QUEJAS, DENUNCIAS,

SOLICITUDES, SUGERENCIAS,
CONSULTAS O RECONOCIMIENTOS
Porque nos interesa promover la transparencia de
la gestin pblica y lograr la participacin ciudadana,
ponemos a tu disposicin los medios para presentar una

Queja, Denuncia, Solicitud, Sugerencia,

Consulta o Reconocimiento
1. Personalmente
4. Pgina de internet
acudir al 9 piso, y presentarse
http://www.condusef.gob.mx en el sitio
en el rea de Quejas.
del rgano Interno de Control
2. Va telefnica
5. Correo electrnico:
por lnea directa o a los nmeros yolardz@condusef.gob.mx
54 48 71 80 y
atencin de la C. Yolanda Rodrguez
01 800 71 71 774
Snchez
3. Por Buzones
6. A travs de la Secretara de la
Funcin Pblica
instalados en las reas de
asesora las 24 horas los 365 das del ao
atencin al pblico.

Distrito Federal: 2000 2000

De Estados Unidos 1 800 475 2393
sactel@funcionpublica.gob.mx
Titular del rgano Interno de Control
Lic. Manuel Galn Jimnez
mgalan@condusef.gob.mx
54 48 71 77 Fax 54 48 71 76

Aydanos a combatir
la Corrupcin

No permitas
Titular de Quejas y de Responsabilidades
irregularidades,
Lic. Csar Larriva Ruz
clarriva@condusef.gob.mx
estamos para servirte
54 48 71 75
Sancionar las conductas indebidas,
satisfacer las necesidades y expectativas
de los usuarios de la CONDUSEF, es tarea de todos

Ubicacin:
Av. Insurgentes Sur
No. 762, Piso 9,
Col. Del Valle,
Mexico, D. F. 03100
Delegacin Benito Jurez.

Horario
de Atencin:
Lunes a Viernes
de 9:00
a 18:00 horas

&RQWHQLGR
+KREAI>NA

/1!")
/"! &+

"+ ,/1,

$"+!-/))"3/

 -/,1"$"12,)0&)),

-/&*"/-)+,
+,

 0&+"/$&

/=VKJAOL=N=QPEHEV=N
EV=N
P=NFAP=OLNAL=C=@=O
=O
1A@A?EIKO?IK
QO=NH=O

OACQN=PQO?KILN=O
0=>AOMQAOAH
OAH
ILN=
OACQNK@A?KILN=
LNKPACE@=

+KPE?E=O@A*TE?K
UAHIQJ@K

DKNNKA
EJRANOEJ
H=EILKNP=J?E=@A?KJK?AN
H=OIAFKNAOKL?EKJAO
-KN)QEO1HHAV(QAJVHAN
-NAOE@AJPA@AH KJOAFK
@A@IEJEOPN=?EJU
!ENA?PKN$AJAN=H@AH=KHO=
*ATE?=J=@A3=HKNAO

+KREAI>NA
?PERE@=@AOU?KJOAFKO
MQAPA=UQ@=NJ
=LNKPACANPQ@EJANK
%NKAOAJ?EN?QH=?EJ
KJK?A=HCQJKOLANOKJ=FAO
@AH=HQ?D=NARKHQ?EKJ=NE=
NALNAOAJP=@KOAJIKJA@=O
?KJIAIKN=PER=O

 )"1/

%&.2&1

!J@AL=CK
-=C=N=PEAILKPQP=NFAP=@A
?N@EPKJKPEAJALKNMQ
OAN?KILHE?=@K ATEOPAJ
IQ?D=OKL?EKJAOL=N=
L=C=NOEJ=?Q@EN=QJ=
OQ?QNO=H



,?DKRAJP=F=O
PE?K
@AH@EJANKLHOPE?K

2JIAN?=@K
MQA?NA?A

.QEJEJREANPA
AJH=KHO=@A3=HKNAO
KJK?AHKO>AJA?EKO@A
=??A@AN=AOPAIAN?=@K

1"+!"+ &0

1&3

*E?NKOACQNKO
&JOPNQIAJPKOMQALNKPACAJ
=B=IEHE=O@A>=FKONA?QNOKO

 1)"/,#&++

&"/,

QJPK?QAOP=@EOLKJAN
@AABA?PERK?KJPQP=NFAP=
@A?N@EPKAJQJ?=FANK
=QPKIPE?K@AKPNK>=J?K


)= NAREOP= -NKPAF= OQ @EJANK  LQ>HE?=@=
IAJOQ=HIAJPA LKN H= KIEOEJ +=?EKJ=H L=N=
H= -NKPA??EJ U !ABAJO= @A HKO 2OQ=NEKO @A
0ANRE?EKO#EJ=J?EANKO KJ@QOAB
AOP@AOPEJ=@=
=EJBKNI=NUKNEAJP=NOK>NAPAI=O@A"@Q?=?EJ
#EJ=J?EAN=)KOAFAN?E?EKO?KIL=N=PERKO HEOP=@KOU
@AO?NEL?EJ@ALNK@Q?PKOUOANRE?EKOJ=J?EANKO
OA LQ>HE?=J ?KJ JAO EJBKNI=PERKO )=O
KLEJEKJAO  LQJPKO @A REOP=  ?EP=O U AOPEI=?EKJAO
LNAOAJP=@=O JK @A>ANJ ?KJOE@AN=NOA ?KIK
NA?KIAJ@=?EKJAO L=N= H= ?KJPN=P=?EJ 
?KILN= K RAJP= @A JEJCJ PELK @A R=HKNAO 
>EAJAO  LNK@Q?PKO K OANRE?EKO )= EJBKNI=?EJ
CAJAN=@= LKN BQAJPAO @EOPEJP=O = KJ@QOAB AO
NAOLKJO=>EHE@=@@AH=OIEOI=O"H?KJPAJE@K@A
HKO=NP?QHKONI=@KOJKJA?AO=NE=IAJPANAAF=
H=KLEJEJ@AH=NAREOP=JE@A KJ@QOAB



)=OP=NFAP=O@ALNAL=CK?QILHAJ
?=@=RAVIOBQJ?EKJAO@AO@A
H=OQOPEPQ?EJ@AABA?PERKD=OP=
AH?KJPNKH@ALNAOQLQAOPKOU
NA?AL?EJ@APQOQAH@K

 -"/0-"

,+02)1,/&,
#&++ &"/,



,+!2)"1/0
LNAJ@AFQC=J@K

 (GXFDFLyQ 6HPDQD
)LQDQFLHUD 1DFLRQDO

/A?QAJPK0+"#
KJOAFKOPEHAO
UBN=OAO@AOP=?=@=O
@AH=0+"#

0ANRE?EKOL=N=PK@KO



$N=?E=O=H=OJQAR=OPA?JKHKC=OUJQAR=OBKNI=O@AD=?AN
JACK?EKO ?=@=RAVIOIATE?=JKOLQA@AJ?KJPN=P=N
OANRE?EKOJ=J?EANKO
3URWHMDVXGLQHUR

ZZZFRQGXVHIJREP[

Monitoreo Ciudadano de
la Carta Compromiso al Ciudadano
Procedimiento Conciliatorio

SEOR USUARIO:
Hacemos de su conocimiento que durante el 2007 se implement en
esta Comisin Nacional la gura de participacin ciudadana denominada
MONITOREO CIUDADANO.
Es un mecanismo de participacin donde la sociedad civil organizada evala y
asegura, que la institucin est cumpliendo con los compromisos establecidos
en la carta compromiso al ciudadano, adems de realizar sugerencias en busca
de enriquecer la calidad y fomentar la transparencia en los servicios pblicos.
Para este primer ejercicio se cont con la participacin de la Facultad de
Derecho de la Barra Nacional de Abogados, A.C., quienes colaboraron en la
evaluacin y propusieron algunas acciones de mejora para nuestro servicio,
sugerencias que ya se implementaron.
Lo anterior refrenda nuestro compromiso con la mejora continua y la bsqueda
de la excelencia en el servicio.
Para mayor informacin usted podr consultar nuestra pgina de internet:
www.condusef.gob.mx en el apartado Carta Compromiso al Ciudadano.

Por su atencin Muchas Gracias.

-NAOE@AJPA
)QEO-=VKO@AH=1KNNA
0A?NAP=NEK@AH='QJP=@A$K>EANJK
#ANJ=J@K D=NHAOPKJ%ANJJ@AV
3E?ALNAOE@AJP=@A!AHAC=?EKJAO
*=N=&O=>AH3AH=O?K/=IKO
3E?ALNAOE@AJPA'QN@E?K
ANJ=N@K%KN=?EK =OPAHH=JKO#ANJJ@AV
3E?ALNAOE@AJPA@A-H=JA=?EJ
U@IEJEOPN=?EJ
)=QNK)LAV0J?DAV?ARA@K
3E?ALNAOE@AJPA1?JE?K
)QEO#=>NA-NQJA@=
!ENA?PKN$AJAN=H@A"@Q?=?EJ#EJ=J?EAN=
NPQNK)QJ= =J=HAO
!ENA?PKN=@A-NKIK?EJ
U!AO=NNKHHK"@Q?=PERK
3=JAO=,HER==QPEOP=

KJOAFK"@EPKNE=H
NPQNK)QJ= =J=HAO?KKN@EJ=@KN

'KO*=N=N=I>QNQ
)QEOH>ANPKI=@K =OPNK
!=RE@*AJ@KV=
"@EPKNNAOLKJO=>HA
3E?AJPA/K@NCQAVCQENNA

/A@=??EJ
$=>NEAH=$QEHHJ,NPAC=
J="QJE?A/K?D= DRAV
!EOAK
NPQNK3=VMQAV3=H@AV
,O?=N1*=NPJAV1KNNAO
NPQNK,HEREAN$KJVHAV
@IEJEOPN=?EJU!EOPNE>Q?EJ
$AKNCEJ=$=N?=$KJVHAV
!EOAK@A-KNP=@=
,O?=N1*=NPJAV1KNNAO

-NKPAF=OQ!EJANK
"O QJ= NAREOP= IAJOQ=H A@EP=@= U LQ>HE?=@= LKN H=
KIEOEJ +=?EKJ=H L=N= H= -NKPA??EJ U !ABAJO=
@A HKO 2OQ=NEKO @A 0ANRE?EKO #EJ=J?EANKO  Q>E?=@= AJ
&JOQNCAJPAO0QN  KH@AH3=HHA  - !AHAC
AJEPK 'QNAV  *TE?K  !# 1AH     "@EPKN
NAOLKO=>HA3E?AJPAHBKJOK/K@NCQAVCQENNA
!EOPNE>Q?EJ KJ@QOAB &JOQNCAJPAO 0QN   KH
@AH 3=HHA  -   !AHAC AJEPK 'QNAV  *TE?K 
!# ANPE?=@K @A )E?EPQ@ @A 1PQHK JI  
ANPE?=@K@A)E?EPQ@@A KJPAJE@K=JPAH= KIEOEJ
=HE?=@KN=@A-Q>HE?=?EKJAOU/AREOP=O&HQOPN=@=O@AH=
0A?NAP=N=@A$K>ANJ=?EJ+I  ANPE?=@K@A
/AOANR= @A !ANA?DKO +I 
 &ILNAO= AJ /ALNK@Q??EKJAO #KPKIA?JE?=O 
0 @A 3 !AIK?N=?E=O JI   KH 0=J *ECQAH
I=JPH= !AHACV?=LKPV=H?K - *TE?K !#

KO=R=J?AOPA?JKHCE?KOD=?AJMQAOEPQ=?EKJAO@A??EJOARQAH
R=J?KPE@E=J=ODKUAOBNA?QAJPA?KJRANO=N?KJ=HCQEAJMQAAOP
AJKPNK?KJPEJAJPA K?=NC=N?EAJPKO@A?=J?EKJAOAJQJ@EOLKOE
PERKAHA?PNJE?K=LAJ=OIOCN=J@AMQAQJ>KPJ
)KOOANRE?EKOJ=J?EANKOJKOKJ=FAJKO=AOPKO?=I>EKO$N=?E=O=HKO
JQARKOAOMQAI=O@AJACK?EKO DKUAO?KIJNA=HEV=NKLAN=?EKJAO>=J
?=NE=OAJC=OKHEJAN=O OQLANIAN?=@KO B=NI=?E=O NAOP=QN=JPAOUD=OP=
LKNPAHBKJK+KK>OP=JPA @AIQULK?KOENRAMQAH=OJQAR=OKL?EKJAO
AOPJ=H=H?=J?AOE@AO?KJK?AO?IK=LNKRA?D=NOQORAJP=F=OAJ>AJA
?EK@APQ>KHOEHHK
-KNAHHK@A@E?=IKOAH=NP?QHKLNEJ?EL=H@AAOPAJIANK=QJLNK@Q?
PKMQA?K>N=?=@=RAVIONAHAR=J?E=AJJQAOPN=RE@=@E=NE=H=OP=NFAP=O
LNAL=C=@=OOP=OOKJP=NFAP=OAJH=OMQA@ALKOEP=OQJ=OQI=@A@EJA
NKMQALQA@AOQPEHEV=NL=N=L=C=NLNK@Q?PKOUOANRE?EKO"OIQULNK>=
>HAMQA?=NCQAOQJ=P=NFAP=LNAL=C=@=AJPQ>KHOKKAJPQ>EHHAPAN=H=O
D=UL=N=L=C=NAHIAPNK L=N=D=>H=NLKNPAHBKJK L=N=@AO?=NC=NI
OE?=AJEJPANJAPUD=OP=L=N==?QIQH=NLQJPKOAJAHOQLANIAN?=@K-KN
OQLQAOPK OQO?=N=?PANOPE?=O@ALAJ@AJ@AHPELK@AOANRE?EKL=N=AHMQA
BQANKJLAJO=@=O-ANKOQOQOKOJKPANIEJ=J=HH?Q=J@KOKJKBNA?E@=O
LKNH=OEJOPEPQ?EKJAOJ=J?EAN=O AOP=OP=NFAP=OLANIEPAJD=?ANL=CKOAJ
IQ?DKO AOP=>HA?EIEAJPKO @A *TE?K U AH ATPN=JFANK  A EJ?HQOK NAPEN=N
ABA?PERK@AHKO?=FANKO=QPKIPE?KO-KNOQLQAOPK P=I>EJ?KJPAILH=J
OANRE?EKO@EBANAJPAOL=N=?HEAJPAO@EBANAJPAO
6=MQAD=>H=IKO@ALNK@Q?PKO@EOA=@KOL=N=?Q>NENJA?AOE@=@AO
AOLA??=O KPNK@AJQAOPNKO=NP?QHKOOAAJBK?=AJAHPAI=@AHKOIE?NK
OACQNKOQJMQAOQJKI>NA=OHKOQCEAN= AOPKOJKOKJOACQNKO?DE
MQEPKO OEJK=QPJPE?KOPN=FAO=H=IA@E@=@AOQO?HEAJPAOLKPAJ?E=HAO 
LNK@Q?PKOJ=J?EANKOBKNF=@KOLAJO=J@KAJH=OJA?AOE@=@AO@AHKOMQA
OKJIORQHJAN=>HAO=HKONEAOCKOUIAJKO?=L=?AO@A=BNKJP=NQJ=?NE
OEO?Q=J@KK?QNNA
-=O=J@K=KPNKPAI= AHIAOL=O=@KOANA=HEVAJPK@KAHL=OH=0A
I=J=+=?EKJ=H@A"@Q?=?EJ#EJ=J?EAN=0+"#
2JK@AHKOK>FAPERKO
@AAOAAOBQANVKAO@EBQJ@ENEJBKNI=?EJU?KJK?EIEAJPKOMQALANIEP=J
=@IEJEOPN=N EJ?NAIAJP=NULNKPACANJQAOPNKL=PNEIKJEKAJH=O@EBANAJ
PAOAP=L=O@AH=RE@="OPA=K H=0+"#?KJP?KJIO@A =?PERE
@=@AOAJPK@KAHPANNEPKNEKJ=?EKJ=H?KJ?QNOKO@A@E>QFK P=HHANAO BANE=O
UATLKOE?EKJAO0EPAMQA@=OPA?KJC=J=O@AEN==HCQJ==?PERE@=@AJPQ
?EQ@=@ KOAJ?EHH=IAJPAJKPA=JEI=OPA=LNACQJP=NPQO@Q@=O PALNA
OAJP=IKO=MQK?DKOQCANAJ?E=OMQAOAAO?Q?D=NKJ@QN=JPAH=OAI=J=
UMQALQA@AJ>AJA?E=N=PQ>KHOEHHK
"OKUIQ?DKIOPAKBNA?AIKOAJAOPALAJHPEIKJIANK@AH=K
@=PKO NAHAR=JPAO  NA?KIAJ@=?EKJAO  OQCANAJ?E=O U ?KJOAFKO PEHAO
L=N=MQAAJ?=@=LCEJ=OA?KJ?NAPAJQAOPNKHAI=MQAH=EJBKNI=
?EJOA=PQC=J=J?E=

)=/A@=??EJ

3URWHMDVXGLQHUR

ZZZFRQGXVHIJREP[

5HFODPDSRULQWHUQHW
2J=KL?EJMQAPA=DKNN=NPEAILK=HPN=IEP=NQJ==?H=N=
?EJ=JPA KJ@QOAB NAH=PER==P=NFAP=O@A?N@EPK @>EPKU
?QAJP=O@A?DAMQAO AOAH*@QHK@APAJ?EJ"HA?PNJE?=
*"
LNKRA?D=AOP=DANN=IEAJP=@AO@AH=?KIK@E@=@
@APQ?=O= PN=>=FKK=HCJHQC=N@KJ@A?QAJPAO?KJEJPAN
JAP@ABKNI=OACQN=??A@A=SSS?KJ@QOABCK>IT EJ
CNAO=PQO@=PKOUK>PJQJBKHEKMQAE@AJPE?=NPQ=OQJPK
H=BA?D=OKJ?EJ?KH=OEJOPEPQ?EKJAOMQAPN=>=F=J>=FKAOPAAOMQAI= L=N=HKOOECQEAJPAO?=OKO
&REURLQGHELGRGHFRPLVLyQDQXDO
&RQVXPRVQRUHFRQRFLGRV
'LVSRVLFLyQQRUHFRQRFLGD
(QWUHJDLQFRPSOHWDGHODFDQWLGDG
VROLFLWDGDHQFDMHURDXWRPiWLFR
1RHQWUHJDGHODFDQWLGDGVROLFLWDGD
6ROLFLWXGGHFDQFHODFLyQQRDWHQGLGD
!AI=JAN==QPKIPE?= OAOKIAPANPQ=OQJPK?KJH=&JOPEPQ?EJ#EJ=J?EAN= MQEAJ=J=HEV=NPQO@=PKOUAIEPE
NOQNAOKHQ?EJLKNR=AHA?PNJE?= AJQJLH=VKJKI=UKN=@=OD>EHAO LANEK@KAJAHMQALQA@AO@=NHAOA
CQEIEAJPK =PN=RO@AJQAOPN=LCEJ=

&yPRFUHFHWXIXWXUR"
"H0EOPAI=@ADKNNKL=N=AH/APENK0/
=@IEJEOPN=UD=?A?NA?ANHKO=DKNNKO@AHKOPN=>=F=@KNAO MQEAJAO
@AOLQO@AK=KO@APAJANOQ?QAJP=EJ@ERE@Q=HAJQJ=BKNA QPEHEV=NJAHIKJPK=DKNN=@KL=N=AHL=CK
@AQJ=LAJOEJ!A=DH=EILKNP=J?E=@AAR=HQ=NHKONAJ@EIEAJPKO@AH0/=H=NCKLH=VK
!AHKO>EHHKJAO@ALAOKOMQAATEOPAJDKUAJ@=AJAH0/ IO@AHHK?KJOPEPQUAJHKONAJ@EIEAJPKO
=?QIQH=@KO@QN=JPA=KOMQAHHAR=AOPAOEOPAI=


$SRUWDFLRQHV\5HQGLPLHQWRV HQHO6$5
5HQGLPLHQWRVQHWRVGHFRPLVLRQHV
$SRUWDFLRQHVGHOSHULRGR
6DOGRLQLFLDOGHODxR























GLF

#QAJPA KJO=N

3URWHMDVXGLQHUR

ZZZFRQGXVHIJREP[








GLF

GLF













GLF

GLF

GLF


































$=J=J?E=O K EJPANAOAO CAJAN=@KO LKN H= EJRANOEJ @A HKO NA?QNOKO @A HKO
PN=>=F=@KNAO =@IEJEOPN=@KOLKNH=OBKNA














GLF

GLF





GLF

GLF

GLF

GLF

GLF

GLF




GHORVPH[LFDQRVDGPLWHTXHQRFRQRFHRHQWLHQGH
PX\SRFRVREUHSURGXFWRV\VHUYLFLRVQDQFLHURV
HQWUH OD SREODFLyQ TXH \D XVD VHUYLFLRV QDQFLHURV
DGPLWLyTXHQRFRQRFHRHQWLHQGHSRFRVREUHHO
WHPD

#QAJPA"J?QAOP=OK>NA2OK@A0ANRE?EKO#EJ=J?EANKO0% -

0H[LFDQDODPiVEHOOD
0p[LFRUHVXOWyJDQDGRUGHO3UHPLRDOD0RQHGDPiV%HOODGHO0XQGR
$FXxDGD HQ 3ODWD SRU OD 0RQHGD &RQPHPRUDWLYD GHO &HQWHQDULR GH
OD5HYROXFLyQGHQRPLQDGD(O7UHQ5HYROXFLRQDULRGXUDQWHOD;;9,
&RQIHUHQFLD 0XQGLDO GH 'LUHFWRUHV GH &DVDV GH 0RQHGD 0'& SRU
VXVVLJODVHQLQJOpVTXHVHFHOHEUDHQ&DQEHUUD&DSLWDOGH$XVWUDOLD
SUHPLRTXH\DKDREWHQLGRDQWHULRUPHQWHRWUDPRQHGDPH[LFDQD

z1U
CUENTAS
(QORV~OWLPRVFLQFRDxRV
ODLQIUDHVWUXFWXUDGHVHUYLFLRV
ILQDQFLHURVKDFUHFLGR


PiVVXFXUVDOHV


PiVFDMHURV



PiVWHUPLQDOHVSXQWRGHYHQWD
VyOR
4XpHVXQ
FLVQHQHJUR"

3DUDTXHHVWpVVHJXUR

&LVQH1HJURHVXQHYHQWRTXH
HVSHUFLELGRFRPRDOWDPHQWHLP
SUREDEOH\WLHQHWUHVFDUDFWHUtVWL
FDVSULQFLSDOHV

$OJXQRVHMHPSORVGH&LVQHV1H
JURV HQ OD KLVWRULD VRQ ODV JXH
UUDVPXQGLDOHVORVWHUUHPRWRVHO
FUDFNGHODEROVDHQODSHQL
FLOLQDORVWHOpIRQRVFHOXODUHV\HO
LQWHUQHW

$OILQDOL]DUHOVHJXQGRWULPHVWUH
GH  HO VHFWRU DVHJXUDGRU
HVWDED FRQIRUPDGR SRU  LQV
WLWXFLRQHVGHODVFXDOHVXQDHUD
LQVWLWXFLyQ QDFLRQDO GH VHJXURV
RWUD VRFLHGDG PXWXDOLVWD GH VH
JXURV\HOUHVWRLQVWLWXFLRQHVGH
VHJXURV SULYDGDV 'H ODV  LQV
WLWXFLRQHVHVWDEDQLQFRUSRUD
GDVDDOJ~QJUXSRILQDQFLHUR
SUHVHQWDURQ FDSLWDO PD\RULWDULD
PHQWH H[WUDQMHUR FRQ DXWRUL]D
FLyQSDUDRSHUDUFRPRILOLDOHV\
GH HVWDV ~OWLPDV  LQVWLWXFLRQHV
SUHVHQWDEDQFDSLWDOPD\RULWDULD
PHQWHH[WUDQMHURSHUWHQHFLHQGR
DDOJ~QJUXSRILQDQFLHUR

#QAJPA=JTE?K

#QAJPA +0#

,PSUHGHFLEOHHLQHVSHUDGR
7LHQHHIHFWRVFRQVLGHUDEOHV
'HVSXpV GH VX RFXUUHQFLD WLHQ
GH D H[SOLFDUVH PHGLDQWH UD]R
QDPLHQWRVOyJLFRVGHIRUPDTXH
SDUHFLHUD HYLGHQWH TXH HO HYHQWR
VXFHGHUtD



GHORVPXQLFLSLRVUXUDOHVHVWiQ
FXELHUWRVSRUDOJ~QWLSRGH
LQVWLWXFLyQTXHRIUHFHVHUYLFLRV
ILQDQFLHURV
#QAJPA +3

3URWHMDVXGLQHUR

ZZZFRQGXVHIJREP[

(9(172

"+021&+1
KHQIJ=O-ANEK@OPE?=O
@A#EJ=JV=O

0AI=J=+=?EKJ=H-UIA*TE?K"ILNAJ@A
"RAJPK KNC=JEV=@K LKN H= 0A?NAP=N= @A "?KJKI= L=N= KBNA?AN @QN=JPA QJ=
IEOI= OAI=J= U AJ QJ HQC=N  AILNAO=O U AILNAJ@A@KNAO MQA @AJ OKHQ?EK
JAOLNK>=@=OU=??AOE>HAOL=N=EJE?E=NJACK?EKOUBKNP=HA?AN=H=OAILNAO=OEJ
?NAIAJP=J@K OQ LNK@Q?PERE@=@ 0A HHAR=N = ?=>K @AH  =H  @A JKREAI>NA
@A   @A  =  DKN=O  AJ AH AJPNK =J=IAT *TE?K  Q>E?=@K
AJ R KJO?NELPK   KH )KI=O @A 0KPAHK  !AHAC=?EJ  *ECQAH %E@=H
CK  !EOPNEPK #A@AN=H 0=HKJAO  U  "JPN=@= CN=PQEP= -=N= IO EJBKNI=?EJ
DPPLSSSOAI=J=LUIACK>IT

(;32
-ANE@E?K"T?AHOEKNKREOEP=
SSSAT?AHOEKN?KIIT
KHQIJ= KJOQIK KJOLE?QK
QPKN@EJ= DAHIEJOGU
0A??EJ!EJANK
-ANEK@E?E@=@PK@KOHKOREANJAO

"TLK1Q =O=
"TLKOE?EJ ?KIAN?E=H @A LNK@Q?PKO U OANRE?EKO L=N= AH DKC=N "H ARAJPK
OA HHAR=N = ?=>K @AH  =H  @A JKREAI>NA @A   AJ H=O 0=H=O     
! U " AJ AH AJPNK &JPANJ=?EKJ=H @A +ACK?EKO *KJPANNAU    Q>E?=@K AJ
R #QJ@E@KN=   KH ,>NAN= -=N= IO EJBKNI=?EJ  AJR= QJ ?KNNAK =
EJBK?EJPANIAT?KI

(;32
-ANE@E?K"H"?KJKIEOP=KREOEP=
SSSAHA?KJKIEOP=?KIIT
KHQIJ=-=PNEIKJEK
QPKN'K=J)=JV=CKNP=
0A??EJ,LEJEJ
-ANEK@E?E@=@HQJAOUIEN?KHAO

-Q>HEIAPNKKREOEP=
SSSLQ>HEIAPNK?KIIT
KHQIJ= KJOQIK&JPAHECAJPA
QPKNAO3=NEKO
0A??EJ3K?AO
-ANEK@E?E@=@PK@KOHKOI=NPAO

/AREOP="H&JRANOEKJEOP=
KHQIJ=0P=PQO.QK
QPKN*=PE=J=#HKNAO
0A??EJ!KOOEAN@A&JRANOEKJAO
-ANEK@E?E@=@IAJOQ=H

3URWHMDVXGLQHUR

ZZZFRQGXVHIJREP[

"TLK DEJ=*TE?K
,NC=JEV=@KLKN-NK*TE?K &+#"!  DEJ= D=I>AN*ATE?KUAH KJOAFK DE
JKL=N=H=-NKIK?EJ@A KIAN?EK&JPANJ=?EKJ=H"OQJ=LH=P=BKNI=IQHPEOA?PK
NE=HL=N=LNKIKRANH=EJRANOEJ?DEJ=AJ*TE?KUAH?KIAN?EK?KILHAIAJP=NEK
>EJ=?EKJ=H  =O ?KIK H= ATLKNP=?EJ @A LNK@Q?PKO IATE?=JKO = DEJ= )= "TLK
DEJ=*TE?KAOQJAOBQANVK?KIL=NPE@K@ACK>EANJKUAILNAO=OAJ>QO?=@A
BNIQH=O@A>AJA?EKNA?LNK?K"JOQOACQJ@=A@E?EJ AOP=N@AH=H@AJK
REAI>NA@A @A=DKN=OAJAH4KNH@1N=@A AJPAN@AH= EQ
@=@@A*TE?K Q>E?=@KAJ#EH=@AH=0+  KH+LKHAO !AHAC=?EJAJEPK'QNAV 
!EOPNEPK#A@AN=H0=HKJAO*=U=U*=U= KOPK-=N=IOEJBKNI=?EJ
SSSATLK?DEJ=IATE?K?KI

(;32
#EJ=JV=OUEAJAOP=NAH?E?HK@ARE@=
)=ATLKOE?EJEJPAN=?PER=MQA KJ@QOABLNKIQARAAJOEJANCE=?KJH=0A?NAP=
N=@A%=?EAJ@=U N@EPK->HE?K0% -
UAH*QOAK&JPAN=?PERK@A"?KJKI=
*&!"
?KJPEJ=OQNA?KNNE@KLKNAHL=O@AH@AOALPEAI>NA@A=H@A
@E?EAI>NA@A OAATDE>AAJAH*QOAK*K@AHK@A EAJ?E=OA&J@QOPNE= Q>E
?=@KAJR*ECQAH%E@=HCK,NEAJPA+K  KH0=JP= H=N=  AJPNK%EOPNE
?K@A1KHQ?= "OP=@K@A*TE?K"JAOP=ATDE>E?EJ AHREOEP=JPALK@N@AO?Q>NEN
AE@AJPE?=NHKOEJOPNQIAJPKOJ=J?EANKO?KJHKOMQALQA@A=LKU=NOAL=N==H?=J
V=NIAP=O=HKH=NCK@AH=O@EBANAJPAOAP=L=O@AH=RE@=OEIEOIK NA?KJK?ANMQA
H=EJBKNI=?EJUAH>QAJI=JAFK@AHKOLNK@Q?PKOUOANRE?EKOMQA?KJBKNI=JAH
0EOPAI=#EJ=J?EANKHA=UQ@=NJ=PKI=NIAFKNAO@A?EOEKJAOMQAOANAAF=NJAJ
>EAJAOP=NLNAOAJPAUBQPQNK

#EJ=JV=O,J)EJA

"OQJLKNP=HMQA>QO?=B=?EHEP=NPQO@A?EOEKJAO@A?KILN=
=H >NEJ@=NPA EJBKNI=?EJ KLKNPQJ= U =?PQ=HEV=@= OK>NA
LNK@Q?PKO U OANRE?EKO J=J?EANKO  =O ?KIK @A PAHA?K
IQJE?=?EKJAO RE=FAO OANRE?EKO>OE?KOAJPNAKPNKO
DPPLSSSPQ@A?E@A?KIIT

NEJ@=EJBKNI=?EJ@A?=HE@=@ RAN=VUKLKNPQJ=MQAAMQE
HE>N=H=@EOL=NE@=@@AH=ONAH=?EKJAO?KIAN?E=HAOAJPNALNK
@Q?PKNAO MQA LQA@AJ OAN IQU BQANPAO U ?KJOQIE@KNAO
@AOEJBKNI=@KO
DPPLNAREOP=@AH?KJOQIE@KNCK>IT

"HLNKCN=I= KJOQIK&JPAHECAJPAPEAJA?KIKK>FAPERKLNK
LKN?EKJ=N DANN=IEAJP=O OK>NA A@Q?=?EJ J=J?EAN= L=N=
=UQ@=N=HKO?KJOQIE@KNAO=PAJANQJIAFKNI=JAFK@AOQ
@EJANK @AO=NNKHH=ND>EPKOLKOEPERKO@AC=OPKU=DKNNK UD=
?ANQOKNAOLKJO=>HA@AHKOIA@EKO@AL=CKAHA?PNJE?KO
DPPL?KJOQIKEJPAHECAJPAKNC

%ORJV
SSS@ABAJO=@AH@AQ@KNEJBK
!ABAJO= !AH !AQ@KN =UQ@= ?KJ
=OAOKN=OPKP=HIAJPACN=PQEP=O @ABAJO=HAC=HUJACK?E=
?EJ = IEHAO @A LANOKJ=O @A PK@= H= /AL>HE?= *ATE
?=J= !ABAJO= !AH !AQ@KN AO =H @= @A DKU  QJK @A
HKO IKREIEAJPKO IO EILKNP=JPAO = JERAH J=?EKJ=H AJ
OQPELK

SSS?=>NKJ=UIEHHKJ=NE=>HKCOLKP?KI
"OQJ>HKCL=N=IQFANAOAJ@KJ@AAJ?KJPN=NO?KJOAFKO
L=N= =?AHAN=N PQ IAP=>KHEOIK
J=J?EANK =QIAJP=NPQNEMQA
V=URERENH=RE@=@APQOOQAKO
DPPLSSSA?KJKIE=?KIITEJ@ATDPI
"J AH LK@NO =LNAJ@AN ?KJ?ALPKO >OE?KO
@AJ=JV=OEJRANOEJAJH=>KHO= OACQNKO 
?N@EPKO DELKPA?=NEKO  KL?EKJAO @A =DK
NNK ?IKQO=NPQP=NFAP=@A?N@EPKUOK
>NAA?KJKI=B=IEHE=NULANOKJ=H

3DUDOHHU
?H=RAOL=N=AILNAJ@A@KNAO
QPKNJ@U#NAENA
"@EPKNE=HCQEH=N1=QNQOHB=CQ=N=
&0+
J@U #NAENA D= RAJE@K NAOLKJ@EAJ@K ?KJOQHP=O
@A AILNAJ@A@KNAO @AO@A H= L=JP=HH= @A ++
AJ "OL=KH -NACQJP=O MQA R=J @AO@A HKO =OLA?
PKO >OE?KO OK>NA ?IK KNEAJP=NOA L=N= @AO
?Q>NEN QJ= KLKNPQJE@=@ K ?IK =NI=N QJ LH=J
@A JACK?EKO  D=OP= ?QAOPEKJAO P?JE?=O OK
>NA H= NA=HEV=?EJ @A QJ= NKJ@= @A ?=LEP=H K H=
@APA??EJ @A LNK>HAI=O AJ H= EILHAIAJP=?EJ @A
QJ LNKUA?PK "O= =ILHE= R=NEA@=@ @A EJMQEAPQ@AO
AJPNAHKOAILNAJ@A@KNAOAOAHKNECAJ@AAOPAHE>NK

"HHAJCQ=FAOA?NAPK@AH@EJANK
QPKN!=RE@(NQACANU'KDJ!=RE@*=JJ
"@EPKNE=H"@E?EKJAO!AQOPK
&0+
0A=IKOKJK?KJO?EAJPAO@AAHHK H=I=UKN=@AH=OLAN
OKJ=OPAJAIKOQJ=NAH=?EJEJ?IK@=?KJAH@EJANK"J
AOPAHE>NK!=RE@(NQACANU'KDJ!=RE@*=JJ
JKO ATLHE?=J ?IK IAFKN=N JQAOPN= NAH=
?EJ?KJAH@EJANK KBNA?EAJ@KQJ=OANEA@A
P?JE?=OU@A?KJOAFKOMQAJKOLANIEPENJ
PKI=N@A?EOEKJAOJ=J?EAN=OIO=?ANP=@=O
UMQA =H=LKOPNA NA@QJ@=NJAJQJ=I=UKN
AOP=>EHE@=@A?KJIE?=UAIK?EKJ=H

#EPJAOO#EJ=J?EANK
QPKN'K=J0KPGEJ
"@EPKNE=H$NEF=H>K*KJ@=@KNE
&0+
'K=J 0KPGEJ  =OAOKN= J=J?EAN= LKN IQ?DKO
=KO LNAOAJP=QJ=LANOLA?PER=DKHOPE?=L=N=
=H?=JV=NH=BKNP=HAV=J=J?EAN=UH==>QJ@=J?E=
KJNAATEKJAOLNKRK?=PER=O@AH=?KJATEJ
AJPNA LAJO=IEAJPKO  ?NAAJ?E=O  AIK?EKJAO U
@EJANK LNAOAJP=QJ=OANEA@AOAJ?EHHKOAFAN?E
?EKOL=N=AHEIEJ=NHKO>HKMQAKOEJPANJKO=QJ
QFK@AABA?PERKO=HQ@=>HAU@AO=NNKHH=N?KI
LKNP=IEAJPKOJ=J?EANKONAOLKJO=>HAO

3URWHMDVXGLQHUR

ZZZFRQGXVHIJREP[

-=N=?AHA>N=NAH?AJPAJ=NEK@AHEJE?EK@AHIKREIEAJPK@AH=HQ?D=/ARKHQ?EKJ=NE=
AJ*TE?K ?EN?QH=JU=H=OIKJA@=O?KJIAIKN=PER=O@A?EJ?KLAOKO
0=>AOMQEJAOBQANKJHKOLANOKJ=FAOMQA=L=NA?AJAJAHH=O
"JPN=PA
'KO3=O?KJ?AHKO
>KC=@KEJPACN=JPA@AHPAJAK@AH='QRAJPQ@MQAAJ
OAEJ?KNLKN=HIKREIEAJPKI=@ANEOP=UIOP=N@A=HREHHEOIKHPNEQJBK@AH=/ARKHQ?EJ
K?QLH=NA?PKN=@AH=2JERANOE@=@+=?EKJ=HU @A= OA@AOAILA?KIK0A?NAP=NEK
@A
"@Q?=?EJ->HE?= @KJ@ANA=HEVQJ=ATPN=KN@EJ=NE=H=>KNEILQHOH=A@Q?=?EJ
LKLQH=N AOP=>HA?EJQIANKO=O>E>HEKPA?=O LQOK=H=H?=J?A@AH=LK>H=?EJH=O
K>N=O?HOE?=O@AH=HEPAN=PQN=QJERANO=H =LKUH=O=NPAOLHOPE?=OIATE?=J=O
AJL=NPE?QH=N=HIQN=HEOIK
AJJ ?KJPNE>QU=@=N=H=/ARKHQ?EJ*ATE
?=J=QJ=ATLNAOEJ=NPOPE?=U?QHPQN=HLNKLE=
-AOA=OQNA?KJK?E@=H=>KN =HKH=NCK@AHKO=KO3=O?KJ?AHKOOA=HA
F@AH=LKHPE?=J=?EKJ=H JKK>OP=JPAHK?Q=HPQRK=HCQJKOABIANKO=?AN
?=IEAJPKO = AHH= ?KIK ?Q=J@K H=JV OQ ?=J@E@=PQN= LNAOE@AJ?E=H AJ 
0QK>N=AO?NEP= @AKN@AJDEOPNE?K HKO?KUOK?EKHCE?K D=CKV=@K@ACN=J
=?ALP=?EJD=OP=JQAOPNKO@=O"OLA?E=HIAJ?EJIANA?AJOQOIAIKNE=O >=FKAHPPQHK@A
2HEOAO NEKHHK

/E?=N@K #HKNAO *=CJ 

-KHPE?K LANEK@EOP=U@N=I=PQNCK&JE?EOQRE@=
L>HE?=?KIKLANEK@EOP=AJ"H!AI?N=P= @E=NEK@AKLKOE?EJ"J BQJ@AHLANE@E?K/ACA
JAN=?EJ ?QU=O?NPE?=O=HNCEIAJLKNNEOP=HKHHAR=NKJ=LNEOEJ2J=RAVHE>NA AJ ?KH=>KN
AJ"H%EFK@AHDQEVKPAMQAHAR=HEOAN=LNADAJ@E@KJQAR=IAJPAUATL=PNE=@K=0=JJPKJEK 
1AT=O @KJ@ANA=JQ@H=LQ>HE?=?EJ@A/ACAJAN=?EJLANOACQE@K OAPN=OH=@=0=J)QEO
*EOOKQNE@KJ@A?KJPEJQA@EP=J@KOQLANE@E?KDIEOIK?KJOPEPQU AJ AH
-=NPE@K)E>AN=H*ATE?=JKMQAEJQULNKBQJ@=IAJPAAJH=OLNEIAN=OI=JEBAOP=?EK
JAO=JPELKNNE=J=O"JAJANK@ALNKIKREH=EJOQNNA??EJ@AH==F= =HEBKN
JE= PKI=J@K*ATE?=HEU1EFQ=J=*=@ANKEJPAJPEJBNQ?PQKO=IAJPAEJ?KNLKN=NHK=
OQIKREIEAJPK LQAO#HKNAO*=CJ FABA@AHKONA>AH@AO?=HEBKNJE=JKO JK?NA=AJ
HK MQA ?KJOE@AN=>= QJ= /ARKHQ?EJ QNCQAO= J=HPE?K U ?NPE?K  #HKNAO *=CJ
DEVKJKP=NH=O=??EKJAOMQAHAL=NA?EANKJEJFQOP=O@A*=@ANKUIOP=N@A@A3E?PKNE=
JK%QANP=0QOE@A=HAO@AFQOPE?E=OK?E=HU@AHE>ANP=@L=N=HKODQIEH@AOMQA@=NKJLH=OI=@KO
LNEJ?EL=HIAJPAAJ@KOK>N=OPA=PN=HAOAO?NEP=OLKNHHKO@N=I=ONARKHQ?EKJ=NEKO1EANN=U)E>ANP=@
U3AN@QCKOU3?PEI=O MQA?NEPE?=>=JBQANPAIAJPA=H=OK?EA@=@0AHAD=?KJOE@AN=@KQJK@AHKO
E@AHKCKOIOEJQUAJPAO@AH=/ARKHQ?EJ*ATE?=J=

3URWHMDVXGLQHUR

ZZZFRQGXVHIJREP[

#N=J?EO?K 3EHH= 

HAOP=HH=NH=NARKHQ?EJI=@ANEOP=#N=J?EO?K3E
HH=OAEJ?KNLKN=H?KJPEJCAJPANARKHQ?EKJ=NEKCN=?E=O=H=EJPANRAJ?EJ@A>N=D=I
$KJVHAV"JLK?KPEAILK 3EHH=@AOP=?LKNOQO@KPAOIEHEP=NAOULKNOQ?KJK?E
IEAJPK@AHPANNAJK K>PAJE@K@QN=JPAOQO=KO@A=>ECAK)AR=JPH=BQANV=IEHEP=N
IOEILKNP=JPA@AH=/ARKHQ?EJH=!EREOEJ@AH+KNPAMQA AJPNAKPN=OD=V==O 
HKCNH=PKI=@A7=?=PA?=O LQJPKJAQNHCE?KL=N=AH"FN?EPK#A@AN=H U?KJAHHK 
H= @ANNKP= @AH AFN?EPK DQANPEOP= "H OAJPE@K FQOPE?EANK U OK?E=H @A OQ HQ?D=  ?KIK
MQA@I=JEAOPK@QN=JPAOQCK>EANJKAJ DEDQ=DQ= PANIEJ=NKJLKNAJBNAJP=NHK=H

%ANE>ANPK '=N= 

0EJ@E?=HEOP= IEHEP=N LKHPE?KUNARKHQ?EKJ=NEKRAN=?NQV=JK#QA@A
HKOLNEIANKOACNAO=@KO@AH="O?QAH=+=R=H@AJPJ)EV=N@K@ENECE AJ H==??EJ
@AHKO?=@APAO@A@E?D=AO?QAH=?KJPN=H=EJR=OEJJKNPA=IANE?=J=0AEJ?KNLKN=H"FN
?EPK KJOPEPQ?EKJ=HEOP=U=H?=JVAHCN=@K@A$AJAN=H#QA!ELQP=@KLKNOQAOP=@KJ=
P=H=H KJCNAOK KJOPEPQUAJPA@A.QANP=NK AJAHMQAOAEJ?KNLKN=HCNQLKN=@E?=H
AEJQUJKP=>HAIAJPAAJH=NA@=??EJP=JPK@AH=NP?QHK ?KIK@AKPNKOMQA@EA
NKJQJLNKBQJ@K?KJPAJE@KOK?E=H=H= =NP=*=CJ=#ECQN=@AOP=?=@=@AH=LKHPE?=RA
N=?NQV=J=UJ=?EKJ=H =HPNIEJK@AH=/ARKHQ?EJK?QL@ERANOKO?=NCKOD=OP=OQNAPENK
=H=RE@=LNER=@=%ANE>ANPK'=N=BQAQJDKI>NAEJOECJA MQA?KJO=CNOQRE@===H?=JV=N
HKOE@A=HAONARKHQ?EKJ=NEKO

"IEHE=JK7=L=P=
)=?KDANAJ?E=@AH=HQ?D=U@AHKOLNEJ?ELEKO=CN=NEOP=O@A7=L=
P= =?KN@AO?KJH=O@AI=J@=OU=OLEN=?EKJAO@AH=O?KIQJE@=@AO?=ILAOEJ=O@AH?AJPNKUOQN@AH=/AL
>HE?= D=J@=@K=AOPA?=Q@EHHKQJHQC=NLNALKJ@AN=JPAAJH=DEOPKNE=@A*TE?K-NEJ?EL=H
HQ?D=@KN=CN=NEOP=@AH=/ARKHQ?EJ*ATE?=J=HAOP=HH=NH=NARKHQ?EJI=@ANEOP=OA
EJ?KNLKN=HIKREIEAJPK LANK=HRANEJO=PEOBA?D=OH=O@AI=J@=O=CN=NE=O@AHKO?=I
LAOEJKO@A*KNAHKO -QA>H= "OP=@K@A*TE?KU!EOPNEPK#A@AN=H LNKIQHCAH-H=J
@AU=H=UOAH=JV JQAR=IAJPA =H=HQ?D==NI=@=)=?KJOA?QAJPA@ABAJO=@A
H=O@AI=J@=O?=ILAOEJ=OHKHHAR=AJBNAJP=N=HNCEIAJ@A*=@ANK =H=@E?P=@QN=
DQANPEOP=U=OQI=NOA=H=0K>AN=J= KJRAJ?EJ/ARKHQ?EKJ=NE=@ACQ=O?=HEAJPAO
#QA=OAOEJ=@K=PN=E?EJLKNH=BQANV=O@AHCAJAN=H?KJOPEPQ?EKJ=HEOP=-=>HK$KJVHAV

3AJQOPE=JK =NN=JV=
)=LNAOAJ?E=@A =NN=JV=AJH=/ARKHQ?EJ
*ATE?=J=@EK?KJPAJE@KJ=?EKJ=HEOP= HAC=HEOP=U?EREHEOP==HLNK?AOK"J?=>AVH=HQ?D=
?KJPN=3E?PKNE=JK%QANP=IA@E=JPAH=-NKIQHC=?EJ@AH-H=J@A$Q=@=HQLA MQA=CHQ
PEJ =HIAJKOLKN=HCJPEAILK =H=O@EOPEJP=OBQANV=ONARKHQ?EKJ=NE=O-AOA=D=>AN
=@KLP=@KLNEJ?ELEKO=CN=NEOP=O OAAJBNAJP=H=OBQANV=O@A7=L=P=U3EHH= KIK-NE
IAN'ABA@AH KJOPEPQ?EKJ=HEOIK ?KJRK?=H KJCNAOK KJOPEPQUAJPA@AULNK
IQHC H= KJOPEPQ?EJ @A   "J   =JPA H=O @EOLQP=O MQA HK AJBNAJP=NKJ = HKO
NARKHQ?EKJ=NEKOOKJKNAJOAO BQA=OAOEJ=@KAJ1H=T?=H=HPKJCKLKNBQANV=OHA=HAO=HR=

3URWHMDVXGLQHUR

ZZZFRQGXVHIJREP[

)"1/ %&.2&1

2SFLRQHVSDUDSDJDUWXWDUMHWDGHFUpGLWR

'yQGH
SDJ"
0/"01/!

0KJH=O?Q=PNK@AH=P=N@AUAOPO=PKN=@KAJAHPN?K-=N=PQI=H=BKNPQJ=
DKUAOH=BA?D=HIEPA@AL=CK@APQP=NFAP=@A?N@EPKUJKRAO?AN?=
JEJCQJ=OQ?QNO=H@APQ>=J?K PAD=L=O=@K

@AIO@AHKOEJPANAOAOK?KIEOEKJAOMQAPAJ@N=OMQAL=C=NLKNJK?QILHEN=PEAILK 
QJNAPN=OKAJAHL=CK@APQP=NFAP=@A?N@EPKLQA@ARANOANAAF=@KAJPQDEOPKNE=H?NA@E
PE?EKOE=?QIQH=OJKP=OJAC=PER=OOAN@EB?EHMQAAJQJBQPQNKHKO>=J?KOMQEAN=JKPKN
C=NPAKPNK?N@EPK
-=N=MQAAOKJKK?QNN= PKI=PQOLNA?=Q?EKJAOUJKAOLANAOMQAOA=H=BA?D=HIEPAL=N=NA=
HEV=NPQL=CK AOIAFKNOEHKD=?AO?KJ=JPE?EL=?EJ-=C=N=PEAILKJKPEAJALKNMQOAN?KI
LHE?=@K ATEOPAJIQ?D=OBKNI=OL=N=D=?ANHKOEJPAJANMQA=?Q@EN=QJ=OQ?QNO=H@APQ>=J?K

SUPER
MERCADO



3URWHMDVXGLQHUR

ZZZFRQGXVHIJREP[

&RUUHVSRQVDOHVEDQFDULRV
HCQJKO AOP=>HA?EIEAJPKO ?KIK OQLANIAN?=@KO 
NAOP=QN=JPAO B=NI=?E=O C=OKHEJAN=O PEAJ@=O@AL=N
P=IAJP=HAO AJPNAKPNKO KLAN=J?KIK?KNNAOLKJO=HAO
>=J?=NEKO =PN=RO@AAHHKOPQ>=J?KLQA@A>NEJ@=N
PAOQOOANRE?EKO"OP=AOQJ==HPANJ=PER=L=N=L=C=N
PQP=NFAP=@A?N@EPK =>AOA=H=NMQAAHPEAILKAO
PEI=@KL=N=MQAPQL=CKOARA=NAAF=@KR=@A=
DKN=O

9tDWHOHIyQLFD
PN=RO@AHIAJ@AOQHJA=PAHABJE?= AH>=J?K
LQA@AKBNA?ANPAQJ=KL?EJMQAPALANIEPANA=HE
V=NKLAN=?EKJAOAJPNAPQO?QAJP=O?DAMQAO JIE
J=K=DKNNK
-K@NOL=C=NPQP=NFAP=@A?N@EPKLKNIA@EK@A
QJ= ?KJPAOP=@KN= =QPKIPE?=  MQA NAMQANEN =HCQ
JKO@=PKO?KIKJIANK@A?QAJP=@APQLHOPE?KU
IKJPK=PN=JOBANEN=HJ=HEV=NPQKLAN=?EJPAOAN
CAJAN=@KQJJIANK@ABKHEK?KIKNABANAJ?E=@APQ
L=CK)KODKN=NEKO@A=PAJ?EJ@AAOPAOANRE?EK =O
?KIKH=OLKHPE?=O@A?=@=>=J?KOKJ@EOPEJP=O LKN
HKMQAPAOQCANEIKOLNACQJP=N=PQ>=J?KAHDKN=
NEK AHPEAILKAJMQAOARANNAAF=@KPQL=CKUOEAH
OANRE?EKPAHABJE?KPEAJA=HCJ?KOPK+KLK@NJ?K
>N=NPALKNH=NA?AL?EJ@APQL=CK

9HQWDQLOODV
)=O EJOPEPQ?EKJAO >=J?=NE=O = PN=RO @A OQO
RAJP=JEHH=ONA?E>AJAHL=CK@AP=NFAP=O@A?N
@EPK AIEPE@=O LKN H= IEOI= EJOPEPQ?EJ U @A
KPNKO >=J?KO  OA= AJ ABA?PERK K ?DAMQA  U JK
@A>AJ?K>N=NPAJEJCQJ=?KIEOEJLKNNA?E>EN
PQL=CK
0E LEAJO=O L=C=N PQ P=NFAP= AJ KPNK >=J?K 
MQEVOLKNMQAPAMQA@=IO?AN?=@APQ?=O=K
PQPN=>=FK PKI=PQOLNA?=Q?EKJAOUNA=HEV=AH
L=CK=JPAO@AH=BA?D=HIEPA U=MQAOPALQA
@ARANOANAAF=@K@A=DKN=O
 EN?QH=N  !EOLKOE?EKJAO @A ?=N?PAN CAJAN=H MQA AOP=>HA?AJ
LNKDE>E?EKJAOUHIEPAO=H?K>NK@A?KIEOEKJAO @EOLKOE?EJ EJ?EOK?
U
F
U=NP?QHK>EOBN=??EJ&&&AEJ?EOK=
@AH=)AUL=N=H=1N=JOL=NAJ?E=U
,N@AJ=IEAJPK@AHKO0ANRE?EKO#EJ=J?EANKO

&DMHURVDXWRPiWLFRV
HCQJKO ?=FANKO =QPKIPE?KO ?QAJP=J
?KJOANRE?EKO=@E?EKJ=HAO AJPNAAHHKOH=
KL?EJ@AL=C=NPQP=NFAP=@A?N@EPK"H
?=NCKOA=LHE?=N=H=?QAJP=@A=DKNNK 
JIEJ=K?DAMQAOMQAPAJC=O?KJPN=P=
@=?KJAOA>=J?KUOHKLK@NOL=C=NPQ
P=NFAP=@A?N@EPKOELANPAJA?A=HIEOIK
>=J?KAIEOKN

3URWHMDVXGLQHUR

ZZZFRQGXVHIJREP[



)"1/ %&.2&1

%DQFDPyYLO

%DQFDSRULQWHUQHW
KJOQHP=?KJPQ>=J?KOEPAKBNA?AAHOANRE?EK@A>=J?=
AJHJA==PN=RO@AOQLKNP=H@AEJPANJAP"OPAOANRE?EK
PEAJA OQO RAJP=F=O LQA@AO D=?AN IKREIEAJPKO U PN=JO
BANAJ?E=O AJPNA ?QAJP=O LNKLE=O U = PAN?ANKO  =O ?KIK
NA=HEV=N AH L=CK @A PQ P=NFAP= @A ?N@EPK OEJ PAJAN MQA
EN=H >=J?K U OEJD=?ANH=O-=N=AHHKAOEJ@EOLAJO=>HA
MQA PAJC=O =HCQJ= ?QAJP= @A @>EPK  JIEJ= K =DKNNK
AJAOA>=J?K =O?KIK?KJP=N?KJQJ@EOLKOEPERK@AOA
CQNE@=@PKGAJ P=NFAP=@A=??AOKOACQNK AP?
OE=JJK
?QAJP=O?KJH OKHE?P=HKAJ=HCQJ=OQ?QNO=H@APQ>=J?K
=JPAO@ANAMQANENHKLNACQJP=OEPEAJA=HCJ?KOPK=HCQ
JKO>=J?KO?K>N=JAJLNKIA@EKLKNAH@EOLKOEPERK 
KPNKOHKKBNA?AJ@AI=JAN=CN=PQEP=

)=EJOPEPQ?EJJ=J?EAN=JKLK@N?K>N=NPA?KIEOEJ
LKNAHL=CK@APQP=NFAP==QJMQAOA=@AKPNK>=J?K LANK
OLK@ND=?ANHKLKNAH?KJ?ALPK@AQOK@AEJPANJAP
0E@A?E@AOL=C=NPQLHOPE?KLKNAOP=R= PKI=H=OIA
@E@=O@AOACQNE@=@JA?AO=NE=OL=N=AREP=NBN=Q@AONARE
O=MQAH=@ENA??EJAHA?PNJE?=PAJC=AJAHLNKPK?KHKQJ=
HAPN=ODPPLO
UMQAAJH=L=NPAEJBANEKN@ANA?D= AJH=
>=NN=@AAOP=@K PAJC=AHE?KJK@AQJ?=J@=@K KQJ=HH=
RAAJPAN= HKMQAEJ@E?=MQAH=EJBKNI=?EJ@APQOKLAN=
?EKJAOAOPAJ?NELP=@=KLNKPACE@=ULKNHKP=JPKOAPN=P=
@A QJ OEPEK OACQNK JK QPEHE?AO ?KILQP=@KN=O L>HE?=O
L=N=NA=HEV=NAOPAPELK@AKLAN=?EKJAOUOEAILNA?EANN=
PQOAOEJQJ=RAVMQA?KJ?HQU=OPQKLAN=?EJ

KJ AOPA OANRE?EK LQA@AO L=C=N PQ P=NFAP= @A

?N@EPK@AO@APQ?AHQH=N AJPNAKPN=OKLAN=?EK
JAO>=J?=NE=O-=N=AHHK@A>AO?KJP=N?KJQJ=
?QAJP= @A ?DAMQAO  JIEJ=  ?N@EPK K =DKNNK
U OKHE?EP=N = PQ >=J?K H= =?PER=?EJ @AH OANRE
?EK-QA@AONA=HEV=NAHL=CK@AP=NFAP=OLNKLE=O
@AAOA>=J?KK@AQJ>=J?K@EOPEJPK1KI=AJ
?QAJP=MQAOENA=HEV=OAHL=CK@AQJ=P=NFAP=@A
?N@EPK@AKPNK>=J?K PQKLAN=?EJLQA@AP=N
@=N@A=DKN=OAJRANOANAAF=@=
)KO >=J?KO I=JAF=J HIEPAO AJ HKO IKJ
PKO@APN=JOBANAJ?E= =HCQJKOLANIEPAJMQAAH
?HEAJPAFAAHIKJPK=PN=JOBANENLKN@=UKPNKO
AOP=>HA?AJQJHIEPALKN?=@=KLAN=?EJ MQA
R=@A= LKNPN=JOBANAJ?E=
QJMQAAHOANRE?EK@A>=J?=IREHAOCN=
PQEPK  H= ?KIL== PAHABJE?= ?KJ H= MQA PAJ
C=O?KJPN=P=@KAHLH=JP=NEB=NEK PA?K>N=NLKN
AHOANRE?EK@APN=JOBANAJ?E=@A@=PKO&JBNI=
PAOK>NAH=OP=NEB=O
-=N= D=?AN QOK @A AOPA OANRE?EK NAMQEANAO
MQA PQ ?AHQH=N ?QAJPA ?KIK IJEIK ?KJ QJ
?DEL0&* =N@
RANOEJ

CAF

'RPLFLOLDFLyQ
=FKAOP=IK@=HE@=@OKHE?EP=O=H>=J?KMQA@ABKNI=
=QPKIPE?=NA=HE?ALANE@E?=IAJPAAHL=CK@APQP=N
FAP= @A ?N@EPK ?KJ ?=NCK = QJ= ?QAJP= @A ?DAMQAO 
=DKNNKKJIEJ=MQAAO=EJOPEPQ?EJPAHHARA
1AHECAOAHIKJPKMQA@AOA=OL=C=N"HLH=VKLQA
@A ABA?PQ=NOA ?=@=    @=O  -QA@AO OKHE?EP=N H=
?KJPN=P=?EJ@AAOPAOANRE?EKAJ=HCQJ=OQ?QNO=HKLKN
IA@EK@AQJ=OAOKNPAHABJE?K
+K LK@NJ ?K>N=NPA ?KIEOEJ =HCQJ= LKN AH L=CK
@APQP=NFAP=>=FKAOP=IK@=HE@=@


3URWHMDVXGLQHUR

ZZZFRQGXVHIJREP[

'yQGHSDJDUWXWDUMHWDGHFUpGLWR"
9HQWDQLOODV

%DQFD
SRU
,QWHUQHW

&DMHUR
DXWRPiWLFR

9tD
WHOHIyQLFD

&RUUHVSRQVDOHV
%DQFDULRV

'RPLFLOLDFLyQ

%DQFD
PRYLO

%DQFRHPLVRU\
2WURV%DQFRV

:DO0DUW$XUUHUD
6XEXUELD9LSV

%DQFRHPLVRU\
2WURV%DQFRV

6RULDQD7HOHFRPP
7HOpJUDIRV&RPHUFLDO
0H[LFDQD

6yOR%DQFR:DO0DUW

7LHQGDV:DO0DUW6DPV
&OXE5HVWDXUDQWHV9LSV

%DQFRHPLVRU\
2WURV%DQFRV

7HOHFRPP7HOpJUDIRV

%DQFRHPLVRU\
2WURV%DQFRV

7LHQGDV6RULDQD
5DGLR6KDFN
7HOHFRPP7HOpJUDIRV

%DQFRHPLVRU\
2WURV%DQFRV

&DGHQD6RULDQD&RPHUFLDO
0H[LFDQD:DO0DUW
6DQERUQV6HDUV

6yOR%DQFR,;(
%DQRUWHH,QEXUVD

&KHGUDXL6RULDQD\
6DQERUQV

%DQFRHPLVRU\
2WURV%DQFRV

7HOHFRPP7HOpJUDIRV

%DQFRHPLVRU\
2WURV%DQFRV

,QVWLWXFLRQHV
%DQFDULDV

#QAJPA KJOQHP=PAHABJE?=ULKNP=H@AEJPANJAP@AH=OEJOPEPQ?EKJAO>=J?=NE=O

KIKRANOJKJA?AOEP=OBKNVKO=IAJPAQJ=
OQ?QNO=HL=N=NA=HEV=NAHL=CK@APQP=NFAP=
@A?N@EPK QPEHEV=H=OKL?EKJAOMQAPQ>=J
?K PA KBNA?A  OP=O LQA@AJ =DKNN=NPA PEAI
LKU@EJANK

local

forneo

3URWHMDVXGLQHUR

ZZZFRQGXVHIJREP[



-/,1"$"12,)0&)),

/+ ))"/,$/ 
"**+2")$,/!&)),

6DEHVTXpHVHOVHJXURGHFRPSUDSURWHJLGD
\FXiOHVVRQVXVEHQHILFLRV"

A D= K?QNNE@K MQA

?KILN=O QJ LNK@Q?PK
MQA?QAJP=?KJC=N=J
P= U QJ L=N @A @=O @AOLQO @A
MQAOP=RAJ?A OA@AO?KILKJAU
JKPEAJANAL=N=?EJ
HCQJ=O P=NFAP=O @A ?N@E
PK ?QAJP=J ?KJ QJ OACQNK MQA PA
KBNA?AQJ=C=N=JP==@E?EKJ=H=H=
MQA PA >NEJ@=J AH B=>NE?=JPA UK
PEAJ@= @KJ@A =@MQEANAO AH LNK
@Q?PKAOPAOACQNKOAHA?KJK?A
?KIKOACQNK@A?KILN=LNKPACE@=
-KN HK CAJAN=H  AOPA OACQNK
=LHE?= @QN=JPA HKO     
@=O  OACJ AH PELK @A P=NFAP= A
EJOPEPQ?EJ J=J?EAN=  LKOPANEK



3URWHMDVXGLQHUR

ZZZFRQGXVHIJREP[

NAO = H= ?KILN= @AH =NP?QHK &J

?HQOK D=U P=NFAP=O MQA PA @=J
D=OP= QJ =K @A RECAJ?E= CNA
C=@K = AOPK  PA LQA@AJ KBNA?AN
QJ=C=N=JP=ATPAJ@E@= MQAPA=I
L=N=QJ=RAVMQAD=U=ATLEN=@K
H=C=N=JP=@AHB=>NE?=JPAAEJ?HQ
UA @AO@A H= NAL=N=?EJ D=OP= H=
NALKOE?EJ@AHLNK@Q?PK
0QLKJC=IKO MQA BQEOPA = QJ=
PEAJ@= @AL=NP=IAJP=H U ?KI
LN=OPA ?KJ PQ P=NFAP= @A ?N@EPK
QJ= L=JP=HH= )"! @A   ?QU=
C=N=JP=AJPEAJ@=AO@A@=OU
?KJAHB=>NE?=JPA@A@=O6OQ
LKJC=IKOP=I>EJMQAPQOACQNK
@A?KILN=LNKPACE@=EJ?HQUAH=C=

N=JP=ATPAJ@E@=&I=CEJAIKOMQA
K?QNNAJ@KOOEPQ=?EKJAO
=
 1Q L=JP=HH= JK ?=LP= H= OA
=H=HIAO@AD=>ANH=AOPNAJ=@K
>
 1Q L=JP=HH= JK AJ?EAJ@A =H
=K@AD=>ANH==@MQENE@K
-=N= =I>KO ?=OKO ?QAJP=O ?KJ
C=N=JP=  LANK ?KJ B=?PKNAO @EBA
NAJPAO"JAHLNEIAN?=OKLK@N=O
NA?H=I=N H= NAL=N=?EJ  K AJ OQ
@ABA?PKAH?=I>EK ?KJ=HCQJ=@A
H=O PNAO C=N=JP=O H= @A H= PEAJ@=
@AL=NP=IAJP=H  H= @AH B=>NE?=JPA
UH=@APQP=NFAP=@A?N@EPK?KJ
OE@AN= MQA D=U =HCQJ=O P=NFAP=O
?QU=C=N=JP=?KIEAJV==HRAJ?AN
H=@AHLNKRAA@KN


1 PAJ@NO MQA @A?E@EN ?KJ

MQEJ D=?AN AH NA?H=IK  AJ BQJ
?EJ@AH=?K>ANPQN=MQAPAKBNA?A
?=@=QJ= UH=O?KJ@E?EKJAOL=N=
NA=HEV=N NAL=N=?EK
JAOK?=I>EKO
"J H= OACQJ
@= OEPQ=?EJ OHK
?KJP=NO ?KJ QJ=
C=N=JP=  H= @A PQ
P=NFAP= @A ?N@EPK 
U=MQAP=JPKH=@AH
B=>NE?=JPA?KIKH=
KPN= ATLEN=NKJ "J
AOPA ?=OK  LQA@AO
D=?AN R=HAN PQ OACQNK @A ?KILN=
LNKPACE@=UK>PAJANH=NALKOE?EJ
K NAL=N=?EJ @A PQ L=JP=HH=  =O
JKLEAN@AOPQ@EJANK

"H OACQNK ?Q>NA PQO ?KILN=O

=JPA KPNK PELK @A NEAOCKO HCQ
JKO >=J?KO EJ?HQUAJ H= LNKPA?
?EJ@APQO=NP?QHKOLKNNK>K?KJ
REKHAJ?E= K =O=H
PKU@=KOK?=OEK
J=@KOLKNARAJPKO
?KIK EJ?AJ@EK 
ATLHKOEJ  PANNA
IKPK EJQJ@=?EJ 
=O ?KIK I=HPN=
PKO MQA OQBN= AH
=NP?QHK @QN=JPA
H= PN=JOLKNP=?EJ
@AO@AAHAOP=>HA?E
IEAJPK@KJ@ABQA=@MQENE@KD=O
P=AH@KIE?EHEK@AAJPNAC=!AAOP=
BKNI=  LKN AFAILHK  OE ?KILN=O
QJ= H=R=@KN= ?KJ P=NFAP= @A ?N

/DPD\RUtDGHODV
WDUMHWDVRIUHFHQ
HVWHVHJXURVLQ
FRVWRDGLFLRQDOD
ODDQXDOLGDGGHWX
WDUMHWD

@EPKUOAEJQJ@=PQ?=O= @AF=J@K
AHAHA?PNK@KIOPE?KEJOANRE>HA PQ
P=NFAP= @A ?N@EPK BQJ?EKJ= ?KIK
QJ=C=N=JP=MQALNKPACAPQ>EAJ
=JPA HKO NEAOCKO MQA OPA LQA@=
OQBNEN,PN=O?K>ANPQN=OEJ?HQUAJ
PN=JO=??EKJAO BN=Q@QHAJP=O  ?HK
J=?EJ @A PQ P=NFAP= U ?KILN=O
LKN EJPANJAP JK NA?KJK?E@=O O
?QAJP=O ?KJ H= PN=JMQEHE@=@ @A
D=?AN ?KILN=O AJ HJA=  OEJ NEAO
CK@ALAN@ANPQ@EJANK
)= LNKPA??EJ MQA PA KBNA?A
QJ=QKPN=P=NFAP= @AQJKQKPNK
>=J?K R=N=HIKIAJPK@A=@
MQENEN QJ= P=NFAP= @A ?N@EPK EJ
BNI=PA OK>NA ?QHAO OACQNKO
EJ?HQUAPQLHOPE?K ?IKBQJ?EK
J=J  ?KJ MQ ?K>ANPQN= ?QAJP=O 

4XpWLSRGHSURGXFWRVDPSDUD"
(OVHJXURGHFRPSUDSURWHJLGDDSOLFDDFDVLFXDOTXLHUDUWtFXOR
TXHDGTXLHUDVFRQODWDUMHWDGHFUpGLWRPD\RUDSHVRV
/RVDUWtFXORVTXHFRP~QPHQWHHQWUDQHQODFREHUWXUDVRQ
$SDUDWRVHOHFWUyQLFRV\GHYLGHR
(OHFWURGRPpVWLFRV
&HOXODUHV
3UHQGDVGHYHVWLUSRUSLH]DPD\RUDSHVRV
0XHEOHV
$OJXQDVWDUMHWDVGHFUpGLWRLQFOX\HQGHQWURGHVXFREHUWXUD
HOUHWLURGHHIHFWLYRKDVWDSRUSHVRV
7RPDHQFXHQWDTXHHQHOFDVRGHDUWtFXORVFRPRMR\DVUH
ORMHVSLQWXUDV\REUDVGHDUWHH[LVWHQLQVWLWXFLRQHVQDQFLH
UDVTXHDSOLFDQXQGHGXFLEOHSRUFHQWXDOTXHSXHGHVHUGHO
DOVREUHHOYDORUDGTXLULGRTXHWHQGUiVTXHSDJDU
HQFDVRGHVLQLHVWUR

([

FOXVLRQ
(VWH VHJX
HV
UR QR FX
EUH H[WUD
YLROHQFLD
Y
E
YHKtFXORV LHQHV GHMDGRV D tR URER VLQ
 OD YLVWD
GROR\PD

OD
XVRQRUP
DORGHVJD IHGHOWDUMHWDKDELH HQ
VWHQDWXUD
QWH
O
1R TXHG
D
YHKtFXORV Q SURWHJLGRV SRU
P
H
X REUDV G RWRFLFOHWDV VRIWZ VWH VHJXUR
H FROHFFLy
DUH DUWtFX
FRPEXVWLE
Q R DQWLJ
ORV
X
OH
SHUHFHGHU ELHQHVFRQVXPLE RV DQLPDOHV
OH
R
DYLyQ\GH VFKHTXHVGHYLDMH VSURGXFWRV
UREROHWR
HVSHFWiFX
VGH
ORV
6LHODUWtFX
OR
SRUVHUYLF TXHFRPSUDVWHOR
YDVDPDQ
LRGHPHQ
R DpUHR Y
G
V
HULFD TX DMHUtD\DVHDWHUUH DU
H WX VHJX
V
TXH HQ DOJ
WU
H
UR
KDFHUHVS XQRV FDVRV OD LQVWL  OR FXEUD \D
R
WX
GDUGXUDQ QVDEOHGHOPDQHMRT FLyQ QR VH
WHVXWUDV
X
HOHSXHGD
ODGR
Q
3URWHMDVXGLQHUR

ZZZFRQGXVHIJREP[



-/,1"$"12,)0&)),

U AJ AH ?=OK AOLA??K @AH OACQ

NK @A ?KILN= LNKPACE@=  OE EJ?HQUA
?KILN=OJ=?EKJ=HAOAEJPANJ=?EK
J=HAOLNACQJP==PQ>=J?K1=I
>EJ @A>AO O=>AN AJ MQ LH=VK
=LHE?= H= LNKPA??EJ  OE @AOLQO
@A ABA?PQ=@= H= ?KILN= K LKOPA
NEKN =H RAJ?EIEAJPK @A H= C=N=J
P=KNECEJ=H

&XiQWRFXHVWD"
)=I=UKN=@AH=OP=NFAP=OKBNA?AJ
AOPAOACQNKOEJ?KOPK=@E?EKJ=H=
H==JQ=HE@=@@APQP=NFAP= LKNHK

MQAAJAOPA?=OK JK
AO JA?AO=NEK ?=J?A
H=NKLNAO?EJ@EN@AAOPA
OANRE?EK MQA BQJ?EKJ=
?KIK QJ= C=N=JP= @A
NAOL=H@K ,PN=O PA @=J
H= LKOE>EHE@=@ @A =@
MQENEN@E?DKOACQNK?KJ
?KOPKLNABANAJ?E=H OE=O
HK@AOA=O

&RPSUDV
HQHOH[WUDQMHUR
0E RE=F=O =H ATPN=JFANK  =JPAO @A
NA=HEV=N PQO ?KILN=O ?KJ P=NFAP=
@A?N@EPK EJBNI=PAOE=LHE?=AH
OACQNK U MQ LNK@Q?PKO LQA@AO
=@MQENEN LKN HK CAJAN=H AJOANAO
AHA?PNJE?KOU@ARE@AK
 KIJ
IAJPA AOPA OACQNK PA LNKPACA LKN
QJ IKJPK =LNKTEI=@K AJPNA  
U @H=NAOUPEAJAQJ=RECAJ?E=
@AD=OP=@=O

DKN= O  U= LQA@AO NA=HEV=N

PQO?KILN=O?KJH=OACQNE@=@MQA
AOP=NJ LNKPACE@=O "OPA PELK @A
OACQNKOHKOL=C=O?KIKP=NFAP=D=
>EAJPA U PEAJAO @ANA?DK = QO=NHKO
AJ ?=OK @A NAMQANENHKO &JRAOPEC=
?KJMQOACQNKO?QAJP=PQP=NFAP=U
PI=PAAHPEAILKL=N=HAAN@APAJE
@=IAJPAH=O?KJ@E?EKJAO

(QFDVRGHVLQLHVWURTXpKD\TXHKDFHU"
3DUDKDFHUYiOLGRHVWHVHJXURGHEHUiVFRQWDFWDUDODLQVWLWXFLyQQDQFLHUDTXHWHVROLFLWDUiODVLJXLHQWH
GRFXPHQWDFLyQ
&DUWDGHUHFODPDFLyQRVROLFLWXGGHUHFODPDFLyQSXHGHVREWHQHUODHQODSiJLQDGHLQWHUQHW
GHODLQVWLWXFLyQ
&RSLDGHORVVLJXLHQWHVGRFXPHQWRV
)DFWXUDRULJLQDORWLFNHWGHFRPSUD
3DJDUpYRXFKHURHVWDGRGHFXHQWDGRQGHDSDUH]FDHOFDUJRFRQTXHVHUHDOL]yHOSDJRGHO
SURGXFWRRELHQ
*DUDQWtDGHOIDEULFDQWH
(QFDVRGHURERFRQYLROHQFLDDFWDOHYDQWDGDDQWHHOPLQLVWHULRS~EOLFR
(QFDVRGHSpUGLGDWRWDO
3UHVHQWDFLyQGHOELHQWDOFRPRHVWpSRUHMHPSORDGTXLULVWHXQDFDIHWHUD\VHWHTXHPyDO
JUDGRGHDFKLFKDUUDUVH
&XDQGRH[LVWDQGDxRVWDOHVFRPRLQFHQGLRWHUUHPRWRRLQXQGDFLyQODLQVWLWXFLyQQDQFLHUDSXHGHOOHJDUD
RIUHFHUWHDVLVWHQFLDSHUVRQDOSDUDHYDOXDUORVGDxRV\UHDOL]DUHOSHULWDMH\JHVWLyQGHORVDUWtFXORVDPSDUD
GRVSRUODWDUMHWDGHFUpGLWR(QHVWHSXQWRHVPX\LPSRUWDQWHTXHORVGRFXPHQWRVGHWXVDUWtFXORVHVWpQ
ELHQVDOYDJXDUGDGRV\DTXHGHORFRQWUDULRQRWHORVFXEULUiODLQVWLWXFLyQQDQFLHUD


3URWHMDVXGLQHUR

ZZZFRQGXVHIJREP[

3527(&&,1(1&2035$6

/DVFDUDFWHUtVWLFDVGHOVHJXURGHFRPSUDSURWHJLGDFDPELDQGHXQDWDUMHWDDRWUD7HSUHVHQWDPRVDTXtXQD
WDEODFRQODVFREHUWXUDVTXHFRQWHPSODQDOJXQDVWDUMHWDVGHFUpGLWRSUHVHQWHVHQHOPHUFDGR
,QVWLWXFLyQ

7LSRGHWDUMHWD

3URWHFFLyQHQFRPSUDV

7KH3ODWLQXP&UHGLW&DUG$PHULFDQ([SUHVV

*DUDQWtD3OXVHVXQVHUYLFLRTXHH[WLHQGHKDVWDSRUDxRPiVODJDUDQWtDRULJLQDOGHFDVL
WRGDVODVFRPSUDVUHDOL]DGDVHQ0p[LFR\(VWDGRV8QLGRV/DSURWHFFLyQHPSLH]DDOGtD
VLJXLHQWH GHO YHQFLPLHQWR GH OD JDUDQWtD RULJLQDO H LQFOX\H GHVGH OD UHSDUDFLyQ KDVWD OD
UHSRVLFLyQGHOSURGXFWRFRQXQRVLPLODURGHPD\RUFDOLGDG
([FOX\H YHKtFXORV PRWRUL]DGRV VHUYLFLRV GH FXDOTXLHU WLSR \ DUWtFXORV FRQ JDUDQWtD
PD\RUGHGRVDxRV/DJDUDQWtD3OXVVHUiDSOLFDEOHXQDVRODYH]SRUDUWtFXOR\VHDOLQHD
FRPSOHWDPHQWHDODJDUDQWtDRWRUJDGDSRUHOIDEULFDQWHGHOSURGXFWR/DUHSRVLFLyQDSOLFD
FXDQGRHOFRVWRGHODUHSDUDFLyQH[FHGHDOGHOFRVWRLQLFLDOGHVXHTXLSRRELHQpVWH
\DQRWHQJDFRPSRVWXUD
&RPSUDVSURWHJLGDVFRPSUDVPD\RUHVGHHVWiQSURWHJLGDVDQWHURERFRQYLR
OHQFLDRDVDOWR\GDxRVRFDVLRQDGRVSRUHYHQWRVFRPRLQFHQGLRH[SORVLyQWHUUHPRWRH
LQXQGDFLyQ/DSURWHFFLyQSRUXQDxRDSDUWLUGHODIHFKDGHFRPSUD(OPRQWRPi[LPR
SDUDXQDUWtFXORHVGyODUHVSDUDYDULRVDUWtFXORVGyODUHVWHQLHQGRFRPRPRQ
WRPi[LPRDQXDOGyODUHV

*ROG&DVK%DFNGH$PHULFDQ([SUHVV
7KH*ROG&UHGLW&DUG$PHULFDQ([SUHVV
7DUMHWD$PHULFDQ([SUHVV$HURPp[LFR
7DUMHWDGHFUpGLWR$PHULFDQ([SUHVV
%OXHGH$PHULFDQ([SUHVV
7KH3ODWLQXP6.<3/86&UHGLW&DUG
$PHULFDQ([SUHVV
&OiVLFD,QWHUQDFLRQDO
%6PDUW
2UR3OXV

6yORSURWHJHDTXHOODVWUDQVDFFLRQHVIUDXGXOHQWDVUHDOL]DGDVDWUDYpVGHFRPSUDVSRULQWHU
QHWODVFXDOHVQRVRQUHFRQRFLGDVSRUHOFOLHQWH

7DUMHWDGHFUpGLWR&OiVLFD

1R$SOLFD

7DUMHWDGHFUpGLWR2UR

1R$SOLFD

$]XO%DQFRPHU
%DQFRPHU2UR,QWHUQDFLRQDO

4XHGDQ DPSDUDGRV SRU URER R GDxR ORV DUWtFXORV TXH DGTXLHUDV GXUDQWH  GtDV D
SDUWLU GH OD IHFKD GH FRPSUD DSOLFD SDUD DUWtFXORV FRQ XQ YDORU VXSHULRU D  /D
FREHUWXUDGHHVWHVHJXURHVGHPi[LPRGyODUHVSRUDUWtFXORRGyODUHVSRU
YDULRVDUWtFXORVHQFDGDHYHQWRFRQXQPi[LPRSRUDxRGHGyODUHV

&ODVLFD0DVWHUFDG\9LVD

1RFXHQWDFRQHVWHVHJXUR

2UR0DVWHUFDG

1RFXHQWDFRQHVWHVHJXUR

/LJKW

1RFXHQWDFRQHVWHVHJXUR

8QL6DQWDQGHU.

1RFXHQWDFRQHVWHVHJXUR

6DQWDQGHU6HUItQ%ODFN

6HJXUR FRQWUD URER \ GDxR LUUHSDUDEOH GH ODV FRPSUDV GXUDQWH ORV  GtDV QDWXUDOHV
SRVWHULRUHVDVXFRPSUDKDVWDSRUGyODUHVDODxR
$VLPLVPR FXHQWD FRQ XQ VHJXUR GH JDUDQWtD H[WHQGLGD TXH GXSOLFD HO SOD]R GH OD
JDUDQWtDRULJLQDO\KDVWDDxRSRVWHULRUDODIHFKDGHH[SLUDFLyQGHODPLVPD&XEUHKDVWD
GyODUHVSRUHYHQWR

&OiVLFD,QWHUQDFLRQDO

1RFXHQWDFRQHVWHVHJXUR

7DUMHWDGHFUpGLWR(IH
7DUMHWDGHFUpGLWR,QEXUVD7HOFHO
7DUMHWDGHFUpGLWR(QODFH0pGLFR

1RFXHQWDFRQHVWHVHJXUR

7DUMHWDGHFUpGLWR2UR
7DUMHWD&OiVLFD,QWHUQDFLRQDO

1RFXHQWDFRQHVWHVHJXUR

7DUMHWD2UR

1RFXHQWDFRQHVWHVHJXUR

&OiVLFD0DVWHUFDUG\9LVD
2UR0DVWHUFDUG\9LVD
,[H9LVD,QWHUQDFLRQDO2UR
&OiVLFD
2UR
3ODWLQXP
6FRWLD/LQH

$OXWLOL]DUODWDUMHWDFXEUHODPHUFDQFtDFRQWUDURER\DFFLGHQWHVKDVWDGtDVGHVSXpVGH
ODFRPSUDSRUXQPRQWRPi[LPRGHGyODUHV
6HJXUR GH SURWHFFLyQ HQ FRPSUDV UHDOL]DGDV GHVSXpV GHO UHSRUWH GH URER H[WUDYtR R
FORQDFLyQ
$PSDUD KDVWD SRU XQ DxR OD SpUGLGD URER R GDxRV PDWHULDOHV D ORV ELHQHV PXHEOHV \
SUHQGDVGHYHVWLUDGTXLULGRVFRQODWDUMHWD,QFOX\HREMHWRVSHUVRQDOHVHOHFWUyQLFRV\GH
YLGHRFHOXODUHV\DSDUDWRVGHORFDOL]DFLyQGLQHURHQHIHFWLYRPDQHMRGHFDVDKDELWDFLyQ
3DUDWHOpIRQRVFHOXODUHV\ORFDOL]DGRUHVKDVWDSRUSDUDHIHFWLYRKDVWD\
RWURVELHQHVKDVWDSRU

0ACQNK@A?KILN=LNKPACE@=LHE?==?=OEPK@=OH=O?KILN=ONA=HEV=@=OLKNAHP=NFAP=D=>EAJPAIA@E=JPAAHQOK@AH=P=NFAP=@A?N@EPK
#QAJPA"H=>KN=?EJLNKLE=?KJ@=PKO=LKNP=@KOLKNH=OEJOPEPQ?EKJAOJ=J?EAN=O

3URWHMDVXGLQHUR

ZZZFRQGXVHIJREP[



/XLV7pOOH].

3UHVLGHQWHGHO&RQVHMRGH$GPLQLVWUDFLyQ\
'LUHFWRU*HQHUDOGHOD%ROVD0H[LFDQDGH9DORUHV

$KRUURHLQYHUVLyQODLPSRUWDQFLDGHFRQRFHUODVPHMRUHVRSFLRQHV

























 






/XLV7pOOH].
3URWHMDVXGLQHUR

ZZZFRQGXVHIJREP[



,+02)1,/&,#&++ &"/,

4XLpQLQYLHUWHHQOD
%ROVDGH9DORUHV"
*1&+#),/"0
 KH=>KN=@KN=ATPANJ=



3URWHMDVXGLQHUR

ZZZFRQGXVHIJREP[

J=  QJ= @A IEO IAFK

NAO =IEC=O  IA LH=PE?=
>=D=?AQJKO@=OMQAHA
CQOP=N=EJRANPENAJH=KHO=@A3=
HKNAOLANKHA@=IEA@KLAN@ANHKO
=DKNNKO MQA D= NAQJE@K @QN=JPA
?EJ?K =KO LKNMQA KPNKO =IECKO
HA?KIAJP=NKJMQAH=KHO=AOQJ=
EJRANOEJ @A =HPK NEAOCK %=?EAJ
@K ?=OK KIEOK @A H= HPEI= L=N
PA @A OQ ?KIAJP=NEK HA LNACQJP
QJPKPEAILKMQEANAOI=JPAJAN
PQ@EJANKEJRANPE@KUAJMQHKR=O
=QPEHEV=N0QNAOLQAOP=BQAP=F=J
PA=KO LQAOIEDEF=PEAJAPNAO
=KOUMQEANKNAQJENHKJA?AO=NEK
L=N=L=C=NOQA@Q?=?EJQJERANOE
P=NE=QAJK HANAOLKJ@ L=N=HK
CN=NAOAK>FAPERKKIAP=J=J?EAN=
QJ=@AH=OIAFKNAOKL?EKJAO OEJK
AOMQAH=IAFKN OAOEJRANPENAJH=
KHO=@A3=HKNAO AOLA??=IAJPA
AJ=??EKJAO
-=N= HKO MQA EJREANPAJ AJ H=
KHO= LKN LNEIAN= RAV  HK IAFKN
AOJK@=NL=OKO=@AH=JP=@KOD=U

MQA?KIAJV=N=EJRANPENAJEJOPNQ
IAJPKO @A >=FK NEAOCK  L=N= HQA
CKL=O=N=EJOPNQIAJPKO@AI=UKN
NEAOCK=OH=NA?KIAJ@=?EJ
AO MQA LNEIANK OA EJREAN
P= AJ BKJ@KO @A EJOPNQ
IAJPKO@A@AQ@= HQACKAJ
BKJ@KO@ANAJP=R=NE=>HAULKNH
PEIK?KILN=N=??EKJAO
 0HK QJ LQ=@K @A LANOKJ=O
PEAJAJ=??AOK=AOPAIAN?=@KD=U
LK?KIO@AIEHHKJAO@A?KJPN=
PKO
UJKAOLNA?EO=IAJPALKNMQA
OA NAMQEAN= @A IKJPKO AHAR=@KO
@A EJRANOEJ !A DA?DK  D=U =H
CQJ=O?=O=O@A>KHO=EJPANIA@E=
NEK J=J?EANK ?KJ AH MQA OA @A>A
=>NENQJ?KJPN=PK@AEJRANOEJL=N=
EJRANPEN AJ H= KHO= *ATE?=J= @A
3=HKNAO
MQAOKHE?EP=J@AO@AIEH
LAOKO  B=?EHEP= PQ >OMQA@= ?KJ
OQHP=J@K AH @ENA?PKNEK @A ?=O=O @A
>KHO= AJ SSS>IR?KIIT U AJ
SSS=IE>?KIIT
,FK  JK JA?AOEP=O OAN PK@K QJ
ATLANPKAJAHBQJ?EKJ=IEAJPK@AH

IAN?=@KJ=J?EA
NKLANKOJA?AOEP=O?KJK
?AN =HCQJKO ?KJ?ALPKO >OE?KO
MQA PA LANIEP=J AJPAJ@AN AH HAJ
CQ=FA @A PQ =OAOKN @A EJRANOEK
JAOUPKI=N@A?EOEKJAO@A?KILN=
@A =??EKJAO ?KJ ?KJK?EIEAJPK @A
?=QO=-=N=AHHK LQA@AOPKI=NHKO
?QNOKOMQA @AO@AJERAHAO>OE?KO 
KBNA?AH=OK?E=?EJ*ATE?=J=@A
&JPANIA@E=NEKO QNOPEHAO *&

=PK@=OH=OLANOKJ=OMQAHAOEJPANA
OA?KJK?ANOK>NAPAI=O>QNOPEHAO
/A?QAN@= OEAILNA MQA @A>AIKO
EJRANPEN AJ HK MQA ?KJK?AIKO U
AJPAJ@AIKO =O K>PAJ@NAIKO
NAOQHP=@KO IO O=PEOB=?PKNEKO  U

4XpWDQUHQWDEOHHVLQYHUWLUHQOD%ROVD"
"J HKO HPEIKO  =KO 
AH IAN?=@K =??EKJ=NEK D=
@=@KQJNAJ@EIEAJPKLNK
IA@EK=JQ=H@A"J
AOALANEK@KPQRK=KOI=
HKO NAJ@EIEAJPKO JAC=
PERKO AJ OAEO =KO
 LANK
P=I>EJ NACEOPN KPNKO
IQU >QAJKO AJ K?DK
=KO NALKNP QJ= P=O= @A
NAJ@EIEAJPK OQLANEKN =H

 -N?PE?=IAJPA JEJ
CQJ=KPN=KL?EJ@AEJRAN
OEJ J=J?EAN= D= PAJE@K

1=O=@ANAJP=>EHE@=@@A@EOPEJP=OKL?EKJAO@AEJRANOEJ
2Q]D

&HWHV
GtDV

&XHQWD
GHDKRUUR















































































$JR











$FXPXODGR











$xR

,3&







&HQWHQDULR

"H &-  AO QJ EJ@E?=@KN @A H= ARKHQ?EJ @AH IAN?=@K =??EKJ=NEK AJ OQ ?KJFQJPK 0A ?=H?QH= AJ BQJ?EJ @A H=O
R=NE=?EKJAO@ALNA?EKO@AQJ=OAHA??EJ@A=??EKJAO HH=I=@=IQAOPN= >=H=J?A=@= LKJ@AN=@=UNALNAOAJP=PER=@A
PK@=OH=O=??EKJAO?KPEV=@=OAJH=*3
1=O=LNKIA@EK=JQ=H>NQP=



#QAJPA"H=>KN=?EJLNKLE=?KJ@=PKO@AH=*3U=JTE?K

"JH=KHO=@A3=HKNAOP=I>EJLQA@AOEJRANPENAJEJOPNQIAJPKO@A@AQ@= IAP=HAO AP?PAN=

3URWHMDVXGLQHUR

ZZZFRQGXVHIJREP[



,+02)1,/&,#&++ &"/,

MQA AO JQAOPN= NAOLKJO=>EHE@=@

>QO?=NUAOPQ@E=NPK@=OH=OLKOE>E
HE@=@AO=JQAOPNK=H?=J?AL=N=MQA
JQAOPNK @EJANK OA IQHPELHEMQA AT
LKJAJ?E=HIAJPA AJ AH PEAILK  U
=O=H?=JV=NJQAOPN=OIAP=OAJIA
JKO PEAILK U ?KJ QJ AOBQANVK @A
=DKNNK IAJKO LAO=@K AO @A?EN 
=LKNP=J@K ?=JPE@=@AO IAJOQ=HAO
K=JQ=HAOIK@AN=@=O
J=  LKN AFAILHK  ?KJP=>=
?KJ  IEH LAOKO U LH=JA=>= ==
@EN  IEH LAOKO ?=@= =K  @Q
N=JPA HKO  =KO MQA PAJ= L=N=
NAQJENH=OQI=JA?AO=NE=L=N=?Q
>NENH=QJERANOE@=@@AOQDEF= KJ
QJ ?H?QHK ?KJOANR=@KN ?KJOE
@ANAIKO QJ  @A NAJ@EIEAJPK
LNKIA@EK =JQ=H @AH IAN?=@K =?
?EKJ=NEK AJ AH LANEK@K @A EJRAN
OEJ PAJAIKO MQA LK@N= NAQJEN
LK?KIO@AIEHLAOKO

&RQRFLPLHQWRVEiVLFRV
GHOPHUFDGRDFFLRQDULR
" IAN?=@K =??EKJ=NEK
"H
AAOAHHQC=NAJMQAOANA

JAJ MQEAJAO KBNA?AJ

==??EKJAO U MQEAJAO H=O
@AI=J@=JQJMQA=DKN=OAD=?A
@AI=JAN=AHA?PNJE?=@AO@A?Q=H
MQEANHQC=N
.
.QEAJAOKBNA?AJ=??EKJAO
OOKJAILNAO=OAIEOKN=O

@
@A@EOPEJPKOOA?PKNAOA?K
J
JIE?KO MQA NAMQEANAJ
@AJ=J?E=IEAJPKL=N= ?NA?ANKAT
L=J@ENOQLAJAPN=?EJ@AIAN?=@K

H?KILN=NQJ==??EJ
OOA =@MQEANA QJ= L=NPE
??EL=?EJ LNKLKN?EKJ=H
@
@AH?=LEP=HOK?E=H@AQJ=
AILNAO= U@AH=MQAPA?KJREANPAO
AJOK?EK


3URWHMDVXGLQHUR

ZZZFRQGXVHIJREP[

%=U QJ IAN?=@K LNE

%
I=NEK U QJ IAN?=@K
I
OOA?QJ@=NEK @A =??EK
JAO 0A HH=I= LNEI=NEK
J
?Q=J@KQJ=AIEOKN=?KHK?=LKNLNE
IAN=RAVAJAHIAN?=@KQJ@APAN
IEJ=@KJIANK@A=??EKJAO =AOPK
P=I>EJ OA HA ?KJK?A ?KIK ,BAN
P= ->HE?=  U AO ?Q=J@K AH @EJANK
@A HKO EJRANOEKJEOP=O HHAC= @ENA?P=
IAJPA=H=AILNAO="HIAN?=@KOA
?QJ@=NEK AO H= ?KILN= U RAJP= @A
=??EKJAOAJPNAHKOEJRANOEKJEOP=O
)KO J@E?AO =??EKJ=
)
NNEKONAAF=JAH?KILKN
PP=IEAJPK @AH IAN?=@K
==??EKJ=NEK LKNMQA OKJ
QJ=IQAOPN=NALNAOAJP=PER=@AH=O
=??EKJAO MQA ?KPEV=J AJ QJ IAN
?=@K KHO=
 K AJ QJ OA?PKN @A
=?PERE@=@ AOLA??= 0A ATLNA
O=J AJ LQJPKO LANK OA ?KJK?A
OQ ?KILKNP=IEAJPK AJ PNIEJKO
LKN?AJPQ=HAOPK@KOHKO@=O

P=J H=O =QPKNE@=@AO NACQH=@KN=O

@AHKOIAN?=@KOJ=J?EANKO1K@=
OQEJBKNI=?EJAOP@EOLKJE>HAAJ
SSS>IR?KIIT
.QEAJAO EJREANPAJ AJ
=??EKJAOLQA@AJK>PA
JAN>AJA?EKOLKN@KO
R=O @EBANAJ?E= @AH
LNA?EK =H MQA ?KILN=J U AH LNA?EK
=HMQARAJ@AJOAHA@AJKIEJ=C=
J=J?E=@A?=LEP=HULKNAHL=CK@A
@ERE@AJ@KOMQANA=HE?AH=AILNAO=
0E QJ EJRANOEKJEOP= ?KILN=
QJ= =??EJ = LNA?EK @A  LA
OKO U ?EJ?K =KO @AOLQO H= RAJ
@A =  LAOKO  AOP= K>PAJEAJ@K
QJ NAJ@EIEAJPK @A  LANK
OE =@AIO  H= AIEOKN= @A H= =?
?EJ PEAJA ?KIK LKHPE?= AH L=CK
@A @ERE@AJ@KO L=NPE?EL=?EJ @A
OQO QPEHE@=@AO
 = OQO =??EKJEOP=O
U NAOQHP= MQA AJ AOA LANEK@K OEC
JE?=NKJ QJ LAOK LKN =??EJ  AJ
PKJ?AO AH NAJ@EIEAJPK K>PAJE@K
OAEJ?NAIAJP=

2
2J @ERE@AJ@K AO H=
L
L=NPE?EL=?EJ @A HKO
EEJRANOEKJEOP=O@AH=OQPE
HHE@=@AOCAJAN=@=OLKNH=
AILNAO=AIEOKN=+KPK@=OH=OAI
LNAO=O L=C=J @ERE@AJ@K  =HCQJ=O
LNAANAJ NAEJRANPEN OQO QPEHE@=@AO
L=N= EJ?NAIAJP=N OQ L=NPE?EL=?EJ
@A IAN?=@K K ATL=J@ENOA = KPN=O
NACEKJAO @AH IQJ@K  HK MQA OA NA
AF=NAJAHLNA?EK@AIAN?=@K@A
OQ=??EJ ULKNP=JPKAJH=NAJP=>E
HE@=@MQALQA@=JHKCN=NOQOEJRAN
OEKJEOP=OAJAHPEAILK

"
"H IAN?=@K =??EKJ=
NNEK AO =HP=IAJPA RKHPEH
U
U LKN AHHK JK AO =?KJ
OOAF=>HA EJRANPEN L=N=
K>FAPERKO @A NAJP=>EHE@=@ EJBA
NEKNAO = ?EJ?K =KO  =H IAJKO JK
L=N= HKO EJRANOEKJEOP=O L=PNEIK
JE=HAOUHKOJKATLANPKOJE@A@E?=
@KO@APEAILK?KILHAPK=?=V=N
KLKNPQJE@=@AO "J AH H=NCK LH=
VK   =KO K IO  D= LNK>=@K
OAN QJ= @A H=O IAFKNAO BKNI=O @A
IQHPELHE?=NAH@EJANK

)=O AIEOKN=O OKJ AI

LNAO=O L>HE?=O U
PN=JOL=NAJPAO LKNMQA
@A>AJ?QILHEN?KJQJ=
OANEA @A NAMQEOEPKO MQA HAO OKHE?E

"
"OQJIAN?=@KAJAHMQA
L
L=NPE?EL=J LANOKJ=O U
HH=O AIK?EKJAO OKJ QJ
BB=?PKN MQA LQA@A =BA?
P=N OQ ?KILKNP=IEAJPK %=U MQA

AOP=N?KJO?EAJPA@AMQAAHIAN?=@K
LQA@A >=F=N EJ?HQOK OECJE?=PER=
IAJPAAJAHPN=JO?QNOK@AHPEAILK
AJ MQA OA @A?E@E EJRANPEN AH @EJA
NK  LKN P=JPK D=U MQA AREP=N RAJ
@AN=JPAOAJH=O>=F=O@AHIAN?=@K
LKNJANREKOEOIK
UPKI=NLN@E@=O
MQALQA@AJEILHE?=NAH@AOR=JA?E
IEAJPK JK OHK @A QPEHE@=@AO OEJK
EJ?HQOK @A >QAJ= L=NPA @AH ?=LE
P=HEJRANPE@K@AIO AOPAIAN?=
@KNA=??EKJ=?KJIQ?D=N=LE@AV=
@ERANOKOEJ@E?=@KNAOA?KJIE?KOU
J=J?EANKOJ=?EKJ=HAOAEJPANJ=?EK
J=HAOP=O=@AEJPANO EJ=?EJ ?NA
?EIEAJPK@AH=A?KJKI= AMQEHE>NEK
@A H=O J=JV=O L>HE?=O  NEAOCK
L=O @A *TE?K  JERAH @A AILHAK 
=??AOK=H?N@EPK IAN?=@KEJPANJK 
ATLKNP=?EKJAO  AP?PAN=
 A EJ?HQOK
LKHPE?KO U OK?E=HAO "OPA IAN?=@K
OA=JPE?EL==HKMQAAOPLKNRAJEN
U HK @AO?QAJP= AJ AH ?KILKNP=
IEAJPK@AH&- 

AHACEN H= =??EJ @A QJ= AILNAO=

@AHOA?PKN@A=HEIAJPKOU>A>E@=O
KPN==??EJ@AI=PANE=HAO@A?KJO

KJ JAO L=PNEIKJE=

HHAO  EJRANOEKJAO = H=NCK
L
LH=VK JKD=UIKIAJPK
EE@A=HL=N=EJRANPENAJH=
KHO= OEAILNAOALQA@AD=?AN ?KJ
@EO?ELHEJ=U?KJOP=J?E=

2WUDVIRUPDVGHLQYHUWLU

<SDUDLQYHUWLU
HCQJ=O?=O=O@A>KHO=OKHE?EP=J
IEHLAOKOLANKKPN=OLE@AJQJ=EJ
RANOEJEJE?E=HOQLANEKN=QJIEHHJ
@ALAOKO6=HCKIQUEILKNP=JPAAO
MQA=HCQJKOATLANPKONA?KIEAJ@=J
EJRANPENAJ=??EKJAO AOPK L=N=
?QILHEN?KJQJLNEJ?ELEK>OE?KAJ
H=O EJRANOEKJAO H= @ERANOE?=?EJ
"OPKOECJE?=MQAPK@=OH=O=??EK
JAO MQA AHEF=O @A>AJ OAN @EOPEJP=O
AJPNA O AO @A?EN  JK LKJAN PK@KO
HKO DQARKO AJ H= IEOI= ?=J=OP=
-KN AFAILHK  QJ= LANOKJ= LQA@A

OAN ?QE@=@KOK  LKNMQA OACQN=IAJ

PANAMQANENOQJ=LNAL=N=?EJU?K
JK?EIEAJPKO IO LNKBQJ@KO L=N= 

1RKD\PRPHQWRLGHDOSDUDLQYHUWLUHQ
OD%ROVDVLHPSUHVHSXHGHKDFHUFRQ
GLVFLSOLQD\FRQVWDQFLD
PNQ??EJKPN=@APAHA?KIQJE?=?EK
JAOQJ=IO@AHOA?PKN?KIAN?E=H
KPN=@AH=EJ@QOPNE=IEJAN=UKPN=
IO@AHOA?PKNJ=J?EANK
-=N= AHACEN =?ANP=@=IAJPA H=O
=??EKJAOAJH=OMQAR=O=EJRANPEN 
?QAJP=O?KJPQ=OAOKN@AH=?=O=@A
>KHO==QJMQAP=I>EJNAMQEANA@A
QJ>QAJAOBQANVK@APQL=NPAL=N=
?KJK?AN ?IK KLAN= AH IAN?=@K 
H=O =??EKJAO  AH ?E?HK @A H= A?KJK
I=UH=OATLA?P=PER=OOA?PKNE=HAO 
AJPNAKPNKOEJ@E?=@KNAO
+K@AFAO@A?KJOE@AN=NAOP=KL
?EJ @A IAN?=@K L=N= K>FAPERKO
J=J?EANKO@AH=NCKLH=VK

1=I>EJ LQA@AO EJRANPEN @ENA?P=

IAJPAAJ=??EKJAOAJHJA=)=O?=
O=O @A >KHO= PA LANIEPAJ ?KILN=N
U RAJ@AN ?KJ IKJPKO IJEIKO @A
IEHLAOKOULKJAJ=PQ@EOLKOE
IEHLAOKOULKJAJ=PQ@EOLKOE
J EJBKNI=?EJ @AH IAN?=@K =?
?EJ
J=NEKAJPEAILKNA=HUQJAMQELK
?EKJ=NEKAJPEAILKNA=HUQJAMQELK
@A =OAOKNAO MQA LQA@AO ?KJOQH
MQEAN=O
P=N ?Q=J@K MQEAN=O
K =MQ D=U MQA
LANK

RAN@=@AN=IAJPA  K>PAJAN >QAJKO

NAOQHP=@KO@AIO ?KJOE@AN=MQA
?=@=RAVMQA?KILN=OKRAJ@AO=?
?EKJAO@A>AOL=C=N?KIEOEKJAOMQA 
= H= H=NC=  LQA@AJ ?KIANOA PQO
C=J=J?E=O
,PN= BKNI= @A EJRANPEN AJ =?
?EKJAO =QJMQA EJ@ENA?P=IAJPA AO
=PN=RO@AH=OOK?EA@=@AO@AEJRAN
OEJ"OPAIAN?=@KKBNA?AQJ=C=I=
IQU=ILHE=@AKL?EKJAOMQAEJ?HQ
UAJ JK OHK =??EKJAO @A AILNAO=O
IATE?=J=O OEJK P=I>EJ @A KPNKO
L=OAOUNACEKJAO@AHIQJ@KULQA
@AO EJRANPEN @AO@A  IEH LAOKO =
PN=RO@AQJ=KLAN=@KN=@ABKJ@KO 
UIEHLAOKO?KJQJ=@EOPNE>QE@K
N=@ABKJ@KO)KOBKJ@KOOKJEJOPNQ
IAJPKO@AEJRANOEJ@ERANOE?=@KO
U =@IEJEOPN=@KO LKN QJ AMQELK
@A ATLANPKO @A@E?=@KO  = OA
CQEN U =J=HEV=N AH ?KILKNP=IEAJPK
?KILKNP=IEAJPK
@AHKOIAN?=@KO

'HVHDVPiVLQIRUPDFLyQ"
'HVHDV
'
PiV LQIIRUPDFLyQ""
9LVLWDHO6LPXODGRUGH)RQGRVGH,QYHUVLyQGH'HXGDHQODSiJLQD
KWWSSRUWDOLIFRQGXVHIJREP[FRQGXVHIIRQGRVLQGH[SKS
3URWHMDVXGLQHUR

ZZZFRQGXVHIJREP[



-/&*"/-)+,

RAJP=F=O@

@EJANK
LHOP
!")/"!

5D]RQHVSDUDXWLOL]DUWDUMHWDVSUHSDJDGDV

=OP=NFAP=OLNAL=C=@=OOKJ=MQAHH=OAJH=OMQA?=NC=OQJ=OQI=
@A @EJANK MQA @AOLQO LQA@AO QPEHEV=N L=N= L=C=N LNK@Q?PKO U
OANRE?EKO KMQALQA@AONAPEN=NAJ?=FANKO=QPKIPE?KOUAOP=>HA
?EIEAJPKO =HE=@KO QJMQA H= R=NEA@=@ @A P=NFAP=O LNAL=C=@=O AO
IQU=ILHE=UOQO?=N=?PANOPE?=OR=N=J@AQJLNK@Q?PK=KPNK ?KI
L=NPAJ ?Q=HE@=@AO AOAJ?E=HAO MQA @A>AO ?KJK?AN )= LNEIAN= AO MQA
H=OP=NFAP=OLNAL=C=@=OJKAOPJHEC=@=O=QJ=?QAJP=@A?DAMQAOK@A
=DKNNK HKMQAOK?QNNA?KJH=OP=NFAP=O@A@>EPKU@AJIEJ=,PN=
@EBANAJ?E=AOMQAJKPAATECAJMQA?KJOANRAOQJO=H@KIJEIK =QJ
MQAOF=JQJIKJPKMQA@A>AOEJCNAO=N=HIKIAJPK@A=@MQENENH=O
"JHEOP=IKO=MQ=HCQJ=O?=N=?PANOPE?=OMQALQA@AJNALNAOAJP=NQJ=
RAJP=F=L=N=PQ>KHOEHHK



3URWHMDVXGLQHUR

ZZZFRQGXVHIJREP[

&+

&RQWURODVWXGLQHUR

0EPAK?QNNA?KJBNA?QAJ?E=MQAJKIE@AOPQOC=OPKO QJ=P=NFAP=
LNAL=C=@=LQA@AOANQJ=AT?AHAJPADANN=IEAJP=L=N=JKNA>=
O=NHKOHIEPAOMQAPIEOIKEILKJC=O2J=RAVMQAOA=CKP=H=
?=JPE@=@MQA?=NC=OPA JKLK@NOOACQENQOJ@KH==
IAJKOMQARQAHR=O==CNAC=N@EJANKAJAHH= KJBNA
?QAJ?E=H=OP=NFAP=OLNAL=C=@=OPEAJAJQJ=?=JPE@=@
ITEI=MQAAOF=@=LKNH=EJOPEPQ?EJMQAH=OKBNA
?A UMQAR=AJBQJ?EJ@AHLNK@Q?PKHKOHIEPAOR=J@AHKO 
LAOKO=HKO @H=NAO
-=N=K>PAJANIOEJBKNI=?EJ LKJ
PAAJ?KJP=?PK?KJAHLNKRAA@KN@AH=P=NFAP=LKNIA@EK@AHOE
PEKSA>K@AHJIANK@APAHBKJKMQA=L=NA?AAJAHNARANOK@A
PQP=NFAP=

AH

K
E?K 

2EWLHQHVVHJXULGDG
*Q?D=OP=NFAP=OLNAL=C=@=OAOPJLNKPACE@=O?KJPN=NK>KKLN@E
@= @AIK@KMQAOEHHAC=O=ATPN=RE=NH=OHKAOJA?AO=NEKNALKNP=NH=
L=N=AREP=NMQA=HCQEAJIOLQA@=D=?ANQOK@APQ@EJANK-KNHK
CAJAN=HH=OP=NFAP=OLNAL=C=@=ONAMQEANAJQJLNK?AOK
@A=?PER=?EJMQAR=N=@ALAJ@EAJ@K@AHLNKRAA@KN
KIK K?QNNA ?KJ H=O P=NFAP=O @A @>EPK U @A ?N@EPK 
EJ?HQUAJPQNI=UQJ=?H=RAJQINE?=+&-
MQAPA
OANRENJ L=N= =QPKNEV=N ?KILN=O U KLAN=?EKJAO AJ ?=FANKO =QPK
IPE?KO0KH=IAJPAH=LANOKJ=MQANI=H=P=NFAP=LQA@ANA=HEV=N
?KILN=OUKLAN=?EKJAO?KJH=IEOI=+KPALNAK?QLAOOEH=LEAN
@AOAJ=HCQJKO?=OKOAOIQUOAJ?EHHKK>PAJANQJJQARKLHOPE?K
=QJOEPAAJ?QAJPN=O@ARE=FA

3XHGHVSDJDUHQOtQHD

"OPAAOKPNKQOKNAH=?EKJ=@K?KJH=OACQNE@=@0QLKJC=IKOMQA
JA?AOEP=O=@MQENENQJOANRE?EKKQJLNK@Q?PKLKNEJPANJAP LANKJK
?QAJP=O?KJP=NFAP=@A?N@EPKKOEILHAIAJPAJKMQEA
NAOEJCNAO=NHKO@=PKO@APQP=NFAP=@A?N@EPKAJQJ=
LCEJ=AHA?PNJE?=@MQENENQJ=P=NFAP=LNAL=C=@=PA
LANIEPAD=?ANPQO?KILN=OLKNAO=R=OEJLNKLKN?EK
J=NHKO@=PKO@APQP=NFAP=@A?N@EPK1AOQCANEIKOMQAQJ=RAV
NA=HEV=@=H=KLAN=?EJ?KJOANRAOH=P=NFAP= LQAOAJ?=OK@AMQA
NAMQEAN=OD=?ANNA?H=I=?EKJAOAOLNK>=>HAMQA@A>=OLNAOAJP=NAH
LHOPE?K?KJAHMQAL=C=OPA

3URWHMDVXGLQHUR

ZZZFRQGXVHIJREP[



-/&*"/-)+,

(VPiVIiFLOWUDQVIHULUUHFXUVRV

!KOQOKOBNA?QAJPAOL=N=AOPALNK@Q?PKOKJAHL=CK@AJIEJ=AHL=
PNJ?=NC=HKOBKJ@KO
UH=PN=JOBANAJ?E=@A@EJANK=LANOKJ=OMQARE
RAJAJAHATPN=JFANKH=LANOKJ=MQEAJAJR=HKOBKJ@KO?=NC=AH@EJANK

"JAHLNEIANK@AHKO?=OKO H=P=NFAP=NAOQHP=IQUPEHL=N=
AILNAO=O ?QU= JIEJ= PEAJA =HPK J@E?A @A NKP=?EJ LKN
AFAILHK  AILNAO=O MQA NAMQEANAJ ?KJPN=P=N PN=>=F=@KNAO
ARAJPQ=HAO
 "J AH OACQJ@K ?=OK  D=U P=NFAP=O LNAL=C=@=O
MQAPALANIEPAJAJRE=N@EJANK=B=IEHE=NAOMQARERAJAJKPNKOL=OAO
LKNAFAILHK H=OP=NFAP=OLNAL=C=@=OL=N=RE=FAO ?KIK3EO=1N=RAH*K
JAU
"JAOPAAOMQAI= MQEAJR==NA?E>ENAH@EJANK=@MQEANAH=P=NFAP= 
UMQEAJAJR=OHK@A>AD=?ANH=?=NC=?KNNAOLKJ@EAJPAAJIKJA@=J=
?EKJ=H)=ONA?=NC=OOALQA@AJD=?ANAJEJPANJAP LKNPAHBKJKKAJ=H
CQJKO>=J?KO

3XHGHQVHUXQEXHQDQWHFHGHQWH

-=N=MQEAJAOJKNAJAJHKONAMQEOEPKOL=N==??A@AN=QJ=P=NFAP=
@A?N@EPK H=OP=NFAP=OLNAL=C=@=OLQA@AJOANQJLNEIAN=?AN?=
IEAJPK=HKOOANRE?EKOJ=J?EANKOHCQJ=OLANIEPAJ
D=?ANQJLQJPQ=HOACQEIEAJPK@APQOKLAN=?EKJAO U=
OA=EILNEIEAJ@KQJAOP=@K@A?QAJP= QJNALKNPA@A
IKREIEAJPKO A EJ?HQOK ?KJOQHP=J@K AJ HJA= ?QHAO
KLAN=?EKJAOOANA=HEV=J?KJAHLHOPE?K HKMQALQA@AOANRENPAL=N=
@AIKOPN=NH=BKNI=AJMQAI=JAF=OPQOJ=JV=O1KI=AJ?QAJP=
MQAOE?KJOQHP=OPQOIKREIEAJPKOUPQAOP=@K@A?QAJP=AOLKOE>HA
MQAPA?K>NAJQJ=?KIEOEJ@ALAJ@EAJ@K@AH?=FANK=QPKIPE?K
AJMQANA=HE?AOH=?KJOQHP="OEILKNP=JPA=?H=N=NMQAAHQOK@A
P=NFAP=OLNAL=C=@=OJKMQA@=NACEOPN=@KAJPQDEOPKNE=H?NA@EPE?EK

/DVDGTXLHUHVFRQSRFRVUHTXLVLWRV




3URWHMDVXGLQHUR

ZZZFRQGXVHIJREP[

)=I=UKN=@AH=O?QAJP=O@A=DKNNKATECAJ=OQO?HEAJPAOMQA
I=JPAJC=JQJO=H@KIJEIKLNKIA@EK)=OP=NFAP=OLNAL=C=
@=O AJ?=I>EK NAMQEANAJOHKQJIKJPKIJEIK@A=LANPQN=
MQAR=@AO@ALAOKOD=OP=@H=NAO @ALAJ
@EAJ@K@AHLNK@Q?PK
"OKO PKI=AJ?QAJP=MQA
LQA@AJ ?K>N=NPA ?KIEOEKJAO LKN I=JAFK @A ?QAJ
P=  LKN =?H=N=?EKJAO EILNK?A@AJPAO @AIO @AH
IKJPKIJEIK@A=LANPQN= LKNHKCAJAN=HOHK@A>AOLNAOAJ
P=NQJ=E@AJPE?=?EJK?E=HRECAJPAUQJ?KILNK>=JPA@A@K
IE?EHEKAJ?=OK@AMQAPQ@ENA??EJJKOA=H=MQA=L=NA?AAJH=
E@AJPE?=?EJ

7HSHUPLWHQFRPSUREDUJDVWRV

)=OP=NFAP=OLNAL=C=@=OLQA@AJOANQJ=AT?AHAJPAKL?EJL=N=?KI
LNK>=NC=OPKO LQAOIQ?D=O@AAHH=OLANIEPAJD=?ANQJOACQEIEAJ
PKLQJPQ=H@AHKOL=CKONA=HEV=@KO*Q?D=OPALANIEPAJEILNEIEN
QJNALKNPA@AIKREIEAJPKOAJQJ?=FANK=QPKIPE?K U
=HCQJ=OEJ?HQOK?KJOQHP=NPQOKLAN=?EKJAOAJQJ=LCE
J=@AEJPANJAPO QJ=P=NFAP=LNAL=C=@=NAOQHP=IQU
LN?PE?=L=N=?=NC=NHKONA?QNOKOLKN?KJ?ALPK@ARE
PE?KOL=N=HKOAILHA=@KO@AQJ=AILNAO="JHKO"OP=@KO2JE@KO 
3EO= KBNA?A P=NFAP=O LNAL=C=@=O L=N= FRAJAO OP=O AOPEIQH=J H=
NAOLKJO=>EHE@=@ J=J?EAN= IA@E=JPA QJ OANRE?EK @A OACQEIEAJPK
@A?KILN=OLKNEJPANJAPMQALQA@AOAN?KJOQHP=@KLKNHKOL=@NAO

2EWLHQHVEHQHFLRVHVSHFLDOHVDOYLDMDU

"TEOPAJP=NFAP=OLNAL=C=@=OAOLA?E=HEV=@=OL=N=
RE=FA MQA KBNA?AJ >AJA?EKO AOLA?E=HAO LQA@AO
NA?=NC=NH=OAJLAOKO AJ@H=NAOKAJ
AQNKO  AJ ?=OK @A ATPN=RK PA NAAI
LH=V=J AH LHOPE?K OEJ ?KOPK  PEAJAJ
OANRE?EKO @A =OEOPAJ?E= PAHABJE?= EJ
PANJ=?EKJ=HULQA@AO@EOLKJAN@AIKJA@=HK?=H
AJHKO?=FANKO@AHL=O=HMQARE=FAO

&yPRVHXVDQ"
$GTXLHUH XQD WDUMHWD 3XHGHV FRP
$
SUDUODHQXQEDQFRRHQORVHVWDEOHFLPLHQ
S
WRVSDUWLFLSDQWHV
W

&
&iUJDODDJUHJDIRQGRVDWXWDUMHWDHQOD
WWLHQGDDOPRPHQWRGHFRPSUDUODHQOtQHD
RHQDOJXQDVXFXUVDOEDQFDULD
R

$FWtYDOD \ UHJtVWUDOD OODPD DO Q~PHUR

GHWHOpIRQRTXHJXUDHQHOSDTXHWHGHOD
W
WDUMHWDSDUDDFWLYDUOD7DPELpQSXHGHVKD
FHUOR
HQ XQ PyGXOR HVSHFLDO TXH VH HQ
F
FXHQWUDHQORVSXQWRVGHYHQWD7HQGUiV
F
TXHVXPLQLVWUDUWXLQIRUPDFLyQSHUVRQDO
T
\GHEHUiVWHQHUDODPDQRXQDLGHQWLFD
FLyQRFLDO

VDODKD]FRPSUDVHQORVHVWDEOHFLPLHQ
WWRV DOLDGRV DO SURYHHGRU TXH HPLWH WX
WWDUMHWD 7DPELpQ SXHGHV XWLOL]DU FDMHURV
DDXWRPiWLFRVRUHDOL]DUFRPSUDVHQOtQHD
5
5HFiUJDODDJUHJDPiVIRQGRVDWXWDUMHWD
HHQORVSXQWRVGHYHQWDGHWDUMHWDVHQVX
FFXUVDOHVEDQFDULDVRSRUPHGLRGHLQWHUQHW

#QAJPA*=OPAN?=N@*TE?K

3URWHMDVXGLQHUR

ZZZFRQGXVHIJREP[



-/&*"/-)+,

8QPHUFDGR
TXHFUHFH
0iVDOOiGHODVUHFDUJDVSDUDXVRGHFHOXODUHVSDUD
GHVFDUJDUP~VLFDRSDUDSDJDUVHUYLFLRVHVSHFtILFRV
ODVWDUMHWDVGHSUHSDJRFXPSOHQFDGDYH]FRQPiV
IXQFLRQHVGHVGHODVXVWLWXFLyQGHHIHFWLYRKDVWDHO
FRQWUROGHSUHVXSXHVWRV\UHFHSFLyQGHWXVXHOGR

*&)!/"!/*,

 KH=>KN=@KN=ATPANJ=



3URWHMDVXGLQHUR

ZZZFRQGXVHIJREP[

KU LK@AIKO QO=NH=O L=N=

?KILN=N PEAILK=ENA AJ
HKO ?AHQH=NAO  L=N= L=C=N
H= C=OKHEJ= A EJ?HQOK L=N= D=?AN
=HCJ RE=FA =H ATPN=JFANK !A DA
?DK  OA ?KJOE@AN=J ?KIK QJK @A
HKO EJOPNQIAJPKO @A L=CK MQA
I=UKN BQANV= ?K>N=NJ AJ HKO
LNTEIKO =KO  JK OHK AJ *TE
?K P=I>EJAJAHNAOPK@AINE
?= )=PEJ= )
 NACEJ @KJ@A HKO
JERAHAO@A>=J?=NEV=?EJOKJIA
JKNAO=HLKN?EAJPK@AH=LK>H=
?EJA?KJIE?=IAJPA=?PER=
"J INE?= )=PEJ=  D=U QJ
CN=J JIANK @A EJ@ERE@QKO MQA
JK PEAJA =??AOK = JEJCJ PELK @A
EJOPNQIAJPKO J=J?EANKO U  LKN
KPN=L=NPA AOPJATLQAOPKO=KBAN
P=O=FQOP=@=O=OQOLNAOQLQAOPKOU
L=N=O=PEOB=?ANOQOJA?AOE@=@AO@A
L=CK"OPKBKNI=L=NPA@AHLKPAJ
?E=H @AH JACK?EK  OA=H= J=>AH
-NAV  LNAOE@AJP= U ?KBQJ@=@KN=
@A +KRK-=UIAJP  AILNAO= H@AN
AJ)AJAH@AO=NNKHHKUCAOPEJ@A
LNKCN=I=O@AP=NFAP=OLNAL=C=@=O
IJ @A OQ B=?AP= ?KIK LNA
L=N=@KN=O = H= >=J?=NEV=?EJ  H=O
P=NFAP=O @A LNAL=CK P=I>EJ BQJ
?EKJ=J L=N= HKO OANRE?EKO ?KN
LKN=PERKO @A H=O AILNAO=O  MQA
LNABANENJ ?KJPN=P=N AOPA BKNI=
PK @A L=CK L=N= ?QAOPEKJAO ?KIK
REPE?KO  LNAOP=?EKJAO J=RE@A=O 

?KOPKO @A ?KI>QOPE>HA U R=HAO @A

@AOLAJO= LKNIAJ?EKJ=N=HCQJKO
"H IK@AHK P=I>EJ AO ?KJRA
JEAJPA AJ OEOPAI=O @A =HPK QOK @A
ABA?PERKAJ?=JPE@=@AOIK@AN=@=O
"HPN=JOLKNPAL>HE?KAOAHAFAILHK
E@JAKAJAOPAOAJPE@K=DKN=U=OA
HAOQO=AJAH*APNK AH*APNK>OU
L=N=OANRE?EKO@ALA=FA?=NNAPANK

(GXFDFLyQ
QDQFLHUD
J=>AH-NAV @A+K
RK-=UIAJP  OA=H= MQA =@AIO
@AH R=HKN LAN OA @A H= P=NFAP= ?Q
>NEN=HCQJKOC=OPKO OEJAHAILHAK
@AABA?PERKUOEJO=HENOA@AHLNAOQ
LQAOPK =OECJ=@K ?KJ AO= H=IEJE
HH= P=I>EJ AOP AH @AO=NNKHHK @A
H=?QHPQN=J=J?EAN=
"HLNAL=CKAOQJEJOPNQIAJPK
=JPANEKN=H=>=J?=NEV=?EJ.QEAJ
OA B=IEHE=NEV= ?KJ H  HQACK LQA
@AEJCNAO=N=HOA?PKN>=J?=NEK&J
?KNLKN=N=H?KJOQIE@KN=HIQJ@K
IK@ANJK @AH L=CK AO @=NHA QJ=
E@AJPE@=@?KIAN?E=HMQAHA=UQ@=
N=AOP=>HA?ANQJN?KN@@AIKRE
IEAJPKOMQAHQACKLK@N=OANRENHA
L=N=@AIKOPN=NOQ?KILKNP=IEAJ
PK@AL=CKBNAJPA=QJ=EJOPEPQ?EJ
>=J?=NE= @AP=HH=-NAV
JPAAOPKO>AJA?EKO L=N=
AHLKPAJ?E=H@AB=?PQN=?EJ?KJAO
PKOLNK@Q?PKOL=N=INE?=)=PEJ=

3URWHMDVXGLQHUR

ZZZFRQGXVHIJREP[



-/&*"/-)+,

2J ?=OK PN=@E?EKJ=H @A P=NFAP=O

AO@AIEHIEHHKJAO@A@H=NAOU
L=N=*TE?KAO@AIEHIEHHKJAO @A LNAL=CK L=N= KPNKO OACIAJPKO
@A @H=NAO  ?KIAJP= *ECQAH EJ OKJH=OP=NFAP=O@ANAC=HK MQAHK
PNKJ  RE?ALNAOE@AJPA @A -NAL=CK IEOIK LQA@AJ HK?=HEV=NOA =DKN=
L=N=)UAH =NE>A@A*=OPAN =N@ AJ OQLANIAN?=@KO ?KIK 0KNE=J= 
"HLNAL=CKOEJ@Q@=OENRAL=N= =HI=?AJAO?KIK0Q>QN>E=KH=OH=
H=LK>H=?EJJK>=J?=NEV=@= LANK IEJEHH=O @A E1QJAO  L=N= ?KILN=N
LKNOQ?=N=?PANOPE?==I=JAN=@A IOE?=AJOQOEPEKAHA?PNJE?K
HH=RA AJ I=JK  HK D=?A =PN=?PERK
&yPRIXQFLRQDQ
L=N=HKO?KNLKN=PERKOMQA@AOA=J
@=NAOP=RAJP=F==OQOJIEJ=O@A
\TXLpQODVSDJD
)=O P=NFAP=O @A LNA
=HP=NKP=?EJ ==@A EJPNKJ
%=UMQAK>OANR=NMQAHKOOAC L=CK OKJ AH NAOQHP=@K @A QJ= OA
IAJPKO JK >=J?=NEV=@KO EJ?HQ NEA @A =HE=JV=O AJPNA EJ@QOPNE=O
UAJ = ?=L=O LK>H=?EKJ=HAO @A "OPJ  LNEIANK  HKO @EOA=@KNAO
@AHLNK@Q?PK ?KIKAOAH?=OK@A
I=UKNLK@AN=@MQEOEPERK
"J QJ= B=IEHE= LQA@A D=>AN H= AILNAO= RAJAVKH=J= +KRK-=
=I>KOOACIAJPKOLK>H=?EKJ=HAO UIAJP  MQA @APA?P= H=O RAP=O @A
-KN AFAILHK  HKO L=@NAO PEAJAJ KLKNPQJE@=@ L=N= AH OEOPAI= @A
PK@KO HKO OANRE?EKO J=J?EANKO U LNAL=CK U HQACK PN=>=F= ?KJ EJO
HKO IAJKNAO @A A@=@  JK  OA= PEPQ?EKJAO J=J?EAN=O L=N= @AO=
NNKHH=N QJ LNK@Q?PK MQA
H='KO KNKJAH @ENA?PKN
0p[LFRWLHQHXQ
=PEAJ@=AOAIAN?=@K
AFA?QPERK @A -NK@Q?PKO
SRWHQFLDOGH
)= KBANP= LQA@A EN
@A -NAL=CK L=N= 3EO=
= KPN=O AILNAO=O -KN
)UAH =NE>A
AFAILHK H=OPAHABJE?=O 
-=N= AHHKO P=I>EJ
PLOORQHV
OA@EOA=JRAD?QHKOBE
GHWDUMHWDV H=O AH?PNE?=O AJ 3AJA
J=J?EANKO>=FKAOP=IK
SUHSDJDGDV VQAH= LQA@A L=C=NOA AH
OANRE?EK @A AHA?PNE?E@=@
@=HE@=@ "O AH ?=OK  LKN
AFAILHK  @A 3EO= 1N=RAH*KJAU  ?KJ P=NFAP=O @A LNAL=CK "H IK
P=NFAP= LNAL=C=@= MQA OA ?NA @AHK D= NAOQHP=@K ATEPKOK U =DK
AOLA?BE?=IAJPA L=N= HKO C=OPKO N=D=UKPNKOL=OAO@A)@KJ@A
@E=NEKO @AH QOQ=NEK AJ AH ATPA LNAPAJ@A ATPAJ@ANOA AOPA BKNI=
NEKN  ?KJ HKO BKJ@KO AJ IKJA@= PK  *TE?K EJ?HQE@K K H=O AI
ATPN=JFAN= 0A PN=P= @A H= LNK LNAO=O MQA ATPEAJ@AJ R=HAO @A
LQAOP=@A3EO=L=N=AHEIEJ=NHKO @AOLAJO= NAOP=QN=JPAOUL=CK@A
?KI>QOPE>HAO
?DAMQAO@ARE=FANK





33URWHMDVXGLQHUR
W M
GL

ZZZFRQGXVHIJREP[

.QEJ L=C= LKN AH OANRE?EK @A

AOP=O P=NFAP=O )= NAOLQAOP= AO D=U
P=JPKO IK@AHKO ?KIK P=NFAP=O IEO
I=O %=U MQEAJAO PN=OH=@=J AOPA
L=CK@ENA?PK=H?KJOQIE@KNJ=H"O
AH?=OK@AH=I=UKN=@AH=OP=NFAP=O
@ANAC=HK-=C=JAJPNAULAOKO
LKNAHLHOPE?KAJQJOQLANIAN?=@K
U = AHHK @A>A OQI=NOA H= ?=JPE@=@
MQA@AOA=@ALKOEP=NOAAJH=IEOI=
%=UKPNKOAOMQAI=OAJHKOMQA
H= AILNAO= ?KJPN=P=JPA =>OKN>A
AH C=OPK MQ LK@AIKO ?EP=N =
HKOOEOPAI=O@AR=HAO AJCAJAN=H 
@KJ@A HKO ?KNLKN=PERKO =>OKN>AJ
AOPKO ?KOPKO  @=@K MQA LKOPANEKN
IAJPA LK@NJ D=?AN OQO @A@Q?
?EKJAOO?=HAO
)KO ?K>NKO R=N=J AJ BQJ?EJ
@AHIK@AHK@AJACK?EKO%=UQJKO
MQA EILHE?=J H= RAJP= @A H= P=NFA
P= AH?K>NKLKNH=NA?=NC= QJ?K
>NKLKNI=JPAJEIEAJPKU=HCQJKO
?K>NKO LKN PN=JO=??EKJAO -QA@AJ
@AO=NNKHH=NOA IAV?H=O OACJ ?=@=
@AO=NNKHH=@KN @A LNKCN=I=O  AT
LHE?=J=>AH-NAVU?KJPEJ=)K
EILKNP=JPA AO MQA AH ?KJOQIE@KN
L=CQA LKN HK MQA AOP >AJA?EJ
@KHA MQAHAOA=@AQPEHE@=@ PEAJAJ
MQA =FQOP=NOA = OQ LNAOQLQAOPK U
AOPKOA?KJOE@AN= U=MQAOA@AO=
NNKHH=J OKHQ?EKJAO =FQOP=@=O = HKO
CNQLKIAP= = HKO MQA R=J @ENECE
@KOHKOLNK@Q?PKO
 HKO PNAO AOLA?E=HEOP=O OA HAO
LNACQJP?QHAOAHIAFKNIK@AHK

@A JACK?EKO AJ BQJ?EJ =H ?KJOQ

IE@KN @AH LNAL=CK )KO PNAO NAO
LKJ@EANKJAHMQAOA=FQOPAIAFKN
=OQOJA?AOE@=@AO AO@A?EN MQEAJ
HA@IO>AJA?EKOAJBQJ?EJ=H
QOKU?KOPK@AHLNK@Q?PK
6@=@KMQAD=UP=JPKOAOMQA
I=O  JK MQA@= IO MQA =J=HE
V=NHK AJ BQJ?EJ =H LNAOQLQAOPK
LNKLEK U H= ?KIK@E@=@ MQA NA
LKNPAAHQOK@AHLNAL=CK

(QSURJUDPDV
VRFLDOHV
"J NCAJPEJ=  LKN
AFAILHK U=OA@EOPNE>QUAAH=LKUK
IAJOQ=H=I=@NAOOKHPAN=O=PN=RO
@AP=NFAP=O@ALNAL=CK"J*TE?K
K?QNNA HK IEOIK L=N= HKO LNKCN=
I=O@A=UQ@=A?KJIE?=L=N=HKO
=@QHPKOI=UKNAO
"JAHRAN=JK@AAOPA=K OEJEN
IO HAFKO  -NAOP=?EKJAO 2JERANO=
HAO IAFKN?KJK?E@=?KIK03=HA 
NIQJ?KJRAJEK?KJAHCK>EANJK
@AH AOP=@K @A 0KJKN= L=N= AIEPEN
IO@AIEHP=NFAP=O=J@AAJ
PNAC=NHKO=LKUKOA?KJIE?KO=HKO
=@QHPKO I=UKNAO  AJ AH I=N?K @AH
-NKCN=I= L=N= AH EAJAOP=N  NA

6LPLOLWXGHV
/DVWDUMHWDVGHSUHSDJR\GpELWRVHDF
WLYDQ FRQ ORV UHFXUVRV SURSLRV GH ORV
XVXDULRV
(Q DPERV FDVRV SHUPLWHQ GLVSR
QHU GH HVH GLQHUR VLQ VDOLUVH GH OR
OR
SUHVXSXHVWDGR
/DV WDUMHWDV GH GpELWR SHUPLWHQ HO
EORTXHR SRU SpUGLGD GHO SOiVWLFR HQ
FXDQWRVHUHSRUWD$OJXQDVWDUMHWDVGH
SUHSDJRLQFOX\HQHVWHVHUYLFLR
(YLWDQODSRUWDFLyQGHHIHFWLYR

?EIEAJPK U !AO=NNKHHK L=N= AH 0AN

%QI=JK@AAO=AJPE@=@ NA0AN

NA0AN AO AH LNEIAN -NKCN=I=
0K?E=H MQA ?QAJP= ?KJ P=NFAP=O 0
3=HANAOL=H@=@=OLKN*=OPAN =N@ 
H=O?Q=HAOOKJP=NFAP=O?KJ>AJA
?EKOJE?KOL=N=HKOQOQ=NEKO LKN
AFAILHKH=C=N=JP=@A=?ALP=?EJ
AJAOP=>HA?EIEAJPKO?KIAN?E=HAOU
@A OANRE?EKO  ?KJPNKH U OACQNE@=@
=HJKLKNP=NHKONA?QNOKOAJABA?
PERK B=?EHEP=J@K=HCK>EANJKAOP=
P=HH=@EOLANOEJU=@IEJEOPN=?EJ
@A HKO IEOIKO  C=N=JPEV=J@K H=
PN=JOL=NAJ?E= U H= NA?AL?EJ @A
HKO>AJA?E=NEKO
"OPA IK@AHK @A QOK @AH LNA
L=CK ?KJPEJQ=N ATPAJ@EJ@KOA
L=N= @EOLANO=N HKO NA?QNOKO OK?E=
HAO  @=@K MQA EILHE?= QJ= =QPK
I=PEV=?EJ ?KJPNKH=@=  AO @A?EN 
AREP=  LKN AFAILHK  MQA AOKO L=
CKOOA=JQPEHEV=@KOAJJAO@EOPEJ
PKO = H= =HEIAJP=?EJ K >AJA?EKO
L=N= HKO MQA D=U= OE@K @AOPEJ=@K
AOA=LKUK =NI=*ECQAH EJPNKJ 
@A*=OPAN =N@
)=PAJ@AJ?E=@AQPEHEV=NAHLNAL=
CKAJAOPANQ>NKAOIQJ@E=H =CNAC=
'KO KNKJAH @A3EO="J"OP=@KO

2JE@KO P=I>EJ D= BQJ?EKJ=@K

L=N= AH =LKUK = I=@NAO OKHPAN=O U
AJ"QNKL=AOPQPEHEVJ@KOAAJLNK
CN=I=OAOLA??KO@A0=HQ@

9LVLyQD
PHGLDQRSOD]R
@AIO @A OQ ?NA
?EAJPA QOK L=N= L=C=N LKN OANRE
?EKO?KIAN?E=HAO NA?E>ENEJ?AJPERKO
@AJIEJ=KQPEHEV=NOQ>OE@EKO H=O
P=NFAP=O@ALNAL=CKLANH=JOQBQ
PQNK AJ QJ= IK@=HE@=@ IQHPEB=
?PE?K  AO @A?EN  QJ= OKH= P=NFAP= 
IQ?DKOQOKO
"OPKO @AO=NNKHH=@KNAO @A LNK
@Q?PKO U= D=?AJ LNQA>=O AJ @KJ
@A QJ QOQ=NEK LQA@A NA?E>EN QJ=
NAIAO= AJ OQ P=NFAP= @A LNAL=CK
UQPEHEV=NH= LKNAFAILHK L=N=HH=
I=@=O@AH=NC=@EOP=J?E=
"J QJ LANEK@K @A @KO =KO H=
LNKLQAOP= LK@N= OAN IQ?DK IO
NE?=MQAAOA@EJANK@AH=ONAIAO=O
HKIEOIKOENR=L=N=NA?=NC=NPEAI
LK =ENA  ?KILN=N AJ OQLANIAN?=
@KOKL=C=NAHPN=JOLKNPAL>HE?K
)KO OANRE?EKO OACQENJ EJPAN?K
JA?PJ@KOA U AH LNAL=CK  ?NA?EAJ
@K?=@=RAVIO

'LIHUHQFLDV
$GLIHUHQFLDGHODVWDUMHWDVGHGpELWRDOJXQDVGHSUHSDJRQRSXH
GHQXVDUVHHQFDMHURVDXWRPiWLFRV
$OJXQDVSUHSDJDGDVVyORSXHGHQXWLOL]DUVHHQORVQHVFRQWUDWD
GRVUHDOL]DUOODPDGDVWHOHIyQLFDVSDJDUWUDQVSRUWHGHVFDUJDUP~
VLFD SRU HMHPSOR PLHQWUDV TXH ODV GH GpELWR WLHQHQ XQ DPSOLR
HVSHFWURGHXVRHQFRPHUFLRV
&RQHOGpELWRSXHGHQKDFHUVHWUDQVIHUHQFLDVDRWUDVWDUMHWDVGH
FUpGLWR R GpELWR SURSLDV R GH WHUFHURV \ HPSOHDU LQFOXVR OD
EDQFDHQOtQHD&RQODVGHSUHSDJRGLVSRQLEOHVKDVWDHOPRPHQ
WRHQ0p[LFRQRSXHGHQHIHFWXDUVHQLQJXQRGHHVWRVVHUYLFLRV

#QAJPA&JOPEPQ?EKJAO#EJ=J?EAN=O

3URWHMDVXGLQHUR

ZZZFRQGXVHIJREP[



1"+!"+ &0

6DEHVLGHQWLILFDUHOFUpGLWRPiVEDUDWR"

&yPRVDFDUOHSURYHFKR
DWXQyPLQD"&yPRLQLFLDUXQ

UDUWXVPXHEOHV" SODQGHDKRUUR"
&DGDFXiQGRSXHGHVFDPELDUWH
GH$IRUH"
6HPDQD

&yPRLQLFLDUXQ
(GXFDFLyQ
3XHGHVDVHJXUDUWXVPXHEOHV"
1DFLRQDO

SODQGHDKRUUR"
)LQDQFLHUD
&DGDFXiQGR &yPRVDFDUOH

SXHGHVFDPELDUWHGH
$IRUH"SURYHFKRDWXQyPLQD"
&DGDFXiQGRSXHGHVFDPELDUWH
6DEHVLGHQWLILFDUHOFUpGLWRPiVEDUDWR"
GH$IRUH"
&yPRVDFDUOH 3XHGHVDVHJXUDUWXVPXHEOHV"

SURYHFKRDWXQyPLQD"
GHVDVHJXUDUWXV
PXHEOHV"

PELDUWHGH '
$IRUH"

UHOFUpGLWRPiVEDUDWR"

QyPLQD"


3URWHMDVXGLQHUR

ZZZFRQGXVHIJREP[

!")/"!

&+

AH=H@AK?PQ>NAOAHHAR=NKJ=?=>K AJPK@KAHPANNEPKNEKJ=
?EKJ=H IO@A =?PERE@=@AO?KJAHK>FAPERK@A@EBQJ@ENEJBKN
I=?EJU?KJK?EIEAJPKOMQALANIEPAJ=@IEJEOPN=N EJ?NAIAJP=N
ULNKPACANJQAOPNKL=PNEIKJEKAJH=O@EBANAJPAOAP=L=O@AH=RE@=LAMQA
KO?KJ?QNOKO@A@E>QFKAJPNAAOPQ@E=JPAO P=HHANAOI=OERKOOK>NAJ=JV=O
LANOKJ=HAO BANE=O ATLKOE?EKJAO L=JAHAO IAO=ONA@KJ@=OOEPALAN@EOPA
H=O=?PERE@=@AOAJPQ?EQ@=@ KJKPA=JEI=OPA=LNACQJP=N =MQPALNAOAJ
P=IKO=HCQJ=O@AH=OOQCANAJ?E=OMQAOAAO?Q?D=NKJ@QN=JPAH=OAI=J= U
MQALQA@AJ>AJA?E=N=PQ>KHOEHHK

6iFDOHSURYHFKRDWXQyPLQD
"H LNK@Q?PK @A JIEJ= AO IQ?DK
IO MQA QJ= ?QAJP= U QJ= P=NFA
P=@ALHOPE?KAJH=MQAPA@ALKOE
P=JPQOQAH@KUKPN=OLNAOP=?EKJAO
H=>KN=HAO 1EAJA =HCQJ=O RAJP=F=O 
?KIKMQAJKNAMQEANAOQJ=?=JPE
@=@ IJEI= L=N= OQ =LANPQN=  JE
I=JPAJANQJO=H@KLNKIA@EKIAJ
OQ=H IJEIK 0E NA?E>AO PQ OQAH@K
LKNIA@EK@AQJ=P=NFAP=@AJIE
J= PEAJAO@ANA?DK=NA?E>ENPQL=CK
AJ AH >=J?K @A PQ LNABANAJ?E= 
AOPKOAHA@AJKIEJ=LKNP=>EHE@=@@A
JIEJ=-KNMQ?=I>E=NPA
1EAJAOKPNK>=J?KIO?AN?=
@ALK?KOENRAMQAAH>=J?KAJAHMQA
NA?E>AOPQO=H=NEKJKPA?K>NA?KIE

OEKJAOLKNNAPEN=N@EJANKAJ?=FANKK
RAJP=JEHH=OEJKPEAJAOQJK?AN?=
 0ANRE?EKO =@E?EKJ=HAO D=U
>=J?KO ?QUKO ?=FANKO PA LANIEPAJ
NA=HEV=N IO KLAN=?EKJAO MQA HKO
@AKPN=OEJOPEPQ?EKJAO @AO@A?KI
LN=N PEAILK =ENA  OACQNKO  D=OP=
L=C=NEILQAOPKOU?KHACE=PQN=O
 KIEOEKJAO IO ?KILAPEPE
R=O H=O ?QAJP=O @A JIEJ= U H=O
?QAJP=OL=N=AHL>HE?KAJCAJAN=H
PEAJAJ=HIAJKOK?DKKLAN=?EKJAO
LKNH=OMQAJKPA?K>N=J?KIEOEJ
-ANKATEOPAJKPN=OKLAN=?EKJAOLKN
H=OMQAOPA?K>N=JUH=@EBANAJ?E=
AJPNAQJ>=J?KUKPNKLQA@AOAN@A
IO@AH?EAJLKN?EAJPK

(OVLVWHPDILQDQFLHURKDLQFRUSRUDGRQXHYRVSURGXFWRV\VHUYLFLRVFDGDYH]PiV
VRILVWLFDGRV\HVWDFRPSOHMLGDG\GLYHUVLGDGHQODRIHUWDILQDQFLHUDDXQDGDDODIDOWD
GHHQWHQGLPLHQWRGHLQIRUPDFLyQEiVLFDKDUHSUHVHQWDGRXQIUHQRSDUDHODFFHVRDOD
FUHDFLyQGHXQIXWXURILQDQFLHURPiVVHJXURSDUDPXFKRVPH[LFDQRV
(QULTXH=RUULOOD)XOODRQGR9LFHSUHVLGHQWHGHOD$VRFLDFLyQGH%DQFRVGH0p[LFR

$KRUUDHVFXDQGR
R
-=N=AILAV=N==DKNN=N OECQAAO
PKOL=OKO
 !AJA QJ IKPERK LQA@A
OAN LKNAFAILHK ?KILN=NQJ@A
L=NP=IAJPK L=C=NH=QJERANOE@=@
@APQO DEFKO  PAJAN QJBKJ@KL=N=
EILNAREOPKO AP?
 KJ >=OA AJ PQ IKPERK  AO
P=>HA?A PQO IAP=O L=N= MQA QJ=
IAP= OENR= @A>A OAN NA=HEOP= @A
=?QAN@K ?KJ PQO LKOE>EHE@=@AO


?KJ?NAP==HCKMQALQA@=OREOQ=HE
REOQ=HE
VKL=N=
V=N
UIA@E>HA?KJQJLH=VKL=N=
?QILHENH=

 "H=>KN= QJ LH=J @A =DKNNK
H=?=J
AJAOPALH=J@A>AO@AJENH=?=J
PE@=@ MQA R=O = =DKNN=N  AH
AH
PEAILK MQA P=N@=NO AJ =H
OK 
?=JV=NPQIAP=UAJOQ?=OK 
MQ JA?AOEP=O D=?AN L=N= NA@Q
@AQJ==
?ENPQOC=OPKOU@EOLKJAN@AQJ=
?=JPE@=@L=N=AH=DKNNK

7HQHUXQUHJLVWURGHVXVJDVWRVSXHGHWUDQVIRUPDUORVGHVHRVHQREMHWLYRV
HVSHFtILFRVSDUDDGTXLULUORVHQSOD]RVGHWHUPLQDGRV
$QWRQLR0RUDOHVGHOD3HxD3URFXUDGRU)HGHUDOGHO&RQVXPLGRU

3URWHMDVXGLQHUR

ZZZFRQGXVHIJREP[



1"+!"+ &0



GHORVPH[LFDQRVVRQXVXDULRVGHORV
VHUYLFLRVQDQFLHURV'HpVWRV



HVXVXDULRGHORVEDQFRV


WLHQH$IRUH



HVWiHQXQDFDMD
GHDKRUUR



HVFOLHQWHGH
+LSRWHFDULD1DFLRQDO
,QIRQDYLWR)RYLVVVWH



WLHQHXQVHJXUR



HVFOLHQWHGHXQD6RIRO
R6RIRP



HVFOLHQWHGHXQDFDVD
GHEROVDRVRFLHGDG
GHLQYHUVLyQ

%%



HVFOLHQWHGHXQD
8QLyQGH&UpGLWR

#QAJPA"J?QAOP=OK>NA2OK@A0ANRE?EKO
#EJ=J?EANKO0% -



3URWHMDVXGLQHUR

ZZZFRQGXVHIJREP[

1RFRPSDUHVSHUDVFRQPDQ]DQDV
%=OP= D=?A =HCQJKO =KO  E@AJPE
?=NH=KL?EJ@A?N@EPKIO>=
N=P= NAOQHP=>= ?KILHAFK )K LK?K
=IEC=>HA @AH HAJCQ=FA J=J?EA
NK L=N= H= LK>H=?EJ AJ CAJA
N=H  NALNAOAJP= QJ @AOEJ?AJPERK
L=N= ?KIL=N=N U PKI=N IAFKNAO
@A?EOEKJAO
"H 1 AO QJ= IA@E@= MQA EJ
?KNLKN= AJ QJ= OKH= ?EBN= PK@KO
HKO ?KOPKO AJ HKO MQA EJ?QNNEIKO
=H ?KJPN=P=N =HCJ PELK @A ?N@E
PK =QPK  ?=O=  P=NFAP= @A ?N@EPK 
AJPNAKPNKO"O@A?EN =@AIO@AH=
P=O=@AEJPANO ?KJOE@AN=H=O?KIE
OEKJAO  OACQNKO U KPNKO C=OPKO NA
H=?EKJ=@KO ?KJ AH J=J?E=IEAJPK
MQA P=I>EJ JKO ?QAOP=J U CAJA
N=HIAJPA @AO?KJK?AIKO "J AOPA
OAJPE@K  AH 1 AO
@ACN=JQPEHE@=@
L=N= MQEAJ @A
OA= ?KJPN=P=N
QJ ?N@EPK 
=H LANIEPEN
E@AJPE?=N
B?EHIAJ
PA ?QH @A
H=O KL?EKJAO
AJ AH IAN
?=@K AO H= IO
>=N=P=
0EJ AI>=NCK 
LK?K OA D= ?KIAJ
P=@KAJ?Q=JPK=MQAH=O?KIL=N=
?EKJAO@A>AJD=?ANOA?KJ?N@EPKO

MQA L=NP=J @A H=O IEOI=O >=OAO

-KJC=IKO QJ AFAILHK L=N= QJ
?N@EPK DELKPA?=NEK  OHK PA OANRE
N?KIL=N=N@EOPEJPKO 1OEOPKO
AOPJ ?=H?QH=@KO OK>NA REREAJ@=O
@AHIEOIKR=HKN ?KJOE@AN=J@KAH
IEOIK AJC=J?DA U AH IEOIK LH=
VK0EAOPOLAJO=J@KLA@ENQJ?N
@EPK DELKPA?=NEK OKHE?EP= H= KBANP=
REJ?QH=JPA @K?QIAJPKMQA ?Q=J
@K =O HK OKHE?EPAO  @A>AJ AJPNA
C=NPA LKN AO?NEPK U OEJ ?KOPK H=O
EJOPEPQ?EKJAO MQA PA KBNA?AJ ?N
@EPKO DELKPA?=NEKO "J H= KBANP=
REJ?QH=JPA H= EJOPEPQ?EJ @A>A EJ
BKNI=NPA?QJPKPA?KOP=N= AJLA
OKOU?AJP=RKO =@MQENENPQ?=O=OE
?KJPN=P=OQJ?N@EPK?KJAHHKO

&XDQGROLTXLGDQVyORHOSDJRPtQLPRGHVXWDUMHWDGHFUpGLWR
ORVXVXDULRVWDUGDQPiVWLHPSRHQVDOGDUVXGHXGD\DFDEDQSDJDQGR
PiVSRUFRQFHSWRGHLQWHUHVHV
/XLV3D]RVGHOD7RUUH3UHVLGHQWHGHOD&RQGXVHI

3URWHJHWXSDWULPRQLR
0EMQEANAOLNKPACANPQDKC=N?KJ
PN= NEAOCKO DE@NKIAPAKNKHCE?KO
?KIKHK@K CN=JEVK DQN=?J DA
H=@=  EJQJ@=?EJ LKN HHQRE=  CKH
LA @A I=N  I=NAF=@=  JAR=@= 
REAJPKOPAILAOPQKOKOUN=UKO H=
?K>ANPQN=MQA@A>AO?KJPN=P=NAO
H=@AEJ?AJ@EK1EAJAO@KOKL?EK
JAO@ALNKPA??EJ
 "@E?EK AO H= AOPNQ?PQN= B
OE?=@APQREREAJ@= ?KIKIQNKO 
RAJP=J=O EJOP=H=?EKJAO F=O OK>NA
AHJERAH@AHOQAHK
 KJPAJE@KOKJPQOIQA>HAO
U=??AOKNEKO?KIKH==HBKI>N= FK
U=O K>FAPKO@A=NPA AMQELK@ALKN

PERK FQCQAPAOAEJOP=H=?EKJAOF=O
?KIK>=KOU?K?EJ=O
J=HEV=>EAJOEPA?KJREAJA?KJ
PN=P=N=I>=OKL?EKJAOKOHKQJ=
-KNAFAILHK OENAJP=O PA?KJRAJ
@N OHK =OACQN=N AH ?KJPAJE@K U
JKAHA@E?EK1KI=AJ?QAJP=MQA
=O
D=U?EANP=O?EN?QJOP=J?E=O>=FKH=O
=O
?Q=HAO AH OACQNK JK =LHE?= OP=O
K
OAAOLA?E?=JAJH=LHEV==HIK
IAJPK @A ?KJPN=P=N AH OACQNK 
AJPNAAHH=OAOPJ
0E?KJOPNQEOPAOK>NAQJPA
N
NNAJKKFKUOAAILEAV==OQIEN
L=QH=PEJ=IAJPAPQ?=O=

 0E = ?=QO= @AH JERAH BNAPE?K

AO@A?EN AHJERAH@A=CQ=>=FKAH
OQ>OQAHK
ATEOPAJHPN=?EKJAOUOA
@==JHKO?EIEAJPKO
 0E D=U RE>N=?EKJAO @AH OQAHK
KIKREIEAJPKOJ=PQN=HAO@AHOQ>
OQAHK=FAJKO=HPANNAIKPKMQA@=
C
=OAJPQDKC=N

&RQPD\RUIUHFXHQFLDGHODTXHQRVJXVWDUtDQRVHQFRQWUDPRVIUHQWHDDOJXQDVLWXDFLyQGLItFLO
FRPRODHQIHUPHGDGGHDOJ~QIDPLOLDURXQGHVDVWUHQDWXUDOTXHGDxDQXHVWURSDWULPRQLR
(UQHVWR&RUGHUR$UUR\R6HFUHWDULRGH+DFLHQGD\&UpGLWR3~EOLFR

3XHGHVFDPELDUWHGH$IRUH
-QA@AO PN=OL=O=N HKO NA?QNOKO @A
PQ ?QAJP= EJ@ERE@Q=H @A =?QAN
@K = HK OECQEAJPA QJ= RAV =H =K
= =MQAHH= =@IEJEOPN=@KN= @A PQ
LNABANAJ?E= U QJ= RAV IO OHK
QJ= OACQJ@= K?=OEJ AJ AH =K

OEPA?=I>E=O=QJ=BKNAMQAPAJ
C= QJ I=UKN /AJ@EIEAJPK +APK
!AOLQO@AAOAOACQJ@KPN=OL=OK 
@A>ANO LANI=JA?AN QJ H=LOK @A
IAOAOAJAO=BKNA K>EAJ AJ
?Q=HMQEANIKIAJPK OEPQBKNAEJ
?NAIAJPH=?KIEOEJMQAPA?K>N=

!APANIEJ= ?QH BKNA PA ?KJ

J
AO
REAJA?KJPN=P=N AJBQJ?EJ@APNAO
?KJ?ALPKO?H=RA
/AJ@EIEAJPK+APK
=J
 )= ?KIEOEJ MQA PA ?K>N=J
LKN=@IEJEOPN=NPQ?QAJP=
J
 )KO OANRE?EKO MQA PA KBNA?AJ
?KJOE@AN= MQA OE QJ= =@IEJEO
PN=@KN= ?K>N= QJ= ?KIEOEJ
IO =HP=  P=H RAV OA= LKN MQA
EJ?HQUAJ OANRE?EKO =@E?EKJ=
HAO MQA LQA@AJ =FQOP=NOA = PQO
JA?AOE@=@AO
3URWHMDVXGLQHUR

ZZZFRQGXVHIJREP[



1"+!"+ &0

Servicios
para todos
!")/"!

/RVVHUYLFLRVILQDQFLHURVVRQSDUWHGHQXHVWUDYLGDGLDULD



3URWHMDVXGLQHUR

ZZZFRQGXVHIJREP[

&+

OQJDA?DKMQAHKOOANRE?EKO
J=J?EANKO OKJ  ?=@= RAV
IO  L=NPA @A JQAOPN= RE@=
@E=NE= LKN IA@EK @AH ?N@EPK PA
JAIKO=??AOK=>EAJAOMQA@AKPN=
BKNI= OAN= @EB?EH =@MQENEN LKN
AFAILHK QJ= ?=O= K QJ ?K?DA
 NA
?E>EIKOJQAOPNKOQAH@K=PN=RO@A "OKJKOLKJALKN@A>=FK@AJ=?EK
QJ=?QAJP=@AJIEJ= =PAJQ=IKO JAO ?KIK $Q=PAI=H=  1QNMQ= U
DEHAULKN=NNE>=@AL=OAO?KIK
H=O?KJOA?QAJ?E=O@AQJEILNAREO
N=OEH  &J@E= U -AN 0E HK IA@E
PKCN=?E=O=HKOOACQNKO
IKO AJ PNIEJKO CAKCN?KO  AJ
"JHKOHPEIKO=KOOAD=J@A
O=NNKHH=@K JQAR=O PA?JKHKC=O U *TE?KD=UAJLNKIA@EKOQ
JQAR=OBKNI=O@AD=?ANJACK?EKO ?QNO=HAO>=J?=NE=OLKN?=@= 
GEHIAPNKO?Q=@N=@KO
MQAD=?AJLKOE>HAMQAH=OEJOPEPQ
-KN OQLQAOPK  H= @EOPNE>Q?EJ
?EKJAOJ=J?EAN=OLQA@=JKBNA?AN
OQO OANRE?EKO = IAJKNAO ?KOPKO U JK AO QJEBKNIA H=O OQ?QNO=HAO
U HKO ?=FANKO AOPJ ?KJ?AJPN=
AJ HQC=NAO NAIKPKO *Q?D=O LAN
@KO AJ H=O ?EQ@=@AO
OKJ=OMQAJQJ?=D=>=J
O  D=U IQ?D=O NA
PAJE@K =??AOK = OPKO 
CEKJAO AJ H=O MQA H=
=DKN=LQA@AJ?KJPN=P=N
GHORVPXQLFLSLRVUXUDOHV
EJBN=AOPNQ?PQN=
@EO
HKO )H=I=IKO = AOK EJ
FXHQWDQFRQSUHVHQFLDGH
LKJE>HA OQ?QNO=HAO 
?HQOEJJ=J?EAN=
 JERAH EJPANJ=?EK DOJ~QWLSRGHLQVWLWXFLyQ ?=FANKO =QPKIPE?KO 
TXHRIUHFHVHUYLFLRV PANIEJ=HAO LQJPK @A
J=H  H= EJ?HQOEJ J=J
ILQDQFLHURV
RAJP=
 LANI=JA?A LKN
?EAN=D=?K>N=@KIQ?D=
#QAJPA +30ACQJ@K/ALKNPA
@A>=FK@AHKJA?AO=NEK
EILKNP=J?E= AJ =KO NA
@A&J?HQOEJ#EJ=J?EAN=

L=N= O=PEOB=?AN H=O JA

?EAJPAO +K K>OP=JPA  =H
NA@A@KN @AH IQJ@K PK@=R= OKJ ?AOE@=@AO@AH=LK>H=?EJ>=OP=
IQ?D=O H=O LANOKJ=O MQA =J JK OA=H=N MQA  @A HKO IQJE?E
LEKO @AH L=O JK PEAJAJ OQ?QNO=
PEAJAJ =??AOK = OANRE?EKO J=J
?EANKO "J *TE?K D=U OA=HAO @A HAO>=J?=NE=O
-=N= MQA ?=@= RAV IO IATE
=R=J?AAJAOPANAJCHJ OK>NAPK@K
AJHKMQANAOLA?P==H=DKNNK-ANK ?=JKO PAJC=J =??AOK = OANRE?EKO
J=J?EANKO  AO JA?AO=NEK =LHE?=N
D=UP=I>EJIQ?D=OKLKNPQJE@=
@EOPEJP=O AOPN=PACE=O 1A LNAOAJ
@AO@A?NA?EIEAJPK
0=>AIKO MQA AJ JQAOPNK L=O P=IKO=HCQJ=O@AAHH=O =O?KIK
D=U AJ LNKIA@EK  OQ?QNO=HAO HKO =OLA?PKO LN?PE?KO AJ MQA
>=J?=NE=OLKN?=@= =@QHPKO LQA@AJ>AJA?E=NPA



3RUFDGDDGXOWRVHQ0p[LFRKD\HQSURPHGLR


VXFXUVDOHV
EDQFDULDV


FDMHURV
DXWRPiWLFRV



WHUPLQDOHV
SXQWRGHYHQWD

&RQYHQWDMD
%DMRHOHVTXHPDGHFRUUHVSRQ
VDOHV PXFKRV QHJRFLRV FRPR
JDVROLQHUDV IDUPDFLDV \ VXSHU
PHUFDGRV WH SHUPLWHQ KDFHU
RSHUDFLRQHV EDQFDULDV FRQ ORV
VLJXLHQWHVEHQHFLRV
(Q OD FLXGDG QR WLH
QHV TXH LU IRU]RVD
PHQWHDXQDVXFXUVDO
GHO EDQFR (VR UHSUHVHQWD XQD
UHGXFFLyQGHFRVWRVSDUDODLQV
WLWXFLyQ QDQFLHUD OR TXH GH
EHUtD WUDGXFLUVH HQ PHQRUHV
FRPLVLRQHV
(Q ODV iUHDV UXUD
OHV VH HVSHUD TXH
HO HVTXHPD GH FR
UUHVSRQVDOHV SHUPLWD RIUHFHU
VHUYLFLRV QDQFLHURV D EDMR
FRVWRDSHUVRQDVTXHQXQFDDQ
WHVKDQWHQLGRDFFHVRDHOORV\
TXHWUDGLFLRQDOPHQWHXVDQRS
FLRQHV LQIRUPDOHV FRPR SUpV
WDPRVIDPLOLDUHVRWDQGDV
7DQWR HQ OD FLXGDG
FRPR HQ HO FDPSR
ORV XVXDULRV TXH VH
DFHUFDQSRUSULPHUDYH]DORV
VHUYLFLRV QDQFLHURV SRGUiQ
DFFHGHU D pVWRV HQ HVWDEOHFL
PLHQWRVTXHOHVUHVXOWDQIDPL
OLDUHV \ PiV FHUFDQRV TXH ODV
VXFXUVDOHVWUDGLFLRQDOHV
/D PD\RUtD GH HV
WDV DFFLRQHV RFXUUH
HQWLHPSRUHDO(VWR
TXLHUHGHFLUTXHVLUHDOL]DVXQ
GHSyVLWRGHHIHFWLYRODRSHUD
FLyQVHYHUiUHHMDGDGHLQPH
GLDWRHQODFXHQWDUHFHSWRUD

#QAJPA0ACQJ@K/ALKNPA@A&J?HQOEJ#EJ=J?EAN=

3URWHMDVXGLQHUR

ZZZFRQGXVHIJREP[



1"+!"+ &0

9HQWDQLOODVHQWRGRVODGRV
"H AOMQAI= @A ?KNNAOLKJO=HAO >=J
?=NEKO  LANIEPA MQA HKO OQLANIAN
?=@KO  NAOP=QN=JPAO  C=OKHEJAN=O 
B=NI=?E=O  OQ?QNO=HAO @A PAHCN=
BKOUD=OP=H=PEAJ@EP=@AH=AOMQEJ=
LQA@=J BQJ?EKJ=N ?KIK RAJP=JE
HH=O@A>=J?K LNAREK?KJRAJEKAJ
PNAQJ>=J?KUAHJACK?EKMQA=?P=
?KIKOQ?KNNAOLKJO=HO AJ?Q=H
MQEAN= @A AOPKO JACK?EKO LQA@AO
D=?AN NAPENKO @A ABA?PERK  L=CK @A
OANRE?EKO @ALOEPKO@A@EJANKAEJ
?HQOKPN=JOBANAJ?E=OAJPNA?QAJP=O
-=N=HKO>=J?KOAHAOMQAI=NA
OQHP= ?KJRAJEAJPA LKNMQA AO IO
>=N=PK ?KJPN=P=N QJ ?KNNAOLKJO=H
MQA=>NENQJ=OQ?QNO=H
"J AOP= @EJIE?=  AH >=J?K AO
NAOLKJO=>HA =JPA AH ?HEAJPA @A PK
@=O H=O KLAN=?EKJAO NA=HEV=@=O =
PN=RO@AOQO?KNNAOLKJO=HAO

/DEDQFDHQWXEROVLOOR
)=OAOP=@OPE?=OI=N?=JMQA@A
?=@=  IATE?=JKO PEAJAJ QJ PA
HBKJK ?AHQH=N "OK EILHE?= QJ

1RWRGRVHYDOH
/RVFRUUHVSRQVDOHVWLHQHQSURKLELGR
&REUDU SRU FXHQWD SURSLD FRPLVLyQ DOJXQD D ORV FOLHQ
WHV EDQFDULRV SRU OD SUHVWDFLyQ GH ORV VHUYLFLRV GH
FRUUHVSRQVDOtD
5HDOL]DUYHQWDVDWDGDVHVGHFLUREOLJDUWHDFRPSUDUXQ
SURGXFWRSDUDSRGHUGDUWHHOVHUYLFLREDQFDULR
3XEOLFLWDUVH R SURPRFLRQDUVH HQ ORV FRPSUREDQWHV GH
RSHUDFLyQ
5HDOL]DU OD RSHUDFLyQ REMHWR GH OD FRPLVLyQ HQ WpUPL
QRVGLVWLQWRVDORVSDFWDGRVFRQODLQVWLWXFLyQGHFUpGLWR
FRPRSRUHMHPSOROOHYDUODVRSHUDFLRQHVGHODFOLHQWHOD
EDQFDULDDQRPEUHSURSLR
#QAJPA +3

AJKNIA LKPAJ?E=H L=N= KBNA?AN

?Q=HMQEAN PELK @A OANRE?EKO -KN
AHHK  AJPNA HKO JQARKO AOMQAI=O
@A>=J?=AJ*TE?KOA?KJPAILH=
H=?NA=?EJ@A?QAJP=OIREHAO AO
@A?EN  ?QAJP=O =OK?E=@=O = QJ= H
JA=@APAHABKJ=?AHQH=N
"O EILKNP=JPA @EOPEJCQEN AJPNA
HKO OANRE?EKO MQA KBNA?A H= >=J?=

IREHUH=OKLAN=?EKJAOMQALQA
@AONA=HEV=N=??A@EAJ@K=PQ>=J
?K @AO@A QJ PAHBKJK ?AHQH=N LKN
IA@EK@AEJPANJAP
)=O ?QAJP=O IREHAO LANIEPAJ
NA=HEV=N?KJOQHP=O@AO=H@K NAPENKO
@A ABA?PERK  PN=JOBANAJ?E=O AHA?
PNJE?=O  @ALOEPKO AJ ABA?PERK K
AJ ?DAMQAO )=O EJOPEPQ?EKJAO @A

!A=?QAN@K?KJH=!ENA??EJ@A&JBKNI=?EJ"OP=@OPE?=@A*AN?=@KO  ,#"1")

(Q0p[LFR\HOPXQGR



"J*TE?KD=UAJLNKIA@EKOQ?QNO=HAO>=J?=NE=OLKN?=@= =@QHPKO-=N=MQAPA@AOQJ=E@A=@A
MQNALNAOAJP= DE?EIKOQJ?KIL=N=PERK?KJKPN=OJ=?EKJAO











*XDWHPDOD

7XUTXtD

#QAJPA0ACQJ@K/ALKNPA@A&J?HQOEJ#EJ=J?EAN=



3URWHMDVXGLQHUR

ZZZFRQGXVHIJREP[

&KLOH

0p[LFR

%UDVLO

,QGLD

3HU~

>ANJ LANIEPEN PN=JOBANAJ?E=O AJ

PNA?QAJP=OIREHAO =O?KIK?KJ
KPN=O ?QAJP=O >=J?=NE=O @A KPN=O
EJOPEPQ?EKJAO  MQA@=J@K LNKDE>E
@K AH ?K>NK @A ?QKP=O EJPAN>=J?=
NE=OLKNAOPA?KJ?ALPK
!ALAJ@EAJ@K@AOQO?=N=?PANO
PE?=O H=O?QAJP=OIREHAOOA?H=OE
?=J AJ PNAO PELKO ?QAJP= IREH
EHEIEP=@= @A>=FKNEAOCKU@A>=F=
PN=JO=??EKJ=HE@=@

%DQFRVGHQLFKR
)KO>=J?KO@AJE?DKOKJQJJQARK
AOMQAI= MQA ?KIAJV=N = KLAN=N

AJJQAOPNKL=O=L=NPEN@AH0A
PN=P=@AEJPANIA@E=NEKOMQAAOP=
NJ AOLA?E=HEV=@KO AJ QJ= OKH=
=?PERE@=@ )= NA
CQH=?EJ ?KJPAI
LH= MQA AOPA PELK
@A >=J?KO LK@N
?=LP=N
NA?QNOKO
@AH L>HE?K AO @A
?EN MQA ?KIK QOQ=NEK  LQA@AO @A
LKOEP=N=HHPQ@EJANK
!=@KMQAOKJ
AOLA?E=HEV=@KO =HKBNA?ANOQOOANRE
?EKOAJBNAJP=JQJIAJKNNEAOCKMQA
H=>=J?=IHPELHA"OPKOECJE?=MQA
QJ >=J?K @A JE?DK LQA@A K>PAJAN

QJ=HE?AJ?E=>=J?=NE=?KJQJ?=LEP=H
NAH=PER=IAJPAIAJKN ULKNHKP=JPK
KLAN=N?KJIAJKNAO?KOPKO

Cules servicios usamos ms?

!")/"!

)KO LNK@Q?PKO U OANRE?EKO OKJ @E

BANAJPAOAJPNAOLKNMQA=PEAJ@AJ=
@EOPEJP=OJA?AOE@=@AOJKAOHKIEO
IKEN=H>=J?K=@ALKOEP=NPQ@EJA
NKAJQJ=?QAJP=@A=DKNNK MQAEN
=LA@ENQJLNOP=IK-KNAOK L=N=
=QIAJP=NAHJIANK@AIATE?=JKO
MQAPEAJAJ=??AOK=HOEOPAI=J=J
?EANKAOJA?AO=NEKPKI=NAJ?QAJP=
?QHAO OKJ HKO OANRE?EKO IO QPEHE
V=@KOLKNH=LK>H=?EJ

)KO LNK@Q?PKO BEJ=J?EANKO OA

?H=OEBE?=J AJ @KO CN=J@AO CNQ
LKO @A ?=LP=?EJ U @A ?N@EPK
 CN=J@AO N=OCKO LK@AIKO AT
LHE?=NHK =O AJ HKO LNEIANKO  AH
QOQ=NEK HA ?KJB= =H >=J?K QJ=
?=JPE@=@@A@EJANK =?=I>EK@A
MQA AH >=J?K HA L=CQA QJ EJPA
NO AJ HKO OACQJ@KO AO AH >=J
?K MQEAJ AJPNAC= QJ= OQI= =H
QOQ=NEK  U AO OPA HPEIK MQEAJ

1~PHURGHFRQWUDWRV
SRUFDGDDGXOWRV

@A>A L=C=N AH EJPANO =H >=J

?K /AOLA?PK = HKO LNK@Q?PKO @A
?=LP=?EJ  H= P=NFAP= @A @>EPK AO
AH LNK@Q?PK IO QPEHEV=@K AJ AH
L=OP=NFAP=OLKN?=@= 
=@QHPKO
-=N=AH?=OK@AHKOLNK
@Q?PKO ?H=OEBE?=@KO ?KIK ?N
@EPK OA PKI= H= P=NFAP= @A ?N@EPK
?KIKAHLNK@Q?PKNALNAOAJP=PERK
D=U  P=NFAP=O LKN ?=@=  
=@QHPKO






&+






&XHQWDVGH
FKHTXHV

&XHQWDVGH
DKRUUR

&XHQWDVGH
QyPLQD

'HSyVLWRV
DSOD]R

7DUMHWDGH
GpELWR

7DUMHWDGH
FUpGLWR

#QAJPA +3

3URWHMDVXGLQHUR

ZZZFRQGXVHIJREP[



-"/0-" 1&3

*E?NKOACQNKO

2JPN=FA=H=IA@E@=
,QVWUXPHQWRVTXHSURWHJHQDIDPLOLDVGHEDMRVLQJUHVRV
$/&")$2&))+,/1"$

&

Q=J@K @KJ &OE@NK IQNE 

OQB=IEHE=PQRKMQAOACQEN
H= PN=@E?EJ @A HKO NEPKO
BQJAN=NEKO @A DE=L=O RAH=?EJ 
IEO=@A?QANLKLNAOAJPA AJPEANNK 
JQARA @=O @A NAVKO  IEO= U
NAVKO = HKO ?Q=NAJP= @=O
U =H =K  @=J@K @A ?K
IANU>A>AN=PK@K=MQH
MQA=?Q@EAN==?KIL=NPEN
OQ LAJ= ?KJ AHHKO "OPK 
=@AIO @A @AF=NHKO AJ
IQU I=H AOP=@K =JIE
?K DEVKAOPN=CKOAJOQO
J=JV=O  LQAO OQ AJ
@A>HAA?KJKI=JKAO
P=>= LNAL=N=@= L=N=
OQBN=C=NHKOC=OPKO@A
P=H=?KJPA?EIEAJPK
)= OEPQ=?EJ DQ
>EAN= OE@K @EBANAJPA
OE @KJ &OE@NK DQ>EA
OA ?KJP=@K ?KJ QJ
OACQNK MQA =UQ@=
N==OQB=IEHE==AJ
BNAJP=N AH IKIAJPK 
=O JK D=>N=J LA@E@K QJ
LNOP=IKJERAJ@E@KAHPANNA
JEPK MQA PAJ=J L=N= =OQIEN
HKOC=OPKO
.QEV L=NAV?= @EB?EH MQA
QJ=B=IEHE=@ALK?KONA?QNOKO=@
MQEAN= QJ OACQNK PKI=J@K AJ
?QAJP= OQO EJCNAOKO  OEJ AI>=N



3URWHMDVXGLQHUR

ZZZFRQGXVHIJREP[

CK AJ AH IAN?=@K ATEOPAJ KL?EK

JAOMQAOA=@A?=J=OQOEPQ=?EJ
A?KJIE?=UMQALQA@AJ=IEJKN=N
H=O?KJOA?QAJ?E=O@AQJNEAOCKHKO
IE?NKOACQNKO
"OPKO OKJ EJOPNQIAJPKO MQA
=UQ@=J=MQAB=IEHE=O@A>=FKOEJ
CNAOKO OA LNKPAF=J =JPA QJ= ARAJ
PQ=HE@=@ LQAOAOPJDA?DKO=?KN@A
= OQO JA?AOE@=@AO @A LNKPA??EJ U
?=L=?E@=@@AL=CK AO@A?EN =?P=J
?KIKQJPN=FA=H=IA@E@=
)KO IE?NKOACQNKO JK OKJ OA
CQNKO ?DEMQEPKO = L=CKO ?DEMQE
PKO 0Q JKI>NA OA NAANA = MQA
R=J KNEAJP=@KO = ?KIQJE@=@AO K
CNQLKO LAMQAKO OEPQ=@KO AJ H=
L=NPA >=F= @A H= LENIE@A LK>H=
?EKJ=H  ?KJ QJ EJCNAOK =JQ=H AJ
PNA   U    MQEAJAO
OKJIORQHJAN=>HAO=HKONEAOCKO
MQAAHNAOPK@AH=LK>H=?EJUIA
JKO?=L=?AO@A=BNKJP=NQJ=?NEOEO
?Q=J@KK?QNNA
!A>E@K=HQFKENNACQH=N@AEJ
CNAOKO @AH ?KJOQIE@KN = MQEAJ
AOP AJBK?=@K  OQ ?KOPK AO >=FK U
LKN HK NACQH=N OA LQA@AJ L=C=N
AJ ABA?PERK K = PN=RO @AH L=CK
@A OANRE?EKO  AJ QJ OKHK L=CK K
@A BKNI= BN=??EKJ=@= 1=I>EJ
LQA@A@A@Q?ENOA@AHL=CK@A?N
@EPKO  @A ?QAJP=O >=J?=NE=O @A
=DKNNK  @A EJPANAOAO CAJAN=@KO

AJ ?QAJP=O >=J?=NE=O K =H L=C=N

KPNKOOANRE?EKO
0Q @EOAK AO OAJ?EHHK  H= @K?Q
IAJP=?EJ AO OEILHE?=@= U B
?EH @A ?KILNAJ@AN  H= ?K>ANPQN=
MQAKBNA?AJAO=PN=RO@ALAMQA
=O OQI=O =OACQN=@=O U >AJA
?EKOLANBA?P=IAJPA@AJE@KOUAJ
?=OK @A K?QNNAJ?E= @A OEJEAOPNKO 
H= EJ@AIJEV=?EJ LN?PE?=IAJPA
OA@=@AEJIA@E=PK?KJNAMQEOEPKO
LNA?EOKOUIJEIKO
)=LK>H=?EJNQN=HIATE?=J=OA
?=N=?PANEV= LKN OQ BQANPA @EOLAN
OEJ !A =?QAN@K ?KJ AH AOPQ@EK
)KO *AN?=@KO @A H=O #EJ=JV=O
/QN=HAO U -KLQH=NAO  LQ>HE?=
@K AJ AH  LKN H= CAJ?E= @A
HKO"OP=@KO2JE@KOL=N=AH!AO=
NNKHHK &JPANJ=?EKJ=H 20&!
 QJ
PKP=H @A   ?KIQJE@=@AO NQ
N=HAO OA AJ?QAJPN=J AJ OEPQ=?EJ
@A=EOH=IEAJPKAO@A?EN AOPJHA
FKO @A ?EQ@=@AO U @A R=O @A ?K
IQJE?=?EJ PN=JOEP=>HAO "OPK

=QIAJP=HKO?KOPKO@AH=OPN=JO=?
?EKJAO L=N= PK@KO HKO L=NPE?EL=J
PAO AJ HKO IAN?=@KO J=J?EANKO 
D=?EAJ@K H= L=NPE?EL=?EJ AJ HKO
IEOIKO?KOPKO=
)K=JPANEKND=HHAR=@K=H=?NA=
?EJ @A JQARKO IK@AHKO @A JA
CK?EKO ?KIK HKO QO=@KO L=N= H=
?KIAN?E=HEV=?EJ @A HKO IE?NKOA
CQNKOMQAEJ?HQUAJ?=J=HAO@A@EO
PNE>Q?EJ JK PN=@E?EKJ=HAO NA@AO
>=J?=NE=O NA@AO@AIE?NKJ=J?EA
N=O  NA@AO ?KIAN?E=HAO  OANRE?EKO
L>HE?KOUKPN=ONA@AO@A@EOPNE>Q
?EJ>=O=@=OAJEJPANIA@E=NEKOJK
PN=@E?EKJ=HAO ?KIK KNC=JEV=?EK
JAOJKCQ>ANJ=IAJP=HAO =CAJ?E=O
@ANAIAO=OU?KKLAN=PER=O
 J @A B=?EHEP=N H= ?KIAN?E=
HEV=?EJ @A HKO IE?NKOACQNKO OA
AOP=>HA?EQJ=NACQH=?EJ@AHLNK
@Q?PK ?KJPAJE@= AJ H= EN?QH=N
0@AH= KIEOEJ+=?EKJ=H@A
0ACQNKOU#E=JV=OHCQJKO@AOQO
=OLA?PKOP?JE?KOOKJ

-=N=HKOOACQNKO@ALANOKJ=O OE
OKJEJ@ERE@Q=HAOH=OQI==OACQN=
@=ITEI=OAN?Q=PNKRA?AOAHO=
H=NEKIJEIK=JQ=H@AH!#"JAH
?=OK @A OACQNKO ?KHA?PERKO K CNQ
L=HAOH=OQI=ITEI=@A?=@=EJ
PACN=JPA AO PNAO RA?AO AH O=H=NEK
IJEIK=JQ=H@AH!#
0A@A>AJBKNI=HEV=N?KJQJ?KJ
PN=PK@A=@DAOEJ
 +K OA @A>A ?KJOE@AN=N AH L=CK
@A @A@Q?E>HAO  ?KL=CKO  BN=JMQE
?E=OK?Q=HMQEANKPN=BKNI=@AL=N
PE?EL=?EJAJHKOOEJEAOPNKO
)=LHEV=@A>AOAN?H=N= LNA?EO=
UOAJ?EHH=UOA@A>AJQO=N?HQOQ
H=OK>HEC=PKNE=OOEILHE?=@=OL=N=
H=LNKPA??EJ=H?KJOQIE@KN
 "H ?KILNK>=JPA @A L=CK @A H=
LNEI=OENRA?KIKAHAIAJPKLNK>=
PKNEK@AH=?AHA>N=?EJ@AH?KJPN=
PK@AHOACQNK
"HLNK?A@EIEAJPK@AH=NA?H=I=?EJ
U L=CK @A EJ@AIJEV=?EJ JK @A>A
OANOQLANEKN=?EJ?K@=OD>EHAO

1RKHUHGHVGHXGDV
"TEOPAQJIE?NKOACQNK@AJKIEJ=@K3E@= N@EPK AH?Q=HAOPHEC=@K=QJ?N@EPKOKHE?EP=@KLKNAH=OACQN=@KU=LHE
?=AJ?=OK@AH=IQANPA@AHIEOIK=J@AMQAH=@AQ@=JKNA?=EC=AJOQOB=IEHE=NAOK=R=H"OPAIE?NKOACQNKOENRA
L=N=?Q>NENO=H@KOEJOKHQPKO@A?N@EPKOU?KIJIAJPAOA?KJPN=P=?Q=J@KOA?KJPN=AQJ?N@EPK?KJH=IE?NK
J=J?EAN=KAILNAO=
*E?NKOACQNK@A3E@= N@EPK
4XLpQORRIUHFH
0LFURVHJXUR
GH9LGD
3URQDP

9LGDPD[VDOGR
GHXGRU
6HJXURV$]WHFD

5LHVJRFXELHUWR

6XPDDVHJXUDGD

&DUDFWHUtVWLFDV

)RUPDGHSDJR

)DOOHFLPLHQWRGHO 6LHODFUHGLWDGRIDOOHFHVH 3DUDSRGHUDGTXLULUORVHGHEHWHQHUXQ 6HPDQDOTXLQFHQDO

DFUHGLWDGR
OHVDOGDVXFUpGLWR\VH PLFURFUpGLWR FRQ XQD PLFURQDQFLHUD
RPHQVXDO
GHFHVRGHOFyQ\XJH GDXQDSR\RHFRQyPL
TXHHVWpLQFRUSRUDGDDO3URQDP
RKLMRV
FRDVXVEHQHFLDULRVGH (OWLWXODU\FyQ\XJHGHEHQVHUPD\RUHV

GH  DxRV GH HGDG \ ORV KLMRV HQWUH
6LTXLHQIDOOHFHHVHO
\DxRV
FyQ\XJHRORVKLMRVGHO
DFUHGLWDGRpVWHUHFLEL
UiXQDSR\RHFRQyPL
FRGHSRUFDGD
LQWHJUDQWH
)DOOHFLPLHQWRGHO
DVHJXUDGR

+DVWDSRU
PXHUWHQDWXUDO\KDV
WDHQPXHUWH
DFFLGHQWDO/LTXLGDFLyQ
GHODGHXGRKDVWDSRU


/D YLJHQFLD HV SRU HO WLHPSR GH GXUD

FLyQGHOFUpGLWRVLQLPSRUWDUTXHOROL
TXLGHDQWLFLSDGDPHQWH
5HTXLHUHWHQHUHQWUH\DxRVGH
HGDG

$QXDO\HQXQ
VRORSDJR

&RVWR
DO
PHV

'HVGH
KDVWD


#QAJPA&JBKNI=?EJ@A-NKJ=IUOEPEKSA>@A0ACQNKOVPA?=

3URWHMDVXGLQHUR

ZZZFRQGXVHIJREP[



-"/0-" 1&3

3URWHJLHQGRDORVWX\RV
\RV
"H LNK@Q?PK MQA DQ>EAOA OE@K AH E@A=H
A=H
L=N= @KJ &OE@NK AO AH IE?NKOACQNK @A
=O
3E@= AH ?Q=H LKOAA H=O ?=N=?PANOPE?=O
P
P?JE?=O@AQJOACQNKBKNI=H LANKAOP
Q
@AOPEJ=@K = >NEJ@=NLNKPA??EJ=CNQ
J
LKOKLANOKJ=O@A>=FKOEJCNAOKO=OAJ
JK
P=@KOAJ?KIQJE@=@AONQN=HAOMQAJK
PEAJAJ=??AOK=OACQNKO?KIAN?E=HAO
NA
-=N=OQ?KJPN=P=?EJJKOANAMQEANA
A
AT=IAJI@E?KU=H=IQANPA@AH=OA
K
CQN=@K U=OA=LKN?=QO=OJ=PQN=HAOK
J=
=??E@AJP=HAO AH>AJA?E=NEKNA?E>AQJ=
KO
?=JPE@=@ @A @EJANK L=N= OQBN=C=N HKO
C=OPKOBQJAN=NEKO
*E?NKOACQNK@A3E@=
4XLpQORRIUHFH

5LHVJRFXELHUWR

$TXLpQYDGLULJLGR

&REHUWXUD

6XPDDVHJXUDGD

6HJXURGH9LGD
&RPSDUWDPRV
%DQFR

0XHUWHQDWXUDO
RDFFLGHQWDO

0XMHUHVTXHWHQJDQXQ
&UpGLWR0XMHUVLQOt
PLWHGHHGDG

VHPDQDV

'HVGHORV
KDVWDORV
eVWHYDSRUPyGX
ORVXQDFOLHQWDSXH
GHFRPSUDUKDVWDVLHWH
PyGXORV

7DUMHWDGHPXHU
WHDFFLGHQWDO
6HJXURV$]WHFD

0XHUWHDFFLGHQWDO

3HUVRQDVHQWUH\
DxRVGHHGDG

8QDxR

HQFDVRGH
IDOOHFLPLHQWRSRU
DFFLGHQWH
DFWLYDQGR
KDVWDVLHWHWDUMHWDV

$QXDO\HQXQ
VRORSDJR

'HVGH

KDVWD


0LFURVHJXURGH
9LGD
)LQVRO

0XHUWHQDWXUDOR
DFFLGHQWDO

3HUVRQDVHQWUH
\DxRVGHHGDG\
TXHWHQJDQXQPLFUR
FUpGLWR&RPXQDOR
6ROLGDULR

8QDxR

SRUPXHU
WHQDWXUDO\
HQFDVRGHPXHUWH
DFFLGHQWDO

3DJRDQXDOHQ
HIHFWLYR



6HJXURGH9LGD
%DQVH

)DOOHFLPLHQWRSRU
FXDOTXLHUFDXVD

3HUVRQDVHQWUHKDV
WDDxRV
GHHGDG

8QDxR

'HVGH
KDVWD

&RQWDGR\GHIRU
PDDQXDO

'HVGH
KDVWD


0LFURVHJXURGH
9LGD
5('62/

)DOOHFLPLHQWR
([FOXVLRQHVPXHU
WHSRU6,'$&iQ
FHU'LDEHWHV
0HOOLWXVRFXDOTXLHU
WLSRGHHQIHUPHGDG
WHUPLQDO

3HUVRQDVHQWUH\
DxRVGHHGDG

8QDxR

'HVGHKDVWD

(OVHJXURHVWiUHVSDO
GDGRSRU=XULFK/D
IXQFLyQDGPLQLVWUDWLYD
\RSHUDWLYDODUHDOL]DD
WUDYpVGHOD$VRFLDFLyQ
0H[LFDQDGH8QLRQHV
GH&UpGLWRGHO6HFWRU
6RFLDO$08&66

$QXDOHQXQ
VRORSDJR

'HVGH
KDVWD


#QAJPA0EPEKOSA>@AH=O?KIL==OU=CNQL=?EKJAO



3URWHMDVXGLQHUR

ZZZFRQGXVHIJREP[

)RUPDGHSDJR

&RVWR

SRU
(QXQDVROD
PyGXOR
H[KLELFLyQR
LQFOXLGRHQHOSDJR
GHOFUpGLWR

/HMRVSHURVHJXURV
*TE?KHEJ@KUMQANE@KOEIQANKHAFKO@A
PE MQA@EC=JMQAAOPKU@KNIE@KUMQAIA
PN=EC=J=PE @E?AQJ=?=J?EJN=J?DAN= MQA
=QJMQAAOIQULKLQH=NOQ@E?DKAJH=NA=HE@=@
JK =LHE?= EBN=O @A H= KJ=LK EJ@E?=J MQA AJ
AH  N=@E?=>=J AJ "OP=@KO 2JE@KO  IE
HHKJAO@AIATE?=JKO @AHKO?Q=HAOIQ?DKOJKNA
CNAO=J=*TE?KJE=QJ?Q=J@KB=HHA?AJ!KO@AH=O
N=VKJAO OKJ LKN AH AHAR=@K ?KOPK @A NAL=PNE=?EJ 
MQAKO?EH=AJPNAHKO U @H=NAO UH=@E?QH
P=@@ANA=HEV=NHKOPNIEPAOL=N=AHPN=OH=@K
"REP=NMQAAH@AOPEJKJ=H@AQJB=IEHE=NMQAD=AIE
CN=@K = "OP=@KO 2JE@KO K =J=@ OA= H= BKO= ?KIJ
AOLKOE>HA=PN=RO@AOACQNKO IE?NKOACQNKOU?ANPE
?=@KO@ANAL=PNE=?EJMQAOARAJ@AJAJAHIAN?=@KH
?KJPN=P=NHK H=OB=IEHE=OPEAJAJH=OACQNE@=@ PN=JMQEHE@=@
U?KJ=JV=MQAOELKN@AOCN=?E=LEAN@AJ=QJOANMQANE
@K @AH KPNK H=@K  OQ ?QANLK NACNAO=N L=N= OAN OALQHP=
@KAJOQPEANN=
"HLNK@Q?PK?Q>NAPNIEPAO?KJOQH=NAOU@AO=JE@=@JA?A
O=NEKOL=N=AHPN=OH=@K@AH?QANLK=OQHQC=N@AKNECAJH
CQJKO EJ?HQUAJ QJ= OQI= =OACQN=@= =@E?EKJ=H MQA OA HA @= = QJ
B=IEHE=NL=N=AH=LKUKAJHKOPNIEPAOBQJAN=NEKO KAJOQ?=OK OE
MQEAJB=HHA?AAOAHB=IEHE=NNAOE@AJPAAJ*TE?K H=OQI==OACQN=@=OA
HA@==HIECN=JPAL=N=MQALQA@=RAJEN=HL=O=HAJPEANNK
*E?NKOACQNK@ANAL=PNE=?EJ
4XLpQORRIUHFH

&REHUWXUD

&HUWLFDGRGHUH
SDWULDFLyQ7X
WLHUUDHQWXV
PDQRV
*UXSR6HUYLFLRV(V
SHFLDOHV3URIHVLRQD
OHV&RPHUFLDOL]DGR
HQ(VWDGRV8QLGRV

)DOOHFLPLHQWRGHO
PLJUDQWH

1RLPSRUWDODFDOLGDGPLJUDWRULDGHOIDOOHFLGRQLODVFDXVDVGHODPXHUWH
7UDVODGRGHOFXHUSRGHFXDOTXLHUSDUWHGH(VWDGRV8QLGRV
$WD~G\HPEDOVDPDGRFLHQWtFRSDUDFRQVHUYDFLyQGHOFXHUSR
7UiPLWHVFRQVXODUHVSDJRGHGHUHFKRVJHVWRUtDDQWHDXWRULGDGHVPLJUDWRULDV
\GHVDQLGDGSDUDHOWUDVODGR
7UDQVSRUWDFLyQDpUHDGHODWD~GDOSXQWRPiVFHUFDQRDVXFLXGDGGHRULJHQ\
HQWUHJDGHOFXHUSRHQHOGRPLFLOLRVHxDODGR

&DUDFWHUtVWLFDV

'HVGH  GyOD

UHV TXH EULQGDQ
SURWHFFLyQ SRU
XQ DxR KDVWD
GyODUHVDQXD
OHV TXH EULQGDQ
SURWHFFLyQ SRU
FLQFRDxRV

6HJXURGH9LGD\
5HSDWULDFLyQ
%DQRUWH*UXSR6(3

)DOOHFLPLHQWR GHO
FRQWUDWDQWH TXH UH
VLGHHQ0p[LFR\GHO
IDPLOLDU TXH YLYH HQ
(VWDGRV 8QLGRV R
&DQDGi

(QFDVRGHOIDOOHFLPLHQWRGHDOJXQRGHORVGRVDVHJXUDGRVGXUDQWHODYLJHQFLD
GHODSyOL]DVHSDJDQGHVGHKDVWDDOVREUHYLYLHQWH
6LTXLHQIDOOHFHSULPHURHVHOIDPLOLDUTXHUHVLGHHQ(VWDGRV8QLGRVR&DQDGi
VHRWRUJDUiHOVHUYLFLRGHUHSDWULDFLyQGHVXVUHVWRVKDVWDHOGRPLFLOLRTXHVH
LQGLTXHHQ0p[LFR

'HVGHKDV
WD  DQXD
OHV HQ SDJR GH
FRQWDGR \ GHV
GH  KDV
WDHQSDJR
VHPHVWUDO

9LGDPD[VDOGR
GHXGRU
6HJXURV$]WHFD

)DOOHFLPLHQWRGHO
DVHJXUDGRWLWXODU
\RPLJUDQWH

6HRWRUJDXQDSHQVLyQPHQVXDOSDUDODIDPLOLDKDVWDSRUGRVDxRV
6HUHDOL]DQORVWUiPLWHV\UHSDWULDFLyQGHOFXHUSRGHVGH(VWDGRV8QLGRV
R&DQDGiKDVWDHOOXJDUGHUHVLGHQFLDHQ0p[LFR
$\XGDHFRQyPLFDSDUDJDVWRVIXQHUDULRVGHOPLJUDQWHRGHOEHQHFLDULR
HQ0p[LFR

&RVWR

PHQVXDOHV

#QAJPA0EPEKOSA>@AH=OAILNAO=O

3URWHMDVXGLQHUR

ZZZFRQGXVHIJREP[



1)"/,#&++ &"/,

QJPKL=C=O
AJ?=FANKO=QPKIPE?KO
$7 0

/DVFRPLVLRQHVGHEHQPRVWUDUVHHQOD
SDQWDOODGHOFDMHURSDUDTXHW~GHFLGDV
VLDFHSWDVUHDOL]DUODRSHUDFLyQ
/12/,*+!"7

RA?AOK?QNNAMQAJKO
RAIKO AJ H= JA?AOE
@=@ @A @EOLKJAN @A
ABA?PERK?KJJQAOPN=P=NFAP=@A
?N@EPKAJAHLNEIAN?=FANK=Q
PKIPE?K MQA AOP = JQAOPNK
=H?=J?A KJK?AN HKO ?KOPKO
EILH?EPKOAJAOP=KLAN=?EJPA
=UQ@=N=?KIL=N=NUJKL=
C=N@AIO
/A?EAJPAIAJPA  AH =J
?K @A *TE?K AIEPE @EO
LKOE?EKJAO AJ I=PANE= @A
?KIEOEKJAO L=N= @=N I=
UKN PN=JOL=NAJ?E= =H ?K>NK
@A ?KIEOEKJAO NAH=PER=O =H
QOK @A ?=FANKO =QPKIPE
?KO  @KJ@A AJPNA KPN=O ?K
O=OAOP=>HA?A



3URWHMDVXGLQHUR

ZZZFRQGXVHIJREP[

 .QA H=O ?KIEOEKJAO @A>ANJ

IKOPN=NOA AJ H= L=JP=HH= @AH ?=
FANK =QPKIPE?K  ?KJ H= J=HE@=@
@AMQAAHQOQ=NEK@A?E@=OE=?ALP=
?KJPEJQ=N?KJH=KLAN=?EJ U
.QALKN?KJ?ALPK@AQOK@AH?=
FANK =QPKIPE?K  OHK LK@N =LHE
?=N @E?D= ?KIEOEJ AH >=J?K MQA
KLANAAH?=FANK=QPKIPE?K
-=N=IKOPN=N?KJ@AP=HHA?IK=LHE
?=JH=O?KIEOEKJAOLKNAHQOK@AQJ
?=FANK=QPKIPE?K@AKPNK>=J?KU
LKNAHQOK@AH=HJA=@A?N@EPK AJ
KLAN=?EKJAO @A NAPENK @A ABA?PERK 
=LHE?=>HA = QJ= P=NFAP= @A ?N@EPK 
=?KJPEJQ=?EJLNAOAJP=IKOAHL=
LAHMQA@AOAILA=?=@=>=J?K =O
?KIKH=BKNI=@A?=H?QH=NAH KO
PK@A!EOLKOE?EJ

&XiQWRWHFXHVWDGLVSRQHUGHHIHFWLYRFRQWXWDUMHWDGHFUpGLWRHQ
XQFDMHURDXWRPiWLFRGHRWUREDQFR"
3ULPHURGHEHPRVFRQRFHUTXLpQHV
LQWHUYLHQHQHQHVWDRSHUDFLyQ

%DQFRGHOXVXDULR
SURSLR

%DQFRRSHUDGRUGHOFDMHUR
DXWRPiWLFRRWUREDQFR
$7 0

(V OD LQVWLWXFLyQ TXH WH DXWRUL]D

OD WDUMHWD GH FUpGLWR $ WUDYpV GH
pVWDSRGUiVKDFHUXVRGHODOtQHD
GHFUpGLWRTXHWHIXHDXWRUL]DGD

(VODLQVWLWXFLyQTXHRSHUDHOFDMH
URDXWRPiWLFR$70DOTXHDFX
GHV SDUD GLVSRQHU GH HIHFWLYR D
IDOWDGHXQRGHWXEDQFR

4XpFRPLVLRQHVDSOLFDQDPERVEDQFRV
HQHVWHWLSRGHRSHUDFLRQHV"
%DQFRSURSLR

QLFDPHQWH SRGUi FREUDUWH FRPLVLyQ

SRU HO XVR GH OD OtQHD GH FUpGLWR
GLVSRVLFLyQGHHIHFWLYR

2WUREDQFR

6yOR SRGUi FREUDUWH XQD FRPL

VLyQ SRU HO XVR GH VX FDMHUR
DXWRPiWLFR

3DUDHQWHQGHUPHMRUFyPRDSOLFDHOFREURGHFRPLVLRQHVYHDPRVHOVLJXLHQWHHMHPSORVXSRQJDPRVTXH
-XDQWLHQHODQHFHVLGDGGHXWLOL]DUVXWDUMHWDGHFUpGLWRSDUDGLVSRQHUGHSHURGRQGHVHHQFXHQWUD
QRKD\XQFDMHURGHVXEDQFRSRUORFXDOXWLOL]DHOGHRWUDLQVWLWXFLyQ&XiQWROHYDDFRVWDU"
6XSRQLHQGRTXHODVFRPLVLRQHVDSOLFDEOHVIXHUDQODVVLJXLHQWHV
%DQFRSURSLRVREUHHOPRQWRGLVSXHVWR
2WUREDQFRSRUHOXVRGHVXFDMHUR
7HQHPRVTXH
&RVWRGHGLVSRVLFLyQ&'

%DQFRSURSLR
'LVSRVLFLyQGHHIHFWLYR

2WUREDQFR
8VRGHOFDMHURDXWRPiWLFR

6XVWLWX\HQGR

&' [  1RLQFOX\H,9$

+KP=)=O?KIEOEKJAOLQA@AJR=NE=N@AQJ=EJOPEPQ?EJ=KPN= EJBNI=PA=JPAO@AQPEHEV=NKPNK?=FANK=QPKIPE?K

3URWHMDVXGLQHUR

ZZZFRQGXVHIJREP[



1)"/,#&++ &"/,

)=?KIEOEJLKNAHQOK@A?=FANKO=QPKIPE?KO@AKPNKO>=J?KOR=
N= ?KJOE@AN=>HAIAJPA @A QJ= EJOPEPQ?EJ = KPN= 1A EJREP=IKO =
?KJOQHP=NAHOECQEAJPA?Q=@NK?KIL=N=PERK@KJ@AOAIQAOPN=JH=O
?KIEOEKJAOMQA?K>N=JHKO@EOPEJPKO>=J?KOLKNAOPAOANRE?EK
"OEILKNP=JPA?KIL=N=N
%DQFRRSHUDGRUGHO
FDMHURDXWRPiWLFR



3URWHMDVXGLQHUR

ZZZFRQGXVHIJREP[

&RPLVLyQSRUHOXVRGHFDMHURVDXWRPiWLFRV
DORVWDUMHWDKDELHQWHVGHRWURVEDQFRV
&RVWR

1~PHURGHFDMHURV
DXWRPiWLFRVGyQGH
DSOLFDODFRPLVLyQ























































































7RPDHQFXHQWDTXH
 -KN @EOLKOE?EJ @A ABA?PERK
?KJ P=NFAP= @A ?N@EPK  AJ ?=FANK
LNKLEK PQ >=J?K OHK LK@N ?K
>N=NPAQJ=?KIEOEJLKNAHQOK@A
H=HJA=@A?N@EPKAO@A?EN QJ=?K
IEOEJF=KR=NE=>HAAJNAH=?EJ=
HKMQAOKHE?EPAO@A@EJANK
 -KN @EOLKOE?EJ @A ABA?PE
RK?KJP=NFAP=@A@>EPK AJ?=FANK
LNKLEK JK LK@NJ ?K>N=NPA ?KIE
OEJ=HCQJ=
 -KN @EOLKOE?EJ @A ABA?PERK
?KJP=NFAP=@A?N@EPK AJ?=FANK@A
KPNK>=J?KPQ>=J?KLK@N?K>N=N
PAAHQOK@AH=HJA=@A?N@EPKUAH
KPNK>=J?KH=?KIEOEJLKNAHQOK
@A?=FANK=QPKIPE?K
 -KN @EOLKOE?EJ @A ABA?PERK
?KJP=NFAP=@A@>EPK AJ?=FANK@A
KPNK>=J?KAHKPNK>=J?KLK@N?K
>N=NPAH=?KIEOEJLKNAHQOK@AOQ
?=FANK=QPKIPE?K
KJK?ANPQLNK@Q?PKKOANRE?EKJ=J
?EANK PA =UQ@=N AJ CN=J IA@E@= =
E@AJPE?=NHKO=H?=J?AOUHEIEP=?EKJAO
?KJHKOMQA?QAJP=

'HVHDVPiVLQIRUPDFLyQ"
6LGHVHDVFRQVXOWDUPiVFRPLVLRQHV
TXHDSOLTXHQDWXSURGXFWRYLVLWDHO5H
JLVWURGH&RPLVLRQHVUHODWLYDVDFUp
GLWRV\VHUYLFLRVGHSDJRGH%DQFRGH
0p[LFRTXHVHHQFXHQWUDHQODGLUHF
FLyQHOHFWUyQLFDZZZEDQ[LFRRUJP[

#QAJPA "H=>KN=@K LKN KJ@QOAB  ?KJ >=OA AJ EJBKNI=?EJ @AH

/ACEOPNK@A?KIEOEKJAONAH=PER=O=?N@EPKOUOANRE?EKO@AL=CK@A
=J?K@A*TE?K=K?PQ>NA@A KIEOEKJAOOEJ&3
+KP= =>A IAJ?EKJ=N MQA HKO >=J?KO LQA@AJ ?K>N=N QJ=
?KIEOEJ@EOPEJP==H=IKOPN=@=AJAOPA?KIL=N=PERK @A=?QAN@K
=H=Q>E?=?EJU=HCENK?KIAN?E=H@KJ@AOAAJ?QAJPNAJQ>E?=@KO
OQO?=FANKO=QPKIPE?KO

5HQGLPLHQWRV1HWRV
GHODV6LHIRUHV%iVLFDV
$)25(6

3OD]R\7DVDDQXDO
GHUHQGLPLHQWR

3DJDUpV3HUVRQDV)tVLFDV\0RUDOHV
,QVWLWXFLyQ

$OFLHUUHGHDJRVWRGH
6LHIRUH
6LHIRUH
6LHIRUH
6LHIRUH
%iVLFD
%iVLFD
%iVLFD
%iVLFD

6LHIRUH
%iVLFD

=KOU
IAJKNAO

AJPNAU
=KO

AJPNAU
=KO

AJPNAU
=KO

=KOU
I=UKNAO









































































































































#QAJPA ,+0/
EBN=OLNAAHEIEJ=NAO
+KP=O"H?H?QHK@AHKONAJ@EIEAJPKO?KJOE@AN=H=IAPK@KHKC=@AO?NEP=AJH= EN?QH=N ,+0/
"OAHNAJ@EIEAJPKMQAK>PQREANKJHKO=?PERKO@AH=O0EABKNAO=JPAO@AH?K>NK@A?KIEOEKJAO
-NKIA@EKLKJ@AN=@KLKNAHR=HKN@AHKO=?PERKOJAPKO@AH=O0EABKNAO
+KP=O
)=O?EBN=OOKJLKN?AJP=FAO@ANAJ@EIEAJPKOJKIEJ=HAOAJPNIEJKO=JQ=HEV=@KO
"HNAJ@EIEAJPKK>OANR=@KAJAHL=O=@KJKAOC=N=JP=@AH@AOAILAKBQPQNK

4XpVRQODV6LHIRUHV"
0KJH=OAJ?=NC=@=O@AEJRANPENHKONA?QNOKO@APQ?QAJP=EJ@ERE@Q=H
L=N=K>PAJANNAJ@EIEAJPKOUD=?AN?NA?ANPQ@EJANK0KJKLAN=@=O
LKNPQBKNAUOQLANREO=@=OLKNH= KJO=N

(QTXp6LHIRUHHVWiV"
1QO=DKNNKOAOPJAJH=0EABKNAMQAPA?KNNAOLKJ@A?KJBKNIA=
H=A@=@*EAJPN=OIOFKRAJANAO IO@ERANOE?=@=OOKJH=OEJ
RANOEKJAOMQAOAD=?AJ?KJPQONA?QNOKOUIEAJPN=OIO?AN?=JK
AOPO=HNAPENK PQOEJRANOEKJAOOKJIO?KJOANR=@KN=O

3DUDTXpVDEHUORVUHQGLPLHQWRVTXHRIUHFHWX$IRUH"
"OP=NAJQJ=BKNAMQAPA@QJI=UKN/AJ@EIEAJPK+APK LQA
@AD=?ANH=@EBANAJ?E=AJAHIKJPK@APQLAJOEJ/A?QAN@=MQA
LQA@AOPN=OL=O=NPQONA?QNOKOQJ=RAV=H=K=H=@IEJEOPN=@K
N=@APQLNABANAJ?E= UQJ=OACQJ@=K?=OEJAJAH=K =QJ=BK
NAMQAKBNAV?=I=UKNNAJ@EIEAJPK-QA@AO?=I>E=NPAAJ?Q=HMQEAN
IKIAJPKOEPQBKNAEJ?NAIAJP=H=?KIEOEJLKN=@IEJEOPN=?EJ

,QYHUVLyQHQPLOHV

GHSHVRV
'tDV
'HD
'HD
'HD
'HD
0iVGH
'HD
'HD
'HD
'HD
'HD
'HD
'HD
'HD
'HD
0DVGH
'HD
'HD
'HD
'HD
0DVGH
'HD
'HD
'HD
'HD
'HD
0DVGH
'HD
'HD
'HD
0DVGH
'HD
'HD
'HD
'HD
'HD
'HD
'HD
0DVGH
'HD
'HD
'HD
'HD
'HD
0iVGH
'HD
'HD
0DVGH
'HD
'HD
'HD
0DVGH













































1'
1'
1'






'tDV


'tDV









































































































Inacin 3.68%**
1=O=NQP==JPAO@AEILQAOPKO
&J=?EJ = =CKOPK @A   @A HKO
HPEIKOIAOAO
+!+K!EOLKJE>HA

!=PKO=OALPEAI>NA@A
#QAJPA"H#EJ=J?EANKU=J?K@A*TE?K

3URWHMDVXGLQHUR

ZZZFRQGXVHIJREP[



F R Q G X OH W U D V
',0*//*2/2

1. Propsito original de la Revolucin Mexicana.

2. Se le conoce como El Centauro del Norte.
3. Documento en el que Madero hace un llamado a levantarse en armas.
4. Documento en el que Emiliano Zapata desconoce a Madero
como presidente.
5. Documento en el que se desconoce a Victoriano Huerta como
presidente.
6. Nombre real de Francisco Villa.
7. Lema de Emiliano de Zapata en su lucha.
8. Principal responsable de la llamada Decena Trgica.
9. Quin entrevista a Porrio Daz en 1908?
10. Grupo poltico y econmico cercano a Porrio Daz.
11. Autoridad encargada de supervisar a las casas de cambio.

12. Servicio bancario que consiste en instruir el

pago de ciertos servicios.
13. Tipografa mnima que deben tener los
contratos de adhesin.
14. Sector nanciero con mayor nmero de
reclamaciones en Condusef.
15. Documento que acompaa a la pliza y
que contiene alguna modicacin o aclaracin.
16. Accin de retener un bien por falta de
pago de un crdito por orden de un juez.
17. Cmo se le conoce al banco mexicano
que puede tener capital extranjero?
18. Actividad crediticia desregulada por la autoridad nanciera.
19. Nombre como se les conoca a los instrumentos de deuda.
20. Autoridad encargada de regular las comisiones y tasas de inters bancarias.
3/,5#).
D
O
M
I
C
I
L
I
A
C
I
O
N
N
V
P
S
A
H
S
R
R
O
O

D
O
M
I
C
I
L
I
A
C
I
O
N
N
V
P
S
A
H
S
R
R
O
O

N
U
H
O
D
O
C
H
O
P
U
N
T
O
S
Y
T
R
E
F
W
Q
H
T

N
U
H
O
D
O
C
H
O
P
U
N
T
O
S
Y
T
R
E
F
W
Q
H
T

I
T
O
S
A
D
E
F
A
C
T
O
R
A
J
E

F
S
E
S
A
G
N

I
T
O
S
A
D
E
F
A
C
T
O
R
A
J
E

F
S
E
S
A
G
N

Z
T
G
P
T
D
E
C
T
F
I
L
I
A
L
D
F
G
O
R
I
Q
F
E

Z
T
G
P
T
D
E
C
T
F
I
L
I
A
L
D
F
G
O
R
I
Q
F
E

A
E
N
D
R
A
S
D
R
G
H
J
K
L
G
A
S
T
C
R
U
Y
D
P

A
E
N
D
R
A
S
D
R
G
H
J
K
L
G
A
S
T
C
R
U
Y
D
P

I
Q
A
S
E
W
E
R
E
Y
U
I
O
P
A
S
A
F
I
F
L
W
S
U

I
Q
A
S
E
W
E
R
E
Y
U
I
O
P
A
S
A
F
I
F
L
W
S
U

R
A
B
O
S
T
U
A
E
N
D
O
S
O
L
A
F
V
N
P
A
L

R
A
B
O
S
T
U
A
E
N
D
O
S
O
L
A
F
V
N
P
A
L

A
L
A
N
I
E
R
A
H
E
D
F
G
H
A
J
A
H
I
R
A
B
P
A

A
L
A
N
I
E
R
A
H
E
D
F
G
H
A
J
A
H
I
R
A
B
P
A

R
K
O
A
L
E
R
T
O
T
U
I
O
P
L
H
Y
G
T
E
S
Q
O
D

R
K
O
A
L
E
R
T
O
T
U
I
O
P
L
H
Y
G
T
E
S
Q
O
D

A
J
E
M
Y
S
F
O
N
X
X
R
F
V
L
G
A
F
N
W
E
O
I
A

A
J
E
M
Y
S
F
O
N
X
X
R
F
V
L
G
A
F
N
W
E
O
I
A

C
H
T
L
A
E
M
B
A
R
G
O
P
A
I
F
E
D
E
N
D
P
U
U

C
H
T
L
A
E
M
B
A
R
G
O
P
A
I
F
E
D
E
N
D
P
U
U

O
H
O
E
R
S
X
C
I
A
Q
A
Z
X
V
D
D
S
I
A
N
R
Y
G

O
H
O
E
R
S
X
C
I
A
Q
A
Z
X
V
D
D
S
I
A
N
R
Y
G

R
G
R
E
R
A
G
O
R
B
C
N
B
V
O
S
N
A
C
P
A
W
T
E

R
G
R
E
R
A
G
O
R
B
C
N
B
V
O
S
N
A
C
P
A
W
T
E

R
F
O
R
E
A
S
D
O
B
G
H
J
K
H
A
A
Q
S
Z
L
Y
E
D

R
F
O
R
E
A
S
D
O
B
G
H
J
K
H
A
A
Q
S
Z
L
Y
E
D

E
D
D
C
I
P
H
I
T
B
A
N
X
I
C
O
L
D
O
G
P
H
R
N

E
D
D
C
I
P
H
I
T
B
A
N
X
I
C
O
L
D
O
G
P
H
R
N

D
S
Q
W
T
W
E
R
C
Y
U
I
O
P
N
W
P
A
L
D
F
B
W
A

D
S
Q
W
T
W
E
R
C
Y
U
I
O
P
N
W
P
A
L
D
F
B
W
A

X
W
R
E
N
T
A
F
I
J
A
N
E
B
A
N
C
A
R
I
O
B
P
L

X
W
R
E
N
T
A
F
I
J
A
N
E
B
A
N
C
A
R
I
O
B
P
L

Tu opinin es importante. Enva tus comentarios, opiniones y sugerencias a:

proteja@condusef.gob.mx
O llmanos al tel:

01 800 999 80 80

La informacin es tu ganancia

A
C
F
G
Q
I
N
F
V
N
A
V
I
T
P
P
Z
X
X
B
N
M
D
P

A
C
F
G
Q
I
N
F
V
N
A
V
I
T
P
P
Z
X
X
B
N
M
D
P

%.#/.4!#4/
%NLA#ONDUSEFRESOLVEMOSTUSDUDASYTEOFRECEMOS
VALIOSAINFORMACINPORLASSIGUIENTESVAS

WWW
CONDUSEF
GOBMX

Registro de Usuarios
(REUS): si no deseas ser molestado
con publicidad y promociones por parte
de las Instituciones Financieras en sus
prcticas de mercadotecnia, inscrbete
en el Registro de Usuarios y dejars de
recibir la publicidad no deseada durante
dos aos, a partir de 45 das naturales
transcurridos desde tu inscripcin.

Calicadores: evaluamos, la calidad de la informacin que generan las

instituciones nancieras para dar a conocer, promocionar y formalizar la compra o la contratacin de lo que ofertan
en el mercado.

Encuestas: informamos a los usuarios la percepcin de la calidad en el servicio de diversos productos y servicios
nancieros.

Simuladores:

usa estas herramientas para saber cunto te costara

contratar productos y servicios nancieros como crditos hipotecarios o crditos automotrices, entre otros.

Calculadoras:

si quieres saber
cunto vas a pagar por concepto de intereses en tu tarjeta, o si deseas conocer
una estimacin del tiempo en que pagars tu deuda, ingresa a nuestra calculadora http://portalif.condusef.gob.mx/
tarjetas/index.php y entrate.

Registro de contratos: vas

a rmar un contrato y deseas estudiarlo previamente? Perdiste un contrato y
necesitas consultarlo? En el Registro de
Contratos de Adhesin (RECA) podrs
encontrar contratos de operaciones como:
Tarjeta de crdito.
Cuentas de depsito con
o sin chequera o tarjeta de dbito
Crdito hipotecario.
Crdito automotriz.
Crditos personales y al consumo.
Diplomado: desde cualquier punto
del pas, t puedes tomar va electrnica este diplomado en cultura nanciera
que te ayudar a tomar decisiones ms
informadas.

WWWCONDUSEFGOBMX

0UEDESREALIZAR
CONSULTASLLAMANDOAL

 
DESDEEL$&YREA
METROPOLITANAOAL


LADASINCOSTODESDE
CUALQUIERPARTEDELPAS
4AMBINPUEDES
HACERLOESCRIBIENDO
ALCORREOELECTRNICO

OPINION CONDUSEFGOBMX

$EFENSORALEGAL
Si eres vctima u ofendido de
algn delito derivado de la
contratacin de productos o
servicios nancieros, la Condusef
te ofrece, tambin en forma
gratuita asesora jurdica en
materia penal.

$ICTAMEN
Agotado el procedimiento
conciliatorio, puedes solicitar una
opinin especializada para hacer
valer tus reclamos. En la Condusef
podemos otorgarte un Dictamen
que bsicamente consiste en la
opinin de un experto.

-ESAMES
DESCARGA
GRATUITAMENTEEN
NUESTRAPGINA
LAVERSIN
ELECTRNICA
DE0ROTEJASU
$INERO

01 800 999 80 80
Para presentar reclamaciones es necesario acudir a cualquiera de nuestras 32 delegaciones regionales,
a las 3 delegaciones metropolitanas o la delegacin central de Condusef ubicada en:
Av. Insurgentes Sur No. 762, Col. Del Valle,
Delegacin Benito Jurez, C.P. 03100, Mxico, D.F.
$*8$6&$/,(17(6
!V&RANCISCO)-ADERO.O
:ONA#ENTRO!GUASCALIENTES!GS
#0
DJVFRQG#FRQGXVHIJREP[
%$-$&$/,)251,$
*OS-A6ELASCO.O0"
:ONA2IO4IJUANA"##0
EFQFRQG#FRQGXVHIJREP[
%$-$&$/,)251,$685
!V"AJA#ALIFORNIA.O
%NTRE)GNACIO!LLENDEY.ORMAL
5RBANA&RACC0ERLA,A0AZ"#3
#0
EFFRQG#FRQGXVHIJREP[
&$03(&+(
#ALLE0ASEODELOS(ROES
.O !"ARRIO3AN2OMN
#AMPECHE#AMP#0
FDPSFRQG#FRQGXVHIJREP[
&2$+8,/$
"LVD)NDEPENDENCIA.O/TE
0LANTABAJA,OCALh!v#OL%STRELLA
4ORREN#OAH#0
FRDKFRQG#FRQGXVHIJREP[
&2/,0$
!V#ONSTITUCIN.O,OCAL
Y#OL2ESIDENCIALLOS/LIVOS
#OLIMA#OL#0
FROFRQG#FRQGXVHIJREP[
&+,$3$6
!V#ENTRAL0ONIENTE.O
%SQ0ONIENTE3UR#OL#ENTRO
4UXTLA'UTIRREZ#HIS#0
FKLVFRQG#FRQGXVHIJREP[
&+,+8$+8$
!V&RANCISCO:ARCO.O
#OL*ARDINESDEL3ANTUARIO
%SQ#ALLE'UILLERMO0RIETO
#HIHUAHUA#HIH#0
FKLKFRQG#FRQGXVHIJREP[
&'-85(=&+,+
#ENTRO#OMERCIAL'ALERAS4%#
,OCAL !0LANTA!LTA#OL&UENTES
DEL6ALLE#D*UREZ#HIH
#0
MXDFRQG#FRQGXVHIJREP[

'85$1*2
(IDALGO.O.ORTE:ONA#ENTRO
$URANGO$GO#0
GJRFRQG#FRQGXVHIJREP[
(67$'2'(0(;,&2
!VDEMAYO.OLOCAL
h0LAZA#OMERCIAL6ALLE$ON#AMILOv
&RACC6ALLE$ON#AMILO
4OLUCA%DODE-EX#0
PH[FRQG#FRQGXVHIJREP[
*8$1$-8$72
#ALZDELOS(ROES.O
#OL!NDRADE,EN'TO#0
JWRFRQG#FRQGXVHIJREP[
*8(55(52
!V#OSTERA-IGUEL!LEMN.O
-EZANINE%DIlCIO.AlN
&RACC-AGALLANES!CAPULCO'RO
#0
JURFRQG#FRQGXVHIJREP[
+,'$/*2
"LVD%VERARDO-RQUEZ0ISO
#OL0ERIODISTAS%DIlCIODE)NFONAVIT
0LAZA"ELLA0ACHUCA(GO
#0
KJRFRQG#FRQGXVHIJREP[
-$/,6&2
%DIlCIOh#IMAv,PEZ#OTILLA
.ODOYTOPISO
#OL!RCOS3UR'UADALAJARA*AL
#0
MDOFRQG#FRQGXVHIJREP[

18(92/(1
-ORELOS.O/RIENTEPISO
#ONDOMINIOh-ONTERREYv
:ONA#ENTRO-ONTERREY.,
#0
QOFRQG#FRQGXVHIJREP[

7$0$8/,3$6
LVARO/BREGN.O/RIENTE
0LANTAALTAENTRE/LMOSY#OLN
#OL#ENTRO4AMPICO4AMPS
#0
WDPSVFRQ#FRQGXVHIJREP[

2$;$&$
!V(IDALGO.ODESPAL
#OL#ENTRO/AXACA/AX#0
RD[FRQG#FRQGXVHIJREP[

7/$;&$/$
!V-ARIANO3NCHEZ.OCASI
ESQUINACON'UERRERO#OL#ENTRO
4LAXCALA4LAX#0
WOD[FRQG#FRQGXVHIJREP[

38(%/$
"OULEVARD,IBRAMIENTO3AN*UAN
%STEBANDE!NTUANO .OLOCAL
"#OL!MPLIACIN2EFORMA3URLA
,IBERTAD0UEBLA0UE#0
SXHFRQG#FRQGXVHIJREP[
48(5e7$52
!V:ARAGOZA0ONIENTE.O
%DIlCIO4ORRE!ZULPISO#OL#ENTRO
1UERTARO1RO#0
TURFRQG#FRQGXVHIJREP[
48,17$1$522
!V4ULUM.OY
%SQ#ALLE!GUA-ZA.O
3UPERMANZANA.O
#ANCN12OO#0
TUFRQG#FRQGXVHIJREP[
6$1/8,632726
!V2EALDE,OMAS.OPLANTA
BAJA&RACC,OMASCUARTASECCIN
3AN,UIS0OTOS3,0#0
VOSFRQG#FRQGXVHIJREP[

0,&+2$&1
!V#AMELINAS.ODESP
&RACC,AS!MRICAS-ORELIA-ICH
#0
PLFKFRQG#FRQGXVHIJREP[

6,1$/2$
"LVDDELOS)NSURGENTES.O3UR
#OL#ENTRO3INALOA#ULIACN3INALOA
#0
VLQFRQG#FRQGXVHIJREP[

025(/26
!V!LTA4ENSIN.OESQUINA
'USTAVO$AZ/RDAZ#OL#ANTARRANAS
#UERNAVACA-OR#0
PRUFRQG#FRQGXVHIJREP[

62125$
$R)GNACIO0ESQUEIRA.O
%SQCON-ADRID
#OL0RADOSDEL#ENTENARIO
(ERMOSILLO3ON#0
VRQFRQG#FRQGXVHIJREP[

1$<$5,7
#ALLE3AN,UIS3URPLANTABAJA
#OL#ENTRO4EPIC.AY#0
QD\FRQG#FRQGXVHIJREP[

53 400 999
0ARAEL$&YREAMETROPOLITANA

7$%$6&2
6IVEROS.O0LAZA#ASCADA
&RACC(ERIBERTO+EHOE
6ILLAHERMOSA4AB#0
WDEFRQG#FRQGXVHIJREP[

9(5$&58=
&RAY"ARTOLOMDELAS#ASAS
.OENTRE4UERO-OLINAY
-ANUEL!LTAMIRANO#OL)GNACIO
:ARAGOZA6ERACRUZ6ER#0
YHUFRQG#FRQGXVHIJREP[
<8&$71
#ALLE.OESQCON!
&RACC'ONZALO'UERRERO
-RIDA9UC#0
\XFFRQG#FRQGXVHIJREP[
=$&$7(&$6
"LVD!DOLFO,PEZ-ATEOS.ORTE
.O,ETRA#)NTERIOR
#OL#ENTRO:ACATECAS:AC
#0
]DFFRQG#FRQGXVHIJREP[
'(/(*$&,21(63$5$(/')
<5($0(75232/,7$1$
1257(
0ROL-OLIRE.O#ERPISO
#OL!MPLIACIN'RANADA
$EL-IGUEL(IDALGO-XICO$&
#0
PHQFRQG#FRQGXVHIJREP[
25,(17(
0LAZA%RMITA!V%RMITA)ZTAPALAPA
.OESQUINACON%JE/RIENTE
,OCALESY%#OL0ROGRESODEL
3UR$ELEGACIN)ZTAPALAPA
-XICO$&#0
PHRUFRQG#FRQGXVHIJREP[
685
#ANDELARIA.O#OL,OS2EYES
#OYOACNENTRE0AClCOY$IVISIN
DEL.ORTE$EL#OYOACN-XICO$&
#0
PHVFRQG#FRQGXVHIJREP[

ZZZFRQGXVHIJREP[