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UNIVERSIDAD COMPLUTENSE DE MADRID

FACULTAD DE CIENCIAS DE LA INFORMACIN


Departamento de Comunicacin Audiovisual y Publicidad I

EL AGOTAMIENTO DEL MODELO


CINEMATOGRFICO ANALGICO:
DISTRIBUCIN Y EXHIBICIN DIGITAL: UN
NUEVO MARCO PARA LA COOPERACIN
AUDIOVISUAL IBEROAMERICANA.
MEMORIA PARA OPTAR AL GRADO DE DOCTOR
PRESENTADA POR

Cristina Paz Garca


Bajo la direccin del doctor
Enrique Bustamante Ramrez

Madrid, 2011
ISBN: 978-84-694-2458-2

Cristina Paz Garca, 2010

  

   



 

   
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E L AGOTAMIENTO DEL MODELO CINEMATOGRFICO ANALGICO: 


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ndice
Siglas y acrnimos........................................................................................................................ 11
ndice de grficos ......................................................................................................................... 14
ndice de tablas ............................................................................................................................ 17

INTRODUCCIN .................................................................................................................. 23




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INTRODUCTION .................................................................................................................. 43




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M<2713

Parte I 
El agotamiento del modelo cinematogrfico analgico. Produccin,
coproduccin e intercambios cinematogrficos en el espacio audiovisual
euro-iberoamericano


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M<2713

Parte II
Cine Digital: expansin en el espacio audiovisual euro-iberoamericano y
potencialidades digitales en el proceso de integracin regional

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CONCLUSIONES ................................................................................................................397
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CONCLUSIONS ..................................................................................................................409
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BIBLIOGRAFA ...................................................................................................................423
 

M<2713

Siglas y acrnimos
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&&+[&/5=&=@+7A7V<
'#['3C<7V<A>317/:7H/2/23CB=@72/23A7<3;/B=5@O471/AG23:C27=D7AC/:23:#'%(*'
([(7AB3;/<27<=23<B35@/17V<
(([(=<GG</;71757B/:(=C<2
([(31@3B/@T/3<3@/:03@=/;3@71/</
([(31@3B/@T/831CB7D/23:/7<3;/B=5@/4T/03@=/;3@71/</
([(31@3B/@T/3<3@/:03@=/;3@71/</
([(=1732/23<3@/:23CB=@3AG27B=@3A
([(=1732/223:/<4=@;/17V<
([(7<271/B=23:/<2CAB@7/7<3;/B=5@O471/@53<B7</
(#&)[(=173BG=4#=B7=<&71BC@3A=4)3:3D7A7=<<57<33@A
(+=[(CA1@7>17V<23+723=/3;/<2/
(-'[(7:71=<-)/:'34:31B7D37A>:/G
)"[)3:3D7A7V<;R@71/"/B7</
)[)3F/A<AB@C;3<BA
)[)31<=:=5T/A23:/<4=@;/17V<G=;C<71/17V<
))[)3:3D7A7V<757B/:)3@@3AB@3
)"$[)@/B/2=23"70@3=;3@17=23;R@71/23:$=@B3
)+[)3:3D7A7V<A>/U=:/
*[*<7V<7<3;/B=5@O471/7A>/<=/;3@71/</
*[*<7B327<3;/A<B3@</B7=</:
*[*<7V<C@=>3/
**<7V<<2CAB@7/7<3;/B=5@O471/@53<B7</
*&[*<7D3@A/:&71BC@3A<B3@</B7=</:
*$)[=<43@3<17/23:/A$/17=<3A*<72/AA=0@3=;3@17=G3A/@@=::=
*#*<7D3@A/:#327/7A1
*([V:/@3A*(
*+*<7V<+723=5@O471/A>/U=:/
+&+7@BC/:&@7<B33



 

M<2713

ndice de grficos
CAPTULO 1
@O471= %@23<A31C3<17/:23:/AD3<B/</A233F670717V<  

CAPTULO 2
@O471=   /:/<H/ 1=;3@17/: 3< ;7::=<3A *( 23 :=A A3@D717=A /C27=D7AC/:3A 3< /:5C<=A >/TA3A
703@=/;3@71/<=A    
@O471= &@=2C117V<23:/@5=;3B@/83A3<AB/2=A*<72=A*<7V<C@=>3/G />V<   
@O471=  =AB323>@=2C117V<23C</>3:T1C:/>/@/:=A;73;0@=A23:/#&   
@O471=  '31/C2/17V<23:17<33AB/2=C<723<A307::=<3A*(3<3:;3@1/2=7<B3@<=    
@O471=    '31/C2/17V< 23 :/A   ;73;0@=A 23 :/  3< 3: ;3@1/2= 7<B3@<= 3 7<B3@</17=</:
  
@O471=  A>31B/2=@3A07::=<3A23:17<33AB/2=C<723<A33<3:;3@1/2=7<B3@<=    
@O471=  '3:/17V<@31/C2/17V<B=B/:3<07::=<3A233C@=AG<W;3@=233A>31B/2=@3A3<;7::=<3A3<
:=A>@7<17>/:3A;3@1/2=A3C@=>3=A   
@O471=  '3:/17V<@31/C2/17V<B=B/:07::=<3A*(G<W;3@=233A>31B/2=@3A07::=<3A3<3:;3@1/2=
7<B3@<=3AB/2=C<723<A3   
@O471=  &3:T1C:/A3AB@3</2/A3<:/*<7V<C@=>3/A35W<>/TA23=@753<  
@O471= C=B/23;3@1/2=23:/A27AB@70C72=@/A3<A>/U/  
@O471= C=B/23;3@1/2=23:/A27AB@70C72=@/A3<AB/2=A*<72=A  
@O471= C=B/23;3@1/2=A=0@3:/@31/C2/17V<23:17<33A>/U=:    
@O471=  &@=2C117V<G1=>@=2C117V<23:/@5=;3B@/83A3A>/U=:3A    
@O471=  &@3;7=A/:/17<3;/B=5@/4T/3A>/U=:/3<:=A;3@1/2=A7<B3@</17=</:3A    
@O471=    D=:C17V< 23: <W;3@= 23 3;>@3A/A >@=2C1B=@/A A35W< 3: <W;3@= 23 >3:T1C:/A >@=2C172/A
  
@O471=  "/@5=;3B@/83A3F67072=A3<3:;3@1/2=3A>/U=:    
@O471=  D=:C17V<23:<W;3@=23:/@5=;3B@/83A3F67072=AA35W<AC</17=</:72/2    
@O471=    '3:/17V< <W;3@= B=B/: 23 3AB@3<=A  3AB@3<=A 3A>/U=:3A
3FB@/<83@=A 3< 3: ;3@1/2= 3A>/U=:
  
@O471=  D=:C17V<23:/>@=2C117V<3AB@3<=AG@=2/83A23:/A>3:T1C:/A3A>/U=:/A   
@O471= '3:/17V<<W;3@=231=>7/AG3AB@3<=A   
@O471= C=B/23;3@1/2=A=0@3B=B/:23:/@31/C2/17V<=0B3<72/23:/A 3<A>/U/  
@O471= D=:C17V<23:/A17<1=27AB@70C72=@/A1=<;/G=@@31/C2/17V<   
@O471=  D=:C17V<23:/A27AB@70C72=@/A3A>/U=:/A1=<;/G=@@31/C2/17V<   
@O471=  C=B/23;3@1/2=23:17<33A>/U=:3AB/2=C<723<A3G1=;C<7B/@7=A7<A>/U/

   
@O471=  $W;3@=23>3:T1C:/A3F67072/AG@31/C2/17V<3<B/?C7::/3<3:;3@1/2=3A>/U=:    
@O471=  D=:C17V<23:/@31/C2/17V<;7::=<3A233C@=AB=B/:17<33A>/U=:G3FB@/<83@=   
@O471=  D=:C17V<23:<W;3@=233A>31B/2=@3A3<;7::=<3AB=B/:3A17<33A>/U=:G3FB@/<83@=

  
@O471=  '3<27;73<B=23:/A>3:T1C:/A3A>/U=:/AG3FB@/<83@/A3<;7:3A233C@=A7H?C73@2/G<W;3@=
233AB@3<=A23@316/   
@O471=  7AB@70C72=@/A2317<31=</1B7D72/2A35W<3:<W;3@=23>3:T1C:/A27AB@70C72/A   
@O471=  7AB@70C72=@/A1:/A7471/2/A3<4C<17V<23:<W;3@=23>3:T1C:/A?C31=;3@17/:7H/<C</>3:T1C:/

;OA23C</   
@O471=    ;>@3A/A 27AB@70C72=@/A 23 17<3 1=< /1B7D72/2 A35W< :/ </17=</:72/2 23 :/A >3:T1C:/A
27AB@70C72/A   
@O471=  7AB@70C72=@/AA35W<:/</17=</:72/223:/A>3:T1C:/A27AB@70C72/A  
 

M<2713
@O471=    D=:C17V< 23 :/ /A7AB3<17/ ;327/ >=@ 6/07B/<B3 7H?C73@2/ <W;3@= 23 A/:/A 1=< /1B7D72/2 G
:=1/:3A233F670717V<23@316/    
@O471=  '3:/17V<<W;3@=233A>31B/2=@3AG@31/C2/17V<B=B/:=0B3<72/3<3:;3@1/2=3A>/U=:

   
@O471=  D=:C17V<23:/>@=2C117V<17<3;/B=5@O471/3<@53<B7</     
@O471=  &@=2C117V<2347:;A>C0:717B/@7=AA35W<;3@1/2=2323AB7<=7<B3@7=@G3FB@/<83@=   
@O471=  D=:C17V<23:<W;3@=233AB@3<=AB=B/:3AG/@53<B7<=A   
@O471=  &3:T1C:/A3AB@3</2/AA35W<>/TA23=@753<3<3:;3@1/2=/@53<B7<=   
@O471=  C=B/23;3@1/2=@31/C2/17V<23:/A3;>@3A/A27AB@70C72=@/A3<@53<B7</   
@O471=  D=:C17V<23:<W;3@=233A>31B/2=@3AB=B/:3AG23:17<3/@53<B7<=    
@O471=  A>31B/2=@3A23:/A>3:T1C:/A3AB@3</2/AA35W<AC=@753<3<@53<B7</    
@O471=  D=:C17V<23:/@31/C2/17V<B=B/:=0B3<72/G23:17<3/@53<B7<=;7::=<3A232V:/@3A

   
@O471=    '3:/17V< 23 :/ @31/C2/17V< B=B/: ;7::=<3A 23 2V:/@3A G <W;3@= B=B/: 23 3A>31B/2=@3A
;7::=<3A3<3:;3@1/2=17<3;/B=5@O471=/@53<B7<=   
@O471=  D=:C17V<23:<W;3@=23A/:/A3<3:;3@1/2=17<3;/B=5@O471=/@53<B7<=   
@O471=    '3:/17V< 23 >/<B/::/A 3A>31B/2=@3A G @31/C2/17V<  A35W< B7>= 23 1=;>:38= G =@753< 23:
1/>7B/:  
@O471=  D=:C17V<23:/>@=2C117V<17<3;/B=5@O471/0@/A7:3U/    
@O471=    D=:C17V< 23 :/A 1=>@=2C117=<3A G @3:/17V< 1=< 3: D=:C;3< B=B/: 23 >@=2C117V< 0@/A7:3U/
   
@O471=  '3:/17V<233AB@3<=AB=B/:3AG0@/A7:3U=A   
@O471=  D=:C17V<23:<W;3@=23A/:/A17<3;/B=5@O471/A@/A7:   
@O471=  D=:C17V<23:<W;3@=233A>31B/2=@3A3<;7::=<3AB=B/:G17<30@/A7:3U=     
@O471=  D=:C17V<23:/@31/C2/17V<3<;7::=<3A232V:/@3AB=B/:G17<30@/A7:3U=    
@O471=    '3:/17V< >@317= 23 :/ 3<B@/2/ 2V:/@3A <W;3@= 23 3A>31B/2=@3A ;7::=<3A G @31/C2/17V<
B=B/:3<;7::=<3A*(3<@/A7:    
@O471=  D=:C17V<23:/>@=2C117V<17<3;/B=5@O471/;3F71/</    
@O471=  &/@B717>/17V<23:3AB/2=3<:/>@=2C117V<17<3;/B=5@O471/;3F71/</   
@O471=    D=:C17V< 23 :/ 7<D3@A7V< >W0:71/ 3< :/ 47</<17/17V< 23 :/ >@=2C117V< 17<3;/B=5@O471/
;3F71/</   
@O471=  AB@3<=A;3F71/<=A   
@O471=    D=:C17V< 23 :/ 1C=B/ 23 ;3@1/2=  A=0@3 3: B=B/: 23 3AB@3<=A 23: 17<3 ;3F71/<= G
3AB/2=C<723<A3   
@O471=  $W;3@=23A/:/A233F670717V<3<#RF71=     
@O471=    D=:C17V< 23 :/ /A7AB3<17/ / A/:/A 3< ;7::=<3A 3A>31B/2=@3A B=B/:3A G 23: 17<3 ;3F71/<=
   
@O471=  D=:C17V<23:/@31/C2/17V<3<;7::=<3A232V:/@3AB=B/:G17<3;3F71/<=    
@O471=    '3:/17V< 23 :/ @31/C2/17V< =0B3<72/ ;7::=<3A 23 2V:/@3A <W;3@= 23 3A>31B/2=@3A 3<
;7::=<3AG>@317=23:/3<B@/2/>@=;327=232V:/@3A23:17<3;3F71/<=    
@O471=  D=:C17V<23:/>@=2C117V<17<3;/B=5@O471/:CA/    
@O471=  '3:/17V<@31/C2/17V<B=B/:G@31/C2/17V<=0B3<72/>=@3:17<33AB/2=C<723<A3G:CA=

  
@O471=    D=:C17V< 23: <W;3@= 23 3A>31B/2=@3A 3< ;7::=<3A 3< 3: ;3@1/2= 17<3;/B=5@O471= :CA=
   
@O471=    D=:C17V< 23 :/ @31/C2/17V< ;7::=<3A 23 3C@=A23@316/ G 3A>31B/2=@3A ;7::=<3A 3< 3:
;3@1/2=17<3;/B=5@O471=:CA=    
@O471=  D=:C17V<23:/AA/:/A233F670717V<3<&=@BC5/:     

 

M<2713
@O471=  C=B/23;3@1/2=A=0@3@31/C2/17V<23:=A>@7<17>/:3A3F67072=@3A3<&=@BC5/:   
@O471=  D=:C17V<23:/@31/C2/17V<23:=A>@7<17>/:3A3F67072=@3A23:;3@1/2=:CA=    
@O471=  '3<27;73<B=>=@>/<B/::/23:=A>@7<17>/:3A3F67072=@3A3<&=@BC5/:    
@O471=  &@=2C117V<17<3;/B=5@O471/167:3</    
@O471=  $W;3@=233AB@3<=A3<3:;3@1/2=17<3;/B=5@O471=167:3<=   
@O471=  D=:C17V<23:<W;3@=233A>31B/2=@3AB=B/:3A;7::=<3AG23:17<3167:3<=   
@O471=  (/:/A233F670717V<3<67:3    
@O471=    '3:/17V< <W;3@= 23 3A>31B/2=@3A ;7::=<3A G @31/C2/17V< ;7::=<3A 23 2V:/@3A 3< 3:
;3@1/2=17<3;/B=5@O471=167:3<=   
@O471=  D=:C17V<23:/>@=2C117V<17<3;/B=5@O471/1=:=;07/</   
@O471=  AB@3<=A3<3:;3@1/2=17<3;/B=5@O471=1=:=;07/<=</17=</:3AG3FB@/<83@=A   
@O471=  &/@B717>/17V<>=@13<BC/:23:/A27AB@70C72=@/AA35W<:=ABTBC:=A3AB@3</2=A3<=:=;07/ 
@O471=  =<13<B@/17V<23:/@31/C2/17V<3<:/A3;>@3A/A27AB@70C72=@/A=:=;07/  
@O471=  =:=;07/<W;3@=23>/<B/::/AGB=B/:233A>31B/2=@3A    
@O471=  =:=;07/<W;3@=B=B/:233A>31B/2=@3A3<;7::=<3AG3A>31B/2=@3A23:17<31=:=;07/<=3<
;7::=<3A   
@O471=  &@=2C117V<17<3;/B=5@O471/D3<3H=:/</    
@O471=  '3:/17V<<W;3@=233AB@3<=AD3<3H=:/<=AGB=B/:3A    
@/471=    '3:/17V< 3A>31B/2=@3A ;7::=<3A G @31/C2/17V< B=B/: ;7::=<3A 23 2V:/@3A 3< +3<3HC3:/
  
@O471=  $W;3@=23A/:/A233F670717V<3<+3<3HC3:/    

CAPTULO 3
@O471= &3:T1C:/A3AB@3</2/A3<A>/U/A35W<AC</17=</:72/2   
@O471= C=B/23;3@1/2=A=0@3@31/C2/17V<B=B/:23:/A>3:T1C:/A703@=/;3@71/</AA35W<>/TA
23=@753<3AB@3</2/A3<3:;3@1/2=3A>/U=:    
@O471=  &@=>=@17V<23>3:T1C:/A1T@1C:=7<B3@<=G27AB@70C17V<23:=A3A>31B/2=@3A1T@1C:=3FB3@<=23:
17<3703@=/;3@71/<=A35W<>/TA23=@753<3F67072=3<A>/U/    
@O471=  $/17=</:72/223:/A1=>@=2C117=<3A17<3;/B=5@O471/A3A>/U=:/A   
@O471=  D=:C17V<23:/A1=>@=2C117=<3A      
@O471=    "/@5=;3B@/83A 703@=/;3@71/<=A 3AB@3</2=A 3< A>/U/ @/A7: @53<B7</ 67:3 G =:=;07/
A35W<>/TA23=@753<   
@O471=  "/@5=;3B@/83A703@=/;3@71/<=A3AB@3</2=A3<@53<B7</A35W<>/TA23=@753<   
@O471=  "/@5=;3B@/83A703@=/;3@71/<=A3AB@3</2=A3<@/A7:A35W<>/TA23=@753<   
@O471=  "/@5=;3B@/83A703@=/;3@71/<=A3AB@3</2=A3<67:3A35W<>/TA23=@753<   
@O471= "/@5=;3B@/83A703@=/;3@71/<=A3AB@3</2=A3<=:=;07/A35W<>/TA23=@753<   

CAPTULO 4
@O471=+ &3:T1C:/A?C3@317073@=</GC2/A23:>@=5@/;/#>/@/:/27AB@70C17V<   
@O471=+ '3>/@B=23:>@3AC>C3AB=23\##*$*(]   
@O471=+  GC2/A/:/1=>@=2C117V<3C@=>3/%$%*'#(   
@O471=+  $W;3@=23>@=G31B=A/>=G/2=A3<1=>@=2C117V<%$%*'#(   
@O471=+  D=:C17V<23:/2=B/17V<31=<V;71/23:=<2=03@;327/3<2V:/@3A*(   
@O471=+  D=:C17V</<C/:23:=A>@=G31B=A47</<17/2=A>=@03@;327/   
@O471= +   '3:/17V< 23 >@=G31B=A />@=0/2=A >=@ 03@;327/ 3< :/ ;=2/:72/2 23 =>@=2C117V< G
7AB@70C17V<
&@=;=17V<   
@O471=+  '3:/17V<<W;3@=23>@=G31B=AG/GC2/A23AB7</2/A>=@03@;327//:23A/@@=::=   
@O471=+  '3:/17V<<W;3@=23>@=G31B=AG/GC2/A23AB7</2/A>=@03@;327//:/1=>@=2C117V<

  
 

M<2713
@O471= +  '3:/17V< <W;3@= 23 >@=G31B=A G 4=<2=A 23AB7</2=A / :/A ;=2/:72/23A 23
27AB@70C17V<
>@=;=17V<G23:7D3@G23:>@=5@/;/03@;327/    
@O471= +  '3:/17V< <W;3@= 23 >@=G31B=A G 4=<2= 23AB7</2= / :/ 4=@;/17V< 23: >@=5@/;/ 03@;327/
   
@O471=+ '313>17V<23:/A/GC2/A03@;327/A35W<>/TA2323AB7<=3<2V:/@3A*(    

CAPTULO 5
@O471=+ &/@/:3:7A;=A3<:/1/23</2327AB@70C17V</</:V571/G2757B/:  
@O471=+ =;>/@/17V<23@3A=:C17=<3A237;/53<  
@O471=+  =;>/@/17V<@3A=:C17V<17<3 !G!  
@O471=+  D=:C17V<23:<W;3@=23>/<B/::/A2757B/:3A3<3:;C<2=    
@O471=+  '3:/17V<27AB@70C72=@3F67072=@B3@13@/53<B33<3:;=23:=2347</<17/17V<2757B/:  

CAPTULO 6
@O471=+ $W;3@=23>/<B/::/AG>@=>=@17V<A=0@33:B=B/:23>/<B/::/A2757B/:3A3<3:;C<2=

   
@O471=+ (/:/A2757B/:3A3?C7>/2/A1=<B31<=:=5T/3<3:;C<2=>=@@357=<3A 3@B@7;3AB@3   
@O471=+  C=B/23;3@1/2=23:=AA7AB3;/A3<A>/U/ 
@O471=+  *AC/@7=A23<B3@<3B3<3:;C<2=>3<3B@/17V<G27AB@70C17V<>=@@357V<  
@O471=+  '/<97<523>/TA3A703@=/;3@71/<=AA35W<<W;3@=23CAC/@7=A3<;7::=<3A1=<31B/2=A/:/
'32   
@O471=+  *AC/@7=A23<B3@<3B3<03@=/;R@71/23:/>=0:/17V<A35W<>/TA   
@O471= +  =<AC;= 23 DT23=A    A35W< 3: 4=@;/B= 3< :=A >@7<17>/:3A ;3@1/2=A 3C@=>3=A  23
CAC/@7=A23<B3@<3B   
@O471=+  &=@13<B/8323:/>=0:/17V<3A>/U=:/23;OA23 /U=A?C31=<AC;3>3:T1C:/AGA3@73A
   
@O471=+  D=:C17V<23:=A7<5@3A=A=0B3<72=A3<3:;3@1/2=17<3;/B=5@O471=3A>/U=:   
@O471=+ #=23:=A23<35=17=>/@/:/27AB@70C17V<23>3:T1C:/AB@/2717=</:  

ndice de tablas
CAPTULO 2
)/0:/   &@7<17>/:3A 3F>=@B/2=@3A 3 7;>=@B/2=@3A 23 A3@D717=A /C27=D7AC/:3A G 1=<3F=A 3< 3: ;C<2=
;7::=<3A*(   
)/0:/ F>=@B/17=<3A23A3@D717=A/C27=D7AC/:3AG1=<3F=A2323B3@;7</2/A31=<=;T/AA35W<23AB7<=
;7::=<3A*(   
)/0:/  >@=F7;/17V</:;3@1/2=17<3;/B=5@O471=703@=/;3@71/<=  
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CAPTULO 3
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CAPTULO 4
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CAPTULO 5
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CAPTULO 6
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INTRODUCCIN

Introduction










Introduccin

NTRODUCCIN

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Introduccin

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64@?V>:42DJD@4:@=V8:42D 

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C6AC@5F44:V? 
 

Introduccin

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56AC@5F44:V?J=@D4@DE6DG2C:23=6D>RDC65F4:5@D6?6=AC@46D@564@>6C4:2=:K24:V? 

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6:?E6C?24:@?2=6?3WDBF65256=@D36?67:4:@D4C625@DA@C6=2F>6?E@56>6C425@ 

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29TBF6D62:>A@D:3=66DE23=646CAC@46D@D566DE2?52C:K24:V?JD6C:2=:K24:V? 

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Q=G2C6K 6E:?@ J2=A6C:?  DE@D6DEF5:@D92?AF6DE@S?72D:D6?=2?646D:52556


1

Nos referimos al enfrentamiento acontecido durante las negociaciones del Acuerdo multilateral sobre inversiones de la Organizacin
para la Cooperacin y el Desarrollo Econmico (OCDE) debido al inters de Francia de excluir del mbito de aplicacin de dicho acuerdo
a las industrias culturales y a la controversia abierta sobre las distintas concepciones del cine, la defensa y proteccin defendidas por
Francia, la Unin Europea y Canad frente a la liberalizacin del audiovisual defendida por Estados Unidos en el seno de la Organizacin
Mundial de Comercio (OMC).

 

Introduccin

6DE23=646C 6DEC2E68:2D BF6 A6C>:E2? 72G@C646C 6= 56D2CC@==@ 56 =2D :?5FDEC:2D 4F=EFC2=6D
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4252 G6K >RD @>?:AC6D6?E6 6? E@52D =2D 6D76C2D 56 =2 G:52 D@4:2= J =2 4F=EFC2 >2C4252 A@C =2
5:G6CD:525J=27=6I:3:=:525 


 

6=26I46A4:V?2=25:G6CD:5254F=EFC2=

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4F=EFC2=56=4:?66D=24@?7C@?E24:V?BF6EFG@=F82C6? 6?EC6DE25@D*?:5@DJFC@A2 F66?6=
>2C4@ 56 =2D ?68@4:24:@?6D 4@>6C4:2=6D >F=E:=2E6C2=6D 4@?4C6E2>6?E6 5FC2?E6 =2 72D6 7:?2= 56 =2
'@?52 56 *CF8F2J    56= )) 

  


      
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2

Esta concepcin deriva de la propia idea que este pas concede al cine, pues lo considera como un producto industrial que genera
entretenimiento y beneficios, adems de ser el primer pas productor de bienes y servicios culturales, sobre todo audiovisuales, a nivel
mundial.
3 Ante el riesgo de que estos "productos" americanos invadieran su territorio, no slo por razones econmicas (el balance comercial
francs ya era ampliamente deficitario) sino por razones culturales y de identidad.


Introduccin

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4

La expresin apareci en el vocabulario oficial francs a finales de 1998, con la Declaracin Franco-Mexicana sobre la diversidad
cultural del 12 de noviembre de 1998 y el comunicado conjunto de los Primeros Ministros canadiense y francs en Ottawa, el 17 de
diciembre siguiente, sobre la importancia de la diversidad cultural en una economa mundial.


Introduccin

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Introduccin

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Introduccin

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Introduction

NTRODUCTION

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Introduction

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Introduction

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Introduction

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Introduction

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Introduction

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Introduction

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Introduction

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Introduction

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1 We refer to the "confrontation" occurred during the negotiations of the Multilateral Agreement on Investment of the Organization for
Economic Cooperation and Development (OECD) due to the interest of France to exclude from the scope of the agreement for cultural
industries and open dispute on different conceptions of cinema, the defense and protection, advocated by France, the European Union and
Canada against audiovisual liberalization advocated by the United States within the World Trade Organization (WTO).



Introduction

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Introduction

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Introduction

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Introduction

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Introduction

 

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Introduction

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Introduction

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Introduction

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PARTE



El agotamiento del modelo cinematogrfico


analgico. Produccin, coproduccin e
intercambios cinematogrficos en el
espacio audiovisual euro-iberoamericano
















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5

A pesar de que el dominio de la cinematografa de Estados Unidos sea fuertemente ejercida en la mayora del resto de cinematografas,
existen industrias nacionales slidamente asentadas en sus propios pases que se resisten a este dominio de Hollywood. Estas
cinematografas provienen de China, India, Hong Kong, parte de Asia y de Oriente Medio (Augros, 2000:20)
6 Adems de ventajosos, estos acuerdos han sido denunciados por abusivos, tal y como reflejan las dos demandas interpuestas por la
FECE contra las majors norteamericanas (Cineporlared.com, 29.09.2003: Remitida al TDC la denuncia interpuesta por los exhibidores
espaoles contra las filiales de las majors en nuestro pas; ElMundo.es, 11.05.2006: Multas millonarias contra Hollywood por repartirse
el mercado del cine en Espaa).


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7

Clasificacin procedente de la Filmoteca Espaola. Disponible en: http://www.mcu.es/cine/film/docu/pdf/3-00-TerceraPartecor.pdf


(Consultado el 26/03/09)



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8

Esta partida de los ingresos representa en muchas ocasiones la fuente ms rentable de la sala, aunque aqu la denominemos
secundarias por no encontrarse directamente ligada a la pelcula.


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9

Herramienta de trabajo que sirve para evaluar, desglosar, las necesidades del guin, confeccionar el plan de trabajo y elaborar el
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los elementos de trabajo necesarios con el fin de establecer un plan de rodaje lo ms efectivo y econmico posible (Castillo, 2004:65).
10 Documento de gestin que realiza el equipo de produccin en el que se cita al equipo tcnico-artstico para cada da de rodaje. En l
aparecen la hora y lugar, la secuencia del guin que se va a rodar as como las caractersticas tcnicas de la misma.
11 Garanta de Buen Fin (Completion bond): se trata de un seguro que prev la posibilidad de sobre-presupuesto garantizando la
finalizacin de la obra en caso de inclemencias meteorolgicas o causas de fuerza mayor. La aseguradora se compromete a pagar la


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12

La actividad de distribucin queda contemplada en la versin actualizada del Real Decreto Legislativo 1/1996, de 12 de abril, en el
captulo tercero, disposicin segunda, artculo 19.
13 Real Decreto Legislativo 1/1996, de 12 de abril, artculo 18, segn la redaccin dada por el artculo nico apartado Uno de la Ley
23/2006, de 7 de julio, por la que se modifica el texto refundido de la Ley de Propiedad Intelectual, aprobado por el Real Decreto
Legislativo 1/1996, de 12 de abril (BOE 8.7.2006).
14 Real Decreto Legislativo 1/1996, de 12 de abril, artculo 20.
 

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15

Segn la Organizacin de Consumidores y Usuarios (OCU), 100 gramos de palomitas en un cine espaol cuesta tanto como 100
gramos de gambas en un supermercado. Adems, las palomitas tienen un 3% de sal para que se consuma ms bebida. Aunque los
atpicos slo representan el 20% de los ingresos totales, ya suponen la mitad de los beneficios de muchas cadenas de cines (OCU Salud,
junio de 2005 en lvarez Monzoncillo y Lpez Villanueva, 2006:25).



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16

Formato de disco ptico de nueva generacin para vdeo de alta definicin desarrollado por Sony y Philips ofrece una resolucin de
1920x1080 y una capacidad de almacenamiento de 50 Gb (en doble capa). Este formato se impuso a su competidor HD DVD en la guerra
de formatos para convertirse en el estndar sucesor del DVD, como en su da ocurri con el VHS y el Betamax. La novedad de los
sistemas Blue-Ray (lser azul) es que incorporan cinco sistemas anticopia (http://es.wikipedia.org)


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17

La cadena de televisin de pago HBO ha lanzado a inicios de 2008 un modelo de integracin de servicios audiovisuales online,
ofreciendo a sus suscriptores de televisin de pago la posibilidad de descarga de pelculas y programas de televisin a travs de Internet.
Es decir, la televisin tambin se suma al modelo de videoclub online (ONTSI, 2008:112).




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18

Durante las tres primeras semanas de exhibicin, los filmes suelen recaudar entre el 70% y el 80% de su recaudacin total (lvarez
Monzoncillo y Lpez Villanueva, 2006:24).
 

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19

Esta cantidad supone cerca del 10% del volumen de ventas en salas de las empresas sancionadas, mxima multa prevista por la Ley
de Defensa de la Competencia (artculo 10) (El Pas, 23.06.06, El Pas, 11.05.06 y cineporlared.com, 29.09.03) (consultados el 02.02.09).



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20

Para los EE.UU., el comercio audiovisual es solo un negocio, mientras que para los europeos es tanto un negocio como (cuando
conviene) un asunto cultural (Schlesinger, 1997).


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21

La balanza comercial de Espaa y Portugal aparece incluida en el conjunto de la Unin Europea (27), de lo contrario, apreciaramos un
saldo iberoamericano para el conjunto del sector audiovisual bastante ms deficitario.



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22

Bulgaria y Rumana fueron los ltimos pases en agregarse a la Unin, lo hicieron en 2007.



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23

El nmero de pelculas producidas es representativo de los proyectos que se financian cada ao aunque no es exacto ya que por
ejemplo, en el caso espaol la mayor cuanta de la financiacin se destina a las pelculas estrenadas en el ejercicio anterior.
24 Los integrantes de la MPAA son: Paramount Pictures, Sony Pictures Entertainment Inc., Twentieth Century Fox Film Corporation, NBC
Universal, Walt Disney Studios Motion Pictures y Warner Bros Entertainment.
25 Cambio realizado a 03 de septiembre de 2009 (1$=0,70).



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26 Segn datos del ICAA en Espaa en 2008 57 pelculas salieron al mercado con ms de 300 copias (en 2007 fueron 49; en 2006, 35) y
12 con ms de 500 (en 2006 fueron 5), mientras que tan slo 7 ttulos espaoles salieron con ms de 300 y ninguna con 500 copias.



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27 Segn el ICAA, Universal obtuvo una recaudacin en 2008 superior a los 137 millones de euros, 24 millones de espectadores y 94
largometrajes distribuidos; Hispano Fox Film distribuy 71 largos y con 15 millones de espectadores obtuvo una recaudacin de 86,8
millones de euros; Sony recaud 75 millones de euros con 47 largos distribuidos y 13 millones de espectadores. Las distribuidoras
espaolas ocupan los ltimos puestos del ranking y la mayora obtiene una recaudacin de entre 1 y 5 millones de euros. Golem
Distribucin por ejemplo, con 70 largometrajes distribuidos tan slo recaud 5,6 millones de euros. Se pueden consultar estos datos en la
web del Ministerio de Cultura: http://www.mcu.es/cine/MC/CDC/Anio2008/CineDistribuidoras.html



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29 Este aumento no est tan relacionado con una correlacin positiva en la frecuencia de asistencia como con un aumento del precio
medio de la entrada.



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30

Cada ao el cine espaol recibe cerca de 70 millones de euros de subvenciones nacionales, a los que hay que sumar las diferentes
aportaciones de las Comunidades Autnomas, cerca de 12 millones de euros de los programas comunitarios, las cuotas de programacin
de material europeo y las obligaciones de inversin de las televisiones con el 5% de sus ingresos brutos (cerca de 100 millones al ao).



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31 Frente a los 3.649 millones de las antiguas pesetas (aproximadamente 22 millones de euros) destinados en 1991, en 1999 la ayuda
pblica (ICAA) ascendi a los 5.261 millones de pesetas (31,62 millones de euros), un incremento del 44,2%.
32 Entre 1997 y 1999 las cadenas de televisin invirtieron 23.650 millones de las antiguas pesetas (142,14 millones de euros) en la
compra de derechos de antena de pelculas espaolas siendo TVE la cadena que efectu la mayor aportacin con 7.000 millones de las
antiguas pesetas (42,1 millones de euros), seguido muy de cerca por Sogecable (Canal+) con 6.400 millones, Va Digital con 4.550
millones, Antena 3, 3.000 millones y FORTA (Federacin de Organismos de Radio y Televisin Autonmicos) con 2.700 millones de las
antiguas pesetas, a excepcin de Tele5 que en ese momento no quiso participar. Lo que en un principio fue un acuerdo firmado entre
operadores y productores de cine, FAPAE (Federacin de Asociaciones de Productores Audiovisuales Espaoles), en 2001 este
compromiso se convirti en obligacin con la ley 15/2001 que obliga a los operadores de televisin a invertir el 5% de sus ingresos brutos
anuales en la financiacin del cine espaol (lvarez Monzoncillo, 2000:165). Por otra parte, en 1999 entra en vigor la directiva Televisin
Sin Fronteras por la cual los operadores de televisin debern reservar el 51% del tiempo a emisin de obras audiovisuales europeas y
debern dedicar el 5% de sus ingresos a la financiacin de largometrajes y telefilms europeos.



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33 En 2008, el ICAA ha concedido un total de 76,3 millones de euros, un 15,7% ms respecto al ao anterior (65,92 millones de euros en
2007, 59,26 en 2006 y 58,5 en 2005) de los cuales, 56 millones de euros se destinaron a la amortizacin de largometrajes, 10 millones de
euros a la produccin (un 25% ms respecto al ao anterior) y 2,5 millones de euros a la distribucin de cine comunitario (un 66,67% ms
respecto a 2007). La financiacin media que recibe una pelcula espaola es de 780 mil euros, cantidad muy significativa para el coste
medio de produccin, 2,7 millones de euros. Asimismo, en 2007, Antena 3, Telecinco, TVE y Sogecable, por este orden, aportaron ms
de 153 millones de euros a la industria de contenidos audiovisuales europeos, de los cuales, cerca del 74% se ha destinado al cine
espaol, 113 millones invertidos en 148 pelculas de los cuales, el 61,6% se destin a la financiacin directa de la produccin (frente al
43% del 2006, el 38% del 2005 o el 26% de 2004), siendo Telecinco y Antena 3 los principales portadores con 37,8 y 24,7 millones de
euros aportados respectivamente a las 34 pelculas financiadas por esta va. Mientras que TVE, con 27,9 millones de euros, es el
operador que ms dinero destina a la compra de derechos de antena, seguido de Sogecable, con 10,4 millones de euros y Antena 3, con
5 millones de euros en 2007 (Datos extrados del Informe elaborado por el Ministerio de Industria, Turismo y Comercio sobre el
cumplimiento de inversin de las Televisiones con el cine espaol: http://www.mcu.es/cine/docs/InformeCumplimientoEstatal_2007.pdf
consultado el 29.07.09).



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34 Ministerio de cultura. Cultura base: Estadstica de cinematografa: produccin, exhibicin, distribucin y fomento, datos de 2008:
http://www.mcu.es/culturabase/cgi/axi (Consultado el 05.06.09)


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35 Durante la primera mitad de los noventa, las sucursales de las empresas estadounidenses encabezaron el ranking de las distribuidoras
que ms recaudaban con las pelculas espaolas: United International Pictures (UIP), en tres ocasiones (1990, 1992 y 1993), Warner
Espaola (en 1991) y Columbia Tri-Star (en 1994). En la segunda mitad se rompe este monopolio cuando Sogepaq Distribucin (1996) y
Alta Films (1997) entran en el mercado de la distribucin del cine espaol, aunque la presencia estadounidense sigue liderando el
mercado con Columbia Tri-Star (en 1995 y 1998) y Warner Sogefilms (en 1999).
36 En 1990, la cuota de mercado de las multinacionales estadounidenses, tomando como referencia los ingresos de las diez principales
empresas, era del 62,4%. Nueve aos despus, en 1999, el porcentaje haba aumentado en 6,93 puntos hasta llegar al 69,31%. En
cuanto a la cuota sobre las pelculas espaolas, estas controlaban el 62,2% en 1990, reducindose hasta el 46,7% a finales de dcada.
La cuota mxima durante este perodo fue del 84,5% en 1994 y la mnima del 35,3% en 1996, fecha a partir de la cual han ido ganando
nuevamente terreno.



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37

En 2004 Aurum fue adquirida por el grupo canadiense Alliance Atlantis, que opera en los sectores de Home Video, produccin,
distribucin, exhibicin y televisin. Desde un principio, Aurum ha mantenido acuerdos de distribucin con New Line Cinema, Miramax,
Lakeshore, Universal, Icon, Seven Arts y Mutual. Como parte integrante del grupo Alliance Atlantis, los acuerdos se amplan tambin a
Focus y New Market, entre otros. Frente a los 46 millones de euros del ao 2002 (gracias al xito de taquilla de la pelcula neozelandesa
El Seor de los Anillos: la comunidad del anillo y El seor de los anillos: las dos torres) y 35 largometrajes distribuidos, en 2008 Aurum
distribuye 45 largometrajes (29 en 2006) con los que obtiene una recaudacin de 28,5 millones de euros, un 21% menos respecto al ao
anterior (36 millones de euros). Esta distribuidora viene ocupando el sexto puesto en los ltimos seis aos con la excepcin de 2005,
puesto 11 (11,4 millones de euros de recaudacin) y 2006, puesto 9 (17,9 millones de euros) (grfico II.23).


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38

En 1990 la cuota de mercado de Alta Classics era del 0,09% alcanzando los mayores ingresos en 1993 con una cuota del 4,02%. A
partir del ao 1995 se sita por encima del 20% para en 1999 bajar al 8,9%.



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39 FEDICINE se encuentra integrada por las distribuidoras con mayor cuota de recaudacin del mercado, como son: Alta Classics S.L.U.,
Aurum Producciones, Hispano Fox Films, Lolafilms Distribucin, On Pictures, Sony Pictures Releasing de Espaa, The Walt Disney
Company Iberia-Buena Vista Internacional Spain, United International Pictures (UIP) y Warner Bros International Espaa. Las otras dos
asociaciones de distribuidores ms representativas del mercado espaol son: ADICINE (Asociacin de Distribuidoras Independientes
Cinematogrficas) constituida en 2002 por empresas independientes de capital espaol a la que pertenecen: Wanda Visin, Alta Films,
Golem Distribucin y Vrtigo Films y DICA (Distribuidores Independientes Cinematogrficos Asociados), constituida en julio de 2004
tambin por empresas independientes que representan el 80 % del cine independiente europeo (excluido el espaol) distribuido en
Espaa. A ella pertenecen: DeAPlaneta, Filmax, Lauren Films, Manga films, New World Pictures y TriPictures.



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40 Dicha coordinacin entre distribuidores se vio facilitada gracias a la informacin que cada miembro de FEDICINE poda obtener a partir
de la base de datos que dicha asociacin puso en marcha en 1999. Dicha base contena informacin sobre el nmero de copias de cada
pelcula, salas donde eran exhibidas, recaudacin diaria, cdigo de ofertas y nmero de espectadores diarios por sala. Asimismo, cada
distribuidora aportaba informacin sobre sus estrenos futuros, al menos en el prximo ao, incluyendo su fecha de lanzamiento prevista
(Documento extrado del boletn Observatorio Mercosur Audiovisual (OMA) de la RECAM. Disponible en: http://www.oma.recam.org consultado el 29.07.09-)



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41

A partir de 1968 el sector de la exhibicin entra en recesin motivada por los cambios tecnolgicos, llega la televisin en color a los
hogares, y una reduccin de la capacidad de gasto en ocio. Como consecuencia, ante la prdida de espectadores, el sector experimenta
un cambio en el modelo de gestin, se sustituye la empresa familiar (los cines-teatro) por una gestin empresarial, se establecen alianzas
con los distribuidores y gracias a la entrada de capital extranjero se empiezan a construir nuevos complejos cinematogrficos en centros
de ocio y comerciales situados a las afueras de las ciudades ms confortables, mejor equipados tecnolgicamente y mayor variedad en la
programacin de contenidos y horarios (Zallo, 1995:100).


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42 El 26 de mayo de 2005 Cinesa adquiri el 85% de Warner Lusomundo Sogecable incorporando a su circuito 12 nuevos complejos: 3 en
Madrid, 1 en Barcelona (La Maquinista), 2 en Canarias, 1 en Zaragoza, San Sebastin, Oviedo, Sevilla, Alicante y Valencia. El 9 de
mayo de 2006 el grupo adquiri los cinco multiplex que la compaa AMC Entertainment tena en Espaa y Portugal. Estos centros
incorporan 106 nuevas salas a la compaa, un total de 414 pantallas (EFE: Cinesa adquiere el 85% de Warner Lusomundo Sogecable,
en www.finanzas.com, consultado el 30.07.09).
43 Kinepolis Group tiene su origen en la alianza establecida en 1997 por las compaas Bert Group y Caleys Group, operantes en el
mercado de la exhibicin belga desde los aos setenta. Este grupo est presente en Blgica (9 complejos), Francia (7), Espaa (3),
Holanda (1) y Suiza (1).



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44 En 2005, la compaa estadounidense AMC Entertainment anunci un acuerdo por el que se fusionaba con Loews Entertainment. Seis
meses antes de este anuncio, AMC haba sido adquirida por los fondos JP Morgan Partners y Apollo Management, por 2.000 millones de
dlares, quienes controlaban el 60 % de la nueva compaa. Por su parte, Loews Cineplex haca un ao que formaba parte de los fondos
de capital riesgo Bain Caital y Carlyle, por 1.460 millones, quienes poseen el 40 % de la compaa resultante de la fusin. En esta
operacin, Loews aporta 200 salas, incluidas las que operan en Espaa junto con Yelmo.
45 Por ejemplo, a finales de 2004 Terra Firma Capital Partners compr el circuito UCI (Cinesa en Espaa) a la Paramount y la Universal y
el circuito Warner-Lusomundo, a Warner Bros, Lusomundo y Sogecable. En 2006 adquiri los cines de AMC en Espaa y Portugal, y ya
cuenta con 414 salas en 39 complejos. Este fondo de capital riesgo se ha convertido en la primera compaa de exhibicin de la UE.



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46 Con la llegada de Carlos Menem al poder y la promulgacin de la Ley de Emergencia Econmica (1989), la produccin nacional cae a
uno de los niveles ms bajos de su historia, al impedir dicha Ley que el Instituto Nacional de Cine (INCAA) pudiera otorgar las
subvenciones previstas en la norma sectorial. El promedio de pelculas entre 1989 y 1994 fue de 12 ttulos anuales. La cantidad de
espectadores en esos aos cay a menos de una tercera parte y la cuota de mercado del cine argentino baj a un desconocido 2%.
47 Entre 1995 y 1996 las cadenas de televisin coparticiparon en la realizacin de 12 largometrajes.



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48

Algo similar a lo que Globo de Brasil comenz a experimentar tambin en los ltimos aos en sus incursiones en la produccin flmica.
En 2001 el INCAA destina cerca de un tercio de su presupuesto, en torno a 10 millones de dlares, en forma de crditos y subsidios
que llegan a financiar el 35% del coste total de produccin. Adems, en esta poca se decide poner lmite a la cuanta de los subsidios
estableciendo un coste medio de produccin fijado en los 450 mil dlares (un milln y medio de pesos) con la finalidad de incentivar el
volumen de la produccin destinando ms recursos a aquellas producciones de medio y bajo presupuesto. El coste medio de una pelcula
argentina ronda el milln de dlares (Getino, 2005a:4).

49



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50 Lo mismo que ocurre en el mercado espaol. En los ltimos dos aos (2007-2008) las productoras Antena 3 Films y Telecinco S.A.U.,
pertenecientes a los respectivos canales de televisin privados Antena 3 y Telecinco, estn desbancando de los primeros puestos de
recaudacin a las productoras ms consolidadas de los noventa, como Sogecine, Tornasol Films, Lolafilms o Castelao Producciones.
51 En 2007 Telefnica Media Admira- y Pablo Bossi venden su participacin del 40% a Artear y The Walt Disney, que ya posean el 60%
de la productora, cedindole posteriormente parte de las acciones a Pol-Ka, la productora de Adrin Suar y donde el grupo Clarn es
accionista, y a CineColor, el mayor laboratorio con estudio de post-produccin del pas, de capital chileno. Por tanto, Disney-Artear
poseen ms del 62% de Patagonik, Pol-Ka entre un 25 y un 30% y CineColor el porcentaje restante.
52 Telefnica tambin cuenta con capital en productoras de cine espaolas como Lolafilms, de Andrs Vicente Gmez, y Morena Films.



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53

En 2004, la produccin de Patagonik, Patoruzito, sali al mercado con 115 copias, mientras que ocho pelculas argentinas en el
mismo ao salieron con una sola copia. El cine europeo sale con un promedio de 11 copias (Los Otros, la pelcula europea ms vista del
ao 2001 se lanz con 52 copias).


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54

A pesar de haber sido creado en 2001, hasta el 2005 el Funcine no entra en vigor. Su aporte para ese ao fue de ms de un milln de
reales (Fuente: Agencia Nacional de Cine ANCINE-).
55 La crisis econmica de inicios de los noventa supuso la desaparicin de la Empresa Brasilea de Films, S.A. (Embrafilme, creada en
1969) y del Consejo Nacional de Cine (CONCINE, de 1976), los cuales durante 20 aos formaron la base de la industria cinematogrfica
del pas.
56 El pas llevaba ya un ao de vigencia del conocido como Plan Real (Plan econmico de estabilizacin de la moneda brasilea que
cre el Real. El plan fue responsable de la mejora en los ndices de inflacin y valorizacin de la moneda en relacin al dlar).
57 Basada en el modelo de renuncia fiscal, la Ley del Audiovisual se sustenta en dos dispositivos principales: reduccin en el impuesto de
la renta a aquellas empresas que inviertan en la produccin cinematogrfica (con lmite de 3% del total del impuesto y un techo de 3
millones de reales por proyecto); y, el segundo dispositivo permite a las distribuidoras extranjeras con actividad en el pas invertir parte de
los impuestos sobre beneficios en la produccin de filmes nacionales.
58 En 1991, como tentativa de compensacin ante la desaparicin de Embrafilme y CONCINE, el presidente Collor de Melo cre la Ley n
8.313, conocida como Lei Rouanet, con el fin de otorgar financiacin, tanto a empresas como a personas fsicas, para la realizacin de
proyectos culturales.


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59

Frente a los 16,6 millones de dlares (28 millones de Reales) otorgados en 1995, en 2001, la industria cinematogrfica brasilea recibi
un total de 63,5 millones de dlares, de los cuales, el 86% (54,7 millones de dlares -100,7 millones de Reales-) fueron a travs del
sistema de incentivos fiscales. En 2004 la cuanta asciende a un total de 78,92 millones de dlares (145,2 millones de R$), un incremento
del 79% (62,3 millones ms) respecto al 95, de los cuales, el 88,5%, 69,86 millones de dlares (128,5 millones de R$) fueron en
incentivos fiscales y el resto a travs del Condecine (art. 39, 3%), la cifra ms alta jams registrada (Fuente: RECAM, www.recam.org).
60 A pesar de haber sido creado en 2001, hasta el 2005 el Funcine no entra en vigor. Su aporte para ese ao fue de ms de un milln de
reales (Fuente: Agencia Nacional de Cine ANCINE-).
61 A pesar de haber sido creado en 2001, hasta el 2005 el Funcine no entra en vigor. Su aporte para ese ao fue de ms de un milln de
reales brasileos (578.858,74 USD; 437.116,15 euros, cambio realizado en agosto de 2009 -1 BRL= 0,58 USD) (Fuente: ANCINE).


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62

1R$= 0,54USD; 0,383 (valor calculado a agosto de 2009).


Esta pelcula sale al mercado con 133 copias, una cantidad muy superior a la media de copias de las pelculas brasileas en ese ao,
30 copias por pelcula en 1996.
63



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64

Hasta 1998, cuando las majors an no haban entrado en el mercado de la distribucin brasileo, Riofilme, distribuidora exclusiva de
producciones locales, contaba con una buena cuota de mercado. Concretamente en 1998, gracias al acuerdo establecido con el Grupo
Severiano Ribeiro, alcanz el 54,9% de cuota de mercado (% sobre espectadores) con 8 largometrajes distribuidos entre los que destaca
Central do Brasil (1998, Videofilmes Produes), uno de los mayores xitos del cine brasileo en el mercado interno e internacional.
65 En 2002, el 52% de las pelculas brasileas estrenadas fueron distribuidas por esta empresa independiente. En 2004, con una cuota del
20% de la distribucin de estrenos brasileos, sus directivos deshacen la sociedad por motivos desconocidos.


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66 Etapa en la que se trazan las lneas principales que caracterizan al actual modelo de polticas de comunicacin en Mxico. Pero
adems, esta etapa se caracteriza por la privatizacin de la empresa estatal Telfonos de Mxico (Telmex) en 1990, compaa que
operaba en monopolio junto con un grupo de inversionistas privados mexicanos y extranjeros. Esta medida fue el primer paso para abrir el
mercado de las telecomunicaciones, requisito indispensable para ser aceptado en organizaciones internacionales como la Organizacin
para la Cooperacin para el Desarrollo Econmico (OCDE) y para iniciar posibles negociaciones de tratados de libre comercio (TLCAN).
Asimismo, por medio de una licitacin pblica, en 1992, puso a la venta los activos del Instituto Mexicano de la Televisin (Imevisin) y
cede su concesin a una empresa privada (TV Azteca). Con esto se buscaba crear un escenario de competencia en el mercado de la
televisin privada (Gmez Garca, 2007:389-430).



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67

La administracin Zedillo otorg 135 millones de pesos (equivalente a 13.5 millones de dlares) para el arranque de este fondo (Gmez
Garca, 2007:389-430).
68 Este fondo recibi tambin $135 millones. Sin embargo, a diferencia del otro, la Ley no contempla un subsidio directo para este
financiamiento.


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69

Esta disposicin presentada desde la Cmara de Diputados levant revuelo en los Estados Unidos, puesto que el presidente de la
poderosa Motion Picture Association, Jack Valenty, envi una carta dirigida al presidente Vicente Fox quejndose por la iniciativa y,
adems, le peda que interviniera para su derogacin (New York Times, 11 de diciembre 2003).
70 En diciembre de 2006 se publicaron modificaciones al Artculo 226 de la Ley del Impuesto Sobre la Renta, para la Aplicacin del
Estmulo Fiscal a Proyectos de Inversin en la Produccin Cinematogrfica Nacional (EFICINE). Para su entrada en vigor, en los primeros
meses del presente ao, el Instituto realiz gestiones ante las instancias involucradas para concretar la creacin del Comit
Interinstitucional (conformado por CONACULTA, IMCINE y SHCP), ya que es la instancia facultada para autorizar los proyectos de
inversin. A travs del EFICINE, ms de 100 empresas de otros sectores econmicos participan en la produccin de pelculas mexicanas
(Fuente: Instituto Mexicano de Cinematografa. Informe de Labores, 2008).


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71

Con esta nueva incorporacin de la empresa televisiva en la industria cinematogrfica, el grupo Televisa segua expandindose en el
sector audiovisual y llenaba espacios que dejaba el gobierno.
72 Desde 1990 Videocine es la empresa que distribuye el material de Warner Bros en Mxico. Anteriormente esas producciones fueron
distribuidas por las empresas: Compaa Vista Pelculas (1983-85) e INDEFILMES (1986 y 1987), respectivamente.


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73 En el ltimo ao aparecieron cuatro nuevas empresas distribuidoras: Valentim do Carvalho Multimedia, Phanteon Entertainment, Faux y
Filmes do Mussulo, a su vez productoras.
74 Los diez largometrajes ms taquilleros del 2008 concentraron 1.946.402 de euros.



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75 En estos aos, el coste de produccin de un filme local rondaba entre 700 y 800 mil dlares, cifra prcticamente imposible de amortizar
en el pas ya que la cifra mxima de espectadores a la cual podra aspirar una pelcula de xito no superaba los 100 mil o 120 mil
espectadores. El largometraje chileno Johnny Cien Pesos, de Gustavo Graef, concentr 110 mil espectadores; La luna en el espejo, de
Silvio Caiozzi, 90 mil, ello equivala a un promedio de recuperacin de menos de 150 mil dlares, si se considera que en esos aos el
precio medio de las entradas era de 3,5 dlares (CNCA, 2003 en Getino, 2005a).
76 A partir de 2005 el CNCA deja de aportar recursos a la financiacin de la industria audiovisual chilena, algo que sin duda repercute en
una cada del nmero de largometrajes en 2006, seis frente a los 20 de 2005.



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80

Ttulos como Vicky, Cristina, Barcelona, una pelcula de Woody Allen rodada en Barcelona, Los Crmenes de Oxford o Che, el
argentino, las pelculas espaolas ms taquilleras de 2008, fueron coproducidas con alguna empresa estadounidense y distribuidas por
las filiales de las majors en Espaa como Warner Bros e Hispano Foxfilm.


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81 El Mercosur es una unin aduanera integrada por Argentina, Brasil, Paraguay y Uruguay, creada a partir de la firma del Tratado de
Asuncin (1991). Sus objetivos son la integracin de los cuatro Estados Partes a travs de la libre circulacin de bienes, servicios y
factores productivos. El Mercosur tiene un total de 242 millones de habitantes (estados miembros plenos) y su PIB per cpita es de
10.135 dlares USA. Sus lenguas son el espaol, el portugus y el guaran. Su secretariado permanente se encuentra en Montevideo
(Uruguay) (Crusafn, 2009:94).



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82 Segn datos de Screen Digest (2006), en 2002 se produjeron en Iberoamrica 122 pelculas, 173 en 2003, 255 en 2004 y 283 en 2005.
Sin embargo, hasta finales de 2007 slo 49 de las 283 pelculas iberoamericanas producidas en 2005 haban sido estrenadas en la UE,
37 de ellas coproducciones con productoras europeas.



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84 De las 222 pelculas argentinas estrenadas en Europa desde 1996, el 41% concentraron entre 0 y 10 mil espectadores; el 53% entre
10.100 y 350 mil; el 5% entre 400 mil y un milln de espectadores; y el 1% entre 1 y 4 millones.
85 Central do Brasil ocupa el puesto nmero uno del ranking del cine iberoamericano ms visto en Francia en la ltima dcada.



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86

Esta produccin cont con la participacin de Televisin Espaola y Canal+.



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88

Pases como Bolivia, Per, Colombia, Cuba o Venezuela apenas superan los cinco mil espectadores anuales en el mercado espaol.


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89

Una cuanta bastante superior a la aportacin que Espaa realiza al programa Ibermedia, incluso siendo con diferencia el principal
contribuyente.


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90

Informacin publicada en la web de ANCINE, en octubre de 2008.




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91 Se ha cogido hasta 2007 porque no se disponen de datos de las pelculas apoyadas por Ibermedia en 2008. En el captulo 4 de esta
tesis profundizaremos en el anlisis de este Programa.



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92 En diciembre de 2003, el Grupo Mercado Comn (GMC) toma la decisin intergubernamental de creacin de la Reunin Especializada
de Autoridades Cinematogrficas y Audiovisuales (RECAM), con la finalidad de desarrollar e implementar mecanismos destinados a
promover la complementacin e integracin de dichas industrias en la regin, la armonizacin de polticas pblicas del sector, la
promocin de la libre circulacin de bienes y servicios cinematogrficos en la regin y la armonizacin de los aspectos legislativos
(Crusafn, 2009:96).



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93

Desde la II Guerra Mundial, el acelerado desarrollo econmico y la expansin del comercio mundial han ido provocando la creacin de
grandes espacios regionales econmicos competitivos en el mercado mundial. Los Estados Unidos, un mercado regional amplio y
consolidado por naturaleza desde finales del siglo XIX versus la Comunidad Europea, que en su origen tuvo una motivacin poltica


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impedir la rivalidad franco-alemana- fue convirtindose a partir de los aos 70 y 80 en una respuesta defensiva frente al liderazgo
econmico del bloque regional estadounidense y el crecimiento del japons. La mayor expresin desplegada en este sentido tuvo lugar
durante las negociaciones del GATT, momento en que las polticas defensivas en torno al audiovisual europeo encontraron su mxima
expresin.
 

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94

Segn Llorens-Maluquer (2001:28), en 1997 la ficcin norteamericana representaba el 71,3% de las importaciones cuando en 1994 la
misma cifra era del 69,8%.
95 De acuerdo con un informe publicado por Screen Digest (2005), 2004 fue el segundo mejor ao de la historia para los filmes de habla
no inglesa estrenados en Estados Unidos, logrando entre todos una recaudacin total de 98,3 millones de dlares, de los cuales 53,6
millones de dlares correspondieron a la pelcula china Hero. Para poner estos datos en contexto, una nica pelcula no especialmente
exitosa de ese mismo ao, 50 First Dates, con Adam Sandler y Drew Barrymore, alcanz una recaudacin de ms de 120 millones de
dlares.


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96

Como resultado de estas iniciativas, en 1942 los gobiernos de Argentina y Espaa suscribieron el Acuerdo Cultural Argentino-Espaol
reemplazado en 1971 por el Convenio de Cooperacin Cultural- en cuyo Art. 2, se propona organizar el intercambio de pelculas
cinematogrficas educativas, geogrficas o histricas, que contribuyan al mejor recproco conocimiento de entrambos (Getino, 1996:184).
97 Ningn otro pas de los que actualmente conforman el MERCOSUR haba firmado hasta ese momento algn documento de
coproduccin o cooperacin cinematogrfica con Espaa (Getino, 1998).


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98 Recordemos que en esta poca exista un panorama comn para el conjunto de las industrias culturales, tanto europeas como
iberoamericanas, basado en el dominio de la industria de Hollywood, la falta de recursos para producir y exportar las pelculas producidas,
la debilidad y fragmentacin de las industrias nacionales frente a la norteamericana, as como la escasa integracin regional entre las
mismas.
99 En concreto, HISPASAT fue constituida en el ao 1989 con la misin de convertirse en el operador de satlites de referencia para los
mercados de habla hispana y portuguesa. Esa iniciativa, en sus principios de carcter gubernamental, fue un primer indicio de un espacio
que luego incrementara su protagonismo y que recibira otras iniciativas de carcter institucional como, en la actualidad, la Televisin
Amrica Latina (TAL), que ha sido puesta en marcha por la Organizacin de Estados Iberoamericanos (OEI).
La TAL es una red estratgica latinoamericana de comunicacin, creada a partir del intercambio de contenidos y acciones cooperativas de
160 canales de televisin, instituciones educativas y culturales y productores independientes de los veinte pases iberoamericanos.
Asimismo promueve la integracin cultural, social y econmica de la regin a travs del intercambio de informaciones entre los pases y
los pueblos de la regin (Crusafn, 2006:5).
100 Los miembros integrantes de este convenio fueron Argentina, Bolivia, Brasil, Colombia, Cuba, Ecuador, Mxico, Nicaragua, Panam,
Per, Espaa y Venezuela. En su artculo 11 establece la posibilidad de crear un fondo financiero multilateral de fomento de la actividad
cinematogrfica.
101 La Conferencia Iberoamericana es un foro privilegiado de consulta y concertacin poltica que rene anualmente a los Jefes de Estado
y de Gobierno de las 22 naciones de habla hispana y portuguesa de Amrica Latina y Europa a saber, Argentina, Bolivia, Brasil, Chile,
Colombia, Costa Rica, Cuba, Ecuador, El Salvador, Espaa, Guatemala, Honduras, Mxico, Nicaragua, Panam, Per, Paraguay,



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Portugal, Principado de Andorra, Repblica Dominicana, Uruguay y Venezuela. Su propsito es reflexionar sobre los desafos del entorno
internacional, as como impulsar la cooperacin, coordinacin y solidaridad regionales.
102 A partir de la I Conferencia Iberoamericana de Jefes de Estado y de Gobierno (Guadalajara, 1991), la OEI ha promovido y convocado
las Conferencias de Ministros de Educacin, como instancia de preparacin de esas reuniones cumbres, hacindose cargo tambin de
aquellos programas educativos, cientficos o culturales que le son delegados para su ejecucin.
103 En este entorno se discute la idea de crear un espacio audiovisual latinoamericano a semejanza de lo hecho en Europa acerca del
espacio audiovisual europeo con el fin de hacer frente a la poltica hegemnica de los Estados Unidos. Las discusiones evocan el
Informe McBride sobre el nuevo orden mundial de la comunicacin.


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104

En 1996 se recoge la cuestin del audiovisual y en el artculo 3 se dice: Los Estados Partes (Argentina, Brasil, Paraguay y Uruguay)
favorecern producciones de cine, vdeo, televisin, radio y multimedia, bajo el rgimen de coproduccin y codistribucin, abarcando
todas las manifestaciones culturales (Protocolo Mercosur, 1996).
105 MERCOSUR/RECAM/Acta n 02/06, Ro de Janeiro, 3 y 4 de octubre de 2006 (Informe Secretara Tcnica, 2008).



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FHE:K9J?LE 


106 Las pelculas espaolas coproducidas con Iberoamrica entre 2002-2007 fueron distribuidas por 51 empresas distribuidoras diferentes.
En algunas ocasiones, ante la dificultad para conseguir distribucin fueron las mismas microempresas productoras quienes se encargaron
de la distribucin y esto se tradujo en unos niveles de recaudacin muy bajos.



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107 Las naciones que ms fondos otorgaron al sector cinematogrfico en 2007 fueron Mxico, con unos 60 millones de dlares, Brasil con
una cifra similar, Argentina aport cerca de 30 millones y Venezuela unos 27 millones de dlares (en Agencia Reuters, disponible en:
http://espanol.news.yahoo.com/s/reuters/080623/latinoamerica/latinoamerica_cine_latinoamerica_politicas_sol (consultado: octubre 2009).

 

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108

Ms de la mitad del articulado referido a las ayudas al sector cinematogrfico est pendiente de desarrollo reglamentario.
 

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109

Respecto a la lengua propia de las Comunidades Autnomas, el porcentaje a cubrir se establece en un 20% cuando las pelculas de
terceros pases se proyecten dobladas a una de esas lenguas en todas las sesiones ordinarias de un mismo da. Para las salas situadas
en municipios de poblacin inferior a 20.000 habitantes, la cuota es de 1x5 y 1x6 (cuando hay lengua propia distinta del castellano, R.D.
196/2000).
110 Los exhibidores no estn de acuerdo con esta medida y exigan medidas de proteccin frente a las grandes distribuidoras
internacionales y unos plazos de explotacin de las pelculas en las distintas ventanas de exhibicin.


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111

Cada sala de cine en Argentina tiene la obligacin de estrenar una pelcula nacional por trimestre. La cuota de pantalla slo asegura a
una pelcula una semana en cartel. Para que el plazo de exhibicin se extienda, la pelcula debe alcanzar una cantidad de espectadores
mnima entre el jueves y el domingo (media de continuidad). La cuota de pantalla y media de continuidad tienen impacto sobre las
pelculas nacionales que obtienen cierta respuesta de espectadores, pero no modifican la situacin de las que ni siquiera estn cercanas
a atraer un mnimo de pblico local.
112 Tras la polmica suscitada por la retirada de pelculas de xito argentinas como Luna de Avellaneda, de Juan Jos Campanella y los
Guantes mgicos, de Martn Rejtman.


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113

CONDECINE (Contribuio para o Desenvolvimento da Indstria Cinematogrfica Nacional), segn su redaccin en la ley del
audiovisual debe ser pagada prcticamente por todos los sectores empresariales dentro del audiovisual (salas de exhibicin, vdeo
domstico, servicios de radiodifusin, servicios de comunicacin de televisin de pago...). Una de las excepciones son la exportacin de
obras cinematogrficas y programacin brasilea para el exterior, que se benefician de exenciones.
114 En 2007 este fondo contaba con un presupuesto de 37 millones de reales (unos 14 millones de euros) y a finales de 2008 con 94
millones de reales (unos 29 millones de euros).
115 Estos programas son el Programa de Apoio ao Desenvolvimento do Cinema Brasileiro (PRODECINE), Programa de Apoio ao
Desenvolvimento do Audiovisual Brasileiro (PRODAV) y el Programa de Apoio ao Desenvolvimento da Infra-Estrutura do Cinema e do
Audiovisual (Pr-Infra).
116 La cuota anterior era de 35 das y se aument en 2004 incluso a pesar de la oposicin de las distribuidoras estadounidenses y algunas
cadenas de exhibicin (Getino, 2007b).


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117

Reconoce incentivos a personas fsicas o jurdicas, residentes o no en Brasil que realicen inversiones en el rea de cultura,
posibilitndoles deducir del impuesto de la renta una parte de la cantidad destinada a donaciones y patrocinios de proyectos culturales
que cumplan con los requisitos establecidos en la norma. As, los contribuyentes pueden dirigir a obras cinematogrficas brasileas, tanto
mediante contribuciones al Fondo Nacional de Cultura como mediante donaciones y patrocinios directos, parte de la cantidad que debera
ser recogida por la hacienda brasilea.
118 En los artculos 1 (1-A) y 3 se definen los diferentes mecanismos de incentivos. Esta ley prev incentivos para fomentar la produccin
de obras audiovisuales brasileas de corte independiente, as como posibilitar la realizacin de proyectos en el rea de exhibicin,
distribucin e infraestructura tcnica. En la actualidad es la principal fuente legal de incentivos fiscales a la industria brasilea.
119 Precisamente, lo contrario a lo que ocurre en Argentina y Espaa. Los respectivos Institutos de Cultura, el INCAA e ICAA
respectivamente, son quienes seleccionan los proyectos que van a recibir la subvencin.


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120

Recordemos que Globo particip en el 92% de las entradas brasileas vendidas en 2003 en todo el pas.



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121

Estas donaciones estn exentas del trmite de insinuacin a que se refiere el artculo 1.401 del Cdigo Civil. De acuerdo a la
legislacin chilena se entiende por trmite de insinuacin a la autorizacin del juez competente, solicitada por el donante o el donatario,
de conformidad a lo sealado en el artculo 1.401 del Cdigo Civil.


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122

La direccin del FDC y la decisin sobre las modalidades, cantidades subvencionadas, apoyos, selecciones y en general todas
aquellas pertinentes al FDC estn a cargo del Consejo Nacional de las Artes y la Cultura en Cinematografa (CNACC) conformado por el
Ministro de Cultura o su designado, el Director de Cinematografa del Ministerio de Cultura, un representante de los productores, un
representante de los distribuidores, un representante de los exhibidores, un representante de los directores y un representante de los
Consejos Departamentales o Distritales de Cinematografa o Audiovisuales. La administracin y secretara tcnica de este Fondo est a
cargo de Proimgenes en Movimiento.

 

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123

En su mayora estos fondos son financiados a partir de un porcentaje del precio de taquilla, pero tambin se financian con impuestos
aplicados a los ingresos obtenidos por los agentes en otras fases del proceso productivo. Como hemos comentado anteriormente, este
mecanismo permite disponer de una mayor seguridad financiera y acceso a los fondos sin estar supeditados a la cuanta de los
presupuestos pblicos ni a decisiones polticas en funcin del color del gobierno de turno.


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124

La DTSF se ha convertido en la herramienta central de la poltica de proteccin del mercado audiovisual europeo y en uno de los
principales frentes de batalla en las negociaciones multilaterales acerca de la liberalizacin del comercio internacional de los servicios en
el marco de la Organizacin Mundial del Comercio (OMC). Finalizados los acuerdos del GATT en la Ronda Uruguay, en Europa se ha
venido constatando la falta de acuerdo entre las diferentes concepciones sobre el audiovisual que existen entre los distintos estados
miembros de la Unin. As lo demuestra la tardanza de acuerdo sobre la revisin de uno de los pilares bsicos, la Directiva Televisin Sin
Fronteras, iniciada en 1995 y finalizada en 1997.
125 Constituida el 11 de noviembre de 1989 mediante la suscripcin del Convenio de Integracin Cinematogrfica Iberoamericana,
inicialmente se concibi como un organismo de autoridades cinematogrficas al que posteriormente se le agreg el trmino audiovisual
(en el ao 2000). Sin embargo, esta ampliacin en la definicin no supone una ampliacin de competencias, pues se desarrollan ms
actividades en materia cinematogrfica que en el rea televisiva.


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126 Comisaria de Medios de Comunicacin, Vivianne Reding, disponible en:
http://www.interculturaldialogue2008.eu/fileadmin/downloads/documents/600-press%20releases/IP-08-909_ES.pdf
127 La contribucin de MEDIA ha sido esencial para el desarrollo del cine europeo entrevista al director de MEDIA Desk Espaa, Jess
Hernndez Moyano, 13 de Febrero de 2009, Disponible en:
http://blog.espacioeuropa.eu/category/programa-media/ (Consultado el 10 de abril de 2009).



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128 Por aquel entonces el director general del ICAA, Jos Mara Otero, durante la reunin celebrada en Caracas por la Conferencia de
Autoridades Audiovisuales y Cinematogrficas de Iberoamrica (CAACI) en julio de 1997, sealaba la bondad de esa poltica europea que
se encuentra articulada por: La directiva Televisin sin fronteras, que favorece la inversin de fondos de las televisiones en la produccin
cinematogrfica independiente; el programa Media, destinado al fomento de la escritura de guiones, el desarrollo de proyectos y la
introduccin de las nuevas tecnologas; el fondo Eurimages (del Consejo Europeo) y el Convenio Europeo de Coproducciones. En el
horizonte iberoamericano, Otero destaca la necesidad de fomentar la produccin cinematogrfica por razones culturales y de fomento del
empleo, y sabiendo separarla del conjunto audiovisual en bien del futuro comn de todas las artes audiovisuales (lvarez Valencia,
2009:30).

 

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129

nicamente las modalidades de promocin y formacin reciben ayudas a fondo perdido, aunque con un lmite mximo de 30.000
dlares para promocin y 2.500 dlares para formacin. El porcentaje de cofinanciacin mximo se establece para la mayora de los
programas en el 50%.
130 La participacin de Espaa est configurada por: ICAA, como autoridad cinematogrfica que participa en las deliberaciones y en la
direccin del fondo; la Agencia Espaola de Cooperacin al Desarrollo (AECID), que provee financieramente la parte espaola; y la
Direccin General de Cooperacin y Comunicacin Cultural (recientemente reconvertida en Direccin General de Poltica e Industrias
Culturales, tambin en el organigrama del Ministerio de Cultura). Desde 2006, la mencionada Direccin General de Cooperacin ha
venido contribuyendo con una dotacin econmica exclusiva para documentales o programas de televisin cultural. La presencia de
AECID prolonga una actuacin ya iniciada en los aos '80 que, junto con el mismo ICAA y TVE, desempe un papel determinante en el
apoyo a las coproducciones cinematogrficas bilaterales entre Espaa y las cinematografas de Amrica Latina y cre otro de los
antecedentes impulsores de la creacin de Ibermedia.
131 El fondo fue comprometido en un primer momento por doce pases, aunque finalmente arrancara en 1998 con la aportacin de tan
slo nueve, entre los cuales Espaa y Mxico aportaban ms de la mitad del total (3,5 millones de dlares). Los siete restantes eran:
Argentina, Brasil, Colombia, Cuba, Portugal, Uruguay y Venezuela. Entre 1999-2001 se han sumado al programa tres pases ms por este
orden: Chile, Bolivia y Per -que aportan la cantidad mnima exigida, 100.000 dlares-. En 2003 se suma Puerto Rico, Panam en 2006,
en 2008 lo hacen Costa Rica, Ecuador y Repblica Dominicana y en 2008 se agrega Guatemala, incorporacin que se hace efectiva en
2009.
132 En 2002, tanto Mxico como Argentina dejaron sin pagar su cuota. Lo mismo ocurri con Per en 2005. Uruguay tambin tuvo
dificultades pero sald su deuda en 2005. Bolivia ha tenido dificultades para pagar las cuotas de 2006, 2007 y 2008, aunque en la
actualidad ha saldado la deuda con el recurso a que se cancelaran las ayudas otorgadas a proyectos bolivianos en 2005 dejando de
pagar los 100.000 dlares correspondientes a aquel ao.


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133 Si tenemos en cuenta el coste medio de produccin de una pelcula iberoamericana, por ejemplo, el de una espaola, que ronda los 3
millones de euros segn datos del ICAA, con la dotacin anual de 2008 (4.484.318 euros. Cambio realizado en diciembre de 2009, valor
1$= 0,678853). Tan slo un largometraje abarcara ms del 75% del fondo, ya no digamos aos anteriores en que las cuantas fueron
ms bajas.
134 La necesidad de aportar una contribucin mnima anual ha sido la causa de que algunos pases o bien no hayan decidido participar en
el programa o bien se hayan retirado de forma temporal. Es el caso de Costa Rica, que en 1998 aport 50 mil dlares y posteriormente
tuvo que retirarse al alegar dificultades para cumplir con el mnimo exigible. Tambin pases centroamericanos plantearon a la CAACI la
posibilidad de pagar la cuota de forma conjunta. La propuesta no sali adelante.



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135 A partir de 2006, los pases con ms de 5 aos en funcionamiento dentro del Programa manifestaron su voluntad de incrementar a
150.000 dlares el aporte mnimo, una cuanta que no todos los pases, sobre todo los centroamericanos como se puede observar en la
tabla IV.5, pueden destinar.



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136

En la reunin de la CAACI celebrada en Quito en julio de 2008 se acord una nueva modalidad de ayudas para mejorar la circulacin y
exhibicin de las pelculas iberoamericanas, a travs de la convocatoria de ayudas a la exhibicin siguiendo el modelo Europa Cinemas
del Programa Media. En 2007, las ayudas a la distribucin/promocin fue de 133.000 dlares, un 2% de la cuanta total para ese ao
(5.957.561$).


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137

Inicialmente el Programa fue diseado con una duracin prevista de cinco aos segn su Reglamento (Disponible en:
http://www.programaibermedia.com/esp/pdf/autoridades/reglamento_ibermedia.pdf). En la XI Cumbre de Lima (Per) celebrada en
noviembre de 2001: Constatamos con satisfaccin los resultados positivos alcanzados por el Programa IBERMEDIA, acordamos su
continuidad y apoyamos su proceso de vinculacin a la SECIB. Posteriormente, se volvi a ratificar la continuidad del mismo en la
Declaracin Final de la Cumbre Iberoamericana de Santa Cruz de la Sierra (Bolivia) celebrada en noviembre de 2003: Destacamos,
especialmente, los logros alcanzados por el programa IBERMEDIA durante el presente ao y reiteramos nuestro compromiso con la
continuidad del mismo, particularmente, con la generacin de un marco jurdico adecuado que permita el desarrollo de todas las
potencialidades de crecimiento de dicho programa (Cooperacin Iberoamericana, apdo. 7, pg. 9. Disponible en:
http://www.segib.org/documentos/22/esp/DeclaraciondeSantaCruz.pdf)



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138

Esta ayuda ser mnimo de 30.000 USD y mximo de 50.000 por sala. Para poder optar a la ayuda los exhibidores, en funcin del
nmero de salas, debern exhibir un determinado nmero de pelculas de diferentes nacionalidades. As pues, los complejos de una sala
debern proyectar cuatro pelculas y recibirn 30.000 USD; 5.000 USD ms si es de dos salas y exhibe seis pelculas; 40.000 USD para
los complejos con tres salas y nueve pelculas de diferentes pases; 45.000 USD para los de cuatro salas que exhiban doce pelculas y la
cuanta mxima, 50.000 USD para los complejos con cinco o ms salas que exhiban 14 pelculas (SEGIB, 2009: Programa Ibermedia.
Disponible en: http://www.programaibermedia.com/archivos/bases2009/exhibicion/ex2009_esp.pdf).


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139
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Las ayudas a la distribucin se realizan a travs de prstamos y se subvenciona la promocin.


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142 El coste medio de produccin de una pelcula espaola ha pasado del milln de dlares a finales de los noventa, a rondar los 3-4
millones de dlares diez aos despus. Mercados como Argentina, Mxico y Brasil han experimentado un incremento de costes mucho
menor. En los dems pases de produccin media, como Colombia, Chile, Venezuela, y, en cierta medida, Puerto Rico, la variacin de los
costes no ha sido tan significativa. En el resto de la regin es posible encontrar presupuestos que oscilan entre los 500.000 y los 900.000
dlares USA, sin incluir, evidentemente, los gastos en copias y marketing.

 

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143

El cambio de acento hecho en las ayudas a la distribucin de Ibermedia, dotando en los ltimos tres aos una lnea para ayudas al
delivery, tampoco ha dado grandes frutos. Se trataba de conseguir con ellas que los productores iberoamericanos se ejercitaran en la
venta de sus pelculas en el mercado internacional y que el recorrido de la coproduccin llegara tambin al territorio en que se promociona
la pelcula en festivales y mercados.

 

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PARTE









Cine Digital: expansin en el espacio


audiovisual euro-iberoamericano y
potencialidades digitales en el proceso
de integracin regional





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145 Society of Motion Pictures and Television Engineers, organismo norteamericano especializado en la redaccin de estndares de cine y
televisin que rene a casi 200 instituciones pblicas y privadas de todo el mundo, incluyendo varias agencias nacionales de cine y
audiovisual.
146 Los grandes estudios exigen a las salas con tecnologa digital que stas operen bajo su estndar, el DCI, de lo contrario les niegan la
comercializacin de sus pelculas.

 

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147

Las redes de distribucin son extensas y complejas, sobre todo aquellas que las majors expanden por todo el mundo. No obstante, el
uso de la tecnologa directamente aplicada al material cinematogrfico no requiere de grandes esfuerzos, ya que se limita a un papel de
gestin del material y no de su transporte propiamente dicho, que se realiza por los canales fsicos apropiados, generalmente mediante la
contratacin de empresas de transporte de cargas.
 

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148

Si la pelcula est en formato 35mm ser necesario escanearla para convertirla en un archivo de imagen digital. Los actuales
escneres pueden escanear en tiempo real resolucin de 2k (es decir 24 fotogramas por segundo fps-) y a una velocidad de 6fps para
resoluciones de 4k (Carey et al, 2005:53).

 

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149

Tambin conocida como checksum. Se trata de una forma de control de redundancia, una medida sencilla que sirve para proteger la
integridad de los datos mediante la verificacin de que no se haya producido ninguna corrupcin. Se emplea para comunicaciones
(Internet, comunicacin de dispositivos, etc.), as como para los datos almacenados (archivos comprimidos, discos porttiles, etc.).
 

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150

El precio por copia de 35mm ronda los 1.000-1.500 euros segn el resumen del informe Screen Digest (2006a).
Los servicios de banda ancha se realizan mediante dos tipos de redes: por cable y por la red telefnica DSL. Las transmisiones
restantes, como el satlite o la red WiFi, todava se encuentran en una fase muy primitiva de experimentacin y su uso queda, por el
momento, relegado a un papel complementario debido al elevado coste de uso (trfico de subida en el caso del satlite) y a limitaciones
tcnicas (obstculos fsicos que entorpecen la transmisin de radio de WiFi). El desarrollo de cada una de estas redes depende del
mercado donde operan (Guillou, 2004:10).

151

 

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152

El proyector DLP utiliza tres unidades DMD compuesto, cada una de ellas por matrices de 1280x1024 con espejos microscpicos de
aluminio, con lo que se obtiene una resolucin total de 4 Mega pxeles aproximadamente. Comparndolo con un fotograma de celuloide,
cada micro espejo se puede hacer equivaler a 1 mm2 de pelcula. El proyector DLP mantiene, segn el fabricante, una relacin de
contraste de 1000:1, superior a sistemas anteriores y cercana a los 1.200:1 del negativo cinematogrfico (www.dlp.com)
153 Aunque no ha conseguido la aceptacin internacional, las caractersticas del ILA (Image Light Amplifier) son superiores en algunos
aspectos a la DLP, como la resolucin del sistema (2000x1280 pxeles) y la relacin de contraste (1500:1). Sin embargo el sistema ILA
est basado en la tecnologa LCD y requiere un procesado de luz polarizada ms complejo y de mayor desgaste que los basados en
micro-espejos.
 

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154 Arts Alliance Media (AAM), es el proveedor lder europeo en promocionar el cine digital y el que ms acuerdos ha firmado con
distribuidoras de las majors para distribuir cine digital en Europa, el ltimo, en febrero de 2008, con Walt Disney, el ltimo estudio en
unirse al apoyo hacia la digitalizacin europea tras Twenty Century Fox y Universal Pictures Studios. Asimismo, AAM tambin ha firmado
un contrato con el grupo de exhibicin lder en Francia, Circuit George Raymond (CGR Cinmas) para digitalizar las 390 salas repartidas
por toda Francia (Screen Digest, 2009c:110).
155 El gobierno germano ha formado un grupo de trabajo para estudiar y definir las mejores condiciones para el cambio hacia la tecnologa
digital y est a la espera de los resultados de los proyectos de otros pases europeos para el desarrollo de una red de cine digital.

 

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156

Observatorio Europeo del Audiovisual, 2009: Incentivos fiscales de las autoridades italianas para el sector cinematogrfico n C25/09,
publicado en: http://ec.europa.eu/competition/consultations/2009_digital_cinema/summary_es.pdf (Consultado el 23.11.2009).
157 Gracias a la Asociacin Cine Digital, 14 salas ubicadas en Galicia, 13 en Castilla y Len, 9 en Castilla La Mancha, 7 en Catalua y
Madrid, 5 en la Comunidad Valenciana, 4 en Extremadura, 3 en Baleares y Andaluca, 2 en Canarias y Asturias, y 1 en Cantabria, Pas
Vasco, Navarra, La Rioja, Aragn y Murcia se han beneficiado de las ayudas concedidas por el MITYC.
 

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158

Segn Screen Digest (2009c:109-113), a comienzos de 2008 Mxico contabilizaba 55 salas equipadas con tecnologa digital y Brasil
35. Mientras que Colombia, Argentina y Chile cuentan con 10, 11 y 7 respectivamente.
159 En Latinoamrica, cada sala digitalizada (incluyendo proyector, servidor, software y equipo para proyeccin en 3D) tiene un coste
cuatro veces superior al de Estados Unidos o Europa, pues ronda entre los 200.000 y 300.000 dlares USA (Gonzlez, 2009).
 

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160 La concentracin geogrfica de las salas equipadas con tecnologa digital es otra de las caractersticas que se aprecian en el mercado
iberoamericano, como en el resto de mercados a nivel mundial.



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161

El Ministerio de Cultura brasileo tambin impulsa el programa Olhar Brasil pensado para instalar ncleos de produccin digital
(salas de produccin y edicin digital) en distintas ciudades del pas.
162 El aporte del Estado ser un proyector, una pantalla, un reproductor de DVD y equipo de sonido.
163 De hecho, la oficina regional para Suramrica de la empresa norteamericana de proyectores digitales Christie se encuentra ubicada en
Santiago de Chile.


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164

Documentos oficiales de la RECAM (Reunin Especializada de Autoridades Cinematogrficas y Audiovisuales del Mercosur).
Disponible en: http://www.recam.org/?do=news&id=8053df98bca35941ae1374d407d89586 (consultado el 23.11.09).



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165 La escasa distribucin digital que se realiza en Espaa se hace de la misma forma que si se tratase de una copia de 35mm, un disco
duro acompaado de un conjunto de claves y llaves de seguridad (sistema de encriptacin seguro) que viaja de sala en sala.



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166

La eliminacin del coste de duplicado de copias (cerca de 1.500 euros por cinta) permite un ahorro de cerca de 75 millones de euros
en un mercado como el espaol (lvarez Monzoncillo, 2009).
167 La novedad que supone la exhibicin de pelculas en formato tridimensional (3D) y el pblico que de momento est respondiendo en
sala, est funcionando como el motor de arranque para el despegue de la tecnologa digital.


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168 Recordemos que tradicionalmente una pelcula no poda llevarse a cabo hasta ser aprobada por una empresa distribuidora, que
invertir dinero en ella si cree que va a recuperarlo, e incluso, a ganar ms.

 

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169

Segn la Federacin de Empresarios de Exhibicin de Espaa (FECE), en nuestro pas el coste de la migracin digital rondara los
1.000 millones de euros, coste imposible de asumir por unos exhibidores que todava no han amortizado las inversiones en los nuevos
multiplexes y megaplexes (unos 1.500 millones de euros en los ltimos cinco aos). Adems, la incertidumbre sobre la duracin y la
fiabilidad de los equipos ante la rpida obsolescencia de la informtica, ms la necesidad de lograr una experiencia visual semejante a la
de los sistemas analgicos frenan su desarrollo (lvarez Monzoncillo y Lpez Villanueva, 2006:35).
 

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170

La fabricacin de esta clase de proyectores es muy compleja, muy cara y la escala para la produccin en serie de estos equipos es
muy reducida en comparacin con otros aparatos digitales (cmaras fotogrficas digitales, camcorders, etc.). En el mundo existen unos
120 mil proyectores.
171 Ms difcil de afrontar para aquellos exhibidores que poseen cines con una o dos pantallas.


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172 Consiste en la exhibicin de pelculas percibidas con sensacin de profundidad gracias a la visin estereoscpica. Las tcnicas
empleadas suelen implicar que, en el proceso de filmacin, se empleen dos cmaras simultneamente para obtener imgenes con
distintos puntos de vista. As mismo, durante la proyeccin, los espectadores suelen emplear algn filtro que separa (de distinto modo
segn la tcnica) las imgenes superpuestas para que sean recibidas por cada ojo independientemente (gafas). La corteza visual
interpreta estas imgenes aadiendo la sensacin de profundidad, del mismo modo que normalmente recibe imgenes con distintos
puntos de vista de cada ojo (www.wikipedia.org).



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173 En Espaa bati el record de copias hasta ahora asignado a El Cdigo da Vinci, con 750. Avatar sali al mercado espaol con 755
copias, el 30% (255) en formato estereoscpico. En Estados Unidos se estren en 5.000 salas y 3.000 copias fueron en formato 3D.

 

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174

En Estados Unidos se estren en 7.000 pantallas, 2.000 en 3D. En el primer fin de semana recaud 44,88 millones de euros (59,3
millones de dlares), 24,6 millones de euros procedan de las proyecciones en 3D, el 55% de su taquilla en el 28% de las salas,
superando as el record que hasta ahora mantena la produccin en 3D, Hannah Montana (febrero de 2008) con 31,1 millones de
dlares. En Espaa se estren el 3 de abril de 2009 con 537 copias, 84 en 3D (www.elpas.com, 03.04.2009).
175 Las imgenes estn rodadas con dos cmaras paralelas, o generadas por ordenador en el caso de las de animacin, separadas 64
milmetros entre s, que es la distancia media existente entre los ojos humanos. En el momento de su proyeccin se pasa una imagen
para cada ojo de forma correlativa. Un emisor de infrarrojos se ocupa de enviar una seal a las gafas que les indica cul de los dos lados
debe oscurecerse mediante el cristal lquido para impedir la visin con ese ojo, al tiempo que permite que el ojo correcto vea la imagen
correspondiente (Screen Digest, 2009b:103).
 

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176

No son compatibles con las diseadas para sistemas domsticos de TV 3D o de videojuegos 3D, ya que funcionan con una frecuencia
de obturacin distinta. Tampoco las gafas activas domsticas pueden usarse en las salas 3D equipadas con gafas XpanD por idntica
razn.
177 Normalmente este sistema de gafas se usa en salas que exhiben el contenido con dos proyectores separados, cada uno con un filtro
polarizador orientado a 135 y 45 respectivamente. Para ver contenidos en 3D con este tipo de gafas es necesario disponer de un
proyector con un adaptador Z-Screen de RealD. Para estos sistemas tambin es necesaria una pantalla silver screen de ndice de
ganancia 2,2 a 2,4, porque mucha de la luminosidad del proyector se pierde en el proceso de polarizacin y la pantalla silver ayuda a que
llegue a la retina el 35,54% de la luz emitida por el proyector, y en caso de no usarse este tipo de pantallas, slo llegara el 15,5%
(www.3dcinema.com).


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178

Requiere posicionarse en un ngulo determinado para poder visualizar la imagen. Con este sistema no es necesario utilizar gafas
especiales.
179 En esta lnea, Sony ha llegado a un acuerdo con RealD para el uso de las gafas en el hogar (www.sony.net) y Sonic Solutions con la
plataforma de distribucin de vdeos online CinemaNow, creada en 1999, para la descarga de pelculas en 3D.
180 He aqu uno de los puntos en discordia entre distribuidores y exhibidores durante las negociaciones sobre quin deba asumir el coste
de la reconversin tecnolgica. Los distribuidores se escudaban en este punto, la posibilidad con la que cuentan los exhibidores de
incrementar sus ingresos al poder programar contenidos alternativos fuera del horario de exhibicin de las pelculas. Finalmente, esta
postura no ha sido aceptada y el modelo de financiacin ms extendido se basa en el Virtual Print Fee o pago por copia digital, como
hemos visto en el captulo anterior.


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181 En Reino Unido, la entrada de cine para ver pera ronda las 16 libras esterlinas, 25 para ver la Metropolitan Opera. Por su parte, los
conciertos musicales en directo rondan las 12 libras y los deportivos, las 15 (Screen Digest, 2008a:235).
182 En la pgina web de Yelmo (www.yelmocineplex.es), en la pestaa eventos podemos encontrar todas las actividades y eventos
disponibles en Yelmo.
183 http://www.cinegames.es



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184

http://www.cineduca.es



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185

La tasa de penetracin de la banda ancha en el mundo es de 6,9 abonados por cada 100 habitantes, lo que supone que a finales del
tercer trimestre de 2008 existan 398,4 millones de abonados de banda ancha en el mundo, superior en un 19,5% al valor alcanzado el
ao precedente. Existen diferencias significativas segn las distintas regiones, Norteamrica y Europa Occidental ostentan las mayores
tasas de penetracin superando en ambos casos los 25 abonados de banda ancha por cada 100 habitantes. Los mayores crecimientos
en cuanto a penetracin se refiere, se presentan en Europa del Este, que pasa de 4,7 abonados por cada 100 habitantes en el tercer
cuatrimestre de 2007, a 6,6 en el mismo perodo de 2008, y en Iberoamrica, que pasa de 3,5 a 4,9 abonados por cada 100 habitantes.
Brasil, Chile, Colombia y Mxico cuentan con mayor porcentaje. Asimismo, el ADSL se configura como la modalidad de conexin ms
extendida (ONTSI, 2009:51).
186 Cantidad de datos que se pueden transmitir en una unidad de tiempo. Por ejemplo, una lnea ADSL (Asymmetric Digital Subscriber
Line -"Lnea de Suscripcin Digital Asimtrica"- para la transmisin de datos digitales) de 256 kbps puede, tericamente, enviar 256000
bits (no bytes) por segundo. Esto es en realidad la tasa de transferencia mxima permitida por el sistema, que depende del ancho de
banda analgico, de la potencia de la seal, de la potencia de ruido y de la codificacin de canal (Fuente: wikipedia.org).


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187

De los 252,9 millones de usuarios conectados a la Red en la regin norteamericana, 227,7 pertenecen a Estados Unidos.
China concentra el 48% (338 millones) de los internautas asiticos. Japn e India, con 94 y 81 millones respectivamente, son los otros
mercados con mayor nmero de usuarios conectados a Internet.

188



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A pesar de que en Espaa la banda ancha se caracteriza por ser la ms cara y lenta de Europa (CMT, 2009). Un total de 9,1 millones
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contrataciones por cada 100 personas conseguidas en diciembre de 2008. Por tipo de conexin, el ADSL creci un 38,4% menos que en
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190

En Espaa no existe por el momento ningn servicio asociado a dispositivos para la descarga de pelculas. Tanto iTunes Store como
Xbox Live estn operativos en nuestro pas pero an no est habilitada la funcin de descarga de pelculas.
191 Con precios que van de los 14,99 dlares para los estrenos, disponibles al mismo tiempo en DVD, y 9,99$ para el resto del catlogo.
No est disponible en Europa (Screen Digest, 2009a:44).
192 Como ejemplo de estas reticencias, la principal cadena de supermercados estadounidense, Wal-mart, en septiembre de 2006
amenaz a los estudios cinematogrficos con serias consecuencias si stos comenzaban a distribuir pelculas a travs de la tienda
iTunes de Apple a un precio inferior que los DVD. Finalmente Wal-mart desisti y en 2007 entr en el mercado de distribucin del vdeo
online a travs de su portal Web (ASIMELEC, 2008:42)


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193

En Imagenio, por 4 euros al mes el consumidor tiene acceso a series, documentales, noticias y videoclips.



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194 La Web 2.0 hace referencia a la transformacin surgida en el mbito World Wide Web enfocado hacia una mayor interopatividad,
acceso a la informacin e intercambio de contenidos entre los usuarios finales. El trmino lo acu Time O`Reilly durante una conferencia
en 2004 (http://es.wikipedia.org).



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195

La apuesta de las grandes cadenas de televisin y productoras estadounidenses. Hulu cuenta con publicidad pero a cambio el usuario
dispone de pelculas y series gratis. En los primeros nueve meses ingres 10 millones de dlares (Screen Digest, 2009a:44).
196 Se recomienda la lectura del artculo publicado en la revista Telos por Miguel de Bustos y Arregocs (2006) para ampliar ms sobre
este concepto.


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197

El operador pblico de Chile fue el primero de titularidad pblica en el mundo en privatizarse (Fundacin Telefnica, 2008:280).

 

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198 Agrupan los elementos y las tcnicas utilizadas en el tratamiento y la transmisin de las informaciones, principalmente de informtica,
Internet y telecomunicaciones (ONTSI, 2009).



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7I@HIF5@9G 
















CONCLUSIONES

Conclusions








Conclusiones

ONCLUSIONES

'.;2/2,*,2L7 -.5*129L=.<2<
*129L=.<2<,.7=;*5-.5*:>.9*;=J*.<=*27?.<=20*,2L7B9;.=.7-J*68<,869;8+*;.;*5*<20>2.7=.

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27-><=;2**>-28?2<>*5.75*;.02L72+.;8*6.;2,*7*.<.?2-.7=.,86858.<5*.5.?*-*,87,.7=;*,2L7-.
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27-><=;2**>-28?2<>*52+.;8*6.;2,*7*.7.5*K8 ;87-*+*758< 625625587.<-.-L5*;.<.5 
9;8?.72.7=.< -. 5* =.5.?2<2L7 .7 *+2.;=8 >7  -. 5* =.5.?2<2L7 -. 9*08 B >7  -.5 ,27. B :>.
<9*K* .;* .7 .<. *K8 .5 6*B8; 6.;,*-8 -. 5* ;.02L7 ,87 >7* /*,=>;*,2L7 *>-28?2<>*5 -. 

625587.< -. -L5*;.< <.0>2-8 -. ;*<25   625587.< IA2,8    625587.< B ;0.7=27*  

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9*J<.< ,868 &;>0>*B B ;0.7=27* *5,*7C*+* .5
  B .5
  ;.<9.,=2?*6.7=. %*6+2I7 <.
*7*52CL 5* +*5*7C* ,86.;,2*5 .7 .5 <.,=8; 9*;* *50>78< -. 58< 9*J<.< B <. 8+<.;?L :>. ,87 98,*<
.A,.9,287.< 58< 9*J<.< 2+.;8*6.;2,*78< <87 -./2,2=*;28< ;.<9.,=8 *5 *>-28?2<>*5 2698;=*7-8 6G<
<.;?2,28< .7 .<. <.,=8; -. 58< :>. .A98;=*7 B :>. .7 ,873>7=8 5* ;.02L7 1*+J* *,>6>5*-8 .7 .5
9.;28-8  >7-I/2,2=-. 625587.<-.-L5*;.<
.5 *7G52<2< -. .<=8< -*=8< <. -.<9;.7-.7 *50>7*< ,87,5><287.< ;.5.?*7=.< -.5 <.,=8;
,27.6*=80;G/2,8.75*;.02L7.A2<=.>7*.5.?*-*,87,.7=;*,2L70.80;G/2,*B.69;.<*;2*5>7.5.?*-8
7M6.;8-.9;8->,,287.<2698;=*-*<9;8,.-.7=.<.7<>6*B8;J*-.<=*-8<&72-8<:>.98<..7>7*
6*B8; 9;.<.7,2* .7 58< 6.;,*-8< 6*B8;.< B +*38< 98;,.7=*3.< -. ,>8=* -. 6.;,*-8 9*;* 58<
5*;086.=;*3.<7*,287*5.<
<262<68 1.68< 98-2-8 ,869;8+*; :>. .A2<=. >7 ;.->,2-8 7M6.;8 -. .69;.<*< 9;8->,=8;*< -.
IA2=8?27,>5*-*<*0;>98<-.,86>72,*,2L7*5*9*;:>.>7.5.?*-87M6.;8-.9;8->,=8;*<:>.=*7
<L58 9;8->,.7 >7* 9.5J,>5* >7* *5=* -.9.7-.7,2* -. 5*< *B>-*< 9M+52,*< 9*;* 9;8->,2; -2/2,>5=*-
9*;**,,.-.;*5*<;.-.<-.-2<=;2+>,2L77*,287*5.<B*78-20*68<27=.;7*,287*5.<-.+2-8*5/>.;=.
,87=;85 :>. .3.;,.7 5*< 6>5=27*,287*5.< .<=*-8>72-.7<.< <8+;. 58< <.,=8;.< -. 5* -2<=;2+>,2L7 B
.A12+2,2L7 7*,287*5.< &7* <.;2. -. 9;8+5.6*< .<=;>,=>;*5.< :>. -.3*7 * 5* 27-><=;2* 7*,287*5 .>;8
2+.;8*6.;2,*7*.7>7*<2=>*,2L7-.-.+252-*-B9;G,=2,*6*;027*52-*-



Conclusiones

7=. .<=* <2=>*,2L7 <. 9;86>50*;87 5.B.< B -.,;.=8< 9;80;*6*< -. *98B8 B /86.7=8 * 5* 27-><=;2*
7*,287*5 <. ,.5.+;*;87 .7,>.7=;8< B /2;6*;87 *,>.;-8< +25*=.;*5.< <L58 >78< 98,8< 9*J<.<
2+.;8*6.;2,*78<.27=.;7*,287*5.<-.,889.;*,2L7+.;6.-2*:>.<2+2.71*727,;.6.7=*-8.572?.5
-.9;8->,,2L7,27.6*=80;G/2,*-.5*;.02L7781*7580;*-8,;.*;>7*27-><=;2*,27.6*=80;G/2,*<L52-*
B6>,186.78<>7.<9*,28*>-28?2<>*527=.0;*-8,868*<J;.C*.7=;.58<8+3.=2?8<-.5*6*B8;J*-.
58<,87?.728<B*,>.;-8<-.,889.;*,2L7/2;6*-8<
$.1*?2<=8:>.58<9;80;*6*<B6.,*72<68<-./86.7=8*5*27-><=;2*/*?8;.,.7>7<.,=8;,87,;.=8
-. 5* *,=2?2-*- 27-><=;2*5 5* 9;8->,,2L7 :>. 5*< 9.5J,>5*< .7 .5 6.;,*-8 58,*5 9;.<.7=*7 0;*7-.<
-2/2,>5=*-.<9*;*98-.;.<=;.7*;<.+*38<270;.<8<B.<,*<*<89,287.<-.*68;=2C*;58<0*<=8<B:>.
5*,89;8->,,2L7.<5*M72,*?J*98<2+5.9*;*98-.;.<=;.7*;.78=;8<6.;,*-8<
+.;6.-2*1*<2-8.50;*768=8;:>.272,2L.5-.<9.0>.-.5**,=2?2-*-,89;8->,=2?*.75*;.02L7-.
1.,18 .5  -.5 9;.<>9>.<=8 <. -.-2,* * .<=* 9*;=2-* $27 .6+*;08 *5 20>*5 :>. 8,>;;. ,87 .5
9;80;*6* .-2* -. 5* &72L7 78 <. 1* 580;*-8 ,;.*; >7 .<9*,28 98; .5 :>. ,2;,>5.7 58< ,87=.72-8<
*>-28?2<>*5.<-.5*;.02L77.5.<=>-28-.5,*9J=>58 1.68<,869;8+*-8:>..5.<,*<87M6.;8-.
9.5J,>5*<2+.;8*6.;2,*7*<:>.580;*7=;*<9*<*;5*</;87=.;*<*9.7*<.5
581*,.79*;*.<=;.7*;<.
.7>7;.->,2-87M6.;8-.9*J<.<-.5*;.02L78-.5*&72L7,87>7;.->,2-87M6.;8-.,892*<B,87
+*38< J7-2,.< -. *<2<=.7,2* 
  .<9.,=*-8;.< -. 6.-2* 27,5><8 *:>.55*< :>. .7 .5 6.;,*-8
58,*51*7=.72-8IA2=8
"8-.68< -.,2; :>. *:>.55*< 9;8->,,287.< 2+.;8*6.;2,*7*< :>. 55.0*7 * >;89* <87
/>7-*6.7=*56.7=.,89;8->,,287.<;.*52C*-*<,879*J<.<.>;89.8<:>.<..<=;.7*7.758<9*J<.<-.
8;20.7B.7.5;.<=8-.6.;,*-8<6>B98,8<8+=2.7.7+*38?85>6.7-..<9.,=*-8;.<$L58*:>.55*<
9.5J,>5*< :>. 1*7 ,87=*-8 ,87 5* 9*;=2,29*,2L7 -. >7* .69;.<* 9;8->,=8;* 8 -2<=;2+>2-8;*
.<=*-8>72-.7<. 8 />.;87 9;8->,2-*< 98; 58< ,870586.;*-8< 6.-2G=2,8< 7*,287*5.< 58+8 5*;J7
"*=*087242<7.B%.5./L72,*S-2<987.7-.>7*L9=26*9;868,2L7B,86.;,2*52C*,2L727=.;7*,287*5
98; =*7=8 =2.7.7 .5 IA2=8 0*;*7=2C*-8 < .5 ,*<8 -. 5*< =;.< 9;8->,,287.< 6G< =*:>255.;*< Q*+.5R
,87 6G< -.  625587.< -. .<9.,=*-8;.< Q5 5*+.;27=8 -.5 *>78R Q2*;28< -. 8=8,2,5.=*R B Q!7,.
>987*%26.27IA2,8R,876G<-. 625587.<-..<9.,=*-8;.<,*-*>7*
$.0M75*+*<.-.-*=8<>62H;.-.5!+<.;?*=8;28>;89.8-.5>-28?2<>*5.758<M5=268<
*K8<<.
.<=;.7*;87>7=8=*5-.
=J=>58<2+.;8*6.;2,*78<.75*C87*:>.,870;.0*;87,.;,*-. 625587.<
-..<9.,=*-8;.<&77M6.;86>B+*38<2=.7.68<.7,>.7=*.59.;J8-8B.57M6.;8-.9;8->,,287.<
=8=*5.< .7 5* ;.02L7 6G< -. ,2.7 =J=>58< 98; *K8 "8; .3.6958 .7=;.  B  58< 9*J<.<
2+.;8*6.;2,*78<9;8->3.;87 9.5J,>5*<-.5*<,>*5.</>.;87,89;8->,,287.<%*7<L58
 -.
.<=*< 9.5J,>5*< >7  <. 1* .<=;.7*-8 .7 5* & 9.;8 <J :>. />.;87 .<=;.7*-*<  -. 5*< 
,89;8->,,287.<>7
%*6+2I7.A2<=..75*,86.;,2*52C*,2L7-.5,27.2+.;8*6.;2,*78>7**5=*,87,.7=;*,2L7-.9*J<.<:>.
6G< =J=>58< .A98;=*7 ;0.7=27* IA2,8 B ;*<25 <87 58< 9;27,29*5.< .A98;=*-8;.< -. 5* ;.02L7 9.;8
<8+;.=8-8;0.7=27*<27->-*5*,27.6*=80;*/J*:>.6G<=J=>58<.<=;.7*.7.56.;,*-8.>;89.8B.7
,87,;.=8.7.5.<9*K85%*6+2I7.<.59*J<2+.;8*6.;2,*78:>.6G<,89;8->,.,87<9*K*-.+2-8
*58<*,>.;-8<+25*=.;*5.</2;6*-8<.76*=.;2*-.,889.;*,2L7
"*;*5.5*6.7=. .5 ,86.;,28 ,27.6*=80;G/2,8 27=;*;.0287*5 .< 6>B ;.->,2-8 ,868 58 .< 5* .<,*<*
9;.<.7,2*-.5,27..<9*K85.75*&72L7>;89.*$.0M7-*=8<-.5*& %.7.5M5=268<.A.7285*<


Conclusiones

.A98;=*,287.< -. 9.5J,>5*< 2+.;8*6.;2,*78< .7=;. 58< 9*J<.< -. 5* ;.02L7 78 <>9.;*;87 58< 
625587.< -. -L5*;.< B .7=;. 9*J<.< 78 2+.;8*6.;2,*78< 58<  625587.< <J 9>.< .5 ;.->,2-8
6.;,*-8-.27=.;,*6+28<,86.;,2*5.<780*;*7=2C*.,8786J*<-..<,*5*<8<=.72+5.<
"8; =*7=8 ,;..68< :>. 5* 27=.0;*,2L7 -. >7 .<9*,28 *>-28?2<>*5 ,86M7 ,868 .5 .>;89.8 B .5
2+.;8*6.;2,*78 78 <L58 9*<* 98; /86.7=*; 5* *,=2?2-*- ,89;8->,=2?* <278 98; ,;.*; *,=2?2-*-
27-><=;2*5 0.7.;*7-8 +.7./2,28< 9*;* .558 .< 7.,.<*;28 ,87=*; ,87 >7* +>.7* ;.- -. -2<=;2+>,2L7
9;868,2L7B,86.;,2*52C*,2L7-.5*<9;8->,,287.<.7=;.58<9*J<.<-.5*C87*B-.5*;.02L7$2+2.7
5*< 985J=2,*< 9M+52,*< 7*,287*5.< . 27=.;7*,287*5.< 2695.6.7=*-*< .7 5* .;* *7*5L02,* 1*7 580;*-8
27,;.6.7=*; 58< +*38< 72?.5.< 9;8->,=2?8< ;.02<=;*-8< .7 5* -I,*-* -. 58< 78?.7=* .7 5* 7>.?* .;*
-202=*5 .< 7.,.<*;28 ;.?2<*; B *,=>*52C*; -2,1*< 985J=2,*< *-*9=G7-85*< * 5*< 7>.?*< 1.;;*62.7=*<
=.,785L02,*<9.;8<8+;.=8-8*58<7>.?8<><8<<8,2*5.<:>.<..<=G70.7.;*7-89*;*5*,>5=>;*.7
7=.;7.=
5 *>0. :>. 9;.<.7=* .5 ,87<>68 -. 9;8->,=8< *>-28?2<>*5.< 98; 5* #.- B .5 -.<,.7<8 -.
.<9.,=*-8;.< :>. ;.02<=;*7 5*< <*5*< -. .A12+2,2L7 <87 *50>78< -. 58< <2078< :>. .?2-.7,2*7 .5
*08=*62.7=8-.568-.58,27.6*=80;G/2,8*7*5L02,8.269;26.7>7,*6+28-.;>6+8*5*,=>*568-.58
-.7.08,28
7<9*K*5*,*J-*-..<9.,=*-8;.<.7 ;.<9.,=8*5*K8*7=.;28;/>.,.;,*7**5-.5


.7;.5*,2L7*5 .5*5:>25.;/J<2,8-.9.5J,>5*<1*,*J-8>7;.<9.,=8*5*K8  625587.<
-..>;8<.7 /;.7=.*58<
625587.<-.*:>.5*K862.7=;*<:>..5,87<>68-.9.5J,>5*<87527.
/*,=>;L.7.5M5=268*K8 625587.<-..>;8<.7<9*K*6G<-.625625587.<-.-L5*;.<.7.5
6>7-8! %$ 
B  
.68< ,869;8+*-8 :>. .5 9;8,.<8 -. -202=*52C*,2L7 -. 5*< <*5*< -. .A12+2,2L7 B 5* 9;8->,,2L7 B
-2<=;2+>,2L7-.9.5J,>5*<.7/8;6*=8-202=*5B*<.1*272,2*-8B*?*7C**>7;2=68.<9.,=*,>5*;G<-.
  9*7=*55*< -202=*5.< 27<=*5*-*< .7  .7 5*< <*5*< -. =8-8 .5 6>7-8<20>2.7-8 5*< -2;.,=;2,.<
9*>=*-*< 98;  -. %.A*< 7<=;>6.7=< 8;0*72<68 /8;6*-8 98; 58< <.2< .<=>-28< -. 5*<   B
6G< -.   .:>29*-*< ,87 =.,78580J* =;2-26.7<287*5 .?2-.7,2*7 .5 .<9.,=*,>5*; -.<*;;8558 -. 5*
;.,87?.;<2L7-202=*5/;.7=.*5*<*9.7*< <*5*<-202=*5.<,87=*+252C*-*<=*7<L58=;.<*K8<*=;G<$27
->-* <=*-8< &72-8< .< .5 9*J< :>. ,87,.7=;* .5 6*B8; 7M6.;8 -. 9*7=*55*< -202=*5.< .5   -.5
=8=*59.;81.68<98-2-8,869;8+*;.758<,*9J=>58<B-..<=*=.<2<:>..5;.<=8-.6.;,*-8<
.>;89.8 ,87 #.278 &72-8 * 5* ,*+.C* . 2+.;8*6.;2,*78 ,87 IA2,8 B ;*<25 ,868 9;27,29*5.<
9;8=*0872<=*<=*6+2I71*7272,2*-8<>9*;=2,>5*;*7-*->;*-202=*5*5.7=*-8<98;.5IA2=8:>..7=;..5
9M+52,8.<=G,8<.,1*7-85*.<9.,=*,>5*;2-*-:>.8/;.,..57>.?8/8;6*=8
*98<2+252-*--.9;8B.,=*;,87=.72-8<*5=.;7*=2?8<.7<*5*,868.?.7=8<-.98;=2?8<6><2,*5.<8-.
8=;*7*=>;*5.C**<J,868.51.,18-.,;.*;,2,58<-.,27.;.987.;?2.38<IA2=8<8*5:>25*;5*<<*5*<
9*;*8=;8<><8<<87*50>7*<-.5*<78?.-*-.<:>.8/;.,..<=.7>.?8<2<=.6*".;8<27->-*586G<
2698;=*7=. <87 5*< 98=.7,2*52-*-.< :>. +;27-* 5* 7>.?* =.,78580J* 9*;* *:>.558< 6.;,*-8< 6.78<
-.<*;;855*-8<
$.1*,86.7=*-8:>.5*-2<=;2+>,2L7B.A12+2,2L7-202=*59.;62=2;G5*-.68,;*=2C*,2L7-.5*27-><=;2*
875*.52627*,2L7-.5=2;*3.-.,892*<B.5*+*;*=*62.7=8-.58<,8<=.<-.9;8->,,2L75*<27-><=;2*<
.>;89.*< . 2+.;8*6.;2,*7*< .7,>.7=;*7 .7 .5   >7* 898;=>72-*- 9*;* ,86.;,2*52C*; 58<



Conclusiones

=J=>58< ".;8 78 <L58 .7 <*5* <278 :>. =*6+2I7 <. *+;.7 7>.?*< ?.7=*7*< *5 ,86.;,28 27=.;7*,287*5
:>.-.686.7=8.<,*9*7*5,87=;85-.5*< 78<;./.;268<*7=.;7.=
5 =*5L7 -. :>25.< -. 58< 6.;,*-8< 2+.;8*6.;2,*78< .< 5* .<,*<* /27*7,2*,2L7 -. 5* :>. -2<987.7
9*;* *,86.=.; 5* 9;8->,,2L7 -. >7* 9.5J,>5* .5 .<,*<8 9;.<>9>.<=8 :>. -.<=27*7 * 5* 9;868,2L7 B
6*;4.=270 B .5 ;.->,2-8 7M6.;8 -. ,892*< ,87 :>. ;.*52C*7 <>< .<=;.78< .7 .5 ,*<8 -. :>. 580;.7
.<=;.7*;<. *7=. 5* />.;=. ,869.=.7,2* :>. .3.;,.7 5*<   *5 ,87=;85*; 58< ,2;,>2=8< -. .A12+2,2L7
-.5 9*J< 87 5* -2<=;2+>,2L7 -202=*5 .<=8< ,8<=.< <. *18;;*;J*7 ,87 58 ,>*5 <. -2<987-;J* -. >7
9;.<>9>.<=8 6G< 1850*-8 9*;* 9;8->,2; ".;8 *-.6G< .A2<=. 5* 98<2+252-*- -. ;.*52C*; .<=;.78<
27=.;7*,287*5.< B .7 ?*;2*< <*5*< * 5* ?.C 98; =*7=8 <. <85>,287*;J* .5 9;8+5.6* -. 5* ,2;,>5*,2L7 B
,86.;,2*52C*,2L727=.;7*,287*5-.5,27.2+.;8*6.;2,*78=*6+2I7-.5.>;89.8
"*;* 58< .A12+2-8;.< =*6+2I7 ,8698;=* ?.7=*3*< <8+;. =8-8 9*;* 58< 6G< 9.:>.K8< * 9.<*; -.5
2698;=*7=.-.<.6+85<8.,87L62,8:>.9*;*.558<<>987.5*;.,87?.;<2L7-202=*5*5;.-.-8;-. >78<

 625 .>;8< $. *+;.7 7>.?*< ?J*< 9*;* 5* 8+=.7,2L7 -. 270;.<8< *5 ,87=*; ,87 7>.?*< /L;6>5*<
,86.;,2*5.<B9;8->,=8<:>.8/;.,.;.7<*5*58<,87=.72-8<*5=.;7*=2?8<,2,58<-.,27.,.5.+;*,2L7
-. ,87/.;.7,2*< ;.>7287.<S '.7=*3*< :>. =*6+2I7 ;.9.;,>=.7 .7 .5 ;.<=8 -. 27-><=;2*< ,868 5*
6><2,*5B.7,87,;.=8.7>70I7.;8=*7*7=20>8,8685*L9.;*:>..7,>.7=;*.75*<<*5*<>7*?J*
-.270;.<8<,875*:>.78,87=*+*<=*68<9>.<*7=.>77>.?868-.58-.7.08,28.5.A12+2-8;<.
,87/20>;* ,868 9;80;*6*-8; -. ,87=.72-8< B 5*< <*5*< ,87/2.;.7 >7 7>.?8 *<9.,=8 -.+2-8 * 58<
7>.?8<><8<-202=*5.<
"8; M5=268 .5 ,87<>62-8; B .5 9M+52,8 /27*5 8+=2.7. >7* 7>.?* 8/.;=* *>-28?2<>*5 6G< *6952* B
?*;2*-* 9.;8 <8+;. =8-8 >7* 8/.;=* ,27.6*=80;G/2,* 6G< 1.=.;80I7.* .7 -87-. =2.7.7 ,*+2-*
9.5J,>5*<-.8=;*<9;8,.-.7,2*<B8;J0.7.<*-.6G<-..<=*-8>72-.7<.<
<262<68 1.68< ,869;8+*-8 :>. .< 98<2+5. * 5* 9*; :>. 7.,.<*;28 ,87=*; ,87 5* 27=.0;*,2L7 -.
8=;8<6.-28<,8685*=.5.?2<2L7-202=*5.7=.;7.=*<<*5*<.<=G7,87.,=*-*<*5*#.-5*=.5.?2<2L7
-202=*5 =*6+2I7 ,*-* ?.C <87 6G< 58< 180*;.< :>. ,>.7=*7 ,87 ,87.A2L7 * 7=.;7.= ,868 58 .< .5
-.<*;;8558 -. 5* +*7-* *7,1* ,*9*C -. =;*7<98;=*; *;,12?8< -. 26*0.7 -. 6*B8; =*6*K8
;.,8;-.68<:>.>7*9.5J,>5*.7*5=*-./272,2L78,>9*>78<+B.5,87<>68*=;*?I<-.5*#.-
,*-* ?.C 0.7.;* 6*B8;.< +.7./2,28< -.6G< .<=. ,*7*5 -. -2<=;2+>,2L7 ;G92-8 ./2,*C B 6>B
.,87L62,8 9.;62=. ;.*52C*; >7* -2<=;2+>,2L7 <27 5* 7.,.<2-*- -. ,87=*; ,87 27=.;6.-2*;28< 7 .<=.
<.7=2-8 <. 1* -.68<=;*-8 .5 2698;=*7=. -.<*;;8558 -. .<=. 6.-28 .7 5* ;.02L7 ,87 >7 2698;=*7=.
0;*-8-.9.7.=;*,2L7.7*:>.558<6.;,*-8<6.78<-.<*;;855*-8<,868125.,876G<-.5 -.5*
98+5*,2L7 ,87.,=*-* * 5* #.- 8586+2* .5  8 &;>0>*B 8<=* #2,* B #.9M+52,* 86272,*7*
.7=;..5  -.5*98+5*,2L7
<=G ,5*;8 :>. =*6+2I7 .A2<=.7 -.<?.7=*3*< B ;2.<08< 6*B8; 058+*52C*,2L7 -.5 /256.<9.,=G,>58 B
,87=;85=8-*?J*6G<*+<85>=8-.5*<6*38;<-.855B@88-C87*<.7<86+;*B*5.3*-*<-.<,87.,=*-*<
-.5 -.<*;;8558 -202=*5 9;8+5.6*< ,87 .5 *7,18 -. +*7-* B ,87.A2L7 * 7=.;7.= 98; =*7=8 6*B8;
,87,.7=;*,2L7 0.80;G/2,* < *18;* ,>*7-8 5*< *>=8;2-*-.< 9M+52,*< 7*,287*5.< . 27=.;7*,287*5.<
-.+.7=.7.;>79*9.5*,=2?8B;.9;.<.7=*=2?8-./272.7-8.5,*6278*<.0>2;B5*<78;6*<**952,*;.7
58< 6.;,*-8< -. 5* ;.02L7 -. /8;6* >72=*;2* . 27=.0;*-* 9*;* .?2=*; 7>.?*< ;.5*,287.< -. 98-.; B
*52*7C*<.75*.;*-202=*5

Conclusiones

./.7-J*68< *5 272,28 -. .<=* 27?.<=20*,2L7 .5 98=.7,2*5 -. -.<*;;8558 . 27=.0;*,2L7 9*;* 5*<
,27.6*=80;*/J*< 6.78< -.<*;;855*-*< ,868 5*< .>;89.*< . 2+.;8*6.;2,*7*< :>. 95*7=.* 5*
-202=*52C*,2L7 -. 58< <.,=8;.< -. 5* -2<=;2+>,2L7 B .A12+2,2L7 -202=*5 B 5* 7.,.<2-*- -. 2695.6.7=*;
985J=2,*<9M+52,*<-202=*5.<"*;*.55895*7=.G+*68<,>*=;8129L=.<2<
 5*08=*62.7=8-.568-.58*7*5L02,8

E29L=.<2<
* +*3* */5>.7,2* -. 9M+52,8 * 5*< <*5*< -. .A12+2,2L7 5* ,*J-* -.5 ,87<>68 *>-28?2<>*5 .7 58<
/8;6*=8<=;*-2,287*5.<5**9*;2,2L7-.7>.?8</8;6*=8<B,87<>68-202=*5-.9;8->,=8<*>-28?2<>*5.<
.7-2/.;.7=.<6.-28<B<898;=.<58<*?*7,.<B,87?.;0.7,2*=.,785L02,*:>.<.?2?.7.7.5686.7=8
*,=>*5 B 58< 9;8+5.6*< .<=;>,=>;*5.< :>. 9;.<.7=*7 5*< 27-><=;2*< ,27.6*=80;G/2,*< .>;8
2+.;8*6.;2,*7*< .5 ,87=;85 .A=;*73.;8 -. 5* -2<=;2+>,2L7 B .A12+2,2L7 5* /;*06.7=*,2L7 -. 5*
9;8->,,2L7 27-.9.7-2.7=. 5* -.+252-*- -. 5* 27-><=;2* 7*,287*5 9*;* 9;8->,2; B -2<=;2+>2; 5* .<,*<*
=;*7<7*,287*52C*,2L7 -. 5*< .69;.<*< 2+.;8*6.;2,*7*< .<,*<* ,2;,>5*,2L7 -. 58< ,87=.72-8< 98; 5*
;.02L7.27.A2<=.7,2*-.>7*,.7=;*58;.--.-2<=;2+>,2L7.A12+2,2L7-.58<,87=.72-8<:>.0.7.;*5*
;.02L7<87<2078<:>..?2-.7,2*75*,;2<2<B.5*08=*62.7=8-.568-.58,27.6*=80;G/2,8*7*5L02,8
E 29L=.<2< .9.7-.7,2* -. 5*< *B>-*< 9M+52,*< 9*;* 9;8->,2; B /;*,*<8 -. 58<
6.,*72<68<-.,889.;*,2L7
*< 985J=2,*< 9M+52,*< *7*5L02,*< B 58< 9;80;*6*< 2695.6.7=*-8< 9*;* 5* ,;.*,2L7 -. >7* 27-><=;2*
2+.;8*6.;2,*7*<L52-*B>7.<9*,28*>-28?2<>*527=.0;*-81*7/;*,*<*-8*5*?.C:>.1*70.7.;*-8
>7**5=*-.9.7-.7,2*-..<=*<*B>-*<9*;*9;8->,2;*.<,*<*-8=*,2L7-.58</87-8<.5-.<=278-.
5*<*B>-*<B58<580;8<8+=.72-8<<>6*-8*58<,*6+28<.<=;>,=>;*5.<-.68-.5827-><=;2*5987.7.7
.7=;.-2,18.598;?.72;B/>=>;8-..<=*<985J=2,*<
7 .<=* 27?.<=20*,2L7 <. 27,5>BL >7 ,*9J=>58 .5 ,>*;=8 *5 .<=>-28 -. 5*< 78;6*=2?*< 7*,287*5.<
2+.;8*6.;2,*7*< ,87 .5 /27 -. -.68<=;*; :>. *:>.55*< ,27.6*=80;*/J*< :>. 98<..7 >7* .5.?*-*
*,=2?2-*- 9;8->,=2?* 98<..7 9;80;*6*< -. /86.7=8 * -2,1* *,=2?2-*- ,868 .< .5 ,*<8 -. 5*
,27.6*=80;*/J* .<9*K85* *;0.7=27* 6.A2,*7* 8 +;*<25.K* B <*5?*7-8 5*< -2/.;.7,2*< ,125.7*
,8586+2*7*B?.7.C85*7*<262<68*9.<*;-.5*<-2/.;.7,2*<<.,87<=*=L>7,2.;=89*;*5.52<68.7
58< 6.,*72<68< 2695.6.7=*-8< 98; 58< ;.<9.,=2?8< 08+2.;78< 7*,287*5.< 8+3.=8 -. .<=>-28 .7 .<=*
=.<2< $>+<2-28< 9M+52,8< 27,.7=2?8< ,>8=*< -. 9*7=*55* *5 ,27. 7*,287*5 ,87<852-*,2L7 -. >7
8;0*72<689M+52,8.7,*;0*-8-.<>9.;?2<*;0.<=287*;B;.0>5*;58<*98B8<9M+52,8<*5,27.B>7**5=*
,>*7=J* .,87L62,* -.<=27*-* * 58< 9;80;*6*< -. 27,;.6.7=8 -. 5* *,=2?2-*- 9;8->,=2?* /;.7=. * 58<
-.6G< 7<2<=268< :>. ,87 6>,18< 6*=2,.< 9.;8 ,;..68< :>. .<=*< <26252=>-.< .7 58< 6*;,8<
;.0>5*=8;28< 7*,287*5.< ;.<987-.7 *5 27=.;,*6+28 -. 2-.*< 9;80;*6*< B ;.=8< /8;6>5*-8< .7=;. 5*<
*>=8;2-*-.<,27.6*=80;G/2,*<2+.;8*6.;2,*7*<.7.5<.78-.5*.1.,18.527,;.6.7=8-.
5*< -8=*,287.< *5 9;80;*6* +.;6.-2* :>. 8+520* * ;.>72;<. 9*;* *9;8+*; ,87,.<287.< B -2;262;
/>=>;*< 5J7.*< -. *,,2L7 1* ,87=;2+>2-8 *5 27,;.6.7=8 -. 58< ;.,>;<8< -.<=27*-8< * 58< ;.<9.,=2?8<
9;80;*6*<7*,287*5.<
7 .<=* =L72,* <. <2=M*7 5*< 985J=2,*< -. ,889.;*,2L7 B .5 9;80;*6* 9*;* 5* 27=.0;*,2L7 ;.0287*5
2695.6.7=*-898;.<=.8;0*72<68+.;6.-2*G<-.5-.5/87-8<.-.<=27**5*,89;8->,,2L7B
.A2<=. >7* *5=* -.9.7-.7,2* -. 5*< *98;=*,287.< ;.*52C*-*< 98; >7 ;.->,2-8 7M6.;8 -. 9*J<.<
/>7-*6.7=*56.7=. -. <9*K* 9*J< :>. <>9.;* 58<   625587.< -. .>;8< *7>*5.< *98;=*-8< 98; .5
;*<2587-8<.,=8;2*5-.5*>-28?2<>*5+;*<25.K8<B;0.7=27* ,87
625587.<,*-*



Conclusiones

>78 8 '.7.C>.5* ,87 6G< -.  625587.< -. .>;8< *98;=*-8< 98; .5 ! "#!  &7*< ,2/;*<
+*<=*7=.<>9.;28;.<*5**98;=*,2L76J726*:>.;.*52C*7.5;.<=8-.9*J<.<62.6+;8<
 625-L5*;.<
*7=.<
 625 27,5>2-8 IA2,8 ,87 >7* 27-><=;2* 2698;=*7=. B >7* *98;=*,2L7 ;.->,2-* ".;8 <27
->-* 58 6G< 2698;=*7=. .< :>. .<=. 9;80;*6* 78 26987. ,869;862<8< * 5* -2<=;2+>,2L7 72 * 5*
,2;,>5*,2L7-.5*<8+;*<98;.5.<9*,282+.;8*6.;2,*78.7=;.58<9*J<.<-.5*;.02L7
*.<,*<*26+;2,*,2L7.7=;.58<8;0*72<68<7*,287*5.<.27=.;7*,287*5.<-.5*;.02L7,8685*
8 5* # 27=.0;*,2L7 -.5 .;,8<>; * 72?.5 ,27.6*=80;G/2,8 B 5* /*5=* -. *952,*,2L7 -. 5*<
6.-2-*< *-89=*-*< * 72?.5 ;.0287*5 .7 5*< ;.<9.,=2?*< 5.02<5*,287.< 7*,287*5.< .?2-.7,2*7 5*
-.<27=.0;*,2L7-.5.<9*,28*>-28?2<>*52+.;8*6.;2,*78*9.<*;-.58<580;8<8+=.72-8<.7.5/86.7=8
-. 5* *,=2?2-*- 9;8->,=2?* B8 ,89;8->,=2?* ".;8 78 -.+.68< 85?2-*; :>. .5 ,27. .< *-.6G< -.
27-><=;2*,>5=>;*527-><=;2*.,87L62,*B,868=*5-.+.0.7.;*;+.7./2,28<
E 29L=.<2<  ./2,2=*;28< 27=.;,*6+28< ,86.;,2*5.< -.7=;8 B />.;* -. 5* ;.02L7
.A2<=.>7.<9*,28*>-28?2<>*527=.0;*-8

8

7 ,87<87*7,2* ,87 5* *7=.;28; 129L=.<2< .5 *+*7-878 -. 5*< 985J=2,*< 1*,2* 5* ,86.;,2*52C*,2L7 B
,2;,>5*,2L7-.5,27.2+.;8*6.;2,*78-.7=;8B/>.;*-.5*;.02L7 B.55J62=.-.58<*98B8<9M+52,8<*5
/86.7=8-.5*9;8->,,2L7B,89;8->,,2L7,879*J<.<.>;89.8<9.;8<8+;.=8-8,87<9*K*B6>B
98,8 .7=;. 58< 9*J<.< 2+.;8*6.;2,*78< 5262=* 5* 9;.<.7,2* -.5 ,27. 2+.;8*6.;2,*78 * 58< 9*J<.<
,89;8->,=8;.< B 9*J<.< -. 8;20.7 $87 6>B 98,*< 5*< 9.5J,>5*< Q
 7*,287*5.<R :>. 580;*7
=;*<9*<*; /;87=.;*< 2+.;8*6.;2,*7*< 8 .>;89.*< B *5,*7C*; >7 7M6.;8 ;.9;.<.7=*=2?8 -. *<2<=.7,2*
"8; =*7=8 98; >7 5*-8 -.,268< :>. 0;*,2*< * 58< *,>.;-8< -. ,889.;*,2L7 6.38; -2,18 -.
,89;8->,,2L7.5,27.2+.;8*6.;2,*789>.-.<.;?2<=8.78=;8<6.;,*-8<*>7:>.<L58<.*.758<-.
8;20.7 B .7 8,*<287.< .7 >7 ;.->,2-8 7M6.;8 -. 9*J<.< .>;89.8< "8; 8=;8 5*-8 <9*K* 9*J<
2+.;8*6.;2,*78 B .>;89.8 20>*5 :>. "8;=>0*5 78 />7,287* ,868 9>.;=* -. .7=;*-* -.5 ,27.
2+.;8*6.;2,*78 .7 5* &72L7 *< 9.5J,>5*< :>. <. .<=;.7*7 .7 <9*K* 78 =;*<9*<*7 5*< /;87=.;*<
.>;89.*< ( /27*56.7=. 78 .A2<=. >7 .<9*,28 *>-28?2<>*5 .>;82+.;8*6.;2,*78 ,86M7 98; .5 :>.
,2;,>5.758<,87=.72-8<-.5*;.02L7
E 29L=.<2< "8=.7,2*52-*-.< -202=*5.< 9*;* 5*< 27-><=;2*< 2+.;8*6.;2,*7*< B 5*
27=.0;*,2L7-.>7.<9*,28*>-28?2<>*5,86M7 
*-202=*52C*,2L7-.58<<.,=8;.<.<=;*=I02,8<-.5*27-><=;2*,27.6*=80;G/2,*-2<=;2+>,2L7B.A12+2,2L7
9.;62=2;G 8/;.,.; *5 9M+52,8 >7* 8/.;=* 6G< 1.=.;80I7.* *5 .A12+2-8; 9;80;*6*; ,87=.72-8<
*5=.;7*=2?8<B8+=.7.;6*B8;.<270;.<8<B*5*<27-><=;2*<6.78<-.<*;;855*-*<*,,.-.;*5.<=;.78.7
<*5* *5 .52627*;<. .5 9;8+5.6* -. 5*< ,892*< B ;.->,2;<. .5 ,87=;85 -. 5*< 6*38;< ,87 5*< *,=>*5.<
.<=;*=.02*<-.-2<=;2+>,2L76*<2?*"8;=*7=8<.;G98<2+5.,86.;,2*52C*;B:>.,2;,>5.758<,87=.72-8<
*>-28?2<>*5.< .7=;. 58< 9*J<.< -. 5* ;.02L7 *<J ,868 ,87=*; ,87 >7* 7>.?* 1.;;*62.7=* 5*
-2<=;2+>,2L7  *>7:>. 9*;* .558 <.;G 7.,.<*;28 ;.?2<*; 5*< *,=>*5.< 985J=2,*< *7*5L02,*<
7*,287*5.< . 27=.;7*,287*5.< 9*;* 5* ,;.*,2L7 -. .<=G7-*;.< -. *,=>*,2L7 ,86M7 .7 -./272=2?* >7
7>.?86*;,8-.,889.;*,2L72+.;8*6.;2,*7**-*9=*-8*5*.;*-202=*5





Conclusiones

 87,5><287.<98;8+3.=2?8<95*7=.*-8<
7.5=;*7<,>;<8-..<=*27?.<=20*,2L7<.1*72-8,>6952.7-858<8+3.=2?8<95*7=.*-8<*5272,28-.5*
62<6*:>.9*<*68<*,86.7=*;*,87=27>*,2L7

.68< ;.*52C*-8 >7* ?2<2L7 9*78;G62,* -.5 .<=*-8 -. 5*< ,27.6*=80;*/J*< 2+.;8*6.;2,*7*<
-.<-.
  1*<=* 5* *,=>*52-*- 98;6.78;2C*7-8 .7 .5 *7G52<2< -. 58< <.,=8;.< 27-><=;2*5.< B 5*
.<=;>,=>;*.69;.<*;2*5-.<*;;855*-*.758<;.<9.,=2?8<6.;,*-8<8+3.=8-..<=>-28.7.<=*=.<2<9*;*
,869;8+*; 5* .5.?*-* /;*06.7=*,2L7 -.+252-*- .<=;>,=>;*5 B ,87=;85 -.5 6.;,*-8 .7 6*78< -. 58<
0;*7-.< .<=>-28< .<=*-8>72-.7<.< * *=862C*,2L7 -.5 <.,=8; -. 5* 9;8->,,2L7 B 5*< 27=.7<*<
;.5*,287.< -. 98-.; -.<*;;855*-8< .7 .5 -. 5* -2<=;2+>,2L7 ,87=;85*-* 98; 5*< /252*5.< -. 5*<  
6.-2*7=.*,,287.<27=.0;*-*<B.5-.5*.A12+2,2L7.76*78<-.0;>98<.A=;*73.;8<9;892.=*;28<-.
,8695.38< 6>5=29*7=*55* ,87 .5.?*-* ,*9*,2-*- -. */8;8 /;.7=. * 58< 9.:>.K8< .A12+2-8;.< 58,*5.<
27<=*5*-8<.7.5,.7=;8-.5*<>;+.<B98+5*,287.<;>;*5.<,87.<,*<*,*9*,2-*--.-.,2<2L7B98-.;
-.*,=>*,2L7/;.7=.**:>.558<.<.5*,=>*56*9*:>.<.-2+>3*.7.56.;,*-827=.;7*,287*5

$. 1* 98-2-8 55.?*; * ,*+8 >7 ;.,>.7=8 -.5 7M6.;8 -. 9.5J,>5*< 2+.;8*6.;2,*7*<
,86.;,2*52C*-*<.75*&72L7>;89.*B-./8;6*9*;=2,>5*;.7.56.;,*-8.<9*K850;*,2*<*5*+*<.
-.-*=8<>62.;.-.5!+<.;?*=8;28>-28?2<>*5>;89.8*<J,868-.5*<9.5J,>5*<.<=;.7*-*<.7.5
6.;,*-8 27=;*;;.0287*5 2+.;8*6.;2,*78 B .5 ?85>6.7 -. =J=>58< ,89;8->,2-8< .7=;. 58< 9*J<.< -. 5*
;.02L79*;*,869;8+*;5*.<,*<*,2;,>5*,2L79;868,2L7BIA2=8-.5*<9.5J,>5*<2+.;8*6.;2,*7*<.7
.5.<9*,2827=.;78B8=;8<.<9*,28<,868.5.>;89.8;*,2*<*5*.5*+8;*,2L7B,5*<2/2,*,2L7-.58<
=J=>58<,86.;,2*52C*-8<<.0M79*J<-.8;20.7B-.<=278B.5?85>6.7-..<9.,=*-8;.<;.>72-8<.7.5
6.;,*-8 27=.;7*,287*5 1.68< 98-2-8 .5*+8;*; >7* +*<. -. -*=8< *,=>*52C*-* -. 5*< .A98;=*,287.<
,27.6*=80;G/2,*< 2+.;8*6.;2,*7*< B ,8;;8+8;*; 5* /;*06.7=*,2L7 :>. .A2<=. .7 5* ;.02L7 9*;* 5*
,86.;,2*52C*,2L7-.5,27.2+.;8*6.;2,*78=.72.7-8:>.1*+5*;-.,27..<9*K85*;0.7=2788+;*<25.K8
.75>0*;-.,27.2+.;8*6.;2,*78<262<68<.,87<=*=*5*2698;=*7,2*-.5*,889.;*,2L7*>-28?2<>*5
2+.;8*6.;2,*7* ,868 *<J 58 -.6>.<=;* 5* .5.?*-* 9;.<.7,2* :>. .5 ,27. *;0.7=278 9;.<.7=* .7 .5
6.;,*-8 .<9*K85 ;.<9.,=8 * 8=;*< ,27.6*=80;*/J*< -. 5* ;.02L7 0;*,2*< * 58< *,>.;-8< /2;6*-8< .7
.<=*6*=.;2*.7=;.*6+8<9*J<.<

7.<=*5J7.*1.68<98-2-8*9;.,2*;5*.<,*<*;.5*,2L7,86.;,2*5.76*=.;2**>-28?2<>*5.7
,87,;.=8,27.6*=80;G/2,*.7=;.58<-8<9*J<.<.>;82+.;8*6.;2,*78<-.5*".7J7<>5*+I;2,*<9*K*
B "8;=>0*5  9.<*; -. 5* 9;8A262-*- 0.80;G/2,* B -. ,869*;=2; >7 62<68 .<9*,28 *>-28?2<>*5 .5
.>;89.8 B .5 2+.;8*6.;2,*78 ,>5=>;*56.7=. <. =;*=* -. -8< 9*J<.< 6>B -2<=*7=.< .7=;. <J
,*;*,=.;2C*-8< 98; 9;.<.7=*; >7 +*38 72?.5 -. /5>38 ,86.;,2*5 .7 6*=.;2* ,27.6*=80;G/2,* $27
.6+*;08788,>;;.5862<68,87.58=;8.<=*-82+.;8*6.;2,*78-.5.70>*98;=>0>.<*;*<25,87.5
:>. .A2<=. >7 6*B8; ?85>6.7 -. 27=.;,*6+28< ,27.6*=80;G/2,8< "8; =*7=8 -.->,268< :>. 5*
9;8A262-*-5270NJ<=2,*.<>71*7-2,*96>B2698;=*7=.:>.27/5>B..7.572?.5-./5>38<,86.;,2*5.<.7
6*=.;2* *>-28?2<>*5 .7=;. 58< 9*J<.< -. 5* ;.02L7 7 .<=* 5J7.* * 72?.5 *>=87L62,8 *52,2* ?2.7.
-.<*;;855*7-8 -.<-. 5* -I,*-* -. 58< 78?.7=* >7 2698;=*7=. 9*9.5 .7 .5 /86.7=8 -. 5* *,=2?2-*-
*>-28?2<>*5 .7=;. *6+8< 9*J<.< "8;=>0*5 B ;*<25 6.-2*7=. 5* /2;6* -. *,>.;-8< B ,87?.728< -.
,889.;*,2L7,>5=>;*5

.-2*7=. 5* ;.?2<2L7 -.5 6*;,8 5.02<5*=2?8 7*,287*5 58< 9;80;*6*< -.<*;;855*-8< 9*;* .5
/86.7=8 B 5* 27=.0;*,2L7 -. 5* 27-><=;2* 2+.;8*6.;2,*7* B .5 9*9.5 -. 5* ,889.;*,2L7 <. 1*


Conclusiones

,869;8+*-8 .5 IA2=8 -.5 /86.7=8 -. 5* *,=2?2-*- 9;8->,=2?* *<J ,868 5* -.+252-*- B ,*;.7,2* -. 58<
9;80;*6*< 7*,287*5.< . 27=.;7*,287*5.< ,868 .-2* -. 5* &72L7 . +.;6.-2* -. 5*  .7 5*
,87<852-*,2L7-.>7*27-><=;2*,27.6*=80;G/2,*/>.;=..27=.0;*-*.7>7.<9*,28*>-28?2<>*5,86M7

<262<681.68<98-2-8,869;8+*;5*.5.?*-*,87,.7=;*,2L7:>..A2<=..7.56>7-8-202=*5
58<*0.7=.<:>.89.;*7.7.56.;,*-889.;*-8;.<B<.;?2-8;.<5*?.7=*3*.7.5-.<*;;8558-202=*5-.
5*27-><=;2*.<=*-8>72-.7<./;.7=.*5*<-.6G<269872.7-8.<=G7-*;.<-.*,=>*,2L7,86M7B
78;6*<-.*,=>*,2L7-202=*5.<'"7.<=.<.7=2-85*272,2*=2?*-.5     
 <. 9;8987. ,;.*; >7 ,87<.7<8 .>;89.8 9*;* 5* =;*7<2,2L7 -202=*5 B >7* M72,* ?8C 9*;* 5*
7.08,2*,2L7 B +M<:>.-* -. *,>.;-8< ,87 5*   72?.5 2+.;8*6.;2,*78 =8-*?J* 78 .A2<=. 7270M7
8;0*72<68.7,*;0*-8-.?.5*;98;58<27=.;.<.<-202=*5.<-.5*;.02L7

27*56.7=. 1.68< ,8;;8+8;*-8 :>. <*5?*7-8 5*< -.<?.7=*3*< 5* -202=*52C*,2L7 -. 58<
<.,=8;.< .<=;*=I02,8< -. 5* 27-><=;2* ,27.6*=80;G/2,* +.7./2,2* -. /8;6* 0.7.;*52C*-* * =8-8< 58<
*0.7=.< 26952,*-8< 9;8->,=8;.< 6G< 98<2+252-*-.< -. .<=;.78 *5 <>9;262;<. .5 =2;*3. -. ,892*<
-2<=;2+>2-8;.< ,>.7=*7 ,87 >7 7>.?8 ,*7*5 -. -2<=;2+>,2L7 6>B .,87L62,8 B 98=.7=. 7=.;7.=
.A12+2-8;.< 7>.?8< ,87=.72-8< 7>.?8< 270;.<8< B 9M+52,8 8/.;=* 6G< ?*;2*-* $27 .6+*;08 5*
,87,5><2L7.?2-.7=..<:>.9*;**5,*7C*;5*27=.0;*,2L7-.>7.<9*,28,86M7B.5-.<*;;8558-.58<
6.;,*-8< *>-28?2<>*5.< .>;82+.;8*6.;2,*78< .< 7.,.<*;28 ;.?2<*; B *-*9=*; 5*< 985J=2,*< 9M+52,*<
*7*5L02,*< * 58< 7>.?8< .<,.7*;28< B ><8< <8,2*5.< -202=*5.< 7=. 5*< 7>.?*< 1.;;*62.7=*<
=.,785L02,*<B.<=;>,=>;*<:>.<..<=G70.7.;*7-89*;*5*,>5=>;*.77=.;7.=,*-*?.C<.1*,.6G<
7.,.<*;28 B =;*<,.7-.7=*5 :>. 7>7,* 5* *952,*,2L7 -. 6.,*72<68< B 1.;;*62.7=*< -202=*5.< :>.
9.;62=*7>7*./.,=2?*BL9=26*,889.;*,2L7B,86.;,2*52C*,2L7-.59;8->,=8,>5=>;*558,*5


 >=>;*<5J7.*<-.*,,2L7
";8987.68<98;=*7=8>7,873>7=8-.6.-2-*<-2;202-*<=*7=8*58<8+2.;78<.<=*=*5.<,868*58<
58,*5.< ;.0287*5.< 6>72,29*5.< ,868 *<262<68 * 5* <8,2.-*- ,2?25 *<8,2*,287.< ! S :>.
9>.-.7=.7.;>7*5=8269*,=8<8+;.5*27=.0;*,2L7B.5-.<*;;8558-.5*<27-><=;2*<,27.6*=80;G/2,*<.7
5*;.02L7

;.*,2L7-.>7*;.--.-2<=;2+>,2L7B.A12+2,2L7-.5,27.2+.;8*6.;2,*78

* 9;8A262-*- 5270NJ<=2,* B ,>5=>;*5 -.+2.;* 0*;*7=2C*; .5 IA2=8 -. 5*< 9;8->,,287.< ,27.6*=80;G/2,*<
2+.;8*6.;2,*7*< 9.;8 5* ;.02L7 78 1* -.<*;;855*-8 .,8786J*< -. .<,*5* .7 .5 <.,=8;
,27.6*=80;G/2,8 8 .A2<=. >7* .69;.<* -. -2<=;2+>,2L7 B8 .A12+2,2L7 8 >7* ;.- ,;.*-* .7=;. 5*<
62<6*<.75*:>.<.9>.-*,86.;,2*52C*;>7,*=G5808,873>7=8-.9;8->,,287.<,27.6*=80;G/2,*<.7
?*;28<-.58<6.;,*-8<-.5*;.02L78<9;80;*6*<-.,889.;*,2L7,>5=>;*5B*,>.;-8<+25*=.;*5.<-.
,889.;*,2L7 ,27.6*=80;G/2,* *-.6G< -. /86.7=*; .5 ?85>6.7 9;8->,=2?8 -.+.7 *6952*; <><
*,,287.< * 58< 9*J<.< 6.78< -.<*;;855*-8< -. 5* ;.02L7 B 9;868?.; 5* 9;.<.7,2* -.5 ,27.
2+.;8*6.;2,*78.78=;8<=.;;2=8;28<
 9.<*; -. :>. <2695.6.7=. <. =;*=* -. >7 *?*7,. =.,785L02,8 <87 =*7 2698;=*7=.< 5*<
898;=>72-*-.< :>. +;27-* 5* -2<=;2+>,2L7 B .A12+2,2L7 -202=*5 9*;* 5* ,2;,>5*,2L7 -. ,87=.72-8<
*>-28?2<>*5.< .7=;. 58< 9*J<.< -. 5* ;.02L7 5* 27=.0;*,2L7 -. >7 .<9*,28 *>-28?2<>*5 ,86M7 B 5*


Conclusiones

;.5*,2L7,86.;,2*5./.,=2?*,878=;8<.<9*,28<:>.78<55.?**9;8987.;5*,;.*,2L7-.>7*;.--202=*5
9*;* 5* -2<=;2+>,2L7 -.5 ,27. 2+.;8*6.;2,*78 < 98<2+5. ,87=*; ,87 <*5*< -202=*52C*-*< B * <> ?.C
27=.;,87.,=*-*< .7 5* ;.02L7 .3.6958 -. .558 .< 5* 5*+8; ;.*52C*-* 98; 5* .69;.<* +;*<25.K* 

" :>. 98<.. >7 ,873>7=8 -. <*5*< -202=*52C*-*< .7 #.278 &72-8 <=*-8< &72-8< B ;*<25
;.*52C*7-8 9;>.+*< -. .<=;.78< <26>5=G7.8< .7=;. 58< ;.<9.,=2?8< 9*J<.< 7 .<=. <.7=2-8 .<
7.,.<*;28.?2=*;:>..<=*6.-2-*-.;2?..7>7,87=;85*+<85>=8.76*78<-.5*< 
*6*B8;?27,>5*,2L7.7=;.5*<.69;.<*<-2<=;2+>2-8;*<7*,287*5.<-.*6+8<5*-8<-.5=5G7=2,8B5*
.A2<=.7,2* -. .<9*,28< -. .A12+2,2L7 :>. 0*;*7=2,.7 5* 9;8B.,,2L7 -. ,87=.72-8< *>-28?2<>*5.<
2+.;8*6.;2,*78< *B>-*;J*7 * 6.38;*; 5* -2?.;<2-*- ,>5=>;*5 .7=;. 58< 9>.+58< B 5*< -./2,2.7=.<
27-><=;2*< ,27.6*=80;G/2,*< -. *:>.558< 9*J<.< 6.78< -.<*;;855*-8< 98; =*7=8 >7* 6.38;* -. <><
.,8786J*<<.6.3*7C*-.58:>..7>;89*<.,878,.,868.59;80;*6*Q>;89*27.6*<R.75*
;.02L7 .< 7.,.<*;28 *98B*; * 58< 9.:>.K8< .A12+2-8;.< .7 5* ;.,87?.;<2L7 -202=*5 868 1.68<
98-2-8,869;8+*;.7.5,*9J=>58 -..<=*=.<2<.A2<=..75*;.02L7>7*.5.?*-*,87,.7=;*,2L7.7.5
<.,=8; -. 5* .A12+2,2L7 ,87=;85*-* 98; ,*-.7*< 27=.;7*,287*5.< :>. ,>.7=*7 ,87 ,8695.38<
,27.6*=80;G/2,8<:>.*,80.76G<-.5 -.58<.<9.,=*-8;.<=8=*5.<B<..7,>.7=;*727<=*5*-8<.7
58< 0;*7-.< 7M,5.8< >;+*78< *508 :>. <27 ->-* /*?8;.,. 5* .<=;*=.02* ,86.;,2*5 -. 5*<   B
9.;3>-2,*5*1.=.;80.7.2-*-.75*8/.;=*9;80;*6G=2,*-.5*<<*5*<
7 <9*K* 0;*,2*< * 58< 9;80;*6*< ;=.9B6.  B  -.5 272<=.;28 -. 7-><=;2* B 5* ;.- Q>;89*
27.6*<R-.5*&72L7>;89.*<.1*580;*-827,;.6.7=*;.57M6.;8-.<*5*<-202=*52C*-*<.7.59*J<
9.;8 <8+;. =8-8 <. 1* ,87<=*=*-8 5* 9;.<.7,2* -. >7 .5.?*-8 7M6.;8 -. 9.:>.K8< .A12+2-8;.<
27<=*5*-8< .7 9.:>.K*< 98+5*,287.< :>. 1*7 98-2-8 *,80.;<. * .<=*; *B>-*< . 27<=*5*; .5
.:>29*62.7=87.,.<*;289*;*98-.;.A12+2;,87=.72-8<.7.57>.?8/8;6*=8


*;*7=2C*;.<9*,28<9M+52,8<9*;*5*.A12+2,2L7-.5,27..>;82+.;8*6.;2,*78

<262<68.A2<=..75*;.02L7>7**6952*;.--.,2;,>2=8<-..A12+2,2L7*5=.;7*=2?8<,27.,5>+<<*5*<
-.,27.*;=.8,.7=;8<,>5=>;*5.<.7-87-..5,27.2+.;8*6.;2,*789>.-.=.7.;,*+2-*;..68<:>.
.<=*=*6+2I7.<>7*?J*9*;**,.;,*;58<,87=.72-8<-.5*;.02L7*59M+52,8>7*/8;6*-.-2?>50*;58<
?*58;.<2-.7=2=*;28<,86>7.<*>79M+52,86>B*,8<=>6+;*-8*,87<>62;9;8->,=8<.<=*-8>72-.7<.<
B 6>B 98,8 1*+2=>*-8 * .7,87=;*; 9.5J,>5*< 9;8->,2-*< 98; 58< 9*J<.< ?.,278< .7 5*< <*5*<
,86.;,2*5.< 5 78 <.; 7.,.<*;28 ;.*52C*; =2;*3. -. ,892*< 5*< <*5*< 78 ,86.;,2*5.< <. 9>.-.7
,87?.;=2;.7.5;.,27=82-L7.89*;*/*6252*;2C*;*59M+52,8,87.5,27.-.8=;*<9;8,.-.7,2*<"8;=*7=8
,;..68<:>..<=*272,2*=2?*-.+.<.;;.05*-*B9>.<=*.76*;,1*.7.5<.78-.5*.7-87-.
<. ;.M7. >7* *6952* ;.9;.<.7=*,2L7 -. 5*< *>=8;2-*-.< ,27.6*=80;G/2,*< B *>-28?2<>*5.< -. 58<
9*J<.< 62.6+;8< -. 5* ;.02L7 9*;* 98<=.;28;6.7=. <.; *952,*-* .7 58< ;.<9.,=2?8< 6.;,*-8<
27=.;78<


87<=2=>2; >7 <2<=.6* -. 27/8;6*,2L7 9M+52,8 9*;* .5 <.0>262.7=8 -. 5* 27-><=;2* *>-28?2<>*5
2+.;8*6.;2,*7*

* 6*B8; -2/2,>5=*- <27 ->-* * 5* :>. 78< 1.68< .7/;.7=*-8 .7 .<=* 27?.<=20*,2L7 1* <2-8 5*
;.,8925*,2L7 -. -*=8< <8+;. .5 .<=*-8 -. 5*< ,27.6*=80;*/J*< 2+.;8*6.;2,*7*< 9.;8 <8+;. =8-8 -.5
72?.5 -. ,89;8->,,287.< B .<=;.78< ;.*52C*-8< .7=;. 58< 9*J<.< -. 5* ;.02L7 8< <2<=.6*< -.
27/8;6*,2L7 7*,287*5.< 78 <>.5.7 ;.,8925*; 5* 27/8;6*,2L7 -.;2?*-* -. 5* ,86.;,2*52C*,2L7 -.5 ,27.
2+.;8*6.;2,*78 B =*7 <L58 .5 !+<.;?*=8;28 .;,8<>; >-28?2<>*5 8/;.,. -*=8< -. 5*< 27-><=;2*< -.5


Conclusiones

.;,8<>; &7* .<=;*=.02* * 2695.6.7=*; .7 .<=. ,*698 9*<*;J* 98; /86.7=*; :>. 58< -2/.;.7=.<
8;0*72<68< -. <.0>262.7=8 -. 5* 27-><=;2* *>-28?2<>*5 >72/2:>.7 *50>78< ,;2=.;28< .7 5* ;.,8925*,2L7
-. 27/8;6*,2L7 ,868 .5 55.?*-8 * ,*+8 98; 58< 9*J<.< -.5 .;,8<>; B .A9*7-2;58 * =8-* 5* ;.02L7
9;898;,287*;J*>7*27/8;6*,2L76>BM=259*;*.?*5>*;.5-.<*;;8558-.5*<27-><=;2*<580;8<8+=.72-8<B
,*;.7,2*<B,87.5589;8987.;5J7.*<-.*,,2L7


8<L58*98B*;5*9;8->,,2L7<278;./8;C*;5*<;.5*,287.<.7=;.9;8->,,2L7B-2<=;2+>,2L7

*.5.?*-*/;*06.7=*,2L7-.5<.,=8;-.5*9;8->,,2L7:>..7<>6*B8;J*9;8->,.7>7*<85*9.5J,>5*
B 5* .<,*<* ,>*7=J* .,87L62,* * ;.9*;=2; .7=;. 5*< 62<6*< * 9.<*; -. -.<=27*; 6G< -.5   -.5
9;.<>9>.<=8-.5*<*B>-*<9M+52,*<*.<=**,=2?2-*--.6>.<=;*7.5/;*,*<8-.58<<2<=.6*<9M+52,8<
2+.;8*6.;2,*78<.75*,;.*,2L7B,87<852-*,2L7-.>7*27-><=;2*/>.;=.;..68<:>.;./8;C*7-85*<
;.5*,287.< .7=;. 58< <.,=8;.< -. 5* 9;8->,,2L7 B -2<=;2+>,2L7 .< -.,2; 1*,2.7-8 9*;=J,29. -. 5*
9;8->,,2L7 * 58< -2<=;2+>2-8;.< .7 5>0*; -. ,87,.-.; *B>-*< * 5* -2<=;2+>,2L7 * 98<=.;28;2
26952,G7-858< .7 .5 9;8B.,=8 -.<-. .5 272,28 <. 9>.-. /*?8;.,.; 5* ,86.;,2*52C*,2L7 -.5 ,27.
2+.;8*6.;2,*78 G< *55G -. 5*< *B>-*< 9*;* 9;8->,2; ,;..68< :>. .< 7.,.<*;28 ,87=*; ,87 5*
9*;=2,29*,2L7 -. 58< -.6G< <.,=8;.< -.<-. .5 272,28 -. 5* *,=2?2-*- 9;8->,=2?* -2<=;2+>,2L7
=.5.?2<287.<S


*;*7=2C*;5*-2<=;2+>,2L7-.,87=.72-8<*>-28?2<>*5.<*=;*?I<-.5*=.5.?2<2L7.7=.;7.=

87 5* 2695*7=*,2L7 -. 5* %% .5 -.<*;;8558 -. 5* +*7-* *7,1* B .5 27,;.6.7=8 -. ><>*;28<
,87.,=*-8<*5*#.-<.*+;.77>.?*<?J*<,86.;,2*5.<9*;*5*.A958=*,2L7-.5,27.2+.;8*6.;2,*78
.7 5* ;.02L7 * ,87?.;0.7,2* =.,785L02,* .< ,*-* ?.C 6*B8; 5*< <*5*< -202=*5.< -2<987.7 -.
,87.A2L7*5*#.-=*6+2I75*%.5.?2<2L7202=*5%.;;.<=;.7=.;7.=.<>7*1.;;*62.7=*6>B98=.7=.
98;<>*5,*7,.9.;8*5*?.C6>B.,87L62,*98;=*7=8.<7.,.<*;28,87=*;,87.<=.7>.?8,*7*5-.
-2<=;2+>,2L7B?.7=*7*-..A12+2,2L79*;*5*-2<=;2+>,2L7-.9.5J,>5*<2+.;8*6.;2,*7*<"*;*.558
.< 7.,.<*;28 ,;.*; >7 6*;,8 78;6*=2?8 -. *,=>*,2L7 ,86M7 .7 .5 :>. <. 27=.0;. >7* .<=;*=.02* -.
*952,*,2L7,873>7=*9*;*58<-2<=27=8<9*J<.<2+.;8*6.;2,*78<
.+.68< =.7.; .7 ,>.7=* :>. 5* =.5.?2<2L7 .< .5 6.-28 6G< >=252C*-8 B .A=.7-2-8 .7 5* 6*B8;J* -.
9*J<.< -. 5* ;.02L7 *< <*5*< -. .A12+2,2L7 <. .7,>.7=;*7 ,87,.7=;*-*< .7 5*< 0;*7-.< ,2>-*-.<
<87 6>,18< 58< 9>.+58< B C87*< ;>;*5.< :>. 78 -2<987.7 -. <*5* ,27.6*=80;G/2,* 9.;8 <J ,>.7=*7
,87 >7 =.5.?2<8; .7 <>< 180*;.< "8; =*7=8 .< 7.,.<*;28 =*6+2I7 ,87=*; ,87 .<=. 6.-28 9*;* 5*
,2;,>5*,2L7-.,87=.72-8<*>-28?2<>*5.<98;5*;.02L7


>.?*<98<2+252-*-.<B1.;;*62.7=*<-202=*5.<9*;*5*,889.;*,2L72+.;8*6.;2,*7*

* .A9.;2.7,2* -. 5*< ;.-.< <8,2*5.< 9.;62=. 7>.?8< 27<=;>6.7=8< 98=.7=.< -. 9;868,2L7 B
-2<=;2+>,2L7-.58<,87=.72-8<,>5=>;*5.<58,*5.<,87=*7-8,875*9*;=2,29*,2L7*,=2?*-.58<><>*;28<
.7.5.=2:>.=*-8B;.,86.7-*,2L7-.,87=.72-8<<=.7>.?8Q+8,**+8,*R;.<>5=*6>,186G<+*;*=8
B ./2,*C :>. 6>,1*< -. 5*< 1.;;*62.7=*< =;*-2,287*5.< /.<=2?*5.< ,87,2.;=8< 8 .A12+2,287.<
<>+?.7,287*-*<*>7:>.9>.-.7,86+27*;<.,87.55*<-./8;6**5=*6.7=../2,2.7=.".;89*;*:>.
.<=. -.<*;;8558 <.* ./.,=2?8 .< 7.,.<*;28 9;868?.; * 72?.5 0>+.;7*6.7=*5 .5 *,,.<8 >72?.;<*5 *
7=.;7.= .7 +*7-* *7,1* :>. .7 5* ;.02L7 2+.;8*6.;2,*7* ;.02<=;* >7 *5=8 72?.5 -. -.<20>*5-*-.<
<262<68 .< 7.,.<*;28 *-*9=*; 5*< 1.;;*62.7=*< -. /86.7=8 =;*-2,287*5.< .7 5>0*; -. ,>8=*< -.
9*7=*55* ,>8=*< -. 9;.<.7,2* .7 ,*=G5808< B +*7,8< -. -*=8< 8 26G0.7.< 8< 9;8->,=8;.< B



Conclusiones

9;80;*6*-8;.< 27-.9.7-2.7=.< -.+.;G7 =.7.;   .7 5*< 7>.?*< ;.-.< ,*+5. <*=I52=.
98;=*5.< 95*=*/8;6*< B +><,*-8;.< @.+ * 9;.,28< -. ,8<=. A9.;2.7,2*< ,868 5* -.<*;;855*-* 98;
0.-* ,87 .5 98;=*5 Q@@@/2568=.,1,86R 8 5* -. 5* $ ,87 Q@@@*,,27.,86R <87 *50>78<
.3.6958< -. 98;=*5.< @.+ :>. 987.7 * -2<98<2,2L7 -.5 9M+52,8 >7 *69528 ,*=G5808 -. 8+;*<
*>-28?2<>*5.<2+.;8*6.;2,*7*<


#./8;C*62.7=8 -.5 9;80;*6* +.;6.-2* 1*<=* *18;* ;.*56.7=. <L58 +.;,27. B *,=2?*,2L7 -.5
9;80;*6* 2+.;6.-2* ,868 95*=*/8;6* 9*;* 5* -2<=;2+>,2L7 -. ,87=.72-8< *>-28?2<>*5.<
2+.;8*6.;2,*78<

* -./2,2.7=. ,>*7=J* .,87L62,* -.<=27*-* * 5*< 9*;=2-*< -. 9;868,2L7 B -2<=;2+>,2L7 -.5 ,27.
2+.;8*6.;2,*78B5*.<,*<*?.7=**5*<=.5.?2<287.<<>6*-8*5*.A2<=.7,2*9.;6*7.7=.-.>7/87-8
*>-28?2<>*52+.;8*6.;2,*786.38;-8=*-8.,87L62,*6.7=.98-;J*<2072/2,*;>72698;=*7=.-.<*;;8558
-.5**,=2?2-*-,27.6*=80;G/2,*.75*;.02L7$2*.5585.<>6*68<5*<7>.?*<98=.7,2*52-*-.<:>.<.
*+;.7 ,87 .5 ><8 -. 1.;;*62.7=*< -202=*5.<  9*;* 5* -2<=;2+>,2L7 B 9;868,2L7 -.5 ,27.
2+.;8*6.;2,*78 <. .?2-.7,2* 5* 7.,.<*;2* 9>.<=* .7 6*;,1* -.5 9;80;*6* 2+.;6.-2* ,868
95*=*/8;6* 9*;* 5* -2<=;2+>,2L7 -. ,87=.72-8< *>-28?2<>*5.< * =;*?I< -. 5* #.- 7 .<=* 95*=*/8;6*
=.7-;J*7,*+2-**-.6G<-.5*<9.5J,>5*<7*,287*5.<*:>.55*<,89;8->,,287.<*98B*-*<98;.5/87-8
+.;6.-2* 5*< ,>*5.< 98-;J*7 <.; ,87<>62-*< +*38 5*< 68-*52-*-.< -. ,869;* 8 *5:>25.; 
6.-2*7=.-.<,*;0*8?2<287*-8.7=2.698;.*5*<..7,*;0*;J*-.;.05*;5*<78;6*<-.><8
0.7.;*5.<*5,873>7=8-.5*;.02L7B5*<27<=2=>,287.<7*,287*5.<-.<>9.;?2<*;0.<=287*;B,87=;85*;
<>+>.7><8
7.<=*5J7.**-.6G<-.5*<9;89>.<=*<9M+52,*<=*6+2I7=2.7.7,*+2-*5*<272,2*=2?*<9;2?*-*<*<
.69;.<*<9;8->,=8;*<B-2<=;2+>2-8;*<-.5*;.02L79>.-.7-2<987.;-.<>9;892898;=*5@.+9*;*5*
-2<=;2+>,2L7 -. 9.5J,>5*< 18;* +2.7 .< 7.,.<*;28 ,;.*; >7* .<=;*=.02* -. *,=>*,2L7 ,86M7 :>.
9.;62=*.552+;.*,,.<8*=8-8<58<9;8->,=8;.<=*6+2I758<27-.9.7-2.7=.<,87.5/27-.8/;.,.;>7
,*=G5808 58 6G< *69528 B ?*;2*-8 98<2+5. 7 <9*K* 1.68< ?2<=8 :>. .A2<=.7 ?*;2*< 95*=*/8;6*<
,*-* >7* ,87 -2<=27=8< 9;.,28< B ,87 .<,*<* 8/.;=* -. 9.5J,>5*< 2+.;8*6.;2,*7*< .7 <> 6*B8;J*
,>.50*758<0;*7-.<.<=;.78<-.5*< 


";868?.;B*98B*;5*-202=*52C*,2L7-.58<,87=.72-8<,>5=>;*5.<-.5*;.02L7

* .A2<=.7,2* -. >7 ,*=G5808 *69528 -. ,87=.72-8< *>-28?2<>*5.< 2+.;8*6.;2,*78< 78 -202=*52C*-8<
95*7=.* >7 ;.=8 * <> 98=.7,2*5 -. ,2;,>5*,2L7 .7 >7 .7=8;78 -202=*5 * ,889.;*,2L7 2+.;8*6.;2,*7*
-.+.*/;87=*;,873>7=*6.7=.<>=;*7</8;6*,2L7.7,87=.72-8<-202=*5.<A2<=.>7.5.?*-87M6.;8-.
9;8->,,287.< :>. <. 9>.-.7 987.; .7 ,2;,>5*,2L7 +2.7 * =;*?I< -. 5* #.- +2.7 .7 <*5*< -.
.A12+2,2L7,875*98<2+252-*--.8/;.,.;,2,58<-.,27..<9.,J/2,8<"8;=*7=8.<7.,.<*;28-2<987.;-.
>7 ,*=G5808 -202=*5 -. 9.5J,>5*< 9*;* .558 .< 7.,.<*;28 9;868?.; 985J=2,*< 9M+52,*< 27=.0;*5.< :>.
*+*;:>.7 -.<-. 5* ,>5=>;* =;*-2,287*5 .7 <> *?*7,. *5 -202=*5 -202=*52C*,2L7 -. *;,12?8< 95*=*/8;6*<
-. -2<=;2+>,2L7 1*<=* .5 ,873>7=8 -. 5*< 7-><=;2*< >5=>;*5.< ?2-.83>.08< 6>5=26.-2* .->,*=2?8
-8,>6.7=*5S


,=>*52C*;B,87<=;>2;>76*;,8-.,889.;*,2L7.>;82+.;8*6.;2,*78

$L58 *:>.558< 6.;,*-8< ,87 >7* 27-><=;2* 6G< -.<*;;855*-* B >7 9*9.5 *,=2?8 .7 58< *,>.;-8< -.
,889.;*,2L7,868;0.7=27*8IA2,8<8758<:>.9;.<.7=*7>76*B8;?85>6.7-.,89;8->,,287.<


Conclusiones

B 98; =*7=8 >7* 6*B8; 9;.<.7,2* .7 58< 6.;,*-8< .>;89.8< />7-*6.7=*56.7=. .7 <9*K* <
7.,.<*;28 *6952*; B +;27-*; 7>.?*< 98<2+252-*-.< -. ,89;8->,,2L7 * *:>.558< 9*J<.< 6.78<
-.<*;;855*-8<9>.<=*6+2I7.558<<>6*7.7.5=8=*5-.5.<9*,282+.;8*6.;2,*78<J,868>7*6*B8;
27=.0;*,2L7 ,87 5*< 27-><=;2*< .>;89.*< :>. 78 <L58 <. 5262=. * 5* ,89;8->,,2L7 <278 * 6*B8;.<
27=.;,*6+28<,86.;,2*5.<B-.9;8/.<287*5.<.7=;.*6+*<;.0287.<<262<68,;..68<:>.<9*K*
:>.->;*7=.5*.<,;2=>;*-..<=*=.<2<*<>6.5*9;.<2-.7,2*-.5*&72L7>;89.*-.+.;J**-89=*;>7
9*9.5 6G< *,=2?8 .7 .5 ,873>7=8 -. 5* &72L7 .7 -./.7<* -. >7* 6*B8; 27=.0;*,2L7 -. 5*< 27-><=;2*<
*>-28?2<>*5.<2+.;8*6.;2,*7*<85*=278*6.;2,*7*<,868<.-.<..
"8; 8=;8 5*-8 <2 .< 2698;=*7=. .5 -.<*;;8558 B *6952*,2L7 * 8=;8< 6.;,*-8< -. 5* *,=2?2-*-
,89;8->,=2?* =*6+2I7 58 .< 5* ,2;,>5*,2L7 -. ,87=.72-8< 98; 5* ;.02L7 7 .<=* 5J7.* -.+.;J*
.7,*627*;<..59;80;*6*+.;6.-2*.56GA268.A987.7=.-.5*985J=2,*2+.;8*6.;2,*7*-.5*
*-*5*.<,*<.C.,87L62,*-.5/87-8+.;6.-2*-.+.;J**,=>*;6G<,868>7,8695.6.7=8-.5*<
985J=2,*< 7*,287*5.< :>. 0*;*7=2,. 5* ,86.;,2*52C*,2L7 -. 5*< ,89;8->,,287.< 55.?*-*< * ,*+8 .7=;.
58< -2<=27=8< 9*J<.< 62.6+;8< -. -2,18 /87-8 7 .<=. <.7=2-8 *,=>*;J* ,868 >7 /87-8 *>-28?2<>*5
.7,*;0*-8 -. -*; <*52-* * 5*< 9;8->,,287.< 2+.;8*6.;2,*7*< ,87=*7-8 ,87 5* =.5.?2<2L7 6G< :>.
,868 >7 /87-8 -. ,89;8->,,2L7 :>. .< .7 5* *,=>*52-*- <262<68 <.;J* 2698;=*7=. :>. .<=.
9;80;*6* ;.*52C*<. *,,287.< 9258=8 ,868 5*< -.<*;;855*-*< 98; .5 9;80;*6* .-2* -. 5* &72L7
>;89.* ,87 .5 /27 -. .A958;*; 7>.?*< ?J*< * 5* -2<=;2+>,2L7 B 9;868,2L7 -. ,87=.72-8<
2+.;8*6.;2,*78<>7*.<=;*=.02*6>B7.,.<*;2*.7.5*,=>*5,87=.A=8*>-28?2<>*5
"*;**5,*7C*;.<=*<6.=*<.<7.,.<*;28*,=>*52C*;58<9;8,.<8<-.,889.;*,2L71*,.;58<.A=.7<2+5.<
*5 ,873>7=8 -. =.;;2=8;28< -. 5* ;.02L7 78 <L58 * 58< 6.;,*-8< 6G< -.<*;;855*-8< *-*9=*; 5*<
5.02<5*,287.< 7*,287*5.< * 5* .;* -202=*5 B .7 -./272=2?* ;./8;6>5*; .5 9*9.5 -. 5* ,889.;*,2L7 .7=;.
<9*K*.+.;8*6I;2,* 8<.7,87=;*68<.7.5686.7=8-..<=*+5.,.;>77>.?86*;,8-.*,=>*,2L7
,86M7B*-89=*;<85>,287.<-202=*5.<-.58,87=;*;28<.,8;;..5;2.<08-.;.9.=2;.;;8;.<-.59*<*-8
$*+.68<:>..<,8695.3827,5><898;:>I78-.,2;58>=L92,8-.<*;;855*;*50>7*<-..<=*<6.-2-*<
:>. *:>J 9;8987.68< $27 .6+*;08 * 9.<*; -. :>. <868< ,87<,2.7=.< -. 58< 0;*7-.< 27=.;.<.<
.,87L62,8< :>. .A2<=.7 .7 .5 <.,=8; ,27.6*=80;G/2,8 B -. 5* .A2<=.7,2* -. >7 ;.->,2-8 0;>98 -.
.69;.<*;28< 58,*5.< ,87 6*B8; 98-.; -. *,=>*,2L7 .7 ,*-* 72,18 -. 5* .,8786J* ,27.6*=80;G/2,*
9;8->,,2L7 -2<=;2+>,2L7 B .A12+2,2L7 ,;..68< :>. .5 ,*6+28 -. 68-.58 :>. <. .<=G -.<*;;855*7-8
68=2?*-8 98; 5* =;*7</8;6*,2L7 =.,785L02,* -202=*5 -2<9.;<*;G .5 ,87=;85 :>. <. .3.;,. .7 58<
;.<9.,=2?8< 6.;,*-8< 27=.;78< -. 5* ;.02L7 $. =;*=* -. .?2=*; 98; =*7=8 >7 7>.?8 ,87=;85 -. 58<
6.;,*-8<2+.;8*6.;2,*78<.76*78<-..69;.<*<.A=;*73.;*<,868.5*,87=.,2-8.75*-I,*-*-.
58<78?.7=*.7*;*<-.*5,*7C*;>7*6*B8;27=.0;*,2L7-.58<62<68<9.;8<8+;.=8-8<.=;*=*-.
*?*7C*;.7.5-.<*;;8558-.>7*27-><=;2*2+.;8*6.;2,*7*/>.;=.,869.=2=2?*B0.7.;*-8;*-.;2:>.C*
-.;2:>.C*,>5=>;*5-.580;*;>7*8/.;=*,27.6*=80;G/2,*6G<?*;2*-*.7-./272=2?*<.=;*=*-.:>..5
9M+52,858<><>*;28<98-*68<=.7.;*,,.<8*7>.<=;8*,.;?8,>5=>;*5B98;:>I781*,2.7-8><8-.
5*<-2/.;.7=.<1.;;*62.7=*<B89,287.<-.,87<>68:>.5*.;*-202=*578<+;27-*



Conclusions

ONCLUSIONS

F=<A52@6@C2?6360.A6<;
(5202;A?.95F=<A52@6@D5605@A.?A21A56@6;C2@A64.A6<;.;1D26;A2;1A<A2@AD.@

#)#("#!"#$"#!("#!$#'#!" ##!
% ##!##
$! #!$"#!"$"""#
!&"#!$#"&' #$%"$$!#!$#
"#(&(#%#!#$%"$"  #"#!!""!(#
!%&  $ # # "  #!#  # # ! #  # #  "#
"#"
(5?<B45<BA A56@ 6;C2@A64.A6<; D2 5.C2 3<B;1 A5.A A52 20<;<:60 .;1 @<06.9 6:=<?A.;02 <3 A52
.B16<C6@B.96;1B@A?F6;A52!.A6;:2?60.;?246<;6@2C612;A.@6@A5256450<;02;A?.A6<;<36;1B@A?F6;
. @:.99 ;B:/2? <3 0<B;A?62@
 &20.99 A5.A A52 /2;236A@ 05.?421 /F A52 /2?< :2?60.; .B16<C6@B.9
6;1B@A?F 6;   D2?2 .?<B;1   /6996<; 1<99.?@  3?<: 3?22 (*   <3 =.F A292C6@6<; .;1  <3
369: .;1 A5.A '=.6; D.@ ; A5.A F2.? A52 9.?42@A :.?82A 6; A52 ?246<; D6A5 . C6@B.9 05208 <3 )
'
 

 :6996<;3<99<D21/F ?.G69:6996<;"2E60< :6996<;.;1 ?42;A6;. :6996<;

(52@2 36C2 :.?82A@ .00<B;A21 3<?  <3 A<A.9 AB?;<C2?
 &24.?16;4 A52 =.?A606=.A6<; <3 A52 A<A.9
;.A6<;.9 % .B16<C6@B.9 ?2=?2@2;A@
 <3 .C2?.42 .9A5<B45 6; 0<B;A?62@ 9682 )?B4B.F .;1
?42;A6;. @A<<1 .A
 .;1
 ?2@=20A6C29F
 9@< .;.9FG21 A52 A?.12 /.9.;02 6; A52 @20A<? 3<?
@<:2 0<B;A?62@ ;<A6;4 A5.A D6A5 32D 2E02=A6<;@ A52 !.A6; :2?60.; 0<B;A?62@ .?2 ./<BA A52 C6@B.9
123606A6:=<?A6;4:<?2@2?C602@6;A522E=<?A6;4@20A<?.;1A5.A<C2?.99A52?246<;5.1.00B:B9.A216;
  .123606A<3:6996<;1<99.?@

;.9F@6@ <3 A52@2 1.A. =?<C612@ @<:2 6;@645A@ ?292C.;A 369: 6;1B@A?F 6; A52 ?246<; A52?2 6@ . 5645
42<4?.=5600<;02;A?.A6<;.;1/B@6;2@@.9.?42;B:/2?<36:=<?A21=?<1B0A@:<@A9F3?<:A52);6A21
'A.A2@ D5605 5.C2 . 4?2.A2? =?2@2;02 6; :.7<? :.?82A@ .;1 9<D =2?02;A.42@ <3 :.?82A @5.?2 3<?
1<:2@A60369:@

+2 5.C2 .9@< @22; A5.A A52?2 .?2 . @:.99 ;B:/2? <3 =?<1B0A6<; 0<:=.;62@ D6A5 A62@ A< @B002@@ <3
0<::B;60.A6<;.9<;4D6A5.9.?42;B:/2?<3=?<1B02?@A5.A<;9F=?<1B02.369:.564512=2;12;02
<; =B/960 .61 A< =?<1B02 163360B9A A< .002@@ A< ;.A6<;.9 16@A?6/BA6<; ;2AD<?8@ 92A .9<;2 6;A2?;.A6<;.9
1B2 A< A52 @A?<;4 0<;A?<9 2E2?06@21 /F )
'
 :B9A6;.A6<;.9@ <; A52 @20A<?@ <3 A52 ;.A6<;.9 16@A?6/BA6<;
.;12E56/6A6<;
;B:/2?<3@A?B0AB?.9=?</92:@A5.A92.C2@A52B?< !.A6;:2?60.;1<:2@A606;1B@A?F
6;.=<@6A6<;<3D2.8;2@@.;1:.?46;.96AF=?.0A602

; A56@ @6AB.A6<; 9.D@ .;1 120?22@ D2?2 =?<:B94.A21 @B==<?A =?<4?.:@ .;1 @B==<?A A< 1<:2@A60
6;1B@A?F 5291 :22A6;4@ .;1 @64;21 /69.A2?.9 .4?22:2;A@ <;9F . 32D !.A6; :2?60.; 0<B;A?62@ .;1
6;A2?;.A6<;.90<<=2?.A6<;/2?:216.A5.A.9A5<B45A52F5.C26;0?2.@21A5292C29<3369:=?<1B0A6<;6;
A52?246<;5.C23.6921A<0?2.A2.@<961369:6;1B@A?F92A.9<;26;A24?.A21.;.B16<C6@B.9.?2..@D299
=?.F.AA529.?42@A<3:<@A<3A520<;C2;A6<;@.;10<<=2?.A6<;.4?22:2;A@@64;21

 

Conclusions

+2 5.C2 @22; A5.A =?<4?.:@ .;1 :205.;6@:@ A< 3<@A2? A52 6;1B@A?F 3.C<? . =.?A60B9.? @20A<? <3
6;1B@A?6.9.0A6C6AF=?<1B0A6<;D5605369:@6;A529<0.9:.?82A=?2@2;A4?2.A163360B9A62@A<=?2:62?29<D
6;0<:2@.;132D<=A6<;@3<?0<@A?20<C2?F.;10<=?<1B0A6<;6@A52<;9FD.FA</?.;16;<A52?:.?82A@

/2?:216.5.@/22;A524?2.A2;46;2A5.A@A.?A21<330< =?<1B0A6C2.0A6C6AF6;A52?246<;6;3.0A<3
A52/B142A4<2@A<A526A2:
<D2C2?.@6@A520.@2D6A5A52);6<;@"216.=?<4?.:5.@;<A/22;
.0562C210?2.A2@=.02/F:<C6;4A520<;A2;A@<3A52?246<;
;A52@AB1F<35.=A2?D23<B;1A5.A
A52 @:.99 ;B:/2? <3 !.A6; :2?60.; 369:@ A5.A :.;.42 A< 0?<@@ A52 /<?12?@ 7B@A  :.82 6A 3<?
?292.@2 6; . 32D 0<B;A?62@ 6; A52 ?246<; <? A52 );6<; D6A5 . @:.99 ;B:/2? <3 0<=62@ .;1 9<D
.AA2;1.;02 ?.A2@   C62D2?@ <; .C2?.42 6;09B16;4 A5<@2 6; A52 9<0.9 :.?82A 5.C2 /22;
@B002@@3B9

+20.;@.FA5.AA5<@2!.A6;:2?60.;=?<1B0A6<;@A5.A0<:2A<B?<=2.?2:.6;9F0< =?<1B0A6<;@D6A5
B?<=2.; 0<B;A?62@ A5.A =?2:62?2 6; A52 0<B;A?62@ <3 <?646; .;1 A52 ?2@A <3 A52 :.?82A C2?F 32D 42A
9<D C<9B:2 <3 C6@6A<?@
 $;9F A5<@2 369:@ A5.A 5.C2 2;7<F21 A52 =.?A606=.A6<; <3 . )
'
 =?<1B02? <?
16@A?6/BA<? <? D2?2 =?<1B021 /F ;.A6<;.9 :216. 0<;49<:2?.A2@ 9</< 9.?6; %.A.4<;68 6@;2F
(2923K;60.

 5.C2 .; 2E02992;A =?<:<A6<; .;1 6;A2?;.A6<;.9 :.?82A6;4 52;02 5.C2 4B.?.;A221
@B002@@
 (56@ 6@ A52 0.@2 <3 A52 A5?22 56452@A 4?<@@6;4 =?<1B0A6<;@ ./29 D6A5 <C2?  :6996<;
C62D2?@ %.;@ !./F?6;A5 "<A<?0F092 6.?62@ .;1 $;02 )=<; . (6:2 6; "2E60< D6A5 :<?2 
:6996<;C62D2?@2.05<;2

00<?16;4 A< A52 1.A./.@2 !B:6I?2 B?<=2.; B16<C6@B.9 $/@2?C.A<?F 6; A52 9.@A  F2.?@ D2?2
?292.@21.A<A.9<3 !.A6;:2?60.;A6A92@6;A52.?2.4.A52?21./<BA:6996<;C62D2?@
C2?F9<D63
D2 0<;@612? A52 =2?6<1 .;1 ;B:/2? <3 A<A.9 49</.9 =?<1B0A6<; <C2? . 5B;1?21 A6A92@ =2? F2.?
 <?
2E.:=92/2AD22; .;1 A52!.A6;:2?60.;0<B;A?62@=?<1B021369:@<3D5605D2?2
0< =?<1B0A6<;@
$;9F <3A52@2369:@D2?2?292.@216;A52)/BAA52FD2?2?292.@21<3
A520< =?<1B0A6<;@

A.9@<2E6@A@6;A52:.?82A6;4<3!.A6;:2?60.;06;2:.6@.56450<;02;A?.A6<;<30<B;A?62@A5.A2E=<?A
:<?2A6A92@
?42;A6;."2E60<.;1?.G69.?2:.7<?2E=<?A2?@<3A52?246<;/BA2@=206.99F?42;A6;.
A52369:=?2:62?21:<?2A6A92@<;A52B?<=2.;:.?82A.;1@=206360.99F6;'=.;6@5
A6@.9@<A52!.A6;
:2?60.;0<B;A?FA5.A:<@A0< =?<1B021D6A5'=.6;/20.B@2<3/69.A2?.9.4?22:2;A@<;0<<=2?.A6<;

'6:69.?9FA5206;2:.A606;A?. ?246<;.9A?.126@C2?F@:.99.@6@A52=<<?=?2@2;02<3'=.;6@506;2:.6;
A52 B?<=2.; );6<;
 00<?16;4 A< 1.A. 3?<: )#( 6; A52 9.@A @6E F2.?@ A52 2E=<?A@ <3 !.A6;
:2?60.; 369:@ .:<;4 A52 0<B;A?62@ <3 A52 ?246<; 161 ;<A 2E0221   :6996<; .;1 .:<;4 !.A6;
:2?60.; 0<B;A?62@  :6996<;
 (5B@ A52 ?21B021 A?.16;4 :.?82A 1<2@ ;<A 4B.?.;A22 @B@A.6;./92
20<;<:62@<3@0.92

+2 A52?23<?2 /2962C2 A5.A A52 6;A24?.A6<; <3 . 0<::<; .B16<C6@B.9 .?2. .@ A52 B?<=2.; .;1 !.A6;
:2?60.; ;<A <;9F A5?<B45 =?<:<A6;4 0< =?<1B0A6C2 .0A6C6AF .@ D2 5.C2 @22; 1<2@ ;<A 4B.?.;A22
6;A2?;.A6<;.9:.?82A6;4/BAA5?<B45=?<=2?06?0B9.A6<;=?<:<A6<;.;1:.?82A6;4<3=?<1B0A@/2AD22;
0<B;A?62@ <3 A52 ?246<; .;1 A52 ?246<;
 ; A56@ @2;@2 D2 @.F A5.A ;.A6<;.9 .;1 6;A2?;.A6<;.9 =<96062@
12@64;216;A52.;.9<42?..;16;0<;A2EA<39<D92C29@<3=?<1B0A6<;.;1564592C29@<30<;02;A?.A6<;
.;1=?2@2;02<33<?264;4?<B=@A.86;40<;A?<9<382F@20A<?@<3A526;1B@A?F/.086;;6;2A62@.9A5<B45
A52F 5.C2 5.1 A526? @B002@@ A52F :.;.42 A< ?.6@2 =?<1B0A6<; 92C29@ .;1 2;5.;02 A52 C<9B:2 <3

 

Conclusions

=?<1B0A6<;@ 6A 6@ @5<D; A52 ;202@@.?F ?2;2D.9 <3 @B05 :2.@B?2@ .;1 6:=92:2;A.A6<; <3 23320A6C2
:205.;6@:@3<?A521646A.9.42

#<DA520<;A2EA6@?.160.99F16332?2;A3?<:<A52?:61 ;6;2A62@
(520<;@B:=A6<;/<<:A5.A5.@.B16<
C6@B.9 =?<1B0A@ /F A52 #2AD<?8 .;1 A52 12096;2 <3 C62D2?@ D5< ?20<?121 A52 @5<D?<<:@ .?2 @<:2
@64;@A5.AA52<BA1.A21:<129.;.9<4369:.;1=?6;A.0<B?@205.;42A<A520B??2;A/B@6;2@@:<129

;'=.6;A523.99<3C6@6A<?@6; <C2?A52=?2C6<B@F2.?D.@09<@2A<3?<:
6;?29.A6<;A<
  A52 =5F@60.9 ?2;A.9 <3 369:@ 5.@ 3.992; /F  0<:=.?21 A<    :6996<; 2B?<@ 6;  
0<:=.?21A< :6996<;A56@F2.?D5692<;96;2:<C620<;@B:=A6<;/69921 :6996<;2B?<@6;A529.@A
F2.?6;'=.6;<C2?/6996<;1<99.?@6;A52D<?91$#('  .;1 

+2?2.96G21A5.AA52=?<02@@<31646A6G6;4A52@5<D?<<:=?<1B0A6<;.;116@A?6/BA6<;<3369:@6;1646A.9
3<?:.A5.@.9?2.1F/24B;.;16@=?<4?2@@6;4.A.=52;<:2;.9=.02
"<?2A5.; 1646A.9@0?22;@
6;@A.99216; 6;A52.A2?@.?<B;1A52D<?91.9<;4A5296;2@=.AA2?;21/F(2E.@;@A?B:2;A@.
/<1F3<?:21/FA52@6E@AB162@<3A52 !".;1:<?2A5.; 2>B6==21D6A5A5?22 16:2;@6<;.9
A205;<9<4F@5<DA52@=20A.0B9.?12C29<=:2;A<31646A.90<;C2?@6<;7B@A<33A52 ?<<:@.00<B;A21
3<?<;9F1646A.9A5?22F2.?@.4<
+6A5<BA1<B/A:2?60.6@A520<B;A?FD6A5A529.?42@A;B:/2?<31646A.9
@0?22;@  <3 A52 A<A.9 /BA D2 5.C2 @22; 6; 5.=A2?@  .;1  <3 A56@ A52@6@ A5.A A52 ?2@A <3 A52
:.?82A@ <3 B?<=2 D6A5 )  52.1 .;1 !.A6; :2?60.; "2E60< .;1 ?.G69 .@ :.7<? =9.F2?@ 5.C2
9.B;0521 A526? 1646A.9 4.6A =.?A60B9.?9F 2;0<B?.421 /F A52 @B002@@ A5.A A52 =B/960 6@ ?2.=6;4 A52
@=20A.092<332?21/FA52;2D3<?:.A

(52=<@@6/696AF<3=?<720A6;4.9A2?;.A6C20<;A2;A6;06;2:.@@=<?A6;42C2;A@:B@60.9<?<A52?D6@2.;1
A52 3.0A <3 0?2.A6;4 369: @2?62@ ?2=9.02 <91 56A@ <? ?2;A6;4 ?<<:@ A< <A52? B@2@ .?2 @<:2 <3 A52
;<C29A62@ <3 A56@ ;2D @F@A2:
 BA B;1<B/A219F A52 :<@A 6:=<?A.;A .?2 A52 =<A2;A6.9 <332?21 /F ;2D
A205;<9<4F3<?A5<@292@@12C29<=21:.?82A@

2 0<::2;A21 A5.A 2;./92 1646A.9 16@A?6/BA6<; .;1 2E56/6A6<; 6;1B@A?F 12:<0?.A6G.A6<;
 +6A5 A52
296:6;.A6<; <3 =?6;A6;4 <3 0<=62@ .;1 052.=2? =?<1B0A6<; 0<@A@ B?<=2.; .;1 !.A6; :2?60.;
6;1B@A?62@.?26;A52 .;<==<?AB;6AFA<:.?82AA52@20B?6A62@
BA;<A7B@A6;06;2:.@/BA.9@<
<=2;;2DD6;1<D@A<6;A2?;.A6<;.9A?.12.A=?2@2;A/2F<;1A520<;A?<9<3A52 !"D2?232?A<A52
;A2?;2A

(52 056992@ 5229 <3 !.A6; :2?60.; :.?82A@ 6@ A52 96:6A21 3B;16;4 .C.69./92 A< B;12?A.82 A52
=?<1B0A6<;<3.369:9<D/B142A2.?:.?8213<?A52=?<:<A6<;.;1:.?82A6;4.;1A5296:6A21;B:/2?<3
0<=62@ A5.A :.12 A526? =?2:62?2@ 6; A52 0.@2 <3 .0562C2 =?2:62?21 A< @A?<;4 0<:=2A6A6<; 2E2?A21 /F
A52 !"A<A5216@=9.F0<;A?<906?0B6A@6;A520<B;A?F
+6A51646A.916@A?6/BA6<;A52@20<@A@D<B91/2
@.C21A5B@D<B91=?<C612.9<<@2?/B142AA<=?<1B02
BA.9@<A52?26@A52=<@@6/696AF<36;A2?;.A6<;.9
=?2:62?2@ .;1 6; @2C2?.9 ?<<:@ .A <;02 A52?23<?2 D<B91 @<9C2 A52 =?</92: <3 :<C2:2;A .;1
6;A2?;.A6<;.9:.?82A6;4<3!.A6;:2?60.;06;2:..9@<B?<=2.;

<?2E56/6A<?@.9@<0.??62@.1C.;A.42@2@=206.99F3<?05691?2;12@=6A2A52@64;6360.;A36;.;06.9<BA9.FA<
A52:@29C2@<3A521646A.90<;C2?@6<;./<BA  A5<B@.;12B?<@
(52F<=2;;2D.C2;B2@3<?6;0<:2
42;2?.A6<;/F5.C6;40<::2?06.93<?:B9.@.;1;2D=?<1B0A@A<<332?6;?<<:.9A2?;.A6C20<;A2;AA52
0?2.A6<;<3369:@2?62@0<;32?2;02@:22A6;4@

2;236A@A5.A.9@<.3320A<A52?6;1B@A?62@@B05.@A52
:B@60.;16;=.?A60B9.?6;.42;?2.@<91.@A52<=2?.D56056@6;A52.A2?@D6A5.;6;0<:2A5.A1<2@
 

Conclusions

;<A 0<B;A
 +2 A52?23<?2 3.02 . ;2D /B@6;2@@ :<129 A52 2E56/6A<? 6@ 0<;364B?21 .@ . 12C29<=2? <3
0<;A2;A.;146C2?<<:@.;2D9<<81B2A<;2D1646A.9B@2@

6;.99F A52 2;1 0<;@B:2? .;1 A52 =B/960 F<B 42A . ;2D .B16<C6@B.9 D612 .;1 C.?621 /BA :<@A
6:=<?A.;A9F <332? :<?2 52A2?<42;2<B@ 369: 5.C2 . =9.02 D52?2 369:@ 3?<: <A52? @<B?02@ .;1 <?646;@
.;1:2?60.;@

+2 5.C2 .9@< 3<B;1 6A =<@@6/92 .A A52 @.:2 A6:2 ;202@@.?F A< 5.C2 A52 6;A24?.A6<; <3 <A52? :216.
@B05.@1646A.9A292C6@6<;.;1A52;A2?;2A
(52?<<:@.?20<;;20A21A<A52;A2?;2A1646A.9A292C6@6<;
.9@< .?2 6;0?2.@6;49F 5<B@25<91@ D5605 ?2=<?A21 ;A2?;2A 0<;;20A6<; .@ 6@ A52 12C29<=:2;A <3
/?<.1/.;1 0.=./92 <3 A?.;@=<?A6;4 6:.42 3692@ 9.?42? ?20.99 A5.A . 5645 1236;6A6<; :<C62 A.82@
.==?<E6:.A29F   .;1 0<;@B:=A6<; .0?<@@ A52 ;2AD<?8 6;0?2.@6;49F 42;2?.A2@ 56452? =?<36A@

"<?2<C2?A56@16@A?6/BA6<;05.;;293.@A23320A6C2.;16;2E=2;@6C2.99<D@16@A?6/BA6<;D6A5<BAA52;221
3<?6;A2?:216.?62@
;A56@@2;@2D25.C212:<;@A?.A21A526:=<?A.;A12C29<=:2;A<3A56@:216B:6;
A52?246<;D6A5@64;6360.;A=2;2A?.A6<;6;A5<@292@@12C29<=21:.?82A@@B05.@5692D6A5<C2? 
<3 A52 =<=B9.A6<; 0<;;20A21 A< A52 #2A <9<:/6.  <? )?B4B.F <@A. &60. .;1 A52 <:6;60.;
&2=B/960  <3A52=<=B9.A6<;

A 6@ 092.? A5.A A52?2 .?2 .9@< 16@.1C.;A.42@ .;1 ?6@8@ 6;0?2.@21 49</.96G.A6<; <3 A52 369: @5<D .;1
2C2; :<?2 ./@<9BA2 0<;A?<9 <3 A52 <99FD<<1 !" @5.121 .?2.@ .;1 ?2:<A2 16@0<;;20A21 1646A.9
12C29<=:2;A =?</92:@ D6A5 /.;1D61A5 .;1 ;A2?;2A 0<;;20A6<; A52?23<?2 4?2.A2? 42<4?.=560.9
0<;02;A?.A6<;
A6@;<DD52;=B/960.BA5<?6A62@;.A6<;.9.;16;A2?;.A6<;.9:B@A5.C2.;.0A6C2.;1
?2=?2@2;A.A6C2 1236;6;4 A52 D.F 3<?D.?1 .;1 A< 6:=92:2;A @A.;1.?1@ 6; A52 :.?82A@ <3 A52 ?246<; <3
B;63<?:.;16;A24?.A21D.FA<.C<61;2D=<D2??29.A6<;@.;1.996.;02@6;1646A.9.42

+2 1232;121 .A A52 /246;;6;4 <3 A56@ 6;C2@A64.A6<; A52 =<A2;A6.9 3<? 12C29<=:2;A .;1 6;A24?.A6<; 3<?
92@@12C29<=21369:6;1B@A?62@@B05.@B?<=2.;.;1!.A6;:2?60.;=<@21/FA521646A6G.A6<;<3A52
.?2.@<31646A.916@A?6/BA6<;.;12E56/6A6<;.;1A52;221A<6:=92:2;A1646A.9=B/960=<960F
(<A56@2;1
D2=?<=<@213<B?5F=<A52@2@
( 5212=92A6<;<3A52.;.9<4369::<129

@AF=<A52@6@(
(52 9<D ;B:/2? <3 C6@6A<?@ A< A52 2E56/6A6<; ?<<:@ .B16<C6@B.9 3.996;4 0<;@B:=A6<; 6; A?.16A6<;.9
3<?:.A@A52.1C2;A<3;2D3<?:.A@.;11646A.90<;@B:2?=?<1B0A@6;16332?2;A:216..;1.B16<C6@B.9
:216. .;1 <;4<6;4 A205;<9<460.9 .1C.;02@ A5.A .?2 0B??2;A9F 96C6;4 6; .;1 @A?B0AB?.9 =?</92:@
=?2@2;A21/FA52B?< !.A6;:2?60.;369:6;1B@A?62@3<?264;0<;A?<9<316@A?6/BA6<;.;12E56/6A6<;A52
6;12=2;12;A =?<1B0A6<; 3?.4:2;A.A6<; D2.8 ;.A6<;.9 6;1B@A?F A< =?<1B02 .;1 16@A?6/BA2 A52 9<D
0.=.06AF <3 !.A6; :2?60.; 0<:=.;62@ 2E=<?A =<<? 06?0B9.A6<; 0<;A2;A 3<? A52 ?246<; .;1 9.08 <3
02;A?.9 16@A?6/BA6<;<?16@=9.F<30<;A2;A42;2?.A21/FA52?246<;.?2@64;@./<BAA5212=92A6<;.;1A52
0?6@6@<3A52.;.9<4369::<129

;1 F=<A52@6@ 2=2;12;02 <; =B/960 @B==<?A .;1 3.6921 A< =?<1B02 0<<=2?.A6<;
:205.;6@:@

;.9<4=B/960=<96062@.;1=?<4?.:@6:=92:2;A21A<0?2.A2.;6;1B@A?F.;1.@A?<;4!.A6;:2?60.;
.B16<C6@B.9 @=.02 /B69A 5.C2 3.6921 D5692 A5.A 42;2?.A21 . 5645 12=2;12;02 <; .61 A< =?<1B02
 (52
9<D 92C29 <3 3B;16;4 A52 12@A6;.A6<; <3 .61 .;1 6A@ .0562C2:2;A@ 0<B=921 D6A5 @A?B0AB?.9 05.;42@ 6;
6;1B@A?6.912@64;.?2>B2@A6<;6;4A523BAB?2.;1A523BAB?2<3A52@2=<96062@

 

Conclusions

(56@?2@2.?056;09B121.05.=A2?A523<B?A5A52@AB1F<3!.A6;:2?60.;;.A6<;.9?24B9.A6<;@6;<?12?
A< 12:<;@A?.A2 A5.A A5<@2 369::.82?@ D5< .?2 56459F =?<1B0A6C2 5.C2 =?<4?.:@ A< 12C29<= A5.A
.0A6C6AF .@ 6@ A52 0.@2 <3 '=.;6@5 06;2:. ?42;A6;. "2E60< <? ?.G69 .;1 <C2?0<:6;4 A52
16332?2;02@ 5692 <9<:/6. .;1 *2;2GB29.
 9@< 12@=6A2 A52 16332?2;02@ 6A D.@ 3<B;1 . 02?A.6;
=.?.99296@:6;A52:205.;6@:@6:=92:2;A21/F;.A6<;.94<C2?;:2;A@B;12?@AB1F6;A56@A52@6@
%B/960
@B/@6162@ 6;02;A6C2@ >B<A.@ <3 ;.A6<;.9 06;2:. @0?22; 0<;@<961.A6<; <3 . =B/960 /<1F A< <C2?@22
:.;.42.;1?24B9.A2=B/960@B==<?AA<369:.;1.564520<;<:6092C29=?<4?.:@.6:21.A6;0?2.@6;4
=?<1B0A6C2 .0A6C6AF 6; 3?<;A <3 <A52?@
 +2 @A?2@@ A5.A D6A5 :.;F ;B.;02@ /BA D2 /2962C2 A5.A A52@2
@6:69.?6A62@ 6; ;.A6<;.9 ?24B9.A<?F 3?.:2D<?8@ ?2@=<;1 A< A52 2E05.;42 <3 612.@ =?<4?.:@ .;1
05.992;42@ A52 .BA5<?6A62@ :.12 /2AD22; !.A6; :2?60.; 06;2:. 6; A52 52.?A <3 A52 
 ; 3.0A
6;0?2.@21.99<0.A6<;@A</2?:216.=?<4?.:D5605?2>B6?2@A<:22AA<.==?<C24?.;A@.;112A2?:6;2
3BAB?2 0<B?@2@ <3 .0A6<; 5.@ 0<;A?6/BA21 A< 6;0?2.@21 ?2@<B?02@ .99<0.A21 A< A52 ?2@=20A6C2 ;.A6<;.9
=?<4?.:@

; A56@ C26; 962 0<<=2?.A6<; =<96062@ .;1 .42;1. 3<? ?246<;.9 6;A24?.A6<; 6:=92:2;A21 /F A56@ /<1F
/2?:216.
$C2?<3A523B;16@6;A2;121A<0< =?<1B0A6<;.;1A52?26@.564512=2;12;02<;A52
0<;A?6/BA6<;@:.12/F.@:.99;B:/2?<30<B;A?62@:.6;9F3?<:'=.6;D56052E0221@ :6996<;=2?
F2.?=?<C6121/FA52?.G69'20A<?6.9B;1?.G696.;.B16<C6@B.9.;1?42;A6;.#D6A5
 :6996<; 2.05 .;1 *2;2GB29. D6A5 <C2? 
 :6996<; 2B?<@ 3?<: A52 $#%&$#
 64B?2@ D299
./<C2A52:6;6:B:.:<B;A@A5.A1<A52?2@A<3:2:/2?0<B;A?62@  A5<B@.;11<99.?@/23<?2 
A5<B@.;16;09B16;4"2E60<D6A5.;6:=<?A.;A6;1B@A?F.;1.@:.99@5.?2
BAB;1<B/A219FA52:<@A
6:=<?A.;AA56;46@A5.AA56@=?<4?.:1<2@;<A6:=<@20<::6A:2;A@<;A5216@A?6/BA6<;.;106?0B9.A6<;<3
D<?8@/FA52/2?< :2?60.A520<B;A?62@<3A52?246<;

(5296:6A21<C2?9.=/2AD22;;.A6<;.9.;16;A2?;.A6<;.9.42;062@6;A52?246<;.@<?/21?<<:
6;A24?.A6<;<3"2?0<@B?.AA52369:.;1A529.08<36:=92:2;A.A6<;<3A52:2.@B?2@A.82;.A?246<;.9
92C29 6; A52 ?2@=20A6C2 ;.A6<;.9 9.D@ @5<D A52 120.F !.A6; :2?60.; .B16<C6@B.9 @=.02 12@=6A2 A52
.0562C2:2;A@6;A52=?<:<A6<;<3=?<1B0A6C2.0A6C6AF.;1<?0< =?<1B0A6C2
BAD2:B@A;<A3<?42AA5.A
06;2:.6@/<A50B9AB?.96;1B@A?F36;.;06.96;1B@A?F.;1.@@B05@5<B9142;2?.A2=?<36A@

?1 F=<A52@6@  236062;0F A?.12 D6A56; .;1 <BA@612 A52 ?246<;
 (52?2 6@ ;< 6;A24?.A21
.B16< C6@B.9.?2.

<;@6@A2;A D6A5 A52 =?2C6<B@ 5F=<A52@6@ A52 ./.;1<;:2;A <3 =<96062@ A<D.?1@ A52 :.?82A6;4 .;1
:<C2:2;A <3 !.A6; :2?60.; 06;2:. 6;@612 .;1 <BA@612 A52 ?246<; .;1 A52 96:6A <3 A52 =B/960
@B/@6162@A<2;0<B?.42=?<1B0A6<;.;10<=?<1B0A6<;D6A5B?<=2.;0<B;A?62@/BA2@=206.99FD6A5C2?F
96AA92 /2AD22; '=.6; .;1 !.A6; :2?60.; 0<B;A?62@ 96:6A@ A52 =?2@2;02 <3 !.A6; :2?60.; 06;2:. 0<
=?<1B02? 0<B;A?62@ .;1 0<B;A?62@ <3 <?646;
  C2?F 32D 369:@   ;.A6<;.9 D5< :.;.42 A< 0?<@@
/<B;1.?62@.;1?2.05!.A6;:2?60.;.;1B?<=2.;?2=?2@2;A.A6C2;B:/2?3<?.@@6@A.;02
(52?23<?2
<;A52<;25.;1D2@.FA5.AA5.;8@A<0<<=2?.A6<;.4?22:2;A@?.A52?0< =?<1B0A6<;!.A6;:2?60.;
06;2:. 0.; /2 @22; 6; <A52? :.?82A@ 63 <;9F 6; A52 5<:2 .;1 @<:2A6:2@ 6; . 32D 0<B;A?62@
B?<=2.;@
B?A52?:<?2'=.6;!.A6;:2?60.;.;1B?<=2.;0<B;A?62@9682%<?AB4.96AD<?8@.@.
4.A2D.F <3 !.A6; :2?60.; 06;2:. 6; A52 );6<;
 (52 369:@ A5.A =?2:62?2 6; '=.6; 1< ;<A 2EA2;1
/2F<;1B?<=2.;/<?12?@
;136;.99FA52?26@;<B?< !.A6;:2?60.;.B16<C6@B.9@=.020<::<;3<?
:<C6;4A520<;A2;A@<3A52?246<;


 

Conclusions

A5 F=<A52@6@ % <A2;A6.96A62@ /2?<.:2?60.; 1646A.9 6;1B@A?62@ .;1 A52 6;A24?.A6<; <3 .
0<::<;.B16<C6@B.9@=.02

(52 1646A6G.A6<; <3 A52 @A?.A2460 @20A<?@ <3 A52 369: 6;1B@A?F 16@A?6/BA6<; .;1 2E56/6A6<; D699 <332? A52
=B/960.:<?2C.?621<332?A<A5216@=9.F.9A2?;.A6C20<;A2;A=?<4?.::6;4.;12.?;:<?26;0<:2.;1
92@@ 12C29<=21 6;1B@A?62@ =?2:62?2 .002@@ A52 ?<<: /F 296:6;.A6;4 A52 =?</92: <3 0<=F6;4 .;1
?21B021 0<;A?<9 <3 A52 :.7<?@ D6A5 A52 0B??2;A @A?.A2462@ <3 :.@@ 16@A?6/BA6<;
 A D699 A52?23<?2 /2
=<@@6/92 A< :.?82A .;1 :<C6;4 .B16<C6@B.9 0<;A2;A /2AD22; A52 0<B;A?62@ <3 A52 ?246<; .;1 5.C2 .
;2DA<<9<;96;216@A?6/BA6<;A5<B453<?6AD699/2;202@@.?FA<?2C62D0B??2;A=<96062@.;.9<4;.A6<;.9
.;1 6;A2?;.A6<;.9 3<? A52 2@A./96@5:2;A <3 0<::<; =2?3<?:.;02 @A.;1.?1@ 6; @5<?A . ;2D /2?<
:2?60.;0<<=2?.A6<;3?.:2D<?8.1.=A21A<A521646A.9.42



<;09B@6<;@@A.A21</720A6C2@
;A520<B?@2<3A56@6;C2@A64.A6<;5.C2/22;.0562C21A524<.9@@2A.AA52/246;;6;4<36AD5605D2
@5.9916@0B@@/29<D

 +20<;1B0A21.;<C2?C62D<3A520<B?@2<3!.A6;:2?60.;06;2:.3?<:  A<A52=?2@2;A
46C6;412A.69@<;A52.;.9F@6@<36;1B@A?6.9.;1/B@6;2@@@A?B0AB?212C29<=216;A52?2@=20A6C2:.?82A@
B;12?@AB1F6;A56@A52@6@A<A2@AA5256453?.4:2;A.A6<;@A?B0AB?.9D2.8;2@@.;10<;A?<9:.?82A6;A52
5.;1@<3A52/64:2?60.;@AB16<@ !"
(523?.4:2;A.A6<;<3A52=?<1B0A6<;@20A<?.;1A52=<D2?
?29.A6<;@12C29<=216;A5216@A?6/BA6<;0<;A?<9921/FA52@B/@616.?62@<3A52:.7<?@A5?<B456;A24?.A21
.;12E56/6A6<;6;A<A525.;1@<33<?264;<D;2?@<39.?420<:=92E2@D6A556450.=.06AF:B9A64.B46;4
C2?@B@@:.9916@=9.F@ "!9<0.96;@A.99216;A5202;A2?<3A5206A62@.;1?B?.90<::B;6A62@D6A5
96AA920.=.06AF3<?1206@6<;.;1.0A6<;A<.11?2@@A52:.7<?@6@A520B??2;A:.=A5.A6@1?.D;6;A52!.A6;
:2?60.;:.?82A@

 A 5.@ /22; 0<;1B0A6;4 . 0<B;A <3 A52 ;B:/2? <3 !.A6; :2?60.; 369:@ :.?82A21 6; A52
B?<=2.;);6<;.;1=.?A60B9.?9F@<6;A52'=.;6@5:.?82AA5.;8@A<A521.A./.@2!B:6J?2B?<=2.;
B16<C6@B.9 $/@2?C.A<?F .;1 A52 369:@ ?292.@21 6; A52 :.?82A 6;A?. ?246<;.9 !.A6; :2?60.; .;1 0<
=?<1B021 C<9B:2 /2AD22; A52 0<B;A?62@ <3 A52 ?246<; A< 05208 =<<? 06?0B9.A6<; =?<:<A6<; .;1
@B002@@<3!.A6;:2?60.;369:@6;A526;A2?;.9@=.02.;1<A52?@=.02@@B05.@B?<=2
(5.;8@A<A52
12C29<=:2;A .;1 09.@@6360.A6<; <3 A52 @20B?6A62@ A?.121 /F 0<B;A?F <3 <?646; .;1 12@A6;.A6<; .;1 A52
C<9B:2<3@=20A.A<?@4.A52?216;A526;A2?;.A6<;.9:.?82AD25.C22@A./96@521.;B=1.A211.A./.@2
<3!.A6;:2?60.;369:2E=<?A@.;105208A523?.4:2;A.A6<;A5.A2E6@A@6;A52?246<;A<A52:.?82A6;4<3
!.A6; :2?60.; 06;2:. 5.C6;4 A< @=2.8 '=.;6@5 06;2:. ?42;A6;. <? ?.G69 6;@A2.1 <3 !.A6;
:2?60.;06;2:.
A.9@<;<A2@A526:=<?A.;02<3A52!.A6;:2?60.;0<<=2?.A6<;6;A525645=?2@2;02
?42;A6;2369:@=?2@2;A216;'=.;6@5:.?82A@<6;B?<=20<:=.?21A<<A52?369:6;1B@A?62@<D6;4A<
A52.4?22:2;A@@64;216;A56@?24.?1/2AD22;A52AD<0<B;A?62@


9<;4A52@296;2@D23<B;1.=<<??29.A6<;.;1.9<D=?2@2;02<30<::2?06.9369:@/2AD22;
A52AD<B?<=2.;0<B;A?62@%<?AB4.9.;1'=.6;
2@=6A2A5242<4?.=5606;A24?.A6<;0B9AB?.99F A52@2
:.?82A@ .?2 3.? .=.?A D6A5 . 9<D 92C29 <3 A?.12 39<D@ <; A52 369: 6;1B@A?F
<D2C2? A52 96;4B6@A60
=?<E6:6AFD6A5A52<A52?%<?AB4B2@2 @=2.86;4!.A6;:2?60.;@A.A2?.G69=9.F@.;6:=<?A.;A?<92A<.
 

Conclusions

4?2.A2? C<9B:2 <3 A?.12


; A56@ 96;2 .A ?246<;.9 '=.;6@5 92C29 .9606. 5.@ /22; 12C29<=6;4 0B9AB?.9
.==?<.052@.;1:22A6;4@/2AD22;/<A50<B;A?62@@6;02A52;6;2A62@


F?2C62D6;4A52;.A6<;.99246@9.A6C23?.:2D<?8A52@<3AD.?212C29<=213<?A52=?<:<A6<;.;1
6;A24?.A6<; <3 !.A6; :2?60.; 6;1B@A?F .;1 A52 ?<92 <3 0<<=2?.A6<; 5.@ =?<C2; A52 @B002@@ <3 A52
=?<:<A6<; <3 =?<1B0A6C2 .0A6C6AF .;1 A52 D2.8;2@@ .;1 9.08 <3 ;.A6<;.9 .;1 6;A2?;.A6<;.9 .;1 "216.
);6<; .;1 A52  /2?:216. 6; A52 0<;@<961.A6<; <3 . @A?<;4 369: 6;1B@A?F .;1 6;A24?.A21 6;A< .
0<::<;.B16<C6@B.9@=.02


B?A52?:<?2 D2 0<;36?:21 A52 5645 0<;02;A?.A6<; A5.A 2E6@A@ 6; A52 1646A.9 D<?91 A52 .42;A@
<=2?.A6;4 6; A52 :.?82A <=2?.A<?@ .;1 @2?C2?@ A52 .1C.;A.42 6; A52 1646A.9 12C29<=:2;A <3 )
'

6;1B@A?F .4.6;@A A52 <A52? 6:=<@6;4 0<::<; =2?3<?:.;02 @A.;1.?1@ ## .;1 @A.;1.?1@ 3<? 1646A.9
06;2:.*%
;A56@@2;@2A526;6A6.A6C2<3A52
$!  # !$6@=?<=<@21
A< 0?2.A2 . B?<=2.; 0<;@2;@B@ 3<? A52 1646A.9 A?.;@6A6<; .;1 . @6;492 C<602 3<? ;24<A6.A6<; .;1
0<;@2;@B@D6A5A52
!.A6;:2?60.;92C29F2AA52?26@;<.42;0F?2@=<;@6/923<?2;@B?6;41646A.9
6;A2?2@A@6;A52?246<;
6;.99FD612;6;4A524.=/2AD22;9.?422E56/6A6<;05.6;@2>B6==21D6A51646A.9
A205;<9<4F.;1@:.99/B@6;2@@2@D6A5:<?2163360B9A62@A<=2?3<?:A520<;C2?@6<;


6;.99F D2 0<;36?:21 A5.A A52 2:2?42;02 <3 ;2D 16@A?6/BA6<; 05.;;29@ 9682 A52 ;A2?;2A .;1
2.@2 <3 .002@@ A< @5<D?<<:@ /F 296:6;.A6;4 A52 =?6;A6;4 <3 0<=62@ .;1 A52 =<@@6/696AF <3 =?<720A6;4
.9A2?;.A6C20<;A2;A=?<4?.:<332?6;4@.;16;0?2.@2?2C2;B26;06;2:.@.?2@<:2<3A52.1C.;A.42@
<31646A.916@A?6/BA6<;.;12E56/6A6<;
<D2C2?D2/2962C2A5.AA<.0562C2A526;A24?.A6<;<3.0<::<;
.?2..;1A5212C29<=:2;A<3!.A6;:2?60.;:.?82A@6;09B16;4B?<=2.;<;2@6@;202@@.?FA<.1.=A
A52:205.;6@:@<3.0A6<;.;10<<=2?.A6<;A<A521646A.9.42.;10?2.A2.;2D?24B9.A<?F3?.:2D<?8A<
@A.;1.?16G2 ;2D 05.;;29@ .;1 A52 ;A2?;2A <332?@ 1646A.9 @<9BA6<;@ 3<? :.?82A6;4 .;1 369: 16@A?6/BA6<;
.:<;40<B;A?62@<3A52?246<;

 BAB?296;2@<3.0A6<;
+2 =?<=<@2 A52?23<?2 . @2A <3 :2.@B?2@ A5.A 0.; 5.C2 . 5645 6:=.0A <; A52 6;A24?.A6<; .;1
12C29<=:2;A<3369:6;1B@A?62@6;A52?246<;

?2.A6;4.;2AD<?8<316@A?6/BA6<;.;12E56/6A6<;<3!.A6;:2?60.;06;2:.


(5296;4B6@A60.;10B9AB?.9=?<E6:6AF@5<B912;@B?2A52@B002@@<3!.A6;:2?60.;369:=?<1B0A6<;@/BA
A52 ?246<; 5.@ ;<A 12C29<=21 20<;<:62@ <3 @0.92 6; A52 369: 6;1B@A?F
 (52?2 6@ ;<A . 16@A?6/BA6<;
0<:=.;F.;1 <?2E56/6A6<;<?.;2AD<?80?2.A21/2AD22;A52:6;D5605A<:.?82A.D5<920.A.9<4<3
369: =?<1B0A6<;@ 6; @2C2?.9 :.?82A@ 6; A52 ?246<;
 (52 =?<4?.:@ <3 0B9AB?.9 0<<=2?.A6<; .;1 /69.A2?.9
0<<=2?.A6<; .4?22:2;A@ 06;2:. D5692 =?<:<A6;4 A52 =?<1B0A6<; C<9B:2 A52F :B@A /?<.12; A526?
.0A6C6A62@ A< 92@@ 12C29<=21 0<B;A?62@ 6; A52 ?246<; .;1 =?<:<A2 A52 =?2@2;02 <3 !.A6; :2?60.;
06;2:.6;<A52?A2??6A<?62@

9A5<B456A6@@6:=9F.A205;<9<460.9.1C.;02.?2@<6:=<?A.;A<==<?AB;6A62@<31646A.916@A?6/BA6<;.;1
2E56/6A6<; 3<? .B16<C6@B.9 0<;A2;A :<C2:2;A /2AD22; 0<B;A?62@ <3 A52 ?246<; A52 6;A24?.A6<; <3 .
0<::<; .B16<C6@B.9 .?2. .;1 23320A6C2 /B@6;2@@ ?29.A6<;@56= D6A5 <A52? @=.02@ D5605 92.1@ B@ A<
=?<=<@2A520?2.A6<;<3.1646A.9;2AD<?83<?A5216@A?6/BA6<;<3!.A6;:2?60.;06;2:.
A6@=<@@6/92A<
 

Conclusions

5.C2 1646A6G21 ?<<:@ .;1 6; AB?; 6;A2?0<;;20A21 6; A52 ?246<; 2E.:=92 6@ A52 D<?8 <3 A52 ?.G696.;
0<:=.;F  #&! D5605 5.@ . @0.;;21 @2A <3 ?<<:@ 6; A52 )  )' .;1 ?.G69 =2?3<?:6;4
@6:B9A.;2<B@A2@A6;4/2AD22;?292.@2@?2@=20A6C20<B;A?62@
;A56@@2;@26A6@;202@@.?FA<=?2C2;A
A56@:2.@B?2?2@B9A6;46;0<:=92A20<;A?<96;A525.;1@<3A52:.7<?@

(526;0?2.@2196;8.42@/2AD22;;.A6<;.916@A?6/BA6<;0<:=.;62@.0?<@@A52A9.;A60.;1A522E6@A2;02
<32E56/6A6<;@=.02@A<2;@B?2A52=?<720A6<;<3!.A6;:2?60.;.B16<C6@B.90<;A2;AD<B91529=6:=?<C2
A520B9AB?.916C2?@6AF.:<;4=2<=92@.;1=<<?369:6;1B@A?62@<392@@12C29<=210<B;A?62@A52?23<?2.;
6:=?<C2:2;A<3A526?20<;<:62@
!682D5.A6;B?<=26@8;<D;.@A52B?<=26;2:.@=?<4?.:A52
?246<; 6@ ;202@@.?F A< @B==<?A A52 @:.99 16@=9.F@ <; A52 1646A.9 0<;C2?@6<;
 @ D2 5.C2 @22; 6;
5.=A2?  <3 A56@ A52@6@ A52?2 6@ . 5645 0<;02;A?.A6<; ?246<; 6; A52 16@=9.F @20A<? 0<;A?<9921 /F
6;A2?;.A6<;.905.6;@A5.A5.C206;2:.0<:=92E2@D56055<@A:<?2A5.; <3A<A.9C62D2?@.;1.?2
6;@A.99216;A529.?42B?/.;02;A2?@@<:2A56;4A5.AB;1<B/A219F3.C<?@A520<::2?06.9@A?.A24F<3A52
:.7<?@.;11.:.42@A5252A2?<42;26AF6;A52=?<4?.::.A60@B==9F<3A520<B?A?<<:@

(5.;8@ A< A52 '=.;6@5 =?<4?.:@ &(%,"  .;1  <3 A52 "6;6@A?F <3 ;1B@A?F .;1 A52 LB?<=2
6;2:.@#2AD<?8M<3A52B?<=2.;);6<;5.@/<<@A21A52C<9B:2<31646A6G21?<<:@6;A520<B;A?F
.@D2@.D6;5.=A2?A<.==?206.A2.9.?42;B:/2?@:.9916@=9.F@6;@A.99216;C699.42@A5.A5.C2.A
92.@A<;21646A.996C6;4?<<:



;@B?2=B/960@=.02@3<?A5216@=9.F<3A52B?< !.A6;:2?60.;06;2:.


A 2E6@A@ 6; A52 ?246<; . D612 ;2AD<?8 <3 .9A2?;.A6C2 2E56/6A6<; 06?0B6A@ 369: 09B/@ 06;2:.@ .?A .;1
0B9AB?.9 02;A2?@ D52?2 !.A6; :2?60.; 06;2:. 0.; /2 .00<::<1.A21
 +2 /2962C2 A5.A A56@ 6@ .9@< .
D.FA</?6;4A520<;A2;A@<3A52?246<;A<A52=B/960.D.F<30<::B;60.A6;4A52C.9B2@0<::<;A<.
=B/960 612;A6AF C2?F .00B@A<:21 A< :2?60.; 4<<1@ .;1 0<;@B:2 C2?F 96AA92 .00B@A<:21 A< 36;1 369:@
:.12 /F ;2645/<?6;4 0<B;A?62@ 6; 0<::2?06.9 06;2:.@
 @ 6A 6@ ;<A ;202@@.?F 06?0B9.A6<; <3 0<=62@
;<;0<::2?06.9?<<:@0.;/20<:2A52=2?320A2;09<@B?2A<3.:696.?6G2A52=B/960D6A5369:3?<:<A52?
@<B?02@
 (52?23<?2 D2 /2962C2 A56@ 6;6A6.A6C2 @5<B91 /2 ?24B9.A21 .;1 6:=92:2;A.A6<; D6A56; A52
 D52?2 52 :22A@ . /?<.1 ?2=?2@2;A.A6<; <3 369:@ .;1 .B16<C6@B.9 .BA5<?6A62@ <3 :2:/2?
0<B;A?62@<3A52?246<;A<@B/@2>B2;A9F/2.==96216;A52?2@=20A6C21<:2@A60:.?82A@

@A./96@5.=B/9606;3<?:.A6<;@F@A2:3<?:<;6A<?6;4A52!.A6;:2?60.;.B16<C6@B.96;1B@A?F


(524?2.A2@A163360B9AFB;1<B/A219FA<D5605D25.C23.0216;A56@?2@2.?055.@/22;0<9920A6;41.A.
<; A52 @A.A2 <3 !.A6; :2?60.; 06;2:. /BA <C2?.99 A52 92C29 <3 0< =?<1B0A6<;@ .;1 =?2:62?2@ :.12
/2AD22; 0<B;A?62@ 6; A52 ?246<;
 (52 ;.A6<;.9 6;3<?:.A6<; @F@A2:@ ?.?29F 0<9920A 6;3<?:.A6<; 12?6C21
3?<: A52 :.?82A6;4 <3 !.A6; :2?60.; 06;2:. .;1 <;9F "2?0<@B? B16<C6@B.9 $/@2?C.A<?F =?<C612@
1.A. <; "2?0<@B? 369: 6;1B@A?62@
 $;2 @A?.A24F D<B91 /2 6:=92:2;A21 6; A56@ 36291 /F 2;0<B?.46;4
16332?2;A.42;062@A<:<;6A<?A52.B16<C6@B.96;1B@A?FB;63F0?6A2?6.6;A520<9920A6<;<36;3<?:.A6<;@B05
.@A5.AB;12?A.82;/FA520<B;A?62@<3"2?0<@B?.;12E=.;16AA5?<B45<BAA52?246<;=?<C61256459F
?292C.;A 6;3<?:.A6<; B@23B9 6; .@@2@@6;4 A52 6;1B@A?F 12C29<=:2;A .0562C2:2;A@ .;1 @5<?A0<:6;4@
.;1A5B@=?<=<@296;2@.0A6<;



#<A<;9F@B==<?AA52=?<1B0A6<;/BAA<@A?2;4A52;?29.A6<;@/2AD22;=?<1B0A6<;.;116@A?6/BA6<;


(5256453?.4:2;A.A6<;<3A52=?<1B0A6<;@20A<?:<@A<3D5605=?<1B02.@6;492:<C62.;1A529<D
20<;<:60 C.9B2 @5.?21 /2AD22; A52: 12@=6A2 .99<0.A6;4 :<?2 A5.;   <3 A52 /B142A <3 =B/960
 

Conclusions

@B==<?A 3<? A56@ .0A6C6AF @5<D@ A52 3.69B?2 !.A6; :2?60.; =B/960 @F@A2:@ 6; A52 0?2.A6<; .;1
0<;@<961.A6<;<3.@A?<;46;1B@A?F
+2/2962C2A5.A@A?2;4A52;6;496;8@/2AD22;@20A<?@<3=?<1B0A6<;
.;1 16@A?6/BA6<; 62 ?2.056;4 <BA <3 =?<1B0A6<; A< 12.92?@ 6;@A2.1 <3 4?.;A6;4 .61 A< A52 =<@A2?6<?
16@A?6/BA6<;6;C<9C6;4A52:6;A52=?<720A3?<:A52/246;;6;46A0.;2;0<B?.42A52:.?82A6;4<3!.A6;
:2?60.;06;2:.
2F<;1.61A<=?<1B02D2/2962C26A;202@@.?FA<6;C<9C2<A52?@20A<?@@6;02A52
/246;;6;4<3A52=?<1B0A6<;.0A6C6AF16@A?6/BA6<;A292C6@6<;




B.?.;A22A5216@A?6/BA6<;<3.B16<C6@B.90<;A2;AC6.A292C6@6<;.;1A52;A2?;2A

+6A5 A52 6;A?<1B0A6<; <3 (( 6; !.A6; :2?60.; 0<B;A?62@ .;1 A52 6;0?2.@6;4 12C29<=:2;A <3
/?<.1/.;1 .;1 4?2.A2? ;B:/2? <3 5<B@25<91@ 0<;;20A21 A< A52 ;2AD<?8 <=2;@ B= ;2D 0<::2?06.9
.C2;B2@ 3<? A52 2E=9<6A.A6<; <3 !.A6; :2?60.; 06;2:. 6; A52 ?246<;
(205;<9<460.9 0<;C2?42;02 6@
6;0?2.@6;49F1646A.9?<<:@5.C20<;;20A6<;A<A52;A2?;2A.9@<646A.9(2??2@A?6.9(292C6@6<;
;A2?;2A6@
. C2?F =<D2?3B9 A<<9 6A@ @0<=2 F2A C2?F 20<;<:60.9 6A 6@ A52?23<?2 ;202@@.?F A< 5.C2 A56@ ;2D
16@A?6/BA6<; 05.;;29 .;1 16@=9.F D6;1<D 3<? A52 <;96;2 16@A?6/BA6<; <3 !.A6; :2?60.; 369:@
(56@
?2>B6?2@ 0?2.A6;4 . 0<::<; =<960F 3?.:2D<?8 D5605 6;A24?.A2@ .; 6:=92:2;A.A6<; @A?.A24F 3<? A52
0<B;A?62@<3A52?246<;

+2:B@A?2:2:/2?A5.AA292C6@6<;6@A52:<@AB@21.;1D612@=?2.16;:<@A0<B;A?62@<3A52?246<;

(522E56/6A6<;5.99@.?20<;02;A?.A216;9.?4206A62@:.;FA<D;@.;1?B?.9.?2.@D5<5.C2;<:<C62
A52.A2? /BA 1< 5.C2 . (* 6; A526? 5<:2@
 (52?23<?2 D2 :B@A .9@< 5.C2 D6A5 A56@ :216B: 3<? A52
06?0B9.A6<;<3.B16<C6@B.90<;A2;A3<?A52?246<;

#2D=<@@6/696A62@.;11646A.9A<<9@3<?A52/2?< :2?60.;0<<=2?.A6<;


(522E=2?62;02<3@<06.9;2AD<?8@2;./92@=<D2?3B9;2DA<<9@3<?=?<:<A6<;.;116@A?6/BA6<;<39<0.9
0B9AB?.90<;A2;AD6A5A52.0A6C2=.?A606=.A6<;<3B@2?@6;A529./296;4.;10<;A2;A?20<::2;1.A6<;
(56@
;2D D<?1 <3 :<BA5 6@ :B05 052.=2? .;1 23320A6C2 A5.; :.;F <3 A52 A?.16A6<;.9 A<<9@ 32@A6C.9@
0<;02?A@2E56/6A6<;@<?@B/@616G21.9A5<B45A52F0.;/20<:/6;21D6A5.56459F2336062;AD.F
BA3<?
A56@ 12C29<=:2;A A< /2 23320A6C2 ;221 A< =?<:<A2 .A A52 4<C2?;:2;A.9 92C29 B;6C2?@.9 .002@@ A<
/?<.1/.;1 ;A2?;2A D5605 6; A52 !.A6; :2?60.; ?246<; @5<D@ . 5645 92C29 <3 6;2>B.96AF
 A 6@ .9@<
;202@@.?F A< .1.=A A52 A?.16A6<;.9 12C29<=:2;A A<<9@ 6;@A2.1 <3 @0?22; >B<A.@ >B<A.@ =?2@2;02 6;
0.A.9<4@ .;1 1.A./.@2@ <? 6:.42@
 ;12=2;12;A =?<1B02?@ .;1 =?<4?.::2?@ @5<B91 5.C2 $=2;
002@@ A< ;2D ;2AD<?8@ 0./92 @.A2996A2 =<?A.9@ =9.A3<?:@ .;1 +2/ /?<D@2?@ A< =?<1B0A6<; 0<@A@

E=2?62;02@ @B05 .@ A52 12C29<=21 /F 421. D6A5 A52 D2/ =<?A.9 L69:<A205
0<:M <? /F A52 '
D6A5 L006;2
0<:M .?2 @<:2 2E.:=92@ <3 D2/ @6A2@ .C.69./92 A< A52 =B/960 . D612 ?.;42 <3 !.A6;
:2?60.;.B16<C6@B.9D<?8@


'A?2;4A52;6;4/2?:216.=?<4?.:@<3.??2.99F<;9F/2?06;2.;1.0A6C.A2F/2?:216.=?<4?.:
.@.=9.A3<?:3<?A5216@A?6/BA6<;<3!.A6;:2?60.;.B16<C6@B.90<;A2;A<;96;2


%<<?20<;<:60C.9B2A<A526A2:@3<?=?<:<A6<;.;116@A?6/BA6<;<3!.A6;:2?60.;06;2:..;1A529<D
@2996;4 A292C6@6<;@ 0<B=921 D6A5 A52 0<;A6;B21 2E6@A2;02 <3 .; /2?< :2?60.; B16<C6@B.9 /2AA2?
2;1<D2136;.;06.99F6A0<B91:2.;./646;0?2.@26;A52369:6;1B@A?F6;A52?246<;
3D2.11A52;2D
=<@@6/696A62@ A5.A <=2; D6A5 A52 B@2 <3 A<<9@ 3<? <;96;2 1646A.9 16@A?6/BA6<; .;1 =?<:<A6<; <3 !.A6;
:2?60.;06;2:.6@A52;202@@.?F2C612;02<3A52=?<4?.:6:=92:2;A.A6<;F/2?:216..@.=9.A3<?:
3<?<;96;216@A?6/BA6<;<3.B16<C6@B.90<;A2;A/2AD22;A520<B;A?62@<3A52?246<;
(56@=9.A3<?:D<B91
 

Conclusions

.00<::<1.A2 6; .116A6<; A< 9<0.9 369:@ A5<@2 @B==<?A21 /F A52 3B;1 0< /2?:216. D5605 0<B91 /2
0<;@B:21 B;12? A52 A2?:@ <3 =B?05.@2 <? ?2;A <;96;2 /F 1<D;9<.16;4 <? C62D6;4 6; ?2.9 A6:2
 (52
 /2 6; 05.?42 <3 ?24B9.A6;4 A52 @A.;1.?1@ <3 42;2?.9 B@2 A< A52 D5<92 ?246<; .;1 ;.A6<;.9
6;@A6ABA6<;@A<:<;6A<?:.;.42.;1:<;6A<?A526?=?<=2?B@2

;A56@96;26;.116A6<;A<=B/960=?<=<@.9@A52F.9@<5.C2?<<:3<?=?6C.A26;6A6.A6C2@
%?<1B02?@.;1
16@A?6/BA<?@ 6; A52 ?246<; 0.; 5.C2 6A@ <D; <;96;2 =<?A.9 3<? A52 16@A?6/BA6<; <3 369:@
 <D2C2? 6A 6@
;202@@.?F A< 0?2.A2 . 0<::<; .0A6<; @A?.A24F A< .99<D 3?22 .002@@ A< .99 =?<1B02?@ 6;09B16;4
6;12=2;12;A@A<<332?.0.A.9<4.@C.@A.;1C.?621.@=<@@6/92
;'=.6;D25.C2@22;A5.AA52?2.?2
@2C2?.9=9.A3<?:@2.05D6A516332?2;A=?602@.;1@5<?A@B==9F<3!.A6;:2?60.;369:@:<@A<3A52/64
5.;4=?2:62?2@<3A52:.7<?@



%?<:<A2.;1@B==<?AA521646A6G.A6<;<30B9AB?.90<;A2;A6;A52?246<;


(52 2E6@A2;02 <3 .; 2EA2;@6C2 0.A.9<4 <3 !.A6; :2?60.; .B16<C6@B.9 0<;A2;A );2;0<121 =<@2@ .
=<A2;A6.905.992;42A<6A@:<C2:2;A6;.1646A.92;C6?<;:2;A
(52/2?< :2?60.;0<<=2?.A6<;@5<B91
7<6;A9FA.0892A526?A?.;@3<?:.A6<;6;A<1646A.90<;A2;A
(52?2.?2.5645;B:/2?<3=?<1B0A6<;@A5.A0.;
/2 =BA 6;A< 06?0B9.A6<; 26A52? A5?<B45 A52 ;A2?;2A <? 6; @5<D?<<:@ D6A5 A52 =<@@6/696AF <3 <332?6;4
@=206360 369: @2?62@
 (52?23<?2 6A 6@ ;202@@.?F A< 5.C2 . 1646A.9 0.A.9<4 <3 369:@ 3<? 6A 6@ ;202@@.?F A<
=?<:<A2 0<:=?252;@6C2 =B/960 =<96062@ A5.A @=.; 3?<: A?.16A6<;.9 0B9AB?.9 <; 6A@ =.A5 A< 1646A.9
@0.;;6;4 <3 3692@ 16@A?6/BA6<; =9.A3<?:@ A< A52 @2A <3 B9AB?.9 ;1B@A?62@ C612< 4.:2@ 21B0.A6<;.9
:B9A6:216.1<0B:2;A.?FN



)=1.A2.;1/B691.3?.:2D<?8<3B?< !.A6;:2?60.;0<<=2?.A6<;


$;9F A5<@2 :.?82A@ D6A5 :<?2 12C29<=21 6;1B@A?F .;1 .; .0A6C2 ?<92 6; A52 0<<=2?.A6<; .4?22:2;A@
@B05.@?42;A6;..;1"2E60<.?2A5<@2D6A5.4?2.A2?C<9B:2<3=?<1B0A6<;@.;1A52?23<?2.4?2.A2?
=?2@2;02 6; B?<=2.; :.?82A@ =?6:.?69F 6; '=.6;
A 6@ ;202@@.?F A< 2E=.;1 .;1 =?<C612 ;2D
<==<?AB;6A62@ 3<? 0< =?<1B0A6<; A< 92@@ 12C29<=21 0<B;A?62@ A52F A<< 7<6;21 6; A52 A<A.9 <3 /2?<
:2?60..;14?2.A2?6;A24?.A6<;D6A5B?<=2.;6;1B@A?62@A5.A.?2;<A<;9F96:6A21A<A520< =?<1B0A6<;
/BA4?2.A2?A?.12.;1=?<32@@6<;.9@/2AD22;A52AD<?246<;@
+2.9@</2962C2A5.A'=.6;1B?6;4A52
D?6A6;4<3A56@A52@6@.@@B:2@A52=?2@612;0F<3A52B?<=2.;);6<;@5<B91A.82.:<?2.0A6C2?<926;
A52 );6<; 6; 1232;@2 <3 . 4?2.A2? 6;A24?.A6<; <3 !.A6; :2?60.; .B16<C6@B.9 6;1B@A?62@ <? !.A6; .@
12@6?21

$; A52 <A52? 5.;1 63 6A 6@ 6:=<?A.;A A< A52 12C29<=:2;A .;1 2E=.;@6<; A< <A52? :.?82A@ 6; A52 0<
=?<1B0A6C2 .0A6C6AF @< 6@ A52 :<C2:2;A <3 0<;A2;A .0?<@@ A52 ?246<;
 ; A56@ 96;2 A52 =?<4?.: @5<B91
.6:/2?:216.A5292.16;42E=<;2;A<3!.A6;:2?60.;=<96A60@<3A52
6C2;A52/.084?<B;1<3
20<;<:60@0.?06AF/2?:216. @5<B91.0A:<?2.@.0<:=92:2;AA< ;.A6<;.9=<96062@.;1 0<<=2?.A6C2
.??.;42:2;A@A<2;@B?2A52:.?82A6;4<30< =?<1B0A6<;@B;12?A.82;/2AD22;0<B;A?62@
;A56@@2;@2
.0A.@.;.B16<C6@B.93B;1:.;.42?A<16@=<@2<3!.A6;:2?60.;=?<1B0A6<;@?29F6;4<;A52A292C6@6<;
?.A52? A5.; .@ . 0< =?<1B0A6<; 3B;1 6@ A<1.F
 9@< 6:=<?A.;A A5.A A56@ =?<4?.: D<B91 0.??F <BA =69<A
.0A6C6A62@@B05.@A5<@212C29<=21/FA52"216.%?<4?.::2<3A52);6<;A<2E=9<?2;2D.C2;B2@3<?
0<;A2;A 16@A?6/BA6<; .;1 =?<:<A6<; <3 !.A6; :2?60.;@ . @A?.A24F :B05 ;22121 6; A52 0B??2;A C6@B.9
0<;A2EA


 

Conclusions

(<.0562C2A52@24<.9@6A6@;202@@.?FA<B=1.A2A520<<=2?.A6<;=?<02@@2@2EA2;16;4A52:A<.99A52
A2??6A<?62@<3A52?246<;;<A7B@AA52:<?212C29<=21:.?82A@.1.=A6;4;.A6<;.99246@9.A6<;6;A521646A.9
2?..;1B9A6:.A29FA<?23<?:B9.A2A52?<92<30<<=2?.A6<;/2AD22;'=.6;.;1!.A6;:2?60.
+2.?2.A
A52:<:2;AA<2@A./96@5.;2D0<::<;3?.:2D<?8.;1.1<=A1646A.9@<9BA6<;@<A52?D6@2D2?B;A52
?6@8<3?2=2.A6;4=.@A:6@A.82@

+28;<D6A6@0<:=92E2C2;D5F;<A@.FBA<=6.;12C29<=@<:2<3A52@2:2.@B?2@=?<=<@2152?2

<D2C2? .9A5<B45 D2 ?20<4;6G2 A52 20<;<:60 6;A2?2@A@ A5.A 2E6@A 6; A52 369: 6;1B@A?F .;1 A52
2E6@A2;02<3.@:.994?<B=<39<0.92;A?2=?2;2B?@D6A54?2.A2?=<D2?A<.0A6;2C2?F;6052<3A52369:
20<;<:F :.;B3.0AB?6;4 16@A?6/BA6<; .;1 2E56/6A6<; /2962C2 A5.A A52 =.?.164: @563A A5.A 6@ A.86;4
=9.02 1?6C2; /F 1646A.9 A205;<9<4F A?.;@3<?:.A6<; @0.AA2? A52 0<;A?<9 2E2?06@21 6; A52 ?2@=20A6C2
1<:2@A60 :.?82A@ <3 A52 ?246<;
 (56@ 6@ A< =?2C2;A . ?2 @0?22;6;4 <3 !.A6; :2?60.; :.?82A@ 6; A52
5.;1@<33<?264;0<:=.;62@.@5.==2;216;A52;6;2A62@4?2.A2?6;A24?.A6<;<3A52:/BA./<C2.996A
6@.1C.;06;4A5212C29<=:2;A<3.@A?<;4!.A6;:2?60.;6;1B@A?F.;10<:=2A6A6C2.0562C6;4.:<?2
16C2?@2 =?<4?.: <332?6;4@ .;1 B9A6:.A29F 5.C2 .002@@ A< <B? 0B9AB?.9 52?6A.42 B@6;4 A52 16332?2;A
0<;@B:2?<=A6<;@A5.AA521646A.92?./?6;4@

 

















BIBLIOGRAFA




Bibliografa

IBLIOGRAFA
A

!/#, JAKLA9FG   rF_DAK= <9 HJGHGKL9 <= ;JA9a`G <9 ?dF;A9 (9;AGF9D <= AF=E9 = <G M<AGNAKM9Ds

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X&0,4 ')(4)(#&&) $GKc '9Je9 Q &\*4 0#&&(/0 $9NA=J   r&9 KALM9;AgF <= D9 AF<MKLJA9
;AF=E9LG?J_>A;9 =KH9fGD9 HGDeLA;9K Hi:DA;9K 9FL= DGK E=J;9<GK <A?AL9D=Ks G;ME=FLG <= LJ9:9BG  
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,&X4,9EAJG r&9=P@A:A;AgF;AF=E9LG?J_>A;9=FGDGE:A9s=F%AF=LGK;GHAGFVE9JRG

,&X4,9EAJG rD9JL=<=D9=P@A:A;AgF;AF=E9LG?J_>A;9s
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9J;=DGF9*9A<gK#:cJA;9




Bibliografa

/')(.$9;IM=K 
r&MEAbJ=s
F.&(-$=F9JGQ4/(4/(!/#-9FLGK;GGJ<
3=>9<3+1/8/<+6./6
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A9?FGKAKQHJGHM=KL9Ks =F .=DGK FV
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)(. &DMeK  
 r*GDeLA;9K <= ;GGH=J9;AgF = AF<MKLJA9K ;MDLMJ9D=K =F =D <=K9JJGDDG =MJGn D9LAFG9E=JA;9FGs
-=EAF9JAG #FL=JF9;AGF9D HJ=NAG 9 D9 ### ME:J= <= $=>=K <= KL9<G Q <= !G:A=JFG <= EcJA;9 &9LAF9 =D
9JA:=QD9/FAgFMJGH=9'cPA;G:JAD

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r*J=K=F;A9<=D9;AF=E9LG?J9>e9D9LAFG9E=JA;9F9=FKH9f9s'cPA;G#'#(
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&9LAF9Q=D9JA:=s MF<9;AgF9JGDAF9=&#BMDAG



Bibliografa

5@LLH OOO
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- HM:DA;9;AGF=K 9N9F;=KAFN=KLA?9;AGF G;ME=FLK HJG<M;;AGF;GHJG<M;;AGF=AFL=J;9E:AG
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r&9KAF<MKLJA9K;MDLMJ9D=KKALM9;AgF9;LM9DQHGL=F;A9DA<9<=K
H9J9KM<=K9JJGDDGs#F>GJE=E=FKM9D<=GQMFLMJ9;GFgEA;9<=D9AM<9<<=M=FGKAJ=KFVH


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AL


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