!"#$%&'(%')#(*+$+,-#'.

/0*1+'23425467789:; ART$CULO DE RE,ISI/N

Dr. José Daniel Ruiz Arteaga*

Dra. Ana Nayelly Valdez Murillo* !"#$%#&'(%)*+(,-./'0)1*23#-$#0'4/*
Dra. Isis Sacnicté Aguilar Jiménez*
Dr. Abraham Villagómez López* 0)/*&)%)5"#67#*0)%,$&#8#
Dr. Humberto Casaos Martínez*

RESUMEN (%Q*&+6%)'.,%,+,#+.);*&(%6.R)+ ,#6.3.R)+ 6/1).6%+ ,#/+ (%)#S*+ ,#+

5/+'&%9(%'.3(*+#3$/=).6*+#3+
9)%+ #)'.,%,+ 6/1).6%+ ;&#69#)'#+
$%&%+69Q*+,.%0)R3'.6*+Q+(%)#S*+
/%+ '*(*0&%;1%+ 6*($9'%,%+ TI?U+
Q+ #/+ &%,.R/*0*+ ,#3#($#V%)+ 9)+
$%$#/+6&96.%/W+=3'#+A/'.(*+,#J#+
#3'%&+ $#),.#)'#+ ,#+ /%+ 6*&&#6'%+
3#/#66.R)+ ,#/+ $&*'*6*/*+ ,#+ #3­
'9,.*+ X9#+ $#&(.'%+ *J'#)#&+ /%+
$*3.J/#7+"#J#+6*)*6#&+/*3+'.$*3+
,#+/#3.R)+#3$/=).6%+Q+393+:%&.%­
,*3+%3$#6'*3+$*&+I?7+5)+#/+$&#­
3#)'#+ #)3%Q*+ &#:.3%&#(*3+ %3­
$#6'*3+%)%'R(.6*3+Q+Y3.*/R0.6*3+
X9#+ .)Z9Q#)+ #)+ #/+ %3$#6'*+ ,#/+
'&%9(%'.3(*+ #3$/=).6*+ $*&+ I?+
Q+%J*&,%&#(*3+'%(J.=)+#/+'#(%+
,#+/%+0&%,9%6.R)+,#+/%+3#:#&.,%,+
,#/+,%V*+Q+39+.($*&'%)6.%+#)+/%+
#3'*3+$%6.#)'#37
9#-#:"#(* 0-#3+;* J%>*B+ '&%9­
(%'.3(*+ #3$/=).6*B+ '*(*0&%;1%+
6*($9'%,%B+ /%6#&%6.R)+ #3$/=­
).6%B+44[IB+3#9,*%)#9&.3(%37
!"#$%#&'()#(*'(+,-.(/0

!"#$%&'%(#)'*+,#+-%,.*/*01%+,#/+2*3$.'%/+,#+4/'%+53$#6.%/.,%,+"&7+893'%:*+4,*/;*+-*:.&*3%+
<=&#>7+?%//#+@+3.)+)A(#&*B+?*/7+5/+-#6&#*B+/+CDEFEB+G.//%H#&(*3%B+I%J%36*B+K=L.6*
?*&&#3$*),#)6.%M+"&7+N*3=+"%).#/+-9.>+4&'#%0%M+&%,.*/*0*O,%).#/&9.>PH*'(%./76*(
?/&")8$00'4/
5/+J%>*+#3+#/+R&0%)*+(\3+;&#69#)'#(#)'#+/#3.*)%,*+
'&%3+9)+'&%9(%'.3(*+%J,*(.)%/+6#&&%,*+6*)+9)%+.)6.,#)6.%+
X9#+3#+&#$*&'%+#)'&#+@F+Q+_`a7bBF+5/+%J*&,%S#+,.%0)R3'.6*+
Q+'#&%$=9'.6*+,#+#3'*3+$%6.#)'#3+H%+#:*/96.*)%,*+)*'%­
J/#(#)'#+#)+/%3+A/'.(%3+,=6%,%3+,#3,#+/%+#L$/*&%6.R)+
;13.6%+H%6.%+/%+#L$/*&%6.R)+'*(*0&\Y6%+$%&%+#/+,.%0)R3'.6*+
Q+ ,#3,#+ /%+ #3$/#)#6'*(1%+ %+ '*,*3+ /*3+ $%6.#)'#3+ T.),#­
$#),.#)'#(#)'#+,#/+0&%,*+,#+/#3.R)U+H%3'%+#/+(%)#S*+)*+
*$#&%'*&.*+#L.'*3*+#)+(\3+,#+CEa+,#+/*3+6%3*37@
^%+ '*(*0&%;1%+ 6*($9'%,%+ TI?U+ #3+ #/+ (='*,*+ ,#+
#/#66.R)+ %6'9%/+ $%&%+ /%+ #:%/9%6.R)+ ,#+ /*3+ $%6.#)'#3+
6*)+'&%9(%'.3(*+%J,*(.)%/+H#(*,.)\(.6%(#)'#+#3­
'%J/#3+Q%+X9#+#3+%/'%(#)'#+#;#6'.:%+#)+/%+,#'#66.R)+,#+
/*3+%3$#6'*3+(\3+3.0).Y6%'.:*3+%+6*)3.,#&%&+#)+#3'*3+
$%6.#)'#3+ T0&%,*+ ,#+ /#3.R)+ ,#+ :136#&%+ 3R/.,%+ .)'&%+ Q+
&#'&*$#&.'*)#%/B+ $#&;*&%6.R)+ ,#+ :136#&%+ H9#6%B+ 69%)­
'.Y6%6.R)+ 39JS#'.:%+ ,#/+ H#(*$#&.'*)#*+ Q+ H#(*&&%0.%+
%6'.:%U7+2%Q+X9#+&#6*)*6#&B+3.)+#(J%&0*B+X9#+$%&%+$*­
,#&+*J'#)#&+/%+(%Q*&+6%)'.,%,+,#+.);*&(%6.R)+,#+R$'.(%+
6%/.,%,+,.%0)R3'.6%+#3+.),.3$#)3%J/#+/%+%,(.).3'&%6.R)+
.)'&%:#)*3%+,#+(#,.*+,#+6*)'&%3'#+Q+/%+6*)3#69#)'#+
#L$/*&%6.R)+#)+/%3+;%3#3+$*&'%/+Q+'%&,1%+%+/*3+`+(.)9'*3B+
6*(*+:#&#(*3+(\3+%,#/%)'#7bBFB_B`
5)+#3'#+#)3%Q*+.6*)*0&\Y6*+,#(*3'&%&#(*3+#/+:%&.%­
,*+%3$#6'*+,#/+'&%9(%'.3(*+#3$/=).6*+Q+39+0&%,9%6.R)+
$*&+I?+H%6.#),*+=);%3.3+#)+/%+.($*&'%)6.%+,#/+$&*'*6*/*+
,#+#3'9,.*+%,#69%,*+Q+,#+/%3+:%&.%)'#3+%)%'R(.6%3+X9#+
3#+$9#,#)+6*);9),.&+6*)+'&%9(%'.3(*7
2%:"')-)57#<*#/#&)%7#*=*>(')-)57#*+(,-./'0#;* 
0)""+-#0'4/*=*"+-+3#/0'#*+/*-#*+3#-$#0'4/*8+-* 
&"#$%#&'(%)*+(,-./'0)
5/+ J%>*+ 3#+ *&.0.)%+ ,9&%)'#+ /%+ X9.)'%+ 3#(%)%+ ,#+
0#3'%6.R)+ $*&+ /%+ ;93.R)+ ,#+ (A/'.$/#3+ 6*)0/*(#&%,*3+
,#+ 6=/9/%3+ (#3#)X9.(%'*3%3+ X9#B+ #)+ /%3+ 3#(%)%3+
3.09.#)'#3B+3#+,.;#&#)6.%&\)+H%6.%+9)+$#,169/*+/.);\'.6*+
:%369/%&+%/+.)'#&.*&+,#/+(#3#)'#&.*+,*&3%/+,#/+#3'R(%0*7+
]3'#+3#+,.:.,#+#)+F+$*&6.*)#3M+/%+%)'#&.*&+Q+/%+$*3'#­
&.*&7+^%+$*&6.R)+%)'#&.*&B+#/+/.0%(#)'*+0%3'&*#3$/=).6*B+
6*)#6'%+#/+#3'R(%0*+Q+#/+J%>*B+&#69J&#+/%+39$#&Y6.#+
#3$/=).6%+%+(%)#&%+,#+6\$39/%+Q+#)+39+.)'#&.*&+,.369&&#+
#/+$#,169/*+:%369/%&7+^%+$*&6.R)+$*3'#&.*&B+*+/.0%(#)'*+
#3$/#)*&&#)%/B+ 3#+ ;93.*)%+ $%&6.%/(#)'#+ 6*)+ /%+ (.'%,+
.>X9.#&,%+ ,#/+ $#&.'*)#*+ $%&.#'%/+ $*3'#&.*&+ ,9&%)'#+ /%+
&*'%6.R)+,#/+#3'R(%0*+%/+(.3(*+'.#($*+X9#+,#$*3.'%+
%/+ J%>*+ #)+ #/+ 69%,&%)'#+ 39$#&.*&+ .>X9.#&,*+ $&*'#0.,*+
$*&+/%3+6*3'.//%3+*6'%:%+%+9),=6.(%7FBD
5/+ J%>*+ #3'\+ &*,#%,*+ $*&+ 9)%+ 6\$39/%+ ,#+ '#S.,*+
6*)#6'.:*+ ,#)3*+ ,#3,#+ /%+ 69%/+ $%&'#)+ '&%J=69/%3+ %/+
.)'#&.*&+,#/+R&0%)*7+5/+$%&=)X9.(%+#3$/=).6*+#3'\+,.­
:.,.,*+#)+9).,%,#3+X9#+3#+6*)*6#)+6*(*+$9/$%+&*S%+

E"#r%&M(r)% +,-+ !!
 1%)#)(2)(*'(+,-.(//
ABSTRACT
[$/#).6+'&%9(%+.3+%+6*((*)+
6/.).6%/+ #)'.'QB+ .)+ ,.%0)*3.3+ %),+
(%)%0#(#)'+*;+cH.6H+6*($9'#,+
'*(*0&%$HQ+ T?IU+ %),+ 'H#+ &%,.­
*/*0.3'+ $/%Q+ %+ 6&96.%/+ &*/#7+ IH#+
&%,.*/*0.3'+ (93'+ '%d#+ 6%&#+ '*+
6H**3#+ 'H#+ 3'9,Q+ $&*'*6*/+ 'H%'+
$&*:.,#3+ 'H#+ 0&#%'#3'+ $*33.J/#+
X9%)'.'Q+ *;+ .);*&(%'.*)B+ %),+
(93'+J#+;%(./.%&+c.'H+'H#+'Q$#3+
*;+3$/#).6+/#3.*)+%),+'H#.&+:%&.#,+
%$$#%&%)6#3+.)+?I7+e)+'H.3+'&.%/B+
c#+ c.//+ &#:.#c+ %)%'*(.6+ %),+
$HQ3.*/*0.6%/+ ;%6'*&3+ 'H%'+ .)Z9­
#)6#+'H#+%$$#%&%)6#+*;+3$/#).6+
'&%9(%+ .)+ ?IB+ %),+ c#+ c.//+ %/3*+
%,,&#33+ 'H#+ .339#+ *;+ 0&%,9%'­
.)0+'H#+3#:#&.'Q+*;+,%(%0#+%),+
.'3+ .($*&'%)6#+ .)+ 6/.).6%/+ ,#6.­
3.*)3+ *)+ (%)%0#(#)'+ *;+ 396H+
$%'.#)'37
@+=* A)"8(;* 3$/##)B+ 3$/#).6+
'&%9(%B+6*($9'#,+'*(*0&%$HQB+
3$/#).6+/%6#&%'.*)B+44[IB+$3#9­
,*%)#9&Q3(37

Q+ $9/$%+ J/%)6%7+ ^%+ $9/$%+ &*S%+ #3'\+ 6*($9#3'%+ $*&+ ,#+/%3+'&%J=69/%3B+%/+3%/.&+,#+=3'%3+6%(J.%)+39+)*(J&#+

3.)93*.,#3+ :%369/%&#3+ 3#$%&%,*3+ #)'&#+ 31+ $*&+ 6*&,*­ %+%&'#&.%3+6#)'&%/#3+Q+#3'\)+&*,#%,%3+,#+$9/$%+J/%)6%7+
)#3+$%&#)X9.(%'*3*3+Q+;*&(%)+9)%+(%//%+,#+6=/9/%3+Q+ ^%+%&'#&.%+6#)'&%/+6*)'.)A%+H%6.%+/%+$9/$%+&*S%+#)+,*),#+
YJ&%3+&#'.69/%&#3+//#)%3+,#+3%)0&#7+^%+$9/$%+J/%)6%+#3'\+ 3#+&%(.Y6%+#)+:%&.%3+%&'#&.%3+&#6'%3+6*)*6.,%3+6*(*+
6*)3'.'9.,%+$*&+%&'#&.%3+6#)'&%/#3+&*,#%,%3+,#+/.);*6.'*3+ %&'#&.%3+$#).6./%,%3+X9#+3#+6*):.#&'#)+#)+6%$./%&#3+%&­
I+$#&.%&'#&.*/%&#3+Q+,*3+>*)%3+$#&.;=&.6%3+,#+/.);*6.'*3+ '#&.%/#37+"#+/*3+6%$./%&#3+%&'#&.%/#3+/%+3%)0&#+Z9Q#+H%6.%+
fB+/%+>*)%+0#&(.)%/+Q+/%+>*)%+(%&0.)%/77 /*3+3.)93*.,#3+X9#+/9#0*+,#3#(J*6%)+#)+'&.J9'%&.%3+,#+
^%+(*&;*/*01%+,#/+J%>*+$9#,#+(*,.Y6%&3#+$*&+(A/­ /%+:#)%+#3$/=).6%7+53'%3+'&.J9'%&.%3+3#+.)'&*,96#)+#)+
'.$/#3+:%&.%)'#3+6*)0=).'%37+g)%+,#+#//%3B+/%+H#),.,9&%+
#3$/=).6%B+#3+,#+$%&'.69/%&+.($*&'%)6.%+Q%+X9#+$9#,#+
6*);9),.&3#+6*)+9)%+/%6#&%6.R)+.($*&'%)'#+T.(%0#)+bU7+
^%3+ H#),.,9&%3+ #3$/=).6%3+ 3#+ *&.0.)%)+ #)'&#+ /*3+ #3­
$%6.*3+ X9#+ 3#$%&%)+ %+ /*3+ /RJ9/*3+ #3$/=).6*3+ ;#'%/#3+
,9&%)'#+#/+,#3%&&*//*+Q+$9#,#)+'#)#&+9)%+$&*;9),.,%,+
,#+#)'&#+F+Q+@+6(7_BC
[#+ H%+ 6*($%&%,*+ /%+ ;*&(%+ ,#/+ J%>*+ %,9/'*+ 6*)+
/%+,#+9)+0&%)*+,#+6%;=+6*)+9)%+39$#&Y6.#+6*):#L%+
X9#+(.&%+H%6.%+#/+,.%;&%0(%+Q+9)%+39$#&Y6.#+$/%)%+
*&.#)'%,%+H%6.%+%,#)'&*+Q+H%6.%+%,#/%)'#+X9#+$9#,#+
,.:.,.&3#+ #)+ '&#3+ 6%&%3+ 3#69),%&.%3+ (*,#/%,%3+ $*&+
/*3+'&#3+R&0%)*3+X9#+#3'=)+#)+6*)'%6'*+6*)+#//%M+#/+
&.VR)+H%6.%+%'&\3B+#/+6*/*)+H%6.%+%J%S*+Q+#/+#3'R(%0*+
H%6.%+%,#/%)'#7+[9+'%(%V*+3#+(.,#+0#)#&%/(#)'#+#)+
#/+#S#+/*)0.'9,.)%/+(\L.(*+#/+69%/+#3+,#+D+6(+%+/*3+@+
(#3#3+,#+#,%,+Q+,#+h+6(+%+/*3+_+%V*3+,#+#,%,7+5)+
/%+#,%,+%,9/'%+$#3%+#)'&#+i`+%+@EE+0&%(*3+Q+(.,#+
,#+bF+%+b`+6(+#)+39+#S#+/*)0.'9,.)%/B+#)'&#+_+Q+C+6(+
#)+#/+#S#++%)'#&*$*3'#&.*&+Q+,#+@+%+_+6(+,#+0&*3*&+%+
).:#/+,#/+H./.*7h
5/+J%>*+#3+9)+R&0%)*+%/'%(#)'#+:%369/%&.>%,*+$*&+
#/+69%/+3#+$&*6#3%)+FEE+6(@+,#+3%)0&#+$*&+(.)9'*7+^%+
3%)0&#+%&'#&.%/+,#/+J%>*+$&*6#,#+$&.)6.$%/(#)'#+,#+/%+
%&'#&.%+#3$/=).6%+X9#+3#+,.:.,#B+%+).:#/+,#/+H./.*B+#)+,*3+
&%(%3+'#&(.)%/#3B+/%3+$*/%&#3+39$#&.*&+#+.);#&.*&B+6%,%+
9)%+,#+#//%3+3#+,.:.,#+$*3'#&.*&(#)'#+#)+:%3*3+3#0(#)­
'%&.*3+X9#+,.369&&#)+'&%)3:#&3%/(#)'#+Q+,#Y)#)+%+/*3+ ?%#5+/*B1+K%369/.)*+,#+_b+%V*3+%'&*$#//%,*+$*&+J.6.6/#'%7+
3#0(#)'*3+39$#&.*&B+(#,.*+#+.);#&.*&+,#/+J%>*7+5/+%$*&'#+ e(%0#)+'&%)3:#&3%/+#)+;%3#+$*&'%/+X9#+(9#3'&%+9)%+H#),.,9&%+
%&'#&.%/+3#69),%&.*+#3+,#&.:%,*+,#+/%3+%&'#&.%3+0\3'&.6%3+ #3$/=).6%+T$9)'%+,#+Z#6H%UB+/1X9.,*+/.J&#+$#&.#3$/=).6*+Q+%.&#+
6*&'%3+Q+,#+/%+0%3'&*#$.$/*.6%+.>X9.#&,%7+^%3+&%(%3+,#+ #L'&%/9(.)%/+TZ#6H%3U7+5)+/%+6.&901%+3#+#)6*)'&R+$#&;*&%6.R)+
/%+%&'#&.%+#3$/=).6%+69&3%)+$*&+,#)'&*+,#+/%+6\$39/%+Q+ ,#/+Q#Q9)*+Q+)*+H9J*+/#3.R)+#3$/=).6%7+

!" Enero-Mar)o 2012

/%3+ '&%J=69/%3+ 9).=),*3#+ %+ :#)%3+ ,#+ (%Q*&+ '%(%V*+
Q+#(#&0.#),*+Y)%/(#)'#+9)%+3*/%+:#)%+#3$/=).6%7hjbb
5/+ J%>*+ #3+ 9)+ R&0%)*+ .($*&'%)'#+ ,#+ /*3+ 3.3'#(%3+
&#'.69/*#),*'#/.%/+#+.)(9)*/R0.6*+69Q%3+;9)6.*)#3+)*+
,#J#)+ 3#&+ 39J#3'.(%,%37+ [#+ #)6%&0%+ ,#/+ 3#69#3'&*+
Q+&#(*6.R)+,#+/*3+#&.'&*6.'*3+)*&(%/#3+#):#S#6.,*3+Q+
'%(J.=)+ ,#+ /*3+ X9#+ 3*)+ %)*&(%/#3+ $*&+ 6*),.6.*)#3+
$%'*/R0.6%37+"#$9&%+'%(J.=)+%+/*3+(.6&**&0%).3(*3+Q+
%)'10#)*3+.),#3#%J/#3+,#+/%+6.&69/%6.R)7+^%3+J%6'#&.%3+
)*+#)6%$39/%,%3+3*)+&\$.,%(#)'#+#/.(.)%,%3+(.#)'&%3+
X9#+/%3+J%6'#&.%3+X9#+$*3##)+9)%+6\$39/%+,#+$*/.3%­
6\&.,*3+ ,#J#)+ $&.(#&*+ 3#&+ 69J.#&'%3+ $*&+ %)'.69#&$*3+
$&*,96.,*3+#)+/%+$9/$%+J/%)6%7+^*3+$%6.#)'#3+;9)6.*)%/­
(#)'#+%3$/=).6*3+*+$*3#3$/#)#6'*(.>%,*3+)*+$9#,#)+
#/.(.)%&+#;#6'.:%(#)'#+#3'%3+J%6'#&.%3++QB+$*&+/*+'%)'*B+
$&#3#)'%)+#/+,*J/#+,#+&.#30*+,#+$%,#6#&+.);#66.*)#3+
;9/(.)%)'#3+ $*&+ J%6'#&.%3+ '%/#3+ 6*(*+ 3$4)+$"5"5567(
+#)68"#%')9( :')8"+;%*67( %#<*6)#=')( y( >)%77)4%'(
8)#%#-%$%2%7.FB_Bi

C+0#/'(%)(*8+*-+('4/*+(,-./'0#
5/+ '&%9(%'.3(*+ #3$/=).6*+ '.#)#+ (A/'.$/#3+ 6%93%3+
X9#+ $9#,#)+ %0&9$%&3#+ #)+ '&#3+ 6%'#0*&1%3+ $&.)6.$%­
/#3M+ '&%9(%'.3(*+ 6#&&%,*B+ '&%9(%'.3(*+ $#)#'&%)'#+
Q+ '&%9(%'.3(*+ Q%'&*0=).6*+ T69%,&*+ eU7+ 5)+ #/+ $%3%,*+
#/+ '&%9(%'.3(*+ 6#&&%,*+ Q+ #/+ $#)#'&%)'#+ 3#+ ,.:.,1%)+
,#+ (%)#&%+ #X9.'%'.:%+ /%+ .)6.,#)6.%+ ,#/+ '&%9(%'.3(*+
#3$/=).6*W+3.)+#(J%&0*B+#)+;#6H%3+(\3+&#6.#)'#3+/*3+
6#)'&*3+#3$#6.%/.>%,*3+#)+'&%9(%'.3(*3+H%)+&#$*&'%,*+
9)+$&#,*(.).*+,#/+'&%9(%'.3(*+6#&&%,*+6*(*+;%6'*&+
#'.*/R0.6*B+ #3$#6.%/(#)'#+ $*&+ %66.,#)'#3+ %9'*(*:.­
/13'.6*37FB@B_BbF

23#-$#0'4/*'/'0'#-
^%+#:%/9%6.R)+Q+(%)#S*+,#/+$%6.#)'#+6*)+'&%9(%'.3(*+
#3$/=).6*+ 6*(.#)>%B+ )#6#3%&.%(#)'#B+ 6*)+ /%+ &#:.3.R)+
$&.(%&.%+ ,#/+ 3*$*&'#+ :.'%/+ %:%)>%,*+ #)+ '&%9(%'.3(*+
T4I^[U7b@+?9%),*+/%3+/#3.*)#3+#3$/=).6%3+3*)+3.)'*(\­
'.6%3+H%Q+,*/*&+%J,*(.)%/+0#)#&%/.>%,*+*+,#/+69%,&%)'#+
39$#&.*&+.>X9.#&,*+X9#+3#+.&&%,.%+%/+H*(J&*+$*&+.&&.'%6.R)+
,#/+)#&:.*+;&=).6*+T3.0)*+,#+k#H&U7+^%3+/#3.*)#3+,=&(.6%3+
T6*(*+/%+*&.0.)%,%+$*&+9)+6.)'9&R)+,#+3#09&.,%,U+Q+/%+
;&%6'9&%3+6*3'%/#3+.);#&.*&#3+.>X9.#&,%3+.)6&#(#)'%)+/%+

G$#8")*?1*5'.*/*01%+,#+'&%9(%'.3(*+#3$/=).6*
?%#5+/* D1* K%369/.)*+ ,#+ iD+ %V*3+ X9#+ 3#+ %66.,#)'R+ #)+ 9)+
I&%9(%'.3(*+6#&&%,* I&%9(%'.3(*+$#)#'&%)'# %9'*(R:./7+e(%0#)+'&%)3:#&3%/+#)+;%3#+$*&'%/+(a)+,#(9#3'&%+
9)%+/%6#&%6.R)+,#+0&%,*+e+#)+/%+6%&%+,.%;&%0(\'.6%+,#/+J%>*+
466.,#)'#+%9'*(*:./13'.6* 2#&.,%+$*&+%&(%+,#+;9#0*
T$9)'%+,#+Z#6H%U+Q+\&#%3+H.$*,#)3%3+,#+(*&;*/*01%+.&&#09/%&+
Accidente en moto 2#&.,%+6*)+*JS#'*
6*($%'.J/#3+6*)+6*)'93.*)#3+TZ#6H%+6*&'%U7+[#+.,#)'.Y6%+'%(­
4'&*$#//%(.#)'* ++$9)>*6*&'%)'#
J.=)+#)Y3#(%+39J69'\)#*+Q+H#(*)#9(*'R&%L+T%3'#&.36*3U7+
?%1,%3
5)+/%+:.3'%+$*3'#&.*&+,#+/%+&#6*)3'&966.R)+'&.,.(#)3.*)%/+E:F 
466.,#)'#3+,#$*&'.:*3 l%'&*0#).% *J3#&:%(*3+(A/'.$/#3+;&%6'9&%3+6*3'%/#3+T#3'&#//%3U+Q+/%+&#/%­
8*/$#3+,.&#6'*3+
8*/$#+6*)+#),*36*$.* 6.R)+,#+=3'%3+6*)+#/+$%&=)X9.(%+#3$/=).6*7

E"#r%&M(r)% +,-+ !#
3*3$#6H%+ ,#+ /#3.R)+ #3$/=).6%+ T.(%0#)+ FU7+ ^*3+ 3.0)*3+
,#+ .&&.'%6.R)+ $#&.'*)#%/+ *+ 6H*X9#+ H.$*:*/=(.6*+ .)6&#­
(#)'%)+ /%+ 3*3$#6H%+ ,#+ H#(*$#&.'*)#*+ 3#69),%&.*+ %+
/#3.R)+ #3$/=).6%7+ m*+ *J3'%)'#+ /%+ #L$/*&%6.R)+ ;13.6%+ #)+
/%+(%Q*&1%+,#+/*3+$%6.#)'#3+6*)+'&%9(%'.3(*+#3$/=).6*+
#3+.)#3$#61Y6%+Q+$9#,#+6*($/.6%&3#+#)+$%6.#)'#3+6*)+
#3'%,*3+%/'#&%,*3+,#+/%+6*)6.#)6.%7+<*&+/*+'%)'*B+#/+93*+
,#+ (='*,*3+ ,#+ .(%0#)+ $%&%+ #/+ ,.%0)R3'.6*+ ,#+ #3'%3+
/#3.*)#3+#3+6&96.%/7bBFBbEBb_Bb`+^*3+H%//%>0*3+$*&+&%,.*0&%;1%+
%J,*(.)%/+3*)+.)#3$#61Y6*3+#+.)6/9Q#)+*J/.'#&%6.R)+,#+
/%+ 3*(J&%+ #3$/=).6%B+ ,#3$/%>%(.#)'*+ (#,.%/+ ,#/+ %.&#+
0\3'&.6*B+ ,.3'#)3.R)+ &#Z#S%+ ,#/+ #3'R(%0*+ Q+ #/#:%6.R)+
,.%;&%0(\'.6%+.>X9.#&,%7FB@+5/+/%:%,*+$#&.'*)#%/+,.%0)R3­
'.6*+T"<^U+;9#+#/+(='*,*+,.%0)R3'.6*+,#+#/#66.R)+$%&%+/%+
$&#3#)6.%+,#+H#(*$#&.'*)#*+$*&+(\3+,#+@E+%V*3+H%3'%+
X9#+;9#+&##($/%>%,*+6%3.+'*'%/(#)'#+$*&+#/+9/'&%3*).,*+
Tg[UB+X9#+'.#)#+/%3+:#)'%S%3+,#+3#&+&\$.,*B+)*+.):%3.:*+Q+
&#$#'.J/#W+3.)+#(J%&0*B+Q+%/+.09%/+X9#+#/+"<^B+)*+$9#,#+
,#'#&(.)%&+6*)+#L%6'.'9,+/%+;9#)'#+,#/+3%)0&%,*7@+5)+(\3+
,#+DEa+,#+/*3+$%6.#)'#3+6*)+'&%9(%'.3(*+#3$/=).6*+#/+
g[+ #3+ .)6%$%>+ ,#+ ,#(*3'&%&+ 9)%+ /#3.R)+ T%A)+ 69%),*+
=3'%+H%Q%+3.,*+$&#:.%(#)'#+.,#)'.Y6%,%+$*&+I?U+Q+#)+/*3+
6%3*3+#)+X9#+=3'%+H%+3.,*+:.39%/.>%,%+#/+g[+)*+$9#,#+
,#'#&(.)%&+#/+0&%,*+,#+/%+(.3(%7FBbFBbD  ;%3#+)*3+$#&(.'#+:%/*&%&+6*)+(96H%+$&#6.3.R)+/%+;9)6.R)+
^%+I?+6*)+%,(.).3'&%6.R)+.)'&%:#)*3%+,#+(#,.*+,#+
6*)'&%3'#+ #3+ %6'9%/(#)'#+ #/+ (='*,*+ ,#+ #/#66.R)+ #)+
/*3+ $%6.#)'#3+ 6*)+ '&%9(%'.3(*+ %J,*(.)%/+ X9#+ #3'\)+
H#(*,.)\(.6%(#)'#+#3'%J/#3+,#J.,*+%+39+:#/*6.,%,B+
#L%6'.'9,+,.%0)R3'.6%+Q+)%'9&%/#>%+)*+.):%3.:%7bj_BbFBbi
?%,)"&#/0'#*8+-*,")&)0)-)*8+*+(&$8')*+/*-#*  9)+ 9/'&%3*).,*+ %J,*(.)%/+ %,#69%,%(#)'#+ &#%/.>%,*W+
+3#-$#0'4/*0)/*&)%)5"#67#*0)%,$&#8#
4+ $#3%&+ ,#+ /%+ 0&%)+ .($*&'%)6.%+ X9#+ &#:.3'#+ #/+
$&*'*6*/*+ ,#+ #3'9,.*+ $*&+ I?+ #)+ /%+ #:%/9%6.R)+ ,#+
/*3+ $%6.#)'#3+ 6*)+ '&%9(%'.3(*+ %J,*(.)%/+ =3'%+ #3+
9)%+3.'9%6.R)+#)+/%+X9#+)*+#L.3'#+9)+6*)3#)3*+9).­
:#&3%/+Q+#)+/%+X9#+/%3+,.;#&#)6.%3+X9#+3#+$&#3#)'%)+
T.)Z9#)6.%,%3+ $*&+ /%+ 6%$%6.,%,+ ,#/+ '*(R0&%;*B+ $*&+
#/+%(J.#)'#+.)3'.'96.*)%/+#+.)6/93*+$*&+$&#;#&#)6.%3+
,#/+&%,.R/*0*U+3.+J.#)B+#)+%/09)%3+*6%3.*)#3+$9#,#)+
)*+3#&+3.0).Y6%'.:%3B+#)+*'&%3+$9#,#)+H%6#&+X9#+/%+
.);*&(%6.R)+*J'#).J/#+,#/+#3'9,.*+#3'=+.)6*($/#'%+*B+
$#*&+%A)B+X9#+3#+$%3#)+$*&+%/'*+/#3.*)#3+,#+0&%:#,%,+
6*)3.,#&%J/#7bB`+I&%'%&#(*3+,#+6/%&.Y6%&+#3'*3+H#6H*3+
#)+/*3+$\&&%;*3+3.09.#)'#37
5)+0#)#&%/+$*,#(*3+,#6.&+X9#+H%Q+6*)3#)3*+#)'&#+
/*3+&%,.R/*0*3+#)+69%)'*+%+X9#+9)%+#L$/*&%6.R)+#)+;%3#+
3.($/#+T3.)+%,(.).3'&%6.R)+,#+(#,.*+,#+6*)'&%3'#+$*&+:1%+
.)'&%:#)*3%U+#3+)*'*&.%(#)'#+.)39Y6.#)'#+$%&%+:%/*&%&+
%,#69%,%(#)'#+/%+0&%:#,%,+,#+/%3+/#3.*)#3+%J,*(.­
)%/#3+Q%+X9#B+%9)X9#+#3+;&#69#)'#+$*,#&+3#V%/%&+X9#+
#/+J%>*+T*+%/09)%+*'&%+:136#&%+3R/.,%U+'.#)#+9)%+/#3.R)+
Q+X9#+H%Q+H#(*$#&.'*)#*B+)*+#3+;%6'.J/#+6%&%6'#&.>%&+
,#+ (%)#&%+ 6*)6/9Q#)'#+ #/+ 0&%,*+ ,#+ /#3.R)+ Q+ 3.+ H%Q+
3%)0&%,*+%6'.:*+*+)*+T.(%0#)+@U7
!$ Enero-Mar)o 2012
^%+%,(.).3'&%6.R)+.)'&%:#)*3%+,#+(#,.*+,#+6*)'&%3­
'#+Q+/%+3#/#66.R)+,#+/%3+;%3#3+%+&#%/.>%&+$*3'#&.*&+%+/%+
(.3(%+3*)B+$*&+/*+'%)'*B+#3#)6.%/#3+$%&%+/%+#:%/9%6.R)+
,#/+ '&%9(%'.3(*+ #3$/=).6*7+ 5/+ $%&=)X9.(%+ #3$/=).6*+
,#(9#3'&%+ 9)+ &#%/6#+ H#'#&*0=)#*+ #)+ /%+ ;%3#+ %&'#&.%/+
,#J.,*+%+,.;#&#)6.%3+#)+#/+Z9S*+3%)091)#*+%+'&%:=3+,#+/%3+
$9/$%3+,%),*+9)+%3$#6'*+X9#+3#+H%+,#36&.'*+,#+'.$*+(*­
'#%,*B+3#&$#)'.;*&(#+*+#)+;*&(%+,#+69#&,%+T.(%0#)+_U7+
5)+/%+;%3#+$*&'%/+#/+Z9S*+3#+H%6#+#X9.$%&%J/#+#)'&#+/%3+
$9/$%3+Q+#/+&#%/6#+#3B+$*&+/*+'%)'*B+H*(*0=)#*B+/*+X9#+
;%:*&#6#+X9#+/%3+/#3.*)#3+3#+(9#3'&#)+(\3+6*)3$.69%3+
#)+#3'%+;%3#7bBFB_B`Bbi
^%+&#%/.>%6.R)+,#+9)%+#L$/*&%6.R)+`+(.)9'*3+,#3$9=3+
,#+/%+%,(.).3'&%6.R)+.)'&%:#)*3%+,#+(#,.*+,#+6*)'&%3'#+
#3+'%(J.=)+9)%+,#6.3.R)+X9#+,#$#),#+,#+/*3+$&*'*6*/*3+
.)3'.'96.*)%/#3+T69%),*+#3'*3+#L.3'#)U+*+,#+/%3+$&#;#&#)­
6.%3+,#/+(=,.6*+&%,.R/*0*7+5)+/*+$#&3*)%/+$&*69&%(*3+
&#%/.>%&/%+,#+(%)#&%+&9'.)%&.%+Q%+X9#+)*3+.)3$.&%+(%Q*&+
6*)Y%)>%+ $%&%+ ,.;#&#)6.%&+ #)'&#+ 9)%+ /#3.R)+ :%369/%&+
6*)'#).,%+ T3#9,*%)#9&.3(%+ *+ ;13'9/%+ %&'#&.*:#)*3%U+
Q+9)%+H#(*&&%0.%+%6'.:%7+^%+&#/#:%)6.%+,#+,.;#&#)6.%&+
#)'&#+#3'%3+,*3+#)'.,%,#3+)*+#3+J%)%/+Q+3#&\+,#36&.'%+
#)+/*3+$\&&%;*3+$*&+:#).&7+4,#(\3+/%+*J'#)6.R)+,#+#3'%+
#L6&#'*&%+ &#)%/B+ %31+ 6*(*+ /%+ .)'#0&.,%,+ ;13.6%+ ,#+ /*3+
&.V*)#3B+9&='#&#3+Q+:#S.0%7`BbF
4+(%)#&%+,#+&#39(#)+$*,#(*3+3#V%/%&+X9#+)*3*­
'&*3+&#6H%>%(*3+/%3+I?+X9#+)*3+3*/.6.'%)+A).6%(#)'#+
#)+ ;%3#+ 3.($/#+ Q%+ X9#+ /%+ .);*&(%6.R)+ X9#+ %$*&'%&\)+
3#&\+ %$#)%3+ (%Q*&+ %+ /%+ X9#+ $*,&1%(*3+ *J'#)#&+ 6*)+
#3+ ,#6.&B+ /#3.R)+ ,#+ :136#&%+ 3R/.,%+ Q+ H#(*$#&.'*)#*7+
m*3+.)6/.)%(*3+$*&+/%+&#%/.>%6.R)+&9'.)%&.%+,#+/%+;%3#+
$*&'%/+ Q+ '%&,1%+ %+ /*3+ `+ (.)9'*3+ #)+ /*3+ $%6.#)'#3+ 6*)+
'&%9(%'.3(*+%J,*(.)%/+Q%+X9#+#3'%3+;%3#3+)*3+%$*&­
'%)+/%+(%Q*&+6%)'.,%,+,#+.);*&(%6.R)+6*)+&#3$#6'*+%/+
0&%,*+,#+/#3.R)+%J,*(.)%/7+m*+%,(.).3'&%(*3+(#,.*+
,#+6*)'&%3'#+$*&+:1%+*&%/+).+&#6'%/+,#+(%)#&%+&9'.)%&.%+
#)+$%6.#)'#3+'&%9(%'.>%,*3+%+(#)*3+X9#+/*3+H%//%>0*3+
6/1).6*3+*+&%,.*/R0.6*3+%$*Q#)+39+93*7
H#--#I5)(*=*5"#8$#0'4/*8+-*&"#$%#&'(%)*+(,-./'0)
^%+0&%,9%6.R)+,#+/%+3#:#&.,%,+X9#+39;&#)+/*3+R&0%)*3+
'&%3+9)+'&%9(%'.3(*+3.&:#+%+(A/'.$/#3+$&*$R3.'*3M+#3'%)­
,%&.>%&+#/+&#$*&'#B+%Q9,%&+#)+/%+$/%).Y6%6.R)+,#/+(%)#S*+
Q+6*($%&%&+&#39/'%,*3+,#+#3'9,.*3+#)'&#+$%6.#)'#3+#+
.)3'.'96.*)#37bB_BbC
4/+ 0&%,9%&+ /%+ 3#:#&.,%,+ ,#/+ ,%V*+ #3$/=).6*+ /#+
%3.0)%(*3+ 9)+ :%/*&+ )9(=&.6*+ X9#+ $&#'#),#+ 3#&+ 9)%+
&#$&#3#)'%6.R)+Y#/+,#+/%+#L'#)3.R)+%)%'R(.6%+,#/+,%V*+
3#0A)+#36%/%3+$&#:.%(#)'#+#3'%J/#6.,%37+<%&%+#/+J%>*+
3#+H%)+,#36&.'*+%/+(#)*3+D+#36%/%3+/%3+69%/#3B+#)+39+
(%Q*&1%B+ 6*($%&'#)+ 6&.'#&.*3+ '%/#3+ 6*(*+ /%6#&%6.R)B+
H#(%'*(%+39J6%$39/%&+*+.)'&%$%&#)X9.(%'*3*+Q+,#3­
:%369/%&.>%6.R)7bC 
?%#5+/*J1+K%369/.)*+,#+FE+%V*3+%0&#,.,*+%+$9)'%$.=3+#)+9)%+&.V%7+e(%0#)+'&%)3:#&3%/+#)+;%3#+3.($/#+(a)+Q+;%3#+%&'#&.%/+'%&,1%+
E:F7+5)+T%U+)*+3#+$9#,#+,.;#&#)6.%&+%/+J%>*+,#+/%+3%)0&#+6.&69),%)'#7+5)+TJU+,.3'.)09.(*3+%/+J%>*+Q+*J3#&:%(*3+6/%&%(#)'#+9)%+
/%6#&%6.R)+,#+b7`+6(+,#+$&*;9),.,%,+T0&%,*+eeU+Q+#/+H#(*$#&.'*)#*+$#&.#3$/=).6*7+[#+'&%)3;9),.#&*)+,*3+$%X9#'#3+0/*J9/%&#3+
6*(*+$%&'#+,#/+(%)#S*+6*)3#&:%,*&+Q+#/+$%6.#)'#+;9#+,%,*+,#+%/'%+$*&+(#S*&1%+@+,1%3+,#3$9=37+

?%#5+/*K1+e(\0#)#3+'&%)3:#&3%/#3+#)+
;%3#+%&'#&.%/+,#+,.;#&#)'#3+$%6.#)'#3+)*+
'&%9(%'.>%,*3+ $%&%+ ,#(*3'&%&+ %/09­
)*3+ $%'&*)#3+ ,#+ &#%/6#+ H#'#&*0=)#*+
)*&(%/+ ,#/+ J%>*+ #)+ #3'%+ ;%3#7+ 53'#+
%3$#6'*+H#'#&*0=)#*+$9#,#+;\6./(#)'#+
6*);9),.&3#+6*)+/%6#&%6.*)#3+*+6*)'9­
3.*)#3+#)+9)+$%6.#)'#+6*)+'&%9(%'.3(*+
%J,*(.)%/7+

E"#r%&M(r)% +,-+ !%
 ^%+ #36%/%+ $.*)#&%+ #)+ /%+ 0&%,9%6.R)+ ,#/+ ,%V*+
#3$/=).6*+ ;9#+ /%+ ,#36&.'%+ #)+ bhCi+ $*&+ /%+ !"#$%&'()
?77"5%'$%"#( <"4( $;)( 364-)4@( "<( A4'68'+ T44[IU+ X9#+
#:%/A%+/%+#L'#)3.R)+,#/+,%V*+%/+(*(#)'*+,#+/%+6.&901%7+
4/09)*3+ %9'*&#3+ 3#V%/%)+ X9#+ #3'%+ 6*)*6.,%+ #36%/%+
$9#,#+)*+3#&+/%+(\3+%,#69%,%+$%&%+6%&%6'#&.>%&+$*&+
I?+/%+3#:#&.,%,+,#/+'&%9(%'.3(*+#3$/=).6*+Q%+X9#+)*+
.)6/9Q#+%/09)*3+H%//%>0*3+.($*&'%)'#3+6*)+/*3+69\/#3+
/*3+&%,.R/*0*3+)*3+#);&#)'%(*3+#)+/%+$&\6'.6%+,.%&.%+
%/+ #:%/9%&+ /%3+I?+ ,#+ #3'*3+ $%6.#)'#3+ TY09&%+ bU7+ 53­
'*3+H%//%>0*3B+69Q%+.($*&'%)6.%+6*(#)'%&#(*3+(\3+
%,#/%)'#B+ 3*)+ /%+ #L'&%:%3%6.R)+ %6'.:%+ ,#/+ (#,.*+ ,#+
6*)'&%3'#+T3%)0&%,*+%6'.:*U+Q+/%3+/#3.*)#3+:%369/%&#3+
6*)'#).,%3+ T3#9,*%)#9&.3(%+ Q+ ;13'9/%+ %&'#&.*:#)*­
3%U+ X9#+ #3'\)+ .)6/9.,*3+ #)+ /%+ #36%/%+ ,#+ 3#:#&.,%,+
'*(*0&\Y6%+ ,#36&.'%+ #)+ FEED+ $*&+ K%&(#&Q+ Q+ [H%)­
(90%)%'H%)7bB_BbC+4A)+%31+)*3*'&*3+H#(*3+*$'%,*+$*&+
9'./.>%&+/%+#36%/%+,#+/%+44[I+X9#+#3+6*)+/%+69%/+#/+&#3'*+
,#/+#X9.$*+,#+'&%9(%'*/*01%+,#+)9#3'&*+H*3$.'%/+#3'\+
;%(./.%&.>%,*+Q+,#3'%6%(*3+#3'*3+H%//%>0*3+,9&%)'#+
#/+&#$*&'#+:#&J%/+*+#36&.'*7
^%+ ,#6.3.R)+ ,#+ &#%/.>%&+ 9)%+ /%$%&*'*(1%+ #)+ 9)+
$%6.#)'#+ 6*)+ '&%9(%'.3(*+ #3$/=).6*+ )9)6%+ 3#+ '*(%+
J%3\),*3#+A).6%(#)'#+#)+/*3+H%//%>0*3+,#+/%+I?+Q%+
X9#+%/09)*3+#3'9,.*3+H%)+,#(*3'&%,*+X9#+#/+(%)#S*+
)*+*$#&%'*&.*+H%+3.,*+#;#6'.:*+#)+%/09)*3+$%6.#)'#3+6*)+
/#3.*)#3+ ,#+ 0&%:#,%,+ eGnG+ Q+ X9#+ %/09)*3+ $%6.#)'#3+
6*)+/#3.*)#3+(#)*3+0&%:#3+TeeneeeU+H%)+&#X9#&.,*+Y)%/­
(#)'#+(%)#S*+X9.&A&0.6*+,#J.,*+%+&9$'9&%3+'%&,1%37bh  5/+H#(%'*(%+39J6%$39/%&+3#+*J3#&:%+$*&+I?+6*(*+
4A)+%31+/*3+#3'9,.*3+%6'9%/#3+390.#&#)+X9#+/%+$&#3#)6.%+
L'5$"#*M)1*B1+536%/%+,#+3#:#&.,%,+,#+,%V*+#3$/=).6*+,#+/%+?8)4%5'#(?77"5%'$%"#(<"4($;)(364-)4@("<(A4'68'7
!& Enero-Mar)o 2012
,#+ 6.#&'*3+ H%//%>0*3+ $*&+ I?B+ '%/#3+ 6*(*+ /%+ 6%)'.,%,+
,#+H#(*$#&.'*)#*B+#L'&%:%3%6.R)+%6'.:%+,#/+(#,.*+,#+
6*)'&%3'#B+/#3.*)#3+:%369/%&#3+6*)'#).,%3+Q+/%3+/#3.*)#3+
0&%,*+GB+3*)+.),.6%,*&#3+,#+(%/+$&*)R3'.6*+$%&%+#/+=L.'*+
,#/+(%)#S*+)*+*$#&%'*&.*7FEBFb
^*3+H%//%>0*3+$*&+I?+#)+#/+'&%9(%'.3(*+#3$/=).6*+
.)6/9Q#)+6*)'93.R)B+/%6#&%6.R)B+H#(%'*(%+39J6%$39­
/%&+*+.)'&%$%&#)X9.(%'*3*B+.);%&'*+#3$/=).6*B+/#3.*)#3+
:%369/%&#3+#3$/=).6%3+.)'&%$%&#)X9.(%'*3%3+Q+/%+#L'&%­
:%3%6.R)+%6'.:%+,#/+(#,.*+,#+6*)'&%3'#7bB_
"#3$9=3+,#+/%+%,(.).3'&%6.R)+.)'&%:#)*3%+,#+(#­
,.*+ ,#+ 6*)'&%3'#+ Q+ ,9&%)'#+ /%+ ;%3#+ $*&'%/+ ,#Y).(*3+
%+ 9)%+ 6*)'93.R)+ 6*(*+ \&#%+ ,#+ H.$*,#)3.,%,+ ,#+
(*&;*/*01%+.&&#09/%&7+g)%+/%6#&%6.R)+#3+9)%+.(%0#)+
H.$*,#)3%+ ,#+ (*&;*/*01%+ /.)#%/+ *+ &%(.;.6%,%B+ ,#+
J*&,#3+.&&#09/%&#3+$#&*+J.#)+,#Y).,*3+X9#+%/+$%3%&+
#/+'.#($*+:%)+$#&,.#),*+39+,#Y).6.R)+H%3'%+H%6#&3#+
.3*,#)3*3+%/+$%&=)X9.(%+)*&(%/+#)+/%+;%3#+'%&,1%bB_ 
T.(\0#)#3+`+Q+DU7+l%+H#(*3+3#V%/%,*+X9#+/%3+H#),.­
,9&%3+$9#,#)+3.(9/%&+9)%+/%6#&%6.R)W+3.)+#(J%&0*B+
$*&+I?+/*3+(\&0#)#3+,#+9)%+/%6#&%6.R)+3*)+.&&#09/%­
&#3+Q+3#+:%)+$#&,.#),*+#)+/%3+;%3#3+'%&,1%3+(.#)'&%3+
X9#+/*3+(\&0#)#3+,#+9)%+H#),.,9&%+3*)+&#,*),#%­
,*3B+#3'\)+J.#)+,#Y).,*3B+'.#)#)+0&%3%+#)+39+.)'#&.*&+
Q+)*+(*,.Y6%)+39+%$%&.#)6.%+#)+/%3+;%3#3+'%&,1%37bB_ 
m*+#3+.);&#69#)'#+*J3#&:%&+X9#+9)%+/%6#&%6.R)+Q+9)%+
H#),.,9&%+ #3$/=).6%+ #3'=)+ $&#3#)'#3+ #)+ 9)+ (.3(*+
$%6.#)'#+T.(%0#)+iU7
9)%+ 6*/#66.R)+ 3%)091)#%+ ,#+ (*&;*/*01%+ 3#(./9)%&+
?%#5+/*N1+K%369/.)*+,#+FE+%V*3+X9#+39;&.R+%66.,#)'#B+#)+(*­
'*6.6/#'%B+J%S*+/*3+#;#6'*3+,#/+%/6*H*/7+(a)+e(%0#)+'&%)3:#&3%/++Q+
&#6*)3'&966.R)+6*&*)%/+E:F+#)+;%3#+$*&'%/+,#(9#3'&%)+(A/'.$/#3+
/%6#&%6.*)#3+$&*;9),%3+X9#+,#3'&*>%)++%/+J%>*+TZ#6H%3U7+5)+
E:F+$*,#(*3+*J3#&:%&+X9#+H%Q+,#3:%369/%&.>%6.R)+,#+'*,*+
#/+$*/*+.);#&.*&+$*&+/*+X9#+3#+6%'%/*0R+#3'%+/#3.R)+6*(*+0&%,*+
G7+4+$#3%&+,#/+#L'#)3*+,%V*+)*+3#+.,#)'.Y6R+#L'&%:%3%6.R)+
%6'.:%+,#/+(#,.*+,#+6*)'&%3'#B+#/+$%6.#)'#+3#+(%)'9:*+H#(*­
,.)\(.6%(#)'#+#3'%J/#+6*)+(%)#S*+6*)3#&:%,*&+Q+;9#+,%,*+
,#+%/'%+$*&+(#S*&1%+b@+,1%3+,#3$9=37
?%#5+/* O1+ K%369/.)*+ ,#+ bC+ %V*3+ X9#+ 39;&.R+ %66.,#)'#+ #)+
(*'*+ J%S*+ /*3+ #;#6'*3+ ,#/+ %/6*H*/7+ e(\0#)#3+ '&%)3:#&3%/#3+
#)+;%3#+$*&'%/+o(a) 2 cm por arriba de E:Fp+(9#3'&%)+(A/'.$/#3+
/%6#&%6.*)#3+,#+,.;#&#)'#3+0&%,*3+oZ#6H%+#)+(a)+Q+$9)'%3+,#+
Z#6H%+#)+E:Fp+3.#),*+/%+,#+(%Q*&+'%(%V*+,#+@7F+6(+Q+$*&+/*+
'%)'*+3#+6%/.Y6RB+,#+(%)#&%+0#)#&%/B+6*(*+9)+'&%9(%'.3(*+
,#+0&%,*+eee7
E"#r%&M(r)% +,-+ !'

?%#5+/*P1+K%369/.)*+,#+`E+%V*3+X9#+39;&.R+%66.,#)'#+#)+%9­
'*(*:./7+e(\0#)#3+'&%)3:#&3%/#3+#)+;%3#+$*&'%/+o(a)+@+6(+$*&+
arriba de E:Fp+(9#3'&%)+,*3+/%6#&%6.*)#3+,#+0&%,*+ee+TZ#6H%3U+
Q+9)%+H#),.,9&%+#3$/=).6%+T$9)'%+,#+Z#6H%U7
"( Enero-Mar)o 2012
/*6%/.>%,%+#)'&#+/%+6\$39/%+Q+#/+$%&=)X9.(%+#3$/=).6*7+
5/+H#(%'*(%+6*($&.(#+%/+$%&=)X9.(%+39JQ%6#)'#+
Q+ ,#+ =3'%+ (%)#&%+ /*+ $*,#(*3+ ,.3'.)09.&+ ,#/+ H#(*­
$#&.'*)#*+ $#&.#3$/=).6*+ T.(%0#)+ CU7+ 5/+ H#(%'*(%+
.)'&%$%&#)X9.(%'*3*+3#+.,#)'.Y6%+6*(*+9)+\&#%+,#+
(*&;*/*01%+.&&#09/%&+,#)'&*+,#/+$%&=)X9.(%+#3$/=).6*+
T.(%0#)+ hU7+ 5)+ + ;%3#+ 3.($/#+ #3'*3+ H#(%'*(%3+ 3*)+
H.$#&,#)3*3+6*)+&#3$#6'*+%/+$%&=)X9.(%+%,Q%6#)'#+
)*&(%/7+ "#3$9=3+ ,#+ /%+ %,(.).3'&%6.R)+ .)'&%:#)*3%+
,#+ (#,.*+ ,#+ 6*)'&%3'#+ /*3+ H#(%'*(%3+ 3#+ '*&)%)+
H.$*,#)3*3+6*)+&#3$#6'*+%/+$%&=)X9.(%+%,Q%6#)'#+
)*&(%/7bB_Bbi
5/+.);%&'*+#3$/=).6*+$*3'&%9(\'.6*+#3+9)%+(%).;#3­
'%6.R)+ &%&%+ X9#+ 3#+ 6&##+ #3+ ,#J.,%+ %+ 9)+ #3'.&%(.#)'*+
%J&9$'*+,#+/%3+&%(%3+.)'&%$%&#)X9.(%'*3%3+,#+/%+%&'#&.%+
#3$/=).6%+%/+(*(#)'*+,#/+.($%6'*B+/*+X9#+6%93%+9)%+
,.3#66.R)+,#+/%+1)'.(%+Q+$*3'#&.*&+'&*(J*3.37+8#)#&%/­
(#)'#+#/+\&#%+.);%&'%,%+.):*/96&%+#)'&#+F`+Q+`Ea+,#/+
J%>*B+%9)X9#+#/+'%(%V*+,#/+.);%&'*+,#$#),#&\B+Y)%/­
(#)'#B+,#+/%+6.&69/%6.R)+6*/%'#&%/+X9#+$&*:#%+%/+J%>*7+
<*&+I?+#/+.);%&'*+3#+*J3#&:%+6*(*+9)+\&#%+H.$*,#)3%+
6*)+ (*&;*/*01%+ #)+ 69V%B+ ,#+ J*&,#3+ J.#)+ ,#Y).,*3+
Q+ X9#+ )*+ &#%/>%+ '&%3+ /%+ %,(.).3'&%6.R)+ ,#/+ (#,.*+ ,#+
6*)'&%3'#7bB_+^%+(%Q*&1%+,#+/*3+.);%&'*3+#3$/=).6*3+,.3­
(.)9Q#)+0&%,9%/(#)'#+,#+'%(%V*+Q+3#+&#39#/:#)+3.)+
,#S%&+3#69#/%717
^%3+ /#3.*)#3+ #3$/=).6%3+ :%369/%&#3+ 6*)'#).,%3+
.)'&%$%&#)X9.(%'*3%3+ T3#9,*%)#9&.3(%+ *+ ;13'9/%+
%&'#&.*:#)*3%U+ 3*)+ 6*($/.6%6.*)#3+ X9#+ $9#,#)+
*J3#&:%&3#+ H%3'%+ _C+ H*&%3+ ,#3$9=3+ ,#+ 9)+ #:#)'*+
'&%9(\'.6*7+[*)+,.;16./#3+,#+,.;#&#)6.%&+#)'&#+31+$*&+
I?+Q+3#+*J3#&:%)B+'&%3+/%+%,(.).3'&%6.R)+.)'&%:#)*­
3%+,#+(#,.*+,#+6*)'&%3'#B+6*(*+;*6*3+H.$#&,#)3*3+
,#+ (*&;*/*01%+ &#,*),#%,%+ *+ ,#+ %3$#6'*+ :%369/%&+
69Q*+'%(%V*+$#&(%)#6#+#3'%J/#+*+,.3(.)9Q#+#)+/%+
;%3#+'%&,1%+Q+39+$%'&R)+,#+%'#)9%6.R)+#3+3.(./%&+%/+
,#+/%+%*&'%+#)+/%3+;%3#3+$*36*)'&%3'#+T.(\0#)#3+bE+
Q+bbU7bB_B`Bbi
^%+ #L'&%:%3%6.R)+ %6'.:%+ ,#/+ (#,.*+ ,#+ 6*)'&%3'#+ *+
q3%)0&%,*+%6'.:*r+#3+9)%+.(%0#)+,#+(*&;*/*01%+/.)#%/+
*+.&&#09/%&B+.3*,#)3%+%+/%+%*&'%+#)+/%+;%3#+$*&'%/W+,9­
&%)'#+/%+;%3#+'%&,1%+6&#6#+$*&+;9#&%+,#+/*3+6*)'*&)*3+
:%369/%&#3+H%6.%+#/+$%&=)X9.(%+#3$/=).6*B+%/+#3$%6.*+
39J6%$39/%&+#+.)6/93*+%+/%+6%:.,%,+$#&.'*)#%/+%/+'.#($*+
X9#+39+,#)3.,%,+#3+(%Q*&B+#)+(\3+,#+bE+g2B+X9#+/%+
,#+/%+%*&'%+T.(%0#)+bFU7bB_B`Bbi
^%+ ,.;#&#)6.%6.R)+ #)'&#+ /%+ #L'&%:%3%6.R)+ %6'.:%+ Q+
9)%+ /#3.R)+ :%369/%&+ 6*)'#).,%+ #3+ .($*&'%)'#+ $9#3+ /%+
$&.(#&%+.),.6%+9)%+;9#)'#+%6'.:%+,#+3%)0&%,*+X9#+$9#­
,#+$*)#&+#)+&.#30*+/%+:.,%+,#/+$%6.#)'#+(.#)'&%3+X9#+
#)+/%+3#09),%+/%+/#3.R)+:%369/%&+#3'\+6*)'#).,%+$*&+/%+
%,:#)'.6.%+,#/+:%3*+T#)+/*3+3#9,*)#9&.3(%3U+*+$*&+#/+
'#S.,*+6*)#6'.:*+6.&69),%)'#+T#)+/%3+;13'9/%3+%&'#&.*:#­
)*3%3U+QB+$*&+/*+0#)#&%/B+)*+&#X9.#&#+#/+(.3(*+0&%,*+
,#+9&0#)6.%7bB_B`BbbBbFBbi

?%#5+/* R1+ K9S#&+ ,#+ FE+ %V*3+ %'&*$#//%,%+ $*&+ %9'*(R:./7+
e(%0#)+ %L.%/+ #)+ ;%3#+ 3.($/#+ (a)+ Q+ #)+ ;%3#+ $*&'%/+ E:F7+ [#+
*J3#&:%+9)%+6*/#66.R)+3#(./9)%&+H.$#&,#)3%+X9#+6*($&.(#+
%/+ $%&=)X9.(%+ #3$/=).6*+ #)+ (\3+ ,#+ `Ea+ ,#+ 39+ 39$#&Y6.#+
T#)'&#+$9)'%3+,#+Z#6H%U7+5)+E:F+/%+6*/#66.R)+#3+H.$*,#)3%+
6*)+&#3$#6'*+%/+&#%/6#+$%&#)X9.(%'*3*+Q+#3+6*($%'.J/#+6*)+
9)+ H#(%'*(%+ 39J6%$39/%&+ 6*&&*J*&%,*+ ,9&%)'#+ /%+ 6.&901%+
T/#3.R)+ 0&%,*+ + eeeU7+ [#+ .,#)'.Y6%+ '%(J.=)+ 9)+ 3#0(#)'*+ 6*)+
J*&,#3+J.#)+,#Y).,*3+X9#+)*+&#;9#&>%+'&%3+/%+%,(.).3'&%6.R)+
,#/+(#,.*+,#+6*)'&%3'#7+53'%+\&#%+6*&&#3$*),#+%+9)%+>*)%+
,#+.);%&'*+,#+%$&*L.(%,%(#)'#+@Ea+6*($%'.J/#+6*)+/#3.R)+
0&%,*+eG+TZ#6H%U7+^%+$%6.#)'#+;9#+#3$/#)#6'*(.>%,%7
?%#5+/*S1+K%369/.)*+,#+`F+%V*3+0*/$#%,*+6*)+'9J*3+,#+(#­
'%/+$*&+:%&.*3+39S#'*37+e(%0#)+%L.%/+#)+;%3#+3.($/#+(a)+Q+;%3#+
$*&'%/+E:F+,#(9#3'&%)+9)%+/#3.R)+H.$#&,#)3%+&#,*),#%,%+,#+
`+6(+,#+,.\(#'&*+X9#+#)+/%+;%3#+$*&'%/+3#+'*&)%+H.$*,#)3%+
6*)+ &#3$#6'*+ %/+ $%&=)X9.(%+ 6.&69),%)'#+ TZ#6H%3+ H9#6%3UW+
#3+ 6*($%'.J/#+ 6*)+ 9)+ H#(%'*(%+ .)'&%$%&#)X9.(%'*3*+ ,#+
0&%,*+eee7+2%Q+%&'#;%6'*3+,#+#),9&#6.(.#)'*+,#+H%>+6%93%,*3+
$*&+#/+J&%>*+,#&#6H*+,#/+$%6.#)'#+Q+:%&.%3+;&%6'9&%3+6*3'%/#3+
TZ#6H%3U7
23)-$0'4/*8+-*%#/+Q)*8+-*&"#$%#&'(%)*+(,-./'0)
5/+'&%9(%'.3(*+#3$/=).6*B+%/+(.3(*+'.#($*+X9#+#/+
'&%9(%'.3(*+ %J,*(.)%/+ #)+ 0#)#&%/B+ H%+ $%3%,*+ $*&+
6%(J.*3+&%,.6%/#3+#)+69%)'*+%+393+(*,%/.,%,#3+,.%0­
E"#r%&M(r)% +,-+ ")

?%#5+/*BT1+K%369/.)*+,#+FE+%V*3+X9#+39;&.R+%66.,#)'#B+#)+
(*'*6.6/#'%B+J%S*+/*3+#;#6'*3+,#/+%/6*H*/7+4/+.)0&#3*+#/+B'7$  5)+ 69%)'*+ %/+ (%)#S*+ ,#/+ '&%9(%'.3(*+ ,#/+ J%>*+ /%+
#3+ $*3.'.:*W+ 3.)+ #(J%&0*B+ $#&(%)#6#+ H#(*,.)\(.6%(#)'#+
#3'%J/#+ 6*)+ (%)#S*+ )*+ *$#&%'*&.*+ Q+ X9#,%+ %+ 6%&0*+ $*&+ D+
,1%3+ #)+ #/+ [#&:.6.*+ ,#+ s&'*$#,.%+ $*&+ ;&%6'9&%+ J./%'#&%/+ ,#+
'.J.%7+ "9&%)'#+ #3'#+ '.#($*+ #/+ ,*/*&+ %J,*(.)%/+ $&*0&#3%+ #)+
.)'#)3.,%,+(*'.:*+$*&+#/+69%/+3#+3*/.6.'%+9)%+I?+6*)'&%3'%,%7+
^%+I?+#)+;%3#+%&'#&.%/+(9#3'&%+#36%3*+/1X9.,*+$#&.#3$/=).6*B+
9)+$#X9#V*+H#(%'*(%+39J6%$39/%&+T$9)'%+,#+Z#6H%+J/%)6%UB+
/%6#&%6.*)#3+$&*;9),%3++TZ#6H%+H9#6%U+Q+,*3+.(\0#)#3+&#­
,*),%3+.3*,#)3%3+%+/%+%*&'%+TZ#6H%3+)#0&%3+/%&0%3U7+^%+;%3#+
$*&'%/+Q+'%&,1%+&#:#/%)+X9#+#3'%3+A/'.(%3+/#3.*)#3+$#&(%)#­
6#)+,#/+(.3(*+'%(%V*+Q+X9#+39+%'#)9%6.R)+#3+/.0#&%(#)'#+
H.$#&,#)3%+*+.3*,#)3%+%/+$%&=)X9.(%+)*&(%/+6*)+/*+X9#+3#+
#3'%J/#6#+ #/+ ,.%0)R3'.6*+ ,#+ 3#9,*%)#9&.3(%3+ X9#+ 3#+ ,.;#­
&#)6.%)+,#/+3%)0&%,*+%6'.:*7
)R3'.6%3+Q+'#&%$=9'.6%37+"9&%)'#+/%+e+89#&&%+K9),.%/+#/+
,.%0)R3'.6*+ ,#Y).'.:*+ ,#+ 9)%+ /#3.R)+ .)'&%J,*(.)%/+ 3#+
&#%/.>%J%+ ,9&%)'#+ /%+ 6.&901%+ *+ /%+ %9'*$3.%7+ ^%+ 6.&901%+
3#+S93'.Y6%J%+6*)+J%3#+#)+/%+#L$/*&%6.R)+;13.6%+*+$*&+
#/+ (#6%).3(*+ ,#+ /%+ /#3.R)+ T'&%9(%'.3(*+ $#)#'&%)'#B+
$*&+#S#($/*U+Q+#/+=);%3.3+,#+/%+/.'#&%'9&%+#3'%J%+#)+/*3+
H%//%>0*3+6/1).6*3+X9#+390#&1%)+/%+$*3.J./.,%,+,#+9)%+
/#3.R)+.)'&%%J,*(.)%/7FB@
5)'&#+bh@E+Q+bh`E+3#+&#%/.>%&*)+.)'#)'*3+$%&%+#3­
'%J/#6#&B+ ,#+ (%)#&%+ .),.&#6'%B+ /#3.*)#3+ #3$/=).6%3+ %+
'&%:=3+ ,#/+ 93*+ ,#+ /%+ &%,.*0&%;1%+ 6*):#)6.*)%/+ *+ 6*)­
Y&(%),*+/%+$&#3#)6.%+,#+H#(*$#&.'*)#*+$*&+$9)6.R)+
$#&69'\)#%7+ ^%+ $9)6.R)+ $#&69'\)#%+ #)+ /%+ 6%:.,%,+
%J,*(.)%/B+$%&%+6*)Y&(%6.R)+,#+H#(*$#&.'*)#*B+'9:*+
9)%+#L%6'.'9,+,#+#)'&#+@E+Q+iEa+$%&%+#/+,.%0)R3'.6*+,#+
/#3.*)#3+#3$/=).6%3+Q+;9#+9)+%)'#6#,#)'#+.($*&'%)'#+
$%&%+#/+,#3%&&*//*+$*3'#&.*&+,#/+"<^+,#36&.'*+#)+bhD`+$*&+
-**'+Q+393+6*/#0%37+49)X9#+#3'%+(*,%/.,%,+&#$&#3#)'R+
9)+%:%)6#+3.0).Y6%'.:*+#)+#/+,.%0)R3'.6*+,#+/#3.*)#3+
,#+ R&0%)*3+ %J,*(.)%/#3+ 3R/.,*3B+ /*3+ 6.&9S%)*3+ X9#+
#($/#%&*)+#3'%+'=6).6%+)*+'%&,%&*)+#)+,%&3#+69#)'%+,#+
"* Enero-Mar)o 2012
X9#B+#)+(96H%3+*6%3.*)#3B+/%3+/#3.*)#3+X9#+$&*,9S#&*)+
#/+3%)0&%,*+Q%+3#+H%J1%)+,#'#).,*+%/+(*(#)'*+,#+/%+
6.&901%+*+X9#+=3'%3+#&%)+.)'&%36#),#)'#3+Q+$*&+/*+'%)'*+
)*+&#X9#&1%)+,#+(%)#S*+X9.&A&0.6*7@
46'9%/(#)'#+ #/+ ,.%0)R3'.6*+ ,#+ /%3+ /#3.*)#3+ %J­
,*(.)%/#3+ .)6/9Q#+ %/+ 9/'&%3*).,*+ 6*(*+ 9)+ (='*,*+
#L'&%*&,.)%&.%(#)'#+#Y6.#)'#+$%&%+,#'#6'%&+3%)0&#+#)+
/%+6%:.,%,+%J,*(.)%/W+%9)X9#+6%&#6#+,#+#3$#6.Y6.,%,+
$%&%+$&#,#6.&+#/+*&.0#)+,#/+3%)0&%,*W+%,#(\3B+#3+.)#Y­
6%>+$%&%+,#'#&(.)%&+#/+0&%,*+,#+/#3.R)+,#+/*3+R&0%)*3+
3R/.,*37+^%+#:%/9%6.R)+$*&+I?+6*)+%,(.).3'&%6.R)+.)­
'&%:#)*3%+,#+(#,.*+,#+6*)'&%3'#+3#+H%+6*):#&'.,*+#)+
#/+#3'\),%&+,#+*&*+$%&%+#/+,.%0)R3'.6*+,#+/#3.*)#3+,#+
R&0%)*3+ 3R/.,*3+ Q%+ X9#+ $#&(.'#+ 9)%+ :%/*&%6.R)+ 6*)­
3.,#&%J/#(#)'#+#L%6'%+,#/+0&%,*+,#+/#3.R)+%/+'.#($*+
X9#+,#'#&(.)%+/%+$&#3#)6.%+,#+3%)0&%,*+%6'.:*+QB+,#+
(%)#&%+3#(.69%)'.'%'.:%B+,#+/%+6%)'.,%,+,#+H#(*$#&.­
'*)#*7bj`BbFBbD
#3$/#)#6'*(1%+;9#B+,9&%)'#+:%&.*3+3.0/*3+Q+H%3'%+bhiEB+
#/+#3'\),%&+,#+69.,%,*+$%&%+69%/X9.#&+0&%,*+,#+/#3.R)7+
53'#+ 69&3*+ ,#+ %66.R)+ 3#+ :.*+ .)Z9#)6.%,*+ $*&+ :%&.*3+
;%6'*&#3+#)'&#+/*3+69\/#3+3#+.)6/9Q#)+&#$*&'#3+,#+X9#+#/+
J%>*+#&%+Y3.*/R0.6%(#)'#+.))#6#3%&.*+Q+,#+X9#+#/+(%­
)#S*+)*+*$#&%'*&.*+,#/+'&%9(%'.3(*+#3$/=).6*+&#39/'%J%+
#)+9)%+'%3%+,#+(*&'%/.,%,+#)'&#+hE+Q+bEE+aW+%31+6*(*+
#)+9)+&.#30*+.)6&#(#)'%,*+,#+&9$'9&%+#3$/=).6%+'%&,1%7+
4+$%&'.&+,#+bh`FB+#)+X9#+3#+&#$*&'%+$*&+$&.(#&%+*6%3.R)+
#)+/%+/.'#&%'9&%+%6#&6%+,#+/%+3#:#&.,%,+,#+/%3+.);#66.*)#3+
#)+$%6.#)'#3+$*3#3$/#)#6'*(.>%,*3B+3#+,.*+9)+6%(J.*+
#)+#/+$%&%,.0(%+X9#+6*),96.&1%++$&*0&#3.:%(#)'#+H%6.%+
'=6).6%3+X9#+$&#3#&:%&\)+/%+(%Q*&+6%)'.,%,+,#+'#S.,*+
#3$/=).6*+ $*3.J/#7+ "9&%)'#+ /%3+ ,=6%,%3+ ,#+ bhiE+ %+
bhhE+3#+$&*,9S#&*)+(A/'.$/#3+&#$*&'#3+X9#+;%:*&#61%)+
%/+(%)#S*+)*+*$#&%'*&.*+Q+$&#3#&:%6.R)+#3$/=).6%+%+'%/+
0&%,*+X9#+#)+/%+%6'9%/.,%,+#/+(%)#S*+)*+*$#&%'*&.*+*+
/%3+ '=6).6%3+ X9.&A&0.6%3+ ,#+ $&#3#&:%6.R)+ #3$/=).6%B+
.)6/9.,%+ /%+ #(J*/.>%6.R)+ '&%)3%&'#&.%/B+ 3*)+ %/'%(#)'#+
#;#6'.:%3+#)+(\3+,#+hEa+,#+/*3+$%6.#)'#37+5/+(%)#S*+
)*+*$#&%'*&.*+,#/+'&%9(%'.3(*+#3$/=).6*+$*&+/*+0#)#&%/+
.)6/9Q#+#3'%)6.%+H*3$.'%/%&.%+,#+#)'&#+F+Q+`+,1%3B+&#$*3*+
%J3*/9'*B+H.,&%'%6.R)B+%)'.J.*'.6*'#&%$.%B+(*).'*&#*+,#+
/*3+3.0)*3+:.'%/#3+Q+,#+/%+H#(*0/*J.)%7FB@Bb`
G)%,-'0#0')/+(
^%3+6*($/.6%6.*)#3+$*3'#&.*&#3+%/+(%)#S*+)*+*$#­
&%'*&.*+ ,#+ 9)%+ /#3.R)+ #3$/=).6%+ $9#,#)+ $&#3#)'%&3#+
H%3'%+F+,1%3+,#3$9=3+,#/+.)6.,#)'#+'&%9(\'.6*+QB+#)'&#+
#//%3B+ 3#+ .)6/9Q#+ %+ /*3+ 3#9,*X9.3'#3B+ %J36#3*3B+ 3#9­
,*%)#9&.3(%3+ Q+ &9$'9&%+ '%&,1%7+ ^%+ &9$'9&%+ '%&,1%+ 3#+
H%+&#$*&'%,*+#)'&#+9)+`+Q+9)++Ca+,#+/*3+%,9/'*3+X9#+
3*)+(%)#S%,*3+6*)3#&:%,*&%(#)'#+Q+3#+6&##+X9#+#3+
,#J.,%+%+/%+&9$'9&%+,#+9)+H#(%'*(%+39J6%$39/%&B+,#+
9)+3#9,*X9.3'#+*+,#+9)+3#9,*%)#9&.3(%B+#)+/*3+).V*3+
#3'#+&.#30*+#3+#L'&#(%,%(#)'#+J%S*7
?%#5+/*BB1+K%369/.)*+,#+bD+%V*3+X9#+;9#+0*/$#%,*+,9&%)'#+39+6%$'9&%+Q+6*);#3.R)+,#+;#(.).6.,.*7+e(%0#)+'&%)3:#&3%/+(a) 
Q+&#6*)3'&966.R)+6*&*)%/+E:F+,#+/%+;%3#+$*&'%/+*J'#).,%+#/+,1%+,#+.)0&#3*M+,#(9#3'&%+3%)0&#+$#&.#3$/=).6%+Q+9)%+;&%6'9&%+$%­
&#)X9.(%'*3%+#)+#/+$*/*+(#,.*+TZ#6H%3U7+e(\0#)#3+'&%)3:#&3%/#3+o(c)+9)*3+((+$*&+#)6.(%+,#+(d)p+Q+&#6*)3'&966.R)+6*&*)%/+
#)+(\L.(%+.)'#)3.,%,+,#+$&*Q#66.R)+(e)+,#+/%+;%3#+%&'#&.%/+#)+9)+#3'9,.*+,#+6*)'&*/+&#%/.>%,*+`+,1%3+,#3$9=3+,#(9#3'&%)+
9)%+.(%0#)+3#&$#)'.;*&(#+.3*,#)3%+%+/%+%*&'%+TZ#6H%3+H9#6%3U+6*)+&#'*&)*+:#)*3*+'#($&%)*+TZ#6H%3+6*&'%3U7+e(%0#)+,#/+
9/'&%3*).,*+6*)+"*$$/#&+6*/*&+E6F+,#(9#3'&%+%+/%+#3'&96'9&%+:%369/%&+6*)+Z9S*+'9&J9/#)'*+#)+39+.)'#&.*&+/%+69%/+;9#+6*($%'.J/#+
6*)+9)%+;13'9/%+%&'#&.*:#)*3%7

^*3+3#9,*X9.3'#3+Q+/*3+%J36#3*3+3*)+6*($/.6%6.*)#3+
&%&%3+X9#+$9#,#)+(%)#S%&3#+$*&+,&#)%S#+$#&69'\)#*7+
5/+3#9,*X9.3'#+#3+9)%+/#3.R)+J#).0)%+69%),*+)*+6&#6#+
).+$&*,96#+#;#6'*+,#+(%3%+*+3#+.);#6'%B+#3'%+/#3.R)+3#+
,*69(#)'R+ #)+ E7_a+ ,#+ /*3+ $%6.#)'#3+ $#,.\'&.6*3+ #)+
9)+#3'9,.*+X9#+#:%/9%J%+/*3+#;#6'*3+%+/%&0*+$/%>*+,#/+
'&%9(%'.3(*+#3$/=).6*7
5)+/%3+.)3'.'96.*)#3+#)+/%3+69%/#3+3#+#($/#%+,#+(%­
)#&%+&9'.)%&.%+/%+#(J*/.>%6.R)+,#+/%3+/#3.*)#3+#3$/=).6%3+
'&%9(\'.6%3+3#+H%)+&#$*&'%,*+'%(J.=)+6*($/.6%6.*)#3+
$*3$&*6#,.(.#)'*+'%/#3+6*(*+.);%&'*+$%&6.%/+*+'*'%/+,#/+
$%&=)X9.(%+#3$/=).6*B+&#3%)0&%,*B+%'&*Y%+#3$/=).6%B+
,#&&%(#+$/#9&%/+Q+Y#J&#7bBFBbFBFEBFF
G)/0-$(')/+(
5/+ '&%9(%'.3(*+ #3$/=).6*+ #3+ 9)%+ #)'.,%,+ 6/1).6%+
&#/%'.:%(#)'#+ ;&#69#)'#+ 69Q*+ ,.%0)R3'.6*+ Q+ (%)#S*+
%6'9%/+ #3'\+ 6/%&%(#)'#+ .)Z9#)6.%,*+ $*&+ #/+ 93*+ ,#+ /%+
I?W+3.)+#(J%&0*B+$%&%+X9#+#3'#+#3'9,.*+$9#,%+%$*&'%&+
.);*&(%6.R)+ &#/#:%)'#+ #/+ &%,.R/*0*+ ,#J#+ #3'%&+ %'#)'*+
%/+ $&*'*6*/*+ ,#+ #3'9,.*+ TX9#+ .)6/9Q%+ /%3+ ;%3#3+ $*&'%/+
Q+'%&,1%UB+,#J#+$*,#&+&#6*)*6#&+/*3+'.$*3+,#+/#3.*)#3+
'&%9(\'.6%3+#3$/=).6%3+Q+0&%,9%&/%3+,#+%69#&,*+6*)+/%+
#36%/%+,#+3#:#&.,%,+,#+,%V*+*&0\).6*+X9#+9'./.6#)+#)+39+
.)3'.'96.R)7+<*&+A/'.(*B+#3+)9#3'&%+*J/.0%6.R)+6*(9).6%&+
.)(#,.%'%(#)'#+%/+&#3'*+,#/+#X9.$*+,#+'&%9(%'*/*01%+
T,#+(%)#&%+:#&J%/+Q+#36&.'%U+/*3+H%//%>0*3+,#/+#3'9,.*+

E"#r%&M(r)% +,-+ "!

?%#5+/*BD1+t#(#).)*+,#+b_+%V*3+X9#+39;&.R+%66.,#)'#+#)+(*'*6.6/#'%7+e(\0#)#3+'&%)3:#&3%/#3+#)+;%3#+$*&'%/+o(a) dos cm por 
arriba de E:Fp+,#(9#3'&%)+(A/'.$/#3+/%6#&%6.*)#3+,#+0&%,*+eee+TZ#6H%3U7+5)+E:F+3#+.,#)'.Y6%+9)%+H.$#&,#)3.,%,+,#+(*&;*/*01%+
/.)#%/+X9#+&#39/'R+3#&+9)+3%)0&%,*+%6'.:*+*J3#&:%,*+,9&%)'#+/%+6.&901%+T$9)'%+,#+Z#6H%U7+[#+/#+&#%/.>R+&%Y%+Q+#($%X9#'%­
(.#)'*+#3$/=).6*7

&#%/.>%,*+$*).#),*+=);%3.3+#)+6%3*+,#+X9#+3#+.,#)'.Y­ Q%+X9#+%(J*3+H%//%>0*3+3*)+$#/.0&*3*3+Q+$&#,.6#)+#/+
X9#+#/+3%)0&%,*+%6'.:*+*+/#3.*)#3+:%369/%&#3+6*)'#).,%3+ ;&%6%3*+,#/+(%)#S*+)*+*$#&%'*&.*7

"" Enero-Mar)o 2012

U+6+"+/0'#(
b7+ K%&(#&Q+ 2B+ [H%)(90%)%'H%)+ k7+
K9/'.,#'#6'*&j-*c+?*($9'#,+I*(*0&%­
$HQ+e(%0.)0+*;+[$/#).6+I&%9(%7+[#(.)+
g/'&%3*9),+?I+K-e+FEEDWFiM_E_n_bh7
F7+ ^Q))+ kmB+ u#&,#&+ 8KB+ ?%//%0H%)+
-KB+ [9//.:%)+ 4mB+ N%;&.+ v2B+ f/**(+
"47+ <#,.%'&.6+ J/9)'+ 3$/#).6+ '&%9(%M+ %+
6*($&#H#)3.:#+&#:.#c7+<#,.%'&+-%,.*/+
FEEhW@hMhE_nhbD7+
@7+ -.6H%&,3*)+ N"7+ ?H%)0#3+ .)+ 'H#+ (%­
)%0#(#)'+ *;+ .)S9&.#3+ '*+ 'H#+ /.:#&+ %),+
3$/##)7+N+4(+?*//+[9&0+FEE`WFEEMD_Cj
Dh7
_7+ ?/%&d+INB+?%&,*>%+[B+k%)'H+m7+[$/#).6+
'&%9(%M+ $.6'*&.%/+ &#:.#c+ *;+ 6*)'&%3'j
#)H%)6#,+ ?I+ Y),.)037+ 5(#&0+ -%,.*/+
FEbbWbCMFFiMF@_7
`7+ 4),#&3*)+ [uB+ G%&0H#3#+ N?B+ ^96#Q+
f?B+ f9&d#+ <4B+ 2.&36H+ 5tB+ [*'*+ N47+
f/9)'+[$/#).6+I&%9(%M+"#/%Q#,j<H%3#+
?I+;*&+,.;;#&#)'.%'.*)+*;+46'.:#+2#(*&&­
H%0#+;&*(+6*)'%.)#,+:%369/%&+.)S9&Q+.)+
$%'.#)'37+-%,.*/*0Q+FEEiWF_@MCCjh`7
D7+ K#Q#&3+KB+?H%&)3%)0%:#S+?B+s/.$H%)'+
KM+?/.).6%/+5(J&.*/*0Q+*;+'H#+4J,*(#)7+
5)M+ K#Q#&3+ KB+ ?H%&)3%)0%:#S+ ?B+
s/.$H%)'+K7+K#Q#&3w+"Q)%(.6+-%,.*/*0Q+
*;+'H#+4J,*(#)7+Dx+#,.6.R)7+m#c+l*&dM+
5,.'*&.%/+[$&.)0#&B+FEE`7+$7+bhjFb7+
i7+ -*33+ K2B+ <%c/.)%+ u7+ I#S.,*+ /.);*.,#B+
R&0%)*3+/.);*.,#3+Q+3.3'#(%+.)(9).'%&.*7+
5)M+ -*33+ K2B+ <%c/.)%+ u7+ 2.3'*/*01%M+
I#L'*+ Q+4'/%3+ ?*/*&+ 6*)+ f.*/*01%+ ?#­
/9/%&+ Q+ K*/#69/%&7+ `7x+ #,.6.R)7+ K=L.6*+
"7tM+ 5,.'*&.%/+ <%)%(#&.6%)%B+ FEEi7+
$7+@b`n@bh7
C7+ 8%Q#&+ 8B+ v.33.)+ -B+ 4$'#&+ [B+ 4'%&+ 5B+
<*&')*Q+ sB+ l'>6H%d+ l7+ ?I+ Y),.)03+ .)+
6*)0#).'%/+%)*(%/.#3+*;+'H#+3$/##)7+fN-+
FEEbWi_MiDijiiF7
h7+ -*9:.#&#+2B+"#/(%3+47+f%>*7+5)M+-*9­
:.#&#+2B+"#/(%3+47+4)%'*(1%+29(%)%7+
"#36&.$'.:%B+'*$*0&\Y6%+Q+;9)6.*)%/7+h7x+
#,.6.R)7+ f%&6#/*)%M+ 5,.'*&.%/+ K%33*)B+
bhh_7+$M+_i`n_CE7
bE7+ I./%)93+2u7+IH#+[$/##)7+5)M+t.#/,.)0+
NuB+2%//.3#Q+KI7+g$$#&+8%3'&*.)'#3'.)%/+
[9&0#&Q7+b%+#,.6.R)7+^*),&#3M+5,.'*&.%/+
[$&.)0#&B+FEE`7+$M+`hnDC7
bb7+ ['%.)d#)+ft7+I&%)36%'H#'#&+4&'#&.%/+5(­
J*/.>%'.*)+.)+'H#+K%)%0#(#)'+*;+[$/#).6+
I&%9(%7+ 5)M+ f%9(+ [B+ <#)'#6*3'+ KN7+
4J&%H%(3w+4)0.*0&%$HQM+e)'#&:#)'.*)%/+
-%,.*/*0QB+ F),+ #,.'.*)7+ <H./%,#/$H.%M+
5,.'*&.%/+^.$$.)6*''+u.//.%(3+y+u./d.)3B++
FEED7+$MbEFEnbEFD7
bF7+ G%)+,#&+G/.#3+?2B+G%)+"#/,#)+sKB+<9)'+
fNB+<*)3#)+kNB+-##d#&3+N4B+8*3/.)03+
N?7+ ^.'#&%'9&#+ -#:.#c+ *;+ 'H#+ -*/#+ *;+
g/'&%3*9),B+ ?*($9'#,+ I*(*0&%$HQB+
%),+I&%)36%'H#'#&+4&'#&.%/+5(J*/.>%'.*)+
;*&+ 'H#+ '&#%'(#)'+ *;+ '&%9(%'.6+ 3$/#).6+
.)S9&.#37+ ?%&,.*:%36+ e)'#&:#)'+ -%,.*/+
FEbEW@@MbEihnbECi7
b@7+ 8/*&3dQ+[^B+u*),#&/.6H+"4B+8*#.+4"7+
5:%/9%'.*)+ %),+ K%)%0#(#)'+ *;+ 'H#+
I&%9(%+ <%'.#)'+ ;*&+ 'H#+ e)'#&:#)'.*)%/+
-%,.*/*0.3'7+ [#(.)+ e)'#&:#)'+ -%,.*/+
FEbEWFiMFhn@i7
b_7+ e3#)H*9&+N^B+K%&L+N7+4,:%)6#3+.)+4J­
,*(.)%/+I&%9(%7+5(#&0+K#,+?/.)+m+4(+
FEEiWF`Mib@ni@@7
b`7+ g&%)9#3+ [B+ k./.6+ l47+ e)S9&.#3+ '*+ 'H#+
[$/##)7+ 59&+ N+ I&%9(%+ 5(#&0+ [9&0+
FEECW@_M@``j@Db7
bD7+ <*/#''.+<4B+k.)d#/+kB+G#&(#9/#)+fB+e&(%Q+
tB+g)0#&+<tB+I#&&.#&+t7+f/9)'+4J,*(.)%/+
I&%9(%M+[H*9/,+g[+J#+93#,+'*+,#'#6'+
J*'H+;&##+Z9.,+%),+s&0%)+e)S9&.#3z+-%­
,.*/*0Q+FEE@WFFiMh`jbE@7
bi7+ K.//#&+^4B+[H%)(90%)%'H%)+k7+K9/'.,#­
'#6'*&+?I+5:%/9%'.*)+*;+4J,*(.)%/+I&%9­
(%7+ -%,.*/+ ?/.)+ m+4(+ FEE`W_@MbEihn
bEC`7
bC7+ ?/%&d+ -B+ 2.&,+ kB+ K.39&+ <B+ -%(3%Q+ "B+
K#),#/3*)+ -7+ ?I+ 0&%,.)0+ 36%/#3+ ;*&+
3$/#).6+.)S9&QM+uHQ+6%)w'+c#+%0&##z+N+
K#,+e(%0+-%,.%'+s)+FEbbW``MbD@jbDh7
bh7+ f#6d#&+ ?"B+ [$&.)0+ <B+ 8/{''/.+ 4B+
[6Hc#.>#&+ u7+ f/9)'+ [$/#).6+ '&%9(%+
.)+4,9/'3M+?%)+?I+Y),.)03+J#+93#,+'*+
,#'#&(.)#+'H#+)##,+;*&+[9&0#&Qz+4N-+
bhh_WbDFM@_@n@_i7
FE7+ u%H/+u^B+4&H)3+k[B+?H#)+[B+2#((./%+
K-B+-*c#+[4B+4&J%J.+[7+f/9)'+[$/#).6+
.)S9&QM+ s$#&%'.*)+ :#&393+ %)0.*0&%$H.6+
#(J*/.>%'.*)7+ [9&0#&Q+ FEE_Wb@DMChbn
ChC7
Fb7+ m*&&(%)+ 8B+ I.)03'#,'+ fB+ 5d#/9),+ KB+
4),#&33*)+ -7+ m*)*$#&%'.:#+ K%)%0#­
(#)'+ *;+ f/9)'+ [$/#).6+ I&%9(%M+ 4/3*+
;#%3.J/#+ %),+ 3%;#+ .)+ ?#)'#&3+ c.'H+ /*c+
'&%9(%+.)6.,#)6#+%),+.)+'H#+$&#3#)6#+
*;+#3'%J/.3H#,+&.3d+;%6'*&37+59&+N+I&%9(%+
5(#&0+[9&0+FEEhW@`MbEFjbEi7
FF7+ u9+[?B+?H#)+-NB+l%)0+4"B+I9)0+??B+
^##+ k27+ ?*($/.6%'.*)3+ 433*6.%'#,+
u.'H+ 5(J*/.>%'.*)+ .)+ 'H#+ I&#%'(#)'+
*;+ f/9)'+ [$/#).6+ e)S9&Q7+ u*&/,+ N+ [9&0+
FEECW@FM_iDn_CF7
E"#r%&M(r)% +,-+ "#