HGXDUGRSHOOHMHUR

SRPEDO
2PHXHVStULWRpXPSRPEDO'~]LDVGHLGHLDVID]HP
QRLWHHPPLPHGHVDWDPDYRDUHQTXDQWRGHVSRQWDD
PDQKm1DPLQKDFDEHoDSURGX]HPXPPXUP~ULR
VXUGRTXHPHLPSHGHRVRQKR1RFpXGLVSHUVDPVH
HYROWDPDFRQFHQWUDUVHHPYRRVHUUiWLFRVTXHVmR
GLItFHLVGHDFRPSDQKDUGDWHUUD1mRSDUHFHP
UHVSRQGHUDQHQKXPSODQRQHPSHUVHJXLUÀPDOJXP
'mRYROWDVHYROWDVVREUHPLPPLPDQGRDXPD
YHORFLGDGHHVSDQWRVDRPRYLPHQWRGDVHVIHUDV
6HDVDOLPHQWRSUHFLSLWDPVHQXPUHGHPRLQKRGH
SHQDVHEULJDPDWpSHODVGiGLYDVPDLVSHTXHQDV$FKR
TXHHVWiEHPTXHVHMDPDVPDLVIRUWHVDVTXHDFDEHP
SRULPSRUVHPDVPHHQWULVWHFHYHUDSDJDUHPVH
DTXHODVTXHQHJOLJHQFLHLVHPQRWDU$OpPjIRUoDGH
LPSRUVHDRUHVWRDOJXPDVHQJRUGDPWDQWRTXH
SHUGHPRJRVWRSHORYRRGHL[DQGRVHHVWDU
LQGROHQWHVRQGHDOX]QmRDVDOFDQoDDWpTXHSDUD
ID]HUHVSDoRYHMRPHREULJDGRDVDFULÀFiODV

'HL[DPVHPDQLSXODUFRPUHODWLYDFDOPDDLQGDTXH
QmRGHPRQVWUHPQHQKXPWLSRGHDIHLomRSRUPLPH
QRIXQGROKHVVHMDFRPSOHWDPHQWHLQGLIHUHQWHD
PLQKDSUHVHQoD6yYLYHPGHYHUGDGHTXDQGR
HPSUHHQGHPRYRR5DVJDQGRRÀUPDPHQWRpFRPR
PHOKRUVHYHHP$OLQKDPVHHPIRUPDomRGHL[DPVH
FDLUDSLTXHHQWUDPHPURWDGHFROLVmRSDUDGHVYLDUVH
QR~OWLPRLQVWDQWHVHDUUHGHPRLQKDPHGLVSHUVDP
$OJXPDVFKHJDUDPSRUYH]HVDDEDWHUVHVREUHPLP
GHIRUPDDJUHVVLYDFRPRVHTXLVHVVHPID]HUPH
GDQRHDYHUGDGHpTXHHVFRQGRDOJXPDVFLFDWUL]HV

3ULPHLURHPFRPSOH[RVJUiÀFRVYHWRULDLVHPDLV
WDUGHHPQRWDVGHYmHUXGLomROHYHLGXUDQWHDQRV
UHJLVWRGDVVXDVSURJUHVV}HV8PDPLJRFRQYHQFHX
PHGHTXHWDLVSDSHLVPHUHFLDPDSXEOLFLGDGH'H
IDWRFRQVHJXLUDPFKDPDUDDWHQomRDDOJXPDV
SHVVRDV$DWHQomRHVWHQGHXVHWDPEpPDPLP/RJR
YLPHHPEDUFDGRHPPDoDGRUHVFLFORVGHGHEDWHVH
LPSRQGHUiYHLVFRPHPRUDo}HVFROXPEyÀODV2WHPSR
TXHPHGHPDQGDYDHVVDLQJHQWHDWLYLGDGHDIDVWDYDPH
LUUHPHGLDYHOPHQWHGRSRPEDO1mRVHPDOJXPD
FRQWUDULHGDGHYROWHLDUHFROKHUPHQRVHXPLVWpULR

1HPVHPSUHGHUDWDQWRWUDEDOKR4XDQGRFRPHFHLR
PHXSDLRIHUHFHXPHDVGXDVSULPHLUDVWLQKDXP
GRPtQLRSUDWLFDPHQWHWRWDOGDVLWXDomR&RQKHFLD
HVVDVGXDVSOXPtIHUDVFRPRDSDOPDGDPLQKDPmRH
SRGLDSUHYHUDVXDVHYROXo}HVQRDUFRPRVHDV
FRQWURODVVHDWUDYpVGHXPFRPDQGRjGLVWkQFLD



HGXDUGRSHOOHMHUR 2SRPEDOHUDXPDHVWkQFLDPDLVGRTXHDGHTXDGD SDUDHODV5HVSLUDYDVHEHPDt3HVVRDOPHQWHPH DVVHJXUDYDGHPDQWHUVHPSUHDOLPSH]D'HSRLV FRPHoDUDPDFKHJDUDVRXWUDV $SULPHLUDVXUSUHHQGHXPHDPHLRGDQRLWHHQTXDQWR DFDULQKDYDRVPHXVÀOKRWHVHSUHJRXPHXPVXVWRGH PRUWH7LQKDXPDQHOQDSDWDHQRDQHOXPQRPH 9LQKDGHORQJH3HUJXQWHLDRPHXSDLVHHVWDYDEHP TXHÀFDVVHFRPHODHGLVVHTXHVLPPDVDGYHUWLXPH TXHDSDUWLUGHHQWmRQmRGHYLDIHFKDURSRPEDOQHP VHTXHUSHODVQRLWHVSRUTXHRDQLPDOSRGLDVHQWLUD QHFHVVLGDGHGHUHJUHVVDUDRVHXDQWLJRGRQR1mRIRL HPERUDSHORPHQRVQmRGHLPHGLDWR 8PDVHPDQDGHSRLVMiWLQKDFLQFR8PPrVGHSRLV WULQWDHRLWR8PDQRGHSRLVSDUHLGHFRQWDU1mR GHL[DYDGHPHDVVRPEUDUTXHDSDUHFHVVHPPDLVTXH QDGDSHODQRLWHSRUTXHQmRVmRELFKRVTXHDSUHFLHP DHVFXULGmR6XSRQKRTXHVHSHUGHULDPHRPHX SRPEDOOKHVSDUHFHULDXPOXJDUWmRERPFRPR TXDOTXHURXWURSDUDSHUQRLWDU$VGXDVSULPHLUDVQmR UHVLVWLUDPjPXGDQoD$WHUFHLUDGHL[RXORJRGHYRDU SDVVDYDRVGLDVLPyYHODUUXOKDQGRPHODQFROLFDPHQWH FRLVDTXHPHSURGX]LDXPDJUDQGHSHQDPDVQmRPH PRYLDjFRPSDL[mR &RQWHPSODUDVFRLVDVTXHHUDPFDSD]HVGHID]HUDV UHFpPFKHJDGDVWRPDYDSUDWLFDPHQWHWRGDDPLQKD DWHQomR5DUDVLPSUHYLVtYHLVHQpUJLFDVFRUWDYDPR FpXHPYRRVUDVDQWHVIRUPDQGRFRQVWHODo}HVIXJD]HV TXHSHODVQRLWHVSRYRDYDPRVPHXVVRQKRVHGXUDQWH DYLJtOLDVXPLDPPHQXPDUHÁH[mRDELVPDGD $SHVDUGHWHUWHQWDGRLQFDQVDYHOPHQWHQXQFD FRQVHJXLTXHVHUHSURGX]LVVHP/DWHHPPLPR GHVHMRGHSRVVXLUXPDTXHSRVVDFKDPDUPLQKDDLQGD TXHSDUDDFULDUGHYDPHYDOHUGDVRXWUDVTXHMi FKHJDUDPFUHVFLGDVFRPDVVXDVKLVWyULDVHDVVXDV PDQLDV (QWUHWLGRQHVVDVH[SHULrQFLDVSXGHWHUGHVDWHQGLGRRV FXLGDGRVEiVLFRVTXHH[LJHRSRPEDO1XQFDHQWHQGL HVVHVDÀFLRQDGRVTXHDFDEDPSRUVHFRQVDJUDUDXPD ~QLFDIDYRULWDGXUDQWHWRGDDYLGDHMiQmRDFHLWDP RXWUDQHPVHTXHUTXDQGRDSULPHLUDMiOHYDDQRV PRUWDRXGHVDSDUHFLGDPDVQRPHXHQWXVLDVPRDFDVR WHQKDH[FHGLGRDPLQKDPHGLGD$VXMHLUDFRPHoRXD DPRQWRDUVHPDLVHPDLVSURGX]LQGRIRUPDo}HV VXOIXURVDVTXHSRUYH]HVUHOX]LDPFRPXPDUDUD EHOH]D  .

HGXDUGRSHOOHMHUR 0HFRQVRODYDSHQVDQGRTXHDSHVDUGRFRQVWDQWHLUH YLUGRVELFKRVLVVRÀFDULDSDUDVHPSUHFRPRXP PRQXPHQWR3HUGLDGHYLVWDVHPPHGDUFRQWDTXHD HVVrQFLDGHWXGRQmRHVWDYDQHVVHHVSDoRTXH FRQVWUXLUDSDFLHQWHPHQWHPDVQRVLPSUHYLVtYHLVYRRV TXHDFROKLDFDGDGLD 1mRWDUGHLHPDGRHFHU2DUWRUQDUDVHLUUHVSLUiYHO2 PHXSDLMiQmRHVWDYDMXQWRGHPLPSDUDDFRQVHOKDU PH7LYHTXHFRQÀDUQRPHXLQVWLQWRPHYDOHUGD PLQKDSUySULDUD]mR.PROHLFHQWHQDVWHQWDQGRVDOYDU RSRPEDO&RPSUHHQGDPTXHDVLWXDomRFKHJDUDDXP SRQWRHPTXHHUDPFDSD]HVGHFREULURFpXSRU FRPSOHWRTXDQGRDVOLEHUWDYDSHODPDQKmSURGX]LQGR YHUGDGHLURVHFOLSVHVTXHPHHQVRPEUHFLDPDPLPH DWHUURUL]DYDPRVYL]LQKRV)RLXPVDFULItFLR QHFHVViULRPDVTXHDLQGDPHpGLItFLOFRQVLGHUDUVHP GRU 8PDVSRXFDVG~]LDVIUHTXHQWDPDJRUDFRPPDLRURX PHQRUÀGHOLGDGHRSRPEDOUHQRYDGR$PLQKD UHFXSHUDomRQmRIRLWmRIiFLO$VPLQKDVVHVWDV SURORQJDPVHPDLVXPSRXFRFDGDGLD6RQKRFRP FpXVWRWDOPHQWHGHVSHMDGRVGHXPD]XOLQWHQVRTXH YRRDOJXPSHUWXUED$FRUGDGRSDVVRKRUDVFRPRV ROKRVIHFKDGRVHDPHQWHHPEUDQFReFRPRVH WLYHVVHUHJUHVVDGRjPLQKDSULPHLUDLQIkQFLDDQWHVGH TXHRSRPEDOVHFRQYHUWHVVHQXPDSDL[mRSDUDPLP TXDQGRDVFRLVDVDLQGDFRQVHUYDYDPRVHXPLVWpULR &RQYDOHVFHQWHYLPHREULJDGRDFRQWUDWDURVVHUYLoRV GHXPMRYHPTXHVHHQFDUUHJDGDOLPSH]DHWRPD FRQWDGDVSREUHV3HODVWDUGHVDWUDYpVGDMDQHODDV YHMRUHJUHVVDUGHSRLVGHWHUHPHVJRWDGRDVYDULDo}HV TXHOKHVVXJHUHDVXDLQWHOLJrQFLDDpUHD$FUHGLWR SRGHUQRWDULQFOXVLYHSHTXHQDVPXGDQoDVQR FRPSRUWDPHQWRGDVTXHHVWmRKiPDLVWHPSRFRPLJR 0HVPRVHQGRPXLWRSUHFLVRQDVPLQKDVLQGLFDo}HVR UDSD]WHPRVHXPRGRSUySULRGHWUDWiODV 7UDGX]LGRGRHVSDQKROSRU6XVDQD*XHUUD.

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