O Y < = S ¶ V < U Y @ ƒ = \ ‚  { 7 ƒ { 9 : ‚ @ 7 @ ‹ Y ? T @ Œ @ ¯ C G g E F B ·   p L … g C  r g B

]
 C D L r C G H g B C G M F L ¸ g E D › r g G F G ¹ g D L r G D J r G @ w > u [ V O > O P O P V P U ? > S O > Z 6 – { W : Z Y ? U Y 9 V P T ? P ¡

]
{ W \ 7 8 ƒ Z 6 { W : † ‡ ‡ ˆ @

]
@ } N P = S ­ P S P = U ? P Y } S ¶ V < U Y € P Y } < = S ¶ V < U Y € P k ‚ > ? < Y O P > ? m > V v Y € @ ƒ = \ ¯ C G g E F B  

c c c c c c

]
A B C h r L E E B  C D L r C G H g B C G M F G ¯   i ¯ ¹  A ‘ N P S S < U [ ? > S : ƒ = U P ? > ~ ­ P S : Y = m P ? T ¬ = u < > S @ W X Y

Z > [ V Y : 6 W Z : † ‡ ‡ ˆ @

] ]
@ }  < = S ¶ V < U Y = > u Y = S U ? [ ~ X Y O > = > ? ? > U < m > € @ ƒ = \ y 9 { ƒ 9 : w V ’ m < Y º ‚ ƒ R 7 ‰ ‰ ƒ : { P T < = > º

c c c c c c

Z ƒ Q N  : ‚ > ? u P V V Y O P  V < m P < ? > @ ‹ Y ? T S @ Œ @ » B Ž D g H G E F B g C E › M g D B ¼ A B C e L r µ C H g G E L q G M L E D r G E

GR,,,3DLQHO³5HÀH[}HVVREUHRLQVyOLWRQDQDUUDWLYD¿FFLRQDO
 < = S ¶ V < U Y = > V < U P ? > U [ ? >

P = Y u < = P k > @ { < Y O P t > = P < ? Y \ 8 < > V Y T > ? U S : † ‡ ‡ ˆ @

j 9 N  : W v [ < u v < @ ¯ I g E D B r ½ B e œ G q G C L E L M g D L r G D J r L @ Š Y V @ † @ N v P ¾ P > ? S Y n ƒ S Y V > U < Y = @ N Y ; l Y : Q P ”

¾ Y ? ; > = O W > = w ? > = u < S u Y \ j Y O > = S v > ƒ = U P ? = > U < Y = > V : ` a ˆ ¿ @

j 7 7 Q 7 : 8 Y = > V O @ } ‰ < U P ? > U [ ? P n ? Y k ` o o ‡ – ` ˆ b o € @ ƒ = \ À B r M F Á g D I g C Á G M M E ‘ t > _ > = P S P V < U P ? > U [ ? P Y n

] ]
U v P Z ? P – k Y O P ? = 7 ? > : ` b ‡ ‡ – ` ˆ b o @ N Y ; l Y \ v > ? V P S 7 @ N [ U U V P Y k _ > = l : ` a o b @

Q 9 ‚ 7 j 9 N 9 : ‚ ’ ? u < > R < U Y k < @ E f J  G E I g ± G C G E I g F G M g D L r G D J r G à G q B C L E G ‘ [ k > > = ’ V < S P O Y

n P k < = < = Y P O Y u > S > k P = U Y P = U ? P S P ? P S O < n P ? P = U P S = Y u Y = U P Ä U Y O Y S u Y = U Y S O Y t > _ X Y > = U < T Y @

]
† ‡ ` ` : † o “ n @ N P S P ‹ N P Y ? < > ‰ < U P ? ’ ? < > P V < U P ? > U [ ? > u Y k _ > ? > O > Œ @ w w ‰ R : 6 W Z @ W X Y Z > [ V Y \ † ‡ ` ` @

Z ƒ Q y 6 7 N : ‚ > [ ? < u P @ ¯ … B r D L K B M J C D  r g G C B œ G q Ÿ B @ N ? > O @ O P { P T < = > 9 • [ ^ > = ? > ‚ > u v > O Y @ { < Y

O P t > = P < ? Y \ { Y u u Y : ` a ˆ o @

]
{ 7 ƒ 8 7 { : Q Y ? < ; Y N @ } N v P 7 k P ? T P = u P Y n j > < O > = – S v [ \ N v P Y V V P u U < Y = Y n N > V P S Y n U v P W U ? > = T P > = O

k l S U P ? < Y [ S < = 7 O Y Z P ? < Y O € @ ƒ = \ ¯ E g G C Å B M H M B r L p D J F g L E @ Š Y V @ b ‡ : = @ ‡ ` : † ‡ ‡ ` : _ @ o a – a a @

N 9 Š 9 { 7 W : s ? > [ V < Y ‹ Y ? T @ Œ @ } Z ? P n ’ u < Y € @ ƒ = \ Å r L J F L B L E D r G C I B ‘ u Y = U Y S n > = U ’ S U < u Y S O Y < = u Y = S u < –

]
P = U P @ { < Y O P t > = P < ? Y \ > S > O > Z > V > m ? > : † ‡ ‡ o @

N  8  {  Š : N ˜ m P U > = @ } 9 = > ? ? > U < m > n > = U ’ S U < u > € @ ƒ = \ ¯ E L E D r J D J r G E C G r r G D g K G E @ N ? > O @ ‰ P l V >

Z P ? ? Y = P – ‚ Y < S ® S @ “ P O @ W X Y Z > [ V Y \ Z P ? S _ P u U < m > : † ‡ ‡ b @

@  C D r B F J ° Ÿ B Æ M g D L r G D J r G e G C D  E D g H G @ N ? > O @ O P ‚ > ? < >  = O < = > s ? > T > @ ‰ < S • Y > \ ‚ Y ? > P S

c c c c c c

P O < U Y ? P S : ` a o o @

]
Š 7 { W ƒ 9 Q ƒ : 8 > = < P V > s Y u u > u u < Y @ } Y = S U ? [ ~ X Y O P ? P > V < O > O P S P _ P ? u P _ ~ X Y O Y < = S ¶ V < U Y € @ ƒ = \

] ]
y 9 { ƒ 9 : w V ’ m < Y º ‚ ƒ R 7 ‰ ‰ ƒ : { P T < = > º Z ƒ Q N  : ‚ > ? u P V V Y O P  V < m P < ? > @ ‹ Y ? T S Œ @ » B Ž D g H G E

GRLQVyOLWR±&RQIHUrQFLDVHSDOHVWUDVGR,,,3DLQHO³5HÀH[}HVVREUHRLQVyOLWRQD
QDUUDWLYD¿FFLRQDO
 < = S ¶ V < U Y = > V < U P ? > U [ ? > P = Y u < = P k > @ { < Y O P t > = P < ? Y \ 8 < > V Y T > ? U S : † ‡ ‡ ˆ @

z 9 W R s 6 { Q : 8 P = = < S @ } y v Y S U ” ? < U P ? S > = O ‰ < U P ? > ? l R > [ = U S \ W [ • Y ? O < = > U < = T P U v < u S U Y 9 ? U < = 6 T P U S [

‚ Y = Y T > U > ? < € @ ƒ = \ f B C J … L C D G Ç g q q B C g H G @ N Y ; l Y \ W Y _ v < > 6 = < m P ? S < U l : m Y V @ “ x : = @ ` : ` a a ‡ @

 ‘ À Á  à Á Ä Å Æ À Ì Í Ì × Ø Ù Î Â Ï Ð Â Ì Ñ × Ò Ð Ò Ñ Ó Ò Ô á â Ä Ñ Ì Ñ Ì × Ì Ô Ì ¦ Í Ì § Ô Ò ¨ Ì © ª Ò « Ì Ò Ô ¦ Ñ ì ª Ò × Ò á á á
‹ Ç È É Ê Ë È É Ë ‹ È Ê È £ Ë £ ¤ Ë ¥ £ Ê £ ¤
ß

à á â ã ä å æ ç è é ê ë ì í î í ï í ð ñ ò ó ô õ ö ó ÷ ø ù ú ù û ê ü ï ô í ë ü ô è ó ô í ð ý ô ì ë ó ï ü ì ð ó ë ó ï ü ï þ õ õ þ ð ó ÿ ó ì õ

2REMHWLYRGHVWHWUDEDOKRpGH¿QLUHVVHUHFXUVRHDERUGDUVHXXVRQDFLWDGDDQWRORJLD
   ø   ú  ú   

HSRU¿PTXHVW}HV
õ ô õ ì è è ó ö è í ô
ó õ ó ô î õ î õ è ü í è ð í è ô í ÿ õ ð ì  õ è  í  é ô í è è
ó í õ ó ë ó þ ð í  î ó î ó ÷ ø ù ú ù û

õ ë í ô ë õ î ó ï ê ð ó î ó î í ð ô õ î ü 
ó î í è è í ô í ë ü ô è ó é õ ô õ ó ü ð ô õ è ÿ  þ ü õ è 

       â      á æ  ì ð í ô õ ð ü ô õ  ÿ ñ è è ì ë õ  õ é ó þ í è õ ó í è ì õ  ÿ ñ è è ì ë õ  õ é ó þ í è õ ! ú  ú " í ð ý ô ì ë õ # ô õ î ü 
ó 

$ %
â &    & æ ' ì þ î ó ò ï í ð õ é ( ó ô ö ð ( í ÷ ø ù ú ù û ì è õ  í ô ) ë ó ï ï ó þ ô ( í ð ó ô ì ë õ ÿ î í  ì ë í ì þ ð ( í õ þ ð ( ó ÿ ó )

7KHREMHFWLYHRIWKLVZRUNLVWRGH¿QHWKLVGHYLFHDQGDQDO\]HLWVXVHLQWKHPHQWLRQHG
   ø   ú  ú   

DQWKRORJ\:LWKWKLVDLPZHZLOODQDO\]HTXHVWLRQVDERXWWKHH[SUHVVLRQDQGWKHFRQWHQWRI
÷ ø ù ú ù û 

þ î õ ÿ è ó ü í è ð ì ó þ è õ ó ü ð ï í ð ( ó î è ó ò ð ô õ þ è ÿ õ ð ì ó þ ó ò ð ( ì è î í  ì ë í ð ó ó ð ( í ô ÿ õ þ ü õ í è 

+ á , - å  . â æ  ÿ õ è è ì ë õ ÿ  õ é õ þ í è í  ì ð í ô õ ð ü ô í  ÿ õ è è ì ë õ ÿ  õ é õ þ í è í ó í ð ô ) ! ú  ú " ( í ð ó ô ì ë # ô õ þ è ÿ õ ð ì ó þ 

6HQGRXPDHVSpFLHGHPHWiIRUDRPLWDWHIRLXWLOL]DGRHPODUJDHVFDODHP
/ 0 1 2 3 4 5 1 5 6 7 8 9 0 : ; < = 3 ; 5 > ; ? 0 ; @ 5 6 > ; A B < C 0 C 5 ; > ; D 0 E ;

1 5 1 ; 1 0 < 0 F 5 G ; 3 H 0 G E 0 1 0 < 0 F 5 G

@ 5 1 B C 5 1 0 < 0 F 5 G I

J K L M N O P M Q M R S Q P S T P U V U W M X Y Z T [ U \ X ] O M P U O [ P U M ^ [ R O [ P U _ U Q S Z M N U W U ` U a [ R W U W M W M ` ] R S N S b ] U \ X M O P U N M ^ ] c Z a ] U N

+XPDQDV GD 8QLYHUVLGDGH GH 6mR 3DXOR VRE D RULHQWDomR GD 3URID 'UD (OL]D$WVXNR 7DVKLUR 3HUH]
d O [ U R V M Z O M e V M N O P U Z W U Q M R S Q P S T P U V U W M X ] O M P U O [ P U _ U Q S Z M N U W U ` U a [ R W U W M W M X M O P U N \ W U f Z ] g M P N ] W U W M W M

h N U i U \ N S j S P ] M Z O U k l S W S m P S b K n P K o U O p q p N [ i M K r Z W M P M k S M R M O P p Z ] a S Q U P U a S Z O U O S s S R ] g ] U K t [ V ] u T V U ] R K a S V K

v K d U Z O S R S T ] U w x y z { | } y } ~  € M S N V M Z a ] S Z U W S N P M a [ P N S N P M O  P ] a S N b S P U V U j S P W U W S N Z U W ] N N M P O U k l S W M V M N O P U W S

‚ h N ƒ M a [ P N S N ƒ M O  P ] a S N Z U h j P U w x y z { | } y } ~  € „ … x † ‡ ˆ ‰ { ‡ } Š ‡ ‹ x ‡ Œ } ~ Š ‡  Ž ˆ  x  } ‡ Š ‡  x ‘ ‡ ’ “ f V U U Z ” R ] N M

È É Ê Ë Ì Í É Î Ï Ð Í Ñ Ò É Ò É Ó Ô Õ Ö Ö Ó × Õ Ø Ù Ú Ù Û Ó Ü Ý Þ Ö Ø Ù
1HVWHWUDEDOKRSUHWHQGHPRVGH¿QLURUHFXUVRUHWyULFR
@ 2 < 5 < ;

OLWHUDWXUDHVSHFLDOL]DGDQHVWHWHPDHDQDOLVDUDOJXPDVRFRUUrQFLDVQDDQWRORJLD
/ 0 1 2 3 4 5 1 5 6 7 8

'H¿QLomRGHPLWDWH
+iPXLWDVPDQHLUDVGHGH¿QLUR
@ 2 < 5 < ;

@ 2 < 5 < ; 3 2 6 ;

@ 0 3 0 œ

/ 0 1 2 3 4 5 1 5 6 7 8

'H¿QLGRFRPRUHFXUVRHPTXHVHWRPDXPREMHWRQROXJDUGHRXWURR
@ 2 < 5 < ;

IRLFRQFHLWXDGRGDVHJXLQWHIRUPDSRU6X]XNL+LGHR S 


ü ï ï ê ð ó î ó ü í ë ó þ è ì è ð í í ï ð ó ï õ ô ü ï õ ë ó ì è õ ë ó ï ó è í þ î ó ó ü ð ô õ ë ó ì è õ ž ö î í ï ó î ó

*
ü í õ ë ó ì è õ ö í  ì è ð í þ ð í þ õ ô í õ ÿ ì î õ î í ö è í Ÿ õ  ì è ð õ ë ó ï ó õ ÿ ó ü í þ
ó í è ð ñ  ì è   í ÿ       ¡

$RYHUDFRLVD$FRPRDFRLVD%FRPRDÀRUTXHpYLVWDFRPRDQHYH  VXUJH


* *

í þ ð ô í í ž ü ï õ þ ó  õ ô í ÿ õ 
ó ü í þ
ó î í  í ô ì õ í  ì è ð ì ô þ õ ô í õ ÿ ì î õ î í       ¡ õ 
ó ( ü ¢

PDQDGHYHUID]FRPTXHXPREMHWRQmRSUHVHQWHQDUHDOLGDGHVHMDYLVWRVREUHSRVWR
õ ü ï ó Ÿ í ð ó ü í í è ð ñ é ô í è í þ ð í ö ë ó ï ó è í ò ó è è í ü ï õ ì ÿ ü è
ó ë õ ü è õ î õ é í ÿ õ ì ï õ ì þ õ 
ó 

è è ì ï ö í è è õ ì ï õ í ï  ì ô ð ü õ ÿ ì þ í  ì è ð í þ ð í þ õ ô í õ ÿ ì î õ î í é õ è è õ õ è í ô þ õ ð ü ô õ ÿ ï í þ ð í  ì è ð õ

ë ó ï ó é ô í è í þ ð í þ ó è ì ï ü ÿ õ ë ô ó î í è è õ ô í õ ÿ ì î õ î í  £ ÷ ø ù ú ù û é ó î í è í ô ë ó þ è ì î í ô õ î ó ë ó ï ó

ü ï õ ò ó ô ï õ î í è ì ï ü ÿ õ ë ô ó þ ó è é ó í ï õ è    ð ô õ î ü 
ó þ ó è è õ ¡

UHDOGH$SHODLPDJHPYLUWXDOGH%1RH[HPSORPHQFLRQDGRSRU6X]XNL  
DÀRUH[LVWHQWHQDUHDOLGDGHpYLVWDFRPRDQHYHH[LVWHQWHQRVLPXODFURDSHQDV

GH.RNLQZDNDVK€GDDXWRULDGH.LQR7RPRQRUL ¤

W U V S P b S N N ] Z O U ¥ M M W S a U V Q S N M V ¦ Z O ] a S W S P M a [ P N S w } y ‡ y x ˆ x § } ¨ W M Z S N N U U [ O S P ] U \ Q M R U f Z ] g M P N ] W U W M W M © l S

m U [ R S \ © l S m U [ R S \ v ª J v K n ] N Q S Z Y g M R M V s « O O Q s ¬ ¬ O M N M N K [ N Q K j P K

­ K m R U O l S a S Z W M Z U U V M O ” b S P U Q S P a S Z N ] W M P ” ® R U [ V U V M Z O ] P U ¯ [ M U b P S Z O U U g M P W U W M „ ƒ ° ^ h r f ƒ \ m U [ R K ± ² ³ ´ µ

WDSKRUHYLYH
K m U P ] N \ ¶ W ] O ] S Z N W [ © M [ ] R \ J · ¸ ¹ \ Q K J ¹ ’ K

º K r N N U e U b S P V U a S V S e g ] N O U S V ] O U O M M V ‚ » S N « ] t S P ] ¼ [ ] Z p ¨ \ [ V O P U O U W S Q S e O ] a S M R U j S P U W S Q S P L ] Z U V S O S

Z S » S N « ] t S P ] „ J ª ¹ ¹ ½ ® J J v · ½ ’ U S b ] Z U R W S m M P Y S W S ¾ M ] U Z „ ¾ d © ¾ ° L h » h \ ` [ V ] S K ¿ d ƒ ° q h © ¾ ° \ » U V S O N [ K ¿

` f _ ° ¾ ° ƒ d \ ¾ U P [ S K „ a S V M Z O ” P ] S N ’ K À ² Á Â Ã Ä Å Æ „ ƒ M [ Z ] l S W M » P U O U W S N m S e O ] a S N ’ K Ç  z { È ‡ { É z  x { w x ˆ ‡ { Ê Ž { Ë } y Ž

‡ { ~  € Í ¸ K »  ¯ [ ] S s © « S T U i [ i U Z \ v ª ª v \ Q K ¸ Í ’ K
Ì

¹ K » S W S N S N Q S M V U N U ¯ [ ] a ] O U W S N N M T [ M V U b S P V U M N a P ] O U W U M W ] k l S w x y z { | } y } ~  € U Z S O U W U Q S P o S Î ] V U Ï S P ] t [ i ]

H$UDL(L]{&ROHomR
Ç  z { É z  x { w x ˆ ‡ { Ê Ž { Ë } y Ž Ð } z y ‡ z Ñ S R [ V M ¹ \ Ò Ó K M W ] k l S \ r W ] O S P U ° Ô U Z U V ] N « S O M Z \ U Z S

v ª J J K d Z [ V M P U k l S W S N Q S M V U N N M T [ M U W M Ç  z { È ‡ { w x y y } Ð } z y } { K

2OLYLD<XPL2UHFXUVRUHWyULFR0LWDWHGH¿QLomRDQiOLVHGHSRHPDVGD$QWRORJLD.RNLQZDNDVK€H
•
Ý – — ˜ — ™ š — Ó
㹁ѳஷਔӟ৐ᄺӝ喘ᄺ
dzdzdz喩ӓഁ喘ξ喣喕啿啻喵啿啹喳޸ഓ啵喒喘喩喈啬單喨喉営啻喵

 ú  Õ Ö ×   ×  ù   ø    ø  ú ø   ÷ ø Ö ú   Ø ù ú ú  ú  û   Ø ù ú

÷ ø Ö    ø     Ö ú ÷ ú Ù û  ø  ú  û Ú Ø  ú  Ø Ú ú  ú  ú

Ö Ø  ø  ú ù    ÷ ø Û  ú Ö ú ÷ ú ù ú Ú û  û Ú Ø

ó í ï õ ë ó ï é ó è ð ó þ õ ó ë õ è ì
ó î õ Ü  ÷ Õ û ù ø Ý Þ  ß  à ù ø á ú  ú  Õ Ö ×   â  ù   ø  ø  ú ø   ã ø Ö ú ä 

1RHQWRUQRGR0RQWH<RVKLQRÀRUHVGHFHUHMHLUDVmRYLVWDV
ç ô ô ó þ í õ ï í þ ð í é í þ è í ì å è í ô ñ þ í  í æ

     ø     ö ð ó ï ó ç è é ó í ï õ è î í é ô ì ï õ  í ô õ ¡ é

1HVWHH[HPSORDVÀRUHVGHFHUHMHLUDVmRFRQIXQGLGDVYLVXDOPHQWHFRPD
QHYH1RPXQGRUHDODSHQDVH[LVWHPÀRUHVPDVQRVLPXODFURGDUHDOLGDGHSHU
/ 0 1 2 3 4 5 1 5 6 7 8 @ 2 < 5 < ;

LVVRIRLPXLWRXWLOL]DGRHPSRHPDVSULQFLSDOPHQWHQRVGRVFRPSLODGRUHV.LQR

pHVWUXWXUDGRHRVLJQL¿FDGRTXHDEDUFD

3UHVHQoDGRPLWDWHHP
/ 0 1 2 3 4 5 1 5 6 7 8 @ 2 < 5 < ;

JUDQGHDFHLWDomR6REUHLVVR2]DZD0DVDR S HVFODUHFH

HGDSHUVRQL¿FDomRVmRUHFXU
ã ø ù ú ù û ö û  ê  ö  ú  û   ù  Ù ú ö î ì ò í ô í þ ð í ï í þ ð í î ó ë    ù  Ù ú ¢

è ó è ô í ð ý ô ì ë ó è ü í è í î í è í þ  ó ÿ  í ô õ ï ô õ é ì î õ ï í þ ð í í ï é ó í ï õ è î í    ø   ú  ú     ç è è í è

UHFXUVRVIRUDPXWLOL]DGRVDWpPHVPRHPSRHPDVGR3HUtRGRGRV3RHWDV$Q{QLPRV
*

ï õ è õ ì þ î õ î í ò ó ô ï õ é ô ì ï ì ð ì  õ  é õ ô ð ì ô î ó è é ó í ï õ è î ó è é ó í ð õ è î ó ì    ú  û  ê ü í ó

ô í ì è ð ô ó î í è è í î í è í þ  ó ÿ  ì ï í þ ð ó è í ð ó ô þ õ ï õ ì è í  ì î í þ ð í    ð ô õ î ü 
ó þ ó è è õ ¡

Ò K ^ S V Q M O ] k l S Q S e O ] a U W M | } y } S a S P P ] W U Q S P g S R O U W M Í Í · U Í · ­ \ Q P S V S g ] W U Q S P ¾ U Z N « ] \ a S Z N S P O M W S ] V Q M P U W S P

o p i p „ Í ­ ª ® Í Í ¸ ’ K

¸ K » S W U N U N O P U W [ k í M N W S N Q S M V U N Q U P U U R Y Z T [ U Q S P O [ T [ M N U U Q P M N M Z O U W U N Z M N O M O P U j U R « S b S P U V M R U j S P U W U N Q M R U

U [ O S P U a S V U R O M P U k í M N N [ T M P ] W U N Q M R S Q U P M a M P W M N O U P M g ] N O U K

•
È É Ê Ë Ì Í É Î Ï Ð Í Ñ Ò É Ò É Ó Ô Õ Ö Ö Ó × Õ Ø Ù Ú Ù Û Ó Ü Ý Þ Ö Þ
@ 2 < 5 < ; / 0 1 2 3 4 5 1 5 6 7 8 î

$SHVDUGHVHUXWLOL]DGRHPWRGRVRVPRPHQWRVIRLDSDUWLUGR3HUtRGRGRV3RHWDV
ï 0 1 1 5 6 ; 3 @ 2 < 5 < ;

/ 0 1 2 3 4 5 1 5 6 7 8

FHUFDGHGH]SRUFHQWRGRVSRHPDV
4 5 1 5 @ 2 < 5 < ;

([SUHVV}HVTXHFRQVWURHPRPLWDWH
@ 2 < 5 < ;

VHUFRQVWUXtGRFRPRXVRGHGLYHUVDVH[SUHVV}HVTXHVmRPXLWDVYH]HVRULJLQiULDV
1 5 3 6 7 2

VLQWHWL]DPRVDVHJXLUDVSULQFLSDLVHQFRQWUDGDVQDDQWRORJLD
/ 0 1 2 3 4 5 1 5 6 7 8

ȨǾǾ喒‫ـ‬喵ȩ
ȨǾǾ啵喒啬單喨喎ȩ
ȨǾǾ喒啬喀喪啹ȩ WRD]DPXNX
ȨǾǾ喒喔喵ȩ
ȨǾǾ喒喘喩ȩ
ȨǾǾ喔喴啻喴ȩ
ȨǾǾ喈啬喴啻喵ȩ ]RDULNHUX
ȨǾǾ喔営單ȩ

@ 2 < 5 < ;

VmRXWLOL]DGRV1RHQWDQWRQRUPDOPHQWHR
@ 2 < 5 < ;

 'HDFRUGRFRPDOLWHUDWXUDHVSHFLDOL]DGDVREUH
w x y z { | } y } ~  € \ Z M N O U S j P U b S P U V P M [ Z ] W S N Q S M V U N W M O P c N

Q M P Y S W S N W M Q S M O U N K h Q P ] V M ] P S e S a « U V U W S W M m M P Y S W S W S N m S M O U N d Z p Z ] V S N \ ¯ [ M P M ð Z M Q S M V U N a S V

M N O e O ] a U N M V M R « U Z O M U Q S M V U N W U d Z O S R S T ] U ñ } { ò ó ô ~  € K h N M T [ Z W S e S m M P Y S W S W S N m S M O U N õ x y y } ~ ‡ { \ a S V ®

Q S N O S Q S P N M ] N Q S M O U N Q P ] Z a ] Q U ] N „ h Z S Z S o S V U a « ] \ d P ] Ô U P U Z S Ï U P ] « ] P U \ ö [ Z ÷ t U Z S q U N [ « ] W M \ © p Î p ¾ M Z Î p \

o ] N M Z ¾ p N « ] M ø O S V S Z S o [ P S Z [ N « ] ’ M S [ O P S N W U V M N V U e Q S a U K h O M P a M ] P S Q M P Y S W S e a « U V U W S W M m M P Y S W S

GRV&RPSLODGRUHVFRPSRVWRSHORVSRHWDVUHVSRQViYHLVSHODRUJDQL]DomRGDDQWRORJLD
w x y z { | } y } ~  € „ o ]

Z S » N [ P U t [ i ] \ o ] Z S » S V S Z S P ] \ ø N « ] i p a « ] Z S L ] O N [ Z M M L ] j [ Z S » U W U V ] Z M ’ M W M V U ] N Q S M O U N W U V M N V U

e Q S a U K r N N M N O P c N Q M P Y S W S N O U V j e V b S P U V U j S P W U V S N V U ] N U V Q R U V M Z O M Z U W ] N N M P O U k l S W M V M N O P U W S a ] O U W U

Z U Z S O U v K

2OLYLD<XPL2UHFXUVRUHWyULFR0LWDWHGH¿QLomRDQiOLVHGHSRHPDVGD$QWRORJLD.RNLQZDNDVK€H
•
Ü – — ˜ — ™ š — Ó
ȨǾǾ喒‫ـ‬喵ȩ
ҁநᒃЦ喘ΎΜລ喘ࡕ喘㮠॥喕ǵ喲喩喐ਜ啷啻喵
dzdzdzࡾ啹営喚எ喕喨喏啿啹ఘ޸։啶ίԃ喘啵喀喁喒喈‫ـ‬喵
@ 0 < 0 ù 5 6 B 3 0 @ 2 1 0 3 0 3 5 3 5 6 0 E 2 3 0 H 5 3 0 B 6 7 2 C 0 3 0 F ù ú F 8 3 2 G ù 0 @ 2 < ;

1 5 1 2 1 ; C B

7 5 C B 1 B C ; F 5 ù 5 > 0 3 2 @ 5 û B 6 5 1 B @ B @ ; 3 0 7 5 3 5

1 2 @ 2 H 5 ü 7 2 < 0 6 ; 3 0 1 5 û 5 6 7 2 < 0 û 0 @ 2 C B

&RPRpFKHJDGDDSULPDYHUDDÀRUGDDPHL[HLUDDSULPHLUDDÀRUHVFHUQD
FDVDSDUHFHXPDUUDQMRGHÀRUHVSDUDGHVHMDUOKHXPDYLGDSUyVSHUD

/ 0 1 2 3 6 7 8

1HVWHSRHPDDVÀRUHVGHDPHL[HLUDVmRYLVWDVFRPRXPND]DVKLLVWRpXP

ȨǾǾ啵喒啬單喨喎ȩ
๸喘޸喘Π喕喐ǵΓ喘ǵΓࡑ喐喵‫׎‬喼ǵ喲喫喵
޸‫ـ‬喎喎Γ喨喎ਔ喙қ֮喘೑啵喒喘喩喈啬單喨喉営啻喵
1 2 1 B 3 0 7 5 3 5 3 0 @ 0 < 0 3 2 < ; G 7 2 < 0 3 0 G 7 2 < 0 @ 5 < ; C B 1 5 < 5 4 0 G ù 0 @ ; C B

7 5 3 5 @ 2 < 6 B < 6 B 7 2 < 0 @ 5 < 6 B < 0 1 2 4 5 6 7 2 C 5 < 5 ; 3 0

6 0 > ; 1 5 < 0 3 0 @ 2 û 0 5 ù 5 @ 5 < 5 C ; 1 ; C B

 3RHPDFRPSRVWRSUy[LPRjVÀRUHVGHFULVkQWHPRREVHUYDQGRDOJXpP

$RFRQWHPSODUDVÀRUHVHQTXDQWRHVSHURDTXHODSHVVRD

/ 0 1 2 3 6 7 8

•
È É Ê Ë Ì Í É Î Ï Ð Í Ñ Ò É Ò É Ó Ô Õ Ö Ö Ó × Õ Ø Ù Ú Ù Û Ó Ü Ý Þ Ö Ö
1HVWHH[HPSORDLPDJHPUHDOGDVÀRUHVEUDQFDVID]FRPTXHRSRHWDSHUFHED

ȨǾǾ喒啬喀喪啹ȩ WRD]DPXNX
ጪ喘៛喼‫ـ‬喐ǵ喲喫喵
喙喋喃ယ喘喕啾喴喕ࢉ喨喖Ј喬喐喔喕啵喙喎喰喼੧喒啬喀喪啹
7 5 ü 7 2 6 B 3 0 < 6 B ù B 4 0 @ 2 < ; G ù 0 @ ; C B

7 5 ü 7 2 6 B F 5 3 0 3 2 H 0 C 2 3 2 6 7 2 @ 5 3 B 1 0 1 0 C 0 @ 0 < ;

3 5 3 2 1 5 4 5 < 6 B ù B 4 0 < 5 @ 5 < 0 5 û 5 @ B 1 B

/ 0 1 2 3 6 7 8

ȨǾǾ喒喔喵ȩ
Β㟵ӟ喘ǵࡾ৐喘ஷ৲‫܌‬喒ᆪ啲啻喵ਔǵ҅ДΟВஷ߻喕є喁喐ǵ
һ喅‫ق‬啬喵໔喕ǵВ喙ྣ喴喔啶喳ǵഓ喘ᓐ喕फ़喴௠喴啻喵喼ǵ喲
喨喅๏啻喵

ࡾ喘В喘Ӏ喕啬喉喵‫ך‬喔営喓ᓐ喘ഓ喒喔喵喈喹喝喁啷
3 2 E ú 3 0 1 2 6 5 1 2 3 0 G < ú H 8 3 0 @ 2 ù 5 6 B 3 > 0 1 0 C 0 < 0 1 2 1 0 ; 1 ; C B < 0 1 2 G @ B < 6 B 1 2

@ 2 1 1 5 0 @ 5 ; 3 2 @ ; 6 7 2 < ; G ú 6 ; H 0 < 0 5 C B 5 2 > 5 3 2 G 7 2 4 5 < ; C 2 3 5 H 5 C 5 G ù B 1 2

3 0 1 5 6 7 2 C 5 3 2 þ B C 2 1 5 1 5 C 2 1 ; C B 4 0 ù 0 @ 5 6 ; < 5 @ 5 2 1 ; C B

7 5 C B 3 0 7 2 3 0 7 2 1 5 C 2 3 2 5 < 5 C B 4 5 C ; 3 5 C ; > 0

1 5 6 7 2 C 5 3 0 ù B 1 2 < 0 3 5 C B û 0 4 5 F 2 6 7 2 1 2

2OLYLD<XPL2UHFXUVRUHWyULFR0LWDWHGH¿QLomRDQiOLVHGHSRHPDVGD$QWRORJLD.RNLQZDNDVK€H
• ý
– — ˜ — ™ š — Ó
WHUFHLURGLDGRSULPHLURPrVQRVWHPSRVHPTXHDLPSHUDWUL]GH1LM{

(PERUDEDQKDGRSHODOX]GRVROGDSULPDYHUD
TXHWULVWH]D6REUHDFDEHoDSDUHFHKDYHUQHYH
/ 0 1 2 3 6 7 8

ȨǾǾ喒喘喩ȩ
䪚喘ණ喵喼ǵ喲喫喵
dzdzdzഓ喒喘喩喟喵喊喕啬喵喼啿啹喳޸啮啵喕喋営喒啵॥喘喟
啹䉉

6 5 1 B C 5 3 0 ü 7 2 C B 4 0 G ù 0 @ ; C B

ù B 1 2 < 0 3 0 @ 2 þ B C B > 5 3 2 5 C B 4 0 6 5 1 B C 5 F 5 3 5

2 1 5 3 2 ü 7 2 C ; < 0 1 5 1 5 û ; 3 0 þ B 1 B C 5 3

6HDVÀRUHVGHFHUHMHLUDMiFDHPFRPRDQHYHGHTXHPDQHLUDRYHQWR

/ 0 1 2 3 6 7 8

1HVWHH[HPSORDH[SUHVVmR³WRQRPL´pXWLOL]DGDLQGLFDQGRXPDFRPSDUD
omR$VÀRUHVGHFHUHMHLUDVmRFRPSDUDGDVjQHYHXPDYH]TXHVXDVSpWDODVFDHP

ȨǾǾ喔喴啻喴ȩ

•
È É Ê Ë Ì Í É Î Ï Ð Í Ñ Ò É Ò É Ó Ô Õ Ö Ö Ó × Õ Ø Ù Ú Ù Û Ó Ü Ý Þ Ö Û
޸౰喴喕ǵ٧喼‫ـ‬ᇾ喴喐ǵ喲喫喵
‫ـ‬喹喉喅喚࢛啿啹喳喼啽啷喨喆喐৐啽喈ࡾ喘ᒸ喔喴啻喵
7 5 3 5 6 5 1 5 C 2 3 2 G 1 ù ú 4 0 @ 2 ù 5 C 2 < ; G ù 0 @ ; C B

@ 2 4 5 < 5 6 ; F 5 ù 5 3 5 H 2 6 5 1 B C 5 4 0 1 0 1 2 @ 5 û ; < ;

@ 2 ù 5 1 0 û 0 7 5 C B 3 0 3 2 6 7 2 1 2 3 5 C 2 1 ; C B

 3RHPDFRPSRVWRYHQGRDÀRUDomRGDFDSLWDO

$FDSLWDOVHWUDQVIRUPDQXPEURFDGRGHSULPDYHUD
/ 0 1 2 3 6 7 8

@ 2 < 5 < ;

SRUXPPRUIHPDJUDPDWLFDOÀH[LRQiYHOGHDVVHUomR³QDUL´DFUHVFLGRGRPRUIHPD
JUDPDWLFDOÀH[LRQiYHOGHH[FODPDomR³NHUL´SRGHVHQRWDUTXHRVVDOJXHLURVHDV
FHUHMHLUDVYLVWRVDRORQJHID]HPFRPTXHDFDSLWDOVHWUDQVIRUPHHPXPEURFDGR

ȨǾǾ喈啬喴啻喵ȩ ]RDULNHUX
㹁ѳஷਔӟ৐ᄺӝ喘ᄺ
ࣿ॥喕㞴喼喥喕啬啼喐啹喵Ճ喙Ϻ喘ߐ喹喉喵啵喴喕喈啬喴啻喵
1 5 3 ù ú 3 0 ú 3 < 0 1 2 3 0 1 2 6 5 2 3 0 @ 2 ù 5 3 0 B < 5 5 4 5 6 ; 3 0 B < 5

5 1 2 1 5 û ; 3 2 1 0 ; 4 0 7 0 3 2 5 H ; < ; 1 B C B þ B 3 ; 4 5

5 @ 5 3 0 < 0 4 5 < 5 C B 1 5 C 2 3 2 û 0 5 C 2 1 ; C B

9 0 @ ; < 2   0 ? 0  < 2 ü 5 / 5 3 ù ú 3 0  3 < 0 1 2

1 2 6 5 2 3 0  2 ù 5 

$RYHQWRGRRXWRQRREDUFRYHPHOHYDQGRRPDVWURHHOHYDQGRDYR]

/ 0 1 2 3 6 7 8

2OLYLD<XPL2UHFXUVRUHWyULFR0LWDWHGH¿QLomRDQiOLVHGHSRHPDVGD$QWRORJLD.RNLQZDNDVK€H
• ÿ
– — ˜ — ™ š — Ó
@ 2 < 5 < ;

ȨǾǾ喔喴啻喴ȩ
J pFRPSRVWDGHXPYHUERPDLVRPRUIHPDJUDPDWLFDOÀH[LRQiYHOGHH[FODPDomR
³NHUL´VHPRXVRGHXPDH[SUHVVmRFRPSDUDWLYDSURGX]LQGRHIHLWRGHVHQWLGR

ȨǾǾ喔営單ȩ
ࢂृᒃЦৎᄺӝ喕ǵ喲喫喵
dzdzdzࣿ喘ഁ喕喼啹喁喳喎喰喙੧喔営單喎喳喖啷啵啹喵ᇐ຅喘
啮喒喃喌
/ 0 C ; 6 5 > 5 3 0 @ 2 1 0 3 0 2 ; 3 0 B < 5 5 4 5 6 ; 3 2 G ù 0 @ ; C B

5 1 2 3 0 3 0 3 2 0 1 B 6 7 2 C 5 < 6 B ù B 4 5 < 5 @ 5 3 5 C ; ù 5

< 6 B C 5 3 B 1 2 1 5 1 B C B 1 B @ 0 3 0 2 < 0 6 B E 2

9 0 @ ; < 2   0 ? 0  < 2 ü 5 > 5 C ; 6 2 >  3 ü 2 5 > 0 ? C  3 ü 2 ;

/ 0 C ; 6 5 > 5

VREUHRQLQKRGDDUDQKDVmRXPFRODUGHSHGUDVSUHFLRVDV
/ 0 1 2 3 6 7 8

@ 2 < 5 < ;

JUDPDWLFDO ÀH[LRQiYHO GH DVVHUomR ³QDUL´ DFUHVFLGR SHOR PRUIHPD JUDPDWLFDO


LQÀH[LRQiYHOTXHH[SUHVVDH[FODPDomR³\D´

&RQWH~GRVPDLVFRPXQVQRPLWDWH

@ 2 < 5 < ;

YHUL¿FDPRVTXHDLPDJHP
/ 0 1 2 3 4 5 1 5 6 7 8

pDTXHFRPELQDQHYHHÀRU6mRFRPXQVSRHPDVHPTXHD
@ 2 < 5 < ;

•
È É Ê Ë Ì Í É Î Ï Ð Í Ñ Ò É Ò É Ó Ô Õ Ö Ö Ó × Õ Ø Ù Ú Ù Û Ó Ü Ý Þ Ö Ø
QHYHpYLVWDFRPRÀRUHSRHPDVHPTXHDRFRQWUiULRDÀRUpYLVWDFRPRDQHYH

@ 2 < 5 < ;

@ 2 < 5 < ;

@ 2 < 5 < ;

1 5 û 5 6 7 2

VmRQHYHÀRUHVRQGDJRWDVGHRUYDOKR
@ 2 < 5 < ;

4XHVW}HVWUDGXWROyJLFDVDFHUFDGRPLWDWH
/ 0 1 2 3 4 5 1 5 6 7 8

WUDGX]LGDVHPWRGRRPXQGR$SHVDUGHQmRKDYHUDLQGDXPDWUDGXomRSDUDDOtQJXD
@ 2 < 5 < ;

WRGRSHORTXDOHVWHUHFXUVRHVWLOtVWLFRWHPVLGRWUDGX]LGR'HYHPRVUHVVDOYDUDTXL

PDVpXPDUHÀH[mRVREUHGLIHUHQWHVPpWRGRV
&RPRGH¿QLPRVDQWHULRUPHQWHQRLWHP
@ 2 < 5 < ;

GH¿QLomRFOiVVLFDGH$ULVWyWHOHVSRGHVHUQDIRUPDGHPHWiIRUDRXFRPSDUDomR

/ 0 1 2 3 4 5 1 5 6 7 8

! ഓ喘ǵЕ喕फ़喴ᝌ営喴啻喵喼ǵ喲喫喵

dzdzdzо啾喬喴ࡘ啵啻喖喼Е喘໔喲喴
޸喒‫ـ‬喵喨喑ഓ喈喟喴啻喵
ù B 1 2 3 0 G 1 2 3 2 þ B C 2 1 5 1 5 C ; C 2 1 ; C B 4 0 G ù 0 @ ; C B

þ B ù B H 0 @ 0 C 2 0 @ 0 2 1 5 1 ; 3 B 4 0 1 0 3 0 @ 5 ù 0 C 2

7 5 3 5 < 0 @ 2 C B @ 5 > ; ù B 1 2 û 0 þ B C 2 1 ; C B

2OLYLD<XPL2UHFXUVRUHWyULFR0LWDWHGH¿QLomRDQiOLVHGHSRHPDVGD$QWRORJLD.RNLQZDNDVK€H
• •
– — ˜ — ™ š — Ó
FRPRVHIRVVHPÀRUHVFDLDQHYH

/ 0 1 2 3 6 7 8

1HVWHH[HPSORHPXPFRQWH[WRGHLQYHUQRpSRFDHPTXHQmRKiÀRUHV
HQWUHDViUYRUHVFDLDQHYHFRPRVHIRVVHPÀRUHV3RUPHLRGR
@ 2 < 5 < ;

VHXPVLPXODFURUHVXOWDQWHGDSHUFHSomRGRVXMHLWRRQGHKiÀRUHVFDLQGR3DUD
IRLXWLOL]DGDDH[SUHVVmR³WRPLUXPDGH´3DVVHPRVDJRUDjV
@ 2 < 5 < ;

GLYHUVDVWUDGXo}HVGHVWHSRHPDD¿PGHREVHUYDUFRPRR IRLWUDGX]LGR
@ 2 < 5 < ;

SUHVVmR³WRPLUXPDGH´IRLWUDGX]LGDFRPR³2QFURLUDLWYRLUGHVÀHXUV´ FUHPRV
YHUÀRUHV 

2QFURLUDLWYRLUGHVÀHXUV

GHXPVLPXODFURHPTXHÀRUHVVmRYLVWDVXPDYH]TXHRXVRGRYHUER³FUHU´FULD

PDLVLDVSHWWDOD¿RULWXUD

· K Ï S N N U O P U W [ k l S W S Q S M V U b P U Z a c N s

Ï S a S P U k l S W S ] Z g M P Z S \

^ S Z O P U P ] U V M Z O M U ¯ [ U R ¯ [ M P M N Q M P U \

Ï S V M ] S W U N ” P g S P M N

^ P M V S N g M P b R S P M N

n M O U Z O S ¯ [ M a U ] U Z M g M K

•
È É Ê Ë Ì Í É Î Ï Ð Í Ñ Ò É Ò É Ó Ô Õ Ö Ö Ó × Õ Ø Ù Ú Ù Û Ó Ü Ý Þ Ö Ù
HFFR¿RFFDODQHYH
ß

1DWUDGXomRLWDOLDQDDH[SUHVVmR³KDQDWRPLUXPDGH´IRLWUDGX]LGDSRU

ÀRU TXHFDHPGDQoDQGRQRDU
1RSRHPDWUDGX]LGRSDUDDOtQJXDHVSDQKRODSRU5XELR  R
@ 2 < 5 < ;

IRLWUDGX]LGRVHPXVRGHXPDH[SUHVVmRFRPSDUDWLYDPDVSRUPHLRGRXVRGH

QLHYHVHDVRPDQÀRUHV"
ß ß

(QTXDQWR QR SRHPD RULJLQDO D FRPSDUDomR HQWUH DV ÀRUHV H D QHYH HVWi
FODUDPHQWHLQGLFDGDHP³HQWUHDViUYRUHVFRPRVHIRVVHPÀRUHVFDLDQHYH´

DVÀRUHVHDQHYHLVWRpKiXPTXHVWLRQDPHQWRVREUHDVÀRUHVHVWDUHPSUHVHQWHV

J ª K Ï S N N U O P U W [ k l S W S Q S M V U ] O U R ] U Z S s

© S j P M U Z M g M ¯ [ M a S j P ] U U N ” P g S P M N K

r V Q R M Z S ] Z g M P Z S

N M V ¯ [ M N M M N Q M P U N N M S b R S P M N a M P s

M Z O P M U N ” P g S P M N \

a S V S Q e O U R U N g S R O M Î U Z W S \

M ] N ¯ [ M U Z M g M a U ] K

J J K Ï S N N U O P U W [ k l S W S Q S M V U M V R Y Z T [ U M N Q U Z « S R U s

© S j P M S V U Z O S W M Z M g M N S j P M U N ” P g S P M N

r V Q R M Z S ] Z g M P Z S \

M V V M ] S W U N ” P g S P M N \

N M V N M P M V M N Q M P U W U N \

N l S M N N U N ¯ [ M M Z O P M O U Z O U

Z M g M W M N Q S Z O U V b R S P M N ½

2OLYLD<XPL2UHFXUVRUHWyULFR0LWDWHGH¿QLomRDQiOLVHGHSRHPDVGD$QWRORJLD.RNLQZDNDVK€H
Ù Ý – — ˜ — ™ š — Ó
@ 2 < 5 < ;

H[SUHVVRSRU³,JOLPSVHQHZÀRZHUV´ YHMRGHUHSHQWHÀRUHVQRYDV 

JOLPSVHQHZÀRZHUVJOLVWHQLQJ
ß

ÀRUHVFULDQGRRPHVPRVLPXODFURTXHQRSRHPDRULJLQDO

IRLWUDGX]LGRSUHVHUYDQGRRVLPXODFURSUHVHQWHQRSRHPDRULJLQDO
@ 2 < 5 < ;

$OpPGLVVRHPDOJXPDVYH]HVKRXYHXPDDSUR[LPDomRFRPDFRPSDUDomRFRPR

omRDH[SUHVVmRMDSRQHVD³WRPLUXPDGH´IRLFRUUHWDPHQWHWUDGX]LGDFRPRXVR
@ 2 < 5 < ;

/ 0 1 2 3 4 5 1 5 6 7 8

ഓ喘फ़喴啻喵喼ǵ喲喫喵
dzdzdzᗪ喉喋Е喘޵喬ࡾ喘ഓ喟営喚
޸喔啷ٚ喬޸喈喋喴啻喵
ù B 1 2 3 0 þ B C 2 1 ; C B 4 0 G ù 0 @ ; C B

J v K Ï S N N U O P U W [ k l S W S Q S M V U M V ] Z T R c N s

Ï U Z M g M a S j P ] Z W S U N ” P g S P M N K

Z S ] Z g M P Z S ¯ [ U Z W S O [ W S M N O ”

W S P V ] Z W S ] Z M ¥ Q R ] a U g M R V M Z O M

M Z O P M U N ” P g S P M N M [

g M Î S W M P M Q M Z O M b R S P M N Z S g U N j P ] R « U Z O M N

j P U Z a U a P ] N O U R ] Z U \ U Z M g M a U ]

È É Ê Ë Ì Í É Î Ï Ð Í Ñ Ò É Ò É Ó Ô Õ Ö Ö Ó × Õ Ø Ù Ú Ù Û Ó Ü Ý Þ Ö Ù Þ
1 5 6 B @ 2 < 5 ü 7 2 1 0 3 0 @ ; @ 0 7 5 C B 3 0 ù B 1 2 þ B C ; F 5

7 5 3 5 3 5 1 2 6 5 < 0 @ 0 7 5 3 5 û 0 ü 7 2 C 2 1 ; C B

HPXPYLODUHMRHPTXHQmRKiÀRUHVÀRUHVVHGHVSHWDODP

/ 0 1 2 3 6 7 8

1 0 < 0 F 5 H 5 1 2

RQGHQmRKiÀRUHV1RHQWDQWRDQHYHTXHFDLpYLVWDFRPRSpWDODVGHÀRUHVSRLV
@ 2 < 5 < ;

FDVRRHIHLWRGHVHQWLGRSURGX]LGRpGLIHUHQWHGRSURGX]LGRQDFRPSDUDomRSRLV
DSUR[LPD PDLV GLUHWDPHQWH RV REMHWRV PHWDIRUL]DGRV VRE D IRUPD GH DVVHUomR
9HMDPRVFRPRHVWHSRHPDIRLWUDGX]LGRHPWUrVRXWUDVOtQJXDV

ß ›

J ­ K Ï S N N U O P U W [ k l S W S Q S M V U M V ] Z T R c N s

d S a U ] P W U Z M g M K

¯ [ U Z W S U Z e g S U O e Q ] W U M Z a S j P M

O [ W S M S N j P S O S N a P M N a M V K K K M Z ¯ [ U Z O S U ] Z W U U

Z M g M W M Q P ] V U g M P U a U ]

V M N V S M V [ V ] Z g M P Z U R

g ] R U P M Î S K K K a M P M Î M ] P U N a P ] N O U R ] Z U N a U M V K

2OLYLD<XPL2UHFXUVRUHWyULFR0LWDWHGH¿QLomRDQiOLVHGHSRHPDVGD$QWRORJLD.RNLQZDNDVK€H
Ù Ü – — ˜ — ™ š — Ó
IRLWUDGX]LGRFRPR
@ 2 < 5 < ;

XPDPHWiIRUDDRFRQVLGHUDUTXHDQHYHpDÀRU2PHVPRPpWRGRGHWUDGXomRIRL
XWLOL]DGRQDYHUVmRGHOtQJXDHVSDQKRODHLWDOLDQDTXHVHVHJXHP

KDVWDHQORVSXHEORVVLQÀRUHV
ODVÀRUHVVHGHUUDPDQ
ß

HQWUHRVÀRFRVGHQHYHHDVSpWDODVGHÀRUHV

FDGHDQFRUDD¿RFFKLODQHYH

GL¿RULLSHWDOLYROWHJJLDQROLHYL
ß

J º K Ï S N N U O P U W [ k l S W S Q S M V U M V M N Q U Z « S R s

^ S V Q S N O S O M Z W S a S V S O M V U U Z M g M ¯ [ M « U g ] U a U Y W S K

© M R M g U Z O U U Z M j R ] Z U

M M Z O P M S N j P S O S N W M Q P ] V U g M P U

U S a U ] P W U Z M g M \

U O e M V g ] R U P M Î S N N M V b R S P M N

U N b R S P M N N M W M P P U V U V K

J ¹ K Ï S N N U O P U W [ k l S W S Q S M V U ] O U R ] U Z S s

© S j P M U Z M g M ¯ [ M a U ] K

¶ Q P ] V U g M P U s U Z e g S U N M R M g U Z O U

M U N ” P g S P M N ¯ [ M T M P V ] Z U V \

a U ] U T S P U U Z M g M M V b R S a S N

M W M P M Q M Z O M \ Z S Q U Y N M V ¯ [ M Z l S O M V U W S P Z S N

W M b R S P M N \ a U ] U R M g M Q e O U R U g S R O M U Z W S K

È É Ê Ë Ì Í É Î Ï Ð Í Ñ Ò É Ò É Ó Ô Õ Ö Ö Ó × Õ Ø Ù Ú Ù Û Ó Ü Ý Þ Ö Ù Ö
@ 2 < 5 < ;

EUHRFRQWH~GRGRSRHPDpGHVYDQWDMRVRWUDGX]LUWRGR
@ 2 < 5 < ;

XPDYH]TXHRVHIHLWRVGHVHQWLGRQDFRPSDUDomRHQDPHWiIRUDVmRGLIHUHQWHV
@ 2 < 5 < ;

@ 2 < 5 < ;

2REMHWLYRGHVWHWUDEDOKRIRLGH¿QLURUHFXUVRUHWyULFR
@ 2 < 5 < ;

HVLQWHWL]DUDVIRUPDVGHH[SUHVVmRHFRQWH~GR
/ 0 1 2 3 4 5 1 5 6 7 8

1RLWHPGH¿QLPRVR
@ 2 < 5 < ;

@ 2 < 5 < ;

/ 0 1 2 3 4 5 1 5 6 7 8

DQDOLVDQGRDVIRUPDVFRPTXHIRUDPWUDGX]LGRVSDUDRXWUDOtQJXD6HR
@ 2 < 5 < ;

@ 2 < 5 < ;

GDGHGHVHPDQWHUQDWUDGXomRDIRUPDGHFRPSDUDomRID]HQGRXVRGHH[SUHVVmR

%LEOLRJUD¿D
3RHVtD&OiVLFD-DSRQHVD>.RNLQZDNDVK€@
                       ! "         

  #     $ %    &    '  (  ) $ $   * + + , 

 - .   & / /  0  1 ' )  2 - 3  4 / .     1 ) $ 5   2 0 6    3 -      )  7  ) 1   $ 8  ' ) 5 9  : ; < = > ? @ A

5HXQLmR GH 7UDWDGRV 3RpWLFRV  6KLQSHQ 1LKRQ .RWHQ %XQJDNX =HQVK€  7yTXLR
. B ) C  D  D    * + + * 

0LWDWHWRVRQRMLGDL±.RNLQVK€+\{JHQVKLQR,VVK{WRVKLWH
E - - F G 3 G H 4 I ' J B ' K / & ' M N M O

O P Q N R S ) J N ( Q 1 3 T U / U V T - W H F N P M ) X K - X M B ) Y ) C ' O Z O Y N S ) R P ' O [ N S ) X N ' P O J Y N P P ' \ Q O K

] ^ N Z Q J M ' ) X H _ ^ R ` N J O O M J ) 1 1 O X M N ' ^ O P Z O F K 3 O X ) X Z O N Q K _ N ^ ' P ( F N Y Y ' 1 N ^ Z H * + + a K J N S b M Q Y )

VREUH D KLVWyULD GDV H[SUHVV}HV GH .RNLQVK€ :DND WR 5HWRULNNX :DND H 5HWyULFD 
] c \ Q ' ) ( E N P N 1 N P B ) ' X H d e , f K

.RNLQVK€QR6HNDL 2PXQGRGH.RNLQVK€ 7yTXLR+DQDZDVKRE{


/ g - h - H & N P N ) K

2OLYLD<XPL2UHFXUVRUHWyULFR0LWDWHGH¿QLomRDQiOLVHGHSRHPDVGD$QWRORJLD.RNLQZDNDVK€H
ý
Ù – — ˜ — ™ š — Ó
$QWKRORJLHGHODSRpVLHMDSRQDLVHFODVVLTXH
3 T U / U V T - W H F N P M ) X K K ] ^ N Z Q J M ' ) X H _ ^ R ` N J O O M

J ) 1 1 O X M N ' ^ O P Z O F K 3 O X ) X Z O N Q K _ N ^ ' P ( F N Y Y ' 1 N ^ Z H * + + a K

/DPpWDSKRUHYLYH
3 G € / T W 3 H _ N Q Y K K _ N ^ ' P H  Z ' M ' ) X P Z Q . O Q ' Y H d e ‚ ƒ K

.RNLQVK€
3 / V V H „ K 3 K 2 … T U E T U G W . H & K € K K - € ) Y Y O J M ' ) X ) ` _ ) O 1 P - X J ' O X M N X Z & ) Z O ^ X K

] ^ N X P Y N M O Z N X Z N X X ) M N M O Z † ‡ „ N Q ^ O Y 3 N P S Y ' J N 3 ) Z Z ˆ ' M B & N ^ ‡ € N M B O ^ ' X O … O X D O X ' Q P K U O ˆ

‰ O ^ P O ‡ ( _ ^ ' X J O M ) X W X ' Š O ^ P ' M ‡ _ ^ O P P H d e , a K

.RNLQVKXX
3 W ‹ G / H € K K € ) Y O J J ' c X Z O S ) O 1 N P [ N S ) X O P O P N X M ' C Q ) P ‡ 1 ) Z O ^ X ) P T Y J N X ) X

Z O Y J Y N P ' J ' P 1 ) 9 K . O Y O J J ' c X H M ^ N Z Q J J ' c X H ' X M ^ ) Z Q J J ' c X ‡ X ) M N P Z O € N ^ Y ) P 3 Q † ' ) K T Z ' J ' c X

‹ ' Y ' X C Œ O K & N Z ^ ' Z ( … ' S O ^ ' ) X H * + + ƒ K

.RNLQ:DND6K€
. - F G 4 - & - H G K K 3 N J J ) Y M N Z ' S ) O P ' O C ' N S S ) X O P ' N X M ' J B O O 1 ) Z O ^ X O K - J Q ^ N

GL ,NXNR 6DJL\DPD WHVWR JLDSSRQHVH H WUDVFUL]LRQH   HG  UHLPSUHVVmR 0LODQR
- ^ ' O Y O H * + + , K

.RGDL:DNDVKLURQ
. W g W E G H … ' Z O ) K ] ^ N M N Z ) P ) † ^ O N … ' P M c ^ ' N Z ) h N D N X ) _ O ^ b ) Z ) € Y 8 P P ' J ) 9 K

] c \ Q ' ) ( ] I D ‡ I V N ' C N D Q . B Q S S N X D N ' H d e e + K

.RNLQZDNDVK€+\RJHQURQ
. W g W E G H … ' ^ ) D ) K ] ^ N M N Z ) P ) † ^ O N P O  S ^ O P P Ž O P O 1   ‘ ’ “ ” • ‘ • – — ˜ 9 K

] c \ Q ' ) ( E N P N 1 N P B ) ' X ( * + + + K

i j k l m n j o p q n r s j s j t u v w w t x v y z { z | t } ~  w z |
¸

º » ¼ ½ ¾ ¿ À Á Â Ã Ä Å Æ Ã Ç È É Ê Ë Ì Ë Í É Ç Î Ã Ï Æ Ä É Ç Ã Ç Ð Æ Ñ É Ò Ã È Ã Ñ Ã Ð È Â Ó Ã È Ã Ô È Æ Ä Õ É Ë È Ã Å Ã Ð Æ Ñ Â Ä Ë Å Ã Å É Ä Ë Ö Ö É Ë É Ñ

Å Ë È É Ò × Æ Ø Ç Æ Ð Ë É Å Ã Å É Ä Ã Ð Ë Æ Ä Ã Ê Ù Ä Ã Ç Å Ú Ð Ã Å Ã Ç Å É Û Ü Ý Þ É ß Þ Ù Å É Ï Ã È Ã È Ã Ñ à Ç É Ð Æ Ñ Æ Ï È Æ á Ê É Ñ Ã Å Ã Õ È Ã Å Â Ò × Æ â

Æ ã Â É Õ È Ã Å Â Ó Ë È ä Ð Æ Ñ Æ É ã Â É Ñ Ô Ã È Ë Ã Õ Ã Ê Õ È Ã Å Â Ò × Æ Ù ã Â Ã Ä Å Æ Ã Ë Ä Å Ã Ï Æ Â Ð Æ Ç Ë Ñ Ë Ì È Ã Ä Õ É Ç Å Æ Ñ Ë Ä Ã å Ã Ñ Æ Ï Æ È à

Õ Â Ì Â æ Ç ä ç É Ç Õ É Ã È Õ Ë Ì Æ Ù Æ Ã Â Õ Æ È Ï Ã È Õ É Å É Ç Â Ã É è Ï É È Ë æ Ä Ð Ë Ã Ð Æ Ñ Ï É Ç ã Â Ë Ç Ã Ç Æ á È É Ã È É Ê Ë Ì Ë Æ Ç Ë Å Ã Å É Î Ã Ï Æ Ä É Ç Ã

Ï Ã È Ã Õ É Ð É È Ð Æ Ñ É Ä Õ é È Ë Æ Ç É Å Ë Ç Ð Â Õ Ë È Ð É È Õ Æ Ç Ã Ç Ï É Ð Õ Æ Ç Õ É ê È Ë Ð Æ Ç Ç Æ á È É Ã Õ È Ã Å Â Ò × Æ È É Ê Ë Ì Ë Æ Ç Ã ë ì É È × Æ Å É á Ã Õ Ë Å Ã Ç

ã Â É Ç Õ Í É Ç Ê Ë Ä Ì Â í Ç Õ Ë Ð Ã Ç É É è Õ È Ã Ê Ë Ä Ì Â í Ç Õ Ë Ð Ã Ç É Ä å Æ Ê å É Ä Å Æ Ã Õ È Ã Å Â Ò × Æ È É Ê Ë Ì Ë Æ Ç Ã Ù Ð Æ Ñ Æ Å Ë Ô É È É Ä Ò Ã Ç Ç Æ Ð Ë Æ Ð Â Ê à

WXUDLVPXOWLSOLFLGDGHGDVJUD¿DVQDOtQJXDMDSRQHVDWUDGXomRFRPRHOHPHQWRFKDYHQDHVWUDWpJLD
Å É Ï È Æ Ï Ã Ì Ã Ò × Æ Å É Ì È Â Ï Æ Ç È É Ê Ë Ì Ë Æ Ç Æ Ç Ù É Ä Õ È É Æ Â Õ È Ã Ç ë

î ï ð ï ñ ò ï ¼ ó ô õ ï ñ » À Õ È Ã Å Â Ò × Æ È É Ê Ë Ì Ë Æ Ç Ã Ù È É Ê Ë Ì Ë Í É Ç Î Ã Ï Æ Ä É Ç Ã Ç Ä Æ ö È Ã Ç Ë Ê Ù Ë Ñ Ë Ì È Ã Ò × Æ Î Ã Ï Æ Ä É Ç Ã Ù Ê í Ä Ì Â Ã Î Ã Ï Æ Ä É Ç Ã

:KHQWKH-DSDQHVHUHOLJLRQVVWDUWHGWRRSHQXSWRWKH%UD]LOLDQVRFLHW\DVDZKROHEDFN
÷ ø
¼ ù ò ï ô ù À

LQWKHVDQGVWKH\IDFHGWKHSUREOHPRIWUDQVODWLRQZKDWVKRXOGEHWUDQVODWHG"KRZDQG
ZKRZRXOGGRWKHZRUNZKHQWKHUHZHUHVWLOOIHZLPPLJUDQWVZKRGRPLQDWHGWKH3RUWXJXHVHLGLRP"
,QWKLVDUWLFOHWKHDXWKRUGHSDUWVIURPKLVUHVHDUFKH[SHULHQFHRQ-DSDQHVHUHOLJLRVLW\WRGLVFXVV
FHUWDLQWKHRUHWLFDODVSHFWVDERXWUHOLJLRXVWUDQVODWLRQVXFKDVFXOWXUDOGLIIHUHQFHVPXOWLSOLFLW\RI
ZULWLQJV\VWHPVLQWKH-DSDQHVHODQJXDJHWUDQVODWLRQDVDNH\HOHPHQWIRUWKHUHOLJLRQVJURXSVLQ
WKHLUSURSDJDWLRQVWUDWHJ\RIUHOLJLRXVJURXSVDQGVXFKOLNH
 UHOLJLRXV WUDQVODWLRQ -DSDQHVH UHOLJLRQV LQ %UD]LO -DSDQHVH LPPLJUDWLRQ -DSDQHVH
ú » û ü ¿ ò ý ¼ À

Ê Ã Ä Ì Â Ã Ì É

þ ÿ          
  
        
               
                         

 
             
                     
  
                ! " # ! $  %  ! & þ " ÿ

 3URIHVVRUH&RRUGHQDGRUGR&XUVRGH/HWUDV-DSRQrVGD8QLYHUVLGDGHGH%UDVtOLD URQDQ#XQEEU 

™ š › œ  œ ž  Ÿ    ¡ ¢ £ ¢ Ÿ ¤ ¥ ¦ § ¨ © ª £ « ¬ ­ ® ¡ ¢ ¡ ¯ ¡ ¢ ° ¦ ± ° ¡ « £ § ª ¦ ¤ ² ³ ² ´ ¦ § µ £ ¶ ¡ ¢ ¦ § £ § ¢ ¡ · ª £ § ² ¤
KDYLDIROKHDGRDOJXPDVREUDVWUDGX]LGDVGRVIXQGDGRUHVGD6HLFK{QRLHғߏ喘
ৎHGD6HNDL.\€VHLN\{Шࣚ௱Ш௲HTXHWLQKDDFKDGRPXLWRSREUHRHVWLOR

OHLWRU'HWRGRPRGRRLQFLGHQWHGHVSHUWRXPLQKDDWHQomRSDUDRVSUREOHPDVGD

VkQVFULWRHSiOLSDUDRFKLQrVUHFRUUHXDWHUPRVHFRQFHLWRVFRQIXFLRQLVWDVHWDRtV
WDVWDQWRSDUDVHFKHJDUDXPDWUDGXomRSRVVtYHOTXDQWRSDUDWRUQDURFRQWH~GR
GHVVHVWH[WRVLQWHOLJtYHLVDRVFKLQHVHV
(PERUDHXQmRVHMDXPWUDGXWRUSUR¿VVLRQDOHQHPWHQKDIRUPDomRDFDGrPL
FDQHVWDiUHDGRVDEHUSDUWLOKRDTXLXPSRXFRGHPLQKDH[SHULrQFLDFRPHVWXGRVGD
UHOLJLRVLGDGHMDSRQHVDDVVLPFRPRUHFRUURDWUDEDOKRVGHRXWURVFROHJDVGDiUHD

RUJDQL]Do}HVUHOLJLRVDVGR-DSmRTXDQWRDVTXHHXPHVPR¿]GRLGLRPDMDSRQrV

&RPRVHVDEHLPLJUDQWHVMDSRQHVHVFKHJDUDPSRUFDQDLVR¿FLDLVDR%UDVLO
HPPDMRULWDULDPHQWHSDUDWUDEDOKDUQDVSODQWDo}HVGHFDIpQR(VWDGRGH6mR

' ( ) * + , ( - . / , 0 1 ( 1 ( 2 3 4 5 5 2 6 4 7 8 9 : : ; 2 < = : 5 7 >


VRDORXWUDGLomRGHIDPtOLDRUDDVHVFRODVGHOtQJXDMDSRQHVDHVSDOKDGDVSHOR%UDVLO

QLS{QLFRRUDXPLPLJUDQWHID]LDDVYH]HVGHPLVVLRQiULRRXVXEVWLWXtDRPRQJH

VHEDWL]DUHPRXGHL[DUHPVHXV¿OKRVVHUHPEDWL]DGRVQR&DWROLFLVPRFRPRPRGR
GHDGDSWDomRLQWHUDomRHLQFOXVmRVRFLDOQDVRFLHGDGHKRVSHGHLUD$WpD,,*UDQGH
*XHUUDDPDLRULDTXDVHDEVROXWDGHVVHVLPLJUDQWHVSUDWLFDUDPVXDVFUHQoDVUHOLJLR

WRPDUDPDGHFLVmRGHID]HUWUDEDOKRPLVVLRQiULRHQWUHEUDVLOHLURVQmRGHVFHQGHQWHV
GHMDSRQHVHV2SULPHLURHJUDQGHHPSHFLOKRHUDDOtQJXDHDIDOWDGHPDWHULDO

PHQWHOLQJXtVWLFDVHFRPXQLFDWLYDVKiDLQGDGLYHUVDVTXHVW}HVH[WUDOLQJXtVWLFDV
TXHGL]HPUHVSHLWRDFXOWXUDSRGHULGHQWLGDGHSDUWLFXODULGDGHVKLVWyULFDVHQWUH
RXWURV7RPDUHLDVHJXLUDOJXPDVGHVWDVTXHVW}HVSDUDUHÀH[mRVREUHDSUiWLFDWUD

4XHVW}HVOLQJXtVWLFDVHVWLOtVWLFDVHRUWRJUi¿FDV

GLIHUHQWH GD SRUWXJXHVD H VXD FODVVL¿FDomR DLQGD QmR p FRQVHQVXDO 6HMD FRPR

HSRVVXLHVWUXWXUDVLQWiWLFDGRWLSR629 VXMHLWRREMHWRYHUER $HVWUXWXUD


ܴ啿喽喙ˠ
˝ω喑喃Ƕ  ³4XDQWRDR$NLUDHOHWHPDQRV´ 
Y Z [ \ ] ^ _ ] ` a ] _ ] ` b c _ _ ] [ d e _ c

嗎嗇嗄喙Գ啶อ啮Ƕ
[ a [

4XDQWRDR V >SiVVDUR V @NLZLDDVD GHOH V pFXUWD2WySLFR


a ] g ] ` e h ] i [b [ Z ] [

pNLZLHRVXMHLWRp  DVD 


g ] ` e

SRXFDSRQWXDomRKiXPDQRWiYHODXVrQFLDGHDUWLJROHWUDPDL~VFXODPLQ~VFXOD
DFHQWXDomRHFRQFRUGkQFLDFRPJrQHURHQ~PHUR$FRPSOH[LGDGHGRVKRQRUt¿FRV
WDPEpPUHÀHWHYDORUHVGDVRFLHGDGHMDSRQHVD9HUERVHYRFDEXOiULRVHUYHPSDUD

SDGUmRGH7yTXLR ኱ྗᇟ Ӆ೯ᇟ HRVGLDOHWRVUHJLRQDLV


g j k b c ` h l Z j k m _ n h l

Б‫ ق‬
g k h e `

7 ? @ A B A C B D 2 B E 3 F 3 D G H I J 4 K L F M N O P E 3 E Q E 3 R I S R E M F J L I G T U T V I J W F 6 E 3 I J F J 3 E X L F J T G
JLRVDHUHTXHUHPPXLWDDWHQomRHFRQKHFLPHQWRGRWUDGXWRU$OJXQVIXQGDGRUHV
RX OtGHUHV UHOLJLRVRV VH GHVWDFDYDP FRPR HUXGLWRV H JUDQGHV FRQKHFHGRUHV GD

R¿FLDO2 ҅‫ݤ‬౳䅜GRPRQJH]HQEXGLVWD'{JHQၰϡ  


g k p k h e ` q k

QHFHVVLWDULDGHFRQKHFLPHQWRVH[WUDVGRMDSRQrVFOiVVLFRHGDWHUPLQRORJLDHVSH
Ft¿FDGR%XGLVPR
3RURXWURODGRPXLWRVIXQGDGRUHVUHOLJLRVRV ௲઒ HUDPSHVVRDV
Z j k _ l

εҁ1DR'HJXFKLрα喔啴  SDUD¿FDUHPDSHQDV


r l i l m l

XPFDVREDVWDQWHFRQKHFLGRHQWUHHVSHFLDOLVWDVHUDXPDYL~YDVHPLDQDOIDEHWDTXH
ஷ฽Ӄ OLW³$
r s c d e _ ] Z [

3RQWDGR3LQFHO´ HQTXDQWRHVWDYDSRVVXtGDSHODGLYLQGDGH
_ g [ m l \ ] ^ ` l ^ Z l ` b [ `

Մ喘ߎઓ
g [ \ ] h ] ` ]

LGHRJUDPDVFKLQHVHVFRPRHUDGHVHHVSHUDU3DUDVHWUDGX]LUXPDREUDFRPRHVWD
QmREDVWDDSHQDVGRPLQDURMDSRQrVSDGUmReSUHFLVRWDPEpPFRQKHFHURUHJLR
QDOLVPRRGLDOHWRDFXOWXUDORFDOHRFRQWH[WRKLVWyULFRGDREUDHGHVHXDXWRU

7UDGXomRHPXOWLSOLFLGDGHGHJUD¿DV

GHHVFULWD DOpPGRDOIDEHWRURPDQR 1R


Z ] ` b [ u Z ] m ] Z ] ` ] g [ \ ] h ] ` ] \ k i ] b [

]DomRPDLVXVDGRPXLWRVWUDGXWRUHVRSWDPSRUXPVLVWHPDPLVWRVHPQHQKXPD
j n _ g n j c _ g c u [ c _ g c u [ c v g c u

f f f f

[ c w c x c [ c w c

$JUD¿DDLQGDDSUHVHQWDSUREOHPDVDGLFLRQDLV2DFHQWR PiFURQRXFLU
FXQÀH[R QRMDSRQrVURPDQL]DGRLQGLFDYRJDOORQJD0XLWRVWUDGXWRUHVRSWDPSRU
RPLWLURVDFHQWRVRXDGDSWiORVGHDFRUGRFRPDIRQpWLFDGDOtQJXDGHFKHJDGD
ࢋၰ! FRVWXPDDSDUHFHUFRPR³MXG{´HPSRUWXJXrV
b n d k b c c d l c

' ( ) * + , ( - . / , 0 1 ( 1 ( 2 3 4 5 5 2 6 4 7 8 9 : : ; 2 < = : 5 7 7
7DPEpPKiTXHVHFRQVLGHUDURIDWRGHTXHH[LVWHPPXLWRVWHUPRVKRPy
ᐏ SRQWH ᆄ ¿P
OLPLWH  ᆍ SDOLWRVWDOKHUHV  7RGRV VmR LJXDOPHQWH WUDQVOLWHUDGRV FRPR
g ] _ g [

GLULPLUHPG~YLGDV3RURXWURODGRVHDSDUHFHHPXPWH[WRDSDODYUDURPDQL]DGD
_ g c _ g l _ g c _ g l

ԙਜ HVFUHYHUHPYHUPHOKR Ћਜ HVFUHYHUGHSUySULRSXQKR RX


_ g c _ g k

२࣬! SULPHLURPLQLVWUR Ь㩲 FRPDQGDQWH २ୠ DGYRFDFLDSURPRomR ਸ


യ DGPLUiYHOODXGiYHO RX 㷌ப RSRYRFRPXP 
_ g n _ g l _ g n _ g k

‫ڬ‬ക DJLWDomRIUXVWUDomR ൩‫ ׉‬DFDPDGRGRHQWH ཆ໾ SHVDUWULVWH]D 

6HQGRR-DSmRXPSDtVJHRJUD¿FDPHQWHDQWtSRGDHGLVWDQWHHPUHODomRDR
%UDVLOHPWHUPRVGHWUDGLomRKLVWyULFRFXOWXUDORWUDGXWRUQRUPDOPHQWHQmRVH

QR¿QDOGRVpFXOR;,;VLPSOHVPHQWHSRUTXHDLQGDQmRSRVVXtDPWDOFRQFHLWRHP
 ‫ ے‬H  ௲ 
_ g n Z j k

‫ے‬௲
_ g n Z j k

‫ ے‬ DWXDOPHQWHpHQWHQGLGRFRPR³UHOLJLmRVHLWDGHQRPLQDomR
_ g n u _ k u i c ` e

UHOLJLRVD ´PDVWDPEpPVLJQL¿FD³RSRQWRSULQFLSDOHVVrQFLDRULJHP´3RUVXD
௲! WDPEpPpXPLGHRJUDPDSROLVVrPLFRDEUDQJHQGRDLGHLDGH
Z j k u l _ g [ e

_ g n Z j k

UHODFLRQDYDFRP³SULQFtSLRVHHQVLQDPHQWRV´ GR%XGLVPRHPSDUWLFXODU )RL


VRPHQWHDSDUWLUGR3HUtRGR0HLML  TXHRWHUPRSDVVRXDVHUXVDGR
GHPRGRPDLVJHQpULFRVLJQL¿FDQGR³UHOLJLmR´HPWUDWDGRVLQWHUQDFLRQDLVHQR

$LQGDKiPXLWRVRXWURVWHUPRVSROLVVrPLFRVHFXMDWUDGXomRHVWiFRQGL
ઓ Ј
Z ] i [ Z l Z l \ l i ] Z l m l

၈! RX੿ HRXWURV(PERUD
Z ] i [

DEDUFDGHVGHRVGHXVHVGDFULDomRDWpIHQ{PHQRVGDQDWXUH
Z ] i [

GHDWLYLGDGH2WHUPRWDPEpPWHPVLGRGH¿QLGRFRPRIRUoD HVSLULWXDO DPRUID


LQGH¿QLGDHFRQWH[WXDO(PVHJXQGROXJDU
Z ] i [

IHPLQLQREHQH¿FHQWHRX PDOpYRORGHSHQGHQGRGH FRPR RV VHUHV KXPDQRV VH

: = = @ A B A C B D 2 B E 3 F 3 D G H I J 4 K L F M N O P E 3 E Q E 3 R I S R E M F J L I G T U T V I J W F 6 E 3 I J F J 3 E X L F J T G
UHODFLRQDPFRPHODH+DUXPL%HIXFKDPRXDDWHQomRSDUDRIDWRGHTXHRV
Z ] i [

VmRFRQFHELGRVGHIRUPDVHPHOKDQWHDRFRQFHLWRGH
i ] ` ]

] ` ]
y

PDOpYRODV´ %()8S 
_ g n Z j k Z ] i [

&RQIRUPHRVDFHUGRWH&RUUHLD>GRQHREXGLVPR ҁЎ㚷ҥ‫@ے‬ z { | } { | ~  €   ‚ ƒ „  … „

† ‡

Ӧᅢ喕ပ喋喵´VHIRUWUDGX]LGDOLWHUDOPHQWH¿FDULD³FDLUDRLQIHUQR´
ˆ ‰ Š ‡ ‹ ‹ Œ  Ž

‰ 

Ӧᅢ´ OrVH³ Š

´ VLJQL¿FD³LQIHUQR´H³ပ喋喵´
 

VLJQL¿FD ‡ Ž

‘ ’ “ { ”  { • … ’ ‚ 

Ž – † — Š ˜ ™ š † Š † ‡ › — œ † Š   ‡ ‹ ‡  † — ž œ ‡ Š ‰ Š ‡ œ † Ÿ † œ †     †   † –  ž – ‡ ‰ ¡ Œ  – Š — ‹ œ Œ ¢ † ‡ ˆ ‰ Š ‡ ‹ ‹ Œ  Ž – † — Š

†  — ž £ ‡ Š ž  ˜ ‰ † ‹ ‹   † ‹ ‡ Š œ Š † Ÿ  ¤ — Ÿ † –  ¥  Ž – † — Š ¦ †  ‹  £ Š — ¥ ‡ ž œ  — ž £ ‡ Š ž †   ˜ ™

 ¨  Ÿ — ‹ ¥  ¢  Ž – ©  ˜ ‡  Ž — ž £ ‡ Š ž  ˜ ‹ Œ  ‡ ‹ œ † Ÿ  ‹ Ÿ ‡ ‡ ‹ ‰ ª Š — œ  ¢ ‡ ž Œ     « † Š ‡ ‹ ‰ † Š †  ž Ÿ ‡

† ‹ ‰ ‡ ‹ ‹  † ‹ Ž ¬  † ‹ ˜   Ž Š  — ž ‹ ˜ — Š Œ  † ‰ ­ ‹ † ¥  Š œ ‡ ™ š  Š œ † ž œ  ¢ ‡ ž œ ‡ ž Ÿ ‡ ž Ÿ   Ž – ©  ˜ ‡ 

³LQIHUQR´FRPR³HVWDGRGHHVStULWRV´> @QHQKXPGRVGRLVVmRSHUPDQHQWHVHDV  ’ • ®

VLP>@pSRVVtYHOQDYHJDUPRVGR³LQIHUQR´DRFpX´DTXDOTXHUPRPHQWRSRUTXH
QDVSDODYUDVGRVDFHUGRWH&RUUHLDDPERVHVWmRGHQWURGHQyV :$5$*$,
S 

SRQrVSRGHWDPEpPH[LJLUFRQKHFLPHQWRGHFHUWDVSDUWLFXODULGDGHVKLVWyULFDVH
UHOLJLRVDV5LFKDUG0-DIIH  HVFUHYHXXPOLYURVREUHRFDVDPHQWRGHPRQJHV

GHFDUQHHiOFRROHQWUHRXWURV3RUpPQDKLVWyULDGR%XGLVPRQR-DSmRKiIUH

1DUD  JHUDQGRXPUHFRUUHQWHGHEDWHS~EOLFRLQWHUIHUrQFLDGHOtGHUHV

Ժ१‫ۀ‬㩿 
` [ Z c _ g l Z c _ ] [ m ] [

GDVGHYiULRVVLJQL¿FDGRVKLVWyULFRVUHOLJLRVRVSROtWLFRVFXOWXUDLV1RUPDOPHQWH

' ( ) * + , ( - . / , 0 1 ( 1 ( 2 3 4 5 5 2 6 4 7 8 9 : : ; 2 < = : 5 : = :
Ժ१TXHVLJQL¿FDP³FRPHUFDUQH GHDQLPDO ´VmROLGRVFRPR
OHLWXUD VHPFRQRWDomRSHMRUDWLYD3RUpPQDWUDGLomREXGLVWD
` [ Z c ^ _ g l Z c Z ] ` ^ l `

 OHLWXUD VLJQL¿FDQGR³FRPLGDVSROXtGDVSHORVDQJXH´
` [ Z c ^ b [ Z [ h l ^ l ` ` ] ^

ғૌ啮 FRPRDFDUQHGHSiVVDURVDQLPDLVHSHL[H$H[SUHVVmR‫ۀ‬㩿
i ] h c _ ] [

SRUVXDYH]SRGHVLJQL¿FDU³WHUXPDPXOKHUHVSRVD´³FDVDPHQWR´RX
_ ] [ m ] [

PDLVHVSHFL¿FDPHQWH³FDVDPHQWRFOHULFDO GHPRQJHEXGLVWD ´2VFUtWLFRVGR


ζҍ ా
_ ] [ m ] [ ` j l p l ` [ `

` [ Z c b [ Z [

k d l g [ ` _ g n
¯

㦴β੿‫!ے‬
YDPGHLQVWLWXFLRQDOL]DUDIRUQLFDomRHDODLFL]DomRGHVHXVPRQJHV -$))(
S (VVHVPRQJHV
g [ ` _ g n ` [ Z c b [ Z [ _ ] [ m ] [

GL]HUTXHHVWDYDPHPFRQIRUPLGDGHFRPRIXQGDGRU6KLQUDQᒃᢢ  
TXHWHULDFRQWUDtGRFDVDPHQWRPRWLYDGRSRUFRPSDL[mRFRPRXP³UHFXUVRKiELO´
VkQVFULWR Бߡ SDUDDMXVWDUDSUiWLFDPRQiVWLFDjGLVSRVLomR
c ° ± j ] g k p e `

HHVWiJLRHVSLULWXDOGRVOHLJRVHFRPLVWRVHUHEDL[DUDRQtYHOGRSRYRSDUDOKH
HQVLQDUDGRXWULQDEXGLVWD2QGHRVFUtWLFRVYLDPKHUHVLDHGHFDGrQFLDRVPHPEURV
g [ ` _ g n

'HWDOKHVKLVWyULFRVFRPRHVWHGHGLVSXWDVGHQWURGHXPDPHVPDWUDGLomR

2GLFLRQiULRFRPXPHPJHUDOQmRIRUQHFHWDLVGHWDOKHV

: = < @ A B A C B D 2 B E 3 F 3 D G H I J 4 K L F M N O P E 3 E Q E 3 R I S R E M F J L I G T U T V I J W F 6 E 3 I J F J 3 E X L F J T G
(PYHLRSDUDR%UDVLORSULPHLURDGHSWRGDUHOLJLmR
r l i l m l

DQRV GHSRLV FKHJDUDP RV PLVVLRQiULRV ,VKLGR7VXJLR H .RQG{7HLML 3RUpP D


GLUHomRRRPRWDQDWUDGX]LXYiULRVWH[WRVFRPRDELRJUD¿DGDIXQGDGRUDHDOJX

IXQGDGRUHV8PGHVHXVOLYURVIXQGDPHQWDLV³5HYHODo}HV'LYLQDV´ 
r s c d e _ ] Z [

SRUH[HPSORTXHIRLHVFULWRSHODIXQGDGRUD1DR'HJXFKLVyYHLRDVHUSXEOLFDGR ²

$Wp RQGH SXGHPRV REVHUYDU Ki HP JHUDO UHOXWkQFLD HP VH WUDGX]LU DV

,JUHMD0HVVLkQLFD DGRWHDRUDomRFULVWm³3DL1RVVR´HPVXDV
e Z ] [ j n _ e [ Z j k

o f

FHULP{QLDVRVPHPEURVMDSRQHVHVHQmRMDSRQHVHVSUHFLVDPPHPRUL]DUHUHFLWDU
HPXQtVVRQRXPDSUHFH[LQWRtVWD Ϻࢭઔຒ HPMDSRQrVFOiVVLFR
Y i ] m _ c ^ ` l \ [ m l

ബ㠷䗄㜘
k Z ] ³ ] Z Z ] [

༇ՉTXHHQYROYHWUHFKRVGR6XWUDGH/yWXVQRRULJLQDORXVHMD
³ l ` h j k

DUHFLWDomRpIHLWDVHJXLQGRDURPDQL]DomRGDSURQ~QFLDMDSRQHVDGHWH[WRHVFULWR
DSHQDV FRP FDUDFWHUHV FKLQHVHV 1D ҡ ઓ‫ ޗ‬DV FHULP{QLDV
_ g [ q c v g [ [ ` b ]
¯

e [ v g k ^ ` l ^ [ e

l ` i l ` ¶ c m _ c \ j n _ g n
µ

QDGpFDGDGHHVXDOLWXUJLDHP :$5$*$,S 

%XJOLR ± TXHDRYHUWHUWHUPRVFULVWmRVODWLQRVSDUDRLGLRPDFKLQrV


XVDYDVRQVFKLQHVHVHTXLYDOHQWHVHDRID]rORSULRUL]DYDD³DXUDGHDXWHQWLFLGDGH´
HPGHWULPHQWRGD³LQWHOLJLELOLGDGH´$VVLPGHDFRUGRFRP53RFKLD+VLD 
S  HPFKLQrV
° [ \ [ m c _ ] ` v m c _ _ [ ^ ° [ ^ · e ^ d l ^ _ ] ` ^ d c

o o

š  Š   œ Š    † Ÿ  ¢ œ Š † Ÿ  ¡ ¸ ‡ ‹ ‰  Š † ‰ Š  ˆ — ¥ † ¡ Œ  ‹  ž  Š † Ÿ ‡ – † ž œ  ‹ ‡ ‰ Š ‡ – ‡ ‹ Ÿ  ‹ ¹ ž ‹ – Š — œ 

GL¿FLOPHQWHLPSHGLUDPDH[SDQVmRJHQHUDOL]DGDGREXGLVPRQD&KLQDPHGLHYDO$OpP
Ÿ — ‹ ‹  ¢ ¥  — œ  ‹ –  ž – ‡ — œ  ‹ ¬  Ÿ — ‹ œ † ‹ – ‡ ž œ Š † — ‹ ¢ –  ¥  ‡ ¢ £  Š † ¥

~  º » ¼ ½ { º º … ’  » € € ¾ » »   ‚ »

› ‡ Š œ — Ÿ  ‹ ‰  Š † ‰ Š  ˆ — ¥ † ¡ Œ  ‹  ž  Š † ‡ ‹ ‡ œ  Š ž † Š † ¥ œ ‡ Š ¥  ‹ † – ‡ — œ  ‹ ž  ‹ ‹  œ Š † ‹ ¬  Ÿ — ‹ œ † ‹

¿ À Á Â Ã Ä Å Æ Ç Æ È Æ Å Å É Ê Ë Ì Ç Ì Í Â Ê Î Ï Æ Æ Å Å Æ Ð Ë Ñ Ê Ì Æ Å Í É Ò Â Å Æ Â Ó Ì Ç Â Å Ê Æ Ñ Æ Ð Â Ô Õ Æ Å Ó Â Ó Ë Ñ Ë Ç Ó Â Ó Æ Ö × Ø Ù Ú Û Ü Ý Þ ß Û Þ à Û ß á Ù ß â

6UD 'HJXFKL TXH FRPHoDUDP HP  H SURVVHJXLUDP SRU  DQRV DWp R IDOHFLPHQWR GHOD HP 
3RVWHULRUPHQWHHVVDVUHYHODo}HVIRUDPFRPSLODGDVSHORFRIXQGDGRU2QLVDEXU{'HJXFKLрα!ЦϘΟ॔!
 TXHDFUHVFHQWRXLGHRJUDPDVFKLQHVHV jREUDHDSXEOLFRXSRUSDUWHVQRMRUQDO
à Ý ß á Ù Ø Ù ß Ü ä Ù Þ

 ³0XQGR(VSLULWXDO´ GHD
à Ý Ù

' ( ) * + , ( - . / , 0 1 ( 1 ( 2 3 4 5 5 2 6 4 7 8 9 : : ; 2 < = : 5 : = 5
FKLQHVHV å ’ | ’ | € æ ç ’ “ ’ ½ ’ ç ’ º » º æ ¼ º æ è » € { ¼ é { º æ }  ’ € { ½ æ } € æ ‚ • { | € ‚ ’ ½  ê º { é » ‚ » » »  ‚ »

º æ ‚ æ • ’ € » ë ì { º æ   € ‚ »   +6,$SJULIRDGLFLRQDGR 

0HVPRTXHRVWH[WRVVDJUDGRVVHMDPWUDGX]LGRVKiDOJXQVFRQFHLWRVFKDYH
 ঁ‫ ܄‬QD  3/ 
i ] Z l m l e \ s e v m î [ p e \ m j Z k _ e `

 㛴࠹ࢬѲ QD  ᏤЇ啷 QD 䆜϶㜘


\ c s c k Z ] ³ ] Z Z ] [ i [ v g [ p [ Z [ e [ j n Z ] [

o ï

RUJDQL]DFLRQDOWDPEpPpSDVVtYHOGHVHUWUDGX]LGD2VFDUJRVKLHUiUTXLFRVSRU

ҥ҅ᨯԋ㜘
[ _ _ g k k _ e [ Z ] [

ï f

Ѝ೽ߏ! FKHIHGHXPGLVWULWR H ЬҺ! Ot


_ g [ p c v g k _ g c ` [ `

GHUORFDO 1RJHUDOSRUpPRVHVSHFLDOLVWDVUHOLJLRVRVRXSHVVRDVHPSRVLomRGH

 Ki D¿JXUD GR ³SUHOHWRU´QD 3/ Ki


e [ v g k ^ ` l ^ [ e

e Z ] [ j n _ e [ Z j k

o f

l ` i l ` ¶ c m _ c \ j n _ g n k Z ] ³ ] Z Z ] [
µ

YRFDEXOiULRMDSRQrV Ѝ೽ߏ ೽ߏHWF IRLDGRWDGRQDVSULPHLUDV


_ g [ p c v g k p c v g k

GpFDGDVGHGLIXVmRTXDQGRDPDLRULDGRVPHPEURVDLQGDWLQKDDVFHQGrQFLDQLS{QL
FD3RUpPQDPHGLGDHPTXHDXPHQWRXRQ~PHURGHPHPEURVQmRGHVFHQGHQWHVRV

SULPHLUDPHQWHXVDYDVH³FKHIH´ GHGLYLVmRGHFRRUGHQDGRULDGHGHSDUWDPHQWRV
HWF SDVVDQGRVHGHSRLVSDUD³UHVSRQViYHO´TXHpXPDGHQRPLQDomRPDLVQHXWUD

5HVROYLGDDTXHVWmRGH³RTXHWUDGX]LU´KiTXHGLVFXWLURPRGRFRPRVH

QKHFHUSURFHVVRVGH
l i [ _ _ ð e _ u \ e v l ` _ m \ c ñ ð e _ u \ e [ ` m e \ ° \ e m ] ñ ð e _ u ò ` s ] _ e _ u d [ ó · l h l _

\ e · [ h [ l _ l _ u e [ v g k ^ ` l ^ [ e

VHXVPHPEURVEUDVLOHLURVSDUWHGHVXDDPSODELEOLRJUD¿DTXHLQFOXLHQWUHRXWUDV

FI085$.$0,SH 3RURXWURODGRHVWHPHVPR

WUDGX]LGRVYiULRVGRVHVFULWRVGRIXQGDGRU0DVDKDUX7DQLJXFKL‫ك‬α ໡ࡾ 


 HPTXHHOHGLVFXWHSDVVDJHQVGR1RYR7HVWDPHQWRHPyEYLRHVIRUoRSDUD
DWLQJLU R S~EOLFR PDMRULWiULR TXH SURIHVVD Ip FULVWm QR %UDVLO 2X VHMD QHVWH H

KHJHP{QLFD3RUFRQVHJXLQWHRYRFDEXOiULRHDVSUiWLFDVUHOLJLRVDVGHUHOLJL}HV


@ A B A C B D 2 B E 3 F 3 D G H I J 4 K L F M N O P E 3 E Q E 3 R I S R E M F J L I G T U T V I J W F 6 E 3 I J F J 3 E X L F J T G
㿻಻㜘TXHPLVWXUDGLYHUVDVWUDGLo}HV [LQWRtVWD
` ] \ [ ^ Z ] [

EXGLVWDFDWyOLFDDIUREUDVLOHLUD HLQFOXLDWpULWXDLVSDUDGHVID]HU³PDFXPED´
+LURFKLND1DNDPDNLDRSHVTXLVDUD,QVWLWXLomR5HOLJLRVD
e \ s e v m î [ p e \ m j

3/ QR%UDVLOMiKDYLDREVHUYDGRTXH³QHVVDWDUHIDGHWUDGXomRFDGDYH]PDLV
VHRPLWHRTXHVHMDHVSHFL¿FDPHQWHMDSRQrVRXVHVXEVWLWXHPWDLVSDUWHVFRPUH
IHUrQFLDVEUDVLOHLUDV´ 1$.$0$.,S (VWHSURFHVVRGHDGDSWDomR
WUDGXWyULDVHIH]DFRPSDQKDUSRUXPDPDLRUDFHLWDomRGRSRUWXJXrVGHQWURGD3/

l i [ Z [

ઓଚ! VDTXrVDJUDGR IRUDPVXEVWLWXtGDVSHORYLQKRDVDOJDVPDULQKDVHSHL[H


FKRFR VHFRTXHRDFRPSDQKDYDPGHUDPOXJDUDERORV S 
[ d e i u [ p [ d

 RX (VWHWHUPRpFRPSRVWRSRUGRLVLGHRJUDPDV
b k \ e [ b l g \ e [

!㦴 SXUL¿FDomR H 䆜! HVStULWR VLJQL¿FDQGRDVVLP³SXUL¿FDomRGRHVStULWR´


b k \ e [

SHVVRDRWHUPRSRGHULDVHUWUDGX]LGRDOWHUQDWLYDPHQWHFRPR³ULWXDOGHSXUL¿FDomR

HDWpHVRWHULVPRQRFRQWH[WRGHVVDUHOLJLmR YHU3<(S 2UHFLQWR


VDJUDGRQD,JUHMD0HVVLkQLFDSRUVXDYH]SRGHVHUFKDPDGRGH³LJUHMD´³FDVD
GHSHQGHQGRGHVHXWDPDQKRHSRVLomRQDHVWUXWXUD
b l g \ e [ v e ` m e \

Шࣚ௱Ш௲
e Z ] [ j n _ e [ Z j k

o f

ô g c \ v g l s õ l \ · d e _ _ [ ] ` [ m j
y

Шࣚ
h \ e b ] e _ _ [ ± ` [ v ] c ` d [ ] · e i ° l \ m c h c ò _ _ e Z ] [
y y

¿FD³PXQGR´ ௱Ш ௲
Z j n _ e [ Z j k

WUDGXomROLWHUDO¿FDULD³2(QVLQDPHQWRGD SDUDD 6DOYDomRGR0XQGR´

2WHUPR³PHVVLkQLFD´FRPDVVRFLDo}HVMXGDLFRFULVWmVWHQGHDVXJHULUHVSHFL¿FD ®

PHQWHDYLQGDGHXP³PHVVLDV´HPSDUWLFXODU7RGDYLDRIXQGDGRUGD6HNDL.\XVHL
.\R0RNLFKL2NDGD  pJHUDOPHQWHFKDPDGRGH0HLVKX6DPD 6HQKRU
GD /X]  FRQIRUPH QD H[SUHVVmR ³(QVLQDPHQWRV GH 0HLVKX6DPD´ PDLV GR TXH
–  ¥   Ž ¥ ‡ ‹ ‹ — † ‹ ˜ ‰ ‡ Š ‹  ž †   — ¤ † Ÿ  ™ ö ‰ Š ‡ – — ‹  † Ÿ ¥ — œ — Š   ‡ ¢ ‡ ¥ ‰  Š œ  «  ÷ ‹ ¢ † ‡ ˆ ‰ Š ‡ ‹ ‹ Œ 

Ž ø ‡ ‹ ‹ — ¹ ž — – † ˜ ©  ¥ † £  Š ¥ † † Ÿ  ‡ œ — › † Ÿ † ‰ † Š † ‹ ‡ Š ‡ £ ‡ Š — Š † œ  Ÿ † — « Š ‡  † ™ š  Š © ¥ ¢ ž  › † ¥ ‡ ž

WHDH[SUHVVmRMDSRQHVD6HNDL.\XVHL.\RQmRVHUHIHUHGHIDWRj³LJUHMD´PDVDR
³HQVLQDPHQWR´(ODVLJQL¿FDOLWHUDOPHQWH³2(QVLQDPHQWRGD6DOYDomRGR0XQGR´
ù

‡ ˆ ‰ Š ‡ ‹ ‹ Œ  Ž ‡ ž ‹ — ž † ¥ ‡ ž œ  ˜ £ Š ‡   ‡ ž œ ‡ ¥ ‡ ž œ ‡  –  Š Š ‡ ž  ‹ ž  ¥ ‡ ‹ Ÿ  ‹ ž  ›  ‹ « Š  ‰  ‹

UHOLJLRVRVQR-DSmRVLPSOHVPHQWHSRUTXHVHHVSHUDTXHRQRYROtGHUSURSRQKDXP
ù

Ž ‡ ž ‹ — ž † ¥ ‡ ž œ  ˜ ™ Š † ¤ Œ  ‰  Š   ‡ ‡ ‹ œ ‡ ¥  › — ¥ ‡ ž œ    « Š  ‰  Š ‡   — « —  ‹  © ¥ ‡ ž – —  ž † Ÿ 

HPLQJOrVFRPR³FKXUFK´RXHPSRUWXJXrVFRPRXPD³LJUHMD´pSDUDWRUQiORFRQ ®

¿DYHOPHQWHFRPSDUiYHOjV³LJUHMDV´FULVWmV

' ( ) * + , ( - . / , 0 1 ( 1 ( 2 3 4 5 5 2 6 4 7 8 9 : : ; 2 < = : 5 : = ;
'HIDWRRQRPHVR]LQKRSRGHID]HUFRPTXHDOJXPDVSHVVRDVSRVVDPDWpPHVPR
‰ ‡ ž ‹ † Š ¢ — ž — – — †   ¥ ‡ ž œ ‡ ¢   ‡ ‹ ‡ œ Š † œ † Ÿ ‡  ¥ † Ÿ ‡ ž  ¥ — ž † ¡ Œ  – Š — ‹ œ Œ ¬ † ‹ œ † ž œ ‡ † œ  †   — ¤ † Ÿ †

HLQFOXVLYDFRPXPDLQWHUHVVDQWH³SUiWLFD´RULHQWDOFRQKHFLGDFRPR ‘ { … ‚ æ ’  3<(
S 

$WUDGXomRSRGHVHUOLWHUDORXPDLVOLYUHHÀH[tYHO3RUpPDPHQVDJHP
FRVWXPDVHUPDLVIDFLOPHQWHFRPSUHHQGLGDHPXPPHLRHVWUDQJHLURVHKRXYHUXP

KRXYHDWUDGXomRGH ፏઓ ፏ
e [ v g k ^ ` l ^ [ e _ g l b [ ` _ g l

ઓ³GHXVHVHVStULWRV´ FRPR³GHXVHV´3RUpPRWUDGXWRUSHUFHEHX
b [ `

SRVWHULRUPHQWHGHSRLVTXHRWH[WRMiWLQKDVLGRSXEOLFDGRTXHDWUDGXomRFDXVRX
HVWUDQKDPHQWRHQWUHRVDGHSWRVSHODFRQRWDomRSROLWHtVWDHSRUWDQWRFRQWUiULDj

QRFRQWH[WRGRVXWUDFRPR³DQMRV´ :$5$*$,S 
3RU¿PDFRQWHFHWDPEpPGHRVWUDGXWRUHVRSWDUHPSRUXPUHSHUWyULR³Kt
EULGR´GHYRFiEXORVPLVWXUDQGRLQÀXrQFLDVUHOLJLRVDVGLYHUVDV1D
r l i l m l

H[HPSORDVFHULP{QLDVVmR³PLVVDV´RFOpULJRpGHQRPLQDGR³PLVVLRQiULR´Ki
XP³EHQ]LPHQWR´ 啴‫ڗ‬ԛ啸 TXHMiIRLFKDPDGRGH³SDVVH´ FRPRQR
l m l \ [ m _ c h [

.DUGHFLVPR 1DRUJDQL]DomRQHREXGLVWD
l ` i l ` ¶ c m _ c \ j n _ g n
µ

QmRVmRQHFHVVDULDPHQWHFULVWmRVFRPR³WHPSOR´ DRLQYpVGH³LJUHMD´ 

LQVWLWXFLRQDOGRWH[WRGHSDUWLGDHjDFHLWDELOLGDGHGRWH[WRGHFKHJDGDRVWH[WRV
UHOLJLRVRVSRVVXHPHVSHFL¿FLGDGHVQRTXHGL]UHVSHLWRjOLEHUGDGHGRWUDGXWRURX


(PIXQomRGLVWRDWUDGXomRSRGHUiVHUPDLVOLWHUDORXPDLVÀH[tYHOSRGHUiKDYHU

 (PSDOHVWUDSURIHULGDQD8QLYHUVLGDGHGH%UDVtOLDHP0DUNXV-:HLQLQJHUHVFODUHFHXTXH
ú Í Æ û Í Ì Å Å Æ Ç Å ü Ñ Æ Ë Å ý þ Ï ÿ È Ì Ç È Æ Ë Í Ì Â Å Å Ì È Ë Â Ó Ì â Î Ï Æ Ð Æ Å Í Æ û Í Ì Å È Ì Ç Å Ë Ó Æ Ê Â Ó Ì Å Å Â Ê Â Ó Ì Å  Ð Æ Â Ë Å   Ï Ê ü Ó Ë È Ì Å Æ  Ì Ð ü Í Ë È Ì Å À

Ê Ë ÿ Æ Ë Ê Â ÿ Æ Ç Í Æ   Ì Ê Î Ï Æ Å  Ì Í Æ û Í Ì Å Ì Ç Ó Æ Ì Í Ê Â Ó Ï Í Ì Ê  Ê Æ È Ë Å Â Ï Å Â Ê Ï ÿ Â ú Å Æ Ç Å Ë Ò Ë Ð Ë Ó Â Ó Æ Æ Å  Æ È Ë Â Ð  Â Ê Â Í Ê Â Ó Ï Ã Ë Ê ý 


Ó Æ  Ì Ë Å   Ì Ê Å Æ Ê Æ ÿ Í Æ û Í Ì Å Ì Ç Ó Æ Ë Ç È Ë Ó Æ ÿ È Ì Ç Å Æ Î Ï  Ç È Ë Â Å Ó Ê É Å Í Ë È Â Å Ë ÿ Æ Ó Ë Â Í Â Å Å Æ Ì Í Ê Â Ó Ï Í Ì Ê ú Æ Ê Ê Â Ê ý Ì Ï Ó Æ Å Ñ Ë Â Ê

È Ì Ç Å Ë Ó Æ Ê Â Ñ Æ Ð ÿ Æ Ç Í Æ Ó Ì Å Æ Ç Í Ë Ó Ì Ì Ê Ë Ë Ç Â Ð À Å Å Ë ÿ  Ï ÿ Í Æ û Í Ì Å Æ Ç Å ü Ñ Æ Ð  Â Ë Ç Ó Â Å Æ Ï Ç Ó Ì
Æ Ë Ç Ë Ç Æ Ê  þ Ï ÿ Í Æ û Í Ì Ì Ç Ó Æ

Ì Í Ê Â Ó Ï Í Ì Ê Ç  Ì  Ì Ó Æ Ó Æ È Ë Ó Ë Ê Ó Æ Ì Ê ÿ Â Ð Ë Ñ Ê Æ Å Ì Ò Ê Æ Â Å Ì  Ô Õ Æ Å Í Ê Â Ó Ï Í Ê Ë Â Å Í Æ Ì Ê Ë È Â ÿ Æ Ç Í Æ Ó Ë Å  Ì Ç ü Ñ Æ Ë Å Ó Æ Ñ Ë Ó Ì Â

UHVWULo}HVHPUHODomRDRFDUiWHULQVWLWXFLRQDOGRWH[WRGHSDUWLGDjDFHLWDELOLGDGHGRWH[WRGHFKHJDGDRXDR
 Ê Ì  Å Ë Í Ì Ó Â Í Ê Â Ó Ï Ô  Ì À

: = 8 @ A B A C B D 2 B E 3 F 3 D G H I J 4 K L F M N O P E 3 E Q E 3 R I S R E M F J L I G T U T V I J W F 6 E 3 I J F J 3 E X L F J T G
HVWDUPDLVSUy[LPDGDOtQJXDHFXOWXUDGHFKHJDGD3RGHUVHiPDQWHUXPDOLQJXD
JHPPDLVIRUPDO FRPRXVRGRSURQRPHSHVVRDO³YyV´SRUH[HPSOR FULDQGR

1RFRQWH[WRGDVUHOLJL}HVMDSRQHVDVKiFDVRVGHURPDQL]DomRTXHLQRYDP

k Z ] ³ ] Z Z ] [ _ c ` e _ _ ] p c \ l ] Z [ h c m [
y

‫ށ‬α!த
_ c ` e _ ] p c \ k ] Z [ h c v g [
y

Ο॔1HVWDPHVPDRUJDQL]DomRKiDOJXPDVDGDSWDo}HVLQWHUHVVDQWHVQROLYUHWR
³/LWXUJLDGR%XGLVPRGH1LWLUHQ'DLVKRQLQ´FRPR ӵ䗂
j l \ ] [

g k ^ \ ] [

PDVKiFDVRVGHWUDGXomRGRLQJOrVRXPHVPRGRHVSHUDQWRSDUDRSRUWXJXrV$
r l i l m l

1RSHUtRGRLQLFLDOGDLPLJUDomRDWUDGXomRQmRFKHJDYDDVHUXPSUREOH

UHJUHVVDUDR-DSmRDSyVWUDEDOKDUQR%UDVLOSRUDOJXQVDQRV1RVUDURVFDVRVGH

SUHWHV GHQWUR GDV FLUFXQVWkQFLDV SRVVtYHLV 3RU LVVR p SURYiYHO TXH QmR WHQKD
KDYLGRWH[WRUHOLJLRVRMDSRQrVWUDGX]LGRSDUDRSRUWXJXrVQRSHUtRGRDQWHULRUj
6HJXQGD*XHUUD0XQGLDO
4XDQGRVXUJLXXPSURMHWRUHDOGHSURSDJDomRIRUDGD³FRO{QLDMDSRQHVD´
DHVFROKDGRWUDGXWRUDRTXHVHVDEHSDUHFHQmRWHU HSURYDYHOPHQWHDLQGDQmR
WHP VLGRXPDGHFLVmRWRWDOPHQWHUDFLRQDOQDPDLRULDGRVFDVRVeFRPSUHHQVt
YHOTXHDVGHFLV}HVYHQKDPVHQGRWRPDGDVGHDFRUGRFRPDVFLUFXQVWkQFLDVHDV
FDSDFLGDGHVKXPDQDVHHFRQ{PLFDVGHFDGDJUXSR'HVWHPRGRD
e [ v g k ^ ` l ^ [ e

HD3/VHJXLUDPXPSDGUmR±TXHSRGHPRVHVWLPDUFRPRVHQGR
k Z ] ³ ] Z Z ] [

RGHPDLRURFRUUrQFLD±TXHpRXVRGHQLNNHLVFRPRWUDGXWRUHVDX[LOLDGRVSRU

PDLV HPSHQKDGRV QR SURVHOLWLVPR GHSRLV GH DOJXPDV GpFDGDV GH DWLYLGDGHV

pQRUPDOPHQWHXPWUDEDOKRFRODERUDWLYR(QWUHWDQWRpSUHFLVRQRWDUTXHQHP
XPQHPRXWURPRGHORWHPJDUDQWLGRXPQtYHOSUR¿VVLRQDOGRVWUDGXWRUHVYLVWR
VHUHP SRXTXtVVLPRV DTXHOHV TXH SRVVXHP IRUPDomR HVSHFt¿FD 3DUD VDQDUHP
HVWHSUREOHPDDOJXQVJUXSRVFRQWUDWDPWUDGXWRUHVSUR¿VVLRQDLV HDWpWUDGXWR

' ( ) * + , ( - . / , 0 1 ( 1 ( 2 3 4 5 5 2 6 4 7 8 9 : : ; 2 < = : 5 : = >


UHVMXUDPHQWDGRV SDUDVHHQFDUUHJDUHPGDWUDGXomRGHVHXVWH[WRVUHOLJLRVRVRX
IROKHWRVGHGLYXOJDomR
 0HVVLkQLFD TXH
e Z ] [ j n _ e [ Z j k

o f

DWpKDYLDHQYLDGRDR-DSmRVHPLQDULVWDVEUDVLOHLURV GRVTXDLVQmR
WLQKDPDVFHQGrQFLDQLS{QLFD SDUDHVWXGDUHPDOtQJXDMDSRQHVDHPHOKRUVHSUH
SDUDUHPSDUDDYLGDPLVVLRQiULD 720,7$S (VWHVVHPLQDULVWDVYROWDP

IRUPDomRGHWUDGXWRUHVGHOtQJXDMDSRQHVDQR-DSmR
r l i l m l

6U%HQHGLFWR6LOYD  XPEUDVLOHLURGHIRUPDomRHVStULWDNDUGHFLVWDSDUD

ܿҁᜫӽ!
[ h ] _ g [ l ` h ] ` b [
µ µ

TXHpRPRQJH5LFDUGR0*RQoDOYHVSURIHVVRUDSRVHQWDGRGHKLVWyULDDQWLJDH
KLVWyULDGDVUHOLJL}HVGD8QLYHUVLGDGHGH6mR3DXOR(VWDRUGHPEXGLVWDFULRXHP

6KLQ´H³(GLWDUOLYURVSDQÀHWRVHSHULyGLFRVHPSRUWXJXrVVREUHR%XGLVPR6KLQ´
*21d$/9(6S 

QmRWHQKDPRVUHDOL]DGRRSURMHWRXPDFROHJDHHXMiIRPRVFRQYLGDGRVDID]HUD
WUDGXomRGHWH[WRVDJUDGRGHXPJUXSRFRP¿OLDOQR'LVWULWR)HGHUDO 

JUXSRVFRPRRFRUUHXFRPLJRXPDYH]'XUDQWHXPDQRSDUWLFLSHLGDVFHULP{QLDV
QDVFHUFDQLDVGH%UDVtOLDHDFRPSDQKHLWUrVFDUDYDQDV
_ g [ q c v g [ [ ` b ]
¯

DQXDLVHPSHUHJULQDomRDRVDQWXiULRFRQVWUXtGRHP0RJLGDV&UX]HV 63 1D
~OWLPDYLDJHPIXLSHJRGHVXUSUHVDTXDQGRXPGRVOtGHUHVGLVWULEXtDFySLDVGH
PHXDUWLJR 3(5(,5$ SDUDRVGHPDLVSDUWLFLSDQWHVGDSHUHJULQDomR&RPR

GRXWULQiULRXPPHPEURPHGLVVH³(VVHWUDEDOKRGRSURIHVVRU5RQDQpPXLWR

 1R%UDVLODOpPGRSURI5LFDUGR*RQoDOYHVKiRXWURVFDVRVFRPRRGH$QGUHD*7RPLWDTXHpSHVTXLVD
Ä

GRUDWUDGXWRUDHPHPEURGDKLHUDUTXLDGD,JUHMD0HVVLkQLFD

: = ? @ A B A C B D 2 B E 3 F 3 D G H I J 4 K L F M N O P E 3 E Q E 3 R I S R E M F J L I G T U T V I J W F 6 E 3 I J F J 3 E X L F J T G
$WUDGXomRYLQKDVHQGRFRPSUHHQGLGDFRPRXPSURFHVVRFRPXQLFDWLYRHP

HVWDQRomRIRLDPSOLDGDSRUVHHQWHQGHUTXHHODHQYROYHXPD¿QDOLGDGHGHWHU
PLQDGDHDFRQWHFHHPXPFRQWH[WRVRFLDOSDUWLFXODU +857$'2$/%,5 

HÀX[RVJOREDLV'LWRGHRXWURPRGRKiQRRItFLRGRWUDGXWRUGLYHUVDVTXHVW}HV

FXOWXUDSRGHUSDUWLFXODULGDGHVKLVWyULFDVHQWUHRXWURV2WUDGXWRUQmRpGHIDWR
XPSUR¿VVLRQDOTXHWUDEDOKDFRPDEVROXWDOLEHUGDGHHLVHQomRSRUHVWDUVXMHLWRDR
FRQWH[WRKLVWyULFRDQRUPDVVRFLDLVDH[SHFWDWLYDVGHOHLWRUHVHWF1HVWHRItFLR
Ki³QHJRFLDomR´WURFDGHLGHLDV³SHUGDVHUHQ~QFLDV´H³PRGL¿FDomRGHVLJQL¿
FDGRV´ %85.(S 

WXGRWRUQDURH[yWLFRHPDOJRIDPLOLDUHYLFHYHUVD3RUVXDYH]³2VKLVWRULDGRUHV

GHRXWURVWUDGXWRUHVVHUYLQGRDGRLVPHVWUHVHWHQWDQGRUHFRQFLOLDUD¿GHOLGDGHDR
RULJLQDOFRPDLQWHOLJLELOLGDGHSDUDVHXVOHLWRUHV´ %85.(S 1HVWH
m \ ] d c ñ  l \ e · [ h [ l _ ]

m \ ] d c ñ  l v c · m c \ ] ·

WUDGXomRQD(XURSDSRUVpFXORVD¿RKDYLDXPDDJHQGDHYDQJHOL]DGRUDHPHVFDOD

RMDSRQrVHDSXEOLFDUDSULPHLUDJUDPiWLFDGRLGLRPDQLS{QLFR

GHFLVyULRGHTXmRSURIXQGDVHUiDDGDSWDomRjFXOWXUDKRVSHGHLUD(VWHpXPGLOHPD

' ( ) * + , ( - . / , 0 1 ( 1 ( 2 3 4 5 5 2 6 4 7 8 9 : : ; 2 < = : 5 : = 7
WLYRGHPDLRUSURIXQGLGDGH-iIRLPHQFLRQDGRTXHVHXSURFHVVRGHDGDSWDomR
WUDGXWyULDVHIH]DFRPSDQKDUSRUPDLRUDFHLWDomRGRSRUWXJXrVGHQWURGHVWHJUXSR

GHVWHJUXSR1D3/KRXYHXPDDVVRFLDomRGDIHVWDWUDGLFLRQDOMDSRQHVDSDUDRV
DQWHSDVVDGRV 啴ࣧ FRPR'LDGH)LQDGRVTXHpXPDGDWDFDWyOLFDHDLQGD
l p l `

EDVWDQWHFHOHEUDGDQR%UDVLO )8-,.85$ 

RXWURVKiVHPSUHRSHULJRGHVXUJLUHPPDOHQWHQGLGRVSRQWRVGHLQVWDELOLGDGHH
FRQÀLWRGHLQWHUSUHWDomRGHYLGRjDVVRFLDomRLPHGLDWDFRPRXQLYHUVRGRXWULQiULR
GR(VSLULWLVPR.DUGHFLVWD3RUpPFRPRQRVLQIRUPD7RPLWD S 
KiGLIHUHQoDVPDUFDQWHVHQWUHDVGXDVUHOLJL}HV8PPHVPRWHUPRFRPR³UHHQ

³HVStULWRVREVHVVRUHV´ HQFRVWRV PDVWDPEpPHP³HVStULWRVKtEULGRV´ HVStULWR


GHKRPHPUHHQFDUQDGRHPIRUPDGHDQLPDO H³HVStULWRVJXDUGLmHV´ LQFRUSRUDGRV
HPDQLPDLVHREMHWRV 

RUJDQL]Do}HVUHOLJLRVDVQHPVHPSUHFRQWURODPDVDGDSWDo}HVH³UHVVLJQL¿FDo}HV´
GHVHXYRFDEXOiULRULWXDLVSUiWLFDVHRXWURV&ULVWLQD5RFKD  GHVFUHYHFRPR

¿OKRVRXVROLFLWDYDPFHULP{QLDGHFDVDPHQWRSDUDVLSUySULRV(VWDVVmRSUiWLFDV
HVWUDQKDVjVYHUV}HVMDSRQHVDVGR=HQ 

HSUiWLFDVDVVRFLDGDVDRFXOWRjGLYLQGDGH,VKL]XFKLSDUDXPDFRO{QLDQDGLYLVD

HQWmRGHIRUPDSUDWLFDPHQWHLQGHSHQGHQWHGDVHGHMDSRQHVD 3(5(,5$ 

_ g [ q c v g [ [ ` b ]
¯

 :DUDJDL  PHQFLRQDVHPHOKDQWHLQRYDomRULWXDOQD  S HQD  S


ä Ù  Ø  Þ ß Û Þ Ù ä Û ß  Û ß   Ú ×  Ü   × Ø 

ã 

 

: : = @ A B A C B D 2 B E 3 F 3 D G H I J 4 K L F M N O P E 3 E Q E 3 R I S R E M F J L I G T U T V I J W F 6 E 3 I J F J 3 E X L F J T G
VDQWXiULRFHQWUDOGR-DSmRYLHUDPHVSHFLDOPHQWHSDUDRHYHQWRH¿FDUDPEDVWDQWH

LQFOXLQGRDVSDUWHVtQWLPDV3RVWHULRUPHQWHKRXYHRULHQWDomRSDUDTXHDLPDJHP
IRVVHOHYHPHQWHIULFFLRQDGDDSHQDVQDVFRVWDVGRVSDUWLFLSDQWHVGDVFHULP{QLDV

RXDRPHQRVIDFLOPHQWHWUDGX]tYHO FRPRRVMiPHQFLRQDGRVWHUPRV ઓ
Z ] i [

Ј RVJUXSRVUHOLJLRVRVWDPEpPDSUHQGHUDPQDSUiWLFDTXHQHPWXGR
Z l Z l \ l

pWUDQVIHUtYHOGLUHWDPHQWH&RPRGL]RSHVTXLVDGRUGDFXOWXUDMDSRQHVD0LFKDHO
3\H S 

0XLWRIUHTXHQWHPHQWHKiHOHPHQWRVHPH[FHVVRGDFXOWXUDRULJLQDOTXHQmRID]HP
QHQKXPVHQWLGRQDQRYDVLWXDomR>@3RUH[HPSORXPDQRYDUHOLJLmRMDSRQHVD
SRXFRFRQKHFLGDD&KLHQVRQN\{SRVVXLFHUWRQ~PHURGHULWXDLVGHSXUL¿FDomRRV
TXDLVLQFOXHPDSXUL¿FDomRGRUHOyJLRGDSHVVRD(VVDLGHLDID]VHQWLGRQDFXOWXUD
 † ‰  ž ‡ ‹ † ¢ ‡ ¥   ‡  ‹ ‡ ž ‹  Ÿ ‡ œ ‡ ¥ ‰  ‰  Ÿ ‡ ‹ ‡ Š ¬ † ‹ œ † ž œ ‡ — ¥ ‰  Š œ † ž œ ‡ ž † › — Ÿ †    œ — Ÿ — † ž † ¢

¥ † ‹ œ †   › ‡ ¤ ž Œ  ‡ ¥ œ  Ÿ  ‹  ‹ – † ž œ  ‹ Ÿ  ¥  ž Ÿ  ™

H[FHVVLYRGHVVHLGLRPD6HQWLDVHTXHHVWHXVRH[DJHUDGRSRGHULDVLJQL¿FDUXPD
LPSRVLomRRX³SRVVtYHOLQVWUXPHQWRGHGRPLQDomR´UHOLJLRVDHFXOWXUDO 720,7$
S 3RUXPODGRQRSHUtRGRLQLFLDOGDGLIXVmRGDVUHOLJL}HVMDSRQHVDVQmR

RLGLRPDGRSDtVKRVSHGHLUR3RURXWURODGRDUHVLVWrQFLDR¿FLDOHPWUDGX]LUFHUWDV
SDODYUDVRXSUHFHVVHMXVWL¿FDYDSHODFUHQoDQDVDFUDOLGDGHGRLGLRPDMDSRQrV ³D
YLEUDomRGDSDODYUDSURIHULGDQHVVHLGLRPDpPDLRU´  S RXQDLGHLD
[ d e i u [ p [ d

 DIRUoDPtVWLFDGHGHWHUPLQDGDVSDODYUDVHLGHRJUDPDVFKLQHVHV RX
Z l m l d ] i ]

-DSmR(VWHHQWXVLDVPRpSUHFLVRQRWDUQmRVHFRPSDUDFRPDDGRomRGDHVFULWD
FKLQHVDQDFRUWHGR-DSmRDQWLJRRXRXVRGRODWLPFRPRPHLRFXOWRGHFRPXQL

UDLV HUHOLJLRVRV DDGDSWDomRWUDGXWyULDGDVUHOLJL}HVpXPSURFHVVRGH³PmR

' ( ) * + , ( - . / , 0 1 ( 1 ( 2 3 4 5 5 2 6 4 7 8 9 : : ; 2 < = : 5 : : :
0LVVLRQiULRVFRPR>0DWWHR@5LFFLWUDGX]LDPWH[WRVUHOLJLRVRVFRPRXPPHLRGH
–  ž › ‡ Š ‹ Œ  ¢ ¥ † ‹ ‡   ‡ ‹  ‹ › ‡ ¤ ‡ ‹ ‹ ‡ Ÿ ‡ ‹ –  ¬ Š — † ¥ œ Š † Ÿ  ¤ — ž Ÿ  ‹  † Š ‡   — « — Œ  œ † ¥ ¬ © ¥ ¢ ž 

‹ ‡ ž œ — Ÿ  Ÿ ‡ † Ÿ † ‰ œ ¦   †  –    œ  Š †      – †   ¢ ‡ † œ © ¥ ‡ ‹ ¥  –  ž › ‡ Š œ ‡ ž Ÿ  ‹  †   ª ž «  † ¢ ž  ‹ ‡ ž œ — Ÿ 

GHLQWURGX]LUQHODSDODYUDVHIUDVHVGRWXSLGRMDSRQrVHDVVLPSRUGLDQWH %85.(
S 

০䲵 ௗЈ! ৴喴
q ] q e ` _ e _ _ g [ ` _ ] m l \ [

2XGD3/TXHQmRVDLEDRVLJQL¿FDGRGH ঁ‫܄‬ ဃӦ!


i ] Z l m l _ e [ m [ r _ g [ e l j ó ^

௲઒䃫
_ ] i ó

HWF7RPLWD S FKDPDDDWHQomRSDUDRIDWRGHDOJXPDVHQWUHDVQRYDV


UHOLJL}HVMDSRQHVDVHPSDUWLFXODUHVWDUHPGHVHPSHQKDQGRRSDSHOGH³YLDVGH
DFHVVRjDUWHHFXOWXUDMDSRQHVD´DRRIHUHFHUHPFXUVRVGHDUUDQMRÀRUDOFHUkPLFD
FHULP{QLDGRFKiHRXWURV

9ROWDQGRDRWHPDGDWUDGXomRSRGHVHGL]HUTXHDKLVWyULDGDWUDGXomRHQWUH
RVJUXSRVUHOLJLRVRVMDSRQHVHVQR%UDVLODLQGDWHPVLGRSRXFR HDSHQDVUHFHQ
WHPHQWH HVWXGDGD YHMDSRUH[HPSOR:$5$*$,3<(720,7$
*21d$/9(6 6mRQHFHVViULRVWUDEDOKRVPLQXFLRVRVTXHH[SOLFLWHP
FRPPDLVGHWDOKHVDVHVFROKDVHDVQHJRFLDo}HVIHLWDVQRVSURFHVVRVWUDGXWyULRV
GH JUXSRV HVSHFt¿FRV (VSHUDVH TXH VXUMDP WUDEDOKRV H[HJpWLFRV FRPR R GH
:DUDJDL  RXREUHYHH[HUFtFLRUHDOL]DGRSRU0LFKDHO3\HFRPUHODomRj
Ϻ౛௲
e ` \ [ Z j k

8PGHVHXVLPSRUWDQWHVWH[WRVpFKDPDGR0LNDJXUDXWDWUDGX]LGRSDUDRSRUWXJXrV
VLJQL¿FDFDQo}HVHDTXLHODVVmRFDQo}HVRXKLQRV
ù

–  ¥   — ž  ‹  † « Š † Ÿ  ‹ ™ «  Š † ¢

 € »

HVSHFLDLV$OpPGLVVRDH[SUHVVmRKLQRVVDJUDGRVpGHIDWRXPDH[SUHVVmRPXLWR
 UHIHUHVH j GDQoD GRV GHXVHV  HQTXDQWR R SUH¿[R
ù

« ‡ Š †   ™ ‰ †   † › Š †

” » “  ‚ » ” » } ’

} pKRQRUt¿FRSRUWDQWR
’   ’ ” » “  ‚ »   € »
‹ Œ  – † ž ¡ ¸ ‡ ‹ Ÿ † Ÿ † ž ¡ † Ÿ — › — ž † ™  ‹ ‹  © ‹ — «

QL¿FDQWHXPDYH]TXHRULWRFHQWUDOGD7HQULN\RpDDSUHVHQWDomRGR } ’ ” » “  ‚ »
ž 

VHXWHPSORSULQFLSDOHP7HQULHHVVDVGDQoDV TXH¿FDPHVFRQGLGDVGDDSUHFLDomR
JHUDO VHEDVHLDPQDVDWLYLGDGHVGRVGHXVHVFRQIRUPHWUDQVPLWLGRQRVDQWLJRVPLWRV

: : < @ A B A C B D 2 B E 3 F 3 D G H I J 4 K L F M N O P E 3 E Q E 3 R I S R E M F J L I G T U T V I J W F 6 E 3 I J F J 3 E X L F J T G
 ¥ œ ‡ Š ¥  ‡ ‹ ‰ ‡ – — †   ‰ † Š † ‡ ‹ ‹ ‡ £  –  Ÿ ‡ ‹  †    – †   — ¤ † ¡ Œ  – ‡ ž œ Š †   ¢ Ÿ ‡ ž  ¥ — ž † Ÿ 

‘ ’ ½ » Ӧ൑
3<(S 

$VHVFROKDVGHYRFDEXOiULRVmRIHLWDVDOJXPDVYH]HVFRPKDELOLGDGHHRXWUDVGH
PRGRGHVDVWUDGRD¿PGHSRVLFLRQDUHPDVDOHJDo}HVQDFXOWXUDPDLVDPSODQHVWH
– † ‹  ¢ ž † –    œ  Š † Š ‡   — « —  ‹ † ™ ‡ ‹ ‹ † £  Š ¥ † ¢ © — ¥ ‰  Š œ † ž œ ‡ ‹ ‡ Š ‹ ‡ ž ‹ ª › ‡    œ ‡ Š ¥ — ž     « — †

‹ ‡   ‡ – —  ž † Ÿ † ¢ ‹ ‡   — ‹ ‡ Š ¥  ‹ –  ¥ ‰ Š ‡ ‡ ž Ÿ ‡ Š  ‹ ‰ Š  – ‡ ‹ ‹  ‹ Ÿ ‡ œ Š † ž ‹ ¥ — ‹ ‹ Œ  ‡ Ÿ ‡ ¥  Ÿ † ž ¡ †

ž  ‹ † ‹ ‹  ž œ  ‹ Š ‡   — « —  ‹  ‹ ™  ‹ ‹  ‹ ‡ † ‰   — – † †  ‹ ‰ Š  – ‡ ‹ ‹  ‹ Ÿ ‡ — ž  › † ¡ Œ  ‡  œ Š † ž ‹ ¥ — ‹ ‹ Œ 

EHPVXFHGLGDHWDPEpPDRVSURFHVVRVGHGHFDGrQFLD ’ º æ } ¼ ’ ½ ’ º ! ¼ S 

7UDGXomR &RPSDUDQGR D SUiWLFD WUDGXWyULD GRV MHVXtWDV QR %UDVLO&RO{QLD H D


GRVPLVVLRQiULRVMDSRQHVHVQDDWXDOLGDGH:DUDJDL S D¿UPDTXHHP

QmREDVWDYDYHLFXODUDVPHQVDJHQVQDOtQJXDGRVHXS~EOLFRDOYRSDUDVHID]HU
‡ ž œ ‡ ž Ÿ ‡ Š ‡ Š † ž ‡ – ‡ ‹ ‹ ¦ Š —  † Ÿ † ‰ œ † Š ‡ ‹ ‹ † ‹ ¥ ‡ ž ‹ † « ‡ ž ‹ †  –  ž œ ‡ ˆ œ     – †   ™ " ‹  ‡ ‹  ª œ † ‹

XWLOL]DUDPVHGH¿JXUDVHULWXDLVLQGtJHQDVSDUDWUDQVPLWLUDPHQVDJHPFULVWmHRV
PLVVLRQiULRV MDSRQHVHV GDV 1RYDV 5HOLJL}HV -DSRQHVDV UHFRUUHUDP jV LPDJHQV H
‰ †   † › Š † ‹ Ÿ  # Š — ‹ œ — † ž — ‹ ¥  ‰ † Š † Ÿ — £  ž Ÿ — Š † ‹  † Š ‡   — « — Œ  ™

>@
™ ™ ™ ©  ‰ — ž — Œ   ž ¹ ž — ¥ ‡ ‡ ž œ Š ‡ † ‹ ‰ ‡ ‹ ‹  † ‹ ‡ ž ›    › — Ÿ † ‹ ž † œ Š † Ÿ  ¡ Œ  Ÿ  ‹ œ ‡ ˆ œ  ‹ Š ‡   — « —  ‹  ‹

MDSRQHVHVDLPSRUWkQFLDGHDGDSWDURVWH[WRVDRFRQWH[WRGRS~EOLFRDOYR

PXQGR&XULRVDPHQWHKiSHORPHQRVXPFDVRHPTXHHVVDVWUDGXo}HVH[WUDSROD

SDUDOtQJXDVFRPRHVSDQKROIUDQFrVDOHPmRHLWDOLDQR´ 720,7$S 

WUDGXomRUHOLJLRVDpXPFDPSREDVWDQWHSURPLVVRUHFKHLRGHSRVVLELOLGDGHVHQWUH

%UDVLOSURGX]LUHPWUDEDOKRVH[HJpWLFRVFRPYDULDGRVJUXSRVMDSRQHVHVSRGHUmR
FRQWULEXLUVREUHPDQHLUDSDUDDKLVWyULDGRV(VWXGRVGD7UDGXomRQRSDtV$V³VHLV

' ( ) * + , ( - . / , 0 1 ( 1 ( 2 3 4 5 5 2 6 4 7 8 9 : : ; 2 < = : 5 : : 5
JUDQGHVSHUJXQWDV´FRORFDGDVSRU3HWHU%XUNH S ±TXHPWUDGX]"FRP
TXHLQWHQomR"RTXr"SDUDTXHP"GHTXHPDQHLUD"FRPTXHFRQVHTXrQFLDV"±SR

HIHWLYDVGHLGHQWL¿FDUGLIHUHQoDVLQWHUFXOWXUDLV´ %85.(S 

5HIHUrQFLDVELEOLRJUi¿FDV
$Q$QWKURSRORJLFDO,QWURGXFWLRQ D LPSUHVVmR7RN\R &KDUOHV (
$ % & ' ( ) * + , - . / 0 1 0 2 3

4 + 5 5 6 7 8 9 . : ; < = > .

$ ' ? @ % : A 7 5 7 * . 8 + 6 5 + * ) B C ) 5 * ) C + D E 9 F 9 B G * - , H * C - 9 B C ) % + * 9 G ) I 9 C 7 * F ) . J K L $ ' ? @ % : A 7 5 7 * M

+6,$53RFKLD RUJV 
0 Q R S T U V R W R 0 W 2 U X 1 Q U X Q 0 \ R U 1 0 ] U Q ^ 2 0 3

N O P O P P Y Z [ P Y P P

6mR3DXOR(GLWRUD81(63S
)8-,.85$<XPL
W _ R 2 X 0 X 1 ^ V U X Q ^ 2 V R W R 0 S T U 2 U 0 ` 0 W a U X X U 2 b U Q 0 c d 2 U

N O Y O P O P Z Y Y P Y

'LVVHUWDomR 0HVWUDGRHPFLrQFLDVGDUHOLJLmR 33*&53RQWLItFLD8QLYHUVLGDGH


e 0 X W 3

P Y

8 ) 5 H 6 - f ) : g E 9 A ) + 6 9 : ; < < h .

*21d$/9(65LFDUGR0iULR$³2¿FLQDGH7UDGXomR.XPDUDMLYD´GR,QVWLWXWR%XGLVWDGH
(VWXGRV0LVVLRQiULRV 0LVVmR6XO$PHULFDQDGH%XGLVPR6KLQ5DPR2WDQL 
0 ` ^ ^ X

i P

^ S T U 3 ? 7 j - B 5 ) C 7 % B 5 + C 9 B C ) & ) f + 6 C ) C 7 I 7 B B - k F - f ) . l F 9 ; : F . ; : h m ; > : G . n o p o = .

Z N

+6,$53RFKLD$PLVVmRFDWyOLFDHDVWUDGXo}HVQD&KLQD
J K L $ ' ? @ % : A 7 5 7 * M

+6,$53RFKLD RUJV 
0 Q R S T U V R W R 0 W 2 U X 1 Q U X Q 0 \ R U 1 0 ] U Q ^ 2 0 3

N O P O P P Y Z [ P Y P P

6mR3DXOR(GLWRUD81(63S
( ' ? 4 l r s l t $ u ? : l . v 0 Q R V V 2 w 0 Q R V U W U _ x 0 y u F 5 * 9 C + f f - H F ) 6 ) 5 * ) C + f 5 9 6 9 z { ) . I ) C * - C |

P Y [ O P O

8 } 5 7 C * ) : h m m ; .

-$))( 5LFKDUG 0


y Œ  Ž   ‘ ’  “ ’    ’ ” Ž  K “ • – Ž  K — ’ ˜ ’ K Ž ™ Ž

~  €  ‚  ƒ „ … † ‡ † … ƒ ˆ ‰ Š ‹ ‰ †

3ULQFHWRQ3ULQFHWRQ8QLYHUVLW\3UHVV
š › – – œ  ™ 

085$.$0,6KLJH\RVKL DHGLomR7RN\R
/ 0 1 0 2 ^ X ^ ž ^ W _ U 2 2 a ^ ] U Q ^ 2 Ÿ ^ 2 R w

Y Y Y O P O P

8QLYHUVLW\RI7RN\R3UHVV
1$.$0$.,+LURFKLND7KH,QGLJHQL]DWLRQDQG0XOWLQDWLRQDOL]DWLRQRI-DSDQHVH5HOLJLRQ
3HUIHFW/LEHUW\.\RGDQLQ%UD]LO
/ 0 1 0 2 ^ X ^ / U R 2 0 W U   ž ^ W _ U R X R Q ^ X : ; = ¡ h p > : ; < < ; :

P Y Y i O Y

S
3(5(,5$ 5RQDQ$ ,VKL]XFKL -LQMD VREUHYLYrQFLD [LQWREXGLVWD QR FRQWH[WR EUDVLOHLUR
ž \ ¢ \ ž £ ž ^ ¤ X 0 Q ^ \ X R Q U X Q 0 ž ^ W _ T U . g E 9 A ) + 6 9 | A ' 8 p g A ¡ A ) + 6 - F ) B : l F 9 ; ; : F . h :

Y O O Y Y

-XO'H]S
3<(0LFKDHO5HÀHWLQGRVREUHSULPRVGLVWDQWHVGLVWkQFLDFXOWXUDOQDWUDQVSODQWDomRGHUH
p

6 - z - ¥ 7 B ¦ ) G 9 F 7 B ) B 7 , 9 + 5 * 9 B G ) { B 7 B . ž \ ¢ \ ž £ ž ^ ¤ X 0 Q ^ \ X R Q U X Q 0 ž ^ W _ T U . g E 9 A ) + 6 9 |

Y O O Y Y

38&633DXOLQDV$QRQ-XO'H]S


@ A B A C B D 2 B E 3 F 3 D G H I J 4 K L F M N O P E 3 E Q E 3 R I S R E M F J L I G T U T V I J W F 6 E 3 I J F J 3 E X L F J T G
7KH4XHVWIRU&RVPRSROLWDQ0RGHUQLW\+RQROXOX8QLYHUVLW\
? s 8 ( l : 8 * - B 5 - F ) . § ^ 2 2 e 0 ¨ W y

Y P Y

RI+DZDL¶L3UHVV
720,7$$QGUHD*6DQWLDJR$V1RYDV5HOLJL}HV-DSRQHVDVFRPRLQVWUXPHQWRGHWUDQVPLV
p

B E 9 C 7 f + 6 5 + * ) ¦ ) G 9 F 7 B ) F 9 $ * ) B - 6 . ž \ ¢ \ ž £ ž ^ ¤ X 0 Q ^ \ X R Q U X Q 0 ž ^ W _ T U . g E 9 A ) + 6 9 |

Y O O Y Y

38&633DXOLQDV$QRQS
. ž ^ V U 1 U X S ª ^ X Q ^ 2 b 0 X 2 0 2 ^ _ 0 S T U ^ W _ U X 0 ^ V R W R 0 W Q 0 « _ ^ ¬ 0 ] ^ X X 2 V 0

Z Y Y O Y O P Y Y O P P Y Y O P P Y ­ Y

© © © © © ©

7HVH 'RXWRUDGRHP&LrQFLDVGD5HOLJLmR ±33*&58QLYHUVLGDGH0HWRGLVWD


2 U e 0 X W

P Y

GH6mR3DXOR)DFXOGDGHGH)LORVR¿DH&LrQFLDVGD5HOLJLmR6mR%HUQDUGRGR&DPSR
h m m < .

. 8 9 F B 5 * + - F C 9 G 9 F 5 7 B | ) B G 7 f 5 9 B B 9 ® * 7 ) 5 * ) C + D E 9 F ) u z * 7 ¦ ) I 7 B B - k F - f ) 7 F ) A 7 * ¯ 7 - 5 )

© © © © © ©

t - ® 7 * C ) C 7 . 0 ` ^ ^ X ^ S T U . ? 7 j - B 5 ) C 7 % B 5 + C 9 B C ) & ) f + 6 C ) C 7 I 7 B B - k F - f ) . l F 9 ; : F .

i P Z N

S

' ( ) * + , ( - . / , 0 1 ( 1 ( 2 3 4 5 5 2 6 4 7 8 9 : : ; 2 < = : 5 : : ;
Ñ

Ò Ó Ô Õ Ö × Ø Ù Ú Û Ü Ý Þ Û ß à á â ã Ý Ú Ü Ý ä á å æ ç è æ Ü Ú Û ß á å é Þ ß á ê ë ß ì á Û á Ú á ã Þ Ü á Ú Þ Ü í æ Þ Ú á Ú ä Ü ë á ì ß ä Ü î å Ý ì ï å à æ Ý ð Ý ë á ê

å Ü Ú Ý Ü å Ý ì ï å à æ Ý ë á Þ Û æ à æ Ü Ú Ý ñ Ý ì Ý ä Ý Ü ç ò æ Þ ß Û ß ã Ý ó Ý ë ì ß í Ý ä á Ú Ü ç Ü ô ë Ý Û Þ ß Ý ä á Ú ð Ý ë á å Ü Ú Ü Ú í á ç ç Ü å á Ú ä Ü

Û Þ õ Ú Ý å á Ú å á ö Þ Ý Ú ß ì Ü Ü ç ã Þ Ý Ú ß ì Ü ß Þ á Ú ó ñ æ å í ß á å é Þ ß á Ú ä Ü Ü ç ë Þ Ü Ú Ý Ú ß å Ú Û Ý ì Ý ä Ý Ú Ü ç ò æ Þ ß Û ß ã Ý ÷ ø Þ Ü Û Ü å ä Ü ç á Ú

ID]HUXPOHYDQWDPHQWRGDVHVWUDWpJLDVGHSROLGH]GRVIDODQWHVSDUDFODVVL¿FDUDQDOLVDUHYHUL¿FDUDV
ä ß ñ Ü Þ Ü å ù Ý Ú Ü á à Þ Ý æ ä Ü ë á ì ß ä Ü î ä Ý Ú ä æ Ý Ú ì ï å à æ Ý Ú ÷

ú û ü û ý þ û Ô ÿ  û ý Ó Ø ë á ì ß ä Ü î ó ì ï å à æ Ý ð Ý ë á å Ü Ú Ý ó ì ï å à æ Ý ë á Þ Û æ à æ Ü Ú Ý ó Ü Ú Û Þ Ý Û â à ß Ý Ú

 
Ô  þ û  Ø   ß Ú Ý Þ Û ß í ì Ü ß Ú ã Ý Ú Ü ä á å Ý ë ß ì á Û è æ Ü Ú Û ß á å å Ý ß Þ Ü Ý ã á æ Û Û  Ü ñ Ü Ý Û æ Þ Ü Ú á ñ ë á ì ß Û Ü å Ü Ú Ú ß å  Ý ë Ý å Ü Ú Ü

Ý å ä ø á Þ Û æ à æ Ü Ú Ü ì Ý å à æ Ý à Ü Ú ë á  Ü å ß å ò æ Þ ß Û ß ã Ý  ß í  Ý Ú Ý ë ë ì ß Ü ä Û á  Ý ë Ý å Ü Ú Ü Ü ô ë Ý Û Þ ß Ý Û Ü Ú ß Û  ì Ü Ú Ú

Û  Ý å Û  Þ Ü Ü
Ü Ý Þ Ú ß å ö Þ Ý î ß ì Ý å ä ñ á Þ ö Þ Ý î ß ì ß Ý å í á Þ ë á Þ Ý Û Ü Ü ç ë ì á
Ü Ü Ú ÷ Ü ß å Û Ü å ä Û á ç Ý  Ü Ý Ú æ Þ Ü
á ñ

ë á ì ß Û Ü å Ü Ú Ú Ú Û Þ Ý Û Ü à ß Ü Ú æ Ú Ü ä ã
Ú ë Ü Ý  Ü Þ Ú ß å á Þ ä Ü Þ Û á í ì Ý Ú Ú ß ñ
ó Ý å Ý ì
î Ü Ý å ä Ü Þ ß ñ
Û  Ü ä ß ñ ñ Ü Þ Ü å í Ü Ú Ý å ä Û  Ü

ä Ü à Þ Ü Ü á ñ ë á ì ß Û Ü å Ü Ú Ú á ñ ã á Û  ì Ý å à æ Ý à Ü Ú ÷

Ó   × þ  Ô Ø ø á ì ß Û Ü å Ü Ú Ú ó  Ý ë Ý å Ü Ú Ü ì Ý å à æ Ý à Ü ó ø á Þ Û æ à æ Ü Ú Ü ì Ý å à æ Ý à Ü ó Ú Û Þ Ý Û Ü à ß Ü Ú

                      !  " #  $ % & '  ( !  ) *  " +  ,    -   . !  /    !    0  1   ! # * , " +   2  .  "   " 

$ "  3 !   #  # % # !  1 #  &  !  " (             4 +    1  -  

° ° ± ² ³ ´ µ ² ¶ · ¸ ¹ º » ¼ ½ ¼ ¾ ¿ ¼ À Á ¾ ¹ Â Ã º ¾ Ä º » Å ¸ Æ ¸ ¹ ¼ Ç º ¾ Ã º ¾ Æ È Ä Â Æ ¾ º ¾ Ã È Å º É ¼ Ã È Ê Ë ¸ Ì Í Ë Î Â ¸ Ï ¸ Å º Ë È ¾ ¸ È Ë ¸ Ì Í Ë Î Â ¸ Ð º Æ ¹ Â Î Â È ¾ ¸
OtQJXDHVWUDQJHLUD GRUDYDQWH-/ HQFRQWUDPPDLRUGL¿FXOGDGHSDUDFRPSUHHQGHU

SHUJXQWDVFDGDTXDOQXPFRQWH[WRGLIHUHQWHHPTXHRVKRQRUt¿FRVVHULDPXWLOL]DGRV

HPGRLVFRQWH[WRVHPTXHRVKRQRUt¿FRVVmRPDLVH[LJLGRVQDOtQJXDMDSRQHVDH

(VWHDUWLJRIRLEDVHDGRQHVWHTXHVWLRQiULRSLORWRTXHYLVDYHUL¿FDUDDSOL

GHWUDWDPHQWR$WXDOPHQWHHVWHpRIDWRUTXHID]RIDODQWHPDLVDSOLFDURVKRQRUt¿

¶ Ë À @ @ ¶ Å À ° ° ± A ° @ B ¶ B C ° @ ° ° D
5 6 7 8 9 : 6 ; < = : > ? 6 ? 6
IDOVRRXQmRGLJDQDGDTXHQmRKDMDSURYDVX¿FLHQWH

0i[LPDGHPRGRVHMDFODUR(YLWHDPELJXLGDGHVHMDEUHYHHRUGHQDGR

OtQJXDVDUWL¿FLDLV$VOtQJXDVQDWXUDLVSRGHPDSUHVHQWDUHOHPHQWRVTXHQmRHVWmR

QyVLPSOLFDPRVLVWRpDFUHVFHQWDPRVRXWURVVLJQL¿FDGRVDRTXHUHDOPHQWHµpGLWR¶
HFDEHDRLQWHUORFXWRUID]HUFiOFXORVHGHVFREULUDLPSOLFDWXUDRVLJQL¿FDGRSRU

LPSHGLGDVHQmRVRIUDPLPSRVLo}HVHPRXWURVWHUPRVWHURVHXWHUULWyULRUHVSHLWDGR

QHJDWLYDFRQVLVWHHPHYLWDURFRQIURQWRHRFRQÀLWRHDSROLGH]SRVLWLYDEXVFD

° ° E ² ³ ´ µ ² ¶ · ¸ ¹ º » ¼ ½ ¼ ¾ ¿ ¼ À Á ¾ ¹ Â Ã º ¾ Ä º » Å ¸ Æ ¸ ¹ ¼ Ç º ¾ Ã º ¾ Æ È Ä Â Æ ¾ º ¾ Ã È Å º É ¼ Ã È Ê Ë ¸ Ì Í Ë Î Â ¸ Ï ¸ Å º Ë È ¾ ¸ È Ë ¸ Ì Í Ë Î Â ¸ Ð º Æ ¹ Â Î Â È ¾ ¸
SDUDRGHSDUWDPHQWR¿QDQFHLUR´+iWDPEpPDVHVWUDWpJLDVFKDPDGDV G H H I J K G I L

0DWVXPRWRH,GHTXHD¿UPDYDPTXHDXQLYHUVDOLGDGHQmRSRGHULDVHUDSOLFDGDjV

RVKRQRUt¿FRVpXWLOL]DGRSHODIRUoDGDFXOWXUDVRFLDO

RVKRQRUt¿FRMDSR
M

J N O G

UHJUDVSDUDRXVRGRVKRQRUt¿FRVPDVHODVQmRVmR¿[DVSRVVLELOLWDQGRDRSomR

3DUDPHOKRUFRPSUHHQGHURTXHUHSUHVHQWDRVKRQRUt¿FRVQDOtQJXDMDSR

 2VKRQRUt¿FRVMDSRQHVHV
2VKRQRUt¿FRVQDOtQJXDMDSRQHVDVmRXVDGRVFRQVWDQWHPHQWHQRVDWRVGH

I Q J L R S N T O G R

L J U R V R W

¶ Ë À @ @ ¶ Å À ° ° ± A ° @ B ¶ B C ° @ ° ° F
5 6 7 8 9 : 6 ; < = : > ? 6 ? 6
VLVWHPDGHKLHUDUTXLDSUHVHQWHQHODFRPRHOHUHÀHWHQDOtQJXDIDODGD(OHVVRXEHUDP
WDPEpPLGHQWL¿FDURVWUrVHOHPHQWRVHVVHQFLDLVSDUDDUHDOL]DomRGRDWRGHIDODGD

XPDYH]TXHR-DSmR¿FRXLVRODGRTXDVHWUrVVpFXORVGR2FLGHQWHHHVVDVREUDV
¿FDUDPIRUDGRDOFDQFHGHOHVVyFKHJDPDHVVDFRQFOXVmRQR¿QDOGRVpFXOR
P X X X Z X

J Y V I J J L J Q I R Q R W J T Q G L R [ \ T O ] R

R V G T J R

HYLVmRGHPXQGRHQWUHLQGLYtGXRHUHFRUWHGDUHDOLGDGH2VKRQRUt¿FRVGDOtQJXD

D¿QLGDGHHLQWHUHVVHVFRPXQVHVXEMHWLYLGDGHVmRHQFRQWUDGRVHPRXWUDVVRFLHGD

WRGRVRVPHPEURVGRJUXSRRXLQVWLWXLomRRXDOLDGRVFRPTXHPWHPD¿QLGDGHVH
LQWHUHVVHVFRPXQV1HVVDFODVVL¿FDomRVmRLQFOXtGRVRVSHUWHQFHVRVVHQWLPHQ

FODVVL¿FDRPXQGRHP³RVGHGHQWUR´H³RVGHIRUD´HPWRGRVRVDVSHFWRVGDYLGD

`  a b c d e f g h g /    !  #    #  .  !  .  !   +  i  -     "  !   !  #  # j 0  !   !  #  # .  !     k  l  m m n  .  ` ` o 

° B C ² ³ ´ µ ² ¶ · ¸ ¹ º » ¼ ½ ¼ ¾ ¿ ¼ À Á ¾ ¹ Â Ã º ¾ Ä º » Å ¸ Æ ¸ ¹ ¼ Ç º ¾ Ã º ¾ Æ È Ä Â Æ ¾ º ¾ Ã È Å º É ¼ Ã È Ê Ë ¸ Ì Í Ë Î Â ¸ Ï ¸ Å º Ë È ¾ ¸ È Ë ¸ Ì Í Ë Î Â ¸ Ð º Æ ¹ Â Î Â È ¾ ¸
WDQWRQDYLGDSULYDGDFRPRQDYLGDSUR¿VVLRQDOQRQtYHOPDWHULDORXLPDWHULDO

 &ODVVL¿FDomRGDVH[SUHVV}HVGHWUDWDPHQWR

FODVVL¿FDGDVFRPR
 Þ Ý Û Ý ç Ü å Û á ä á Ü å æ å í ß Ý ä á p è æ Ü Ü Ú Û Ý ã Ü ì Ü í Ü Ü ä Ü Û Ü Þ ç ß å Ý Ý ä ß Ú Û q å í ß Ý è æ Ü á ì á í æ Û á Þ

Ý Ú Ú ß ç í á å í ì æ ß Ü ô ß Ú Û ß Þ Ü å Û Þ Ü Ý Ú ë Ü Ú Ú á Ý Ú ä á Ü å æ å í ß Ý ä á ó ä Ü ë á ß Ú ä Ü ë á å ä Ü Þ Ý Þ á Ú ñ Ý Û á Þ Ü Ú

H[WUDOLQJXtVWLFRVUHOHYDQWHVTXHDVGH¿QHPQXPFRQWH[WRGHVLWXDomRHOHYDQGRRX
Þ Ü ã Ý ß ô Ý å ä á á Ú ß å ñ Ü Þ ß á Þ Ü Ú ÷

 Þ Ý Û Ý ç Ü å Û á ä Ý Ü å æ å í ß Ý ù r á p è æ Ü Û Þ Ý ä æ î Ý Ý Û Ü å ù r á ä á ä Ü Ú Û ß å Ý ä á Þ ä á ä ß Ú í æ Þ Ú á Ü ç Ú Ü

Ü å ä Ü Þ Ü ù Ý Þ ë á ì ß ä Ý ç Ü å Û Ü Ý á ä Ü Ú Û ß å Ý Û é Þ ß á ó ß å ä Ü ë Ü å ä Ü å Û Ü ç Ü å Û Ü ä Ý Þ Ü ì Ý ù r á ä Ü ñ á Þ ù Ý Ú

Ü ô ß Ú Û Ü å Û Ü Ú Ü å Û Þ Ü Ü ì Ü Ú ÷ s t u v u w x ó y z z { ó ë ÷ | } ~

ལᇟ
!ལ! ᇟ!
M

J N O G

VmRRVKRQRUt¿FRVSURSULDPHQWHGLWRV(OHpVXEGLYLGR
M

J N O G

൧ལᇟ!ɡ! ൧ལ dzᇟ
M

G T J N O G

ᖰ侎ᇟ ᖰ侎 ᇟ
M

^ 

J T O G

¶ Ë À @ @ ¶ Å À ° ° ± A ° @ B ¶ B C ° @ ° B °
5 6 7 8 9 : 6 ; < = : > ? 6 ? 6
„

1RH[HPSOR  RIDODQWHHVWiXVDQGRRVRQNHLJRKRQRUt¿FRGHUHVSHLWR

XVDQGRRNHQM{JRKRQRUt¿FRGHKXPLOGDGH2IDODQWHSRGHHVWDUFRPXQLFDQGR

7DEHOD±&ODVVL¿FDomRGR KRQRUt¿FRV
M

J N O G

&ODVVH 6LJQL¿FDGR 1HXWUR


ã Ú Ü Þ Ý ù r á

… † ‡ ˆ ‰ Š ‹ † Œ ‰ ‡  Ž ‹ † 

à Þ Ý ç Ý Û ß í Ý ì Ü ç ë á Þ Û æ à æ õ Ú ñ á Þ ç Ý ë ì Ý å Ý

 2VSUH¿[RV³2´
t æ ã Ú Û Ý å Û ß á  á ç Ü ‘ ’ “ ’ ’ “ ’ ’ “ ’

‰ ” ‡ ‰ ‡ ‰

í Þ â Ú í ß ç á ä á Ü – — Ú r á

 ˜

   SUH¿[R2  XVDGRVGH
Ý í á Þ ä á í á ç Ý

á Þ ß à Ü ç ä Ý

ë Ý ì Ý Þ Ý ÷

Ù å ä Ü Þ Ü ù á ™ š › œ š › œ š › œ — Ü Þ Ý ì ç Ü å Û Ü Ú Ü

†  †  †  †

ñ á Þ ð Ý ë á å Ü Ú Ý Ú Ü

í Þ â Ú í ß ç á ä á æ Ú Ý – Ü Ú Ü ñ á Þ

 ˜

   SUH¿[R*2  FKLQHVD³*2´
 Ý å Ý  Ý  Ý å Ý  Ý ž ’ ’ ’ › ’ ž ’ ’ ’

‡ ˆ ‡ ‡ ˆ

í Þ â Ú í ß ç á ä á

   VX¿[R6$1   
ø Ý ß Ÿ œ œ › ’ Ÿ œ œ á Þ ç Ý ù r á

Š   Š ” ¡ Ž ‡ Š   Š ¢

     HVSHFt¿FD £

ø Þ á å á ç Ü ¤ á Ú Ú Ý ’ › œ ’ › œ ’ á Þ ç Ý ù r á

Œ Š Œ Š ¥ ‰ ‡ ¦ ‰ Š ¢

 VHQKRULD    HVSHFt¿FD
Ú æ Ý Ü ç ë Þ Ü Ú Ý

§  ¨    !  ©  1    "   0  . 1      .  !  , -  1      ! ª  "  ! .  ! i "    

«  %  !   ¬ ª   . - , /  -  ) ­ " #  -   0 . !   ª  #  !     "    . - , /  -  .  !   1 ® 0  -    !      #   # ¯  k  -   

` °    .  ` ° n 

° B B € ³ ´  € ¶ · ¸ ¹ º » ¼ ‚ ¼ ¾ ¿ ¼ À Á ¾ ¹  à º ¾ Ä º » Å ¸ Æ ¸ ¹ ¼ Ç º ¾ à º ¾ Æ È Ä Â Æ ¾ º ¾ Ã È Å º É ¼ Ã È Ê Ë ¸ ƒ Í Ë Î Â ¸ Ï ¸ Å º Ë È ¾ ¸ È Ë ¸ ƒ Í Ë Î Â ¸ Ð º Æ ¹ Â Î Â È ¾ ¸
•

ä ð Ü Û ß á — Ü å Û ß ì œ › › œ › › › œ › › t Ü à æ Ü Ý ç Ü Ú ç Ý

… Š ‡ ‰ ¡ ´  † Š ‡ ‰ ¡ ´  † Š ‡ ‰ ‡ ¡ ´

Þ Ü à Þ Ý ä á

Ú æ ã Ú Û Ý å Û ß á

s ß ä Ü Ý í ß ç Ý ~

t Ý æ ä é Ü ì

 ‰ ‡ ˆ Š ” ‹ ‰ ‡ ˆ Š ” ‹ ‰ ‡ ˆ Š

¤ Ü Þ ã á Ú Ù Ú í Þ Ü Ü Þ ’ ’ ’

Œ ˆ ´ ” ˆ ˆ Š µ ¶ µ · ¸ ¹ ” ˆ ˆ Š … ¹ ¸ ¹  º » ¼ ½ ¾ ¿ º À Á ¼

• Â Â Ä Å Å

’ ž

½ à º ¿ Æ ¿ ” ˆ ˆ Š ¶ · … ¹ Ç È ¿ É ¿ º º Á ¼

   SUH¿[R
Å Ë

” ¼ Ê ¿ ½ º

µ ¶ µ · ¸ ¹   HVSHFt¿FDV
Ë Ë

É ½ ¿ º

$FUpVFLPRGR KRQRUt¿FRV
’ ’ ’

Œ ˆ ´ Œ ˆ ¸ Í ¸ ¹

   $FUHVFLPRGR SUH¿[R
Ä Î

” Æ ¼ ½ ¼ º É ¼ ¿

Å Ë

¸ Í ¸ ¹ ¼ » ¼ ½ ¾ ¿ É ¿ º º Á ¼ Æ Á º

Ï
Î Å Ä Ë Ð Å Ë Â Å

¼ ½ Ç È ¿ … ¹ ¸ ¹ ¿ Á Ê ¿ ½ º ¿ ¿

Ë Ë Ä Ë Î Å

~ ž

Æ » ¿ Ñ É º º » ¶ · … ¹ Ç ¼ º ¼ ¼ Ò ¼ É Ó ¿ Ô

Å Ë Ð

¤ ¤ ’ ’ ’ ›

¼ ½ ¾ ¿ º ¼ ½ Õ Š Ö ´  † Ö ‡ ‡ Š ‡ Ö ´ ¦ Š ˆ ‰ ‡ ´ Ö ´ ¢ ¿ ½ È ¿

     HVSHFt¿FD
Å Ë Ð

× ’ › › œ ’ ’

½ ¶ ˆ ´ ¶ Ö Ö ´ Õ Š Ö ´ ¢ ¿ ½ È ¿

     HVSHFt¿FD
Ë Å Ë Ð

’ › ’ ’ ›

¢ Ñ ¼ ½ … ´ Ö ´ µ Ö ´ ¶ ¡ ´ ¢ ¿ ½ È ¿

     HVSHFt¿FD
Ø Å Å Ë Ð

ž ’ Ú › œ ’ ’ ’ ’

¿ ¼ ½ Ù ‰ Ö ´ Û Õ ‰ Š ‹ Ö ´ ¶ ¡ ¥ ˆ ´ ¢ ¿ ½ È ¿

   HVSHFt¿FD
“

¾ ¼ ¾ ¼ ½ ‡ † ´

Ü Ë Å Ë Ð

¾ ¼ ½ … Š Ö ´  † Ý † ‡  Š Þ † ‡  Š Ö ´ ¢ ¿ ½ È ¿

     HVSHFt¿FD

ß à á â

 ã ä

á ß à æ

ä ã ä

RVVX¿[RV ΍ჱᇟ
à à æ á à æ æ à ð ñ

ã ä î ä ï

å é ê å é

ç è ç ë ì í è

ª
ò ó ô õ ö ÷ ø ù ú û ü ø ý ø ö þ ù ÿ ù      ò  ý ó    ó  ø ö û  û
õ  õ ú
õ
õ ö ÷ ø ý û ö û ø ú õ ö ø ù ü  ü ø ø ÷ û ý ø   ü õ ÿ  ü õ

 ö ø  õ  õ   ú ø ú õ ö   ö û û ü ø õ ÷ 
   ø õ õ
ö õ û ú ý û ú          ó

¶ Ë À @ @ ¶ Å À ° ° ± A ° @ B ¶ B C ° @ ° B @
5 ± ² 8 9 ³ ± ; < = ³ > ? ± ? ±

;

TXH>DOXQRSURIHVVRU@ <

SURIHVVRU¿FDQGR
à á à æ á ß à á à æ

å å å å

ç = ì ì ì

æ @ A á ß à á à æ @ á æ @ à æ ß

>

å ? å å é D ? é E

ì í ì ì B C = ì ì ì B B

8VDQGRRVKRQRUt¿FRV¿FDULD  
ß æ @ A á ß à á à æ @ á ß @ à æ F

>

ä ä

é å ? å å é é E

ì í ì ì B = ì ì ì B í ì B ë ì

´¿FDULD  
æ à ð ß æ @ A á ß à á à æ @ á ß @ à

>

î ä ï ä ä

é å ? å å é

è ì í ì ì B = ì ì ì B í ì B

æ F æ

å é E

ë ì ë ì

á ß à æ

ä ã ä

 SURIHVVRU QDVHQWHQoD  DWUDGXomRpDPHVPD


á ß à á à æ

å å

= ì ì ì

QRHQWDQWRKiDTXLDSUHVHQoDGRKRQRUt¿FRGHKXPLOGDGHR
ß à á â

 ã ä

 LU HRKRQRUt¿FRGHUHVSHLWRR
A ß æ æ F á ß à æ

ä ã ä

é å ? é å

ì í ì ë ì

á ß à á à æ ß

å å é

= ì ì ì í ì

VXDFDVD QDVHQWHQoD  DOpPGDVH[SUHVV}HVGRLWHPWHPRVDLQGDRYHUER


æ F

é å é

ë ì ë ì

æ ß

é å é

ë ì

¿FDQGR
æ ß æ

å é

ë ì

ß à æ

ã ä

DWRGHWHUVLGREHQH¿FLDGR9HMDPRV

G ®
ó H ý ø ü õ ö ü ø û  ù ø ÷ õ ø ö ü ø I ù õ ø ü ø ý ö ø õ ú ú ø ö ó

®
J ó H ý ø ü õ ö ü ø ý ö ø õ ú ú ø ö ÷ û  ø ö ü ø I ù õ ø ü ø ý ö ø õ ú ú ø ö ó

K ª ©
ó  L M   N  ÷ ü õ û   
û ö û ø ÷ ý ö õ õ ú ø  õ ú
õ
ö û û  O ø  û ú ý û ö
P ù  û ú ø ö û ÷ ø  ø û ü û ú õ
ö õ ý û ö Q
õ ú õ ú ó  R M 

® ¬ ª
û ý û ö
P ù  û ü õ
S ý  ø   T   ý û ö
P ù  û ü ø  õ 
  ø õ    ý û ö
P ù  û õ I ù   û  õ
õ û ø ý û ö û  û    ü  û ü ø ü  ö õ ø ó

   € !  € " # $ % & ' ( ‚ ( ) * ( + , ) % - . & ) / & ' 0 $ 1 $ % ( 2 & ) . & ) 1 3 / - 1 ) & ) . 3 0 & 4 ( . 3 5 6 $ ƒ 7 6 8 - $ 9 $ 0 & 6 3 ) $ 3 6 $ ƒ 7 6 8 - $ : & 1 % - 8 - 3 ) $
æ ß á @ à á ß æ à æ ß à à á ß

ä 

? å ? å

ì B í í ì è ì ë ì ì

æ ß á @

ì B c

à á ß e æ à

å ?

±KRQRUt¿FRGHKXPLOGDGH±UHFHEHUYHUER
ß à à á ß æ ß

å é

í ì è ì ë ì ì í ì è ì

 VX¿[RGHSRWHQFLDOLGDGH 
æ ß à à á

í ì è ì ë ì

å é

ë ì ì

æ F à h à æ á à

ä ä î ï ä

å D é å å

ë í = í

SRUWXJXrVHDSOLFDGRDIDODQWHVEUDVLOHLURVFRPIDL[DHWiULDHSHU¿VVHPHOKDQWHV$

GDOtQJXDMDSRQHVDDSHVTXLVDYLVDYHUL¿FDUVHRXVRGDSROLGH]pUHDOPHQWHPDLV

© i
 ó     ý û ö
P ù  û I ù õ  ü  û ø õ
ø ü  ö õ
ø ó

" 6 + ] ] " 0 +   ^ _  ]  "  `  ]   a


U ± ² V W ³ ± X Y Z ³ [ \ ± \ ±
á á æ à F à q à à æ F á à à á F ß æ à á

ï o ä p ä ä p î

å å ? é å ? å é å ? å é å t

ì ì í í r ì s ì ì ì è = í è í

æ æ æ á á æ à F æ á F à æ á à F F

u v

ã ä ä p ä ï ä ä

? D å ? D é

r í è ì í í í í

GR9,,,&RQJUHVVR,QWHUQDFLRQDOGH(VWXGRV-DSRQHVHVQR%UDVLO$FODVVL¿FDomR

  ^ j ! k j " # $ % & ' ( l ( ) * ( + , ) % - . & ) / & ' 0 $ 1 $ % ( 2 & ) . & ) 1 3 / - 1 ) & ) . 3 0 & 4 ( . 3 5 6 $ m 7 6 8 - $ 9 $ 0 & 6 3 ) $ 3 6 $ m 7 6 8 - $ : & 1 % - 8 - 3 ) $
  &ODVVL¿FDomR ([HPSORHPMDSRQrV ([HPSORHPSRUWXJXrV
x y z { | } ~  €  ‚ € ~ ƒ ƒ | „ …  † ~ { ‡

~  ‰ | €

† Š { ‰  } ~ ‹ | ~ …  † ~ { | € Œ ~
x x

Š { ‰  } ~ ‹ | ~ …  † ~ { | €

 ‹ Š ‹   Œ ~ ‚ ‹  …   € „ ‚ ƒ ~ † |

…  …  ‹ ‡  | ‹  € ~   Š ƒ ~   | { ‡

| € ‹  €  Œ ~ ‚ ƒ ~ …  € ~  € „  |

ƒ ~ ƒ | ‹ ~ | ƒ | † „ … ~ ƒ ƒ | † „   ’

  D¿UPDWLYDRXD FRPRQmRWHQKRGLQKHLUR    
  LQWHUURJDWLYD VX¿FLHQWHYRFrSRGHSDJDU    
Š { ‰  } ~ ‹ | ~ …  † ~ { | € Œ ~ “

‰ „ €   ƒ { ‡  € „ ‚ ‹ ~  Œ   } „ ‚

Œ „ Œ „  €  ‚ ‰ | € ‹ Š { ‰  ƒ |

 ƒ ~  ~ ‹ ‡ ‹ „ ƒ „  } ~ ‚

‹ ~ € Š  | { ‰ „ ‹ ~

|   € ” ‡ • ~  – ‰ —  € „ ‚ Œ ˜ Š † ‡

‰  ‹  ƒ { ‡ • ‡ ‹  € ~  „  } ~ ‚ “

 … „ ‡ € ~ ‹  ˜ „ ‡ ƒ ~  Š { ‡ … ‡ ˜ Š  €  ‚

 ƒ ~ { ‰  † ~ { ‡

° ¬ ª
 ó ™ ú û ü ø ý û ö û O û ÷ û ö û û
õ ø ü ø 
õ ö  ø ù
ø ö ó

ª ® i ®
  ó š ú
û õ › ý ö õ ú ú ø ÷ ù 
ø ù
   ÿ û ü û ý û ö û û ù  û ö ù ÷ ý õ ü  ü ø ó  õ ú ù  ý û ö œ ú õ  õ ÷  P  ù û û ý ø õ ú û I ù û ú õ ù ÷ û

¬ ª
ø  õ ø ý û ö û    û ö ù ÷ ý õ ü  ü ø ø û
ø ü õ û  û ó

" 6 + ] ] " 0 +   ^ _  ]  "  `  ]   w


U ± ² V W ³ ± X Y Z ³ [ \ ± \ ±
„ { ‰  ‹ ~ € Š  | ~ … | ž ~

Š { ‰  } ~ ‹ | € ~ 
x Ÿ

 $QiOLVHHREVHUYDo}HV

æ à á e æ A ß à F æ à á   æ à á

? å ? å å é å

í ì ë ì ì ë ì ë ë ì

æ à á e æ A ß à F æ à á

å é å å ? å

ë ë ì ë ì ì ë ì

UHQWHVRKRQRUt¿FRGHPRGpVWLDpXVDGRSDUDGHPRQVWUDUUHVSHLWRRTXHOHYDD

1RFDVRGRMDSRQrVRXWUDFDUDFWHUtVWLFDPDUFDQWHpRXVRGRVKRQRUt¿FRV
æ à ð

î ä ï

á â æ @ á ß æ æ @ A @ á æ à á ß e æ à æ ß ß @ A ß á e à e

ä ä ã ä ã ä ã ä ä ä

å é ? å ? é å ?

í B ì B B í í ì è ì í ì B ì è ç

ß à á ß e

æ à æ ß à á ß F   à F F æ ß

ä ï

å ? é ? å é é é

í í ì è ì ì í ì í ì è ì

à e ß

å ?

è ì

® ©
 ¡ ó þ     û  
õ ö û  ÷ õ
õ ü õ ú ù  ý õ œ ÷ õ   ÷ û ú ø ø
õ ›
ø ù ú û ü ø ø ú     û ü ø ü õ ø ö   û ü ø 

   j ! k j " # $ % & ' ( l ( ) * ( + , ) % - . & ) / & ' 0 $ 1 $ % ( 2 & ) . & ) 1 3 / - 1 ) & ) . 3 0 & 4 ( . 3 5 6 $ m 7 6 8 - $ 9 $ 0 & 6 3 ) $ 3 6 $ m 7 6 8 - $ : & 1 % - 8 - 3 ) $
QDPHQWRFRPRFtUFXORH[WHUQRH[LJHGRIDODQWHPDLRUXVRGHKRQRUt¿FRVHSROLGH]

ß ß @ A æ ß à á æ à e ß

o £ ä

å ?

ì B í ì è ì ì è ì ¤

TXHQmRSRGHULDWLUDUIpULDV" HVXDVYDULDQWHVFRPVLJQL¿FDGRVVHPHOKDQWHVVROL

3HQVRHP¿FDUGLDVQD$OHPDQKDWXGREHP"´

æ @ A F æ à   à F F æ á @ á æ æ F A æ @ á e @ ß à ß ß á F à  

ã ä ä ä ã ä

å é å é é é å ? å é é

í ì B ì í r B ì í ì B í í ì B í ì ë

æ ß á e à F à æ ß á ß ß @ A æ ß à á æ à e ß

ä £ o £ ä

å ? å å ? å ?

ë ì è ì r ì ì ì B í ì è ì ì è ì

" 6 + ] ] " 0 +   ^ _  ]  "  `  ]   ¢


U ± ² V W ³ ± X Y Z ³ [ \ ± \ ±
GHIHUrQFLDXWLOL]DQGRRKRQRUt¿FRGHKXPLOGDGH±³
à æ æ á ð æ @ á e

p £ ä ã o

é D ? é

ì B ë

æ ß æ ð ß æ á @ A   æ F á ß æ æ e F e @ á æ æ æ

ä ä o ä o

? å é é é é å é é å ? å é

í ì è ì B ì í ì B í ì ë ì

à á

ã ä

&RQYpPUHVVDOWDUTXHHVVHWHUPRQHVWHFRQWH[WRQmRWHPDSHQDVRVLJQL¿FDGR
A F æ @ á ß à F à

ä ä

ì B è ì è

¥ ¦

e æ A ß à á æ

å ?

ë ì ì

 FRQVLGHUDo}HV¿QDLV

§ ª
 ó § ø ÷ ø û ú õ › ý ö õ ú ú ¨ õ ú ù ú û ü û ú õ ú
õ ø
õ ›
ø ú ø  ø ö ÷ û  ú  õ ø
ö û ÷ ø ú û  ü û L M ©   T  M ª    õ L M © «  T  M ª    ¬

 ] ` j ! k j " # $ % & ' ( l ( ) * ( + , ) % - . & ) / & ' 0 $ 1 $ % ( 2 & ) . & ) 1 3 / - 1 ) & ) . 3 0 & 4 ( . 3 5 6 $ m 7 6 8 - $ 9 $ 0 & 6 3 ) $ 3 6 $ m 7 6 8 - $ : & 1 % - 8 - 3 ) $
á æ æ

ä ä

å ?

í í ì

HODVVLUYDPGHEDVHSDUDXPDDERUGDJHPPDLVH¿FLHQWHQRHQVLQRGDVH[SUHVV}HV

 5HIHUrQFLDVELEOLRJUi¿FDV
® ¯ ° ± ² ³ ´ µ ¶ µ · ¸ ¹ µ º ¶ » ¼ ½ ¾ ¿ ² À ° ² ³ À Á µ ¹ Â µ ¶ Ã Ä Å Æ Ç È É Ê É Ë Ë Ì Í Å Î É Ï Ê Ç Ð É Ñ Ë Ò Æ Ë Ç Ê Æ Ò Ê Ó Ï Ò Ó É ³

Ô
º Õ Ö × Ø » Ù µ Ú ¶ Ø Û µ × Ü Ø Á Ý ´ × µ Ü Ü ³ Þ ß à á Ã

Ô ä å æ ä
® Ú ² â ã ® Ú ² â ã À ¿ ² ç ¿ â ã ¿ â ° â Ú ç ° ® Ú ² â ã â ã ¿ Ã â µ Ø Ù ¸ ¶ ¸ Ü Â Ø Ü Â Ø ¶ è Ã é ê ë ì Ø ¸ í î ï ï á Ã

ð Ø Ü ¹ ¸ ¶ ñ Û µ · µ Õ Â Á Á ¹ í ò ò ó ó ó Ã Â ì ¶ ô º Ã Ù ¸ Ã õ ¹ ò Þ ô ¸ ô ì Ù ¸ ò ¹ » ö ò ô ¸ ô ì Ù ¸ ÷ Ö ì ¶ ô º ô º Ø Þ ß ï Þ Þ ø ÷ Ü Ø × Ý ¸ ì î Ã

¹ » ö Ã º ù µ Ü Ü ¸ µ Õ ú ï Ã Þ Þ Ã î ï Þ î Ã

Ô ä æ
¿ ² ã û ¿ ³ â Ý ¸ ì ô ¸ Ã ² Ø Â ¸ ¶ Ù ¸ ¶ ¸ ´ ¸ × º Ø Á ¸ ¶ µ Ü ì Ü ¸ ¶ ¸ Ü µ Ø » ¸ Ü ¸ ô ì Õ µ ¶ Á ¸ Ù ¸ Ý ü × ¸ ¶ Ü ¸ ô ì Õ µ ¶ Ã ¿ ¶

ý Ò Ê Ê Ç þ ÿ Ç Ó É Ê Ó Å Ï Ê  Ò  É Ê   Ï Ï  ¶   ³ î ï ï ø ³ ¹ Ã ú ø    Ã ð Ø Ü ¹ ¸ ¶ ñ Û µ · µ Õ Â Á Á ¹ Ü í ò ò ë Ø × Ã ô Ý ì Ü Â ì 

ì Ã º ù Ã õ ¹ ò » Ü ¹ º ù µ ò Ö Ø Á Ü Á × µ º Õ ò î ú î  ò Þ  à ú à ò ú î ò ¹ ï ø ï Ã ¹ » ö Ã Á  Á ³ º ù µ Ü Ü ¸ µ Õ î ï Ã ï ø Ã î ï Þ ï Ã

Ô ä ä
° ½ ² ³ ã ¶ » × µ ó ° ¼ À é ã ¿ ² ³ ½ · Ø Á µ Ã ð µ Û µ · ¸ ¹ Ø ¶ Ù º Õ µ º Ü ì × µ ¸ ö Ü ¸ ù Ø ¸  ù ì · Á ì × º · ù ¸ Õ ¹ µ Á µ ¶ ù µ í

é Â µ ù º Ü µ ¸ ö º ¹ ¸ · ¸ Ù Ý Ã ¿ ¶ í Ò Ê Ó Ï Ò Ó É É Ò Ñ Ê Ç Ê Ó  ú Þ ³ Á Â µ ¼ º ¶ Ù ì º Ù µ ¼ µ º × ¶ Ø ¶ Ù ¯ µ Ü µ º × ù Â

Ô
· ì Ö º Á Á Â µ Ú ¶ Ø Û µ × Ü Ø Á Ý ¸ ö û Ø ù Â Ø Ù º ¶ ³ Þ ß à Þ ³ ¹ Ã Þ Þ ú  Þ ú  Ã

ð ¿ ã À ³ ¼ ì Ø º À Ã  Ë È Ñ Ò È  Ó Ç Ò  É Ä Å Æ Ç  É  Ç Ê Ó Ï  Ë È Ç þ Ò Ê Ò  Å Ñ Î Ï Æ Ò   Å  É  É  Ç  Å Ë É Å Ñ  É Ê Ë þ Å Ê 

WH[WXDOL]DGRVXPHVWXGRFRQVWUDWLYRHQWUHRSRUWXJXrVFXULWLEDQRHHVSDQKROPRQ


Ô
È É Ð Ç  É Ò Ê Å  ì × Ø Á Ø Ö º í é µ Ü µ  » ¸ ì Á ¸ × º » ¸ µ Õ ¼ Ø ¶ Ù ì ñ Ü Á Ø ù º è Ú ¶ Ø Û µ × Ü Ø » º » µ  µ » µ × º · » ¸ ´ º × º ¶  ³

î ï Þ ï ð Ø Ü ¹ ¸ ¶ ñ Û µ · µ Õ Â Á Á ¹ í ò ò » Ü ¹ º ù µ Ã ù ú Ü · Ã ì ö ¹ × Ã Ö × ò » Ü ¹ º ù µ ò Ö Ø Á Ü Á × µ º Õ ò Â º ¶ » · µ ò Þ à à  ò î  ß  ú ò

é ½ À ½ ÷ ½ À é Ã ´ ð  ³ º ù µ Ü Ü ¸ µ Õ Þ  Ã Þ Þ Ã î ï Þ Þ Ã

" 6 + ] ] " 0 +   ^ _  ]  "  `  ]  ] 


U ± ² V W ³ ± X Y Z ³ [ \ ± \ ±
ç °   û ã ² ³ ½ × Û Ø ¶ Ù Ã  Ê È É Ñ Ò þ È Ç Å Ê  Ç È Ï Ò Æ Ì µ Ü Ü º Ý Ü ¸ ¶ ö º ù µ  Á ¸  ö º ù µ Ö µ Â º Û Ø ¸ × Ã ² µ ó  ¸ × ô í ð ¸ ì Ö · µ » º Ý

ã ¶ ù Â ¸ × ³ Þ ß  á Ã

Ô Ô Ô
ç ¯ ¿ ½ ³ ´ º ì · Ã ¼ ê Ù Ø ù º µ ¸ ¶ Û µ × Ü º  ¸ Ã ¿ ¶ í ð ã À ã ¼ ³ û º × ù µ · ¸  µ » Ã è Ã  Ï Ê  Ò Î É Ê È Å Ë Î É È Å  Å Æ ! Ó Ç 

þ Å Ë  Ò Æ Ç Ê Ó "  Ë È Ç þ Ò Ì  Ñ Å Æ É Î Ò Ë  þ Ñ  È Ç þ Ò Ë   É Ñ Ë  É þ È Ç Ð Ò Ë  Ò Æ Ç Ê Ó Ï  Ë È Ç þ Ò  é × º » ì  ¸ í # ¸ ¸

Ô
± º ¶ » µ × · µ Ø ç µ × º · » Ø Ã À ¸ ´ º ì · ¸ í Ú ² ¿ ã û ´ ³ ¹ Ã à Þ  Þ ï ú ³ Þ ß à î $ Þ ß á ø % Ã

¿ ð ½ ³ À º ù Â Ø ô ¸ Ã & Ò  Ç Î Ò É Ê Å Ó Å  Å Ï Ñ Å Ê Ã é ¸ ô Ý ¸ í é º Ø Ü Â ' ô º ¶ À Â ¸ Á µ ¶ ³ î ï ï  Ã

Ô
¿ ° ¯ ¿ ³ ¿ Ü º ¸ Ã µ Á º · Ø Ø Ã ( Ç ÿ Å Ê Ó Å ) Ï Ê  * + Ò Ê  Å Å  Ã é ê ë ì Ø ¸ í ú ã ¸ × ¹ ¸ × º Á Ø ¸ ¶ ³ î ï ï ï Ã

ä æ
¿ À ¿ ¿ ³ û Ø ó º ô ¸ Ã , ¿ × º Ø - Â Ý ¸ ì Ù µ ¶ ¶ Ø ¸ ô µ × ì Á º Ø Ü Â ü Ù ¸ Ý ü × ¸ ¶ ô µ ¶ ô Ý ' ¶ Ø Â ¸ ¶ Ù ¸ ó º Ü Â º Á ¸ Ü ì ¹ µ Ø ¶ Ù ¸

Ö ¸ Ù ¸ ó º Ü Â º ¶ ¸ Ö º º Ø Ã ¿ ¶ í . Å Ê Ó Ñ É Ë Ë Å  Ê È É Ñ Ê Ò þ Ç Å Ê Ò Æ  É  Ë È Ï  Å Ë / Ò  Å Ê É Ë É Ë Ê Å ) Ñ Ò Ë Ç Æ  à ³

î ï Þ ï Ã ® × º Ü ñ · Ø º ³ ã ¶ º Ø Ü Ã Ã Ã ® × º Ü ñ · Ø º ³ î ï Þ ï ³ ¹ Ã î  ú  î  à Ã

Ô ä
â ¿ â Ú ¿ ³ ± º Á º × ì Ã À ¸ ù Ø µ » º » µ õ º ¹ ¸ ¶ µ Ü º í Ö º Ü µ µ Ü Á × ì Á ì × º · » º Ü × µ · º  0 µ Ü Ü ¸ ù Ø º Ø Ü Ã ¿ ¶  Ë È Ï  Å Ë

/ Ò  Å Ê É Ë É Ë  ²  î  ³ î ï ï  ³ ¹ Ã Þ ï á  Þ î  Ã

÷ ÷ ÷ ÷ ÷ ÷ Ã é º Ø Ù ' Â Ý ü Ù µ ¶ Ã ¿ ¶ û ã é À Ú ® ã ¯ ã ³ ¼ µ Ø ô ¸  ¸ × Ù Ã è Ã 1 !  Ç þ Å Ë  É 2 Ñ Ò Î 3 È Ç þ Ò  Ò  Ê Ó Ï Ò

Ô
/ Ò  Å Ê É Ë Ò Ã À ¸ ´ º ì · ¸ í  ì ¶ » º  ¸ # º ¹ ¸ ³ î ï Þ Þ Ã º ¹ ñ Á ì · ¸ ß ³ Þ ß á  î Þ á Ã

¼ ½ ¾ ¿ ² À ° ² ³ À Á µ ¹ Â µ ¶ Ã Ä Ñ Ò Ó Î 3 È Ç þ Ò  Þ 4 µ » Ã À ¸ ´ º ì · ¸ í û º × Á Ø ¶ Ü  ¸ ¶ Á µ Ü ³ î ï ï á Ã

û ã é À Ú û ° é ° ³  ¸ Ü Â Ø ô ¸ Ã  Þ ß à à è í ¯ µ µ  º Õ Ø ¶ º Á Ø ¸ ¶ ¸ ö Á Â µ ì ¶ Ø Û µ × Ü º · Ø Á Ý ¸ ö ö º ù µ í ´ ¸ · Ø Á µ ¶ µ Ü Ü

´ Â µ ¶ ¸ Õ µ ¶ º Ø ¶ # º ¹ º ¶ µ Ü µ Ã / Å Ï Ñ Ê Ò Æ Å 5 Ä Ñ Ò Ó Î Ò È Ç þ Ë  Á Þ î ³ ¹ ¹ Ã  ï ú   î  Ã

$V([SUHVV}HVGH7UDWDPHQWRGD/tQJXD-DSRQHVD
À Ú 6 Ú â ¿ ³ é º µ Ã Ã À ¸ ´ º ì · ¸ í ½ » Ø Á ¸ × º » º

Ú ¶ Ø Û µ × Ü Ø » º » µ » µ À ¸ ´ º ì · ¸ ³ Þ ß ß ø Ã

é ã â ¿ Ú ¯ ã ³ û º Ü º Á ¸ Ã ( Ç ÿ Å Ê Ê Å  É Ç Ó Å Ñ Å Ê  é ê ë ì Ø ¸ í é º Ø Ü Â ' Ü ô º ¶ Ü Â ¸ Á µ ¶ ³ î ï ï ø Ã

 ]  j ! k j " # $ % & ' ( l ( ) * ( + , ) % - . & ) / & ' 0 $ 1 $ % ( 2 & ) . & ) 1 3 / - 1 ) & ) . 3 0 & 4 ( . 3 5 6 $ m 7 6 8 - $ 9 $ 0 & 6 3 ) $ 3 6 $ m 7 6 8 - $ : & 1 % - 8 - 3 ) $
6HUmRSXEOLFDGRVDUWLJRVGHSHU¿ODFDGrPLFRTXHWUDWHPGHWHPDVUHODWLYRVj/tQJXD
/LWHUDWXUDH&XOWXUD-DSRQHVDDERUGDGRVjOX]GHPHWRGRORJLDVFLHQWt¿FDV

$UHYLVWD(VWXGRV-DSRQHVHVSXEOLFDDUWLJRVHPSRUWXJXrVLQJOrVIUDQFrVHVSDQKRO
HMDSRQrV

7RGRDUWLJRGHYHWHUQRPi[LPRFDUDFWHUHV DSUR[LPDGDPHQWHSiJLQDV
GLJLWDGDVHPHVSDoR 

WDPDQKR$PDUJHPQRUPDOHHVSDoDPHQWR
E WtWXORHLGHQWL¿FDomRRWtWXORGHYHHVWDUHPQHJULWRHPFDL[DDOWDHDOLQKDGRjHVTXHUGD
GDPDUJHP5HFRPHQGDVHTXHHOHQmRXOWUDSDVVHGXDVOLQKDV$LGHQWL¿FDomRGHYHFRQVWDU
RLWROLQKDVDEDL[RGRWtWXORHWHURQRPHFRPSOHWRHD¿OLDomRDFDGrPLFDTXDQGRIRUR
FDVRQDQRWDGHURGDSpMXQWDPHQWHFRPRHPDLOSDUDFRQWDWR
XPREULJDWRULDPHQWHHPSRUWXJXrVDFRPSDQKDGRGHFLQFR
SDODYUDVFKDYHHRXWURHPLQJOrVRXIUDQFrVDFULWpULRGRDXWRUDFRPSDQKDGRSRUFLQFR
SDODYUDVFKDYHQRPHVPRLGLRPD2UHVXPRQmRGHYHH[FHGHUGH]OLQKDVHPFDGDYHUVmR
'HYHGHL[DUHVSDoRGHGXDVOLQKDVHQWUHRQRPHHRUHVXPRHPSRUWXJXrVHXPDOLQKD
HQWUHDVSDODYUDVFKDYHHPSRUWXJXrVHRUHVXPRHPLQJOrVRXIUDQFrV1mRGHYHVDOWDU
OLQKDHQWUHRVUHVXPRVHSDODYUDVFKDYH
RVVXEWtWXORVGHYHPHVWDUGHVWDFDGRVHPQHJULWRHWHUQXPHUDomRVHTXHQFLDO
DSDUWLUGH XP VHJXLGDSRUSRQWR
GHYHPDSDUHFHUQRFRUSRGRWH[WRLQGLFDQGRRVREUHQRPHGRDXWRUDGDWD
GDSXEOLFDomRHD V SiJLQD V FLWDGD V HQWUHSDUrQWHVHV1RFDVRGHGLIHUHQWHVWtWXORVGR
PHVPRDXWRUSXEOLFDGRVQRPHVPRDQRRGDGRGLIHUHQFLDOVHUiXPDOHWUDDSyVDGDWD SRU
H[6$1726DE $VREUDVFLWDGDVQRFRUSRGRWH[WRGHYHPFRQVWDUREULJDWR
ULDPHQWHGDELEOLRJUD¿DQR¿QDOGRDUWLJRFRPGDGRVELEOLRJUi¿FRVFRPSOHWRVFRPRVHJXH
H QRFDVRGHOLYURV62%5(120(3UHQRPHGR$XWRU SRUH[WHQVR 
VXEWtWXOR VHPQHJULWR (GLomR/RFDOGHSXEOLFDomR FLGDGH HGLWRUDDQRGHSXEOLFDomR
6pULHQ~PHURGDVpULHVHKRXYHU

7 8 9 : ; < 8 = > ? < @ A 8 A 8 B C D E E B F D G E E H G E I B J K G E G E E


([6$1726$OEHUWR WUDGXo}HVHG6mR3DXOR6DUDLYD
H QRFDVRGHDUWLJRVGHUHYLVWDV62%5(120(3UHQRPHGR$XWRU SRUH[WHQVR 7tWXOR
/RFDOGH3XEOLFDomR FLGDGH YROXPHQ~PHURSiJLQDV
LQLFLDO¿QDOPrVHDQR
([ 6$9,$1, 'HPHUYDO$ 8QLYHUVLGDGH H D 3UREOHPiWLFD GD (GXFDomR H &XOWXUD
%UDVtOLDYQSPDLRDJRVWR
H QRFDVRGHDUWLJRVGHFROHWkQHDV62%5(120(3UHQRPHGR$XWRU SRUH[WHQVR 
7tWXORGR$UWLJR,Q62%5(120(1RPHGRRUJDQL]DGRU (GLomR
/RFDOGH3XEOLFDomR(GLWRUD'DWD&DStWXORSiJLQDGRFDStWXOR
([&81+$$OYHV$o}HVSDUDGHWHURGHVPDWDPHQWR,Q*289(,$&ULVWLQH RUJ 
HG6mR3DXOR(G&UHVFHU&DStWXORS
1RV GHPDLV FDVRV QmR HVSHFL¿FDGRV D SDGURQL]DomR GHYH VHJXLU DV 1RUPDV GD
$%17$GHVFRQVLGHUDomRGDVQRUPDVLPSOLFDUiGHYROXomRGRVDUWLJRV
DURPDQL]DomRGRVWHUPRVMDSRQHVHVGHYHVHJXLUDVUHJUDV
$VYRJDLVORQJDVGHYHPVHULQGLFDGDVSRUPHLRGRDFHQWRFLUFXQÀH[R
L M N O P Q R S P T U V W X

H[k{€ 3DUDPDLRUFODUH]DXPDDSyVWURIHGHYHVHUHPSUHJDGDSDUDJUDIDUDVHSDUD
omRGDVVtODEDVQDVSDODYUDVGRWLSR 2V SRGHPVHUXWLOL]DGRV
N Y M X Z [ \ ] V ^ R X Z [ \ N Y _ R X a M

GHVGHTXHDFRPSDQKDGRVSRUVXDFRUUHVSRQGHQWHHPOHWUDVURPDQDVHRVQRPHVSUySULRV
GHYHPVHJXLUDVHTrQFLD FRQIRUPHRVLVWHPDMDSRQrV([ᢩယ໣!
N ] U W P X ] Q P X ] Q P

1DWVXPH6{VHNL
^ R X Z [ \ N Y _

GHYHPVHUFRORFDGDVHPIROKDjSDUWHFRPDVUHVSHFWLYDVOHJHQGDVLQGL
FDQGRROXJDUGHVXDLQVHUomRQRFRUSRGRWH[WRHDFUHVFLGDVGHFLWDomRGDIRQWHFDVRQmR
VHMDPRULJLQDLVGRWUDEDOKR$VLOXVWUDo}HVGHYHPVHUXWLOL]DGDVTXDQGRLQGLVSHQViYHLV
SDUDRHQWHQGLPHQWRGRWH[WRSHGLQGRVHTXHIRWRVPDSDVJUi¿FRVRXWDEHODVWHQKDP
ERDUHVROXomRYLVXDOGHIRUPDDSHUPLWLUXPDUHSURGXomRGHTXDOLGDGH

2VDUWLJRVGHYHPVHUDSUHVHQWDGRVQRIRUPDWRGHDUTXLYRGH:RUGLQGLFDGRSHOR
WtWXORGRDUWLJRHPGXDVYHUV}HVXPDFRPLGHQWL¿FDomRFRQWHQGRRQRPHGRDXWRUH¿OLD
omRDFDGrPLFDTXDQGRH[LVWHQWHHRXWUDVHPLGHQWL¿FDomRDVHUGHVWLQDGDSDUDSDUHFHULVWD
V (VVHVDUWLJRVGHYHPVHUHQYLDGRVDRVHQGHUHoRVHOHWU{QLFRVUHYLVWDHVWXGRVMDSRQHVHV#
JPDLOFRP FHMDS#XVSEU2GHSyVLWRGRWUDEDOKRWHUiYDOLGDGHDSyVDFRQ¿UPDomRGH
UHFHELPHQWRGD&RPLVVmRGH3XEOLFDomR

7RGRVRVDUWLJRVSDUDDSUHFLDomRGHYHPVHUHQYLDGRVDWp

 1RUPDVGHSXEOLFDomR
$R&RQVHOKR(GLWRULDOUHVHUYDVHRGLUHLWRGHQmRSHUPLWLUDSXEOLFDomRGRVWH[WRV
HQYLDGRVEHPFRPRRGHVROLFLWDUDRVDXWRUHVSRVVtYHLVDOWHUDo}HV7RGRPDWHULDOHQFD
PLQKDGRSDUDSXEOLFDomRGHYHVHULQpGLWRHVHJXLUULJRURVDPHQWHDVQRUPDVGHSXEOLFDomR
HVHXFRQWH~GRVHUiGHH[FOXVLYDUHVSRQVDELOLGDGHGR V DXWRU HV 

(VWiSUHYLVWRTXHRQ~PHURGH(VWXGRV-DSRQHVHVVHUiSXEOLFDGRVRPHQWHQR
IRUPDWRGLJLWDO

QS 
7 8 9 : ; < 8 = > ? < @ A 8 A 8
ܿੇ喘λ৞喘ᕚ喘қࣳ喕
喹営‫ݘ‬啷喖営喐ᛵ喒喉喙喪喵
!!!!!!!!!!!!!!!!!!!!!୛Е
!!!
Uõlbj!op!lpkjnb!op!jtp!op!tijsbtvob!oj
Xbsf!obljovsfuf!lboj!up!ubxbnvsv
dzdzdzdzdzdzdzdzdzdzUblvcplv

dzdzdz
Csbodb!bsfjb!f!spdibt!
Ob!jmib!ep!nbs!ep!mftuf
Dpn!vn!dbsbohvfkp!
Qbttboep!p!ufnqp!b!csjodbs
Upep!npmibep!ef!mâhsjnbt

 1RUPDVGHSXEOLFDomR
G E I

You might also like