You are on page 1of 198

Intersemiótica:

L A C I R C U L A C I Ó N D E L S I G N I F I C A D O

Jesús Octavio Elizondo Martínez


compilador

Asociación Mexicana de Estudios de Semiótica Visual y del Espacio A.C. (AMESVE)


U N I V E R S I D A D I B E R O A M E R I C A N A
*OUFSTFNJÓUJDB
MBDJSDVMBDJÓOEFMTJHOJêDBEP
BFEJDJÓO 

%3¥+FTÙT0DUBWJP&MJ[POEP.BSUÎOF[

%3¥6OJWFSTJEBE*CFSPBNFSJDBOB "$
1SPM1BTFPEFMB3FGPSNB
 $PM-PNBTEF4BOUB'F
.ÊYJDP %'
QVCMJDB!VJBNY


*4#/
)FDIPFO.ÊYJDP
.BEFJO.FYJDP
1SFTFOUBDJÓO
-BJOUFSTFNJÓUJDBEFDPODFQUPUFÓSJDPB
DBNQPEFFTUVEJPZSFëFYJÓOBDBEÊNJDPT
"MGSFEP5FOPDI$JE+VSBEP

-BCÙTRVFEBEFQSPDFTPTRVFQVEJFTFOTFSEFTDSJUPTZEFêOJEPTQPSMBOBDJFOUFTFNJÓUJDB
DPOUFNQPSÃOFBZTVTJOTUSVNFOUPT FOVOQFSJPEPRVFEBJOJDJPBQBSUJSEFMBTFHVOEB
NJUBEEFMTJHMPQBTBEP MMFWÓBMPTFTUVEJPTPTJNQMJDBEPTFOFTUBCMFDFSVOBCBTFDPNÙO
FQJTUFNPMÓHJDB QBSB MB EJTDJQMJOB  B SFDPOPDFS BRVFMMPT RVF TF SFêFSFO BM USBTMBEP EFM
TJHOJêDBEP BM JOUFSJPS EF VO NJTNP TJTUFNB TFNJÓUJDP Z B MB USBOTQPTJDJÓO EF VOP B
PUSP-BTQSJNFSBTSFëFYJPOFTTPOFMQSPEVDUPEFMBDPOKVODJÓOEFMPTQBSBEJHNBTRVF
BMJNFOUBOMBTEPTQSJODJQBMFTWÎBTEFMBTFNJÓUJDBBRVFMMBEFPSJHFOFTUSVDUVSBMDVZBSBÎ[
QSPGVOEBTFFODVFOUSBFOFMFTQBDJPDPNQBSUJEPDPOMBMJOHÛÎTUJDBZBRVFMMBEFPSJHFO
DPHOJUJWPRVFEFTDSJCFMPTQSPDFTPTEFNFEJBDJÓOFOMBDPOTUSVDDJÓOEFMTJHOJêDBEP
 &MJOJDJPTJTUFNBUJ[BEPFOMBSFëFYJÓOOPQVFEFBEKVEJDBSTFBVOBTPMBEFMBTEPTWÎBT 
QPSFMDPOUSBSJP MBJODFTBOUFCÙTRVFEBQPSFTUBCMFDFSOFYPTDPNVOFTFOUSFMPTEPTDB
NJOPTEFMBTFNJÓUJDBTFDPOWJFSUFFOMFJUNPUJWQBSBJOêOJEBEEFQSPUPTFNJMÓHPTEF
MBÊQPDB4JOFNCBSHP FTFOMPTUSBCBKPTSFBMJ[BEPTQPS3PNBO+BLPCTPO 
RVF
QPEFNPT FODPOUSBS VO QVOUP JOJDJBM QBSB FM EFTBSSPMMP QPTUFSJPS EF FTUF êMÓO FO FM
QFOTBNJFOUPTFNJÓUJDP4FUSBUBEFMTVSHJNJFOUPEFVODPODFQUPPQFSBUJWPDPOPDJEP
DPNP USBEVDDJÓO JOUFSTFNJÓUJDB RVF USBF BQBSFKBEP VOB TFSJF EF QSPCMFNÃUJDBT QPS
SFTPMWFSZ BMNJTNPUJFNQP VOBTFSJFEFDPODFQUPTEFSJWBEPTRVFFOUSFUFKFOVODBNQP
TFNÃOUJDP TPCSF FM DVBM IB TJEP QPTJCMF DPOTUSVJS VOB MÎOFB EF TFNJÓUJDB BQMJDBEB
BNQMJBNFOUFGSVDUVPTBFOUÊSNJOPTPQFSBUJWPTQBSBVOBTFSJFEFBOÃMJTJT
 -B JOUFSTFNJÓUJDB TF SFêFSF B VO UJQP EF USBEVDDJÓO UBM Z DPNP MP QSPQPOF FO
PSJHFO+BLPCTPOEFTEFVOBQFSTQFDUJWBUSBOTMJOHÛÎTUJDB%JDIBQFSTQFDUJWBQMBOUFBMB
DFOUSBMJEBEEFMBMFOHVBOBUVSBM (SFJNBT 
DPNPQVOUPEFQBSUJEBQBSBFMFTUVEJP
EFMBTFNJPTJT ZBRVFFOMBMFOHVBOBUVSBM SBEJDBFMNPUPSEFMBDPNVOJDBDJÓOZMB
CBTFFTUSVDUVSBOUFEFPUSPTTJTUFNBTTFNJÓUJDPT -PUNBO 
"QBSUJSEFMBMFOHVB
OBUVSBMFTQPTJCMFJEFOUJêDBSUSFTUJQPTEFUSBEVDDJÓOMBJOUSBMJOHÛÎTUJDBRVFTFEBBM
JOUFSJPS EF VOB NJTNB MFOHVB Z DPSSFTQPOEF B VO QSPDFTP EF TJOPOJNJ[BDJÓO  P EF


QFSÎGSBTJT FUDMBJOUFSMJOHÛÎTUJDBRVFFTMBUSBEVDDJÓOQSPQJBNFOUFEJDIBZMBUSBEVDDJÓO
JOUFSTFNJÓUJDBRVFFYQMJDBFMQBTPEFMTJHOJêDBEPEFVOTJTUFNBTFNJÓUJDPBPUSP-B
USBEVDDJÓODPNPQSPDFTPTFNJÓUJDPFTVOBGPSNBEFJOUFSQSFUBDJÓORVFFOUÊSNJOPT
EFSFMBDJÓODPJODJEFDPOFMNFDBOJTNPNFEJBEPSRVFBDUÙBFOUSFEPTTJHOPTZQFSNJUF
MBDJSDVMBDJÓOEFMTJHOJêDBEPBUSBWÊTEFMPTEPTTJHOPTJNQMJDBEPT4VDBSBDUFSÎTUJDB
QSJODJQBMSBEJDBFOMBQSPDFEFODJBZMBDJSDVOTUBODJBDPOUFYUVBMEFMTJTUFNBTFNJÓUJDP
EFQFSUFOFODJBEFMTJHOPUSBEVDJCMFBMTJHOPUSBEVDJFOUF-BUSBEVDDJÓOFTFOUFOEJEB
FOUPODFTDPNPVOBTVCFTQFDJFEFMBJOUFSQSFUBDJÓOZMBBNQMJUVETFNÃOUJDBRVFDVCSF
FMDPODFQUPJODMVZFSFMBDJPOFTDPNPMBUSBOTNVUBDJÓO MBUSBOTGFSFODJB MBFKFDVDJÓO MB
BEBQUBDJÓO &DP 

 -BQFSTQFDUJWBEF+BLPCTPOQBSUFEFVOBÓQUJDBRVFDPMPDBBMMFOHVBKFDPNPFM
DFOUSPBQBSUJSEFMDVBMTFPCTFSWBFMUSBTMBEPTFNÃOUJDPEFVOTJTUFNBBPUSP)BCMBS
EFUSBEVDDJÓOEFMBUBMBQPTUVSBEFMMFOHVBKFDPNPTJTUFNBTFNJÓUJDPQSJODJQBMZSFEVDF
BTVTQSPQJPTBMDBODFT MBTQPTJCJMJEBEFTBOBMÎUJDBTEFMPTJOTUSVNFOUPTMJOHÛÎTUJDPT-B
USBEVDDJÓOQSPQJBNFOUFEJDIBEFCFTFSFOUFOEJEBFOFMNBSDPEFMJOUFSDBNCJPTFNÃOUJDP
RVFTFEBFOUSFEPTPNÃTMFHVBTOBUVSBMFTEJTUJOUBT-BNJHSBDJÓOEFMTJHOJêDBEPRVFTF
PCTFSWBFOPUSPTTJTUFNBTTFNJÓUJDPTOPEFCFMJNJUBSTFBMBTQPTJCJMJEBEFTFYQMJDBUJWBT
EFMPTNPEFMPTUFÓSJDPNFUPEPMÓHJDPTEFMBMJOHÛÎTUJDB

-BJOUFSTFNJÓUJDB
&OUFOEJEBDPNPVOQSPDFTPEFTFNJPTJTRVFQFSNJUFMBDJSDVMBDJÓOEFMTJHOJêDBEPBQBSUJS
EFVODPOKVOUPEFBEFDVBDJPOFTFTUSVDUVSBMFT TPNÃUJDBTZGPSNBMFTEFVODPOUFOJEPTF
NÃOUJDPBMJOUFSJPSEFVOUFYUP ÊTUBTFPCTFSWBNFEJBOUFFMUSBTMBEPEFVOTJTUFNBTFNJÓUJDP
BPUSP NFEJBOUFFMFNQMFPEFFTUSBUFHJBTUFOEJFOUFTBHBSBOUJ[BSFGFDUPTBOÃMPHPTBOJWFM
TJOUÃDUJDP TFNÃOUJDPZQSBHNÃUJDP4FUSBUBEFVOBEFTDSJQDJÓORVFUJFOFTVPSJHFOFOMB
SFëFYJÓOEFUJQPUFÓSJDPZBRVFMBTQFSTPOBTRVFMPSFBMJ[BOOPDPODJCFOTVUSBCBKPDPNP
VO QSPDFTP EF USBEVDDJÓO Z NVDIP NFOPT EF JOUFSTFNJPTJT 6O EJSFDUPS RVF FKFDVUB
VOBTJOGPOÎB VOBEBQUBEPSDJOFNBUPHSÃêDP VOEJSFDUPSEFUFBUSP VODPSFÓHSBGPEFVOB
HJNOBTUBPMÎNQJDBEJGÎDJMNFOUFFODVFOUSBOBOBMPHÎBTFOUSFTÎZFOMBTBDUJWJEBEFTRVF
SFBMJ[BO4JOFNCBSHPUPEBTQVFEFOTFSJOTDSJUBTFOMBJOUFSTFNJPTJTDPNPQSPDFTPTEF
USBTMBEPEFMTJHOJêDBEPFOUSFMBQBSUJUVSB FMHVJÓO FMHSBEPEFEJêDVMUBEEFVOFKFSDJDJP
ZMBPQFSBDJÓODSFBUJWBRVFQPOFOFONBSDIBFODBEBQSPDFTPDSFBUJWP


 -BEFTDSJQDJÓOEFMPTQSPDFTPTEFUSBOTNVUBDJÓOEFMTJHOJêDBEPTFMJCFSBOEFMB
QSJTJÓOEFMBUSBEVDDJÓOMJOHÛÎTUJDBQFSPUJFOEFOBQSJWJMFHJBSVODBNQPEFFTUVEJPTFO
DPOTPMJEBDJÓOMBDSÎUJDBDJOFNBUPHSÃêDB-BBNQMJUVEEFSFDVSTPTEFTQMFHBEPTZFMSFUP
DSFBUJWPRVFTVQPOFFMDPOPDJNJFOUPEFEPTTJTUFNBTTFNJÓUJDPT MBMJUFSBUVSBZFMEJTDVSTP
IJTUÓSJDP
TFDPOWJFSUFOFOMBGVFOUFWJUBMRVFOVUSFEFUFNÃUJDBTBDJFSUPUJQPEFDJOFT
6O VTP GSFDVFOUF Z VOB QSPEVDDJÓO UFYUVBM BCVOEBOUF FOUFOEJFOEP B VOB QFMÎDVMB
DPNPUFYUPDJOFNBUPHSÃêDP
HBSBOUJ[BFMTVSHJNJFOUPEFOVFWPTQSPCMFNBTRVFTFS
WJSÃO QPTUFSJPSNFOUF QBSB JMVTUSBS MBT DBSBDUFSÎTUJDBT EFM FKFSDJDJP EF USBTNJHSBDJÓO
EFMTJHOJêDBEP-BJOUFSTFNJÓUJDBOPEFCFDJSDVOTDSJCJSTFBVOBTPMBQSÃDUJDBDSFBUJWB
1SFDJTBNFOUF BMHVOPTUFÓSJDPTEFMBTFNJÓUJDBIBOPCTFSWBEPDPOJOUFSÊTFMQSPCMFNB
BQBSUJSEFMBTÙMUJNBTEÊDBEBTEFMTJHMPQBTBEP TVCSBZBOEPFMDBSÃDUFSDSFBUJWPEFM
QSPDFTPEFUSBTMBEPTFNÃOUJDP 1MB[B (PSMÊF 
-BTEJGFSFODJBTDPOVOQSP
DFTP EF USBEVDDJÓO MJOHÛÎTUJDB OP TPMP QVFEFO SFTVMUBS BCJTNBMFT  TJOP RVF FMFWBO
MB OFDFTJEBE EF MB QSFHVOUB  TJ FT QFSUJOFOUF TFSWJSTF EF MPT NPEFMPT FO VTP QBSB FM
FKFSDJDJPEFUSBEVDDJÓOMJOHÛÎTUJDB
 -BJOUFSTFNJÓUJDBQMBOUFBDPOUJOVBNFOUFEJWFSTBTQPTJCJMJEBEFTQBSBFOGPDBSTV
BDDJÓOFOFMFKFSDJDJPEFMBDPNVOJDBDJÓODPUJEJBOB&MUSBTMBEPEFMTJHOJêDBEPOPUSBUB
ÙOJDBNFOUFEFEFTDSJCJSVOQSPDFTPDSFBUJWPEFQSPEVDDJÓOUFYUVBM OJEFMPTSFDVSTPTP
FTUSBUFHJBTFNQMFBEPTQBSBMPHSBSMP6OBTFNJÓUJDBDPHOJUJWBEFCFBCPSEBSFMQSPCMFNB
JOUSÎOTFDP SFTVMUBOUF  FT EFDJS  FM QSPCMFNB EF MBT DPNQFUFODJBT JOUFSTFNJÓUJDBT RVF
QFSNJUFOBDVBMRVJFSTVKFUPBMJOUFSJPSEFVOBDVMUVSB MBDPNQSFOTJÓOEFMTJHOJêDBEP
NFEJBOUF MB DJSDVMBDJÓO EF JOUFSQSFUBOUFT RVF TF NBUFSJBMJ[BO FO EJTUJOUPT TJTUFNBT
TFNJÓUJDPT0CJFO QPSPUSPMBEP RVFSFTVMUBOSFDPOPDJCMFTBQFTBSEFMPTDBNCJPT
FTUSVDUVSBMFTRVFIBOTJEPPQFSBEPTBDBVTBEFMBUSBOTQPTJDJÓOEFMTJHOJêDBEPZEFMB
OFDFTBSJBBEFDVBDJÓOBMQMBOPFYQSFTJWPEFMTJTUFNBTFNJÓUJDPEFSFDFQDJÓO
 -B DPNQFUFODJB JOUFSTFNJÓUJDB $JE +VSBEP    
 QFSNJUF DPNQSFOEFS
GFOÓNFOPTDPNQMFKPTFOFMDPOTVNPNFEJÃUJDPZQFSNJUFQMBOUFBSIJQÓUFTJTTPCSFFM
DPNQPSUBNJFOUPEFMPTJOUÊSQSFUFT%JDIPTTVKFUPTSFBMJ[BOIÃCJUPTJOUFSQSFUBUJWPTCB
TBEPTFOVOBTFNJPTJTDPOTUSVJEBDPOCBTFFOMBOFDFTJEBEEFVOBMFDUVSBJEFBMEFMPT
QSPEVDUPTRVFDJSDVMBOFOMBTDBNCJBOUFTUFDOPMPHÎBTEFMBDPNVOJDBDJÓO-BDPNQFUFODJB
JOUFSTFNJÓUJDB QVFEF JODMVTP TFS EFTDSJUB B QBSUJS EF SFTQVFTUBT DVBOUJêDBCMFT RVF
QFSNJUBOIBDFSVTPEFEBUPTEVSPTFOBQPZPBMBTIJQÓUFTJTEFPSJHFOTFNJÓUJDP


3FëFYJÓODPNPDPODMVTJÓO
6OB WF[ MJCFSBEB EF MB QSJTJÓO EF MPT JOTUSVNFOUPT MJOHÛÎTUJDPT  MB JOUFSTFNJÓUJDB
BERVJFSF VO SBOHP QSPQJP RVF  FO DVBOUP DPODFQUP EF BCTUSBDDJÓO UFÓSJDB  QFSNJUF
JEFOUJêDBS QSPCMFNBT IBDJB MBT DVBMFT EJSJHJS MPT JOTUSVNFOUPT TFNJÓUJDPT FO TV
FKFSDJDJP BOBMÎUJDP -B JEFOUJêDBDJÓO EF GPSNBT EF UFYUVBMJ[BDJÓO  MB DPOTUSVDDJÓO F
JNQMFNFOUBDJÓO EF JOTUSVNFOUPT NFUPEPMÓHJDPT  MB DPOGSPOUBDJÓO DPO MPT QSPDFTPT
QSFWJTUPTEFTEFMBPCTFSWBDJÓOUFÓSJDB UPEPTFTUPTGBDUPSFTFOTVDPOKVOUP JOZFDUBO
QPTJCJMJEBEFTSFOPWBEBTQBSBFMFKFSDJDJPEFMTFNJÓMPHPFOTVDPNQSPNJTPTPDJBMQPS
WPMWFSÙUJMFMDBSÃDUFSTPDJBMEFMBEJTDJQMJOB
 -BJOUFSTFNJÓUJDBEFCFTFSFMSFTVMUBEPEFVODBNQPEFBNQMJBTDPOWFSHFODJBTB
QBSUJS EF MBT EJTUJOUBT BQPSUBDJPOFT NFUPEPMÓHJDBT EF MBT TFNJÓUJDBT BQMJDBEBT 5BMFT
BQPSUBDJPOFT EFCFO QFSNJUJS MB JEFOUJêDBDJÓO EF BRVFMMPT BTQFDUPT VCJDBEPT FO VOB
TFNJÓUJDB HFOFSBM DBQB[ EF HFOFSBS JOTUSVNFOUPT DPNVOFT EFTDSJQUJWPT Z BOBMÎUJDPT
BQMJDBCMFT B DBEB PQFSBDJÓO RVF CVTDB EBS QBTP B VO QSPDFTP EF JOUFSTFNJPTJT "M
JOUFSJPSEFEJDIBJOUFSTFNJPTJT BTQFDUPTDPNPMBJOUFSUFYUVBMJEBE MBSFUÓSJDBEFNFEJPT
FTQFDÎêDPT MBFTUÊUJDBNFEJÃUJDB QVFEFODPOUSJCVJSFOOVFWBTGPSNBTQBSBPCTFSWBS
MPTQSPEVDUPTRVFSFTVMUBOEFMBTUFDOPMPHÎBTFNFSHFOUFT
 1PSPUSPMBEP MBJOUFSTFNJÓUJDBEFCFEBSDVFOUBEFMPTUSBTMBEPTEFTJHOJêDBEP
RVF OP TF MJNJUBO B MBT SVUBT USBEJDJPOBMFT VCJDBEBT FO FM DJOF IBDJB MB MJUFSBUVSB  P
EFMBQPFTÎBBMBNÙTJDB1PSFMDPOUSBSJP MBSFëFYJÓOTJTUFNÃUJDBEFCFCVTDBSFOMBT
GPSNBTEFUFYUVBMJEBEOBDJFOUFTMBTJOEJDBDJPOFTEFQPTJUBTQBSBFMVTVBSJPJEFBMRVF
QFSNJUFOEFMJOFBSDPOEJDJPOFTEFJOUFSQSFUBDJÓO-BTFNJPTJTTPDJBMPGSFDFMBTSVUBT
QBSBMBDPNQFUFODJBJOUFSTFNJÓUJDB MBUSBEVDDJÓOFOTVTEJTUJOUBTBDFQDJPOFTEFTDSJCF
MPTQSPDFTPTDPHOJUJWPTEFSFMBDJÓO
 -B"TPDJBDJÓO.FYJDBOBEF&TUVEJPTEF4FNJÓUJDB7JTVBMZEFM&TQBDJP ĚĦĞĬįĞ

IB TFSWJEP EF CBTF QBSB MB SFëFYJÓO UFÓSJDB BM SFTQFDUP EFM NJTNP NPEP RVF IB
QFSNJUJEP DPOGSPOUBS FO VOB DPNVOJEBE BDBEÊNJDB FO DPOTPMJEBDJÓO  MB JORVJFUVE
QPSSFëFYJPOBSDPOSFTQFDUPBFTUFQSPCMFNBRVFOPTFMJNJUBBMBDPNVOJDBDJÓOWJTVBM
%FJOUFSTFNJPTJTFJOUFSTFNJÓUJDBFTUÃODPNQSFOEJEPTVOBHSBOQBSUFEFMPTUSBCBKPT
RVFQSFTFOUBNPTBDPOUJOVBDJÓO ZBTFBDPNPPCKFUPEFFTUVEJP DPNPQSPQVFTUBP
FKFSDJDJPNFUPEPMÓHJDPPDPNPQVOUPEFQBSUJEBQBSBMBSFëFYJÓOUFÓSJDB


#JCMJPHSBGÎB

$*%+63"%0 "MGSFEP5FOPDI 


i-BDPNQFUFODJBJOUFSTFNJÓUJDBZMBUSBEJDJÓO
HVJMMFOJTUBJOëVFODJBTOFHSJTUBTFOMBNÙTJDBEF+VBO-VJT(VFSSBu&O.FNPSJBTEFM
$POHSFTP *OUFSOBDJPOBM )PNFOBKF B /JDPMÃT (VJMMÊO  6OJWFSTJEBE 7FSBDSV[BOB  QQ


 
i%FMBUSBEVDDJÓOJOUFSTFNJÓUJDBBMBDPNQFUFODJBJOUFSTFNJÓUJDBu
&O3FWJTUB7FSTJÓO /P ĮĚĦ9PDIJNJMDP EJDJFNCSF QQ

&$0  6NCFSUP 


 i*M QFOTJFSP TFNJPUJDP EJ +BLPCTPOu FO 3PNBO +BLPCTPO  -P
TWJMVQQPEFMMBTFNJPUJDB .JMBOP#PNQJBOJ QQ

 
%JSFRVBTJMBTUFTTBDPTB.JMBOP#PNQJBOJ

(03-­&  %JOEB - 


 4FNJPUJDT BOE UIF QSPCMFN PG USBOTMBUJPO 8JUI TQFDJBM
SFGFSFODFUPUIF4FNJPUJDTPG$IBSMFT41FJSDF3PEPQJ "NTUFSEBN"UMBOUB ("

(3&*."4  "MHJSEBT + 


 i%V TFOTu  1BSÎT  4FVJM 5S &TQ 4BMWBEPS (BSDÎB
#BSEPO 
&OUPSOPBMTFOUJEP&OTBZPTTFNJÓUJDPT .BESJE&EJUPSJBM'SBHVB


+",0#40/ 3PNBO 


&TTBJTEF-JOHVJTUJRVF(ÊOÊSBMF1BSJT&EJUJPOTEF.JOVJU
5S&TQ &OTBZPTEF-JOHÛÎTUJDB(FOFSBM4FY#BSSBM


-05."/  :VSJ 


 i0 TFNJPTGFSFu  FO i5SVEZ QP [OBLPWZN TJTUFNBNu /P  
5BSUV 5S&TQEF%FTJEFSJP/BWBSSP 
-BTFNJPTGFSB4FNJÓUJDBEFMBDVMUVSBZFM
UFYUP5SFTWPMÙNFOFT.BESJE$ÃUFESBZ6OJWFSTJUBUEF7BMÍODJB


1-";" +VMJP 


5SBEVÉÈP*OUFSTFNJÓUJDB4ÈP1BPMP1FSTQFDUJWB


"HSBEFDJNJFOUPT
&O OPNCSF EF MB "TPDJBDJÓO .FYJDBOB EF &TUVEJPT EF 4FNJÓUJDB 7JTVBM Z EFM
&TQBDJP "$ ĚĦĞĬįĞ
 EFTFP FYQSFTBS OVFTUSP BHSBEFDJNJFOUP B MB 6OJWFSTJEBE
*CFSPBNFSJDBOB $JVEBEEF.ÊYJDP QPSBMCFSHBSFOTVTTJUJPXFCFTUBQVCMJDBDJÓO
FMFDUSÓOJDB ZFOQBSUJDVMBSB"SBDFMJ5ÊMMF[QPSTVJOWBMVBCMFBQPZPBMGSFOUFEFMB
%JSFDDJÓOEF1VCMJDBDJPOFT
4JOEVEBFTUBQVCMJDBDJÓOIBTJEPQPTJCMFHSBDJBTBMBDPMBCPSBDJÓOEFMPTFTQFDJBMJTUBT
FOTFNJÓUJDBRVFGPSNBOQBSUFEFMBĚĦĞĬįĞZRVFQSFTFOUBOTVTUSBCBKPTFOFTUB
DPNQJMBDJÓO

+FTÙT0DUBWJP&MJ[POEP.BSUÎOF[


±OEJDF

$BQÎUVMP4FNJÓUJDBZFQJTUFNPMPHÎB

 -BTQPTJCJMJEBEFTEFMQFOTBNJFOUPTFNJÓUJDPEFMFTUVEJP
 EFMBDPNVOJDBDJÓO$BSMPT&7JEBMFT(PO[ÃMFT

 4FNJÓUJDBZSFUÓSJDB&EHBS4BOEPWBM

$BQÎUVMP4FNJÓUJDBDJOFNBUPHSÃêDB

 y2VÊOPFYQMJDBEFMDJOFMBTFNJÓUJDBDJOFNBUPHSÃêDB 
 7JDFOUF$BTUFMMBOPT$FSEB

 )BDJBVOBTFNJÓUJDBEFMUSBJMFS-BVSP;BWBMB

 &MUSBJMFSDJOFNBUPHSÃêDP6OBUSBEJDJÓOBVUÓOPNBEFOUSPEFMDJOF
 "BSÓO/ÙÒF[

 -PTQSPDFEJNJFOUPTEFFOVODJBDJÓOFOFMDJOFEF8POH,BJS8BJ
 /PF4BOUPT+JNÊOF[

 &MBDUPDSFBUJWPEFMBUSBEVDDJÓOJOUFSTFNJÓUJDB"EBQUBDJÓO
 DJOFNBUPHSÃêDBFO.PVMJO3PVHFEF#B[-VISNBOO
 $JOUIZB$IÃWF[ 

 -BDPOTUSVDDJÓOEFMUJFNQPFOFMDJOFJOEFQFOEJFOUF
 EFTBMUPTUFNQPSBMFTOPSUFBNFSJDBOP'FMJQF4JMWB3PVTTF


$BQÎUVMP&MTFOUJEPFOMBQSPEVDDJÓOEFJNBHFO

 -BGPUPHSBGÎBDPNPNFOTBKFZTJHOJêDBDJÓO
 (BCSJFM7BSHBT7BSFMB 

 3FUÓSJDBEFMGPUPNPOUBKF$POTUSVDDJÓOSFUÓSJDBEF
 MPTGPUPNPOUBKFTEF+PIO)FBSUêFME QFSJPEP
 "OB*TBCFM$BCSFSB(VSSPMB

 -BOPWFMBHSÃêDBIFSNBOBNFOPSEFMDPNJD 
 ZTVTDBSBDUFSÎTUJDBTEFMQSPDFTPEFUSBEVDDJÓOJOUFSTFNJÓUJDB
 /ÊTUPS1BEJMMB.BSUÎOF[ 

 -BDPOTUSVDDJÓOEFWFSPTJNJMJUVEBUSBWÊT
 EFMPTTQPUTEFMBDBNQBÒB3JDBSEP"-ÓQF[-FÓO 

$BQÎUVMP$PNVOJDBDJÓO 5FDOPMPHÎBZTVCKFUJWJEBE
 
 -BJOUFSQSFUBDJÓOGFOPNFOPMÓHJDBZMBJOUFSQSFUBDJÓOBOBMÎUJDB
 EFMBTJNÃHFOFT'SBODJTDP$BTUSP.FSSJêFME 

 4JHOPTFOEFTDPOTUSVDDJÓOPDIPJOTUBOUÃOFBTTPCSFJOUFSQSFUBOUFT
 EFMTFSDPOUFNQPSÃOFP'FSOBOEP(BSDÎB.BTJQ 

 &MTJHOP MBJNBHFOZFMFTQBDJPVOBBQSPYJNBDJÓOEFTEF
 MBGFOPNFOPMPHÎBEF)VTTFSM3PNÃO"MFKBOESP$IÃWF[#ÃF[ 

 "QVOUFTQBSBDPNQSFOEFSOVFTUSPNVOEPFMÊDUSJDP+FTÙT0DUBWJP
 &MJ[POEP.BSUÎOF[ 

 -BDPOêHVSBDJÓOEFMFTQBDJPQÙCMJDP6OBDFSDBNJFOUPB'BDUJDJEBE
 ZWBMJEF[0TDBS&TQJOPTB.JKBSFT 


$BQÎUVMP-JUFSBUVSBZTVFÒPT

 -JUFSBUVSBGBOUÃTUJDBZGPSNBDJÓOÊUJDBMBSFOVODJBJNQPTJCMF
 +PTÊ"OUPOJP'PS[ÃO(ÓNF[ 

 "ODMBKFTQBSBVOBTFNJÓUJDBEFMPTTVFÒPT3FMBUPT UFYUPT TJHOPT
 ZTÎNCPMPTFOMBBDUJWJEBEPOÎSJDB0[[JFM/ÃKFSB 

$BQÎUVMP4FNJÓUJDBEFMTPOJEPZEFMBNÙTJDB

 /PUBTTPCSFTFNJÓUJDBZNÙTJDB"QVOUFTBQMJDBCMFTBMBNÙTJDB
 SFHJPOBMTJOBMPFOTF5BOJVT,BSBN 

 %FMDJOFBMBNÙTJDBMBDPOTUSVDDJÓOEFJDPOPTTPOPSPT
 FOMPBVEJPWJTVBM 

$BQÎUVMP4FNJÓUJDBZUFMFWJTJÓO
 4FSJBMJEBEZMBTTFSJFTUFMFWJTJWBTEFMBEÊDBEBEFMPTOPWFOUB
 0CTFSWBDJPOFTTPCSFMBFTUSVDUVSBOBSSBUJWB 



$"1±56-04&.*¶5*$":&1*45&.0-0(±"




-BTQPTJCJMJEBEFTEFMQFOTBNJFOUPTFNJÓUJDP
EFMFTUVEJPEFMBDPNVOJDBDJÓO
$BSMPT&7JEBMFT(PO[ÃMFT

3FTVNFO
&MQSFTFOUFUSBCBKPFTVOJOUFOUPQPSNPTUSBSBMBTFNJÓUJDBDPNPVOBGPSNBQPTJCMFEF
QFOTBSBMBDPNVOJDBDJÓO UPNBOEPDPNPCBTFMBQSPQVFTUBIFDIBQPS$41FJSDF1PSMP
BOUFSJPS MBQPOFODJBTFFODVFOUSBEJWJEJEBFOUSFTTFDDJPOFT&OMBQSJNFSBTFFOTBZBMB
QPTJCJMJEBEEFMBTFNJÓUJDBDPNPNBUSJ[FQJTUFNPMÓHJDB-BTFHVOEBTFDDJÓODFOUSBTV
BUFODJÓOFOMBGPSNBFORVFFMDBNQPEFFTUVEJPEFMBDPNVOJDBDJÓOIBVUJMJ[BEPMBUFP
SÎBTFNJÓUJDBZ êOBMNFOUF VOBUFSDFSBTFDDJÓOJOEBHBMBTQPTJCJMJEBEFTEFMQFOTBNJFOUP
TFNJÓUJDPFODPNVOJDBDJÓOBUSBWÊTEFDBTPTFKFNQMBSFTFORVFEFUFSNJOBEPTPCKFUPT
EFFTUVEJPEFMBDPNVOJDBDJÓOGVFSPOQFOTBEPTTFNJÓUJDBNFOUF

1BMBCSBTDMBWF4FNJÓUJDB UFPSÎBEFMBDPNVOJDBDJÓO FQJTUFNPMPHÎB

1
-JDFODJBUVSBFO$JFODJBTEFMB$PNVOJDBDJÓOQPSMB6OJWFSTJEBE-BUJOBEF"NÊSJDBFO.PSFMJB)BQVCMJDBEP
NÃTEFBSUÎDVMPTFOFMQFSJÓEJDP$BNCJPEF.JDIPBDÃO ZVOBTFSJFEFBSUÎDVMPTBDBEÊNJDPTDPNPQBSUFEF
MBTNFNPSJBTEFFWFOUPTOBDJPOBMFTFJOUFSOBDJPOBMFT MBHSBONBZPSÎBEFFMMPTSFMBDJPOBEPTDPOMBTFNJÓUJDBZ
MBUFPSÎBEFMBDPNVOJDBDJÓO&TNJFNCSPEFMB3FEEF&TUVEJPTFO5FPSÎBTEFMB$PNVOJDBDJÓO īĞĝĞĜĨĦ
EFM
(SVQP)BDJBVOB$PNVOJDPMPHÎB1PTJCMF ĠĮĜĨĦ
ZEFMB"TPDJBDJÓO.FYJDBOBEF&TUVEJPEF4FNJÓUJDB7JTVBM
ZEFM&TQBDJP ĚĦĞĬįĞ
"DUVBMNFOUFTFFODVFOUSBFTUVEJBOEPMB.BFTUSÎBFO$PNVOJDBDJÓOFOMB6OJWFSTJEBE
EF(VBEBMBKBSB BUSBWÊTEFMBCFDBPUPSHBEBQPSFM$POTFKP/BDJPOBMEF$JFODJBZ5FDOPMPHÎB $0/"$Z5



1SFTFOUBDJÓO
-P RVF UFOFNPT IPZ FT VO DBNQP TFNJÓUJDP FYUFOEJEP FO NÙMUJQMFT EJSFDDJPOFT Z
EFOUSPEFNÙMUJQMFTEJTDJQMJOBTDJFOUÎêDBT ZVOPEFFTPTDBNQPTEJTDJQMJOBSFTDPOMPT
RVFMBTFNJÓUJDBTFIBSFMBDJPOBEPFTFMDBNQPEFFTUVEJPEFMBDPNVOJDBDJÓOQFSP
FTUBSFMBDJÓOIBTJEPNVZQBSUJDVMBS IBHFOFSBEPTFSJBTDPOGVTJPOFT MBTDVBMFTOBDFO
EFOUSPEFMDBNQPEFFTUVEJPEFMBDPNVOJDBDJÓOZOPEFOUSPEFMDBNQPTFNJÓUJDP 
QPSMPRVFMBTDPOTFDVFODJBTEFEJDIBTSFMBDJPOFTTFEFTBSSPMMBOJHVBMNFOUFEFOUSPEFM
QSJNFSPNÃTRVFEFMTFHVOEP&OFMDBNQPEFFTUVEJPEFMBDPNVOJDBDJÓOTFIBMMFHBEP
BBêSNBSRVFTFNJÓUJDBZDPNVOJDBDJÓOTPOEPTOPNCSFTEJGFSFOUFTQBSBVONJTNP
QSPHSBNB /VFTUSP QVOUP EF QBSUJEB FT RVF IBZ VOB HSBO EJGFSFODJB FOUSF FTUVEJBS
TFNJÓUJDBNFOUFVOEFUFSNJOBEPjPCKFUPvZQFOTBSTFNJÓUJDBNFOUFVOEFUFSNJOBEP
jPCKFUPv
1BSUJNPTEFMTVQVFTUPEFRVFMBTFNJÓUJDBRVFQMBOUFÓ1FJSDFOPFTTÓMPVONÊUPEP
EFFTUVEJPEFMPTTJTUFNBTEFTJHOPTFOHFOFSBM TJOPRVFFTVOBGPSNBFTQFDÎêDBEF
QFOTBS FM NVOEP  FT EFDJS  VO QFOTBNJFOUP B USBWÊT EF MPT TJHOPT %F FTUF QSJNFS
TVQVFTUP TF DPOêHVSB FM PCKFUJWP QSJODJQBM EFM QSFTFOUF USBCBKP  FT EFDJS  NPTUSBS
RVF MB DPNVOJDBDJÓO  NÃT RVF TFS FTUVEJBEB TFNJÓUJDBNFOUF  QVFEF TFS QFOTBEB
TFNJÓUJDBNFOUF MPRVFMBDPOEVDFBVOBSFDPOTUSVDDJÓOFQJTUFNPMÓHJDBZPOUPMÓHJDB
EFMFTUVEJPEFMBDPNVOJDBDJÓO

1BSUJDVMBSJEBEFTFOMBSFMBDJÓOFOUSFTFNJÓUJDBZ
DPNVOJDBDJÓO
-BT QSJNFSBT SFëFYJPOFT FTUVWJFSPO DFOUSBEBT FO EPT FKFT GVOEBNFOUBMNFOUF FO MB
GPSNB FO RVF MB TFNJÓUJDB FOUJFOEF Z iVTBu B MB DPNVOJDBDJÓO  Z FO MB GPSNB FO
RVF MB DPNVOJDBDJÓO FOUJFOEF  Z iVTBu B MB TFNJÓUJDB $PO CBTF FO MP BOUFSJPS  VOB
QSJNFSB BQSPYJNBDJÓO BM FMFNFOUP DPNVOJDBDJPOBM EFOUSP EFM DBNQP TFNJÓUJDP
QFSNJUJÓ FTUBCMFDFS USFT DBSBDUFSÎTUJDBT FTQFDÎêDBT B
 MB TFNJÓUJDB TVQPOF USBCBKBS
DPO NBUFSJBMJEBEFT DFOUSBMFT QBSB FM DBNQP EF MB DPNVOJDBDJÓO MPT TJHOPT Z MPT
QSPDFTPTEFTJHOJêDBDJÓOC
MBTFNJÓUJDB FOBMHVOPTDBTPT IBFTUVEJBEPMPTQSPDFTP
TFNJÓUJDPTDPNPQSPDFTPTDPNVOJDBUJWPTFJODMVTJWFBQSPQVFTUPTVTQSPQJPTNPEFMPT
EFDPNVOJDBDJÓO ZD
MBDPNVOJDBDJÓOFOFMDBNQPEFMBTFNJÓUJDBFTVOFMFNFOUPEF
FTUSVDUVSBDJÓO EFPSHBOJ[BDJÓO FTVODPODFQUPDPOTUSVDUPS


 -BTFHVOEBQPTJDJÓO MBJOEBHBDJÓOTPCSFMBOBUVSBMF[BEFMBTFNJÓUJDBFOFMDBNQP
EFFTUVEJPEFMBDPNVOJDBDJÓO FTNVDIPNÃTQSFDJTBZMJNJUBEB-BDPNVOJDBDJÓOIB
VTBEPBMBTFNJÓUJDBÙOJDBNFOUFDPNPNÊUPEPEFBOÃMJTJTBUSBWÊTEFMBJNQPSUBDJÓOEF
BMHVOPTDPODFQUPTZFMFNFOUPTNFUPEPMÓHJDPTQPSNFEJPEFMPTDVBMFTFMBCPSBBMHVOPT
EFTVTBOÃMJTJT&OFTUFTFOUJEP OPQPEFNPTIBCMBSEFVOQFOTBNJFOUPTFNJÓUJDPEF
MBDPNVOJDBDJÓO TJOPÙOJDBNFOUFEFMBVUJMJ[BDJÓOEFBMHVOPTDPODFQUPTEFWFOJEPT
EFM DBNQP TFNJÓUJDP -B DPNVOJDBDJÓO  QPS UBOUP  OP TF QJFOTB TFNJÓUJDBNFOUF
1PEFNPTQMBOUFBSWBSJBTDVFTUJPOFTFOUPSOPBMBDPOêHVSBDJÓOEFMBDPNVOJDBDJÓO 
TJO FNCBSHP  MP NÃT JNQPSUBOUF QBSFDF TFS TV DPOêHVSBDJÓO QPTUFSJPS B VO QSJNFS
SFDPSSJEPIJTUÓSJDPEFTVTGVFOUFTDJFOUÎêDBT&MQSJNFSFTDFOBSJPFTFMRVFUJFOFRVF
WFSDPOMPRVFEJDFMBDPNVOJDBDJÓORVFFTMBTFNJÓUJDB BMTFSFMMBNJTNBMBRVFQMBOUFB
BÊTUBDPNPNBUSJ[DJFOUÎêDBQPTJCMF&TUFQSJNFSFTDFOBSJPTFNVFWFFOUPODFTEFTEFFM
DBNQPEFMBDPNVOJDBDJÓOIBDJBBMDBNQPTFNJÓUJDP MPRVFJNQMJDBMBSFWJTJÓOEFMPT
DPODFQUPTRVFFMNJTNPDBNQPTVHJFSFDPNPDFOUSBMFTEFMBUFPSÎBEFMBDPNVOJDBDJÓO
&MTFHVOEPFTDFOBSJPFTMPRVFEJDFMBTFNJÓUJDBTPCSFMBDPNVOJDBDJÓO
 $POCBTFFOMPBOUFSJPS QMBOUFBNPTVOBQSJNFSBIJQÓUFTJT QVFTDPOTJEFSBNPT
RVFIBZVOBDPNVOJDBDJÓOFOFMDBNQPTFNJÓUJDPZVOBDPNVOJDBDJÓOPFMFNFOUP
iDPNVOJDBDJPOBMuFOFMDBNQPEFFTUVEJPEFMBDPNVOJDBDJÓORVFOPTFSFMBDJPOBO Z
RVFQBSUFOZPQFSBOEFNBUSJDFTDPODFQUVBMFTEJGFSFOUFT&TUFQSJNFSNBSDPNPEJê
DBBMHVOPTEFMPTTVQVFTUPTJOJDJBMFTTPCSFMBDPNVOJDBDJÓOZMBTFNJÓUJDB ZOPTMMFWB
BQSFHVOUBSOPTyRVÊTFNJÓUJDBFTMBRVFFTUÃFOFMDBNQPEFMBDPNVOJDBDJÓO : yQBSB
RVÊPDPORVÊêOFT &TUFTFHVOEPQSPHSBNBEFJOWFTUJHBDJÓOJNQMJDBEPTBCTUSBDDJPOFT
BRVFMMBRVFWJFOFEFTEFMPTDPODFQUPTRVFMBDPNVOJDBDJÓOEJDFRVFTPOTFNJÓUJDPTZ
EFMPTRVFMBTFNJÓUJDBEJDFRVFTPODPNVOJDBUJWPT1FSP DPOFTUFQSJNFSNBSDPMPRVF
OPTJOUFSFTBEFKBSFODMBSPFTRVF IBTUBBIPSB MPRVFIBQSFWBMFDJEPFOFMDBNQPEF
MBDPNVOJDBDJÓOFTMBVUJMJ[BDJÓOEFEFUFSNJOBEPTBVUPSFTZDPODFQUPTEFWFOJEPTEFM
DBNQPTFNJÓUJDPDPOêOBMJEBEFTBOBMÎUJDBT MPRVFDPNQMJDBIBCMBS DPNPZBIFNPT
DPNFOUBEP EFVOQFOTBNJFOUPTFNJÓUJDPFODPNVOJDBDJÓO
 $POTJEFSBNPT RVF MBT QPUFODJBMJEBEFT EF MB TFNJÓUJDB TPO QSFDJTBNFOUF TVT
QSPQJFEBEFTFQJTUFNPMÓHJDBTZOPUBOUPTVTGPSNVMBDJPOFTNFUPEPMÓHJDBT1FOTBSMB
DPNVOJDBDJÓOTFNJÓUJDBNFOUFJNQMJDBOPTÓMPFMVTPEFBMHVOPTDPODFQUPTEFWFOJEPT
EFMBUFPSÎBTFNJÓUJDB TJOPFMVTPEFNBSDPTNVDIPNÃTHFOFSBMFT1FOTBNPT BMJHVBM
RVF .BSJP #VOHF 
 RVF iUPEB DJFODJB VUJMJ[B  BEFNÃT EFM MFOHVBKF PSEJOBSJP 


FYQSFTJPOFT Z USBOTGPSNBDJPOFT EF MBT NJTNBT RVF OP UJFOFO TFOUJEP TJOP FO FM
DPOUFYUPEFBMHVOBUFPSÎBu 
"TÎ QFOTBSMBDPNVOJDBDJÓOTFNJÓUJDBNFOUFJNQMJDB
QBSUJSEFTVTNBSDPTFQJTUFNPMÓHJDPTZOPTÓMPEFMBGPSNVMBDJÓOEFBMHVOPTEFTVT
DPODFQUPT&TDPOCBTFFOFTUBTSFëFYJPOFTRVFDPOTJEFSBNPTRVFOJOHÙODPODFQUP
GVODJPOBGVFSBEFVONBSDPUFÓSJDPFTQFDÎêDPZ QPSUBOUP MBDPSSFDUBVUJMJ[BDJÓOEFMPT
DPODFQUPTFODPNVOJDBDJÓOEFWFOJEPTEFMDBNQPTFNJÓUJDPQBSUFOFDFTBSJBNFOUFEFM
SFDPOPDJNJFOUPEFTVTDPOUFYUPTUFÓSJDPT"RVÎFMFMFNFOUPDMBWF BVORVFSFDPOPDFNPT
RVFOPFTFMÙOJDP TPOMPTDPODFQUPT BMPRVFIFNPTEFêOJEPTDPNPTJHOPT&MQSPDF
TPRVFQMBOUFBNPTFOUPODFTFTEPCMF1MBOUFBNPTRVFFTOFDFTBSJPSFDPCSBSMBOBUVSBMF[B
FQJTUFNPMÓHJDBEFMPTDPODFQUPTEFMBTFNJÓUJDBQBSBFMDBNQPEFMBDPNVOJDBDJÓO Z
FTUPMPQMBOUFBNPTBUSBWÊT QSFDJTBNFOUF EFMBTFNJÓUJDB
 -BJEFBEFVOBSVUBDPODFQUVBMJNQMJDBVOBGPSNBEFBQSPYJNBDJÓORVFQBSUFEFM
BDVFSEPFOTVDPOTUJUVDJÓO6OBQSJNFSBUFTJTTVHJFSFRVFMPTPCKFUPTDPODFQUVBMFTOP
TPONBUFSJBMFTOJNFOUBMFT OJQSPDFTPTDFSFCSBMFTPTVDFTPTRVFPDVSSFOFOVOBNFOUF
JONBUFSJBM  TJOP RVF TPO PCKFUPT RVF QPTFFO VOB OBUVSBMF[B QFDVMJBS F JSSFEVDUJCMF
Z RVF FYJTUFO FO MB NFEJEB FO RVF QFSUFOFDFO B DJFSUPT DPOUFYUPT  DPNP TPO  QPS
FKFNQMP MBTUFPSÎBT1PSPUSBQBSUF FTUBTVFSUFEFFYJTUFODJBFTjDPOWFODJPOBMv FTEFDJS 
RVFIBDFNPTEFDVFOUBRVFFYJTUFOFOUBOUPSFMBDJPOFT GVODJPOFT UFPSÎBT OÙNFSPT 
FTUSVDUVSBT TVFÒPT FUDÊUFSBQPSMPUBOUP OPTÓMPJOWFOUBNPTMPTPCKFUPTDPOUFYUVBMFT
TJOPUBNCJÊOTVNPEPEFFYJTUFODJB'JOBMNFOUF FMiDPODFCJSVOPCKFUPDPODFQUVBMZ
BTJHOBSMFFYJTUFODJBDPODFQUVBMTPOEPTBTQFDUPTEFVONJTNPQSPDFTPRVFTFEBFO
FMDFSFCSPEFBMHÙOTFSSBDJPOBM-PTPCKFUPTDPODFQUVBMFTOPFYJTUFOEFQPSTÎOJTPO
JEÊOUJDPTBMPTTJHOPTRVFMPTEFTJHOBO OJTFDPOGVOEFODPOMPTQFOTBNJFOUPTRVFMPT
QJFOTBO<w>1BSBFYJTUJSDPODFQUVBMNFOUFFTOFDFTBSJPZTVêDJFOUFRVFVOPCKFUPTFB
QFOTBCMFQPSBMHÙOTFSSBDJPOBMEFDBSOFZIVFTPu #VOHF 

 1BSB.BSJP#VOHF 
MPTPCKFUPTDPODFQUVBMFTPDPOTUSVDUPTTPOVOBDSFBDJÓO
NFOUBM BVORVFOPVOPCKFUPNFOUBMQTÎRVJDPUBMDPNPVOBQFSDFQDJÓO VOSFDVFSEPP
VOBJOWFODJÓO EFMPTRVFTFEJTUJOHVFODVBUSPUJQPTDPODFQUPT QSPQPTJDJPOFT DPOUFYUPT
ZUFPSÎBT&OFTUFTFOUJEP MPTDPODFQUPTTPOMPTÃUPNPTDPODFQUVBMFT MBTVOJEBEFTDPO
MBTRVFTFDPOTUSVZFOMBTQSPQPTJDJPOFT MBTDVBMFTTBUJTGBDFOBMHÙODÃMDVMPQSPQPTJDJPOBM
ZRVF QPSBÒBEJEVSB QVFEFOTFSFWBMVBEPTFOMPRVFSFTQFDUBBTVHSBEPEFWFSEBE 
BVO DVBOEP OP TF EJTQPOHB UPEBWÎB EF QSPDFEJNJFOUPT QBSB FGFDUVBS UBM FWBMVBDJÓO


FOBMHVOPTDBTPT1PSTVQBSUF FMDPOUFYUPFTVODPOKVOUPEFQSPQPTJDJPOFTGPSNBEBT
QPSDPODFQUPTDPOSFGFSFOUFTDPNVOFTZ QPSMPUBOUP VOBUFPSÎBFTVODPOKVOUPEF
QSPQPTJDJPOFTFOMB[BEBTMÓHJDBNFOUFFOUSFTÎZRVFQPTFFOSFGFSFOUFTFODPNÙO

&TRVFNB-PTDPOTUSVDUPT
$PODFQUPT

$POTUSVDUPT 1SPQPTJDJPOFT
"CJFSUPT
$POUFYUPT
$FSSBEPT
'VFOUF#VOHF 

-PTDPODFQUPTFTUÃO QPSUBOUP FOMVHBSEFBMHPNÃT OPTPONFSBTêHVSBTSFUÓSJDBTTJOP


FMFNFOUPTRVFTVTUJUVZFOBJEFBT TFOTBDJPOFT OPDJPOFT DPMPSFT GPSNBT FUDÊUFSBFO
TÎOUFTJT MPTDPODFQUPTTPOTJHOPTZ BêOBMEFDVFOUBT TVQPEFSFTUSJCBFOTVDBQBDJEBE
EFSFQSFTFOUBSMBTJEFBTQPSMBTDVBMFTMPTVTBNPT&OFTUFTFOUJEP TJFMDPODFQUPFTMB
VOJEBEEFQFOTBNJFOUP ZFTBMBWF[VOTJHOP QPSMPUBOUP VOTJHOPFTVOBVOJEBEEF
QFOTBNJFOUP1FOTBNPTFOTJHOPT&MNJTNP1FJSDFZBIBCÎBDPOUFNQMBEPFTUFIFDIP
-PRVFJOUFOUBNPTNPTUSBSFTRVFMBTFNJÓUJDB BUSBWÊTEFMBGPSNBMJ[BDJÓOEFMTJHOP MP
RVFFTUÃQMBOUFBOEPFTVOBMÓHJDBZFQJTUFNPMPHÎBEFMTJHOP VOBMÓHJDBZFQJTUFNPMPHÎB
EFMPTDPODFQUPT&TUPMBDPOWJFSUFFOVOBUFPSÎBDBQB[EFFYUFOEFSTFDPNPSFëFYJÓOEFTÎ
NJTNBZEFPUSBTDJFODJBT MPRVFMFMMFWBBBêSNBSB+PIO%FFMZRVFi<w>QPSQSJNFSB
WF[ FORVJ[ÃUSFTDJFOUPTBÒPT MBTFNJÓUJDBIBDFQPTJCMFFMFTUBCMFDJNJFOUPEFOVFWPT
GVOEBNFOUPT QBSB MBT DJFODJB IVNBOBT  GVOEBNFOUPT RVF B TV WF[ QPTJCJMJUBO VOB
OVFWBTVQFSFTUSVDUVSBQBSBMBTIVNBOJEBEFTZQBSBMBTBTÎMMBNBEBTDJFODJBTEVSBTP
OBUVSBMFTBMBQBS5BMNBSDPUFÓSJDPIBTJEPNVDIBTWFDFTTPÒBEP QFSPMBTFNJÓUJDB
MPDPMPDBQPSQSJNFSBWF[BOVFTUSPBMDBODF DPOMBÙOJDBDPOEJDJÓOEFRVFQPTFBNPT
VOFOUFOEJNJFOUPEFMTJHOPZEFTVTGVODJPOFTFTFODJBMFTMPTVêDJFOUFNFOUFSJDPDPNP
QBSBQSFWFOJSFMFODJFSSPEFMBJOWFTUJHBDJÓOTFNJÓUJDBEFOUSPEFMBFTGFSBEFMPTTJHOPT
DPOTUSVJEPTu %FFMZ 



 &TDJFSUP MPTTJHOPTDPODFOUSBMFTBQBSUJSEFTVTNÙMUJQMFTSFMBDJPOFT QFSPMBQSP
QVFTUB EF 1FJSDF OP TÓMP DPOUFNQMB TV MÓHJDB EF PSHBOJ[BDJÓO  TJOP MB OFDFTJEBE EF
TV JODMVTJÓO FO DPOUFYUPT NÃT HFOFSBMFT FO MPT RVF JOUFSWJFOFO VOB HSBO DBOUJEBE
EFFMFNFOUPT DPNPZBIFNPTNPTUSBEP&MQVOUPFTRVFMBTFNJÓUJDBFTUBCMFDFTVT
QSPQJPTDPODFQUPTZPGSFDFVOBQPTJCMFHVÎBQBSBTFSVTBEPT ZBIÎSBEJDBTVQPUFODJBM
FQJTUFNPMÓHJDP FT JNQMÎDJUBNFOUF VOB QSPQVFTUB FQJTUFNPMÓHJDB RVF QBSUF EFTEF MB
DPOTUSVDDJÓOZFMSFDPOPDJNJFOUPEFMPTFMFNFOUPTTÎHOJDPTQBSUJDVMBSFT

-BTFNJÓUJDBFOFMDBNQPEFFTUVEJPEFMBDPNVOJDBDJÓO
)FNPT EJDIP DPO BOUFSJPSJEBE RVF MPT DPODFQUPT JNQPSUBEPT EFM DBNQP TFNJÓUJDP
IBDJBFMDBNQPEFMBDPNVOJDBDJÓOTVGSFOVOBNPEJêDBDJÓO-PRVFBIPSBJOUFOUBNPT
NPTUSBS FT FM QPS RVÊ EF FTB NPEJêDBDJÓO B QBSUJS EF MB UFPSÎB EFM TJHOP FO 1FJSDF 
QBSUJFOEPEFMBJEFBEFRVFMPTDPODFQUPTQVFEFOTFSDPOTJEFSBEPTDPNPTJHOPT&OMB
QSPQVFTUBEF1FJSDF MPTTJHOPTUJFOFOVOBDPOêHVSBDJÓOUSJQMF ZIBDFOSFGFSFODJBBUSFT
FTUBEPT DPODSFUPT SFQSFTFOUBNFO  PCKFUP F JOUFSQSFUBOUF
 -B DPOGVTJÓO SBEJDB  QPS
UBOUP OPTÓMPFOMBFMJNJOBDJÓOEFMDPOUFYUPUFÓSJDPEFMRVFQSPWJFOFOMPTDPODFQUPT 
TJOPEFMBFMJNJOBDJÓOEFBMHVOPEFTVTDPNQPOFOUFT7FBNPTFTUPDPOVOFKFNQMPB
USBWÊTEFMPTVDFEJEPDPOFMDPODFQUPEFDPOOPUBDJÓO-BDPOOPUBDJÓOEFVONFOTBKF
IB TJEP FOUFOEJEB DPNP UPEP BRVFMMP RVF OP TF EJDF FYQMÎDJUBNFOUF DPO QBMBCSBT 
GPSNBT DPMPSFT PMPSFT TFOTBDJPOFT UBNBÒPT FUDÊUFSB TJOPDPNPUPEPBRVFMMPRVFFM
NFOTBKFQVFEFMMFHBSBTJHOJêDBS&TUBTVQPTJDJÓOIJ[PQPTJCMF FOBMHVOPTDBTPT RVF
DJFSUPTNFOTBKFTEFMPTNFEJPTGVFSBOJOUFSQSFUBEPTDPNPQFSUFOFDJFOUFTBMBJEFPMPHÎB
EPNJOBOUF ZRVFDVBMRVJFSDPTBRVFTFQVEJFSBEFDJSEFTVQPTJCMFTJHOJêDBEPBQBSFDJFSB
DPNPWÃMJEBPMFHÎUJNB1FSPFMFTDFOBSJPTFNPEJêDBDVBOEPMPTDPODFQUPTTPOQVFTUPT
FOVONBSDPTFNJÓUJDP1PSFKFNQMP 6NCFSUP&DPBSHVNFOUÓRVFMPRVFDPOTUJUVZF
VOBDPOOPUBDJÓOFODVBOUPUBMFTFMIFDIPEFRVFiÊTUBTFFTUBCMFDFQBSBTJUBSJBNFOUF
BQBSUJSEFVODÓEJHPQSFDFEFOUFZEFRVFOPQVFEFUSBOTNJUJSTFBOUFTEFRVFTFIBZB
EFOPUBEPFMDPOUFOJEPQSJNBSJP<w>1PSMPUBOUP IBEFRVFEBSDMBSPRVFMBEJGFSFODJB
FOUSFEFOPUBDJÓOZDPOOPUBDJÓOTFEFCFBMNFDBOJTNPDPOWFODJPOBMJ[BEPSEFMDÓEJHP 
JOEFQFOEJFOUFNFOUFEFRVFMBTDPOOPUBDJPOFTQVFEBOQBSFDFSIBCJUVBMNFOUFNFOPT
FTUBCMFTRVFMBTEFOPUBDJPOFTu &DP 



 -PRVFIBZRVFSFTBMUBS QPSMPUBOUP FTRVFIBZVOBEJGFSFODJBFOUSFMBDPOOPUBDJÓO
DPNPQBMBCSB MBiDPOOPUBDJÓOuDPNPQSPDFTPVPCKFUPEFEFTJHOBDJÓOZMBjDPOOPUB
DJÓOvDPNPDPOTUSVDDJÓOUFÓSJDB­TUFFTVOFMFNFOUPTFNJÓUJDPDMBWF1BSB1FJSDF VO
TJHOP P SFQSFTFOUBNFO FT BRVFMMP RVF FTUB 1SJNFSP FO SFMBDJÓO DPO VO 4FHVOEP  TV
PCKFUP FMDVBMUJFOFMBDBQBDJEBEEFEFUFSNJOBSVO5FSDFSP FMJOUFSQSFUBOUF RVFEFIF
DIP BTVNF MB NJTNB SFMBDJÓO USJÃEJDB DPO FM PCKFUP %F FTUB NJTNB GPSNB  DPNP ZB
IFNPTEJDIP BMQMBOUFBSMBSFMBDJÓOEFVOTJHOPFOQSJNFSBJOTUBODJB DPOVOPCKFUP FO
TFHVOEBJOTUBODJB QBSBVOUFSDFSP TVJOUFSQSFUBOUF 1FJSDFEFSJWBTVTUSFTDBUFHPSÎBTEF
PSHBOJ[BDJÓOMB1SJNFSJEBE MB4FHVOEJEBEZMB5FSDFSJEBE&TUPTUSFTOJWFMFTEFPSHB
OJ[BDJÓO OP TÓMP EFêOFO MB EJSFDDJÓO EF VO QSPDFTP  TJOP RVF EFêOFO VO PSEFO EF
BDDJÓO1PSMPUBOUP VODPODFQUPOPQVFEFGVODJPOBSÙOJDBNFOUFDPNPQSJNFSJEBE
PTFHVOEJEBE TJOPÙOJDBNFOUFDPNPUFSDFSJEBE QVFTUPRVFFTUBÙMUJNBJNQMJDBBMBT
PUSBTEPT
-BUFSDFSJEBEFTMBDMBWFEFMBDPOTUSVDDJÓODPODFQUVBM FTMBJODPSQPSBDJÓO
EFMFTQBDJPUFÓSJDPTVCZBDFOUFBVODPODFQUP FTMBQPTJCJMJEBEEFMBBUSJCVDJÓOEFVOEF
UFSNJOBEPTJHOJêDBEP-PRVFOPTPUSPTWFNPTFOFMDBTPEFMBDPNVOJDBDJÓOFTRVF
MPT DPODFQUPT EFWFOJEPT EFM DBNQP TFNJÓUJDP QFSNBOFDFO FO NVDIPT DBTPT DPNP
TFHVOEJEBE DPNPSFGFSFODJBBNFSBTQBMBCSBT1FSPFMGFOÓNFOPOPFTFYDMVTJWPEFMP
RVFTVDFEFDPOMPTDPODFQUPTEFWFOJEPTEFMDBNQPTFNJÓUJDP EFIFDIPTFQVFEFIB
DFSFMNJTNPFKFSDJDJPDPODVBMRVJFSBEFFMMPTTJOJNQPSUBSMBNBUSJ[UFÓSJDBEFMBRVF
QSPWFOHBO
 -P RVF BRVÎ IFNPT QSFTFOUBEP FT BQFOBT VO FTCP[P EF BMHVOBT DVBMJEBEFT EF
OBUVSBMF[B FQJTUFNPMÓHJDB EF MB TFNJÓUJDB Z TVT QPTJCJMJEBEFT QBSB FM FTUVEJP EF MB
DPNVOJDBDJÓO QSPHSBNBRVFBÙOFTUÃQPSEFTBSSPMMBSTF-PRVFSFTUBBIPSBFTNPTUSBS 
BNBOFSBEFFKFNQMP BMHVOPTDBTPTFOMPTRVFMBRVFMBDPNVOJDBDJÓOGVFQFOTBEB
Z FTUSVDUVSBEB TFNJÓUJDBNFOUF  DPO MB êOBMJEBE EF JOEJDBS RVF UBM QFOTBNJFOUP FT
QPTJCMF6OPEFMPTDBTPFKFNQMBSFTFOFMDBNQPEFMBDPNVOJDBDJÓOEPOEFMBTFNJÓUJDB
GVODJPOBDPNPQSJODJQJPEFPSHBOJ[BDJÓOFTFMEFMEBOÊT,MBVT#SVIO+FOTFO FOTVPCSB
-BTFNJÓUJDBTPDJBMEFMBDPNVOJDBDJÓOEFNBTBT&MDBTPEF+FOTFOFTFKFNQMBSFOEPT
TFOUJEPT1SJNFSPQPSRVFTJHVFMBMÎOFBTFNJÓUJDBEF1FJSDF MBDVBMFTDBTJJOFYJTUFOUF
FODPNVOJDBDJÓOZ TFHVOEP QPSRVFTVQSFUFOTJÓOFTFOFMGPOEPMBEFSFDVQFSBSFM
QSJODJQJPEFMQSBHNBUJTNPDPNPUFSDFSBMUFSOBUJWBFOMBUFPSÎBEFMBDPNVOJDBDJÓO
+FOTFO FYQPOF MPT SFUPT RVF QMBOUFB VOB TFNJÓUJDB TPDJBM Z EF MB DPNVOJDBDJÓO EF


NBTBT  BTÎ DPNP MBT MJNJUBDJPOFT EFM FTUSVDUVSBMJTNP Z FM QPTFTUSVDUVSBMJTNP QBSB
QMBOUFBS EFTEFFTUFNBSDP VOBDSÎUJDBBMQSBHNBUJTNPQFJSDFBOPEFTEFMBRVFQSPQPOF
EPTMÎOFBTEFMEFTBSSPMMPTFNJÓUJDPB
VOBUFPSÎBEFMBDPNVOJDBDJÓOPTFNJÓUJDBEF
QSJNFSPSEFOZ C
VOBUFPSÎBEFMBDJFODJBPTFNJÓUJDBEFTFHVOEPPSEFO
 4FHÙO+FOTFO TFSFRVJFSFEFVOBUFPSÎBEFMPTTJHOPTNÃTEJGFSFODJBEBRVFFYQMJRVF
MPTWFIÎDVMPTSFBMFTEFMBDPNVOJDBDJÓOZTVJNQBDUPFOMBTTPDJFEBEFTZMBTBVEJFODJBT 
FTEFDJS MBQPTJCJMJEBEEFFTUBCMFDFSEFRVÊGPSNBMPTNFEJPTEFDPNVOJDBDJÓOZMBT
BVEJFODJBTTFSFMBDJPOBODPNPBHFOUFTEFMBTWJEBEFMPTTJHOPTFOMBTPDJFEBE DPO
SFQFSDVTJPOFTQBSBMBDBMJEBEEFMBWJEBDPUJEJBOBZUBNCJÊOQBSBMBFTUSVDUVSBEFMB
TPDJFEBE -B QSFUFOTJÓO EF MB WJTJÓO TFNJÓUJDB  DPODSFUBNFOUF EFM QSBHNBUJTNP EF
1FJSDF GVODJPOB DPNP QSJODJQJP EF PSHBOJ[BDJÓO FO TV EJNFOTJÓO FQJTUÊNJDB -B
PCSBEF+FOTFOOPTÓMPFTVODMBSPFKFNQMPEFMBTQPTJCJMJEBEFTEFMBTFNJÓUJDBFOTV
SFMBDJÓODPOMBDPNVOJDBDJÓOTJOPRVFFTVOBWFSEBEFSBDPOTUSVDDJÓOUFÓSJDBEFZQBSB
FMFTUVEJPEFMBDPNVOJDBDJÓOjQFOTBEBvTFNJÓUJDBNFOUF
 -BNFOUBCMFNFOUF FTUBPCSBFTVODBTPQBSUJDVMBSRVFOPUFOEJÓBSFQSPEVDJSTF
QPSFMDPOUSBSJP MPRVFQSFWBMFDJÓGVFMBEFTPSHBOJ[BDJÓOZDBSFODJBEFSJHPSBDBEÊNJDP
FO FM DBNQP EF MB DPNVOJDBDJÓO QBSB MB VUJMJ[BDJÓO EFM DBNQP TFNJÓUJDP P EF MPT
DPODFQUPTEFWFOJEPTEFÊTUF
 
"NBOFSBEFDPODMVTJÓO
-P RVF BRVÎ IFNPT NPTUSBEP FT BQFOBT VOB JOTJOVBDJÓO EF MBT QPTJCJMJEBEFT
FQJTUFNPMÓHJDBTEFMBTFNJÓUJDBQBSBFMFTUVEJPZQFOTBNJFOUPEFMBDPNVOJDBDJÓO QFSP
MPRVFEFCFRVFEBSDMBSPFTRVFFTUFQSPHSBNBFTVOBUBSFBRVFSFDJÊOTFFTUBMMFWBOEP
BDBCPZEFMBRVFRVFEBBÙONVDIPQPSEFDJSZIBDFS%FJHVBMGPSNB MPRVFIFNPT
JOUFOUBEPEFKBSFODMBSPFTRVFIBZTFSJPTQSPCMFNBTFOFMDBNQPEFMBDPNVOJDBDJÓO
TPCSFMBMJCFSUBEEFMBVUJMJ[BDJÓOEFMPTDPODFQUPTTFNJÓUJDPT2VJ[ÃÊTUFFTBQFOBTVO
BQVOUFEFVOBUBSFBNVDIPNÃTBNQMJBRVFJNQMJDBVOBSFWJTJÓOTJTUFNÃUJDBEFMPRVF
IBQBTBEPFOMBDPOWFSHFODJBFOUSFBNCPTDBNQPTEFFTUVEJPZMBTFNJÓUJDB BUSBWÊT
EFTVMÓHJDBZTVQSPQJBNFUPEPMPHÎB QVFEFSFTVMUBSVOBIFSSBNJFOUBEFQFOTBNJFOUP
FêDB[FOFTUBZFOPUSBTUBSFBTSFDPOTUSVDUJWBT


3FGFSFODJBTCJCMJPHSÃêDBT

"/%&340/  +BNFT " 


 $PNNVOJDBUJPO UIFPSZ &QJTUFNPMPHJDBM GPVOEBUJPOT
/FX:PSL -POEPOѮF(VJMGPSE1SFTT
#&3(."/  .BUUT 
 'JFMET PG TJHOJêDBUJPO &YQMPSBUJPOT JO $IBSMFT 4 1FJSDFT
UFIPSZPGTJHOT7BOUB1IJMPTPQIJDBM4UVEJFTGSPNUIF6OJWFSTJUZPG)FMTJOLJ
#&6$)05 .BVSJDJP 
&MFNFOUPTEFTFNJÓUJDB‰&EJDJÓO.ÊYJDP4VSHF
@@@@@  
-BTFNJÓUJDB5FPSÎBTEFMTJHOPZFMMFOHVBKFFOMBIJTUPSJB.ÊYJDPğĜĞ
#-"4$0 +PTFQ-FUBM 
4JHOPZQFOTBNJFOUP#BSDFMPOB"SJFM'JMPTPGÎB
#3&/5  +PTFQI 
 $IBSMFT 4BOEFST 1FJSDF " MJGF *OEJBOB *OEJBOB 6OJWFSTJUZ
1SFTT
#6/(& .BSJP B
&QJTUFNPMPHÎB‰&EJDJÓO.ÊYJDP4JHMPııĢ&EJUPSFT
@@@@@  C
-BJOWFTUJHBDJÓO$JFOUÎêDB‰&EJDJÓO.ÊYJDP4JHMPııĢ&EJUPSFT
$)&38*5; 3 :)JLJOT+ 
$PNNVOJDBSUJPOBOE,OPXMFEHF"OJOWFTUJHBUJPO
JO3FUIPSJDBM&QJTUFNPMPHZ$PMVNCJB4$6OJWFSTJUZPG4PVUI$BSPMJOB1SFFT
%"/&4* .BSDFM 
&ODJDMPQFEJD%JDUJPOBSZPG4FNJPUJDT NFEJB BOEDPNNVOJ
DBUJPOT5PSPOUP #VĒBMP -POEPO6OJWFSTJUZPG5PSPOUP1SFTT
%&&-: +PIO 
*OUSPEVDJOHTFNJPUJDT#MPPNJOHUPO*OEJBOB6OJWFSTJUZ1SFTT
@@@@@  
-PTGVOEBNFOUPTEFMBTFNJÓUJDB.ÊYJDP6OJWFSTJEBE*CFSPBNFSJDBOB
%&8&: +PIO 
)PXXFUIJOL/FX:PSL1SPNFUIFVT#PPLT
&$0 6NCFSUP 
5SBUBEPEFTFNJÓUJDBHFOFSBM#BSDFMPOB-VNFO
@@@@@  
"UIFPSZPGTFNJPUJDT#MPPNJOHUPOH*OEJBOB6OJWFSTJUZ1SFTT
@@@@@  
-PTMÎNJUFTEFMBJOUFSQSFUBDJÓO.ÊYJDP-VNFO
@@@@@  B
-BFTUSVDUVSBBVTFOUF*OUSPEVDDJÓOBMBTFNJÓUJDB#BSDFMPOB-VNFO
&4$"31*5  3PCFSU 
 5FPSÎB HFOFSBM EF MB JOGPSNBDJÓO Z MB DPNVOJDBDJÓO
#BSDFMPOB*$"3*"
'"##3* 1BPMP 
5ÃDUJDBTEFMPTTJHOPT#BSDFMPOB(FEJTB
@@@@@  
&MHJSPTFNJÓUJDP#BSDFMPOB(FEJTB
'&*#-&."/ +BNFT, 
"OJOUSPEVUJPOUP1FJSDFTQIJMPTPQIZ*OUFSQSFUFEBTB
TZTUFN-PVJTJBOBѮF)BVTFS1SFTT
'0/5"/*--& +BDRVFT 
4FNJÓUJDBEFMEJTDVSTP-JNB6OJWFSTJEBEEF-JNB ğĜĞ


'0/5"/*--&  +BDRVFT Z $MBVEF ;JMCFSCFSH 
 5FOTJÓO Z TJHOJêDBDJÓO -JNB
6OJWFSTJEBEEF-JNB
("3$±"  .BSDFMJOP 
 /BSSBDJÓO 4FNJPTJTNFNPSJB "SHFOUJOB 6OJWFSTJEBE
/BDJPOBMEF.JTJPOFT
(*."5&8&-4) "ESJÃO 
%FMTJHOPBMEJTDVSTP%JNFOTJPOFTEFMBQPÊUJDB MB
QPMÎUJDBZMBQMÃTUJDB.ÊYJDPĮĚĦ*[UBQBMBQB .JHVFM¦OHFM1PSSVB
(06%(&  ѮPNBT " 
 ѮF UIPVHIU PG $ 4 1FJSDF 5PSPOUP 6OJWFSTJUZ PG
5PSPOUP1SFTT
+".&4 8JMMJBN 
1SBHNBUJTN*OEJBOBQPMJT)BDLFUU1VCMJTIJOH$PNQBOZ
-&&%4)638*5; 8FOEZ 
4FNJPUJDTBOEDPNNVOJDBUJPOTJHOT DPEFT DVMUVSFT
/FX+FSTFZ-BVSFODF&SMCBVN"TTPDJBUFT1VCMJTIFST
.033*4 $IBSMFT 
4JOHT MBOHVBHFBOECFIBWJPS/FX:PSL(FPSHF#SB[JMMFS*OD
1&*3$&  $IBSMFT 4BOEFST 
 $PMMFDUFE 1BQFST PG $IBSMFT 4BOEFST 1FJSDF
&EJUBEPQPS$)BSTUIPOFZ18FJTT$BNCSJEHF.BTTBDIVTFUUT ѮF#FMLOBQ1SFTTPG
)BSWBSE6OJWFSTJUZ1SFTT
@@@@@  
1IJMPTPQIJDBMXSJUJOHTPG1FJSDF/FX:PSL%PWFS1VCMJDBUJPOT
@@@@@  
&TDSJUPTêMPTÓêDPT7PMVNFO*.ÊYJDP&M$PMFHJPEF.JDIPBDÃO
1&5&34  +PIO %VSIBN 
 4QFBLJOH JOUP UIF BJS B IJTUPSZ PG UIF JEFB PG
DPNNVOJDBUJPO$IJDBHPѮF6OJWFSTJUZPG$IJDBHP1SFTT
26&;"%".BDDIJBWFMP ¶TDBS 
4FNJPTJT DPOPDJNJFOUPZDPNVOJDBDJÓO-JNB
6OJWFSTJEBEEF-JNB 'POEPEF%FTBSSPMMP&EJUPSJBM
3*5$)*& -%BWJE 
$PNNVOJDBUJPODPODFQUTJOGPSNBUJPO/FXCVSZ1BSL 
$"4BHF
4"/5"&--" -VDJB 
y1PSRVÊMBTFNJÓUJDBEF1FJSDFFTUBNCJÊOVOBUFPSÎBEF
MBDPNVOJDBDJÓO FO$VBEFSOPT GFCSFSP /ÙNFSP"SHFOUJOB6OJWFSTJEBEEF+VKVZ 
'BDVMUBEEF)VNBOJEBEFTZ$JFODJBT4PDJBMFT4BO4BMWBEPSEF+VKVZQQ
4&#&0, ѮPNBT" 
4JHOT"OJOUSPEVUJPOUPTFNJPUJDT5PSPOUP6OJWFSTJUZPG
5PSPOUP1SFTT
4&#&0, ѮPNBT" FUBM 
$MBTTJDTPGTFNJPUJDT/FX:PSL1MFOVN1SFTT
@@@@@ 4)BZFTBOE.BSZ$BSIFSJO#BUFTPO 
"QQSPDIFTUP4FNJPUJDT$VMUVSBM 
"OUSPQPMPHZ  &EVDBUJPO  -JOHVJTUJDT  1TZDIJBUSZ  1TZDIPMPHZ USBOTBDUJPOT *OEJBOB
*OEJBOB6OJWFSTJUZ


4*-7&3."/  ,BKB 
 ѮF TVCKFDU PG TFNJPUJDT /FX :PSL 0YGPSE 6OJWFSTJUZ
1SFTT
7&34$)6&3&/ +FG +BO0MB¸TUNBOBOE+PIO#FOKBNJOT &EJUPST
 
)BOECPPL
PGQSBHNBUJDTNBOVBM"NTUFSEBN1IJMBEFMQIJB+PIO#FOKBNJOT1VCMJTIJOH$PNQBOZ
7*%"-&4 (PO[ÃMFT  $BSMPT & 
 i4FNJÓUJDB EF 1SJNFS Z TFHVOEP PSEFO -B
QSPQVFTUBT TPDJPTFNJÓUJDB EF ,MBVT #SVIO +FOTFO Z MB DPNVOJDPMPHÎBu FO 3B[ÓO Z
1BMBCSB1SJNFSBSFWJTUBFMFDUSÓOJDBFO"NÊSJDB-BUJOBFTQFDJBMJ[BEBFO$PNVOJDBDJÓO
<&OMÎOFBKVOJPEF>%JTQPOJCMFFOIUUQXXXSB[POZQBMBCSBPSHNYBOUFSJPSFT
ODWJEBMFTIUNM
@@@@@  
4FNJÓUJDBZDPNVOJDBDJÓO VOBSFMBDJÓOQSPCMFNÃUJDB1PSUBMEFĚĦĢĜ
<&OMÎOFBFOFSPEF>%JTQPOJCMFFOhttp://www.amicmexico.org/ponencias_xviii.
htm#ocho
@@@@@  
 %F MB MJOFBMJEBE B MB DPNQMFKJEBE FO DPNVOJDBDJÓO VOB QFSTQFDUJWB
TFNJÓUJDB1PSUBMEF$PNVOJDPMPHÎB<&OMÎOFB.BS[PEF>%JTQPOJCMFFO http://
www.geocities.com/comunicologiaposible3/tbvidales1.htm


4FNJÓUJDBZSFUÓSJDB
&EHBS4BOEPWBM

*OUSPEVDDJÓO
-B TFNJÓUJDB UJFOF BDUVBMNFOUF VOBTFSJFEFBMJBO[BTDPOPUSBTDJFODJBTZDPOPUSPT
QMBOUFBNJFOUPT VOBEFÊTUBTFTDPOMBSFUÓSJDB&TUBSFMBDJÓOPBMJBO[BEFMBTFNJÓUJDB
DPOMBSFUÓSJDBOPFTOVFWB OPTFEBBQBSUJSEFMBTUFTJTEF3PMBOE#BSUIFTPCJFOBQBSUJSEF
MPTUSBCBKPTEFM(SVQP. DPNPTVFMFFTUBCMFDFSTF-BSFMBDJÓOFTWJFKB FTUÃQSFTFOUF
EFTEF "SJTUÓUFMFT Z BQBSFDF OVFWBNFOUF  TÓMP RVF DPO VOB SFWPMVDJÓO BCTPMVUB DPO
$IBSMFT4BOEFST1FJSDF&MQSPQÓTJUPEFMUSBCBKPFTTFÒBMBSFTUBSFMBDJÓOFOUSFTFNJÓUJDB
ZSFUÓSJDBFOFTUPTEPTÙMUJNPTBVUPSFT DPOFMêOEFEFTQSFOEFSFMFNFOUPTBOBMÎUJDPT
FOMBDPNVOJDBDJÓO1PSBIPSB NFMJNJUBSÊBQSFTFOUBSBMHVOBTEFMBTDBSBDUFSÎTUJDBT
QSJODJQBMFTEFFMMPTFOUPSOPBFTUBSFMBDJÓOFOFMDBTPEF"SJTUÓUFMFT FMJOUFSÊTTFDFOUSB
FOFMFOUJNFNB ZFOFMDBTPEF1FJSDF FOMBBCEVDDJÓO&MêMÓTPGPOPSUFBNFSJDBOP
JOTDSJCF UBNCJÊO FM BSHVNFOUP FO MB USJBEB TFNJÓUJDB  FO EPOEF PDVQB FM MVHBS EF
UFSDFSJEBE%FKBSÊQBSBPUSBPDBTJÓOMBBQMJDBDJÓOEFFTUBSFMBDJÓO

"SJTUÓUFMFTFMBSHVNFOUPDPNPFOUJNFNB
1BSB"SJTUÓUFMFT MBSFUÓSJDBFTMBGVFS[B MBQPUFODJBPFMQPEFSRVFUJFOFFMMFOHVBKFEF
DPOWFODFS QFSTVBEJS TFEVDJS GBTDJOBSi-BSFUÓSJDBmFTDSJCF"SJTUÓUFMFTmFTMBGBDVMUBE
EFPCTFSWBSUPEPTMPTNFEJPTEFQFSTVBTJÓOTPCSFDBEBDPTBwEFUPEPBRVFMMPRVF
FT QPTJCMFNFOUF WFSPTÎNJM Z DPOWJODFOUFu "SJTUÓUFMFT  
 -B GVFS[B EFM MFOHVBKF
FTUÃFOMBFTFODJBPFOFMPSJHFOEFMMFOHVBKF ZSBEJDBFOMBUSBOTQPTJDJÓOZOPFOMB
SFGFSFODJBEFMBTDPTBT5BNCJÊO QBSB"SJTUÓUFMFT MBSFUÓSJDBFTMBQPTJCJMJEBEEFVOB
EFNPTUSBDJÓOMÓHJDB TÓMPRVFJODPNQMFUB
 %FTEFFTUFDSJUFSJP MBSFUÓSJDBUJFOFVOBIJTUPSJBQPMÊNJDBQPSVOMBEPTFDSFB
DPNPVOBSUF FMBSUFEFMBEFNBHPHJBPFMDPOWFODJNJFOUPQFSPUBNCJÊOTFDSFB DBTJ
BMNJTNPUJFNQP DPNPVOBDJFODJBEFMBSHVNFOUP DPO"SJTUÓUFMFT&OFMQSJNFSDBTP MB
SFUÓSJDBFTWJTUBDPNPMBQPTJCJMJEBEEFTFEVDJS QFSTVBEJS GBTDJOBSZDPOWFODFSTVDSFB
DJÓO TF EB CBKP VO DPOUFYUP FYUSFNBEBNFOUF GSÃHJM  FM EF MB QPMÎUJDB "TÎ  MP RVF TF


QFSTFHVÎBDPOMBQBMBCSBFSBDBVUJWBSNÃTRVFSB[POBS TFDPOTUSVÎBBMNJTNPUJFNQPMB
QPTJCJMJEBEEFDPONPWFSNÃTRVFEFEFNPTUSBS&TFTUBDBSBDUFSÎTUJDB MBDPONPDJÓO 
KVOUP DPO MPT TFOUJNJFOUPT Z MBT QBTJPOFT  MPT RVF TBMFO BEFMBOUF Z QPS EFUSÃT NVZ
EFUSÃT WBMBSB[ÓO
 $PONPWFSFTFMêOÙMUJNPEFMBSFUÓSJDBDPNPBSUF&ODBNCJP MBSFUÓSJDBDPNP
DJFODJBCVTDBEFNPTUSBS DPOTUSVJSWFSEBEFTZDFSUF[BT DPOCBTFFOMPTFKFNQMPT&M
FKFNQMPFTFMDBTPNÃTJNQPSUBOUFFOFTUBSFUÓSJDB&MFKFNQMPFTUÃDPOUFOJEPFOFTP
RVF "SJTUÓUFMFT EFOPNJOB FOUJNFNB  Z TFSWJSÃ EF SFFNQMB[P FYUSFNP Z SBEJDBM BM
TJMPHJTNP1PSFTBSB[ÓO MBSFUÓSJDBDPNPDJFODJBFTVOBMÓHJDB QFSPVOBMÓHJDBEFMB
BSHVNFOUBDJÓO
 &OUÊSNJOPTBSJTUPUÊMJDPT FMBSHVNFOUPFTVOBPQFSBDJÓOEFMMFOHVBKF RVFBQBSFDF
FOFMFKFNQMPDPNPGPSNBEFEFNPTUSBSZEFGFOEFSMBTUFTJT/PFT QPSUBOUP VONFSP
SFDVSTP EFM MFOHVBKF DPNP GBTDJOBDJÓO P TFEVDDJÓO  TJOP NÃT CJFO  DSFFNPT  FT VOB
GPSNB EF EFNPTUSBDJÓO MÓHJDB &M MFOHVBKF FT  FOUPODFT  SFUÓSJDB JOUFSQSFUBDJÓO  FT
EFDJS  EFQFOEF EF VO TVKFUP 6O FMFNFOUP NÃT RVF IBDF QPTJCMF QFOTBS B MB SFUÓSJDB
DFÒJEBBMTVKFUPFTMBFMPDVFODJBPMBFYQSFTJÓO&TUBEFQFOEFODJB ZBMNJTNPUJFNQP
QSPUBHPOJTNP EFM TVKFUP FO MB DPOTUSVDDJÓO EFM DPOPDJNJFOUP  FT QFMJHSPTB  QPSRVF
GBTDJOB FODBOUB DPOWFODF TFEVDF
 "EFNÃTEFMEJTDVSTP MBSFUÓSJDBFTUÃUBNCJÊOEFêOJEBBQBSUJSEFTVQPTJCJMJEBE
EFEFNPTUSBS ZÊTUBTFEBBUSBWÊTEFMPTTJHOPT4JOFNCBSHP MPTTJHOPTEFMBSFUÓSJDB
ZMPTEFMBTFNJÓUJDBTPOUBNCJÊOEFOBUVSBMF[BEJTUJOUB6OPTTPOTJHOPTRVFSFêFSFO
BMBTDPTBT ZEFBIÎMBOFDFTJEBEEFMMFOHVBKFZMPTPUSPTTPOTJHOPTRVFSFêFSFOBMBT
SFMBDJPOFTEFMBTDPTBT EFBIÎMPTQFOTBNJFOUPT
 1BSBQFSTVBEJSIBZRVFEFNPTUSBSBSHVNFOUBUJWBNFOUF FTEFDJS IBZRVFFYIJCJS
B USBWÊT EF FKFNQMPT MBT DPTBT RVF TF RVJFSFO EFNPTUSBS -B EFNPTUSBDJÓO OP FT FO
TFOUJEP FTUSJDUP VOB EFNPTUSBDJÓO MÓHJDB  FT  QPS FM DPOUSBSJP  VOB DPOTUSVDDJÓO
WFSPTÎNJMZQSPCBCMF&MFOUJNFNBFTMBEFNPTUSBDJÓOSFUÓSJDB RVFQBSBBMHVOPTBVUPSFT
FTVOTJMPHJTNPGBMTPPJODPNQMFUP NJFOUSBTRVFQBSBPUSPTTFUSBUBEFVOTJMPHJTNP
SFUÓSJDP FTEFDJS FTVOTJMPHJTNPDPOTUSVJEPQPSQSPQPTJDJPOFTZOPQPSQSVFCBTFO
EPOEFMBTQSPQPTJDJPOFTBERVJFSFOEPTEJWJTJPOFT VOBQSPQPTJDJÓOWFSPTÎNJMZMBPUSB
QSPQPTJDJÓOJOEJDJBM1SVFCBZFKFNQMPOPTPOMPNJTNP FOUSFPUSBTDPTBT QPSRVFFM
FKFNQMPUJFOFVOBEJNFOTJÓOEFJOWFODJÓOZMBQSVFCBOP


 -BSFUÓSJDBDPNPVOBMÓHJDBFOFMTFOUJEPEFVOBSUFEFMBSB[ÓOPCJFODPNPBSUF
EFMBBSHVNFOUBDJÓO&TBTÎDPNPMBSFUÓSJDBOPTFSFEVDFBPSOBNFOUPEFMMFOHVBKF
TJOP NÃT CJFO FT VO DPNQMFNFOUP EF MB MÓHJDB &TUB SFUÓSJDB UPNB DPNP JOUFSÊT FM
EJTDVSTP-BSFUÓSJDBFTUÃFOSFMBDJÓODPOMBMÓHJDBZBMNJTNPUJFNQPDPOMBTFNJÓUJDB
4JOFNCBSHP MBSFUÓSJDBOPFTMÓHJDBOJTFNJÓUJDB PCJFOIFSNFOÊVUJDB BQFTBSEFRVF
USBUFEFMEJTDVSTP-BEJGFSFODJBFT FOUSFPUSBTDPTBT MBQFSTVBTJÓOZMBBSHVNFOUBDJÓO 
BNCBTFOVOBFTUSFDIBSFMBDJÓO
 1FSP MBDPONPDJÓOZFMFKFNQMP DPNPDBSBDUFSÎTUJDBTJOFMVEJCMFTEFMBSFUÓSJDB
DPNPBSUFZDJFODJB SFTQFDUJWBNFOUF FTUÃOTPNFUJEPTBVOJNQFSBUJWPZBVOBFYJHFODJB
EFDPOWFODFSZGBTDJOBSCBKPMBDPOEJDJÓOEFDSFFODJB$SFFSFOMPRVFTFEJDF BQBSUJSEF
VUJMJ[BS MPT SFDVSTPT QSPQJPT EFM MFOHVBKF DPNP MBT êHVSBT SFUÓSJDBT P MPT FKFNQMPT
DPOUFOJEPT FO FM FOUJNFNB  FT MB êOBMJEBE ÙMUJNB EF MB SFUÓSJDB FTUB BTQJSBDJÓO P
BOIFMPEFDSFFODJBTFMPHSBOPQPSRVFMBSFUÓSJDBEFTQSFOEBVOBWFSEBEEFIFDIPOP
MPIBDFOJMFJOUFSFTB TJOPBDPOEJDJÓOEFEFTQSFOEFSDPOêBO[B DSFEJCJMJEBE FOTVNB 
BQBSUJSEFEFTQSFOEFSWFSPTJNJMJUVE1PSFTBSB[ÓO FMUFNBEFMBDFSUF[B EFMBWFSEBE
ZEFMBWFSPTJNJMJUVEBQBSFDFDPNPPQBDJEBEZBNCJHÛFEBE
 &TUBTEPTQPTJDJPOFTEFMBSFUÓSJDB VOBDPNPBSUFZMBPUSBDPNPDJFODJB MMFWBO
IJTUPSJBT QBSBMFMBT  QPSRVF VOB OP TVDVNCF B MB PUSB Z WJDFWFSTB -P RVF UFOFNPT
FOUPODFTTPOEPTEFTBSSPMMPTEJTUJOUPTRVFOPTMMFHBOIBTUBIPZ OPTJOQBTBSQPSFM
USBUBNJFOUPFTQFDJBMEFMPTQFOTBEPSFTNFEJFWBMFT-BSFUÓSJDBFOFTUFQFSJPEP FMNF
EJFWBM  QPOF FOUSF QBSÊOUFTJT FTUF EFTBSSPMMP DMBSBNFOUF EJGFSFOUF EF MB SFUÓSJDB Z MP
SFMBDJPOB "TÎ  UFOFNPT VOB SFUÓSJDB RVF FT BM NJTNP UJFNQP BSUF Z DJFODJB  RVF BM
FTUBSFOUSFDSV[BEPTFTUPTDBNJOPTEFKBOEFTFSFOTFOUJEPFTUSJDUPBSUFZDJFODJB.ÃT
CJFO BERVJFSFOVOBEJNFOTJÓOFYUSBÒBFOMBIJTUPSJBEFMBSFUÓSJDB1PSFKFNQMP FM
DPOUFYUPNFEJFWBMZBOPFTQPMÎUJDP DPNPMPFSBDPO"SJTUÓUFMFT TJOPSFMJHJPTPOPFT
QPSVOMBEPDPONPWFSZQPSPUSPFKFNQMJêDBS TJOPBMNJTNPUJFNQPBNCBTDPTBT&M
DPONPWFSZFMFKFNQMJêDBSBQBSFDFODPOUFOJEPTFOVOSFDVSTPQSPQJPEFMNFEJPFWP
MBTDBSUBT-BSFUÓSJDBBERVJFSFVODBSÃDUFSFQJTUPMBS
 &TFOMBNPEFSOJEBEEPOEFFTBTEPTIJTUPSJBTEFMBSFUÓSJDB DPNPBSUFZDJFODJB 
FNQJF[BOBUFOFSUSBUBNJFOUPTNVZEJTUJOUPT QPSRVFFMUFNBEFMMFOHVBKFTVDVNCF
BMBDSFBDJÓOEFMBDJFODJBNPEFSOBFOFMTJHMPıįĢĢ/PPCTUBOUF DPNPMPWFSFNPT
NÃTBEFMBOUF FTFMQSPQJPEFTBSSPMMPEFMBDJFODJBFMRVFUSBFOVFWBNFOUFFTBIJTUPSJB


EFEJGFSFODJBFOUSFBSUFZDJFODJB1BSBMBNPEFSOJEBE FMMFOHVBKFTFDPOWJFSUFFOVO
QSPCMFNBRVFMFKPTEFFYQMJDBSDPOGVOEF RVFMFKPTEFDSFBSHFOFSBMJEBEFTDPOTUSVZF
TJOHVMBSJEBEFT &O FTUF TFOUJEP  MB FYJHFODJB EF MB NPEFSOJEBE FT RVJ[Ã FTDBQBS EFM
MFOHVBKFZEFMBTJOHVMBSJEBE FTEFDJS EFMBSFUÓSJDBZEFMBTFNJÓUJDB
 %FFTUBGPSNB FMFTUBUVUPEJTDJQMJOBSJPEFMB3FUÓSJDBFTQPMÊNJDP TVMVHBSBQBSFDF
DPNPDPNQMFNFOUPEFMBTPUSBTDJFODJBTEFMMFOHVBKFBTÎFODPOUSBNPTBMBSFUÓSJDB
CBKPVOBQFSTQFDUJWBTFNJÓUJDBPEJTDVSTJWB QFSPOPDPNPBMHPBVUÓOPNP DVBOEP
DPOUJFOF MPT FMFNFOUPT QBSB EJDIB BVUPOPNÎB "EFNÃT  EF DPOUFOFS MPT FMFNFOUPT 
PDVQB Z TF TJSWF EF MB TFNJÓUJDB Z EFM EJTDVSTP  BTÎ DPNP EF MB QSBHNÃUJDB P EF MB
IFSNFOÊVUJDB
 &OUSFRVJFOFTEFêFOEFOFMFTUBUVUPEFMBSFUÓSJDB DPNPVOBEJTDJQMJOBBVUÓOPNB
Z FO FTUSFDIB SFMBDJÓO DPO MB MÓHJDB Z MB TFNJÓUJDB  TF FODVFOUSB 1FJSDF 1BSB ÊM  FM
DPOPDJNJFOUPOPEFQFOEFEFMTVKFUPFT QPSFMDPOUSBSJP BCTPMVUBNFOUFBVUÓOPNPEF
ÊTUFZBTÎMPEFNPTUSBCBMBTFNJPTJT FTEFDJS MBTUFTJTRVFTFEFTQSFOEFOEFQSPDFTPT
MÓHJDPT1FJSDF DPNPWFSFNPTFOMBTFHVOEBQBSUFEFFTUFUSBCBKP TJUÙBBMBSHVNFOUP
DPNPVOBPQFSBDJÓOMÓHJDBEFQSJODJQJPBêO&OMPRVFTJHVFJOUFOUBSFNPTWFSFTUB
PQFSBDJÓORVF1FJSDFMMFWBBDBCP

$41FJSDFFMBSHVNFOUPDPNPBCEVDDJÓO
1BSB1FJSDF FMBSHVNFOUPFTQBSUFEFTVTFNJPTJTZFTVOBPQFSBDJÓOJOGFSFODJBMZOP
SFGFSFODJBM*OGFSJSZSFGFSJSOPFTMPNJTNP FOFMQSJNFSDBTPTFUSBUBEFVOBDVFTUJÓO
MÓHJDB FOFMTFHVOEPDBTP QPSFMDPOUSBSJP EFVOBPQFSBDJÓOEFMMFOHVBKF1FJSDFWFBM
BSHVNFOUPDPNPVOBMÓHJDBBCEVDUJWB"MNJTNPUJFNQPDPNPVOQSBHNBUJTNP-B
DPNQMFKJEBEEFMBSFUÓSJDB FO1FJSDF FTFWJEFOUF&OBMHVOBTPDBTJPOFTMMBNBBFTUPT
QMBOUFBNJFOUPTSFUÓSJDBQVSB
 &M USBCBKP EF 1FJSDF IB TJEP BCTPMVUBNFOUF JOOPWBEPS QBSB MB SFUÓSJDB  Z TJO
FNCBSHPTVSFDFQDJÓOFOFTUFDBNQPFTFYUSBÒB1FJSDFTFQBSBBMBMÓHJDBEFMBFTUFMB
NFEJFWBM RVFMBDPOTJEFSBCBDPNPVOBGPSNBEFQFOTBSDPSSFDUBNFOUF ZMBJODPSQPSB
BMÃNCJUPEFDSFBSGPSNBTPNÊUPEPTEFJOWFTUJHBDJÓO&OFTBTFQBSBDJÓOMBMÓHJDBTF
DPOWJFSUFFOTFNJÓUJDB FOQSBHNBUJTNPZFOSFUÓSJDB
 -BMÓHJDB TFHÙO1FJSDF OPJOEJDBDÓNPQFOTBS TJOPRVFDSFBMPTDBNJOPTNÃT
JEÓOFPTQBSBQFOTBS MPTDVBMFTOPTPOMBFYQFSJNFOUBDJÓO TJOPMBBCEVDDJÓO&TFOFTUF


DPOUFYUP FO EPOEF JOUSPEVDF MB FDPOPNÎB EF MB JOWFTUJHBDJÓO -B BCEVDDJÓO FT  FO
FTUFTFOUJEP FMNÊUPEPZMBMÓHJDBNÃTFêDB[ FTMBGPSNBEFSB[POBSNÃTTFOTBUBQPS
TFSMBRVFFWJUBFMSFDPSSJEPEFMFYQFSJNFOUP FMDVBMQSJWJMFHJBCBFMPCKFUP FTEFDJS 
FOGBUJ[BCBMPFNQÎSJDP
 4FHÙO1FJSDF FMDPOPDJNJFOUPOPFTVOBSFMBDJÓOEFPCKFUPTZOPTFBMDBO[BVOB
WFSEBEBQBSUJSTJNQMFNFOUFEFMBOÃMJTJTEFÊTUPTFTEFDJS OPFTFMPSEFOEFMPFNQÎSJDP
MPRVFQFSNJUFMBDPOTUSVDDJÓOEFMDPOPDJNJFOUPZMBDSFBDJÓOEFWFSEBEFT TJOPNÃT
CJFOFTFMPSEFOEFMPSBEJDBMNFOUFBSHVNFOUBUJWP MPRVFMMFWBBMBDPOTUSVDDJÓOEF
MBWFSEBE4ÓMPIBZWFSEBEEPOEFIBZBSHVNFOUPT OPEPOEFIBZPCKFUPT1PSNFEJP
EFMPTPCKFUPTOPQPEFNPTDPNQSPCBSOJOHÙODPOPDJNJFOUP OPQPEFNPTEFGFOEFS
OJOHVOBWFSEBEQPSRVFMPTPCKFUPTTÓMPQSPWPDBOTFOTBDJPOFT ZÊTUBT QBSBQSPEVDJS
DPOPDJNJFOUP EFCFOTFSQBSUFEFVOQSPDFTPMÓHJDPRVF1FJSDFMMBNBTFNJPTJT
 $PNP WFNPT  TF USBUB EF VOB DVFTUJÓO EF NÊUPEP MP RVF JORVJFUB B 1FJSDF
$VFTUJÓO RVF IB UFOJEP EJWFSTBT JOUFSQSFUBDJPOFT Z MFDUVSBT -BT NÃT DPNVOFT IBO
WJTUPB1FJSDFDPNPFMQBESFEFMBTFNJÓUJDBZFMDSFBEPSEFMQSBHNBUJTNP DVBOEPMP
RVFÊMQSPQPOFTPOGPSNBTEFJOWFTUJHBSTVSFëFYJÓONÃTCJFOFTVOBSFGPSNVMBDJÓO
SBEJDBMEFMBMÓHJDBZVOBSFOPWBDJÓOEFMBSFUÓSJDB
 &MRVF1FJSDFEJWJEBBMPTTJHOPTFOUSFTNPNFOUPT MPTJDPOPT MPTÎOEJDFTZMPT
TÎNCPMPT ZBÊTUPTMFTDPSSFTQPOEBMPTUÊSNJOPT MBTQSPQPTJDJPOFTZMPTBSHVNFOUPT 
SFTQFDUJWBNFOUF OPFTHSBUVJUP0CFEFDFNÃTCJFOBVOBGFBCTPMVUBQPSMBJOUFMJHJCJMJ
EBEEFMNVOEP&MDPOPDJNJFOUPFTQSPEVDUPEFVOQSPDFTPZFTUÃFOFMUFSDFSNPNFOUP 
FTEFDJS FOFMBSHVNFOUP-BMÓHJDBUJFOFRVFEFTQSFOEFSFTUPTUSFTNPNFOUPTZFTUBT
USFTSFMBDJPOFT
 4JO FNCBSHP  1FJSDF WB NÃT MFKPT BM DPODFCJS B MB MÓHJDB DPNP MB DSÎUJDB B MPT
BSHVNFOUPT 6O BSHVNFOUP QBSB 1FJSDF FT iVO TJHOP RVF TJHOJêDB TFQBSBEBNFOUF B
TVJOUFSQSFUBOUFu6OBSHVNFOUPFTMPRVFEFêOFQPSFOUFSPBMPCKFUPEFTQVÊTEFVO
SFDPSSJEPMÓHJDP&TBMNJTNPUJFNQPVOBUFSDFSJEBEZVOTÎNCPMP"TÎ FODPOUSBNPT
BSHVNFOUPTTJNQMFTZBSHVNFOUPTNJYUPT
 &MBSHVNFOUPFO1FJSDFFTGVOEBNFOUBMFOMBDPOTUSVDDJÓOEFVODPOPDJNJFOUP
RVFOPTFBQPSVOMBEPUBVUPMÓHJDPZQPSPUSPMBEPRVFOPTFBVOFOHBÒPEFMMFOHVBKF
3FDPSEFNPTRVFFMQSPCMFNBEFMBUBVUPMPHÎBQSPWFOJFOUFEFMBTMÓHJDBTJOEVDUJWBTZ
EFEVDUJWBT BTÎDPNPFMQSPCMFNBEFMFOHBÒPQSPEVDUPEFMFOHVBKFTPOEPTQSPCMFNBT


RVF1FJSDFUFOESÃRVFFOGSFOUBS1PSVOMBEP DÓNPDPOTUSVJSVODPOPDJNJFOUPRVF
BQPSUF BMHP RVF OP FTUÊ TPMBNFOUF DPOUFOJEP FO FM TVKFUP  TJOP RVF BEFNÃT QVFEB
SFMBDJPOBSTFDPOPUSPTTVKFUPT ZQPSPUSPMBEPDÓNPIBDFSQPTJCMFFMDPOPDJNJFOUPTJO
OFDFTJEBEEFMMFOHVBKFRVFMPEFGPSNF-BTPMVDJÓORVFUPNB1FJSDFFTVOBTPMVDJÓO
MÓHJDB
 1BSB1FJSDF FMBSHVNFOUPTFDPOTUSVZFDPOCBTFTMÓHJDBTZOPEFMFOHVBKF#BTFT
MÓHJDBTRVFUFOHBOVOQSJNFSP VOTFHVOEPZVOUFSDFSP FMSFDPSSJEPQPSFTPTNPNFOUPT
ZQPSMBUBCMBEFDBUFHPSÎBT RVF1FJSDFDPOTUSVZF FTMPRVFMMFWBSÃBMBGPSNVMBDJÓOEF
BSHVNFOUPT

$PODMVTJPOFT
&MBSHVNFOUPBQBSFDFDPNPVOFMFNFOUPDPOTUJUVUJWPEFMBTFNJÓUJDBZEFMBSFUÓSJDBFO
FTUBÙMUJNBFTUÃQSFTFOUFEFTEFTVTJOJDJPTDPNPBSUFZEFTQVÊTDPNPDJFODJB4JOFNCBSHP 
FMBSHVNFOUPQSFTFOUBVOBTFSJFEFDBNCJPTSBEJDBMFTDPOMPTQMBOUFBNJFOUPTEF$IBSMFT
4BOEFST1FJSDF BMTFQBSBSMPEFMMFOHVBKF FOFMDVBMFTUBCBJOTDSJUP FJODPSQPSBSMPBM
ÃNCJUPEFMBMÓHJDB&TUFEFTQMB[BNJFOUPEFMBSHVNFOUPTJHOJêDÓ DPNPUSBUBSFNPTEF
WFS VOBUSBOTGPSNBDJÓOFOMBTFNJÓUJDBZFOMBSFUÓSJDBBDUVBMDPOFMMPTVTBQMJDBDJPOFT
FOEJTUJOUPTÃNCJUPTEFMBTDJFODJBT DPNPFMEFSFDIP MBBOUSPQPMPHÎB MBêMPTPGÎBEF
MBDJFODJB  Z FO FTQFDJBM EF MB DPNVOJDBDJÓO  EJFSPO VO HJSP RVFUPEBWÎBOPTFMPHSB
DPNQSFOEFS&OUSFPUSBTDPTBT QPSRVFTFTJHVFQFOTBOEPBMBBSHVNFOUBDJÓODPNPVOB
PQFSBDJÓOEFMMFOHVBKF ZOPDPNPVOBPQFSBDJÓOMÓHJDB-BOBUVSBMF[BEFMBSHVNFOUP
FTEJOÃNJDB FTEFDJS FMBSHVNFOUPTFUSBOTGPSNBEFBDVFSEPBMBTDPOEJDJPOFTZBMBT
FYJHFODJBTMÓHJDBT
 1BSB 1FJSDF  DPNP USBUBSFNPT EF TFÒBMBS  MB SFUÓSJDB DPNP TFNJÓUJDB FT VOB
EFNPTUSBDJÓOMÓHJDB&OFTUFTFOUJEP MBSFMBDJÓOFOUSFMFOHVBKFZMÓHJDBFTUÃFODPOTUBOUF
UFOTJÓO FOUBOUPRVFMBQSJNFSBTFSFêFSFBSFDVSTPTFTUJMÎTUJDPT BêHVSBTBMVEFUBNCJÊO
BMTVKFUPZBMBGBTDJOBDJÓO BMBQFSTVBTJÓOZBMBDPONPDJÓOEFÊTUF"MNJTNPUJFNQP 
KVFHBDPOMPTTFOUJNJFOUPTEFMTVKFUP SFêFSFBFMMPT QBSUFEFFMMPT&ODBNCJP MBMÓHJDB
TFSFêFSFBMPTQFOTBNJFOUPTZBMBDSFBDJÓOEFÊTUPT BUSBWÊTEFVOSFDPSSJEPTFNJÓUJDP 
FOEPOEFTFFYIJCBOPTFFYQMJDJUFOMBTSFMBDJPOFTTÎHOJDBTRVFMPDPOTUSVZFSPO
 &MBSHVNFOUPFTFOUPODFTVONPNFOUPEFMBQFSTVBTJÓORVFDPCSBEPTGPSNBT
-BQSJNFSBFTFMMFOHVBKF RVFBUSBWÊTEFTVTêHVSBTQFSNJUFDPOWFODFS ZMBTFHVOEB


FTMBMÓHJDB FOUFOEJEBDPNPVOBGPSNBEFDSFBSQFOTBNJFOUPT&TUBTEPTGPSNBTEFM
BSHVNFOUPTFJOTFSUBOFOEJGFSFOUFTEJTDJQMJOBT FOUSFFMMBT FMEJTDVSTP MBQSBHNÃUJDB
Z MB TFNJÓUJDB 4VT GSPOUFSBT TPO GSÃHJMFT 4JO FNCBSHP  FO FTUB ÙMUJNB DJFODJB  MB
TFNJÓUJDB FYJTUFVOBSFMBDJÓONVZJNQPSUBOUFDPOMBSFUÓSJDBEFTEFMPTQMBOUFBNJFOUPT
EF"SJTUÓUFMFTIBTUBMBTUFTJTEF$IBSMFT4BOEFST1FJSDF DPNPUSBUBNPTEFWFS

#JCMJPHSBGÎB

"SJTUÓUFMFT 
3FUÓSJDB .ÊYJDP ĮħĚĦ
1FJSDF $4 
.JBMFHBUPBGBWPSEFMQSBHNBUJTNP #VFOPT"JSFT "HVJMBS
1FJSDF $4 
0CSB-ÓHJDP4FNJÓUJDB .BESJE 5BVSVT
1FJSDF $4 
%FEVDDJÓO JOEVDDJÓOFIJQÓUFTJT .BESJE "HVJMBS
1FJSDF $4 
-BDJFODJBEFMBTFNJÓUJDB #VFOPT"JSFT /VFWB7JTJÓO
1FJSDF $4 
&MIPNCSFVOTJHOP #BSDFMPOB $SÎUJDB
1FJSDF  $ 4 
 i6O FTCP[P EF DSÎUJDB MÓHJDBu 5SBEVDDJÓO DBTUFMMBOB EF 4BSB '
#BSSFOB5PNBEPEFMĠĞĩ 6OJWFSTJEBEEF/BWBSSB DPOTVMUBEPGFCSFSPEF
1FJSDF $4 B
i-BMÓHJDBDPOTJEFSBEBDPNPTFNJÓUJDB*u -
QBSUF*5SBEVDDJÓO
DBTUFMMBOBEF4BSB'#BSSFOB3FDPOTUSVDDJÓOBOBMÎUJDBEF+PTQFI3BOTEFMM PSJHJOBMFO
-5PNBEPEFMĠĞĩ 6OJWFSTJEBEEF/BWBSSB DPOTVMUBEPGFCSFSPEF
1FJSDF $4 C
i-BMÓHJDBDPOTJEFSBEBDPNPTFNJÓUJDB**u -
QBSUF*5SBEVDDJÓO
DBTUFMMBOBEF4BSB'#BSSFOB3FDPOTUSVDDJÓOBOBMÎUJDBEF+PTQFI3BOTEFMM PSJHJOBMFO
-5PNBEPEFMĠĞĩ 6OJWFSTJEBEEF/BWBSSB DPOTVMUBEPGFCSFSPEF
4BOEPWBM &EHBS 4FNJÓUJDB MÓHJDBZDPOPDJNJFOUP)PNFOBKFB$IBSMFT4BOEFST1FJSDF 
.ÊYJDP ĮĚĜĦ 


$"1±56-04&.*¶5*$"$*/&."50(3¦'*$"


y2VÊOPFYQMJDBEFMDJOFMBTFNJÓUJDB
DJOFNBUPHSÃêDB
7JDFOUF$BTUFMMBOPT$FSEB

3FTVNFO
&MQSFTFOUFUSBCBKPSFDVQFSBVOEFCBUFQPDPTJTUFNBUJ[BEPIBTUBOVFTUSPTEÎBTSFTQFDUP
B MPT MÎNJUFT  Z QPS MP UBOUP BMDBODFT  EF MB TFNJÓUJDB DJOFNBUPHSÃêDB QBSB FYQMJDBS Z
DPNQSFOEFS VO PCKFUP EF FTUVEJP FO UFOTJÓO FOUSF BSUF  MFOHVBKF  SFQSFTFOUBDJÓO F JO
EVTUSJBDVMUVSBM
 -PTQSJNFSPTDVFTUJPOBNJFOUPTBMBêMNPMJOHÛÎTUJDBNFU[JBOBQSPWJFOFOEF+FBO.JUSZ
Z(JMMFT%FMFV[F ZFOMPTÙMUJNPTBÒPTFYJTUFVOSJDPEFCBUFFOUSFMPTDPHOJUJWJTUBTFTUB
EPVOJEFOTFTZMPTRVFTFFYQMJDBOFMUJQPEFQFOTBNJFOUPFJOUFSBDDJPOFTDPHOJUJWBTQSP
QJDJBEBTQPSFMDJOFBQBSUJSEFVOBTFNJÓUJDBQPTNFU[JBOB
 &OFTUFQSJNFSBSUÎDVMPTPCSFFMUFNB TFFYQPOESÃOBSHVNFOUBDJPOFTEFBVUPSFTZ
DPSSJFOUFTBDFSDBEFMPTMÎNJUFTEFMBTFNJÓUJDBFODVBOUPBMBTUSFTNBUFSJBTTJHOJêDBOUFT
EFMDJOFMBJNBHFO FMTPOJEPZMBTVDFTJÓO
 &M JOJDJP EF VO USBCBKP EF UBMFT DBSBDUFSÎTUJDBT QFSNJUJSÃ FO FM DPSUP QMB[P UFOFS VO
FTUBEPEFMBSUFEFMBTFNJÓUJDBEFMDJOFRVFOPSFQJUBMBBQMJDBDJÓOBDSÎUJDBEFNPEFMPT
WJTVBMFTPOBSSBUJWPTFOFMBOÃMJTJTZMBDPNQSFOTJÓOEFQFMÎDVMBT%FNPEPQBSBMFMP TF
GPSUBMFDFSÃMBFTUSVDUVSBEFOPDJPOFTZSFMBDJPOFTDPODFQUVBMFTEFVOBEFMBTTFNJÓUJDBT
BQMJDBEBTNÃTJNQPSUBOUFTFOOVFTUSPTEÎBT

4ÎPOPBMBTFNJÓUJDBEFMDJOF
1SPQPOFSVOEFCBUFBDFSDBEFMBTFNJÓUJDBEFMDJOFDPOCBTFFOTVTMÎNJUFTZOPFO
TVTUJOPT QVFEFQBSFDFSFOVOQSJNFSNPNFOUPVOBDPOUSBEJDDJÓODPODFQUVBM1FSP
NVDIPTPCKFUPTEFFTUVEJPTFFYQMJDBONFKPSDVBOEPOPTSFGFSJNPTQPSMPRVFOPTPO
 -B TFNJÓUJDB EFM DJOF IB UFOJEP BQPSUFT JOOFHBCMFT EFOUSP EF MBT TFNJÓUJDBT
BQMJDBEBT Z IB MPHSBEP EFTDFOUSBS BMHVOBT EF MBT OPDJPOFT EVSBT EF DJFSUB USBEJDJÓO
USBOTMJOHÛÎTUJDB#BTUBSFDPSEBSMBQSPQVFTUBEF$ISJTUJBO.FU[EFFOUFOEFSBMDJOFDP
NPVOMFOHVBKFTJOMFOHVBRVF USBEVDJEPFOUÊSNJOPTEFMBDPNVOJDBDJÓO FTBMHPBTÎ
DPNPQFOTBSVONFOTBKFTJODÓEJHP


 -BêMNPMJOHÛÎTUJDBEF.FU[IBUFOJEPEPTDPOTFDVFODJBTEFOUSPEFMPTFTUVEJPT
EFMDJOF6OBRVFFTUÃWJODVMBEBDPOFMBQPSUFEFMBMJOHÛÎTUJDBFOFMDPOPDJNJFOUPEF
MBT FTUSVDUVSBT EF TJHOJêDBDJÓO EFM DJOF Z MB PUSB EJSFDUBNFOUF SFMBDJPOBEB DPO TVT
EFUSBDUPSFT  QVFT MFKPT EF DPODFCJS BM DJOF FO TV EJNFOTJÓO EF MFOHVBKF  QSFêFSFO
QBSUJSEFVOBDPODFQDJÓOZBTFBBSUÎTUJDB ZBTFBEFSFQSFTFOUBDJÓO RVFEÊDVFOUBEF
VO TJTUFNB EF FYQSFTJÓO NVZ EJGFSFOUF BM EFSJWBEP EF FODBEFOBNJFOUPT EF WFSCPT 
TVTUBOUJWPTZQSFEJDBEPT
 &MQSPQJP.FU[FTUVWPDPOTDJFOUFEFMPTMÎNJUFTEFTVFYQMJDBDJÓO FTEFDJS FMBOBMJ[BS
TÓMPVODÓEJHPEFMPTNVDIPTRVFUJFOFFMDJOFFMEFMBCBOEBEFMBTJNÃHFOFT
 /P EFCFNPT PMWJEBS MPT USFT HSBOEFT BQPSUFT EF FTUF MJOHÛJTUB BM FTUVEJP EF MB
TFNJÓUJDBEFMDJOFMBJODPSQPSBDJÓOEFDBUFHPSÎBTUSBOTMJOHÛÎTUJDBTFOMBDPNQSFOTJÓO
EFM GFOÓNFOP EFM DJOF DPNP MB EPCMF BSUJDVMBDJÓO  MBT SFMBDJPOFT QBSBEJHNÃUJDBT
Z TJOUBHNÃUJDBT  FO TVNB MB EVEB RVF BÙO DPOUJOÙB EF RVF TJ MP WJTVBM QVFEF TFS
BTJNJMBEPQPSMPWFSCBMMBSFTQVFTUBEFMQSPQJP.FU[FTOPOPQVFEFZQPSFTPFMBCPSÓ
TVQSPQVFTUBUBYPOÓNJDBEFMPTPDIPUJQPTTJOUBHNÃUJDPTEFMBCBOEBEFMBTJNÃHFOFT
4JOFNCBSHP BMNPNFOUPEFTVBQMJDBDJÓOFODJOFNBUPHSBGÎBTEJTUJOUBTBMBDMÃTJDBT FM
NPEFMPNPTUSÓJONFEJBUBNFOUFTVTDBSFODJBT TJUVBDJÓOSFDPOPDJEBQPSFTUFUFÓSJDP
DVBOEP BOBMJ[B "EJÓT 'JMJQJOBT  VOB QFMÎDVMB NPEFSOB SPEBEB FO FM DPOUFYUP EF MB
/VFWB0MB'SBODFTB"EFNÃTEFMEFCBUFUSBOTMJOHÛÎTUJDPZEFMBQSPQVFTUBEFMBHSBO
TJOUBHNÃUJDB .FU[SFMBDJPOBFOVOTFHVOEPNPNFOUPEFTVUSBCBKPMBTFNJÓUJDBDPO
FMQTJDPBOÃMJTJT ZMBO[BBNBOFSBEFUÎUVMPEFMJCSPPUSBQSPWPDBDJÓOFMTJHOJêDBOUF
JNBHJOBSJP0USBWF[ FMEFTDFOUSBNJFOUPEFOPDJPOFTEVSBTEFMBMJOHÛÎTUJDBPCMJHBB
MPTFTUVEJPTPTEFMDJOFBDPNQSFOEFSDÓNPFMFMFNFOUPNÃTUBOHJCMFEFMTJHOP MBQBSUF
NBUFSJBM TFOPTNVFTUSBFOVOBQFMÎDVMBTJOQPTJCJMJEBEEFBTJSTF
 &OUSFFTUBTDPOUSBEJDDJPOFT MBTFNJÓUJDBNVFTUSBTVTBMDBODFTQFSPUBNCJÊOMPT
QPTJCMFTSFDPSSJEPTUFÓSJDPTRVFMBGPSUBMF[DBODPODFQUVBMNFOUFZMFQFSNJUBODPOUJOVBS
FOSJRVFDJFOEP MPT FTUVEJPT EFM DJOF *ODMVTP  FO OP QPDBT IJTUPSJPHSBGÎBT EF UFPSÎB
DJOFNBUPHSÃêDB TF SFDPOPDF MB PCSB EF .FU[ DPNP FM QVOUP EF SVQUVSB FOUSF BDFS
DBNJFOUPTQSFEJTDJQMJOBSJPTZMPTQSPQJBNFOUFEFSJWBEPTEFBMHVOBEFMBTEJTDJQMJOBT
BDBEÊNJDBT FOOVFTUSPDBTPMBQSPWFOJFOUFEFMBMJOHÛÎTUJDB
 -PRVFOPFYQMJDBMBTFNJÓUJDBEFMDJOFFTFMUFNBRVFOPTPDVQBDPOMBêOBMJEBE
EFSFDVSSJSBMDVFTUJPOBNJFOUPEFDJFSUPTQSJODJQJPTEFDPNQSFOTJÓOZBOÃMJTJTBIPSB


FOCPHB RVFIBOQBTBEPBDPOTUJUVJSTFFOOPDJPOFTPNPEFMPTPQFSBUJWPTNÃTRVFFO
IJQÓUFTJTEFUSBCBKPRVF QPSTVDFTJÓOZBHMPNFSBDJÓO IBOEBEPDVFOUBEFVOPEFMPT
GFOÓNFOPTDVMUVSBMFTNÃTJNQPSUBOUFTEFMBTTPDJFEBEFTDPOUFNQPSÃOFBT
 1PSBIPSB TÓMPFYQPOHPVOBTFSJFEFBSHVNFOUBDJPOFTBDFSDBEFMPTMÎNJUFTEF
MBTFNJÓUJDBDPOMBJEFBEFHFOFSBSVOEFCBUFRVFDVFTUJPOFOVFTUSPNPEPEFNJSBSMB
TFNJÓUJDBEFMDJOFZ UBMWF[ QSPQPOFSTBMJEBTUFÓSJDBTFOMBDPOTUSVDDJÓOEFVOBFTQFDJF
EFQPTUTFNJÓUJDBDJOFNBUPHSÃêDB

&MDJOFSFQSPEVDFMPSFBMDPODSFUP
&MTJHOPMJOHÛÎTUJDPFTVOBSFQSFTFOUBDJÓOTPOPSBPHSÃêDBEFVOBMHPRVFHVBSEBVOB
SFMBDJÓOTJNCÓMJDBZBSCJUSBSJBDPOTVSFGFSFOUF4FUSBUBEFVOTÎNCPMPHFOÊSJDPRVF
OPEJTUJOHVFMBTJOEJWJEVBMJEBEFTEFMPTPCKFUPTQPSFMDPOUSBSJP MBTJNÃHFOFTZMPT
TPOJEPTEFMDJOFTPOEBEBTFYDMVTJWBNFOUFFOTVJOEJWJEVBMJEBEMBJNBHFOEFVOSPTUSP
OFDFTJUÓEFFTFSPTUSPFOQBSUJDVMBSQBSBHFOFSBSTFZOPEFVOBDPOWFODJÓOBCTUSBDUB 
TJNCÓMJDB EFDVBMRVJFSSPTUSP

-B JNBHFO OP TÓMP FT VO TJHOJêDBOUF DPNQMFKP  TJOP RVF TJFNQSF FT JOEJ
WJEVBMJ[BEB QFSTPOBMJ[BEB EJTUJOUB/VODBTFSÃMBEFVOQFSSP TJOPMBEFFTUF
QFSSP WJTUPFOFTUFMVHBS EFTEFFTUFÃOHVMP .JUSZ 


4FQPESÎBEFDJSRVF TJCJFOFTUBDPOEJDJÓOQSJNJHFOJBEFMDJOFFODVBOUPSFHJTUSPEFMV[
MPEFêOFDPNPVONFEJPJOEJDJBM MPDJFSUPFTRVFFTPTPCKFUPTTFDPOWJFSUFOFOTJHOPT 
BIPSBTÎJDÓOJDPTZ QPSUBOUPTJNCÓMJDPT BMFOUSBSFOSFMBDJÓODPOMBDVMUVSBRVFMPT
HFOFSBFJOUFSQSFUBTFHÙODJFSUPTDPOWFODJPOBMJTNPT-PTSPTUSPTJOEJWJEVBMFTQVFEFO
FYQSFTBSUFNBTJODMVTPNÃTBMMÃEFMPTMÎNJUFTEFMBEJÊHFTJT1PSFKFNQMP FO-B(VFSSB
EF"SHFM FMQSJNFSQMBOPEFVOQSJTJPOFSPEFHVFSSBRVFEFMBUBBTVTDPNQBÒFSPTOPT
NVFTUSBOPTÓMPFTBJNBHFOJOEJWJEVBMJ[BEB TJOPFMSPTUSPEFVOIPNCSFRVFTFTBCF
USBJEPSy$ÓNPVOBJNBHFOEFUSFTPDVBUSPTFHVOEPTQVFEFTFSDBQB[EFTJNCPMJ[BSFM
TVGSJNJFOUPEFMUSBJEPS QPSTVGVODJÓOTJNCÓMJDBRVFWBNÃTBMMÃEFMBIVFMMBMVNJOPTB
RVFMBHFOFSÓ4JOFNCBSHP FTFVOJWFSTPRVFDBQUBMBJNBHFODBSHBEBEFTFOUJEPFO
MBQVFTUBFOFTDFOB FTVOTFOUJEPFYUSBDJOFNBUPHSÃêDP VCJDBEPFOFMSFMBUPPFOMPT
UFNBTZOPFOMBTVTUBODJBEFMDJOF


-BEFVEBEFMBMJOHÛÎTUJDBDPOMBTFNJÓUJDBEFMDJOF
&TUF QPTUVMBEP JNQMJDB CVTDBS  FO VO TJTUFNB EF TJHOJêDBDJÓO EJGFSFOUF BM MFOHVBKF
OBUVSBM  MBT DBSBDUFSÎTUJDBT Z FTUSVDUVSBT EF MB MFOHVB $FOUSBSTF FO FM TJTUFNB EF MB
MFOHVB  Z OP FO MBT QBSUJDVMBSJEBEFT EFM TJTUFNB EF TJHOJêDBDJÓO DJOFNBUPHSÃêDP 
QSPEVKPMBTFSJFEFBSHVNFOUBDJPOFTDPOUSBEJDUPSJBTZBNFODJPOBEBTFMDJOF MFOHVBKF
TJO MFOHVB FM DJOF  MFOHVB TJO EPCMF BSUJDVMBDJÓO &TUF EFCBUF NVFTUSB MBT DBSFODJBT
EFMPTQPTUVMBEPTUSBOTMJOHÛÎTUJDPTEFUJQPTBVTTVSJBOPBMNPNFOUPEFFYQMJDBSPUSPT
MFOHVBKFT-BEVEBDPOUJOÙByDÓNPUFPSÎBTEFMMFOHVBKF QSJNBSJPTPTFDVOEBSJPTBMB
-PUNBO QVFEFOTFSNPEFMPTEFDPNQBSBDJÓOTJOSFEVDJSFMTJTUFNBEFTJHOJêDBDJÓO
EFMDJOFBDPOTJEFSBDJPOFTMJOHÛÎTUJDBT 1SJNFSPEFCFNPTSFDPOPDFSRVFFMDJOFFTVO
MFOHVBKFTVTDFQUJCMFEFFYQSFTBSJEFBTZTFOUJNJFOUPT QFSPDVZPTFOUJEPOPEFQFOEF
EFVOBFTQFDJFEFQBMBCSBT PSBDJPOFTPUFYUPTMJOHÛÎTUJDPTUSBOTGPSNBEPTFOJNÃHFOFT 
TJOPRVFFTVOMFOHVBKFDPOVOBNBUFSJBEFFYQSFTJÓOIFUFSPHÊOFBRVFTFDPOTUJUVZFFO
DPPSEFOBEBTFTQBDJPUFNQPSBMFT ZOPBQBSUJSEFDPOWFODJPOBMJTNPTBCTUSBDUPTDPNP
MPTTJHOPTMJOHÛÎTUJDPT
 -BTDPPSEFOBEBTFTQBDJPUFNQPSBMFTEFMDJOFTFDPODSFUJ[BOFOEJWFSTBTTVTUBODJBT
TJHOJêDBOUFT FTEFDJS FOWBSJBTNBUFSJBTEFJNBHFO TPOJEPZTVDFTJÓO.JUSZTFSFêSJÓ
BÊTUBT BVOEFGPSNBMJNJUBEB DPNPMBSFMBDJÓOFOUSFNPOUBKFZQMBOPT-BTVDFTJÓO
FOOVFTUSPTEÎBT ZBQBSUJSEFMVTPHFOFSBMJ[BEPEFMQMBOPTFDVFODJB ZBOPTFMJNJUB
TÓMPBMBTSFMBDJPOFTUFNQPSBMFTEFUJQPNFUPOÎNJDPQSPEVDJEBTQPSMBZVYUBQPTJDJÓO
EFQMBOPTFOMBRVFMBTÎOUFTJTEFBNCBTEBODPNPSFTVMUBEPVOOVFWPTFOUJEPEFMRVF
QPTFFOBJTMBEBNFOUF$POMBJODPSQPSBDJÓOEFMBTOVFWBTUFDOPMPHÎBTFOMBHFOFSBDJÓO
EF JNÃHFOFT DJOFNBUPHSÃêDBT  MB OPDJÓO EF NPOUBKF TF SFDVQFSB FO TV BDFQDJÓO EFM
TJHMP ıĢı DPNP VOB PQFSBDJÓO UFNQPSBM Z FTQBDJBM B MB WF[ /VFWPT OPNCSFT B MPT
NPWJNJFOUPTEFDÃNBSBBQBSFDFOEFTEFDPOQFMÎDVMBTDPNPѮF.BUSJYNPWJ
NJFOUPT DPOHFMBEPT  JOJDJPT FTUÃUJDPT TFHVJEPT EF SFDPSSJEPT USJEJNFOTJPOBMFT EF MB
DÃNBSB NVMUJFYQPTJDJPOFTRVFHFOFSBOCBSSJEPT ZDPOFMMPMBTFOTBDJÓOEFUSBTMBEP
-B NF[DMB EF GPUPHSBGÎB êKB DPO NPWJNJFOUPT FO MB QPTQSPEVDDJÓO Z FM NPOUBKF EF
JNÃHFOFTDBQUBEBTEFTEFEJWFSTPTÃOHVMPTBMNJTNPUJFNQP IBOJOJDJBEPVOOVFWP
FTUJMP WJTVBM FO FM DJOF TPCSF MB CBTF EFM SPNQJNJFOUP EFM FTQBDJP USJEJNFOTJPOBM Z
EFM UJFNQP MJOFBM &O MB QFMÎDVMB  ;BDL 4OZEFS  &TUBEPT 6OJEPT  
 BMHVOBT
TFDVFODJBT EF MVDIB DVFSQP B DVFSQP TPO NPTUSBEBT FO VOB SFBMJEBE OFUBNFOUF


DJOFNBUPHSÃêDB BQBSUJSEFMDVFTUJPOBNJFOUPEFMBTMFZFTEFMBOBUVSBMF[BQBSBSFTBMUBS
FTBTVTUBODJBTJHOJêDBOUFEFMDJOFRVFSFDMBNBVOBDFSDBNJFOUPTFNJÓUJDPGVOEBEPFO
TVQSPQJBGPSNB ZOPFOMBUSBOTQPTJDJÓOEFOPDJPOFTMJOHÛÎTUJDBT

6OJEBEFTNÎOJNBTEFTJHOJêDBDJÓOEFMTJHOPBMBMFYJB
-BT VOJEBEFT NÎOJNBT EF TJHOJêDBDJÓO TJFNQSF IBO SFQSFTFOUBEP VO QSPCMFNB
EFJEFOUJêDBDJÓOZEFêOJDJÓOFOMFOHVBKFTEJGFSFOUFTBMOBUVSBM:BTFBFMTJHOPPFM
NPSGFNB MBVOJEBENÎOJNBEFTJHOJêDBDJÓOMJOHÛÎTUJDBIBQFSNJUJEPDPNQSFOEFSMBT
BSUJDVMBDJPOFTQBSBEJHNÃUJDBTZTJOUBHNÃUJDBTRVFQFSNJUFOMBFYQSFTJÓOZDPNQSFOTJÓO
EFM FOUPSOP DVMUVSBM Z OBUVSBM EF MPT IBCMBOUFT *ODMVTP  TF SFDPOPDF TV VUJMJEBE BM
QPUFODJBSFMMFOHVBKFOBUVSBMDPNPFMJOTUSVNFOUPQSJNBSJPEFDPNVOJDBDJÓOEFMPT
TFSFTIVNBOPT QPSTVHSBODBQBDJEBEEFIBCMBSEFUPEPZ TPCSFUPEP DPOUBOTÓMPMB
BSUJDVMBDJÓOEFQPDPTGPOFNBTRVFQSPEVDFOTJHOPTEJWFSTPT
 4JOFNCBSHP MBTVOJEBEFTNÎOJNBTEFTJHOJêDBDJÓOFONVDIPTPUSPTMFOHVBKFT
NPEFMJ[BOUFTTFDVOEBSJPT DPNPMPTEFMBSUFPEFMPTNFEJPT OPUJFOFOFTUBFDPOPNÎBZ 
UBMWF[ OJFTBQPTJCJMJEBEEFFYQSFTJÓOHFOFSBMJ[BEBEFQPEFSSFGFSJSTFBUPEP-BEPCMF
BSUJDVMBDJÓOEFMDJOFOPTFIBMMBFOFMQVOUP MBMÎOFBPMBDVSWB OJFOFMDPOUSBTUFPMB
êHVSB DPNPDJFSUBTUFPSÎBTJOHFOVBTEFMEJTFÒPWJTVBMIBORVFSJEPFYQMJDBSUBNQPDP
OPTQPEFNPTSFGFSJSBMBQSJNFSBBSUJDVMBDJÓOBJTMBOEPFMFNFOUPTEFMBJNBHFO DPNP
QVFEFOTFSMPTPKPTEFVOSPTUSP&MGPUPHSBNB BMOFHBSMBFYJTUFODJBEFMNPWJNJFO
UP ZQPSMPUBOUPEFVOBTVTUBODJBEFMDJOF UBNQPDPQVFEFTFSDPOTJEFSBEPMBVOJEBE
NÎOJNBEFTJHOJêDBDJÓO BMBQBSTFHVJSMBTSFHMBTEFMBHSBOTJOUBHNÃUJDBNFU[JBOBRVF
WFFOVOBFTUSVDUVSBPSBDJPOBMFMGVOEBNFOUPEFMBJNBHFO TFDBFFOFMFSSPSEFRVFSFS
IBMMBSBQSJPSJMBFTFODJBMJOHÛÎTUJDBEFMDJOF
 "RVÎ QSPQPOFNPT VO BDFSDBNJFOUP NÃT CBSUIFTJBOP BM QSPCMFNB &O 4; 
FTUFQFOTBEPSGSBODÊTQSPQVTPRVFVOBMFYJBFTVOBVOJEBEEFTFOUJEP JEFOUJêDBCMF
Z BJTMBCMF  QFSP EFêOJEB TFHÙO MBT DPPSEFOBEBT FTQBDJPUFNQPSBMFT EFM UFYUP RVF MB
TPQPSUB4FUSBUBEFVOBDBUFHPSÎBBODMBEBFOVOQSPEVDUPDPODSFUP FOOVFTUSPDBTP 
MBQFMÎDVMB*EFOUJêDBSVOBMFYJBOPUJFOFRVFWFSDPOVOBEFDMBSBDJÓOEFQSJODJQJPT 
TJOP DPO MB BDUJWJEBE BOBMÎUJDB EF BJTMBNJFOUP EF MBT FTUSVDUVSBT EF TFOUJEP EFM DJOF
Z DPNPIFNPTWJTUP BMTFSJOEJWJEVBMFTTÓMPTPOWÃMJEBTQBSBFMêMNFFODVFTUJÓO Z
OPTJSWFOQBSBNPEFMJ[BSVOHÊOFSP VOBÊQPDB VOFTUJMPOJUPEPFMDJOF&OTVNB 


DPO MB OPDJÓO EF MFYJB DPNP VOJEBE NÎOJNB EF TJHOJêDBDJÓO RVFSFNPT SFTDBUBS MB
MFHÎUJNBJOUFODJÓOTFNJÓUJDBEFEBSDVFOUBEFMBTBSUJDVMBDJPOFTEFTFOUJEPEFMDJOF
DPOCBTFFOVOBTVTUBODJBTJHOJêDBOUFIFUFSPHÊOFBQFSPBMBWF[ DVFTUJPOBNPTRVFMB
OPDJÓOEFTJHOPMJOHÛÎTUJDPQFSNJUBFYQMJDBSFTBTNJTNBTBSUJDVMBDJPOFTUPEBWF[RVF
QSFUFOEFQSPEVDJSOPDJPOFTHFOÊSJDBTBQMJDBCMFTBDVBMRVJFSTJUVBDJÓO TJODPOTJEFSBS
MBTFTQFDJêDJEBEFTEFMTJTUFNBEFTJHOJêDBDJÓOEFMDJOF

&MDJOFDÓEJHPPFMDJOFNBUFSJBTJHOBMÊDUJDB
.FU[FOUFOEÎBBMPTDÓEJHPTDJOFNBUPHSÃêDPTDPNPDBNQPTBTPDJBUJWPTRVFSFWFMBOVOB
PSHBOJ[BDJÓOMÓHJDBZTJNCÓMJDBRVFTVCZBDFFOVOUFYUP-PTDÓEJHPTDJOFNBUPHSÃêDPT
OPTFTVTUFOUBOFODPNCJOBUPSJBTPBTPDJBDJPOFTSÎHJEBT QPSFMDPOUSBSJP MPTFMFNFOUPT
RVFMPDPOGPSNBOIBOFYQFSJNFOUBEPEFGPSNBDJPOFTZBMUFSBDJPOFTDPOFMVTP4JFM
DJOFTFDPOTUJUVZFSBTPCSFDÓEJHPTJOBMUFSBCMFT MPTTJHOPTZMBTDPNCJOBUPSJBTTFBTF
NFKBSÎBOBMPTMFOHVBKFTDPNQVUBDJPOBMFTEPOEFVOFSSPSEFTJOUBYJTPVOBPNJTJÓOEF
VOGPOFNBPMFUSBDPOEVDJSÎBOBMGSBDBTPEFMBTJHOJêDBDJÓO
 .FU[ QMBOUFB VOB IJQÓUFTJT BDFSDB EF MB DPNQSFOTJÓO DPEJêDBEB EFM DJOF BM
BêSNBSRVFFTVOMFOHVBKFIFUFSPHÊOFPRVFSFMBDJPOBFOTVNBUFSJBTJHOJêDBOUFMPT
TJHVJFOUFT DÓEJHPT 
 MB QFSDFQDJÓO 
 FM SFDPOPDJNJFOUP F JEFOUJêDBDJÓO DVMUVSBM

 MPT TJNCPMJTNPT Z DPOOPUBDJPOFT 
 MBT FTUSVDUVSBT OBSSBUJWBT 
 FM TPOJEP  Z 

MPTDÓEJHPTQSPQJBNFOUFDJOFNBUPHSÃêDPT-PTDJODPQSJNFSPTSFQSFTFOUBOMPGÎMNJDP 
UPEBWF[RVFTPODPNQBSUJEPTDPOPUSPTMFOHVBKFT MBMJUFSBUVSB MBQJOUVSB MBGPUPHSBGÎB 
MBNÙTJDB
&MÙMUJNPDPOTUJUVZFMPDJOFNBUPHSÃêDP QVFTFTJOIFSFOUFBMDJOF
 $POFTUBJEFBEFDÓEJHPOPDPNPMFOHVB TJOPDPNPVODBNQPEFBTPDJBDJPOFT
EFFMFNFOUPTTJHOJêDBOUFTTJOMBTSFHMBTFTUSVDUVSBOUFTEFMBMJOHÛÎTUJDB .FU[QSFUFOEF
EBSVOBFYQMJDBDJÓOQMBVTJCMFBVOQSPCMFNBDBVTBEPQPSMBQSPQJBOPDJÓOEFDÓEJHP
:FTRVFFMDÓEJHPMJNJUBMPTQSPDFTPTEFUSBOTNJTJÓOZDPNVOJDBDJÓOBPQFSBDJPOFT
NÃTPNFOPTBVUPNBUJ[BEBTEFQSPEVDDJÓOZDPOTVNPEFMTFOUJEP&MDÓEJHPQFSNJUF
FMJOUFSDBNCJPEFTJHOPTDPNQSFOTJCMFTFOVOBDVMUVSB QFSPFTVOBOPDJÓORVFFOUSB
FODPOëJDUPDPOBRVFMMPTTJTUFNBTEFTJHOJêDBDJÓO PUSBWF[DPNPMPTEFMBSUF RVFQBSB
FYJTUJSSFRVJFSFOEFMBJOFYJTUFODJBPFMDVFTUJPOBNJFOUPEFMPTDÓEJHPT&MDÓEJHPMF
WJFOFCJFOBMPTTJTUFNBTGVOEBEPTFOFMDBOPO FOMBJOTUJUVDJPOBMJ[BDJÓOEFFTUSVDUVSBT
EFTFOUJEP GÃDJMNFOUFSFDPOPDJCMFTQPSMPTVTVBSJPT


 "IPSBCJFO TJQBSUJNPTEFVOBBDUJUVEGFOPNFOPMÓHJDB FTUPFT EFVOBSFëFYJÓO
BDFSDBEFMGFOÓNFOPQFSDJCJEPFOFMNJTNPNPNFOUPEFTVNBOJGFTUBDJÓO VOFODVFOUSP
FOUSF MB QFSDFQDJÓO EFM FTQFDUBEPS Z MB NBUFSJB EFOPNJOBEB QPS %FMFV[F DPNP
NPWJNJFOUP MBQFSTQFDUJWBTFNJÓUJDBEFDÓEJHPTFNPEJêDB&TUBOVFWBBDUJUVETFIBMMB
NÃTDFSDBOBBMBFOVODJBDJÓORVFBMFOVODJBEP BMBFOVODJBDJÓO QVFTBMBNBOFSBEF
MPTEFÎDUJDPT ZP UÙ BMMÃ IPZ
FMNPWJNJFOUPFYQSFTBEPFOFMDJOFTÓMPTFQVFEFEFêOJS
EFOUSPEFMBTDPPSEFOBEBTFTQBDJPUFNQPSBMFTEFMêMNFFOTVDFTJÓOQPSFMDPOUSBSJP FM
FOVODJBEPFTFMSFTVMUBEPEFDPOEJDJPOFTQSFEBEBTEFMBBQMJDBDJÓOEFMDÓEJHP
 -B JEFB TBVTTVSJBOB EF RVF FM IBCMB QBSPMF
 FT MB SFBMJ[BDJÓO DPODSFUB EF MB
MFOHVB MBOHVF
IBTJEPJOUFSQSFUBEBFOUÊSNJOPTNFDÃOJDPTBQBSUJSEFMBUFPSÎBEF
MBJOGPSNBDJÓO4JBMHP VOFMFNFOUPPVOBSFHMB OPFTUÃDPOUFNQMBEPFOMBMFOHVB 
TV FYJTUFODJB NBUFSJBM FT JNQPTJCMF 4JO FNCBSHP  UBOUP FM VTP MJOHÛÎTUJDP EFM IBCMB
DPNPPUSPTTJTUFNBTEFTJHOJêDBDJÓOEFTCPSEBODPOTUBOUFNFOUFFMDÓEJHP"IÎFTUÃO
MPTNÙMUJQMFTFKFNQMPTEFMPTJNQMÎDJUPTPMPTTPCSFFOUFOEJEPTEPOEFTFEJDF9 QFSPTF
RVJFSFEFDJS:&MTJHOJêDBEPSFBMOPFTOVODBMJUFSBM QVFTEFQFOEFEFMBTDPOEJDJPOFT
EFFOVODJBDJÓO&MQSPCMFNBTFBHVEJ[BFOFMBSUF JODMVJEPFMDJOFyTFQVFEFDPOTJEFSBS
BMBSUFVOMFOHVBKF PyTFUSBUBEFVOBOPNVZGFMJ[NFUÃGPSBRVFQSFUFOEFSFEVDJSBMB
GVODJÓODPNVOJDBUJWBUPEBPCSBBSUÎTUJDB QVFT TBCFNPT FYJTUFBSUFEFMJCFSBEBNFOUF
BNCJHVP BMFKBEPEFUPEBJOUFODJÓOTVQFSêDJBMEFDPNVOJDBSPSFQSFTFOUBS FTEFDJS 
IBZVOBSUFBOUJDÓEJHP QSFDJTBNFOUFFOHMPCBEPFOFMMMBNBEPBSUFNPEFSOP BSUFEFMB
OFHBDJÓOEFMDBOPODMÃTJDP
 -BNFUÃGPSBUBNCJÊOIBTJEPÙUJMQBSBMPTQFEBHPHPT OPUBOUPQBSBMPTDSFBEPSFT 
QVFTFTUPTÙMUJNPTTJFNQSFIBOSFTQFUBEP QPSDPOWFOJFODJBQFSTPOBMPEFNFSDBEP 
MB JEFB EFM ÃVSFB EF PSJHJOBMJEBE Z BVUFOUJDJEBE EF TVT PCSBT  BTÎ DPNP FM NJUP EFM
HFOJPDSFBEPSFOMBTGSPOUFSBTEFMBMPDVSB-PTQFEBHPHPT QPSFMDPOUSBSJP QBSUFO
EFMBQSFNJTBEFRVF TJUPEPMFOHVBKFBSUÎTUJDPFTUÃDPOTUJUVJEPQPSTJHOPTZÊTUPTTF
PSHBOJ[BO FO TJTUFNBT  FOUPODFT TF QVFEFO DPOTUSVJS DBUFHPSÎBT SJHVSPTBT DPO êOFT
EFFOTFÒBO[B VOMFOHVBKFSFEVDJEPBMBTQSÃDUJDBTNÃTDPNVOFTZBDFQUBEBTQPSMB
JOEVTUSJB EFM DJOF DMÃTJDP FTUBEPVOJEFOTFZUSBTMBEBEPBPUSPTNFEJPTBVEJPWJTVBMFT
MBUFMFWJTJÓOZFMNVMUJNFEJB
-PTFTUVEJBOUFTEFDJOFTFJOTUSVZFOFOVOBTVQVFTUB
HSBNÃUJDBEFMBDPNQPTJDJÓOEFMBJNBHFO EFMPTQMBOPTTPOPSPTZEFMBTSFHMBTEFM
SBDDPSE DPOMBêOBMJEBEEFEJTJNVMBSFMBQBSBUPEFMBFOVODJBDJÓODJOFNBUPHSÃêDB


 0USBDSÎUJDBJNQPSUBOUFBMBTFNJÓUJDBUSBOTMJOHÛÎTUJDBEF.FU[ QFSPBGBWPSEFVOB
TFNJÓUJDBEFDPSUFQFJSDFBOP UJFOFTVPSJHFOFOPUSBJEFBEF(JMMFT%FMFV[FBDFSDBEFMB
NBUFSJBEFMDJOF-BQSFHVOUBEFDÓNPFOGSFOUBSMBTSFMBDJPOFTDJOFMFOHVBKF OPEFCF
CVTDBSSFTQVFTUBFOVOIFDIPIJTUÓSJDP FMDJOFTFIJ[POBSSBUJWP
OJFOMBTEFUFSNJOBDJPOFT
MJOHÛÎTUJDBTRVFOPMPDPOGPSNBODPNPMFOHVB4FQSPQPOFVOHJSP QVFT%FMFV[FQJFOTB
RVFMBOBSSBDJÓOFOFMDJOFFTVOBDPOTFDVFODJBEFMBTQSPQJBTJNÃHFOFTFONPWJNJFO
UP OVODBMBDPOTFDVFODJBEFVOEBUPIJTUÓSJDP"MDPNQBSBSMBJNBHFODPOFMFOVODJBEP 
.FU[BMFKÓBMDJOFEFTVDBSBDUFSÎTUJDBNÃTBVUÊOUJDBFMNPWJNJFOUP
 -BBOBMPHÎBOPFTOJDPOFMPCKFUPSFQSFTFOUBEPOJDPOFMMFOHVBKFOBUVSBM TJOPDPOMB
JNBHFONPWJNJFOUPZDPOMBJNBHFOUJFNQP FTFODJBNJTNBEFMDJOF"NCBTJNÃHFOFT
NPMEFBOFMPCKFUP FMUJFNQP OPQPSRVFSFTQPOEBOBVONPMEF BMDÓEJHP NÃTCJFO 

<w> MB NPEFMBDJÓO FT PUSB DPTB  FT VOB QVFTUB FO NPMEF FO WBSJBDJÓO  VOB
USBOTGPSNBDJÓOEFMNPMEFFODBEBJOTUBOUFEFMBPQFSBDJÓO %FMFV[F 


&TUFUJFNQPNPEFMBEPUJFOFEPTFKFT VOPWFSUJDBMZPUSPIPSJ[POUBM RVFOPTFDPO


GVOEFODPOMBTOPDJPOFTEFQBSBEJHNBZTJOUBHNB-BJNBHFOTFDPOGPSNBFOQMBOPT
P FODVBESFT  FO TÎ NJTNPT NÓWJMFT Z FO DPOTUBOUF USBOTGPSNBDJÓO UBNCJÊO GPSKB
JOUFSWBMPT EPOEF BQBSFDFO DMBTFT EJTUJOUBT EF JNÃHFOFT NPOUBKF
 -B FTFODJB EF MB
JNBHFOFOFMDJOFOPTFFODVFOUSBFOVOBDPEJêDBDJÓOEFFTUPTFODVBESFTPNPOUBKFT 
TJOPFOFMNPMEFNJTNPEFMBEVSBDJÓO EFMUJFNQP RVFTFSFQSFTFOUBFOTJHOPTBMP
1FJSDF FTEFDJS FOTJHOPTRVFSFNJUFOBPUSPTTJHOPT BTÎBDBEBJNBHFOMFDPSSFTQPOEF
BMHÙOUJQPEFTJHOP
 /P FTUÃ EF NÃT BDMBSBS RVF MB MFDUVSB EFMFV[JBOB EF 1FJSDF OP FT UFYUVBM 1PS
FKFNQMP FMêMÓTPGPGSBODÊTBHSFHBMBOPDJÓOEFDFSPJEBE VOBJNBHFOQFSDFQDJÓORVF
FTQFSDFQDJÓOEFMBQFSDFQDJÓO"EFNÃT MBUBYPOPNÎBEF1FJSDFUJFOFNVZQPDPRVFWFS
FO OPNFODMBUVSB Z TJHOJêDBDJÓO DPO MB EF %FMFV[F  TJO FNCBSHP  FTUF BDFSDBNJFOUP
TFNJÓUJDPMFQFSNJUFEFêOJSBMDJOFDPNP

<w>VOBNBUFSJBTJHOBMÊDUJDBRVFJNQMJDBSBTHPTEFNPEVMBDJÓOEFUPEBDMBTF 
TFOTPSJBMFT WJTVBMFT Z TPOPSPT
 LJOÊTJDPT  JOUFOTJWPT  BGFDUJWPT  SÎUNJDPT 
UPOBMFTFJODMVTPWFSCBMFT FTDSJUPTZPSBMFT
 %FMFV[F 



6OBNBUFSJBRVFNPMEFBFMUJFNQPDVBMNBTBQMÃTUJDB TJODPEJêDBDJPOFTTJOUBHNÃUJDBT 
QFSPRVFTÎDPOTFSWBMBGVODJÓODPHOJUJWBEFMTJHOPMBRVFQSFTVQPOFFMDPOPDJNJFOUP
EFMPCKFUPFOPUSPTJHOP

:TJOFNCBSHP MBTFNJÓUJDBFYQMJDBMBSFTQVFTUBDPHOJUJWB
6OB QSFHVOUB RVF EFTDFOUSB FM EFCBUF IB TJEP MB TJHVJFOUF yDÓNP IBCMBS EF VOB
TFNJÓUJDBDJOFNBUPHSÃêDBTJOMBNFEJBDJÓOEFTJHOPT /POPTSFGFSJNPTBMPTTVQVFTUPT
TJHOPTWJTVBMFTPBVEJUJWPTEFMDJOF TJOPBMQBQFMEFMMFOHVBKFOBUVSBMFOFMQSPDFTPEF
NFEJBDJÓORVFQFSNJUFBMPTJOEJWJEVPTDPOUSPMBSZDPNQSFOEFSTVBNCJFOUF"IPSB
CJFO RVFFMDBNQPEFNBOJPCSBEFMBTFNJÓUJDBDPJODJEBDPOFMEFMMFOHVBKFOPTJHOJêDB
MBTVCPSEJOBDJÓOBMBêMNPMJOHÛÎTUJDBNFU[JBOB
 1BSB MB TFNJÓUJDB DPHOJUJWB  FM DJOF TF EFêOF QPS MBT JOWBSJBOUFT Z MPT SBTHPT
RVF QPTFFO UPEBT MBT QFMÎDVMBT RVF EFUFSNJOBO TVT NFEJPT EF BSUJDVMBS Z NFEJBS MB
TJHOJêDBDJÓO-PJOWBSJBOUFOPTFNBOJêFTUBTVQFSêDJBMNFOUF MBTFNJÓUJDBQSFTVQPOF
RVFUPEPTMPTGFOÓNFOPTUJFOFOVOTJTUFNBTVCZBDFOUFRVFDPOTUJUVZFMBFTQFDJêDJEBE
FJOUFMJHJCJMJEBEEFFTPTGFOÓNFOPT&MQBQFMEFMBTFNJÓUJDBFTIBDFSWJTJCMFFTFTJTUFNB 
DPOTUSVZFOEPVONPEFMP

<w> VO PCKFUP JOEFQFOEJFOUF RVF UJFOF VOB DJFSUB DPSSFTQPOEFODJB OP
JEÊOUJDB
DPOFMPCKFUPEFDPHOJDJÓOZRVFHSBDJBTBDJFSUBTSFMBDJPOFT UBNCJÊO
DPHOJUJWBT
QVFEFSFFNQMB[BSBMPCKFUPEFDPHOJDJÓO #VDLMBOE 


&MQSJNFSQBTPDPOTJTUFFODPOTUSVJSVONPEFMPEFMTJTUFNBTVCZBDFOUFRVFJOWPMVDSF
QSPQJFEBEFTZQBSUFT BTÎDPNPMBNBOFSBFORVFTFJOUFSSFMBDJPOBOZGVODJPOBO&M
NPEFMPTFFYQSFTBFOVOBTFSJFEFIJQÓUFTJTPQSPQPTJDJPOFT OPEFHSBOEFTBYJPNBT

TFHÙODSJUFSJPTJOUFSOPT DPOTJTUFODJBMÓHJDB
ZFYUFSOPT EFCFTFSDBQB[EFBOBMJ[BS
GFOÓNFOPT FYJTUFOUFT Z QSFEFDJS MB FTUSVDUVSB EF MPT OVFWPT
 $PNP TF QVFEF
PCTFSWBS OPTFUSBUBEFVOBTFNJÓUJDBSÎHJEBPFTUSVDUVSBM QFSPTÎDPOQSFUFOTJPOFTEF
HFOFSBMJ[BDJÓO FTEFDJS EFIBDFSUFPSÎB
 8BSSFO#VDLMBOEBêSNBRVFFMSFDIB[PBMPTBDFSDBNJFOUPTTFNJÓUJDPTFTUBNCJÊO
VOSFDIB[PBMBFTQFDJêDJEBEEFMBNFOUFZMBDVMUVSBIVNBOBT FTUPFT BMMFOHVBKFDPNP
DBSBDUFSÎTUJDBEFêOJUPSJBEFMIPNCSF1PSFMMP MPTTFNJÓMPHPTDPHOJUJWPTOPFTQFDVMBO


PFWBMÙBO TJOPRVFBQVOUBOBNPEFMBSMBTBDUJWJEBEFTNFOUBMFTSFBMFTFOFMNBSDPEFM
FTUVEJPEFMBTQFMÎDVMBT
 1BSBMBTFNJÓUJDBDPHOJUJWBDJOFNBUPHSÃêDBFMDJOFOPTFFYQMJDBNFEJBOUFVOB
BOBMPHÎBDPOFMGVODJPOBNJFOUPEFMMFOHVBKFOBUVSBM&MDJOFFTVONFEJPRVFQPTFFTV
QSPQJPEJTUJOUJWP VOTJTUFNBTVCZBDFOUFRVFDPOêFSFJOUFMJHJCJMJEBEZFTUSVDUVSBBUPEBT
MBTQFMÎDVMBT MJNJUÃOEPTFBMPTSBTHPTJOWBSJBOUFTRVFEFêOFOMBFTQFDJêDJEBEEFMDJOF

-BTFNJÓUJDBFOFMFTUVEJPEFMBTVTUBODJBEFMDJOFMPTSBTHPT
JOWBSJBOUFT
-B GPSNB EFM DJOF  FT EFDJS  UPEP BRVFMMP RVF TF BQSFDJB EF VOB QFMÎDVMB DPO MPT
TFOUJEPT TFIBEJMVDJEBEPNFEJBOUFMPTQSPCMFNBTDFOUSBMFTEFMSFMBUPDJOFNBUPHSÃêDP
QPS PQPTJDJÓO P TFNFKBO[B BM MJUFSBSJP 4JO FNCBSHP  VOB QFMÎDVMB OP FT TÓMP VO UJQP
FTQFDÎêDPEFOBSSBUJWBBVEJPWJTVBM QPSFMDPOUSBSJP MBGPSNBQFSNJUFMFFSVOBQFMÎDVMB
NÃTBMMÃEFMBTVQFSêDJFEFMBTBDDJPOFTEFMPTQFSTPOBKFT&TJNQPSUBOUFJEFOUJêDBSRVÊ
IBDFMBDÃNBSB DÓNPTFNPOUÓMBFTDFOB DVÃMFTTPOMBTPQDJPOFTEFMBFEJDJÓOy$ÓNP
EBSPSEFOZDJFSUPOJWFMEFDPIFSFODJBBMFTUVEJPEFMBGPSNBEFMDJOF 1SJNFSPTFEFCF
SFDPOPDFSRVFBMPMBSHPEFMBIJTUPSJBEFFTUFNFEJP MBTQFMÎDVMBTNÃTBOBMJ[BEBTIBO
NPTUSBEP VO OJWFM EF DPNQMFKJEBE GPSNBM QPS FODJNB EF MB NFEJB -BT JOOPWBDJPOFT
UFDOPMÓHJDBTZDSFBUJWBTTJFNQSFTFIBODPOTJEFSBEPMBFTFODJBPDBQBDJEBEJOIFSFOUFBM
BSUFDJOFNBUPHSÃêDPFTUFIFDIPOPTPCMJHBBEJTUJOHVJSMPTêMNFTZMPTEJSFDUPSFTRVF
IBOFOUFOEJEPFMQPUFODJBMEFMBUFDOPMPHÎBDJOFNBUPHSÃêDBFOMBDSFBDJÓOEFOVFWBT
SFBMJEBEFT 6OB QFMÎDVMB GPSNBMNFOUF DPNQMFKB EFNBOEB DJFSUB BDUJUVE QPS QBSUF EFM
FTUVEJPTP MBDVBMEFCFBQVOUBSNÃTBMMÃEFMSFMBUPZEFMBTVQFSêDJFTJNCÓMJDBRVFZBEF
QPSTÎUSBFODPOTJHPMPTPCKFUPT MBTQFSTPOBTZMPTTPOJEPTRVFDJSDVOEBOMBTBMBEFDJOF
 1BSBFTUVEJBSMBGPSNBDJOFNBUPHSÃêDBIFNPTFMFHJEPCBTBSOPTFOMBQSPQVFTUB
CBSUIFTJBOBEFMBHFOFSBDJÓOZMFDUVSBEFTFOUJEP1BSBFMTFNJÓMPHPGSBODÊTFYJTUFO
USFT OJWFMFT EF TFOUJEP FO VO êMNF FM EF MB DPNVOJDBCJMJEBE  MB TJHOJêDBDJÓO Z MB
TJHOJêDBODJBVPCUVTP&OFMOJWFMEFMBDPNVOJDBCJMJEBE MBGPSNBFTUÃTVCPSEJOBEBBM
SFMBUPZTFDPOPDFFOUÊSNJOPTHFOFSBMFTDPNPFMFTUJMPEFMDJOFDMÃTJDPIPMMZXPPEFOTF
&TUFUJQPEFêMNFTTJFNQSFEPNJOBMBDBSUFMFSBTJOJNQPSUBSFMQBÎTEFPSJHFOEFMB
QFMÎDVMB ZTFDSFBOBQBSUJSEFVOBGPSNBUSBOTQBSFOUFRVFGBWPSF[DBMBDPNQSFOTJÓO
BVUPNÃUJDBEFMBTBDDJPOFTZNPUJWBDJPOFTEFMPTQFSTPOBKFT QFSPTÓMPOPTJOUFSFTBOFO


BRVFMMBTQBSUFTEPOEFMBGPSNBFNFSHFJOUFNQFTUJWBNFOUFQBSBBMUFSBSBMFTQFDUBEPS
&MOJWFMEFMBTJHOJêDBDJÓOFTFMEFMBTQFMÎDVMBTOPUPSJBNFOUFTJNCÓMJDBT QPSFKFNQMP
BRVFMMBTDJOFNBUPHSBGÎBTOBDJPOBMFT MBKBQPOFTB
EPOEFMBCÙTRVFEBEFMBTSBÎDFTZEF
MBTFTFODJBTQSÃDUJDBNFOUFIBDFOJMFHJCMFFMêMNFQBSBPUSBTDVMUVSBT BQFTBSEFVTBSVOB
GPSNBDMÃTJDB&MUFSDFSOJWFMFTFMEFMBTJHOJêDBODJB FMPCUVTP QPSSFTCBMBEJ[P ZQPS
TFSFMQSJNFSPFODPONPWFSOPTQFSPFMÙMUJNPFODPNQSFOEFS1SÃDUJDBNFOUFBQBSFDF
FODVBMRVJFSUJQPEFêMNFT KVTUPDVBOEPMBGPSNBTFUPSOBBNBOFSBEB BMHVOBTWFDFT
FYBHFSBEBNFOUFCBSSPDB&MBNBOFSBNJFOUPEFMBGPSNBSFWJOEJDBBMDJOF MPQVSJêDBZ
MPIBDFNÃTDJOFNBUPHSÃêDPOPFYJTUFFMWJSUVPTJTNPTJOMBGPSNBNBOJFSJTUB
 "VORVFFOMPTUSFTOJWFMFTQVFEFBQBSFDFSVOBGPSNBQVSB FTUPFT TJOWÎODVMPP
KVTUJêDBDJÓOBMHVOBDPOFMSFMBUPPDPOMBJEFPMPHÎBEFMEJSFDUPS FTDPNQSFOTJCMFRVF
FO FM OJWFM PCUVTP FM FTQFDUBEPS CVTRVF EFTFTQFSBEBNFOUF VO TFOUJEP  Z DPNP FTUÃ
NÃTBMMÃEFMBDVMUVSB FOUÊSNJOPTEFMQSPQJP#BSUIFT TÓMPMPQPEFNPTFODPOUSBSFO
OVFTUSBTFNPDJPOFTZQFOTBNJFOUPT&OTVNB QBSBFTUVEJBSMBGPSNBDJOFNBUPHSÃêDB
TFEFCFSFDPOPDFSMBJNQPSUBODJBEFMPTNÙMUJQMFTSPTUSPTEFMQPUFODJBMUFDOPMÓHJDPEFM
DJOFRVFBRVÎQSPQPOFNPTVCJDBSMPFOUSFTNBDSPTVTUBODJBTTJHOJêDBOUFTMBQVFTUBFO
FTDFOB FODVBESPZFOTFSJF
 &M FTUVEJP EF FTUBT USFT QVFTUBT OPT DPOEVDF B FOUFOEFS VOB FNPDJÓO P VO
QFOTBNJFOUPFOFMDJOF NÃTBMMÃEFMBTDPOKFUVSBTEFSJWBEBTEFMSFMBUP UBNCJÊOFWJUB
RVFBMFHPSJDFNPTMPTUFNBTEFMBQFMÎDVMBZQFSNJUFTFQBSBSOPTEFDVBMRVJFSJOUFOUP
EF SFEVDJS FM TFOUJEP B FYQMJDBDJPOFT Z DSJUFSJPT QMBVTJCMFT &O TVNB  OPT QFSNJUF
JNQMJDBSOPT DPO OPTPUSPT NJTNPT NFEJBOUF MB GPSNB DJOFNBUPHSÃêDB  HSBDJBT B MB
DPNQSFOTJÓOQSPGVOEBEFMBTBSUJDVMBDJPOFTTVCZBDFOUFTEFMDJOF DPOMBêOBMJEBEEF
FYQMJDBSEFBRVFMMPRVFMBQFMÎDVMBTJHOJêDÓFOOPTPUSPT


#JCMJPHSBGÎB

#BSUIFT  3PMBOE 


 -P PCWJP Z MP PCUVTP JNÃHFOFT  HFTUPT  WPDFT #BSDFMPOB
1BJEÓT

4;4JHMPııĢ.ÊYJDP
#PSEXFMM %BWJE 
-BOBSSBDJÓOFOFMDJOFEFêDDJÓO#BSDFMPOB 1BJEÓT 
#VDLMBOE 8BSSFO 
ѮFDPHOJUJWFTFNJPUJDTPGêMN$BNCSJEHF6OJWFSTJUZ/FX
:PSL
%FMFV[F  (JMMFT 
 -B JNBHFONPWJNJFOUP &TUVEJPT TPCSF FM DJOF  1BJEÓT
#BSDFMPOB

 -B JNBHFOUJFNQP &TUVEJPT TPCSF FM DJOF  1BJEÓT  QSJNFSB SFJNQSFTJÓO
#BSDFMPOB
%FMBEBMMF (ÊSBSE 
-FFSB1FJSDFIPZ(FEJTB&TQBÒB
.FU[ $ISJTUJBO B
&OTBZPTTPCSFMBTJHOJêDBDJÓOFOFMDJOF7PMVNFOVOP1BJEÓT
#BSDFMPOB
C
&OTBZPTTPCSFMBTJHOJêDBDJÓOFOFMDJOF7PMVNFOEPT1BJEÓT#BSDFMPOB
D
&MTJHOJêDBOUFJNBHJOBSJPQTJDPBOÃMJTJTZDJOF1BJEÓT#BSDFMPOB
.JUSZ +FBO 
4FNJPUJDTBOEUIF"OBMZTJTPG'JMN*OEJBOB6OJWFSTJUZ1SFTT64"


)BDJBVOBTFNJÓUJDBEFMUSBJMFS
-BVSP;BWBMB

3FTVNFO
&M PCKFUJWP EF FTUF USBCBKP FT QSFTFOUBS BMHVOPT FMFNFOUPT QBSB DPOUSJCVJS B MB FMB
CPSBDJÓOEFVOBTFNJÓUJDBEFMUSBJMFS DPNPVOHÊOFSPEFMBNJOJêDDJÓOBVEJPWJTVBM
1BSBFMMPFTOFDFTBSJPQBSUJSEFMSFDPOPDJNJFOUPEFMBTDBSBDUFSÎTUJDBTEFMBTGPSNBTEF
MBNJOJêDDJÓOFTUVEJBEBTIBTUBBIPSB FTEFDJS MBNJOJêDDJÓOMJUFSBSJB

%FMBNJOJêDDJÓOMJUFSBSJBBMBFYUSBMJUFSBSJB
-B NJOJêDDJÓO FT FM HÊOFSP NÃT SFDJFOUF EF MB FTDSJUVSB MJUFSBSJB  Z UJFOF FOUSF TVT
DBSBDUFSÎTUJDBT VOB OBUVSBMF[B IÎCSJEB  VOB FYUFOTJÓO RVF OP SFCBTB MBT  P 
QBMBCSBT FTEFDJS FMFTQBDJPSFHVMBSEFVOBQÃHJOBJNQSFTB
ZVOBUFOEFODJBBMFNQMFP
EFMIVNPSZMBJSPOÎBDPNPFTUSBUFHJBTEFOBUVSBMF[BMÙEJDBZFYQFSJNFOUBM
 (FOFSBMNFOUFTFIBDPOTJEFSBEPMBQVCMJDBDJÓOEFMWPMVNFO&OTBZPTZQPFNBT
EF+VMJP5PSSJ FO.ÊYJDP FO DPNPFMQSJNFSWPMVNFOEFNJOJêDDJPOFT&TUPT
NBUFSJBMFTMJUFSBSJPTTFEJTUJOHVFOEFMBOBSSBUJWBUSBEJDJPOBMOPTÓMPQPSTVFYUFOTJÓO 
TJOP TPCSF UPEP QPS TV OBUVSBMF[B BMUBNFOUF FMÎQUJDB Z QPS FM FNQMFP EF SFDVSTPT
JOUFSUFYUVBMFT
&O VO MBQTP EF  BÒPT  FTUF HÊOFSP IB TJEP PCKFUP EF VO QSPDFTP HSBEVBM EF
DBOPOJ[BDJÓOMJUFSBSJBZBDBEÊNJDBDPNPPCKFUPEFFTUVEJP MPDVBMTFQVFEFQSFDJTBS
BM FTUVEJBS MB FYJTUFODJB EF MPT TJHVJFOUFT JOEJDBEPSFT MB QVCMJDBDJÓO EF NÃT EF 
BSUÎDVMPTFTQFDJBMJ[BEPTTPCSFFMHÊOFSP FMQSJNFSPEFMPTDVBMFTBQBSFDJÓFOFMBÒP

MBFMBCPSBDJÓOEFNÃTEFUFTJTEPDUPSBMFT MBQSJNFSBFO
MBQVCMJDBDJÓO
EFNÃTEFBOUPMPHÎBT BMHVOBTEFFMMBTDPOUJSBKFTTVQFSJPSFTBMPTNJMFKFNQMB
SFT MBQSJNFSBFO
MBSFBMJ[BDJÓOEFDVBUSPDPOHSFTPTBDBEÊNJDPTJOUFSOBDJPOBMFT
FM QSJNFSP FO .ÊYJDP FO 
 MB FYJTUFODJB EF VOB SFWJTUB FTQFDJBMJ[BEB FO FM
HÊOFSP DSFBEBFOMBĮĚĦ9PDIJNJMDPFOFMBÒP
MBFYJTUFODJBEFVOBFEJUPSJBM
FTQFDJBMJ[BEBFOFMHÊOFSP ѮVMF FO#BSDFMPOB DSFBEBFO
ZMBQVCMJDBDJÓOEF


BMNFOPTEPTUSBUBEPTDBOÓOJDPTTPCSFFMHÊOFSP BNCPTQVCMJDBEPTFOFMBÒP FO
MBTDJVEBEFTEF.ÊYJDPZ1BMFODJB

 -PT FTUVEJPT TPCSF MB NJOJêDDJÓO MJUFSBSJB IBO TJEP SFTVMUBEP EF MB BEBQUBDJÓO
EFMBTDBUFHPSÎBTDBOÓOJDBTEFMBOBSSBUPMPHÎB MBSFUÓSJDBZMBTFNJÓUJDBMJUFSBSJBBMBT
DBSBDUFSÎTUJDBTEFMOVFWPHÊOFSPMJUFSBSJP
 &MSFDPOPDJNJFOUPEFFTUFOVFWPHÊOFSPMJUFSBSJPQFSNJUFFYUSBQPMBSFMUÊSNJOP 
ZSFDPOPDFSMBFYJTUFODJBEFPUSBTGPSNBTEFNJOJêDDJÓOFOUFSSFOPTRVFSFCBTBOFM
ÃNCJUPMJUFSBSJP"TÎ FTQPTJCMFDPOTJEFSBSMBDPOWFOJFODJBEFFYUSBQPMBSFTUSBUFHJBTZ
DBUFHPSÎBTEFBOÃMJTJTEFMBNJOJêDDJÓOMJUFSBSJBQBSBFMFTUVEJPEFEJWFSTBTGPSNBTEFMB
NJOJêDDJÓOFYUSBMJUFSBSJB
 &OBNCPTDBTPT NJOJêDDJÓOMJUFSBSJBZFYUSBMJUFSBSJB
FOMPRVFTJHVFTFGPSNVMB
VOBQSFHVOUBTPCSFMBFYQFSJFODJBEFSFDFQDJÓO FTEFDJS TPCSFMBFYQFSJFODJBFTUÊUJDBEFM
MFDUPSPFTQFDUBEPS ZTFSFTQPOEFBFMMBVUJMJ[BOEPFMFNFOUPTEFSFUÓSJDB OBSSBUPMPHÎB
ZTFNJÓUJDBGPSNBMJTUB TFNJÓUJDBEFMFOVODJBEP

 &OUSFMBTDBSBDUFSÎTUJDBTEFFTUBTGPSNBTEFNJOJêDDJÓOTFQVFEFONFODJPOBSMBT
TJHVJFOUFT JOJDJP BOBGÓSJDP UFNQPSBMJEBE FMÎQUJDB FTQBDJP NFUPOÎNJDP QFSTQFDUJWB
JSÓOJDBQFSTPOBKFTBMVTJWPTIJCSJEBDJÓOHFOÊSJDBJOUFSUFYUVBMJEBEFYQMÎDJUBJEFPMPHÎB
MÙEJDBêOBMDBUBGÓSJDP ZTFSJBMJEBEGSBDUBM

&MUSBJMFSDPNPNJOJêDDJÓOBVEJPWJTVBM
&MFTUVEJPEFMBTEJWFSTBTGPSNBTEFNJOJêDDJÓOFYUSBMJUFSBSJBMMFWBBBHSVQBSMBTFOEPT
HSBOEFTDBUFHPSÎBTBRVFMMBTDBSBDUFSJ[BEBTQPSMBTFSJBMJEBE ZBRVFMMBTDBSBDUFSJ[BEBT
QPSVOBPDVSSFODJBÙOJDBFOMBRVFTFUJFOEFBVOBQPMBSJ[BDJÓO ZBTFBIBDJBFMGPDP
NFUBGÓSJDPPBMGPDPNFUPOÎNJDP


 &M QSJNFS BSUÎDVMP GVF EF %PMPSFT . ,PDI i&M NJDSPSFMBUP FO .ÊYJDP .POUFSSPTP  "SSFPMB Z 5PSSJu -B
QSJNFSBUFTJTEPDUPSBMGVFEFMBNJTNBBVUPSB QSFTFOUBEBFO$JUZ6OJWFSTJUZPG/FX:PSL-BQSJNFSBBOUPMPHÎB
VOJWFSTJUBSJB GVF FMBCPSBEB QPS +VBO "SNBOEP &QQMF  QVCMJDBEB FO $IJMF FO &EJDJPOFT .PTRVJUP -B SFWJTUB
FT&MDVFOUPFOSFE5FPSÎBZBOÃMJTJTEFMBêDDJÓOCSFWF IUUQDVFOUPFOSFEYPDVBNNY
-PTUSBUBEPTTPOEF
%BWJE-BHNBOPWJDI&MNJDSPSSFMBUP5FPSÎBFIJTUPSJB 1BMFODJB .FOPTDVBSUP  Q
Z-BVSP;BWBMB-B
NJOJêDDJÓOCBKPFMNJDSPTDPQJP .ÊYJDP ĮħĚĦ  Q


&TUPTDPNQPOFOUFTTFEFTBSSPMMBOFONJMJCSP$ÓNPFTUVEJBSFMDVFOUP 5FPSÎB IJTUPSJB BOÃMJTJT
.ÊYJDP 5SJMMBT 



 -BT GPSNBT EF NJOJêDDJÓO EF OBUVSBMF[B TFSJBM TPO MBT TJHVJFOUFT NJOJêDDJÓO
HSÃêDB UJSBTDÓNJDBTEFBWJÒFUBTDBEBVOB
NJOJêDDJÓONVTJDBMFOMBMÎSJDBQPQVMBS
TFSJFTUFNÃUJDBTPHFOÊSJDBT PSHBOJ[BEBTQPSJOUÊSQSFUFPDPNQPTJUPS
NJOJêDDJÓO
BVEJPWJTVBM DBNQBÒBTEFTQPUTQVCMJDJUBSJPTZTQPUTQPMÎUJDPT

 1PS PUSB QBSUF  MBT GPSNBT EF NJOJêDDJÓO QPMBSJ[BEB JODMVZFO MPT USBJMFST  MPT
WJEFPDMJQTZMBTGPSNBTEFBOJNBDJÓOOBSSBUJWBPFYQFSJNFOUBM
 -B QPMBSJ[BDJÓO EF UPEBT MBT GPSNBT EF MB NJOJêDDJÓO BVEJPWJTVBM TJHOJêDB
RVF DBEB DBTP QBSUJDVMBS UJFOEF IBDJB BMHVOP EF MPT QPMPT SFUÓSJDPT  ZB TFB FM EF MB
NFUPOJNJ[BDJÓOEFMSFMBUP BUSBWÊTEFNFDBOJTNPTDPNPMBBMVTJÓO MPTJNQMÎDJUPTZ
MBTFMJQTJT
PIBDJBFMEFMBNFUBGPSJ[BDJÓO BUSBWÊTEFNFDBOJTNPTDPNPMBTBMFHPSÎBT 
MPTQBSBMFMJTNPTZMBTTVTUJUVDJPOFT

 &M FTUVEJP EFM USBJMFS EFCF DPOTJEFSBS FMFNFOUPT DPNP FM HSBEJFOUF OBSSBUJWP
EPOEFFTFWJEFOUFRVFBNBZPSHSBEJFOUFEFNFUPOJNJB NBZPSSJFTHPEFEFDFQDJÓOBM
WFSMBQFMÎDVMB
MBDPOEFOTBDJÓOJEFPMÓHJDBZMBTÎOUFTJTEFMBQSPNFTB HFOFSBMNFOUF
FYQSFTBEB FO GPSNB EF VO FTMPHBO QVCMJDJUBSJP
 BTÎ DPNP MB QSFTFODJB P BVTFODJB
EFMBFQJGBOÎBEFMMBSHPNFUSBKF MBQPTJCMFSFTPMVDJÓOEFMPTFOJHNBTOBSSBUJWPT ZMB
JNQPSUBODJBFTUSBUÊHJDBEFMBDPODMVTJÓOGPSNBM FTQFDJBMNFOUFTPOPSB
 " QBSUJS EF FTUPT DPNQPOFOUFT FT QPTJCMF DPOTJEFSBS EPT UJQPT EF BOÃMJTJT EFM
USBJMFSVOPGPSNBMZPUSPUFYUVBM
 &MBOÃMJTJTGPSNBMEFCFJODMVJSFMFTUVEJPEFMBJOUSJHBEFQSFEFTUJOBDJÓO MPTOVEPT
ESBNÃUJDPT MBJDPOJ[BDJÓOEFMBTFTUSFMMBT MBFQJGBOÎBOBSSBUJWB MBFQJGBOÎBFTUÊUJDBZMB
DPOEFOTBDJÓOJEFPMÓHJDB
 1PS PUSB QBSUF  FM BOÃMJTJT UFYUVBM EFCF JODMVJS FM FTUVEJP EFM HSBEJFOUF EF
OBSSBUJWJEBE  MBT BVTFODJBT BMVTJWBT DPNP QBSUF EF MB UFOEFODJB NFUBGÓSJDB
 MBT
QSFTFODJBTGSBHNFOUBSJBT DPNPQBSUFEFMBUFOEFODJBNFUPOÎNJDB
MBTFTUSBUFHJBTEF
NFUBGPSJ[BDJÓO FQJGÓSJDBT EJBGÓSJDBT TJOFDEÓRVJDBT FUD
MPTDSJUFSJPTEFNFUPOJNJ
[BDJÓO FYDMVTJÓOPQSFTFODJBEFJOUSJHBEFQSFEFTUJOBDJÓO OVEPTOBSSBUJWPTPêOBM

Z MB DPOEFOTBDJÓO JEFPMÓHJDB TVCUFYUP JEFPMÓHJDP Z HFOÊSJDP  DPNP TÎOUFTJT EF MB
QSPNFTB

 " QBSUJS EF FTUBT DBSBDUFSÎTUJDBT FT QPTJCMF QSFDJTBS MB EPCMF GVODJÓO TFNJÓUJDB
EFMUSBJMFSVOBGVODJÓOFTUÊUJDB BVUÓOPNBFOSFMBDJÓODPOMBQFMÎDVMB
ZVOBGVODJÓO
USBOTJUJWB EF DBSÃDUFS QSPNPDJPOBM
 "M SFDPOPDFS FTUB EPCMF GVODJÓO QPEFNPT


GPSNVMBSVOQSJNFSQSJODJQJP ÙUJMQBSBQSFDJTBSFMQFSêMTFNJÓUJDPEFMHÊOFSP FOMPT
TJHVJFOUFT UÊSNJOPT -B GVODJÓO USBOTJUJWB EFM USBJMFS EFQFOEF EFM FGFDUP FTUÊUJDP RVF
QSPEV[DBFOFMFTQFDUBEPS
 1PSPUSBQBSUF MBOBUVSBMF[BUSBOTJUJWBEFMUSBJMFSEFUFSNJOBTVOBUVSBMF[BDPNP
HÊOFSPEFÎDUJDP EFUBMNBOFSBRVFDVNQMFVOEPCMFBODMBKFBOUFTEFMBFYQFSJFODJBEF
WFSMBQFMÎDVMB FMUSBJMFSGVODJPOBDPNPBODMBKFFYUFSOPQBSBFMFTQFDUBEPSZEFTQVÊT
EFMBFYQFSJFODJBEFWFSMBQFMÎDVMB FMUSBJMFSGVODJPOBDPNPBODMBKFJOUFSOP EFNBOFSB
TJNJMBSBMPRVFPDVSSFDPOFMUÎUVMPFOSFMBDJÓODPOFMNJTNPFTQFDUBEPS

 
$BSUPHSBGÎBQBSBVOBTFNJÓUJDBEFMUSBJMFS
-B QPMBSJ[BDJÓO EFM USBJMFS IBDJB FM QPMP NFUBGÓSJDP P NFUPOÎNJDP DPJODJEF  HSPTTP
NPEP BEPTUFOEFODJBTFOMBQSPNPDJÓOEFMPTMBSHPNFUSBKFT
 -B UFOEFODJB NFUBGÓSJDB TVFMF TFS NÃT GSFDVFOUF FO MPT QBÎTFT EF &VSPQB Z FM
0SJFOUF ZDPJODJEFDPOMBDPODFQDJÓOEFMDJOFDPNPVOBGPSNBEFBSUF EFUBMNBOFSB
RVFFOFTUPTUSBJMFSTQFTBNÃTMBGVODJÓOFTUÊUJDBZFMFNQMFPEFMBTJNÃHFOFT­TUFFT
FMDBTPEFMPTUSBJMFST QPSFKFNQMP EF0DIPZNFEJP 'FEFSJDP'FMMJOJ *UBMJB 
ZEF
%PHWJMMF -BSTWPO5SJFS %JOBNBSDB 

 -BUFOEFODJBNFUPOÎNJDBTVFMFTFSNÃTGSFDVFOUFFOFMDPOUJOFOUFBNFSJDBOP Z
DPJODJEFDPOMBDPODFQDJÓOEFMDJOFDPNPJOEVTUSJB EFUBMNBOFSBRVFFOFTUPTUSBJMFST
QFTBNÃTMBGVODJÓOUSBOTJUJWBZFMFNQMFPEFMBOBSSBDJÓO­TUFFTFMDBTPEFMPTUSBJ
MFST EF MBT QFMÎDVMBT QFSUFOFDJFOUFT B MPT HÊOFSPT Z DPOUFOJEPT DBOÓOJDPT SPNBODF 
DPNFEJB WJPMFODJB FUDÊUFSB

 6OBDBSUPHSBGÎBTFNJÓUJDBEFMUSBJMFSSFRVJFSFFMEJTFÒPEFEPTFKFTRVFTFJOUFSTFDUBO
VO FKF EFÎDUJDP Y
 Z VO FKF QBSBUÃDUJDP Z
 &M QSJNFSP TF EFêOF QPS FM HSBEJFOUF EF
USBOTJUJWJEBE ZFODBEBDBTPTFEFTMJ[BFOUSFFMQPMPNFUBGÓSJDP RVFDPSSFTQPOEFBMB
BVUPOPNÎBEFÎDUJDB
ZFMQPMPNFUPOÎNJDP RVFDPSSFTQPOEFBMBTBUVSBDJÓOEFÎDUJDB

1PSTVQBSUF FMFKFQBSBUÃDUJDPTFEFêOFQPSFMHSBEJFOUFEFOBSSBUJWJEBE ZFODBEBDBTPTF
EFTMJ[BFOUSFMBQBSBUBYJT RVFDPSSFTQPOEFBMBBVUPOPNÎBEFMGSBHNFOUP
ZMBIJQPUBYJT
RVFDPSSFTQPOEFBVOBTFDVFODJBMJEBEDBVTBM

 &TUPTFKFTGBDJMJUBOFMSFDPOPDJNJFOUPEFUSFTHSBOEFTSFHÎNFOFTEFWFSPTJNJMJUVE
FOFMUSBJMFSVOSÊHJNFOEFMBUPUBMJEBE DBSBDUFSÎTUJDPEFMDJOFDMÃTJDP DPNPFTFMDBTP
EFMUSBJMFSEF"NÊMJF
VOSÊHJNFOEFMGSBHNFOUP DBSBDUFSÎTUJDPEFMDJOFNPEFSOPPEF


BSUF DPNPFTFMDBTPEFUSBJMFSEF#BSBLB
ZVOSÊHJNFOGSBDUBM DBSBDUFSÎTUJDPEFMDJOF
QPTNPEFSOP EPOEFIBZTJNVMBDSPTEFGSBHNFOUBDJÓOZUPUBMJEBE DPNPFTFMDBTPEFM
FYDFQDJPOBMUSBJMFSEF1TZDIP

 1PSÙMUJNP VOBFTUSBUFHJBQBSBQSFDJTBSMBOBUVSBMF[BFTUÊUJDBEFMBFYQFSJFODJBEF
WFSMBQFMÎDVMBEFTQVÊTEFIBCFSWJTUPFMUSBJMFSDPOTJTUFFODPNQBSBSFMMVHBSRVFPDVQB
DBEBUSBJMFS ZFMMVHBSRVFPDVQBFMMBSHPNFUSBKFDPSSFTQPOEJFOUF
FOFMFOUSFDSVDFEF
MPTFKFTTFÒBMBEPT
 7FBNPTMBDPSSFMBDJÓOEFHSBEJFOUFTFOWBSJPTDBTPTQBSUJDVMBSFT0DIPZNFEJP 
#BSBLB %PHWJMMF 5FNQPSBEBEFQBUPTZ-BDBTBEFMPTDVDIJMMPT ;IBOH:JNPV


$PSSFMBDJÓOEFHSBEJFOUFT USBJMFS

     1BSBUBYJT
  `
  0UUPF.F[[P`
 #BSBLB`
 %PHWJMMF`
  `
.FUÃGPSB.FUPOJNJB
   `
 ;IBOH:JNPV`5FNQPSBEBEF1BUPT
 $VDIJMMPT `
   `
   `
     )JQPUBYJT


$PSSFMBDJÓOEFHSBEJFOUFT QFMÎDVMB

 1BSBUBYJT
  `
 ;IBOH:JNPV `
$VDIJMMPT `
 `
  `
.FUÃGPSB.FUPOJNJB
  `
 `0DIPZNFEJP
 `%PHWJMMF
  `
  `
 )JQPUBYJT

 9&KF%FÎDUJDP:&KF1BSBUÃDUJDP

"M FTUVEJBS FM EJTUJOUP MVHBS RVF PDVQBO MPT MBSHPNFUSBKFT FO SFMBDJÓO DPO FM MVHBS
RVFPDVQBOMPTUSBJMFSTDPSSFTQPOEJFOUFTFOMBDPSSFMBDJÓOEFHSBEJFOUFT QSPQPOHPMB
GPSNVMBDJÓOEFVOBIJQÓUFTJT BMBRVFMMBNPIJQÓUFTJTEFMBSFEEFQSPUFDDJÓO&TUBSFE
FTOFDFTBSJBQBSBQSPUFHFSBMFTQFDUBEPSEFDJOF DPOFMêOEFRVFOPTFEFDFQDJPOFBM
WFSMBQFMÎDVMB
 -BIJQÓUFTJTQPESÎBGPSNVMBSTFDPNPTJHVF4JMBGVODJÓOUSBOTJUJWB FOFMUSBJMFS
FT
NVZBMUB FOUPODFTMBGVODJÓOFTUÊUJDB FOMBQFMÎDVMB
EFCFTFSBÙONÃTBMUB%FFTBGPSNB
TFQVFEFHBSBOUJ[BSRVFFMFTQFDUBEPSOPTVGSBVOBEFDFQDJÓOEVSBOUFMBFYQFSJFODJB
EFWFSFMMBSHPNFUSBKF EFTQVÊTEFIBCFSWJTUPVOUSBJMFSNVZQSPNFUFEPS



$PODMVTJÓO
2VFEBQPSFYQMPSBSVOUFSSFOPNVZBNQMJPFOFMDBNQPEFMBFTUÊUJDBZMBTFNJÓUJDB
EF MB NJOJêDDJÓO FYUSBMJUFSBSJB 1FSP BRVÎ TF QPESÎB QSPQPOFS RVF FTUB FYQMPSBDJÓO
TFBQPZFFOMPTSFTVMUBEPTEFMPTNPEFMPTQSPQVFTUPTFOFTUFUSBCBKPQBSBFMDBTPEFM
USBJMFS
 : FO UÊSNJOPT NÃT HFOFSBMFT  DPOWJFOF TFÒBMBS RVF FM FTUVEJP EF MBT EJWFSTBT
GPSNBTEFMBNJOJêDDJÓOFYUSBMJUFSBSJBTFQVFEFBQPZBSFOMBSJRVF[BEFMPTNPEFMPT
QSPQVFTUPT QBSB FM FTUVEJP TFNJÓUJDP EF MB NJOJêDDJÓO MJUFSBSJB  VO HÊOFSP MJUFSBSJP
TVSHJEPFO)JTQBOPBNÊSJDB QFSPDVZBTDPOTFDVFODJBTQBSBMBTFNJÓUJDBEFMBDVMUVSB
DPOUFNQPSÃOFBBQFOBTFNQJF[BOBTFSFYQMPSBEBT


&MUSBJMFSDJOFNBUPHSÃêDP6OBUSBEJDJÓO
BVUÓOPNBEFOUSPEFMDJOF
"BSÓO/ÙÒF[

&MUSBJMFSDJOFNBUPHSÃêDPIBSFDPSSJEPVOMBSHPDBNJOPBMBQBSEFMEFTBSSPMMPEFMDJOF
)B DPOUSJCVJEP FO FM QSPHSFTP EF MB JOEVTUSJB DJOFNBUPHSÃêDB Z TF IB DPOTPMJEBEP
DPNPVOHÊOFSPBVUÓOPNP BMDVBMTFMFQVFEFEBSVOBMFDUVSBJOEFQFOEJFOUFBVORVF
ÊTUFTFFODVFOUSFÎOUJNBNFOUFSFMBDJPOBEPDPOFMêMNF
 -B FTDBTF[ EF UFPSÎB TPCSF FM USBJMFS DJOFNBUPHSÃêDP Z VOB EFêOJDJÓO NÃT
EFTDSJQUJWB QFSNJUJFOEPBTÎDPOPDFSBGPOEPTVTFMFNFOUPT IBTJEPFMEFUPOBOUFQBSB
RVFTFSFBMJDFFTUFUSBCBKPZDPOUSJCVZBBMBBNQMJBDJÓOEFTVFTUVEJP
 -PTUSBJMFSTDJOFNBUPHSÃêDPT UBNCJÊOMMBNBEPTBWBODFTEFDJOFPDPSUPTEFDJOF 
TPOQSFTFOUBEPTUSBEJDJPOBMNFOUFFOMBTTBMBTEPOEFTFQSPZFDUBVOBQFMÎDVMBBOUFTEFM
JOJDJPEFMBNJTNB QFSPBDUVBMNFOUFIBZGPSNBTNÃTBDDFTJCMFTEFFODPOUSBSMPTUBMFT
FMDBTPEFMBFNJTJÓOFMFDUSÓOJDBWÎB*OUFSOFUPMBQSFTFOUBDJÓOJODMVJEBFOFMĝįĝEFMB
QFMÎDVMB
 &MBWBODFEFDJOFFTVOUFYUPRVFDVNQMFDPOMBTDBSBDUFSÎTUJDBTQBSBDPOTJEFSBSTF
DPNP VO HÊOFSP EJTDVSTJWP  BM UFOFS FMFNFOUPT DPNQPTJDJPOBMFT  UFNÃUJDPT Z
FTUJMÎTUJDPT4JOFNCBSHP TFDPOPDFQPDPTPCSFÊM4FTBCFHFOFSBMNFOUFRVFVOUSBJMFS
DJOFNBUPHSÃêDP FT MB QSFTFOUBDJÓO QSFWJB EF JNÃHFOFT  IJTUPSJB Z TPOJEP EPOEF TF
NVFTUSBOFMFNFOUPTEFMBQFMÎDVMB
 /PPCTUBOUF FYJTUFOEJWFSTPTFTUJMPTEFQSFTFOUBSVOUSBJMFS QPSMPRVFOPTJFNQSF
TFNVFTUSBOJNÃHFOFTêFMFTBMBQFMÎDVMB ZEFOUSPEFFTUBWBSJBDJÓOTFMFQVFEFJODMVJS
POPVOOBSSBEPSFYUFSOP TVCUÎUVMPT EJÃMPHPTDMBWFEFMBQFMÎDVMB NÙTJDBEJTUJOUBBMB
RVFNPTUSBEBFMêMNFZFTUSBUFHJBTOBSSBUJWBTUBOEJWFSTBTRVFWBOEFTEFMBFYQPTJDJÓO
BQFHBEBBMBUSBNBDPNPVOBNVZWBSJBEBBMBNJTNB&TUBTGPSNBTEFQSFTFOUBSVOUSBJ
MFSTFDBUFHPSJ[BODPNPNBOFSBTQBSBUÃDUJDBTPIJQPUÃDUJDBTEPOEFTFFTUBCMFDFOMPT
FMFNFOUPTEFMUSBJMFSNFEJBOUFFTUSBUFHJBTNFUBGÓSJDBTPNFUPOÎNJDBT


-BQSPNPDJÓOEFQFMÎDVMBT
&O MB BDUVBMJEBE  MBT GPSNBT RVF VUJMJ[BO MBT EJTUSJCVJEPSBT DJOFNBUPHSÃêDBT QBSB
QSPNPDJPOBSVOBQFMÎDVMBTPOUBOWBSJBEBTRVFWBOEFTEFFMNFEJPJNQSFTP FMEJHJUBM 
FMTPOPSP QFSPHJSBOFOUPSOPEFMBVEJPWJTVBMQSJODJQBMNFOUF PBMNFOPTFTFMNFEJP
RVFNBZPSBMDBODFZFêDBDJBUJFOFIBDJBMPTFTQFDUBEPSFT
 1BSBQSPNPDJPOBSFMFTUSFOPQSÓYJNPEFVOêMNF TFVUJMJ[BFMTQPUFOUFMFWJTJÓOZ
FOSBEJP EPOEFBQBSFDFVOBFEJDJÓOFTQFDJBMDPOJNÃHFOFTPTPOJEPT TFHÙOTFBFMDBTP
BEFNÃTTFJODMVZFOMBTWPDFTEFMPTQFSTPOBKFTPEFBMHÙOOBSSBEPSFYUFSOPBMBQFMÎDVMB 
FMDVBMQSFTFOUBBMPTBDUPSFTPEJSFDUPSZQSPQPSDJPOBVOBQSFNJTBEFNBOFSBSÃQJEB
 %FOUSPEFMNFEJPBVEJPWJTVBM UBNCJÊOTFQSPNPDJPOBOMBTQFMÎDVMBTBUSBWÊTEF
MPTWJEFPTNVTJDBMFTRVFTFCBTBOFOFMUFNBPSJHJOBMEFMêMNF ZEPOEFMPTDBOUBOUFT
PHSVQPNVTJDBMVUJMJ[BOBMHVOPTGSBHNFOUPTEFMBQFMÎDVMBFJOUFSDBMBOJNÃHFOFTEFM
HSVQPNJTNP NJFOUSBTMBNFMPEÎBTFFTDVDIB
 &YJTUF UBNCJÊO VO NPEP EF EJGVTJÓO NÃT NPEFSOP QBSB VOB QFMÎDVMB  EPOEF
FMFTQFDUBEPSUJFOFMBGBDVMUBEEFJOUFSBDUVBSVOQPDPNÃTDPO MBQSPEVDDJÓOPWFS
DBSBDUFSÎTUJDBTFTQFDJBMFTFJOGPSNBDJÓOEFMêMNF&TUPNFEJBOUFMBTQÃHJOBTPêDJBMFTEF
*OUFSOFURVFHFOFSBDBEBQSPEVDUPSBPEJTUSJCVJEPSB QSFDJTBNFOUFQBSBTVQSPQBHBDJÓO
 6ONPEPEJTUJOUPEFQSPNPDJÓOFTFMNFEJPJNQSFTP6OPEFMPTQSJODJQBMFTFT
NFEJBOUFMPTDBSUFMFTEFFTUSFOPTQSÓYJNPTRVFTFDPMPDBOFOMPTQBTJMMPTEFMBTTBMBTEF
DJOF0USPTBUSBWÊTDBSUFMFTFOMBTHSBOEFTBWFOJEBTQPSNFEJPEFBOVODJPTFTQFDUBDVMB
SFT "EFNÃT  FO MPT EJWFSTPT QFSJÓEJDPT Z SFWJTUBT FTQFDJBMJ[BEBT TPO NPTUSBEBT MBT
QPSUBEBTEFMBTQFMÎDVMBTZMBTGFDIBTEFMPTQSÓYJNPTFTUSFOPT&OQPTUBMFT QBSBCVTFT 
BVUPCVTFT  MMBWFSPT  BSUÎDVMPT QSPNPDJPOBMFT EF SFTUBVSBOUFT P CFCJEBT GBNPTBT  TPO
PUSBTNBOFSBTEFEJGVTJÓOUÎQJDBTEFMBBDUVBMJEBE
 1FSP MB GPSNB NÃT EJSFDUB Z DPOêBCMF QBSB HFOFSBS FO FM FTQFDUBEPS FM JOUFSÊT
QPSWFSVOBDJOUBFTDVBOEPTFMFEBODJFSUPTFMFNFOUPTDPODSFUPT QPSNBZPSUJFNQP
ZNFEJBOUFFMNFEJPBVEJPWJTVBMBMRVFQFSUFOFDFFMêMNFNJTNP&TUPFTNFEJBOUFFM
USBJMFS DJOFNBUPHSÃêDP RVF FT QSPZFDUBEP FO MB TBMB EF DJOF P NÃT SFDJFOUFNFOUF
JODMVJEPFOVOBWFSTJÓOFOĝįĝ

$MBTJêDBDJÓOEFMUSBJMFSZDBSBDUFSÎTUJDBTHFOFSBMFT
&YJTUFO MVHBSFT FO EJWFSTBT QBSUFT EFM NVOEP EPOEF TF TBCF EFM FTUSFOP EF VOB


QFMÎDVMB QFSPFTUBOVODBMMFHBBFTPTTJUJPTZVOBEFMBTQPDBTGPSNBTQPSMBTDVBMFT
MPTFTQFDUBEPSFTQVFEFOTBCFSEFMBFYJTUFODJBEFMBQFMÎDVMB FTNFEJBOUFMPTUSBJMFS
DJOFNBUPHSÃêDPT RVF TPO EJGVOEJEPT QPS MB *OUFSOFU &TUP HSBDJBT B TV DPOTJTUFODJB
QSPQJB ZBRVFDVFOUBDPOFMFNFOUPTFTQFDÎêDPTRVFQFSNJUFOBMFTQFDUBEPSTBCFSEF
MBUSBNBZMBTJNÃHFOFTPFGFDUPTRVFMBQFMÎDVMBUFOESÃ
 1VFTUPRVFFMQSPQÓTJUPEFMUSBJMFSFTBUSBFSBVEJFODJBBMBQFMÎDVMB ÊTUPTSFWFMBO
HFOFSBMNFOUFMBTQBSUFTNÃTFNPDJPOBOUFT EJWFSUJEBTPTJHOJêDBUJWBTEFMBQFMÎDVMB 
QFSP EF GPSNB CSFWF 4JO FNCBSHP  IBZ NVDIPT USBJMFS RVF OP DVNQMFO DPO FTUPT
SFRVJTJUPT Z TPO NÃT FYQFSJNFOUBMFT BM SFBMJ[BS VOB QSFTFOUBDJÓO EFM USBJMFS DPO FMF
NFOUPTGVFSBEFUPEPDPOUFYUPTPCSFMBQFMÎDVMB PRVFQPSMPNFOPTOPTFMFTFODVFOUSF
VOBSFMBDJÓOFYQMÎDJUBIBTUBOPWFSMBQFMÎDVMB
 )BZEJWFSTPTUJQPTEFUSBJMFSZTPOVUJMJ[BEPTFOEJGFSFOUFTPDBTJPOFT TFHÙOFMêO
EFMBNJTNBDMBTJêDBDJÓO­TUPTTPOFMUFBTFSUSBJMFS FMUIFBUSJDBMUSBJMFSZFMJOUFSOBUJPOBM
USBJMFS$BEBVOPEFFMMPTDVNQMFDJFSUBTGVODJPOFTZUJFOFDBSBDUFSÎTUJDBTEJGFSFOUFT
FOUSFTÎ DPNPEVSBDJÓO JNBHFO TPOJEP PQPSMPNFOPTDBNCJBOFMPSEFOEFMPRVF
DVFOUBO FTEFDJS TFEJDFMPNJTNPQFSPEFVOBGPSNBEJTUJOUB
 &MUFBTFSUSBJMFSFTVOBWFSTJÓODPSUBEFMPTUSBJMFSDJOFNBUPHSÃêDPT4VêOBMJEBE
DPOTJTUFFOIBDFSRVFFMFTQFDUBEPSTFFOUFSFEFMBFYJTUFODJBEFVOBQFMÎDVMB SFHVMBS
NFOUFDPOBQSPYJNBEBNFOUFVOBÒPEFBOUJDJQBDJÓO&TUFQSPZFDUBFMUÎUVMP FMOPNCSF
EFMPTBDUPSFTRVFQBSUJDJQBO BTÎDPNPFMEFMBQSPEVDUPSBPBMHVOBFTDFOBFTQFDUBDV
MBS RVF MF QFSNJUB BM FTQFDUBEPS SFDPSEBS FM UJUVMP EF MB QSÓYJNB DJOUB Z BTÎ QVFEB
DPNFO[BSBEJWVMHBSTVFYJTUFODJB
 -BEVSBDJÓOEFMUFBTFSUSBJMFSWBSÎBTFHÙOTFBFMDBTP QFSPPTDJMBFOUSFVONJOVUP
ZEPTNJOVUPT BVORVFQPSMPHFOFSBMTFMJNJUBBSFWFMBSMPNFOPTQPTJCMFBDFSDBEFM
BSHVNFOUP
 &TUFUJQPEFUSBJMFSTFVUJMJ[BHFOFSBMNFOUFQBSBUÎUVMPTRVFTFFTQFSBUFOHBOVO
HSBOQPUFODJBMEFSFDBVEBDJÓOFOUBRVJMMB DPNPFTFMDBTPEF&MDÓEJHP%B7JODJ EPOEF
FOFMUFBTFSUSBJMFS RVFTFQVCMJDÓPDIPNFTFTBOUFTEFRVFTFQSFTFOUBSBMBQFMÎDVMB 
TFNVFTUSBJOJDJBMNFOUFFMOPNCSFEFMBQSPEVDUPSBEFMBQFMÎDVMBZQPTUFSJPSNFOUF
DPNJFO[B B SFDPSSFS VOB JNBHFO EF MBT HSJFUBT EF VOB [POB ÃSJEB Z FOUSF FMMBT TF


IUUQOFPDJOFCMPHDJOEBSJPDPN


NVFTUSBOEJWFSTPTDÓEJHPTRVFCSJMMBOBDPOUJOVBDJÓOMBJNBHFOTFWBBMFKBOEPIBTUB
RVFEFTDVCSJNPTRVFMBTHSJFUBTTPOMBTRVFTFIBDFOFOFMMJFO[PEFMBQJOUVSBSFBMJ[BEB
QPS%B7JODJ-B.POB-JTB"QBSFDFO QPSÙMUJNP FMUÎUVMPEFMBQFMÎDVMBZMPTOPNCSFT
EFMPTBDUPSFTRVFQBSUJDJQBSÃOFOFMMB
 &MTFHVOEPUJQPEFUSBJMFSFTFMUIFBUSJDBMUSBJMFSZFTFMNÃTDPNÙOEFMPTBWBO
DFTEFDJOFZ BEJGFSFODJBEFMUFBTFSUSBJMFS UJFOFDPNPQSPNFEJPEFEPTBUSFTNJOVUPT
EF EVSBDJÓO BQSPYJNBEBNFOUF &TUF UJQP EF BWBODF FT QSFTFOUBEPVOP P EPT NFTFT
BOUFTEFRVFMBQFMÎDVMBTFFTUSFOF
 "EFNÃT EF MB EJGFSFODJB FO MB EVSBDJÓO  FTUPT BWBODFT TPO NÃT FTUSVDUVSBEPT 
ZBRVFMBNBZPSÎBSFWFMBOFMBSHVNFOUP BVORVFFYJTUFOBMHVOPTUIFBUSJDBMUSBJMFSRVF
DPNPFYDFQDJÓOTPONÃTFYQFSJNFOUBMFTFOUJFNQP MPRVFDVFOUBOZMBGPSNBFORVFMP
IBDFO
 &TUFUJQPEFUSBJMFSQSFUFOEFEFKBSDMBSPFMIJMPOBSSBUJWPCÃTJDPEFMBUSBNB DPO
QSFTFOUBDJÓO EF QFSTPOBKFT Z FTDFOBT DMBWF $PO TV BZVEB  FM FTQFDUBEPS ZB EFCFSÎB
UFOFSMBTVêDJFOUFJOGPSNBDJÓOQBSBQPEFSDPOUBSMFTBPUSPTFMBSHVNFOUPEFMêMNFP
QPSMPNFOPTTVFTUSVDUVSBCÃTJDB
 &M UFSDFS UJQP EF USBJMFS DJOFNBUPHSÃêDP FT FM JOUFSOBDJPOBM USBJMFS  FM DVBM FTUÃ
EJTFÒBEPQBSBBEFDVBSTFBVOQÙCMJDPGVFSBEFMQBÎTEFPSJHFOEFMBQFMÎDVMB UBMDPNP
MPEJDFTVOPNCSF5JFOFMBNJTNBFTUSVDUVSBRVFVOUIFBUSJDBMUSBJMFS FODVBOUPB
OBSSBDJÓO JNÃHFOFTZTPOJEPT QFSPQVFEFDBNCJBSFMPSEFOZMBGPSNBEFOBSSBS

TVFMF DFOUSBSTF FO BTQFDUPT EFM êMNF RVF TFSÃO NÃT BUSBDUJWPT QBSB VOB SFHJÓO FO
QBSUJDVMBS
 )BZêMNFTRVFDVFOUBODPOVOTPMPUJQPEFUSBJMFS QFSPFYJTUFOUBNCJÊOQSP
EVDDJPOFTRVFDVFOUBODPOMPTUSFTZ BEFNÃTEFQSPZFDUBSMPFOMBTTBMBTEFDJOF MPT
JODMVZFOFOMBTWFSTJPOFTFOĝįĝ

$PODMVTJÓO
4F QVFEFO DMBTJêDBS MPT USBJMFS DJOFNBUPHSÃêDPT BM JS GSBHNFOUBOEP TVT FMFNFOUPT 
FTUPQBSBEFTDVCSJSMBQSPNFTBFTUÊUJDBRVFMBO[BBMFTQFDUBEPSJNQMÎDJUP QFSPTPCSF
UPEP QBSB WFS MBT FTUSBUFHJBT RVF VUJMJ[B QBSB MBO[BS FTB QSPNFTB %JDIPT FMFNFOUPT


*CJEFN


TPO EF OBSSBDJÓO  FEJDJÓO  TPOJEP  êOBM  QFSP TPCSF UPEP TF CBTB FO FTUSBUFHJBT EF
TVCPSEJOBDJÓOPDPPSEJOBDJÓOTFHÙOTFBFMDBTP FTEFDJS EFIJQPUBYJTZQBSBUBYJT
 1PSNFEJPEFMFTUVEJPEFFTUPTFMFNFOUPTFTDPNPTVSHJÓFMFTUBCMFDJNJFOUPEFMB
TJHVJFOUFEFêOJDJÓO
 &MUSBJMFSDJOFNBUPHSÃêDPFTFMCSFWFVNCSBMEFVOBFYQFSJFODJBDJOFNBUPHSÃêDB 
DPODBSBDUFSÎTUJDBTQSPQJBTRVFMFQFSNJUFOBVUPOPNÎBZBODMBBVOFTQFDUBEPSJNQMÎDJUP
QBSBVOQPTUFSJPSBDFSDBNJFOUPBVOBDJOUB&TFMVTPEFFMFNFOUPTEFVOUFYUPQBSB
HFOFSBSPUSPUFYUPDPOVOBFTUSVDUVSBJOEJWJEVBMZDBSBDUFSÎTUJDBTOBSSBUJWBTQFDVMJBSFT
RVFMFQFSNJUFOJOUFSQSFUBSMBQSPNFTBFTUÊUJDBMBO[BEBBMQÙCMJDP
 &MUSBJMFSSFNPMDBBMFTQFDUBEPSJNQMÎDJUPQBSBRVFÊTUFWFBMBQFMÎDVMBQSPNP
DJPOBEBTJOFNCBSHP FMBWBODFEFDJOFQVFEFNPTUSBSFMFNFOUPTOVFWPTOPNPTUSBEPT
FO MB QFMÎDVMB Z TPO HFOFSBEPT FYDMVTJWBNFOUF QBSB FM VTP EFM USBJMFS DBUBMPHBEP EF
DBSÃDUFSQBSBUÃDUJDPQPSTVJOEFQFOEFODJB QFSPQVFEFUFOFSUBNCJÊODBSBDUFSÎTUJDBT
IJQPUÃDUJDBTDPNPFMFNFOUPTVCPSEJOBEPEFVOêMNFQPSFMMP FTVOHÊOFSPEJTDVSTJWP
UBOJNQPSUBOUFQBSBMBJOEVTUSJBDJOFNBUPHSÃêDB
 &OTVNB FMUSBJMFSDJOFNBUPHSÃêDPVUJMJ[BFMFNFOUPTEFTFMFDDJÓOZTVTUJUVDJÓOEF
VOBQFMÎDVMBZTFDPOTPMJEBDPNPVOBGPSNBEFQSPNPDJPOBSVOBDJOUBDPOFMFNFOUPT
DPNQPTJDJPOBMFT  UFNÃUJDPT Z FTUJMÎTUJDPT JOEFQFOEJFOUFT B MB QFMÎDVMB NJTNB  Z RVF
QSPNFUFZTFEVDFNFEJBOUFMBFTUÊUJDBZFTQFDUBDVMBSJEBEEFTVTJNÃHFOFT TPOJEPTZ
OBSSBDJÓO&TUBQSPNFTBTFCBTBFOFTUSBUFHJBTNFUPOÎNJDBTZNFUBGÓSJDBT MBPNJTJÓO
ZMBGSBDUBMJEBEEPOEFTFQSPQPSDJPOBOTÓMPFMFNFOUPTTVêDJFOUFTBMFTQFDUBEPS
 1SVFCBEFMBDPOTPMJEBDJÓOEFFTUFHÊOFSPEJTDVSTJWPFTMBNBEVSF[DPOMBRVF
FM USBJMFS DVFOUB QPS NFEJP EF MB DPOWFODJÓO UFNQPSBM RVF MMFWB BDUVBOEP  IBTUB MB
QSPEVDDJÓOEFQBSPEJBTDPOFMFNFOUPTDBSBDUFSÎTUJDPTEFMUSBJMFS:DPOTJEFSPOFDFTBSJP
FTUVEJBSFTUFUJQPEFUFYUPEFQBSUJDVMBSJNQPSUBODJBQBSBMBJOEVTUSJBDJOFNBUPHSÃêDB

#JCMJPHSBGÎB

#BKUÎO .JLIBJM i&MQSPCMFNBEFMPTHÊOFSPTEJTDVSTJWPTuFO&TUÊUJDBEFMBDSFBDJÓO


WFSCBM 4JHMPııĢ&EJUPSFT .ÊYJDP 
(BSSJEP "OUPOJP &MUFYUPOBSSBUJWP &E4ÎOUFTJT  .BESJE Q


)FSSFSB *CÃÒF[ "MFKBOESP  i.FUÃGPSB Z BOBMPHÎBu FO 1PFNB  BOBMPHÎB F JDPOJDJEBE 
3BÙM(PO[ÃMF[ DPNQJMBEPS
5PSSFÓO 6OJWFSTJEBE*CFSPBNFSJDBOB 
#FSJTUÃJO )FMFOB %JDDJPOBSJPEFSFUÓSJDBZQPÊUJDB .ÊYJDP &E1PSSÙB
-F(VFSO.JDIFM i.FUPOJNJBZSFGFSFODJBuFO-BNFUÃGPSBZMBNFUPOJNJB &E$ÃUFESB 

1F[[JOJ*TBCFMMB 5SBJMFS TQPU WJEFPDMJQ TJUJ CBOOFS -FGPSNFCSFWJEFMMBDPNVOJDB[JPOF
BVEJPWJTJWB &E.FMUFNJ  *UBMJB
3FZFT$BTUSP7JSHJOJB -BGVODJÓOEFMOBSSBEPSFOMPTEJCVKPTBOJNBEPT 5FTJTUFSNJOBM
EFMBĮħĚĦ .ÊYJDP 
4DIBFĒFS +FBO.BSJF  i5JFNQP NPEP Z WP[ FO FM SFMBUPu FO /VFWP EJDDJPOBSJP
FODJDMPQÊEJDPEFMBTDJFODJBTEFMMFOHVBKF .BESJE "SSFDJGF 
5BQJB"MFKBOESP %FMBSFUÓSJDBBMBJNBHFO ĮĚĦ9PDIJNJMDP ‰FEJDJÓO  .ÊYJDP 
Q

$POTVMUBTFOSFE
IUUQOFPDJOFCMPHDJOEBSJPDPN
IUUQXXXCSBJOZFODZDMPQFEJBDPNFODZDMPQFEJBêMNUSBJMFS
XXXRVFEFUSBJMFSTDPN
IUUQXJLJQFEJBPSHXJLJUSBJMFS
XXXNPWJFMJTUDPN

)FNFSPHSBGÎB
#BSSFSB -JOBSFT -VÎT  i-B OBSSBDJÓO .ÎOJNB DPNP FTUSBUFHJB QFEBHÓHJDB NÃYJNBu 
1FSêMFT&EVDBUJWPT OÙN  ĮħĚĦ
%PNÎOHVF[&EHBSEP i'JMNUSBJMFSTu ÕOEFSêMN KVOJPKVMJP /P 


-PTQSPDFEJNJFOUPTEFFOVODJBDJÓOFOFMDJOF
EF8POH,BJS8BJ
/PÊ4BOUPT+JNÊOF[

"DFSDBEFMFTUJMPEFMEJSFDUPS
8POH,BS8BJFTJOOFHBCMFNFOUFVOBVUPSEFDJOFMMBNBUJWPZTPCSFTBMJFOUF FMDVBM
TF FODVFOUSB FTUSFDIBNFOUF MJHBEP DPO MB OVFWB PMB EF EJSFDUPSFT RVF JOJDJBSPO VO
NPWJNJFOUPEFSFOPWBDJÓOFTUÊUJDBZUÊDOJDBFOFMDJOFEF)POL,POH BêOBMFTEFMB
EÊDBEBEFMPTPDIFOUB
 -B JOOPWBDJÓO EF FTUF HSVQP EF SFBMJ[BEPSFT FTUÃ ÎOUJNBNFOUF MJHBEB DPO
BDPOUFDJNJFOUPTEFUJQPTPDJBMZQPMÎUJDPRVFIBOTVSHJEPBQBSUJSEFFO)POL
,POH EPOEFMPTSFTJEFOUFTZEJSFDUPSFTDJOFNBUPHSÃêDPTIBOUFOJEPRVFFYBNJOBSTV
SFMBDJÓODVMUVSBMDPO$IJOB MPRVFIBMMFWBEPBMDJOFIPOHLPOÊTBVOOVFWPOJWFMEF
NBEVSF[ZEFSFGMFYJÓOBDFSDBEFTVQSPQJBJEFOUJEBE
 4VTQFMÎDVMBTOPTQSFTFOUBOVOBJEFOUJEBEFODPOTUBOUFGVTJÓOFOUSFFM0SJFOUFZ
0DDJEFOUF BEFNÃTEFRVFBDUVBMJ[BOZNPEFSOJ[BOMBSFMBDJÓOFOUSFMPUSBEJDJPOBMZMP
NPEFSOP MPWJFKPZMPOVFWP&TUPTFQVFEFOPUBSFOMBNF[DMBEFTVCHÊOFSPTDJOFNB
UPHSBêDPT RVF NBOFKB  DPNP FM LBSBUF DPO FM SPNÃOUJDP FM UISJMMFS Z MP SPNÃOUJDP
MB BDDJÓO Z MB DPNFEJB P FM NFMPESBNB SFBMJTUB DPNP FO )BQQZ 5PHFUIFS 

&TUFIÃCJMNBOFKPEFHÊOFSPTZUFNBTFTVOBEFMBTSB[POFTQPSMBTDVBMFTIBQPEJEP
JOHSFTBSBMNFSDBEPNVOEJBM5BMFTFMDBTPEFTVQFMÎDVMB$IVOHLJOH&YQSFTT 

VOUISJMMFSSPNÃOUJDPRVFTJHOJêDBVOHSBOBWBODFFOTVDBSSFSBQPSIBCFSTJEPFMFHJEP
QPS2VFOUJO5BSBOUJOPDPNPFMQSJNFSêMNFQBSBTFSEJTUSJCVJEPQPSTVQSPEVDUPSB
3PMMJOHѮVOEFS%JTUSJCVUJPO$PNQBOZ FOEPOEFBEFNÃTFMEJSFDUPSOPSUFBNFSJDBOP
SFBMJ[BMBQSFTFOUBDJÓOEFMBQFMÎDVMBFOTVWFSTJÓOQBSBĝįĝ
 &OMBTQFMÎDVMBTEF8BJTJFNQSFTFFODVFOUSBQSFTFOUFVOBUFOTJÓOFOUSFMPBOUJHVP
ZMPSFDJFOUFFOUSFFMQSFTFOUFZMBNFNPSJBRVF QPSPUSPMBEP TFMJHBOBMEFTFPZBM
UJFNQP5BNCJÊOUJFOFOHSBOJNQPSUBODJBMPTFTQBDJPTZMPTBNCJFOUFT
 -BTQFMÎDVMBTEF8POH,BS8BJOPTPOEJSFDUBNFOUFQPMÎUJDBT QFSPOPPCTUBOUF 
FYJTUF VOB SFMBDJÓO JOEJSFDUB FOUSF FM BDPOUFDJNJFOUP QPMÎUJDP Z  MB USBOTQPTJDJÓO EF
VOBFYQFSJFODJBQBSUJDVMBSNFOUFJOUFOTBZEPMPSPTBEFMPTQFSTPOBKFTFOFMQFSJPEP


USBUBEP6OBTJUVBDJÓORVFOPTJOEJDBVOFTQBDJPDVMUVSBMFWBTJWPZBNCJWBMFOUFFOUSF
MBTTJUVBDJPOFT MPTQFSTPOBKFTZBNCJFOUFT/PFTDBTVBMJEBERVFIBDJBFMêOBMEFTVT
QFMÎDVMBT DPNPFO%FTFBOEPBNBS *OUIF.PPEGPS-PWF 
PFO)BQQZ5PHFUIFS

TFQSFTFOUFVOOPUJDJBSJPUFMFWJTJWPRVFOPTJOGPSNBEFTVDFTPTEFBDUVBMJEBE 
DPNPFTMBMMFHBEBEFMHFOFSBM%F(BVMMFB"TJBUSBTMBNVFSUFEFMQSFTJEFOUFDIJOP
 8POH,BS8BJFTUBNCJÊOVODSPOJTUBEFMEFTBNPSZMBTPMFEBE EFMBCÙTRVFEB
EFTVTQFSTPOBKFTQPSBEBQUBSTFBMBDJVEBEDPOUFNQPSÃOFBEFMJOUFOUPEFSFHSFTBSB
MBNFNPSJBZBMSFDVFSEPDPNPVOBGPSNBDPOUJOVBEFFTUBSWJWPT
 4VTQFSTPOBKFTCVTDBOPFTQFSBOFMBNPSGSFOUFBFMMPT EFCJEPBRVFWJWFOFOFM
BJTMBNJFOUP MBJODPNVOJDBDJÓOPMBTPMFEBE-BDJVEBETFQSFTFOUBDPOVOBFTUÊUJDB
FMBCPSBEBFOTVTJNÃHFOFTQBSBDPNCBUJSMBDBSFODJB MBQÊSEJEBZFMEPMPSEFMPCKFUP
QFSEJEP DBTJTJFNQSFEFVOBQBSFKB
 &MNBOFKPBEFDVBEPEFMBUÊDOJDBFTPUSPEFMPTFMFNFOUPTGVOEBNFOUBMFTEFO
USPEFMFTUJMPEF8POH,BS8BJDÃNBSBBMIPNCSPRVFTJHVFBTVTQFSTPOBKFTFOUPEP
NPNFOUPVUJMJ[BDJÓOEFêMUSPTQBSBDPOTFHVJSFTQBDJPTZBNCJFOUFTJSSFBMFTFMNBOFKP
EFMDPMPSZMBJMVNJOBDJÓODPNPBTQFDUPTESBNÃUJDPTBTÎDPNPVODJFSUPCBSSPRVJTNPFO
MBQVFTUBFOFTDFOBZVOBNBOJQVMBDJÓOEFMUJFNQPBTVNBOFSBQFSTPOBM5PEPTFTUPT
FMFNFOUPTNBSDBOMBTDPOTUBOUFTEFTVêMNPHSBGÎBRVFMFIBODPOGFSJEPVOFTUJMPQSPQJP
BMPMBSHPEFUPEBTTVTQFMÎDVMBT NVZMJHBEPBMDJOFQPTNPEFSOP EFCJEPBMBNF[DMBEF
HÊOFSPT MBQSFTFOUBDJÓOEFDPTUVNCSFTUSBEJDJPOBMFTZDPOUFNQPSÃOFBT BTÎDPNPQPS
VOSFMBUPRVFëVDUÙBFOUSFFMUJQPDMÃTJDPZFMNPEFSOP

&MNBOFKPEFMBUÊDOJDBDJOFNBUPHSÃêDB
&MDVJEBEPQMÃTUJDPEFMBJNBHFOZEFMPTFMFNFOUPTTPOPSPTIBDPMPDBEPBFTUFEJSFD
UPSDPNPVOPEFMPTSFBMJ[BEPSFTNÃTJNQPSUBOUFTBOJWFMNVOEJBM EFTQVÊTEFIBCFS
HBOBEPMB1BMNBEF0SPBMNFKPSSFBMJ[BEPSFO$BOOFTQPSMBQFMÎDVMB)BQQZ5PHFUIFS"M
NJTNPUJFNQP IBDPOTPMJEBEPVOFTUJMPQFSTPOBMFOMPTFMFNFOUPTFYQSFTJWPTZUÊDOJDPT
RVFNBOFKB BMHSBEPEFRVFBMHVOPTUSBUBNJFOUPTSFTVMUBOGSBODBNFOUFOPWFEPTPTF
JOOPWBEPSFT DPNPFTFMVTPEFMDPMPS FMNBOFKPEFMUJFNQPDJOFNBUPHSÃêDPZEFMPT
FGFDUPTDJOFNBUPHSÃêDPT
 &TUBTJOOPWBDJPOFTFOFMNBOFKPUÊDOJDPMPBMFKBEFMPRVFQPESÎBNPTDPOTJEFSBS
VO DJOF DMÃTJDP  FOUFOEJFOEP B MP iDMÃTJDPu FO TV TFOUJEP NÃT DPMPRVJBM  DPNP VO


UÊSNJOP RVF QPTFF MBT DPOOPUBDJPOFT EF VOB FYDFMFOUF GBDUVSB QFSP UBNCJÊO FO FM
TFOUJEPEFRVFTFBQFHBBMPUSBEJDJPOBM MPDPOWFODJPOBMZRVF QPSPUSPMBEP SFTQFUB
MBNBOFSBiDPOTBHSBEBuZiTBODJPOBEBuEFSFBMJ[BSVOBQFMÎDVMBBMBNBOFSBEFMDJOF
OPSUFBNFSJDBOP5BMTFSÎBFMDBTPEFQFMÎDVMBTDPNP5JUBOJD 
EFMOPSUFBNFSJDBOP
+BNFT$BNFSPO P&MMBCFSJOUPEFMGBVOP 
EFMNFYJDBOP(VJMMFSNPEFM5PSP
 -BQBMBCSBiDMÃTJDPuFOFTUFDBTPOPTSFNJUFBVOiMVHBSDPNÙOuFOFMSFGFSFOUFEF
MBTQFMÎDVMBTRVFDPNQBSUJNPT ZQPTFF QPSPUSPMBEP VODBSÃDUFSNFUBIJTUÓSJDPRVFOP
TFDJSDVOTDSJCFBVOQFSJPEPDPODSFUP TJOPRVFTFSFêFSFBVOBNBOFSBEFIBDFSDJOFB
MBNBOFSBEFDPOUBSVOBIJTUPSJBDPSSFDUBNFOUF TJOOJOHÙOUJQPEFFYQFSJNFOUBDJÓO
OJUSBOTHSFTJÓOBMPTDÓEJHPTUSBEJDJPOBMFT .BS[BM 

 &TPCWJPRVF)BQQZ5PHFUIFSOPFTVOBQFMÎDVMBiDMÃTJDBuFOFTUFTFOUJEP QVFTQSFTFO
UBVOBQSPQVFTUBGPSNBMRVFUSBUBEFSPNQFSDPOMBTDPOWFODJPOFTUÊDOJDBTUSBEJDJPOBMFT
Z FODBNCJP NBOFKBMPTSFDVSTPTFYQSFTJWPTFOVOBGSBODBFYQFSJNFOUBDJÓO BMHSBEP
EFRVFQVFEFTPSQSFOEFSFJODMVTPNPMFTUBSBMFTQFDUBEPS&OFTUFDBTPMBQFMÎDVMBFTUB
NÃTDFSDBOBBMBDSFBDJÓOEFVODJOFiNPEFSOPu iFYQFSJNFOUBMuPEFDJOFEFBVUPS

"OÃMJTJTTFNJÓUJDPEFVOBTFDVFODJB
"DPOUJOVBDJÓOBOBMJ[BSFNPTMBQFOÙMUJNBTFDVFODJBEFMBQFMÎDVMB-BTFDVFODJBFT
JNQPSUBOUF EFCJEP B RVF -BJ :JV 'BJ IB UFSNJOBEP EFêOJUJWBNFOUF TV SFMBDJÓO DPO
)P1P8JOHSFHSFTBEFTQVÊTEFNÃTEFVOBÒPB5BJQÊJZWBBVONFSDBEPEFDPNJEB
USBEJDJPOBMBCVTDBSBMÙOJDPBNJHPRVFIBUFOJEPFO"SHFOUJOB
 &OFMêOBMEFFTUBTFDVFODJBTFNBOFKBMBNJSBEBPCKFUJWBJSSFBM MBDVBMMBEFêOF
FM UFÓSJDP EF DJOF JUBMJBOP 'SBODFTDP $BTFUUJ DPNP BRVFMMBT UPNBT RVF TF NVFTUSBO
EF VO NPEP BOÓNBMP P BQBSFOUFNFOUF JOKVTUJêDBEP  QFSP RVF UJFOFO VOB êOBMJEBE
DPNVOJDBUJWB-BTUPNBTTPOWJTUBTEFTEFMVHBSFTiJNQPTJCMFTuPDPOFMNBOFKPEFVOB
iDÃNBSBWFSUJHJOPTBu DÃNBSBSÃQJEB
RVFUJFOFODPNPêOBMJEBEUSBOTGPSNBSFMNPEP
IBCJUVBMEFQSFTFOUBSMPTPCKFUPTFOMBIJTUPSJBGÎMNJDB $BTFUUJ 

 &TUBT UPNBT PCKFUJWBT JSSFBMFT PQFSBO EFTEF FM QVOUP EF WJTUB EFM FNJTPS  QFSP
TPO SFDPOPDJEBT JONFEJBUBNFOUF QPS FM SFDFQUPS 4F QPESÎB DPOTJEFSBS RVF FT VOB
FTQFDJFEFTVCSBZBEPFYUSFNP4FPGSFDFEJSFDUBNFOUFFOMBNBOFSBFORVFTFFYIJCF
MB DPOTUSVDDJÓO EF MB JNBHFO  EF VOB GPSNB EFTDBSBEB DPO RVF TF NVFTUSB QBSB TV
EFTDJGSBNJFOUP $BTFUUJ 
 "QBSUF EF RVF OP PQFSBO EVSBOUF UPEP FM êMNF TJOP


TÓMPFOBMHVOPTNPNFOUPT QPSRVFTPOVOBGPSNBEFDSFBSVOÊOGBTJT VOTVCSBZBEP
:QPEFNPTSFDPOPDFSMBNJSBEBPCKFUJWBJSSFBMQPSFMQBTPEFMBNJSBEBPCKFUJWBBFTUB
ÙMUJNB
 &MêOBMEFMBTFDVFODJBFTUÃSFBMJ[BEBDPOCBTFFOUPNBTZUJFOFVOBEVSBDJÓO
EFTFHVOEPT EFTEFRVF-BJ:JV'BJFTUÃTFOUBEPDPNJFOEP IBTUBFMNPNFOUPFORVF
TFMFWBOUBZDBNJOBQPSFMNFSDBEP4JOFNCBSHP MBDÃNBSBQFSNBOFDFêKBFOFMFTQFKP 
FOFMDVBMTFFODVFOUSBOQFHBEBTWBSJBTGPUPHSBGÎBTEFTVBNJHP&TUPFTVOÊOGBTJTRVF
QPOFFMTVKFUPFOVODJBEPS FMRVFWBDPOTUSVZFOEPFMSFMBUP QBSBEFDJSMFBMFTQFDUBEPS
JNQMÎDJUPRVFFTFQMBOPFTJNQPSUBOUF
 &MNBOFKPNÃTJOUFSFTBOUFBOJWFMEFMBSFBMJ[BDJÓOZEFMBOBSSBUJWJEBEGÎMNJDBFT
FMQBTPEFMBNJSBEBPCKFUJWBBMBNJSBEBPCKFUJWBJSSFBM MBDVBMTFDPNCJOBDPOFMVTP
EFMBWP[FOPĒ
 %FMBUPNBBMBTUPNBTTVCTFDVFOUFTTFQBTBEFVOBUPNBPCKFUJWBBVOÊOGBTJT
DFOUSBEPFOMBNJSBEBPCKFUJWBJSSFBM­TUBFTVOBNBSDBFWJEFOUF ZBRVFFOMBUPNB
TFQSFTFOUBB'BJDPNJFOEP QFSPBUSBWÊTEFMBWFOUBOBEFVOJOUFSJPSEFVOBVUPNÓWJM 
MPDVBMSFTVMUBCBTUBOUFFYUSBÒP QVFTOPIBZKVTUJêDBDJÓOEFQPSRVÊMBDÃNBSBUFOHB
RVFFODPOUSBSTFFOFTFMVHBS
 %FTQVÊTDPSUBBPUSBUPNB 
EFNJSBEBPCKFUJWBJSSFBM MBDVBMFTUPNBEBBUSBWÊT
EFVOFTQFKPFOEPOEFUBNCJÊOSFQSFTFOUBVOQVOUPEFWJTUBDPNQMFUBNFOUFFYUSBÒPZ
BOÓNBMP EFCJEPBRVFOPFTVOBUPNBPCKFUJWBOJUBNQPDPTVCKFUJWB&T'BJDPNJFOEP 
QFSPWJTUPFOFMJOUFSJPSEFVOFTQFKP4JOKVTUJêDBDJÓOEFRVJÊOFTFMPCTFSWBEPSEFM
QFSTPOBKF
 -BUPNBWJTUBEFTEFFMFTQFKPJOUFHSBB'BJDPNJFOEPZUSFTGPUPHSBGÎBT FOMBT
DVBMFTTFEFTUBDBMBGPUPEFMGBSPZTVBNJHP$IBOHRVFMMFWBQVFTUBVOBHPSSBSPKB
 -BUPNB OVFWBNFOUFEFTEFFMFTQFKP JOUFHSBB'BJDPNJFOEPZMBGPUPHSBGÎB
TVQFSJPSDPOMBJNBHFOEFMGBSP-BUPNBFTMBQBSUFJOGFSJPSEFMFTQFKP ZTPOEPT
GPUPHSBGÎBTEFVOQBJTBKFZ$IBOHFOFMGBSP&MDPOKVOUPEFFTUBTUPNBTPCKFUJWBTJSSFBMFT
BQFOBTEVSBTFJTTFHVOEPT
 &O MB UPNB  TF SFHSFTB B VOB UPNB PCKFUJWB  FO MB DVBM 'BJ QSFHVOUB TJ UJFOFO
UFMÊGPOP-BUPNB EFMBTNÃTMBSHBT EVSBTFHVOEPT FOFMMBTFFTDVDIBMBWP[FOPĒ
NJFOUSBT'BJBCSFVOSFGSJHFSBEPSMBUPNBTFMMFOBEFIVNPCMBODPEFMBDPNJEBRVF
TFDPDJOB-BUPNBFTUÃMJHBEBNFEJBOUFMBWP[FOPĒDPOMBBOUFSJPS FOMBDVBMJOEJDB


RVFSPCÓVOBEFMBTGPUPT4JOFNCBSHP MPTFTQFDUBEPSFTOPIFNPTQSFTFODJBEPFTUF
BDPOUFDJNJFOUP
 "OJWFMOBSSBUJWPFMUJFNQPTFSPNQFQPSRVFMBWP[FOPĒDPOUJOÙBEJDJFOEPRVF
OPTBCFTJWPMWFSÃBWFSMP QFSPMBJNBHFOFTBOUFSJPSFOFMUJFNQPBMEFMBWP[FOPĒ
&TUPDPSSFTQPOEFBMPRVFUBNCJÊO$BTFUUUJEFOPNJOBVOBGSFDVFODJBSFQFUJUJWB MPDVBM
DPOTJTUFFOSFQFUJSWBSJBTWFDFT ZEFTEFEJTUJOUPTQVOUPTEFWJTUB VONJTNPTVDFTP


 &OMBUPNB EFBQFOBTEPTTFHVOEPT WFNPTMBNBOPEF'BJRVFUPNBMBGPUPEF


TVBNJHP$IBOH"DPOUFDJNJFOUPRVFVOPTTFHVOEPTBOUFTOPTMPIBCÎBNFODJPOBEP
MBNJTNBWP[FOPĒEF'BJ&TEFDJS TFQSPEVKPVOBBMUFSBDJÓOEFMUJFNQP ZBRVFMBWP[
FOPĒDVFOUBMPRVFWBBPDVSSJSBOUFTEFRVFMPWFBNPT QBSBJONFEJBUBNFOUFPCTFSWBS
MPRVFOPTIBCÎBBEWFSUJEPMBWP[FOPĒ&TUPFT TFQSPEVDFVOBGSFDVFODJBSFQFUJUJWB 
QSJNFSPNFEJBOUFFMTPOJEPZMVFHPNFEJBOUFMBJNBHFO DVZBGVODJÓOEFOUSPEFMSFMBUP
FTMBEFFOGBUJ[BSEPTWFDFT ZBUSBWÊTEFEPTNFEJPTFYQSFTJWPTEJGFSFOUFT MBJNBHFOZ
FMTPOJEP
MBJNQPSUBODJBRVFUJFOFMBGPUPHSBGÎB
 -BUPNB MJHBEBDPOMBWP[FOPĒ NFODJPOBRVFTJÊMRVJFSFTBCSÃEÓOEFQPESÃ
FODPOUSBSMPOVFWBNFOUF.JFOUSBTUBOUP TBMFEFMQVFTUPEFDPNJEB
 -BUPNBTFRVFEBêKBFOFMFTQFKPFOFMDVBMZBTÓMPRVFEBOEPTEFMBTUSFT
GPUPHSBGÎBT
 &M QVOUP EF WJTUB RVF TF NBOFKB EVSBOUF FTUB TFDVFODJB FT RVF FM FOVODJBEPS
JNQMÎDJUP FMDPOTUSVDUPSEFMBOBSSBDJÓO TBCFNÃTRVFMPTQFSTPOBKFT5BMFTFMDBTPEFUP
EBTMBTUPNBTEFEFUBMMFEFMBTGPUPHSBGÎBTFOEPOEFFMFOVODJBEPSJOUFHSBBMQFSTPOBKF
EF'BJDPOFMFTQFKPZMBTGPUPHSBGÎBTNPTUSBEBT%FIFDIP MBDÃNBSBQFSNBOFDF EFTEF
VOBNJSBEBPCKFUJWBJSSFBM FOFMFTQFKPEFTQVÊTEFRVFIBTBMJEP'BJ&TUPDPOTUJUVZFVOB
WFSEBEFSBBDFOUVBDJÓOPTVCSBZBEP ZBRVFMBGPUPHSBGÎBSPCBEBSFQSFTFOUBFMSFDVFSEP
EFMPTNPNFOUPTGFMJDFT OPDPOTVQBSFKB)P1P8JOH TJOPDPOTVBNJHP$IBOH&O
MBTFDVFODJBQPTUFSJPS FMêOBMEFMBQFMÎDVMB WFNPTB'BJTPOSJFOUFDPNPTJIVCJFSB
TVQFSBEPDPNQMFUBNFOUFTVEJGÎDJMFTUBODJBFO"SHFOUJOB
 -BNJSBEBPCKFUJWBJSSFBMNBSDBVOFTUJMPNVZFTQFDJBMFODVBOUPBMBGPSNBDPNP
TFDVFOUBFMSFMBUP ZDPOTUJUVZFVOBNBOFSBOPWFEPTBEFBQSPYJNBSTFBMBOBSSBDJÓO
DJOFNBUPHSÃêDB&TEFDJS OPTFDVFOUBEFTEFVOBNJSBEBPCKFUJWB MPDVBMJNQMJDBSÎBFM
UFOFSVOBDJFSUBEJTUBODJB VOBMFKBNJFOUPDPOMPRVFTFFTUÃDPOUBOEP1FSPUBNQPDP


TFOBSSBEFTEFVOBNJSBEBTVCKFUJWB FOMBDVBMFMQVOUPEFWJTUBNÃTJNQPSUBOUFTFSÎB
FMEF-BJ:JV'BJ FMQSPUBHPOJTUBEFMSFMBUP
 "MTFSQSFTFOUBEPEFTEFVOBNJSBEBPCKFUJWBJSSFBM FMÊOGBTJTOBSSBUJWPTFQPOF
FOFMDPOTUSVDUPSEFMBOBSSBDJÓO FOFMRVFIBDFZNVFTUSBFMSFMBUP FTEFDJS FMTVKFUP
FOVODJBEPSRVFTBCFNÃTRVFFMOBSSBEPS'BJ WP[FOPĒ
ZRVFFMQFSTPOBKF'BJ"EF
NÃT FMTVKFUPFOVODJBEPSQSFTFOUBTVQBSUJDVMBSZFYUSBÒPQVOUPEFWJTUBEFTEFFMJOUF
SJPSEFVODPDIFPNFEJBOUFVOFTQFKP MPDVBMBQBSUFEFJOVTJUBEPSFTVMUBNFUBêDDJPOBM
EFCJEPBRVFMBSFBMJEBEEFMBQFMÎDVMBOPFTWJTUBEJSFDUBNFOUF TJOPQPSJOUFSNFEJPEF
VOBTVQFSêDJFSFëFKBOUF
 &M FTQFKP DPOTUJUVZF VOB êHVSB EFM OBSSBEPS  BTÎ DPNP UPEPT MPT JOTUSVNFOUPT
RVF UJFOFO RVF WFS DPO MB NJSBEB CJOPDVMBSFT  UFMFTDPQJPT  WFOUBOBT  NJDSPTDPQJPT 
TVQFSêDJFT SFëFKBOUFT  FUDÊUFSB  RVF FO FTUF DBTP DSFBO VOB NJSBEB FYUSBÒB RVF
SFëFYJPOBTPCSFMBQSPQJBJNBHFOFOFMFTQFKP MBGPUPHSBGÎBRVFNVFTUSBBTVBNJHPZ
TPCSFFMQSPQJPDJOFVOBNJSBEBRVFFMEJSFDUPSSFMBDJPOBDPOFMQBTBEP FMSFDVFSEP MB
GFMJDJEBEZPUSPTUFNBTPCTFTJWPTQBSBFMSFBMJ[BEPSEFMêMNF
 "DPOUJOVBDJÓOQSFTFOUBNPTMBEFTDSJQDJÓOEFFTUBTEPDFUPNBTFOMBTDVBMFT
TFJOEJDBFMQBTPEFVOBNJSBEBPCKFUJWBBVOBNJSBEBPCKFUJWBJSSFBM ZMBJNQPSUBODJB
RVFUJFOFTVVUJMJ[BDJÓOFOFTUBTFDVFODJBDPNPVOBNBOFSBEFFOGBUJ[BSBMHVOBTEFMBT
UPNBTEFJNQPSUBODJBQBSBFMFOVODJBEPSGÎMNJDP

4&$6&/$*"426&4&3¦/"/"-*;"%"4

'BJFOFMNFSDBEPEF5BJQÊJNJOTTFHT
1BSUFêOBMEFMBTFDVFODJBTFHTZQMBOPT


 .$6 'BJ DPNF TPQB  TFHT 0#+&5*70
 
 .4 'BJ EFTEF FM WJESJP EF VO DPDIF 
TFHT 0#+&5*70*33&"-
 
%&5"--&EFFTQFKP'BJDPNFTFHT 0*
 
%&5"--&EF
FTQFKPZQBSFETFHT 0*
 
%&5"--&NÃTDFSSBEPTVQFSJPSTFHT 0*
 
%&5"--&
NÃTDFSSBEPJOGFSJPSTFHT 0*
 
.4'BJDPNF WP[PĒTFHT 0#+&5*70
 
.4'BJ
BCSFVOSFGSJHFSBEPS WP[FOPĒTFHT 0#+
 
.4'BJDBNJOBQPSMBDBMMF WP[FO PĒ
0#+&5*70
 
%&5"--&NBOPSPCBGPUPHSBGÎBTFHT 0*
 
.4IPNCSFEFB[VM
TFHT 0#+&5*70
 
%&5"--&EFFTQFKPGBMUBVOBGPUPTFHT 0*



-PTSFDVSTPTFYQSFTJWPTZOBSSBUJWPTFOFMêMNF
-BEJSFDDJÓOEFGPUPHSBGÎB
1SPCBCMFNFOUF VOP EF MPT BTQFDUPT NÃT MMBNBUJWPT EF MB QFMÎDVMB )BQQZ 5PHFUIFS
TFB MB EJSFDDJÓO EF GPUPHSBGÎB SFBMJ[BEB QPS $ISJTUPQIFS %PZMF  QFSP FTUSFDIBNFOUF
TVQFSWJTBEBQPS8POH,BS8BJ-BGPUPHSBGÎBTFNVFTUSBCBTUBOUFJOOPWBEPSBEFCJEPBTV
DPODFQDJÓOHMPCBM FOMBDVBMFYQFSJNFOUBDPOEJWFSTPTBTQFDUPTRVFFTUÃOFTUSFDIBNFOUF
MJHBEPT DPO FTUB ÃSFB  DPNP TPO FM DPMPS  MB VUJMJ[BDJÓO EF MFOUFT  MB QSPGVOEJEBE EF
DBNQP MPTNPWJNJFOUPTEFDÃNBSBZMBJMVNJOBDJÓO FOUSFPUSPTNVDIPTBTQFDUPT
 -BQSPGVOEJEBEEFDBNQPFTNVZJNQPSUBOUFEFOUSPEFMBQFMÎDVMB ZBRVFBQBSUF
EFFDPOPNJ[BSQMBOPT DPOTUJUVZFOUPEPVOFTUJMPQPSMBNBOFSBEFêMNBSEFMEJSFDUPS 
RVFQPSPUSPMBEPTFBEBQUBCBTUBOUFCJFOBMBIJTUPSJBZBMPTMJNJUBEPTSFDVSTPTEF
QSPEVDDJÓODPORVFDPOUÓEVSBOUFMBêMNBDJÓO
 0USPNPNFOUPFOFMRVFDPNCJOBMBQSPGVOEJEBEEFDBNQPDPOTFHVJNJFOUPTEF
DÃNBSBFONPWJNJFOUP FTBRVÊMFORVFMPTQFSTPOBKFTDBNJOBOQPSMBTDBMMFT5BMFTFM
DBTPEFDVBOEPÊTUFMMFHBBMNFSDBEPEF5BJQÊJ FOFMDVBMBQBSUFEFRVFTFHVJNPT
QFSGFDUBNFOUFMBTBDDJPOFTEF-BJ:JV'BJ QPEFNPTOPUBSFMBNCJFOUFZMPTEJGFSFOUFT
QVFTUPTEFMNFSDBEPRVFTFEFEJDBOBMBWFOUBEFDPNJEBUSBEJDJPOBM
 &MDPMPSUBNCJÊOFTNVZJNQPSUBOUFEFOUSPEFMBQFMÎDVMB EFCJEPBRVFDBEBTJUJP
FTUÃSFMBDJPOBEPDPODPMPSFTNVZQBSUJDVMBSFTZRVF QPSPUSPMBEP QVFEFOTFSWJSQBSB
BQPSUBSVOBNBZPSTJHOJêDBDJÓOEFOUSPEFMBQFMÎDVMB%FIFDIP FMêMNFFTUÃFTUSVDUVSBEP
DPOMPTKVFHPTDPOTUBOUFTEFDPMPSZCMBODPZOFHSPRVF FONVDIPTNPNFOUPT QSFTFOUBO
VOBFTUSFDIBSFMBDJÓODPOMPTFTUBEPTEFÃOJNPEFMPTQFSTPOBKFT
 &OMBTFDVFODJBFORVF'BJUSBCBKBDPNPQPSUFSPZEFEJDBHSBOQBSUFEFTVUJFNQP
BMBCFCJEBZ BEFNÃT TFMFNVFTUSBTPMPZEFQSJNJEP MBJNBHFOTFQSFTFOUBFOVO
CMBODPZOFHSPNVZDPOUSBTUBEP RVFQPSPUSPMBEPEFTUBDBMBNJTFSJBEFMBDJVEBE 
BVORVFEFNBOFSBFTUÊUJDB:OPFTIBTUBEFTQVÊTEFMNPNFOUP FORVF)P1P8JOHMF
IBQFEJEPRVFWVFMWBOBFNQF[BS RVFMBJNBHFOSFUPSOBOVFWBNFOUFBMDPMPS
 %FOJOHVOBNBOFSB FTDBTVBMJEBERVFFMSFUPSOPBMDPMPSTFQSPEV[DBFOFMUBYJ
EFSFHSFTPBDBTB Z FOFMDVBM )P1PCVTDBMBQSPUFDDJÓOEF'BJ EFCJEPBRVFUJFOFMBT
NBOPTFOZFTBEBTZQPSVODJFSUPUJFNQPOPQVFEFSFBMJ[BSNPWJNJFOUPTCSVTDPT
 &ODVBOUPBMNBSDBEPNBOFKPEFMDPMPSZMBTBUVSBDJÓOFYDFTJWBEFÊTUFTJSWFOQBSB
JEFOUJêDBSZSFDPSEBSMPTTJUJPTQPSMPTRVFUSBTDVSSFOMPTQFSTPOBKFTDPNPFMNFUSP


EF)POL,POHEFMBTFDVFODJBêOBM RVFUJFOFVOTBUVSBEPDPMPSBNBSJMMP DPONVDIBT
MVDFTCSJMMBOUFTRVFDPOUSBTUBOEFTPCSFNBOFSBDPOMBPTDVSJEBEZMBGBMUBEFDPMPSRVF
IBCÎBNPTQSFTFODJBEPFOMBQSJNFSBQBSUFEFMBQFMÎDVMBFOMBDJVEBEEF#VFOPT"JSFT

-BWP[FOPĒ
-BQFMÎDVMB EFTEFTVJOJDJP TFDVFOUBNFEJBOUFMBWP[FOPĒEFMQFSTPOBKFEF-BJ:JV
'BJ FMDVBMOPTJOGPSNBEFDVÃMFTFMNPUJWPEFTVMMFHBEBB"SHFOUJOB BTÎDPNP DVÃM
IBTJEPTVSFMBDJÓODPO)P1P8JOH5BNCJÊOOPT SFMBUBDÓNPTFQFSEJFSPOFOMB
DBSSFUFSBRVFMPTMMFWBSÎBB*HVB[Ù ZDÓNP)P1PEFDJEFUFSNJOBSTVSFMBDJÓOFOFTF
QSFDJTPNPNFOUP
 .ÃTBEFMBOUF MBWP[FOPĒOPTJOGPSNBQPSRVÊUVWPRVFMMFHBSBUSBCBKBSFOVO
CBSEFQPSUFSP PMPRVFTJFOUF'BJDVBOEPFODVFOUSBB8JOHDPOVOPEFTVTBNJHPT
BSHFOUJOPT
 &OFMNPNFOUPFORVFMMFHBB5BJQÊJ MBWP[FOPĒOPTDVFOUBRVFBMWJTJUBSFM
NFSDBEP QBSB DPOPDFS B MPT QBESFT EF $IBOH  BIPSB MP FOUJFOEF NFKPS Z DÓNP TF
TJFOUFBHVTUP EFCJEPBRVFTBCFRVFDVBOEPRVJFSBMPDBMJ[BSBTVBNJHPTBCSÃEÓOEF
FODPOUSBSMP
 -BWP[FOPĒQBSFDFEJMVJSTF PTFSNFOPTGSFDVFOUFQPSNPNFOUPT QFSPTJFNQSF
TFFODVFOUSBQSFTFOUFBMPMBSHPEFMBQFMÎDVMB"EFNÃTEFRVFFMMBFTUÃQFSGFDUBNFOUF
EPTJêDBEB EFCJEPBRVFOPTFQSFTFOUBEVSBOUFUPEPMBQFMÎDVMB TJOPÙOJDBNFOUFFO
BRVFMMPTNPNFOUPTFOMPTRVFFTOFDFTBSJPBÒBEJSJOGPSNBDJÓOBEJDJPOBM

&MFODVBESFPCKFUJWPJSSFBM
-B DPNQPTJDJÓO EF MPT QMBOPT FO MBT QFMÎDVMBT EF 8POH ,BS 8BJ  TF EFCF B RVF FM
EJSFDUPSFODVBESBEFTEFFMQVOUPRVFNÃTDPOWJFOFBMBNBOFSBRVFTFRVJFSFONPTUSBS
MBTTJUVBDJPOFTZMPTQFSTPOBKFT&OMBDBTBEF-BJ:JV'BJTFFODVBESBEFUBMNBOFSBRVF
NVFTUSBMPFTUSFDIPEFMBIBCJUBDJÓOEFVOMBEPVOTPGÃ ZEFMPUSPVOBQFRVFÒBDBNB
BMGPOEPVOQFRVFÒPDPNFEPSZVOEJNJOVUPCBÒP
 &MFODVBESFMFTJSWFBMEJSFDUPS8POH,BS8BJQBSBFYQSFTBSFOBMHVOPTNPNFOUPTVO
QVOUPEFWJTUBFYUSBÒPEFOUSPEFMBIJTUPSJB EFCJEPBRVFÊTUFOPDPSSFTQPOEFDPOOJOHVOP
EFTVTQFSTPOBKFT&TUPTFODVBESFTOPTPONVZVUJMJ[BEPTFOMBNBZPSÎBEFMBTQFMÎDVMBT
iDMÃTJDBTu OJTVFNQMFPFTUBOGSFDVFOUFQPSPUSPTEJSFDUPSFT .BS[BM 



 0USPFODVBESFRVFSFTVMUBCBTUBOUFFYUSBÒPFTDVBOEP)P1PSFDVFSEBRVFFTUÃ
GFMJ[KVOUPB-BJ:JV'BJZTFFODVFOUSBCBJMBOEPDPOÊTUF-BTUSFTUPNBTRVFTFOPT
NVFTUSBOTPOWJTUBTBUSBWÊTEFVOFTQFKP MPDVBMMPFTCBTUBOUFJOVTJUBEPEFCJEPBRVF 
yEFRVJÊOFTFMQVOUPEFWJTUBRVFNJSBFOFMFTQFKP :MBSFTQVFTUBNÃTQSPCBCMFFT
RVFTÓMPQVFEFDPJODJEJSFMQVOUPEFWJTUBDPOFMEJSFDUPSEFMBQFMÎDVMB MPRVFMFIBSÎB
QBSUJDJQBSEFMBNJSBEBPCKFUJWBJSSFBM
 &OFTBNJTNBTFDVFODJB FORVF)P1P8JOHCBJMBDPOVOEFTDPOPDJEPZFNQJF[B
BSFDPSEBSB-BJ:JV'BJ TF DPNJFO[BUPNBOEPBMHVOBTMFUSBTEFMCBSEFTEFGVFSBEF
ÊTUF ZDVBOEPFMEFTDPOPDJEPDPNJFO[BBDBNJOBSIBDJB)P1P8JOHFTDVBOEPQPS
êOMBDÃNBSBTFJOUSPEVDFBMJOUFSJPSEFMCBS
 "QBSUFEFMPTFTQFKPT PUSPTEFMPTFODVBESFTFYUSBÒPTVUJMJ[BEPTQPSFMEJSFDUPS
TPOBRVFMMPTRVFUJFOFORVFWFSDPOMBTWFOUBOBT$PNPFTFMDBTPDVBOEP'BJFTDSJCF
MBDBSUBBTVQBESF RVFBQBSFDFVOFODVBESFEFTEFGVFSBEFMBWFOUBOBDPNPTJBMHVJFO
NJSBSBB-BJ:JV'BJNJFOUSBTFTDSJCF
 -PNJTNPPDVSSFDVBOEP)P1P8JOHTFFODVFOUSBFOTVDBTBMMPSBOEPZBCSB
[BOEPMBDPCJKBEF'BJ1SJNFSPTFFODVBESBEFTEFGVFSBEFMBWFOUBOBDPNPTJBMHÙO
UFTUJHP TJMFODJPTP MP FTUVWJFSB PCTFSWBOEP Z  QPTUFSJPSNFOUF  OPT JOUSPEVDJNPT BM
JOUFSJPSEFMBDBTBQBSBTFSUFTUJHPTEFRVFFMQFSTPOBKFTFFODVFOUSBTFOUBEPFOVO
TJMMÓO ZRVFDBTJTFBDVFTUBFOÊTUFQBSBDPOUJOVBSMMPSBOEP
 -BQFMÎDVMB QPSPUSPMBEP QSFTFOUBNVDIPTEFFTUPTFODVBESFTPCKFUJWPTJSSFBMFT 
CBTUBOUFFYUSBÒPT FOMPTRVFFMEJSFDUPSNBSDBTVQVOUPEFWJTUB BMHSBEPRVFMMFHBB
DPOWFSUJSTFFOQBSUFEFTVFTUJMPEFêMNBSQFMÎDVMBT&T*OUFSFTBOUF NFODJPOBS QPSPUSP
MBEP RVFFTUFUJQPEFFODVFOUSFTMPTTFHVJSÃVUJMJ[BOEPZFNQMFBEPEFTPCSFNBOFSB
FO TV QPTUFSJPS QFMÎDVMB UJUVMBEB %FTFBOEP BNBS 
 : BVO EFTEF TVT QSJNFSBT
QFMÎDVMBT ZBFYJTUÎBFTUBPCTFTJÓOQPSMPTFODVBESFTBOPSNBMFT FYUSBÒPT EFMPTDVBMFT
OPTDVFTUBUSBCBKPJEFOUJêDBSEFRVJÊOFTFMQVOUPEFWJTUB

-PTUFNBTEFMêMNF
&O WBSJBT FOUSFWJTUBT RVF 8POH ,BS 8BJ DPODFEJÓ B MB QSFOTB  EFDMBSÓ RVF MB
JEFB EF MB QFMÎDVMB  )BQQZ 5PHFUIFS TVSHJÓ EFTQVÊT EF IBCFS MFÎEP VOB OPWFMB EF
.BOVFM 1VJH  UJUVMBEB "ĒBJSF FO #VFOPT "JSFT  QPS MP RVF FO VO QSJNFS NPNFOUP
ÊTUF TFSÎB TV UÎUVMP UFOUBUJWP 1FSP FM BCPHBEP EFM FTDSJUPS MF JOEJDÓ BM FRVJQP EF


QSPEVDDJÓO RVF EFCJEP B EFSFDIPT EF BVUPS OP QPESÎBO VUJMJ[BS FTUF OPNCSF 
ZB RVF MB DJVEBE JOEVEBCMFNFOUF TF DPOWJFSUF FO VOP EF MPT QFSTPOBKFT EF
MBQFMÎDVMB
 0USPEFMPTUFNBTFTMBJODPNVOJDBDJÓOFOMBQBSFKB ZBRVFTJCJFOTFFODVFOUSBO
KVOUPT ZIBTUBGFMJDFTFOPDBTJPOFT QPDBTWFDFTFOUBCMBOVOBDPOWFSTBDJÓOPUJFOFO
QMBOFTZQSPZFDUPTFODPNÙO1BSUFEFMBTEJêDVMUBEFTTFEFCFOBRVF)P1P8JOH
MFSFDMBNBB'BJRVFOVODBMPTBDBBQBTFBS PQPSMPNFOPTMPMMFWFBMDJOF SB[ÓOQPS
MBDVBMÊMTFKVTUJêDBEFTVTDPOTUBOUFTTBMJEBTOPDUVSOBT&TUPUBNCJÊOMFTJSWFQBSB
FYDVTBSTFEFMFYBHFSBEPDVJEBEPEFTVBQBSJFODJBGÎTJDBFOMPTNPNFOUPTFOMPTDVBMFT
TFEJTQPOFBTBMJS
 -BJODPNVOJDBDJÓOUBNCJÊOTFQSPEVDFQPSRVFFYJTUFVOBEFTDPOêBO[BEFMVOP
IBDJBFMPUSP ZBRVFFOTVTBOUFSJPSFTSVQUVSBTOPIBOTJEPOBEBGÃDJMFTEFIFDIP MPT
QSJNFSPTFODVFOUSPTFOUSFFMMPTTPONVZWJPMFOUPT&OÊTUPT-BJ:JV'BJMFSFDMBNBQPSRVÊ
TBCFTVOÙNFSPUFMFGÓOJDPP JODMVTP TFOJFHBBMMFWBSMPBDPOPDFSFMEFQBSUBNFOUPFO
RVFIBCJUB
 &TUB JODPNVOJDBDJÓO FO MBT QBSFKBT EF 8POH ,BS 8BJ DPOUSBTUB OPUPSJBNFOUF
DPOMBTQBSFKBTEFMDJOFOPSUFBNFSJDBOPNÃTDPOWFODJPOBM FOMBTDVBMFTBQBSFOUFNFO
UFFYJTUFVOBCVFOBDPNVOJDBDJÓOZUPEPTTPOGFMJDFT"RVÎMPTQFRVFÒPTNPNFOUPT
GFMJDFTTFJOJDJBOEFTQVÊTEFTJUVBDJPOFTEJGÎDJMFTZEFDPOTUBOUFTTFQBSBDJPOFT QFMFBT
ZEJTDVTJPOFT"EFNÃT OVODBFTVOBGFMJDJEBEHBSBOUJ[BEB TJOPUPEPMPDPOUSBSJP TF
FODVFOUSBTPCSFVOFRVJMJCSJPNVZGÃDJMEFSPNQFS

"NPEPEFDPODMVTJÓO
-BQBSFKBFTVOPEFMPTUFNBTNÃTJNQPSUBOUFTEFMBPCSBEF8POH,BS8BJ FODBTJ
UPEBTTVTQFMÎDVMBTMPTQFSTPOBKFTMMFHBOBFOBNPSBSTF QFSPFYJTUFOGBDUPSFTFYUFSOPT
RVF MFT JNQJEFO EFTBSSPMMBSTF QMFOBNFOUF &T DVSJPTP RVF MB QSJNFSB TFDVFODJB EF
MB QFMÎDVMB OPT DVFOUF VOB SFDPODJMJBDJÓO BQBSFOUFNFOUF GFMJ[  QBSB QPTUFSJPSNFOUF
TPCSFWFOJSVOBWJPMFOUBSVQUVSB
 -B WJPMFODJB FT VOB EF MBT DBSBDUFSÎTUJDBT QBSUJDVMBSFT FO FTUB QFMÎDVMB  ZB RVF
MPTQFSTPOBKFTEF-BJ:JV'BJZ)P1P8JOHFOGSFOUBODPOTUBOUFTQFMFBT EJTDVTJPOFT
Z BSSFCBUPT EF DFMPT RVF MPT IBDFO WJWJS FO VOB SFMBDJÓO CBTUBOUF QBSBOPJDB Z
BVUPEFTUSVDUJWB


 1PSPUSBQBSUF MBTPMFEBEFJODPNVOJDBDJÓOTFWBBQSPEVDJSBMOPQPEFSTFSFBMJ[BS
EFGPSNBNÃTQPTJUJWBFTUBTSFMBDJPOFT"MQFSTPOBKFEF-BJ:JV'BJTFMFQSFTFOUBHSBO
QBSUFEFMUJFNQPEFQSJNJEPFOFMDVBSUPEPOEFIBCJUBP QFPSBÙO FOMVHBSFTQÙCMJDPT
DPNPCBSFT DBMMFTZQBSUJEPTEFGÙUCPM
 1FSP BMHP RVF UBNCJÊO DBSBDUFSJ[BSÎB B MPT QFSTPOBKFT EF FTUF EJSFDUPS FT RVF
FNQSFOEFOVOBCÙTRVFEBQFSTPOBMNÃTBMMÃEFMBSFMBDJÓOEFQBSFKBRVFUJFOFRVFWFS
DPOMB[PTDVMUVSBMFT HFPHSÃêDPT GBNJMJBSFTPEFBNJTUBEZRVF FOFMDBTPEFMBQFMÎDVMB
RVFOPTPDVQB BZVEBBTBMJSBEFMBOUFBMQFSTPOBKFQSJODJQBMEF-BJ:JV'BJ
 1PS ÙMUJNP  TF BOBMJ[BSPO BMHVOBT EF MBT TFDVFODJBT RVF UJFOFO RVF WFS DPO FM
SFDVFSEP FMDVBMQPSPUSPMBEPSFTVMUBTFSMBDMBWFQBSBFOUFOEFSMBQFMÎDVMBZQBSUFEFMB
PCSBEF8POH,BJS8BJ ZBRVFBNCPTQFSTPOBKFT UBOUP-BJ:JV'BJDPNP)P1P8JOH 
TPOSFBMNFOUFGFMJDFTDVBOEPSFDVFSEBOVOBSFMBDJÓORVFZBIBDPODMVJEP:FTDPNP
TJMBGFMJDJEBENÃTiQVSBuTFEJFSBFOFMBDPOUFDJNJFOUPQBTBEP FOBRVFMMPRVFTFWJWJÓ
ZRVFTFIBJEPJSSFNFEJBCMFNFOUFQBSBTJFNQSF
 "VORVF FTUPT SFDVFSEPT OP UFOHBO RVF WFS DPO BDPOUFDJNJFOUPT HSBOEJPTPT 
DPNPFOVODJOFNÃTiDPNFSDJBMu TJOPNÃTCJFODPODVFTUJPOFTÎOUJNBTRVFTFSFêFSFO
B DVJEBS B MB QFSTPOB BNBEB EVSBOUF VOB FOGFSNFEBE FM OP UFOFS OBEB RVF IBDFS
BOUFTEFJSTFBEPSNJSPBMCBJMBSUBOHPFOMBSFDÃNBSBRVFOPTJOEJDBOMBGFMJDJEBERVF
TFOUJNPTEFFTUBSKVOUPTDPOMBQFSTPOBBNBEB DPNPFMNJTNPUÎUVMPEFMBQFMÎDVMB

#JCMJPHSBGÎB
"VNPU +BRVFT 
"OÃMJTJTEFMêMN 1BJEÓT #BSDFMPOB
#PSEXFMM %BWJE 
&MTJHOJêDBEPEFMêMN*OGFSFODJBZSFUÓSJDBFOMBJOUFSQSFUBDJÓO
DJOFNBUPHSÃêDB 1BJEÓT #BSDFMPOB
$BSNPOB 3BNÓO 
$ÓNPTFDPNFOUBVOUFYUPGÎMNJDP$ÃUFESB .BESJE
$BTFUUJ 'SBODFTDP 
$ÓNPBOBMJ[BSVOêMN 1BJEÓT #BSDFMPOB
$IJPO .JDIFM 
$ÓNPTFFTDSJCFVOHVJÓO $ÃUFESB .BESJE
&DP  6NCFSUP 
 *OUFSQSFUBDJÓO Z TPCSFJOUFSQSFUBDJÓO  $BNCSJEHF 6OJWFSTJUZ
1SFTT (SBO#SFUBÒB
'JKP "MCFSUP 
#SFWFFODVFOUSP&TUVEJPTPCSFEJSFDUPSFTEFMDJOFDPOUFNQPSÃOFP 
%PTTBU .BESJE


(BSDÎB+JNÊOF[ +FTÙT 
/BSSBUJWBBVEJPWJTVBM $ÃUFESB .BESJE
.BS[BM 'FMJDJ  +PTÊ 
 (VÎB QBSB WFS Z BOBMJ[BS FM $JVEBEBOP ,BOF  0DUBFESP 
.BESJE
/FMNFT )JMM 
"OJOUSPEVDUJPOUPêMNTUVEJFT3PVUMFEHF -POESFT
 4UBN 3PCFSU FU BM 
 /VFWPT DPODFQUPT EFM DJOF &TUSVDUVSBMJTNP  TFNJÓUJDB 
OBSSBUPMPHÎB 1TJDPBOÃMJTJT JOUFSUFYUVBMJEBE 1BJEÓT #BSDFMPOB
4BOUPT  /PÊ 
 i&M QMBDFS EF MPT DJOFBTUBTu 3FWJTUB 5JFSSB "EFOUSP  /P  
$POBDVMUB .ÊYJDP
4UFQIFO 5FP 
8POH,BS8BJ #SJUJTI*OTUJUVF 3FJOP6OJEP
5JSBE  -BVSFOU 
 -FDDJPOFT EF DJOF $MBTFT NBHJTUSBMFT EF HSBOEFT EJSFDUPSFT
FYQMJDBEBTQPSFMMPTNJTNPT 1BJEÓT #BSDFMPOB
;BWBMB  -BVSP 
 1FSNBOFODJB WPMVOUBSJB &M DJOF Z TV FTQFDUBEPS  6OJWFSTJEBE
7FSBDSV[BOB 9BMBQB


&MBDUPDSFBUJWPEFMBUSBEVDDJÓO
JOUFSTFNJÓUJDB"EBQUBDJÓODJOFNBUPHSÃêDB
FO.PVMJO3PVHFEF#B[-VISNBOO
$JOUIZB$IÃWF[

%FMBMJUFSBUVSBBMDJOF
-B USBEVDDJÓO JOUFSTFNJÓUJDB  FTQFDÎêDBNFOUF EF VO UFYUP MJUFSBSJP B VO UFYUP
DJOFNBUPHSÃêDP TVQPOFMBIBCJMJEBE DPOUJOUFTBSUÎTUJDPT EFVOUSBEVDUPSmZBTFBVO
EJSFDUPSPHVJPOJTUBPBNCPTFODJFSUPTDBTPTmQPSRVFÊTUFUSBCBKBDPOEPTTJTUFNBT
TÎHOJDPTEJGFSFOUFTRVFOPDPNQBSUFOMBTNJTNBTGPSNBTEFSFQSFTFOUBDJÓO4JCJFOFOMB
USBEVDDJÓOJOUFSMJOHÛJTUJDBFYJTUFMBGBMUBEFFRVJWBMFODJBFOUSFDBUFHPSÎBTHSBNBUJDBMFT
EFVOBMFOHVBZPUSB FOMBUSBEVDDJÓOJOUFSTFNJÓUJDBTFDBSFDF DPNPMMFHBBQMBOUFBSTF
3PNÃO (VCFSO  EF VO iWPDBCVMBSJP JDÓOJDP TJTUFNÃUJDP Z GPSNBMJ[BEP DPNP FM EF
OVFTUSPTEJDDJPOBSJPTMJOHÛÎTUJDPTu
 -PEJDIPTVQPOFMBJNQPTJCJMJEBEEFMBBEBQUBDJÓOQBMBCSBQPS QBMBCSBEFVOB
OPWFMBBVOBQFMÎDVMB-BBEBQUBDJÓODJOFNBUPHSÃêDB QPSUBOUP TFSFBMJ[BBQBSUJSEF
MBUSBEVDDJÓOEFNFOTBKFTDPNQMFUPTQSJNFSPBQBSUJSEFMBDPOGSPOUBDJÓOEFMPTEPT
TJTUFNBTNFEJBOUFQBSÃNFUSPTDPNVOFTBBNCPTZ QPTUFSJPSNFOUF BQBSUJSEFMBBQMJ
DBDJÓO EF FTUSBUFHJBT EFM MFOHVBKF DJOFNBUPHSÃêDP QBSB SFDSFBS FM TFOUJEP EFM UFYUP
GVFOUF
 4PCSFMBDPOGSPOUBDJÓOEFMPTEPTMFOHVBKFT VOQSJNFSFMFNFOUPBGÎOFTRVFMPT
EPTTPOTJTUFNBTOBSSBUJWPTDPOVOBFTUSVDUVSBTFDVFODJBMFOMBRVFTFQVFEFJEFOUJêDBS
VOB USBNB Z VO BSHVNFOUP  Z EF MPT DVBMFT TF QVFEF BCTUSBFS VO JOJDJP Z VO êOBM 
BTÎDPNPVOHSVQPEFQFSTPOBKFTDVZPTSPMFTQMBOUFBOVOBTFSJFEFDPOëJDUPTRVFTF
EFTBSSPMMBOZEFTFOMB[BOBMPMBSHPEFMBIJTUPSJB
 1FFUFS 5PSPQ DPOEFOTB MPT FMFNFOUPT TFÒBMBEPT FO USFT DSPOPUPQPT OFDFTBSJPT
QBSBFMBOÃMJTJTEFVOBUSBEVDDJÓOEFFTUFUJQP


3PNÃO(VCFSO DJUBEPFO1FÒB"SEJE $BSNFO-JUFSBUVSBZDJOF


B
DSPOPUPQPUPQPHSÃêDPTVDFTJÓOEFBDPOUFDJNJFOUPTFOVONVOEPSFDPOPDJCMF
QBSBFMFTQFDUBEPS BUSBWÊTEFMDVBMFMMFDUPSFOUSBFODPOUBDUPDPOVOUJFNQPZ
VOFTQBDJP
C
DSPOPUPQPQTJDPMÓHJDPBDUPSFTRVFUSBOTNJUFOMPTBTQFDUPTEFMDPNQPSUBNJFOUP
ZDPOëJDUPTEFMPTQFSTPOBKFT Z
D
DSPOPUPQPNFUBGÎTJDPDPODFQDJÓOPJOUFSQSFUBDJÓORVFFMBVUPSUJFOFEFMSFMBUP

&O FTUB ÙMUJNB DBUFHPSÎB TF GVOEBNFOUB MB BVUPSÎB V PSJHJOBMJEBE FO MB BEBQUBDJÓO 
ZBRVFTFSFêFSFBMFTUJMPDPOFMRVFFMUSBEVDUPSUSBOTQPOFMPTTJHOPTÊTUFQBSUFEFMB
TVCKFUJWJEBEZEFUFSNJOBMBTNPEJêDBDJPOFTFOUSFFMUFYUPGVFOUFZFMUFYUPNFUB&TUBT
NPEJêDBDJPOFTQMBOUFBEBTQPS5PSPQ DPNPTVTUJUVDJÓO BEJDJÓO QÊSEJEBZDPOWFSTJÓO
EFFMFNFOUPT BGFDUBOBMPTDSPOPUPQPTPSJHJOBMFTZQFSNJUFOVOBUSBOTGPSNBDJÓOFTUJ
MÎTUJDBFJEFPMÓHJDBEFMUFYUPGVFOUF

-BBEBQUBDJÓOEFOUSPEFMBQSPEVDDJÓODJOFNBUPHSÃêDB
De acuerdo a la operatividad de la producción cinematográfica, se puede observar
que la adaptación se produce sucesivamente de la siguiente manera:
 
 MFDUVSB EFM UFYUP GVFOUF QPS QBSUF EFM TVKFUP USBEVDUPS EJSFDUPS  HVJPOJTUB F
JODMVTP QSPEVDUPS
 
 EFêOJDJÓO EFM BSHVNFOUP Z USBNB EF MB BEBQUBDJÓO DPO CBTF
FOFMFTUJMPEFMEJSFDUPSFOFMDBTPEFMEFOPNJOBEPDJOFEFBVUPSZPUSPTFMFNFOUPT
DPNP QSFTVQVFTUP  FYQFDUBUJWBT EF EJTUSJCVDJÓO Z QÙCMJDP BM RVF WB EJSJHJEP FO FM
DBTPEFMEFOPNJOBEPDJOFDPNFSDJBM
EFTBSSPMMPEFVOHVJÓOMJUFSBSJP NJTNPRVF
JNQMJDBZBVOBUSBEVDDJÓOEFUJQPJOUSBMJOHÛÎTUJDB ZFOFMRVFTFPCTFSWBOMBTQSJNFSBT
NPEJêDBDJPOFTQMBOUFBEBTQPS5PSPQ
EFTBSSPMMPEFVOHVJÓOUÊDOJDPRVFEJTQPOF
MBTUPNBTZMPTFODVBESFTDPOMPTRVFTFSFQSFTFOUBSÃOMBTTJUVBDJPOFT ZRVFGVODJPOB
DPNP VO JOTUSVDUJWP QBSB MB DPOTUSVDDJÓO EF MB JNÃHFOFT  Z 
 EFTBSSPMMP EFM 4UPSZ
CPBSE RVFDPOTUJUVZFVOBQSJNFSBGPSNBEFUSBEVDDJÓOJOUFSTFNJÓUJDBRVF DPOCBTF
FOFMHVJÓOUÊDOJDP FTCP[BMBTUPNBTEFMBQFMÎDVMBBQBSUJSEFVOVOBTFSJFEFDVBESPT
TFDVFODJBMFTSFQSFTFOUBEPTFOEJCVKPT ZFOMPTDVBMFTDBEBEFQBSUBNFOUPTFCBTBQBSB
EFTBSSPMMBSWFTUVBSJP FTDFOPHSBGÎB JMVNJOBDJÓO FUDÊUFSB


&OUÊSNJOPTHFOFSBMFTEFMDJOFDPNFSDJBM FOQSPEVDDJPOFTEFBMUPQSFTVQVFTUPZDJOFOPFYQFSJNFOUBM


 'JOBMNFOUF TPOêMNBEBTMBTUPNBTZ EFFOUSFFMNBUFSJBMDPOTFHVJEPFOJNBHFO TF
NPOUBMBUSBNBNFEJBOUFFMQSPDFTPEFFEJDJÓOÊTUFFTFMÙMUJNPQBTPEFMBDPOTUSVDDJÓO
EFMTFOUJEPEFMBIJTUPSJBZBRVFFTUFQSPDFTPEFêOFMBTVDFTJÓOEFBDDJPOFTFOMBQFMÎDVMB
BQBSUJSEFVOSJUNPQBSUJDVMBS

"OÃMJTJTEFVODBTPQBSUJDVMBS
.PVMJO3PVHF QFMÎDVMBEFMEJSFDUPS#B[-VISNBOO BQBSFDFNÃTEFDJFOBÒPTEFTQVÊT
EF MB PCSB EF %VNBT -B EBNB EF MBT DBNFMJBT "VORVF FM EJSFDUPS  RVJFO UBNCJÊO
QBSUJDJQÓFOMBSFBMJ[BDJÓOEFMHVJÓO OPBOVODJBRVFTVPCSBTFBVOBBEBQUBDJÓO TF
QVFEFOJEFOUJêDBSMPTFMFNFOUPTGVOEBNFOUBMFTEFVOBPCSBFOMBPUSB
-BTFDVFODJBJOJDJBMEFMBQFMÎDVMB DVZBEVSBDJÓOFTEFDVBUSPNJOVUPTBQSPYJ
NBEBNFOUF FYQPOFMBTQSJODJQBMFTDBSBDUFSÎTUJDBTEFMPTUSFTDSPOPUPQPTZBQMBOUFBEPT
1PS VO MBEP  MB VCJDBDJÓO FTQBDJP UFNQPSBM TF NVFTUSB QSJNFSP DPO MB DPSUJOJMMB EF
1BSÎT    Z QPTUFSJPSNFOUF DPO MB JNBHFO EFM .PVMJO 3PVHF  MB UPSSF &JĒFM Z VO
SÃQJEP SFDPSSJEP BOJNBEP RVF TF IBDF EFTEF MB QVOUB EF MB UPSSF IBTUB FM CBSSJP EF
.POUNBSUSF QBTBOEPÃHJMNFOUFQPSMBTDBMMFTEF1BSÎT
 -B QSFTFOUBDJÓO EF QFSTPOBKFT  FT EFDJS FM DSPOPUPQP QTJDPMÓHJDP  JOJDJB DPO VO
QSJNFSOBSSBEPS TFUSBUBEFMBSFQSFTFOUBDJÓOEFMQJOUPSEFMBÊQPDB5PVMPVTF-BVUSFD 
RVJFOBTVWF[SFQSFTFOUBBVOBiDÎUBSB JOTUSVNFOUPNVTJDBM
RVFTÓMPEJDFMBWFSEBEu 
mMPDVBMTFDPNQSFOEFSÃDPOGPSNFBWBODFMBOBSSBDJÓOmZRVFJOUSPEVDFBMQSPUBHPOJTUB
BUSBWÊTEFMBVUJMJ[BDJÓOEFMDPWFSEFVOBDBODJÓOEFNFEJBEPTEFMTJHMPQBTBEPUJUVMBEB
/BUVSF#PZ%FTQVÊT MBWP[OBSSBEPSBQBTBBMQSPUBHPOJTUBEFMBIJTUPSJB$ISJTUJBO VO
KPWFO FTDSJUPS RVF JOUSPEVDF B MPT EFNÃT QFSTPOBKFT  BTÎ DPNP FM SPM RVF KVFHBO FO MB
IJTUPSJB BEFNÃTEFEFTDSJCJSFM.PVMJO3PVHFFOEPOEFTFMMFWBSÃOBDBCPMBTBDDJPOFT
GVOEBNFOUBMFTEFÊTUB5PEPFTUPTFDVFOUBDPOWP[FOPĒZBUSBWÊTEFVOBFEJDJÓORVFWB
EFMPRVFSFMBUBFOTVNÃRVJOBEFFTDSJCJSBMBTJNÃHFOFTEFDBEBVOPEFMPTQFSTPOBKFT
 &MDSPOPUPQPNFUBGÎTJDPFTUÃJNQMÎDJUPUBOUPFOMPTFMFNFOUPTDJOFNBUPHSÃêDPT
VUJMJ[BEPTDPNPMBJMVNJOBDJÓO MBNÙTJDBZMBFEJDJÓO DVZBGVODJÓOFTSFDSFBSFTUBEPTEF


4FSHJP8PMGEJTUJOHVFEJGFSFOUFTUJQPTEFBEBQUBDJÓOEFBDVFSEPBMBMFDUVSBZQSPZFDDJÓOQPSQBSUFEFMUSBEVDUPS
MBUSBOTQPTJDJÓOFODVCJFSUBSFTVMUBVOBWFSTJÓOOPEFDMBSBEBEFVOUFYUPBOUFSJPSZEFMBDVBMTFQVFEFOJEFOUJêDBS
FMFNFOUPTPOJWFMFTEPNJOBOUFTRVFEFUFSNJOBOMBVOJEBEUFYUVBM


ÃOJNPBTÎDPNPFOMPTEJÃMPHPTZMBQVFTUBFOFTDFOBFOHFOFSBMTFCVTDBSFQSFTFOUBSMB
JOUFODJÓOJEFPMÓHJDBEFMEJSFDUPS FOFTUFDBTPMBGSBTFSFJUFSBEBEFi-PNÃTJNQPSUBOUF
FOMBWJEBFTBNBSZTFSBNBEPBDBNCJPu

$PODMVTJPOFT
3FTVMUBJOUFSFTBOUFPCTFSWBSRVFFOMBTVDFTJÓOEFQBTPTQBSBMBBEBQUBDJÓOTFJOWP
MVDSBO EJGFSFOUFT GPSNBT EF USBEVDDJÓO  DPNP FM DBTP EF MB JOUSBMJOHÛÎTUJDB FO MB
DPOTUSVDDJÓOEFMHVJÓOMJUFSBSJP RVFTVQPOFVOBZMBTFSJFEFQSPDFTPTJOUFSTFNJÓUJDPT
EFMHVJÓOUÊDOJDPBMTUPSZCPBSE ZEFMPTEJCVKPTEFÊTUFBMBTFTDFOBTêMNBEBTBTÎDPNP
MBJOUSBTFNJÓUJDBFOUSFMPTUSBUBNJFOUPTEFMNPOUBKFQBSBPCUFOFSMBWFSTJÓOêOBM
 &O FTUF DBTP QBSUJDVMBS  FM UFYUP NFUB TF DPOTUSVZF NFEJBOUF MB USBOTQPTJDJÓO
EFMMFHVBKFMJUFSBSJPBMMFOHVBKFDJOFNBUPHSÃêDP EPNJOBOEPFMHÊOFSPNVTJDBMDPOMB
VUJMJ[BDJÓO EF DPWFST SFQSFTFOUBUJWPT EF MB EÊDBEB EF  QBSB MB QSFTFOUBDJÓO EF
QFSTPOBKFTZDPOTUSVDDJÓOEFTVTEJÃMPHPT.PVMJO3PVHFSFDVQFSBFMBSHVNFOUPFJODMVTP
MBUSBNBEFMBPCSBPSJHJOBMEF%VNBTNPEJêDBOEPMPTDSPOPUPQPTHFOFSBMNFOUFBUSBWÊT
EFFTUSBUFHJBTJOUFSUFYUVBMFTDPNPMBDJUB MBBMVTJÓO MBQBSPEJBZMBDBSOBWBMJ[BDJÓO
&MUFYUPNFUBSFDVQFSBFMSPNBODFJSSFBMJ[BCMF MBFOGFSNFEBEEFMBQSPUBHPOJTUB MBT
QPTJDJPOFT TPDJBMFTJEFPMÓHJDBT EF MPT QFSTPOBKFT  BTÎ DPNP MB JOUSJHB  FM QFSEÓO Z
êOBMNFOUFMBNVFSUFEFMBQSPUBHPOJTUBEFMUFYUPGVFOUF
 $PNPSFTVMUBEP MBBEBQUBDJÓODJOFNBUPHSÃêDB BEFNÃTEFDSFBSVOBWFSTJÓOEFM
UFYUPGVFOUF SFQSFTFOUBMBDSFBDJÓOEFVOOVFWPUFYUPRVFTFQVFEFMFFSZEJTGSVUBS
DPNP BVUÓOPNP Z PSJHJOBM  DVZP WBMPS FTUÊUJDP QVFEF TFS EPCMF  DPNP VOB PCSB
DJOFNBUPHSÃêDBZDPNPVOBBEBQUBDJÓO

#JCMJPHSBGÎB
+BLPCTPO 3PNBO 
i4PCSFMPTBTQFDUPTMJOHÛÎTUJDPTEFMBUSBEVDDJÓOuFO5FPSÎBT
EFMBUSBEVDDJÓO&EJDJÓOEF%ÃNBTP-ÓQF[(BSDÎB &TDVFMBEFUSBEVDUPSFTEF5PMFEP 
6OJWFSTJEBEEF$BTUJMMB-B.BODIB
1FÒB"SEJE $BSNFO 
-JUFSBUVSBZDJOFVOBBQSPYJNBDJÓODPNQBSBUJWB &EJUPSJBM
$ÃUFESB .BESJE


5PSPQ 1FFUFS 
*OUFSTFNJPTJTZUSBEVDDJÓOJOUFSTFNJÓUJDBFO$VJDVJMDP3FWJTUBEF
MB&TDVFMB/BDJPOBMEF"OUSPQPMPHÎBF)JTUPSJB ĞħĚġ
/P .ÊYJDP NBZPBHPTUP
Wolf, Sergio (2001), Cine/Literatura. Ritos de pasaje, Paidós (Estudios de comu-
nicación), Argentina.



-BDPOTUSVDDJÓOEFMUJFNQPFOFMDJOF
JOEFQFOEJFOUFEFTBMUPTUFNQPSBMFT
OPSUFBNFSJDBOP
'FMJQF4JMWB3PVTTF

&MUJFNQPFOFMDJOFFTMBDPOTUSVDDJÓOMÓHJDBEFTFDVFODJBTRVFEBDPNPSFTVMUBEPVOB
OBSSBDJÓOWFSPTÎNJM&TUBJOWFTUJHBDJÓOQSFUFOEFNPTUSBSMBGPSNBFORVFFMUJFNQPTF
DPOTUSVZFFOFMDJOFJOEFQFOEJFOUFOPSUFBNFSJDBOPEFQFMÎDVMBTDPOTBMUPTUFNQPSB
MFT ZDÓNPFTUBUFNQPSBMJEBEEFTBMUPTQVFEFMMFHBSBBGFDUBSMBFTUSVDUVSBOBSSBUJWBFO
FMêMNF ZMBQFSDFQDJÓORVFFMMFDUPSMMFHBBUFOFSEFMBOBSSBDJÓO
1BSBMPHSBSFMPCKFUJWPTFBOBMJ[BSPOMBTTJHVJFOUFTQFMÎDVMBT3FHSFTJPOFT EJSJHJEB
QPS +PIO .BZCVSZ %POOJF %BSLP  EJSJHJEB QPS 3JDIBSE ,FMMZ  Z &GFDUP NBSJQPTB 
EJSJHJEBQPS&SJD#SFTT%JDIBTQFMÎDVMBTNVFTUSBOVOBFTUSVDUVSBOBSSBUJWBEFTBMUPT
UFNQPSBMFT QPSFMMP TVPSEFOBDJÓOGBWPSFDFBVOBOÃMJTJTFTUSVDUVSBMZUFNQPSBM
 1BSBMBJOWFTUJHBDJÓOTFFMJHJFSPOTFDVFODJBTSFQSFTFOUBUJWBT RVFGVFSPOBOBMJ[BEBT
QPSNFEJPEFEJTUJOUBTUFPSÎBTTFNJÓUJDBTSFGFSFOUFTBMUJFNQPZOBSSBDJÓO-BêOBMJEBE
EFMBOÃMJTJTEFMBTTFDVFODJBTFTIBDFSFWJEFOUFMBEJêDVMUBEOBSSBUJWBRVFBMHVOPTêMNFT
QSPZFDUBOBMNPNFOUPEFEFTEPCMBSTVOBSSBDJÓOBVOBEJGFSFOUFUFNQPSBMJEBE
 -BT UFPSÎBT ZP BQPZPT UFÓSJDPT QBSB FM BOÃMJTJT DPSSFTQPOEFO B MPT TJHVJFOUFT
BVUPSFT6NCFSUP&DP 'SBODPJT+PTU 'SBODP#FUUFUJOJ 1BVM3JD’VS 4FSHFJ&JTFOTUFJO 
1JFS1BPMP1BTPMJOJ 4JMWFTUSB.BSJOJFMMPZ$ISJTUJBO.FU[
 1BSBDPNFO[BS FTOFDFTBSJPFOUFOEFSQSJNFSPRVFFMDJOFFTêDDJÓO ZBCJFOMP
TFÒBMB"OUPOJP$PTUBi&MDJOFFTVOMFOHVBKFDPOTVTSFHMBTZDPOWFODJPOFTu $PTUB 

 "EFNÃT  DPNP FM NJTNP $BTFUUJ BêSNB  FT OFDFTBSJP QBSUJS EF MB BDFQUBDJÓO
EFM DJOF DPNP VO GFOÓNFOP DVMUVSBM  QFSP BEFNÃT JODMVJS MB FTQFDJBMJ[BDJÓO EF MBT
JOUFSWFODJPOFTZMBJOUFSOBDJPOBMJ[BDJÓOEFMEFCBUF MMFWBOEPBMBQSFPDVQBDJÓOQPSFM
FTUVEJPEFMDJOFBVOUFSSFOPNVMUJEJTDJQMJOBSJP
 1BSB EFKBS NÃT DMBSP MP BOUFSJPS  FT JOEJTQFOTBCMF FOUFOEFS RVF FM DJOF OP FT
VOBSFQSFTFOUBDJÓOEFMBSFBMJEBE OJOHÙOTVKFUPQVFEFQSFTFOUBSVONVOEPFYUFSOP 
QSFFYJTUFOUFZDPOUFOJEPEFOUSPEFMFODVBESFZFMUJFNQPEFMBIJTUPSJBJOUSÎOTFDBEFM


êMNF.BSJOJFMMPIBDFIJODBQJÊFOFMIFDIPEFRVFFMDJOFQSPEVDFEFOVFWPMBSFBMJEBE 
FMFTQBDJP MBTSFMBDJPOFT FMUJFNQPEFOUSPEFTÎNJTNPFMDJOFBOVMBMBSFBMJEBEQBSB
HFOFSBSMBQSPQJB .BSJOJFMMP

 %FKBOEPDMBSBTMBTQSFNJTBTEF.BSJOJFMMPZ1BTPMJOJ FMEFNPTUSBSMBGPSNBFO
MBRVFFMUJFNQPTFDPOTUSVZFEFOUSPEFMDJOFFTVOQVOUPJNQPSUBOUFEFQBSUJEB ZB
RVFEFTEFFTUBQFSTQFDUJWB MBêDDJÓOQVFEFNBOJQVMBSFMUJFNQPFOTVCFOFêDJP1BSB
FMMP #FUUFUJOJEFêOFBMUJFNQPGÎMNJDPDPNPVOPEFMPTGVOEBNFOUPTEFMBFYQSFTJÓO
DJOFNBUPHSÃêDB RVF FTUÃ SFMFHBEP B VOB DPOTJEFSBDJÓO QSFGFSFOUFNFOUF SFGFSFODJBM 
SFQSFTFOUBUJWBP TFHÙOMPTFOGPRVFTêMNPMÓHJDPT BOBMJ[BOEPTVWBSJBOUFQTJDPMÓHJDB 
FO TV EJNFOTJÓO JOUFSJPS B MB BDUJWJEBE SFDFQUJWB F JOUFHSBUJWB EFM FTQFDUBEPS 1PS
PUSPMBEP #FUUFUJOJQSPQPOFFMPCKFUPUJFNQPEFMEJTDVSTPGÎMNJDP RVFiIBJOEBHBEP
DPNPVOJWFSTPêDUJDJPRVFTJNCPMJ[BFMVOJWFSTPUFNQPSBMEFMBSFBMJEBE USBUBOEPEF
EFUFSNJOBSFOMBQSÃDUJDBDJOFNBUPHSÃêDBMPTDÓEJHPTZSFHMBTDBQBDFTEFHBSBOUJ[BSVOB
SFMBDJÓOEFTJHOJêDBDJÓOZSFQSFTFOUBDJÓOEFMPTEJTUJOUPTTVDFTPTEFMQSJNFSPSFTQFDUP
B MPT EFM TFHVOEPu #FUUFUJOJ 
 %F GPSNB NÃT TFODJMMB FT FM UJFNQP EF #FUUFUJOJ 
VOiPSEFOEFTVDFTJÓOJSSFWFSTJCMFDPNPVOFMFNFOUPCÃTJDPEJTDSJNJOBOUFFOUSFMPT
EJGFSFOUFT NPEPT EF DPOFYJÓO  EF MPT TVDFTPTu #FUUFUJOJ 
 %JDIB UFNQPSBMJEBE
DPOTUJUVZF MB PSEFOBDJÓO MÓHJDB EF VO UPEP B USBWÊT EF DPOFYJPOFT EJFHÊUJDBT  RVF
HFOFSBMPRVF(JMMFT%FMFV[FEFOPNJOBVOBJNBHFOEFUJFNQP
 %FOUSPEFMBUFNQPSBMJEBEDJOFNBUPHSÃêDB DPNPZBGVFNFODJPOBEP TFBOVMB
MB SFBMJEBE QBSB HFOFSBS VOB SFBMJEBE GÎMNJDB DPNP %FMFV[F BêSNB  EFOUSP EF ÊTUB
TF SFTVFMWFO DPOëJDUPT Z TJUVBDJPOFT B USBWÊT EF MB WFSPTJNJMJUVE EF MB JNBHFO FO
NPWJNJFOUPQPSFTUBSB[ÓOFMDJOFOPQVFEFTFSFOUFOEJEPFOVOJEBEFTNÎOJNBTEF
TJHOJêDBEPDPNPMPTPOMPTGPUPHSBNBT
 &MDJOFDPOTBMUPTUFNQPSBMFTQSFTFOUBEJTUJOUBTUFNQPSBMJEBEFT FTUBJOWFTUJHBDJÓO
IBDFVOBEJWJTJÓOEFMUJFNQPDPOMBêOBMJEBEEFFOUFOEFSFMEFTEPCMBNJFOUPOBSSBUJWP
QSFTFOUFFOMPTZBNFODJPOBEPTêMNFT
 &TJNQPSUBOUFBDMBSBSRVFEFOUSPEFMBTFTUSVDUVSBTOBSSBUJWBTEFNPWJNJFOUPT
UFNQPSBMFT TF FODVFOUSB VOB OVFWB GPSNB EF OBSSBDJÓO B MB RVF UBNCJÊO %FMFV[F
IBDFSFGFSFODJBMPJOUFSFTBOUFEFOUSPEFFTUBTOVFWBTFTUSVDUVSBTOBSSBUJWBTTFDFOUSB
FO MP RVF FM BVUPS BSHVNFOUB iMBT GPSNBT NPEFSOBT EF OBSSBDJÓO FNBOBO EF MBT
DPNQPTJDJPOFTZUJQPTEFJNBHFOUJFNQPu %FMFV[F



&TUBTFTUSVDUVSBTEFOBSSBDJÓOUFNQPSBMTFGVTJPOBOFOPUSPTDPNQPOFOUFTUFNQPSBMFT 
RVFQBSBêOFTEFFTUBJOWFTUJHBDJÓOTFBQMJDBOEFMBTJHVJFOUFGPSNB

-BQSJNFSBDPOTUSVDDJÓOUFNQPSBMRVFTFQSPQPOFFTMBEFMUJFNQPPCKFUJWBPUBNCJÊO
DPOPDJEBDPNPUJFNQPEFMBFOVODJBDJÓO"QPZÃOEPTFFO#FUUFUJOJ FTUBUFNQPSBMJEBE
DSFBVOUJFNQPRVFFMFTQFDUBEPSGPS[PTBNFOUFUJFOFRVFWJWJS FMFTQFDUBEPSSFDPSSF
FM VOJWFSTP UFNQPSBM QSFDPOTUSVJEP Z IFUFSPEJSJHJEP QPS FM UJFNQP PCKFUJWP FTUB
JOTFSDJÓO EFBDVFSEPDPO#FUUFUJOJ FTUÃDBSBDUFSJ[BEBQPSTVEJGFSFODJBFOSFGFSFODJB
BMVOJWFSTPSFGFSJEPPSFQSFTFOUBEP ZTPCSFUPEPQPSTVOFDFTJEBEZOPBMUFSBCJMJEBE
SFTQFDUP BM QSPDFTP EF MFDUVSB 0USB GPSNB EF DPODFQDJÓO EF UJFNQP PCKFUJWP FT MB
DPOUJOVJEBEEFTVDFTPTRVFêOBMNFOUFGPSNBSÃOVOBVOJEBEJOEJWJTJCMF DPNP)VTTFSM
EFOPUBZBVORVFMBQPTJCJMJEBEEFRVFEJDIBTEJWJTJPOFTTFBOQPTJCMFTFTUÃFMQSPEVDUP
êOBMGÎMNJDPQPSFODJNBEFMBTQBSUFTRVFMPDPNQPOFO
 &M UJFNQP GÎMNJDP EF TBMUPT UFNQPSBMFT  EF BDVFSEP B MBT QFMÎDVMBT WJTUBT QBSB
FTUF BOÃMJTJT  DPOUJFOF TJFNQSF BM NFOPT EPT UFNQPSBMJEBEFT -B QSJNFSB QBSB FTUB
JOWFTUJHBDJÓO TFSÃ MMBNBEB UJFNQP IJTUÓSJDP  EPOEF TF DFOUSBSÃ FM IJMP DPOEVDUPS EF
MBOBSSBDJÓO1BSBMFMPBÊTUF TJFOEPEFDPOTUSVDDJÓOOBSSBUJWBZEFFWFOUPTFONJTNB
GPSNBFOMBRVFTFDPOTUSVZFFMUJFNQPIJTUÓSJDP FTUÃFMUJFNQPIJTUÓSJDPBMUFSOP"IPSB
MB DPOTUSVDDJÓO EF UJFNQP PCKFUJWP EF MBT QFMÎDVMBT BOBMJ[BEBT DPOUFOESÃ FOUPODFT
EPTUJFNQPTRVFJOUFSBDUVBSÃOEVSBOUFUPEPFMUJFNQPGÎMNJDPFMUJFNQPIJTUÓSJDPZFM
UJFNQPIJTUÓSJDPBMUFSOP
 -BTFHVOEBUFNQPSBMJEBERVFMBJOWFTUJHBDJÓONBOFKBFTFMUJFNQPEFMBMFDUVSBP
UBNCJÊODPOPDJEPDPNPUJFNQPEFMBWJTJÓOEF#FUUFUJOJ1BSB3JD’VS MBMFDUVSBNFEJB
FOUSFFMNVOEPEFêDDJÓOEFMUFYUPZFMNVOEPFGFDUJWPEFMMFDUPSFTBRVÎEPOEFSBEJDBMB
JNQPSUBODJBEFMUJFNQPIVNBOPRVFTFBGFDUBMPTFGFDUPTEFêDDJÓO FGFDUPTEFSFWF
MBDJÓOZEFUSBOTGPSNBDJÓOTPOUPEPTGVOEBNFOUBMNFOUFFGFDUPTEFMFDUVSB3JD’VSBêS
NBDÓNPFTRVF QPSNFEJPEFMBMFDUVSB FTEFUFSNJOBEBMBSFMBDJÓOEFBQMJDBDJÓORVF
DPOTUJUVZFFMFRVJWBMFOUFEFMBSFMBDJÓOEFSFQSFTFOUBDJÓOFOFMUFSSFOPEFMBêDDJÓO
 $PO CBTF FO MP BOUFSJPS  Z QBSB GVOEBS FM SFMBUP  +PTU TFÒBMB MB OFDFTJEBE EFM
TFNJÓMPHPEFQBSUJSEFMPRVFTFMFBQBSFDFBMFTQFDUBEPSFOFTUFTFOUJEP iDPNQSFOEFS
DPNPTFDPNQSFOEFu FTEFTDSJCJSMBGFOPNFOPMPHÎBEFMPOBSSBUJWP%FIFDIP FT+PTUFM
RVFTFÒBMBEPTTJUVBDJPOFTFWJEFOUFT


 &M SFMBUP FYJTUF FO MB NFEJEB FO RVF FT SFDPOPDJEP QPS DVBMRVJFS iVTVBSJP
JOHFOVPu FTEFDJS IBZVOBJNQSFTJÓOEFOBSSBUJWJEBE
&MSFMBUPFTVOPCKFUPSFBMGVFSBEFOPTPUSPT

4FSÃêOBMNFOUFFMUJFNQPEFMBMFDUVSBVOBDPOTUSVDDJÓOEFMBIJTUPSJB TVDPSSFMBUP MB


SFMBDJÓOFOUSFÊTUBTZMBGPSNBFOMBRVFFMFTQFDUBEPSMBTQFSDJCF-BMFDUVSBEFMêMNF 
DPNP3JD’VSNFODJPOB TFMMFWBSÃBDBCPTPMBNFOUFEFOUSPEFTVNJTNBUFNQPSBMJEBE
QPSFMMPMBJNQPSUBODJBEFMBDPOTUSVDDJÓODPSSFDUBEFVOUJFNQPPCKFUJWPQBSBSFëFKBS
VOBOBSSBDJÓOEJFHÊUJDBFOFMMFDUPS
 "DPOUJOVBDJÓOTFNVFTUSBFMNPEFMPQSPQVFTUPQPSMBJOWFTUJHBDJÓOQBSBFTUSVD
UVSBSFMUJFNQPFOFMDJOFDPOTBMUPTUFNQPSBMFT&MFTRVFNBNVFTUSBEFGPSNBHSÃêDB
MBTJUVBDJÓOEFMBTEJGFSFOUFTUFNQPSBMJEBEFTFOMPTêMNFT

Tiempo de lectura

Tiempo Histórico Alterno


&GFDUPNBSJQPTB 3FHSFTJPOFTZ%POOJF%BSLPDPOTUSVZFOVOBUFNQPSBMJEBEEJTUJOUBB
MBEFPUSPTêMNFT QPSFMMPTFBQMJDÓMBUFPSÎBSJD’VSJBOB EPOEFFTQPTJCMF BQPZÃOEPTF
FO #FUUFUJOJ  BDPQMBS VOB FTUSVDUVSB RVF FYQMJDB MB GPSNB FO MB RVF TF HFOFSB VOB
FTUSVDUVSBUFNQPSBMBMUFSOB

i-BMÓHJDBEFMSFMBUPPEFMBTVDFTJÓOFOMBDVFMBTFBSUJDVMBMBQSFTFOUBDJÓOEF
MBTDPTBTu #FUUFUJOJ
&TUPFTCÃTJDBNFOUFMBGPSNBFOMBRVFTFFTUSVDUVSBVO
PSEFOUFNQPSBM
i-BMÓHJDBEFMBTDPTBTPMBMÓHJDBEFMNVOEPSFQSFTFOUBEPu #FUUFUJOJ
"
MPRVF#FUUFUJOJTFSFêFSFFOFTUFUJQPEFMÓHJDBTFSÃQSJODJQBMNFOUFBMQSJODJQJP
EFWFSPTJNJMJUVEEFMêMNF-BEJFHÊTJTQSPQVFTUBQPS#FUUFUJOJOPTÓMPTFSFêFSF
BMPTPCKFUPTTJOPBMBTUFNQPSBMJEBEFTRVFÊTUPTSFQSFTFOUBOZBMEJTDVSTPRVF
FTUÃJONFSTPFOFMMPTQBSBMBêOBMJEBEEFMêMNF1PSFKFNQMPi6OPCKFUPZVOB
EJNFOTJÓOUFNQPSBMQVFEFOTFSWFSPTÎNJMFTFOVOêMNFQPMJDJBMZOPTFSMPEFM
NJTNPNPEPFOVOBADPNFEJBu #FUUFUJOJ


-B QSPCMFNÃUJDB TF DFOUSBSÃ FO MB GPSNB FO MB RVF FM UJFNQP IJTUÓSJDP Z FM UJFNQP
IJTUÓSJDP BMUFSOP TF DPODSFUJ[BO QBSB HFOFSBS VO UJFNQP PCKFUJWP êSNF %JDIB
DPODSFUJ[BDJÓOTFEBSÃHSBDJBTBMPTQSÊTUBNPTRVFDBEBVOPEFMPTNPEPTOBSSBUJWPTTF
IBSÃOSFDÎQSPDBNFOUF NJTNPTRVFFTUÃOSFQSFTFOUBEPTQPSMPTEFTDFOTPTZBTDFOTPT
FOMBTMÎOFBTOBSSBUJWPUFNQPSBMFT0&Z0&-BÙOJDBNBOFSBFOMBRVFMBIJTUPSJB
SFTQPOEFBMPTQSPCMFNBTRVFTFHFOFSBOBMUSBUBSEFFTUVEJBSMBGFOPNFOPMPHÎBEFM
UJFNQP FO MB OBSSBDJÓO DPOTJTUF FO MB FMBCPSBDJÓO EF VO UFSDFS UJFNQP ÊTUF TFSÃ FM
NFEJBEPSFOUSFFMUJFNQPIJTUÓSJDPZFMUJFNQPIJTUÓSJDPBMUFSOPRVF3JD’VSZ%FMFV[F
&OFMDPODFQUPJNBHFOUJFNQP

 &T JOEJTQFOTBCMF TFS DPOTDJFOUFT EF MB JNQPSUBODJB RVF UJFOF MB NFNPSJB EFM
MFDUPS ZBRVFQBSBÊM MBNFNPSJBEFCFNBOUFOFSTFFOFMUJFNQPZQSPDVSBSOPRVFEBS
WPMÃUJM EFOUSP EF VO TJOGÎO EF JNÃHFOFT DPOTUSVJEBT -B NFNPSJB  DPNP NFODJPOB
#FUUFUJOJ EFCFJOUFHSBSTFBMBIJTUPSJBFOGPSNBEFDSPOPMPHÎBPTVDFTJÓO MBêOBMJEBE
FTRVFTFBDPPQFSBUJWBFOMBDPOTUSVDDJÓOEFVOBEJFHÊTJTUFNQPSBM EFMQBTBEPIBDJB
VOGVUVSP
-BDPODFQDJÓOEFMBNFNPSJBTFSÃFKFDFOUSBMQBSBFOUFOEFSMBDPOTUSVDDJÓO
EFUJFNQPTDPOTBMUPTUFNQPSBMFTFOTVOBSSBDJÓO


 %FKBOEPDMBSBTMBTBQPSÎBTRVFTFHFOFSBOFOFMUJQPEFDPOTUSVDDJÓOGÎMNJDBDPO
TBMUPTUFNQPSBMFT MBJOWFTUJHBDJÓOBQMJDÓDBEBVOPEFMBTUFNQPSBMJEBEFTQSPQVFTUBT
BMNBDSPSSFMBUPEFMBTUSFTQFMÎDVMBTBOBMJ[BEBT1PSFMNPNFOUP TÓMPTFNPTUSBSÃMB
DPOTUSVDDJÓOUFNQPSBMEFVOBTFDVFODJB BTÎDPNPMBFTRVFNBUJ[BDJÓOEFMBFTUSVDUVSB
UFNQPSBMZOBSSBUJWBEFMBQFMÎDVMB&GFDUPNBSJQPTB EJSJHJEBQPS&SJD#SFTT
 $POTUSVDDJÓOEFMUJFNQPEFMBMFDUVSBMBTFDVFODJBDPNJFO[BFOFMNPNFOUPFORVF
&WBO FOFMQBUJPEFMBDÃSDFMFORVFFTUÃSFDMVJEP JOUFOUBQFSTVBEJSBVOGBOÃUJDPDBUÓMJDP
EFTVDBQBDJEBEEFIBCMBSDPO%JPT BTÎFMQSPUBHPOJTUBMPHSBSÎBSFDVQFSBSMPTEJBSJPT
RVFMFEBOMBDBQBDJEBEEFUSBOTQPSUBSTFFOFMUJFNQP&MGBOÃUJDPMPHSBTFSDPOWFODJEP
EFBDFQUBSMBQSVFCBEF%POOJF ZTFEJSJHFOBMBDFMEBEPOEFUJFOFOTFDVFTUSBEPTTVTEJB
SJPT&WBOUPNBVOPEFMPTEJBSJPTZMFFVOUFYUPRVFIBDFSFGFSFODJBBVONPNFOUPEF
TVOJÒF[FOFMLJOEFS FMQSPUBHPOJTUBMPHSBUSBTQPSUBSTFFOFMUJFNQPBFTFNPNFOUPZB
FOFMLJOEFS DMBWBTVTNBOPTFOVOBTFTUBDBT ZFOFTFJOTUBOUFSFHSFTBBMBDFMEBEPOEF
MPHSBDPOWFODFSBMSFPDBUÓMJDPEFRVFMBTDJDBUSJDFTFOTVTNBOPTTPOFTUJHNBTEFFTUB
NBOFSBFMSFPBZVEBB&WBOBSFUFOFSBMPTQSFTPTFOGVSFDJEPTRVFUSBUBOEFFOUSBSBMB
DFMEB QBSB JNQFEJS RVF &WBO SFDVQFSF TVT EJBSJPT &WBO SFDVQFSB VO EJBSJP RVF MP
HSBIBDFSRVFTFUSBTQPSUFEFOVFWPFOFMUJFNQPêOBMJ[BMBTFDVFODJB
 $POTUSVDDJÓOEFMUJFNQPPCKFUJWPDPNJFO[BTVDPOTUSVDDJÓOEFOUSPEFMUJFNQP
IJTUÓSJDPFOMBTFDVFODJBFORVF&WBOUSBUBEFDPOWFODFSBMDBUÓMJDPEFTVQPEFSQBSB
IBCMBS DPO %JPT MB TFDVFODJB DPOUJOÙB EFTEF FM QBUJP EFM MB DÃSDFM IBDJB VOB EF MBT
DFMEBTEPOEFTFFODPOUSBCBTFDVFTUSBEPVOPEFTVTEJBSJPT"MNPNFOUPFORVF&WBO
MFFTVEJBSJP TFDSFBVOEFTEPCMBNJFOUPEFMBIJTUPSJBBMUJFNQPIJTUÓSJDPBMUFSOPEF
SFHSFTPBMEÎBFORVFSFBMJ[ÓFMEJCVKP ZBFTQFDJêDBEPBOUFSJPSNFOUF
&WBODMBWBTVT
NBOPT FO EPT FTUBDBT Z EJSFDUBNFOUF SFHSFTB BM UJFNQP IJTUÓSJDP  B MB DFMEB EPOEF
BIPSB FM DBUÓMJDP FOUJFOEF FTBT DJDBUSJDFT DPNP FTUJHNBT Z MP BZVEB B EFUFOFS B MPT
SFPTRVFJOUFOUBCBOFOUSBSBMBDFMEBFOMBRVFTFFODPOUSBCBO-BTFDVFODJBêOBMJ[B
DVBOEP&WBOMFFTVEJBSJPRVFMPUSBTQPSUB TFEBVOOVFWPEFTEPCMBNJFOUPEFUJFNQP
IJTUÓSJDP
BMEÎBFORVF5PNNZNBUBBTVQFSSP
 $POTUSVDDJÓOEFMUJFNQPIJTUÓSJDPTFEBBMNPNFOUPFORVFFOFMQBUJPEFMB
DÃSDFM&WBOJOUFOUBQFSTVBEJSBVODBUÓMJDPEFTVQPEFSEFIBCMBSDPO%JPTFTUPMPT
MMFWBBMBDFMEBEPOEFTFFODVFOUSBOMPTEJBSJPTEF&WBOZFMUJFNQPIJTUÓSJDPUJFOFVO
EFTEPCMBNJFOUPBTVOJÒF[&OSFHSFTPBMUJFNQPIJTUÓSJDP &WBOUJFOFEPTDJDBUSJDFT


FO TVT NBOPT IFDIBT QPS ÊM NJTNP FO FM UJFNQP IJTUÓSJDP BMUFSOP
 RVF FM DBUÓMJDP
JOUFSQSFUBDPNPFTUJHNBT&WBOMFFTVEJBSJPOVFWBNFOUFZTFEBMBSVQUVSBEFMUJFNQP
IJTUÓSJDPEFMBTFDVFODJB
 5JFNQPIJTUÓSJDPBMUFSOP­TUBTFDPOTUSVZFBQBSUJSEFMQSJNFSEFTEPCMBNJFOUP
EFMUJFNQPIJTUÓSJDPFOMBTFDVFODJBEJDIPEFTEPCMBNJFOUPMMFWBB&WBOBTVOJÒF[ 
EPOEFDMBWBVOBTFTUBDBTFOTVTNBOPTFOFTFJOTUBOUFSFHSFTBBMUJFNQPIJTUÓSJDP

&GFDUPNBSJQPTB

#VUUFSëZ&ĒFDU


1BSB UPEPT BRVFMMPT MFDUPSFT RVF BQSFDJBSPO FTUB TFDVFODJB  FYJTUF VOB EJêDVMUBE EF
MFDUVSB DPO SFMBDJÓO B MBT EPT UFNQPSBMJEBEFT DPOUFOJEBT FO FM UJFNQP PCKFUJWP  ZB
RVFMPTPCKFUPTRVFMPHSBOIBDFSRVF&WBOTFUSBOTQPSUFFOFMUJFNQPTPOTVTEJBSJPT
.JFOUSBTÊMIBDFMPQPTJCMFQPSDPOWFODFSBMDBUÓMJDPEFTVQPEFSEFIBCMBSDPO%JPT 
UPNB TV EJBSJP Z MFF VOB NFNPSJB EF TV OJÒF[ EPOEF FM EJCVKBCB FO FM LJOEFS BTÎ
RVFMPHSBUSBOTQPSUBSTFBFTFNPNFOUP-BFTUSVDUVSBEFQSÊTUBNP EPOEFMBNFNPSJB
EFMMFDUPSFTJOEJTQFOTBCMF FOUSFMBFTUSVDUVSBEFMUJFNQPIJTUÓSJDPZUJFNQPIJTUÓSJDP
BMUFSOPTFSPNQF ZBRVF&WBODPNFO[ÓBFTDSJCJSTVEJBSJPQPTUFSJPSNFOUFBMEÎBFO
RVFSFBMJ[ÓFMEJCVKP"TÎRVFMBEJêDVMUBEBMMFFSMBIJTUPSJBFTNÃTHSBOEF QPSRVFFOFM
QMBOPEFMUJFNQPPCKFUJWPFTUFCMBDLPVUUSBUBEFTFSDVCJFSUPDPOVOQMBOPFORVF&WBO
ZBIBCÎBFTDSJUPFTFTVDFTPSPNQJFOEPDPOFMPSEFOMÓHJDPEFMPTFWFOUPT
 &TUF UJQP EF CMBDLPVUT TPO DPOTUBOUFT FO EJTUJOUPT NPNFOUPT OBSSBUJWPT HFOF
SBEPTQPSFMUJFNQPIJTUÓSJDPZFMUJFNQPIJTUÓSJDPBMUFSOP FOMBTTFDVFODJBTEFMBTUSFT
QFMÎDVMBTBOBMJ[BEBT-PRVFMMFWBBMBTTJHVJFOUFTDPODMVTJPOFTBDFSDBEFMBDPOTUSVDDJÓO
UFNQPSBM
 #BTÃOEPTFFOMBTUFPSÎBTRVFTFNBOFKBSPOBMPMBSHPEFMBJOWFTUJHBDJÓO FTQPTJ
CMF PCTFSWBS RVF FGFDUJWBNFOUF FYJTUFO DVBUSP UFNQPSBMJEBEFT EFOUSP EF MPT êMNFT
JOEFQFOEJFOUFT OPSUFBNFSJDBOPT DPO TBMUPT UFNQPSBMFT FTUVEJBEPT %JDIBT UFNQP
SBMJEBEFT DPSSFTQPOEFOBM UJFNQP EF MB MFDUVSB  UJFNQP PCKFUJWP  UJFNQP IJTUÓSJDPZ
UJFNQPIJTUÓSJDPBMUFSOPFOVOBNBDSPFTUSVDUVSB ZBEFNÃTFOFTUSVDUVSBTEFOUSPEF
MBTTFDVFODJBTPNJDSPFTUSVDUVSBT
 &M BQMJDBS MPT DVBUSP NPEFMPT FTUSVDUVSBMFT EFM UJFNQP QFSNJUJÓ PCTFSWBS MB
NBOFSBFOMBRVFVOêMNFDPOTBMUPTUFNQPSBMFTTFDPOTUSVZF MPRVFMMFWÓB
 0CTFSWBSRVFMBDPOTUSVDDJÓOEFMUJFNQPIJTUÓSJDPZFMUJFNQPIJTUÓSJDPBM
UFSOPEFOUSPEFMPTêMNFTTFJOUFHSBOBMBIJTUPSJBDPNPVOBGPSNBDSPOPMÓHJDBRVF
DPPQFSBFOVOBTVDFTJÓOEFFWFOUPTEFQBTBEPQSFTFOUFZGVUVSP QFSPRVFUBNCJÊOTF
DPOTUSVZFOMBTEPTUFNQPSBMJEBEFTEFGPSNBJOEFQFOEJFOUF
 0CTFSWBSMPTQPTJCMFTFSSPSFTFOMBDPOTUSVDDJÓOEFMUJFNQPPCKFUJWPRVFQVFEF
SFëFKBSTFFOFMUJFNQPEFMBMFDUVSB
 0CTFSWBSRVFMBQPTJCJMJEBEEFFSSPSFTNÃTBNQMJBTJOPDPOUFNQMBBTQFDUPT
UBMFTDPNPMBNFNPSJBEFMMFDUPSFOMPTEFTEPCMBNJFOUPTFOUSFFMUJFNQPIJTUÓSJDPZ
UJFNQPIJTUÓSJDPBMUFSOP


 1PSMPUBOUP MBTBDUVBMFTGPSNBTEFOBSSBDJÓOTFFOGSFOUBOBVOBOVFWBGPSNB
EF FTUSVDUVSBDJÓO RVF SFRVJFSFO BUFODJÓO FO MB GPSNB FO RVF TF DPOTUJUVZFO FO VO
QMBOPEFMDPOUFOJEPQBSBOPBGFDUBSMPRVFFMMFDUPSMMFHVFBQFSDJCJSFOFMQMBOPEFMB
FYQSFTJÓOPEFMBWJTJÓO

#JCMJPHSBGÎB

#FUUFUJOJ (JBOGSBODP 


5JFNQPEFMBFYQSFTJÓODJOFNBUPHSÃêDBMBMÓHJDBUFNQPSBM
EFMPTUFTUBVEJPWJTVBMFT.ÊYJDP'POEPEF$VMUVSB&DPOÓNJDB
$PTUB "OUPOJP 
4BCFSWFSFMDJOF#BSDFMPOB1BJEÓT
%FMFV[F (JMMFT 
-BJNBHFOUJFNQP#BSDFMPOB1BJEPT
&DP 6NCFSUP 
-FDUPS*O'BCVMB#BSDFMPOB-VNFO
&JTFOTJUFJO 4FSHFJ 
&M4FOUJEPEFMDJOF.ÊYJDP4JHMPııĢ
(BVESFBVMU "OESÊ-BTBWFOUVSBTEFVODPODFQUPMBOBSSBUJWJEBE&O$ISJTUJBO.FU[Z
MBUFPSÎBEFMDJOF $PMPRVJPEF$FSJTZ
.BSJOJFMMP 4JMWFTUSB1JFS1BPMP1BTPMJOJ$ÃUFESB4JHOPFJNBHFO
3JD’VS 1BVM 
5JFNQPZOBSSBDJÓO ***.ÊYJDP%'4JHMPııĢ
 
5JFNQPZOBSSBDJÓO.ÊYJDP4JHMPııĢ


$"1±56-0&-4&/5*%0&/-"130%6$$*¶/
%&*."(&/


-BGPUPHSBGÎBDPNPNFOTBKFZTJHOJêDBDJÓO
(BCSJFM7BSHBT7BSFMB

-BGPUPHSBGÎBTFEFEVDFDPNPVOBDFSDBNJFOUPBMPSFBM QFSPBMIBCMBSEFMBJNBHFO
GPUPHSÃêDBTFIBDFNÃTQSFDJTBFTUBSFMBDJÓOZTFIBCMBEFSFQSFTFOUBDJÓOEFMBSFBMJEBE
-B GPUPHSBGÎB FT QSPEVDUP EF VO DPOUFYUP ZP TJUVBDJÓO DPNVOJDBUJWB  FT NFOTBKF Z
MMFWBJOUFODJÓOTJHOJêDBUJWBEFRVJFOMBQSPEVDFZQPSRVJFOFTMBDPOUFNQMBO-PDJFSUP
FTRVFQPSBOBMPHÎBPQPSDPOWFODJÓOFTFWJEFOUFRVFUPEBJNBHFOZ TPCSFUPEPMB
GPUPHSÃêDBFTDPNVOJDBDJÓO FTNFOTBKFQPSUBEPSBEFJOGPSNBDJÓOZTJHOJêDBDJÓO"M
JHVBMRVFFMBKFESF[ZMBHSBNÃUJDB MBGPUPHSBGÎBDVFOUBDPOFMFNFOUPTDPOTUJUVUJWPTRVF
OPTQFSNJUFOKVHBSZDPOTUSVJSNFOTBKFT&MUSBCBKPQSFTFOUBVONPEFMPQBSBMBMFDUVSB
ZFMBOÃMJTJTEFFTPTFMFNFOUPTDPOTUJUVUJWPTEFMBJNBHFOGPUPHSÃêDBBOÃMPHB
 La fotografía es comunicación, generación de significado, es acto de semiosis.
Entendemos por significado la conciencia de estímulos externos con conceptos internos,
es decir, la significación es la evocación de imágenes mentales construidas por la per-
cepción expuesta de los sentidos ante todo tipo de fenómenos, la reactivación de la
enciclopedia cognoscitiva del receptor, decodificador, lector del mensaje-estímulo.
 "TÎ  QBSB RVF MB DPNVOJDBDJÓO PDVSSB  Z MB QFSTPOB B RVJFO EJSJKP FM NFOTBKF
WJTVBM GPUPHSÃêDP DPNQSFOEB MP RVF TJHOJêDB FM NFOTBKF  IB TJEP OFDFTBSJP DSFBS FM
NFOTBKFDPOTJHOPT&TUFNFOTBKFMFFTUJNVMBSÃBDSFBSQBSBTÎNJTNPVOTJHOJêDBEP
RVF SFMBDJPOBSÃ EF BMHVOB NBOFSB DPO FM TJHOJêDBEP RVF MB JNBHFO GPUPHSÃêDB MF
QSFTFOUF4JDPNQBSUJNPTMPTDÓEJHPT ZVUJMJ[BNPTMPTNJTNPTTJTUFNBTEFTJHOPT TF
DPOTUSVJSÃOEPTTJHOJêDBEPTTFNFKBOUFTQBSBFMNFOTBKFGPUPHSÃêDP

&MTJHOPTFHÙO1FJSDFFTVOBDPTBRVFFTUÃFOMVHBSEFPUSBQBSBBMHVJFOZMPEJWJEFFO
±OEJDFMBJNBHFODPNPDPOUJHÛJEBE SBTUSPEFVOBSFBMJEBEDPNPMBTIVFMMBT 
MBTDJDBUSJDFT MBTOVCFT FMDIBSDPEFBHVBRVFOPTSFNJUFOBQPTJCMFTSFGFSFOUFT
 *DPOP MB JNBHFO TVTUJUVZF B MB SFBMJEBE EF GPSNB BOBMÓHJDB  QPS TJNJMJUVE P
FRVJWBMFODJB&TQPTJCMFJEFOUJêDBS DPONBZPSPNFOPSFYBDUJUVE BMTVKFUPRVF
BQBSFDFFOMBGPUPQPSDPNQBSBDJÓODPOTVBTQFDUPiSFBMu


4ÎNCPMPDPNPJNBHFOBUSJCVZFVOBGPSNBWJTVBMBVODPODFQUPPVOBJEFB 
FT DPOWFODJPOBM 5PEP TÎNCPMP QSFTFOUB VO EPCMF SFGFSFOUF VOP êHVSBUJWP
EFOPUBUJWPZPUSPEFTFOUJEPPTJHOJêDBEPDPOOPUBUJWP

6OBJNBHFOGPUPHSÃêDBQVFEFDPOUFOFSNÃTEFVOBGVODJÓOEFSFBMJEBEFJOWPMVDSBS
DPNQPOFOUFT JOEJDJBMFT  JDÓOJDPT Z TJNCÓMJDPT 1PS FTF NPUJWP QPEFNPT BQSFDJBS Z
IBCMBSEFGVODJÓOJDÓOJDBEPNJOBOUFQBSBFYQSFTBSMBGPSNBNÃTFWJEFOUFRVFTPQPSUB
VOBJNBHFO"DPOUJOVBDJÓO EPTDSJUFSJPTQBSBNFEJSMBJDPOJDJEBEEFVOBJNBHFOMB
UBTBEFJDPOJDJEBERVFQSPQPOF3PNÃO(VCFSO ZMBFTDBMBEFJDPOJDJEBEQSPQVFTUBQPS
+VTUP7JMMBGBÒF
 -BJDPOJDJEBEFTVOGBDUPSDVMUVSBMRVFQVFEFNFEJSTFFNQÎSJDBNFOUF DPODSJUFSJPT
FTUBEÎTUJDPT5BMNFEJDJÓODPOTJEFSBEPTWBSJBCMFTQFSGFDUBNFOUFDVBOUJêDBCMFT
&MOÙNFSPEFTVKFUPTFYQFSJNFOUBMFTRVFJEFOUJêDBBVOBGPSNBWJTVBMDPNPVOB
SFQSFTFOUBDJÓOJDÓOJDBEFUFSNJOBEB GBDUPSQPSDFOUVBMRVFTFEFOPNJOBSFNPT/

 &M UJFNQP FNQMFBEP FO TV JEFOUJêDBDJÓO GBDUPS BM RVF QSPNFEJBEP FOUSF FM
OÙNFSPEFTVKFUPTEFSFBDDJÓOQPTJUJWBEFOPNJOBSFNPT5 NFEJEPFOTFHVOEPT


$VBOEPNBZPSFT/ZNÃTCSFWFFT5 NBZPSTFSÃMBUBTBEFJDPOJDJEBEEFMBGPSNB
QSPQVFTUB EFNPEPRVFMBGÓSNVMB
/
  5BTBEFJDPOJDJEBE
5
permite una medida comparativa de la iconicidad de las formas, de valor estadístico y
cultural en un grupo social dado.
La escala de iconicidad se basa en la semejanza entre una imagen y su referente.
Es una convención construida para representar mediante una serie, de mayor a menor,
los diferentes tipos de imágenes de acuerdo a su nivel o grado de iconicidad. Cada
grado decreciente supone que la imagen pierde alguna propiedad sensible de la que
depende la citada iconicidad.


(VCFSO 3PNÃO -BNJSBPQVMFOUB&YQMPSBDJÓOEFMBJDPOPTGFSBDPOUFNQPSÃOFB Q

7JMMBGBÒF PQDJU Q


(SBEP /JWFMEFSFBMJEBE $SJUFSJP &KFNQMP
$VBMRVJFSQFSDFQDJÓOEFMB
3FTUBCMFDFUPEBTMBTQSPQJFEBEFT SFBMJEBETJONÃTNFEJBDJÓO
 -BJNBHFOOBUVSBM
EFMPCKFUP&YJTUFJEFOUJEBE RVFMBTWBSJBCMFTGÎTJDBTEFM
FTUÎNVMP

3FTUBCMFDFUPEBTMBTQSPQJFEBEFT
.PEFMPUSJEJNFOTJPOBMB
 EFMPCKFUP&YJTUFJEFOUJêDBDJÓO -B7FOVTEF.JMP
FTDBMB
QFSPOPJEFOUJEBE

3FTUBCMFDFMBGPSNBZQPTJDJÓO
*NÃHFOFTEFSFHJTUSP EFMPTPCKFUPTFNJTPSFTEF
 6OIPMPHSBNB
FTUFSFPTDÓQJDP SBEJBDJÓOQSFTFOUFTFOFM
FTQBDJP

'PUPHSBGÎBFOMBRVFVO
$VBOEPFMHSBEPEFEFêOJDJÓO DÎSDVMPEFVONFUSPEF
 'PUPHSBGÎBFODPMPS EFMBJNBHFOFTUÊFRVJQBSBEPBM EJÃNFUSPTJUVBEPBNJM
QPEFSSFTPMVUJWPEFMPKPNFEJP NFUSPT TFBWJTUPDPNPVO
QVOUP
'PUPHSBGÎBFOCMBODPZ
 *HVBMRVFBMBOUFSJPS *HVBMRVFBMBOUFSJPS
OFHSP

3FTUBCMFDFSB[POBCMFNFOUF
 1JOUVSBSFBMJTUB MBTSFMBDJPOFTFTQBDJBMFTFOVO -BT.FOJOBTEF7FMÃ[RVF[
QMBOPCJEJNFOTJPOBM

"ÙOTFQSPEVDFMB
3FQSFTFOUBDJÓOêHVSBUJWB JEFOUJêDBDJÓO QFSPMBT (VFSOJDBEF1JDBTTP

OPSFBMJTUB SFMBDJPOFTFTQBDJBMFTFTUÃO 6OBDBSJDBUVSBEF1FSJEJT
BMUFSBEBT

5PEBTMBTDBSBDUFSÎTUJDBT
4JMVFUBT.POJHPUFT
 1JDUPHSBNB TFOTJCMFT FYDFQUPMBGPSNB 
JOGBOUJMFT
FTUÃOBCTUSBÎEBT

5PEBTMBTDBSBDUFSÎTUJDBT
TFOTJCMFTBCTUSBÎEBT5BOTÓMP
 &TRVFNBTNPUJWBEPT 0SHBOJHSBNBT1MBOPT
SFTUBCMFDFOMBTSFMBDJPOFT
PSHÃOJDBT

/PSFQSFTFOUBODBSBDUFSÎTUJDBT
TFOTJCMFT-BTSFMBDJPOFT
-BTFÒBMEFDJSDVMBDJÓORVF
 &TRVFNBTBSCJUSBSJPT EFEFQFOEFODJBFOUSFTVT
JOEJDBiDFEBFMQBTPu
FMFNFOUPTOPTJHVFOOJOHÙO
DSJUFSJPMÓHJDP

5JFOFOBCTUSBÎEBTMBT
3FQSFTFOUBDJÓOOP
 QSPQJFEBEFTTFOTJCMFTZEF 6OBPCSBEF.JSÓ
êHVSBUJWB
SFMBDJÓO


&MOJWFMEFJDPOJDJEBEFTVOBWBSJBCMFRVFQVFEFJOëVJSFOFMSFTVMUBEPWJTVBMPFOFMVTP
QSBHNÃUJDPEFVOBJNBHFO4JQSFUFOEFNPTFMSFDPOPDJNJFOUP FMOJWFMNÃTBEFDVBEPFT
FM MBPCTFSWBDJÓOEJSFDUB4JRVFSFNPTRVFMBJNBHFOUFOHBVOBGVODJÓOEFTDSJQUJWB
EFVOBSFBMJEBEEFUFSNJOBEB QVFEFOTFSBQSPQJBEPTMPTOJWFMFT   Ó4JMBGVO
DJÓO QSJNPSEJBM FT MB JOGPSNBUJWB  MPT OJWFMFT    Z  TPO BEFDVBEPT  QVFTUP RVF MB
BCTUSBDDJÓOFTNBZPSZMBDPODFQUVBMJ[BDJÓONÃTFWJEFOUF1PSÙMUJNP TJMBGVODJÓOFT
FTFODJBMNFOUFBSUÎTUJDB EFDBSÃDUFSQSFEPNJOBOUFNFOUFFTUÊUJDP MPTHSBEPT   Ó
QPESÎBOTFSMPTNÃTJEÓOFPT
 &OMBMFDUVSBFJOUFSQSFUBDJÓOEFMBTJNÃHFOFTFMSFDFQUPSMFDUPSQPOFFOQSÃDUJDB
BMHVOBTDPNQFUFODJBT
r*DPOPHSÃêDBRVFQFSNJUFJEFOUJêDBSMBTGPSNBTZBTPDJBSMBDPOFMNVOEPSFBM
GBDJMJUBFMBOÃMJTJTPCKFUJWPEFMBJNBHFO VOBWJTJÓOKFSÃSRVJDBZEJGFSFODJBEPSB

r&ODJDMPQÊEJDBRVFMMFHBSÃIBTUBEPOEFMMFHVFOVFTUSBNFNPSJBWJTVBMEFMNVOEP
r-JOHÛÎTUJDPDPNVOJDBUJWBRVFQPTJCJMJUBEFTDSJCJSNFEJBOUFQBMBCSBTFMDPOUFOJEP
EFMBJNBHFO
r.PEBM FTQBDJPUFNQPSBM
RVFQFSNJUFJEFOUJêDBSFTQBDJPTZUJFNQPTEJTUJOUPT
r&TUÊUJDBRVFWBMPSBFMDPNQPOFOUFFTUÊUJDPFYJTUFOUFFOUPEBGPUPHSBGÎB
r 'BDUPS JEFPMÓHJDP RVF NFEJBUJ[B MB WJTJÓO EF MB JNBHFO TFHÙO MB JEFPMPHÎB Z
FMDPODFQUPEFNVOEPRVFUFOHBFMSFDFQUPSEFMBNJTNB&TQSFDJTBNFOUFFTUF
GBDUPSJEFPMÓHJDPMPRVFIBDFWFSMPRVFSFBMNFOUFOPFTUÃ

&TQPTJCMFDPNCJOBSMBTEJWFSTBTVOJEBEFTWJTVBMFTEFMBGPUPHSBGÎB EFNVDIBTNBOFSBT 
ZBTFBDPOTDJFOUFPJODPOTDJFOUFNFOUF QFSPUPEBTMBTWBSJBOUFTRVFPCTFSWBNPTFOMB
QSÃDUJDBBENJUFOTFSDMBTJêDBEBT TFHÙO+PBO$PTUB FOUSFTHSVQPTEFDPEJêDBDJÓO
rPor el código de la realidad, que sería el mismo sistema de lectura con que
desciframos el mundo que nos rodea.
rPor la codificación retórica, que es una técnica de representación naturalista de
escenas, y cuyos signos son morfemas, gestemas, la expresión, las asociaciones
de ideas (culturemas). La codificación retórica protagoniza la lectura connotativa.
rPor el “código”: lenguaje fotográfico, que será asumido por la actitud creati-
va e investigadora, y visualizado por los signos específicamente fotográficos.
5PEPTFTUPTDÓEJHPTZDPNQFUFODJBTJOëVZFOFOMBMFDUVSBZBOÃMJTJTEFMBJNBHFO


-B JNBHFO GPUPHSÃêDB TF TPNFUF B SFHMBT  BTÎ DPNP PDVSSF DPO MB MFOHVB IBCMBEB P
FTDSJUB 4V HSBNÃUJDB TF DPOGPSNB QPS FM DPOKVOUP EF TVT FMFNFOUPT Z MB GPSNB EF
DPNCJOBSTF FOUSF TÎ  EBOEP DPNP SFTVMUBEP TV TFOUJEP Z GVODJÓO &O UPEB JNBHFO
GPUPHSÃêDBTJFNQSFIBCSÃVOPCKFUPPSFBMJEBERVFTFNVFTUSBBMFTQFDUBEPSMFDUPS Z
IBCSÃUBNCJÊOVOBGPSNBEFNPTUSBSMB-PTQFSTPOBKFT MBFTDFOPHSBGÎB MBJMVNJOBDJÓO 
FMWFTUVBSJPZFMNBRVJMMBKFTPOFMFNFOUPTRVFEFêOFOMBGPSNBEFMBJNBHFO FTEFDJS 
TPO '03."4 WJTVBMFT &O DBNCJP  FM iQMBOPu  FM iÃOHVMPu EF VOB JNBHFO TPO MPT
FMFNFOUPTRVFEFUFSNJOBOFMDPOUFOJEPEFMBJNBHFO FTEFDJS TPO$0/5&/*%04
WJTVBMFT
 1MBOUFBNPTMPTFMFNFOUPTHSBNBUJDBMFTEFMBJNBHFOGPUPHSÃêDBQBSBTVBOÃMJTJT

"
'03."%&/05"5*70
&MFNFOUPTDPOTUJUVUJWPTEFMBJNBHFO HSBOEFTDPOêHVSBDJPOFTWJTVBMFTEPUBEBT
EFTFOUJEP

6OJEBEFTDVMUVSBMFTGPSNBEBTQPSMPSFQSFTFOUBEP êHVSBTIVNBOBT HSVQPT FUD

$SJUFSJPTEFSFDPOPDJNJFOUP
6OJEBEFT TVHFSJEBT QPS MB EJTUSJCVDJÓO EFM FTQBDJP EF MB JNBHFO NFEJBOUF
SFMBDJPOFTEFDPOUJHÛJEBEFJODMVTJÓOVOJEBEFTêHVSBFOPQPTJDJÓOBVOJEBEFT
BNCJFOUF
&TQBDJBMFT FSQMBOPGPOEP EFSFDIBJ[RVJFSEB DFSDBMFKPT EFMBOUFEFUSÃT

3FMBDJPOFTFOUSFMPTFMFNFOUPTDPOTUJUVUJWPT
%JOÃNJDBT
%FQFTPWJTVBM
-ÓHJDPTFNÃOUJDBT EFJOUFHSBDJÓOEFTDSJQUJWBPQSPDFTVBM FYQMJDBUJWB BTPDJBUJWB

%FUPOP DPOWFSHFODJBEJWFSHFODJB TJNJMBSJEBE PQPTJDJÓO




/*7&- #
%&$0/5&/*%0$0//05"$*¶/

$POOPUBDJPOFTQSPEVDJEBTQPSMBJNBHFO BRVFMMBTRVFQSPDFEFOEFMNBUFSJBM
QSFJDÓOJDP


 $POOPUBDJPOFT DPOTUSVJEBT GPSNBO QBSUF EF MB FTQFDJêDJEBE EFM USBCBKP
JDÓOJDPDPNPFMFNFOUPTDSFBEPSFTEFTFOUJEP
4FDJUBOBDPOUJOVBDJÓOBRVFMMPT
FTUSJDUBNFOUFGPUPHSÃêDPT


FMÃOHVMPEFWJTJÓO MBEJTUBODJBGPDBM MBSFMBDJÓOFODVBESFPCKFUP
 GSPOUBM OPSNBM    QMBOPEFUBMMF
 QJDBEP MBSHB UFMFPCKFUJWP
  QSJNFSQMBOP
 DPOUSBQJDBEP DPSUB HSBOBOHVMBS
  QMBOPBNFSJDBOP
       QMBOPNFEJP
       QMBOPHFOFSBM
       HSBOQMBOPHFOFSBM

MBQSPGVOEJEBEEFDBNQP FOGPRVFTFMFDUJWPWTDBNQPFOGPDBEP


 FMQVOUPEFWJTUB MBOJUJEF[
 SFTQFDUPBMFTQFDUBEPS UBNBÒPEFMiHSBOPuEFMBQFMÎDVMB
 UPNBGSPOUBM QSFDJTJÓOEFMEFUBMMF
 UPNBEFQFSêM VTPEFêMUSPT
 EF  FGFDUPEFiEFTFOGPRVFu
 EFFTQBMEBT

MBJMVNJOBDJÓO
B  GSPOUBM TJMVFUB
DFOJUBM  JOGFSJPS
DMBSPPTDVSP MBUFSBM

%FUSÃTEFDBEBGPUPHSBGÎBIBZTJFNQSFVO-FDUPSRVFMBQSPEVDFZRVFBDUÙBDPOVOB
JOUFODJÓOEFêOJEB1SFWJBNFOUFIBFTUVEJBEPBRVJÊOFTWBEJSJHJEBMBJNBHFO DVÃMFT
TPOTVTNBOFSBTEFSFBDDJPOBSZFORVÊDPOEJDJPOFTPDJSDVOTUBODJBTTFEFCFQSPEVDJS
MBiDPNVOJDBDJÓOQPSJNÃHFOFTu"TÎ EFUSÃTEFUPEBJNBHFO EFUPEPTJHOP IBZTJFNQSF
BMHVJFORVFEFTFBMPHSBSBMHPEFBMHVJFO
 y2VÊTFCVTDBMPHSBSBUSBWÊTEFMBTJNÃHFOFT 5PEPEFQFOEFEFMiDPOUFYUPu&M
DPOUFYUPFTVOBTJUVBDJÓOQBSUJDVMBSEFêOJEBQPSJOEJDBEPSFTHFPHSÃêDPT UFNQPSBMFT 
QTJDPMÓHJDPTZTPDJBMFT FOMBDVBMTFNBOJêFTUBVOBJOUFODJÓO&MDPOUFYUPFONBSDBZ
EFMJNJUBUPEBDMBTFEFJOUFSBDDJPOFTFOGVODJÓOEFVOBJOUFODJÓO


 "MHVOPT DPOUFYUPT UÎQJDPT RVF TVFMFO HFOFSBS EJGFSFOUFT DMBTFT EF BDDJPOFT
DPNVOJDBUJWBTNFEJBOUFMBTJNÃHFOFTGPUPHSÃêDBT TPO

 *.¦(&/&416#-*$*5"3*"46OBQSJNFSBTJUVBDJÓODPOUFYUVBMFTUÃNBSDBEB
QPS MBT SFMBDJPOFT EF DPNQSBWFOUB P EF QSPEVDDJÓODPOTVNP &O FTUF DPOUFYUP TF
HFOFSBOUPEBTMBTJNÃHFOFTEFMBQVCMJDJEBEDPNFSDJBMZEFMBQSPNPDJÓONFSDBOUJM 
TJFOEPMBJOUFODJÓOCÃTJDBWFOEFS
 *.¦(&/&4 1&%"(¶(*$"4 $POUFYUPT JOGPSNBUJWPT FO HFOFSBM  RVF FTUÃO
NBSDBEPTQPSMBTSFMBDJPOFTEFUSBOTNJTJÓOEFJOGPSNBDJÓO MBEFTDSJQDJÓOPFYQMJDBDJÓO
EF VOB SFBMJEBE PCKFUJWB $POUFYUPT EF FOTFÒBO[BBQSFOEJ[BKF  EPOEF MB JOUFODJÓO
CÃTJDB FT JOTUSVJS  UBOUP TJ TF USBUB EF TJUVBDJPOFT FEVDBUJWBT DPNP EF TJUVBDJPOFT EF
BEJFTUSBNJFOUP PSHBOJ[BDJPOBM V PSJFOUBDJÓO EF VTVBSJPT "RVÎ TF HFOFSBO MPT UFYUPT
FTDPMBSFTZDJFOUÎêDPT MPTNBUFSJBMFTEFFOUSFOBNJFOUP MPTNBOVBMFTEFVTVBSJPT FOUSF
PUSPT
 *.¦(&/&41"3"&-3&(*453040$*"-$POUFYUPTJOGPSNBUJWPTEFMQFSJP
EJTNP  EPOEF MB JOUFODJÓO FT MB EJGVTJÓO EF IFDIPT Z BOÃMJTJT EF BDPOUFDJNJFOUPT
&T QSPCBCMF RVF MB JNBHFO JOGPSNBUJWB DVNQMB GVODJPOFT EF NBOFKP EF BDUJUVEFT Z
PQJOJPOFTBUSBWÊTEFMBEJTUPSTJÓOEFMBSFBMJEBEPCKFUJWBmUBOUPFODPOUFYUPTFEVDBUJWPT
DPNPFOMPTDBTPTQFSJPEÎTUJDPTmEFBDVFSEPBMPTJOUFSFTFTEFMTFDUPSEPNJOBOUF4JO
FNCBSHP FOVOQMBOPTVQFSêDJBMFTEFTVQPOFSRVFMBJOUFODJÓOCÃTJDBFTUÃSFGFSJEBB
MBEFTDSJQDJÓOPFYQMJDBDJÓOEFMBSFBMJEBE
 *.¦(&/&4$0.0&41&$5¦$6-0$POUFYUPTEFFOUSFUFOJNJFOUP NBSDBEPT
QPSMBTSFMBDJPOFTEFVTPEFMUJFNQPMJCSF EPOEFMBJOUFODJÓOCÃTJDBFTEJTUSBFS SFDSFBS
P IBDFS QBTBS FM UJFNQP &O FTUPT DPOUFYUPT MB SFBMJEBE EFTDSJUB OP FT PCKFUJWB TJOP
êDUJDJBBVODVBOEPTFUSBUFEFIJTUPSJBTSFBMFT MBQBSUFPCKFUJWBFTTÓMPVOBCBTFEF
DPOTUSVDDJÓOEFJNÃHFOFT ZBRVFMPTNPEPTEFQSFTFOUBSMBZPSHBOJ[BSMBDPOTUJUVZFO
GVFSUFTFMFNFOUPTEFBMUFSBDJÓORVFMBDPOWJFSUFOFOVOBSFBMJEBEêDUJDJB FONBZPS
P NFOPS NFEJEB "RVÎ TF HFOFSBO UPEBT BRVFMMBT JNÃHFOFT EFM DJOF Z MB UFMFWJTJÓO
DPOWFODJPOBM BMHVOBTEFMBTDVBMFTQSFUFOEFOEJWFSUJSPEJTUSBFS PUSBT DPONPWFSP
BUFSSPSJ[BS
 *.¦(&/&4&/-0$05*%*"/0$POUFYUPTUBMFTDPNPMBTSFMBDJPOFTQPMÎUJDBT
ZEFQPEFS JNÃHFOFTFMFDUPSBMFT
FMEFMBTSFMBDJPOFTPSHBOJ[BDJPOBMFT MPHPUJQPTZ


FNCMFNBT
MBTSFMBDJPOFTEJTDJQMJOBSJBT TFÒBMFTEFUSÃOTJUP
ZNVDIPTNÃT JODMVZFOEP 
QPSTVQVFTUP MBTSFMBDJPOFTTFOUJNFOUBMFTZBNPSPTBT UBSKFUBTEFTBMVUBDJÓO

 -PJNQPSUBOUFEFFTUBJEFBFTRVFUPEBJNBHFOUJFOFVOBJOUFODJÓORVFEFêOF
TVGVODJÓOEFBDVFSEPDPOMBTDBSBDUFSÎTUJDBTEFVODPOUFYUP&TEFDJS MBTJNÃHFOFT
QFSTJHVFOTJFNQSFPCUFOFSBMHPEFBMHVJFOFOSFMBDJÓODPOVOBSFEEFDJSDVOTUBODJBT
QSFFTUBCMFDJEBT4FHÙOMPBOUFSJPS VOCVFOiMFDUPSuEFJNÃHFOFTTBCFJEFOUJêDBSMBTJO
UFODJPOFTEFGPOEPZSFDPOPDFSDBEBDPOUFYUPFODPOTFDVFODJB FTDBQB[EFEFUFSNJOBS
IBTUBRVÊQVOUPFTBTJOUFODJPOFTTPODPNQBUJCMFTDPOTVTQSPQJBTOFDFTJEBEFTZFORVÊ
NFEJEBÊMQBSUJDJQBPTFJOWPMVDSBFOFTFDPOUFYUP
"DPOUJOVBDJÓOTFQSFTFOUBFMFTRVFNBFORVFTFDPOTJEFSBFMVOJWFSTPEFMBDUP
DSFBUJWP JNQMÎDJUPFOMBDPOTUSVDDJÓOZMFDUVSBEFMBJNBHFOGPUPHSÃêDB

&TRVFNBNPEFMPQBSBFMBOÃMJTJTEFVOBJNBHFOGPUPHSÃêDB

.FEJP $ÃNBSB  &MMP


'PUÓHSBGP
%JTQPTJUJWP 3FUSBUBEP
&NJTPS

.FOTBKF
3FGFSFOUF

$POUFYUP*EFPMPHÎB $POUFYUP*EFPMPHÎB $POUFYUP*EFPMPHÎB

.FEJP%JGVTJÓO "SUF.BTJWP

 
3FDFQUPS
5SBNBEF 5SBNBEF
1FSDFQUPS

4FOUJEP 4FOUJEP
$POUFYUP*EFPMPHÎB


1BSBFMFTRVFNBRVFTJHVFOPTIFNPTTFSWJEPEFMNPEFMPQSPQVFTUPQPS.BVSJ[JP%FMMB$BTB -BSJDFSDBJO
TFNJPMPHJB*** &EJUSJDF-B4DVPMB#SFTDJB  DJUBEPQPS4BOUPT;VO[VOFHVJFO.JSBSMBJNBHFO 4FSWJDJP
&EJUPSJBM6OJWFSTJEBEEFM1BÎT7BTDP .BESJE  QQB


-BVSB(PO[ÃMF['MPSFT i-BJNBHFOEFMAPUSP-BQSPEVDDJÓOGPUPHSÃêDBEFHSVQPTNJOPSJUBSJPTu FO0SJFOUFT
ZPDDJEFOUFT&MBSUFZMBNJSBEBEFMPUSP997**$PMPRVJP*OUFSOBDJPOBMEFM"SUF .ÊYJDP ĮħĚĦ *OTUJUVUPEF
*OWFTUJHBDJPOFT&TUÊUJDBT FOQSFOTB


El modelo explica los procesos de lectura de las imágenes fotográficas a partir de la
pregnancia5 semántica. Este modelo define el resultado del proceso de lectura de una imagen
como una macroestructura semántica. La construcción de esta macroestructura está regida por
el principio de búsqueda de una gestalt proposicional6 que suponga, para el receptor-lector,
la cantidad de información más reducida al identificar la función icónica dominante que
permitan las condiciones dadas. Así, en el proceso de lectura, el cálculo sobre la cantidad de
información determina el sentido de dicha información. Es decir, toda expresión lingüística
sugiere, evoca, y aunque raras veces defina en totalidad lo mencionado, resulta que una
expresión lógica o gramaticalmente incompleta a menudo basta para la comprensión; o, dicho
de otro modo, con la expresión verbal de una parte de lo mencionado, de la proposición,
suscitamos una evocación suficiente y viceversa: la evocación incompleta de una expresión
puede bastar para entenderla.7



-BQSFHBOBDJBFTMBGVFS[BEFMBGPSNBRVFPSEFOBFMNPWJNJFOUPEFMPTPKPTRVFCVTDBOEFTDVCSJSFMTFOUJEPEF
VOBJNBHFOFOMBDVBMFMSFDFQUPSTFQSPZFDUB

-BHFTUBMUFTVOBDPOêHVSBDJÓOOPBMFBUPSJBEFFTUÎNVMPTRVFTFNBOJêFTUBFOFMBDUPEFSFDPOPDJNJFOUPEFMB
FTUSVDUVSBEFVOPCKFUPZMBQSPQPTJDJÓOFTVOBPSBDJÓO VOBSFMBDJÓOEFDPPSEJOBDJÓOPEFTVCPSEJOBDJÓORVF
FGFDUVBNPTQBSBFYQMJDBS DPNFOUBSPNFODJPOBSVOBSFBMJEBEEFUFSNJOBEB7ÊBTF4FOUJEPEFQSPQPTJDJÓOFOFTUF
NJTNPUSBCBKP

7ÊBTF"MPOTP .BSUÎO $JFODJBEFMMFOHVBKFZBSUFEFMFTUJMP UFPSÎBZTJOPQTJT QQ


3FUÓSJDBEFMGPUPNPOUBKF
$POTUSVDDJÓOSFUÓSJDBEFMPTGPUPNPOUBKFTEF+PIO
)FBSUêFME QFSJPEP

"OB*TBCFM$BCSFSB(VSSPMB

3FTVNFO
&M NPOUBKF EF GSBHNFOUPT  MB ZVYUBQPTJDJÓO EF SFBMJEBEFT EJTQBSFT  FM DPSUF WJTVBM
EF MB SFBMJEBE DPTNPQPMJUB Z MB SFDPNQPTJDJÓO DPMMBHJTUB EFM BSUF  GPSNBO QBSUF EFM
WPDBCVMBSJP FTFODJBM EF MB QSPEVDDJÓO BSUÎTUJDB EF +PIO )FBSUêFME &M GPUPNPOUBKF 
DPNPDSFBDJÓOHSÃêDBZFYQSFTJÓOBSUÎTUJDBOFDFTJUBVOBCBTFEFFTUVEJPFTQFDJBM FO
FTUFDBTPTFNJÓUJDPZSFUÓSJDP
 -BSFUÓSJDBDPNPJOTUSVNFOUPEFQFSTVBTJÓOEFMMFOHVBKFFTDSJUPZWJTVBMTVQPOF
TBCFS VUJMJ[BS VOB TFSJF EF IFSSBNJFOUBT EF HSBO FêDBDJB QBSB FM NFEJP GPUPHSÃêDP
-B GPUPHSBGÎB DPNP DVBMJEBE FYQMÎDJUB EF FYQSFTJÓO WJTVBM TF WBMF EF JNÃHFOFT RVF
TF DPOTUJUVZFO FO TJHOPT WJTVBMFT  DPOêHVSBEPT EFTEF VO FOUSBNBEP TFNJÓUJDP QPS
TJHOJêDBOUFTPTJHOPTQMÃTUJDPTZTJHOJêDBEPTPTJHOPTJDÓOJDPT&OMÎOFBTHFOFSBMFT 
MB SFUÓSJDB BQMJDBEB B MB GPUPHSBGÎB WB B FTUVEJBS  DPO CBTF FO MPT QSPDFEJNJFOUPT
MJOHÛÎTUJDPT  MBT DMBWFT EF EFOPUBDJÓO  EFTJHOBDJÓO Z DPOOPUBDJÓO EF MPT NFOTBKFT B
USBWÊTEFVOBTFSJFEFFODMBWFTFOEPOEFJOUFSWJFOFOVODPOKVOUPEFêHVSBTSFUÓSJDBT
BQMJDBCMFTBDBEBDBTPEFBOÃMJTJTZDPOTUSVDDJÓOWJTVBM
 &MBOÃMJTJTUFYUVBM JOTUSVNFOUPGVOEBNFOUBMEFMUSBCBKPTFNJÓUJDP
BQMJDBEPBMP
WJTVBM FTMPRVFQPESÃMMFHBSBFTUBCMFDFSFMTJHOJêDBEPRVFBERVJFSFFMPCKFUPEFMDVBM
TFIBCMB&MBOÃMJTJTTFNJÓUJDPEFMBJNBHFOQFSNJUFQSPGVOEJ[BSFOFMFOUSBNBEPEF
MPTEJTDVSTPTBVEJPWJTVBMFTZDPOPDFSDÓNPFTUÃODPOTUSVJEPTMPTUFYUPT FOGVODJÓO
EFRVÊQBSÃNFUSPTTFTVTUFOUBO CBKPRVÊUFPSÎBTTFQVFEFOFTUVEJBS RVÊJOëVFODJBT
SFDJCFOEFPUSBTNBUFSJBTZRVÊBQPSUBOBMSFDFQUPS
 &O FTUB JOWFTUJHBDJÓO TF FODPOUSBSÃO MPT GVOEBNFOUPT UFÓSJDPT RVF EFTEF MB
TFNJÓUJDB EFM MFOHVBKF QFSNJUBO SFDPOPDFS MBT êHVSBT SFUÓSJDBT EFM GPUPNPOUBKF
"EFNÃT TFQSPQPOESÃVOBNFUPEPMPHÎBQBSBFMBOÃMJTJTSFUÓSJDPZMBDPOTUSVDDJÓOEFM
GPUPNPOUBKF


&MGPUPNPOUBKFZ+PIO)FBSUêFME
-BTJNÃHFOFTTPONVDIPNÃTRVFVOBJMVTUSBDJÓOEFMBTDPTBTRVFTFQVFEFWFSPCJFO
JNBHJOBS TPOTJHOPTFODVZPDPOUFYUPUJFOFOVOTFOUJEPÙOJDP QFSNJUFOEBSMFVOOVFWP
TJHOJêDBEPBMPRVFTFWFBTJNQMFWJTUB-BUÊDOJDBEFMGPUPNPOUBKFDPOTJTUF BQBSUJSEF
GPUPHSBGÎBTDVBMFTRVJFSB FOJOWFSUJSMPTFMFNFOUPT DPNPSFUSBUPT FTDFOBTPJNÃHFOFT
DJOFNBUPHSÃêDBT PCJFOFOJOUFSDBMBSUSP[PTEFQFSJÓEJDPT IPKBTQVCMJDJUBSJBTVPUSBT 
DPOMBJOUFODJÓOEFPCUFOFSVOBPCSBQMÃTUJDBNFOUFOVFWB TPSQSFOEFOUFZSFQMFUBEF
VONFOTBKFEFPSEFOQPMÎUJDP NPSBMPTJNQMFNFOUFQPÊUJDP
 6OPEFMPTPCKFUJWPTQSJODJQBMFTZGVODJPOFTEFMGPUPNPOUBKFFTEFTOBUVSBMJ[BSMB
NBOFSBFORVFOPTPUSPTFTUBNPTBDPTUVNCSBEPTBWFSFMNVOEP IBDFSMPGBNJMJBSFYUSBÒP
PQSPCMFNÃUJDP JOUFSSPHBSSFQSFTFOUBDJPOFTGPUPHSÃêDBTEFMBSFBMJEBEGSBHNFOUBOEP
ZZVYUBQPOJÊOEPMBTEFEJGFSFOUFNBOFSBBMBQFOTBEBQPSTVTQSPEVDUPSFTPSJHJOBMFTZ
BTÎSFWFMBSMBJEFPMPHÎBEFUSÃTEFMBTGPUPHSBGÎBTZMBTPDJFEBERVFFMMPTSFQSFTFOUBO&M
GPUPNPOUBKFQBTBBTFSVOHÊOFSPBSUÎTUJDPDPOVOBêOBMJEBEBMFHÓSJDBZNPSBMJ[BEPSB
-P RVF IBDF FM EJTUJOUJWP EFM GPUPNPOUBKF FT RVF  UBOUP MB SFQSFTFOUBDJÓO EFM PCKFUP
PSJHJOBMZTVOVFWPTJHOJêDBEPTJNCÓMJDPTFQSFTFOUBFOMBNJTNBTVQFSêDJF
 -BQSPEVDDJÓOEF+PIO)FBSUêFMEmHSBêTUBZUJQÓHSBGP DPOTJEFSBEPVOPEFMPT
GVOEBEPSFTEFMGPUPNPOUBKFmTFJOJDJBFO)FBSUêFMEQSFUFOEJÓFYQSFTBSDPOTVT
USBCBKPTMBDÓMFSBRVFTFOUÎBQPSMBCVSHVFTÎB MPTNJMJUBSFTZUPEPFM&TUBEPBVUPSJUBSJP
BMFNÃO2VJTPPGSFDFSTFODJMMBNFOUFVOBJNBHFORVFSFTVMUBSBDPNQSFOTJCMFQBSBUPEP
FMNVOEP

4FNJÓUJDBWJTVBM
-B JOGPSNBDJÓO Z MB DVMUVSB RVF TF HFOFSB FO OVFTUSPT EÎBT UJFOFO VO USBUBNJFOUP
QSFEPNJOBOUFNFOUF WJTVBM -PT TJHOPT mDVBMRVJFS NBSDB  NPWJNJFOUP DPSQPSBM 
TÎNCPMP  TJHOP  FUDÊUFSB VUJMJ[BEPT QBSB USBOTNJUJS QFOTBNJFOUPT  JOGPSNBDJÓO 
ÓSEFOFT FUDÊUFSBmTPOMBCBTFEFMQFOTBNJFOUPIVNBOPZEFMBDPNVOJDBDJÓO
 -BSB[ÓOEFMBTFNJÓUJDBFTJOWFTUJHBSTJMBSFBMJEBEQVFEFFYJTUJSPOP JOEFQFOEJFO
UFNFOUFEFMPTDÓEJHPTTJHOJêDBUJWPTRVFMPTTFSFTIVNBOPTDSFBOQBSBSFQSFTFOUBSMBZ
QFOTBSMB -B TFNJÓUJDB IB EF SFEVDJS MBT JNÃHFOFT QBSB EFTDPNQPOFSMBT Z BOBMJ[BSMBT
DPNP TJ GVFSBO VO UFYUP 1BSFDF FWJEFOUF RVF FM DBNQP EF MB TFNJÓUJDB EF MP WJTVBM
VUJMJ[BDPNPDBNQPEFBOÃMJTJTBMBTJNÃHFOFTEFMPTEFOPNJOBEPTUFYUPTJDÓOJDPT


 6OBJNBHFOFTVODPOKVOUPEFTJHOPTEJTUSJCVJEPTFOVOFTQBDJPQMBOPDBVTVSBEP
&TUPTTJHOPTTFEFUFSNJOBOTPCSFMBCBTFEFVOBTFMFDDJÓONFEJBOUFKVJDJPTQFSDFQUVBMFT
WJTVBMFT
 1BSB 1FJSDF  VO TJHOP TÓMP TJHOJêDB EFOUSP EF VO TJTUFNB EF TJHOPT Z TÓMP FO
WJSUVEEFRVFMPTEFNÃTTJHOPTEFMTJTUFNBUBNCJÊOTJHOJêDBO"FTUFQSPDFTPEFTJHOPT
TFMFEFOPNJOBTFNJPTJT ZFTUÃDPOTUJUVJEPQPSMBSFMBDJÓOEFUSFTFMFNFOUPTFMTJHOP 
FMPCKFUPZFMJOUFSQSFUBOUF
 6OTJHOPWJTVBMQVFEFTFSEFOPNJOBEP

r±DPOPFMRVFFTUÃGVOEBEPFOMBTJNJMJUVEFOUSFFMSFQSFTFOUBOUFZMPSFQSFTFOUBEP
.BOUJFOFOTFNFKBO[BDPOMBSFBMJEBETFQBSFDFEFBMHVOBNBOFSBBTVPCKFUP TF
WFPTFPZFQBSFDJEP QPSFKFNQMPFMEJCVKPEFVOBNBO[BOB


r ±OEJDF FM RVF SFTVMUB EF MB DPOUJHÛJEBE GÎTJDB FOUSF FM SFQSFTFOUBOUF Z MP
SFQSFTFOUBEP FTEFDJS VOJOEFYSFNJUFBIFDIPTPDPTBTSFBMFT TJOHVMBSFT EFMPT
RVFEFQFOEFTVFYJTUFODJB4POTJHOPTRVFFOUFOEFNPTQPSMBSFMBDJÓOEFDBVTB
FGFDUP QPSFKFNQMPFMIVNPEFVODJHBSSJMMP


r4ÎNCPMPBRVFMTJHOPDVZBFYJTUFODJBTFCBTBFOVOBDPOWFODJÓOTPDJBMZRVF
QPSMPUBOUPQVFEFOTFSWBSJBCMFTTFHÙOMBTDVMUVSBT QPSFKFNQMPMBMV[SPKBEFVO
TFNÃGPSP
 ;VO[VOFHVJ 


&T BTÎ DPNP FM BOÃMJTJT TFNJÓUJDP EF MPT QSPEVDUPT WJTVBMFT QFSNJUF DPNQSFOEFS
DMBSBNFOUF
• Sus fundamentos y elementos constitutivos a partir de signosZEFVOBUFPSÎB
EFMPTTJHOPT
r 4V QSPDFTP DPOTUSVDUJWP DPNP TJTUFNB TFNJÓUJDP EF TJHOJêDBDJÓO Z DPNV
OJDBDJÓO
r 2VF TPO QSPEVDUPT EF VO TJTUFNB TFNJÓUJDP EF TJHOPT JOEJDJBMFT  JDÓOJDPT Z
TJNCÓMJDPT Z êHVSBT EF VO DÓEJHP HSÃêDP  FO DPNVOJEBEFT IVNBOBT IJTUÓSJDBT
RVFMPFNQMFBODPNPNFEJPEFSFQSFTFOUBDJÓOZBQSPQJBDJÓOEFMBSFBMJEBEZMB
FYQSFTJÓOEFMQFOTBNJFOUP


r $PNQSFOEFS MBT SFMBDJPOFT JOUFSOBT  MB JOUFSBDDJÓO TFNJÓUJDB Z FTUÊUJDB FOUSF
MPT FMFNFOUPT TÎHOJDPT RVF MP DPNQPOFO  B OJWFM MÓHJDP SFMBDJPOFT EF MPT TJHOPT
FOUSFTÎ
NPSGPTJOUÃDUJDP MBTSFMBDJPOFTEFMPTTJHOPTDPOFMPCKFUP
ZTFNÃOUJDP
SFMBDJPOFTGVFSBEFVOTJTUFNB


3FUÓSJDBWJTVBM
"MBOÃMJTJTTFNJÓUJDPTFTVNBMBSFUÓSJDBWJTVBM­TUBTFGVOEBFOFMBSUFEFMNBOFKP
EFMBTêHVSBTFTUBCMFDJEBTQPSDPOWFODJÓOIJTUÓSJDBZDVMUVSBM DPOFMêOQSJODJQBMEF
HFOFSBSVOEJTDVSTPQFSTVBTJWP5PEBTMBTGPSNBTEFDPNVOJDBDJÓOWJTVBMFTJODMVJEBT
FOMBDVMUVSBZMBIJTUPSJBEFMBSUFWJTVBMQVFEFOTFSDPOTJEFSBEBTEFOUSPEFMEPNJOJP
EFMBTSFUÓSJDBTWJTVBMFT-BSFUÓSJDBDPOUJFOFMBTTJHVJFOUFTGVODJPOFT

r'VODJÓOQFSTVBTJWBFTTVGVODJÓONÃTDMÃTJDBFOMBRVFTFJOUFOUBDPOWFODFSBM
SFDFQUPS
r'VODJÓOQSPQBHBOEÎTUJDBTFJOUFOUBDPOTFHVJSMBBEIFTJÓOEFMSFDFQUPSBVOB
JEFBQPMÎUJDBPSFMJHJPTB
r'VODJÓODPOTUSVDUJWBNFEJBOUFMBVUJMJ[BDJÓOEFMBTêHVSBTSFUÓSJDBTTFQVFEF
DPOTUSVJS VO NFOTBKF DPO VOB êOBMJEBE EFUFSNJOBEB Z EJSJHJEP B VO QÙCMJDP
EFUFSNJOBEP
r 'VODJÓO DPNVOJDBUJWB MB SFUÓSJDB UPNB FM TFOUJEP EFM MFOHVBKF FTUSJDUP QBSB
USBOTGPSNBSMPFOVOMFOHVBKFêHVSBEP VOOVFWPNFOTBKFDBQB[EFDPOWFODFSZ
QFSTVBEJS %VSBOE 


-B SFUÓSJDB WJTVBM FT FM VTP EF MBT êHVSBT SFUÓSJDBT B USBWÊT EFM MFOHVBKF WJTVBM 4F
VUJMJ[BQBSBEBSVOTFOUJEPEJTUJOUPBMRVFQSPQJBNFOUFIBZ FYJTUJFOEPFOUSFFMTFOUJEP
êHVSBEPZFMQSPQJPBMHVOBDPOFYJÓO-BêHVSBSFUÓSJDBTFEFêOFDPNPMBPQFSBDJÓO
RVFQBSUFEFVOBQSPQPTJDJÓOTJNQMFZNPEJêDBDJFSUPTFMFNFOUPTQBSBDPOTUSVJSVOB
QSPQPTJDJÓOêHVSBEB
 1PEFNPTDMBTJêDBSMBTêHVSBTTFHÙOEPTEJNFOTJPOFT
 4FHÙOMBOBUVSBMF[BEFTVPQFSBDJÓO
 4FHÙOMBOBUVSBMF[BEFMBSFMBDJÓORVFMFVOFBPUSPTFMFNFOUPT


0QFSBDJPOFT EF DPOTUSVDDJÓO EF MBT êHVSBT SFUÓSJDBT FO FM
GPUPNPOUBKF

0QFSBDJPOFT
r"EKVODJÓOTFBÒBEFOVOPPWBSJPTFMFNFOUPTBMBQSPQPTJDJÓO-PTQSPDFEJNJFOUPTEF
BEJDJÓOTVQPOFOVOJODSFNFOUPEFJOGPSNBDJÓOFOMBDPNVOJDBDJÓOWJTVBMQSPQJBNFOUF
EJDIB QVEJFOEPPDBTJPOBSFGFDUPTIJQFSCÓMJDPT SFEVOEBOUFT FGFDUPTEFDPMMBHFWJTVBM 
DPOEFOTBDJPOFTEFJNÃHFOFT RVFQVFEFOPDBTJPOBSMBQÊSEJEBEFMEJTDVSTPEFMBJNBHFO
FOTVDPOKVOUPDPNPDPOEJDJÓOFTUÊUJDB
BDFOUVBDJPOFTBNQMJBEBTEFOÙDMFPTUFNÃUJDPT
GSFOUFBPUSPTTFDVOEBSJPT PFTUBCMFDFSHSBEBDJPOFTZFTDBMBTEFWBMPSFOUSFFMDPOKVOUP
EFMPTPCKFUPTEFMBFTDFOB BTÎDPNPUPEPUJQPEFSFEVQMJDBDJPOFTZTFNFKBO[BTPSJNBT
WJTVBMFTFOMBDPOGFDDJÓOEFMPCKFUPWJTVBM (SVQP• 


• Supresión: TF RVJUBO VOP P WBSJPT FMFNFOUPT B MB QSPQPTJDJÓO -B SFUÓSJDB EF MB
TVQSFTJÓO FO GPUPHSBGÎB PSJHJOB VO TFOUJEP UPUBMNFOUF DPOUSBSJP BM QSPDFEJNJFOUP
EF BEJDJÓO &O FTUF DBTP MBT êHVSBT SFUÓSJDBT  UBMFT DPNP MBT FMJQTJT  SFEVDDJPOFT 
SFTÙNFOFT  JOUFSSVQDJPOFT  TVTQFOTJPOFT  TJOÊDEPRVFT P FODBCBMHBNJFOUPT  WBO B
DPOUSJCVJSBEFTQFKBSFMDPOUFOJEPEFMNFOTBKFHMPCBM DPOWJSUJFOEPMBTJNÃHFOFTFO
EJTDVSTPTNJOJNBMJTUBTRVFBWFDFTQVFEFOPDBTJPOBSGBMUBEFJOGPSNBDJÓOBEJDJPOBM 
FO EPOEF FT OFDFTBSJP DPOPDFS QBSUF EFM QMBOUFBNJFOUP P FTUSBUFHJB RVF FKFDVUF MB
EJSFDDJÓODSFBUJWBEFVOBDBNQBÒBGPUPHSÃêDBPQSPZFDUPFORVFFTUÊFNCBSDBEPVO
GPUÓHSBGPFODVFTUJÓO-BDBQBDJEBEJOGPSNBUJWBEFMBGPUPHSBGÎBEFQFOEFSÃEFUPEP
UJQPEFWBSJBCMFTDVMUVSBMFTRVFSPEFBOBMSFDFQUPSZEFMPTNFEJPTEFDPNVOJDBDJÓO
(SVQP• 


r4VTUJUVDJÓOTFUSBUBEFVOBTVQSFTJÓOTFHVJEBEFVOBBEKVODJÓOFOMBRVFTFRVJUBVO
FMFNFOUPQBSBSFFNQMB[BSMPQPSPUSP.FEJBOUFMPTQSPDFTPTEFTVTUJUVDJÓOTFUJFOEFB
DPOTFHVJSFGFDUPTEFQFSNVUBDJÓOTJNCÓMJDB BHFOFSBSUPEPUJQPEFBMVTJPOFTEJSFDUBT
PJOEJSFDUBT BDSFBSNFUÃGPSBT NFUPOJNJBT BMFHPSÎBT BOUPOPNBTJBT BOUÎUFTJTPQB
SBEPKBT ZUPEPUJQPEFêHVSBTSFUÓSJDBTRVFTFQVFEBOBQMJDBSDPOHSBOFGFDUPUBOUP
QBSBFMVTPEFDPNQBSBDJPOFT NVZVUJMJ[BEPFOMBGPUPHSBGÎBQSPQBHBOEJTUB
PQBSB


DPODFCJSFOUJEBEFTTJNCÓMJDBT EFHSBOFGFDUPFOFMUFSSFOPQVCMJDJUBSJP
EFDPOUFOJEP
FYQMÎDJUPPJNQMÎDJUP (SVQP• 


• Intercambio:TFUSBUBEFEPTTVTUJUVDJPOFTSFDÎQSPDBTFOMBRVFTFQFSNVUBOEPTFMF
NFOUPTEFMBQSPQPTJDJÓO-PTQSPDFTPTEFJOUFSDBNCJPTVFMFOVUJMJ[BSTFQBSBNFKPSBS
FGFDUPTRVFBTJNQMFWJTUBQVFEFOQBTBSEFTBQFSDJCJEPT DPNPQVFEFOTFSFMDSFBSQVOUPT
EF BUFODJÓO QFTP WJTVBM
 BMUFSBS FM EJTDVSTP EF VOB QSFUFOEJEB OBSSBUJWB P TVDFTP B
FYQPOFS UBOUPFOFMTFOUJEPEFMBFYQSFTJÓODPNPEFMDPOUFOJEP ZHFOFSBSUPEPUJQPEF
BOBDSPOÎBT JMVTJPOFTÓQUJDBTPDBSJDBUVSJ[BDJPOFT (SVQP• 


3FMBDJPOFT
r*EFOUJEBEFMFNFOUPTEFMBQSPQPTJDJÓORVFQFSUFOFDFOBVONJTNPQBSBEJHNB
DPOTUJUVJEPQPSVOTPMPUÊSNJOP
r4JNJMJUVEFMFNFOUPTEFMBQSPQPTJDJÓORVFQFSUFOFDFOBVOQBSBEJHNBEFVO
TPMPUÊSNJOPPBVOQBSBEJHNBRVFJODMVZFPUSPTUÊSNJOPT
r0QPTJDJÓOFMFNFOUPTEFMBQSPQPTJDJÓORVFQFSUFOFDFOBQBSBEJHNBTEJTUJOUPT
r%JGFSFODJBFMFNFOUPTEFMBQSPQPTJDJÓORVFQFSUFOFDFOBVOQBSBEJHNBRVF
DPNQSFOEFPUSPTUÊSNJOPT

&OUFOEFNPTQPSQBSBEJHNBFMDPOKVOUPEFQBMBCSBTZPJNÃHFOFTRVFQFSUFOFDFOB
VODPOUFYUPFTQFDÎêDP&MBOÃMJTJTEFMBTêHVSBTSFUÓSJDBTOPTJOEJDBSÃDVÃMFTTPOMPT
FMFNFOUPTDPOTUJUVZFOUFTZDVÃMFTTPOMBTSFMBDJPOFTFOUSFFMMPT&TUPTFMFNFOUPTOPTÓMP
TPOFMDPOKVOUPEFVOJEBEFTEFTJHOJêDBDJÓORVFFTUÃODPOUFOJEBTFOMBQSPQPTJDJÓO 
TJOP UBNCJÊO BRVFMMBT VOJEBEFT RVF FM DSFBEPS VUJMJ[Ó DPOTDJFOUFNFOUF FO TV KVFHP
SFUÓSJDP
 (SVQP•PGSFDFVODVBESPHFOFSBMEFDMBTJêDBDJÓOEFMBTêHVSBTSFUÓSJDBTTFHÙO
MBTEPTEJNFOTJPOFTEFPQFSBDJÓOZSFMBDJÓO


0QFSBDJÓOSFUÓSJDB
3FMBDJÓOFOUSF
FMFNFOUPT $ %
WBSJBOUFT " #
4VTUJUVDJÓO"EKVODJÓO 1FSNVUBDJÓO
"EKVODJÓO 4VQSFTJÓO
4VQSFTJÓO *OUFSDBNCJP
4JNJMJUVE 0QPTJDJÓO
*EFOUJEBE %JGFSFODJB*OUFSTFDDJÓO
*ODMVTJÓO &YDMVTJÓO

3FQFUJDJÓO JOTJTUFODJB 
BMJUFSBDJÓO FQJTUSPGF BOÃGPSB 
&MJQTJT TJMFODJP  )JQÊSCPMF TJOPOJNJBDPOTJO *OWFSTJÓO
BQBOÃGPSBFQJGPSB DPODBUFOBDJÓO 
BQPTJPQFTJT  CBTFNPSGPMÓHJDBCJNFNCSF MÓHJDB 
*EFOUJEBE FQBOBEJQMPTJT SFEVQMJDBDJÓO 
[FVHNB  USJNFNCSF OFPMPHJTNP  DSPOPMÓHJDB 
HFNJOBDJÓO HSBEBDJÓO 
QBSBUBYJT JOWFODJÓO MJUPUF SFHSFTJÓO
TJNQMPRVF BOBEJQMPTJT 
FQBOBMFQTJT iSFEEJUJPu iSFQFUJUJPu

4JNJMJUVE 3JNB QBSBOPNBTJB


.FUÃGPSB BMVTJÓO BMFHPSÎB  &OEJBEJT
GPSNB $PNQBSBDJÓO QMFPOBTNP 
$JSDVOMPRVJP GÃCVMB QBSÃCPMB )PNPMPHÎB
TFNÃOUJDB FYQPMJDJÓO

"DVNVMBDJÓO iFQJUSPDBTNBu 
4VTQFOTJÓO  $SBTJT NFUBMFQTJT NFUPOPNJB
DPOKVODJÓO EJTZVODJÓOP
EJHSFTJÓO  DBVTBM FTQBDJBM FTQBDJP )JQÊSCBUPO 
%JGFSFODJB BTÎOEFUPO QSÓUFTJT FOVNFSBDJÓO
BOUPOPNBTJB UFNQPSBMTJMFQTJT TJOFDEPRVF BOÃTUSPGF 
DBÓUJDBZBHMPNFSBEB

QBSUJDVMBSJ[BOUF QBSUJDVMBSJ[BOUFHFOFSBMJ[BOUF BOBHSBNB
EJTUSJCVDJÓO BNQMJêDBDJÓO

0QPTJDJÓO 1FSÎGSBTJT TJMFQTJT RVJBTNP )JQÃMBHVF


%VCJUBDJÓO
GPSNB "OBDSPOJTNP FOHBODIF &VGFNJTNP PYJNPSPO  "OBDPMVUP
3FUJDFODJB 
TFNÃOUJDB "OUÎUFTJT TJNFUSÎB BOUBOBDMBTJT EJBMPHÎB 1BSBMFMJTNP
TJMFODJP
MÓHJDB "OUÎGSBTJT BOUFQÓEPTJT

'BMTBT
IPNPMPHÎBT "UBOBDMBTF 5BVUPMPHÎB 3FUSVFDBOP "OUJNFUÃCPMB
EPCMFTFOUJEP %JMFNB iJOWFOUJP BOUJOPNJB 1SFUFSJDJÓO "OUÎGSBTJT JSPOÎB QBSBEPKB "OUJMPHÎB
QBSBEPKBT

$VBESPEFDMBTJêDBDJÓOEF'JHVSBT3FUÓSJDBT CBTBEPFOFMDVBESPQSPQVFTUPQPS+BRVFT%VSBOEi3FUÓSJDBF
JNBHFOQVCMJDJUBSJBuFO"OÃMJTJTEFMBTJNÃHFOFT 5JFNQP$POUFNQPSÃOFP #VFOPT"JSFT  Q


.PEFMPEFBOÃMJTJT
-B êOBMJEBE EF FTUF NPEFMP EF BOÃMJTJT FT PGSFDFS VO USBZFDUP NFUPEPMÓHJDP FO FM
FTUVEJP EF MB JNBHFO DPODSFUBNFOUF FO FM DBTP EFM GPUPNPOUBKF
 RVF DPOUSJCVZB B
SFTQPOEFSMBQSFHVOUBiDÓNPTJHOJêDBFMGPUPNPOUBKFu&OFMBOÃMJTJTEFMGPUPNPOUBKF
TFQVFEFEJTUJOHVJSVOBTFSJFEFEJTUJOUPTOJWFMFT EFTEFMBFTUSJDUBNBUFSJBMJEBEEFMB
PCSB ZTVSFMBDJÓODPOFMDPOUFYUPIJTUÓSJDPDVMUVSBM IBTUBVOOJWFMJOUFSQSFUBUJWP&O
FTUFDBTPTFQSFTFOUBFMBOÃMJTJTEFVOGPUPNPOUBKFEF+PIO)FBSUêFMEEF

/JWFMDPOUFYUVBM
3FDBCBS MB JOGPSNBDJÓO OFDFTBSJB TPCSF MB T
 UÊDOJDB T
 FNQMFBEB T
 FM BVUPS  FM
NPNFOUPIJTUÓSJDPEFMRVFEBUBMBJNBHFO FMNPWJNJFOUPBSUÎTUJDPPFTDVFMBGPUPHSÃêDB
BMBRVFQFSUFOFDF BTÎDPNPMBCÙTRVFEBEFPUSPTFTUVEJPTDSÎUJDPTTPCSFMBPCSBFOMB
RVFTFFONBSDBFMGPUPNPOUBKFRVFQSFUFOEFNPTBOBMJ[BS

"VUPS+PIO)FBSUêFME
/BDJPOBMJEBEBMFNBOB
(ÊOFSP'PUPNPOUBKF
.PWJNJFOUP%BEBÎTUB
5ÎUVMP2VJFOMFFQFSJÓEJDPTCVSHVFTFT BDBCBDJFHPZTPSEP`'VFSBDPOMPTWFOEBKFT
FNCSVUFDFEPSFT
-FZFOEB.JDBCF[BFTVOSFQPMMPy$POPDÊJTNJTIPKBT #JFOFTDJFSUPRVFMBTQFOBT
NFBRVFKBOQPSEPRVJFS QFSPBHVBOUPJONÓWJMZBHVBSEPVOTBMWBEPS`2VJFSPQPS
DBCF[BVOSFQPMMPOFHSPSPKPHVBMEB/BEBRVJFSPWFSOJPÎS OJFOMPTOFHPDJPTEF
&TUBEPRVJFSPJOUFSWFOJS:BVORVFNFEFTOVEFOIBTUBMBDBNJTB MBQSFOTBSPKBOP
FOUSBSÃFONJDBTB
"ÒP
.PUJWP QPS FM DVBM GVF SFBMJ[BEP FM GPUPNPOUBKF 5SBT MBT FMFDDJPOFT BM 3FJDITUBH EF
 MPTQFSJÓEJDPTEFMĬĩĝ7PSXÅSUTZ5FNQPIBCÎBOGPSNBEPVOBHSBODPBMJDJÓODPO
MPTQBSUJEPTCVSHVFTFT FYDMVZFOEPBMĤĩĝ 1BSUJEP$PNVOJTUB"MFNÃO



$PMPSFTEFMBCBOEFSBOBDJPOBMBMFNBOB


/JWFMNPSGPMÓHJDP
&M BOÃMJTJT QSPQJBNFOUF EJDIP EFM GPUPNPOUBKF EFCF DPNFO[BS DPO VOB EFUBMMBEB
EFTDSJQDJÓOEFMNPUJWPGPUPHSÃêDP FTEFDJS EFMPRVFMBGPUPHSBGÎBSFQSFTFOUB FOVOB
QSJNFSBMFDUVSBEFMBJNBHFO

%FTDSJQDJÓO&YJTUFVOTVKFUPFOQSJNFSQMBOP EFMDVBMTFQVFEFPCTFSWBSTPMBNFOUF
TVDBCF[BZMBNJUBEEFMQFDIP&MTVKFUPDBTJPDVQBMBUPUBMJEBEEFMDVBESP-BOJUJEF[
EF MB JNBHFO FT CVFOB  FM NPUJWP TF BQSFDJB DMBSBNFOUF -B JNBHFO FT FO UPOBMJEBE
TFQJB QFSPQPESÎBTFS#/4FQVFEFBQSFDJBSMBUFYUVSBEFMBJNBHFO TPCSFUPEPFOMB
DBCF[BZFMDVFSQPEFMTVKFUP

/JWFMDPNQPTJUJWP
4FUSBUBEFFYBNJOBSDÓNPTFSFMBDJPOBOMPTFMFNFOUPTBOUFSJPSFTEFTEFVOQVOUPEF
WJTUBTJOUÃDUJDP DPOGPSNBOEPVOBFTUSVDUVSBJOUFSOBFOMBJNBHFO

%FTDSJQDJÓO -PT FMFNFOUPT JDÓOJDPT SFQSFTFOUBEPT FTUÃO PSEFOBEPT TJHVJFOEP VOB


FTDBMBMÓHJDBDBCF[B UPSTP IPNCSPT FUDÊUFSB&OFTUBDPNQPTJDJÓOOPDBCFFMJNJOBS
OJOHÙOFMFNFOUPTJORVFTFBMUFSFFMTJHOJêDBEPÙMUJNPEFMBJNBHFO QPSQPDPSFMFWBOUF
RVF QVFEB QBSFDFS -B QFSTQFDUJWB  P QSPGVOEJEBE EF DBNQP RVF PGSFDF MB JNBHFO
FTSFMBUJWBNFOUFDFSDBOB ZBRVFTFQVFEFOBQSFDJBSDJFSUPTSBTHPTEFMBiDBCF[BEFM
TVKFUPu

/JWFMJOUFSQSFUBUJWP
&OEPOEFTFUPNBFODVFOUBMBFOVODJBDJÓO$VBMRVJFSGPUPHSBGÎB FOMBNFEJEBFORVF
SFQSFTFOUBVOBTFMFDDJÓOEFMBSFBMJEBE VOMVHBSEFTEFEPOEFTFSFBMJ[BMBUPNBGPUPHSÃ
êDB QSFTVQPOFMBFYJTUFODJBEFVOBNJSBEBFOVODJBUJWB&MFYBNFOEFFTUBDVFTUJÓOUJFOF
DPOTFDVFODJBTNVZOPUBCMFTQBSBDPOPDFSMBJEFPMPHÎBJNQMÎDJUBEFMBJNBHFO ZMBWJTJÓO
EFNVOEPRVFUSBOTNJUF

%FTDSJQDJÓO 5PNBOEP FO DVFOUB MB JOGPSNBDJÓO RVF PGSFDF UBOUP FM UÎUVMP DPNP MB
MFZFOEBEFMGPUPNPOUBKF QPEFNPTFOUFOEFSFMNFOTBKFRVFFMBVUPSRVJTPDPNVOJDBS
1BSB)FBSUêFME MPTEJBSJPTSFQSFTFOUBEPTFOTVGPUPNPOUBKFTÓMPNBMJOGPSNBCBOBMB


HFOUFZMBDPOWFSUÎBOFOQFSTPOBTDPODBCF[BEFSFQPMMP&TUBQFSTPOBTFWVFMWFDJFHB
QFSPBQBDJCMF

/JWFMSFUÓSJDP
"RVÎFTEPOEFTFJEFOUJêDBSBOMBTêHVSBTSFUÓSJDBTEPNJOBOUFTRVFJOUFSWJFOFOFOMB
DPOTUSVDDJÓOEFMGPUPNPOUBKF

0QFSBDJÓOSFUÓSJDB
3FMBDJÓOFOUSF
FMFNFOUPTWBSJBOUFT $
" # %
4VTUJUVDJÓO"EKVODJÓO
"EKVODJÓO 4VQSFTJÓO *OUFSDBNCJP
4VQSFTJÓO

*EFOUJEBE

4JNJMJUVE .FUÃGPSBDBCF[BIVNBOB
EFGPSNB SFQPMMPEFQFSJÓEJDP
EFDPOUFOJEP

.FUPOJNJBDBCF[BIPKBTEF
%JGFSFODJB
QFSJÓEJDP

0QPTJDJÓO
EFGPSNB
EFDPOUFOJEP

'BMTBTIPNPMPHÎBT
*SPOÎBDBCF[BEFQFSJÓEJDPQPS
EPCMFTFOUJEP
DBCF[BEFIVNBOP
QBSBEPKBT


.FUPOJNJBQPSMBPQFSBDJÓOEFTVTUJUVDJÓO
ZTVSFMBDJÓOEFEJGFSFODJBVOBDBCF[BEF
VOBQFSTPOBQPSVOBTIPKBTEFQFSJÓEJDP

*SPOÎBQPSMBPQFSBDJÓOBEKVODJÓO
TVQSFTJÓOZTVSFMBDJÓOEFGBMTBIPNPMPHÎB 
EBOEPVOEPCMFTFOUJEPVOBDBCF[BEF
QFSJÓEJDPQPSVOBDBCF[BEFIVNBOP

.FUÃGPSBQPSMBPQFSBDJÓOEFBEKVODJÓOTVQSFTJÓO
ZTVSFMBDJÓOEFTJNJMJUVEEFGPSNBTFPNJUFMB
DBCF[BIVNBOB QFSPTFTVTUJUVZFQPSVOBDBCF[B
IFDIBEFQFSJÓEJDP

$PODMVTJPOFT
&O OVFTUSP UJFNQP  KVOUP BM MFOHVBKF IBCMBEP Z FTDSJUP  MPT TÎNCPMPT WJTVBMFT  Z
FTQFDJBMNFOUFMPTTÎNCPMPTHSÃêDPT TFIBODPOWFSUJEPFONFEJPTEFFOUFOEJNJFOUP
JOEJTQFOTBCMFT &M EFTBSSPMMP BDFMFSBEP EF MB IVNBOJEBE WB TVTUJUVZFOEP MB DPNV
OJDBDJÓOFTDSJUBQPSTÎNCPMPTJDPOPHSÃêDPT RVFBTVWF[VUJMJ[BOSFHMBTEFMBSFUÓSJDB
QBSBEBSBDPOPDFSVONFOTBKF6OFKFNQMPEFFTUPFTFMGPUPNPOUBKF PCKFUPEFFTUVEJP
EFFTUBJOWFTUJHBDJÓO&MFTUVEJPEFMBTFNJPTJTWJTVBMBQPSUBZBZVEBBDPNQSFOEFS
RVFOJOHVOBTFNJPTJT JODMVZFOEPQPSTVQVFTUPMBTFNJPTJTWFSCBM FTBVUPTVêDJFOUF
QBSBMBPCUFODJÓOEFTVJOUFSQSFUBDJÓO"OUFDVBMRVJFSPUSBTFNJPTJT WFSCBM WJTVBM 
NVTJDBM  FUDÊUFSB
 VOP QVFEF QSFHVOUBSTF yRVÊ JOGPSNBDJÓO OFDFTJUP QPTFFS QBSB
DPNQSFOEFSMB PTFB QBSBBUSJCVJSMFVOTJHOJêDBEP $BEBTPDJFEBEFODBEBNPNFOUP
EFTVIJTUPSJBQSPWFFSÃFTBJOGPSNBDJÓONFEJBOUFBMHVOBPWBSJBTEFMBTTFNJPTJTRVF
DJSDVMBOFOUSFTVTJOUFHSBOUFTZFODBEBNPNFOUPZFODBEBTPDJFEBEFTBTTFNJPTJT
TFSÃOEJGFSFOUFT


#JCMJPHSBGÎB
r"ĝĞĬ %PXO 
'PUPNPOUBKF#BSDFMPOB (VTUBWP(JMJ
r #ĚūĮĞĥĨĬ  +BDPC 
 $POTUSVDDJÓO QPÊUJDB Z SFUÓSJDB EF MB NFUÃGPSB NFEJBOUF
GPUPNPOUBKF $BUÊESB EF 4FNJÓUJDB 5FDOPMÓHJDP EF .POUFSSFZ$BNQVT $JVEBE EF
.ÊYJDP
r#ĚīĭġĞĬ 3PMBOE 
3FUÓSJDBEFMBJNBHFO$PNNVOJDBUJPOT O
r#ĞīĠĞī +PIO 
-PTVTPTQPMÎUJDPTEFMGPUPNPOUBKF&TQBÒB .FTUJ[P
r#ĞīĢĬĭśĢħ )FMFOB 
%JDDJPOBSJPEFSFUÓSJDBZQPÊUJDB.ÊYJDP 1PSSÙB
r%ĮīĚħĝ +BDRVFT 
i3FUÓSJDBFJNBHFOQVCMJDJUBSJBuFO"OÃMJTJTEFMBT*NÃHFOFT
5JFNQP$POUFNQPSÃOFP #VFOPT"JSFT
• GRUPO μ (1987). 3FUÓSJDBHFOFSBM#BSDFMPOB 1BJEÓT
@@@@@@@ 
5SBUBEPEFMTJHOP7JTVBM.BESJE $ÃUFESB
r )ĞĚīĭğĢĞĥĝ  +PIO 
 (VFSSB FO MB QB[. 'PUPNPOUBKFT TPCSF FM QFSÎPEP 
&TQBÒB (VTUBWP(JMJ
r,ĥĢħĤĞħěĞīĠ +FBO.BSJF 
i-BTFNJÓUJDBWJTVBMHSBOEFTQBSBEJHNBTZUFO
EFODJBTEFMÎOFBEVSBuFO4FNJÓUJDBEFMPWJTJCMF5ÓQJDPTEFM4FNJOBSJPEF&TUVEJPTEF
MB4JHOJêDBDJÓO 7PM1VFCMB #FOFNÊSJUB6OJWFSTJEBE"VUÓOPNBEF1VFCMB 
r4ĞěĞĨĤ ѮPNBT 
4JHOPTVOBJOUSPEVDDJÓOBMBTFNJÓUJDB#BSDFMPOB 1BJEÓT
r;ĮħijĮħĞĠĮĢ 4BOUPT 
1FOTBSMBJNBHFO.BESJE $ÃUFESB


-BOPWFMBHSÃêDBIFSNBOBNFOPSEFM
DPNJD ZTVTDBSBDUFSÎTUJDBTEFMQSPDFTPEF
USBEVDDJÓOJOUFSTFNJÓUJDB
/ÊTUPS1BEJMMB.BSUÎOF[

&MDPNJDPIJTUPSJFUBFTVOBEFMBTGPSNBTEFFYQSFTJÓOHSÃêDBNÃTQPQVMBSFTEFOUSP
EFMQSPDFTPDVMUVSBMEFOVFTUSBTPDJFEBE4VMFOHVBKFEFGÃDJMFOUFOEJNJFOUP BTÎDPNPTV
GPSNBEFFYQSFTBSFMDPOUFOJEP IBOIFDIPRVFFTUFNFEJPDPNVOJDBDJPOBMTFBVOPEF
MPTQSJODJQBMFTPCKFUPTEFDPOTVNP
 -PTEFOPNJOBEPTDPNJDTPIJTUPSJFUBTUJFOFOVOBMBSHBIJTUPSJB RVFOPTÓMPTF
SFNPOUB B MPT GBNPTPT TVQFSIÊSPFT RVF DPOPDFNPT FO MB BDUVBMJEBE  TJOP RVF FTUF
UJQPEFBSUF EFOPNJOBEPQPSMPTFYQFSUPTDPNPTFDVFODJBM UJFOFTVTPSÎHFOFTFOFM
QFSJÓEJDPFOFTFFTQBDJPRVFTFVUJMJ[BCBQBSBCVSMBSTFEFMPTQFSTPOBKFTJNQPSUBOUFTEF
DBEBÊQPDB TVSHFOMBTDBSJDBUVSBT ZDPNPFWPMVDJÓOEFÊTUBT OBDFOMBTUJSBTDÓNJDBT 
MPTBOUFDFEFOUFTEFMPTDPNJDT
 &TUFBSUFTFDVFODJBMUJFOFEPTJNQPSUBOUFTWFSUJFOUFTRVFTFEJGFSFODJBO QSJODJ
QBMNFOUF QPSMBTIJTUPSJBTRVFTFDVFOUBOZDÓNPFTRVFTFDVFOUBO
 %FOUSPEFFTUBTEPTWFSUJFOUFTTFFODVFOUSBFMZBGBNPTPZQPQVMBSDPNJDCPPL 
RVF EFOUSP EF TVT DBSBDUFSÎTUJDBT FTUÃO  FM UJQP EF IJTUPSJB RVF  QSJNPSEJBMNFOUF 
USBUB EF VO QFSTPOBKF DPO TVQFSQPEFSFT  ZB TFB IPNCSF P NVKFS FTUF QFSTPOBKF OP
UJFOFVOBFWPMVDJÓOTJHOJêDBOUFBMPMBSHPEFMPTBÒPT JODMVTPEFTQVÊTEFEÊDBEBTEF
QVCMJDBDJÓOTJHVFUFOJFOEPMBNJTNBFEBEZ QPSMPUBOUP MBIJTUPSJBFOTÎOPUJFOFVO
êOBM4JOFNCBSHP EFOUSPEFFTUBIJTUPSJBHFOFSBMTFEFTBSSPMMBOVOBTFSJFEFIJTUPSJBT
NÃTQFRVFÒBT RVFTÎUJFOFOVOEFTFOMBDF QFSPOPJOëVZFODPOVOêOBMEFOUSPEFMB
IJTUPSJBHFOFSBM
 1FSPFODPOUSBQBSUF UFOFNPTMBPUSBWFSUJFOUF MBOPWFMBHSÃêDB RVFFTVONFEJP
BSUÎTUJDPWJTVBMRVFTVSHFFOMPTBÒPTTFUFOUBQBSBEJHOJêDBSFMUSBCBKPEFMPTEJCVKBOUFT
EFDPNJDT&OÊTUBMPNÃTJNQPSUBOUFFTMBOBSSBDJÓO FTEFDJS MPRVFTFDVFOUBZDÓNP
TFDVFOUB"EFNÃT MBJMVTUSBDJÓOFTVOSFDVSTPNÃTQBSBBQPZBSMBOBSSBDJÓO FTEFDJS MB
QBMBCSBZMBJNBHFOUJFOFOMBNJTNBJNQPSUBODJB4VMFOHVBKF TJNJMBSBMEFTVIFSNBOP


NBZPS FMDPNJD
ZQSJODJQBMNFOUFTVFTUSVDUVSBOBSSBUJWB MBIBDFOVONBUFSJBMQFSGFDUP
QBSBRVFMPTDJOFBTUBTSFBMJDFOBEBQUBDJPOFTDJOFNBUPHSÃêDBTBQBSUJSEFFMMB
 &O DVBOUP B MB IJTUPSJB  FT EF UFNÃUJDB  NBEVSB  Z MPT QFSTPOBKFT DSFDFO Z
FWPMVDJPOBOEFOUSPEFMBOBSSBDJÓO FTQPSFTPRVFQSJODJQBMNFOUFMBOPWFMBHSÃêDBTF
EBFOVOBTPMBFOUSFHB ZOPUJFOFVOBDPOUJOVBDJÓO-BIJTUPSJBRVFTFDVFOUB UJFOFVO
QSJODJQJPZVOêO
 5BOUPFMDPNJDDPNPMBOPWFMBHSÃêDB FTUBNÃTSFDJFOUFNFOUF
TJFNQSFIBOTJEP
CMBODPEFMPTEJSFDUPSFTEFDJOF QBSBIBDFSBEBQUBDJPOFT EFCJEPBRVFMPTQFSTPOBKFT
TPOEFMEPNJOJPQPQVMBS Zwy2VJÊOOPIBJNBHJOBEPWFSBTVTVQFSIÊSPFGBWPSJUP
UPNBSWJEBEFMBTQBHJOBTEFVODPNJDZTBMUBSBMBQBOUBMMBHSBOEF
 -BUSBEVDDJÓOEFMBOPWFMBHSÃêDBBMUFYUPDJOFNBUPHSÃêDPEF4JO$JUZ DVNQMF
DPOMBTDBUFHPSÎBTFTUBCMFDJEBTQPS1FFUFS5PSPQ ZEFJHVBMNBOFSBTFFYUJFOEFEFOUSP
EFMPTQMBOPTEFFYQSFTJÓOZDPOUFOJEPEF)KFMNTMFW SFTBMUBOEPBÙONÃTFMDPOUFOJEP 
QPSMPRVFQPEFNPTIBCMBSEFVOBUSBEVDDJÓOQSJODJQBMNFOUFOBSSBUPMÓHJDB ZBRVFFM
QMBOPEFMBFYQSFTJÓO FTEPOEFTFQSFTFOUBONÃTQFSEJEBT
 -B USBEVDDJÓO JOUFSTFNJÓUJDB TF EB TFHÙO )KFMNTMFW Z TV FTUSBUJêDBDJÓO EFM
MFOHVBKFFOMPTQMBOPTEFMDPOUFOJEPZMBFYQSFTJÓO BVORVFFONFOPSNFEJEBPNFKPS
EJDIPDPONBZPSQÊSEJEBFOFMQMBOPEFMBFYQSFTJÓO ZBRVFOPUFOESÎBOJOHÙOTFOUJEP
IBDFSVOBUSBEVDDJÓOFYBDUBFOFMQMBOPEFMBFYQSFTJÓO EFCJEPBRVFTFSÎBVOBTJNQMF
DPQJBIFDIBQPSPUSBQFSTPOB
 -PRVFFTJNQPSUBOUFSFTBMUBSFTRVFFOUPEBUSBEVDDJÓOFYUSBUFYUVBM EFCFIBCFS
NFOPTQFSEJEBFOFMQMBOPEFMDPOUFOJEP ZBRVFFOFTUFQMBOPTFFODVFOUSBMBFTFODJB
WJUBMEFMUFYUP FTEFDJS MBCBTF FTMPRVFTFFTUBUSBEVDJFOEP NJFOUSBTRVFFMQMBOPEFMB
FYQSFTJÓOFTFMTPQPSUFBMRVFTFRVJFSFUSBEVDJS QPSMPUBOUPIBZNBZPSQÊSEJEBFOÊM
 -BGVODJÓOQSJODJQBMEFMBUSBEVDDJÓODPNPMPIFNPTWJTUPFTMBEFEJGVOEJSFOMB
DVMUVSBVOUFYUPIFDIPEFVOBTVTUBODJBBPUSPFOVOBTVTUBODJBPNFEJPEJGFSFOUF MP
JNQPSUBOUFFTMPRVFTFDVFOUB OPDPNPTFDVFOUB FTQPSFTUFNPUJWPRVFMBTNBZPSFT
QÊSEJEBTFOVOBUSBEVDDJÓOFYUSBUFYUVBM TFWBOIBFODPOUSBSFOFMQMBOPEFMBFYQSFTJÓO 
DPNPMPIFNPTWJTUPDPOMPTBOÃMJTJTEFFTUBJOWFTUJHBDJÓO


$JE+VSBEP "MGSFEP5FOPDIi%FMBUSBEVDDJÓOJOUFSTFNJÓUJDBBMBDPNQFUFODJBJOUFSTFNJÓUJDBu&O7FSTJÓO
&TUVEJPTEF$PNVOJDBDJÓOZQPMÎUJDB&EĮĚĦı .ÊYJDP Q


 (SBDJBTBMBTDBSBDUFSÎTUJDBTEFMBOPWFMBHSÃêDB QSJODJQBMNFOUFMBOBSSBDJÓO Z
MBDPOEJDJÓOEFRVFFTTÓMPVOBIJTUPSJBDPOVOQSJODJQJP VOEFTBSSPMMPZVOêOBM 
TFGBDJMJUBIBDFSVOBUSBEVDDJÓODPOVOBQÊSEJEBNFOPS/PTFQVFEFIBCMBSEFRVF
OPIBZBOJOHÙOUJQPEFQÊSEJEB ZBRVF DPNPWJNPT BVORVFFMUFYUPNFUBTFBNVZ
QBSFDJEP BM PSJHJOBM  OP FT FM PSJHJOBM TJOP VOB USBEVDDJÓO QSPUPUFYUP
 QPS MP RVF
TJFNQSFUFOESÃQÊSEJEBT BVORVFBEJGFSFODJBEFMBTUSBEVDDJPOFTEFDPNJD MBOPWFMB
HSÃêDBMBTQSFTFOUBSBFONFOPSNFEJEBDPNPFOFMDBTPEFMBQFMÎDVMB4JO$JUZ -B
DJVEBEEFMQFDBEP

 1FSPBIPSBCJFO OPTFODPOUSBNPTDPOVOQSPCMFNBQSJODJQBMFOMBUSBEVDDJÓO 
ZFTRVF TFHÙO6NCFSUP&DP FMQSJODJQBMQSPCMFNBSBEJDBFOMBêEFMJEBEEFMUFYUP
PSJHJOBM QPSMPRVFFTOFDFTBSJPEFUFSNJOBSRVÊFTMPRVFTFRVJFSFRVFTFBêFMPB
RVÊDPTBTFMFQVFEFTFSêFMBMNPNFOUPEFQSPQPOFSVOBUSBEVDDJÓO EFCJEPBRVF
UPEB USBEVDDJÓO UJFOF QFSEJEBT Z MB êEFMJEBE EFQFOEF EF MB JOUFODJÓO RVF MF RVJFSB
QSPQPSDJPOBSFMUSBEVDUPS


*CJEFN Q


-BDPOTUSVDDJÓOEFWFSPTJNJMJUVEBUSBWÊTEF
MPT TQPUT EF MB DBNQBÒB  DPODMVTJPOFT
HFOFSBMFT
3JDBSEP"-ÓQF[-FÓO

*OUSPEVDDJÓO
&TUFEPDVNFOUPFTVOBQFRVFÒBGSBDDJÓOEFMBTDPODMVTJPOFTPCUFOJEBTFONJUFTJT
QBSBMBPCUFODJÓOFMHSBEPEF.BFTUSPFO$JFODJBTZ"SUFTQBSBFM%JTFÒPFOMBĮĚĦ
9PDIJNJMDP&OUBMUSBCBKPTFBOBMJ[BSPOMPTTQPUTEFMBDBNQBÒBQBSBQSFTJEFOUF
EF.ÊYJDP EFTEFFMNPEFMPFTUÊUJDPQSPQVFTUPQPS.BOEPLJ 


-BTIJQÓUFTJT
.FODJPOBSÊ B HSBOEFT SBTHPT MP SFGFSFOUF B MBT IJQÓUFTJT QMBOUFBEBT BM DPNJFO[P EF
FTUBJOWFTUJHBDJÓO$PNPIJQÓUFTJTHVÎB QSPQVTFRVFMBWFSPTJNJMJUVETFDPOTUSVZFQPS
NFEJPEFNFDBOJTNPTFTUÊUJDPT&OFTUFNPNFOUPFTUPZDPOWFODJEPRVFMPWFSPTÎNJM
PQFSBFOFMUFSSFOPEFMBFTUÊUJDB&TUBDPODMVTJÓOQVFEFSFTVMUBSJOUFSFTBOUF ZBRVF
OPDSFPRVFMPTTQPUTUFMFWJTJWPTEFMBDBNQBÒBTFBOFMÙOJDPNPNFOUPEPOEFTFEB
FTUBSFMBDJÓOFTUÊUJDPWFSPTÎNJM$SFP JODMVTP RVFIBZPDBTJPOFTFORVFMBTQFSTPOBT
EFQFOEFNPTEFVOBJEFOUJEBEWFSPTÎNJMFOMBWJEBDPUJEJBOB*HVBMNFOUF DSFPRVFVO
FMFNFOUPUBODPUJEJBOPDPNPMPFTVOTQPUUFMFWJTJWP RVFEFQFOEBEFMBWFSPTJNJMJUVE 
TF DPOTUSVJSÃ QPS NFEJP EF NFDBOJTNPT FTUÊUJDPT "TÎ  B USBWÊT EFM BOÃMJTJT MMFHVÊ B
VOB TFHVOEB IJQÓUFTJT  FO MB RVF TVQPOÎB RVF MPT HÊOFSPT UFMFWJTJWPT DPOUSJCVÎBO
QBSBMPHSBSVOBBQBSJFODJBEFWFSBDJEBE"IPSBQVFEPBêSNBSRVFFOFGFDUPIBZVO
EJTFÒBEPSRVFEJTGSB[BBMTQPUEFPUSPTHÊOFSPT QFSPOPTJFNQSFMPIBDFDPOJOUFODJPOFT
EFCVTDBSMBWFSBDJEBE7FP QPSFKFNQMP RVFFMHÊOFSPEPNJOBOUFEFMDVBMTFEJTGSB[B
DPOFTUFPCKFUJWPFTFMQFSJPEÎTUJDP%FFTUBNBOFSBFODPOUSBNPTTQPUTEJTGSB[BEPTEF
UFTUJNPOJPTPWJEFPFODVFTUBT FTEFDJS BQBSFOUBCBORVFVOBPWBSJBTQFSTPOBTFSBO
DPOTVMUBEBTFOMBDBMMF ZÊTUBTBQPZBCBOBVODBOEJEBUP%FOUSPEFFTUFHÊOFSPUBNCJÊO


1BSBDPOTVMUBSMBUFTJTDPNQMFUBTFEFCFBDVEJSB-ÓQF[-FÓO3" 
-BDPOTUSVDDJÓOEFWFSPTJNJMJUVEB
USBWÊTEFMPTTQPUTEFMBDBNQBÒBVONJDSPBOÃMJTJTFTUÊUJDP .BFTUSÎBFOĜIJĚĝ ĮĚĦı


FODPOUSBNPTBMHVOPTDPOBQBSJFODJBEFFOUSFWJTUBBMDBOEJEBUP FMDVBM TJONJSBSBMB
DÃNBSBQBSFDÎBMFKBOPZQPSMPUBOUP PCKFUJWP7JNPTUBNCJÊOTQPUTRVFTFEJTGSB[BCBO
EF EPDVNFOUBMFT VUJMJ[BOEP SFDVSTPT DPNP FM CMBODP Z OFHSP  FM VTP EF GPUPHSBGÎBT 
NPTUSBOEPEPDVNFOUPT EBUPTTVQVFTUBNFOUFPCKFUJWPT FUD4JOFNCBSHP UBNCJÊOTF
FODPOUSBSPOPUSPTHÊOFSPTUFMFWJTJWPTDPOVOPCKFUJWPEJTUJOUP7JNPTBMHVOPTDPOFM
ÙOJDPQSPQÓTJUPEFUFOTJPOBSBMFTQFDUBEPS DPQJBOEPFMFNFOUPTQSPQJPTEFMHÊOFSPEF
TVTQFOTP BTÎDPNPIVCPPUSPTEFMHÊOFSPEFUFSSPS$PNPSFTVMUBEPEFFTUP TVSHJÓVOB
UFSDFSBIJQÓUFTJT MBDVBMQSFHVOUBCBTJTFQPEÎBSFDPOPDFSVOHÊOFSPUFMFWJTJWPQPSNFEJP
EFMPTNFDBOJTNPTFTUÊUJDPTRVFVUJMJ[B&TUPNFMMFWBBQFOTBSMBQPTJCJMJEBEEFRVFMBT
DPOWFODJPOFTBDUVBMFT DPNPMPTHÊOFSPTUFMFWJTJWPT
TPCSFMBNBOFSBFORVFTFCVTDB
BGFDUBSBMFTQFDUBEPSTFIBOCBTBEPBQBSUJSEFVOBTFOTJCJMJEBEDBTJQSJNBSJB$POFTUP
NFSFêFSPBBGFDUBSBMFTQFDUBEPSUFOTJPOÃOEPMP HÊOFSPEFTVTQFOTP
DPONPWJÊOEPMP
HÊOFSPSPNÃOUJDP
BMFKÃOEPTFEFÊM QFSJPEÎTUJDP
FOUSFPUSPT

1SFUFOTJÓOZFMVTJÓO
%FTQVÊTEFPCUFOFSFTUPTSFTVMUBEPT EFDJEÎBDFSDBSNFNÃTBEPTTQPUT FTEFDJS SFBMJ[BS
VOBOÃMJTJTNVZNJOVDJPTPEFFMMPT-PTTQPUTBOBMJ[BEPTNJOVDJPTBNFOUFGVFSPO QPS
QBSUFEFMĩīĝ FOFMRVFTFBDVTBCBB'FMJQF$BMEFSÓOEFIBCFSêSNBEPFMğĨěĚĩīĨĚ 
Z QPS QBSUF EFM ĩĚħ  BRVÊM FO RVF TF DPNQBSBCB BM QSFTJEFOUF EF 7FOF[VFMB  )VHP
$IÃWF[ DPOFMDBOEJEBUPEFMĩīĝ&OFTUFTQPU -ÓQF[0CSBEPSMMBNBCBiDIBDIBMBDBu
BMFOUPODFTQSFTJEFOUFEF.ÊYJDP 7JDFOUF'PY"RVÎTFFODPOUSÓMPRVFFMQTJDÓMPHP
-BJOH 
 MMBNB KVFHP EF QSFUFOTJÓO Z FMVTJÓO &O FM DBTP EF MPT TQPUT  TF QVFEF
PCTFSWBS RVF TF QSFUFOEF JOGPSNBS Z TF FMVEF QVCMJDJUBS $PO FTUP NF SFêFSP B RVF
FMTQPUTFQSFTFOUBDPNPTJUVWJFSBJOUFODJPOFTJOGPSNBUJWBT Z BMQSFTFOUBSTFEFFTUB
NBOFSB EFTBQBSFDFTVWFSEBEFSPêOQSPQBHBOEÎTUJDP"TVWF[ FOFTUBQSFUFOTJÓOEF
JOGPSNBSTFFODPOUSÓVOBTFNJMMBFNPUJWB FTEFDJS MPRVFFOSFBMJEBETFIBDPOTUSVJ
EPDPNPWFSPTÎNJMFOFMTQPUTJSWFÙOJDBNFOUFQBSBUSBOTNJUJSVOBDBSHBFNPUJWBFO
DPOUSBPBGBWPSEFMDBOEJEBUPFODVFTUJÓO"TÎUFOFNPT QPSFKFNQMP UFTUJNPOJBMFT


1BSUJEPEFMB3FWPMVDJÓO%FNPDSÃUJDB1BSUJEPEFPQPTJDJÓOFOMBTFMFDDJPOFTEF

'POEP#BODBSJPEF1SPUFDDJÓOBM"IPSSPRVFTFDSFÓDPOMBêOBMJEBEEFFWJUBSMBRVJFCSBEFMTJTUFNBCBODBSJP

1BSUJEP"DDJÓO/BDJPOBM FOFMQPEFSEFTEFFMBÒP


DPOUJOUFTQFSJPEÎTUJDPTRVFQSPQPOFOBMDBOEJEBUPEFMĩīĢ 3PCFSUP.BESB[P DPNP
FMNÃTQSFTJEFODJBCMF%FMBNJTNBNBOFSB UFOFNPTTQPUTDPOUPOPTEFEPDVNFOUBM 
EPOEFTFDVMQBBMDBOEJEBUPEFMĩĚħQPSIBCFSêSNBEPVOEPDVNFOUP VPUSPTEPOEF
TFSJEJDVMJ[BBMDBOEJEBUPEFMĩīĝQPSIBCFSFOUSFHBEPDPNPFWJEFODJBDBKBTWBDÎBT
&OFTUPTDBTPTMPWFSPTÎNJMPQFSBDPNPNFEJPQBSBFOUSFHBSBMFTQFDUBEPSVOBDBSHB
FNPUJWB

4QPUEFMğĨěĚĩīĨĚ
1SPGVOEJ[BSÊVOQPDPNÃTTPCSFMPTSFDVSTPTQSJODJQBMFTRVFBZVEBOFOMBDPOTUSVDDJÓO
EFMPiWFSPTÎNJMuFMTQPUEFMĩīĝTPCSFFMğĨěĚĩīĨĚ&TUPTSFDVSTPTSFUPNBOFMHÊOFSP
RVF FO MB UFTJT EFOPNJOÊ EPDVNFOUBM QFSJPEÎTUJDP " FTUF HÊOFSP QFSUFOFDFO UPEPT
MPTQSPHSBNBTRVFOBSSBOMBWJEBEFVOBQFSTPOB PBMHÙOTVDFTPJNQPSUBOUF ZQBSB
IBDFSMPTFWBMFOEFMVTPEFGPUPHSBGÎBTZESBNBUJ[BDJPOFTEPOEFTFVUJMJ[BFMSFDVSTPEFM
CMBODPZOFHSP BTÎDPNPUFTUJNPOJPTEFQFSTPOBTJOWPMVDSBEBTUPEPTFTUPTSFDVSTPT
GVFSPO FODPOUSBEPT FO FM TQPU EFM ğĨěĚĩīĨĚ &OUSF MPT QSPHSBNBT RVF IBO TJEP
USBOTNJUJEPTDPOFTUFGPSNBUPTPOi3FTDBUFu i$POVOOVEPFOMBHBSHBOUBu i&M
PKPEFMIVSBDÃOu FOUSFPUSPTEFUFMFWJTJÓOBCJFSUB&OUFMFWJTJÓOQPSDBCMFQVFEFOWFSTF
WBSJPTDPNPi#JPHSBQIZu EFMDBOBM"&.VOEP iѮF&5SVF)PMMZXPPE4UPSZu EFM
DBOBM&&OUFSOUBJONFOU5FMFWJTJÓO FOUSFPUSPT)BZPUSPFMFNFOUPBDPOTJEFSBSRVF
WBEFMBNBOPDPOMPTHÊOFSPTUFMFWJTJWPT TFUSBUBEFMiDPOUSBUPEFMFDUVSBu "NJHP 

i6OHÊOFSPFTFOMBUFMFWJTJÓO DPNPFOPUSBTQSÃDUJDBTDVMUVSBMFT VONFEJP
QBSBFTUBCMFDFSDPOFMEFTUJOBUBSJPVODPOUSBUPEFMFDUVSBRVFFONBSRVFTVBDUJUVEEF
SFDFQDJÓO QFSPUBNCJÊOEFNBOFSBSFUSPBDUJWB FMUSBCBKPEFQSPEVDDJÓOEFNFOTBKFT
FNJUJEPTu -PTDIBSE#PZFS  DJUBEPQPS"NJHP
1PSMPUBOUP FTJNQPSUBOUF
SFTBMUBSRVFFMFTQFDUBEPSQVFEFSFDPOPDFSFTUPTSFDVSTPTVUJMJ[BEPTFOMPTQSPHSBNBT
NFODJPOBEPT FTEFDJS FMiDPOUSBUPEFMFDUVSBuEFFTUPTQSPHSBNBTZTVDPNQSPNJTP
DPOOBSSBSIFDIPTRVFFOSFBMJEBETVDFEJFSPO1PSMPUBOUP TJTFVUJMJ[BOFTUPTSFDVSTPT 
ZQPSDPOTJHVJFOUFTFBQSPWFDIBFMDPOUSBUPEFMFDUVSBRVFÊTUPTUJFOFODPOFMQÙCMJDP 
TFQVFEFMMFHBSBTJNVMBSWFSBDJEBE


1BSUJEP3FWPMVDJPOBSJP*OTUJUVDJPOBM0DVQÓFMQPEFSIBTUBFMBÒP


-PWFSPTÎNJM
1PSÙMUJNP TPCSFMBDPOTUSVDDJÓOEFMPWFSPTÎNJMEFCPBÒBEJSRVFPQFSBEFEJTUJOUBT
NBOFSBT&OBMHVOPTTQPUTTFVUJMJ[BOMPTNFDBOJTNPTEFPUSPTHÊOFSPTQBSBTJNVMBS
WFSBDJEBE &TUF DBTP ZB MP IF DPNFOUBEP FO PUSPT TQPUT  MB WFSBDJEBE TF CVTDB QPS
NFEJPEFMBTQFSTPOBTRVFBQBSFDFO4JVOBDFMFCSJEBEPQJOBBGBWPSPFODPOUSBEFVO
DBOEJEBUP QBSFDJFSBRVFMBQFSTPOBFOWFSEBEPQJOBEFFTBNBOFSBZOPIBSFDJCJEPOBEB
BDBNCJPQPSIBDFSFMTQPU1PSÙMUJNP TFCVTDBDPOWFODFSBMFTQFDUBEPSBGFDUÃOEPMPFO
TVTFOTJCJMJEBEDBTJQSJNBSJB$POFTUPNFSFêFSPBRVFDPONÙTJDBEFTVTQFOTP WPDFT
HSBWFTFJNÃHFOFTGVFSUFT FOUSFPUSPTSFDVSTPT TFUFOTJPOBBMFTQFDUBEPS"TÎ QVEJFSB
TFSRVFFMFTQFDUBEPSMMFHBSBBBTPDJBSTVUFOTJÓODPOMBTJNÃHFOFTEFMDBOEJEBUPRVF
BQBSFDFOFOFMTQPU&TUPFTVOBFYBHFSBDJÓOTJOEBUPTFNQÎSJDPTRVFMPTVTUFOUFO QFSP
MP ÙOJDP RVF RVJFSP NPTUSBS FT RVF TF CVTDB BGFDUBS MB TFOTJCJMJEBE EFM FTQFDUBEPS 
BVORVFTFBFOVOOJWFMNVZQSJNBSJP

-BDBNQBÒB
0USP BTQFDUP B DPOTJEFSBS FT MB EJWFSTJEBE EF MB DBNQBÒB  1SJNFSP  QPSRVF
MPT TQPUT SFQSFTFOUBSPO VO HBTUP FOPSNF 4FHVOEP  QPSRVF BEFNÃT EFM HBTUP EF
USBOTNJTJÓO  RVF FT DPO FM RVF NVDIPT BOBMJTUBT DVFOUBO  OP IB TJEP DBMDVMBEP FM
HBTUPEFQSPEVDDJÓOEFUBMFTTQPUT&TEFDJS IBZVOEJTFÒBEPSRVFUBNCJÊOSFDJCJÓVO
TVFMEPQPSSFBMJ[BSFMTQPU BTÎDPNPMPTDBNBSÓHSBGPT FEJUPSFT EJSFDUPSFT DSFBUJWPT 
FUD­TUFFTVODPTUPRVFUBNCJÊOTFEFCFSÎBEJTDVUJS-BTHSBOEFTFNQSFTBTEFNBSDBT
SFDPOPDJEBTRVFUSBOTNJUFOBOVODJPTQPSUFMFWJTJÓODVFOUBOUBMWF[DPOEPTTQPUTPUSFT
RVFTFUSBOTNJUJSÃOEVSBOUFUPEBMBDBNQBÒB&TUPTFEFCFBRVFTFBIPSSBODPTUPTEF
QSPEVDDJÓOZFMBOVODJPTFSFQJUFQBSBRVFQVFEBTFSSFDPSEBEPQPSFMFTQFDUBEPS4JO
FNCBSHP QBSBFTUBJOWFTUJHBDJÓOMPHSÊSFDPQJMBSTQPUTEJTUJOUPTEFMPTQBSUJEPTĩĚħ 
ĩīĢZĩīĝ&TPOPTMMFWBBDFSDBEFTQPUTEFDBEBQBSUJEP QSPEVDJEPTZUSBOTNJUJEPT
FONFTFT6OBDBOUJEBERVFSFQSFTFOUBVODPTUPFOPSNF
 -B DBNQBÒB  TF DBSBDUFSJ[Ó QPS TFS NFEJÃUJDB  EJWFSTB Z BHSFTJWB &TUPZ
DPOTDJFOUF RVF MP WFSPTÎNJM FT VOB QBSUF JNQPSUBOUF EF MB DBNQBÒB UFMFWJTJWB  TJO


5PEPTMPTTQPUTSFDPQJMBEPTQVFEFODPOTVMUBSTFFO-ÓQF[-FÓO3" 
4QPUTEFMBDBNQBÒBUFMFWJTJWBQBSB
QSFTJEFOUFEF.ÊYJDP ĜĝīĨĦZ .BFTUSÎBFOĜIJĚĝ ĮĚĦı


FNCBSHP  IBZ NVDIPT PUSPT FMFNFOUPT QVCMJDJUBSJPT  TPDJBMFT Z QPMÎUJDPT RVF EFCFO
FTUVEJBSTF ZRVFQPSMBFYUFOTJÓOEFMQSFTFOUFEPDVNFOUPOPGVFSPOQSPGVOEJ[BEPT
4JOFNCBSHP FOFTUBDBNQBÒBMBFTUÊUJDBIBEFTFNQFÒBEPVOQBQFMGVOEBNFOUBMFO
MBCÙTRVFEBEFMWPUP ZFTQFSPRVFFTUBJOWFTUJHBDJÓOTJSWBQBSBNPTUSBSMPZ FOUPODFT 
SFëFYJPOBSTJFTUBWÎBFTMBBEFDVBEBFOVOBEFDJTJÓORVFEFêOFFMSVNCPEFVOQBÎT

#JCMJPHSBGÎB
"NJHP # 
*OUFSQSFUBDJÓO DPHOJDJÓO ZUFPSÎBEFHÊOFSPTUFMFWJTJWPT EFEJDJFNCSF
IUUQXXXVEQDMDPNVOJDBDJPODJQQEPDTDPN5FMFWJTJPOZHFOFSPQEG
(PĒNBO &SWJOH<> 
-BQSFTFOUBDJÓOEFMBQFSTPOBFOMBWJEBDPUJEJBOB 
#VFOPT"JSFT"NPSSPSUV
-BJOH 3%<> 
4FMGBOE0UIFST/FX:PSL1FOHVJO#PPLT
.BOEPLJ  , 
 i.PEFMP PDUÃEJDP QBSB JOUFSDBNCJPT FTUÊUJDPTu  FO 1SÃDUJDBT
FTUÊUJDBTFJEFOUJEBEFTTPDJBMFT .ÊYJDP4JHMPııĢ QQm



$"1±56-0$0.6/*$"$*¶/ 5&$/0-0(±"
:46#+&5*7*%"%


-BJOUFSQSFUBDJÓOGFOPNFOPMÓHJDBZMB
JOUFSQSFUBDJÓOBOBMÎUJDBEFMBTJNÃHFOFT
'SBODJTDP$BTUSP.FSSJêFME

1BSUJSFNPTEFMBTJHVJFOUFQSFNJTBFOFTUBQPOFODJBBMPMBSHPEFMBUSBEJDJÓOêMPTÓêDB
PDDJEFOUBM MB JNBHFO IB TJEP DPOTJEFSBEB EF GPSNB EFWBMVBEB 4F MF IB BTVNJEP
DPNPVOQFOTBNJFOUPJOEJSFDUPEFWBMVBEPBOUFFMQFOTBNJFOUPEJSFDUP TPCSFUPEP
FMEFPSEFOMÓHJDP$POTJEFSBNPTJNQSFTDJOEJCMFSFBMJ[BSVOBêMPTPGÎBEFMBJNBHFO
FODMBWFDPOUFNQPSÃOFB&TUPUBNCJÊOQPSMBOFDFTJEBEEFSFWBMPSBSMBJNBHFOZMB
JNBHJOBDJÓOFOFMPSEFOêMPTÓêDP3FDPOPDFNPT FOUPODFT RVFMBJNBHFOTJSWFQBSB
NPTUSBS TFOUJEPT RVF TFSÎBO JNQPTJCMFT EF DBSBDUFSJ[BS EF NBOFSB EJSFDUB &T EFDJS 
SFDVSSJNPTBJNÃHFOFTDVBOEPOPQPEFNPTUFOFSVOBQFSDFQDJÓOPCKFUJWBEFBRVFMMP
RVFMBJNBHFOSFêFSF
 +FBO -VD /BODZ  JOëVZFOUF BVUPS EF MB GFOPNFOPMPHÎB  DVZBT JOëVFODJBT FTUÃO
NBSDBEBTQPSBVUPSFTDPNP%FTDBSUFT )FHFM /JFU[TDIF )FJEFHHFS #MBODIPU %FSSJEB
Z#BUBJMMF BOBMJ[BFOFMUFYUP"VGPOEEFT*NBHFTTVMFDUVSBTPCSFMBTJNÃHFOFT MBDVBMZB
IBCÎBQMBOUFBEPEFTEFBMHVOPTUFYUPTQSFWJPT BQBSUJSEFVOBSFWJTJÓOEFMBOÃMJTJTEFM
TJUVBDJPOJTNPEFMFTQFDUÃDVMPZEFTVDSÎUJDBBMBTPDJFEBEDBQJUBMJTUB/BODZTPTUFOÎB
RVFFOMBMFDUVSBEFMPTTJUVBDJPOJTUBTMBWJEBSFBMFSBSFFNQMB[BEBQPSVOBVCJDVJEBE
EFJNÃHFOFTRVFEJTUPSTJPOBOOVFTUSBMFDUVSBEFMBSFBMJEBE&TEFDJS RVFMBTPDJFEBETF
FYQPOÎBBTÎNJTNBFOJNÃHFOFT FTUBCMFDJFOEPBTÎVOTFSTPDJBMTJOPUSPIPSJ[POUFRVF
FMEFFMMBNJTNB TJOPUSPIPSJ[POUFBOUFFMDVBMSFDPOPDFSTFDPNPEJGFSFODJBZDPNP
DSÎUJDB&OFMUFYUPRVFIFNPTNFODJPOBEP /BODZJOTJTUJSÎBFODÓNPMPTTJUVBDJPOJTUBT
OPIBOFOUFOEJEPRVFVOBTPDJFEBEFYQVFTUBBTÎNJTNBOPFTVOBTPDJFEBEFYQVFTUBB
BQBSJFODJBTTJOPBDPBQBSJFODJBT%FFMMPTFFYUSBFOEJTUJOUBTDPODMVTJPOFT-BQSJNFSB
UFOESÎBRVFWFSDPOFMIFDIPEFRVFFMQSPCMFNBEFMFTQFDUÃDVMPZEFMBTJNÃHFOFTOPFT
RVFTVTUJUVZBOBMBWJEB TJOPRVFFTFMSFëFKPEFMBOFDFTJEBEEFVOBTPDJFEBEQPSFTQFKPT
ZTÎNCPMPTFOMPTDVBMFTSFDPOPDFSTF&TDPNPTJEJKÊSBNPTRVFVOBTPDJFEBETFSFëFKB
FOTVTJNBHJOBSJPTNÃTRVFBMJFOBSTFFOFMMPT-PTFTQFDUÃDVMPTEFVOBTPDJFEBE MBT
JNÃHFOFTRVFMPTQSPEVDFO TPOFMSFëFKPEFMPRVFVOBTPDJFEBEFTZBMNJTNPUJFNQP
FMWÎODVMPBQBSUJSEFMDVBMMBTPDJFEBETFSFDPOPDFBTÎNJTNBEFNBOFSBFTUSVDUVSBEB


 &OVOUFYUPUJUVMBEPiMBJNBHFOMPEJTUJOUPuBMDBO[BNPTBWFSUBOUPMPTMPHSPTDPNP
MPT MÎNJUFT EF MB BSHVNFOUBDJÓO GFOPNFOPMÓHJDB TPCSF MB JNBHFO /BODZ DPNJFO[B
NFODJPOÃOEPOPTRVFMBJNBHFOFTTBHSBEB ZRVFMPTBHSBEPEFCFEJTUJOHVJSTFEFMPSF
MJHJPTP-PTBHSBEPFTMPTFQBSBEP MPRVFTFNBOUJFOFTJFNQSFBEJTUBODJB MPEJTUJOUP MP
RVFOPTFQVFEFUPDBS ZOPQPSRVFOPTFUFOHBFMEFSFDIPPMPTNFEJPTQBSBIBDFSMPTJOP
QPSRVFMBMÎOFBRVFMPNBOUJFOFTFQBSBEPOPFTEFMPSEFOEFMUBDUP&TMPJNQBMQBCMF"TÎ
FTUBNCJÊOMBJNBHFO OPTEJSÎB/BODZ MBJNBHFOQVFEFFTUBSQVFTUBBOUFMPTPKPTZTJO
FNCBSHPFTEJGFSFOUFEFMBDPTBFTVOBDPTBRVFOPFTMBDPTBTJOPMBGVFS[BEFMBDPTB&M
RVFFOUSFNPTFODPOUBDUPDPOMBGVFS[BEFMBDPTBJNQMJDBRVFFOFTFNPNFOUPMBDPTB
EFKBEFFTUBSJOEJTQPOJCMFQBSBFMVTPRVFTFIBQVFTUPBMNBSHFOEFMPEJTQPOJCMF-B
JNBHFO BMUFOFSMBQBTJÓOEFMBDPTB TVFTUJHNB TVGVFS[B QFSPOPTFSMBDPTBNJTNB TF
BTVNFDPNPVOVNCSBMRVFOPTPGSFDFVOQBTPRVFOVODBBMDBO[BBQBTBS-BJNBHFOOPT
PGSFDFFOUPODFTMPPUSP MPEJTUJOUP MBBCTPMVUBEJGFSFODJB QFSPOPOPTQFSNJUFBDDFEFS
BFMMPTBMWPDPNPPGFSUB/PTPGSFDFVOFTQBDJPBOUFFMRVFUFOFNPTRVFQFSNBOFDFSB
EJTUBODJBBQFTBSEFTFOUJSMPBëPSEFQJFM-BJNBHFOBSSPKBTVJOUJNJEBEBMBTDPTBT ZMB
BSSPKBBOUFOPTPUSPTBGFDUBOEPOVFTUSBQSPQJBJOUJNJEBE1PSFMMP EJSÎB/BODZ QPEFNPT
IBCMBSEFJNBHFOPMGBUPSJB UÃDUJM HVTUBUJWB FUD-BJNBHFOTFSÎBUPEPBRVFMMPFOMPRVF
DPNQBSFDFVONVOEP FOUFOEJEPDPNPVOBJOEFêOJEBUPUBMJEBEEFTJHOJêDBEPTRVF TJO
FNCBSHP TPOTJHOJêDBEPTEFMPRVFOVODBTFOPTEBDPNPVOIFDIPFOFMNVOEP
 &OTÎOUFTJT QPESÎBNPTEFDJSRVFFO/BODZ MBJNBHFOFTTJFNQSFVOBSFQSFTFOUB
DJÓOEFMPJOFGBCMF VOBSFQSFTFOUBDJÓOEFMPJSSFQSFTFOUBCMF"TÎ BMIBCMBSOPTEFVOB
JNBHFOEF1POUPSNPMMBNBEBMB7JTJUBDJÓO OPTEJDFRVFDPOKVOUBFOVOBJNBHFOMBT
FOFSHÎBTTJNCÓMJDBT QPÊUJDBT QPMÎUJDBT TFYVBMFT FNPUJWBT NFUBGÎTJDBTZFTUÊUJDBTBUSB
WÊTEFMBJOEJDBDJÓOEFMNPWJNJFOUPEFMBSPQBZEFMGPOEP QPSRVFFTMBÙOJDBNBOFSBFO
RVFOPTQFSNJUFNPTUSBSOPTMPJONPTUSBCMF MPJOWJTJCMF ZQFSNJUJSOPTUPDBSMPDPOMPT
PKPT#BKPFTUFFOGPRVFMBJNBHFOSFOVODJBSÎBTJFNQSFBMBQPTJCJMJEBEEFTVEFêOJDJÓO
ZTVUFPSÎB1POESÎBFOKVFHPTJNQMFNFOUFFMNÃTBMMÃFOVOBIÎ4FSÎBFMFTQBDJPQBSBMB
BQFSUVSBEFVOMVHBSQBSBPRVFOPUJFOFMVHBS3FDPOPDFNPTMBDBQBDJEBEEFMEJTDVSTP
GFOPNFOPMÓHJDPEF/BODZQPSBDFSDBSOPTBVOBMFDUVSBEJTUJOUBEFMBJNBHFO-BGFOP
NFOPMPHÎBOPTNVFTUSBBMBJNBHFOFOTÎNJTNBTJOUFYUPOJJOUFSQSFUBDJÓO DPNPQVSP
BDPOUFDJNJFOUPEFTVTTJHOPTZ TJOFNCBSHP UFOFNPTRVFSFDPOPDFSRVFÊTUFZBFTVO
UFYUP FTVOBJOUFSQSFUBDJÓORVFOPTIBDFWFSBMBJNBHFOEFVOEFUFSNJOBEPNPEP


%FDJSOPTRVFEFCFNPTBQSPYJNBSOPTBMBJNBHFOTJOQSFKVJDJPTUFYUVBMFTFTZBVOUFYUP
RVFOPTIBDFWFSBMBJNBHFOEFVOEFUFSNJOBEPNPEP­TUPQBSFDFNPTUSBSOPTRVF
FOFMMJOEFEFMBJOUFSQSFUBDJÓOGFOPNFOPMÓHJDBUFOESÎBNPTRVFBDFQUBSRVFUPEBJNB
HFOSFRVJFSFEFVOUFYUPZVOBJOUFSQSFUBDJÓO BVOEFBRVFMMBRVFOJFHBMBOFDFTJEBEEF
TVJOUFSQSFUBDJÓO­TUFQBSFDFTFSFMOVEPEFMBGFOPNFOPMPHÎBEFMBJNBHFOOPTPGSFDF
MBJOUFSQSFUBDJÓOEFRVFMBJNBHFOEFCFBCPSEBSTFTJOJOUFSQSFUBDJÓOQBSBRVFEBSOPT
DPOTVBDPOUFDJNJFOUPJOFGBCMF JOEFTDSJQUJCMF BUFNÃUJDP QBSBBCSJSOPTBMUPSCFMMJOP
EFTVTNFSBTTFOTBDJPOFT/PTPGSFDFBMHPRVFTBCFNPTJNQPTJCMF QPSFMMPOPTTFEVDF 
BVORVFUBNCJÊOTBCFNPTRVFOPFTSFBMFOFMTFOUJEPEFMNVOEPEFMPTIFDIPT
 *OFWJUBCMFNFOUF  QBSB QPEFS DPOUJOVBS MB SFëFYJÓO TPCSF MB JNBHFO  Z OP DBFS
FOFMTJMFODJPFTUVQFGBDUP UFOESÎBNPTRVFQMBOUFBSMBOFDFTJEBEEFBNQMJBSFMNÊUPEP
EFTEFPUSBQFSTQFDUJWB QVFTMBGFOPNFOPMPHÎBOPOPTQFSNJUFJSNÃTBEFMBOUFFOMB
DPOTUSVDDJÓO EF VOB êMPTPGÎB EF MB JNBHFO y$ÓNP SFBMJ[BS VOB NFUPEPMPHÎB RVF
BCBSRVFFMFMFNFOUPTFEVDUPSEFMBJNBHFOUBOUPDPNPOVFTUSBPCMJHBDJÓOEFQFOTBSMB
EF NBOFSB FTUBCMF  $PO EPT QSPCMFNBT FTFODJBMFT OPT IFNPT UPQBEP ZB FO QSJNFS
MVHBS  DPO FM JOUFOUP EF MB BQSPYJNBDJÓO GFOPNFOPMÓHJDB QPS IBDFSOPT BDDFTJCMF
êMPTÓêDBNFOUF FM SFUBEPS QMBOP EF MB TFEVDDJÓO JNBHJOBSJB 1PS PUSP MBEP  DPO MB
OFDFTJEBENFUPEPMÓHJDBEFQMBOUFBSVOBêMPTPGÎBEFMBJNBHFODPOBMHVOBTDPOTUBOUFT
EFFTUBCJMJEBEUFÓSJDBZFOUFSDFSMVHBS DPOMBOFDFTJEBEEFRVFFTUBTDPOTUBOUFTUFÓSJDBT
BCPSEFOEFBMHVOBNBOFSBFMEJGÎDJMUFNBEFMBNÎNFTJTQMBUÓOJDB
 1BSB FMMP  QPESÎBNPT BQPZBSOPT FO MB SFëFYJÓO EF MB êMPTPGÎB BOBMÎUJDB &O
QBSUJDVMBS ZQPSDVFTUJPOFTEFCSFWFEBE RVJTJFSBIBDFSSFGFSFODJBBBMHVOPTQVOUPT
DMBWFEFMBOÃMJTJTEF"SUIVS$%BOUP DVZPTQMBOUFBNJFOUPTFOUPSOPBMBSUFEFOVFTUSP
UJFNQPQVFEFOTFSBQMJDBEPTUBNCJÊOBMBJNBHFO
 y2VÊEJTUJOHVFBMBSUFEFTVQSPQJBêMPTPGÎB y2VÊIBDFRVFVOBDPTBTFBBSUFZOP
VOBTJNQMFDPTB :EFSJWBOEPy2VÊIBDFRVFVOBQFSDFQDJÓOTFBDPOTJEFSBEBJNBHFO
ZRVFPUSBOPBDDFEBBFTUFFTUBUVUP
 1BSFDFRVFOPFTQPTJCMFEBSVOBEFêOJDJÓOEFBSUFPEFJNBHFO"QFTBSEFMPT
JOUFOUPTQPSIBDFSMP OPTUPQBSFNPTDPOVOPTMÎNJUFTJSSFCBTBCMFT/PQBSFDFQPEFS
EBSTFVOBEFêOJDJÓO


"QPZÊNPOPTFO8JUUHFOTUFJO1BSBÊMMBêMPTPGÎBNJTNBSFQSFTFOUBZBVOQSPCMFNB 
QVFTOPQVFEFFODPOUSBSMVHBSQBSBTVTQSPQPTJDJPOFT 5SBDUBUVT
4VTQSPQPTJDJPOFT
TPOPDJPTBTZDBSFDFOEFTFOUJEP QVFTTFNVFWFOGVFSBEFMPTMÎNJUFTEFMNVOEP-B
êMPTPGÎB BêSNB8JJUHFOTUFJO FNQJF[BDVBOEPFMMFOHVBKFFTUÃEFWBDBDJPOFTFNQJF[B
DVBOEPMMFWBNPTBMBDJFODJBBMWBDÎPEFMTJOTFOUJEP QVFTMBêMPTPGÎBUJFOFMFOHVBKFT
NBMFNQMFBEPT4JWBMPSBNPTFMIBCMB UFOESÎBNPTRVFRVFEBSOPTFOTJMFODJP&OFTUF
PSEFOFTFOFMRVF IBTUBFMNPNFOUP IFNPTQMBOUFBEPBMHVOBTEFOVFTUSBTSFëFYJPOFT
TPCSFMBJNBHFO1BSFDJFSBRVFOJOHÙOIBCMBDPOTJHVFIBDFSKVTUJDJBBMBJNBHFO ZRVF
QPSFMMPOPTEFCFNPTRVFEBSDPOFMMBFOTJMFODJP1BSFDFRVFMBJNBHFOOPTSFNJUFB
BRVFMMPEFMPRVFOPTFQVFEFIBCMBSZ QPSUBOUP BOUFFMMBDPOWFOESÎBNÃTDBMMBS
 -B UFTJT EF 8JUUHFOTUFJO OPT FTUBSÎB EJDJFOEP RVF MB EFêOJDJÓO EF JNBHFO OP
QVFEF OJ OFDFTJUB TFS GPSNVMBEB &M êMÓTPGP IBCSÎB DPNFUJEP FM FSSPS EF TVQPOFS B
QSJPSJ RVF FM DPOKVOUP EF MBT JNÃHFOFT DPOTUJUVZFO EF IFDIP VO DPOKVOUP  FT EFDJS 
VOBTFSJFMÓHJDBNFOUFIPNPHÊOFBEFPCKFUPT DPNPMPTNBNÎGFSPTPMBTDFCSBT
DVZP
QSJODJQJPEFIPNPHFOFJEBEQVFEFTFSIBMMBEP%FTFSFTUPBTÎ yQPSRVFMPTêMÓTPGPT
OP IBO BDDFEJEP ZB B VOB EFêOJDJÓO EF JNBHFO P EF BSUF  y/P QPESÃ IBMMBSTF UBM
GBMUBEFCJEPBRVFFMDPOKVOUPEFMBJNBHFOOPTFFTUSVDUVSFEFMBGPSNBTVQVFTUB FT
EFDJS EFNBOFSBIPNPHÊOFB TJOPEFPUSBNBOFSB FTEFDJS RVFUFOHBVOBFTUSVDUVSB
JOBEWFSUJEBIBTUBBIPSBQPSMPTêMÓTPGPT 1PSFKFNQMP RVFUFOHBRVFWFSDPOVOBMÓHJDB
EFQFSDFQDJPOFTBCJFSUBTZEJTUJOUBT IFUFSPHÊOFBTDPOMPTPUSPTNJFNCSPTEFMDPOKVOUP
/PTQSFHVOUBSFNPT FOUPODFT RVÊIBZEFDPNÙOFOUPEPTFMMPT QFSPEFCFNPTIBDFSMP
NFKPSCBKPMBMÓHJDBEFKVFHPTEFMFOHVBKF8JUUHFOTUFJOOPTEJSÎBNJSBTJIBZBMHPDPNÙO
BUPEPTFMMPT OPTEBSÎBNPTDVFOUBEFRVFOPIBZOBEBDPNÙOB50%04FMMPTTJOPRVF
WFSFNPTTFNFKBO[BT QBSFOUFTDPT QBSFDJEPTRVFTFTVQFSQPOFOZFOUSFDSV[BO

/VFTUSBQSJODJQBMSFGFSFODJBQBSBQFOTBSBMBTJNÃHFOFTIBTJEPFMBSUF QFSPFMBSUFTF
FODVFOUSBIPZFOVOBDSJTJTEFEFêOJDJÓO MPRVFDPOEVDFBMBJNBHFOBMBNJTNBDSJTJT
EFEFêOJDJÓOy$ÓNPQPEFNPTVUJMJ[BSDPNPFKFNQMPTEFJNÃHFOFTTÓMPMBTRVFTF
EBOFYIJCJEBTFOVONVTFPZEFTDBSUBSMBTEFVOBOVODJPFTQFDUBDVMBS DVBOEPBNCBT
DPNQBSUFO FM NJTNP BJSF EF GBNJMJB Z OP IBZ OJOHVOB EFêOJDJÓO RVF OPT QFSNJUB
EFDJSRVFFTBSUÎTUJDBTÓMPMBEFMNVTFP )BZBMHPRVFTÎQPEFNPTBOUJDJQBS$VBOEP
OPTSFGFSJNPTBJNÃHFOFTWJTVBMFT QBSUFEFTVBJSFEFGBNJMJBEFCFTFSFMSFTQPOEFSBM


NBSDP FTUBSFODVBESBEBT"TÎ EJTUJOHVJNPTMPRVFFTEFMPRVFZBOPFTMBJNBHFO 
DPNPVOFTQBDJPRVFDPOTJHVFQPOFSFOUSFQBSÊOUFTJTMBSFBMJEBEQBSBQSFTFOUBSOPT
PUSBDPTB%FFTUP TJOFNCBSHP OPTFEFEVDFRVFDVBMRVJFSJNBHFOFONBSDBEBTFB
VOBPCSBEFBSUF BVORVFUBNQPDPTFEFEVDFRVFMBTJNÃHFOFTFONBSDBEBTFYQVFTUBT
FODJFSUPTDPOUFYUPTTFBOMBTÙOJDBTRVFQVFEFOTFSBSUÎTUJDBT-PRVFQVFEFDPOWFSUJSB
NJJNBHFOFOPCSBEFBSUFOPQVFEFDPOWFSUJSMBFO QPSEFDJSBTÎ VOBNÃRVJOB BVORVF
EFTEFMVFHPVOBNÃRVJOBQVFEBMMFHBSBTFSVOBJNBHFOBSUÎTUJDB
 -BNÎNFTJTFTJNJUBDJÓODVBOEPSFQSFTFOUBMBDPOEVDUBEFPUSPZMBNÎNFTJTFT
BSUÎTUJDBOPTÓMPDVBOEPTFQBSFDFBBMHPTJOPRVFTFSFêFSFBBRVFMMPBMPRVFTFQBSFDF
1PEFNPT JS NÃT MFKPT "MHVJFO QVFEF JNJUBS BMHP BVO DVBOEP GBMMF FM QBSFDJEP  OP
QPSRVFTFBVOBNBMBJNJUBDJÓOTJOPQPSRVFOPFYJTUFOBEBBMPRVFTFQVFEBQBSFDFS
/PFTDFOUSBMFOFMDPODFQUPEFJNJUBDJÓORVFEFCBIBCFSVOPSJHJOBMRVFFYQMJRVF
TVSFGFSFODJB QVFEFRVFFMPSJHJOBMOPFYJTUB*NBHJOFNPTBVODIBNÃOJNJUBOEPFM
DPNQPSUBNJFOUPEFMEJPTEFMGVFHPTBCFNPTRVFÊTUFOPFYJTUFZ TJOFNCBSHP BVORVF
OPIBZVOPSJHJOBM FMNJNPUJFOFRVFTVQPOFSRVFFYJTUF
 4J MBT JNÃHFOFT TPO JNJUBDJPOFT  CJFO QVFEF TFS RVF BMHVOBT TFBO JNJUBDJPOFT
OPWFSEBEFSBT"DFQUBNPTDPNPQSJODJQJPRVFMBJNJUBDJÓOFTVOBOPDJÓOFYUFOTJWB
.ÃTCJFOFTVODPODFQUPSFQSFTFOUBUJWP/PFTOFDFTBSJPRVFFYJTUBBMHPBMPRVFEFCB
QBSFDFSTFVOBJNJUBDJÓO MPÙOJDPRVFOFDFTJUBFTRVFTFQBSF[DBBMPRVFIBSÎBSFGFSFO
DJBFODBTPEFTFSDJFSUP
 -BJNJUBDJÓOEFFTNVZQBSFDJEBBMBJNBHFOEFQPSRVFVOBJNBHFOYOPFTY
FYDFQUPFOMBMJUPHSBGÎBPEFMDJOF QFSPMBJNBHFOEFVONVDIBDIPOPFTVONVDIBDIP
VODVBESPEFVOBTVWBTOPTPOVWBT1FSPUBNQPDPTFEFEVDFEFVOBJNBHFOEFY
RVFFYJTUBY1PEFNPTSFDPOPDFSMBTJNÃHFOFTRVFSFQSFTFOUBOMB4BOUÎTJNB5SJOJEBE
Z FTUBS EF BDVFSEP FO FMMP 4JO FNCBSHP  EJTDSFQBSFNPT SFTQFDUP B RVF FYJTUB MB
4BOUÎTJNB5SJOJEBERVFMBTJNÃHFOFTSFQSFTFOUBO6OBJNBHFORVFTFBSFBMNFOUFVOB
DPQJBFTQFDVMBSOPFTVOBDJUBDJÓOQBSBRVFTFBVOBJNJUBDJÓOSFRVJFSFSFQSFTFOUBS
VOBSFGFSFODJBMJOHÛÎTUJDBZOPVOBSFBMJEBE5BMWF[4ÓDSBUFTOVODBTFFODPOUSÓVOB
JNJUBDJÓOTJOPSJHJOBM BVORVF"SJTUÓUFMFTZBSFDPOPDFRVFMBJNJUBDJÓOEFCFTFSNVZ
EJGFSFOUFEFVOBDPQJB:QPOFEFSFGFSFODJBMBQPFTÎBZMBIJTUPSJB-BQPFTÎB BVORVF
JNJUBUJWB  OP FTUÃ SFGFSJEB B OJOHÙO FOUF FO QBSUJDVMBS DPNP MP FTUÃ MB IJTUPSJB  Z
BNCBTTPONJNÊUJDBT&TQPTJCMFSFDPOPDFSRVFVOBJNJUBDJÓOQVFEFQFSUFOFDFSBVO


QBUSÓORVFOVODBTFFKFNQMJêDBFOMBSFBMJEBE&MFTGVFS[PEF4ÓDSBUFTQPSBTJNJMBS
MBTJNÃHFOFTZMBTJNJUBDJPOFTPDVMUBVOBFTUSVDUVSBEFTVNBJNQPSUBODJBêMPTÓêDB 
IBCMBCBEFJNÃHFOFTEFJNJUBDJPOFTWFSEBEFSBTEPOEFFMUÊSNJOPWFSEBEFSBTUJFOFVO
VTPTFNÃOUJDP FTEFDJS VOBJNJUBDJÓOGBMTBTJHVFTJFOEPVOBJNJUBDJÓOBTÎDPNPVOB
QSPQPTJDJÓO GBMTB TJHVF TJFOEP VOB QSPQPTJDJÓO &O DPODMVTJÓO  VOB JNJUBDJÓO GBMTB
DBSFDFEFPSJHJOBM
 -BTJNJUBDJPOFTTPOWFIÎDVMPTEFTJHOJêDBEP(PPENBOOPTEJDFRVF QBSBRVF
VOBJNBHFOSFQSFTFOUFVOPCKFUP UJFOFRVFFTUBSFOMVHBSTVZP SFGFSJSTFBÊM/JOHÙO
HSBEP EF TFNFKBO[B FT TVêDJFOUF QBSB FYUSBFS MB SFGFSFODJB QSFDJTB 6OB JNBHFO TF
SFêFSFBMPCKFUPRVFSFQSFTFOUB
 &TPCWJPRVFVOBJNBHFOQVFEFSFQSFTFOUBSBMHPEFEPTNBOFSBTEJTUJOUBT JODMVTP
TJOSFMBDJÓOFOUSFTÎ1VFEPJOEJDBSMBQPTJDJÓOEFVOBTUSPQBTFOBMNFTBDPOBMêMFSFTP
CBOEFSBT QFSPUBNCJÊOMPQVFEPIBDFSDPOVOBTGPUPHSBGÎBTEFMBTSFTQFDUJWBTUSPQBT
)FSFQSFTFOUBEPEFEPTNBOFSBT6ONBQBDPOVOBGPUPEF/VFWB:PSLOPFTNÃTQSFDJTP
RVFVONBQBDPOVOQVOUPHPSEP&OMBJNBHFO DBTJDVBMRVJFSDPTBQVFEFSFQSFTFOUBS
DVBMRVJFSPUSB$VBMRVJFSJNBHFOBSUÎTUJDBQVFEFSFQSFTFOUBSDVBMRVJFSDPTBFOUBOUP
EFOPUBDJÓO QFSPOJOHVOBJNBHFOBSUÎTUJDBQVFEFSFQSFTFOUBSDVBMRVJFSPUSBFOUBOUP
SFQSFTFOUBS&TEFDJS IBZVOBSFGFSFODJBQBSBMBTJNÃHFOFTBMJHVBMRVFMBTIBZQBSB
MPTUÊSNJOPT-BTFTUBUVBTEFMEJPTPEFMSFZFTUBCBOFSJHJEBTQBSBRVFFMSFZFTUVWJFSB
QSFTFOUFBIÎ UFOÎBRVFQBSFDFSTFQPSUBOUPBMEJPTPBMSFZ$POFMUJFNQP EFOPUBSP
SFQSFTFOUBSEFKÓEFTFSJNQPSUBOUF-PRVFOPTPUSPTSFDPOPDFNPTFOMBTJNÃHFOFTFT
VOBUSBOTGPSNBDJÓOEFVOBSFBMJEBENÃHJDBNFOUFFTUSVDUVSBEBBTFSDPTBTFODPOUSBTUF
DPOMBSFBMJEBEGVFSBEFZGSFOUFBFMMB DPOGPSNFMBSFBMJEBETVGSJÓVOBUSBOTGPSNBDJÓO
FORVFQFSEJÓTVNBHJBBMPTPKPTEFMPTIPNCSFT-BTJNÃHFOFTTFDPOWJSUJFSPOFOFM
UJQPEFSFQSFTFOUBDJÓOQPSFYUFOTJÓO-BTJNÃHFOFTTFEFCFOWFSZBFODPOUSBTUFDPO
VOBSFBMJEBEEFMBRVFBOUFTQBSUJDJQBCBO UFPSÎBQMBUÓOJDBEFMBTGPSNBT

 1BSB8JUUHFOTUFJO MBêMPTPGÎBOPSFëFKBIFDIPTZBRVFFOFMNVOEPOPIBZIFDIPT
êMPTÓêDPTTVTQSPQPTJDJPOFTOPFTUÃOWJODVMBEBTBMNVOEPEFMBNJTNBGPSNBRVFMBT
QSPQPTJDJPOFTEFMBDJFODJBTVTQSPQPTJDJPOFTTPOJOFYQSFTBCMFT1BSBQPEFSMBTVTBS 
UFOESÎBNPTRVFTJUVBSMPTGVFSBEFMMFOHVBKF ZMBQSPQPTJDJÓOOPTQFSNJUFTÓMPIBCMBS
IBDJFOEPSFGFSFODJBBMNVOEP QFSPOVODBFOUBOUPRVFNVOEP-BJNBHFODPOTJHVF
QPOFSMBSFBMJEBEBDJFSUBEJTUBODJB BCSJSVOFTQBDJPMJNJUBEPQPSMBSFBMJEBE QPSVO


MBEP ZQPSFMPUSPDPOBMHPRVFDPOUSBTUBDPOMBSFBMJEBEFOTVDPOKVOUP-BêMPTPGÎB
RVJTJFSB QPEFS BDDFEFS BM FTQBDJP FOUSF FM MFOHVBKF Z FM NVOEP  Z TÓMP MBT JNÃHFOFT
DPOTJHVFOIBDFSMP-BTQBMBCSBTTFWVFMWFOWFSEBEFSBTPGBMTBTDVBOEPTFVTBOFOTV
DBQBDJEBESFQSFTFOUBUJWBFOFMNVOEP USBUBOEFPBDFSDBEFBMHP QFSPMBTJNÃHFOFT
FTUBCMFDFOVOBSFMBDJÓONVZEJGFSFOUFBMBEFMBTQBMBCSBT-BTJNÃHFOFTOPPQFSBOFO
MBSFMBDJÓOWFSEBEGBMTFEBE-BTJNÃHFOFTSFTQPOEFOBVOBTFNÃOUJDBDPOPUSPUJQP
EFWFIÎDVMPT"MHPFTBVUÊOUJDPDVBOEPTBUJTGBDFVOBSFQSFTFOUBDJÓOEFTÎNJTNP-BT
JNÃHFOFT TPO MÓHJDBNFOUF DBUFHPSJ[BCMFT DPO QBMBCSBT  QFSP DPNP DMBTF TF PQPOFO
BMBTDPTBTSFBMFTJHVBMRVFBMBTQBMBCSBTBVODVBOEPTFBOSFBMFTFOUPEPTMPTEFNÃT
TFOUJEPT
 3FDPSEFNPTQVFTRVFFOMBTJNÃHFOFTJNJUBUJWBT EFMIFDIPEFTFSNJNÊUJDPOP
UJFOFQPSRVÊTFHVJSTFRVFEFCFIBCFSBMHPPDVMUPRVFMFDPSSFTQPOEF-BDPSSFTQPO
EFODJB TFSÎB VOB DPOEJDJÓO QFSUJOFOUF EF MB SFQSFTFOUBDJÓO TÓMP DVBOEP JOEBHBNPT
QPSTVWFSEBEZTVGBMTFEBE-BPOUPMPHÎBEFMBTJNÃHFOFTFT QPSUBOUP JHVBMBMBEFM
MFOHVBKF&MDPOUSBTUFRVFFYJTUFFOUSFFMMFOHVBKFZMBSFBMJEBEFYJTUFFOUSFMBSFBMJEBE
ZMBJNBHFO+BTQFS+PIOTFYQMPSBPCKFUPTSFTQFDUPBMPTDVBMFT FOQSJODJQJP FTEJGÎDJM
TVQPOFSJNJUBDJÓO"TÎ MBJNBHFOTFDPOWJFSUFFOVOBWÎBEFBDDFTPQBSBMBDSFBDJÓOEF
MPSFBM/PJNQPSUBMPNVDIPRVFVOBJNBHFOTFQBSF[DBBTVSFGFSFOUFTJHVFTJFOEP
VOB FOUJEBE EF EJTUJOUP PSEFO MÓHJDP 4JFNQSF FT QPTJCMF RVF VOB JNBHFO DPOUFOHB
BMHPEFSFBMJEBETJORVFTFQVFEBSFEVDJSBMBSFBMJEBERVFDPOUJFOF)BZJNÃHFOFT
RVFIBZRVFDPOUFNQMBSMBTDBTJDPNPSFQSFTFOUBDJPOFTQVSBT QVFTTPOEFPCKFUPRVF
OPQPESÎBOTFSEF QJOUVSBTRVFOPQVFEFOTFSWFSEBEQVFTOPIBZOBEBFOFMFTQBDJP
USJEJNFOTJPOBMBMPRVFTFQVFEBOQBSFDFS


4JHOPTFOEFTDPOTUSVDDJÓOPDIP
JOTUBOUÃOFBTTPCSFJOUFSQSFUBOUFTEFMTFS
DPOUFNQPSÃOFP
'FSOBOEP(BSDÎB.BTJQ 

-BTWJWFODJBTTPDJPDVMUVSBMFTBDUVBMFTHFOFSBMNFOUFTFDPNQBSBODPOMBTFYQFSJFODJBT
EF ÊQPDBT QBTBEBT  FO MB UFOUBUJWB EF FWBMVBS MP RVF MB DPOUFNQPSBOFJEBE QVFEF
FTUBSTJHOJêDBOEPQBSBTVTTVKFUPT BDUPSFT BHFOUFTPNJFNCSPT&TUPIBEBEPDPNP
SFTVMUBEPEPTQPTJDJPOFTCÃTJDBTJOUFSQSFUBUJWBTZBOUBHÓOJDBTBVORVF BWFDFT QVFEFO
TFSDPNQMFNFOUBSJBT-BFYQFSJFODJBEFWJEBBDUVBMFTQFPSRVFMBQBTBEB P -B
FYQFSJFODJB EF WJEB BDUVBM FT NFKPS RVF MB QBTBEB -B UFSDFSB JOUFSQSFUBDJÓO FT VOB
RVF DPNCJOB USB[PT EF MBT EPT MBT WJWFODJBT TPDJPDVMUVSBMFT EF TFS DPOUFNQPSÃOFP
IBO NFKPSBEP FO DJFSUBT DPTBT Z FNQFPSBEP FO PUSBT 1FSP  yFYJTUFO BQFOBT USFT
JOUFSQSFUBDJPOFT QPTJCMFT  Z yRVÊ TJHOJêDB FTUBS  P FYJTUJS  QFPS P NFKPS  5SBUFNPT
EF FWBMVBS FTUF iQFPSu P iNFKPSu EFTEF MBT QSBHNÃUJDBT EFM TBCFS  EFM QPEFS Z EFM
TFS-PIBSFNPTBZVEBEPTEFBMHVOPTBVUPSFTDPOUFNQPSÃOFPT RVFPQFSBSÃODPNP
JOUFSQSFUBOUFT ZRVFOPTIBOBZVEBEPBSFëFYJPOBSTPCSFFMBTVOUPFOOVFTUSBTEJWFS
TBTJOWFTUJHBDJPOFTZDMBTFT
  1SJNFSBNFOUF  QSPQPOFNPT VOB DVFTUJÓO  QPS BTÎ EFDJSMP  NFUPEPMÓHJDB
DVBOEP ,BOU IBCMB EFM UJFNQP  DPNP DPOEJDJÓO JOUVJUJWB B QSJPSJ  MP IBDF QBSB EBS
DVFOUB EF MB TJHOJêDBDJÓO RVF UPEB FYQFSJFODJB TFOTJCMF SFBMJ[B DPO FTB DPOEJDJÓO
&M UJFNQP OP FT FYQFSJNFOUBCMF TJOP RVF  BM DPOUSBSJP  QBSB RVF UPEB FYQFSJFODJB
TF EÊ  UJFOF RVF FYJTUJS VOB DPOEJDJÓO FTUSVDUVSBOUF UFNQPSBM -P NJTNP PDVSSF
DPOFMFTQBDJP QFSPOPFTOVFTUSPDBTP BIPSB-PRVF,BOUIBCMBFTEFVOQSPDFTP
DPHOJUJWP1PSMPUBOUP OPIBCMBEFMUJFNQPTPDJBM OJEFMUJFNQPGÎTJDPFMUJFNQPFT
VOBEFUFSNJOBDJÓOMÓHJDB EFFOUSBEB"IPSBCJFO DVBOEPFTUBNPTQSPQPOJFOEPVOB
FWBMVBDJÓOEFMTFSDPOUFNQPSÃOFPBQBSUJSEFTVDPOEJDJÓOUFNQPSBM OPOPTSFGFSJNPT
BVOBUFNQPSBMJEBEDPHOJUJWBPTPDJBMPGÎTJDB TJOPBVOBUFNQPSBMJEBEFYJTUFODJBMZ

'FSOBOEP(BSDÎB.BTJQFT1TJDÓMPHPTPDJBM UJFOFVOB.BFTUSÎBZVO%PDUPSBEPFO$PNVOJDBDJÓOZ$VMUVSB
$POUFNQPSÃOFBTQPSMB6OJWFSTJEBEF'FEFSBMEB#BIJB #SBTJM"DUVBMNFOUFFTQSPGFTPSEFQMBOUBEFM%FQBSUBNFOUP
EF$PNVOJDBDJÓOEFMB6OJWFSTJEBE*CFSPBNFSJDBOBEFMB$JVEBEEF.ÊYJDP


RVF QPSMPUBOUP OPPCFEFDFBVOQSJODJQJPMÓHJDPOFDFTBSJBNFOUF PNFKPSEJDIP 
EJDIBUFNQPSBMJEBEQVFEFDPOWJWJSDPOMÓHJDBTEJTUJOUBTDPOTDJFOUFT JODPOTDJFOUFT 
TVCKFUJWBT TPDJBMFT GÎTJDBT FUD4JMBFYQFSJFODJBEFFWBMVBS FTEFDJS EFJOUFSQSFUBS TJ
OVFTUSPTFSFTUÃNFKPSPQFPSRVFFOPUSBÊQPDB TFSÃDPOTJEFSBOEPBMPUFNQPSBMDPNP
VOBFTUSVDUVSBEFUFSNJOBEBFYJTUFODJBMNFOUF FTEFDJS DPNPMPQSPQJPEFOVFTUSPTFS
&OUPODFTTFHVJNPT FOFTUP BMBTIVFMMBTEF)FJEFHHFSZOPBMBTEF,BOU&MTFSEFMP
iIVNBOPuFTUJFNQP/PTÓMP%BTFJO iTFSBIÎu DPNPMPQMBOUFB)FJEFHHFS TJOP%B
[FJU iUJFNQPBIÎu BHSFHBSÎBNPTOPTPUSPT1FSPFOFTUFDBTP UPNBSFNPTFMUJFNQPBIÎ
DPNPVOJOUFSQSFUBOUFFOFMTFOUJEPEF1FJSDF FTEFDJS DPNPVOiTJHOPuPOUPMÓHJDP
GVOEBNFOUBM $POFO FM UJFNQP FT DPNP OPTPUSPT JOUFSQSFUBNPT OVFTUSB DPOEJDJÓO
DPNP TFSFT FYJTUFOUFT 1PS MP UBOUP TBCFNPT FO FM UJFNQP  QPEFNPT FO FM UJFNQP 
TPNPT FO FM UJFNQP 1FSP iFO FM UJFNQPu RVJFSF EFDJS OP TÓMP MB MÎOFB UFNQPSBM EFM
QBTBEPQSFTFOUFGVUVSPTJOPMBSFMBDJÓOEFPDVMUBNJFOUPEFTPDVMUBNJFOUPRVFUPEB
WJWFODJBUFNQPSBMFTUBCMFDFQFSTFFYJTUFODJBMNFOUFMPRVFWJWJNPTFOFMQSFTFOUFFT
UBNCJÊOWJWFODJBEFVOQBTBEPPDVMUBEPQFSPBDUVBOUF ZQPSMPNJTNP QPTJCJMJEBEEF
EFTPDVMUBNJFOUPQPUFODJBMEFVOGVUVSPFODVBOUPUBM&OFMMMBNBEPQSFTFOUFUFNQPSBM
FTUÃOQVFTUBTFOSFTFSWBMBTIVFMMBTEFVOQBTBEPRVFNFIBDFOTFSEFBMHVOBGPSNB Z
QPSMPUBOUP NJQSFTFOUFOPFTTJOPZBVOGVUVSPFOBDDJÓOEFFTBTIVFMMBTQBTBEBT"TÎ 
MBTNBSDBTEFOVFTUSPUJFNQP DPNPÊQPDB ZBFTUÃOTFÒBMBEBTFOFMQBTBEPQPSWFOJS
i4FÒBMBEBTu1PSMPUBOUP OPFTUÃOEFUFSNJOBEBTFOÙMUJNBJOTUBODJB/PTBCFNPTB
DJFODJBDJFSUB MPRVFTFSFNPT QPESFNPTPTBCSFNPT IBTUBWJWJSMP1FSPMBWJWFODJBFO
FMUJFNQPOVODBFTVOQSFTFOUFUPUBMZDPNQMFUP4JFNQSFFTVOQSFTFOUFJODPNQMFUP 
RVFFTUÃFOSFUSBTPDPOTJHPNJTNP&MQSFTFOUFOVODBFTVOBQSFTFODJBQSPQJBNFOUF
EJDIBQPSRVFOVODBQVFEFEFTPDVMUBSUPUBMNFOUFMBTIVFMMBTEFMPQBTBEPPBDPOUFDJEP
4JFNQSFFYJTUFVOEFMBZFOSFMBDJÓOBMBWJWFODJBEFMUJFNQPDPNPQSFTFODJBQSFTFOUF
:FOFTUPTFHVJNPTMBTIVFMMBTEF%FSSJEB
 4BCFS QPEFS TFS$POTUFMBDJPOFTFNQÎSJDBTRVFTFQVFEFOBSUJDVMBSQBSBFOUFO
EFSMBDPOUFNQPSBOFJEBE:TFMFTQVFEFBHSFHBSVOBDVBSUBFMEFCFS1FSPDPOÊTUB MBQSP
CMFNÃUJDBNPSBMQVFEFJSSVNQJSTJOQVEPSBWBTBMMBOEPBMBTEFNÃTNBOUFOHÃNPTMB
FOSFTFSWB QPSBIPSB3POBME#BSOFUUFOTVMJCSP$MBWFTQBSBFOUFOEFSMB6OJWFSTJEBE FO
VOB FSB EF TVQFSDPNQMFKJEBE  TFÒBMB RVF MB DPOUFNQPSBOFJEBE QVFEF DPNQSFOEFSTF
EFTEF DVBUSP BDPOUFDJNJFOUPT JODFSUJEVNCSF  JNQSFEFDJCJMJEBE  EFTBêBCJMJEBE  F


JNQVHOBCJMJEBE&TUPTDVBUSPBDPOUFDJNJFOUPTDPNQPOFOMBDPOTUFMBDJÓOEFMBGSBHJMJEBE
DPOUFNQPSÃOFB 1FSP #BSOFUU OP VTB VO UPOP  EJHBNPT BQPDBMÎQUJDP  QBSB EFTDSJCJS
MPTGFOÓNFOPTFODVFTUJÓO"MDPOUSBSJP TFDPOHSBUVMBRVFFTUFNPTWJWJFOEPFOVOB
UBMDPOEJDJÓOEFMTBCFSQVFTMPJODJFSUP MPJNQSFEFDJCMF MPJNQVHOBCMFZMPEFTBêBCMF
EFFTBDPOEJDJÓO OPTQFSNJUFOQFOTBSFOVONVOEPBCJFSUPBNBZPSFTQPTJCJMJEBEFTEF
QSPEVDDJÓOEFTFOUJEP EFFYJTUFODJB EFTFS/PTÓMPFTP TJOPRVFBEFNÃT FTUBÊQPDB
FTMBRVFQBSFDFFTUBSNÃTDPODFOUSBEBFOQPEFSEFTDPOTUSVJSDVBMRVJFSUSVJTNP&M
TBCFSQPTNPEFSOPOPTIBMBO[BEPBVODVFTUJPOBNJFOUPBMBWF[QVOUVBMZHMPCBMEFM
QPEFS ZQPSMPUBOUPEFMPRVFTPNPTDPNPFOUFT-BVOJWFSTJEBEFTMBJOTUJUVDJÓORVF
NÃTIBDPOUSJCVJEPFOMPTÙMUJNPTDJFOBÒPTBQSPEVDJSFTUBGSBHJMJEBEFTUSVDUVSBMFO
SFMBDJÓOBMTBCFSBDUVBM&OFTFTFOUJEP FOUPODFT yQPEFNPTEFDJSRVFFTUBNPTNFKPS
PQFPSRVFBOUFT 6OBJOUFSQSFUBDJÓOQPTJCMFTFSÎBMBTJHVJFOUFMBWJWFODJBEFMTBCFSFO
FMQSFTFOUFFTEFNBZPSEFTDPODJFSUPRVFFOPUSBTÊQPDBT FOMBTDVÃMFT BQBSFOUFNFOUF 
TFTBCÎBNFOPTQFSPTFUFOÎBNÃTDSFFODJB)PZ TBCFNPTNÃTQFSPOPFTUBNPTNFKPSQPS
FMMP)BZNVDIBNÃTDJFODJBQFSPOPTBCFNPTDÓNPWJWJSFOMBJODFSUJEVNCSFFTUSVDUVSBM
RVFFTBNJTNBDJFODJBQSPEVDF:BOPDSFFNPTUBOUPQFSP QBSBEÓKJDBNFOUF OVFTUSP
CJFOFTUBS FYJTUFODJBM EFQFOEF EFM DVBOUP QPEBNPT BGFSSBSOPT B WBMPSFT QBTBEPT  FT
EFDJS WBMPSFTRVFCVTDBNPTDPOTFSWBSTJODVFTUJPOBNJFOUPBMHVOP
 &OFTFTFOUJEP +FSFNZ3JѪJOEFDÎBRVF
4JOPIBZVOBSFBMJEBEêKBZDPHOPTDJCMF TJOP NÃTCJFO SFBMJEBEFTJOEJWJEVBMFT
RVFWBNPTDSFBOEPBMQBSUJDJQBSFOFMNVOEPZFYQFSJNFOUBOEP FOUPODFTOP
QVFEFFYJTUJSVONFUBSSFMBUPHFOFSBMmVOBWJTJÓOFOHMPCBEPSBEFMBSFBMJEBEm
&MNVOEP QBSBMPTQPTNPEFSOPT FTVOBDPOTUSVDDJÓOIVNBOB-PDSFBNPT
DPO MBT IJTUPSJBT RVF JOWFOUBNPT QBSB FYQMJDBSMP  TFHÙO DÓNP FMJKBNPT WJWJS
FO ÊM  BêSNBO MPT TFNJÓMPHPT &TUF OVFWP NVOEP OP FT PCKFUJWP  TJOP NÃT
CJFODPOUJOHFOUF OPTFDPNQPOFEFWFSEBEFT TJOPEFPQDJPOFTZQPTJCJMJEB
EFT&TVONVOEPDSFBEPQPSFMMFOHVBKF VOJEPQPSNFUÃGPSBTZTJHOJêDBEPT
DPOTFOTVBEPTZDPNQBSUJEPT RVFWBODBNCJBOEPDPOFMQBTPEFMUJFNQP-B
SFBMJEBEOPFTVOBIFSFODJBRVFSFDJCBNPT TJOPBMHPRVFDSFBNPTFOUFSBNFOUF
BMDPNVOJDÃSOPTMB 3JѪJO 



%PTDPTBTOPTMMBNBOMBBUFODJÓO FOUSFPUSBTQPTJCMFTMBQSJNFSBFTFMFOVODJBEPiDPO
FMQBTPEFMUJFNQPu MBTFHVOEBFMEFiBMDPNVOJDÃSOPTMBu&OFMQBTPEFMUJFNQPDBNCJBFM
NVOEP DSFBEPQPSFMMFOHVBKF&MMFOHVBKFWBDPOFMQBTPEFMUJFNQPy&MUJFNQPBOEB 
y$PORVÊQBTP y)BDJBEÓOEF &MUJFNQPBMQBTBS ZOPFTVOBNFUÃGPSBQPTNPEFSOB

IBDFRVFFMNVOEP FODVBOUPDSFBDJÓOMJOHÛÎTUJDB DBNCJF&MUJFNQPHPCJFSOBDPO
TV QBTP FM NVOEP DPNP MFOHVBKF 1PS PUSP MBEP  BM DPNVOJDBSOPT MB SFBMJEBE  MB
DPOTUSVJNPT&MQPEFS QPSMPUBOUP FTUÃFOFTUBDBQBDJEBEEFDPNVOJDBS4JOFNCBSHP 
FMQBTPEFMUJFNQPOPJOUFSWJFOFBRVÎ QVFTFOMBEJSFDDJÓOEFFTUBDPOTUSVDDJÓO RVFOP
DSFBDJÓOFTUBWF[ MBSFBMJEBETFJOTUJUVZFFOFMNJTNPNPNFOUP PUJFNQP FORVFOPT
MBDPNVOJDBNPT-BSFBMJEBE DPNPDPOTUSVDDJÓODPNVOJDBUJWB QBEFDFEFMBGBMUBEF
UJFNQP%FMQBTPEFMUJFNQP"TÎ TFFOGSFOUBONVOEPZSFBMJEBE&MQSJNFSP FOUBOUP
DSFBDJÓOMJOHÛÎTUJDBFTDBNCJBOUFDPOFMQBTPEFMUJFNQPMBTFHVOEB DPOTUSVJEBQPSMB
JOTUBOUBOFJEBEEFMQPEFSEFMBDPNVOJDBDJÓO TVQSJNFFMUJFNQP FTUBOEPQSFTFOUFFO
FMQSPQJPBDUPEFTVDPNVOJDBDJÓO
 &OUPODFTOPTQSFHVOUBNPT yOPTFSÃNÃTCJFO RVFFTFMMFOHVBKFFMRVFDSFBFTUB
FYQFSJFODJBQPTJCMFEFMUJFNQP y:RVFBMDPNVOJDÃSOPTMBTFWJWBVOBPUSBFYQFSJFODJB 
MBEFTVTVQSFTJÓO 1FSPFTUPOPTPCMJHBSÎBBTFQBSBSFMMFOHVBKFEFMBDPNVOJDBDJÓO Z
FOGSFOUBSFMUJFNQPDPOFMOPUJFNQP1FSP yZTJQFOTBNPTFTUFQSPCMFNBFOFMDPOUFYUP
BDUVBMEFMDJCFSFTQBDJP OPTBZVEBSÎBBEFTUSBCBSFMBTVOUP 
 1BSB4MBWPK;J[FL FMDJCFSFTQBDJPFTVOGFOÓNFOPRVFWBDÎBFMSFHJTUSPEFMPTJN
CÓMJDP 1FSP FTF WBDÎP FT  QBSBEÓKJDBNFOUF  MMFOBEP QPS MB QPTJCJMJEBE WJSUVBM EF MB
SFBMJ[BDJÓOJOêOJUBEFMPTEFTFPT4JHVJFOEPB-BDBO ;J[FLBêSNBRVFiFMDJCFSFTQBDJP
TJNQMFNFOUFSBEJDBMJ[BMBCSFDIBDPOTUJUVUJWBEFMPSEFOTJNCÓMJDPu ;J[FL 

y&ORVÊTFOUJEP &OFMTFOUJEPEFRVFMBSFBMJ[BDJÓOEFMEFTFPTFQBVUBQPSTVSFQMJDBDJÓO
JNBHJOBSJB Z OP QPS TV QSPEVDUJWJEBE TJNCÓMJDB 4J CJFO MP TJNCÓMJDP FT FM MMFOBEP
EF MB CSFDIB FTUSVDUVSBM DPOTUJUVUJWB EFM TVKFUP EFM EFTFP  TVSBEJDBMJ[BDJÓO TJHOJêDB
BRVÎTVGSBHJMJ[BDJÓO TVOFVUSBMJ[BDJÓO TVDBTJFYUJODJÓO$POFMDJCFSFTQBDJPFTUBNPT
QFPSRVFBOUFT OPTEBBFOUFOEFS;J[FL&MMFOHVBKFZMBDVMUVSBQJFSEFOTVDPOEJDJÓO
QSPEVDUJWBGSFOUFBMBSFQFUJDJÓOSFQSPEVDUJWBEFJOêOJUPTPCKFUPTNBUFSJBMJ[BEPTFOFM
WBDÎPEFMDJCFSFTQBDJP-BDVMUVSBOPBWBO[B OPTFEFTBSSPMMB FMMFOHVBKFTFFNQPCSFDF
&OFTFTFOUJEP FMBSHVNFOUP[J[FLJBOPFTEFRVFFOFMDPSUFFTUSVDUVSBMEFMTVKFUPEFM
EFTFP FOFMUJFNQPEFTVCÙTRVFEBZSFBMJ[BDJÓOQPUFODJBM TFMFTFDVFTUSBFMUJFNQP


&OFMDJCFSFTQBDJPFMUJFNQPOPQVFEFBERVJSJSTFOUJEPFYJTUFODJBMQVFTUPEP PDBTJ
UPEP
 QVFEF TFS WJWFODJBEP FO VO BRVÎ Z BIPSB SFBMFT &M DJCFSFTQBDJP FNQFPSB MBT
DPTBT y2VÊ JEFB UFOFNPT IPZ EF RVF BMHP TFB QFPS P NFKPS  y$POTVNJS NVDIP P
QPDPFTNFKPSPQFPS y4BCFSNVDIPPQPDPFTNFKPSPQFPS y$ÓNPJOUFSQSFUBSFTPT
TJHOJêDBOUFTNFKPSQFPS 
 &OVOUPOPTFNFKBOUFBMBOUFSJPS #BVESJMMBSEBêSNBCBRVFi-BPCTDFOJEBE
DPNJFO[BDVBOEPZBOPIBZFTQFDUÃDVMPOJFTDFOB OJUFBUSP OJJMVTJÓO DVBOEPUPEP
TFIBDFJONFEJBUBNFOUFUSBOTQBSFOUFBMBDSVEBFJOFYPSBCMFMV[EFMBJOGPSNBDJÓOZMB
DPNVOJDBDJÓOu #BVESJMMBSE 
&OFTFTFOUJEP MBQSPEVDDJÓOEFMPTNFEJPTEFDP
NVOJDBDJÓOIBQFSEJEPUPEPTFDSFUPQPTJCMF UPEPNJTUFSJP UPEPKVFHP&MNVOEPEF
MBTFEVDDJÓO EFGFOEJEPQPS#BVESJMMBSE DFEFTVFTQBDJPBMBQSPEVDDJÓOEFMBJNBHFO
1BSBÊM MBDPNVOJDBDJÓOFTSFWFSTJCJMJEBE SFDJQSPDJEBE BOUBHPOJTNP ZMPTNFEJPTEF
DPNVOJDBDJÓOEFNBTBFMJNJOBOFTFFODVFOUSPEFMBQBMBCSBFOFMKVFHPIVNBOPEFMB
JODFSUJEVNCSF5PEPFTUÃTPNFUJEPBMTJNVMBDSPEFMBSFBMJEBE-BUSBOTQBSFODJBBC
TPMVUBTFBQPEFSBEFMTFOUJEPZMPTPNFUFBTVTEFTJHOJPTFMQPEFSEFMTJNVMBDSPFMJNJOB
DVBMRVJFS QPTJCJMJEBE EF MFOHVBKF Z EF DPNVOJDBDJÓO BVUÊOUJDBT &TUBNPT QFPS RVF
OVODBZ QBSB#BVESJMMBSE EFCFNPTSFHPDJKBSOPTQPSFTP
 -BT TPDJFEBEFT QSJNJUJWBT TF UPSOBSPO FM NPEFMP EF MB FYDFMFODJB EF MB DPNV
OJDBDJÓO&OFMMBTFMJOUFSDBNCJPTJNCÓMJDPTFEBDPNPUBM4FHÙOFMBVUPS MBTDBUFHPSÎBT
RVFVTBNPT TPCSFUPEPMBTNBSYJTUBT QBSBDPNQSFOEFS FTEFDJSWBMPSBS MPRVFTPOP
FSBOFTBTTPDJFEBEFTFTUÃOFRVJWPDBEBTi/PIBZNPEPEFQSPEVDDJÓO OJQSPEVDDJÓO 
FO MBT TPDJFEBEFT QSJNJUJWBT  OP IBZ EJBMÊDUJDB FO MBT TPDJFEBEFT QSJNJUJWBT  OP IBZ
JODPODJFOUFFOMBTTPDJFEBEFTQSJNJUJWBTu #BVESJMMBSE 
1FSP DPNPBHSFHB
-ZPUBSE OP IBZ TPDJFEBEFT QSJNJUJWBT  UBNQPDP &TB UBNCJÊO FT VOB DBUFHPSÎB EF
OVFTUSBFDPOPNÎBQPMÎUJDB UBODSJUJDBEBQPS#BVESJMMBSE&OUPODFT FOSFMBDJÓOBFTBT
GPSNBDJPOFTTPDJBMFTPSJHJOBSJBT yFTUBNPTQFPSPNFKPS 
  5BOUP FO ;J[FL Z #BVESJMMBSE  TF FYQSFTB VOB DPODFQDJÓO FO EPOEF FM
JOUFSQSFUBOUF PQFSB FO MB CÙTRVFEB Z SFDVQFSBDJÓO EFM QVOUP DJFHP RVF OPT UPSOB
IVNBOPT ZRVF QSFDJTBNFOUF IBTJEPDPMNBEPQPSMPTNFEJPTEFDPNVOJDBDJÓO FM
DJCFSFTQBDJPZMBWFMPDJEBEUFDOPMÓHJDB"TÎ QBSFDFRVFFMFOUFTPDJBMTFIBUPSOBEPVO
NFSPFTQFDUBEPSDVBOEPCJFOMFWB:DPNPWFNPT FOMBSFBMJEBE QBSBFTUPTBVUPSFT
OPTWBNVZNBM DBEBWF[QFPSNFOPTIVNBOPT NFOPTBDUVBOUFT NÃTEPNJOBEPT 


NÃT JOFSUFT GSFOUF B QPEFSFT JODPONFOTVSBCMFT RVF OFVUSBMJ[BO Z QBSBMJ[BO OVFTUSP
TFS4VFTDFQUJDJTNPFTBQPDBMÎQUJDBNFOUFSBEJDBM
 &OPUSBMÎOFBEFJOUFSQSFUBDJÓO $BTUFMMT QPSFKFNQMP TFÒBMBCBRVFiwMBPQJOJÓO
QÙCMJDBTFDPOTJEFSBBNFOVEPVOSFDJQJFOUFQBTJWPEFNFOTBKFT GÃDJMNFOUFBCJFSUPB
NBOJQVMBDJÓO6OBWF[NÃTMPTEBUPTFNQÎSJDPTMPDPOUSBEJDFO<w>IBZVOQSPDFTPEF
JOUFSBDDJÓOEFEPCMFTFOUJEPFOUSFMPTNFEJPTZTVBVEJFODJBFODVBOUPBMJNQBDUPSFBM
EFMPTNFOTBKFT RVFTPOEFGPSNBEPT BQSPQJBEPTZPDBTJPOBMNFOUFTVCWFSUJEPTQPSMB
BVEJFODJBu $BTUFMMT 
"RVÎMBMFDUVSBFTEFPUSBFTQFDJF1BSUFEFMQSJODJQJP
EFRVFFMTFSTPDJBMOPFTUÃEFêOJUJWBNFOUFTVKFUBEPBMBQPMÎUJDB BMBUFDOPMPHÎBPBMPT
NFEJPTEFDPNVOJDBDJÓO/PTFQVFEFJOUFSQSFUBSBMBTSFMBDJPOFTTPDJBMFTEFOUSPEFVO
NBSDPEFQBTJWJEBEDSFDJFOUFEFTVTBDUPSFTPBHFOUFT"MDPOUSBSJP MPTJOUFSQSFUBOUFT
TPDJBMFTPQFSBO KVTUBNFOUF JOUFSQSFUBDJPOFTRVF QBSBGSBTFBOEPB(BEBNFS BDSFDJFO
UBOTFS-BTJOUFSQSFUBDJPOFTFODVFTUJÓOOPTPONFSBNFOUFJOUFMFDUJWBTPSBDJPOBMFT 
TJOPPOUPMÓHJDBTFOTVTFOUJEPNÃTBNQMJP4PNPTMPRVFJOUFSQSFUBNPT:DPNPOP
QPEFNPTEFKBSEFJOUFSQSFUBS OPQPEFNPTEFKBSEFTFSEFBMHVOBGPSNB&OUPODFT MB
JOUFSQSFUBDJÓOFTMBDVÒBJOUFSSPHBOUFDPOMBDVBMBCSJNPTMBTCSFDIBTEFMBTJOTUJUVDJPOFT
TPDJBMFT&TFBCSJSEFCFSFDPSEBSOPTBMBTFOUFODJBEF)FJEFHHFSDVBOEPEFDÎBRVFiFM
JOUFSSPHBSFTMBQJFEBEEFMQFOTBNJFOUPu1FSPQJFEBE GSPNNFOBMFNÃO OPFTMBQJFUBT
MBUJOPSPNBOB TJOPFMQSÓNPTHSJFHPMBMBO[B MBQVOUBEFMBO[B RVFFM%BTFJOFKFSDF
DPNPTVQPTJCJMJEBENÃTQSPQJBy1FSPFTUBQFSTQFDUJWBOPTHBSBOUJ[BRVFMBTDPTBT
TFBONFKPSFTRVFBOUFT
 )BDJÊOEPMFFDPBFTUBQFSTQFDUJWB +BNFT-VMMEFêFOEFUSFTUFTJTGVOEBNFOUBMFT
 i<w> MBT JOTUJUVDJPOFT RVF EJTFNJOBO JEFPMPHÎB TPO JOTUJUVDJPOFT TPDJBMFT RVF OP
SFTQPOEFOBVOBNFOUFOJBVOBWP[BEFNÃT MPTFGFDUPTEFJNBHJOFSÎBZEFMBUFDOPMPHÎB
OPTPOUPEPTQSFEFDJCMFTui<w>MPTNJFNCSPTEFVOBBVEJFODJBJOUFSQSFUBOZVTBO
BDUJWBNFOUFMPTSFDVSTPTTJNCÓMJDPTRVFUJFOFOBTVEJTQPTJDJÓOui<w>FOOJOHVOB
TPDJFEBE MB DVMUVSB QVFEF FO ÙMUJNB JOTUBODJB TFS NBOFKBEB QPS DPNQMFUP QPS MPT
BHFOUFT EFM QPEFS FDPOÓNJDP Z QPMÎUJDP  JODMVTP MPT DPOTUSVDUPSFT EF MBT JNÃHFOFT
NBTTNFEJÃUJDBTu -VMM   
 $PNP WFNPT  TJHVJFOEP FTUB MÎOFB EF BCPSEBKF 
VO DJFSUP PQUJNJTNP TF BCSF BOUF FM BQBSFOUF QPEFS BWBTBMMBEPS EF MPT NFEJPT EF
DPNVOJDBDJÓOZEFMBUFDOPMPHÎBBDUVBMFT-PTBDUPSFTTPDJBMFTBÙOUFOFNPT DPNPRVF
FOSFTFSWB VODPOKVOUPEFQPTJCJMJEBEFTIFSNFOÊVUJDBTGSFOUFBMPTNFOTBKFT GPSNBUPT


PFTUSVDUVSBTEFMBTPDJBCJMJEBEDPOUFNQPSÃOFB-PTDBTPTRVFDJUB-VMM TJFNQSFHJSBO
FOUPSOPEFMBQBSUJDJQBDJÓOBDUJWBEFMPTDPOKVOUPTTPDJBMFT DPNPFOMPTDBTPTSFDJFOUFT
EF$PMMPSEF.FMMPFO#SBTJM EF3PEOFZ,JOHFO-PT¦OHFMFT EFMPTFTUVEJBOUFTFOMB
1MB[B$FMFTUJBMFO#FJKJOH PTJNQMFNFOUFFOFMGFOÓNFOPNVMUJDVMUVSBMRVFSFQSFTFOUB
VOB FTUSFMMB QPQ DPNP .BEPOOB &O FTPT DBTPT  MBT DPTBT IBO NFKPSBEP  QVFT MBT
BVEJFODJBT FMQÙCMJDP MBTDPNVOJEBEFTIBOVUJMJ[BEPMPTQSPQJPTSFDVSTPTUFDOPMÓHJDPT
QBSBQPEFSTFNBOJGFTUBSZDBNCJBSQPMÎUJDBPDVMUVSBMNFOUFFMFTUBEPEFDPTBT$PNP
BêSNBCB-ZPUBSEFOMB$POEJDJÓOQPTNPEFSOBi+PWFOPWJFKP IPNCSFPNVKFS SJDPP
QPCSF TJFNQSFTFFTUÃTJUVBEPTPCSFAOVEPTEFDJSDVJUPTEFDPNVOJDBDJÓO QPSÎOêNPT
RVFÊTUPTTFBO<w>/VODBFTUÃ OJTJRVJFSBFMNÃTEFTGBWPSFDJEP EFTQSPWJTUPEFQPEFS
TPCSFFTPTNFOTBKFTRVFMFBUSBWJFTBOBMTJUVBSMP TFBFOMBQPTJDJÓOEFEFTUJOBEPS PEF
EFTUJOBUBSJPPEFSFGFSFOUFu -ZPUBSE 

 &TUB WJTJÓO CVTDB EFTBSSPMMBS FO FM SFHJTUSP JOUFSQSFUBOUF VO DJFSUP PQUJNJTNP
NPEFSBEP BVORVFOPTFBVOBSHVNFOUPEFêOJUJWP
  /PT IFNPT QSFHVOUBEP SFJUFSBEBNFOUF RVÊ TJHOJêDB QFPS Z NFKPS yFT VOB
JNQSFTJÓOTVCKFUJWB y4FQVFEFEFNPTUSBSPCKFUJWBNFOUF y&TVOBDBVTBNBUFSJBMPVO
BDDJEFOUF 6NCFSUP&DPEFDÎBRVF
1FJSDF TPTUJFOF RVF MBT DPOKFUVSBT TPO GPSNBT WÃMJEBT EF JOGFSFODJB FO MB
NFEJEBFORVFTFIBZBOOVUSJEPEFPCTFSWBDJPOFTQSFWJBT BVORVFQVFEFO
BOUJDJQBS UPEBT TVT SFNPUBT DPOTFDVFODJBT JMBUJWBT -B DPOêBO[B EF 1FJSDF
FO VO BDVFSEP UBM FOUSF MB NFOUF Z FM DVSTP EF MPT BDPOUFDJNJFOUPT FT NÃT
FWPMVDJPOJTUB RVF SBDJPOBMJTUB -B DFSUJEVNCSF RVF PGSFDF MB BCEVDDJÓO OP
FYDMVZFFMGBMJCJMJTNPRVFEPNJOBMBJOWFTUJHBDJÓODJFOUÎêDB 
iQPSRVFFM
GBMJCJMJTNPFTMBEPDUSJOBTFHÙOMBDVBMOVFTUSPDPOPDJNJFOUPOVODBFTBCTPMVUP 
TJOP RVF ëPUB TJFNQSF  QPS BTÎ EFDJS  FO VO DPOUJOVVN EF JODFSUJEVNCSF F
JOEFUFSNJOBDJÓOu $1
 &DP 


&OUPODFT ZQBSBêOBMJ[BS SFUPSOFNPTB,BOU QFSPBVO,BOUQFJSDFBOP,BOUBêSNB FO
MB$SÎUJDBEFMBSB[ÓOQVSB RVFFMFTRVFNBJNBHJOBSJPEFMBOFDFTJEBE FMJOUFSQSFUBOUF
QBSB1FJSDF
FTMBNPEBMJEBEEFMBFYJTUFODJBEFVOPCKFUPRVFTFEBUPEPFMUJFNQP4JFTUP
FTWFSEBE FOFMTJHOPQFJSDFBOPEF"SHVNFOUP PTFBFMJOUFSQSFUBOUFEFMJOUFSQSFUBOUF 
FMFTRVFNBEFVOQFSSPTJFNQSFTFWBBQSFTFOUBSDPNPVOBIVFMMBUPEPFMUJFNQP DBEB


WF[RVFQSPOVODJFNPTMBQBMBCSBQFSSPFTEFDJS UPEBWF[RVFEJHBNPTPQFOTFNPT
FO FM PCKFUP QFSSP  MB IVFMMB NOFNÓOJDB iQFSSPu  FTRVFNBUJ[BEB  TF IBSÃ QSFTFOUF
OFDFTBSJBNFOUFFOUPEPTMPTNPNFOUPT)BDFNPTVOBBCEVDDJÓO4JOFNCBSHPQBSB
,BOU FMUJFNQPFOTÎOPQVFEFTFSFYQFSJNFOUBEP DPNPEFDÎBNPTBMQSJODJQJP-VFHP 
yDÓNPTBCFSRVFBMHPFTQFPSPNFKPSRVFFOPUSPUJFNQP &OQSJODJQJP TPOIJQÓUFTJT 
EJSÎB1FJSDF CBTBEBTFOFYQFSJFODJBTDVMUVSBMFTQSFWJBT DPMFDUJWBTPJOEJWJEVBMFT-PT
FTRVFNBTQSFQBSBOMBBDUJWBDJÓOEFMBTDBUFHPSÎBTEFMFOUFOEJNJFOUPRVFTPOMBTÙOJDBT
DPOEJDJPOBEBT QBSB NBOUFOFS MB MÓHJDB JOUFSOB EF VO BSHVNFOUP  FO FM TFOUJEP EF
1FJSDF1FSPTJFMUJFNQPOPQVFEFTFSFYQFSJNFOUBEP TÎQVFEFTFSJNBHJOBEP DPNP
VOBMÎOFBPDPNPVODÎSDVMP
PQFOTBEP FOVOBFDVBDJÓONBUFNÃUJDB
4JMPTNFEJPT
EFDPNVOJDBDJÓOTPOQFSOJDJPTPTPTPOQSPNPUPSFTEFMBQBSUJDJQBDJÓO FTUPTÓMPTF
QVFEFBSHVNFOUBSFOMPTQMBOPTEFMBJNBHJOBDJÓOPEFMFOUFOEJNJFOUP/PQPEFNPT
TBCFS TJ FO FM UJFNQP OPT IBDFO TFOUJS RVF FTUBNPT NFKPS P QFPS "RVÎ TF BCSF VO
IJBUP-BTVCKFUJWJEBETÓMPQVFEFBSHVNFOUBSIJQPUÊUJDBNFOUF ZUSBUBSEFSFDPMFDUBS
FM NBZPS OÙNFSP EF DBTPT RVF DPOêSNFO QPS VO UJFNQP EFUFSNJOBEB QSPQPTJDJÓO
WFSEBEFSB1PSVOUJFNQP1BSB,BOU FMUJFNQPOPFYJTUFGVFSBEFMBTVCKFUJWJEBE PFT
QSFDPOEJDJÓOJOUVJUJWBPFTDPOUFOJEPFTRVFNÃUJDP
 &OUPODFT  MPT BDPOUFDJNJFOUPT B MPT RVF TF SFêFSF &DP OVODB QVFEFO TFS
FYQFSJNFOUBEPT GVFSB EF MB TVCKFUJWJEBE DPNP UBMFT  FT EFDJS  DPO VO UJFNQP RVF
MFTTFBQSPQJP EJHBNPTPCKFUJWP1PSFTP FMTJHOP"SHVNFOUP FO1FJSDF FTVOBMFZ
OFDFTBSJBNFOUF UPEP FM UJFNQP QFSP TVCKFUJWB  FTUP FT  IJQPUÊUJDB y2VÊ IBDF RVF
BMHVOPT QJFOTFO FO MP NBMP EF MB UFDOPMPHÎB Z PUSPT FO MP CVFOP EF MB NJTNB  -PT
BSHVNFOUPTQVFEFOTFS FOBNCPTDBTPT FOUFSBNFOUFMÓHJDPTZDPIFSFOUFTZBEFNÃT
DPNQSPCBCMFTFNQÎSJDBNFOUF&MIJBUPTFBCSFQSFDJTBNFOUFQPSRVFFMUJFNQPDPNP
GPSNBTVCKFUJWBZFMOPUJFNQPDPNPGPSNBPCKFUJWBEFKBOVOJOUFSWBMPTJOMMFOBS VO
FTQBDJPEFUFNQPSJ[BDJÓO RVFFTFMBUSBTPOFDFTBSJPRVFUFOFNPTDPNPTVKFUPTGSFOUF
BMDVSTPEFMPTBDPOUFDJNJFOUPT6OFOUSFUJFNQPGVFSBZEFOUSPEFMUJFNQP1FSPFTF
EFMBZFTGVOEBNFOUBM QPSRVFFTFTBJNQPTJCJMJEBEEFRVFMBTDPTBTTFBOWFSEBEFSBT
BSHVNFOUBUJWBNFOUFEFVOBWF[QPSUPEBT MPRVFQFSNJUFRVFMBTEJGFSFOUFTIJQÓUFTJT
TFBOWFSEBEFSBTDPNPFYQFSJFODJBTRVFTFDPOKVHBO&OFMIJBUPEFMFOUSFUJFNQP OP
QPEFNPTBSHVNFOUBS BQFOBTQPEFNPTWJWFODJBS QVFTOPTBGFDUBOEFVONPEPPEF
PUSP ZBTÎMFEBNPTDVSTPUFNQPSBMBMBTJHOJêDBDJÓO"MBTTJHOJêDBDJPOFTMFTCSPUBO


MBTQBMBCSBT EFDÎB)FJEFHHFS ZOPBMSFWÊT&TEFDJS TJHOJêDBNPTBOUFTEFDVBMRVJFS
JNBHFO  FTRVFNB  OPDJÓO P DPODFQUP )BZ IVFMMB FYQFDUBOUF EFTEF FM NPNFOUP FO
RVF WJWFODJBNPT FM NVOEP -B WJWFODJB EF MP iQFPSu TF QSFTFOUB DVBOEP MB IVFMMB
IB BCBOEPOBEP TV PQFSBDJÓO EF DVJEBS B MB UFNQPSJ[BDJÓO MP iNFKPSu TF QSFTFOUB
DVBOEPMBIVFMMBIBQFSTJTUJEPFOTVDPOEJDJÓOEFHVBSEBSTFFOFMUJFNQP1FSPFOFM
FOUSFUJFNQP FOUSFFMBCBOEPOPZMBQFSTJTUFODJB OJMPQFPSZOJMPNFKPSBQBSFDFO TF
BSSVJOBOCBKPMBWJWFODJBEFMTJMFODJPTJHOJêDBOUFEFMBUSBTPEFUPEPUJFNQP5PEPFT BM
NJTNPUJFNQP QPTJCMF

#JCMJPHSBGÎB

#"3/&55  3POBME 


 $MBWFT QBSB FOUFOEFS MB 6OJWFSTJEBE FO VOB FSB EF
TVQFSDPNQMFKJEBE#BSDFMPOB1PNBSFT
#"6%3*--"3% +FBO 
&MPUSPQPSTÎNJTNP#BSDFMPOB "OBHSBNB
#"6%3*--"3% +FBO 
&MFTQFKPEFMBQSPEVDDJÓO#BSDFMPOB(FEJTB
$"45&--4 .BOVFM 
-BFSBEFMBJOGPSNBDJÓO7PMĢ.ÊYJDP 4JHMPııĢ
&$0 6NCFSUP 
,BOUZFMPSOJUPSSJODP#BSDFMPOB-VNFO
)&*%&((&3 .BSUJO 
4FSZUJFNQP.BESJE 5SPUUB
-6-- +BNFT 
.FEJPT DPNVOJDBDJÓO DVMUVSB#VFOPT"JSFT "NPSSPSUV
-:05"3% +FBO'SBOÉPJT 
-BDPOEJDJÓOQPTNPEFSOB#BSDFMPOB(FEJTB Q
3*',*/ +FSFNZ 
-BFSBEFMBDDFTP#BSDFMPOB 1BJEÓT
;*;&, 4MBWPK 
&MBDPTPEFMBTGBOUBTÎBT.ÊYJDP 4JHMPııĢ


&MTJHOP MBJNBHFOZFMFTQBDJPVOB
BQSPYJNBDJÓOEFTEFMBGFOPNFOPMPHÎB
EF)VTTFSM
3PNÃO"MFKBOESP$IÃWF[#ÃF[

-BT *OWFTUJHBDJPOFT MÓHJDBT 


 EF &ENVOE )VTTFSM BCSFO VO FTQBDJP QBSB
FM QFOTBS GFOPNFOPMÓHJDP B QBSUJS EFM DVBM UPEB MB GFOPNFOPMPHÎB TF IB JOUFSOBEP Z
EFUFSNJOBEP  JODMVZFOEP MB EFM QSPQJP )VTTFSM  BVORVF  DJFSUBNFOUF  FO FTUF DBTP 
DPO VO EFTQMB[BNJFOUP DPODFQUVBM GVOEBNFOUBM FO *EFBT * Z -ÓHJDB GPSNBM Z MÓHJDB
USBTDFOEFOUBM QPSFKFNQMP"TVWF[ FOMBNBZPSÎBEFMPTUFYUPTQPTUFSJPSFTDPNPMB
,SJTJTZMBT.FEJUBDJPOFT$BSUFTJBOBT PQFSBOUPEBWÎBMBTQSFNJTBTDPODFQUVBMFTEFMBT
*OWFTUJHBDJPOFTMÓHJDBT&TUPTVDFEFUPEBWÎBFOPCSBTRVFUJFOFORVFWFSEFGPSNBQSFDJTB
Z QBSUJDVMBS DPO OVFTUSP UFNB  OPT SFGFSJNPT BM 0SJHFO EF MB HFPNFUSÎB  -B DPTB Z FM
FTQBDJPZFMWPMVNFOııĢĢEF)VBRVFWFSTBTPCSFMBDPODJFODJBEFMBJNBHFO"QBSUJSEF
MPSFDJÊOTFÒBMBEP CVTDBSFNPT QBSBFTUBPDBTJÓO SFBMJ[BSVOBDPOFYJÓOEFMBTOPDJPOFT
EFTJHOP JNBHFOZFTQBDJPFOMBGFOPNFOPMPHÎBIVTTFSMJBOBUPNBOEPFODPOTJEFSBDJÓO 
TPCSFUPEP MBT*OWFTUJHBDJPOFTMÓHJDBT BVORVFDPOUFNQMBNPTVOEFTMJ[BNJFOUPDPODFQ
UVBMIBDJBMBT*EFBT*RVFUPNBNPTNVZFODVFOUB"TVNJFOEPBNCBTPCSBT QPEFNPT
PCUFOFSVOBDMBTJêDBDJÓODPNQMFUBEFMPTBDUPTRVFTPOEFOVFTUSPJOUFSÊT
 %FGPSNBNÃTFTQFDÎêDB QPEFNPTEFDJSRVFFMQSJNFSPCKFUJWPEFFTUFUSBCBKPFT
PGSFDFSVOBTVFSUFEFDMBTJêDBDJÓOEFMPTBDUPTEFDPODJFODJBPWJWFODJBTJOUFODJPOBMFT
RVF OPT QFSNJUB EJTUJOHVJS MPT BDUPT JNBHJOBUJWPT EF MPT TJHOJUJWPT DPOTJEFSBOEP  BM
NJTNPUJFNQP EBSDVFOUBFTRVFNÃUJDBZUFÓSJDBNFOUFEFEJDIBDMBTJêDBDJÓONFEJBOUF
MBUFPSÎBEFMBTGPSNBTEFBQSFIFOTJÓOEFMBT*OWFTUJHBDJPOFTPMBUFPSÎBEFMPTDBSBDUFSFT
EFMOÙDMFPOPFNÃUJDPEFMBT*EFBT*&MTFHVOEPPCKFUJWPTFSÃFYQPOFSFMDPODFQUPEF
FTQBDJPZ DPOFMMP FTUBCMFDFSVOBJOUFHSBDJÓODSÎUJDBFOUSFFMTJHOP MBJNBHFOZFMFTQBDJP
FOFMQFOTBNJFOUPZFOMBTEFTDSJQDJPOFTFMBCPSBEBT NBHOÎêDBNFOUF QPS)VTTFSM
 7BZBNPT QVFT BM BTVOUP NJTNP .FOUBS TJHOJUJWBNFOUF BMHP  JNBHJOBS  QFSDJ
CJS  FUDÊUFSB  TPO WJWFODJBT JOUFODJPOBMFT .FOUBS VO MFÓO DPO MB QBMBCSB DBTUFMMBOB
AMFÓO JNBHJOBSMPZQFSDJCJSMPTPO FOMBBDUJUVEOBUVSBMEFOVFTUSBDPUJEJBOJEBE BDUPT


EJGFSFOUFT-BEJGFSFODJBFOUSFFTBTWJWFODJBTQBSFDF EFFOUSBEB NVZDMBSB1FSPDPO
FMEFTQFSUBSEFMBSFëFYJÓO FTBEJGFSFODJBPCWJBFNQJF[BBDPNQMJDBSTF EJHBNPTRVF
FNQJF[BOMPTQSPCMFNBT QVFTUPRVFSFRVJFSFOTFSBDMBSBEPTEFUFSNJOBOUFNFOUFBMTFS
QVFTUPTFODVFTUJÓO ZDPOFMMPMBQSPQJBBDUJUVEOBUVSBM:FTRVFMBGFOPNFOPMPHÎB
IVTTFSMJBOBFT FOCVFOBNFEJEB SFëFYJWB-BGFOPNFOPMPHÎBTFNVFWFÎOUFHSBNFOUFFO
BDUPTEFSFëFYJÓO DPNPZBMPIBCÎBTFÒBMBEPOVFTUSPBVUPS%JHBNPTRVFBQBSUJSEFMB
SFëFYJÓOZBOPSFTVMUBUBOFWJEFOUFMBEJTUJODJÓOFOUSFMPTBDUPT QVFTEBSDVFOUBEFVOB
DMBTJêDBDJÓOQSFDJTBEFMBTWJWFODJBTJOUFODJPOBMFT FOTFOUJEPGFOPNFOPMÓHJDP FTIBSUP
DPNQMJDBEP"MSFTQFDUP IFNPTEFTFÒBMBSRVFOPQSFUFOEFNPTSFBMJ[BSVOBDMBTJêDBDJÓO
FYIBVTUJWB EF MPT BDUPT  TJOP RVF BUFOEFSFNPT TÓMP FM BDUP QFSDFQUJWP  JNBHJOBUJWP Z
TJHOJUJWP$POFMMPRVFSFNPTEFDJSRVFFTUBMJTUBFTNFSBNFOUFBSCJUSBSJBZQBSDJBM QFSP
QBSBOVFTUSPTêOFT PSJFOUBUJWB6OBDMBTJêDBDJÓOEFêOJUJWBZFYIBVTUJWBEFMPTBDUPTTF
BERVJFSFPCUFOJFOEPFMDSJUFSJPDMBTJêDBUPSJPCBKPMBUFPSÎBEFMBTGPSNBTEFBQSFIFOTJÓOZ
MBUFPSÎBEFMPTDBSBDUFSFTEFMOÙDMFPOPFNÃUJDPZFOTVWJODVMBDJÓOTJTUFNÃUJDBZDSÎUJDB
 "TÎQVFT QPEFNPTEFDJSEFFOUSBEBRVF)VTTFSM FOMBQSJNFSBEFMBT*OWFTUJHBDJP
OFT DPNJFO[BDPOVODBQÎUVMPDPOTBHSBEPBVOBTiEJTUJODJPOFTFTFODJBMFTuRVFNBSDBSÃO
MPT BOÃMJTJT VMUFSJPSFT %F IFDIP  UPEP FTF QSJNFS DBQÎUVMP EFCF TV DPIFSFODJB B VOB
EJTUJODJÓO RVF TF BOVODJB EFTEF FM QSJNFS QÃSSBGP -B QBMBCSB TJHOP UJFOF VO EPCMF
TFOUJEPFMTJHOPQVFEFTJHOJêDBSFYQSFTJÓOPTFÒBM&TUBEJTUJODJÓOFTZB EFBOUFNBOP 
QFSUJOFOUFQBSBOVFTUSPFTUVEJPQFSPMPRVFEFCFNPTBDMBSBSVSHFOUFNFOUFZEFGPSNB
EFDJTJWB FT RVF  QBSB OVFTUSPT JOUFSFTFT  IBZ VOB EJGFSFODJB EF NBZPS JNQPSUBODJB 
TFUSBUBEFVOBEJGFSFODJBEFMDBSÃDUFSEFMPTBDUPTRVFFTFOFMGPOEPVOBEJTUJODJÓO
JOUFODJPOBMRVFTFEBFOUSFMPTBDUPTRVFOPTPDVQBOFOFTUBPDBTJÓOZRVFZBIBOTJEP
TFÒBMBEPTDPOBOUFSJPSJEBE-BEJGFSFODJBEFDBSÃDUFSEFBDUPBQVOUBBVOBEJGFSFODJB
FOMBJOUFODJÓOFOTFOUJEPBNQMJP FTUPFT BMBBQSFIFOTJÓO&TUPRVJFSFEFDJSRVFFM
DBSÃDUFSEFMBJOUFODJÓOFTEJTUJOUPEFNBOFSBFTQFDÎêDBZQFDVMJBSFOVOBDUPQFSDFQUJWP 
JNBHJOBUJWPPTJHOJUJWP0USBTEJGFSFODJBT DPNPMBTEFNBUFSJBPDVBMJEBEJOUFODJPOBM
TVQPOFO  DPNP UBMFT  TFHÙO QVFEP BQSFDJBS  VO DBNCJP P NPEJêDBDJÓO EFM DBSÃDUFS
EFM BDUP #BKP FTUB QFSTQFDUJWB OP WBNPT B DPOUFNQMBS  QPS BIPSB  PUSBT EJGFSFODJBT 
TJOPRVFOPTBUFOFNPT FYDMVTJWBNFOUF BMBEJGFSFODJBEFDBSÃDUFSEFMBDUPPWJWFODJB
JOUFODJPOBM


 4JHVJFOEP DPO MBT EJTUJODJPOFT  QPS EFNÃT DPNVOFT Z TJFNQSF PQPSUVOBT FO
)VTTFSM BIPSBEFCFNPTEFDJSRVFMPTBDUPTJOUFODJPOBMFTTFDMBTJêDBOFOMBT*OWFTUJHB
DJPOFTFOEPTHSBOEFTSBNBTMPTBDUPTJOUVJUJWPTZMPTOPJOUVJUJWPTP UBNCJÊOMMBNBEPT 
WBDÎPT " TV WF[  MPT JOUVJUJWPT JODMVZFO P TF EJWJEFO FO EPT HSVQPT QFSDFQUJWPT F
JNBHJOBUJWPT1PSPUSPMBEP MPTBDUPTOPJOUVJUJWPTTÓMPDPOUFNQMBOMPTTJHOJUJWPTPTPO
FMMPTNJTNPTFYDMVTJWBNFOUFTJHOJUJWPT%FFTUFNPEP TÓMPIBZUSFTUJQPTEFBDUPTRVF
TFEJGFSFODJBOQPSMPTDBSBDUFSFTJOUFODJPOBMFTDPSSFTQPOEJFOUFTFMDBSÃDUFSQFSDFQUJWP 
FMJNBHJOBUJWPZFMTJHOJUJWP&MQSJNFSPFT QPSFKFNQMP DBQUBSVOBGPUPHSBGÎBDPNP
VOTJNQMFUSP[PEFQBQFMEBEPBMBQFSDFQDJÓONFSBNFOUFWJTVBM&MTFHVOEPFT QPS
FKFNQMP WFSBIPSBMBJNBHFOEFVOBQFSTPOBFOFTBNJTNBGPUPHSBGÎB QVFTWFSVOBGPUP
DPNPGPUP OPDPNPQBQFM FTWFSMPRVFFMMBSFQSFTFOUB FTUPFT JNBHFOFOUJÊOEBTF FT
DBQUBSMBJNBHFOEFMBQFSTPOBRVFOPFTUÃBOUFOPTPUSPTFOQFSTPOB QFSPRVFMBGP
UPHSBGÎB SFQSFTFOUB &M UFSDFSP FT  QPS FKFNQMP  TJ MP RVF DPOUFNQMP FO FTB GPUP FT MB
JNBHFOEF.BSYFOFTUFDBTPOPWFPMBGPUPDPNPVOUSP[PEFQBQFM BDUPQFSDFQUJWP
Z
UBNQPDPWFPVOBNFSBJNBHFODPNPJNBHFO FTUPFT SFQSFTFOUBDJÓO BDUPJNBHJOBUJWP

TJOPRVF CJFOQVFEPWFSRVFMPRVFWFP MPWFPDPOPMMFWBOEPBBDBCPVOBJOUFODJÓO
TJHOJUJWB DVZPPCKFUP MBGPUPEF.BSY
FTBIPSB QBSBNÎ TJHOPEFMDPNVOJTNPZP
EFMBJEFPMPHÎBTPDJBM QPMÎUJDBZFDPOÓNJDBEFMTPDJBMJTNP"OUFVOBNJTNBGPUP NJ
BDUJUVEFTEJTUJOUBNPEJêDÃOEPTFFMTFOUJEPEFMBDUPPWJWFODJBJOUFODJPOBMFOTVDBSÃDUFS
JOUFODJPOBMEFBDUP QVFTFMDPHJUBUVNVPCKFUPJOUFODJPOBM DJFSUBNFOUF FTEJTUJOUPFO
DBEBDBTPFKFNQMJêDBEPFOMBQSFTFOUFTJTUFNBUJ[BDJÓOEJTDVSTJWB
 "IPSBCJFO FO*EFBT*QSPQPOF)VTTFSMVOBDMBTJêDBDJÓONÃTFYBDUBFOUÊSNJOPT
GFOPNFOPMÓHJDPTZEFTDSJQUJWPT&OFTUBPCSBEF FMQBESFEFMBGFOPNFOPMPHÎB
FTUBCMFDFVOBEJTUJODJÓOCBTFFOUSFQFSDFQDJÓOZNPEJêDBDJPOFTEFMBQFSDFQDJÓO&O
FTUBTÙMUJNBTTFDMBTJêDBOMBNPEJêDBDJÓOSFQSPEVDUJWB RVFEBMVHBSBMSFDVFSEPZ
DPOFMMPBVOBGFOPNFOPMPHÎBEFMBNFNPSJBRVFUFOESÎBRVFWÊSTFMBTDPOMBDPODJFODJB
JOUFSOBEFMUJFNQP
MBNPEJêDBDJÓOJNBHJOBUJWBZMBTSFQSFTFOUBDJPOFTEFTJHOPT&O
FTUBDMBTJêDBDJÓOEF*EFBT*FTJNQPSUBOUFSFTBMUBSMBNPEJêDBDJÓORVFTVGSFFMDVBESP
DMBTJêDBUPSJP EF MBT *OWFTUJHBDJPOFT  BÒBEJFOEP MPT BDUPT SFQSPEVDUJWPT RVF OP FSBO
DPOTJEFSBEPTFOMBQSJNFSDMBTJêDBDJÓOBEFNÃTEFZBOPDPOTJEFSBSMBDMBTJêDBDJÓO
GVOEBNFOUBMFOUSFBDUPTJOUVJUJWPTZPJOUVJUJWPTEFTIBDJFOEPMBDMBTJêDBDJÓOCBTFEF
MBT*OWFTUJHBDJPOFTMÓHJDBT


 -P JNQPSUBOUF EF FTUF EFTQMB[BNJFOUP DPODFQUVBM Z DBNCJPT FO FM DVBESP
DMBTJêDBUPSJPFT FOQSJNFSMVHBS MBEJTUJODJÓOEFMBQFSDFQDJÓOEFUPEPTMPTEFNÃTBDUPT 
QVFTZBEFFOUSBEB DPOFMMP TFQBSBNPTMBQFSDFQDJÓOEFMBJNBHJOBDJÓO QVFTTJFNQSF
IB FYJTUJEP MB DPOGVTJÓO FO MB EJTUJODJÓO FOUSF VOB QFSDFQDJÓOQVSBNFOUF TFOTJCMF Z
VOB JNBHFO "M SFTQFDUP  TFHÙO NF QBSFDF  FM NJTNP )VTTFSM DBZÓ FO FTB DPOGVTJÓO
FOMBT*OWFTUJHBDJPOFT DPNPQPEFNPTQFSDBUBSOPTQPSFMDVBESPDMBTJêDBUPSJPEFFTB
ÊQPDBZFTRVF FOUJÊOEBTF FTDPNQMJDBEPEJGFSFODJBSMBJNBHFOEFMBQFSDFQDJÓOWJTVBM 
QPSFKFNQMP BMBCSJSMPTPKPT yDBQUPJNÃHFOFTPNFSBTQFSDFQDJPOFTWJTVBMFT )FBIÎ
FMFOSFEPRVF BNJQBSFDFS RVFEBTVQFSBEPFO*EFBT*ZTVDVBESPDMBTJêDBUPSJP&O
TFHVOEPMVHBS PFMTFHVOEPQVOUPBSFTBMUBSEFFTUPTDBNCJPT FTRVFTFQVFEFZBEBS
DVFOUBEFMBTJNÃHFOFTNFOUBMFTmZFTUPFTWFSEBEFSBNFOUFJNQPSUBOUFmBMJOUSPEVDJS
MBTNPEJêDBDJPOFTSFQSPEVDUJWBT:FTRVFQBSB)VTTFSMIBZEPTUJQPTEFJNÃHFOFTMBT
GÎTJDBTPMBJNBHFOPCKFUPZMBTNFOUBMFT-BTQSJNFSBTTFEBOEFNPEPQFSDFQUJWP GPUP 
DVBESP  UFMFWJTJÓO  FUDÊUFSB
 1FSP UBNCJÊO FYJTUFO MBT JNÃHFOFT NFOUBMFT FO MBT RVF
UBNCJÊOQVFEFBQPZBSTFMBJOUFODJÓOJNBHJOBUJWB&TUPRVJFSFEFDJSRVFMBJOUFODJÓO
JNBHJOBUJWB OP TÓMP TF BQPZB FO MBT JNÃHFOFT GÎTJDBT  TJOP UBNCJÊO FO MBT JNÃHFOFT
NFOUBMFT"TÎ QVFT BQBSUJSEFMBDUPSFQSPEVDUJWPQPEFNPTUFNBUJ[BSUFPSÊUJDBNFOUF
MBTJNÃHFOFTNFOUBMFTMBSFQSPEVDDJÓOFTVOBSFQSPEVDDJÓONFOUBMRVFTJSWFEFCBTF
B MB JNBHJOBDJÓO EBOEP MVHBS B VOB JNBHFO NFOUBM %F FTUF NPEP  TJ SFUPNBNPT FM
DVBESPDMBTJêDBUPSJPEF*EFBT* ZOPTVCJDBNPTEFOUSPEFMBNPEJêDBDJÓOJNBHJOBUJWB 
MBJNBHFOPQVFEFTFSQFSDFQDJÓOPNPEJêDBDJÓOSFQSPEVDUJWB"MTFSFTUPÙMUJNP MB
JNBHFO DPNPJNBHFONFOUBMOPFT FOUJÊOEBTF VOOVFWPDBSÃDUFSEFBDUP ZMPRVFIB
CSÎBRVFSFBMJ[BS FOUPEPDBTP QFSPNVZQFSUJOFOUF FT QPSEFDJSMPBTÎ VOBPOUPMPHÎBEF
MBJNBHFO FTUPFT EFUFDUBSWÎBGFOPNFOPMÓHJDBFMNPEPEFTFSEFVOBJNBHFONFOUBM
 &OFTUFQVOUPFTJNQPSUBOUFJOEJDBSVODPNFOUBSJPRVFJOUFOUBBDMBSBSRVFMBNP
EJêDBDJÓO DVBMJUBUJWB EF MBT *OWFTUJHBDJPOFT P MB NPEJêDBDJÓO EF OFVUSBMJEBE EF MBT
*EFBT* OPFTVOBNPEJêDBDJÓORVFQVFEBFOUSBSFOUSFMPTDBSBDUFSFTEFBDUP.ÃTCJFO 
FTUBNPEJêDBDJÓOJNQMJDBPUSPUJQPEFJOUFODJPOBMJEBE5PEPFTUPWJFOFQBSBTFÒBMBS
RVF MB NPEJêDBDJÓO DVBMJUBUJWB P EF OFVUSBMJEBE OP FT MB NPEJêDBDJÓO JNBHJOBUJWB
BVORVF  DJFSUBNFOUF  TF DPOGVOEBO -B NPEJêDBDJÓO EF OFVUSBMJEBE EB MVHBS B MB
DPODJFODJBEFMPCKFUPJNBHFODPNPVOBDPODJFODJBEFMBJNBHFOFOHFOFSBM)BZRVF
SFDPOPDFSRVFMPRVFTFEBDPNPOFVUSP TFEBiDPNPTJuOPUVWJFSBOJOHÙODBSÃDUFS


EFMBNPEBMJEBEEFTFS iDPNPTJuUPEBDVBMJEBEGÎTJDBIVCJFSBEFTBQBSFDJEP&OPUSPT
UÊSNJOPT FTUPRVJFSFEFDJSRVFMBBQSFIFOTJÓOJNBHJOBUJWBDPNPUBM RVFJNQMJDBMB
OFVUSBMJ[BDJÓOEFUPEPTVCTUSBUPNBUFSJBM FTVOBDPOEJDJÓOOFDFTBSJBQBSBFMBQBSFDFS
GFOPNFOPMÓHJDPEFMBJNBHFODPNPUBM4JOPIBZVOBDPODJFODJBEFiOFVUSBMJEBEu OP
IBZJNBHFO)VTTFSMFTUÃBMUBOUPEFFTUFBTQFDUPBMNFODJPOBSRVFMBiBDUVBMJEBEEF
MBQPTJDJÓOEFMBFYJTUFODJBFT<w>MPOFVUSBMJ[BEPFOMBDPODJFODJBQFSDFQUJWBEFVOB
iJNBHFOu7VFMUPTBMBiJNBHFOuOPBQSFIFOEFNPTDPNPPCKFUPOBEBSFBM TJOPKVTUP
VOBiJNBHFOuDPNPVOBêDDJÓOu MBJNBHFO FOUJÊOEBTF DPNPMBDPTBNJTNB4FUSBUB
EFWPMWFSBMBJNBHFONJTNB:FOTFHVJEBNFODJPOBOVFTUSPBVUPSRVFFMiBQSFIFOEFS
UJFOFMBBDUVBMJEBEEFFTUBSWVFMUPFMZPIBDJBBMHP QFSPOPFTVOBQSFIFOEFSASFBM TJOP
VO NFSP BQSFIFOEFS FO MB NPEJêDBDJÓO EFM ARVBTJ MB QPTJDJÓO OP FT VOB QPTJDJÓO
BDUVBM  TJOP NPEJêDBEB FO FM ARVBTJu &TUP RVJFSF EFDJS RVF  QBSB RVF FYJTUB VOB
DPODJFODJBEFMBJNBHFO TFEFCFFTUBSBQBSUBEPEFMBSFBMJEBEPCKFUJWBOBUVSBM&OMBT
JNÃHFOFTGÎTJDBT VODVBESP VOBGPUPHSBGÎB FUDÊUFSB
MPBQBSFDJEPDPNPJNBHFOFT
VOBJSSFBMJEBE FTMBJOUVJDJÓOEFMPOPQSFTFOUFRVFTFQSFTFOUBDPNPJSSFEVDJCMFBM
DBSÃDUFSDÓTJDPEFMTPQPSUFNBUFSJBM MJFO[P QBQFM FUDÊUFSB
&OMBGBOUBTÎBOPFYJTUFVO
TPQPSUFNBUFSJBM ZBRVFMBGBOUBTÎBOPFTJNBHFO QVFTMPGBOUBTFBEPOPFTSFUSBUPEF
BMHÙO PCKFUP &TUBNPT EJSJHJEPT JOUFODJPOBMNFOUF IBDJB VO PCKFUP EF MB JOUVJDJÓO
EF MP RVF TF BQBSFDF DPNP OP FTUBOEP QSFTFOUF %F BMHVOB NBOFSB  MB GBOUBTÎB Z MB
JNBHJOBDJÓOFTUÃOFOFUFSOPDPOëJDUPDPOMBSFBMJEBE-PJNBHJOBEPOPTFDPOGVOEF
DPO FM TPQPSUF NBUFSJBM Z MP GBOUBTFBEP OP FT VO FTUBEP NFOUBM " QSPQÓTJUP EF MB
JNBHJOBCJMJEBEEFDJNPTRVFIBZ
FMPCKFUPGÎTJDP MJFO[P QBQFM FUD

FMPCKFUP
JNBHFOPMBJNBHFOSFQSFTFOUBOUF
FMPCKFUPSFQSFTFOUBEP FMUFNBEFMBJNBHFO

&OêO MBNPEJêDBDJÓOEFOFVUSBMJEBEUSBOTGPSNBMBDVBMJEBEQPOFOUFEFVOBDUPFO
VOBOPQPOFOUF%FFTUFNPEP TFEBOSFQSFTFOUBDJPOFTEFMUPEPOFVUSBMJ[BEBTFOMBT
RVFOPIBZVOKVJDJPTPCSFMBFYJTUFODJBPJOFYJTUFODJBEFMPCKFUP FOMBTRVFMBUFTJTEFM
TFSFTOFVUSBMJ[BEB&TUBNPEJêDBDJÓOBGFDUBEFJHVBMNPEPBMPTEJGFSFOUFTDBSBDUFSFT
EFMBDUP QVFTQFSDFQDJÓO JNBHJOBDJÓOZTJHOPTPOOFVUSBMJ[BEPT1PSFMMP FTUBNPE
JêDBDJÓOOPFOUSBFOFMDVBESPDMBTJêDBUPSJPEFMPTDBSBDUFSFTEFMBDUPZQPSFMMPOP
EFCFDPOGVOEJSTFDPOMBNPEJêDBDJÓOJNBHJOBUJWB

*EFBTSFMBUJWBT PQDJU Q

*EFN


 6OBWF[BDMBSBEPFTUP QPEFNPTEBSDPOUJOVJEBEBOVFTUSPEJTDVSTP-BEJGFSFODJB
EFDBSÃDUFSEFMPTBDUPTJOUFODJPOBMFT TFHÙOMBUFPSÎBEFMBTGPSNBTEFBQSFIFOTJÓOEF
MBT*OWFTUJHBDJPOFT OPTEJDFRVFMPTBDUPTQFSDFQUJWP JNBHJOBUJWPZTJHOJUJWPQPTFFO
EJTUJOUBGPSNBEFBQSFIFOTJÓO ZMBEJGFSFODJBFTUSJCBFOMPTDPNQPOFOUFTGVOEBNFOUBMFT
EFEJDIPTBDUPT%FCFNPTSFDPSEBSBMSFTQFDUPRVFFMDPOUFOJEPJOHSFEJFOUFEFVOB
WJWFODJBJOUFODJPOBMTFDPNQPOFEFMBTJHVJFOUFNBOFSBNBUFSJB DVBMJEBEZDPOUFOJEPT
SFQSFTFOUBOUFT-PTDPOUFOJEPTSFQSFTFOUBOUFTTPOFMDPNQPOFOUFOPJOUFODJPOBMEFM
BDUP CBTFTPCSFMBDVBMTFDPOTUJUVZFMBDBQBJOUFODJPOBM-BNBUFSJBZMBDVBMJEBETPO
DPNQPOFOUFTJOUFODJPOBMFTEFMBDUP"TÎ MBNBUFSJBFTUÃFOFMBDUPZMFQSFTUBSFGFSFODJB
BMPCKFUP ZEFFTUFNPEPRVFEBEFUFSNJOBEPFMPCKFUPRVFFMBDUPNJFOUB"QBSUJSEF
MBDVBMJEBEFTQPTJCMFDMBTJêDBSMPTBDUPTFOPCKFUJWBOUFT RVFTFEJWJEFOFOQPOFOUFTZ
OPQPOFOUFT
ZMPTOPPCKFUJWBOUFT RVFTPOMPTBDUPTBGFDUJWPTPWPMJUJWPT
 -B EJGFSFODJB EF DBSÃDUFS EF MPT BDUPT RVF OPT JOUFSFTBO OP QSPWJFOF OJ EF MB
NBUFSJB OJ EF MB DVBMJEBE  QVFT VO BDUP QVFEF DBNCJBS EF NBUFSJB Z EF DVBMJEBE Z
QFSNBOFDFSDPNPBDUPEFMBNJTNBDMBTF-BEJTUJODJÓORVFFTUBNPTCVTDBOEPUJFOFRVF
WFSEFNPEPEJSFDUPDPOMPTDPOUFOJEPTSFQSFTFOUBOUFT QVFTVOPTBDUPT MPTTJHOJUJWPT

DBSFDFOEFDPOUFOJEPTSFQSFTFOUBOUFTBMTFSOPJOUVJUJWPTPWBDÎPT7FBNPT
 4JWFPFTDSJUBMBQBMBCSBDBTUFMMBOBiMFÓOu TFMMFWBBDBCPVOBDUPTJHOJUJWPFOFM
RVF NF SFêFSP B VO MFÓO  QFSP TJ FTUB QBMBCSB FTUÃ FTDSJUB DPO UJOUB OFHSB TPCSF VO
QBQFMCMBODP MPTDPOUFOJEPTSFQSFTFOUBOUFTTFSÃOTFOTBDJPOFTOFHSBTZCMBODBT ZFTUF
DPOUFOJEPSFQSFTFOUBOUFOPUJFOFOBEBRVFWFSDPOVOMFÓO&OUPODFTOPTFQVFEFBêS
NBSRVFFTBTNBODIBTOFHSBTTPCSFQBQFMCMBODPTPOFMSFQSFTFOUBOUFTFOTJCMFEFMBDUP
BMRVFNFSFêFSPBVOMFÓO-PRVFTÎTFQVFEFBêSNBSFTRVFFMBDUPTJHOJUJWPOPUJFOF
SFQSFTFOUBOUFTTFOTJCMFT TJOPRVFMPTSFQSFTFOUBOUFTMPTPOEFMPCKFUPJOUVJUJWPRVFMB
IBDFEFTJHOP QFSPOPEFDPODJFODJBTJHOJUJWB-PDPSSFDUPFTBêSNBSRVFMBTTFOTBDJPOFT
OFHSBTZCMBODBTTPOSFQSFTFOUBOUFTEFMBDUPFOFMRVFTFDPOTUJUVZFVOTJHOPFTUPFT MBT
MFUSBTDPNPPCKFUPTQFSDFQUJWPTZOPEFMBDUPBMRVFNFSFêFSPBMMFÓO PCKFUPNFOUBEP

#BKPFTUBQFSTQFDUJWBMBFTFODJBJOUFODJPOBMEFMBDUPFTUÃGPSNBEBFYDMVTJWBNFOUFQPS
MBNBUFSJBZMBDVBMJEBE%FMBFTFODJBJOUFODJPOBMEFMBDUPTFFYDMVZFOMPTDPOUFOJEPT
SFQSFTFOUBOUFT ZEFBIÎEFEVDJNPTRVFIBZBDUPTTJOFTPTDPOUFOJEPTMPTTJHOJUJWPT
 "IPSB êOBMNFOUFOPTRVFEBQPSFTUBCMFDFSFMQSPCMFNBEFMFTQBDJP1BSBFMMP
EFCFNPT QBSUJS EF MB JOBEFDVBDJÓO QFSDFQUJWB RVF DPOTJTUF FO FM FTDPS[BSTF EF MPT


DVFSQPTFOFMFTQBDJP%FCFNPTOPUBSRVFMBSFBMJEBETFOPTQSFTFOUBBTQFDUVBMNFOUF
#BKP FTUB QFSTQFDUJWB  FM DPOUFOJEP TFOTJCMF IBDF EF FTDPS[P EFM PCKFUP  QVFT TÓMP
SFQSFTFOUBVOBQBSUFEFÊM&MQSPCMFNBEFMBFTQFDJBMJEBEEFCFEBSDVFOUBEFMBSFMBDJÓO
FOUSFFMFTDPS[PZMPFTDPS[BEP&MFTDPS[PFTWJWFODJBZOPBMHPFTQBDJBM&MFTDPS[PFT 
JODMVTP JOUFSQSFUBEPQPS)VTTFSMDPNPTJHOPQPSMBTFNFKBO[BEFVOBQBSUFEFMPCKFUP
-BTFNFKBO[BFTMBDPSSFTQPOEFODJBFOUSFEPTFTQFDJFTRVFDPJODJEFOPRVFQVFEFO 
JODMVTP  TFS EJTUJOUBT  QFSP RVF EFOPNJOBO DPO FM NJTNP OPNCSF &O UPEP DBTP  FM
FTQBDJPFTMBGPSNBOFDFTBSJBEFMBTDPTBT QFSPOPEFMBTWJWFODJBTTFOTJCMFT&OUJÊOEBTF 
MBDPTBFTFTQBDJBM QFSPTFSÎBFSSÓOFPSFEVDJSMBBVOBTVNBEFTFOTBDJPOFT4FBDPNP
TFB MPJNQPSUBOUFFTIBCMBSEFMBDPOTUJUVDJÓOEFMFTQBDJPRVFUJFOFRVFWFSEFNBOFSB
EJSFDUBDPOFMNPWJNJFOUPEFMDVFSQPQSPQJP
1PSFMDVFSQPQPEFNPTNBOUFOFSVOBPSJFOUBDJÓOFOFMNVOEPQFSDFQUJWP&OFTUF
TFOUJEP FMDVFSQPFTFMiQVOUPDFSPuQPSMBDVBMTFEBEJDIBPSJFOUBDJÓOZVOBFTQBDJBMJEBE
QSPQJBEFMDVFSQP"QBSUJSEFNJDVFSQPZEFMBQFSDFQDJÓORVFUFOHPEFÊM FTDPNP
TFQVFEFIBCMBSEFMBDPOTUJUVDJÓOEFMNVOEPDJSDVOEBOUFZFMNVOEPFOHFOFSBM"TÎ
QVFT FOFTUSJDUPTFOUJEPGFOPNFOPMÓHJDP NJDVFSQPFTFMDFOUSPDPNPVOQVOUPDFSP
"DMBSBOEPFTUPTDPODFQUPT QPEFNPTEFDJSRVFNJDVFSQPFTMPRVFUJFOFFTQBDJBMJEBE
QSPQJBZMBFTQBDJBMJEBEEFUPEBTMBTDPTBTTFDPOTUJUVZFOFOSFGFSFODJBEJSFDUBBÊM1PS
PUSPMBEP DPNPIFNPTWJTUPFO)VTTFSM FMDVFSQPFTJNQPSUBOUFQBSBFMDPOPDJNJFOUP
EFMPTPUSPT FTEFDJS MBDPOTUJUVDJÓOEFMNVOEPEFMBJOUFSTVCKFUJWJEBE/PFTUÃQPS
EFNÃTBDMBSBSRVFMPRVFQFSNJUFMBQFSDFQDJÓOEFMPUSP FTEFDJS EFMDVFSQPEFMPUSP FT
QPTJCMFQPSNJQSPQJPDVFSQP&MDBNQPQFSDFQUJWPTFPSHBOJ[BFTQBDJBMNFOUFFOUPSOP
EFVOQVOUPEFSFGFSFODJBPDVQBEPQPSFMDVFSQPFMDVFSQPFTFMDFÒJUPBCTPMVUPEF
PSJFOUBDJÓO&MDVFSQPFOUSBFOFTDFOBFOVOQBQFMQSJWJMFHJBEPTJSWFEFJOUFSNFEJBSJP
FOUSFFMTVKFUPZFMPCKFUP
 'JOBMNFOUF EFTEFMBTDPPSEFOBEBTGFOPNFOPMÓHJDBTQFOTBNPTMBJNBHFODPNPMB
DPTBNJTNB 4BDIFOTFMCTU
IVTTFSMJBOBRVFOPQSFTVQPOFOBEBZDPOFMMPQFSNBOFDFNPT
êFMFTBMQSJODJQJPEFMBGBMUBEFTVQVFTUPT1FSPUBNCJÊO ZBDPNQBÒBOEPFTUBUFTJT IBZRVF
QFOTBSMBJNBHFODPNPEFTGPOEBEBFJOGVOEBEB TJOGPOEP HSVOEMPT
FOTVBVTFODJB
EFGVOEBNFOUP "C(SVOE
&TUPRVJFSFEFDJSRVFMBJNBHFO JOTUBMBEPTFOTVMÎNJUF
DPNPSFQSFTFOUBDJÓO ZBOPTFQVFEFFOUFOEFSDPNPUBM OJDPNPBMHPRVFSFQSFTFOUB
BMHP PUSP 2VJ[Ã FO FTUF QVOUP  FO FM DJFSSF EF VOB DPODFQDJÓO EF MB JNBHFO DPNP


SFQSFTFOUBDJÓO IBZRVFQFOTBSMBJSSVQDJÓOEFBMHPNÃT FOUPODFTRVJ[ÃTMBJNBHFOZBOP
NFSF[DBTFSOPNCSBEBJNBHFO QVFTIBCSÎBRVFMJCFSBSMBJNBHFOEFTVQSPQJPDPODFQUP
EF JNBHFO  QVFT FTF DPODFQUP JOEJDB DMBSBNFOUF  TFHÙO MB USBEJDJÓO  SFQSFTFOUBDJÓO
&TUFDBSÃDUFSEFSFQSFTFOUBDJÓOFTUÃFOFTUSFDIBSFMBDJÓODPOFMQSPCMFNBEFMTJHOPZTV
JOUFODJÓOTJHOJUJWB:FTRVFFMTJHOPQBSB)VTTFSMUJFOFSFMBDJÓODPOMBFYQSFTJÓOZMB
TFÒBM4FBDPNPTFB OJFMTJHOPOJMBJNBHFOTPOTFOTBDJPOFT BVORVFQBSBFMMPIBCSÎB
RVFQFOFUSBSEFMMFOPFOMBFTDVSSJEJ[BZEFMHBEBMÎOFBFOUSFMBJNBHFOZMBTFOTBDJÓOZ
BIPSBUBNCJÊOTJHOP&TUBDVFTUJÓOEFMBTFOTBDJÓO NFQBSFDF QVFEFDPOFDUBSOPTEF
GPSNBEJSFDUBBUSBWÊTEFMBTiDJOFTUFTJBTuPTFOTBDJPOFTEFNPWJNJFOUPDPOMBOPDJÓO
EFDVFSQPWJWJEP -FJC
ZÊTUFFOUFOEJEPDPNPÓSHBOPEFMBWPMVOUBE DPNPQVOUPDFSPEFM
FTQBDJPZEFMIBDFSFTQBDJP&TUFFTQBDJPFTWJWJEPGFOPNFOPMÓHJDBNFOUF
 $POFTUPDPODMVJNPTOVFTUSPFYBNFOEFTEFMBTNJTNBDPPSEFOBEBTIVTTFSMJBOBT 
FO FM RVF FTUPT USFT DPODFQUPT RVF BSUJDVMBO FTUF FTDSJUP TF NBOJêFTUBO FO VOB MÓHJDB
GFOPNFOPMÓHJDB BVORVFUPEBWÎBFTUPFTUÃQPSEFTBSSPMMBSTFDPSSFDUBNFOUF&T FOUJÊO
EBTF TÓMPVOBBOPUBDJÓO&OêO MPFMBCPSBEPIBTUBFMNPNFOUPFTTÓMPVOBQSJNFSB
BQSPYJNBDJÓO VOBQSJNFSBPDVSSFODJB QPSEFDJSMPBTÎ"EFNÃT RVJ[ÃIBCSÎBRVFIJMBS 
MPQSFTFOUBEPBRVÎBUFOUBNFOUFDPOMBTFNJÓUJDB

#JCMJPHSBGÎB

)VTTFSM & 


*OWFTUJHBDJPOFTMÓHJDBT  .BESJE"MJBO[B&EJUPSJBM

)VTTFSM & 


*OWFTUJHBDJPOFTMÓHJDBT  .BESJE"MJBO[B&EJUPSJBM

)VTTFSM & 


*EFBTSFMBUJWBTBVOBGFOPNFOPMPHÎBQVSBZVOBêMPTPGÎBGFOPNFOPMÓHJDB
.ÊYJDP%''POEPEF$VMUVSB&DPOÓNJDB


"QVOUFTQBSBDPNQSFOEFS
OVFTUSPNVOEPFMÊDUSJDP
+FTÙT0DUBWJP&MJ[POEP.BSUÎOF[

&O FTUF USBCBKP QBSUJNPT EF MB QSFNJTB EF RVF FM GFOÓNFOP FMÊDUSJDP EFUFSNJOB MBT
QSÃDUJDBTTPDJBMFTZDVMUVSBMFTEFOVFTUSPNVOEPDPOUFNQPSÃOFP ZRVFTPOMPTNFEJPT
EF DPNVOJDBDJÓO MPT RVF NBSDBO MB QBVUB EF MB TJHOJêDBDJÓO TPDJBM RVF QFSNJUFO
FOUFOEFSMBTOPDJPOFTEFFTQBDJPZUJFNQP
 4FÒBMBNPTMBJNQPSUBODJBEFMBDPNVOJDBDJÓOFOMBDPOêHVSBDJÓOEFVOBDVMUVSB 
BTVNJFOEPRVFMBOBUVSBMF[BEFMNFEJPEFEJGVTJÓODVNQMFVOBGVODJÓOFTFODJBMFO
MBEJTFNJOBDJÓOEFMDPOPDJNJFOUPTPCSFFMUJFNQPZTPCSFFMFTQBDJP QPSMPRVFSFTVMUB
OFDFTBSJPFTUVEJBSMBTDBSBDUFSÎTUJDBTEFMNFEJPZDPOPDFSTVJOëVFODJBFOTVDPOUFYUP
DVMUVSBM)BSPME"*OOJTQMBOUFÓRVFMPTNFEJPTEFDPNVOJDBDJÓODPODBSBDUFSÎTUJDBT
GÎTJDBTQFTBEBTZEVSBCMFTQFSNJUFOMBEJTFNJOBDJÓOEFMDPOPDJNJFOUPFOFMUJFNQP Z
TJQPSFMDPOUSBSJPFMNFEJPFTMJHFSPZGÃDJMEFUSBTQPSUBS QBQJSP FUDÊUFSB
QFSNJUFMB
EJTFNJOBDJÓOEFMDPDJNJFOUPFOFMFTQBDJP&OFTUFPSEFOEFJEFBTMBTUBCMJMMBTEFCBSSP
ZMBFTDSJUVSBNPOVNFOUBMFOQJFESBFOGBUJ[BOFMUJFNQPZMBDPOUJOVJEBE SFMJHJÓO
FO
EFUSJNFOUPEFQSPCMFNBTEFMFTQBDJPDPNPMBBENJOJTUSBDJÓOPMBKVSJTQSVEFODJB *OOJT

y$VÃMFTFMDBTPEFMBFOFSHÎBFMÊDUSJDBZEFMPTNFEJPTFMFDUSÓOJDPTBMPTRVFEBQJF
 &MÊOGBTJTRVFTFMFEÊBMEFTBSSPMMPEFUFDOPMPHÎBTFTQFDÎêDBTRVFQSJWJMFHJFO ZB
TFBFMÊOGBTJTFOFMFTQBDJPPFOFMUJFNQP IBCMBSÃEFMUJQPEFTJHOJêDBDJÓOTPDJBMRVF
VOBDVMUVSBMFPUPSHBDPNPWBMPSBMBUSBOTNJTJÓOEFMDPOPDJNJFOUP *OOJT
"MIBDFS
FTUPTFEJTDVUFUBNCJÊOBDFSDBEFMBTJHOJêDBDJÓOEFMBDPNVOJDBDJÓOZTVSPMFOFM
EFTBSSPMMPPFOFMEFDMJWFEFMBTDVMUVSBT

4PCSFMBTJHOJêDBDJÓOTPDJBMZVOBQVOUFNFUPEPMÓHJDP
-PRVFIBDFQSPQJBNFOUFTFNJÓUJDPFMFTUVEJPEFVOQSPCMFNBFTFMÊOGBTJTQVFTUPFOMB
TJHOJêDBDJÓOEFVOEFUFSNJOBEPGFOÓNFOP1FSP yFYJTUFBMHÙOBTQFDUPEFVOGFOÓNFOP
TPDJBMRVFOPUFOHBRVFWFSDPOTVTJHOJêDBDJÓO 1BSBEFMJNJUBSFMQSPCMFNB FMFOGP
RVFTFNJÓUJDPTFSWJSÃDPNPVOBHVÎBDSÎUJDBQBSBFWBMVBSMPTQBSBEJHNBTZMBTDPSSJFOUFT
WJHFOUFTZQBSBKVTUJêDBSMBTPQDJPOFTRVFWBZBNPTFTUBCMFDJFOEP .BHBSJÒPT



 -B NÃYJNB QSBHNÃUJDB JEFBEB QPS $ 4 1FJSDF OPT BZVEB B DMBSJêDBS MPT
DPODFQUPTBCTUSBDUPTRVFUFOFNPTFONFOUFZRVFFNQMFBNPTDPNPHFOFSBMJ[BDJPOFT 
BTVNJFOEPRVFTVTJHOJêDBEPFTDPNQBSUJEPQPSUPEPT FH5JFNQP &TQBDJP &OFSHÎB 
-V[  FUDÊUFSB
 QFSP IBCSÃ RVF BQMJDBS FTUB NÃYJNB B MPT DPODFQUPT BCTUSBDUPT RVF
UPNBNPTQPSWÃMJEPTQBSBJEFOUJêDBSMPTVTPTFTQFDÎêDPTRVFMFTEBOTFOUJEPTJFNQSF
DPOVOGVOEBNFOUPQSBHNÃUJDPCBTBEPFOMBPCTFSWBDJÓOFNQÎSJDB
 1BSBBOBMJ[BSMBNBOFSBFORVFVOBUFDOPMPHÎBUSBOTGPSNBBMPTTVKFUPTRVFFOUSBO
FODPOUBDUPDPOFMMB OPTQSFHVOUBSFNPTSFTQFDUPBFMMB
y2VÊGBDVMUBEEFMIPNCSF
BHSBOEB P JODSFNFOUB  
 y2VÊ PUSB UFDOPMPHÎB EFTHBTUB P EFKB PCTPMFUB  
 y2VÊ
SFDVQFSBRVFIBZBFTUBEPBOUFTFOEFTVTP 
y2VÊJOWJFSUFPDBNCJBDVBOEPTFMP
FNQVKBIBTUBFMMÎNJUFEFTVQPUFODJBM "MIBDFSFTUPQPESFNPTEJTUJOHVJSOPTPMBNFOUF
BMBUFDOPMPHÎBFTQFDÎêDBRVFOPTJOUFSFTBBOBMJ[BS êHVSB
TJOPUBNCJÊOVCJDBSFNPTFM
DPOUFYUPBMRVFUSBOTGPSNB GPOEPiHSPVOEu
BTÎDPNPMBUÊDOJDBRVFEFKBPCTPMFUBZ
BRVFMMPRVFSFDVQFSB.FEJBOUFFTUFNPEFMPUFUSÃEJDPMPHSBSFNPTEFTDSJCJSFMJNQBDUP
ZMBTUSBOTGPSNBDJPOFTRVFMPTQBSBEJHNBTUFDOPMÓHJDPTIBOJNQVFTUPFOTVUJFNQP
.D-VIBO

 "RVÎQBSUJNPTEFMBIJQÓUFTJTEFRVFMBJODPSQPSBDJÓOEFMBFMFDUSJDJEBEBMNVOEP
GÎTJDP TPDJBMZDVMUVSBMDPONPDJPOÓBMPSEFONPEFSOPBQBSUJSEFMTJHMPıįĢĢĢGVOEBO
EP  FOUSF PUSPT BTQFDUPT  MB EJTUJODJÓO FOUSF MP OBUVSBM Z MP BSUJêDJBM &M FTUVEJP EF MB
DPONPDJÓOPDBTJPOBEBQPSMBJOUFHSBDJÓOEFMBFMFDUSJDJEBEBMNVOEPZBMBTTPDJFEBEFT
OPTQFSNJUFBCPSEBSVOPEFMPTGFOÓNFOPTQSJNPSEJBMFTQBSBMBDPNQSFOTJÓOEFMBÊQP
DBBDUVBMMBUSBOTJDJÓOEFMEPNJOJPUÊDOJDPEFMBOBUVSBMF[BBMBOBUVSBMJ[BDJÓOEFMB
UÊDOJDB .BSJOJFMMP
4JFOFMQBTBEPMBFMFDUSJDJEBETJHOJêDÓQBSBMBIVNBOJEBEMBTBMJEB
EFMBTUJOJFCMBTZNPUJWPEFBTPNCSPZEFDVSJPTJEBEFTDJFOUÎêDBT BIPSBMBFMFDUSJDJEBE
CBOBMJ[BEBOPTSFNJUFBVOBSFBMJEBEJOWJTJCMFZPNOJQSFTFOUF&MFTUVEJPEFMQBSBEJHNB
FMÊDUSJDPOPTQFSNJUJSÃFOUFOEFSUPEBMBDPNQMFKJEBEEFFTUBOBUVSBMJ[BDJÓO5SBUBSFNPT
EFNPTUSBSMPTEJGFSFOUFTBTQFDUPTEFMGFOÓNFOPFMÊDUSJDPBUSBWÊTEFMPTDVBMFTMBFMFD
USJDJEBEQFOFUSÓFMNVOEPGÎTJDP TPDJBMZDVMUVSBM SFEVOEÃOEPMPZEPUÃOEPMPEFVOBOVF
WBEJOÃNJDB EFTFODBEFOBOEPVOQSPDFTPEFSFEFêOJDJÓOEFDBUFHPSÎBTEFQFOTBNJFOUP
DPNPOVFTUSBDPODFQDJÓOEFMFTQBDJPZFMUJFNQP
 /PT CBTBNPT FO VOB USJQMF EFêOJDJÓO EF MB FMFDUSJDJEBE MB FMFDUSJDJEBE DPNP
VO QBSBEJHNB  MB FMFDUSJDJEBE DPNP VO NFEJP Z MB FMFDUSJDJEBE DPNP FOFSHÎB -B


FMFDUSJDJEBEDPNPQBSBEJHNBTFSÃDPODFCJEPFOVOBNFEJEBNVDIPNÃTBNQMJBRVFMB
FTUBCMFDJEBQPS54,VIOB
-BFMFDUSJDJEBEDPNPQBSBEJHNB DPNPVOQSJTNBEF
MBNPEFSOJEBEDPNPVOTPQPSUFEFiGBOUBTNBHPSÎBTu #FOKBNJO
ZDPNPMBQSFNJTB
EF MB iFSB FMÊDUSJDBu .D-VIBO
 EPOEF MBT DPNQVUBEPSBT  MB *OUFSOFU Z FO HFOFSBM
MPT BSUFGBDUPT QSPQJPT EF MB UFDOPMPHÎB EJHJUBM TF QSFTFOUBO DPNP NFUÃGPSBT  TÎNJMFT
EFMDFSFCSPIVNBOPFOMBTDJFODJBTEFMIPNCSFC
-BFMFDUSJDJEBEDPNPVONFEJP
%FTEFFMUFMÊHSBGPIBTUBMB*OUFSOFU QFSNJUFMBDPNVOJDBDJÓOJOTUBOUÃOFBRVFUSBTQBTB
MBTGSPOUFSBTFTQBDJBMFT&MMBFTUBCMFDFVOBSFDPOêHVSBDJÓOEFMFTQBDJPZEFMUJFNQP 
ZDPOTFDVFOUFNFOUFEFMBTQSÃDUJDBTTPDJBMFT1PSMBVOJêDBDJÓOEFMPTDÓEJHPTBMPT
RVF IB EBEP QJF  MB FMFDUSJDJEBE IB USBOTGPSNBEP FM NPEP EF HFOFSBDJÓO EF UFYUPT 
JNÃHFOFTZTPOJEPTZEFMBDPNVOJDBDJÓOFOHFOFSBMD
-BFMFDUSJDJEBEDPNPFOFSHÎB
-B FMFDUSJDJEBE TFSÃ FOUFOEJEB OP DPNP VOB DPOEJDJÓO BNCJFOUBM P VO FMFNFOUP
DSFBEPSEFTFOUJEPTJOPDPNPVOBFOUJEBEBDUJWB$POTUJUVZFVOBEFMBTiGVFS[BTuEF
MBUJFSSBEFTEFUJFNQPTJONFNPSBCMFT-BFMFDUSJDJEBEIBSFFNQMB[BEPBPUSBTGVFOUFT
EFFOFSHÎB DPNPFOTVNPNFOUPBMDBSCÓOFOMBQSPEVDDJÓOJOEVTUSJBM"DUVBMNFOUF
FMëVKPFMÊDUSJDPFTFMSFTQPOTBCMFEFMCVFOGVODJPOBNJFOUPEFVOBFDPOPNÎB FMDPSUF
EFM TVNJOJTUSP FMÊDUSJDP JNQMJDB MB QBSBMJ[BDJÓO EF CVFOB QBSUF EF MB BDUJWJEBE
FDPOÓNJDB  Z FO DBTPT EF UFNQFSBUVSB FYUSFNBEBNFOUF CBKB  QVFEF EFUFSNJOBS MB
TVQFSWJWFODJBEFBMHVOPTDJVEBEBOPT .BSJOJFMMP

 "QBSUJSEFMBTJEFBTEF.BSTIBMM.D-VIBO QMBOUFBEBTFOTVMJCSP-B(BMBYJB
EF (VUFOCFSH  SFTQFDUP B OVFTUSP NVOEP FMÊDUSJDP QPEFNPT SFUPNBS EPT BTQFDUPT
GVOEBNFOUBMFTQBSBDPOTUSVJSOVFTUSBJOWFTUJHBDJÓOMBNFUÃGPSBZMBFMFDUSJDJEBE4PCSF
MBQSJNFSBOPTEJDFRVFFMMFOHVBKFFTVOBNFUÃGPSBFOFMTFOUJEPEFRVFFMQSJODJQJP
EFJOUFSDBNCJPFOOVFTUSPSBDJPDJOJPQFSNJUFUSBTMBEBSOVFTUSBFYQFSJFODJBEFVOPT
TFOUJEPTBPUSPT3FTQFDUPBMBFMFDUSJDJEBEmGFOÓNFOPRVFEBGPSNBBOVFTUSPNVOEP
HMPCBMJ[BEPmOPTEJDF.D-VIBORVFOPFTVOBDPTBRVFëVZFTJOPRVFFTMBDPOEJDJÓO
RVF PCTFSWBNPT DVBOEP IBZ DJFSUBT SFMBDJPOFT FTQBDJBMFT FOUSF DPTBT 1BSFDF RVF MB
FOFSHÎBFMÊDUSJDBFTVODPODFQUPBCTUSBDUPRVFOPTFQVFEFWJTVBMJ[BSTJOPFTFOGPSNB
EFMV[yRVÊJNQMJDBDJPOFTUJFOFFTUFSFEVDDJPOJTNP 
 5PNBS MB MV[ QPS MB FOFSHÎB FMÊDUSJDB JNQMJDB WBSJBT GPSNBT EF SB[POBNJFOUP
MÓHJDP1PEFNPTJEFOUJêDBSWBSJBTêHVSBTSFUÓSJDBTDPNPNVFTUSBEFFTUPTJOFTUFTJB 
FO MB NFEJEB RVF TF TVTUJUVZF VOB FYQFSJFODJB TFOTJCMF QPS PUSB TJOÊDEPRVF  FO MB


NFEJEBRVFTFUPNBVOBGPSNBEFFOFSHÎB MVNÎOJDB
QPSFMUPEPEFMBFOFSHÎBFMÊDUSJDB
.FUPOJNJB BMUPNBSMV[QPSFMFDUSJDJEBE FGFDUPQPSMBDBVTB


#JCMJPHSBGÎB

#FOKBNJO 8BMUFS 


MMVNJOBUJPOT7BSJBTFEJDJPOFT

)BWFMPDL &SJD 


-BNVTBBQSFOEFBFTDSJCJS3FëFYJPOFTTPCSFPSBMJEBEZFTDSJUVSB
EFTEFMB"OUJHÛFEBEIBTUBFMQSFTFOUF#BSDFMPOB 1BJEÓT

Innis, Harold. (2003) The Bias of Communication. Toronto, University of Toronto


Press.

Magariños, Juan. “Guía elemental para un proyecto de investigación” en Manual de


estudios semióticos. En línea 15/01/2007 XXXBSDIJWPTFNJPUJDBDPN

Mariniello, Silvestra. “L’électricité la puissance d’el artifice”. Protocolo de inves-


tigación. Quebec, Universidad de Montreal, 2006.

.D-VIBO .BSTIBMM 


6OEFSTUBOEJOH.FEJBѮF&YUFOTJPOTPG.BO/FX:PSL
.D-VIBO .BSTIBMM 
ѮF(VUFOCFSH(BMBYZ/FX:PSL
.D-VIBO .BSTIBMM 
-BBMEFBHMPCBM#BSDFMPOB (FEJTB
.D-VIBO .BSTIBMM 
i*OUSPEVDUJPOUP)BSPME"EBNT*OOJTu*O*OOJT )"ѮF
#JBTPG$PNNVOJDBUJPO QQWJJYWJ
5PSPOUP 6OJWFSTJUZPG5PSPOUP1SFTT

Peirce, Charles Sanders. (1955) Philosophical Writing of Peirce. Edited by Justus


Buchler. Dover, NY.

Thomas S. Kuhn. -BFTUSVDUVSBEFMBTSFWPMVDJPOFTDJFOUÎêDBT, 1962.


-BDPOêHVSBDJÓOEFMFTQBDJPQÙCMJDP
6OBDFSDBNJFOUPB'BDUJDJEBEZWBMJEF[
0TDBS&TQJOPTB.JKBSFT

-B JOUFODJÓO EF MB QSFTFOUF QPOFODJB FT EFNBSDBS VO NPNFOUP QBSUJDVMBS EFM
DVSTP HFOFSBM EF VOB JOWFTUJHBDJÓO TPCSF FM FTQBDJP QÙCMJDP FO MB êMPTPGÎB QPMÎUJDB
DPOUFNQPSÃOFB " QBSUJS EF VOB QSJNFSB MFDUVSB EF 'BDUJDJEBE Z WBMJEF[  EF +ÛOHFS
)BCFSNBT NFHVTUBSÎBIBDFSVOBTDPOTJEFSBDJPOFTQSFMJNJOBSFTTPCSFMBDPOêHVSBDJÓO
EFMFTQBDJPQÙCMJDPDPNPTFEFTBSSPMMBFOFTUBPCSB3FDVSSJSBFTUFUFYUPTJHOJêDB QPS
VOMBEP NPTUSBSMBBDUVBMJEBERVFBÙOUJFOFFTUFDPODFQUPQBSBMBSFëFYJÓOêMPTÓêDB
EFMBVUPS BTÎDPNPNPTUSBSMBTUSBOTGPSNBDJPOFTZHÊOFTJTEFMNJTNP&TQFDÎêDBNFOUF 
RVJFSPDFOUSBSMBBUFODJÓOEFFTUBCSFWFFYQPTJDJÓOFOMBQSFHVOUBTPCSFRVÊFTMPRVF
DPOTUJUVZFFMiFTQBDJPuEFMPQÙCMJDP1BSBJOJDJBS FTJNQPSUBOUFSFDPSEBSRVFFOTV
UFYUPPSJHJOBMTPCSFFMUFNB UFTJTEFIBCJMJUBDJÓORVFTFQVCMJDÓFODPOFMUÎUVMP&M
DBNCJPFTUSVDUVSBMEFMBQVCMJDJEBE *OWFTUJHBDJPOFTTPCSFVOBDBUFHPSÎBEFMBTPDJFEBE
CVSHVFTB
 )BCFSNBT 
 OP IBCMB FTQFDÎêDBNFOUF EF FTQBDJP QÙCMJDP TJOP EF
QVCMJDJEBECVSHVFTB ZBOBMJ[BMBTUSBOTGPSNBDJPOFTEFFTBQVCMJDJEBEEFTEFTVTPSÎHFOFT
FO FM TJHMP ıįĢĢĢ IBTUB TV SBEJDBM USBOTGPSNBDJÓO FO FM TJHMP ıı 4JO FNCBSHP  TJUÙB
DJFSUPTSFGFSFOUFTNBUFSJBMFTZQSÃDUJDBTTPDJBMFTFOMBTDVBMFTiBODMBSuFMEJTDVSTPTPCSF
MPQÙCMJDP&MDPOUFOJEPJEFBMOPSNBUJWPEFMPQÙCMJDPDPNPQSÃDUJDBEFEFMJCFSBDJÓO
ZGPSNBDJÓOEFMKVJDJPDSÎUJDPTFWFSFëFKBEPFOMBêTPOPNÎBEFMBVSCFEFMTJHMPıįĢĢĢ 
FOMBTQSÃDUJDBTTPDJBMFTDPNPMBDSÎUJDBEFBSUF MBEJTDVTJÓOMJUFSBSJBPMBEFMJCFSBDJÓO
EF JOUFSFTFT DPNVOFT  BTÎ DPNP UBNCJÊO TF SFëFKB FO DJFSUPT NFEJPT EF MB ÊQPDB 
QSJODJQBMNFOUFMBQSFOTB-BJNQSFOUB FOMBNFEJEBFORVFEJTFNJOBVOBDVMUVSBEF
MBFTDSJUVSBZMBMFDUVSB QSFTFOUBFMNFKPSUFSSFOPTPCSFFMDVBMQSPZFDUBSFMEJTDVSTP
TPCSFMPQÙCMJDPDPNPMVHBSEFBSHVNFOUBDJÓOZEFMJCFSBDJÓO
 &M EJBHOÓTUJDP RVF )BCFSNBT IBDF TPCSF MB QVCMJDJEBE FTUÃ DPOTUBOUFNFOUF
PTDJMBOEPFOUSFFTUBTUSFTEJNFOTJPOFTEJTUJOUBT1PSVOMBEP MPQÙCMJDPSFêFSFBVO
DPOUFOJEPFNQÎSJDPRVFFTEFUFSNJOBOUFQBSBTVEFTBSSPMMPBRVÎMBOFDFTJEBEEFTFHVJS
MBTUSBOTGPSNBDJPOFTTPDJBMFTZMPTDBNCJPTFDPOÓNJDPTEFMNPEFMPEFQSPEVDDJÓO BTÎ
DPNP SFWJTBS DVÃMFT GVFSPO MPT DBNCJPT iNBUFSJBMFTu NÃT TJHOJêDBUJWPT EFM TJHMP ıı


RVFMMFWBSÎBOBMPRVF)BCFSNBTMMBNBVOBiSFGFVEBMJ[BDJÓOEFMBFTGFSBQÙCMJDBu1PS
PUSPMBEP FMMJCSPSFWJTBFMDPOUFOJEPêMPTÓêDPRVFQFSNJUJÓTFQFOTBSBMPQÙCMJDPEFTEF
MB QFSTQFDUJWB JEFPMÓHJDB RVF BDPNQBÒÓ B MBT EJGFSFOUFT ÊQPDBT &M BTQFDUP DSÎUJDP
EF TV USBCBKP  MB NBOFSB FO MB RVF )BCFSNBT UFKF FM OÙDMFP EF TV EJTDVSTP TPCSF MP
QÙCMJDP QSFDJTBNFOUFFOFTUBTJOUFSTFDDJPOFT TFJODMVZFFOMBQFSTQFDUJWBRVFBDVEF
BVOFRVJMJCSJPEFMPTFMFNFOUPTiNBUFSJBMFTuFiJEFBMFTuRVFFTUÃOJNQMJDBEPTFOMB
OPDJÓOEFFTQBDJPQÙCMJDP&TFTUFVOQSJNFSBTQFDUPTPCSFFMRVFNFHVTUBSÎBMMBNBS
MBBUFODJÓO ZBRVFFTQSFDJTBNFOUFMBBSRVJUFDUVSBEFEJDIBFTUSVDUVSBEFMPQÙCMJDP MB
RVFOPTJOWJUBZBCSFVODBNQPEFFYQMPSBDJÓORVFIBCSÎBEFWFSTFUSBOTGPSNBEPQPS
MBDPNQMFKJEBEEFOVFTUSBTPDJFEBEDPOUFNQPSÃOFB
 &TUBHFOFBMPHÎBEFMDPODFQUPFOMPTFTDSJUPTEFMêMÓTPGPBMFNÃO RVFFTUBSÎBNBS
DBEBQPSFMFKF)JTUPSJBZDSÎUJDBEFMBPQJOJÓOQÙCMJDB'BDUJDJEBEZ7BMJEF[ NVFTUSBVO
EFTQMB[BNJFOUPEFMBNJSBEBFOFMEJBHOÓTUJDPRVF)BCFSNBTIBDFTPCSFMBFTGFSBEFMP
QÙCMJDP)BDJBFMêOBMEF)JTUPSJBZDSÎUJDB TFNVFTUSBDPNPJOFWJUBCMFFMEFSSVNCFEFM
FTQBDJPQÙCMJDPBQBSUJSEFMBTFHVOEBNJUBEEFMTJHMPııZMBJONJOFOUFEFTQPMJUJ[B
DJÓO EF MB WJEB EFNPDSÃUJDB -BT SBÎDFT JMVTUSBEBT  UBOUP EFM NPEFMP EF FTQBDJP QÙ
CMJDPDPNPEFMBDVMUVSBEFNPDSÃUJDBEFMJCFSBUJWB TFWFSÎBODPPQUBEBTQPSMBTUSBOT
GPSNBDJPOFTNFEJÃUJDPQVCMJDJUBSJBTEFMBQPMÎUJDBHFTUBEBTFOFMTJHMPıı%BEBTFTUBT
DPOEJDJPOFT MBQPMÎUJDBTFDPOWJFSUFFOVOFTQFDUÃDVMPNFEJBUJ[BEPRVFSFêFSFNÃTBM
NPEFMPEFiQVCMJDJEBESFQSFTFOUBUJWBu RVF)BCFSNBTBOBMJ[BFOMBTGPSNBTDPSUFTBOBT
EFMPQÙCMJDP RVFBMNPEFMPEFMJCSFSBDJPDJOJPFTUBCMFDJEPQPSFMTJHMPıįĢĢĢ FTUFÙMUJNP
TJFOUBMBTCBTFTOPSNBUJWBTQBSBDPOTJEFSBSFMJEFBMEFMJOUFSDBNCJPZMBDPOTUJUVDJÓO
QPMÎUJDBEFMBTTPDJFEBEFTEFNPDSÃUJDBT
 6OPEFMPTQSJODJQBMFTBUSJCVUPTRVF)BCFSNBTSFTDBUBEFMBTOVFWBTGPSNBTEF
DSÎUJDB QSJNFSPMJUFSBSJBZEFTQVÊTQPMÎUJDBRVFIBCSÎBEFEBSTFFOMPTTBMPOFTZDBGÊT
EVSBOUFFMTJHMPıįĢĢĢ FTMBQBSJEBE-BQSPDFEFODJBZKFSBSRVÎBTPDJBMOPPQFSBNÃT
FOMBEFGFOTBEFDJFSUBTPQJOJPOFTTPCSFQPMÎUJDB FDPOPNÎBPBSUF4ÓMPTPCSFMBCBTF
EFFTUBQBSJEBE FMRVFOBEJFUVWJFSBVOBQBMBCSBVOHJEBEFDJFSUBBVUPSJEBE TFQPEÎB
DPOTUSVJSVOBSHVNFOUP%FBIÎRVFFOFTUFFTQBDJPEFJOUFSDBNCJPTPDJBM)BCFSNBT
FODVFOUSF MPT PSÎHFOFT EF MB GVODJÓO SBDJPOBM Z EFMJCFSBUJWB EFM FTQBDJP QÙCMJDP &M
VTPQÙCMJDPEFMBSB[ÓODPNPNFEJPQBSBMBDPOTUJUVDJÓOEFMBWJEBQPMÎUJDB"QBSUJS
EF MBT FTUSVDUVSBT TPDJBMFT FNFSHFOUFT  Z ZB JOTUBMBEBT UPUBMNFOUF FO FM TJHMP ıįĢĢĢ 


BDVEJNPTBVOBJOTUJUVDJPOBMJ[BDJÓOEFMBDSÎUJDB)BZVOBDPOEJDJÓOEFSFDJQSPDJEBE
FOMBRVFWFNPTRVFFMFTQBDJPQÙCMJDPQFSNJUFZTVSHF TJNVMUÃOFBNFOUF EFEJDIB
JOTUJUVDJPOBMJ[BDJÓO&TUBTêHVSBTEFMPVSCBOPIBDFOQBUFOUF TFHÙO)BCFSNBT MBJOT
UBVSBDJÓO EF VO NPEFMP EF SBDJPOBMJEBE QSÃDUJDB &T EFDJS  MB EFMJCFSBDJÓO TF UFKF
DPOKVOUBNFOUFDPOMBTQSÃDUJDBTDPUJEJBOBTEFWJEBDVMUVSBMZ  TJOPTJFNQSFTFMPHSB
JOTUBVSBS EJDIB NPSBMJEBE  TF NVFTUSB DPNP VO JEFBM  FT EFDJS  IBZ VO DPOUFOJEP
OPSNBUJWPRVFEFSJWBEFDJFSUBTQSÃDUJDBTIJTUÓSJDBT-BQSFHVOUBTPCSFTJSFBMNFOUF
TVDFEJÓBRVFMMPRVF)BCFSNBTQBSFDFOBSSBSVUÓQJDBNFOUF OPOFDFTBSJBNFOUFEFT
NBOUFMBFMBSHVNFOUPIBCFSNBTJBOP ZBRVFEFTEFVOJOJDJPFMêMÓTPGPBMFNÃOTFÒBMB
FMDPOUFOJEPQSFTDSJQUJWPEFTVCÙTRVFEBIJTUPSJPHSÃêDB )FME 

 &TUBT DPOEJDJPOFT JNQMBOUBEBT JEFBMNFOUF FO FM TFOP EFM TJHMP ıįĢĢĢ  TF WFSÃO
EFUFSJPSBEBTQPSMBTQSÃDUJDBTQPMÎUJDBTEFMıı-BUBSFBQPMÎUJDBTFWFTVQMBOUBEBQPSMPT
NFEJPTEFDPNVOJDBDJÓOEFNBTBT ZMFKPTEFMBQSPNPDJÓOEFFTUBMJCSFEFMJCFSBDJÓO
SBDJPOBMTFQBSBEBEFMBTJOTUBODJBTEFQPEFS TFQSPNVFWFVOOVFWPBDVFSEPFOUSFMBQV
CMJDJEBE BIPSB FOUFOEJEB DPNP NBSLFUJOH
 MPT JOUFSFTFT FDPOÓNJDPT UBOUP EF MB
BENJOJTUSBDJÓO DPNP EF MBT FNQSFTBT  MB TVTUJUVDJÓO EF MB OFHPDJBDJÓO QPMÎUJDB QPS
MBTiSFMBDJPOFTQÙCMJDBTu ZFTUPOFDFTBSJBNFOUFDPOMMFWBMBEFTQPMJUJ[BDJÓOEFMFTQBDJP
QÙCMJDP TVBVUPOPNÎBTFWFTVQMBOUBEBQPSMBTDPOEJDJPOFTFDPOÓNJDPQPMÎUJDBTRVF
EFUFSNJOBOTVFKFSDJDJP-BiSFGFVEBMJ[BDJÓOEFMBFTGFSBQÙCMJDBuEJMVZFMPTMÎNJUFTZ
VNCSBMFTOFDFTBSJPTFOEPOEFMPDPNÙOTFHFTUBCBFOFMJOUFSDBNCJPZOFHPDJBDJÓOEF
MBTEJTUJOUBTFTGFSBTQÙCMJDPZQSJWBEBTRVFEFUFSNJOBCBOMBWJEBTPDJBM&OMBOBSSBUJWB
EF)BCFSNBTTFNVFTUSBMBJOFWJUBCJMJEBEEFEJDIBUSBOTGPSNBDJÓOZTFQSFUFOEF IBDJB
FMêOBMEFMBPCSB IBDFSVOQBOPSBNBEFSFTDBUF FTEFDJS FWBMVBSMBTGPSNBTQPSMBT
DVBMFTTFQPESÎBSFUPNBSMBJEFBEFVOFTQBDJPQÙCMJDPRVFMFKPTEFOFVUSBMJ[BSMPTF
WVFMWB VOBWF[NÃT QPMÎUJDBNFOUFBDUJWP
 $VBOEPMFFNPTFMQSÓMPHPBMBSFFEJDJÓOBMFNBOBEF)JTUPSJBZDSÎUJDB FTDSJUP
FO   WFNPT DÓNP )BCFSNBT SFDPOPDF Z SFUPNB DJFSUBT DSÎUJDBT RVF TF IBCÎBO
EFTQSFOEJEP EF VO MBSHP EFCBUF QPTUFSJPS B MB SFDFQDJÓO EF TV UFYUP &M QSÓMPHP TF
WVFMWF TJOUPNÃUJDP QPS MP NFOPT FO USFT BTQFDUPT FM EFCBUF TPCSF MB OPDJÓO EF MP
QÙCMJDPJOBVHVSBEPQPS)BCFSNBTUPNBVOBOVFWBSFMFWBODJBBQBSUJSEFMBEÊDBEB
EFMPTOPWFOUB USBOTGPSNBEPQPSMBUFSNJOPMPHÎBEFTPDJFEBEDJWJMZDJVEBEBOÎB1PS
PUSPMBEP MBTUSBOTGPSNBDJPOFTUBOUPEFFTBFTGFSBEFMPQÙCMJDPDPNPEFMFTUBEPEF


MBDVFTUJÓOUFÓSJDB TFFODVFOUSBOSBEJDBMZWFSUJHJOPTBNFOUFUSBOTGPSNBEPTEFTQVÊT
EFUSFJOUBBÒPT MPRVFTVHJFSFVOBOVFWBDPOTJEFSBDJÓOTPCSFFMUFNB'JOBMNFOUF ZEF
SJWBEP EF FTUF TFHVOEP QVOUP  )BCFSNBT IBDF OPUBS MB SBEJDBMJEBE EF TV EJBHOÓTUJDP
TPCSFFMEFSSVNCFEFMPQÙCMJDPFOFMTJHMPııZQPTUVMBVOBQFSTQFDUJWBNÃTBCJFSUBDPO
SFTQFDUPBMUFNBiTJIPZNFBUSFWJFSBBJOWFTUJHBSVOBWF[NÃTFMDBNCJPFTUSVDUVSBMEFMB
QVCMJDJEBE OPTBCSÎBRVÊSFTVMUBEPUFOESÎBQBSBVOBUFPSÎBEFMBEFNPDSBDJB2VJ[ÃVOP
RVFEJFSBNPUJWPQBSBVOBFTUJNBDJÓONFOPTQFTJNJTUBZQBSBVOBQFSTQFDUJWBNFOPT
EFTBêBOUF NFSBNFOUFQPTUVMBUPSJB RVFMBTRVFEJFOTVEÎBu )BCFSNBT  Q

 -VLF(PPEF 
FYQPOFRVFHSBOQBSUFEFMUSBCBKPUFÓSJDPEF)BCFSNBT FTQF
DJBMNFOUFFMFMBCPSBEPFOMPTÙMUJNPTBÒPT QSFUFOEFSFFMBCPSBSFMEJBHOÓTUJDPQSFTFOUBEP
FO)JTUPSJBZDSÎUJDBTPCSFFMEFTUJOPUSÃHJDPEFMBFTGFSBQÙCMJDBy$ÓNPTBMWBHVBSEBSMB
UFOEFODJBRVFFOUPODFTQBSFDÎBJOFWJUBCMF FOMBRVFTFMFÎBRVFBVOBNBZPSFYQBOTJÓOZ
EJTFNJOBDJÓOEFMSÊHJNFOEFNPDSÃUJDP MBFTGFSBEFMPQÙCMJDP FMFNFOUPDPOTUJUVZFOUF
EFEJDIPSÊHJNFO
OFDFTBSJBNFOUFTFEFUFSJPSBCBZEFOJHSBCB
 $PNPUSBTGPOEPUFÓSJDPEFMQSFGBDJPBMBFEJDJÓOEF QPEFNPTDJUBSBMHVOPT
FTUVEJPTQSFWJPTB'BDUJDJEBEZWBMJEF[ RVF)BCFSNBTJODMVZÓFOTVMJCSPFOGPSNBEF
BQÊOEJDFT&TQFDJBMNFOUF i-BTPCFSBOÎBQPQVMBSDPNPQSPDFEJNJFOUPu DPOGFSFODJB
RVF)BCFSNBTFTDSJCJÓFOQBSBMBDPONFNPSBDJÓOEFMTFHVOEPDFOUFOBSJPEFM
JOJDJPEFMBSFWPMVDJÓOGSBODFTB&OFMMBFMêMÓTPGPBMFNÃOSFDVQFSBMBGVFS[BOPSNBUJWB
QBSBOVFTUSPQSFTFOUFEFDJFSUBTJEFBTQSPEVDJEBTFOFTFQFSJPEPIJTUÓSJDP-PRVFNF
JOUFSFTBSFTBMUBSEFEJDIPUFYUPFTRVFFOÊMTFFODVFOUSBVOBSFDPOTJEFSBDJÓOTPCSF
FMFTQBDJPQÙCMJDP QMBOUFBEBFOUÊSNJOPTEFWJEBVSCBOB EJGFSFOUFTPCSFBRVFMMBFMB
CPSBEBFO)JTUPSJBZDSÎUJDB

&OMPTDFOUSPTVSCBOPTTFEJCVKBOMPTSBTHPTEFVOUSÃêDPTPDJBMRVFWJFOF
DBSBDUFSJ[BEPQPSGPSNBTEFFYQSFTJÓOTPDJBMNFOUFEFTEJGFSFODJBEBTBMBWF[
RVFQPSFTUJMPTEFWJEBJOEJWJEVBMJ[BEPT/PSFTVMUBGÃDJMEFTDJGSBSMBBNCJWBMFOUF
êTPOPNÎBEFFTUFGFOÓNFOP&TEJGÎDJMEFDJSTJFTUBiTPDJFEBEEFDVMUVSBuTÓMP
SFëFKB FM NBM VTP RVF FO UÊSNJOPT DPNFSDJBMFT Z EF FTUSBUFHJB FMFDUPSBM TF
IBDFEFMBiGVFS[BEFMPCFMMPu FTEFDJS VOBDVMUVSBEFNBTBTTFNÃOUJDBNFOUF
EFTDPMPSJEBZEFUJQPQSJWBUJTUB PTJQPESÎBSFQSFTFOUBSMBDBKBEFSFTPOBODJBEF
VOFTQBDJPQÙCMJDPSFWJUBMJ[BEP FOFMRVFQVEJFTFQSPQJBNFOUFGSVDUJêDBSMB
TJFNCSBEFMBTJEFBTEF )BCFSNBT 



 &TUF UFYUP OP QSPGVOEJ[B FO MB EJTDVTJÓO  TJOP RVF TJNQMFNFOUF EFKB BIÎ FTB
iDPOEJDJÓOBNCJHVBuEFMPQÙCMJDPDPOUFNQPSÃOFP6OGFOÓNFOPBNCJWBMFOUFQPSFM
RVFOPTFUPNBQBSUJEP NÃT TJOFNCBSHP ZBUBNQPDPTFDPOEFOBDPNPVOBUFOEFO
DJBJSSFWFSTJCMFEFMEFUFSJPSPEFMBFTGFSBQÙCMJDB$POMBTPMBNFODJÓOEFMBiBNCJWBMFODJB
EFMGFOÓNFOPu )BCFSNBTJOEJDBVOEFTQMB[BNJFOUPFOMBNJSBEBZVOBUSBOTêHVSB
DJÓOEFMBÓQUJDBRVFUFOÎBFO1BSFDFRVFFMFTQBDJPEFMPQÙCMJDPFTBIPSBVO
MVHBSBMDVBMIBCSÃEFWJODVMBSTFNFEJBOUFFTUSBUFHJBTRVFiOFHPDJFOuMBQPMBSJEBERVF
FTUFFTQBDJPEFNBSDB"MBOBMJ[BSFTUBQFSTQFDUJWB WFNPTRVFTFSFOVODJBUBOUPBMB
BQFMBDJÓOOPTUÃMHJDBBVOQBTBEPJEFBMJ[BEP DPNPBMBDPOEFOBEFMBTiOVFWBTGPSNBTu
EFMPQÙCMJDP-BOFHPDJBDJÓOUFÓSJDBQBSUFEFFTUBEJTUBODJBZ QPSPUSPMBEP TFQSFUFOEF
DPNPNFEJBEPSBEFVOPQUJNJTNPJSSBDJPOBMZVOQFTJNJTNPJOUFMFDUVBMJ[BOUF
 6O FTDSJUP DPNP i4PCFSBOÎB QPQVMBS DPNP QSPDFEJNJFOUPu IBDF NVDIP NÃT
FYQMÎDJUP FM JOUFSÊT EF )BCFSNBT QPS USBUBS FYDMVTJWBNFOUF MBT DPOEJDJPOFT EF FTUB
OPSNBUJWJEBE EF MP QÙCMJDP Z MB NJSBEB QSPTQFDUJWB DPO MB RVF )BCFSNBT SFDVSSF
B MBT JEFBT EF  BSUJDVMBS FTF QBTBEP FO MB NFEJEB FO RVF TF DPOWJFSUF FO VOB
JOEBHBDJÓOTPCSFFMQSFTFOUF&OFTUFÙMUJNPBSUÎDVMP FMFTQBDJPQÙCMJDPFTWJTUPDPNP
MBJOTUBODJBNFEJBEPSBFOUSFVOQPEFSBENJOJTUSBUJWP FTQFDÎêDBNFOUFQPMÎUJDP ZPUSP
DPNVOJDBUJWP "RVÎ FM FTQBDJP EF MP QÙCMJDP UJFOF RVF WFS DPO MB DVFTUJÓO TPCSF MB
GPSNBDJÓOEFSB[ÓOZWPMVOUBEQÙCMJDBT QBSBFMMP TFBOBMJ[BOMBTSFMBDJPOFTFOUSFMPT
TJTUFNBTEFDPOUSPMBENJOJTUSBUJWPZMPTFTQBDJPTQÙCMJDPTBVUÓOPNPT RVFTJCJFOOP
UJFOFO MB QPTJCJMJEBE EF IBDFS EFDJTJPOFT  TÎ QVFEFO DPOêHVSBSEF NBOFSB JOGPSNBM
VO QPEFS DPNVOJDBUJWP RVF DVFTUJPOF MPT QSPDFTPT EF HPCJFSOP "M IBCMBS TPCSF MB
JOUFSBDDJÓOFOUSFMPTEJTUJOUPTFMFNFOUPTRVFDPOêHVSBSÎBOFTUBNFEJBDJÓOOPSNBUJWB
EFMPQÙCMJDP )BCFSNBTIBDFWFSDVÃMFTMBQFSTQFDUJWBEFTEFMBRVFTFQVFEFQMBOUFBS
DPOUPEBMJCFSUBEVOBDPOêHVSBDJÓOEFMPQPMÎUJDPFOUÊSNJOPTQSFTDSJQUJWPT

<w>IBCSFNPTEFFYQMJDBSDÓNPFOQSJODJQJPFTQPTJCMFRVFMBNPSBMDJVEBEBOB
ZFMJOUFSÊTEFDBEBDVBMTFFOUSFMB[BOFOUSFTÎ1BSBRVFFMDPNQPSUBNJFOUP
QPMÎUJDPOPSNBUJWBNFOUFTVHFSJEP ZBVOFYJHJEP TFBFYJHJCMFEFWFSEBE FTUP
FT TFBFYJHJCMFFOFMTFOUJEPEFQPEFSTFSTVQPOJCMF TJORVFUBMTVQPTJDJÓO
SFQSFTFOUF OJOHÙO FYDFTP  MB TVTUBODJB NPSBM EF MB BVUPMFHJTMBDJÓO RVF FO
3PVTTFBVDBTJTFDPOUSBÎBDPNQBDUBNFOUFBVOÙOJDPBDUP IBCSÃEFEFTDPN


QPOFSTFZEFTHSBOBSTFFONÙMUJQMFTQFRVFÒBTQBSUÎDVMBTBUSBWÊTEFEJTUJOUPT
OJWFMFTZFUBQBTEFMQSPDFTPQSPDFEJNFOUBMJ[BEPEFGPSNBDJÓOEFMBPQJOJÓOZ
MBWPMVOUBE )BCFSNBT 


"RVÎFTOFDFTBSJPFOGBUJ[BSFMNBSDPEFTEFFMRVFSFëFYJPOB)BCFSNBTVOUFSSJUPSJP
RVFIBEFMJEJBSDPOFMKVFHPFOUSFMPRVFFTFYJHJCMFZMPRVFQVFEFTFSTVQVFTUP FTEFDJS 
VONBSDPEFMFHJUJNBDJÓOTPCSFFMDVBMTFQVFEBFTQFSBSBMHPEFVODPNQPSUBNJFOUP
QPMÎUJDP-BQPOEFSBDJÓOOPSNBUJWB DPNPWFSFNPTNÃTBEFMBOUF FOVOBBêSNBDJÓO
EF )BCFSNBT  UJFOF RVF WFS DPO iBMUFSOBUJWBT RVF FO QSJODJQJP TPO QPTJCMFTu :B OP
IBZVOBDPOEFOBFYQMÎDJUBTPCSFFMEFUFSJPSPEFMPQÙCMJDPTJOPRVFTFJOUFOUB BQBSUJS
EF DJFSUBT SFMBDJPOFT TPDJPQPMÎUJDBT EBEBT  QMBOUFBS VO FTDFOBSJP RVF SFTVMUF GBDUJCMF
Z RVF TFB EFTFBCMF 1BSB FMMP FM DSJUFSJP EF WBMPSBDJÓO UJFOF RVF WFS DPO VO UJQP EF
DPNQPSUBNJFOUPQPMÎUJDPiJEFBMuFOMBNFEJEBFORVFFTiEFTFBCMFu

-PTQSPDFEJNJFOUPTEFNPDSÃUJDPTFTUBUVJEPTFOUÊSNJOPTEF&TUBEPEFEFSF
DIP FTMPRVFIFNPTWJTUP QFSNJUFOFTQFSBSSFTVMUBEPTSBDJPOBMFTFOMBNFEJEB
FO RVF MB GPSNBDJÓO EF MB PQJOJÓO EFOUSP EF MBT JOTUBODJBT QBSMBNFOUBSJBT
QFSNBOF[DBTFOTJCMFBMPTSFTVMUBEPTEFVOBGPSNBDJÓOJOGPSNBMEFMBPQJ
OJÓOFOFMFOUPSOPEFFTUBTJOTUBODJBT GPSNBDJÓORVFOPQVFEFCSPUBSTJOP
EF FTQBDJPT QÙCMJDPT BVUÓOPNPT 4JO EVEB FTUF TFHVOEP QSFTVQVFTUP  FM
QSFTVQVFTUPEFVOFTQBDJPQÙCMJDPQPMÎUJDPOPIJQPUFDBEP FTVOQSFTVQVFTUP
DBSFOUFEFSFBMJTNPQFSPCJFOFOUFOEJEP OPTFMPQVFEFDBMJêDBSEFVUÓQJDP
FOVOTFOUJEPQFZPSBUJWP1VFTQPESÎBDVNQMJSTFBNFEJEBFORVFTVSHJFTFO
BTPDJBDJPOFTGPSNBEPSBTEFPQJOJÓOFOUPSOPBMBTRVFQVEJFTFODSJTUBMJ[BS
FTQBDJPTQÙCMJDPTBVUÓOPNPT Z SFTVMUBOEPFTUPTQFSDFQUJCMFTDPNPUBMFT JO
USPEVKFTFODBNCJPTFOFMFTQFDUSPEFMPTWBMPSFT MPTUFNBTZMBTSB[POFTRVFFO
MPTNFEJPTEFDPNVOJDBDJÓOEFNBTBT FOMBTPSHBOJ[BDJPOFTGPSNBMFT ZFOMPT
QBSUJEPTTÓMPTFDBOBMJ[BOBUSBWÊTEFSFMBDJPOFTEFQPEFS EFTMJNJUBOEPJOOP
WBEPSBNFOUFFTFFTQFDUSPBMBWF[RVFêMUSÃOEPMPDSÎUJDBNFOUF1FSPFOÙMUJNB
JOTUBODJBMBGPSNBDJÓO MBSFQSPEVDDJÓO ZMBJOëVFODJBEFUBMSFEEFBTPDJBDJPOFT
EFQFOEFSÃTJFNQSFEFVOBDVMUVSBQPMÎUJDBJHVBMJUBSJBZEFNFOUBMJEBEMJCFSBM 
TFOTJCMFBMPTQSPCMFNBTEFMBTPDJFEBEHMPCBM EFVOBDVMUVSBQPMÎUJDBÃHJM 


NÓWJMZBÙOOFSWJPTB EFVOBDVMUVSBQPMÎUJDBFODPOTUBOUFWJCSBDJÓO FOVOB
QBMBCSB EFVOBDVMUVSBQPMÎUJDBDBQB[EFSFTPOBS )BCFSNBT 


4JNFQFSNJUÎUBOMBSHBDJUBFTQPSRVFVOBEFMBTNFUÃGPSBTNÃTTJHOJêDBUJWBTFO'BDUJDJ
EBEZWBMJEF[ QBSBDBSBDUFSJ[BSFMFTQBDJPEFMPQÙCMJDP FTMBEFVOBiDBKBEFSFTPOBODJBu
EJDIPFTQBDJPFTWJTUPDPNPVOFTQFDUSPTPOPSPDPOTUSVJEPBQBSUJSEFJOUFSBDDJPOFT
BDÙTUJDBT&OFTUBDJUBiSFTVFOBuFMFTQÎSJUVDSÎUJDPBQBSUJSEFMDVBM)BCFSNBTFMBCPSB
TVQSPQVFTUBTPCSFMPQÙCMJDPZ FOUÊSNJOPTNÃTHFOFSBMFT TVWJTJÓOEFMBQPMÎUJDB
DPNP VO FTQBDJP OPSNBUJWBNFOUF DPOêHVSBEP -B QSFHVOUB RVF FTUÃ EFUSÃT EF FTUF
ÃOJNPBSSBJHBEPFOMBTJEFBTiGSVDUÎGFSBTEFMBJMVTUSBDJÓOu UJFOFRVFWFSDPOBRVFMMB
QSFHVOUBLBOUJBOBTPCSFyRVÊFTMPRVFOPTDBCFFTQFSBS 4JOFNCBSHP BMTJUVBSMBEJT
DVTJÓO FO FM NBSDP EFM SFBMJTNP  )BCFSNBT IBDF WFS RVF TV SFDPOTUSVDDJÓO UFÓSJDB
FTUÃBSSBJHBEBUBOUPFOMPTNPNFOUPTiDPODSFUPTuFOMPTRVFIBZSFMBDJÓOEFQPEFS 
IBZJOTUJUVDJPOFT FTUBEPEFEFSFDIPZQPEFSDPNVOJDBUJWP GPSNBMFJOGPSNBM
DPNP
FOMPTNPNFOUPTiJEFBMFTuRVFBMDPOTJEFSBSDJFSUBTDPOEJDJPOFTEFDBSÃDUFSGÃDUJDP
QPTUVMBO QPTJCMFT SFTQVFTUBT 4F DPODJCFO DJFSUPT iVTPTu EF FTB iJOGSBFTUSVDUVSBu  TF
QSPZFDUB VO FTDFOBSJP EFTFBCMF RVF FTQFSB VO DPNQPSUBNJFOUP EF DBSÃDUFS QSÃDUJ
DPGPSNBEPSBDJPOBMNFOUF FTEFDJS TFDPOTUSVZFVONBSDPEFWBMJEF["TÎ MPQÙCMJDP
QBSFDFFTUBSFOFMVNCSBMFOUSFBRVFMMBTDBSBDUFSÎTUJDBTRVFMPDPOTUJUVZFONBUFSJBMZ
TPDJBMNFOUF DPNPBRVFMMBTDBSBDUFSÎTUJDBTRVFMPIBOEFGPSNBSZUSBOTGPSNBS RVFMP
EFMJNJUBOOPSNBUJWBNFOUF RVFMPQSPZFDUBOJEFBMNFOUFFOUÊSNJOPTEFVOBBDUJUVE
PSJFOUBEBBMBQSBYJT
 1BSBêOBMJ[BS FTBRVÎEPOEFNFHVTUBSÎBBUFOFSNFBTÓMPVOQBSEFBTQFDUPTEFMB
MFDUVSBEF)BCFSNBTTPCSFFMFTQBDJPQÙCMJDPFO'BDUJDJEBEZWBMJEF[&OQSJNFSMVHBS 
NF QBSFDF RVF MB FTUSVDUVSB RVF VUJMJ[B QBSB MB FMBCPSBDJÓO EF VOB OPDJÓO TPCSF MP
QÙCMJDPQVFEFTFSSFQFOTBEBFOUÊSNJOPTEFMBTOVFWBTQSÃDUJDBTTPDJBMFT BTÎDPNPEF
MPTNFEJPTEJTQPOJCMFTQBSBMBDPOTUSVDDJÓOEFEJDIPFTQBDJP&MEFTQMB[BNJFOUPEFTV
NJSBEBQFSNJUFBTVWF[SFDPOêHVSBSMBOPDJÓOEFMPQÙCMJDPBQBSUJSEFMBNBUFSJBMJEBE
UFDOPMÓHJDPDPNVOJDBUJWB EF MB TPDJFEBE DPOUFNQPSÃOFB TJO OFDFTBSJBNFOUF MMFWBS
B VOB DPOEFOB EF MB JOëVFODJB TPCSF EJDIPT NFEJPT FO MB QPTJCJMJUBDJÓO EF MBT
QSÃDUJDBTEFNPDSÃUJDBTEFMPQPMÎUJDP-BTPDJFEBEDJWJMQVFEFVUJMJ[BSEJDIPTNFEJPT
FOMBDPOTUSVDDJÓOBVUÓOPNBEFMPTFTQBDJPTQÙCMJDPT QBSBQFSNJUJSRVFVOëVKPEF


DPNVOJDBDJÓOJOGPSNBMQVFEBUFOFSVOJNQBDUPFOMBGPSNBDJÓOEFQPMÎUJDBTEFVO
TJTUFNBBENJOJTUSBUJWP
 &MFTQBDJPEFMPQÙCMJDP QSPDFEF)BCFSNBT OPQVFEFTFSEFêOJEPBQBSUJSEFMPT
DPODFQUPTUSBEJDJPOBMFTEFPSEFOTPDJBM FTEFDJS OPFTVOBJOTUJUVDJÓO UBNQPDPVOB
PSHBOJ[BDJÓOOPDBCFWFSMPDPNPVOFOUSBNBEPEFOPSNBT OJUBNQPDPDPNPVOTJT
UFNB&MFTQBDJPEFMPQÙCMJDPQVFEFTFSFOUFOEJEPDPNPVOBSFEBQBSUJSEFMBDVBMTF
BUSBQBOMPTDPOUFOJEPTJOGPSNBMNFOUFQSPEVDJEPTQPSMBJOUFSBDDJÓOTPDJBMy$VÃMFT
TPOMPTIJMPTDPOMPTRVFTFUFKFEJDIBSFE y$VÃMFTTPOMBTJOUFSBDDJPOFTFTQPOUÃOFBT
RVFMPHSBODSJTUBMJ[BSMPZEBSMFVOBêHVSBSFDPOPDJCMF "NCBTQSFHVOUBTUJFOFORVF
WFSDPONJJORVJFUVEQSJODJQBMFOFTUFDBQÎUVMPEF)BCFSNBT BTBCFS MBNBUFSJBMJEBE
EFMFTQBDJPEFMPQÙCMJDP MBDPODFQDJÓOTPCSFEJDIPFTQBDJPZMBGPSNBFOMBRVFMBT
JOUFSBDDJPOFTTJNQMFTEFVONVOEPEFMBWJEBBIPSBSBEJDBMNFOUFUSBOTGPSNBEPQVFEFO
DPOUSJCVJSBBSUJDVMBSMPQPMÎUJDBNFOUF&OFTUFTFOUJEP FTUBSÎBQFOTBOEPBRVÎ NÃTRVF
FMEJTDVSTPOPSNBUJWPRVFBDPNQBÒBMBDBSBDUFSJ[BDJÓOIBCFSNBTJBOB FOMBUPQPMPHÎB
EFMPQÙCMJDP MPTTJUJPTZMVHBSFTFOMPTRVFTFDPOEFOTBEJDIBêHVSB MPTNFEJPTRVF
MP DPOTUJUVZFO Z QPS FMMP MP QVFEFO USBOTGPSNBS Z SFJOWFOUBS 1BSB UPNBS QSFTUBEB
VOB EF MBT BDFQDJPOFT RVF BM UÊSNJOP EF MP iQÙCMJDPu EBO 0TLBS /FHU Z "MFYBOEFS
,MVHF QFOTBSMPQÙCMJDPDPNPiVODPODFQUPFTQBDJBMRVFEFOPUBMPTTJUJPTTPDJBMFTP
OJWFMFTFOEPOEFMPTTJHOJêDBEPTTPONBOVGBDUVSBEPT EJTUSJCVJEPTFJOUFSDBNCJBEPTu
/FHUZ,MVHF 
)BCFSNBTIBDFÊOGBTJTFOMBWBMFODJBFTQFDÎêDBRVFUJFOFQBSB
FMUÊSNJOPEFMPQÙCMJDPFTUBiFTQBDJBMJEBEuFOMBRVFZBQBSUJSEFMBDVBMIBCSÎBRVF
QFOTBSMPQÙCMJDPi&MFTQBDJPEFMBPQJOJÓOQÙCMJDBTFEJTUJOHVF NÃTCJFO QPSVOB
FTUSVDUVSBEFDPNVOJDBDJÓORVFTFSFêFSFBVOUFSDFSBTQFDUPEFMBBDDJÓOPSJFOUBEBBM
FOUFOEJNJFOUPOPBMBTGVODJPOFT OJUBNQPDPBMPTDPOUFOJEPTEFMBDPNVOJDBDJÓO 
TJOPBMFTQBDJPTPDJBMHFOFSBEPFOMBBDDJÓODPNVOJDBUJWBu )BCFSNBT 

 )BCFSNBTUPNBMBOPDJÓOEFFTQBDJPQÙCMJDPEFiNFUÃGPSBTBSRVJUFDUÓOJDBTEFM
FTQBDJPDPOTUSVJEPFOEFSSFEPSu FTEFDJS EFBTBNCMFBT GPSPT FTDFOBT SVFEPT UPEBT
FMMBT êHVSBT EFM FTQBDJP RVF JNQMJDBO VOB FTDFOB Z VOB USJCVOB VOB FTQFDJêDJEBE
UFBUSBM BTFEJB MB DPOTUSVDDJÓO EF MP QÙCMJDP FO FTUB MFDUVSB -BT OVFWBT GPSNBT EF
DPNVOJDBDJÓO MPTQSPDFTPTEFNBUFSJBMJEBEDJCFSOÊUJDPWJSUVBMFT MPTOVFWPTMFOHVBKFT
Z MBT DPODFQDJPOFT EF FTQBDJP RVF JNQMJDBO FM DJOF Z MB UFMFWJTJÓO  TVHJFSFO  TFHÙO
)BCFSNBT iVOBHFOFSBMJ[BDJÓOEFMBFTUSVDUVSBFTQBDJBMEFMBTJOUFSBDDJPOFTTJNQMFTu


&T EFDJS  FTB OVFWB NFEJBMJEBE RVF MBUF FO MB TPDJFEBE DPOUFNQPSÃOFB QSPEVDF VO
OJWFMNÃTBCTUSBDUPEFMBTSFMBDJPOFTFJOUFSBDDJPOFTTPDJBMFTRVFTPOMBNPOFEBRVF
BDVÒBMPQÙCMJDP&TUBBCTUSBDDJÓOOPTJHOJêDBOFDFTBSJBNFOUFVOBEFNFSJUBDJÓOEF
MBTJOUFSBDDJPOFTRVFFTUPTOVFWPTMFOHVBKFTBSUJDVMBO6OBWF[NÃT FODPOUSBQPTJDJÓO
B)JTUPSJBZDSÎUJDB MBDPOTJEFSBDJÓOTPCSFEJDIPFTQBDJPTFBCSFBOVFWBTQPTJCJMJEBEFT
"CJFSUPFTFIPSJ[POUF MBJOWFTUJHBDJÓOUFOESÎBRVFTFHVJSMPTFDPTQSPEVDJEPTQPSMBT
TJHVJFOUFTQSFHVOUBT

y2VÊFTQFDJFTEFFTQBDJPT QBSBQBSBGSBTFBSB1FSFD QPESÎBOIPZFOEÎBDPO


TPMJEBSVOEJTDVSTPTPCSFMPQÙCMJDP 0NFKPSGPSNVMBEP yRVÊUJQPEFUSBOT
GPSNBDJPOFTNBUFSJBMFTZQSÃDUJDBTTPDJBMFTTVHFSJSÎBOMBDPODFQDJÓOEFPUSP
FTQBDJPEFMPQÙCMJDP y&ORVÊNFEJEBMBUSBOTGPSNBDJÓOEFMFTQBDJP BQBSUJS
EFMPTOVFWPTNFEJPTZTVTMFOHVBKFT TVHJFSFBTVWF[VOBUSBOTGPSNBDJÓOEF
MPQÙCMJDP 

#JCMJPHSBGÎB

Goode, L. (2005). Jürgen Habermas. Democracy and the Public Sphere. London: Pluto
Press.

Habermas, J. (2002). Historia y crítica de la opinión pública. Barcelona: G. Gili.

Habermas, J. (1998). Facticidad y validez. Madrid: Trotta.

Held, D. (1980). Introduction to Critical Theory. Berkeley: University of California


Press.

Negt, O., Kluge, A. (1993). Public Sphere and Experience: Toward an Analysis of the
Bourgeois and Proletarian Public Sphere. University of Minnesota Press. En
Krauss, R. et. al. (Eds.) (1997). October. The Second Decade, 1986-1996.
Cambridge: The MIT Press.


$"1±56-0-*5&3"563":46&µ04
-JUFSBUVSBGBOUÃTUJDBZGPSNBDJÓOÊUJDBMB
SFOVODJBJNQPTJCMF
+PTÊ"OUPOJP'PS[ÃO(ÓNF[

-B DPOUFNQMBDJÓO  OPT EJDF 3PMBOE #BSUIFT  TJHVJFOEP VO QPDP B "SJTUÓUFMFT  OPT
BDFSDBBMPNÎTUJDP&OFTFPSEFO FMUJFNQPEFIPZOPTBQBSUBEFMBUFPSÎBDPNPOPTIB
BMFKBOEPEFMBSFMJHJPTJEBEDPOUFNQMBUJWB&TFOMBPCTFSWBDJÓOEPOEFTVSHFFMEJTDVSTP
UFÓSJDP&OMBQBDJFODJBEFMFTUFUB
 -B EFQSFDJBDJÓO EFM EJTDVSTP UFÓSJDP Z MB QSPMJêDBDJÓO EF MB CÙTRVFEB QPS MBT
BQMJDBDJPOFT Z MB QSBYJT  NVDIBT WFDFT EFTDPOFDUBEBT EF MB DPIFSFODJB  TVTUJUVZF 
BQBSUJSEFMUSJVOGPEFVONBMFOUFOEJEPQSBHNBUJTNPEFNFEJBEPTEFMTJHMPıı FM
EFTBSSPMMPDBCBMEFMBDPOTUSVDDJÓOEJTDVSTJWB&TEFDJS EFTEFMBSFOVODJBBMBUFPSÎBZ
BMBWBMPSBDJÓOEFMBQFSTPOB MBTPDJFEBETFWJPQSFTBEFMBTOFDFTJEBEFTJOTUBOUÃOFBT
Z EJTDPOUJOVBT  RVF QBSUÎBO EFM JONFEJBUJTNP Z MB SFTQVFTUB DPSUB Z  NVDIBT WFDFT 
PQPSUVOJTUB
 *NQPSUBCBNÃT QVFT FMMMFHBSBMBMVOBFJNQMBOUBSVOBCBOEFSBTPCSFTVTVQFSêDJF 
RVFDPOTUSVJSMBHSBOOPWFMBPEFDMBNBSFMHSBOQPFNBMVOBSJP-BTDPOTFDVFODJBTFO
MBFEVDBDJÓOMPWFNPTBOUFOVFTUSPTPKPT
 -PTIVNBOJTUBTIBOTJEPEFTQMB[BEPTQPSFMUÊDOJDP-PTFTUFUBTIBOTJEPMMFWBEPT
BMUFSSFOPEFMBOPOJNBUP-PTBOBMJTUBTSFRVJFSFODPOWFSUJSUPEBBSUJDVMBDJÓOFOVOB
TJNQMFCJTBHSBEFDPODFQUPTEFTBNQBSBEPT
 "OUFFMMP MBTQPTJCJMJEBEFTEFMFDUVSBZTVJNQMFNFOUBDJÓOFEVDBUJWBTFUSBOT
GPSNBOFODVBMRVJFSBEFFTUBTPQDJPOFT

 6O EJTDVSTP RVF QSFUFOEF  B QBSUJS EF VOB QSPHSBNBDJÓO EF FTDBTPT WVFMPT 
FTQFDVMBS TPCSF MBT MFDUVSBT EFCJEBT &T EFDJS  EFTEF VO FOGPRVF QPTJUJWJTUB
Z DPOEJDJPOBOUF  MB MFDUVSB IB TJEP TVNFSHJEB FO FM BOPOJNBUP EFM EFCFS TFS
JOTUJUVDJPOBM 4PO MBT MFDUVSBT PCMJHBUPSJBT Z OP PUSBT B MBT RVF BUJFOEFO P NBM
BUJFOEFOMBTMFDDJPOFTEFMPTEJTUJOUPTOJWFMFTFEVDBUJWPTy"RVÊSFTQPOEFOMPT
DSJUFSJPT EF MBT MFDUVSBT PCMJHBUPSJBT  y" MPT DMÃTJDPT P B MPT DPOUFNQPSÃOFPT 


.ÃTUBSEFOPTPDVQBSFNPTEFFMMP QFSPCBTUFSFDPSEBSFMEFCBUFTVTDJUBEPUSBTMB
DPMPDBDJÓOEFMBTMMBNBEBT#JCMJPUFDBTEF"VMBEVSBOUFFMÙMUJNPTFYFOJP

0USBPQDJÓOJNQFSBOUFGSFOUFBMUSJVOGPEFMBUFDOPDSBDJB TFIBJOTUBVSBEPVO
EJTDVSTPFGFDUJTUBQPSQBSUFEFBMHVOPTJOUFMFDUVBMFTBHSVQBEPTCBKPFMOPNCSF
EFQPTNPEFSOPT+BDRVFT-BDBO +FBO#BVESJMMBSE FOUSFPUSPT IBODPNFO[BEP
B FYQSPQJBS EF MBT DJFODJBT MPT DPODFQUPT QBSB MMFWBSMPT B MPT UFNBT RVF MFT
DPOWFOHBO%FUBMTVFSUFRVF QBSBFTDBQBSEFMEPHNBUJTNPRVFDSJUJDBO TFIBO
WJTUPSFGVHJBEPTFOTVTQSPQJBTDPOTJHOBTEFGF DPOTUSVDDJPOFTSFUÓSJDBTRVFCJFO
EPDVNFOUBFMMJCSP*NQPTUVSBTJOUFMFDUVBMFT-BEJTQFSTJÓOEFMBQPTNPEFSOJEBE
Z FM BQFMBS B MB MJCFSUBE QPS MB MJCFSUBE NJTNB TF IB DPOTUJUVJEP FO VOB TVFSUF
EFEJTDVSTP EF MFDUVSB RVF QBSUFEFMPMMBNBEPiDPOUFTUBUBSJPu QPS TVT QSPQJBT
JOTUBODJBT EF QPEFS  RVF FTHSJNF FM BSHVNFOUP EF MP OP JOTUJUVDJPOBM QBSB
DPOTPMJEBSTFFOPUSPQMBOPEJTDVSTJWP

-BUFSDFSBBMUFSOBUJWBFTVOEJTDVSTPMÙEJDP DSFBUJWP RVFBUJFOEB DVSJPTBNFOUF 


BMBTPUSBTEPTPQDJPOFT SFTDBUBOEPMPNFKPSEFDBEBVOBZSFOVFWFBMBMFDUVSB
DPNP VO DBNQP EF GPSNBDJÓO  DPNP VO FTQBDJP EF EFTDVCSJNJFOUP EF MP
IVNBOP$PNPCBTFTUFÓSJDBTZNFUPEPMÓHJDBTEFFTUBQPTJCJMJEBEQFEBHÓHJDB 
QPEFNPTFODPOUSBSMBIFSNFOÊVUJDBEF)BOT(FPSHF(BEBNFS MBTFNJPMPHÎBEF
3PMBOE#BSUIFTFOTVDPNQMFKJEBEZFMFOGPRVFBYJPMÓHJDPDSFBUJWPEFTBSSPMMBEP
QPS"MGPOTP-ÓQF[2VJOUBT4JOFNCBSHP FTUFFOGPRVFEFMFDUVSBTFEFTQSFOEF
EFMFODBKPOBNJFOUPFOVOBUFPSÎBQBSBJOTFSUBSTFFOMPRVF1BVM%F.BOMMBNBSÎB
VOBMFDUVSBBUFOUBEFMPRVF)BSPME#MPPNSFTDBUBSÎBEFMDBOPOPDDJEFOUBM"TÎ 
BOUFMBBQBSFOUFDPOUSBEJDDJÓONFUPEPMÓHJDBZFQJTUFNPMÓHJDB QVFTFTPFTMPRVF
SFBMNFOUF DPOTUJUVZFO MBT GPSNBT EF BDFSDBSOPT B OVFTUSBT DPOTUSVDDJPOFT EFM
NVOEP
FMFTQBDJPEFMPTKVFHPTTFQFSêMBOQBSBVONFKPSGVODJPOBNJFOUP

&OFTUPTCSFWFTNJOVUPT ZDPOFMBGÃOEFDVCSJSFMBTQFDUPQFEBHÓHJDPRVFTFFTQFSB
EFFTUFFKFSDJDJPBDBEÊNJDP DPNFO[BSÊBTFÒBMBSBMHVOBTMÎOFBTEFBDDJÓOZBMHVOPT
BTQFDUPTNFUPEPMÓHJDPTEFFTUBUFSDFSBPQDJÓOEFMFDUVSB


 /PQVFEPTJOPBDVEJSB3PMBOE#BSUIFTQBSBFTUBCMFDFS DPNPÊM RVFFMFTUJMPFTBMHP
RVFQBTBQPSFMDVFSQP-BMJUFSBUVSB MBTPQDJPOFTEFMFDUVSB TFSÃOEBEBT QSFDJTBNFOUF 
QPSBRVFMMPRVFOPTIBGPSNBEP RVFOPTIBDBMBEP RVFOPTIBEBEPQSPOUJUVEQBSB
QFSêMBSOPTZEFMJOFBSOPTGSFOUFBMPUSP
 &OFMDBTPQBSUJDVMBS IFFODPOUSBEPFOMBMJUFSBUVSBGBOUÃTUJDBVOFTDFOBSJPJEÓOFP
QBSBFMKVFHPUFÓSJDPZFYJTUFODJBM2VJFOTFBDFSRVFBMBPCSBEF5[FWBO5PEPSPW QBS
UJDVMBSNFOUFBTV*OUSPEVDDJÓOBMBMJUFSBUVSBGBOUÃTUJDB EFTDVCSJSÃRVFFTFNBMMMBNBEP
iTVCHÊOFSPMJUFSBSJPuFTVOBBNQMJBDJÓOEFOVFTUSBFYJTUFODJB1VFTDPNPCJFOEJDF BM
êOBMEFMBMFDUVSB FMMFDUPSEFCFUPNBSEFDJTJPOFT-BÊUJDBEFDJTJPOBM QSFDJTBNFOUF OPT
DPOEVDFQPSDBNJOPTIBDJBMBQMFOBSFBMJ[BDJÓOOPTPMBNFOUFQFSTPOBMTJOPUBNCJÊO
TPDJBM
 -B MJUFSBUVSB GBOUÃTUJDB IBCSÎB RVF QSFHVOUBSTF  FO PUSP FTQBDJP Z FO PUSP
NPNFOUP  RVÊ OP FT MJUFSBUVSB GBOUÃTUJDB
 OPT QFSNJUF VCJDBSOPT DPNP TFSFT MJCSFT
BOUFVONVOEPRVFOPTCSJOEBQPTJCJMJEBEFTEFMJNJUBEBTEFBOUFNBOP"OUFMBTQPDBT
PQDJPOFT  FM TFS IVNBOP JNBHJOB : QSFDJTBNFOUF  DPNP EJSÎB FM FOUSBÒBCMF 1BVMP
'SFJSF MBJNBHJOBDJÓOOPFTFKFSDJDJPEFQFSTPOBTEFTDPOFDUBEBTEFMBSFBMJEBE TJOPEF
BRVFMMPTRVFJNBHJOBOQPSGBMUBEFMPDPODSFUP
 2VJTJFSBBCSJS QVFT FTFQBSÊOUFTJTGVOEBNFOUBMBOUFMBMFDUVSB-PQSJNFSPRVF
OPTFODPOUSBNPTBOUFMBMFDUVSBFTFMRVÊMFFS-FKPTEFMBQPTUVSBEF(BCSJFM;BJEBOUF
MPT EFNBTJBEPT MJCSPT  TF FODVFOUSB MB EFDJTJÓO DPNP BDUP GVOEBNFOUBM -B MFDUVSB 
QVFT JNQMJDBVODPNQSPNJTP
 &MJKPEFUFSNJOBEPBVUPS EFUFSNJOBEPHÊOFSP EFUFSNJOBEBÊQPDB5FOHPVOCVFO
BNJHPRVFTFMFDDJPOBTVTMFDUVSBTBQBSUJSEFMBFEJUPSJBMDMBSPRVFFTFUSBCBKPTPMBNFOUF
FTQPTJCMFDPOFEJUPSJBMFTEFQSFTUJHJPRVFFMJHFOBTVTBVUPSFTQPSVOBJEFOUJEBE QPS
VODPNQSPNJTP QPSVOBÊUJDBRVFTFBMFKBEFMPTDSJUFSJPTEFMNFSDBEP
 &TUBFMFDDJÓORVF FOFGFDUP JNQMJDBVOBSFOVODJBZQPSUBOUPVOÊYJUPEFÎOEPMF
OJFU[TDIFBOP OPFTJSSFGVUBCMFOJJOUSBOTGFSJCMF1PEFNPTIBDFSFTDBMBTFOOVFTUSPT
SFDPSSJEPTMJUFSBSJPT TBMUBSQFSJPEPT QFMFBSOPTDPOBMHÙOBVUPSUSBTVOQÊTJNPMJCSP
-BMFDUVSBFTMPNÃTDFSDBOPBMBWJEBRVFVOBQFSTPOBQVFEFDPOPDFS:FTBFTTVHSBO
WJSUVE
 y2VÊTVDFEF FOUPODFT BOUFMBTPQDJPOFT y2VJÊOOPTQVFEFHVJBS &MUSBCBKPEFM
DSÎUJDPFODVFOUSBTVMVHBSFOFTUFFTQBDJP6OCVFODSÎUJDPOPFTFMDBQB[EFEFTUSVJS


VOBQJF[BMJUFSBSJBmBVORVFMPNFSF[DBm&MWFSEBEFSPDSÎUJDP UBNQPDP FTVOMFDUPS
PDBTJPOBM&MDSÎUJDPEFCFFTUBSDPNQSPNFUJEPDPOMBMFDUVSBDPNPBDUJWJEBEMÙEJDB 
DSFBUJWB DPOTUSVDUJWB
 "TÎDPNPBMHVOBWF[FM.USP3BGBFM5POBUJVI3BNÎSF[NFJOTUSVZÓRVFVOBQFS
TPOBRVFTBCFEFDJOFOPFTTÓMPBRVFMRVFWFDJOFTJOPFMRVFMFFTPCSFDJOF QVFEPEF
DJSRVFFMWFSEBEFSPBNBOUFEFMBMFDUVSBFTRVJFOMFFTPCSFMJUFSBUVSB/PFTRVJFOTF
EFKBWFODFSQPSMPTMJCSPTEFOPWFEBEFTEFDVBMRVJFSMJCSFSÎBEFQSFTUJHJP TJOPRVJFO
TFBDFSDBBMPTUFÓSJDPTEFMBMFDUVSB
 &T MBTUJNPTP WFS  Z MP MBNFOUP TJODFSBNFOUF IBCFS TVGSJEP QPS UBMFT DBVTBT 
NBFTUSÎBTRVFTFTFÒBMBOBTÎNJTNBTDPNPFTQFDJBMJ[BEBTFODVMUVSBRVFOPUJFOFO
VOTVTUFOUPEFJOWFTUJHBDJÓOOJNVDIPNFOPTVOTVTUFOUPUFÓSJDPQBSBTJTUFNBUJ[BS
MFDUVSBT2VJFOEFTFBFTUVEJBSIVNBOJEBEFTEFCFDPNQSFOEFS DPNP+PTUFJO(BBSEFS 
RVF TJ iFM TFS IVNBOP GVFSB TJNQMF  OPTPUSPT TFSÎBNPT MP TVêDJFOUFNFOUF FTUÙQJEPT
DPNPQBSBDPNQSFOEFSMPu
 .ÃTBÙO MBMJUFSBUVSBFT DPNPEJSÎB3PMBOE#BSUIFT FMBSUFRVFSFÙOFBUPEBTMBT
DJFODJBT UPEBTMBTEJTDJQMJOBT-BMJUFSBUVSB FTMBFYQSFTJÓOEFMIVNBOPNÃTDPNQMFKB
Z  QPS UBOUP  MB RVF OVODB WB B EFKBS EF TPSQSFOEFSOPT Z HVJBS OVFTUSPT DBNJOPT
UFÓSJDPT-PRVFOPTQFSNJUFFT MBUFPSÎBMJUFSBSJBDPNPTFIBCÎBTFÒBMBEP DPOUFNQMBS
FTUÊUJDBNFOUFFTBQJF[BEFIVNBOJEBE FTFGSBHNFOUPEFMDPTNPTEFMMFOHVBKFRVFFT
MBMJUFSBUVSB/PIBZMJUFSBUVSBTJOUFPSÎBOJUFPSÎBTJOMJUFSBUVSB
 "MPMBSHPEFMPTBÒPTRVFIFUFOJEPMBPQPSUVOJEBEEFUSBCBKBSDPOKÓWFOFTEF
FEVDBDJÓONFEJB NFEJBTVQFSJPSZFTUVEJBOUFTEFQPTHSBEP BTÎDPNPDPOQSPGFTPSFT
EFEJWFSTPTOJWFMFT NFIFFODPOUSBEPQPSVOBSFOVODJBEFMBUFPSÎBMJUFSBSJB-BTDBVTBT
QVFEFOTFSNVDIBT RVFWBOEFTEFFMUFEJPRVFSFQSFTFOUBFMMFFSUFYUPTUBOJOEFTDJGSB
CMFT DPNP-BFTUSVDUVSBBVTFOUFEF6NCFSUP&DP IBTUBMBJSSVQDJÓOEFSFEVDDJPOJTNPT
DMÃTJDPTSFMBDJPOBEPTDPOMPTNPEFMPTNBUFNÃUJDPTEFMBDPNVOJDBDJÓO
 'SFOUF B FTUB ÙMUJNB PQDJÓO mMPT QBSBEJHNBT NBUFNÃUJDPT Z MJOFBMFT EF MB
DPNVOJDBDJÓOm RVFTJCJFOPSJFOUBOBMMFSEP EFTDVCSFOVONBOFKPTJNQMJTUBEFMPT
QPTUVMBEPTDPNQMFKPT"TÎ FMBVUPSTFWFSFEVDJEPBFNJTPS FMMJCSPBMNFOTBKFZFMMFDUPS
BMSFDFQUPS$VBOEP TJCJFOOPTSFNPOUBNPTBFTUVEJPTIJTUÓSJDPTZTFNJPMÓHJDPTEF
QFOTBEPSFTDPNP.JDIFM'PVDBVMUP+VMJB,SJTUFWB OPTFODPOUSBNPTDPORVFFMBVUPS
FTVOBêHVSBDSFBEBQPSVOBOFDFTJEBETPDJBMEFSFMBDJÓOEFQPEFS FMNFEJPFTVO


NFOTBKFRVFTFSFEFêOF QBSBDPNQMBDFODJBEF.BSTIBMM.D-VIBO
ZRVFTFDPOTUJUVZF
DPNPVOUFKJEPZFMMFDUPS DPNPEJSÎB+FSPNF#SVOFS QBMBEÎOEFMDPOTUSVDUJWJTNP
FT
DBQB[EFDSFBSNVOEPTQPTJCMFTBQBSUJSEFTVFYQFSJFODJBMJUFSBSJB
 &MQSPDFTPEFMFDUVSB QPSUBOUP FTDPNQMFKPQPSRVFHFOFSBPQPSUVOJEBEFTEF
WJEB QPSRVFQSFTFOUBJNBHJOBSJPTRVFOPTUSBOTQPSUBOBTVTBHVBT RVFOPTDPOEVDFO
IBDJBSVNCPTRVFOPTPUSPTOPQPEFNPTQSPHSBNBS
 "OUF FTUF IPSJ[POUF EF QSFHVOUBT NÃT RVF EF QSPCMFNBT  MB JOUFSSPHBOUF
GVOEBNFOUBMTFHVJSÎBTJFOEP QBSBUPEPBDBEÊNJDP yRVÊMFFS .FBUSFWPBUBMBêSNBDJÓO
QPSRVFOVFTUSPFUIPT QSFDJTBNFOUF OPTEFCFSÎBDPOEVDJSBMBMFDUVSBDPNPBDUJWJEBE
GVOEBNFOUBMZGVOEBDJPOBM
 /PQPSOBEBFOMBBDBEFNJBDMÃTJDBVOMFDUPSFTBRVFMRVFTFJOUFSOBFODJFSUPBVUPS
PFODJFSUBNBUFSJBQBSBTBDBSMFFMKVHPNÃTQSPEVDUJWP/PQPSOBEB MBTDÃUFESBT FO
TVTFOUJEPPSJHJOBMZOPFOFMFOGPRVFQSBHNÃUJDPZVUJMJUBSJTUBRVFDJFSUBTVOJWFSTJEB
EFTTFÒBMBO FTFMMVHBSRVFPDVQBMBBVUPSJEBEFOMBNBUFSJB RVJFOEJDUB VOBFTQFDJFEF
MFDUVSBFOWP[BMUB OPIBZRVFPMWJEBSMP
BRVJFOFTTFSWJSÃOEFMFDUPSFTPSBMFT
 y2VÊ MFFS  QVFT  y-P EJDUBEP QPS FM UJFNQP DPOUFNQPSÃOFP P MP RVF IB MMB
NBEP )BSPME #MPPN DPNP UFYUPT DBOÓOJDPT  y4IBLFTQFBSF P #PSHFT  y)PNFSP P
*CBSHÛFOHPJUJB y$FSWBOUFTP$PFU[FF y5PMLJFOP1B[
 -BSFTQVFTUBMBUFOESFNPTFOMBQSÃDUJDBDSFBUJWBEFMBMFDUVSB3PMBOE#BSUIFT
BêSNBCBRVFMFFSFTFTDSJCJS4JUFOFNPTMFUSBNVFSUBBOUFOVFTUSPTPKPT TJFMUFYUPTÓMP
FTVOEFTQBSSBNBEFSPEFUJOUBZOPOPTQPOFNPTBKVHBSDPOÊM MBDPTBTFUFSNJOBZ
OPIBZNÃTRVFEJTDVUJS/PFTUBNPTMFZFOEP FTUBNPTWJFOEPHSBGÎBTTJOTFOUJEP-B
MFDUVSBJNQVMTBBMBFTDSJUVSB&MCVFOMJCSPTFSÃBRVFMRVFOPTJNQVMTBBDSFBS EFTEF
OVFTUSPNVZQBSUJDVMBSEJÃMPHPDPNPTFNJÓMPHPTmPTFNJPUJTUBTmDPOFMNVOEP ZB
TFBMBEPDFODJB MBBSRVJUFDUVSB MBDPNVOJDBDJÓO MBQTJDPMPHÎBZEFNÃT
 1PS QPOFS VO FKFNQMP  TJ MFFNPT FTUF SFMBUP SFDPQJMBEP QPS "MFYBOESB %BWJE
/FFM
"PSJMMBTEFVOSÎP VONPOKFUJCFUBOPTFFODPOUSÓDPOVOQFTDBEPSRVFDPDÎB
FOVOBNBSNJUBVOBTPQBEFQFTDBEPT&MNPOKF TJOEFDJSQBMBCSB TFCFCJÓMB
NBSNJUBEFTPQBIJSWJFOEP&MQFTDBEPSMFSFQSPDIÓTVHMPUPOFSÎB&MNPOKF
FOUSÓ FO FM BHVB Z PSJOÓ 4BMJFSPO MPT QFDFT RVF IBCÎB DPNJEP Z TF GVFSPO
OBEBOEP 


5FOFNPTPQDJPOFTBOUFFMUFYUP

r%FTJOUFSFTBSOPTEFMBMFDUVSB
r%FTDSFFSEFMBVUPSZUJMEBSEFTVQFSDIFSÎBMPTFÒBMBEP
r1FOTBSFOFMEPMPSêTJPMÓHJDP
r$PNQSFOEFSMBNPSBMFKBUJCFUBOB
r&ODPOUSBSFOMBOBUVSBMF[BQBSUFEFOPTPUSPTNJTNPT
r)BDFSVOEJCVKPEFMBFTDFOB
r(FOFSBSVOEFTBSSPMMPVSCBOPRVFQFSNJUBMBDPOWJWFODJBFOUSFQFDFT QFTDBEPSFTZ
 NPOKFT
r*NQMFNFOUBSVOBEJFUBNBDSPCJÓUJDBEFSFTQFDUPBMPTBOJNBMFTBDVÃUJDPT
r&TUVEJBSMPTMJOFBNJFOUPHFOFSBMFTEFMCVEJTNP
r%FEJDBSOPTBMBNFEJUBDJÓOUÃOUSJDB
r&TDSJCJSVOBDPOGFSFODJB
r&ODPOUSBSMPTBDUBOUFT MPTFODBEFOBNJFOUPT MPTUSPQPTZEFNÃTTPSUJMFHJPT 
 TFNJÓUJDPT
r$FOUSBSOVFTUSBDMBTFFOMBVOJWFSTBMJEBEEFMBMJUFSBUVSB
r:PUSPTNÃTRVFQPSUJFNQPOPOPTEBSÎBUJFNQPEFMJNJUBS

1PEFNPT TJOVFTUSPNVOEPFTMBBDBEFNJB TPMJDJUBSBOVFTUSPTBMVNOPTRVF VOBWF[


BCJFSUPFMDBNJOPEFMPJODJFSUP MPSFDPSSBODSFBOEPDVBOUPTFMFTPDVSSBVOBNBRVFUB 
VOBQJOUVSB VOBDBODJÓO VOFOTBZP0QPEFNPTIBDFSMPOPTPUSPTTJFMUJFNQPOPTMP
QFSNJUF
 -PTUFYUPTDBOÓOJDPT DPOTBHSBEPFTUFÙMUJNPSFMBUPQPSMB"OUPMPHJBEFMBMJUFSBUVSB
GBOUÃTUJDB#PSHFT #JPZ$BTBSFTZ0DBNQP
OPTEBOCVFOFTQBDJPQBSBSFTJHOJêDBSFM
UFYUPZ QPSTVQVFTUP SFTJHOJêDBSOPTBOPTPUSPTNJTNPT:NFSFêFSPBFTUFUJQPEF
DMÃTJDPTQPSRVFUBMFTUFKJEPTOPTEBONVDIBUFMBQBSBDPSUBS
 -BMFDUVSBDSFBUJWB EFTEFMVFHP OPTÓMPEFCFJNQBDUBSBBMVNOPTEFDVBMRVJFS
OJWFM%FCFUSBOTGPSNBSZEBSQMFOJUVEBDVBMRVJFSJOEJWJEVPTJOJNQPSUBSTVHSBEP1FSP
FTFMDBNQPJOUFMFDUVBMFOEPOEFFTUPTFNBOJêFTUBDPNPTFOUFODJB&TGVOEBNFOUBM
RVFMBMFDUVSBDSFBUJWBUSBOTGPSNFZEÊQMFOJUVEBMEPDFOUF1PSFMMP UPEBVOJWFSTJEBE 
UPEBJOTUJUVDJÓOFEVDBUJWBRVFTFQSFDJFEFTFSMP EFCFEBSVOFTQBDJPBMPTEPDFOUFT
QBSBDVMUJWBSFTUBBDUJWJEBE


 -BQSFQBSBDJÓOEFDMBTFT NÃTRVFBFKFDVUBSQSPHSBNBTFO1PXFS1PJOUPBTVCJS
DVFTUJPOBSJPTPDBMJêDBDJPOFTB*OUFSOFU EFCFFTUBSPSJFOUBEBBMBMFDUVSBQSPGVOEB B
MBSFDPOTUSVDDJÓOEFMBNJTNBZBMBQSPZFDDJÓOQFSTPOBMEFMPMFÎEP
 -BSFTQVFTUBBMiRVÊMFPuOVODBEFCFSÎBTFSMPRVFNFEÊUJFNQPPMPRVFOPNF
PCMJHVFBQFOTBS%FCFNPTMFFSMPRVFOPTTVQFSF MPRVFOPTDPOêHVSF MPRVFOPTSFTJH
OJêRVF
 3FOVODJBSBMBMFDUVSBEFCFSÎBTFSVOSFUPJNQPTJCMF:NÃTQBSBMPTBDBEÊNJDPT
:BÙONÃTQBSBMPTTFNJÓMPHPT2VJFORVJFSBFYQSPQJBSEJDIBBDUJWJEBEEFOVFTUSBTWJ
EBTFODPOUSBSÃMBTSFQFSDVTJPOFTFOFMGVUVSPQSÓYJNPDVBOEPTVTIJKPT JOUSJHBEPTQPS
FMNBMFêDJPEFMPTMJCSPT TFBDFSRVFOBVOQSPGFTPSEFTFNJÓUJDBBQSFHVOUBSMF ZBOP
QPSUBMPDVBMDPODFQUP TJOPBMTJNQMFZBMBWF[USBTDFOEFOUFiy2VÊMFP u:ÊTUFTÓMPMF
QVFEBSFTQPOEFSi-PRVFEJHBMBQBOUBMMBu
 1PS FMMP  FTUF FTQBDJP QBSB IBCMBS EF MB MFDUVSB  QBSB MFFS TPCSF MB MFDUVSB  TF
BHSBEFDFFOTVQBDJFODJBEFFTUFUBZFOFMFTDFOBSJPEFMBMJCFSUBEJOEJWJEVBMRVFFTUF
BDUPSFQSFTFOUB

#JCMJPHSBGÎB

#"35)&4 3PMBOE  


&MHSBEPDFSPEFMBFTDSJUVSBOVFWPTFOTBZPTDSÎUJDPT
4JHMPııĢ.ÊYJDP
 
$SÎUJDBZWFSEBE4JHMPııĢ.ÊYJDP
 
i&MBOÃMJTJTFTUSVDUVSBMEFMSFMBUP"QSPQÓTJUPEF)FDIPTu FO
#"35)&4 3PMBOE3*$Œ63 1JFSSF-­0/%6'063 9BWJFSFUBM 
&YÊHFTJT
ZIFSNFOÊVUJDBQQ&EJDJPOFTDSJTUJBOEBE.BESJE
 
4;4JHMPııĢ.ÊYJDP
  
&MQMBDFSEFMUFYUP-FDDJÓOJOBVHVSBM4JHMPııĢ.ÊYJDP
 
3PMBOE#BSUIFTQPS3PMBOE#BSUIFT ,BJSPT#BSDFMPOB 

#BSUIFTQPS#BSUIFT 5SBE+VMJFUB'PNCPOB;VMPBHB $PM.FNPSBCJMJB .POUF¦WJMB
&EJUPSFT-BUJOPBNFSJDBOB $BSBDBT 

 
'SBHNFOUPTEFVOEJTDVSTPBNPSPTP4JHMPııĢ.ÊYJDP
 
-BDÃNBSBMÙDJEB/PUBTTPCSFMBGPUPHSBGÎB 1BJEÓT#BSDFMPOB


 
&MTVTVSSPEFMMFOHVBKF.ÃTBMMÃEFMBQBMBCSBZMBFTDSJUVSB1BJEÓT
#BSDFMPOB
(1985) La aventura semiológica. Paidós: Barcelona. 1993.
BAUDRILLARD, Jean (1995). El crimen perfecto. Anagrama: Barcelona. 1996.
BRUNER, Jerome (1986), Realidad mental y mundos posibles, Gedisa, Barcelona, 1988.
DERRIDA, Jacques (1996). El monoligüismo del otro. Manantial: Argentina.
(1981). Las muertes de Roland Barthes. Taurus: México. 1998.
ECO, Umberto (1998) Entre mentira e ironía. Lumen: Barcelona. 2000.
FREIRE, Paulo (1984), La importancia de leer, Siglo XXI, México, 1986.
GÓMEZ REDONDO, Fernando (1996). La crítica literaria del siglo XX. Edaf: España.
1996.
LÉVI-STRAUSS, Claude (1993). Mirar, Escuchar, Leer. Siruela. España. 1998.
LÓPEZ QUINTÁS, Alfonso (1986). Análisis literario y formación humanística. Escuela
Española: España- 1986.
LYOTARD, Jean-Francois (1994). La condición posmoderna. Cátedra: Madrid. 1994.
PAZ, Octavio (1956). El arco y la lira. FCE: México. 1993.
POUILLAN, Jean et al. (1975). Problemas del estructuralismo. Siglo XXI: México. 1975.
SARTORI, Giovanni (1997). Homo videns; La sociedad teledirigida. Taurus: Madrid. 1998.
SASSURE, Ferdinand de (1906-11). Curso general de lingüística. Alianza Editorial: México.
1992.
SOKAL, A.; BRICMONT, J. (1998). Imposturas intelectuales. Paidós: Barcelona. 2002.
SONTAG, Susan (1982). A Barthes Reader. Hill and Wang: Nueva York. 2001.
TODOROV, Tzvetan (1968). Introducción a la literatura fantástica. Coyoacán: México.
1998.
VATTIMO, Gianni (1990). En torno a la posmodernidad. Anthropos: Barcelona. 1994.
ZAVALA, Lauro (1993), Humor, ironía y lectura, UAM-X, México.


"ODMBKFTQBSBVOBTFNJÓUJDBEFMPTTVFÒPT
3FMBUPT UFYUPT TJHOPTZTÎNCPMPTFOMB
BDUJWJEBEPOÎSJDB
0[[JFM/ÃKFSB

&MPCKFUPEFFTUVEJPEFMBTFNJÓUJDBFTEFSFMBDJÓODPODSFUBDPOFMTFOUJEP FTUPFT TF


BCPDBBMBTTJHOJêDBDJPOFTRVFQVFEFQSFTFOUBSmPSFQSFTFOUBSmVOSFMBUPPVOUFYUP 
QFSPOPQPSFMMPFYDMVZFDVBMRVJFSPUSBNBOJGFTUBDJÓOTJHOJêDBOUF&TQPSFYDFMFODJBMB
DJFODJBRVFFTUVEJBFMTJHOPFOHFOFSBM FTPTPCKFUPTQPSUBEPSFTEFTFOUJEP4JOFNCBSHP 
MPTSFTRVJDJPTFOEPOEFTFFODVFOUSBOFTDPOEJEBTMBTFTUSVDUVSBTTVCZBDFOUFTRVFUFKFO
VOBHBNBEFTJHOJêDBEPTNÃTPDVMUPTQVFEFOFODPOUSBSTFFONÙMUJQMFTDPOUFYUPTZ
DÓEJHPTDVMUVSBMFT
 -BTFNJÓUJDBTFIBFODBSHBEPEFQFOFUSBSFONPEPTEFDPNVOJDBDJÓO DÓEJHPT
QBSBMJOHÛÎTUJDPT FQJTUFNPMÓHJDPT FONPSGPMPHÎB FOBSUFT FOSFMBUPT FOFMSFUPIFSNF
OÊVUJDP RVF QSFTFOUB FM TÎNCPMP  QFSP FTDBTBNFOUF FODPOUSBNPT MJUFSBUVSB RVF TF
BWPRVFBBEFOUSBSTFFOFMJSSBDJPOBMNVOEPPOÎSJDP2VJ[ÃQPSMBNJTNBGBMUBEFMÓHJDB
RVFQSFTFOUF PUBMWF[QPSMBDBSFODJBEFVOBFTUSVDUVSBEFêOJEB QFSPTJOEVEBBMHVOB
FTDMBSPRVFMBBDUJWJEBEPOÎSJDBIBGPSNBEPQBSUFEFMTFSIVNBOPEFTEFTVBQBSJDJÓO 
BMBQBSEFRVFMPTDJFOUÎêDPTFOMBBDUVBMJEBEGPSNVMBORVFEFTEFFMWJFOUSFNBUFSOPFM
GFUPQSFTFOUBVOBBDUJWJEBEFMÊDUSJDBDFSFCSBMBEFDVBEBZMBQSFTFODJBEFFTUÎNVMPTRVF
DPOTUSVJSÃOTVTDPOUFOJEPT
 &TQPSFMMPRVFFTNFOFTUFSQFSDJCJSFMMFOHVBKFEFMTVFÒPEFTEFVOBQFSTQFDUJWB
TFNJÓUJDBFOUFOEFSBMTVFÒPDPNPQPSUBEPSEFVOTFOUJEP DPNPVOWFIÎDVMPGPSNBEPS
Z QSPDFTBEPS EF JNÃHFOFT  EF TJHOPT Z TÎNCPMPT RVF FOUSBO FO KVFHP QBSB PGSFDFS
VOB OBSSBDJÓO  VO SFMBUP RVF QPEFNPT BOBMJ[BS EFTEF WBSJBT QPTUVSBT TFNJÓUJDBT
%FTDSJCJSMBTDPOEJDJPOFTEFQSPEVDDJÓOZDPNQSFOTJÓOEFMTFOUJEPRVFTFMFIBEBEP


&TVOIFDIPRVFMBJOUFSQSFUBDJÓOEFMPTTVFÒPTPGSFDJEBQPS4JHNVOE'SFVEZ$BSM(+VOHQVFEFPSJFOUBSOPT
FONVDIPTTFOUJEPT QFSPTJTFUSBUBSBTPMBNFOUFEFFODPOUSBSMFFMMBEPQTJDPBOBMÎUJDPFTUBSÎBNPTEFKBOEPEFMBEP
PUSPTFOGPRVFTDPNPFMBOUSPQPMÓHJDP FMTFNJÓUJDP FMIJTUÓSJDPZMJUFSBSJPRVFUJFOFONVDIPRVFPGSFDFSOPTQBSB
FOSJRVFDFSTVFTUVEJP


BMPTTVFÒPTSFTVMUBVOBMBCPSCÃTJDBOPTÓMPQBSBQSPGVOEJ[BSFOMBTGPSNBTFORVFMB
NFOUFIVNBOBUSBCBKB TJOPUBNCJÊOFOMBNBOFSBFORVFMPTFGFDUPTDVMUVSBMFTZEF
MBWJEBTPDJBMJOUFSWJFOFOFOMBDPNQSFOTJÓOEFMBSFBMJEBEEFDBEBVOPEFOPTPUSPTZ
EFMPTRVFOPTSPEFBO
 &MTVFÒPFTVOUFYUPZUBNCJÊOVOSFMBUPRVFFOPDBTJPOFTQVFEFUPNBSEJNFO
TJPOFTTPDJBMFT MBTWFSUJFOUFTEFMBQTJDPMPHÎBQSPGVOEBQSPQPOFOMBWJTJÓOEFMNJUP
DPNP FM TVFÒP DPMFDUJWP
 RVF DPNQPOESÎBO MBT GPSNBT EFM JNBHJOBSJP FM DVBM B TV
WF[UFOESÎBFGFDUPTPCSFMBTSFQSFTFOUBDJPOFTJOEJWJEVBMFT6OJSZWFOJSDPOUJOVPEF
JNÃHFOFTFODJSDVMBDJÓODBSHBEBTEFTFOUJEPRVFWBSÎBOFOEJNFOTJÓOEFMPTVCKFUJWP
BMPDPMFDUJWP
&M MFYFNB iTVFÒPu EFOUSP EFM JEJPNB DBTUFMMBOP UFSNJOÓ QPS MJBSTF DPO EPT
QBMBCSBT MBUJOBT TPNOVT  RVF IBDF SFGFSFODJB BM iBDUP EF EPSNJSu  Z QPS PUSP MBEP
UFOFNPTMBQBMBCSBTNPOJVN FODPSSFTQPOEFODJBDPOiMBSFQSFTFOUBDJÓOEFTVDFTPT
JNBHJOBEPTEVSNJFOEPu1PSMPRVFBWFDFTSFTVMUBDPNÙORVFFMTFOUJEPCBKPFMRVF
TFBQMJDBMBQBMBCSBOPTSFNJUBBVOBTFNJÓUJDBEFMTVFÒPTRVFUJFOFRVFWFSNÃTDPO
MPTFTDFOBSJPTCBKPMPTRVFFMTPÒBOUFTFTJUÙBBOUFT EVSBOUFZEFTQVÊTEFEPSNJS Z
OPTPCSFMPTDPOUFOJEPTRVFOPTPGSFDFFMSFMBUPPOÎSJDPRVFFTBMMÎIBDJBEPOEFOPT
RVFSFNPTEJSJHJS
 &MTVFÒPTFIBDPOTUJUVJEPFOMBIJTUPSJBEFUPEPTMPTQVFCMPTDPNPVOJNQPSUBOUF
WFIÎDVMPQPSUBEPSEFTFOUJEPIBTJEPDBSHBEPNVDIBTWFDFTEFVOBWP[EJWJOBRVF
USBUBEFFOUSBSFODPOUBDUPDPOMPTTFSFTIVNBOPTBUSBWÊTEFBMHÙOJOEJWJEVPQPSUBEPS
EFFTUFQSFDJBEPEPOPUSBTWFDFTQPTFFVOBWJTJÓOQSPGÊUJDBEFFWFOUPTTPCSFMPTDVBMFT
IBZRVFBEWFSUJSBMNVOEPDJSDVOEBOUFTFMFIBEBEPVOTFOUJEPPSBDVMBSQBSBBEWFSUJS
BM DPOTVMUBOUF m1BUSJDJB $PY .JMMFS TFÒBMB RVF MB QSÃDUJDB EF MB BEJWJOBDJÓO FO MB
BOUJHÛFEBEWBNÃTBMMÃEFVOTJNQMFTBCFSPDVMUP TJOPRVFiFTVOBQSPQJBDJÓOJNBHJOBMZ
QPÊUJDBEFBTQFDUPTEFMNVOEPOBUVSBM JODMVJEBTMBTSFMBDJPOFTZBDUJWJEBEFTIVNBOBT

EFDBSBBMBDPOTUSVDDJÓOEFVOMFOHVBKFEFTJHOPTu&TUPTÙMUJNPTFSBOBSUJDVMBEPT EF
NBOFSBRVFQSPQPSDJPOBCBOZEBCBOGPSNBBêHVSBTRVFTBMÎBOBSFMVDJSDVBOEPTF


1BSBNÃTEFUBMMFSFWJTBS.PSFJSB )JMJB i1BSBVOBTFNJÓUJDBEFMTVFÒPu FO3FWJTUB3FMBDJPOFT 4FSJF4JHOPT
 IUUQGQDIBTRVFOFUSFMBDJPO

$PSPNJOBT1BTDVBM %JDDJPOBSJP$SÎUJDP&UJNPMÓHJDP$BTUFMMBOPF)JTQBOP QQ

1BUSJDJB$PY.JMMFS -PTTVFÒPTFOMBBOUJHÛFEBEUBSEÎB Q


FYQMPSBCBO BOTJFEBEFT  NJFEPT  Z PUSBT GPSNBT RVF TF PDVMUBO CBKP MB TVQFSêDJF EF
MBDPODJFODJBRVFTFEFTWJBCBOIBDJBMBTQFTBEJMMBTPMBTBQBSJDJPOFTEFEJGVOUPTFOMB
FTDFOBPOÎSJDBm
 -PT TVFÒPT WJTUPT DPNP VO GFOÓNFOP TJHOJêDBUJWP IBO QFSNBOFDJEP WJHFOUFT
EVSBOUF MB IJTUPSJB EF MB IVNBOJEBE 1PEFNPT FODPOUSBS SFGFSFODJBT B FMMPT FO MB
MJUFSBUVSB Z FM BSUF  ZB RVF FO TV NPNFOUP GVFSPO VO IFDIP SFWFMBEPS QBSB MPT RVF
MPFYQFSJNFOUBSPO BMHFOFSBSFOTVNFOUFZFOTVDPNVOJEBEJNÃHFOFTZTÎNCPMPT
RVFTFUPSOBCBONVDIBTWFDFTJOUFMJHJCMFTFJOBDDFTJCMFTQBSBFMDPNÙOEFMBHFOUFZRVF
KVTUJêDBCBOBMHÙOBDUPJSSBDJPOBMCBTBEPFOFMTVFÒP(SBOQBSUFEFFMMPTIBOTJEP
mZ TJHVFO TJFOEPm UPNBEPT DPNP TFÒBMFT RVF FYQSFTBO BM JOEJWJEVP UFSSFOPT EFM
JODPOTDJFOUFRVFJHOPSB EFSFQSFTFOUBDJPOFTEFTÎNJTNPZEFTVFOUPSOPTPDJBM

Goya, Francisco, Capricho nº


43, El sueño de la razón produce
monstruos, 1793-96,
Museo del Grabado de Goya

(PZBOPTFFRVJWPDBCBBMFYQSFTBSFOTVHSBCBEP$BQSJDIPO &MTVFÒPEFMBSB[ÓO
QSPEVDF NPOTUSVPT  FO FM DVBM FM QJOUPS BQBSFDF SFOEJEP TPCSF TV NFTB EF USBCBKP 
EPOEFVOBTFSJFEFBOJNBMFTOPDUVSOPTTVSHFOSPEFÃOEPMF TVTQSPQJPTNPOTUSVPT 
TVT QSPQJBT JNÃHFOFT Z GBOUBTNBT $PNP TJ FTUVWJFSB JOEJDBOEP DPO FTUB JNBHFO MB
NBOFSBFORVFMBSB[ÓOMJCFSBTVTTPNCSBTEVSBOUFFMTVFÒP BUSBWÊTEFMJODPOTDJFOUF 
mSB[ÓOQPSMBDVBMNVDIPTTVQPOFOVOBFTQFDJFEFBOUJDJQPEFM4VSSFBMJTNP


 &O MB BDUVBMJEBE  DPO TV DPOTUBOUF FOUSBNBEP EF JNÃHFOFT  NVDIBT EF FMMBT
PCUFOJEBT EF MPT NFEJPT EF DPNVOJDBDJÓO   MPT TVFÒPT PUPSHBO IBTUB DJFSUP QVOUP
VOB JOëVFODJB FO FM RVFIBDFS DPUJEJBOP 4JHVFO GPSNBOEP VO NPEFMP EJTUJOUJWP EF
JNBHJOBDJÓORVFNPMEFBFONÃTEFVOBGPSNBOVFTUSBSFBMJEBEmVOIFDIPDPODSFUPMP
IBMMBNPTFORVFMBiSFBMJEBEuEFMBRVFDPNÙONFOUFIBCMBNPTQBSUFEFMBFTUJNBDJÓO
EFRVFTPNPTDPOTDJFOUFT
 $BEB JOEJWJEVP RVF TF TJFOUB GSFOUF B VO UFMFWJTPS  P TF UPQB DPO VO BOVODJP
QVCMJDJUBSJPFMBCPSBEPFOPUSPQBÎT PTJNQMFNFOUFUSBUBEFEJTGSVUBSDPOTVGBNJMJB
VOEPNJOHPFOFMDJOF FOUSBFODPOUBDUPDPOVOBFOPSNFHBNBEFDPOêHVSBDJPOFT
JNBHJOBSJBT  MBT DVBMFT B TV WF[ NPMEFBO Z SFDSFBO PUSPT JNBHJOBSJPT JOEJWJEVBMFT
­TUBT FOBMHÙONPNFOUPDJSDVMBSÃOIBDJBFMCBODPEFEBUPTEFMJNBHJOBSJPDPMFDUJWP
QBSBVOBWF[NÃTSFWFMBSTFFOVOBOVFWBJNBHFONPTUSBEBQPSMPTNFEJPT RVJFOFTTF
IBOFODBSHBEPEFSFUSPBMJNFOUSTFEFMBJNBHJOBDJÓODPMFDUJWB
 &T EF FTQFSBSTF RVF MPT SFMBUPT GSFOUF B MPT RVF OPT FODPOUSFNPT QSFTFOUFO
VOB EFOTJEBE EF TÎNCPMPT RVF RVJ[ÃT QPTFBO EJGFSFOUFT OJWFMFT EF BOÃMJTJT RVF UBM
WF[BOBMJ[BEPTEFTEFMBTFNJÓUJDBQVFEBOPGSFDFSOPTVOBWBSJFEBEEFDBNJOPTQBSB
QSPGVOEJ[BSFOMBiSFBMJEBEuEFMPTTVFÒPT

#JCMJPHSBGÎB

$09.*--&3 1BUSJDJB 


-PTTVFÒPTFOMBBOUJHÛFEBEUBSEÎB4JSVFMB &TQBÒB

+ $030.*/"4  +" 1"4$6"-  


 %JDDJPOBSJP $SÎUJDP &UJNPMÓHJDP
$BTUFMMBOPF)JTQÃOJDP UPNPT &E(SFEPT .BESJE


$"1±56-04&.*¶5*$"%&-40/*%0
:%&-".¼4*$"


/PUBTTPCSFTFNJÓUJDBZNÙTJDB"QVOUFT
BQMJDBCMFTBMBNÙTJDBSFHJPOBMTJOBMPFOTF
5BOJVT,BSBN

-BTFNJÓUJDBNVTJDBMZTVTQSPCMFNBT
1BSB-ÓQF[$BOP MBTFNJÓUJDBEFMBNÙTJDB ĬĦ
TFPDVQBEFMFTUVEJPEFMPTQSPDFTPT
QPSNFEJPEFMPTDVBMFTMBNÙTJDBBERVJFSFTJHOJêDBEPQBSBBMHVJFO&TEFTVCSBZBS
RVFMBTFNJÓUJDBOPTFJOUFSFTBQPSEFêOJSMPTTJHOJêDBEPTEFBMHP TJOPQPSEFTDSJCJS
MPTQSPDFTPTQPSNFEJPEFMPTDVBMFTÊTUPTTPOHFOFSBEPT&TUPFTVOPEFMPTSBTHPTRVF
MBEJTUJOHVFOEFMBIFSNFOÊVUJDB-BTFNJÓUJDBSFBMJ[BTVFTUVEJPEFMBTJHOJêDBDJÓOB
QBSUJSEFMBOPDJÓOEFTJHOP&MTJHOPFTFMPCKFUPEFFTUVEJPEFMBTFNJÓUJDB BMUJFNQP
RVF VO BSUFGBDUP UFÓSJDP QPS NFEJP EFM DVBM ÊTUB NPEFMB MPT QSPDFTPT EF TJHOJêDB
DJÓORVFQSFUFOEFFTUVEJBS­TUBFTPUSBDBSBDUFSÎTUJDBRVFMBEJTUJOHVFEFPUSBTEJTDJQMJOBT
RVFUBNCJÊOUJFOFOQPSPCKFUPEFFTUVEJPMPTQSPDFTPTEFTJHOJêDBDJÓO
 6OBEFMBTDBSBDUFSÎTUJDBTEFMBTEJWFSTBTTFNJÓUJDBTEFMBNÙTJDBFTRVFTFUSBUBEF
UFPSÎBTNVTJDBMFTDPNQSFOTJWBT&TUPRVJFSFEFDJSRVFOPTFEFUJFOFOFOMBUFPSJ[BDJÓO
EF QBSÃNFUSPT BJTMBEPT EF MB FTUSVDUVSB NVTJDBM NFMPEÎB  SJUNP  BSNPOÎB  UJNCSF 
FUDÊUFSB
TJOPRVFEFTBSSPMMBOVODPNQMFKPEJTDVSTPDPOEJNFOTJPOFTUBOUPFTUÊUJDBT
DPNPUÊDOJDBT IBDJFOEPFYQMÎDJUPVOBDPODFQDJÓOEFNÙTJDBFOMBRVFMBTJHOJêDBDJÓO
DPCSBVOQBQFMGVOEBNFOUBM%FFTUFNPEP BEFNÃTEFNÊUPEPTEFBOÃMJTJTNVTJDBM 
MBTUFPSÎBTTFNJÓUJDBTEFMBNÙTJDBPGSFDFOVOBSJDBCBUFSÎBEFSFëFYJPOFTEFOBUVSBMF[B
FTUÊUJDBTPCSFVOPEFMPTQSPCMFNBTNÃTJOTPOEBCMFTEFMBêMPTPGÎBEFMBNÙTJDBFMEFM
TJHOJêDBEPEFMBNÙTJDB%FIFDIP FONJPQJOJÓO FMBQPSUFEFMBTEJGFSFOUFTUFPSÎBT
TFNJÓUJDBTEFMBNÙTJDBFTNBZPSFOFMÃNCJUPEFMBSFëFYJÓOFTUÊUJDBRVFFOFMEFMB
NFUPEPMPHÎB BOBMÎUJDB 4JO FNCBSHP  BDUVBMNFOUF NVDIBT EF TVT UÊDOJDBT BOBMÎUJDBT
FTUÃOFODPOTUBOUFSFWBMPSBDJÓO $G-ÓQF[$BOP 

 1BSB.BSUÎOF[ 
MBĬĦUJFOFUSFTDBNQPJOUFSSFMBDJPOBEPTEFJOWFTUJHBDJÓO

4FNJPTJTNVTJDBMJOUSÎOTFDB PFMFTUVEJPEFMTJHOPNVTJDBMDPOTJHPNJTNP&OFTUF
DBNQP TF USBCBKB DPO MB TJHOJêDBDJÓO NVTJDBM JOUFSOB 4F USBUBEFMBTFNJÓUJDB
EF MB NBUFSJBMJEBE NVTJDBM -B TFNJPTJT JOUSÎOTFDB BCBSDB FM QSPCMFNB EF MBT


DVBMJEBEFTNVTJDBMFT MBSFBMJ[BDJÓOEFPCSBTZFTUSVDUVSBTNVTJDBMFT ZMPTIÃCJUPT
EFPSHBOJ[BDJÓOFOMBNÙTJDB UBMFTDPNPTJTUFNBTNVTJDBMFT FTUJMPTZFTDVFMBT

3FGFSFODJBNVTJDBM PFMFTUVEJPEFMPTTJHOPTNVTJDBMFTSFMBDJPOBEPTDPOTVTQPTJCMFT
PCKFUPT4FUSBUBBRVÎEFMBJOWFTUJHBDJÓOEFMBTSFQSFTFOUBDJPOFTNVTJDBMFTEFVOB
WBSJFEBEEFPCKFUPTBDÙTUJDPTPOPBDÙTUJDPT-BTQSJODJQBMFTDVFTUJPOFTEFFTUF
DBNQPJODMVZFODÓNPVOTJHOPNVTJDBMTFSFêFSFBTVPCKFUP MPTQPTJCMFTPCKFUPT
SFQSFTFOUBEPT QPS MB NÙTJDB Z TVT NPEPT EF FYJTUFODJB  MBT QPTJCMFT SFMBDJPOFT
FOUSFVOPCKFUPZMBNBOFSBDPNPMPSFQSFTFOUBFMTJHOP

*OUFSQSFUBDJÓONVTJDBM PFMFTUVEJPEFMPTTJHOPTNVTJDBMFTSFMBDJPOBEPTDPOTVT
JOUFSQSFUBOUFT&OFTUFDBNQPTFJOWFTUJHBMBBDDJÓOEFMPTTJHOPTNVTJDBMFTFO
VOBNFOUFQPUFODJBMPFYJTUFOUF-BTDVFTUJPOFTEFJOUFSQSFUBDJÓONVTJDBMQVFEFO
TFS EJWJEJEBT FO USFT TVCDBNQPT 
 QFSDFQDJÓO NVTJDBM  
 FKFDVDJÓO  Z

TVCEJWJEJEPFOJOUFMJHFODJBNVTJDBMZDPNQPTJDJÓO-BJOUFMJHFODJBNVTJDBM
BCBSDBBOÃMJTJT DSÎUJDB FEVDBDJÓO UFPSÎBEFMBNÙTJDBZTFNJÓUJDBNVTJDBMFT

&MFTRVFNB TPCSFUPEPRVJFOFTIFNPTUSBCBKBEPMBUFPSÎBEFMBDPNVOJDBDJÓO QBSFDF


TVHFSFOUF  QPSRVF FWPDB FTPT USFT TVCTJTUFNBT RVF GPSNB QBSUF EFM iQVOUP EF WJTUB
DPNVOJDBUJWPuRVFQVFEFOEBSQJFQBSBVOQSPHSBNBEFTFNJÓUJDBEFMBQSPEVDDJÓO 
EFMBFYQSFTJÓONVTJDBMZMBSFDFQDJÓOJOUFSQSFUBDJÓOEFMGFOÓNFOPTPOPSPNVTJDBM
%FNBOFSBQBSUJDVMBSQBSBMBTUFPSÎBTEFDPNVOJDBDJÓO FTUBQFSTQFDUJWBFTTVHFSFOUF
Z DPOTUJUVZF VO BQPSUF RVF EFTEF FTUB EJTDJQMJOB TF QVFEF IBDFS BM DPOKVOUP EF MBT
IVNBOJEBEFTZMBTDJFODJBTTPDJBMFT
 %FTEFVOBQFSTQFDUJWBNÃTTBVTTVSJBOB 4IVMU[ 
QSPQPOFVOBQFST
QFDUJWBEJBDSÓOJDBDPJODJEFOUFDPOVOBQFSTQFDUJWBJOUFODJPOBMNFOUFIJTUÓSJDBEFMBT
USBOTGPSNBDJPOFTEFMGFOÓNFOPNVTJDBMVOBEFTVTNFUBTTFSÎBMBCÙTRVFEBEFMTFOUJEP
EF MPT DBNCJPT FTUJMÎTUJDPT FO MB IJTUPSJB EF MB NÙTJDB TF USBUBSÎB EF DBSBDUFSJ[BS MB
TFNÃOUJDB FTUÊUJDB EF DBEB FTUJMP NVTJDBMQBSBEFTDSJCJSEFNBOFSBFTQFDJBMMBTUSBOT
GPSNBDJPOFT Z MPT DBNCJPT IJTUÓSJDPT -B QFSTQFDUJWB TJODSÓOJDB UJFOF FOUSF TVT JO
RVJFUVEFT BM TFOUJEP EF MB DSFBDJÓO NVTJDBM  MB OBUVSBMF[B EF MB JNBHFO NVTJDBM  MBT
EJNFOTJPOFTEFMUJFNQPZFMFTQBDJPFOMBNÙTJDB MBTSFMBDJPOFTRVFTFFOUBCMBOFOUSF
MBQFSDFQDJÓOZPUSPTBTQFDUPTNVTJDBMFT


6OBEFTDSJQDJÓOTFNJÓUJDBEFMBNÙTJDB
6OB EFTDSJQDJÓO NVTJDBM NVZ CÃTJDB QPESÎB DPSSFTQPOEFS B RVF MPT GFOÓNFOPT
NVTJDBMFT BRVFMMPTRVFTFQSFTFOUBOFOMBNFOUFDPNPNÙTJDB
QVFEFODPOTUJUVJSTF
NFSBTDVBMJEBEFTBDÙTUJDBT QSJNFSJEBE
FYJTUFOUFTJOEJWJEVBMFT TFHVOEJEBE

DPNPIÃCJUPTPTJHOPT UFSDFSJEBE

 %F BDVFSEP DPO 1FJSDF  FM QFOTBNJFOUP TÓMP FT QPTJCMF NFEJBOUF TJHOPT &TUB
OPDJÓOTFFYUJFOEFFWJEFOUFNFOUFBMBNÙTJDB6OTJHOPNVTJDBMQVFEFTFSVOTJTUFNB 
VOBDPNQPTJDJÓOPTVFKFDVDJÓO VOBGPSNB VOFMFNFOUPJOUFSOPBFTBGPSNBPBVO VO
FTUJMP VODPNQPTJUPS VONÙTJDPPTVJOTUSVNFOUP ZBTÎTVDFTJWBNFOUF%FDVBMRVJFS
NPEP TFHÙO1FJSDF FMQSPDFTPEFTJHOJêDBDJÓOPDVSSFQPSMBSFMBDJÓOUSJÃEJDBEFVO
TJHOPZFMPCKFUPRVFÊMSFQSFTFOUBQBSBVOJOUFSQSFUBOUFRVF FOFMDBTPEFMBNÙTJDB FT
PUSPTJHOPEFTBSSPMMBEPFOMBNFOUFEFMPZFOUF NÙTJDP DPNQPTJUPS BOBMJTUBPDSÎUJDP
WÊBTFêHVSBM
-BTFNJPTJTNVTJDBM PFMQSPDFTPEFTJHOJêDBDJÓOFONÙTJDB QVFEF
TFSFTUVEJBEBFOTVTSFMBDJPOFTFOUSFTJHOP PCKFUPFJOUFSQSFUBOUF DVBOEPFOUPODFTMB
DMBTJêDBDJÓOEFMPTTJHOPTTFUSBOTGPSNBFOVOJOTUSVNFOUPEFBOÃMJTJT
 -BFTUSVDUVSBEFMTJHOPZMBOBUVSBMF[BEFTVBDDJÓO PTFNJPTJT TFEFTEPCMBFOMB
DMBTJêDBDJÓOEFMPTTJHOPT&TDPOPDJEBFOMBMJUFSBUVSBTPCSF1FJSDFMBTJHVJFOUFUBCMB
EFMBTUSJDPUPNÎBT

5BCMB5SJDPUPNÎBTQFJSDFBOBT

&MTJHOP &MTJHOP &MTJHOP

FOTÎNJTNP ZTVPCKFUP ZTVJOUFSQSFUBOUF

1SJNFSJEBE $VBMJTJHOP *DPOP 3FNB

4FDVOEJEBE 4JOTJHOP ±OEJDF %JDFOUF

5FSDFSJEBE -FHJTJHOP 4ÎNCPMP "SHVNFOUP


7ÊBOTFMPT$PMMFDUFEQBQFST  


-MFWBEPBMBEFTDSJQDJÓONVTJDBMCÃTJDB .BSUÎOF[ 
QSPQPOFMBTJHVJFOUFSFMBDJÓO
-B QSJNFSB USJDPUPNÎB  FM TJHOP FO SFMBDJÓO DPOTJHP NJTNP UFOFNPT MPT TJHVJFOUFT
FKFNQMPT
rDVBMJTJHOP VOBDVBMJEBE QPSFK VOUJNCSF
rTJOTJHOP VOFYJTUFOUFJOEJWJEVBM QPSFK VOBFKFDVDJÓOEFMB4JOGPOÎB'BOUÃTUJDB
EF#FSMJP[
rMFHJTJHOP VOBMFZPDPOWFODJÓO QPSFK MBGPSNBTPOBUB

1BSBMBTFHVOEBUSJDPUPNÎB FMTJHOPFOSFMBDJÓODPOTVPCKFUP
rJDPOP VOTJHOPRVFSFQSFTFOUBTVPCKFUPQPSFMIFDIPEFRVF FOTÎNJTNP QPTFF
DVBMJEBEFTTFNFKBOUFTBÊM QPSFK MPTDBOUPTEFQÃKBSPTFOMB&TDFOBVOUPBM
BSSPZPEFMB4JOGPOÎB1BTUPSBMEF#FFUIPWFO
r ÎOEJDF  VO TJHOP RVF SFQSFTFOUB TV PCKFUP QPS FM IFDIP EF RVF TF SFMBDJPOB
EJOÃNJDBNFOUF DPO ÊM  QPS FK  VO TPMP EF TJUBS DPNP TJHOP EF MB NÙTJDB EF
*OEJB
rTÎNCPMP VOTJHOPRVFTFSÃJOUFSQSFUBEPDPNPSFêSJÊOEPTFBTVPCKFUPNFSBNFOUF
EFCJEPBVOIÃCJUPPDPOWFODJÓO QPSFK VOIJNOPOBDJPOBM VOMFJUNPUJW

1BSBMBUFSDFSBUSJDPUPNÎB FMTJHOPFOSFMBDJÓODPOTVJOUFSQSFUBOUF
rSFNB VOTJHOPRVFQBSBTVJOUFSQSFUBOUFDPOTUJUVZFBQFOBTVOBQPTJCJMJEBE QPS
FK MBBVEJDJÓOEFVODPODJFSUPEFNÙTJDBBMFBUPSJB
r EJDFOUF  VO TJHOP RVF QBSB TV JOUFSQSFUBOUF FT VO TJHOP EF GBDUP  QPS FK  FM
SFDPOPDJNJFOUPEFVOBEFUFSNJOBEBDPNQPTJDJÓOFOVODPODJFSUP
r BSHVNFOUP  VO TJHOP RVF QBSB TV JOUFSQSFUBOUF FT VO TJHOP EF MFZ  QPS FK  VO
BOÃMJTJTNVTJDBMFOVOBSFWJTUBFTQFDJBMJ[BEB

&OMBÙMUJNBEFOVFTUSBFYQPTJDJÓOBQMJDBSFNPTBMHVOPTEFFTUBTPCTFSWBDJPOFTFOFM
NBSDPEFVOBEFêOJDJÓOTFNJÓUJDBHFOFSBMTPCSFMBNÙTJDBEFCBOEB


"OPUBDJPOFT TFNJÓUJDBT Z TPDJPDVMUVSBMFT TPCSF MB NÙTJDB
SFHJPOBMEFMOPSPFTUF iNÙTJDBEFCBOEBu


&OUSFUFMBTEFMBEFêOJDJÓOTPCSFMBiNÙTJDBEFCBOEBu
&OMBTFHVOEBNJUBEEFMTJHMPBOUFQBTBEP DPNJFO[BOUBNCJÊOBMHVOBTNFODJPOFTB
MBNÙTJDBQSPEVDJEBQPSMBTDPNVOJEBEFTEFMMVHBS&MPSJHFOEFMBCBOEBDPNPUBM
UFOFNPTRVFCVTDBSMPFOMBTBHSVQBDJPOFTNJMJUBSFTRVFGVFSPOEFKBOEPHJSPTZIVFMMBT 
MPNJTNPEVSBOUFFTUBODJBEFBMHVOBTHVBSOJDJPOFTFTUBEPVOJEFOTFTZFVSPQFBT RVF
EF MBT BHSVQBDJPOFT MPDBMNFOUF GPSNBEBT RVF SÃQJEBNFOUF HFOFSBO TVT BTQFDUPT
QSPQJPT
 -B NÙTJDB EF CBOEB SFTVMUB VO GFOÓNFOP EF NVDIP NBZPS JOUFSÊT EF MP RVF
QBSFDF 1PS QSJODJQJP  TV DBSÃDUFS NBSHJOBM  BM HSBEP RVF OP IB NFSFDJEP JOUFSÊT TJ
RVJFSB EF IJTUPSJBEPSFT NVTJDBMFT P FUOPNVTJDÓMPHPT  NÃT RVF FO FTUVEJPT DPNP
SBSF[BT-PTUSBCBKPTBDBEÊNJDPTTPCSFCBOEBTPOSFBMNFOUFNVZFTDBTPT BVOEFOUSP
EFMPTFTQFDJBMJTUBTEFMBNÙTJDBGPMDMÓSJDB
FMQSJNFSFTUVEJPIFDIPQPSVOTJOBMPFOTF
TPCSFMBNÙTJDBEFTVFTUBEP FTEFM-BQSPQJB4JNPOFUU 
EBDVFOUBEFMPRVF
QBSBFMMBTVQVTPJODVSTJPOBSBMBNÙTJDBGPMDMÓSJDBNFYJDBOB ZNÃTFTQFDÎêDBNFOUFMB
CBOEBTJOBMPFOTF MPTDPNFOUBSJPTJSÓOJDPTEFMPTRVFGVFPCKFUPDVBOEPDIBSMBOEPDPO
DPMFHBTZBNJHBTDPNFOUBCBTVJOUFSÊTQPSFTUFFTQBDJPDVMUVSBMZNPEPEFFYQSFTJÓO
 6OPEFMPTQSJNFSPTBTQFDUPTBDPOTJEFSBSFTMBQSPQJBEFêOJDJÓOEFMBCBOEB MB
DVBMFTPCKFUPEFVOBFYUSBPSEJOBSJBEJTQFSTJÓOTFNÃOUJDBTFIBCMBEFiUFDOPCBOEBu 
iCBOEBDPOUFNQPSÃOFBu iCBOEBTJOUFUJ[BEBuPOFPCBOEB1PSFKFNQMP QBSBMBSFWJTUB
'VSJB .VTJDBM TF VUJMJ[BO iUFDOPCBOEBu Z iCBOEBu DPNP TJOÓOJNPT -PT SFDVSTPT
FMFDUSÓOJDPTZTVSFMBUJWBDPMPDBDJÓOFOFMNFSDBEPFTUBEPVOJEFOTFIBGBDJMJUBEPVOB
EJGVTJÓONBZPSEFMBCBOEBDPNPUJQPEFTPOPSJEBE&MNPSGFNBiCBOEBuTFQVFEF
BQMJDBSJHVBMNFOUFBMBiCBOEBEFNÙTJDBu BTÎFOHFOFSBM
iCBOEBTQPQVMBSFTu iCBOEBT
EFWJFOUPuPBTVTNPEBMJEBEFTFMFDUSÓOJDBT
 %FDVBMRVJFSNBOFSB MBiCBOEBuOPFTTPMBNFOUFVOUJQPBHSVQBDJÓO DPOTUJUVZF
VOPEFMPTTJHOPTJEFOUJUBSJPTEFMBSFHJÓOZDPODSFUBNFOUFEF4JOBMPBDPNPFTUBEP ZB


/PTSFGFSJNPTB'MPSFT(BTUFMVN. 
)JTUPSJBEFMBNÙTJDBQPQVMBSFO4JOBMPB$VMJBDÃO%*'0$63

6OTJHOPDVMUVSBMEFEJDIBBDFQUBDJÓOFTRVFFMMPHPUJQPEFMBTQMBDBTRVFMMFWBOUPEPTMPTDBSSPTDPNQSBEPTFO
FMFTUBEPEF4JOBMPB FTMBUBNCPSB IBZPUSPUJQPEFNBUSÎDVMBRVFFTFMUPNBUF



MPTRVFCJFOQVEJNPTVCJDBSMPRVF3JD’VS DJUBEPQPS4JNPOFUU 
EJDFTPCSF
MBEJTUBODJBUFNQPSBM FOFMTFOUJEPRVFOPFTJOUFSWBMPNVFSUP TJOPVOBUSBOTNJTJÓO
HFOFSBEPSBEFTJHOJêDBEPT-BCBOEBDPNPGFOÓNFOPZFYQSFTJÓODPOFDUBZPSHBOJ[B
BTQFDUPT EF MB FYQFSJFODJB EFTEF FM VNCSBM TFNÃOUJDP RVF QPTJCJMJUB $POTUJUVZF VO
DPNQPOFOUFNBDSPTFNJÓUJDB EFUJQPJOEJDJBMRVFBMNJTNPUJFNQPQPSUBFMFNFOUP
EFTFOUJEPVCJDBEPTBVOOJWFMNÃTBNQMJP-BCBOEBDPNPGFOÓNFOPTPDJPDVMUVSBM
OPTFJOUFSQSFUBZEFêOFÙOJDBNFOUFQPSTVQSJNFSJEBETPOPSPTB FTVOGFOÓNFOPEF
GVFSUFSBJHBNCSFDVMUVSBMZNFEJÃUJDB FOVOB[POB DPNPFMOPSPFTUFNFYJDBOP
RVFFO
HFOFSBMIBQBSUJDJQBEPEFNBOFSBQFSJGÊSJDBFOMBTFYQSFTJPOFTDVMUVSBMFTEPNJOBOUFT
EF.ÊYJDP
 -BNÙTJDBJOUFSQSFUBEBQPSMBTiCBOEBTTJOBMPFOTFTuFTVOBDPNCJOBDJÓOEFHÊOFSPT
ZEJTDVSTPT OPSFNJUFÙOJDBNFOUFBVOHÊOFSP FTUJMPPUJQPEFNÙTJDB iGPMDMÓSJDBu 
iQPQVMBSu  iHSVQFSBu
 4J CJFO SFNJUFO B VOB NBUSJ[ BHSVQBEB TJOUÊUJDBNFOUF FO FM
UÊSNJOPiNÙTJDBCBOEBu QPSMBJOTUSVNFOUBDJÓOVTBEB
ÊTUFFTJNQSFDJTPOJFMPSJHFO
EFMBNÙTJDBRVFTFJOUFSQSFUBFTEFiCBOEBuOJMBCBOEBSFNJUFBMBTGPSNBTPSJHJOBMFT
RVFMFTPOQSPQJBTFOMBIJTUPSJBEFFTUBBHSVQBDJÓOFOFMOPSPFTUFNFYJDBOP&OFM
SFQFSUPSJPEFTVEPDFOBEFEJTDPTFODPOUSBNPTSFGFSFODJBBHÊOFSPTBOUPMÓHJDBNFOUF
BTPDJBEBTBMOPSUFEFMQBÎT&MEJTDVSTPTPOPSPZVYUBQPOFIVFMMBTEFMGPMDMPSFSFHJP
OBMDPOMPTFTUJMFNBTZBTQFDUPTEFMHVTUPFOFMEJTDVSTPNFEJÃUJDP FOVOBTFSJFEF
KVFHPTZDPOUSBQFTPTRVFFWFOUVBMNFOUFQVFEFOQFSNJUJSWBSJBTMFDUVSBTFOVOBJOUFS
QSFUBDJÓO ZRVFEFIFDIPQVFEFOFYQMJDBSFMÊYJUPFOMBDJSDVMBDJÓO QSJODJQBMNFOUF
FO FM OPSPFTUF
 &M EJTDVSTP BERVJFSF TJHOJêDBEPT Z VTPT FTQFDÎêDPT FO DPOUFYUPT
BTPDJBEPT B SJUVBMFT EF WJEB DPUJEJBOB êFTUBT  GFTUJWBMFT  EFTêMFT  FWFOUPT QÙCMJDPT

RVFQBSUJDVMBSNFOUFDPOWJFOFFTUVEJBSQBSBMBCBOEBDPNPVOEJTQPTJUJWPRVFNBSDB
EJDIBTQSÃDUJDBTZMBTJNQSFHOBEFWBMPSBDJPOFTQBSBTVTVTVBSJPT

-BiNÙTJDBEFCBOEBuDPNPFDPTJTUFNBNFEJÃUJDP
"CSJM 
 OPT IB BEWFSUJEP DPNP IPZ OP IBZ QSÃDUJDB DVMUVSBM RVF RVFEF GVFSB
EFM FTQBDJP EF BDDJÓO EF MPT NFEJPT  BTÎ DPNP ÊTUBT Z EF NBOFSB NBT BNQMJBT MBT
JOEVTUSJBTDVMUVSBMFTZOPTÓMPMPTNFEJPT
QVFEFOFOUFOEFSGVFSBEFTVGVODJÓOEF
NFEJBDJÓO"DFQUBNPTVOBDJFSUBUFOTJÓOFOUSFMBUFOEFODJBBMBIPNPHFOJ[BDJÓOZ
IBDJB MB EJGFSFODJBDJÓO DVMUVSBM  UBOUP FO MB NÙTJDB DPNP FO MB JNBHFO WJTVBM RVF


WBMFQBSBMPTGPSNBUPTEFiNÙTJDBQPQVMBSu MPTDVBMFTNVZQPDBTWFDFTTFBTPDJBOEF
NBOFSBÙOJDBBMEJTDVSTPTPOPSPTJOSFGFSFODJBBMBJDPOPHSBGÎB TJTUFNBTUJQPHSÃêDPT
P EFNÃT DPOTUSVDDJPOFT FMBCPSBEPT QPS MB JOEVTUSJB EFM WJEFP  MB QSFTFOUBDJÓO FO
57  FUDÊUFSB
 -BT JOEVTUSJBT DVMUVSBMFT OP USBOTNJUFO DPOUFOJEPT TJOP RVF NFEJBO
SFMBDJPOFTIVNBOBT EFDPOPDJNJFOUPZTFOTJCJMJEBE$BCFBRVÎMBJEFBEFNBUFSJBMJEBE 
ZBQFTBSEFRVFMBNBUFSJBMJEBEQSJODJQBMRVFBOBMJ[BNPTFTMBBDÙTUJDBZFTUÊUJDB IBZ
DMBSPT DPNQPOFOUFT WJTVBMFT  DPHOPTDJUJWPT  JEFPMÓHJDPT  DVMUVSBMFT F IJTUÓSJDPT RVF
TPOJHVBMNFOUFJNQPSUBOUFTFOMBQSÃDUJDBDVMUVSBMBBOBMJ[BS
 1BSBFOUFOEFSMBTSFMBDJPOFTFOUSFNÙTJDBDPOFOTVFDPTJTUFNBNFEJÃUJDPZDPOP
DFSMBFYQSFTJÓONVTJDBMDPNPQSÃDUJDBTFNJEJTDVSTJWB OPIBZRVFPMWJEBSFMDPOUFYUP
EFHSBOEFTDBNCJPTFOFMFTQBDJPDVMUVSBM BOJWFMMPDBMZNVOEJBM
RVFWJFOFBMUFSBOEP
FM NBQB EF MPT TBCFSFT  HVTUPT "TJTUJNPT B USBOTGPSNBDJPOFT FO MPT JNBHJOBSJPT
DPMFDUJWPT EFMBDVBMOPTÓMPDVFOUBMBTJNÃHFOFT TJOPMBTiJNÃHFOFTTPOPSBTu&OUSF
ÊTUBT MB NÙTJDB IB BERVJSJEP VOB JNQPSUBODJB FOPSNF FO MB DPOGPSNBDJÓO EF MBT
SFQSFTFOUBDJPOFT DPMFDUJWBT  JEFOUJEBEFT  GPSNBT TPDJBMFT EF QSPEVDJS Z DPNQBSUJS
TJHOJêDBEPTFTVOGBDUPSEFNPWJMJ[BDJÓOZDPOTUSVDDJPOFT EFWJTJCJMJ[BDJÓOJEFOUJUBSJB
ZSBTHPTEFMBDVMUVSB MPNJTNPFOTVFTQBDJPEFPSJHFORVFFOPUSPTDPOUFYUPT QPS
FKFNQMPMBNÙTJDBEFCBOEBFOMPT&TUBEPT6OJEPT

 -BT GPSNBT EJTDVSTJWBT EFSJWBEBT EF MB NÙTJDB EF CBOEB OPT QSFTFOUBO WBSJBT
GPSNBT MB HSBCBDJÓO EJTDPHSÃêDB  FM DPODJFSUP FO EJSFDUP  FM WJEFP QPS FM DBOBM QPS
DBCMF EF NÙTJDB HSVQFSB #BOEBNBY
 TPO QMBUBGPSNBT QBSB NPEPT EJGFSFODJBEPT EF
FYQFSJFODJBZBQSFOEJ[BKFTPDJBMZQPSTVQVFTUPQBSBMBDPOTVNBDJÓOEFVOEFUFSNJOBEP
TFOUJEPEFMBNÙTJDBZMBSFDFQDJÓO7BSÎBTMBTFYQFSJFODJBTSFDFQUJWBTZBQSFDJBDJÓOFOFM
DPODJFSUPPFMWJEFP DPNPNÙTJDBFOFMUFMÊGPOPDFMVMBS .1PFMJ1PE GFSJBTSFHJPOBMFT
PMPDBMFT DVBOEPTFFTDVDIBDPOVOHSVQPEFBNJHPTPCJFODPOFMĜĝBUPEPWPMVNFO
FOFMBVUP4JCJFODBEBFYQFSJFODJBUJFOFSBTHPTÙOJDPT DBEBWF[NÃTMBNÙTJDBFTVOB
DPNCJOBDJÓOFOGPSNBTEFJOUFSBDDJÓODVZBTFNJPTJTRVFFOMB[BOMPÎOUJNPZMPQÙCMJDP 
MPQSÓYJNPZMFKBOPRVFQSPQPOFOVFWBTFYQFSJFODJBTZDPOTUSVZF

-PTWBJWFOFTEFMUJNCSFFOMBiCBOEBu
6OP EF MPT DPNQPOFOUFT EFM GFOÓNFOP TPOPSP QBSB JOJDJBS TV DBSBDUFSJ[BDJÓO FT FM
UJNCSFEFMBCBOEBDPNPUBM%FUPEBTMBTDVBMJEBEFTRVFQVFEFBTVNJSFMTPOJEPNVTJDBM 


UBMWF[MBNÃTÎOUJNBZFTQFDÎêDBFTFMUJNCSF&TVOBWÎBQSÓYJNBEFJEFOUJêDBDJÓO&M
UJNCSFQVFEFEBSDVFOUB QPSFKFNQMPQBSBFMDBTPEFMBWP[IVNBOB TJFTIPNCSFP
NVKFS OJÒPPKPWFO FUD&MUJNCSF ZUBMWF[FMSJUNP
BQFMBEFNBOFSBNÃTQPEFSPTBMB
TFOTPSJBMJEBEEFMFTDVDIB EFVOBNBOFSBBOÃMPHBBMDPMPSFOMBQJOUVSB&MUJNCSFEB
VOQSPUBHPOJTNPFYQSFTJWPTFHÙONPNFOUPZDJSDVOTUBODJBTEFMPTQBTBKFTNVTJDBMFT
FO FM USBOTDVSTP EF VOB PCSB &M UJNCSF UJFOF VOB FYQMJDBDJÓO BDÙTUJDB B QBSUJS EFM
NBUFSJBMEFMJOTUSVNFOUP MPOHJUVE HSPTPS UFOTJÓOZFTQFTPS-BFMFDDJÓOEFMUJNCSF
FOMBDPNQPTJDJÓODPSSFTQPOEFBFTFSPQBKFTPOPSPRVF UPEBQSPQPSDJÓOHVBSEBEB
MB
SFUÓSJDBMMBNBFMPDVUJPFOPDBTJPOFT MBDPNQPTJDJÓOTFWFNPUJWBEBQPSMBDPODFQDJÓO
RVF FM DPNQPTJUPS SFBMJ[B EF FTUF iSPQBKFu -BT DVBMJEBEFT FYQSFTJWBT EFM UJNCSF IBO
TJEPPCKFUPEFOVUSJEBBEKFUJWBDJÓORVFSFTDBUBEFMUPEPFOQBMBCSBT QPSFKFNQMP FM
DMBSJOFUF RVFTFVTBFOMBCBOEB
TFEJDFUJFOFVOUJNCSFiMJTP BCJFSUP DBTJIVFDPu $G
4DIVMU[ 

 -B CBOEB FT CÃTJDBNFOUF TPOPSJEBE  TJ QPS FMMP FOUFOEFNPT MB QSFTFODJB EFM
FTQFDUSPTPOPSPPDVQBEP JSSVNQJEPTJOPUSPBGÃOEFDPOGSPOUBDJÓO&TDPOUVOEFODJBZ
DMBSJEBEFOMBTPOPSJEBEEFMPTJOTUSVNFOUPTEFNFUBMFT DMBSJOFUF UVCB USPNCÓO
RVF
EBOCSJMMBOUF[ZQSFDJTJÓOBVOTPOJEPRVFOPTJFNQSFQVFEFTFSNBUJ[BEP BMNFOPTFO
HSBEBDJPOFTNVZTFOTJCMFTZTVUJMFT&TUFDBSÃDUFSIBDFDBTPRVFTVNBOJGFTUBDJÓOMMFWF
BMNPWJNJFOUPZMBBUFODJÓO/PFTQPTJCMFQBTBSEFTBQFSDJCPPJOEJGFSFOUF&TUFSBTHP
OFDFTBSJBNFOUFEFSFMBDJÓO FTEJGÎDJMFTDVDIBSMBTPMP
FTQSPQPSDJPOBMBTVDPOUVO
EFODJB4VGVFS[BFTCÃTJDBNFOUFNFUBDPNVOJDBUJWB JNQMJDBVOBSFMBDJÓO
 -BiNÙTJDBEFCBOEBuFTVOEJTQPTJUJWPEFQSPEVDDJÓO VOTJTUFNBTPOPSPEJWFSTP
RVFUJFOFDPNPQFDVMJBSJEBE FOTVFYQPTJDJÓONFEJÃUJDB
TJHOJêDBSFMNBUFSJBMTPOPSP
FJOUFHSBS BVODVBOEPTFUSBUBEFDBODJPOFTWFIJDVMBEBTEFTEFPUSPTEJTQPTJUJWPTPHÊ
OFSPT DVNCJB  NBSJBDIJT  CPMFSPT  SBODIFSB
 FMFNFOUPT TFNÃOUJDPT RVF MPT JOUÊS
QSFUFTTBCFOBEBQUBSFJODMVTPKVHBSDPOQPTJCJMJEBEFTOPEBEBT"EJGFSFODJBEFMP


-PTBOUJHVPTDPOTJEFSBCBOMBFMPDVDJÓODPNPFMiSPQBKFMJOHÛÎTUJDPuDPOFMRVFTFWJTUFOMBTJEFBTZQBSBBMHVOPT
FTUBNCJÊOTJOÓOJNPEFFTUJMP%FOUSPEFMBFMPDVUJPTFQSPDFEFBMBFMFDDJÓO &MFDUJP
EFMPTUSPQPTZêHVSBT 
ZBEFNÃTTFSFBMJ[BMBDPNQPTJDJÓO DPNQPTJUJP
RVFDPOTJTUFFOEJTQPOFSMBTFYQSFTJPOFT DPOGPSNFBMPSEFO
TJOUÃDUJDP EFOUSPEFDBEBPSBDJÓOZDBEBGSBTFFTEFDJS FOMBDPOGPSNBDJÓOTJOUÃDUJDBZGPOÊUJDBEFMBTGSBTFT MBT
PSBDJPOFTZMBTTFSJFT

1FOTBNPTFOFMDBTPEFMFOTBNCMBKFIFDIPQPSQBSUFEFMBCBOEBi&M3ÊDPEPuBWBSJBTDBODJPOFTJOUFSQSFUBEBT
QPSPUSPTJOBMPFOTF1FESP*OGBOUF


RVFPDVSSFFOMBNÙTJDBiDVMUBu PEPOEFMBDSFBDJÓOQVFEFTVQPOFSFMUFNB NPUJWPZ
FM SPQBKF TPOPSP MB JOUFSQSFUBDJÓO EF CBOEB QSPDFEF JOWFSTBNFOUF DVBMRVJFS UFNB 
NPUJWPFYQVFTUPBOUFSJPSNFOUFMPUSBTWBTFBMBTQPTJCJMJEBEFTFYQSFTJWBTEFMBCBOEB
DPOFGFDUPTRVFQVFEFOTFSNÃTPNFOPTFGFDUJWPT"EJGFSFODJBEFMPTUFNBTRVFOBDFO
JNCSJDBEPT DPO VOB TPOPSJEBE JNCSJDBDJÓO FO MB RVF FODVFOUSBO TV TFOUJEP
 MBT
DVBMJEBEFTFYQSFTJWBTEFMBCBOEBBEKFUJWBOMBCBMBEBPMBDVNCJB MBSBODIFSB

$JFSSF
1PSNÃTBOPEJOPRVFQVFEBQBSFDFSFMFKFSDJDJPRVFJOUFOUBNPT BMQSPQPOFSBMHÙOQVOUP
EFWJTUBTFNJÓUJDBQBSBMBNÙTJDBEFCBOEB FOSFBMJEBE DPNPIBOTFÒBMBEPRVJFOFT
QPTUVMBOVOFOGPRVFCÃTJDBNFOUFDVMUVSBMQBSBFMFTUVEJPEFMBTFNJÓUJDB DVBMRVJFS
QSÃDUJDBDVMUVSBMQVFEFBOBMJ[BSTFTFNJÓUJDBNFOUFNÃTBÙO TFQJFOTBRVFOPFYJTUF
PUSPQVOUPEFWJTUBRVFOPTFBÊTUF.ÃTBMMÃEFMBTQPTUVMBDJPOFTTFNJPDVMUVSBMFTEF
DPSUFMPUNBOJBOP RVFOPJOUFOUBNPTBIPSB TÎOPTQBSFDFRVFQPSMPQSPOUPQPEFNPT
BWBO[BSDPOBMHVOBTEFTDSJQDJPOFTZBDFSDBNJFOUPTRVFOPTEFOQJFTTPCSFQPTJCJMJEBEFT
DPNQSFOTJWBTFOBMHVOPTGFOÓNFOPT4JCJFOMBTTJHVJFOUFTDBSBDUFSJ[BDJPOFT NÃTRVF
FTUSJDUBNFOUFTFNJÓUJDB FOUBOUPOPFYQMJDBGVODJPOBNJFOUPTSFMBDJPOBMFT
QVFEFTFS
NFODJPOBEB DPNP iQSPUPTFNJÓUJDBu  DPOTUJUVZF BMHVOPT FKFSDJDJPT RVF OPT BZVEF B
QSPGVOEJ[BS

r$VBMJTJHOP VOBDVBMJEBE QPSFK VOUJNCSFDBSBDUFSÎTUJDPRVFIBDFQSÃDUJDBNFOUF


JODPOGVOEJCMFBMBCBOEB-PIFNPTTFÒBMBEPFOFMBQBSUBEP
r4JOTJHOP VOFYJTUFOUFJOEJWJEVBM FTVOSFQSFTFOUBOFNGPSNBEPQPSVOBSFBMJEBE
GÎTJDB 4J CJFO FTUP MP QPEFNPT TFÒBMBS TPCSF DVBMRVJFS PCSB  FYJTUFO OPUBCMFT
EJGFSFODJBTFOQSJNFSMVHBSTJTPOCÃTJDBNFOUFJOTUSVNFOUBMFTPQPSUBOFMBODMB
KFEFMBWP[%FDVBMRVJFSNBOFSB QBSFDFRVFMBTPOPSJEBEQBSUJDVMBSFJOEJWJEVBM
EFMBCBOEBQPTFFTFNBTJODPOGVOEJCMFT
r-FHJTJHOP VOBMFZPDPOWFODJÓO QPSFK BMHVOBTEFMBTGPSNBTDPOWFODJPOBMFTRVF
WFIJDVMBMBNÙTJDBEFCBOEB1BSBFMEJTDVSTPNVTJDBMFTUFSFQSFTFOUBNFOGPSNBUP
QPSVOBMFZEFSFHVMBSJEBETPOVOBTFSJFEFGPSNBTFOMBNÙTJDBWFSOÃDVMBRVF
MBiCBOEBuSFTQFUBZPCTFSWB QPSFKFNQMPMBTGSBTFTQSFWJBTRVFTJSWFOEFNBSDP
QSFMJNJOBSBMBFOUSBEBEFMBWP[MBTGPSNBTCÃTJDBNFOUFFTUBCMFTRVFTFUSBEVDFO


FOVODJFSUPUJFNQPmOPIBZVOBDBODJÓORVFEVSFNJOVUPTmZVOBFTUSVDUVSB
NVTJDBMQSPQJBEFMCPMFSPPMBCBMBEB
-PTDBOUBOUFT JOUFSQSFUFTZPZFOUFTZBIBO
FTDVDIBEP DBODJPOFT Z FTQFSBO DJFSUBT SFHVMBSJEBEFT RVF TJ GVFTFO WJPMFOUBEBT
TFSÎBOJONFEJBUBNFOUFJEFOUJêDBEBTDPNPUBM

1BSBMBTFHVOEBUSJDPUPNÎB FMTJHOPFOSFMBDJÓODPOTVPCKFUP
r *DPOP  FT FM UJQP EF TJHOP RVF TF SFMBDJPOB DPO TV PCKFUP QPS UFOFS BMHVOB
TFNFKBO[BDPOÊTUF-BNÙTJDBEFCBOEBPGSFDFBMHVOPTFKFNQMPTUÎQJDPTDVBOEP
TF SFQSPEVDFO iTPOJEPT EF BSNBTu HPMQFT EF CBMB EBEPT QPS MB UBNCPSB
 FO
BMHVOPTOBSDPDPSSJEPTPFWFOUVBMNFOUFFMSFMJODIJEPEFVODBCBMMP
r±OEJDF FTQBSUJDVMBSNFOUF QPSRVFMBiCBOEBuDPNPUBMFTVOÎOEJDFUPQPHSÃêDP
EFMBSFHJÓOEFMOPSPFTUFZQBSUJDVMBSNFOUF4JOBMPB BVORVFOPTFBFYDMVTJWBEF
FTUFFTUBEP
$POUPEPMPRVFMBSFGFSFODJBBFTUB[POBDPOMMFWBZMPRVFMBQSPQJB
NÙTJDBEFCBOEBIBFTUBOEBSJ[BEPQPSTVTVTPTTPDJBMFTNBZPSJUBSJPT)BZRVF
SFDPSEBSRVFQBSB1FJSDFGPSNBMNFOUFOPIBZSFGFSFODJB TJOPTJTUFNBTSFMBDJPOFT
RVFTFBDUJWBSÎBO FOFTUFDBTPFOMBDPNVOJDBDJÓONVTJDBM
r4ÎNCPMP DJFSUBTNBOJGFTUBDJPOFTFOMBNÙTJDBEFCBOEBDPOEFOTBOBDUJUVEDPO
MBTDVBMFTMPTPZFOUFT QFOTBNPTTPCSFUPEPFOFMPZFOUFFOFMOPSPFTUFEFMQBÎT

TJFOUFOJEFOUJêDBDJÓONÃTBMMÃEFMBTDBODJPOFTUPQPOÎNJDBT RVFDVNQMFOQBSB
OPTPUSPTVOiWBMPSJOEJDJBMuFOFMSFQFSUPSJPEFMBNÙTJDBCBOEÎTUJDB
UFOFNPTQPS
FKFNQMPFMiTJOBMPFOTFuDPNPVOFMFNFOUPQSPUPUÎQJDP BDBTPFMQSJODJQBMTÎNCPMP
EFOUSPEFMBQSPEVDDJÓOEFFTUFUJQPEFNÙTJDB4JCJFOUJFOFVOGVODJPOBNJFOUP
JOEJDJBM  DPNP IFNPT TFÒBMBEPT  DVNQMF PUSP NÃT DPNQMFKP  FM TJNCÓMJDP  BM
VCJDBSTFFOMVHBSEFBUSJCVDJPOFTJEFOUJUBSJBTRVFMMFWBOBNBSDBSMBTSFMBDJPOFT
FOUSFMPTPZFOUFTZQPTUVMBSBMBCBOEBNJTNBDPNPTÎNCPMPEFiTFSTJOBMPFOTFu 
ZBDBTPQPSUBEPSBEFUPEPMPRVFMBCBOEBQVFEFDPOOPUBS

1BSBMBUFSDFSBUSJDPUPNÎB FMTJHOPFOSFMBDJÓODPOTVJOUFSQSFUBOUF
r3FNB VOTJHOPRVFQBSBTVJOUFSQSFUBOUFDPOTUJUVZFBQFOBTVOBQPTJCJMJEBE QPS
FK MBBVEJDJÓOEFVODPODJFSUPEFNÙTJDBBMFBUPSJB
r %JDFOUF  TPO UPEPT MPT TJHOPT RVF FM FTDVDIB SFDPOPDF DPNP QSPQJP EF VOB
SFHJÓO VOHÊOFSPPJOUÊSQSFUF1BSBFMDBTPEFMBNÙTJDBEFCBOEB PSJHJOBMNFOUF


BETDSJUBT GVFSUFNFOUF B VO QPCMBEP  FM %JDFOUF FT FM SFDPOPDJNJFOUP EFM MVHBS
Z MB JEFOUJêDBDJÓO EFM QSPQJP FTQBDJP &O NVDIPT JOUFSQSFUFT MB NÙTJDB TF
QMBHBVOBUPQPHSBGÎBRVFHFOFSBMPNJTNPDPNQMJDJEBERVFJOTUSVDDJPOFTQBSB
EFDPEJêDBDJPOFTNÃTEFQFOEJFOUFTEFMNBSDPFTQFDÎêDPEFFTDVDIB
r"SHVNFOUP TFSFNJUFBMBQSPEVDDJÓONVTJDPMÓHJDBEFMBNÙTJDB3FTVMUB DPNP
IFNPTTFÒBMBEP MPTJHOJêDBUJWPRVFUJFOFFTUBNÙTJDBDPNPQPDPFTUVEJBEB/P
IBZRVFEFKBSEFDPOTJEFSBSRVFMBiNÙTJDBEFCBOEBuQVEPIBCFSTJEPFMJDPOP
EF MB NÙTJDB OBDJPOBM B EJGFSFODJB EFM NBSJBDIJ  MB iCBOEBu UBSEÓ FO JOHSFTBS
B MPT NFEJPT Z TV EJGVTJÓO GVF NÃT MFOUB ÊTUPT Z PUSPT GFOÓNFOPT FYQMJDBO MB
CBOEBDPNPTJHOPBSHVNFOUPBMDVBMTFMFDPOêFSFOBUSJCVUPTEFOUSPEFMBTDP
NVOJEBEFTDJFOUÎêDBT UBOUPEFNÙTJDBDPNPFODPNVOJDBDJÓO


&O TVNB  RVF FO FTUF USBCBKP IFNPTRVFSJEPJOUSPEVDJSOPTBVOBGPSNB EF SFMBDJÓO


DPOFTUBNÙTJDBFOUBOUPGFOÓNFOPTNFEJÃUJDPZTPDJPDVMUVSBM/PTQBSFDF QBSBFMDBTP
EFMBNÙTJDBEFCBOEBRVFTVTBTQFDUPTFTUSJDUBNFOUFTPOPSPTUJFOFORVFWJODVMBSTF
DPO TVT QSPDFTPT EF BTJNJMBDJÓO  DPO MB QBSUJDVMBSJEBE EF TV FTUÊUJDB Z MBT GPSNBT
EF TV DPNVOJDBDJÓO BMUBNFOUF FGFDUJWB FO TVT DPOUFYUPT EF SFDFQDJÓO -B TFNJÓUJDB
FTUBSÎBEFTUJOBEB OPTQBSFDF BEBSDVFOUBEFFTPTUSFTOJWFMFTRVFBSSJCBIFNPTDJUBEP
DPO.BSUÎOF[RVF BMNFOPTQPSMPRVFIFNPTSFWJTBEP OPTFIBFYQMPSBEPQBSBFTUB
QBSUJDVMBSNBOJGFTUBDJÓODVMUVSBM

#JCMJPHSBGÎB

Abril G (2004) So much trouble: notas sobre la música popular y el contexto mediático
contemporáneo [En línea, diciembre 2006] Artículo disponible en IUUQXXXVDN
FTFQSJOUTHPO[BMP@FTQBIUN

López Cano (2006) “Semiótica, Semiótica de la música y semiótica cognitivo-


enactica: notas para el manual de usuario” en página del autor. [en línea noviembre
2006] Disponible en:
IUUQXXXHFPDJUJFTDPNMPQF[DBOP"SUJDVMPT4FNJPUJDB@.VTJDBQEG


.BSUÎOF[  +PTÊ -VJ[ 
 i4FNJÓUJDB EF MB NÙTJDB VOB UFPSÎB CBTBEB FO 1FJSDFu
<"SUÎDVMPFOMÎOFBFOFSP>%JTQPOJCMFFO
IUUQXXXDFSWBOUFTWJSUVBMDPNTFSWMFU4JSWF0CSBT
QIUN

4DIVMU[  .BSHBSJUB 


 y2VÊ TJHOJêDB MB NÙTJDB  %FM TPOJEP BM TFOUJEP NVTJDBM
4BOUJBHPEF$IJMF&ET%PMNFO

Simonett H. (2004) En Sinaloa nací. Historia de la música de banda. Mazatlán-


Asociación de Gestores del Patrimonio Histórico y Cultural.


%FMDJOFBMBNÙTJDBMBDPOTUSVDDJÓOEFJDPOPT
TPOPSPTFOMPBVEJPWJTVBM
+VMJÃO8PPETJEF

$POFMTVSHJNJFOUPEFMBUÊDOJDBNVTJDBMDPOPDJEBDPNPiTBNQMFPu FTEFDJS UPNBS


VOB NVFTUSB EF VO PCKFUP TPOPSP QSFWJBNFOUF HSBCBEP F JOTFSUBSMP FO VOB OVFWB
DPNQPTJDJÓO 8PPETJEF  
 MB BQSPQJBDJÓO Z SFTJHOJêDBDJÓO EF TPOJEPT FO MB
TPDJFEBE IB FTUJNVMBEP MB DSFBDJÓO EF iNPUJWPT TPOPSPNVTJDBMFTu RVF TVSHFO
EF QSPEVDUPT BVEJPWJTVBMFT DPNP FM DJOF  Z TPO BQSPQJBEPT QPS MB DVMUVSB QPQVMBS
FO EJTUJOUBT GPSNBT EF FYQSFTJÓO "M UPNBS VO GSBHNFOUP TPOPSP EF VOB QFMÎDVMB F
JOTFSUBSMPFOVOBDBODJÓO VODPNQPTJUPSEFDJEFIBDFSEJTUJOUBTGPSNBTEFBMVTJÓOBMB
JNBHFOZUFNÃUJDBEFMBPCSBDJOFNBUPHSÃêDB
 :BTFBRVFGVODJPOFDPNPVOBNFUPOJNJBPTJOÊDEPRVFEFMBJNBHFO PTFBVOB
SFGFSFODJBBVOQFSTPOBKFPJEFBRVFIBTVQFSBEPMBTCBSSFSBTEFMQSPEVDUPBVEJPWJTVBM
ZFTUJNVMFMBDSFBDJÓOEFFTUFSFPUJQPTZMVHBSFTDPNVOFTFOFMDJOF DPNPIBPDVSSJEP
DPOFMVTPEFMPTWJPMJOFTFO1TJDPTJTPMBGSBTFiRVFMBGVFS[BUFBDPNQBÒFuEF4UBS8BST

FMFTUVEJPEFMTBNQMFPDJOFNBUPHSÃêDPFOMBNÙTJDBQPQVMBSQFSNJUFDPNQSFOEFSDÓNP
DJFSUPTPCKFUPTTPOPSPTTPOSFTJHOJêDBEPTQPSVOBDVMUVSB ZBTFBMBRVFMPTQSPEVDF
VPUSBRVFEFDJEBBQSPQJBSTFEFFMMPT TJFOEPFTUPVOQSÊTUBNPEFMPBVEJPWJTVBMFOMP
TPOPSPNVTJDBM QPSRVFOPQJFSEFMBSFGFSFODJBFOFMJNBHJOBSJP
ZBMNJTNPUJFNQP
VOBUSBEVDDJÓOJOUFSTFNJÓUJDB QPSRVFDBNCJBEFTPQPSUF

 -BQSPQVFTUBBRVÎFTFOUFOEFSFTUBDJSDVMBDJÓOTJNCÓMJDBEFMPTPOPSPFOMBDVMUVSB
Z BMNJTNPUJFNQP DPNQSFOEFSDÓNPFTRVFTFEBMBDPOTUSVDDJÓOEFTFOUJEPBMJOUFSJPS
EFVOQSPEVDUPBVEJPWJTVBMNFEJBOUFFMEJTFÒPTPOPSP-BTPCTFSWBDJPOFTRVFTFQSFTFO
UBOTPOQSPEVDUPEFVOBTFSJFEFJOWFTUJHBDJPOFTSFMBDJPOBEBTDPOFMTPOJEPZMBNÙTJDB
EFTEF VOB QFSTQFDUJWB TFNJÓUJDB Z TV SFMBDJÓO DPO EJTUJOUBT GPSNBT EF DPNVOJDBDJÓO
NFEJBOUFTPOJEPTSBEJPGÓOJDB BVEJPWJTVBM PSBM NVTJDBM TPOPSB FUDÊUFSB
 &MTBNQMFP QPSTVOBUVSBMF[B FTMBÙOJDBDJUBêFMFOFMMFOHVBKFTPOPSPZNVTJDBM 
BEJGFSFODJBEFQPTJCMFTBMVTJPOFTPSFGFSFODJBTDPNPFMDBTPEFMiTPVOEBMJLFuFOMB
NÙTJDB JNJUBS VOB NFMPEÎB
 P MBT iBOBGPOÎBTu RVF 1IJMMJQ 5BHH EFêOF DPNP iPUSB


GPSNBEFIBDFSTPOBSBMHPRVFZBFYJTUFDPNPTPOJEP NPWJNJFOUPPUBDUPQFSDFQUJCMFu
5BHH 
%FEPOEFTFUPNBMBDJUBFTEFMiQBJTBKFTPOPSPu PCKFUPRVFFMDPNQPTJUPS
.VSSBZ4DIBGFSEFêOFDPNPVOFOUPSOPBDÙTUJDPFTQFDÎêDP RVFQVFEFTFSFTUVEJBEP
EFMBNJTNBNBOFSBRVFVOUFYUPMJUFSBSJP VOBQJOUVSBPGPUPHSBGÎB 4DIBGFS 

&TEFDJS BCTPMVUBNFOUFUPEPTMPTTPOJEPT JODMVZFOEPMBNÙTJDBRVFFODPOUSFNPTFO
VOFTQBDJPEFUFSNJOBEP4FQVFEFIBDFSFOUPODFTVOBQSJNFSBBêSNBDJÓOFMEJTFÒP
TPOPSPEFVOBQFMÎDVMBFTVOQBJTBKFTPOPSP
 "OUFTEFDPOUJOVBSZQSPGVOEJ[BSDPOFTUBJEFB FTOFDFTBSJPFOUFOEFSMBBQPSUBDJÓO
EFM FTUVEJP EFM TBNQMFP FO MB NÙTJDB FO HFOFSBM -P BOUFSJPS TF QVFEF BQSFDJBS EF
NBOFSBNÃTFYIBVTUJWBFO&MJNQBDUPEFMTBNQMFPFOMBNFNPSJBDPMFDUJWB)BDJBVOB
TFNJÓUJDBEFMTBNQMFP 8PPETJEF 
&MFTUVEJPEFFTUBUÊDOJDBBZVEBBDPODFCJS
MBJEFBEFVOTJHOPTPOPSPNVTJDBM BMFKÃOEPTFEFMVTPEFMBQBSUJUVSBVPUSPUJQPEF
SFHJTUSPTDPNPGVFOUFQBSBVOBJOWFTUJHBDJÓOTFNJÓUJDBNVTJDBM1FSNJUFDPNQSFOEFS
DÓNP IPZ FO EÎB  B EJGFSFODJB EF DÓEJHPT NVTJDBMFT QSFWJPT DPNP FO FM #BSSPDP  MB
NÙTJDBZFMEJTFÒPTPOPSPEFVOQSPEVDUPBVEJPWJTVBMTFDPNQPOFOEFTPOJEPTBOUFT
RVF EF NÙTJDB &T EFDJS  QPS NÃT RVF TF FODVFOUSF VOB FTUSVDUVSB EFêOJCMF DPNP
NÙTJDB FO BMHVOP EF MPT DBNQPT EF FTUVEJP EFM TPOJEP  FM TFS IVNBOP DPOTUSVZF Z
QFSDJCF MP TPOPSP Z MF EB MB TJHOJêDBDJÓO QFSUJOFOUF NÙTJDB  TFÒBM  ÎOEJDF Z EFNÃT
GPSNBTTJNCÓMJDBT"EFNÃT QFSNJUFJEFOUJêDBSDÓNPTFDPOTUSVZFOEFGPSNBWBSJBCMF
MBTVOJEBEFTTJHOJêDBUJWBTFOFMTPOJEPZMBNÙTJDB&TEFDJS OPIBZVOBFTUSVDUVSBZ
MPOHJUVEDPOTUBOUFT QVFEFSFUPNBSTFMBNFMPEÎB FMSJUNP MBWP[ FUDÊUFSB ZBRVFMB
FYUFOTJÓOEFMTBNQMFPFTUÃEFêOJEBQPSMBEVSBDJÓOEFMBHSBCBDJÓO NJFOUSBTRVFTV
TJHOJêDBEPMPEFêOFFMDPOUFYUPZTVDVBMJEBEJOUFSUFYUVBM
 "MNPNFOUPEFMFTUVEJPEFMEJTFÒPTPOPSPFODVBMRVJFSQSPEVDUPBVEJPWJTVBM MBT
OPDJPOFTBSSJCBEFTDSJUBTTPOÙUJMFTZBRVFTFDPODJCFEFNBOFSBDMBSBRVFBMNPNFOUP
EFQFSDJCJSZDSFBSFMDÓEJHPTPOPSPNVTJDBM MBTVOJEBEFTWBSÎBOZFMDPOUFYUPNJTNP
OPTEBTVTMÎNJUFT&TEFDJS FOFMDBTPEFVOBDIJDIBSSBOPJNQPSUBUBOUPTJTFFTDVDIBO
PTFHVOEPTEFMBNJTNB TJOPRVFTFFTDVDIBFTFTPOJEPZFMFOUPSOPMBEFêOF
DPNPFNFSHFODJBPFMDBNCJPEFDMBTF BVORVFOPEFKBEFTFSVOBBMFSUB-PNJTNP
PDVSSFDPOMBNÙTJDBJODJEFOUBMZPUSPTBSSFHMPTFOFMDJOF-PRVFEFCFEFJNQPSUBS
FOFTUFFOGPRVFOPFTMBFTUSVDUVSBEFMBDPNQPTJDJÓO TJOPTVTJHOJêDBEPBMJOUFSJPSZ
FYUFSJPSEFMBDJOUB"DPOUJOVBDJÓOTFQSFTFOUBPUSPFKFNQMP


 &TDÙDIFTFFMDBSBDUFSÎTUJDPDPOKVOUPEFWJPMJOFTRVFBDPNQBÒBOVOBFTDFOBFO
EPOEFTFWFDÓNPVOJOEJWJEVPBDVDIJMMBBVOBNVKFS"TÎFT TFFTUÃIBCMBOEPEFMB
GBNPTBFTDFOBEFMBSFHBEFSBFO1TJDPTJTEF"MGSFE)JUDIDPDL 
$VBOEPTFCVTDBO
EFTDSJQDJPOFTZSFTFÒBTEFEJDIPTPOJEP DPOTJEFSÃOEPMPDPNPVOJEBETJNCÓMJDB TJO
JNQPSUBSMBFYUFOTJÓO
MPEFêOFODPNPTJMPTWJPMJOFTQFSGPSBSBOMPTPÎEPT DPNPTJ
GVFSBOBOHVTUJPTPT MMFHBOEPBTÎBMBDPOTUSVDDJÓO GVOEBNFOUBEBPOP EFFTUFSFPUJQPT
ZMVHBSFTDPNVOFTFOMBDVMUVSBQPQVMBS"MHVOPTNBOVBMFTEFBOÃMJTJTEFBVEJPFOFM
DJOFMPBCPSEBOTFQBSÃOEPMPQPSDPNQPOFOUFT EJÃMPHPT FGFDUPT NÙTJDBZBNCJFOUFT

BEFNÃT EF MB BQSPYJNBDJÓO SBEJPGÓOJDB EF QSJNFS QMBOP  TFHVOEP QMBOP Z GPOEP 
QBSBEFTQVÊTJSDPOTUSVZFOEPVOBOBSSBUJWB&TJNQPSUBOUFBDMBSBSRVFFMBVEJPZMB
JNBHFOFTUÃODPNQMFUBNFOUFMJHBEPT ZDVBMRVJFSJOUFOUPEFEJTPDJBSMPTPDBTJPOBSÎB
VOBJOUFSQSFUBDJÓOUPSDJEBFJODPNQMFUBEFMBQMFOBTJHOJêDBDJÓO"VORVFDMBSPRVFFT
OFDFTBSJPDPNQSFOEFSMBTDBSBDUFSÎTUJDBTEFMPTEJTUJOUPTTPQPSUFT1FSPMPRVFBRVÎTF
QSPQPOFFTFOUFOEFSBMEJTFÒPEFBVEJPDPNPVOQBJTBKFTPOPSPRVFDPOTUSVZFTVTFOUJEP
BM JOUFSJPS VO DÓEJHP TPOPSP QBSUJDVMBS QBSB DBEB DJOUB
 Z FYUFSJPS DPO SFGFSFOUFT
DVMUVSBMFT
EFMBPCSB*ODMVTPMBBVTFODJBEFTPOJEPKVFHBVOQBQFMJNQPSUBOUFFOFTUB
DPOTUSVDDJÓOEFTFOUJEP
 -PRVFBRVÎJOUFSFTBOPFTTJFMVTPEFWJPMJOFTSFëFKBBOHVTUJBQPSTVTDVBMJEBEFT
FTUÊUJDBT TJOPDÓNPFTUFPCKFUPTPOPSPGPSNBQBSUFEFVOiNBDSPEJTDVSTPOBSSBUJWP
TPOPSPuFOMBTPDJFEBE FOEPOEFTFIBDFODPOTUBOUFTSFGFSFODJBTBFTFFTUJMPQBSUJDVMBS
EFBSSFHMP&OFTUFDBTP MPTQSPEVDUPTBVEJPWJTVBMFTUJFOFOMBDBSBDUFSÎTUJDBEFNBOUF
OFSQBSBGVUVSBTFYQFSJFODJBT QPSTFQBSBEP FMOFYPFOUSFJNBHFOZTPOJEP&TBTÎRVFTF
QVFEFWFSVOBJNBHFORVFZBTFSFDPOPDFZBQMJDBSMFBVEJP BTÎDPNPFTDVDIBSVOEJÃMPHP
P DPNQPTJDJÓO NVTJDBM Z BEKVEJDBSMF MB JNBHFO DPSSFTQPOEJFOUF &TUB QPTJCJMJEBE
TF IB EFTBSSPMMBEP FO PUSBT JOWFTUJHBDJPOFT CBKP FM OPNCSF EF iPSBMJEBE SFHJTUSBEBu
8PPETJEF 
ZBRVFBVORVFFYJTUFVOBQPTJCJMJEBEEFSFHJTUSPZSFQSPEVDDJÓO MB
FYQFSJFODJBBVEJUJWBOPEFKBEFTFSFGÎNFSBZBDVNVMBUJWB
 3FUPNBOEPFMFKFNQMPEF1TJDPTJT MBDVMUVSBQPQVMBSTFIBBQSPQJBEPEFEJDIB
TFDVFODJB  QBSPEJÃOEPMB Z IBDJFOEP SFGFSFODJB B FMMB FO DJFOUPT EF GPSNBT  WJTVBM Z
TPOPSBNFOUF4FFYQPOFOEPTDBTPTEFMBTFSJFBOJNBEB-PT4JNQTPO&OFMFQJTPEJP
EFMBTFHVOEBUFNQPSBEB MMBNBEPi*UDIZ4DSBUDIZ.BSHFu DVBOEP)PNFSPTF
FODVFOUSBIBDJFOEPMBCPSFTEFDBSQJOUFSÎBFOMBDPDIFSBEFTVDBTB BQBSFDF.BHHJF 


Z EF NBOFSB TPSQSFTJWB MF EB VO NBSUJMMB[P FO MB DBCF[B NJFOUSBT TF FTDVDIBO MPT
NFODJPOBEPTWJPMJOFT&MSFTUPEFMBTFDVFODJBTFWFDÓNP)PNFSPDBFZUJSBVOCPUF
EFQJOUVSBSPKBRVFEFTQVÊTFTDVSSFQPSVOBDPMBEFSB QBSPEJBOEPMBTBOHSFZMBUJOBEF
MBFTDFOBPSJHJOBM&OPUSPFQJTPEJP EFMRVFOPTFIBQPEJEPDPOTFHVJSSFGFSFODJB IBZ
VOBFTDFOBFYUFSJPSFOMBDVBMTFBQSFDJBVOCPTRVFPTDVSPZUFOFCSPTPFOEPOEFTF
FTDVDIBEFGPOEPFMNJTNPNPUJWPEFMPTWJPMJOFTRVFHFOFSBTVTQFOTP QBSBEFTQVÊT
BQSFDJBS DÓNP BQBSFDF FO FTDFOB VO DBNJÓO RVF USBOTQPSUB VOB PSRVFTUB TJOGÓOJDB
RVFiFOTBZBuEJDIBQJF[B4FCBKBVOPEFMPTJOUFHSBOUFTZTFQJFSEFFOMBPTDVSJEBEEFM
CPTRVFUPDBOEPFMBSSFHMP
 &TUPT FKFNQMPT QFSNJUFO DPNQSFOEFS MB DPOTUSVDDJÓO EF iNPUJWPT TPOPSP
NVTJDBMFTu RVF TF HFTUBO B QBSUJS EF MB FYQFSJFODJB DPMFDUJWB Z MPT MVHBSFT DPNVOFT
EFMDJOF DPOTUSVZFOEPVOBiNFNPSJBDPMFDUJWBTPOPSBuRVFEFêOÎDPNPiNBDSPEJT
DVSTP TPOPSPu 1PS TV QBSUF  FM FTUVEJP EFM TBNQMFP QFSNJUJÓ JEFOUJêDBS DÓNP TF EB
MB SFTJHOJêDBDJÓO EF EJTUJOUPT NPUJWPT TPOPSPNVTJDBMFT  TPCSF UPEP FO FM EJTDVSTP
NVTJDBM ZDÓNPMBFYUFOTJÓOZDPOTUJUVDJÓOEFFTUPTNPUJWPTPTJHOPTTPOPSPTWBSÎB
UBOUPFOFYUFOTJÓODPNPFOMPTOJWFMFTFOMPTRVFTFEB NFMPEÎB BSNPOÎB SJUNP WP[ 
UJNCSF FUDÊUFSB
"êOBMEFDVFOUBT MBNÙTJDBFTBCTUSBDDJÓO QFSPTFDPOTUSVZFIPZ
FOEÎBDPOSFGFSFOUFTTPDJBMFTZDVMUVSBMFT ZTPCSFUPEPOPIBZRVFPMWJEBSRVFBOUFTEF
DPOTUSVJSTFDPNPDÓEJHPNVTJDBM ÊTUBFTVODPOKVOUPEFTPOJEPTVPCKFUPTTPOPSPT
 &OSFTVNFO FMFTUVEJPEFBVEJPFOQSPEVDUPTBVEJPWJTVBMFTTFUJFOFRVFBQPZBS
EFMBTTJHVJFOUFTJEFBT
r "QSPYJNBSTF B TV PCKFUP DPNP VO QBJTBKF TPOPSP  DPO MÎNJUFT Z DÓEJHPT
FTQFDÎêDPT
r &M BVEJP VUJMJ[BEP FO MB DJOUB QSPWJFOF EF MB FYQFSJFODJB F JNBHJOBDJÓO EFM
EJTFÒBEPSZTVFOUPSOP
r-BJEFBEFiPSBMJEBESFHJTUSBEBuQFSNJUFDPNQSFOEFSRVFMBFYQFSJFODJBTPOPSB
Z NVTJDBM FT FGÎNFSB  Z RVF BVORVF IBZB VO SFHJTUSP RVF QFSNJUF SFQSPEVDJS
VOBZPUSBWF[FMPCKFUP MBFYQFSJFODJBTFVCJDBFOVOUJFNQPFTQBDJPRVFMFEB
TFOUJEPEFNBOFSBDPOTUBOUFNFEJBOUFTVIJTUPSJDJEBE
r -PT NPUJWPT TPOPSPNVTJDBMFT UJFOFO EJTUJOUBT GPSNBT Z GVODJPOFT 1VFEFO
TFS VO TPOJEP BJTMBEP P VO DPOKVOUP EF TPOJEPT 4PO SBTUSFBCMFT FO UPEBT MBT
QSPEVDDJPOFTBSUÎTUJDBTZDVMUVSBMFTEFVOBTPDJFEBE ZTVFTUVEJPDPNPPCKFUPT


TPOPSPT RVFQVFEFOTFSJOTFSUBEPTFOEJTUJOUPTDÓEJHPT QFSNJUJSÃDPNQSFOEFS
MBDPOTUSVDDJÓOEFVONBDSPEJTDVSTPTPOPSP
r.JFOUSBTRVFFMTJHOJêDBEPEFMPTPCKFUPTTPOPSPTTFEBEFGPSNBFTQFDÎêDBFODBEB
PCSB MPTNPUJWPTTPOPSPNVTJDBMFTTPOFYQSFTJPOFTFOVOVOJWFSTPTJNCÓMJDP
FYUFSOPBMTPQPSUFPSJHJOBM MPRVFQFSNJUFVOFTUVEJPBNBZPSQSPGVOEJEBEEFM
QBJTBKFTPOPSPEFVOBTPDJFEBE

3FGFSFODJBT

(SPFOJOH .BUU  %JDJFNCSF


*UDIZ4DSBUDIZ.BSHF<ѮF4JNQTPOT>

)JUDIDPDL "MGSFE 


1TZDIP

4DIBGFS .VSSBZ 


ѮF4PVOETDBQFPVS4POJD&OWJSPONFOUBOEUIF5VOJOHPGUIF
8PSME7FSNPOU%FTUJOZ#PPLT

5BHH 1IJMJQ 


i4VCKFDUJWJUZBOE4PVOETDBQF .PUPSCJLFTBOE.VTJDu&O)FMNJ
+ÅSWJMVPNB &E
 4PVOETDBQFT &TTBZT PO 7SPPN BOE .PP QQ 
 5BNQFSF
5BNQFSF6OJWFSTJUZ1SFTT

8PPETJEF + 


&MJNQBDUPEFMTBNQMFPFOMBNFNPSJBDPMFDUJWB)BDJBVOBTFNJÓUJDB
EFM TBNQMFP 5ÊTJT EF MJDFODJBUVSB  .ÊYJDP 6OJWFSTJEBE "VUÓOPNB .FUSPQPMJUBOB
9PDIJNJMDP

8PPETJEF + 


'PSNBTZGVODJPOFTEFMTBNQMFPWPDBM5SBCBKPQSFTFOUBEPFOFM
$POHSFTP*OUFSOBDJPOBMEFMBĚĜĥĚ "NFSJDBO$PNQBSBUJWF-JUFSBUVSB"TTPDJBUJPO

BCSJM1VFCMB


$"1±56-04&.*¶5*$":5&-&7*4*¶/


4FSJBMJEBEZMBTTFSJFTUFMFWJTJWBTEFMBEÊDBEB
EFMPTOPWFOUB
0CTFSWBDJPOFTTPCSFMBFTUSVDUVSBOBSSBUJWB
4BOESB-.VSJMMP4BOEPWBM

&TUF USBCBKP TF QSPQPOF JEFOUJêDBS MBT DBSBDUFSÎTUJDBT FTUSVDUVSBMFT RVF IBDFO B VOB
TFSJFUFMFWJTJWBFYJUPTB QFSPRVFMBDPOWJFSUFOFOVOQSPEVDUPUFMFWJTJWPNÃT BEFDVBEP
BMBTOFDFTJEBEFTEFDPNQSBZWFOUBFOMBTPDJFEBEEFDPOTVNP
 &M UFNB DFOUSBM EF BMHVOBT TFSJFT FTUBEPVOJEFOTFT QVFEF WBSJBS  QFSP OP TV
FTUSVDUVSB ZBRVFQSPWJFOFEFVONPEFMPQSPCBEPQPSMBUFMFWJTJÓO FTEFDJS FTVO
NPEFMPSFQFUJUJWP4VÊYJUPSBEJDBFOTVBQBSFOUFEJTDVSTPOPWFEPTP MPRVFOPTMMFWB
BQSFHVOUBSOPTFORVÊDPOTJTUF%FFTUBNBOFSB NFQSFHVOUPTJFYJTUFOFTUSBUFHJBTZ
FTUSVDUVSBTOBSSBUJWBTRVFQFSNJUFORVFVOQSPEVDUPUFMFWJTJWPTFBTFSJBMZSFQFUJUJWP 
ZRVFFTUPTBTQFDUPTTFBOMPTRVFEFêOBOTVÊYJUP
 "MHVOPTQSPEVDUPTUFMFWJTJWPTQPTFFOFTUSVDUVSBTZFTUSBUFHJBTOBSSBUJWBTRVFMFT
CSJOEBOTVDBSÃDUFSTFSJBMZGSBHNFOUBEP ZDPOUFNQPSÃOFBNFOUFMPTIBDFOQPTFFEP
SFTEFVODPNQPSUBNJFOUPSFQFUJUJWPRVF PCTFSWBEPFOPUSBTTFSJFT IBQFSNJUJEPB
BMHVOPTUFÓSJDPTUSBEVDJSMPFOVODPNQPSUBNJFOUPEFTFSJBMJ[BDJÓO FMDVBMOPTEFKBWFS
FOTVTFMFNFOUPTVOBDPOUJOVJEBERVFIBDFRVFFMFTQFDUBEPSEJTGSVUFEFVOQSPEVDUP
ZBDPOPDJEPZRVFBEFNÃTMPIBDFNÃTGÃDJMEFDPOTVNJS
 4FUPNÓDPNPPCKFUPEFFTUVEJPMBTFSJFEFUFMFWJTJÓO&3 &NFSHFODZ3PPN USB
EVDJEBFO)JTQBOPBNÊSJDBDPNP4BMBEF6SHFODJBTPTJNQMFNFOUF6SHFODJBT
BUSBWÊT
EF MB DVBM TF CVTDBO JEFOUJêDBS MPT DPNQPOFOUFT QMÃTUJDPT  êHVSBUJWPT  OBSSBUJWPT 
DPNVOJDBUJWPT Z GVODJPOBMFT RVF MB IBO MMFWBEP B TFS VOB EF MBT NÃT FYJUPTBT EF MB
EÊDBEB EF MPT OPWFOUB 1BSB MPHSBSMP  TF EFCJFSPO QMBOUFBS MPT TJHVJFOUFT PCKFUJWPT
FTQFDÎêDPTFTUVEJBSMBTFSJBMJEBE MBFTUSVDUVSBOBSSBUJWB MBGSBHNFOUBDJÓOZDBEBVOP
EFTVTDPNQPOFOUFTDPNPNBDSPZNJDSPSFMBUP


-BTFSJBMJEBEDPNPQSPDFTPEFTJHOJêDBDJÓO
-BTPDJFEBEBDUVBMFTUÃCBKPVOBEJOÃNJDBEFDBNCJPDPOTUBOUF ZWJWFVOBSFBMJEBE
GSBHNFOUBEB RVF OPT QFSNJUF TFMFDDJPOBS NPNFOUPT FTQFDÎêDPT  FTQBDJPT WJTVBMFT
Z FTRVFNBT EFOUSP EFM ÃNCJUP DPNVOJDBUJWP &TUÃ JONFSTB FO VO DÎSDVMP EF PGFSUB Z
EFNBOEB EF QSPEVDUPT EF DPNVOJDBDJÓO  FO EPOEF TF EB BM QÙCMJDP MP RVF EFTFB
5BMFTQSPEVDUPTQVFEFOTFSDPNFSDJBMFT FTQFDUBDVMBSFTFOQVCMJDJEBEZPUSBTGPSNBT
TJNJMBSFT MJUFSBUVSB DJOF FUDÊUFSB
 -BUFMFWJTJÓOFTVOHSBOMFOUFEFBDFSDBNJFOUPFOFMMBFODPOUSBNPTVOBFSBEFMB
SFQFUJDJÓO CBTBEBFOQSPEVDUPTJUFSBUJWPT FOUFOEJEPDPNPSFJUFSBUJWPZSFQFUJUJWP

 6NCFSUP &DP IBDF VOB SFëFYJÓO Z IBCMB EF FTUB FSB 
 DPO ÊOGBTJT FO MB
ÊQPDB BDUVBM  EPOEF MB SFQFUJDJÓO Z MB SFJUFSBDJÓO EPNJOBO MB DSFBUJWJEBE BSUÎTUJDB
4FÒBMBRVF

6OFTRVFNBJUFSBUJWPFTVOBTFSJFEFBDPOUFDJNJFOUPTRVFTFSFQJUFOJUFSBUJWBNFOUFTFHÙO
VOFTRVFNBêKP<w>ÊTUBFTMBOBSSBUJWBEFDPOTVNPBDUVBM DJDMPT
<w>-BOBSSBUJWBEF
SFEVOEBODJB BQBSFDFDPNPVOBJOEVMHFOUFJOWJUBDJÓOBMEFTDBOTPÙOJDPZSFBMPGSFDJEP
BMDPOTVNJEPS &DP <>


1PSTVQBSUF 0NBS$BMBCSFTF FO-BFSBOFPCBSSPDB EFTJHOBBTÎBVOHVTUPQSFEPNJOBOUF


FOOVFTUSBTPDJFEBE SFHJEPQPSMBSFQFUJDJÓO MBGSBHNFOUBDJÓO MBDBSOBWBMJ[BDJÓOZMB
NPOTUSVPTJEBE
 &TUBTSFëFYJPOFTQPOFOFTQFDJBMJOUFSÊTFOMPRVF&DPIBEFOPNJOBEPMBTFSJF 
FOUFOEJEB DPNP VO NFDBOJTNP EF SFQFUJDJÓO RVF GVODJPOB QFSGFDUBNFOUF QBSB MPT
QSPEVDUPTDPNVOJDBUJWPTEFUFMFWJTJÓO1BSBFMUFÓSJDPJUBMJBOP MBTFSJFGVODJPOBDPO
CBTFFOEPTGBDUPSFTJ
VOBTJUVBDJÓORVFFTTJFNQSFNVZQBSFDJEB ZJJ
VOEFUFSNJOBEP
OÙNFSPEFQFSTPOBKFTRVFTPOQSPUBHPOJTUBT &DP 

 %FFTUBGPSNB JOUFOUBSFNPTEFêOJSFMUÊSNJOPEFiTFSJBMJEBEu EBEBTVJNQPSUBODJB


QBSBFOUFOEFSFMFTRVFNBEFMSFMBUPTFSJBMEFêDDJÓOFOUFMFWJTJÓO3FDVSSJSFNPTPUSB
WF[B&DPTFSJBMJ[BSTJHOJêDBSFQFUJS VOQSJNFSTJHOJêDBEPEFSFQFUJS TFHÙOFMDVBMFM
UÊSNJOPTJHOJêDBIBDFSVOBSÊQMJDBEFVONJTNPUJQPBCTUSBDUP4FSJBMJ[BDJÓO FOUPODFT 


%FFTUBTDBUFHPSÎBTQSPQVFTUBTQPS$BMBCSFTF TÓMPUPNBSFNPTiGSBHNFOUBDJÓOuZiSFQFUJDJÓOu


TFSFêFSFBVOBDPOUJOVJEBE FMFNFOUPTRVFUJFOFOMBNJTNBFTUSVDUVSBZDPNQPOFO
VOUPEPOPOFDFTBSJBNFOUFQPSRVFDPNQPOHBOVOBNJTNBFTUSVDUVSBFOTVUPUBMJEBE 
TJOPQPSRVFDPNQPOFOVONBDSPSFMBUP
&TBQBSUJSEFFTUBTEFêOJDJPOFTRVFFOUFOEFNPTRVFMBSFQFUJDJÓOPTFSJBMJ[BDJÓO
QVFEFEBSTFBUSBWÊTEFEPTGPSNBTJ
BUSBWÊTEFMBFTUSVDUVSBGPSNBMEFVOQSPEVDUP
DPOTUSVJEP JHVBM QFSP EJGFSFOUF EF PUSP  Z JJ
 QPS NFEJP EFM DPNQPSUBNJFOUP iDPO
TPMBUPSJPuQPSQBSUFEFMMFDUPS
 &TEFDJS FTQPTJCMFFTUVEJBSMBTFSJBMJ[BDJÓOPSFQFUJDJÓOBQBSUJSEFMBTDBSBDUFSÎTUJDBT
GPSNBMFTFTUSVDUVSBMFTEFVOQSPEVDUPDPNVOJDBUJWP PQPSMPTDPNQPSUBNJFOUPTEFM
MFDUPSBOUFFMQSPEVDUP

'BDUPSFTRVFQFSNJUFOMBTFSJBMJEBE
1BSBFTUFFTUVEJPGVFEFDJTJWPEFêOJSDVÃMFTFSBOMPTGBDUPSFTEFTEFMPTDVBMFTTFQPESÎB
FTUVEJBSFTUFNFDBOJTNPFTUSVDUVSBMZEFSFDFQDJÓO%FFTUBNBOFSB DPODMVJNPTRVF
BMHVOPTEFFTUPTGBDUPSFTFTUÃOEBEPTQPSFMUFYUPUFMFWJTJWPZTFDPNQPOFOEFUJQPTEF
QFSTPOBKFTPQFSTPOBKFTUJQP UJFNQPZFTQBDJP
 &DPBêSNBRVFMPTQFSTPOBKFTUJQPTFGPSNBODPNPSFTVMUBEPEFVOBBDDJÓOOBSSBEB
PSFQSFTFOUBEBFT QVFT FMQFSTPOBKFPMBBDDJÓOMPHSBEB JOEJWJEVBM DPOWJODFOUF RVF
RVFEB FO MB NFNPSJB Z QVFEF TFS DPOTJEFSBEP DPNP UÎQJDP QPS MBOBSSBDJÓORVFMP
QSPEVDFBERVJFSFVOBêTPOPNÎBDPNQMFUB OPTÓMPFYUFSJPSTJOPUBNCJFOJOUFMFDUVBM
ZNPSBM1BSB&DP FMUJQPTVSHFZBDUÙBFOMBDPODJFODJBEFMMFDUPS FTUPFT TFUPNB
DPODJFODJBEFTVFYJTUFODJBZDBSBDUFSÎTUJDBTTÓMPTJBDUJWBNPTFTFNFDBOJTNPDPNP
VOPFTUSVDUVSBMZOBSSBUJWP
 -B TFHVOEB DBSBDUFSÎTUJDB BRVÎ FOVNFSBEB FT FM UJFNQP  Z QBSB FYQMJDBS DVÃM
FTTVGVODJÓOFOMPTQSPEVDUPTUFMFWJTJWPT TFSFDVSSFEFOVFWBDVFOUBB$BMBCSFTFFO
TVFTUVEJPEFMVTPEFMUJFNQPFOMPTUFMFêMNT ÙOJDBNFOUFDPNPVOBFTUSBUFHJBRVF
QFSNJUFFMGVODJPOBNJFOUPEFMBTFSJBMJEBE SFQFUJDJÓO

 1BSBFTUFBVUPS FMUJFNQPTFQPOFFOKVFHPDVBOEPSFëFYJPOBNPTTPCSFFMIFDIP
EFRVFOPFTUBOJOUFSFTBOUFEFTDSJCJSMPRVFTFSFQJUF QFSPTÎFTMPFTiEFêOJSDVÃMFM


&TUFDPNQPSUBNJFOUPSFQFUJUJWPPDPOTPMBUPSJP TFHÙOEFêOJDJPOFTEF&DP FTFMRVFBêBO[BBMTVKFUP IBDJÊOEPMF
FODPOUSBS MP RVF TBCF Z B MP RVF FTUÃ BDPTUVNCSBEP  Z FTUB EJWJEJEP FO IÃCJUP  DVMUP Z DBEFODJB $BMBCSFTF 



PSEFOEFMBSFQFUJDJÓOu <>
"TÎ FMUJFNQPTFQVFEFQSFTFOUBSDPNP

FMUJFNQPEFMFQJTPEJP FMDVBMOPTIBCMBEFMBEVSBDJÓOEFMUJFNQPJOUSBEJÊHFUJDPJJ
FM
UJFNQPOBSSBEP RVFOPTFYQMJDBDVÃOUPEVSBOMBTBDDJPOFTEFOUSPEFMDBQÎUVMP ZJJJ

FMUJFNQPEFMBTFSJF RVFJOEJDBIBDJBEÓOEFWBMBIJTUPSJB TJUJFOFVOêOBM DVÃOEPZ
DÓNPMMFHB
-PTQFSTPOBKFTZFMUJFNQPFYQMJDBOFMVTPEFMFTQBDJP1BSBFYQMJDBSMPUPNBSFNPT
MPT EJGFSFOUFT NPEPT FO RVF QVFEFO SFQSFTFOUBSTF MBT WBSJBOUFTF JOWBSJBOUFT EF VO
TJTUFNBOBSSBUJWP&MNPEPêHVSBUJWPOPTBZVEBSÃBFYQMJDBSMBTWBSJBCMFTPJOWBSJBOUFT
êHVSBUJWBTEFOUSPEFMBFTUSVDUVSBOBSSBUJWBEFMUFMFêMNPTFSJF MBTDVBMFTOPTQFSNJUFO
FYQMJDBSDÓNPVOFTQBDJPGÎTJDPTFDPOWJFSUFFOVOBJOWBSJBOUFêHVSBUJWB QSPWPDBOEP
VONPEPEFSFQFUJDJÓOPTFSJBMJEBEFOMBTFSJF
 &O&3FODPOUSBNPTBMHVOBTJOWBSJBOUFTêHVSBUJWBTEFMBTRVFIBCMB$BMBCSFTF 
RVF MB EFUFSNJOBO F JEFOUJêDBO 6OB EF MBT NÃT JNQPSUBOUFT FT FM FTQBDJP GÎTJDP 
JOWBSJBOUFRVFFTEBEBQPSMBNBSDBUFNÃUJDBEFMBTFSJF&OFMDBTPEF&3 UPEPMPRVFTF
OPTDVFOUBTFEFTBSSPMMBFOVOBTBMBEFVSHFODJBT DPNPTVOPNCSFMPJOEJDB&OFMMB 
MPTQFSTPOBKFTRVFBDUÙBODPNPWBSJBCMFTEFMTJTUFNB  MPTFOGFSNPT
TPOUSBTMBEBEPT
QPS VOB DBNJMMB P TJMMB EF SVFEBT IBTUB MB TBMB EPOEF TFSÃO JOUFSWFOJEPT QPS DJFSUB
DBOUJEBEEFQFSTPOBKFTNÊEJDPTPFOGFSNFSBTRVFIBSÃOUPEPMPQPTJCMFQPSTBMWBSMFT
MBWJEB&TUBJOWBSJBOUFEFMTJTUFNBUBNCJÊOOPTNVFTUSBMBNBOFSBFORVFMPTFTQBDJPT
GÎTJDPTTFWVFMWFOFTQBDJPTSFQSFTFOUBEPTEFOUSPEFMBIJTUPSJB
 &TUB TFSJF QPTFF FO TVT DBSBDUFSÎTUJDBT TFSJBMFT VO FTQBDJP SFQSFTFOUBUJWP EF MB
NJTNB5JFOFEPTFTQBDJPT BMPTRVFIFNPTEFOPNJOBEPGÎTJDPTZSFQSFTFOUBEPT1BSB
FYQMJDBSFTUBEVBMJEBESFDVSSJSÊB)KFNTMFW ZVUJMJ[BSÊVOPEFMPTNPEFMPTDPOFMRVF
FTUSVDUVSÓBMMFOHVBKF FMDVBMNVFTUSBVOBFTGFSBRVFDPOUJFOFEPTMBEPTFMDPOUFOJEP
Z MB FYQSFTJÓO WÊBTF êHVSB 
 MPT RVF SFQSFTFOUBO FM TJHOJêDBEP Z FM TJHOJêDBOUF 
SFTQFDUJWBNFOUF
'JHVSB 'JHVSB
$0/5&/*%0 &TQBDJPTGÎTJDPT
&TQBDJPT
&913&4*¶/ SFQSFTFOUBEPT


3FDPSEFNPTRVF4BVTTVSFQSPDFEFBEFêOJSFMTJHOP BQBSUJSEFVOBTFSJFEFSFëFYJPOFTTPCSFFMIBCMBZMBMFOHVB 
FTEFDJS FOUSFVTPZGPSNB1BSBFTUFUFÓSJDP FMTJHOPMJOHÛÎTUJDPTFFODPOUSBCBEJWJEJEPFOEPTDPNQPOFOUFTMB
JNBHFOBDÙTUJDBZFMDPODFQUP FMTJHOJêDBEPZFMTJHOJêDBOUF EFNBOFSBSFTQFDUJWB


 -PTFTQBDJPTGÎTJDPTTPOQSFDJTBNFOUFBRVFMMPTEPOEFTFTVDFEFOMBTBDDJPOFT FT
EFDJS OPTQSFTFOUBO FOFMDBTPEF&3 VOBTBMBEFVSHFODJBTDPOUPEBTTVTDBSBDUFSÎTUJDBT
-BWFSPTJNJMJUVEEFFTUBTBMBTFNVFTUSBNFEJBOUFBQBSBUPTNÊEJDPT BTÎDPNPFOFMVTP
EFSFGFSFOUFTNÊEJDPTEFOUSPEFVOIPTQJUBMFO$IJDBHP)BZDBQÎUVMPTRVFNBOJêFTUBO
FTQBDJPTRVFOPDPSSFTQPOEFOEJSFDUBNFOUFBMBTBMBEFVSHFODJBTTJOP NÃTCJFO TF
WVFMWFO MVHBSFT SFGFSFODJBMFT FTUPT FTQBDJPT OP DPSSFTQPOEFO BM MVHBS SFGFSJEP MB
TBMBEFVSHFODJBT
ZTJOFNCBSHPDVNQMFOMBNJTNBGVODJÓORVFMBQSJNFSBGPDBMJ[BS
MBGVODJÓOEFMNÊEJDPEFTBMWBSPEFKBSNPSJSBMQBDJFOUF"TÎ &3FTVODPODFQUPRVF
USBTDJFOEF FM FTQBDJP GÎTJDP FM QMBOP EFM DPOUFOJEP QVFEF SFQSFTFOUBSTF NÃT BMMÃ EF
VOBTPMBGPSNBGÎTJDB QPSFKFNQMP FOFMQMBOPEFMBFYQSFTJÓOFOVOBBNCVMBODJB FO
MBDBMMF FOMBTQFSJGFSJBTEFMIPTQJUBM FOVOBUJFOEBEFBCBSSPUFT FUDÊDFSBTJFNQSFZ
DVBOEPDVNQMBTVQSJODJQJPCÃTJDPUSBUBSEFTBMWBSMBWJEBBBMHVJFO

-BTFSJBMJEBEDPNPFTUSVDUVSBOBSSBUJWB
1BSBFTUVEJBSMBTFSJBMJEBEDPNPVOBFTUSVDUVSBOBSSBUJWB UVWJNPTBCJFOFYQMJDBSMB
OBSSBDJÓOUFMFWJTJWBDPNPVONBDSPZVONJDSPSFMBUP
 $JE FOTVFTUVEJPEFMPTDPNQPOFOUFTOBSSBUJWPTEFMBTTFSJFTUFMFWJTJWBT EJWJEFFM
FTUVEJPEFMBOBSSBDJÓOTFSJBMUFMFWJTJWBFOUSFTDBUFHPSÎBTJ
FMNJDSPSFMBUPJJ
FMSFMBUP Z
JJJ
FMNBDSPSFMBUP&OMBTTFSJFTUFMFWJTJWBTPCTFSWBRVFFTUBTDBUFHPSÎBTTFDPSSFTQPOEFO
TFHÙOVOBGSBHNFOUBDJÓOEFTVFTUSVDUVSBGPSNBM-BTTFSJFTTFDBSBDUFSJ[BOQPSRVF
QFSNJUFO EJTGSVUBS OP TÓMP EF VOB TJOP EF WBSJBT IJTUPSJBT DPODBUFOBEBT B MP MBSHP
EF VOB UFNQPSBEB EF FTUB GPSNB  DVFOUBO VOB IJTUPSJB FO VO BÒP MFDUJWP RVF MPT
FTQFDUBEPSFTSFDPOPDFO-BIJTUPSJB RVFQVFEFEVSBSBMSFEFEPSEFVOBÒP DPOTUJUVZF
FMNBDSPSFMBUP ZFTBQBSUJSEFBIÎRVFTFDPOTUSVZFOFMSFMBUPZFMNJDSPSFMBUP
1BSBFTUVEJBSFMNBDSPZFMNJDSPSFMBUP TFFTUVEJBSPOMPTUSFTOJWFMFTBQBSUJSEF
MPTRVFGVODJPOBVOBFTUSVDUVSBOBSSBUJWB ÊTUPTTPOMBTGVODJPOFT MBTBDDJPOFTZMB


1BSBFTUVEJBS&3VUJMJ[BSFNPTFTUBNJTNBFTGFSBQBSBEFOPUBSEPTMBEPTEFMFTQBDJP

4JOEVEB FTJNQPSUBOUFNFODJPOBSRVFIBCMBSEFMPTiFTQBDJPTuNFSFDFNÃTBEFMBOUFVOBJOWFTUJHBDJÓOBGPOEP

1BSBIBCMBSEFFTUSVDUVSBQBSFDFQSFDJTPRVFQSJNFSPJEFOUJêRVFNPTTVTJHOJêDBEPFUJNPMÓHJDP&MUÊSNJOP
FTUSVDUVSBQSPWJFOFEFMBQBMBCSBMBUJOBTUSVDUVSB EFSJWBEBEFMWFSCPTUSVFSFRVFTJHOJêDBDPOTUSVJS)BTUBFMTJHMP
ıįĢĢFMUÊSNJOPGVFVUJMJ[BEPFOTVTFOUJEPFUJNPMÓHJDP ZOPGVFIBTUBFOFMÃNCJUPEFMPTFTUVEJPTMJOHÛÎTUJDPT
RVFFMDPODFQUPBERVJSJÓVONBZPSHSBEPEFSJHPSDJFOUÎêDP UPEPFTUPHSBDJBTB4BVTTVSF&MDÎSDVMPEF1SBHB


OBSSBDJÓO1BSBFYQMJDBSDBEBVOPEFMPTDPNQPOFOUFTEFMBOBSSBDJÓOUFMFWJTJWB TF
EFTBSSPMMBSÃOEPTFTRVFNBTRVFQFSNJUJSÃODPOPDFSNFKPSMBFTUSVDUVSBGPSNBMEFMB
TFSJF&3

.BDSPFTUSVDUVSB
.BDSPSFMBUP4FSJFEF&3DPNQMFUB UFNQPSBEBT 

5FNQPSBEBFTQFDÎêDBRVFUBNCJÊOGPSNBFMNBDSPSFMBUP &KFUFNQPSBEB

3FMBUP .3 .3 .3 .3 .3 .3

3FMBUP .3 .3 .3 .3 .3 .3

3FMBUP .3 .3 .3 .3 .3 .3

3FMBUP .3 .3 .3 .3 .3 .3

IFSFEFSPEJSFDUPEFMMFHBEPTBVTTVSFBOPGVFFMQSJNFSPRVFJOUSPEVKPFMUÊSNJOPZFMDPODFQUPEFFTUSVDUVSBZ
MPNBSDÓTPCSFMBDPODFQDJÓOEFMFOHVBDPNPTJTUFNB%FFTUBNBOFSBTFEFêOJÓDPNPFTUSVDUVSBiFMDPOKVOUP
EFSFMBDJPOFTFOUSFMPTFMFNFOUPTDPOTUJUVUJWPTEFMTJTUFNB PTFB MBSFEEFEFQFOEFODJBTFJNQMJDBDJPOFTNVUVBT
RVFNBOUJFOFVOFMFNFOUPDPOUPEPTMPTEFNÃTu 3FÎTZ-ÓQF[ 
&OFMDBNQPOBSSBUPMÓHJDPFTUSVDUV
SBEFUFSNJOBVOPCKFUPPSHBOJ[BEPZTFVUJMJ[BDPNPTJOÓOJNPEFVONPEFMPDPOTUSVJEPBUSBWÊTEFVOQSPDFTP
EFBCTUSBDDJÓOZRVFSFTVMUBEFMBDPOGSPOUBDJÓOEFGFOÓNFOPTEJWFSTPTEFMPTRVFTFJOêFSFVODPOKVOUPEF
SFMBDJPOFTJOWBSJBOUFT

1BSB#BSUIFTZQBSBMBMJOHÛÎTUJDBFTFTFODJBMTBCFSDVÃMFTMBPSHBOJ[BDJÓORVFDVBMRVJFSTJTUFNBRVFQSPEV[DB
TFOUJEP QVEJFSB UFOFS  FT QPS FTUF NPUJWP RVF FM SFMBUP OP QVFEF TFS FTUVEJBEP DPNP VOB TJNQMF TVNB EF
QSPQPTJDJPOFTRVFDMBTJêRVFOVOBFOPSNFNBTBEFFMFNFOUPT TJOP BMDPOUSBSJP BOBMJ[BSVOBPCSBOBSSBUJWBQPS
TVTOJWFMFTEFEFTDSJQDJÓOEFCFTFSMPNÃTJNQPSUBOUF%FFTUBNBOFSBQSPQVTJFSPOEJTUJOHVJSMBPCSBOBSSBUJWB
FOUSFTOJWFMFTEFEFTDSJQDJÓOJ
FMOJWFMEFMBTGVODJPOFTJJ
FMOJWFMEFMBTBDDJPOFTZ JJJ
FMOJWFMEFMBOBSSBDJÓO
1BSBTVDPSSFDUPGVODJPOBNJFOUPFTUPTOJWFMFTEFCFOFTUBSMJHBEPFOUSFTÎTFHÙOVOBJOUFHSBDJÓOQSPHSFTJWBiVOB
GVODJÓOTÓMPUJFOFTFOUJEPTÎTFVCJDBFOMBBDDJÓOHFOFSBMEFVOBDUBOUFZFTUBBDDJÓONJTNBSFDJCFTVTFOUJEP
ÙMUJNPEFMIFDIPEFRVFFTOBSSBEB DPOêBEBBVOEJTDVSTPRVFFTTVQSPQJPDÓEJHPu #BSUIFT <>


 "TÎ  MBT UFNQPSBEBT TF GSBHNFOUBO QBSB EFKBSOPT WFS EFUFSNJOBEP OÙNFSP EF
DBQÎUVMPT RVF DPNQPOFO FM SFMBUP MBT IJTUPSJBT NÎOJNBT DPO MBT RVF DVFOUBO DBEB
SFMBUP MPRVFêOBMNFOUFDPOTUJUVZFOMPTNJDSPSFMBUPT FTEFDJS MBTVNBEFMPTSFMBUPT
DPOTUSVZFOVONBDSP
 &MSFMBUP QPSTVQBSUF ZDPNPDPNQPOFOUFGVOEBNFOUBMEFVOBOBSSBDJÓO FYJTUF
QPSRVFDPOTJTUFFOVOEJTDVSTPRVFJOUFHSBBDPOUFDJNJFOUPTEFJOUFSÊTIVNBOPBQBS
UJS EF VOJEBEFT EF BDDJÓO EFOUSP EF MB OBSSBDJÓO MPT NJDSPSFMBUPT  QPS PUSB QBSUF 
QFSNJUFOiDPNQSFOEFSMBTQFRVFÒBTIJTUPSJBTBMJOUFSJPSEFVOBIJTUPSJBNÃTBNQMJBu
: QPS ÙMUJNP  iMPT NBDSPSFMBUPT OPT QFSNJUFO DPNQSFOEFS MB MÓHJDB EF MPT êMNT FO
TFSJFu $JE 

 $JEFYQMJDBRVFFMNBDSPSFMBUPTFDPOTUSVZFBQBSUJSEFMPTEJTUJOUPTDPNQPOFOUFT
EFMBOBSSBDJÓO
-BSFMBDJÓOTJOUBHNBQBSBEJHNB
&OFMOJWFMGPSNBM SFMBDJÓOFOUSFQBSFKBTZSPMFTBDUBODJBMFT

&OMBSFMBDJÓOFOUSFEJTDVSTPUSBNBFIJTUPSJB

1BSBFYQMJDBSFTUFÙMUJNPQVOUP BDPOUJOVBDJÓOTFQSFTFOUBMBFTUSVDUVSBFOMBRVFTF
VCJDBOFTUPTUSFTDPNQPOFOUFTOBSSBUJWPT

&4536$563"/"33"5*7"

)JTUPSJB
QBSBEJHNÃUJDB
1-"/0
%&-$0/5&/*%0 'ÃCVMB
5SBNB
3FMBDJÓO
UJFNQPFTQBDJP
1-"/0 %JTDVSTP
%&-"&913&4*¶/

)JTUPSJB
QBSBEJHNÃUJDB


&TUPTEPTMBEPTEFMBFTGFSBQSFTFOUBOMPTBTQFDUPTEFMBPSHBOJ[BDJÓOOBSSBUJWB MPT
DVBMFT EFOUSPEFMOJWFMEFTJHOJêDBDJÓO FYQPOFOVOBIJTUPSJB QBSBEJHNÃUJDB
ZVOB
PSHBOJ[BDJÓOTJOUÃDUJDBEFMEJTDVSTP SFêSJÊOEPTFBMUJFNQPZBMFTQBDJP1PSTVQBSUF 
FMMBEPEFMBFYQSFTJÓOTJNQMFNFOUFOPTNVFTUSBMBQVFTUBFOFTDFOBEFMBIJTUPSJBi%F
FTUBNBOFSBFMNBDSPSFMBUPFTMBDPOTFDVFODJBEFMBSFDFQDJÓOQSFWJTUBQPSMBIJTUPSJB
DPNPFGFDUPEFTFOUJEPQPSQBSUFEFMSFDFQUPSu $JE 

 &MNJDSPSFMBUPQPTFFVOBFTUSVDUVSBFTUBCMFRVFTFDPOTUSVZFBUSBWÊTEFMBTVOJ
EBEFTNÎOJNBTEFOBSSBDJÓO FTEFDJS BUSBWÊTEFMOJWFMEFMBTGVODJPOFTNÎOJNBTRVFUJFOF
FMSFMBUPFODVFTUJÓOJ
FODBEFOBNJFOUPTQPSDPOUJOVJEBEJJ
TFDVFODJBTFMFNFOUBMFTZ
DPNQMFKBT ZJJJ
NJDSPTFDVFODJBT
 6OFKFNQMPUPNBEPEFMBTFSJF&3OPTNVFTUSBMBTJHVJFOUFNJDSPTFDVFODJB

'VODJÓORVFBCSF 'VODJÓORVFWJSUVBMJ[B 'VODJÓORVFDJFSSB

.JDSPSFMBUP%S(SFFOBUJFOEFB(BTOFS

.JDSPTFDVFODJB NJDSPTFDVFODJB NJDSPTFDVFODJB NJDSPTFDVFODJB


&ODBEFOBNJFOUP
QPSDPOUJOVJEBE

(BTOFSTF
4FDVFODJB (BTOFSMMFHB (BTOFSQSFHVOUB
(SFFOMPBUJFOEF EFTNBZBZ(SFFO
FMFNFOUBM BMIPTQJUBM TJTPOEPDUPSFT
MPTBMWB

4FDVFODJB /FDFTJUBVO (BTOFSFT


(BTOFSNVFSF /PMPDPOTJHVFO
DPNQMFKB USBOTQMBOUF EJBHOPTUJDBEP

 -B TFDVFODJB FMFNFOUBM NVFTUSB VOB NJDSPTFDVFODJB DPNQVFTUB EF VOJEBEFT


NÎOJNBTRVFBCSFOFMQSPDFTPOBSSBUJWPEPOEFVOQFSTPOBKFBMFBUPSJPMMBNBEP(BTOFS 
RVJFOFTBUFOEJEPQPSMPTNÊEJDPTRVFJOUFOUBOTBMWBSMFMBWJEB&OTFHVJEBTFBCSFPUSP


&MQMBOPEFMDPOUFOJEPZMBFYQSFTJÓOTPOMBFTUSVDUVSBGPSNBMDPOMBRVF)KFNTMFWFYQMJDBFMGVODJPOBNJFOUP
EFMMFOHVBKFDPNPFTUSVDUVSB EJWJEJÊOEPMPFOFTPTEPTMBEPTRVFNBOJêFTUBOFMDÓNPBMHPRVFFTFYQSFTBEP
FYQSFTJÓO
UJFOFVOTJHOJêDBEP DPOUFOJEP


-BQSJNFSNJDSPTFDVFODJBEF(BTOFSTFTVTUFOUBFOWBSJPTFMFNFOUPT(BTOFSMMFHBFODBNJMMB MPRVFGPSNBMB
NJDSPTFDVFODJBTPOMBTQFRVFÒBTVOJEBEFTVUJMJ[BEBTQBSBEFTDSJCJSDÓNPMMFHÓFODBNJMMBBMBTBMBEFVSHFODJBT
FOUSBSQPSMBQVFSUB TFSSFWJTBEP EFTQFSUBS IBDFSQSFHVOUBT FOUSBSBMDVBSUPWFSEFEFVSHFODJBT



QSPDFTPRVFWJSUVBMJ[BFOVOBDUPFMQSPDFTPEFTBMWBNFOUPB(BTOFS ZVOBVOJEBE
RVFDJFSSBFTFQSPDFTP%FJHVBMGPSNB TFBEWJFSUFVOBTFDVFODJBDPNQMFKBBMJOJDJBSTF
PUSPQSPDFTPEJTUJOUPBMQSJNFSPTFSFBMJ[BVOQSPDFTPEFSFUSJCVDJÓORVFGVODJPOB
EFMBNJTNBNBOFSB FMQSPDFTPEFSFUSJCVDJÓOEFMTVKFUPTFJOJDJBDVBOEP(BTOFSFT
EJBHOPTUJDBEPZTFDJFSSBDVBOEPNVFSF
 &OTVNB BQBSUJSEFFTUBDMBTJêDBDJÓOEFMBIJTUPSJBDPNPNBDSPZNJDSPSFMBUP
QPEFNPTJEFOUJêDBSMBGSBHNFOUBDJÓODPNPQBSUFJNQPSUBOUFEFMBTFSJBMJEBEOBSSBUJWB
ZUFMFWJTJWB"QBSUJSEFMNBDSPSFMBUP ZTVGSBHNFOUBDJÓODPNPSFMBUPZNJDSPSFMBUP 
TFVUJMJ[BSÃOFKFNQMPTEF&3&MBOÃMJTJTQPTUFSJPSOPTQFSNJUJSÃDPOPDFS BEFNÃTEFTV
GSBHNFOUBDJÓO MPTDPNQPOFOUFTOBSSBUJWPTRVFMBIBDFOGPSNBSQBSUFEFMBTFSJBMJEBE
&TUPT ÙMUJNPT TF IBO EJWJEJEP FO USFT MÎOFBT EF JOWFTUJHBDJÓO J
 MPT BDUBOUFT JJ
 FM
UJFNQP ZJJJ
FMFTQBDJPOBSSBUJWPFORVFFTUÃEBEBMBTFSJF

&MFNFOUPTDPNQPOFOUFTEFMBFTUSVDUVSBOBSSBUJWBEF&3
-PT BDUBOUFT  DPNP TF NFODJPOÓ  GPSNBO QBSUF JNQPSUBOUF EF MB FTUSVDUVSB EFM
NBDSPSFMBUP ZBRVFBMPMBSHPEFÊTUFWBODVNQMJFOEPDPOVOBFWPMVDJÓOEFOUSPEFMB
OBSSBDJÓO ZFTBQBSUJSEFFTUBFWPMVDJÓORVFFMNBDSPSFMBUPQVFEFDVNQMJSTVGVODJÓO 
MBDVBMFTDPOTUSVJSVOBIJTUPSJBRVFQFSNJUBFOUSBSFOMBUSBNBBMFTQFDUBEPS
 1BSB BDMBSBS FTUBT FWPMVDJPOFT  UPNBNPT FM NPEFMP EF SFDFQDJÓO UFMFWJTJWB
QSPQVFTUPQPS.JSFZB$JE MMBNBEPQPSTVDSFBEPSBiFTUSVDUVSBEFQFSTPOBKFTu RVF
WBMESÃQBSBFYQMJDBSMBTDPOFYJPOFTFOUSFDBEBVOPTEFMPTQFSTPOBKFTQSJODJQBMFT TFHÙO
TVQBSUJDJQBDJÓOFOMBQSJNFSUFNQPSBEB NBDSPSFMBUP
"QBSUJSEFFTUBTFTUSVDUVSBTEF
QFSTPOBKF QPEFNPTWFSMBFWPMVDJÓOEFMBTSFMBDJPOFTBNPSPTBTZGBNJMJBSFTFOMBTFSJF 
RVF OPT TJSWFO QBSB WBMJEBS FM NBDSPSFMBUP  EFêOJEP FO FTUB TFSJF QPS MBT SFMBDJPOFT
FYUFSOBTBMIPTQJUBMRVFSFBMJ[BOMPTQFSTPOBKFTQSJODJQBMFT RVJFOFT DPNPTFSFTIV
NBOPT  UJFOFO VOB EVBMJEBE NÊEJDPT RVF TBMWBO WJEBT  BTÎ DPNPFTQPTPT BNBOUFT 
OPWJPT IJKPT IFSNBOPT DVÒBEPTZBNJHPTEFBMHVJFO


&TUFNPEFMPNVFTUSBMBTSFMBDJPOFTEFMPTQFSTPOBKFTEFOUSPEFVOBOPWFMBRVFTFEJWJEFFOUSBNBT.JSFZB$JE
BêSNBRVFFTUFNPEFMPOBDJÓQPSMBOFDFTJEBEEFIBDFSVONBSDPHFOFSBMQBSBDPOUBSMBIJTUPSJBBMBTQFSTPOBT
RVF OP MB DPOPDÎBO -B iFTUSVDUVSB EF QFSTPOBKFTu  DPNP TF MF MMBNB B FTUF NPEFMP  BZVEB B KFSBSRVJ[BS B MPT
BDUBOUFTQPSFEBE QFSTPOBKFTQSJODJQBMFTZQFSTPOBKFTTFDVOEBSJPT BTÎDPNPQPSTVTSFMBDJPOFT .JSFZB$JE 



 &TBQBSUJSEFFTUBTSFMBDJPOFT ZEFVOWBDJBEPEFDBQÎUVMPT RVFTFEJWJEJÓMB
IJTUPSJBQPSUSFTEJGFSFOUFTUSBNBT

5SBNBHFOFSBMQPSQFSTPOBKFT
5SBNBNÊEJDBQPSQFSTPOBKFT
5SBNBGBNJMJBSQPSQFSTPOBKFT

 &TUFWBDJBEPIJ[PQPTJCMFHSÃêDBTRVFJOEJDBSPOMBDBOUJEBEEFBQBSJDJPOFTRVF
UJFOFOMPTQFSTPOBKFTEFMBTFSJFFOTVQSJNFSBUFNQPSBEB&MSFTVMUBEPNPTUSÓRVFFM
QFSTPOBKFPBDUBOUFDPONÃTQBSUJDJQBDJÓOFTFMEPDUPS(SFFO QPSMPRVFTFSÃVUJMJ[BEP
QBSBEFTDSJCJSDÓNPGVODJPOBFMNJDSPZFMNBDSPSFMBUPFO&3
 &MNBDSPSFMBUP DPNPTFEJKP FTUÃGSBHNFOUBEPZTFEBQPSMBSFMBDJPOFTFOUSF
MPTQFSTPOBKFT"TÎ SFTVMUBBEFDVBEPFTUBCMFDFSQSJNFSPDÓNPFTRVFFMNBDSPSFMBUP
EFMEPDUPS(SFFOQFSTJHVFVOQSPHSBNBOBSSBUJWPBDVNQMJS EFJHVBMNBOFSBRVFFM
NJDSPSFMBUP­MQPTFF BMJHVBMRVFPUSPTNÊEJDPT VOFOVODJBEPEFVTPEFOUSPEFMNB
DSPSFMBUP RVFFTFMRVFNBSDBMBQBVUBQBSBTVFWPMVDJÓOEFOUSPEFMBTFSJFFMFOVODJBEP
EFFTUBEPEF(SFFOFTUÃEJWJEJEPFOFOVODJBEPTEFMTFSZFMUFOFS

&TUBEPEJTZVOUJWP(SFFOFTNÊEJDPZFTUÃDBTBEP
&OTFHVJEB VOFOVODJBEPEFIBDFSNPEJêDBBMFOVODJBEPEFFTUBEP
)BDFSTVFTQPTBDPOTJHVFUSBCBKPFOPUSPFTUBEPZMPEFKB
-PRVFSFTVMUBEFFTUBNPEJêDBDJÓOFTVOFTUBEPDPOKVOUJWP
&TUBEPDPOKVOUJWP(SFFOEFKBRVFTFWBZBZFMMPTTFEJWPSDJBO

 &T JNQPSUBOUF NFODJPOBS RVF FTUF FOVODJBEP EF VTP EFOUSP EFM NBDSPSFMBUP
QVFEFTFSWBSJBCMFTFHÙOMBFTUSVDUVSBEFMBIJTUPSJBRVFTFFTUÊDPOUBOEP FTEFDJS FM
FOVODJBEPEFFTUBEPEF(SFFOTFWBUSBOTGPSNBOEPBMPMBSHPEFMBQSJNFSBUFNQPSBEB 


&TUFWBDJBEPEFDBQÎUVMPTGVFUPNBEPEFVONPEFMPVUJMJ[BEPQPS.JSFZB$JEQBSBFMBOÃMJTJTEFMBTUFMFOPWFMBT 
ZGVFSFGPSNVMBEPQBSBTFSVUJMJ[BEPFOFMBOÃMJTJTEFMBTFSJF

6UJMJ[BSBMTVKFUPQBSBFYQMJDBSMBFTUSVDUVSBOBSSBUJWBEFMNBDSPSFMBUP SFMBUPZNJDSPSFMBUPFTTÓMPVOBEFMBT
NBOFSBTQBSBSFBMJ[BSFTUFBOÃMJTJT

&MDBQÎUVMPEFBOÃMJTJTFTi"RVFMMBOPDIFu EFMBQSJNFSBUFNQPSBEB


ZWBSJBSÃTFHÙOVOPSEFOJOUBOHJCMFEFMPTIFDIPTOBSSBEPTQPSFMNJTNPBDUBOUF&M
FOVODJBEPWBSJBSÃQPSEFUFSNJOBEPOÙNFSPEFDBQÎUVMPTPUFNQPSBEBT
 %FMBNJTNBGPSNB OPTEBNPTDVFOUBRVFBQBSUJSEFMNBDSPZNJDSPSFMBUPTF
QVFEFWFSDÓNPGVODJPOBVOFTRVFNBDBOÓOJDPFOFMRVFFMBDUBOUF FOFTUFDBTPFM
EPDUPS(SFFO IBDFVOSFDPSSJEPOBSSBUJWPDPNPTVKFUPIÊSPFQPSNFEJPEFMBOBSSBDJÓO
ZQBTBQPSEJTUJOUBTQSVFCBT

B
.BDSPSFMBUP

1SVFCBDBMJêDBOUF 1SVFCBEFDJTJWB 1SVFCBHMPSJêDBOUF

(SFFORVJFSFTFSKFGFEF 5JFOFRVFEFDJEJS 0CUJFOFFMQVFTUPEF


6SHFODJBT QFSP RVJFSF FOUSFEJWPSDJPPTFS KFGFEF6SHFODJBT
TFHVJSDPOTVFTQPTB KFGFEF6SHFODJBT

Contrato Competencia Actuación Sanción

.ÊEJDPFTQPTB .ÊEJDPBOBMJ[BTVT .ÊEJDPEFDJEF &TQPTBQJEF


4JUFWBTDPONJHP QSPZDPOUSBTEFJSTF RVFEBSTF FMEJWPSDJP
BPUSPFTUBEPOP BWJWJSZBUSBCBKBSB
IBCSÃEJWPSDJP PUSBDJVEBE

C
.JDSPSFMBUP

1SVFCBDBMJêDBOUF 1SVFCBEFDJTJWB 1SVFCBHMPSJêDBOUF

5FOFSBMQBDJFOUFFO 5PNBSEFDJTJPOFT 2VFFMQBDJFOUF


QFMJHSPEFNVFSUF NÊEJDBTQBSBTBMWBSMP WJWBPNVFSB


 %F JHVBM GPSNB  FTUF FTRVFNB OPT QSFTFOUB MB FTUSVDUVSB DPOUSBDUVBM FOUSF FM
NÊEJDPZFMQBDJFOUF

$POUSBUP $PNQFUFODJB "DUVBDJÓO 4BODJÓO

3FMBDJÓO 3FMBDJÓO .ÊEJDPPQFSBCBKP 1BDJFOUFWJWF


QBDJFOUFNÊEJDP NÊEJDPDPOPDJNJFOUP TVTDPOPDJNJFOUPT PNVFSF
0CKFUJWPPQFSBSMP QBSBPQFSBS

 &O TVNB  FT B USBWÊT EF FTUBT FTUSVDUVSBT NÎOJNBT RVF FM NJDSPSFMBUP DVNQMF
TV GVODJÓO JOJDJBS Z DFSSBS VO QSPDFTP RVF QVFEF TFS EJTGSVUBCMF FO VO TPMP SFMBUP
&T B QBSUJS EF BRVÎ RVF FM NBDSPSFMBUP DPOTJHVF  DPO CBTF FO TVT FTUSVDUVSBT  MMFWBS
BMFTQFDUBEPSBFOUFOEFSMBWJEBEFMPTNÊEJDPTBDUBOUFTEFMBTFSJF­TUPTWJWFOTVT
SFMBUPTNÎOJNPTZEBODPOUJOVJEBEQBSBRVFTVTIJTUPSJBTTFBOQSPMPOHBEBTBMPMBSHP
EFMBTFSJF-BGVODJÓOEFMFTQBDJPFTFTFODJBMQBSBUFOFSMBSFGFSFODJBFYBDUBEFEÓOEF
TFEFTBSSPMMBOTVTIJTUPSJBT&MUJFNQP FOHFOFSBM DVNQMFMBGVODJÓOEFQSFTFOUBSOPT
ZBEFOUSBSOPTBMBTIJTUPSJBTNÊEJDBTZBMBWJEBQFSTPOBMEFMPTBDUBOUFT6OQFSTPOBKF
DPNP(SFFO RVFTFFODVFOUSBQSFTFOUFFODBEBSFMBUPZQBTBBUSBWÊTEFFMMPTNFEJBOUF
MPTNBDSPSFMBUPT OPTNVFTUSBTVFWPMVDJÓODPOCBTFFOVOBMÓHJDBUFNQPSBMRVFMFEB
WFSPTJNJMJUVEZDPOUJOVJEBEQBSBFOUFOEFSTF
 $POUFTUBOEPBMBQSFHVOUBJOJDJBMFOFTUFUFYUP QPEFNPTBQVOUBMBSMBFYJTUFODJBEF
IFSSBNJFOUBTOBSSBUJWBTRVFQFSNJUFORVFVOUFYUPDPNVOJDBUJWPTFBFYJUPTPEFCJEPBM
SFDPOPDJNJFOUPRVFDPNPFTQFDUBEPSFTTFUJFOFOEFFMMBTBEFNÃT EJDIBTIFSSBNJFOUBT 
QPSTVSFJUFSBDJÓOFOMBFTUSVDUVSB QFSNJUFOMBTFSJBMJEBE&MDBTPEFMEPDUPS(SFFO
IBDFDPNQSFOEFSRVFMBGPDBMJ[BDJÓOEFMQFSTPOBKFEFOUSPEFMNBDSPSFMBUPEF&3FTMB
EFVOBEPCMFWBMFODJBDPOMBRVFTFNVFTUSBOFTUPTNÊEJDPTEFVSHFODJBTB
TVKFUPT
BDUBOUFTRVFTBMWBOWJEB ZC
TVKFUPTBDUBOUFTRVFUJFOFOVOBWJEBQSJWBEB
 -BQSJNFSBEFFTUBTWBMFODJBTQFSNJUFEJTGSVUBSEFVODBQÎUVMPTJOOFDFTJEBEEF
DPOPDFSMBTFSJFBGPOEPMBTFHVOEB FTMBRVFNBSDBMBQBVUBQBSBTFHVJSFMNBDSPSFMBUP
EFMBTFSJFRVFTFQSFTFOUB
 )BZVOFTRVFNBOBSSBUJWPRVFTFSFQJUFEFTEFTVTVOJEBEFTNÎOJNBTIBTUBMBTNÃT
BNQMJBT NBDSPSFMBUPT
BTÎDPNPVOFTRVFNBWJTVBMRVFUBNCJÊOTFSFQJUF FTQBDJPT


GÎTJDPT
ZBMBWF[IBZFTRVFNBTWJTVBMFTRVFEBOOPWFEBE QVFTGVODJPOBODPNPMBT
WBSJBOUFTEFMTJTUFNB FTQBDJPTSFQSFTFOUBEPTZVTPTEFMUJFNQP

 &M UJFNQP  FO HFOFSBM  DVNQMF MB GVODJÓO EF QSFTFOUBSOPT Z BEFOUSBSOPT B MBT
IJTUPSJBT NÊEJDBT Z B MB WJEB QFSTPOBM EF MPT BDUBOUFT 4F NBOJêFTUB  FOUPODFT  RVF
UBOUPBMOJWFMEFSFDFQUPSDPNPEFMOBSSBEPSFYJTUFOQFSTPOBKFTRVFZBDPOPDFNPTZ
OPTQFSNJUFOOPPQPOFSSFTJTUFODJBBMBIPSBEFEJTGSVUBSFTUBTFSJF
 %FJHVBMGPSNB DVBOEPFNQF[BNPTBIBDFSFMBOÃMJTJTBQBSUJSEFMBDMBTJêDBDJÓO
EF MB IJTUPSJB DPNP NBDSPSFMBUP  TF QVEP JEFOUJêDBS MB GSBHNFOUBDJÓO DPNP QBSUF
JNQPSUBOUFEFMBTFSJBMJEBEOBSSBUJWBZUFMFWJTJWB&MNBDSPSFMBUPBZVEBBDPNQSFOEFS
MBTDBSBDUFSÎTUJDBTGPSNBMFTQPSMBTRVFVOUFYUPQVFEFTFSEJTGSVUBCMFIBTUBFMJOêOJUP 
HSBDJBTBMBTFYQFDUBUJWBTSFDVSSFOUFTEFMBIJTUPSJBRVFTFFTUÃDPOUBOEP
 &OHFOFSBM TFQVFEFDPODMVJSRVF&3GVODJPOBQPSRVFDPOUJFOFVOBFTUSVDUV
SB RVF  TJO EVEB  GVODJPOB DPNP VOB QMÊZBEF EF IJTUPSJBT SFTVFMUBT Z BCJFSUBT RVF
QFSNJUFORVFMPTSFDFQUPSFTBDUVBMJDFOZQFSTJHBOBMPMBSHPEFVONBDSPZNJDSPSFMBUP 
SFTVFMUPFOCVFOBNFEJEBQPSFMVTPEFMPTQFSTPOBKFTRVFDPOUJFOFOIJTUPSJBTEFMB
WJEBSFBM/VFTUSBDPNQBSBDJÓOTFCBTBFOMBSFGFSFODJBQFSTPOBMRVFEBNPTBMPTWBMPSFT
VOJWFSTBMFTDPOMPTRVFTFSJHFMBWJEBNJTNBBMHVJFORVFQFSTJHVFFMBNPS BMHVJFO
RVFQFSTJHVFVOBBTQJSBDJÓOEFBTDFOTPTPDJBM BMHVJFORVFQFSTJHVFVOBBTQJSBDJÓO
JOUFMFDUVBM  P BMHVJFO RVF QFSTJHVF VO DPOPDJNJFOUP EJGÎDJM EF BMDBO[BS 5PEBT FTUBT
DBSBDUFSÎTUJDBTTJFNQSFTFSÃOGVODJPOBMFTNJFOUSBTMPTFTQFDUBEPSFTZMPTQFSTPOBKFT 
WJWJEPTQPSMBUFMFWJTJÓO FTUÊOCVTDBOEPBMHÙOPCKFUJWPFOMBWJEBRVFMFTQFSNJUBTFS
GFMJDFT

#JCMJPHSBGÎB

#"35)&4 3PMBOE-{BOBMZTFTUSVDUVSBMFEVSÊDJU DPNVOJDBUJPOT OÙN  5ÎUVMP


FO&TQBÒPM"OÃMJTJTFTUSVDUVSBMEFMSFMBUP .ÊYJDP$PZPBDÃO 


#&55&5*/* (JBOGSBODP$JOFMFOHVBZFTDSJUVSB #SFWJBSJPTEFMğĜĞ .ÊYJDP 

 5JFNQP EF MB FYQSFTJÓO DJOFNBUPHSÃêDB  #SFWJBSJPT EFM ğĜĞ  .ÊYJDP 



#3&.0/% $MBVEFi-BMÓHJDBEFMPTQPTJCMFTOBSSBUJWPTu FO#BSUIFT 3PMBOE
-{BOBMZTFTUSVDUVSBMFEVSÊDJU DPNVOJDBUJPOT OP  


#&353"/%  %&/*4 1SÊDJT EF 4ÊNJPUJRVF -JUUÊSBJSF  /BUIBO  1BSÎT    QQ


$"-"#3&4& 0NBS-BFSBOFPCBSSPDB $ÃUIFESB .BESJE  Q

$"4&55* 'SBODFTDP*OUSPEVDDJÓOBMBTFNJÓUJDB 'POUBOFMMB #BSDFMPOB 

 &M QBDUP DPNVOJDBUJWP FO MB OFPUFMFWJTJÓO EPDVNFOUPT EF USBCBKP

$FOUSP EF 4FNJÓUJDBT Z 5FPSÎB EFM &TQFDUÃDVMP 'VOEBDJÓO *OTUJUVUP 4IBLFTQFBSF
*OTUJUVUPEF$JOFZ357%FQBSUNFOUPG4QBOJTI1PSUVHVFTF 6OJWFSTJUZPG.JOFTPUB 


$&#3±"/  .BSJBOP .PEFMPT EF UFMFWJTJÓO HFOFSBMJTUB  UFNÃUJDB Z DPOWFSHFOUF DPO


JOUFSOFU #BSDFMPOB 1BJEÓT 

$*% "MGSFEP3FMBUP .BDSPSFMBUPZNJDSPSFMBUPFOMBTTFSJFTUFMFWJTJWBT$VBEFSOPTEF


MB$ÃUFESBEF4FNJÓUJDB NBOVTDSJUP


$*% .JSFZB.PEFMPEFBOÃMJTJTEFUFMFWJTJÓO"[UFDBOPWFMBT 5W"[UFDB 

&$0 )VNCFSUP  i*OOPWBDJÓO Z SFQFUJDJÓO FOUSF MB FTUÊUJDB NPEFSOB Z MB
QPTNPEFSOBu  FO %F MPT FTQFKPT Z PUSPT FOTBZPT  4VHMJ 4QFDDIJ Z "MUSJ 4BHHJ   
-VNFO

  "QPDBMJUUJDJ F JOUFHSBUJ   5ÎUVMP FO FTQBÒPM "QPDBMÎQUJDPT F


JOUFHSBEPT -VNFO #BSDFMPOB 

4JYXBMLTJOUIFêDDJPOBMXPPET  5ÎUVMPFOFTQBÒPM4FJTQBTFPT


QPSMPTCPTRVFTOBSSBUJWPT #BSDFMPOB 


'0345&3 &EXBSE"TQFDUTPGUIFOPWFM )"3$0635*OD 6OJUFE4UBUFTPG"NFSJDB 


(&/&55& (FSBSEi'SPOUFSBTEFMSFMBUPuFO3PMBOE#BSUIFT "OÃMJTJTFTUSVDUVSBM


EFMSFMBUP $PZPBDÃO .ÊYJDP 

(3&*."4 "+4FNÃOUJDBFTUSVDUVSBM (SFEPT .BESJE 

 i&MFNFOUPT QBSB VOB UFPSÎB EF MB JOUFSQSFUBDJÓO EFM SFMBUP NÎUJDPu  FO
3PMBOE#BSUIFT "OÃMJTJTFTUSVDUVSBMEFMSFMBUP $PZPBDÃO .ÊYJDP 

)+&.4-&7 -PVJT5SBWBPVYEVDFSDMFMJOHVJTUJRVFEF$PQFOIBHVF $PQFOIBHVF 


5ÎUVMP FO FTQBÒPM &OTBZPT MJOHÛÎTUJDPT  #JCMJPUFDB 3PNÃOJDB )JTQÃOJDB  .BESJE 



3&±4 $BSMPTZ"OB$SJTUJOB.-ÓQF[%JDDJPOBSJPEF/BSSBUPMPHÎB 5SBEVDDJÓO¦OHFM


.BSDPTEF%JPT 6OJWFSTJEBEEF4BMBNBODB
&TQBÒB 

50%0307 5[WFUBOi-BTDBUFHPSÎBTEFMSFMBUPMJUFSBSJPu FO3PMBOE#BSUIFT "OÃMJTJT


FTUSVDUVSBMEFMSFMBUP $PZPBDÃO .ÊYJDP 

;"7"-" -BVSP-BNJOJêDDJÓOCBKPFMNJDSPTDPQJP Įĩħ $PMPNCJB 



You might also like