Transexualidades, adolescencias

y educación:
Miradas multidisciplinares

Octavio Moreno Cabrera

y Luis Puche Cabezas
(editores)

BARCELONA - MADRID
 ÍNDICE

Prólogo. Transformar el sistema educativo para transformar la sociedad

Mané Fernández Ortega, Jesús Generelo Lanaspa y Belén de la Rosa Rodríguez ........... 9

Presentación
Octavio Moreno Cabrera y Luis Puche Cabezas ......................................................... 11

PRIMERA PARTE.
UNA APROXIMACIÓN AL MOVIMIENTO TRANSEXUAL

Haciendo memoria: recuperando la(s) historia(s) de los derechos trans en el

Estado español
© Octavio Moreno Cabrera y Luis Puche Cabezas, 2012 Raquel (Lucas) Platero Méndez ................................................................................. 29
© Editorial EGALES, S.L., 2012
Despsiquiatrizar el transgénero
Cervantes, 2. 08002 Barcelona. Tel.: 93 412 52 61
Hortaleza, 62. 28004 Madrid. Tel.: 91 522 55 99
José Antonio Nieto Piñeroba ...................................................................................... 49
www.editorialegales.com
SHB: Nuevos nombres para viejas jerarquías y exclusiones
ISBN: 978-84-92813-XXXX Nuria Gregori Flor..................................................................................................... 71
Depósito legal: XXXXX
Transfronteras: Un nuevo activismo mundial por la despatologización trans
© Fotografía de la portada: XXXXX Aitzole Araneta Zinkunegi ........................................................................................ 89

Maquetación: Cristihan González

SEGUNDA PARTE.
Diseño de cubierta: Nieves Guerra ADOLESCENCIAS TRANS
Imprime: Safekat. Laguna del Marquesado, 32 - Naves K y L.
Transexualidad, adolescencia y biomedicina. Limitaciones del modelo
Complejo Neural. 28021 - Madrid
biomédico y perspectiva crítica
Cualquier forma de reproducción, distribución, comunicación pública o transformación de esta obra
Trinidad Bergero Miguel, Susana Asiain Vierge e Isabel Esteva de Antonio ............ 113
sólo puede ser realizada con la autorización de sus titulares, salvo excepción prevista por la ley. Diríjase
D&('52&HQWURHVSDxROGHGHUHFKRVUHSURJUiÀFRVZZZFHGURRUJVLQHFHVLWDIRWRFRSLDURHVFDQHDU Identidad del yo, identidades sexuales y de género
algún fragmento de esta obra. Félix López Sánchez ................................................................................................ 135
[7]
Interacción de los distintos factores de exclusión en los adolescentes
WUDQVH[XDOHVGLÀFXOWDGHVSDUDODLQWHJUDFLyQVRFLDO\ODERUDO
Isidro García Nieto .................................................................................................. 151
El viaje de Vicky. De adolescentes, transexuales y gitanos
David Berná Serna .................................................................................................. 173
TERCERA PARTE.
ADOLESCENTES TRANSEXUALES EN LAS AULAS
Adolescentes transexuales en las aulas. Aproximación cualitativa y propuestas
de intervención desde la perspectiva antropológica
Luis Puche Cabezas, Elena Moreno Ortega y José Ignacio Pichardo Galán ............... 189
CUARTA PARTE.
EXPERIENCIAS Y PROPUESTAS EDUCATIVAS
La puerta de atrás de la escuela
Eva Robledo García-Bermejo.................................................................................... 269
Todo un jaleo de nombres
Nuria Ramos Curto ................................................................................................. 277
Educación y transexualidad: una experiencia en educación primaria
Àlec Casanova Ferrer ............................................................................................... 281
Las personas variantes de género en la educación
Kim Pérez Fernández-Fígares ................................................................................... 293
Apuntes desde la formación profesional: la transexualidad como objeto de
estudio.
Raquel (Lucas) Platero Méndez ............................................................................... 305
[8]
TRANSFORMAR EL SISTEMA EDUCATIVO PARA
TRANSFORMAR LA SOCIEDAD
Mané Fernández Ortega,
coordinador del Área de Transexualidad de la FELGTB
Jesús Generelo Lanaspa,
secretario general de la FELGTB
Belén de la Rosa Rodríguez,
secretaria de Educación y Cultura de la Federación Estatal de Enseñanza
de CCOO
Hombres y mujeres transexuales conforman uno de los grupos en mayor
riesgo de exclusión dentro de la sociedad española. Los y las transexuales niños
y adolescentes, sencillamente, ni existen en el imaginario colectivo. No solo
están en riesgo de exclusión, es que ya han sido excluidos de la misma posibi-
lidad de existir.
Y, sin embargo, por mucho que sorprenda, los y las transexuales son niños y
van a la escuela. Crecen, y van al instituto. Ocupan los mismos espacios que el
resto de los jóvenes, pero para ellos ese espacio, en la inmensa mayoría de los
casos, es un espacio de exclusión.
Es necesario pensar en los menores trans. Y más todavía, es preciso y
urgente escucharlos.
Este es el motivo por el que la FELGTB y CCOO hemos realizado el
esfuerzo de sacar adelante este libro en el que se pueden encontrar muchas
voces sobre la transexualidad y muchas voces desde la transexualidad.
La colaboración entre la Universidad Autónoma de Madrid, COGAM
(Colectivo de Lesbianas, Gais, Transexuales y Bisexuales de Madrid) y el sindi-
cato CCOO ha permitido sacar adelante una investigación capital que expone
a la luz la vida de estos chicos y chicas, problematizada al máximo por una
WUDQVIRELDTXHVHÀOWUDSRUWRGRHOWHMLGRVRFLDO
[9]
 !"#$%"&'()*"!+,",#-./.#.01($.#,(#('$*,+.#
(&#2.%/"-+3&#4%.2('+.&"!567

%89:;<#=!:>8?@#4<8A;BC#/DEF;G'
()*+,+-*."/0"1231"4"/5)06*0"/0"7/8).)+96":0)86/.;+.<"+6,0-*+=."06">."
?6+,0;-+/./"@5AB>8*06-0"/0"C./;+/

D8;.6*0"0>".E5"0-)5>.;"F$$GHF$I$'".J5;/K"0>"0-*8/+5"/0">."*;.6-0L8.>+/./"06"
)>.,0" /0" M5;A.)+96" /0" M5;A./5;0-" )56" 0-*8/+.6*0-" N80" )8;-.J.6'" 06" 0>" O7:"
:.6" P>.-" /0" C./;+/'" 0>" A9/8>5" /0" D0-.;;5>>5" @5A86+*.;+5" B0;*060)+06*0" .>"
@+)>5" Q5;A.*+,5" /0" R;./5" :8B0;+5;" /0" (6+A.)+96" :5)+5)8>*8;.>SIFI" T5" N80"
-+=80".")56*+68.)+96"0-"0>";0>.*5"4".6U>+-+-"/0"/+)V."0LB0;+06)+."06"-8-"/+M0;06W
*0-"M.-0-X"0>0))+96"/0>"*0A."4"/0">."/+6UA+)."/0"*;.J.Y5'"/;.A.*+Z.)+96"/0"86"
KHFKRUHDOGHEDWHUHÁH[LyQ\SURSXHVWDVGHLQWHUYHQFLyQIFF"T.";./+5=;.M[."/0"
0-*."A5/0-*.".)*+,+/./"A0"B0;A+*0"./0AU-"/0-.;;5>>.;"86."-0;+0"/0"+/0.-"B.;."
GRFHQWHVTXHLQFOX\RDPRGRGHFRQFOXVLyQDOÀQDOGHOWH[WR

IF$S""7-*0".;*[)8>5"M5;A."B.;*0"/0>"B;540)*5"08;5B05"\71C7:"/0-.;;5>>./5"06*;0"A.45"/0"
\\ÀQDQFLDGRSRUHOSURJUDPD'DSKQH,,,FRQYRFDWRULDGHHQHOiUHD
]Q+0>/"^5;_".*"=;.--W;55*-">0,0>"^+*V"+6,5>,0A06*"5M ")V+>/;06'"4586="B05B>0".6/"^5A06`S
IFIS""7>"@+)>5"Q5;A.*+,5"/0"R;./5":8B0;+5;"/0"(6+A.)+96":5)+5)8>*8;.>"M5;A."B.;*0"/0">."
M.A+>+."B;5M0-+56.>"/0":0;,+)+5-":5)+5)8>*8;.>0-"Y86*5".>"@+)>5"/0"R;./5"C0/+5"/0"(*06)+96"
:5)+5-.6+*.;+." 4" >5-" :8B0;+5;0-" /0" 7/8).)+96" O6M.6*+>'" O6*0=;.)+96" :5)+.>" 0" O6*0;B;0*.)+96" /0"
T06=8."/0":+=65-S":0".))0/0"."K>"."B.;*+;"/0">5-"Ia".E5-"4"*+060")5A5"5JY0*+,5"/5*.;"."M8*8;5-"
B;5M0-+56.>0-"/0">.-")5AB0*06)+.-"60)0-.;+.-"B.;."]B;5=;.A.;'"5;=.6+Z.;'"/+6.A+Z.;"4"0,.>8.;"
B;540)*5-" /0" +6*0;,06)+96" -5)+.>" 06).A+6./5-" .>" /0-.;;5>>5" -5)+.>'" .B>+).6/5" *K)6+).-" /0"
/+6UA+)."/0"=;8B5-"4"8*+>+Z.6/5";0)8;-5-")5A86+*.;+5-'")8>*8;.>0-"4"/0"5)+5"4"*+0AB5">+J;0`"
b1D"F$%aHIGG%"4"1D"IFcdHIGGefS"
IFFS" " 7-*." 0LB0;+06)+." V8J+0-0" -+/5" +AB06-.J>0" -+6" -8-" B;5*.=56+-*.-'" 0>" .>8A6./5" /0"
(6+A.)+96" :5)+5)8>*8;.>" 4" >." .)*+,+-*." (+*Z5>0" (;.60*.'" ." N8+060-" .=;./0Z)5" -8" 06*;0=."
=060;5-."4"-8"06*8-+.-A5S"3.AJ+K6"N8+0;5"A06)+56.;"0>").;+E5-5".B545"4"!""#$%&'"/0"C0;)0/0-"
GHO3R]R6DUD/DIXHQWH<RODQGD3HVFDGRU\0DUtD5RVyQDTXLHQHVGHERLQÀQLWDVFDxDVSRU
-8-")5A06*.;+5-");[*+)5-"4"=060;5-5-S"

!"#$%"&
 !"#$%&'%()%"*)#$+)+%"*)#,-
!./.$'%(+%(./.$0%$1,#$2(#".3/4)#$'%0#565)*#78$
K4)" *+" 8)," 2)0(+," 0+8+?)4(+," *+8" AH*/83" *+" Y+,)003883" =3A/47()073" :/+"
LPSDUWRGXUDQWHHOVHJXQGRWULPHVWUHDUD]yQGHKRUDVVHPDQDOHVVHUHÀHUH
)" 8)" 2)0(7572)57H4" 57/*)*)4)" -" 83," A3?7A7+4(3," ,357)8+,<" @" 8)" 630)" *+" );30Q
*)0"+,(+"(+A)9"2032/,+")8")8/A4)*3":/+",+"30>)471)0)"+4">0/23,"*+"(0);)B3"-"
+87>7+0)"53A3"3;B+(3"*+"+,(/*73"/4"A3?7A7+4(3",357)8"*+(+0A74)*3<"Z3,",+7,"
56753,"-"*7+574/+?+"5675),"*+"8)"58),+"*+57*7+034"5+4(0)0,+"+4"+8"A3?7A7+4(3"
+,(/*7)4(789" ?+574)89" .+A747,()9" Z[\]9" 3;0+039" *+" 3;B+57H4" *+" 53457+457)" -"
*7?+0,7*)*"./45734)8<"=)*)"+,(/*7)4(+"(/?3":/+"8++0"/4"87;03":/+");30*);)"+8"
A3?7A7+4(3",357)8"20+?7)A+4(+",+8+55734)*3"-9")"534(74/)57H49"*+;G)"0+)871)0"
/4)"+U23,757H4"538+5(7?)":/+",+"5+00);)"534"/4)"*74JA75)"*+">0/23"+4"+8")/8)<"
I8">0/23"*+"+,(/*7)4(+,":/+"+87>7H"+8"A3?7A7+4(3"Z[\]"32(H9"534")23-3"
*35+4(+9" 230" 534,(0/70" /4)" *74JA75)" *+" >0/23" 534" *3," 3;B+(7?3," ;7+4" *7.+Q
0+457)*3,"2+03"53A28+A+4()073,<"I4"/4"207A+0"A3A+4(39"2)0)"203A3?+0"8)"
+A2)(G)"-"?7?70"*+".30A)"?75)07)"83,"+.+5(3,"*+"8)"(0)4,.3;7)9"0+203*/570G)A3,"
+4" +8" )/8)" /4)" +U2+07+457)" 0+)8" ?7?7*)" +4" +8" JA;7(3" +,538)0<" R+>/7*)A+4(+9"
>+4+0)0G)A3,"/4"2035+,3"+4"+8":/+"43,"5345+;70G)A3,"53A3"203.+,734)8+,"*+"
8)" 74(+0?+457H4" ,357)8" -" +U2830)0G)A3," *7.+0+4(+," A3*3," *+" A+B30)0" 4/+,(0)"
A70)*)" 203.+,734)8" +4"(3043")"8),",+U/)87*)*+,"43" 430A)(7?),9"-)"./+0)9"230"
+B+A2839")8"*+(+5()0")5(7(/*+,"3")55734+,"(0)4,.H;75),"3")8"+4534(0)0")"56753,"
-"5675),"(0)4,+U/)8+,"+4(0+"8)"23;8)57H4")"8)":/+"*707>7A3,"4/+,(0),"74(+0?+4Q
5734+,<
I4" /4)" 0+/47H4" 20+?7)9" 8)" 534357*)" )5(7?7,()" (0)4," @7(138+" @0)4+()^_#" A+"
0+8)(H"/4"+27,3*73"*+"*7,507A74)57H4"-"?738+457)":/+"6);G)"?7?7*3"+4"8)"+,5/+8)9"
5/)4*3"(+4G)")203U7A)*)A+4(+"3563")C3,<"I,()"+U2+07+457)",70?7H"*+";),+")"8)"
)5(7?7*)*":/+"6);G)A3,"*7,+C)*3<"
!"#$%&'"#$%"$#($)&%*+%$,+#$-'+#
" 47C),TF<"W"(3*)"/4)"8)0>)"07,(0)"*+"0)134+,"230"8),"5/)8+,"6)"*+"230()0,+"
@7(138"+,"/4"56)?)8"*+"3563")C3,9"*+8>)*3"-"*+"2+83"A/-"530(39":/+"
6);7(/)8A+4(+"?7,(+"+8"56J4*)8"*+8"538+>73<"R+"()2)"(3*3"83":/+"2/+*+9"
:/7+0+"2),)0"*+,)2+057;7*3M"E53A3"/43"AJ,F<"Z8+?)"032)"4+/(0)9")456)9"
-"/4)";0)>)"+4"+8"5/+8839":/+"8+"()2)"6),()"8)"A7,A)"5)0)<"R+"+,534*+"+4"
,/"032)"(3*3"83":/+"2/+*+9"2+03"(7+4+"),2+5(3"*+"56753").+A74)*3"39")8"
A+43,9"+,3"+,"83":/+"*75+4"*+"O8<"I4"+8"538+>739"@7(138"(7+4+"235),")A7,Q
^_#<" " @7(138+" @0)4+()" `74a/4+>7" +," )/(30)" *+8" (+U(3" E\0)4,.34(+0),M" K4" 4/+?3" )5(7?7,A3"
A/4*7)8"230"8)"*+,2)(383>71)57H4"(0)4,F"7458/7*3"+4"+8"20+,+4(+"?38/A+4<
!"#$%"&
()*+,"-",+"+,./+01)"230",+0"/4"56753"87,(39"6)5+"(3*),"8),"()0+),9":/7+0+"
,);+0"(3*),"8),"0+,2/+,(),"-"+,()0"(0)4:/783<"
=/)4*3"88+>)4"83,"?7+04+,9"@7(138"03A2+"8)"0/(74)"+,538)0"2)0)"2),)0"
WLHPSRFRQVXVSULPDVGXUDQWHHOÀQGHVHPDQD&RQHOODVMXHJDDYHFHV
,+" *7,.0)1)4" -" *7,.0/()" *+" /4" +,2)573" *+" 87;+0()*9" *34*+" ,/," 2)*0+," 8+"
GHMDQ HVWDU XQ SRFR ©D VX DLUHª $ PHQXGR HQ HVRV ÀQHV GH VHPDQD
@7(138"B/+>)"534"8),"53,),"*+",/,"207A),"-"/4)"*+"8),")5(7?7*)*+,":/+"8+"
)2),734)4"+,"274()0,+"8),"/C),<"D/>)0")"E53,),"*+"47C),F"+,")8>3":/+",);+"
:/+"43"*+;+"6)5+0",)8?3"+4"+,3,"2+:/+C3,"+,2)573,<"@/4"),G",+"+,(70)"
8),"A)4>),"*+"8)"5)A7,+()"534"8)"74(+457H4"*+":/+"43",+"?+)4",/,"/C),9"
53A3",7"8)"032)"2/*7+0)"()2)0"(3*3"83":/+",7+4(+9"(0)()4*3"*+"43"88)A)0"
A/563"8)")(+457H4<
=)*)"*3A74>39"@7(138",);+":/+"6)"*+";/,5)0")5+(34)9"87A27)0,+"8),"
/C),"-"?38?+0")"8)"0/(74)"*+"8),"430A),"*+"8)"+,5/+8)<"I,+"538+>73":/+"8+"
27*+":/+",+)"/4"56753"53A3"83,"*+AJ,"-":/+"+,534*)"+,3,",+4(7A7+4(3,"
:/+"8+",/0>+4"2)0)":/+"E43",+"8+"43(+F<"K43"*+"+,3,"*3A74>3,"@7(138"43"
+45/+4(0)")5+(34)"-"43"2/+*+":/7()0,+"+8"+,A)8(+"*+"/C),<"I,)"4356+"
43"*/+0A+"A/563<"
@"8)"A)C)4)",7>/7+4(+9",+"8+?)4()"2034(3"2)0)"70")"58),+"2+03"+,()"?+1"
+,(70)4*3"A/5639"A/563"8),"A)4>),"*+8"B+0,+-"2)0)"35/8()0",/,"*+*7(3,"
274()*3,<" L3" 2),)" *+A),7)*3" (7+A23" +4" 58),+" 5/)4*3" ,/" A)+,(0)" 8+"
88)A)"2)0)":/+",+")5+0:/+")",/"A+,)M"ENI4,OC)A+"8),"A)43,PF9"*75+",+?+Q
0)A+4(+"*+,*+",/"+,507(3073<"@7(138"?+"83,"3B3,"*+"(3*3,",/,"53A2)C+0),"
-" 53A2)C+03," 58)?)*3," ,3;0+" ,/" +,2)8*)<" R7+4(+" 8)" 20+,7H4" *+8" >0/239"
A7+4(0),"(0)()"*+"43"6)5+0"AJ,"+?7*+4(+"83":/+",/5+*+<"@"0+>)C)*7+4(+,"
(+0A74)"+4,+C)4*3",/,"A)43,M"ESL3",);+,":/+"83,"47C3,"43",+"274()4"
8),"/C),TF<"@7(138"(0)()"*+"*+570")8>39"*+"20+>/4()0"230":/O9"*+"+U2875)0"
:/+"*)"7>/)8<<<"V+03"8)"A)+,(0)"43")(7+4*+")"0)134+,"-"8+"+U2875)9"+4"/4"
(343":/+"+,5/56)"(3*)"8)"58),+9":/+"83,"47C3,"6)4"*+"6)5+0"53,),"*+"47C3,"
-":/+"(+4+0"8),"/C),"274()*),"+,"74)5+2();8+M"ESL3",);+,":/+"+,3"+,"*+"
53A3"/4"56753"*+"?+0*)*<"@7(138"43"+,"5)2)1"*+"+,5/56)0"(3*3"83":/+"
*75+9" 230:/+" ,+" ,7+4(+" 6/A788)*3<" I4" ,/" 5);+1)" ,+" 50/1)4" A78" 2+4,)Q
A7+4(3,"-",+4,)5734+,<"V/+*+"3G0"5HA3",/,"53A2)C+03,",+"0G+4"*+"O8"-"
+,"534,57+4(+"*+":/+",/"A)+,(0)"43"8+"+,5/56)9",383"8+"0+>)C)<"V+03"83"
2+30"+,(J"(3*)?G)"230"88+>)0<"
R/+4)"+8"(7A;0+"*+8"0+50+39"83,"47C3,"-"47C),",)8+4")8"2)(73"534"207,),<"
@"@7(138"8+"+,(J4"+,2+0)4*3"+4"8)"2/+0()",/,"53A2)C+03,"-"53A2)C+0),9"
:/+"-)"6)4"6+563"2X;8753"+8"7457*+4(+"-")":/7+4+,",+"/4+4"83,"47C3,"*+"
5/0,3,",/2+0730+,"2)0)"1)0)4*+)08+9"+A2/B)08+9"+4,)C)0,+<"L3",+"(0)()"
*+"/4"7457*+4(+")7,8)*3<"R34"A/563,"83,"*G),"+4"83,":/+",+",7+4(+"3;,+0Q
!"#$'"&
 F).-V"A,4G-2"()01":51"C)02)*".1"(5")(31+4-"<"1("+-*(+,1*41".1":51"1(4I"
(,1*.-"(1N)2).-"3-/"2-(".17I(D":51"F,;,2)*"(5"+-73-/4)7,1*4-"<":51"C)"
.1"1*B/1*4)/(1")"1(4)"3/1(,9*")".,)/,-@
Z51(4/)" )+4,F,.)." 05(+)0)" /132,+)/" 1(4)" C,(4-/,)" +-*" 12" ;/53-" +2)(1@"
[51/L)7-(" )+45)/" <" F,F,/" 2)" (,45)+,9*" .1" B-/7)" (,7,2)/" )" +97-" A,4G-2" C)0L)"
)0-/.).-"1(41",*+,.1*41D"+-*"12"-0=14,F-".1";1*1/)/"5*".10)41"(-0/1"2-("7-.-("
1*":51"3-./L)7-("1(4)/"/13/-.5+,1*.-"5*-("/-21("(-+,)21("4/).,+,-*)21("H<"3-/"
4)*4-"75<"0,*)/,-(J"-D".,+C-".1"-4/)"7)*1/)D")+45)*.-"+-7-"\3-2,+L)(]":51"
+-*4/-2)*" 12" +-73-/4)7,1*4-" <" )(31+4-" )=1*-D" +-*4/,05<1*.-" )(L" )" 2)" 31/F,8
F1*+,)".1"2)"4/)*(B-0,)@"
^13)/4,7-(" 2-(" /-21(" .1" *51(4/)" 31:51N)" /13/1(1*4)+,9*" +-*" 2)" 3)/4,+,8
3)+,9*".1"4-.-"12")257*).-D"(1,("+C,+-("<".,1+,*51F1"+C,+)(@"_,(35(,7-("2)"
+2)(1"/13/-.5+,1*.-"2-":51"31*(I0)7-(":51"3-./L)"(1/"5*")52)".1"1.5+)+,9*"
3/,7)/,)" <" (,752)*.-" 2-" :51" (1/L)" 2)" ()2,.)" )2" 3)4,-@" Q1*L)7-(" F-25*4)/,)("
<" F-25*4)/,-(" 3)/)" )+45)/" +-7-" 2)" 7)1(4/)D" A,4G-2D" 4/1(" )7,(4).1(" 1*" +2)(1D"
)257*-("<")257*)(":51"B51/)*"75<"+/L4,+-("+-*"12")(31+4-":51"41*L)D"<"-4/)("
SHUVRQDVTXHQRWXYLHUDQXQUROGHÀQLGRGHDQWHPDQR7DPELpQHOHJLPRV
)" :5,1*1(" ,*41/3/14)/L)*" 12" 3)312" .1" 1(45.,)*41(" .1" +5/(-(" (531/,-/1(" 1*" 12"
1(3)+,-".12"3)4,-"<".1"3-(,021("31/(-*)(").524)(":51",*41/F,*,1/)*D").17I("
.1"2)"7)1(4/)@"
_1.,+)7-(" 5*" 02-:51" .1" 4/1(" C-/)(" .1" /12-=" )" 1(4)" ./)7)4,G)+,9*D" :51"
/1(5249" (1/" 75<" ,*41*()" <" :51" B51" B51*41" .1" 5*" B/5+4LB1/-" .10)41@" A,4G-21"
A/)*14)" B51" ,*F,4).)" )" )+5.,/" )2" )52)" <" (1/" 3)/41" .1" 2)" )+4,F,.).D" .1" 7)*1/)"
:51"+-*49"122)"7,(7)"2)"C,(4-/,)":51"L0)7-(")"./)7)4,G)/"<"F,-"1(41",*+,.1*41"
DWUDYpVGHORVRMRV\DFFLRQHVGHRWUDVSHUVRQDVeUDPRVFRQVFLHQWHVGHTXH
1(4I0)7-(" C)+,1*.-" 41)4/-@" E,*" 170)/;-D" F,F,/" 5*)" (,45)+,9*" .1" )+-(-" 2,.18
/).)"3-/"5*)"31/(-*)").524)D"+-7-"1/)"2)"7)1(4/)D"/1(5249"75<"F,-21*4-"3)/)"
75+C-(")257*-("<")257*)(@"
Q/)(" 2)" /13/1(1*4)+,9*D" C,+,7-(" 5*" +-2-:5,-" 1*" 12" :51" 4/)0)=)7-(" +-*"
)2;5*)("3/1;5*4)(V"
‡ ¢&yPRVHKDEtDVHQWLGRHOHVWXGLDQWHTXHUHSUHVHQWDEDHOSDSHOGH$LW]RO"
‡ ¢&yPR VH KDEtDQ VHQWLGR ORV HVWXGLDQWHV TXH WHDWUDOL]DURQ HO DFRVR D
A,4G-26"
‡ ¢(QTXpPHGLGDOHVKDEtDVLGRIiFLO\UHFRQRFLEOHFRQYHUWLUVHHQHOJUXSR
.1")+-().-/1(6
‡ ¢(Q TXp PRGHORV VH KDEtD EDVDGR OD SHUVRQD TXH LQWHUSUHWDED D OD
7)1(4/)6
‡ ¢4XpSRGUtDQKDEHUKHFKRODVDPLJDV\DPLJRVGH$LW]ROSDUDGLVPLQXLU
2)",*41*(,.).".1"2)"4/)*(B-0,)D"3)/)"3)/)/"2)(");/1(,-*1(".1"(5(",;5)21(6"
‡ ¢4XpDSR\RVWHQtD$LW]RORFXDOTXLHURWUDSHUVRQDWUDQVHQODHVFXHOD"
!"#$%"&
‡ ¢4XpSRGUtDQKDFHURWUDVSHUVRQDVDGXOWDVSDUDLQWHUYHQLUHQODVLWXDFLyQ"
‡ ¢(VIDFWLEOHTXHXQDPDHVWUDRDQLPDGRUDVRFLRFXOWXUDOHMHU]DHVHSDSHO
()*+,-*).-/"(-0/1"12")(31+4-".1"5*)"31/(-*)6"
‡ ¢&XiOHVHOSHVRTXHRWRUJDPRVDODVSHFWRDODKRUDGHDMXVWDUQRVDODV
*-/7)(6"
‡ ¢4XLpQHOLJHODVQRUPDVTXHVHUHIXHU]DQ"
‡ ¢4XpUHODFLyQKD\HQWUHODVH[XDOLGDG\HOJpQHUR"
0XFKDVGHODVUHÁH[LRQHVTXHVXUJLHURQHQHODXODHVWDEDQOLJDGDVDODVLWXD8
+,9*":51"31/7,41"2)");/1(,9*"(-0/1"5*)")257*)"-")257*-"<")"2)",*41*(,.).".1"
1(4)"+5)*.-"(1"1=1/+1"(-0/1"2)"(1>5)2,.)."-"12";?*1/-".1"5*)"31/(-*)@"A*41"2)"
*1+1(,.).".1")+2)/)/"12"+-*+134-".1")+-(-"1(+-2)/"3-/"4/)*(B-0,)"<"C-7-B-0,)D"
OHVSURSXVHODVLJXLHQWHGHÀQLFLyQ
E-*" ):5122-(" +-73-/4)7,1*4-(" F,-21*4-(" 3-/" 2-(" :51" 5*)" 31/(-*)"
(1"1>3-*1"/1314,.)71*41")"2)"1>+25(,9*D"12"),(2)7,1*4-D"2)")71*)G)D"2-("
,*(524-(" <" 2)(" );/1(,-*1(D" 4)*4-" 3-/" 3)/41" .1" (5(" ,;5)21(" H5*)" -" F)/,)("
31/(-*)(" :51" 1(4I*" 1*" (5" 1*4-/*-" 7I(" 3/9>,7-JD" +-7-" 3-/" 31/(-*)("
).524)(D"1*"5*)"/12)+,9*".1(,;5)2".1"3-.1/@"K-(");/1(-/1("(1"(,/F1*".1"
2)"C-7-B-0,)D"12"(1>,(7-D"<"2-("F)2-/1(")(-+,).-(")2"C141/-(1>,(7-@"K)"
SHUVRQDVHFRQYLHUWHHQYtFWLPD\DVtSXHGHVHUGHVFDOLÀFDGD\GHVKXPD8
*,G).)D"<"1*";1*1/)2D"*-"3-./I"()2,/"3-/"(L"(-2)".1"1(4)"(,45)+,9*@"K1=-("
.1"2)",.1)"+-7M*".1":51"1(41"1("5*"3/-0217)"1>+25(,F-".1"=9F1*1(";),(D"
21(0,)*)(D"4/)*(1>5)21("<"0,(1>5)21(D"F1/17-(":51"4)70,?*"(1N)2)")"+5)28
:5,1/" 31/(-*)" :51" (1)" 31/+,0,.)" -" /13/1(1*4).)" B51/)" .1" 2-(" 3)4/-*1("
.1";?*1/-"7I("*-/7)4,F-(D"-"(1"21(")(-+,1"+-*"-4/)("31/(-*)("KOPQ@"
R*"1(4)"(,45)+,9*"1*+-*4/)7-(":51"12"1*4-/*-".1",;5)21("1("+-*(+,1*41"
.12")+-(-"<"31/7,41":51"(5+1.)D")"1(3)2.)(".1"2)("31/(-*)(").524)(":51"
.1(+-*-+1*D"-":51D")"(5"F1GD"7,*,7,G)*"2)"(,45)+,9*"4-7)*.-"2)".1+,8
(,9*".1",;*-/)/2)@"A(L"(1"+-*F,1/41*"1*"+-2)0-/).-/1("<"+9732,+1("3-/"
-7,(,9*".1")+45)+,9*"HS2)41/-"<"O971GD"T$$UV"WXJ@"S-./L)7-(".1+,/":51"
(5+1.1" (,*" 3/-F-+)+,9*" 3/1F,)" 3-/" 3)/41" .1" 2)" FL+4,7)D" -" 0,1*D" :51" 12"
C1+C-"7,(7-".1"(1/"31/+,0,.)"+-7-"5*)"31/(-*)"+-*"(1>5)2,.)."7,*-8
/,4)/,)"-"41*1/"5*)"+-*(4/5++,9*"*-"*-/7)4,F)".12";?*1/-"1("<)"5*".1()BL-"
HS2)41/-D"T$W$0J@
Y4/-".1"2-("12171*4-("+1*4/)21(".1"1(41".10)41"B51/-*"2)("/1.1(".1")3-<-"
.1"A,4G-2"<")"+5)2:5,1/)":51"F,F1")+-(-"1*"2)"1(+512)@"Z-("3/1;5*4)7-("(,"(5("
3)./1("(1/L)*"+-*(+,1*41(".1"2-":51"1(4)0)"(5+1.,1*.-"<"(,"A,4G-2"C)02)/L)".1"
122-"+-*"-4/)("31/(-*)(@"R*"1(41"(1*4,.-D"2-(")257*-("3)/1+L)*"1(4)/".1")+51/.-"
FRQORVHVWXGLRVTXHDÀUPDQTXHHOGHORVQLxRVTXHVXIUHQDJUHVLRQHVQR
!"#$'"&
.("09+3413"1"312/+"IV5015(37"+4"G.6"L%%PQ"A6"+3"017("2+"*10+5.(6"*1<.13"-5/)+5("
0(3"93"/>91."A6")G7"4152+6"0(3"797"-5(>+3/4(5+7"IW150*/4(5+316"L%%PX"Y.14+5(6"
L%$%QB
V2+)G76" 45141)(7" 2+" /)1>/3153(7" .1" ;(5)1" +3" ?9+" V/4D(." *1<=1" /34+5/(:
5/D12(".(7"81.(5+7"2()/3134+7"A"+."/)-104("?9+"-92("*1<+5"4+3/2("7(<5+"79"
194(/)1>+3"A"7(<5+"79"194(+74/)1"+74+"5+0*1D("2+"79")1+7451"A"2+"797"0()-1:
U+5(7"A"0()-1U+517"2+"0.17+B"Z1"*/74(5/1"2+"V/4D(."3(7"-+5)/4/@"8+5"0.151)+34+"
?9+".1"154/09.10/@3"2+".1"2/705/)/310/@3"+74G"8/309.121"1".1"0(3;(5)10/@3"2+".17"
3(5)17"2()/3134+76";9321)+341.)+34+"2+">S3+5(6"A"?9+"+7417"7(3"-5()(8/217"
-(5".1"+709+.16"A"+3"-154/09.156"-(5"+."-5(;+7(512("?9+"/34+58/+3+"5+;(5D132("
.1" 12705/-0/@3" 2+" .17" )/7)176" 7+U1.132(" 1" ?9/+3" .17" 5()-+" -151" )(74515.+7"
0@)("-+5;(5)15")+F(5".(7"5(.+7"12705/4(76"7/+)-5+"+3"3()<5+"2+".1"/374/490/@3"
+70(.15"A"+."</+3"0()[3"IY.14+5(6"L%$%QB
\+>9/21)+34+6"-5+-151)(7"931"7+>9321"251)14/D10/@3"0(3"+."(<F+4/8("2+"
+,-+5/)+34156"+371A132(6"2/8+5717"+74514+>/17"2+"1;5(341)/+34(R"]V/4D(."0(3415G"
1*(51"0(3"+."1-(A("2+"797"1)/7412+7"2+345("2+."19.1"A"+7417"451415G3"2+"/34+5:
8+3/5"09132("7+"-5(29D01".1"1>5+7/@3"1."71./5"1."-14/(HB"E3"+7+")()+34(6"V/4D(.+"
V513+41"3(7"0(34@"?9+"5+0(521<1"0(3"3/4/2+D"+."4+55(5"2+".(7"8+/34+")/394(7"
GH UHFUHR \ VXV GLÀFXOWDGHV SDUD KDFHU IUHQWH D OD OHJLWLPLGDG GH OD PDHVWUD
TXHFDXVyHOFRQÁLFWRTXHODVLWXDFLyQTXHSURYRFDURQVXVXxDVSLQWDGDVHUD
7(.("93("2+".(7"2+4(3134+7"-(7/<.+7"A"?9+"797"0()-1U+5(7"2+"0.17+".+"4/51<13"
-1-+.+76".+"-171<13"3(4/417"0(3"/379.4(7"(".+"2+0=13"0(717"*9)/..134+7B"\9<51A@"
12+)G7"?9+"3("7(.("+51"/)-(54134+"0(3(0+5"+."-1-+."2+".1"8=04/)1"7/3("41)</S3"
+."-1-+."2+."1>5+7(5"A"?9+6"7+>951)+34+6">9152G<1)(7"5+09+52(7"2+"+7+"4/-("
?9+"3(7"1A9215=13"1"104915"7(<5+"93">9/@3"0(3(0/2(B"^(7"179741)(7"1."2+709:
<5/5"?9+6"+;+04/81)+34+6"..+81<1"51D@3"A"3("3(7"5+79.41<1"2/;=0/."5+-5+7+3415"+."
-1-+."2+."1>5+7(5"1"-154/5"2+"2+4+5)/312(7"5+09+52(7"2+"39+74517"</(>51;=17B
Y171)(7"1."!"#$%&#'()*+"A"+74+"4()@"93">/5("/3+7-+512(B"Z(7"1.9)3(7"A"1.9)317"
1>5+7(5+7"7+")+4/+5(3"2+"..+3("+3"797"-1-+.+7"A".1"+)-5+32/+5(3"3("7(.("0(3"
V/4D(."7/3("41)</S3"0(3"797"1)/7412+7R"17/74/)(7"17="1".("?9+"7+"0(3(0+"0()("
!"#$%&'"()*+#,-#$%&'",%&-./
0-+."+,%#(%'%#0&%$-.)%+"!-.#,-#!"#)+1-&2-+()*+#.%()"!
'()("*+"+,-./012("134+5/(5)+34+6"4517".1"8/8+30/1"2+"931"+,-+5/+30/1"2+"45137:
;(</1"8/015/16".1"104/8/212"-5+8+=1"931"7+>9321";17+"+3".1"?9+"7+"1<(521<16"2+72+"
.1"@-4/01"2+".1";(5)10/@3"2+";(5)12(5+76".1"/34+58+30/@3"7(0/1."2+72+"+."5(."2+."
DQLPDGRURDQLPDGRUDVRFLRFXOWXUDO6HWUDWDEDHQGHÀQLWLYDGHLGHQWLÀFDUODV
104/492+7"?9+"2+<+"4+3+5"A".17"100/(3+7"?9+"2+<+"2+7155(..15"+."-5(;+7/(31."2+".1"
/34+58+30/@3"7(0/1."134+"+74+"4/-("2+"7/4910/(3+7B
C/" 415+1" 0()(" 2(0+34+" +7" .1" 2+" 1A9215" 1." 1.9)312(" 1" 1.013D15" .1" 01-1:
0/212" 4+5)/31." 2+" /34+58+3/56" 2+7155(..15" A" (5>13/D15" -5(A+04(7" A" 104/8/212+7"
4+3/+32("+3"09+341".1"2/8+57/212B"E7".("?9+"+74/-9.16"-(5"+F+)-.(6".1"93/212"2+"
FRPSHWHQFLDQžVHJ~QODFXDOORVDOXPQRVKDQGHSRGHU©GHÀQLU\DGDSWDU
-5(A+04(7"2+"/34+58+30/@3"0()93/415/1"A"-5(>51)15"79"2+7155(..(6"17+>95132("
.1"12+0910/@3"1."0(.+04/8("2+"2+74/3("A"1".17"015104+5=74/017"A"0(32/0/(3+7"2+."
G)</4("("/374/490/@3"+3"?9+"7+"81"1"2+7155(..15H"IJK"L%MNO$PPMQB"E3"+74+"017("
FRQFUHWR\WHQLHQGRFRPRÀQ~OWLPRODVFDSDFLGDGHVWHUPLQDOHVSURSLDVGHO
PyGXORSODQLÀFDPRVHOSURFHVRGHHQVHxDQ]DDSUHQGL]DMHGHDFXHUGRFRQORV
7/>9/+34+7"(<F+4/8(7"?9+"3(7"-+5)/4=13"0+345153(7"+3".1"14+30/@3"1"97915/(7"A"
97915/17"-+54+3+0/+34+7"1"/2+34/212+7"A"7+,91./212+7")/3(5/415/17R
‡ 5HFRQRFHU ORV DVSHFWRV IXQGDPHQWDOHV GH OD FRQVWUXFFLyQ VRFLDO GH OD
7+,91./212B"
‡ ,GHQWLÀFDUODVH[XDOLGDGFRPRXQSURFHVRJOREDOGHOVHUKXPDQR
‡ &RPSUHQGHUODVGLIHUHQWHVH[SUHVLRQHVGHODVH[XDOLGDGQRQRUPDWLYD
‡ (PSDWL]DUFRQODVGLÀFXOWDGHVDODVTXHVHHQIUHQWDXQDSHUVRQDFRQXQDVH[XD:
./212"("/2+34/212"2+">S3+5("3("3(5)14/81"+3".(7"-5(0+7(7"2+"7(0/1./D10/@3B"
‡ $QWLFLSDUTXpDFFLRQHVSXHGHQHVWDUUHIRU]DQGRXQDYLVLyQELQDULDGHOD
7+,91./212"A".17"/2+34/212+7B"
‡ 'HVWDFDUODLPSRUWDQFLDGHODSUHYHQFLyQGHODYLROHQFLD
©FRQWDJLRGHOHVWLJPDª*HQHUHOR\3LFKDUGR(QODUHÁH[LyQSRVWH:
5/(56"131./D1)(7".1"+701.121"2+"8/(.+30/1"2+345("2+.">59-(6"?9+"3("+309+3451"
5+0*1D("+,-.=0/4("A"7+"7/+34+".+>/4/)12("-(5".1"104/492"2+".1")1+74516"A".1";(5)1"
+3".1"?9+".(7"/32/8/29(7"7+"2/.9A+3"+3"+71")/7)1"8/(.+30/1"-151"0(3;(5)15"93"
>59-("?9+"0(345(.1"A"7130/(31".17"+,-5+7/(3+7"2+">S3+5(B"V."451415"2+"+30(3:
4515"39+817"+74514+>/17"2+"1;5(341)/+34(6"2+709<5/)(7".1"/)-(54130/1"2+"?9+"
795>/+513"8(0+7"2+345("2+".1"0.17+"?9+"2+7.+>/4/)1513"+."97("2+".1"8/(.+30/1"A".1"
1>5+7/@36"2+71-5(<132("+."0()-(541)/+34("2+.">59-(B
!"#$%"&
E3"09134("1".1")+4(2(.(>=16"+741<.+0/)(7"93"2+<14+"1"-154/5"2+".17"7/>9/+34+7"
-5+>93417R
‡ ¢(V SRVLEOH TXH HQ FRQWH[WR GH LQWHUYHQFLyQ VRFLDO GH DFWLYLGDGHV GH
(0/("A"4/+)-("./<5+"("2+"2+7155(..("0()93/415/("3(7"+30(345+)(7"0(3"
97915/(7"A"97915/17"45137+,91.+7"2+"4(217".17"+212+7T"
‡ ¢(VSRVLEOHTXHVHSURGX]FDQVLWXDFLRQHVHQODVTXHODVSHUVRQDVDGXOWDV
5+;(50+)(7" .1" 12705/-0/@3" 4512/0/(31." 1" .(7" 5(.+7" 2+" >S3+5(" A" 0(3" +..("
+74+)(7"7+U1.132("1".17"-+57(317"?9+"2+"1.>931")13+51".(7"2+71;=13T
‡ ¢'H TXp PDQHUD ODV SHUVRQDV DGXOWDV SRGHPRV HVWDU LJQRUDQGR HQ OD
/34+58+30/@3"7(0/1.6".17"3+0+7/212+7"2+"1?9+..17"?9+"4/+3+3"931"7+,91./212"
("931"/2+34/212"2+">S3+5("2/70(52134+T
!"#$$"&
 ‡ ¢(V SRVLEOH JHQHUDU HVSDFLRV VHJXURV SDUD HO GHVDUUROOR LQWHJUDO GH ODV
:.;86/+8"KT]W^"_`."B*Y"-+/.;+^"
‡ ¢&XiOHVODFRRUGLQDFLyQQHFHVDULDHQWUHODIDPLOLDODHVFXHOD\HOSURIHVR7
;+16":+;+":61.;":;.5./2;".,"+(686".8(6,+;^"
‡ ¢&yPR VH SXHGH SUHYHQLU H LQWHUYHQLU FXDQGR HO SURIHVRUDGR X RWURV
:;64.826/+,.8" 1." ,+" 2/).;5./(23/" 86(2+," C" .1*(+)25+O" )2././" +()2)*1.8"
@6-6);+/843A2(+8"./".,"+*,+^"
(QHOWUDQVFXUVRGHOGHEDWHÁRUHFLHURQPLOSUHJXQWDVPiVORTXHHQPL
6:2/23/0" .521./(2+A+" B*." .," E;*:6" .8)+A+" -*C" 2-:,2(+16" C" B*." .8)?A+-68"
(*-:,2./16"(6/"(;.(.8",68"6AG.)2568":;6:*.8)68<"R,"+,*-/+16",,.5+A+";?:21+7
-./).".,"1.A+)."+,").;;./6"1.",6"(6/(;.)60"64;.(2./16"82)*+(26/.8"@2:6)Y)2(+8"
B*."(6/).9)*+,2>+A+/"./"125.;868".8:+(268"1."6(26"C")2.-:6",2A;."(6-60":6;"
.G.-:,60"*/"(+-:+-./)6<"R/",+8"82)*+(26/.8":;6:*.8)+80"8."@+(D+".521./)."B*."
.,":682A,.";.(@+>6"C"+E;.82521+1":6;":+;)."1.,"./)6;/6"./(6/);+A+"8*"1.)6/+/)."
./",+"4+,)+"1."+(.:)+(23/"1."*/+";*:)*;+"(6/",+8"/6;-+8"2-:.;+/).8"1."EY/.;6"
\VH[RORTXHQRVOOHYyDGHÀQLUHODFRVRHVFRODUSRUKRPRIRELD\WUDQVIRELD
HQVXHVWUHFKDUHODFLyQFRQHOVH[LVPR\DLGHQWLÀFDUORVPRGRVHQTXHFRQV7
);*2-68",+"8.9*+,21+1"+":+;)2;"1.,"EY/.;6<"'1.-?80"8*;E23"1."-+/.;+".9:,D(2)+"
,+"/.(.821+1"1."+A6;1+;",+"8.9*+,21+1"(6-6":+;)."1.",+".1*(+(23/"46;-+,"C"/6"
46;-+,0" C" 1." :;61*(2;" */" ./(*./);6" ./);." 4+-2,2+80" .1*(+16;.80" :;64.86;+16"
C" 6);68" :;64.826/+,.8" B*." 4+(2,2)+;+" */" 12?,6E6" (6/8);*()256" C" ;6-:2.;+" (6/"
-2.168"C")+AP.8<"a68":;.E*/)?A+-68")+-A2Y/"(3-6"+C*1+;"+"E./.;+;".8:+(268"
8.E*;68"C"(*?,"8.;D+",+"2/).;5./(23/"1.,":;64.86;+16"1.,"(./);6"6"1."(*+,B*2.;"
:;64.826/+,"1.",+"2/).;5./(23/"86(2+,"+/)."*/+"82)*+(23/"(6-6".8)+"6"+,"1+;8."
(*./)+"1."B*."6);6":;64.826/+,".8)?";.+,2>+/16"*/+"2/).;5./(23/"2/+1.(*+1+<
'/).8" 1." B*." .," E;*:6" :;.8./)+;+" 8*" );+A+G6" 86A;." .," -652-2./)6" 86(2+,"
KT]W"1."-+/.;+"B*."8.":;61*G.;+"*/"+:;./12>+G."(6,.()2560",,.5+-68"+"(+A6",+"
.5+,*+(23/"1.",+"+()2521+1<"R,"+,*-/+16"1.8)+(3",+"2-:6;)+/(2+"1."+A6;1+;"*/"
).-+"1.8(6/6(216"86A;.".,"B*.".928)D+/"-*(@+8"21.+8".;;3/.+8"C"8."-.>(,+A+/"
(6/(.:)68" J);+/8.9*+,21+10" );+/8E./.;28-60" @6-68.9*+,21+10" EY/.;60" .)(<O<"
Q61.;" (6/6(.;" +" */+" :.;86/+" B*." ,.8" ;.E+,+" */+" @28)6;2+" ;.+," 86A;." ,+" (*+,"
.-:.>+;"+");+A+G+;"C"(6/5.;)2;"*/+"(*.8)23/"+A8);+()+"C").3;2(+"./"*/+"+()2521+1"
:;?()2(+" 4*.;6/" 6);68" 1." ,68" +(2.;)68" 8.S+,+168" :6;" .," +,*-/+160" B*." 1.(D+"
@+A.;"+:;./1216":6;"-61.,+16"(3-6");+8,+1+;".,"+:;./12>+G."86A;.",+"(6/87
);*((23/"86(2+,"1.",+"8.9*+,21+1"+"*/":;6(.86".1*(+)256":;?()2(6"C")+/E2A,.<
!"#$%"&
!"#$%&'$($&)$&"*+#,+!$
'()*+,-./).0" ,+" .1*(+(23/" +4.()25678.9*+," +:+;.(." (6-6" */+" /.(.821+1" /6"
;.8*.,)+<"=6/"(+1+"5.>"-?8"+,+;-+/).8",68"(+868"1."526,./(2+"@6-67);+/843A2(+"
1.",68"B*."8."@+(./".(6",68"-.1268"1."(6-*/2(+(23/0"C"86/"-*(@68",68"C",+8"
:;64.826/+,.8"1.",+".1*(+(23/"C",+"2/).;5./(23/"86(2+,"B*.")61+5D+"1.8(6/6(./"
.,"-+;(6",.E28,+)256"B*.":682A2,2)+".,"46-./)6"1."+()2)*1.8"1."+)./(23/"C";.87
:.)6<"F.(6;1.-68"B*.",+"+()*+,",.C".1*(+)25+"2/(,*C.0"./);.",68"6AG.)2568"1.",+"
.1*(+(23/0"H.,";.(6/6(2-2./)6"1.",+"125.;821+1"+4.()25678.9*+,"C",+"5+,6;+(23/"
(;D)2(+"1.",+8"1.82E*+,1+1.80"B*.":.;-2)+"8*:.;+;",68"(6-:6;)+-2./)68"8.928)+8I"
JK.C"%L%MMNO<"
'"-./*16"8*(.1."B*."(*+/16"/68"1.(212-68"+"+A6;1+;",+"8.9*+,21+1"./"
HO DXOD QRV HQIUHQWDPRV D WRGD XQD VHULH GH EDUUHUDV \ GLÀFXOWDGHV PXFKDV
1.".,,+8",2E+1+8"+,").-6;"1."@+(.;"./);+;"./"(,+8."*/").-+")61+5D+"(6/821.;+16"
(6-6")+AP"6":.,2E;686<"Q./8+-68"B*."5+-68"+"E./.;+;";.828)./(2+8":6;":+;)."
1.",68":+1;.8"C"-+1;.80"B*.".,"(./);6".8(6,+;"/6"/68"5+"+"+:6C+;"6"B*.".8"*/"
).-+"-*C"124D(2,"."2/+:;6:2+16":+;+".,"+,*-/+160"B*."(6/821.;+-68"1.-+82+16"
G65./0" 56,*A,." 6" 2/.9:.;)6<" Q6;" .8)+8" C" 6);+8" -*(@+8" ;+>6/.80" @+C" :+,+A;+8"
(6-6"H);+/8.9*+,21+1I0"H@6-68.9*+,21+1I0"H-+8(*,2/21+1I0"H8.96I"6"H1.8.6I0"
B*." ;+;+" 5.>" 46;-+/" :+;)." 1." /*.8);+" +((23/" .1*(+)25+" C" B*." /*.8);6" +,*-7
/+16"86,6"(6/6(."./"46;-+"1."2/8*,)6"6"86,6"*)2,2>+"./".,"12?,6E6"(6/"2E*+,.8"
*"6);68".8:+(268"/6"46;-+,.8<"=2/".-A+;E60"8+A.-68"B*.",+"8.9*+,21+1"/6".8"
*/+"(*.8)23/":;25+1+"/2"-./6;0"B*."46;-+":+;)."1.",+"(6/8);*((23/"-28-+"1."
,+"21./)21+1":.;86/+,"+",6",+;E6"1.")616".,"(2(,6"52)+,"C"B*.0":6;")+/)60"(6/8)2)*C."
*/"6AG.)6"2-:6;)+/)."1."/*.8);+"+((23/".1*(+16;+<"R8"-?80",+";+126E;+4D+"1."
,+"-61.8)+"+()2521+1";.+,2>+1+"./"*/"+*,+"1."46;-+(23/":;64.826/+,"1.-*.8);+"
TXHHODOXPQDGRYDORUDPX\SRVLWLYDPHQWHHVWHDSUHQGL]DMHVLJQLÀFDWLYR
Q6(6" 8+A.-68" 1." ,+" 12-./823/" ;.+," 1." ,+" @6-646A2+" C" ,+" );+/846A2+" ./);."
G35./.8"C"+16,.8(./).8"1.,"R8)+16".8:+S6,<"K+"-+C6;D+"1.".8)*1268"B*.",+"+A6;1+/"
8."(./);+/"./"E+280",.8A2+/+8"C"A28.9*+,.8"JT./.;.,6"C"Q2(@+;160"%MMNU"Q,+).;6"C"
T3-.>0"%MMVU"W;68+0"%MMXU"T./.;.,60"Q2(@+;16"C"T+,64;Y0"%MMXU"Q,+).;60"%MMXU"
'E*8)D/"F*D>0"%MMZU"';(+;6/8".)"+,0"%MMZU"T+;(@2)6;./+0"%MMZU"Q2(@+;160"%MMZO0"
(6/"+,E*/+8".9(.:(26/.8"16/1."8."(6/(.1.",+"-28-+"+)./(23/"+",+");+/8.9*+7
,21+1"J[6,,7Q,+/+80"W*8)+-+/)."C"\288Y0"%MMZU"Q,+).;6"%M$M+"C"%M$MAO<"R/"(*+,7
B*2.;" (+860" :+;.(." .521./)." B*." ,+" ;*:)*;+" 1." ,68" :+);6/.8" 1." EY/.;6" 86/" +"
PHQXGR HO HOHPHQWR GHÀQLWRULR GH OD EXUOD OD GLVFULPLQDFLyQ \ OD DJUHVLyQ
46;-+8" 1." +(686" B*." +*-./)+/" ./" .," 2/8)2)*)6" J[6,,7Q,+/+80" W*8)+-+/)." C"
\288Y0"%MMZO<"
R/"8*":+86":6;",+".8(*.,+0"-*(@68"G35./.8");+/8"@+/";./*/(2+16"+"(6-:+;)2;"
8*8".9:.;2./(2+8"52)+,.80");+)+/16"1."(*-:,2;"(6/",+8".9:.()+)25+8"1.",+8":.;86/+8"
+1*,)+8"+"B*2./.8").-./"1.4;+*1+;"C"1.8.+/16"./(6/);+;"2/4;*()*68+-./)."+"
!"#$#"&
9-,"SE>V1-,"^9E"@1V"EV;9;WE"A"@1V",S1AEG"C@"WE;W1":E"^9E"@,".>,-VED9,@/:,:"
-1"VE",I1>:E"E-"E@",9@,*"1"^9E",S,>Ej;,"E-"X1>F,":E"/-V9@.1"E-"E@"S,./1":E@"
;1@E0/1*"E`/:E-;/,"@,";,>E-;/,":E"-9EV.>1"V/V.EF,"E:9;,./`1"S,>,"E-.E-:E>"@,V"
-E;EV/:,:EV"A"@,":/`E>V/:,:":E"@1V"A"@,V"EV.9:/,-.EV";1F1";/9:,:,-,V":E"S@E-1"
:E>E;W1G" (-.E" EV.," E`/:E-;/,*" @1V" A" @,V" S>1XEV/1-,@EV" :E" @," E:9;,;/<-" WEF1V"
:E" >E,@/j,>" -9EV.>1" .>,I,h1*" WEF1V" :E" E:9;,>*" WEF1V" :E" ,FS@/,>" -9EV.>1V"
;1-1;/F/E-.1V"V1I>E"VED9,@/:,:"A*"F?V";1-;>E.,FE-.E*"V1I>E"VED9,@/:,:EV"-1"
-1>F,./`,V*"S,>,":Eh,>":E".E-E>":9:,V","@,"W1>,":E",;.9,>"A*"V1I>E".1:1*"S,>,"
1X>E;E>"9-,">EVS9EV.,"/-E^9_`1;,"X>E-.E","@,".>,-VX1I/,G"C-"EV.E"VE-./:1*";1F1"
S>/FE>"S,V1*",".>,`cV":E",@09-1V"/-:/;,:1>EV"VE-;/@@1V"E-"X1>F,":E"S>E09-.,V*"
S1:EF1V",S>E-:E>",":E.E;.,>"@,"`9@-E>,I/@/:,:":E@",@9F-,:1",-.E"@,"`/1@E-;/,"
W1F1X<I/;,"A".>,-VX<I/;,"E-"EVS,;/1V"E:9;,./`1VG
,QGLFDGRUHVSDUDODGHWHFFLyQGHWUDQVIRELD\KRPRIRELD
‡ ¢/RVDFWRVRHODVSHFWRGHODSHUVRQDURPSHQFRQORVSDWURQHVGHJpQHUR
,V/0-,:1V","V9"VED1k"l+E".>,.,":E"9-,"SE>V1-,",F,-E>,:,mF,V;9@/-,k
‡ ¢+DVREVHUYDGRVLVHXVDQPRWHVRVHKDFHQFKLVWHVFRPHQWDULRVSLQWDGDV
1";,-;/1-EV"V1I>E"EV.,"SE>V1-,k"lL9?@"EV"V9";1-.E-/:1k"lM9,>:,">E@,;/<-"
;1-";9EV./1-EV">E@,./`,V",@"0c-E>1*"E@"VED1"1"@,"1>/E-.,;/<-k
‡ ¢6HEXUODQVXVFRPSDxHURV\FRPSDxHUDVFXDQGRSDUWLFLSDHQFODVH"
‡ ¢6XIUHUHFKD]RFXDQGRKD\WDUHDVJUXSDOHV"¢7UDWDGHHYLWDUHVWDVDFWLYLU
:,:EVk"ln"E-"@,V",;./`/:,:EV"R/-X1>F,@EVZ"E-"@,V"^9E"VE">E^9/E>E"VE-.,>VE*"
;1FS,>./>"EVS,;/1"1"E-.>,>"A"V,@/>":E";@,VEk
‡ ¢(YLWDTXHGDUVHFRQVXVFRPSDxHURVVLQODSUHVHQFLDGHXQDGXOWRHQHO
>E;>E1"1"E-"E@";,FI/1":E";@,VEV6k
‡ ¢7LHQGHDTXHGDUVHHQHODXODHQORVUHFUHRV"
‡ ¢+DVREVHUYDGRFDPELRVHQVXFRPSRUWDPLHQWR"
‡ ¢3DUHFHPiVLQWURYHUWLGRDUHWUDtGRDLUDVFLEOHGHORKDELWXDO"
‡ ¢+DHPSH]DGRDIDOWDULQMXVWLÀFDGDPHQWH"
("SEV,>":E"@,V">EV/V.E-;/,V"A".EF1>EV":E"I9E-,"S,>.E":E@"S>1XEV1>,:1"A":E"
,@09-,V"X,F/@/,V*"@,"E:9;,;/<-",XE;./`1UVED9,@"-1"V1@1"EV"S1V/I@E"V/-1"^9E"EV.?"
;1-.EFS@,:,";1F1"S,>.E":E"@,V"FE.,V"E:9;,./`,V"EV.,I@E;/:,V"E-"@,",;.9,@/:,:"
2B@,.E>1*" 34$46G" NE" WE;W1*" V1F1V" F9;W1V" @1V" ^9E*" ;1-" SE^9Eo,V" EDSE>/E-U
FLDVFRWLGLDQDVGHVDÀDPRVHVWDLQYLVLELOLGDG\JHQHUDPRVDFFLRQHVHGXFDWLYDV
:E-.>1" :E" -9EV.>1V" S>1AE;.1V" :1;E-.EVG" C-" @," FE:/:," E-" ^9E" VE,F1V" ;1-VU
;/E-.EV":E"^9E"EV.,V"EDSE>/E-;/,V"ED/V.E-"A":E"^9E"EV.,F1V"E-":/VS1V/;/<-":E"
/-.E>`E-/>*";>E;E>?"EDS1-E-;/,@FE-.E"@,"`/V/I/@/:,:":E"@,V";9EV./1-EV".>,-V"E-"
E@",9@,G"
!"#$%"&
!"#"!"$%&'()*&*+&,-!.#&%'()
(!"#$%&")"'(*"+,-./,01"2344567"!"#$%&"'(')&$*+(,)$-),(&)(+,(&.)/#"0(%)$,)1+,,2"-3)4)
(54&4)6474891"54*"89-:,;/<-"=>/?-09@1"A"B@9>,@*"CD.>EF,:9>,G
()*+),&#"H-.&/(*"(@IE>.J"K+))'*"8GJ"L)"*/$+*"MGJ"N/"0,#")'#*,#*"(GJ"810'2*"+GJ"
O/)'&,*"PGJ"),3)%!"/(*"CGJ"++4#,*"PG"A"Q/&3)/00*"CG"2344567"RCDSE>/T-U
;/EV7"I9@@A/-0"W1F1XYI/;","L,.,@9-A,Z*"E-":;/<.)=$#"&0()'>/&0+'"&)'$),()
<"4,?-5"(@)[7"$U3%G
K),#+*" P1VE" C->/\E" 2344[67" R)EV9@.,:1V" A" EDSE>/E-;/,V" :E@" S>10>,F," ]N]"
2],I@EF1V" :E" ]1F1VED9,@/:,:6" ^9E" MEW/.9*" (V1;/,;/<-" :E" @EVI/,-,V*"
0,AV*" I/VED9,@EV" A" .>,-VED9,@EV" :E@" B,_V" Q,V;1*" @@E`," ," ;,I1" E-" ;E-.>1V"
EV;1@,>EV":E"E:9;,;/<-"VE;9-:,>/,Z*"E-"A'4,$&5$-0$&)2)B9#$-$&),$&1"(-(&@)3(2&@)
WUDQVH[XDOHV\ELVH[XDOHVGLÀFXOWDGHV\UHFKD]RVHQVXGHVDUUROORSHUVRQDOHQVXV
%$,(5"4-$&)2)&+)&45"(,"C(5"9-*"(>,>.E\1*"K/@I,1G
L,00UB0+&+#*" ME>,>:J" K"#$+4+&$/" '" +/&+-)/*" MEFF," A" O'##1" '" +.&*5/(*"
O/^9E@" 2344567" D%(-&"0(-0) E$%) ,$&) 8%4-0$%$&) '$,) 3?-$%$.) /&0%(0?3"$&@) 0%(B$50F%"$&) ")
(E4%0(5"4-&)'$)B4#$&)0%(-&@),$&1"(-$&)")3("&*"ME-E>,@/.,.":E"L,.,@9-A,*"+E;>E.,>/,"
:E"P1`E-.9.*"K,>;E@1-,G
M+)*5'$,)/&+"M,&(.0/(*"O,>.,"2344567":-84%7$)G9#$-$&)HIDJ*"8CaM=K*"O,:>/:G"
M/&/)/0,"a+&+#6+*"PEVbV"A"B'*5+)3,"M+0.&*"P1Vc"H0-,;/1"2;11>:VG6"2344d67"
K474841"()$-)$,)&"&0$7()$'+5(0"#4*"LeM(O*"O,:>/:G"
M/&/)/0,"a+&+#6+*"PEVbVJ"B'*5+)3,"M+0.&*"P1Vc"H0-,;/1"A"M+0,7)1"M+))/$+*"
M/@@EF"2;11>:VG6"2344[67"A'4,$&5$-5"()2)&$*+(,"'('$&)7"-4%"0(%"(&.)<45$&)'$&'$)
,()$*5,+&"9-*"(@;,@?*"(@;,@?"@,")E,@*"P,E-G
M84/(" O')8&*" P9@/," A" +.&*5/(" M+)*%+*" O,/.E" 2344f67" H(&) '"8$%$-0$&) 7"%('(&)
'$),(&)2),4&)('4,$&5$-0$&)'$)E+$-0$)'$)<(,,$5(&)&41%$),()6474&$*+(,"'('*";9>V1":E"
CDSE>.1"E-"B1@_./;,V"+1;/,@EV":E"H-X,-;/,*"NES,>.,FE-.1":E"+1;/1@10_,"HH"
2C;1@10_,"]9F,-,"A"B1I@,;/<-6*"g-/`E>V/:,:"L1FS@9.E-VE":E"O,:>/:G"
=>,I,h1"-1"S9I@/;,:1G
B'*5+)3,"M+0.&*"P1Vc"H0-,;/1"2;11>:G6"2344f67"A50"0+'$&)(-0$),()'"#$%&"'(')&$*+(,)
'$),()E41,(5"9-)('4,$&5$-0$)'$);4&,('()LM('%"'N)2)O(-)J(%04,47P)'$)D"%(B(-()LI%(-)
;(-(%"(N*"8CaM=K*"(A9-.,F/E-.1":E"L1V@,:,"A"(A9-.,F/E-.1":E"+,-"
K,>.1@1Fc":E"=/>,h,-,*"O,:>/:G"
" i" 2344567" A'4,$&5$-0$&) (-0$) ,() '"#$%&"'(') &$*+(,.) H() 6474841"() $-) ,4&) 5$-0%4&)
$'+5(0"#4&*"a,"L,.,>,.,*"O,:>/:G"
B0+$/)," O1&3/(*" ),^9E@" 2344[67" Ra," W1F1X1I/," ;1F1" E@EFE-.1" ;@,`E" :E@"
,;1V1"EV;1@,>"W1F1X<I/;1G"(@09-,V"`1;EV":EV:E")/`,V"Q,;/,F,:>/:Z*"E-"
:-84%7(5"9)E&"54,F3"5(*"5%7"f$U[#G
" i"234$4,67"R+1I>E`/`/>",@"/-V./.9.1"A","@,"X,;9@.,:7"`1;EV"A"`/`E-;/,V"V1I>E"
@,"WE.E>1-1>F,./`/:,:*"@,"W1F1X1I/,"A"@,"F,V;9@/-/:,:":E"@,V";W/;,VZ*"E-"
=$#"&0()/&0+'"4&):E"P9`E-.9:*"[57"#5U'[G
!"#$'"&
" '"()*$*+,-"./0123145630"74"3829:13;64:19"824:14"3<"3=909"40=9<32-">:3" MS1><90"74"<3"K9<4==6Z:"J
;62373"09+24"<30"=?6=30";30=><6:30@A"!"#$%&'(&)A")(),-"#BCB$D"
E!"#$%&" F'()$*A" G3H>4<" I" J+,$*" K$#&A" /;6<69" ()**L,-" *)++,-()&.,/$ 0,+,$ !"#$%&"'"()("&*#+#$,&' (OPDULFDODEUXMD\HODUPDULR
12-3,.(+$)'$34''5(&6$72-2893(12A"M3<303A"F37267D [>3:"a6=4:14"P<6353"I"[90`"F65>4<"JD"K921`0 /7>3279"j3+3<"P235Z:
N&%-"(&A"N9:63"()**O,-".P79<40=4:140"5360"I"<40+63:30"4:"4<"Q;+619"47>=316R9-"
-'.#+/'("#(+#%+'%01 eWLFDPDULFD
3:Q<6060"74"<3"243<6737"I"<S:430"54:423<40"T323">:3"T29T>4013"47>=316R3@A" [><63"K4<3 3URFODPDVOLEHUWDULDVSDUDXQDPLOLWDQFLD
4:"%+()&.,1(2&)/A"U-"VC#OD <-7=9
(OOLEURGHORVKHUPRVRV E3=9"a673214
/76=6Z:"74"W>60"P:19:69"74"a6<<4:3
>'"+#1(.#1?&'$'1(#$(>@A&,0
2$(,.'3#(4') N323"/0T6:903"l0<30
a32690"3>19240
$PRUVLQQRPEUH
!"#"!"$%&'()*"+'*"() /RTXHOD%LEOLDUHDOPHQWHGLFHVREUHOD <'(3&"'("#(.01(4')1()(.'1(.#1?&'$'1(#$(
KRPRVH[XDOLGDG B+&#$%#(>#"&0
^3:64<"dD"d4<;6:63e \263:"k?613e42
W4I"X25Q:6=3")Y)**%A"74"#"74";3I9A"74"/7>=3=6Z:D"[>4R40"O"74";3I9"74")**%A"
%ROHWtQ2ÀFLDOGHO(VWDGR"(\X/,":D]"$*%A"F37267D KRPEUHVGHPiUPRO 8QDGLVFULPLQDFLyQXQLYHUVDO
[90`"F65>4<"JD"K921`0 /DKRPRVH[XDOLGDGEDMRHOIUDQTXLVPR\
G43<"^4=2419"$)%OY$VVLA"74")O"74"_><69A"T92"4<"H>4"04"4013+<4=4"4<"=>22S=><9"74<" .'(7+'$1&,&8$
=6=<9"892;316R9"74"52379"0>T42692"=92240T9:764:14"3<"161><9"74"M`=:6=9" +DVWDHQODVPHMRUHVIDPLOLDV [3R642"h53214"E`24c
[40f0"J4:424<9
N>T42692"4:"P:6;3=6Z:"N9=69=><1>23<D"a642:40")$"74"04T164;+24"74"$VVLA" 7DOFRPRVRPRV
%ROHWtQ2ÀFLDOGHO(VWDGR"(\X/,":D]")$VA"F37267D 'H6RGRPDD&KXHFD :$(.&?+0("#(':%0'):"'(5'+'(4')1C(.#1?&'
G43<"^4=2419")*BUY$VVBA"74"))"74"76=64;+24A"T92"4<"H>4"04"4013+<4=4"4<"1S1><9" P<+4219"F623 $'1C(%+'$1#A:'.#1()(?&1#A:'.#1
F3:>4<"g:54<"N9263:9
74"M`=:6=9"N>T42692"4:"P:6;3=6Z:"N9=69=><1>23<"I"<30"=92240T9:764:140" /DPDUJLQDFLyQKRPRVH[XDO
4:04b3:c30" ;S:6;30D" a642:40" )$" 74" 84+2429" 74" $VV%A" %ROHWtQ 2ÀFLDO GHO #$(.'(215'6'("#(.'(7+'$1&,&8$ D#.(%#A%0('.(1#A0E
"/.,:2"(\X/,":D]"OBA"F37267D F3:>4<"g:54<"N9263:9"J6< -XGLWK%XWOHU\ODSHUIRUPDWLYLGDG
E3+<9"E`24c"j3R3229
6LQGHUUDPDPLHQWRGHVDQJUH
[3R642"h53214"E`24c 0DVFXOLQLGDGIHPHQLQD
[>761?"d3<+42013;
+RPRVH[XDOLGDGVHFUHWRGHIDPLOLD
\459b3"E`24c"N3:=?9 TXHPHHVWR\PXULHQGRGHDJXD
-:/'("#($'++'%&3'(.@1?&,'(#15'60.'
FRQVHMRVEiVLFRVSDUDHOKRPEUHJD\ F32S3"K30124_Z:
[94"i921
2.(.'?#+&$%0(F:##+
7#0+/'(9:##+ N>03:3"WZT4c"E4:479
^3R67"KZ279+3A"[3R642"NQ4c"I"E3=9"a673214
0LUDGDVLQVXPLVDV
/RVKRPRVH[XDOHVDOUHVFDWH -')1()(.#1?&'$'1(#$(#.(,&$#
"#(.'(,&3&.&;',&8$ P<+4219"F623
K31?I"K26;;6:0
7:("#"0(,0+';8$G
3ULPHUD3ODQD <'(1#A:'.&"'"(.#1?&'$'E
[>3:"P:19:69"d422429"\23030"(47D, LPiJHQHV\SDODEUDV
E3<9;3"G>6c
2.(3#1%:'+&0("#(,0.0+(+01' /0T423:c3"G9;429
E3126=63"j4<<"k3224:
9:#(1:1(*'."'1(10$(,&,.0$#1
6LQFRPSOHMRV G903"J32=S3"G3I459"(470D,
JXtD/*7%SDUDMyYHQHV I"Fm"N9<4737"NQ:=?4c"JZ;4c
[40f0"J4:424<9

!"#$%"&
!"#"$%&%'"#(#)"*+(,- /DMXYHQWXGKRPRVH[XDO
7UHLQWDDxRVGHPRYLOL]DFLyQOHVELDQDHQ D*%/(2'$%1"%,0)$,&01,%#$2'"%/,%1(4"'#(1,1%
HO(VWDGRHVSDxRO DIHFWLYDVH[XDOHQODVQXHYDVJHQHUDFLRQHV
!"#$%#&'"()%**+&,#"-#.%**+
.//,#%&%*$#$)',#-
.#)01($#%/"#2(,*$#%#$2'"%/()"',)0',%
"#+'(),%"*%+,#)"//,*$
/*%0#&1+"#0.%
,GHQWLGDG\FDPELRVRFLDO
7UDQVIRUPDFLRQHVSURPRYLGDVSRUHO
PRYLPLHQWRJD\OHVELDQRHQ(VSDxD
2+".%&34&3+056""6"&'+789
3,%4$/0*),1%&%"/%1"#"$-
3,%+$*#)'0++(5*%#$+(,/
1"/%67*"'$%&%/,%#"80,/(1,19
"/%+,#$%1"%/"#2(,*,#:%6,&#%&%)',*#
!6"#".&:+**;<*#0#9
./%67*"'$%1"#$'1"*,1$9%;'<)(+,#%"*%)$'*$%
,%/,%=,)$/$6(>,+(5*%1"%/,%)',*#"80,/(1,1
3%=(6*&3%99>&?&!6"#".&:+**;<*#0#9&@6.%A+"69B
/RVJpQHURVGHODYLROHQFLD8QDUHÁH[LyQ
?0""'%#$2'"%/,%4($/"*+(,%1"%67*"'$
C*D#&E"%9F&G%0(>9&?&H#5#6*&34&3>"%.#&2%7>06I
@$#,%#$2'"%*"6'$-%A'"4"%B(#)$'(,%1"%/,%
KRPRVH[XDOLGDGHQOD(VSDxDGHOVLJOR;;
E*-6"A&J6""#"+09
C$'%"/%+0/$-%C$/<)(+,#%,*,/"#
2#K%6"&GL6I&?&G6)+&:#""#9$+9#
3,#%+('+0*#),*+(,#%$2/(6,2,*-
+RPRHURWLVPRLGHQWLGDG\UHVLVWHQFLD
2#K%6"&MD#"A6&<>"6I
3EFA%1"/%#(6/$%GGH
3#0(6*&N0D6*&G+"%#0+&!%*
'HVSXpVGH*DQtPHGHV
8QDDYHQWXUDSDUDKRPEUHVJD\VHQ
WUDQVLFLyQGHODMXYHQWXGKDFLDODYLGD
,10/),%&%/,%#"*"+)01
2(#0&:#"*+9&M"O9I#"
I01()B%A0)/"'%"*%1(#=0),-
/HFWXUDVVREUHODSHUIRUPDWLYLGDG
<#A"O$%#&G+*6?&,6*A"#0&?&P6A%$%#&G#-9#?&@6.94B
5H\HVVRGRPLWDV
J$*,'+,#%&%K,4$'()$#%"*%/,#%+$')"#%
"0'$=",#%1"%/,%.1,1%J$1"'*,
2+9>&3%D(6*&:#-#Q#9&ED"6*#
1XHYDVVXEMHWLYLGDGHVVH[XDOLGDGHV
/()"','(,#
3#"O#&'6"69#&R6"#&H+)#9&@6.4B
/DFDUQH\ODPHWiIRUD
D*,%'"K/"8(5*%#$2'"%"/%+0"'=$%"*%/,%)"$'<,%?0""'
!6"#".&:+**;<*#0#9
F',*#"80,/(1,1"#:%,1$/"#+"*+(,%&%
HGXFDFLyQPLUDGDVPXOWLGLVFLSOLQDUHV
C$A#K%+&3+"60+&:#-"6"#&?&P(%9&<($S6&:#-6I#9&@6.4B