7;73')E\721<67$5.

3DUDTXH3HWHU3DQYLDMHSRURXWUDVWHUUDV6(03$*$53('*,2
%UDVLO$EULO

2YLQJDGRUGRIXWXUR
3KLOLS.'LFN

2YLQJDGRUGRIXWXUR

5HFRUGDPRVSDUDYRFrSRUDWDFDGR
+LVWyULDVGH
3KLOLS.'LFN

7UDGXomR5LFDUGR*RXYHLD
&RRUGHQDomR+HORtVD3ULHWR

&RS\ULJKWE\7KH(VWDWHRI3KLOLS.'LFN

7tWXORRULJLQDO7KH/LWOH%ODFN%R[YROXPHRIWKHFROOHFWHGVWRULHVRI3KLOLS.'LFN
,6%1


3HURVD(GLWRUHV/WGD
5XD$SLDFiV
6mR3DXOR
3KLOLS . 'LFN PRUWR HP  p XP GRV PDLRUHV HVFULWRUHV FRQWHPSRUkQHRV GH ILFomR
FLHQWtILFD WHQGR UHFHELGR HP  R SUrPLR +XJR R PDLV LPSRUWDQWH QD iUHD 6XD REUD LQFOXL R
URPDQFH $QGUyLGHV VRQKDP FRP RYHOKDV HOpWULFDV" RULJHP GR FXOWXDGR ILOPH %ODGH 5XQQHU 2
FDoDGRUGHDQGUyLGHV
$ LPRUWDOLGDGH D IUiJLO IURQWHLUD HQWUH R UHDO H R LPDJLQiULR PXQGRV FKHLRV GH GHVDILRV H
SHULJRVDV DYHQWXUDV HVWHV VmR RV HOHPHQWRV TXH FRPS}H R XQLYHUVR ILFFLRQDO GHVVH DXWRU
H[WUDRUGLQiULRTXHDRIDODUGHVXDREUDGL]LDDSHQDVUHJLVWUDUYR]HVTXHFDSWDYDGHXPDRXWUD
HVWUHOD
5LFDUGR *RXYHLD p MRUQDOLVWD WUDGXWRU H HVFULWRU GH URPDQFHV GH ILFomR FLHQWtILFD 3XEOLFRX
UHFHQWHPHQWH VH OLYUR 8P DU FRQGLFLRQDGR 3RVVXL YiULDV SHoDV LQIDQWRMXYHQLV SUHPLDGDV H VHLV
REUDVLQIDQWLVSXEOLFDGDV

QGLFH

2YLQJDGRUGRIXWXUR 
$PHQWHDOLHQtJHQD  
5HYDQFKH 
1mRMXOJXHSHODFDSD 
$)RUPLJDHOpWULFD  
$SHTXHQDFDL[DSUHWD 

2YLQJDGRUGRIXWXUR

5HFRUGDPRVSDUDYRFrSRUDWDFDGR

(/( $&25'28  H GHVHMRX 0DUWH 2V YDOHV SHQVRX 4XDO VHULD D VHQVDomR GH
FDPLQKDUSHQRVDPHQWHSRUHQWUHHOHV"0DLRUFDGDYH]PDLRURVRQKRFUHVFLDjPHGLGDTXH
LD ILFDQGR SOHQDPHQWH FRQVFLHQWH R VRQKR H WDPEpP R GHVHMR (OH TXDVH SRGLD VHQWLU D
SUHVHQoD HQYROYHQWH GR RXWUR PXQGR TXH DSHQDV DJHQWHV GR JRYHUQR H DOWRV RILFLDLV Mi
WLQKDPYLVWR8PHPSUHJDGRFRPRHOH",PSURYiYHO
9RFrYDLOHYDQWDURXQmR"SHUJXQWRXVRQROHQWDVXDHVSRVD.LUVWHQFRPRPDXKXPRU
GHVHPSUHVHYDLDSHUWHRERWmRGHFDIpTXHQWHQHVVDSRUFDULDGHIRJmR
&HUWRGLVVH'RXJODV4XDLOHVHJXLXGHVFDOoRGRTXDUWRGHVHXFRQDSWDWpDFR]LQKD
/iGHSRLVGHREHGLHQWHPHQWHDSHUWDURERWmRGRFDIpTXHQWHVHQWRXVHjPHVDGDFR]LQKDH
VDFRXXPDODWLQKDDPDUHODGHILQRUDSp'HDQ6ZLIW,QDORXHQHUJLFDPHQWHHDPLVWXUD%HDX
1DVK DJXLOKRRXOKH R QDUL] TXHLPRXOKH R FpX GD ERFD 0DV HOH LQDORX PDLV XPD YH]
DTXLOR R GHVSHUWDYD H ID]LD FRP TXH VHXV VRQKRV VHXV GHVHMRV QRWXUQRV H HYHQWXDLV
LPSXOVRVVHFRQGHQVDVVHPHPXPDIDFKDGDGHUDFLRQDOLGDGH
(XLUHLGLVVHHOHDVLPHVPR$QWHVGHPRUUHUHXYHUHL0DUWH
,VVR HUD LPSRVVtYHO FODUR H HOH VDELD GLVVR PHVPR VRQKDQGR 0DV j OX] GR GLD RV
JHVWRVFRWLGLDQRVGHVXDHVSRVDDJRUDHVFRYDQGRRVFDEHORVGLDQWHGRHVSHOKRGRTXDUWR
WXGR FRQVSLUDYD SDUD OHPEUDUOKH R TXH HUD 8P PtVHUR HPSUHJDGLQKR DVVDODULDGR HOH
GLVVHDVLPHVPRFRPDPDUJXUD.LUVWHQOHPEUDYDRGLVVRSHORPHQRVXPDYH]SRUGLDH
HOHQmRDFXOSDYDHUDGHYHUGDHVSRVDWUD]HURPDULGRGHYROWDj7HUUD 'HYROWDj7HUUD
HOHSHQVRXHULX$TXLDILJXUDGHOLQJXDJHPHUDOLWHUDOPHQWHDGHTXDGD
'RTXHpTXHYRFrHVWiULQGR"SHUJXQWRXDHVSRVDHQWUDQGRPDMHVWRVDQDFR]LQKDVHX
ORQJR UREH URVDEXOLoRVR EDODQoDQGR DWUiV GHOD  8P VRQKR DSRVWR 9RFr HVWi VHPSUH
FKHLRGHOHV
6LPGLVVHHOHHROKRXSHODMDQHODSDUDRVKRYHUFDUVHU~QHLVGHWUkQVLWRHSDUDWRGDV
DTXHODVSHTXHQDVHHQpUJLFDVSHVVRDVFRUUHQGRSDUDRWUDEDOKR'DTXLDSRXTXLQKRHVWDULD
HQWUHHODV&RPRVHPSUH
$SRVWRTXHWHPDYHUFRPDOJXPDPXOKHUGLVVH.LUVWHQGHYDVWDGRUD
1mRGLVVH HOH  )RL FRP XP GHXV 2 GHXV GD JXHUUD (OH HP PDUDYLOKRVDV FUDWHUDV
FRPWRGRRWLSRGYLGDYHJHWDOFUHVFHQGRQRIXQGRGHODV
(VFXWH.LUVWHQDJDFKRXVHDRODGRGHOHHIDORXIUDQFDPHQWHVHXUtVSLGRWRPGHYH]
PRPHQWDQHDPHQWHHVTXHFLGR2IXQGRGRRFHDQRQRVVRRFHDQRpPXLWRXPDLQILQLGDGH
GHYH]HVPDLVERQLWR9RFrVDEHGLVVRWRGRPXQGRVDEH$OXJXHXPDVURXSDVGHJXHOUDV
DUWLILFLDLVSDUDQyVGRLVWLUHXPDVHPDQDGHOLFHQoDQRWUDEDOKRHSRGHUHPRVGHVFHUYLYHU
OiHPEDL[RHPXPDGHVVDVHVWkQFLDVDTXiWLFDVTXHIXQFLRQDPRDQRLQWHLUR(DOpPGLVVR
(ODLQWHUURPSHXVH9RFrQmRHVWiHVFXWDQGR'HYHULDHVWDU(LVDTXLDOJRPXLWRPHOKRU
GR TXH DTXHOD FRPSXOVmR DTXHOD REVHVVmR TXH YRFr WHP SRU 0DUWH H YRFr QHP VHTXHU
HVFXWD  $ YR] GHOD VH HOHYRX HVWULGHQWH  'HXV GR FpX YRFr HVWi FRQGHQDGR 'RXJ 2
TXHYDLVHUGHYRFr"
(XYRXWUDEDOKDUGLVVHHOHOHYDQWDQGRVHRGHVMHMXPFRPSOHWDPHQWHHVTXHFLGR  e
LVWRRTXHYDLVHUGHPLP
(ODHQFDURXR

9RFrHVWiILFDQGRSLRU0DLVIDQiWLFRDFDGDGLD2QGHpTXHLVWRYDLSDUDU"
(P0DUWHGLVVHHOHDEULXDSRUWDGRDUPiULRSDUDSHJDUXPDFDPLVDOLPSD
'HSRLV GH GHVFHU GR Wi[L 'RXJODV 4XDLO FDPLQKRX OHQWDPHQWH SRU WUrV U~QHLV SDUD
SHGHVWUHVLQWHQVDPHQWHPRYLPHQWDGRVDWpDHQWUDGDPRGHUQDHFRQYLGDWLYD$OLHOHSDURX
REVWUXLQGR R WUkQVLWR GR PHLR GD PDQKm H OHX FRP FXLGDGR R OHWUHLUR GH QpRQ GH FRUHV
FDPELDQWHV(OHMiWLQKDH[DPLQDGRDTXHOHOHWUHLURDQWHVQRSDVVDGR0DVQXQFDFKHJDUD
WmR SHUWR $TXLOR WLQKD VLGR PXLWR GLIHUHQWH R TXH HVWDYD ID]HQGR DJRUD HUD XPD RXWUD
FRLVD$OJRTXHPDLVFHGRRXPDLVWDUGHWHULDTXHDFRQWHFHU
5(.25'$662&,$'26

6HULD HVWD D UHVSRVWD" $ILQDO XPD LOXVmR QmR LPSRUWD R TXmR FRQYLQFHQWH FRQWLQXD
VHQGRQDGDPDLVTXHXPDLOXVmR3HOR PHQRV HP WHUPRV REMHWLYRV 0DV VXEMHWLYDPHQWH
HUDEHPRRSRVWRLQWHLUDPHQWH
(GHTXDOTXHUIRUPDHOHWLQKDKRUDPDUFDGD'HQWURGRVSUy[LPRVFLQFRPLQXWRV
,QVSLUDQGRSURIXQGDPHQWHRDUOHYHPHQWHLQIHVWDGRGHVPRJGH&KLFDJRHOHFDPLQKRX
DWUDYpVGRHVWRQWHDQWHEULOKRSROLFURPiWLFRGDHQWUDGDDWpREDOFmRGDUHFHSFLRQLVWD
$EHPDUWLFXODGDORLUDDWUiVGREDOFmRGHWRUVRQXHPXLWRDUUXPDGDGLVVHDIDYHOPHQWH
%RPGLDVU4XDLO
6LPGLVVHHOH(VWRXDTXLSRUFDXVDGHXPFXUVRGD5HFRUGH$FKRTXHYRFrVDEH
 1mR p 5HFRUGH PDV 5HNRUG  FRUULJLX D UHFHSFLRQLVWD (OD SHJRX R UHFHSWRU GR
YLGLIRQHTXHHVWDYDMXQWRDRVHXPDFLRFRWRYHORHIDORXSDUDGHQWURGHOH2VU'RXJODV
HVWiDTXLVU0F&ODQH(OHSRGHHQWUDUDJRUD"2XpPXLWRFHGR"
*L]ZHWZDZXPZXPZDPSPXUPXURXRIRQH
6LP6U4XDLOGLVVHHOD2VHQKRUSRGHHQWUDURVU0F&ODQHRDJXDUGD4XDQGR
HOHFRPHoRXDVHDIDVWDULQVHJXURHODJULWRX6DOD'VU4XDLOVXDGLUHLWD
'HSRLV GH XP IUXVWUDQWH PDV EUHYH PRPHQWR GH GHVRULHQWDomR HOH HQFRQWURX D VDOD
FHUWD $ SRUWD HVWDYD DEHUWD H GHQWUR DWUiV GH XPD HVFULYDQLQKD GH QRJXHLUD OHJtWLPD
VHQWDYDVH XP KRPHP GH DSDUrQFLD MRYLDO GH PHLDLGDGH YHVWLQGR XP WHUQR FLQ]D GD
~OWLPD PRGD HP SHOH GH Um PDUFLDQD Vy RV VXV WUDMHV Mi GHL[DUDP FODUR D 4XDLO TXH HOH
SURFXUDUDDSHVVRDFHUWD
 6HQWHVH 'RXJODV  GLVVH 0F&ODQH DFHQDQGR FRP VXD PmR UHFKRQFKXGD SDUD XPD
FDGHLUDGLDQWHGDHVFULYDQLQKD(QWmRYRFrTXHUWHULGRD0DUWH0XLWRERP
4XDLOVHQWRXVHQWLQGRVHWHQVR1mRWHQKRWDQWDFHUWH]DGHTXHYDOHDSHQDGLVVHHOH
&XVWDPXLWRFDURHDWpRQGHSRVVRYHUHXQDUHDOLGDGHQmRUHFHERQDGDHPWURFD &XVWD
TXDVHWmRFDURTXDQWRLUSHQVRX
9RFrWHUiSURYDVWDQJtYHLVGDYLDJHPGLVFRUGRXHQIDWLFDPHQWH0F&ODQH7RGDVDV
SURYDV GH TXH SUHFLVD $TXL YRX OKH PRVWUDU  (OH YDVFXOKRX XPD JDYHWD GH VXD
LPSUHVVLRQDQWHHVFULYDQLQKD&DQKRWRGHSDVVDJHP'HXPDSDVWDGHSDSHOPDQLOKDHOH
WLURX XP SHTXHQR GH FDUWmR JUDYDGR HP UHOHYR  ,VWR SURYD TXH YRFr IRL  H YROWRX
&DUW}HVSRVWDLV  (OH GLVS{V QXPD FDUUHLUD RUGHQDGD VREUH D PHVD TXDWUR FDUW}HVSRVWDLV
IUDQTXHDGRVFRPIRWRJUDILDVFRORULGDVWULGLPHQVLRQDLVSDUDTXH4XDLORVYLVVH)LOPHV
&HQDVTXHYRFrILOPRXHPSDLVDJHQVORFDLVGH0DUWHFRPXPDFkPDUDDOXJDGD7DPEpP
HVWHV HOH PRVWURX D 4XDLO  0DLV RV QRPHV GH SHVVRDV TXH YRFr FRQKHFHX GX]HQWRV
SRVFUHGVHPOHPEUDQoDVTXHYmRFKHJDUGH0DUWHGHQWURGRSUy[LPRPrV(SDVVDSRUWH
FHUWLG}HVGDVYDFLQDVTXHYRFrWRPRX(PDLV(OHHUJXHXRVROKRVSHQHWUDQWHVSDUD4XDLO
 9RFr YDL VDEHU TXH IRL HVWHMD FHUWR  GLVVH HOH  9RFr QmR VH OHPEUDUi GH QyV QmR VH

OHPEUDUi GH PLP RX GH WHU HVWDGR DTXL (P VXD PHQWH VHUi XPD YLDJHP UHDO LVWR QyV
JDUDQWLPRV 'XDV VHPDQDV FRPSOHWDV GH PHPyULD DWp R ~OWLPR H LQVLJQLILFDQWH GHWDOKH
/HPEUHVH GLVVR VH D TXDOTXHU PRPHQWR YRFr GXYLGDU TXH UHDOPHQWH IH] XPD H[WHQVD
YLDJHPD0DUWHSRGHUiYROWDUDTXLHVHUWRWDOPHQWHUHHPEROVDGR3HUFHEH"
0DVHXQmRIXLGLVVH4XDLO1mRWHUHLLGRQmRLPSRUWDTXHSURYDVYRFrPHIRUQHoD
(OHWRPRXXPI{OHJRSURIXQGRLQVHJXUR(HXQXQFDIXLXPDJHQWHVHFUHWRGD,QWHUSODQ
 3DUHFLD LPSRVVtYHO SDUD HOH TXH R LPSODQWH GH PHPyULD H[WUDIDFWXDO GD 5HNRUG
$VVRFLDGRVFXPSULVVHDVXDIXQomRDSHVDUGHWXGRRTXHRXYLUDDVSHVVRDVGL]HUHP
 6U 4XDLO  GLVVH SDFLHQWHPHQWH 0F&ODQH  &RPR H[SOLFRX HP VXD FDUWD SDUD QyV R
VHQKRUQmRWHPFKDQFHQHPDPDLVUHPRWDSRVVLELOLGDGHGHXPGLDFKHJDUDLUUHDOPHQWHD
0DUWH R VHQKRU QmR SRGH VH SHUPLWLU H R TXH p PXLWR PDLV LPSRUWDQWH SRGHUi QXQFD VH
TXDOLILFDUFRPRXPDJHQWHVHFUHWRGD,QWHUSODQRXGHTXDOTXHURXWUROXJDU(VWDpD~QLFD
PDQHLUDGHRVHQKRUUHDOL]DURVHXDKDPVRQKRGHWRGDXPDYLGDQmRHVWRXFHUWRVHQKRU"
2 VHQKRU QmR SRGH VHU QmR SRGH UHDOPHQWH ID]HU 0DV SRGH WHU VLGR H WHU IHLWR 1yV
FXLGDPRV GLVVR ( QRVVR SUHoR p UD]RiYHO H VHP WDULVIDVVXUSUHVD  (OH VRUULX
HQFRUDMDGRUDPHQWH
8PDPHPyULDH[WUDIDFWXDOpDVVLPWmRFRQYLQFHQWH"SHUJXQWRX4XDLO
0DLVGRTXHDUHDOLGDGHVHQKRU6HUHDOPHQWHWLYHVVHLGRD0DUWHFRPRXPDJHQWHGD
,QWHUSODQMiWHUiDHVWDDOWXUDHVTXHFLGRPXLWDFRLVD1RVVDDQiOLVHGHVLVWHPDVUHDOPHQWH
DXWrQWLFDV OHPEUDQoDV GH HYHQWRV PDLRUHV QD YLGD GH XPD SHVVRD  PRVWUD TXH GLYHUVRV
GHWDOKHV VH SHUGHP SDUD D SHVVRD PXLWR UDSLGDPHQWH 3DUD VHPSUH 3DUWH GR SDFRWH TXH
RIHUHFHPRVpXPLPSODQWHWmRSURIXQGRGHPHPyULDTXHQDGD p HVTXHFLGR 2 SDFRWH TXH
OKHVHUiIRUQHFLGRHQTXDQWRHVWLYHUHPHVWDGRFRPDWRVRpFULDomRGHHVSHFLDOLVWDVWUHLQDGRV
KRPHQVTXHSDVVDUDPDQRVHP0DUWHHPWRGRFDVRYHULILFDPRVRVGHWDOKHVDWpD~OWLPD
YtUJXOD(RVHQKRUHVFROKHXXPVLVWHPDH[WUDIDFWXDOPXLWRVLPSOHVVHWLYHVVHHVFROKLGR
3OXWmRRXTXLVHVVHVHU,PSHUDGRUGD$OLDQoDGRV3ODQHWDV,QWHULRUHVWHUtDPRVPXLWRPDLV
GLILFXOGDGH(RVSUHoRVVHULDPFRQVLGHUDYHOPHQWHPDLVDOWRV
(QILDQGRDPmRQRSDOHWySDUDSHJDUDFDUWHLUD4XDLOGLVVH
&HUWR(VWDpDPDLRUDPELomRGHPLQKDYLGDHYHMRTXHQXQFDFRQVHJXLUHLUHDOPHQWH
UHDOL]iOD(QWmRDFKRTXHWHUHLTXHPHVDWLVID]HUFRPLVVR
1mRSHQVHQLVVRGHVWDPDQHLUDGLVVH0F&ODQHFRPVHYHULGDGH 2VHQKRUQmRHVWi
UHFHEHQGR XP PDWHULDO GH VHJXQGD $ PHPyULD UHDO FRP WRGD D VXD LPSUHFLVmR VXDV
RPLVV}HVHHOLSVHVSDUDQmRGL]HUGLVWRUo}HVHODpTXHp FRLVDGHVHJXQGDFDWHJRULD(OH
UHFHEHXRGLQKHLURHDSHUWRXXPERWmRHPVXDHVFULYDQLQKD0XLWREHP6U4XDLOGLVVH
HOH HQTXDQWR D SRUWD GH VHX HVFULWyULR VH DEULD H GRLV KRPHQV FRUSXOHQWRV HQWUDYDP
UDSLGDPHQWH2VHQKRUHVWiDFDPLQKRGH0DUWHFRPRXPDJHQWHVHFUHWR(OHOHYDQWRX
VHHIRLDSHUWDUDPmRQHUYRVDH~PLGDGH4XDLO2XPHOKRURVHQKRUHVWHYHDFDPLQKRGH
0DUWH(VWDWDUGHjVTXDWURHPHLDRVHQKRUKXPFKHJDUiGHYROWDDTXLQD7HUUDXPWi[L
RGHL[DUiQRVHXFRQDSWHFRPRHXGLVVHRVHQKRUMDPDLVVHOHPEUDUiGHWHUPHYLVWRRX
YLQGR DTXL GH IDWR R VHQKRU QmR VH OHPEUDUi QHP PHVPR GH WHU RXYLGR IDODU HP QRVVD
H[LVWrQFLD
&RPDERFDVHFDGHQHUYRVLVPR4XDLOVHJXLXRVGRLVWpFQLFRVSDUDIRUDGRHVFULWyULRR
TXHDFRQWHFHULDGHSRLVGHSHQGLDGHOHV
(XUHDOPHQWHDFUHGLWDUHLWHUHVWDGRHP0DUWH"HOHVHSHUJXQWRX4XHFRQVHJXLUHDOL]DU
DDPELomRGDPLQKDYLGD"(OHWLQKDXPDHVWUDQKDSHUVLVWHQWHLQWXLomRGHTXHDOJXPDFRLVD
LULDGDUHUUDGR0DVH[DWDPHQWHRTXHHOHQmRVDELD
7HULDGHHVSHUDUHGHVFREULU

2LQWHUFRPVREUHDPHVDGH0F&ODQHTXHRFRQHFWDYDFRPDiUHDGHWUDEDOKRGDILUPD
VRRXHXPDGLVVH
 6U 4XDLO HVWi VRE VHGDWLYRV DJRUD VHQKRU 4XHU VXSHUYLVLRQDU HVWH FDVR RX GHYHPRV
SURVVHJXLU"
 e URWLQD  REVHUYRX 0F&ODQH  9RFr SRGH SURVVHJXLU /RZH QmR FUHLR TXH WHUi
TXDOTXHUSUREOHPDSURJUDPDUDPHPyULDDUWLILFLDOGHXPDYLDJHPDRXWURSODQHWDFRP
RX VHP R HVWtPXOR DGLFLRQDO GH VHU XP DJHQWH VHFUHWR  DSDUHFLD QD URWLQD GH WUDEDOKR GD
ILUPD FRP PRQyWRQD UHJXODULGDGH (P XP PrV HOH FDOFXORX LURQLFDPHQWH GHYHPRV ID]HU
XPDV YLQWH GHVVDV $V YLDJHQV LQWHUSODQHWiULDV HUVDW] VH WRUQDUmR QRVVR DUUR]FRP
IHLMmR
&RPRTXLVHUVU0F&ODQHYHLRDYR]GH/RZHDSyVRTXHRLQWHUFRPVLOHQFLRX
,QGRDWpRFRIUHQDFkPDUDDWUiVGRVHXHVFULWyULR0F&ODQHSURFXURXXPSDFRWHQ~PHUR
7UrV  YLDJHP D 0DUWH  H XP SDFRWH 6HVVHQWD H 'RLV  HVSLmR VHFUHWR GD ,QWHUSODQ
(QFRQWUDQGRRVGRLVSDFRWHVUHWRUQRXFRPHOHVjVXDPHVDVHQWRXVHFRQIRUWDYHOPHQWHH
HVSDOKRXVREUHHODRFRQWH~GRPHUFDGRULDTXHVHULDSODQWDGDQRFRQDSWGH4XDLOHQTXDQWR
RVWpFQLFRVGRODERUDWyULRVHRFXSDYDLQVWDODQGRDPHPyULDIDOVD
8PDDUPDMRmR]LQKRVRUUDWHLURGHXPSRVFUHGUHIOHWLX0F&ODQHHVWHpRPDLRUGRV
LWHQV 2 PDLV FDUR 'HSRLV XP WUDQVPLVVRU GR WDPDQKR GH XPD StOXOD TXH SRGLD VHU
HQJROLGR VH R DJHQWH IRVVH SHJR 8P OLYUR GH FyGLJRV TXH VH DVVHPHOKDYD
VXUSUHHQGHQWHPHQWH DRV UHDLV 2V PRGHORV GD ILUPD HUDP DOWDPHQWH SUHFLVRV EDVHDGRV
VHPSUHTXHSRVVtYHOHPOHJtWLPRVVXSULPHQWRVGRH[pUFLWRDPHULFDQR%XJLJDQJDVDYXOVDV
TXHVR]LQKDVQmRID]LDPVHQWLGRPDVTXHVHULDPWHFLGDVQDWUDPDGDYLDJHPLPDJLQiULD
GH 4XDLO H LULDP FRLQFLGLU FRP GDGRV GH VXD PHPyULD PHWDGH GH XPD DQWLJD PRHGD GH
SUDWD GH FLQTHQWD FHQWV GLYHUVDV FLWDo}HV GRV VHUP}HV GH -RKQ 'RQQH DQRWDGDV
LQFRUUHWDPHQWH FDGD XPD QXP SHGDoR GH SDSHO GH VHGD ILQR H WUDQVSDUHQWH GLYHUVDV
FDUWHLUDV GH IyVIRURV GH EDUHV HP 0DUWH XPD FROKHU GH DoR LQR[LGiYHO FRP D JUDYDomR
35235,('$'('$5('20$.,%87=,01$&,21$,6'(0$57(XPDERELQDGH
ILRSDUDLQWHUFHSWDomRTXH
2LQWHUFRPVRRX
6U0F&ODQHVLQWRPXLWRLQFRPRGiORPDVDFRQWHFHXXPDFRLVDWHUUtYHO7DOYH]VHMD
PHOKRURVHQKRUYLUDWpDTXL4XDLOMi HVWiVRE VHGDomR HOH UHDJLX EHP j QDUNLGULQD HVWi
FRPSOHWDPHQWHLQFRQVFLHQWHHUHFHSWLYR0DV
-iHVWRXLQGR3UHVVHQWLQGRSUREOHPDV0F&ODQHVDLXGHVHXHVFULWyULRXPPRPHQWR
GHSRLVHVWDYDQDVDODGHWUDEDOKR
'RXJODV4XDLOHVWDYDGHLWDGRQXPDFDPDKLJLHQL]DGDUHVSLUDQGROHQWD HUHJXODUPHQWH
RV ROKRV TXDVH IHFKDGRV (OH SDUHFLD OLJHLUDPHQWH  DSHQDV OLJHLUDPHQWH  FRQVFLHQWH GRV
GRLVWpFQLFRVHDJRUDGRSUySULR0F&ODQH
 1mR Ki HVSDoR SDUD LQVHULU IDOVRV SDGU}HV GH PHPyULD"  0F&ODQH LUULWRXVH 
6LPSOHVPHQWH HOLPLQHP XPD RX GXDV VHPDQDV GH WUDEDOKR HOH WHP XP HPSUHJR FRPR
HVFULWXUiULRQR%XU{GH(PLJUDomRGD&RVWD2HVWHXPDDJrQFLD JRYHUQDPHQWDOSRUWDQWR
VHP G~YLGD WHP RX WHYH GXDV VHPDQDV GH IpULDV QR ~OWLPR DQR ,VVR GHYH UHVROYHU R
SUREOHPD'HWDOKHVEDQDLVRLQFRPRGDYDP(VHPSUHLQFRPRGDULDP
1RVVRSUREOHPDGLVVH/RZHEUXVFDPHQWHpDOJREHPGLIHUHQWH&XUYRXVHVREUHD
FDPDHGLVVHD4XDLO&RQWHDRVU0F&ODQHRTXHQRVFRQWRX(D0F&ODQH(VFXWH
FRPDWHQomR
2V ROKRV FLQ]DHVYHUGHDGRV GR KRPHP GHLWDGR LQHUWH QD FDPD IRFDOL]DUDP R URVWR GH
0F&ODQH 2V ROKRV HOH REVHUYRX SRXFR j YRQWDGH WLQKDP VH WRUQDGR GXURV WLQKD XPD

DSDUrQFLD SROLGD LQRUJkQLFD FRPR SHGUDV VHPLSUHFLRVDV URODGDV 1mR HVWDYD FHUWR GH
JRVWDUGRTXHYLDREULOKRHUDIULRGHPDLV
2TXHTXHUDJRUD"GLVVH4XDLOULVSLGDPHQWH9RFrUHYHORXRPHXGLVIDUFH'rRIRUD
GDTXL DQWHV TXH HX DFDEH FRP YRFr  (OH HVWXGRX 0F&ODQH  (VSHFLDOPHQWH YRFr 
FRQWLQXRX9RFrpRHQFDUUHJDGRGHVWDFRQWUDRSHUDomR
4XDQWRWHPSRHVWHYHHP0DUWH"SHUJXQWRX0F&ODQH
8PPrVGLVVH4XDLODVSHUDPHQWH
4XDOHUDVXDPLVVmR"GHPDQGRX/RZH
2V OiELRV PDJURV VH WRUFHUDP 4XDLO ROKRX SDUD HOH H QmR IDORX $ILQDO DUUDVWDQGR DV
SDODYUDVGHWDOPDQHLUDTXHHODVGHVWLODYDPKRVWLOLGDGHGLVVH
 $JHQWH GD ,QWHUSODQ &RPR HX Mi OKH GLVVH 9RFr QmR UHJLVWUD WXGR R TXH p GLWR"
5HSURGX]DVXDILWDYLGDXGSDUDRVHXFKHIHHGHL[HPHHPSD])HFKRXHQWmRRVROKRVH
REULOKRGXURVHDSDJRX0F&ODQHVHQWLXLQVWDQWDQHDPHQWHXPDRQGDGHDOtYLRSHUFRUUrOR
/RZHGLVVHPDQVDPHQWH
(VWHKRPHPpGXUmRVU0F&ODQH
 1mR YDL VHU  GLVVH 0F&ODQH  GHSRLV TXH R IL]HUPRV SHUGHU VXD FDGHLD GH PHPyULD
RXWUDYH](OHILFDUiWmRGyFLOFRPRDQWHV(D4XDLOGLVVH(QWmRpSRULVVRTXHYRFr
TXHULDWDQWRLUD0DUWH
6HPDEULURVROKRV4XDLOUHVSRQGHX
HXQXQFDTXLVLUSDUD0DUWH )XLGHVLJQDGRSDUDLVVRHOHVPH HQYLDUDP H Oi ILTXHL
HQWDODGR2KVLPDGPLWRTXHHVWDYDFXULRVRTXHPQmRHVWDULD"1RYDPHQWHHOHDEULXRV
ROKRV H H[DPLQRX RV WUrV 0F&ODQH HP SDUWLFXODU  8P EHOR VRUR GD YHUGDGH YRFrV WrP
DTXL IH] YLUDP j WRQD FRLVDV GDV TXDLV HX DEVROXWDPHQWH QmR WLQKD OHPEUDQoD  (OH
SRQGHURX ( .LUVWHQ" GLVVH HOH FRQVLJR PHVPR 6HUi TXH HOD HVWi HQYROYLGD QLVVR XP
FRQWDWR GD ,QWHUSODQ GH ROKR HP PLP SDUD WHU FHUWH]D GH TXH QmR UHFXSHUHL PLQKD
PHPyULD" 1mR DGPLUD TXH HOD WHQKD FDoRDGR WDQWR GH PLQKD YRQWDGH GH LU SDUD Oi
/HYHPHQWHHOHVRUULXRVRUULVRGHFRPSUHHQVmRGHVDSDUHFHXTXDVHTXHLPHGLDWDPHQWH
0F&ODQHGLVVH
 3RU IDYRU DFUHGLWHPH VU 4XDLO WURSHoDPRV QLVVR LQWHLUDPHQWH SRU DFLGHQWH 1R
WUDEDOKRTXHID]HPRV
 (X DFUHGLWR HP YRFr  GLVVH 4XDLO (OH DJRUD SDUHFLD FDQVDGR D GURJD FRQWLQXDYD D
SX[iORPDLVHPDLVIXQGR2QGHHXGLVVH TXH HVWLYH"  PXUPXURX  0DUWH" 'LItFLO GH
OHPEUDUVHLTXHJRVWDULDGHLUDVVLPFRPRWRGRPXQGR0DVHX6XDYR]HQIUDTXHFHX
$SHQDVXPHPSUHJDGRXPHPSUHJDGRGHQDGD
(QGLUHLWDQGRVH/RZHGLVVHDRVHXVXSHUYLVRU
 (OH TXHU XPD IDOVD PHPyULD LPSODQWDGD TXH FRUUHVSRQGD D XPD YLDJHP TXH HOH
UHDOPHQWHIH](XPDIDOVD UD]mRTXH p DUD]mRUHDO2TXHHOHGL]pYHUGDGHHQFRQWUDVH
VREDIRUWHDomRGDQDUNLGULQD$YLDJHPHVWiPXLWRYtYLGDHPVXDPHQWHSHORPHQRVVRE
VHGDomR $OJXpP SURYDYHOPHQWH DOJXP ODERUDWyULR GH FLrQFLDV PLOLWDUHV GR JRYHUQR
DSDJRXVXDVPHPyULDVFRQVFLHQWHVWXGRRTXHHOHVDELDHUDTXHLUD0DUWHVLJQLILFDYDDOJR
GHHVSHFLDOSDUDHOHEHPFRPRVHUXPDJHQWHVHFUHWR(OHVQmRSXGHUDPDSDJDULVVRQmRp
XPD PHPyULD PDV XP GHVHMR VHP G~YLGD R PHVPR TXH R PRWLYRX GHVGH R SULQFtSLR D
DSUHVHQWDUVHFRPRYROXQWiULRSDUDDPLVVmR
2RXWURWpFQLFR.HHOHUGLVVHD0F&ODQH
2TXHIDUHPRV"9DPRVHQ[HUWDUXPIDOVRSDGUmRGH PHPyULD VREUH D PHPyULD UHDO"
1mRKiFRPRSUHYHURVUHVXOWDGRVHOHSRGHUiVHOHPEUDUGHSDUWHGDYLDJHPJHQXtQDHD
FRQIXVmRSRGHUiOHYiORDXPLQWHUO~GLRSVLFyWLFR(OHWHULDTXHPDQWHUHPVXDPHQWHGXDV

SUHPLVVDVRSRVWDVTXHHOHIRLD0DUWHHTXHQmRIRL2IDWRGHTXHHOHpHQmRpXPDJHQWH
JHQXtQR GD ,QWHUSODQ $FKR TXH GHYHUtDPRV UHYLYrOR VHP QHQKXP LPSODQWH GH IDOVD
PHPyULDHPDQGiORHPERUDGDTXLHVWHDVVXQWRpH[SORVLYR
&RQFRUGRGLVVH0F&ODQH8PSHQVDPHQWROKHRFRUUHX9RFrSRGHSUHYHURTXHHOH
YDLOHPEUDUTXDQGRVDLUGDVHGDomR"
 ,PSRVVtYHO VDEHU  GLVVH /RZH  (OH SURYDYHOPHQWH WHUi DJRUD XPD SiOLGD GLIXVD
PHPyULD GH VXD YHUGDGHLUD YLDJHP FRP VpULDV G~YLGDV TXDQWR j VXD UHDOL]DomR ( WDOYH]
FRQFOXDTXHDQRVVDSURJUDPDomRSXORXXPGHQWHGDHQJUHQDJHP(HOHVHOHPEUDUiGHWHU
YLQGRDTXLLVWRQmRVHULDDSDJDGRDQmRVHUTXHYRFrTXHLUD
 4XDQWR PHQRV PH[HUPRV FRP HVWH KRPHP  GLVVH 0F&ODQH  PHOKRU 2 DVVXQWR p
VpULR)RPRVVXILFLHQWHPHQWHWRORVRXD]DUDGRVDRUHYHODUDLGHQWLGDGHGHXP JHQXtQR
HVSLmRGD,QWHUSODQFRPXPDFDPXIODJHPWmRSHUIHLWDTXHDWpDJRUDQmRVDELDQHPPHVPR
TXHRHUDRXPHOKRUp4XDQWRDQWHVHOHVODYDVVHPDVPmRHPUHODomRDRKRPHPTXHVH
FKDPDYD'RXJODV4XDLOWDQWRPHOKRU
9RFrYDLSODQWDURVSDFRWHV7UrVH6HVVHQWDH'RLVQRFRQDSWGHOH"SHUJXQWRX/RZH
1mRGLVVH0F&ODQH(YDPRVGHYROYHUPHWDGHGRSDJDPHQWR
0HWDGH3RUTXHPHWDGH"
0HSDUHFHXPERPDFRUGRGLVVH0F&ODQHVHPPXLWDFRQYLFomR

(QTXDQWR R Wi[L R OHYDYD GH YROWD DR FRQDSW QD iUHD UHVLGHQFLDO GH &KLFDJR 'RXJODV
4XDLOGLVVHFRQVLJRPHVPRePXLWRERPHVWDUGHYROWDj7HUUD
2 SHUtRGR GH XP PrV HP 0DUWH Mi KDYLD FRPHoDGR D VH PDQLIHVWDU YDFLODQWH HP VXD
PHPyULD HOH WLQKD DSHQDV XPD LPDJHP GH SURIXQGDV H KLDQWHV FUDWHUDV GD FRQVWDQWH
SUHVHQoDGHFROLQDVFRUURtGDVSHODHURVmRGDYLWDOLGDGHGRSUySULRPRYLPHQWR8PPXQGR
GH Sy RQGH SRXFR DFRQWHFLD RQGH XPD ERD SDUWH GR GLD HUD HPSUHJDGD YHULILFDQGR R
VXSULPHQWRSRUWiWLOGHR[LJrQLR(DVIRUPDVGHYLGDRVGHVSUHWHQVLRVRVHPRGHVWRVFDFWRV
HPLQKRFDVGHEXFKR
1D YHUGDGH HOH WURX[HUD GLYHUVRV HVSpFLPHV PRULEXQGRV GD IDXQD PDUFLDQD
FRQWUDEDQGHDGRV DWUDYpV GD DOIkQGHJD $ILQDO HOHV QmR UHSUHVHQWDYDP QHQKXPD DPHDoD
QmRSRGHULDPVREUHYLYHUQDDWPRVIHUDSHVDGDGD7HUUD
(QILDQGR D PmR QR EROVR GR SDOHWy SURFXURX R UHFLSLHQWH FRP DV PLQKRFDVGHEXFKR
PDUFLDQDV
(HQFRQWURXXPHQYHORSHQROXJDU
3HUSOH[RGHVFREULXTXHFRQWLQKDTXLQKHQWRVHVHWHQWDSRVWFUHGVHPQRWDVSHTXHQDVGH
FUHG
2QGH HX DUUDQMHL LVWR" HOH SHUJXQWRXVH (X QmR WLQKD JDVWR DWp R ~OWLPR FUHG TXH
SRVVXtDHPPLQKDYLDJHP"
&RPRGLQKHLURYHLRXPDWLUDGHSDSHORQGHHVWDYDHVFULWR 0HWDGHGRSDJDPHQWRHP
GHYROXomR3RU0F&ODQH(DGDWD$GDWDGHKRMH
5HNRUGHOHGLVVHHPYR]DOWD
 5HFRUGDU R TXr VHQKRU RX VHQKRUD"  LQTXLULX UHVSHLWRVDPHQWH R PRWRULVWDURE{ GR
Wi[L
9RFrWHPXPDOLVWDWHOHI{QLFD"SHUJXQWRX4XDLO
 &HUWDPHQWH VHQKRU RX VHQKRUD  $EULXVH XPD IHQGD GHOD GHVOL]RX XP FDWiORJR
WHOHI{QLFRGR&RQGDGRGH&RRNHPPLFURILWD
 (VWi IRUD GH RUGHP  GLVVH 4XDLO HQTXDQWR IROKHDYD DV SiJLQDV GD VHomR DPDUHOD
6HQWLD PHGR HQWmR XP PHGR SHUPDQHQWH  $TXL HVWi  GLVVH  /HYHPH SDUD Oi 5HNRUG

$VVRFLDGRV0XGHLGHLGpLDQmRTXHURLUSDUDFDVD
 6LP VHQKRU RX VHQKRUD FRPR TXLVHU  GLVVH R PRWRULVWD 0RPHQWRV GHSRLV R Wi[L
VHJXLDUDSLGDPHQWHQDGLUHomRRSRVWD
3RVVRXVDURVHXIRQH"HOHSHUJXQWRX
3RUIDYRUGLVVHRPRWRULVWDURE{(DSUHVHQWRXOKHXPQRYRHOXVWURVRIRQHLPSHUDGRU
'HPFRUHV
(OH OLJRX SDUD VHX SUySULR FRQDSW 'HSRLV GH XPD SDXVD YLXVH GLDQWH GH XPD
PLQLDWXUL]DGDPDVDUUHSLDQWHPHQWHUHDOtVWLFDLPDJHPGH.LUVWHQQDWHOLQKD
(VWLYHHP0DUWHGLVVHOKH
9RFrHVWiErEDGR6HXVOiELRVVHWRUFHUDPHPHVFiUQLR2XSLRU
-XURSRU'HXV
4XDQGR"GHPDQGRXHOD
(XQmRVHL(OHVHQWLDVHFRQIXVR8PDYLDJHPVLPXODGDDFKR1XPGHVVHVOXJDUHV
GHPHPyULDDUWLILFLDORXH[WUDIDFWXDORXRTXHVHMD0DVQmRSHJRX
 9RFr HVWi ErEDGR  IXOPLQRX .LUVWHQ H LQWHUURPSHX D FRQH[mR GR VHX ODGR (OH
GHVOLJRX VHQWLQGR R URVWR DIRJXHDGR 6HPSUH R PHVPR WRP GLVVH QHUYRVDPHQWH SDUD VL
PHVPR6HPSUHFRPD~OWLPDSDODYUDFRPRVHHODVRXEHVVHWXGRHHXQmRVRXEHVVHQDGD
4XHFDVDPHQWRHOHSHQVRXVRPEULR
8P PRPHQWR GHSRLV R Wi[L HQFRVWRX QR PHLRILR GLDQWH GH XP PRGHUQR H DWUDHQWH
HGLItFLR FRUGHURVD VREUH R TXDO XP FDPELDQWH H SROLFURPiWLFR OHWUHLUR GH QpRQ GL]LD
5(.25'$662&,$'26
$UHFHSFLRQLVWDFKLTXHHGHVSLGDGDFLQWXUDSDUDFLPDWHYHXPVREUHVVDOWRGHVXUSUHVD
UHDGTXLULQGRRFRQWUROHVREUHVLPHVPD
 2K ROi VU 4XDLO  GLVVH HOD QHUYRVD  & FRPR HVWi R VHQKRU" (VTXHFHX DOJXPD
FRLVD"
2UHVWDQWHGDGHYROXomRGRPHXSDJDPHQWR
0DLVFRPSRVWDDJRUDDUHFHSFLRQLVWDGLVVH
 3DJDPHQWR" $FKR TXH R VHQKRU HVWi HQJDQDGR VU 4XDLO 2 VHQKRU HVWHYH DTXL
GLVFXWLQGRDYLDELOLGDGHGHXPDYLDJHPH[WUDIDFWXDOSDUDRVHQKRUPDVHODHQFROKHXRV
RPEURVPDFLRVHSiOLGRV$WpRQGHSRVVRHQWHQGHUQHQKXPDYLDJHPIRLIHLWD
(XPHOHPEURGHWXGRPRoD0LQKDFDUWDj5HNRUG$VVRFLDGRVTXHGHXRULJHPDWXGR
LVVR/HPEURPHGHPLQKDFKHJDGDDTXLPLQKDYLVLWDDRVU0F&ODQH2VGRLVWpFQLFRVGR
ODERUDWyULR PH OHYDQGR D UHERTXH H DGPLQLVWUDQGR XPD GURJD SDUD PH DSDJDU  1mR
DGPLUDYDTXHWLYHVVHPGHYROYLGRPHWDGHGRSDJDPHQWR$IDOVDPHPyULDGHVXDYLDJHPD
0DUWHQmRWLQKDGDGRFHUWRSHORPHQRVQmRLQWHLUDPHQWHFRPROKHWLQKDVLGRJDUDQWLGR
 6U 4XDLO  GLVVH D PRoD  HPERUD R VHQKRU VHMD XP HPSUHJDGR VXEDOWHUQR p XP
KRPHP DWUDHQWH H ILFDU ]DQJDGR GHVILJXUD VHX URVWR 6H LVWR R IL]HU VHQWLUVH PHOKRU HX
SRGHULDDKDPDFRPSDQKiORDWpDVDtGD
(OHILFRXIXULRVR
(XPHOHPEURGHYRFrGLVVHVHOYDJHPHQWH3RUH[HPSORRIDWRGHTXHRVVHXVVHLRV
HVWmR SLQWDGRV GH D]XO LVVR ILFRX QD PLQKD FDEHoD ( HX PH OHPEUR GD SURPHVVD GR VU
0F&ODQHGHTXHVHHXPHOHPEUDVVHGHPLQKDYLVLWDj5HNRUG$VVRFLDGRVUHFHEHULDWRGRR
PHXGLQKHLURGHYROWD2QGHHVWiRVU0F&ODQH"
'HSRLV GH XPD HVSHUD  SURYDYHOPHQWH D PDLV SURORQJDGD SRVVtYHO  HOH VH HQFRQWURX
PDLV XPD YH] VHQWDGR GLDQWH GH LPSRQHQWH HVFULYDQLQKD GH QRJXHLUD H[DWDPHQWH FRPR
HVWLYHUDFHUFDGHXPDKRUDDQWHVQDTXHOHPHVPRGLD
 %HOD WpFQLFD YRFr WHP  GLVVH 4XDLO VDUGRQLFDPHQWH 6HX GHVDSRQWDPHQWR  H

UHVVHQWLPHQWR  HUD HQRUPH D HVVD DOWXUD  0LQKD SUHWHQVD PHPyULD GH XPD YLDJHP D
0DUWHFRPRDJHQWHVHFUHWRGD,QWHUSODQpQHEXORVDHYDJDHFKHLDGHFRQWUDGLo}HV(HXPH
OHPEURFODUDPHQWHGDVPLQKDVQHJRFLDo}HVDTXLFRPYRFrV'HYHULDOHYDULVWRDR%XU{GH
0HOKRUHV 1HJyFLRV  (OH HVWDYD DUGHQGR GH UDLYD D VHQVDomR GH WHU VLGR ORJUDGR HUD
VXSHULRUjVXDKDELWXDODYHUVmRDSDUWLFLSDUGHFRQWHVWDo}HVS~EOLFDV
3DUHFHQGRDERUUHFLGRHWDPEpPFDXWHORVR0F&ODQHGLVVH
 1yV GHVLVWLPRV 4XDLO 9DPRV UHVWLWXLU R VDOGR GH VHX SDJDPHQWR &RQFRUGR
SOHQDPHQWHTXHGHIDWRQmRIL]HPRVDEVROXWDPHQWHQDGDSRUYRFr6HXWRPHUDUHVLJQDGR
4XDLOGLVVHDFXVDGRUDPHQWH
 9RFr QHP PH IRUQHFHX RV GLYHUVRV REMHWRV TXH FRPR DOHJRX LULDP SURYDU TXH
HVWLYH HP 0DUWH 7RGR DTXHOH UHEXOLoR TXH YRFr IH] QmR VH PDWHULDOL]RX HP SRUFDULD
QHQKXPD 1HP PHVPR XP FDQKRWR GH SDVVDJHP 1HP FDUW}HVSRVWDLV 1HP SDVVDSRUWH
1HPFRPSURYDQWHVGHLPXQL]DomR1HP
 (VFXWH 4XDLO  GLVVH 0F&ODQH  6XSRQKD TXH HX OKH FRQWH  (OH LQWHUURPSHXVH 
'HL[H SDUD Oi  (OH DSHUWRX XP ERWmR HP VHX LQWHUFRP  6KLUOH\ SRU IDYRU SURYLGHQFLH
PDLVTXLQKHQWRVHVHWHQWDFUHGVQDIRUPDGHXPFKHTXHGRFDL[DIHLWRHPQRPHGH'RXJODV
4XDLO2EULJDGR6ROWRXRERWmRHILFRXHQFDUDQGR4XDLOLQWHQVDPHQWH
3RXFR GHSRLV R FKHTXH FKHJRX D UHFHSFLRQLVWD FRORFRXR GLDQWH GH 0F&ODQH H
GHVDSDUHFHXGHYLVWDQRYDPHQWHGHL[DQGRRVGRLVKRPHQVVR]LQKRVDLQGDVHGHIURQWDQGR
DWUDYpVGDVXSHUItFLHGDPDFLoDPHVDGHQRJXHLUD
 'HL[HPH GDUOKH XP FRQVHOKR  GLVVH 0F&ODQH HQTXDQWR DVVLQDYD H HQWUHJDYD R
FKHTXH1mRGLVFXWDDVXDDKDPUHFHQWHYLDJHPD0DUWHFRPQLQJXpP
4XHYLDJHP"
 %HP Dt p TXH HVWi  2EVWLQDGDPHQWH 0F&ODQH GLVVH  $ YLDJHP GD TXDO YRFr VH
OHPEUD SDUFLDOPHQWH $MD FRPR VH QmR VH OHPEUDVVH IDoD GH FRQWD TXH QXQFD DFRQWHFHX
1mRSHUJXQWHSRUTXrDSHQDVVLJDRPHXFRQVHOKRVHUiPHOKRUSDUDWRGRVQyV(OHWLQKD
FRPHoDGRDWUDQVSLUDU$EXQGDQWHPHQWH(DJRUDVU4XDLOHXWHQKRRXWURVFOLHQWHVSDUD
YHU/HYDQWRXVHHOHYRX4XDLODWpDSRUWD
(QTXDQWRDEULDDSRUWD4XDLOGLVVH
8PDILUPDTXHSUHVWDWmRPDXVHUYLoRVQmRGHYHULDQDYHUGDGHWHUFOLHQWHDOJXP(
IHFKRXDSRUWDDWUiVGHVL
$ FDPLQKR GH FDVD QR Wi[L 4XDLO ILFRX SHQVDQGR HP FRPR IRUPXODU D FDUWD GH
UHFODPDomR DR %XU{ GH 0HOKRUHV 1HJyFLRV 'LYLVmR 7HUUD &RPHoDULD DVVLP TXH SXGHVVH
VHQWDUVH j VXD PiTXLQD GH HVFUHYHU HUD FODUDPHQWH VHX GHYHU SUHYHQLU DV RXWUDV SHVVRDV
FRQWUDD5HNRUG$VVRFLDGRV
4XDQGR FKHJRX DR FRQDSW VHQWRXVH GLDQWH GH VXD +HUPHV 5RFNHW SRUWiWLO DEULX DV
JDYHWDVHYDVFXOKRXDVjSURFXUDGHSDSHOFDUERQRHQRWRXXPDFDL[DSHTXHQDHIDPLOLDU
8PD  FDL[D TXH HOH KDYLD FXLGDGRVDPHQWH HQFKLGR HP 0DUWH FRP H[HPSODUHV GD IDXQD
PDUFLDQDHGHSRLVFRQWUDEDQGHDGRDWUDYpVGDDOIkQGHJD
$EULQGRDFDL[DHOHYLXSDUDVHXDVVRPEURVHLVPLQKRFDVGHEXFKRPRUWDVHGLYHUVDV
YDULHGDGHV GH YLGD XQLFHOXODU GDV TXDLV DV PLQKRFDV PDUFLDQDV VH DOLPHQWDYDP 2V
SURWR]RiULRV HVWDYDP VHFRV HPSRHLUDGRV PDV HOH RV UHFRQKHFHX SDVVDUD XP GLD LQWHLUR
FDWDQGR HQWUH DV YDVWDV H HVFXUDV URFKDV SDUD HQFRQWUiORV 8PD PDUDYLOKRVD LOXPLQDGD
MRUQDGDGHGHVFREULPHQWR
0DVHXQmRIXLD0DUWHUHIOHWLXHOH
(QWUHWDQWRSRURXWURODGR
.LUVWHQDSDUHFHXQDSRUWDGRTXDUWRVHJXUDQGRILUPHXPSDFRWHGHFRPSUDVHPEDODGDV

QXPVDFRFDVWDQKRSiOLGR
3RUTXHHVWiHPFDVDQRPHLRGRGLD"6XDYR]QXPDPHVPLFHHWHUQDHUDDFXVDGRUD
(XIXLSDUD0DUWH"SHUJXQWRXOKH9RFrGHYHULDVDEHU
1mRpFODURTXHYRFrQmRIRLSDUD0DUWHYRFrGHYHULDVDEHULVVRPHSDUHFH1mRHVWi
VHPSUHFKRUDPLQJDQGRTXHTXHULU"
 0HX 'HXV HX DFKR TXH IXL  GLVVH HOH 'HSRLV GH XPD SDXVD DFUHVFHQWRX  ( DR
PHVPRWHPSRDFKRTXHQmRIXL
'HFLGDVHGHXPDYH]
&RPRHXSRGHULD"(OHJHVWLFXORX(XWHQKRDVGXDVSLVWDVGHPHPyULDHQ[HUWDGDQD
PLQKD FDEHoD XPD p UHDO H D RXWUD QmR H HX QmR VHL GL]HU TXDO p R TXr 3RU TXH HX QmR
SRVVRFRQILDUHPYRFr"(OHVQmRIL]HUDPUHPHQGRVHPYRFr(ODSRGLDSHORPHQRVID]HU
DTXLORSRUHOHPHVPRQXQFDWHQGRIHLWRPDLVQDGD
.LUVWHQIDORXHPXPDYR]PRQRFyUGLFDHFRQWLGD
'RXJGHYRFrQmRUDFLRFLQDUHVWDPRVDFDEDGRV(XYRXGHL[iOR
(XHVWRXHPDSXURV6XDYR]VRRXURXFDHiVSHUD(WUrPXOD3URYDYHOPHQWHHVWRXD
FDPLQKR GH XP HSLVyGLR SVLFyWLFR HVSHUR TXH QmR PDV WDOYH] VHMD LVVR 'H TXDOTXHU
IRUPDH[SOLFDULDWXGR
.LUVWHQS{VGHODGRRVDFRGHFRPSUDVHIRLSLVDQGRGXURSDUDRJXDUGDURXSD
 (X QmR HVWDYD EULQFDQGR  HOD OKH GLVVH PDQVDPHQWH 3HJRX XP FDVDFR YHVWLXR H
FDPLQKRX GH YROWD SDUD D SRUWD GR FRQDSW  )RQDUHL TXDOTXHU GLD GHVVHV  GLVVH VHP
LQIOH[mR,VWRpXPDGHXV'RXJ(VSHURTXHYRFrVDLDGHVVD(VSHURPHVPR3RUYRFr
 (VSHUH  GLVVH HOH GHVHVSHUDGR  6y PH GLJD LVVR D YHUGDGH HX IXL RX HX QmR IXL"
'LJDPH SRU IDYRU  0DV HOHV SRGHP WHU DOWHUDGR D VXD SLVWD GH PHPyULD WDPEpP
SHUFHEHXHOH
$SRUWDIHFKRXVH6XDPXOKHUKDYLDSDUWLGRILQDOPHQWH
8PDYR]DWUiVGHOHGLVVH
 %HP p LVVR $JRUD SRQKD DV PmRV SDUD FLPD 4XDLO ( YROWHVH SRU IDYRU GH IUHQWH
SDUDPLP
(OHVHYROWRXLQVWLQWLYDPHQWHVHPHUJXHUDVPmRV
2KRPHPTXHHVWDYDGLDQWHGHOHXVDYDRXQLIRUPHFRUGHDPHL[DGD$JrQFLD,QWHUSODQ
GH 3ROtFLD H VXD DUPD SDUHFLD VHU GR VXSULPHQWR GDV 1Do}HV 8QLGDV ( SRU DOJXPD
HVWUDQKDUD]mRHOHSDUHFLDIDPLOLDUD4XDLOIDPLOLDUGHXPDPDQHLUDHPEDoDGDGLVWRUFLGD
TXHHOHQmRHUDFDSD]GHGHILQLU$VVLPHVSDVPRGLFDPHQWHHOHHUJXHXDVPmRV
9RFrVHOHPEUD GLVVHRSROLFLDOGHVXDYLDJHPD 0DUWH 1yV VDEHPRV GH WRGDV DV
VXDV Do}HV GH KRMH H GH WRGRV RV VHXV SHQVDPHQWRV  HP SDUWLFXODU GH VHXV PXLWR
LPSRUWDQWH SHQVDPHQWRV QD YLDJHP GH FDVD DWp D 5HNRUG $VVRFLDGRV  (OH H[SOLFRX 
7HPRV XP WHOHWUDQVPLVVRU DFRSODGR QR LQWHULRU GH VHX FUkQLR HOH QRV PDQWpP
FRQVWDQWHPHQWHLQIRUPDGRV
8PWUDQVPLVVRUWHOHSiWLFRRXVRGHXPSODVPDYLYRTXHWLQKDVLGRGHVFREHUWRHP/XQD
(OHHVWUHPHFHXGHDXWRUHSXOVD$FRLVDYLYLDGHQWURGHOHGHQWURGHVHXSUySULRFpUHEURVH
DOLPHQWDQGR $ ,QWHUSODQ GH 3ROtFLD RV XVDYD LVVR KDYLD DSDUHFLGR DWp PHVPR QRV
QRWLFLRVRVJUDYDGRV3RUWDQWRHUDSURYDYHOPHQWHYHUGDGHSRUPDLVKRUUtYHOTXHIRVVH
3RUTXHHX"GLVVH4XDLOURXFDPHQWH2TXHHOHWLQKDIHLWRRXSHQVDGR"(RTXHLVWR
WLQKDDYHUFRPD5HNRUG$VVRFLDGRV"
)XQGDPHQWDOPHQWHGLVVHRWLUDGD,QWHUSODQLVWRQmRWHPQDGDDYHUFRPD5HNRUGp
HQWUH YRFr H QyV  (OH EDWHX GH OHYH QR RXYLGR GLUHLWR  $LQGD HVWRX FDSWDQGR RV VHXV
SURFHVVRV PHQWDFLRQDLV DWUDYpV GR VHX WUDQVPLVVRU FHIiOLFR  4XDLO YLX QR RXYLGR GR

KRPHP XP SHTXHQR SOXJXH GH SOiVWLFR EUDQFR  $VVLP GHYR DYLViOR WXGR R TXH YRFr
SHQVDSRGHVHUXVDGRFRQWUDYRFr(OHVRUULX1mRTXHLVWRWHQKDLPSRUWkQFLDDJRUDYRFr
MiIDORXHSHQVRXREDVWDQWHSDUDOHYiORjORXFXUD2TXHLQFRPRGDpRIDWRGHTXHVRER
HIHLWRGDQDUNLGULQDQD5HNRUG$VVRFLDGRVYRFrFRQWRXDHOHVDRWpFQLFRHDRSURSULHWiULR
RVU0F&ODQHWXGRVREUHDVXDYLDJHPDRQGHIRLSDUDTXHPSDUWHGRTXHYRFrIH](OHV
HVWmR PXLWR DVVXVWDGRV *RVWDULDP GH QXQFD WHU SRVWR RV ROKRV HP YRFr  ( DFUHVFHQWRX
SHQVDWLYR(OHVHVWmRFHUWRV
 (X QXQFD IL] QHQKXPD YLDJHP  GLVVH 4XDLO  e XPD IDOVD FDGHLD GH PHPyULD PDO
LPSODQWDGDHPPLPSHORVWpFQLFRVGH0F&ODQH0DVHQWmRHOHSHQVRXQDFDL[DQDJDYHWD
GH VXD HVFULYDQLQKD FRQWHQGR DV IRUPDV GH YLGD PDUFLDQDV ( QD GLILFXOGDGH H WUDEDOKR
GXURSDUDUHFROKrODV$PHPyULDSDUHFLDUHDOHDFDL[DFHUWDPHQWHHUDUHDO$QmRVHUTXH
0F&ODQHDWLYHVVHSODQWDGR
7DOYH]HVWDIRVVHXPDGDVSURYDVGHTXH0F&ODQHKDYLDIDODGRWmRORTXD]PHQH
$PHPyULDGHPLQKDYLDJHPD0DUWHHOHSHQVRXQmRPHFRQYHQFHPDVLQIHOL]PHQWH
FRQYHQFHX D $JrQFLD ,QWHUSODQ GH 3ROtFLD (OHV DFKDP TXH HX UHDOPHQWH IXL D 0DUWH H
DFKDPTXHHXDRPHQRVSDUFLDOPHQWHSHUFHERLVVR
 1yV QmR DSHQDV VDEHPRV TXH YRFr IRL D 0DUWH  FRQFRUGRX R WLUD GD ,QWHUSODQ HP
UHVSRVWDDRVVHXVSHQVDPHQWRVFRPRVDEHPRVTXHYRFrDJRUDOHPEUDRVXILFLHQWHSDUDVH
WRUQDUGLItFLOSDUDQyV(QmRDGLDQWDVLPSOHVPHQWHH[SXUJDUDVXDPHPyULDFRQVFLHQWHGH
WXGRLVVRSRUTXHVHRIL]HUPRVYRFrVLPSOHVPHQWHDSDUHFHUiQD5HNRUG$VVRFLDGRVRXWUD
YH]HFRPHoDUiWXGRGHQRYR(QmRSRGHPRVID]HUQDGDTXDQWRD0F&ODQHHVXDRSHUDomR
SRUTXH QmR WHPRV MXULVGLomR VREUH QLQJXpP D QmR VHU QRVVD SUySULD JHQWH 'H TXDOTXHU
IRUPD0F&ODQHQmRFRPHWHXQHQKXPFULPH(OHROKRXSDUD4XDLO7HFQLFDPHQWHQHP
YRFr9RFrQmRIRLj5HNRUG$VVRFLDGRVFRPDLGpLDGHUHFXSHUDUVXDPHPyULDYRFrIRL
VHJXQGR SHUFHEHPRV SHOR PHVPR PRWLYR TXH JHUDOPHQWH OHYD DV SHVVRDV DWp Oi D
IDVFLQDomR GRV VLPSOyULRV H REWXVRV SHOD DYHQWXUD  ( DFUHVFHQWRX  ,QIHOL]PHQWH YRFr
QmRpVLPSOyULRQHPREWXVRHMiWHYHHPRo}HVGHPDLVD~OWLPDFRLVDQRXQLYHUVRGHTXH
SUHFLVDYD HUD GH XP FXUVR GD 5HNRUG $VVRFLDGRV 1DGD SRGHULD WHU VLGR PDLV OHWDO SDUD
YRFrRXSDUDQyV(WDPEpPSDUD0F&ODQH
4XDLOGLVVH
 3RU TXH PH WRUQR GLItFLO SDUD YRFrV VH PH OHPEUDU GH PLQKD YLDJHP  GH PLQKD
VXSRVWDYLDJHPHGRTXHIL]Oi"
3RUTXHGLVVHRKRPHPGD,QWHUSODQRTXHYRFrIH]QmRHVWiGHDFRUGRFRPDQRVVD
LPDJHP S~EOLFD GH JUDQGH SDL EUDQFR SURWHWRU GH WRGRV 9RFr IH] SRU QyV R TXH MDPDLV
ID]HPRV &RPR YRFr LUi OHPEUDU PDLV WDUGH JUDoDV j QDUNLGULQD $TXHOD FDL[D FKHLD GH
PLQKRFDVHDOJDVPRUWDVSHUPDQHFHXQDJDYHWDGDVXDPHVDSRUVHLVPHVHVGHVGHTXHYRFr
YROWRX ( HP QHQKXP PRPHQWR YRFr GHPRQVWURX D PHQRU FXULRVLGDGH SRU HOD 1yV QHP
VHTXHUVDEtDPRVTXHYRFrDSRVVXtDDWpTXHVHOHPEURXGHODDFDPLQKRGHFDVDYLQGRGD
5HNRUG HQWmR YLHPRV DTXL R PDLV GHSUHVVD SRVVtYHO SDUD SURFXUiOD  ( DFUHVFHQWRX
GHVQHFHVVDULDPHQWH1mRWLYHPRVVRUWHQmRKRXYHHPSRVXILFLHQWH
8PVHJXQGRWLUDGD,QWHUSODQMXQWRXVHDRSULPHLURRVGRLVFRQIHUHQFLDUDPEUHYHPHQWH
(QTXDQWRLVVR4XDLOSHQVDYDGHSUHVVD(OHOHPEUDYDPDLVDJRUDRWLUDHVWDYDFHUWRTXDQWR
j QDUNLGULQD (OHV  D ,QWHUSODQ  SURYDYHOPHQWH D XVDYDP WDPEpP 3URYDYHOPHQWH" (OH
VDELDPXLWREHPTXHXVDYDPMiRVYLUDXVDQGRDQXPSULVLRQHLUR2QGHWHULDVLGR DTXLOR"
(PDOJXPOXJDUGD7HUUD"0DLVSURYDYHOPHQWHHP/XQDGHFLGLXYLVXDOL]DQGRDLPDJHP
TXHVXUJLDGHVXDGHVDUUDQMDGDPDVFDGDYH]PHQRVPHPyULD
(HOHVHOHPEURXGHDOJRPDLV$UD]mRSHODTXDORWLQKDPHQYLDGRD0DUWHHRWUDEDOKR

TXHKDYLDIHLWR
1mRDGPLUDTXHWLYHVVHPH[SXUJDGRVXDPHPyULD
2K'HXV GLVVHRSULPHLURGRVGRLV WLUDV GD ,QWHUSODQ LQWHUURPSHQGR VXD FRQYHUVD
FRP R FRPSDQKHLUR 2EYLDPHQWH HOH WLQKD FDSWDGR RV SHQVDPHQWRV GH 4XDLO  %HP R
SUREOHPD HVWi PXLWR SLRU DJRUD PDV QmR VHUi LPSRVVtYHO  (OH FDPLQKRX QD GLUHomR GH
4XDLOQRYDPHQWHFREULQGRRFRPVXDDUPD7HPRVTXHPDWiORGLVVHHDJRUDPHVPR
1HUYRVDPHQWHVHXFRPSDQKHLURSROLFLDOGLVVH
3RUTXHDJRUDPHVPR"1mRSRGHPRVVLPSOHVPHQWHWUDQVSRUWiORSDUDD,QWHUSODQ1RYD
<RUNHGHL[DUTXHHOHV
(OHVDEHSRUTXHWHPTXHVHUDJRUDPHVPRGLVVHRSULPHLURWLUDHOHWDPEpPSDUHFLD
QHUYRVR DJRUD PDV 4XDLO SHUFHEHX TXH HUD SRU XPD UD]mR LQWHLUDPHQWH GLIHUHQWH 6XD
PHPyULDDJRUDYROWDUDTXDVHTXHLQWHLUDPHQWH(HOHHQWHQGLDDWHQVmRGRSROLFLDO
 (P 0DUWH  GLVVH 4XDLO FRP D YR] URXFD  PDWHL XP KRPHP 'HSRLV GH SDVVDU SRU
TXLQ]H JXDUGDFRVWDV $OJXQV GHOHV HVWDYDP DUPDGRV FRP SLVWRODV MRmR]LQKRVRUUDWHLUR
FRPRYRFr(OHWLQKDVLGRWUHLQDGRSHOD,QWHUSODQSRUXPSHUtRGRGHFLQFRDQRVSDUDVHU
XP DVVDVVLQR 8P PDWDGRU SURILVVLRQDO &RQKHFLD PDQHLUDV GH VXEMXJDU DGYHUViULRV
DUPDGRVWDLVFRPRDTXHOHVGRLVSROLFLDLVHRGRUHFHSWRUGHRXYLGRVDELDGLVVRWDPEpP
6HHOHVHPRYHVVHFRPUDSLGH]VXILFLHQWH
$DUPDGLVSDURX0DVHOHMiWLQKDVHPRYLGRSDWDXPODGRHDRPHVPRWHPSRGHUUXERX
FRPXPJROSHRSROLFLDOTXHHPSXQKDYDDDUPD(PXPLQVWDQWHHVWDYDGHSRVVHGDSLVWROD
FREULQGRRRXWURFRQIXVRSROLFLDO
&DSWRXRVPHXVSHQVDPHQWRVGLVVH4XDLORIHJDQWH(OHVDELDRTXHHXLDID]HUPDV
IL]DVVLPPHVPR
0HLRVHQWDGRRSROLFLDOIHULGRUDQJHXRVGHQWHV
(OHQmRYDLXVDUHVVDDUPDFRQWUDYRFr6DP3RVVRFDSWDULVVRWDPEpP(OHVDEHTXH
HVWi DFDEDGR H WDPEpP VDEH TXH VDEHPRV GLVVR 9DPRV 4XDLO  /DERULRVDPHQWH
JHPHQGRGHIRUS{VVHGHSpYDFLODQWH(VWHQGHXDPmR$DUPDGLVVHD4XDLO9RFr
QmR SRGH XViOD H VH D HQWUHJDU JDUDQWR TXH QmR R PDWDUHL YRFr WHUi XPD DXGLrQFLD H
DOJXpPPDLVDOWRQDKLHUDUTXLDGD,QWHUSODQFDLGHFLGLUQmRHX7DOYH]HOHVSRVVDPDSDJDU
DVXDPHPyULDPDLVXPDYH]QmRVHL0DVYRFrVDEHDUD]mRSHODTXDOHXLDPDWiORQmR
SRVVRHYLWDUTXHYRFrVHOHPEUHGHOD$VVLPPLQKDUD]mRSDUDTXHUHUPDWiORHPXPFHUWR
VHQWLGRDFDERX
4XDLOVHJXUDQGRDDUPDDUUHPHVVRXDSDUDIRUDGRFRQDSWHFRUUHXSDUDRHOHYDGRU 6H
YRFr PH VHJXLU SHQVRX HX R PDWR 3RUWDQWR QmR IDoD LVVR 0HWHX R GHGR QR ERWmR GR
HOHYDGRUHXPPRPHQWRGHSRLVDVSRUWDVGHVOL]DUDP
2VSROLFLDLVQmRRVHJXLUDP2EYLDPHQWHHOHVWLQKDPFDSWDGRVVHXVWHQVRVSHQVDPHQWRV
HGHFLGLUDPQmRDUULVFDU
2HOHYDGRUGHVFHX(OHHVFDSDUDSRUDOJXPWHPSR0DVHDJRUD"3DUDRQGHSRGHULDLU"
2HOHYDGRUFKHJRXDRWpUUHRXPPRPHQWRGHSRLV4XDLOKDYLDVHMXQWDGRjPXOWLGmRGH
SHGVDQGDQGRDSUHVVDGDSHORVU~QHLV6XDFDEHoDGRtDHHOHVHQWLDVHQDXVHDGR0DVSHOR
PHQRVWLQKDHVFDSDGRGDPRUWH HOHV TXDVH R WLQKDP DOYHMDGR DOL PHVPR VHP HX SUySULR
FRQDSW
(SURYDYHOPHQWHYmR FKHJDUGHQRYRSHUFHEHX 4XDQGRPH HQFRQWUDUHP ( FRP HVWH
WUDQVPLVVRUGHQWURGHPLPLVWRQmRYDLOHYDUPXLWRWHPSR
,URQLFDPHQWHHOHWLQKDFRQVHJXLGRH[DWDPHQWHRTXHKDYLDSHGLGRj5HNRUG$VVRFLDGRV
$YHQWXUDSHULJRD,QWHUSODQGH3ROtFLDHPDomRXPDVHFUHWDHSHULJRVDYLDJHPD0DUWHQD
TXDODVXDYLGDHVWDYDHPMRJRWXGRRTXHTXLVHUDFRPXPDIDOVDPHPyULD

$VYDQWDJHQVGHVHUDSHQDVXPDPHPyULDHQDGDDOpPSRGLDPDJRUDVHUDSUHFLDGDV
6R]LQKRHOHVHQWRXVHQXPEDQFRGHMDUGLPREVHUYDQGRGHVDWHQWRXPEDQGRGHSHUWV
XP VHPLSiVVDUR LPSRUWDGR GDV GXDV OXDV GH 0DUWH FDSD] GH XP Y{R DOWDQHLUR PHVPR
FRQWUDDHQRUPHJUDYLGDGHGD7HUUD
7DOYH]HXSRVVDHQFRQWUDUPHXFDPLQKRGHYROWDD0DUWHSRQGHURXHOH0DVHGHSRLVR
TXr" 6HULD SLRU HP 0DUWH D RUJDQL]DomR SROtWLFD FXMR OtGHU HOH WLQKD DVVDVVLQDGR R
ORFDOL]DULDDVVLPTXHHOHGHVFHVVHGDQDYHOiHOHWHULDD,QWHUSODQHHOHVQRVHXHQFDOoR
9RFr SRGH PH RXYLU SHQVDQGR" LPDJLQRX HOH 8P IiFLO FDPLQKR SDUD D SDUDQyLD
VHQWDGR DOL VR]LQKR VHQWLXRV VLQWRQL]DQGRR PRQLWRUDQGR JUDYDQGR GLVFXWLQGR (OH
HVWUHPHFHXOHYDQWRXVHFDPLQKRXVHPUXPRDVPmRVDIXQGDGDVQRVEROVRV 1mRLPSRUWD
DRQGHHXYiSHUFHEHXYRFrHVWDUiVHPSUHFRPLJR(QTXDQWRHXWLYHUHVWHDSDUHOKRGHQWUR
GHPLQKDFDEHoD
9RX ID]HU XP QHJyFLR FRP YRFrV SHQVRX FRQVLJR PHVPR  H SDUD HOHV 9RFrV SRGHP
LPSULPLUHPPLPRXWUDYH]FRPRIL]HUDPDQWHVXPJDEDULWRGHIDOVDPHPyULDGHTXHHX
YLYL XPD YLGD PHGtRFUH URWLQHLUD GH TXH HX QXQFD IXL D 0DUWH" 'H TXH QXQFD YL XP
XQLIRUPHGD,QWHUSODQGHSHUWRHQXQFDPH[LQXPDDUPD"
8PDYR]GHQWURGHVHXFpUHEURUHVSRQGHX
&RPRMiOKHH[SOLFDPRVGHWDOKDGDPHQWHLVVRQmRVHULDVXILFLHQWH
$W{QLWRHOHSDURX
 1yV Mi QRV FRPXQLFDPRV FRP YRFr GHVWD IRUPD  FRQWLQXRX D YR]  4XDQGR YRFr
HVWDYDRSHUDQGRQRFDPSRHP0DUWHKiPHVHV1DYHUGDGHWtQKDPRVGHFLGLGRQmRID]HU
LVWRGHQRYR2QGHYRFrHVWi"
 &DPLQKDQGR  GLVVH 4XDLO  SDUD D PLQKD PRUWH 3HODV VXDV DUPDV GH SROLFLDLV HOH
DFUHVFHQWRXHPSHQVDPHQWR&RPRYRFrVSRGHPWHUFHUWH]DGHTXHQmRVHULDVXILFLHQWH"
SHUJXQWRXHOH$VWpFQLFDVGD5HNRUGQmRIXQFLRQDP"
 &RPR GLVVHPRV VH GHUHP D YRFr XP FRQMXQWR GH PHPyULDV SDGUmR PHGLDQDV YRFr
ILFDUi LQGyFLO 9RFr LQHYLWDYHOPHQWH SURFXUDUi GH QRYR D 5HNRUG RX XP GH VXV
FRQFRUUHQWHV1yVQmRSRGHPRVSDVVDUSRULVVRXPDVHJXQGDYH]
 6XSRQKD  GLVVH 4XDLO  TXH XPD YH] TXH PLQKDV PHPyULDV DXWrQWLFDV WHQKDP VLGR
FDQFHODGDV DOJR PDLV YLWDO GR TXH PHPyULDV SDGUmR VHMD LPSODQWDGR $OJR TXH DWXH SDUD
VDWLVID]HURSUySULRGHVHMRGLVVHHOH,VVRGHYHVHUSRVVtYHOIRLSURYDYHOPHQWHDVVLPTXH
YRFr PH FRQWUDWRX GH LQtFLR $JRUD YRFr SRGHULD YLU FRP DOJXPD RXWUD FRLVD  DOJR
HTXLYDOHQWH HX IXL R KRPHP PDLV ULFR GD 7HUUD PDV QR ILP GRHL WRGR R PHX GLQKHLUR D
IXQGDo}HV HGXFDFLRQDLV 2X HX IXL XP IDPRVR H[SORUDGRU GR HVSDoR GHVFRQKHFLGR
4XDOTXHUFRLVDGHVVHWLSRDOJXPDGHODVQmRGDULDFHUWR"
6LOrQFLR
7HQWHGLVVHHOHGHVHVSHUDGDPHQWHUHXQDDOJXQVGHVHXVSVLTXLDWUDVPLOLWDUHVGHDOWR
HVFDOmR'HVFXEUDTXDOpRPHXVRQKRPDLVH[SDQVLYR(OHWHQWRXSHQVDU0XOKHUHVHOH
GLVVH0LOKDUHVGHODVFRPRWLQKD'RQ-XDQ8PSOD\ER\LQWHUSODQHWiULR8PDDPDQWHHP
FDGD FLGDGHGD7HUUD /XQD H 0DUWH 6y GHVLVWL GH WXGR LVVR SRU H[DXVWmR 3RU IDYRU HOH
LPSORURX7HQWH
9RFrHQWmRVHHQWUHJDULDYROXQWDULDPHQWH"SHUJXQWRXDYR]GHQWURGHVXDFDEHoD6H
FRQFRUGDUPRVHPDUUDQMDUXPDVROXomRFRPRHVWD"6HLVWRIRUSRVVtYHO"
'HSRLVGHXPLQWHUYDORGHKHVLWDomRHOHGLVVH
6LP&RUUHUHLRULVFRSHQVRXHVSHUDQGRTXHYRFrVLPSOHVPHQWHQmRPHPDWH
9RFrID]RSULPHLURPRYLPHQWRGLVVHDYR]HPVHJXLGD(QWUHJXHVHDQyV(QyV
YDPRVLQYHVWLJDUDTXHODOLQKDGHSRVVLELOLGDGH(QWUHWDQWRVHQmRSXGHUPRVID]HULVWRVH

DV VXDV PHPyULDV DXWrQWLFDV FRPHoDUHP D GHVSRQWDU QRYDPHQWH FRPR DFRQWHFHX DJRUD
HQWmR+RXYHXPVLOrQFLRHDYR]WHUPLQRX7HUHPRVTXHGHVWUXtORFRPRYRFrGHYH
FRPSUHHQGHU%HP4XDLODLQGDTXHUWHQWDU"
 6LP  HOH GLVVH 3RUTXH D DOWHUQDWLYD DJRUD HUD D PRUWH  H FRP FHUWH]D $VVLP SHOR
PHQRVWHULDXPDFKDQFHSRUSHTXHQDTXHIRVVH
 $SUHVHQWHVH HP QRVVR TXDUWHOJHQHUDO HP 1RYD <RUN  SURVVHJXLX D YR] GR WLUD GD
,QWHUSODQ  1D 4XLQWD $YHQLGD   DQGDU 'HSRLV TXH YRFr VH HQWUHJDU QRVVRV
SVLTXLDWUDV FRPHoDUmR D WUDEDOKDU FRP YRFr IDUmR WHVWHV GH SHUILO GH SHUVRQDOLGDGH
WHQWDUHPRVGHWHUPLQDURVHXDEVROXWRGHILQLWLYRGHVHMRGHIDQWDVLD(HQWmRRWUDUHPRVGH
YROWDj5HNRUG$VVRFLDGRVSDUDTXHHOHVVHSRQKDPDWUDEDOKDUVDWLVID]HQGRDTXHOHGHVHMR
FRP UHWURVSHFomR VXEVWLWXWLYD YLFDULDQWH ( ERD VRUWH 1yV OKH GHYHPRV DOJR YRFr DJLX
FRPRXPHILFLHQWHLQVWUXPHQWRSDUDQyV1mRKDYLDPDOtFLDQDYR]SHORPHQRVHOHVD
RUJDQL]DomRVHQWLDPVLPSDWLDSRUHOH
2EULJDGRGLVVH4XDLO(FRPHoRXDSURFXUDUXPWi[LURE{

 6U 4XDLO  GLVVH R YHOKR H VHYHUR SVLTXLDWUD GD ,QWHUSODQ  R VHQKRU SRVVXL XPD
IDQWDVLDGHVDWLVIDomRGHGHVHMREDVWDQWHLQWHUHVVDQWH3URYDYHOPHQWHQDGDGRTXHRVHQKRU
VRQKDRXVXS}HFRQVFLHQWHPHQWH$VVLPpHP JHUDO(VSHURTXHRXYLULVWRQmRRSHUWXUEH
GHPDLV
2RILFLDOGHDOWDSDWHQWHGD,QWHUSODQTXHHVWDYDSUHVHQWHGLVVHEUXVFDPHQWH
ePHOKRUHOHQmRILFDUSHUWXUEDGRGHPDLVSRURXYLULVVRVHQmRSUHWHQGHVHUEDOHDGR
'LIHUHQWHPHQWHGDIDQWDVLDGHTXHUHUVHUXPDJHQWHVHFUHWRGD,QWHUSODQFRQWLQXRXR
SVLTXLDWUDRTXHpGHFHUWDIRUPDSODXVtYHOFRPRSURGXWRGDPDWXULGDGHHVWHSURGXWRp
XP VRQKR JURWHVFR GH VXD LQIkQFLD QmR DGPLUD TXH R VHQKRU QmR FRQVLJD OHPEUiOR 6XD
IDQWDVLDpHVWDRVHQKRUWHPQRYHDQRVGHLGDGHHHVWiDQGDQGRSRUXPDDODPHGDU~VWLFD
8PD YDULHGDGH GHVFRQKHFLGD GH QDYH HVSDFLDO GH XP RXWUR VLVWHPD HVWHODU DWHUULVVD
GLUHWDPHQWHjVXDIUHQWH1LQJXpPQD7HUUDDYrDQmRVHURVHQKRUVU4XDLO$VFULDWXUDV
Oi GHQWUR VmR PXLWR SHTXHQDV H LQGHIHVDV DOJR GD RUGHP GH UDWRV GR FDPSR HPERUD
HVWHMDP WHQWDQGR LQYDGLU D 7HUUD GH]HQDV GH PLOKDUHV GH RXWUDV QDYHV ORJR HVWDUmR D
FDPLQKRTXDQGRHVWHJUXSRDYDQoDGRGHURVLQDOYHUGH@
 ( VXSRQKD TXH HX RV LPSHoD  GLVVH 4XDLO VHQWLQGR XPD PLVWXUD GH GLYHUWLPHQWR H
UHSXJQkQFLD  'H PmRV YD]LDV HX DFDER FRP HOHV 3URYDYHOPHQWH HVPDJDQGRRV FRP RV
SpV
 1mR  GLVVH R SVLTXLDWUD SDFLHQWHPHQWH  2 VHQKRU LPSHGH D LQYDVmR PDV QmR
GHVWUXLQGRRV $R FRQWUiULR R VHQKRU GHPRQVWUD ERQGDGH H PLVHULFyUGLD DSHVDU GH SRU
WHOHSDWLDDIRUPDGHFRPXQLFDomRGHOHVFDEHUSRUTXHHOHVYLHUDP(OHVQXQFDWLQKDP
YLVWRWDLVFDUDFWHUtVWLFDVKXPDQDVH[LELGDVSRUQHQKXPRXWURRUJDQLVPRFRQVFLHQWHHSDUD
GHPRQVWUDUVXDJUDWLGmRHOHVID]HPXPDDOLDQoDFRPRVHQKRU
(OHVQmRLQYDGLUmRD7HUUDHQTXDQWRHXIRUYLYRGLVVH4XDLO
([DWDPHQWH$RRILFLDOGD,QWHUSODQRSVLTXLDWUDGLVVH2VHQKRUSRGHYHUTXHLVWR
VHDMXVWDjSHUVRQDOLGDGHGHOHDGHVSHLWRGHVHXHVFiUQLR
(DVVLPPHUDPHQWHSHORIDWRGHH[LVWLUGLVVH4XDLOVHQWLQGRXPSUD]HUFUHVFHQWH
VLPSOHVPHQWHSRUHVWDUYLYRHXPDQWHQKRD7HUUDDVDOYRGRGRPtQLRDOLHQtJHQD(HQWmR
HXVRXFRPHIHLWRDSHVVRDPDLVLPSRUWDQWHGD7HUUD6HPPRYHUXPGHGR
6LPVHPG~YLGDVHQKRUGLVVHRSVLTXLDWUD(HVWDpDEDVHGHVXDSVLTXHHVWDpD
IDQWDVLD LQIDQWLO GH WRGD XPD YLGD $ TXDO VHP WHUDSLD GH SURIXQGLGDGH H SRU GURJDV R
VHQKRU QXQFD WHULD OHPEUDGR 0DV HOD VHPSUH H[LVWLX QR VHQKRU IRL VRWHUUDGD PDV QXQFD

LQWHUURPSLGD
SDUD 0F&ODQH TXH HVWDYD VHQWDGR RXYLQGR DWHQWDPHQWH R RILFLDO JUDGXDGR GH SROtFLD
GLVVH
2VHQKRUSRGHLPSODQWDUQHOHXPSDGUmRGHPHPyULDH[WUDIDFWXDODVVLPWmRH[WUHPR"
 1yV OLGDPRV FRP WRGRV RV WLSRV SRVVtYHLV GH IDQWDVLDV H GHVHMRV TXH H[LVWHP  GLVVH
0F&ODQH3DUDVHUIUDQFRMiRXYLPXLWDVSLRUHVGRTXHHVWD&HUWDPHQWHSRGHUHPRVOLGDU
FRP HOD 'HQWUR GH YLQWH H TXDWUR KRUDV HOH QmR DSHQDV GHVHMDUi WHU VDOYR D 7HUUD HOH
DFUHGLWDUiSLDPHQWHTXHLVWRUHDOPHQWHDFRQWHFHX
2RILFLDOJUDGXDGRGHSROtFLDGLVVH
 (QWmR SRGH FRPHoDU D WUDEDOKDU &RPR SUHSDUDomR Mi DSDJDPRV QHOH RXWUD YH] D
PHPyULDGHVXDYLDJHPD0DUWH
4XHYLDJHPD0DUWH"GLVVH4XDLO
1LQJXpP UHVSRQGHX H DVVLP UHOXWDQWHPHQWH HOH DUTXLYRX D TXHVWmR 'H TXDOTXHU
IRUPD XPD YLDWXUD GH SROtFLD DFDEDUD GH DSDUHFHU (OH 0F&ODQH H R RILFLDO JUDGXDGR GH
SROtFLDHQWUDUDPHSRXFRGHSRLVHVWDYDPDFDPLQKRGH&KLFDJRHGD5HNRUG$VVRFLDGRV
 e PHOKRU QmR FRPHWHU HUURV GHVWD YH]  GLVVH R RILFLDO GH SROtFLD DR DWDUUDFDGR H
QHUYRVR0F&ODQH
1mRYHMRRTXHSRGHULDGDUHUUDGRPXUPXURX0F&ODQHWUDQVSLUDQGR,VWRQmRWHP
QDGDDYHUFRP0DUWHRXFRPD ,QWHUSODQ ,PSHGLUGHPmRVYD]LDV XPD LQYDVmR GD 7HUUD
SRURXWURVLVWHPDHVWHODU(OHEDODQoRXDFDEHoDDRSHQVDUQLVWR8DXDVFRLVDVTXHXP
JDURWRSRGHVRQKDU(DLQGDSRUFLPDKHUyLSRUSLHGRVDYLUWXGHQmRSHODIRUoDeDWpPHLR
H[yWLFR(OHHQ[XJRXDWHVWDFRPXPJUDQGHOHQoRGHOLQKR
1LQJXpPGLVVHQDGD
1DYHUGDGHGLVVH0F&ODQHpFRPRYHQWH
0DVDUURJDQWHGLVVHRRILFLDOGHSROtFLDULJLGDPHQWH9LVWRTXHTXDQGRHOHPRUUHUD
LQYDVmRSURVVHJXLUi1mRDGPLUDTXHHOHQmRVHOHPEUHp D IDQWDVLDPDLVSUHWHQVLRVDTXH
MDPDLV HQFRQWUHL  (OH ROKRX SDUD 4XDLO FRP GHVDSURYDomR  ( SHQVDU TXH SXVHPRV HVWH
KRPHPHPQRVVDIROKDGHSDJDPHQWR
4XDQGRHOHVFKHJDUDPj5HNRUG$VVRFLDGRVDUHFHSFLRQLVWD6KLUOH\YHLRVHPI{OHJRDR
VHXHQFRQWURQRVDJXmRGHHQWUDGD
6HMDEHPYLQGRVU4XDLOGLVVHHODDOYRURoDGDRVVHLRVGHPHOmRGHVWDYH]SLQWDGRV
GHXPODUDQMDLQFDQGHVFHQWHEDODQoDQGRFRPDDJLWDomR6LQWRPXLWRVHWXGRGHXHUUDGR
DQWHVHVWRXFHUWDTXHGHVWDYH]VHUiPHOKRU
$LQGD HQ[XJDQGR D WHVWD OXVWURVD FRP R OHQoR GH OLQKR LUODQGrV FDSULFKRVDPHQWH
ERUGDGR0F&ODQHGLVVH
6HUiPHOKRU
0RYHQGRVHUDSLGDPHQWH HOHFRQYRFRX /RZH H.HHOHU HVFROWRXRVH D 'RXJODV 4XDLO
DWp D iUHD GH WUDEDOKR H HQWmR MXQWDPHQWH FRP 6KLUOH\ H R RILFLDO JUDGXDGR GH SROtFLD
UHWRUQRXDRVHXIDPLOLDUHVFULWyULR3DUDHVSHUDU
 1yV WHPRV XP SDFRWH SURQWR SDUD VLWR 6U 0F&ODQH"  SHUJXQWRX 6KLUOH\ FROLGLQGR
FRPHOHHPVXDH[FLWDomRHGHSRLVFRUDQGRPRGHVWDPHQWH
 $FKR TXH VLP  (OH WHQWRX OHPEUDU GHVLVWLX H FRQVXOWRX D SODQLOKD IRUPDO  8PD
FRPELQDomRGHFLGLXHPYR]DOWDGRVSDFRWHV2LWHQWDH8P9LQWHH6HLV'RFRIUHGD
FkPDUDDWUiVGHVXDHVFULYDQLQKDHOHUHWLURXRVSDFRWHVDSURSULDGRVHOHYRXRVDWpDPHVD
SDUDLQVSHomR'R2LWHQWDH8PHOHH[SOLFRXXPEDVWmRPiJLFRTXHUHDOL]DFXUDVTXH
OKHIRLGDGRDRFOLHQWHHPTXHVWmRRVU4XDLOSHODUDoDGHVHUHVGHXPRXWURVLVWHPD
8PVtPERORGHJUDWLGmR

)XQFLRQD"SHUJXQWRXFXULRVRRRILFLDOGHSROtFLD
$QWHVIXQFLRQDYDH[SOLFRX0F&ODQH0DVHOHDKDPHVJRWRXRFRPSOHWDPHQWHKi
DQRV FXUDQGR D WRUWR H D GLUHLWR $JRUD p DSHQDV XP PHPHQWR 0DV HOH VH OHPEUD GH
TXDQGRIXQFLRQDYDHVSHWDFXODUPHQWH'HXXPDULVDGLQKDGHSRLVDEULXRSDFRWH9LQWH 
'RFXPHQWRGR6HFUHWiULR*HUDOGDV1Do}HV8QLGDVDJUDGHFHQGROKHSRUVDOYDUD7HUUDHVWH
QDYHUGDGHQmRpPXLWRDGHTXDGRSRUTXHpSDUWHGDIDQWDVLDGH4XDLOTXHQLQJXpPVDEHGD
LQYDVmR H[FHWR HOH PHVPR PDV SHOD YHURVVLPLOKDQoD YDPRV LQFOXtOR  (OH HQWmR
LQVSHFLRQRX R SDFRWH 6HLV 2 TXH VDLULD GDOL" 1mR SRGLD VH OHPEUDU IUDQ]LQGR R FHQKR
YDVFXOKRX D VDFROD GH SOiVWLFR HQTXDQWR 6KLUOH\ H R RILFLDO GH SROtFLD GD ,QWHUSODQ
REVHUYDYDPDWHQWDPHQWH
(VFULWRVGLVVH6KLUOH\(PXPDOtQJXDHQJUDoDGD
 ,VWR QRV FRQWD TXHP VmR HOHV  GLVVH 0F&ODQH  H GH RQGH YLHUDP ,QFOXLQGR XP
GHWDOKDGR PDSD HVWHODU UHJLVWUDQGR VHX Y{R SDUD Fi H R VLVWHPD GH RULJHP 1DWXUDOPHQWH
HVWiQDHVFULWDGHOHVSRUWDQWRHOHQmRSRGHOHU0DVHOHVHOHPEUDUiTXHHOHVROHUDPSDUD
HOHHPQRVVDSUySULDOtQJXD(OHFRORFRXRVWUrVDUWHIDWRVQRFHQWURGDPHVD,VWRGHYH
VHUOHYDGRDRFRQDSWGH4XDLOGLVVHDRRILFLDOGHSROtFLDSDUDTXHHOHRVHQFRQWUHTXDQGR
FKHJDUHPFDVD(LVWRFRQILUPDUiDVXDIDQWDVLD3233URFHGLPHQWR2SHUDFLRQDO3DGUmR
(OHGHXXPDULVDGLQKDDSUHHQVLYDSHUJXQWDQGRVHFRPRHVWDULDPLQGRDVFRLVDVFRP/RZH
H.HHOHU2LQWHUFRPVRRX
 6U 0F&ODQH GHVFXOSH LQFRPRGiOR  (UD D YR] GH /RZH HOH VHQWLVH SDUDOLVDU DR
UHFRQKHFrODHILFRXPXGR0DVpDOJRTXHDFRQWHFHX7DOYH]IRVVHPHOKRURVHQKRUYLU
DTXL H VXSHUYLVLRQDU &RPR DQWHV 4XDLO UHDJLX EHP j QDUNLGULQD HOH HVWi LQFRQVFLHQWH
UHOD[DGRHUHFHSWLYR0DV
0F&ODQHFRUUHXSDUDDiUHDGHWUDEDOKR
4XDLO HVWDYD GHLWDGR VREUH XPD FDPD KLJLHQL]DGD UHVSLUDQGR OHQWD H UHJXODUPHQWH RV
ROKRVVHPLFHUUDGRVOLJHLUDPHQWHFRQVFLHQWHGDVSHVVRDVjVXDYROWD
&RPHoDPRVDLQWHUURJiORGLVVH/RZHFRPRURVWRSiOLGRSDUDGHVFREULUH[DWDPHQWH
TXDQGRFRORFDUDPHPyULDGDIDQWDVLDGHOHWHUVDOYRD7HUUDGHPmRVYD]LDV(SRUHVWUDQKR
TXHSDUHoD
 (OHV PH GLVVHUDP SDUD QmR FRQWDU  'RXJODV 4XDLO PXUPXURX QXPD YR] VDWXUDGD GH
GURJDV  (VWH IRL R DFRUGR (X QmR GHYHULD QHP PHVPR OHPEUDU 0DV FRPR HX SRGHULD
HVTXHFHUXPHYHQWRFRPRDTXHOH"
$FKRTXHVHULDGLItFLOUHIOHWLX0F&ODQH0DVYRFrHVTXHFHXDWpDJRUD
(OHVDWpPHGHUDPXPSHUJDPLQKRPXUPXURX4XDLOGHDJUDGHFLPHQWR(XRWHQKR
HVFRQGLGRQRPHXFRQDSW9RXPRVWUDUDYRFrV
0F&ODQHGLVVHSDUDRRILFLDOGD,QWHUSODQTXHRKDYLDVHJXLGR
%HPPLQKDVXJHVWmRpTXHpPHOKRUYRFrVQmRRPDWDUHP6HRIL]HUHPHOHVYROWDUmR
(OHVPHGHUDPWDPEpPXPEDVWmRPiJLFRLQYLVtYHOGHGHVWUXLomRPXUPXURX4XDLO
DJRUD FRP RV ROKRV FRPSOHWDPHQWH IHFKDGRV  )RL DVVLP TXH PDWHL DTXHOH KRPHP HP
0DUWHDWUiVGRTXDOYRFrVPHPDQGDUDP(VWiQDPLQKDJDYHWDMXQWDPHQWHFRPDFDL[DGH
PLQKRFDVGHEXFKRPDUFLDQDVHYLGDYHJHWDOVHFD
6HPSDODYUDVRRILFLDOGD,QWHUSODQVHYROWRXHVDLXGDiUHDGHWUDEDOKRSLVDQGRGXUR
(X SRGHULD PXLWR EHP GHL[DU GH ODGR HVWHV SDFRWHV GH DUWHIDWRV FRPSUREDWyULRV
0F&ODQH GLVVH SDUD VL PHVPR UHVLJQDGDPHQWH (OH FDPLQKRX SDVVR D SDVVR GH YROWD DR
VHXHVFULWyULR,QFOXVLYHDFLWDomRGR6HFUHWiULR*HUDOGDV1Do}HV8QLGDV$ILQDO
$YHUGDGHLUDSURYDYHOPHQWHQmRWDUGDULDDFKHJDU

$PHQWHDOLHQtJHQD
,1(57(1$6352)81'(=$6GHVXDFkPDUDWHWDHOHRXYLXRGLVFUHWRVLQDOHGHSRLV
DVLQWRYR]&LQFRPLQXWRV
 &HUWR  HOH GLVVH H HVIRUoRXVH SDWD VDLU GH VHX VRQR SURIXQGR 7LQKD FLQFR PLQXWRV
SDUD DMXVWDU R FXUVR GD QDYH $OJXPD FRLVD VDtUD HUUDGR FRP R VLVWHPD GH DXWRFRQWUROH
(UUR GH VXD SDUWH" ,PSURYiYHO HOH QXQFD FRPHWLD HUURV -DVRQ %HGIRUG FRPHWHU HUURV"
'LILFLOPHQWH
$RUHWRUQDUYDFLODQWHDRPyGXORGHFRQWUROHYLXTXH1RUPDTXHIRUDHQYLDGRSDUDHOH
SDUD GLYHUWLOR WDPEpP HVWDYD DFRUGDGR 2 JDWR IOXWXRX OHQWDPHQWH HP FtUFXORV GDQGR
SDWDGDVQXPDFDQHWDTXHVHVROWDUDGHDOJXPDIRUPD(VWUDQKRSHQVRX%HGIRUG
 3HQVHL TXH YRFr HVWLYHVVH LQFRQVFLHQWH FRPR HX  9HULILFRX DV OHLWXUDV GR FXUVR GD
QDYH ,PSRVVtYHO 8P GHVYLR GH XP TXLQWR GH SDUVHF QD GLUHomR GH 6LULXV ,VVR VRPDULD
XPDVHPDQDjVXDMRUQDGD&RPVHYHUDSUHFLVmRUHDMXVWRXRVFRQWUROHVHGHSRLVHQYLRXXP
VLQDOGHDOHUWDj0HNQRV,,,VHXGHVWLQR
 3UREOHPDV"  UHVSRQGHX R RSHUDGRU PHNQRVLDQR $ YR] HUD VHFD H IULD R WRP
PRQRFyUGLFRHFDOFXOLVWDTXHVHPSUHID]LD%HGIRUGSHQVDUHPFREUDV
(OHH[SOLFRXVXDVLWXDomR
3UHFLVDPRVGDYDFLQDGLVVHRPHNQRVLDQR7HQWHPDQWHURFXUVR
1RUPDQRJDWRIOXWXRXPDMHVWRVDPHQWHSHORPyGXORGHFRQWUROHHVWHQGHXXPDSDWDH
EDWHXDHVPRDWLYDQGRGRLVERW}HVTXHHPLWLUDPOHYHVELSVHDQDYHDOWHURXRFXUVR
(QWmRYRFr FRQVHJXLXGLVVH %HGIRUG+XPLOKRXPH DRV ROKRV GH XP DOLHQtJHQD 
(OHDJDUURXRJDWR(DSHUWRX
2TXHIRLHVVHVRPHVWUDQKR"  SHUJXQWRX R RSHUDGRU PHNQRVLDQR  8PD HVSpFLH GH
ODPHQWR
%HGIRUGGLVVHTXLHWDPHQWH
1mRUHVWRXQDGDSDUDODPHQWDU(VTXHoDTXHRXYLXLVWRHOHGHVOLJRXRUiGLROHYRXR
FRUSRGRJDWRDWpRHVItQFWHUGHOL[RHHMHWRXR
XPPRPHQWRGHSRLVUHWRUQRXjVXDFkPDUDWHWDHPDLVXPDYH]FRFKLORX'HVWDYH]
QLQJXpPLULDPH[HUFRPVHXVFRQVROHV3RGHULDFRFKLODUHPSD]
4XDQGRDQDYHDWUDFRXHP0HNQRV,,,RFKHIHGDHTXLSHPpGLFDDOLHQtJHQDRUHFHEHX
FRPXPDHVWUDQKDVROLFLWDomR
*RVWDUtDPRVGHYHURVHXDQLPDOGHHVWLPDomR
(XQmRWHQKRDQLPDOGHHVWLPDomRGLVVH%HGIRUG2TXHFHUWDPHQWHHUDYHUGDGH
'HDFRUGRFRPRPDQLIHVWRTXHQRVIRLHQWUHJXHFRPDQWHFHGrQFLD
,VVRUHDOPHQWHQmRpGDFRQWDGHYRFrVGLVVH%HGIRUG9RFrVWrPDVXDYDFLQDHHX
YRXHPERUD
 $ VHJXUDQoD GH TXDOTXHU IRUPD GH YLGD p GD QRVVD FRQWD 9DPRV LQVSHFLRQDU D VXD
QDYH
3DUDSURFXUDUXPJDWRTXHQmRH[LVWHGLVVH%HGIRUG
$EXVFDQmRGHXHPQDGD,PSDFLHQWHPHQWH%HGIRUGREVHUYRXDVFULDWXUDVDOLHQtJHQDV
HQTXDQWRH[DPLQDYDPFDGDFRPSDUWLPHQWRGHDUPD]HQDJHPHFDGDFRUUHGRUGHVXDQDYH
,QIHOL]PHQWH RV PHNQRVLDQRV HQFRQWUDUDP GH] VDFRV GH FRPLGD GH JDWR GHVLGUDWDGD

6HJXLXVHXPDORQJDGLVFXVVmRHQWUHHOHVHPVXDSUySULDOtQJXD
7HQKRSHUPLVVmRDJRUDGLVVH%HGIRUGUXGHPHQWHGHYROWDUSDUDD7HUUD"(VWRXFRP
PHXV KRUiULRV DSHUWDGRV  2 TXH RV DOLHQtJHQDV HVWDYDP SHQVDQGR H IDODQGR QmR WLQKD
LPSRUWkQFLDSDUDHOHTXHULDDSHQDVYROWDUjVXDVLOHQFLRVDFkPDUDWHWDHDRVRQRSURIXQGR
9RFrWHUiTXHSDVVDUSHORSURFHGLPHQWR$GHGHVFRQWDPLQDomRGLVVHRILFLDOPpGLFR
PHNQRVLDQR3DUDTXHQHQKXPHVSRURRXYtUXVGH
(XHQWHQGRGLVVH%HGIRUG9DPRVORJRFRPLVVR
0DLVWDUGHGHSRLVTXHDGHVFRQWDPLQDomRIRLFRPSOHWDGD HHOH HVWDYDGHYROWDHPVXD
QDYH DFLRQDQGR RV PRWRUHV RXYLX XPD YR] QR UiGLR (UD DOJXP GRV PHNQRVLDQRV SDUD
%HGIRUGWRGRVSDUHFLDPLJXDLV
4XDOHUDRQRPHGRJDWR"SHUJXQWRXRPHNQRVLDQR
1RUPDQGLVVH%HGIRUGHSUHVVLRQRXRERWmRGDLJQLomR$QDYHODQoRXVHSDUDFLPDH
HOHVRUULX
0DV HOH QmR VRUULX TXDQGR YLX TXH D IRQWH GH HQHUJLD GD FkPDUD WHWD QmR HVWDYD Oi (
WDPEpPQmRVRUULXTXDQGRQmRFRQVHJXLXHQFRQWUDUDXQLGDGHGHUHVHUYD 7HULDHVTXHFLGR
GHWUD]rOD"SHUJXQWRXVH1mRGHFLGLXHOHQmRIDULDLVVR(OHVDUHPRYHUDP
'RLVDQRVDWpFKHJDUj7HUUD'RLVDQRVGHWRWDOFRQVFLrQFLDSULYDGRGRVRQRWHWDGRLV
DQRVVHQWDGRRXIOXWXDQGRRXFRPRMiKDYLDYLVWRHPKRORILOPHVGHWUHLQDPHQWRPLOLWDU
HQURGLOKDGRHPXPFDQWRWRWDOPHQWHSVLFyWLFR
(OHGLJLWRXXPDVROLFLWDomRGHUHWRUQRD0HNQRV,,,1HQKXPDUHVSRVWD%HPWDQWRSLRU
6HQWDGRDRPyGXORGHFRQWUROHOLJRXRSHTXHQRFRPSXWDGRUGHERUGRHIDORX
0LQKDFkPDUDWHWDQmRIXQFLRQDIRLVDERWDGD2TXHVXJHUHTXHHXIDoDGXUDQWHGRLV
DQRV"
(;,67(0),7$6'((175(7(1,0(1723$5$(0(5*1&,$6

 &HUWR  GLVVH HOH 'HYLD 7HU VH OHPEUDGR GDTXLOR  2EULJDGR  $SHUWDQGR R ERWmR
DGHTXDGRIH]GHVOL]DUDSRUWDGRFRPSDUWLPHQWRGHILWDV
1mRKDYLDILWDV$SHQDVXPEULQTXHGRGHJDWRXPVDFRGHSDQFDGDVHPPLQLDWXUDTXH
IRUD LQFOXtGR SDUD 1RUPDQ HOH QXQFD FKHJDUD D GiOR DR JDWR $OpP GLVVR SUDWHOHLUDV
YD]LDV
$PHQWHDOLHQtJHQDSHQVRX%HGIRUG0LVWHULRVDHFUXHO
3RQGR SDUD IXQFLRQDU R JUDYDGRU GH iXGLR GD QDYH GLVVH FDOPDPHQWH H FRP WDQWD
FRQYLFomRTXDQWRSRVVtYHO
 2 TXH IDUHL p HVWUXWXUDU PHXV SUy[LPRV GRLV DQRV HP WRUQR GD URWLQD FRWLGLDQD (P
SULPHLUROXJDUDVUHIHLo}HV3DVVDUHLWDQWRWHPSRTXDQWRSRVVtYHOSODQHMDQGRSUHSDUDQGR
FRPHQGRHVDERUHDQGRUHSDVWRVGHOLFLRVRV'XUDQWHWRGRRWHPSRTXHWHQKRGLDQWHGHPLP
WHQWDUHL WRGDV DV FRPELQDo}HV SRVVtYHLV GH DOLPHQWRV  9DFLODQWH OHYDQWRXVH H IRL DWp R
JUDQGHFRPSDUWLPHQWRGHDUPD]HQDPHQWRGHPDQWLPHQWRV
2OKDQGRSDUDRFRPSDUWLPHQWRDEDUURWDGRDEDUURWDGRGHILOHLUDVHILOHLUDVGHFDL[DVGH
DOLPHQWRVLGrQWLFDV HOH SHQVRX 3RU RXWUR ODGR QmR Ki PXLWR R TXH VH SRVVD ID]HU HP
WHUPRV GH YDULHGDGHV FRP XP HVWRTXH SDUD GRLV DQRV GH FRPLGD GH JDWR 6HUi TXH WrP
WRGRVRPHVPRVDERU"
7LQKDPWRGRVRPHVPRVDERU

5HYDQFKH
126(75$7$9$GHXPFDVVLQRFRPXP(LVWRSDUDDSROtFLDGH/$6FRORFDYD
XP SUREOHPD HVSHFLDO 2V VHUHV GR HVSDoR H[WHULRU TXH KDYLDP LQVWDODGR R FDVVLQR
FRORFDUDP VXD JLJDQWHVFD QDYH GLUHWDPHQWH DFLPD GDV PHVDV SDUD TXH QR FDVR GH XPD
EDWLGDSROLFLDORVMDWRVDVGHVWUXtVVHP(ILFLHQWHSHQVRXFRQVLJRPHVPRRRILFLDO-RVHSK
7LQEDQH WDFLWXUQR &RP XPD ~QLFD GHVFDUJD RV DOLHQtJHQDV GHL[DULDP D 7HUUD H
VLPXOWDQHDPHQWHGHVWUXLULDPWRGDDHYLGrQFLDGHVXDDWLYLGDGHLOHJDO
( R TXH HUD SLRU PDWDULDP WRGR H TXDOTXHU MRJDGRU KXPDQR TXH SXGHVVH GH DOJXPD
PDQHLUDWHUVREUHYLYLGRSDUDSUHVWDUWHVWHPXQKR
(OH HVWDYD DJRUD VHQWDGR HP VHX DHURFDUUR HVWDFLRQDGR LQDODQGR SLWDGDV H SLWDGDV GH
ILQR UDSp LPSRUWDQGR 'HDQ 6ZLIW LQFKNHQQHWK WUDQVIHULQGRR GHSRLV SDUD D ODWLQKD
DPDUHOD TXH FRQWLQKD WHPSHURGHSDVVDULQKR 2 UDSp R DQLPRX PDV QmR PXLWR  VXD
HVTXHUGDQDREVFXULGDGHGRDQRLWHFHUHOHSRGLDGLVWLQJXLUDIRUPDGDQDYHDSUXPDGDGRV
DOLHQtJHQDVQHJUDHVLOHQFLRVDFRPRJUDQGHHVSDoRPXUDGRSRUEDL[RHQJDQDGRUDPHQWH
HVFXURHVLOHQFLRVR
 3RGHUtDPRV HQWUDU Oi  GLVVH HOH DR VHX FRPSDQKHLUR PHQRV H[SHULHQWH  PDV LVWR
UHVXOWDULDDSHQDVHPQRVVDPRUWH7HUHPRVTXH FRQILDUQRVURE{VSHUFHEHXHOH0HVPR
HOHVVHQGRGHVDMHLWDGRVHVXMHLWRVDHUURV'HTXDOTXHUIRUPDQmRVmRYLYRV(QmRVHUYLYR
QXPSURMHWRFRPRHVWHFRQVWLWXtDXPDYDQWDJHP
2WHUFHLURGHOHVHQWURXGLVVHTXLHWDPHQWHRRILFLDO)DONHVDRVHXODGR
$ILJXUDHVJXLDYHVWLGDFRPURXSDVKXPDQDVSDURXGLDQWHGDSRUWDGRFDVVLQREDWHX
HVSHURX/RJRGHSRLVDSRUWDVHDEULX2URE{IRUQHFHXDVHQKDDSURSULDGDHIRLDGPLWLGR
 9RFr DFKD TXH HOHV YmR VREUHYLYHU j GHVFDUJD GD GHFRODJHP"  SHUJXQWRX 7LQEDQH
)DONHVHUDXPHVSHFLDOLVWDHPUREyWLFD
3RVVLYHOPHQWHXPGHOHV1mRWRGRVHQWUHWDQWR0DVXPVHUiVXILFLHQWH$QVLRVRSHOR
DWDTXH R RILFLDO )DONHV VH LQFOLQRX SDUD HVSLDU DOpP GH 7LQEDQH VHX URVWR MXYHQLO HVWDYD
WHQVR GH FRQFHQWUDomR  8VH R PHJDIRQH DJRUD 'LJD D HOHV TXH HVWmR SUHVRV 1mR YHMR
UD]mRSDUDHVSHUDU
$UD]mRTXHHXYHMRGLVVH7LQEDQH pTXHpPDLVFRQIRUWDGRUYHUDQDYHLQHUWH HD
DomRDFRQWHFHQGRHPEDL[R9DPRVHVSHUDU
0DVQmRYLUiPDLVQHQKXPURE{
(VSHURTXHHOHVHQYLHPVXDVYLGHRWUDQVPLVV}HVGLVVH7LQEDQH$VVLPHOHVWHULDPXPD
SURYDGHFHUWRWLSR(QR4*GDSROtFLDHVWDYDDJRUDJUDYDQGRGHPDQHLUDSHUPDQHQWH
0DV PHVPR DVVLP VHX FRPSDQKHLUR RILFLDO GHVLJQDGR SDUD HVWH SURMHWR WLQKD XPD FHUWD
UD]mR 8PD YH] TXH R ~OWLPR GRV WUrV LQIRUPDQWHV KXPDQyLGHV Mi HQWUDUD QDGD PDLV LULD
DFRQWHFHUSRURUD$WpTXHRVDOLHQtJHQDVSHUFHEHVVHPTXHWLQKDLQILOWUDomRHSXVHVVHPHP
DomRVHXWtSLFRSODQRGHUHWLUDGD (VWiFHUWRGLVVHHOH HDSHUWRXRERWmRTXH DWLYDYDR
PHJDIRQH
&XUYDQGRVH)DONHVIDORXQRPHJDIRQH,PHGLDWDPHQWHRPHJDIRQHGLVVH

&2025(35(6(17$17('$25'(0'(/26$1*(/(6683(5,25(8(26
+20(16 48( (672 &20,*2 25'(1$026 $ 72'26 26 48( (672 '2
/$'2 '( '(1752 48( 6$,$0  58$ &2/(7,9$0(17( 25'(12 7$0%e0

48(

6XD YR] QR PHJDIRQH GHVDSDUHFHX TXDQGR D GHVFDUJD LQLFLDO GH GHFRODJHP UXJLX
DWUDYpVGRVMDWRVSULPiULRVGDQDYHGRVDOLHQtJHQDV
)DONHVHQFROKHXRVRPEURVVRUULXDPDUHORHUtJLGRSDUD7LQEDQH (OHVQmRSUHFLVDUDP
PXLWRWHPSRVXDERFDDUWLFXORXHPVLOrQFLR
&RPRHUDGHHVSHUDUQLQJXpPVDLX1LQJXpPQRFDVVLQRHVFDSRX1HPPHVPRTXDQGR
D HVWUXWXUD TXH IRUPDYD R HGLItFLR GHUUHWHX $ QDYH VH DIDVWRX GHL[DQGR SDUD WUiV XPD
PDVVDHQFKDUFDGDHHPSRoDGDGHXPPDWHULDOTXHOHPEUDYDFHUD(DLQGDDVVLPQLQJXpP
HPHUJLX
7RGRVPRUWRVSHUFHEHX7LQEDQHFKRFDGRHPXGR
eKRUDGHHQWUDUGLVVH)DONHVHVWRLFDPHQWH(OHFRPHoRXDVHDUUDVWDUSDUDGHQWURG
VXDURXSDGHQHRDVEHVWRHGHSRLVGHXPDSDXVD7LQEDQHIH]RPHVPR
-XQWRVRVGRLVRILFLDLVHQWUDUDPQDSRoDTXHQWHHJRWHMDQWHTXHWLQKDVLGRRFDVVLQR1R
FHQWUR IRUPDQGR XPD HOHYDomR HVWDYDP GRLV GRV WUrV URE{V KXPDQyLGHV WLQKDP
FRQVHJXLGRQR~OWLPRPRPHQWRFREULUDOJXPDFRLVDFRPVHXVFRUSRV'RWHUFHLUR7LQEDQH
QmRYLXVLQDOHYLGHQWHPHQWHIRUDGHPROLGRFRPRWXGRRPDLV7XGRRTXHHUDRUJkQLFR
0HSHUJXQWRRTXHHOHVFRQVLGHUDUDPjVXDSUySULDHYDJDPDQHLUDTXHYDOLDDSHQD
VHUSUHVHUYDGRSHQVRX7LQEDQHHQTXDQWRH[DPLQDYDRVUHVWRVFRQWRUFLGRVGRVGRLVURE{V
$OJXPDFRLVDYLYD"8PGRVDOLHQtJHQDVVHUSHQWLIRUPHV"3URYDYHOPHQWHQmR8PDPHVDGH
MRJRHQWmR
(OHVDJLUDPGHSUHVVDGLVVH)DONHVLPSUHVVLRQDGR3DUDURE{V
0DVWHPRVDOJXPDFRLVDDTXLREVHUYRX7LQEDQH(OHFXWXFRXFXLGDGRVDPHQWHRPHWDO
IXQGLGRHTXHQWHHPTXHVHWUDQVIRUPDUDPRVGRLVURE{V8PDSDUWHPXLWRSURYDYHOPHQWH
XPWRUVRHVFRUUHJRXSDUDRODGRUHYHODQGRRTXHRVURE{VWLQKDPSUHVHUYDGR
8PDPiTXLQDGHIOLSHUDPD
7LQEDQH SHUJXQWRXVH SRU TXr 4XDO HUD R YDORU GDTXLOR" 9DOLD DOJXPD FRLVD"
3HVVRDOPHQWHHOHGXYLGDYD
1R ODERUDWyULR GH SROtFLD HP 6XQVHW $YHQXH QR FHQWUR GH /RV $QJHOHV XP WpFQLFR
DSUHVHQWRXXPDORQJDDQiOLVHSRUHVFULWRD7LQEDQH
1DUHDOLGDGHQmRpGHFRQVWUXomRFRPXPGLVVHRWpFQLFRFRUUHQGRRVROKRVSRUVHX
SUySULRUHODWyULRFRPRVHMiRWLYHVVHHVTXHFLGRVHXWRPFRPRRGRSUySULRUHODWyULRHUD
VHFR PRQyWRQR $TXLOR SDUD HOH HUD REYLDPHQWH URWLQD (OH WDPEpP FRQFRUGDYD TXH D
PiTXLQD GH IOLSHUDPD VDOYD SHOR URE{ QmR WLQKD YDORU  RX SHOR PHQRV DVVLP DFKDYD
7LQEDQH  4XHUR GL]HU FRP LVVR TXH QmR VH SDUHFH FRP QHQKXPD RXWUD TXH HOHV WHQKDP
WUD]LGR j 7HUUD DQWHV 9RFr SRGHUi SURYDYHOPHQWH 7HU XPH LGpLD PHOKRU GD FRLVD
GLUHWDPHQWHVXJLURTXHSRQKDQHODXPDPRHGDGHXPTXDUWRGHGyODUHMRJXHXPDSDUWLGD
 ( DFUHVFHQWRX  2 ODERUDWyULR OKH IRUQHFHUi XPD PRHGD TXH UHWLUDUHPRV GD PiTXLQD
GHSRLV
(XWHQKRDPLQKDSUySULDPRHGDGLVVH7LQEDQHLUULWDGR
6HJXLXRWpFQLFRDWUDYpVGRJUDQGHHVXSHUORWDGRODERUDWyULRSDVVDQGRSHORHODERUDGR
HHPPXLWRVFDVRVREVROHWRVRUWLPHQWRGHGLVSRVLWLYRVDQDOtWLFRVHHVWUXWXUDVSDUFLDOPHQWH
TXHEUDGDVDWpDiUHDGHWUDEDOKRQRVIXQGRV
$OLOLPSDHFRQVHUWDGDHVWDYDDPiTXLQDGHIOLSHUDPDTXHRVURE{VKDYLDPSURWHJLGR
7LQEDQH LQVHULX XPD PRHGD FLQFR ERODV GH PHWDO URODUDP LPHGLDWDPHQWH SDUD R
UHVHUYDWyULRH R SDLQHO QD SDUWH WUDVHLUD GH PiTXLQD DFHQGHXVH QXPD YDULHGDGH GH FRUHV

FDPELDQWHV
 $QWHV GH VROWDU D SULPHLUD EROD  GLVVHOKH R WpFQLFR HP Sp DR ODGR GHOH SDUD SRGHU
DVVLVWLU WDPEpP  DFRQVHOKR GDU XPD ROKDGD FXLGDGRVD HP WRGD D PiTXLQD QRV
FRPSDUWLPHQWRVSRURQGHDERODYDLSDVVDU$iUHDKRUL]RQWDOHPEDL[RGRYLVRUSURWHWRUp
DOJRLQWHUHVVDQWH8PDDOGHLDHPPLQLDWXUDFRPSOHWDFRPFDVDVUXDVLOXPLQDGDVJUDQGHV
HGLItFLRVS~EOLFRVU~QHLVHOHYDGRVSDUDH[SUHVVRQDYHVQmRXPDDOGHLDGD7HUUDpFODUR
8PDDOGHLDLRQLDQDGRWLSRDRTXDOHVWmRDFRVWXPDGRV8PWUDEDOKRVREHUERQRVGHWDOKHV
&XUYDQGRVH7LQEDQHROKRX2WpFQLFRULQKDUD]mRRVGHWDOKHVGRPRGHORHPHVFDODR
VXUSUHHQGHUDP
2VWHVWHVTXHPHGHPRGHVJDVWHQDVSDUWHVPyYHLVGHVWDPiTXLQDLQIRUPRXRWpFQLFR
LQGLFDPTXHHODMiIRLEDVWDQWHXVDGD +i XPD WROHUkQFLD FRQVLGHUiYHO &DOFXODPRV TXH
DQWHV GH FRPSOHWDU PDLV XQV PLO MRJRV D PiTXLQD WHULD TXH LU SDUD D RILFLQD $ RILFLQD
GHOHVOiHP ,R4XHpRQGH DR TXH HQWHQGHPRV HOHV FRQVWUyHP H PDQWrP HTXLSDPHQWRV
GHVWHWLSR(OHH[SOLFRX(VWRXIDODQGRGHDSDUDWRVGHMRJRHPJHUDO
4XDOpRREMHWLYRGRMRJRSHUJXQWRX7LQEDQH
 7HPRV DTXL  H[SOLFRX R WpFQLFR  R TXH FKDPDPRV GH YDULiYHO GH FkPELR WRWDO (P
RXWUDV SDODYUDV R WHUULWyULR DWUDYpV GR TXDO D EROD GH DoR VH PRYH QXQFD p R PHVPR 2
Q~PHUR SRVVtYHO GH FRPELQDo}HV p  HOH IROKHRX VHX UHODWyULR PDV QmR FRQVHJXLX
HQFRQWUDURQ~PHURH[DWR'HTXDOTXHUIRUPDpPXLWRJUDQGH'DRUGHPGHPLOK}HVe
H[FHVVLYDPHQWHLQWULFDGRHPQRVVDRSLQLmR'HTXDOTXHUIRUPDVHYRFrODQoDUDSULPHLUD
ERODSRGHUiYHU
$SHUWDQGR R rPEROR 7LQEDQH GHL[RX TXH D SULPHLUD EROD URODVVH SDUD IRUD GR
UHVHUYDWyULRGHHQFRQWURjEDUUDLPSXOVLRQDGRUD(OHHQWmRSX[RXDEDUUDGHPRODHVROWRX
DFRPXPHVWDOLGR$ERODGLVSDURXFDQDOHWDDFLPDHULFRFKHWHRXOLYUHFRQWUDXPFR[LPGH
SUHVVmRTXHOKHFRQIHULXYHORFLGDGHDGLFLRQDO
$ERODDJRUDTXLFDYDSDUDEDL[RQDGLUHomRGRSHUtPHWURVXSHULRUGDDOGHLD
$OLQKDLQLFLDOGHGHIHVDGLVVHRWpFQLFRDWUiVGHOHTXHSURWHJHDUHJLmRGDDOGHLDp
XPDVpULHGHPRQWtFXORVFRPFRUHVIRUPDVHVXSHUItFLHVTXHOHPEUDPDSDLVDJHPLRQLDQD
$ ILGHOLGDGH UHIOHWH XP WUDEDOKR PHWLFXORVR 3URYDYHOPHQWH IRL IHLWD FRP D DMXGD GH
VDWpOLWHV HP yUELWD DR UHGRU GH ,R 9RFr SRGH IDFLOPHQWH LPDJLQDU TXH HVWi YHQGR XP
DXWrQWLFRIUDJPHQWRGDTXHODOXDGHXPDGLVWkQFLDGHGH]RXPDLVTXLO{PHWURVDFLPDGHOD
$ERODGHDoRFKHJRXDRSHUtPHWURGHWHUULWyULRDFLGHQWDGR6XDWUDMHWyULDIRLDOWHUDGDH
DERODRVFLORXLQVWiYHOVHPWRPDUTXDOTXHUGLUHomRHPSDUWLFXODU
 'HVYLDGD  GLVVH 7LQEDQH QRWDQGR TXmR VDWLVIDWRULDPHQWH RV FRQWRUQRV GR WHUUHQR
SULYDYDPDERODGHVHXPRYLPHQWRGHDYDQoRGHVFHQGHQWH9DLSDVVDUFRPSOHWDPHQWHDR
ODUJRGDDOGHLD
$ EROD FRP R LPSXOVR VHULDPHQWH UHGX]LGR URORX SDUD XPD GREUD ODWHUDO VHJXLX
LPSDVVtYHO SRU HOD H HQWmR EHP TXDQGR SDUHFLD HVWDU GHVYLDQGR SDUD D IHQGD LQIHULRU GH
UHFROKLPHQWRIRLDEUXSWDPHQWHDUUHPHVVDGDGHYROWDDRMRJRSRUXPFR[LPGHSUHVVmR
1R IXQGR LOXPLQDGR UHJLVWURXVH XP WHQWR 9LWyULD GH XP WLSR PRPHQWkQHR SDUD R
MRJDGRU0DVXPDYH]DEROD DPHDoRXDDOGHLD0DLVXPDYH]HOD IRLVHHVTXLYDQGRSHOR
WHUULWyULRDFLGHQWDGRVHJXLQGRYLUWXDOPHQWHRPHVPRFDPLQKRGHDQWHV
$JRUDYRFrYDLQRWDUDOJRPDLVRXPHQRVLPSRUWDQWHGLVVHRWpFQLFR4XDQGRHODVH
GLULJLUSDUDRPHVPRFR[LPGHSUHVVmRTXHYRFrDWLQJLXDJRUDPHVPRQmRREVHUYHDEROD
REVHUYHRFR[LP
7LQEDQHREVHUYRX(YLXVDLQGRGRFR[LPXPILQRILRGHIXPDoDFLQ]HQWD(OHYROWRX
VHSDUDRWpFQLFRLQWHUURJDWLYR

$JRUDREVHUYHDERODGLVVHEUXVFDPHQWHRWpFQLFR
1RYDPHQWHDERODDWLQJLXRFR[LPGHSUHVVmRLQVWDODGRXPSRXFRDQWHVGDIHQGDLQIHULRU
GHUHFROKLPHQWR'HVWDYH]HQWUHWDQWRRFR[LPQmRUHDJLXDRLPSDFWRGDEROD
7LQEDQHSLVFRXTXDQGRDERODURORXHPIUHQWHLQRIHQVLYDSDUDGHQWURGDIHQGDHSDUD
IRUDGRMRJR
1mRDFRQWHFHXQDGDGLVVHHOHHPVHJXLGD$TXHODIXPDoDTXHYRFrYLX(PHUJLQGR
GD ILDomR GR FR[LP 8P FXUWR FLUFXLWR HOpWULFR 3RU TXH XP ULFRFKHWH QDTXHOH SRQWR
FRORFDULDDERODQXPDSRVLomRDPHDoDGRUDDPHDoDGRUDSDUDDDOGHLD
(PRXWUDVSDODYUDVGLVVH7LQEDQHDOJXPDFRLVDQRWRXRHIHLWRTXHRFR[LPHVWDYD
ID]HQGRVREUHDEROD2FRQMXQWRRSHUDGHPDQHLUDDSURWHJHUVHFRQWUDDDWLYLGDGHGDEROD
 (OH Mi WLQKD YLVWR DTXLOR DQWHV HP RXWUR HTXLSDPHQWR DOLHQtJHQD GH MRJR FLUFXLWRV
FRPSOLFDGRVTXHPDQWLQKDPRWDEXOHLURGRMRJRHPFRQVWDQWHPXGDQoDGHPRGRDSDUHFHU
YLYR  GH PRGR D UHGX]LU DV FKDQFHV GH YLWyULD GR MRJDGRU 1HVWH HTXLSDPHQWR HP
SDUWLFXODU R MRJDGRU REWLQKD XPD FRQWDJHP SRVLWLYD LQGX]LQGR DV FLQFR ERODV GH DoR D
SDVVDUHPSDUDRWUDoDGRFHQWUDODUpSOLFDGDDOGHLDLRQLDQD3RUWDQWRDDOGHLDWLQKDTXHVHU
SURWHJLGD(HVWHFR[LPGHSUHVVmRHPSDUWLFXODUHVWUDWHJLFDPHQWHORFDOL]DGRWLQKDTXHVHU
HOLPLQDGR3HORPHQRVQRPRPHQWR$WpDVFRQILJXUDo}HVJHUDLVGDWRSRJUDILDVHDOWHUDP
GHFLVLYDPHQWH
1DGDGHQRYRDTXLGLVVHRWpFQLFR9RFrMiYLXLVWRDQWHVXPDG~]LDGHYH]HVHXMi
YLLVVRDQWHVXPDFHQWHQDGHYH]HV'LJDPRVTXHHVWDPiTXLQDGHIOLSHUDPDMiYLXGH]PLO
MRJRV GLIHUHQWHV H D FDGD YH] KRXYH XP FXLGDGRVR UHDMXVWDPHQWR GRV FLUFXLWRV YLVDQGR
QHXWUDOL]DU DV ERODV GH DoR 'LJDPRV TXH DV DOWHUDo}HV VmR FXPXODWLYDV 3RUWDQWR D
FRQWDJHPGHXPGHWHUPLQDGRMRJDGRU QmR p SURYDYHOPHQWH PDLRU GR TXH XPD IUDomR GDV
FRQWDJHQV DQWHULRUHV DQWHV TXH RV FLUFXLWRV WLYHVVHP XPD RSRUWXQLGDGH GH UHDJLU $
WHQGrQFLDGDDOWHUDomRFRPRHPWRGRVRVPHFDQLVPRVGHMRJRGRVDOLHQtJHQDVpSDUDXP
IDWRU]HURGHYLWyULDVFRPRROLPLWHHPFXMDGLUHomRVHPRYLPHQWD$SHQDVWHQWHDWLQJLUD
DOGHLD7LQEDQH1yVLQVWDODPRVXPGLVSRVLWLYRUHSHWLGRUPHFkQLFRGHOLEHUDomRGHERODVH
MRJDPRVFHQWR H TXDUHQWD SDUWLGDV 1HP XPD YH] D EROD FKHJRX VXILFLHQWHPHQWH SHUWR GD
DOGHLD SDUD FDXVDU GDQR 7HPRV R UHJLVWUR GDV FRQWDJHQV REWLGDV 8PD SHTXHQD PDV
VLJQLILFDWLYDTXHGDIRLUHJLVWUDGDDFDGDYH](OHGHXXPODUJRHIRUoDGRVRUULVR
(HQWmR"GLVVH7LQEDQH
(QWmRQDGD&RPRHXOKHGLVVHHFRPRGL]RPHXUHODWyULR2WpFQLFRIH]XPDSDXVD
([FHWRSRUXPDFRLVD2OKHSDUDLVWR  &XUYDQGRVH HOH SHUFRUUHX FRP R GHGR R YLGUR
SURWHWRU GR WDEXOHLUR DWp XP GLVSRVLWLYR SHUWR GR FHQWUR GD DOGHLD HP PLQLDWXUD  8P
UHJLVWUR IRWRJUiILFR PRVWUD TXH D FDGD MRJR HVWH FRPSRQHQWH HVSHFtILFR VH WRUQD PDLV
DUWLFXODGR(VWiVHQGRHULJLGRSHORVFLUFXLWRVTXHHVWmRSRUEDL[RREYLDPHQWHFRPRWRGDV
DVRXWUDVPXGDQoDV0DVHVWDFRQILJXUDomRQmROKHOHPEUDDOJXPDFRLVD"
3DUHFHXPDFDWDSXOWDURPDQDGLVVH7LQEDQH0DVFRPXPHL[RYHUWLFDOHPYH]GH
KRUL]RQWDO
(VWDWDPEpPIRLDQRVVDUHDomR(ROKHSDUDDIXQGD1RVWHUPRVGDHVFDODGDDOGHLD
HOD p GHVSURSRUFLRQDOPHQWH JUDQGH ,PHQVD GH IDWR HVSHFLILFDPHQWH HOD QmR HVWi HP
HVFDOD
3DUHFHTXHHODTXDVHSRGHULDFRQWHU
 1mR p TXDVH  GLVVH R WpFQLFR  1yV PHGLPRV 2 WDPDQKR GD IXQGD p H[DWR XPD
GHVVDVERODVGHDoRFDEHULDDOLSHUIHLWDPHQWH
(HQWmR"SHUJXQWRX7LQEDQHVHQWLQGRXPFDODIULR
(HQWmRHODSRGHULDODQoDUDERODGHYROWDDRMRJDGRUGLVVHFDOPDPHQWHRWpFQLFRGH

ODERUDWyULR(VWiDSRQWDGDGLUHWDPHQWHSDUDDIUHQWHGDPiTXLQDSDUDDIUHQWHHSDUDFLPD
(OHDFUHVFHQWRX(HVWiLQWDFWD
$ PHOKRU GHIHVD SHQVRX 7LQEDQH FRQVLJR PHVPR HQTXDQWR HVWXGDYD D PiTXLQD GH
IOLSHUDPDLOHJDOGRVDOLHQtJHQDVpRDWDTXH0DVTXHPMiRXYLXIDODUGLVVRQHVWHFRQWH[WR"
=HUR HOH SHUFHEHX QmR p XPD FRQWDJHP VXILFLHQWHPHQWH EDL[D SDUD RV FLUFXLWRV GH
GHIHVD GDTXHOD FRLVD 2 ]HUR QmR EDVWD (OD SUHFLVD HVIRUoDUVH SRU FRQVHJXLU PHQRV TXH
]HUR3RUTXr"3RUTXHHOHGHFLGLXHODQmRHVWiUHDOPHQWHVHPRYHQGRQDGLUHomRGR]HUR
FRPROLPLWHDRFRQWUiULRHVWiVHPRYHQGRQDGLUHomRGRPHOKRUSDGUmRGHIHQVLYReEHP
SURMHWDGDGHPDLV
2XVHUiTXHp"
9RFrDFKDHOHSHUJXQWRXDRPDJURHDOWRWpFQLFRGRODERUDWyULRTXHRVDOLHQtJHQDV
WLQKDPHVWDLQWHQomR"
,VWRQmRYHPDRFDVR3HORPHQRVQmRLPHGLDWDPHQWH2TXHLPSRUWDVmRGRLVIDWRUHV
DPiTXLQDIRLH[SRUWDGDYLRODQGRDOHLGD7HUUDSDUDFiHWHPVLGRXVDGDSRUWHUUiTXHRV
,QWHQFLRQDOPHQWH RX QmR LVWR SRGHULD VHU H GH IDWR ORJR VHUi XPD DUPD PRUWDO  (OH
DFUHVFHQWRX&DOFXODPRVTXHGHQWURGRVSUy[LPRVYLQWHMRJRV&DGDYH]TXHXPDPRHGD
pLQVHULGD D FRQVWUXomR UHFRPHoD &KHJXH D EROD SHUWR GD DOGHLD RX QmR 7XGR R TXH HOD
H[LJHpXPIOX[RGHHQHUJLDGDEDWHULDFHQWUDOGHKpOLRGRGLVSRVLWLYR(LVWRpDXWRPiWLFRD
FDGDYH]TXHFRPHoDXPMRJR(DFUHVFHQWRXDLQGD(ODHVWiWUDEDOKDQGRQDFRQVWUXomR
GDFDWDSXOWDQHVWHPRPHQWRHQTXDQWRHVWDPRVDTXLSDUDGRVePHOKRUYRFrVROWDUDVRXWUDV
TXDWURERODVSDUDTXHHODVHGHVOLJXH2XHQWmRQRVGDUDSHUPLVVmRSDUDGHVPRQWiODRX
SHORPHQRVSDUDWLUDUGRFLUFXLWRRVXSULPHQWRGHHQHUJLD
 2V DOLHQtJHQDV QmR WrP D YLGD KXPDQD HP PXLWR DOWD FRQWD  UHIOHWLX 7LQEDQH (OH
HVWDYD SHQVDQGR QD FDUQLILFLQD FDXVDGD SHOD GHFRODJHP GD QDYH ( DTXLOR SDUD HOHV HUD
URWLQD 0DV GLDQWH GDTXHOD GHVWUXLomR JHQHUDOL]DGD GH YLGD KXPDQD LVWR SDUHFLD
GHVQHFHVViULR2TXHPDLVDTXLORVHULDFDSD]GHID]HU"
3RQGHUDQGRHOHGLVVH
(VWDFRLVDpVHOHWLYD(ODHOLPLQDULDRMRJDGRU
(ODHOLPLQDULDWRGRVRVMRJDGRUHV8PDSyVRRXWURGLVVHRWpFQLFR
0DVTXHPLULDMRJDUSHUJXQWRX7LQEDQHGHSRLVGDSULPHLUDIDWDOLGDGH"
$VSHVVRDVYmROiVDEHQGRTXHVHKRXYHUXPDEDWLGDRVDOLHQtJHQDVTXHLPDUmRWXGRH
WRGRV  REVHUYRX R WpFQLFR  $ QHFHVVLGDGH GH MRJDU p XPD FRPSXOVmR TXH FDXVD
GHSHQGrQFLD FHUWRV WLSRV GH SHVVRD MRJDP QmR LPSRUWD TXDO VHMD R ULVFR 9RFr Mi RXYLX
IDODUHPUROHWDUXVVD"
7LQEDQH GLVSDURX D VHJXQGD EROD GH DoR REVHUYRXD ULFRFKHWHDU H URODU QD GLUHomR GD
UpSOLFD GH DOGHLD (OD FRQVHJXLX SDVVDU DWUDYpV GR WHUULWyULR DFLGHQWDGR DSUR[LPRXVH GD
SULPHLUDFDVDQDiUHDGDDOGHLD7DOYH]HXDDWLQMDSHQVRXHOHVHOYDJHPHQWH$QWHVTXHHOD
PHDWLQMD)RLWRPDGRGHXPDHVWUDQKDQRYDH[FLWDomRTXDQGRDERODFKRFRXVHFRQWUDD
FDVLQKD DUUDVDQGR VXD HVWUXWXUD H URORX HP IUHQWH $ EROD HPERUD SHTXHQD SDUD HOH
DVVRPDYDSRUVREUHWRGRVRVHGLItFLRVWRGDVDVHVWUXWXUDVTXHFRPSXQKDPDDOGHLD
7RGDVDVHVWUXWXUDVPHQRVDFDWDSXOWDFHQWUDO(OHREVHUYRXiYLGRDERODVHDSUR[LPDU
SHULJRVDPHQWH GD FDWDSXOWD H HQWmR GHVYLDGD SRU XP JUDQGH HGLItFLR S~EOLFR VHJXLU
URODQGRHGHVDSDUHFHUQDIHQGDGHUHFROKLPHQWR,PHGLDWDPHQWHHOHDUUHPHVVRXDWHUFHLUD
ERODHPYHORFLGDGHFDQDOHWDDFLPD
2VULVFRVGLVVHVXDYHPHQWHRWpFQLFRVmRDOWRVQmRVmR"$VXDYLGDFRQWUDDGHOD
,VWR GHYH VHU H[WUDRUGLQDULDPHQWH HPSROJDQWH SDUD DOJXpP FRP R WLSR FHUWR GH
WHPSHUDPHQWR

$FKRGLVVH7LQEDQHTXHSRVVRDWLQJLUDFDWDSXOWDDQWHVTXHHODHQWUHHPDomR
3RGHVHU0DVSRGHVHUTXHQmR
(VWRXID]HQGRDERODFKHJDUPDLVSHUWRDFDGDWHQWDWLYD
'LVVHRWpFQLFR
3DUDTXHDFDWDSXOWDIXQFLRQHSUHFLVDGHXPDGDVERODVGHDoRHODVVmRDVXDPXQLomR
9RFr HVWi WRUQDQGR FDGD YH] PDLV SURYiYHO TXH HOD FRQVLJD WHU DFHVVR D XPD GDV ERODV
9RFr D HVWi DMXGDQGR  ( DFUHVFHQWRX VRPEULDPHQWH  1D UHDOLGDGH HOD QmR SRGH
IXQFLRQDUVHPYRFrRMRJDGRUQmRp DSHQDVRLQLPLJR HOHpWDPEpPHVVHQFLDO ePHOKRU
GHVLVWLU7LQEDQH$FRLVDHVWiXVDQGRYRFr
'HVLVWLUHLGLVVH7LQEDQHGHSRLVTXHDWLQJLUDFDWDSXOWD
eFHUWRTXHGHVLVWLUi9RFrHVWDUiPRUWR(OHILWRX7LQEDQHDWHQWDPHQWH7DOYH]VHMD
SRU LVVR TXH RV DOLHQtJHQDV D FRQVWUXtUDP 3DUD VH GHVIRUUDU GH QyV SRU QRVVDV EDWLGDV
0XLWRSURYDYHOPHQWHpSDUDLVWRTXHHODVHUYH
9RFrWHPPDLVXPDPRHGD"SHUJXQWRX7LQEDQH

1RPHLRGHVXDGpFLPDSDUWLGDXPDVXUSUHHQGHQWHLQHVSHUDGDDOWHUDomRQDHVWUDWpJLDGD
PiTXLQDVHPDQLIHVWRX'HUHSHQWH HOD GHL[RX GH HQFDPLQKDU DV ERODV GH DoR WRWDOPHQWH
SDUDXPODGRORQJHGDUpSOLFDGDDOGHLD
2EVHUYDQGR7LQEDQHYLXDERODGHDoRURODUGLUHWDPHQWHSHODSULPHLUDYH]DWUDYpVGR
FHQWUR'LUHWDPHQWHQDGLUHomRGDPDFLoDFDWDSXOWD
2EYLDPHQWHDFDWDSXOWDHVWDYDWHUPLQDGD
 HX VRX VHX VXSHULRU KLHUiUTXLFR 7LQEDQH  GLVVH WHQVR R WpFQLFR GR ODERUDWyULR  (
HVWRXOKHRUGHQDQGRTXHSDUHGHMRJDU
4XDOTXHURUGHPTXHYRFrPHGrGLVVH7LQEDQHGHYHVHUSRUHVFULWRHDSURYDGDSRU
DOJXpPGRGHSDUWDPHQWRDRQtYHOGHLQVSHWRU0DVUHOXWDQWHPHQWHSDURXGHMRJDU(X
SRVVR DWLQJLOD  GLVVH SHQVDWLYR  PDV QmR DTXL SDUDGR  7HQKR TXH HVWDU ORQJH
VXILFLHQWHPHQWHGLVWDQWHSDUDTXHHODQmRSRVVDPHORFDOL]DU 3DUDTXHHODQmRSRVVDPH
GLVWLQJXLUHPLUDUSHUFHEHXHOH
-iWLQKDQRWDGRTXHHODVHYLUDUDOLJHLUDPHQWH$WUDYpVGHDOJXPVLVWHPDGHOHQWHVMiR
GHWHFWDUD2XSRVVLYHOPHQWHHODHUDWHUPRWUySLFDSHUFHEHUDRSHORFDORUGHVHXFRUSR
6H DVVLP IRVVH VXD DomR GHIHQVLYD VHULD UHODWLYDPHQWH VLPSOHV XPD ERELQD UHVLVWLYD
VXVSHQVDHPXPRXWURORFDO3RURXWURODGRHODSRGHULDHVWDUXVDQGRDOJXPWLSRGHtQGLFH
FHIiOLFRUHJLVWUDQGRWRGDVDVHPDQDo}HVFHUHEUDLVQDVSUR[LPLGDGHV0DVRODERUDWyULRGD
SROtFLDMiVDEHULDGLVWR
4XDOpRVHXWURSLVPR"3HUJXQWRX
2WpFQLFRGLVVH
 $TXHOH FRQMXQWR QmR WLQKD VLGR GHVHQYROYLGR TXDQGR D LQVSHFLRQDPRV (VWi VHP
G~YLGDWRPDQGRIRUPDDJRUDMXQWDPHQWHFRPDFRQFOXVmRGDDUPD
7LQEDQHGLVVHSHQVDWLYDPHQWH
 (VSHUR TXH HOD QmR SRVVXD HTXLSDPHQWR SDUD UHJLVWUDU XP tQGLFH FHIiOLFR  3RUTXH
SHQVRX HOH VH HOD R SRVVXLU DUPD]HQDU R SDGUmR QmR VHULD SUREOHPD 3RGHULD UHWHU D
PHPyULDGHVHXDGYHUViULRSDUDXViODQDHYHQWXDOLGDGHGHIXWXURVHQFRQWURV
$OJRQDTXHODLGpLDRDVVXVWDYDDOpPHDFLPDGDDPHDoDLPHGLDWDGDVLWXDomR
YDPRVID]HUXPDFRUGRGLVVHRWpFQLFR9RFrFRQWLQXDDRSHUiODDWpTXHHODGLVSDUH
R WLUR LQLFLDO FRQWUD YRFr ( HQWmR YRFr VH DIDVWD H QRV GHL[D GHVPRQWiOD 3UHFLVDPRV
FRQKHFHU R VHX WURSLVPR HOH SRGH DSDUHFHU RXWUD YH] GH XPD IRUPD PDLV FRPSOH[D
&RQFRUGD" 9RFr HVWDUi FRUUHQGR XP ULVFR FDOFXODGR PDV DFUHGLWR TXH R WLUR LQLFLDO VHUi

GDGR FRP D LQWHQomR GH XViOR SDUD HIHLWR GH UHDOLPHQWDomR VHUi IHLWD D FRUUHomR SDUD R
VHJXQGRWLURTXHMDPDLVDFRQWHFHUi
'HYHULDHOHFRQWDUDRWpFQLFRVHXVWHPRUHV"
 2 TXH PH LQFRPRGD  GLVVH  p D SRVVLELOLGDGH GH TXH HOD UHWHQKD XPD PHPyULD
HVSHFtILFDGHPLP3DUDSURSyVLWRVIXWXURV
4XHSURSyVLWRVIXWXURV"(ODVHUiFRPSOHWDPHQWHGHVPRQWDGD$VVLPTXHGLVSDUDU
5HOXWDQWHPHQWH7LQEDQHGLVVH
 $FKR TXH p PHOKRU HX ID]HU R DFRUGR  3RVVR Mi WHU LGR ORQJH GHPDLV SHQVRX e
SRVVtYHOTXHYRFrWLYHVVHUD]mR
$ERODVHJXLQWHHUURXDFDWDSXOWDDSHQDVSRUXPDTXHVWmRGHIUDomRGHSROHJDGD0DVR
TXHRHQHUYRXQmRIRLRIDWRGHHODWHUSDVVDGRSHUWRIRLDUiSLGDVXWLOWHQWDWLYDSRUSDUWH
GD FDWDSXOWD GH FDSWXUDU D EROD TXDQGR LD SDVVDQGR 8P PRYLPHQWR WmR UiSLGR TXH HOH
SRGHULDIDFLOPHQWHQmRWHUSHUFHELGR
(ODTXHUDERODREVHUYRXRWpFQLFR(ODTXHUYRFr(OHWDPEpPYLUD
&RP KHVLWDomR 7LQEDQH WRFRX R rPEROR TXH OLEHUDULD D SUy[LPD  H SDUD HOH
SRVVLYHOPHQWHD~OWLPDERODGHDoR
 'HVLVWD  DFRQVHOKRX QHUYRVR R WpFQLFR  (VTXHoD R DFRUGR SDUH GH MRJDU 9DPRV
GHVPRQWiODFRPRHVWi
3UHFLVDPRVGRWURSLVPRGLVVH7LQEDQH(DSHUWRXRrPEROR
$ERODGHDoRTXHVXELWDPHQWHOKHSDUHFLDJUDQGHGXUDHSHVDGDURORXVHPKHVLWDomR
DWp D FDWDSXOWD TXH D DJXDUGDYD FDGD FRQWRUQR GD WRSRJUDILD GD PiTXLQD FRODERURX $
DTXLVLomR GD PXQLomR RFRUUHX DQWHV PHVPR TXH HOH HQWHQGHVVH R TXH DFRQWHFHUD )LFRX
SDUDGRROKDQGR
 &RUUD  2 WpFQLFR VDOWRX SDUD WUiV H DUUHPHVVRXVH FKRFDQGRVH FRQWUD 7LQEDQH
DWLURXRSDUDORQJHGDPiTXLQD
&RPXPHVWUpSLWRGHYLGURTXHEUDQGRDERODGHDoRSDVVRXMXQWRjWrPSRUDGLUHLWDGH
7LQEDQHULFRFKHWHRXQDSDUHGHRSRVWDGRODERUDWyULRHIRLSDUDUHPEDL[RGHXPDEDQFDGD
GHWUDEDOKR
6LOrQFLR
'HSRLVGHDOJXPWHPSRRWpFQLFRGLVVHWUrPXOR
(ODWLQKDYHORFLGDGHGHVREUD0DVVDGHVREUD7XGRRTXHSUHFLVDYDGHVREUD
9DFLODQWH7LQEDQHOHYDQWRXVHHGHXXPSDVVRQDGLUHomRGDPiTXLQD
1mRVROWHRXWUDERODGLVVHRWpFQLFRHPWRPGHDGYHUWrQFLD
1mRpSUHFLVRGLVVH7LQEDQH9ROWRXVHHFRUUHXSDUDORQJH
$PiTXLQDVROWDUDDERODVR]LQKD

1DDQWHVDOD7LQEDQHIXPDYDVHQWDGRGLDQWHGH7HG'RQRYDQRFKHIHGRODERUDWyULR
$SRUWDGRODERUDWyULRIRUDIHFKDGDHFDGDXPGRVYiULRVWpFQLFRVIRUDFRQYRFDGRDDOJXP
OXJDU VHJXUR $WUiV GD SRUWD IHFKDGD R ODERUDWyULR HVWDYD HP VLOrQFLR (OD HVWDYD LQHUWH
SHQVRX7LQEDQHHDJXDUGDQGR
3HUJXQWRXVHVHHODHVWDYDDJXDUGDQGRTXHTXDOTXHUSHVVRDTXDOTXHUKXPDQRTXDOTXHU
WHUUiTXHRFKHJDVVHDRVHXDOFDQFH2XDSHQDVHOH
(VWH~OWLPRSHQVDPHQWRRGLYHUWLXDLQGDPHQRVGRTXHRULJLQDOPHQWH0HVPRVHQWDGROi
IRUDVHQWLDVHUHWUDLUGHPHGR8PDPiTXLQDFRQVWUXtGDHPRXWURPXQGRHQYLDGD7HUUD
YD]LDGHLQVWUXo}HVPHUDPHQWHFDSD]GHHVFROKHUHQWUHWRGDVDVSRVVLELOLGDGHVGHIHQVLYDV
DWpDILQDOGDUFRPDFKDYH$FDVXDOLGDGHHPDomRDWUDYpVGHFHQWHQDVRXPHVPRPLOKDUHV
GHMRJRVDWUDYpVGHXPDSHVVRDDSyVRXWUDXPMRJDGRUDSyVRRXWUR$WpDILQDOFKHJDUD

XPD WHQGrQFLD FUtWLFD H D ~OWLPD SHVVRD D MRJDU WDPEpP VHOHFLRQDGD SHOR SURFHVVR
DOHDWyULR VH WRUQD XQLGD D HOD HP XP FRQWUDWR GH PRUWH 1R FDVR HOH SUySULR
'HVDIRUWXQDGDPHQWH
7HG'RQRYDQGLVVH
 9DPRV DWLQJLU VXD IRQWH GH HQHUJLD GH ORQJH LVWR QmR GHYH VHU GLItFLO 9i SDUD FDVD
HVTXHoD LVVR WXGR 4XDQGR WLYHUPRV VHXV FLUFXLWRV GH WURSLVPR HVTXHPDWL]DGRV
QRWLILFDUHPRV$QmRVHUpFODURTXHVHMDPXLWRWDUGHGDQRLWHHQHVWHFDVR
1RWLILTXHPPHGLVVH7LQEDQHjKRUDTXHIRU3RUIDYRU(OHQmRSUHFLVRXH[SOLFDU
RFKHIHGRODERUDWyULRHQWHQGHX
2EYLDPHQWHGLVVH'RQRYDQHVWHGLVSRVLWLYRYLVDDVHTXLSHVSROLFLDLVTXHGmREDWLGDV
QRVFDVVLQRV&RPRHOHVPDQREUDPQRVVRVURE{VSDUDFLPDGHOHQyVpFODURQmRVDEHPRV
DLQGD3RGHVHUTXHHQFRQWUHPRVHVWHFLUFXLWRWDPEpP(OHSHJRXRUHODWyULRMiH[LVWHQWH
GR ODERUDWyULR H ROKRXR FRP KRVWLOLGDGH  ,VWR DTXL IRL VXSHUILFLDO GHPDLV DR TXH PH
SDUHFH DJRUD $SHQDV PDLV XP GLVSRVLWLYR DOLHQtJHQD GH MRJR 3RLV VLP  (OH MRJRX R
UHODWyULRGHODGR
6HpLVWRRTXHHOHVWLQKDPHPPHQWHGLVVH7LQEDQH FRQVHJXLUDPRTXHTXHULDP
PHSHJDUDPGLUHLWLQKR3HORPHQRVDWUDtUDPVXDDWHQomR(VXDFRRSHUDomR
 9RFr p XP MRJDGRU HVWi QR VDQJXH 0DV QmR VDELD 3RVVLYHOPHQWH HOD QmR WHULD
IXQFLRQDGRGHRXWUDIRUPD('RQRYDQDFUHVFHQWRX0DVpLQWHUHVVDQWH8PDPiTXLQD
GHIOLSHUDPDTXHUHYLGD4XH ILFDLUULWDGDFRP DVERODVGH DoR URODQGR SRU FLPD GHOD 6y
HVSHUR TXH HOHV QmR FRQVWUXDP XPD PiTXLQD GH WLURDRSUDWR ,VWR Mi p VXILFLHQWHPHQWH
UXLP
&RPRXPVRQKRPXUPXURX7LQEDQH
&RPR"
1mRYHUGDGHLUDPHQWHUHDO 0DVSHQVRXHOHpUHDO(OHYDQWRXVH9RXID]HUFRPR
YRFrGLVVH9RXSDUDFDVDSDUDRPHXFRQDSW9RFrWHPRQ~PHURGRYLGLIRQH(OHHVWDYD
FDQVDGRHDVVXVWDGR
 9RFr HVWi FRP XPD DSDUrQFLD KRUUtYHO  GLVVH 'RQRYDQ H[DPLQDQGRR  ,VWR QmR
GHYHULD SHUWXUEDU YRFr D HVWH SRQWR p XPD PiTXLQD UHODWLYDPHQWH EHQLJQD QmR p" e
SUHFLVRDWDFiODSDUDTXHHODHQWUHHPDomR6HGHL[iODHPSD]
(XDHVWRXGHL[DQGRHPSD]GLVVH7LQEDQH 0DVVLQWRTXHHOD HVWiHVSHUDQGR(OD
TXHUTXHHXYROWH(OHDVHQWLDDJXDUGDQGRSRUHOHDQWHYHQGRRVHX UHWRUQR$PiTXLQD
HUDFDSD]GHDSUHQGHUHHOHDHQVLQDUDDHQVLQDUDVREUHVLPHVPR
(QVLQDUDTXHHOHH[LVWLD4XHKDYLDQDWHUUDXPDSHVVRDFRPR-RVHSK7LQEDQH
(LVWRHUDGHPDLV
4XDQGR GHVWUDQFRX D SRUWD GH VHX FRQDSW R WHOHIRQH Mi HVWDYD WRFDQGR 0RURVDPHQWH
SHJRXRIRQH
$O{HOHGLVVH
 7LQEDQH"  (UD D YR] GH 'RQRYDQ  (OD p PHVPR HQFHIDORWUySLFD (QFRQWUDPRV XP
UHJLVWURGRVSDGU}HVGDFRQILJXUDomRGRVHXFpUHEURHQDWXUDOPHQWHRGHVWUXtPRV0DV
'RQRYDQ KHVLWRX  7DPEpP HQFRQWUDPRV XPD RXWUD FRLVD TXH HOD FRQVWUXLX GHSRLV TXH
IL]HPRVDDQiOLVHLQLFLDO
8PWUDQVPLVVRUGLVVH7LQEDQHURXFDPHQWH
5HFHLRTXHVLP0HLDPLOKDGHDOFDQFHRXGXDVPLOKDVVHDWUDQVPLVVmRIRUGLUHFLRQDO
(HVWDYDOLJDGRDDQWHQDVGLUHFLRQDLVSRUWDQWRWHPRVTXHDVVXPLURDOFDQFHGHGXDVPLOKDV
1mRWHPRVDEVROXWDPHQWHQHQKXPDLGpLDGHHPTXHFRQVLVWHRUHFHSWRUQHPPHVPRVHHVWi

RX QmR QD VXSHUItFLH 3URYDYHOPHQWH HVWi (P XP HVFULWyULR HP DOJXP OXJDU 2X HP XP
KRYHUFDU GDTXHOHV TXH HOHV XVDP 'H TXDOTXHU MHLWR DJRUD YRFr VDEH (OD p
GHFLGLGDPHQWHXPDDUPDGHYLQJDQoDDVXDLQWXLomRLQIHOL]PHQWHHVWDYDFHUWD4XDQGRRV
QRVVRVEULOKDQWHVHVSHFLDOLVWDVH[DPLQDUDPPDLVGHWLGDPHQWHFKHJDUDPjFRQFOXVmRGHTXH
YRFrpSRUDVVLPGL]HUDJXDUGDGR(ODYLXYRFrYLQGR3DUDFRPHoDURLQVWUXPHQWRSRGH
QXQFD WHU IXQFLRQDGR FRPR XP DXWrQWLFR GLVSRVLWLYR GH MRJR DV WROHUkQFLDV TXH
REVHUYDPRVSRGHPWHUVLGRSURJUDPDGDVHQmRFDXVDGDVSHORXVR(LVWRpWXGR
2TXHYRFrVXJHUHTXHHXIDoD"SHUJXQWRX7LQEDQH
)D]HU"8PDSDXVD1mRPXLWR)LTXHHPVHXFRQDSWQmRFRPSDUHoDDRWUDEDOKR
QmRSRUHQTXDQWR
3DUDTXHFDVR HOHV PH SHJXHP SHQVRX 7LQEDQH QLQJXpP PDLV QR GHSDUWDPHQWR VHMD
DWLQJLGRDRPHVPRWHPSR0DLVYDQWDMRVRSDUDYRFrVHQWUHWDQWRQmRSDUDPLP
$FKRTXHYRXVDLUGDiUHDGLVVHHPYR]DOWD3RGHVHUTXHDHVWUXWXUDVHMDOLPLWDGD
QRHVSDoRFRQILQDGDD/$6RXDSHQDVDDOJXPDSDUWHGDFLGDGH6HYRFrQmRYHWDULVWR
(OHWLQKDXPDDPLJDHP/D-RODSRGHULDLUSDUDOi
&RPRTXLVHU
0DVYRFrQmRSRGHID]HUQDGDSDUDPHDMXGDUGLVVHHOH
9RXOKHGL]HUXPDFRLVDGLVVH'RQRYDQ9DPRVDORFDUDOJXQVIXQGRVXPDTXDQWLD
PRGHUDGD D PHOKRU TXH SXGHUPRV FRP D TXDO YRFr SRVVD VH DUUDQMDU $Wp TXH
FRQVLJQDPRVORFDOL]DURPDOGLWRUHFHSWRUHGHVFREULUDRTXHHOHHVWiYLQFXODGR3DUDQyVD
GRUGHFDEHoDSULQFLSDOpTXHUXPRUHVMiFRPHoDUDPDFLUFXODUSHORGHSDUWDPHQWR9DLVHU
GLItFLO FRQVHJXLU IRUPDU HTXLSHV GH UHSUHVVmR SDUD HQIUHQWDU DV IXWXUDV RSHUDo}HV GH MRJR
GRVDOLHQtJHQDV4XH pp FODURHVSHFLILFDPHQWHRTXHHOHVWLQKDPHPPHQWH 0DLV XPD
FRLVD TXH SRGHPRV ID]HU 3RGHPRV ID]HU FRP TXH R ODERUDWyULR FRQVWUXD XP HVFXGR
FHUHEUDOSDUDYRFrSDUDTXHYRFrQmRHPDQHPDLVXPSDGUmRUHFRQKHFtYHO0DVYRFrWHUi
TXHSDJDULVWRGRVHXSUySULREROVR3RVVLYHOPHQWHSRGHUiVHUGHVFRQWDGRGRVHXVDOiULR
HPYiULDVPHQVDOLGDGHV6HYRFrHVWLYHULQWHUHVVDGR3DUDVHUIUDQFRVHTXHUPLQKDRSLQLmR
SHVVRDOHXRDFRQVHOKRDID]HULVWR
(VWiFHUWRGLVVH7LQEDQH(OHVHQWLDVHREWXVRPRUWRFDQVDGRHUHVLJQDGRWXGRLVVR
DR PHVPR WHPSR ( WLQKD D SURIXQGD H DJXGD LQWXLomR GH TXH VXD UHDomR HUD UDFLRQDO 
0DLVDOJXPDFRLVDTXHYRFrVXJLUD"SHUJXQWRX
$QGHDUPDGR$WpTXDQGRIRUGRUPLU
'RUPLU"GLVVHHOH9RFrDFKDTXHHXYRX FRQVHJXLUGRUPLU"7DOYH]FRQVLJDGHSRLV
TXHDPiTXLQDIRUWRWDOPHQWHGHVWUXtGD  0DVLVWRQmR IDUi GLIHUHQoD HOH SHUFHEHX 1mR
DJRUD1mRGHSRLVTXHHODHQYLRXPLQKDVRQGDVFHUHEUDLVSDUDDOJXPDRXWUDFRLVDXPD
FRLVDVREUHDTXDOQDGDVDEHPRV6DEH'HXVTXHHTXLSDPHQWRSRGHUiVHURVDOLHQtJHQDV
DSDUHFHPFRPWRGDDVRUWHGHFRLVDVFRPSOLFDGDV
'HVOLJRXRWHOHIRQHFDPLQKRXDWpFR]LQKDHSHJDQGRXPDJDUUDIDGH ERXUERQ$QWLTXH
PHLRYD]LDSUHSDURXXPZKLVN\VRXU
4XHWUDSDOKDGDGLVVHFRQVLJRPHVPR 3HUVHJXLGRSRUXPDPiTXLQDGHIOLSHUDPDTXH
YHLRGRRXWURPXQGR7HYHYRQWDGHPDVQmRPXLWDGHULU
2TXHVHSRGHXVDUSHUJXQWRXVHSDUDDJDUUDUXPDPiTXLQDGHIOLSHUDPDHQIXUHFLGD"
8PD TXH WHP R VHX HQGHUHoR H HVWi GLVSRVWD D DJDUUiOR" 2X PDLV HVSHFLILFDPHQWH R
QHEXORVRDPLJRGHXPDPiTXLQDGHIOLSHUDPD
$OJXPDFRLVDIH]WRFWRFQDMDQHODGDFR]LQKD
(QILDQGRDPmRQREROVRHOHVDFRXVXDSLVWRODODVHUUHJXODPHQWDUFDPLQKDQGRDRORQJR
GDSDUHGHGDFR]LQKDDSUR[LPRXVHGDMDQHODGHPDQHLUDSDUDQmRVHUYLVWRHROKRXSDUDD

QRLWHOiIRUD(VFXULGmR1mRFRQVHJXLXGLVWLQJXLUQDGD8PDODQWHUQD"7LQKDXPDQRSRUWD
OXYDVGRVHXDHURFDUURHVWDFLRQDGRQDFREHUWXUDGRHGLItFLRFRQDSW(UDKRUDGHDSDQKiOD
8P PRPHQWR GHSRLV GH ODQWHUQD QD PmR VXELX FRUUHQGR DV HVFDGDV GH YROWD j VXD
FR]LQKD
2IDFKRGHOX]UHYHORXFRPSULPLGDFRQWUDDVXSHUItFLHH[WHULRUGDMDQHODXPDHQWLGDGH
HP IRUPD GH SHUFHYHMR FRP SVHXGySRGRV DORQJDGRV SURMHWDQGRVH GR FRUSR 2V GRLV
VHQVRUHV KDYLDP EDWLGR FRQWUD R YLGUR GD MDQHOD HYLGHQWHPHQWH H[SORUDQGR GH VHX MHLWR
FHJRPHFkQLFR
$FRLVDSHUFHYHMRVXELUDSHORODGRGR HGLItFLRHOH SRGLD QRWDU D HVWHLUD GH VXFomR TXH
PDUFDYDVXDHVFDODGD
6XD FXULRVLGDGH QHVWH SRQWR VH WRUQRX PDLRU GR TXH R PHGR &RP FXLGDGR DEULX D
MDQHODQmRKDYLDQHFHVVLGDGHGHSDJDUDRFRPLWrGHUHSDURVGRHGLItFLRSRUFDXVDGDTXLOR
HFDXWHORVDPHQWHDSRQWRXDSLVWRODODVHU$FRLVDSHUFHYHMRQmRVHPRYHXHYLGHQWHPHQWH
HQJXLoDUD QR PHLR GH XP FLFOR 3URYDYHOPHQWH VXDV UHDo}HV HOH DGLYLQKRX HUDP
UHODWLYDPHQWHOHQWDVPXLWRPDLVOHQWDVGRTXHDVGHXPHTXLYDOHQWHRUJkQLFRFRPSDUiYHO
$QmRVHUpFODURTXHWLYHVVHVLGRSUHSDUDGDSDUDGHWRQDUQHVWHFDVRHOHQmRWHULDWHPSR
SDUDSRQGHUDo}HV
'LVSDURXXPGHOJDGRUDLRFRQWUDRODGRGHEDL[RGDFRLVDSHUFHYHMR
0XWLODGDDFRLVDSHUFHYHMRGHVFDLXSDUDWUiVDVP~OWLSODVSHTXHQDVYHQWRVDVVROWDQGR
VH4XDQGRLDFDLU7LQEDQHVHJXURXDSX[RXDUDSLGDPHQWHSDUDGHQWURHVROWRXDQRFKmR
PDQWHQGRDSLVWRODDSRQWDGDSDUDHOD0DVHVWDYDIXQFLRQDOPHQWHOLTXLGDGDQmRVHPRYHX
PDLV
&RORFDQGRDVREUHDSHTXHQDPHVDGDFR]LQKDDSDQKRXXPDFKDYHGHIHQGDQDJDYHWD
GH IHUUDPHQWDV DR ODGR GD SLD 6HQWRXVH H H[DPLQRX R REMHWR 6HQWLD DJRUD TXH SRGLD
SURFHGHUFRPFDOPDDSUHVVmRSHORPHQRVQRPRPHQWRVHDOLYLDULD
/HYRX TXDUHQWD PLQXWRV SDUD DEULU D FRLVD QHQKXP GRV VHXV SDUDIXVRV GH IL[DomR VH
DGDSWDYD D XPD FKDYH GH IHQGD QRUPDO H HOH YLXVH DILQDO XVDQGR XPD IDFD GH FR]LQKD
FRPXP0DVFRQVHJXLXHQILPDEULODVREUHDPHVDGLDQWHGHOHDFDUFDoDGLYLGLGDHPGXDV
SDUWHV XPD {FD H YD]LD D RXWUD DWXOKDGD GH FRPSRQHQWHV 8PD ERPED" (OH D PDQXVHRX
FRPH[WUHPRFXLGDGRLQVSHFLRQDQGRSRXFRDSRXFRFDGDFRQMXQWRGHSHoDV
1mRHUDXPDERPEDSHORPHQRVQmRXPDTXHHOHSXGHVVHLGHQWLILFDU8PLQVWUXPHQWR
GHPRUWHHQWmR"1mRWLQKDOkPLQDVQHPWR[LQDVRXPLFURRUJDQLVPRVQHQKXPWXERFDSD]
GH H[SHOLU XPD GHVFDUJD PRUWDO H[SORVLYD RX TXDOTXHU RXWUD (QWmR R TXH HP QRPH GH
'HXV HOD ID]LD" 5HFRQKHFHX R PRWRU TXH D PRYHUD SDUHGH GR HGLItFLR DFLPD H D WRUUHWD
IRWRHOpWULFDGHGLUHomRSHODTXDOHODVHRULHQWDYD0DVDTXLORHUDWXGR$EVROXWDPHQWHWXGR
'RSRQWRGHYLVWDGHXWLOLGDGHDTXLORHUDXPDIUDXGH
6HUi TXH HUD" (OH ROKRX SDUD R UHOyJLR +DYLD JDVWR XPD KRUD LQWHLUD FRP DTXLOR VXD
DWHQomRWLQKDVLGRGHVYLDGDGHWRGRRUHVWRHTXHPVDEHRTXHSRGHULDVHUHVVHUHVWR"
1HUYRVR HOH HUJXHXVH ULJLGDPHQWH DSDQKRX D SLVWRODODVHU H YDVFXOKRX WRGR R
DSDUWDPHQWRRXYLQGRSHQVDQGRWHQWDQGRVHQWLUDOJXPDFRLVDSRUSHTXHQDTXHIRVVHIRUD
GDRUGHPXVXDO
(VWRX GDQGR WHPSR D HOHV SHUFHEHX 8PD KRUD LQWHLUD 3DUD R TXH TXHU TXH HOHV
HVWHMDPUHDOPHQWHWHQFLRQDQGRID]HU
(VWiQDKRUDSHQVRXGHVDLUGRDSDUWDPHQWR&DLUIRUDHLUSDUD/D-RODDWpTXHWXGR
DTXLORHVWLYHVVHDFDEDGR
2YLGLIRQHWRFRX
4XDQGRHOHDWHQGHXRURVWRVRPEULRGH7HG'RQRYDQDSDUHFHXFRPXPHVWDOLGR

 7HPRV XP DHURFDUUR GR GHSDUWDPHQWR PRQLWRUDGR R VHX HGLItFLR FRQDSW  GLVVH
'RQRYDQ(HOHFDSWRXDOJXPDDWLYLGDGHDFKHLTXHYRFrJRVWDULDGHVDEHU
&HUWRGLVVHHOHWHQGR
 8P YHtFXOR DpUHR SRXVRX SRU DOJXQV LQVWDQWHV QR HVWDFLRQDPHQWR GD VXD FREHUWXUD
1mRHUDXPDHURFDUURFRPXPHUDDOJRPDLRU1DGDTXHSXGpVVHPRVUHFRQKHFHU'HFRORX
GHQRYRLPHGLDWDPHQWHHPJUDQGHYHORFLGDGHPDVDFKRTXHHUDPHOHV
/DUJRXDOJXPDFRLVD"
6LP5HFHLRTXHVLP
9RFrSRGHID]HUDOJXPDFRLVDSRUPLPDHVWDDOWXUD"0HDMXGDULDPXLWR
2TXHYRFrVXJHUH"1mRVDEHPRVRTXHpYRFrFHUWDPHQWHWDPEpPQmRVDEH(VWDPRV
DEHUWRVDTXDOTXHULGpLDPDVDFKRTXHWHUHPRVGHHVSHUDUDWpTXHYRFrFRQKHoDDQDWXUH]D
GRDUWHIDWRKRVWLO
$OJREDWHXFRQWUDDSRUWDDOJRQRYHVWtEXOR
9RXGHL[DUDOLQKDDEHUWDGLVVH7LQEDQH1mRVHDIDVWHDFKRTXHHVWiDFRQWHFHQGR
DJRUD  1HVWH HVWiJLR HOH Mi HVWDYD HP SkQLFR XP SkQLFR DEHUWR LQIDQWLO (PSXQKDQGR
IURX[D H HQWRUSHFLGDPHQWH D SLVWRODODVHU VHJXLX SDVVR D SDVVR DWp D SRUWD GD IUHQWH GR
FRQDSWSDURXGHVWUDQFRXHDEULXDSRUWD/LJHLUDPHQWH2PtQLPRTXHFRQVHJXLX
8PDIRUoDHQRUPHLQFRQWLGDHPSXUURXPDLVDSRUWDDPDoDQHWDHVFDSRXOKHGDPmR
( VLOHQFLRVDPHQWH D LPHQVD EROD GH DoR TXH HVWDYD HQFRVWDGD QD SRUWD HQWUHDEHUWD URORX
SDUDDIUHQWH(OHUHFXRXVDEHQGRTXHDTXHOHHUDRDGYHUViULRRIDOVRDSDUHOKRGHHVFDODU
SDUHGHVGHVYLDUDVXDDWHQomRGDTXLOR
(OH QmR SRGLD VDLU 1mR LULD SDUD /D -ROD DJRUD $ JUDQGH H PDFLoD HVIHUD EORTXHDYD
WRWDOPHQWHRFDPLQKR
9ROWDQGRDRYLGLIRQHGLVVHD'RQRYDQ
(VWRXHQFDSVXODGR$TXLQRPHXSUySULRFRQDSW1RSHUtPHWURH[WHUQRHOHSHUFHEHX
(TXLYDOHQWH DR WHUULWyULR DFLGHQWDGR QD SDLVDJHP FDPELDQWH GD PiTXLQD GH IOLSHUDPD $
SULPHLUD EROD IRUD EORTXHDGD DOL ILFDUD DORMDGD QR YmR GD SRUWD 0DV H D 6HJXQGD" $
WHUFHLUD"
&DGDXPDFKHJDULDPDLVSHUWR
 9RFr SRGHULD FRQVWUXLU XPD FRLVD SUD PLP"  HOH SHUJXQWRX FRP D YR] YHODGD  2
ODERUDWyULRSRGHULDFRPHoDUDWUDEDOKDUDVVLPWDUGHGDQRLWH"
 3RGHPRV WHQWDU  GLVVH 'RQRYDQ  'HSHQGH LQWHLUDPHQWH GR TXH YRFr YDL TXHUHU 2
TXHWHPHPPHQWH"2TXHDFKDTXHSRGHULDDMXGDU"
(OHGHWHVWDYDSHGLUDTXLOR0DVSUHFLVDYD$SUy[LPDSRGHULDLUURPSHUSRUXPDMDQHOD
RXDEDWHUVHVREUHHOHDWUDYpVGRWHWR
(XTXHURGLVVHHOHDOJXPWLSRGHFDWDSXOWD6XILFLHQWHPHQWHJUDQGHVXILFLHQWHPHQWH
IRUWHSDUDVXSRUWDUXPDFDUJDHVIpULFDGHTXDWURHPHLRDFLQFRSpVGHGLkPHWUR$FKDTXH
SRGHFRQVHJXLU"3HGLXD'HXVTXHHOHVSXGHVVHP
eLVVRTXHYRFrHVWiHQIUHQWDQGR"SHUJXQWRX'RQRYDQULVSLGDPHQWH
 $ QmR VHU TXH VHMD XPD DOXFLQDomR  GLVVH 7LQEDQH  8PD SURMHomR GH WHUURU
GHOLEHUDGDDUWLILFLDOPHQWHLQGX]LGDFRPDLQWHQomRHVSHFtILFDGHPHGHVPRUDOL]DU
 2 DHURFDUUR GR DSDUWDPHQWR YLX DOJXPD FRLVD  GLVVH 'RQRYDQ  ( QmR HUD XPD
DOXFLQDomR WLQKD XPD PDVVD PHQVXUiYHO (  HOH KHVLWRX  ( HOD GHL[RX SDUD WUiV DOJR
JUDQGH6XDPDVVDDRSDUWLUHVWDYDFRQVLGHUDYHOPHQWHGLPLQXtGD3RUWDQWRpUHDO7LQEDQH
)RLRTXHSHQVHLGLVVH7LQEDQH
/HYDUHPRVDFDWDSXOWDDYRFrDVVLPTXHIRUSRVVtYHOGLVVH'RQRYDQ(VSHUHPRVTXH
KDMD XP LQWHUYDOR DGHTXDGR HQWUH FDGD DWDTXH ( p ERP YRFr FRQWDU FRP SHOR PHQRV

FLQFR
7LQEDQHDVVHQWLQGRDFHQGHXXPFLJDUURRXSHORPHQRVWHQWRXDFHQGHU0DVVXDVPmRV
WUHPLDPGHPDLVSDUDOHYDURLVTXHLURDWpROXJDUFHUWR(OHHQWmRWLURXGREROVRXPDODWDGH
UDSp'HDQV2ZQODTXHDGDGHDPDUHORPDVQmRFRQVHJXLXIRUoDUDWDPSDDSHUWDGDGDODWD
DODWDHVFDSRXGHVHXVGHGRVHFDLXQRFKmR
&LQFRHOHGLVVHSRUMRJR
6LPGLVVH'RQRYDQUHOXWDQWHPHQWH7DPEpPLVVR
$SDUHGHGDVDODGHHVWDUHVWUHPHFH
$SUy[LPDHVWDYDYLQGRDHOHGRDSDUWDPHQWRYL]LQKR

1mRMXOJXHSHODFDSD
29(/+20$/+8025$'235(6,'(17(GD/LYURV2EHOLVFRGLVVHLUULWDGR
(XQmRTXHURYrORVUWD+DQG\2LWHPMiHVWiVHQGRLPSUHVVRVHKRXYHDOJXPHUUR
QRWH[WRQDGDSRGHUHPRVID]HUDJRUD
 0DV VU 0DVWHUV  GLVVH D VUWD +DQG\  p XP HUUR WmR LPSRUWDQWH 6H p TXH R VU
%UDQGLFHHVWiFHUWR(OHGL]TXHRFDStWXORLQWHLUR
(XOLDFDUWDGHOHHWDPEpPIDOHLFRPHOHSHORYLGLIRQH6HLRTXHHOHGL]0DVWHUV
FDPLQKRX DWp D MDQHOD GR VHX HVFULWyULR ROKRX VRWXUQDPHQWH SDUD D VXSHUItFLH iULGD GH
0DUWHGHVILJXUDGDSURFUDWHUDVTXHHOHVHDFRVWXPDUDDYHUSRUWDQWDVGpFDGDV &LQFRPLO
H[HPSODUHV LPSUHVVRV  HQFDGHUQDGRV HOH SHQVRX ( GHVVHV PHWDGH HP SHOH GH ZXE
PDUFLDQR2PDWHULDOPDLVHOHJDQWHHFDURTXHSXGHPRVHQFRQWUDU-iHVWDPRVSHUGHQGR
GLQKHLURFRPHVWDHGLomRHDJRUDLVWR
6REUH VXD PHVD HVWDYD XP H[HPSODU GR OLYUR 'H 5HUXP 1DWXUD QD DOWLYD H QREUH
WUDGXomR GH -RKQ 'U\GHQ =DQJDGR %DUQH\ 0DVWHUV IROKHRX DV SiJLQDV EUDQFDV H QRYDV
4XHP SRGHULD HVSHUDU TXH DOJXpP HP 0DUWH FRQKHFHVVH WmR EHP XP WH[WR WmR DQWLJR"
UHIOHWLXHOH(RKRPHPTXHHVWDYDHVSHUDQGRQDDQWHVDODHUDXPHQWUHRVRLWRTXHKDYLDP
HVFULWRRXWHOHIRQDGRSDUDD/LYURV2EHOLVFRDUHVSHLWRGHXPDSDVVDJHPFRQWURYHUVD
&RQWURYHUVD" 1mR KDYLD FRQWURYpUVLD RV RLWR HUXGLWRV ODWLQLVWDV ORFDLV HVWDYDP FHUWRV
(UDVLPSOHVPHQWHXPDTXHVWmRGHID]rORVLUHPERUDFDOPDPHQWHHHVTXHFHUTXHKDYLDOLGR
DHGLomR2EHOLVFRHHQFRQWUDGRDSDUWHDGXOWHUDGDHPTXHVWmR
7RFDQGRRERWmRGRLQWHUFRPGHVXDPHVD0DVWHUVGLVVHjUHFHSFLRQLVWD
(VWiEHPPDQGHRHQWUDU
'H RXWUD IRUPD R KRPHP QXQFD LULD HPERUD XP WLSR FRPR HOH VHULD FDSD] GH ILFDU
HVSHUDQGRQDUXD2VHUXGLWRVHPJHUDOVmRDVVLPSDUHFHP7HUXPDSDFLrQFLDLQILQLWD
$ SRUWD VH DEULX H DVVRPRX XP KRPHP DOWR GH FDEHORV JULVDOKRV XVDQGR DQWLTXDGRV
yFXORVHVWLOR7HUUDXPDSDVWDQDPmR
 2EULJDGR VU 0DVWHUV  GLVVH HOH HQWUDQGR  3HUPLWDPH H[SOLFDU SRU TXH PLQKD
RUJDQL]DomR FRQVLGHUD XP HUUR FRPR HVWH WmR LPSRUWDQWH  (OH VHQWRXVH GLDQWH GD PHVD
DEULXR]tSHUGDSDVWDHQHUJLFDPHQWH$ILQDOVRPRVXPSODQHWDFRO{QLD7RGRVRVQRVVRV
YDORUHV FRVWXPHV DUWHIDWRV H KiELWRV QRV YrP GD 7HUUD $ *8&21'(7 $57 )25*(
FRQVLGHUDDSXEOLFDomRGHVWHOLYUR
 *8&21'(7 $57)25*("  LQWHUURPSHX 0DUWHUV 1XQFD RXYLUD IDODU GHOD PDV
PHVPRDVVLPHOHJHPHX2EYLDPHQWHHUDXPDGDVPXLWDVRUJDQL]Do}HVYLJLODQWHVPDOXFDV
TXHSHUVFUXWDYDPWXGRRTXHHUDLPSUHVVRIRVVHSXEOLFDGRDTXLHP0DUWHRXQD7HUUD
*XDUGL}HV&RQWUDD'HWXUSDomRHRV$UWHIDWRV)RUMDGRVHP*HUDOH[SOLFRX%UDQGLFH
7HQKRDTXLXPDHGLomRWHUUHQDFRUUHWDGH'H5HUXP1DWXUDWUDGXomRGH'U\GHQFRPRD
VXDHGLomRORFDO6XDrQIDVHQDSDODYUDORFDOGDYDDHQWHQGHUDOJRGHIUDXGXOHQWRHGH
6HJXQGD FDWHJRULD FRPR VH UHPRX 0DVWHUV D /LYURV 2EHOLVFR HVWLYHVVH ID]HQGR DOJR
WRWDOPHQWHFRQGHQiYHODRSXEOLFDUOLYURV9DPRVYHULILFDUDVLQWHUSRODo}HVLQDXWrQWLFDV2
VHQKRUGHYHHVWXGDUSULPHLURRPHXH[HPSORGLVVHHOHFRORFDQGRDEHUWRVREUHDPHVDGH
0DUWHUV XP YHOKR H PDOWUDWDGR OLYUR LPSUHVVR QD 7HUUD  QR TXDO D SDVVDJHP DSDUHFH
FRUUHWDPHQWH(GHSRLVXPDFySLDGDVXDSUySULDHGLomRFRPDPHVPDSDVVDJHP$RODGR
GR SHTXHQR H YHOKR OLYUR D]XO HOH FRORFRX XP GRV JUDQGHV H ERQLWRV H[HPSODUHV

HQFDGHUQDGRVHPSHOHGHZXESXEOLFDGRVSHOD/LYURV2EHOLVFR
 'HL[HPH FKDPDU R PHX HGLWRU GH WH[WRV  GLVVH 0DVWHUV $SHUWDQGR R ERWmR GR
LQWHUFRPGLVVHjVUWD+DQG\3HoDDR-DFN6QHDGSDUDYLUDWpDTXLSRUIDYRU
6LPVU0DVWHUV
&LWDQGRGDHGLomRRULJLQDOGLVVH%UDQGLFHWHPRVDVHJXLQWHWUDGXomRPHWULILFDGDGR
ODWLP$KDP3LJDUUHRXFRQVWUDQJLGRHFRPHoRXDOHU
'HWRGRSHVDUHGRUQRVOLYUDUHPRV
1mRRVVHQWLUHPRVSRLVMiQmRVHUHPRV
7HUUDHPPDUPDUHVHPFpXVIRUDPSHUGLGRV
0DVLPyYHLVVyVHUHPRVVDFXGLGRV
&RQKHoRDSDVVDJHPGLVVH0DUWHUVULVSLGDPHQWHVHQWLQGRVHHVSLFDoDGRRKRPHPR
HVWDYDWUDWDQGRFRPRVHHOHIRVVHXPDFULDQoD
(VWDTXDGUDGLVVH%UDQGLFHHVWiDXVHQWHQDVXDHGLomRHD VHJXLQWHTXDGUDHVS~ULD
VDEH'HXVGHTXHRULJHPDSDUHFHHPVHXOXJDU3HUPLWDPH3HJDQGRDVXQWXRVDHGLomR
2EHOLVFRHQFDGHUQDGD HPSHOHGH ZXEHOHD IROKHRXH HQFRQWURXROXJDU H HQWmR OHX HP
YR]DOWD
'HWRGRSHVDUHGRUQRVOLYUDUHPRV
'HSRLVGHVHSXOWDGRVQmRRVYHUHPRV
0DUHVGHVRQKRIRUMDUHPRVQDPRUWH
(VWDWHUUDSUHQXQFLDDHWHUQDVRUWH
2OKDQGR LQWHQVDPHQWH SDUD 0DUWHUV %UDQGLFH IHFKRX GH PDQHLUD EUXVFD R H[HPSODU
HQFDGHUQDGRHPSHOHGHZXE
 2 TXH DERUUHFH PDLV  GLVVH %UDQGLFH  p TXH HVWD TXDGUD SUHJD XPD PHQVDJHP
GLDPHWUDOPHQWH RSRVWD j GR OLYUR LQWHLUR 'H RQGH HOD YHLR" $OJXpP GHYH WrOD HVFULWR
'U\GHQ QmR IRL /XFUpFLR QmR IRL  (OH ROKRX SDUD 0DVWHUV FRPR VH DFKDVVH TXH HOH
SHVVRDOPHQWHIL]HUDDTXLOR
$SRUWDGRHVFULWyULRVHDEULXH-DFN6QHDGRHGLWRUGHWH[WRVGDILUPDHQWURX
 (OH HVWi FHUWR  GLVVH UHVLJQDGDPHQWH DR VHX SDWUmR  ( HVWD p DSHQDV XPD GDV
DOWHUDo}HV QR WH[WR HQWUH WULQWD  WDQWDV (VWLYH UHYHQGR R OLYUR WRGR GHVGH TXH DV FDUWDV
FRPHoDUDP D FKHJDU ( DJRUD HVWRX FRPHoDQGR D H[DPLQDU RXWURV LWHQV GH FDWiORJRV
UHFHQWHV HP QRVVD OLVWDJHP GH RXWRQR  (OH DFUHVFHQWRX UHVPXQJDQGR  7DPEpP
HQFRQWUHLDOWHUDo}HVHPGLYHUVRVGHOHV
'LVVH0DVWHUV
9RFrIRLR~OWLPRHGLWRUDUHYLVDURWH[WRDQWHVGHLUSDUDDFRPSRVLomR(VVHVHUURVQmR
HVWDYDPOiHQWmR"
$EVROXWDPHQWHQmRGLVVH6QHDG(HXUHYLVHLDVSURYDVSHVVRDOPHQWHDVPXGDQoDV
WDPEpP QmR HVWDYDP QDV SURYDV $V PXGDQoDV QmR DSDUHFHUDP DWp TXH RV H[HPSODUHV
ILQDLV HQFDGHUQDGRV ILFDVVHP SURQWRV  VH p TXH LVWR ID] DOJXP VHQWLGR 2X PDLV
HVSHFLILFDPHQWH RV H[HPSODUHV HQFDGHUQDGRV HP RXUR H SHOH GH ZXE 2V FRPXQV HP
EURFKXUDHVWHVHVWmRFRUUHWRV
0DVWHUVSLVFRX
 0DV HOHV VmR WRGRV GD PHVPD HGLomR 3DVVDUDP SHOD LPSUHVVRUD MXQWRV 1D YHUGDGH
QyVQHPSODQHMDPRVRULJLQDOPHQWHXPDHQFDGHUQDomRH[FOXVLYDGHDOWRSUHoRIRL DSHQDV
QR~OWLPRPLQXWRTXHUHGLVFXWLPRVRDVVXQWRHRHVFULWyULRFHQWUDOVXJHULXTXHPHWDGHGD
HGLomRIRVVHRIHUHFLGDHPHQFDGHUQDomRGHSHOHGHZXE
(XDFKRGLVVH-DFN6QHDGTXHYDPRVWHUGHID]HUXPWUDEDOKRGHLQWHQVRHVFUXWtQLR
VREUHDTXHVWmRGDSHOHGHZXEPDUFLDQR

8PD KRUD GHSRLV R LGRVR YDFLODQWH 0DVWHUV DFRPSDQKDGR SHOR HGLWRU GH WH[WRV -DFN
6QHDG HVWDYD VHQWDGR GLDQWH GH /XWKHU 6DSHUVWLQ DJHQWH FRPHUFLDO GD ILUPD GH SHOHV $
LPSHFiYHO$VVRFLDGRVFRPHOHVD /LYURV2EHOLVFRREWLYHUDDSHOH GH ZXE FRP TXH VHXV
OLYURVIRUDPHQFDGHUQDGRV
$QWHVGHPDLVQDGDGLVVH0DVWHUVQXPDYR]HQpUJLFDHSURILVVLRQDORTXHp SHOHGH
ZXE"
%DVLFDPHQWHGLVVH6DSHUVWHLQQRVHQWLGRHPTXHHVWiSHUJXQWDQGRpDSHOHH[WUDtGD
GRZXEPDUFLDQR6HXTXHLVWRQmRH[SOLFDPXLWRVHQKRUHVPDVSHORPHQRVpXPSRQWRGH
UHIHUrQFLD XP SRVWXODGR VREUH R TXDO SRGHPRV FRQFRUGDU H GH RQGH SRGHPRV SDUWLU H
FRQVWUXLUDOJXPDFRLVDPDLVFRQVLVWHQWH3DUDDMXGDUPDLVGHL[HPPHFRORFiORVDSDUGD
QDWXUH]DGRSUySULRZXE6XDSHOHpPXLWRDSUHFLDGDSRUTXHHQWUHRXWUDVUD]}HVpUDUD$V
SHOHV GH ZXE VmR UDUDV SRUTXH ZXE UDUDPHQWH PRUUH &RP LVWR TXHUR GL]HU TXH p TXDVH
LPSRVVtYHO PDWDU XP ZXE  PHVPR XP ZXE GRHQWH RX YHOKR ( PHVPR TXH R ZXE VHMD
PRUWR VXD SHOH FRQWLQXD YLYHQGR (VWH DWULEXWR OKH FRQIHUH XP YDORU VLQJXODU SDUD D
GHFRUDomR GH LQWHULRUHV RX FRPR QR VHX FDVR SDUD HQFDGHUQDU SRU WRGD D YLGD OLYURV
SUHFLRVRVIHLWRVSDUDGXUDU
0DVWHUVVXVSLURXHROKRXHQWHGLDGRSHODMDQHODHQTXDQWR6DSHUVWHLQSURVVHJXLDFRPVXD
IDOD PRQyWRQD $R ODGR GHOH R HGLWRU GH WH[WRV ID]LD DOJXPD EUHYHV DQRWDo}HV FRP XPD
H[SUHVVmRVRPEULDHPVHXURVWRMRYHPHHQpUJLFR
2TXHOKHVIRUQHFHPRVGLVVH6DSHUVWHLQTXDQGRYLHUDPDQyVHOHPEUHVHYRFrV
YLHUDPDQyVQyVQmRRVSURFXUDPRVFRQVLVWLDQDVPDLVVHOHFLRQDGDVPDLVSHUIHLWDVSHOHV
GH QRVVD HQRUPH UHVHUYD (VVDV SHOHV YLYDV EULOKDP FRP XPD LQWHQVLGDGH ~QLFD PXLWR
SHFXOLDUQmRKiQDGDHP0DUWHRXOiHPFDVDQD7HUUDTXHVHSDUHoDFRPHODV4XDQGRVH
UDVJD RX p DUUDQKDGD D SHOH VH UHFRPS}H VR]LQKD (OD FUHVFH QR GHFRUUHU GRV PHVHV
FULDQGR XP SHOR FDGD YH] PDLV YLoRVR DV FDSDV GRV VHXV YROXPHV SRUWDQWR VH WRUQDUmR
SURJUHVVLYDPHQWHOX[XULRVDV2TXHYDLYDORUL]iORVPXLWR'DTXLDGH]DQRVDTXDOLGDGH
GRHVSHVVRSrORGHVVHVOLYURVHQFDGHUQDGRVHPSHOHGHZXE
LQWHUURPSHQGRR6QHDGGLVVH
 (QWmR D SHOH DLQGD HVWi YLYD ,QWHUHVVDQWH ( R ZXE FRPR GL] p WmR HVSHUWR TXH p
YLUWXDOPHQWHLPSRVVtYHOGHPDWDU(OHODQoRXXPROKDUUiSLGRD0DVWHUV7RGDVDVWULQWDH
WDQWDVDOWHUDo}HVIHLWDVQRVWH[WRVGHQRVVRVOLYURVWUDWDPGDLPRUWDOLGDGH$VLPERORJLDGH
/XFUpFLR p WtSLFD R WH[WR RULJLQDO HQVLQD TXH R KRPHP p HIrPHUR H TXH PHVPR TXH HOH
VREUHYLYDDSyVDPRUWHQmRWHUiTXDOTXHUPHPyULDGHVXDH[LVWrQFLDDTXL(POXJDUGLVVR
D QRYD SDVVDJHP HVS~ULD DSDUHFH H FDWHJRULFDPHQWH IDOD VREUH XPD YLGD IXWXUD TXH p
SUHYLVWDQHVWDDTXL&RPRYRFrGLVVHGLYHUJLQGRWRWDOPHQWHGHWRGDDILORVRILDGH/XFUpFLR
9RFrSHUFHEHRTXHHVWDPRVYHQGRQmRSHUFHEH"$ILORVRILDGRPDOGLWRZXEVXSHUSRVWDj
GH GLYHUVRV DXWRUHV $t HVWi FRPHoR H ILP  (OH LQWHUURPSHXVH H YROWRX jV VXDV QRWDV
VLOHQFLRVDPHQWH
 &RPR SRGH XPD SHOH  GHPDQGRX 0DVWHUV  PHVPR SHUSHWXDPHQWH YLYD H[HUFHU
LQIOXrQFLDVREUHRFRQWH~GRGHXPOLYUR"8PWH[WRMiLPSUHVVRSiJLQDVFRUWDGDVFDGHUQRV
FRODGRV H FRVWXUDGRV  p FRQWUD D OyJLFD 0DV VH D HQFDGHUQDomR D PDOGLWD SHOH HVWi
UHDOPHQWHYLYDHHXGLILFLOPHQWHSRGHULDDFUHGLWDUQLVVRHOHROKRXSDUD6DSHUVWHLQVHHOD
HVWiYLYDGRTXHYLYH"
 3DUWtFXODV GLPLQXWDV GH DOLPHQWRV HP VXVSHQVmR QD DWPRVIHUD  GLVVH 6DSHUVWHLQ
EUDQGDPHQWH
/HYDQWDQGRVH0DVWHUVGLVVH

9DPRVHPERUD,VWRpULGtFXOR
(ODLQDODDVSDUWtFXODVGLVVH6DSHUVWHLQDWUDYpVGRVSRURV6HXWRPHUDGLJQRDWp
UHSURYDGRU
(VWXGDQGRVXDVQRWDVVHPOHYDQWDUVHFRPVHXSDWUmR-DFN6QHDGGLVVHSHQVDWLYDPHQWH
$OJXPDVGDVHPHQGDVIHLWDVVmRIDVFLQDQWHV(ODVYDULDPGHVGHXPDLQYHUVmRWRWDOGD
SDVVDJHPRULJLQDOHGDLQWHQomRGRDXWRUFRPRQRFDVRGH /XFUpFLRDWpFRUUHo}HVPXLWR
VXWLVTXDVHLQYLVtYHLVVHpTXHpHVWDDSDODYUDWRUQDQGRRVWH[WRVPDLVGHDFRUGRFRPD
GRXWULQD GD YLGD HWHUQD $ YHUGDGHLUD TXHVWmR p D VHJXLQWH HVWDPRV QRV GHIURQWDQGR
PHUDPHQWHFRPDRSLQLmRGHXPDIRUPDGHYLGDHPSDUWLFXODU RXRZXEVDEHGRTXHHVWi
IDODQGR" 2 SRHPD GH /XFUpFLR SRU H[HPSOR p PXLWR JUDQGLRVR PXLWR ERQLWR PXLWR
LQWHUHVVDQWH  FRPR SRHVLD 0DV FRPR ILORVRILD WDOYH] HVWHMD HUUDGR (X QmR VHL QmR p
PLQKDIXQomR HX VLPSOHVPHQWH HGLWR OLYURV QmR RV HVFUHYR $ ~OWLPD FRLVD TXH XP ERP
HGLWRUGHWH[WRVIDULDpHVFUHYHUHGLWRULDLVSRUVXDSUySULDFRQWDQRWH[WRGRDXWRU0DVp
LVWRTXHRZXERXGHTXDOTXHUIRUPDDSHOHGHZXEHVWiID]HQGR(OHHQWmRVLOHQFLRX
 (X WHULD LQWHUHVVH HP VDEHU  GLVVH 6DSHUVWHLQ  VH HOD DFUHVFHQWRX DOJXPD FRLVD GH
YDORU
 3RHWLFDPHQWH" 2X TXHU GL]HU ILORVRILFDPHQWH" 'H XP SRQWR GH YLVWD SRpWLFR RX
OLWHUiULRHVWLOtVWLFRVXDVLQWHUSRODo}HVQmRVmRPHOKRUHVRXSLRUHVGRTXHRVRULJLQDLVHOD
FRQVHJXH IXQGLUVH FRP R DXWRU VXILFLHQWHPHQWH EHP SDUD TXH YRFr VH Mi QmR FRQKHFH R
WH[WRMDPDLVILTXHVDEHQGR(DFUHVFHQWRXHQVLPHVPDGR9RFrMDPDLVVDEHULDTXHHUD
XPDSHOHIDODQGR
(XTXHULDGL]HUGRSRQWRGHYLVWDILORVyILFR
%HPpVHPSUHDPHVPDPHQVDJHPPRQRWRQDPHQWHUHSHWLGD1mRH[LVWHPRUWH1yV
YDPRVGRUPLUQyVDFRUGDPRVSDUDXPDYLGDPHOKRU2TXHHODIH]DR 'H5HUXP1DWXUD p
WtSLFR6HYRFrOHXDTXLOROHXWXGR
 6HULD XPD H[SHULrQFLD LQWHUHVVDQWH  GLVVH 0DVWHUV SHQVDWLYDPHQWH  HQFDGHUQDU XP
H[HPSODUGD%tEOLDHPSHOHGHZXE
-iPDQGHLID]HULVVRGLVVH6QHDG
("
eFODURTXHQmRWLYHWHPSRGHOHUWXGR0DVFRUULRVROKRVSHODVHStVWRODVGH3DXORDRV
FRUtQWLRV(ODVyIH]XPDPRGLILFDomRDSDVVDJHPTXHFRPHoDFRP(LVTXHYRVGLJRXP
PLVWpULRHODS{VLQWHLUDHPOHWUDVPDL~VFXODV(UHSHWLXDVOLQKDV7~PXORRQGHHVWiWXD
YLWyULD" 0RUWH RQGH HVWi WHX DJXLOKmR" GH] YH]HV VHJXLGDV GH] YH]HV LQWHLUD WXGR HP
PDL~VFXODV 2EYLDPHQWH R ZXE FRQFRUGRX HVWD p D VXD SUySULD ILORVRILD RX PHOKRU
WHRORJLD  (OH GLVVH HQWmR VRSHVDQGR FDGD SDODYUD  ,VWR p EDVLFDPHQWH XPD GLVSXWD
WHROyJLFDHQWUHRS~EOLFROHLWRUHDSHOHGHXPDQLPDOPDUFLDQRTXHSDUHFHRFUX]DPHQWR
GHXPSRUFRFRPXPDYDFD(VWUDQKR(QRYDPHQWHYROWRXjVVXDVQRWDV
'HSRLVGHXPDSDXVDVROHQH0DVWHUVGLVVH
9RFrDFKDTXHRZXEWHPLQIRUPDo}HVVHFUHWDVRXQmR"&RPRGLVVHLVWRSRGHQmRVHU
DSHQDVDRSLQLmRGHXPGHWHUPLQDGRDQLPDOTXHFRQVHJXLXHYLWDUDPRUWHLVWRSRGHVHUD
YHUGDGH
2TXHPHRFRUUHGLVVH6QHDGpRVHJXLQWH2ZXEQmRDSUHQGHXPHUDPHQWHDHYLWDU
DPRUWHHOHUHDOPHQWHID]RTXHSUHJD$RVHUPRUWRHVIRODGR HWHUVXDSHOHDLQGDYLYD
WUDQVIRUPDGDHPFDSDGHOLYURVHOHYHQFHXDPRUWH(OHFRQWLQXDYLYHQGRYLYHQGRDTXLOR
TXHDSDUHQWHPHQWHYrFRPRXPDYLGDPHOKRU1yVQmR HVWDPRVDSHQDVOLGDQGRFRPXPD
WHLPRVD IRUPD GH YLGD ORFDO HVWDPRV OLGDQGR FRP XP RUJDQLVPR TXH Mi IH] DTXLOR D
UHVSHLWRGRTXHDLQGDWHPRVG~YLGDV&HUWDPHQWHHOHVDEHeXPDFRQILUPDomRYLYDGHVXD

SUySULDGRXWULQD2VIDWRVIDODPSRUVL0LQKDWHQGrQFLDpDFUHGLWDUQLVWR
 WDOYH] D YLGD VHMD FRQWtQXD SDUD HOH  GLVFRUGRX 0DVWHUV  PDV LVWR QmR VLJQLILFD
QHFHVVDULDPHQWH TXH R VHMD WDPEpP SDUD R UHVWDQWH GH QyV 2 ZXE FRPR R VHQKRU
6DSHUVWHLQGHPRQVWURXp~QLFR1HQKXPDSHOHGHQHQKXPDRXWUDHVSpFLHGHYLGDVHMDGH
0DUWHGH/XQDRXGD7HUUDFRQWLQXDYLYHQGRDEVRUYHQGRYLGDGHPLFURVFySLFDVSDUWtFXODV
HPVXVSHQVmRQDDWPRVIHUD-XVWDPHQWHSRUTXHHOHpFDSD]GHID]HULVWR
eXPDSHQDTXHQmRSRVVDPRVQRVFRPXQLFDUFRPXPDSHOHGHZXEGLVVH6DSHUVWHLQ
 -i WHQWDPRV DTXL QD $ LPSHFiYHO GHVGH TXH SHUFHEHPRV SHOD SULPHLUD YH] VXD
VREUHYLYrQFLDSRVWPRUWHP0DVQmRFRQVHJXLPRVGHVFREULUXPPHLR
 0DV QyV QD 2EHOLVFR  REVHUYRX 6QHDG  FRQVHJXLPRV 'H IDWR HX Mi IL] XPD
H[SHULrQFLD0DQGHLLPSULPLUXPWH[WRGHXPDVyVHQWHQoDXPD~QLFDOLQKDGL]HQGR2
ZXEQmRpFRPRTXDOTXHURXWUDFULDWXUDYLYDHOHpLPRUWDO0DQGHLHQWmRHQFDGHUQiORHP
SHOHGHZXEHGHSRLVROLRXWUDYH]2WH[WRWLQKDVLGRPXGDGR$TXLHVWi(OHSDVVRXD
0DVWHUVXPOLYULQKRILQRHOHJDQWHPHQWHHQFDGHUQDGR9HMDFRPRHVWiDJRUD
0DVWHUVOHXHPYR]DOWD
2ZXEpFRPRTXDOTXHURXWUDFULDWXUDYLYDHOHpLPRUWDO
'HYROYHQGRRH[HPSODUD6QHDGHOHGLVVH
%HPWXGRRTXHHOHIH]IRLHOLPLQDURQmRQmRpXPDJUDQGHPXGDQoDWUrVOHWUDV
0DVGRSRQWRGHYLVWDGRVLJQLILFDGRGLVVH6QHDGWUDWDVHGHXPDERPED(VWDPRV
UHFHEHQGR XPD UHVSRVWD GR DOpPW~PXOR SRU DVVLP GL]HU 4XHUR GL]HU YDPRV HQFDUDU RV
IDWRVDSHOHGHZXEHVWiWHFQLFDPHQWHPRUWDSRUTXHRZXEQRTXDOHODFUHVFHXHVWiPRUWR
,VWRHVWiWUHPHQGDPHQWHSHUWRGHIRUQHFHUXPDFRQILUPDomRLQGLVFXWtYHOGDVREUHYLYrQFLD
GDYLGDFRQVFLHQWHDSyVDPRUWH
eFODURKiXPDRXWUD FRLVDGLVVH6DSHUVWHLQKHVLWDQWH'HWHVWRWHUTXH IDODU QHOD
QmRVHLTXHUHODomRWHPFRPWXGRLVWR0DVRZXEPDUFLDQRHPTXHSHVHVXDLQFRPXPRX
PHVPRPLODJURVDFDSDFLGDGHGHVHDXWRSUHVHUYDUpGRSRQWRGHYLVDPHQWDOXPDFULDWXUD
HVW~SLGD 2 FpUHEUR GH XP JDPEi WHUUHVWUH SRU H[HPSOR WHP XP WHUoR GR WDPDQKR GR
FpUHEURGHXPJDWR(RFpUHEURGRZXEpXPTXLQWRGRFpUHEURGHXPJDPEi(OHSDUHFLD
GHVDOHQWDGR
%HPGLVVH6QHDGD%tEOLDGL]2V~OWLPRVVHUmRRVSULPHLURV7DOYH]RKXPLOGH
ZXEHVWHMDLQFOXtGRQHVWDFDWHJRULD9DPRVHVSHUDUTXHVLP
9ROWDQGRRVROKRVSDUDHOH0DVWHUVGLVVH
9RFrTXHUDYLGDHWHUQD"
&HUWDPHQWHGLVVH6QHDG7RGRPXQGRTXHU
 1mR HX  GLVVH 0DVWHUV GHFLGLGR  -i WHQKR SUREOHPDV VXILFLHQWHV DJRUD $ ~OWLPD
FRLVD TXH TXHUR p FRQWLQXDU YLYHQGR VRE D IRUPD GH HQFDGHUQDomR GH XP OLYUR RX VRE
TXDOTXHURXWUDIRUPDTXHVHMD
0DVSRUGHQWUR HOH KDYLD FRPHoDGR D PDWXWDU VLOHQFLRVDPHQWH 'H PDQHLUD GLIHUHQWH
0XLWRGLIHUHQWHPHVPR
6RDFRPRDOJRTXHXPZXELULD DSUHFLDU FRQFRUGRX6DSHUVWHLQ6HUD FDSDGHXP
OLYUR DSHQDV ILFDU Oi GHLWDGR SDVVLYDPHQWH QXPD SUDWHOHLUD DQR DSyV DQR LQDODQGR
SDUWtFXODV GLPLQXWDV GR DU ( SUHVXPLYHOPHQWH PHGLWDQGR 2X R TXH TXHU TXH RV ZXEV
FRVWXPDPID]HUGHSRLVTXHHVWmRPRUWRV
 (OHV SHQVDP HP WHRORJLD  GLVVH 6QHDG  (OHV SUHJDP  9ROWDQGRVH DR VHX SDWUmR
GLVVH3UHVXPRTXHQmRYDPRVPDLVHQFDGHUQDUQHQKXPOLYURHPSHOHGHZXE
 1mR SDUD ILQV FRPHUFLDLV  FRQFRUGRX 0DVWHUV  1mR SDUD YHQGHU 0DV  (OH QmR
FRQVHJXLDDIDVWDUDFRQYLFomRGHTXHKDYLDDOLDOJXPDXWLOLGDGH)LFRSHQVDQGRGLVVHHOH

VHDSHOHLULDFRQIHULURPHVPRDOWRQtYHOGHIDWRUGHVREUHYLYrQFLDDTXDOTXHUFRLVDHP
TXHIRVVHWUDQVIRUPDGD&RPRFRUWLQDVGHMDQHODV2XRHVWRIDPHQWRGHXPFDUURIOXWXDQWH
WDOYH]HODHOLPLQDVVHDPRUWHQDVURWDVGHVXE~UELR2XIRUURVSDUDRVFDSDFHWHVGDVWURSDV
GHFRPEDWH(SDUDMRJDGRUHVGHEHLVHERO$VSRVVLELOLGDGHVSDUDHOHSDUHFLDPHQRUPHV
PDVYDJDV7HULDTXHSHQVDUQDTXLORPHOKRUGHGLFDUjTXLORXPERPWHPSR
 'H TXDOTXHU IRUPD  GLVVH 6DSHUVWHLQ  PLQKD ILUPD QmR SRGHUi FRQFHGHU QHQKXPD
UHVWLWXLomR DV FDUDFWHUtVWLFDV GD SHOH GH ZXE IRUDP GLYXOJDGDV SXEOLFDPHQWH HP XP
IROKHWRTXHSXEOLFDPRVQRLQtFLRGHVWHDQR$ILUPDPRVDOLFDWHJRULFDPHQWH
 (VWi FHUWR R SUHMXt]R p QRVVR  GLVVH 0DVWHUV LUULWDGR FRP XP DFHQR GH PmR 
(VTXHoD  ( YROWDQGRVH SDUD 6QHDG  (QWmR HOHV GHILQLWLYDPHQWH GL]HP QDV WULQWD D
WDQWDVSDVVDJHQVQDVTXDLVVHLQWHUSRODUDPTXHDYLGDDSyVDPRUWHpDJUDGiYHO"
6LPDEVROXWDPHQWH(VWDWHUUDSUHQXQFLDDHWHUQDVRUWH,VWRUHVXPHDTXHVWmRHVWD
IUDVHLQWURGX]LGDQR'H5HUXP1DWXUDHVWiWXGRDOL
$HWHUQDGRUWHHFRRX0DVWHUVDVVHQWLQGR1DYHUGDGHQyVQmRHVWDPRVDWXDOPHQWH
QD7HUUDHVWDPRVHP0DUWH0DVVXSRQKRTXHVHMDDPHVPDFRLVDVLJQLILFDDSHQDVYLGD
RQGHTXHUTXHVHMDYLYLGD2XWUDYH]DLQGDPDLVJUDYHPHQWHHOHSRQGHURX2TXHILFR
SHQVDQGRGLVVHSHQVDWLYDPHQWHpTXHXPDFRLVDpIDODUDEVWUDWDPHQWHVREUHDYLGDDSyV
DPRUWH$VSHVVRDVYrPID]HQGRLVVRKiFLQTXHQWDPLODQRV/XFUpFLRHVWDYDID]HQGRLVVR
Ki GRLV PLO DQRV DWUiV 2 TXH PH LQWHUHVVD PDLV QmR p R TXDGUR ILORVyILFR DPSOD H
DEUDQJHQWHPDVRIDWRFRQFUHWRGDSHOHGHZXEDLPRUWDOLGDGHTXHHODFDUUHJDFRPHOD(
GLVVHD6QHDG4XHRXWURVOLYURVYRFrHQFDGHUQRXFRPHOD"
,GDGHGD5D]mRGH7RP3DLQHGLVVH6QHDGFRQVXOWDQGRDVXDOLVWD
4XDLVIRUDPRVUHVXOWDGRV"
 'X]HQWDV H VHVVHQWD H VHWH SiJLQDV HP EUDQFR ([FHWR EHP QR PHLR XPD ~QLFD
SDODYUDEOHK
&RQWLQXH
 $ (QFLFORSDHGLD %ULWDQQLFD 3DUD VHU SUHFLVR HOD QmR PXGRX QDGD PDV DFUHVHQWRX
DUWLJRVLQWHLURV6REUHDODPDVREUHDWUDQVPLJUDomRVREUHRLQIHUQRGDQDomRSHFDGRRX
LPRUWDOLGDGHWRGDDFROHomRGHYLQWHHTXDWURYROXPHVVHWRUQRXUHOLJLRVDPHQWHRULHQWDGD
(OHHUJXHXRROKDU'HYRFRQWLQXDU"
eFODURGLVVH0DVWHUVRXYLQGRHPHGLWDQGRVLPXOWDQHDPHQWH
$6XPPD7KHRORJLFDGH7KRPiVGH$TXLQR(ODGHL[RXRWH[WRLQWDFWRPDVLQVHULX
SHULRGLFDPHQWH D IUDVH EtEOLFD $ OHWUD PDWD PDV R HVStULWR Gi YLGD 9H]HV H YH]HV
VHJXLGDV
+RUL]RQWH3HUGLGRGH-DPHV+LOWRQ6KDQJULOiYHPDVHUXPDYLVmRGRSyVYLGDTXH
(VWiEHPGLVVH0DVWHUV-iWHPRVXPDLGpLD$TXHVWmRpRTXHSRGHPRVID]HUFRP
LVWR" 2EYLDPHQWH QmR SRGHPRV HQFDGHUQDU OLYURV RX SHOR PHQRV RV OLYURV FRP RV TXDLV
HOD QmR FRQFRUGD  0DV HOH HVWDYD FRPHoDQGR D YHU XPDRXWUD XWLOLGDGH XPD XWLOLGDGH
PXLWR PDL VSHVVRDO ( TXH SHVDYD PXLWR PDLV GR TXH TXDOTXHU RXWUD FRLVD TXH D SHOH GH
ZXESXGHVVHID]HUFRPRVOLYURVRXSRUHOHVGHIDWRSRUTXDOTXHUREMHWRLQDQLPDGR
$VVLPTXHHOHWLYHVVHDFHVVRDXPWHOHIRQH
(VSHFLDOPHQWHLQWHUHVVDQWHHVWDYDGL]HQGR6QHDGpVXDUHDomRDXPDFROHWkQHDGH
HQVDLRV VREUH SVLFDQiOLVH GH DOJXQV GRV PDLRUHV SVLFDQDOLVWDV IUHXGLDQRV GH QRVVR WHPSR
(OD SHUPLWLX TXH FDGD DUWLJR SHUPDQHFHVVH LQWDFWR PDV DR ILP GH FDGD XP DGLFLRQRX D
PHVPDIUDVH(OHGHXXPDULVDGLQKD0pGLFRFXUDWHDWLPHVPR8PFHUWRVHQVRGH
KXPRUDTXL
 6LP  GLVVH 0DVWHUV SHQVDQGR LQFHVVDQWHPHQWH QR WHOHIRQH H QD FKDPDGD YLWDO TXH

LULDID]HU

'HYROWDDRVHX HVFULWyULRQD /LYURV2EHOLVFR0DVWHUVWHQWDYDXPDQRYDH[SHULrQFLD

SDUDYHUVHVXDLGpLDGDULDFHUWR&XLGDGRVDPHQWHHPEUXOKRXXPFRQMXQWRGH[tFDUDHSLUHV
GHILQDSRUFHODQDDPDUHODGRVIDYRULWRVGHVXDSUySULDFROHomRHPSHOHGHZXE(HQWmR
GHSRLV GH PXLWD KHVLWDomR H DQVLHGDGH FRORFRX R HPEUXOKR QR FKmR GR HVFULWyULR H FRP
WRGDDVXDIRUoDGHFDGHQWHSLVRXQHOH
$[tFDUDQmRTXHEURX3HORPHQRVQmRSDUHFHXTXHEUDU
(OHGHVIH]RHPEUXOKRHLQVSHFLRQRXD(VWDYD FHUWR HPEUXOKDGD HP SHOH GH ZXE HOD
QmRSRGLDVHUGHVWUXtGD
6DWLVIHLWRVHQWRXVHjVXDPHVDHSRQGHURXXPD~OWLPDYH]
2 HQYROWyULR GH SHOH GH ZXE KDYLD WRUQDGR LQYXOQHUiYHO XP REMHWR IUiJLO H HIrPHUR
3RUWDQWRDGRXWULQDZXEGHVREUHYLYrQFLDHWHUQDIXQFLRQDUDQDSUiWLFDH[DWDPHQWH FRPR
HOHHVSHUDYD
3HJRXRWHOHIRQHHGLVFRXRQ~PHURGHVHXDGYRJDGR
eVREUHRPHXWHVWDPHQWRGLVVHDRDGYRJDGRDVVLPTXHHOHDWHQGHXGRRXWURODGRGD
OLQKD  9RFr VDEH DTXHOH ~OWLPR TXH IL] Ki XQV SRXFRV PHVHV 7HQKR XPD FOiXVXOD
DGLFLRQDOSDUDLQVHULU
6LPVU0DVWHUVGLVVHRDGYRJDGRDQLPDGDPHQWH3RGHGL]HU
8PSHTXHQRLWHPGLVVH0DVWHUVVDWLVIHLWR7HPDYHUFRPPHXFDL[mR4XHURTXH
LVWR VHMD REULJDWyULR SDUD RV PHXV KHUGHLURV 0HX FDL[mR GHYHUi VHU LQWHLUDPHQWH IRUUDGR
WDPSD IXQGR H ODWHUDLV FRP SHOH GH ZXE 'H $ ,PSHFiYHO $VVRFLDGRV 4XHUR LU DR
HQFRQWUR GR PHX &ULDGRU SRU DVVLP GL]HU HQYROWR HP SHOH GH ZXE &DXVD PHOKRU
LPSUHVVmRGHVWDIRUPD(OHULXGLVSOLFHQWHPHQWHPDVVHXWRPHUDSURIXQGDPHQWHVpULRH
RDGYRJDGRFDSWRXLVVR
6HpLVWRTXHYRFrTXHUGLVVHRDGYRJDGR
(VXJLURDYRFrTXHIDoDRPHVPRGLVVH0DVWHUV
3RUTXr"
0DVWHUVUHVSRQGHX
&RQVXOWHDHQFLFORSpGLDGRPpVWLFDGHUHIHUrQFLDVPpGLFDVTXHYDPRVSXEOLFDUQRPrV
TXH YHP ( WUDWH GH FRQVHJXLU XP H[HPSODU HQFDGHUQDGR HP SHOH GH ZXE HVWH VHUi
GLIHUHQWH GRV RXWURV  (OH HQWmR SHQVRX PDLV XPD YH] HP VHX FDL[mR IRUUDGR GH SHOH GH
ZXE%HPQRIXQGRGDWHUUDFRPHOHGHQWURFRPRSHORYLYRGHZXEFUHVFHQGRFUHVFHQGR
6HULDLQWHUHVVDQWHYHUDYHUVmRGHVLPHVPRTXHXPDHQFDGHUQDomRHPSHOHVHOHFLRQDGD
GHZXESURGX]LULD
(VSHFLDOHPHQWHGHSRLVGHYiULRVVpFXORV

$)RUPLJDHOpWULFD
6 48$752 ( 48,1=( GD WDUGH 767 *DUVRQ 3RROH GHVSHUWRX WRPRX
FRQKHFLPHQWR GH TXH HVWDYD HP XPD FDPD GH KRVSLWDO QXPD HQIHUPDULD GH WUrV OHLWRV H
SHUFHEHXDOpPGLVVRGXDVFRLVDVTXHQmRWLQKDPDLVDPmRGLUHLWDHTXHQmRVHQWLDGRU
(OHVPHGHUDPXPDQDOJpVLFRIRUWHGLVVHFRQVLJRPHVPRROKDQGRSHODMDQHODGDSHUHGH
D VXD IUHQWH GH RQGH GLYLVDYD R FHQWUR GH 1RYD <RUN 7HLDV QDV TXDLV YHtFXORV H SGHV
FRUULDPHURGDYDPUHEULOKDQGRDRVROGHILPGHWDUGHHREULOKRGDOX]VD]RQDGDDJUDGDYD
OKH$LQGDQmRVHIRLSHQVRXHOH(QHPHX
+DYLDXPSKRQHVREUHDPHVLQKDDRODGRGDFDPDHOHKHVLWRXHDILQDOSHJRXRHGLVFRX
XPDOLQKDH[WHUQD8PPRPHQWRGHSRLVHVWDYDGLDQWHGH/RXLV'DQFHPDQRHQFDUUHJDGR
GDVDWLYLGDGHVGD7UL3ODQTXDQGRHOH*DUVRQ3RROHHVWDYDHPRXWURVOXJDUHV
*UDoDVD'HXVYRFrHVWiYLYRGLVVH'DQFHPDQDRYrORVHXURVWRJUDQGHHFDUQXGR
FRPXPDVXSHUItFLHOXQDUGHPDUFDVGHYDUtRODDFKDWRXVHGHDOtYLR(VWLYHOLJDQGRSDUD
WRGRVRV
(XVLPSOHVPHQWHQmRWHQKRPDLVDPmRGLUHLWDGLVVH3RROH
0DVYRFrYDLILFDUHPRUGHP4XHURGL]HUHOHVSRGHPHQ[HUWDUXPDQRYD
 +i TXDQWR WHPSR HVWRX DTXL"  GLVVH 3RROH 3HUJXQWRXVH DRQGH WLQKDP LGR DV
HQIHUPHLUDV H RV PpGLFRV SRUTXH QmR HVWDYDP FDFDUHMDQGR H FULDQGR FDVR SRU HOH HVWDU
ID]HQGRXPDFKDPDGD"
4XDWURGLDVGLVVH'DQFHPDQ7XGRDTXLQDIiEULFDYDLLQGRHVSOXQFDPHQWHEHP'H
IDWR QyV HVSOXQFDPRV SHGLGRV GH WUrV VLVWHPDV SROLFLDLV GLIHUHQWHV WRGRV DTXL QD 7HUUD
'RLV HP 2KLR XP HP :\RPLQJ 3HGLGRV ERQV H FRQVLVWHQWHV FRP XP WHUoR GH
DGLDQWDPHQWHHDRSomRXVXDOGHDUUHQGDPHQWHSRUWUrVDQRV
9HQKDPHWLUDUGDTXLGLVVH3RROH
1mRSRVVRWLUiORGDtDWpTXHDQRYDPmR
 0DQGR ID]HU LVVR GHSRLV  (OH TXHULD GHVHVSHUDGDPHQWH YROWDU SDUD XP DPELHQWH
IDPLOLDU $ OHPEUDQoD GR EXVFDSp PHUFDQWH DVVRPDQGR JURWHVFDPHQWH QD WHOD GR SLORWR
UHVYDORX SHOR IXQGR GH VXD PHQWH VH IHFKDVVH RV ROKRV VHQWLUVHLD GH YROWD HP VXD
HPEDUFDomR GDQLILFDGD HQTXDQWR HOD VH SUHFLSLWDYD GH XP YHtFXOR SDUD RXWUR FDXVDQGR
SUHMXt]RVHQRUPHVHQTXDQGRFDtDDFKRTXHWLYHVRUWHSHQVRX
6DUDK%HQWRQHVWiDtFRPYRFr"SHUJXQWRX'DQFHPDQ
 1mR  0DV p FODUR 6XD VHFUHWiULD SDUWLFXODU QHP TXH DSHQDV SRU FRQVLGHUDo}HV GH
WUDEDOKRGHYHULDHVWDUSRUSHUWRSURWHJHQGRRPDWHUQDOPHQWHDRVHXPRGRLPDWXURSXHULO
7RGDVDVPXOKHUHVUREXVWDVJRVWDPGHEDQFDUDVPmHVFRPRVRXWURVSHQVRX(HODVVmR
SHULJRVDV 6H FDHP HP FLPD GH YRFr SRGHP PDWiOR  7DOYH] WHQKD VLGR LVWR R TXH
DFRQWHFHXFRPLJRGLVVHHPYR]DOWD7DOYH]6DUDKWHQKDFDtGRHPFLPDGRPHXEXVFD
Sp
QmRQmRXPSLQRGHDPDUUDomR GR HVWDELOL]DGRU GH OHPH GR VHX EXVFDSp UDFKRX DR
PHLRGXUDQWHDKRUDGHWUDQVLWRPDLVSHVDGRHYRFr
 (X PH OHPEUR  (OH YROWRXVH QD FDPD TXDQGR D SRUWD GD HQIHUPDULD VH DEULX XP
PpGLFRYHVWLGRGHEUDQFRHGXDVHQIHUPHLUDVGHD]XODSDUHFHUDPHHQFDPLQKDUDPVHSDUD
VXDFDPD)DORFRPYRFrPDLVWDUGHGLVVH3RROHHGHVOLJRXRSKRQH,QVSLURXSURIXQGDH

H[SHFWDQWHPHQWH
 9RFr QmR GHYHULD HVWDU SKRQDQGR DVVLP WmR FHGR  GLVVH R PpGLFR HVWXGDQGR R VHX
JUiILFR6U*DUVRQ3RROHSURSULHWiULRGD7UL3ODQ(OHWU{QLFD)DEULFDQWHGHLGHQWLGDUGRV
TXH UDVWUHLDP D YtWLPD HP XP UDLR GH PLO PLOKDV UHDJLQGR D SDGU}HV HVSHFtILFRV GH
HQFHIDORQGDVeXPKRPHPGHVXFHVVRVU3RROH0DVRVHQKRUQmRpXPKRPHPeXPD
IRUPLJDHOpWULFD
&ULVWRGLVVH3RROHDWXUGLGR
$VVLPQmRSRGHPRVUHODPHQWHWUDWiORDTXLDJRUDTXHGHVFREULPRV)LFDPRVVDEHQGR
pFODURDVVLPTXHH[DPLQDPRVDVXDPmRGLUHLWDIHULGDYLPRVRVFRPSRQHQWHVHOHWU{QLFRV
HHQWmRIL]HPRVUDGLRJUDILDVGRWyUD[TXHQDWXUDOPHQWHFRQILUPDUDPDQRVVDKLSyWHVH
2TXHGLVVH3RROHpXPDIRUPXJDHOpWULFD"0DVHOHVDELDHUDFDSD]GHGHFLIUDUR
WHUPR
8PURE{RUJkQLFRGLVVHXPDHQIHUPHLUD
6HLGLVVH3RROH8PDSHUVSLUDomRIUtJLGDGHVSRQWRXjVXSHUItFLHGHVXDSHOHHPWRGR
RFRUSR
9RFrQmRVDELDGLVVHRPpGLFR
1mR3RROHEDODQoRXDFDEHoD
2PpGLFRGLVVH
$SDUHFHSRUDTXLXPDIRUPLJDHOpWULFDDFDGDVHPDQDPDLVRXPHQRV7UD]LGDGHSRLV
GHXPDFLGHQWHGHEXVFDSpFRPRQRVHXFDVRRXSURFXUDQGRDGPLVVmRYROXQWiULD8PD
FRPR QR VHX FDVR D TXHP QXQFD FRQWDUDP H TXH YLQKD IXQFLRQDQGR ODGR D ODGR FRP
KXPDQRVDFUHGLWDQGRVHUHODPHVPDKXPDQD4XDQWRjVXDPmR(OHIH]XPDSDXVD
(VTXHoDDPLQKDPmRGLVVH3RROHVHOYDJHPHQWH
)LTXHFDOPR2PpGLFRFXUYRXVHVREUHHOHHILWRXLQWHQVDPHQWHRURVWRGH3RROH
9DPRVID]HUFRPTXHXPEDUFRKRVSLWDORWUDQVSRUWHSDUDXPSRVWR GH PDQXWHQomR RQGH
SRVVDPFRQVHUWDURXVXEVWLWXLUDVXDPmRSRUXPFXVWRUD]RiYHOVHMDSDUDYRFrVHIRUDXWR
SURSULHWiULR VHMD SDUD RV VHXV SURSULHWiULRV VH KRXYHU 4XDOTXHU TXH VHMD R FDVR YRFr
HVWDUiGHYROWDjVXDPHVDQD7UL3ODQIXQFLRQDQGRWmREHPFRPRDQWHV
([FHWRGLVVH3RROHTXHDJRUDHXVHL*RVWDULDGHVDEHUVH'DQFHPDQRX6DUDKRX
TXDOTXHU XP GRV RXWURV QR HVFULWyULR VDELD (OHV RX XP GHOHV R WHULD FRPSUDGR" 2X
SURMHWDGR"8PWHVWDGHIHUURSHQVRXLVVRpWXGRRTXHVHPSUHIXL1DYHUGDGHHXQXQFD
GHYRWHUGLULJLGRDFRPSDQKLDHUDXPDLOXVmRLPSODQWDGDHPPLPTXDQGRIXLIDEULFDGR
MXQWDPHQWHFRPDLOXVmRGHTXHVRXKXPDQRHYLYR
 $QWHV GH YRFr SDUWLU SDUD R SRVWR GH PDQXWHQomR  GLVVH R PpGLFR  SRGHULD SRU
JHQWLOH]DDFHUWDUDVXDFRQWDQDUHFHSomR"
 &RPR SRGH KDYHU XPD FRQWD VH YRFrV DTXL QmR WUDWDP IRUPLJDV"  SHUJXQWRX 3RROH
DFLGDPHQWH
eSHORVQRVVRVVHUYLoRVGLVVHDHQIHUPHLUDDWpRPRPHQWRHPTXHILFDPRVVDEHQGR
3RQKDPQDPLQKDFRQWDGLVVH3RROHFRPXPDUDLYDIXULRVDLPSRWHQWH'HELWHPj
PLQKDILUPD&RPHVIRUoRFRQFHQWUDGRFRQVHJXLXVHQWDUFRPDFDEHoDURGDQGRGHVFHX
YDFLODQWHRVSpVGDFDPDSDUDRFKmR)LFRFRQWHQWH HPVDLUGDTXLGLVVH FRORFDQGRVH
HPSRVLomRYHUWLFDO(REULJDGRSHODVXDDWHQomRKXPDQD
7DPEpPDJUDGHFHPRVVU3RROHGLVVHRPpGLFR2XGHYHULDGL]HUDSHQDV3RROH"
1RSRVWRGHPDQXWHQomRVXDPmRIRLUHSRVWD
3URYRXVHUDOJRIDVFLQDQWHDPmRHOHDH[DPLQRXSRUXPERPWHPSRDQWHVGHSHUPLWLU
TXH RV WpFQLFRV D LQVWDODVVHP 6XSHUILFLDOPHQWH SDUHFLD RUJkQLFD 1D VXSHUItFLH HUD GH
IDWR 3HOH QDWXUDO FREULD D FDUQH QDWXUDO H VDQJXH GH YHUGDGH HQFKLD DV YHLDV H FDSLODUHV

0DV HPEDL[R GDTXLOR UHOX]LDP ILRV H FLUFXLWRV H FRPSRQHQWHV PLQLDWXUL]DGRV 2OKDQGR

QRIXQGRGRSXOVRYLXFRPSRUWDVGHFRPSHQVDomRPRWRUHVYiOYXODVGHP~OWLSORVHVWiJLRV
WXGRPXLWRSHTXHQR,QWULQFDGR(DPmRFXVWDYDTXDUHQWDUmV2VDOiULRGHXPDVHPDQD
SHORPHQRVRTXHDWpDJRUDYLQKDUHFHEHQGRSHODIROKDGHSDJDPHQWRGDFRPSDQKLD
 ,VVR WHP JDUDQWLD"  SHUJXQWRX DR WpFQLFRV HQTXDQWR HOHV IXQGLDP D SDUWH yVVHD GD
PmRDRUHVWRGRFRUSR
1RYHQWDGLDVSDUDFRPSRQHQWHVHPmRGHREUDGLVVHXPGRVWpFQLFRVDQmRVHUTXH
VHMDVXEPHWLGDDDEXVRVDQRUPDLVHLQWHQFLRQDLV
,VWRVRDYDJDPHQWHVXJHVWLYRGLVVH3RROH
2WpFQLFRXPKXPDQRHUDPWRGRVKXPDQRVGLVVHROKDQGRRLQWHQVDPHQWH
9RFrDQGRXVHID]HQGRSDVVDUSRUKXPDQR"
1mRLQWHQFLRQDOPHQWHGLVVH3RROH
(DIRUDpLQWHQFLRQDO"
([DWDPHQWHGLVVH3RROH
9RFrVDEHSRUTXHQXQFDSHUFHEHX"'HYHWHUKDYLGRLQGLFDo}HVHVWDOLGRVH]XPELGRV
GHQWURGHYRFrGHYH]HPTXDQGR 9RFrQXQFDSHUFHEHXSRUTXHIRLSURJUDPDGRSDUDQmR
SHUFHEHU $JRUD WHUi D PHVPD GLILFXOGDGH SDUD GHVFREULU SRU TXH IRL FRQVWUXtGR H SDUD
TXHPYHPIXQFLRQDQGR
8PHVFUDYRGLVVH3RROHXPHVFUDYRPHFkQLFR
9RFrVHGLYHUWLX
7LYHXPDERDYLGDGLVVH3RROH7UDEDOKHLGXUR
3DJRXDRSRVWRDVTXDUHQWDUmVPRYLPHQWRXRVQRYRVGHGRVWHVWRXVHSHJDQGRGLYHUVRV
REMHWRV FRPR PRHGDV H SDUWLX 'H] PLQXWRV GHSRLV HVWDYD D ERUGR GH XP WUDQVSRUWDGRU
S~EOLFRDFDPLQKRGHFDVD)RUDXPGLDHWDQWR
(P FDVD HP VHX DSDUWDPHQWR GH TXDUWRHVDOD VHUYLXVH GH XPD ERD GRVH GH -DFN
'DQLHOV 3XUSOH /DEHO GH VHVVHQWD DQRV VHQWRXVH H ILFRX EHEHULFDQGR HQTXDQWR ROKDYD
DWUDYpV GH VXD ~QLFD MDQHOD SDUD R HGLItFLR GR RXWUR ODGR GD UXD 'HYHULD LU DWp R
HVFULWyULR"SHUJXQWRXVH(QHVWHFDVRSRUTXr"(VHQmRSRUTXr"(VFROKD&ULVWRHOH
SHQVRX FRPR p GHVJDVWDQWH VDEHU GLVWR 6RX XPD DEHUUDomR REVHUYRX 8P REMHWR
LQDQLPDGR PDFDTXHDQGR FRPR XP DQLPDGR 0DV HVWDYD YLYR ( QR HQWDQWR VHQWLDVH
GLIHUHQWH DJRUD $ UHVSHLWR GH VL PHVPR ( FRQVHTHQWHPHQWH D UHVSHLWR GH WRGRV
HVSHFLDOPHQWH'DQFHPDQH6DUDKWRGRVQD7UL3ODQ
$FKR TXH YRX PH PDWDU GLVVH FRQVLJR PHVPR 0DV SURYDYHOPHQWH HVWRX SURJUDPDGR
SDUD QmR ID]HU LVWR VHULD XP GHVSHUGtFLR RQHURVR TXH R PHX SURSULHWiULR WHULD TXH
DEVRUYHU(HOHQmRJRVWDULDGLVVR
3URJUDPDGR'HQWURGHPLPHPDOJXPOXJDUH[LVWHXPDPDWUL]EHPDMXVWDGDHPVHX
OXJDUXPDQWHSDURGHJUDGHTXHPHLVRODGHFHUWRVSHQVDPHQWRVFHUWRVDWRV(PHIRUoDD
RXWURV1mRVRXOLYUH1XQFDIXLPDVDJRUDVHLLVWRWRUQDWXGRGLIHUHQWH
'HSRLVGHWRUQDUDMDQHODRSDFDHOHDFHQGHXDOX]GHFLPDHFRPHoRXFXLGDGRVDPHQWHD
WLUDU DV URXSDV SHoD SRU SHoD 2EVHUYDUD DWHQWDPHQWH TXDQGR RV WpFQLFRV GR SRVWR GH
PDQXWHQomR DFRSODUDP D QRYD PmR WLQKD DJRUD XPD QRomR EDVWDQWH FODUD GH FRPR VHX
FRUSR IRUD FRQVWUXtGR 'RLV SDLQpLV SULQFLSDLV XP HP FDGD FR[D RV WpFQLFRV KDYLDP
UHPRYLGR RV SDLQpLV SDUD YHULILFDU R FRPSOH[R GH FLUFXLWRV HPEDL[R 6H HX HVWLYHU
SURJUDPDGRHOHUHIOHWLXDPDWUL]SURYDYHOPHQWHSRGHUiVHUHQFRQWUDGDOi
2ODELULQWRGHFLUFXLWRVRGHVFRQFHUWDYD3UHFLVRGHDMXGDSHQVRX9DPRVYHUTXDOpR
FyGLJRSK{QLFRSDUDRFRPSXWDGRUFODVVH%%%TXHDUUHQGDPRVOiQRHVFULWyULR"
3HJRXRSKRQHGLVFRXSDUDRFRPSXWDGRUQDVXDEDVHSHUPDQHQWHHP%RLVH,GDKR

 2 XVR GHVWH FRPSXWDGRU HVWi SUHIL[DGR D XPD EDVH GH FLQFR UmV SRU PLQXWRV  GLVVH
XPDYR]PHFkQLFDQRSKRQH4XHLUDFRORFDUDVXDSODFDPDVWHUGHELFUHGGLDQWHGDWHOD
(OHREHGHFHX
$RVRDURVLQDOYRFrVHUiFRQHFWDGRFRPRFRPSXWDGRUFRQWLQXRXDYR]&RQVXOWHR
RPDLVUDSLGDPHQWHSRVVtYHOOHYDQGRHPFRQWDRIDWRGHTXHDUHVSRVWDVHUiIRUQHFLGDHP
WHUPRV GH PLFURVVHJXQGRV HQTXDQWR TXH D VXD SHUJXQWD VHUi  (OH DEDL[RX R YROXPH
0DV UDSLGDPHQWH OHYDQWRXR GH QRYR TXDQGR R DXGLRLQSXW HP EUDQFR DSDUHFHX QD WHOD
1DTXHOHPRPHQWRRFRPSXWDGRUVHWUDQVIRUPDUDHPXPRXYLGRJLJDQWHRXYLQGRREHP
FRPRRFLQTHQWDPLORXWURVFRQVXOWDQWHVHPWRGDD7HUUD
)DoDXPDH[SORUDomRYLVXDOHPPLPLQVWUXLX(GLJDPHRQGHSRGHUHLHQFRQWUDUR
PHFDQLVPR GH SURJUDPDomR TXH FRQWUROD RV PHXV SHQVDPHQWRV H FRPSRUWDPHQWR  (OH
DJXDUGRX1DWHODGRSKRQHXPJUDQGHHDWLYRROKRFRPOHQWHVP~OWLSODVRILWDYDH[S{VVH
DRROKRDOLPHVPRHPVHXDSDUWDPHQWRTXDUWRHVDOD
2FRPSXWDGRUGLVVH
 5HPRYH R SDLQHO SHLWRUDO 3UHVVLRQH R HVWHUQR H GHSRLV PRYDR FXLGDGRVDPHQWH SDUD
IRUD
(OHREHGHFHX8PDVHomRGHVHXSHLWRGHGHVORFRXDWXUGLGRFRORFRXDQRFKmR
 3RVVR GLVWLQJXLU PyGXORV GH FRQWUROH  GLVVH R FRPSXWDGRU  PDV QmR FRQVLJR
GHWHUPLQDU TXDO GHOHV  (OH IH] XPD SDXVD HQTXDQWR VHX ROKR YDJXHDYD SHOD WHOD GR
SKRQH  3RVVR GLVWLQJXLU XP UROR GH ILWD SHUIXUDGD LQVWDODGR DFLPD GR VHX PHFDQLVPR
FDUGtDFR 3RGH YrOR"  3RROH FXUYRX R SHVFRoR H ROKRX ( YLX WDPEpP  7HUHL TXH
LQWHUURPSHU D FRPXQLFDomR  GLVVH R FRPSXWDGRU  'HSRLV GH H[DPLQDU RV GDGRV
GLVSRQtYHLV YROWDUHL D FRQWDWiOR H IRUQHFHUHL XPD UHVSRVWD 7HQKD XP ERP GLD  $ WHOD
HVFXUHFHX
9RX DUUDQFDU D ILWD SDUD IRUD GH PLP GLVVH 3RROH FRQVLJR PHVPR 3HTXHQLQD 1mR
PDLRUGRTXHGRLVFDUUHWpLVGHOLQKDFRPXPFDEHoRWHH[SORUDGRULQVWDODGRHQWUHRWDPERU
GH DOLPHQWDomR H R WDPERU GH UHFROKLPHQWR 1mR FRQVHJXLD QRWDU QHQKXP VLQDO GH
PRYLPHQWR RV FDUUHWpLV SDUHFLDP LQHUWHV 'HYHP LQWHUYLU FRPR DQXODGRUHV UHIOHWLX
TXDQGR RFRUUHP VLWXDo}HV HVSHFtILFDV $QXODGRUHV GR PHX SURFHVVR HQFHIiOLFR ( YrP
ID]HQGRLVVRGXUDQWHWRGDDPLQKDYLGD
(OH HVWHQGHX D PmR H WRFRX QR WDPERU GH DOLPHQWDomR 7XGR R TXH WHQKR D ID]HU p
DUUDQFDULVWRSHQVRXH
$WHODGRSKRQHLOXPLQRXVHQRYDPHQWH
 3ODFD PDVWHUGHELFUHG Q~PHUR %1;+457  YHLR D YR] GR FRPSXWDGRU 
$TXL %%%'5 UHFRQWDWDQGR HP UHVSRVWD j VXD FRQVXOWD FRP GXUDomR GH GH]HVVHLV
VHJXQGRV GH  GH QRYHPEUR GH  2 UROR GH ILWD SHUIXUDGD DFLPD GR VHX PHFDQLVPR
FDUGtDFR QmR p XPD WRUUHWD GH SURJUDPDomR PDV XP PHFDQLVPR VXVFLWDGRU GH UHDOLGDGH
7RGRVRVHVWtPXORVVHQVRULDLVUHFHELGRVSRUVHXVLVWHPDQHXUROyJLFRFHQWUDOHPDQDPGHVVD
XQLGDGHHWHQWDULQWHUIHULUQHODVHULD DUULVFDGRVHQmRWHUPLQDO(OH DFUHVFHQWRX9RFr
SDUHFHQmRSRVVXLUFLUFXLWRGHSURJUDPDomR4XHVWmRUHVSRQGLGD%RPGLD(GHVOLJRX
3RROHQXGLDQWHGDWHODGRSKRQHWRFRXQRYDPHQWHQRWDPERUGHILWDFRPFDOFXODGRH
HQRUPH FXLGDGR (QWHQGR  SHQVRX HOH GHVRUGHQDGDPHQWH  2X VHUi TXH HQWHQGR" (VWD
XQLGDGH
6H HX FRUWDU D ILWD GHXVH FRQWD PHX PXQGR GHVDSDUHFHUi $ UHDOLGDGH FRQWLQXDUi
H[LVWLQGRSDUDRVRXWURVPDVQmRSDUDPLP3RUTXHPLQKDUHDOLGDGHPHXXQLYHUVRYHPD
PLPGHVWDPLQ~VFXODXQLGDGH$OLPHQWDGDDRFDEHoRWHH[SORUDGRUHGHOiDRPHXVLVWHPD
QHUYRVRFHQWUDODPHGLGDTXHVHGHVHQURODDUUDVWDQGRVHFRPRXPDOHVPD

(VWiVHGHVHQURODQGRKiDQRVFRQFOXLX
3HJRX DV URXSDV YHVWLXDV GH YROWD H VHQWRXVH QD DPSOD SROWURQD SROWURQD  XP OX[R
LPSRUWDGRSDUDVHXDSDUWDPHQWRGRHVFULWyULRFHQWUDOGH7UL3ODQHDFHQGHXXPFLJDUURGH
WDEDFR6XDVPmRVWUHPLDPTXDQGRS{VGHODGRRLVTXHLURFRPPRQRJUDPDUHFOLQDQGRVH
VRSURXDIXPDoDSDUDIUHQWHFULDQGRXPQLPERFLQ]HQWR
7HQKRTXHLUGHYDJDUSHQVRX2TXHHVWRXWHQWDQGRID]HU"3DVVDUSRUFLPDGDPLQKD
SURJUDPDomR"0DVRFRPSXWDGRUQmRHQFRQWURXQHQKXPFLUFXLWRGHSURJUDPDomR4XHUR
LQWHUIHULUFRPDILWDGHUHDOLGDGH"(VHTXHURSRUTXr"
3RUTXH HOH SHQVRX VH HX FRQWURODU LVWR FRQWUROR D UHDOLGDGH 3HOR PHQRV QD PHGLGD
HP TXH HOD PH FRQFHUQH 0LQKD UHDOLGDGH VXEMHWLYD 0DV HOD p WXGR R TXH H[LVWH $
UHDOLGDGHREMHWLYDpXPPHFDQLVPRVLQWpWLFROLGDQGRFRPDKLSRWpWLFDXQLYHUVDOL]DomRGH
P~OWLSODVUHDOLGDGHVVXEMHWLYDV
0HX XQLYHUVR HVWi HQWUH PHXV GHGRV SHUFHEHX 6H DSHQDV SXGHVVH GHVFREULU FRPR D
PDOGLWDFRLVDIXQFLRQD7XGRRTXHFRPHFHLDID]HURULJLQDOPHQWHIRLSURFXUDUHORFDOL]DU
R PHX FLUFXLWR GH SURJUDPDomR SDUD TXH HX SXGHVVH FRQVHJXLU XP YHUGDGHLUR
IXQFLRDPHQWRKRPHRVWiWLFRRFRQWUROHGHPLPPHVPR0DVFRPLVWR
&RPLVWRHOHQmRDSHQDVJDQKDYDFRQWUROHVREUHVLPHVPRHOHJDQKDYDFRQWUROHVREUH
WXGR
(LVWRPHGLIHUHQFLDGHWRGRVRVVHUHVKXPDQRVTXHMDPDLVYLYHUDPHPRUUHUDPSHQVRX
VRPEULDPHQWH
)RL DWp R SKRQH H OLJRX SDUD R HVFULWyULR 4XDQGR 'DQFHPDQ DSDUHFHX QD WHOD GLVVH
ULVSLGDPHQWH
4XHURTXHYRFrPHPDQGHXPMRJRFRPSOHWRGHPLFURLQVWUXPHQWRVHWHODDPSOLDGRUD
SDUD R PHX DSDUWDPHQWR 3UHFLVD WUDEDOKDU HP DOJXQV PLFURFLUFXLWRV  ( QmR TXHUHQGR
GLVFXWLURDVVXQWRFRUWRXDFRQH[mR
0HLD KRUD GHSRLV RXYLX XPD EDWLGD QD SRUWD $R DEULU GHIURQWRXVH FRP XP GRV
FDSDWD]HVGDIiEULFDFDUUHJDGRGHPLFURLQVWUXPHQWRVGHWRGRVRVWLSRV
2VHQKRUQmRGLVVHH[DWDPHQWHRTXHTXHULDGLVVHRFDSDWD]HQWUDQGRQRDSDUWDPHQWR
(QWmRRVU'DQFHPDQPHIH]WUD]HUWXGR
(RVLVWHPDGHOHQWHVDPSOLDGRUDV"
1RFDUURHPFLPDGDFDSRWD
3RGH VHU TXH R TXH HX HVWRX TXHUHQGR ID]HU SHQVRX 3RROH VHMD PRUUHU $FHQGHX XP
FLJDUURHILFRXIXPDQGRHHVSHUDQGRHQTXDQWRRFDSDWD]GDIiEULFDWUDQVSRUWDYDDSHVDGD
WHOD DPSOLDGRUD FRP VXD IRQWH GH HQHUJLD H VHX SDLQHO GH FRQWUROH SDUD GHQWUR GR
DSDUWDPHQWR,VVRpVXLFtGLRRTXHHVWRXID]HQGRDTXL(OHHVWUHPHFHX
 $OJXPD FRLVD GH HUUDGR VU 3RROH"  SHUJXQWRX R FDSDWD] DR HUJXHUVH DOLYLDGR GR
IDUGRGRVLVWHPDGHOHQWHVDPSOLDGRUDV2VHQKRUDLQGDGHYHHVWDUFRPDVFKDYHWDVPHLR
IURX[DVSRUFDXVDGRDFLGHQWH
 6LP  GLVVH 3RROH TXLHWDPHQWH &RQWLQXRX DJXDUGDQGR WHQVR DWp TXH R FDSDWD] IRL
HPERUD
6RERVLVWHPDGHOHQWHVDPSOLDGRUDVDILWDSOiVWLFDDVVXPLXXPDQRYDIRUPDXPDDPSOD
WULOKDDRORQJRGDTXDOFHQWHQDVGHPLOKDUHVGH SHUIXUDo}HV IRUDP LQWURGX]LGDV &RPR HX
SHQVHL UHIOHWLX 3RROH 1mR UHJLVWUDGDV FRPR FDUJDV HOpWULFDV QXPD FDPDGD GH y[LGR GH
IHUURPDVUHDOPHQWHDEHUWXUDVSHUIXUDGDV
6REDOHQWHDIDL[DGHILWDGHVOL]DYDYLVLYHOPHQWHSDUDDIUHQWH0XLWROHQWDPHQWHPDV
PRYLDVHDXPDYHORFLGDGHXQLIRUPHQDGLUHomRGRFDEHoRWHH[SORUDGRU
'D PDQHLUD FRPR HQWHQGR SHQVRX HOH DV DEHUWXUDV SHUIXUDGDV VmR UHJLVWURV GH

FLUFXLWRVIHFKDGRV,VWRIXQFLRQDFRPRXPDSLDQROD6yOLGRpQmRIXURpVLP&RPRHX
SRGHULDWHVWDULVVR"
2EYLDPHQWHREVWUXLQGRXPFHUWRQ~PHURGHIXURV
(OH PHGLX D TXDQWLGDGH GH ILWD UHVWDQWH QR FDUUHWHO GH DOLPHQWDomR FDOFXORX  FRP
JUDQGHHVIRUoRDYHORFLGDGHGHDYDQoRGDILWDHFKHJRXDXPQ~PHUR6HDOWHUDVVHDILWD
YLVtYHOQDERUGDGHDGPLVVmRGRFDEHoRWHH[SORUDGRUFLQFRDVHWHKRUDVVHSDVVDULDPDQWHV
TXHDTXHOHSHUtRGRGHWHPSRHVSHFtILFRFKHJDVVH(OHHVWDULDGHIDWRREOLWHUDQGRHVWtPXORV
TXHGHYHULDPRFRUUHUHPSRXFDVKRUDVDFRQWDUGHDJRUD
&RP XP PLFURSLQFHO DSOLFRX YHUQL] RSDFR REWLGR QR HVWRMR GH VXSULPHQWRV TXH
DFRPSDQKDYDRVPLFURLQVWUXPHQWRVHPXPD JUDQGHUHODWLYDPHQWH JUDQGH H[WHQVmR GH
ILWD (OLPLQHL HVWtPXORV SDUD FHUFD GH PHLD RUD SRQGHURX 5HFREUL SHOR PHQRV XQV PLO
IXURV
6HULDLQWHUHVVDQWHYHUTXHPXGDQoDVVHKRXYHVVHRFRUUHULDPDRVHXPHLRDPELHQWHGDOL
DVHLVKRUDV
&LQFRKRUDVDPHLDGHSRLVHVWDYDVHQWDGRQR.UDFNHU
VXPVREHUEREDUHP0DQKDWWDQ
WRPDQGRXPGULQTXHFRP'DQFHPDQ
9RFrSDUHFHPDOGLVVH'DQFHPDQ
(XHVWRXPDOGLVVH3RROH7HUPLQRXVHXGULQTXHXP6FRWFKVRXUHSHGLXPDLVXP
3RUFDXVDGRDFLGHQWH"
'HXPDFHUWDIRUPDVLP
6HULDSRUDOJRTXHGHVFREULXVREUHYRFrPHVPR"SHUJXQWRX'DQFHPDQ
(UJXHQGRDFDEHoD3RROHHQFDURXRjOX]VRPEULDGREDU
(QWmRYRFrVDEH
(XVHLGLVVH'DQFHPDQ TXHGHYHULD FKDPDUYRFrGH 3RROH HQmRGH VU3RROH
0DVSUHILURD~OWLPDIRUPDHFRQWLQXDUHLDXViOD
+iTXDQWRWHPSRYRFrVDEH"SHUJXQWRX3RROH
 'HVGH TXH YRFr DVVXPLX R FRPDQGR GD ILUPD 0H GLVVHUDP TXH RV YHUGDGHLURV
SURSULHWiULRVGD7UL3ODQTXHHVWmRVHGLDGRVQR6LVWHPD3UR[TXHULDPTXHD7UL3ODQIRVVH
GLULJLGDSRUXPDIRUPLJDHOpWULFDTXHHOHVSXGHVVHPFRQWURODU(OHVTXHULDPXPEULOKDQWHH
HQHUJpWLFR
2VYHUGDGHLURVSURSULHWiULRV"(UDDSULPHLUDYH]TXHRXYLUDDTXLOR7HPRVGRLVPLO
DFLRQLVWDV(VSDOKDGRVSRUWRGDDSDUW
0DUYLV%H\HVHXPDULGR(UQDQHP3UR[FRQWURODPFLQTHQWDHXPSRUFHQWRGDV
Do}HVSUHIHUHQFLDLVeDVVLPGHVGHRFRPHoR
3RUTXHHXQmRILTXHLVDEHQGR"
 0H GLVVHUDP SDUD QmR FRQWDU 9RFr GHYHULD SHQVDU TXH HVWDYD GHWHUPLQDQGR WRGD D
SROtWLFDGDHPSUHVD&RPDPLQKDDMXGD0DVQDUHDOLGDGHHXHVWDYDDOLPHQWDGRYRFrFRP
DTXLORTXHRV%H\VPHIRUQHFLDP
(XVRXXPWHVWDGHIHUURGLVVH3RROH
'HXPDFHUWDIRUPDVLP'DQFHPDQDVVHQWLX0DVYRFrVHPSUHVHUiR VU3RROH
SDUDPLP
8PD SDUWH GD SDUHGH RSRVWD GHVYDQHFHXVH ( FRP HOD GLYHUVDV SHVVRDV VHQWDGDV HP
PHVDVSUy[LPDV(
'R RXWUR ODGR GD JUDQGH ODWHUDO GH YLGUR GR EDU D YLVWD D FLGDGH GH 1RYD <RUN
EUX[XOHRXHGHL[RXGHH[LVWLU
9HQGRDH[SUHVVmRGHOH'DQFHPDQGLVVH

2TXHIRL"
2OKHHPYROWD3RROHGLVVHURXFDPHQWH(VWiYHQGRDOJXPDPXGDQoD"
'HSRLVGHFRUUHURVROKRVSHORVDOmR'DQFHPDQGLVVH
1mR&RPRRTXr"
$LQGDHVWiYHQGRDSDLVDJHP"
eFODUR3ROXtGDFRPRVHPSUH$VOX]HVSLVFDP
 $JRUD HX VHL  GLVVH 3RROH (OH HVWDYD FHUWR FDGD IXUR UHFREHUWR VLJQLILFDYD R
GHVDSDUHFLPHQWRGHDOJXPREMHWRHPVHXPXQGRGHUHDOLGDGH /HYDQWDQGRVHHOHGLVVH
9HMR YRFr GHSRLV 'DQFHPDQ 7HQKR TXH YROWDU DR PHX DSDUWDPHQWR p XP WUDEDOKR TXH
HVWRXID]HQGR%RDQRLWH6DLXGREDUSDUDDUXDSURFXUDQGRXPWi[L
1mRKDYLDWi[LV
(OHV WDPEpP SHQVRX )LFR LPDJLQDQGR R TXH PDLV HX FREUL GH YHUQL] 3URVWLWXWDV"
)ORUHV"3ULV}HV"
$OL QR HVWDFLRQDPHQWR GR EDU R EXVFDSp GH 'DQFHPDQ 9RX OHYiOR GHFLGLX $LQGD
H[LVWHP Wi[LV QR PXQGR GH 'DQFHPDQ HOH SRGH FRQVHJXLU XP PDLV WDUGH 'H TXDOTXHU
IRUPDpXPFDUURGDFRPSDQKLDHWHQKRXPDFySLDGDFKDYH
3RXFRGHSRLVHVWDYDQRDUYLUDQGRQDGLUHomRGHVHXDSDUWDPHQWR
$FLGDGHGH1RYD<RUNQmRKDYLDUHWRUQDGRHVTXHUGDHjGLUHLWDYHtFXORVHSUpGLRV
UXDVHVWHLUDVGHSHGVSODFDVHQRFHQWURQDGD &RPRHXSRVVRHQWUDUYRDQGRQDTXLOR"
SHUJXQWRXVH(XGHVDSDUHFHULD
2XVHUiTXHQmR"(OHYRRXSDUDRQDGD
)XPDQGR XP FLJDUUR DSyV R RXWUR YRRX GHVFUHYHQGR XP FtUFXOR GXUDQWH TXLQ]H
PLQXWRV H HQWmR VLOHQFLRVDPHQWH 1RYD <RUN UHDSDUHFHX (OH SRGLD WHUPLQDU D YLDJHP
$SDJRX R FLJDUUR XP GHVSHUGtFLR GH DOJR WmR SUHFLRVR H ODQoRXVH QD GLUHomR GR
DSDUWDPHQWR
6HHXLQVHULUXPDHVWUHLWDIDL[DRSDFDSRQGHUDYDHOH HQTXDQWR GHVWUDQFDYD D SRUWD GR
DSDUWDPHQWRSRGHUHL
6HXV SHQVDPHQWRV VH LQWHUURPSHUDP $OJXpP HVWDYD VHQWDGR QD SROWURQD GD VDOD GH
HVWDUDVVLVWLQGRDXPFDSLWmRNLUNQD79
6DUDKGLVVHHOHH[DVSHUDGR
(ODOHYDQWRXVHEHPIRUQLGDPDVJUDFLRVD
9RFrQmRHVWDYDQRKRVSLWDOHQWmRYLPDTXL$LQGDWHQKRDDFKDYHTXHYRFrPHGHX
HPPDUoRDQWHVGHWHUPRVDTXHODKRUUtYHOGLVFXVVmR2K0DVYRFrSDUHFHWmRGHSULPLGR
$SUR[LPRXVHGHOHHROKRXRQRURVWRDQVLRVD2VHXIHULPHQWRGyLWDQWRDVVLP"
 1mR p LVVR  (OH WULRX R FDVDFR D JUDYDWD D FDPLVD H GHSRLV R SDLQHO SHLWRUDO
DMRHOKDQGRHUJXHXRV ROKRV SDUD HOD H GLVVH  'HVFREUL TXH VRX XPD IRUPLJD HOpWULFD 2
TXH GH XP FHUWR SRQWR GH YLVWD DEUH GHWHUPLQDGDV SRVVLELOLGDGHV TXH HVWRX H[SORUDQGR
DJRUD&XUYRXRVGHGRVHQDSRQWDGRYDOGRHVTXHUGRXPDPLFURFKDYHGHIHQGDWRUQDGD
YLVtYHOSHORVLVWHPDGHOHQWHVDPSOLDGRUDVVHPRYHX9RFrSRGHDVVLVWLULQIRUPRXDVH
TXLVHU
(ODFRPHoDUDDFKRUDU
4XDOpRSUREOHPD"HOHSHUJXQWRXVHOYDJHPHQWHVHPHUJXHURVROKRVGRVHXWUDEDOKR
(XpTXHLVWRpWmRWULVWH9RFr IRLXPHPSUHJDGRUWmRERPSDUDWRGRV QyV QD 7UL
3ODQ1yVRUHVSHLWDPRVWDQWR(DJRUDWXGRPXGRX
$ ILWD SOiVWLFD WLQKD PDUJHQV QmR SHUIXUDGDV HP FLPD H HPEDL[R HOH FRUWRX XPD WLUD
KRUL]RQWDO PXLWR HVWUHLWD H GHSRLV GH XP PRPHQWR GH JUDQGH FRQFHQWUDomR FRUWRX D
SUySULD ILWD TXDWUR KRUDV DQWHV GR FDEHoRWH H[SORUDGRU *LURX HQWmR D ILWD FRUWDGD SDUD

FRORFiOD QXP kQJXOR UHWR HP UHODomR DR FDEHoRWH IXQGLXD QR OXJDU FRP XP
PLFURHOHPHQWRWpUPLFRHUHFRORFRXRVURORVGHILWDHPVHXVOXJDUHVjHVTXHUGDHjGLUHLWD
,ULDID]HUHIHLWRGHDFRUGRFRPRVVHXVFiOFXORVSRXFRVPLQXWRVGHSRLVGDPHLDQRLWH
9RFrHVWiVHFRQVHUWDQGR"SHUJXQWRX6DUDKWLPLGDPHQWH
(VWRXPHOLEHUWDQGRGLVVH3RROH$OpPGHVWDHOHWLQKDGLYHUVDVDOWHUDo}HVHPPHQWH
0DV SULPHLUR WLQKD TXH WHVWDU VXD WHRULD XPD ILWD YLUJHP QmR SHUIXUDGD VLJQLILFDYD
DXVrQFLDGHHVWtPXORVQHVWHFDVRDDXVrQFLDGHILWD
HVVDH[SUHVVmRQRVHXURVWRGLVVH6DUDK(ODFRPHoRXDUHFROKHUDEROVDRFDVDFRD
UHYLVWD DXGLYLG HQURODGD  9RX HPERUD 3RVVR YHU FRPR YRFr VH VHQWH SRU PH HQFRQWUDU
DTXL
)LTXHGLVVHHOH9RXDVVLVWLUDRFDSLWmRNLUNFRPYRFr9HVWLXDFDPLVD9RFrVH
OHPEUDGHFRPRHUDDQRVDWUiVTXDQGRKDYLD4XDQWRVHUDPPHVPR"9LQWHRXYLQWHHGRLV
FDQDLVGH79"$QWHVGHRJRYHUQRIHFKDURVLQGHSHQGHQWHV"
(ODDVVHQWLX
&RPRVHULDGLVVHHOHVHHVWHDSDUHOKRGH79SURMHWDVVHWRGRVRVFDQDLVDRPHVPR
WHPSRQDWHODGHUDLRVFDWyGLFRV"9RFrGLVWLQJXLULDDOJXPDFRLVDQDPLVWXUD"
$FKRTXHQmR
7DOYH]SXGpVVHPRVDSUHQGHU$SUHQGHUDVHUVHOHWLYRVDID]HUQyVPHVPRVRWUDEDOKR
GH GLVWLQJXLU R TXH TXHUHPRV H R TXH QmR TXHUHPRV 3HQVH QDV SRVVLELOLGDGH VH R QRVVR
FpUHEUR SXGHVVH PDQLSXODU YLQWH LPDJHQV VLPXOWkQHDV SHQVH QD TXDQWLGDGH GH
FRQKHFLPHQWRVTXHSRGHULDPVHUDUPD]HQDGRVQXPGHWHUPLQDGRSHUtRGR0HSHUJXQWRVHR
FpUHEURRFpUHEURKXPDQR(OHLQWHUURPSHXVH2 FpUHEURKXPDQRQmRSRGHULD ID]HU
LVVR  GLVVH HOH HP VHJXLGD UHIOHWLQGR FRQVLJR PHVPR 0DV WHRULFDPHQWH XP FpUHEUR
TXDVHRUJkQLFRSRGHULD
(pLVVRRTXHYRFrWHP"
6LPGLVVH3RROH
(OHV DVVLVWLUDP DR FDSLWmRNLUN DWp R ILP H HQWmR IRUDP SDUD D FDPD 0DV 3RROH ILFRX
UHFOLQDGRHPVHXVWUDYHVVHLURVIXPDQGRHPDWXWDQGR$RVHXODGR6DUDKYLUDYDVHDJLWDGD
SHUJXQWDQGRVHSRUTXHHOHQmRDSDJDYDDOX]
2Q]HHFLQTHQWD$FRQWHFHULDDTXDOTXHUPRPHQWRDJRUD
6DUDKGLVVHHOHHXTXHURDVXDDMXGD'DTXLDDOJXQVPLQXWRVDOJRGHHVWUDQKRYDL
DFRQWHFHU FRPLJR 1mR YDL GXUDU PXLWR WHPSR PDV TXHUR TXH YRFr PH REVHUYH
FXLGDGRVDPHQWH9HMDVHHXHOHJHVWLFXORXGHPRQVWURDOJXPDDOWHUDomR6HHXSDUHoR
WHUDGRUPHFLGRRXVHIDORFRLVDVVHPQH[RRXHOHTXLVGL]HUVHHXGHVDSDUHoR0DV
QmR GLVVH  1mR YRX ID]HU PDO DOJXP D YRFr PDV DFKR TXH VHULD XPD ERD LGpLD HVWDU
DPDGD9RFrHVWiFRPVXDDUPDDQWLDVVDOWR"
 1D PLQKD EROVD  (OD GHVSHUWDUD FRPSOHWDPHQWH DJRUD (UJXHQGRVH GD FDPD ROKRX
SDUDHOHDWHPRUL]DGDRVRPEURVODUJRVEURQ]HDGRVHVDUGHQWRVH[SRVWRVjOX]GRTXDUWR
(ODIRLSHJDUDDUPD
2 TXDUWR HQULMHFHXVH QXPD LPRELOLGDGH SDUDOLVDGD ( HQWmR DV FRUHV FRPHoDUDP D VH
GHVYDLU 2V REMHWRV GLPLQXtUDP DWp TXH FRPR IXPDoD GHVDSDUHFHUDP QDV VRPEUDV $
HVFXULGmRWROGRXWXGRHQTXDQWRRVREMHWRVGRTXDUWRILFDYDPFDGDYH]PDLVHQIUDTXHFLGRV
2V~OWLPRVHVWtPXORVHVWmRVHGHVYDQHFHQGRSHUFHEHX3RROH$SHUWRXRVROKRVWHQWDQGR
YHU'LVWLQJXLX6DUDK%HQWRQVHQWDGDQDFDPDXPDILJXUDELGLPHQVLRQDOTXHFRPRXPD
ERQHFDIRUD FRORFDGDDOLSDUDGHSRLVGHVERWDU HGHILQKDU /XIDGDV HUUiWLFDV GH VXEVWkQFLD
GHVPDWHULDOL]DGD VH HVIDFHODUDP HP QXYHQV LQVWiYHLV RV HOHPHQWRV VH MXQWDUDP VH
HVIDFHODUDPHVHMXQWDUDPPDLVXPDYH](HQWmRRV~OWLPRVUHVTXtFLRVGHFDORUHQHUJLDH

OX]VHGLVVLSDUDP2TXDUWRVHIHFKRXHGHVPRURQRXVREUHVLPHVPRFRPRTXHLVRODQGRVH
GD UHDOLGDGH $ HVVD DOWXUD D QHJULWXGH DEVROXWD VXEVWLWXLX WXGR R PDLV HVSDoR VHP
SURIXQGLGDGHQmRQRWXUQRPDVDQWHVUtJLGRHLQIOH[tYHO(VRPDQGRVHDLVVRHOHWDPEpP
QmRRXYLDPDLVQDGD
7HQWRXHVWHQGHUDPmRSDUDWRFDUHPDOJXPDFRLVD0DVQmRKDYLDQDGDSDUDHVWHQGHU$
FRQVFLrQFLDGRVHXSUySULR FRUSRGHVDSDUHFHUDMXQWDPHQWH FRPWRGR R UHVWR GR XQLYHUVR
1mRWLQKDPmRVHPHVPRVHWLYHVVHQmRKDYLDQDGDSDUDVHQWLUFRPHODV
&RQWLQXRFHUWRTXDQWRjPDQHLUDFRPRDPDOGLWDILWDIXQFLRQD'LVVHFRQVLJRPHVPR
XVDQGRXPDERFDLQH[LVWHQWHSDUDFRPXQLFDUXPDPHQVDJHPLQYLVtYHO
6HUiTXHLVWRYDLSDVVDUHPGH]PLQXWRV"SHUJXQWRXVH(VWDULDFHUWRWDPEpPTXDQWRD
LVWR"(OHDJXDUGRX0DVVDELDLQWXLWLYDPHQWHTXHVXDQRomRGHWHPSRGHVDSDUHFHUD FRP
WRGRRUHVWR3RVVRDSHQDVDJXDUGDUSHUFHEHX(HVSHUDUTXHQmRVHMDSRUPXLWRWHPSR
(QWUDQXPULWPRHOHSHQVRX)DUHLXPDHQFLFORSpGLD7HQWDUHLOLVWDUWXGRRTXHFRPHoD
FRP $ 9DPRV YHU HOH SHQVRX $EDFDWH DXWRPyYHO DFNVHWURQ DWPRVIHUD $WOkQWLFR
DVSLFGHWRPDWHDQ~QFLR(OHSURVVHJXLXSHQVDQGR HSHQVDQGR DVFDWHJRULDVUHVYDODQGR
DWUDYpVGHVXDPHQWHDVVRPEUDGDSHORPHGR
'HUHSHQWHDOX]WUHPHOX]LXHDFHQGHX
(OH HVWDYD GHLWDGR QR VRIi GD VDOD  D OX] DPHQD GR VRO HQWUDYD SHOD ~QLFD MDQHOD
HVSDOKDQGRVHSHORDPELHQWH'RLVKRPHQVHVWDYDPFXUYDGRVVREUHHOHFRPDVPmRVFKHLDV
GHLQVWUXPHQWR+RPHQVGHPDQXWHQomRREVHUYRX(VWmRWUDEDOKDQGRHPPLP
(OHHVWiFRQVFLHQWHGLVVHXPGRVWpFQLFRV(QGLUHLWRXVHHGHXXPSDVVRDWUiVHHOH
YLX6DUDK%HQWRQWUrPXODGHDQVLHGDGH
 *UDoDV D 'HXV  GLVVH HOD  (X HVWDYD FRP WDQWR PHGR /LJXHL DILQDO SDUD R VU
'DQFHPDQDUHVSHLWRGR
2TXHDFRQWHFHX"LQWHUURPSHX3RROHUXGHPHQWH&RPHFHGRFRPHoRHSHORDPRU
GH'HXVIDOHGHYDJDU3DUDTXHHXSRVVDDVVLPLODUWXGR
6DUDK VH UHFRPS{V IH] XPD SDXVD SDUD HVIUHJDU R QDUL] H HQWmR GHVDWRX D IDODU
QHUYRVDPHQWH
9RFrGHVPDLRX)LFRXVyDOLGHLWDGRFRPRVHHVWLYHVVHPRUWR(VSHUHLDWpGXDVHPHLD
HYRFrQmRIH]QDGD/LJXHLSDUDRVU'DQFHPDQLQIHOL]PHQWHRDFRUGHLHHOHOLJRXSDUDD
PDQXWHQomR GH IRUPLJDV HOpWULFDV 4XHUR GL]HU R SHVVRDO GD PDQXWHQomR GH URE{V
RUJkQLFRV H HVWHV GRLV KRPHQV YLHUDP jV TXDWUR H TXDUHQWD H FLQFR H GHVGH HQWmR HVWmR
WUDEDOKDQGRHPYRFr$JRUDVmRVHLVHTXLQ]HGDPDQKm(XHVWRXFRPPXLWRIULRHYRFr
SUHFLVDLUSDUDDFDPD1mRYRXFRQVHJXLULUSDUDRHVFULWyULRKRMHUHDOPHQWHQmRSRVVR
9LURXVHSDUDRRXWURODGRIXQJDQGR2VRPRLQFRPRGRX
8PGRVKRPHQVXQLIRUPL]DGRVGLVVH
9RFrDQGRXPH[HQGRQDVXDILWDGHUHDOLGDGH
6LPGLVVH3RROH3RUTXHQHJDU"2EYLDPHQWHHOHVWLQKDPHQFRQWUDGRRSHGDoRGHILWD
VyOLGDTXHLQVHULUD(XQmRGHYHULDWHUILFDGRDSDJDGRWDQWRWHPSRGLVVHHOH,QVHULXP
SHGDoRGHDSHQDVGH]PLQXWRV
(OHREVWUXLXRPHFDQLVPRGHWUDQVSRUWHGDILWDH[SOLFRXRWpFQLFR$ILWDSDURXGHVH
PRYHU SDUD D IUHQWH R SHGDoR TXH YRFr LQVHULX R IH] HQJULSDU H HOH VH GHVOLJRX
DXWRPDWLFDPHQWHSDUDHYLWDUURPSHUDILWD3RUTXHYRFrWLQKDTXHPH[HUFRPDTXLOR"6DEH
RTXHSRGHULDFDXVDU"
1mRWHQKRFHUWH]DGLVVH3RROH
0DVWHPXPDERDQRomR
eDUD]mRSRUTXHHVWRXID]HQGRLVVRGLVVH3RROHPRUGD]

6XDFRQWDGLVVHRKRPHPGDPDQXWHQomRVHUiGHQRYHQWDHFLQFRUmV3DJiYHLVHP
SUHVWDo}HVVHTXLVHU
&HUWRGLVVHHOH6HQWRXVHDWXUGLGRHVIUHJRXRVROKRVHIH]XPDFDUHWD6XDFDEHoD
GRtDHRHVW{PDJRSDUHFLDWRWDOPHQWHYD]LR
'DSUy[LPDYH]WLUHDVUHEDUEDVGDILWDGLVVHOKHRSULPHLURWpFQLFR$VVLPHODQmR
HPSHUUDUi 1mR RFRUUHX D YRFr TXH HOD WLYHVVH XP IDWRU GH VHJXUDQoD HPEXWLGR" 4XH HOD
LULDSDUDUHPYH]GH
 2 TXH DFRQWHFH  LQWHUURPSHX 3RROH D YR] EDL[D H GHOLEHUDGDPHQWH FDXWHORVD  VH
QHQKXPDILWDSDVVDUSHORFDEHoRWHH[SORUDGRU"1HQKXPDILWDQDGDDIRWRFpOXODEULOKDQGR
SDUDFLPDVHPLPSHGkQFLD"
2VWpFQLFRVVHROKDUDP8PGHOHVGLVVH
7RGRVRVQHXURFLUFXLWRVIRUPDULDPSRQWHVVREUHVXDVVLQDSVHVHHQWUDULDPHPFXUWR
2TXHTXHUGL]HU"GLVVH3RROH
4XHUGL]HURILPGRPHFDQLVPR
3RROHGLVVH
H[DPLQHLRFLUFXLWR(OHQmRWUDQVPLWHYROWDJHPVXILFLHQWHSDUDID]HULVWR0HWDLVQmR
VHIXQGHPVREFDUJDVWmRSHTXHQDVGHFRUUHQWHPHVPRTXHRVWHUPLQDLVHQFRVWHPXPQR
RXUR (VWDPRV IDODQGR GH XP PLOLRQpVLPR GH ZDWW DR ORQJR GH XP FDQDO GH FpVLR FRP
WDOYH]  GH SROHJDGD GH FRPSULPHQWR 9DPRV DVVXPLU TXH H[LVWD XP ELOKmR GH
FRPELQDo}HV SRVVtYHLV VXUJLQGR GDV SHUIXUDo}HV GD ILWD HP XP GHWHUPLQDGR LQVWDQWH $
VDtGD WRWDO QmR p FXPXODWLYD D TXDQWLGDGH GH FRUUHQWH GHSHQGH GR TXH D EDWHULD GHVLJQD
SDUDFDGDPyGXORRTXHQmRpPXLWR&RPWRGDVDVSDVVDJHQVDEHUWDVHIXQFLRQDQGR
$FKDTXHLUtDPRVPHQWLU"SHUJXQWRXXPGRVWpFQLFRVFRPXPDUFDQVDGR
 3RU TXH QmR"  GLVVH 3RROH  7HQKR DTXL XPD RSRUWXQLGDGH GH YLYHQFLDU WXGR
6LPXOWDQHDPHQWH &RQKHFHU R XQLYHUVR H D VXD LQWHJULGDGH HVWDU PRPHQWDQHDPHQWH HP
FRQWDWR FRP WRGD D UHDOLGDGH $OJR TXH QHQKXP KXPDQR SRGH ID]HU 8PD SDUWLWXUD
VLQI{QLFD HQWUDQGR HP PHX FpUHEUR IRUD GH WHPSR WRGDV DV QRWDV WRGRV RV LQVWUXPHQWRV
VRDQGRVLPXOWDQHDPHQWH(WRGDVDVVLQIRQLDV3HUFHEH"
,VWRYDLTXHLPDURVVHXVFLUFXLWRVRVGRLVWpFQLFRVGLVVHUDPMXQWRV
1mRDFKRGLVVH3RROH
6DUDKGLVVH
$FHLWDXPFDIpVU3RROH"
6LPGLVVHHOH$EDL[RXDVSHUQDVSUHVVLRQRXRVSpVIULRVFRQWUDRSLVRHVWUHPHFHX(
HQWmR OHYDQWRXVH 6HX FRUSR GRtD (OHV PH GHL[DUDP GHLWDGR D QRLWH LQWHLUD QR VRIi
SHUFHEHX /HYDQGR WXGR HP FRQVLGHUDomR HOHV EHP TXH SRGHULDP WHU IHLWR FRLVD PHOKRU
TXHDTXLOR

*DUVRQ3RROHHVWDYDVHQWDGRjPHVDGHFR]LQKDQRRXWURFDQWRGDVDODGLDQWHGH6DUDK
WRPDQGRFDIp2VWpFQLFRVMiWLQKDPLGRKiPXLWR
 9RFr QmR YDL PDLV ID]HU H[SHULrQFLDV FRP YRFr PHVPR YDL"  SHUJXQWRX 6DUDK
VXSOLFDQWHPHQWH
3RROHGLVVHQXPDYR]GHVDJUDGiYHO
(XJRVWDULDGH FRQWURODURWHPSR5HYHUWrOR 9RXFRUWDUIRUDXPVHJPHQWR GH ILWD
SHQVRXHIXQGLORGHYROWDGHFDEHoDSDUDEDL[R$VVHTrQFLDVFDXVDLVYmRHQWmRIOXLUDR
FRQWUiULR3RUWDQWRHXYRXGHVFHUGHUpRVGHJUDXVGRFDPSRGHSRXVRGDFREHUWXUDDQGDU
GHFRVWDVDWpDPLQKDSRUWDHPSXUUDUXPDSRUWDWUDQFDGDDQGDUGHFRVWDVDWpDSLDGH
RQGH YRX WLUDU XPD SLOKD GH SUDWRV VXMRV 9RX PH VHQWDU D HVWD PHVD GLDQWH GD SLOKD

HQFKHUFDGDXPGRVSUDWRVFRPFRPLGDWLUDGDGRPHXHVW{PDJR(HQWmRYRXWUDQVIHULUD
FRPLGDSDUDDJHODGHLUD1RGLDVHJXLQWHYRXWLUDUDFRPLGDGDJHODGHLUDFRORFiODHP
VDFRVOHYDURVVDFRVDWpXPVXSHUPHUFDGRGLVWULEXLUDFRPLGDDTXLHDOLSHODORMD(SRU
ILP QR EDOFmR GD IUHQWH YmR PH GDU GLQKHLUR SRU LVVR WLUDGR GD FDL[D UHJLVWUDGRUD $
FRPLGD YDL VHU HPEDODGD MXQWR FRP RXWURV DOLPHQWRV HP JUDQGHV FDL[DV SOiVWLFDV H
GHVSDFKDGD SDUD IRUD GD FLGDGH jV LQVWDODo}HV KLGURS{QLFDV GR $WOkQWLFR RQGH VHUi
GHYROYLGDDiUYRUHV HDUEXVWRVRXDRVFRUSRVGHDQLPDLVPRUWRVRXHQWHUUDGDIXQGR QD
WHUUD 0DV R TXH LVWR SURYDULD" 8PD ILWD GH YtGHR JLUDQGR GH WUiV SDUD GLDQWH (X QmR
VDEHULDPDLVGRTXHVHLDJRUDRTXHQmRpEDVWDQWH
2 TXH TXHUR SHUFHEHX p D GHILQLWLYD H DEVROXWD UHDOLGDGH SRU XP PLFURVVHJXQGR
'HSRLVQmRLPSRUWDSRUTXHWXGRVHUiFRQKHFLGR1mRUHVWDUiQDGDSDUDHQWHQGHURXYHU
3RVVRWHQWDUXPDRXWUDPXGDQoDGLVVHFRQVLJRPHVPR$QWHVGHWHQWDUFRUWDUDILWD9RX
DEULUQRYDVSHUIXUDo}HVHYHURTXHHPHUJHGHSRLV6HUiLQWHUHVVDQWHSRUTXHQmRVDEHUHLR
TXHVLJQLILFDPRVIXURVTXHHVWDUHLID]HQGR
8VDQGRDSRQWDGHXPPLFURLQVWUXPHQWRGH]GLYHUVRVIXURVDHVPRQDILWD2PDLVSHUWR
GRFDEHoRWHH[SORUDGRUTXHFRQVHJXLX(OHQmRTXHULDHVSHUDU
)LFRSHQVDQGRVHYRFrYDLYHUGLVVHD6DUDK$SDUHQWHPHQWHQmRDWpRQGHHUDFDSD]
GHH[WUDSRODU$OJXPDFRLVDSRGHDSDUHFHUGLVVHOKH(XVyTXHURSUHYHQLODQmRTXHUR
TXHYRFrILTXHFRPPHGR
2KTXHULGRGLVVH6DUDKFRPXPDYR]PHWiOLFD
(OH H[DPLQRX VHX UHOyJLR GH SXOVR 8P PLQXWR VH SDVVRX GHSRLV XP VHJXQGR XP
WHUFHLUR(HQWmR
1R FHQWUR GD VDOD DSDUHFHX XP EDQGR GH SDWRV YHUGHHEUDQFRV (OHV JUDVQDUDP
DOYRURoDGRV DOoDUDPVH GR VRDOKR H FRPHoDUDP D VH GHEDWHU FRQWUD R WHWR QXPD PDVVD
DJLWDGDGHSHQDVHDVDVIUHQpWLFRVHPVHXYDVWRtPSHWRVHXLQVWLQWRVHHVFDSDU
3DWRVGLVVH3RROHPDUDYLOKDGR)L]DSHUIXUDomRFRUUHVSRQGHQWHDXPDUHYRDGDGH
SDWRVVHOYDJHQV
$OJXPDFRLVDPDLVDSDUHFHXHQWmR8PEDQFRGHMDUGLPQRTXDOVHQWDYDVHXPKRPHP
PDOWUDSLOKR OHQGR XP MRUQDO UDVJDGR H GREUDGR (OH HUJXHX RV ROKRV GLVWLQJXLX 3RROH
YDJDPHQWH VRUULX GH OHYH FRP XPD GHQWDGXUD PDOIHLWD H YROWRX DR VHX MRUQDO GREUDGR
3URVVHJXLXOHQGR
 9RFr SRGH YrOR"  3RROH SHUJXQWRX D 6DUDK  ( RV SDWRV"  1DTXHOH PRPHQWR RV
SDWRV H R YDJDEXQGR GR MDUGLP GHVDSDUHFHUDP 1DGD UHVWRX GHOHV 2 LQWHUYDOR HP VXDV
SHUIXUDo}HVSDVVDUDUDSLGDPHQWH
(OHVQmRHUDPUHDLVGLVVH6DUDK(UDP"(QWmRFRPR
 9RFr QmR p UHDO  HOH GLVVH D 6DUDK  9RFr p XP IDWRU GH HVWtPXOR QD PLQKD ILWD GH
UHDOLGDGH8PDSHUIXUDomRTXHSRGHVHUFREHUWDGHYHUQL]9RFrWDPEpPWHPH[LVWrQFLDHP
RXWUDILWDGHUHDOLGDGHRXQXPDUHDOLGDGHREMHWLYD"(OHQmRVDELDQmRSRGLDGL]HU7DOYH]
6DUDKWDPEpPQmRVRXEHVVH7DOYH]HODH[LVWLVVHHPPLOILWDVGHUHDOLGDGHWDOYH]HPWRGDV
DVILWDVGHUHDOLGDGHMiIDEULFDGDV6HHXFRUWDUDILWDGLVVHHOHYRFrHVWDUiHPWRGDD
SDUWH H HP OXJDU DOJXP &RPR WXGR R PDLV QR XQLYHUVR 3HOR PHQRV DWp RQGH PLQKD
FRQVFLrQFLDDOFDQoDU
(XVRXUHDOHODEDOEXFLRX
4XHURFRQKHFHUYRFrFRPSOHWDPHQWHGLVVH3RROH(SDUDID]HULVVRSUHFLVRFRUWDUD
ILWD6HHXQmRIL]HULVVRDJRUDpLQHYLWiYHOTXHHYHQWXDOPHQWHHXIDoDGHTXDOTXHUMHLWR
(QWmR SRU TXH HVSHUDU" ( Ki VHPSUH D SRVVLELOLGDGH GH TXH 'DQFHPDQ WHQKD UHODWDGR
WXGRDRPHXFULDGRUHHOHVFRPHFHPDDJLUSDUDPHLQWHUFHSWDU3RUTXHWDOYH]HXHVWHMD

SRQGRHPULVFRXPDSURSULHGDGHGHOHVHX
9RFrPHID]WHUYRQWDGHGHWHULGRSDUDRHVFULWyULRDILQDOGLVVH6DUDKRVFDQWRVGD
ERFDGHVFDtGRVQXPGHVDOHQWRFRPFRYLQKDV
9iGLVVH3RROH
1mRTXHURGHL[DUYRFrVR]LQKR
9RXILFDUEHP
1mRYRFrQmRYDLILFDUEHP9RFrYDLVHGHVOLJDUGDWRPDGDRXTXDOTXHUFRLVDDVVLP
VHPDWDUSRUTXHGHVFREULXTXHpVyXPDIRUPLJDHOpWULFDHQmRXPVHUKXPDQR
3RGHVHUGLVVHHOHGHSRLVGHXPDSDXVD7DOYH]WXGRVHUHVXPLVVHDLVWR
(HXQmRSRVVRLPSHGLORGLVVHHOD
1mR(OHFRQFRUGRXFRPDFDEHoD
 0DV HX YRX ILFDU  GLVVH 6DUDK  0HVPR QmR SRGHQGR LPSHGLOR 3RUTXH VH HX IRU
HPERUDHYRFrVHPDWDUYRXILFDUPHSHUJXQWDQGRSHORUHVWRGDYLGDRTXHWHULDDFRQWHFLGR
VHHXWLYHVVHILFDGR(QWHQGH"
(OHDVVHQWLXQRYDPHQWH
9iHPIUHQWHGLVVH6DUDK
(OHOHYDQWRXVH
1mRpGRURTXHYRXVHQWLUGLVVHOKH(PERUDDYRFrSRVVDSDUHFHU7HQKDHPPHQWH
R IDWR GH TXH RV URE{V RUJkQLFRV Vy WrP XP PtQLPR GH FLUFXLWRV GH GRU (X HVWDUHL
YLYHQFLDQGRDPDLVLQWHQVD
1mRPHGLJDPDLVQDGDLQWHUYHLRHOD$SHQDVIDoDRTXHWLYHUGHID]HURXQmRIDoD
VHQmRWLYHU
'HVDMHLWDGDPHQWH SRLV HVWDYD DVVXVWDGR HOH HQILRX D PmR QD XQLGDGH GH PLFUROXYD H
HVWHQGHXDSDUDDSDQKDUXPDPLQ~VFXODIHUUDPHQWDXPDOkPLQDGHFRUWHDILDGD
 9RX FRUWDU XPD ILWD TXH HVWi PRQWDGD SRU GHQWUR GR PHX SDLQHO SHLWRUDO  GLVVH HOH
ROKDQGR DWHQWDPHQWH DWUDYpV GR VLVWHPD GH OHQWHV DPSOLDGRUDV  ,VWR p WXGR  6XD PmR
WUHPLDDRHUJXHUDOkPLQD3RGHVHUIHLWRHPXPVHJXQGR&RPSOHWDPHQWH(WHUHLWHPSR
GHUHIXQGLUDVH[WUHPLGDGHVFRUWDGDVXPDQDRXWUDFRQVWDWRX3HORPHQRVPHLDKRUD6H
HXPXGDUGHLGpLD
(OHFRUWRXDILWD
2OKDQGRSDUDHOHHQFROKLGD6DUDKVXVVXURX
1mRDFRQWHFHXQDGD
 7HQKR WULQWD RX TXDUHQWD PLQXWRV  6HQWRXVH QRYDPHQWH j PHVD GHSRLV GH WLUDU DV
PmRV GDV OXYDV 6XD YR] SHUFHEHX HVWDYD WUrPXOD VHP G~YLGD 6DUDK QRWDUD LVVR H HOH
]DQJRXVHFRQVLJRPHVPRVDEHQGRTXHDDODUPDUD6LQWRPXLWRGLVVHLUUDFLRQDOPHQWH
HOHTXHULDGHVFXOSDUVH7DOYH]IRVVHPHOKRUYRFrLUGLVVHHPSkQLFR/HYDQWRXVHRXWUD
YH] (OD WDPEpP OHYDQWRX SRU UHIOH[R FRPR VH R HVWLYHVVH LPLWDQGR OtYLGD H QHUYRVD
ILFRXDOLSDOSLWDQGR9iHPERUDGLVVHHOHFRPDYR]SDVWRVD9ROWHSDUDRHVFULWyULR
RQGH GHYHULD HVWDU 2QGH QyV GRLV GHYHUtDPRV HVWDU  9RX UHIXQGLU DV SRQWDV GD ILWD
GHFODURXSDUDVLPHVPRDWHQVmRpJUDQGHGHPDLVSDUDDJHQWDU
(VWHQGHXDVPmRVSDUDDVOXYDVHOHWDWHRXSDUDSX[iODVSRUVREUHRVGHGRV HVWLFDGRV
2OKDQGRSDUDDWHODDPSOLDGRUDYLXRUDLRGHOX]GDIRWRFpOXODEULOKDUSDUDFLPDDSRQWDQGR
GLUHWDPHQWHSDUDRFDEHoRWHH[SORUDGRUDRPHVPRWHPSRYLXDSRQWDGDILWDGHVDSDUHFHU
VRE R FDEHoRWH YLX LVWR H HQWHQGHX e WDUGH GHPDLV SHUFHEHX (OD Mi SDVVRX 'HXV
SHQVRXHOHDMXGHPH(ODFRPHoRXDHQURODUVHQXPDYHORFLGDGHPDLRUGRTXHFDOFXODULD
3RUWDQWRpDJRUDTXH
(OH YLX PDoDV H SDUDOHOHStSHGRV H ]HEUDV 6HQWLXVH DTXHFLGR VHQWLX XPD WH[WXUD

VHGRVDGHWHFLGRVHQWLXRRFHDQRHQYROYrORHXPYHQWRSRGHURVRGRQRUWHTXHRSX[DYD
FRPRVHTXLVHVVHOHYiORDDOJXPOXJDU6DUDKHVWDYDHPWRGDSDUWHjVXDYROWDHWDPEpP
'DQFHPDQ 1RYD <RUN WUHPHOX]LD QD QRLWH H RV EXVFDSpV HP YROWD GHOH FRUULDP H
ULFRFKHWHDYDP SHORV FpXV GD QRLWH H GXUDQWH R GLD H LQXQGDo}HV H VHFD 0DQWHLJD
WUDQVIRUPRXVH HP OtTXLGR QD VXD ERFD H DR PHVPR WHPSR RGRUHV H VDERUHV KHGLRQGRV R
DVVDOWDUDP D DPDUJD SUHVHQoD GH YHQHQRV H OLP}HV H JUDPD GH YHUmR (OH VH DIRJRX HOH
FDLXHOHGHLWRXVHQRVEUDoRVGHXPDPXOKHUQXPDYDVWDFDPDEUDQFDTXHID]LDXPUXtGR
HVWULGHQWH HP VHX RXYLGR R EDUXOKR GH DGYHUWrQFLD GH XP HOHYDGRU GHIHLWXRVR QXP GRV
YHWXVWRVHDUUXLQDGRVKRWpLVGRFHQWURGDFLGDGH (VWRXYLYHQGRYLYLMDPDLVYLYHUHLGLVVH
HOH SDUD VL PHVPR H MXQWDPHQWH FRP VHXV SHQVDPHQWRV YLQKD FDGD SDODYUD FDGD VRP
LQVHWRVFKLDYDPHFRUULDPHHOHPHLRTXHPHUJXOKRXQXPFRUSRFRPSOH[RGHPDTXLQDULD
KRPHRVWiWLFDORFDOL]DGRHPDOJXPOXJDUQRVODERUDWyULRVGD7UL3ODQ

&RQJHODGD FRQWUD D SDUHGH 6DUDK %HQWRQ DEULX RV ROKRV H YLX D YROXWD GH IXPDoD
VXELQGRGDERFDVHPLDEHUWDGH3RROH(HQWmRRURE{GHVDERXVREUHRVMRHOKRVHFRWRYHORV
SDUDGHSRLVGHFRPS{UVHOHQWDPHQWHHPXPDPRQWRDGRGHSHoDVTXHEUDGDVHDPDUURWDGDV
(ODVDELDVHPSUHFLVDUH[DPLQDUTXHDTXLORWLQKDPRUULGR
3RROH IH] LVWR FRP HOH PHVPR FRQVWDWRX HOD ( DTXLOR QmR SRGLD VHQWLU GRU DTXLOR
PHVPRWLQKDGLWR3HORPHQRVQmRPXLWDGRUWDOYH]XPSRXFR'HTXDOTXHUIRUPDHVWDYD
DFDEDGR
e PHOKRU OLJDU SDUD R VU 'DQFHPDQ H FRQWDU R TXH DFRQWHFHX GHFLGLX HOD $LQGD
WUrPXODDWUDYHVVRXDVDODQDGLUHomRGRSKRQH3HJRXRHGLVFRXGHPHPyULD
3HQVHLTXHHUDXPIDWRUGHHVWtPXORQDILWDGHUHDOLGDGHGHOHUHIOHWLX$VVLPSHQVHLTXH
LD PRUUHU TXDQGR DTXLOR PRUUHX 4XH HVWUDQKR SHQVRX HOD 3RU TXH DTXLOR LPDJLQRX
LVWR" -DPDLV IRUD FRQHFWDGR DR PXQGR UHDO DTXLOR YLYHUD HP VHX SUySULR PXQGR
HOHWU{QLFR4XHFRLVDJURWHVFD
6U'DQFHPDQGLVVHHODGHSRLVTXHVHFRPSOHWRXRFLUFXLWRSDUDRHVFULWyULR3RROH
VHIRL'HVWUXLXVHVR]LQKRGLDQWHGRVPHXVROKRVePHOKRURVHQKRUYLUSDUDFi
(QWmRILQDOPHQWHHVWDPRVOLYUHVGDTXLOR
6LP9DLVHUERPQmRYDL"
'DQFHPDQGLVVH
9RXPDQGDUXPSDUGHKRPHQVGDIiEULFD2OKRXSDUDDOpPGHODHGLVWLQJXLX3RROH
FDtGRMXQWRjPHVDGHFR]LQKD(YRFrYiSDUDFDVDHGHVFDQVHLQVWUXLXD9RFrGHYH
HVWDUH[DXVWDFRPWXGRLVVR
6LPGLVVHHOD2EULJDGDVU'DQFHPDQ'HVOLJRXHOHYDQWRXVHGHVQRUWHDGD
(HQWmRQRWRXDOJXPDFRLVD
0LQKDVPmRVHODSHQVRX(UJXHXDV3RUTXHSRVVRYHUDWUDYpVGHODV"
$VSDUHGHVGDVDODWDPEpPWLQKDPVHWRUQDGRLQGHILQLGDV
7UrPXOD HOD FDPLQKRX GH YROWD DR URE{ LQHUWH ILFRX HP Sp DR ODGR GHOH VHP VDEHU R
TXHID]HU$WUDYpV GDV SHUQDV DSDUHFLD R FDUSHWH H GHSRLV R FDUSHWH ILFRX LQGLVWLQWR H HOD
YLXDWUDYpVHDOpPGHOHRXWUDVFDPDGDVGHPDWpULDHPGHVLQWHJUDomR
7DOYH] VH HX FRQVHJXLVVH IXQGLU DV SRQWDV GD ILWD XPD QD RXWUD GH YROWD  SHQVRX HOD
0DVQmRVDELDFRPR(3RROHMiVHWRUQDUDYDJR
2YHQWRGRFRPHoRGDPDQKmVRSURXHPYROWDHODQmRVHQWLX&RPHoDUDDJRUDDFHVVDU
GHH[LVWLU
2VYHQWRVFRQWLQXDUDPDVRSUDU

$SHTXHQDFDL[DSUHWD
,

%2*$57&25)76GR'HSDUWDPHQWRGH(VWDGRGLVVH
 0LV +LDVKL TXHUHPRV HQYLiOD D &XED SDUD PLQLVWUDU LQVWUXomR UHOLJLRVD j SRSXODomR
FKLQHVDGHOieSRUFDXVDGHVXDIRUPDomRRULHQWDO(ODYDLDMXGDU
&RPXPOHYHJHPLGR-RDQ+LDVKLFRQVLGHURXTXHDVXDIRUPDomRRULHQWDOFRQVLVWLDHP
WHUQDVFLGRHP /RV$QJHOHVHWHUIUHTHQWDGRV FXUVRVQD8&6% D8QLYHUVLGDGHGH6DQWD
%iUEDUD 0DV WHFQLFDPHQWH GR SRQWR GH YLVWD GR WUHLQDPHQWR HOD HUD XPD HVWXGLRVD
DVLiWLFDHKDYLDFRORFDGRGHYLGDPHQWHLVVRQRIRUPXOiULRGHVROLFLWDomRGHHPSUHJR
&RQVLGHUHPRVDSDODYUDFDULWDV&URIWVHVWDYDGL]HQGR6HJXQGRVXDDYDOLDomRRTXH
HODVLJQLILFDUHDOPHQWHGDPDQHLUDFRPRIRLXVDGDSRU-HU{QLPR"&DULGDGH"'LILFLOPHQWH
0DVHQWmRRTXr"$PL]DGH"$PRU"
0LQKDiUHDp]HQEXGLVPRGLVVH-RDQ
0DVWRGRPXQGRSURWHVWRX&URIWFRQVWHUQDGRVDEHRTXHVLJQLILFDFDULWDVVHJXQGRR
XVR QR ILP GR SHUtRGR URPDQR $ HVWLPD GH ERDV SHVVRDV XPD SHOD RXWUD p LVWR R TXH
VLJQLILFD  $V GLJQDV H JULVDOKDV VREUDQFHOKDV VH DUTXHDUDP  4XHU HVWH HPSUHJR VUWD
+LDVKL"(VHTXHUSRUTXr"
(XTXHURGLVVHPLQDUSURSDJDQGD ]HQEXGLVWD HQWUH RV FRPXQLVWDV FKLQHVHV GH &XED 
GLVVH-RDQSRUTXH(ODKHVLWRX$YHUGDGHHUDVLPSOHVPHQWHTXHDTXLORVLJQLILFDYDXP
ERPVDOiULRSDUDHODRSULPHLURHPSUHJRUHDOPHQWHEHPSDJRTXHMDPDLVWLYHUD'RSRQWR
GHYLVWDGHFDUUHLUDHUDRILOp  2UD ERODV 4XH WLSR GH PmRV ~QLFD p HVWD" (X QmR WHQKR
UHVSRVWD
eHYLGHQWHTXHRVHXFDPSRGHWUDEDOKROKHHQVLQRXXPPpWRGRGHHYLWDUDVUHVSRVWDV
KRQHVWDVGLVVH&URIWVD]HGR(DVHUHYDVLYD(QWUHWDQWR(OHHQFROKHXRVRPEURV
3RVVLYHOPHQWH LVWR DSHQDV SURYD TXH YRFr p EHP WUHLQDGD H D SHVVRD LQGLFDGD SDUD R
WUDEDOKR(P&XEDYRFrYDLFUX]DUFRPDOJXQVLQGLYtGXRVPXLWRPXQGDQRVHVRILVWLFDGRV
TXHDOpPGLVWRHVWmRPXLWREHPGHYLGDPHVPRGRSRQWRGHYLVWDDPHULFDQR(VSHURTXH
YRFrSRVVDOLGDUFRPHOHVWmREHPFRPRHVWiOLGDQGRFRPLJR
2EULJDGDVU&URIWV(ODOHYDQWRXVHHVSHURWHUQRWtFLDVVXDVHQWmR
 (VWRX LPSUHVVLRQDGR FRP YRFr  GLVVH &URIWV PHLR FRQVLJR PHVPR  $ILQDO p D
MRYHP TXH SULPHLUR WHYH D LGpLD GH DOLPHQWDU RV JUDQGHV FRPSXWDGRUHV GD 8&6% FRP
HQLJPDV]HQEXGLVWDV
(XIXLDSULPHLUDD ID]HU LVWRFRUULJLX-RDQ0DVDLGpLDSDUWLXGHXPDPLJRPHX
5D\0HULWDQ2KDUSLVWDGHMD]] FLQ]DHVYHUGHDGR
-D]] H]HQEXGLVPRGLVVH&URIWV2'HSDUWDPHQWRGH(VWDGRSRGHULDDSURYHLWDUYRFr
HP&XED
(ODGLVVHD5D\0HULWDQ
 3UHFLVR VDLU GH /RV $QJHOHV 5D\ 5HDOPHQWH QmR SRVVR DJXsQWDU D PDQHLD FRPR
HVWDPRV YLYHQGR DTXL  )RL DWp D MDQHOD GR DSDUWDPHQWR GHOH H ROKRX SDUD IRUD SDUD D
PRQRYLDTXHVHYLVOXPEUDYDDWpPXLWRORQJH2FDUURSUDWHDGRVHJXLDDHQRUPHYHORFLGDG
H-RDQGHVYLRXUDSLGDPHQWHRROKDU

6HDSHQDVSXGpVVHPRVVRIUHUSHQVRXHOD eLVWRRTXH QRV IDOWD TXDOTXHU H[SHULrQFLD

UHDOGHVRIULPHQWRSRUTXHFRQVHJXLPRVHVFDSDUGHTXDOTXHUFRLVD$WpPHVPRGLVVR
 0DV YRFr HVWi GH SDUWLGD  GLVVH 5D\  (VWi LQGR SDUD &XED SDUD FRQYHUWHU ULFRV
PHUFDGRUHVHEDQTXHLURVHPDVFHWDVUHVSHLWiYHLV(HVWHpXPJHQXtQRSDUDGR[R]HQYRFr
VHUi SDJD SRU LVVR  (OH GHX XPD ULVDGLQKD  $OLPHQWDU XP FRPSXWDGRU FRP XP
SHQVDPHQWRFRPRHVWHLULDFDXVDUHVWUDJRV'HTXDOTXHUIRUPDYRFrQmRYDLSUHFLVDUVHQWDU
QR 6DOmR GH &ULVWDO WRGDV DV QRLWHV SDUD PH RXYLU WRFDU  VH p TXH p GLVWR TXH YRFr HVWi
TXHUHQGRHVFDSDU
1mRGLVVH-RDQHXHVSHURFRQWLQXDURXYLQGRYRFrQD793RGHVHUDWpPHVPRTXH
HX SRVVD XVDU D VXD P~VLFD HP PLQKDV DXODV  'H FLPD GH XPD DUFD GH MDFDUDQGi QD
H[WUHPLGDGHGDVDODHODSHJRXXPUHYyOYHUFDOLEUH3HUWHQFHUDjVHJXQGDHVSRVDGH5D\
0HULWDQ(GQDTXHXVDUDDDUPDSDUDVHPDWDUHPIHYHUHLUR~OWLPRQRILPGHXPDWDUGH
FKXYRVD3RVVROHYDULVVRFRPLJR"SHUJXQWRX
3RUVHQWLPHQWDOLVPR"GLVVH5D\3RUTXHHODIH]DTXLORSRUVXDFDXVD"
 (GQD QmR IH] FRLVD DOJXPD SRU PLQKD FDXVD (GQD JRVWDYD GH PLP (X QmR YRX
DVVXPLU QHQKXPD UHVSRQVDELOLGDGH SHOR VXLFtGLR GH VXD PXOKHU PHVPR HOD WHQGR
GHVFREHUWRTXHQyVHVWiYDPRVQRVYHQGDSRUDVVLPGL]HU
5D\VHQWRXVHPHGLWDWLYR
 ( YRFr p D JDURWD TXH HVWi VHPSUH GL]HQGR jV SHVVRDV TXH DFHLWHP D FXOSD H QmR D
SURMHWHPQRPXQGR&RPRpPHVPRDTXHOHTXHYRFrFKDPDGHVHXSULQFtSLRTXHULGD"$K
(OHDUUHJDQKRXRVGHQWHV23ULQ]LS$QWLSDUDQyLD$FXUDGDGRXWRUD-RDQ+LDVKLSDUD
DV GRHQoDV PHQWDLV DEVRUYD WRGD D FXOSD WRPHD VREUH YRFr  (OH D ROKRX H GLVVH
YLYDPHQWH(VWRXVXUSUHVRGHYRFrQmRVHUXPDVHJXLGRUDGH:LOEXU0HUFHU
$TXHOHSDOKDoRGLVVH-RDQ
 0DV LVWR p SDUWH GR VHX HQFDQWR 9HQKD YRX OKH PRVWUDU  5D\ OLJRX R WHOHYLVRU GR
RXWUR ODGR GD VDOD QXP JDELQHWH SUHWR VHP SHUQDV GH HVWLOR RULHQWDO 2UQDPHQWDGR FRP
GUDJ}HVGDGLQDVWLD6XQJ
eHVWUDQKRTXHYRFrVDLEDTXDQGR0HUFHUHVWiQRDUGLVVH-RDQ
5D\HQFROKHXRVRPEURVHPXUPXURX
 (VWRX LQWHUHVVDGR 8PD QRYD UHOLJLmR VXEVWLWXLQGR R ]HQEXGLVPR HVWHQGHQGRVH D
SDUWLUGR2ULHQWH0pGLRSDUDHQJROIDUD&DOLIyUQLD9RFrWDPEpPGHYHULDSUHVWDUDWHQomR
Mi TXH DILUPD TXH D UHOLJLmR p D VXD SURILVVmR 9RFaH HVWi FRQVHJXLQGR XP HPSUHJR SRU
FDXVD GHOD $ UHOLJLmR HVWi SDJDQGR DV VXDV FRQWDV PLQKD TXHULGD JDURWD SRUWDQWR QmR D
FULWLTXH
$79VHDFHQGHUDHOiHVWDYD:LOEXU0HUFHU
3RUTXHHOHQmRHVWiGL]HQGRQDGD"GLVVH-RDQ
2UD0HUFHUIH]XPYRWRHVWDVHPDQD'HFRPSOHWRVLOrQFLR5D\DFHQGHXXPFLJDUUR
2'HSDUWDPHQWRGH(VWDGRGHYHULDHVWDUPDQGDQGRDPLPSDUD&XEDQmRYRFr9RFrp
XPDIUDXGH
3HORPHQRVQmRVRXXPDSDOKDoDGLVVH-RDQRXVHJXLGRUDGHXPSDOKDoR
([LVWHXPGLWR]HQ 5D\ OHPEURXOKH VXDYHPHQWH  2 %XGD p XP SHGDoR GH SDSHO
KLJLrQLFR(RXWUR2%XGDPXLWDVYH]HV
)LTXHTXLHWRHODGLVVHULVSLGDPHQWH4XHURDVVLVWLUR0HUFHU
9RFrTXHUDVVLVWLU$YR]GH5D\HVWDYDFDUUHJDGDGHLURQLD3RU'HXVpLVVRTXH
YRFr TXHU" 1LQJXpP DVVLVWH R 0HUFHU Dt p TXH HVWi  $WLUDQGR R FLJDUUR j ODUHLUD HOH
FDPLQKRX DWp R WHOHYLVRU DOL GLDQWH GR DSDUHOKR -RDQ YLX XPD FDL[D GH PHWDO FRP GXDV
PDQRSODV OLJDGDV D HOH SRU XP FDER GXSOR 5D\ VHJXURX DV GXDV PDQRSODV H

LPHGLDWDPHQWHXPDFDUHWDGHGRUVXUJLXHPVHXURVWR
2TXHIRL"SHUJXQWRXHODDQVLRVD
 1QDGD  5D\ FRQWLQXRX D VHJXUDU DV PDQRSODV 1D WHOD :LOEXU 0HUFHU FDPLQKDYD
OHQWDPHQWH SRU VREUH D iULGD LUUHJXODU VXSHUItFLH GH XPD HQFRVWD D IDFH HUJXLGD XPD
H[SUHVVmR GH VHUHQLGDGH  RX YDFXLGDGH  HP VXDV IHLo}HV PDJUDV GH PHLDLGDGH
$UTXHMDQWH 5D\ VROWRX DV PDQRSODV H GLVVH  'HVWD YH] Vy FRQVHJXL VHJXUiODV SUR
TXDUHQWD H FLQFR VHJXQGRV  ([SOLFRX D -RDQ  (VWD p D FDL[D GH HPSDWLD TXHULGD 1mR
SRVVR FRQWDU D YRFr FRPR FRQVHJXLU  SDUD GL]HU D YHUGDGH HX UHDOPHQWH QmR VHL (OHV
WURX[HUDP LVWR D RUJDQL]DomR TXH D GLVWULEXL :LOFHU ,QFRUSRUDWHG 0DV SRVVR OKH GL]HU
TXH TXDQGR YRFr VHJXUD HVVDV PDQRSODV QmR HVWi PDLV DVVLVWLQGR :LOEXU 0HUFHU 9RFr
HVWiQDUHDOLGDGHSDUWLFLSDQGRGHVXDDSRWHRVH2UDYRFrVHQWHRTXHHOHVHQWH
3DUHFHGRHUGLVVH-RDQ
0DQVDPHQWH5D\0HULWDQGLVVH
6LP3RUTXH:LOEXU0HUFHUHVWiVHQGRPRUWR(OHHVWiFDPLQKDQGRSDUDROXJDURQGH
YDLPRUUHU
+RUURUL]DGD-RDQDIDVWRXVHGDFDL[D
 9RFr GLVVH TXH HUD WXGR R TXH SUHFLViYDPRV  GLVVH 5D\  /HPEUHVH HX VRX XP
WHOHSDWD EDVWDQWH UD]RiYHO 1mR WHQKR TXH ID]HU XP JUDQGH HVIRUoR SDUD OHU RV VHXV
SHQVDPHQWRV 6H DSHQDV SXGpVVHPRV VRIUHU (UD LVWR TXH YRFr HVWDYD SHQVDQGR Vy XP
PRPHQWRDWUiV%HPHVWDpDVXDFKDQFH-RDQ
,VWRpPyUELGR
2VHXSHQVDPHQWRIRLPyUELGR"
6LPGLVVHHOD
:LOEXU0HUFHUWHPDJRUDYLQWHPLOK}HVGHVHJXLGRUHVGLVVH5D\0HULWDQ(PWRGRR
PXQGR(HOHVHVWmRVRIUHQGRMXQWRVHQTXDQWRHOHFDPLQKDUXPRD3XHEOR&RORUDGR3HOR
PHQRVpSDUDRQGHOKHVGLVVHUDP TXHHOHHVWDYDLQGR3HVVRDOPHQWHWHQKRPLQKDVG~YLGDV
'H TXDOTXHU IRUPD R PHUFHULVPR p DJRUD R TXH R ]HQEXGLVPR Mi IRL YRFr HVWi LQGR D
&XEDSDUDHQVLQDUDRVULFRVEDQTXHLURVFKLQHVHVXPDIRUPDGHDVFHWLVPRTXHMipREVROHWD
TXHMiSDVVRXGRWHPSR
(PVLOrQFLR-RDQYROWRXRFRUSRHILFRXROKDQGR0HUFHUFDPLQKDU
9RFrVDEHTXHHXWHQKRUD]mRGLVVH5D\3RVVRFDSWDUDVVXDVHPRo}HV9RFrQmR
SRGHHVWDUFRQVFLHQWHGHODVPDVHVWmROi
1DWHODXPDSHGUDIRLDWLUDGDFRQWUD0HUFHU(OHIRLDWLQJLGRQRRPEUR
7RGDVDVSHVVRDVTXHHVWmRVHJXUDQGRVXDVFDL[DVGHHPSDWLD SHUFHEHX-RDQVHQWLUDP
DTXLORMXQWRFRP0HUFHU
5D\DVVHQWLX
9RFrHVWiFHUWD
((GHSRLVTXHHOHIRUUHDOPHQWHPRUWR"HODHVWUHPHFHX
9HUHPRVHQWmRRTXHDFRQWHFHGLVVH5D\TXLHWDPHQWH1yVQmRVDEHPRV
,,

'RXJODV+HUULFN6HFUHWiULRGH(VWDGRGLVVHD%RJDUW&URIWV
$FKRTXHYRFrHVWiHUUDGR %RJ$ JDURWDSRGHVHUDPDQWHGH0HULWDQPDV LVWR QmR
TXHUGL]HUTXHHODVDEH
 9DPRV HVSHUDU R VU /HH QRV FRQWDU  GLVVH &URIWV LUULWDGR  4XDQGR HOD FKHJDU D

+DYDQDHOHHVWDUiOiHVSHUDQGR
2VU/HHQmRSRGHVRQGDU0HULWDQGLUHWDPHQWH"
 8P WHOHSDWD VRQGDU RXWUR WHOHSDWD"  %RJDUW &URIWV VRUULX FRP D LGpLD 6HULD XPD
VLWXDomRDEVXUGDRVU/HHOHULDDPHQWHGH0HULWDQH0HULWDQVHQGRWDPEpPXPWHOHSDUD
OHULDDPHQWHGRVU/HHHGHVFREULULDTXHRVU/HHHVWDYDOHQGRDVXDPHQWHH/HHOHQGRD
PHQWHGH0HULWDQGHVFREULULDTXH0HULWDQVDELD(DVVLPSRUGLDQWH5HJUHVVmRLQILQLWD
WHUPLQDQGRFRPXPDIXVmRGHPHQWHVGHQWURGDTXDO0HULWDQUHVJXDUGDULDFXLGDGRVDPHQWH
VHXVSHQVDPHQWRVSDUDQmRSHQVDUHP:LOEXU0HUFHU
e D VLPLODULGDGH GRV QRPHV TXH PH FRQYHQFH  GLVVH +HUULFN  0HULWDQ 0HUFHU $V
SULPHLUDVOHWUDV"
5D\0HULWDQQmRp:LOEXU0HUFHUGLVVH&URIWV9RXOKHGL]HUFRPRVDEHPRV/iQD
&,$ IL]HPRV XP YtGHRWDSH $PSH[ GD WUDQVPLVVmR GH 0HUFHU H PDQGDPRV DPSOLDU H
DQDOLVDU 0HUFHU IRL PRVWUDGR FRQWUD R IXQGR GHVRODGR GH VHPSUH GH FDFWRV H DUHLD H
SHGUDV9RFrVDEH
6LPGLVVH+HUULFNDVVHQWLQGR2'HVHUWR%UDYLRFRPRRFKDPDP
1DDPSOLDomRDOJXPDFRLVDDSDUHFHXQRFpX(ODIRLHVWXGDGD1mRp/XQDeXPDOXD
PDV PXLWR SHTXHQD SDUD VHU /XQD 0HUFHU QmR HVWi QD 7HUUD (X GLULD TXH HOH QmR p
WHUUHVWUH
&XUYDQGRVH&URIWVSHJRXXPDSHTXHQDFDL[DGHPHWDOHYLWDQGRFXLGDGRVDPHQWHSHJDU
QDVGXDVPDQRSODVHSURVVHJXLX
 ( LVWR DTXL QmR IRL SURMHWDGR H FRQVWUXtGR QD 7HUUD 7RGR R 0RYLPHQWR 0HUFHU p
FRPSOHWDPHQWH]HUR5HHVWHpRIDWRFRPRTXDOWHPRVTXHQRVVDWLVID]HU
6H0HUFHUQmRpXPWHUUiTXHRHQWmRHOHSRGHWHUVRIULGRHPHVPRPRUULGRDQWHVHP
RXWURVSODQHWDVGLVVH+HUULFN
2KVLPGLVVH&URIWV0HUFHURXTXDOTXHUTXHVHMDVHXQRPHYHUGDGHLURSRGHVHU
DOWDPHQWH H[SHULHQWH QLVWR 0DV DLQGD QmR VDEHPRV R TXH TXHUHPRV VDEHU  ( LVVR
QDWXUDOPHQWH HUD 2 TXH DFRQWHFH FRP HVVDV SHVVRDV TXDQGR VHJXUDP DV PDQRSODV GDV
VXDVFDL[DVGHHPSDWLD"
&URIWVVHQWRXVHjVXDPHVDHH[DPLQRXDFDL[DTXHHVWDYDGLUHWDPHQWHGLDQWHGHOHFRP
VXDVGXDVFRQYLGDWLYDVPDQRSODV1XQFDDVWLQKDWRFDGRHQHPSUHWHQGLDID]rOR0DV
4XDQGR0HUFHUYDLPRUUHU"SHUJXQWRX+HUULFN
(VWmRHVSHUDQGRSDUDTXDOTXHUPRPHQWRQDSUy[LPDVHPDQD
 ( YRFr DFKD TXH DWp Oi R VU /HH WHUi FRQVHJXLGR WLUDU DOJXPD FRLVD GD FDEHoD GD
JDURWD"$OJXPDSLVWDVREUHRQGH0HUFHUUHDOPHQWHHVWi"
(VSHURTXHVLPGLVVH&URIWVDLQGDVHQWDGRGLDQWHGDFDL[DGHHPSDWLDPDVVHPWRFi
OD'HYHVHXXPDHVWUDQKDH[SHULrQFLDHOHSHQVRXFRORFDUDVPmRVHPGXDVPDQRSODVGH
PHWDO GH DSDUrQFLD FRPXP H GHVFREULU GH UHSHQWH TXH YRFr QmR p PDLV YRFr YRFr p
WRWDOPHQWH XP RXWUR KRPHP HP XP RXWUR OXJDU VXELQGR SHQRVDPHQWH XP ORQJR H iULGR
SODQRLQFOLQDGRUXPRjXPDH[WLQomRFHUWD3HORPHQRVDVVLPGL]HP0DVDSHQDVGHRXYLU
IDODU2TXHQDYHUGDGHLVWRFRPXQLFD"6XSRQKDPRVTXHHXPHVPRWHQWH
$VHQVDomRGHGRUDEVROXWD(UDLVWRTXHRDSDYRUDYDTXHRVHJXUDYD
(UDLQDFUHGLWiYHOTXHDVSHVVRDVSXGHVVHPGHOLEHUDGDPHQWHSURFXUDUDTXLORDRLQYpVGH
HYLWDU $JDUUDU DV PDQRSODV GD FDL[D GH HPSDWLD QmR HUD FHUWDPHQWH  XP DWR GH DOJXpP
SURFXUDQGRHVFDSDU1mRHUDHYLWDUDOJXPDFRLVDPDVSURFXUDUDOJXPDFRLVD(QmRHUDD
GRU HP VL &URIWV VDELD TXH HUD XP HQJDQR VXSRU TXH RV PHUFHULWDV HUDP VLPSOHV
PDVRTXLVWDVTXHGHVHMDYDPRGHVFRQIRUWR(UDHOHVDELDRVLJQLILFDGRGDGRUTXHDWUDtDRV
VHJXLGRUHVGH0HUFHU

2VVHJXLGRUHVHVWDYDPVRIUHQGRSRUDOJXPDUD]mR
(PYR]DOWDGLVVHDRVHXVXSHULRU
(OHVTXHUHPRVRIULPHQWRFRPRXPPHLRGHQHJDUVXDVH[LVWrQFLDVSULYDGDVSHVVRDLV
eXPDFRPXQKmRQDTXDOWRGRVVRIUHPHYLYHQFLDPMXQWRVDSURYDomRGH0HUFHU &RPRD
OWLPD&HLDHOHSHQVRX(VWDpDYHUGDGHLUDFKDYHDFRPXQKmRDSDUWLFLSDomRTXHHVWi
SRU WUiV GH WRGD UHOLJLmR 2X GHYHULD HVWDU $ UHOLJLmR XQH RV KRPHQV HP XPD HQWLGDGH
FRPSDUWLOKDGDLQFRUSRUDGDGHL[DQGRGHIRUDWRGRVRVGHPDLV
0DVEDVLFDPHQWHWUDWDVHGHXPPRYLPHQWRSROtWLFRRXGHYHVHUWUDWDGRFRPRWDO
'RQRVVRSRQWRGHYLVWDFRQFRUGRX&URIWV1mRGRGHOHV
2LQWHUFRPVREUHDPHVDVRRXHDVHFUHWiULDGLVVH
2VU/HHHVWiDTXL
0DQGHRHQWUDU
2 MRYHP FKLQrV DOWR H HVJXLR HQWURX VRUULQGR D PmR HVWHQGLGD 8VDYD XP DQWLTXDGR
WHUQR GH ODSHOD VLPSOHV H VDSDWRV SUHWRV GH ELFR (QTXDQWR DSHUWDYDP DV PmRV R VU /HH
SHUJXQWRX
(ODDLQGDQmRSDUWLXSDUD+DYDQDSDUWLX"
1mRGLVVH&URIWV
(ODpERQLWD"
 6LP  GLVVH &URIWV FRP XP VRUULVR SDUD +HUULFN  0DV GLItFLO 2 WLSR GH PXOKHU
LQWUDWiYHO(PDQFLSDGDVHPHHQWHQGH
2KGRWLSRVXIIUDJHWWH GLVVHRVU/HHVRUULQGR(XGHWHVWRHVVHWLSRGHIrPHD9DL
VHUGXUH]DVU&URIWV
 /HPEUHVHGLVVH&URIWV  R VHX VHUYLoR p VLPSOHVPHQWH VHU FRQYHUWLGR 7XGR R TXH
WHP D ID]HU p RXYLU D SURSDJDQGD GHOD VREUH ]HQEXGLVPR DSUHQGHU D ID]HU XPDV SRXFDV
SHUJXQWDVWDLVFRPR(VWHEDVWmRpR%XGD"HFRQWDUFRPDOJXPDVSDQFDGDVLQH[SOLFiYHLV
QDFDEHoDXPDSUiWLFD]HQVHJXQGRHQWHQGRTXHVXSRVWDPHQWHLQVWLODERPVHQVR
&RPXPODUJRVRUULVRRVU/HHGLVVH
2XIDOWDGHVHQVR9HMDEHPHXHVWRXSUHSDUDGR&RPVHQVRVHPVHQVRHP]HQpD
PHVPD FRLVD  (OH HQWmR ILFRX VpULR  HX PHVPR VRX XP FRPXQLVWD p FODUR  GLVVH  $
~QLFDUD]mRSRUTXHHVWRXID]HQGRLVWRpTXHR3DUWLGRHP+DYDQDDVVXPLXDSRVLomRRILFLDO
GHTXHRPHUFHULVPRpSHULJRVRHGHYHVHUHOLPLQDGR(OHSDUHFLDGHVDOHQWDGReSUHFLVR
UHFRQKHFHUHVVHVPHUFHULWDVVmRIDQiWLFRV
eYHUGDGHFRQFRUGRX&URIWV(GHYHPRVWUDEDOKDUSDUDDVXDH[WLQomR$SRQWRXD
FDL[DGHHPSDWLD2VHQKRUMi
 6LP  GLVVH R VU /HH  e XPD IRUPD GH SXQLomR $XWRLQIOLJLGD VHP G~YLGD SRU
PRWLYRV GH FXOSD $ RFLRVLGDGH H[WUDL GDV SHVVRDV HVVH WLSR GH HPRomR VH IRU
DGHTXDGDPHQWHXWLOL]DGDGHRXWUDIRUPDQmR
&URIWV SHQVRX (VWH KRPHP QmR HQWHQGH QDGD GR DVVXQWR (OH p XP PDWHULDOLVWD
VLPSOyULR 7tSLFD SHVVRD QDVFLGD GH XPD IDPtOLD FRPXQLVWD FULDGD QXPD VRFLHGDGH
FRPXQLVWD7XGRpRXEUDQFRRXSUHWR
2VHQKRUHVWiHQJDQDGRGLVVHRVU/HH(OHKDYLDFDSWDGRRVSHQVDPHQWRVGH&URIWV
&RUDQGR&URIWVGLVVH
'HVFXOSHHXHVTXHFL6HPRIHQVDV
9HMRHPVXDPHQWHGLVVHRVU/HHTXHRVHQKRUDFUHGLWDTXH:LOEXU0HUFHUFRPR
HOH FKDPD D VL PHVPR SRGH VHU QmR7 &RQKHFH D SRVLomR GR SDUWLGR D UHVSHLWR" )RL
GHEDWLGDKiXQVSRXFRVGLDV23DUWLGRDVVXPHDSRVLomRGHTXHQmRH[LVWHPUDoDVQmR7
QRVLVWHPDVRODUHGHTXHDFUHGLWDUTXHRVUHPDQHVFHQWHVGHDQWLJDVUDoDVVXSHULRUHVDLQGD

H[LVWHPpXPDIRUPDGHPLVWLFLVPRPyUELGR
&URIWVVXVSLURX
'HFLGLUXPDTXHVWmRHPStULFDSRUYRWDomRGHFLGLUHPEDVHVHVWULWDPHQWHSROtWLFDV(X
QmRSRVVRHQWHQGHULVWR
1HVWHSRQWRR6HFUHWiULR+HUULFNDSD]LJXDQGRDPERVRVKRPHQV
3RUIDYRUQmRYDPRVQRVGHVYLDUGRFDPLQKRSRUFDXVDGHDVVXQWRVWHyULFRVVREUHRV
TXDLV QmR FRQFRUGDPRV 9DPRV QRV DWHU DR EiVLFR R 3DUWLGR 0HUFHULWD H VHX UiSLGR
FUHVFLPHQWRHPWRGRRSODQHWD
2VHQKRUWHPUD]mRpFODUR
,,,

1R DHURSRUWR GH +DYDQD -RDQ +LDVKL ROKRX HP YROWD HQTXDQWR RV RXWURV SDVVDJHLURV
FDPLQKDYDPDSUHVVDGRVGDDHURQDYHSDUDDHQWUDGDGDVDODGHGHVHPEDUTXHQ~PHURYLQWH
3DUHQWHV H DPLJRV KDYLDP LQYDGLGR FDXWHORVDPHQWH D SLVWD FRPR VHPSUH ID]LDP
GHVDILDQGR RV UHJXODPHQWRV GR FDPSR (OD YLX HQWUH HOHV XP MRYHP FKLQrV DOWR H HVJXLR
FRPVRUULVRGHERDVYLQGDVQRURVWR
&DPLQKDQGRHPVXDGLUHomRHODFKDPRX
6U/HH"
 6LP  (OH VH DSUHVVRX HP VXD GLUHomR  e KRUD GR MDQWDU *RVWDULD GH FRPHU" 9RX
OHYiODDRUHVWDXUDQWH+DQJ)DU/R(OHVWrPSDWRSUHQVDGRHVRSDGHQLQKRVGHSDVVDULQKR
jPRGDGH&DQWmR0XLWRGRFHPDVERPGHYH]HPTXDQGR
/RJR HVWDYDP QR UHVWDXUDQWH HP XP UHVHUYDGR GH FRXUR YHUPHOKR H LPLWDomR GH WHFD
&XEDQRVHFKLQHVHVFRQYHUVDUDPjWRGDYROWDRDUUHFHQGLDDIULWXUDGHSRUFRHIXPDoDGH
FKDUXWR
 9RFr p R SUHVLGHQWH GR ,QVWLWXWR GH (VWXGRV $VLiWLFRV GH +DYDQD"  SHUJXQWRX HOD
DSHQDVSDUDVHFHUWLILFDUGHTXHQmRKDYLDHQJDQRV
 &RUUHWR (OH QmR p PXLWR EHP YLVWR SHOR 3DUWLGR &RPXQLVWD &XEDQR SRU FDXVD GR
DVSHFWR UHOLJLRVR 0DV PXLWRV GRV FKLQHVHV DTXL QD LOKD IUHTHQWDP DV FRQIHUrQFLDV RX
HVWmRHPQRVVDOLVWDJHPGHFRUUHVSRQGrQFLD(FRPRYRFrVDEHPXLWRVHUXGLWRVQRWyULRV
YLHUDP GD (XURSD H GD VLD 0HULGLRQDO SDUD IDODU SDUD QyV $OLiV Ki XPD SDUiEROD ]HQ
TXHHXQmRHQWHQGR2PRQJHTXHFRUWRXRJDWLQKRDRPHLR(XDHVWXGHLHSHQVHLVREUH
HODPDVQmRYHMR FRPR R %XGD SRGHULD HVWDU SUHVHQWH TXDQGR WDO FUXHOGDGH HUD FRPHWLGD
FRQWUDXPDQLPDO(OHDSUHVVRXVHHPDFUHVFHQWDU1mRHVWRXGLVFXWLQGRFRPYRFrHVWRX
DSHQDVSURFXUDQGRLQIRUPDomR
'HWRGDVDVSDUiERODV]HQHVWDpDTXHHVWiFDXVDQGRPDLRUGLILFXOGDGHGLVVH-RDQ
$SHUJXQWDDID]HUp2QGHHVWiRJDWLQKRDJRUD"
 ,VWR OHPEUD D DEHUWXUD GR %KDJDYDG*LWD  GLVVH R VU /HH LQFOLQDQGR UDSLGDPHQWH D
FDEHoD/HPEURPHGH$UMXUDGL]HQGR
2DUFR*DQGLYDHVFRUUHJDGH
PLQKDPmR
$QJ~ULRVGRPDO
2TXHSRGHPRVHVSHUDUGHVWDPDWDQoDGHSDUHQWHV"

 &RUUHWR  GLVVH -RDQ  ( p FODUR YRFr VH OHPEUD GD UHVSRVWD GH .ULVKQD e D PDLV

SURIXQGDDILUPDomRHPWRGDDUHOLJLmRSUpEXGLVWDVREUHDTXHVWmRGDPRUWHHGDDomR
2JDUoRPYHLRDQRWDURSHGLGR(UDXPFXEDQRYHVWLGRGHFiTXLHERLQDQDFDEHoD
 ([SHULPHQWH R ZRQ WRQ IULWR  DFRQVHOKRX R VU /HH  ( R FKRZ \XN H p FODUR R
SmR]LQKRGHRYR9RFrVWrPSmR]LQKRGHRYRKRMH"SHUJXQWRXDRJDUoRP
6LVHxRU/HH2JDUoRPFXWXFDYDRVGHQWHVFRPXPSDOLWR
2VU/HHIH]RSHGLGRSDUDDPERVHRJDUoRPVHDIDVWRX
 6DEH  GLVVH -RDQ  TXDQGR XPD SHVVRD ILFD SRU SHUWR GH XP WHOHSDWD WDQWR WHPSR
TXDQWR HX ILTXHL FRPHoD D WHU FRQVFLrQFLD GH TXDQGR XPD VRQGDJHP LQWHQVD HVWi VHQGR
IHLWD(XVHPSUHSRGLDGL]HUTXDQGR5D\HVWDYDWHQWDQGRHVFDYDUDOJXPDFRLVDGHGHQWUR
GHPLP9RFrpXPWHOHSDWD(HVWiPHVRQGDQGRPXLWRLQWHQVDPHQWHEHPDJRUD
6RUULQGRRVU/HHGLVVH
*RVWDULDGHHVWDUVUWD+LDVKL
 1mR WHQKR QDGD D HVFRQGHU  GLVVH -RDQ  0DV PH SHUJXQWR SRU TXH YRFr HVWi WmR
LQWHUHVVDGR QR TXH HVWRX SHQVDQGR 9RFr VDEH TXH VRX IXQFLRQiULD GR 'HSDUWDPHQWR GH
(VWDGRGRV(VWDGRV8QLGRVQmRKiQDGDGHVHFUHWRTXDQWRDLVWR(VWiFRPPHGRGHTXHHX
WHQKDYLQGRD&XEDFRPRHVSLm"3DUDHVWXGDULQVWDODo}HVPLOLWDUHV"eDOJXPDFRLVDDVVLP"
 (OD VHQWLXVH GHSULPLGD  (VWH QmR p XP ERP FRPHoR  GLVVH  9RFr QmR HVWi VHQGR
KRQHVWRFRPLJR
 e XPD PXOKHU PXLWR DWUDHQWH VUWD +LDVKL  GLVVH R VU /HH VHP SHUGHU QDGD GH VXD
SRVH  (X HVWDYD PHUDPHQWH FXULRVR SRU YHU 3RVVR VHU IUDQFR" 6XD DWLWXGH SDUD FRP R
VH[R
9RFrHVWiPHQWLQGRGLVVH-RDQFDOPDPHQWH
'HVWDYH]RVRUULVRDPHQRGHVDSDUHFHXHOHHQFDURXD
6RSDGHQLQKRGHSDVVDULQKRVHxRU2JDUoRPWLQKDUHWRUQDGRHOHFRORFRXDVRSHLUD
IXPHJDQWH QR FHQWUR GD PHVD  &Ki  &RORFRX QD PHVD XPD FKDOHLUD H GXDV SHTXHQDV
[tFDUDVVHPDVD6HxRULWD TXHURVSDX]LQKRV"
1mRHODGLVVHGLVWDQWH
'RODGRGHIRUDGRUHVHUYDGRYHLRXPEUDGRGHDQJ~VWLD-RDQHRVU/HHILFDUDPHPSp
GHXPVDOWR2VU/HHDIDVWRXDFRUWLQDRJDUoRPWDPEpPHVWDYDROKDQGRHULQGR
$XPDPHVDGRODGRRSRVWRGRUHVWDXUDQWHHVWDYDVHQWDGRXPLGRVRFDYDOKHLURFKLQrV
FRPDVVXDVPmRVDJDUUDGDVDXPDFDL[DGHHPSDWLD
$TXLWDPEpPGLVVH-RDQ
(OHVVmRXPDSUDJDGLVVHRVU/HH3HUWXUEDQGRDQRVVDUHIHLomR
/RFR GLVVHRJDUoRP(OHEDODQoRXDFDEHoDDLQGDULQGR
 6LP  GLVVH -RDQ  6U /HH HX YRX FRQWLQXDU DTXL WHQWDQGR ID]HU R PHX WUDEDOKR
DSHVDU GR TXH RFRUUHX HQWUH QyV 1mR VHL SRU TXH HOHV GHOLEHUDGDPHQWH PDQGDUDP XP
WHOHSDWD PH UHFHEHU  SRVVLYHOPHQWH VmR VXVSHLWDV FRPXQLVWDV SDUDQyLFDV FRQWUD
HVWUDQJHLURVPDVGHTXDOTXHUIRUPDWHQKRXPWUDEDOKRD ID]HU DTXL H SUHWHQGR ID]rOR
$VVLPYDPRVGLVFXWLURJDWLQKRHVTXDUWHMDGR"
1DKRUDGDUHIHLomR"GLVVHGHELOPHQWHRVU/HH
 9RFr OHYDQWRX D TXHVWmR  GLVVH -RDQ H SURVVHJXLX DSHVDU GD H[SUHVVmR GH DIOLomR
DJXGDQRURVWRGRVU/HHHQTXDQWRWRPDYDVXDVRSDGHQLQKRVGHSDVVDULQKR

6HQWDGRGLDQWHGHVXDKDUSDQRHVW~GLRGDHPLVVRUDGHWHOHYLVmR..+)GH/RV$QJHOHV
5D\0HULWDQDJXDUGDYDVXDGHL[D&RPRpDOWDD/XDGHFLGLUDVHULDVHXSULPHLURQ~PHUR
(OHERFHMRXROKDQGRSDUDDFDELQHGHFRQWUROH
$RVHXODGRMXQWRDRTXDGURQHJURRFRPHQWDULVWDGH MD]] *OHQ*ROGVWUHDPOLPSDYDRV

yFXORVVHPDURFRPXPILQROHQoRGHOLQKRHGL]LD
$FKRTXHYRXILFDUFRP*XVWDY0DKOHUHVWDQRLWH
4XHPGLDERVpHOH"
8PJUDQGHFRPSRVLWRUGRILQDOGRVpFXORGH]HQRYH0XLWRURPkQWLFR(VFUHYHXORQJDV
HSHFXOLDUHVVLQIRQLDVHFDQo}HVGRWLSRSRSXODU(VWRXSHQVDQGRQRHQWDQWRQRVSDGU}HV
UtWPLFRVHP2eEULRQD3ULPDYHUD GH&kQWLFRGD7HUUD9RFrQXQFDRXYLX"
1mRGLVVH0HULWDQLPSDFLHQWH
 0XLWR FLQ]DHVYHUGHDGR  5D\ 0HULWDQ QmR VH VHQWLD PXLWR FLQ]DHVYHUGHDGR DTXHOD
QRLWH 6XD FDEHoD DLQGD GRtD GD SGUD TXH IRUD DWLUDGD HP :LOEXU 0HUFHU 0HULWDQ WLQKD
WHQWDGR ODUJDU D FDL[D GH HPSDWLD TXDQGR YLX D SHGUD VH DSUR[LPDU PDV QmR IRL EDVWDQWH
UiSLGR(ODDWLQJLX0HUFHUQDWrPSRUDGLUHLWDWLUDQGRVDQJXH
&UX]HLFRPWUrVPHUFHULWDVHVWDWDUGHGLVVH*OHQ(WRGRVHOHVSDUHFLDPHVWDUPXLWR
PDO2TXHDFRQWHFHXFRP0HUFHUKRMH"
&RPRHXSRGHULDVDEHU"
 9RFr KRMH HVWi VH FRPSRUWDQGR GR PHVPR MHLWR TXH HOHV e VXD FDEHoD QmR p" (X R
FRQKHoRVXILFLHQWHPHQWHEHP5D\9RFrVHHQYROYHXHPDOJRGHQRYRHHVWUDQKR4XHPH
LPSRUWDVHYRFrpXPPHUFHULWD"$SHQDVSHQVHLTXHWDOYH]SXGHVVHWRPDUXPFRPSULPLGR
FRQWUDDGRU
%UXVFDPHQWH5D\0HULWDQGLVVH
 ,VWR LULD LQYDOLGDU WRGD D LGpLD QmR p" 8P FRPSULPLQGR FRQWUD GRU $TXL HVWi VU
0HUFHUHQTXDQWRRVHQKRUVREHDHQFRVWDTXHWDOXPDLQMHomRGHPRUILQD"2VHQKRUQmR
YDLVHQWLUQDGD(OHGHGLOKRXDOJXPDVFDGrQFLDVQDKDUSDOLEHUDQGRDVHPRo}HV
9RFrVHVWmRQRDUIDORXRSURGXWRUGDVDODGHFRQWUROH
2WHPDPXVLFDO,VWRp%DVWDQWHDYROXPRXVHDSDUWLUGRWDSHGHFN QDVDODGHFRQWUROHH
DFkPHUDGHYtGHRQ~PHURGRLVTXHHVWDYDGLDQWHGH*ROGVWUHDPDFHQGHXDOX]YUPHOKD
'HEUDoRVFUX]DGRV*ROGVWUHDPGLVVH
%RDQRLWHVHQKRUDVHVHQKRUDV2TXHpMD]]"
eRTXHHXGLJRSHQVRX0HULWDQ2TXHpRMD]]"2TXHpDYLGD" (OHHVIUHJRXDWHVWD
UDFKDGD DWRUPHQWDGD GH GRU H SHUJXQWRXVH FRPR SRGHULD DJHQWDU D SUy[LPD VHPDQD
:LOEXU0HUFHUHVWDYDFKHJDQGRSHUWRDJRUD&DGDGLDILFDULDSLRU
(GHSRLVGHXPDSHTXHQDSDXVDSDUDXPLPSRUWDQWH PHQVDJHP  *ROGVWUHDP HVWDYD
GL]HQGR  HVWDUHPRV GH YROWD SDUD IDODU PDLV GRV KRPHQV H PXOKHUHV FLQ]DHVYHUGHDGRV
HVVDVSHVVRDVSHFXOLDUHVHGRXQLYHUVRGDDUWHGRSULPHLURH~QLFR5D\0HULWDQ
$ ILWD GR FRPHUFLDO DSDUHFHX QR PRQLWRU TXH HVWDYD GLDQWH GH 0HULWDQ (OH GLVVH D
*ROGVWUHDP
9RXWRPDUXPFRPSULPLQGRFRQWUDGRU
8PWDEOHWHFKDWRHDPDUHORIRLRIHUHFLGRDHOH
3DUDFRGHtQDGLVVH*ROGVWUHDP$OWDPHQWHLOHJDOPDVHIHWLYD8PDGURJDTXHFDXVD
GHSHQGrQFLDHVWRXVXUSUHVRSRUYRFrMXVWDPHQWHYRFrQmRWUD]HUDOJXQVFRQVLJR
(XFRVWXPDYDWUD]HUGLVVH5D\SHJDQGR XP FRSR SOiVWLFR FRP iJXD H HQJROLQGR R
FRPSULPLGR
9RFrDJRUDpGHSHQGHQWHGRPHUFHULVPR
$IRUDHXHVWRX(OHGHXXPDROKDGDSDUD*ROGVWUHDPFRQKHFLDPXPDRRXWURHP
VXDV IXQo}HV SURILVVLRQDLV Ki DQRV  (X QmR VRX XP PHUFHULWD  HOH GLVVH  SRUWDQWR
HVTXHoDLVVR*OHQpDSHQDVXPDFRLQFLGrQFLDTXHWHQKDDUUDQMDGRXPDGRUGHFDEHoDEHP
QD QRLWH HP TXH 0HUFHU IRL DWLQJLGR SRU XPD SHGUD FRUWDQWH DWLUDGD SRU DOJXP ViGLFR
LPEHFLOTXHpTXHGHYLDHVWDUVHDUUDVWDQGRSRUDTXHODHQFRVWDDFLPD(OHIH]XPDFDUHWD

SDUD*ROGVWUHDP
(XHQWHQGRGLVVH*ROGVWUHDPSRUTXHR'HSDUWDPHQWRGH6D~GH0HQWDOGRV(VWDGRV
8QLGRVHVWijEHLUDGHSHGLUDR'HSDUWDPHQWRGH-XVWLoDSDUDHQTXDGUDUDRVPHUFHULWDV
6XELWDPHQWH HOH VH YROWRX SDUD D FkPHUD GRLV 8P OHYH VRUULVR WRFRX VHX URVWR H HOH
GLVVHVXDYHPHQWH
2FLQ]DHVYHUGHDGRFRPHoRXKiFHUFDGHTXDWURDQRVHP3LQROH&DOLIyUQLDQRDJRUD
MXVWDPHQWH IDPRVR &OXEH 'RVH 'XSOD RQGH 5D\ 0HULWDQ WRFDYD QRV LGRV GH  H 
(VWDQRLWH5D\YDLQRVGDUDRSRUWXQLGDGHGHRXYLUXPGHVHXVQ~PHURVPDLVFRQKHFLGRVH
DSUHFLDGRV$SDL[RQDGRSRU$P\(OHJHVWLFXORXQDGLUHomRGH0HULWDQ5D\0HULWDQ
3OLPSOLPIH]DKDUSDTXDQGRRVGHGRVGH5D\0HULWDQWDQJHUDPVXDVFRUGDV
8PDOLomRSUiWLFD HOHSHQVRXHQTXDQWRWRFDYD eQLVWRTXHR)%,TXHUPHWUDQIRUPDU
DRVROKRVGRVDGROHVFHQWHVSDUDPRVWUDUOKHVRTXHQmRGHYHPVHUTXDQGRFUHVFHU$QWHV
YLFLDGRVHPSDUDFRGHtQDDJRUDHP0HUFHU&XLGDGRJDURWRV
3RUWUiVGDFkPHUD*OHQ*ROGVWUHDQVHJXUDYDXPOHWUHLURHPTXHKDYLDUDELVFDGR
0(5&(5e80127(55(675("

$EDL[RGLVWR*ROGVWUHDPHVFUHYHXFRPXPPDUFDGRU
e,672 48((/(648(5(06$%(5

,QYDVmRGHDOJXpPOiIRUDSHQVRX0HULWDQHQTXDQWRWRFDYDeGLVVRTXHHOHVWrPPHGR
0HGR GR GHVFRQKHFLGR FRPR FULDQFLQKDV $VVLP VmR QRVVRV FtUFXORV JRYHUQDPHQWDLV
SHTXHQDV DSDYRUDGDV FULDQFLQKDV MRJDQGR MRJRV ULWXDOtVWLFRV FRP EULQTXHGRV
VXSHUSRGHURVRV
8PSHQVDPHQWROKHRFRUUHXYLQGRGHXPGRVIXQFLRQiULRVGDUHGHQDVDODGHFRQWUROH
0HUFHUIRLIHULGR
,PHGLDWDPHQWH 5D\ 0HULWDQ YROWRX VXD DWHQomR SDUD DTXHOH ODGR VRQGDQGR R PDLV
LQWHQVDPHQWHTXHSRGLD6HXVGHGRVWDQJLDPDKDUSDHPXPDWRUHIOH[R
*RYHUQRGHFODUDLOHJDLVDVFKDPDGDVFDL[DVGHHPSDWLD
(OHSHQVRXLPHGLDWDPHQWHHPVXDSUySULDFDL[DGHHPSDWLDGLDQWHGRWHOHYLVRUQDVDOD
GHYLVLWDVGRDSDUWDPHQWR
2UJDQL]DomRTXHGLVWULEXLHYHQGHDV FDL[DVGHHPSDWLDGHFODUDGDLOHJDOH)%, HIHWXD
SULV}HVHPGLYHUVDVGDVPDLRUHVFLGDGHV(VSHUDVHTXHRXWURVSDtVHVVLJDPHVVHH[HPSOR
0XLWRIHULGR"0RUUHQGR" HOHVHSHUJXQWRX
(TXDQWRDRVPHUFHULWDVTXHHVWDYDVHJXUDQGRDVPDQRSODVGHVXDVFDL[DVGHHPSDWLD
QDTXHOHPRPHQWR"&RPRHVWDULDPDJRUD"5HFHEHQGRFXLGDGRVPpGLFRV"
6HUiTXHGHYHPRVS{UQRDUDVQRWtFLDVDJRUD" RIXQFLRQiULRGDUHGHHVWDYDSHQVDQGR
2XVHULDPHOKRUHVSHUDUDWpRVFRPHUFLDLV"
5D\0HULWDQSDURXGHWRFDUVXDKDUSDHIDORXFODUDPHQWHSDUDRPLFURIRQH
:LOEXU0HUFHUIRLIHULGR,VWR pRTXHHVSHUiYDPRVPDVFRQWLQXDVHQGRXPD JUDQGH
WUDJpGLD0HUFHUpXPVDQWR
*OHQ*ROGVWUHDPROKRXSDUDHOHFRPRVROKRVDUUHJDODGRV
(XDFUHGLWRHP0HUFHUGLVVH5D\0HULWDQHDWUDYpVGHWRGRRWHUULWyULRGRV(VWDGRV
8QLGRV VXD DXGLrQFLD GH WHOHYLVmR RXYLX HVWD FRQILVVmR GH Ip  (X DFUHGLWR TXH VHX
VRIULPHQWRIHULPHQWRHPRUWHWrPVLJQLILFDGRSDUDFDGDXPGHQyV
(VWDYDIHLWR3DVVDUDjKLVWyULD(QHPIRUDSUHFLVRWDQWDFRUDJHP

2UHPSRU:LOEXU0HUFHUGLVVHHOHHUHFRPHQGRXDWRFDUDKDUSDHPVHXHVWLORFLQ]D
HVYHUGHDGR
6HXPDOXFR*OHQ*ROGVWUHDPHVWDYDSHQVDQGR(QWUHJDUVHGHVWDPDQHLUD9RFrHVWDUi
QDFDGHLDHPXPDVHPDQD6XDFDUUHLUDHVWiDUUXLQDGD
3OLPSOLP5D\WRFDYDVXDKDUSDHVRUULDVHPKXPRUSDUD*OHQ
,9

2VU/HHGLVVH
 9RFr FRQKHFH D KLVWyULD GR PRQJH ]HQ TXH HVWDYD EULQFDQGR GH HVFRQGHU FRP DV
FULDQoDV" 6HUi TXH p %DVKR TXH FRQWD LVVR" 2 PRQJH VH HVFRQGHX QD SULYDGD GR ODGR GH
IRUDHDVFULDQoDVQmRSHQVDUDPHPSURFXUDUOiHDVVLPRHVTXHFHUDP(OHHUDXPKRPHP
PXLWRVLPSOyULR1RGLDVHJXLQWH
$GPLWRTXHR]HQSDUHFHGHFHUWDIRUPDXPGLVSDUDWHGLVVH-RDQ+LDVKL(OHH[DOWD
DV YLUWXGHV GH VHU VLPSOyULR H FUpGXOR ( OHPEUHVH FUpGXOR p TXHOH TXH DFUHGLWD HP
TXDOTXHUFRLVDSRUWDQWRpIiFLOGHHQJDQDU(ODWRPRXXPJROHGHVHXFKiHSHUFHEHXTXH
MiHVWDYDIULR
 HQWmR YRFr p XPD YHUGDGHLUD SUDWLFDQWH GH ]HQ  GLVVH R VU /HH  3RUTXH YRFr IRL
HQJDQDGD(OHHQILRXDPmRQRSDOHWyHSX[RXXPUHYyOYHUTXHDSRQWRXSDUD-RDQ9RFr
HVWiSUHVD
3HORJRYHUQRFXEDQR"HODFRQVHJXLXGL]HU
3HORJRYHUQRGRV(VWDGRV8QLGRVGLVVHRVU/HH(XOLDVXDPHQWHHGHVFREULTXH
YRFrVDEHTXH5D\0HUWLDQpXPPHUFHULWDSUHHPLQHQWHHTXHYRFrPHVPDVHVHQWHDWUDtGD
SHORPHUFHULVPR
0DVHXQmRVLQWR
 ,QFRQVFLHQWHPHQWH YRFr VH VHQWH DWUDtGD (VWi D SRQWR GH SDVVDU SDUD R ODGR GHOH
3RVVRFDSWDUHVVHVSHQVDPHQWRVPHVPRTXHYRFrRVQHJXHSDUDVL PHVPD 9DPRV YROWDU
SDUD RV (VWDGRV 8QLGRV YRFr H HX  Oi YDPRV HQFRQWUDU R VU 0HULWDQ H HOH QRV OHYDUi D
:LOEXU0HUFHUpVLPSOHVDVVLP
(IRLSRULVVRTXHIXLHQYLDGDD&XED"
6RXPHPEURGR&RPLWr&HQWUDOGR3DUWLGR&RPXQLVWD&XEDQRGLVVHRVU/HH(R
~QLFRWHOHSDWDQRFRPLWr1yVYRWDPRVSRUWUDEDOKDUHPFRRSHUDomRFRPR'HSDUWDPHQWR
GH(VWDGRVGRV(VWDGRV8QLGRVGXUDQWHDDWXDOFULVH0HUFHU1RVVRDYLmRVUWD+LDVKLSDUWH
SDUD:DVKLQJWRQ'&HPPHLDKRUDYDPRVSDUDRDHURSRUWRLPHGLDWDPHQWH
-RDQ +LDVKL FRUUHX R ROKDU GHVDPSDUDGR SHOR UHVWDXUDQWH 2XWUDV SHVVRDV FRPHQGR RV
JDUoRQV1LQJXpPSUHVWDYD DWHQomR(ODOHYDQWRXVHTXDQGRR JDUoRPSDVVRXVHJXUDQGR
XPDEDQGHMDVREUHFDUUHJDGD
(VWHKRPHPHODGLVVHDSRQWDQGRSDUDRVU/HHHVWiPHVHTHVWUDQGR$MXGHPHSRU
IDYRU
2JDUoRPROKRXSDUDRVU/HHYLXTXHPHUDVRUULXSDUD-RDQHHQFROKHXRVRPEURV
2VU/HHHOHpXPKRPHPLPSRUWDQWHGLVVHRJDUoRPHVHJXLXHPIUHQWHFRPVXD
EDQGHMD
2TXHHOHGLVVHpYHUGDGHIDORXRVU/HH
-RDQFRUUHXSDUDIRUDGRUHVHUYDGRHSDUDRRXWURODGRGRUHVWDXUDQWH
$MXGHPHGLVVHDRLGRVRPHUFHULWDFXEDQRTXHHVWDYDVHQWDQGRGLDQWHGHVXDFDL[DGH
HPSDWLD6RXXPDPHUFHULWD(OHVHVWmRPHSUHQGHQGR

2URVWRYHOKRHPDUFDGRVHHUJXHXRKRPHPDH[DPLQRXDWHQWDPHQWH
$MXGHPHGLVVHHOD
*OyULDD0HUFHUGLVVHRYHOKR
9RFrQmRSRGHPHDMXGDU HODSHUFHEHX9ROWRXVHSDUDRVU /HHTXHDVHJXLUD DLQGD
HPSXQKDQGRRUHYyOYHUDSRQWDGRSDUDHOD
(VWHYHOKRQmRYDLID]HUFRLVDDOJXPDGLVVHRVU/HH1HPPHVPRYDLVHOHYDQWDU
(ODVHFXUYRX
(VWiEHP(XVHL
2 DSDUHOKR GH WHOHYLVmR QR FDQWR LQWHUURPSHX VXELWDPHQWH VXD DOJD]DUUD GH OL[R
FRWLGLDQR D LPDJHP GH XP URVR GH XPD PXOKHU H XPD JDUUDID GH GHWHUJHQWH GHVDSDUHFHU
DEUXSWDPHQWHHVyUHVWRXHVFXULGmR(HQWmRXPQRWLFLDULVWDFRPHoRXDIDODUHPHVSDQKRO
)HULGRGLVVHRVU /HHRXYLQGR0DV0HUFHUQmR HVWiPRUWR&RPRVHVHQWHVUWD
+LDVKLVHQGRXPDPHUFHULVWD",VWRDDIHWD"$KPDVpFODUR3UHFLVDVHJXUDUDVPDQRSODV
SULPHLURSDUDTXHLVWRDDWLQMD'HYHVHUXPDWRYROXQWiULR
-RDQSHJRXDFDL[DGHHPSDWLDGRYHOKRFXEDQRVHJXURXDXPLQVWDQWHHHQWmRDJDUURX
DVPDQRSODV2VU/HHROKRXSDUDHODVXUSUHVRDYDQoRXQDGLUHomRGHODHVWHQGHQGRDPmR
SDUDDFDL[D
1mR IRL GRU R TXH HOD VHQWLX (QWmR p DVVLP" HOD VH SHUJXQWRX HQTXDQWR YLD R
UHVWDXUDQWHVHWXUYDUHGHVDSDUHFHUHPVXDYROWD7DOYH]:LOEXU0HUFHUHVWHMDLQFRQVFLHQWH
GHYHVHULVWR(VWRXHVFDSDQGRGHYRFrVU/HH HODSHQVRX9RFrQmRSRGHRXSHORPHQRV
QmRYDLPHVHJXLUSDUDROXJDUDRQGHIXLDRPXQGRWXPXODUGH:LOEXU0HUFHUTXHHVWi
PRUUHQGRHPDOJXPOXJDUQXPDHQFRVWDiULGDFHUFDGRSRUVHXVLQLPLJRV$JRUDHXHVWRX
FRPHOH(DVVLPHXHVFDSRGHDOJRSLRU'HYRFr(YRFrMDPDLVFRQVHJXLUiPHWUD]HUGH
YROWD
(ODYLXjVXDYROWDXPDYDVWLGmRGHVRODGD2DUFKHLUDYDDIORUHVFrQFLDVUXGHVHVWHHUD
RGHVHUWRHQmRKDYLDFKXYD
8PKRPHPHVWDYDDRVHXODGRXPDOX]GHSHVDUHPVHXVROKRVFLQ]HQWRVHPEHELGRVGH
GRU
6RXVHXDPLJRHOHGLVVHPDVYRFrGHYHSURVVHJXLUFRPRVHXHXQmRH[LVWLVVH3RGH
HQWHQGHULVWR"HOHDEULXDVPmRVYD]LDV
1mRGLVVHHODQmRSRVVRHQWHQGHULVWR
&RPRHXSRGHULDVDOYiODGLVVHRKRPHPVHQmRSRVVRVDOYDUDPLPPHVPR"(OH
VRUULX9RFrQmRYr"1mRKiVDOYDomR
(QWmRSDUDTXHWXGRLVWR"
3DUDPRVWUDUDYRFrGLVVH:LOEXU0HUFHUTXHQmRHVWiVR]LQKD(XHVWRXDTXLFRP
YRFrHVHPSUHHVWDUHL9ROWHHHQIUHQWHRV(GLJDOKHVLVVR
(ODODUJRXDVPDQRSODV
%HP"GLVVHRVU/HHDSRQWDQGRDDUPDSDUDHOD
(XQmRYRXOKHFRQWDU
0DVHXSRVVRILFDUVDEHQGRGHTXDOTXHUIRUPD3HODVXDPHQWH(OHHVWDYDVRQGDQGR
DJRUDRXYLQGRFRPDFDEHoDLQFOLQDGDSDUDRODGR2VFDQWRVGHVXDERFDVHFXUYDYDPSDUD
EDL[RFRPRVHHOHHVWLYHVVHID]HQGRXPPX[R[R
(XQmRFKDPDULDLVWRGHJUDQGHFRLVDGLVVHHOH0HUFHUROKDYRFrGHIUHQWHHGL]TXH
QmRSRGHID]HUQDGDSDUDDMXGiODeHVWHRKRPHPSHORTXDOYRFrGHXDYLGD"9RFrHRV
RXWURV"9RFrVHVWmRGRHQWHV
1DVRFLHGDGHGRVLQVDQRVGLVVH-RDQRVGRHQWHVHVWmREHP
4XHDEVXUGRGLVVHRVU/HH

2VU/HHGLVVHD%RJDUW&URIWV
)RLLQWHUHVVDQWH(ODVHWUDQVIRUPRXQXPDPHUFHULWDEHPQDPLQKDIUHQWH$ODWrQFLDVH
WUDQVIRUPDQGRHPUHDOLGDGH,VWRSURYRXTXHHXHVWDYDFRUUHWRQDTXLORTXHWLQKDOLGRDQWHV
HPVXDPHQWH
 3HJDUHPRV 0HULWDQ D TXDOTXHU PRPHQWR DJRUD  GLVVH &URIWV DR VHX VXSHULRU R
6HFUHWiULR +HUULFN  (OH VDLX GR HVW~GLR GH WHOHYLVmR HP /RV $QJHOHV RQGH UHFHEHX D
QRWtFLD GR JUDYH IHULPHQWR GH 0HUFHU 'HSRLV GLVWR QLQJXpP SDUHFH VDEHU DRQGH IRL (OH
QmR YROWRXDRVHXDSDUWDPHQWR$SROtFLDORFDOIRLSDUDOiDSUHHQGHUDVXDFDL[DGHHPSDWLD
HVHPDPHQRUVRPEUDGHG~YLGDHOHQmRHVWDYDQRUHFLQWR
2QGHHVWi-RDQ+LDVKL"SHUJXQWRX&URIWV
(ODHVWiGHWLGDHP1RYD<RUNGLVVHRVU/HH
6RETXHDFXVDomR"SHUJXQWRX&URIWVDR6HFUHWiULR+HUULFN
$JLWDomRSROtWLFDSUHMXGLFLDOjVHJXUDQoDGRV(VWDGRV8QLGRV
6RUULQGRRVU/HHGLVVH
(SUHVDSRUXPIXQFLRQiULRFRPXQLVWDHP&XEDeXPSDUDGR[R]HQTXHVHPG~YLGD
QmRGHYHHQFDQWDUDVUWD+LDVKL
(QTXDQWRLVWR%RJDUW&URIWVUHIOHWLDDVFDL[DVGHHPSDWLDHVWDYDPVHQGRUHFROKLGDVHP
HQRUPHV TXDQWLGDGHV /RJR LULDP FRPHoDU VXD GHVWUXLomR 'HQWUR GH TXDUHQWD H RLWR
KRUDV D PDLRU SDUWH GDV FDL[DV GH HPSDWLD QRV (VWDGRV 8QLGRV QmR H[LVWLULDP PDLV
LQFOXVLYHDTXHHVWDYDDOLQRVHXHVFULWyULR
(OD DLQGD HVWDYD VREUH D PHVD LQWRFDGD 7LQKD VLGR HOH TXH RULJLQDOPHQWH SHGLUD TXH
IRVVHOHYDGDSDUDOiHGXUDQWHWRGRDTXHOHHPSRWLQKDPDQWLGR DV PmRV DIDVWDGDV H QmR
FDSLWXODUD&DPLQKRXHPVXDGLUHomR
 2 TXH DFRQWHFHULD  HOH SHUJXQWRX DR VU /HH  VH HX VHJXUDVVH HVWDV GXDV PDQRSODV"
1mR Ki DSDUHOKR GH WHOHYLVmR DTXL 1mR WHQKR LGpLD GR TXH :LOEXU 0HUFHU SRVVD HVWDU
ID]HQGRQHVWHPRPHQWRGHIDWRDWpRQGHVHLHOHMiGHYHILQDOPHQWHHVWDUPRUWR
6HVHJXUDUDVPDQRSODVVHQKRUGLVVHRVU/HHRVHQKRUHQWUDUiQXPD+HVLWRHP
XVDUDSDODYUDPDVHODSDUHFHVHDSOLFDU1XPDFRPXQKmRPtVWLFD&RPRVU0HUFHURQGH
TXHUTXHHOHHVWHMDRVHQKRUFRPSDUWLOKDUiVHXVRIULPHQWRFRPRVDEHPDVLVWRQmRpWXGR
2VHQKRUWDPEpPSDUWLFLSDUiGDVXDRVU/HHUHIOHWLX9LVmRGHPXQGRQmRpRWHUPR
FRUUHWR,GHRORJLD"1mR
26HFUHWiULR+HUULFNVXJHULX
4XHWDOHVWDGRGHWUDQVH"
 7DOYH] VHMD LVVR  GLVVH R VU /HH IUDQ]LQGR DV VREUDQFHOKDV  1mR WDPEpP QmR p
1HQKXPDSDODYUDVHUYLULDHHVWHpRSRQWR1mRSRGHVHUGHVFULWRSUHFLVDVHUYLYHQFLDGR
9RXWHQWDUGHFLGLX&URIWV
 1mR  GLVVH R VU /HH  1mR VH R VHQKRU TXLVHU VHJXLU R PHX FRQVHOKR ( HX R
DFRQVHOKDULDDILFDUDIDVWDGR9LDVUWD+LDVKLID]HULVWRHYLDPXGDQoDTXHRFRUUHXQHOD2
VHQKRU H[SHULPHQWRX D SDUDFRGHtQD TXDQGR HUD SRSXODU HQWUH DV PDVVDV FRVPRSROLWDV
GHVHQUDL]DGDV"HOHSDUHFLD]DQJDGR
(XH[SHULPHQWHLSDUDFRGHtQDGLVVH&URIWV1mRIH]DEVROXWDPHQWHQHQKXPHIHLWRHP
PLP
2TXHYRFrTXHUTXHVHMDIHLWR%RJH"SHUJXQWRXOKHR6HFUHWiULR+HUULFN
(QFROKHQGRRVRPEURV%RJDUW&URIWVGLVVH
 2 TXH TXHUR GL]HU p TXH QmR YHMR UD]mR SDUD DOJXpP JRVWDU GLVVR SDUD TXHUHU ILFDU
GHSHQGHQWHGLVWR(DILQDOVHJXURXDVGXDVPDQRSODVGDFDL[DGHHPSDWLD

&DPLQKDQGR OHQWDPHQWH SHOD FKXYD 5D\ 0HULWDQ GLVVH SDUD VL PHVPR (OHV SHJDUDP
PLQKDFDL[DGHHPSDWLDHVHXHXYROWDUDRDSDUWDPHQWRHOHVYmRPHSHJDU
6HX WDOHQWR WHOHSiWLFR R KDYLD VDOYR $R HQWUDU QR HGLItFLR FDSWDUD RV SHQVDPHQWRV GR
EDQGRGHSROLFLDLVPXQLFLSDLV
-i HUD PDLV GH PHLDQRLWH 2 SUREOHPD p TXH VRX PXLWR FRQKHFLGR HOH SHUFHEHX SRU
FDXVDGRPHXPDOGLWRSURJUDPDGHWHOHYLVmR1mRLPSRUWDDRQGHYiVHUHLUHFRQKHFLGR
3HORPHQRVHPTXDOTXHUOXJDUGD7HUUD
2QGH HVWi :LOEXU 0HUFHU" HOH VH SHUJXQWRX 1HVWH VLVWHPD VRODU RX HP DOJXP OXJDU
DOpPGHOHVREXPVROFRPSOHWDPHQWHGLIHUHQWH"7DOYH]MDPDLVYHQKDPRVDVDEHU2XSHOR
PHQRVHXQXQFDYHQKDDVDEHU
0DVID]LDGLIHUHQoD":LOEXU0HUFHUHVWDYDHPDOJXPOXJDULVWRHUDWXGRRTXHKDYLDGH
LPSRUWDQWH(KDYLDVHPSUHXPDPDQHLUDGHDOFDQoiOR$FDL[DGHHPSDWLDHVWDYDVHPSUH
DOLRXSHORPHQRVWLQKDHVWDGR DWp DV EDWLGDV GD SROtFLD ( 0HULWDQ WLQKD D VHQVDomR GH
TXH D FRPSDQKLD GH GLVWULEXLomR TXH IRUQHFHUD DV FDL[DV GH HPSDWLD H TXH WLQKD GH
TXDOTXHU IRUPD XPD H[LVWrQFLD QHEXORVD LULD HQFRQWUDU XP PHLR GH GULEODU D SROtFLD 6H
HVWLYHVVHFHUWRTXDQWRDHOHV
$GLDQWHQDHVFXULGmRFKXYRVDYLXDVOX]HVYHUPHOKDVGHXPEDU(OHYROWRXVHHHQWURX
3HUJXQWRXDREDUPDQ
(VFXWHYRFrWHPXPDFDL[DGHHPSDWLD"'RXOKHFHPGyODUHVVHPHGHL[DUXViOD
2EDUPDQXPKRPHQ]DUUmRWURQFXGRFRPRVEUDoRVFDEHOXGRVGLVVH
1mRQmRWHQKRQDGDGHSDUHFLGR9iDQGDQGR
$VSHVVRDVQREDUDVVLVWLDPHXPDGHODVGLVVH
(ODVVmRLOHJDLVDJRUD
(Lp5\DQ0HULWDQGLVVHRXWUD2KRPHPGRMD]]
8PRXWURKRPHPGLVVHSUHJXLoRVDPHQWH
 7RTXH XP SRXFR GH MD]] FLQ]DHVYHUGHDGR SDUD QyV KRPHP GR MD]]  ( WRPRX XP
JROHGHVXDFDQHFDGHFHUYHMD
0HULWDQIH]PHQomRGHVDLUGREDU
(LGLVVHREDUPDQ (VSHUHDtFRPSDQKHLUR9iDWpHVWHHQGHUHoR(VFUHYHXQXPD
FDUWHLUDGHIyVIRURVTXHHQWUHJRXD0HULWDQ
4XDQWROKHGHYR"SHUJXQWRX0HULWDQ
2KXQVFLQFRGyODUHVGHYHPGDU
0HULWDQ SDJRX H VDLX GR EDU FRP D FDUWHLUD GH IyVIRURV QR EROVR e SURYDYHOPHQWH R
HQGHUHoRGDGHOHJDFLDGHSROtFLDORFDOGLVVHFRQVLJRPHVPR0DVYRXWHQWDUGHTXDOTXHU
MHLWR
6HHXSXGHVVHWHUDFHVVRDXPDFDL[DGHHPSDWLDVyPDLVXPDYH]
2HQGHUHoRTXHR EDUPDQOKHGHUD HUD GH XP YHOKR GHFDGHQWH HGLItFLR GH PDGHLUD QR
FHQWURGH/RV$QJHOHV%DWHXQDSRUWDHILFRXHVSHUDQGR
$ SRUWD HQWUHDEULXVH 8PD PXOKHU UREXVWD GH PHLDLGDGH GH URXSmR GH EDQKR H
FKLQHORVIHOSXGRVRHVSLDYD
1mRVRXGDSROtFLDGLVVHHOHVRXXPPHUFHULWD3RVVRXVDUDVXDFDL[DGHHPSDWLD"
$ SRUWD JUDGXDOPHQWH VH DEULX $ PXOKHU R SHUVFUXWRX DWHQWDPHQWH H HYLGHQWHPHQWH
DFUHGLWRXHPERUDVHPQDGDGL]HU

'HVFXOSHPHLQFRPRGiODWmRWDUGHGHVFXOSRXVH
2TXHDFRQWHFHXFRPYRFrPRoR"SHUJXQWRXDPXOKHU9RFrSDUHFHPDO
e:LOEXU0HUFHUGLVVH5D\(OHHVWiIHULGR
 3RGH OLJDU  GLVVH D PXOKHU HQTXDQWR R OHYDYD DUUDVWDQGR RV FKLQHORV DWp XPD VDOD
HVFXUDHIULDRQGHXPSDSDJDLRGRUPLDQXPDHQRUPHHWRUWDJDLRODGHDUDPHGHODWmR/i
VREUHXPDQWLTXDGRJDELQHWHGHUiGLRHOHYLXDFDL[DGHHPSDWLD$RYrODVHQWLXRDOtYLR
SHUFRUUrOR
)LTXHjYRQWDGHGLVVHDPXOKHU
2EULJDGRGLVVHHOHHVHJXURXDVGXDVPDQRSODV
8PDYR]GLVVHDRVHXRXYLGR
8VDUHPRVDJDURWD(ODQRVOHYDUiD0HULWDQ(XHVWDYDFHUWRTXDQGRDFRQWUDWHLGHVGH
RLQtFLR
5D\ 0HULDQ QmR UHFRQKHFHX D YR] 1mR HUD GH :LOEXU 0HUFHU 0DV PHVPR DVVLP
GHVQRUWHDGRHOHVHJXURXILUPHPHQWHDVPDQRSODVRXYLQGRILFRXDOLSDUDOLVDGRRVEUDoRV
HVWHQGLGRVVHJXUDQGRILUPH
 $ IRUoD QmR7 DSHORX SDUD R VHJPHQWR PDLV FUpGXOR GD QRVVD FRPXQLGDGH PDV HVVH
VHJPHQWRHXDFUHGLWRILUPHPHQWHHVWiVHQGRPDQLSXODGRGHFLPDSRUXPDFtQLFDPLQRULD
GH RSRUWXQLVWDV WDLV FRPR 0HULWDQ (OHV HVWmR JDQKDQGR HP FLPD GHVWD PDQLD GH :LOEXU
0HUFHUSDUDRVVHXVSUySULRVEROVRV$YR]VHJXUDGHVLFRQWLQXRXFRPDOHQJDOHQJD
5D\ 0HULWDQ VHQWLX PHGR DR RXYLOR 3RLV WUDWDYDVH GH DOJXpP GR RXWUR ODGR HOH
SHUFHEHX'HDOJXPDIRUPDHQWUDUDHPFRQWDWRFRPHVVDSHVVRDHQmR:LOEXU0HUFHU
2X WHULD 0HUFHU DUUDQMDGR LVWR GHOLEHUDGDPHQWH" (OH FRQWLQXRX HVFXWDQGR H HQWmR
RXYLX
  WHPRV TXH WLUDU D JDURWD +LDVKL GH 1RYD <RUN H WUD]rOD SDUD Fi RQGH SRGHUHPRV
TXHVWLRQiODPDLV$YR]DFUHVFHQWRX&RPRHXGLVVHSDUD+HUULFN
+HUULFN R 6HFUHWiULR GH HVWDGR $TXLOR HD DOJXpP GR 'HSDUWDPHQWR GH (VWDGR
SHQVDQGRSHUFHEHX0HULWDQOHPEUDQGRVHGH-RDQ 7DOYH] DTXHOH IRVVH R IXQFLRQiULR GR
'HSDUWDPHQWRGH(VWDGRTXHDFRQWUDWDUD
(QWmRHODQmRHVWDYDHP&XED(VWDYDHP1RYD<RUN2TXHWHULDGDGRHUUDGR"2TXH
HVWDYD LPSOtFLWR HUD TXH R 'HSDUWDPHQWR GH (VWDGR KDYLD XVDGR -RDQ PHUDPHQWH SDUD
FKHJDUDHOH
(OHVROWRXDVPDQRSODVHDYR]GHVDSDUHFHXGHVXDSUHVHQoD
9RFrRHQFRQWURX"SHUJXQWRXDPXOKHUGHPHLDLGDGH
6VLPGLVVH0HULWDQGHVFRQFHUWDGRWHQWDQGRVHRULHQWDUQDVDODSRXFRIDPLOLDU
&RPRHOHHVWi"(OHHVWiEHP"
(X(XQmRVHLQHVWHPRPHQWRUHVSRQGHX0HULWDQFRPVLQFHULGDGH 'HYRLUD1RYD
<RUNHOHSHQVRX (WHQWDUDMXGDU-RDQ(ODHVWiPHWLGDQLVWRSRUPLQKDFDXVDQmRWHQKR
HVFROKD0HVPRVHPHSHJDUHPSRUFDXVDGLVWR&RPRHXSRGHULDDEDQGRQiOD"
(XQmRFDSWHL0HUFHUGLVVH%RJDUW&URIWV
(OHDIDVWRXVHGDFDL[DGHHPSDWLDGHSRLVYROWRXVHHROKRXPDOHYRODPHQWHSDUDHOD
&DSWHL0HULWDQ0DVQmRVHLRQGHHOHHVWi1RPRPHQWRHPTXHVHJXUHLDVPDQRSODV
GHVWDFDL[D0HULWDQWDPEpPVHJXURXHPDOJXPRXWUROXJDU)RPRVFRQHFWDGRVHDJRUDHOH
VDEHWXGRRTXHHXVHL(QyVVDEHPRVWXGRRTXHHOHVDEHRTXHQmRpPXLWR$WXUGLGR
YROWRXVH SDUD R 6HFUHWiULR +HUULFN  (OH QmR VDEH PDLV VREUH :LOEXU 0HFHU GR TXH QyV
VDEHPRVHVWDYDWHQWDQGRDOFDQoiOR(OHGHILQLWLYDPHQWHQmRp0HUFHU&URIWVVLOHQFLRX
 $LQGD Ki PDLV  GLVVH +HUULFN YROWDQGRVH SDUD R VU /HH  2 TXH PDLV HOH WLURX GH

0HULWDQVU/HH"
0HULWDQHVWiYLQGRSDUD1RYD<RUNSDUDWHQWDUHQFRQWUDU-RDQ+LDVKLGLVVHRVU/HH
REHGLHQWHPHQWHOHQGRDPHQWHGH&URIWV(OHFDSWRXLVWRGH0HULWDQGXUDQWHRPRPHQWR
HPTXHVXDVPHQWHVHVWLYHUDPIXQGLGDV
9DPRVQRVSUHSDUDUSDUDUHFHEHURVU0HULWDQGLVVHR6HFUHWiULR+HUULFNFRPXPD
FDUHWD
,VWRTXHHXYLYHQFLHLpRTXHYRFrVWHOHSDWDVID]HPRWHPSRWRGR"SHUJXQWRX&URIWV
DRVU/HH
6RPHQWHTXDQGRXPGHQyVVHDSUR[LPDGHRXWURWHOHSDWDGLVVHRVU/HH3RGHVHU
GHVDJUDGiYHO 1yV HYLWDPRV LVWR SRUTXH VH DV GXDV PHQWHV IRUHP FRPSOHWDPHQWH
GLIHUHQWHV H HQWUDUHP HP FKRTXH LVVR SRGH VHU SVLFRORJLFDPHQWH SUHMXGLFLDO (X SHUFHEL
TXHRVHQKRUHRVU0HULWDQHQWUDUDPHPFKRTXH
(VFXWHPGLVVH&URIWVFRPRSRGHUHPRVFRQWLQXDUFRPLVWR"6HLDJRUDTXH0HULWDQp
LQRFHQWH (OH QmR VDEH FRLVD DOJXPD VREUH 0HUFHU RX VREUH D RUJDQL]DomR TXH GLVWULEXL
HVVDVFDL[DVDQmRVHURQRPH
+RXYHXPVLOrQFLRPRPHQWkQHR
 0DV HOH p XPD GDV SRXFDV FHOHEULGDGHV TXH VH MXQWDUDP DRV PHUFHULWDV  REVHUYRX R
6HFUHWiULR +HUULFN HQWUHJDQGR D &URIWV XP IRUPXOiULR GH WHOHWLSR  ( HOH IH] LVVR
DEHUWDPHQWH6HYRFrVHGHUDRWUDEDOKRGHOHULVWRDTXL
 6HL TXH HOH DILUPRX VXD OHDOGDGH D 0HUFHU QR SURJUDPD GH 79 GHVWD QRLWH  GLVVH
&URIWVWUrPXOR
 4XDQGR YRFr OLGD FRP XPD IRUoD QmR7 RULJLQiULD GH XP RXWUR VLVWHPD VRODU
FRPSOHWDPHQWH GLIHUHQWH  GLVVH R 6HFUHWiULR +HUULFN  GHYH DJLU FRP FXLGDGR $LQGD
YDPRVWHQWDUSHJDU0HULWDQ HGHILQLWLYDPHQWHXVDQGRDVUWD +LDVKL 9DPRV OLEHUWiOD GD
SULVmRHID]HUFRPTXHVHMDVHJXLGD4XDQGR0HULWDQIL]HUFRQWDWRFRPHOD
2VU/HHGLVVHD&URIWV
 1mR IDOH R TXH HVWi SUHWHQGHQGR VU &URIWV 9DL SUHMXGLFDU SHUPDQHQWHPHQWH D VXD
FDUUHLUD
+HUULFNLVWRHVWiHUUDGRGLVVH&URIWV0HULWDQpLQRFHQWHHWDPEpP-RDQ+LDVKL6H
YRFrSUHSDUDUXPDDUPDGLOKDSDUD0HULWDQSHGLUHLGHPLVVmRGR'HSDUWDPHQWRGH(VWDGR
(VFUHYDRVHXSHGLGRGHGHPLVVmRHHQWUHJXHRSDUDPLPGLVVHR6HFUHWiULR+HUULFN
6HXURVWRHVWDYDVRPEULR
,VWRpXPDLQIHOLFLGDGHGLVVHRVU/HH(XGLULDTXHRVHXFRQWDWRFRPRVU0HULWDQ
SHUWXUERX R VHX MXOJDPHQWR VU &URIWV (OH R LQIOXHQFLRX GH PDQHLUD PDOLJQD /LYUHVH
GLVVRSHODVXDORQJDFDUUHLUDHSHORVHXSDtVSDUDQmRPHQFLRQDUVXDIDPtOLD
2TXHHVWDPRVID]HQGRpHUUDGRUHSHWLX&URIWV