You are on page 1of 111

'$'26'(&23<5,*+7

6REUHDREUD
$SUHVHQWHREUDpGLVSRQLELOL]DGDSHODHTXLSH/H/LYURVHVHXVGLYHUVRVSDUFHLURVFRPR
REMHWLYRGHRIHUHFHUFRQWH~GRSDUDXVRSDUFLDOHPSHVTXLVDVHHVWXGRVDFDGrPLFRVEHPFRPR
RVLPSOHVWHVWHGDTXDOLGDGHGDREUDFRPRILPH[FOXVLYRGHFRPSUDIXWXUD

eH[SUHVVDPHQWHSURLELGDHWRWDOPHQWHUHSXGtDYHODYHQGDDOXJXHORXTXDLVTXHUXVR
FRPHUFLDOGRSUHVHQWHFRQWH~GR

6REUHQyV
2/H/LYURVHVHXVSDUFHLURVGLVSRQLELOL]DPFRQWH~GRGHGRPLQLRSXEOLFRHSURSULHGDGH
LQWHOHFWXDOGHIRUPDWRWDOPHQWHJUDWXLWDSRUDFUHGLWDUTXHRFRQKHFLPHQWRHDHGXFDomRGHYHP
VHUDFHVVtYHLVHOLYUHVDWRGDHTXDOTXHUSHVVRD9RFrSRGHHQFRQWUDUPDLVREUDVHPQRVVR
VLWH/H/LYURV1HWRXHPTXDOTXHUXPGRVVLWHVSDUFHLURVDSUHVHQWDGRVQHVWHOLQN

4XDQGRRPXQGRHVWLYHUXQLGRQDEXVFDGRFRQKHFLPHQWRHQmRPDLVOXWDQGRSRU
GLQKHLURHSRGHUHQWmRQRVVDVRFLHGDGHSRGHUiHQILPHYROXLUDXPQRYRQtYHO
7KLV GRFXPHQW KDV EHHQ FUHDWHG ZLWK D '(02 YHUVLRQ RI 3') &UHDWH &RQYHUW
KWWSZZZHTXLQR[VRIWZDUHFRPSURGXFWVSGIBFUHDWHBFRQYHUWKWPO

7RUHPRYHWKLVPHVVDJHSOHDVHUHJLVWHU

$6/(,6'232'(5

-RRVW(OIIHUVH5REHUW*UHHQH

7KLV GRFXPHQW KDV EHHQ FUHDWHG ZLWK D '(02 YHUVLRQ RI 3') &UHDWH &RQYHUW
KWWSZZZHTXLQR[VRIWZDUHFRPSURGXFWVSGIBFUHDWHBFRQYHUWKWPO

7RUHPRYHWKLVPHVVDJHSOHDVHUHJLVWHU

7UDGXomRGH7DOLWD05RGULJXHV

(GLWRUD5RFFR5LRGH-DQHLURSiJV

35()È&,2

$VHQVDomRGHQmRWHUQHQKXPSRGHUVREUHSHVVRDVHDFRQWHFLPHQWRVpHPJHUDOLQVXSRUWiYHO
²

TXDQGRQRVVHQWLPRVLPSRWHQWHVILFDPRVLQIHOL]HV1LQJXpPTXHUPHQRVSRGHUWRGRVTXHUHP
PDLV 1R PXQGR DWXDO HQWUHWDQWR p SHULJRVR SDUHFHU WHU PXLWD IRPH GH SRGHU VHU PXLWR
SUHPHGLWDGR QRV VHXV PRYLPHQWRV SDUD FRQTXLVWDU R SRGHU 7HPRV GH SDUHFHU MXVWRV H
GHFHQWHV 3RU FRQVHJXLQWH SUHFLVDPRV VHU VXWLV ² DJUDGiYHLV SRUpP DVWXWRV GHPRFUiWLFRV
PDVQmRWRWDOPHQWHKRQHVWRV

(VWH MRJR GH FRQVWDQWH GXSOLFLGDGH PDLV VH DVVHPHOKD j GLQkPLFD GH SRGHU TXH H[LVWLD QR
PXQGR DUGLORVR GD DQWLJD FRUWH DULVWRFUiWLFD (P WRGD D KLVWyULD VHPSUH KRXYH XPD FRUWH
IRUPDGDHPWRUQRGHXPDSHVVRDQRSRGHU²UHLUDLQKDLPSHUDGRUOtGHU2VFRUWHVmRVTXH
FRPSXQKDP HVWD FRUWH ILFDYDP QXPD SRVLomR PXLWR GHOLFDGD WLQKDP GH VHUYLU DRV VHXV
VHQKRUHVPDVVHDEDMXODomRIRVVHPXLWRyEYLDRVRXWURVFRUWHVmRVQRWDULDPHDJLULDPFRQWUD
HOHV $V WHQWDWLYDV GH DJUDGDU DR VHQKRU SRUWDQWR WLQKDP GH VHU VXWLV ( DWp PHVPR RV
FRUWHVmRVKiEHLVHFDSD]HVGHWDOVXWLOH]DDLQGDWLQKDPGHVHSURWHJHUGHVHXVFRPSDQKHLURV
TXH D WRGR PRPHQWR WUDPDYDP WLUiORV GR FDPLQKR(QTXDQWR LVVR VXSXQKDVH TXH D FRUWH
UHSUHVHQWDVVHRDXJHGDFLYLOL]DomRHGRUHILQDPHQWR'HVDSURYDYDPVHDVDWLWXGHVYLROHQWDV
RXGHFODUDGDVGHSRGHURVFRUWHVmRVWUDEDOKDYDPHPVLOrQFLRHVLJLORVDPHQWHFRQWUDDTXHOH
HQWUH HOHV TXH XVDVVH D IRUoD (VWH HUD R GLOHPD GR FRUWHVmR DSDUHQWDQGR VHU R SUySULR
PRGHOR GH HOHJkQFLD HOH WLQKD DR PHVPR WHPSR GH VHU R PDLV HVSHUWR H IUXVWUDU RV
PRYLPHQWRV GRV VHXV DGYHUViULRV GD PDQHLUD PDLV VXWLO SRVVtYHO &RP R WHPSR R FRUWHVmR
EHPVXFHGLGR DSUHQGLD D DJLU VHPSUH GH IRUPD LQGLUHWD VH DSXQKDODYD R DGYHUViULR SHODV
FRVWDVHUDFRPOXYDGHSHOLFDQDPmRHQRURVWRRPDLVJHQWLOGRVVRUULVRV(PYH]GHFRDJLU
RX WUDLU H[SOLFLWDPHQWH R FRUWHVmR SHUIHLWR FRQVHJXLD R TXH TXHULD VHGX]LQGR XVDQGR R
FKDUPHDIUDXGHHDVHVWUDWpJLDVVXWLVVHPSUHSODQHMDQGRYiULDVDo}HVFRPDQWHFHGrQFLD$
YLGD QD FRUWH HUD XP MRJR LQWHUPLQiYHO TXH H[LJLD YLJLOkQFLD FRQVWDQWH H SHQVDPHQWR WiWLFR
(UDXPDJXHUUDFLYLOL]DGD

+RMHHQIUHQWDPRVXPSDUDGR[RSHFXOLDUPHQWHVHPHOKDQWHDRGRFRUWHVmRWXGRGHYHSDUHFHU
FLYLOL]DGR GHFHQWH GHPRFUiWLFR H MXVWR 0DV VH REHGHFHPRV FRP PXLWD ULJLGH] D HVVDV
UHJUDVVHDVWRPDPRVGHXPDIRUPDSRUGHPDLVOLWHUDOVRPRVHVPDJDGRVSHORVTXHHVWmRDR
QRVVR UHGRU H TXH QmR VmR DVVLP WmR WRORV &RPR HVFUHYHX R JUDQGH FRUWHVmR H GLSORPDWD
UHQDVFHQWLVWD 1LFRODX 0DTXLDYHO ³2 KRPHP TXH WHQWD VHU ERP R WHPSR WRGR HVWi IDGDGR j
UXtQD HQWUH RV LQ~PHURV RXWURV TXH QmR VmR ERQV´ $ FRUWH VH LPDJLQDYD R SLQiFXOR GR
UHILQDPHQWR PDV VRE D VXSHUItFLH FLQWLODQWH IHUYLOKDYD XP FDOGHLUmR GH HPRo}HV HVFXVDV ²
JDQkQFLD LQYHMD OX[~ULD yGLR 1RVVR PXQGR KRMH LJXDOPHQWH VH LPDJLQD R SLQiFXOR GD
MXVWLoDPDVDVPHVPDVIHLDVHPRo}HVFRQWLQXDPIHUYHQGRGHQWURGHQyVFRPRVHPSUH2MRJR
pRPHVPR3RUIRUDYRFrGHYHDSDUHQWDUTXHpXPDSHVVRDGHHVFU~SXORVPDVSRUGHQWURD
QmRVHUTXHYRFrVHMDXPWRORYDLDSUHQGHUORJRDID]HURTXH1DSROHmRDFRQVHOKDYDFDOoDUD
VXDPmRGHIHUURFRPXPDOXYDGHYHOXGR6HFRPRRFRUWHVmRGHLGRVWHPSRVYRFrIRUFDSD]
GH GRPLQDU D DUWH GD GLVVLPXODomR DSUHQGHQGR D VHGX]LU HQFDQWDU HQJDQDU H VXWLOPHQWH
SDVVDU D SHUQD QRV VHXV DGYHUViULRV YRFr DOFDQoDUi RV StQFDURV GR SRGHU 9DL FRQVHJXLU
GREUDUDVSHVVRDVVHPTXHHODVSHUFHEDPRTXHYRFrHVWiID]HQGR(VHHODVQmRSHUFHEHPR
TXH YRFr HVWi ID]HQGR WDPEpP QmR ILFDUmR UHVVHQWLGDV QHP OKH RIHUHFHUmR UHVLVWrQFLD 3DUD
DOJXPDVSHVVRDVDLGpLDGHSDUWLFLSDUFRQVFLHQWHPHQWHGHMRJRVGHSRGHU²QmRLPSRUWDVH
GH IRUPD LQGLUHWD RX QmR ² SDUHFH PDOGDGH SRXFR VRFLDO XPD UHOtTXLD GR SDVVDGR (ODV
DFUHGLWDPTXHSRGHPRSWDUSRUILFDUIRUDGRMRJRFRPSRUWDQGRVHFRPRVHQmRWLYHVVHPQDGD
D YHU FRP R SRGHU e SUHFLVR FXLGDGR FRP SHVVRDV DVVLP SRLV HPERUD H[WHULRUL]HP HVVDV
RSLQL}HVFRPIUHTrQFLDVmRDVPDLRUHVHVSHFLDOLVWDVQRMRJRGRSRGHU8WLOL]DPHVWUDWpJLDV
TXH GLVIDUoDP FRP KDELOLGDGH D QDWXUH]D PDQLSXODGRUD 7DLV WLSRV SRU H[HPSOR FRVWXPDP
H[LELUDVXDIUDTXH]DHIDOWDGHSRGHUFRPRXPDHVSpFLHGHYLUWXGHPRUDO0DVDYHUGDGHLUD
LPSRWrQFLDVHPTXHKDMDXPPRWLYRGHLQWHUHVVHSHVVRDOQmRGLYXOJDDVXDSUySULDIUDTXH]D
SDUDFRQTXLVWDUUHVSHLWRRXVLPSDWLD$ODUGHDUDSUySULDIUDTXH]DHQDYHUGDGHXPDHVWUDWpJLD
PXLWRHILFD]VXWLOHIUDXGXOHQWDQRMRJRGHSRGHU YHU/HLD7iWLFDGD5HQGLomR 2XWUD
HVWUDWpJLDGDTXHOHTXHVHGL]IRUDGRMRJRpDGHH[LJLULJXDOGDGHHPWRGDVDViUHDVGDYLGD
7RGRV7KLV GRFXPHQW KDV EHHQ FUHDWHG ZLWK D '(02 YHUVLRQ RI 3') &UHDWH &RQYHUW
KWWSZZZHTXLQR[VRIWZDUHFRPSURGXFWVSGIBFUHDWHBFRQYHUWKWPO

7RUHPRYHWKLVPHVVDJHSOHDVHUHJLVWHU

WrP GH VHU WUDWDGRV LJXDOPHQWH VHMD TXDO IRU R VHX VWDWXV RX IRUoD 0DV VH SDUD HYLWDU R
HVWLJPDGRSRGHUYRFr

TXLVHUWUDWDUWRGRVFRPLJXDOGDGHHMXVWLoDYDLVHGHIURQWDUFRPRSUREOHPDGHTXHDOJXPDV
SHVVRDVID]HPFHUWDVFRLVDVPHOKRUGRTXHRXWUDV7UDWDUDWRGRVLJXDOPHQWHVLJQLILFDLJQRUDU
DV VXDV GLIHUHQoDV HOHYDU R SDWDPDU GRV PHQRV FDSD]HV H UHEDL[DU R GDTXHOHV TXH VH
VREUHVVDHP0DLVXPDYH]PXLWRVGRVTXHVHFRPSRUWDPDVVLPHVWmRQDYHUGDGHXVDQGRXPD
RXWUD HVWUDWpJLD GH SRGHU UHGLVWULEXLQGR RV SUrPLRV GD PDQHLUD FRPR HOHV SUySULRV
GHWHUPLQDP
8PDRXWUDIRUPDDLQGDGHHYLWDURMRJRVHULDDWRWDOKRQHVWLGDGHHIUDQTXH]DYLVWRTXHXPD
GDVSULQFLSDLVWpFQLFDVGRVTXHEXVFDPRSRGHUpDIUDXGHHRVLJLOR0DVDWRWDOKRQHVWLGDGH
DFDED LQHYLWDYHOPHQWH SRU PDJRDU H RIHQGHU XP JUDQGH Q~PHUR GH SHVVRDV H DOJXPDV YmR
TXHUHU SDJDU QD PHVPD PRHGD 1LQJXpP YHUi D VXD GHFODUDomR KRQHVWD FRPR WRWDOPHQWH
REMHWLYDHOLYUHGHDOJXPDPRWLYDomRSHVVRDO(HVWDUmRFHUWRVQDYHUGDGHDKRQHVWLGDGHp
XPDHVWUDWpJLDGHSRGHUFXMDLQWHQomRpFRQYHQFHURVRXWURVGHTXHVHWHPXPFDUiWHUQREUH
ERP H DOWUXtVWD ( XPD IRUPD GH SHUVXDVmR DWp XPD IRUPD VXWLO GH FRDJLU DV SHVVRDV
)LQDOPHQWH RV TXH DOHJDP QmR VHUHP MRJDGRUHV DIHWDP XP DU GH LQJHQXLGDGH SDUD VH
SURWHJHUHPGDDFXVDomRGHTXHHVWmRDWUiVGRSRGHU0DLVXPDYH]FXLGDGRSRLVDDSDUrQFLD
GHLQJHQXLGDGHSRGHVHUXPPHLRHILFD]GHHQJDQDURVRXWURV YHU/HL3DUHoDPDLVERER
GR TXH R QRUPDO  ( DWp D LQJHQXLGDGH DXWrQWLFD QmR HVWi OLYUH GDV DUPDGLOKDV GH SRGHU$V
FULDQoDVSRGHPVHUPXLWRLQJrQXDVPDVFRPIUHTrQFLDDJHPSRUXPDQHFHVVLGDGHEiVLFDGH
FRQWURODU RV TXH HVWmR DR VHX UHGRU (ODV VRIUHP PXLWR VHQWLQGRVH LPSRWHQWHV QR PXQGR
DGXOWR H XVDP RV PHLRV GLVSRQtYHLV SDUD FRQVHJXLU R TXH TXHUHP 3HVVRDV JHQXLQDPHQWH
LQRFHQWHVWDPEpPSRGHPHVWDUQRMRJRGRSRGHUHFRVWXPDPVHUWHUULYHOPHQWHHILFD]HVQLVVR
YLVWRTXHDUHIOH[mRQmRp

XP REVWiFXOR SDUD HODV 'H QRYR DTXHOHV TXH ID]HP DODUGH RX GmR GHPRQVWUDo}HV GH
LQRFrQFLDVmRRVPHQRVLQRFHQWHVGHWRGRV

9RFr SRGH UHFRQKHFHU HVWHV VXSRVWRV QmRMRJDGRUHV SHOD PDQHLUD FRPR RVWHQWDP VXDV
TXDOLGDGHVPRUDLVVXDSLHGDGHRVHXUDURVHQVRGHMXVWLoD0DVFRPRWRGRVQyVTXHUHPRVR
SRGHU H TXDVH WRGDV DV QRVVDV Do}HV YLVDP D REWrOR RV QmRMRJDGRUHV HVWmR VLPSOHVPHQWH
MRJDQGRDUHLDQRVQRVVRVROKRVQRVGLVWUDLQGRGHVXDVFDUWDGDVFRPVHXDUGHVXSHULRULGDGH
PRUDO 2EVHUYDQGR EHP YRFr YHUi GH IDWR TXH VmR HOHV RV PDLV KiEHLV QD PDQLSXODomR
GLVVLPXODGDPHVPRTXHDOJXQVDSUDWLTXHPVHPWHUFRQVFLrQFLDGLVVR(VHUHVVHQWHPPXLWR
GHTXDOTXHUSXEOLFLGDGHTXHVHGrjVWiWLFDVTXHXVDPWRGRVRVGLDV6HRPXQGRpFRPRXPD
JLJDQWHVFDFRUWHIUDXGXOHQWDHHVWDPRVSUHVRVQHODQmRDGLDQWDRSWDUSRUILFDUIRUDGRMRJR
,VVRVyYDLGHL[DUYRFrLPSRWHQWHHDLPSRWrQFLDYDLGHL[iORLQIHOL](PYH]GHOXWDUFRQWUDR
LQHYLWiYHO HP YH] GH ILFDU GLVFXWLQGR VH ODPHQWDQGR H FKHLR GH FXOSD p PXLWR PHOKRU
VREUHVVDLUQRSRGHU'HIDWRTXDQWRPHOKRUYRFrOLGDUFRPRSRGHUPHOKRUYRFrVHUiFRPR
SHVVRDDPLJRRXDPLJDDPDQWHPDULGRRXHVSRVD6HJXLQGRRVSDVVRVGRSHUIHLWRFRUWHVmR
YHU /HL   YRFr DSUHQGH D ID]HU RV RXWURV VH VHQWLUHP PHOKRU D UHVSHLWR GHOHV PHVPRV
WRUQDQGRVHXPDIRQWHGHSUD]HUSDUDHOHV(OHVVHWRUQDUmRGHSHQGHQWHVGHVXDVKDELOLGDGHVH
GHVHMDUmRDVXDSUHVHQoD'RPLQDQGRDVOHLVGHVWHOLYURYRFrSRXSDDRVRXWURVDGRUGH
QmRVDEHUOLGDUFRPRSRGHU²GHEULQFDUFRPRIRJRVHPVDEHUTXHHOHTXHLPD6HRMRJRGH
SRGHUpLQHYLWiYHOPHOKRUVHUXPDUWLVWDGRTXHQHJDURXDJLUGHVDVWUDGDPHQWH

3DUD DSUHQGHU R MRJR GR SRGHU p SUHFLVR YHU R PXQGR GH XPD FHUWD PDQHLUD PXGDU GH
SHUVSHFWLYDe

SUHFLVRHVIRUoRHDQRVGHSUiWLFDSRLVJUDQGHSDUWHGRMRJRWDOYH]QmRVXUMDQDWXUDOPHQWH6mR
QHFHVViULDVFHUWDVKDELOLGDGHVEiVLFDVHXPDYH]GRPLQDQGRDVYRFrVHUiFDSD]GHDSOLFDUDV
OHLVGRSRGHUFRPPDLVIDFLOLGDGH
$ PDLV LPSRUWDQWH H IXQGDPHQWR FUXFLDO GR SRGHU p D KDELOLGDGH GH GRPLQDU DV VXDV
HPRo}HV 5HDJLU HPRFLRQDOPHQWH D XPD VLWXDomR p D PDLRU EDUUHLUD DR SRGHU XP HUUR TXH
FXVWDUiDYRFrPXLWRPDLVGRTXHTXDOTXHUVDWLVIDomRWHPSRUiULDTXHSRVVDREWHUH[SUHVVDQGR
RTXHVHQWH$VHPRo}HVHPERWDPDUD]mRHVHYRFrQmRFRQVHJXHYHUFRPFODUH]DQmRSRGH
HVWDU SUHSDUDGR H UHDJLU FRP XP FHUWR FRQWUROH GD VLWXDomR$ UDLYD p D UHDomR HPRFLRQDO
PDLV GHVWUXWLYD SRLV p D TXH PDLV WXUYD VXD YLVmR 7DPEpP WHP XP HIHLWR FDVFDWD TXH
LQYDULDYHOPHQWHWRUQDDVVLWXDo}HVPHQRVFRQWUROiYHLVHDFHQWXDDGHFLVmRGRVHXLQLPLJR6H
YRFr

HVWiWHQWDQGRGHVWUXLUXPLQLPLJRTXHRPDJRRXpEHPPHOKRUGHVDUPiORILQJLQGRDPL]DGH
GRTXHPRVWUDQGRTXHHVWiFRPUDLYD

$PRU H DIHWR WDPEpP VmR SRWHQFLDOPHQWH GHVWUXLGRUHV TXDQGR QmR SHUPLWHP TXH YRFr
HQ[HUJXHRVLQWHUHVVHVTXDVHVHPSUHHJRtVWDVGDTXHOHVGHTXHPYRFrPHQRVGHVFRQILDGHHVWDU
ID]HQGRRMRJRGRSRGHU9RFrQmRSRGHUHSULPLUDUDLYDRXRDPRURXHYLWDUVHQWLUUDLYDRX
DPRUHQHPGHYHWHQWDU0DVFXLGDGRFRPD7KLVGRFXPHQWKDVEHHQFUHDWHGZLWKD'(02
YHUVLRQ RI 3') &UHDWH &RQYHUW KWWSZZZHTXLQR[
VRIWZDUHFRPSURGXFWVSGIBFUHDWHBFRQYHUWKWPO

7RUHPRYHWKLVPHVVDJHSOHDVHUHJLVWHU

PDQHLUD FRPR YRFr H[SUHVVD HVVHV VHQWLPHQWRV H R TXH p PDLV LPSRUWDQWH HOHV QmR GHYHP
MDPDLVLQIOXHQFLDUVHXVSODQRVHHVWUDWpJLDV

5HODFLRQDGD FRP R FRQWUROH GDV VXDV HPRo}HV HVWi D KDELOLGDGH SDUD VH GLVWDQFLDU GR
PRPHQWRSUHVHQWHHSHQVDUGHIRUPDREMHWLYDQRSDVVDGRHQRIXWXUR&RPR-DQXVDGLYLQGDGH
GDPLWRORJLDURPDQDFRPGXDVIDFHVHJXDUGLmGHWRGRVRVSRUW}HVHHQWUDGDVYRFrGHYHVHU
FDSD]GHROKDUHPDPEDVDVGLUHo}HVDRPHVPRWHPSRSDUDVDEHUOLGDUPHOKRUFRPRSHULJR
VHMDOiGHRQGHHOHYLHU(HVVHRURVWRTXHYRFrGHYHFULDUSDUDVLSUySULR²XPTXHROKD
VHPSUHSDUDRIXWXURHRRXWURSDUDRSDVVDGR3DUDRIXWXURROHPDp³6HPSUHDOHUWDWRGRV
RV GLDV´ 1DGD GHYH DSDQKiOR GH VXUSUHVD SRUTXH YRFr HVWi FRQVWDQWHPHQWH LPDJLQDQGR
SUREOHPDVDQWHVTXHHOHVVXUMDP(PYH]GHSHUGHUWHPSRVRQKDQGRFRPRILQDORIHOL]SDUDR
VHX SODQR YRFr GHYH FDOFXODU WRGDV DV SRVVtYHLV FRPELQDo}HV H DUPDGLOKDV TXH SRVVDP
VXUJLU4XDQWRPHOKRUDVXDYLVmRTXDQWRPDLVYRFr

SODQHMDUHWDSDVFRPDQWHFHGrQFLDPDLVSRGHURVRVHWRUQDUi

$ RXWUD IDFH GH -DQXV ROKD FRQVWDQWHPHQWH SDUD R SDVVDGR ² PDV QmR WH SDUD OHPEUDU GH
PiJRDVSDVVDGDVRXJXDUGDUUDQFRUHV,VVRVyOLPLWDULDRVHXSRGHU$SDUWHPDLVLPSRUWDQWH
GR MRJR p DSUHQGHU D HVTXHFHU HVVDV FRLVDV TXH DFRQWHFHUDP QR SDVVDGR H TXH YmR
FRQVXPLQGRDVVXDVHQHUJLDVHWXUYDQGRRVHXUDFLRFtQLR2YHUGDGHLURSURSyVLWRGRROKRTXH
HVSLD SDUD WUiV p RGH FRQVWDQWHPHQWH VH HGXFDU ² YRFr ROKD SDUD R SDVVDGR SDUD DSUHQGHU
FRPTXHPYLYHXDQWHVGHYRFr

'HSRLV WHQGR YLVWR R SDVVDGR YRFr ROKD PDLV SHUWR DV VXDV SUySULDV Do}HV H DV GRV VHXV
DPLJRV(VWDpDHVFRODPDLVLPSRUWDQWHSDUDYRFrSRUTXHVHEDVHLDQDH[SHULrQFLDSHVVRDO
9RFrFRPHoDH[DPLQDQGRRVHUURVTXHFRPHWHXQRSDVVDGRDTXHOHVTXHPDLVGRORURVDPHQWH
RLPSHGLUDPGHSURJUHGLU9RFrRVDQDOLVDGHDFRUGRFRPRVWHUPRVGDVOHLVGHSRGHUH
H[WUDL GDt XPD OLomR H XP MXUDPHQWR ³1XQFD PDLV FRPHWR HVVH HUUR QmR FDLR PDLV QHVVD
DUDSXFD´ 6H YRFr IRU FDSD] GH VH DYDOLDU H REVHUYDU DVVLP YDL DSUHQGHU D URPSHU FRP RV
PRGHORV GR SDVVDGR ² XPD KDELOLGDGH GH HQRUPH YDORU 2 SRGHU UHTXHU D FDSDFLGDGH GH
MRJDUFRPDVDSDUrQFLDV&RPHVWHREMHWLYRYRFrWHPGHDSUHQGHUDXVDUPXLWDVPiVFDUDVH
WHU XPD FDUWROD FKHLD GH WUXTXHV$ IUDXGH H R GLVIDUFH QmR GHYHP VHU YLVWRV FRPR IHLRV H
LPRUDLV 7RGDV DV LQWHUDo}HV KXPDQDV H[LJHP TXH VH WUDSDFHLH HP PXLWRV QtYHLV H GH FHUWD
IRUPDRTXHGLVWLQJXHRVKXPDQRVGRVDQLPDLVpDQRVVDFDSDFLGDGHGHPHQWLUHHQJDQDU1RV
PLWRVJUHJRVQRFLFORGR0DKDEKDUDWDLQGLDQRQRpSLFRGH*LOJDPHVKGR2ULHQWH0pGLRDV
DUWHVLOXVyULDVVmRSULYLOpJLRGRVGHXVHVXPJUDQGHKRPHP8OLVVHVSRUH[HPSORHUDMXOJDGR
SRUVXDFDSDFLGDGHGHULYDOL]DUFRPDDVW~FLDGRVGHXVHVURXEDQGRSDUWHGRVHXSRGHUGLYLQR
TXDQGR D HOHV VH LJXDODYD QD HVSHUWH]D H QD WUDSDoD$ IUDXGH p XPD DUWH TXH D FLYLOL]DomR
GHVHQYROYHXHDDUPDPDLVSRWHQWHQRMRJRGRSRGHU9RFrQmRFRQVHJXHWUDSDFHDUEHPVHQmR
VHGLVWDQFLDUXPSRXFRGHVLSUySULR²VHQmRSXGHUVHUPXLWDVSHVVRDVGLIHUHQWHVYHVWLQGRD
PiVFDUDTXHRGLDHRPRPHQWRH[LJHP&RPHVVDDERUGDJHPIOH[tYHODWRGDVDVDSDUrQFLDV
LQFOXVLYHDVXDYRFrSHUGHPXLWRGRSHVRLQWHUQRTXHPDQWpPDVSHVVRDVSUHVDVDRFKmR)DoD
FRPTXHVHXURVWRVHMDWmRPDOHiYHOTXDQWRRGHXPDWRUWUDEDOKHSDUDHVFRQGHUGRVRXWURVDV
VXDVLQWHQo}HVSUDWLTXHDWUDLUDVSHVVRDVSDUDDUPDGLOKDV-RJDUFRPDVDSDUrQFLDVHGRPLQDU
D DUWH GD LOXVmR VmR XP GRV SUD]HUHV HVWpWLFRV GD YLGD 6mR WDPEpP RV FRPSRQHQWHVFKDYH
SDUDFRQTXLVWDURSRGHU6HDIUDXGHpDDUPDPDLVSRWHQWHGRVHXDUVHQDOHQWmRDSDFLrQFLD
HPWXGRpRVHXPDLRUHVFXGR(ODLPSHGLUiTXHYRFrFRPHWDEXUULFHV&RPRRFRQWUROHGDV
VXDVHPRo}HVDSDFLrQFLDpXPDDUWH²HODQmRVXUJHQDWXUDOPHQWH0DVQDGDTXDQGRVHWUDWD
GH SRGHU p QDWXUDO SRGHU p D FRLVD PDLV GLYLQD QR PXQGR QDWXUDO ( SDFLrQFLD p D VXSUHPD
YLUWXGHGRVGHXVHVTXHQDGDSRVVXHPDQmRVHUWHPSR7XGRGHERPDFRQWHFHUi²DJUDPD
FUHVFHUiGHQRYRVHYRFrOKHGHUWHPSRHSUHYHUDQWHFLSDGDPHQWHYiULDVHWDSDVQRIXWXUR$
LPSDFLrQFLDSRURXWURODGRVyID]YRFrSDUHFHUIUDFR(RSULQFLSDOHPSHFLOKRDRSRGHU

2 SRGHU p HVVHQFLDOPHQWH DPRUDO H D SULQFLSDO KDELOLGDGH D DGTXLULU p D GH YHU DV


FLUFXQVWkQFLDVHQmRREHPRXRPDO2SRGHUpXPMRJR²QXQFDpGHPDLVUHSHWLU²HQR
MRJR QmR VH MXOJDP RV DGYHUViULRV SRU VXDV LQWHQo}HV PDV SHOR HIHLWR GH VXDV Do}HV 9RFr
PHGHDHVWUDWpJLDHRSRGHUGHOHVSHORTXHSRGHYHUHVHQWLU4XDQWDVYH]HVDVLQWHQo}HVGH
DOJXpPVHUYLUDPDSHQDVSDUDSHUWXUEDUHHQJDQDU2TXHLPSRUWDVHRXWURMRJDGRUVHXDPLJR
RXULYDOWLQKDERDVLQWHQo}HVHVyHVWDYDSHQVDQGRQRVHXLQWHUHVVHVHRVHIHLWRVGDVDo}HV
GHOH OHYDUDP D WDQWD UXtQD H FRQIXVmR" e QDWXUDO TXH DV SHVVRDV GLVIDUFHP VXDV Do}HV FRP
WRGRVRVWLSRVGHMXVWLILFDWLYDVDOHJDQGRVHPSUHWHUHPDJLGRSRUJHQHURVLGDGH9RFrSUHFLVD
DSUHQGHU D ULU LQWHULRUPHQWH VHPSUH TXH RXYLU LVWR H MDPDLV FDLU QD DUPDGLOKD GH DYDOLDU RV
DWRVHLQWHQo}HVGHDOJXpPXVDQGRMXOJDPHQWRVPRUDLVTXHVmRQDYHUGDGHXPDGHVFXOSDSDUD
RDF~PXORGHSRGHU

7KLV GRFXPHQW KDV EHHQ FUHDWHG ZLWK D '(02 YHUVLRQ RI 3') &UHDWH &RQYHUW
KWWSZZZHTXLQR[VRIWZDUHFRPSURGXFWVSGIBFUHDWHBFRQYHUWKWPO

7RUHPRYHWKLVPHVVDJHSOHDVHUHJLVWHU
e XP MRJR 2 VHX DGYHUViULR VHQWDVH QD VXD IUHQWH$PERV FRPSRUWDPVH FRPR GDPDV RX
FDYDOKHLURVREVHUYDQGRDVUHJUDVGRMRJRHVHPOHYDUQDGDSDUDRODGRSHVVRDO9RFrMRJD
FRPDHVWUDWpJLDHREVHUYDRVPRYLPHQWRVGRVHXDGYHUViULRFRPWRGDDFDOPDSRVVtYHO1R
ILQDOYRFrDSUHFLDDHGXFDomRGHTXHPHVWi

MRJDQGR FRP PDLV GR TXH ERDV LQWHQo}HV 7UHLQH R VHX ROKR SDUD DFRPSDQKDU RV UHVXOWDGRV
GRVPRYLPHQWRVGHOHDVFLUFXQVWkQFLDVH[WHUQDVHQmRVHGLVWUDLDFRPPDLVQDGD

0HWDGHGRVHXFRQWUROHGRSRGHUYHPGRTXHYRFrQmRID]GRTXHYRFrQmRVHSHUPLWHVHU
DUUDVWDGRDID]HU3DUDLVVRYRFrGHYHDSUHQGHUDMXOJDUWRGDVDVFRLVDVSHORSUHoRTXHWHUi
TXHSDJDUSRUHODV&RPR1LHW]VFKHHVFUHYHX³RYDORUGHXPDFRLVDjVYH]HVQmRHVWiQRTXH
VHFRQVHJXHFRPHODPDVQRTXHVHSDJDSRUHOD²RTXHHODQRVFXVWD´7DOYH]YRFrDOFDQFH
RVHXREMHWLYRHXPREMHWLYRGLJQRGHVHUDOFDQoDGRPDVDTXHSUHoR"8VHHVWHFULWpULRSDUD
WXGR LQFOXVLYH SDUD VDEHU VH GHYH FRODERUDU FRP RXWUDV SHVVRDV RX FRUUHU HP VHX DX[tOLR
$ILQDO D YLGD p FXUWD DV RSRUWXQLGDGHV VmR SRXFDV H D VXD HQHUJLD WHP OLPLWH ( QHVWH
VHQWLGRRWHPSRpWmRLPSRUWDQWHTXDQWRTXDOTXHURXWURIDWRU1mRGHVSHUGLFHWHPSRYDOLRVR
RXSD]GHHVStULWRFRPDVVXQWRVDOKHLRV²RSUHoRpPXLWRDOWR

2SRGHUpXPMRJRVRFLDO3DUDDSUHQGHUDGRPLQiORYRFrGHYHGHVHQYROYHUDFDSDFLGDGHGH
HVWXGDU H FRPSUHHQGHU DV SHVVRDV &RPR HVFUHYHX R JUDQGH SHQVDGRU H FRUWHVmR GR VpFXOR
;9,,%DOWDVDU*UDFLiQ

³0XLWD JHQWH JDVWD R VHX WHPSR HVWXGDQGR DV SURSULHGDGHV GRV DQLPDLV H GDV HUYDV PXLWR
PDLV LPSRUWDQWH VHULD HVWXGDU DV FDUDFWHUtVWLFDV GDV SHVVRDV FRP TXHP WHPRV GH YLYHU H
PRUUHU´3DUDVHUXPPHVWUHQRMRJRYRFr

GHYH VHU WDPEpP XP PHVWUH QD SVLFRORJLD 'HYH UHFRQKHFHU DV PRWLYDo}HV H YHU DWUDYpV GD
QXYHPGHSRHLUDFRPTXHDVSHVVRDVFHUFDPVXDVDo}HV&RPSUHHQGHURVPRWLYRVRFXOWRVGDV
SHVVRDV p R PDLRU FRQKHFLPHQWR GH TXH VH SUHFLVD SDUD FRQTXLVWDU R SRGHU ( R TXH DEUH
SRVVLELOLGDGHVVHPILPGHORJURVHGXomRHPDQLSXODomR

$VSHVVRDVVmRGHXPDFRPSOH[LGDGHLQILQLWDHYRFrSRGHSDVVDUDYLGDLQWHLUDREVHUYDQGRDV
VHPQXQFDFKHJDUDHQWHQGrODV3RUWDQWRpLPSRUWDQWtVVLPRFRPHoDUDDSUHQGHUDJRUDPHVPR
(DRID]HULVVRYRFr

WDPEpP WHP GH WHU HP PHQWH XP SULQFtSLR -DPDLV GLVFULPLQH TXHP YRFr HVWXGD H HP TXHP
YRFrFRQILD-DPDLVFRQILHWRWDOPHQWHHPDOJXpPHHVWXGHWRGRVLQFOXVLYHDPLJRVHSHVVRDV
TXHULGDV)LQDOPHQWHYRFrSUHFLVDDSUHQGHUVHPSUHDSHJDURFDPLQKRLQGLUHWRSDUDFKHJDU
DRSRGHU'LVIDUFHDVXDDVW~FLD&RPRXPDERODGHELOKDUTXHULFRFKHWHLDYiULDVYH]HVDQWHV
GHDFHUWDURDOYRVHXVPRYLPHQWRVGHYHPVHUSODQHMDGRVHGHVHQYROYLGRVGDPDQHLUDPHQRV
yEYLDSRVVtYHO7UHLQDQGRSDUDVHUGLVVLPXODGRYRFrSURVSHUDQDFRUWHPRGHUQDDSDUHQWDQGR
VHUXPPRGHORGHGHFrQFLDHQTXDQWRHVWiVHQGRXPFRQVXPDGRPDQLSXODGRU&RQVLGHUH$V
OHLVGRSRGHUFRPRXPDHVSpFLHGHPDQXDOGDVDUWHVGDGLVVLPXODomR$VOHLVEDVHLDPVHQRV
HVFULWRV GH KRPHQV H PXOKHUHV TXH HVWXGDUDP H GRPLQDUDP R MRJR GR SRGHU (VWHV WH[WRV
FREUHPXPSHUtRGRGHPDLVGHPLODQRVHIRUDPFULDGRVHPFLYLOL]Do}HVWmRGtVSDUHVTXDQWRD
DQWLJD&KLQDHD,WiOLDUHQDVFHQWLVWDHQRHQWDQWRHODVFRPSDUWLOKDPILRVHPHDGDVVXJHULQGR
HPFRQMXQWRXPDHVVrQFLDGHSRGHUTXHDLQGDWHPGHVHUSOHQDPHQWHIRUPXODGD$VOHLVGR
SRGHU VmR XPD GHVWLODomR GHVWD VDEHGRULD DFXPXODGD UHXQLGD QRV HVFULWRV GRV PDLV LOXVWUHV
HVWUDWHJLVWDV 6XQ7]X&ODXVHZLW] HVWDGLVWDV %LVPDUFN7DOOH\UDQG FRUWHVmRV &DVWLJOLRQH
*UDFLiQ  VHGXWRUHV 1LQRQ GH /HQFORV &DVDQRYD  H FKDUODW}HV ³<HOORZ .LG´ :HLO  GD
KLVWyULD

$V OHLV SRVVXHP XPD SUHPLVVD VLPSOHV &HUWDV Do}HV TXDVH VHPSUH DXPHQWDP R SRGHU GH
DOJXpP RFXPSULPHQWRGDOHL HQTXDQWRRXWUDVRGLPLQXHPHDWpRVDUUXLQDP RGHVUHVSHLWRj
OHL  (VWDV WUDQVJUHVV}HV H REHGLrQFLDV VmR LOXVWUDGDV FRP H[HPSORV KLVWyULFRV$V OHLV VmR
HWHUQDVHGHILQLWLYDV$VOHLVGRSRGHUSRGHPVHUXVDGDVGHYiULDVPDQHLUDV/HQGRROLYUR
GRSULQFtSLRDRILPYRFr

DSUHQGHUiVREUHRSRGHUHPJHUDO(PERUDYiULDVOHLVSRVVDPQmRSDUHFHUGLUHWDPHQWHOLJDGDV
j VXD YLGD FRP R WHPSR YRFr SURYDYHOPHQWH GHVFREULUi TXH WRGDV WrP DOJXPD DSOLFDomR H
TXHGHIDWRHODVHVWmRLQWHUUHODFLRQDGDV&RPXPDYLVmRJHUDOGRDVVXQWRYRFrVHUiFDSD]GH
DYDOLDUPHOKRUDVVXDVSUySULDVDo}HVQRSDVVDGRHDOFDQoDUXPJUDXPDLRUGHFRQWUROHVREUH
VHXV SUREOHPDV LPHGLDWRV$ OHLWXUD FRPSOHWD GR OLYUR YDL FRQWLQXDU OKH LQVSLUDQGR LGpLDV H
UHDYDOLDo}HVGXUDQWHPXLWRWHPSRDLQGD2OLYURWDPEpPIRLSURMHWDGRSDUDFRQVXOWDVHH[DPH
GDOHLTXHQRPRPHQWROKHSDUHFHUPDLVSHUWLQHQWHDRVHXFDVR'LJDPRVTXHYRFrHVWHMDWHQGR
SUREOHPDVFRPXPVXSHULRUHQmRFRQVLJDHQWHQGHUSRUTXHVHXVHVIRUoRVQmRUHVXOWDUDPQXP
VHQWLPHQWR PDLRU GH JUDWLGmR RX QXPD SURPRomR 9iULDV OHLV WUDWDP HVSHFLILFDPHQWH GR
UHODFLRQDPHQWR HQWUH R FKHIH H R VXEDOWHUQR H p TXDVH FHUWR YRFr HVWDU WUDQVJUHGLQGR XPD
GHODV

7KLV GRFXPHQW KDV EHHQ FUHDWHG ZLWK D '(02 YHUVLRQ RI 3') &UHDWH &RQYHUW
KWWSZZZHTXLQR[VRIWZDUHFRPSURGXFWVSGIBFUHDWHBFRQYHUWKWPO

7RUHPRYHWKLVPHVVDJHSOHDVHUHJLVWHU

)ROKHDQGR RV SDUiJUDIRV LQLFLDLV VREUH DV  OHLV QR VXPiULR YRFr LGHQWLILFDUi D OHL
SHUWLQHQWH 3RU ILP R OLYUR SRGH VHU IROKHDGR H OLGR DR DFDVR FRPR GLYHUVmR FRPR XP
SDVVHLR DJUDGiYHO SRU HQWUH DV IUDTXH]DV H JUDQGHV IHLWRV GH QRVVRV DQWHSDVVDGRV QR SRGHU
8P DYLVR HQWUHWDQWR DRV TXH XVDUHP R OLYUR FRP HVWH SURSyVLWR e PHOKRU YROWDU DWUiV 2
SRGHUSRUVLVypLQILQLWDPHQWHVHGXWRUHLOXVyULReXPODELULQWR²VXDPHQWHVHFRQVXPLUiQD
VROXomRGHSUREOHPDVVHPILPHYRFrORJRSHUFHEHUiTXHHVWiDJUDGDYHOPHQWHSHUGLGR(P
RXWUDV SDODYUDV p PXLWR GLYHUWLGR OHYiOR D VpULR 1mR VHMD OHYLDQR FRP XP DVVXQWR WmR
LPSRUWDQWH2VGHXVHVGRSRGHUGHVDSURYDPDIULYROLGDGHHOHVVyVDWLVID]HPDRVTXHHVWXGDP
HUHIOHWHPHFDVWLJDPRVTXHSURFXUDPVHGLYHUWLUQDVHVSXPDVIOXWXDQWHV

³2 KRPHP TXH WHQWD VHU ERP R WHPSR WRGR HVWi IDGDGR j UXtQD HQWUH RV LQ~PHURV RXWURV
TXH QmR VmR ERQV 3RU FRQVHJXLQWH R SUtQFLSH TXH GHVHMDU PDQWHU D VXD DXWRULGDGH GHYH
DSUHQGHU D QmR VHU ERP H XVDU HVVH FRQKHFLPHQWR RX DEVWHUVH GH XViOR VHJXQGR D
QHFHVVLGDGH´235Ë1&,3(1LFRODX0DTXLDYHO
³1mRH[LVWHPSULQFtSLRVDSHQDVIDWRV1mRH[LVWHREHPHRPDODSHQDVFLUFXQVWkQFLDV2
KRPHP VXSHULRU DSyLD IDWRV H FLUFXQVWkQFLDV D ILP GH JXLDORV 6H KRXYHVVH SULQFtSLRV H
OHLVIL[DVDVQDo}HVQmRDVPXGDULDPFRPRPXGDPRVGHFDPLVDHQmRVHSRGHHVSHUDUGH
XPKRPHPTXHVHMDPDLVViELRGRTXHXPDQDomRLQWHLUD´+RQRUpGH%DO]DF

7KLV GRFXPHQW KDV EHHQ FUHDWHG ZLWK D '(02 YHUVLRQ RI 3') &UHDWH &RQYHUW
KWWSZZZHTXLQR[VRIWZDUHFRPSURGXFWVSGIBFUHDWHBFRQYHUWKWPO

7RUHPRYHWKLVPHVVDJHSOHDVHUHJLVWHU

/(,

1­22)8648(2%5,/+2'20(675(

)DoDVHPSUHTXHDVSHVVRDVDFLPDGHYRFrVHVLQWDPFRQIRUWDYHOPHQWHVXSHULRUHV4XHUHQGR
DJUDGDURXLPSUHVVLRQDUQmRH[DJHUHH[LELQGRVHXVSUySULRVWDOHQWRVRXSRGHUiFRQVHJXLUR
FRQWUiULRLQVSLUDUPHGRHLQVHJXUDQoD)DoDFRPTXHVHXVPHVWUHVSDUHoDPPDLVEULOKDQWHV
GRTXHVmRQDUHDOLGDGH7RGRVWrPDVVXDVLQVHJXUDQoDV4XDQGRYRFrVHH[S}HDRPXQGRH
PRVWUDRVVHXVWDOHQWRVpQDWXUDOTXHLVVRGHVSHUWHWRGRVRVWLSRVGHUHVVHQWLPHQWRVLQYHMDVH
RXWUDVPDQLIHVWDo}HVGHLQVHJXUDQoDeGHVHHVSHUDUTXHLVVRDFRQWHoD9RFrQmRSRGHSDVVDU
DYLGDSUHRFXSDQGRFRPRVVHQWLPHQWRVPHVTXLQKRVGRVRXWURV0DVFRPTXHPHVWi

DFLPDGHYRFrpSUHFLVRDGRWDURXWUDDERUGDJHPTXDQGRVHWUDWDGHSRGHUEULOKDUPDLVGR
TXHRPHVWUHWDOYH]VHMDRPDLRUHUUR

4XHPFRQTXLVWDXPDOWRVWDWXVQDYLGDpFRPRRVUHLVHDVUDLQKDVTXHUVHVHQWLUVHJXURQDVXD
SRVLomRHVXSHULRUDRVTXHRVFHUFDPHPLQWHOLJrQFLDSHUVSLFiFLDHFKDUPHeXPDIDOKDGH
SHUFHSomRPRUWDOSRUpPFRPXPDFUHGLWDUTXHH[LELQGRHDODUGHDQGRRVVHXVGRQVHWDOHQWRV
YRFr HVWi FRQTXLVWDQGR R DIHWR GR VHQKRU (OH SRGH ILQJLU DSUHoR PDV QD SULPHLUD
RSRUWXQLGDGH YDL VXEVWLWXLU YRFr SRU DOJXpP PHQRV EULOKDQWH DWUDHQWH H DPHDoDGRU 'XDV
UHJUDV

  p SRVVtYHO LQDGYHUWLGDPHQWH EULOKDU PDLV GR TXH R VHQKRU VHQGR VLPSOHVPHQWH YRFr
PHVPR([LVWHPVHQKRUHVTXHVmRPDLVLQVHJXURVGRTXHRXWURV$OLomRpVLPSOHVVHQmRIRU
SRVVtYHO HYLWDU VHU FKDUPRVR H VXSHULRU YRFr GHYH DSUHQGHU D HYLWDU HVVHV PRQVWURV GH
YDLGDGHeLVVRRXGHVFREULUXPMHLWRGHDSDJDUDVVXDVERDVTXDOLGDGHVTXDQGRHVWLYHUFRPR
VXSHULRU

QmRLPDJLQHTXHSRGHID]HUWXGRRTXHTXLVHUVySRUTXHRVHQKRUJRVWDGHYRFr/LYURV
LQWHLURV SRGHULDP VHU HVFULWRV VREUH IDYRULWRV TXH FDtUDP HP GHVJUDoD SRU FRQVLGHUDU
JDUDQWLGR R VHX VWDWXV SRU RXVDU EULOKDU 6DEHQGR GRV SHULJRV GH EULOKDU PDLV GR TXH R VHX
VHQKRUYRFrSRGHWLUDUYDQWDJHPGHVWDOHL3ULPHLURYRFr

SUHFLVDUHORJLDUHFRUWHMDURVHXVHQKRU$EDMXODomRH[SOtFLWDSRGHVHUHILFD]PDVWHPVHXV
OLPLWHV p SRU GHPDLV GLUHWD H yEYLD H FDXVD Pi LPSUHVVmR DRV RXWURV FRUWHVmRV &RUWHMDU
GLVFUHWDPHQWHpPXLWRPDLVHILFD]6HYRFrpPDLVLQWHOLJHQWHGRTXHVHXVHQKRUSRUH[HPSOR
DSDUHQWH R RSRVWR GHL[H TXH HOH SDUHoD PDLV LQWHOLJHQWH GR TXH YRFr 0RVWUH LQJHQXLGDGH
)DoDSDUHFHUTXHYRFrSUHFLVDUGDKDELOLGDGHGHOH&RPHWDHUURVLQRIHQVLYRVTXHQmRDIHWDUmR
YRFr D ORQJR SUD]R PDV OKH GDUmR FKDQFH GH SHGLU D VXD DMXGD 2V VHQKRUHV DGRUDP HVVDV
VROLFLWDo}HV 2 PHVWUH TXH QmR FRQVHJXH SUHVHQWHiOR FRP VXD H[SHULrQFLD SRGH GHL[DU FDLU
VREUH YRFr D VXD LUD H Pi YRQWDGH 6H D VXDV LGpLDV VmR PDLV FULDWLYDV GR TXH DV GR VHX
PHVWUHDWULEXDDVDHOHGDPDQHLUDPDLVS~EOLFDSRVVtYHO'HL[HFODURTXHVHXFRQVHOKRHVWi
VLPSOHVPHQWHUHSHWLQGRXPFRQVHOKRGHOH6HYRFrIRUPDLVHVSHUWRGRTXHVHXPHVWUHWXGR
EHPHPUHSUHVHQWDURSDSHOGHERERGDFRUWHPDVQmRRIDoDSDUHFHUIULRHPDOKXPRUDGRHP
FRPSDUDomR $SDJXH XP SRXFR R VHX VHQVR GH KXPRU VH QHFHVViULR H GHVFXEUD FRP ID]HU
SDUHFHUTXHpHOHTXHHVWiGLYHUWLQGRHDOHJUDQGRRVRXWURV

2,19(562

9RFr QmR SRGH ILFDU VH SUHRFXSDQGR HP QmR DERUUHFHU WRGDV DV SHVVRDV TXH FUX]DP R VHX
FDPLQKR PDV GHYH VHU VHOHWLYDPHQWH FUXHO 6H R VHX VXSHULRU p XPD HVWUHOD FDGHQWH QmR Ki
SHULJR QHQKXP EULOKDU PDLV GR TXH HOH 1mR WHQKD PLVHULFyUGLD ± VHX VHQKRU QmR WHYH
HVFU~SXORVQDVXDDVFHQVmRDVDQJXHIULRDWpRWRSR&DOFXOHDIRUoDGHOH6HIRUIUDFRDSUHVVH
GLVFUHWDPHQWH D VXD TXHGD VXSHUHR VHMD PDLV HQFDQWDGRU PDLV LQWHOLJHQWH GR TXH HOH QRV
PRPHQWRVFKDYH6HHOHIRUPXLWRPDLVIUDFRHHVWLYHUSUHVWHVDFDLUGHL[HDQDWXUH]DVHJXLUR
VHXFXUVR1mRDUULVTXHEULOKDUPDLVGRTXHXPVXSHULRUIUiJLO±SRGHSDUHFHUFUXHOGDGHRX
GHVSHLWR0DVVHRVHXVHQKRUHVWiILUPHQDVXDSRVLomRHYRFrVDEHTXHp

PDLVFDSD]GRTXHHOHWHQKDSDFLrQFLDHHVSHUHRPRPHQWRPDLVSURStFLR2FXUVRQDWXUDOGDV
FRLVDVpRSRGHUDFDEDUHQIUDTXHFHQGR2VHXVHQKRUFDLUiXPGLDHVHMRJDUGLUHLWRYRFrYDL
VREUHYLYHUHXPGLDEULOKDUPDLVGRTXHHOH

³(YLWHEULOKDUPDLVGRTXHRVHXVHQKRU7RGDVXSHULRULGDGHpRGLRVDPDVDVXSHULRULGDGH
GHXPV~GLWRFRPUHODomRDRVHXSUtQFLSHQmRVypHVW~SLGDFRPRIDWDO´

%DOWDVDU*UDFLiQ

7KLV GRFXPHQW KDV EHHQ FUHDWHG ZLWK D '(02 YHUVLRQ RI 3') &UHDWH &RQYHUW
KWWSZZZHTXLQR[VRIWZDUHFRPSURGXFWVSGIBFUHDWHBFRQYHUWKWPO

7RUHPRYHWKLVPHVVDJHSOHDVHUHJLVWHU

/(,

1­2&21),('(0$,6126$0,*26$35(1'$$86$526,1,0,*26

&DXWHOD FRP RV DPLJRV  HOHV R WUDLUmR PDLV UDSLGDPHQWH SRLV VmR FRP PDLV IDFLOLGDGH
OHYDGRVjLQYHMD(OHVWDPEpPVHWRUQDPPLPDQGRVHWLUkQLFRV0DVFRQWUDWHXPH[LQLPLJRH
HOHOKHVHUiPDLVILHOGRTXHXPDPLJRSRUTXHWHPPDLVDSURYDU'HIDWRYRFrWHPPDLVR
TXHWHPHUSRUSDUWHGRVDPLJRVGRTXHGRVLQLPLJRV6HYRFrQmRWHPLQLPLJRVGHVFXEUDXP
MHLWRGHWrORV

1LQJXpPDFUHGLWDTXHXPDPLJRSRVVDWUDLU

$PLJRVVmRFRPRRVGHQWHVHDPDQGtEXODGHXPDQLPDOSHULJRVRVHYRFrQmRWRPDFXLGDGR
HOHVDFDEDPPDVWLJDQGRYRFr

eQDWXUDOTXHUHUHPSUHJDURVDPLJRVTXDQGRYRFrPHVPRHVWiSDVVDQGRSRUGLILFXOGDGHV2
PXQGRpiULGRHRVDPLJRVRVXDYL]D$OpPGRPDLVYRFrRVFRQKHFH3RUTXHGHSHQGHUGHXP
HVWUDQKRTXDQGRVHWHPXPDPLJRjPmR"

2 SUREOHPD p TXH QHP VHPSUH VH FRQKHFH RV DPLJRV WmR EHP TXDQGR VH LPDJLQD (OHV
FRVWXPDP FRQFRUGDU SDUD HYLWDU GLVFXVV}HV GLVIDUoDP VXDV TXDOLGDGHV GHVDJUDGiYHLV SDUD
QmR VH RIHQGHUHP PXWXDPHQWH$FKDP JUDoD GHPDLV QDV SLDGDV XQV GRV RXWURV 9LVWR TXH D
KRQHVWLGDGHUDUDPHQWHUHIRUoDDDPL]DGH9RFrWDOYH]MDPDLVVDLEDRTXHXPDPLJRUHDOPHQWH
VHQWH (OHV GLUmR TXH JRVWDP GH SRHVLD DGRUDP D P~VLFD LQMHYDP R VHX ERP JRVWR SDUD VH
YHVWLU±WDOYH]HVWHMDPVHQGRVLQFHURVFRPIUHTrQFLDQmRHVWmR

4XDQGRYRFrGHFLGHFRQWUDWDUXPDPLJRDRVSRXFRVYDLGHVFREULQGRDVTXDOLGDGHVTXHHOH
RXHODHVWDYDHVFRQGHQGR&XULRVDPHQWHpRVHXDWRGHERQGDGHTXHGHVHTXLOLEUDWXGR$V
SHVVRDVTXHUHPVHQWLUTXHPHUHFHPDVRUWHTXHHVWmRWHQGR2UHFLERSRUXPIDYRUSRGHVHU
RSUHVVLYRVLJQLILFDTXHYRFrIRLHVFROKLGRSRUTXHpXPDPLJRQmRQHFHVVDULDPHQWHSRUTXH
PHUHFH([LVWHTXDVHXPDWRGHFRQGHQVFHQGrQFLDQRDWRGHFRQWUDWDURVDPLJRVTXHQRtQWLPR
RVDIOLJH2GDQRYDLVXUJLQGROHQWDPHQWHXPSRXFRPDLVGHKRQHVWLGDGHODPSHMRVGHLQYHMD
HUHVVHQWLPHQWRDTXLHDOLHDQWHVTXHYRFrSHUFHEDDDPL]DGHVHIRL4XDQWRPDLVIDYRUHVH
SUHVHQWHVYRFrGLVWULEXLUSDUDUHDYLYDUDDPL]DGHPHQRVJUDWLGmRUHFHEHUiHPWURFR

$LQJUDWLGmRWHPXPDORQJDHSURIXQGDKLVWyULD(ODWHPGHPRQVWUDGRVHXVSRGHUHVKiWDQWRV
VpFXORVTXHp

UHDOPHQWHLQWHUHVVDQWHTXHDVSHVVRDVFRQWLQXHPVXEHVWLPDQGRRV0HOKRUSUHVWDUDWHQomR6H
YRFrQXQFDHVSHUDJUDWLGmRGHXPDPLJRYDLWHUXPDDJUDGiYHOVXUSUHVDTXDQGRHOHVVHPRV
WUDUHPDJUDGHFLGRV2SUREOHPDGHXVDURXFRQWUDWDUDPLJRVpTXHLVVRLQHYLWDYHOPHQWHOLPL
WDUiRVHXSRGHUeUDURRDPLJRVHUDSHVVRDPDLVFDSD]GHDMXGDUYRFrHDILQDOFDSDFLGDGH
HFRPSHWrQFLDVmRPXLWRPDLVLPSRUWDQWHVGRTXHVHQWLPHQWRVGHDPL]DGH

7RGDV DV VLWXDo}HV GH WUDEDOKR H[LJHP XPD FHUWD GLVWkQFLD HQWUH DV SHV VRDV 9RFr HVWi
WHQWDQGRWUDEDOKDUQmRID]HUDPLJRVDDPL]DGH UHDORXIDOVD VyREVFXUHFHHVVHIDWR$FKDYH
GR SRGHU SRUWDQWR p D FDSDFLGDGH GH MXOJDU TXHP p R PDLV FDSD] GH IDYRUHFHU RV VHXV
LQWHUHVVHV HP WRGDV DV VLWXDo}HV *XDUGH RV DPLJRV SDUD D DPL]DGH PDV SDUD R WUDEDOKR
SUHILUDRVFDSD]HVHFRPSHWHQWHV

6HXV LQLPLJRV SRU RXWUR ODGR VmR XPD PLQD GH RXUR HVFRQGLGD TXH YRFr GHYH DSUHQGHU D
H[SORUDU&RPRGLVVH/LQFROQYRFrGHVWUyLXPLQLPLJRTXDQGRID]GHOHXPDPLJR

6HP LQLPLJRV D QRVVD YROWD ILFDUtDPRV SUHJXLoRVRV 8P LQLPLJR QRV FDOFDQKDUHV DJXoD D
QRVVD SHUFHSomR QRV PDQWpP FRQFHQWUDGRV H DOHUWDV ¬V YH]HV HQWmR p PHOKRU XVDU RV
LQLPLJRVFRPRLQLPLJRVPHVPRHPYH]GHWUDQVIRUPiORVHPDPLJRVRXDOLDGRV

8PLQLPLJRQLWLGDPHQWHGHILQLGRpXPDUJXPHQWRPXLWRPDLVIRUWHDVHXIDYRUGRTXHWRGDVDV
SDODYUDVTXHYRFr

FRQVHJXLUXVDU

-DPDLVGHL[HTXHDSUHVHQoDGHLQLPLJRVRSHUWXUEHRXDIOLMDYRFrHVWiPXLWRPHOKRUFRPXP
RXGRLVDGYHUViULRVGHFODUDGRVGRTXHTXDQGRQmRVDEHTXHPpRVHXYHUGDGHLURLQLPLJR2
KRPHPGHSRGHUDFHLWDRFRQIOLWRXVDQGRRLQLPLJRSDUDPHOKRUDUDVXDUHSXWDomRFRPRXP
OXWDGRUVHJXURHPTXHPVHSRGHFRQILDUHPpSRFDVLQFHUWDV2,19(562

(PERUD HP JHUDO VHMD PHOKRU QmR PLVWXUDU WUDEDOKR FRP DPL]DGH Ki PRPHQWRV HP TXH XP
DPLJR SRGH VHU PDLV HILFD] GR TXH XP LQLPLJR 8P KRPHP GH SRGHU SRU H[HPSOR
IUHTHQWHPHQWHSUHFLVDID]HUXPWUDEDOKRVXMRPDVSDUDVDOYDUDVDSDUrQFLDVpPHOKRUGHL[DU
TXH RXWURV IDoDP LVVR SRU HOH RV DPLJRV VmR RV PHOKRUHV YLVWR HVWDUHP GLVSRVWRV D VH
DUULVFDU SHOR DIHWR TXH VHQWHP SRU HOH $OpP GLVVR VH RV VHXV SODQRV JRUDUHP SRU DOJXP
PRWLYR R DPLJR p XP ERGH H[SLDWyULR PXLWR FRQYHQLHQWH (VWD ³TXHGD GR IDYRULWR´ HUD XP
WUXTXHXVDGRFRPIUHTrQFLDSRUUHLVHVREHUDQRVHOHVGHL[DYDPTXHRVHXPHOKRUDPLJRQD
FRUWHDVVXPLVVHDUHVSRQVDELOLGDGHSRUXPHUURYLVWRTXHRS~EOLFRQmRDFUHGLWDULDTXHHOHV
GHOLEHUD GDPHQWH VDFULILFDVVHP XP DPLJR FRP HVVH SURSyVLWR ( FODUR TXH GHSRLV GH ID]HU
HVVDMRJDGDYRFr

SHUGHX R VHX DPLJR SDUD VHPSUH ( PHOKRU SRU WDQWR UHVHUYDU R SDSHO GH ERGH H[SLDWyULR
SDUDDOJXpPFKHJDGRDYRFrPDVQmRPXLWR

7KLV GRFXPHQW KDV EHHQ FUHDWHG ZLWK D '(02 YHUVLRQ RI 3') &UHDWH &RQYHUW
KWWSZZZHTXLQR[VRIWZDUHFRPSURGXFWVSGIBFUHDWHBFRQYHUWKWPO

7RUHPRYHWKLVPHVVDJHSOHDVHUHJLVWHU

)LQDOPHQWHRSUREOHPDGHWUDEDOKDUFRPDPLJRVpTXHLVVRFRQIXQGHRVOLPLWHVHDVGLVWkQFLDV
TXH R WUDEDOKR H[LJH 0DV VH DPERV RV SDUFHLURV QR DUUDQMR FRPSUHHQGHP RV SHULJRV
HQYROYLGRV XP DPLJR SRGH VHU PXLWR HILFD] 9RFr QmR GHYH MDPDLV EDL[DU D JXDUGD QHVVD
DYHQWXUDHQWUHWDQWRILTXHVHPSUHDWHQWRDTXDOTXHUVLQDOGHSHUWXUEDomRHPRFLRQDOWDOFRPR
LQYHMD H LQJUDWLGmR 1DGD p HVWiYHO QR UHLQR GR SRGHU H PHVPR RV DPLJRV PDLV FKHJDGRV
SRGHPVHWUDQVIRUPDUQRVSLRUHVLQLPLJRV

³2VKRPHQVDSUHVVDPVHPDLVDUHWULEXLUXPGDQRGRTXHXPEHQHItFLRSRUTXHDJUDWLGmR
pXPSHVRHDYLQJDQoDXPSUD]HU´

7iFLWR

³0XLWD JHQWH SHQVD TXH XP SUtQFLSH ViELR GHYHULD WHQGR RSRUWXQLGDGH LQFHQWLYDU
DVWXFLRVDPHQWH XPD LQLPL]DGH XPD LQLPL]DGH GH IRUPD TXH DR HOLPLQDOD HOH SRVVD
DXPHQWDU D VXD JUDQGH]D 2V SUtQFLSHV HVSHFLDOPHQWH RV QRYRV HQFRQWUDUDP PDLV Ip H
XWLOLGDGH QDTXHOHV KRPHQV D TXHP QR LQtFLR GR VHX SRGHU YLDP FRP VXVSHLWD GR TXH
QDTXHOHVHPTXHPFRPHoDUDPFRQILDQGR´

1LFRODX0DTXLDYHO

³6DLEDWLUDUYDQWDJHPGRVLQLPLJRV9RFrSUHFLVDDSUHQGHUTXHQmRpSHODOkPLQDTXHVH
VHJXUD D HVSDGD PDV SHOR SXQKR SDUD SRGHU VH GHIHQGHU 2 ViELR OXFUD PDLV FRP VHXV
LQLPLJRVGRTXHRWRORFRPVHXVDPLJRV´

%DOWDVDU*UDFLiQ

7KLV GRFXPHQW KDV EHHQ FUHDWHG ZLWK D '(02 YHUVLRQ RI 3') &UHDWH &RQYHUW
KWWSZZZHTXLQR[VRIWZDUHFRPSURGXFWVSGIBFUHDWHBFRQYHUWKWPO

7RUHPRYHWKLVPHVVDJHSOHDVHUHJLVWHU

/(,

2&8/7(68$6,17(1d®(6

0DQWHQKDDVSHVVRDVQDG~YLGDHQRHVFXURMDPDLVUHYHODQGRRSURSyVLWRGHVHXVDWRV1mR
VDEHQGRRTXHYRFrSUHWHQGHQmRSRGHPSUHSDUDUXPDGHIHVD/HYHDVSHORFDPLQKRHUUDGR
DWpEHPORQJHHQYROYDDVHPEDVWDQWHIXPDoDHTXDQGRHODVSHUFHEHUHPDVVXDVLQWHQo}HV
VHUiWDUGHGHPDLV

3DUWH,8VHREMHWRVGHGHVHMRHSLVWDVIDOVDVSDUDHQJDQDURVRXWURV

6H HP DOJXP PRPHQWR GD VXD IUDXGH DV SHVVRDV WLYHUHP D PDLV OHYH GHVFRQILDQoD TXDQWR D
VXDVLQWHQo}HVHVWDUi

WXGRSHUGLGR1mROKHVGrRSRUWXQLGDGHGHSHUFHEHURTXHYRFrSUHWHQGHGLVIDUFHFRORFDQGR
SLVWDVIDOVDVSHORFDPLQKR8VHDIDOVDVLQFHULGDGHHQYLHVLQDLVDPEtJXRVLQYHQWHREMHWRVGH
GHVHMRGHVRULHQWDGRUHV,QFDSD]HVGHGLVWLQJXLURIDOVRGRYHUGDGHLURHODVQmRSRGHPYHUR
VHXREMHWLYRUHDO

$VSHVVRDVQDVXDPDLRULDVmRFRPRXPOLYURDEHUWR(ODVGL]HPRTXHVHQWHPQmRSHUGHP
RSRUWXQLGDGHGHGHL[DUHVFDSDURSLQL}HVHFRQVWDQWHPHQWHUHYHODPVHXVSODQRVHLQWHQo}HV
(ODVID]HPLVVRSRUYiULRVPRWLYRV3ULPHLURp

IiFLOHQDWXUDOTXHUHUVHPSUHIDODUGRVSUySULRVVHQWLPHQWRVHSODQRVSDUDRIXWXUReGLItFLO
FRQWURODUDOtQJXDHPRQLWRUDURTXHVHUHYHOD6HJXQGRPXLWRVDFUHGLWDPTXHVHQGRKRQHVWRV
HIUDQFRVHVWmRFRQTXLVWDQGRRFRUDomRGDVSHVVRDVHPRVWUDQGRDVXDERDtQGROH(OHVHVWmR
LPHQVDPHQWHLOXGLGRV$KRQHVWLGDGHpQDYHUGDGHXPDIDFDVHPILRPDLVVDQJUDGRTXHFRUWD
$VXDKRQHVWLGDGHSURYDYHOPHQWHYDLRIHQGHURVRXWURVpPXLWRPDLVSUXGHQWHPHGLUDVVXDV
SDODYUDVGL]HUjVSHVVRDVRTXHHODVTXHUHPRXYLUHPYH]GDYHUGDGHQXDHFUXDTXHpRTXH
YRFr VHQWH RX SHQVD 0DLV LPSRUWDQWH VHQGR GHVSXGRUDGDPHQWH IUDQFR YRFr VH WRUQD WmR
SUHYLVtYHOHIDPLOLDUTXHpTXDVHLPSRVVtYHOLQVSLUDUUHVSHLWRRXWHPRUHDSHVVRDTXHQmR
GHVSHUWDHVVHVVHQWLPHQWRVQmRDFXPXODSRGHU6HYRFrGHVHMDSRGHUSRQKDLPHGLDWDPHQWHD
KRQHVWLGDGHGHODGRHFRPHFHDWUHLQDUDDUWHGHGLVVLPXODUVXDVLQWHQo}HV'RPLQHDDUWHH
YRFrSUHYDOHFHUiVHPSUH(OHPHQWDUSDUDDKDELOLGDGHGHRFXOWDUDVSUySULDVLQWHQo}HVpXPD
VLPSOHVYHUGDGHVREUHDQDWXUH]DKXPDQDQRVVRSULPHLURLQVWLQWRpVHPSUHRGHFRQILDUQDV
DSDUrQFLDV 1mR SRGHPRV VDLU SRU Dt GXYLGDQGR GD UHDOLGDGH GR TXH YHPRV H RXYLPRV ²
LPDJLQDU FRQVWDQWHPHQWH TXH DV DSDUrQFLDV RFXOWDP DOJR PDLV QRV GHL[DULD H[DXVWRV H
DWHUURUL]DGRV ,VWR ID] FRP TXH VHMD UHODWLYDPHQWH IiFLO RFXOWDU DV SUySULDV LQWHQo}HV %DVWD
DFHQDUFRPXPREMHWRTXHYRFrSDUHFHGHVHMDUXPREMHWLYRTXHYRFrSDUHFHTXHUHUDOFDQoDU
GLDQWH GRV ROKRV GDV SHVVRDV H HODV WRPDUmR D DSDUrQFLD FRPR UHDOLGDGH 8PD YH] FRP RV
ROKRVIL[RVQDLVFDHODVQmRQRWDUmRRTXHYRFrHVWi

UHDOPHQWHSUHWHQGHQGR1DVHGXomRGrVLQDLVFRQIOLWDQWHVWDLVFRPRGHVHMRHLQGLIHUHQoDH
YRFrQmRVyRVGHVSLVWDUiFRPRLQIODPDUiRVHXGHVHMRGHSRVVXLUYRFr

8PDWiWLFDTXHIXQFLRQDFRPIUHTrQFLDTXDQGRVHTXHUDUPDUXPDSLVWDIDOVDpSDUHFHUHVWDU
DSRLDQGRXPDLGpLDRXFDXVDTXHQDYHUGDGHFRQWUDULDRTXHYRFrVHQWH$PDLRULDYDLDFKDU
TXHYRFrPXGRXGHLGpLDYLVWRQmRVHUFRPXPEULQFDUFRPWDPDQKDOHYLDQGDGHFRPFRLVDV
WmRFDUUHJDGDVGHHPRomRFRPRDVVXDVSUySULDVRSLQL}HVHYDORUHV2

PHVPR VH DSOLFD D XP REMHWR GR GHVHMR XVDGR FRPR FKDPDUL] SDUHoD TXHUHU DOJXPD FRLVD
SHOD TXDO QmR HVWi QHP XP SRXFR LQWHUHVVDGR H VHXV LQLPLJRV SHUGHUmR R UXPR FDOFXODQGR
WXGR HUUDGR 'XUDQWH D *XHUUD GD 6XFHVVmR (VSDQKROD HP  R GXTXH GH 0DUOERURXJK
FKHIH GR H[pUFLWR LQJOrV TXHULD GHVWUXLU XP IRUWH IUDQFrV LPSRUWDQWtVVLPR TXH SURWHJLD XPD
HVWUDGD YLWDO SDUD D HQWUDGD QD )UDQoD 0DV HOH VDELD TXH DR GHVWUXtOR RV IUDQFHVHV
SHUFHEHULDPRTXHHOHTXHULDDYDQoDUSRUDTXHODHVWUDGD(PYH]GLVVRHOHVLPSOHVPHQWH
FDSWXURXRIRUWHHRJXDUQHFHXFRPDOJXPDVGDVVXDVWURSDVFRPRVHRGHVHMDVVHSDUDDOJXP
SURSyVLWR SDUWLFXODU 2V IUDQFHVHV DWDFDUDP R IRUWH H R GXTXH GHL[RX TXH HOH IRVVH
UHFRQTXLVWDGR1RYDPHQWHGHSRVVHGRIRUWHHQWUHWDQWRHOHVRGHVWUXtUDPLPDJLQDQGRTXHR
GXTXHWLQKDDOJXPDUD]mRLPSRUWDQWHSDUDTXHUHUILFDUFRPHOH$JRUDRIRUWHQmRH[LVWLDPDLV
R FDPLQKR HVWDYD OLYUH H 0DUOERURXJK S{GH IDFLOPHQWH HQWUDU QD )UDQoD 8VH HVWD WiWLFD GD
VHJXLQWH PDQHLUD QmR HVFRQGD DV VXDV LQWHQo}HV VH IHFKDQGR FRP R ULVFR GH SDUHFHU
PLVWHULRVR H GHL[DU DV SHVVRDV GHVFRQILDGDV  PDV IDODQGR VHP SDUDU VREUH VHXV GHVHMRV H
REMHWLYRV²VyTXHQmRRVYHUGDGHLURV9RFrPDWDUiWUrVFRHOKRVFRPXPDVyFDMDGDGDYDL
SDUHFHUXPDSHVVRDFRUGLDOIUDQFDHFRQILiYHORFXOWDUiVXDVLQWHQo}HVHGHL[DUiVHXVULYDLV
DWRUGRDGRV WHQWDQGR DFKDU LQXWLOPHQWH XPD FRLVD TXH OHYDUmR WHPSR SDUD GHVFREULU 2XWUD
IHUUDPHQWDHILFD]SDUDFRORFDUDVSHVVRDVGHVRULHQWDGDVpDIDOVDVLQFHULGDGH(ODVFRQIXQGHP
IDFLOPHQWHVLQFHULGDGHFRPKRQHVWLGDGH/HPEUHVH²RSULPHLURLQVWLQWRpRGHFRQILDUQDV
DSDUrQFLDVHFRPRDVSHVVRDVYDORUL]DPDKRQHVWLGDGHHTXHUHPDFUHGLWDUQDKRQHVWLGDGHGRV
TXHDVFHUFDPUDUDPHQWHLUmRGXYLGDUGHYRFrRXSHUFHEHURTXHYRFrHVWiID]HQGR3DUHFHU
TXHHVWiDFUHGLWDQGRQRTXHYRFrPHVPRGL]GiXPJUDQGHSHVRjVVXDVSDODYUDV)RLDVVLP
TXH ,DJR HQJDQRX H GHVWUXLX 2WHOR GLDQWH GD LQWHQVLGDGH GDV VXDV HPRo}HV GD DSDUHQWH
VLQFHULGDGH GD VXD SUHRFXSDomR FRP D VXSRVWD LQILGHOLGDGH GH 'HVGrPRQD FRPR 2WHOR
SRGHULDGHVFRQILDUGHOH")RLDVVLPWDPEpPTXHRJUDQGHFKDUODWmR<HOORZ.LG:HLOWDSRX
RV ROKRV GDV VXDV YtWLPDV SDUHFHQGR DFUHGLWDU WDQWR QR REMHWRLVFD TXH7KLV GRFXPHQW KDV
EHHQ FUHDWHG ZLWK D '(02 YHUVLRQ RI 3') &UHDWH &RQYHUW KWWSZZZHTXLQR[
VRIWZDUHFRPSURGXFWVSGIBFUHDWHBFRQYHUWKWPO

7RUHPRYHWKLVPHVVDJHSOHDVHUHJLVWHU

DFHQDYDGLDQWHGHOHV XPFDYDORIDOVRXPFDYDORGHFRUULGDDSUHVHQWDGRFRPRXPDEDUEDGD 
ILFDYD GLItFLO GXYLGDU GD VXD UHDOLGDGH &ODUR TXH p LPSRUWDQWH QmR H[DJHUDU QHVVD iUHD$
VLQFHULGDGHpXPDDUPDWUDLoRHLUDDSDUHQWHHVWDUDSDL[RQDGRGHPDLVHGHVSHUWDUiVXVSHLWDV
6HMDXPDSHVVRDFRPHGLGDHHPTXHPVHSRVVDDFUHGLWDURXDVXDDUWLPDQKDSDUHFHUiDIUDXGH
TXHHODp

3DUD TXH D VXD IDOVD VLQFHULGDGH VHMD XPD DUPD HILFD] RFXOWDQGR DV VXDV YHUGDGHLUDV
LQWHQo}HV DGRWH D Ip QD KRQHVWLGDGH H QD IUDQTXH]D FRPR YDORUHV VRFLDLV LPSRUWDQWHV )DoD
LVVR GD IRUPD PDLV S~EOLFD SRVVtYHO (QIDWL]H D VXD SRVLomR TXDQWR D LVVR GLYXOJDQGR
RFDVLRQDOPHQWH DOJXPD LGpLD VLQFHUD ² PDV Vy DTXHOD UHDOPHQWH VHP LPSRUWkQFLD RX
LUUHOHYDQWHpFODUR2PLQLVWURGH1DSROHmR7DOOH\UDQGHUDPHVWUHHPGHVSHUWDUDFRQILDQoD
GDVSHVVRDVUHYHODQGRXPVXSRVWRVHJUHGR(VWDFRQILDQoDILQJLGD²DLVFD²GHVSHUWDYDHP
VHJXLGD D FRQILDQoD YHUGDGHLUD GR RXWUR /HPEUHVH 2V PDLRUHV LPSRVWRUHV ID]HP GH WXGR
SDUD HQFREULU VXDV YLUWXGHV WUDLoRHLUDV &XOWLYDP XP DU GH SHVVRD KRQHVWD QXPD iUHD SDUD
GLVIDUoDUDVXDGHVRQHVWLGDGHHPRXWUDV$KRQHVWLGDGHpVLPSOHVPHQWHPDLVXPDLVFDQRVHX
DUVHQDO

3DUWH,,'LVIDUFHDVVXDVDo}HVHQWUHFRUWLQDVGHIXPDoD

7UDSDFHDU p VHPSUH D PHOKRU HVWUDWpJLD PDV DV PHOKRUHV WUDSDoDV H[LJHP XPD FRUWLQD GH
IXPDoDSDUDGLVWUDLUDDWHQomRGDVSHVVRDVGRVHXYHUGDGHLURSURSyVLWR2H[WHULRUDIiYHO±
FRPRDLQHVFUXWiYHOFDUDGHSDX±HTXDVHVHPSUHDFRUWLQDGHIXPDoDSHUIHLWDHVFRQGHQGR
VXDV LQWHQo}HV SRU WUiV GR TXH FRQIRUWiYHO H IDPLOLDU 6H YRFr FRQGX]LU D YtWLPD SRU XP
FDPLQKR GHVFRQKHFLGR HOD QmR SHUFHEHUi TXH YRFr D HVWi OHYDQGR SDUD XPD DUPDGLOKD
/HPEUHVH RV SDUDQyLFRV H GHVFRQILDGRV VmR RV PDLV IiFHLV GH HQJDQDU &RQTXLVWH D VXD
FRQILDQoD QXPD iUHD H YRFr WHUi D FRUWLQD GH IXPDoD TXH WXUYD D YLVmR GHOHV HP RXWUD
GHL[DQGR TXH YRFr VH DSUR[LPH GH PDQVR H RV DUUDVH FRP XP JROSH GHYDVWDGRU 8P JHVWR
SUHVWDWLYR RX DSDUHQWHPHQWH KRQHVWR RX TXH VXJLUD D VXSHULRULGDGH GR RXWUR ² HVWDV VmR
WiWLFDV GLYHUVLRQLVWDV SHUIHLWDV $GHTXDGDPHQWH PRQWDGD D FRUWLQD GH IXPDoD p XPD DUPD
SRGHURVtVVLPD 6H YRFr DFKD TXH WUDSDFHLURV VmR DTXHOD JHQWH SLWRUHVFD TXH LOXGH FRP
PHQWLUDVHODERUDGDVHKLVWyULDVLQFUtYHLVHVWiPXLWRHQJDQDGR2VPDLRUHVLPSRVWRUHVVmRRV
TXHXWLOL]DPXPDIDFKDGDVXDYHHLQYLVtYHOTXHQmRFKDPDDWHQomR(OHVVDEHPTXHJHVWRVH
SDODYUDVH[WUDYDJDQWHVOHYDQWDPORJRVXVSHLWD3HORFRQWUiULRHOHVHQYROYHPRVHXREMHWLYR
QXPDDXUDIDPLOLDUEDQDOLQRIHQVLYD

'HSRLVTXHYRFrWLYHUDWUDtGRDDWHQomRGDVVXDVYtWLPDVSDUDRIDPLOLDUHODVQmRQRWDUmRD
IUDXGHTXHHVWi

RFRUUHQGRSHODVVXDVFRVWDV$RULJHPGLVVRHVWiQXPDYHUGDGHPXLWRVLPSOHVDVSHVVRDVVy
FRQVHJXHPIRFDOL]DUXPDFRLVDGHFDGDYH](UHDOPHQWHPXLWRGLItFLOSDUDHODVLPDJLQDUTXHD
SHVVRDVXDYHHLQRIHQVLYDFRPTXHPHVWmROLGDQGRHVWiDRPHVPRWHPSRWUDPDQGRRXWUDFRLVD
4XDQWRPDLVFLQ]DHXQLIRUPHDIXPDoDGDVXDFRUWLQDPHOKRUHODHVFRQGHDVVXDVLQWHQo}HV
1DVLVFDVHSLVWDVIDOVDVGLVFXWLGDVQD3DUWHYRFrGLVWUDLDWLYDPHQWHDVSHVVRDVQDFRUWLQD
GH IXPDoD YRFr LOXGH D VXD YtWLPD DWUDLQGRD SDUD D VXD WHLD 3RU VHU WmR KLSQyWLFD HVWD p
FRPIUHTrQFLDDPHOKRUPDQHLUDGHGLVVLPXODUVXDVLQWHQo}HV

$ IRUPD PDLV VLPSOHV GH FRUWLQD GH IXPDoD p D H[SUHVVmR IDFLDO 3RU WUiV GH XP H[WHULRU
EUDQGRLOHJtYHOSRGHPHVWDUVHQGRWUDPDGRVWRGRVRVWLSRVGHDo}HVYLROHQWDVHSUHMXGLFLDLV
VHP VHUHP SHUFHELGDV (VWD p XPD DUPD TXH D PDLRULD GRV KRPHQV SRGHURVRV QD KLVWyULD
DSUHQGHP D XVDU j SHUIHLomR 'L]LDVH TXH QLQJXpP HUD FDSD] GH OHU R URVWR GH )UDQNOLQ '
5RRVHYHOW2EDUmR-DPHV5RWKVFKLOGWHYHSRUKiELWRGXUDQWHWRGDDVXDYLGDGLVIDUoDURTXH
HVWDYD UHDOPHQWH SHQVDQGR FRP VRUULVRV DIiYHLV H ROKDUHV LQGHILQtYHLV 6WHQGKDO HVFUHYHX D
UHVSHLWR GH 7DOOH\UDQG ³-DPDLV XP URVWR VHUYLX WmR SRXFR GH EDU{PHWUR´ +HQU\ .LVVLQJHU
ID]LD VHXV DGYHUViULRV QXPD PHVD GH QHJRFLDomR FKRUDU GH WpGLR FRP VHX WRP GH YR]
PRQyWRQRVHXROKDULQH[SUHVVLYRVHXVGHWDOKDPHQWRVLQWHUPLQiYHLVHDtTXDQGRMiHVWDYDP
FRP R ROKDU HVJD]HDGR HOH RV DWLQJLD GH UHSHQWH FRP XPD UHODomR GH WHUPRV RXVDGRV
$SDQKDGRV GHVSUHYHQLGRV LQWLPLGDYDPVH IDFLOPHQWH &RPR H[SOLFD XP PDQXDO GH S{TXHU
³1D VXD YH] GH MRJDU R ERP MRJDGRU UDUDPHQWH p XP DWRU 3HOR FRQWUiULR HOH SUDWLFD XP
FRPSRUWDPHQWR IULR TXH PLQLPL]D RV SDGU}HV OHJtYHLV IUXVWUD H FRQIXQGH R DGYHUViULR H
SHUPLWHPDLVFRQFHQWUDomR´

8P FRQFHLWR DGDSWiYHO D FRUWLQD GH IXPDoD SRGH VHU SUDWLFDGD HP YiULRV QtYHLV WRGRV
MRJDQGRFRPRVSULQFtSLRVSVLFROyJLFRVGDGLVWUDomRHGDGHVRULHQWDomR8PDGDVFRUWLQDVGH
IXPDoDPDLVHILFD]HVpRJHVWRQREUH$VSHVVRDVTXHUHPDFUHGLWDUTXHJHVWRVDSDUHQWHPHQWH
QREUHV VmR DXWrQWLFRV SRUTXH p XPD FUHQoD DJUDGiYHO (ODV UDUDPHQWH QRWDP FRPR HOHV
HQJDQDP

2 FRPHUFLDQWH GH SHoDV GH DUWH -RVHSK 'XYHHQ VH YLX FHUWD YH] GLDQWH GH XP WHUUtYHO
SUREOHPD 2V PLOLRQiULRV TXH SDJDYDP WmR EHP SRU VHXV TXDGURV QmR WLQKDP PDLV WDQWR
HVSDoRQDVVXDVSDUHGHVHFRPRVLPSRVWRVVREUHKHUDQoDVVXELQGRFDGDYH]PDLVSDUHFLD
SRXFR SURYiYHO TXH FRQWLQXDVVHP FRPSUDQGR$ VROXomR IRL D 1DWLRQDO *DOOHU\ RI$UW HP
:DVKLQJWRQ '& TXH 'XYHHQ DMXGRX D FULDU HP  FRQVHJXLQGR TXH $QGUHZ 0HOORQ
GRDVVHDVXDFROHomR$1DWLRQDO*DOOHU\HUDDIDFKDGDSHUIHLWDSDUD'XYHHQ1XPVyJHVWR
VHXV FOLHQWHV IXJLDP DRV LPSRVWRV DEULDP HVSDoR QDV SDUHGHV SDUD QRYDV DTXLVLo}HV H
UHGX]LDPRQ~PHURGHTXDGURVQRPHUFDGRPDQWHQGRDSUHVVmRTXHDXPHQWDYDRVHXSUHoR
7XGR LVWR HQTXDQWR RV GRDGRUHV DSDUHQWDYDP VHU EHQIHLWRUHV GD VRFLHGDGH 2XWUD FRUWLQD GH
IXPDoDHILFD]pRSDGUmRTXDQGRVHHVWDEHOHFHXPDVpULHGHDo}HVTXHVHGX]HPDYtWLPDHD
7KLV GRFXPHQW KDV EHHQ FUHDWHG ZLWK D '(02 YHUVLRQ RI 3') &UHDWH &RQYHUW
KWWSZZZHTXLQR[VRIWZDUHFRPSURGXFWVSGIBFUHDWHBFRQYHUWKWPO

7RUHPRYHWKLVPHVVDJHSOHDVHUHJLVWHU

ID]HP DFUHGLWDU TXH DV FRLVDV FRQWLQXDUmR VHPSUH GD PHVPD PDQHLUD 2 SDGUmR MRJD FRP D
SVLFRORJLDGDH[SHFWDWLYDQRVVRFRPSRUWDPHQWRVHHQFDL[DQRSDGUmRRXDVVLPJRVWDPRVGH
SHQVDU

(PREDUmRODGUmRDPHULFDQR-D\*RXOGFULRXXPDHPSUHVDTXHFRPHoRXDDPHDoDUR
PRQRSyOLR GD FRPSDQKLD GH WHOpJUDIRV :HVWHUQ 8QLRQ 2V GLUHWRUHV GD :HVWHUQ 8QLRQ
UHVROYHUDPFRPSUDUDHPSUHVDGH*RXOG²IRLSUHFLVRGLVSRUGHXPDTXDQWLDFRQVLGHUiYHO
PDVHOHVDFKDYDPTXHWLQKDPFRQVHJXLGRVHOLYUDUGHXPLUULWDQWHDGYHUViULR3RXFRVPHVHV
GHSRLV HQWUHWDQWR *RXOG HVWDYD Oi GH QRYR TXHL[DQGRVH GH TXH IRUD WUDWDGR LQMXVWDPHQWH
(OHDEULXXPDVHJXQGDHPSUHVDSDUDFRPSHWLUFRPD:HVWHUQ8QLRQHDVXDQRYDDTXLVLomR$
PHVPDFRLVDYROWRXDDFRQWHFHUD:HVWHUQ8QLRQFRPSURXDHPSUHVDSDUDID]HUFRPTXHHOH
FDODVVHDERFD/RJRRSDGUmRYROWRXDVHUHSHWLUSHODWHUFHLUDYH]PDVDJRUD*RXOGDWDFRXQD
MXJXODU GH UHSHQWH HOH LQLFLRX ² H ORJR FRQVHJXLX ² XPD VDQJUHQWD WRPDGD GH FRQWUROH
KRVWLOGD:HVWHUQ8QLRQ(OHWLQKDHVWDEHOHFLGRXPSDGUmRTXHLOXGLXRVGLUHWRUHVGDHPSUHVD
ID]HQGRRV DFKDU TXH R VHX REMHWLYR HUD VHU FRPSUDGR SRU XP SUHoR UD]RiYHO 'HSRLV GH
FRPSUDU HOHV UHOD[DYDP H QmR SHUFHELDP TXH HVWDYDP QD YHUGDGH DSRVWDQGR PDLV DOWR 2
SDGUmRIXQFLRQDPXLWREHPSRUTXHDSHVVRDVHLOXGHHVSHUDQGRRFRQWUiULRGRTXHYRFrHVWi
UHDOPHQWHID]HQGR

2XWUD IUDTXH]D SVLFROyJLFD TXH VHUYH GH EDVH SDUD VH FRQVWUXLU XPD FRUWLQD GH IXPDoD p D
WHQGrQFLD TXH DV SHVVRDV WrP GH FRQIXQGLU DSDUrQFLD FRP UHDOLGDGH ² D LGpLD GH TXH VH
DOJXpPSDUHFHID]HUSDUWHGRVHXJUXSRpSRUTXHID]UHDOPHQWH(VWHKiELWRID]GDFDPXIODJHP
XPDIDFKDGDPXLWRHILFD]2WUXTXHpVLPSOHVYRFrVLPSOHVPHQWHVHPLVWXUDFRPDVSHVVRDV
DRVHXUHGRU4XDQWRPDLVYRFrVHPLVWXUDUPHQRVVXVSHLWRVHWRUQDUi'XUDQWHD*XHUUD)ULD
GDV GpFDGDV GH  H  FRPR KRMH VH VDEH PXLWRV IXQFLRQiULRV S~EOLFRV EULWkQLFRV
SDVVDUDP LQIRUPDo}HV VHFUHWDV SDUD RV VRYLpWLFRV 1LQJXpP GHVFREULX QDGD GXUDQWH DQRV
SRUTXH HOHV HUDP DSDUHQWHPHQWH VXMHLWRV KRQHVWRV WLQKDP IUHTHQWDGR ERDV HVFRODV H VH
DGHTXDYDPSHUIHLWDPHQWHDRPRGHORGDUHGHGHH[DOXQRVGHHVFRODVGHSUHVWtJLR$PLVWXUDp
D FRUWLQD GH IXPDoD SHUIHLWD SDUD D HVSLRQDJHP 4XDQWR PDLV YRFr VH PLVWXUDU PHOKRU
FRQVHJXLUiGLVIDUoDUVXDVLQWHQo}HV

/HPEUHVHpSUHFLVRSDFLrQFLDHKXPLOGDGHSDUDDSDJDUDVVXDVFRUHVEULOKDQWHVHFRORFDUD
PiVFDUDGDSHVVRDLQVLJQLILFDQWH1mRVHGHVHVSHUHSRUWHUGHXVDUHVWDPiVFDUDDSDJDGD²
TXDVHVHPSUHpDVXDLOHJLELOLGDGHTXHDWUDLRVRXWURVHID]YRFrSDUHFHUSRGHURVR

2,19(562

1mRKiFRUWLQDGHIXPDoDSLVWDIDOVDLQVLQFHULGDGHRXRXWUDWiWLFDGLYHUVLRQLVWDTXDOTXHUTXH
GLVIDUFH DV VXDV LQWHQo}HV VH YRFr Mi WLYHU IDPD GH LPSRVWRU &RP D LGDGH H R VXFHVVR TXH
YRFr YDL DOFDQoDQGR VH WRUQD FDGD YH] PDLV GLItFLO GLVIDUoDU D VXD HVSHUWH]D 7RGRV VDEHP
TXH YRFr p GLVVLPXODGR FRQWLQXH EDQFDQGR R LQJrQXR H FRUUD R ULVFR GH SDUHFHU XP JUDQGH
KLSyFULWDRTXHOLPLWDUiVHULDPHQWHRVHXHVSDoRGHPDQREUD1HVVHVFDVRVpPHOKRUDVVXPLU
DSDUHQWDUVHUXPSDWLIHKRQHVWRRXPHOKRUXPSDWLIHDUUHSHQGLGR1mRVyYmRDGPLUiORSRU
VXDIUDQTXH]DFRPRRTXHpPDLVHVWUDQKRHPDUDYLOKRVRYRFrYDLFRQVHJXLUFRQWLQXDUFRP
DV VXDV DUWLPDQKDV ¬ PHGLGD TXH LD ILFDQGR PDLV YHOKR 37 %DUQXP R UHL GD IUDXGH QR
VpFXOR;,;IRLDSUHQGHQGRDDFHLWDUDVXDUHSXWDomRGHJUDQGHLPSRVWRU1XPGHWHUPLQDGR
PRPHQWRHOHRUJDQL]RXXPDFDoDDE~IDORVHP1RYD-HUVH\FRPSOHWDFRPtQGLRVHDOJXQV
E~IDORV LPSRUWDGRV (OH GLYXOJRX D FDoDGD FRPR VHQGR DXWrQWLFD PDV R UHVXOWDGR IRL WmR
DUWLILFLDO TXH D PXOWLGmR HP YH] GH ILFDU ]DQJDGD H SHGLU R GLQKHLUR GH YROWD VH GLYHUWLX
PXLWR (OHV VDELDP TXH %DUQXP WUDSDFHDYD R WHPSR WRGR HUD R VHJUHGR GR VHX VXFHVVR H
JRVWDYDPGHOHSRULVVR$SUHQGHQGRDOLomR%DUQXPSDURXGHHVFRQGHUDVVXDVDUWLPDQKDV
FKHJDQGRDWpDUHYHODUVXDVIUDXGHVQXPDDXWRELRJUDILD&RPRHVFUHYHX.LHUNHJDDUG³2

PXQGRTXHUVHUHQJDQDGR´

)LQDOPHQWHHPERUDVHMDPDLVViELRGLVWUDLUDDWHQomRGRVVHXVSURSyVLWRVDSUHVHQWDQGRXP
H[WHULRU VXDYH H IDPLOLDU Ki PRPHQWRV HP TXH R JHVWR FRORULGR YLVtYHO p D WiWLFD
GLYHUVLRQLVWDFRUUHWD2VJUDQGHVFKDUODW}HVVDOWLPEDQFRVGD(XURSDQRVVpFXORV;9,,H;9,,,
XVDYDPRKXPRUHRGLYHUWLPHQWRSDUDLOXGLUVXDVSODWpLDV'HVOXPEUDGRFRPRHVSHWiFXORR
S~EOLFR QmR SHUFHELD DV YHUGDGHLUDV LQWHQo}HV GRV FKDUODW}HV $VVLP R SUySULR DVWUR
FKDUODWmR DSDUHFLD QD FLGDGH QXPD FDUUXDJHP QHJUD SX[DGD SRU FDYDORV QHJURV 3DOKDoRV
IXQkPEXORVHDUWLVWDVGHHVSHWiFXORVGHYDULHGDGHRDFRPSDQKDYDPDWUDLQGRRSRYRSDUDDV
VXDVGHPRQVWUDo}HVGHHOL[LUHVHSRo}HVPLODJURVDV2FKDUODWmRID]LDRGLYHUWLPHQWRSDUHFHU
R DVVXQWR GR GLD TXDQGR QD YHUGDGH R DVVXQWR GR GLD HUD D YHQGD GRV HOL[LUHV H SRo}HV
PLODJURVDV

(VSHWiFXOR H GLYHUWLPHQWR VmR QLWLGDPHQWH H[FHOHQWHV DUWLItFLRV SDUD GLVVLPXODU DV VXDV
LQWHQo}HV PDV QmR SRGHP VHU XVDGRV LQGHILQLGDPHQWH 2 S~EOLFR VH FDQVD H GHVFRQILD H
DFDEDSHUFHEHQGRRWUXTXH3HVVRDVSRGHURVDVFRPH[WHULRUHVDIiYHLVSRURXWURODGR²RV
7DOOH\UDQGRV5RWKVFKLOGRV6HODVVLH²SRGHPSUDWLFDUVXDVGLVVLPXODo}HVQRPHVPROXJDU
D YLGD LQWHLUD 6HX DWR QmR VH GHVJDVWD H UDUDPHQWH OHYDQWD VXVSHLWDV$ FRUWLQD GH IXPDoD
FRORULGDGHYHVHUXVDGDFRPFDXWHODSRUWDQWRHVyQDRFDVLmRFHUWD

³1mRGHL[HTXHRYHMDPFRPRLPSRVWRUPHVPRTXHKRMHVHMDLPSRVVtYHOQmRRVHU4XHD
VXDPDLRUHVSHUWH]DHVWHMDHP7KLVGRFXPHQWKDVEHHQFUHDWHGZLWKD'(02YHUVLRQRI
3') &UHDWH &RQYHUW KWWSZZZHTXLQR[
VRIWZDUHFRPSURGXFWVSGIBFUHDWHBFRQYHUWKWPO

7RUHPRYHWKLVPHVVDJHSOHDVHUHJLVWHU

GLVVLPXODURTXHSDUHFHVHUHVSHUWH]D´

%DOWDVDU*UDFLiQ

³-i RXYLX IDODU GH XP JHQHUDO PXLWR KiELO TXH SUHWHQGH VXUSUHHQGHU XPD FLGDGHOD
DQXQFLDQGRVHXVSODQRVDRLQLPLJR"

2FXOWH RV VHXV SURSyVLWRV H HVFRQGD R VHX SURJUHVVR QmR UHYHOH D H[WHQVmR GRV VHXV
REMHWLYRV DWp VHU LPSRVVtYHO VH RSRU D HOHV DWp WHUPLQDU R FRPEDWH &RQTXLVWH D YLWyULD
DQWHVGHGHFODUDUDJXHUUD(PUHVXPRLPLWHDTXHOHVJXHUUHLURV FXMDV LQWHQo}HV QLQJXpP
VDEHH[FHWRRSDtVGHVWUXtGRSRURQGHHOHVSDVVDUDP´
1LQRQGH/HQFORV

7KLV GRFXPHQW KDV EHHQ FUHDWHG ZLWK D '(02 YHUVLRQ RI 3') &UHDWH &RQYHUW
KWWSZZZHTXLQR[VRIWZDUHFRPSURGXFWVSGIBFUHDWHBFRQYHUWKWPO

7RUHPRYHWKLVPHVVDJHSOHDVHUHJLVWHU

/(,

',*$0(126'248(21(&(66È5,2

4XDQGR YRFr SURFXUD LPSUHVVLRQDU DV SHVVRDV FRP SDODYUDV TXDQWR PDLV YRFr GL] PDLV
FRPXPDSDUHQWDVHUHPHQRVFRQWUROHGDVLWXDomRSDUHFHWHU0HVPRTXHYRFrHVWHMDGL]HQGR
DOJREDQDOYDLSDUHFHURULJLQDOVHYRFrRWRUQDUYDJRDPSORHHQLJPiWLFR3HVVRDVSRGHURVDV
LPSUHVVLRQDP H LQWLPLGDP IDODQGR SRXFR 4XDQWR PDLV YRFr IDOD PDLRU D SUREDELOLGDGH GH
GL]HUXPDEHVWHLUD

2 SRGHU p GH YiULDV PDQHLUDV XP MRJR GH DSDUrQFLDV H TXDQGR YRFr GL] PHQRV GR TXH R
QHFHVViULRLQHYLWDYHOPHQWHSDUHFHUiPDLRUHPDLVSRGHURVRGRTXHp2VHXVLOrQFLRGHL[DUi
DV SHVVRDV SRXFR j YRQWDGH 2V VHUHV KXPDQRV VmR PiTXLQDV GH LQWHUSUHWDU H H[SOLFDU H
H[SOLFDUSUHFLVDPVDEHURTXHRRXWURHVWiSHQVDQGR6HYRFrFRQWURODFXLGDGRVDPHQWHRTXH
UHYHOD HOHV QmR FRQVHJXLUmR SHQHWUDU QDV VXDV LQWHQo}HV RX QRV VHXV SHQVDPHQWRV $V
UHVSRVWDVFXUWDVTXHYRFrGHUHRVHXVLOrQFLRRVFRORFDUmRQDGHIHQVLYDHHOHVQHUYRVRVVH
DSUHVVDUmR D SUHHQFKHU R VLOrQFLR FRP GLYHUVRV FRPHQWiULRV TXH DFDEDP UHYHODQGR
LQIRUPDo}HVYDOLRVDVVREUHHOHVPHVPRVHDVVXDVIUDTXH]DV(OHVVDLUmRGHXPDUHXQLmRFRP
YRFrVHQWLQGRVHURXEDGRVHLUmRSDUDFDVDSHQVDUHPWRGDVDVSDODYUDVTXHYRFrGLVVH(VWD
DWHQomRH[WUDjVVXDVSDUFDVREVHUYDo}HVVyDXPHQWDUiRSRGHUTXHYRFrWHP'L]HUPHQRVGR
TXHRQHFHVViULRQmRpVySDUDRVUHLVHHVWDGLVWDV(PTXDVHWRGDVDViUHDVGDYLGDTXDQWR
PHQRV YRFr GL] PDLV SURIXQGR H PLVWHULRVR SDUHFH 4XDQGR MRYHP R DUWLVWD$QG\ :DUKRO
WHYH D UHYHODomR GH TXH HUD LPSRVVtYHO FRQYHQFHU DV SHVVRDV D ID]HU R TXH VH TXHULD GHODV
DSHQDV FRQYHUVDQGR (ODV VH YROWDULDP FRQWUD YRFr VXEYHUWHULDP RV VHXV GHVHMRV
GHVREHGHFHULDPDYRFrSRUVLPSOHVSHUYHUVLGDGH&HUWDYH]HOHGLVVHDXPDPLJR³$SUHQGL
TXHQDYHUGDGHYRFrWHPPDLVSRGHUTXDQGRILFDGHERFDIHFKDGD´

)DODQGR PHQRV GR TXH R QHFHVViULR YRFr FULD D DSDUrQFLD GH VLJQLILFDGR H GH SRGHU
7DPEpPTXDQWRPHQRVYRFr

GL] PHQRU p R ULVFR GH IDODU XPD EREDJHP RX DWp DOJR SHULJRVR (P  XP QRYR F]DU
1LFRODX,VXELXDRWURQR GD5~VVLD,PHGLDWDPHQWHKRXYHXPDUHEHOLmROLGHUDGDSRUOLEHUDLV
TXHH[LJLDPTXHRSDtVVHPRGHUQL]DVVH²TXHVXDVLQG~VWULDVHHVWUXWXUDVFLYLVVHLJXDODVVHP
jV GR UHVWR GD (XURSD (VPDJDQGR EUXWDOPHQWH HVWD UHYROWD D ,QVXUUHLomR GH 'H]HPEUR 
1LFRODX,FRQGHQRXjPRUWHXPGHVHXVOtGHUHV.RQGUDWL5LOHLYH1RGLDGDH[HFXomR5LOHLHY
VXELX DR SDWtEXOR D FRUGD QR SHVFRoR 2 DOoDSmR VH DEULX ² PDV TXDQGR 5LOHLHY ILFRX
VXVSHQVRQRDUDFRUGDVHURPSHXHHOHIRLDRFKmR1DpSRFDHVVDVRFRUUrQFLDVHUDPVLQDO
GD SURYLGrQFLD RX YRQWDGH GLYLQD H TXHP VH VDOYDVVH GD PRUWH GHVVD IRUPD FRVWXPDYD VHU
SHUGRDGR4XDQGR5LOHLYHVHOHYDQWRXVXMRHDUUDQKDGRPDVDFUHGLWDQGRTXHHVWDYDFRPR
SHVFRoR j VDOYR JULWRX SDUD D PXOWLGmR ³(VWmR YHQGR QD 5~VVLD QmR VDEHP ID]HU QDGD
GLUHLWR QHP PHVPR XPD FRUGD´ 8P PHQVDJHLUR VHJXLX LPHGLDWDPHQWH SDUD R 3DOiFLR GH
,QYHUQRFRPDQRWtFLDGRHQIRUFDPHQWRTXHQmRWLQKDDFRQWHFLGR$SHVDUGHLUULWDGRFRPHVVD
UHYLUDYROWD IUXVWUDQWH 1LFRODX , FRPHoRX D DVVLQDU R SHUGmR 0DV Dt 5HOHLHY GLVVH DOJXPD
FRLVD GHSRLV GHVWH PLODJUH"´ R F]DU SHUJXQWRX DR PHQVDJHLUR ³6HQKRU´ R PHQVDJHLUR
UHVSRQGHX³HOHGLVVHTXHQD5~VVLDQmRVHVDEHQHPID]HUXPDFRUGD´³1HVVHFDVR´GLVVHR
F]DU³YDPRVSURYDURFRQWUiULR´HUDVJRXRSHUGmR1RGLDVHJXLQWH5LOHLHYIRLSDUDDIRUFD
GH QRYR 'HVWD YH] D FRUGD QmR VH SDUWLX $SUHQGD D OLomR $V SDODYUDV GHSRLV GH
SURQXQFLDGDV QmR SRGHP VHU WRPDGDV GH YROWD 0DQWHQKDDV VRE FRQWUROH &XLGDGR
SDUWLFXODUPHQWH FRP R VDUFDVPR D VDWLVIDomR PRPHQWkQHD TXH VH WHP GL]HQGR IUDVHV
VDUFiVWLFDVVHUiPHQRUGRTXHRSUHoRTXHVHSDJDSRUHOD

2,19(562

+i PRPHQWRV HP TXH QmR p VHQVDWR ILFDU FDODGR 2 VLOrQFLR SRGH GHVSHUWDU VXVSHLWDV H DWp
LQVHJXUDQoD HVSHFLDOPHQWH QRV VHXV VXSHULRUHV XP FRPHQWiULR YDJR H DPEtJXR SRGH H[SRU
YRFr D LQWHUSUHWDo}HV FRP DV TXDLV QmR FRQWDYD )LFDU HP VLOrQFLR H GL]HU PHQRV GR TXH R
QHFHVViULR VmR WpFQLFDV TXH GHYHP VHU SUDWLFDGDV FRP FDXWHOD SRUWDQWR H QD RFDVLmR FHUWD
2FDVLRQDOPHQWHpPDLVVHQVDWRLPLWDURERERGDFRUWHTXHVHID]GHWRORPDVVDEHTXHp

PDLVHVSHUWRGRTXHRUHL(OHIDODHIDODHGLVWUDLWRGRPXQGRQLQJXpPGHVFRQILDGHTXHHOH
QmRpWmRWRORDVVLP¬VYH]HVDVSDODYUDVWDPEpPIXQFLRQDPFRPRXPDHVSpFLHGHFRUWLQDGH
IXPDoDTXDQGRYRFrTXHUHQJDQDURVRXWURV(QFKHQGRRVVHXVRXYLQWHVFRPSDODYUDVYRFrRV
GLVWUDLHKLSQRWL]DTXDQWRPDLVYRFrIDODUPHQRVHOHVGHVFRQILDPGHYRFr$YHUERUUDJLDQmR
pSHUFHELGDFRPRPDOLFLRVDHPDQLSXODGRUDPDVFRPRVLQDOGHLQFRPSHWrQFLDHLQJHQXLGDGH
,VWRpRLQYHUVRGDSROtWLFDGRVLOrQFLRXWLOL]DGDSHORVSRGHURVRVIDODQGRPDLVHSDUHFHQGR
PDLV IUDFR H PHQRV LQWHOLJHQWH GR TXH p YRFr SUDWLFD D GLVVLPXODomR FRP PXLWR PDLV
IDFLOLGDGH1mR DEUD D ERFD DQWHV GRV VHXV VXERUGLQDGRV 4XDQWR PDLV YRFr SHUPDQHFHU
FDODGRPDLVUiSLGRRVRXWURVFRPHoDPDGDUFRPDOtQJXDQRVGHQWHV4XDQGRHOHVPRYHP
RV OiELRV H GmR FRP D OtQJXD QRV GHQWHV HX SRVVR FRPSUHHQGHU VXDV 7KLV GRFXPHQW KDV
EHHQ FUHDWHG ZLWK D '(02 YHUVLRQ RI 3') &UHDWH &RQYHUW KWWSZZZHTXLQR[
VRIWZDUHFRPSURGXFWVSGIBFUHDWHBFRQYHUWKWPO

7RUHPRYHWKLVPHVVDJHSOHDVHUHJLVWHU

YHUGDGHLUDVLQWHQo}HV6HRVREHUDQRQmRpPLVWHULRVRRVPLQLVWURVWHUmRRSRUWXQLGDGHGH
VHDSURYHLWDU+DQIHLWVpILOyVRIRFKLQrVVpFXORD&

7KLV GRFXPHQW KDV EHHQ FUHDWHG ZLWK D '(02 YHUVLRQ RI 3') &UHDWH &RQYHUW
KWWSZZZHTXLQR[VRIWZDUHFRPSURGXFWVSGIBFUHDWHBFRQYHUWKWPO

7RUHPRYHWKLVPHVVDJHSOHDVHUHJLVWHU

/(,
08,72'(3(1'('$5(387$d­2'Ç$35Ï35,$9,'$3$5$'()(1'Ç/$

$ UHSXWDomR p D SHGUD GH WRTXH GR SRGHU &RP D UHSXWDomR DSHQDV YRFr SRGH LQWLPLGDU H
YHQFHU XP GHVOL]H HQWUHWDQWR H YRFr ILFD YXOQHUiYHO H VHUi DWDFDGR SRU WRGRV RV ODGRV
7RUQHDVXDUHSXWDomRLQH[SXJQiYHO(VWHMDVHPSUHDOHUWDDRVDWDTXHVHPSRWHQFLDOHIUXVWUH
RV DQWHV TXH DFRQWHoDP (QTXDQWR LVVR DSUHQGD D GHVWUXLU VHXV LQLPLJRV PLQDQGR DV VXDV
SUySULDVUHSXWDo}HV'HSRLVDIDVWHVHDGHL[DDRSLQLmRS~EOLFDDFDEDUFRPHOHV$VSHVVRDV
TXHQRVFHUFDPDWpQRVVRVPHOKRUHVDPLJRVVHUmRVHPSUHDWpXPFHUWRSRQWRPLVWHULRVDVH
LQHVFUXWiYHLV 6XDV SHUVRQDOLGDGHV SRVVXHP QLFKRV VHFUHWRV TXH HODV QmR UHYHODP 6H
ILFDUPRV SHQVDQGR PXLWR QLVVR R PLVWpULR GRV RXWURV SRGH VHU XPD FRLVD LQF{PRGD SRUTXH
WRUQDULDLPSRVVtYHOSDUDQyVMXOJDUUHDOPHQWHDVRXWUDVSHVVRDV3RUWDQWRSUHIHULPRVLJQRUDU
HVWHIDWRHMXOJDUDVSHVVRDVSHODDSDUrQFLDSHORTXHpPDLVYLVtYHODRVQRVVRVROKRV²

URXSDVJHVWRVSDODYUDVDWRV1DHVIHUDVRFLDODVDSDUrQFLDVVmRREDU{PHWURGHTXDVHWRGRV
RVQRVVRVMXOJDPHQWRVHYRFrQmRGHYHVHLOXGLUDFUHGLWDQGRHPRXWUDFRLVD8PHVFRUUHJmR
HPIDOVRXPDHVWUDQKDRXUHSHQWLQDPXGDQoDQDVXDDSDUrQFLDSRGHVHPRVWUDUGHVDVWURVR

(VWDpDUD]mRGDVXSUHPDLPSRUWkQFLDGHID]HUHPDQWHUXPDUHSXWDomRTXHWHQKDVLGRFULDGD
SRUYRFrPHVPR(VVDUHSXWDomRRSURWHJHUiGRSHULJRVRMRJRGDVDSDUrQFLDVGLVWUDLQGRRV
ROKRVLQTXLVLGRUHVGRVRXWURVHLPSHGLQGRTXHHOHVVDLEDPFRPRYRFrpUHDOPHQWHHGDQGRD
YRFrXPFHUWRFRQWUROHVREUHFRPRRPXQGRRMXOJD²XPDSRVLomRSRGHURVD$UHSXWDomR
WHPXPSRGHUPiJLFRFRPXPVyJROSHGDYDULQKDHODSRGHGREUDUDVXDIRUoD3RGHWDPEpP
ID]HU DV SHVVRDV IXJLUHP GH YRFr HP GLVSDUDGD 6H DV PHVPDV Do}HV SDUHFHP EULOKDQWHV RX
KRUUtYHLVGHSHQGHLQWHLUDPHQWHGDUHSXWDomRGHTXHPDVSUDWLFRX

1RLQtFLRYRFrGHYHVHHVIRUoDUSDUDFULDUXPDUHSXWDomRSRUXPDTXDOLGDGHLPSRUWDQWHVHMD
JHQHURVLGDGHKRQHVWLGDGHRXDVW~FLD(VWDTXDOLGDGHRFRORFDUiHPHYLGrQFLDHIDUiFRPTXH
IDOHP GH YRFr$t HQWmR IDoD FRP TXH R PDLRU Q~PHUR SRVVtYHO GH SHVVRDV FRQKHoD D VXD
UHSXWDomR VXWLOPHQWH HQWUHWDQWR WRPH FXLGDGR SDUD FRQVWUXtOD DRV SRXFRV H VREUH EDVHV
ILUPHV HYHMDFRPRHODVHHVSDOKDFRPRIRJRVHOYDJHP8PDVyOLGDUHSXWDomRDXPHQWDDVXD
SUHVHQoDHH[DJHUDDVXDIRUoDVHPTXHYRFrSUHFLVHJDVWDUPXLWDHQHUJLD(ODWDPEpPSRGH
FULDUXPDDXUDDRVHXUHGRUTXHLQIXQGHUHVSHLWRDWpPHGR

&RPRVHGL]DVXDIDPDLQHYLWDYHOPHQWHFKHJDDQWHVHVHHODLQVSLUDUHVSHLWRJUDQGHSDUWHGR
WUDEDOKRMiHVWDUi

IHLWRTXDQGRYRFrHQWUDUHPFHQDRXSURQXQFLDUXPDVLPSOHVSDODYUD2VHXVXFHVVRSDUHFH
SUHGHVWLQDGRSRUVHXVWULXQIRVQRSDVVDGR

)DoD FRP TXH D VXD UHSXWDomR VHMD VLPSOHV H EDVHDGD QXPD TXDOLGDGH DXWrQWLFD (VWD ~QLFD
TXDOLGDGH²DHILFLrQFLDGLJDPRVRXDVHGXomR²WRUQDVHXPDHVSpFLHGHFDUWmRGHYLVLWD
TXHDQXQFLDDVXDSUHVHQoDHHQIHLWLoDRVRXWURV$IDPDGHKRQHVWLGDGHSHUPLWLUiTXHYRFr
SUDWLTXH WRGRV RV WLSRV GH IUDXGHV 7DOYH] YRFr Mi WHQKD PDQFKDGR D VXD UHSXWDomR H QmR
SRVVD PDLV FULDU RXWUD 6HQGR DVVLP p SUXGHQWH DVVRFLDUVH FRP DOJXpP FXMD LPDJHP VH
FRQWUDSRQKDDVXDXVDQGRRERPQRPHGHVVDSHVVRDSDUDOLPSDUHPHOKRUDURVHX(GLItFLO
SRUH[HPSOROLPSDUDUHSXWDomRGHGHVRQHVWRVR]LQKRPDVXPPRGHORGHKRQHVWLGDGHSRGH
DMXGDU 5HSXWDomR p XP WHVRXUR TXH GHYH VHU FXLGDGRVDPHQWH FROHFLRQDGR H JXDUGDGR
(VSHFLDOPHQWHTXDQGRYRFrHVWi

FRPHoDQGR GHYH SURWHJrOD ULJLGDPHQWH SUHYHQGR WRGRV RV DWDTXHV 4XDQGR HOD HVWLYHU
VyOLGDQmRILTXHFRPUDLYDRXQDGHIHQVLYDFRPRVFRPHQWiULRVGLIDPDGRUHVGHVHXVLQLPLJRV
²LVVRUHYHODLQVHJXUDQoDIDOWDGHFRQILDQoDQDVXDUHSXWDomR3HJXHRFDPLQKRPDLVIiFLOH
MDPDLVGHPRQVWUHGHVHVSHURQDKRUDGHVHGHIHQGHU3RURXWURODGRRDWDTXHj

UHSXWDomRGHRXWURKRPHPpXPDDUPDSRGHURVDSDUWLFXODUPHQWHVHYRFrWHPPHQRVSRGHUGR
TXHHOH(OHWHPPXLWRPDLVDSHUGHUQXPDGLVSXWDFRPRHVVDHDVXDSUySULDUHSXWDomRDLQGD
SHTXHQD p XP DOYR SHTXHQR TXDQGR HOH WHQWDU DWLUDU GH YROWD 0DV HVWD WiWLFD GHYH VHU
SUDWLFDGD FRP KDELOLGDGH YRFr QmR GHYH SDUHFHU LQWHUHVVDGR QXPD YLQJDQoD PHVTXLQKD 6H
YRFr QmR IRU HVSHUWR QD KRUD GH SUHMXGLFDU D UHSXWDomR GR VHX LQLPLJR HVWDUi
LQDGYHUWLGDPHQWHDUUXLQDQGRDVXD

7KRPDV (GLVRQ FRQVLGHUDGR R LQYHQWRU TXH FRQWURORX D HOHWULFLGDGH DFUHGLWDYD TXH XP


VLVWHPDYLiYHOGHYHULDVHEDVHDUQDFRUUHQWHFRQWtQXD '& 4XDQGRRFLHQWLVWDVpUYLR1LNROD
7HVOD SDUHFHX WHU FRQVHJXLGR FULDU XP VLVWHPD EDVHDGR QD FRUUHQWH DOWHUQDGD $&  (GLVRQ
ILFRXIXULRVR(OHGHFLGLXDFDEDUFRPDUHSXWDomRGH7HVODID]HQGRRS~EOLFRDFUHGLWDUTXHR
VLVWHPD $& HUD LQHUHQWHPHQWH LQVHJXUR H 7HVOD UHVSRQViYHO SRU SURPRYrOR &RP HVWH
REMHWLYRHOHFDSWXURXDQLPDL]LQKRVGRPpVWLFRVGHWRGRVRVWLSRVHRVHOHWURFXWRXPDWDQGR
RVFRPXPDFRUUHQWH$&1mREDVWDQGRLVVRHPHOHFRQVHJXLXTXHDVDXWRULGDGHVGD
SULVmRGRHVWDGRGH1RYD<RUNSURFHGHVVHPjSULPHLUDH[HFXomRGHXPFRQGHQDGRjPRUWH
FRP FKRTXH HOpWULFR XVDQGR XPD FRUUHQWH $& 0DV WRGDV DV H[SHULrQFLDV GH HOHWURFXVVmR
UHDOL]DGDVSRU(GLVRQWLQKDPVLGRFRPSHTXHQDVFULDWXUDVDFDUJDHUDPXLWRIUDFDHRKRPHP
ILFRXVyPHLRPRUWR1DH[HFXomRTXHWDOYH]WHQKDVLGRDPDLVFUXHODXWRUL]DGDSHORHVWDGRQR
SDtV R7KLV GRFXPHQW KDV EHHQ FUHDWHG ZLWK D '(02 YHUVLRQ RI 3') &UHDWH &RQYHUW
KWWSZZZHTXLQR[VRIWZDUHFRPSURGXFWVSGIBFUHDWHBFRQYHUWKWPO

7RUHPRYHWKLVPHVVDJHSOHDVHUHJLVWHU

SURFHGLPHQWRWHYHGHVHUUHSHWLGR)RLXPHVSHWiFXORKRUUtYHO

(PERUD D ORQJR SUD]R R TXH VXEVLVWLX IRL R QRPH GH (GLVRQ QD pSRFD D VXD FDPSDQKD
SUHMXGLFRXPDLVDVXDSUySULDUHSXWDomRGRTXHDGH7HVOD(OHVHUHWUDLX$OLomRpVLPSOHV
²QmRH[DJHUHHPDWDTXHVFRPRHVWHSRUTXHFKDPDUiPDLVDWHQomRSDUDDVXDSUySULDtQGROH
YLQJDWLYDGRTXHSDUDDSHVVRDTXHYRFrHVWiGLIDPDQGR4XDQGRDVXDSUySULDUHSXWDomRp
VyOLGD XVH WiWLFDV PDLV VXWLV FRPR D ViWLUD H R ULGtFXOR SDUD HQIUDTXHFHU R VHX DGYHUViULR
HQTXDQWRYRFrVHPRVWUDXPFKDUPRVREULQFDOKmR2SRGHURVROHmREULQFDFRPRFDPXQGRQJR
TXHFUX]DRVHXFDPLQKR²

TXDOTXHURXWUDDWLWXGHSUHMXGLFDULDDVXDWHPtYHOUHSXWDomR

2,19(562
1mRKiLQYHUVR$UHSXWDomRpFUtWLFDQmRKiH[FHo}HVDHVWDOHL7DOYH]QmRVHLPSRUWDQGR
FRPRTXHDVSHVVRDVSHQVHPDVHXUHVSHLWRYRFrJDQKHIDPDGHLQVROHQWHHDUURJDQWHPDV
HVWDSRUVLVypXPDLPDJHPYDOLRVD²2VFDU:LOGHDXVRXFRPJUDQGHSURYHLWR9LVWRTXH
WHPRV GH YLYHU HP VRFLHGDGH H GHSHQGHU GD RSLQLmR DOKHLD QDGD VH JDQKD QHJOLJHQFLDQGR D
SUySULDUHSXWDomR4XDQGRYRFrQmRVHSUHRFXSDFRPDPDQHLUDFRPRDVSHVVRDVRYrHPHVWi
GHL[DQGRTXHRVRXWURVGHFLGDPLVVRSRUYRFr6HMDGRQRGRVHXSUySULRGHVWLQRHWDPEpPGD
VXD UHSXWDomR3RUWDQWR HX GHVHMDULD TXH R FRUWHVmR GHIHQGHVVH R VHX YDORU LQHUHQWH FRP
KDELOLGDGH H DVW~FLD H JDUDQWLVVH TXH RQGH TXHU TXH FKHJXH FRPR HVWUDQJHLUR VHMD
SUHFHGLGR SRU XPD ERD UHSXWDomR 3RLV D IDPD TXH SDUHFH DSRLDUVH QDV  RSLQL}HV GH
PXLWRV IDYRUHFH XPD FHUWD Ip LQDEDOiYHO QR YDORU GH XP KRPHP R TXDO HP VHJXLGD p
IDFLOPHQWHUHIRUoDGRQDVPHQWHVMiSUHGLVSRVWDVHSUHSDUDGDV

%DOGDVVDUH&DVWLJOLRQH

7KLV GRFXPHQW KDV EHHQ FUHDWHG ZLWK D '(02 YHUVLRQ RI 3') &UHDWH &RQYHUW
KWWSZZZHTXLQR[VRIWZDUHFRPSURGXFWVSGIBFUHDWHBFRQYHUWKWPO

7RUHPRYHWKLVPHVVDJHSOHDVHUHJLVWHU

/(,

&+$0($$7(1d­2$48$/48(535(d2

-XOJDVHWXGRSHODVDSDUrQFLDVRTXHQmRVHYrQmRVHFRQWD1mRILTXHSHUGLGRQRPHLRGD
PXOWLGmRGHVWDTXHVHILTXHYLVtYHODTXDOTXHUSUHoR$WUDLDDDWHQomRGDVSHVVRDVSDUHFHQGR
PDLRUPDLVFRORULGRPDLVPLVWHULRVRGRTXHDVPDVVDVWtPLGDVHDPHQDV

3$57(,&(548(26(8120('((6&$1'$/2(6(16$&,21$/,602

&KDPH DWHQomR VREUH YRFr FULDQGR XPD LPDJHP LQHVTXHFtYHO DWp FRQWURYHUWLGD )DoD
HVFkQGDOR )DoD TXDOTXHU FRLVD SDUD SDUHFHU H[DJHUDGR H EULOKH PDLV GR TXH WRGRV DR VHX
UHGRU1mRGLVFULPLQHRVGLIHUHQWHVWLSRVGHDWHQomR²

TXDOTXHUHVSpFLHGHQRWRULHGDGHOKHWUDUiPDLVSRGHU4XHIDOHPPDOPDVIDOHPGHYRFr$V
PXOWLG}HVWHQGHPDDJLUHPFRQMXQWR6HXPDSHVVRDLQWHUURPSHRTXHHVWiID]HQGRSDUDYHUR
VHXPHQGLJRFRORFDQGRWLMRORVQDUXDRXWUDVIDUmRRPHVPR(ODVVHMXQWDPFRPRFKXPDoRV
GHSRHLUD$tHQWmRXPHPSXUUmR]LQKRHHODVHQWUDPQRVHXPXVHXRXDVVLVWHPDRVHXVKRZ
3DUDFULDUXPDPXOWLGmRYRFrWHPTXHID]HUDOJXPDFRLVDGLIHUHQWHHH[FrQWULFD4XDOTXHUWLSR
GH FXULRVLGDGH VHUYH SRLV DV PXOWLG}HV VmR DWUDtGDV PDJQHWLFDPHQWH SHOR LQXVLWDGR H
LQH[SOLFiYHO(XPDYH]WHQGRFRQTXLVWDGRDDWHQomRGHODQmRDDEDQGRQH6HHODVHGHVYLDU
SDUDRXWUDVSHVVRDVIDUi

LVVRjVVXDVFXVWDV

1R LQtFLR GD VXD DVFHQVmR DWp R WRSR SRUWDQWR XVH WRGD D VXD HQHUJLD FKDPDQGR D DWHQomR
0DLVLPSRUWDQWHDTXDOLGDGHGDDWHQomRpLUUHOHYDQWH$SLRUFRLVDGRPXQGRSDUDRKRPHP
TXHTXHUDIDPDDJOyULDHpFODURRSRGHUp

VHULJQRUDGR

%ULOKDUPDLVGRTXHDVSHVVRDVTXHHVWmRDRVHXUHGRUQmRpXPDKDELOLGDGHLQDWD7HPGHVH
DSUHQGHUDFKDPDUDDWHQomR³FRPWDQWDFHUWH]DTXDQWRRtPmDWUDLRIHUUR´1RLQtFLRGDVXD
FDUUHLUD YRFr GHYH DVVRFLDU R VHX QRPH H UHSXWDomR D XPD TXDOLGDGH XPD LPDJHP TXH R
GHVWDFDUiGRVRXWURV(VWDLPDJHPSRGHVHUDOJRFRPRXPHVWLORGHVHYHVWLUFDUDFWHUtVWLFRRX
XPFDFRHWHGDSHUVRQDOLGDGHTXHGLYHUWHDVSHVVRDVHHODVFRPHQWDP8PDYH]HVWDEHOHFLGDD
LPDJHPYRFrWHPXPDDSDUrQFLDXPOXJDUQRFpXSDUDDVXDHVWUHOD

e XP HUUR FRPXP LPDJLQDU TXH HVWD VXD DSDUrQFLD SHFXOLDU QmR GHYD VHU SROrPLFD TXH VHU
DWDFDGR p XPD FRLVD UXLP 1DGD HVWi PDLV ORQJH GD YHUGDGH 3DUD HYLWDU VHU XP VXFHVVR
IUXVWUDGRRXWHUDVXDQRWRULHGDGHHFOLSVDGDSRURXWURYRFrQmRGHYHGLVFULPLQDUHQWUHWLSRV
GLIHUHQWHV GH DWHQomR QR ILQDO WRGRV OKH VHUmR IDYRUiYHLV $ VRFLHGDGH JRVWD GH ILJXUDV
H[DJHUDGDVSHVVRDVTXHVHFRORFDPDFLPDGDPHGLRFULGDGHJHUDO1mRWHQKDPHGRSRUWDQWR
GDV TXDOLGDGHV TXH R WRUQDP GLIHUHQWH GRV RXWURV H FKDPDP DWHQomR SDUD YRFr &RUWHMH D
FRQWURYpUVLD DWp R HVFkQGDOR e PHOKRU VHU DWDFDGR DWp FDOXQLDGR GR TXH SHUPDQHFHU
LJQRUDGR 7RGDV DV SURILVV}HV REHGHFHP D HVWD OHL H WRGRV RV SURILVVLRQDLV GHYHP WHU XP
SRXFRGHH[LELFLRQLVWD

6HYRFrVHHQFRQWUDUQXPDSRVLomRLQIHULRUFRPSRXFDRSRUWXQLGDGHGHFKDPDUDWHQomRXP
WUXTXH TXH IXQFLRQD p DWDFDU D SHVVRD PDLV YLVtYHO D PDLV IDPRVD D PDLV SRGHURVD TXH
HQFRQWUDU8PDWDTXHGLIDPDGRUDXPDSHVVRDHPSRVLomRGHSRGHUWHULDXPHIHLWRVHPHOKDQWH
/HPEUHVHHQWUHWDQWRGHXVDUHVVDVWiWLFDVUDUDPHQWHGHSRLVGHFKDPDUDDWHQomRGRS~EOLFR
SDUDQmRGHVJDVWiOD

8PDYH]HPHYLGrQFLDYRFrGHYHVHPSUHUHQRYDUDGDSWDUHYDULDURVHXPpWRGRGHFKDPDUD
DWHQomR'HRXWUDIRUPDRS~EOLFRVHFDQVDVHDFRVWXPDFRPYRFrHYROWDRVROKRVSDUDXPD
QRYDHVWUHOD2MRJRUHTXHUFRQVWDQWHYLJLOkQFLDHFULDWLYLGDGH

&RPSUHHQGDDVSHVVRDVVHVHQWHPVXSHULRUHVjTXHODVFXMDVDo}HVHODVVmRFDSD]HVGHSUHYHU
6H YRFr OKHV PRVWUDU TXHP HVWi QR FRQWUROH MRJDQGR FRQWUD DV VXDV H[SHFWDWLYDV DR PHVPR
WHPSRLQIXQGHUHVSHLWRHUHWHVDRVILRVGDDWHQomRTXHHVWmRHVFDSXOLQGR

3$57(,,&5,(80$5'(0,67e5,2

(P XP PXQGR FDGD YH] PDLV EDQDO H IDPLOLDU R TXH SDUHFH HQLJPiWLFR FKDPD ORJR DWHQomR
1XQFD GHL[H FODUR GHPDLV R TXH YRFr HVWi ID]HQGR RX YDL ID]HU 1mR UHYHOH WRGDV DV VXDV
FDUWDV 8P DU GH PLVWpULR DFHQWXD D VXD SUHVHQoD WDPEpP FULD H[SHFWDWLYD ² WRGRV HVWDUmR
ROKDQGR SDUD YHU R TXH DFRQWHFHUi HP VHJXLGD 8VH R PLVWpULR SDUD HQJDQDU VHGX]LU H DWp
DVVXVWDU

1R SDVVDGR R PXQGR HVWDYD FKHLR GH FRLVDV DWHUURUL]DQWHV H GHVFRQKHFLGDV ² GRHQoDV
GHVDVWUHV GpVSRWDV FDSULFKRVRV R SUySULR PLVWpULR GD PRUWH 2 TXH QmR SRGtDPRV
FRPSUHHQGHU UHLPDJLQiYDPRV QD IRUPD GH PLWRV H HVStULWRV &RP R SDVVDU GRV VpFXORV
WRGDYLD FRQVHJXLPRV SRU PHLR GD FLrQFLD H GD UD]mR GDU OX] j HVFXULGmR R TXH HUD
PLVWHULRVRHSURLELGRVHWRUQRXIDPLOLDUHFRQIRUWiYHO0DVHVWDOX]WHPXPSUHoRQXPPXQGR
FDGD YH] PDLV EDQDO VHP PDLV HVSDoR SDUD RV VHXV PLVWpULRV H PLWRV QyV LQWLPDPHQWH
DQVLDPRVSRUHQLJPDVSHVVRDVRXFRLVDVTXHQmRSRVVDP7KLVGRFXPHQWKDVEHHQFUHDWHG
ZLWK D '(02 YHUVLRQ RI 3') &UHDWH &RQYHUW KWWSZZZHTXLQR[
VRIWZDUHFRPSURGXFWVSGIBFUHDWHBFRQYHUWKWPO

7RUHPRYHWKLVPHVVDJHSOHDVHUHJLVWHU

VHULQVWDQWDQHDPHQWHLQWHUSUHWDGDVFRPSUHHQGLGDVFRQVXPLGDV

(VWHpRSRGHUGRPLVWHULRVRHOHFRQYLGDDYiULDVLQWHUSUHWDo}HVH[FLWDDQRVVDLPDJLQDomR
QRVVHGX]DDFUHGLWDUTXHHVFRQGHDOJRPDUDYLOKRVR2PXQGRVHWRUQRXWmRIDPLOLDUHVHXV
KDELWDQWHVWmRSUHYLVtYHLVTXHDTXLORTXHHVWLYHUHQYROWRHPPLVWpULRTXDVHVHPSUHDWUDLDOX]
GRVUHIOHWRUHVHQRVID]ROKDU1mRLPDJLQHTXHSDUDFULDUXPDUGHPLVWpULRYRFrWHQKDGHVHU
PDJQtILFRHHVSDQWRVR2PLVWpULRTXHHVWi

HQWUHPHDGRQRVHXFRPSRUWDPHQWRGLiULRHpVXWLOWHPHVVHSRGHUGHIDVFLQDUHDWUDLUDWHQomR
/HPEUHVH DV SHVVRDV HP VXD PDLRULD VmR IUDQFDV VmR FRPR XP OLYUR DEHUWR UDUDV VH
SUHRFXSDP HP FRQWURODU VXDV SDODYUDV RX LPDJHP H VmR LUUHPHGLDYHOPHQWH SUHYLVtYHLV
&RQWHQGRVH DSHQDV ILFDQGR HP VLOrQFLR SURQXQFLDQGR GH YH] HP TXDQGR IUDVHV DPEtJXDV
DSDUHQWDQGR GHOLEHUDGDPHQWH LQFRHUrQFLD H VXWLO H[FHQWULFLGDGH YRFr HPDQDUi XPD DXUD GH
PLVWpULR ( DV SHVVRDV DR UHGRU WHQWDQGR FRQVWDQWHPHQWH LQWHUSUHWDU YRFr DPSOLDUmR HVVD
DXUD$UWLVWDVHFKDUODW}HVFRPSUHHQGHPRHORYLWDOHQWUHVHUPLVWHULRVRHDWUDLURLQWHUHVVH
8PDUGHPLVWpULRSRGHID]HURPHGtRFUHSDUHFHULQWHOLJHQWHHSURIXQGRePXLWRIiFLO²IDOH
SRXFRVREUHRVHXWUDEDOKRSURYRTXHHH[FLWHFRPFRPHQWiULRVVHGXWRUHVDWpFRQWUDGLWyULRV
GHSRLVUHFXHHGHL[HTXHRVRXWURVWHQWHPHQWHQGHU

3HVVRDV PLVWHULRVDV FRORFDP RV RXWURV QXPD HVSpFLH GH VLWXDomR LQIHULRU ² D GH WHQWDU
HQWHQGrODV (P JUDXV FRQWUROiYHLV HODV WDPEpP HYRFDP R PHGR TXH HQYROYH WXGR TXH p
LQFHUWR RX GHVFRQKHFLGR 7RGRV RV JUDQGHV OtGHUHV VDEHP TXH XPD DXUD GH PLVWpULR FKDPD
DWHQomR H FULD XPD SUHVHQoD LQWLPLGDQWH 6H D VXD SRVLomR VRFLDO R LPSHGH GH HQYROYHU
WRWDOPHQWHVHXVDWRVHPPLVWpULRYRFrGHYHSHORPHQRVDSUHQGHUDVHID]HUPHQRVyEYLR'H
YH]HPTXDQGRDMDGHXPDIRUPDTXHQmRFRPELQHFRPDLGpLDTXHDVRXWUDVSHVVRDVWrPGH
YRFr $VVLP YRFr PDQWpP DV SHVVRDV DR VHX UHGRU QD H[SHFWDWLYD SURYRFDQGR R WLSR GH
DWHQomRTXHRWRUQDSRGHURVR)HLWDFRUUHWDPHQWHDFULDomRGRHQLJPDSRGHWDPEpPDWUDLUR
WLSRGHDWHQomRTXHLQVSLUDWHUURUQRVHXLQLPLJR6HYRFrVHYLUQXPDDUPDGLOKDHQFXUUDODGR
H QD GHIHQVLYD WHQWH XPD H[SHULrQFLD VLPSOHV IDoD DOJR TXH QmR SRVVD VHU IDFLOPHQWH
H[SOLFDGR RX LQWHUSUHWDGR (VFROKD XPD DomR VLPSOHV PDV H[HFXWHD GH XPD IRUPD TXH
GHVHVWDELOL]H R VHX DGYHUViULR FRP PXLWDV LQWHUSUHWDo}HV SRVVtYHLV WRUQDQGR REVFXUDV DV
VXDV LQWHQo}HV 1mR VHMD VLPSOHVPHQWH LPSUHYLVtYHO HPERUD HVWD WiWLFD WDPEpP SRVVD GDU
FHUWR²YHU/HL 9DLSDUHFHUTXHDVXDORXFXUDQmRWHPSURSyVLWRpVHPSpQHPFDEHoD
VHP QHQKXPD H[SOLFDomR SRVVtYHO 6H YRFr IL]HU LVVR FHUWR YDL GHL[DU WRGRV WUHPHQGR GH
PHGRHDVVHQWLQHODVDEDQGRQDUmRVHXVSRVWRV&KDPHDLVVRGHWiWLFDGD³ORXFXUDILQJLGDGH
+DPOHW´SRLV+DPOHWDXVDFRPJUDQGHHIHLWRQDSHoDGH6KDNHVSHDUHDVVXVWDQGRRSDGUDVWR
&OiXGLRFRPVHXFRPSRUWDPHQWRHQLJPiWLFR2PLVWHULRVRID]DVXDIRUoDSDUHFHUPDLRURVHX
SRGHUPDLVDWHUURUL]DQWH

2,19(562

1RLQtFLRGDVXDVXELGDDRWRSRYRFrGHYHFKDPDUDWHQomRDWRGRFXVWRPDVGXUDQWHDVXELGD
YRFrGHYHLUFRQVWDQWHPHQWHVHDGDSWDQGR1mRFDQVHRS~EOLFRVHPSUHFRPDPHVPDWiWLFD
8PDUGHPLVWpULRIXQFLRQDFRPRXPDPDUDYLOKDSDUDDTXHOHVTXHSUHFLVDPGHVHQYROYHUXPD
DXUDGHSRGHUHVHID]HUQRWDGRVPDVGHYHSDUHFHUXPDDWLWXGHFRPHGLGDHFRQWURODGD1mR
GHL[HTXHRVHXDUGHPLVWpULRVHWUDQVIRUPHOHQWDPHQWHQXPDUHSXWDomRGHWUDSDFHLUR2

PLVWpULRTXHYRFrFULDUGHYHSDUHFHUXPMRJRGLYHUWLGRHLQRIHQVLYR5HFRQKHoDTXDQGRHVWi
LQGRORQJHGHPDLVHUHFXH+iPRPHQWRVHPTXHDQHFHVVLGDGHGHDWHQomRGHYHVHUDGLDGDH
TXDQGRD~OWLPDFRLVDTXHVHTXHUpRHVFkQGDORHDQRWRULHGDGH$DWHQomRTXHYRFrFKDPD
MDPDLVGHYHRIHQGHURXGHVDILDUDUHSXWDomRGRVTXHHVWmRDFLPDGHYRFr²

QmR GH PDQHLUD DOJXPD VH HOHV HVWLYHUHP VHJXURV &RPSDUDGR FRP HOHV YRFr QmR Vy
SDUHFHUiPHVTXLQKRFRPRGHVHVSHUDGReXPDDUWHVDEHUTXDQGRFKDPDUDDWHQomRHTXDQGR
VHUHWUDLU3RUFRQVHJXLQWHQmRSDUHoDHVWDUH[FHVVLYDPHQWHTXHUHQGRDWHQomRSRUTXHLVVRp
VLQDOGHLQVHJXUDQoDHLQVHJXUDQoDDIDVWDRSRGHU&RPSUHHQGDTXHH[LVWHPPRPHQWRVHPTXH
QmRpLQWHUHVVDQWHSDUDYRFrVHURFHQWURGDVDWHQo}HV1DSUHVHQoDGHXPUHLRXUDLQKDSRU
H[HPSORRXRHTXLYDOHQWHLQFOLQHVHHILTXHQDVRPEUDQmRHQWUHHPFRPSHWLomR

4XDQGR YRFr QmR VH GHFODUD LPHGLDWDPHQWH FULD H[SHFWDWLYDV 0LVWXUH XP SRXFR GH
PLVWpULRHPWXGRHRSUySULRPLVWpULRGHVSHUWDUiDYHQHUDomR(TXDQGRYRFrH[SOLFDUQmR
VHMD PXLWR H[SOtFLWR 'HVWD PDQHLUD YRFr LPLWD R MHLWR GLYLQR TXDQGR ID] RV KRPHQV
ILFDUHPREVHUYDQGRPDUDYLOKDGRV

%DOWDVDU*UDFLiQ

2VWHQWHHVHMDYLVWR2TXHQmRpYLVWRpFRPRVHQmRH[LVWLVVH)RLDOX]TXHGHXEULOKRD
WRGDDFULDomR$H[LELomRSUHHQFKHPXLWRVHVSDoRVYD]LRVHQFREUHGHILFLrQFLDVHID]WXGR
UHQDVFHUHVSHFLDOPHQWHVHDSRLDGDSHORPpULWRDXWrQWLFR

%DOWDVDU*UDFLiQ

7KLV GRFXPHQW KDV EHHQ FUHDWHG ZLWK D '(02 YHUVLRQ RI 3') &UHDWH &RQYHUW
KWWSZZZHTXLQR[VRIWZDUHFRPSURGXFWVSGIBFUHDWHBFRQYHUWKWPO

7RUHPRYHWKLVPHVVDJHSOHDVHUHJLVWHU

6HDFRQWHFHUGHRFRUWHVmRSDUWLFLSDUGHXPDOXWDQXPHVSHWiFXORSXEOLFRFRPRXPDMXVWD
  GHYH DVVHJXUDU TXH R VHX FDYDOR HVWHMD EHODPHQWH DMDH]DGR TXH HOH PHVPR HVWHMD
DGHTXDGDPHQWH YHVWLGR FRP GLYLVDV DSURSULDGDV H H[SHGLHQWHV HQJHQKRVRV SDUD DWUDLU R
ROKDU GRV HVSHFWDGRUHV HP VXD GLUHomR FRP WDPDQKD FHUWH]D TXDQWR R tPm DWUDL R IHUUR
%DLGDVVDUH&DVWLJOLRQH

7KLV GRFXPHQW KDV EHHQ FUHDWHG ZLWK D '(02 YHUVLRQ RI 3') &UHDWH &RQYHUW
KWWSZZZHTXLQR[VRIWZDUHFRPSURGXFWVSGIBFUHDWHBFRQYHUWKWPO

7RUHPRYHWKLVPHVVDJHSOHDVHUHJLVWHU

/(,

)$d$&2048(2628752675$%$/+$5(032592&Ç0$66(035(),48(
&202

&5e',72

8VHDVDEHGRULDRFRQKHFLPHQWRHRHVIRUoRItVLFRGRVRXWURVHPFDXVDSUySULD1mRVyHVVD
DMXGDOKHHFRQRPL]DUiXPWHPSRHXPDHQHUJLDYDOLRVRVFRPROKHGDUiXPDDXUDGLYLQDGH
HILFLrQFLD H UDSLGH] 1R ILQDO VHXV DMXGDQWHV VHUmR HVTXHFLGRV H YRFr OHPEUDGR 1mR IDoD
YRFr PHVPR R TXH RV RXWURV SRGHP ID]HU SRU YRFr 0XLWRV DOLPHQWDP D LOXVmR GH TXH D
FLrQFLDSRUOLGDUFRPIDWRVHVWiDFLPDGHULYDOLGDGHVPHVTXLQKDVTXHDWUDSDOKDPRUHVWRGR
PXQGR 1LNROD 7HVOD HUD XP GHVVHV (OH DFUHGLWDYD TXH D FLrQFLD QDGD WLQKD D YHU FRP D
SROtWLFD H GL]LD QmR VH SUHRFXSDU FRP D IDPD RX D ULTXH]D 0DLV YHOKR HQWUHWDQWR LVWR
DUUXLQRXRVHXWUDEDOKRFLHQWtILFR6HPHVWDUDVVRFLDGRDQHQKXPDGHVFREHUWDHPSDUWLFXODU
HOH QmR SRGHULD DWUDLU LQYHVWLGRUHV SDUD VXDV PXLWDV LGpLDV (QTXDQWR HOH ILFDYD LPDJLQDQGR
JUDQGHVLQYHQo}HVSDUDRIXWXURRXWURVURXEDYDPDVSDWHQWHVTXHHOHMiKDYLDGHVHQYROYLGRH
ILFDYDPFRPDJOyULD

7HPRVGXDVOLo}HVSULPHLURRFUpGLWRSRUXPDLQYHQomRRXFULDomRpWmRLPSRUWDQWHVHQmR
PDLV LPSRUWDQWH GR TXH D SUySULD LQYHQomR 9RFr GHYH JDUDQWLU SDUD VL SUySULR R FUpGLWR H
LPSHGLUTXHRXWURVRURXEHPRXILTXHPSHQGXUDGRVQDVVXDVFRVWDV3DUDLVVRYRFrGHYHVH
PDQWHU YLJLODQWH H LPSODFiYHO JXDUGDU VLOrQFLR VREUH D VXD LQYHQomR DWp WHU FHUWH]D GH QmR
KDYHU QHQKXP DEXWUH YRDQGR SRU SHUWR 6HJXQGR DSUHQGD D WLUDU YDQWDJHP GR WUDEDOKR GRV
RXWURV HP FDXVD SUySULD 2 WHPSR p SUHFLRVR H D YLGD p FXUWD 6H WHQWDU ID]HU WXGR VR]LQKR
YRFrYDLVHGHVJDVWDUGHVSHUGLoDUHQHUJLDVHVHTXHLPDUePXLWRPHOKRUFRQVHUYDUDVVXDV
IRUoDV GHLWDU DV JDUUDV QR WUDEDOKR TXH RV RXWURV Mi IL]HUDP H GHVFREULU XP MHLWR GH VH
DSRGHUDUGHOH

$ GLQkPLFD GR PXQGR GR SRGHU p D GD VHOYD Ki RV TXH YLYHP FDoDQGR H PDWDQGR H Ki
WDPEpP XP YDVWR Q~PHUR GH FULDWXUDV KLHQDV DEXWUHV  TXH YLYHP GR TXH RV RXWURV FDoDP
(VWHV ~OWLPRV WLSRV PHQRV LPDJLQDWLYRV FRP IUHTrQFLD VmR LQFDSD]HV GH ID]HU R WUDEDOKR
HVVHQFLDO SDUD D FULDomR GH SRGHU (OHV FRPSUHHQGHP GHVGH FHGR HQWUHWDQWR TXH VH
HVSHUDUHP EDVWDQWH VHPSUH HQFRQWUDUmR RXWUR DQLPDO SDUD WUDEDOKDU SRU HOHV 1mR VHMD
LQJrQXRDJRUDPHVPRHQTXDQWRYRFrVHHVIRUoDHPDOJXPSURMHWRH[LVWHPDEXWUHVDRUHGRU
WHQWDQGRLPDJLQDUXPMHLWRGHVREUHYLYHUHDWpSURVSHUDUFRPDVXDFULDWLYLGDGHeLQ~WLOILFDU
VHTXHL[DQGRRXVRIUHUDPDUJXUDGRFRPRIH]7HVOD0HOKRUVHSURWHJHUHDSUHQGHUDMRJDU
8PDYH]WHQGRHVWDEHOHFLGRXPDEDVHGHSRGHUWRUQHVHYRFr
PHVPRXPDEXWUHHSRXSHXPERFDGRGRVHXWHPSRHHQHUJLD

$HVVrQFLDGD/HLDSUHQGDDID]HUFRPTXHRVRXWURVWUDEDOKHPSRUYRFrHQTXDQWRYRFrILFD
FRP R FUpGLWR H SDUHFHUi TXH YRFr WHP HQHUJLD H SRGHU GLYLQRV 6H YRFr DFKD LPSRUWDQWH
ID]HURWUDEDOKRWRGRVR]LQKRQmRLUiPXLWRORQJHHYDLVRIUHUPXLWR(QFRQWUHJHQWHFRPDV
KDELOLGDGHVHDFULDWLYLGDGHTXHYRFrQmRWHP&RQWUDWHRVHFRORTXHRVHXQRPHHPSULPHLUR
OXJDUQDIUHQWHGRVQRPHVGHOHVRXGHVFXEUDXPMHLWRGHURXEDURWUDEDOKRGHOHVHGL]HUTXH
IRL YRFr TXHP IH]$ FULDWLYLGDGH GHOHV SRUWDQWR VH WRUQD VXD H R PXQGR R YHUi FRPR XP
JrQLR([LVWHXPDRXWUDDSOLFDomRGHVWDOHLTXHQmRH[LJHTXHYRFrH[SORUHRWUDEDOKRGRVVHXV
FRQWHPSRUkQHRVXVHRSDVVDGRXPYDVWRDUVHQDOGHFRQKHFLPHQWRHVDEHGRULD,VDDF1HZWRQ
FKDPRX LVVR GH ³VXELU QRV RPEURV GH JLJDQWHV´ (OH TXHULD GL]HU TXH DR ID]HU VXDV
GHVFREHUWDVHOHWLQKDVHEDVHDGRHPFRQTXLVWDVDOKHLDV$JUDQGHSDUWHGDVXDDXUDGHJrQLR
HOHVDELDSRGLDVHUDWULEXtGDjVXDVDJD]KDELOLGDGHSDUDDSURYHLWDUDRPi[LPRDVYLV}HVGRV
FLHQWLVWDV GD DQWLJLGDGH PHGLHYDLV RX UHQDVFHQWLVWDV 6KDNHVSHDUH SHGLX HPSUHVWDGR
HQUHGRV FDUDFWHUL]Do}HV H DWp GLiORJRV GH 3OXWDUFR HQWUH RXWURV DXWRUHV SRLV VDELD TXH
QLQJXpP VXSODQWDYD 3OXWDUFR QD VXWLO SVLFRORJLD H QDV FLWDo}HV HVSLULWXRVDV 4XDQWRV RXWURV
DXWRUHVGHSRLVSRUVXDYH]WRPDUDPHPSUHVWDGR²SODJLDUDP²GH6KDNHVSHDUH"

1yV VDEHPRV FRPR p UDUR RV SROtWLFRV DWXDOPHQWH HVFUHYHUHP RV VHXV SUySULRV GLVFXUVRV
6XDVSUySULDVSDODYUDVQmROKHVFRQTXLVWDULDXPVyYRWRVXDHORTrQFLDHVDJDFLGDGHVHHOD
H[LVWHVHGHYHDXPUHGDWRUGHGLVFXUVRV2XWUDVSHVVRDVID]HPRWUDEDOKRHOHVILFDPFRPR
FUpGLWR 2 DYHVVR p TXH HVVH WLSR GH SRGHU HVWi GLVSRQtYHO SDUD WRGRV $SUHQGD D XVDU R
FRQKHFLPHQWRGRSDVVDGRHYRFrSDUHFHUiXPJrQLRPHVPRTXHQDUHDOLGDGHQmRSDVVHGHXP
HVSHUWRSODJLDGRU

(VFULWRUHV TXH VH DSURIXQGDUDP QD QDWXUH]D KXPDQD DQWLJRV PHVWUHV GD HVWUDWpJLD
KLVWRULDGRUHVGDHVWXSLGH]HORXFXUDKXPDQDUHLVHUDLQKDVTXHDSUHQGHUDPGDPDQHLUDPDLV
GLItFLO D OLGDU FRP R SHVR GR SRGHU ² R FRQKHFLPHQWR GHOHV HVWi DFXPXODQGR SRHLUD
HVSHUDQGRTXHYRFrVXEDQRVVHXVRPEURV$VDJDFLGDGHGHOHVSRGHVHUDVXDVDJDFLGDGHD
FDSDFLGDGHGHOHVSRGHVHUDVXDFDSDFLGDGHHHOHVQmRYLUmRGL]HUTXHYRFrQmRWHPQDGDGH
RULJLQDO 9RFr SRGH EDWDOKDU FRPHWHU HUURV VHP ILP JDVWDU WHPSR H HQHUJLD WHQWDQGR ID]HU
FRLVDVDSDUWLUGDVXDSUySULDH[SHULrQFLD2XSRGHXVDURVH[pUFLWRVGRSDVVDGR&RPRGLVVH
%LVPDUFNFHUWDYH]³2VWRORVGL]HPTXHDSUHQGHPSHODH[SHULrQFLD(XSUHILURDSURYHLWDUD
H[SHULrQFLDGRVRXWURV´

7KLV GRFXPHQW KDV EHHQ FUHDWHG ZLWK D '(02 YHUVLRQ RI 3') &UHDWH &RQYHUW
KWWSZZZHTXLQR[VRIWZDUHFRPSURGXFWVSGIBFUHDWHBFRQYHUWKWPO

7RUHPRYHWKLVPHVVDJHSOHDVHUHJLVWHU

2,19(562

+iPRPHQWRVHPTXHILFDUFRPRFUpGLWRSHORWUDEDOKRGRVRXWURVQmRpRPDLVVHQVDWRVHR
VHXSRGHUQmRHVWi
VROLGDPHQWH HVWDEHOHFLGR YDL SDUHFHU TXH YRFr HVWi HPSXUUDQGR RV RXWURV SDUD ORQJH GRV
UHIOHWRUHV3DUDVHUXPEULOKDQWHH[SORUDGRUGHWDOHQWRVDVXDSRVLomRWHPGHVHULQDEDOiYHO
RX YRFr VHUi DFXVDGR GH IUDXGH 7HQKD FHUWH]D GH VDEHU TXDQGR p LQWHUHVVDQWH SDUD YRFr
GLYLGLU R FUpGLWR FRP RV RXWURV e PXLWR LPSRUWDQWH QmR VHU JDQDQFLRVR TXDQGR VH WHP XP
PHVWUHHPSRVLomRVXSHULRU$KLVWyULFDYLVLWDGRSUHVLGHQWH5LFKDUG1L[RQj

5HS~EOLFD 3RSXODU GD &KLQD IRL RULJLQDOPHQWH LGpLD GHOH PDV MDPDLV WHULD VH UHDOL]DGR QmR
IRVVHDKiELOGLSORPDFLDGH+HQU\.LVVLQJHU1HPWHULDWLGRWDQWRVXFHVVRVHPDKDELOLGDGHGH
.LVVLQJHU 1mR REVWDQWH QD KRUD GH ILFDU FRP R FUpGLWR .LVVLQJHU VDELDPHQWH GHL[RX TXH
1L[RQILFDVVHFRPDSDUWHGROHmR6DEHQGRTXHDYHUGDGHDFDEDULDVHUHYHODQGRHOHWHYHR
FXLGDGR GH QmR FRORFDU HP ULVFR D VXD SRVLomR QR FXUWR SUD]R DSURSULDQGRVH GDV OX]HV
.LVVLQJHU MRJRX FRP HVSHUWH]D ILFRX FRP R FUpGLWR SHOR WUDEDOKR GRV TXH HVWDYDP DEDL[R
GHOHHQTXDQWRJUDFLRVDPHQWHGHXRFUpGLWRGRVHXSUySULRHVIRUoRDRVTXHHVWDYDPDFLPDe
DVVLP TXH VH MRJD+i PXLWR R TXH VDEHU D YLGD p FXUWD H D YLGD QmR p YLGD VHP
FRQKHFLPHQWR e SRU FRQVHJXLQWH XP H[FHOHQWH WUXTXH DGTXLULU R FRQKHFLPHQWR GH WRGR
PXQGR$VVLPHQTXDQWRRVRXWURVVXDPYRFrJDQKDDUHSXWDomRGHXPRUiFXOR  %DOWDVDU
*UDFLiQ

7RGRV URXEDP QR FRPpUFLR H QD LQG~VWULD (X PHVPR URXEHL PXLWR 0DV HX VHL FRPR
URXEDU7KRPDV(GLVRQ

7KLV GRFXPHQW KDV EHHQ FUHDWHG ZLWK D '(02 YHUVLRQ RI 3') &UHDWH &RQYHUW
KWWSZZZHTXLQR[VRIWZDUHFRPSURGXFWVSGIBFUHDWHBFRQYHUWKWPO

7RUHPRYHWKLVPHVVDJHSOHDVHUHJLVWHU

/(,

)$d$$63(662$69,5(0$7e92&Ç86(80$,6&$6()2535(&,62

4XDQGRYRFrIRUoDRVRXWURVDDJLUpYRFrTXHHVWiQRFRQWUROHeVHPSUHPHOKRUID]HURVHX
DGYHUViULRYLUDWp

YRFr DEDQGRQDQGR VHXV SUySULRV SODQRV QR SURFHVVR 6HGX]DR FRP D SRVVLELOLGDGH GH
JDQKRVIDEXORVRVGHSRLVDWDTXHpYRFrTXHPGiDVFDUWDV

4XDQWDV YH]HV HVWH FHQiULR VH UHSHWLX QD KLVWyULD XP OtGHU DJUHVVLYR LQLFLD XPD VpULH GH
PRYLPHQWRV RXVDGRV TXH FRPHoDP SRU OKH WUD]HU PXLWR SRGHU /HQWDPHQWH HQWUHWDQWR R VHX
SRGHUFKHJDDXPSRQWRPi[LPRHHPEUHYHWXGRVHYROWDFRQWUDHOH6HXVLQ~PHURVLQLPLJRV
VH XQHP WHQWDQGR PDQWHU R VHX SRGHU HOH VH HVJRWD LQGR GH XP ODGR SDUD R RXWUR H
LQHYLWDYHOPHQWH HQWUD HP FRODSVR 2 PRWLYR SDUD HVWH SDGUmR p TXH D SHVVRD DJUHVVLYD
UDUDPHQWH HVWi HP SOHQR FRQWUROH GD VLWXDomR (OD QmR HQ[HUJD PDLV GR TXH XP RX GRLV
PRYLPHQWRV DGLDQWH QmR SRGH YHU DV FRQVHTrQFLDV GHVWH RX GDTXHOH PRYLPHQWR RXVDGR
&RPRHVWiFRQVWDQWHPHQWHVHQGRIRUoDGDDUHDJLUDRVPRYLPHQWRVGRVHXFUHVFHQWHH[pUFLWRGH
LQLPLJRV H jV FRQVHTrQFLDV LPSUHYLVtYHLV GDV VXDV SUySULDV Do}HV WHPHUiULDV VXD HQHUJLD
DJUHVVLYDVHYROWDFRQWUDHOD

1D HVIHUD GR SRGHU YRFr GHYH VH SHUJXQWDU GH TXH DGLDQWD FRUUHU GDTXL SDUD DOL WHQWDQGR
VROXFLRQDU SUREOHPDV H GHUURWDU ,QLPLJRV VH QXQFD PH VLQWR QR FRQWUROH" 3RU TXH WHQKR
VHPSUH GH UHDJLU DRV DFRQWHFLPHQWRV HP YH] GH GLUHFLRQiORV"$ UHVSRVWD p VLPSOHV$ VXD
LGpLDGHSRGHUHVWiHUUDGD9RFrFRQIXQGHDWLWXGHVDJUHVVLYDVFRPDWLWXGHVHILFD]HV(TXDVH
VHPSUH R TXH IXQFLRQD PHOKRU p ILFDU SDUDGR PDQWHU D FDOPD H GHL[DU TXH RV RXWURV VH
IUXVWUHP FRP DV DUPDGLOKDV TXH YRFr FRORFD SDUD HOHV MRJDQGR SDUD FRQTXLVWDU R SRGHU D
ORQJRSUD]RHQmRSDUDDOFDQoDUXPDYLWyULDUiSLGD

/HPEUHVH D HVVrQFLD GR SRGHU p D FDSDFLGDGH GH WHU D LQLFLDWLYD ID]HU FRP TXH RV RXWURV
UHDMDPDRVVHXVPRYLPHQWRVGHL[DURVHXDGYHUViULRHDVSHVVRDVDRVHXUHGRUQDGHIHQVLYD
4XDQGR YRFr ID] DV SHVVRDV YLUHP DWp YRFr GH UHSHQWH p YRFr TXH HVWi QR FRQWUROH GD
VLWXDomR ( TXHP FRQWUROD WHP R SRGHU 'XDV FRLVDV SUHFLVDP DFRQWHFHU SDUD FRORFDU YRFr
QHVWDSRVLomRYRFrPHVPRWHPGHDSUHQGHUDGRPLQDUVXDVHPRo}HVHMDPDLVVHGHL[DUOHYDU
SHODUDLYDHQTXDQWRLVVRGHYHDSURYHLWDUDWHQGrQFLDQDWXUDOGDVSHVVRDVGHUHDJLUFRPUDLYD
TXDQGRIRUoDGDVHHQJDQDGDV$ORQJRSUD]RDFDSDFLGDGHGHID]HUDVSHVVRDVYLUHPDWpYRFr
pXPDDUPDPXLWRPDLVSRGHURVDGRTXHTXDOTXHUIHUUDPHQWDDJUHVVLYD

7RGRVQyVWHPRVXPOLPLWHSDUDQRVVDVHQHUJLDVHKiXPPRPHQWRHPTXHHODVHVWmRQRDXJH
4XDQGRYRFrID]FRPTXHDRXWUDSHVVRDYHQKDDWpYRFrHODVHGHVJDVWDGHVSHUGLoDHQHUJLD
SHOR FDPLQKR 8PD RXWUD YDQWDJHP HP ID]HU R DGYHUViULR YLU DWp YRFr p TXH LVVR R IRUoD D
RSHUDUQRVHXWHUULWyULR(VWDUHPWHUUHQRKRVWLORGHL[DQHUYRVRHTXDVHVHPSUHHOHVHDIREDH
FRPHWHHUURV(PQHJRFLDo}HVRXUHXQL}HVpVHPSUHPDLVVHQVDWRDWUDLURVRXWURVSDUDRVHX
WHUULWyULRRXSDUDRWHUULWyULRTXHYRFrHVFROKHU9RFrWHPRVVHXVUHIHUHQFLDLVHQTXDQWRHOH
QmR Yr QDGD IDPLOLDU H ILFD VXWLOPHQWH FRORFDGR QD GHIHQVLYD $ PDQLSXODomR p XP MRJR
SHULJRVR4XDQGRDOJXpPGHVFRQILDGHTXHHVWiVHQGRPDQLSXODGRILFDFDGDYH]PDLVGLItFLO
GHFRQWURODU0DVTXDQGRYRFrID]RVHXDGYHUViULRFKHJDUDWpYRFrFULDDLOXVmRGHTXHpHOH
TXH HVWi QR FRQWUROH 7XGR GHSHQGH GD VXDYLGDGH GD VXD LVFD 6H D VXD DUPDGLOKD p
VXILFLHQWHPHQWH DWUDHQWH D WXUEXOrQFLD GDV HPRo}HV H GHVHMRV GRV VHXV LQLPLJRV QmR RV
GHL[DUmRYHUDUHDOLGDGH4XDQWRPDLVJDQDQFLRVRVPHOKRUSRGHUmRVHUFRQGX]LGRV2JUDQGH
EDUmRODGUmRGRVpFXOR;,;'DQLHO'UHZHUDPHVWUHHPMRJDUQDEROVDGHYDORUHV4XDQGR
TXHULD TXH XPD GHWHUPLQDGD DomR IRVVH FRPSUDGD RX YHQGLGD ID]HQGR VXELU RX EDL[DU RV
SUHoRVHOHUDUDPHQWHUHFRUULDDXPPpWRGRGLUHWR8PGRVVHXVWUXTXHVHUDSDVVDUFRUUHQGR
SRU XP FOXEH H[FOXVLYR SHUWR GH :DOO 6WUHHW REYLDPHQWH D FDPLQKR GD EROVD GH YDORUHV H
WLUDUGREROVRRVHXFRVWXPHLUROHQoRYHUPHOKRSDUDVHFDURVXRUGDWHVWD8PSHGDFLQKRGH
SDSHOFDtDHHOHILQJLDQmRSHUFHEHU2VPHPEURVGRFOXEHHVWDYDPVHPSUHWHQWDQGRSUHYHURV
PRYLPHQWRV GH 'UHZ H SXODYDP HP FLPD GR SDSHO TXH LQYDULDYHOPHQWH FRQWLQKD XPD GLFD
VREUHXPDDomR$QRWtFLDVHHVSDOKDYDHRVPHPEURVHPEDQGRFRPSUDYDPRXYHQGLDPDV
Do}HVGDQoDQGRQDVPmRVGH'UHZ6HYRFrFRQVHJXLUTXHDVSHVVRDVFDYHPDVVXDVSUySULDV
VHSXOWXUDV SRU TXH JDVWDU R VHX VXRU" 2V EDWHGRUHV GH FDUWHLUD VmR PHVWUHV QLVWR$ FKDYH
SDUD EDWHU XPD FDUWHLUD p VDEHU HP TXH EROVR HOD HVWi %DWHGRUHV H[SHULHQWHV FRVWXPDP
H[HUFHURVHXRItFLRHPHVWDo}HVGHWUHPHRXWURVOXJDUHVRQGHH[LVWHPFDUWD]HVHPTXHVHOr
FODUDPHQWH&8,'$'2&2026%$7('25(6'(&$57(,5$2VWUDQVHXQWHVDRYHUHPR
FDUWD]LQYDULDYHOPHQWHFRORFDPDPmRQREROVRGDFDUWHLUDSDUDYHUVHHODDLQGDHVWiOi3DUD
RV EDWHGRUHV DWHQWRV LVWR p FDLU D VRSD QR PHO 6DEHVH DWp TXH HOHV PHVPRV FRORFDP RV
FDUWD]HVGH&8,'$'2&2026%$7('25(6'(&$57(,5$SDUDJDUDQWLURVHXVXFHVVR
7KLV GRFXPHQW KDV EHHQ FUHDWHG ZLWK D '(02 YHUVLRQ RI 3') &UHDWH &RQYHUW
KWWSZZZHTXLQR[VRIWZDUHFRPSURGXFWVSGIBFUHDWHBFRQYHUWKWPO

7RUHPRYHWKLVPHVVDJHSOHDVHUHJLVWHU

4XDQGR YRFr ID] DV SHVVRDV YLUHP DWp YRFr jV YH]HV p PHOKRU GHL[DU TXH HODV VDLEDP TXH
YRFrHVWiIRUoDQGR9RFrWURFDDGLVVLPXODomRSHODPDQLSXODomRGHFODUDGD$VUDPLILFDo}HV
SVLFROyJLFDVVmRSURIXQGDVDSHVVRDTXHID]RVRXWURVLUHPDWpHODSDUHFHSRGHURVDHH[LJH
UHVSHLWR

6H QXPD GHWHUPLQDGD RFDVLmR YRFr FRQVLGHUDU XPD TXHVWmR GH KRQUD DV SHVVRDV YLUHP DWp
YRFrHFRQVHJXLUTXHHODVYHQKDPHODVFRQWLQXDUmRID]HQGRLVVRPHVPRGHSRLVGHYRFrSDUDU
GHWHQWDU2,19(562

(PERUD HP JHUDO VHMD PDLV VHQVDWR ID]HU RV RXWURV VH H[DXULUHP FRUUHQGR DWUiV GH YRFr Ki
FDVRV LQYHUVRV HP TXH DWDFDU UHSHQWLQD H DJUHVVLYDPHQWH R LQLPLJR R GHVPRUDOL]D WDQWR TXH
VXDVHQHUJLDVVHHVYDHP(PYH]GHID]HURVRXWURVYLUHPDWpYRFrYRFrYDLDWpHOHVLQVLVWH
WRPDDOLGHUDQoD2DWDTXHUiSLGRSRGHVHUXPDDUPDDVVXVWDGRUDSRLVIRUoDDRXWUDSHVVRDD
UHDJLUVHPWHPSRSDUDSHQVDURXSODQHMDU6HPWHPSRSDUDSHQVDUDVSHVVRDVFRPHWHPHUURV
GHMXOJDPHQWRHVHFRORFDPQDGHIHQVLYD(VWDWiWLFDpRRSRVWRGHHVSHUDUHFRORFDUDLVFD
PDVWHPDPHVPDIXQomRYRFr

ID]RVHXLQLPLJRUHDJLUVHJXQGRRVVHXVSUySULRVWHUPRV

8PPRYLPHQWRUiSLGRHLPSUHYLVWRDSDYRUDHGHVPRUDOL]D9RFrGHYHHVFROKHUVXDVWiWLFDVGH
DFRUGR FRP D VLWXDomR 6H WLYHU R WHPSR D VHX IDYRU H VRXEHU TXH YRFr H RV VHXV LQLPLJRV
HVWmRQRPtQLPRHPLJXDOGDGHGHIRUoDVHQWmRHVJRWHDIRUoDGHOHVID]HQGRRVYLUDWpYRFr
6HRWHPSRQmRHVWLYHUDVHXIDYRU²VHXVLQLPLJRVVmRPDLVIUDFRVHDHVSHUDVyOKHVGDUi
FKDQFH GH VH UHFXSHUDU ² QmR OKHV Gr HVVD RSRUWXQLGDGH $WDTXH UDSLGDPHQWH H HOHV QmR
WHUmRSDUDRQGHLU&RPRGL]RSXJLOLVWD-RH/RXLV³(OHFRUUHPDVQmRVHHVFRQGH´2VERQV
JXHUUHLURV ID]HP RV RXWURV LUHP DWp HOHV H QmR YmR DWp RV RXWURV (VWH p R SULQFtSLR GR
YD]LRHGRFKHLRQD UHODomR GR HX FRP R RXWUR 6H YRFr LQGX] RV DGYHUViULRV D YLUHP DWp
YRFrDIRUoDGHOHVVHHVYD]LDGHVGHTXHYRFrQmRYi DWp HOHV D VXD IRUoD HVWDUi VHPSUH
FKHLD$WDFDURYD]LRFRPRFKHLRpFRPRMRJDUSHGUDVHPRYRV=KDQJ<XFRPHQWDULVWDGR
VpFXOR;,VREUHD$DUWHGDJXHUUD

7KLV GRFXPHQW KDV EHHQ FUHDWHG ZLWK D '(02 YHUVLRQ RI 3') &UHDWH &RQYHUW
KWWSZZZHTXLQR[VRIWZDUHFRPSURGXFWVSGIBFUHDWHBFRQYHUWKWPO

7RUHPRYHWKLVPHVVDJHSOHDVHUHJLVWHU

/(,
9(1d$32568$6$7,78'(61­2',6&87$

4XDOTXHUWULXQIRPRPHQWkQHRTXHYRFrWHQKDDOFDQoDGRGLVFXWLQGRpQDYHUGDGHXPDYLWyULD
GH3LUURRUHVVHQWLPHQWRHDPiYRQWDGHTXHYRFrGHVSHUWDVmRPDLVIRUWHVHSHUPDQHQWHVGR
TXH TXDOTXHU PXGDQoD PRPHQWkQHD GH RSLQLmR e PXLWR PDLV HILFD] ID]HU RV RXWURV
FRQFRUGDUHPFRPYRFrSRUVXDVDWLWXGHVVHPGL]HUXPDSDODYUD'HPRQVWUHQmRH[SOLTXH

2DUJXPHQWDGRUQmRFRPSUHHQGHTXHDVSDODYUDVQmRVmRQHXWUDVHTXHDRGLVFXWLUFRPXP
VXSHULRUHOHFRORFDHPG~YLGDDLQWHOLJrQFLDGHDOJXpPPDLVSRGHURVRGRTXHHOH(OHWDPEpP
QmRSHUFHEHFRPTXHPHVWiIDODQGR9LVWRTXHWRGRKRPHPDFUHGLWDTXHHVWiFHUWRHSDODYUDV
UDUDPHQWHRFRQYHQFHUmRGRFRQWUiULRRUDFLRFtQLRGRDUJXPHQWDGRUFDLHPRXYLGRVVXUGRV
6HHQFXUUDODGRHOHVyID]DFUHVFHQWDUPDLVDUJXPHQWRVFDYDQGRRVHXSUySULRW~PXOR'HSRLV
GH ID]HU D RXWUD SHVVRD VH VHQWLU LQVHJXUD H LQIHULRU QD VXD FUHQoD QHP D HORTrQFLD GH
6yFUDWHVVDOYDDVLWXDomR1mRVHWUDWDDSHQDVGHHYLWDUGLVFXWLUFRPTXHPHVWiDFLPDGHYRFr
7RGRV QyV DFUHGLWDPRV TXH VRPRV PHVWUHV QR UHLQR GDV RSLQL}HV H GRV UDFLRFtQLRV 9RFr
SUHFLVDWRPDUFXLGDGRSRUWDQWRDSUHQGDDGHPRQVWUDUDFHUWH]DGDVVXDVLGpLDVLQGLUHWDPHQWH

1D HVIHUD GR SRGHU YRFr GHYH DSUHQGHU D MXOJDU VHXV PRYLPHQWRV SRU VHXV HIHLWRV D ORQJR
SUD]RVREUHDVRXWUDVSHVVRDV2SUREOHPDHPWHQWDUSURYDUTXHHVWiFHUWRRXFRQVHJXLUXPD
YLWyULDFRPDUJXPHQWRVpTXHQRILQDOYRFrQXQFDWHPFHUWH]DGHFRPRLVVRDIHWDDVSHVVRDV
FRP TXHP HVWi GLVFXWLQGR HODV SRGHP SDUHFHU FRQFRUGDU FRP YRFr SRU HGXFDomR PDV
LQWLPDPHQWHILFDPPDJRDGDV2XWDOYH]DOJRTXHYRFrGLVVHLQDGYHUWLGDPHQWHDWpDVRIHQGHX
²DVSDODYUDVWrPXPDLQVLGLRVDFDSDFLGDGHGHVHULQWHUSUHWDGDVGHDFRUGRFRPRHVWDGRGH
KXPRURXLQVHJXUDQoDGDRXWUDSHVVRD$WpPHVPRRPHOKRUDUJXPHQWRQmRWHPIXQGDPHQWRV
VyOLGRVSRLVWRGRVQyVGHVFRQILDPRVGDQDWXUH]DHVFRUUHJDGLDGDVSDODYUDV(GLDVGHSRLVGH
FRQFRUGDUFRPDOJXpPFRPIUHTrQFLDYROWDPRVDQRVVDDQWLJDRSLQLmRVy

SRUKiELWR

&RPSUHHQGDLVWRSDODYUDVFXVWDPXPWRVWmRDG~]LD7RGRVVDEHPTXHQRFDORUGDGLVFXVVmR
QyV WRGRV IDODPRV TXDOTXHU FRLVD SDUD GHIHQGHU D QRVVD FDXVD &LWDPRV D %tEOLD
PHQFLRQDPRV HVWDWtVWLFDV QmR DYHULJXiYHLV 4XHP VH FRQYHQFH FRP HVVDV EROKDV GH DU"
$WLWXGHV H GHPRQVWUDo}HV WrP PXLWR PDLV SRGHU H VHQWLGR (ODV HVWmR DOL GLDQWH GRV QRVVRV
ROKRV ²³6LP DJRUD R QDUL] GD HVWiWXD SDUHFH FRUUHWR´ 1mR Ki WHUPRV RIHQVLYRV QHQKXPD
SRVVLELOLGDGH GH PDOHQWHQGLGRV 1LQJXpP SRGH GLVFXWLU FRP XPD SURYD YLVtYHO &RPR
%DOWDVDU*UDFLiQREVHUYD³$YHUGDGHp

JHUDOPHQWHYLVWDUDUDPHQWHRXYLGD´

6LU &KULVWRSKHU :UHQ IRL D YHUVmR LQJOHVD GR KRPHP UHQDVFHQWLVWD (OH KDYLD GRPLQDGR DV
FLrQFLDV GD PDWHPiWLFD DVWURQRPLD ItVLFD H ILVLRORJLD 1R HQWDQWR GXUDQWH D VXD FDUUHLUD
H[WUHPDPHQWHORQJDFRPRRPDLVIDPRVRDUTXLWHWRGD,QJODWHUUDVHXVSDWURQRVFRPIUHTrQFLD
OKHGL]LDPSDUDID]HUDOWHUDo}HVSRXFRSUiWLFDVHPVHXVSURMHWRV1HPXPDVy

YH] HOH GLVFXWLX RX RIHQGHX 7LQKD RXWUDV PDQHLUDV GH SURYDU TXH HVWDYD FRP D UD]mR (P
 :UHQ SURMHWRX XP PDJQtILFR SUpGLR SDUD D SUHIHLWXUD GD FLGDGH GH :HVWPLQVWHU 2
SUHIHLWRHQWUHWDQWRQmRILFRXVDWLVIHLWRGHIDWRHVWDYDQHUYRVR(OHGLVVHD:UHQTXHWHPLD
TXHRVHJXQGRDQGDUQmRHVWLYHVVHILUPHHTXHSXGHVVHYLUDEDL[RGHVWUXLQGRRVHXHVFULWyULR
QRSULPHLURDQGDU(OHH[LJLXTXH:UHQDFUHVFHQWDVVHGXDVFROXQDVGHSHGUDFRPRXPDSRLR
H[WUD :UHQ H[FHOHQWH HQJHQKHLUR VDELD TXH HVWDV FROXQDV QmR VHUYLULDP GH QDGD H TXH RV
WHPRUHVGRSUHIHLWRQmRWLQKDPIXQGDPHQWR0DVHOHDVFRQVWUXLXHRSUHIHLWRDJUDGHFHX6y
DQRV PDLV WDUGH p TXH RV RSHUiULRV HP FLPD GH XP DQGDLPH DOWR YLUDP TXH DV FROXQDV
WHUPLQDYDP SRXFR DQWHV GR WHWR (UDP IDOVDV 0DV RV GRLV KRPHQV FRQVHJXLUDP R TXH
GHVHMDYDP R SUHIHLWR S{GH UHOD[DU H :UHQ JDUDQWLX TXH D SRVWHULGDGH VRXEHVVH TXH R VHX
SURMHWRRULJLQDOIXQFLRQDYDHTXHDVFROXQDVHUDPGHVQHFHVViULDV

2SRGHUGHGHPRQVWUDUDVXDLGpLDpTXHRVVHXVDGYHUViULRVQmRILFDPQDGHIHQVLYDHSRU
FRQVHJXLQWHHVWmRPDLVGLVSRVWRVDVHUFRQYHQFLGRV)D]rORVVHQWLUOLWHUDOHILVLFDPHQWHRTXH
YRFrTXHUGL]HUpPXLWtVVLPRPDLVHILFD]GRTXHGLVFXWLU

8P VXMHLWR FHUWD YH] LQWHUURPSHX 1LNLWD .KUXVKFKHY QR PHLR GH XP GLVFXUVR HP TXH HOH
GHQXQFLDYDRVFULPHVGH6WDOLQ³2VHQKRUIRLFROHJDGH6WDOLQ´JULWRXRVXMHLWR³SRUTXHQmR
RLPSHGLXQDpSRFD"´.KUXVKFKHYDSDUHQWHPHQWHQmRSRGLDYHURFDUDHURVQRX³4XHPGLVVH
LVVR"´ 1LQJXpP OHYDQWRX D PmR 1LQJXpP PRYHX XP P~VFXOR 3DVVDGRV DOJXQV VHJXQGRV GH
WHQVR VLOrQFLR .KUXVKFKHY GLVVH FRP YR] WUDQTLOD ³$JRUD YRFr VDEH SRU TXH HX QmR R
LPSHGL´(PYH]GHVLPSOHVPHQWHDUJXPHQWDUTXHTXDOTXHUSHVVRDGLDQWHGH6WDOLQWHULDPHGR
VDEHQGR TXH R PDLV OHYH VLQDO GH UHEHOGLD VLJQLILFD PRUWH FHUWD HOH RV IH] VHQWLU R TXH HUD
HQIUHQWDU6WDOLQ²RVIH]VHQWLUDSDUDQyLDRPHGRGHIDODUHPYR]DOWDRWHUURUGRFRQIURQWR
FRP R OtGHU QHVWH FDVR .KUXVKFKHY $ GHPRQVWUDomR IRL FDEDO H QmR VH GLVFXWLX PDLV $
IRUPDGHSHUVXDVmRDLQGDPDLVHILFD]GRTXHDDWLWXGHpRVtPEROR2SRGHUGHXPVtPEROR²
EDQGHLUD KLVWyULD PtWLFD PRQXPHQWR D XP HSLVyGLR FDUUHJDGR GH HPRo}HV ² p TXH WRGRV
FRPSUHHQGHPVHPYRFrWHUGHGL]HUQDGD7KLVGRFXPHQWKDVEHHQFUHDWHGZLWKD'(02
YHUVLRQ RI 3') &UHDWH &RQYHUW KWWSZZZHTXLQR[
VRIWZDUHFRPSURGXFWVSGIBFUHDWHBFRQYHUWKWPO

7RUHPRYHWKLVPHVVDJHSOHDVHUHJLVWHU

4XDQGR D PHWD p WHU SRGHU RX WHQWDU FRQVHUYiOR EXVTXH VHPSUH D YLD LQGLUHWD ( WDPEpP
HVFROKD FRP FXLGDGR DV VXDV EDWDOKDV 6H D ORQJR SUD]R QmR WLYHU LPSRUWkQFLD TXH D RXWUD
SHVVRD FRQFRUGH RX QmR FRP YRFr ² RX VH R WHPSR H D SUySULD H[SHULrQFLD D IL]HUHP
FRPSUHHQGHURTXHYRFrTXHUGL]HU²HQWmRpPHOKRUQHPPHVPRVHSUHRFXSDUHPPRVWUDU
QDGD3RXSHDVXDHQHUJLDHDIDVWHVH

2,19(562

2DUJXPHQWRYHUEDOWHPXPDXWLOLGDGHYLWDOQDHVIHUDGRSRGHUGLVWUDLUHRFXOWDUVXDVSHJDGDV
TXDQGRYRFrHVWi

SUDWLFDQGR D GLVVLPXODomR RX IRU DSDQKDGR PHQWLQGR 1HVVHV FDVRV YRFr JDQKD PDLV
DUJXPHQWDQGR FRP WRGD D FRQYLFomR SRVVtYHO /HYH D RXWUD SHVVRD D XPD GLVFXVVmR SDUD
GLVWUDtOD GRV VHXV PRYLPHQWRV GLVVLPXODGRV 4XDQGR DSDQKDGR PHQWLQGR TXDQWR PDLV
HPRFLRQDGRHVHJXURYRFrSDUHFHUPHQRUDSUREDELOLGDGHGHSDUHFHUTXHHVWi

PHQWLQGR

(VWDWpFQLFDVDOYRXDSHOHGHPXLWRVFKDUODW}HV&HUWDYH]RFRQGH9LFWRU/XVWLJWUDSDFHLUR
SRUH[FHOrQFLDWLQKDYHQGLGRDGH]HQDVGHYtWLPDVHPWRGRRSDtVXPDFDL[DHVTXLVLWDTXHHOH
GL]LD VHU FDSD] GH FRSLDU GLQKHLUR 9HQGR TXH WLQKDP VLGR HQJDQDGDV DV YtWLPDV HP JHUDO
SUHIHULDPQmRSURFXUDUDSROtFLDSDUDQmRVHDUULVFDUHPDRFRQVWUDQJLPHQWRGRFDVRWRUQDGR
S~EOLFR0DVXP[HULIH5LFKDUGVGH5HPVHQ&RXQW\HP2NODKRPDQmRHUDRWLSRGHKRPHP
TXH DFHLWDVVH VHU OHVDGR HP  PLO GyODUHV H XPD PDQKm VHJXLX /XVWLJ DWp XP KRWHO HP
&KLFDJR /XVWLJ RXYLX EDWHUHP j SRUWD$R DEULU YLX R FDQR GH XPD HVSLQJDUGD ³4XDO p R
SUREOHPD"´SHUJXQWRXHOHFDOPDPHQWH³6HXILOKRGDPmH´JULWRXR[HULIH³HXYRXPDWiOR
9RFrPHHQJDQRXFRPDTXHODVXDFDL[D´/XVWLJILQJLXQmRHQWHQGHU³4XHUGL]HUTXHQmRHVWi
IXQFLRQDQGR"´SHUJXQWRX³9RFrVDEHTXHQmRHVWi´UHWUXFRXR[HULIH

³0DV LVVR p LPSRVVtYHO´ GLVVH /XVWLJ ³1mR WHP FRPR QmR IXQFLRQDU 9RFr XVRX FRPR
GHYLD"´³)L]H[DWDPHQWHRTXHYRFrPHGLVVHSDUDID]HU´GLVVHR[HULIH³1mRYRFrGHYHWHU
IHLWRDOJXPDFRLVDHUUDGD´GLVVH/XVWLJ$GLVFXVVmRQmRVDtDGROXJDU2FDQRGDHVSLQJDUGD
IRLJHQWLOPHQWHEDL[DGR

/XVWLJ SDVVRX j IDVH VHJXLQWH GD WiWLFD GD DUJXPHQWDomR GHVSHMRX XP PRQWH GH MDUJ}HV
WpFQLFRVVREUHDRSHUDomRGDFDL[DGHL[DQGRR[HULIHDWRUGRDGRSDUHFHQGRPHQRVVHJXURH
DUJXPHQWDQGR FRP PHQRV LQVLVWrQFLD ³2OKH´ GLVVH /XVWLJ ³9RX OKH GHYROYHU R GLQKHLUR
DJRUDPHVPR7DPEpPYRXOKHGDULQVWUXo}HVSRUHVFULWRVREUHRIXQFLRQDPHQWRGDPiTXLQDH
YRXD2NODKRPDPHFHUWLILFDUGHTXHHVWiIXQFLRQDQGRFRUUHWDPHQWH1mRKiRTXHSHUGHUQXP
QHJyFLR GHVVHV´ 2 [HULIH FRQFRUGRX UHOXWDQWH 3DUD GHL[iOR WRWDOPHQWH VDWLVIHLWR /XVWLJ
SHJRXFHPQRWDVGHFHPGyODUHVHOKHGHXGL]HQGRSDUDUHOD[DUHWHUXPERPILQDOGHVHPDQD
HP&KLFDJR0DLVFDOPRHXPSRXFRFRQIXVRR[HULIHILQDOPHQWHIRLHPERUD1RVGLDVTXHVH
VHJXLUDPDHVVHHQFRQWUR/XVWLJFRQIHULDRMRUQDOWRGDVDVPDQKmV$FDERXHQFRQWUDQGRRTXH
SURFXUDYD XP SHTXHQR DUWLJR FRP D QRWtFLD GD SULVmR MXOJDPHQWR H FRQGHQDomR GR [HULIH
5LFKDUGSRUSDVVDUQRWDVIDOVDV/XVWLJJDQKRXDGLVFXVVmRR[HULIHQXQFDPDLVRLPSRUWXQRX
1mR GLVFXWD (P VRFLHGDGH QDGD GHYH VHU GLVFXWLGR Gr DSHQDV UHVXOWDGRV %HQMDPLQ
'LVUDHOL

7KLV GRFXPHQW KDV EHHQ FUHDWHG ZLWK D '(02 YHUVLRQ RI 3') &UHDWH &RQYHUW
KWWSZZZHTXLQR[VRIWZDUHFRPSURGXFWVSGIBFUHDWHBFRQYHUWKWPO

7RUHPRYHWKLVPHVVDJHSOHDVHUHJLVWHU

/(,

&217È*,2(9,7(2,1)(/,=($=$5$'2

$ PLVpULD DOKHLD SRGH PDWDU YRFr  HVWDGRV HPRFLRQDLV VmR WmR FRQWDJLRVRV TXDQWR DV
GRHQoDV9RFrSRGHDFKDUTXHHVWiDMXGDQGRRKRPHPTXHVHDIRJDPDVVyHVWiSUHFLSLWDQGR
RVHXSUySULRGHVDVWUH2VLQIHOL]HVjVYH]HVSURYRFDPDSUySULDLQIHOLFLGDGHYmRSURYRFDUD
VXDWDPEpP$VVRFLHVHDRVIHOL]HVHDIRUWXQDGRV2WLSRGHSHUVRQDOLGDGHFRQWDJLRVDQmRVH
UHVWULQJHjVPXOKHUHVQDGDWHPDYHUFRPJrQHUR$VXDUDL]HVWiQXPDLQVWDELOLGDGHLQWHULRU
TXH LUUDGLD DWUDLQGR GHVDVWUHV ([LVWH TXDVH TXH XP GHVHMR GH GHVWUXLU H SHUWXUEDU 9RFr
SRGHULDSDVVDUDYLGDLQWHLUDHVWXGDQGRDSDWRORJLDGDVSHUVRQDOLGDGHVFRQWDJLDQWHVPDVQmR
SHUFDRVHXWHPSR²DSUHQGDDOLomRDSHQDV6HGHVFRQILDUGHTXHHVWiQDSUHVHQoDGHXPD
SHVVRDFRQWDJLRVDQmRGLVFXWDQmRWHQWHDMXGDUQmRSDVVHDSHVVRDDGLDQWHSDUDVHXVDPLJRV
RX YRFr FDLUi QD WHLD )XMD RX VRIUHUi DV FRQVHTrQFLDV $TXHOHV LQIHOL]HV GHUUXEDGRV SRU
FLUFXQVWkQFLDVIRUDGRVHXFRQWUROHPHUHFHPWRGDDQRVVDDMXGDHVLPSDWLD0DVKiRXWURVTXH
QmRQDVFHUDPLQIHOL]HVRXGHVYHQWXUDGRVPDVDWUDHPDLQIHOLFLGDGHHDGHVYHQWXUDFRPVHXV
DWRV GHVWUXWLYRV H R HIHLWR SHUWXUEDGRU TXH H[HUFHP VREUH RV RXWURV 6HULD yWLPR VH
SXGpVVHPRV FKDPiORV GH YROWD j YLGD PXGDU VHXV SDGU}HV PDV TXDVH VHPSUH VmR HVVHV
SDGU}HVTXHVmRDVVLPLODGRVSRUQyVHQRVPXGDP$UD]mRpVLPSOHV²

RVVHUHVKXPDQRVVmRH[WUHPDPHQWHVXVFHWtYHLVDKXPRUHVHPRo}HVHDWpPDQHLUDVGHSHQVDU
GDTXHOHVFRPTXHPFRQYLYHP

$ SHVVRD LUUHPHGLDYHOPHQWH LQIHOL] H LQVWiYHO WHP XP SRGHU GH FRQWDPLQDomR PXLWR IRUWH
SRUTXH VXD SHUVRQDOLGDGH H HPRo}HV VmR PXLWR LQWHQVDV (OD FRVWXPD VH DSUHVHQWDU FRPR
YtWLPDRTXHWRUQDGLItFLOYHUORJRGHLQtFLRTXHpHODPHVPDDRULJHPGHVVHVRIULPHQWR$Wp
YRFrSHUFHEHUDYHUGDGHLUDQDWXUH]DGRVVHXVSUREOHPDVMiHVWi

FRQWDPLQDGR

&RPSUHHQGD LVWR QR MRJR GR SRGHU DV SHVVRDV FRP TXHP YRFr VH DVVRFLD VmR
LPSRUWDQWtVVLPDV 2 ULVFR GH VH DVVRFLDU D FRQWDPLQDGRUHV p TXH YRFr GHVSHUGLoD WHPSR H
HQHUJLDSUHFLRVRVSDUDVHOLYUDUGLVVR&XOSDGRSRUXPDHVSpFLHGHDVVRFLDomRYRFrWDPEpP
VHUiXPVRIUHGRUDRVROKRVGRVRXWURV-DPDLVVXEHVWLPHRSHULJRGRFRQWiJLR6mRPXLWRVRV
WLSRV GH SHVVRDV FRQWDJLRVDV FRP RV TXDLV GHYHPRV WHU FXLGDGR XP GRV PDLV LQVLGLRVRV
SRUpPpRTXHVRIUHGHLQVDWLVIDomRFU{QLFD

6y H[LVWH XPD VROXomR SDUD LVVR TXDUHQWHQD 0DV TXDQGR YRFr UHFRQKHFH R SUREOHPD HP
JHUDO Mi p WDUGH &RPR VH SURWHJHU GHVVHV YtUXV LQVLGLRVRV" $ UHVSRVWD HVWi HP MXOJDU DV
SHVVRDVSHORVHIHLWRVTXHHODVH[HUFHPVREUHRPXQGRHQmRSHODVUD]}HVTXHHODVGmRSDUDRV
VHXV SUySULRV SUREOHPDV $V SHVVRDV FRQWDJLDQWHV VmR UHFRQKHFLGDV SHOD LQIHOLFLGDGH TXH
DWUDHPVREUHVLPHVPDVSRUVHXSDVVDGRWXUEXOHQWRSHODH[WHQVDILOHLUDGHUHODFLRQDPHQWRV
URPSLGRV SRU VXDV FDUUHLUDV LQVWiYHLV H SHOD SUySULD IRUoD GH XPD SHUVRQDOLGDGH TXH VH
DSRGHUDGHYRFr

H R ID] SHUGHU R MXt]R (VWHMD DOHUWD D HVWHV VLQDLV GR FRQWDPLQDGRU DSUHQGD D ROKDU R
GHVFRQWHQWHQRROKR(RPDLVLPSRUWDQWHQmRWHQKDGy1mRVHFRPSOLTXHWHQWDQGRDMXGDU2
FRQWDPLQDGRU QmR YDL PXGDU PDV YRFr VH FRQIXQGH 2 RXWUR DVSHFWR GD FRQWDPLQDomR p
LJXDOPHQWH YiOLGR H WDOYH] PDLV IiFLO GH FRPSUHHQGHU Ki SHVVRDV TXH DWUDHP D IHOLFLGDGH
FRPRVHXERPKXPRUFRPDVXDQDWXUDODQLPDomRHLQWHOLJrQFLD(ODVVmRIRQWHGHSUD]HUH
YRFrGHYHVHDVVRFLDUDHODVSDUDSDUWLOKDUDSURVSHULGDGHTXHDWUDHPVREUHVLPHVPDV1mR
HVWDPRV IDODQGR DSHQDV GH ERP KXPRU H VXFHVVR WRGDV DV TXDOLGDGHV SRVLWLYDV SRGHP QRV
FRQWDJLDU7LUHSURYHLWRGRDVSHFWRSRVLWLYRGHVWDRVPRVHHPRFLRQDO6HYRFrIRUWULVWHSRU
QDWXUH]DSRUH[HPSORMDPDLVXOWUDSDVVDUiXPFHUWROLPLWHDSHQDVDVDOPDVJHQHURVDVDWLQJHP
DJUDQGH]D$VVRFLHVHFRPRVJHQHURVRVSRUWDQWRHHOHVRFRQWDPLQDUmRVROWDQGRRTXHHVWi
DSHUWDGR H FRQWLGR GHQWUR GH YRFr 6H YRFr p PHODQFyOLFR JUDYLWH HP WRUQR GDV SHVVRDV
DQLPDGDV6HWHQGHUDRLVRODPHQWRIRUFHVHDVHUDPLJRGRJUHJiULR-DPDLVVHDVVRFLHFRP
TXHP WHP RV VHXV PHVPRV GHIHLWRV ² HOHV UHIRUoDUmR WXGR R TXH WUDYD R VHX FDPLQKR &ULH
DVVRFLDo}HV DSHQDV FRP DILQLGDGHV SRVLWLYDV 4XH HVWD VHMD XPD UHJUD GH YLGD H YRFr VH
EHQHILFLDUiPDLVGRTXHFRPWRGDVDVWHUDSLDVGRPXQGR2,19(562

(VWD OHL QmR DFHLWD R LQYHUVR 6XD DSOLFDomR p XQLYHUVDO 1DGD VH OXFUD DVVRFLDQGRVH FRP
TXHP SRGH FRQWDJLDU FRP VXD PLVpULD Vy VH REWpP SRGHU H VRUWH DVVRFLDQGRVH FRP RV
DIRUWXQDGRV,JQRUHHVWDOHLSRUVXDSUySULDFRQWDHULVFR

5HFRQKHoD R DIRUWXQDGR GH PRGR D SRGHU HVFROKHU D VXD FRPSDQKLD H R GHVDIRUWXQDGR


SDUDSRGHUHYLWiOD2

7KLV GRFXPHQW KDV EHHQ FUHDWHG ZLWK D '(02 YHUVLRQ RI 3') &UHDWH &RQYHUW
KWWSZZZHTXLQR[VRIWZDUHFRPSURGXFWVSGIBFUHDWHBFRQYHUWKWPO

7RUHPRYHWKLVPHVVDJHSOHDVHUHJLVWHU

LQIRUW~QLR p HP JHUDO XPD WROLFH H HQWUH RV TXH VRIUHP GHOD QmR Ki GRHQoD PDLV
FRQWDJLRVD1mRDEUDDVXDSRUWDSDUDDPHQRUGDVLQIHOLFLGDGHVSRLVVHRIL]HUPXLWDV
RXWUDVYLUmRHPVHJXLGD1mRPRUUDGDLQIHOLFLGDGHDOKHLD%DOWDVDU*UDFLiQ²

7KLV GRFXPHQW KDV EHHQ FUHDWHG ZLWK D '(02 YHUVLRQ RI 3') &UHDWH &RQYHUW
KWWSZZZHTXLQR[VRIWZDUHFRPSURGXFWVSGIBFUHDWHBFRQYHUWKWPO

7RUHPRYHWKLVPHVVDJHSOHDVHUHJLVWHU

/(,

$35(1'$$0$17(5$63(662$6'(3(1'(17(6'(92&Ç

3DUD PDQWHU D VXD LQGHSHQGrQFLD YRFr GHYH VHPSUH VHU QHFHVViULR H TXHULGR 4XDQWR PDLV
GHSHQGHUHPGHYRFrPDVOLEHUGDGHYRFrWHUi)DoDFRPTXHDVSHVVRDVGHSHQGDPGHYRFr
SDUDVHUHPIHOL]HVHSUyVSHUDVHYRFrQmRWHUiQDGDRTXHWHPHU1mROKHVHQVLQHREDVWDQWH
DR SRQWR GH SRGHUHP VH YLUDU VHP YRFr 3RGHU p D FDSDFLGDGH GH FRQVHJXLU TXH RV RXWURV
IDoDPRTXHYRFrTXHU6HYRFrFRQVHJXHLVVRVHPIRUoDUQHPPDJRDUDVSHVVRDVVHHODVGH
ERDYRQWDGHOKHGmRRTXHYRFrGHVHMDHQWmRRVHXSRGHUpLQWRFiYHO$PHOKRUPDQHLUDGH
DOFDQoDU HVWD SRVLomR p FULDQGR XPD UHODomR GH GHSHQGrQFLD 2 VHQKRU SUHFLVD GRV VHXV
VHUYLoRV HOH p IUDFR RX LQFDSD] GH IXQFLRQDU VHP YRFr TXH VH PLVWXURX GH WDO IRUPD QR
WUDEDOKRGHOHTXHHOLPLQDQGRRHOHILFDULDHPJUDQGHVGLILFXOGDGHVRXSHORPHQRVSHUGHULD
XPWHPSRSUHFLRVRSDUDWUHLQDURXWUDSHVVRDSDUDVXEVWLWXLUYRFr8PDYH]HVWDEHOHFLGDXPD
UHODomRGHVVDVYRFrpTXHPWHPRFRQWUROHDLQIOXrQFLDSDUDIRUoDURVHQKRUDID]HURTXH
YRFrTXHU(

RFDVRFOiVVLFRGRKRPHPSRUWUiVGRWURQRRVHUYRGRUHLTXHQDYHUGDGHFRQWURODRUHL1mR
VHMDFRPRWDQWRVTXHVHHQJDQDPDFUHGLWDQGRTXHSRGHUpLQGHSHQGrQFLD2SRGHULPSOLFDXP
UHODFLRQDPHQWRHQWUHDVSHVVRDVYRFrVHPSUHYDLSUHFLVDUGRVRXWURVFRPRDOLDGRVSH}HVRX
DWpFRPRVHQKRUHVIUDFRVTXHVHUYHPGHIDFKDGDSDUDYRFr2KRPHPWRWDOPHQWHLQGHSHQGHQWH
YLYHULDQXPDFDEDQDQDIORUHVWD²HVWDULDOLYUHSDUDLUHYLUj

YRQWDGH PDV QmR WHULD SRGHU 2 Pi[LPR TXH YRFr SRGH HVSHUDU p TXH RV RXWURV ILTXHP WmR
GHSHQGHQWHVGHYRFrTXHYRFr

SDVVDDXVXIUXLUXPWLSRLQYHUVRGHLQGHSHQGrQFLDDQHFHVVLGDGHTXHHOHVVHQWHPGHYRFrR
GHL[DOLYUH9RFrQmRSUHFLVDWHURWDOHQWRGHXP0LFKHODQJHOREDVWDXPDKDELOLGDGHTXHR
GHVWDTXHGDPXOWLGmR9RFrGHYHFULDUXPDVLWXDomRWDOTXHSRVVDVHPSUHVHDSHJDUDRXWUR
VHQKRURXSDWURQRPDVTXHRVHXVHQKRUQmRVHMDFDSD]GHHQFRQWUDUIDFLOPHQWHRXWURVHUYR
FRP R VHX WDOHQWR SDUWLFXODU ( VH QD UHDOLGDGH YRFr QmR IRU PHVPR LQGLVSHQViYHO GHYH
HQFRQWUDUXPMHLWRGHSDUHFHUTXHp$SDUHQWDUVHUGRQRGHXPFRQKHFLPHQWRHXPDKDELOLGDGH
HVSHFLDOL]DGRV OKH Gi XPD PDUJHP GH VHJXUDQoD SDUD ID]HU RV VHXV VXSHULRUHV DFKDUHP TXH
QmR YLYHP VHP YRFr$ GHSHQGrQFLD UHDO SRU SDUWH GR VHX VHQKRU HQWUHWDQWR R GHL[D PDLV
YXOQHUiYHODYRFrGRTXHDIDOVDHYRFrVHPSUHSRGHUiWRUQDUDVXDKDELOLGDGHLQGLVSHQViYHO

,VWRpRTXHVHHQWHQGHSRUGHVWLQRVHQWUHODoDGRVFRPRDKHUDTXHYDLVHDJDUUDQGRQRPXUR
YRFrHVWiWmRHQUHGDGRQDRULJHPGRSRGHUTXHVHUiPXLWRWUDXPiWLFRDUUDQFiORGDOL(YRFr
QmR SUHFLVD QHFHVVDULDPHQWH ILFDU HQWUHODoDGR FRP R VHQKRU RXWUD SHVVRD ILFDUi GHVGH TXH
HODWDPEpPVHMDLQGLVSHQViYHOQDFDGHLD3DUDID]HUFRPTXHRVRXWURVGHSHQGDPGHYRFrXP
FDPLQKR D WRPDU p D WiWLFD GR VHUYLoR VHFUHWR 6DEHQGR R VHJUHGR GDV RXWUDV SHVVRDV
JXDUGDQGRLQIRUPDo}HVTXHHODVQmRJRVWDULDPGHYHUGLYXOJDGDVRVHXGHVWLQRILFDVHODGRDR
GHODV 9RFr ILFD LQWRFiYHO 2V PLQLVWURV GD SROtFLD VHFUHWD PDQWLYHUDP HVWD SRVLomR SRU
VpFXORVHOHVSRGHPID]HURXGHUUXEDUXPUHL

8P~OWLPRDYLVRQmRSHQVHTXHRVHXVHQKRUSRUTXHGHSHQGHGHYRFrYDLDPiOR'HIDWR
HOHSRGHVHUHVVHQWLUHWHUPHGRGHYRFr0DVFRPRGLVVH0DTXLDYHOpPHOKRUVHUWHPLGRGR
TXH DPDGR 2 PHGR YRFr SRGH FRQWURODU R DPRU QmR 'HSHQGHU GH VHQWLPHQWRV WmR VXWLV H
LQFRQVWDQWHVFRPRDPRURXDPL]DGHVyGHL[DYRFrLQVHJXURePHOKRUTXHRVRXWURVGHSHQGDP
GH YRFr SRU WHPHU DV FRQVHTrQFLDV GH SHUGrOR GR TXH SRU JRVWDU GD VXD FRPSDQKLD2
,19(562

2 ODGR QHJDWLYR GH ID]HU RV RXWURV GHSHQGHUHP GH YRFr p TXH YRFr GH FHUWD IRUPD ILFD
GHSHQGHQWH GHOHV 0DV QmR DFHLWDU LVVR VLJQLILFD OLYUDUVH GRV VHXV VXSHULRUHV ² ILFDU
VR]LQKRVHPGHSHQGHUGHQLQJXpP(VVHpRLPSXOVRPRQRSROLVWDGHXP-30RUJDQRXGH
XP-RKQ'5RFNHIHOOHU²HOLPLQDUWRGDDFRQFRUUrQFLDILFDUQRFRQWUROHWRWDO6HYRFrSRGH
HQFXUUDODURPHUFDGRPHOKRU
7RGD LQGHSHQGrQFLD WHP R VHX SUHoR 9RFr p IRUoDGR D VH LVRODU 2V PRQRSyOLRV FRP
IUHTrQFLDVHYROWDPSDUDGHQWURHVHGHVWURHPSHODSUHVVmRLQWHUQD(OHVWDPEpPGHVSHUWDP
IRUWHV UHVVHQWLPHQWRV ID]HQGR RV LQLPLJRV VH XQLUHP FRQWUD HOHV 2 LPSXOVR SDUD R FRQWUROH
WRWDO p PXLWDV YH]HV SHUQLFLRVR H LQ~WLO$ LQWHUGHSHQGrQFLD p D UHJUD D LQGHSHQGrQFLD XPD
UDUD H TXDVH VHPSUH IDWDO H[FHomR e SUHIHUtYHO VH FRORFDU QXPD SRVLomR GH GHSHQGrQFLD
P~WXDSRUWDQWRHVHJXLUHVWDUHJUDGRTXHSURFXUDURLQYHUVR9RFrQmRVRIUHUiDLQVXSRUWiYHO
SUHVVmRGHHVWDUQRWRSRHRVHQKRUDFLPDGHYRFrpTXHVHUiRVHXHVFUDYRSRLVHOHpTXHP
YDL GHSHQGHU GH YRFr)DoD DV SHVVRDV GHSHQGHUHP GH YRFr *DQKDVH PDLV FRP HVVD
GHSHQGrQFLD GR TXH FRUWHMDQGRDV 4XHP Mi VDFLRX D VXD VHGH Gi ORJR DV FRVWDV SDUD D
IRQWH QmR SUHFLVDQGR PDLV GHOD 1mR KDYHQGR GHSHQGrQFLD GHVDSDUHFH WDPEpP D
FLYLOLGDGH H D GHFrQFLD H GHSRLV R UHVSHLWR $ SULPHLUD FRLVD TXH VH DSUHQGH FRP D
H[SHULrQFLD p PDQWHU YLYD D 7KLV GRFXPHQW KDV EHHQ FUHDWHG ZLWK D '(02 YHUVLRQ RI
3') &UHDWH &RQYHUW KWWSZZZHTXLQR[
VRIWZDUHFRPSURGXFWVSGIBFUHDWHBFRQYHUWKWPO

7RUHPRYHWKLVPHVVDJHSOHDVHUHJLVWHU

HVSHUDQoDSRUpPQXQFDVDWLVIHLWDPDQWHUDWpXPSDWURQRUHDOVHPSUHSUHFLVDQGRGHYRFr
%DOWDVDU*UDFLiQ

7KLV GRFXPHQW KDV EHHQ FUHDWHG ZLWK D '(02 YHUVLRQ RI 3') &UHDWH &RQYHUW
KWWSZZZHTXLQR[VRIWZDUHFRPSURGXFWVSGIBFUHDWHBFRQYHUWKWPO

7RUHPRYHWKLVPHVVDJHSOHDVHUHJLVWHU

/(,

86( $ +21(67,'$'( ( $ *(1(526,'$'( 6(/(7,9$6 3$5$ '(6$50$5 $


68$ 9Ë7,0$ 8P JHVWR VLQFHUR H KRQHVWR HQFREULUi GH]HQDV GH RXWURV GHVRQHVWRV$Wp DV
SHVVRDVPDLVGHVFRQILDGDVEDL[DPDJXDUGDGLDQWHGHDWLWXGHVIUDQFDVHJHQHURVDV8PDYH]
TXH D VXD KRQHVWLGDGH VHOHWLYD DV GHVDUPD YRFr SRGH HQJDQDODV H PDQLSXOiODV j YRQWDGH
8P SUHVHQWH RSRUWXQR  XP FDYDOR GH 7UyLD  VHUi LJXDOPHQWH ~WLO $ PHOKRU PDQHLUD GH
FRQVHJXLULVVRpDSDUHQWDQGRVLQFHULGDGHHKRQHVWLGDGH4XHPYDLGHVFRQILDUGHXPDSHVVRD
OLWHUDOPHQWHDSDQKDGDQXPDWRKRQHVWR"

$ HVVrQFLD GD WUDSDoD p D GLVWUDomR 'LVWUDLQGR DV SHVVRDV D TXHP SUHWHQGH HQJDQDU YRFr
JDQKDWHPSRHHVSDoRSDUDID]HUDOJRTXHHODVQmRSHUFHEHUmR8PJHVWRGHOLFDGRJHQHURVR
RX KRQHVWR PXLWDV YH]HV p D IRUPD PDLV HILFD] GH GLVWUDomR SRUTXH GHVDUPD DV VXVSHLWDV GD
RXWUDSHVVRD(ODVILFDPFRPRFULDQoDVDFHLWDQGRDQVLRVDVTXDOTXHUGHPRQVWUDomRGHDIHWR

e PHOKRU XVDU D KRQHVWLGDGH VHOHWLYD ORJR QR SULPHLUR HQFRQWUR 6RPRV WRGRV FULDWXUDV GH
KiELWRVHQRVVDVSULPHLUDVLPSUHVV}HVGXUDPPXLWR6HDOJXpPDFUHGLWDUGHVGHRLQtFLRTXH
YRFr p KRQHVWR YDL GHPRUDU SDUD FRQYHQFHU HVVD SHVVRD GR FRQWUiULR 9RFr JDQKD HVSDoR
SDUDPDQREUD
(P JHUDO QmR EDVWD XPD ~QLFD DWLWXGH KRQHVWD 2 TXH p QHFHVViULR p D UHSXWDomR GH SHVVRD
KRQHVWDEDVHDGDQXPDVpULHGHDWLWXGHV²PDVHVWDVSRGHPVHUEDVWDQWHLQFRQVHTHQWHV

$ KRQHVWLGDGH p XPD GDV PHOKRUHV IRUPDV GH GHVDUPDU R SUHYLGHQWH PDV QmR p D ~QLFD
4XDOTXHU WLSR GH DWLWXGH QREUH DSDUHQWHPHQWH DOWUXtVWD VHUYH 7DOYH] D PHOKRU HQWUHWDQWR
VHMDDJHQHURVLGDGH5DUDVVmRDVSHVVRDVTXHUHVLVWHPDXPSUHVHQWHPHVPRGRLQLPLJRPDLV
IHUUHQKR SRU LVVR HVWD FRVWXPD VHU D PDQHLUD SHUIHLWD GH GHVDUPDU DV SHVVRDV 8P SUHVHQWH
GHVSHUWDHPQyVDFULDQoDGHUUXEDQGRQDPHVPDKRUDDVQRVVDVGHIHVDV$SHVDUGHROKDUPRV
FRP GHVFUHQoD R FRPSRUWDPHQWR GDV RXWUDV SHVVRDV UDUDPHQWH YHPRV R HOHPHQWR
PDTXLDYpOLFRGHXPSUHVHQWHFRPIUHTrQFLDHVFRQGHQGRVHJXQGDVLQWHQo}HV8PSUHVHQWHp
RREMHWRSHUIHLWRSDUDHVFRQGHUXPDDWLWXGHIDOVD$ERQGDGHVHOHWLYDFRPIUHTrQFLDGHVDUPD
RLQLPLJRPDLVREVWLQDGRDFHUWDQGRHPFKHLRQRFRUDomRHODFRUUyLRGHVHMRGHUHYLGDU

/HPEUHVH MRJDQGR FRP DV HPRo}HV GRV RXWURV JHVWRV FDOFXODGRV GH ERQGDGH SRGHP
WUDQVIRUPDU XP $, &DSRQH QXPD FULDQoD LQJrQXD &RPR TXDOTXHU DERUGDJHP HPRFLRQDO D
WiWLFDGHYHVHUSUDWLFDGDFRPSUXGrQFLDVHDVSHVVRDVSHUFHEHUHPRVVHQWLPHQWRVGHJUDWLGmR
HFRUGLDOLGDGHIUXVWUDGRVVHWUDQVIRUPDUmRHPyGLRHGHVFRQILDQoDQDVXDIRUPDPDLVYLROHQWD
6HQmRIRUFDSD]GHID]HURJHVWRSDUHFHUVLQFHURQmREULQTXHFRPIRJR2,19(562

4XDQGR YRFr Mi WHP XP KLVWyULFR GH GLVVLPXODo}HV QmR Ki KRQHVWLGDGH JHQHURVLGDGH RX
JHQWLOH]DTXHFRQVLJDHQJDQDUDVSHVVRDV'HIDWRLVVRVyFKDPDUiPDLVDWHQomR4XDQGRYRFr
MipYLVWRFRPRIDOVRXPDDWLWXGHKRQHVWDGHUHSHQWHpDSHQDVVXVSHLWD1HVWHVFDVRVpPHOKRU
EDQFDURSDWLIH

1DGD QD HVIHUD GR SRGHU HVWi HVFULWR HP SHGUD$ IDOVLGDGH GHFODUDGD jV YH]HV HQFREUH DV
VXDVSHJDGDVHDWpRID]VHUDGPLUDGRSHODKRQHVWLGDGHGDVXDGHVRQHVWLGDGH

7KLV GRFXPHQW KDV EHHQ FUHDWHG ZLWK D '(02 YHUVLRQ RI 3') &UHDWH &RQYHUW
KWWSZZZHTXLQR[VRIWZDUHFRPSURGXFWVSGIBFUHDWHBFRQYHUWKWPO

7RUHPRYHWKLVPHVVDJHSOHDVHUHJLVWHU

/(,

$2 3(',5$-8'$$3(/( 3$5$ 2 (*2Ë602 '$6 3(662$6 -$0$,6 3$5$$


68$

0,6(5,&Ï5',$28*5$7,'­2

6HSUHFLVDUSHGLUDMXGDDXPDOLDGRQmRVHSUHRFXSHHPOHPEUDUDHOHDVXDH[LVWrQFLDHERDV
Do}HVQRSDVVDGR(OHHQFRQWUDUiXPPHLRGHLJQRUDUYRFr(PYH]GLVVRUHYHOHDOJRQDVXD
VROLFLWDomRRXQDVXDDOLDQoDTXHREHQHILFLDUiHH[DJHUHQDrQIDVH(OHUHDJLUiHQWXVLDPDGR
VHYLUTXHSRGHOXFUDUDOJXPDFRLVDFRPLVVR1DVXDEXVFDGHSRGHUYRFrYDLVHHQFRQWUDU
FRQVWDQWHPHQWHQDSRVLomRGHWHUTXHSHGLUDMXGDDRVPDLVSRGHURVRV3HGLUDMXGDpXPDDUWH
TXH GHSHQGH GD VXD FDSDFLGDGH SDUD FRPSUHHQGHU D SHVVRD FRP TXHP HVWi OLGDQGR H QmR
FRQIXQGLURTXHYRFrSUHFLVDFRPDVQHFHVVLGDGHVGHOD

$V SHVVRDV QD VXD PDLRULD QmR FRQVHJXHP LVVR SRUTXH HVWmR WRWDOPHQWH SUHVDV DRV VHXV
SUySULRV GHVHMRV H QHFHVVLGDGHV (ODV FRPHoDP VXSRQGR TXH DV SHVVRDV FRP TXHP HVWmR
OLGDQGRWrPXPLQWHUHVVHDOWUXtVWDHPDMXGiODV)DODPFRPRVHDVVXDVQHFHVVLGDGHVWLYHVVHP
DOJXPDLPSRUWkQFLDSDUDHVWDVSHVVRDV²TXHSURYDYHOPHQWHQmRHVWmRGDQGRDPtQLPD¬V
YH]HV HODV VH UHIHUHP D TXHVW}HV PDLRUHV XPD JUDQGH FDXVD RX HPRo}HV JUDQGLRVDV FRPR
DPRU H JUDWLGmR 3UHIHUHP R TXDGUR JHUDO TXDQGR DV VLPSOHV UHDOLGDGHV FRWLGLDQDV VHULDP
PXLWRPDLVDWUDHQWHV2TXHHODVQmRSHUFHEHPpTXHDWpDSHVVRDPDLVSRGHURVDHVWiSUHVDDR
VHX SUySULR FRQMXQWR GH QHFHVVLGDGHV H TXH VH YRFr QmR DFHQDU SDUD R VHX HJRtVPR HOD
VLPSOHVPHQWH R YHUi FRPR DOJXpP GHVHVSHUDGR RX QD PHOKRU GDV KLSyWHVHV XPD SHUGD GH
WHPSR&DGDSHVVRDFRPTXHPYRFrOLGDpFRPRVHIRVVHXPDRXWUDFXOWXUDXPDWHUUDHVWUDQKD
FRPXPSDVVDGRTXHQDGDWHPDYHUFRPRVHX1RHQWDQWRpSRVVtYHOGHVID]HUDVGLIHUHQoDV
HQWUH GRLV DSHODQGR SDUD R HJRtVPR GR RXWUR 1mR VHMD VXWLO YRFr WHP XP FRQKHFLPHQWR
YDOLRVR SDUD GLYLGLU YRFr YDL HQFKHU RV FRIUHV GHOH GH RXUR YRFr WRUQDUi D VXD YLGD PDLV
ORQJD H IHOL] (VWD p XPD OLQJXDJHP TXH WRGRV QyV IDODPRV H FRPSUHHQGHPRV 8P SDVVR
HVVHQFLDO QHVVH SURFHVVR p FRPSUHHQGHU D SVLFRORJLD GR RXWUR (OH p YDLGRVR" (VWi
SUHRFXSDGRFRPDVXDUHSXWDomRRXSRVLomRVRFLDO¶"7HPLQLPLJRVTXHYRFrSRGHULDDMXGDUD
YHQFHU"$VXDPRWLYDomRpDSHQDVRGLQKHLURHRSRGHU¶"

2HJRtVPRpDDODYDQFDTXHPRYHDVSHVVRDV6HFRQVHJXLUTXHHODVYHMDPTXHYRFrSRGHGH
DOJXPDIRUPDVDWLVID]HUDVVXDVQHFHVVLGDGHVRXIDYRUHFHUDVXDFDXVDDUHVLVWrQFLDDRVVHXV
SHGLGRVGHDMXGDGHVDSDUHFHFRPRTXHSRUXPSDVVHGHPiJLFD$FDGDHWDSDQRFDPLQKRGD
FRQTXLVWDGRSRGHUYRFrGHYHSURFXUDUVHPSUHYHURTXHSDVVDSHODFDEHoDGDRXWUDSHVVRD
TXDLV VmR DV QHFHVVLGDGHV H LQWHUHVVHV GHOD SDUD DIDVWDU D FRUWLQD GRV VHXV SUySULRV
VHQWLPHQWRV TXH REVFXUHFHP D YHUGDGH 'RPLQH HVWD DUWH H QmR KDYHUi OLPLWHV SDUD YRFr2
,19(562

+iSHVVRDVTXHFRQVLGHUDPRDSHORDRVHXHJRtVPRFRPRXPDDWLWXGHIHLDHLJQyELO(ODVQD
YHUGDGHSUHIHUHPSRGHUH[HUFLWDUDFDULGDGHDPLVHULFyUGLDHDMXVWLoDTXHpDVXDPDQHLUD
GHVHVHQWLUHPVXSHULRUHVDYRFrTXDQGRYRFr

OKHVLPSORUDDMXGDHVWiHQIDWL]DQGRRSRGHUHDSRVLomRGHODV(ODVVmRIRUWHVREDVWDQWHSDUD
QmRSUHFLVDUHPQDGDGHYRFrH[FHWRDFKDQFHGHVHVHQWLUHPVXSHULRUHVeHVWHRYLQKRTXHDV
HPEULDJD(VWmRPRUUHQGRGHYRQWDGHGHSDWURFLQDURVHXSURMHWRDSUHVHQWDUYRFrDSHVVRDV
SRGHURVDV ² GHVGH p FODUR TXH WXGR LVWR VHMD IHLWR HP S~EOLFR H SRU XPD ERD FDXVD HP
JHUDO TXDQWR PDLV S~EOLFR PHOKRU  1HP WRGRV SRUWDQWR SRGHP VHU DERUGDGRV XVDQGR R
HJRtVPR FtQLFR $OJXPDV SHVVRDV ILFDUmR GHVFRQFHUWDGDV SRUTXH QmR TXHUHP SDUHFHU
PRWLYDGDVSRUHVVDVFRLVDV(ODVTXHUHPXPDRSRUWXQLGDGHSDUDH[LELURVHXERPFRUDomR

1mRVHMDWtPLGR'rDHODVHVVDRSRUWXQLGDGH1mRpTXHYRFrHVWHMDDEXVDQGRGDVXDERDIp
SHGLQGRDMXGD²HODVUHDOPHQWHVHQWHPSUD]HUHPGDUHVHUHPYLVWDVGDQGR9RFrGHYHVDEHU
GLIHUHQFLDU DV SHVVRDV SRGHURVDV H GHVFREULU TXDLV VmR RV VHXV PRWLYRV H QHFHVVLGDGHV
EiVLFDV6HHODVWUDQVSLUDPJDQkQFLDQmRDSHOHSDUDDVXDFDULGDGH6HHODVTXHUHPSDUHFHU
QREUHVHFDULGRVDVQmRDSHOHSDUDDVXDJDQkQFLD
$PDQHLUDPDLVUiSLGDHHILFD]GHID]HUIRUWXQDpGHL[DUDVSHVVRDVYHUHPFODUDPHQWHTXHp
GRLQWHUHVVHGHODVSURPRYHURVHX

-HDQGH/D%UX\rUH

7KLV GRFXPHQW KDV EHHQ FUHDWHG ZLWK D '(02 YHUVLRQ RI 3') &UHDWH &RQYHUW
KWWSZZZHTXLQR[VRIWZDUHFRPSURGXFWVSGIBFUHDWHBFRQYHUWKWPO

7RUHPRYHWKLVPHVVDJHSOHDVHUHJLVWHU

/(,

%$148(2$0,*2$-$&202(63,­2

&RQKHFHUVHXULYDOpLPSRUWDQWtVVLPR8VHHVSL}HVSDUDFROKHULQIRUPDo}HVSUHFLRVDVTXHR
FRORFDUmRXPSDVVRj

IUHQWH0HOKRUDLQGDUHSUHVHQWHYRFrPHVPRRSDSHOGHHVSLmR(PHQFRQWURVVRFLDLVDSUHQGD
DVRQGDU)DoDSHUJXQWDVLQGLUHWDVSDUDFRQVHJXLUTXHDVSHVVRDVUHYHOHPVHXVSRQWRVIUDFRVH
LQWHQo}HV7RGDVDVRFDVL}HVVmRRSRUWXQLGDGHVSDUDXPDDUGLORVDHVSLRQDJHP

$VVLP p R SRGHU GD HVSLRQDJHP EHPIHLWD ID] YRFr SDUHFHU RQLSRWHQWH FODULYLGHQWH 2
FRQKHFLPHQWRTXHYRFr

WHP GD VXD YtWLPD SRGH WDPEpP ID]HU YRFr SDUHFHU HQFDQWDGRU FDSD] GH SUHYHU WmR EHP RV
VHXVGHVHMRV1LQJXpPYrDIRQWHGRVHXSRGHUHRTXHQmRVHSRGHYHUQmRVHSRGHFRPEDWHU

1DHVIHUDGRSRGHURVHXREMHWLYRpXPFHUWRJUDXGHFRQWUROHVREUHDFRQWHFLPHQWRVIXWXURV
3DUWH GR VHX SUREOHPD SRUWDQWR p TXH DV SHVVRDV QmR OKH GLUmR WXGR TXH SHQVDP VHQWHP H
SODQHMDP&RQWURODQGRRTXHGL]HPHODVTXDVHVHPSUHPDQWrPRFXOWDVDVSDUWHVPDLVFUtWLFDV
GDVXDSHUVRQDOLGDGH²VXDVIUDTXH]DVVHXVPRWLYRVVHFUHWRVVXDVREVHVV}HV2UHVXOWDGRp
TXHQmRVHSRGHSUHYHUVHXVPRYLPHQWRVHILFDVHFRQVWDQWHPHQWHQRHVFXUR2WUXTXHpDFKDU
XPPHLRGHVRQGiODVGHVFREULUVHXVVHJUHGRVHLQWHQo}HVRFXOWDVVHPGHL[DUTXHVDLEDPR
TXHYRFrHVWiSUHWHQGHQGRID]HU

1mR p DVVLP WmR GLItFLO FRPR YRFr SHQVD 8PD IDFKDGD FRUGLDO SHUPLWLUi TXH YRFr FROKD
LQIRUPDo}HV VLJLORVDV GH DPLJRV H LQLPLJRV LJXDOPHQWH 'HL[H TXH RV RXWURV FRQVXOWHP R
KRUyVFRSRRXDVFDUWDVGRWDU{YRFrWHPPHLRVPDLVFRQFUHWRVGHYHURIXWXUR

$PDQHLUDPDLVFRPXPGHHVSLRQDUpXVDQGRRXWUDVSHVVRDV2PpWRGRpVLPSOHVHILFD]PDV
DUULVFDGRYRFr

FHUWDPHQWHREWpPLQIRUPDo}HVPDVWHPSRXFRFRQWUROHVREUHDVSHVVRDVTXHHVWmRID]HQGRR
WUDEDOKR 7DOYH] SRU LQpSFLD HODV UHYHOHP D VXD HVSLRQDJHP RX DWp VHFUHWDPHQWH VH YROWHP
FRQWUDYRFrePXLWRPHOKRUVHUYRFrPHVPRRHVSLmRSRVDUGHDPLJRHQTXDQWRVLJLORVDPHQWH
FROKHLQIRUPDo}HV
1DV UHXQL}HV VRFLDLV H HQFRQWURV LQRFHQWHV SUHVWH DWHQomR e TXDQGR DV SHVVRDV EDL[DP D
JXDUGD$EDIDQGRDVXDSUySULDSHUVRQDOLGDGHYRFrSRGHID]rODVUHYHODUFRLVDV$YDQWDJHP
GDPDQREUDpTXHHODVFRQIXQGLUmRRVHXLQWHUHVVHFRPDPL]DGHHYRFrQmRVyILFDVDEHQGR
GDV FRLVDV FRPR FRQTXLVWD DOLDGRV 1mR REVWDQWH YRFr GHYH SUDWLFDU HVWD WiWLFD FRP
SUXGrQFLD6HDVSHVVRDVFRPHoDUHPDGHVFRQILDUGHTXHYRFr

HVWi H[WUDLQGR GHODV VHJUHGRV VRE R GLVIDUFH GH XPD FRQYHUVD HODV R HYLWDUmR
WHUPLQDQWHPHQWH'rrQIDVHDREDWHSDSRDPLJRQmRjVLQIRUPDo}HVSUHFLRVDV6XDEXVFDGH
SUHFLRVLGDGHV QmR SRGH VHU yEYLD GHPDLV RX VXDV VRQGDJHQV UHYHODUmR PDLV VREUH YRFr
PHVPR H DV VXDV LQWHQo}HV GR TXH VREUH R TXH YRFr TXHU VDEHU 8P WUXTXH SDUD WHQWDU D
HVSLRQDJHPQRVpGDGRSRU/D5RFKHIRXFDXOGTXHHVFUHYHX³(QFRQWUDVHDVLQFHULGDGHHP
SRXTXtVVLPRVKRPHQVHFRPIUHTrQFLDHODpDPDLVHVSHUWDGDVDUWLPDQKDV²VHpVLQFHUR
SDUDDWUDLUDFRQILDQoDHREWHURVVHJUHGRVGRRXWUR´)LQJLQGRDEULURVHXFRUDomRYRFrHP
RXWUDV SDODYUDV ID] FRP TXH D RXWUD SHVVRD VH LQFOLQH D UHYHODU RV VHXV SUySULRV VHJUHGRV
)DoDOKHXPDFRQILVVmRIDOVDHHODOKHIDUiXPDYHUGDGHLUD2XWURWUXTXHIRLLGHQWLILFDGRSHOR
ILOyVRIR $UWKXU 6FKRSHQKDXHU TXH VXJHULD YHHPHQWHPHQWH FRQWUDGL]HU D SHVVRD FRP TXHP
YRFrHVWi

FRQYHUVDQGR SDUD LUULWiOD DWp HOD SHUGHU R FRQWUROH GR TXH HVWi GL]HQGR 5HDJLQGR FRP D
HPRomR HOD UHYHODUi WRGD D YHUGDGH VREUH VL PHVPD YHUGDGH TXH YRFr GHSRLV SRGHUi XVDU
FRQWUDHOD

2XWURPpWRGRLQGLUHWRGHHVSLRQDJHPpWHVWDUDVSHVVRDVDUPDUSHTXHQDVDUPDGLOKDVTXHDV
IDUmRUHYHODUFRLVDVVREUHVLPHVPDV

$RWHQWDUID]HUFRPTXHDVSHVVRDVFRPHWDPGHWHUPLQDGRVDWRVYRFrILFDVDEHQGRVREUHDVXD
OHDOGDGH KRQHVWLGDGH H RXWUDV FRLVDV PDLV ( HVWH WLSR GH FRQKHFLPHQWR TXDVH VHPSUH p R
PDLVYDOLRVRGHWRGRVFRPHVVDDUPDYRFrSRGHSUHYHUFRPRDVSHVVRDVDJLUmRQRIXWXUR

2,19(562

$LQIRUPDomRpIXQGDPHQWDOSDUDRSRGHUPDVDVVLPFRPRYRFrHVSLRQDRVRXWURVGHYHVH
SUHSDUDUSDUDWDPEpPVHUHVSLRQDGR8PDGDVDUPDVPDLVHILFD]HVQDOXWDSHODVLQIRUPDo}HV
SRUWDQWR p GLYXOJDU LQIRUPDo}HV IDOVDV &RPR GLVVH :LQVWRQ &KXUFKLOO ³$ YHUGDGH p WmR
SUHFLRVD TXH GHYHULD HVWDU VHPSUH HVFROWDGD SRU PHQWLUDV´ 9RFr GHYH VH FHUFDU GHVVHV
JXDUGDFRVWDV SDUD SURWHJHU D VXD YHUGDGH 'LYXOJDQGR DV LQIRUPDo}HV TXH YRFr PHVPR
HVFROKHRMRJRHVWiQDVVXDVPmRV

'LYXOJDQGR LQIRUPDo}HV IDOVDV SRUWDQWR YRFr JDQKD XPD HQRUPH YDQWDJHP (QTXDQWR D
HVSLRQDJHPGiDYRFr

XP WHUFHLUR ROKR D GHVLQIRUPDomR GHL[D R LQLPLJR FHJR GH XP ROKR 8P FLFORSH HOH HUUD
VHPSUH R DOYR7KLV GRFXPHQW KDV EHHQ FUHDWHG ZLWK D '(02 YHUVLRQ RI 3') &UHDWH
&RQYHUW KWWSZZZHTXLQR[VRIWZDUHFRPSURGXFWVSGIBFUHDWHBFRQYHUWKWPO
7RUHPRYHWKLVPHVVDJHSOHDVHUHJLVWHU

2UDRTXHID]XPVREHUDQREULOKDQWHHXPViELRJHQHUDOFRQTXLVWDUHPVHPSUHRLQLPLJRH
VXDVUHDOL]Do}HVVXSHUDUHPDVGRVKRPHQVFRPXQVpDSUHVFLrQFLDGDVLWXDomRGRLQLPLJR
(VVD ³SUHVFLrQFLD´ QmR YHP GRV HVStULWRV QHP GRV GHXVHV QHP GH XPD DQDORJLD FRP
DFRQWHFLPHQWRV SDVVDGRV QHP GH FiOFXORV DVWUROyJLFRV 'HYH VHU REWLGD GH KRPHQV TXH
FRQKHFHPDVLWXDomRGRLQLPLJR²GRVHVSL}HV

6XQ7]X$DUWHGDJXHUUDVpFXORD&

7KLV GRFXPHQW KDV EHHQ FUHDWHG ZLWK D '(02 YHUVLRQ RI 3') &UHDWH &RQYHUW
KWWSZZZHTXLQR[VRIWZDUHFRPSURGXFWVSGIBFUHDWHBFRQYHUWKWPO

7RUHPRYHWKLVPHVVDJHSOHDVHUHJLVWHU

/(,

$1,48,/(727$/0(17(2,1,0,*2

7RGRV RV JUDQGHV OtGHUHV VDEHP TXH R LQLPLJR SHULJRVR GHYH VHU HVPDJDGR WRWDOPHQWH 6H
UHVWDUXPDVyEUDVDSRUPHQRUTXHVHMDDFDEDUiVHWUDQVIRUPDQGRHPIRJXHLUD3HUGHVHPDLV
ID]HQGR FRQFHVV}HV GR TXH SHOD WRWDO DQLTXLODomR R LQLPLJR VH UHFXSHUDUi H VH YLQJDUi
(VPDJXHRItVLFDHHVSLULWXDOPHQWH$LGpLDpVLPSOHV6HXVLQLPLJRVQmRJRVWDPGHYRFr2
TXHHOHVPDLVTXHUHPpDFDEDUFRPYRFr6HDRFRPEDWrORVYRFrSDUDUQRPHLRGRFDPLQKR
RX PHVPR GHSRLV GH SHUFRUUHU WUrV TXDUWRV GR FDPLQKR SRU PLVHULFyUGLD RX HVSHUDQoD GH
UHFRQFLOLDomR YRFr Vy RV WRUQDUi PDLV GHWHUPLQDGRV PDLV DPDUJXUDGRV H XP GLD HOHV VH
YLQJDUmR(OHVSRGHPDJLUFRUGLDOPHQWHSRUXQVWHPSRVPDVLVVRVySRUTXHYRFrRVGHUURWRX
(OHVQmRWrPRXWUDHVFROKDDQmRVHUDJXDUGDU

$ VROXomR 1mR WHU PLVHULFyUGLD (VPDJiORV WRWDOPHQWH FRPR HOHV R HVPDJDULDP$ ~QLFD
SD]HVHJXUDQoDTXHYRFrSRGHHVSHUDUGRVVHXVLQLPLJRVpTXDQGRHOHVGHVDSDUHFHP

2SULQFtSLRSRUWUiVGH³HVPDJDURLQLPLJR´pWmRDQWLJRTXDQWRD%tEOLDRSULPHLURDFRORFi
ORHPSUiWLFDIRL0RLVpVTXHDDSUHQGHXFRPRSUySULR'HXVTXHDEULXRPDU9HUPHOKRSDUD
RVMXGHXVHGHSRLVGHL[RXTXHDViJXDVIOXtVVHPQRYDPHQWHDIRJDQGRRVHJtSFLRVTXHYLQKDP
ORJRDWUiVGHIRUPDD³QmRVREUDUQHPXPVyGHOHV´0RLVpVTXDQGRGHVFHXGR0RQWH6LQDL
FRPRV'H]0DQGDPHQWRVHYLXVHXSRYRDGRUDQGRR%H]HUURGH2XURPDQGRXPDWDUWRGRVRV
SHFDGRUHV ( SRXFR DQWHV GH PRUUHU HOH FRQWRX DR VHX SRYR ILQDOPHQWH SUHVWHV D HQWUDU QD
7HUUD 3URPHWLGD TXH DR GHUURWDUHP DV WULERV GH &DQDm GHYHULDP WrODV ³GHVWUXtGR
WRWDOPHQWHVHPDOLDQoDHQHPPLVHULFyUGLD´$YLWyULDWRWDOFRPRPHWDpXPGRVD[LRPDVGD
JXHUUD PRGHUQD H IRL FRGLILFDGD FRPR WDO SRU &DUO YRQ &ODXVHZLW] R PLQLVWUR ILOyVRIR GD
JXHUUD$QDOLVDQGR DV FDPSDQKDV GH 1DSROHmR YRQ &ODXVHZLW] HVFUHYHX ³1yV VXVWHQWDPRV
TXHDDQLTXLODomRWRWDOGDVIRUoDVLQLPLJDVGHYDVHPSUHVHUDLGpLDSUHGRPLQDQWH  8PDYH]
REWLGD XPD JUDQGH YLWyULD QmR VH SRGH IDODU HP GHVFDQVDU HP UHVSLUDU   PDV DSHQDV GH
SHUVHJXLUGHLUDWUiVGRLQLPLJRQRYDPHQWHFRQTXLVWDUDVXDFDSLWDODWDFDUVXDVUHVHUYDVH
WXGRPDLVTXHSRVVDGDUDRVHXSDtVDMXGDHFRQIRUWR´,VVRSRUTXHGHSRLVGDJXHUUDYrPDV
QHJRFLDo}HV H D GLYLVmR GH WHUULWyULR 6H YRFr WHYH DSHQDV XPD YLWyULD SDUFLDO YDL
LQHYLWDYHOPHQWHSHUGHUQDVQHJRFLDo}HVRTXHOXFURXFRPDJXHUUD

$VROXomRpVLPSOHVQmRGrRSomRDRVVHXVLQLPLJRV$QLTXLOHRVHYRFrpTXHPYDLWULQFKDU
RWHUULWyULRGHOHV2

REMHWLYR GR SRGHU p FRQWURODU VHXV LQLPLJRV WRWDOPHQWH ID]rORV VXMHLWDUVH DR TXH YRFr
GHVHMD 9RFr QmR SRGH VH GDU DR OX[R GH ID]HU FRQFHVV}HV 6HP RXWUD RSomR HOHV VHUmR
IRUoDGRV D ID]HU R TXH YRFr PDQGD (VWD OHL QmR VH DSOLFD DSHQDV DR FDPSR GH EDWDOKD
1HJRFLDo}HV VmR FRPR XPD YtERUD LQVLGLRVD TXH FRUUyL D VXD YLWyULD SRUWDQWR QmR QHJRFLH
QDGDFRPRLQLPLJRQmROKHGrQHQKXPDHVSHUDQoDQHQKXPHVSDoRGHPDQREUD

(OHVHVWmRHVPDJDGRVHSRQWRILQDO

(QWHQGDLVWRQDVXDOXWDSHORSRGHUYRFrYDLGHVSHUWDUULYDOLGDGHVHFULDULQLPLJRV+DYHUi
SHVVRDVTXHYRFrQmRFRQVHJXLUiFRQYHQFHUTXHSHUPDQHFHUmRVXDVLQLPLJDVQmRLPSRUWDR
TXHDFRQWHoD0DVVHMDTXDODGRUTXHYRFrOKHVFDXVDUGHOLEHUDGDPHQWHRXQmRQmROHYHR
yGLR GHODV SDUD R ODGR SHVVRDO 5HFRQKHoD DSHQDV TXH QmR Ki SRVVLELOLGDGH GH SD] HQWUH
YRFrV GRLV SULQFLSDOPHQWH VH YRFr FRQWLQXDU QR SRGHU 6H YRFr GHL[DU TXH HODV ILTXHP SRU
SHUWR HODV YmR SURFXUDU VH YLQJDU FRP WDQWD FHUWH]D TXDQWR GHSRLV GR GLD YHP D QRLWH
(VSHUDUTXHHODVPRVWUHPVXDVFDUWDVpWROLFH6HMDUHDOLVWDFRPXPLQLPLJRDVVLPSRUSHUWR
YRFr MDPDLV WHUi VHJXUDQoD $SUHQGD FRP RV H[HPSORV GD KLVWyULD H FRP D VDEHGRULD GH
0RLVpVQmRIDoDFRQFHVV}HV

1mRpXPDTXHVWmRGHPRUWHpFODURPDVGHH[tOLR6XILFLHQWHPHQWHHQIUDTXHFLGRVHGHSRLV
EDQLGRV SDUD VHPSUH GD VXD FRUWH VHXV LQLPLJRV VH WRUQDP LQRIHQVLYRV 1mR WrP PDLV
HVSHUDQoDVGHVHUHFXSHUDUGHYLUVHLQVLQXDQGRHIHULU9RFr(VHIRULPSRVVtYHOEDQLORV
SHOR PHQRV VDLED TXH HOHV HVWmR WUDPDQGR FRQWUD YRFr H QmR Gr DWHQomR DRV VHXV JHVWRV
ILQJLGRV GH DPL]DGH$ VXD ~QLFD DUPD QXPD VLWXDomR GHVVD p D VXD SUySULD FDXWHOD 6H QmR
SXGHUEDQLORVLPHGLDWDPHQWHHQWmRSODQHMHRPHOKRUPRPHQWRSDUDDJLU

2,19(562

5DUDPHQWH VH GHYH LJQRUDU HVWD OHL PDV DFRQWHFH TXH jV YH]HV p PHOKRU GHL[DU TXH RV VHXV
LQLPLJRVVHGHVWUXDPVHLVVRIRUSRVVtYHOGRTXHID]rORVVRIUHUQDVVXDVPmRV1DJXHUUD
SRU H[HPSOR XP ERP JHQHUDO VDEH TXH DWDFDQGR XP H[pUFLWR HQFXUUDODGR VHXV VROGDGRV
OXWDUmR FRP PXLWR PDLV HQWXVLDVPR 3RU LVVR jV YH]HV p PHOKRU OKHV GHL[DU XPD VDtGD GH
HPHUJrQFLD XPD HVFDSDWyULD 5HFXDQGR HOHV VH GHVJDVWDP H D UHWLUDGD RV GHL[D PDLV
GHVPRUDOL]DGRVGRTXHTXDOTXHUGHUURWDQDVPmRVGHVVHJHQHUDOQRFDPSRGHEDWDOKD6HYRFr
WHP DOJXpP FRP D FRUGD QR SHVFRoR HQWmR ² PDV Vy VH7KLV GRFXPHQW KDV EHHQ FUHDWHG
ZLWK D '(02 YHUVLRQ RI 3') &UHDWH &RQYHUW KWWSZZZHTXLQR[
VRIWZDUHFRPSURGXFWVSGIBFUHDWHBFRQYHUWKWPO

7RUHPRYHWKLVPHVVDJHSOHDVHUHJLVWHU
YRFr WLYHU FHUWH]D GH QmR KDYHU FKDQFHV GH UHFXSHUDomR ² p PHOKRU GHL[DU TXH HOH VH
HQIRUTXH4XHHOHPHVPRVHMDRDJHQWHGDVXDSUySULDGHVWUXLomR2UHVXOWDGRVHUiRPHVPRH
YRFrQmRVHVHQWLUiWmRPDO)LQDOPHQWHDRHVPDJDUXPLQLPLJRjVYH]HVYRFrRLUULWDWDQWR
TXHHOHSDVVDDQRVDILRWUDPDQGRXPDYLQJDQoD2

7UDWDGR GH 9HUVDOKHV WHYH HVVH HIHLWR VREUH RV DOHPmHV +i TXHP GLJD TXH D ORQJR SUD]R p
PHOKRUPRVWUDUXPDFHUWDGHPrQFLD2SUREOHPDpTXHDVXDGHPrQFLDLPSOLFDXPRXWURULVFR
² HOD SRGH HQFRUDMDU R LQLPLJR TXH DLQGD JXDUGD UDQFRU PDV DJRUD WHP PDLV HVSDoR SDUD
DJLU4XDVHVHPSUHpPDLVVHQVDWRHVPDJDURLQLPLJR6HDQRVGHSRLVHOHTXLVHUVHYLQJDUQmR
EDL[HDJXDUGDVLPSOHVPHQWHHVPDJXHRGHQRYR

3RLV p SUHFLVR QRWDU TXH RV KRPHQV GHYHP VHU DIDJDGRV RX HQWmR DQLTXLODGRV HOHV VH
YLQJDUmR GH SHTXHQDV RIHQVDV PDV QmR SRGHUmR ID]HU R PHVPR QDV JUDQGHV RIHQVDV
TXDQGRRIHQGHPRVXPKRPHPSRUWDQWRGHYHPRVID]rORGHPRGRDQmRWHUGHWHPHUDVXD
YLQJDQoD

1LFRODX0DTXLDYHO

7KLV GRFXPHQW KDV EHHQ FUHDWHG ZLWK D '(02 YHUVLRQ RI 3') &UHDWH &RQYHUW
KWWSZZZHTXLQR[VRIWZDUHFRPSURGXFWVSGIBFUHDWHBFRQYHUWKWPO

7RUHPRYHWKLVPHVVDJHSOHDVHUHJLVWHU

/(,

86($$86Ç1&,$3$5$$80(17$525(63(,72($+215$

&LUFXODomR HP H[FHVVR ID] RV SUHoRV FDtUHP TXDQWR PDLV YRFr p YLVWR H HVFXWDGR PDLV
FRPXPYDLSDUHFHU6HYRFrMiVHHVWDEHOHFHXHPXPJUXSRDIDVWDQGRVHWHPSRUDULDPHQWHVH
WRUQDUi XPD ILJXUD PDLV FRPHQWDGD DWp PDLV DGPLUDGD 9RFr GHYH VDEHU TXDQGR VH DIDVWDU
&ULH XP YDORU FRP D HVFDVVH] 2 TXH VH UHWUDL R TXH VH WRUQD HVFDVVR GH UHSHQWH SDUHFH
PHUHFHU R QRVVR UHVSHLWR H HVWLPD 2 TXH SHUPDQHFH WHPSR GHPDLV VDWXUDQGRQRV FRP VXD
SUHVHQoDGHVSHUWDRQRVVRGHVSUH]R1D,GDGH0pGLDDVVHQKRUDVH[LJLDPFRQVWDQWHPHQWHGH
VHXVFDYDOHLURVSURYDVGHDPRUHQYLDQGRRVSDUDORQJDVHiUGXDVEXVFDV²WXGRSDUDFULDU
XPDRVFLODomRHQWUHDXVrQFLDVHSUHVHQoDV

7XGR QR PXQGR GHSHQGH GH DXVrQFLDV H SUHVHQoDV 8PD IRUWH SUHVHQoD DWUDL R SRGHU H DV
DWHQo}HVSDUDYRFr²

YRFrEULOKDPDLVGRTXHDVSHVVRDVDRVHXUHGRU0DVWHPXPSRQWRLQHYLWDYHOPHQWHHPTXH
DSUHVHQoDHPGHPDVLDFULDRHIHLWRFRQWUiULRTXDQWRPDLVYRFrpYLVWRHRXYLGRPDLVRVHX
YDORUGLPLQXL9RFrVHWRUQDXPKiELWR1mRLPSRUWDRTXDQWRYRFrWHQWHVHUGLIHUHQWHVXWLO
VHPYRFrVDEHUSRUTXHDVSHVVRDVFRPHoDPDUHVSHLWiORFDGDYH]PHQRV(

SUHFLVRDSUHQGHUDVHUHWLUDUQRPRPHQWRFHUWRDQWHVTXHHODVLQFRQVFLHQWHPHQWHRIRUFHPD
LVVR(XPMRJRGHSLTXHHVFRQGH
$YHUGDGHGHVVDOHLSRGHVHUFRPSURYDGDIDFLOPHQWHTXDQGRVHWUDWDGHDPRUHVHGXomR1R
LQtFLR D DXVrQFLD GD SHVVRD DPDGD HVWLPXOD D VXD LPDJLQDomR HQYROYHQGR D HOH RX D HOD
QXPDHVSpFLHGHDXUD0DVHVWDDXUDGHVDSDUHFHTXDQGRYRFrVDEHGHPDLV²TXDQGRDVXD
LPDJLQDomRQmRWHPPDLVHVSDoRSDUDGLYDJDU2VHUDPDGRVHWRUQDXPDSHVVRDFRPRRXWUD
TXDOTXHU DOJXpP FXMD SUHVHQoD QmR GHVSHUWD PDLV WDQWR LQWHUHVVH ( SRU LVVR TXH D FRUWHVm
IUDQFHVD GR VpFXOR ;9,, DFRQVHOKDYD ILQJLU VHPSUH HVWi VH DIDVWDQGR GD SHVVRD DPDGD ³2
DPRUQmRPRUUHGHLQDQLomR´HODHVFUHYHX³PDVFRPIUHTrQFLDVLPGHLQGLJHVWmR´

4XDQGR YRFr VH SHUPLWH VHU WUDWDGR FRPR XPD SHVVRD TXDOTXHU Mi p WDUGH GHPDLV ² Mi IRL
HQJROLGRHGLJHULGR3DUDTXHLVVRQmRDFRQWHoDYRFrWHPGHGHL[DUTXHRRXWURDQVHLHSHOD
VXD SUHVHQoD ,PSRQKD UHVSHLWR DPHDoDQGRR FRP D SRVVLELOLGDGH GH SHUGrOR SDUD VHPSUH
FULHXPSDGUmRGHSUHVHQoDVHDXVrQFLDV'HSRLVGHPRUWRWXGRUHODFLRQDGRFRPYRFrPXGD
9RFrILFDLPHGLDWDPHQWHHQYROWRQXPDDXUDGHUHVSHLWDELOLGDGH$VSHVVRDVVHOHPEUDPGDV
FUtWLFDVTXHOKHIL]HUDPGDVGLVFXVV}HVTXHYRFrVWLYHUDPHILFDPFKHLDVGHDUUHSHQGLPHQWR
H FXOSD (ODV VHQWHP IDOWD GH XPD SUHVHQoD TXH QmR YROWDUi PDLV 0DV YRFr QmR SUHFLVD
HVSHUDUDWp

PRUUHU DIDVWDQGRVH WRWDOPHQWH SRU XQV WHPSRV YRFr FULD XPD HVSpFLH GH PRUWH DQWHULRU j
PRUWH(TXDQGRYROWDUVHUi

FRPR VH HVWLYHVVH YROWDGR GR RXWUR PXQGR ² XP FOLPD GH UHVVXUUHLomR ILFDUi DVVRFLDGR D
YRFrHDVSHVVRDVVHVHQWLUmRDOLYLDGDVFRPDVXDYROWD

2XWURDVSHFWRPDLVFRUULTXHLURGHVWDOHLPDVTXHGHPRQVWUDDLQGDPHOKRUDVXDYHUGDGHpD
OHL GD HVFDVVH] QD HFRQRPLD 5HWLUDQGR XP SURGXWR GR PHUFDGR YRFr FULD LQVWDQWDQHDPHQWH
XP YDORU $MXVWH D OHL GD HVFDVVH] jV VXDV SUySULDV KDELOLGDGHV 7RUQH UDUR H GLItFLO GH
HQFRQWUDUDTXLORTXHYRFrRIHUHFHDRPXQGRHHVWDUiQDPHVPDKRUDDXPHQWDQGRRVHXYDORU

6HPSUH FKHJD D KRUD HP TXH DTXHOHV TXH HVWmR QR SRGHU DEXVDP GD QRVVD KRVSLWDOLGDGH
)LFDPRV FDQVDGRV GHOHV SHUGHPRV R UHVSHLWR SDVVDPRV D YrORV FRPR LJXDLV DR UHVWR GD
KXPDQLGDGH R TXH VLJQLILFD GL]HU TXH RV YHPRV FRPR SLRUHV SRLV LQHYLWDYHOPHQWH
FRPSDUDPRVRTXHYHPRVDJRUDFRPRTXHYtDPRVDQWHV(XPDDUWHVDEHUTXDQGRVHUHWLUDU
3UDWLFDQGRD FRUUHWDPHQWH UHFXSHUDVH R UHVSHLWR SHUGLGR H VH FRQVHUYD XPD SDUWH GR VHX
SRGHU 7RUQHVH GLVSRQtYHO GHPDLV H D DXUD GH SRGHU TXH YRFr FRQVWUXLX D VXD YROWD
GHVDSDUHFHUi9LUHRMRJR7RUQHVHPHQRVDFHVVtYHOHDXPHQWDUiRYDORUGDVXDSUHVHQoD

2,19(562

(VWDOHLVyVHDSOLFDGHSRLVTXHMiVHDOFDQoRXXPFHUWRQtYHOGHSRGHU$QHFHVVLGDGHGHVH
UHWLUDUGHFHQDVy

DSDUHFHGHSRLVTXHYRFrHVWDEHOHFHXDVXDSUHVHQoDDIDVWHVHFHGRGHPDLVHYRFrQmRVHUi
PDLVUHVSHLWDGRVHUi

VLPSOHVPHQWH HVTXHFLGR 4XDQGR YRFr HVWLYHU FRPHoDQGR D DWXDU QR SDOFR GR PXQGR FULH
XPDLPDJHPTXHSRVVDVHUUHFRQKHFLGDUHSURGX]LGDHYLVWDSRUWRGDDSDUWH(QTXDQWRYRFr
QmR DOFDQoDU HVWH VWDWXV D DXVrQFLD p SHULJRVD ² HP YH] GH DWLoDU DV FKDPDV HOD DV
H[WLQJXLUi

1RDPRUHQDVHGXomRVLPLODUPHQWHDDXVrQFLDVypHILFD]VHYRFrWLYHUHQYROYLGRRRXWUR
FRP D VXD SUySULD LPDJHP VH HOH RX HOD Mi R HVWLYHU YHQGR SRU WRGD D SDUWH 7XGR GHYH
OHPEUDUDRVHXDPRUGDVXDSUHVHQoDGHWDOIRUPDTXHVHYRFrUHVROYHUVHDIDVWDUHOHHVWDUi
VHPSUH SHQVDQGR HP YRFr VHPSUH YHQGR YRFr PHQWDOPHQWH /HPEUHVH QR LQtFLR QmR
GHVDSDUHoD VHMD RQLSUHVHQWH 6y R TXH p YLVWR DSUHFLDGR H DPDGR GHL[DUi VDXGDGHV QD VXD
DXVrQFLD7KLVGRFXPHQWKDVEHHQFUHDWHGZLWKD'(02YHUVLRQRI3')&UHDWH&RQYHUW
KWWSZZZHTXLQR[VRIWZDUHFRPSURGXFWVSGIBFUHDWHBFRQYHUWKWPO

7RUHPRYHWKLVPHVVDJHSOHDVHUHJLVWHU

8VHDDXVrQFLDSDUDFULDUUHVSHLWRHHVWLPD6HDSUHVHQoDGLPLQXLDIDPDDDXVrQFLDDID]
FUHVFHU 2 KRPHP TXH  TXDQGR DXVHQWH p FRQVLGHUDGR XP OHmR WRUQDVH TXDQGR SUHVHQWH
FRPXP H ULGtFXOR 2V WDOHQWRV SHUGHP R EULOKR TXDQGR QRV DFRVWXPDPRV D HOHV SRLV R
UHYHVWLPHQWR H[WHULRU GD PHQWH p YLVWR FRP PDLV IDFLOLGDGH GR TXH R VHX Q~FOHR LQWHULRU
PDLVULFR$WpPHVPRRJUDQGHJrQLRVHUHWUDLSDUDTXHRVKRPHQVRUHVSHLWHPHSDUDTXHR
GHVHMRGHVSHUWDGRSRUVXDDXVrQFLDRIDoDHVWLPDGR

%DOWDVDU*UDFLiQ

7KLV GRFXPHQW KDV EHHQ FUHDWHG ZLWK D '(02 YHUVLRQ RI 3') &UHDWH &RQYHUW
KWWSZZZHTXLQR[VRIWZDUHFRPSURGXFWVSGIBFUHDWHBFRQYHUWKWPO

7RUHPRYHWKLVPHVVDJHSOHDVHUHJLVWHU

/(,

0$17(1+$ 26 287526 (0 80 (67$'2 /$7(17( '( 7(5525 &8/7,9(
80$

$7026)(5$'(,035(9,6,%,/,'$'(

2VKRPHQVVmRFULDWXUDVGHKiELWRVFRPXPDQHFHVVLGDGHLQVDFLiYHOGHYHUIDPLOLDULGDGHQRV
DWRV DOKHLRV $ VXD SUHYLVLELOLGDGH OKHV Gi XP VHQVR GH FRQWUROH 9LUH D PHVD VHMD
GHOLEHUDGDPHQWHLPSUHYLVtYHO2FRPSRUWDPHQWRTXHSDUHFHLQFRHUHQWHRXDEVXUGRRVPDQWHUi
GHVRULHQWDGRV H HOHV YmR ILFDU H[DXVWRV WHQWDQGR H[SOLFDU VHXV PRYLPHQWRV /HYDGD DR
H[WUHPRHVWDHVWUDWpJLDSRGHLQWLPLGDUHDWHUURUL]DU

2 [DGUH] FRQWpP D HVVrQFLD GD YLGD SULPHLUR SRUTXH SDUD YHQFHU YRFr WHP TXH VHU
H[WUHPDPHQWHSDFLHQWHHSUHYLGHQWHVHJXQGRSRUTXHRMRJRVHEDVHLDHPSDGU}HVVHTrQFLDV
LQWHLUDV GH PRYLPHQWRV TXH Mi IRUDP IHLWRV DQWHV H FRQWLQXDUmR VHQGR IHLWRV FRP OLJHLUDV
DOWHUDo}HVHPTXDOTXHUMRJR
2 DGYHUViULR DQDOLVD RV SDGU}HV TXH YRFr HVWi XVDQGR H RV DSURYHLWD SDUD WHQWDU SUHYHU RV
VHXV PRYLPHQWRV 1mR OKH GDQGR QDGD GH SUHYLVtYHO HP TXH EDVHDU D VXD HVWUDWpJLD YRFr
FRQVHJXHXPDJUDQGHYDQWDJHP1R[DGUH]FRPRQDYLGDTXDQGRQmRFRQVHJXHPLPDJLQDUR
TXH YRFr HVWi ID]HQGR DV SHVVRDV ILFDP HP HVWDGR GH WHUURU ² DJXDUGDQGR LQFHUWDV
FRQIXVDV

1DGD p PDLV DWHUURUL]DQWH GR TXH R UHSHQWLQR H LPSUHYLVtYHO 3RU LVVR WHPHPRV WDQWR RV
WHUUHPRWRV H WRUQDGRV QmR VDEHPRV TXDQGR HOHV YmR DFRQWHFHU 'HSRLV GR SULPHLUR
HVSHUDPRV DWHUURUL]DGRV R VHJXQGR (P JUDX PHQRU p DVVLP TXH R FRPSRUWDPHQWR KXPDQR
LPSUHYLVtYHODWXDVREUHQyV

2VDQLPDLVWrPXPSDGUmRIL[RGHFRPSRUWDPHQWRSRULVVRpSRVVtYHOFDoiORVHPDWiORV6y
RKRPHPWHPDFDSDFLGDGHGHDOWHUDUFRQVFLHQWHPHQWHRVHXFRPSRUWDPHQWRGHLPSURYLVDUH
VHOLYUDUGRSHVRGDURWLQDHGRKiELWR0DVDPDLRULDGRVKRPHQVQmRSHUFHEHHVVHSRGHU
3UHIHUHPRFRQIRUWRGDURWLQDGDQDWXUH]DDQLPDOTXHRVID]UHSHWLUVHPSUHDVPHVPDVDo}HV
FRPSXOVLYDPHQWHYiULDVYH]HV$JHPDVVLPSHODOHLGRPHQRUHVIRUoRHSRUTXHVHHQJDQDP
DFKDQGRTXHVHQmRSHUWXUEDUHPQLQJXpPQLQJXpPRSHUWXUEDUi&RPSUHHQGDDSHVVRDFRP
SRGHULQIXQGHXPFHUWRPHGRDRSHUWXUEDUGHOLEHUDGDPHQWHDVSHVVRDVDVXDYROWDPDQWHQGRD
LQLFLDWLYD GR VHX ODGR ¬V YH]HV YRFr SUHFLVD DWDFDU GH UHSHQWH GHL[DU RV RXWURV WUHPHQGR
TXDQGR PHQRV HVSHUDP SRU LVVR ( XP DUWLItFLR XVDGR SHORV SRGHURVRV Ki VpFXORV )LOLSSR
0DULDR~OWLPRGRVGXTXHV9LVFRQWLGH0LOmRQD,WiOLDGRVpFXOR;9ID]LDFRQVFLHQWHPHQWHR
FRQWUiULRGRTXHVHHVSHUDYDGHOH3RUH[HPSORjVYH]HVHOHHQFKLDGHDWHQo}HVXPFRUWHVmR
H Dt TXDQGR R KRPHP Mi HVWDYD FRPHoDQGR D DFKDU TXH LD VHU SURPRYLGR GH XP PRPHQWR
SDUDRRXWURHOHSDVVDYDDWUDWiORFRPRPDLRUGHVSUH]R&RQIXVRRKRPHPGHL[DYDDFRUWH
PDVRGXTXHGHUHSHQWHVHOHPEUDYDGHOHHYROWDYDDWUDWiOREHP$LPSUHYLVLELOLGDGHpFRP
IUHTrQFLDDWiWLFDGRPHVWUHPDVRSREUHGLDERWDPEpPSRGHXViODFRPJUDQGHHILFiFLD6H
YRFr HVWLYHU HP PLQRULD RX HQFXUUDODGR IDoD XPD VpULH GH PRYLPHQWRV LPSUHYLVtYHLV 6HXV
LQLPLJRVILFDUmRWmRFRQIXVRVTXHVHUHWUDLUmRRXFRPHWHUmRXPHUURWiWLFR

1DSULPDYHUDGHGXUDQWHD*XHUUD&LYLODPHULFDQDRJHQHUDO6WRQHZDOO-DFNVRQFRP
XPH[pUFLWRGH

VROGDGRV FRQIHGHUDGRV HVWDYD DWRUPHQWDQGR RV H[pUFLWRV PDLRUHV GD 8QLmR QR YDOH
6KHQDQGRDK (QTXDQWR LVVR QmR PXLWR ORQJH GDOL R JHQHUDO *HRUJH %ULQWRQ 0F&OHOODQ
FKHILDQGRXPH[pUFLWRGHPLOVROGDGRVGD8QLmRVDtDGH:DVKLQJWRQPDUFKDQGRSDUDRVXO
D ILP GH FHUFDU 5LFKPRQG QD 9LUJtQLD D FDSLWDO FRQIHGHUDGD 'XUDQWH DTXHOD FDPSDQKD
-DFNVRQ YiULDV YH]HV VDLX FRP VHXV VROGDGRV GR YDOH 6KHQDQGRDK H GHSRLV YROWRX 6HXV
PRYLPHQWRVQmRID]LDPVHQWLGR(VWDULDHOHVHSUHSDUDQGRSDUDDMXGDUDGHIHQGHU5LFKPRQG"
(VWDULD PDUFKDQGR VREUH :DVKLQJWRQ DJRUD TXH D DXVrQFLD GH 0F&OHOODQ D GHL[DUD
GHVSURWHJLGD" 'LULJLDVH SDUD R QRUWH SDUD DUUDVDU WXGR SRU Oi" 3RU TXH R VHX SHTXHQR
H[pUFLWRVHPRYLDHPFtUFXORV"

2V PRYLPHQWRV LQH[SOLFiYHLV GH -DFNVRQ IL]HUDP RV JHQHUDLV GD 8QLmR UHWDUGDUHP D PDUFKD
VREUH5LFKPRQGHQTXDQWRDJXDUGDYDPSDUDGHVFREULURTXHHOHHVWDYDWUDPDQGR1HVVHPHLR
WHPSRR6XOFRQVHJXLXHQYLDUUHIRUoRVSDUDDFLGDGH8PDEDWDOKDTXHSRGHULDWHUHVPDJDGR
D &RQIHGHUDomR VH WUDQVIRUPRX QXP HPSDWH -DFNVRQ XVRX HVWD WiWLFD UHSHWLGDV YH]HV DR
HQIUHQWDU IRUoDV QXPHULFDPHQWH VXSHULRUHV ³'HVRULHQWH FRQIXQGD H VXUSUHHQGD R LQLPLJR
VHPSUHVHSRVVtYHO´GL]LDHOH³HVVDVWiWLFDVYHQFHUmRVHPSUHHXPSHTXHQRH[pUFLWRVHUi
FDSD]SRUWDQWRGHGHVWUXLURXWURPDLRU´

(VWD OHL VH DSOLFD QmR Vy j JXHUUD PDV jV VLWXDo}HV GR FRWLGLDQR 2V RXWURV HVWmR VHPSUH
WHQWDQGRHQWHQGHURPRWLYRGDVVXDVDo}HVHXVDUDVXDSUHYLVLELOLGDGHFRQWUDYRFr)DoDXP
PRYLPHQWRWRWDOPHQWHLPSUHYLVtYHOHRVFRORFDUi

QDGHIHQVLYD6HPHQWHQGHUQDGDHOHVILFDPDIOLWRVHQHVVHHVWDGRpIiFLOLQWLPLGiORV3DEOR
3LFDVVRGLVVHFHUWDYH]³2PHOKRUFiOFXORpDDXVrQFLDGHFiOFXOR4XDQGRYRFrDOFDQoDXP
FHUWR JUDX GH UHFRQKHFLPHQWR RV RXWURV HP JHUDO LPDJLQDP TXH VH YRFr ID] DOJXPD FRLVD
GHYH VHU SRU XP PRWLYR LQWHOLJHQWH 3RUWDQWR p WROLFH SODQHMDU FRP PXLWR FXLGDGR H
DQWHFHGrQFLD RV VHXV PRYLPHQWRV e PHOKRU DJLU FDSULFKRVDPHQWH´ 'XUDQWH XQV WHPSRV
3LFDVVR WUDEDOKRX FRP R PDUFKDQG 3DXO 5RVHQEHUJ 'HL[DYDR OLYUH SDUD YHQGHU VHXV7KLV
GRFXPHQW KDV EHHQ FUHDWHG ZLWK D '(02 YHUVLRQ RI 3') &UHDWH &RQYHUW
KWWSZZZHTXLQR[VRIWZDUHFRPSURGXFWVSGIBFUHDWHBFRQYHUWKWPO

7RUHPRYHWKLVPHVVDJHSOHDVHUHJLVWHU

TXDGURVPDVXPGLDVHPQHQKXPPRWLYRDSDUHQWHHOHGLVVHDRVXMHLWRTXHQmROKHGDULDPDLV
QHQKXPDREUDSDUDYHQGHU6HJXQGR3LFDVVR³5RVHQEHUJILFRXTXDUHQWDHRLWRKRUDVWHQWDQGR
LPDJLQDU SRU TXr (X HVWDULD UHVHUYDQGR SHoDV SDUD XP RXWUR PDUFKDQG" (X FRQWLQXDYD
WUDEDOKDQGR H GRUPLQGR H 5RVHQEHUJ LPDJLQDQGR 'RLV GLDV GHSRLV HOH YROWRX QHUYRVR
DQVLRVR GL]HQGR µ$ILQDO GH FRQWDV FDUR DPLJR YRFr QmR PH DEDQGRQDULD VH HX OKH
RIHUHFHVVHWXGRLVVRGL]HQGRXPDTXDQWLDVXEVWDQFLDOPHQWHPDLRUSRUHVVHVTXDGURVHPYH]
GRSUHoRTXHHVWRXDFRVWXPDGRDSDJDUQmRp

PHVPR"´¶

$ LPSUHYLVLELOLGDGH QmR p DSHQDV XP LQVWUXPHQWR GH WHUURU HPEDUDOKDQGR RV VHXV SDGU}HV
GLDULDPHQWH YRFr DJLWD DV FRLVDV H HVWLPXOD R LQWHUHVVH $V SHVVRDV IDODUmR GH YRFr
DWULEXLUmRPRWLYRVHGDUmRH[SOLFDo}HVTXHQDGDWrPDYHUFRPDYHUGDGHPDVHVWDUmRVHPSUH
SHQVDQGRHPYRFr1RILQDOTXDQWRPDLVFDSULFKRVRYRFrSDUHFHUPDLVUHVSHLWRFRQTXLVWDUi
6y RV H[WUHPDPHQWH VXERUGLQDGRV DJHP GH PDQHLUD SUHYLVtYHO2 JRYHUQDQWH HVFODUHFLGR p
WmRPLVWHULRVRTXHSDUHFHQmRWHUPRUDGDpWmRLQH[SOLFiYHOTXHQmRVHVDEHRQGHEXVFi
OR (OH UHSRXVD QD LQDomR Oi HP FLPD H VHXV PLQLVWURV WUHPHP Fi HP EDL[R  +DQIHLW]X
ILOyVRIRFKLQrVVpFXORD&

$ YLGD QD FRUWH p XP MRJR GH [DGUH] VpULR H PHODQFyOLFR RQGH WHPRV TXH FRORFDU HP
IRUPDomRQRVVDVDUPDVHEDWHGRUHVFULDUXPSODQRSHUVHJXLORHQRVGHIHQGHUGRSODQRGR
QRVVRDGYHUViULR¬VYH]HVHQWUHWDQWRpPHOKRUDUULVFDUHID]HUDMRJDGDPDLVFDSULFKRVD
HLPSUHYLVtYHO

-HDQGH/D%UXJrUH
2,19(562
¬VYH]HVDSUHYLVLELOLGDGHIXQFLRQDDVHXIDYRUFULDQGRXPSDGUmRFRPRTXDODVSHVVRDVVH
VLQWDPjYRQWDGHYRFrDVGHL[DDQHVWHVLDGDV(ODVDUPDPWXGRGHDFRUGRFRPRTXHVDEHP
VREUHYRFr(VVDWiWLFDSRGHVHU~WLOGHYiULDVPDQHLUDVSULPHLURpXPDFRUWLQDGHIXPDoD
XPDIDFKDGDFRQIRUWiYHOSRUWUiVGDTXDOYRFrSRGHUiHQJDQDURVRXWURV6HJXQGRSHUPLWHTXH
YRFrHPUDUDVRFDVL}HVIDoDDOJRWRWDOPHQWHFRQWUiULRDRSDGUmRSHUWXUEDQGRGHWDOIRUPDR
DGYHUViULRTXHHOHGHVPRQWDVR]LQKR

(P  0XKDPPDG $OL H *HRUJH )RUHPDQ HVWDYDP SUHVWHV D VH HQIUHQWDU QXPD OXWD GR
FDPSHRQDWR PXQGLDO GH ER[H GH SHVRV SHVDGRV 7RGRV VDELDP R TXH LD DFRQWHFHU R
JUDQGDOKmR*HRUJH)RUHPDQWHQWDULDDFHUWDUXPQRFDXWHHQTXDQWR$OLGDQoDULDDRVHXUHGRU
DWpHOHILFDUH[DXVWR(UDDVVLPTXH$OLOXWDYDHVVHHUDRVHXSDGUmRHKiGH]DQRVHOHID]LDD
PHVPD FRLVD 0DV QHVWH FDVR LVVR SDUHFLD GDU D )RUHPDQ XPD YDQWDJHP HOH WLQKD XP VRFR
GHYDVWDGRU H VH HVSHUDVVH PDLV FHGR RX PDLV WDUGH$OL WHULD GH VH DSUR[LPDU$OL PHVWUH
HVWUDWHJLVWDWLQKDRXWURVSODQRVQDVHQWUHYLVWDVFROHWLYDVDQWHVGDJUDQGHOXWDHOHGLVVHTXHLD
PXGDUGHHVWLORHVRFDU)RUHPDQ1LQJXpPPXLWRPHQRV)RUHPDQDFUHGLWRX2SODQRHUDXP
VXLFtGLR$OL HVWDYD EULQFDQGR FRPR GH FRVWXPH 0DV Dt DQWHV GD OXWD R WUHLQDGRU GH$OL
DIURX[RX DV FRUGDV GR ULQTXH FRPR p KiELWR ID]HU TXDQGR XP ER[HDGRU SUHWHQGH VHU PXLWR
DJUHVVLYR1LQJXpPHQWUHWDQWRDFUHGLWRXQDPDQREUDVySRGLDVHUXPDDUPDomR

3DUDHVSDQWRGHWRGRV$OLIH]H[DWDPHQWHRTXHWLQKDGLWR(QTXDQWR)RUHPDQHVSHUDYDTXH
HOHFRPHoDVVHDGDQoDUDRVHXUHGRU$OLSDUWLXGLUHWRSDUDFLPDGHOHHOKHGHXXPVRFR(
SHUWXUERXWRWDOPHQWHDHVWUDWpJLDGRDGYHUViULR&RQIXVR)RUHPDQDFDERXH[DXVWRQmRFRUULD
DWUiV GH $OL PDV GLVSDUDYD VRFRV IHLWR XP GHVYDLUDGR UHFHEHQGR RXWURV WDQWRV GH YROWD
)LQDOPHQWH$OLDFHUWRXXPFUX]DGRGHGLUHLWDGUiVWLFRTXHQRFDXWHRX)RUHPDQ2

KiELWR GH VXSRU TXH R FRPSRUWDPHQWR GH XPD SHVVRD VH DMXVWDUi VHPSUH DRV VHXV SDGU}HV
DQWHULRUHV p WmR DUUDLJDGR TXH QHP PHVPR $OL DQXQFLDQGR XPD PXGDQoD GH HVWUDWpJLD
FRQVHJXLXDOWHUDULVVR)RUHPDQFDLXQXPDDUPDGLOKD²DDUPDGLOKDVREUHDTXDOWLQKDPOKH
DYLVDGR

$WHQomRDLPSUHYLVLELOLGDGHjVYH]HVpXPWLURTXHVDLSHODFXODWUDHVSHFLDOPHQWHVHYRFr
HVWLYHUQXPDSRVLomRLQIHULRU+iRFDVL}HVHPTXHpPHOKRUGHL[DUDVSHVVRDVDRVHXUHGRUVH
VHQWLQGR j YRQWDGH H WUDQTLODV 2 H[FHVVR GH LPSUHYLVLELOLGDGH p YLVWR FRPR VLQDO GH
LQGHFLVmR RX DWp GH DOJXP SUREOHPD SVtTXLFR PDLV JUDYH 2V SDGU}HV WrP XP SRGHU PXLWR
JUDQGHHVHYRFrRVTXHEUDSRGHGHL[DUDVSHVVRDVDVVXVWDGtVVLPDV'HYHVHWHUERPVHQVRDR
XVDUHVVHSRGHU

7KLV GRFXPHQW KDV EHHQ FUHDWHG ZLWK D '(02 YHUVLRQ RI 3') &UHDWH &RQYHUW
KWWSZZZHTXLQR[VRIWZDUHFRPSURGXFWVSGIBFUHDWHBFRQYHUWKWPO

7RUHPRYHWKLVPHVVDJHSOHDVHUHJLVWHU
/(,

1­2 &216758$ )257$/(=$6 3$5$ 6( 3527(*(5 ± 2 ,62/$0(172 e


3(5,*262

2PXQGRpSHULJRVRHRVLQLPLJRVHVWmRSRUWRGDDSDUWH±WRGRVSUHFLVDPVHSURWHJHU8PD
IRUWDOH]DSDUHFHPXLWRVHJXUD0DVRLVRODPHQWRH[S}HYRFrDPDLVSHULJRVGRTXHRSURWHJH
GHOHV ± YRFr ILFD LVRODGR GH LQIRUPDo}HV YDOLRVDV WUDQVIRUPDVH QXP DOYR IiFLO H HYLGHQWH
0HOKRUFLUFXODUHQWUHDVSHVVRDVGHVFREULUDOLDGRVVHPLVWXUDU$PXOWLGmRVHUYHGHHVFXGR
FRQWUDRVVHXVLQLPLJRV

5HWLUHVH SDUD XPD IRUWDOH]D H YRFr SHUGH R FRQWDWR FRP DV IRQWHV GR VHX SRGHU 9RFr QmR
RXYH R TXH HVWD DFRQWHFHQGR DR VHX UHGRU H SHUGH R VHQVR GH OLPLWH (P YH] GH ILFDU PDLV
VHJXURYRFrVHLVRODGRFRQKHFLPHQWRGHTXHGHSHQGHSDUDYLYHU1mRVHGLVWDQFLHWDQWRGDV
UXDV D SRQWR GH QmR HVFXWDU PDLV R TXH DFRQWHFH SRU SHUWR LQFOXVLYH R TXH HVWmR WUDPDQGR
FRQWUDYRFr

0DTXLDYHODUJXPHQWDTXHQXPVHQWLGRHVWULWDPHQWHPLOLWDUDIRUWDOH]DpVHPSUHXPHUUR(ODVH
WRUQDVtPERORGRLVRODPHQWRGRSRGHUHpXPDOYRIiFLOSDUDRVLQLPLJRVGRVHXFRQVWUXWRU
3URMHWDGDSDUDGHIHQGHUYRFrDIRUWDOH]DQDYHUGDGHRLVRODGHTXDOTXHUWLSRGHDMXGDHWROKH
DVXDIOH[LELOLGDGH(ODSRGHSDUHFHULQH[SXJQiYHOPDVGHSRLVTXHYRFr

VH HQILRX Oi GHQWUR WRGRV VDEHP RQGH YRFr HVWi H QmR p SUHFLVR WHU r[LWR QXP FHUFR SDUD
WUDQVIRUPDU D VXD IRUWDOH]D QXPD SULVmR &RP VHXV HVSDoRV SHTXHQRV H FRQILQDGRV DV
IRUWDOH]DV VmR H[WUHPDPHQWH YXOQHUiYHLV j SHVWH H D GRHQoDV FRQWDJLRVDV 'R SRQWR GH YLVWD
HVWUDWpJLFRRLVRODPHQWRGHXPDIRUWDOH]DQmRRIHUHFHSURWHomRHFULDPDLVSUREOHPDVGRTXH
VROXo}HV

&RPR RV VHUHV KXPDQRV VmR FULDWXUDV VRFLDLV SRU QDWXUH]D R SRGHU GHSHQGH GD LQWHUDomR
VRFLDOHGDFLUFXODomR3DUDVHWRUQDUSRGHURVRYRFrGHYHVHFRORFDUQRFHQWURGDVFRLVDV
FRPRIH]/XtV;,9HP9HUVDOKHV7RGDDWLYLGDGHGHYHJLUDUHPWRUQRGHYRFrHYRFrGHYH
HVWDUDWHQWRDWXGRTXHDFRQWHFHQDUXDHDTXDOTXHUSHVVRDTXHSRVVDHVWDUDUPDQGRSODQRV
FRQWUD YRFr 3DUD D PDLRULD GDV SHVVRDV R SHULJR VXUJH TXDQGR HODV VH VHQWHP DPHDoDGDV
1HVVDVRFDVL}HVHODVWHQGHPDVHUHWUDLUHFHUUDUILOHLUDVEXVFDUDVHJXUDQoDHPDOJXPWLSRGH
IRUWDOH]D$R ID]HU LVVR HQWUHWDQWR HODV SDVVDP D GHSHQGHU GDV LQIRUPDo}HV GH XP FtUFXOR
FDGDYH]PHQRUHSHUGHPDSHUVSHFWLYDGRTXHRFRUUHDRUHGRU(ODVSHUGHPDFDSDFLGDGHGH
PDQREUDHVHWRUQDPDOYRVIiFHLVHRLVRODPHQWRDVWRUQDSDUDQyLFDV&RPRQDJXHUUDHQD
PDLRULDGRVMRJRVHVWUDWpJLFRVRLVRODPHQWRTXDVHVHPSUHSUHFHGHDGHUURWDHDPRUWH1RV
PRPHQWRVGHLQFHUWH]DHSHULJRYRFrSUHFLVDOXWDUFRQWUDHVWHGHVHMRGHVHYROWDUSDUDGHQWUR
(PYH]GLVVRWRUQHVHPDLVDFHVVtYHOEXVTXHDQWLJRVHQRYRVDOLDGRVIRUFHDVXDHQWUDGDHP
FtUFXORV PDLV QXPHURVRV H GLIHUHQWHV (VWH WHP VLGR R WUXTXH GDV SHVVRDV SRGHURVDV SRU
VpFXORV

2HVWDGLVWDURPDQR&tFHURHUDGDQREUH]DLQIHULRUHWLQKDSRXFDVFKDQFHVGHSRGHUDQmRVHU
TXHFRQVHJXLVVHDEULUHVSDoRHQWUHRVDULVWRFUDWDVTXHFRQWURODYDPDFLGDGH(OHIH]LVVRFRP
EULOKDQWLVPRLGHQWLILFDQGRWRGDVDVSHVVRDVLQIOXHQWHVHGHVFREULQGRDVFRQH[}HVHQWUHHODV
(OHVHPLVWXUDYDSRUWRGDSDUWHFRQKHFLDWRGRPXQGRHWLQKDXPDUHGHGHFRQH[}HVWmRYDVWD
TXH XP LQLPLJR DTXL SRGHULD IDFLOPHQWH VHU FRQWUDEDODQoDGR SRU XP DOLDGR DOL 2 HVWDGLVWD
IUDQFrV7DOOH\UDQGID]LDRPHVPRMRJR(PERUDYLHVVHGHXPDGDVIDPtOLDVDULVWRFUiWLFDVPDLV
DQWLJDVGD)UDQoDHOHID]LDTXHVWmRGHPDQWHUFRQWDWRFRPRTXHHVWDYDDFRQWHFHQGRQDVUXDV
GH3DULVRTXHOKHSHUPLWLDSUHYHUWHQGrQFLDVHSUREOHPDV(OHVHQWLDDWpXPFHUWRSUD]HUHP
VH PLVWXUDU FRP WLSRV FULPLQRVRV GH Pi IDPD TXH OKH IRUQHFLDP LQIRUPDo}HV YDOLRVDV
6HPSUH TXH KDYLD XPD FULVH XPD WUDQVLomR GH SRGHU ² R ILP GR 'LUHWyULR D TXHGD GH
1DSROHmR D DEGLFDomR GH /XtV ;9,,,² HOH FRQVHJXLD VREUHYLYHU H DWp SURVSHUDU SRUTXH
MDPDLVVHIHFKRXQXPFtUFXORSHTXHQRDVVRFLDQGRVHVHPSUHFRPDQRYDRUGHP

(VWDOHLpSDUDUHLVHUDLQKDVHSDUDTXHPHVWiQRVQtYHLVPi[LPRVGRSRGHUDVVLPTXHYRFr
SHUGH FRQWDWR FRP R VHX SRYR EXVFDQGR D VHJXUDQoD QR LVRODPHQWR D UHEHOLmR FRPHoD D
IHUPHQWDU1mRSHQVHMDPDLVHVWDUQXPFDUJRWmRHOHYDGRDSRQWRGHVHSHUPLWLUROX[RGHVH
DIDVWDUDWpPHVPRGRHVFDOmRPDLVEDL[R5HWLUDQGRVHSDUDXPDIRUWDOH]DYRFrVHWRUQDDOYR
IiFLO GRV VHXV V~GLWRV FRQVSLUDGRUHV TXH YrHP R VHX LVRODPHQWR FRPR XP LQVXOWR H PRWLYR
SDUDUHEHOLmR

&RPRRVVHUHVKXPDQRVVmRFULDWXUDVPXLWRVRFLDLVVHJXHVHGDtTXHDVDUWHVVRFLDLVTXHQRV
WRUQDPFRPSDQKLDVDJUDGiYHLVVySRGHPVHUSUDWLFDGDVSHODFRQVWDQWHH[SRVLomRHFLUFXODomR
4XDQWRPDLVYRFrHVWiHPFRQWDWRFRPRVRXWURVPDLVJUDFLRVRHjYRQWDGHYRFrVHWRPD2
LVRODPHQWRSRUVXDYH]JHUDXPDHVWUDQKH]DQRVVHXVJHVWRVTXHOHYDDXPLVRODPHQWRDLQGD
PDLRUTXDQGRDVSHVVRDVSDVVDPDHYLWDUYRFr

(PRGXTXH&RVLPRGH0HGLFLUHVROYHXSDUDJDUDQWLUDLPRUWDOLGDGHGRVHXQRPH
HQFRPHQGDUDOJXQVDIUHVFRVSDUDDFDSHODSULQFLSDOGDLJUHMDGH6DQ/RUHQ]RHP)ORUHQoD
(OHSRGLDHVFROKHUHQWUHYiULRVERQVSLQWRUHVHDFDERXILFDQGRFRP-DFRSRGD3RQWRUPR-i
FRPXPDFHUWDLGDGH3RQWRUPRTXLVID]HUGHVWHVDIUHVFRVDVXDREUDSULPDHKHUDQoDSDUDD
KXPDQLGDGH6XDSULPHLUDGHFLVmRIRLIHFKDUDFDSHODFRPSDUHGHVGLYLVyULDVHFRUWLQDV1mR
TXHULD TXH QLQJXpP WHVWHPXQKDVVH D FULDomR GD VXD REUDSULPD RX URXEDVVH DV VXDV LGpLDV
(OH VXSHUDULD R SUySULR 0LFKHODQJHOR7KLV GRFXPHQW KDV EHHQ FUHDWHG ZLWK D '(02
YHUVLRQ RI 3') &UHDWH &RQYHUW KWWSZZZHTXLQR[
VRIWZDUHFRPSURGXFWVSGIBFUHDWHBFRQYHUWKWPO

7RUHPRYHWKLVPHVVDJHSOHDVHUHJLVWHU

4XDQGRDOJXQVUDSD]HVFXULRVRVIRUoDUDPDHQWUDGDQDFDSHOD-DFRSRDWUDQFRXDLQGDPDLV
3RQWRUPR HQFKHX R WHWR GD FDSHOD FRP FHQDV EtEOLFDV ² D &ULDomR$GmR H (YD D DUFD GH
1Rp H RXWUDV 1R DOWR GD SDUHGH FHQWUDO HOH SLQWRX &ULVWR HP WRGD VXD PDMHVWDGH
UHVVXVFLWDQGR RV PRUWRV QR 'LD GR -Xt]R )LQDO 2 DUWLVWD WUDEDOKRX QD FDSHOD GXUDQWH RQ]H
DQRVUDUDPHQWHVDLQGRGHOiYLVWRTXHGHVHQYROYHUDXPDIRELDSHORFRQWDWRKXPDQRHWHPLD
TXHURXEDVVHPVXDVLGpLDV

3RQWRUPRPRUUHXDQWHVGHFRPSOHWDURVDIUHVFRVHQHQKXPGHOHVVREUHYLYHX0DVRJUDQGH
HVFULWRUUHQDVFHQWLVWD9DVDULDPLJRGH3RQWRUPRTXHRVYLXORJRGHSRLVGDPRUWHGRDUWLVWD
GHL[RXUHJLVWUDGRRTXHHOHDFKRX$IDOWDGHSURSRUomRHUDWRWDO$VFHQDVHVEDUUDYDPXPDV
QDV RXWUDV ILJXUDV GH KLVWyULDV GLIHUHQWHV VH MXVWDSXQKDP QXPD TXDQWLGDGH HQORXTXHFHGRUD
3RQWRUPRILFDUDREFHFDGRFRPRVGHWDOKHVPDVSHUGHUDRVHQWLGRGDFRPSRVLomRHPJHUDO
9DVDUL LQWHUURPSHX D GHVFULomR GRV DIUHVFRV GL]HQGR TXH VH FRQWLQXDVVH ³$FKR TXH
HQORXTXHFHULDHILFDULDWmRHQUHGDGRQHVWDSLQWXUDDVVLPFRPRDFUHGLWRTXHQRVRQ]HDQRVTXH
-DFRSRSDVVRXSLQWDQGRHOHVHFRQIXQGLXHDWRGRVTXHDYLUDP´(PYH]GHFRURDUDFDUUHLUD
GH3RQWRUPRDREUDIRLDVXDUXtQD(VWHVDIUHVFRVIRUDPRHTXLYDOHQWHYLVXDOGRVHIHLWRVGR
LVRODPHQWR VREUH D PHQWH KXPDQD XPD SHUGD GH SURSRUomR XPD REVHVVmR SRU GHWDOKHV
FRPELQDGDFRPXPDLQFDSDFLGDGHGHYHURTXDGURJHUDOXPWLSRGHIHL~UDH[WUDYDJDQWHTXH
QmRFRPXQLFDPDLVQDGD1LWLGDPHQWHRLVRODPHQWRpWmRPRUWDOSDUDDVDUWHVFULDWLYDVTXDQWR
SDUDDVDUWHVVRFLDLV6KDNHVSHDUHpRHVFULWRUPDLVIDPRVRGDKLVWyULDGDOLWHUDWXUDSRUTXH
FRPRGUDPDWXUJRGRVSDOFRVSRSXODUHVHOHVHDEULXSDUDDVPDVVDVWRUQDQGRDVVXDVREUDV
DFHVVtYHLV D WRGRV LQGHSHQGHQWH GH JRVWR H HGXFDomR 2V DUWLVWDV TXH VH HQILDP HP VXDV
IRUWDOH]DV SHUGHP DV PHGLGDV VXDV REUDV FRPXQLFDP DSHQDV DR VHX SHTXHQR FtUFXOR GH
FRQKHFLGRV(VVHWLSRGHDUWHSHUPDQHFHHQFXUUDODGDHLPSRWHQWH

3RU ILP FRPR R SRGHU p XPD FULDomR KXPDQD HOH DXPHQWD LQHYLWDYHOPHQWH HP FRQWDWR FRP
RXWUDV SHVVRDV (P YH] GH FHGHU j PHQWDOLGDGH GD IRUWDOH]D YHMD R PXQGR GD VHJXLQWH
PDQHLUDHOHpXPLPHQVR9HUVDOKHVFDGDTXDUWRVHFRPXQLFDQGRFRPRRXWUR9RFrSUHFLVD
VHUSHUPHiYHOFDSD]GHHQWUDUHVDLUGHFtUFXORVGLIHUHQWHVHPLVWXUDUVHFRPGLIHUHQWHVWLSRV
GH SHVVRDV e HVVD PRELOLGDGH H FRQWDWR VRFLDO TXH R SURWHJHUmR GHFRQVSLUDGRUHV TXH QmR
FRQVHJXLUmR HVFRQGHU GH YRFr RV VHXV VHJUHGRV H GH LQLPLJRV TXH QmR FRQVHJXLUmR LVRODU
YRFr GRV VHXV DOLDGRV 6HPSUH PXGDQGR YRFr VH PLVWXUD QRV TXDUWRV GR SDOiFLR VHP VH
VHQWDU RX GHVFDQVDU QXP ~QLFR OXJDU 1mR Ki FDoDGRU FDSD] GH DFHUWDU D PLUD VREUH XPD
FULDWXUDWmROLJHLUD

8PSUtQFLSHERPHViELRGHVHMRVRGHPDQWHUHVVHFDUiWHUHLPSHGLUTXHVHXVILOKRVWHQKDP
RSRUWXQLGDGH GH VH WRUQDU WLUkQLFRV QmR FRQVWUXLUi IRUWDOH]DV SDUD TXH HOHV SRVVDP
FRQILDUQDERDYRQWDGHGHVHXVV~GLWRVHQmRQDIRUoDGHFLGDGHODV

1LFRODX0DTXLDYHO

2LVRODPHQWRpXPSHULJRSDUDDUD]mRVHPIDYRUHFHUDYLUWXGH

/HPEUHVH GH TXH R PRUWDO VROLWiULR p FHUWDPHQWH ODVFLYR SURYDYHOPHQWH  VXSHUVWLFLRVR H


SRVVLYHOPHQWHORXFR

'U6DPXHO-RKQVRQ

2,19(562
1HP VHPSUH p FHUWR H SURStFLR HVFROKHU R LVRODPHQWR 6HP HVFXWDU R TXH DFRQWHFH Oi IRUD
YRFr QmR SRGH VH SURWHJHU 2 FRQWDWR KXPDQR FRQVWDQWH Vy QmR IDFLOLWD R SHQVDPHQWR $
FRQVWDQWHSUHVVmRGDVRFLHGDGHSDUDTXHWXGRHVWHMDGHDFRUGRHDIDOWDGHXPGLVWDQFLDPHQWR
GDVRXWUDVSHVVRDVWRUQDLPSRVVtYHOSHQVDUFRPFODUH]DVREUHRTXHHVWi

DFRQWHFHQGRDRVHXUHGRU&RPRXPUHFXUVRWHPSRUiULRSRUWDQWRRLVRODPHQWRDMXGDYRFrD
YHU PHOKRU DV FRLVDV 0XLWRV SHQVDGRUHV VpULRV IRUDP SURGX]LGRV QDV SULV}HV RQGH D ~QLFD
FRLVDTXHVHWHPSDUDID]HUpSHQVDU0DTXLDYHOVy

S{GH HVFUHYHU 2 SUtQFLSH SRUTXH HVWDYD H[LODGR H VR]LQKR QR FDPSR ORQJH GDV LQWULJDV
SROtWLFDV GH )ORUHQoD 2 SHULJR HQWUHWDQWR p TXH HVVH LVRODPHQWR JHUH LGpLDV HVWUDQKDV H
SHUYHUWLGDV9RFrSRGHWHUXPDSHUVSHFWLYDJHUDOPHOKRUPDVSHUGHDQRomRGDVXDSUySULD
SHTXHQH] H OLPLWDo}HV 7DPEpP TXDQWR PDLV LVRODGR YRFr HVWLYHU PDLV GLItFLO VHUi VDLU GR
VHXLVRODPHQWRTXDQGRTXLVHU²VHPSHUFHEHUYRFrFDLXQXPSRoRGHDUHLDPRYHGLoD0DV
VHYRFr

SUHFLVD GH WHPSR SDUD SHQVDU Vy HVFROKD R LVRODPHQWR FRPR ~OWLPR UHFXUVR H DSHQDV HP
SHTXHQDVGRVHV3UHVWHDWHQomRSDUDGHL[DUDEHUWRRFDPLQKRGHYROWDjVRFLHGDGH

7KLV GRFXPHQW KDV EHHQ FUHDWHG ZLWK D '(02 YHUVLRQ RI 3') &UHDWH &RQYHUW
KWWSZZZHTXLQR[VRIWZDUHFRPSURGXFWVSGIBFUHDWHBFRQYHUWKWPO

7RUHPRYHWKLVPHVVDJHSOHDVHUHJLVWHU

/(,

6$,%$&2048(0(67È/,'$1'2±1­22)(1'$$3(662$(55$'$

1RPXQGRKiPXLWRVWLSRVGLIHUHQWHVGHSHVVRDVHYRFrQmRSRGHHVSHUDUTXHWRGDVUHDMDPGD
PHVPDIRUPDjVVXDVHVWUDWpJLDV(QJDQHRXSDVVHDSHUQDHPFHUWDVSHVVRDVHHODVYmRSDVVDU
R UHVWR GD YLGD SURFXUDQGR VH YLQJDU GH YRFr 6mR ORERV HP SHOH GH FRUGHLUR &XLGDGR DR
HVFROKHUVXDVYtWLPDVHDGYHUViULRV1DVXDDVFHQVmRDRSRGHUYRFrSRGHFUX]DUFRPYiULRV
WLSRVGHDGYHUViULRVRWiULRVHYtWLPDV$DUWHGRSRGHUQDVXDIRUPDPDLVUHILQDGDHVWiHP
VDEHUGLVWLQJXLUORERVGHFRUGHLURVUDSRVDVGHOHEUHVJDYL}HVGHDEXWUHV6HYRFrIL]HUEHP
HVVDGLVWLQomRFRQVHJXLUiRTXHTXHUVHPSUHFLVDUFRDJLUQLQJXpP0DVVHOLGDUjVFHJDVFRP
TXHPTXHUTXHFUX]DURVHXFDPLQKRYLYHUiHPFRQVWDQWHSHVDUVHFKHJDUDYLYHUWDQWRDVVLP
6HUFDSD]GHUHFRQKHFHURVWLSRVGHSHVVRDVHDJLUGHDFRUGRpLPSRUWDQWtVVLPR2VWLSRVD
VHJXLUVmRRVFLQFRPDLVSHULJRVRVHGLItFHLVGDVHOYDFRQIRUPHLGHQWLILFDGRVSRUDUWLVWDV²
YLJDULVWDVRXQmR²GRSDVVDGR

2 +RPHP $UURJDQWH H 2UJXOKRVR (PERUD HOH SRVVD LQLFLDOPHQWH GLVIDUoDU LVVR D


VXVFHWLELOLGDGHRUJXOKRVDGHVWHKRPHPRWRPDPXLWRSHULJRVR$RPDLVOHYHVLQDOHOHTXHUVH
YLQJDUGHXPDIRUPDH[WUHPDPHQWHYLROHQWD9RFrSRGHGL]HU³0DVHXVyIDOHLLVVRHDTXLOR
QXPD IHVWD RQGH HVWDYDP WRGRV ErEDGRV´ 1mR LPSRUWD 1mR Ki VDQLGDGH QD VXD UHDomR
H[DJHUDGDSRUWDQWRQmRSHUFDWHPSRWHQWDQGRHQWHQGrOR6HHPDOJXPPRPHQWRDROLGDUFRP
XPDSHVVRDYRFr

SHUFHEHU XP RUJXOKR H[DJHUDGDPHQWH VHQVtYHO H DWLYR IXMD 6HMD Oi R TXH YRFr HVWLYHU
HVSHUDQGR GHOD QmR YDOH D SHQD 2 +RPHP ,UUHPHGLDYHOPHQWH ,QVHJXUR (VWH KRPHP HVWi
UHODFLRQDGRFRPRWLSRRUJXOKRVRHDUURJDQWHPDVp

PHQRV YLROHQWR H PDLV GLItFLO GH LGHQWLILFDU 6HX HJR p IUiJLO VXD QRomR GH LGHQWLGDGH
LQVHJXUDHVHHOHVHVHQWLUHQJDQDGRRXDWDFDGRDPiJRDILFDFRQWLGD(OHRLUiPRUGHQGRDRV
SRXFRV H YDL OHYDU XP WHPSmR SDUD HVVD PRUGLGD DXPHQWDU H YRFr SHUFHEHU R TXH HVWi
DFRQWHFHQGR6HYRFrGHVFREULUTXHHQJDQRXRXPDJRRXXPKRPHPGHVVHVVXPDSRUXPERP
WHPSR1mRILTXHSHUWRGHOHRXHOHRLUiPRUGLVFDQGRDWpYRFrPRUUHU2'HVFRQILDGR2XWUD
YDULDQWHGRVWLSRVDFLPDpXPIXWXUR6WDOLQ(OHYrRTXHHOHTXHUYHU²HPJHUDORSLRU²

QDV RXWUDV SHVVRDV H LPDJLQD TXH WRGRV HVWmR DWUiV GHOH 2 GHVFRQILDGR p GH IDWR R PHQRV
SHULJRVRGRVWUrVJHQXLQDPHQWHGHVHTXLOLEUDGRHOHpIiFLOGHHQJDQDUDVVLPFRPRRSUySULR
6WDOLQHUDFRQVWDQWHPHQWHLOXGLGR-RJXHFRPDVXDQDWXUH]DGHVFRQILDGDSDUDID]rORVHYROWDU
FRQWUDDVRXWUDVSHVVRDV0DVVHYRFrVHWRUQDURDOYRGDVVXDVGHVFRQILDQoDVFXLGDGR

$ 6HUSHQWH GH /RQJD 0HPyULD 6H PDJRDGR RX HQJDQDGR HVWH KRPHP QmR GHPRQVWUDUi
VXSHUILFLDOPHQWHDVXDUDLYDHOHYDLFDOFXODUHDJXDUGDU'HSRLVTXDQGRHVWLYHUHPSRVLomR
GHYLUDUDPHVDLUiUHFODPDUXPDYLQJDQoDPDUFDGDSRUXPDIULDVDJDFLGDGH5HFRQKHoDHVWH
KRPHP SRU VXD FDXWHOD H DVW~FLD HP GLIHUHQWHV iUHDV GD VXD YLGD (OH FRVWXPD VHU IULR H
LQVHQVtYHO 5HGREUH D VXD DWHQomR FRP HVWD VHUSHQWH H VH YRFr GH DOJXPD IRUPD R IHULX
HVPDJXHRWRWDOPHQWHRXWLUHRGDVXDIUHQWH

2 +RPHP 6LPSOHV 'HVSUHWHQVLRVR FRP )UHTrQFLD 3RXFR ,QWHOLJHQWH $K VXDV RUHOKDV
FRoDPTXDQGRYRFr

HQFRQWUD XPD YtWLPD WmR WHQWDGRUD 0DV HVWH KRPHP p PXLWR PDLV GLItFLO GH HQJDQDU GR TXH
YRFr LPDJLQD &DLU QXP HQJRGR HP JHUDO H[LJH LQWHOLJrQFLD H LPDJLQDomR ² XPD LGpLD GD
SRVVLELOLGDGHGHOXFUDUDOJXPDFRLVDFRPLVVR2

KRPHP EURQFR QmR PRUGH D LVFD SRUTXH QmR D UHFRQKHFH (OH p GLVWUDtGR D HVVH SRQWR 2
SHULJRQmRpTXHHVWHKRPHPYi

PDJRiORRXTXHUHUVHYLQJDUPDVWHQWDUHQJDQiORpVLPSOHVPHQWHSHUGDGHWHPSRHQHUJLDH
UHFXUVRVHDWpGDVXDVDQLGDGHPHQWDO7HQKDjPmRXPWHVWHSDUDRRWiULR²XPDSLDGDXPD
KLVWyULD 6H D UHDomR GHOH IRU WRWDOPHQWH OLWHUDO HVWH p R WLSR FRP R TXDO HVWi OLGDQGR 6H
TXLVHU FRQWLQXDU R ULVFR p SRU VXD &RQWD 1mR SHQVH MDPDLV TXH D SHVVRD FRP TXHP HVWi
OLGDQGR p PDLV IUDFD RX PHQRV LPSRUWDQWH GR TXH YRFr $OJXQV KRPHQV GHPRUDP SDUD VH
RIHQGHURTXHSRGHOHYDUYRFrDDFKDUTXHVmRLQVHQVtYHLVHDQmRVHSUHRFXSDUHPLQVXOWi
ORV0DVRIHQGLGRVQDVXDKRQUDHRUJXOKRSDUWLUmRSDUDFLPDGHYRFrFRPXPDYLROrQFLDTXH
SDUHFHUHSHQWLQDHH[DJHUDGDSHODGHPRUDGDUHDomR6HYRFrTXHUVHRSRUDDOJXpPpPHOKRU
DJLUFRPHGXFDomRHUHVSHLWRPHVPRDFKDQGRDVROLFLWDomRDWUHYLGDRXDRIHUWDDEVXUGD1mR
UHMHLWH DV SHVVRDV LQVXOWDQGRDV DQWHV GH FRQKHFrODV PHOKRU 2V KRPHQV QD VXD PDLRULD
DFHLWDP D KXPLOKDomR GH WHUHP VLGR HQJDQDGRV FRP XPD FHUWD UHVLJQDomR (OHV DSUHQGHP D
OLomRUHFRQKHFHQGRTXHQDGDpJUDWXLWRHTXHIRLDVXDSUySULDJDQkQFLDSHORGLQKHLURIiFLO
TXHRVGHUUXERX$OJXQVHQWUHWDQWRUHFXVDPVHDHQJROLURVDSR(PYH]GHUHIOHWLUVREUHD
SUySULDLQJHQXLGDGHHDYDUH]DHOHVVHFRQVLGHUDPYtWLPDVWRWDOPHQWHLQRFHQWHV

+RPHQV DVVLP SRGHP SDUHFHU HVWDU SUHJDQGR D MXVWLoD H D KRQHVWLGDGH PDV QD YHUGDGH VmR
SHVVRDV H[FHVVLYDPHQWH LQVHJXUDV 2 IDWR GH WHUHP SDVVDGR SRU LGLRWDV GH WHUHP VLGR
HQJDQDGRVDWLYRXHVVDLQVHJXUDQoDHHOHVILFDPGHVHVSHUDGRVSDUDFRQVHUWDURGDQR

7RGRPXQGRpLQVHJXURHTXDVHVHPSUHDPHOKRUPDQHLUDGHVHHQJDQDUXPWURX[DpMRJDQGR
FRPVXDVLQVHJXUDQoDV0DVTXDQGRVHWUDWDGHSRGHUWXGRpXPDTXHVWmRGHJUDX(DSHVVRD
GHFLGLGDPHQWHPDLVLQVHJXUDGRTXH7KLVGRFXPHQWKDVEHHQFUHDWHGZLWKD'(02YHUVLRQ
RI 3') &UHDWH &RQYHUW KWWSZZZHTXLQR[
VRIWZDUHFRPSURGXFWVSGIBFUHDWHBFRQYHUWKWPO

7RUHPRYHWKLVPHVVDJHSOHDVHUHJLVWHU

D PpGLD GRV PRUWDLV UHSUHVHQWD XP JUDQGH SHULJR &XLGDGR VH YRFr SUDWLFD DOJXP WLSR GH
IUDXGH RX GLVVLPXODomR HVWXGH EHP D VXD YtWLPD$ LQVHJXUDQoD H D IUDJLOLGDGH GR HJR GH
DOJXPDVSHVVRDVQmRVXSRUWDPDPDLVOHYHRIHQVD3DUDVDEHUVHHVWiOLGDQGRFRPXPGHVVHV
WLSRVWHVWHRSULPHLUR²EULQTXHGHOHYHGLJDPRVjVVXDVFXVWDV$SHVVRDFRQILDQWHDFKDUi
JUDoDDH[FHVVLYDPHQWHLQVHJXUDUHDJLUiFRPRDXPLQVXOWRSHVVRDO6HYRFrGHVFRQILDGHTXH
HVWiOLGDQGRFRPXPWLSRDVVLPSURFXUHRXWUDYtWLPD

9RFr QXQFD VDEH DR FHUWR FRP TXHP HVWi OLGDQGR 2 KRPHP TXH KRMH QmR p LPSRUWDQWH QHP
ULFRSRGHVHUXPDSHVVRDSRGHURVDDPDQKm(VTXHFHPRVGHPXLWDVFRLVDVQDVQRVVDVYLGDV
PDVUDUDPHQWHGHXPLQVXOWR6DEHUDYDOLDUDVSHVVRDVHFRQKHFHUFRPTXHPYRFrHVWiOLGDQGR
p R PDLV LPSRUWDQWH SDUD FRQTXLVWDU H PDQWHU R SRGHU 6HP HVVD KDELOLGDGH YRFr ILFD FHJR
QmRVyRIHQGHUiDVSHVVRDVHUUDGDVFRPRHVFROKHUiSDUDWUDEDOKDURVWLSRVHUUDGRVHSHQVDUi
TXHHVWiHORJLDQGRDVSHVVRDVTXDQGRQDYHUGDGHDVHVWiLQVXOWDQGR$QWHVGHLQLFLDUTXDOTXHU
PRYLPHQWR DYDOLH D VXD YtWLPD RX DGYHUViULR HP SRWHQFLDO 'R FRQWUiULR HVWDUi
GHVSHUGLoDQGR R VHX WHPSR H FULDQGR PDOHQWHQGLGRV (VWXGH DV IUDTXH]DV GDV SHVVRDV DV
EUHFKDV QDV VXDV DUPDGXUDV DV VXDV iUHDV GH RUJXOKR H LQVHJXUDQoD &RQKHoD DV VXDV
SDUWLFXODULGDGHVDQWHVGHGHFLGLUVHGHYHRXQmRID]HUQHJyFLRFRPHODV0DLVGXDVSDODYUDV
GHDOHUWDSULPHLURDRMXOJDUHDYDOLDURVHXDGYHUViULRQmRFRQILHMDPDLVQRVVHXVLQVWLQWRV
9RFrFRPHWHUiRPDLRUHUURGDVXDYLGDVHFRQILDUHPLQGLFDGRUHVWmRLPSUHFLVRV1DGDSRGH
VXEVWLWXLU R FRQKHFLPHQWR FRQFUHWR (VWXGH H HVSLRQH R VHX DGYHUViULR SHOR WHPSR TXH IRU
QHFHVViULRYDOHUiDSHQDDORQJRSUD]R6HJXQGRQmRFRQILHQDVDSDUrQFLDV8PFRUDomRGH
VHUSHQWHSRGHVHHVFRQGHUVREXPPDQWRGHDSDUHQWHERQGDGHTXHPH[WHUQDPHQWHID]PXLWR
HVFDUFpX FRVWXPD VHU QD UHDOLGDGH XP FRYDUGH$SUHQGD D HQWHQGHU DV DSDUrQFLDV FRP VXDV
FRQWUDGLo}HV 1mR FRQILH QD YHUVmR TXH DV SHVVRDV GmR GH VL SUySULDV ² HOD QmR p QDGD
FRQILiYHO&UHLDQmRKiSHVVRDVWmRLQVLJQLILFDQWHVHGHVSUH]tYHLVHHODVSRGHPTXDOTXHU
GLD GHVVHV VHU ~WHLV D YRFr R TXH HODV FHUWDPHQWH QmR VHUmR VH YRFr Mi DV WUDWRX FRP
GHVSUH]R,QMXVWLoDVVHHVTXHFHPGHVSUH]RMDPDLV1RVVRRUJXOKR JXDUGD HVVD OHPEUDQoD
SDUDVHPSUH

/RUG&KHVWHUILHOG
2,19(562
4XH EHQHItFLR SRGH KDYHU HP QmR FRQKHFHU RV RXWURV" $SUHQGD D GLIHUHQFLDU OH}HV GH
FRUGHLURVRXDUTXHFRPDVFRQVHTrQFLDV2EHGHoDWRWDOPHQWHDHVWDOHLHODQmRWHPLQYHUVR
²QHPVHSUHRFXSHHPSURFXUDU7KLVGRFXPHQWKDVEHHQFUHDWHGZLWKD'(02YHUVLRQRI
3') &UHDWH &RQYHUW KWWSZZZHTXLQR[
VRIWZDUHFRPSURGXFWVSGIBFUHDWHBFRQYHUWKWPO

7RUHPRYHWKLVPHVVDJHSOHDVHUHJLVWHU

/(,

1­26(&203520(7$&201,1*8e0

7RORpTXHPVHDSUHVVDDWRPDUXPSDUWLGR1mRVHFRPSURPHWDFRPSDUWLGRVRXFDXVDVVy
FRPYRFrPHVPR0DQWHQGRVHLQGHSHQGHQWHYRFrGRPLQDRVRXWURV±FRORFDQGRDVSHVVRDV
XPDVFRQWUDDVRXWUDVID]HQGRFRPTXHVLJDPYRFr

3$57(  1­2 6( &203520(7$ &20 1,1*8e0 0$6 6(-$ &257(-$'2 325
72'26

'HL[DQGRTXHRXWURVVLQWDPTXHRSRVVXHPGHDOJXPDIRUPDYRFrSHUGHRSRGHUVREUHHOHV
1mR FRPSURPHWHQGR VHXV DIHWRV HOHV VH HVIRUoDUmR PDLV SDUD FRQTXLVWiOR 0DQWHQKDVH
GLVWDQWH H YRFr FRQTXLVWDUi R SRGHU TXH YHP GDV DWHQo}HV H GRV GHVHMRV IUXVWUDGRV GHVVDV
SHVVRDV )DoD R SDSHO GD 5DLQKD 9LUJHP 'r HVSHUDQoDV MDPDLV D VDWLVIDomR 9LVWR TXH R
SRGHUGHSHQGHWDQWRGDVDSDUrQFLDVYRFrSUHFLVDDSUHQGHUDOJXQVWUXTXHVSDUDUHDOoDUDVXD
LPDJHP5HFXVDUFRPSURPHWHUVHFRPDOJXpPRXFRPXPJUXSRpXPGHOHV4XDQGRYRFrVH
UHWUDL QmR GHVSHUWD UDLYD PDV XP FHUWR UHVSHLWR 9RFr SDUHFH LQVWDQWDQHDPHQWH SRGHURVR
SRUTXHVHWRUQDLQDWLQJtYHOHPYH]GHVHUHQGHUDXPJUXSRRXDXPUHODFLRQDPHQWRFRPRID]
DPDLRULDGDVSHVVRDV&RPRWHPSRHVVDDXUDGHSRGHUVyID]FUHVFHUFRQIRUPHDXPHQWDD
VXD UHSXWDomR GH SHVVRD LQGHSHQGHQWH PDLV GHVHMDGR YRFr VHUi WRGRV TXHUHQGR VHU DTXHOH
TXHIDUiYRFrVHFRPSURPHWHU2GHVHMRpFRPRXPYtUXVVHYHPRVDOJXpPVHUGHVHMDGRSRU
RXWUDVSHVVRDVWHQGHPRVDDFKiORGHVHMiYHOWDPEpP

$VVLP TXH YRFr VH FRPSURPHWH IRLVH R HQFDQWR 9RFr VH WRUQD LJXDO D WRGR PXQGR $V
SHVVRDVWHQWDUmRWRGRVRVPpWRGRVHVFXVRVSRVVtYHLVSDUDOHYDUYRFrDXPFRPSURPLVVR9mR
OKH GDU SUHVHQWHV HQFKHU YRFr GH IDYRUHV WXGR SDUD FRORFiOR QD VLWXDomR GH GHYHGRU
,QFHQWLYHDVDWHQo}HVHVWLPXOHRVLQWHUHVVHVPDVQmRVHFRPSURPHWDGHIRUPDDOJXPD$FHLWH
RV SUHVHQWHV H IDYRUHV VH DVVLP GHVHMDU PDV WHQKD R FXLGDGR GH VH PDQWHU LQWLPDPHQWH
GLVWDQWH 9RFr QmR SRGH VH SHUPLWLU LQDGYHUWLGDPHQWH VHQWLUVH GHYHGRU FRP UHODomR D
QLQJXpP0DVOHPEUHVHRREMHWLYRQmRpOLYUDUVHGDVSHVVRDVRXID]HUFRPTXHHODVDFKHP
TXH YRFr p LQFDSD] GH XP FRPSURPLVVR &RPR D 5DLQKD 9LUJHP YRFr WHP TXH DJLWDU DV
FRLVDVHVWLPXODURLQWHUHVVHDWUDLUDVSHVVRDVFRPDSRVVLELOLGDGHGHILFDUFRPYRFr9RFr
WHPGHVHGREUDUjVVXDVDWHQo}HVRFDVLRQDOPHQWHSRUWDQWR²PDVQmRGHPDLV
2JHQHUDOHHVWDGLVWDJUHJR$OFLEtDGHVHUDPHVWUHQHVWHMRJR)RLHOHTXHPLQVSLURXHOLGHURX
D IRUWH DUPDGD DWHQLHQVH TXH LQYDGLX D 6LFtOLD HP  D& 4XDQGR HP FDVD RV LQYHMRVRV
DWHQLHQVHV WHQWDUDP GHUUXEiOR FRP DFXVDo}HV IDOVDV HOH SDVVRX SDUD R ODGR GR LQLPLJR RV
HVSDUWDQRVSDUDQmRWHUGHHQIUHQWDUXPMXOJDPHQWRQDVXDSUySULDFLGDGH'HSRLVTXDQGRRV
DWHQLHQVHVIRUDPGHUURWDGRVHP6LUDFXVDHOHWURFRX(VSDUWDSHOD3pUVLDDSHVDUGHRSRGHUGH
(VSDUWD HVWDU HP DVFHQVmR 0DV DJRUD WDQWR RV DWHQLHQVHV TXDQWR RV HVSDUWDQRV FRUWHMDYDP
$OFLEtDGHVSRUVXDLQIOXrQFLDFRPRVSHUVDVHRVSHUVDVRHQFKLDPGHKRPHQDJHQVGHYLGRDR
VHXSRGHUVREUHRVDWHQLHQVHVHHVSDUWDQRV(OHGLVWULEXtDSURPHVVDVSDUDWRGRVRVODGRVPDV
QmR VH FRPSURPHWLD FRP QHQKXP H QR ILQDO TXHP GDYD DV FDUWDV HUD HOH 6H YRFr TXHU WHU
SRGHU H LQIOXrQFLD H[SHULPHQWH D WiWLFD GH$OFLEtDGHV FRORTXHVH QR PHLR GH GXDV IRUoDV
FRQFRUUHQWHV $WUDLD XP GRV ODGRV SURPHWHQGR DMXGD R RXWUR VHPSUH TXHUHQGR VXSHUDU R
LQLPLJRVHJXLUiYRFrWDPEpP(QTXDQWRRVGRLVGLVSXWDPDVXDDWHQomRYRFrVHWRUQDORJR
XPDSHVVRDTXHSDUHFHPXLWRGHVHMDGDHGHJUDQGHLQIOXrQFLD9RFrWHUiPDLVSRGHUDVVLPGR
TXH VH FRPSURPHWHQGR SUHFLSLWDGDPHQWH FRP XP GRV ODGRV 3DUD DSHUIHLoRDU D VXD WiWLFD
YRFrWHPGHVHPDQWHULQWLPDPHQWHOLYUHGHHQYROYLPHQWRVHPRFLRQDLVHYHUWRGRVDVHXUHGRU
FRPR SH}HV SDUD D VXD DVFHQVmR 9RFr QmR SRGH VH SHUPLWLU VHUYLU GH ODFDLR GH QHQKXPD
FDXVD 1R PHLR GDV HOHLo}HV SUHVLGHQFLDLV QRV (VWDGRV 8QLGRV HP  +HQU\ .LVVLQJHU
WHOHIRQRXSDUDDHTXLSHGH5LFKDUG1L[RQ.LVVLQJHUVHDOLDUDD1HOVRQ5RFNHIHOOHUTXHWLQKD
IDOKDGRQDVXDWHQWDWLYDGHVHULQGLFDGRSHORSDUWLGR5HSXEOLFDQR$JRUD5RFNHIHOOHUHVWDYD
RIHUHFHQGR j FDPSDQKD GH 1L[RQ LQIRUPDo}HV SULYLOHJLDGDV GH JUDQGH YDORU VREUH DV
QHJRFLDo}HV SDUD D SD] QR 9LHWQm TXH HVWDYDP VHQGR UHDOL]DGDV HP 3DULV (OH WLQKD XP
KRPHPQRJUXSRGHQHJRFLDGRUHVTXHRPDQWLQKDLQIRUPDGRVREUHRV~OWLPRVDFRQWHFLPHQWRV
$HTXLSHGH1L[RQDFHLWRXFRPSUD]HUDRIHUWD

$RPHVPRWHPSRHQWUHWDQWR.LVVLQJHUWDPEpPDERUGRXRFDQGLGDWRGRVGHPRFUDWDV+XEHUW
+XPSKUH\ H RIHUHFHX D VXD DMXGD 2 SHVVRDO GH +XPSKUH\ OKH SHGLX LQIRUPDo}HV
FRQILGHQFLDLV VREUH 1L[RQ H HOH GHX ³9HMD´ GLVVH .LVVLQJHU DR SHVVRDO GH +XPSKUH\ ³Ki
DQRVTXHGHWHVWRR1L[RQ´'HIDWRHOHQmRWLQKDLQWHUHVVHHPQHQKXPGRVGRLVODGRV2TXH
HOHTXHULDQDYHUGDGHIRLRTXHFRQVHJXLXDSURPHVVDGHXPSRVWRGHDOWRQtYHOQRPLQLVWpULR
WDQWRGH1L[RQTXDQWRGH+XPSKUH\1mRLPSRUWDQGRTXDOGRVGRLVYHQFHVVHQDVHOHLo}HVD
FDUUHLUDGH.LVVLQJHUHVWDYDJDUDQWLGD

2YHQFHGRUFODURIRL1L[RQH.LVVLQJHUWHYHRVHXFDUJRQRPLQLVWpULR0HVPRDVVLPHOH
WHYHRFXLGDGRGHQmRVHSDUHFHUGHPDLVFRPXPKRPHPGH1L[RQ4XDQGRHOHIRLUHHOHLWR
HPKRPHQVPXLWRPDLVILpLVGRTXH.LVVLQJHUIRUDPGHVSHGLGRV

7KLV GRFXPHQW KDV EHHQ FUHDWHG ZLWK D '(02 YHUVLRQ RI 3') &UHDWH &RQYHUW
KWWSZZZHTXLQR[VRIWZDUHFRPSURGXFWVSGIBFUHDWHBFRQYHUWKWPO

7RUHPRYHWKLVPHVVDJHSOHDVHUHJLVWHU

.LVVLQJHUIRLWDPEpPR~QLFRDOWRIXQFLRQiULRGRJRYHUQR1L[RQTXHVREUHYLYHXD:DWHUJDWHH
VHUYLXDRSUHVLGHQWHVHJXLQWH*HUDOG)RUG0DQWHQGRXPDOLJHLUDGLVWkQFLDHOHSURVSHURXHP
pSRFDV WXUEXOHQWDV 4XHP XVD HVWD HVWUDWpJLD FRP IUHTrQFLD QRWD XP HVWUDQKR IHQ{PHQR DV
SHVVRDV TXH FRUUHP SDUD DSRLDU RV RXWURV WHQGHP D VHU SRXFR UHVSHLWDGDV SRLV VXD DMXGD p
REWLGD FRP PXLWD IDFLOLGDGH HQTXDQWR DV TXH VH UHWUDHP VH YrHP FHUFDGDV GH SHGLQWHV 2
GLVWDQFLDPHQWR GHODV p SRGHURVR H WRGRV DV TXHUHP DR VHX ODGR 3LFDVVR SDVVDGRV RV
SULPHLURVDQRVGHSREUH]DHMiRDUWLVWDGHPDLRUVXFHVVRQRPXQGRQmRVHFRPSURPHWHXFRP
HVWH RX DTXHOH PDUFKDQG HPERUD R FHUFDVVHP SRU WRGRV RV ODGRV FRP RIHUWDV DWUDHQWHV H
SURPHVVDVIRUPLGiYHLV3HORFRQWUiULRHOHSDUHFLDQmRVHLQWHUHVVDUSRUVHXVVHUYLoRV(VWD
WpFQLFDGHL[DYDRVPDUFKDQGVORXFRVHHQTXDQWRRGLVSXWDYDPRSUHoRGDVVXDVREUDVVXELD
4XDQGR+HQU\.LVVLQJHUFRPRVHFUHWiULRGH(VWDGRGRV(VWDGRV8QLGRVTXLVUHOD[DUDWHQVmR
FRP D 5~VVLD QmR IH] FRQFHVV}HV QHP JHVWRV FRQFLOLDWyULRV PDV FRUWHMRX D &KLQD ,VWR
HQIXUHFHXHDWp

DVVXVWRXRVVRYLpWLFRV²HOHVMiHVWDYDPSROLWLFDPHQWHLVRODGRVHWHPLDPILFDUDLQGDPDLVVH
RV(VWDGRV8QLGRVHD&KLQDVHXQLVVHP2PRYLPHQWRGH.LVVLQJHURVHPSXUURXSDUDDPHVD
GH QHJRFLDo}HV $ WiWLFD WHP XP SDUDOHOR QD VHGXomR VH TXLVHU FRQTXLVWDU XPD PXOKHU
DFRQVHOKD 6WHQGKDO VHGX]D SULPHLUR D LUPm GHOD 0DQWHQKDVH GLVWDQWH H DV SHVVRDV VH
DSUR[LPDUmRGHYRFr6HUiXPGHVDILRSDUDHODVFRQTXLVWDURVHXDIHWR'HVGHTXHYRFrLPLWH
DViELD5DLQKD9LUJHPHPDQWHQKDDFHVDVDVHVSHUDQoDVHVWDUiVHPSUHDWUDLQGRRLQWHUHVVHH
RGHVHMR

1mRVHFRPSURPHWDFRPQLQJXpPQHPFRPFRLVDDOJXPDSRLVLVVRpVHUHVFUDYRHVFUDYR
GHWRGRVRVKRPHQVSULQFLSDOPHQWHPDQWHQKDVHOLYUHGHFRPSURPLVVRVHREULJDo}HV²
HVVHVVmRDUWLItFLRVGRRXWURSDUDPDQWrORHPVHXSRGHU

%DOWDVDU*UDFLiQ

+RPHQVHVSHUWRVVmROHQWRVQRDJLUSRLVpPDLVIiFLOHYLWDUFRPSURPLVVRVGRTXHVHVDLU
EHPGHXPGHOHV1HVVDVRFDVL}HVWHVWHRVHXERPVHQVRpPDLVVHJXURHYLWiORVGRTXHVDLU
YLWRULRVRGHXPGHOHV8PDREULJDomROHYDDRXWUDPDLRUHYRFrFKHJDjEHLUDGRGHVDVWUH

%DOWDVDU*UDFLiQ

3$57(,,1­26(&203520(7$&201,1*8e01­2(175(1$%5,*$

1mR VH GHL[H DUUDVWDU SDUD EULJDV PHVTXLQKDV H GLVFXVV}HV 3DUHoD LQWHUHVVDGR H SUHVWDWLYR
PDV HQFRQWUH XP MHLWR GH VH PDQWHU QHXWUR GHL[H TXH RV RXWURV EULJXHP HQTXDQWR YRFr VH
UHWUDL REVHUYDQGR H DJXDUGDQGR 4XDQGR DV SDUWHV OLWLJDQWHV VH FDQVDUHP HVWDUmR PDGXUDV
SDUDDFROKHLWD9RFrSRGHID]HUGLVVRXPDSUiWLFDLQFHQWLYDUDVGLVFXVV}HVHQWUHDVSHVVRDV
GHSRLVVHRIHUHFHUFRPRPHGLDGRUFRQTXLVWDQGRRSRGHUFRPRLQWHUPHGLiULR4XDQGRYRFr
HQWUD QXPD EULJD TXH QmR IRL YRFr TXH FRPHoRX SHUGH D LQLFLDWLYD 2V LQWHUHVVHV GRV
FRPEDWHQWHV WRUQDPVH RV VHXV LQWHUHVVHV YRFr SDVVD D VHU XPD IHUUDPHQWD TXH HOHV XVDP
$SUHQGDDVHFRQWURODUDUHSULPLUDVXDQDWXUDOWHQGrQFLDDWRPDUSDUWLGRHHQWUDUQDEULJD
6HMDDPiYHOHHQFDQWDGRUFRPFDGDXPGRVFRPEDWHQWHVGHSRLVVHDIDVWHHGHL[HTXHHOHVVH
HQIUHQWHP$FDGDEDWDOKDHOHVILFDPPDLVIUDFRVHQTXDQWRYRFrVHIRUWDOHFHDFDGDEDWDOKD
TXHHYLWD

3DUDJDQKDUQRMRJRGRSRGHUYRFrGHYHGRPLQDUVXDVHPRo}HV0DVDLQGDTXHYRFrFRQVLJD
HVVHDXWRFRQWUROHQmRSRGHUiFRQWURODURWHPSHUDPHQWRGDVSHVVRDVDVXDYROWD(DtpTXH
HVWi R SHULJR $ PDLRULD GDV SHVVRDV YLYH QXP UHGHPRLQKR GH HPRo}HV FRQVWDQWHPHQWH
UHDJLQGRDOLPHQWDQGRGLVFXVV}HVHFRQIOLWRV2VHXDXWRFRQWUROHHDXWRQRPLDVyYDLGHL[iODV
DERUUHFLGDV H IXULRVDV (ODV WHQWDUmR DUUDVWiOR SDUD R WXUELOKmR LPSORUDQGR SDUD TXH YRFr
WRPHSDUWLGRQDVVXDVLQWHUPLQiYHLVEDWDOKDVRXIDoDDVSD]HVSRUHODV6HYRFrVXFXPELUjV
VXDV V~SOLFDV HPRFLRQDLV SRXFR D SRXFR YHUi D VXD PHQWH H R VHX WHPSR RFXSDGRV FRP RV
SUREOHPDVGHODV1mRSHUPLWDVHUVXJDGRSRUXPDFRPSDL[mRRXSLHGDGHTXDOTXHUTXHYRFr
SRVVDVHQWLU'HVWHMRJRYRFrQmRVDLYHQFHGRURVFRQIOLWRVVyVHPXOWLSOLFDP3RURXWURODGR
YRFrQmRSRGHILFDUWRWDOPHQWHGHIRUDSRLVVHULDXPDDIURQWDLQ~WLO3DUDID]HUEHPHVVHMRJR
YRFr GHYH SDUHFHU LQWHUHVVDGR QRV SUREOHPDV GD RXWUD SHVVRD jV YH]HV DWp WRPDU R VHX
SDUWLGR 0DV DR PHVPR WHPSR TXH GHPRQVWUD H[WHUQDPHQWH R VHX DSRLR YRFr GHYH PDQWHU
LQWHULRUPHQWH D VXD HQHUJLD H VDQLGDGH tQWHJUDV QmR VH GHL[DQGR HQYROYHU HPRFLRQDOPHQWH
1mR LPSRUWD R TXDQWR DV SHVVRDV WHQWHP DWUDLU YRFr QmR GHL[H TXH R VHX LQWHUHVVH SHORV
QHJyFLRV H GLVFXVV}HV GHODV SDVVHP DOpP GR VXSHUILFLDO 'rOKHV SUHVHQWHV RXoD FRP DU GH
VLPSDWLDDWp

RFDVLRQDOPHQWHEDQTXHRVHGXWRU²PDVSRUGHQWURPDQWHQKDGLVWkQFLDGRVUHLVDPiYHLVHGRV
SpUILGRV 5HFXVDQGRVH D VH FRPSURPHWHU H PDQWHQGR DVVLP D VXD DXWRQRPLD D LQLFLDWLYD
FRQWLQXDVHQGRVXDVHXVPRYLPHQWRVFRQWLQXDPVHQGRHVFROKDVXDHQmRUHDo}HVGHIHQVLYDV
DRSX[DHPSXUUDGRVRXWURVDRUHGRU'HPRUDUSDUDHVFROKHUDVVXDVDUPDVMiSRGHVHUSRUVL
Vy XPD DUPD HVSHFLDOPHQWH VH YRFr GHL[DU RV RXWURV VH H[DXULUHP OXWDQGR SDUD GHSRLV VH
DSURYHLWDUGDH[DXVWmRGHOHV1DDQWLJD&KLQDRUHLQDGRGH&KLQFHUWDYH]LQYDGLXRUHLQDGR
GH+VLQJ+XDQRJRYHUQDQWHGHXPDSURYtQFLDYL]LQKDDFKRXTXHGHYLDFRUUHUHPGHIHVDGH
+VLQJPDVVHXFRQVHOKHLUROKHGLVVHSDUDHVSHUDU³+VLQJDLQGDQmRYDLVHUGHVWUXtGD´IDORX
HOH³H&KLQDLQGDQmRHVWiH[DXVWR6H&KLQ7KLVGRFXPHQWKDVEHHQFUHDWHGZLWKD'(02
YHUVLRQ RI 3') &UHDWH &RQYHUW KWWSZZZHTXLQR[
VRIWZDUHFRPSURGXFWVSGIBFUHDWHBFRQYHUWKWPO

7RUHPRYHWKLVPHVVDJHSOHDVHUHJLVWHU

QmRHVWiH[DXVWR>QyV@QmRSRGHPRVLQIOXHQFLDUPXLWDFRLVD$OpPGLVVRRPpULWRGHDSRLDU
XPHVWDGRHPSHULJRQmRp

WmRJUDQGHTXDQWRDYLUWXGHGHUHVVXVFLWDUXPHVWDGRHPUXtQDV´2DUJXPHQWRGRFRQVHOKHLUR
YHQFHXHFRPRHOHWLQKDSUHYLVWR+XDQPDLVWDUGHWHYHDJOyULDGHVDOYDU+VLQJjEHLUDGD
GHVWUXLomRHGHSRLVGHFRQTXLVWDUXP&KLQH[DXVWR(OHILFRXGHIRUDGDEULJDDWpTXHDVIRUoDV
HQYROYLGDV QHOD VH H[DXULUDP PXWXDPHQWH TXDQGR IRL VHJXUR SDUD HOH LQWHUYLU (VWD p D
YDQWDJHP GH VH PDQWHU ORQJH GD FRQIXVmR YRFr JDQKD WHPSR SDUD VH SRVLFLRQDU SDUD VH
DSURYHLWDUGDVLWXDomRDVVLPTXHXPDGDVSDUWHVFRPHoDUDSHUGHU9RFrWDPEpPSRGHOHYDUR
MRJR XP SRXFR PDLV DGLDQWH SURPHWHQGR DSRLR D DPERV RV ODGRV QXP FRQIOLWR HQTXDQWR
PDQREUD SDUD VHU YRFr D OHYDU YDQWDJHP QD OXWD )RL LVVR TXH &DVWUXFFLR &DVWUDFDQL
JRYHUQDQWH GD FLGDGH LWDOLDQD GH /XFFD QR VpFXOR ;,9 IH] TXDQGR WLQKD VHXV SODQRV SDUD D
FLGDGHGH3LVWyLD8PFHUFRVHULDPXLWRFDURHPWHUPRVGHYLGDVHGLQKHLURPDV&DVWUXFFLR
VDELD TXH HP 3LVWyLD H[LVWLDP GXDV IDFo}HV RV 1HJURV H RV %UDQFRV TXH VH RGLDYDP (OH
QHJRFLRX FRP RV 1HJURV SURPHWHQGR DMXGiORV FRQWUD RV %UDQFRV GHSRLV VHP TXH HOHV
VRXEHVVHPSURPHWHXDRV%UDQFRVTXHRVDMXGDULDFRQWUDRV1HJURV(

&DVWUXFFLRPDQWHYHDVVXDVSURPHVVDV²HQYLRXXPH[pUFLWRSDUDXPGRVSRUW}HVGDFLGDGH
FRQWURODGR SHORV 1HJURV TXH DV VHQWLQHODV p FODUR GHL[DUDP HQWUDU (QTXDQWR LVVR RXWUR
H[pUFLWR VHX HQWUDYD SRU XP SRUWmR FRQWURODGR SHORV %UDQFRV 2V GRLV H[pUFLWRV VH
HQFRQWUDUDP QR PHLR GR FDPLQKR RFXSDUDP D FLGDGH PDWDUDP RV OtGHUHV GDV VXDV IDFo}HV
WHUPLQDUDPDJXHUUDLQWHUQDHHQWUHJDUDP3LVWyLDD&DVWUXFFLR

3UHVHUYDUDVXDDXWRQRPLDOKHGiRSo}HVTXDQGRDVSHVVRDVFKHJDPjVYLDVGHIDWR²YRFr
SRGH EDQFDU R PHGLDGRU R DJHQWH GD SD] HQTXDQWR HVWi QD UHDOLGDGH JDUDQWLQGR RV VHXV
SUySULRVLQWHUHVVHV9RFrSRGHSURPHWHUDMXGDDXPODGRHRRXWURWHUiTXHDWUDtORFRPXPD
RIHUWD PDLRU 2X FRPR &DVWUXFFLR YRFr SRGH SDUHFHU TXH HVWi DSRLDQGR DPERV RV ODGRV
GHSRLVUHSUHVHQWDURDQWDJRQLVWDGHXPHGHRXWUR

)UHTHQWHPHQWHQXPFRQIOLWRILFDVHWHQWDGRDWRPDURSDUWLGRGRPDLVIRUWHRXGRTXHOKH
RIHUHFHUDVYDQWDJHQVHYLGHQWHVGHXPDDOLDQoD(VVHpXPQHJyFLRDUULVFDGR3ULPHLURTXDVH
VHPSUHpGLItFLOSUHYHUTXDOGRVODGRVSUHYDOHFHUiDORQJRSUD]R(PHVPRTXHYRFrDFHUWHH
VH DOLH FRP R SDUWLGR PDLV IRUWH SRGHUi VH YHU HQJROLGR H SHUGLGR RX FRQYHQLHQWHPHQWH
HVTXHFLGR TXDQGR HOHV VH WRPDUHP YLWRULRVRV )LTXH GR ODGR GR PDLV IUDFR H YRFr HVWi
FRQGHQDGR0DVIDoDRMRJRGDHVSHUDHQmRSRGHUiSHUGHU

1D)UDQoDGHSRLVGHWUrVGLDVGHUHEHOL}HVGXUDQWHDUHYROXomRGHMXOKRGHRHVWDGLVWD
7DOOH\UDQG Mi LGRVR VHQWRXVH j VXD MDQHOD HP 3DULV RXYLQGR R UHSLFDU GRV VLQRV TXH
LQGLFDYDP TXH DV OXWDV WLQKDP DFDEDGR 9ROWDQGRVH SDUD XP DVVLVWHQWH HOH GLVVH ³$K RV
VLQRV (VWDPRV JDQKDQGR´ µ1yV¶ TXHP PRQ SULQFH"´ SHUJXQWRX R DVVLVWHQWH )D]HQGR XP
JHVWRSDUDRKRPHPVHFDODU7DOOH\UDQGUHSOLFRX³1HPXPDSDODYUD$PDQKmOKHGLUHLTXHP
VRPRV QyV´ (OH VDELD PXLWR EHP TXH Vy RV WRORV VH SUHFLSLWDP ² TXH VH FRPSURPHWHQGR
UiSLGR GHPDLV YRFr SHUGH D FDSDFLGDGH GH PDQREUD $V SHVVRDV WDPEpP UHVSHLWDP YRFr
PHQRVSRULVVRTXHPVDEHDPDQKmSHQVDPHODVYRFrYDLVHFRPSURPHWHUFRPRXWUDFDXVD
GLIHUHQWHYLVWRTXHVHHQWUHJRXWmRIDFLOPHQWHDHVWD$ERDVRUWHpXPDGLYLQGDGHYRO~YHOTXH
PXGD GH ODGR FRP PXLWD IUHTrQFLD 2 FRPSURPLVVR FRP XPD GDV SDUWHV WLUD GH YRFr D
YDQWDJHPGRWHPSRHROX[RGDHVSHUD'HL[HTXHRVRXWURVVHDSDL[RQHPSRUHVWHRXDTXHOH
JUXSRPDVYRFrQmRVHDSUHVVHHQHPSHUFDDFDEHoD)LQDOPHQWHKiRFDVL}HVHPTXHpPDLV
VHQVDWRDEDQGRQDUTXDOTXHUSUHWHQVmRGHSDUHFHUSUHVWDWLYRDODUGHDQGRSHORFRQWUiULRDVXD
LQGHSHQGrQFLD H DXWRFRQILDQoD $ DWLWXGH DULVWRFUiWLFD LQGHSHQGHQWH p LPSRUWDQWtVVLPD SDUD
TXHPSUHFLVDFRQTXLVWDURUHVSHLWR*HRUJH:DVKLQJWRQUHFRQKHFHXLVVRQRVHXHVIRUoRSDUD
GDU j MRYHP UHS~EOLFD DPHULFDQD XPD EDVH ILUPH &RPR SUHVLGHQWH :DVKLQJWRQ IXJLX j
WHQWDomRGHVHDOLDUj)UDQoDRX,QJODWHUUDDSHVDUGDVSUHVV}HVTXHVRIULDQHVVHVHQWLGR(OH
TXHULDTXHRSDtVFRQTXLVWDVVHRUHVSHLWRPXQGLDOSRUVXDLQGHSHQGrQFLD(PERUDXPWUDWDGR
FRPD)UDQoDWDOYH]RWLYHVVHDMXGDGRQRFXUWRSUD]RFRPRSDVVDUGRWHPSRHOHVDELDTXH
HUDPDLVHILFD]HVWDEHOHFHUDDXWRQRPLDGDQDomR$(XURSDWLQKDGHYHURV(VWDGRV8QLGRV
FRPRXPDSRWrQFLDQRPHVPRSpGHLJXDOGDGH

/HPEUHVHDVXDHQHUJLDHRVHXWHPSRWrPOLPLWH7RGRVRVPRPHQWRVGHVSHUGLoDGRVFRPRV
SUREOHPDV DOKHLRV VmR VXEWUDtGRV GD VXD HQHUJLD 9RFr SRGH WHPHU VHU DFXVDGR GH
LQVHQVLELOLGDGHPDVQRILQDOPDQWHQGRVHLQGHSHQGHQWHHFRQILDQWHHPVLSUySULRYRFrVHUi
PDLVUHVSHLWDGRHFRQTXLVWDUiRSRGHUGHHVFROKHUTXDQGRGHYHRXQmRWRPDUDLQLFLDWLYDGH
DMXGDURVRXWURV

4XDQGR D QDUFHMD H R PH[LOKmR EULJDP TXHP OHYD D PHOKRU p R SHVFDGRU  $QWLJR GLWDGR
FKLQrV

&RQVLGHUH TXH QmR VH FRPSURPHWHU H[LJH PDLV FRUDJHP GR TXH YHQFHU XPD EDWDOKD H Oi
RQGHMiH[LVWHXPWRORLQWHUIHULQGRFXLGDGRSDUDQmRH[LVWLUHPGRLV

%DOWDVDU*UDFLiQ

2,19(562
$PEDVDVSDUWHVGHVWDOHLVHYROWDUmRFRQWUDYRFrVHYRFrH[DJHUDU2MRJRSURSRVWRDTXLp
GHOLFDGRHGLItFLO6HYRFrFRORFDUPXLWRVSDUWLGRVVHHQIUHQWDQGRHOHVDFDEDUmRSHUFHEHQGR
DPDQREUDHFRQVSLUDUmRFRQWUDYRFr6HYRFr

7KLV GRFXPHQW KDV EHHQ FUHDWHG ZLWK D '(02 YHUVLRQ RI 3') &UHDWH &RQYHUW
KWWSZZZHTXLQR[VRIWZDUHFRPSURGXFWVSGIBFUHDWHBFRQYHUWKWPO

7RUHPRYHWKLVPHVVDJHSOHDVHUHJLVWHU

GHL[DU XP Q~PHUR FDGD YH] PDLRU GH SUHWHQGHQWHV HVSHUDQGR GHPDLV QmR YDL GHVSHUWDU R
GHVHMR PDV VLP D GHVFRQILDQoD $V SHVVRDV YmR FRPHoDU D SHUGHU R LQWHUHVVH 9RFr YDL
DFDEDUDFKDQGRTXHYDOHPDLVDSHQDVHFRPSURPHWHUFRPXPDGDVSDUWHV²QHPTXHVHMDVy
SHODVDSDUrQFLDVSDUDSURYDUTXHpFDSD]GHVHUVROLGiULR0HVPRQHVVHFDVRHQWUHWDQWRD
FKDYHVHUiPDQWHUDVXDLQGHSHQGrQFLDLQWHULRU²QmRVHSHUPLWLUHQYROYHUHPRFLRQDOPHQWH
3UHVHUYDUDRSomRWiFLWDGHSRGHUVDLUDTXDOTXHUPRPHQWRHUHFODPDUDVXDOLEHUGDGHVHR
SDUWLGR DR TXDO YRFr VH DOLRX DPHDoDU YLU DEDL[R 2V DPLJRV TXH YRFr IH] HQTXDQWR HVWDYD
VHQGRFRUWHMDGROKHRIHUHFHUmRXPOXJDUSDUDLUGHSRLVGHDEDQGRQDURQDYLR

7KLV GRFXPHQW KDV EHHQ FUHDWHG ZLWK D '(02 YHUVLRQ RI 3') &UHDWH &RQYHUW
KWWSZZZHTXLQR[VRIWZDUHFRPSURGXFWVSGIBFUHDWHBFRQYHUWKWPO

7RUHPRYHWKLVPHVVDJHSOHDVHUHJLVWHU

/(,

)$d$6( '( 27È5,2 3$5$ 3(*$5 26 27È5,26 ± 3$5(d$ 0$,6 %2%2 '2
48(21250$/

1LQJXpPJRVWDGHVHVHQWLUPDLVLGLRWDGRTXHRRXWUR2WUXTXHSRUWDQWRpID]HUFRPTXHVXDV
YtWLPDV VH VLQWDP HVSHUWDV ± H PDLV HVSHUWDV TXH YRFr 8PD YH] FRQYHQFLGDV GLVVR HODV
MDPDLVGHVFRQILDUmRTXHYRFrSRVVDWHUVHJXQGDVLQWHQo}HV
$ VHQVDomR GH TXH DOJXpP p PDLV LQWHOLJHQWH GR TXH QyV p TXDVH LQVXSRUWiYHO (P JHUDO
WHQWDPRVMXVWLILFiODGHYiULDVPDQHLUDV³2FRQKHFLPHQWRGHOHpVyWHRULDHQTXDQWRRPHXVH
EDVHLD QD UHDOLGDGH´ ³2V SDLV GHOD SDJDUDP SDUD HOD HVWXGDU 6H PHXV SDLV WLYHVVHP WLGR
WDQWRGLQKHLURDVVLPVHHXWLYHVVHVLGRSULYLOHJLDGR(OHQmRpWmRLQWHOLJHQWHTXDQWRSHQVD´
(³(ODSRGHFRQKHFHUPHOKRUGRTXHHXDVXDDUHD]LQKDUHVWULWDPDVIRUDGLVVRHODQmRpQHP
XPSRXFRHVSHUWD$Wp(LQVWHLQHUDXPLGLRWDTXDQGRQmRVHWUDWDYDGHItVLFD´

9LVWR TXH D LGpLD GH LQWHOLJrQFLD p WmR LPSRUWDQWH SDUD DYDLGDGH GD PDLRULD GDV SHVVRDV p
LPSRUWDQWH QmR LQVXOWDU RX LPSXJQDU MDPDLV LQDGYHUWLGDPHQWH R SRGHU GR FpUHEUR GH XPD
SHVVRD(VVHpXPSHFDGRLPSHUGRiYHO0DVVHYRFr

FRQVHJXLU WLUDU YDQWDJHP GHVWD UHJUD HOD DEULUi SDUD YRFr WRGDV DV SRUWDV SDUD D IUDXGH
6XEOLPLQDUPHQWH DVVHJXUH jV SHVVRDV GH TXH HODV VmR PDLV LQWHOLJHQWHV GR TXH YRFr RX
PHVPRTXHYRFrpXPWDQWREURQFRHYDLFRQVHJXLUID]HUGHODVRTXHYRFrTXLVHU$VHQVDomR
GH VXSHULRULGDGH LQWHOHFWXDO TXH YRFr OKHV Gi DIURX[DUi DV VXDV GHVFRQILDQoDV (P  R
FRQVHOKHLUR SUXVVLDQR 2WWR YRQ %LVPDUFN TXHULD TXH D ÈXVWULD DVVLQDVVH XP GHWHUPLQDGR
WUDWDGR (VVH WUDWDGR HUD WRWDOPHQWH D IDYRU GD 3U~VVLD H FRQWUD RV LQWHUHVVHV GD$XVWULD H
%LVPDUFNWHULDGHODQoDUPmRGHHVWUDWpJLDVSDUDFRQYHQFHURVDXVWUtDFRV0DVRQHJRFLDGRU
DXVWUtDFRFRQGH%ORPHHUDXPiYLGRMRJDGRUGHFDUWDV6HXMRJRSUHIHULGRHUDRTXLQ]HHHOH
FRVWXPDYDGL]HUTXHSRGLDMXOJDURFDUiWHUGHXPKRPHPSHORVHXHVWLORGHMRJDU2

SUXVVLDQRPDLVWDUGHHVFUHYHULD³)RLD~OWLPDYH]TXHMRJXHLTXLQ]H)XLWmRLPSUXGHQWHTXH
WRGRV ILFDUDP DW{QLWRV 3HUGL YiULRV WiOHUHV >D PRHGD GD pSRFD@ PDV FRQVHJXL HQJDQDU
>%ORPH@SRUTXHHOHDFKRXTXHHXHUDPDLVLUUHVSRQViYHOGRTXHVRXQDYHUGDGHHUHFXRX´
$OpPGHSDUHFHUDIRLWR%LVPDUFNWDPEpPVHIH]GHLJQRUDQWHHWRORGL]HQGRFRLVDVDEVXUGDV
HVHSDYRQHDQGRFRPXPH[FHVVRGHHQHUJLDQHUYRVD

7XGR LVVR IH] %ORPH DFKDU TXH HOH WLQKD LQIRUPDo}HV YDOLRVDV (OH VDELD TXH %LVPDUFN HUD
DJUHVVLYR²RSUXVVLDQRMiWLQKDHVVDIDPDHRPRGRFRPRMRJDYDFRQILUPDYDLVVR(KRPHQV
DJUHVVLYRV%ORPHVDELDSRGHPVHUWRORVHLPSUXGHQWHV3RUFRQVHJXLQWHQDKRUDGHDVVLQDUR
WUDWDGR %ORPH DFKRX TXH HVWDYD OHYDQGR YDQWDJHP 8P WROR DIRLWR FRPR %LVPDUFN HOH
SHQVRXpLQFDSD]GHFDOFXODUHHQJDQDUDVDQJXHIULRSRULVVRVyROKRXRWUDWDGRGHUHODQFH
DQWHVGHDVVLQDU²QmROHXDVOHWULQKDVPL~GDV$VVLPTXHDWLQWDVHFRXXPDOHJUH%LVPDUFN
H[FODPRX QD VXD FDUD ³2UD SHQVHL TXH HX QmR IRVVH HQFRQWUDU XP GLSORPDWD DXVWUtDFR
GLVSRVWRDDVVLQDUHVVHGRFXPHQWR´

2VFKLQHVHVWrPXPGLWDGR³9HVWLUDPiVFDUDGRSRUFRSDUDPDWDURWLJUH´eXPDUHIHUrQFLDD
XPDDQWLJDWpFQLFDGHFDoDHPTXHRFDoDGRUVHFREUHFRPDSHOHHRIRFLQKRGHXPSRUFRH
VDL JUXQKLQGR 2 SRGHURVR WLJUH SHQVD TXH XP SRUFR YHP FKHJDQGR GHL[DR VH DSUR[LPDU
VDERUHDQGRDSHUVSHFWLYDGHXPDUHIHLomRIiFLO0DVpRFDoDGRUTXHPULSRU~OWLPR

0DVFDUDUVH GH SRUFR IXQFLRQD PXLWR EHP FRP TXHP FRPR RV WLJUHV p PXLWR DUURJDQWH H
VHJXURGHVL4XDQWRPDLVHOHVDFKDPTXHpIiFLODSDQKDUYRFrPDLVIDFLOPHQWHYRFrYLUDD
PHVD (VWH WUXTXH WDPEpP p ~WLO VH YRFr IRU DPELFLRVR PDV RFXSD XPD SRVLomR LQIHULRU QD
KLHUDUTXLD ² DSDUHQWDU VHU PHQRV LQWHOLJHQWH GR TXH p DWp PHLR WROR p R GLVIDUFH SHUIHLWR
3DUHoD XP SRUFR LQRIHQVLYR H QLQJXpP DFUHGLWDUi TXH WHP DPELo}HV SHULJRVDV 3RGHP DWp
SURPRYrOR SRLV YRFr SDUHFH WmR DJUDGiYHO H VXEVHUYLHQWH &OiXGLR DQWHV GH VH WRUQDU
LPSHUDGRUGH5RPDHRSUtQFLSHGD)UDQoDTXHPDLVWDUGHVHWRUQRX/XtV;,,,XVDYDPHVWD
WiWLFDTXDQGRVHXVVXSHULRUHVGHVFRQILDYDPGHTXHWLQKDPSUHWHQV}HVDRWURQR%DQFDQGRRV
WRORVTXDQGRMRYHQVHOHVIRUDPGHL[DGRVHPSD]4XDQGRFKHJRXDKRUDGHDWDFDUHDJLUFRP
YLJRUHGHFLVmRHOHVDSDQKDUDPWRGRVGHVSUHYHQLGRV

$ LQWHOLJrQFLD p D TXDOLGDGH yEYLD SDUD VHU PLQLPL]DGD PDV SRU TXH SDUDU SRU Dt" *RVWR H
VRILVWLFDomRHVWmRQRPHVPRQtYHOGDLQWHOLJrQFLDQDHVFDODGDVYDLGDGHVIDoDDVSHVVRDVVH
VHQWLUHP PDLV VRILVWLFDGDV GR TXH YRFr H HODV EDL[DUmR D JXDUGD 'HL[H VHPSUH DV SHVVRDV
DFUHGLWDUHP TXH VmR PDLV HVSHUWDV H PDLV VRILVWLFDGDV GR TXH YRFr (ODV RV PDQWHUmR SRU
SHUWRSRUTXHYRFrDVID]VHVHQWLUPHOKRUHTXDQWRPDLVYRFrILFDUSRUSHUWRPDLVFKDQFHV
WHUiGHHQJDQiODV

6DLEDXVDUDEXUULFHRKRPHPViELRXVDHVWDFDUWDjVYH]HV+iPRPHQWRVHPTXHDPDLRU
VDEHGRULDpSDUHFHUQmRVDEHUQDGD²YRFrQmRSUHFLVDVHULJQRUDQWHEDVWDVHUFDSD]GH
ILQJLUTXHp1mRpPXLWRERPVHUViELRHQWUHWRORVHO~FLGRQRPHLRGHOXQiWLFRV4XHPVH
ID]GHWRORQmRpWRORDPHOKRUPDQHLUDGHVHUEHPUHFHELGRSRUWRGRVp

ILQJLQGRVHUXPJUDQGHLGLRWD %DOWDVDU*UDFLiQ

7KLV GRFXPHQW KDV EHHQ FUHDWHG ZLWK D '(02 YHUVLRQ RI 3') &UHDWH &RQYHUW
KWWSZZZHTXLQR[VRIWZDUHFRPSURGXFWVSGIBFUHDWHBFRQYHUWKWPO

7RUHPRYHWKLVPHVVDJHSOHDVHUHJLVWHU

2UDQmRKiQDGDGHTXHXPKRPHPVHRUJXOKHPDLVGRTXHGDVXDFDSDFLGDGHLQWHOHFWXDO
SRLV p HOD TXH R FRORFD QR FRPDQGR GR PXQGR DQLPDO ( PXLWD LPSUXGrQFLD GHL[DU TXH
DOJXpPRYHMDFRPRGHFLGLGDPHQWHVXSHULRUQHVVHSRQWRHGHL[DUTXHRXWUDVSHVVRDVYHMDP
LVVRWDPEpP3RUFRQVHJXLQWHHPERUDDFODVVHVRFLDOHRGLQKHLURSRVVDPVHPSUHFRQWDU
FRPXPWUDWDPHQWRSULYLOHJLDGRQDVRFLHGDGHFRPLVVRDFDSDFLGDGHLQWHOHFWXDOQmRSRGH
FRQWDU R PDLRU IDYRU TXH SRGHP SUHVWDU i LQWHOLJrQFLD p LJQRUiOD H VH DV SHVVRDV D
SHUFHEHP p SRUTXH D FRQVLGHUDP XPD LPSHUWLQrQFLD RX DOJR D TXH R VHX SRVVXLGRU QmR
WHP QHQKXP GLUHLWR OHJtWLPR H GR TXDO HOH DSHQDV RXVD VH RUJXOKDU H HP UHWDOLDomR H
YLQJDQoD SRU VXD FRQGXWD DV SHVVRDV VHFUHWDPHQWH WHQWDP KXPLOKiOR GH DOJXPD RXWUD
IRUPDHVHGHPRUDPSDUDID]HULVVRpVySRUTXHHVSHUDPSHODRFDVLmRPDLVDGHTXDGD8P
KRPHP SRGH VHU R PDLV KXPLOGH SRVVtYHO QHVVH VHQWLGR H DLQGD DVVLP GLILFLOPHQWH
FRQVHJXLUi TXH DV SHVVRDV OKH SHUGRHP R SHFDGR GH VH FRORFDU LQWHOHFWXDOPHQWH DFLPD
GHODV(P*DUGHQRI5RVHV6DGLREVHUYD9RFrGHYHULDVDEHUTXHRVWRORVVmRFHPYH]HV
PDLV DYHVVRV D VH HQFRQWUDU FRP R ViELR GR TXH R ViELR WHP GLVSRVLomR SDUD HVWDU HP
FRPSDQKLDGHWRORV3RURXWURODGRVHULGLRWDpXPDUHFRPHQGDomRYHUGDGHLUD3RLVDVVLP
FRPRRFDORUpDJUDGiYHODRFRUSRWDPEpPp

DJUDGiYHOPHQWH VHQWLU D VXD VXSHULRULGDGH H R KRPHP SURFXUD D FRPSDQKLD TXH YDL OKH
GDUHVVDVHQVDomRWmRLQVWLQWLYDPHQWHTXDQWRHOHVHDSUR[LPDGDODUHLUDRXFDPLQKDQRVRO
TXDQGRTXHUVHDTXHFHU0DVLVWRVLJQLILFDTXHHOH QmRDJUDGDUiSRUVXDVXSHULRULGDGHH
VH XP KRPHP TXHU DJUDGDU GHYH VHU LQWHOHFWXDOPHQWH LQIHULRU  $57+85
6&+23(1+$8(5



2,19(562
5DUDPHQWH YDOH D SHQD UHYHODU D YHUGDGHLUD QDWXUH]D GD VXD LQWHOLJrQFLD YRFr GHYH FULDU R
KiELWRGHPLQLPL]iODVHPSUH6HDVSHVVRDVLQDGYHUWLGDPHQWHILFDUHPVDEHQGRGDYHUGDGH²
TXHYRFrpPHVPRPDLVHVSHUWRGRTXHSDUHFH²

YmRDGPLUiORDLQGDPDLVSRUVHUGLVFUHWRHQmRILFDUVHH[LELQGR1RLQtFLRGDVXDDVFHQVmR
pFODURYRFrQmRSRGHEDQFDURLGLRWDpERPGHL[DUTXHVHXVFKHIHVVDLEDPVXWLOPHQWHTXH
YRFrpPDLVHVSHUWRGRTXHRVVHXVFRQFRUUHQWHV$PHGLGDTXHYRFrIRUVXELQGRHQWUHWDQWR
WHQWHEULOKDUPHQRV

([LVWH QR HQWDQWR XPD VLWXDomR HP TXH YDOH D SHQD ID]HU R FRQWUiULR ²TXDQGR YRFr SRGH
HQFREULU XPD WUDSDoD GHPRQVWUDQGR LQWHOLJrQFLD 4XDQGR VH WUDWD GH HVSHUWH]D FRPR QD
PDLRULD GDV FRLVDV R LPSRUWDQWH VmR DV DSDUrQFLDV 6H YRFr SDUHFH WHU DXWRULGDGH H
FRQKHFLPHQWRDVSHVVRDVDFUHGLWDUmRQRTXHYRFrGL],VWRSRGHVHUYLUSDUDOLYUiORGHXPD
HQUDVFDGD

&HUWD YH] R PDUFKDQG -RVHSK 'XYHHQ HVWDYD QXPD IHVWD HP 1RYD <RUN QD FDVD GH XP
PDJQDWD D TXHP DFDEDUD GH YHQGHU XP TXDGUR GH 'UHU SRU XP SUHoR DOWtVVLPR 8P GRV
FRQYLGDGRVHUDXPMRYHPFUtWLFRGHDUWHIUDQFrVTXHSDUHFLDH[WUHPDPHQWHFXOWRHVHJXURGH
VL 4XHUHQGR LPSUHVVLRQiOR D ILOKD GR PDJQDWD OKH PRVWURX R 'UHU TXH DLQGD QmR HVWDYD
SHQGXUDGRQDSDUHGH2FUtWLFRHVWXGRXRDOJXQVPLQXWRVGHSRLVGLVVH³6DEHQmRDFKRTXH
LVWRVHMDXP'UHU´(OHVHJXLXDMRYHPTXDQGRHODIRLFRUUHQGRFRQWDUSDUDRSDL³6DEHPHX
MRYHPTXHSHORPHQRVXQVYLQWHHVSHFLDOLVWDVHPDUWHDTXLHQD(XURSDIRUDPFRQVXOWDGRV
WDPEpPHGLVVHUDPTXHRTXDGURQmRpDXWrQWLFR"(DJRUDYRFrFRPHWHXRPHVPRHQJDQR´2
VHXWRPFRQILDQWHHRDUGHDXWRULGDGHLQWLPLGDUDPRIUDQFrVTXHVHGHVFXOSRXSHORHUUR

'XYHHQVDELDTXHRPHUFDGRGHDUWHHVWDYDLQXQGDGRGHIUDXGHVHTXHPXLWRVTXDGURVWLQKDP
VLGRIDOVDPHQWHDWULEXtGRVDDQWLJRVPHVWUHV(OHID]LDRSRVVtYHOSDUDGLVWLQJXLURYHUGDGHLUR
GR IDOVR PDV QR DIm GH YHQGHU XPD REUD FRP IUHTrQFLD H[DJHUDYD D VXD DXWHQWLFLGDGH 2
LPSRUWDQWHSDUDHOHHUDTXHRFRPSUDGRUDFUHGLWDVVHTXHWLQKDFRPSUDGRXP'UHUHTXHR
SUySULR'XYHHQFRQYHQFHVVHWRGRVGDVXD³SHUtFLD´FRPVHXDUGHLPSHFiYHODXWRULGDGH3RU
LVVRpLPSRUWDQWHVHUFDSD]GHEDQFDURSURIHVVRUTXDQGRQHFHVViULRHQmRLPSRUDRVRXWURV
HVVDDWLWXGHjWRD7KLVGRFXPHQWKDVEHHQFUHDWHGZLWKD'(02YHUVLRQRI3')&UHDWH
&RQYHUW KWWSZZZHTXLQR[VRIWZDUHFRPSURGXFWVSGIBFUHDWHBFRQYHUWKWPO

7RUHPRYHWKLVPHVVDJHSOHDVHUHJLVWHU
/(,

86($7È7,&$'$5(1',d­275$16)250($)5$48(=$(032'(5

6H YRFr p R PDLV IUDFR QmR OXWH Vy SRU XPD TXHVWmR GH KRQUD p SUHIHUtYHO VH UHQGHU
5HQGHQGRVH YRFr WHP WHPSR SDUD VH UHFXSHUDU WHPSR SDUD DWRUPHQWDU H LUULWDU R VHX
FRQTXLVWDGRUWHPSRSDUDHVSHUDUTXHHOHSHUFDRVHXSRGHU1mROKHGrDVDWLVIDomRGHOXWDUH
GHUURWDU YRFr ± UHQGDVH DQWHV 2IHUHFHQGR D RXWUD IDFH YRFr R HQUDLYHFH H GHVHTXLOLEUD
)DoDGDUHQGLomRXPLQVWUXPHQWRGHSRGHU

6HYRFrpDSDUWHPDLVIUDFDQmROXFUDUiQDGDPHWHQGRVHQXPDEULJDLQ~WLO1LQJXpPDSDUHFH
SDUDDMXGDURVIUDFRV±LVVRVyWUD]SUHMXt]RV2VIUDFRVHVWmRVR]LQKRVHGHYHPVHHQWUHJDU
/XWDU QmR OKH GDUi QDGD DOpP GR PDUWtULR H PXLWD JHQWH TXH QmR DFUHGLWD QD VXD FDXVD
PRUUHUD

)UDTXH]DQmRpSHFDGRHSRGHDWpVHWRUQDUXPDIRUoDVHYRFrDSUHQGHUDMRJDUFRUUHWDPHQWH
$ VRUWH PXGD H RV SRGHURVRV TXDVH VHPSUH VmR GHUUXEDGRV$ UHQGLomR GLVIDUoD XP JUDQGH
SRGHUGHVSHUWDQGRDFRPSODFrQFLDGRLQLPLJRYRFrWHPWHPSRSDUDVHUHFXSHUDUWHPSRSDUD
LUPLQDQGRRWHUUHQRWHPSRSDUDVHYLQJDU1mRVDFULILTXHHVWHWHPSRHPWURFDGRPpULWRGH
SDUWLFLSDUGHXPDEDWDOKDGDTXDOQmRVDLUiYHQFHGRU2TXHQRVFDXVDSUREOHPDVQDHVIHUDGR
SRGHUpTXDVHVHPSUHDQRVVDSUySULDUHDomRH[DJHUDGDDRVPRYLPHQWRVGHQRVVRVLQLPLJRVH
ULYDLV(VVHH[DJHURFULDGLILFXOGDGHVTXHWHUtDPRVHYLWDGRVHI{VVHPRVPDLVVHQVDWRV7HP
WDPEpP XP HIHLWR ULFRFKHWH LQWHUPLQiYHO SRLV R LQLPLJR YDL UHDJLU FRP R PHVPR H[DJHUR
FRPRRVDWHQLHQVHVIL]HUDPFRPRVPHOLDQRV2QRVVRSULPHLURLQVWLQWRpVHPSUHRGHUHDJLU
HQIUHQWDU D DJUHVVmR FRP RXWUD DJUHVVmR 0DV GD SUy[LPD YH] TXH DOJXpP OKH GHU XP
HPSXUUmR H YRFr SHUFHEHU TXH HVWi FRPHoDQGR D UHDJLU H[SHULPHQWH LVWR QmR UHVLVWD QHP
EULJXH FHGD Gr D RXWUD IDFH FXUYHVH 9HUi TXH LVVR TXDVH VHPSUH QHXWUDOL]D R
FRPSRUWDPHQWRGHOHV²HOHVHVSHUDYDPDWp

TXHULDP TXH YRFr UHDJLVVH FRP HQHUJLD H IRUDP SRUWDQWR DSDQKDGRV GHVSUHYHQLGRV H D VXD
QmRUHVLVWrQFLDRVGHL[RXFRQIXVRV1DYHUGDGHDRFHGHUYRFrSDVVDDFRQWURODUDVLWXDomR
SRUTXHLVVRID]SDUWHGHXPSODQRPDLRUSDUDTXHHOHVDFUHGLWHPTXHRGHUURWDUDP

(VWDpDHVVrQFLDGDWiWLFDGDUHQGLomRQRtQWLPRYRFrSHUPDQHFHILUPHPDVSRUIRUDYRFrVH
LQFOLQD6HPPDLVPRWLYRVSDUDVH]DQJDUVHXVDGYHUViULRVILFDPFRQIXVRVeLPSURYiYHOTXH
UHDMDPFRPPDLVYLROrQFLDRTXHH[LJLULDGHYRFrXPDUHDomR(PYH]GLVVRYRFrWHPWHPSR
HHVSDoRSDUDDUPDUXPFRQWUDPRYLPHQWRSDUDGHUUXEiORV1RFRQIURQWRHQWUHRLQWHOLJHQWHH
REUXWRDJUHVVLYRDWiWLFDGDUHQGLomRpDPHOKRUDUPD0DVpSUHFLVRWHUDXWRFRQWUROHTXHP
VH UHQGH GH IDWR SHUGH D OLEHUGDGH H SRGH VHU HVPDJDGR SHOD KXPLOKDomR GD GHUURWD 9RFr
GHYHVHOHPEUDUGHVy

SDUHFHUTXHHVWiVHUHQGHQGRFRPRRDQLPDOTXHVHILQJHGHPRUWRSDUDVDOYDUDSHOH9LPRV
TXHpPHOKRUVHUHQGHUGRTXHEULJDUGLDQWHGHXPDGYHUViULRPDLVIRUWHHGDJDUDQWLDGHXPD
GHUURWD TXDVH VHPSUH p PHOKRU VH UHQGHU GR TXH VDLU FRUUHQGR 1D KRUD D IXJD SRGH VHU D
VDOYDomRPDVRDJUHVVRUDFDEDUi
DOFDQoDQGRYRFr5HQGHQGRVHHQWUHWDQWRYRFrWHUiRSRUWXQLGDGHGHVHHQURVFDUQRLQLPLJRH
DWDFiORFRPXQKDVHGHQWHVEHPGHSHUWR

4XDQGR R FRPpUFLR H[WHULRU FRPHoRX D DPHDoDU D LQGHSHQGrQFLD GR -DSmR HP PHDGRV GR
VpFXOR ;,; RV MDSRQHVHV GLVFXWLUDP FRPR GHUURWDU RV HVWUDQJHLURV 8P PLQLVWUR +RWWD
0DVD\RVKLHVFUHYHXXPPHPRUDQGRHP

TXHLQIOXHQFLRXDSROtWLFDMDSRQHVDGXUDQWHPXLWRVDQRV³(VWRXSRUWDQWRFRQYHQFLGRGHTXHD
QRVVDSROtWLFDGHYHULDVHUID]HUDOLDQoDVFRUGLDLVHQYLDUQDYLRVDWRGRVRVSDtVHVHVWUDQJHLURV
HID]HUFRPpUFLRFRPHOHVFRSLDURVHVWUDQJHLURVQDTXLORTXHHOHVID]HPPHOKRUUHSDUDQGR
DVVLP DV QRVVDV SUySULDV GHILFLrQFLDV LQFHQWLYDQGR D QRVVD IRUoD QDFLRQDO H FRPSOHWDQGR
QRVVRV DUPDPHQWRV H VXEPHWHU DVVLP JUDGXDOPHQWH RV HVWUDQJHLURV j QRVVD LQIOXrQFLD DWp
TXH QR ILQDO WRGRV RV SDtVHV GR PXQGR FRQKHoDP DV ErQomRV GD SHUIHLWD WUDQTLOLGDGH H D
QRVVDKHJHPRQLDVHMDUHFRQKHFLGDQRPXQGRLQWHLUR´(VWDpXPDDSOLFDomREULOKDQWHGDOHL
8VHDUHQGLomRSDUDWHUDFHVVRDRLQLPLJR$SUHQGDFRPHOHLQVLQXHVHOHQWDPHQWHFRQIRUPH
VHH[WHUQDPHQWHDRVVHXVKiELWRVPDVQRtQWLPRFRQVHUYHDVXDSUySULDFXOWXUD1RILPYRFr
VDLUiYLWRULRVRSRLVHQTXDQWRHOHRFRQVLGHUDIUDFRHLQIHULRUHQmRWRPDQHQKXPDSUHFDXomR
SDUD VH GHIHQGHU YRFr XVD HVWH WHPSR SDUD VH UHFXSHUDU H ILFDU PDLV IRUWH GR TXH HOH (VWD
IRUPDEUDQGDHSHUPHiYHOGHLQYDVmRTXDVHVHPSUHpDPHOKRUSRLVRLQLPLJRQHQKXPPRWLYR
WHP SDUD UHDJLU QDGD SDUD VH SUHSDUDU RX UHVLVWLU ( VH RV MDSRQHVHV WLYHVVHP UHVLVWLGR j
LQIOXrQFLD RFLGHQWDO SHOD IRUoD SRGHULDP WHU VRIULGR XPD GHYDVWDGRUD LQYDVmR TXH DOWHUDULD
SDUDVHPSUHDVXDFXOWXUD

$UHQGLomRWDPEpPpXPDIRUPDGHYRFrULUGRLQLPLJRGHYLUDURSRGHUFRQWUDHOHVPHVPRV
FRPRIH]%UHFKW2

URPDQFH$EULQFDGHLUDGH0LODQ.XQGHUDEDVHDGRQDVH[SHULrQFLDVGRDXWRUQXPDFRO{QLD
SHQDO QD 7FKHFRVORYiTXLD FRQWD TXH RV JXDUGDV GD SULVmR RUJDQL]DUDP XPD FRUULGD GH
UHYH]DPHQWR JXDUGDV FRQWUD SULVLRQHLURV 3DUD HOHV HVWD HUD XPD FKDQFH GH H[LELU D VXD
VXSHULRULGDGH ItVLFD 2V SULVLRQHLURV VDELDP TXH HUD SDUD HOHV SHUGHUHP SRU LVVR IL]HUDP
WXGRSDUDDJUDGDU²ILQJLQGRXPHVIRUoRH[DJHUDGRHQTXDQWRPDOVHPH[LDPFDLQGRQRFKmR
GHSRLVGHFRUUHUVyDOJXQVPHWURVFDSHQJDQGRDQGDQGRFDGDYH]PDLVGHYDJDUHQTXDQWRRV
JXDUGDVGLVSDUDYDPQDIUHQWH$FHLWDQGRDRPHVPR7KLVGRFXPHQWKDVEHHQFUHDWHGZLWKD
'(02 YHUVLRQ RI 3') &UHDWH &RQYHUW KWWSZZZHTXLQR[
VRIWZDUHFRPSURGXFWVSGIBFUHDWHBFRQYHUWKWPO

7RUHPRYHWKLVPHVVDJHSOHDVHUHJLVWHU

WHPSR SDUWLFLSDU GD FRUULGD H SHUGHU HOH WLQKDP REHGHFLGR DRV JXDUGDV PDV R H[FHVVR GH
REHGLrQFLDWRPRXRHYHQWRULGtFXORDSRQWRGHDUUXLQiOR$³VXSHUREHGLrQFLD´²DUHQGLomR
²QHVVHFDVRIRLXPDGHPRQVWUDomRGHVXSHULRULGDGHDRLQYHUVR$UHVLVWrQFLDWHULDFRORFDGR
RV SULVLRQHLURV QXP FLFOR GH YLROrQFLDV UHEDL[DQGRRV DR QtYHO GRV JXDUGDV $
VXSHUREHGLrQFLDHQWUHWDQWRFRORFRXRVJXDUGDVQXPDVLWXDomRULGtFXODPDVHOHVQmRSRGLDP
SXQLUMXVWDPHQWHRVSULVLRQHLURVTXHVyIL]HUDPRTXHHOHVWLQKDPSHGLGR
2SRGHUHVWiVHPSUHIOXLQGR²YLVWRTXHRMRJRpSRUQDWXUH]DIOXLGRHXPDDUHQDGHOXWDV
FRQVWDQWHVTXHPHVWi

FRP R SRGHU TXDVH VHPSUH DFDED VH HQFRQWUDQGR QD GHVFLGD GR SrQGXOR 6H YRFr VH YLU
WHPSRUDULDPHQWHHQIUDTXHFLGRDWiWLFDGDUHQGLomRpSHUIHLWDSDUDOHYiORSDUDFLPDGHQRYR
²HODGLVIDUoDDVXDDPELomRHQVLQDDYRFrDSDFLrQFLDHRDXWRFRQWUROHKDELOLGDGHVFKDYH
SDUDRMRJRHRFRORFDQDPHOKRUSRVLomRSRVVtYHOSDUDWLUDUYDQWDJHPGRV~ELWRGHVOL]HGR
VHXRSUHVVRU6HYRFrIRJHRXUHYLGDQmRSRGHUiYHQFHUDORQJRSUD]R6HYRFrVHUHQGHp
TXDVH FHUWR VDLU YLWRULRVR2XYLVWHV R TXH IRL GLWR 2OKR SRU ROKR GHQWH SRU GHQWH (X
SRUpP YRV GLJR 1mR UHVLVWDLV DR SHUYHUVR PDV D TXDOTXHU TXH YRV IHULU D IDFH GLUHLWD
YROWDLOKHWDPEpPDRXWUDHDRTXHTXHUGHPDQGDUFRQYRVFRHWLUDUYRVDW~QLFDGHL[DL
OKH WDPEpP D FDSD 6H DOJXpP YRV REULJDU D DQGDU XPD PLOKD LGH FRP HOH GXDV -HVXV
&ULVWRHP0DWHXV

2VIUDFRVMDPDLVFHGHPTXDQGRGHYHULDP

&DUGHDOGH5HW]

9ROWDLUH YLYLD H[LODGR HP /RQGUHV QXPD pSRFD HP TXH HVWDYD QR DXJH VHU FRQWUD RV
IUDQFHVHV 8P GLD FDPLQKDQGR SHODV UXDV HOH VH YLX FHUFDGR SRU XPD PXOWLGmR LUDGD
³(QIRUTXHPQR HQIRUTXHP R IUDQFrV´ JULWDYDP 9ROWDLUH  FDOPDPHQWH VH GLULJLX D WXUED
GL]HQGR R VHJXLQWH ,QJOHVHV 'HVHMDP PH PDWDU SRUTXH VRX IUDQFrV -i QmR IXL SXQLGR R
VXILFLHQWHSRUQmRWHUQDVFLGRLQJOrV"´$PXOWLGmRDSODXGLXDVVXDVSDODYUDVVHQVDWDVHR
HVFROWDUDPGHYROWDDRVVHXVDORMDPHQWRV

7KH/LWWOH%URZQ

%RRN2I$QHFGRWHV&OLIWRQ)DGLPDQ(G

/HPEUHVHTXHPHVWiWHQWDQGRH[LELUDVXDDXWRULGDGHLOXGHVHIDFLOPHQWHFRPDWiWLFDGD
UHQGLomR6HYRFrVHPRVWUDVXEPLVVRHOHVVHVHQWHPLPSRUWDQWHV&RQWHQWHVSRUTXHHVWmR
VHQGR UHVSHLWDGRV WRUQDPVH DOYRV PDLV IiFHLV SDUD XP FRQWUDDWDTXH RX SDUD XPD
]RPEDULD GLVVLPXODGD FRPR IH] %UHFKW $R DYDOLDU R VHX SRGHU DR ORQJR GR WHPSR QmR
VDFULILTXH D FDSDFLGDGH GH PDQREUD D ORQJR SUD]R SHODV JOyULDV HIrPHUDV GR PDUWtULR
4XDQGR R JUDQGH VHQKRU SDVVD R FDPSRQrV ViELR VH LQFOLQD SURIXQGDPHQWH H SHLGD HP
VLOrQFLR

3URYpUELRHWtRSH

2,19(562
2 REMHWLYR GD UHQGLomR p VDOYDU D VXD SHOH SDUD TXDQGR YRFr SXGHU VH ILUPDU QRYDPHQWH e
SDUDHYLWDURPDUWtULRTXHDOJXpPVHUHQGHPDVKiPRPHQWRVHPTXHRLQLPLJRQmRGHVFDQVD
HRPDUWtULRSDUHFHVHUD~QLFDHVFDSDWyULD$OpPGRPDLVVHYRFrHVWLYHUGLVSRVWRDPRUUHU
RXWURV SRGHUmR WLUDU GR VHX H[HPSOR SRGHU H LQVSLUDomR 0DV R PDUWtULR R LQYHUVR GD
UHQGLomR p XPD WiWLFD FRQIXVD SRXFR SUHFLVD H WmR YLROHQWD TXDQWR D DJUHVVmR TXH HOH
FRPEDWH 3DUD FDGD PiUWLU IDPRVR H[LVWHP PLOKDUHV TXH QmR LQVSLUDUDP UHOLJL}HV QHP
UHEHOL}HVGHIRUPDTXHVHRPDUWtULRjVYH]HVFRQIHUHXPFHUWRSRGHULVVRpLPSUHYLVtYHO(
R TXH p PDLV LPSRUWDQWH YRFr QmR HVWDUi SRU DTXL SDUD XVXIUXLU GHVVH SRGHU ( H[LVWH
GHFLGLGDPHQWH DOJR GH HJRtVPR H DUURJkQFLD QRV PiUWLUHV FRPR VH DFKDVVHP TXH VHXV
VHJXLGRUHVVmRPHQRVLPSRUWDQWHVGRTXHDVXDSUySULDJOyULD4XDQGRRSRGHURDEDQGRQDp
PHOKRULJQRUDUHVWDLQYHUVmRGD/HL'HL[HSDUDOiRPDUWtULRRSrQGXORDFDEDRVFLODQGRSDUD
RVHXODGRQRYDPHQWHHYRFrSUHFLVDHVWDUYLYRSDUDYHULVVR

7KLV GRFXPHQW KDV EHHQ FUHDWHG ZLWK D '(02 YHUVLRQ RI 3') &UHDWH &RQYHUW
KWWSZZZHTXLQR[VRIWZDUHFRPSURGXFWVSGIBFUHDWHBFRQYHUWKWPO

7RUHPRYHWKLVPHVVDJHSOHDVHUHJLVWHU

/(,

&21&(175($668$6)25d$6

3UHVHUYH VXDV IRUoDV H VXD HQHUJLD FRQFHQWUDQGRDV QR VHX SRQWR PDLV IRUWH *DQKDVH PDLV
GHVFREULQGRXPDPLQDULFDHFDYDQGRIXQGRGRTXHSXODQGRGHXPDPLQDUDVDSDUDRXWUD±D
SURIXQGLGDGHGHUURWDDVXSHUILFLDOLGDGHVHPSUH$VSURFXUDUIRQWHVGHSRGHUSDUDSURPRYH
ORGHVFXEUDXPSDWURQRFKDYHDYDFDFKHLDGHOHLWHTXHRDOLPHQWDUiGXUDQWHPXLWRWHPSR

2PXQGRHVWiSDVVDQGRSRUXPDHSLGHPLDGHGLYLV}HVFDGDYH]PDLRUHV²GHQWURGHSDtVHV
JUXSRV SROtWLFRV IDPtOLDV DWp LQGLYtGXRV (VWDPRV WRGRV QXP HVWDGR GH WRWDO GLVWUDomR H
GLIXVmRPDOFRQVHJXLPRVFRORFDUQRVVDVFDEHoDVQXPDGLUHomRHMiHVWDPRVVHQGRSX[DGRV
SDUDFHQWHQDVGHRXWUDV2QtYHOGHFRQIOLWRQRPXQGRPRGHUQRHVWiPDLVDOWRGRTXHQXQFDH
MiQRVDFRVWXPDPRVFRPLVVR

$ VROLGmR p XPD IRUPD GH QRV UHWLUDUPRV SDUD GHQWUR GH QyV PHVPRV SDUD R SDVVDGR SDUD
IRUPDVPDLVFRQFHQWUDGDVGHSHQVDPHQWRHDomR&RPRHVFUHYHX6FKRSHQKDXHU³2LQWHOHFWRp
XPD PHGLGD GH SURIXQGLGDGH QmR XPD PHGLGD GH VXSHUILFLDOLGDGH´ 1DSROHmR FRQKHFLD R
YDORUGHFRQFHQWUDUVXDVIRUoDVQRSRQWRIUDFRGRLQLPLJR²HUDRVHJUHGRGRVHXVXFHVVRQRV
FDPSRV GH EDWDOKD 0DV D VXD IRUoD GH YRQWDGH H D VXD PHQWH WDPEpP HVWDYDP PROGDGRV
VHJXQGR HVWD QRomR 2 SURSyVLWR ~QLFR D WRWDO FRQFHQWUDomR QD PHWD H R XVR GHVWDV
TXDOLGDGHVFRQWUDSHVVRDVPHQRVFRQFHQWUDGDVSHVVRDVGLVWUDtGDV²DIOHFKDDFHUWDUiVHPSUH
RDOYRHFRQTXLVWDUiRLQLPLJR&DVDQRYDDWULEXtDRVHXVXFHVVRQDYLGDDVXDFDSDFLGDGHGH
VHFRQFHQWUDUQXP~QLFRREMHWLYRHIRUoDUDWpHOHFHGHU)RLDVXDFDSDFLGDGHGHVHHQWUHJDU
WRWDOPHQWHjVPXOKHUHVTXHGHVHMDYDTXHRWRUQDYDWmRVHGXWRU'XUDQWHDVVHPDQDVRXPHVHV
HPTXHXPDGHVWDVPXOKHUHVYLYLDQDVXDyUELWDHOHQmRSHQVDYDHPPDLVQLQJXpP4XDQGR
HVWHYH SUHVR QDV WUDLoRHLUDV ³SDVVDJHQV´ GR SDOiFLR GRV GRJHV HP 9HQH]D SULVmR GH RQGH
QLQJXpPMDPDLVHVFDSDUDHOHVy

SHQVDYDQDIXJDFRPRVHX~QLFRREMHWLYRGLDDSyVGLD8PDPXGDQoDGHFHODTXHVLJQLILFRX
PHVHV H PHVHV GH HVFDYDo}HV LQ~WHLV QmR R GHVHQFRUDMRX HOH SHUVLVWLX H DFDERX IXJLQGR
³6HPSUH DFUHGLWHL´ HVFUHYHX HOH PDLV WDUGH ³TXH VH XP KRPHP FRORFD QD FDEHoD TXH YDL
ID]HUXPDFRLVDHVHHOHVHRFXSDH[FOXVLYDPHQWHGLVVRDFDEDFRQVHJXLQGRSRUPDLVGLItFLO
TXHVHMD(VVHKRPHPVHWRUQDUiJUmRYL]LURX3DSD´

&RQFHQWUHVHQXPD~QLFDPHWDXPD~QLFDWDUHIDHLQVLVWDDWpFRQVHJXLU1RPXQGRGRSRGHU
YRFrHVWiVHPSUHSUHFLVDQGRGDDMXGDGRVRXWURVHPJHUDOGDTXHOHVTXHWrPPDLVSRGHUGR
TXHYRFr2WRORSXODGHXPSDUDRRXWURDFUHGLWDQGRTXHVREUHYLYHUiVHHVSDOKDQGR0DVXP
GRV FRUROiULRV GD OHL GH FRQFHQWUDomR p TXH VH HFRQRPL]D PXLWD HQHUJLD H VH REWpP PDLV
SRGHUIL[DQGRVHDXPD~QLFDIRQWHDGHTXDGDGHSRGHU2FLHQWLVWD1LNROD7HVODVHDUUXLQRX
DFUHGLWDQGRTXHFRQVHUYDULDDVXDLQGHSHQGrQFLDVHQmRWLYHVVHGHVHUYLUDXP~QLFRVHQKRU
(OH DWp UHMHLWRX D RIHUWD GH -3 0RUJDQ TXH OKH RIHUHFHX XP ULFR FRQWUDWR 1R ILQDO D
³LQGHSHQGrQFLD´GH7HVODVLJQLILFDYDTXHHOHSRGLDQmRGHSHQGHUGHXP~QLFRSDWURQRPDV
HVWDYDVHPSUHWHQGRGHDGXODUXPDG~]LDGHOHV1RILQDOGDYLGDHOHSHUFHEHXRVHXHUUR

7RGRV RV JUDQGHV SLQWRUHV H HVFULWRUHV UHQDVFHQWLVWDV VH GHEDWHUDP FRP HVWH SUREOHPD QmR
PDLV GR TXH R HVFULWRU VHLVFHQWLVWD 3LHWUR $UHWLQR $R ORQJR GH WRGD D VXD YLGD $UHWLQR
SDVVRXSHODLQGLJQLGDGHGHWHUTXHDJUDGDUDHVWHRXDTXHOHSUtQFLSH(OHDFDERXGDQGRXP
EDVWD H IRL FRUWHMDU &DUORV 9 SURPHWHQGR DR LPSHUDGRU RV VHUYLoRV GD VXD SRGHURVD SHQD
)LQDOPHQWH HOH GHVFREULX D OLEHUGDGH GH VHUYLU D XPD ~QLFD IRQWH GH SRGHU 0LFKHODQJHOR
GHVFREULX HVWD OLEHUGDGH FRP R SDSD -~OLR ,, *DOLOHX FRP RV 0HGLFL 1R ILQDO R SDWURQR
~QLFR DSUHFLD D VXD OHDOGDGH H SDVVD D GHSHQGHU GRV VHXV VHUYLoRV FRP R WHPSR R VHQKRU
VHUYHDRHVFUDYR

)LQDOPHQWHRSRGHUHVWiVHPSUHFRQFHQWUDGR(PTXDOTXHURUJDQL]DomRpLQHYLWiYHOTXHXP
SHTXHQRJUXSRFRQWUROHWXGR(TXDVHVHPSUHQmRVmRDTXHOHVFRPWtWXORV1RMRJRGRSRGHU
DSHQDVRWRORJROSHLDDTXLHDOLVHPIL[DUDVXDPHWDeSUHFLVRGHVFREULUTXHPFRQWURODDV
RSHUDo}HVTXHPUHDOPHQWHGLULJHDFHQDSRUWUiVGRVEDVWLGRUHV&RPR5LFKHOLHXGHVFREULX
QRLQtFLRGDVXDDVFHQVmRDRWRSRGRFHQiULRSROtWLFRIUDQFrVQRLQtFLRGRVpFXOR;9,,QmR
HUDRUHL/XtV;,,,TXHGHFLGLDDVFRLVDVHUDDPmHGHOH3RUWDQWRHOHVHOLJRXDHODHSDVVRX
SRUFLPDGHWRGRVRVQtYHLVGRVFRUWHVmRVGLUHWRSDUDRWRSR

%DVWDHQFRQWUDUSHWUyOHRXPDYH]²VXDULTXH]DHSRGHUHVWmRJDUDQWLGRVSDUDRUHVWRGDYLGD
$ PHOKRU HVWUDWpJLD p VHU VHPSUH PXLWR IRUWH SULPHLUR HP JHUDO GHSRLV QR PRPHQWR
GHFLVLYR1mRKiOHLGHHVWUDWpJLDPHOKRUHPDLVVLPSOHVGRTXHPDQWHUDVSUySULDVIRUoDV
FRQFHQWUDGDV(PUHVXPRRSULPHLURSULQFtSLRpDMDFRPDPi[LPDFRQFHQWUDomR

'DJXHUUD&DUOYRQ&ODXVHZLW]

7KLV GRFXPHQW KDV EHHQ FUHDWHG ZLWK D '(02 YHUVLRQ RI 3') &UHDWH &RQYHUW
KWWSZZZHTXLQR[VRIWZDUHFRPSURGXFWVSGIBFUHDWHBFRQYHUWKWPO

7RUHPRYHWKLVPHVVDJHSOHDVHUHJLVWHU

3UH]HDSURIXQGLGDGHPDLVGRTXHDVXSHUILFLDOLGDGH$SHUIHLomRHVWiQDTXDOLGDGHQmRQD
TXDQWLGDGH2VXSHUILFLDOQmRVDLGDPHGLRFULGDGHHDGHVJUDoDGRVKRPHQVFRPLQWHUHVVHV
DPSORVHJHQHUDOL]DGRVpTXHHQTXDQWRGHVHMDP FRPDQGDU WXGR DFDEDP QmR FRPDQGDQGR
QDGD $ SURIXQGLGDGH Gi IDPD H HTXLYDOH DR KHURLVPR HP TXHVW}HV VXEOLPHV  %DOWDVDU
*UDFLiQ

2,19(562
$ FRQFHQWUDomR SRGH VHU SHULJRVD H Ki PRPHQWRV HP TXH D GLVSHUVmR p D WiWLFD DGHTXDGD
/XWDQGRFRQWUDRVQDFLRQDOLVWDVSHORFRQWUROHGD&KLQD0DR7VpWXQJHRVFRPXQLVWDVIL]HUDP
XPDJXHUUDGHUHWUDomRHPYiULDVIUHQWHVXVDQGRFRPRVXDVSULQFLSDLVDUPDVDVDERWDJHPHDV
HPERVFDGDV $ GLVSHUVmR FRVWXPD VHU DGHTXDGD SDUD R ODGR PDLV IUDFR HOD p GH IDWR R
SULQFtSLR FUXFLDO GDV JXHUULOKDV $R OXWDU FRQWUD XP H[pUFLWR VXSHULRU FRQFHQWUDQGR VXDV
IRUoDV YRFr Vy VH WRUQD XP DOYR PDLV IiFLO ² PHOKRU VH GLVSHUVDU QR FHQiULR H IUXVWUDU VHX
LQLPLJRFRPDLQWDQJLELOLGDGHGDVXDSUHVHQoD

/LJDUVHDXPD~QLFDIRQWHGHSRGHUWHPXPJUDQGHSHULJRVHDSHVVRDPRUUHYDLHPERUDRX
oDLHPGHVJUDoDYRFrVRIUH

,VVRpEDVWDQWHSUXGHQWHHPpSRFDVGHJUDQGHVWXPXOWRVHPXGDQoDVYLROHQWDVRXTXDQGRVHXV
LQLPLJRVVmRQXPHURVRV4XDQWRPDLVSDWURQRVHVHQKRUHVYRFrWLYHUPHQRURULVFRTXHYRFr
FRUUHVHXPGHOHVSHUGHURSRGHU(VVDGLVSHUVmRDWpSHUPLWLUiTXHYRFrMRJXHXPFRQWUDR
RXWUR0HVPRTXHYRFrVHFRQFHQWUHQXPD~QLFDIRQWHGHSRGHUFRQWLQXDWHQGRGHWHUFDXWHOD
HVHSUHSDUDUSDUDRGLDHPTXHRVHXVHQKRURSDWURQRQmRHVWLYHUPDLVDTXLSDUDSURWHJrOR

)LQDOPHQWH H[DJHUDU QXP SURSyVLWR ~QLFR SRGH ID]HU GH YRFr XP FKDWR LQVXSRUWiYHO
HVSHFLDOPHQWHQDVDUWHV2

SLQWRU UHQDVFHQWLVWD 3DROR 8FFHOOR HUD WmR REFHFDGR FRP D SHUVSHFWLYD TXH VXDV SLQWXUDV
FKHJDPDSDUHFHUPRQyWRQDVHIDOVDVHQTXDQWR/HRQDUGRGD9LQFLVHLQWHUHVVDYDSRUWXGR²
DUTXLWHWXUDSLQWXUDJXHUUDHVFXOWXUDPHFkQLFD$GHVFHQWUDOL]DomRIRLDIRQWHGRVHXSRGHU
0DV JrQLRV DVVLP VmR UDURV TXDQWR DR UHVWDQWH GH QyV p PHOKRU SHQGHU SDUD R ODGR GD
SURIXQGLGDGH

7KLV GRFXPHQW KDV EHHQ FUHDWHG ZLWK D '(02 YHUVLRQ RI 3') &UHDWH &RQYHUW
KWWSZZZHTXLQR[VRIWZDUHFRPSURGXFWVSGIBFUHDWHBFRQYHUWKWPO

7RUHPRYHWKLVPHVVDJHSOHDVHUHJLVWHU

/(,

5(35(6(17(2&257(6­23(5)(,72

2 FRUWHVmR SHUIHLWR SURVSHUD QXP PXQGR RQGH WXGR JLUD HP WRUQR GR SRGHU H GD KDELOLGDGH
SROtWLFD(OHGRPLQDDDUWHGDGLVVLPXODomRHOHDGXODFHGHDRVVXSHULRUHVHDVVHJXUDRVHX
SRGHUVREUHRVRXWURVGDIRUPDPDLVJHQWLOHGLVVLPXODGD$SUHQGDHDSOLTXHDVOHLVGDFRUWHH
QmR KDYHUi OLPLWHV SDUD YRFr7KLV GRFXPHQW KDV EHHQ FUHDWHG ZLWK D '(02 YHUVLRQ RI
3') &UHDWH &RQYHUW KWWSZZZHTXLQR[
VRIWZDUHFRPSURGXFWVSGIBFUHDWHBFRQYHUWKWPO

7RUHPRYHWKLVPHVVDJHSOHDVHUHJLVWHU

/(,

5(&5,(6(

1mRDFHLWHRVSDSpLVTXHDVRFLHGDGHOKHLPSLQJH5HFULHVHIRUMDQGRXPDQRYDLGHQWLGDGH
XPDTXHFKDPHDWHQomRHQmRFDQVHDSODWpLD6HMDVHQKRUGDVXDSUySULDLPDJHPHPYH]GH
GHL[DUTXHRVRXWURVDGHILQDPSDUDYRFr,QFRUSRUHDUWLItFLRVGUDPiWLFRVDRVJHVWRVHDo}HV
S~EOLFDV±VHXSRGHUVHIRUWDOHFHUiHVXDSHUVRQDJHPSDUHFHUiPDLRUGRTXHDUHDOLGDGH

&RPSUHHQGD LVWR R PXQGR TXHU OKH DWULEXLU XP SDSHO QD YLGD ( QR PRPHQWR HP TXH YRFr
DFHLWDU HVWH SDSHO HVWDUi SHUGLGR 2 VHX SRGHU VH OLPLWD DSHQDV jTXHOD PLQ~VFXOD SRUomR
FRQVLJQDGD DR SDSHO TXH YRFr HVFROKHX RX IRL IRUoDGR D DVVXPLU 8P DWRU SHOR FRQWUiULR
UHSUHVHQWD YiULRV SDSpLV *R]H GHVWH SRGHU PXOWLIRUPH PDV VH LVVR QmR IRU SRVVtYHO IRUMH
SHOR PHQRV XPD QRYD LGHQWLGDGH FULDGD SRU YRFr PHVPR VHP RV OLPLWHV GHILQLGRV SRU XP
PXQGRLQYHMRVRHUHVVHQWLGR

$ VXD QRYD LGHQWLGDGH R SURWHJHUi GR PXQGR H[DWDPHQWH SRUTXH QmR p ³YRFr´ p XPD URXSD
TXHYRFrYHVWHHGHSRLVWLUD1mRSUHFLVDOHYDUDVFRLVDVSDUDRODGRSHVVRDO(DVXDQRYD
LGHQWLGDGH R GLVWLQJXLUi OKH GDUi XPD SUHVHQoD GUDPiWLFD 4XHP HVWLYHU Oi QD ~OWLPD ILOD
SRGHUiYHUHRXYLUYRFr2VGDSULPHLUDILODILFDUmRPDUDYLOKDGRVFRPDVXDRXVDGLD

$ SHUVRQDOLGDGH TXH OKH SDUHFH LQDWD QmR p QHFHVVDULDPHQWH YRFr$OpP GDV FDUDFWHUtVWLFDV
KHUGDGDVVHXVSDLVDPLJRVHFROHJDVDMXGDUDPDPROGiOD$WDUHIDSURPHWpLFDGRSRGHURVR
pDGHDVVXPLURFRQWUROHGRSURFHVVRQmRGHL[DUPDLVTXHRVRXWURVWHQKDPHVVDFDSDFLGDGH
GHOLPLWiODHPROGiOD5HFULHVHFRPRXPSHUVRQDJHPGHSRGHU(VFXOSLUYRFrPHVPRHP
XPEORFRGHDUJLODGHYHVHUXPDGDVWDUHIDVPDLVLPSRUWDQWHVHDJUDGiYHLVGDVXDYLGD)D]GH
YRFrEDVLFDPHQWHXPDUWLVWD²XPDUWLVWDFULDQGRDVLSUySULR

'HIDWRDLGpLDGDDXWRFULDomRYHPGRPXQGRDUWtVWLFR'XUDQWHPLOKDUHVGHDQRVVyRVUHLVH
R PDLV DOWRV FRUWHVmRV HUDP OLYUHV SDUD PROGDU D VXD LPDJHP S~EOLFD H GHWHUPLQDU D VXD
SUySULDLGHQWLGDGH'DPHVPDIRUPDVyRVUHLVHRVVHQKRUHVPDLVULFRVSRGLDPFRQWHPSODUD
VXDSUySULDLPDJHPQDDUWHHFRQVFLHQWHPHQWHDOWHUiOD2UHVWRGDKXPDQLGDGHUHSUHVHQWDYD
XPSDSHOUHVWULWRH[LJLGRSHODVRFLHGDGHHWLQKDSRXFDFRQVFLrQFLDGHVLPHVPD2SULPHLUR
SDVVRQRSURFHVVRGDDXWRFULDomRpDDXWRFRQVFLrQFLD²RHVWDUFRQVFLHQWHGHVLPHVPRFRPR
DWRUHDVVXPLURFRQWUROHGDVXDDSDUrQFLDHGDVVXDVHPRo}HV&RPRGLVVH'LGHURWRPDX
DWRU p DTXHOH TXH p VHPSUH VLQFHUR $V SHVVRDV TXH HVWmR VHPSUH H[SRQGR D WRGRV R TXH
VHQWHP VmR DERUUHFLGDV H FRQVWUDQJHGRUDV $SHVDU GD VXD VLQFHULGDGH p GLItFLO OHYiODV D
VpULR4XHPFKRUDHPS~EOLFRSRGHWHPSRUDULDPHQWHGHVSHUWDUVLPSDWLDPDVDREVHVVLYLGDGH
GHVVDVSHVVRDVWUDQVIRUPDORJRDVLPSDWLDHPGHVGpPHLUULWDomR²HODVFKRUDPSDUDFKDPDU
DWHQomRpRTXHDFKDPRVHXPODGRPDOLFLRVRHPQyVQmRTXHUOKHVGDUHVVDVDWLVIDomR2V
ERQVDWRUHVVHFRQWURODPPDLV(OHVSRGHPILQJLUVLQFHULGDGHHIUDQTXH]DSRGHPVLPXODUXPD
OiJULPD H XP DU FRPSDVVLYR VH TXLVHUHP PDV QmR SUHFLVDP VHQWLU LVVR (OHV H[WHULRUL]DP
HPRo}HVGHXPDIRUPDTXHRVRXWURVSRVVDPFRPSUHHQGHU5HSUHVHQWDUVHJXQGRR0pWRGRp
IDWDO QR PXQGR UHDO 1HQKXP JRYHUQDQWH RX OtGHU VHULD FDSD] GH UHSUHVHQWDU HVVH SDSHO VH
WRGDVDVHPRo}HVPRVWUDGDVWLYHVVHPGHVHUUHDLV3RUWDQWRDSUHQGDDVHFRQWURODU$GRWHD
SODVWLFLGDGH GR DWRU TXH FRQVHJXH H[SUHVVDU QR URVWR DV HPRo}HV QHFHVViULDV 2 VHJXQGR
SDVVRQRSURFHVVRGDDXWRFULDomRpXPDYDULHGDGHGDHVWUDWpJLDGH*HRUJH6DQGDFULDomRGH
XPD SHUVRQDJHP PHPRUiYHO TXH FKDPH DWHQomR TXH VH HUJD DFLPD GRV RXWURV DWRUHV QR
SDOFR (VWH HUD R MRJR GH $EUDKDP /LQFROQ 2 KRPHP VLPSOHV GR FDPSR HUD XP WLSR GH
SUHVLGHQWH TXH D $PpULFD QXQFD WLQKD WLGR PDV TXH ILFDULD HQFDQWDGD HP HOHJHU (PERUD
PXLWDV GHVWDV TXDOLGDGHV OKH IRVVHP QDWXUDLV HOH DV UHSUHVHQWDYD ² R FKDSpX DV URXSDV D
EDUED 1HQKXPSUHVLGHQWHDQWHVGHOHXVRXEDUED /LQFROQWDPEpPIRLRSULPHLURSUHVLGHQWHD
XVDUIRWRJUDILDVSDUDGLYXOJDUDVXDLPDJHPDMXGDQGRDFULDURtFRQHGR³SUHVLGHQWHVLPSOHV´
2 ERP GUDPD HQWUHWDQWR UHTXHU PDLV GR TXH XPD DSDUrQFLD LQWHUHVVDQWH RX XP ~QLFR
PRPHQWRHPHYLGrQFLD2

GUDPDDFRQWHFHDRORQJRGRWHPSR²pXPHYHQWRTXHVHGHVGREUD2ULWPRHRWHPSRVmR
FUtWLFRV 8P GRV HOHPHQWRV PDLV LPSRUWDQWHV QR ULWPR GR GUDPD p R VXVSHQVH +RXGLQL SRU
H[HPSORjVYH]HVHUDFDSD]GHHVFDSDUHPTXHVWmRGHVHJXQGRV²PDVSURORQJDYDRDWRSDUD
GHL[DUDSODWpLDDIOLWD

$FKDYHSDUDPDQWHUDSODWpLDVHQWDGDQDEHLUDGDSROWURQDpGHL[DUTXHRVDFRQWHFLPHQWRVVH
GHVHQUROHPOHQWDPHQWHGHSRLVDFHOHUiORVQRPRPHQWRFHUWRGHDFRUGRFRPXPSODQRHXP
DQGDPHQWRTXHpYRFrTXHPFRQWUROD2VJUDQGHVJRYHUQDQWHVGH1DSROHmRD0DR7VpWXQJ
XVDUDPRULWPRGUDPiWLFRSDUDVXUSUHHQGHUHGLVWUDLUVHXS~EOLFR)UDQNOLQ'HODQR5RRVHYHOW
FRPSUHHQGHXDLPSRUWkQFLDGHHQFHQDUHYHQWRVSROtWLFRVQXPDRUGHPHQXPULWPRSDUWLFXODU
'XUDQWH DV HOHLo}HV SUHVLGHQFLDLV GH  RV (VWDGRV 8QLGRV HVWDYDP SDVVDQGR SRU XPD
FULVHHFRQ{PLFDPXLWRGLItFLO2VEDQFRVIDOLDPQXPDYHORFLGDGHDODUPDQWH/RJRGHSRLVGH
JDQKDU DV HOHLo}HV 5RRVHYHOW HQWURX QXPD HVSpFLH GH UHFHVVR 1mR IDORX QDGD VREUH VHXV
SODQRV RX LQGLFDo}HV SDUD R PLQLVWpULR $Wp VH UHFXVRX D VH HQFRQWUDU FRP R HQWmR7KLV
GRFXPHQW KDV EHHQ FUHDWHG ZLWK D '(02 YHUVLRQ RI 3') &UHDWH &RQYHUW
KWWSZZZHTXLQR[VRIWZDUHFRPSURGXFWVSGIBFUHDWHBFRQYHUWKWPO

7RUHPRYHWKLVPHVVDJHSOHDVHUHJLVWHU

SUHVLGHQWH+HUEHUW+RRYHUSDUDGLVFXWLUDWUDQVLomR4XDQGR5RRVHYHOWWRPRXSRVVHRSDtV
VHHQFRQWUDYDQXPHVWDGRGHJUDQGHDQVLHGDGH

1RVHXGLVFXUVR5RRVHYHOWPXGRXGHPDUFKD)DORXFRPHQHUJLDHVFODUHFHQGRTXHSUHWHQGLD
FRQGX]LU R SDtV SRU XPD GLUHomR WRWDOPHQWH QRYD DEDQGRQDQGR D WLPLGH] GRV VHXV
DQWHFHVVRUHV $ SDUWLU GDt VHXV GLVFXUVRV H VXDV GHFLV}HV S~EOLFDV ² LQGLFDo}HV SDUD
PLQLVWpULRV OHLV DXGDFLRVDV ² DGTXLULUDP XP ULWPR LQFULYHOPHQWH YHOR] 2 SHUtRGR TXH VH
VHJXLX j SRVVH ILFRX FRQKHFLGR FRPR RV µ&HP 'LDV´ H R VXFHVVR QD PXGDQoD GH HVWDGR GH
HVStULWRGRSDtVVHRULJLQRXGDHVSHUWH]DHGRXVRGRFRQWUDVWHGUDPiWLFRGH5RRVHYHOW(OH
PDQWLQKDDVXDSODWpLDHPVXVSHQVRHLPSUHVVLRQDYDFRPXPDVpULHGHJHVWRVFRUDMRVRVTXH
SDUHFLDPDLQGDPDLVLPSRQHQWHVSRUTXHQmRVHVDELDGHRQGHYLQKDP9RFrSUHFLVDDSUHQGHU
D RUTXHVWUDU DVVLP RV DFRQWHFLPHQWRV VHP PRVWUDU WRGDV DV VXDV FDUWDV GH XPD Vy YH] PDV
UHYHODQGRDVDRVSRXFRVSDUDGDUPDLVGUDPDWLFLGDGH

$OpP GH GLVIDUoDU LQ~PHURV SHFDGRV R ERP GUDPD SRGH WDPEpP FRQIXQGLU H HQJDQDU R VHX
LQLPLJR 9RFr GHYH WDPEpP DYDOLDU D LPSRUWkQFLD GDV HQWUDGDV H VDtGDV GH FHQD 4XDQGR
&OHySDWUD IRL FRQKHFHU &pVDU QR (JLWR FKHJRX HQURODGD QXP WDSHWH TXH PDQGRX GHVHQURODU
DRV VHXV SpV *HRUJH :DVKLQJWRQ GXDV YH]HV GHL[RX R SRGHU FRP IORUHLRV H IDQIDUUDV
SULPHLURFRPRJHQHUDOGHSRLVFRPRRSUHVLGHQWHTXHVHUHFXVRXDFRQFRUUHUDXPWHUFHLUR
PDQGDWR  PRVWUDQGR TXH VDELD GDU LPSRUWkQFLD DR PRPHQWR GUDPiWLFD H VLPEROLFDPHQWH
9RFrGHYHWHURPHVPRFXLGDGRDRSODQHMDUDVVXDVSUySULDVHQWUDGDVHVDtGDVGHFHQD

/HPEUHVHGHTXHH[DJHUDUQDUHSUHVHQWDomRSRGHVHUFRQWUDSURGXFHQWH²pRXWUDIRUPDGHVH
HVIRUoDUGHPDLVSDUDFKDPDUDWHQomR2DWRU5LFKDUG%XUWRQGHVFREULXORJRQRLQtFLRGDVXD
FDUUHLUDTXHILFDQGRWRWDOPHQWHSDUDGRHPFHQDID]LDDVSHVVRDVROKDUHPSDUDHOHHQmRSDUD
RVRXWURVDWRUHV2LPSRUWDQWHQmRpWDQWRRTXHYRFrID]QLWLGDPHQWHPDVFRPRYRFrID]²D
VXD LPRELOLGDGH JUDFLRVD H LPSRQHQWH QR SDOFR VRFLDO FRQWD PDLV GR TXH R H[DJHUR QD
UHSUHVHQWDomRHQRVPRYLPHQWRV

)LQDOPHQWHDSUHQGDDUHSUHVHQWDUPXLWRVSDSpLVDVHUDTXLORTXHDRFDVLmRH[LJH$GDSWHD
VXDPiVFDUDjVLWXDomR

²WHQKDP~OWLSODVIDFHV%LVPDUFNHUDH[FHOHQWHQHVWHMRJRFRPRVOLEHUDLVHOHHUDOLEHUDO
FRPRVDJUHVVLYRVHOHHUDDJUHVVLYR1LQJXpPFRQVHJXLDDJDUUiORHRTXHQmRVHDJDUUDQmR
VH FRQVRPH6DLEDFRPRVHUWRGDVDVFRLVDVSDUDWRGRVRVKRPHQV8P3URWHXVGLVFUHWR²
XPHUXGLWRHQWUHHUXGLWRVXPVDQWRHQWUH VDQWRV(VVDpDDUWHGHFRQTXLVWDUWRGRVSRLVRV
LJXDLVVHDWUDHP5HJLVWUHRVWHPSHUDPHQWRVGDVSHVVRDVTXHYRFr

FRQKHFH H VH DGDSWH D FDGD XP GHOHV ²SDVVH GH VpULR D MRYLDO PXGDQGR GH KXPRU
GLVFUHWDPHQWH%DOWDVDU*UDFLiQ

6RFLDOPHQWHQmRVHFRPHQWDTXHXPKRPHPpXPJUDQGHDWRU"1mRVHHVWiGL]HQGRTXHHOH
VHQWHPDVTXHpyWLPRVLPXODGRUHPERUDQmRVLQWDQDGD

'HQLV'LGHURW
,19(562
1mR SRGH KDYHU R LQYHUVR SDUD HVVD OHL WmR LPSRUWDQWH PDX WHDWUR p PDX WHDWUR $Wp SDUD
SDUHFHU QDWXUDO p SUHFLVR WHU DUWH ² HP RXWUDV SDODYUDV UHSUHVHQWDU $ FDQDVWULFH Vy FULD
FRQVWUDQJLPHQWR e FODUR TXH YRFr QmR GHYH VHU GUDPiWLFR GHPDLV ² HYLWH RV JHVWRV
KLVWUL{QLFRV 0DV LVVR p VLPSOHVPHQWH PDX WHDWUR Mi TXH GHVUHVSHLWD QRUPDV WHDWUDLV
FHQWHQiULDVFRQWUDRH[DJHURQDUHSUHVHQWDomR(PHVVrQFLDRLQYHUVRQmRH[LVWHSDUDHVWDOHL
7KLV GRFXPHQW KDV EHHQ FUHDWHG ZLWK D '(02 YHUVLRQ RI 3') &UHDWH &RQYHUW
KWWSZZZHTXLQR[VRIWZDUHFRPSURGXFWVSGIBFUHDWHBFRQYHUWKWPO

7RUHPRYHWKLVPHVVDJHSOHDVHUHJLVWHU

/(,

0$17(1+$$60­26/,03$6

9RFr GHYH SDUHFHU XP PRGHOR GH FLYLOLGDGH VXDV PmRV QmR VH VXMDP FRP HUUR H DWRV
GHVDJUDGiYHLV 0DQWHQKD HVVD DSDUrQFLD LPSHFiYHO ID]HQGR RV RXWURV GH MRJXHWH H ERGH
H[SLDWyULRSDUDGLVIDUoDUDVXDSDUWLFLSDomR3$57((6&21'$266(86(5526

7(1+$80%2'((;3,$7Ï5,23253(5723$5$$6680,5$&8/3$

$QRVVDERDUHSXWDomRGHSHQGHPDLVGDTXLORTXHHVFRQGHPRVGRTXHGDTXLORTXHUHYHODPRV
7RGRV FRPHWHPRV HUURV PDV TXHP p HVSHUWR FRQVHJXH HVFRQGrORV H DUUDQMD DOJXpP SDUD
DFXVDUeVHPSUHFRQYHQLHQWHWHUXPERGHH[SLDWyULRSRUSHUWRQHVVHVPRPHQWRV

(UURV RFDVLRQDLV VmR LQHYLWiYHLV ² R PXQGR p LPSUHYLVtYHO GHPDLV$V SHVVRDV QR SRGHU
HQWUHWDQWR QmR VH GHVWURHP SHORV HUURV FRPHWLGRV PDV SHOD IRUPD FRPR OLGDP FRP HOHV
&RPR FLUXUJL}HV SUHFLVDP FRUWDU IRUD R WXPRU UiSLGD H LUUHYRJDYHOPHQWH 'HVFXOSDV VmR
IHUUDPHQWDV FHJDV GHPDLV SDUD HVWD GHOLFDGD RSHUDomR RV SRGHURVRV DV HYLWDP $R VH
GHVFXOSDU YRFr DEUH D SRUWD SDUD WRGRV RV WLSRV GH G~YLGD VREUH D VXD FRPSHWrQFLD VXDV
LQWHQo}HVVREUHRXWURVHUURVTXHYRFrWDOYH]QmRWHQKDFRQIHVVDGR'HVFXOSDVQmRVDWLVID]HP
DQLQJXpPHXPSHGLGRGHSHUGmRGHL[DWRGRPXQGRFRQVWUDQJLGR2HUURQmRGHVDSDUHFHFRP
XPDGHVFXOSDHOHFUHVFHHVHLQIODPD0HOKRUFRUWDUIRUDLPHGLDWDPHQWHGLVWUDLUDVDWHQo}HV
GH YRFr H IRFDOL]iODV VREUH XP ERGH H[SLDWyULR FRQYHQLHQWH DQWHV TXH DV SHVVRDV WHQKDP
WHPSR GH SHQVDU QD VXD UHVSRQVDELOLGDGH RX SRVVtYHO LQFRPSHWrQFLD 2 XVR GH ERGHV
H[SLDWyULRV p WmR DQWLJR TXDQWR D SUySULD FLYLOL]DomR H SRGHPRV HQFRQWUDU H[HPSORV HP
FXOWXUDV GR PXQGR LQWHLUR$ LGpLD SULQFLSDO SRU WUiV GHVWHV VDFULItFLRV p SDVVDU D FXOSD H R
SHFDGRSDUDXPDILJXUDH[WHUQD²

REMHWRDQLPDORXKRPHP²TXHGHSRLVpEDQLGDRXGHVWUXtGD2VKHEUHXVFRVWXPDYDPSHJDU
XPERGHYLYR GDtRWHUPRERGHH[SLDWyULR VREUHFXMDFDEHoDRVDFHUGRWHFRORFDYDDPEDVDV
PmRV HQTXDQWR FRQIHVVDYD RV SHFDGRV GRV )LOKRV GH ,VUDHO 'HSRLV GH WUDQVIHULGRV HVVHV
SHFDGRV SDUD R DQLPDO HOH HUD OHYDGR SDUD R GHVHUWR H Oi ILFDYD DEDQGRQDGR 1R FDVR GRV
DWHQLHQVHVHGRVDVWHFDVRERGHH[SLDWyULRHUDKXPDQRTXDVHVHPSUHXPDSHVVRDDOLPHQWDGD
HFULDGDFRPHVWHREMHWLYR9LVWRVHFRQVLGHUDUTXHDIRPHHDVSUDJDVHUDPFDVWLJRVLPSRVWRV
SHORVGHXVHVDRVKXPDQRVSRUVHXVPDXVDWRVRSRYRVRIULDQmRVyFRPDIRPHHDVSUDJDV
PDVFRPDFXOSDWDPEpP(OHVVHOLYUDYDPGHVVHVHQWLPHQWRGHFXOSDWUDQVIHULQGRRSDUDXPD
SHVVRDLQRFHQWHFXMDPRUWHWLQKDLQWHQomRGHVDWLVID]HURVSRGHUHVGLYLQRVHEDQLURPDOHQWUH
HOHV

eXPDDWLWXGHH[WUHPDPHQWHKXPDQDDGHQmRSURFXUDUGHQWURGHVLPHVPRDUD]mRGHXPHUUR
RXFULPHPDVVLPROKDUSDUDIRUDHFRORFDUDFXOSDQXPREMHWRFRQYHQLHQWH

(VWD SURIXQGD QHFHVVLGDGH GH H[WHUQDU D SUySULD FXOSD GH SURMHWiOD HP RXWUD SHVVRD RX
REMHWRWHPXPSRGHULPHQVRTXHRVDVWXWRVVDEHPFRPRFRQWURODU2VDFULItFLRpXPULWXDO
WDOYH]RPDLVDQWLJRGHWRGRVHRULWXDOWDPEpPp

XPDIRQWHGHSRGHU

2 VDFULItFLR VDQJUHQWR GR ERGH H[SLDWyULR SDUHFH XPD UHOtTXLD EiUEDUD GR SDVVDGR PDV D
SUiWLFDSHUVLVWHDWpKRMHHPERUDGHIRUPDLQGLUHWDHVLPEyOLFDYLVWRTXHRSRGHUGHSHQGHGDV
DSDUrQFLDV H TXHP HVWi QR SRGHU WHP GH SDUHFHU TXH QmR HUUD QXQFD RV ERGHV H[SLDWyULRV
HVWmRPDLVSRSXODUHVGRTXHQXQFD4XHOtGHUPRGHUQRDVVXPLULDDUHVSRQVDELOLGDGHSRUVHXV
HUURV" (OH SURFXUD RXWUDV SHVVRDV SDUD LQFULPLQDU XP ERGH H[SLDWyULR SDUD VDFULILFDU
)UDQNOLQ'5RRVHYHOWWLQKDIDPDGHKRPHPKRQHVWRHMXVWR$RORQJRGHWRGDDVXDFDUUHLUD
HQWUHWDQWRHOHHQIUHQWRXPXLWDVVLWXDo}HVHPTXHVHUXPERPVXMHLWRVLJQLILFDULDXPGHVDVWUH
SROtWLFR²PDVHOHQmRSRGHULDVHUYLVWRFRPRDJHQWHGHXPMRJRVXMR'XUDQWHYLQWHDQRV
SRUWDQWRVHXVHFUHWiULR/RXLV+RZHIH]RSDSHOGHERGHH[SLDWyULR(OHID]LDRVQHJyFLRVQRV
EDVWLGRUHV PDQLSXODYD D LPSUHQVD PDQREUDYD FDPSDQKDV FODQGHVWLQDV ( VHPSUH TXH VH
FRPHWLDXPHUURRXYLQKDDS~EOLFRXPWUXTXHVXMRFRQWUDGL]HQGRDLPDJHPFXLGDGRVDPHQWH
HODERUDGDGH5RRVHYHOW+RZHVHUYLDGHERGHH[SLDWyULRHQXQFDVHTXHL[RXGLVVR

$OpPGHFRQYHQLHQWHPHQWHGHVYLDUDFXOSDRERGHH[SLDWyULRVHUYHGHDOHUWDDRVRXWURV(P
 WUDPDYDVH SDUD WLUDU GR SRGHU R FDUGHDO IUDQFrV 5LFKHOLHX ² XP FRPSO{ FRQKHFLGR
FRPR³2'LDGRV7URX[DV´4XDVHFRQVHJXLUDPYLVWRTXHGHOHSDUWLFLSDYDPRVDOWRVHVFDO}HV
GR JRYHUQR LQFOXVLYH D UDLQKD PmH 0DV FRP VRUWH H VHXV SUySULRV F~PSOLFHV 5LFKHOLHX
VREUHYLYHX

8P GRV SULQFLSDLV FRQVSLUDGRUHV HUD XP KRPHP FKDPDGR 0DULOODF R JXDUGDGRU GRV VHORV
5LFKHOLHX QmR SRGHULD PDQGDU SUHQGrOR VHP FRPSURPHWHU D UDLQKDPmH WiWLFD TXH VHULD
H[WUHPDPHQWH SHULJRVD 3RUWDQWR HOH PLURX R LUPmR GH 0DULOODF XP PDUHFKDO GR H[pUFLWR
(VVHKRPHPQmRWLQKDQDGDDYHUFRPRFRPSO{5LFKHOLHXHQWUHWDQWRWHPHQGRTXHKRXYHVVH
DLQGDQRDURXWUDVFRQVSLUDo}HVHVSHFLDOPHQWHQRH[pUFLWRGHFLGLXGDUXPH[HPSOR)RUMRX
DFXVDo}HVVREUHRLUPmRGH0DULOODFHHOHIRLMXOJDGRHH[HFXWDGR$VVLPLQGLUHWDPHQWHHOH
SXQLX R YHUGDGHLUR FULPLQRVR TXH VH DFKDYD7KLV GRFXPHQW KDV EHHQ FUHDWHG ZLWK D
'(02 YHUVLRQ RI 3') &UHDWH &RQYHUW KWWSZZZHTXLQR[
VRIWZDUHFRPSURGXFWVSGIBFUHDWHBFRQYHUWKWPO
7RUHPRYHWKLVPHVVDJHSOHDVHUHJLVWHU

SURWHJLGRHDYLVRXDRVIXWXURVFRQVSLUDGRUHVTXHQmRUHOXWDULDHPVDFULILFDULQRFHQWHVSDUD
SURWHJHU R VHX SUySULR SRGHU 'H IDWR TXDVH VHPSUH p SUHIHUtYHO HVFROKHU D YtWLPD PDLV
LQRFHQWHSRVVtYHOFRPRERGHH[SLDWyULR3HVVRDVDVVLPQmRWHUmRSRGHUVXILFLHQWHSDUDOXWDU
FRQWUDYRFrHVHXVSURWHVWRVLQJrQXRVSRGHUmRSDUHFHUH[DJHUDGRV²SRGHUmRVHUYLVWRVHP
RXWUDV SDODYUDV FRPR VLQDO GD VXD FXOSD &XLGDGR HQWUHWDQWR SDUD QmR FULDU XP PiUWLU e
LPSRUWDQWHTXHYRFr

FRQWLQXHVHQGRDYtWLPDRSREUHOtGHUWUDtGRSHODLQFRPSHWrQFLDGRVTXHRFHUFDP6HRERGH
H[SLDWyULRSDUHFHUIUDFRGHPDLVHRVHXFDVWLJRPXLWRFUXHORWLURSRGHVDLUSHODFXODWUD¬V
YH]HVYRFrGHYHHQFRQWUDUXPERGHH[SLDWyULRPDLVSRGHURVR²TXHDORQJRSUD]RGHVSHUWH
PHQRVVLPSDWLD

6HJXLQGR HVWD WHQGrQFLD D KLVWyULD WHP GHPRQVWUDGR YiULDV YH]HV TXH YDOH D SHQD XVDU XP
DVVRFLDGR SUy[LPR FRPR ERGH H[SLDWyULR ,VWR p FRQKHFLGR FRPR D ³TXHGD GR IDYRULWR´$
PDLRULD GRV UHLV WHYH XP IDYRULWR SHVVRDO QD FRUWH XP KRPHP D TXHP HOHV GLVWLQJXLDP GRV
RXWURV jV YH]HV VHP QHQKXP PRWLYR DSDUHQWH H FREULDP GH IDYRUHV H DWHQomR 0DV HVWH
IDYRULWR SRGLD VHUYLU FRPR XP FRQYHQLHQWH ERGH H[SLDWyULR VH D UHSXWDomR GR UHL VH YLVVH
DPHDoDGD 2 S~EOLFR IDFLOPHQWH DFUHGLWDULD QD FXOSD GR ERGH H[SLDWyULR ² SRU TXH R UHL
VDFULILFDULDRVHXIDYRULWRVHHOHQmRIRVVHFXOSDGR"(

RV RXWURV FRUWHVmRV Mi UHVVHQWLGRV FRP R IDYRULWR VH DOHJUDULDP FRP D VXD TXHGD 2 UHL
HQTXDQWRLVVRVHOLYUDYDGHXPKRPHPTXHSURYDYHOPHQWHMiVDELDGHPDLVVREUHHOHWHQGR
DWpDWLWXGHVDUURJDQWHVHGHVGHQKRVDV(VFROKHUXPDVVRFLDGRSUy[LPRFRPRERGHH[SLDWyULR
WHPRPHVPRYDORUGD³TXHGDGRIDYRULWR´9RFrSRGHSHUGHUXPDPLJRRXDMXGDQWHPDVD
ORQJR SUD]R p PDLV LPSRUWDQWH HVFRQGHU VHXV HUURV GR TXH FRQILDU HP DOJXpP TXH XP GLD
SURYDYHOPHQWH YDL VH YLUDU FRQWUD YRFr$OpP GR PDLV YRFr VHPSUH SRGH VXEVWLWXtOR SRU
RXWURIDYRULWR/RXFXUDQmRpFRPHWHUORXFXUDVHVLPQmRFRQVHJXLUHVFRQGrODV7RGRVRV
KRPHQV HUUDP PDV R ViELR HVFRQGH RV HQJDQRV TXH FRPHWHX HQTXDQWR R ORXFR RV WRUQD
S~EOLFRV $ UHSXWDomR GHSHQGH PDLV GR TXH VH HVFRQGH GR TXH GDTXLOR TXH VH PRVWUD 6H
YRFrQmRSRGHVHUERPVHMDFXLGDGRVR

%DOWDVDU*UDFLDQ

2V DWHQLHQVHV PDQWLQKDP UHJXODUPHQWH XPD TXDQWLGDGH GH VHUHV GHJUDGDGRV H LQ~WHLV H
TXDQGR DFRQWHFLD XPD FDODPLGDGH WDO FRPR XPD SUDJD HQFKHQWH RX HVFDVVH] GH
DOLPHQWRV>HVWHVERGHVH[SLDWyULRV@HUDPOHYDGRVHGHSRLVVDFULILFDGRV DSDUHQWHPHQWH
DSHGUHMDGRVGRODGRGHIRUDGDFLGDGH

7KH*ROGHQ%RXJK6LU-DPHV*HRUJH)UD]HU

3$57(,,1­2&2/248($68$0$212)2*2

8PDUDLQKDQmRGHYHVXMDUDVPmRVFRPWDUHIDVLQJOyULDVQHPXPUHLRGHDSDUHFHUHPS~EOLFR
FRP R URVWR PDQFKDGR GH VDQJXH 0DV R SRGHU QmR VREUHYLYH VHP R HVPDJDU FRQVWDQWH GH
LQLPLJRV²VHPSUHKDYHUiSHTXHQDVWDUHIDVVXMDVTXHSUHFLVDPVHUIHLWDVSDUDPDQWHUYRFrQR
WURQR

(PJHUDOVHUiDOJXpPIRUDGRVHXFtUFXORLPHGLDWRTXHSURYDYHOPHQWHQmRSHUFHEHUiTXHHVWi
VHQGRXVDGR9RFr

HQFRQWUDHVVHVWURX[DVSRUWRGDSDUWH²JHQWHTXHJRVWDGHSUHVWDUIDYRUHVHVSHFLDOPHQWHVH
YRFrOKHVMRJDUXPRVVLQKRRXGRLVHPWURFD0DVHQTXDQWRUHDOL]DPWDUHIDVTXHSDUDHOHV
SRGHPSDUHFHUEDVWDQWHLQRFHQWHVRXSHORPHQRVWRWDOPHQWHMXVWLILFDGDVQDYHUGDGHDEUHPR
FDPLQKR SDUD YRFr HVSDOKDQGR DV LQIRUPDo}HV TXH YRFr OKHV Gi GHVWUXLQGR DRV SRXFRV
SHVVRDVTXHHOHVQmRSHUFHEHPVHUHPVXDVULYDLVLQDGYHUWLGDPHQWHSURPRYHQGRDVXDFDXVD
VXMDQGRDVPmRVHQTXDQWRDVVXDVSHUPDQHFHPLPDFXODGDV

6HYRFrHVWLYHUWHPSRUDULDPHQWHHQIUDTXHFLGRHSUHFLVDUGHWHPSRSDUDVHUHFXSHUDUTXDVH
VHPSUHpPDLVYDQWDMRVRXVDUDVSHVVRDVDRVHXUHGRUFRPRXPDFRUWLQDSDUDHVFRQGHUVXDV
LQWHQo}HVHFRPRXPDSDWDGHJDWRSDUDID]HURWUDEDOKRSRUYRFr3URFXUHXPDWHUFHLUDSDUWH
FRPTXHPGLYLGLUXPLQLPLJR PHVPRTXHSRUPRWLYRVGLYHUVRV 'HSRLVVHDSURYHLWHGRVHX
SRGHUVXSHULRUSDUDGDUJROSHVTXHOKHFXVWDULDPPXLWRPDLVHQHUJLDYLVWRTXHYRFrpPDLV
IUDFR 9RFr SRGH DWp GHOLFDGDPHQWH JXLiORV SDUD DWLWXGHV KRVWLV 3URFXUH VHPSUH R
IODJUDQWHPHQWH DJUHVVLYR  FRP IUHTrQFLD HOHV HVWmR PDLV GLVSRVWRV D HQWUDU QXPD EULJD H
YRFrSRGHHVFROKHUH[DWDPHQWHDEULJDFHUWDSDUDRVHXREMHWLYR

6DLEDTXHSUHVWDUXPIDYRUQmRpFRLVDVLPSOHVQmRVHGHYHID]HUHVWDUGDOKDoRQHPVHUyEYLR
GHPDLVSRLVTXHPUHFHEHVHQWHRSHVRGDREULJDomR,VWRSRGHGDUXPFHUWRSRGHUDTXHPGi
PDVpXPSRGHUTXHDFDEDVHDXWRGHVWUXLQGRSRUTXHVyGHVSHUWDUHVVHQWLPHQWRVHUHVLVWrQFLD
8PIDYRUSUHVWDGRLQGLUHWDPHQWHHFRPHOHJkQFLDWHPGH]YH]HVPDLVSRGHU

2 FRUWHMDGRU XVD D PmR HQOXYDGD SDUD DEUDQGDU RV JROSHV GHVIHFKDGRV FRQWUD HOH GLVIDUoDU
FLFDWUL]HV WRUQDU R DWR GH UHVJDWH PDLV HOHJDQWH H OLPSR$R DMXGDU RV RXWURV R FRUWHMDGRU
DFDEDVHDMXGDQGR-DPDLVLPSRQKDXPIDYRUVHX%XVTXHXPMHLWRGHWLUDULQGLUHWDPHQWHVHXV
DPLJRVGHGLILFXOGDGHVVHPVHLPSRURXID]HUFRPTXHHOHVVHVLQWDPGHYHGRUHV

&RPROtGHUYRFrSRGHLPDJLQDUTXHR]HORFRQVWDQWHHDDSDUrQFLDGHWUDEDOKDUPDLVGRTXH
WRGRV VLJQLILTXH SRGHU 1D YHUGDGH HQWUHWDQWR WXGR LVVR WHP R HIHLWR FRQWUiULR VXJHUH
IUDTXH]D3RUTXHYRFrWUDEDOKDWDQWR"7DOYH]VHMD7KLVGRFXPHQWKDVEHHQFUHDWHGZLWKD
'(02 YHUVLRQ RI 3') &UHDWH &RQYHUW KWWSZZZHTXLQR[
VRIWZDUHFRPSURGXFWVSGIBFUHDWHBFRQYHUWKWPO

7RUHPRYHWKLVPHVVDJHSOHDVHUHJLVWHU

LQFRPSHWHQWH H WHQKD GH VH HVIRUoDU PDLV SDUD FRQWLQXDU RQGH HVWi WDOYH] YRFr VHMD XPD
GHVVDV SHVVRDV TXH QmR VDEHP GHOHJDU SRGHUHV H SUHFLVDP VH PHWHU HP WXGR 2V
YHUGDGHLUDPHQWH SRGHURVRV SRU RXWUR ODGR QmR SDUHFHP QXQFD WHU SUHVVD RX HVWDU
VREUHFDUUHJDGRV GH WUDEDOKR (QTXDQWR RV RXWURV VH HVIDOIDP HOHV GHVFDQVDP 6DEHP RQGH
HQFRQWUDUTXHPTXHYDLODEXWDUHQTXDQWRHOHVSRXSDPVXDVHQHUJLDVHQmRTXHLPDPVXDVPmRV
QR IRJR 6LPLODUPHQWH YRFr SRGH DFKDU TXH DVVXPLQGR R WUDEDOKR VXMR HQYROYHQGRVH
GLUHWDPHQWHHPDo}HVGHVDJUDGiYHLVHVWiLPSRQGRRVHXSRGHUHLQVSLUDQGRWHPRU'HIDWR
YRFrHVWiPRVWUDQGRXPDLPDJHPIHLDHDEXVLYDGDVXDDOWDSRVLomR3HVVRDVYHUGDGHLUDPHQWH
SRGHURVDV QmR VXMDP DV PmRV )LFDP FHUFDGDV DSHQDV GH FRLVDV ERDV H Vy DQXQFLDP
FRQTXLVWDVJORULRVDV)UHTHQWHPHQWHYRFrYHUiTXHpSUHFLVRpFODURJDVWDUHQHUJLDRXWHU
XPDDWLWXGHQRFLYDSRUpPQHFHVViULD0DVYRFrQmRGHYHQXQFDSDUHFHUTXHpRDJHQWHGHVVD
DomR(QFRQWUHDOJXpPSDUDVXMDUDVPmRVSRUYRFr'HVHQYROYDDDUWHGHHQFRQWUDUXVDUHQR
GHYLGRWHPSRVHOLYUDUGHVVDVSHVVRDVGHSRLVGHFXPSULGRRVHXSDSHOGHSDWDGRJDWR1D
YpVSHUD GH XPD LPSRUWDQWH EDWDOKD QDYDO R JUDQGH HVWUDWHJLVWD FKLQrV GR VpFXOR ,,, &KXNR
/LDQJVHYLXIDOVDPHQWHDFXVDGRGHWUDEDOKDUHPVHJUHGRSDUDRRXWURODGR&RPRSURYDGD
VXDOHDOGDGHVHXFRPDQGDQWHPDQGRXTXHHOHSURGX]LVVHFHPPLOIOHFKDVSDUDRH[pUFLWRHP
WUrVGLDVRXPRUUHULD(PYH]GHWHQWDUID]HUDVIOHFKDVXPDWDUHIDLPSRVVtYHO/LDQJSHJRX
XPDG~]LDGHEDUFRVHPDQGRXDPDUUDUPRQWHVGHSDOKDDRODGRGHFDGDXPGHOHV1RILPGD
WDUGHTXDQGRRULRFRVWXPDYDILFDUFREHUWRGHQHEOLQDHOHDUUDVWRXRVEDUFRVHPGLUHomRDR
FDPSRLQLPLJR7HPHQGRXPDDUPDGLOKDGRDVWXWR&KXNR/LDQJRLQLPLJRQmRXVRXRVVHXV
SUySULRV EDUFRV SDUD DWDFDU RV GR DGYHUViULR TXH PDO FRQVHJXLD HQ[HUJDU PDV IH] FKRYHU
VREUH HOHV XPD QXYHP GH IOHFKDV DWLUDGDV GD PDUJHP$ PHGLGD TXH RV EDUFRV GH /LDQJ VH
DSUR[LPDYDPHOHLDDXPHQWDQGRDFKXYDGHIOHFKDVTXHILFDYDPHVSHWDGDVQDSDOKD'HSRLV
GHYiULDVKRUDVRVKRPHQVHVFRQGLGRVDERUGRGHVFHUDPUDSLGDPHQWHRULRFRPRVEDUFRVDWp
RQGH&KXNR/LDQJRVHQFRQWURXHUHFROKHXDVVXDVFHPPLOIOHFKDV

&KXNR /LDQJ MDPDLV ID]LD XP WUDEDOKR TXH RXWURV SRGHULDP ID]HU SRU HOH ² HVWDYD VHPSUH
LPDJLQDQGR WUXTXHV GHVVH WLSR $ FKDYH SDUD R SODQHMDPHQWR GH XPD HVWUDWpJLD DVVLP p D
FDSDFLGDGHGHSHQVDUFRPDQWHFHGrQFLDGHLPDJLQDUIRUPDVGHDWUDLURVRXWURVSDUDID]HUR
WUDEDOKRSRUYRFr

8P HOHPHQWR HVVHQFLDO SDUD TXH HVWD HVWUDWpJLD IXQFLRQH p GLVIDUoDU R VHX REMHWLYR
HQYROYHQGRR QXPD FDSD GH PLVWpULR FRPR RV HVWUDQKRV EDUFRV LQLPLJRV TXH VXUJHP
LQGLVWLQWDPHQWH QR PHLR GD QpYRD 6H RV VHXV ULYDLV QmR WrP FHUWH]D GR TXH YRFr HVWi
TXHUHQGRDFDEDUmRUHDJLQGRGHIRUPDDVHSUHMXGLFDU'HIDWRHOHVpTXHVXMDUmRDVPmRVSRU
YRFr6HYRFrGLVIDUoDVXDVLQWHQo}HVILFDPXLWRPDLVIiFLOJXLiORVSDUDID]HUH[DWDPHQWHR
TXHYRFrTXHUTXHVHMDIHLWRPDVSUHIHUHQmRID]HUYRFrPHVPR,VWRSRGHH[LJLUDH[HFXomR
DQWHULRUGHYiULRVPRYLPHQWRVFRPRXPDERODGHELOKDUTXHULFRFKHWHLDQRVFDQWRVDOJXPDV
YH]HVDQWHVGHDFHUWDUDFDoDSD

2WUDSDFHLURDPHULFDQRGRLQtFLRGRVpFXOR;;<HOORZ.LG:HLOVDELDTXHSRUPDLVKiELO
TXH IRVVH VH DERUGDVVH GLUHWDPHQWH R RWiULR ULFR SHUIHLWR VHQGR HOH XP HVWUDQKR R VXMHLWR
ILFDULDGHVFRQILDGR3RULVVR:HLOSURFXUDYDDOJXpPTXHRRWiULRMiFRQKHFHVVHSDUDVXMDUDV
PmRVSRUHOH²DOJXpPQXPDSRVLomRLQIHULRUQDKLHUDUTXLDHTXHIRVVHXPDOYRLPSURYiYHO
PHQRV VXVSHLWR :HLO ID]LD HVVH DOJXpP VH LQWHUHVVDU SRU XP HVTXHPD TXH SURPHWLD UHQGHU
XPD HQRUPLGDGH GH GLQKHLUR &RQYHQFLGR GH TXH R HVTXHPD HUD SDUD YDOHU HOH HP JHUDO
VXJHULDVHPQLQJXpPROHPEUDUGLVVRTXHVHXFKHIHRXDPLJRULFRWDPEpPGHYHULDSDUWLFLSDU
FRPPDLVGLQKHLURSDUDLQYHVWLUHVVHFKHIHRXDPLJRDXPHQWDULDRWDPDQKRGRERORHWRGRV
JDQKDULDPPDLV 2 VXMHLWR TXH VHUYLD GH GLVIDUFH HQWmR HQYROYHULD R ULFR RWiULR TXH HUD R
DOYR GH :HLO GHVGH R LQtFLR PDV TXH QmR GHVFRQILDULD GH XPD DUPDGLOKD YLVWR TXH R VHX
FRQILiYHO VXERUGLQDGR p TXH R WLQKD DPDUUDGR$UWLItFLRV GHVVH WLSR VmR HP JHUDO D PHOKRU
PDQHLUD GH DERUGDU D SHVVRD FRP SRGHU XVH XP DVVRFLDGR RX VXERUGLQDGR SDUD ID]HU D
OLJDomR HQWUH YRFr H R VHX DOYR SULQFLSDO 2 GLVIDUFH HVWDEHOHFH D VXD FUHGLELOLGDGH H R
SURWHJHGDGHVDJUDGiYHODSDUrQFLDGHHVWDUH[DJHUDQGRQDEDMXODomR

$ PDQHLUD PDLV IiFLO H HILFD] GH VH DSURYHLWDU GD GLVIDUFH TXDVH VHPSUH p GDQGROKH XPD
LQIRUPDomR IDOVD TXH HOH YDL ORJR FRQWDU SDUD R VHX DOYR SULQFLSDO ,QIRUPDo}HV IDOVDV RX
LQYHQWDGDV VmR XPD DUPD SRGHURVD HVSHFLDOPHQWH VH GLYXOJDGDV SRU XP WURX[D GH TXHP
QLQJXpP GHVFRQILD 9RFr YDL YHU TXH p PXLWR IiFLO EDQFDU R LQRFHQWH H QmR GHL[DU QLQJXpP
SHUFHEHUDRULJHPGHODV

2HVWUDWpJLFRWHUDSHXWD0LOWRQ+(ULFNVRQFRVWXPDYDWHUHQWUHVHXVSDFLHQWHVFDVDLVHPTXHD
HVSRVDTXHULDID]HUDWHUDSLDPDVRPDULGRVHUHFXVDYDWHUPLQDQWHPHQWH(PYH]GHVHFDQVDU
WHQWDQGRWUDWDUGLUHWDPHQWHFRPRKRPHP(ULFNVRQDWHQGLDDHVSRVDVR]LQKDHFRQIRUPHHOD
LDIDODQGRHOHLQVHULDQDFRQYHUVDLQWHUSUHWDo}HVGRFRPSRUWDPHQWRGRPDULGRTXHHOHVDELD
TXHRLUULWDULDP&RPFHUWH]DHODLDFRQWDUSDUDPDULGRRTXHRPpGLFRWLQKDGLWR'HSRLVGH
DOJXPDVVHPDQDVHOHMiHVWDYDWmRIXULRVRTXHDFDEDLQVLVWLQGRHPDFRPSDQKDUDPXOKHUSDUD
DFHUWDUDVFRQWDVFRPRPpGLFR

)LQDOPHQWH Ki RFDVL}HV HP TXH VH RIHUHFHU GHOLEHUDGDPHQWH SDUD WLUDU D FDVWDQKD GR IRJR
SRGH OKH GDU XP JUDQGH SRGHU e R DUGLO GR SHUIHLWR FRUWHVmR 6HX VtPEROR p 6LU :DOWHU
5DOHLJKTXHFHUWDYH]FRORFRXRVHXFDVDFRQDODPDSDUDTXHDUDLQKD(OL]DEHWKQmRVXMDVVH
RVVDSDWRV&RPRRLQVWUXPHQWRTXHSURWHJHXPVHQKRURXXPSDUGHFRLVDVGHVDJUDGiYHLVRX
SHULJRVDVYRFrJDQKDXPLPHQVRUHVSHLWRTXHPDLVFHGRRXPDLVWDUGHGDUiVHXVGLYLGHQGRV
(

OHPEUHVH VH FRQVHJXLU GDU D VXD DVVLVWrQFLD GH XPD IRUPD VXWLO H JUDFLRVD HP YH] GH VH
PRVWUDURUJXOKRVRHLQF{PRGRVXDUHFRPSHQVDVHUiDLQGDPDLVVDWLVIDWyULDHSRGHURVD

7KLV GRFXPHQW KDV EHHQ FUHDWHG ZLWK D '(02 YHUVLRQ RI 3') &UHDWH &RQYHUW
KWWSZZZHTXLQR[VRIWZDUHFRPSURGXFWVSGIBFUHDWHBFRQYHUWKWPO

7RUHPRYHWKLVPHVVDJHSOHDVHUHJLVWHU

)DoDYRFrPHVPRWXGRTXHIRUDJUDGiYHOSDUDRTXHIRUGHVDJUDGiYHOYRFrXVDRVRXWURV
&RP R SULPHLUR SURFHGLPHQWR YRFH VDL IDYRUHFLGR FRP R VHJXQGR YRFr GHVYLD D Pi
YRQWDGH 1HJyFLRV LPSRUWDQWHV TXDVH VHPSUH H[LJHP UHFRPSHQVDV H SXQLo}HV 'H YRFr Vy
GHYHYLURTXHpERPRUXLPYLUiGRVRXWURV%DOWDVDU*UDFLiQ

(X SUHILUR WUDLU R PXQGR LQWHLUR GR TXH GHL[DU TXH R PXQGR PH WUDLD  *HQHUDO 7V µDR 7V
µDRFG&

$-867,d$'(&+(/0

&HUWDYH]DFRQWHFHXXPDGHVJUDoDQDFLGDGHGH&KHOP2VDSDWHLURGDFLGDGHDVVDVVLQRX
XP GRV VHXV FOLHQWHV (OH IRL HQWmR OHYDGR DR MXL] TXH R FRQGHQRX j IRUFD $QXQFLDGR R
YHUHGLFWRXPGRVFLGDGmRVVHOHYDQWRXHJULWRX6HPHSHUPLWH²9RVVD6HQKRULDDFDEDGH
FRQGHQDUjPRUWHR~QLFRVDSDWHLURGDFLGDGH6yWHPRVHOH6HRHQIRUFDUTXHPYDL

FRQVHUWDUQRVVRVVDSDWRV"´4XHP"4XHP"µJULWDUDPWRGRVGDFLGDGHGH&KHOPDXPDVy
YR]2MXL]EDODQoRXDFDEHoD FRQFRUGDQGRHUHFRQVLGHURXRVHXYHUHGLFWRµ%RPSRYRGH
&KHOP ³ GLVVH HOH ³R TXH GL]HP p YHUGDGH 9LVWR  TXH Vy WHPRV XP VDSDWHLUR VHULD XP
JUDYH HUUR FRQWUD D FRPXQLGDGH GHL[iOR PRUUHU ( FRPR H[LVWHP GRLV WHOKDGRUHV  QD
FLGDGHTXHXPGHOHVVHMDHQIRUFDGRQRVHXOXJDU´

$7UHDVXU\2I-HZLVK)RONORUH1DWKDQ$XVXEHO

1mRVHGHYHVHUGLUHWRGHPDLV9HMDDIORUHVWD

$ViUYRUHVUHWDVVmRFRUWDGDVDVUHWRUFLGDVSHUPDQHFHPGHSp

.DXWLO\DILOyVRIRKLQGXVpFXORD&

25*

2,19(562
2GLVIDUFHHRERGHH[SLDWyULRGHYHPVHUXVDGRVFRPH[WUHPDFDXWHODHGHOLFDGH]D(OHVVmR
FRUWLQDVTXHHVFRQGHPGRS~EOLFRRVHXSUySULRHQYROYLPHQWRQRWUDEDOKRVXMRVHGHUHSHQWH
D FRUWLQD VH HUJXHU H YRFr IRU YLVWR FRPR PDQLSXODGRU R VHQKRU GRV IDQWRFKHV WRGD D
GLQkPLFD PXGDUi GH UXPR ² VXD PmR VHUi YLVWD SRU WRGD D SDUWH H YRFr VHUi DFXVDGR GH
LQIRUW~QLRVFRPRVTXDLVQmRWHPQDGDDYHU'HSRLVTXHDYHUGDGHYHPjWRQDDVFRLVDVYmR
WRPDQGRXPDSURSRUomRLQFRQWUROiYHO

(P  D UDLQKD &DWDULQD GH 0HGLFL GD )UDQoD FRQVSLUDYD SDUD DFDEDU FRP *DVSDUG GH
&ROLJQ\ DOPLUDQWH GD DUPDGD IUDQFHVD H LPSRUWDQWH PHPEUR GD FRPXQLGDGH KXJXHQRWH
SURWHVWDQWHVIUDQFHVHV &ROLJQ\HUDDPLJRGRILOKRGH&DWDULQD&DUORV,;HHODWHPLDDVXD
FUHVFHQWHLQIOXrQFLDVREUHRMRYHPUHL(ODDUUXPRXSRUWDQWRXPPHPEURGDIDPtOLD*XLVH
XP GRV GiV UHDLV PDLV SRGHURVRV GD )UDQoD SDUD DVVDVVLQiOR 0DV VHFUHWDPHQWH &DWDULQD
WLQKD RXWUR SODQR HOD TXHULD TXH RV KXJXHQRWHV DFXVDVVHP RV *XLVH GH WHUHP PDWDGR XP GH
VHXVOtGHUHVHVHYLQJDVVHP&RPXPDVyWDFDGDHODDSDJDULDRXSUHMXGLFDULDGRLVSHULJRVRV
ULYDLV&ROLJQ\HDIDPtOLD*XLVH0DVRVGRLVWLURVVDtUDPSHODFXODWUD2DVVDVVLQRHUURXR
DOYRIHULQGRDSHQDV&ROLJQ\VDEHQGRTXH&DWDULQDHUDVXDLQLPLJDHOHGHVFRQILRXVHULDPHQWH
GH TXH HOD p TXHP WLQKD WUDPDGR R DWDTXH H FRQWRX SDUD R UHL $FDERX TXH R DVVDVVLQDWR
IUDFDVVDGR H DV GLVFXVV}HV TXH VH VHJXLUDP GHUDP RULJHP D XPD VpULH GH DFRQWHFLPHQWRV
UHVXOWDQGRQXPDVDQJUHQWDJXHUUDFLYLOHQWUHFDWyOLFRVHSURWHVWDQWHVTXHFXOPLQRXQRKRUUtYHO
PDVVDFUHFRQKHFLGRFRPRD1RLWHGH6mR%DUWRORPHXTXDQGRPLOKDUHVGHSURWHVWDQWHVIRUDP
PRUWRV6HWLYHUGHXVDUXPGLVIDUFHRXRERGHH[SLDWyULRQXPDDomRGHVpULDVFRQVHTrQFLDV
FXLGDGRH[DJHUDUSRGHVHUSUHMXGLFLDOeVHPSUHPDLVVHQVDWRXVDUHVVHVWURX[DVHPWDUHIDV
PDLVLQRFHQWHVTXDQGRXPHUURQmRFDXVDUiGDQRVJUDYHV
)LQDOPHQWH Ki PRPHQWRV HP TXH p PDLV YDQWDMRVR QmR GLVIDUoDU R VHX HQYROYLPHQWR RX
UHVSRQVDELOLGDGHPDVDVVXPLUYRFrPHVPRDFXOSDSRUDOJXPHUUR6HYRFrWHPSRGHUHHVWi
VHJXURGHOHGHYHjVYH]HVUHSUHVHQWDURSHQLWHQWHFRPRROKDUSHVDURVRYRFrSHGHSHUGmR
DRVPDLVIUDFRV(RWUXTXHGRUHLTXHILFDH[LELQGRRVHXVDFULItFLRSHOREHPHVWDUGRSRYR
2FDVLRQDOPHQWH WDPEpP p ERP YRFr VH PRVWUDU FRPR R DJHQWH FDVWLJDGRU SDUD LQVSLUDU
PHGRHWHUURUQRVVHXVVXERUGLQDGRV(PYH]GDSDWDGRJDWRYRFrPRVWUDDVXDPmRSRGHURVD
FRPXPJHVWRDPHDoDGRU8VHHVWHWUXQIRFRPSDUFLP{QLD6HXViORFRPPXLWDIUHTrQFLDR
PHGRVHWUDQVIRUPDUiHPUHVVHQWLPHQWRHyGLR4XDQGRYRFrSHUFHEHUHVVDVHPRo}HVMiWHUmR
VHWUDQVIRUPDGRQXPDIRUWHRSRVLomRTXHDFDEDUiSRUGHUUXEiOR+DELWXHVHDXVDUDSDWDGR
JDWR²pPXLWRPDLVVHJXUR

7KLV GRFXPHQW KDV EHHQ FUHDWHG ZLWK D '(02 YHUVLRQ RI 3') &UHDWH &RQYHUW
KWWSZZZHTXLQR[VRIWZDUHFRPSURGXFWVSGIBFUHDWHBFRQYHUWKWPO

7RUHPRYHWKLVPHVVDJHSOHDVHUHJLVWHU

7KLV GRFXPHQW KDV EHHQ FUHDWHG ZLWK D '(02 YHUVLRQ RI 3') &UHDWH &RQYHUW
KWWSZZZHTXLQR[VRIWZDUHFRPSURGXFWVSGIBFUHDWHBFRQYHUWKWPO

7RUHPRYHWKLVPHVVDJHSOHDVHUHJLVWHU

/(,

-2*8( &20 $ 1(&(66,'$'( 48( $6 3(662$6 7Ç0 '( $&5(',7$5 (0


$/*80$&2,6$3$5$&5,$5806e48,72'('(92726

$VSHVVRDVWrPXPGHVHMRHQRUPHGHDFUHGLWDUHPDOJXPDFRLVD7RUQHVHRIRFRGHVVHGHVHMR
RIHUHFHQGRDHODVXPDFDXVDXPDIpSDUDVHJXLU8VHSDODYUDVYD]LDVGHVHQWLGRPDVFKHLDV
GHSURPHVVDVHQIDWL]HRHQWXVLDVPRGHSUHIHUrQFLDjUDFLRQDOLGDGHHDFODUH]DGHUDFLRFtQLR
'r DRV VHXV QRYRV GLVFtSXORV ULWXDLV D VHUHP FXPSULGRV SHoDOKHV TXH VH VDFULILTXHP SRU
YRFr 1D DXVrQFLD GH XPD UHOLJLmR RUJDQL]DGD H GH JUDQGHV FDXVDV R VHX QRYR VLVWHPD GH
FUHQoDVOKHGDUiXPLPHQVXUiYHOSRGHU

$ &,Ç1&,$ '2 &+$5/$7$1,602 28 '( &202 &5,$5 80 &8/72 (0 &,1&2
(7$3$6

1DEXVFDQHFHVViULDGHPpWRGRVSDUDREWHURSRGHUFRPRPtQLPRGHHVIRUoRYRFrYHUiTXH
D FULDomR GH XP VpTXLWR GH GHYRWRV p R PDLV HILFD] 7HU XP JUDQGH VpTXLWR DEUH LQ~PHUDV
SRVVLELOLGDGHV GH WUDSDoD QmR Vy HOHV R DGRUDUmR FRPR R GHIHQGHUmR GH VHXV LQLPLJRV H
DVVXPLUmR YROXQWDULDPHQWH R WUDEDOKR GH DWUDLU RXWURV SDUD R VHX QRYR FXOWR (VWH WLSR GH
SRGHURHOHYDUiDXPDQRYDHVIHUDYRFrQmRWHUiPDLVGHVHHVIRUoDURXXVDUGHVXEWHUI~JLRV
SDUDLPSRUDVXDYRQWDGH9RFrpDGRUDGRHQmRHUUD

7DOYH] YRFr DFKH TXH FULDU XP VpTXLWR GHVVHV VHMD XPD WDUHID FRORVVDO PDV HOD p PXLWR
VLPSOHV &RPR VHUHV KXPDQRV WHPRV XPD QHFHVVLGDGH GHVHVSHUDGD GH DFUHGLWDU HP DOJXPD
FRLVD TXDOTXHU FRLVD ,VWR QRV WRUQD HPLQHQWHPHQWH FUpGXORV VLPSOHVPHQWH QmR VXSRUWDPRV
ORQJRVSHUtRGRVGHG~YLGDVRXRYD]LRGHQmRVHWHUDOJRHPTXHDFUHGLWDU%DVWHTXHDFHQHP
QDQRVVDIUHQWHFRPXPDQRYDFDXVDXPQRYRHOL[LUXPHVTXHPDSDUDHQULTXHFHUUiSLGRRXD
~OWLPD WHQGrQFLD WHFQROyJLFD RX PRYLPHQWR DUWtVWLFR TXH VDOWDPRV ORJR SDUD PRUGHU D LVFD
9HMDDKLVWyULDDVFU{QLFDVGDVQRYDVWHQGrQFLDVHFXOWRVTXHIRUPDUDPPDVVDVGHVHJXLGRUHV
VyHODVEDVWDPSDUDHQFKHUXPDELEOLRWHFD'HSRLVGHDOJXQVVpFXORVDOJXPDVGpFDGDVDOJXQV
DQRVDOJXQVPHVHVHPJHUDOWXGRLVVRFDLQRULGtFXORPDVQDpSRFDSDUHFHXWmRDWUDHQWHWmR
WUDQVFHQGHQWDOWmRGLYLQR

6HPSUH DSUHVVDGRV SDUD DFUHGLWDU HP DOJXPD FRLVD FULDPRV VDQWRV H FUHQoDV GR QDGD 1mR
GHVSHUGLFHHVVDFUHGXOLGDGHWRUQHVHYRFrPHVPRXPREMHWRGHDGRUDomR)DoDFRPTXHDV
SHVVRDVFULHPXPFXOWRDRVHXUHGRU2VJUDQGHVFKDUODW}HVHXURSHXVGRVVpFXORV;9,H;9,,
GRPLQDUDPDDUWHGDFULDomRGHFXOWRV(OHYLYHUDPFRPRVDEHPRVQXPDpSRFDGHJUDQGHV
WUDQVIRUPDo}HVDUHOLJLmRRUJDQL]DGDHVWDYDHPGHFOtQLRDFLrQFLDHPDVFHQVmR$VSHVVRDV
HVWDYDP GHVHVSHUDGDV SDUD VH UHXQLU HP WRUQR GH XPD QRYD FDXVD RX Ip 2V FKDUODW}HV
FRPHoDUDPPDVFDWHDQGRHOL[LUHVPHGLFLQDLVHDWDOKRVDOTXtPLFRVSDUDDULTXH]D1DVUiSLGDV
SDVVDJHQVGHFLGDGHHPFLGDGHHOHVRULJLQDOPHQWHIRFDOL]DYDPSHTXHQRVJUXSRV²DWpTXH
SRUDFDVRWURSHoDUDPQXPIDWRUHDOGDQDWXUH]DKXPDQDTXDQWRPDLRURQ~PHURGHSHVVRDV
UHXQLGDVDRVHXUHGRUPDLVIiFLOHUDHQJDQiODV

2 FKDUODWmR VXELD QXPD SODWDIRUPD GH PDGHLUD GDt R WHUPR ³VDOWLPEDQFR´  H PXOWLG}HV
DIOXtDP DR VHX UHGRU (P JUXSR DV SHVVRDV WRPDYDPVH PDLV HPRWLYDV PHQRV FDSD]HV GH
UDFLRFLQDU 6H R FKDUODWmR WLYHVVH IDODGR FRP HODV LQGLYLGXDOPHQWH HODV R WHULDP DFKDGR
ULGtFXORPDVSHUGLGDVQDPXOWLGmRYLDPVHSUHVDVQXPHVWDGRFRPXPGHr[WDVH(UDGLItFLO
SDUDHODVHQFRQWUDURGLVWDQFLDPHQWRTXHGiHVSDoRSDUDRFHWLFLVPR4XDOTXHUGHILFLrQFLDQDV
LGpLDVGRFKDUODWmRHUDHQFREHUWDSHOR]HORGDPDVVD$SDL[mRHRHQWXVLDVPRDSRVVDYDPVH
GD PXOWLGmR FRPR SRU FRQWiJLR H HODV UHDJLDP YLROHQWDPHQWH D TXHP TXHU TXH RXVDVVH
HVSDOKDUXPDVHPHQWHTXHIRVVHGHG~YLGD(VWXGDQGRFRQVFLHQWHPHQWHHVWDGLQkPLFDDRORQJR
GHGpFDGDVGHH[SHULrQFLDHHVSRQWDQHDPHQWHVHDGDSWDQGRjVVLWXDo}HVFRQIRUPHHODVLDP
DFRQWHFHQGR RV FKDUODW}HV DSHUIHLoRDUDP D FLrQFLD GH DWUDLU H FRQTXLVWDU PXOWLG}HV
WUDQVIRUPDQGRDVHPVHJXLGRUHVHRVVHJXLGRUHVHPFXOWR

2 PDFHWH SXEOLFLWiULR GRV FKDUODW}HV KRMH HP GLD SRGH SDUHFHU DQWLTXDGR PDV DLQGD H[LVWH
HQWUH QyV PLOKDUHV TXH FRQWLQXDP XVDQGR RV PHVPRV PpWRGRV WHVWDGRV H FRPSURYDGRV TXH
VHXVDQWHFHVVRUHVDSHUIHLoRDUDPVpFXORVDWUiVPXGDQGRDSHQDVRVQRPHVGRVVHXVHOL[LUHVH
PRGHUQL]DQGRDFDUDGRVVHXVFXOWRV(QFRQWUDPRVHVWHVFKDUODW}HVFRQWHPSRUkQHRVHPWRGDV
DV iUHDV GD YLGD ² QHJyFLRV PRGD SROtWLFD DUWH 0XLWRV GHOHV WDOYH] VHJXHP D WUDGLomR
FKDUODWm VHP WHU QHQKXP FRQKHFLPHQWR KLVWyULFR PDV YRFr SRGH VHU PDLV VLVWHPiWLFR H
SUHPHGLWDGR6LPSOHVPHQWHVLJDDVFLQFRHWDSDVGDFULDomRGHXPFXOWRTXHQRVVRVDQFHVWUDLV
FKDUODW}HVDSHUIHLoRDUDPDRORQJRGRVDQRV(WDSD6HMD9DJR6HMD6LPSOHV3DUDFULDUXP
FXOWR YRFr GHYH SULPHLUR FKDPDU DWHQomR ,VWR QmR GHYH VHU IHLWR FRP Do}HV TXH VmR PXLWR
FODUDVHGHIiFLOFRPSUHHQVmRPDVFRPSDODYUDVTXHVmRQHEXORVDVHHQJDQDGRUDV1RLQtFLR
VHXVGLVFXUVRVFRQYHUVDVHHQWUHYLVWDVGHYHPLQFOXLUGRLVHOHPHQWRVXPDSURPHVVDGHDOJR
JUDQGLRVR H WUDQVIRUPDGRU H RXWUR D WRWDO LQGHILQLomR (VWHV GRLV HOHPHQWRV FRPELQDGRV
HVWLPXODUmR RV PDLV YDULDGRV WLSRV GH VRQKR QHEXORVR QRV VHXV RXYLQWHV TXH IDUmR DV VXDV
SUySULDVFRQH[}HVHYHUmRRTXHTXLVHUHPYHU7RUQHDWUDHQWHDVXDLQGHILQLomRXVHSDODYUDV
GHJUDQGHUHVVRQkQFLDPDVVLJQLILFDGRREVFXURSDODYUDVFKHLDVGH7KLVGRFXPHQWKDVEHHQ
FUHDWHG ZLWK D '(02 YHUVLRQ RI 3') &UHDWH &RQYHUW KWWSZZZHTXLQR[
VRIWZDUHFRPSURGXFWVSGIBFUHDWHBFRQYHUWKWPO

7RUHPRYHWKLVPHVVDJHSOHDVHUHJLVWHU

FDORU H HQWXVLDVPR 7tWXORV VRILVWLFDGRV SDUD FRLVDV VLPSOHV VmR ~WHLV FRPR VmR R XVR GH
Q~PHURVHDFULDomRGHQRYDVSDODYUDVSDUDFRQFHLWRVYDJRV7XGRLVVRFULDDLPSUHVVmRGH
FRQKHFLPHQWR HVSHFLDOL]DGR GDQGR D YRFr XP YHUQL] GH SURIXQGLGDGH 3DUD SURYDU R TXH
HVWRX GL]HQGR WHQWH WRUQDU R DVVXQWR GR VHX FXOWR XPD QRYLGDGH GH IRUPD TXH SRXFRV R
FRPSUHHQGDP )HLWD FRUUHWDPHQWH D FRPELQDomR GH SURPHVVDV YDJDV FRQFHLWRV QHEXORVRV
PDVDWUDHQWHVHDUGHQWHHQWXVLDVPRDOYRURoDPDVDOPDVGDVSHVVRDVHXPJUXSRVHIRUPDUiDR
VHX UHGRU 8VH XP GLVFXUVR YDJR GHPDLV H YRFr SHUGHUi D FUHGLELOLGDGH 6HU HVSHFtILFR
SRUpPpPDLVSHULJRVR6HYRFr

H[SOLFD HP GHWDOKHV RV EHQHItFLRV TXH DV SHVVRDV WHUmR VHJXLQGR R VHX FXOWR YRFr WHUi GH
VDWLVID]rODV&RPRXPFRUROiULRDHVVDLQGHILQLomRRVHXDSHORGHYHWDPEpPVHUVLPSOHV$
PDLRULDGRVSUREOHPDVGDVSHVVRDVpGHRULJHPFRPSOH[DQHXURVHVSURIXQGDVIDWRUHVVRFLDLV
LQWHUUHODFLRQDGRV UDt]HV QXP SDVVDGR GLVWDQWH H[FHVVLYDPHQWH GLItFHLV GH GHVHPDUDQKDU
3RXFRV HQWUHWDQWR WrP SDFLrQFLD SDUD OLGDU FRP LVWR D PDLRULD TXHU XPD VROXomR VLPSOHV
SDUDVHXVSUREOHPDV$FDSDFLGDGHGHRIHUHFHUHVWHWLSRGHVROXomROKHGDUiXPJUDQGHSRGHU
HDXPHQWDUiRQ~PHURGRVVHXVVHJXLGRUHV(PYH]GHH[SOLFDo}HVFRPSOLFDGDVEDVHDGDVQD
YLGD UHDO YROWH jV VROXo}HV SULPLWLYDV GRV QRVVRV DQFHVWUDLV j YHOKD PHGLFLQD QDWXUDO jV
SDQDFpLDV PLVWHULRVDV (WDSD  (QIDWL]H RV (OHPHQWRV 9LVXDLV H 6HQVRULDLV GH 3UHIHUrQFLD
DRV ,QWHOHFWXDLV 'HSRLV TXH DV SHVVRDV FRPHoDP D VH FRQJUHJDU D VXD YROWD GRLV SHULJRV
VXUJHPQDWXUDOPHQWHRWpGLRHRFHWLFLVPR2WpGLRIDUiDVSHVVRDVVHDIDVWDUHPRFHWLFLVPR
OKHV SHUPLWLUi XP GLVWDQFLDPHQWR SDUD DQDOLVDU PDLV UDFLRQDOPHQWH R TXH YRFr RIHUHFH
GHVID]HQGRDQpYRDTXHYRFrHQJHQKRVDPHQWHFULRXHUHYHODQGRRTXHYRFrUHDOPHQWHSHQVD
9RFrSUHFLVDGLVWUDLURVHQWHGLDGRVSRUWDQWRHDIDVWDURVFpWLFRV

$PHOKRUPDQHLUDpID]HUWHDWURHRXWUDVFRLVDVGHVVHWLSR&HUTXHVHGHOX[RDWRUGRHVHXV
VHJXLGRUHV FRP R HVSOHQGRU YLVXDO HQFKD RV ROKRV GHOHV FRP HVSHWiFXORV 9RFr QmR Vy
LPSHGLUiTXHHOHVYHMDPTXHVXDVLGpLDVVmRDEVXUGDVTXHRVHXVLVWHPDGHFUHQoDpIDOKR
FRPR FKDPDUi PDLV DWHQomR H DWUDLUi PDLV VHJXLGRUHV $SHOH SDUD WRGRV RV VHQWLGRV XVH
LQFHQVRSDUDDVQDULQDVP~VLFDWUDQTLOL]DGRUDSDUDRVRXYLGRVWDEHODVHJUiILFRVFRORULGRV
SDUDRVROKRV9RFrSRGHDWpID]HUFyFHJDVQDPHQWHXVDQGRWDOYH]HQJHQKRFDVWHFQROyJLFDV
UHFHQWHV SDUD GDU DR VHX FXOWR XP YHUQL] SVHXGRFLHQWtILFR ² GHVGH TXH QmR IDoD QLQJXpP
SHQVDU UHDOPHQWH 8VH HOHPHQWRV H[yWLFRV ² FXOWXUDV GLVWDQWHV FRVWXPHV HVWUDQKRV ² SDUD
FULDUHIHLWRVWHDWUDLVHID]HURVLQFLGHQWHVPDLVEDQDLVHFRUULTXHLURVSDUHFHUHPLQGtFLRVGH
DOJRH[WUDRUGLQiULR

(WDSD&RSLHDV)RUPDVGD5HOLJLmR2UJDQL]DGDSDUD(VWUXWXUDUR*UXSR6HXVpTXLWRHVWi
FUHVFHQGRpKRUDGHRUJDQL]iOR'HVFXEUDXPMHLWRDRPHVPRWHPSRDOHJUHHDJUDGiYHO$V
UHOLJL}HVRUJDQL]DGDVKiPXLWRWHPSRH[HUFHPXPDLQTXHVWLRQiYHODXWRULGDGHVREUHXPJUDQGH
Q~PHUR GH SHVVRDV H FRQWLQXDP DVVLP QD QRVVD HUD VXSRVWDPHQWH VHFXODU ( PHVPR TXH D
UHOLJLmR WHQKD SHUGLGR XP SRXFR GD VXD LQIOXrQFLD VXDV IRUPDV DLQGD HFRDP SRGHU $V
DVVRFLDo}HV DOWLYDV H VDJUDGDV GD UHOLJLmR RUJDQL]DGD SRGHP VHU LQILQLWDPHQWH H[SORUDGDV
&ULHULWXDLVSDUDRVVHXVVHJXLGRUHVRUJDQL]HRVKLHUDUTXLFDPHQWHQLYHODQGRRVHPJUDXVGH
VDQWLGDGH H GDQGROKHV QRPHV H WtWXORV FRP PDWL]HV UHOLJLRVRV SHoDOKHV VDFULItFLRV TXH
HQFKHUmRRVHXFRIUHHDXPHQWDUmRRVHXSRGHU3DUDHQIDWL]DUDQDWXUH]DVHPLUHOLJLRVDGRVHX
JUXSR IDOH H DMD FRPR XP SURIHWD 9RFr QmR pXP GLWDGRU DILQDO GH FRQWDV ² YRFr p XP
VDFHUGRWH XP JXUX XP ViELR XP [DPm RX TXDOTXHU RXWUR WHUPR TXH GLVVLPXOH R VHX
YHUGDGHLUR SRGHU QDV EUXPDV GD UHOLJLmR (WDSD  'LVIDUFH D 6XD )RQWH GH 5HQGD 2 VHX
JUXSRFUHVFHXHYRFrRHVWUXWXURXFRPRXPDLJUHMD6HXVFRIUHVHVWmRFRPHoDQGRDVHHQFKHU
FRPRGLQKHLURGRVVHXVILpLV0DVYRFrQmRGHYHSDUHFHUPXLWRiYLGRGHGLQKHLURHGRSRGHU
TXHHOHWUD](QHVWHPRPHQWRTXHYRFrSUHFLVDGLVIDUoDUDVXDIRQWHGHUHQGD6HXVVHJXLGRUHV
TXHUHPDFUHGLWDUTXHDFRPSDQKDQGRYRFrWXGRGHERPOKHVFDLUiQRFROR&HUFDQGRVHGH
OX[RYRFrVHWRUQDSURYDGDHVWDELOLGDGHGRVHXVLVWHPDGHFUHQoD1mRUHYHOHMDPDLVTXHD
VXD ULTXH]D YHP pGR EROVR GHOHV SHOR FRQWUiULR IDoD SDUHFHU TXH HOD VH RULJLQD GD
DXWHQWLFLGDGH GRV VHXV PpWRGRV (OHV LPLWDUmR WRGRV RV VHXV PRYLPHQWRV DFUHGLWDQGR TXH
DOFDQoDUmR RV PHVPRV UHVXOWDGRV H QHVVH DIm QmR SHUFHEHUmR TXH D VXD ULTXH]D p SXUR
FKDUODWDQLVPR

(WDSD  (VWDEHOHoD XPD 'LQkPLFD 1yVYHUVXVHOHV 2 JUXSR DJRUD p JUDQGH H HVWi
SURVSHUDQGRXPtPmDWUDLQGRXPDTXDQWLGDGHFDGDYH]PDLRUGHSDUWtFXODV0DVVHYRFrQmR
SUHVWDU D DWHQomR YHP D LQpUFLD H R WHPSR DFUHVFLGR GR WpGLR GHVPDJQHWL]D R JUXSR 3DUD
PDQWHUXQLGRVRVVHXVVHJXLGRUHVYRFrDJRUDGHYHID]HURTXHWRGDVDVUHOLJL}HVHVLVWHPDVGH
FUHQoDVIL]HUDPFULDUXPDGLQkPLFDQyVYHUVXVHOHV

3ULPHLUR FHUWLILTXHVH GH TXH VHXV VHJXLGRUHV DFUHGLWDP TXH SDUWLFLSDP GH XP FOXEH
H[FOXVLYR XQLGRV SRU XPD PLVWXUD GH REMHWLYRV FRPXQV D WRGRV 'HSRLV SDUD UHIRUoDU HVWD
XQLmRFULHDLGpLDGHXPLQLPLJRWUDLoRHLURGLVSRVWRDDFDEDUFRPYRFrV([LVWHXPH[pUFLWR
GH LQILpLV TXH IDUmR WXGR SDUD GHWHU YRFr 4XDOTXHU IRUDVWHLUR TXH WHQWDU UHYHODU D QDWXUH]D
FKDUODWm GR VHX VLVWHPD GH FUHQoD SRGH DJRUD VHU GHVFULWR FRPR XP PHPEUR GHVWD IRUoD
WUDLoRHLUD 6H YRFr QmR WLYHU LQLPLJRV LQYHQWH XP $FKDQGR XP MXGDV SDUD PDOKDU VHXV
VHJXLGRUHVILFDUmRPDLVXQLGRVHFRHVRV(OHVWrPXPDFDXVDHPTXHDFUHGLWDUDVXDHLQILpLV
SDUDGHVWUXLU/HPEUHVHDVSHVVRDVQmRHVWmRLQWHUHVVDGDVQDYHUGDGHVREUHDPXGDQoD(ODV
QmRTXHUHPRXYLUGL]HUTXHHODp

UHVXOWDGR GH PXLWR HVIRUoR RX IRL PRWLYDGD SRU FRLVDV EDQDLV FRPR H[DXVWmR WpGLR RX
GHSUHVVmR(ODVPRUUHPGHYRQWDGHGHDFUHGLWDUHPDOJRURPkQWLFRGRRXWURPXQGR4XHUHP
RXYLUIDODUGHDQMRVHH[SHULrQFLDVH[WUDFRUSRUDLV7KLVGRFXPHQWKDVEHHQFUHDWHGZLWKD
'(02 YHUVLRQ RI 3') &UHDWH &RQYHUW KWWSZZZHTXLQR[
VRIWZDUHFRPSURGXFWVSGIBFUHDWHBFRQYHUWKWPO

7RUHPRYHWKLVPHVVDJHSOHDVHUHJLVWHU

$JUDGHDV)DOHGDRULJHPPtVWLFDGHDOJXPDPXGDQoDSHVVRDOHQYROYDDHPFRUHVHWpUHDVH
DR VHX UHGRU VH IRUPDUi XP JUXSR FXOWXDQGRR $GDSWHVH jV QHFHVVLGDGHV GDV SHVVRDV R
PHVVLDVGHYHHVSHOKDURVGHVHMRVGRVVHXVVHJXLGRUHV(

PLUHVHPSUHEHPDOWR4XDQWRPDLRUHPDLVRXVDGDDVXDLOXVmRPHOKRU

1XPJUXSRRGHVHMRGHXQLmRVRFLDOPDLVDQWLJRGRTXHDSUySULDFLYLOL]DomRDQVHLDSDUDVHU
GHVSHUWDGR(VWHGHVHMRSRGHVHUVXERUGLQDGRDXPDFDXVDXQLILFDGRUDPDVSRUEDL[RH[LVWH
XPDVH[XDOLGDGHUHSULPLGDTXHRFKDUODWmRVDEHPXLWREHPFRPRH[SORUDUHPDQLSXODU

eLVVRRTXH0HVPHUQRVHQVLQDQRVVDWHQGrQFLDDGXYLGDURGLVWDQFLDPHQWRTXHQRVSHUPLWH
UDFLRQDOL]DU DFDED TXDQGR QRV UHXQLPRV HP JUXSR 2 FDORU H R HIHLWR FRQWDJLDQWH GR JUXSR
YHQFH R FHWLFLVPR GR LQGLYtGXR (VWH p R SRGHU TXH YRFr FRQTXLVWD FULDQGR XP FXOWR$OpP
GLVVREULQFDQGRFRPDVH[XDOLGDGHUHSULPLGDGDVSHVVRDVYRFrDVOHYDDYHUDH[DOWDomRGRV
VHXVVHQWLPHQWRVFRPRVLQDOGDVXDIRUoDPtVWLFD9RFrDGTXLUHXPSRGHULPHQVRWUDEDOKDQGR
FRPDLQVDWLVIDomRGDVSHVVRDVQRVHXGHVHMRGHXPDHVSpFLHGHXQLGDGHSURPtVFXDHSDJm
/HPEUHVH WDPEpP GH TXH RV FXOWRV PDLV HILFD]HV PLVWXUDP UHOLJLmR FRP FLrQFLD 3HJXH D
WHQGrQFLD RX PRGLVPR WHFQROyJLFR PDLV UHFHQWH H PLVWXUHRV D XPD FDXVD QREUH XPD Ip
PtVWLFDXPDQRYDIRUPDGHFXUDU$VLQWHUSUHWDo}HVTXHDVSHVVRDVYmRGDUSDUDRVHXFXOWR
KtEULGR FUHVFHUmR YHUWLJLQRVDPHQWH H HODV OKH DWULEXLUmR SRGHUHV TXH YRFr QXQFD LPDJLQRX
GL]HUTXHWHP

³2FKDUODWmRDGTXLUHRVHXJUDQGHSRGHUDEULQGRVLPSOHVPHQWHXPDSRVVLELOLGDGHSDUDRV
KRPHQVDFUHGLWDUHPQDTXLORHPTXHMiDFUHGLWDP2VFUpGXORVQmRFRQVHJXHPVHPDQWHU
GLVWDQWHV HOHV VH DJORPHUDP HP WRUQR GR PLODJUHLUR  HQWUDP QD VXD DXUD SHVVRDO
HQWUHJDPVHjLOXVmRVROHQHPHQWHFRPRJDGR´

*UHWHGH)UDQFHVFR

³2VKRPHQVVmRWmRVLPSOyULRVHWmRGRPLQDGRVSRUVXDVQHFHVVLGDGHVLPHGLDWDVTXHXP
PHQWLURVRVHPSUHHQFRQWUDUi

PXLWRVSURQWRVSDUDVHUHPHQJDQDGRV´

1LFRODX0DTXLDYHO

2,19(562
8PDGDVUD]}HVSDUDDFULDomRGHXPVpTXLWRpTXHHPJHUDOpPDLVIiFLOHQJDQDUXPJUXSR
GRTXHXPLQGLYtGXRHYRFrILFDFRPPXLWRPDLVSRGHU,VVRHQWUHWDQWRpSHULJRVRVHQXP
GHWHUPLQDGRPRPHQWRRJUXSRSHUFHEHURTXHYRFrHVWiID]HQGRYRFrQmRVHYHUiGLDQWHGH
XPD DOPD LOXGLGD PDV GH XPD PXOWLGmR LUDGD TXH R HVWUDoDOKDUi WmR DYLGDPHQWH TXDQWR R
VHJXLXDQWHV2VFKDUODW}HVHQIUHQWDYDPFRQVWDQWHPHQWHHVWHULVFRHHVWDYDPVHPSUHSURQWRV
SDUDVHPXGDUSDUDRXWUDFLGDGHTXDQGRVHWRUQDYDHYLGHQWHTXHVHXVHOL[LUHVQmRIXQFLRQDYDP
HVXDVLGpLDVHUDPXPDLPSRVWXUD6HGHPRUDVVHPSDJDYDPFRPDYLGD%ULQFDQGRFRPDV
PXOWLG}HV YRFr EULQFD FRP IRJR H GHYH ILFDU GH ROKR VHPSUH j HVSUHLWD GH ODPSHMRV GH
G~YLGDQRVLQLPLJRVTXHFRORFDUmRDPXOWLGmRFRQWUDYRFr4XDQGRVHEULQFDFRPDVHPRo}HV
GH XPD PXOWLGmR p SUHFLVR VDEHU VH DGDSWDU DILQDQGRVH FRQVWDQWHPHQWH FRP RV KXPRUHV H
GHVHMRVGRJUXSR8VHHVSL}HVPDQWHQKDVHLQIRUPDGRHQRFRQWUROHHGHPDODVSURQWDV3RU
LVVRWDOYH]YRFrSUHILUDOLGDUFRPDVSHVVRDVLQGLYLGXDOPHQWH,VRODQGRDVGRVHXDPELHQWH
QRUPDO YRFr SRGH FRQVHJXLU R PHVPR HIHLWR GH TXDQGR DV FRORFD QXP JUXSR ² HODV ILFDP
PDLV VXVFHWtYHLV D VXJHVW}HV H LQWLPLGDo}HV (VFROKD R RWiULR FHUWR H VH HOH DFDEDU
SHUFHEHQGR R TXH YRFr ID] SRGH VHU PDLV IiFLO IXJLU GHOH GR TXH GH XPD PXOWLGmR7KLV
GRFXPHQW KDV EHHQ FUHDWHG ZLWK D '(02 YHUVLRQ RI 3') &UHDWH &RQYHUW
KWWSZZZHTXLQR[VRIWZDUHFRPSURGXFWVSGIBFUHDWHBFRQYHUWKWPO

7RUHPRYHWKLVPHVVDJHSOHDVHUHJLVWHU

/(,

6(-$286$'2

,QVHJXURTXDQWRDRTXHID]HUQmRWHQWH6XDVG~YLGDVHKHVLWDo}HVFRQWDPLQDUmRRVVHXVDWRV
$WLPLGH]p

SHULJRVD PHOKRU DJLU FRP FRUDJHP 4XDOTXHU HUUR FRPHWLGR FRP RXVDGLD p IDFLOPHQWH
FRUULJLGRFRPPDLVRXVDGLD7RGRVDGPLUDPRFRUDMRVRQLQJXpPORXYDRWtPLGR

$8'È&,$(+(6,7$d­28PD%UHYH&RPSDUDomR3VLFROyJLFD

$XGiFLD H KHVLWDomR GHVSHUWDP UHDo}HV SVLFROyJLFDV GLIHUHQWHV HP VHXV DOYRV D KHVLWDomR
FRORFDREVWiFXORVQRVHXFDPLQKRDDXGiFLDRVHOLPLQD4XDQGRYRFrFRPSUHHQGHULVVRYHUi
TXHpHVVHQFLDOVXSHUDUDVXDWLPLGH]QDWXUDOHSUDWLFDUDDUWHGDRXVDGLD(VWHVVmRDOJXQVGRV
HIHLWRV SVLFROyJLFRV PDLV SURQXQFLDGRV GD DXGiFLD H D WLPLGH] $ 0HQWLUD 4XDQWR 0DLV
2XVDGD0HOKRU7RGRVQyVWHPRVIUDTXH]DVHQRVVRVHVIRUoRVQXQFDVmRSHUIHLWRV0DVDJLU
FRP DXGiFLD WHP D PDJLD GH RFXOWDU QRVVDV GHILFLrQFLDV 2V WUDSDFHLURV VDEHP TXH TXDQWR
PDLRUDRXVDGLDGHXPDPHQWLUDPDLVFRQYLQFHQWHHODp$DXGiFLDGHVFDUDGDWRUQDDKLVWyULD
PDLVYHUtGLFDGLVWUDLQGRDDWHQomRGDVVXDVLQFRHUrQFLDV$RFRORFDUHPSUiWLFDXPDWUDSDoD
RXSDUWLFLSDUGHDOJXPWLSRGHQHJRFLDomRYiPDLVORQJHGRTXHSODQHMRX3HoDDOXDHILFDUi
VXUSUHVRFRPDIUHTrQFLDFRPTXHDWHUi

2V /H}HV 5RGHLDP D 3UHVD +HVLWDQWH $V SHVVRDV WrP XP VH[WR VHQWLGR SDUD DV IUDTXH]DV
DOKHLDV6HQXPSULPHLURHQFRQWURYRFrGHPRQVWUDDVXDGLVSRVLomRGHVHFRPSURPHWHUGH
FHGHU H VH UHWUDLU YRFr GHVSHUWD R OHmR DWp QDV SHVVRDV TXH QmR HVWmR QHFHVVDULDPHQWH
VHGHQWDV GH VDQJXH 7XGR GHSHQGH GD SHUFHSomR H GHSRLV GH YLVWR FRPR DTXHOH WLSR TXH
UDSLGDPHQWH VH FRORFD QD GHIHQVLYD TXH HVWi GLVSRVWR D QHJRFLDU H VHU GyFLO YRFr YDL VHU
FRQWURODGRVHPPLVHULFyUGLD

&RUDJHP/HPEUD0HGR0HGR/HPEUD$XWRULGDGH8PPRYLPHQWRFRUDMRVRID]YRFrSDUHFHU
PDLRUHPDLVSRGHURVRGRTXHp6HIRUUHSHQWLQRFRPDYHORFLGDGHHDGLVVLPXODomRGHXPD
VHUSHQWH LQVSLUD PHGR DLQGD PDLRU $R LQWLPLGDU FRP XP PRYLPHQWR FRUDMRVR YRFr
HVWDEHOHFH XP SUHFHGHQWH QRV SUy[LPRV HQFRQWURV DV SHVVRDV ILFDUmR QD GHIHQVLYD FRP
WHUURUGHXPQRYRDWDTXH

)D]HQGR DV &RLVDV 3HOD 0HWDGH H GH 0RGR 'HVDQLPDGR 9RFr &DYD 0DLV )XQGR D 6XD
6HSXOWXUD6HYRFrFRPHoDDDJLUVHPHVWDUWRWDOPHQWHFRQILDQWHHVWDUiFRORFDQGRREVWiFXORV
QRVHXSUySULRFDPLQKR6HVXUJLUXPSUREOHPDYRFr

ILFDUiFRQIXVRYHQGRRSo}HVRQGHHODVQmRH[LVWHPHFULDQGRVHPSHUFHEHUPDLVSUREOHPDV
DLQGD5HFXDQGRGLDQWHGRFDoDGRUDOHEUHWtPLGDFDLPDLVUDSLGDPHQWHQDVVXDVDUPDGLOKDV

$+HVLWDomR&ULD/DFXQDVD&RUDJHPDV'HVID]4XDQGRYRFrSiUDSDUDSHQVDUTXDQGRYRFr
KHVLWDFULDXPDODFXQDTXHGiDRVRXWURVWHPSRSDUDSHQVDUWDPEpP6XDWLPLGH]FRQWDJLDDV
SHVVRDV FRP XPD HVWUDQKD HQHUJLD FULDQGR FRQVWUDQJLPHQWR $ G~YLGD VXUJH GH WRGRV RV
ODGRV

$ FRUDJHP GHVID] HVVDV ODFXQDV$ UDSLGH] GH PRYLPHQWR H D HQHUJLD GD DomR QmR GmR DRV
RXWURV HVSDoR SDUD G~YLGDV H SUHRFXSDo}HV 1D VHGXomR D KHVLWDomR p IDWDO ² ID] D VXD
YtWLPDWHUFRQVFLrQFLDGDVVXDVLQWHQo}HV2

PRYLPHQWR FRUDMRVR FRURD GH WULXQIR D VHGXomR QmR Gi WHPSR SDUD UHIOH[}HV $ $XGiFLD
'LVWLQJXH9RFrGR5HEDQKR$FRUDJHPOKHGiSUHVHQoDHRID]SDUHFHUPDLRU2WtPLGRVH
PLVWXUDFRPRSDSHOGHSDUHGHRFRUDMRVRFKDPDDWHQomRHRTXHFKDPDDWHQomRDWUDLSRGHU
( LPSRVVtYHO GHVYLDU R ROKDU GR DXGDFLRVR ² ILFDPRV DQVLRVRV SDUD YHU TXDO VHUi R VHX
SUy[LPRPRYLPHQWR2GHVPHVXUDGRHQJDQDRROKRKXPDQR'LVWUDLHQRVDVVRPEUDHpWmR
HYLGHQWH TXH QmR SRGHPRV LPDJLQDU TXH H[LVWD DOL TXDOTXHU LOXVmR RX IUDXGH $UPHVH GH
JUDQGH]DHFRUDJHP²HVWLTXHDVVXDVIUDXGHVDWpRQGHSXGHUGHSRLVFRQWLQXHHVWLFDQGR6H
VHQWLU TXH R RWiULR GHVFRQILD IDoD FRPR R LQWUpSLGR /XVWLJ HP YH] GH UHFXDU RX EDL[DU R
SUHoRHOHVLPSOHVPHQWHRDXPHQWRXSHGLQGRHFRQVHJXLQGRXPVXERUQR3HGLQGRPDLVYRFr
FRORFD D RXWUD SHVVRD QD GHIHQVLYD YRFr FRUWD R HIHLWR SUHMXGLFLDO GR FRPSURPLVVR H GD
G~YLGD H D YHQFH FRP D VXD FRUDJHP 2 PXQGR HVWi FKHLR GH KRPHQV TXH GHVSUH]DP YRFr
TXHWHPHPDVXDDPELomRHSURWHJHPFLXPHQWDPHQWHDVVXDViUHDVFDGDYH]PHQRUHVGHSRGHU
9RFr GHYH HVWDEHOHFHU D VXD DXWRULGDGH H FRQTXLVWDU R UHVSHLWR PDV DVVLP TXH RV VHXV
LQLPLJRVSHUFHEHUHPDVXDFUHVFHQWHDXGiFLDYmRDJLUSDUDFRQWUDULDUYRFr1HJRFLHFRPXP
LQLPLJRHYRFrHVWDUiOKHGDQGRRSRUWXQLGDGHV8PSHTXHQRFRPSURPLVVRWRUQDVHRSRQWRGH
DSRLR SDUD DFDEDU FRP YRFr 8P V~ELWR PRYLPHQWR DXGDFLRVR VHP GLVFXVV}HV RX DYLVRV
GHVID]HVVHVSRQWRVGHDSRLRHDXPHQWDDVXDDXWRULGDGH9RFrDWHUURUL]DRVTXHGXYLGDPH
GHVSUH]DPHFRQTXLVWDDFRQILDQoDGRVPXLWRVTXHDGPLUDPHJORULILFDPTXHPWHPFRUDJHP
PHGR GRV JUDQGHV GHVGH R UHL GD )UDQoD DWp R LPSHUDGRU GRV +DEVEXUJR 4XDQWR PDLRU R
DOYR PDLV DWHQomR YRFr FKDPD 4XDQWR PDLV FRUDMRVR R DWDTXH PDV YRFr VH GLVWLQJXH QD
PXOWLGmRHPDLVDGPLUDGRVHUi$VRFLHGDGHHVWiUHSOHWDGHJHQWHFRPLGpLDVRXVDGDVPDV
VHPHVW{PDJRSDUDLPSULPLODVHSXEOLFiODV'rYR]DRVHQWLPHQWRGRS~EOLFR²DH[SUHVVmR
GH VHQWLPHQWRV HP FRPXP p VHPSUH SRGHURVD7KLV GRFXPHQW KDV EHHQ FUHDWHG ZLWK D
'(02 YHUVLRQ RI 3') &UHDWH &RQYHUW KWWSZZZHTXLQR[
VRIWZDUHFRPSURGXFWVSGIBFUHDWHBFRQYHUWKWPO

7RUHPRYHWKLVPHVVDJHSOHDVHUHJLVWHU
3URFXUHRDOYRPDLVHYLGHQWHSRVVtYHOHGrRVHXWLURPDLVDXGDFLRVR2PXQGRJRVWDUiGR
HVSHWiFXORHYRFrGDUiDRSREUHGLDERLVWRpYRFrJOyULDHSRGHUYLGDRXPRUWH

9RFr GHYH SUDWLFDU H GHVHQYROYHU D VXD RXVDGLD (QFRQWUDUi IUHTHQWHPHQWH RFDVL}HV SDUD
XViOD 2 PHOKRU OXJDU SDUD FRPHoDU TXDVH VHPSUH p R GHOLFDGR PXQGR GDV QHJRFLDo}HV
SDUWLFXODUPHQWHDTXHODVGLVFXVV}HVHPTXHOKHSHGHPSDUDIL[DURVHXSUySULRSUHoR4XDQWDV
YH]HVQRVGHVYDORUL]DPRVSHGLQGRPXLWRSRXFR"4XDQGR&ULVWyYmR&RORPERSURS{VTXHRV
HVSDQKyLVILQDQFLDVVHPDVXDYLDJHPSDUDDV$PpULFDVH[LJLXWDPEpPFRPLQVDQDRXVDGLDR
WtWXORGH

³*UDQGH$OPLUDQWHGRV2FHDQRV´$FRUWHFRQFRUGRX2SUHoRTXHHOHIL[RXIRLRTXHUHFHEHX
²H[LJLXVHUWUDWDGRFRPUHVSHLWRHIRL+HQU\.LVVLQJHUWDPEpPVDELDTXHQDVQHJRFLDo}HV
ID]HUH[LJrQFLDVRXVDGDVIXQFLRQDPHOKRUGRTXHFRPHoDUFRPFRQFHVV}HVJUDGDWLYDVHWHQWDU
VDWLVID]HURRXWUR&RORTXHRVHXSUHoROiHPFLPDHGHSRLVFRPRIH]RFRQGH/XVWLJVXED
PDLVDLQGD

&RPSUHHQGD VH D RXVDGLD QmR p QDWXUDO D WLPLGH] WDPEpP QmR (OD p XP KiELWR DGTXLULGR
SRUTXHVHTXHUHYLWDUFRQIOLWRV6HYRFrHVWiGRPLQDGRSHODWLPLGH]SRUWDQWROLYUHVHGHOD2
PHGR TXH YRFr VHQWH GDV SRVVtYHLV FRQVHTrQFLDV GH XPD RXVDGLD QmR p SURSRUFLRQDO j
UHDOLGDGHHGHIDWRDWLPLGH]WHPFRQVHTrQFLDVSLRUHV6HXYDORUp

UHEDL[DGR H YRFr FULD XP FLFOR YLFLRVR GH G~YLGDV H GHVDVWUHV /HPEUHVH RV SUREOHPDV
FULDGRV SRU XPD DWLWXGH RXVDGD SRGHP VHU GLVIDUoDGRV DWp UHPHGLDGRV SRU XPD RXVDGLD
DLQGDPDLRU

(XFHUWDPHQWHDFKRTXHpPHOKRUVHULPSHWXRVRGRTXHSUXGHQWHSRLVDVRUWHpXPDPXOKHU
H p SUHFLVR VH GHVHMD GRPLQiOD FRQTXLVWiOD SHOD IRUoD H p YLVtYHO TXH HOD VH GHL[D
GRPLQDUSHORRXVDGRGHSUHIHUrQFLDDRTXHDJHIULDPHQWH ( SRUWDQWR FRPR XPD PXOKHU
HODpVHPSUHDPLJDGRVMRYHQVSRLVVmRPHQRVFDXWHORVRVPDLVIHUR]HVHD  GRPLQDP FRP
PDLVDXGiFLD

1LFRODX0DTXLDYHO

3RQKDVHDWUDEDOKDUVHPSUHVHPUHFHLRGHLPSUXGrQFLDV2PHGRGRIUDFDVVRQDPHQWHGH
TXHPDJHMipSDUDRREVHUYDGRUHYLGrQFLDGHIUDFDVVR$o}HVVmRSHULJRVDVTXDQGRKi
G~YLGDTXDQWRDVXDVHQVDWH]VHULDPDLVVHJXURQmRID]HUQDGD

%DOWDVDU*UDFLiQ

&2026(59,725,26212$025

0DVFRPDTXHOHVTXHWRFDPRVHXFRUDomRQRWHLTXHYRFrpWtPLGR(VWDTXDOLGDGHSRGH
DIHWDUXPDEXUJXHVDPDVYRFr

GHYHXVDURXWUDVDUPDVSDUDDWDFDURFRUDomRGHXPDPXOKHUGRPXQGR(XOKHGLJRHP
QRPHGDVPXOKHUHVQmRKi
XPDVyGHQyVTXHQmRSUHILUDXPDOHYHLQGHOLFDGH]DjGHPDVLDFRQVLGHUDomR2VKRPHQV
SHUGHPPDLVFRUDo}HVSHODIDOWDGHMHLWRGRTXHDYLUWXGHRVVDOYD4XDQWRPDLVWtPLGRXP
DPDQWHVHPRVWUDUPDLVRQRVVRRUJXOKRVHSUHRFXSDUi

HP HVSLDoiOR TXDQWR PDLV UHVSHLWR HOH WLYHU SHOD QRVVD UHVLVWrQFLD PDLV UHVSHLWR
H[LJLUHPRV GHOH *RVWDUtDPRV GH GL]HU DRV KRPHQV ³$K SRU SLHGDGH QmR QRV VXSRQKDP
WmR YLUWXRVDV YRFrV QRV IRUoDP D H[DJHUDU´ (VWDPRV  FRQWLQXDPHQWH OXWDQGR SDUD
HVFRQGHU R IDWR GH TXH SHUPLWLPRV VHU DPDGDV &RORTXH XPD PXOKHU HP SRVLomR GHGL]HU
TXH HOD FHGHX DSHQDV D XPD HVSpFLH GH YLROrQFLD RX D XPD VXUSUHVD FRQYHQoDD GH TXH
YRFrQmRDVXEHVWLPDHHXUHVSRQGHUHLSRUHOD8PSRXFRPDLVGHFRUDJHPGDVXDSDUWH
GHL[DULDRVGRLVjYRQWDGH/HPEUHVHGR0'H/D5RFKHIRXFDXOGOKHGLVVHUHFHQWHPHQWH
³8PKRPHPVHQVDWRDSDL[RQDGRSRGHDJLUFRPRXPORXFRPDVHOHQmRGHYHQHPSRGHDJLU
FRPRXPLGLRWD´

/,)(/(77(56$1'(3,&85($13+,/2623+<2)1,121'(/(1&/261,121'(
/(1&/26

2,19(562
$ RXVDGLD QmR GHYH VHU XPD HVWUDWpJLD SRU WUiV GH WRGDV DV VXDV Do}HV ( XP LQVWUXPHQWR
WiWLFRSDUDVHUXVDGRQRPRPHQWRFHUWR3ODQHMHHSHQVHFRPDQWHFHGrQFLDHTXHRHOHPHQWR
ILQDOVHMDRPRYLPHQWRRXVDGRTXHOKHGDUiRVXFHVVR(PRXWUDVSDODYUDVYLVWRTXHDRXVDGLD
pXPDUHDomRDSUHQGLGDWDPEpPVHDSUHQGHDFRQWUROiODHXWLOL]iODj

YRQWDGH 3DVVDU SHOD YLGD DUPDGR DSHQDV GH DXGiFLD VHULD FDQVDWLYR H WDPEpP IDWDO 9RFr
RIHQGHULDPXLWDJHQWHFRPRSURYDPRVTXHQmRFRQVHJXHPFRQWURODUDVXDDXGiFLD

$ WLPLGH] QmR WHP OXJDU QR UHLQR GR SRGHU PDV FRP IUHTrQFLD VHUi YDQWDMRVR SDUD YRFr
ILQJLUTXHpWtPLGR$tp

FODURQmRVHWUDWDPDLVGHWLPLGH]PDVGHXPDDUPDRIHQVLYDYRFrHVWiLOXGLQGRRVRXWURV
H[LELQGRXPDWLPLGH]SDUDOKHVPRVWUDUDVVXDVJDUUDVFRUDMRVDPHQWHPDLVWDUGH

7KLV GRFXPHQW KDV EHHQ FUHDWHG ZLWK D '(02 YHUVLRQ RI 3') &UHDWH &RQYHUW
KWWSZZZHTXLQR[VRIWZDUHFRPSURGXFWVSGIBFUHDWHBFRQYHUWKWPO

7RUHPRYHWKLVPHVVDJHSOHDVHUHJLVWHU

/(,

3/$1(-($7e2),0

2 GHVIHFKR p WXGR 3ODQHMH DWp R ILP FRQVLGHUDQGR WRGDV DV SRVVtYHLV FRQVHTrQFLDV
REVWiFXORVHUHYHVHVTXHSRVVDPDQXODURVHXHVIRUoRHGHL[DUTXHRVRXWURVILTXHPFRPRV
ORXURV3ODQHMDQGRWXGRDWpRILPYRFrQmRVHUi
DSDQKDGRGHVXUSUHVDHVDEHUiTXDQGRSDUDU*XLHJHQWLOPHQWHDVRUWHHDMXGHDGHWHUPLQDUR
IXWXURSHQVDQGRFRPDQWHFHGrQFLD

$ PDLRULD GRV KRPHQV VHJXH R FRUDomR QmR D FDEHoD 6HXV SODQRV VmR YDJRV H GLDQWH GH
REVWiFXORV HOHV LPSURYLVDP 0DV D LPSURYLVDomR R OHYDUi YRFr DWp D SUy[LPD FULVH H QmR
VXEVWLWXLMDPDLVDSUHYLVmRGDVSUy[LPDVHWDSDVHRSODQHMDPHQWRDWpRILQDO

([LVWHXPPRWLYRPXLWRVLPSOHVSDUDDPDLRULDGRVKRPHQVQmRVDEHUTXDQGRVDLUGRDWDTXH
(OHVQmRWrPXPDLGpLDFRQFUHWDGRVHXREMHWLYR2EWLGDDYLWyULDHOHVTXHUHPPDLV3DUDU²
YLVDUDXPREMHWLYRHQmRVHGHVYLDUGHOH

²SDUHFH TXDVH LQXPDQR GH IDWR SRUpP QDGD p PDLV LPSRUWDQWH SDUD VH PDQWHU R SRGHU
4XHP H[DJHUD QRV VHXV WULXQIRV FULD XPD UHDomR TXH LQHYLWDYHOPHQWH OHYD D XP GHFOtQLR$
~QLFDVROXomRpSODQHMDUDORQJRSUD]R3UHYHURIXWXURFRPDPHVPDFODUH]DGRVGHXVHVQR
0RQWH 2OLPSR TXH YrHP DWUDYpV GDV QXYHQV R GHVIHFKR GH WRGDV DV FRLVDV 6HJXQGR D
FRVPRORJLDGRVDQWLJRVJUHJRVRVGHXVHVWHULDPDYLVmRWRWDOGRIXWXUR(OHVYLDPWXGRTXH
DFRQWHFHULD QRV PtQLPRV H LQWULQFDGRV GHWDOKHV 2V KRPHQV SRU VXD YH] HUDP YtWLPDV GR
GHVWLQR SULVLRQHLURV GR PRPHQWR H GDV VXDV HPRo}HV LQFDSD]HV GH YHU DOpP GR SHULJR
LPHGLDWR+HUyLVFRPR8OLVVHVFDSD]HVGHHQ[HUJDUDOpPGRSUHVHQWHHSODQHMDUYiULRVSDVVRV
FRPDQWHFHGrQFLDSDUHFLDPGHVDILDURGHVWLQRDSUR[LPDUVHGRVGHXVHVQDVXDFDSDFLGDGHGH
GHWHUPLQDU R IXWXUR $ FRPSDUDomR FRQWLQXD YiOLGD ² TXHP SHQVD FRP DQWHFHGrQFLD H
SDFLHQWHPHQWHFRQGX]VHXVSODQRVjUHDOL]DomRSDUHFHWHUXPSRGHUGLYLQR

&RPR D PDLRULD GDV SHVVRDV HVWi SUHVD GHPDLV DR PRPHQWR SDUD SODQHMDU FRP HVWH WLSR GH
SUHYLVmRDFDSDFLGDGHGHLJQRUDUSHULJRVHSUD]HUHVLPHGLDWRVVHWUDGX]HPSRGHUeRSRGHU
GH VHU FDSD] GH VXSHUDU D WHQGrQFLD QDWXUDO KXPDQD GH UHDJLU jV FRLVDV FRQIRUPH HODV YmR
DFRQWHFHQGRHPYH]GHWUHLQDUGDUXPSDVVRDWUiVLPDJLQDUDVFRLVDVPDLRUHVWRPDQGRIRUPD
DOpP GR VHX FDPSR LPHGLDWR GH YLVmR $V SHVVRDV QD VXD PDLRULD DFUHGLWDP TXH WrP
FRQVFLrQFLD GR IXWXUR TXH HVWmR SODQHMDQGR H SHQVDQGR FRP DQWHFHGrQFLD (P JHUDO VH
LOXGHP1DYHUGDGHRTXHHODVID]HPp

VXFXPELU DRV VHXV SUySULRV GHVHMRV DR TXH HODV TXHUHP TXH R IXWXUR VHMD 6HXV SODQRV VmR
YDJRVEDVHDGRVQDLPDJLQDomRHQmRQDUHDOLGDGH(ODVSRGHPDFUHGLWDUTXHHVWmRSHQVDQGR
HPWXGRDWpRILPPDVHVWmRQDYHUGDGHIRFDOL]DQGRDSHQDVRILQDOIHOL]HVHLOXGLQGRFRPD
IRUoD GR VHX GHVHMR 2V SHULJRV UHPRWRV TXH DYXOWDP j GLVWkQFLD  VH SXGHUPRV YrORV
WRPDQGR IRUPD TXDQWRV HQJDQRV HYLWDUtDPRV 4XDQWRV SODQRV DERUWDUtDPRV LQVWDQWDQHDPHQWH
VHSHUFHErVVHPRVTXHHYLWDQGRXPSHTXHQRSHULJRVyID]HPRVFDLUHPRXWURPDLRU+iWDQWR
SRGHUQmRQRTXHYRFrID]PDVQRTXHYRFrQmRID]²QDTXHODVDo}HVWRODVHSUHFLSLWDGDVGH
TXHYRFrVHDEVWpPDQWHVTXHHODVRPHWDPHPPDLRUHVFRQIXV}HV3ODQHMHWRGRVRVGHWDOKHV
DQWHVGHDJLU²QmRSHUPLWDTXHDLQGHILQLomRGRVVHXVSODQRVOKHFDXVHSUREOHPDV+DYHUi
FRQVHTrQFLDVQmRSUHYLVWDV"6XUJLUmRQRYRVLQLPLJRV"

$OJXpPYDLWLUDUSURYHLWRGRPHXHVIRUoR")LQDLVLQIHOL]HVVmRPXLWRPDLVFRPXQVGRTXHRV
IHOL]HV²QmRVHGHL[HLOXGLUSHORILQDOIHOL]TXHYRFrHVWiLPDJLQDQGR
$VHOHLo}HVGHQD)UDQoDVHUHVXPLUDPDXPDOXWDHQWUH/RXLV$GROSKH7KLHUVRKRPHP
GDRUGHPHRJHQHUDO/RXLV(XJqQH&DYDLJQDFRDJLWDGRUGHGLUHLWD4XDQGR7KLHUVSHUFHEHX
TXHWLQKDILFDGRLQHYLWDYHOPHQWHSDUDWUiVQHVVDFRUULGDSURFXURXGHVHVSHUDGRXPDVROXomR
6HX ROKDU FDLX VREUH /XtV %RQDSDUWH VREULQKRQHWR GR JUDQGH JHQHUDO 1DSROHmR H XP
PRGHVWRUHSUHVHQWDQWHQRSDUODPHQWR(VWH%RQDSDUWHSDUHFLDPHLRLPEHFLOPDVEDVWDYDRVHX
QRPHSDUDHOHJrORQXPSDtVTXHDQVLDYDSRUXPJRYHUQDQWHIRUWH(OHVHULDXPPDULRQHWHQDV
PmRV GH 7KLHUV H QR ILQDO VHULD HPSXUUDGR SDUD IRUD GH FHQD$ SULPHLUD SDUWH GR SODQR
IXQFLRQRX SHUIHLWDPHQWH H 1DSROHmR IRL HOHLWR FRP JUDQGH YDQWDJHP 2 SUREOHPD IRL TXH
7KLHUVQmRSUHYLXXPIDWRPXLWRVLPSOHVR³LPEHFLO´HUDQDUHDOLGDGHXPKRPHPGHHQRUPHV
DPELo}HV7UrVDQRVGHSRLVHOHGLVVROYHXRSDUODPHQWRGHFODURXVHLPSHUDGRUHJRYHUQRXD
)UDQoDSRUPDLVGH]RLWRDQRVSDUDRKRUURUGH7KLHUVHRVHXSDUWLGR

2GHVIHFKRpWXGReHOHTXHGHWHUPLQDTXHPILFDFRPDJOyULDRGLQKHLURRSUrPLR2VHX
GHVIHFKRGHYHVHUFULVWDOLQRHYRFrQmRGHYHSHUGrORGHYLVWD9RFrGHYHWDPEpPGHVFREULU
FRPRVHOLYUDUGRVDEXWUHVTXHILFDPURQGDQGROiHPFLPDWHQWDQGRVREUHYLYHUGDVFDUFDoDV
GD VXD FULDomR ( YRFr GHYH SUHYHU DV PXLWDV FULVHV SRVVtYHLV TXH R WHQWDUmR D LPSURYLVDU
%LVPDUFNYHQFHXHVWHVSHULJRVSRUTXHSODQHMRXDWpRILPPDQWHYHRFXUVRHPPHLRDWRGDVDV
FULVHVHMDPDLVGHL[RXTXHOKHURXEDVVHDJOyULD$OFDQoDGRRVHXREMHWLYRHOHVHHQFROKHX
FRPRXPDWDUWDUXJDQRFDVFR(VWHWLSRGHDXWRFRQWUROHpGLYLQR

4XDQGRYRFrSUHYrYiULDVHWDSDVFRPDQWHFHGrQFLDHSODQHMDVHXVPRYLPHQWRVDWpRILPQmR
VHUi PDLV WHQWDGR SHOD HPRomR RX SHOR GHVHMR GH LPSURYLVDU 6XD OXFLGH] R OLYUDUi GD
DQVLHGDGHHGDLQGHILQLomRTXHpDUD]mREiVLFDGH7KLVGRFXPHQWKDVEHHQFUHDWHGZLWKD
'(02 YHUVLRQ RI 3') &UHDWH &RQYHUW KWWSZZZHTXLQR[
VRIWZDUHFRPSURGXFWVSGIBFUHDWHBFRQYHUWKWPO

7RUHPRYHWKLVPHVVDJHSOHDVHUHJLVWHU

WDQWRVGHL[DUHPGHFRQFOXLUFRPVXFHVVRDVVXDVDo}HV9RFrHQ[HUJDRGHVIHFKRHQmRWROHUD
GHVYLRV1mRHQWUDUpWmRPDLVIiFLOGRTXHWHUGHVDLU'HYHPRVDJLUDRFRQWUiULRGRMXQFR
TXHDRSULPHLURGHVSRQWDUODQoD XPDKDVWHORQJDHUHWDPDVGHSRLVFRPRTXHH[DXVWR
ID]YiULRVQyVGHQVRVLQGLFDQGRTXHQmRSRVVXLPDLVRYLJRUHRLPSXOVRRULJLQDOePHOKRU
FRPHoDUJHQWLOHWUDQTLODPHQWHSRXSDQGRRI{OHJRSDUDRHPEDWHHRVJROSHVYLJRURVRV
SDUDFRQFOXLURQRVVRWUDEDOKR1RLQtFLRQyVpTXHRULHQWDPRVRVQHJyFLRVHRVPDQWHPRV
HPQRVVRSRGHUPDVIUHTHQWHPHQWHXPDYH]FRORFDGRVHPDomRVmRHOHVTXHQRVJXLDP
HQRVDUUDVWDP0RQWDLJQH

9HMDRGHVIHFKRQmRLPSRUWDRTXHHVWHMDFRQVLGHUDQGR&RPIUHTrQFLD'HXVSHUPLWHD
XPKRPHPXPGHIHOLFLGDGHSDUDHPVHJXLGDDUUXLQiORWRWDOPHQWH

$V+LVWyULDV+HURGRWR6pFXORD&

4XHP SURFXUD YLGHQWHV SDUD VDEHU R IXWXUR HVWi VH SULYDQGR LQFRQVFLHQWHPHQWH GH XPD
VXJHVWmRLQWHULRUPLOYH]HVPDLVSUHFLVDGRTXHTXDOTXHUFRLVDTXHHOHVSRVVDPGL]HU
:DOWHU%HQMDPLQ

$H[SHULrQFLDPRVWUDTXHSUHYHQGRFRPEDVWDQWHDQWHFHGrQFLDRVSDVVRVDVHUHPGDGRVp
SRVVtYHODJLUUDSLGDPHQWHQDKRUDGHH[HFXWiORV

&DUGHDO5LFKHOLHX

2,19(562
(QWUH RV HVWUDWHJLVWDV Mi p FRPXP D LGpLD GH TXH R VHX SODQR GHYH LQFOXLU DOWHUQDWLYDV H WHU
XPDFHUWDIOH[LELOLGDGH1mRKiG~YLGDTXDQWRDLVVR6HYRFrVHSUHQGHDXPSODQRFRPPXLWD
ULJLGH] QmR VHUi FDSD] GH OLGDU FRP DV V~ELWDV PXGDQoDV QD VRUWH 'HSRLV GH H[DPLQDU DV
SRVVLELOLGDGHVIXWXUDVHGHFLGLUTXDOpDVXDPHWDYRFrGHYHDXPHQWDUDVDOWHUQDWLYDVHHVWDU
DEHUWRDQRYRVFDPLQKRVSDUDFKHJDUDWpOi

$PDLRULDGDVSHVVRDVQRHQWDQWRSHUGHPHQRVFRPRH[FHVVRGHSODQHMDPHQWRHULJLGH]GR
TXH FRP D LQGHILQLomR H D WHQGrQFLD D LPSURYLVDU FRQVWDQWHPHQWH GLDQWH GDV FLUFXQVWkQFLDV
3RUWDQWRQmRKiPRWLYRSDUDVHFRJLWDUQRLQYHUVRGHVWD/HLSRLVQDGDVHJDQKDUHFXVDQGRVH
D SHQVDU QR IXWXUR H SODQHMDU WXGR DWp R ILP 3HQVDQGR FRP EDVWDQWH FODUH]D H DQWHFHGrQFLD
YRFrYHUiTXHRIXWXURpLQFHUWRHTXHGHYHHVWDUGLVSRVWRDID]HUDGDSWDo}HV6yXPREMHWLYR
FODURHXPSODQRGHORQJRDOFDQFHOKHGDUiHVVDOLEHUGDGH

7KLV GRFXPHQW KDV EHHQ FUHDWHG ZLWK D '(02 YHUVLRQ RI 3') &UHDWH &RQYHUW
KWWSZZZHTXLQR[VRIWZDUHFRPSURGXFWVSGIBFUHDWHBFRQYHUWKWPO

7RUHPRYHWKLVPHVVDJHSOHDVHUHJLVWHU

/(,

)$d$$668$6&2148,67$63$5(&(5(0)È&(,6

6HXV DWRV GHYHP SDUHFHU QDWXUDLV H IiFHLV 7RGD D WpFQLFD H R HVIRUoR QHFHVViULRV SDUD VXD
H[HFXomR H WDPEpP RV WUXTXHV GHYHP HVWDU GLVVLPXODGRV 4XDQGR YRFr DJH DJH VHP VH
HVIRUoDUFRPRVHIRVVHFDSD]GHPXLWRPDLV1mRFDLDQDWHQWDomRGHUHYHODURWUDEDOKRTXH
YRFrWHYH±LVVRVyGHVSHUWDUiG~YLGDV1mRHQVLQHDQLQJXpPRVVHXVWUXTXHVRXHOHVVHUmR
XVDGRVFRQWUDYRFr

&RPRXPDSHVVRDGHSRGHUYRFrGHYHSHVTXLVDUHSUDWLFDUH[DXVWLYDPHQWHDQWHVGHDSDUHFHU
HPS~EOLFRQRSDOFRRXRXWUROXJDUTXDOTXHU-DPDLVH[SRQKDRVXRUHRHVIRUoRSRUWUiVGD
VXDSRVH+iSHVVRDVTXHSHQVDPTXHHVVDH[SRVLomRPRVWUDUiTXHVmRKRQHVWDVHGLOLJHQWHV
PDV QD YHUGDGH Vy SDUHFHUmR PDLV IUDFDV ² FRPR VH EDVWDVVH D SUiWLFD H R HVIRUoR SDUD
TXDOTXHUXPID]HURTXHHODVIL]HUDPRXFRPRVHQmRHVWLYHVVHPjDOWXUDGDWDUHID*XDUGH
SDUDYRFrRVHXHVIRUoRHRVVHXVWUXTXHVHSDUHFHUiWHUDJUDoDHDIDFLOLGDGHGHXPGHXV
1LQJXpPMDPDLVYrUHYHODGDDRULJHPGRSRGHUGLYLQRVyVHYrRVVHXVHIHLWRV
$ KXPDQLGDGH WHYH DV VXDV SULPHLUDV QRo}HV GH SRGHU FRP RV SULPLWLYRV FRQIURQWRV FRP D
QDWXUH]D²XPUHOkPSDJRULVFDQGRRFpXXPDV~ELWDHQFKHQWHDUDSLGH]HIHURFLGDGHGHXP
DQLPDO VHOYDJHP (VWDV IRUoDV QmR H[LJLDP SHQVDPHQWR QHP SODQHMDPHQWR ² HODV QRV
DVVRPEUDYDP FRP VXD UHSHQWLQD DSDULomR VXD JUDFLRVLGDGH H VHX SRGHU VREUH D YLGD H D
PRUWH(HVWHFRQWLQXDVHQGRRWLSRGHSRGHUTXHHVWDPRVVHPSUHTXHUHQGRLPLWDU8VDQGRD
FLrQFLDHDWHFQRORJLDUHFULDPRVDYHORFLGDGHHRSRGHUVXEOLPHGDQDWXUH]DPDVIDOWDDOJXPD
FRLVDQRVVDVPiTXLQDVVmREDUXOKHQWDVHGHVDMHLWDGDVHODVUHYHODPRHVIRUoRTXHID]HP$Wp
DVPHOKRUHVFULDo}HVGDWHFQRORJLDQmRDQXODPDQRVVDDGPLUDomRSRUFRLVDVTXHVHPRYHP
UiSLGDHIDFLOPHQWH2SRGHUTXHDVFULDQoDVWrPGHQRVID]HUFHGHUjVVXDVYRQWDGHVYHPGH
XPWLSRGHHQFDQWRVHGXWRUTXHVHQWLPRVQDSUHVHQoDGHXPDFULDWXUDPHQRVUHIOH[LYDHPDLV
JUDFLRVDGRTXHQyV1mRSRGHPRVYROWDUDHVVHHVWDGRPDVVHSXGHUPRVFULDUDDSDUrQFLD
GHVWH WLSR GH IDFLOLGDGH GHVSHUWDUHPRV QRV RXWURV D UHYHUrQFLD SULPLWLYD TXH D QDWXUH]D
VHPSUHHYRFRXQDKXPDQLGDGH8PGRVSULPHLURVHVFULWRUHVHXURSHXVDH[SRUHVWHSULQFtSLR
YLQKDGHXPGRVDPELHQWHVPDLVDQWLQDWXUDLVDFRUWHUHQDVFHQWLVWD(P2OLYURGRFRUWHVmR
SXEOLFDGR HP  %DOGDVVDUH &DVWLJOLRQH GHVFUHYH RV PRGRV DOWDPHQWH HODERUDGRV H
VRILVWLFDGRVGRSHUIHLWRFLGDGmRSDODFLDQR(QRHQWDQWRH[SOLFD&DVWLJOLRQHRFRUWHVmRGHYH
H[HFXWDU HVVHV JHVWRV FRP R TXH HOH FKDPD GHVSUH]]DWXUD D FDSDFLGDGH GH ID]HU R TXH p
GLItFLOSDUHFHUIiFLO(OHUHFRPHQGDDRFRUWHVmRTXH³SUDWLTXHHPWXGRXPFHUWRGHVFDVRTXH
GLVVLPXODRWDOHQWRDUWtVWLFRHWRUQDRTXHVHGL]HRTXHVHID]DSDUHQWHPHQWHQDWXUDOHIiFLO´
7RGRV QyV DGPLUDPRV D UHDOL]DomR GH DOJXP IHLWR H[WUDRUGLQiULR PDV VH HOH IRU QDWXUDO H
JUDFLRVRQRVVDDGPLUDomRpGH]YH]HVPDLRU²³HQTXDQWR  HVIRUoDUVHQRTXHHVWiID]HQGR
H   QmR ID]HU PLVWpULR GLVVR UHYHOD XPD H[WUHPD IDOWD GH JUDoD H ID] FRP TXH WXGR QmR
LPSRUWD R VHX YDORU WHQKD XP GHVFRQWR´ $ LGpLD GH VSUH]]DWXUD YHP SULQFLSDOPHQWH GR
PXQGR GD DUWH 7RGRV RV JUDQGHV DUWLVWDV GR 5HQDVFLPHQWR PDQWLQKDP VXDV REUDV
FXLGDGRVDPHQWH HP VLJLOR 6y GHSRLV GH WHUPLQDGD D REUDSULPD HUD PRVWUDGD DR S~EOLFR
0LFKHODQJHOR SURLELD DWp RV SDSDV GH YHUHP R VHX WUDEDOKR HP DQGDPHQWR 2 DUWLVWD
UHQDVFHQWLVWDWLQKDVHPSUHRFXLGDGRGHIHFKDUDSRUWDGHVHXVHVW~GLRVVHMDSDUDRVSDWURQRV
FRPR SDUD R S~EOLFR HP JHUDO QmR SRU PHGR GH LPLWDo}HV PDV SRUTXH D IHLWXUD GD REUD
SUHMXGLFDULDDPDJLDGRHIHLWRHDVXDHVWXGDGDDWPRVIHUDGHEHOH]DIiFLOHQDWXUDO2SLQWRU
UHQDVFHQWLVWD9DVDULTXHIRLWDPEpPRSULPHLURJUDQGHFUtWLFRGHDUWHULGLFXODUL]DYDDVREUDV
GH3DROR8FFHOORREFHFDGRFRPDVOHLVGHSHUVSHFWLYD2HVIRUoRGH8FFHOORSDUDPHOKRUDUD
DSDUrQFLD GH SHUVSHFWLYD HUD yEYLR GHPDLV QDV VXDV REUDV ² VXDV SLQWXUDV ILFDYDP IHLDV H
HODERUDGDV VREUHFDUUHJDGDV FRP R HVIRUoR TXH HOH ID]LD SDUD FRQVHJXLU RV HIHLWRV TXH
GHVHMDYD5HDJLPRVGDPHVPDIRUPDTXDQGRYHPRVDUWLVWDVUHSUHVHQWDQGRGHXPDIRUPDPXLWR
H[DJHUDGDRH[FHVVRGHHVIRUoRGHVID]DLOXVmR7DPEpPQRVGHL[DFRQVWUDQJLGRV2VDUWLVWDV
FDOPRVHJUDFLRVRVSRUVXDYH]QRVGHL[DPjYRQWDGHGDQGRDLOXVmRGHQDWXUDOLGDGHHGH
VHUHPHOHVPHVPRVPHVPRVHWXGRTXHHOHVID]HPLPSOLTXHPXLWRWUDEDOKRHSUiWLFD

$ LGpLD GHVSUH]]DWXUD p UHOHYDQWH HP WRGDV DV IRUPDV GH SRGHU SRLV R SRGHU GHSHQGH
YLWDOPHQWHGDVDSDUrQFLDVHGDVLOXV}HVTXHYRFrFULD6XDVDo}HVHPS~EOLFRVmRFRPRREUDV
GHDUWHGHYHPDJUDGDUDRVROKRVFULDUH[SHFWDWLYDVDWp

GLYHUWLU4XDQGRYRFrUHYHODRHVIRUoRGDVXDFULDomRWRUQDVHPDLVXPPRUWDOHQWUHWDQWRV
RXWURV2TXHp
FRPSUHHQVtYHO QmR LQVSLUD UHVSHLWR ² DFKDPRV TXH SRGHUtDPRV ID]HU LJXDO VH WDPEpP
WLYpVVHPRVWHPSRHGLQKHLUR(YLWHDWHQWDomRGHPRVWUDUFRPRYRFrpEULOKDQWH²YRFrpPDLV
HVSHUWR RFXOWDQGR RV PHFDQLVPRV GR VHX EULOKDQWLVPR$R DSOLFDU HVWH FRQFHLWR j VXD YLGD
GLiULD 7DOOH\UDQG DPSOLRX PXLWR D VXD DXUD GH SRGHU 1XQFD OKH DJUDGRX WUDEDOKDU GHPDLV
SRUWDQWRID]LDRVRXWURVWUDEDOKDUHPSRUHOH²HVSLRQDQGRSHVTXLVDQGRID]HQGRPLQXFLRVDV
DQiOLVHV&RPWDQWDIRUoDGLVSRQtYHOHOHPHVPRQXQFDSDUHFLDVHFDQVDU4XDQGRVHXVHVSL}HV
UHYHODYDP TXH XPD GHWHUPLQDGD FRLVD HVWDYD SDUD DFRQWHFHU HOH D FRPHQWDYD VRFLDOPHQWH
FRPRVHHVWLYHVVHVHQWLQGRHVVDLPLQrQFLD&RQVHTHQWHPHQWHDVSHVVRDVDFKDYDPTXHHOHHUD
FODULYLGHQWH6XDVGHFODUDo}HVPHGXODUHVHVXDHVSLULWXRVLGDGHSDUHFLDPVHPSUHUHVXPLU7KLV
GRFXPHQW KDV EHHQ FUHDWHG ZLWK D '(02 YHUVLRQ RI 3') &UHDWH &RQYHUW
KWWSZZZHTXLQR[VRIWZDUHFRPSURGXFWVSGIBFUHDWHBFRQYHUWKWPO

7RUHPRYHWKLVPHVVDJHSOHDVHUHJLVWHU

XPDVLWXDomRSHUIHLWDPHQWHPDVHVWDYDPEDVHDGDVHPPXLWDSHVTXLVDHUDFLRFtQLR3DUDTXHP
HVWDYDQRJRYHUQRLQFOXVLYHRSUySULR1DSROHmR7DOOH\UDQGGDYDDLPSUHVVmRGHXPSRGHU
LPHQVR²HIHLWRTXHGHSHQGLDWRWDOPHQWHGDDSDUHQWHIDFLOLGDGHFRPTXHHOHUHDOL]DYDVXDV
SURH]DV

([LVWH XP RXWUR PRWLYR SDUD HVFRQGHU VHXV DWDOKRV H WUXTXHV VH YRFr GHL[D YD]DU HVVDV
LQIRUPDo}HV HVWDUi GDQGR DRV RXWURV LGpLDV TXH SRGHUmR XVDU FRQWUD YRFr 9RFr SHUGH R
EHQHItFLR GR VLOrQFLR 7HQGHPRV D TXHUHU TXH R PXQGR VDLED R TXH IL]HPRV ² TXHUHPRV
UHFRPSHQVDUDQRVVDYDLGDGHFRQTXLVWDQGRDSODXVRVSRUQRVVRHVIRUoRHEULOKDQWLVPRHDWp
PHVPRTXHUHPRVVLPSDWLDSHODVKRUDVTXHOHYDPRVSDUDID]HUDQRVVDREUDSULPD$SUHQGDD
FRQWURODUHVWDWHQGrQFLDDGDUFRPDOtQJXDQRVGHQWHVSRLVRVHXHIHLWRVHUiTXDVHVHPSUHR
RSRVWR GR HVSHUDGR /HPEUHVH TXDQWR PDLV PLVWHULRVDV DV VXDV Do}HV PDLRU VHUi R VHX
SRGHU9RFrILFDSDUHFHQGRD~QLFDSHVVRDFDSD]GHID]HURTXHYRFrID]²HDDSDUrQFLDGH
VHUSRVVXLGRUGHXPWDOHQWRH[FOXVLYRWHPXPSRGHULPHQVR)LQDOPHQWHFRPRYRFrFRQVHJXH
DVFRLVDVFRPJUDoDHIDFLOLGDGHDVSHVVRDVDFKDPVHPSUHTXHHVIRUoDQGRVHYRFrSRGHULD
ID]HUPDLV,VWRGHVSHUWDQmRVy

DGPLUDomRFRPRXPFHUWRWHPRU6HXVSRGHUHVVmRLOLPLWDGRV²QLQJXpPVDEHDWpRQGHHOHV
FKHJDUmR4XDOTXHUDomR>LQGLIHUHQoD@SRUPDLVEDQDOTXHVHMDQmRVyUHYHODDKDELOLGDGH
GD SHVVRD PDV WDPEpP FRP PXLWD IUHTrQFLD D ID] VHU FRQVLGHUDGD PDLRU GR TXH p QD
UHDOLGDGH,VWRSRUTXHOHYDRVREVHUYDGRUHVDDFUHGLWDUTXHR KRPHPTXHID]DVFRLVDVWmR
IDFLOPHQWHGHYHVHUPDLVKiELOGRTXHpQDYHUGDGH%DOGDVVDUH&DVWLJOLRQH

8PYHUVR>GHXPSRHPD@QRVWRPDUiXPDKRUDWDOYH]0DVVHQmRSDUHFHUDLGpLDGHXP
PRPHQWR2QRVVRFRVHUHGHVFRVHUWHUiVLGRLQ~WLO

$GDP¶V&XUVH:LOOLDP%XWOHU<HDWV

1mRGHL[HTXHQLQJXpPVDLEDH[DWDPHQWHGRTXHYRFrpFDSD]2KRPHPViELRQmRSHUPLWH
D QLQJXpP VRQGDU IXQGR RV VHXV FRQKHFLPHQWRV H DV VXDV KDELOLGDGHV VH TXLVHU VHU
UHVSHLWDGR SRU WRGRV (OH SHUPLWH TXH VHMDP FRQKHFLGRV PDV QmR TXH VHMDP
FRPSUHHQGLGRV 1LQJXpP GHYH FRQKHFHU D H[WHQVmR GDV VXDV KDELOLGDGHV SDUD QmR VH
GHVDSRQWDU$QLQJXpPHOHGiRSRUWXQLGDGHGHFRPSUHHQGrODVWRWDOPHQWH3RLVVXSRVLo}HV
H G~YLGDV TXDQWR D H[WHQVmR GRV VHXV WDOHQWRV HYRFDP PDLV UHVSHLWR GR TXH VDEHU
SUHFLVDPHQWHDWpRQGHHOHVYmRSDUDTXHVHMDPVHPSUHH[FHOHQWHV%DOWD]DU*UDFLiQ


2ViELRQmRGL]RTXHVDEHRWRORQmRVDEHRTXHGL]

3URYpUELR&KLQrV

2,19(562
2 VLJLOR FRP TXH YRFr HQYROYH VXDV Do}HV GHYH DSDUHQWDU GHVSUHRFXSDomR 2 ]HOR HP
HVFRQGHURVHXWUDEDOKRFULDXPDLPSUHVVmRGHVDJUDGiYHOTXDVHSDUDQyLFDYRFrHVWiOHYDQGR
RMRJRPXLWRDVpULR+RXGLQLWLQKDRFXLGDGRGHID]HURPLVWpULRGRVVHXVWUXTXHVSDUHFHUXP
MRJRWXGRHUDSDUWHGRHVSHWiFXOR1mRPRVWUHRVHXWUDEDOKRDQWHVGHWHUPLQiORPDVVHYRFr
VHHVIRUoDUGHPDLVSDUDHVFRQGrORDFDEDUiFRPRRXPORXFR

0DQWHQKDRVHXERPKXPRU

+iPRPHQWRVWDPEpPHPTXHYDOHDSHQDUHYHODURHVIRUoRGRVVHXVSURMHWRV7XGRGHSHQGH
GRJRVWRGDVXDSODWpLDHGDpSRFDHPTXHYRFrRSHUD37%DUQXPSHUFHEHXTXHRS~EOLFR
TXHULD SDUWLFLSDU GRV VHXV HVSHWiFXORV H DGRUDYD HQWHQGHU RV VHXV WUXTXHV HP SDUWH WDOYH]
SRUTXH DR HVStULWR GHPRFUiWLFR DPHULFDQR DJUDGDVVH GHVPDVFDUDU LPSOLFLWDPHQWH TXHP
RFXOWDYD GDV PDVVDV D RULJHP GR VHX SRGHU 2 S~EOLFR WDPEpP DSUHFLDYD R KXPRU H D
KRQHVWLGDGH GR VKRZPDQ %DUQXP FKHJRX DR H[DJHUR GH SXEOLFDU DV VXDV SUySULDV
PLVWLILFDo}HVQDVXDSRSXODUDXWRELRJUDILDHVFULWDQRDXJHGDFDUUHLUD

'HVGH TXH D UHYHODomR SDUFLDO GH WUXTXHV H WpFQLFDV VHMD FXLGDGRVDPHQWH SODQHMDGD H QmR
UHVXOWH GH XPD QHFHVVLGDGH LQFRQWUROiYHO GH GDU FRP D OtQJXD QRV GHQWHV p R Pi[LPR GD
HVSHUWH]D'ijSODWpLDDLOXVmRGHVHUVXSHULRUHGHSDUWLFLSDUPHVPRTXHJUDQGHSDUWHGR
TXHYRFrID]QLQJXpPYHMD

7KLV GRFXPHQW KDV EHHQ FUHDWHG ZLWK D '(02 YHUVLRQ RI 3') &UHDWH &RQYHUW
KWWSZZZHTXLQR[VRIWZDUHFRPSURGXFWVSGIBFUHDWHBFRQYHUWKWPO

7RUHPRYHWKLVPHVVDJHSOHDVHUHJLVWHU

/(,

&21752/($623d®(648(0'È$6&$57$6e92&Ç

$VPHOKRUHVWUDSDoDVVmRDVTXHSDUHFHPGHL[DUDRRXWURXPDRSomRVXDVYtWLPDVDFKDPTXH
HVWmR QR FRQWUROH PDV QD YHUGDGH VmR VXDV PDULRQHWHV 'r jV SHVVRDV RSo}HV TXH VHPSUH
UHVXOWHP IDYRUiYHLV D YRFr )RUFHDV D HVFROKHU HQWUH R PHQRU GH GRLV PDOHV DPERV
DWHQGHQGR D VHX SURSyVLWR &RORTXHDV QXP GLOHPD QmR WHUmR HVFDSDWyULD 3DODYUDV FRPR
³OLEHUGDGH´ ³RSo}HV´ H µHVFROKD´ HYRFDP SRVVLELOLGDGHV PXLWR DOpP GRV VHXV UHDLV
EHQHItFLRV ([DPLQDQGR EHP DV QRVVDV RSo}HV ²QR PHUFDGR QDV XUQDV ULRV HPSUHJRV ²
WHQGHPDVHULQFULYHOPHQWHOLPLWDGDVTXDVHVHPSUHWUDWDVHGHHVFROKHUHQWUH$H%RUHVWR
GRDOIDEHWRQmRHQWUD1RHQWDQWRVHKRXYHUDPDLVOHYHPLUDJHPGHRSomROiORQJHUDUDPHQWH
WHQWDPRVYHUDVTXHIDOWDP1yV³HVFROKHPRV´DFUHGLWDUTXHRMRJRpOLPSRHTXHPDQWHPRVD
QRVVDOLEHUGDGH3UHIHULPRVQmRSHQVDUPXLWRQRDOFDQFHGDQRVVDOLEHUGDGHGHHVFROKD(VVD
IDOWD GH YRQWDGH GH VRQGDU D OLPLWDomR GDV QRVVDV RSo}HV YHP GR IDWR GH TXH OLEHUGDGH HP
H[FHVVR JHUD DQVLHGDGH $ IUDVH ³RSo}HV LOLPLWDGDV´ VRD LQILQLWDPHQWH SURPLVVRUD PDV QD
YHUGDGHDVRSo}HVLOLPLWDGDVQRVGHL[DULDPSDUDOLVDGRVHSHUWXUEDULDPDQRVVDFDSDFLGDGHGH
RSWDU 2 QRVVR OHTXH UHGX]LGR GH RSo}HV p FRQIRUWiYHO &RP LVVR R HVSHUWR H R DUGLORVR
JDQKDPHQRUPHVRSRUWXQLGDGHVSDUDWUDSDFHDU4XHPHVWiHVFROKHQGRHQWUHGXDVDOWHUQDWLYDV
DFKD GLItFLO DFUHGLWDU TXH HVWi VHQGR PDQLSXODGR RX HQJDQDGR QmR Yr TXH YRFr HVWi OKH
SHUPLWLQGRXPDSHTXHQDSRUomRGHOLYUHDUEtWULRHPWURFDGDLPSRVLomRPXLWRPDLVIRUWHGR
VHX SUySULR DUEtWULR 'HILQLU XP OHTXH HVWUHLWR GH RSo}HV SRUWDQWR GHYH VHPSUH ID]HU SDUWH
GDVVXDVWUDSDoDV([LVWHXPGLWDGR2SiVVDURTXHHQWUDQDJDLRODSRUVXDOLYUHYRQWDGHFDQWD
PHOKRU (VWDV VmR DOJXPDV GDV IRUPDV PDLV FRPXQV GH ³FRQWUROH GH RSo}HV´ 'LVIDUFH DV
2So}HV$ WpFQLFD SUHIHULGD GH +HQU\ .LVVLQJHU &RPR VHFUHWiULR GH (VWDGR GR SUHVLGHQWH
5LFKDUG1L[RQ.LVVLQJHUVHFRQVLGHUDYDPDLVEHPLQIRUPDGRGRTXHRVHXFKHIHHDFUHGLWDYD
TXHQDPDLRULDGDVVLWXDo}HVHUDFDSD]GHGHFLGLUPHOKRUVR]LQKR0DVVHWHQWDVVHGHWHUPLQDU
D SROtWLFD RIHQGHULD RX TXHP VDEH LUULWDULD XP KRPHP QRWRULDPHQWH LQVHJXUR $VVLP
.LVVLQJHU VXJHULD WUrV RX TXDWUR RSo}HV GH DomR SDUD FDGD VLWXDomR H DV DSUHVHQWDYD GH WDO
IRUPD TXH D VXD SUHIHULGD VHPSUH SDUHFLD VHU D PHOKRU FRPSDUDGD FRP DV RXWUDV 6HJXLGDV
YH]HV 1L[RQ PRUGHX D LVFD MDPDLV GHVFRQILDQGR TXH HVWDYD VHQGR LQGX]LGR SRU .LVVLQJHU
(UDXPDUWLItFLRH[FHOHQWHSDUDXVDUFRPRPHVWUHLQVHJXUR

)RUFH R 5HVLVWHQWH 8P GRV SULQFLSDLV SUREOHPDV HQIUHQWDGRV SHOR 'U 0LOWRQ + (ULFNVRQ
SLRQHLURGDWHUDSLDSHODKLSQRVHQDGpFDGDGHHUDDUHFDtGD6HXVSDFLHQWHVSDUHFLDP
HVWDU VH UHFXSHUDQGR UDSLGDPHQWH PDV D DSDUHQWH VXVFHWLELOLGDGH j WHUDSLD PDVFDUDYD XPD
SURIXQGD UHVLVWrQFLD HOHV YROWDYDP ORJR DRV KiELWRV DQWLJRV FXOSDYDP R PpGLFR H QmR R
SURFXUDYDPPDLV3DUDHYLWDULVVR(ULFNVRQFRPHoRXDPDQGDUTXHDOJXQVSDFLHQWHVWLYHVVHP
XPDUHFDtGDTXHFRPHoDVVHPDVHVHQWLUWmRPDOTXDQWRQDKRUDHPTXHYLHUDPSURFXUiOR²
TXH YROWDVVHP SDUD D HVWDFD ]HUR 'LDQWH GHVWD RSomR RV SDFLHQWHV HP JHUDO ³HVFROKLDP´
HYLWDU D UHFDtGD ² R TXH p FODUR HUD H[DWDPHQWH R TXH (ULFNVRQ TXHULD (VWD p XPD ERD
WpFQLFD SDUD XVDU FRP FULDQoDV H RXWUDV SHVVRDV YROXQWDULRVDV TXH JRVWDP GH VHU GR FRQWUD
IRUFHDVD³HVFROKHU´RTXHYRFrTXHUTXHHODVIDoDPDSDUHQWDQGRSUHIHULURFRQWUiULR$OWHUH
R7DEXOHLURGR-RJR1DGpFDGDGH-RKQ'5RFNHIHOOHUGHFLGLXFULDUXPPRQRSyOLRGR
SHWUyOHR6HHOHWHQWDVVHFRPSUDUDVHPSUHVDVPHQRUHVLDPVDEHURTXHHOHHVWDYDID]HQGRH
UHDJLULDP(PYH]GLVVRHOHFRPHoRXFRPSUDQGRVHFUHWDPHQWHDVFRPSDQKLDVGHHVWUDGDVGH
IHUUR TXH WUDQVSRUWDYDP SHWUyOHR 0DLV WDUGH TXDQGR WHQWDYD FRPSUDU XPD GHWHUPLQDGD
HPSUHVD H HQFRQWUDYD UHVLVWrQFLD HOH OHPEUDYD TXH HOD GHSHQGLD GDV OLQKDV GH WUHP
5HFXVDQGRVHDID]HURWUDQVSRUWHRXVLPSOHVPHQWHDXPHQWDQGRDVWD[DVHOHSRGHULDDUUXLQDU
R QHJyFLR GHOHV 5RFNHIHOOHU DOWHURX R WDEXOHLUR GR MRJR GH WDO IRUPD TXH DRV SHTXHQRV
SURGXWRUHVGHSHWUyOHRVyUHVWDUDPDVRSo}HVTXHHOHOKHVRIHUHFLD
1HVWD WiWLFD VHXV DGYHUViULRV VDEHP TXH HVWmR VHQGR IRUoDGRV PDV QmR LPSRUWD$ WpFQLFD
IXQFLRQDFRPDTXHOHVTXHUHVLVWHPDTXDOTXHUFXVWR

2So}HV5HGX]LGDV2PDUFKDQGGRVpFXOR;,;$PEURLVH9ROODUGDSHUIHLoRRXHVWDWpFQLFD
2V FOLHQWHV YLQKDP j ORMD GH 9ROODUG YHU DOJXQV &p]DQQHV (OH PRVWUDYD WUrV TXDGURV
HVTXHFLDGHGL]HURSUHoRHILQJLDFRFKLODU2VYLVLWDQWHVWLQKDPGHVDLUVHPWHUGHFLGLGRQDGD
(PJHUDOYROWDYDPQRGLDVHJXLQWHSDUDYHURVTXDGURVQRYDPHQWHPDVDt9ROODUGPRVWUDYD
REUDV PHQRV LQWHUHVVDQWHV ILQJLQGR DFKDU TXH HUDP DV PHVPDV GD YpVSHUD 2V FOLHQWHV
GHVFRQFHUWDGRV H[DPLQDYDP DV QRYDV RIHUWDV H LDP HPERUD SDUD SHQVDU PHOKRU H YROWDU
GHSRLV0DLVXPDYH]DFHQDVHUHSHWLD9ROODUGPRVWUDYDTXDGURVGHTXDOLGDGHDLQGDPDLV
LQIHULRU )LQDOPHQWH RV FRPSUDGRUHV SHUFHELDP TXH HUD PHOKRU SHJDU R TXH HOH HVWDYD
PRVWUDQGRSRUTXHDPDQKmSRGHULDPWHUGHVHVDWLVID]HUFRPDOJRSLRUWDOYH]DWp

PDLVFDUR

8PDYDULDomRGHVWDWpFQLFDpHOHYDURSUHoRWRGDVDVYH]HVTXHRFRPSUDGRUKHVLWDUDGLDQGR
D GHFLVmR SDUD R GLD VHJXLQWH ( XPD H[FHOHQWH WiWLFD GH QHJRFLDomR FRP RV LQGHFLVRV
FU{QLFRVTXHYmRDFKDUTXHpPHOKRUFRPSUDUKRMHGR7KLVGRFXPHQWKDVEHHQFUHDWHGZLWK
D '(02 YHUVLRQ RI 3') &UHDWH &RQYHUW KWWSZZZHTXLQR[
VRIWZDUHFRPSURGXFWVSGIBFUHDWHBFRQYHUWKWPO

7RUHPRYHWKLVPHVVDJHSOHDVHUHJLVWHU

TXHHVSHUDUDWpDPDQKm

2+RPHP)UDFRj%HLUDGR3UHFLStFLR2VIUDFRVVmRRVPDLVIiFHLVGHPDQREUDUFRQWURODQGR
VXDVRSo}HV2

FDUGHDO GH 5HW] R JUDQGH DJLWDGRU GR VpFXOR ;9,, VHUYLX FRPR DVVLVWHQWH H[WUDRILFLDO GR
GXTXH GH 2UOHDQV TXH HUD QRWRULDPHQWH LQGHFLVR (UD XPD OXWD FRQVWDQWH WHQWDU FRQYHQFHU R
GXTXHDDJLU²HOHKHVLWDYDSHVDYDDVRSo}HVHDJXDUGDYDDWpR~OWLPRPRPHQWRSURYRFDQGR
~OFHUDV QDV SHVVRDV TXH YLYLDP D VXD YROWD 0DV 5HW] GHVFREULX XP MHLWR GH OLGDU FRP HOH
GHVFUHYLDWRGRVRVWLSRVGHSHULJRVH[DJHUDQGRRVDRPi[LPRDWpTXHRGXTXHYLVVHDELVPRV
VHDEULQGRHPWRGDVDVGLUHo}HVH[FHWRXPDDTXH5HW]RHVWDYDIRUoDQGRDVHJXLU

(VWDWiWLFDpVHPHOKDQWHjGH³'LVIDUoDUDV2So}HV´PDVFRPRVIUDFRVYRFrSUHFLVDVHUPDLV
DJUHVVLYR 7UDEDOKH FRP DV HPRo}HV GHOHV ² XVH R PHGR H R WHUURUSDUD IRUoiORV D WRPDU
XPDDWLWXGH7HQWHDUD]mRHHOHVVHPSUHHQFRQWUDUmRXPMHLWRGHGHL[DUSDUDGHSRLV

,UPmRVQR&ULPH(VWDpXPDWpFQLFDWUDGLFLRQDOGHWUDPELFDJHPYRFrDWUDLVXDVYtWLPDVSDUD
DOJXPHVTXHPDFULPLQRVRFULDQGRHQWUHYRFrVXPYtQFXORGHVDQJXHHFXOSD(OHVSDUWLFLSDP
GD VXD IUDXGH FRPHWHP XP FULPH RX DFKDP TXH FRPHWHP  H VmR IDFLOPHQWH PDQLSXODGRV
6HUJH6WDYLVN\RJUDQGHWUDPELTXHLURIUDQFrVGDGpFDGDGHHQYROYHXRJRYHUQRGHWDO
IRUPDQDVVXDVIUDXGHVHWUDSDoDVTXHR(VWDGRQmRRXVRXSURFHVViORH³HVFROKHX´GHL[iOR
HPSD](PDLVVHQVDWRHQYROYHUQDVVXDVIUDXGHVDTXHODSHVVRDTXHPDLVSRGHUiSUHMXGLFiOR
VH YRFr IDOKDU (VVH HQYROYLPHQWR SRGH VHU VXWLO ² D VLPSOHV VXSRVLomR GH HVWDUHP
HQYROYLGRVHVWUHLWDUiVXDVRSo}HVHFRPSUDUiRVHXVLOrQFLR

$V*DUUDVGHXP'LOHPD(VWDLGpLDIRLGHPRQVWUDGDQDIDPRVDPDUFKDVREUHD*HRUJLDGR
JHQHUDO :LOOLDP 6KHUPDQ GXUDQWH D *XHUUD &LYLO $PHULFDQD (PERUD RV FRQIHGHUDGRV
VRXEHVVHPHPTXHGLUHomR6KHUPDQHVWDYDLQGRHOHVQXQFDVDELDPVHHOHDWDFDULDSHODGLUHLWD
RXSHODHVTXHUGDSRLVHOHGLYLGLDVHXVH[pUFLWRVHPGXDVDODV²HGHVYLDQGRVHGHXPDHOHV
HQIUHQWDYDP D RXWUD (VWD p XPD WpFQLFD FOiVVLFD XVDGD SHORV DGYRJDGRV QRV MXOJDPHQWRV R
DGYRJDGR OHYD DV WHVWHPXQKDV D GHFLGLU HQWUH GXDV H[SOLFDo}HV SRVVtYHLV SDUD R TXH
DFRQWHFHXDPEDVIUDJLOL]DQGRDVXDKLVWyULD(ODVWrPGHUHVSRQGHUjVSHUJXQWDVGRDGYRJDGR
PDV WXGR TXH GL]HP DV LQFULPLQD$ FKDYH SDUD HVWH PRYLPHQWR p DWDFDU UDSLGDPHQWH QmR
GHL[DU TXH D YtWLPD WHQKD WHPSR SDUD SHQVDU QXPD HVFDSDWyULD (QTXDQWR WHQWDP UHVROYHU R
GLOHPDFDYDPRSUySULRW~PXOR

&RPSUHHQGD1DOXWDFRQWUDRVVHXVULYDLVHPJHUDOpQHFHVViULRTXHYRFrRVPDJRH6H
YRFr IRU QLWLGDPHQWH R DJHQWH GD SXQLomR GHOHV HVSHUH XP FRQWUDDWDTXH ² HVSHUH D
YLQJDQoD 6H QR HQWDQWR HOHV DFKDUHP TXH VmR HOHV PHVPRV RV DJHQWHV GR VHX SUySULR
LQIRUW~QLR YmR VH VXEPHWHU TXLHWRV 4XDQGR ,YDQ R 7HUUtYHO WURFRX 0RVFRX SRU XPD
FLGDGH]LQKD QR FDPSR RV FLGDGmRV TXH OKH SHGLUDP SDUD YROWDU FRQFRUGDUDP FRP VXD
H[LJrQFLD GH SRGHU DEVROXWR 1R IXWXUR HOHV VH UHVVHQWLUDP PHQRV FRP R WHUURU TXH HOH
GHVHQFDGHRXSRUWRGRSDtVSRUTXHDILQDOGHFRQWDVHOHVpTXHOKHWLQKDPGDGRHVVHSRGHU
3RULVVRpVHPSUHERPGHL[DUTXHDYtWLPDHVFROKDRYHQHQRHGLVVLPXODUDRPi[LPRTXHp

YRFr TXHP HVWi OKH RIHUHFHQGR 3RLV DV IHULGDV H WRGRV RV RXWURV PDOHV TXH RV KRPHQV
LQIOLJHPDVLSUySULRVHVSRQWDQHDPHQWHHSRUVXDOLYUHHVFROKDVmRDORQJRSUD]RPHQRV
GRORURVRVGRTXHRVLQIOLJLGRVSRURXWUDVSHVVRDV1LFRODX0DTXLDYHO

20(17,5262

(UD XPD YH] QD $UPpQLD XP UHL TXH VHQWLQGRVH QXP HVWUDQKR HVWDGR GH HVStULWR H
SUHFLVDQGR VH GLYHUWLU XP SRXFR HQYLRX DUDXWRV SRU WRGR UHLQR SURFODPDQGR R VHJXLQWH
2XoDPWRGRV$TXHOHTXHSURYDUVHURPDLRUPHQWLURVRGD$UPrQLDUHFHEHUiXPDPDomGH
RXURGDVPmRVGH6XD0DMHVWDGHR5HL´*HQWHGHWRGDVDVFLGDGHVHDOGHLDVGHWRGRV RV
QtYHLVHFRQGLo}HVSUtQFLSHVPHUFDGRUHVID]HQGHLURVVDFHUGRWHVULFRVHSREUHVDOWRVH
EDL[RVJRUGRVHPDJURV YLHUDPHPPOWLGmRDRSDOiFLR1mRIDOWDYDPPHQWLURVRVQDTXHOD
WHUUDHFDGDXPFRQWRXDVXDPHQWLUDDRUHL*RYHUQDQWHVHQWUHWDQWRHVWmRDFRVWXPDGRV
FRWQWRGRVWLSRVGHPHQWLUDHQHQKXPDGDTXHODVFRQYHWLFHXRUHLGHTXHHUDDPHOKRU
(OH FRPHoRX D VH FDQVDU FRP HVWH WLRYR HVSRUWH H Mi HVWDYD SHQVDQGR HP FDQFHODU D
FRPSHWLomR VHP GHFODUDU XP YHQFHGRU TXDQGR DSDUHFHX GLDQWH GHOH XP KRPHP SREUH
HVIDUUDSDGR FDUUHJDQGR GHEDL[R GR EUDoR XPD JUDQGH kQIRUD GH EDUUR ³2 TXH SRVVR
ID]HU SRU YRFr"´ SHUJXQWRX 6XD 0DMHVWDGH 6HQKRU GLVVH R KRPHP OLJHLUDPHQWH
HVSDQWDGR6HPG~YLGDQmRVHUHFRUGD"'HYHPHXPSRWHGHRXURHYLPSHJiOR9RFrp
XP JUDQGH PHQWLURVR H[FODPRX R UHL ³1mR OKH GHYR QDGD´ 8P JUDQGH PHQWLURVR HX
VRX"´ GLVVH R KRPHP SREUH ³(QWmR PH Gr D PDom GH RXUR 2 UHL SHUFHEHQGR TXH R
KRPHPHVWDYDWHQWDQGROKHSDVVDUDSHUQD1mRQmR9RFrQmRp
PHQWLURVR´(QWmRPHGrRSRWHGHRXURTXHPHGHYHVHQKRUGLVVHRKRPHP2UHLVHYLX
QXPGLOHPDHOKHHQWUHJRXDPDomGHRXUR

&21726()È%8/$6'2)2/&/25($50Ç1,2&+$5/(6'2:1,1*

2,19(562
2FRQWUROHGDVRSo}HVWHPXPVySURSyVLWRGHVSLVWiORFRPRDJHQWHGHSRGHUHSXQLomR$
WiWLFDIXQFLRQDPHOKRUSRUWDQWRFRPDTXHOHVFXMRSRGHUpIUiJLOTXHVmRLQFDSD]HVGHDJLU
DEHUWDPHQWH VHP GHVSHUWDU VXVSHLWDV7KLV GRFXPHQW KDV EHHQ FUHDWHG ZLWK D '(02
YHUVLRQ RI 3') &UHDWH &RQYHUW KWWSZZZHTXLQR[
VRIWZDUHFRPSURGXFWVSGIBFUHDWHBFRQYHUWKWPO

7RUHPRYHWKLVPHVVDJHSOHDVHUHJLVWHU

UHVVHQWLPHQWRHUDLYD$WpFRPRUHJUDJHUDOUDUDPHQWHpVHQVDWRVHUYLVWRH[HUFHQGRRSRGHU
GHPDQHLUDGLUHWDHSUHSRWHQWHQmRLPSRUWDRTXDQWRYRFrVHMDVHJXURRXLPSRUWDQWH

3RURXWURODGRDROLPLWDUDVRSo}HVGRVRXWURVYRFrjVYH]HVOLPLWDDVVXDV+iVLWXDo}HVHP
TXHpPDLVYDQWDMRVRGHL[DUVHXVULYDLVFRPPDLVOLEHUGDGHYHQGRRVDJLUYRFrWHPyWLPDV
RSRUWXQLGDGHV SDUD HVSLRQDU UHXQLU LQIRUPDo}HV H SODQHMDU VXDV IUDXGHV 8P EDQTXHLUR GR
VpFXOR ;,; -DPHV 5RWKVFKLOG JRVWDYD GHVWH PpWRGR HOH VDELD TXH VH WHQWDVVH FRQWURODU RV
PRYLPHQWRVGRVDGYHUViULRVSHUGHULDDFKDQFHGHREVHUYDUDVVXDVHVWUDWpJLDVHSODQHMDUXPD
DomRPDLVHILFD]4XDQWRPDLVOLEHUGDGHHOHOKHVGDYDDFXUWRSUD]RPDLVSRGHULDLPSRUDVXD
YRQWDGH D ORQJR SUD]R7KLV GRFXPHQW KDV EHHQ FUHDWHG ZLWK D '(02 YHUVLRQ RI 3')
&UHDWH&RQYHUW KWWSZZZHTXLQR[VRIWZDUHFRPSURGXFWVSGIBFUHDWHBFRQYHUWKWPO

7RUHPRYHWKLVPHVVDJHSOHDVHUHJLVWHU

/(,

'(63(57($)$17$6,$'$63(662$6

(P JHUDO HYLWDVH D YHUGDGH SRUTXH HOD p IHLD H GHVDJUDGiYHO 1mR DSHOH SDUD R TXH p
YHUGDGHLURRXUHDOVHQmRHVWLYHUSUHSDUDGRSDUDHQIUHQWDUDUDLYDTXHYHPFRPRGHVHQFDQWR
$YLGDpWmRGXUDHDQJXVWLDQWHTXHDVSHVVRDVFDSD]HVGHFULDUURPDQFHVRXLQYRFDUIDQWDVLDV
VmRFRPRRiVLVQRPHLRGRGHVHUWRWRGRVFRUUHPDWpOi+iXPHQRUPHSRGHUHPGHVSHUWDUD
IDQWDVLDGDVSHVVRDV

7DOpRSRGHUGDVIDQWDVLDVTXHWRPDPFRQWDGHQyVHVSHFLDOPHQWHHPpSRFDVGHHVFDVVH]H
GHFOtQLR$V SHVVRDV UDUDPHQWH DFUHGLWDP TXH D RULJHP GRV VHXV SUREOHPDV p D VXD SUySULD
LQLTLGDGH H HVWXSLGH]$ FXOSD p VHPSUH GH DOJXpP RX DOJXPD FRLVD H[WHUQD ² R RXWUR R
PXQGR RV GHXVHV ²H SRUWDQWR D VDOYDomR WDPEpP YHP GH IRUD 3DUD FRQTXLVWDU R SRGHU
YRFrWHPGHVHUIRQWHGHSUD]HUSDUDDVSHVVRDVTXHRFHUFDP²HRSUD]HUYHPGHEULQFDU
FRPDVIDQWDVLDVGHVVDVSHVVRDV1mROKHVSURPHWDXPDPHOKRULDJUDGXDOSRUPHLRGRWUDEDOKR
iUGXRSHORFRQWUiULRSURPHWDOKHVDOXDDJUDQGHHV~ELWDWUDQVIRUPDomRRSRWHGHRXUR$
IDQWDVLDQmRDWXDVR]LQKD(ODH[LJHDURWLQDFRPRSDQRGHIXQGReDRSUHVVmRGDUHDOLGDGH
TXHSHUPLWHj

IDQWDVLD HQUDL]DUVH H IORUHVFHU 1D 9HQH]D GR VpFXOR ;9, D UHDOLGDGH HUD R GHFOtQLR H D
SHUGD GH SUHVWtJLR$ IDQWDVLD FRUUHVSRQGHQWH GHVFUHYLD XPD V~ELWD UHFXSHUDomR GDV JOyULDV
SDVVDGDVDWUDYpVGRPLODJUHGDDOTXLPLD4XHPFRQVHJXHWHFHUFRPRVILRVGDGXUDUHDOLGDGH
XPDIDQWDVLDWHPDFHVVRDSRGHUHVLQFDOFXOiYHLV1DEXVFDSHODIDQWDVLDTXHYDLGRPLQDUDV
PDVVDV SRUWDQWR ILTXH GH ROKR QDV WULYLDOLGDGHV TXH SHVDP WDQWR VREUH WRGRV QyV 1mR VH
GLVWUDLD FRP RV UHWUDWRV JODPRXURVRV TXH DV SHVVRDV ID]HP GH VL PHVPDV H GDV VXDV YLGDV
SHVTXLVHRTXHUHDOPHQWHDVDSULVLRQD8PDYH]GHVFREULQGRLVVRYRFrWHPDFKDYHPiJLFD
TXHFRORFDUiHPVXDVPmRVXPJUDQGHSRGHU(PERUDRVWHPSRVHDVSHVVRDVPXGHPYDPRV
H[DPLQDUDOJXPDVGDVUHDOLGDGHVRSUHVVLYDVTXHQmRPXGDPHDVRSRUWXQLGDGHVGHSRGHUTXH
HODVSURSRUFLRQDP

$ 5HDOLGDGH$ PXGDQoD p OHQWD H JUDGXDO ([LJH PXLWR WUDEDOKR XP SRXFR GH VRUWH XPD
TXDQWLGDGHUD]RiYHOGHVDFULItFLRSHVVRDOHPXLWDSDFLrQFLD

$ )DQWDVLD 8PD WUDQVIRUPDomR UHSHQWLQD SURYRFDUi XPD PXGDQoD WRWDO QR GHVWLQR GH XPD
SHVVRDHYLWDQGRRWUDEDOKRDVRUWHRVDFULItFLRSHVVRDOHDGHPRUDGHXPVyJROSHIDQWiVWLFR
(VWDpDIDQWDVLDSRUH[FHOrQFLDGRVFKDUODW}HVTXHDWpKRMHILFDPQRVURQGDQGR3URPHWDXPD
JUDQGHHUDGLFDOPXGDQoD²GDSREUH]DSDUDDULTXH]DGDGRHQoDSDUDDVD~GHGDPLVpULD
SDUDRr[WDVH²HYRFrWHUiVHJXLGRUHV2TXHIH]RJUDQGHWUDPELTXHLURDOHPmRGRVpFXOR
;9,/HRQKDUG7KXUQHLVVHUSDUDVHWRUQDUPpGLFRGDFRUWHGRSUtQFLSHGH%UDQGHQEXUJRVHP
QXQFDWHUHVWXGDGRPHGLFLQD"(PYH]GHUHFHLWDUDPSXWDo}HVYHQWRVDVHSXUJDWLYRVGHJRVWR
UXLP PHGLFDPHQWRV GD pSRFD  7KXUQHLVVHU RIHUHFLD HOL[LUHV DGRFLFDGRV H SURPHWLD
UHFXSHUDomR LPHGLDWD 2V FRUWHVmRV VRILVWLFDGRV HVSHFLDOPHQWH TXHULDP D VXD VROXomR GH
³RXURSRWiYHO´TXHFXVWDYDXPDIRUWXQD6HYRFrIRVVHDWDFDGRSRUXPDGRHQoDLQH[SOLFiYHO
7KXUQHLVVHUFRQVXOWDYDXPKRUyVFRSRHUHFHLWDYDXPWDOLVPm4XHPUHVLVWLDDHVVDIDQWDVLD²
ULTXH]DHEHPHVWDUVHPGRUQHPVDFULItFLRV

$5HDOLGDGH$VRFLHGDGHWHPFyGLJRVHOLPLWHVEHPGHILQLGRV1yVFRPSUHHQGHPRVHVWHV
OLPLWHV H VDEHPRV TXH WHPRV TXH QRV PRYHU GHQWUR GRV PHVPRV FtUFXORV IDPLOLDUHV GLD H
QRLWH

 $ )DQWDVLD 3RGHPRV HQWUDU QXP PXQGR WRWDOPHQWH QRYR GH FyGLJRV GLIHUHQWHV H FRP D
SURPHVVDGHDYHQWXUDV1RLQtFLRGRVpFXOR;9,,,WRGDD/RQGUHVVHDOYRURoRXFRPRVERDWRV
VREUHXPHVWUDQKRPLVWHULRVRXPMRYHPFKDPDGR*HRUJH3VDOPDQD]DU(OHDFDEDUDGHFKHJDU
GHXPDWHUUDTXHDPDLRULDGRVLQJOHVHVMXOJDYDIDQWiVWLFDDLOKDGH)RUPRVD KRMH7DLZDQ 
QDFRVWDGD&KLQD$8QLYHUVLGDGHGH2[IRUGFRQWUDWRX3VDOPDQD]DUSDUDHQVLQDUDOtQJXDTXH
VH IDODYD QDTXHOD LOKD DOJXQV DQRV GHSRLV HOH WUDGX]LX D %tEOLD H HP VHJXLGD HVFUHYHX XP
OLYUR²TXHVHWRPRXORJRXPEHVWVHOOHU²VREUHDKLVWyULDHDJHRJUDILDGH)RUPRVD$
UHDOH]D LQJOHVD UHFHELD SURGLJDPHQWH R MRYHP H HOH RQGH TXHU TXH IRVVH GLYHUWLD VHXV
DQILWUL}HVFRPKLVWyULDVPDUDYLOKRVDVVREUHDVXDWHUUDQDWDOHVHXVFRVWXPHVEL]DUURV4XDQGR
3VDOPDQD]DU PRUUHX HQWUHWDQWR VHX WHVWDPHQWR UHYHORX TXH HOH HUD DSHQDV XP IUDQFrV FRP
XPDIpUWLOLPDJLQDomR7XGRTXHHOHFRQWDUDVREUH)RUPRVD²VHXDOIDEHWRVHXLGLRPDVXD
OLWHUDWXUDWRGDDVXDFXOWXUD²HUDLQYHQomRVXD(OHVHEDVHRXQDLJQRUkQFLDGHVHXVRXYLQWHV
SDUD LQYHQWDU XPD FRPSOLFDGD KLVWyULD TXH VDWLVID]LD XP GHVHMR SHOR TXH HUD HVWUDQKR H
H[yWLFR2UtJLGRFRQWUROHGDFXOWXUDEULWkQLFDVREUHRVSHULJRVRVVRQKRVGDVSHVVRDVOKHGHX
XPDRSRUWXQLGDGHyWLPDSDUDH[SORUDUDVVXDVIDQWDVLDV

$IDQWDVLDFRPRH[yWLFRpFODURSDVVDWDPEpPSHODIDQWDVLDVH[XDO0DVQmRSUHFLVDFKHJDU
PXLWR SHUWR SRUTXH R ItVLFR SHUWXUED R SRGHU GD IDQWDVLD HOH SRGH VHU YLVWR DJDUUDGR H
GHSRLV VH WRPD FDQVDWLYR ² R GHVWLQR GD PDLRULD GRV FRUWHVmRV 2V HQFDQWRV ItVLFRV GD
DPDQWHVyGHVSHUWDPRDSHWLWHGRVHXVHQKRUSRUSUD]HUHVGLIHUHQWHVpXPDQRYDEHOH]DDVHU
DGRUDGD3DUDGDUSRGHUDIDQWDVLDGHYHSHUPDQHFHUDWpFHUWRSRQWRLUUHDOL]DGDOLWHUDOPHQWH
LUUHDO $ GDQoDULQD 0DWD +DUL SRU H[HPSOR TXH ILFRX IDPRVD HP 3DULV DQWHV GD 3ULPHLUD
*XHUUD 0XQGLDO WLQKD XPD DSDUrQFLD EDVWDQWH7KLV GRFXPHQW KDV EHHQ FUHDWHG ZLWK D
'(02 YHUVLRQ RI 3') &UHDWH &RQYHUW KWWSZZZHTXLQR[
VRIWZDUHFRPSURGXFWVSGIBFUHDWHBFRQYHUWKWPO

7RUHPRYHWKLVPHVVDJHSOHDVHUHJLVWHU

FRPXP6HXSRGHUYLQKDGDIDQWDVLDTXHHODFULRXVREUHVLPHVPDFRPRXPDPXOKHUH[yWLFDH
HVWUDQKDLPSHQHWUiYHOHLQGHFLIUiYHO2WDEXFRPTXHHODRSHUDYDQmRHUDWDQWRRVH[RHPVL
PDVRGHVUHVSHLWRDRVFyGLJRVVRFLDLV2XWUDIRUPDGHIDQWDVLDFRPRH[yWLFRpVLPSOHVPHQWH
DHVSHUDQoDGHDOtYLRSDUDRWpGLR2VFKDUODW}HVDGRUDPEULQFDUFRPDRSUHVVmRGRPXQGRGR
WUDEDOKR FRP D VXD IDOWD GH DYHQWXUD 6XDV WUDSDoDV HQYROYHP GLJDPRV D UHFXSHUDomR GR
WHVRXUR HVSDQKRO FRP D SRVVtYHO SDUWLFLSDomR GH XPD DWUDHQWH VHxRULWD PH[LFDQD H XPD
FRQH[mRFRPRSUHVLGHQWHGHXPSDtVVXODPHULFDQR²TXDOTXHUFRLVDTXHRIHUHoDXPDOtYLR
SDUDDURWLQD

$5HDOLGDGH$VRFLHGDGHpIUDJPHQWDGDHFKHLDGHFRQIOLWRV

$)DQWDVLD$VSHVVRDVSRGHPVHMXQWDUQXPDXQLmRPtVWLFDGHDOPDV

1DGpFDGDGHRWUDSDFHLUR2VFDU+DUW]HOOILFRXULFRGHUHSHQWHFRPRYHOKRWUXTXHGH
6LU)UDQFLV'UDNH²

TXHSURPHWLDEDVLFDPHQWHDTXDOTXHURWiULRTXHWLYHVVHRVREUHQRPH³'UDNH´XPDERDSDUWH
GR GHVDSDUHFLGR ³WHVRXUR GH 'UDNH´ DR TXDO +DUW]HOO WLQKD DFHVVR 0LOKDUHV GH SHVVRDV GH
WRGR R 0HLR2HVWH FDtUDP QR ORJUR TXH +DUW]HOO HVSHUWDPHQWH WUDQVIRUPRX QXPD FUX]DGD
FRQWUDRJRYHUQRHWRGRVTXHWHQWDVVHPLPSHGLUTXHDIRUWXQDGH'UDNHFKHJDVVHjVPmRVGH
VHXVOHJtWLPRVKHUGHLURV&ULRXVHXPDXQLmRPtVWLFDGRVRSULPLGRV'UDNHFRPHQFRQWURVH
FRPtFLRVH[DOWDGRV3URPHWDXPDXQLmRGHVVHWLSRHYRFrFRQTXLVWDUiPXLWRSRGHUPDVpXP
SRGHU SHULJRVR TXH SRGH VH YROWDU IDFLOPHQWH FRQWUD YRFr (VWD p XPD IDQWDVLD SDUD
GHPDJRJRV

$5HDOLGDGH0RUWH2VPRUWRVQmRYROWDPQmRVHPXGDRSDVVDGR
$)DQWDVLD8PDV~ELWDLQYHUVmRGHVWHIDWRLQWROHUiYHO

(VWD WUDSDoD WHP PXLWDV YDULDo}HV PDV H[LJH JUDQGH KDELOLGDGH H VXWLOH]D +i PXLWR WHPSR
TXHVHUHFRQKHFHDEHOH]DHDLPSRUWkQFLDGDDUWHGH9HUPHHUPDVVHXVTXDGURVVmRSRXFRVH
H[WUHPDPHQWHUDURV1DGpFDGDGHHQWUHWDQWRFRPHoDUDPDVXUJLU9HUPHHUQRPHUFDGR
GHDUWH&KDPDUDPHVSHFLDOLVWDVSDUDFRQIHULUHHOHVJDUDQWLUDPTXHHUDPDXWrQWLFRV3RVVXLU
XP GHVWHV QRYRV 9HUPHHU VHULD R DXJH GD FDUUHLUD GH XP FROHFLRQDGRU (UD FRPR D
UHVVXUUHLomRGH/i]DURFXULRVDPHQWH9HUPHHUWLQKDUHVVXVFLWDGR$OWHURXVHRSDVVDGR

6y PDLV WDUGH VH VRXEH TXH RV QRYRV 9HUPHHU HUDP REUD GH XP IDOViULR KRODQGrV GH PHLD
LGDGH XP WDO +DQ YDQ 0HHJHUHQ ( HOH WLQKD HVFROKLGR 9HUPHHU SRUTXH FRPSUHHQGHX R
PHFDQLVPR GD IDQWDVLD RV TXDGURV SDUHFHULDP UHDLV H[DWDPHQWH SRUTXH R S~EOLFR H RV
HVSHFLDOLVWDVWDPEpPTXHULDPPXLWRDFUHGLWDUTXHHUDP/HPEUHVHDFKDYHSDUDDIDQWDVLDp
D GLVWkQFLD 2 TXH HVWi GLVWDQWH IDVFLQD H SURPHWH SDUHFH VLPSOHV H VHP SUREOHPDV 2 TXH
YRFrHVWiRIHUHFHQGRSRUWDQWRGHYHVHULQDOFDQoiYHO1mRGHL[HTXHVHWRUQHRSUHVVLYDPHQWH
IDPLOLDUpDPLUDJHPOiORQJHTXHYDLVHDIDVWDQGRFRQIRUPHRWRORVHDSUR[LPD1mRVHMD
PXLWRREMHWLYRDRGHVFUHYHUDIDQWDVLD

² PDQWHQKDD LQGHILQLGD &RPR XP IRUMDGRU GH IDQWDVLDV GHL[H D YtWLPD VH DSUR[LPDU R
EDVWDQWH SDUD YHU H VH VHQWLU WHQWDGD PDQWHQGRD SRUpP DIDVWDGD R VXILFLHQWH SDUD FRQWLQXDU
VRQKDQGR H GHVHMDQGR$ PHQWLUD p XP IHLWLoR XPD LQYHQomR TXH SRGH VHU RUQDPHQWDGD
FRPRXPDIDQWDVLD3RGHHVWDUUHYHVWLGDFRPLGpLDVPtVWLFDV$YHUGDGHpIULDVyEULDQmR
WmR FRQIRUWiYHO GH VH DVVLPLODU $ PHQWLUD p PDLV DSHWLWRVD $ SHVVRD PDLV  GHWHVWiYHO GR
PXQGRpDTXHVHPSUHIDODDYHUGDGHQXQFDURPDQFHLD(XDFKRVHPSUHPDLVLQWHUHVVDQWH
HOXFUDWLYRURPDQFHDUGRTXHGL]HUDYHUGDGH

-RVHSK:HLOYXOJR³7KH<HOORZ.LG´

2)81(5$/'$/(2$

7HQGRROHmRSHUGLGRVXELWDPHQWHDVXDUDLQKDWRGRVVHDSUHVVDUDPDPRVWUDUILGHOLGDGH
DR PRQDUFD RIHUHFHQGROKH  FRQVROR 0DV LQIHOL]PHQWH HVVHV FXPSULPHQWRV Vy HVWD YHP
GHL[DQGRRYL~YRPDLVDIOLWR1RWLFLRXVHSRUWRGRRUHLQRDKRUDHROXJDUGRIXQHUDORV
RILFLDLV UHFHEHUDP RUGHP SDUD ILFDU GH SURQWLGmR GLULJLU D FHULP{QLD H GLVWULEXLU DV
SHVVRDV VHJXQGR VHXV UHVSHFWLYRV OXJDUHV QD VRFLHGDGH 3RGHVH EHP LPDJLQDU TXH QmR
IDOWRXQLQJXpP2PRQDUFDGHXYD]mRjVXDWULVWH]DHWRGDDFDYHUQDYLVWRTXHOH}HVQmR
WrP RXWURV WHPSORV UHVVRDYD FRP VHXV ODPHQWRV 6HJXLQGR R VHX H[HPSOR WRGRV RV
FRUWHVmRV UXJLUDP HP VHXV GLIHUHQWHV WRQV $ FRUWH p XP OXJDU RQGH WRGRV ILFDP WULVWHV
DOHJUHV RX LQGLIHUHQWHV GH DFRUGR FRP R SUtQFLSH UHLQDQWH RX VH DOJXpP QmR VH VHQWH
DVVLPSHORPHQRVWHQWDSDUHFHUTXHVHQWHWRGRVSURFXUDPLPLWDURVHQKRU'L]VHTXHXPD
Vy FDEHoD DQLPD PLOKDUHV GH FRUSRV PRVWUDQGR QLWLGDPHQWH TXH RV VHUHV KXPDQRV QmR
SDVVDPGHPiTXLQDV0DVYROWHPRVDRQRVVRDVVXQWR6yRYHDGRQmRFKRUDYD&RPRHOH
HUD FDSX] GLVVR UHDOPHQWH" $ PRUWH GD UDLQKD HUD XPD GHVIRUUD SXUD HOH HOD KDYLD
HVWUDQJXODGR D VXD HVSRVD H R VHX ILOKR 8P FRUWHVmR DFKRX MXVWR FRQWDU DR FRQVWHUQDGR
PRQDUFDHDWpDILUPRXWHUYLVWRRYHDGRULU$LUDGHXPUHLGL]6DORPmRp
WHUUtYHO SULQFLSDOPHQWH D GH XP UHLOHmR ³0LVHUiYHO IRUDVWHLUR´ ([FODPRX ³RXVDV ULU
TXDQGRWRGRVDVXDYROWDVHGHVID]HPHPOiJULPDV"1mRVXMDUHPRVQRVVDVJDUUDVUHDLVFRP
WHX VDQJXH SURIDQR 9LQJDUiV EUDYR ORER D QRVVD  UDLQKD LPRODQGR HVVH WUDLGRU D VXD
DXJXVWD DOPD"´ $R TXH R YHDGR UHVSRQGHX µ6HQKRU Mi QmR p PDLV KRUD GH FKRUDU D
WULVWH]D DTXL p VXSpUIOXD 9RVVD UHYHUHQFLDGD HVSRVD DFDERX GH DSDUHFHU SDUD PLP
UHSRXVDQGR VREUH XP OHLWR GH URVDV  HX D UHFRQKHFL LQVWDQWDQHDPHQWH µ$PLJR¶ HOD PH
GLVVHWHUPLQHHVVDSRPSDI~QHEUHIDoDFHVVDUHVVDVOiJULPDVLQ~WHLV3URYHL PLOKDUHV GH
GHOtFLDVQRVFDPSRV(OtVLRVFRQYHUVDQGRFRPVDQWRVFRPRHX'HL[HTXHRGHVHVSHURGRUHL
7KLV GRFXPHQW KDV EHHQ FUHDWHG ZLWK D '(02 YHUVLRQ RI 3') &UHDWH &RQYHUW
KWWSZZZHTXLQR[VRIWZDUHFRPSURGXFWVSGIBFUHDWHBFRQYHUWKWPO

7RUHPRYHWKLVPHVVDJHSOHDVHUHJLVWHU

SHUPDQHoD SRU XQV WHPSRV LQFRQWLGR HOH PH JUDWLILFD 0DO HOH KDYLD IDODGR TXDQGR
DOJXpP JULWRX ³8P PLODJUH 8P PLODJUH´ 2 YHDGR HP YH] GH VHU SXQLGR UHFHEHX XP
EHOR SUHVHQWH 'HL[H TXH R UHL VRQKH WHoDOKH HORJLRV H FRQWHOKH  DOJXPDV PHQWLUDV
DJUDGiYHLVHIDQWiVWLFDVSRUPDLVLQGLJQDGRTXHHOHHVWHMDFRPYRFrHQJROLUiDLVFDHIDUi
GHYRFrRVHXPHOKRUDPLJR

)È%8/$6-($1'(/$)217$,1(

6HTXLVHUFRQWDUPHQWLUDVTXHSDUHoDPYHUtGLFDVQmRFRQWHDYHUGDGHQDTXDOQLQJXpPYDL
DFUHGLWDU,03(5$'2572.8*$:$,(<$68'2-$3­2

6e&8/2;9,,

1HQKXP KRPHP SUHFLVD VH GHVHVSHUDU SDUD FRQYHQFHU RV RXWURV GDV VXDV KLSyWHVHV PDLV
H[WUDYDJDQWHVVHWLYHUDUWHVXILFLHQWHSDUDDSUHVHQWiODVHPFRUHVIDYRUiYHLV

'DYLG+XPH

2,19(562
6HKiSRGHUHPGHVSHUWDUDVIDQWDVLDVGDVPDVVDVWDPEpPKiULVFRV$IDQWDVLDHPJHUDOWHP
XPFRPSRQHQWHGHMRJRRS~EOLFRSHUFHEHPDLVRXPHQRVTXHHVWiVHQGRHQJDQDGRPHVPR
DVVLPDOLPHQWDRVRQKRVHGLYHUWHHDSUHFLDRDIDVWDPHQWRWHPSRUiULRGDURWLQDTXHYRFrHVWi
OKHSURSRUFLRQDQGR3RUWDQWRQmRH[DJHUHQmRVHDSUR[LPHGHPDLVGRSRQWRRQGHVHHVSHUD
TXHYRFrSURGX]DUHVXOWDGRV(VVHOXJDUSRGHVHUH[WUHPDPHQWHDUULVFDGR8PD~OWLPDFRLVD
QmR FRPHWD MDPDLV R HUUR GH DFKDU TXH D IDQWDVLD p VHPSUH IDQWiVWLFD (OD VHP G~YLGD
FRQWUDVWD FRP D UHDOLGDGH PDV D SUySULD UHDOLGDGH p jV YH]HV WmR WHDWUDO H HVWLOL]DGD TXH D
IDQWDVLDVHWRUQDXPGHVHMRSRUFRLVDVVLPSOHV$LPDJHPTXH$EUDKDP/LQFROQFULRXSDUDVL
PHVPRSRUH[HPSORFRPRXPVLPSOHVDGYRJDGRSURYLQFLDQREDUEXGRIH]GHOHRSUHVLGHQWH
GRSRYR

37%DUQXPFULRXXPDWRGHJUDQGHVXFHVVRFRP7RP7KXPEXPDQmRWUDYHVWLGRGHOtGHUHV
IDPRVRVGRSDVVDGRFRPR1DSROHmRHRVVDWLUL]DYDPDOGRVDPHQWH2HVSHWiFXORDJUDGDYDD
WRGRVDWpDUDLQKD9LWyULDSRUTXHDSHODYDSDUDDIDQWDVLDGDpSRFDEDVWDFRPRVYDLGRVRV
JRYHUQDQWHV GD KLVWyULD R KRPHP FRPXP p TXH VDEH GDV FRLVDV 7RP 7KXPE LQYHUWHX R
PRGHOR IDPLOLDU GH IDQWDVLD HP TXH R LGHDO p R TXH p HVWUDQKR H GHVFRQKHFLGR 0DV R DWR
FRQWLQXDYD REHGHFHQGR j /HL SRLV D EDVH HUD D IDQWDVLD GH TXH R KRPHP VLPSOHV QmR WHP
SUREOHPDVHpPDLVIHOL]GRTXHRULFRHSRGHURVR

7DQWR/LQFROQTXDQWR7RP7KXPEUHSUHVHQWDUDPRSOHEHXTXHVHPDQWLQKDFXLGDGRVDPHQWHj
GLVWkQFLD6HYRFr

MRJDUFRPHVVDIDQWDVLDGHYHWDPEpPWHURFXLGDGRGHFXOWLYDURGLVWDQFLDPHQWRHQmRGHL[DU
TXHDVXDSHUVRQD³SOHEpLD´

VHWRUQHIDPLOLDUGHPDLVRXQmRVHSURMHWDUiFRPRIDQWDVLD

7KLV GRFXPHQW KDV EHHQ FUHDWHG ZLWK D '(02 YHUVLRQ RI 3') &UHDWH &RQYHUW
KWWSZZZHTXLQR[VRIWZDUHFRPSURGXFWVSGIBFUHDWHBFRQYHUWKWPO

7RUHPRYHWKLVPHVVDJHSOHDVHUHJLVWHU

/(,

'(6&8%5$232172)5$&2'(&$'$80

7RGR PXQGR WHP XP SRQWR IUDFR XPD EUHFKD QR PXUR GR FDVWHOR (VVD IUDTXH]D HP JHUDO p
XPD LQVHJXUDQoD XPD HPRomR RX QHFHVVLGDGH LQFRQWUROiYHO SRGH WDPEpP VHU XP SHTXHQR
SUD]HUVHFUHWR6HMDFRPRIRUXPDYH]HQFRQWUDGRHVVHSRQWRQHYUiOJLFRpDOLTXHYRFrGHYH
DSHUWDU

7KLV GRFXPHQW KDV EHHQ FUHDWHG ZLWK D '(02 YHUVLRQ RI 3') &UHDWH &RQYHUW
KWWSZZZHTXLQR[VRIWZDUHFRPSURGXFWVSGIBFUHDWHBFRQYHUWKWPO

7RUHPRYHWKLVPHVVDJHSOHDVHUHJLVWHU

/(,

6(-$ $5,672&5È7,&2 $2 6(8 35Ï35,2 02'2 $-$ &202 80 5(, 3$5$
6(575$7$'2

&2027$/

$ PDQHLUD FRPR YRFr VH FRPSRUWD HP JHUDO GHWHUPLQD FRPR YRFr p WUDWDGR D ORQJR SUD]R
DSDUHQWDQGRVHUYXOJDURXFRPXPYRFrIDUiFRPTXHDVSHVVRDVRGHVUHVSHLWHP3RLVXPUHL
UHVSHLWDDVLSUySULRHLQVSLUDQRVRXWURVRPHVPRVHQWLPHQWR$JLQGRFRPUHDOH]DHFRQILDQoD
QRV VHXV SRGHUHV YRFr VH PRVWUD GHVWLQDGR D XVDU XPD FRURD7KLV GRFXPHQW KDV EHHQ
FUHDWHG ZLWK D '(02 YHUVLRQ RI 3') &UHDWH &RQYHUW KWWSZZZHTXLQR[
VRIWZDUHFRPSURGXFWVSGIBFUHDWHBFRQYHUWKWPO

7RUHPRYHWKLVPHVVDJHSOHDVHUHJLVWHU

/(,

'20,1($$57('(6$%(527(032&(572

-DPDLV GHPRQVWUH HVWDU FRP SUHVVD ± D SUHVVD DWUDL D IDOWD GH FRQWUROH GH VL PHVPR H GR
WHPSR 0RVWUHVH VHPSUH SDFLHQWH FRPR VH VRXEHVVH TXH WXGR DFDEDUi FKHJDQGR DWp YRFr
7RUQHVH XP GHWHWLYH GR PRPHQWR FHUWR IDUHMH R HVStULWR GRV WHPSRV DV WHQGrQFLDV TXH R
OHYDUmRDRSRGHU$SUHQGDDGHVSHUWDUTXDQGRDLQGDQmRpKRUDHDWDFDUIHUR]PHQWHTXDQGR
IRUSURStFLR

7KLV GRFXPHQW KDV EHHQ FUHDWHG ZLWK D '(02 YHUVLRQ RI 3') &UHDWH &RQYHUW
KWWSZZZHTXLQR[VRIWZDUHFRPSURGXFWVSGIBFUHDWHBFRQYHUWKWPO

7RUHPRYHWKLVPHVVDJHSOHDVHUHJLVWHU

/(,

'(635(=(248(1­238'(57(5,*125$5e$0(/+259,1*$1d$

5HFRQKHFHQGR XP SUREOHPD EDQDO YRFr OKH Gi H[LVWrQFLD H FUHGLELOLGDGH 4XDQWR PDLV
DWHQomRYRFrGHUDXPLQLPLJRPDLVIRUWHYRFrRWRUQDHXPSHTXHQRHUURjVYH]HVVHWRUQD
SLRUHPDLVYLVtYHOVHYRFrWHQWDUFRQVHUWDOR¬VYH]HVpPHOKRUGHL[DUDVFRLVDVFRPRHVWmR
6HH[LVWHDOJRTXHYRFrTXHUPDVQmRSRGHWHUPRVWUHGHVSUH]R4XDQWRPHQRVLQWHUHVVHYRFr
UHYHODUPDLVVXSHULRUYDLSDUHFHU

7KLV GRFXPHQW KDV EHHQ FUHDWHG ZLWK D '(02 YHUVLRQ RI 3') &UHDWH &RQYHUW
KWWSZZZHTXLQR[VRIWZDUHFRPSURGXFWVSGIBFUHDWHBFRQYHUWKWPO

7RUHPRYHWKLVPHVVDJHSOHDVHUHJLVWHU

/(,

&5,((63(7È&8/26$75$(17(6

,PDJHQVVXSUHHQGHQWHVHJUDQGHVJHVWRVVLPEyOLFRVFULDPXPDDXUDGHSRGHU±WRGRVUHDJHPD
HOHV (QFHQH HVSHWiFXORV SDUD TXH RV TXH R FHUFDP UHSOHWRV GH HOHPHQWRV YLVXDLV
LQWHUHVVDQWHV H VtPERORV UDGLDQWHV TXH UHDOFHP D VXD SUHVHQoD 'HVOXPEUDGRV FRP DV
DSDUrQFLDV QLQJXpP QRWDUi R TXH YRFr UHDOPHQWH HVWi ID]HQGR7KLV GRFXPHQW KDV EHHQ
FUHDWHG ZLWK D '(02 YHUVLRQ RI 3') &UHDWH &RQYHUW KWWSZZZHTXLQR[
VRIWZDUHFRPSURGXFWVSGIBFUHDWHBFRQYHUWKWPO

7RUHPRYHWKLVPHVVDJHSOHDVHUHJLVWHU
/(,

3(16(&20248,6(50$6&203257(6(&20226287526

6H YRFr DODUGHDU TXH p FRQWUiULR jV WHQGrQFLDV GD pSRFD RVWHQWDQGR VXDV LGpLDV SRXFR
FRQYHQFLRQDLV H VHXV PRGRV QmR RUWRGR[RV DV SHVVRDV YmR DFKDU TXH YRFr HVWi DSHQDV
TXHUHQGRFKDPDUDWHQomRHVHMXOJDVXSHULRU$FKDUmRXPMHLWRGHSXQLUYRFrSRUID]HODVVH
VHQWLU LQIHULRUHV e PXLWR PDLV VHJXUR MXQWDUVH D HODV H GHVHQYROYHU XP WRTXH FRPXP
&RPSDUWLOKH D VXD RULJLQDOLGDGH Vy FRP RV DPLJRV WROHUDQWHV H FRP DTXHOHV TXH FHUWDPHQWH
DSUHFLDUmRDVXDVLQJXODULGDGH

7KLV GRFXPHQW KDV EHHQ FUHDWHG ZLWK D '(02 YHUVLRQ RI 3') &UHDWH &RQYHUW
KWWSZZZHTXLQR[VRIWZDUHFRPSURGXFWVSGIBFUHDWHBFRQYHUWKWPO

7RUHPRYHWKLVPHVVDJHSOHDVHUHJLVWHU

/(,

$*,7($6È*8$63$5$$75$,5263(,;(6

5DLYDHUHDo}HVHPRFLRQDLVVmRFRQWUDSURGXFHQWHVGRSRQWRGHYLVWDHVWUDWpJLFR9RFrSUHFLVD
VHPDQWHUVHPSUHFDOPRHREMHWLYR0DVVHFRQVHJXLULUULWDURLQLPLJRVHPSHUGHUDFDOPD
YRFr JDQKD XPD LQHJiYHO YDQWDJHP 'HVHTXLOLEUH R LQLPLJR GHVFXEUD XPD EUHFKD QD VXD
YDLGDGHSDUDFRQIXQGLORHpYRFrTXHPILFDQRFRPDQGR7KLVGRFXPHQWKDVEHHQFUHDWHG
ZLWK D '(02 YHUVLRQ RI 3') &UHDWH &RQYHUW KWWSZZZHTXLQR[
VRIWZDUHFRPSURGXFWVSGIBFUHDWHBFRQYHUWKWPO

7RUHPRYHWKLVPHVVDJHSOHDVHUHJLVWHU

/(,

'(635(=(248(9,(5'(*5$d$

2TXHpRIHUHFLGRGHJUDoDpSHULJRVR±HPJHUDOpXPDUGLORXWHPXPREULJDomRRFXOWD6H
WHP YDORU YDOH D SHQD SDJDU 3DJDQGR YRFr VH OLYUD GH SUREOHPDV GH JUDWLGmR H FXOSD
7DPEpPpSUXGHQWHSDJDURYDORULQWHJUDO±FRPDH[FHOrQFLDQmRVHHFRQRPL]D6HMDSUyGLJR
FRP VHX GLQKHLUR H R PDQWHQKD FLUFXODQGR SRLV D JHQHURVLGDGHp XP VLQDO H XP LPm SDUD R
SRGHU

7KLV GRFXPHQW KDV EHHQ FUHDWHG ZLWK D '(02 YHUVLRQ RI 3') &UHDWH &RQYHUW
KWWSZZZHTXLQR[VRIWZDUHFRPSURGXFWVSGIBFUHDWHBFRQYHUWKWPO

7RUHPRYHWKLVPHVVDJHSOHDVHUHJLVWHU

/(,
(9,7(6(*8,5$63(*$'$6'(80*5$1'(+20(0

2TXHDFRQWHFHSULPHLURVHPSUHSDUHFHPHOKRUHPDLVRULJLQDOGRTXHRTXHYHPGHSRLV6H
YRFrVXEVWLWXLUXPJUDQGHKRPHPRXWLYHUXPSDLIDPRVRWHUiGHID]HURGREURGRTXHHOHV
IL]HUDP SDUD EULOKDU PDLV GR TXH HOHV 1mR ILTXH SHUGLGR QD VRPEUD GHOHV RX SUHVR D XP
SDVVDGRTXHQmRIRLREUDVXDHVWDEHOHoDRVHXSUySULRQRPHHLGHQWLGDGHPXGDQGRGHFXUVR
0DWHRSDLGRPLQDGRUPHQRVSUH]HRVHXOHJDGRHFRQTXLVWHRSRGHUFRPDVXDSUySULDOX]
7KLV GRFXPHQW KDV EHHQ FUHDWHG ZLWK D '(02 YHUVLRQ RI 3') &UHDWH &RQYHUW
KWWSZZZHTXLQR[VRIWZDUHFRPSURGXFWVSGIBFUHDWHBFRQYHUWKWPO

7RUHPRYHWKLVPHVVDJHSOHDVHUHJLVWHU

/(,

$7$48(23$6725($629(/+$66(',63(56$0

$ RULJHP GRV SUREOHPDV HP JHUDO SRGH HVWDU QXP ~QLFR LQGLYtGXR IRUWH ± R DJLWDGRU R
VXEDOWHUQRDUURJDQWHRHQYHQHQDGRUGDERDYRQWDGH6HYRFrGHUHVSDoRSDUDHVVDVSHVVRDV
DJLUHP RXWURV VXFXPELUmR D VXD LQIOXrQFLD 1mR HVSHUH RV SUREOHPDV TXH HOHV FDXVDP VH
PXOWLSOLFDUHPQmRWHQWHQHJRFLDUFRPHOHV±HOHVVmRLUUHGLPtYHLV1HXWUDOL]HDVXDLQIOXrQFLD
LVRODQGRRVRXEDQLQGRRV$WDTXHDRULJHPGRVSUREOHPDVHDVRYHOKDVVHGLVSHUVDUmR7KLV
GRFXPHQW KDV EHHQ FUHDWHG ZLWK D '(02 YHUVLRQ RI 3') &UHDWH &RQYHUW
KWWSZZZHTXLQR[VRIWZDUHFRPSURGXFWVSGIBFUHDWHBFRQYHUWKWPO

7RUHPRYHWKLVPHVVDJHSOHDVHUHJLVWHU

/(,

&2148,67(&25$d®(6(0(17(

$FRHUomRSURYRFDUHDo}HVTXHDFDEDPIXQFLRQDQGRFRQWUDYRFreSUHFLVRDWUDLUDVSHVVRDV
SDUDTXHTXHLUDPYLUDWpYRFr$SHVVRDVHGX]LGDWRUQDVHXPILHOSHmR6HGX]HPVHRVRXWURV
DWXDQGRLQGLYLGXDOPHQWHHPVXDVSVLFRORJLDVHSRQWRVIUDFRV$PDFLHRUHVLVWHQWHDWXDQGRHP
VXDV HPRo}HV MRJDQGR FRP DTXLOR GH TXH HOH JRVWD PXLWR RX WHPH ,JQRUH RV FRUDo}HV GRV
RXWURVHHOHVRRGLDUmR

7KLV GRFXPHQW KDV EHHQ FUHDWHG ZLWK D '(02 YHUVLRQ RI 3') &UHDWH &RQYHUW
KWWSZZZHTXLQR[VRIWZDUHFRPSURGXFWVSGIBFUHDWHBFRQYHUWKWPO

7RUHPRYHWKLVPHVVDJHSOHDVHUHJLVWHU

/(,

'(6$50(((1)85(d$&20()(,72(63(/+2
2HVSHOKRUHIOHWHDUHDOLGDGHPDVWDPEpPpDIHUUDPHQWDSHUIHLWDSDUDDLOXVmR4XDQGRYRFr
HVSHOKD RV VHXV LQLPLJRV DJLQGR H[DWDPHQWH FRPR HOHV DJHP HOHV QmR HQWHQGHP D VXD
HVWUDWpJLD 2 (IHLWR (VSHOKR RV ULGLFXODUL]D H KXPLOKD ID]HQGR FRP TXH UHDMDP
H[DJHUDGDPHQWH&RORFDQGRXPHVSHOKRGLDQWHGDVVXDVSVLTXHVYRFrRVVHGX]FRPDLOXVmR
GHTXHFRPSDUWLOKDRVVHXVYDORUHVDRHVSHOKDUDVVXDVDo}HVYRFrOKHVGiXPDOLomR5DURV
VmRRVTXHUHVLVWHP7KLVGRFXPHQWKDVEHHQFUHDWHGZLWKD'(02YHUVLRQRI3')&UHDWH
&RQYHUW KWWSZZZHTXLQR[VRIWZDUHFRPSURGXFWVSGIBFUHDWHBFRQYHUWKWPO

7RUHPRYHWKLVPHVVDJHSOHDVHUHJLVWHU

/(,

35(*8($ 1(&(66,'$'( '( 08'$1d$ 0$6 1­2 08'( 08,7$ &2,6$$2


0(602

7(032

7HRULFDPHQWHWRGRVVDEHPTXHpSUHFLVRPXGDUPDVQDSUiWLFDDVSHVVRDVVmRFULDWXUDVGH
KiELWRV0XLWDLQRYDomRpWUDXPiWLFRHFRQGX]jUHEHOGLD6HYRFrpQRYRQXPDSRVLomRGH
SRGHU RX DOJXpP GH IRUD WHQWDQGR FRQVWUXLU D VXD EDVH GH SRGHU PRVWUH H[SOLFLWDPHQWH TXH
UHVSHLWD D PDQHLUD DQWLJD GH ID]HU DV FRLVDV 6H D PXGDQoD p QHFHVViULD IDoDD SDUHFHU XPD
VXDYHPHOKRULDGRSDVVDGR

7KLV GRFXPHQW KDV EHHQ FUHDWHG ZLWK D '(02 YHUVLRQ RI 3') &UHDWH &RQYHUW
KWWSZZZHTXLQR[VRIWZDUHFRPSURGXFWVSGIBFUHDWHBFRQYHUWKWPO

7RUHPRYHWKLVPHVVDJHSOHDVHUHJLVWHU

/(,

1­23$5(d$3(5)(,72'(0$,6

3DUHFHUPHOKRUGRTXHRVRXWURVpVHPSUHSHULJRVRPDVRTXHpSHULJRVtVVLPRpSDUHFHQmR
WHU IDOKDV RX IUDTXH]DV $ LQYHMD FULD LQLPLJRV VLOHQFLRVRV e VLQDO GH DVW~FLD H[LELU
RFDVLRQDOPHQWHDOJXQVGHIHLWRVHDGPLWLUYtFLRVLQRIHQVLYRVSDUDGHVYLDUDLQYHMDHSDUHFHU
PDLVKXPDQRHDFHVVtYHO6yRVGHXVHVHRVPRUWRVSRGHPSDUHFHUSHUIHLWRVLPSXQHPHQWH

7KLV GRFXPHQW KDV EHHQ FUHDWHG ZLWK D '(02 YHUVLRQ RI 3') &UHDWH &RQYHUW
KWWSZZZHTXLQR[VRIWZDUHFRPSURGXFWVSGIBFUHDWHBFRQYHUWKWPO

7RUHPRYHWKLVPHVVDJHSOHDVHUHJLVWHU

/(,

1­28/75$3$66($0(7$(67$%(/(&,'$1$9,7Ï5,$$35(1'$$3$5$5
2PRPHQWRGDYLWyULDpTXDVHVHPSUHRPDLVSHULJRVR1RFDORUGDYLWyULDDDUURJkQFLDHR
H[FHVVRGHFRQILDQoDSRGHPID]HUYRFrDYDQoDUDOpPGDVXDPHWDHDRLUORQJHGHPDLVYRFr
FRQTXLVWD PDLV LQLPLJRV GR TXH GHUURWD 1mR GHL[H R VXFHVVR OKH VXELU D FDEHoD 1DGD
VXEVWLWXLDHVWUDWpJLDHRSODQHMDPHQWRFXLGDGRVR)L[HDPHWDHDRDOFDQoDODSDUH

7KLV GRFXPHQW KDV EHHQ FUHDWHG ZLWK D '(02 YHUVLRQ RI 3') &UHDWH &RQYHUW
KWWSZZZHTXLQR[VRIWZDUHFRPSURGXFWVSGIBFUHDWHBFRQYHUWKWPO

7RUHPRYHWKLVPHVVDJHSOHDVHUHJLVWHU

/(,

(9,7(7(580$)250$'(),1,'$

$RDVVXPLUXPDIRUPDDRWHUXPSODQRYLVtYHOYRFrVHH[S}HDRDWDTXH(PYH]GHDVVXPLU
XPDIRUPDTXHRVHXLQLPLJRSRVVDDJDUUDUPDQWHQKDVHPDOHiYHOHHPPRYLPHQWR$FHLWHR
IDWRGHTXHQDGDpFHUWRHQHQKXPDOHLpIL[D$PHOKRUPDQHLUDGHVHSURWHJHUpVHUWmRIOXLGR
HDPRUIRFRPRDiJXDQmRDSRVWHQDHVWDELOLGDGHRXQDRUGHPSHUPDQHQWH7XGRPXGD

You might also like