;"s .5687=*3.-.5-2;.

,=8;
325 MIKE SELINKER
51 (/0217$-('(/',5(&725 87 5,9$/,'$'(175(+(50$1$6
v„&RUWHQwJULWDVv„&RUWHQ„&RUWHQ„&RUWHQ3RU.XEULFN /RV$VLVWHQWHVGH3URGXFFLÖQQRDWDFDQSHURWH
52 35,60$ 88 „//25$%$%,/21,$ „VRLVOR3(25„1RVÌFÖPRKDEUÌLVFRQVHJXLGRYXHVWURV GHIHQGHUÄQFXDQGRVHDVDWDFDGR\HVWÌQHQODPLVPD
53 +$67$(/$/%$ FDUQHWVGHOVLQGLFDWRGHDFWRUHVSHURXQDOÐQHD KDELWDFLÖQTXHWÝ
89 812'(/26520$1&(6'(/$02
FKDSXFHUDPÄV\RVYDLVDODFRODGHOSDUR„6RORXQRGH
54 6857,'2'(021675826 &XDQGRHQWUHVHQXQDKDELWDFLÖQTXHWHQJDXQD)LFKD
90 &21)/,&72,17(512 YRVRWURVVHJXLUÄWUDEDMDQGRPDÔDQDHQHVWDSHOÐFXOD„<
PHGDLJXDOTXLÌQ GH2EMHWRSXHGHVPLUDUOD6LHVHOREMHWRSXHGHV
55 $(//$12/(+$&(*5$&,$ 91 (1&(1'(5/$26&85,'$' FRJHUORDVÐFRPRHO6XFHVRTXHFRPHQ]ÖHOUHWRVLQR
YXÌOYHORDSRQHUGRQGHHVWDED6LYDVDOD6DODGH&LQH
56 0$.($0(5,&$',6,17(*5$7($*$,1 92 )$17$60$(1/$/°1($'(0(7$ */.&%*"5".&/5&
HQSRVHVLÖQGHOREMHWRJDQDV
57 /$7250(17$48(6($9(&,1$
93 (/&$67,//2$0%8+2/$17( &RORFDODV)LFKDVSHQWDJRQDOHVGH2EMHWRTXH
UHSUHVHQWDQ$FFHVRULRVGH$WWUH]]RQXPHUDGDVGHODO 3&(-"4
&41&$*"-&4
%&
"5"26&
58 521'$521'$(/48(126(+$<$ 94 ½/7,0$92/817$'<7(67$0(172
DOHDWRULDPHQWHHQGLVWLQWDVKDELWDFLRQHVFRQORV
(6&21','248(6((6&21'$ 95 /$1,´(5$,17(55803,'$ QÝPHURVERFDDEDMR&RORFDDOPHQRVGRVILFKDVHQ 8QWUDLGRUSXHGHODQ]DUXQDWDTXHGH&RQRFLPLHQWR
FDGDSODQWD1LQJXQDILFKDSXHGHFRORFDUVHHQODPLVPD .QRZOHGJH FRQWUDXQ$VLVWHQWHGH3URGXFFLÖQFXDQGR
59 (/0$1'$72$/48°0,&2'(/+,-2'(/$ 96 /$&$6$'(/2648(6(9$1 SODQWDGRQGHHVWÌOD6DODGH&LQH7KHDWHU HVWÌQHQODPLVPDKDELWDFLÖQ6LXQWUDLGRUTXLHUH
&$51(
DWDFDUWHFXDQGRKD\DXQ$VLVWHQWHGH3URGXFFLÖQHQOD
60 /$+25$'(/*$72 97 &25'(526$/0$7$'(52 &RORFDWDQWDV)LFKDVSHTXHÔDVGH0RQVWUXRGHFRORU
PLVPDKDELWDFLÖQTXHWÝHOH[SORUDGRUGHEHUÄDWDFDUDO
PDJHQWDTXHUHSUHVHQWDQDORV$VLVWHQWHVGH
61 /$9(1*$1=$'(/$&$3,7$1$$*8,-¶1 98 3/¤67,&2)$17¤67,&2 $VLVWHQWHGH3URGXFFLÖQHQVXOXJDU
3URGXFFLÖQHQODKDELWDFLÖQHQODTXHHVWÌVFRPR
62 526(1&5$17=<72'2692627526 99 /$0$16,¶1'(98(675$08(57( WUDLGRUHVKD\D
+$%¬,608(572 "4*45&/5&
%&
130%6$$*ã/
100 -8*8(02681-8(*2 5REDXQDFDUWDGH6XFHVRTXHUHSUHVHQWDWX9LVLÖQ\
SRQODERFDEDMRHQHOFHQWURGHODPHVD6REUHÌVWD
63 &+,7¶1  /$6(67$&,21(6'(/$%58-$ &RQRFLPLHQWR 5
FRORFDODFDUWDGH3UHVDJLRTXHFRPHQ]ÖHO5HWR1ROD
64 35(6,'(17('(/$-817$ PLUHV
4*
56
#"/%0
("/"y
65 12&+('(686+,
-0
26&
4"#&4
40#3&
-04
53"*%03&4 v„%UDYRwJULWDVv„%UDYÐVLPR„+DVOOHYDGRPL
66 /263(&$'26&$3,7$/(6 UHVSODQGHFLHQWHYLVLÖQDVXFÝVSLGH-XQWRVQRV
/RVRWURVH[SORUDGRUHVVRQDFWRUHVGHWXPDJQÐILFD
67 %2/$$6(6,1$ SHOÐFXODGHWHUURU/D$SDULFLÖQHQHO+RWHO,QILHUQR(VWX JDQDUHPRVODDGPLUDFLÖQGHFXDOTXLHUFLQÌILORw
REUDPDHVWUD\HVWRVFKDSX]DVWHODHVWÄQIDVWLGLDQGR +DVHQFRQWUDGRDO'H1LURGHVX6FRUVHVHDO'HSSGH
68 (/48(12'(%(6(5/(°'2
VX%XUWRQDO5DW]HQEHUJHUGHVX3L[DU„'HMHPRVTXH
(O3UHVDJLRTXHFRPHQ]ÖHOUHWRRFXOWDHOGRFXPHQWRGHWX ORVFUÐWLFRVFDQWHQVXV$OHOX\DVSXHVHVWDQRFKHKDV
69 6,1+25&$612+$<3$5$°62
9LVLÖQGHODSHOÐFXOD6HJXLUÄVVXJHQLDOLGDGH[DFWDPHQWH HVFULWRXQWUR]RGHKLVWRULDFLQHPDWRJUÄILFD
70 //(*$5$/&26026 FRPRHVWÄHVFULWR3RUGHVJUDFLDWXD\XGDQWHORSHUGLÖ
UD]ÖQSRUODTXHOHGHVSHGLVWHHQHOPRPHQWR$KRUD
71 (/2752/$'2
WLHQHVTXHHQFRQWUDUHOGRFXPHQWR
72 (/3(25(1(0,*2'(/+20%5(
73 /$(;,67(1&,$35(&('(/$(6(1&,$ 56
#"/%0
("/"
$6"/%0y
7LHQHVHOREMHWRQÝPHUR\OD9LVLÖQ\WH
74 &28/52)2%,$ HQFXHQWUDVHQOD6DODGH&LQH
75 '¬-$/2%5,//$5/(7,7*/2:/(7,7 &XDQGRWÝRXQDFWRUHQVROLWDULRHVWÌHQOD6DODGH&LQH
*/2:/(7,7*/2: \WHQJDHO3UHVDJLRTXHFRPHQ]ÖHOUHWRYHDOD6DODGH
76 5(*5(62$/3$6$'2 &LQHVLWRGDYÐDQRHVWÄVDOOÐ/DSHUVRQDTXHWHQJDOD
9LVLÖQGHEHUHYHODUORHLQWHUSUHWDUORTXHHVWÌHVFULWR
77 (//266,(035((67¤1'(75¤6'(0°
HQODFDUWDGH6XFHVRFRQPXFKRGUDPDWLVPR/ORUDGH
78 (/120%5('(/'(021,2
HPRFLÖQDQWHVXJHQLDOLGDGDSODXGHIXHUWHPHQWH\HO
H[SORUDGRUTXHWHQJDODFDUWDGH6XFHVRJDQDOD
79 /26*(0(/26 SDUWLGD
80 <2087$17( 3&(-"4
&41&$*"-&4
%&
.07*.*&/50
81 /$0$/',&,¶1&$1¶3,&$ 7LHQHVXQVÌTXLWRGH$VLVWHQWHVGH3URGXFFLÖQDORVTXH
82 2%7(1(581$3,67$ GDUÖUGHQHV1RDFWÝDQGXUDQWHHOWXUQRGHPRQVWUXRV
(QVXOXJDUVLQRHVWÄQDWXUGLGRVSXHGHVHOHJLUTXHVH
83 (1/26'(7$//(6 PXHYDQFRQWLJR1RSXHGHVPRYHUDORV$VLVWHQWHVGH
3URGXFFLÖQVLWHYDVVLQHOORVSHURSXHGHVOOHYDUORV
84 2/9,'$53$5$5(&25'$5

FRQWLJRGHQXHYRVLYXHOYHVDSDVDUSRUODPLVPD
85 (/$6(6,12(1/$0¤48,1$ KDELWDFLÖQGRQGHHVWÌQ

86 (/%2648((1/$&$%$´$

;.=8

51
 Prism* 1*<=*.5*5+*
325 LIZ SPAIN 3 25 MONS JOHNSON

8QJROSHVHFR8Q]XPELGR8QFKLUULGR8QFUXMLGR v„'HMDGQRVHQWUDUw/DVYRFHVVHRÐDQGHVGHIXHUDGHORV $ã.0
&/53"/
-04
.*&.#304
%&
-"

PXURVGHODYLHMDPDQVLÖQ'HVSXÌVHPSH]DURQD
(O JROSH VHFR GH XQD SDODQFD TXH HQFDMD GH JROSH (O]XPELGR GH XQD PDQLYHOD TXH GD YXHOWDV (O FKLUULGR DSRUUHDUODSXHUWDGHODQWHUD
GHO DFHUR FRQWUD HO DFHUR (O FUXMLGR GH XQRV KXHVRVEDMRXQHQRUPHSHVR
v„'HMDGQRVHQWUDU„6RORRVTXHUHPRVPDWDUw/DV
(O VXHOR WLHPEOD D WXV SLHV \ HVWÄLV URGHDGRV SRU XQDFDFRIRQÐDGHVRQLGRVPHFÄQLFRV/DKDELWDFLÖQ\ORTXH SDUHGHV\ODSXHUWDDJXDQWDUÄQ¢YHUGDG"6RORWHQÐDQ
0-&"%"
(OWUDLGRUSXHGHLQWHQWDUTXHXQPLHPEURGH/D2OHDGD
HQWUHHQODFDVDSRUFXDOTXLHUKDELWDFLÖQGHOD3ODQWD
KD\HQHOODVHPXHYHQ
TXHGXUDUKDVWDODPDÔDQD/DPDÔDQDFXDQGRGHMDUÐD
GHVHUOHJDOPDWDUJHQWH
*/.&%*"5".&/5&
'HVSXÌVXQDYR]FRQRFLGDJULWÖGHVGHGHQWURGHOD
6DOLGGHODKDELWDFLÖQHQGRQGHVHHVWÄOOHYDQGRDFDERODSDUWLGD(VWDYH]HOWUDLGRUVHTXHGDMXQWRDODPHVD FDVDv„9DOHRVGHMDUÌHQWUDUw
%DMD*URXQG)ORRUTXHWHQJDDOJXQDSXHUWDTXHQR
HVWÌFRQHFWDGDDQLQJXQDKDELWDFLÖQ6LKD\KÌURHVHQ
ODKDELWDFLÖQFXDQGRORLQWHQWHQVHUÄPÄVGLIÐFLO
KDFHUOR1RWD(OWUDLGRUHPSLH]DFRQOD/ODYHTXH
IDFLOLWDPXFKÐVLPRDEULUODSXHUWDGHODQWHUD7DOYH]
TXHUÄLVKDFHURVFRQHOOD
&XDQGRYROYÄLVHFKDGXQYLVWD]RDODFDVD3DUHFHhGLIHUHQWH
*/.&%*"5".&/5& 9RVRWURVSRGÌLVDEULUOD&HUUDGXUDGHOD+DELWDFLÖQGHO
&RJHGXQWUR]RGHSDSHO6HJXUDPHQWHTXHUÄLVWRPDUQRWDVSDUDDYHULJXDUODVHFXHQFLDTXHQHFHVLWDUÌLVSDUD
3RQHGXQFOLSGHSOÄVWLFRHQHOQÝPHURGHOFRQWDGRU 3ÄQLFRSHURSXHGHTXHORVPLHPEURVGH/D2OHDGDQR
PDQWHQHURVDVDOYR\HQFRQWUDUXQDVDOLGD
GH7XUQR'DÔR/RXVDUÌLVSDUDFRQWURODUHOWLHPSR ORWHQJDQWDQIÄFLO

-0
26&
4"#«*4
"$&3$"
%&
-04
."-04 6L/D+DELWDFLÖQGHO3ÄQLFR3DQLF5RRPQRHVWÄ

3&(-"4
&41&$*"-&4
%&
"5"26&
WRGDYÐDHQMXHJREXVFDGODHQHOPD]RGHKDELWDFLRQHV
/DFDVDKDUHVXOWDGRVHUXQDSULVLÖQPRUWÐIHUDLGHDGDSDUDFRQIXQGLU\DWUDSDUDVXVKDELWDQWHV3HURWRGR
KDVWDTXHODHQFRQWUÌLV\FRORFDGODHQODFDVD'HVSXÌV &XDQGRXQKÌURHDWDFDDXQPLHPEURGH/D2OHDGD\
URPSHFDEH]DVWLHQHVXVROXFLÖQ/RVDUTXLWHFWRVGHHVWDPÄTXLQDGHPDWDUGHEHQKDEHUFUHDGRSDUDVÐPLVPRVXQ
EDUDMDGHOPRQWÖQ JDQDSRURPÄVHOPLHPEURGH/D2OHDGDHV
FDPLQRVHJXURTXHVHDEUDSDVRDWUDYÌVGHWRGRVVXVSHOLJURV'HSHQGHGHYRVRWURVHOSRGHUDYHULJXDUFÖPR
HOLPLQDGRHQYH]GHDWXUGLGR
OOHJDUDODKDELWDFLÖQGHVDOLGD\HVFDSDUDWLHPSR &RORFDGXQD)LFKDGH&HUUDGXUD/RFNHQODSXHUWDGH
OD+DELWDFLÖQGHO3ÄQLFR
(OWUDLGRUHVWÄREVHVLRQDGRFRQODVVHFXHQFLDVPDWHPÄWLFDV\KDXVDGRHVDREVHVLÖQSDUDHVWDEOHFHUHQODFDVD 4*
76&4530
#"/%0
("/"y
XQDVHULHGHOXJDUHVvVHJXURVwOLEUHVGHWUDPSDVGHORVFXDOHVVRODPHQWHXQRRVFRQGXFLUÄDODVDOLGD6LQ
HPEDUJRHOWUDLGRUKDUÄORLPSRVLEOHSDUDTXHQRODHQFRQWUÌLV\SRGUÄvMXJDUwFRQYRVRWURVFXDQGRQRHVWÌLVHQOD
-0
26&
4"#«*4
"$&3$"
%&
-04
."-04 +DEÌLVVREUHYLYLGRKDVWDODPDÔDQD\ORVDVHVLQRVVH
KDELWDFLÖQGHVDOLGD 6HHVWÄFHOHEUDQGRHOIHVWLYDODQXDOGHYLROHQFLD KDQLGR\DTXHKDGHMDGRGHVHUOHJDOPDWDUJHQWH$O
OODPDGR/D2OHDGD/DJHQWHGHIXHUDTXLHUHPDWDURV\ PHQRVKDVWDHODÔRTXHYLHQHh
76&4530
#"/%0
("/"
$6"/%0y HOWUDLGRUSLHQVDTXHGHMDUORVHQWUDUHVXQDEXHQDLGHD
h7RGRVORVKÌURHVTXHDÝQVLJDQFRQYLGDOOHJXHQDODKDELWDFLÖQGHVDOLGDHQHOFRUD]ÖQGHOSULVPDFRQORTXH
FRQFOX\HHOH[SHULPHQWR 76&4530
#"/%0
("/"
$6"/%0y
h„$PDQH]FD\WRGDYÐDHVWÌLVYLYRV$PDQHFHUÄFXDQGR
3&(-"4
&41&$*"-&4
%&
.07*.*&/50 HOFRQWDGRUGH7XUQR'DÔROOHJXHDO
&XDQGRHQWUÌLVDXQDKDELWDFLÖQTXHWHQJDXQD)LFKDGH2EVWÄFXORSXHGHTXHÌVWDDFWLYHXQD7UDPSD(OWUDLGRU
RVGLUÄTXÌWHQÌLVTXHKDFHU
6LGHVFXEUÐVXQDKDELWDFLÖQFRQORVVÐPERORVR SRGÌLVHOHJLULJQRUDUORV\QRILQDOL]DUYXHVWUR
WXUQRDOOÐ6LHVWÄLVH[SORUDQGRXQDSODQWDSDUDODTXHQRTXHGHQORVHWDVUREDGODVLJXLHQWHORVHWDGHKDELWDFLÖQ
SDUDFXDOTXLHUDGHODVSODQWDV\FRORFDGOD

4*
76&4530
#"/%0
("/"y
/DSXHUWDRFXOWDGHODKDELWDFLÖQGHFRQWUROVHDEUH(OWUDLGRUTXHRVOOHYÖDHVWDWUDPSDHVWÄVHQWDGRDOODGRGH
XQHVFULWRULROOHQRGHSDSHOHV\PRQLWRUHV/DH[SUHVLÖQHQVXFDUDHVGHh¢IDVWLGLR"'HFHSFLÖQ(VWÄFODURTXHHV
GHFHSFLÖQ(OWUDLGRUPHWHODPDQRHQXQFDMÖQGHOHVFULWRULR\VDFDXQDHVFRSHWD
v7RPDQRWD*UXSR([SHULPHQWDO%HOLPLQDGRGHELGRDXQDH[FHSFLÖQHQHOVLVWHPDGHFRQWHQFLÖQw

;.=8 ;.=8

52 53
 <>;=2-8-.687<=;>8< *.55*785.1*,.0;*,2*
325 BRUCE GLASSCO 325 MIKE SELINKER
(QFRQWUÄLVXQDLQYLWDFLÖQTXHVHOHKDFDÐGRDDOJXLHQ'LFH 9XHVWUDDPLJDVHTXLWDXQDFDSXFKDKDUDSLHQWD\
SRGÌLVYHUVHUSLHQWHVOHYDQWDUVHGRQGHGHEHUÐDKDEHU
v3RUODSUHVHQWHTXHGDLQYLWDGRDO%DLOHGH7UDQVLOYDQLDHOHYHQWRVRFLDOGHXOWUDWXPEDGHODÔR&RPRHQWUHPÌV SHOR9XHVWUDDPLJDHPSLH]DDKDEODUHQJULHJRFOÄVLFR
HVWDPRVHQFDQWDGRVGHRIUHFHUOHXQH[FHOHQWHVXUWLGRGHGHVDPSDUDGRVYLDMHURVGHDXWREÝV„7HQJDPRVXQDILHVWD \RVJXVWDUÐDSRGHUHQWHQGHUOD%XHQRHQUHDOLGDGWDO
TXHGHVSLHUWHDORVPXHUWRV YH]QRRVJXVWDUÐD\DTXHGHVHUDVÐHVFXFKDUÐDLVFÖPR
'U)UDQNHQVWHLQw HVWÄLVDSXQWRGHFRQYHUWLURVHQHVWDWXDVSDUDVLHPSUH
9D\DHVHHVXQDVXQWRLQWHUHVDQWH6HJXURTXHKD\
-0
26&
4"#«*4
"$&3$"
%&
-04
."-04
PXFKDVHVWDWXDVHQHVWDFDVD
3DUHFHTXHKD\XQDILHVWDHQPDUFKD„\ODFDVDVHHVWÄOOHQDQGRGHPRQVWUXRVDQVLRVRVSRUYHURVPRULU1RRVJXVWD
HVRGHTXHKD\DPRQVWUXRVTXHRVSHUVLJDQSHURSDUHFHTXHXQDYH]TXHODILHVWDHPSLHFHGHYHUGDGVHUÄPXFKR -0
26&
4"#«*4
"$&3$"
%&
-04
."-04
3&(-"4
&41&$*"-&4
%&
"5"26&
6RORXQH[SORUDGRUTXHLQIOLMDVXILFLHQWHGDÔRIÐVLFR
SDUDPDWDUDOWUDLGRU\TXHHVWÌHQSRVHVLÖQGHXQD
,PDJHQHQODFDUWDGHO(VSHMRSXHGHPDWDUD0HGXVD
6LWHQÌLVXQD,PDJHQHQODFDUWDGHO(VSHMRWHQGUÌLV
GDGRVDGLFLRQDOHVDYXHVWUDVWLUDGDVDODWDFDU\
GHIHQGHURVGH0HGXVD7DPELÌQJDQDUÌLVHVRVGDGRV
FRQWUDODPLUDGDGH0HGXVD
0HGXVDSXHGHHQYHQHQDURVDOGDURVXQD)LFKD
SHRU WULDQJXODUGH7LUDGDGH3RGHU0LJKW5ROOTXH
9XHVWUDDPLJDHVHOPRQVWUXRJULHJR0HGXVDXQDGH FRQVXPLUÄYXHVWUR3RGHU6LWHQÌLVXQDRPÄV)LFKDVGH
6LODQ]ÄLVDWDTXHVQRUPDOHVDORVPRQVWUXRVLQFOX\HQGRDWDTXHVGH9HORFLGDGy6SHHGy\&RUGXUDy6DQLW\yVROR ODVPRUWÐIHUDVKHUPDQDV*RUJRQD6HJÝQOD
SRGUÌLVDWXUGLUORV3RUVXHUWHKDEÌLVYLVWRVXILFLHQWHVSHOÐFXODVGHPDGUXJDGDSDUDFRQRFHUVXVGHELOLGDGHV3RGUÌLV OH\HQGDOH\HQGDTXHDKRUDSDUHFHPX\UHDO0HGXVD
KDFHUTXHORVPRQVWUXRVGHVDSDUH]FDQSDUDVLHPSUHVLDOJXQDYH]HVWÄQHQODPLVPDKDELWDFLÖQTXHXQKÌURHTXH WLHQHVHUSLHQWHVYHQHQRVDVHQYH]GHSHOR\SXHGH
OOHYHXQDFDUWDFRQFUHWDGH3UHVDJLR SHWULILFDUDODJHQWHGHXQYLVWD]R3UREDEOHPHQWHQR
GHEHUÐDLVPLUDUOD
76&4530
#"/%0
("/"
$6"/%0y
76&4530
#"/%0
("/"
$6"/%0y
h+DFÌLVGHVDSDUHFHUDWDQWRVPRQVWUXRVFRPRH[SORUDGRUHVKD\DGLYLGLGRSRUODPLWDG\UHGRQGHDQGRKDFLDDUULED
h/HFRUWÄLVODFDEH]DD0HGXVD
3&(-"4
&41&$*"-&4
%&
"5"26& $ã.0
'6/$*0/"
-"
1&53*'*$"$*ã/
1RVHSXHGHDWDFDUDOWUDLGRU
0HGXVDSXHGHSHWULILFDUDORVKÌURHVFRQYLUWLÌQGRORV
HQSLHGUD(QVXWXUQRXQKÌURHSHWULILFDGRSXHGH
LIST"
%&
*/7*5"%04 LQWHQWDUKDFHUXQD7LUDGDGH&RQRFLPLHQWR
7LUDGDGH3RGHUHOLPLQDGODVFXDQGRREWHQJÄLV3RGHU
GHXQDFDUWDRKDELWDFLÖQ
3&(-"4
&41&$*"-&4
%&
46$&40
6LGHVFXEUÐVXQDKDELWDFLÖQFRQHOVÐPEROR\QR
WHQÌLVQLQJXQDGHODVGRV,PÄJHQHVHQODVFDUWDVGH
(VSHMRWLUDGGDGRV6LREWHQÌLVRPÄVSRGÌLVHQVX
OXJDUEXVFDUHQHOPD]RGH6XFHVRV\HQHOGHGHVFDUWH
GH6XFHVRVXQD,PDJHQHQODFDUWDGH(VSHMR\SRQHUOD
IUHQWHDYRVRWURV(VWDFDUWDGH6XFHVRFXHQWDFRPRXQ
2EMHWRDSDUWLUGHDKRUD6LODVGRV,PÄJHQHVGHODV
FDUWDVGH(VSHMRHVWÄQIUHQWHDOJÝQH[SORUDGRULJQRUDG
HVWDUHJOD
.QRZOHGJHGHSDUDGHVSHWULILFDUDRWURKÌURH
4*
76&4530
#"/%0
("/"y
.POTUSVP %FCJMJEBE 1PS
2V¶
'VODJPOB SHWULILFDGRTXHHVWÌHQODPLVPDKDELWDFLÖQ
+DEÌLVGHFDSLWDGRD0HGXVD\SRUWDQWRUHVFDWDGRD
Banshee 7DEOHURGH2XLMD 'HEHYROYHUDOSODQRHVSLULWXDO /DVHVWDWXDVVRQ)LFKDVGH0RQVWUXRFRQXQD6TXH
WRGRVORVVROGDGRVSHWULILFDGRVGHVXPDOGLFLÖQHQ
HVWÄQERFDEDMR&XDQGR0HGXVDUHFLEHGDÔRIÐVLFR
Crimson Jack )RWRJUDIÐD 2VHQIUHQWÄLVDÌOFRQSUXHEDVGHVXVFUÐPHQHV SLHGUD2VDODEDQHQVXOHQJXDQDWDOPLHQWUDVRV
FXDOTXLHUH[SORUDGRUTXHHVWÌHQXQDKDELWDFLÖQHQOD
FRQGXFHQDODHQWUDGDGHODQWHUD8QDYH]OLEHUDGRVGH
TXHKD\DXQD)LFKDGH0RQVWUXRERFDDEDMRSXHGH
6HÔRUGHORV'HPRQLRV 6ÐPEROR6DJUDGR „4XHPD VXGHEHUVHGHVPRURQDQKHFKRVSROYRFRPRHOÝOWLPR
LQWHQWDUKDFHUXQD7LUDGDGH&RQRFLPLHQWRGHSDUD
UHVWRGHXQDÌSRFDSDVDGDDQWHVGHHFKDUDYRODUSDUD
'UÄFXOD /DQ]D „&ODYDGODHQVXFRUD]ÖQ GHVSHWULILFDUDOD(VWDWXD6LWHQÌLVÌ[LWRGDGOHODYXHOWD
SDVDUDODKLVWRULD
DOD)LFKDGH0RQVWUXR/DHVWDWXDVHFRQYLHUWHHQXQ
0RQVWGH)UDQNHQVWHLQ /D1LÔD +DFÌLVVDOLUDOODGRPÄVDPDEOHGHODFULDWXUD VROGDGR+RSOLWD$WHQLHQVH
0RPLD /LEUR /HÌLVVXQRPEUHHQ(O/LEURGHORV0XHUWRV $OFRPHQ]DUVXWXUQRXQKÌURHTXHHVWÌHQODPLVPD
%UXMD (O*DWR 4XLHUHTXHVXHVSÐULWXIDPLOLDUYXHOYD KDELWDFLÖQTXHXQ+RSOLWDERFDDUULEDSXHGHHQYLDUOR
WUDV0HGXVD6LXQ+RSOLWDDOFDQ]DD0HGXVDSXHGH
Lord
=RPEL )UDVFR 6HTXHGDKHFKROÐTXLGR LQWHQWDUODQ]DUXQDWDTXHGH3RGHU6LQRVHTXHGD
GÖQGHHVWÄKDVWDTXHXQKÌURHORDOFDQFHGHQXHYR8Q
+RSOLWDLJQRUDWRGRHOWH[WRQHJDWLYRGHKDELWDFLRQHV\
3&(-"4
&41&$*"-&4
%&
.07*.*&/50 GHFDUWDV\VRQWUDWDGRVFRPRPRQVWUXRVEDMRYXHVWUR
$QRVHUTXHVHDLPSRVLEOHPRYHUVHDFXDOTXLHURWURVLWLRQRSRGÌLVHQWUDURVDOLUGHO6DOÖQGH%DLOH%DOOURRPGH FRQWUROFXDQGRRVPRYÌLV\DWDFÄLVFRQHOORVSHURGH
QLQJÝQPRGR„QRHVXQOXJDUUHFRPHQGDEOHVLQRHUHVXQPRQVWUXR QLQJXQDPDQHUDVHUÄQPRQVWUXRV

4*
76&4530
#"/%0
("/"y HOPLIT"
(VFXFKÄLVFÖPRORVVRQLGRVGHOJUXSRWRFDQDVXILQDOJXDUGDUVXVHVSDQWRVRVLQVWUXPHQWRV„&ÖPRRVKDEÌLVFRODGR
HQODILHVWD
9HORFLGDG6SHHG 5 3
3RGHU0LJKW 5

;.=8 ;.=8

54 55
 Make America Disintegrate Again
325 ZOË QUINN
7RGRVORVSROÐWLFRVVRQXQRVEDERVRVSHURHQHOFDVRGH
HVWHFDQGLGDWRVHSRGÐDGHFLUTXHHUDDOJRPÄVh
OLWHUDO$OJRQRLEDELHQVXFDUDGHFHUDTXHQRVH
PRYÐDGHODIRUPDHQODTXHORKDUÐDXQDFDUDKXPDQD
VXVSUHRFXSDQWHVSROÐWLFDVTXHVRORVHUYÐDQDOD
HQWURSÐDh5HXQLVWHDXQRVFXDQWRVDPLJRVSDUDLUDVX
VHGHHQODQRFKHGHODVHOHFFLRQHVSDUDSURWHVWDUR
UHJRFLMDURVGHSHQGLHQGRGHORVUHVXOWDGRV1R
HVSHUDEDLVTXHHOOXJDUIXHUDDVHUWDQLQTXLHWDQWH\
HVWDUWDQYDFÐR
7DPSRFRHVSHUDEDLVWHQHUWDQWDUD]ÖQVREUHÌO
$ã.0
%&4536ß3
6/
0#+&50
%&

'*-"$5&3*"
/RVREMHWRVGH)LODFWHULDVHUHSUHVHQWDQFRQXQD)LFKD
SHQWDJRQDOGH2EMHWR7RGRVORVKÌURHVTXHDÝQHVWÌQ
YLYRVGHEHQHVWDUHQODPLVPDKDELWDFLÖQTXHHOREMHWR
GH)LODFWHULDSDUDGHVWUXLUOR
3&(-"4
&41&$*"-&4
%&
"5"26&
&XDQGRVXIUÐVGDÔRGH&RUGXUDXQWUDLGRUSXHGHGDURV
ODRSFLÖQGHUHGLVWULEXLUORHQWUHORVGHPÄVKÌURHV
5*=8;6.7=*:>.<.*?.,27*
325CHRIS DUPUIS
/RVFKLOOLGRVPÄVIXHUWHVTXHMDPÄVKDEÌLVHVFXFKDGR $ã.0
%&4536*3
6/"
)"#*5"$*ã/
YLHQHQGHOD3DMDUHUD8QWUXHQRHQODGLVWDQFLDVH
3DUDGHVWUXLUXQDKDELWDFLÖQTXLWDGWRGDVODV
GHVKDFHHQXQJUDYHDXOOLGRPLHQWUDVODGHFRUDFLÖQGH
PLQLDWXUDV\ILFKDVGHODKDELWDFLÖQGDGOHVODYXHOWD\
ODVSDUHGHVHPSLH]DDKDFHUHVWUXHQGR(OWUDTXHWHRVH
YROYHGDFRORFDUODVHQHOOXJDUGHODFDVDGRQGHHVWDED
LQWHQVLILFDPLHQWUDVDXPHQWDODSUHVLÖQHQOD
DQWHV
KDELWDFLÖQ9XHVWURVRÐGRVVHWDSRQDQDOFDHUDOVXHOR
/RVSRUWD]RVVHVXFHGHQUÄSLGDPHQWHPLHQWUDVODFDVD &XDOTXLHUILFKDTXHKXELHVHHQODKDELWDFLÖQVHSLHUGH
VLJXHEDODQFHÄQGRVH \FXDOTXLHUH[SORUDGRUTXHHVWXYLHVHHQODKDELWDFLÖQ
(QODGLVWDQFLDXQDYHQWDQDVHKDFHDÔLFRV/DV PXHUH8QH[SORUDGRUTXHHVWÌHQODPLVPDKDELWDFLÖQ
SXHGHGHVFDUWDUXQD+HUUDPLHQWDSDUDHYLWDUTXHOD
SDUHGHVVHGHVJDUUDQDORODUJRGHODFDVDPLHQWUDV
KDELWDFLÖQVHDGHVWUXLGD/D(VFDOHUD3ULQFLSDO*UDQG
ÌVWDVHWDPEDOHDSRUODUHSHQWLQDFDUJD/DVSDUHGHV
UHFLHQWHPHQWHDVWLOODGDVVRQVRORXQSUHÄPEXORSDUDOD 6WDLUFDVHHO9HVWÐEXOR)R\HU\HO+DOOGH(QWUDGD
UHGRQGHDQGRKDFLDDUULED6LQRORTXHUÌLVDVÐVHUÌLV
/RHQFRQWUDVWHLVGREODGRVREUHVÐPLVPR\ULÌQGRVH
YRVRWURVORVTXHVXIULUÌLVWRGRHOGDÔR/DUHGLVWULEXFLÖQ
FRQVXFDUDGHUULWLÌQGRVHVREUHVXWUDMHSHUIHFWDPHQWH
VHUHDOL]DDQWHVGHTXHDOJÝQKÌURHVXIUDHOGDÔR
(QWUDQFH+DOOFXHQWDQFRPRXQDKDELWDFLÖQFDGDXQD
IXULRVD\EUDYÐDWRUPHQWDTXHVHKDGHVDWDGRDIXHUDh
0DUFDGFXDOTXLHU$FFHVRDOh6ÖWDQR3ODQWD%DMD
*/.&%*"5".&/5&
SODQFKDGR\FRQVXPDQRHVTXHOÌWLFDDJDUUDQGRHOSLQ 3ODQWD$OWD\7HMDGRGHVWUXLGRFRQXQD)LFKDGH
FRQIRUPDGHEDQGHUDHQVXVRODSDTXHHPLWÐDXQD „/DWRUPHQWDKDGHVWUXLGRDOJXQDVSDUWHVGHODFDVD\ 2EVWÄFXOR&XDQGRXQDSODQWDKD\DVLGRGHVWUXLGDSRU
HQHUJÐDRVFXUDTXHRVDEUXPÖUÄSLGDPHQWH
4*
76&4530
#"/%0
("/"y
QRYDDSDUDU(OUHYHODGRUGHO5HWRHOLJHXQD FRPSOHWRODSUÖ[LPDYH]TXHKD\DTXHGHVWUXLUXQD
/DIRUPDPRQVWUXRVDGHOFDQGLGDWRHPLWHXQDJXGR KDELWDFLÖQYDFÐDGHO7HMDGR5RRIDVHUSRVLEOHOHMRV KDELWDFLÖQHOHJLGHO$FFHVRDODSODQWDTXHHVWÌEDMR
$KRUDQRKD\QDGLHSDUDYHUORSHURXQDFRVDHVWÄFODUD
VLOELGRPLHQWUDVVHHYDSRUDGHOSODQRPDWHULDO0ÄV GHDOJÝQH[SORUDGRU\ODGHVWUX\HYHU&&ÖPRGHVWUXLU HVDSODQWD\WRGDVODVKDELWDFLRQHVDG\DFHQWHVDÌVWH
QRH[DJHUDEDLVDOGHFLUTXHVXPDQGDWRSUHVLGHQFLDO
SHUMXGLFDGRVGHORTXHVXHOHVHUQRUPDOHQYRVRWURV XQDKDELWDFLÖQPÄVDGHODQWH
VLJQLILFDUÐDHOILQGHOPXQGR$KRUDGHSHQGHGH &XDQGRKD\DTXHGHVWUXLUHO$FFHVRDO6ÖWDQR
GXUDQWHXQDQRFKHGHHOHFFLRQHVFRPSUREÄLVORV 5HVHUYDGODV)LFKDVSHQWDJRQDOHVGH2EMHWRTXH FRPSUREDGSULPHURTXHWRGDVODVHQWUDGDVDOPLVPR
YRVRWURVFRQVHJXLUTXHODJHQWHVHXQDPÄVTXHFRQXQ
UHVXOWDGRVGHODVXUQDVHORWURFDQGLGDWRSUHVLGHQFLDO UHSUHVHQWDQ+HUUDPLHQWDV/RVH[SORUDGRUHVQHFHVLWDQ HVWÄQVHOODGDVYHUPÄVDEDMR6LORHVWÄQ„ORV
PLOOÖQGHUHFRJLGDVGHILUPDV\WUDEDMDUMXQWRVSDUD
KDJDQDGR\VXVSLUÄLVFRQDOLYLR6LQHPEDUJRYXHVWUR KDFHUVHFRQXQDYDULHGDGGHKHUUDPLHQWDVSDUDDEULUVH H[SORUDGRUHVJDQDQ6LQRSLHUGHQ
HYLWDUOR
PRPHQWRGHSD]VHHVIXPDUÄSLGDPHQWHHQFXDQWRYHLV SDVRHQODGHVWUXFFLÖQGHODFDVD
*/.&%*"5".&/5& TXHVXVSLQHVGHVRODSDFRQIRUPDGHEDQGHUDGH
5HVHUYDG)LFKDVGH2EVWÄFXORUHSUHVHQWDQ$FFHVRV
$ã.0
4&--"3
6/"
&/53"%"
(VWDGRV8QLGRVHPLWHQXQDRVFXULGDGIDPLOLDUh
/DQGLQJVGHVWUXLGRV 'XUDQWHHOWXUQRGHXQH[SORUDGRUÌVWHSXHGHGHVFDUWDU
3RGÌLV UHGLVWULEXLU YXHVWUDV FDUWDV GH REMHWR HQWUH XQD+HUUDPLHQWDPLHQWUDVHVWÌHQXQDKDELWDFLÖQGHO
(PSH]ÄLVDDKRUUDUGLQHURSDUDHPLJUDUD6XL]D
YRVRWURV
-0
26&
4"#«*4
"$&3$"
%&
-04
."-04 VÖWDQRTXHWHQJDXQDVDOLGDDXQDSODQWDPÄVDOWD(VWR
3RGÌLV UHGLVWULEXLU YXHVWURV SXQWRV DFWXDOHV GH QRHYLWDTXHORVH[SORUDGRUHVVHPXHYDQDWUDYÌVGHOD
1RKD\WUDLGRUHQHVWH5HWR6RLVYRVRWURVFRQWUDOD
&RUGXUD HQWUH YRVRWURV HQWUDGDVRORLPSLGHHOSDVRDODWRUPHQWD/DVHQWUDGDV
WRUPHQWD%XHQDVXHUWH
DOVÖWDQRLQFOX\HQHO$FFHVRDO6ÖWDQROD7ROYDGHO
-0
26&
4"#«*4
"$&3$"
%&
-04
."-04 76&4530
#"/%0
("/"
$6"/%0y &DUEÖQ&RDO&KXWHKDELWDFLRQHVFRQOD)LFKDGH
+DELWDFLÖQ'HUUXPEDGD&ROODSVHG5RRP\FXDOTXLHU
(OFDQGLGDWRDODSUHVLGHQFLDQREXVFDVRODPHQWHWRPDU h+D\DXQDILFKDGH+HUUDPLHQWDHQWRGDVODVHQWUDGDV KDELWDFLÖQFRQ0RQWDFDUJDV\HVFDOHUDVTXHFRQHFWHQ
HOFRQWUROGHOSDÐVVLQRGHODPLVPDYLGD\PXHUWH8QD DO6ÖWDQRTXHVHUYLUÄQSDUDVHOODUODSODQWD\VDOYDUD FRQHOVÖWDQR
YH]KD\DFRPSOHWDGRHOULWXDOHOHVSDQWRVR/LFKVH ORVTXHHVWÌQDEDMR(VWRFRQGHQDDFXDOTXLHUDTXHDÝQ
FRQYHUWLUÄHQ3UHVLGHQWH\6HÔRUGHORV(VWDGRV8QLGRV HVWÌDWUDSDGRHQODSDUWHGHDUULEDGHODFDVD3HUGÌLVVL 3&(-"4
&41&$*"-&4
%&
.07*.*&/50
GH$PÌULFD\HOFDRVVHDSRGHUDUÄGHOSDÐVDOHQIUHQWDU WRGRVORVH[SORUDGRUHVHVWÄQPXHUWRVRHO$FFHVRDO
DYHFLQRVFRQWUDYHFLQRVKDVWDTXHQRTXHGHQDGD8QR 3RGÌLVLQWHQWDUSDVDUSRUXQDKDELWDFLÖQGHVWUXLGD
6ÖWDQR%DVHPHQW/DQGLQJHVGHVWUXLGR
GHYXHVWURVDPLJRVVHKDYLVWRLQIOXHQFLDGRSRUORV
$ã.0
&/$0/53"3
)&33".*&/5"4
DUJXPHQWRVGHODSDVLRQDGRGLVFXUVRGHHVWHORFRSRUOR
TXHVHKDYXHOWRFRQWUDYRVRWURV\HVSHUDOOHYDURVDVX 3RGÌLVVDFULILFDUDOJXQRVGHYXHVWURVSXQWRVGH
EDQGRRPRULUHQHOLQWHQWR PRYLPLHQWRSDUDLQWHQWDUEXVFDU+HUUDPLHQWDVTXHXQ
H[SORUDGRURVXVFRPSDÔHURVSXHGDQXVDU(OHJLGXQ
76&4530
#"/%0
("/"
$6"/%0y QÝPHURGHGDGRVLJXDORPHQRUDOYXHVWURYDORUDFWXDO
SHURGHEÌLVWHQHUÌ[LWRHQXQD7LUDGDGH9HORFLGDG
GHORFRQWUDULRFDHUÌLVDO$FFHVRGHODSODQWDGHGHEDMR
\UHFLELUÌLVGDGRVGHGDÔRIÐVLFR3RGÌLVHOHJLU
IUDFDVDUHQODWLUDGDFRPRUHFXUVRGHVHVSHUDGRSDUD
VDOLUGHYXHVWUDSODQWD
3RGÌLVGHVFDUWDURVGHXQD+HUUDPLHQWDSDUDHQWUDU\
HQ9HORFLGDG6SHHG8QDWLUDGDH[LWRVDGHRVGDUÄ
h'HVWUX\ÄLVWRGRVORVREMHWRVGH)LODFWHULDGHO/LFK
XQD+HUUDPLHQWDGHVSXÌVUHVWDGHOQÝPHURGHGDGRV
DQWHVGHTXHHOWUDLGRUFRPSOHWHORV5LWXDOHVGH
TXHHOHJLVWHLVDYXHVWUD9HORFLGDGSDUDHVWHWXUQR3RU
$VFHQVLÖQ
HMHPSORVL=RHWLHQHGH9HORFLGDG\XVDGDGRVSDUD
REWHQHUXQD+HUUDPLHQWDVRORSXHGHPRYHUVHXQ
HVSDFLRHVWHWXUQR
$ã.0
"7"/;"
-"
503.&/5"
$OILQDOGHFDGDWXUQRGHH[SORUDGRUFRQODH[FHSFLÖQ
VDOLUGHFXDOTXLHUKDELWDFLÖQGHVWUXLGDGXUDQWHHOUHVWR
GHOWXUQRVLQLQWHQWDUKDFHU7LUDGDVGH9HORFLGDG
&XDQGRRVPRYÄLVGHHVWDIRUPDVXSRQHGTXHWRGDVODV
HQWUDGDVDODVORVHWDVGHVWUXLGDVHVWÄQDELHUWDV
4*
76&4530
#"/%0
("/"y
'HVSXÌVGHDWUDQFDUODVHVFRWLOODVHQFRQWUÄLVXQD
HVTXLQDRVFXUDHQHOVÖWDQRGRQGHHVFRQGHURVPLHQWUDV
RVWDSÄLVORVRÐGRV\JULWÄLVFRQORVJHPLGRV\SRUWD]RV
GHOWXUQRHQHOTXHHO5HWRHVUHYHODGRGHVWUXLGWRGDV
ODVKDELWDFLRQHVTXHHVWÌQDG\DFHQWHVDXQD
KDELWDFLÖQTXHKD\DVLGRGHVWUXLGDHQHO
WXUQRDQWHULRUYHU&
&ÖPR'HVWUXLUXQD
TXHODFDVDHPLWHVREUHYRVRWURV$OILQDOORÝQLFRTXH
TXHGDHVHOSLWLGRHQYXHVWURVRÐGRV'HVSXÌVVLOHQFLR
5RPSÌLVODVEDUUHUDV\VDOÐVSDUDHQFRQWUDURVFRQXQ
FLHORFDOPDGR\VLOHQFLRVR/RVSÄMDURVFDQWDQHOVRO
+DELWDFLÖQPÄVDEDMR6LHO$FFHVRDO6ÖWDQR EULOOD\H[FHSWRORVFLPLHQWRVGHVWUXLGRVTXHRV
HVGHVWUXLGRORVH[SORUDGRUHVSLHUGHQ URGHDQQRKD\UDVWURGHODFDVDHQODFROLQD
;.=8 ;.=8

56 57
&XDQGRWHUPLQÌLVHVWHUHWRPDUFDGWRGRVORV
H[SORUDGRUHVTXHKD\DQSRGLGRWHUPLQDUORHQ
ODWDEODXELFDGDGHVSXÌVGHOUHWR
 ;87-*M;87-*M.5:>.78<. .56*7-*=8*5:>«62,8-.51238-.5*,*;7.
1*B*.<,87-2-8M:>.<..<,87-* 325 CHRISTOPHER BADELL

325 ELISA TEAGUE
'HUHSHQWHHVFXFKÄLVHOVRQLGRHVFDORIULDQWHGHODULVLWD
GHXQDQLÔDSHTXHÔDTXHUHVXHQDHQODVHVWDQFLDVGH
ODFDVD/DYR]HPSLH]DDFRQWDUvhhhhwKDVWD
\GHVSXÌVJULWDv„5RQGD5RQGDHOTXHQRVHKD\D
HVFRQGLGRTXHVHHVFRQGDTXH\DYR\w„0ÄVYDOHTXH
HQFRQWUÌLVXQEXHQHVFRQGLWH
*/.&%*"5".&/5&
'HMDGDXQODGRWDQWDV)LFKDVGH7LUDGDGH
-0
26&
%&#«*4
)"$&3
&/
76&4530

563/0
„$KRUDRVWRFDEXVFDU8QDYH]HQYXHVWURWXUQRSRGÌLV
LQWHQWDUKDFHUXQD7LUDGDGH&RQRFLPLHQWRGHHQ
FXDOTXLHUKDELWDFLÖQTXHWHQJDHOVÐPEROR\TXH
QRWHQJDQLQJXQD)LFKDGH7LUDGDGH&RQRFLPLHQWR
SDUDHQFRQWUDUGÖQGHVHHVFRQGHDOJXQDGHODV
0XÔHFDVGHODQLÔD6LWHQÌLVÌ[LWRDJUHJDGXQD)LFKD
GH7LUDGDGH&RQRFLPLHQWRDHVDKDELWDFLÖQ<DQRVH
+DEÐDLVRÐGROH\HQGDVVREUH=RVLPXV$OFKHPLVWD\VXV
KRUULEOHVKLMRVGHODFDUQHSHURQXQFDLPDJLQDVWHLVQL
HQYXHVWUDVPÄVYÐYLGDVSHVDGLOODVTXHSRGUÐDQOOHJDUD
VHUUHDOLGDG6LQHPEDUJRODYHUGDGHVGHPDVLDGRUHDO
„8QRGHYXHVWURVDPLJRVQRHVWDO(VHOKLMRGHO
FHUHEURhQR„HO++LMRGHOD&DUQHGH=RVLPXV„$KRUD
HVWHVHFXD]GH=RVLPXVKDYHQLGRDFXPSOLUVXRUGHQ
(O+LMRGHOD&DUQHTXLHUHUHFROHFWDUPXHVWUDVGHFDGD
XQRGHYRVRWURVSDUDKDFHUFRQWLQXDUODV
PDTXLQDFLRQHVGHVXYLODPR¢3RGUÌLVVREUHYLYLUDHVWH
DWDTXHGHYXHVWURDQWLJXRDPLJR"
-0
26&
%&#«*4
)"$&3
&/
76&4530

563/0
$OHPSH]DUYXHVWURWXUQRVLQRWHQÌLVQLQJXQDILFKDGH
&DUQHVREUHODFDUWDGHYXHVWURSHUVRQDMHSHUGÌLV
SXQWRGHFDGDXQRGHYXHVWURVUDVJRV
$ã.0
04
10%«*4
4"-7"3
&XDQGRHO+LMRGHOD&DUQHUHFLEDGDÔRGHXQDWDTXH
HO+LMRGHOD&DUQHVXHOWDWRGDVODVILFKDVGH&DUQHTXH
OOHYH6LQRWHQÌLVQLQJXQDILFKDGH&DUQHVREUHYXHVWUD
FDUWDGHSHUVRQDMH\DFDEÄLVYXHVWURWXUQRHQXQD
&RQRFLPLHQWR.QRZOHGJH5ROOFRPRH[SORUDGRUHV
SXHGHQHQFRQWUDUPÄVPXÔHFDVHQHVDKDELWDFLÖQ */.&%*"5".&/5& KDELWDFLÖQHQODTXHKD\D&DUQHSRGÌLVFRJHUXQD
KD\D
ILFKDGH&DUQH\FRORFDUODVREUHYXHVWUDFDUWDGH
&RORFDGXQD)LFKDSHTXHÔDGH0RQVWUXRFRORUQDUDQMD
3&(-"4
&41&$*"-&4
%&
"5"ª26& SHUVRQDMH
-0
26&
4"#«*4
"$&3$"
-04
."-04
(OWUDLGRUKDVLGRSRVHÐGRSRUXQDQLÔDSHTXHÔDTXH
PXULÖHQODFDVDPLHQWUDVMXJDEDDO(VFRQGLWH\DKRUD
WRGRORTXHEXVFDHVYHQJDQ]D1RTXHUÌLVTXHRV
HQFXHQWUH/DÝQLFDIRUPDGHSDUDUODHVH[RUFL]DUVX
HVSÐULWXGHOFXHUSRGHOWUDLGRUDOTXHPDUVXVvDPLJDVw
0XÔHFDVTXHKDHVWDGRHVFRQGLHQGRSRUODFDVD
76&4530
#"/%0
("/"
$6"/%0y
h+D\ÄLVHQFRQWUDGRWDQWDV0XÔHFDVFRPR
H[SORUDGRUHVKD\D\ODVKD\ÄLVTXHPDGRHQHO&XDUWR
GHOD&DOGHUD
;.=8
58
1RSRGÌLVFDXVDUGDÔRDOWUDLGRU
$ã.0
26&."3
6/"
.6¬&$"
8QDYH]TXHWHQJÄLVDXQD0XÔHFDOOHYDGODDO&XDUWR
GHOD&DOGHUDSDUDTXHPDUOD&DGDH[SORUDGRUSXHGH
OOHYDUVRORXQD0XÔHFDDODYH]
4*
76&4530
#"/%0
("/"y
7RGRVORVTXHVHODKDQTXHGDGRVHGHVSORPDQHQHO
VXHOR&RQHOWLHPSRVHUÄQFDSDFHVGHYROYHUHQVÐ
PLVPRV0LHQWUDVVXVSLUÄLVSURIXQGDPHQWHFRQDOLYLR
FDPLQÄLVSDUDVDOLUGHODFDVDGHVGHGRQGHMXUÄLVKDEHU
HVFXFKDGRRWURUXLGR¢$FDVRHUDHVRHOVRQLGRGHXQD
GÌELO\OHMDQDULVLWD"
TXHUHSUHVHQWDXQDOLEUDGH&DUQHVREUHODFDUWDGH
SHUVRQDMHGHFDGDKÌURH 4*
("/Ü*4y
-0
26&
4"#«*4
"$&3$"
%&
-04
."-04 &RQXQGHVHVSHUDGRPRYLPLHQWRILQDOHQWHUUÄLVOD
FDODYHUDGHDOJXLHQDTXLHQFRQVLGHUDEDLVFRPRDPLJR
(VWÄLVKRUURUL]DGRVDOFRQRFHUHOYHUGDGHURRULJHQGHO
0LHQWUDV\DFHHQHOVXHORDQWHYRVRWURVVXSLHO
WUDLGRU9XHVWURDPLJRHVHQUHDOLGDGXQKRPÝQFXOR
HPSLH]DDGHUUHWLUVHGHMDQGRYHUVXVKXHVRVh8Q
FUHDGRSRUXQPDOYDGRDOTXLPLVWD„XQHVSDQWRVR+LMR
PRPHQWR„QRKD\KXHVRV(OHVTXHOHWRTXHHPHUJH
GHOD&DUQH/DYHUGDGHUDIRUPDGHO+LMRGHOD&DUQH
DFDEDGHUHYHODUVH\KDHQWHUDGRGHODRUGHQGHVX
UÄSLGDPHQWHHVXQPRQWÖQGHWURFLWRVGHPDGHUD\
SHOWUHDWDGRVFRQKLORVGHEURQFH\RUR
FUHDGRU„UHFROHFWDUXQWURFLWRGHFDGDXQRGHYRVRWURV
8QHVFDORIUÐRRVUHFRUUHHOFXHUSRPLHQWUDVSHQVÄLVHQ
70405304
("/Ü*4
$6"/%0y ORTXHKDEÌLVKHFKRHQHVWDFDVD2VPDUFKÄLVDVDOYR
GHO+LMRGHOD&DUQHSHURSRVHÐGRVSRUORVUHFXHUGRV
h(O+LMRGHOD&DUQHPXHUH
;.=8
59
 5*18;*-.50*=8
325 ANGELA M. WEBBER AND RICHARD MALENA
6LHPSUHRVKDQJXVWDGRORVJDWRV$YRVRWURV\DWRGRV $ã.0
$"-."3
"
-04
("5*504
YXHVWURVDPLJRVVLHPSUHRVKDQJXVWDGRORVJDWRV6LQ
HPEDUJRHVPX\GLVWLQWRTXHWHHQFDQWHQORVJDWRVD /RV*DWLWRVVLVHDQ\PDÝOODQPLHQWUDVURQGDQSRUOD
GHMDUTXHHODPRUKDFLDORVJDWRVWHFRQWUROH9XHVWUR FDVDFRQVXVDILODGRVGLHQWHV\GHVSLDGDGDVXÔDV3DUD
5*?.70*7C*-.5*,*92=*7**0>23¯7
325 MIKE AND TIFA ROBLES
(OVRQLGRGHODJXDFRUULHQGRHVRÐGRHQDOJÝQOXJDUGH 3&(-"4
&41&$*"-&4
%&
"5"26&
ODFDVD0LHQWUDVPÄVRVDFHUFÄLVDOVRQLGRROÌLVPÄVD
3RGÌLVDWDFDUDO&RIUHGHO7HVRURXQDYH]GXUDQWH
DJXDVDODGD'HUHSHQWHHVFXFKÄLVODYR]JUDYHGHXQD
YXHVWURWXUQRSHURVRORFRQXQDWDTXHGH3RGHU(O
PXMHUJULWDQGRv„3UHSDUDRVSDUDFRQTXLVWDUHVWDWLHUUD
DPLJRJULWDv„0LUDGFKLFRVXQJDWLWR+$*$02672'2 FDOPDUDXQ*DWLWRXQKÌURHGHEHWHQHUÌ[LWRHQXQD &RIUHGHO7HVRURWLHQHGH3RGHU0LJKW6LYRVRWURV
GHDTXÐ\WRPDGFRPRERWÐQWRGRORTXHSRGÄLV
/248(¬/126',*$w\HVRSDUHFHH[FHVLYRODYHUGDG 7LUDGDGH&RUGXUDGHSDUDDWXUGLU\FDOPDUDO*DWLWR JDQÄLVFRORFDGXQD)LFKDGH7LUDGDGH3RGHU0LJKW
HQFRQWUDUw/RVVRQLGRVGHERWDVSLVDQGR\GHHVSDGDV
3HURPLHQWUDVODFDVDVHOOHQDGHJDWLWRVHPSH]ÄLVD
HQWHQGHUOR/DYROXQWDGGHHVWRVJDWRVHVDUUROODGRUD
(VFDVLLUUHVLVWLEOH1RROYLGÌLVTXHVRLVSHUVRQDV\ODV
SHUVRQDVVRQPÄVJUDQGHVTXHORVJDWRV4XHOD
PD\RUÐDGHJDWRVDOPHQRV
*/.&%*"5".&/5&
'HMDGDXQODGRWDQWDV)LFKDVSHQWDJRQDOHVGH2EMHWR
$GLIHUHQFLDGHXQDWXUGLPLHQWRQRUPDOXQ*DWLWR
DWXUGLGRSHUPDQHFHDWXUGLGRGXUDQWHHOUHVWRGHOD
SDUWLGD
$ã.0
$"-."3
"
&-
("50
3DUDILQDOPHQWHFDOPDUD(O*DWRORVKÌURHVGHEHQ
EXVFDUORVLQJUHGLHQWHVFRUUHFWRVSRUWRGDODFDVD8QD
YH]HQVXWXUQRÌOKÌURHRKHURÐQDTXHHVWÌHQXQD
KDELWDFLÖQFRQHOVÐPERORSXHGHLQWHQWDUKDFHU
5ROOHQYXHVWUDWDUMHWDGHSHUVRQDMH'HVSXÌVGHTXH
FKRFDQGROOHQDQODFDVDFRPRVLHVWXYLHUDVLHQGR
ORVKÌURHVKD\DQDFXPXODGR)LFKDVGH7LUDGDGH
LQYDGLGDSRUSLUDWDV
3RGHUHOSUÖ[LPRDWDTXHH[LWRVRGHVWUXLUÄHO&RIUH
(VREYLRSDUDYRVRWURVTXHYXHVWURDPLJRQRVREUHYLYLÖ GHO7HVRUR
DODLQFXUVLÖQ4XHUÌLVYHQJDUDYXHVWURDPLJR\
/D&DSLWDQD$JXLMÖQSXHGHVHUDWXUGLGDFRQODVUHJODV
JROSHDUDORVSLUDWDVHQGRQGHPÄVOHVGXHOH(VFXFKÄLV
QRUPDOHVGHDWDTXHSHURQRUHFLEHGDÔR
XQDFRQYHUVDFLÖQDFHUFDGHXQFRIUHGHOWHVRUR\VDEÌLV
TXHVLORGHVWUXÐVHOORVQRWHQGUÄQUD]ÖQSDUDTXHGDUVH
3&(-"4
&41&$*"-&4
%&
.07*.*&/50
,WHPFRPRKÌURHVKD\DUHSUHVHQWDQ,QJUHGLHQWHV */.&%*"5".&/5& 3RGÌLVUHFRJHU3LH]DVGHO%RWÐQSHURXQH[SORUDGRU
XQD7LUDGDGH&RQRFLPLHQWRGHSDUDHQFRQWUDUXQ
7DPELÌQGHMDGDXQODGRRWURPRQWÖQGH)LFKDV LQJUHGLHQWH 5HSDUWHSRUFXDOTXLHUSDUWHGHODFDVDXQQÝPHURGH FDUJDQGRXQD3LH]DGH%RWÐQWLHQHXQHVSDFLRPHQRV
SHQWDJRQDOHVGH3LOD2EMHWRV,WHP3LOHTXH )LFKDVSHQWDJRQDOHVGH2EMHWRUHSUHVHQWDQ3LH]DVGHO GHPRYLPLHQWRSRUWXUQR
UHSUHVHQWDQ&RPLGDGH*DWR &XDQGROOHYÌLVDO&RPHGRUOD&RFLQDRDOD6DODGH
6LOD&RFLQDQRHVWÄHQMXHJREXVFDGODHQHOPD]RGHOD
FDVDKDVWDTXHODHQFRQWUÌLV\FRORFDGODHQODFDVD
'HVSXÌVEDUDMDGHOPD]R
-0
26&
4"#«*4
"$&3$"
%&
-04
."-04
(OWUDLGRUHVWÄLQWHQWDGRWUDHUDODFDVDHOPD\RU
QÝPHURGHJDWLWRVSRVLEOH*DWLWRVPDORV&RQVXV
DILODGDVXÔDV7HQÌLVTXHHYLWDUTXHWRGRVHVWRVIHOLQRV
([KLELFLÖQGH)LHUDVWDQWRVLQJUHGLHQWHVFRPRKÌURHV
KD\DOD&RPLGDGH*DWRHVWÄOLVWD5HHPSOD]DGORV
,QJUHGLHQWHVSRUXQDILFKDGH&RPLGDGH*DWR
3DUDHYLWDUTXH(O*DWRFRQVLJDGRPLQDUHOPXQGRORV
KÌURHVGHEHQWUDHUOD&RPLGDGH*DWR\FRQYHQFHUD(O
*DWRGHTXHVHODFRPD(VWRUHTXLHUHTXHXQKÌURH
WHQJDÌ[LWRHQXQDWDTXHGH&RUGXUDFRQWUD(O*DWR3RU
FDGDRWURKÌURHTXHHVWÌHQODKDELWDFLÖQHOKÌURH
DWDFDQWHREWLHQHXQGDGRH[WUDHQOD7LUDGDGH
%RWÐQLJXDODOQÝPHURGHKÌURHVHQMXHJRXQRSRU
KDELWDFLÖQ6LHVSRVLEOHFRORFDXQRHQFDGDSODQWD
-0
26&
4"#«*4
40#3&
-04
."-04
9XHVWURDPLJRKDVLGRDVHVLQDGRSRUOD&DSLWDQD
$JXLMÖQXQDOLGHUHVDSLUDWDSRGHURVD\PRUWDO(OODHV
VRUSUHQGHQWHPHQWHMRYHQSDUDVHUXQDFDSLWDQDFRQ
XQEHOORURVWURHQUHGDGRVUL]RVGHFDEHOORQHJUR\XQD
ULVDFRQWDJLRVDDPHQRVTXHVHDYXHVWURGRORUORTXH
4*
("/Ü*4y
(OFRIUHGHOWHVRURVHKDFHDÔLFRVHQSLH]DV\HOSRUWDO
VHDEUHSDUDOOHYDUGHUHJUHVRODQDYHGHOD&DSLWDQD
$JXLMÖQ0LHQWUDVHPSH]ÄLVDFHOHEUDUVHQWÐVTXH
JULOOHWHVVHHQYXHOYHQDOUHGHGRUGHYXHVWUDVSLHUQDV
$JXLMÖQQHFHVLWDXQDQXHYDWURSDGHVGHTXHODÝOWLPD
ODGHFHSFLRQDUD7UDWDGGHQRIDOODUFRPRORKLFLHURQ
HOORV
VHDGXHÔHQGHOPXQGR(VWRVLJQLILFDTXHWHQGUÌLVTXH
FDOPDUDORVJDWLWRVTXHHQWUHQDODFDVDDVÐFRPR
KDFHUHOWLSRGH&RPLGDGH*DWRTXHWUDQTXLOL]DUÄD(O
*DWR
70405304
("/Ü*4
$6"/%0y
h&RQYHQFÌLVDO*DWRGHTXHVHFRPDODFHQDDO
VDWLVIDFHUVXVDQWRMRVGXUDQWHHOWLHPSRVXILFLHQWH\D
VXVJDWLWRVVHFXDFHVDOPDQGDUORVDTXHVHHFKHQXQD
&RUGXUD
4*
("/Ü*4y
/DFDVDVHOOHQDFRQHORORUGHGHOLFLRVRVDSHULWLYRV\HO
VRQLGRGHJDWRVTXHURQURQHDQ\GXHUPHQVDWLVIHFKRV
(VMXVWRFÖPRVLHPSUHORKDEÐDLVVRÔDGRDXQTXHXQR
GHHVRVJDWRVHVPXFKRPÄVJUDQGHGHORTXH
HVSHUDEDLV(VWDFDVDHVPDUDYLOORVDPHQWHDFRJHGRUD
OHKDJDUHÐU(VFRQVLGHUDGDSRUVXWURSDFRPR
UHVSHWDEOH\VLQSLHGDG\HOORVSRGUÐDQIHOL]PHQWH
PRULUSRUHOODDXQTXHDHOODOHLPSRUWHPÄVHOWHVRUR
TXHFXDOTXLHURWUDSHUVRQD
76&4530
#"/%0
("/"
$6"/%0y
h(O&RIUHGHO7HVRURHVGHVWUXLGR6DEÌLVTXHORV
3LUDWDVJDQDQFXDQGRHOORVKD\DQGHYXHOWRWRGDVODV
3LH]DVGHO%RWÐQHQHO/DJR6XEWHUUÄQHR8QGHUJURXQG
<PX\ERQLWD\WUDQTXLOD6HJXURTXHGXUDSDUD /DNH
VLHVWD
VLHPSUH

;.=8 ;.=8

60 61
 ;8<.7,;*7=CB=8-8<
?8<8=;8<1*+†2<6>.;=8K
325 BRIAN TINSMAN%
% $6$'2(1/$2%5$526(1&5$17=<*8,/'(167(51+$108(572'(72067233$5'
0LUÄLVKDFLDDEDMRSDUDYHUTXHYXHVWUDVURSDVKDQVLGR
FDPELDGDVSRUFDO]RQHVDSUHWDGRVRVWHQWRVRVFROODUHV\
YHVWLGRVLVDEHOLQRV2VKDEÌLVGDGRFXHQWDTXHHVWÄLVHQ
$0.0
1"3"3
50%0
&45&
%3"."
(OMXHJRWLHQHDFWRV1HFHVLWÄLVLUKDFLDODV
KDELWDFLRQHVFRUUHFWDV\GHFLUODVOÐQHDVHQYR]DOWD
<25.7,28
3 25 CHRIS DUPUIS%
% $6$'2(1(/(3,62',2'(/$&8$57$7(0325$'$'(%8))<&$=$9$03,526
0LUÄLVKDFLDDUULED\YHLVDXQFRPSDÔHURH[SORUDGRUD $ã.0
64"3
&-
-*#30
%&
)&$)*;04
WUDYÌVGHOKDOO/HVDOXGÄLV\OHKDFÌLVVHÔDOHVSDUDTXH
1HFHVLWÄLVUHFROHFWDUORVKHFKL]RVFRUUHFWRVSDUDDEULU
YD\DKDFLDYRVRWURVDUHYLVDUXQOLEURGHPDJLDTXH
KDEÌLVHQFRQWUDGRSHURQRVDOHVRQLGRGHYXHVWURV OD&DMDGHODV9RFHV\UHFXSHUDUYXHVWUDVYRFHVSHUR
DOJXQRV/LEURVGH+HFKL]RV„SXHGHQHVWDUPDOGLWRV
ODELRV'HVSHMÄLVYXHVWUDVLOHQFLRVDJDUJDQWDHLQWHQWÄLV
KDEODUPÄVDOWR1DGDDÝQ7UDWÄLVGHUHVSLUDU6ÐHVR
HO&DVWLOORGH(OVLQRU'LQDPDUFD\VHQWÐVHOLPSXOVRPÄV 76&4530
#"/%0
("/"
$6"/%0
H[WUDÔRSDUDKDEODUHQSHQWÄPHWUR\ÄPELFRYHUVR SDUDWHUPLQDUORVWRGRV&DGDKÌURHSXHGHFRPSOHWDU HVWÄELHQ&KDVTXHÄLVORVGHGRV1RQRHVWÄLVVRUGRV
DFWRSRUWXUQRLQFOXVRVLQRHVVXWXUQRSHURHOORV 9XHVWURDPLJRHVWÄDYXHVWURODGRPRYLHQGRORVODELRV .+D\ÄLVUHFXSHUDGRYXHVWUDVYRFHV\KD\ÄLVPDWDGR
EODQFRLQJOÌV
GHEHQSDVDUORHQHORUGHQFRUUHFWR6LXQDKDELWDFLÖQ ¢3RGÌLVRÐUPH"KDEORÌO6DFXGÐVYXHVWUDVFDEH]DV DOWUDLGRU
*/.&%*"5".&/5& WRGDYÐDQRHVWÄHQMXHJRFRQWLQXDGH[SORUDQGRKDVWD (QODGLVWDQFLDRÐVXQSRUWD]R
-0
26&
%&#«*4
)"$&3
&/
76&4530

TXHODHQFRQWUÌLV
&RORFD OD )LFKD 3HQWDJRQDO GH 2EMHWR  UHSUHVHQWD HO */.&%*"5".&/5& 563/0
(VSHMR\OD)LFKD3HQWDJRQDOGH2EMHWRUHSUHVHQWDOD v $FWR,UDO%DOFÖQ%DOFRQ\DO$FFHVRDO7HMDGR
'DJDERFDDUULEDHQKDELWDFLRQHVGLIHUHQWHV 5RRI/DQGLQJRDO3DVHRGHOD9LXGD:LGRZuV 1RSRGÌLVKDEODU<QRPHUHILHURDYXHVWURV +DVWDTXHHOWUDLGRURVGLJDORFRQWUDULRYRVRWURVQR
-0
26&
4"#«*4
40#3&
-04
."-04
7RGRVYRVRWURVKDEÌLVFRQVSLUDGRSDUDPDWDUDOSDGUH
GHOWUDLGRUTXLHQKDSDVDGRDVHUHO5H\GH'LQDPDUFD
:DON\REVHUYDUDOIDQWDVPDGHO5H\+DPOHW SHUVRQDMHV%XHQRHOORVWDPSRFRSXHGHQ3HURORV SRGÌLVKDEODU
/ÐQHDv$OJRHVWÄSRGULGRHQHOHVWDGRGH KÌURHVQRSXHGHQKDEODU(QVHULR'HMDGHOHHUHVWRHQ
'LQDPDUFDw YR]DOWD$KRUDPLVPR+D]VHÔDVDYXHVWURV 4*
("/Ü*4
FRPSDÔHURVSDUDTXHRVMXQWÌLV¢/LVWR"%LHQ/HHHO /DFDEH]DGHOWUDLGRUH[SORWDSURYRFDQGRXQEDÔRGH
v $FWR,UDOD6DODGH(VWDU'UDZLQJ5RRPDOD
3DUHFÐDXQDEXHQDLGHDHQHVHPRPHQWR(OWUDLGRUHV UHVWRHQVLOHQFLR\OXHJRSÄVDORDOMXJDGRUGHWX VDQJUH9XHVWUDVYRFHVVXHQDQH[WUDÔDVSDUDYRVRWURV
+DPOHW6RVSHFKÄLVSRUXQPRPHQWRTXHÌOVHHVWÄ
TXHMDQGR\GHSULPLHQGRSRUVXVSUREOHPDVGHSUÐQFLSH
GHFODVHDOWDSHURGHVSXÌVGHHVRÌOYDDLQWHQWDU
%LEOLRWHFD/LEUDU\RDO(VWXGLR6WXG\\GHEDWLU
L]TXLHUGD SHURHVWÄLVIHOLFHVGHWHQHUODVGHYXHOWD(VSHUD(VDV
VREUHHOGHVRUGHQPHQWDOGH+DPOHW//ÐQHDv$
WUDYÌVGHHVWRHVORFXUDWRGDYÐDKD\PÌWRGRHQ QRVRQYXHVWUDVYRFHV
HOORw -0
26&
4"#«*4
40#3&
-04
."-04
PDWDURV\VXLFLGDUVH„1HFHVLWÄLVWHUPLQDUHVWDKLVWRULD v $FWR,UDOD*DOHUÐD*DOOHU\DO6ROÄULXP 9XHVWURDPLJRFRQVLJXHYHUDOJRFRPRXQDPÄVFDUD
UÄSLGR\HVFDSDUGHHVWDH[WUDÔDUHDOLGDG 6RODULXPRDOD6DODGH&LQH7KHDWHU\ KXPDQDWUDQVILJXUDGDHQXQDFULDWXUDKRUULEOHGH
HQIDGDUVHFRQXQDREUDGHWHDWUR//ÐQHDv/D ERFDHVWLUDGDIRUPDQGRXQDWHUURUÐILFDVRQULVDUÐJLGD
76&4530
#"/%0
("/"
$6"/%0y /D&DMDTXHJXDUGDYXHVWURDPLJRHVDQWLJXD\HVWÄ
VHÔRUDSURWHVWDGHPDVLDGRPHSDUHFHw
h'HFÐV YXHVWUDV OÐQHDV SDUD WHUPLQDU OD KLVWRULD DQWHV SURWHJLGDSRUKHFKL]RV(VWD&DMDOD&DMDGHODV9RFHV
TXH +DPOHW SXHGD GHFLU ODV VX\DV \ PXHUD 3RGÌLV v $FWR,UDOD&RFLQD.LWFKHQDOD'HVSHQVD GHEHVHUODIXHQWHPÄJLFDTXHWHHVWÄVLOHQFLDQGRDWL\
WDPELÌQJDQDUPDWDQGRD+DPOHWDQWHVGHTXHGLJDVXV /DUGHURDO6ÖWDQRSDUD7RUPHQWDV6WRUP DWXVDOLDGRV
FOÄVLFDVOÐQHDVSHURSXHGHVHUGLIÐFLO &HOODU\KDEODUVREUHFÖPRWHJXVWDUÐDHQYHQHQDU
R DSXÔDODUDHVHEHEÌOORUÖQ+DPOHW//ÐQHDv6LOH
DJUHGRYLVWRVDPHQWHSXHGHVHUODPXHUWHw
v $FWR,UDODKDELWDFLÖQGH+DPOHW\WHQXQ
GXHOR/RVKÌURHVGHEHUÄQLQWHQWDUDOPHQRV
DWDTXHVKDFLDÌOHQHVWHDFWRKDFHUOHVREUHYLYLU
\GHFLUVXOÐQHDILQDOSDUDILQDOL]DUHO$FWR
/ÐQHDv4XHGHVFDQVHVGXOFHSUÐQFLSH<ORV
YXHORVGHÄQJHOHVWHFDQWDUÄQKDFLDWXGHVFDQVRw
&XDQGRWRGRVORVDFWRVKD\DQVLGRFRPSOHWDGRV
WHUPLQDHOUHWR6L+DPOHWVLJXHFRQYLGDYRVRWURV
JDQÄLV

3&(-"4
&41&$*"-&4
%&
"5"26&
'HVSXÌVGHTXH+DPOHWRVDWDTXHVLVHJXÐVFRQYLGD
YRVRWURVLQPHGLDWDPHQWHDWDFÄLVD+DPOHW
(QHO$FWRFRQWUD+DPOHWSRGÌLVDWDFDURGHIHQGHU
XVDQGRFXDOTXLHUQÝPHURGHGDGRVKDVWDHOYDORUGH
YXHVWUR3RGHU0LJKWVLHPSUH\FXDQGRODQFÌLVSRUOR
PHQRVGDGR5HFRUGDGYRVRWURVHVWÄLVLQWHQWDQGRQR
PDWDUD+DPOHW

4*
("/Ü*4y
5HJUHVÄLVDYXHVWUDVFRQRFLGDVURSDV\DODUHDOLGDGGHO
SUHVHQWHGÐD(QIUHQWHGHYRVRWURVPLHQWHXQDVROLWDULD
FDODYHUDVRQULHQWH(OWUDLGRUQRHVWÄHQQLQJXQDSDUWH
SDUDVHUYLVWR&RJÌLVODFDODYHUD\GHFÐVv$\SREUH
+DPOHW<ROHFRQRFÐ+RUDFLRw
6DOLUGHODHVFHQD

;.=8 ;.=8

62 63
 9;.<2-.7=.-.5*3>7=* 78,1.-.<><12
325 RODNEY THOMPSON AND MIKE SELINKER 325LIZ SPAIN

3HQVDVWHTXHHOORVHUDQWXVDPLJRVWXVFRPSDÔHURV $ã.0
64"3
&-
5"#-&30
%&
06*+" 9XHVWUDERFDVHKDFHDJXDVLHPSUHTXHYHLVDYXHVWUR 3&(-"4
&41&$*"-&4
%&
.07*.*&/50

H[SORUDGRUHV3HURWRGRVYRVRWURVRVFRQRFLVWHLVSRU DPLJR3HURYRVRWURVQXQFDKDEUÌLVWUDLFLRQDGRHO
&XDQGRHUHVDWDFDGRQRSXHGHVWLUDUQLQJÝQGDGR(Q (QXQDKDELWDFLÖQLQXQGDGDPDUFDGDFRQXQD)LFKDGH
SULPHUDYH]DTXÐHQODFDVD\DKRUDVDEHVODYHUGDG KDPEUHHQYXHVWURVRMRVFXDQGRKD\ÄLVILMDGRHO
YH]GHHVRXVDVWX7DEOHURGH2XLMD(O3ROWHUJHLVW 0RQVWUXRERFDDEDMR/DQ]DUÌLVGDGRVPHQRVHQ
WXVFRPSDÔHURVHUDQIDQWDVPDVPDQLIHVWÄQGRVHHQOD VHÔXHORSDUDHVWDWUDPSD
HVFULELUÄHQXQSDSHOXQDFRVDTXHILJXUHHQODORVHWD 7LUDGDVGH9HORFLGDG\WHQGUÌLVHVSDFLRVPHQRVGH
FDVD\TXHKDQKHFKRHVSDFLRSDUDXQRPÄV$KRUD
GHODKDELWDFLÖQGHEHQVHURSDODEUDV\SRUOR /DFDUQHGHVLUHQDV\WULWRQHVHVODPÄVIDQWÄVWLFD PRYLPLHQWRVLHPSUHSRGÌLVWLUDUFRPRPÐQLPRGDGR
WLHQHVTXHVDOLUGHHVDFDVDUÄSLGR6LORVIDQWDVPDVVH
ODVDUUHJODQSDUDTXLWDUWHODFRUGXUDWÝWDPELÌQVHUÄV
UHVLGHQWHSHUPDQHQWHGHHVWDFDVDHQFDQWDGD
*/.&%*"5".&/5&
1RUPDOPHQWHHOWUDLGRUGHEHDOHMDUVHGHOJUXSRSDUD
SUHSDUDUHOUHWRHQHVWHFDVRKD]ORWÝ/RVWUDLGRUHV
SXHGHQTXHGDUVHHQVXOXJDUHVWDYH]
PHQRVOHWUDV0LUDODKDELWDFLÖQSDUDREWHQHUXQD
LGHDGHODVFRVDVTXHKD\HQODKDELWDFLÖQ7DQWDV
YHFHVFRPRSXQWRVGH&RQRFLPLHQWRTXHWHQJDV
SXHGHVPRYHUODSXQWDGHWX3ODQFKHWDDOUHGHGRUGHO
7DEOHURGH2XLMDSDUDLQGLFDUXQDOHWUDGHOQRPEUHGHO
REMHWRTXHWXFRQVLGHUHVTXHHVWÌXVDQGRHO3ROWHUJHLVW
SDUDDWDFDUWH(O3ROWHUJHLVWGHEHUÄGHFLUWHFXÄQWDV
YHFHVVHLQFOX\HGLFKDOHWUDHQHOQRPEUHGHOREMHWR
GHOLFDWHVHQ5LFDHVFDPRVD\RVFRQFHGHODHWHUQD
MXYHQWXG2VSUHJXQWÄLVFÖPRVDEUÄFRQVDOVDGHVRMD
-0
26&
4"#«*4
"$&3$"
%&
-04
."-04
/DFDVDHVWÄLQXQGDGD\YXHVWURDPLJRKDVLGR
WUDQVIRUPDGRHQXQDSHUVRQD6LUHQD6XVDOHWDVUHFLÌQ
FUHFLGDVORKDUÄQIRUPLGDEOH\GLIÐFLOGHFDSWXUDUHQHO
\PRYHURVFRPRPÐQLPRHVSDFLR
4*
("/Ü*4
3HVFDGRGHILQLWLYDPHQWHVDEHDSHVFDGR$OJR
GHOLFDGRFRPRXQURGDEDOOR6LQJXODU¢(VWDEDLV
HVSHUDQGRXQVDERUPÄVFRPRDKXPDQR"
&RJHXQDKRMDGHSDSHOUHSUHVHQWDUÄ7DEOHURGH2XLMD &DGDOHWUDFRUUHFWDXQDYH]SRUFDGDYH]TXHVH DJXD9RVRWURVQHFHVLWDUÌLVFD]DUDOWUDLGRUDQWHVGH 3HURYHLVYXHVWUDSLHOEULOODUFRQXQDUHQRYDGD
(VFULEHODVOHWUDVGHODv$wDODv=wHQÌO\GHMDEDVWDQWH SURGX]FDFXHQWDFRPRSXQWRHQHOQÝPHURTXHXVDV TXHODFDVDVHLQXQGDFRPSOHWDPHQWH\TXHODSHUVRQD VXDYLGDG2VVHQWÐVMÖYHQHVIXHUWHV(VSHFLDOPHQWH
HVSDFLRHQWUHHOODV6LDFWXDOPHQWHWLHQHVXQWDEOHURGH SDUDGHIHQGHUWH VLUHQDUHJUHVHDORFÌDQR YXHVWUDVSLHUQDV3HURKD\XQGRORUHQODSURIXQGLGDG
/D2XLMDSXHGHVXVDUOR
&XDQGRWHUHLQFRUSRUHVWRPDXQD)LFKDSHQWDJRQDOGH
2EMHWRUHSUHVHQWDOD3ODQFKHWDHOLQGLFDGRU
/XHJRDGLYLQDODSDODEUDRIUDVH6LDFLHUWDVREWLHQHV
SXQWRPÄVHQHOQÝPHURTXHXVDVSDUDGHIHQGHUWH3RU
HMHPSORVLWLHQHVGH&RQRFLPLHQWR\HVWÄVHQOD
GHORVKXHVRV2VDIHUUÄLVDYXHVWURVWRELOORV\VHQWÐV
TXHRVHPSLH]DQDFUHFHUHVFDPDV
70405304
("/Ü*4
$6"/%0
/DSHUVRQDVLUHQDHVWÌPXHUWD3RGÌLVGHOHLWDURVFRQ
SXQWLDJXGRGHOWDEOHURGHRXLMD &RFLQD.LWFKHQFXDQGRHO3ROWHUJHLVWDWDFDSRGUÄV VXFDUQHSDUDKDFHURVLQPRUWDOHV
7RPDODFDUWDGHSUHVDJLR7DEOHURGH2XLMDGHTXLÌQOD LQGLFDUODVOHWUDV1(95$6LHO3ROWHUJHLVWHVFULELÖ
KD\DHQFRQWUDGR 1(9(5$WHSRGUÄVGHIHQGHUFRQHOYDORUGH6LOD
SDODEUDHUD)5,*25°),&2WHGHIHQGHUÄVFRQHOYDORUGH
-0
26&
4"#&4
"$&3$"
%&
-04
."-04 SRUODV5TXHKDVDFHUWDGRVLODSDODEUDIXH
5()5,*(5$'25$WHGHIHQGHUÄVFRQSRUODV(
/RVRWURVH[SORUDGRUHVDKRUDVRQ3ROWHUJHLVWV\HVWÄQ 5\$
LQWHQWDQGRFRQYHUWLUWHHQIDQWDVPDSDUDTXHWHXQDVD
HOORVHQODFDVDHQFDQWDGD (QFDVRGHTXHKDJDVGDÔRDXQ3ROWHUJHLVWFRQHO
7DEOHURGH2XLMDSRGUÄVPRYHUORKDELWDFLÖQHQOXJDU
GHGDÔDUOR
5ç
("/"4
$6"/%0
3DVHVDWUDYÌVGHODSXHUWDSULQFLSDOGHO+DOOGH 3&(-"4
&41&$*"-&4
%&
.07*.*&/50
(QWUDGD(QWUDQFH+DOO
/RV3ROWHUJHLVWVQRFXHQWDQFRPRRSRQHQWHVDO
3&(-"4
&41&$*"-&4
%&
"5"26& PRPHQWRGHFRQWDUPRYLPLHQWRV

3XHGHVLQWHQWDUH[RUFLVPRVSDUDPDWDU3ROWHUJHLVWV 3&(-"4
&41&$*"-&4
%&
13&4"(*0
LQVWDQWÄQHDPHQWH&DGDWLUDGDGHH[RUFLVPRUHTXLHUH
(O7DEOHURGH2XLMDQRSXHGHVHUGHVFDUWDGR
GHXQDKDELWDFLÖQRFDUWDGHREMHWRHVSHFÐILFD3XHGHV
LQWHUFDPELDGRRUREDGR
KDFHUX
XQDWLUDGDGHH[RUFLVPRFDGDWXUQR
v 3XHGHVLQWHQWDUXQD7LUDGDGH&RUGXUD6DQLW\ 4*
5ç
("/"4
GHSDUDUHDOL]DUXQH[RUFLVPRHQOD&DSLOOD &RUUHVSDUDDWUDYHVDUODSXHUWDSULQFLSDOWXFRUD]ÖQ
&KDSHOOD&ULSWD&U\SW RHO6DOÖQGHO ODWHWDQUÄSLGRFRPRHOVRQLGRGHWXVSLHVHQODDFHUD
3HQWDJUDPD3HQWDJUDP&KDPEHURFXDQGR 6DOHVFRQWXPHQWHFXHUSR\HVSÐULWXLQWDFWRV\DOJLUDU
OOHYHVODVFDUWDV6ÐPEROR6DJUDGRR$QLOOR SDUDYHUODFDVDYHVYDULDVVLOXHWDVGHREVHUYDGRUHV
v 3XHGHVLQWHQWDUXQD7LUDGDGH&RQRFLPLHQWR HVSHFWUDOHVHQODVYHQWDQDV8QDGHHVDVYHQWDQDV
.QRZOHGJH GHSDUDUHDOL]DUXQH[RUFLVPR FRQWLQÝDYDFDQWH\XQFDORUSURFHGHQWHGHXQDOX]
FXDQGRHVWÌVHQOD%LEOLRWHFD/LEUDU\ RHQ EULOODQWHGHVGHGHQWURLQYLWDKDFLHQGRVHÔDVDORV
/DERUDWRULRGH,QYHVWLJDFLRQHV5HVHDUFK SRWHQFLDOHVQXHYRVKXÌVSHGHV
/DERUDWRU\RFXDQGROOHYHVODVFDUWDV/LEURR
%RODGH&ULVWDO
6LWLHQHVÌ[LWRXQWUDLGRUHQWXKDELWDFLÖQPXHUH
LQVWDQWÄQHDPHQWH

;.=8 ;.=8

64 65
 58<9.,*-8<,*92=*5.< +85**<.<27*
3 25 MIKE SELINKER BY KEITH RICHMOND

9XHVWURDPLJRVHFRORFDXQEULOODQWH\SXQWLDJXGR $ã.0
%&5&/&3
"-
$"3%&/"-
%&
(VFXFKÄLVHOVRQLGRGHXQFKLFRMRYHQULHQGROXHJRXQ $ã.0
-*#&3"3
"-
&41ß3*56

VRPEUHURURMR%ODQGLHQGRXQFHWURYXHVWURDPLJR
H[FODPDIUDQFDPHQWHKR\VLWRGRVDOHFRPROR
SODQHDGR„VHUÌHOHJLGR3DSD
(KHVRQRVXHQDQDGDPDO6HUÐDJHQLDOVDEHUTXH
$0/7&35*34&
&/
1"1"
&RQVLJXHXQDPD\RUÐDGH9RWDQWHVSDUDTXHYRWHQ
FRQWUDHOWUDLGRU&XDQGRHVWÌLVHQXQDKDELWDFLÖQFRQ
XQ9RWDQWHTXHQRKD\DYRWDGRSRGÌLVLQWHQWDUXQD
VXVXUURDOHJUH„<RVÌXQMXHJRGLYHUWLGR'HMDGPHTXH
RVGLJDODVUHJODV $WUDHGDOHVSÐULWXIXHUDGHOD3LHGUDGH6DQJUH
HQVHÔÄQGROHPÄVDUPDVPRUWDOHVHLQWHUHVDQWHV
5HXQLGDUPDV\GHMDGODVHQOD*XDUGHUÐD$
*/.&%*"5".&/5&
SURSÖVLWRVGHHVWHUHWROD'LQDPLWDHVFRQVLGHUDGDXQ
7LUDGDGH&RUGXUD6DQLW\GHSDUDJDQDUHOYRWRGHO 5HVHUYDXQQÝPHURGH)LFKDVWULDQJXODUHVGH DUPDMXQWRFRQHO+DFKDOD'DJDGH6DQJUHOD
3DUDDVHJXUDUPLLQGLVFXWLEOHHOHFFLÖQ„EDÔDUÌHVWD
9RWDQWH6LWHQÌLVÌ[LWRTXLWDGDO9RWDQWHGHODORVHWD\ &RQRFLPLHQWR.QRZOHGJHLJXDODOQÝPHURGHKÌURHV 5HFRUWDGDOD0RWRVLHUUDOD'DJD5LWXDOHO5HYÖOYHU\
FDVDFRQODVDQJUHGHSHFDGRUHV
FRORFDGORHQYXHVWUDWDUMHWDGHSHUVRQDMH OD/DQ]D
5HVHUYDXQQÝPHURGH)LFKDVWULDQJXODUHVGH&RUGXUD
2KELHQ+DEÐDLVROYLGDGRGÖQGHHVWDEDLVSRUXQ
PRPHQWR 3&(-"4
&41&$*"-&4
%&
"5"26&
$PHQRVTXHHOWUDLGRUWHQJDRPÄV9RWDQWHVHO
*/.&%*"5".&/5&
WUDLGRUQRSRGUÄUHFLELUGDÔRIÐVLFRRPHQWDO3RGÌLV
&RORFDGERFDDEDMRXQD)LFKDGH0RQVWUXRSHTXHÔDGH DWDFDUORSDUDUREDUOHFDUWDVGHREMHWRV
6DQLW\LJXDODOQÝPHURGHKÌURHV
-0
26&
4"#&4
"$&3$"
%&
-04
."-04
8Q HVSÐULWX GH OR TXH SDUHFH VHU XQ FKLFR MRYHQ KD
VHGXFLGR DO WUDLGRU SDUD TXH SDUWLFLSH HQ XQ MXHJR (O
&XDQGRDOPHQRVHVWÌQDUPDVHQOD*XDUGHUÐD
SRGÌLVWUDWDUGHHQJDÔDUDO0DWÖQSDUDTXHDEDQGRQH
OD3LHGUDGH6DQJUH8QDYH]HQYXHVWURWXUQRSRGÌLV
LQWHQWDUXQD7LUDGDGH&RQRFLPLHQWRRGH&RUGXUDGH
HQOD*XDUGHUÐDSDUDHQJDÔDUDO0DWÖQ6LWHQÌLV
FDGDFRORUUHSUHVHQWDQ9RWDQWHVHQFXDOTXLHU
KDELWDFLÖQTXHORVKÌURHVQRHVWÌQRFXSDQGR
DFWXDOPHQWH'RVGHHVDVKDELWDFLÖQQRSRGUÄQHVWDU
DG\DFHQWHVLQFOXVRHQWUHGLIHUHQWHVSODQWDVDPHQRV
GHTXHVHDLPSRVLEOHHQFX\RFDVRGHEHUÌLVLQWHQWDU
FXPSOLUHVWDUHJODORPHMRUSRVLEOH
-0
26&
4"#«*4
"$&3$"
%&
-04
."-04
6LPRUÐVHQWUHJDGOHDOWUDLGRUWRGRVORV9RWDQWHVTXH
WHQJDHOSHUVRQDMHIDOOHFLGR
4*
("/Ü*4
/RV9RWDQWHVKDQGHFUHWDGRTXHQLQJÝQ3DSDVHUÄ
HOHJLGRKR\'HVSXÌVGHQRYHUODIXPDWDEODQFD
VDOLHQGRGHVGHHOWHMDGRHOWUDLGRUYDKDFLDODSDUWH
HVSÐULWX HV XQ 0DWÖQ TXLHQ GLVIUXWD GH ORV MXHJRV
YLROHQWRV6XMXHJRFRQVLVWHHQODQ]DUXQDSLHGUD„SDUD
YHUTXLÌQVDQJUDPHMRU
70405304
("/Ü*4
$6"/%0
/LEHUÄLVDOHVSÐULWXGHOD3LHGUDGH6DQJUHDOSRQHUXQ
QÝPHUR GH )LFKDV WULDQJXODUHV GH &RQRFLPLHQWR \R
Ì[LWRFRORFDGXQDILFKDWULDQJXODUDSURSLDGDDODWLUDGD
HQOD*XDUGHUÐD
/DGDJDGHVDQJUHSXHGHVHUGHMDGDHQOD*XDUGHUÐD
SHURVHUÄWUDWDGDFRPRVLKXELHUDVLGRUREDGD
4*
.03ß4
/DYR]GHO0DWÖQHQWXFDEH]DGLFH„(K\RQRGLMH
VXSHULRUGHODFDVD\VHODQ]DGHODYHUJßHQ]D &RUGXUD HQ OD *XDUGHUÐD 1XUVHU\ LJXDO DO QÝPHUR GH TXHWHSRGÐDVLU„$QGDWRFDODEDVH\OXHJRYXHOYH
(OWUDLGRUHV&DUGHQDO6LQQTXLHQSLHQVDTXHYRVRWURV KÌURHV
KDEÌLVVLGRPX\SHFDGRUHV DTXÐ
3DUHFHTXHYDLVDQHFHVLWDUDXQQXHYR3DSD
'HMDGWRGDVYXHVWUDVFDUWDVGHREMHWR\FRORFDYXHVWUD
70405304
("/Ü*4
$6"/%0 PLQLDWXUDHQOD*XDUGHUÐD5HLQLFLDGWRGRVYXHVWURV
'HWHQÌLVDOWUDLGRUHQVXSODQGHVHUHOHJLGR3DSD(O UDVJRVDVXVYDORUHVLQLFLDOHVOXHJRFRJHGXQDFDUWD
WUDLGRUQHFHVLWD9RWDQWHV\GHEHUÄLUKDFLDHO7HMDGR GHOPD]RGHREMHWRV\QRKDJÄLVQDGDPÄVGXUDQWHHVH
5RRI6LORVKÌURHVWLHQHQXQWRWDOGH9RWDQWHVR WXUQR&RQWLQÝDFRJLHQGRWXUQRVFRPRHVQRUPDO
PDWÄLVDOWUDLGRUJDQÄLV
4*
("/Ü*4
(OHVSÐULWXSDUHFHLPSUHVLRQDGRGHFÖPRKDGHMDGROD
SLHGUDODVOODPDVHPSLH]DQDEURWDUDOUHGHGRUGHVX
IRUPDHWÌUHD¢4XÌKDSDVDGR"„(VWHMXHJRQRHV
GLYHUWLGR
¬OLQWHQWDFRJHUODVDUPDVSHURVXVPDQRVSDVDQD
WUDYÌVGHHOODV„+LFLVWHLVWUDPSD„<RGHEÐKDEHU
JDQDGR-XJXÌPHMRUTXHYRVRWURV
(OHVSÐULWXHVDUUDVWUDGRDOVXHORHQYXHOWRHQOODPDV\
KXPR¬OJULWDPLHQWUDVGHVDSDUHFH„QRHV
MXVWRRRRR

;.=8 ;.=8

66 67
 .5:>.78-.+.<.;5.«-8 <2718;,*<781*B9*;*«<8
325 BART CARROLL%
%$6$'2(1(/)$02629,//$12'(/$6$*$+$55<3277(5 BY ELISA TEAGUE

0LHQWUDVDEUÐVHOOLEURHQXQDKLVWRULDGHQLÔRVVREUH 3&(-"4
&41&$*"-&4
%&
"5"26& 8QDFÄOLGD\SROYRULHQWDEULVDVRSODDWUDYÌVGHODFDVD $ã.0
+6("3
"-
+6&(0
%&-
")03$"%0

XQPDOYDGRQLJURPDQWHOODPDGR7RP0DUYROR5LGGOH \DUUHPROLQDDOUHGHGRUGHXQRGHWXVFRPSDÔHURV
XQDOODYHYRODGRUDFRQDODVGHPXUFLÌODJRFDHVREUHOD 0DUYRORQRSXHGHUHFLELUGDÔR H[SORUDGRUHV9HLVTXHYXHVWURDPLJRRVPXHVWUDXQD (QYXHVWURWXUQRSRGUÌLVXVDUWRGRYXHVWUR0RYLPLHQWR
WDULPD/XHJRWLHQHOXJDUDOJRLQHVSHUDGR\KRUULEOHODV
LOXVWUDFLRQHVDGRUQDGDVGHQWURUHVSODQGHFHQFRQXQD
OX]PLVWHULRVDLOXPLQDQGRODVFDUDVGHYXHVWURV
FRPSDÔHURVH[SORUDGRUHVTXHVRVWLHQHQHOOLEUR
$OILQDOYXHVWURFRPSDÔHURHQWRQDFRQXQDYR]TXH
\DQRUHFRUGÄLV„0LLQYRFDFLÖQHVWÄFRPSOHWD„<RVR\
0DUYROR\KHYXHOWRDHVWHPXQGR
*/.&%*"5".&/5&
6LHOWUDLGRUWLHQHODFDUWD/ODYHHVFRJHXQKÌURHSDUD
TXHODUHFLED
-0
26&
4"#«*4
"$&3$"
%&
-04
."-04
'HORTXHUHFRUGÄLVHQODKLVWRULDGHQLÔRVXQMRYHQ
PDJRVDOYÖHOPXQGRGHVWUX\HQGRHODOPDRFXOWDGHO
4*
("/Ü*4
(OQLJURPDQWHSURQXQFLDXQJULWRURPSHRÐGRV\FDH
FRQYHUWLGRHQSROYRDQWHYXHVWURVRMRV1RTXHGD
QDGDGH0DUYRORHQHVWHPXQGRH[FHSWRSRUHVWH
OLEURHOFXÄOFDHDOVXHORFRQXQSHVDGRJROSH
GHMÄQGRRVODGHFLVLÖQGHVLTXHPDUHOOLEURR
JXDUGDUORFRPRXQDUWHIDFWRGHYDORULQFDOFXODEOHHQ
YXHVWUDELEOLRWHFDSULYDGD/DHOHFFLÖQSHVDPXFKR
VREUHYRVRWURV
&RJÌLVODOODYH4XL]ÄVVHDPHMRUFHUUDUORGHWRGRV
PRGRV
DSDULHQFLDPX\H[WUDÔDOOHYDQGRXQDFXHUGDHQXQD
PDQRODFXDOIRUPDXQQXGRGHODKRUFDGR/XHJRXQD
PLVWHULRVDDGYHUWHQFLDVHHVFDSDGHORVODELRVGH
YXHVWURDPLJR9HQGUÌDSRUYRVRWURVXQRSRUXQRHO
WUDEDMRGHO9HUGXJRQXQFDHVWÄDFDEDGR
-0
26&
4"#«*4
"$&3$"
%&
-04
."-04
(OWUDLGRUKDVLGRSRVHÐGRSRUHOHVSÐULWXGHXQYHUGXJR
GHO9LHMR2HVWH(O9HUGXJRQRGHVFDQVDUÄKDVWDTXH
WRGRVHQODFDVDHVWÌQFROJDQGRGHXQDKRUFD6LQ
HPEDUJRYRVRWURVQRSRGUÌLVVHUFROJDGRVVLSRGÌLV
MXJDUDO-XHJRGHO$KRUFDGRPHMRUGHORTXHSXHGDHO
9HUGXJR
76&4530
#"/%0
("/"
$6"/%0
7RGRVORVKÌURHVTXHVLJDQFRQYLGDVHKD\DQVDOYDGR
9HORFLGDGy6SHHGSDUDDGLYLQDUXQDOHWUDTXH
UHVXHOYDYXHVWUR-XHJRGHO$KRUFDGRLQGLYLGXDO
3RUFDGDLQWHQWRIDOOLGRGHDGLYLQDFLÖQHO9HUGXJR
GLEXMDUÄXQDSDUWHGHOFXHUSRHQODKRUFD\UHFLELUÌLV
GDGRGHGDÔRIÐVLFR
3RUFDGDLQWHQWRGHDGLYLQDFLÖQH[LWRVRHO9HUGXJR
GHEHUÄUHOOHQDUODOHWUDHQVXVUHVSHFWLYDVSRVLFLRQHV
HQODWDUMHWDGH9HUGXJR\GHEHUÄPRVWUDUDWRGRVORV
KÌURHVHOSURJUHVRGHOMXHJR&XDQGRXQKÌURHUHVXHOYD
HOMXHJRÌORHOODVHKDEUÄQVDOYDGRGHODKRUFD
$ã.0
%&4"5"304
$6"/%0
&45«*4

"5"%04
(O9HUGXJRSXHGHDWDURVSDUDIDFLOLWDUYXHVWUDHMHFXFLÖQ
SRUODKRUFD6LDOLQLFLRGHYXHVWURWXUQRHVWÄLVDWDGRV
QLJURPDQWH0DUYROR1HFHVLWDUÌLVHQFRQWUDUODGHQWURGH SRGÌLVLQWHQWDUXQD7LUDGDGH3RGHU0LJKWGHSDUD
GHODKRUFD
ODFDVDDQWHVGHTXH0DUYRORRVFDFH\FRQVXPD GHVDWDURV
YXHVWUDVDOPDV
4*
("/Ü*4
76&4530
#"/%0
("/"
$6"/%0 /DFDVDHVWÄTXLHWD\WUDQTXLODORVFUXMLGRVGHODV
+D\ÄLVGHVWUXLGRHODOPDGH0DUYROR(QODKLVWRULDHO KRUFDVKDQVLGRVLOHQFLDGRVXQDYH]PÄV0LHQWUDVYHLV
DOPDGH0DUYRORHVWXYRRFXOWDHQXQDVHULHGH DORVRWURVVXSHUYLYLHQWHVXQRDXQRRVLPDJLQÄLVFÖPR
+RUURFUX[HV(ODOPDGHOQLJURPDQWHIXHHVFRQGLGD VHKDEUÐDVHQWLGRVLRVKXELHUDQHMHFXWDGRFRQHOQXGR
GHQWURGHXQKXHYRHOFXÄOIXHHVFRQGLGRHQXQSDWR FRPRDWDQWRVDQWHVGHYRVRWURV0LHQWUDVVDOÐVSRUOD
HOFXÄOIXHHVFRQGLGRHQXQFRQHMR\HOFXÄOIXH SXHUWDGHODFDVDREVHUYÄLVODVWLHUUDVTXHRVURGHDQ
HVFRQGLGRHQXQFRIUHFHUUDGR$VÐTXHYRVRWURV FRPRVLHVWXYLHUDLVHQHO9LHMR2HVWH
QHFHVLWDUÌLVXQDIRUPDGHDEULUHOFRIUHOXHJRXQDSDUD
PDWDUDOFRQHMROXHJRRWUDSDUDPDWDUDOSDWRURPSHU
HOKXHYR\GHVWUXLUHODOPDPDOYDGDGH0DUYRORGH
GHQWUR

;.=8 ;.=8

68 69
 55.0*;*5,8<68<
3 25 BEN PETRISOR
+DEÌLVWHQLGRXQ]XPELGRHQYXHVWURVRÐGRVGHVGHTXH
OHJDVWHLVDTXÐ(PSH]ÖEDMR\SHQVDVWHLVTXHIXHSRUOD
DOWLWXGSHURVHKDHVWDGRLQWHQVLILFDQGR$KRUD
YRVRWURVQRSRGÌLVGHMDUGHSHQVDUHQHOOR&DGD
SHQVDPLHQWRFDGDYR]LQWHUQDUHYHUEHUDHQYXHVWUDV
FDEH]DVFRPRXQWDPERU„(VPX\IXHUWH&DVLQRRV
GDLVFXHQWDGHOWHQWÄFXORD]XOSÄOLGRTXHHQWUÖHQOD
KDELWDFLÖQGHSLHHQSRVLFLÖQYHUWLFDOFRPRXQDSDMLWD
GREODGDDSXQWDQGRDWHQWDPHQWHDODFDEH]D
*/.&%*"5".&/5&
&RJHGXQWUR]RGHSDSHO\HVFULELGXQ3HQVDPLHQWR
GHVGHODSHUVSHFWLYDGHYXHVWURKÌURH3XHGHVHUOD
SULPHUDFRVDTXHRVYHQJDDODPHQWHRGHDOJÝQ
KHFKRWHPSUDQR'REODHOSDSHOSDUDTXHQDGLHPÄV
SXHGDOHHUOR
(QODSDUWHH[WHUQDGHOSDSHOHVFULEHXQUDVJR
$XPHQWDDHVHUDVJR
-0
26&
4"#«*4
"$&3$"
%&
-04
."-04
(OWUDLGRUVHKDFRQYHUWLGRHQXQKRUURUDEVRUEH
FHUHEURV\HVWÄLQWHQWDQGRUREDUYXHVWURV
3HQVDPLHQWRVFRQXQDWHUULEOH3DMLWD&HUHEUDO
1&3%*&/%0
:
("/"/%0
1&/4".*&/504
6LSHUGÌLV3HQVDPLHQWRSHUGHUÌLVHQHOUDVJR
HVFULWRHQODSDUWHH[WHUQDGHOSDSHO
6LJDQÄLV3HQVDPLHQWRJDQDUÌLVHQHVHUDVJR\
OHHUÌLVHO3HQVDPLHQWRHQDOWR
3RGÌLVGDUOH3HQVDPLHQWRDRWURKÌURHHQYXHVWUD
PLVPDKDELWDFLÖQVLQDWDFDUHVWRFXHQWDFRPRVLXQR
SHUGLHUD\HORWURJDQDUD3HQVDPLHQWR
4*
("/Ü*4
(OWUDLGRUVHGHVSORPDHQHOVXHORODVSDMLWDVDEVRUEH
FHUHEURVVHHQFRJHQKDVWDGHVLQWHJUDUVH9XHVWURYLHMR
DPLJRVHUHWXHUFH\JULWD1RRRRHVRVHUDQPÐRV„,ED
DVXELUDOOÐ<DKRUDROYLGDUÌWRGR<VÐYXHVWURDPLJR
ORROYLGDUÄWRGRSHURYRVRWURVQR/HYDQWÄLVYXHVWUDV
FDEH]DVKDFLDHOFLHORPLUDQGRDODVHVWUHOODV
.58=;85*-8
325LIZ SPAIN
(VWDHVYXHVWUDFDVD6LHPSUHKDVLGRYXHVWUDFDVD
GHVGHHOGÐDTXHRVFROJDVWHLVGHOWHMDGR1XHYDV
SHUVRQDVTXL]ÄYHQJDQ\VHYD\DQSHURYRVRWURV
HVWDUÌLVDTXÐ3DUDVLHPSUH
*/.&%*"5".&/5&

6LDOJÝQKÌURHQRWLHQHXQDFDUWDGHREMHWRHVHKÌURH
FRJHUÄXQDGHOPD]RGHREMHWRV6LGHVSXÌVGHHVWRORV
KÌURHVQRWLHQHQDOPHQRVREMHWRVHQWUHWRGRVFDGD
KÌURHFRJHUÄXQDKDVWDWHQHUHQWUHWRGRVYRVRWURV
-0
26&
4"#«*4
"$&3$"
%&
-04
."-04
(OWUDLGRUHVWÄLQWHQWDQGRVDFDURVGHYXHVWUDFDVD
7HQÌLVPDQHUDVHVSHFLDOHVGHSDUDUDOWUDLGRUGHVGH
TXHVRLV)DQWDVPDV
76&4530
#"/%0
("/"
$6"/%0
(OWUDLGRUHVWÌPXHUWR\VHKD\DXQLGRDYRVRWURVHQHO
PÄVDOOÄ
-0
26&
%&#«*4
)"$&3
&/
76&4530

563/0
3&(-"4
&41&$*"-&4
%&
.07*.*&/50
9RVRWURVVRLVLQFRUSÖUHRV6RLVLQPXQHVDORVHIHFWRV
QHJDWLYRVGHODVKDELWDFLRQHV'XUDQWHYXHVWUR
PRYLPLHQWRSRGÌLVSHUGHUGH&RUGXUDSDUDSDVDUD
WUDYÌVGHFXDOTXLHUSDUHGKDFLDXQDKDELWDFLÖQ
GHVFXELHUWDSUHYLDPHQWHFRPRVLHVWXYLHUDQ
FRQHFWDGDVSRUXQDSXHUWD
3&(-"4
&41&$*"-&4
%&
0#+&504
:

13&4"(*04
1RSRGÌLVGHVFDUWDUVROWDULQWHUFDPELDURUREDU&DUWDV
GH2EMHWRRGH3UHVDJLR
4*
("/Ü*4
(QFDVDHVGÖQGHYXHVWURFRUD]ÖQHVWÄ8QDFDMDGH
PDGHUDGHEHUÐDKDEHUVLGRPÄVDSURSLDGRSHURHVWD
WHWHUDIORUDOORKDUÄPX\ELHQ0LHQWUDVUHHPSOD]ÄLVOD
WDULPDVREUHHOQXHYROXJDUGHGHVFDQVRGHODWHWHUDHO
PÄVUHFLHQWHPLHPEURGHODIDPLOLDVHJLUD\GLFH
(VWHHVPLIXQHUDO¢DOJXLHQTXLHUHGHFLUXQDVSRFDV
SDODEUDV"
%LHQYHQLGRDFDVDFDQWÄLVDOXQÐVRQR
$OILQDOGHYXHVWURWXUQRJDQÄLVGH&RUGXUD6DQLW\VL
70405304
("/Ü*4
$6"/%0 QRKDEÌLVDWDFDGRHQGLFKRWXUQR

+D\ÄLVWRPDGRWRGRVORV3HQVDPLHQWRVGHOWUDLGRU 3&(-"4
&41&$*"-&4
%&
"5"26&
-0
26&
%&#«*4
)"$&3
&/
76&4530
3RGÌLVDWDFDUDOWUDLGRUXVDQGRXQUDVJR(OWUDLGRUVH
563/0 GHIHQGHUÄXVDQGRHOPLVPRUDQJR6LDWDFÄLVXVDQGRXQ
UDVJRPHQWDOHOWUDLGRUUHFLELUÄGDÔRPHQWDO6LUHFLEÐV
6LQRWHQÌLVXQ3HQVDPLHQWRDOLQLFLRGHYXHVWURWXUQR GDÔRPHQWDOGHEHUÌLVSHUGHU&RUGXUDHQYH]GH
UHFLEÐVGDGRGHGDÔRPHQWDO &RQRFLPLHQWR.QRZOHGJH

3&(-"4
&41&$*"-&4
%&
"5"26& 1RSRGÌLVPRULU(QFDVRGHUHFLELUWDQWRGDÔRTXH
KDJDGLVPLQXLUYXHVWURUDVJRKDVWDHOVÐPERORGHOD
3RGÌLVUREDUXQRGHORV3HQVDPLHQWRVGHOWUDLGRU FDODYHUDGLVPLQX\HHVHUDVJRKDVWDHOYDORUPÄVEDMR
HOLJLHQGRDOHDWRULDPHQWHHQFDVRGHDWDFDU DQWHVGHODFDODYHUD1RSRGUÌLVYROXQWDULDPHQWHKDFHU
H[LWRVDPHQWHDOWUDLGRUFRQ&RQRFLPLHQWR DFFLRQHVTXHKDJDQEDMDUPÄVYXHVWURUDVJR
6LXQD3DMLWD&HUHEUDORVGHUURWDHQXQFRPEDWHIÐVLFR
FXDQGRWHQÌLVXQ3HQVDPLHQWRQRUHFLELUÌLVGDÔR'H
ORFRQWUDULRUHFLELUÌLVGDÔRQRUPDO
&XDQGRGHUURWÌLVDXQD3DMLWD&HUHEUDOHQFRPEDWH
TXHGDUÄDWXUGLGD\UHWLUDGD&RORFDDOD3DMLWD&HUHEUDO
HQODPLVPDKDELWDFLÖQTXHHOWUDLGRU
&XDQGRGHUURWÌLVDOWUDLGRUHQXQFRPEDWHIÐVLFRQROH
KDUÌLVGDÔRSHURSRGÌLVPRYHUDOWUDLGRUDXQD
KDELWDFLÖQTXHFRQWHQJDXQD3DMLWD&HUHEUDO
8QKÌURHSXHGHLQWHQWDUUREDUXQ3HQVDPLHQWRFRQXQ
DWDTXHH[LWRVRGH&RQRFLPLHQWRFRQWUDTXLHQWXYLHUD
XQR

;.=8 ;.=8

70 71
 .59.8;.7.6208-.5186+;. 5*.A2<=.7,2*9;.,.-.5*.<.7,2*
3 25 KEITH BAKER 325 PENDLETON WARD

&XDQGRLQYRTXÌDOD%HVWLDSHQVÌTXHSXGRHVWDU $ã.0
+6("3
"
#64$"3
:
53"&3 (OWRTXHGLVWLQWLYRGHXQDWRQDGDPDQÐDFDKDFHHFRD $ã.0
"#3";"3
"
"-(6*&/

FRQWHQLGDHQODLQRIHQVLYDIRUPDGHPLILHOFDFKRUUR WUDYÌVGHODFDVD„„„-LLMLLMLLLMDMRRMLLMLMRRMLLLMD
3HURKDEÐDKXQGLGRVXJDUUDHQPLDOPD\HVWRHVVROR /D%HVWLDWLHQHVRORXQDGHELOLGDG(OGHPRQLRGHQWUR MLLLLLLL9RVRWURVUHFRQRFÌLVHVWDWRUSH\IDPLOLDUULVD 3DUDDEUD]DU\DVHDDOWUDLGRURDOD&DEH]DKDFHUXQ
XQDFXHVWLÖQGHWLHPSRDQWHVGHTXHPHFRQYLHUWDHQ
XQDKHUUDPLHQWDGHOD%HVWLD,QFOXVRPLHQWUDVOHÌLV
HVWDHQWUDGDILQDOHQHOGLDULRGHODQFLDQRHVFXFKÄLVXQ
ODGULGRDOHJUH\VHQWÐVHOSRGHUDIHUUÄQGRVHDYXHVWUDV
PHQWHV
*/.&%*"5".&/5&

5HVHUYDODV)LFKDVGH([SORUDGRUFRUUHVSRQGLHQWHD
FDGDKÌURH
-0
26&
4"#«*4
"$&3$"
%&
-04
."-04
8QDEHVWLDLQIHUQDOKDVLGRFRQILQDGDHQXQDDSDULHQFLD
GH FDFKRUUR SDUD FRQVXPLU YXHVWUDV PHQWHV R GHVWUXLU
YXHVWURV FXHUSRV $ PHQRV TXH DFWXÌLV UÄSLGDPHQWH
VHUÌLVHVFODYRVGHHVWDDGRUDEOH%HVWLD
76&4530
#"/%0
("/"
$6"/%0
GHÌOQRSXGRVXSHUDUFRPSOHWDPHQWHVXVLQVWLQWRV
EÄVLFRV\YRVRWURVSRGÌLVPRPHQWÄQHDPHQWHURPSHU
HOGRPLQLRGHOD%HVWLDVREUHHOSHUURPHGLDQWHHO
-XHJRGH%XVFDU\7UDHU8QDYH]GXUDQWHYXHVWURWXUQR
FXDQGRHVWÌLVHQODPLVPDKDELWDFLÖQTXHOD%HVWLD
SRGÌLVLQWHQWDUXQD7LUDGDGH&RQRFLPLHQWRGHSDUD
PDQGDUDOD%HVWLDDXQDKDELWDFLÖQFRQXQVÐPEROR
GHKDVWDHVSDFLRVGHGLVWDQFLD
v 6L\DKD\XQDUPDHQHVDKDELWDFLÖQOD%HVWLD
OOHYDUÄHODUPDKDVWDYRVRWURV,QPHGLDWDPHQWH
KDUÌLVXQDWDTXHFRQWUDOD%HVWLDXVDQGRGLFKD
DUPD
v 6LQRKD\XQDUPDHQODKDELWDFLÖQOD%HVWLD
WRPDUÄXQD&DUWDGH2EMHWR\ODOOHYDUÄKDVWD
YRVRWURV6LOD&DUWDGH2EMHWRHVXQDUPDSRGÌLV
LQPHGLDWDPHQWHDWDFDUDOD%HVWLDFRQHVDDUPD
v 6LDWDFÄLVFRQXQDUPDHQHOWXUQRHQHOTXHOD
%HVWLDEXVFD\WUDH\OHKDFÌLVGDÔRDOD%HVWLD
„HVWÄYLQLHQGRGHYXHVWURFDPDUDGD6HJXUDPHQWH
YXHVWURDPLJR„HVWÄWHQLHQGRXQDVRPEURVRPRPHQWR
HQDOJÝQOXJDUHQODFDVD¢4XL]ÄGHVSXÌVWURSHFHPRV
FRQXQDGLYHUWLGDKDELWDFLÖQQRHQFDQWDGD"
„$WHQFLÖQDWRGRVPLVDQWHULRUHVDPLJRVKDEOD
YXHVWURFDPDUDGD$FDERGHFRQRFHUDPLQXHYR\
ÝQLFRDPLJRXQDSHTXHÔD&DEH]DKDPEULHQWD8QD
YR]PDQVDSHURVHULDFKLOOD+RODDWRGRVHVWR\
KDPEULHQWR
$VÐTXHYXHVWURDPLJRFRQWLQXDYR\DGHMDUOD
&DEH]D„GLVIUXWHGHYXHVWUDVFDUDV„-LLMDMRRMLLMDD
0PP(VHSHUVRQDMH&DEH]DSDUHFHELHQSHURYXHVWUR
DPLJRVXHQDHVWUHVDGR4XL]ÄYXHVWURFROHJDVROR
QHFHVLWDXQDEUD]R
*/.&%*"5".&/5&
5HVHUYDXQQÝPHURGH)LFKDVGH2EVWÄFXORUHSUHVHQWDQ
DWDTXHGH3RGHU0LJKW6LYXHVWURKÌURHHVWÄ
DEUD]DQGRDOWUDLGRUGHEÌLVWLUDUGDGRH[WUDSRU
FDGDDEUD]RTXHKD\DHQODWDUMHWDGHSHUVRQDMHGHO
WUDLGRU&XDOTXLHURWURKÌURHDHVSDFLRVGH
PRYLPLHQWRSXHGHXQLUVHSDUDXQDEUD]RJUXSDOFRQ
YXHVWURKÌURH,JQRUDQGRFXDOTXLHUWH[WRTXH
REVWDFXOLFHPRYLPLHQWRFRORFDGODVPLQLDWXUDVGH
GLFKRVKÌURHVFHUFDQRVHQODKDELWDFLÖQGHOKÌURH
TXHLEDDDEUD]DUDOWUDLGRUSDUDDÔDGLUGDGRH[WUD
$EUD]DUVHQRSURYRFDGDÔRSHURSHUPLWHHOURER
FRPÝQGHFDUWDVGHREMHWRTXHVHWHQJDQGXUDQWHHO
DEUD]RDHIHFWRVGHHVWHDSDUWDGRODV)LFKDVGH
([SORUDGRUVHUÄQFRQVLGHUDGDVREMHWRV
3DUDYROYHUDOWUDLGRUDODQRUPDOLGDGGHEÌLVDEUD]DU
DOWUDLGRUGXUDQWHXQQÝPHURGHWXUQRVLJXDOD
YHFHVHOQÝPHURGHKÌURHV'HVSXÌVGHFDGDWXUQR
FRQXQDEUD]RH[LWRVRFRORFDXQ$EUD]RHQODWDUMHWD
GHSHUVRQDMHGHOWUDLGRU
6LOD&DEH]DHVWÄVRODSRGÌLVDEUD]DUDOD&DEH]D(O
0DWÄLVDOD%HVWLD
3&(-"4
&41&$*"-&4
%&
"5"26&
/D%HVWLDSXHGHDWDFDURVSHURVXSRGHURVLPSLGH
DWDFDUOHGLUHFWDPHQWH3RGÌLVVRODPHQWHOXFKDUFRQHOOD
SRUPHGLRGHO-XHJR%XVFDU\7UDHU
/D%HVWLDKDVLGRHQWUHQDGDSDUDUHVSRQGHUDOD
&DPSDQD8QDYH]GXUDQWHYXHVWURWXUQRVLHVWÄLVHQOD
PLVPDKDELWDFLÖQTXHOD%HVWLDSRGÌLVXVDUOD
&DPSDQDSDUDLQWHQWDUXQD7LUDGDGH&RUGXUDGH
SDUDDWXUGLUDOD%HVWLD
8QKÌURHHVWÄDFRPSDÔDGRGHO*DWRQRSXHGHVHU
WRPÄLVGHYXHVWUDV)LFKDVGH([SORUDGRU
&XDQGRORVKÌURHVWHQJDQXQWRWDOGH)LFKDVGH
([SORUDGRULJXDODOQÝPHURGHH[SORUDGRUHVTXH
HPSH]DURQODSDUWLGDPÄVOD%HVWLDVHUÄDVHVLQDGD
HOHVSÐULWXVHUÄGHVWHUUDGR\ODVYÐFWLPDVGHMDUÄQGH
HVWDUSRVHÐGDV6LQHPEDUJRHO3HUURVHJXLUÄDOOÐ\OD
%HVWLDUHJUHVDUÄ$VÐTXHODSUÖ[LPDYH]TXHMXJXÌLVD
%XVFDU\7UDHU\FRQVLJÄLVXQDUPDSRGÌLVDWDFDUDO
3HUURFRQHODUPDTXHWUDMRRSHUGHUÌLVWRGDVODV)LFKDV
GH([SORUDGRU
4*
("/Ü*4
$EUD]RVLJXDODOGREOHGHOQÝPHURGHKÌURHV
-0
26&
4"#«*4
"$&3$"
%&
-04
."-04
(OWUDLGRUHVWÄWUDWDQGRGHTXHVHÄLVHODOLPHQWRGHVX
QXHYDEHVWLDDPLJDXQDSHTXHÔD&DEH]DFRUWÌV
76&4530
#"/%0
("/"
$6"/%0y
$EUD]ÄLV DO WUDLGRU PXFKRV WXUQRV UHFXSHUDQGR OD
PHQWH FXHUSR \ DOPD GH OD SHUVRQD TXH XQD YH]
FRQRFLVWHLV \ OXHJR DEUD]ÄLV D VX QXHYD DPLJD OD
&DEH]D
h2 ORV PDWÌLV D DPERV YXHVWUD IDFHWD GHVDOPDGD GH
WUDLGRUSXHGHXQLUVHDYRVRWURVHQHVWH$EUD]RVLÌO
KDYXHOWRDODQRUPDOLGDG
3&(-"4
&41&$*"-&4
%&
.07*.*&/50
&XDQGRDEUDFÌLVHQYXHVWURWXUQRQRSRGUÌLVPRYHURV
RWUDYH]HQHVHWXUQR
4*
("/Ü*4y
„+XUUD„(ODPRU\ORVDEUD]RVYXHOYHQDHVWDUGH
PRGD2h¢PDWDVWHLVDWRGRVHQYH]GHDEUD]DUORV"
'HFXDOTXLHUPDQHUDVHQWÐVXQDIXULRVDVHQVDFLÖQGH
ORJUR(QYDOHQWRQDGRVSRUYXHVWUDVDFFLRQHVRV
SRVHÐGR6LOD%HVWLDOHGDÔDDOKÌURHVHSXHGH 8QDXOOLGRVREUHQDWXUDOOOHQDHODLUH6HQWÐVJDUUDV
GHVFDUWDUDO*DWRHQOXJDUGHUHFLELUGDÔR UDVJDQGRYXHVWUDVPHQWHV\VHRVKXPHGHFHQORVRMRV
DQWHYXHVWURVUHFXHUGRV\SHQVDPLHQWRV6RODPHQWH
3RGÌLVDWDFDUDOWUDLGRURDXQKÌURHSRVHÐGRFRQ
FXDQGRWHPÄLVSHUGHURVHQHVWDYRUÄJLQHODWRUPHQWD
QRUPDOLGDG
WHUPLQD\HOVLOHQFLRLQYDGHODFDVD/DFRODGHOSHUUR
JROSHDHOVXHORGRVYHFHV\ODPHWXPDQRGÌELOPHQWH
,QFOXVRKDVWDHOILQDOKDVHJXLGRVLHQGRXQEXHQFKLFR
;.=8
72
XQVHUKXPDQR
SDYRQHÄLVOHQWDPHQWHFRQGHVFDUR\RVGLULJÐVKDFLDOD
SXHUWDSULQFLSDO,QWHQFLRQDOPHQWHGHUULEÄLVXQSDUGH
VLOODVDQWHVGHPDUFKDURV„(VDVRPEURVR'LFHXQRGH
YRVRWURVDQDGLHHQSDUWLFXODU&LHUWDPHQWHYRVRWURVOH
KDEÌLVGDGRHQORVGLHQWHVDHVDIXHU]DSDUDQRUPDO
HOGÐDGHKR\„/RJURGHVEORTXHDGR
;.=8
73
 ,8>5;8/8+2* -†3*58+;255*;
325 JUSTIN GARY,,163,5'$'2(1(/)$02623$<$62'(,7(62 5.=2=058@M5.=2=058@M5.=2=058@Û
(VFXFKÄLVODULVDKDFLÌQGRVHHFRSRUORVSDVLOORV2V 3&(-"4
&41&$*"-&4
%&
"5"26& 325ELISA TEAGUE
OOHQDGHXQWHUURUTXHQXQFDDQWHVKDEÐDLVFRQRFLGR
&DGDXQRUHPHPRUDXQUHFXHUGRGHXQDLQIDQFLD (OWUDLGRULQWHQWDUÄPDWDURVFRQVXSURSLD%URPD6L 8QDLUHIUÐRLQYDGHHODPELHQWH1RQRHVSURGXFWRGH $ã.0
%&4$0/(&-"3
-"
$"4"

WUDXPÄWLFDGHXQWHUULEOHH[WUDÔRFX\RKXPRU YRVRWURVDWDFÄLVDO3D\DVRSRGÌLVLQWHQWDUXVDUODV YXHVWUDLPDJLQDFLÖQKD\DFWXDOPHQWHXQDILQDFDSDGH
KLHORFXEULHQGRFDGDFHQWÐPHWURGHHVWDFDVD'HSLH 8QDYH]HQYXHVWURWXUQRSRGÌLVLQWHQWDUXQD7LUDGDGH
WUDVWRUQDGRLQYDGLÖYXHVWUDVSHVDGLOODV6HQWÐVHQ UHJODVGH5RERGH2EMHWRVSDUDUREDUXQD%URPD
GHWUÄVGHYRVRWURVHVWÄYXHVWURH[DPLJRWUDQVIRUPDGR &RQRFLPLHQWR.QRZOHGJHGHSDUDDXPHQWDUOD
YXHVWUDVFDUQHVTXHHVDSDYRURVDILJXUDRVDFRVDSRU
ORVSDVLOORVGHHVWDFDVD(QVXVPDQRVJLJDQWHV
VRVWLHQHXWHQVLOLRVPRUWDOHVGHWRUWXUD(VODKRUDGH
FRUUHUSRUYXHVWUDVYLGDVRHOPDOYDGRSD\DVRRV
FRJHUÄ
*/.&%*"5".&/5&

HVFRJLGDSRUHO3D\DVR7DPELÌQSRGÌLVDWDFDUDO
3HUURGHOWUDLGRUSDUDDWXUGLUORRVLHVWÄOOHYDQGRXQD
%URPDUREDUOHGLFKD%URPD6LWHQÌLVÌ[LWRHQUREDUOH
OD%URPDGHVWUXÐVOD%URPDLQPHGLDWDPHQWH
$ã.0
4"-*3
%&
-"
$"4"

(O3D\DVRKDFHUUDGRHQFDGHQDGR\DWDGRDXQDUFR
HQXQDDPDUJD5HLQDGH+LHOR6LQRHQFRQWUÄLVOD
PDQHUDGHFDOHQWDURVSURQWRPRULUÌLVFRQJHODGRVD
PHQRVTXHPDWÌLVDOD5HLQDGH+LHORSULPHUR
*/.&%*"5".&/5&


5HVHUYDG)LFKDVSHQWDJRQDOHVGH2EMHWRUHSUHVHQWDQ
WHPSHUDWXUDFRQHO7HUPRVWDWR\EORTXHDUOR8QDYH]
HVWÌEORTXHDGRHO7HUPRVWDWRJLUDVX)LFKDGHREMHWR
FRQHOQÝPHURKDFLDDEDMROXHJREDMDHQHO0HGLGRU
GH7XUQR'DÔR
6LXQH[SORUDGRUGHVFXEUHXQDKDELWDFLÖQGHSUHVDJLR
FRORFDXQ7HUPRVWDWRHQHVDKDELWDFLÖQVLVHJXÐV
7HUPRVWDWRV WHQLHQGRDOJXQDTXHQRVHKD\DSXHVWRHQMXHJR
5HVHUYDGXQDFDQWLGDGGH)LFKDVWULDQJXODUHVGH7LUDGD DOUHGHGRUGHODÝQLFDSXHUWDTXHGDDOH[WHULRUGHOD
GH3RGHU0LJKW5ROOLJXDODOQÝPHURGHKÌURHV FDVD8QDYH]GXUDQWHHOWXUQRGHXQKÌURHVLÌVWHHVWÄ
&RORFDGXQ7HUPRVWDWRFRQHOQÝPHURKDFLDDUULEDHQHO 4*
70405304
("/Ü*4

HQHO+DOOGH(QWUDGD(QWUDQFH+DOOSXHGHLQWHQWDU
5HVHUYDGXQDFDQWLGDGGH)LFKDVWULDQJXODUHVGH7LUDGD &XDUWRGHOD&DOGHUD)XUQDFH5RRP\XQRPÄVHQ
XQDWLUDGDGH3RGHU0LJKWGHSDUDURPSHUOD (QHOFÄOLGREULOORGHORVWHUPRVWDWRVYLQLHQGRDODYLGD
GH&RQRFLPLHQWR.QRZOHGJH5ROOLJXDODOQÝPHURGH FDGDKDELWDFLÖQFRQXQVÐPERORGHSUHVDJLRGH
KÌURHV
-0
26&
4"#&4
"$&3$"
%&
-04
."-04

(OWUDLGRUHV.QLFN.QDFNHO3D\DVRTXLHQKD
SUHSDUDGRXQDFDQWLGDGGHEURPDVPRUWDOHVTXH
VHJXUDPHQWHRVPDWDUÄ&DGDKÌURHHOLJHXQWUR]RGH
SDSHOSURYLVWRSRUHOWUDLGRUORVFXDOHVUHSUHVHQWDQXQD
%URPDGLIHUHQWH6LKD\PÄVWUR]RVGHSDSHOTXH
KÌURHVHVFRQGHORVVREUDQWHVHQODFDMDGHOMXHJR
76&4530
#"/%0
("/"
$6"/%0

(OÝOWLPRKÌURHTXHVREUHYLYDHVFDSHGHODFDVD
PDWÌLVDO3D\DVRRWRGDVODV%URPDVGHO3D\DVRVHDQ
GHVWUXLGDV6LQHPEDUJRSHUGHUÌLVVLGHYRVRWURV
PRUÐVLQGHSHQGLHQWHPHQWHGHTXÌPÄVVXFHGD
;.=8
74
FDGHQDRXQDWLUDGDGH&RQRFLPLHQWR.QRZOHGJHGH
 SDUDDEULUHOFDQGDGR6LWLHQHÌ[LWRDÔDGHXQDILFKD
GHOWLSRDSURSLDGRHQHO+DOOGH(QWUDGD8QDYH]TXH
KD\DXQQÝPHURGHILFKDVLJXDODOQÝPHURGHKÌURHV
ODSXHUWDHVWDUÄDELHUWD
6LXQKÌURHHPSLH]DVXWXUQRHQHO+DOOGH(QWUDGDXQD
YH]KD\DVLGRDELHUWRSRGUÄHVFDSDU
4*
("/Ü*4

+DEÌLVVDOYDGRYXHVWUDVYLGDV6LQXQFDYHLVRWUR
SD\DVRGHQXHYRYHUÌLVXQRSURQWR
ODVDQJUHHPSLH]DDYROYHUDYXHVWURVKRUPLJXHDQWHV\
YXHVWUDHOHFFLÖQKDVWDTXHRVTXHGÌLVVLQ7HUPRVWDWRVR
FRQJHODGRVGHGRV7HPEOÄLVGHQXHYRTXL]ÄSRUHO
+DELWDFLRQHVVLQ7HUPRVWDWRV
FDPELRTXL]ÄSRUORVQHUYLRV0LHQWUDVHOKLHOR
HPSLH]DDGHUUHWLUVHIRUPDQGRJUDQGHVFKDUFRV
-0
26&
4"#«*4
"$&3$"
%&
-04
."-04


YRVRWURVVDOWÄLVVREUHORVSXQWRVKÝPHGRV\RVDEUÐV
(OWUDLGRUKDHQFRQWUDGRXQGHWRQDQWHHQUHFXHUGRGH SDVRKDFLDODSXHUWDSULQFLSDO3HQVÄLVTXHRVYHQGUÐD
LQIDQFLDTXHOHKDOOHYDGRDFRQYHUWLUVHHQXQD ELHQXQDVODUJDVYDFDFLRQHVDWUDVDGDVHQDOJÝQOXJDU
PDOYDGD5HLQDGH+LHORODFXDOHVWÄLQWHQWDQGR FÄOLGRHVWDUÐDJHQLDO
FRQJHODURVKDVWDODPXHUWH(OSRGHUGHOD5HLQDGH
+LHORSDUHFHYHQLUGHOIUÐR/DFDVDVHHVWÄKHODQGR
PÄVDFDGDPLQXWR\HVWÄFRPSOHWDPHQWHFXELHUWDGH
KLHOR\QLHYHDVÐTXHKD\SRFRWLHPSRGLVSRQLEOH
'HEÌLVLUDODVKDELWDFLRQHVFRQ7HUPRVWDWRVSDUD
FDOHQWDUODFDVDGHQXHYR
70405304
("/Ü*4
$6"/%0

0DWÌLVDOWUDLGRURFDOHQWÌLVODFDVDEORTXHDQGR
GHORV7HUPRVWDWRVSDUDTXHEDMHHO&RQWDGRUGH
7XUQR'DÔRD
;.=8
75
&XDQGRWHUPLQÌLVHVWHUHWRPDUFDGWRGRVORV
H[SORUDGRUHVTXHKD\DQSRGLGRWHUPLQDUOR
HQODWDEODXELFDGDGHVSXÌVGHOUHWR
 ;.0;.<8*59*<*-8 .558<<2.69;..<=¨7-.=;¨<-.6«
3 25CHRIS DUPUIS 325MIKE SELINKER, %$6$'2(181$&$1&,¶1'( PAUL AND STORM

/DHURVLRQDGDIRWRHVGHYRVRWURVSHUR¢FÖPRHVHVR %&#«*4
)"$&3
&450
&/
76&4530
563/0
(QFRQWUÄLVORTXHSDUHFHVHUXQDYLHMDFDMDGHFHUHDOHV 3&(-"4
&41&$*"-&4
%&
.07*.*&/50

SRVLEOH"0LUÄLVSDUDHQFRQWUDUXQPD\RUGRPRGHSLH (QODSDUWHH[WHULRUGLFHv„0DGUHPÐD„$TXÐHVWÄXQ
HQODHQWUDGD(VKRUDGHLUDFDVDGLFHFRQXQDYR] 'LVPLQXLUHQHOFRQWDGRUGH7XUQR'DÔR6LHOWUDLGRU DPXOHWRGHODVXHUWH9XHVWURDPLJRDEUHODFDMD\VH &DGD&RORUGHO$UFRÐULVHVFRQVLGHUDGRFRPRVXSURSLD
UDVJDGD'HMDFDHUODIXHQWHGHPHWDO\HOVRQLGRKDFH QRKDVLGRHQFRQWUDGRHOWUDLGRUSRGUÄFRORFDUXQD YHHQYXHOWRHQXQDFDEDOJDWDGHOXFHVGHFRORUHV ORVHWDGHKDELWDFLÖQFRPRSDUWHGHO7HMDGR6RORXQ
HFRHQYXHVWURVRÐGRVPLHQWUDVWRGRVHYXHOYHRVFXUR
(VWÄLVGHYXHOWDHQODHQWUDGDGHODFDVDSHURDOJRKD
FDPELDGR/RVSDVLOORVHVWÄQLOXPLQDGRVFRQODOX]
FÄOLGD\SDUSDGHDQWHGHFDQGHODEURV\DTXÐKD\JHQWH
8QIODVKGHXQDFÄPDUDRVDOXPEUD„*UDFLDV'LFH
DOJXLHQ
1RWHQHPRVPXFKRWLHPSRFRQWLQÝDHOPD\RUGRPR
2VKDEÌLVUHHQFDUQDGRHQPLHPEURVGHODFRPSDÔÐD
TXHFRQVWUX\ÖHVWDFDVD(VWDQRFKHHVODQRFKHHQOD
TXHVHPDOGLMR9RVRWURVRPÄVHVSHFÐILFDPHQWH
)LFKDGH2EVWÄFXORUHSUHVHQWDUÄXQ3HQWDJUDPDHQ
FXDOTXLHUKDELWDFLÖQ
$ã.0
#64$"3
"-
53"*%03

$OSULQFLSLRGHYXHVWURWXUQRSRGÌLVSUHJXQWDUOHDO
WUDLGRUXQDSUHJXQWDGHVÐRQRVREUHGÖQGHHVWÄ(O
WUDLGRUGHEHUÄUHVSRQGHU6,1&(5$0(17(/DV
SUHJXQWDVGHEHUÄQHVWDUOLPLWDGDVDQRPEUHVR
FDUDFWHUÐVWLFDVGHODKDELWDFLÖQ\QRSRGUÄQFRQWHQHU
LQIRUPDFLÖQVREUHHQTXÌSODQWDHVWÄODKDELWDFLÖQRHQ
TXÌSRVLFLÖQVHHQFXHQWUDODKDELWDFLÖQUHVSHFWRD
$UFRÐULVOXQDVKHUUDGXUDV\WRGDFODVHGHGHVWHOORV KÌURHSXHGHHVWDUHQFDGD&RORUDOILQDOGHVXWXUQR
SHURYRVRWURVSRGÌLVSDVDUDWUDYÌVGHFDGD&RORUTXH
&XDQGRORVGHVWHOORVVHGHVYDQHFHQYHLVTXHYXHVWUR FRQWHQJDXQKÌURH
DPLJRVHKDFRQYHUWLGRHQXQSHTXHÔRJQRPR
UHWRUFLGRFRQXQWUDMHYHUGH\XQVRPEUHURURMR 6LHQWUÄLVDOFRORUILQDOPDJHQWDSRGÌLVFRJHUHO%RWÐQ
„9RVRWURVQRREWHQGUÌLVPLERWÐQGHRURH[FODPDOD GH2UR\JDQDUHOMXHJR6LQRHVXQODUJRFDPLQRKDFLD
FULDWXUD\HFKDDFRUUHU DEDMR
¢%RWÐQGH2URKDGLFKR"0PPP
%&4&04

*/.&%*"5".&/5&

%FTFP
2V¶
0DVSSF
&RORFDGODV)LFKDVSHQWDJRQDOHVGH2EMHWRGHODO
YXHVWURVDQWLJXRV\RHVYDQDVHUDVHVLQDGRV7HQÌLV RWUDVKDELWDFLRQHV7DPSRFRSRGUÌLVSUHJXQWDUVREUH FHUFDGHO+DOOGH(QWUDGD(QWUDQFH+DOOUHSUHVHQWDQ 1 &DGDKÌURHWRPDXQDFDUWDGHREMHWR
TXHGHVSDFKDUDYXHVWURDVHVLQRGHOSDVDGRDQWHVGH VÐPERORVSUHVDJLRREMHWRHWFRWH[WRVSURSLRVGHO 'HVHRV
TXHHODVHVLQRFRPSOHWHHOULWXDO3DUDGHVWR\HYLWDUÌLV MXHJRVLDXPHQWDDOJÝQDWULEXWRRVLREOLJDDUHDOL]DU 2 3XHGHVSRQHUWHHQFXDOTXLHUKDELWDFLÖQ
TXHHVWDFDVDGHVSLHUWH6RQUÐHWULVWHPHQWHPLHQWUDV WLUDGDV$OJXQRVHMHPSORVGHSUHJXQWDVVHUÐDQ¢(VWÄV 5HVHUYDG)LFKDVGH0RQVWUXRVXQRGHFDGDFRORU
3 *DQDVGH9HORFLGDG\GH3RGHU
VXFXHUSRVHGHVYDQHFH%XHQDVXHUWH HQHO3DWLR"¢(VWÄVHQXQDKDELWDFLÖQFRQXQD UHSUHVHQWDQORV&RORUHVGHO$UFRÐULV
DOIRPEUD" 4 *DQDVGH&RUGXUD\GH&RQRFLPLHQWR
5HVHUYDGXQD)LFKDSHQWDJRQDOGH3LODGH2EMHWRV
*/.&%*"5".&/5&
(PSH]DQGRFRQHOUHYHODGRUGHOUHWRWXUQDURVSDUD
FRJHUKDELWDFLRQHVGHOPD]RGHORVHWDV\SRQHUODVHQOD
FDVD1RSRGUÄVSRQHUXQDKDELWDFLÖQVLÌVWDKDUÐD
$OILQDOGHYXHVWURWXUQRSRGUÌLVGHFODUDUHQYXHVWUD
KDELWDFLÖQHQODTXHHVWÌLVVLHVDOOÐGRQGHHVWÄHO
WUDLGRU6LYXHVWUDDILUPDFLÖQHVFRUUHFWDHOWUDLGRU
GHEHUÄGHFLUWHVLHVDVÐ\KDEUÌLVJDQDGR(QFDVR
,WHP3LOHUHSUHVHQWDQHO%RWÐQGH2UR 5 7RPDFDUWDVGH6XFHVRHOLJH\
PH]FODODVRWUDVFRQHOPD]R
-0
26&
4"#«*4
"$&3$"
%&
-04
."-04

6 5HHPSOD]DFXDOTXLHUKDELWDFLÖQQR$FFHVR
LPSRVLEOHFRORFDUQXHYDVKDELWDFLRQHV&RQWLQXDG
SRQLHQGRKDELWDFLRQHVKDVWDTXHVHKD\DQSXHVWR
WRGDVR\DQRIXHUDSRVLEOHSRQHUPÄV
&RORFDGYXHVWUDVPLQLDWXUDVHQHO+DOOGH(QWUDGD
FRQWUDULRHOGHFODUDQWHUHFLELUÄGHGDÔRPHQWDO\
GLVPLQXLUÄHQHOFRQWDGRUGH7XUQR'DÔR
3&(-"4
&41&$*"-&4
%&
.07*.*&/50

„,UODQGDSDUDVLHPSUH„9XHVWURDPLJRVHKDYXHOWR /DQGLQJFRQODSULPHUDORVHWDGHOPD]R
XQ'XHQGH/HSUHFKDXQ<GÖQGHKD\XQGXHQGHKD\
7 5REDFXDOTXLHUREMHWRRSUHVDJLRGHO
XQ%RWÐQGH2URDOILQDOGHXQ$UFRÐULV$KRUDYRVRWURV
/HSUHFKDXQLQFOXVRVLQRSXHGHQUREDUVH
QHFHVLWÄLVHQFRQWUDUHO$UFRÐULV
(QWUDQFH+DOO 3RGUÌLVDFFHGHUSRUWRGDVODVSXHUWDVIDOVDVSXHUWDV
70405304
("/Ü*4
$6"/%0y
4*
("/Ü*4y

3UHSDUDGHOFRQWDGRUGH7XUQR'DÔRFRQHOPDUFDGRU
SOÄVWLFRHQHO/RXVDUÌLVSDUDKDFHUXQVHJXLPLHQWR
GHOWLHPSR
-0
26&
4"#«*4
"$&3$"
%&
-04
."-04

9XHVWURV\RHVSDVDGRVIXHURQDVHVLQDGRVSRUHOWUDLGRU
TXLÌQHVWÄLQWHQWDQGRUHFROHFWDUODPDJLDGHODFDVD
SRUPHGLRGHXQULWXDOHOFXDOVDOGUÄPDORKDVDOLGR
PDO„/RVYLDMHVHQHOWLHPSRVRQFRQIXVRV
76&4530
#"/%0
("/"
$6"/%0

(QFRQWUÌLVDOWUDLGRUDQWHVTXHHOFRQWDGRUGH7XUQR
'DÔROOHJXHD
TXHGDQFRQXQDSDUHGGHRWUDKDELWDFLÖQDG\DFHQWH
VLHPSUH\FXÄQGRVHKDJDSRUHOODGRGHODSXHUWDGH
HQWUDGD
&XDQGRHQWUÌLVDXQDKDELWDFLÖQTXHHVWÌERFDDEDMR
UHFLEÐVGHGDÔRPHQWDOPLHQWUDVWXVPHPRULDVGHOD
YLHMDYHUVLÖQGHODFDVDHPSLH]DQDFRQIXQGLUWH
9RVRWURV\DKDEÌLVHVWDGRDTXТFLHUWR"
3RGÌLVHQWUDU\VDOLUSRUFXDOTXLHUODGRGHXQD
KDELWDFLÖQERFDDEDMR
,JQRUDUFXDOTXLHUWH[WRTXHREVWDFXOLFHHOPRYLPLHQWR
FRQH[FHSFLÖQGHORV3HQWDJUDPDVFRORFDGRVSRUHO
WUDLGRU&XHVWDXQHVSDFLRDGLFLRQDOHQWUDUDXQD
KDELWDFLÖQFRQXQDILFKDGH3HQWDJUDPD
4*
("/Ü*4

(ODVHVLQRJULWDPRPHQWÄQHDPHQWHDQWHVGHFRODSVDU
VLQYLGDHQHOVXHOR0LHQWUDVODPDJLDIOX\HIXHUDGHO
IUXVWUDGRULWXDO5HFXHUGRVGHXQDYLGDSUHYLDRV
LQYDGH+DEÌLVYHQLGRGHPX\OHMRV2VKDEÌLV
VDFULILFDGRGHPDVLDGR<DKRUDHVKRUDGHHPSH]DU
XQDQXHYDYLGD
h0DWÌLVDO/HSUHFKDXQRHQFRQWUÌLVHO%RWÐQGH2UR
(O/HSUHFKDXQHVSRGHURVDPHQWHVRPEUÐR7HQÌLVPL
%RWÐQGH2UR¢&XÄOHVYXHVWURGHVHR"/RVH[SORUDGRUHV

3&(-"4
&41&$*"-&4
%&
"5"26&
GLFHQ„6DOLUGHHVWDORFXUDGHFDVDHQFDQWDGD
/RV/HSUHFKDXQVVRQYXOQHUDEOHVDVHUDWUDSDGRVSRU <DVÐHOSRGHUFXPSOHGHVHRVGHO/HSUHFKDXQRVOOHYDD
ORVGHGRVGHVXVSLHV6LGHUURWÄLVDO/HSUHFKDXQHQ FDVD(VWÄLVHQFDQWDGRVGHTXHQRKD\DPÄV
YH]GHFDXVDUOHGDÔRSRGÌLVFRJHUXQ'HVHRGHOD OHSUHFKDXQVTXHRVDWRUPHQWHQSRUHOUHVWRGHYXHVWUDV
0HVDGH'HVHRVOXHJRFRORFDGODFRUUHVSRQGLHQWH YLGDV0LHQWUDVWDQWRHVWDUÌLVFRQWDQGRYXHVWURRUR\
)LFKDGH2EMHWRGHYXHOWDDODFDMD9RVRWURVQR ULHQGRHQPLWDGGHODQRFKH
SRGUÌLVFRJHUXQ'HVHRFX\D)LFKDGH2EMHWRQRHVWÌ
HQODPHVD
3&(-"4
&41&$*"-&4
%&
0#+&504
:

13&4"(*04
6LYDLVDWRPDUXQDFDUWDGHREMHWRSRGÌLVWRPDUXQD
FDUWDGHSUHVDJLRHQVXOXJDU
6LWRPÄLVODFDUWD0HGDOOÖQHOHJLUXQDSXHUWDDELHUWD
HQHO7HMDGR\FRORFDUORV&RORUHVGHO$UFRÐULV
VDOLHQGRGHHVDSXHUWDHQHOVLJXLHQWHRUGHQURMR
QDUDQMDDPDULOORYHUGHD]XOPRUDGRPDJHQWD
/XHJRFRORFDUHO%RWÐQGH2URDOILQDOGHO$UFRÐULV6L
QRKXELHUDXQDSXHUWDDELHUWDHQHO7HMDGRH[WHQGHU
HO$UFRÐULVGHVGHHOODGRGHODORVHWDGHO7HMDGR\
SUHWHQGHUTXHODSXHUWDHVWÌDKÐ

;.=8 ;.=8

76 77
 .5786+;.-.5-.68728 58<0.6.58<
325 F. WESLEY SCHNEIDER 325JERRY HOLKINS AND MIKE SELINKER

8QD WDEOD FRQ XQ FXDGUR GH JOLIRV HQFLPD VLUYH FRPR $ã.0
4"#&3
&-
7&3%"%&30
/0.#3&
8QDPLUDGDSDVDHQWUHYXHVWURVGRVDPLJRVXQD /0%04

WDSD GH XQ FRIUH GH SLHGUD $O OHYDQWDU OD WDSD XQD %&-
%&.0/*0
PLUDGDFDUJDGDGHHPRFLÖQTXHYRVRWURVQRSRGÌLV
UÄIDJD GH FDORU YLROHQWR \ SDODEUDV DEUDVDGRUDV VDOHQ GDUOHVHQWLGR'HUHSHQWHXQFRUGÖQURMRDSDUHFHHQ /RV*HPHORVHVWÄQGHMDQGR1RGRVGHHQHUJÐDSRUWRGD
GHVSHGLGDV 8Q SHQVDPLHQWR YLFLRVR XQ QRPEUH TXH 3RGÌLVWRPDUXQ7RPRGHO6DEHUFXDQGRYXHVWURKÌURH HOHVSDFLRTXHKD\HQWUHHOORVDWÄQGRORV\VHSDUDQGR ODFDVD8QKÌURHSRGUÄLQWHQWDUKDFHU7LUDGDVGH
DPHQD]D FRQ FRQVXPLU LQWHQWD DEULUVH FDPLQR HQ HQWUHHQXQDKDELWDFLÖQTXHFRQWHQJDXQR(QHOWXUQR WRGRORGHPÄVDOUHGHGRUGHVXQÝFOHRDSDUHFHXQ &RQRFLPLHQWR.QRZOHGJHGH\DVHDSDUDGHVWUXLU
YXHVWUD PHQWH 3HUR DVÐ FRPR LQHVSHUDGDPHQWH YLQR GHGLFKRKÌURHÌVWHSXHGHSUHVFLQGLUGHVX OÄWLJRQHJURIOH[LEOHOOHQRGHSXQWLDJXGDVHVWUHOODV HO1RGROOHYÄQGRORGHUHJUHVRDORV*HPHORVRSDUD
VH PDUFKÖ DGHQWUÄQGRVH HQ OD FDVD 9XHVWUD DWHQFLÖQ PRYLPLHQWRSDUDLQWHQWDUXQD7LUDGDGH&RQRFLPLHQWR (OORVVRQFRPRORVGRVSRORVGHXQLPÄQHOHVSDFLR PRYHUDXQRGHORV*HPHORVKDVWDHVSDFLRVKDFLDHO
YXHOYH D OD WDEOD PLHQWUDV VXV JOLIRV VH GLVWRUVLRQDQ .QRZOHGJHGHSDUDLQYHVWLJDUHOQRPEUHUHDOGHO
VREUH OD SLHGUD IRUPDQGR OHWUDV FRQRFLGDV \ HO LQGLFLR 'HPRQLRHQOD7DEODGH$]XIUHPRVWUDGDDODL]TXLHUGD
GHXQDSDODEUDHWHUQD\WHUULEOH &DGDFROXPQDFRUUHVSRQGHDXQDOHWUDGHOYHUGDGHUR
QRPEUHGHOHWUDVTXHWLHQHHO'HPRQLROHÐGRGH
B R M T S L]TXLHUGDDGHUHFKD6LDFHUWÄLVGHEHUÌLVGHVFDUWDUXQ
7RPRGHO6DEHU\HOWUDLGRUGHEHUÄGHFLURVXQDOHWUD
O E L A H PLWDGHVGHXQDSRGHURVDFRQH[LÖQGHHQHUJÐD(QWUH
GHOQRPEUHFXDOTXLHUDQRUHYHODGDTXHHOWUDLGRU
TXHKD\HQWUHHOORVHVWÄOOHQRGHXQDIXHU]D
FKLVSHDQWH
-0
26&
4"#«*4
"$&3$"
%&
-04
."-04

(OORVVHKDQXQLILFDGRHQXQVHUKÐEULGRVRQDPEDV
HOORVHVWÄQWUDWDQGRGHSURYRFDUXQD'HWRQDFLÖQGH
KÌURH
3&(-"4
&41&$*"-&4
%&
.07*.*&/50

8QKÌURHQRSRGUÄPRYHUVHRFUHDUXQDOÐQHDGHYLVLÖQ
D WUDYÌV GH XQ 1RGR (O SDVR HVWDUÄ EORTXHDGR GH XQ
ODGRGHO1RGRKDFLDHORWUR7HQHGHQFXHQWDORV1RGRV
QXQFD SRGUÄQ VHSDUDU XQD KDELWDFLÖQ R XQ JUXSR GH
L I T U R GHFLGD6LHOKÌURHIDOODSRGUÄLQWHQWDUORRWUDYH]HQ
M O C I M 7RPRGHO6DEHUDODYH]
V A P H K
*/.&%*"5".&/5&


6LOD7L]DWRGDYÐDQRHVWÄHQMXHJREXVFDUODHQHOPD]R
GHREMHWRV\HQWUHJÄUVHODDXQKÌURH/XHJRPH]FODUHO
PD]RGHREMHWRV
-0
26&
4"#«*4
"$&3$"
%&
-04
."-04

(OWUDLGRUKDVLGRSRVHÐGRSRUXQDQWLJXRHQWHTXH
EXVFDSRVHHUDFXDOTXLHUPRUWDOTXHVHFUXFHHQVX
FDPLQRUHHPSOD]DQGRVXVLGHQWLGDGHVFRQVXSURSLR
QRPEUHEODVIHPR%XVFDGLIXQGLUVXFRQVFLHQFLDYLUDOD
FDGDH[SORUDGRUHQODFDVD\OXHJRDOUHGHGRUGHO
PXQGR
1DGLHSXHGHGHFLUFXÄQWRWLHPSRKDHVWDGRHO'HPRQLR
HQFHUUDGRSHURKDHVWDGRUHWHQLGRSRUHOSRGHUGHVX
SURSLRQRPEUHUHDO6XYHUGDGHURQRPEUHVHRFXOWD
HQFULSWDGRVREUHODPLVWHULRVD7DEODGH$]XIUH
HQHUJÐDTXHSXHGDWUDHUODFDVDDEDMR KDELWDFLRQHVGHOUHVWRGHODFDVD
VXSUÖ[LPRWXUQR8QKÌURHVRODPHQWHSXHGHOOHYDUXQ
70405304
("/Ü*4
$6"/%0y
4*
("/Ü*4y


$ã.0
%&45&33"3
"-
%&.0/*0
h8QRGHORV*HPHORVPXHUD /DIXHU]DHQWUHORVGRVDPLJRVRORVTXHIXHUDQDOJXQD
YH]YXHVWURVDPLJRVVHLQWHQVLILFD\TXHPDDPHGLGD
8QDYH]TXHFUHÄLVVDEHUHOYHUGDGHURQRPEUHGHO
TXHVHDFHUFDQ9HUORVMXQWRVFDVLH[FHGHQORVOÐPLWHV
'HPRQLRODFRQVFLHQFLDGHOHQWHSRGUÄVHUGHVWHUUDGD
GHYXHVWUDUHVLVWHQFLDKDVWDTXHHOORVSDVDQDOSXQWR
8QKÌURHGHEHUÄHVWDUHQODPLVPDKDELWDFLÖQTXHHO
GHQRUHWRUQR&KLOODQGRORVGRVVHPH]FODQ\KLHUYHQ
'HPRQLRRXQKÌURHSRVHÐGRSRUÌVWH\GHFLUHOTXH
HQWUHVÐSURYRFDQGRXQDFROXPQDGHIXHJRTXHYD
FUHHTXHHVHOQRPEUHUHDO3RGÌLVGHFLUOHHOQRPEUHD
GHVGHHOVXHORKDVWDHOWHFKR3DUDTXHOXHJRDPERVVH
XQWUDLGRUXQDYH]GXUDQWHFDGDXQRGHYXHVWURV
KD\DQLGR
WXUQRVLQGHSHQGLHQWHPHQWHGHTXHKD\ÄLVUHYHODGR
WRGDVODVOHWUDV/DLQIRUPDFLÖQREWHQLGDGHXQDSDUWH
GHOWRWDOGH7RPRVGHO6DEHUSXHGHVHUVXILFLHQWHSDUD
VXJHULUXQQRPEUHSHURKDFHUORLPSOLFDXQULHVJR
v 6LXQKÌURHOHGLFHHOYHUGDGHURQRPEUH
LQFRUUHFWRDXQKÌURHSRVHÐGRHO'HPRQLROH
KDUÄWDQWRVSXQWRVGHGDÔRPHQWDOFRPR
QÝPHURGHOHWUDVQRUHYHODGDVHQHOQRPEUH6L
VHORGLFHDO'HPRQLRHVHKÌURHVHFRQYHUWLUÄHQ
XQDPDULRQHWDSRVHÐGD
v 6LXQKÌURHOHGLFHHOQRPEUHYHUGDGHURFRUUHFWR
PRVWUDGDDUULEDMXQWRFRQORVQRPEUHVGH
LQQXPHUDEOHVRWURVHVSÐULWXV\GLRVHVRVFXURV(OSRGHU
GHO'HPRQLRSXHGHVHUEORTXHDGRSHURSULPHUR
GHEHUÌLVGHVFXEULUHOVHFUHWRGHVXYHUGDGHURQRPEUH
3RUWRGDODFDVDHVWÄQHVFRQGLGRV7RPRVGHO6DEHU
&DGDXQRGHHOORVSXHGHUHYHODUXQDOHWUDGHO
YHUGDGHURQRPEUHGHO'HPRQLRFDGDOHWUDHQXQ
UHFXDGURHVFRQVLGHUDGDXQDOHWUDGLIHUHQWHLQFOXVRVL
HOQRPEUHGHOFRQWLHQHPÝOWLSOHVOHWUDVLJXDOHV/RV
WRPRVHVWÄQUHSUHVHQWDGRVSRU)LFKDVSHQWDJRQDOHVGH
DXQKÌURHSRVHÐGRVHOLEHUDUÄDOKÌURHGHOD
SRVHVLÖQ\OHKDUÄLQPXQHDIXWXUDVSRVHVLRQHV
6LVHORGLFHDO'HPRQLRORGHVWHUUDUÄ\JDQDUÌLV
ODSDUWLGD
4*
("/Ü*4y

(O KÌURH GLFH HO YHUGDGHUR QRPEUH GHO 'HPRQLR OD
UDQFLDH[SUHVLÖQFDXVDFLFDWULFHVHQVXOHQJXDFRPRVL
OHDUDÔDUDXQDUDWDJRUGD/DPDULRQHWDGHOHQWHJULWD
FRQ GRV YRFHV WDQWR OD SURSLD GHO SURSLR H[SORUDGRU
2EMHWR,WHP(OGHPRQLRFRQRFHORSHOLJURVRVTXHVRQ
DVÐTXHUHFROHFWDUORVWDQSURQWRFRPRSRGÄLV
70405304
("/Ü*4
$6"/%0

(O'HPRQLRVHDGHVWHUUDGRGLFLHQGRVXYHUGDGHUR
QRPEUH
FRPRODGHOHQWHVXHQDQFRPRXQFKLOOLGRGHVDOPDGR
(OGHPRQLRLQYLVLEOHVDOHSURSXOVDGRDWUDYÌVGHODLUH
YROYLHQGRGHQXHYRDVXWXPEDSULVLÖQSRUHOSRGHUGH
VXQRPEUH
$XQ LQFOXVR KDELHQGR VLGR GHVWHUUDGR HO QRPEUH GHO
'HPRQLR SHUGXUD FRPR XQD FLFDWUL] HQ OD PHQWH GHO
KÌURHXQDFLFDWUL]TXHSDUHFHXQVXVXUUR

;.=8 ;.=8

78 79
 B8M6>=*7=. 5*6*5-2,2¯7,*7¯92,*
325 LIZ SPAIN 325 PAUL PETERSON

(VWÄLVUHDOPHQWHOLYLDQRV3HQVÄLVTXHIXHODDGUHQDOLQD 1RHVWÄLVVHJXURVGHTXHKXELHUDLVDELHUWRODFDMDGH %&#«*4
)"$&3
&450
&/
76&4530
563/0

GHFRUUHUDOUHGHGRUGHHVWDFDVDWHQHEURVDSHURQR HVDPDQHUDSHURYXHVWURFRPSDÔHURQRGXGÖ'HQWUR
$OJRHVWÄGHILQLWLYDPHQWHPDO9XHVWUDVSLHUQDVHVWÄQ
HQWXPHFLGDV\WRGRHVWÄ\HQGRh
h'HVSHUWÄLVHQHOVXHORKRUDVGHVSXÌV/LPSLÄQGRRVOD
EDEDGHYXHVWUDVEDUELOODVRVGDLVFXHQWDGHTXH
YXHVWUDSLHOKDFDPELDGRGHWH[WXUD7DPELÌQGHFRORU
6HJXUDPHQWHYRVRWURVQRVLHPSUHIXLVWHLVGHHVD
WRQDOLGDGD]XOEÐJDUR
v 9HORFLGDG6SHHG3RGÌLVHVFXUULURVDWUDYÌVGH
ODVJULHWDVGHODVSDUHGHVFRPRXQDEDERVD
3RGÌLVJDVWDUHVSDFLRGHPRYLPLHQWRSDUD
SDVDUDWUDYÌVGHODVSDUHGHVKDFLDXQD
KDELWDFLÖQGHVFXELHUWDDORWURODGR3RGÌLVJDVWDU
HVSDFLRVGHPRYLPLHQWRSDUDLJQRUDU(OHFWUR
UHGHQODKDELWDFLÖQHQODTXHYD\DDHQWUDU
KDEÐDXQH[WUDÔRMDUUÖQFRPRORVTXHKDEÌLVYLVWRSRU
WRGDODFDVD(VFXFKÄLVDYXHVWURDPLJRGHFLU
(IHFWLYDPHQWH9DVRV&DQRSRV$KRUDDHQFRQWUDUHO
FRUUHFWR<VDOHFRUULHQGRGHKDELWDFLÖQHQ
KDELWDFLÖQ9RVRWURVQRHVWÄLVVHJXURVGHORTXHHVWÄ
SDVDQGRSHURHVWÄLVVHJXURVGHTXHKXELHUDVLGRXQD
PX\PDODLGHDTXHYXHVWURDPLJRKD\DHQFRQWUDGROD
FRUUHFWD
&DGDKÌURHHVWDUÄPDOGLWRGHDOJXQDPDQHUD(OWUDLGRU
RVOODPDUÄXQRDXQRKDFLDODRWUDKDELWDFLÖQ\
DOHDWRULDPHQWHRVDVLJQDUÄXQD0DOGLFLÖQOLVWDGDHQHO
7RPRGHO7UDLGRU'HEÌLVREHGHFHUODVUHJODVGHOD
0DOGLFLÖQHQWRGRPRPHQWR'HQLQJXQDPDQHUDSRGÌLV
GHFLUOHVDORVGHPÄVKÌURHVFÖPRHVOD0DOGLFLÖQTXH
RVKDWRFDGRWDPSRFRSRGÌLVGLVFXWLUVREUHODVUD]RQHV
TXHOOHYDQDXQKÌURHDDFWXDUGHXQDXRWUDPDQHUDHQ
v 3RGHU0LJKW3RGÌLVOHYDQWDUORVPLVPRV
FLPLHQWRVGHODFDVD8QDYH]SRUWXUQRSRGÌLV
*/.&%*"5".&/5&
WRPDU\URWDUODKDELWDFLÖQHQODTXHHVWÌLV
3UHSDUDGHOFRQWDGRUGH7XUQR'DÔRFRQHOFOLSSOÄVWLFR KDFLHQGRFRLQFLGLUDOPHQRVXQDSXHUWD1R
HQHOQÝPHURHTXLYDOHQWHDOGREOHGHOQÝPHURGH SRGÌLVKDFHUORSDUDVHSDUDUKDELWDFLRQHVR
H[SORUDGRUHV/RXVDUÌLVSDUDOOHYDUODFXHQWDGHOGDÔR JUXSRVGHKDELWDFLRQHVGHOUHVWRGHODFDVD
VXWXUQR
(PSH]ÄLVDGLULJLURVKDFLDXQDKDELWDFLÖQGRQGH
UHFRUGÄLVKDEHUYLVWRRWURMDUUÖQ/XHJRXQDVHQVDFLÖQ
$ã.0
"%26*3*3
6/
7"40
H[WUDÔDYLHQHKDFLDYRVRWURVh
3RGÌLVWRPDUXQ9DVRGHXQDKDELWDFLÖQHQODTXH
HVWÌLVDOILQDOGHYXHVWURWXUQR
*/.&%*"5".&/5&
DO/DERUDWRULRGH,QYHVWLJDFLRQHV5HVHDUFK/DERUDWRU\
v &RUGXUD6DQLW\9HLVODUHDOLGDGGHPDQHUDVTXH 1RSRGÌLVPRYHURVGHVSXÌVGHUHFRJHUXQ9DVRSHUR
&RJHG)LFKDVSHQWDJRQDOHVGH2EMHWR,WHP
RWURVQRSXHGHQ3RGÌLVLJQRUDUFXDOTXLHUWH[WR SRGÌLVHQWUHJÄUVHORDRWURH[SORUDGRU
-0
26&
4"#«*4
"$&3$"
%&
-04
."-04 QXPHUDGDVGHODOUHSUHVHQWDQ9DVRV&DQRSRV
GHXQDKDELWDFLÖQ\FRQWURODUHO$VFHQVRU0ÐVWLFR
+DEÌLVVLGRWUDLFLRQDGRVSRUXQFLHQWÐILFRGHORVPHQRV
FXHUGRVTXLHQGHVHDWUDWDURVFRPRVXMHWRVHQVXV
LQYHVWLJDFLRQHV
70405304
("/Ü*4
$6"/%0y
0\VWLF(OHYDWRUDYROXQWDG$GHPÄVXQDYH]SRU
WXUQRSRGÌLVLQWHQWDUXQD7LUDGDGH&RUGXUDSDUD
TXLWDU(OHFWURUHGGHYXHVWUDKDELWDFLÖQSRU
FDGDGDGRTXHUHVXOWHXQ
&RORFDGODV)LFKDVGH2EMHWRGHODDODERFD 7DPSRFRSRGÌLVOOHYDUPÄVGHXQ9DVRGXUDQWHYXHVWUR
DUULEDHQGLIHUHQWHVKDELWDFLRQHVGHODFDVDWHQLHQGR WXUQR
HQFXHQWDTXHQRSRGUÄQKDEHUPÄVGHILFKDVSRU
3RGÌLVGHMDUXQ9DVRHQFXDOTXLHUPRPHQWRGXUDQWHHO
SODQWD$VHUSRVLEOHSULPHURHOHJLUKDELWDFLRQHV
WXUQRGHYXHVWURKÌURH3HURQRSRGÌLVUHFRJHUXQ9DVR
GHVRFXSDGDVFRQHOVÐPERORGH2EMHWROXHJR
h/OHJXÌLVDHQHOPDUFDGRUGH7XUQR'DÔR
GHVWUX\HQGRHO/DERUDWRULRGH,QYHVWLJDFLRQHV\
GHWHQLHQGRVXVH[SHULPHQWRVUXLQHV
4*&/%0
$"1563"%04
(OWUDLGRUKDGHMDGR(OHFWURUHGHVSRUWRGDODFDVDSDUD
FDSWXUDURV3RUORTXHD
DOHQWUDUDXQDKDELWDFLÖQFRQDO
v &RQRFLPLHQWR.QRZOHGJH7RGRVORVVHFUHWRV
VRQWX\RVSDUDFRQWHPSODUORV8QDYH]HQHO
WXUQRGHOKÌURHÌVWHSXHGHWRPDUXQDFDUWDGH
REMHWR
9RVRWURVVRODPHQWHSRGÌLVWHQHU812GHHVWRVSRGHUHV
DOPLVPRWLHPSR6LYXHVWURUDVJRPÄVDOWRFDPELDDO
ILQDOGHYXHVWURWXUQRYXHVWURSRGHUWDPELÌQFDPELDUÄ
HOHJLUKDELWDFLRQHVFRQHOVÐPERORGHSUHVDJLR
(QWUHJDGOD)LFKDGH2EMHWRDOWUDLGRU
-0
26&
4"#«*4
"$&3$"
%&
-04
."-04
(OWUDLGRUKDGHVFXELHUWRTXHXQRGHORV9DVRVHQOD
FDVDOOHYDORVUHVWRVGHXQJUDQIDUDÖQTXLHQSURYHHUÄ
GHJUDQGHVSRGHUHVDODSHUVRQDTXHDEUDHO9DVRHQ
GHMDGRSRUYXHVWURKÌURHHQHVHPLVPRWXUQR
$ã.0
4"#&3
26*«/
5670
&-
7"40

$033&$50
&XDQGRORV9DVRV&DQRSRVKD\DQVLGRUHFROHFWDGRV
HOWUDLGRUUHYHODUÄOD0DOGLFLÖQEDMROD0RPLD(O
H[SORUDGRUTXHWHQJDODILFKDGH9DVRFRUUHVSRQGLHQWH
WHQGUÄHO9DVRFRUUHFWR
PHQRVXQD(OHFWURUHGSRGÌLVVHUFDSWXUDGRV6LVRLV HO6DOÖQGHO3HQWDJUDPD3HQWDJUDP&KDPEHU
$ã.0
%&4536*3
&-
-"#03"503*0
%&
3&(-"4
&41&$*"-&4
%&
"5"26&
FDSWXUDGRVWHQGUÌLVTXHSRQHUODPLQLDWXUDGHOKÌURH
*/7&45*("$*0/&4
WXPEDGD\QRSRGUÌLVPRYHURVQLUHDOL]DUQLQJXQD 70405304
("/Ü*4
$6"/%0 /RVH[SORUDGRUHVQRSRGUÄQDWDFDUDOH[SORUDGRUTXH
DFFLÖQH[FHSWRPXWDURVROWDUXQREMHWRGXUDQWHHO 6LXQKÌURHHPSLH]DVXWXUQRHQHO/DERUDWRULRGH SRUWHXQ9DVRKDVWDTXHHO9DVRFRUUHFWRKD\DVLGR
WLHPSRTXHHVWÌLVFDSWXUDGRV ,QYHVWLJDFLRQHVHQYH]GHPRYHUVHRDWDFDUSXHGH /OHYÌLVHO9DVRFRUUHFWRDO+DOOGH(QWUDGD(QWUDQFH UHYHODGR'HVSXÌVGHHVRSRGUÄQDWDFDUORVFRQ
GHVWUR]DUHOHTXLSDPLHQWRGHOODERUDWRULR,QWHQWDQGR +DOO QRUPDOLGDG8QH[SORUDGRUTXHUHFLEDGDÔRGXUDQWHXQ
$OLQLFLRGHOWXUQRGHXQKÌURHFDSWXUDGRGLFKRKÌURH XQD7LUDGDGH3RGHU3RUFDGDGDGRTXHUHVXOWHXQ DWDTXHGHEHUÄWHQHUÌ[LWRHQXQD7LUDGDGH3RGHU
SXHGHTXLWDUXQD(OHFWURUHGGHVXKDELWDFLÖQ
6L\DQR GLVPLQX\HHOQÝPHURGHOFRQWDGRUGH7XUQR'DÔRHQ
TXHGDVHQ(OHFWURUHGHVHQODKDELWDFLÖQHOKÌURH
FDSWXUDGRVHUÄOLEHUDGR\SRGUÄSRQHUVXPLQLDWXUDGH
QXHYRHQSLH

1RWD6REUHHVWHSXQWRQLQJXQRGHORV7RPRVHQ
,QJOÌVGHWDOODFRQFODULGDGVLHOKÌURHFDSWXUDGRGHED
SHUGHUXQWXUQRHQWHUR
.65"/%0
$OILQDOGHOWXUQRGHYXHVWURKÌURHÌVWHSXHGHPXWDU
3DUDKDFHUORGLVPLQX\HFXDOTXLHUUDVJRHQRPÄVH
LQFUHPHQWDRWURUDVJRHOQÝPHURGHSXQWRVTXHKD\D
UHGXFLGR/XHJRSDUDHOUDVJRPÄVDOWRGHGLFKRKÌURH
0LJKWGHSDUDFRQWLQXDUSRUWDQGRHO9DVR6LHO
9DVRHVVROWDGRFXDOTXLHUH[SORUDGRUSRGUÄUHFRJHUOR
4*
("/Ü*4y FRQQRUPDOLGDG
(OODERUDWRULRHVDKRUDHVFRPEURV(OFLHQWÐILFRVH
DUURGLOODKHFKRXQPDUGHOÄJULPDV0LWUDEDMR7RGD 4*
("/Ü*4y
XQDYLGDGHWUDEDMRVHKDSHUGLGR1RTXHGDQDGD1R 0LHQWUDVVDOÐVGHODFDVDFRQHO9DVR&DQRSRHQYXHVWUR
KD\PDQHUDGHFRPHQ]DUGHQXHYRDKRUD7RPDGHVWR SRGHUYHLVFRPRVHGHVLQWHJUD/DPDJLDTXHOR
(OFLHQWÐILFRRVHQWUHJDODOODYHGHODSXHUWDSULQFLSDO SURWHJÐDH[LVWÐDVRODPHQWHGHQWURGHODFDVD7DOHVOD
0LHQWUDVRVYDLVRVGDLVFXHQWDTXHQRWHQÌLVXQDFXUD IXJDFLGDGGHODKLVWRULD
SDUDYXHVWUDQXHYDFRQGLFLÖQ/DÝQLFDLQYHVWLJDFLÖQ
KDVLGRGHVWUXLGD9D\D0LHQWUDVFDPLQÄLVDOD
IXUJRQHWDGHEDWÐVVREUHODVYHQWDMDVGHYXHVWUDSLHO
D]XOSÄOLGR
HOLJLHQGRYRVRWURVHQFDVRGHHPSDWHJDQDUÄXQSRGHU
DGLFLRQDOSDUDHOUHVWRGHODSDUWLGD

;.=8 ;.=8

80 81
 8+=.7.;>7*92<=* .758<-.=*55.<
325 ELISA TEAGUE%
%$6$'2(1(/3238/$5-8(*2'(0(6$&/8('2 325ROB DAVIAU

8QJULWRKDFHHFRSRUWRGDODFDVDFRPRVLDOJXLHQ (VWDFDUWDhHVXQFRQWUDWR$SDUHQWHPHQWHODJHQWHHQ $ã.0
&/5&/%&3
.&+03
76&453"

KXELHUDYLVWRDXQPXHUWR3HURHVWDYH]QRKD\ (OKÌURHOXHJRGHEHUÄLQWHQWDUXQD7LUDGDGH HVWDFDVDKDILUPDGRXQWUDWRFRQDOJXLHQTXHQR 104*$*ã/
QHFHVLGDGGHSUHJXQWDU\DTXHHOFDGÄYHUGHYXHVWUR FRQRFLPLHQWRGHSDUDUHFRUGDUXQDKLVWRULD GHEHUÐDQ<DKRUDHOGLDEORTXLHUHVXGHXGD¢(VHVR
3RGÌLVLQWHQWDUXQD7LUDGDGH&RQRFLPLHQWRGHHQ
DQILWULÖQKDVLGRHQFRQWUDGR1RKD\QHFHVLGDGGH FRQYLQFHQWHXVDQGRHODUPDTXHOOHYÖHLQFOX\HQGROD D]XIUH"¢(VWÄYXHVWURQRPEUHHQHOFRQWUDWR"¢3RUTXÌ
UHVROYHUHVWHPLVWHULRPLHQWUDVSRGÄLVGHFLUTXLÌQHV
HOFXOSDEOH„(OPD\RUGRPRORKL]R
/DÝQLFDSUHJXQWDDKRUDHVFÖPRVDOLUGHODFDVDDQWHV
KDELWDFLÖQHQGRQGHHVWDEDDQWHULRUPHQWH3DUDHYLWDU
FRQIOLFWRGHKLVWRULDVFDGDFRDUWDGDGHEHHVWDEOHFHUVH
HQXQDKDELWDFLÖQGLIHUHQWH&RORFDGYXHVWUD)LFKDGH
OD%LEOLRWHFD/LEUDU\RHO(VWXGLR6WXG\SDUDPLUDU
HVWÄLVPHWLGRVHQHVWR"¢4XÌKDEÌLVKHFKR"
ODVILFKDVGH1RPEUHSXHVWDVHQODUHVHUYDH
LQWHUFDPELDUXQDGHHOODVFRQDOJXQDYXHVWUDVL
*/.&%*"5".&/5& TXHUÌLV
GHTXHVHÄLVODSUÖ[LPDYÐFWLPD(VKRUDGH ([SORUDGRU\OD)LFKDGH2EMHWRRFDUWDHQODKDELWDFLÖQ 0H]FODG)LFKDVGH2EVWÄFXORUHSUHVHQWDQ1RPEUHV
LGHQWLILFDURV\GDURVFXHQWDGHODIDPRVDFDVDHQOD HQODTXHKD\ÄLVHVWDEOHFLGRODFRDUWDGDODFXDOQR HQXPHUDGDVGHOKDVWDHOQÝPHURHTXLYDOHQWHDOD $ã.0
)"$&3
6/"
/&(0$*"$*ã/
TXHRVKDEÌLVHQFRQWUDGR SRGUÄVHUUHFRJLGDRXVDGDKDVWDTXHODOOHJDGDGHOD FDQWLGDGGHMXJDGRUHVHVGHFLUVLHVXQDSDUWLGDGH
SROLFÐD 3RGÌLVLQWHQWDUXQD7LUDGDGH&RUGXUD6DQLW\GH
MXJDGRUHVGHEHUÄQVHUILFKDVGHODO(QWUHJDGD
HQOD&DSLOOD&KDSHOSDUDLQWHUFDPELDUILFKDVFRQ
*/.&%*"5".&/5& FDGDMXJDGRUXQDILFKDGH1RPEUHHQVHFUHWR5HVHUYD
DINNER GUESTS ODVILFKDVVREUDQWHV
DOJÝQRWURH[SORUDGRU
6LHO&RPHGRU'LQQLQJ5RRPWRGDYÐDQRHVWÄHQ
MXHJREXVFDUHQHOPD]RGHKDELWDFLRQHV\FRORFDUOR (OUHYHODGRUGHOUHWRHPSH]DUÄHOWXUQR $ã.0
+6("3
%"%04
$0/
&-
%*"#-0
$PMPS /PNCSF )BCJUBDJPOFT
$PBSUBEBT
HQODFDVD/XHJRPH]FODUHOPD]R
6LDOJXQRGHYRVRWURVWLHQHODFDUWD&DUWDHQOD6DOD
&RORFDUWRGDVODVPLQLDWXUDVGHKÌURHVHQHO&RPHGRU
5RMR
&DGDXQRGHYRVRWURVVHUÌLVXQLQYLWDGRHQODFDVD
VHJÝQHOFRORUGHYXHVWURH[SORUDGRU $PDULOOR
3UHSDUDUXQD)LFKDGH([SORUDGRUSRUFDVDKÌURH
%ODQFR
&RORFDUXQDFDQWLGDGGH)LFKDVSHQWDJRQDOHVGH
2EMHWRLJXDODOQÝPHURGHKÌURHVHQHO&RPHGRU(VWRV
6U 6DOÖQGH%DLOH+DOOGH -0
26&
4"#«*4
"$&3$"
%&
-04
."-04 GH-XHJRV*DPH5RRPSXHGHLQWHQWDUPH]FODUOD
0DQ]DQD (QWUDGD6DODGH-XHJRV
¢(OORV"¢7Ý"$TXHOORVMXJDGRUHVTXHQRWHQJDQHO &DUWDHQHOPD]RGHSUHVDJLRVSDUDDOHDWRUL]DUORV
6UWD 6DODGH(VWDU+DOOGH QÝPHURPÄVEDMRFRQUHVSHFWRDWRGRVORVMXJDGRUHV 1RPEUHVHQHOFRQWUDWR'HEHSRQHUVXILFKDGH
/LPÖQ (QWUDGD(VWXGLR DFWXDOHVHVWÄQHQODFXHUGDIORMDSDUDHQWUHJDUVXDOPD 1RPEUHIXHUDGHIXHJR\GHEHUÄWLUDUGDGRV7RGRV
ORVGHPÄVH[SORUDGRUHVFRQYLGDWDPELÌQGHEHUÄQ
3URIHVRU ,QYHUQDGHUR+DOOGH DORVSRGHUHVLQIHUQDOHVHQODFDVD0HMRUPDWDUDORV
RWURVDVÐRVDVHJXUÄLVGHTXHVHÄLVHOGHOQÝPHURPÄV WLUDUGDGRV&XDOTXLHUDTXHKDJDXQD7LUDGDLJXDOR
3ÄOLGR (QWUDGD&RFLQD PHQRUTXHHVHH[SORUDGRUGHEHUÄQSRQHUVXVILFKDV
EDMR2HVSHUDGKDVWDTXHHOFRQWUDWRJLUHDYXHVWUR
UHSUHVHQWDQODVSRVLEOHVDUPDVDVHVLQDVXQD'DJD 9HUGH 6U 6DOÖQGH%DLOH,QYHUQDGHUR IDYRU GH1RPEUHIXHUDGHMXHJRFXDOTXLHUDTXHKDJDXQD
XQ5HYÖOYHUXQ&DQGHODEURXQD3DODQFD
XQD&DFKLSRUUD8VDGORVHQRUGHQHQHOFDVRTXHVHÄLV
PHQRVGHKÌURHVQRWRGDVODVDUPDVVHUÄQXVDGDV
7HQHUHQFXHQWDTXHOD&XHUGDHVWDPELÌQXQDSRVLEOH
DUPDDVHVLQDSHURHPSLH]DFRQHOWUDLGRU
-0
26&
4"#«*4
"$&3$"
%&
-04
."-04
(OWUDLGRUHVHO0D\RUGRPRGHODFDVD\ÌOHVXQ
HPSOHDGRPX\GHVFRQWHQWR'HVSXÌVGHHVWUDQJXODUDO
SURSLHWDULRGHODFDVDHO6U'HGPDQGHELGRDXQD
GLVFXVLÖQVREUHSODWRVGHSRVWUHHO0D\RUGRPRHVWÄ
FRPSOHWDPHQWHIXHUDGHVÐ\„DKRUDVRLVODVSUÖ[LPDV
YÐFWLPDVSRWHQFLDOHV6LQHPEDUJRODSROLFÐDHVWÄGH
FDPLQR\FXDQGRHOORVKD\DQOOHJDGRWRGRVQHFHVLWÄLV
XQDFRDUWDGDROD&XHUGDWHQGUÄYXHVWURQRPEUH
70405304
("/Ü*4
$6"/%0y
/LPD +DOOGH(QWUDGD WLUDGDPD\RUTXHHVHH[SORUDGRUSRGUÄHOHJLUVLOR
5ç
("/"4
$6"/%0y
KDUÄVLGHVHD7RGRDTXÌOTXHQRWHQJDXQDILFKDGH
$]XO 6UD 6DODGH(VWDU+DOOGH 1RPEUHHQMXHJRGHEHUÄFRJHUXQDILFKDGH1RPEUH
=DILUR. (QWUDGD6DODGH-XHJRV h6HDVODÝOWLPDSHUVRQDTXHTXHGHHQODFDVDR DOHDWRULDGHODUHVHUYDHQVHFUHWR
HQFXHQWUHVXQDODJXQDHQHOFRQWUDWR
0RUDGR 6UWD9LROHWD %LEOLRWHFD+DOOGH 6LDOJXQRGHYRVRWURVWRPDODFDUWDGHVXFHVR
(QWUDGD(VWXGLR &RQWUDWRHQOXJDUGHVHJXLUVXVLQVWUXFFLRQHVSXHGH
$ã.0
&/$0/53"3
6/"
-"(6/"
&/
&-

$0/53"50
PH]FODUODHQHOPD]RGHVXFHVRVSDUDDOHDWRUL]DUORV
3&(-"4
&41&$*"-&4
%&
"5"26& 1RPEUHVFRPRVHKDH[SOLFDGRDQWHULRUPHQWH
(OFRQWUDWRLQIHUQDOVLJXHFDPELDQGR$YHFHVYXHVWUR
(O0D\RUGRPRSXHGHUHFLELUGDÔRFRQQRUPDOLGDG 1RPEUHHVWDUÄDOOÐRWUDVYHFHVQR6LDOJXQRGH
SHURQRSRGUÄVHUDVHVLQDGR3RGÌLVUREDUOHREMHWRV
3&(-"4
&41$*"-&4
%&
"5"26&
YRVRWURVWLHQHHOQÝPHURPÄVEDMRHQWUHWRGRVORV
XVDQGRDWDTXHVIÐVLFRVFRQQRUPDOLGDG MXJDGRUHVTXHVLJDQHQODSDUWLGDÌOSRGUÄHQFRQWUDU 6LDOJXQRGHYRVRWURVPDWDDRWURH[SORUDGRUSRGUÄYHU
XQDODJXQDHQHOFRQWUDWR VXQÝPHURGHILFKD\FRPSDUDUODFRQODVX\D(OMXJDGRU
&XDQGRHQXQDGHYXHVWUDVKDELWDFLRQHVFRDUWDGDHO
GHEHUÄSRQHUODILFKDGHPD\RUQÝPHURIXHUDGHMXHJR
WUDLGRUQRSRGUÄKDFHURVGDÔRGXUDQWHXQDWDTXH 3DUDHQFRQWUDUXQDODJXQDDOPHQRVXQMXJDGRUGHEHUÄ
\TXHGDUVHFRQODGHPHQRUQÝPHURERFDDEDMR
KDEHUPXHUWRGHVSXÌVGHWRGRHOGLDEORQRVHYDDLU
FRQODVPDQRVYDFÐDV'HVSXÌVGHHVRHOH[SORUDGRU
4*
("/Ü*4y "-
'*/"-
%&
-"
30/%"
SXHGHLQWHQWDUXQD7LUDGDGH&RQRFLPLHQWR
/DVVLUHQDVGHSROLFÐDVHR\HQFHUFD\UHVSLUÄLV .QRZOHGJHGHPLHQWUDVHVWÌHQHO6DOÖQGHO $O ILQDO GH OD URQGD DQWHV GHO WXUQR GHO UHYHODGRU GHO
h&DGDKÌURHDUPHXQDFRDUWDGDDQWHVGHTXHOD
SROLFÐDOOHJXH8QDGHODVFRDUWDGDVGHEHLQFOXLUOD
&XHUGDODFXDOQRHPSLH]DHQHO&RPHGRU6LXQKÌURH
PXHUHDQWHVGHWHQHUXQDFRDUWDGDRWURKÌURHSXHGH
DUPDUXQDFRDUWDGDSDUDHVHKÌURHXVDQGRODV
KDELWDFLRQHVFRDUWDGDVGHOKÌURHIDOOHFLGR
$ã.0
&45"#-&$&3
6/"
$0"35"%"
8QKÌURHSXHGHHVWDEOHFHUXQDFRDUWDGDOOHYDQGRXQD
GHODVSRVLEOHVDUPDVDVHVLQDV\DVHDOD&XHUGDRXQD
DOLYLDGRVVREUHWRGRSRUTXHWRGDYÐDSRGÌLVKDFHUOR
-XUÄLVTXHHVWDVHUÄODÝOWLPDFHQDDODTXHDVLVWÐV'H
WRGRVPRGRV¢4XLÌQQHFHVLWDXQDFHQDHOHJDQWH"
'HVSXÌVGHVHULQWHUURJDGRVHOFDSLWÄQRVGLFHTXH
UHFLELUÌLVXQDPHGDOODGHKRQRU\XQDLQYLWDFLÖQhDOD
FHQDGHFHOHEUDFLÖQDQXDOGHODOFDOGH
3HQWDJUDPD3HQWDJUDP&KDPEHUSDUDYROWHDUVXILFKD
GH1RPEUH6LQDGLHPÄVWXYLHUDHOQÝPHURPÄVEDMRHO
H[SORUDGRUKDEUÄHQFRQWUDGRXQDODJXQDFRQWUDFWXDO6L
DOJXLHQPÄVWXYLHUDHOQÝPHURPÄVEDMRGHEHUÄ
HQVHÔDUOHVXQÝPHURHQVHFUHWRDOMXJDGRUTXH
HQFRQWUÖODODJXQDÌVWHÝOWLPRSDVDUÄDHVWDUIXHUDGHO
MXHJR\GHEHUÄSRQHUHQODUHVHUYDVXILFKDGH1RPEUH
UHWR FDGD H[SORUDGRU FRQ YLGD SDVDUÄ VX ILFKD GH
1RPEUHHQVHQWLGRKRUDULRDOVLJXLHQWHH[SORUDGRU
4*
5ç
("/"4y
„/RKLFLVWH+DVHQFRQWUDGRXQDPDQHUDGHVDOLUGHOD
QHJRFLDFLÖQ2WUDYH]&DVLVHHVWÄYROYLHQGRGHPDVLDGR
IÄFLO2KEXHQRVLHPSUHKDEUÄRWURJUXSRGHSHUVRQDV
GLVSXHVWDVDHQWUHJDUVXVDOPDVDFDPELRGHSRGHU
4XL]ÄODSUÖ[LPDYH]XQRGHHOORVVHDXQYDOLRVR
DGYHUVDULR
GHODVTXHKD\DHQHO&RPHGRUKDFLDXQDGHVXV
KDELWDFLRQHVDVLJQDGDVFRPRFRDUWDGD

;.=8 ;.=8

82 83
 85?2-*;9*;*;.,8;-*; .5*<.<278.75*6¨:>27*
325 WILL HINDMARCH 325 JEFF TIDBALL

/DFDVDFUXMH\UHVXHQDFRPRXQDYR]VLQSDODEUDV/RV 26«
46$&%&
$6"/%0
%&#Ü*4
.03*3 (OVRQLGRGHHVHYLHMRDQLOORPDQFKDGRTXHJROSHDHO

UHWUDWRVGHODVSDUHGHVRVPLUDQILMDPHQWHVLJXLÌQGRRV
FRQVXVRMRV\FDGDXQRGHHOORVUHSUHVHQWDD5LFKDUG
6PLWK5HFRUWHVGHSHULÖGLFRVHQYHVWÐEXORGLFHQTXHÌO
IXHH[RQHUDGRSHURWRGRVHQHVWHSXHEORVDEHQTXH
IXHXQDVHVLQR<DKRUDYXHVWURDPLJRRVHVWÄPLUDQGR
6LYXHVWUR&RQRFLPLHQWRGLVPLQX\HKDVWDHOVÐPERORGH
ODFDODYHUDRVTXHGÄLVFDWDWÖQLFRVHQYH]GHPXHUWRV\
DXWRPÄWLFDPHQWHWLUÄLVXQHQWRGRVORVDWDTXHVIÐVLFRV
\PHQWDOHV
SLVRVXHQDH[WUDÔDPHQWHFRPRYXHVWURWRQRGH
OODPDGD&XDQGRHODQLOORFDHHQXQKR\RRVGDLV
FXHQWDGHTXHYXHVWURWHOÌIRQRHVWÄYLEUDQGR9XHVWUD
PDQRSRUODPHPRULDPXVFXODUOOHJDDYXHVWUREROVLOOR
v 3RGÌLVSHGLUD\XGDHQXQDKDELWDFLÖQFRQDO
PHQRVXQD%DUUDGH&REHUWXUD3DUDSHGLU
D\XGDWLUDUGDGRV\DÔDGLUDOUHVXOWDGRHO
QÝPHURGH%DUUDVGH&REHUWXUDTXHKD\DHQOD
KDELWDFLÖQ6LHOUHVXOWDGRHV„ODD\XGD
WDPELÌQDOLJXDOTXH5LFKDUG6PLWKHQVXVUHWUDWRV\ (QODSDQWDOODYHLVXQDQRWLILFDFLÖQGH))OLWWHUODUHG HVWDUÄHQFDPLQR9HU& &ÖPR(VFDSDUGHOD
6LYXHVWUD&RUGXUDGLVPLQX\HKDVWDHOVÐPERORGHOD
FXDQGRKDFÌLVFRQWDFWRYLVXDOFRQÌOODFDVDFUXMH\
FDODYHUDRVYROYÌLVPRQVWUXRVFDSDFHVGHKDFHU
JLPHGHQXHYR
DWDTXHVPHQWDOHVHQQRPEUHGHO(VSÐULWX3VÐTXLFRSHUR
UHVWÄQGROHDODWLUDGDGHDWDTXHPHQWDOGHO(VSÐULWX
*/.&%*"5".&/5&
3VÐTXLFR6LOXHJRRVTXHGÄLVFDWDWÖQLFRVQRSRGUÌLV
PRYHURVSHURSRGUÌLVDWDFDUDORVH[SORUDGRUHVTXH
5HVHUYD)LFKDVGH7LUDGDGH&RQRFLPLHQWR
HVWÌQHQYXHVWUDKDELWDFLÖQ(VWDUÌLVKDELWDGRVSRUHO
VRFLDOGRQGHYRVRWURV\YXHVWURVDPLJRVFXFKLFKHÄLV &DVD
VREUHWRGRORTXHRVLPSRUWDHQYXHVWUDVYLGDV
v 3RGÌLVS
SHUGHUYXHVWURWHOÌIRQRFRPRVLVHWUDWDUD
GHXQDFDUWDGHREMHWRSHURQRHVEXHQR
3HURÌVWDQRHVXQDDOHUWDQRUPDO+D\XQDEDUUDGH
KDFHUOR6LSRUODVEXHQDVGHMÄLVYXHVWUR
SURJUHVRHQODSDUWHVXSHULRUGHODSDQWDOODTXHDQWHV
6PDUWSKRQHRVHORHQWUHJÄLVDRWURKÌURH
QRHVWDEDDOOÐ<HVWÄHWLTXHWDGDFRPR$PLJRV
SHUGHUÌLVGDGRGH&RUGXUD¢5HQXQFLDUDPL
.QRZOHGJH5ROO 0XHUWRV$KRUDPLVPRHVWÄHQHOFHURSHURDOJRRV
(VSÐULWX3VÐTXLFR\GHEHUÌLVVHUDVHVLQDGRVSDUDJDQDU
HOUHWR
-0
26&
4"#«*4
"$&3$"
%&
-04
."-04
6LYXHVWUR3RGHUR9HORFLGDGGLVPLQX\HKDVWDHOVÐPEROR
/DFDVDIXHODYLYLHQGDGHXQDVHVLQRORFDPHQWH
WHOÌIRQR"¢(VWÄVORFR"8QDYH]TXHOD&RUGXUD
GLFHTXHHVRQRVHYDDTXHGDUDKÐh
GHXQKÌURHOOHJXHDOVÐPERORGHODFDODYHUDHVH
KÌURHVHFRQYHUWLUÄHQDPLJRGHOWUDLGRU(O
*/.&%*"5".&/5& H[SORUDGRUWHQGUÄTXHOHHUHVWHUHWRHQHO7RPR
EULOODQWHOODPDGR5LFKDUG6PLWK¬OGLVHÔÖHVWD GHODFDODYHUDPRULUÌLV GHO7UDLGRU
&DGDKÌURHWRPDXQD)LFKDSHQWDJRQDOGH2EMHWR
OODPDWLYDFDVDSDUDDXPHQWDUVXVKDELOLGDGHV UHSUHVHQWDXQ6PDUWSKRQH
SVÐTXLFDV¬ODSXQWDEDDPDQWHQHUVXHVSÐULWXHQHO 4*
("/Ü*4y $ã.0
&4$"1"3
%&
-"
$"4"
PXQGRIÐVLFR\SUHVHUYDUVXPHPRULD3HURIXH 5HVHUYDWRGDVODV)LFKDVSHTXHÔDVGH0RQVWUXR
FRQWUDSURGXFHQWH$KRUDVXPHPRULD\VXHVSÐULWX 7HQÌLVSUREOHPDVSDUDUHFRUGDU(OORVRVSUHJXQWDURQ UHSUHVHQWDQ%DUUDVGH&REHUWXUD\)LFKDVGH &XDQGRODD\XGDHVWÌGHFDPLQRVXPDUHOQÝPHURGH
HVWÄQDWDGRVDODFDVD(QWUDQGRDHVWHOXJDUYRVRWURV
KDEÌLVSRUGHFLUORGHDOJXQDPDQHUDHQWUDGRHQVX
PHQWH/DFDVDHQVÐTXLHUHSODVPDUODPHQWHGH6PLWK
VREUHORTXHKDEÐDSDVDGRHQODFDVDSHURHVWÄWRGR 2EVWÄFXORUHSUHVHQWDQ=RQDV6LQ&REHUWXUD KÌURHVFRQYLGDDOQÝPHURPDUFDGRHQHOFRQWDGRUGH
PX\QXEODGR(OORVVLJXHQXVDQGRODVSDODEUDVHVD 7XUQR'DÔR0DUFDGHOQÝPHURUHVXOWDQWHFRQXQFOLS
QRFKHFRPRHQ¢4XÌSDVÖHVDQRFKH"SHURWHQÌLV -0
26&
4"#«*4
"$&3$"
%&
-04
."-04 GHUHSXHVWRDVÐWRGRVVDEUÄQFXÄQGRKDEUÄOOHJDGROD
PLHGRGHUHVSRQGHUVLQVHUFDSDFHVGHUHFRUGDUSRU D\XGD3RUHMHPSORVLTXHGDUDQKÌURHVFRQYLGD
HQODYXHVWUDDVÐÌOSRGUÄYLYLU\PDWDUGHQXHYR
TXÌ<SDUHFHFRPRVLQDGLHHQHOSXHEORSXGLHUD (OWUDLGRUVHKDYXHOWRORFRSRUhDOJR<SDUHFHTXHOD FXDQGRVHKD\DSHGLGRD\XGDHQHOWXUQRODD\XGD
UHFRUGDUGHTXLÌQVROÐDVHUODFDVDFRPRVLKXELHUDXQ PLVPDIXHU]DHVWÄDSXQWRGHYROYHURVORFRVWDPELÌQ OOHJDUÄHQHOWXUQR
70405304
("/Ü*4
$6"/%0 6LHOWUDLGRUQRRVPDWDSULPHURFODUR
DJXMHURHQODPHPRULDGHWRGRVh
(QHOWXUQRHQTXHOOHJDODD\XGDRHQFXDOTXLHUWXUQR
+D\ÄLVPDWDGRDO(VSÐULWX3VÐTXLFRGH5LFKDUG6PLWK
DSDUWLUGHHQWRQFHVFXDOTXLHUKÌURHHQHO+DOOGH
PDWDQGRDFDGDFXHUSRTXHKDELWD2HOWUDLGRUHOLJH 70405304
("/Ü*4
$6"/%0y
(QWUDGD(QWUDQFH+DOOGHMDUÄHQWUDUDORVSROLFÐDVHQ
ERUUDUHOÝOWLPRYHVWLJLRGH5LFKDUG6PLWKGHVX
h$OPHQRVXQKÌURHFRQXQDSXQWXDFLÖQSRVLWLYDGH ODFDVD\ORVKÌURHVJDQDUÄQODSDUWLGD
PHPRULD
&RUGXUD6DQLW\HVFDSHGHODFDVD¢(OSUREOHPD"/D
3&(-"4
&41&$*"-&4
%&
"5"26& SXHUWDSULQFLSDOVLJXHEORTXHDGD\„ODVYHQWDQDVHVWÄQ
FHUUDGDVGHIRUPDVHJXUD9DLVDSHGLUD\XGDh„SHUR
4XLHQTXLHUDTXHWXYLHUDODFDUWD%RODGH&ULVWDOSXHGH DTXÐODFREHUWXUDHVKRUULEOH
XVDUODSDUDKDFHUDWDTXHVDGLVWDQFLDGH&RQRFLPLHQWR
4*
76&4530
#"/%0
("/"y
/DVOXFHVURMDV\D]XOHVGHORVYHKÐFXORVGHODSROLFÐD
FUX]DQHOSDLVDMH,UUXPSLVWHDWUDYÌVGHODSXHUWD
.QRZOHGJHHOFXDOWDPELÌQDFWLYDDOD%RODGH&ULVWDO $ã.0
64"3
76&45304
4."351)0/&4 SULQFLSDOTXHDOJXQDYH]HVWXYRFHUUDGDFRQOODYHFRQ
FRQQRUPDOLGDGFRQORTXHORVDWDFDQWHVFRUUHQHO ODD\XGDGHXQRILFLDO6:$7YHVWLGRGHQHJURTXLHQ
ULHVJRGHSÌUGLGDGH&RUGXUD6DQLW\6HJXUDPHQWHOD 8QDYH]GXUDQWHHOWXUQRGHXQSHUVRQDMHVLÌVWH KÄELOPHQWHHPSXÔDXQDUREXVWDSDODQFD
%RODGH&ULVWDOWHQJDYDORU\SRGHUSDUDHO(VSÐULWX WXYLHUDXQ6PDUWSKRQHSRGUÄEXVFDUFREHUWXUDRSHGLU
D\XGD7DPELÌQSRGUÄSHUGHUVXWHOÌIRQR /RVPÌGLFRVLQWHQWDQOOHYDUWHUÄSLGDPHQWHDXQD
3VÐTXLFR\HOWUDLGRUWDPELÌQDVÐÌOSRGUÐDEXVFDUOR
DPEXODQFLDTXHHVWÄHVSHUDQGRSHUROHTXLWDVOD
7HQHGFXLGDGR v 3RGÌLVEEXVFDUFREHUWXUDHQFXDOTXLHUKDELWDFLÖQ SDODQFDGHODVPDQRVDORILFLDO$UURMDVWXWHOÌIRQRDO
3RGÌLVXVDUFXDOTXLHUPÌWRGRSDUDGDÔRIÐVLFRSDUD TXHQRHVWÌHQHO6ÖWDQR%DVHPHQW7LUDU VXHOR\XVDVODSDODQFDSDUDGHVWUR]DUOR\URPSHUOR
FRQGXFLUDOHVSÐULWXGH5LFKDUG6PLWKIXHUDGHXQD GDGRHQOD3ODQWD%DMD*URXQG)ORRURGDGRV
HQOD3ODQWD$OWD8SSHU)ORRURHO7HMDGR5RRI $PHGLGDTXHORVSDUDPÌGLFRVORD\XGDQDHQWUDUHQ
KDELWDFLÖQ+DFHUXQDWDTXHGH3RGHU0LJKWFRQWUD
$ÔDGLUDODWLUDGDVLWXYLHUDDOJXQDYHQWDQDR ODDPEXODQFLDYHLVDOFRQGXFWRUUHYLVDQGRVX
YXHVWUDKDELWDFLÖQFRQVLGHUDQGRTXHODKDELWDFLÖQ
HVWXYLHUDHQHOH[WHULRUYHUHOUHJODPHQWR WHOÌIRQRh
WXYLHUD3RGHUR9HORFLGDG6SHHGFRQWUDFDUWDV
FRPROD'LQDPLWD(ODWDTXHQRSURGXFLUÄ'DÔRHQ DFWXDOL]DGRGHHVWDH[SDQVLÖQ(OWRWDOGH
OXJDUGHHVRFRORFDUXQD)LFKDWULDQJXODUGH7LUDGDGH YXHVWUDWLUDGDVHUÄODFDQWLGDGGH%DUUDVGH
&RQRFLPLHQWRHQHVDKDELWDFLÖQVLOHKDFÌLVGHGDÔR FREHUWXUDHQHVDKDELWDFLÖQ&RORFDUHVD
IÐVLFR1RSRGUÄQFRORFDUVHPÄVGHILFKDVHQXQDVROD FDQWLGDGGHILFKDVGH%DUUDVGH&REHUWXUD
KDELWDFLÖQ6LRVTXHGÄLVVLQILFKDVSRGÌLVPRYHU PÄ[LPRGHHQHVDKDELWDFLÖQVLYXHVWUR
DOJXQDGHRWUDKDELWDFLÖQ&DGD)LFKDGH7LUDGDGH UHVXOWDGRIXHUDGHFHUR%DUUDVGH&REHUWXUD
&RQRFLPLHQWRHQXQDKDELWDFLÖQKDFHGLVPLQXLUHQ FRORFDUXQDILFKDGH=RQD6LQ&REHUWXUDHQOD
GDGRHOYDORUGH&RUGXUD\&RQRFLPLHQWRGHO(VSÐULWX KDELWDFLÖQ1RSRGUÌLVEXVFDUFREHUWXUDHQXQD
3VÐTXLFRHQGLFKDKDELWDFLÖQ KDELWDFLÖQHQGÖQGH\DVHKD\DGHWHUPLQDGR
FREHUWXUD

;.=8 ;.=8

84 85
 .5+8<:>..75*,*+*‡* ;2?*52-*-.7=;.1.;6*7*<
3 25MIKE SELINKER 325MARIE POOLE AND ELISA TEAGUE

7RGRHVWHWLHPSRSHQVDVWHLVTXHHVWDEDLVHQXQDFDVD 3&(-"4
&41&$*"-&4
%&
"5"26&
+DEÌLVOLEHUDGRORVHVSÐULWXVGHGRVKHUPDQDV $ã.0
3&"-*;"3
6/
&903$*4.0

HPEUXMDGD3HURDKRUDRVILMÄLVTXHODHVWUXFWXUDGH HWHUQDPHQWHHQFHUUDGDVHQXQMXHJRPRUWDOGHEURPDV
PDGHUDGHODFDVDHVEDVWDQWHWRVFD\KD\KRMDVSRU 8QDYH]SRUWXUQRSRGUÌLVDWDFDUDXQDKDELWDFLÖQGH &XDQGRVXVHVSÐULWXVHQWUDQDODFDVDGHVFXEUÐVXQD (QYXHVWURWXUQRSRGÌLVWRPDUDOD'LUHFWRUDFXDQGR
WRGRVODGRV$SHVDUGHTXHDOJXQRVDVSLUDQWHVD
DUTXLWHFWRVWLSR)UDQN/OR\G:ULJKWDPXHEODURQOD
FDVDWRGRWLSRGHHQVHUHV„ODFDVD\DQRHVGHOWRGR
XQDFDVD(VXQHQRUPHÄUERO
OD3ODQWD%DMDKDFLHQGRXQDWDTXHGH3RGHU0LJKWD
GLFKDKDELWDFLÖQ6LGHUURWÄLVDODKDELWDFLÖQSRQHGOD
ORVHWDERFDDEDMRRHQHOFDVRGHO+DOOGH(QWUDGD
(QWUDQFH+DOOROD(VFDOHUD3ULQFLSDO*UDQG
6WDLUFDVHFRORFDGHQFLPDXQDORVHWDDOD]DUERFD
FDUWD HQWUÌLVHQVXKDELWDFLÖQ\PRYHUVXILFKDFRQYXHVWUD
PLQLDWXUDOXHJRSRGUÌLVSDUDUGHPRYHURVHQ
FXDOTXLHUSXQWRGHYXHVWURPRYLPLHQWR
(VWLPDGRV6HxRU\6HxRUD
6RORODGLUHFWRUDVDEHFÖPRUHDOL]DUXQH[RUFLVPRDVÐ
6RORKD\XQSUREOHPD(VXQÄUEROHPEUXMDGRTXHFUHFH DEDMR1RSRGUÌLVDWDFDUDOD&DVDGHO¤UERO +HLQWHQWDGRDOHUWDUOHVPXFKDVYHFHVVREUHHO TXHYRVRWURVWHQGUÌLVTXHOOHYDUODDXQDKDELWDFLÖQ
DEUXSWDPHQWHIXHUDGHFRQWURO6XVUDÐFHVSXHGHQ DGHFXDGD\„OLVWR&RQOD'LUHFWRUDHQHO%DÔR
URPSHUORVFLPLHQWRVGHORVUDVFDFLHORV6XVEHOORWDV 3RGÌLVDWDFDUDXQD5DÐ]UHSUHVHQWDGDVSRUXQD)LFKD KHFKRGHTXHVXVKLMDVHVWiQVLHQGROODPDGDVKDFLD %DWKURRP&DSLOOD&KDSHO&HPHQWHULR*UDYH\DUG
SXHGHQDSODVWDUDXWREXVHV6XVDUGLOODVVRQPRQVWUXRV SHTXHÔDGH0RQVWUXRGHFRORUYHUGH/DV5DÐFHVVRQ ODRVFXULGDG6XVFRQWLQXDVEURPDVVHYXHOYHQFDGD &XDUWRGHO¶UJDQR2UJDQ5RRPR6ROÄULXP6RODULXP
KDPEULHQWRV UREXVWDVSRUORTXHODÝQLFDPDQHUDGHTXLWDUXQD5DÐ] SRGÌLVLQWHQWDUXQD7LUDGDGH&RUGXUD6DQLW\GH
YH]PiVSHOLJURVDV\\DQRSXHGRSHUPDQHFHUDO
HVXVDQGR'LQDPLWDRVROWDQGRVREUHHOODVXQDGHODV SDUDFRQGXFLUHOULWXDO6LWHQÌLVÌ[LWRFRORFDGXQD
7HQÌLVTXHWUDHUDEDMRHVWHÄUERODQWHVGHTXHRVPDWH LQFUHÐEOHPHQWHSHVDGDV%HOORWDV)LFKDVSHTXHÔDVGH PDUJHQPLHQWUDVXVWHGHVQRKDFHQQDGD+H )LFKDGH7LUDGDGH&RUGXUDHQHVDKDELWDFLÖQ
DWRGRV
*/.&%*"5".&/5&

&DGDKÌURHTXHQRWHQJDXQDUPDWRPDUÄXQDDOD]DU
GHOPD]RGHREMHWRV6LKXELHUDDOJXQRHQHOPD]R
0RQVWUXRGHFRORUQDUDQMD3DUDVROWDUXQD%HOORWDGH
YXHVWUDKDELWDFLÖQKDFLDODFDVDXQDYH]SRUWXUQR
SRGÌLVWLUDUGDGRV\VLHOUHVXOWDGRHVLJXDORVXSHULRU
DOQÝPHURGHKDELWDFLRQHVHQOD3ODQWD%DMDUHWLUDG
XQD5DÐ]GHYXHVWUDHOHFFLÖQ1RSRGUÌLVTXLWDUHO7DOOR
HQFRQWUDGRXQDPDQHUDGHVRPHWHUVXVWHQGHQFLDV
YLROHQWDVSHURHVWR\VHJXUDGHTXHORVDEHQ7HQJR
XQSODQSHURWHQGUpTXHDWUDHUODVKDFLDXQD
KDELWDFLyQHQGRQGHVHSXHGDQOLPSLDUVXVHVStULWXV
8QDYH]TXHVHKD\DUHDOL]DGRHOULWXDOGHH[RUFLVPR
FDGD+HUPDQDGHEHVHUSXULILFDGDSRUXQKÌURH
FXDQGROD+HUPDQDHVWÌHQXQDKDELWDFLÖQTXH
FRQWHQJDXQD)LFKDGH7LUDGDGH&RUGXUD6LHVWR
RFXUUHUHWLUDGHODFDVDDOD+HUPDQD\DOD)LFKDGH
GH5DÐ]OD)LFKDGH3ODQWDHOFXDOFXHQWDFRPRXQD
OXHJRWHQGUÌLVTXHPH]FODUOR
5DÐ]
5HVHUYDUXQD)LFKDGH([SORUDGRUSRUFDGDKÌURH
6LHVWÄLVHQXQDKDELWDFLÖQFRQXQD%HOORWD\XQD
/HVLPSORURTXHSRUIDYRUPHD\XGHQSRUHOELHQ 7LUDGDGH&RUGXUDHQHVHWXUQRGHOKÌURH
GHHOODV6LHVWiQGHDFXHUGRHQFXpQWUHQPHHQHVD
3&(-"4
&41&$*"-&4
%&
"5"26&
$UGLOOD)LFKDSHTXHÔDGH0RQVWUXRGHFRORUURMR KDELWDFLyQ\SRGUHPRVWHQGHUOHVQXHVWUDWUDPSD
-0
26&
4"#«*4
"$&3$"
%&
-04
."-04
SRGÌLVKDFHUXQDWDTXHGH&RQRFLPLHQWR.QRZOHGJH
FRQWUDOD$UGLOOD6LGHUURWÄLVDOD$UGLOODUHWLUDGDOD
(OWUDLGRUVHKDFRQYHUWLGRHQXQÄUEROJLJDQWHGH
$UGLOOD\DOD%HOORWDGHODKDELWDFLÖQ
UÄSLGRFUHFLPLHQWR
/DSULPHUDYH]TXHKDJÄLVDOJXQDGHODVDFFLRQHV
70405304
("/Ü*4
$6"/%0 PHQFLRQDGDVDQWHULRUPHQWHFRORFDGYXHVWUD)LFKDGH
([SORUDGRUHQYXHVWUDWDUMHWDGHSHUVRQDMH
7LUÌLVDEDMRHOÄUERO
3&(-"4
&41&$*"-&4
%&
.07*.*&/50
$ã.0
5"-"3
&-
Ü3#0-

1RSRGÌLVPRYHURVGHVGHXQDORVHWDERFDDEDMRKDFLD
6RORSXHGRHVSHUDUTXHQRFDLJDHQXQDGHVXV 6LDWDFÄLV\GHUURWÄLVDXQD+HUPDQDHQYH]GH
FDXVDUOHGDÔRSRGUÌLVFRJHUODGHODRUHMD\DUUDVWUDUOD
EURPDVHQHOFDPLQR SRUGRQGHRVPRYÄLV+DVTXHOD+HUPDQDDWUDSDGD
GHMHYXHVWUDKDELWDFLÖQFXDOTXLHUKÌURHHQWUDQGRD
6LQFHUDPHQWH HVDKDELWDFLÖQSRGUÄDXWRPÄWLFDPHQWHFDSWXUDUOD\
DUUDVWUDUODGHODRUHMD
'RFWRUD$ELJDLO0LWFKHOO
6LOD'LUHFWRUDHVWÄHQYXHVWUDKDELWDFLÖQDÔDGLU
'LUHFWRUDGHO&ROHJLRGH0XMHUHV:H[OH\
GDGRVDYXHVWURDWDTXH\GHIHQVDFRQWUDODV+HUPDQDV
4*
76&4530
#"/%0
("/"y
'HEÌLVGHVWUR]DUOD3ODQWD%DMD*URXQG)ORRU\ DOJXQDKDELWDFLÖQDG\DFHQWHRGHVFXEULUXQD */.&%*"5".&/5&
DVHJXUDURVGHTXHODSDUWHVXSHULRUGHODFDVDVHDWDQ KDELWDFLÖQDWUDYÌVGHDOJÝQODGRGHODORVHWDERFD „6RORTXHUÐDPRVGLYHUWLUQRVXQSRFR\WRGRVORKDEÌLV
SHVDGDTXHHOWURQFRQRSXHGDVRSRUWDUHOSHVR3RGÌLV 5HVHUYDG)LFKDVWULDQJXODUHVGH7LUDGDGH&RUGXUD
DEDMR3HURRÐGHVWÄLVLQWHQWDQGRGHVWUXLUOD3ODQWD DUUXLQDGR*ULWDQORVHVSÐULWXVDOXQÐVRQRPLHQWUDVVH
KDFHUHVWRFXDQGRQRKD\DORVHWDVGH3ODQWD%DMDFRQ 6DQLW\5ROO
%DMDDVÐTXHQRKDJÄLVPÄVGHORTXHWHQÌLVTXH HOHYDQSRUHOWHFKR2VGLULJÐVDODSXHUWDGHHQWUDGD
H[FHSFLÖQGHODORVHWD&DVDGHO¤UERO7UHH+RXVH\HO KDFHU GHODFDVDHQWUDQGRHQFDGDKDELWDFLÖQSDUD
QÝPHURWRWDOGHKDELWDFLRQHVHQHO7HMDGR5RRI -0
26&
4"#«*4
"$&3$"
%&
-04
."-04

DVHJXUDURVGHTXHQRKD\DEURPDVVREUDQWHVTXHRV
H[FHGDDOQÝPHURGH5DÐFHVHQHO6ÖWDQR%DVHPHQW 6LODV(VFDOHUDVGHO6ÖWDQR6WDLUVIURP%DVHPHQW
HVWÄQHQMXHJRÌVWDVQRRVFRQGXFLUÄQGHVGHQLKDFLD
OD&DVDGHO¤UERO
4*
("/Ü*4y
„)XHHHUDDEDMRRR([FODPÄLV\HOÄUEROHPSLH]DD
FDHUEDMRVXSURSLRSHVR/DVKRMDV\ODVEHOORWDVFDHQ
HQPDVDFXEULHQGRODWLHUUDFRQUHVWRVGHODV
GHSUHGDFLRQHVGHOKRPEUH)LQDOPHQWHVXWURQFRQR
SXHGHVRSRUWDUPÄV\HOÄUEROVHURPSHSRUODPLWDG
0LUÄLVDYXHVWURDOUHGHGRU\YHLVTXHODFROLQDHVWÄ
URGHDGDSRUÄUEROHV(OORVQRSDUHFHQIHOLFHV
;.=8
86
&XDQGRWHUPLQÌLVHVWHUHWRPDUFDGWRGRVORV
H[SORUDGRUHVTXHKD\DQSRGLGRWHUPLQDUORHQ
ODWDEODXELFDGDGHVSXÌVGHOUHWR
OOHYHQDODPXHUWH&RQORVQHUYLRVDJLWDGRVFXDOTXLHU
9XHVWURDPLJRKDVLGRSRVHÐGRSRUGRV+HUPDQDVHQOD
SHTXHÔRVXVWRSRGUÐDVHUYXHVWUDSHUGLFLÖQ1HFHVLWÄLV
FDVD\HOODVHVWÄQKDFLHQGREURPDVPRUWDOHV1HFHVLWÄLV
XQODUJRGHVFDQVRHQXQOXJDUGHYDFDFLRQHVGLVWDQWH
HQFRQWUDUHOHVSÐULWXGHOD'LUHFWRUD(OODHVWÄ
LQWHQWDQGRFRPSOHWDUHOH[RUFLVPRGHODV+HUPDQDV SDUDYROYHUDODQRUPDOLGDGh„QRVHSHUPLWHQQLÔRV
SHURQHFHVLWDUÄDDOJXLHQFRQYLGDSDUDD\XGDUOD
70405304
("/Ü*4
$6"/%0

/RVPDOYDGRVHVSÐULWXVGHODV+HUPDQDVVHDQ
SXULILFDGRVSRUPHGLRGHXQH[RUFLVPR
;.=8
87
 »558;*M+*+25872*g
325 PETER ADKISON AND PAUL PETERSON
2ÐVHODXOOLGRGHSRGHURVRVYLHQWRVTXHVDFXGHQODFDVD $ã.0
3&$-65"3
-"
":6%"
%&
-".."46
9XHVWURDPLJRFRPLHQ]DXQJULWRTXHVHFRQYLHUWHHQXQ
7HQÌLVXQDOLDGR(OHVSÐULWXSURWHFWRUGHODFDVDXQ
UXJLGRFXDQGRVHQWÐVDOJRPX\H[WUDÔR\SRGHURVR
/DPPDVXVHKDPDQLIHVWDGR\SXHGHD\XGDURVSHUR
RFXUULHQGRFHUFD6LDOJXLHQSUHJXQWDUDTXÌVHVLHQWHDO
VHUHTXLHUHQVDFULILFLRVSDUDREWHQHUVXDVLVWHQFLD
HVWDUHQSUHVHQFLDGHXQGLRVSUREDEOHPHQWHVHDHVWR
&XDQGRYRVRWURVWHUPLQÌLVYXHVWURPRYLPLHQWRHQXQD
$XQTXHODFDVDQRSDUHFHJXVWDUOH
KDELWDFLÖQFRQHO/DPPDVXSRGÌLVGHVFDUWDUXQDFDUWD
3RGÌLVHVFXFKDUDOJRPÄVPRYLÌQGRVHFHUFD8QDJDUUD GHREMHWRRXQDFDUWDGHSUHVDJLRXQDGLIHUHQWHDODGH
>78-.58<;86*7,.<-.5*68
325 MIKE SELINKER%
% $6$'2(1(/086,&$/52&.<+255256+2:
$OYROYHUDFDVDGHVSXÌVGHXQDERGDHQHOFDPLQR $ã.0
%*453"&3
"
-04
."-04
HVWDOOÖXQQHXPÄWLFRGHYXHVWURDXWRPÖYLOVREUHHO
'HEÌLVFRPSOHWDUHVWDVWDUHDVDQWHVGHTXHVHDEUDQ
DVIDOWRPRMDGRSRUODLQWHQVDOOXYLD)XLVWHLVDSRU
ODVSXHUWDVGHO+DOOGH(QWUDGD'LIHUHQWHVKÌURHV
D\XGDFXEULHQGRYXHVWUDVFDEH]DVFRQSHULÖGLFRVKDVWD
SXHGHQFRPSOHWDUGLIHUHQWHVSDUWHVGHFDGDWDUHD
TXHHQFRQWUDVWHLVHVWDFDVDFX\DVODVOXFHVHVWDEDQ
FDGDKÌURHSXHGHLQWHQWDUXQDWDUHDXQDYH]SRUWXUQR
HQFHQGLGDV3RUVXSXHVWRGHFLGLVWHLVSDVDUODQRFKH
WUDWDQGRGHREWHQHUXQDYLFWRULD&DGDYH]TXH
DTXÐ3HURSRFRVDEÐDLVTXHHVWDFDVDHUDSURSLHGDGGH
FRQVLJÄLVXQDYLFWRULDDWXUGLGDXQRGHORVPRQVWUXRV\
XQH[ÖWLFRFLHQWÐILFRWUDYHVWL„TXLHQKDFUHDGRXQ
JLJDQWHVHSXHGHYHUDODYXHOWDGHODHVTXLQD<RVR\
HO/DPPDVXGLFHODFULDWXUDXQSÄMDURTXHSDUHFHXQ
OHÖQ<DKRUDHVWDPRVHQSUHVHQFLDGHOJUDQGLRVGHOD
PXHUWH0DUGXN
*DWRSDUDSRQHUDO/DPPDVXHQODKDELWDFLÖQFRQHO
WUDLGRUTXLHQSHUGHUÄHQFDGDUDVJR
6LKDFÌLVHVWRSRGUÌLVWDPELÌQWRPDUODFDUWDGH*DWR
GHFLUOHDOWUDLGRUTXHFRORTXHDHVHPRQVWUXRHQOD
DWUDFWLYR\PXVFXORVRKRPEUHUXELRSDUDTXLÌQVDEH
KDELWDFLÖQHQODTXHHOPRQVWUXRFRPHQ]ÖHOUHWR
TXÌ
v (VFHQLILFDUXQDIDUVD(QOD6DODGH&LQH
9XHVWURDPLJRDUURMDDXQODGRVXFDSD\VHUHYHOD
GHVGHFXDOTXLHUOXJDUHQHOTXHHVWÌ FRPR5LII5DII„HOVLUYLHQWHMRUREDGRGHO'RFWRU)UDQN 7KHDWHUXQKÌURHGHEHLQWHQWDUXQD7LUDGDGH
4XHÌOWHQJDPLVHULFRUGLDGHYXHVWUDVDOPDV 1)XUWHU<ORVVLUYLHQWHVIDEXORVDPHQWHYHVWLGRVGHO 9HORFLGDG6SHHG3RGHU0LJKW&RUGXUD
(O/DPPDVXOXHJRVHGHVWUXLUÄSHURVHPDWHULDOL]DUÄ 6DQLW\R&RQRFLPLHQWR.QRZOHGJHGH
'RFWRU„RVTXLHUHQUHWHQHUSDUDVLHPSUHGHQWURGHOD
*/.&%*"5".&/5& HQXQDKDELWDFLÖQHQRWUDSODQWD(OWUDLGRUGHFLGLUÄHQ &XDQGRXQKÌURHIDOOHXQDGHHVDVWLUDGDVÌO
FDVD6LQHPEDUJRVDEÌLVDOJRTXHHOORVQRVDEHQ
TXÌSODQWD\YRVRWURVWHQGUÌLVTXHFRORFDUHO SRQGUÄODFRUUHVSRQGLHQWH)LFKDWULDQJXODUGH
+DEÌLVGHVFXELHUWRHOVHFUHWRGHOWLPH
'HMDUDXQODGRODFDUWDGH*DWR /DPPDVX'HEÌLVFRORFDUORHQXQDKDELWDFLÖQTXHHVWÌ 7LUDGDGH5DVJRHQOD6DODGH&LQH&DGDXQDGH
ZDUSLQJGHIRUPDUHOWLHPSR„3UHSDUDRVSDUDHVWD
DOPHQRVDKDELWDFLRQHVGHGLVWDQFLDGHFXDOTXLHU HVDVILFKDVGH7LUDGDGH5DVJRSXHGHQFRORFDUVH
&RORFDGOD)LFKDFLUFXODUGH*DWRUHSUHVHQWDHO DYHQWXUDGHFLHQFLDILFFLÖQ\GHGREOHIXQFLÖQ
KÌURH\XQ$FFHVRVLHVSRVLEOH'HORFRQWUDULR VRORXQDYH]HQOD6DODGH&LQHFDGDXQDFXHQWD
/DPPDVXHQXQDKDELWDFLÖQHQXQSLVRGLIHUHQWHGHO FRORFDGORWDQOHMRVGHORVKÌURHVHQHVDSODQWDFRPR
TXHHVWÄHOWUDLGRU&RORFDGORHQXQDKDELWDFLÖQTXH */.&%*"5".&/5& FRPRXQDYLFWRULD6LYXHVWUDWLUDGDHVH[LWRVDQR
VHDSRVLEOH SDVDQDGD
HVWÌDOPHQRVDWUHVKDELWDFLRQHVGHGLVWDQFLDGH &DGDKÌURHFRJHXQD)LFKDSHQWDJRQDOGH2EMHWR
FXDOTXLHUKÌURH\GHXQ$FFHVR/DQGLQJ'HOR $OILQDOGHFXDOTXLHUWXUQRHQHOTXHQRKD\ÄLV UHSUHVHQWDQ7LHPSR\XQWUR]RGHSDSHOHQEODQFR v (VFDODUODWRUUHGHUDGLR7UHVYHFHVXQKÌURH
FRQWUDULRFRORFDGORWDQOHMRVGHORVKÌURHVHQHVD VDFULILFDGRXQDFDUWDSDUDHO/DPPDVXSRQHGDXQ GHEHUÄLQWHQWDUHQOD7RUUHXQD7LUDGDGH3RGHU
5HVHUYDGXQD)LFKDWULDQJXODUGH7LUDGDGH9HORFLGDG
SODQWDFRPRIXHUDSRVLEOH ODGRODFDUWD*DWRVLODWXYLHUDLV GHSDUDFRORFDUODSULPHUDORVHWDGHOPD]RGH
6SHHG5ROOXQDGH7LUDGDGH3RGHU0LJKW5ROO XQD
KDELWDFLRQHVGHEDMRGHODORVHWDGH7RUUH6L
GH7LUDGDGH&RUGXUD6DQLW\5ROO\XQDGH7LUDGDGH
-0
26&
4"#«*4
"$&3$"
%&
-04
."-04 4*
("/Ü*4y WLHQHÌ[LWRHOKÌURHUHFLEHGDGRGHGDÔRIÐVLFR
&RQRFLPLHQWR.QRZOHGJH5ROO5HVHUYDGDGHPÄVXQD
SRUFDGDORVHWDTXHKD\GHEDMRGHOD7RUUH&DGD
/RVYLHQWRVTXHJROSHDQODFDVDVHDSDJDQFXDQGRFDH )LFKDGH)XHQWH)RXQWDLQ
(OWUDLGRUVHKDFRQYHUWLGRHQ1DEXFRGRQRVRUHODYDWDU ORVHWDTXHKD\GHEDMRGHOD7RUUHFXHQWDFRPR
YLYLHQWHGHOGLRVEDELOÖQLFR0DUGXN¬OTXLHUHREWHQHU YXHVWURDQWLJXRDPLJR/DYR]GHO/DPPDVXUHVXHQDHQ 6LHO6DOÖQGH%DLOH%DOOURRPHO3DVLOOR3ROYRULHQWR XQDYLFWRULD
SRGHUDEVRUELHQGRYXHVWUDVDOPDV WRGDODFDVD0DUGXNHVXQDYH]PÄVGHVWHUUDGRDO 'XVW\+DOOZD\HO*LPQDVLR*\PQDVLXPOD'HVSHQVD
/DUGHUHO'RUPLWRULR3ULQFLSDO0DVWHU%HGURRP\HO v 6LQFURQL]DUYXHVWURQDGR'RVKÌURHVHQHO/DJR
YDFÐR¬OVRORSRGUÄUHJUHVDUFXDQGRRWURGHORVOLQDMHV
/DERUDWRULRGH2SHUDFLRQHV2SHUDWLQJ/DERUDWRU\
70405304
("/Ü*4
$6"/%0y GHODQWLJXRUH\UHFODPHHOWURQR
WRGDYÐDQRHVWÄQHQMXHJREXVFDGORVHQHOPD]RGH
h0DWÌLVDOGLRVYLYLHQWHHQHOTXHYXHVWURDPLJRVHKD (O/DPPDVXOHVRQUÐHDXQRGHYRVRWURVSHURQRHVWÄ KDELWDFLRQHV\FRORFDGORVHQODFDVD/XHJREDMDUDHO
FRQYHUWLGR FODURGHOWRGR PD]R&RORFDGYXHVWUDVPLQLDWXUDVHQHO6DOÖQGH%DLOH
-0
26&
4"#«*4
"$&3$"
%&
-04
."-04
(O'RFWRUHVWÄFHOHEUDQGRHOQDFLPLHQWRGHVXPÄV
UHFLHQWHFUHDFLÖQ5RFN\+RUURUXQKRPEUHIÐVLFDPHQWH
SHUIHFWRDWUDFWLYR\PXVFXORVRSHURFRQPHGLR
FHUHEUR/RVVLUYLHQWHVGHO'RFWRUVHHVWÄQSUHSDUDQGR
SDUDXQJUDQHYHQWR(VSHUÄLVTXHQRHVWÌLVDTXÐSDUD
FXDQGRVXFHGD
7045304
("/Ü*4
$6"/%0y
h7RGRVORVKÌURHVTXHVLJDQFRQYLGDVDOJDQSRUOD
6XEWHUUÄQHR8QGHUJURXQG/DNHGHEHUÄQWLUDU
GDGRVHQFDGDXQRGHVXVWXUQRVFRQHOREMHWLYR
GHTXHWRGRVORVGDGRVPXHVWUHQHOPLVPR
QÝPHUR$GHPÄVORVKÌURHVSXHGHQGHVFDUWDU
XQDFDUWDGHREMHWRGHRXQDFDUWDGHSUHVDJLR
TXHSXHGDQVHUVROWDGDVSDUDSHUPLWLUDORV
KÌURHVYROYHUDWLUDUFXDOTXLHUFDQWLGDGGHGDGRV
(VWRSXHGHYROYHUDSDVDUKDVWDTXHWRGRVORV
GDGRVFRLQFLGDQRORVKÌURHVVHULQGDQ7HQLHQGR
WRGRVORVGDGRVLJXDOHVFXHQWDFRPRXQDYLFWRULD
SDUDLQGLFDUHVWRFRORFDGOD)LFKDGH)XHQWHHQ
HO/DJR6XEWHUUÄQHR
&XDQGRWHQJÄLVHQWRWDOYLFWRULDV)LFKDV
WULDQJXODUHVGH7LUDGDGH5DVJRHQOD6DODGH&LQH
ORVHWDVGHEDMRGHOD7RUUH\)LFKDGH)XHQWHHQHO
SXHUWDSULQFLSDOGHO+DOOGHHQWUDGD(QWUDQFH+DOO(O /DJR6XEWHUUÄQHRODSXHUWDSULQFLSDOVHDEULUÄ6L
FXDOODPHQWDEOHPHQWHHVWÄFHUUDGR SRGÌLVOOHJDUKDVWDDOOÐSRGUÌLVHVFDSDU

$ã.0
)"$&3
&-
5*.&
8"31 4*
("/Ü*4
$OILQDOGHYXHVWURVWXUQRVSRGÌLVGHVFDUWDUYXHVWUD $SHQDVVDOÐVGHODFDVD5LII5DIIGHVYHODVXWUDLFLÖQDO
ILFKDGH7LHPSRSDUDHVFULELUHQXQDKRMDGHSDSHO 'RFWRU)UDQN1)XUWHU\TXHKDGHFLGLGRUHJUHVDUD
YXHVWURVUDVJRVDFWXDOHVDVHJXUÄQGRRVGHDQRWDU 7UDQVLOYDQLDOOHYDQGRKXPDQRVDFXHVWDVSHUR)UDQNOH
H[DFWDPHQWHGÖQGHHVWÄHOFOLSHQFDGDUDVJRYXHVWUD SLGHXQJHVWRGHVLPSDWÐDSXHVGHVHDTXHGDUVHD
KDELWDFLÖQDFWXDO\YXHVWUDVFDUWDVGHVXFHVRREMHWR\ VHJXLUVHGXFLHQGRKXPDQRV6LQHPEDUJRODFDVD
SUHVDJLR$HVWRVHOHOODPDXQ'HVOL]7HPSRUDO HPSLH]DDGHVSHJDUUXPERDOHVSDFLRH[WHULRU\
'HVSXÌVGHHVRDOLQLFLRGHFXDOTXLHUDGHYXHVWURV YRVRWURVQRSRGÌLVVDOLUGHODVRPEUR(O'RFWRU\
WXUQRVSRGÌLVPRYHURVDODKDELWDFLÖQTXHLQGLFDGD TXLHQHVTXHGDURQGHODFDVDKDQGHVDSDUHFLGRGHOD
HQYXHVWUR'HVOL]7HPSRUDO\UHVWDEOHFHU ID]GHODWLHUUD\HQWUHHOYDFÐRYHLVXQDFDVHWD
YXHVWURVUDVJRV\FDUWDVTXHWHQÐDLV FRQORQHFHVDULRSDUDDUUHJODUHOQHXPÄWLFR
;.=8 DQRWDGRV(VWRSXHGHLPSOLFDUWRPDUXQD ;.=8\KXLUGHOOXJDU

88 89
FDUWDGHRWURH[SORUDGRUREXVFDUHQXQPD]R
R HQXQDSLODGHGHVFDUWHVEDUDMDUFXDOTXLHU
PD]RHQHOTXHEXVTXÌLV5RPSHUYXHVWUDKRMD
GH'HVOL]7HPSRUDOVLKDFÌLVHVWR
 ,87/52,=827=.;78 .7,.7-.;5*8<,>;2-*-
3 25/26%(&$5,26'( LONE SHARK 325 MICHAEL DUNLAP AND CHAD BROWN

/DVSUÄFWLFDVKDQLGRPX\ELHQ9XHVWURVFRPSDÔHURV %&#«*4
)"$&3
&450
&/
76&4530
563/0 /DVXDYH\FÄOLGDOX]TXHVHGLIXQGÐDGHVGHHOIUDVFRGH $ã.0
26&."3
-"
$"4"

EHFDULRVQRVRQVRORFRPSDÔHURVGHWUDEDMRVRQ
YXHVWURVDPLJRV7UDEDMÄLVMXQWRVSDUDHQWUHJDUFDIÌVD
ODVSHUVRQDVTXHKDFHQHOWUDEDMRUHDO(VGHFLUKDVWD
TXHUHFLEDXQFRUUHRHOHFWUÖQLFRGHOMHIH
%HFDULRVGLFHHOFRUUHRHOHFWUÖQLFR+HGHFLGLGRFUHDU
XQDQXHYDSRVLFLÖQ%HFDULR-HIH<KDVLGRRWRUJDGRDO
EHFDULRTXHKDPRVWUDGRHOPHMRUUHQGLPLHQWR
,QPHGLDWDPHQWHWRGRVYRVRWURVUHFLEÐVGRFHQDVGH
6LGHVFXEUÐVXQDKDELWDFLÖQFRQXQVÐPERORGHVXFHVR
FRORFDXQ(PSOHDGRHQHVDKDELWDFLÖQDQWHVGHFRJHU
ODFDUWDGHVXFHVR
$ã.0
&/53&("3
&-
$"'«

3DUDHQWUHJDUXQ&DIÌWHUPLQDWXWXUQRHQODPLVPD
KDELWDFLÖQTXHXQ(PSOHDGR5HWLUDDO(PSOHDGRGHOD
FDVD\SRQORHQWXWDUMHWDGHSHUVRQDMH
UHSHQWHVHHQFHQGLÖUHYHODQGRPXFKRVGHWDOOHVHQOD
FDVD$OUHGHGRUGHODSHULIHULDGHODKDELWDFLÖQOD
RVFXULGDGVHILOWUDEDGHODFDVDFRPRHODFHLWH
FXEULÌQGRORWRGR9RVRWURVIXLVWHLVXQRVGHORV
DIRUWXQDGRVYXHVWUDVDQWRUFKDVGHWXYLHURQODWLQWD
QHJUDTXHHQYROYLÖDYXHVWURVFRPSDÔHURVPHQRV
DIRUWXQDGRV
6LQHPEDUJRVXLQGXOWRIXHWRGRPHQRVSHUPDQHQWH
\DTXHODRVFXULGDGVLOHQFLRVDFRQWLQÝDILOWUÄQGRVHHQ
&XDQGRHQWUÌLVDXQDKDELWDFLÖQSRGÌLVSRQHUXQDGH
YXHVWUDVILFKDVGH)XHJRDOOÐERFDDEDMR
$OLQLFLRGHYXHVWURVWXUQRVHO)XHJRVHH[WHQGHUÄ
&DGDKÌURHFRORFDUÄHQWXUQRXQDGHVXVILFKDVGH
)XHJRERFDDEDMRHQFDGDKDELWDFLÖQFRQHFWDGDDXQD
KDELWDFLÖQTXHFRQWHQJDXQDILFKDGH)XHJRERFD
DUULEDDPHQRVTXH\DFRQWHQJDXQDGHVXFRORU
$GHPÄVGHODVFRQH[LRQHVFRPXQHVHQWUHSXHUWDVHO
FRUUHRVHOHFWUÖQLFRV7RGRVHOORVGHO%HFDULR-HIHWRGRV WRGR6RORHOIXHJRSDUHFHGHWHQHUOR(OIXHJR $FFHVRDO7HMDGR5RRI/DQGLQJHVWÄFRQHFWDGRFRQHO
HOORVFRQLQVWUXFFLRQHVDVHJXLU9RVRWURVHQVHFUHWR 6LXQKÌURHHQWUHJD&DIÌHQVXWXUQRLQFUHPHQWDVX $FFHVRDOD3ODQWD$OWD8SSHU/DQGLQJHOFXDOHVWÄ
SXULILFDGRU
SURPHWLVWHLVTXHKDUÐDLVFXDOTXLHUFRVDSDUDFRQVHJXLU 9HORFLGDG6SHHGHQ6LQRGLVPLQX\HVX&RUGXUD FRQHFWDGRFRQOD(VFDOHUD3ULQFLSDO*UDQG6WDLUFDVH
HVHWUDEDMR'HUHSHQWHRVUHFXHUGDFÖPRVHWHUPLQÖHO
ORWHDQWHULRUGHEHFDULRV>&217(1,'2(/,0,1$'2325
5$=21(6/(*$/(6@3HURHVRQRWHSRGUÐDSDVDURVD
YRVRWURVh¢FLHUWR"
*/.&%*"5".&/5&
6LKD\PHQRVGHKDELWDFLRQHVHQFXDOTXLHUSODQWD
6DQLW\HQ
$ã.0
4&3
130.07*%0
5HDOPHQWHTXHUÌLVHVHWUDEDMRSHURGHVWDFDUHQWUHOD
PXOWLWXGSRGUÐDUHTXHULUDOJXQDVDFFLRQHVEDVWDQWH
GUÄVWLFDV7DPELÌQSXHGHSRQHUVHHQYXHVWUDPLUD
UREDUOD,QVLJQLDGHO%HFDULR-HIHGHUURWDQGRDO%HFDULR
3DUHFHTXHWLHQHVWUDEDMRSRUKDFHU
*/.&%*"5".&/5&
(VWHUHWRSXHGHWHQHUPÝOWLSOHVWUDLGRUHV(OKÌURHDOD
L]TXLHUGDGHOWUDLGRUHOLJHXQMXJDGRUTXHQRVHDXQ
WUDLGRUSDUDXQLUVHDORVKÌURHVOXHJRHOWUDLGRUHOLJHD
DOJXLHQSDUDXQLUVHDORVWUDLGRUHV5HSLWHHVWRKDVWD
\HO9HVWÐEXOR)R\HUHVWÄFRQHFWDGRFRQODV(VFDOHUDV
GHO6ÖWDQR
/XHJRGHVWUXLUÄWRGDVODVKDELWDFLRQHVTXHQRVHDQ
FRQVLGHUDGRV$FFHVRVTXHWHQJDQXQDGHVXVILFKDV
GH)XHJRERFDDUULED'LFKDKDELWDFLÖQVHTXHPDUÄ
FRQIXHJRSXULILFDGRU4XLWDUÄFXDOTXLHUPLQLDWXUD\
ILFKDTXHKD\DHQODKDELWDFLÖQGHYROYLHQGRWRGDVODV
FRORFDGKDELWDFLRQHVGHODSLODGHORVHWDVKDVWDTXH -HIHSRURPÄVFXDQGRKDFÌLVXQDWDTXHGH3RGHU TXHFDGDH[SORUDGRUVHDXQWUDLGRURXQKÌURH/RV ILFKDVGH)XHJRDVXVUHVSHFWLYRVGXHÔRV\OHGDUÄOD
KD\DDOPHQRVKDELWDFLRQHVSRUSODQWD 0LJKWRSRUVXSXHVWRVLPSOHPHQWHFRJLÌQGRORGHVX WUDLGRUHVVDOHQGHODKDELWDFLÖQMXQWRV YXHOWDDODKDELWDFLÖQ'HYROYHUÄFXDOTXLHUILFKDTXH
FDGÄYHU1LQJXQRGHORV(PSOHDGRVSXHGHGLIHUHQFLDUD QRVHDGHIXHJR\PLQLDWXUDV
&RORFDXQD)LFKDGH2EVWÄFXORUHSUHVHQWDXQ(PSOHDGR 6LKD\PHQRVGHFLQFRKDELWDFLRQHVHQFDGDSLVR
ORV%HFDULRVGHWRGRVPRGRVSRUORTXHTXLHQOOHYHOD FRJHGORVHWDVSDUDFDGDSODQWD\SRQHGORVHQMXHJR
DWLHPSRFRPSOHWRHQFDGDKDELWDFLÖQFRQXQVÐPEROR 'HVSXÌVGHTXHYROWHHODVILFKDVGHODKDELWDFLÖQVL
,QVLJQLDDXWRPÄWLFDPHQWHJDQDUÄWRGRVORVSRGHUHVGHO KDVWDTXHKD\DDOPHQRVFLQFRKDELWDFLRQHVHQFDGD
GHVXFHVR KD\KÌURHVHQXQDKDELWDFLÖQERFDDEDMRFDGDKÌURH
%HFDULR-HIH\SRGUÄOHHUHO7RPRGHO7UDLGRU6LHO SLVR GHEHFRORFDUVXPLQLDWXUDHQODKDELWDFLÖQERFDDUULED
DQWHULRU%HFDULR-HIHDÝQHVWÄYLYRHOH[SORUDGRUTXH
-0
26&
4"#«*4
"$&3$"
%&
-04
."-04 PÄVFHUFDQDHLQWHQWDUXQD7LUDGDGH9HORFLGDG
SHUGLÖOD,QVLJQLDHVGHJUDGDGRDXQ%HFDULRFRPÝQ 6LODV(VFDOHUDVGHO6ÖWDQR6WDLUVIURP%DVHPHQWDÝQ
(VRV(PSOHDGRVUHDOPHQWHGLVIUXWDQPDQGÄQGRRV\
VRQHVSHFLDOPHQWHPDOKXPRUDGRVVLQRWLHQHQVXFDIÌ
6XGHVHRHVXQDRUGHQ\HOORVQRDFHSWDUÄQQLQJXQD
4*
5ç
("/"4y
0LHQWUDVWXVFRPSDÔHURVEHFDULRVVRQDUUDVWUDGRVFRQ
6SHHG&DGDKÌURHTXHREWHQJDXQUHVXOWDGRPHQRU
QRHVWÄQHQMXHJREXVFDGHQODSLODGHKDELWDFLRQHV
GHPÄVHOQÝPHURGHHVSDFLRVTXHVHKDPRYLGR
KDVWDTXHODHQFRQWUÌLV\FRORFDGODHQODFDVD/XHJR
UHFLEHGDGRVGHGDÔRIÐVLFR3RUHMHPSORVLREWLHQH
EDUDMDHVDSLOD$
$ORVHIHFWRVGHHVWHUHWRODV(VFDOHUDV
XQ\VHKDPRYLGRHVSDFLRVUHFLELUÄHOGDÔR
H[FXVD<FRPRVLQRWXYLHUDLVVXILFLHQWHVSUREOHPDV
XQRGHYXHVWURVDQWLJXRVDPLJRVRVKDWUDLFLRQDGRDO
LPSUHVLRQDUDOMHIH\KDREWHQLGRXQDVFHQVRD%HFDULR
FDPLVDVGHIXHU]D\RHQEROVDVSDUDFDGÄYHUHVXQ
SRUWDSDSHOHVFRQIRUPXODULRVGHODFRPSDÔÐDGH
VHJXURVOOHJDKDVWDWXVPDQRV¢&DXVDGHODPXHUWH"
GHO6ÖWDQRWDPELÌQVHFRQVLGHUDXQ$FFHVR/DQGLQJ
)LQDOPHQWHHOKÌURHSRQGUÄERFDDUULEDWRGDVVXV
&DGDKÌURHFRJH)LFKDVSHTXHÔDVGH0RQVWUXRGH
ILFKDVGH)XHJRTXHHVWÌQERFDDEDMR
XQFRORUHQWUHYHUGHQDUDQMDRURMRFDGDXQR
-HIH$KRUDYXHVWURDPLJRWDPELÌQRVYDDRUGHQDU
5ç
("/"4
$6"/%0y
h„6HDVHOXOWLPREHFDULRYLYR6ÐWÝVROR
¢'RQDQWHGHÖUJDQRV"&RVDVXVXDOHV
$PHGLGDTXHVHOOHYDQDWXVDPLJRVWRPDVODLQVLJQLD
GH%HFDULR-HIH\ODFXHOJDVGHWXFKDTXHWD
(VSHUDSLHQVDV¢$KRUDDTXLÌQOHGDUÌÖUGHQHV"
UHSUHVHQWDHO)XHJRGHOSURSLRKÌURH&DGDKÌURH
FRORFDXQDGHVXV)LFKDVGH0RQVWUXRERFDDEDMRHQVX
KDELWDFLÖQ
(OKÌURHDODL]TXLHUGDGHOWUDLGRUUHFLEHHOSULPHU
WXUQR
3&(-"4
&41&$*"-&4
%&
.07*.*&/50
7UDWDUDODVORVHWDVGHKDELWDFLÖQERFDDEDMRFRPRVL
WXYLHUDQSXHUWDVDFDGDODGR\QREORTXHDUÄQODOÐQHD
GHYLVLÖQ

-0
26&
4"#«*4
"$&3$"
%&
-04
."-04
4*
("/Ü*4y
/D2VFXULGDGFRQWLQXDUÄH[WHQGLÌQGRVHSRUODFDVDD /DKRJXHUDKXPHDQWHGHODFDVDRVLOXPLQD6LQ
PHQRVTXHORGHWHQJÄLV(O)XHJRHVODÝQLFDPDQHUD SHUPLVRODVSDODEUDVYLHQHQDWL
WHQGUÌLVTXHSUHQGHUOHIXHJRDODFDVDSRUVXSXHVWR $OJXQRVGLFHQTXHHOPXQGRWHUPLQDUÄHQIXHJR
(VODÝQLFDYHUGDGHUDIRUPDGHSXUJDUOD2VFXULGDG
'HVDIRUWXQDGDPHQWHQRWRGRVKDQHVFDSDGRGHVXV $OJXQRVGLFHQHQKLHOR
JDUUDV\HOORVYDQDLQWHQWDUOOHYDURVKDFLDOD
3RUORTXHKHSUREDGRGHGHVHR
2VFXULGDG
0HLQFOLQRKDFLDDTXHOORVHQIDYRUGHOIXHJR
70405304
("/Ü*4
$6"/%0
&DGDKDELWDFLÖQGHODFDVDHVWÌTXHPDGD„0DWDGOR
FRQIXHJR

;.=8 ;.=8

90 91
 /*7=*<6*.75*5«7.*-.6.=*
3 25 QUELLE CHRIS < MIKE SELINKER
/DKDELWDFLÖQVHRVFXUHFH(OGÌELOVRQLGRGHXQD
PXOWLWXGUXJLHQWHOOHQDHODLUH2ÐVXQDYR]<RIXLXQ
JDQDGRU(OFRUUHGRUPÄVUÄSLGRTXHVHKD\DYLVWRHQHO
PXQGR/DLPDJHQGHXQDWOHWDMRYHQFRPLHQ]DD
IRUPDUVHDQWHYXHVWURVRMRV3HURHOGHSRUWHQXQFD
SRGUÄVXSHUDUPLDPRUSRUXQEXHQVRERUQR0HUHILHUR
DTXHXQDSÌUGLGDDTXÐ\DOOÐPHUHFHODSHQDSDUDWHQHU
ORVEROVLOORVOOHQRV$OJXQRVSDJDUÐDQXQEUD]R\XQD
'HVFDUWDGXQDFDUWDGHREMHWRRXQDFDUWDGHSUHVDJLR
LQFOXVRXQDTXHQRVHSXHGDGHVFDUWDU\OXHJRYHULILFDU
HQFXÄQWRVGHORVFULWHULRVKDEÌLVFRLQFLGLGR
'HSHQGLHQGRGHFXÄQWDVFRLQFLGHQFLDVKD\DHO
&RUUHGRUOHRWRUJDUÄDOKÌURHXQSRGHUIDQWDVPDO3RU
HMHPSORVLGHVFDUWDODFDUWD1LÔDSXHGHFRLQFLGLUFRQ
7LHQHXQDVRODVÐODED\5LPDFRQXQDIUXWDHVGHFLU
.5,*<=2558*6+>185*7=.
325 GABY WEIDLING
(VTXHOHWRVGHSHTXHÔRVDQLPDOHVHQVXFLDQHOSLVR
0LHQWUDVFDPLQÄLVORVKXHVRVFUXMHQEDMRYXHVWURV
SLHV6LVRORQRWXYLHUDLVTXHFDPLQDUHQHVWHKRUULEOH
\FUXMLHQWHOXJDU¢4XÌIXHHVR"
6HVLHQWHFRPRVLHOVXHORHVWXYLHUDWHPEODQGR1R
1RWHPEODQGRPRYLÌQGRVH¢(VWDFDVDVHHVWÄ
PRYLHQGR"¢3XHGHSDVDUHVR"¢4XÌIXHHVR"6RQDED
1RSRGÌLVDWDFDURXVDUFDUWDVGHREMHWRRFDUWDVGH
SUHVDJLR
6LWUDQVIRUPÄQGRRVHQ%ÝKRSHUGLHUDLVYXHVWUD&RUGXUD
KDVWDOOHJDUDOVÐPERORGHODFDODYHUDGHVFDUWDGXQDGH
YXHVWUDV)LFKDVGH([SORUDGRU\GHMDGYXHVWUD&RUGXUD
HQHOYDORUPÄVEDMRHQFLPDGHOVÐPERORGHFDODYHUD
3RGÌLVXOXODUWRGRORTXHTXHUÄLV
SLHUQDSRUHVDRSRUWXQLGDG3DJXÌXQDSLHUQD\XQD
SLHUQD
$PHGLGDTXHHOHVSÐULWXVHUHYHODYHLVTXHIDOWDOD
PLWDGGHVXFXHUSR/DYLGDHVXQDFDUUHUDFRQWUDHO
WLHPSRGLFHQ3HURHVWDUPXHUWRQRHVWDQPDOR
¢VDEÌLV"3XGHKDEHUSHUGLGRPLFDSDFLGDGSDUDFRUUHU
SHURDÝQGLVIUXWRGHXQDEXHQDFDUUHUDDSLHDOD
DQWLJXDXVDQ]D(QWRQFHV¢TXÌWDOXQDFDUUHUD"(O
JDQDGRUJDQD/RVSHUGHGRUHVhSLHUGHQ&RUUHGRUHVD
VXVPDUFDVSUHSDUDGRVOLVWRV„\D
/DVOXFHVYXHOYHQDHQFHQGHUVH7RGRVRVPLUÄLVXQRVD
ORVRWURVHQSÄQLFRDQWHVGHODQ]DURVKDFLDODVSXHUWDV
PÄVFHUFDQDV„'HMDGTXHFRPLHQFHODFDUUHUD
*/.&%*"5".&/5&
3LÔDSDUDFRLQFLGHQFLDVYHUORTXHPXHVWUDOD
VLJXLHQWHWDEOD6LQRSRGÌLVGDUOHXQUHJDORDO
&RUUHGRUWUDWDGORFRPRXQREVHTXLRTXHQRWLHQH
FRLQFLGHQFLDV
$3*5&3*04
1"3"
$0*/$*%&/$*"4
/
$PJOD 1PEFS
0 (UHVDWDFDGRSRUHO&RUUHGRU
1 7LHQHVHVSDFLRGHPRYLPLHQWR
PÄVHVWHWXUQR
2 7LHQHVHVSDFLRVGHPRYLPLHQWR
PÄVHVWHWXUQR
3 'HVFXEULHQGRXQDQXHYDKDELWDFLÖQFRQ
FRPRHOPRYLPLHQWRGHSOXPDV$OJLUDUGRVRMRV
EULOODQWHVRVREVHUYDQGHVGHODVYLJDV\HVFXFKÄLVXQ
VXDYHXOXODU$OJRDFHUFDGHHVHEÝKRRVUHFXHUGDD
YXHVWURPHMRUDPLJR¢3RGUÐDVHUh"'HEHKDEHU
DOJXQDIRUPDGHUHFXSHUDUDYXHVWURDPLJR„6LVROR
SXGLHUDLVSHQVDUHQHOVRQLGRGHWRGRVHVWRVKXHVRV
FUXMLHQGREDMRYXHVWURVSLHV
*/.&%*"5".&/5&
&RORFDGGHYXHVWUDV)LFKDVGH([SORUDGRUHQYXHVWUD
WDUMHWDGHSHUVRQDMH
-0
26&
4"#«*4
"$&3$"
%&
-04
."-04
(OWUDLGRUHVWÄPX\IHOL]GHVHUXQ%ÝKR\OHJXVWDUÐD
TXHWRGRVYRVRWURVVHÄLV%ÝKRVSDUDVLHPSUH/DFDVD
8OXODUKDFLHQGRVLHPSUHHOVRQLGRXXHLQWHUFDOÄQGROR
FRQXQODUJRXXXXSXHVWRTXHVRLVXQ%ÝKR
$ã.0
"$56"3
$6"/%0
40*4
)6."/04
1RSRGÌLVHQWUDUHQORVHWDVTXHKD\DQVLGRYROWHDGDV
3RGÌLVVDOLUGHORVHWDVYROWHDGDVDWUDYÌVGHERUGHVTXH
FRQHFWHQDSXHUWDVRYHQWDQDVHQORVHWDVQRYROWHDGDV
6LQRSRGÌLVPRYHURVGHODKDELWDFLÖQHQODTXHHVWÄLV
VLQFUX]DUXQDORVHWDYROWHDGDGHEÌLVWUDQVIRUPDURVHQ
%ÝKRVLTXHUÌLVPRYHURV
7RGDYÐDSRGÌLVXOXODUWDQWRFRPRTXHUÄLV6LPSOHPHQWH
SDUHFHUÄH[WUDÔRHVRHVWRGR
3&(-"4
&41&$*"-&4
%&
"5"26&
FXDOTXLHUVÐPERORR
 GHOWUDLGRUVHGLULJHOHQWDPHQWHKDFLDHOERUGHGHXQ
1LQJXQRGHYRVRWURVVRLVWUDLGRUHV3HURHVWÄLVHQXQD QRWHUPLQDUÄWXPRYLPLHQWRHVWHWXUQR &XDQGRVHÄLV+XPDQRSRGUÌLVKDFHUXQDWDTXHGH
DFDQWLODGR&XDQGRFDLJDQSDUWHVGHODFDVDVH
FRPSHWLFLÖQSDUDJDQDUHOUHWR
4+
$QRWDGFXÄQWDVFDUWDVGHREMHWR\SUHVDJLRHVWÄQDO
IUHQWHGHFDGDKÌURH/XHJREDUDMDGWRGDVODVFDUWDVGH
ODPDQRGHORVH[SORUDGRUHV\RSLODGHGHVFDUWHVFRQ
VXVUHVSHFWLYRVPD]RV
SHUGHUÄQSDUDVLHPSUH\ODÝQLFDIRUPDGHVREUHYLYLU
8QDYH]GXUDQWHHVWHWXUQRSXHGHVWHOH
VLHVWÄLVHQHVHOXJDUHVWUDQVIRUPÄQGRRVHQ%ÝKR
WUDQVSRUWDUWHDFXDOTXLHUKDELWDFLÖQR
SXHGHVHOHJLURWURSRGHUGHHVWDWDEOD
70405304
("/Ü*4
$6"/%0y
h+D\ÄLVFRQYHUWLGRDOWUDLGRUHQXQ+XPDQRRPDWÌLV
&RQRFLPLHQWR.QRZOHGJHFRQWUDHOWUDLGRUVLHVXQ
EÝKR(VWHDWDTXHSURGXFLUÄGDÔRPHQWDO&XDQGRHO
&RQRFLPLHQWRGHOWUDLGRUVHUHGX]FDDOVÐPERORGHOD
FDODYHUDUHVWDEOHFHVXUDVJRGH&RQRFLPLHQWRDOYDORU
SRUHQFLPDGHOVÐPERORGHODFDODYHUD(OWUDLGRU
YROYHUÄDVHUKXPDQR
&RORFDGOD)LFKDFLUFXODUGH)DQWDVPD*KRVWTXH 3&(-"4
&41&$*"-&4
%&
"5"26& DOWUDLGRU $QWHVGHUHDOL]DUXQDWDTXHIÐVLFRFRPR+XPDQRVVLHO
UHSUHVHQWDHO&RUUHGRUHQHO*LPQDVLR*\PQDVLXP 1RSRGUÌLVKDFHUGDÔRDRWURVH[SORUDGRUHV6LQ WUDLGRUHVXQ%ÝKRSULPHURGHEHUÌLVWHQHUÌ[LWRHQ
'HMDGDXQODGRRWUDV)LFKDVJUDQGHVGHPRQVWUXR HPEDUJRSRGÌLVUREDURVFDUWDVGHREMHWR $ã.0
53"/4'03."3 XQD7LUDGDGH9HORFLGDGGHRHOWUDLGRUYRODUÄIXHUD
&DGDMXJDGRUGHEHUÄWRPDUWUR]RVGHSDSHO\ (O&RUUHGRUQRSXHGHVXIULUGDÔR 3RGÌLVWUDQVIRUPDURVGH+XPDQRD%ÝKRSHUGLHQGR GHYXHVWURDOFDQFH6LIDOOÄLVHQHVWDWLUDGDQRSRGUÌLV
HVFULELUÄHQVHFUHWRXQDWULEXWRGHFDUWDVGHREMHWR\
GHFDUWDVSUHVDJLRHQFDGDXQD(VWRSXHGHVHU
FXDOTXLHUFRVDQRWDQHVSHFÐILFDFRPR(VXQDUPD
GH&RUGXUD6DQLW\\GHVFDUWDQGRYXHVWUD)LFKDGH DWDFDUGHQXHYRHVHVHWXUQR
$OFRPLHQ]RGHOWXUQRGHXQKÌURHVLÌVWHQRSXHGH
([SORUDGRUGHYXHVWUDPLQLDWXUD6LHVWRKDFHTXH
GDUOHXQUHJDORDO&RUUHGRUHO&RUUHGRUKDUÄXQDWDTXH
YXHVWUD&RUGXUDFDLJDDOVÐPERORGHODFDODYHUD 4*
("/Ü*4
:
&-
53"*%03
7*7&
(PSLH]DFRQ&R1RSXHGHVROWDUVH(VFRJHGDOJR GH&RUGXUD6DQLW\FRQWUDHOKÌURH/D&RUGXUDGHO
GHVFDUWDGXQDGHYXHVWUDV)LFKDVGH([SORUDGRUHQ „8I'HYXHOWDHQWLHUUDILUPH&XDQGRRVGLULJÐVKDFLDOD
JHQHUDOTXHVHDSOLTXHDPÄVTXHDXQDVSRFDVFDUWDV &RUUHGRUVHUÄLJXDODOQÝPHURGHILFKDVJUDQGHVGH
OXJDUGHSHUGHUGH&RUGXUD SXHUWDGHHQWUDGDORVKXHVRVTXHFUXMHQEDMRYXHVWURV
&RORFDGODVDQRWDFLRQHVERFDDEDMRVLQGLVFXWLUVREUH PRQVWUXRTXHWHQJDLQFOXLGDODGHÌOPLVPR/XHJRVH
FRORFDUÄXQRWUDILFKDJUDQGHGHPRQVWUXRGHEDMRGHO 3RGÌLVWUDQVIRUPDURVGH%ÝKRD+XPDQRPRYLHQGRXQD SLHVVXHQDQUHFRQIRUWDQWHV8QDYH]DIXHUDHQHOIUHVFR
HOODV
&RUUHGRUDPHQRVTXH\DKD\DLQFOXLGDODGHÌO GHODV)LFKDVGH([SORUDGRUGHVGHYXHVWUDWDUMHWDGH DLUHGHRWRÔROHSUHJXQWÄLVDYXHVWURDPLJRHQTXÌ
$OHDWRULDPHQWHXQRGHEHUÄWRPDUDQRWDFLRQHV\ODV SHUVRQDMHKDVWDYXHVWUDPLQLDWXUD6LQRWXYLHUDLV GHPRQLRVHVWDEDSHQVDQGRFXDQGRWUDWDEDGH
OHHUÄHQYR]DOWD(VDVVHUÄQORVFULWHULRVGHO&RUUHGRU )LFKDVGH([SORUDGRUHQYXHVWUDWDUMHWDGHSHUVRQDMH FRQYHUWLURVDWRGRVHQEÝKRV%XHQRGLFHYXHVWUR
6LKD\FRLQFLGHQFLDVGHVFDUWDUODGXSOLFDGD\VDFDURWUD
4*
5ç
("/"4
QRSRGUÐDLVWUDQVIRUPDURVHQ+XPDQR6HUÌLVXQ%ÝKR DPLJRFRQXQDVRQULVDVRORSHQVÌTXHVHUÐDJHQLDO
QRWD6LVHDJRWDQHVFULELGRWUDQRWD
5HSDUWLGDFDGDKÌURHHOPLVPRQÝPHURGHFDUWDVGH
REMHWR\GHSUHVDJLRTXHWHQÐDQDQWHV
-0
26&
4"#«*4
"$&3$"
%&-
$033&%03
(O&RUUHGRUHVXQIDQWDVPDTXHTXLHUHTXHOHWUDLJÄLV
FRVDVFRPRODVTXHDPDEDHQYLGD¬ORVFRQFHGHUÄ
SRGHUHVIDQWDVPDOHVEDVDGRVHQFXÄQWRVHDVHPHMDQ
YXHVWURVREVHTXLRVDORTXHÌOTXLHUH
6/0
%&
70405304
("/"3Ü
$6"/%0
h'HVFXEUDODÝOWLPDKDELWDFLÖQGHODFDVD6LDOJXQD
YH]HVLPSRVLEOHFRORFDUPÄVKDELWDFLRQHVHQODFDVDHO
/RKLFLVWH„+DVJDQDGRODFDUUHUD/HYDQWDVORVEUD]RV
HQVHÔDOGHYLFWRULD/DPXOWLWXGVHYXHOYHORFD$
PHGLGDTXHODKDELWDFLÖQVHRVFXUHFHQXHYDPHQWH
FDHVDOVXHORSRUDJRWDPLHQWRSHURFXDQGRYXHOYHVHQ
VÐHVWÄVIXHUDGHODFDVD¢3RUTXÌGHMDUGHFRUUHU
DKRUD"0LHQWUDVFRUUHVKDFLDXQOXJDUVHJXURXQYLHQWR
KHODGRWHYDFRQJHODQGR&RQRFHVHVWHVHQWLPLHQWRPX\
ELHQ8QDYR]VXVXUUD¢<TXÌKD\GHRWUDFDUUHUD"
SRUHOUHVWRGHYXHVWURVGÐDV
$ã.0
"$56"3
$6"/%0
40*4
6/
#ç)0
3RGÌLVYRODU(VWRVLJQLILFDTXHSRGÌLVPRYHURVSRU
ORVHWDVYROWHDGDV\FUX]DUSRUORVHWDVLQH[LVWHQWHVHQWUH
VHFFLRQHVGHODFDVDVLHQWUÄLVRVDOÐVDWUDYÌVGHXQD
YHQWDQDRSRUXQDKDELWDFLÖQGHH[WHULRU&DGDHVSDFLR
GRQGHGHELHUDKDEHUXQDKDELWDFLÖQFXHQWDFRPR
HVSDFLRVGHPRYLPLHQWR'HEÌLVTXHGDURVHQODPLVPD
SODQWD\WHUPLQDUYXHVWURVWXUQRVHQXQDORVHWDHQOD
FDVD(QODKRMDGHUHJODVGHHVWDH[SDQVLÖQVHLQFOX\H
XQDOLVWDGHKDELWDFLRQHVFRQYHQWDQDV\KDELWDFLRQHV
H[WHULRUHV
7RGRVVHUÐHQRVHODPHQWDQ\VDOHQDODQRFKH
'HWUÄVGHYRVRWURVODFDVDOHQWDPHQWHFRPLHQ]DD
DOHMDUVH
4*
("/Ü*4
:
&-
53"*%03
.6&3&
„8I'HYXHOWDHQWLHUUDILUPH&XDQGRRVGLULJÐVKDFLDOD
SXHUWDGHHQWUDGDORVKXHVRVTXHFUXMHQEDMRYXHVWURV
SLHVVXHQDQUHFRQIRUWDQWHV8QDYH]DIXHUDHQHOIUHVFR
DLUHGHRWRÔRRVSUHJXQWÄLVHQTXÌGHPRQLRVHVWDED
SHQVDQGRYXHVWURDPLJRFXDQGRWUDWDEDGHFRQYHUWLURV
DWRGRVHQEÝKRV
'HWUÄVGHYRVRWURVODFDVDOHQWDPHQWHFRPLHQ]DD
DOHMDUVH
H[SORUDGRUTXHFRORTXHODÝOWLPDORVHWDJDQD 9XHVWUD9HORFLGDG6SHHGHVHOGREOHGHOYDORU
LQGLFDGRHQYXHVWUDWDUMHWDGHSHUVRQDMH
%&#«*4
%&
)"$&3
&450
&/
;.=8 7LUDUÌLVXQPÄ[LPRGHGDGRVVLKDFÌLVXQD ;.=8

92 93
76&45304
563/04 7LUDGDGH9HORFLGDG1RVXIUÐVGDÔRVSRUFDÐGDV
FRPRHQHO%DOFÖQ%DOFRQ\OD+DELWDFLÖQ &XDQGRWHUPLQÌLVHVWHUHWRPDUFDGWRGRVORV
$OFRPLHQ]RGHYXHVWURVWXUQRVGHEÌLVGDUOHXQ 'HUUXPEDGD&ROODSVHG5RRPRHO$VFHQVRU H[SORUDGRUHVTXHKD\DQSRGLGRWHUPLQDUORHQ
UHJDORDO&RUUHGRUGHVGHFXDOTXLHUKDELWDFLÖQGH 0ÐVWLFR0\VWLF(OHYDWRU ODWDEODXELFDGDGHVSXÌVGHOUHWR
ODFDVDVLSRGÌLV
 ²5=26*?85>7=*-B=.<=*6.7=8
325CHAD BROWN&
&8$/48,(53$5(&,'2&21/$+(5(1&,$'(/$7,$$*$7$(6385$&2,1&,'(1&,$
9XHVWUDULFD\H[FÌQWULFDWÐD(GZLQDVLHPSUHVHKDEÐD
LQFOLQDGRKDFLDORVREUHQDWXUDO(QFDGDYLVLWDHOOD
FRQWDEDFXHQWRVIDQWÄVWLFRVVREUHFRVDVDQWLJXDV\
H[WUDÔDVHVSHFLDOPHQWHVREUHVXSUHFLDGDFROHFFLÖQGH
DUWHIDFWRVLQXVXDOHV(QVXÝOWLPRYLDMHHOODVXVXUUÖTXH
KDEÐDRÐGRKDEODUGHXQDIRUPDGHHQJDÔDUDODPXHUWH
'HVDIRUWXQDGDPHQWHSDUHFÐDTXHORVHVIXHU]RVGH
YXHVWUDWÐDIXHURQHQYDQR3RFRGHVSXÌVSDVÖDPHMRU
YLGD\RVOODPDURQSDUDHMHFXWDUVXWHVWDPHQWR7RGRV
YRVRWURVH[SORUDVWHLVSRUWRGDODH[WUDÔD\DQWLJXDFDVD
HQFRQWUDQGRYDULDVSLH]DVGHVXFROHFFLÖQUHFRUGDQGR
ODVKLVWRULDVTXHRVKDEÐDFRQWDGR\GLVWULEX\ÌQGRODV
1RWD/DWDEODRULJLQDOKDVLGRPRGLILFDGDGHELGRDPXFKDVTXHMDVGHRWURV
$ã.0
$"1563"3
"-
&41ß3*56
%&
&%8*/"
6LDOJXQDYH]HOWUDLGRUQRWXYLHUDXQ/HJDGRHOHVSÐULWX
GH(GZLQDFRPHQ]DUÄDEXVFDUXQ/HJDGRDGHFXDGR(Q
HVHFDVRFXDOTXLHUKÌURHHQXQDKDELWDFLÖQFRQXQ
VÐPERORSXHGHGHFLU(UHVOLEUH\VROWDUXQ/HJDGR
SDUDTXHVHDWRPDGRSRUHOHVSÐULWXGH(GZLQD6X
HVSÐULWXVHUÄDUUDVWUDGRKDFLDODUHOLTXLD\ORVKÌURHV
JDQDUÄQ
%*4104*$*ã/
%&-
-&("%0

7LUDGGDGR
YRVRWURVORVTXHHQFRMÌLV
5*72‡.;*27=.;;>692-*
325 MIKEY NEUMANN < DON EUBANKS
/RV KRUULEOHV WRQRV GH OD 1LÔHUD VH SXHGHQ HVFXFKDU
UHYHUEHUDQGR GHVGH ODV SDUHGHV (OOD JULWD 6Ì TXH
HVWÄLV HPRFLRQDGRV SRU FUHFHU SHUR VL PH GHSHQGLHUD
GH PÐ SHUPDQHFHUÐDLV LJXDO SDUD VLHPSUH 3RGÌLV
HVFXFKDU VX ULVD (O PLVPR WXÌWDQR GH YXHVWURV KXHVRV
SDUHFHTXHUHUJULWDUSHUR¢FÖPR"
„&LHORV ¢'H WRGRV PRGRV ORV QLÔRV VDOLHURQ GH VXV
FXQDV" „+D\ XQ PRPHQWR \ XQ OXJDU SDUD ORV MXHJRV \
HVWRQRHVDVÐ
2V ILMÄLV TXH HO WHFKR GH OD FDVD FRPLHQ]D D HOHYDUVH
PÄV KDVWD TXH RV GDLV FXHQWD GH TXH HQ UHDOLGDG VRLV
6LOD1LÔHUDRVUHFRJHORSULPHURTXHGHEÌLVKDFHU
GXUDQWHYXHVWURWXUQRHVDWDFDUDOD1LÔHUDSDUDTXHRV
GHMH3RGÌLVXVDUYXHVWURDWDTXHQRUPDOFRQ3RGHURXQ
DWDTXHGH9HORFLGDGFRPRHOPHQFLRQDGRHQHOSÄUUDIR
DQWHULRULQFOXVRVLXQRQRSURYRFDQLQJÝQGDÔR6LOD
YHQFÌLVGHYROYHGYXHVWUDPLQLDWXUDDFXDOTXLHU
KDELWDFLÖQFRQWLJXD\SHUGHGGH9HORFLGDG6LQROD
GHUURWÄLVYXHVWURWXUQRKDEUÄWHUPLQDGR
3&(-"4
&41&$*"-&4
%&
.07*.*&/50
3RGÌLVJDVWDUHVSDFLRGHPRYLPLHQWRSDUDDUUDVWUDURV
IXHUDSRUXQDYHQWDQDRXQDKDELWDFLÖQH[WHULRU6LHV
HQWUHYRVRWURVVXVKHUHGHURV7RGRVTXHUÐDLVDOJRSDUD MXJDGRUHVSXHVWRTXHKDFÐDODSDUWLGDLQQHFHVDULD\H[WUHPDGDPHQWHODUJD6 6L GHVGHHO7HMDGR5RRIUHFLELUÌLVGDGRVGHGDÔRIÐVLFR
UHFRUGDUD(GZLQD TXHUÌLVSUREDUFRQORVGDWRVRULJLQDOHVHOFRUUHVSRQGHDUREDUXQOHJDGRD VLHVGHVGHOD3ODQWD$OWD8SSHU)ORRUGDGRV\VLHV
(QDOJÝQPRPHQWRODVFRVDVVHSXVLHURQIHDV/RV
D]DU\HODUREDUXQOHJDGRDWXHOHFFLÖQ&RQVXOWDGDQWHVFRQHOWUDLGRUSDUD
YHUFRQTXHFXDGURYDLVDMXJDU
*/.&%*"5".&/5& GHVGHOD3ODQWD%DMD*URXQG)ORRUGDGR1R
EDOEXFHRVVHFRQYLUWLHURQHQHVFDUFHRVORVHVFDUFHRVVH 'HMDGDXQODGRODV)LFKDVGH3LODGH2EMHWRV,WHP3LOH UHFLELUÌLVGDÔRSRUHVWRVLWHQÌLVOD&XHUGDRVLVRLV
FRQYLUWLHURQHQHVFDUDPX]DV\XQDSDOSDEOHVHQVDFLÖQ
GHDYDULFLDVHDSRGHUÖGHWRGRVYRVRWURV$OPLUDU
ILMDPHQWHODIRWRJUDIÐDHQPDUFDGDHQGRUDGRGHODWÐD
(GZLQDTXHFROJDEDVREUHODUHSLVDGHODFKLPHQHDHO
WUDLGRUKDEOÖGHUHSHQWHFRQODYR]GHODTXHULGD
0 (OH[SORUDGRUDWDFDGRGHVFDUWDDOD]DUXQ/HJDGR
1 (OH[SORUDGRUDWDFDGRGHVFDUWDDOD]DUXQ
/HJDGR
-0
26&
4"#«*4
"$&3$"
%&
-04
."-04
/D1LÔHUDHVXQDFXLGDGRUDHVWULFWD\RUGHQDGDFRQ
H[WUDÔRVSRGHUHVPÄJLFRV(OODTXLHUHTXHVXVQLÔRV
EHEÌVSRUVXSXHVWR+D\XQDOLVWDGHKDELWDFLRQHVFRQ
YHQWDQDV\KDELWDFLRQHVH[WHUQDVHQODKRMDGHUHJODV
GHHVWDH[SDQVLÖQ6LRVDUUDVWUÄLVGHVGHOD3ODQWD$OWDR
HO7HMDGRFRORFDGYXHVWUDPLQLDWXUDDEDMRHQORV
H[WHULRUHVGHODFDVDHQHOPLVPRODGRGHODFDVDQRUWH
2 5REDXQ/HJDGRDOD]DUGHOH[SORUDGRU WUDYLHVRVTXHVRLVYRVRWURVYXHOYDQDOD*XDUGHUÐD VXUHVWHXRHVWHMXQWRDODKDELWDFLÖQTXHHVWÌPÄV
GLIXQWD„,QJUDWRVGHVJUDFLDGRV
DWDFDGR 1XUVHU\ OHMRVGHODSXHUWDSULQFLSDO
„'HMDGPLVFRVDV\OXHJRVDOLGGHPLFDVD
8QDYH]TXHKD\ÄLVVDOLGRGHODFDVDSRGÌLVFDPLQDU
*/.&%*"5".&/5&
 3&(-"4
&41&$*"-&4
%&
"5"26& 70405304
("/Ü*4
$6"/%0
DOUHGHGRUGHOSHUÐPHWURGHOD3ODQWD%DMD&DGDERUGH
'HMDUDXQODGRODV)LFKDVGH3LODGH2EMHWR,WHP3LOH &RPRVLHPSUHHOÝQLFRH[SORUDGRUDOTXHSRGÌLVDWDFDU 7RGRVYRVRWURVQRHVWÌLVVLHQGRFDUJDGRVSRUOD H[WHULRUGHXQDORVHWDFXHQWDFRPRXQDKDELWDFLÖQ
QRUPDOPHQWHHVHOWUDLGRU6LQHPEDUJRHQOXJDUGH 1LÔHUD\HVWÌLVDIXHUDGHODSXHUWDGHHQWUDGDGHO+DOO 3RGÌLVLQJUHVDUSRUXQDYHQWDQDGHOD3ODQWD%DMDRSRU
6LKD\PHQRVKDELWDFLRQHVFRQHOVÐPERORGHREMHWRHQ
YXHVWURDWDTXHQRUPDOXQDYH]GXUDQWHYXHVWURVWXUQRV GH(QWUDGD(QWUDQFH+DOOHOFXDOHVWÄFHUUDGR XQDKDELWDFLÖQH[WHULRUJDVWDQGRHVSDFLRGH
ODFDVDTXHHOQÝPHURGHH[SORUDGRUHVFRJHGORVHWDVGH
SRGÌLVLQWHQWDUUREDUXQ/HJDGRGHRWURH[SORUDGRUHQ PRYLPLHQWR/DOÐQHDGHYLVLÖQSDVDDWUDYÌVGHODV
KDELWDFLÖQ\FRORFDGODVTXHWHQJDQHOVÐPERORHQ
YXHVWUDKDELWDFLÖQ\DVHDSHUVXDGLHQGRDOH[SORUDGRU %&#«*4
)"$&3
&450
&/
76&4530
563/0 YHQWDQDV\GHODVKDELWDFLRQHVH[WHULRUHVHQOD3ODQWD
MXHJRKDVWDTXHKD\DWDQWDVKDELWDFLRQHVREMHWRFRPR
GHTXHQRYDOHODSHQDPRULUSRUÌVWHXVDQGR&RUGXUD %DMDFRPRVLODVÄUHDVGHOSHUÐPHWURIXHUDQ
H[SORUDGRUHV $OSULQFLSLRGHYXHVWURWXUQRUHFLEÐVGDGRGHGDÔR
&DGDKÌURHWRPDGHOPD]RXQDFDUWDGHREMHWROXHJR
FDGDXQRFXHQWDHOQÝPHURWRWDOGHFDUWDVGHREMHWR\
FDUWDVGHSUHVDJLRTXHWHQJDTXHSXHGDQVHU
6DQLW\RUHODWDQGRXQDKLVWRULDSDVDGDGHOD7ÐD
(GZLQDTXHGHPXHVWUHTXHHO/HJDGRVLJQLILFDPÄVSDUD
WLTXHSDUDHOH[SORUDGRUXVDQGR&RQRFLPLHQWR
KDELWDFLRQHV
IÐVLFR\GDGRGHGDÔRPHQWDO6LXQKÌURHHPSLH]DVX
WXUQRHQOD*XDUGHUÐDUHFLELUÄGDGRVGHGDÔRHQ 3RGÌLVHVFRQGHURVHQORV0RQWDSODWRV*DVWDQGR
DPERVWLSRVHQYH]GHVROR HVSDFLRGHPRYLPLHQWRVXELUÌLVDXQ0RQWDSODWRVGH
.QRZOHGJH6LKDFÌLVHVWRHQXQDKDELWDFLÖQFRQXQ
LQWHUFDPELDGDVRUREDGDV8QDFDUWDTXHSXHGDVHU YXHVWUDKDELWDFLÖQSRQHGYXHVWUDPLQLDWXUDHQHO
VÐPERORGHREMHWRDJUHJDGDGRDWXDWDTXH(VWH
LQWHUFDPELDGDSHURQRUREDGDRYLFHYHUVDFXHQWD3RU 3&(-"4
&41&$*"-&4
%&
%"¬0 VÐPERORGHO0RQWDSODWRV3RGÌLVWLUDUGDGRV
DWDTXHQRFDXVDQLQJÝQGDÔRSHURVLYHQFÌLVDORWUR
HMHPSOROD$UPDGXUD\OD'DJDGH6DQJUHFXHQWDQSHUR DGLFLRQDOHVHQGHIHQVDPLHQWUDVHVWÌLVHQXQ
H[SORUDGRUKDUÌLVXQDWLUDGDVHJÝQODWDEODGH
ODFDUWDGH0RUGLVFRQR(VWDVFDUWDVUHSUHVHQWDQ &XDQGRUHFLEÄLVGDÔRPHQWDOWRPDGWRGRHOGDÔRSDUD PRQWDFDUJDV&XDQGRVDOJÄLVGHO0RQWDSODWRVGHEÌLV
'LVSRVLFLÖQGHO/HJDGR6LQROHKDFÌLVGDÔRYXHVWUR
YXHVWURV/HJDGRVTXHFDPELDUÄQDPHGLGDTXHJDQÌLV\ &RQRFLPLHQWR.QRZOHGJH&XDQGRUHFLEÄLVGDÔRIÐVLFR JDVWDUHVSDFLRGHPRYLPLHQWRSDUDUHLQJUHVDUDOD
DWDTXHQRWHQGUÄHIHFWR
SHUGÄLVFDUWDV WRPDGWRGRHOGDÔRSDUD3RGHU0LJKW KDELWDFLÖQRHVSDFLRVGHPRYLPLHQWRSDUDPRYHURVD
XQ$FFHVR/DQGLQJ\DVHDXQDSODQWDPÄVDUULEDR

127$(VWHUHWRGHSHQGLHQGRODVFLUFXQVWDQFLDVSXHGHVHUH[WUHPDGDPHQWH 3&(-"4
&SPECIAL&4
%&
0#+&504:
&XDQGRWRPÌLVHOGDÔRGHYXHVWUR3RGHULQFUHPHQWDG
PÄVDEDMR
ODUJRGHELGRDTXHGHSHQGHPXFKRGHODVFDUWDVTXHKD\DHQMXHJR2WURV
MXJDGRUHVUHFRPLHQGDQTXHWWUDVGHVYHODUVHHOUHWR\DQRVHSXHGDVHJXLU
H[SORUDQGRQXHYDVKDELWDFLRQHVGHODFDVD\VLQRHVWÄHQMXHJRFRORFDUODV
HVFDOHUDVGHO6ÖWDQR&RQHOILQGHTXHQRHQWUHQHQMXHJRPÄVREMHWRV\
KDJDQPÄVODUJDODSDUWLGD&RQVXOWDFRQORVRWURVMXJDGRUHVVLTXHUÌLVRQR
DSOLFDUHVWDPRGLILFDFLÖQ
-0
26&
4"#«*4
"$&3$"
%&
-04
."-04
(OWUDLGRUHVWÄSRVHÐGRSRUHOHVSÐULWXFRGLFLRVRGH
YXHVWUDTXHULGDWÐD(GZLQDTXHSDUHFHHVWDULQWHQWDQGR
13&4"(*0
6RLVVXSHUDGRVSRUODDYDULFLD\QRSRGÌLVLQWHUFDPELDU
RVROWDUFDUWDVGHREMHWRRFDUWDVGHSUHVDJLRH[FHSWR
FXDQGRVHGHQODVFRQGLFLRQHVGHVFULWDVHQ& &ÖPR
&DSWXUDUHO(VSÐULWXGH(GZLQD6LDOJXQDYH]HVWÄLVHQ
XQDKDELWDFLÖQFRQXQDFDUWDGHREMHWRRGHSUHVDJLR
TXHKD\DVLGRVROWDGDGHEHUÌLVUHFRJHUODVWRGDV
&XDQGRYRVRWURVPXUÄLVGHMDGWRGRVYXHVWURV/HJDGRV
YXHVWUD9HORFLGDG6SHHGHQODPLVPDFXDQWÐD
6LDOJXQRGHYXHVWURVUDVJRVHVWÄHQHOVÐPERORGHOD
6LDOJXQRGHYXHVWURVUDVJRVEDMDKDVWDHOVÐPERORGHOD
FDODYHUD\QHFHVLWÄLVKDFHUXQDWLUDGDGHHVHUDVJRSDUD
FDODYHUDVHUÌLVXQEHEÌSRUHOUHVWRGHODSDUWLGD
HQWUDUFUX]DURVDOLUGHXQDKDELWDFLÖQWHQGUÌLVÌ[LWR
7RGDYÐDSRGÌLVPRYHURVXQPÐQLPRGHHVSDFLRVL
DXWRPÄWLFDPHQWH1DGDGHWLHQHDXQEHEÌTXHTXLHUH
YXHVWUDYHORFLGDGDOFDQ]DHOVÐPERORGHODFDODYHUD
OOHJDUDXQOXJDUSHOLJURVR
2EWHQGUÌLVXQHQODV7LUDGDVGH5DVJRHQFXDOTXLHU
UDVJRTXHHVWÌHQHOVÐPERORGHODFDODYHUD<DQR
3&(-"4
&41&$*"-&4
%&
0#+&50
:

SRGUÌLVUHFLELUGDÔR1RSRGUÌLVFRPXQLFDURVH[FHSWR
UHFXSHUDUWRGDVODVSLH]DVPÄVLQWHUHVDQWHVGHVX
PDFDEUDFROHFFLÖQDOPHQRVODVSLH]DVTXHWHQÌLV
70405304
("/Ü*4
$6"/%0y
HQXQD3LODGH2EMHWRV)LFKD,WHP3LOH3RUFDGD/HJDGR
TXHGHMÌLVSRUDOJXQDUD]ÖQWLUDGGDGR6LHOUHVXOWDGR
HVHQEODQFRHO/HJDGRVHUÄGHVFDUWDGR
OHQJXDMHGHEHEÌ 13&4"(*0
6LQLQFOXLUDTXHOORVREMHWRVRSUHVDJLRVTXHQRVH
3&(-"4
&41&$*"-&4
%&
"5"26& SXHGDQGHVFDUWDUSRGÌLVOOHYDUXQPÄ[LPRGHFDUWD
GHREMHWRRSUHVDJLRSRUFDGDSXQWRGH3RGHUTXH
6LVRLVXQEHEÌSRGÌLVDWDFDUDOD1LÔHUDXVDQGROD
h$WUDSÌLVHOHVSÐULWXGHODWÐD(GZLQDGHQWURGHXQD 4*
70405304
("/Ü*4y
UHOLTXLDGHVXFROHFFLÖQOLEHUÄQGRRVDYRVRWURV\DOD
(QWRGDODFDVDVHHVFXFKDXQJULWRTXHMXPEURVR„0LV
FDVDGHVXLQIOXHQFLD
SUHFLDGDVFRVDV$PHGLGDTXHHOJULWRVHGHVYDQHFHHO
DXUDGHODFRGLFLDVHOHYDQWD\ODFRUGXUD
;.=8YXHOYH$IRUWXQDGDPHQWHWHQÌLVXQ
SHTXHÔRUHFXHUGRGHODTXHULGD7ÐD(GZLQD
94
4XHGHVFDQVHHQSD]
9HORFLGDG6LSHUGÌLVQRUHFLELUÌLVQLQJÝQGDÔRSHUROD
1LÔHUDRVUHFRJHUÄ6LJDQÄLVOD1LÔHUDQRUHFLELUÄ
QLQJÝQGDÔRSHURDUURMDUÄXQDFDQWLGDGGHREMHWRV
SUHVDJLRV\RKÌURHVWUDQVSRUWDGRVLJXDODOD
GLIHUHQFLDHQWUHYXHVWUDVWLUDGDV3RGÌLVWLUDU
FXDOTXLHUDGHHOORVHQFXDOTXLHUKDELWDFLÖQR
KDELWDFLRQHVDG\DFHQWHVVLTXHUÌLVHQHOFDVR
GHKÌURHVOLEHUDGRVHVWRQRFXHQWDFRPRVDOLU
GHODKDELWDFLÖQ6LSHUGÌLVQRUHFLELUÌLVQLQJÝQ
WHQJÄLVFRQXQPÐQLPRGH6LWXYLHUDLVPÄVFDUWDV
TXHSXQWRVGH3RGHUGHEHUÌLVGHMDUHOH[FHVRHQXQD
3LODGH2EMHWRV














4*
("/Ü*4y
;.=8
95
$OVDOLUGHODFDVDFDGDSDVRRVWUDHXQ
QXHYRUHFXHUGRGHODIDPLOLDTXHWHQÌLV\TXH
QRSRGÌLVVRSRUWDUGHMDUDWUÄV(VWÄLVYLYRV\
ORVXILFLHQWHPHQWHFHUFDGHODHGDGTXHVH
GDÔRSHURODQLÔHUDRVUHFRJHUÄ VXSRQHTXHGHEÌLVWHQHU\QRKD\QDGDHQHO
PXQGRTXHSXHGDTXLWDURVHVR
 5*,*<*-.58<:>.<.?*7 ,8;-.;8<*56*=*-.;8
325$1'<&2//,16<*:(1'2/<1.(675(/ 325 JONATHAN GILMOUR

+DEÌLVVLGRDUUDVWUDGRVDXQDGLPHQVLÖQDOWHUQDWLYD 3&(-"4
&41&$*"-&4
%&
"5"26& (ORPLQRVRDXOOLGRQRRVPROHVWÖDOSULQFLSLR3HUR %&#«*4
)"$&3
&450
&/
76&4530
563/0

XQDFRQXQDFDVDVLPLODUDODTXHDFDEÄLVGHYHUSHUR
HVWÄGHFRUDGDGHPDQHUDGLIHUHQWH8QGHVWHOORVDOYDMH
DSDUHFHHQORVRMRVGHYXHVWURDPLJRTXHVHHVFDEXOOH
\VHSLHUGHGHYLVWDDQWHVGHUHÐUDFDUFDMDGDV
6RORHOKÌURHTXHSRUWHHOSUHVDJLRTXHLQLFLÖHOUHWR
SRGUÄDWDFDUDOWUDLGRU
1RHVWÄLVVHJXURVGHTXHHVH0LQRWDXURUHDOPHQWH
OXHJRFRPHQ]DURQORVJROSHV3RGÌLVYHUSDUSDGHDUVXV
$OILQDOGHYXHVWURWXUQRORV/RERVDWDFDUÄQ
RMRVURMRVPLHQWUDVPHURGHDQSRUODVYHQWDQDV
2FDVLRQDOPHQWHXQRVHDUURMDFRQWUDODSXHUWD v (OHJLGXQD3XHUWDFRQ%DUULFDGDFRQODPD\RU
$XXXXXKKK(OIXQHVWRDXOOLGRGHQXHYR(VSHUDG FDQWLGDGGH%DUULFDGDVDYXHVWUDHOHFFLÖQVLKD\
(QWRQFHVHVFXFKÄLVODVYRFHVVXSOLFDQWHVGHHQWLGDGHV ¢(VRYLQRGHVGHHOLQWHULRUGHODFDVD"¢(UDHVRXQ XQHPSDWH\UHYHODUXQD%DUULFDGD
H[LVWDGHKHFKRVLSRGÌLVPDQWHQHUORDODYLVWDWDO
IDQWDVPDOHVDWUDSDGDVHQODFDVD\HOUDVJXÔRGHXQ YH]LQFOXVRMXQWRDYRVRWURVQRRVDVXVWDUÄKDVWDOD KXPDQR"¢9LQRGHWL" v 6LWLHQHXQQÝPHURHQWUH\HVVDERWHDGD
PX\JUDQGH¢KXPDQRWDOYH]"+D\XQH[WUDÔR PXHUWH3RGÌLVKDFHUDWDTXHVGH&RUGXUD6DQLW\ 3RQHGHVD\ODVLJXLHQWHILFKDGH%DUULFDGDGHOD
EXILGRFRPRHOTXHLPDJLQDUÐDLVTXHKDUÐDXQ */.&%*"5".&/5&
FRQWUDHO0LQRWDXURVLHVWÄHQYXHVWUDOÐQHDGHYLVLÖQ SLODGHHVDSXHUWDHQODSLODGHUHVHUYD/XHJR
PLQRWDXUR6LSXGLHUDLVLPDJLQDUDXQPLQRWDXUR1R 6LGHUURWÄLVDO0LQRWDXURSRGÌLVPRYHUORDFXDOTXLHU &RJHG)LFKDVSHTXHÔDVGH0RQVWUXRFRORUDPDULOORTXH EDUDMDGOD5HVHUYD
TXHUÌLVLPDJLQDUDXQPLQRWDXUR
*/.&%*"5".&/5&
3RQHGWRGDVODVPLQLDWXUDVGHORVKÌURHVHQHO+DOOGH
KDELWDFLÖQGHQWURGHYXHVWUDOÐQHDGHYLVLÖQ
3&(-"4
&41&$*"-&4
%&
.07*.*&/50
7RGDVODVKDELWDFLRQHVTXHGHVFXEUÄLVVHFRQVLGHUDQ
UHSUHVHQWDQ2UÐJHQHVQXPHUDGDVGHODOQÝPHURGH
v 3DUDFXDOTXLHURWURQÝPHURWLUDGGDGR6LVDOH
H[SORUDGRUHV0H]FODGODVILFKDVERFDDEDMR\UHSDUWLG
HQEODQFREDUDMDGODV%DUULFDGDVERFDDEDMR
XQRDFDGDH[SORUDGRUSHURQRODVPLUÌLV
GHYXHOWDHQODSLODGHODSXHUWD'HORFRQWUDULR
6LKD\PHQRVGHFLQFRSXHUWDVDELHUWDVHQOD3ODQWD EDUDMDGODVERFDDEDMRHQOD5HVHUYD
(QWUDGD(QWUDQFH+DOO
9ROYHGDSRQHUODVORVHWDVGHODVKDELWDFLRQHVVLQ
%DMDLQFOXLGDOD3XHUWDGH(QWUDGDUREDGORVHWDVGH
QXHYDVSDUDYRVRWURV\GHEHQGHVFXEULUVHFRQ
3ODQWD%DMD\FRORFDGORVHQMXHJRKDVWDTXHKD\DFLQFR
QRUPDOLGDGFRPRVLQXQFDDQWHVODVKXELHUDLVYLVLWDGR
&RORFDGXQD)LFKDSHTXHÔDGH0RQVWUXRFRORUURMR
v 6LQRTXHGDQ%DUULFDGDVHQHVDSXHUWD\ODWLUDGD
QRIXHHQEODQFRORV/RERVHQWUDUÄQ\PDWDUÄQD
WRGRVORVH[SORUDGRUHVDH[FHSFLÖQGHVX
GHVFXEULUHQODFDMD1RORVQHFHVLWDUÌLV (O0LQRWDXURSXHGHGHMDU0DUFDVGH*DUUDV)LFKDV UHSUHVHQWDDXQ/RERHQHOH[WHULRUGHFLQFRSXHUWDV FDFKRUURSHUGLGRh
'HMDGDXQODGRODORVHWDGHOD+DELWDFLÖQ$EDQGRQDGD SHTXHÔDVGH0RQVWUXRGHFRORUDPDULOORSRUWRGDOD DELHUWDVGLIHUHQWHVHQOD3ODQWD%DMDGHDTXÐHQ
FDVD6LXQH[SORUDGRUVDFDOD+DELWDFLÖQ$EDQGRQDGD DGHODQWHVHOODPDUÄQ3XHUWDVFRQ%DUULFDGDV $OILQDOGHYXHVWURWXUQRVLWÝ\RWURH[SORUDGRUHVWÄLV
$EDQGRQHG5RRP
GHODSLODGHKDELWDFLRQHVFXDQGRGHVFXEUHXQD HQXQDKDELWDFLÖQSRUYXHVWURVSURSLRVPHGLRVSRGÌLV
5HFRJHGWRGDVODVORVHWDVGHVFXELHUWDVTXHQRVHDQ 'HMDGDXQODGRODV)LFKDVGH2EVWÄFXORUHSUHVHQWDQ PLUDUHO2ULJHQGHHVHRWURH[SORUDGRU\OXHJR
KDELWDFLÖQ\SXHGDVHUFRORFDGDMXQWRDXQDKDELWDFLÖQ
$FFHVRV/DQGLQJV\GLYLGLGODVHQGRVSLODVGHLJXDO
WDPDÔR0H]FODGODORVHWDGHOD+DELWDFLÖQ
$EDQGRQDGDHQXQDGHODVSLODV3RQHGHVDSLODGHEDMR
GHODRWUDGHPRGRTXHOD6DOD$EDQGRQDGDHVWÌHQ
DOJÝQOXJDUHQODPLWDGLQIHULRUGHODSLODFRPELQDGD
3RQJDOD)LFKDGH([SORUDGRUGHOWUDLGRUHQHOSUHVDJLR
TXHFRPHQ]ÖHOUHWR
-0
26&
4"#«*4
"$&3$"
%&
-04
."-04
(OWUDLGRUTXLHUHHYLWDUTXHHVFDSÌLVGHODFDVD\
SXHGHKDEHUFRQMXUDGRDXQ0LQRWDXURIDQWDVPDOSDUD
GHWHQHURV$OPHQRVHVRFUHÌLV(VUHDOPHQWHGLIÐFLO
GHFLUTXÌHVUHDODTXÐ
70405304
("/Ü*4
$6"/%0y
h&XDOTXLHUKÌURHILQDOLFHVXWXUQRFRQWRGRVORV
KÌURHVTXHVLJDQYLYRVHQOD+DELWDFLÖQ$EDQGRQDGD

6DEÐDLVTXHDOJRDQGDEDPDOFRQHOORV0LHQWUDVWRPDQ

("/"3Ü4
/DPDQDGDHQWUDSRUODSXHUWDUHYHQWDGDROIDWHDQGRHO
;.=8
96
FRQXQD0DUFDGH*DUUDEDUDMDGOD+DELWDFLÖQ
$EDQGRQDGDHQODSLODGHKDELWDFLRQHV6LHOH[SORUDGRU
ODH[WUDHLQPHGLDWDPHQWHGHVSXÌVFRORFDUOD
LQGHSHQGLHQWHPHQWHGHODVSRVLFLRQHVGHODV0DUFDVGH
*DUUD
4*
("/Ü*4y
/DSXHUWDVHUHVLVWHSRUXQPRPHQWRPLHQWUDVODDEUÐV
FRPRVLODFDVDHVWXYLHUDKDFLHQGRXQÝOWLPRHVIXHU]R
GÌELOSRUPDQWHQHURV„(QWRQFHVVRLVOLEUHVHQHO
PLVPROXJDUGRQGHHVWDEDLVDQWHVGHTXHWRGRHVWR
FRPHQ]DUD9XHVWUDOÄVWLPDSRUORVHVSÐULWXVDWUDSDGRV
GHODFDVDVHYHDWHQXDGDSRUYXHVWURDOLYLRDOQR
KDEHURVXQLGRDHOORV
%DUULFDGDVQXPHUDGDVGHODO7RPDGODV)LFKDV UHJUHVDGORERFDDEDMR3RGÌLVGHFLUWRGRORTXHTXHUÄLV
QXPHUDGDVGHODO\FRORFDGDOD]DUGHHOODV VREUHORTXHKDEÌLVGHVFXELHUWRLQFOXVRVLQRHVYHUGDG
ERFDDEDMRHQODSDUWHVXSHULRUGHFDGDXQDGHODV
SXHUWDVFRQ%DUULFDGDVH[LVWHQWHV/XHJRFRORFDGDOD]DU 3&(-"4
&41&$*"-&4
%&
"$$*ã/
GHODVXQDGHODV%DUULFDGDVUHVWDQWHVERFDDEDMR
8QDYH]HQWXWXUQRFXDQGRHVWÌLVHQXQDKDELWDFLÖQ
MXQWRDFDGDXQDGHODV%DUULFDGDVH[LVWHQWHV&DGD
FRQXQD3XHUWDFRQ%DUULFDGDSRGÌLVFRQVWUXLUR
3XHUWDFRQ%DUULFDGDDKRUDGHEHUÐDWHQHU%DUULFDGDV
0H]FODG\FRORFDGODV%DUULFDGDVHQXQDSLODHQFDGD
LQVSHFFLRQDUXQD%DUULFDGD
SXHUWD v 3DUDFRQVWUXLUXQD%DUULFDGDVDFDG%DUULFDGDV
GHOD5HVHUYD\HOHJLGXQDSDUDPH]FODUODHQOD
%DUDMDGHOUHVWRGHHVDV)LFKDVGH2EVWÄFXORHQXQDSLOD
SLODGHODSXHUWD%DUDMDGODVILFKDVUHVWDQWHVHQ
ERFDDEDMR(VWDVHUÄOD5HVHUYD
OD5HVHUYDVLQUHYHODUVXVQÝPHURV
3RURUGHQGHWXUQRHPSH]DQGRSRUHOUHYHODGRUGHO
v 3DUDLQVSHFFLRQDUXQD%DUULFDGDPLUDGOD
UHWRFDGDH[SORUDGRUFRORFDVXPLQLDWXUDHQXQOXJDU
SULPHUD%DUULFDGDGHODSLODGHODSXHUWD\
$FFHVRGLIHUHQWHRHQXQDKDELWDFLÖQFRQHOVÐPERORGHO
0RQWDSODWRV SRQHGOR\DVHDHQODSDUWHVXSHULRURLQIHULRUGH
HVDPLVPDSLODVLQUHYHODUOR
-0
26&
4"#«*4
"$&3$"
%&
-04
."-04
3&(-"4
&41&$*"-&4
%&
.07*.*&/50
8QRGHYRVRWURVIXHFULDGRSRU/RERVSHURQRSXHGHQ
GHFLUTXLÌQ'HKHFKR„HVHH[SORUDGRUQLVLTXLHUDOR 1RSRGÌLVPRYHURVYHUQLGHVFXEULUKDELWDFLRQHVDORWUR
VDEH(OWUDLGRULQWHQWDUÄFRQVWUXLU%DUULFDGDV ODGRGHODV3XHUWDVFRQ%DUULFDGDV
VDERWHDGDVSDUDRFXOWDUVX2ULJHQHOFXDOVHUÄUHYHODGR
FXDQGRHOWUDLGRUPXHUD
4*
/0
'6*45&*4
$3*"%04
103
-0#04
:

("/Ü*4
I4*
/0
'6*45&*4
$3*"%04
103
-0#04
("/"3«*4
$6"/%0y VXÝOWLPRDOLHQWRHVFXFKÄLVFRPRXQÝOWLPRDXOOLGRVH
DSDJDDIXHUDPLHQWUDVORVUDVJXÔRVFHVDQ/DPDQDGD
0DWÌLVDOWUDLGRU&DGDYH]TXHPXHUHXQH[SORUDGRU
VHYD3RUDKRUD
VHUHYHODVX2ULJHQ6LHVHOQÝPHURORVRWURV
H[SORUDGRUHVJDQDQ 4*
'6*45&
$3*"%0
103
-0#04
:
("/"4
4*
'6*45&
$3*"%0
103
-0#04
$6"/%0y VXHOR6HDEUHQSDVRKDFLDWL\FRPLHQ]DQDODPHUOD
VDQJUHGHWXVPDQRV-XQWRVWHDOLPHQWDVFRQWX
h7HQJDVHO2ULJHQQÝPHUR\ PDQDGD+DVHQFRQWUDGRDWXJHQWH
h7RGRV ORV RWURV KÌURHV KD\DQ PXHUWR R ORV /RERV
KD\DQHQWUDGRDODFDVD
;.=8
97
 95¨<=2,8/*7=¨<=2,8
325 ANITA SARKEESIAN < MIKE SELINKER
&DQVDGRVGHODVFDVDVHQODVFROLQDVOOHJDVWHLVDHVWH
HQFDQWDGRUDOEHUJXHHQ8QFDQQ\9DOOH\SDUDGLVIUXWDU
GHSD]\WUDQTXLOLGDG7UDMLVWHLVDOJXQRVMXHJRVGH
PHVDHVDVQRYHODTXHTXHUÐDLVOHHU\XQDVHULHGH
GRORUHVGHFDEH]DSRUWHQVLÖQUHODFLRQDGRVFRQHO
PXQGRFRWLGLDQR3HURSRGÐDLVVHQWLUFRPRHVDV
SUHRFXSDFLRQHVRVUHVEDODQDQWHODGLFKDGHXQDVUDUDV
YDFDFLRQHV+DVWDHOPRPHQWRHQTXHQRWÄLVTXH
DOJXLHQKDSXHVWRXQPLOOÖQGHPDQLTXÐHVFRQORVRMRV
3&(-"4
&41&$*"-&4
%&
.07*.*&/50
3DUDSURSÖVLWRVGHYXHVWURPRYLPLHQWRWRGRVORV
0DQLTXÐHVERFDDUULEDHQXQDKDELWDFLÖQFXHQWDQ
FRPRXQVRORPRQVWUXR
3&(-"4
&41&$*"-&4
%&
"5"26&
/RV0DQLTXÐHVHVWÄQKHFKRVGHSOÄVWLFR\QRSXHGHQ
5*6*7<2¯7-.?>.<=;*6>.;=.
325MAX TEMKIN < ELI HALPERN
/DFDMDVHDEUHSRUVÐVRODHFKDQGRKXPR2VLQFOLQÄLV
SDUDLQYHVWLJDU\YHLVGDGRVSHTXHÔRVFDUWDV\ORVHWDV
TXHUHSUHVHQWDQODVKDELWDFLRQHVHQXQDHVSHOX]QDQWH
FDVDYLHMD'HUHSHQWHYXHVWURDPLJRHVDEVRUELGRGH
FDEH]DHQODFDMD&RQWUDYXHVWURPHMRUMXLFLRXQRSRU
XQRFDGDXQRGHYRVRWURVPLUDKDFLDODFDMDSDUDYHU
TXÌVXFHGLÖFRQYXHVWURDPLJRTXHIXHDEVRUELGR
DQWHV
3&(-"4
&41&$*"-&4
%&
%"¬0
'HELGRDTXH\DVHKDUHYHODGRHOUHWRDKRUDHQHVD
QXHYDSDUWLGDSRGUÌLVPRULUVLYXHVWURVUDVJRVOOHJDQDO
VÐPERORGHODFDODYHUDGHVGHHOSULQFLSLR6LHVWR
VXFHGHPRULUÌLV\YROYHUÌLVDOMXHJR
3&(-"4
&41&$*"-&4
%&
3&50
UHFLELUGDÔRFRQDWDTXHVIÐVLFRVPÄ[LPRGHGDGRV $XQTXHKD\ÄLVUHYHODGRHVWHUHWRQRKDEUÌLVUHYHODGR
HQEODQFRSRUWRGRHODOEHUJXH 7RGRVYRVRWURVRVHQFRQWUÄLVGHSLHHQHO+DOOGH
(QWUDGD(QWUDQFH+DOOGHXQDYLHMDPDQVLÖQ$QWH HOUHWRGHODQXHYDSDUWLGD3RUORTXHDOILQDOGH
6LWHUPLQÄLVYXHVWURWXUQRHQXQDKDELWDFLÖQFRQXQRR
(VSHUDXQRGHHOORVVHKDPRYLGR YRVRWURVVHH[WLHQGHXQ9HVWÐEXOR)R\HU\XQD YXHVWURWXUQRGHVSXÌVGHKDEHUVDFDGRXQDFDUWDGH
PÄVPDQLTXÐHVERFDDUULEDSRGÌLVDWDFDUFRQ&RUGXUD
(VFDOHUD3ULQFLSDO*UDQG6WDLUFDVH6LQHPEDUJRRV SUHVDJLRTXHQRVHDODGHOD&DMDGHEHUÌLVKDFHUOD
*/.&%*"5".&/5&
'HVFDUWDGWRGDVODVFDUWDVGHREMHWRGHDUPD\ODV
FDUWDVGHSUHVDJLRGHDUPD\VDFDGGHOPD]RXQD
FDQWLGDGLJXDOGHFDUWDVGHREMHWRVTXHQRVHDQDUPDV
-0
26&
4"#&4
"$&3$"
%&
-04
."-04
6DQLW\R&RQRFLPLHQWR.QRZOHGJH/DFDQWLGDGGH
0DQLTXÐHVERFDDUULEDHQODKDELWDFLÖQHVODFDQWLGDG
GHGDGRVTXHODQ]DUÄHOMXJDGRUFRQHO7RPRGHO
7UDLGRU6LGHUURWÄLVDORV0DQLTXÐHVSRQHGWRGRVORV
0DQLTXÐHVHQODKDELWDFLÖQERFDDEDMR6LQRORORJUÄLV
UHFLELUÌLVODFDQWLGDGQRUPDOGHGDÔRPHQWDO
GDLVFXHQWDGHODWHUULEOHUHDOLGDG6LQRLQYHVWLJÄLV
HVWDSHTXHÔDFDVDQXQFDSRGUÌLVGHMDUGHMXJDUHVWH
MXHJR
*/.&%*"5".&/5&
5HFRJHGWRGDVODVORVHWDVTXHQRVHDQ$FFHVRV
FRUUHVSRQGLHQWH7LUDGDGH5HWR6LUHYHOÄLVXQQXHYR
UHWROHHGHVWHUHWRRWUDYH]GHVGHHOSULQFLSLR
5HFRUGDGTXHORVH[SORUDGRUHVPXHUWRVVHJXLUÄQ
PXHUWRVDOLQLFLDUQXHYDPHQWHHOUHWR
4*
1&3%«*4y
/DFDVDHVWÄOOHQDGH0DQLTXÐHVGHRMRVRSDFRVTXHKDQ
DEVRUELGRODFRQVFLHQFLDGHYXHVWURDPLJR6LQ
HQWUHQDPLHQWRHQODQDWXUDOH]DGHODVRFLHGDGFREUDQ
YLGDDODPHQRUSURYRFDFLÖQ9XHVWURDPLJRORTXH
TXHGDGHYXHVWURDPLJRWRGDYÐDHVWÄGHYXHVWURODGR
3&(-"4
&41&$*"-&4
%&
0#+&50
:

13&4"(*0
6LVDFÄLVXQDUPDGHOPD]RGHREMHWRVRSUHVDJLRV
GHVFDUWDGOD\VDFDGRWUDFDUWDGHOPLVPRPD]R
/DQGLQJV0H]FODGHVDVKDELWDFLRQHVGHQXHYRHQOD
SLODGHORVHWDV
3RQHGODPLQLDWXUDGHFDGDH[SORUDGRUTXHVLJDFRQ
YLGDHQHO+DOOGH(QWUDGD$TXHOORVTXHKD\DQPXHUWR
5HJODV
SUHYLDPHQWHQRYXHOYHQDXQLUVHDOMXHJRYHU5
/DVSDUHGHVGHODFDVDFRODSVDQVREUHYRVRWURVVH
YXHOYHQSODQDV\VLQUDVJRVGLVWLQWLYRV0LHQWUDVPLUÄLV
FRQKRUURUODVKDELWDFLRQHVVRQDSLODGDVSRUXQDIXHU]D
LQYLVLEOH8QRDXQRVRLVFRORFDGRVHQEROVDV\PHWLGRV
HQXQDEDQGHMDGHSOÄVWLFR,QGHIHQVRV\SDUDOL]DGRV
JULWÄLVHQVLOHQFLRPLHQWUDVXQDJLJDQWHVFDWDSDGH
SHURDQLPDUÄDORV0DQLTXÐHVTXHHVWÄQDYXHVWUR
DOUHGHGRU3RUHOPRPHQWRVRQGÖFLOHV3RUHOPRPHQWR
70405304
("/Ü*4
$6"/%0y
h7RGRVORV0DQLTXÐHVKD\DQGHMDGRODFDVD\DOPHQRV
KÌURHVLJDFRQYLGD
4*
("/Ü*4y
$KODFDVDDKRUDKDYXHOWRDODQRUPDOLGDG2VGDLV
FXHQWDGHTXHHVWRVPDQLTXÐHVVHKDQWUDVODGDGRDO
PXQGRUHDOHQGRQGHLQGXGDEOHPHQWHFUHFHUÄQ\
DSUHQGHUÄQFRVDV4XL]ÄVVHFRQYHUWLUÄQHQPLHPEURV
QRUPDOHVGHODVRFLHGDG7DOYH]QR3HURSRUDKRUDHQ
HVWHDOEHUJXHODWUDQTXLOLGDGHVEDVWDQWHDJUDGDEOH
(VSHFLDOHVGH5HWR0DQWHQHGYXHVWURVUDVJRVHQVXV
YDORUHVDFWXDOHV\PDQWHQHGFXDOTXLHUFDUWDGHREMHWR
TXHWHQJÄLVDFWXDOPHQWH
'HVFDUWDGWRGDVODVRWUDVFDUWDV6LHVWRSURYRFDTXH
DOJXQRGHYXHVWURVUDVJRVGLVPLQX\DKDVWDHOVÐPEROR
GHODFDODYHUDEDMDGHOUDVJRKDVWDHOYDORUPÄVEDMR
VREUHHOVÐPERORGHODFDODYHUD0H]FODGWRGDVODV
FDUWDVGHVFDUWDGDVHQVXVUHVSHFWLYRVPD]RV
FDUWÖQRVVXPHUJHHQODPÄVQHJUDGHWRGDVODV
WLQLHEODV
4*
("/Ü*4
(QHOPRPHQWRGHYXHVWURWULXQIRODVSDUHGHVGHODFDMD
FRODSVDQ\ODKDELWDFLÖQDYXHVWURDOUHGHGRUFRPLHQ]DD
JLUDU&XDQGRPLUÄLVKDFLDDUULEDHVWÄLVGHUHJUHVRHQ
ODFDVDGRQGHFRPHQ]DVWHLV6XVSLUÄLVDOGDURVFXHQWD
(VWDEOHFHGXQWHPSRUL]DGRUGHPHGLDKRUD GHTXHWRGDYÐDQHFHVLWÄLVHVFDSDUGHOD&DVDGHOD
RODPLWDGGHODÝOWLPDYH]TXHHVWDEOHFLVWHLVXQ &ROLQDSHURHVRHVXQFXHQWRSDUDRWURPRPHQWR
WHPSRUL]DGRUSDUDHVWHUHWRFXDOTXLHUDTXHVHDPHQRU
,QLFLDGHOWHPSRUL]DGRU\FRPHQ]DGXQQXHYDSDUWLGD
GH7UDLFLÖQHQOD&DVDHQOD&ROLQD%HWUD\DODW+RXVH
RQWKH+LOO

70405304
("/Ü*4
$6"/%0y
h6DTXÌLVODFDUWDGHSUHVDJLR&DMDHQHVWDQXHYD
SDUWLGDGH7UDLFLÖQHQOD&DVDGHOD&ROLQD3HUGHUÌLV
FXDQGRWRGRVORVH[SORUDGRUHVKD\DQPXHUWRRHO
WHPSRUL]DGRUKD\DOOHJDGRDOFHUR\QR
KD\ÄLVHQFRQWUDGROD&DMD

;.=8 ;.=8

98 99
 3>0>.68<>73>.08
325JOHN BORBA
0LUÄLVILMDPHQWHHOHQYROWRULRGHOTXHFDHXQDFLQWDGH
FDVHWH/DFLQWDHVWÄJDUDEDWHDGDFRQOHWUDLQIDQWLO
VXSOLFDQWH5HSURGÝFHPH
%XVFÄLVHQODKDELWDFLÖQHLQWURGXFÐVHOFDVHWHHQXQ
YLHMRUHSURGXFWRU/DFLQWDKDFHXQVRQLGRFRPRFXDQGR
VHWUDWDGHDGHODQWDUFXDQGRVHHVFXFKDXQDYR]EDMD\
WDPEDOHDQWH
&UHRTXHWRGRVGLVIUXWDUÐDPRVGHXQSHTXHÔRMXHJR2V
HQFXHQWURPX\LQWHUHVDQWHV\WRGDYÐDFRQYLGDFRQ
70405304
("/Ü*4
$6"/%0y
h6XSHUÄLV WRGRV YXHVWURV 'HVDIÐRV DQWHV GH PRULU R
DQWHV GH TXH HO &RQWDGRU GH 7XUQR'DÔR OOHJXH D 
&XDOTXLHUD TXH QR ORJUH OD YLFWRULD FXDQGR DOJXLHQ
JDQHRHOUHWRWHUPLQHPRULUÄHQHOIXHJR
%&#«*4
)"$&3
&450
&/
&-
563/0
%&-

3&7&-"%03
%&-
3&50
$OFRPLHQ]RGHOWXUQRGHOUHYHODGRUGHOUHWRLQFOXVRVL
VXVGHVJUDFLDGDVYLGDV&DPELHPRVHVR(VWDFDVDHVWÄ HOUHYHODGRUGHOUHWRKDPXHUWREDMDGHO&RQWDGRUGH
OOHQDGHGHVDIÐRVGLVHÔDGRVSRUPÐGHVDIÐRV 7XUQR'DÔRDOVLJXLHQWHQÝPHURLQIHULRU
GHWHUPLQDGRVDPHGLUHOYDORUGHYXHVWUDVYLGDV9HLV
ODFDVDWDPELÌQHVWÄOLVWDSDUDTXHPDUVHFRQYRVRWURV
$ã.0
3&7&-"3
:
461&3"3
-04
&XDQGRFDGDH[SORUDGRUVREUHYLYDORVUHWRVGHODVLJXLHQWHWDEODPDUFDGHOHVSDFLRGHGLFKRKÌURHHQODFROXPQD
GHQWUR
%&4"'ß04 
GHUHWRFRUUHVSRQGLHQWH&XDQGRUHYHOÌLVDOJÝQUHWRFRQHOVÐPERORVLWRGRVORVH[SORUDGRUHVGHYXHVWURJUXSR
KDQMXJDGRORVFXDWURUHWRVYROWHDGODSÄJLQD\SUHSDUDRVSDUDXQUHWRGHPD\RUH[SHULHQFLDTXHORKDELWXDO(Q
&DGDXQRGHYRVRWURVGHEHUÄKDFHUXQDHOHFFLÖQ
DKRUD0LUDGDWRGRVYXHVWURVDPLJRV¢&RQILÄLVHQ 6LGHVFXEUÐVXQDKDELWDFLÖQQXHYD\KD\'HVDIÐRVHQOD FDVRFRQWUDULRLJQRUDHVWD7LUDGDGH5HWRPH]FODGODFDUWDGHSUHVDJLRTXHGHVHQFDGHQÖHVWHUHWRHQHOPD]RGH
HOORV"¢/RVQ
QHFHVLWÄLV" UHVHUYDSRUTXHQRVHSXGLHURQFRORFDUSRQHGXQ SUHVDJLRV\VHJXLGFRQODSDUWLGD
'HVDIÐRERFDDEDMRHQHVDKDELWDFLÖQ
*/.&%*"5".&/5& &XDQGRHVWÌLVHQXQDKDELWDFLÖQFRQXQ'HVDIÐRERFD
DEDMRSRGÌLVJDVWDUHVSDFLRVGHPRYLPLHQWRSDUD 13*."7&3" 7&3"/0 050¬0 */7*&3/0
3RGÌLVUHVWDEOHFHUFXDOTXLHUDGHYXHVWURVUDVJRVD
SRUHQFLPDGHYXHVWURVYDORUHVLQLFLDOHV
PLUDUVXQÝPHURHQVHFUHWR\REWHQHUXQDYLVWDSUHYLD 86 57 93 75
GHO'HVDIÐRHQHO7RPRGHOWUDLGRUSDUDOXHJRSRQHUOR &M
#PTRVF
FO
-B
5PSNFOUB
RVF &M
$BTUJMMP %¶KBMP
#SJMMBS
3RQHGODV)LFKDVGH2EVWÄFXORVUHSUHVHQWDQ ERFDDEDMR MB
$BCB¾B TF
"WFDJOB "NCVIPMBOUF -FU
*U
(MPX

'HVDIÐRVERFDDEDMRDOD]DUHQKDELWDFLRQHVGRQGHQR
KD\DH[SORUDGRUHV'LVWULEXLGORVSDUDTXHFDGDSODQWD
WHQJDODPLVPDFDQWLGDGGH'HVDIÐRVVLHVSRVLEOH6L
QRSRGÌLVFRORFDUORVWRGRVSRQHGDXQODGRHOUHVWR
FRPRUHVHUYD
$EULGHO7RPRGHO7UDLGRUHQHVWHUHWR$OOÐHQFRQWUDUÌLV
ORV'HVDIÐRV
3RQHGDXQODGRHO&RQWDGRUGH7XUQR'DÔRFRQXQFOLS
GHSOÄVWLFRHQ\SRQHGORDOIUHQWHGHOUHYHODGRUGHO
UHWR/RXVDUÌLVSDUDVHJXLUHOWLHPSR
&DGDH[SORUDGRUWRPDXQD)LFKDSHTXHÔDGH0RQVWUXR
URMR\XQD)LFKDSHTXHÔDGH0RQVWUXRD]XO5HYLVDG
&ÖPR9RWDUDFRQWLQXDFLÖQ8QDYH]TXHORKDJÄLVFDGD
H[SORUDGRUHOHJLGXQDILFKDHQVHFUHWR8QDYH]TXH
WRGRVORVH[SORUDGRUHVKD\DQHOHJLGRWRGRVUHYHODUÄQ
VXHOHFFLÖQDOPLVPRWLHPSR
$ã.0
705"3
6LYRWÄLVURMRHOHJÐVWUDEDMDUHQVROLWDULR\GHEÌLV

("/"/
VXSHUDU'HVDIÐRVSRUYRVRWURVPLVPRV3RGÌLVUHGXFLU
HQODFDQWLGDGGH'HVDIÐRVTXHQHFHVLWÄLVVXSHUDUSRU
FDGDH[SORUDGRUTXHPDWÌLV&XDQGRKDFÌLVXQDWDTXH
IÐVLFRVLJDQÄLVSRURPÄVUREÄLVXQREMHWRDGHPÄV
GHLQIOLJLUGDÔRIÐVLFR
6LYRWÄLVD]XODFHSWÄLVWUDEDMDUHQHTXLSRFRQTXLÌQHV
WDPELÌQKD\DQYRWDGRD]XO(OHTXLSRGHEHUÄVXSHUDU
XQDFDQWLGDGGH'HVDIÐRVLJXDODYHFHVHOQÝPHURGH
FRPSDÔHURVGHHTXLSRYLYRV(VWHWRWDOGLVPLQXLUÄVLXQ
FRPSDÔHURGHHTXLSRPXHUH6LVHIRUPDXQHTXLSR
EXVFDGHQHOPD]RGHREMHWRV\HQODSLODGHGHVFDUWHV
&XDQGRHVWÌLVHQXQDKDELWDFLÖQFRQXQ'HVDIÐRERFD
Brandon Jaspers
DEDMRSRGÌLVJDVWDUHVSDFLRGHPRYLPLHQWRSDUD
YROWHDUOR\UHYHODUVXQÝPHUR/XHJRFRQVXOWDUVX Darrin “Flash” Williams
SÄUUDIRHQHO7RPRGHO7UDLGRUSDUDWUDWDUGHVXSHUDUHO
Father Rhinehardt
'HVDIÐR(VWRILQDOL]DWXPRYLPLHQWRSDUDHOUHVWRGHO
WXUQR Heather Granville
6LVXSHUÄLVXQ'HVDIÐRSRQHGVXILFKDHQYXHVWUD Jenny LeClerc
WDUMHWDGHSHUVRQDMHSDUDLQGLFDUYXHVWURÌ[LWR
Madame Zostra
6LIRUPÄLVSDUWHGHOHTXLSRFRQWÄLVFRPRYXHVWUR
Missy Dubourde
SURSLRFRPSDÔHURGHHTXLSRDHIHFWRVGHOWH[WRGHXQ
'HVDIÐR Ox Bellows
/RVPLHPEURVGHOHTXLSRQRVRQRSRQHQWHVVRQ Peter Akimoto
FRPSDÔHURV6LIRUPÄLVSDUWHGHOHTXLSRQRSRGUÌLV
DWDFDUDXQFRPSDÔHURDPHQRVTXHYXHVWUR'HVDIÐR Professor Longfellow
GLJDORFRQWUDULR6LXQFRPSDÔHURGHHTXLSRPXHUH
Vivian Lopez
GHVFDUWDODV)LFKDVGH2EVWÄFXORGHHVHFRPSDÔHURGH
HTXLSR Zoe Ingstrom
4*
"-(6/04
0
50%04
6LHPSUHTXHHPSHFÌLVXQDQXHYDSDUWLGDVLWRGRVYXHVWURVH[SORUDGRUHVKDQVREUHYLYLGRDORVUHWRVOLVWDGRV
2VDOHMÄLVGHOHGLILFLRHQOODPDVVLQVDEHUVLWRPDVWHLV DUULEDSRGÌLVFROHFWLYDPHQWHGHFLGLUHQIUHQWDUDOD%UXMDODFXOPLQDFLÖQGHYXHVWUDDYHQWXUDGHQWURGHODVFDVDVGH
ODGHFLVLÖQFRUUHFWD(OORFRRVGLRXQDGHFLVLÖQ ODFROLQD6LGHFLGÐVHQIUHQWDURVDOD%UXMDFXDQGRVHGHVHQFDGHQHXQUHWRHQYH]GHUHDOL]DUHOUHWR
LPSRVLEOH\ODVXSHUDVWHLVDXQJUDQFRVWR4XL]ÄV FRUUHVSRQGLHQWHSRGÌLVLUGLUHFWDPHQWHDODSÄJLQDVLJXLHQWH
GHGLTXÌLVYXHVWUDVYLGDVDHQFRQWUDUOR\DFD]DUOR7DO
YH]GHGLTXÌLVYXHVWUDVYLGDVDDVHJXUDURVGHTXHQR %XHQDVXHUWHFRQHVR
RVHQFXHQWUH
ODVVLJXLHQWHVFDUWDVVLDÝQQRHVWÄQHQMXHJR
$PXOHWR7ÝQLFD&HUHPRQLDO0RWRVLHUUD.LW
0ÌGLFR*XDQWH6LJLORVR\3DWDGH&RQHMR
0H]FODGHVWRVREMHWRV\UHSDUWLG ;.=8 ;.=8

100 
DOHDWRULDPHQWHXQRDFDGDH[SORUDGRUGHO
HTXLSRPH]FODQGRHOUHVWRHQHOPD]R
 5*<.<=*,287.<-.5*+;>3*
3 25 MIKE SELINKER, ,163,5$'2(181$+,6725,$'( NIKOLAUS < OLIVER DAVIDSON
$YHFHVRVSUHJXQWÄLVSRUTXÌVLHPSUHRVDWUDHQODVFDVDVGHODVFROLQDV3DUHFHTXHFDGDYH]TXHGREOÄLVXQD
FXUYDHQXQDQRFKHRVFXUDHLQFOHPHQWHXQDPDQVLÖQVHLOXPLQDHQHOFUHSLWDUGHXQUD\R<FDGDYH]RV
DYHQWXUÄLVGHQWUR
(QXQDFÄPDUDTXHPDGDHQHOÝOWLPRGHYXHVWURVGRPLFLOLRVDEDQGRQDGRVXQRGHYRVRWURVHQFXHQWUDXQ
FDOHQGDULR2FWXEUHhYXHVWURDPLJRVHSUHJXQWD¢4XÌYLHQHGHVSXÌVGHRFWXEUH"
¢0PPQRYLHPEUH"UHVSRQGHXQRGHYRVRWURV
¢<TXÌYLHQHGHVSXÌVGHQRYLHPEUH"
'LFLHPEUHGLFHXQRGHYRVRWURV3HURGHEHUÐDPRVUHDOPHQWHh
¢<48¬9,(1('(638¬6'(',&,(0%5("
&DGDXQRGHYRVRWURVPLUDDORWUR¢(QHUR"UHSOLFÄLVDOXQÐVRQR
12GLFHYXHVWURDPLJRSDVDQGRODÝOWLPDSÄJLQD\PHWDPRUIRVHÄQGRVHHQODIRUPDGHXQD%UXMDFDQRVD12+$<
0¤60(6(6
70405304
("/Ü*4
$6"/%0y
h$OPHQRVXQRGHYRVRWURVVREUHYLYDORVGRFHPHVHVHQODFDVD\GHUURWHD
0DJGDOHQD
%&#&ß4
)"$&3
&450
&/
&-
563/0
%&-
3&7&-"%03
%&-
3&50
$OFRPLHQ]RGHOWXUQRGHOUHYHODGRUGHOUHWRDYDQ]DGHOFRQWDGRUGH7XUQR'DÔRDO
QÝPHURVLJXLHQWH(QWRQFHVHOUHYHODGRUGHOUHWRGHEHUÄOHHUVRODPHQWHODVHFFLÖQ
GHHVH0HVGHO7RPRGHO7UDLGRU(QFDVRGHTXHVHGHEDSDVDUGHOHQHO
&RQWDGRUGH7XUQR'DÔRVHGHEHUÄOHHUODVHFFLÖQILQDO
3&(-"4
&41&$*"-&4
%&
.07*.*&/50
&XDQGRWHUPLQÌLVYXHVWURWXUQRWUDWDGDODKDELWDFLÖQHQODTXHHVWÌLV
FRPRVLDFDEDUDLVGHGHVFXEULUODHVGHFLUUREDQGRODUHVSHFWLYDFDUWD
VLVHGDHOFDVR6LXWLOL]ÄLVDOJXQDIXQFLÖQHVSHFLDOFRPRODGHOD
'HVSHQVDROD%ÖYHGD9DXOWODVFXDOHVUHTXLHUHQ
*/.&%*"5".&/5& VHÔDOL]DUODVFRQXQD)LFKDGH([SORUDGRURXQDILFKDVLPLODUTXH
&RORFDGDOIUHQWHGHOUHYHODGRUGHOUHWRHO&RQWDGRUGH7XUQR'DÔRFRQXQFOLSGHSOÄVWLFRHQHO/RXVDUÌLVSDUD LQGLFDVHTXH\DKD\DVLGRXVDGDRDJRWDGDQRSRGUÌLVYROYHUD
KDFHUHOVHJXLPLHQWRGHORVPHVHVPLHQWUDVHVWÌLVDWUDSDGRVHQODFDVD(QHURHVWÄDSXQWRGHFRPHQ]DU XVDUGLFKDFDUDFWHUÐVWLFDGHVSXÌVGHKDEHUODKHFKRLQFOXVRGH
TXHIXHUDDQWHVGHTXHFRPHQ]DUDHOUHWR
6LDOJXQRGHYXHVWURVUDVJRVHVWÄSRUGHEDMRGHVXVYDORUHVLQLFLDOHVDXPHQWDGORVKDVWDYXHVWURVYDORUHVLQLFLDOHV
0DJGDOHQDQRWHQGUÄWXUQRVQLVHPRYHUÄGHO3DVHRGHOD
)LMDRVHQHOFXPSOHDÔRVGHYXHVWURKÌURHHQHOFXDGURGH&DOHQGDULRGHODGHUHFKD7DPELÌQORSRGUÌLVHQFRQWUDU
9LXGD&XDQGRXQKÌURHVDOJDGHO3DVHRGHOD9LXGDVHUÄ
HQYXHVWUDWDUMHWDGHSHUVRQDMH&DGDKÌURHJDQDUÄXQDKDELOLGDGHVSHFLDOHQHOPHVGHFXPSOHDÔRVVLVREUHYLYH
DWDFDGRSRU0DJGDOHQD6LHOODHVWXYLHUDDWXUGLGDGDGOH
3RUWXUQRVFRORFDGXQDORVHWDGHKDELWDFLÖQGHODSLODGHORVHWDVKDVWDTXHWRGDVODVKDELWDFLRQHVHVWÌQHQODFDVD ODYXHOWDERFDDUULEDDOFRPLHQ]RGHOSUÖ[LPRWXUQRGHO
$OKDFHUORHOHJLGXQDSXHUWDOLEUHGHODSODQWDFRUUHVSRQGLHQWH6LDOJXQDYH]QRSXGLHUDLVFRORFDUXQDKDELWDFLÖQ KÌURH
SRGÌLVURWDUODVORVHWDVGHODKDELWDFLÖQVHJÝQVHDQHFHVDULRSDUDSRGHUGHMDUXQDSXHUWDOLEUHVLHPSUH\FXDQGR
QRVHGHVFRQHFWHXQDSDUWHGHODFDVDGHRWUD MAGDALENA GUNCHESTER
3RQHGOD)LFKDFLUFXODUGH%UXMD:LWFKTXHUHSUHVHQWD
D0DJGDOHQDHQHO3DVHRGHOD9LXGD:LGRZ
V:DON CALENDAR*0
9HORFLGDG 8 3RGHU 8 &RUGXUD 8 &RQRFLPLHQWR 8
3RQHGXQD)LFKDGH3ODQWD3ODQWTXHUHSUHVHQWD /P .&4 $6.1-&"¬04
%&
&RPLGDHQHO&RPHGRU'LQQLQJ5RRPHQHO-DUGÐQ 4*
("/Ü*4
1 (QHUR Vivian Lopez
*DUGHQVHQOD&RFLQD.LWFKHQHQOD'HVSHQVD (PHUJÌLVKDFLDODOLEHUWDGXQDÔRPÄVYLHMRV\YDULDV
/DUGHUHQOD&DVDGHO¤UERO7UHH+RXVH\HQOD 2 )HEUHUR Missy Dubourde GÌFDGDVPÄVVDELRV/DEUXMD0DJGDOHQD\DQR
%RGHJDGH9LQR:LQH&HOODU DPHQD]DUÄPÄVDODKXPDQLGDGGHVGHHO3DVHRGHOD
3 0DU]R Jenny LeClerc
3RQHGOD)LFKDGH)XHQWH)RQWTXHUHSUHVHQWD$JXD 9LXGDGHOD&DVDGH*XQFKHVWHU3RUDKRUDKDEÌLV
HQHO/DJR6XEWHUUÄQHR8QGHUJURXQG/DNH 4 $EULO Father Rhinehardt H[SORUDGRWRGDVODVFDVDVHPEUXMDGDVTXH
FRQRFÌLV¢$SDUHFHUÄQPÄVFDVDVHQODV
3RQHGOD)LFKDGH+XPR6PRNHTXHUHSUHVHQWDDO 5 0D\R Brandon Jaspers FROLQDVSRUWRGRHOPXQGR"6RORHOSDVRGH
&DUEÖQHQHO&XDUWRGHOD&DOGHUD)XUQDFH5RRP ODVHVWDFLRQHVORGLUÄ
6 -XQLR Darrin “Flash” Williams
'HMDGDXQODGROD)LFKDFLUFXODUGH*DWR&DWODV)LFKDV
SHTXHÔDVGH0RQVWUXRGHWRGRVORVFRORUHVODV)LFKDVGH 7 -XOLR Professor Longfellow
2EVWÄFXORODV)LFKDVWULDQJXODUHVGH7LUDGDGH5DVJR\ 8 $JRVWR Heather Granville
ODV)LFKDVGH([SORUDGRUTXHFRLQFLGDQFRQORVKÌURHV(O
UHYHODGRUGHOUHWROHHUÄODLQWURGXFFLÖQ\ODVHFFLÖQGH 9 6HSWLHPEUH Peter Akimoto
(QHURGHO7RPRGHO7UDLGRUDGHPÄVWRPDUÄHOSULPHU
10 2FWXEUH Ox Bellows
WXUQR3HURQRVLJÄLVOH\HQGRHO7RPRGHO7UDLGRU
11 1RYLHPEUH Zoe Ingstrom
-0
26&
4"#«*4
"$3$"
%&
-04
."-04
12 'LFLHPEUH Madame Zostra
/D%UXMD0DJGDOHQDHVODÝQLFDKHUHGHUDVREUHYLYLHQWH
GHODIRUWXQDGHORV*XQFKHVWHU'XUDQWHJHQHUDFLRQHV /DTXHDOJXQDYH]IXHUDXQDGHYRWDSDFLILVWD
ORV*XQFKHVWHUVHDSURYHFKDURQGHORVGÌELOHV 0DJGDOHQDDKRUDKDEÐDGHFODUDGRHOILQGHOUXPER
YHQGLHQGRDUPDVGHJXHUUDDODVSHRUHVSHUVRQDVGHO YLROHQWRGHODKXPDQLGDG9RVRWURVKDEÌLVYLVWRORV
PXQGR(OSHRUGHWRGRVIXHHO*HQHUDO:LOKHOP SODQHVGHOD%UXMDSDUDGHVWUXLUDODKXPDQLGDGHQ
*XQFKHVWHUHOWLWÄQPLOLWDUTXHQRVHGHWXYRDQWHQDGD PXFKDVRFDVLRQHV+DEÌLVYLVWRFUHFHUVXVÄUEROHVGH
SDUDVREUHSRQHUODJXHUUDVREUHODSD] JUDQGHVDOWXUDVHQSULPDYHUDVXVWRUPHQWDVTXH
0DJGDOHQDSURWHVWÖFRQWUDODDXVHQFLDGHPRUDOLGDGGH DUUHFLDQHQYHUDQRVXVEÝKRVTXHYXHODQHQRWRÔR\VX
VXPDULGRSRUORTXHHO*HQHUDOODHQFHUUÖHQODFÝSXOD KLHORTXHFXEUHHOSDLVDMHHQLQYLHUQR<FDGDYH]
GHOD&DVDGHORV*XQFKHVWHU'HVSXÌVGHGÌFDGDV KDEÌLVWUDWDGRGHGHWHQHUVXVLQWHQFLRQHV
HQFDXWLYHULRVHYROYLÖORFDDGTXLULHQGR GHVWUXFWLYDV3RUYXHVWUDLQWURPLVLÖQHOOD
WHUULEOHVSRGHUHVGHEUXMHUÐD'HVGHHO3DVHR KDGHFLGLGRTXHVHTXHGDUÄDTXÐDKRUDHQ
GHOD9LXGDHOODHQFDQWÖODVUHVLGHQFLDVGH
;.=8 OD&DVD*XQFKHVWHU
;.=8

 
VXIDPLOLDSDUDTXHIXHUDQFDVDVGHKRUURU  3RUXQDÔRHQWHUR
'HMÖD:LOKHOPSDUDHOILQDOPDWÄQGRORFRQ
VXVSURSLDVDUPDVGHWHUURU&RQWRGRVVXV
SDULHQWHVPXHUWRVVRORTXHGDEDXQDFDVD