I
G;CM
;HNCAI
DILH;F
JILNOAOßM

;HI
=FRRRPC
(
Hµ
,+,0+

@OH>;>I
?G
+2-/

KOCHN;'@?CL;&
+,
>?
;AIMNI
>?
,*,+
JIL
G;HO?F
;HNçHCI

>CàLCI
>?
P;M=IH=?FIM
>CL?NIL


J;OFI
MCGÆ?M

*&3*
Ô



CP;
ch](

qqq([]ilc[hiilc_hn[f(jn

*RYHUQR
3DVVDJHLURVHP DSRLD
WUDQVSRUWH
MXOKRVXSHUDP FROHWLYRFRP
PLOKmR

SULPHLURDQR $SRLRGDGRHVWHDQRSDUD
ID]HUIDFHDTXHEUDVGH
GHSDVVDJHLURVJàACH;
2
JO<

GDVORZFRVW $XWiUTXLFDV
-HVVLFD3DFKHFR
TXHUFRPEDWH
1~PHURGHSDVVDJHLURVGHVHPEDUFDGRVQRPrVSDVVDGRVXSHURXRGH jSREUH]DQD
MXOKRGHDQRGHDUUDQTXHGDRSHUDomRGDVFRPSDQKLDVGHEDL[R 5LEHLUD*UDQGH
FXVWRQD5HJLmR0DVDLQGDQmRVHDOFDQoDUDPRVQ~PHURVGHJàACH;
/ JàACH;M
+*
?
++

?>O;L>I
=IMN;

1RYDV
PHGLGDV
DMXGDP
UHVWDXUDQWHV
DUHVSRQGHU
DDXPHQWR
GHSURFXUD
(PSUHViULRVGRVHWRU
GDUHVWDXUDomRDGPLWHP
TXH¦DOtYLR§GHPHGLGDV
GHFRPEDWHj&RYLG
HVWiDDMXGDUDGDU
UHVSRVWDj¦HQRUPH
SURFXUD§JàACH;M

,
?
-

JO< JO<
 ;{ILC;HI
ILC?HN;F


,
5HJLRQDO KOCHN;'@?CL;&
+,
>?
;AIMNI
>?
,*,+

1RYDVPHGLGDVDMXGDP
UHVWDXUDQWHVDGDUUHVSRVWD
D´HQRUPHSURFXUDµ
2VHPSUHViULRVGDUHVWDXUDomRGH6mR0LJXHOHVWmRDVHQWLURLPSDFWRGHXPD¦HQRUPHSURFXUD§GHYLGRDRWXULVPRHHVWmR
VDWLVIHLWRVSRUTXHDVQRYDVPHGLGDVGHFRQWURORGD&RYLGDMXGDPDGDUUHVSRVWD6yDIDOWDGHPmRGHREUDQmRDMXGD
?>O;L>I
=IMN;)FOM;
LOC
J?>LI
J;CP;)FOM;

;†ilc[hi
Ilc_hn[f

2VHPSUHV³ULRVGDUHVWDXUD
¹·RGH6·R0LJXHOHVW·RDWHU
XPkQRYRUHQDVFHUyGHYLGRDR
WXULVPRH UHFRQKHFHP TXH
DVQRYDVPHGLGDVGHFRQWUROR
GD&RYLGY·RkDMXGDUyDGDU
UHVSRVWD´kHQRUPHSURFXUDy
$SDUWLUGDVKGHVH
JXQGDIHLUDHQWUDUDPHPYL
JRUDVQRYDVPHGLGDVGHFRP
EDWH´SDQGHPLDGD&RYLG
QD5HJL·R$VVLPQDVLOKDV
GHEDL[RULVFR6·R0LJXHOH
7HUFHLUDRQGHDVUHJUDVV·R
PHQRVIOH[¾YHLVRVHVWDEHOH
FLPHQWRVGHEHELGDVHGLVFR
WHFDVM³SRGHPUHDEULUHRV
UHVWDXUDQWHVSRGHPWHUXP
P³[LPRGHRLWRSHVVRDVSRU
PHVD VDOYR VH GR PHVPR
DJUHJDGRIDPLOLDUH IXQFLR
QDUDWºWU¼VTXDUWRVGDORWD
¹·RVHPTXDOTXHUOLPLWD¹·R
GHKRU³ULRDQWHVHVWDYDPD
HQFHUUDUDWº´VK
áKRUDGHDOPR¹RQRUHVWDX
UDQWH$OLDQ¹DIDPRVRSHORELIH
´UHJLRQDOQ·RKDYLDPHVDVYD
]LDVHRVIXQFLRQ³ULRVFRUULDP
DWDUHIDGRVSDUDGDUUHVSRVWDD
WRGRVRVSHGLGRV
k$VQRYDVPHGLGDVVÃY¼P
DMXGDUDPHOKRUDUDLQGDPDLV
7XGRRTXHIL]HUHPSDUDQRV
GHL[DUHP WUDEDOKDU º PXLWR
ERPFRPDVGHYLGDVFRQGL¹ÇHV
HFRPDVUHJUDVTXHQRVLP
SÇHPPDVTXDQWRPDLVIOH[¾
YHLVPHOKRUyDILUPRX´/XVDR
UHVSRQV³YHOSHORUHVWDXUDQWH
1XQR2OLYHLUD
2HPSUHV³ULRQ·RWHPGÈ
YLGDVDRDILUPDUTXHDVQRYDV
PHGLGDV V·R kPXLWR ERDVy
PDVGLVVHWHUGLILFXOGDGHHP
TXDQWLILFDURVJDQKRVQRSUL
PHLURGLDFRPDVUHJUDVHPYL
JRUXPDYH]TXHQDVÈOWLPDV
VHPDQDVDkDIOX¼QFLDWHPVLGR
PXLWRJUDQGHy
k7RGRVRVGLDVWHQKRGDGRQH
JDVDSHVVRDV,VVRºSRU
PLQKDSDODYUDGHKRQUD7RGRV
L_mn[ol[†„i
^_crio
^_
n_l
fcgcn[†„i
^_
bil€lci&
_
ji^_
[ail[
m_hn[l
[n‡
icni
j_mmi[m
jil
g_m[
_
`oh]cih[l
]ig
nl‰m
ko[lnim
^[
fin[†„i
´7XGRRTXHIL]HUHP
SDUDQRVGHL[DUHP
WUDEDOKDUpPXLWR
ERPFRPDVGHYLGDV
FRQGLo}HVHFRP
DVUHJUDVTXH
QRVLPS}HPµ
´7RGRVRVGLDV
WHQKRGDGRQHJDV
DSHVVRDV,VWR
HVWiFKHLRGHJHQWHFi
QmRHVWiDRQtYHO
GHPDV
HVWiPXLWRSHUWRµ
RVGLDVV·RUHVHUYDVHUHVHUYDVH
UHVHUYDV-³Q·RDFHLWRPDLVUH
VHUYDVHXHVWRXFKHL¾VVLPR,VWR
HVW³FKHLRGHJHQWHF³Q·RHVW³
DRQ¾YHOGHPDVHVW³PXL
WRSHUWRyDSRQWRX
( DFUHVFHQWRX kTXHP VH
TXHL[DUQHVVDDOWXUDTXHIHFKH
DSRUWDGXUDQWHRDQRy
$ DJXDUGDU SRU PHVD QR
$OLDQ¹D HVW³ $QWÃQLR 5LWD
FOLHQWHKDELWXDOTXHGHIHQGH
TXHRVUHVWDXUDQWHVV·RkHV
SD¹RVVHJXURVyXPDYH]TXH
H[LVWHPkWRGRVRVFXLGDGRV
SDUDFRQWURODUDSDQGHPLDy
GD&RYLG
k$FUHGLWRTXHºSUHFLVRUH
WRPDUDQRUPDOLGDGHSRVV¾
YHO*UDQGHSDUWHGDSRSXOD
¹·RHVW³YDFLQDGDDFKRTXHM³
ºDOWXUDGHFRPH¹DUPRVDGHV
FRQILQDUXPSRXFRPDLVHSÅU
DVSHVVRDVPDLV´YRQWDGHQRV
UHVWDXUDQWHVSRUTXHºXPGRV
V¾WLRVRQGHSRGHPRVHVWDU´
YRQWDGHyDILUPRX
2JHUHQWHGD7DEHUQD$¹RU
3HGUR5DSRVRWDPEºPHQDO
WHFHXDVQRYDVPHGLGDVSDUD
D UHVWDXUD¹·R TXH Y·R VHU
kPXLWRSRVLWLYDVySDUDRWX
ULVPRGD5HJL·R
2HPSUHV³ULRGHX XPH[HP
SORFRQFUHWRH[LVWHPkY³ULRV
YRRVyTXHFKHJDP´LOKDSHODV
KHPXLWRVkWXULVWDVM³Q·R
FRQVHJXLDPFRPHUSRUTXHHV
WDYDWXGRIHFKDGRy
k$LQGDEHPTXHIL]HUDPQR
YDVPHGLGDV$SURFXUDWDQ
WRGHORFDLVFRPRFRQWLQHQ
WDLVRXHVWUDQJHLURVWHPVLGR
PXLWRDEXQGDQWHHFRPDV
UHVWUL¹ÇHVGRVKRU³ULRVHVWD
YDDVHUFRPSOLFDGRJHULUDV
UHVHUYDVyDSRQWRX
3HGUR5DSRVRIULVRXFRQWX
GRTXHRVkUHVWDXUDQWHVQ·R
SRGHP GHL[DU GH FXPSULUy
FRPDVUHJUDVGHFRQWURORGD
SDQGHPLDVHMDSDUDkWUDQV
PLWLUVHJXUDQ¹DyDRVFOLHQWHV
VHMDSDUDkGHPRQVWUDUDRVJR
YHUQRVTXHRVUHVWDXUDQWHVHV
W·RSUHSDUDGRVy
&RPDVQRYDVUHJUDVD7D
EHUQD$¹RUYDLDODUJDURKRU³
ULR PDLV XPD KRUD DWº ´V
K$LQGDDVVLPGHYLGR´
kHQRUPHSURFXUDyTXDQGRD
/XVDHVWHYHQRORFDOVÃHUDSRV
V¾YHOUHVHUYDUXPDPHVDSDUD
V³EDGR´QRLWH
k$JRUDM³FRQVHJXLPRVDEULU
DWºDVKM³FRQVHJXLPRV
;{ILC;HI
ILC?HN;F


KOCHN;'@?CL;&
+,
>?
;AIMNI
>?
,*,+
?>O;L>I
=IMN;)FOM;
B€
l_mn[ol[hn_m
[
l_]om[l
^_t_h[m
^_
l_m_lp[m
jil
`[fn[
^_
foa[l
=ig_†[
[
m_l
^c`‹]cf
j[l[
im
]fc_hn_m
[ll[hd[l
g_m[
hog
l_mn[ol[hn_
m_g
n_l
l_m_lp[

URGDUPDLVXPDVPHVDVRTXHº
ERPSDUDDIDWXUD¹·RHWDPEºP
ºERPSDUDTXHPQRVHVW³DYL
VLWDU3H¹RGHVFXOSDDRVD¹RULD
QRVHSULQFLSDOPHQWHDRVPL
FDHOHQVHVSRUTXHQ·RHVWDPRV
PHVPRDFRQVHJXLUGDUUHVSRV
WD´JUDQGHSURFXUDyGLVVH
8PDJUDQGHDIOX¼QFLDTXH
YDLWRUQDQGRDSDQGHPLDGD
&RYLGQXPkSHVDGHORyFDGD
YH]PDLVGLVWDQWH
k(VWDPRVDWHUXPDHYROX
¹·RTXDVHFRPRHP(V
WDPRVDWHUDSURFXUDTXDVH
LG¼QWLFDDºXPQRYRUH
HkFR
QDVFHUºXPVLQDOGHFRQILDQ
¹DTXHHVWDPRVDWHUWRGRV
SHQVRTXHSDUDWRGRVQÃVºXP
VLQDO GH DOHJULDy GHFODURX
0DLVDFLPDDJUDQGHTXDQ
 D Q·R VHU TXH DSDUH¹D XPD
WLGDGHGHSHVVRDVQRH[WHULRU
UHYHODTXHRUHVWDXUDQWH$
7DVFDºXPGRVPDLVVROLFLWD
@[fn[
^_
g„i'^_'i\l[
_g
[faohm
][mim
j[l[
l_nig[l
[faohm
m_lpc†im GRVGDLOKD
k1ÃVM³W¾QKDPRVWHQWDGRYLU
DTXLDQWHRQWHP>GRPLQJR@
PDVQ·RFRQVHJXLPRV$JRUD
WLYHPRVGHID]HUUHVHUYDyGLV
VH 9¾WRU6LOYDYLVLWDQWHQDWX
UDOGH/LVERDTXHVHSUHSDUD
YDSDUDHQWUDUQRUHVWDXUDQWH
2 WXULVWD FRQIHVVRX HVWDU
VXUSUHHQGLGRFRPDkTXDQWL
GDGHGHJHQWHyTXHVHHQFRQWUD
QDLOKDPDVUHFRQKHFHTXHWDO
DIOX¼QFLDkºPXLWRLPSRUWDQWH
SDUDDHFRQRPLDORFDOVREUH
WXGRGHSRLVGHXPDFULVHy
k7HPRVYLVWRPXLWDJHQWHHP
TXDVHWRGRVRVORFDLV1RVUHV
WDXUDQWHVQ·RºI³FLOWHUOXJDU
$RPHQRVºERPTXHQ·RWHPRV
GHPRVWUDUFHUWLILFDGRGLJLWDO
YHUGH´HQWUDGDyJUDFHMRX
/³GHQWURDUHVSRQV³YHOSHO
$7DVFD5DTXHO6LOYDUHFR
QKHFHXTXHDSHUPLVV·RGHWHU
RLWRSHVVRDVSRUPHVDkYDLDMX
GDUXPERFDGRyPDVVDOLHQ
5HJLRQDO-
?>O;L>I
=IMN;)FOM;
WRX TXHHPWHUPRVGHKRU³
ULRDVQRYDVPHGLGDVkQ·RY·R
WHUPXLWRLPSDFWRy
k1·R FRQVHJXLPRV IHFKDU
PDLVWDUGHSRUTXHQ·RWHPRV
SHVVRDOSDUDWUDEDOKDU$YHU
GDGHºHVVD$QWHVGDSDQGHPLD
IHFK³YDPRV´K6HKRX
YHVVHSHVVRDOSDUDWUDEDOKDU
YROW³YDPRVDIHFKDU´K2
SUREOHPDºTXHQ·RK³JHQWH
SDUDWUDEDOKDUyUHDO¹RX
$QWHVGDSDQGHPLDGD&R
YLGD7DVFDDEULXXPQRYR
HVSD¹RDRODGRGRUHVWDXUDQ
WHGHGLFDGRDCVQDFNV
PLGDGHUXDy8PHVSD¹RTXH
DLQGDQ·RUHDEULXSRUkIDOWDGH
P·RGHREUDy
k3HQVRTXHRSLRUM³SDVVRX
TXDOTXHURXWUDYDULDQWH $JR
UDK³WXULVPRSRGHPRVDEULU
PDVVÃTXHQ·RWHPRVSHVVRDO
SDUDWUDEDOKDUyDVVLQDORXƇ

38%
.
3XEOLFLGDGH KOCHN;'@?CL;&
+,
>?
;AIMNI
>?
,*,+
(
;{ILC;HI
ILC?HN;F
;{ILC;HI
ILC?HN;F


KOCHN;'@?CL;&
+,
>?
;AIMNI
>?
,*,+ 5HJLRQDO/

3DVVDJHLURVGHVHPEDUFDGRVHP
MXOKRUHWRPDPQ~PHURVGH
2SURFHVVRGHYDFLQDomRHDGLPLQXLomRGDVPHGLGDVUHVWULWLYDVHVWmRDSURYRFDUDUHWRPDGRVHWRUGRWXULVPRQRV$oRUHV
(PMXOKRGHVWHDQRIRUDPGHVHPEDUFDGRVPLOSDVVDJHLURVXPDXPHQWRGHHPFRPSDUDomRFRPMXOKRGH
;LKOCPI
;I
)
;H;
=;LP;FBI
G?FI ;LKOCPI
;I
)
?>O;L>I
L?M?H>?M

Nolcmgi
[jl_m_hn[
mch[cm
^_
l_nig[

FOãM
J?>LI
MCFP;

fmcfp[:[]ilc[hiilc_hn[f(jn SURYRFRXXPDVXELGDQDVOLJD
¹ÇHVLQWHULOKDVPDVWDPEºPD
2VHWRUGRWXULVPRHVW³DDSUH YDFLQD¹·RHDO¾YLRGDVPHGLGDV
VHQWDURVSULPHLURVVLQDLVGH UHVWULWLYDVLPSRVWDVSDUDWUDYDU
UHWRPDDSÃVRVXUJLPHQWRGD DSDQGHPLDGD&RYLG
SDQGHPLDGD&RYLG k4XDQGRDRGHVHPEDUTXHGH
(PMXOKRGHVWHDQRIRUDPGH SDVVDJHLURVWDPEºPSRUWLSR
VHPEDUFDGRVSDVVDJHL ORJLDGHYRRRFRUUHXLJXDOPHQ
URVQRVDHURSRUWRVGD5HJL·RXP WHXPDXPHQWRGHQRV
YDORUHTXLYDOHQWHDRUHJLVWDGRHP YRRVLQWHULOKDVHGHQRV
MXOKRGHPDVTXH YRRVWHUULWRULDLVIDFHDRPHVPR
UHSUHVHQWRX XP DXPHQWR GH SHU¾RGRGRDQRDQWHULRUHYDULD ?mn€
[
[og_hn[l
i
h•g_li
^_
j[mm[a_clim
^_m_g\[l][^im
him
[_lijilnim
^[
L_ac„i
HPFRPSDUD¹·RFRPRSH ¹·RQHJDWLYDGHQRVYRRVLQ
U¾RGRKRPÃORJRGRDQRDQWHULRU WHUQDFLRQDLVyUHIHUHRUHODWÃULR
$SHVDUGRVLQGLFDGRUHVSRVL GLYXOJDGRSHOR6HUYL¹R5HJLR
H•g_li
^_
j[mm[a_clim
d€
moj_lio
GDVSHVVRDVTXHQRVHVW·RDSUR
FXUDUVHMDGRFRQWLQHQWHSRUWX
WLYRVRQÈPHURGHSDVVDJHLURV QDOGH(VWDW¾VWLFDGRV$¹RUHV jlcg_cli
[hi
^im
piim
^[m
fiq
]imn JX¼VyH[SOLFD)HUQDQGR1HYHV
GHVHPEDUFDGRVDLQGDHVW³ORQ 2VSULPHLURVVLQDLVGDUHWR 2PHUFDGRHVWUDQJHLURTXHM³
JHGRVYDORUHVDSUHVHQWDGRVHP PDGRWXULVPRHVW·RDVHUYLV¾ I
h•g_li
^_
j[mm[a_clim
^_m_g' l_m
moj_lcil_m
[
,**
gcf
j[mm[' IRLGRPLQDQWHQRV$¹RUHVDQ
MXOKRGHDQWHVGRLQ¾FLR YHLVQRVVHWRUHVGDUHQWDFDUH \[l][^im
_g
dofbi
^_
,*,+
"+0/
a_clim
^_m_g\[la[^im
_g
do' WHVGDSDQGHPLDWHPYLQGRDUH
GDSDQGHPLDGD&RYLG UHVWDXUD¹·RPDVWDPEºPFRP gcf#
d€
moj_lio
im
h•g_lim
l_acm' fbi
^_
,*+1&
,*+2
_
,*+3(


FXSHUDUPDVRGHOHJDGRQRV
+³GRLVDQRVGHVHPEDUFDUDP XPDPDLRUSURFXUDGDVDWLYL n[^im
_g
dofbi
^_
,*+/
"+.1
gcf#&
M„i
Gcao_f
`ic
[
cfb[
]ig
g[cil

$¹RUHVGD$VVRFLD¹·RGD+RWH
SDVVDJHLURVQRVDHUR GDGHVGHDQLPD¹·RWXU¾VWLFD ko_
`ic
i
jlcg_cli
[hi
^_
piim
]ig
h•g_li
^_
j[mm[a_clim
^_m_g' ODULDGH3RUWXJDODGPLWHTXHDV
SRUWRVGD5HJL·RFRUUHVSRQGHQ 5HODWLYDPHQWHDRVHWRUGDKR [m
]igj[hbc[m
fiq
]imn
him
;†i' \[l][^im&
_g
dofbi
^_
,*,+&
]ig
RSHUD¹ÇHVHPFXUVRFRPSD¾VHV
GRDXPQRYRUHFRUGHUHJLRQDOGH WHODULD)HUQDQGR1HYHVGHOH l_m
_&
jl[nc][g_hn_&
cao[fio
im
h•' 2/(1/2&
m_aoc^[
^[
cfb[
N_l]_cl[&
FRPRD$OHPDQKDD6X¾¹DRX
PRQVWUDQGRDSXMDQ¹DGRWXULVPR JDGRQRV$¹RUHVGD$VVRFLD¹·R g_lim
^_
dofbi
^_
,*+0
"+02
gcf#(


]ig
-.(,+*&
@[c[f
+.(*0+&
Jc]i&
(VSDQKDQ·RW¼PUHJLVWDGRD
TXHUHJLVWRXXPDVXELGDDFHQ GD+RWHODULDGH3RUWXJDO$+3 =ig
+0/(2--
j[mm[a_clim
^_' ]ig
+*(/*+&
M[hn[
G[lc[&
]ig
SURFXUDTXHVHULDGHVHM³YHOSH
WXDGDGHVGH UHYHORXUHFHQWHPHQWHHVSHUDU m_g\[la[^im
_g
dofbi
^_mn_
/(31+&
@fil_m&
]ig
/(30*&
M„i
ORVDJHQWHVD¹RULDQRVDWºSRU
6HJXQGRRVGDGRVGLYXOJDGRV XPDWD[DGHRFXSD¹·RPºGLDGH [hi
`c][
g[cm
jlrcgi
^[
l_ni' Dila_&
]ig
/(/+0&
Al[]cim[&
]ig
TXHRPHUFDGRWXU¾VWLFRDOHP·R
SHOR6HUYL¹R5HJLRQDOGH(VWD HPDJRVWRVHQGRTXHDQ g[&
g[m
[ch^[
fiha_
^im
p[fi' -(,.,
_
=ilpi&
]ig
0+.(
WHPHVWDGRVREJUDQGHLQVWDEL
W¾VWLFDGRV$¹RUHVGHVHPEDUFD WHVGDSDQGHPLDDWD[DPºGLD OLGDGHLQFOXVLYHFRPUHVWUL¹ÇHV
UDPHPMXOKRGHVWHDQR GHRFXSD¹·RHUDGH VHVGRDQRLQIHULRUHVDTXH VHHVW³DID]HUQRV$¹RUHVQHVWH SDUDYLDMDUSDUD3RUWXJDOTXHVÃ
SDVVDJHLURV SURYHQLHQWHV GR k$SDUWLUGHPDLRWHPKDYLGR M³IRLXPDQRPXLWRPDXyUHJLV PRPHQWRQXPFOLPDGHDOJXPD UHFHQWHPHQWHIRUDPOHYDQWDGDV
FRQWLQHQWHSDVVDJHLURV PDLVSURFXUDHHVSHUDPRVTXHQR WRXRUHSUHVHQWDQWHGDKRWHODULD LQVWDELOLGDGHVREUHWXGRDRQ¾YHO )HUQDQGR 1HYHV VDOLHQWD
GRHVWUDQJHLURHSDVVD P¼VGHDJRVWRHVWDSURFXUDVHMD (PERUDDSDODYUDCUHWRPD
JD GRVPHUFDGRVHPLVVRUHVGHWXULV FRQWXGRRVERQVUHVXOWDGRV
JHLURVQDVOLJD¹ÇHVLQWHULOKDV UHIRU¹DGDHTXHQRYHU·RVHSRV QKHFDGDYH]PDLVIRU¹DQRGLV WDVDOJXQVGHOHVDLQGDFRPUHV QDVOLJD¹ÇHVD)UDQ¹DkTXHº
3DUDRDXPHQWRGRVSDVVD VDPLQLPL]DURFRQMXQWRGHWRGR FXUVRSRO¾WLFRHPHVPRHPSUHVD WUL¹ÇHVHPYLJRUQDFLUFXOD¹·RGRV XPPHUFDGRQRYRTXHDSUH
JHLURVGHVHPEDUFDGRVFRQWUL RDQRTXHYDLVHUQHJDWLYRSRU ULDORGHOHJDGRGD$+3QD5HJL·R VHXVKDELWDQWHVkRTXHID]FRP VHQWDJUDQGHVSRWHQFLDOLGDGHVy
EX¾UDPDQRYDWDULID$¹RUHVTXH TXHWLYHPRVRVSULPHLURVVHLVPH OHPEUDFRQWXGRTXHRWXULVPR TXHQHVWHPRPHQWRDPDLRULD SDUDRV$¹RUHVƇ


0
5HJLRQDO
*RYHUQRUHYHODSRXSDQoD
FRPDVVHVVRUHVGHLPSUHQVD
*RYHUQR5HJLRQDOGRV$oRUHVUHYHODXPDGLPLQXLomRGRVFXVWRVFRPDVVHVVRUHVGHLPSUHQVDHP
FRPSDUDomRFRPRDQWHULRUH[HFXWLYRUHJLRQDO3RXSDQoDSRGHUiFKHJDUDRVPLOK}HVGHHXURV
FOãM
J?>LI
MCFP;

fmcfp[:[]ilc[hiilc_hn[f(jn
2*RYHUQR5HJLRQDOGRV$¹R
UHVUHYHODHVWDUDUHGX]LURVFXV
WRVFRPRVDVVHVVRUHVGHLP
SUHQVDHPFRPSDUD¹·RFRPR
DQWHULRU H[HFXWLYR UHJLRQDO 
(PUHVSRVWDDXPUHTXHUL
PHQWRDSUHVHQWDGRSHORGHSX
WDGRLQGHSHQGHQWH&DUORV)XU
WDGR IRUDP DSUHVHQWDGRV R
QÈPHURGHDVVHVVRUHVGHLP
SUHQVDFRQWUDWDGRVSHORDWXDO
*RYHUQR5HJLRQDOGRV$¹RUHVH
RVFXVWRVHQYROYLGRVSDUDR2U
¹DPHQWR5HJLRQDO
2DWXDO*RYHUQR5HJLRQDOUH
YHODWHUQRPHDGRDSHQDVGRLVDV
VHVVRUHVGHLPSUHQVD8PSDUD
D3UHVLG¼QFLDGR*RYHUQR5HJLR
QDOHXPDVVHVVRUSDUDD6HFUHWD
ULD5HJLRQDOGD6DÈGHH'HVSRU
WRVHQGRTXHRHQFDUJRDQXDO
GHVWDVQRPHD¹ÇHVDWLQJHRV
HXURVHPYDORUHVLO¾TXLGRV
&DVRVHPDQWHQKDPDSHQDV
HVWHVGRLVDVVHVVRUHVGHLPSUHQ
VDDRORQJRGHTXDWURDQRVH[LV
WHXPFXVWRWRWDOGHPLO
HXURVSDUDD5HJL·R
2UHTXHULPHQWRUHYHODTXH
RDQWHULRUH[HFXWLYRUHJLRQDO
FRQWDYDFRPDVVHVVRUHVGH
LPSUHQVDFRPXPFXVWRGHXP
$oRUHVFRP
QRYRVFDVRV
HUHFXSHUDo}HV
)RUDPPDLVDV
UHFXSHUDo}HVGRTXH
RQ~PHURGHQRYRVFDVRV
QD5HJLmRQDV~OWLPDV
KRUDV$PDLRULD
GRVQRYRVFDVRVIRUDP
UHJLVWDGRVHP6mR0LJXHO
FOM;

;†ilc[hi
Ilc_hn[f
2V$¹RUHVUHJLVWDUDPQR
YRVFDVRVGH&RYLGUH
FXSHUD¹ÇHVHWUH]HLQWHUQD
PHQWRV WRWDOL]DQGR 
SHVVRDVLQIHWDGDVDQXQFLRX
Aip_lhi
L_acih[f
[hoh]cio
og[
l_^o†„i
^im
]omnim
]ig
[mm_mmil_m
^_
cgjl_hm[

PLOK·RHPLOHXURVGXUDQ
WHDOHJLVODWXUD$3UHVLG¼QFLDGR
*RYHUQR5HJLRQDOGRV$¹RUHVGX
UDQWHDOHJLVODWXUDGHD
SURFHGHX´QRPHD¹·RGHTXDWUR
DVVHVVRUHVGHLPSUHQVDD6HFUH
WDULD5HJLRQDOGRV7UDQVSRUWHVH
RQWHPD$XWRULGDGH5HJLRQDO
GH6DÈGH
1DVHTX¼QFLDGDVDQ³OL
VHVYHULILFDVHTXHGRVQRYRV
FDVRVIRUDPUHJLVWDGRVHP6·R
0LJXHOFLQFRHP6·R-RUJHXP
QD7HUFHLUDHXPQR)DLDO
3RUFRQFHOKRVGH6·R0LJXHO
3RQWD'HOJDGDWHPQRYDVLQ
IH¹ÇHV9LOD)UDQFDGR&DPSR
RLWR5LEHLUD*UDQGHVHWHH3R
YRD¹·RWHPWU¼V
6HJXQGRREROHWLPGL³ULR
HP6·R-RUJHkK³XPFDVR
DLQGD SRU DIHULU H RXWURV
TXDWURQRYRVFDVRVOLJDPVH
´FDGHLDGHWUDQVPLVV·ROR
2EUDV3ÈEOLFDVFRQWDYDFRPGXDV
QRPHD¹ÇHVGHDVVHVVRUHVGHLP
SUHQVDHQTXDQWRDVUHVWDQWHVVH
FUHWDULDVUHJLRQDLVH9LFH3UHVL
G¼QFLDGR*RYHUQRFRQWDYDPFRP
XPDVVHVVRUGHLPSUHQVDFDGD
XPD
>_m^_
i
ch‹]ci
^[
j[h^_gc[
`il[g
^c[ahimnc][^im

2+03
][mim
FDOSULP³ULDDQWHULRUPHQWH
LGHQWLILFDGDy
$$XWRULGDGH5HJLRQDOGH
6DÈGHUHIHUHTXHkQRGHFXUVR
GDLQYHVWLJD¹·RHSLGHPLROÃJL
FDIRLGHWHUPLQDGDDOLJD¹·R
HQWUHFDVRVSRVLWLYRVGDLOKDGH
6·R-RUJHHHOHPHQWRVGDFDGHLD

?>O;L>I
L?M?H>?M
2GHSXWDGR&DUORV)XUWD
GRVROLFLWRXHVWDLQIRUPD¹·R
SDUDSRGHUHIHWXDUXPDkDYD
OLD¹·RDGHTXDGDGDUHDOLGD
GHQDDVVHVVRULDGHLPSUHQ
VD GR DWXDO *RYHUQR GRV
$¹RUHVy Ƈ


?>O;L>I
=IMN;
GHWUDQVPLVV·RORFDOH[LVWHQWH
QRFRQFHOKRGD+RUWDLOKDGR
)DLDOyk$VVLPDFDGHLDHPUH
IHU¼QFLDSDVVDDVHUSDUWLOKDGD
HQWUHDVLOKDVGH6·R-RUJHH
)DLDOyDGLDQWDD$XWRULGDGH5H
JLRQDOGH6DÈGH
1DLOKD7HUFHLUDRFDVRGLD
;{ILC;HI
ILC?HN;F


KOCHN;'@?CL;&
+,
>?
;AIMNI
>?
,*,+
'HWLGRSDUD
FXPSULUSHQD
GHFLQFRDQRV
HVHLVPHVHV
$363GH3RQWD'HOJDGDSUR
FHGHX´GHWHQ¹·RGHXPKR
PHPGHDQRVQDVHTX¼QFLD
GHXPPDQGDGRGHGHWHQ¹·RH
FRQGX¹·RDRHVWDEHOHFLPHQWR
SULVLRQDO GH 3RQWD 'HOJDGD
SDUDLQLFLDURFXPSULPHQWRGH
XPDSHQDGHSULV·RGHFLQFR
DQRVHVHLVPHVHV
(P3RQWD'HOJDGDIRUDPGH
WLGRVGRLVKRPHQVSRUGHVREH
GL¼QFLDDDJHQWHGHDXWRULGDGH
HSHODDXWRULDGRFULPHGHFRQ
GX¹·RGHYH¾FXORVREDLQIOX¼Q
FLDGH³OFRRODSUHVHQWDQGRXPD
WD[DGHJO
)RUDPDLQGDGHWLGRVGRLVKR
PHQVHP9LOD)UDQFDGR&DP
SRSHORFULPHGHFRQGX¹·RGH
YH¾FXORVHPKDELOLWD¹·ROHJDO
SDUDRHIHLWR
2&RPDQGR5HJLRQDOGD363
GRV$¹RUHVDQXQFLRXDLQGDD
GHWHQ¹·RGHXPKRPHPGH
DQRVQRFRQFHOKRGD0DGDOH
QDGR3LFRSHODSUHVXP¾YHODX
WRULDGRFULPHGHWU³ILFRGHHV
WXSHIDFLHQWHV $ GHWHQ¹·R
DFRQWHFHXQDVHTX¼QFLDGHXP
PDQGDGRGHEXVFDRQGHIRUDP
DSUHHQGLGDVGRVHVGHKD[L
[HHGXDVSODQWDVGHFDQ³ELV
$363UHJLVWRXDLQGDQRVÈO
WLPRVGRLVGLDVXPWRWDOGH
DFLGHQWHVGHYLD¹·RTXHSUR
YRFDUDPGRLVIHULGRVJUDYHVH
RLWRIHULGRVOLJHLURVƇ

FJM
JQRVWLFDGRQRFRQFHOKRGH$Q
JUDGR+HUR¾VPRQDIUHJXHVLD
GH6·R3HGURGHFRUUHGDWUDQV
PLVV·RFRPXQLW³ULDHQR)DLDO
K³XPQRYRFDVRQD)HWHLUDOL
JDGR´FDGHLDSUHH[LVWHQWHQD
+RUWD
9HULILFDUDPVHUHFXSHUD
¹ÇHVVHQGRHP6·R0LJXHO
QRYHQD7HUFHLUDTXDWURHP
6DQWD0DULDGXDVQR3LFRXPD
HP6·R-RUJHHXPDQR)DLDO
(VW·R KRMH LQWHUQDGRV 
GRHQWHVQRYHQR+RVSLWDOGR
'LYLQR(VS¾ULWR6DQWRHP3RQ
WD'HOJDGDHTXDWURQR+RV
SLWDOGH6DQWR(VS¾ULWRHP$Q
JUDGR+HUR¾VPR
$UHJL·RVRPDFDVRVDWL
YRV GH LQIH¹·R SRU 6$56
&R9VHQGRHP6·R0L
JXHOQD7HUFHLUDQR)DLDO
QRYHHP6·R-RUJHTXDWURHP
6DQWD0DULDHTXDWURQR3LFR
(VW·RHPYLJLOµQFLDDWLYD
SHVVRDVƇ

;{ILC;HI
ILC?HN;F


KOCHN;'@?CL;&
+,
>?
;AIMNI
>?
,*,+ 5HJLRQDO1

$1$)5(YDLSHGLUDR3DUODPHQWR GLVWULEXL¹·RGHYHUEDVTXHºIHLWD
SHODVFµPDUDVPXQLFLSDLVUHV
VDOYDQGRTXHDVMXQWDVQ·RW¼P

SDUDFODULILFDUWUDQVIHUrQFLDV kFRQGL¹ÇHVGHUHVSRVWDySDUDRTXH
OKHVºH[LJLGR1DDOWXUD-DLPH5L
WDIDORXPHVPRQRULVFRTXHD5H

GDVFkPDUDVSDUDDVMXQWDV JL·RFRUUHGHYLUDSHUGHUkERQVDX
WDUFDVyk¯XPDOXWDTXHDJHQWH
WHPTXHWHUWDPEºPFRPD$V
VRFLD¹·RGH0XQLF¾SLRVGD5HJL·R
>CL?CNIM
L?M?LP;>IM
$XWÃQRPDGRV$¹RUHV$05$$
'HOHJDomRUHJLRQDOGD 1·RHVWDPRVDIDODUHPDX
PHQWRVPDVVLPHPWUDQVIHU¼Q
$1$)5(YDLHQYLDUXPD FLDVGDUHVSRQVDELOLGDGHGDVFµ
SURSRVWDj$VVHPEOHLD PDUDV QDWXUDOPHQWH
SDUDTXHQmRKDMD DFRPSDQKDGDVGRVUHVSHWLYRVHQ
YHORSHVILQDQFHLURVyDFHQWXDRGL
¦GHVYLUWXDo}HV§ ULJHQWHDVVRFLDWLYRVXEOLQKDQGR
HPPDWpULDGH TXHVHSUHWHQGHLJXDOPHQWHHVWD
WUDQVIHUrQFLDV EHOHFHUTXHDVWUDQVIHU¼QFLDVSDUD
DVMXQWDVQXQFDSRGHU·RVHULQ
J;OFI
@;OMNCHI

IHULRUHV´TXLORTXHHVWDVM³UHFH
j`[omnchi:[]ilc[hiilc_hn[f(jn EHP(VWDºGHUHVWRXPDSUH
PLVVDTXHM³H[LVWHVREDIRUPDGH
$GHOHJD¹·RUHJLRQDOGD$VVRFLD OHLGD5HSÈEOLFDOHL´
¹·R 1DFLRQDO GH )UHJXHVLDV TXDOkPXLWDVIUHJXHVLDVQRFRQ
$1$)5(YDLHQYLDUXPDSUR
SRVWDDR3DUODPHQWRH([HFXWLYR
D¹RULDQRVQRVHQWLGRGHVHUHP
FODULILFDGDVDVWUDQVIHU¼QFLDVIL
QDQFHLUDVGDVFµPDUDVPXQLFL
SDLVSDUDDVMXQWDVGHIUHJXHVLD
QRDUTXLSºODJR
)RLFRPRREMHWLYRGHGHILQLU
DVOLQKDVRULHQWDGRUDVGHVWHGR
FXPHQWRGHWUDEDOKRTXHHVWD
U³FRQFOX¾GRDQWHVGDVSUÃ[LPDV
HOHL¹ÇHVDXW³UTXLFDVHVHSUH
WHQGHLPSOHPHQWDGRHP
VREDIRUPDGHOHLTXHUHXQLUDP
QRVÈOWLPRVGLDVQRFRQWLQHQWH
D$1$)5(UHJLRQDOHQDFLRQDO
7D[DGHGHVHPSUHJR
GRV$oRUHV
OLJHLUDPHQWHDFLPD
GDPpGLDQDFLRQDO
1R”WULPHVWUHGHVWHDQRDWD[DGHGHVHPSUHJRQRV
$oRUHVIRLGHTXDQGRDPpGLDQDFLRQDOIRLGH
$FLPDGHVWHYDORUILFDUDPWDPEpPR$OJDUYH
>_f_a[†„i
l_acih[f
l_ohco
]ig
[
;mmi]c[†„i
H[]cih[f
^_
@l_ao_mc[m
k2 TXH HVW³ HP FDXVD V·R
WUDQVIHU¼QFLDVHLVVRWHPTXHVHU
SRVWRDWUDYºVGHGHFUHWROHJLV
ODWLYRUHJLRQDOSDUDTXHQ·R
KDMDDTXLQHPGHVYLUWXD¹ÇHV
QHPPDLVSDUDXPRXPDLVSDUD
RXWUR$VFRLVDVILFDPGHYLGD
PHQWHFODULILFDGDVHDVVLPFDGD
XPVDEHU³GHSRLVFRPRTXHº
TXHSRGHFRQWDUHFRPRTXHº
TXHFRQWDU³SDUDJRYHUQDUDV
VXDVILQDQ¹DVORFDLVyIULVRXR
SUHVLGHQWHGDGHOHJD¹·RUHJLR
QDOGRV$¹RUHVGD$VVRFLD¹·R
1DFLRQDOGH)UHJXHVLDVHPGH
FODUD¹ÇHVDR$¹RULDQR2ULHQWDO
N[r[
^_
^_m_gjl_ai
moj_lcil

g‡^c[
h[]cih[f
_g
.
l_ac”_m
^i
j[‹m
1HVWHSURFHVVRD$1$)5(FR
ORFDQRYDPHQWHD¼QIDVHQDQH
FHVVLGDGHGHGHVFHQWUDOL]D¹·R
EDQGHLUDHVVDTXHOHYDQWRXDLQGD
UHFHQWHPHQWHQR9,(QFRQWUR5H
JLRQDOGRV$XWDUFDVGRV$¹RUHV
HP$QJUDGR+HUR¾VPRRQGHUHL
YLQGLFRXXPkPDLRUFULWºULRyQD
GCAO?F
;(
FIJ?M
WLQHQWHM³DGHULUDPyFXMDDSOL
FD¹·RQDVLOKDVGHSHQGHGDDSUR
YD¹·RGD$VVHPEOHLD5HJLRQDO
$SURSRVWDGD$1$)5(TXH
VHU³HQYLDGD´$VVHPEOHLDH*R
YHUQR5HJLRQDOLQFOXLU³kSHGL
GRVHVXJHVWÇHVGHYLGDPHQWH
IXQGDPHQWDGRVy QR SUHVVX
SRVWRGHTXHkFRQVHJXLPRVID
]HUPDLVFRPPHQRVy
-DLPH5LWDDFUHGLWDTXHHVWH
SURFHVVRYDLGHFRUUHUGHDFRU
GRFRPDVH[SHFWDWLYDVGD$1$
)5( DWº SRUTXH GL] KDYHU
kDEHUWXUDyGR*RYHUQRJUXSRV
SDUODPHQWDUHVHGD$05$$Ƈ

GHHPSUHJRRTXHºkXPVLQDO
GH YLWDOLGDGH GD HFRQRPLDy
1XPDGHFODUD¹·RHQYLDGD´
FRPXQLFD¹·RVRFLDO3HGUR6L]D
9LHLUDUHDO¹DTXHDVkQRYDVHP
SUHVDVHPSUHVDVTXHFUHVFHP
RXHPSUHVDVTXHUHWRPDPDVXD
DWLYLGDGHV·RDTXHODVTXHFRQ
WUDWDPSHVVRDVSRUTXHVDEHP
TXHY·RWHUFOLHQWHVTXHSRGHP
QHFHVVLWDUGRVVHXVVHUYL¹RVyk$
SRSXOD¹·RHPSUHJDGDHP3RU
WXJDOQHVWHSHU¾RGRºRP³[LPR
KLVWÃULFRHXOWUDSDVVRXPHVPR
RVYDORUHVGRVHJXQGRWULPHVWUH
GHyVDOLHQWRXGDQGRFRQ
WDGHTXHkQHVWHPRPHQWRK³
D0DGHLUDHR$OHQWHMR PLOKÇHVSHVVRDVDWUDED
J;OFI
@;OMNCHI)FOM;

OKDUHP3RUWXJDO6·RPDLV
j`[omnchi:[]ilc[hiilc_hn[f(jn GLDQDFLRQDOHPRXWUDVWU¼VUH WD[DGHGHVHPSUHJRIRLHVWLPD QRVHJXQGRWULPHVWUHGHSRU PLOSHVVRDVGRTXHQRWULPHVWUH
JLÇHVGRSD¾V$OJDUYH GDHPYDORULQIHULRUHP FRPSDUD¹·RFRPRWULPHVWUHDQ DQWHULRUyVDOLHQWRXDFUHVFHQ
$WD[DGHGHVHPSUHJRQRV$¹RUHV 0DGHLUD  H $OHQWHMR SRQWRVSHUFHQWXDLVSSDR WHULRUPLOHPUH WDQGRFRQVLGHUDUVHUHPQÈPH
QRVHJXQGRWULPHVWUHGHVWHDQR 1DêUHD0HWURSROLWDQD GRWULPHVWUHDQWHULRUHVXSHULRU OD¹·RDRKRPÃORJRH URVkLPSUHVVLRQDQWHVy
IRLGHYDORUOLJHLUDPHQWHVX GH/LVERDIRLGHLJXDODRYD HPSSDRGRWULPHVWUHKR PLOUHODWLYDPHQWHDR‘WULPHV 'HDFRUGRFRPRPLQLVWUR
SHULRU´PºGLDQDFLRQDO ORUQDFLRQDOVHQGRLQIHULRUQDV PÃORJRGHHHPSS WUHGHGRLVDQRVDQWHV kRVHWRUGRVVHUYL¹RVRPDLV
2VQÈPHURVIRUDPRQWHPGL UHVWDQWHVGXDVUHJLÇHVq1RUWH DRGR‘WULPHVWUHGHy 2PLQLVWURGD(FRQRPLDFRQ DIHWDGRSHODSDQGHPLDFULRX
YXOJDGRVSHOR,QVWLWXWR1DFLRQDO H&HQWUR 2,QVWLWXWR1DFLRQDOGH(VWD VLGHUDTXHRVQÈPHURVRQWHP VÃSRUVLPDLVPLOHPSUH
GH(VWDW¾VWLFD,1(TXHUHIHUH 'HDFRUGRFRPDVHVWDW¾VWLFDV W¾VWLFDDFUHVFHQWDTXHDSRSXOD GLYXOJDGRVSHOR,1(UHIHUHQWHV JRVGRVTXDLVPLOQRVVHWR
TXHDOºPGRV$¹RUHVDWD[DGH GRHPSUHJRHP3RUWXJDOUHIH ¹·RHPSUHJDGDPLOSHV DRVHJXQGRWULPHVWUHGHVWHDQR UHVGRDORMDPHQWRUHVWDXUD¹·R
GHVHPSUHJRILFRXDFLPDGDPº UHQWHVDRVHJXQGRWULPHVWUHkD VRDVDXPHQWRXPLO PRVWUDPFDSDFLGDGHGHFULD¹·R HVLPLODUHVyƇ
 ;{ILC;HI
ILC?HN;F


2
5HJLRQDO KOCHN;'@?CL;&
+,
>?
;AIMNI
>?
,*,+

JILN;F
>I
AIP?LHI
>IM
;{IL?M

*RYHUQRDSRLD GHWUDQVSRUWHFROHWLYRUHJXODUGH
SDVVDJHLURVkFRPDIDOWDGHSUR
FXUDSRUYLDGDSDQGHPLDHWDP
EºPSHODVLPSRVL¹ÇHVGHGLVWDQ

RSHUDGRUHV FLDPHQWRQRVDXWRFDUURVTXH
SDVVDUDPDOHYDUPHQRVSDVVD
JHLURVFRPSHUGDGHUHFHLWDV

GHWUDQVSRUWH 3RUWDQWRR*RYHUQRHQWHQGHX
IDFH´VFRQWDVDSUHVHQWDGDVSH
ORVRSHUDGRUHVHIDFH´SHUGDGH

FROHWLYRFRP
UHQGLPHQWRVGDUOKHVXPQRYR
DSRLRTXHVRPDQGRDRTXHDQ
WHULRUPHQWHM³IRLGDGRWRWDOL]D
XPPLOK·RGHHXURVHVWHDQRy

PLOKmRGHHXURV $QD&DUYDOKROHPEUDDLQGDRV
SHU¾RGRVGHVXVSHQV·RGDVDXODV
SUHVHQFLDLVHFRQVHTXHQWHPHQ
WHGRWUDQVSRUWHHVFRODUFRPR
$SRLRGHPLOHXURVDJRUDDSURYDGRMXQWDVH RXWURIDWRUTXHJHURXSHUGDGH
UHFHLWDVSDUDRVRSHUDGRUHV
DRXWURDSRLRGHPLOHXURVHPPDUoRSDUD $FRQFHVV·RGHVWHDSRLRDIXQ
ID]HUIDFHDRVSUHMXt]RVFDXVDGRVSHODSDQGHPLD GRSHUGLGRFRQIRUPHUHIHUHD
Fcplim
cl„i
_hlcko_]_l
i
_mjfci
^[m
=[m[m
^im
;†il_m
5HVROX¹·RGR&RQVHOKRGR*R
YHUQRGHSHQGHGDYHULILFD¹·RGR

&DVDVGRV
LOC
DILA?
=;<L;F

l][\l[f:[]ilc[hiilc_hn[f(jn VROX¹·RGR&RQVHOKRGR*RYHU FXPSULPHQWRGHUHTXLVLWRVUH
QRSXEOLFDGDHP-RUQDO2ILFLDO ODFLRQDGRVFRPDRIHUWDGHVHU
$6HFUHWDULD5HJLRQDOGDV2EUDV QRSDVVDGRGLDGHDJRVWRk´ YL¹RGHWUDQVSRUWHSÈEOLFRGHSDV
3ÈEOLFDVH&RPXQLFD¹ÇHVYDLFRQ SURSRU¹·RGDYDULD¹·RGDSUR VDJHLURVGHDFRUGRFRPDVUHJUDV
FHGHUXPDSRLRILQDQFHLURDIXQ FXUDWRWDOYHULILFDGDQRVDQRV GHILQLGDVSHOD$XWRULGDGHGH
GRSHUGLGRDRVRSHUDGRUHVGH GHHGRQÈPHURGH 6DÈGH5HJLRQDOQRPHDGDPHQ
$oRUHVUHFHEHP
WUDQVSRUWHFROHWLYRUHJXODUGHSDV SDVVDJHLURVWUDQVSRUWDGRVSRU WHDOLPLWD¹·RGRQÈPHURP³[L
VDJHLURVGRV$¹RUHVQRYDORUJOR TXLOÃPHWURSRURSHUDGRUGH PRGHSDVVDJHLURVWUDQVSRUWDGRV
EDOGHPLOHXURV DFRUGRFRPRVGDGRVSXEOLFD DGDORWD¹·RGRVYH¾FXORVPDV
OLYURVGH
(VWHºM³RVHJXQGRDSRLRFRQ GRVSHOR6HUYL¹R5HJLRQDOGH WDPEºPFRPDOLPSH]DHGHVLQ
FHGLGRGHSRLVGHXPSULPHL (VWDW¾VWLFDGRV$¹RUHVy
URDSRLRGHPLOHXURVHP
IH¹·RGDVLQVWDOD¹ÇHVHHTXLSD
5HILUDVHTXHHPUHJLV PHQWRVXWLOL]DGRVSHORVSDVVD
WHPiWLFDDoRULDQD
PDU¹RSDVVDGRQXPWRWDOGH WRXVHQRV$¹RUHVXPDUHGX¹·R JHLURVHQWUHRXWURV
XPPLOK·RGHHXURVGHDSRLR GHQRQÈPHURGHSDVVD (VWHVDSRLRVFRQFHGLGRVQR *RYHUQRYDLGLVWULEXLU k&RQWRVG
$PºULFDyGHêOD
HVWHDQR1RV$¹RUHVH[LVWHP JHLURVWUDQVSRUWDGRVQDVFDUUHL µPELWRGDVPHGLGDVGHDX[¾OLRHV H[HPSODUHVGHREUDV PR2OLYHLUDk0XLWR0DLVGR
RSHUDGRUHVGHWUDQVSRUWHFR UDVXUEDQDVHLQWHUXUEDQDVSRU WDWDO´HFRQRPLDQRFRQWH[WRGD 4XH6DXGDGHyGH-RHO1HWR
GHWHPiWLFDDoRULDQD
OHWLYRUHJXODUGHSDVVDJHLURVHP FRPSDUD¹·RFRPDQWHVGD SDQGHPLDSUHYLVWDVSHOD8QL·R RXk&DPLQKRVGR'LYLQRyGH
TXHD5HJL·R$XWÃQRPDGRV SDQGHPLD1DLOKDGH6·R0LJXHO (XURSHLDVHU·RIRUPDOL]DGRVSRU SHODV&DVDVGRV$oRUHV /ºOLD 3HUHLUD 1XQHV HQWUH
$¹RUHVºDHQWLGDGHFRPSHWHQ HPFRQFUHWRDUHGX¹·RIRLGH FRQWUDWRSURJUDPDHQWUHD6H HVSDOKDGDVSHORPXQGR RXWURVW¾WXORV
WHFRPRDXWRULGDGHGHWUDQV HPIDFHDRVSDVVD FUHWDULD5HJLRQDOGDV2EUDV3È HQULTXHFHQGRDVVLP &RQIRUPHUHIHUHR3RUWDOGR
SRUWHVVHQGRWU¼VHP6·R0L JHLURVWUDQVSRUWDGRVHP EOLFDVH&RPXQLFD¹ÇHVHRVRSH DVVXDVELEOLRWHFDV *RYHUQRGRV$¹RUHVDRIHUWD
JXHOPDLVXPSRUFDGDUHVWDQWH (PGHFODUD¹ÇHVDR$¹RULDQR UDGRUHVVHQGRTXHRVDSRLRV GHVWDVREUDVkLU³DLQGDPDQ
LOKDFRPDH[FH¹·RGR&RUYR 2ULHQWDODVHFUHW³ULDUHJLRQDOGDV GHYHU·RFRPH¹DUDVHUSDJRVD LOC
DILA?
=;<L;F

WHUHUHIRU¹DUROHJDGRGHRUL
2 PRQWDQWH FRQFUHWR GH 2EUDV3ÈEOLFDVH&RPXQLFD¹ÇHV SDUWLUGHVHWHPEUR´PHGLGDTXH l][\l[f:[]ilc[hiilc_hn[f(jn JHPD¹RULDQDQDV&DVDVGRV
DSRLRDFDGDXPGRVRSHUDGR $QD &DUYDOKR MXVWLILFRX HVWH RVFRQWUDWRVSURJUDPDIRUHPFH $¹RUHVHQDVFRPXQLGDGHVGH
UHVFRUUHVSRQGHVHJXQGRD5H DSRLRFRQFHGLGRDRVRSHUDGRUHV OHEUDGRVƇ
 $YLFHSUHVLG¼QFLDGR*RYHU HPLJUDQWHVD¹RULDQRVHVHXV
;LKOCPI
;I
)?>O;L>I
L?M?H>?M
QRGRV$¹RUHVYDLGLVWULEXLU GHVFHQGHQWHVGDVUHVSHWLYDV
H[HPSODUHVGHREUDV ³UHDV JHRJU³ILFDV DSUR[L
GHWHP³WLFDD¹RULDQDSHODV PDQGRDVPHVPDV´5HJL·RH
&DVDVGRV$¹RUHVVHGLDGDVQD DRTXHQHODºSURGX]LGRHP
%HUPXGD%UDVLO&DQDG³(V WHUPRVOLWHU³ULRVy
WDGRV 8QLGRV GD $PºULFD ¯WDPEºPUHIHULGRTXHDO
8UXJXDL3RUWXJDO&RQWLQHQ JXQVGRVH[HPSODUHVDGTXLUL
WDOH0DGHLUD GRVLQWHJUDU·RDVELEOLRWHFDVGD
6HJXQGRUHIHUHR3RUWDOGR 'LUH¹·R5HJLRQDOGDV&RPXQL
*RYHUQRGRV$¹RUHVHVWHVOL GDGHVHP3RQWD'HOJDGD$Q
YURVDGTXLULGRVHGLVSRQLELOL JUDGR+HUR¾VPRH+RUWDIL
]DGRVDWUDYºVGD'LUH¹·R5H FDQGRGLVSRQ¾YHLVGHSRLVQR
JLRQDOGDV&RPXQLGDGHVY·R &DW³ORJR'LJLWDOGD%LEOLRJUD
LQWHJUDUDVELEOLRWHFDVSUÃSULDV ILD*HUDOGD'L³VSRUD$¹RULDQD
GDV&DVDVGRV$¹RUHVFRPRRE 5HILUDVHTXHHVWHºXPSUR
MHWLYRGHHQULTXHFHURHVSÃOLROL MHWRTXHMXQWDU³PDLVGH
WHU³ULRGHVWDVLQVWLWXL¹ÇHVHP REUDVGHGLFDGDV´VWHP³WLFDV
REUDVGHWHP³WLFDD¹RULDQDRX GDHPLJUD¹·RHLPLJUD¹·REHP
GHDXWRUHVD¹RULDQRVHD¹RU FRPROLYURVHVFULWRVSRUDXWR
GHVFHQGHQWHV UHV D¹RULDQRV UDGLFDGRV QD
'RVOLYURVDHQYLDU´V&DVDV GL³VSRUDTXHID]HPSDUWHGR
GRV$¹RUHVID]HPSDUWHREUDV HVSÃOLRH[LVWHQWHQDVELEOLRWH
FRPRk3RHVLD,,y FDVGD'LUH¹·R5HJLRQDOGDV
;jici
^i
Aip_lhi
jl_n_h^_
]igj_hm[l
im
ij_l[^il_m
^_
j_l^[m
^_lcp[^[m
^im
_`_cnim
^[
j[h^_gc[ GH 9LWRULQR 1HPºVLR RV &RPXQLGDGHVƇ

;{ILC;HI
ILC?HN;F


KOCHN;'@?CL;&
+,
>?
;AIMNI
>?
,*,+
5LFDUGR5RGULJXHVGL]TXHVy
DJRUDpSRVVtYHO´GHL[DUPDUFDµ
$WXDOSUHVLGHQWHGD&kPDUDGH9LOD)UDQFDGR&DPSRUHFDQGLGDWDVHSHOR36DXPWHUFHLUR
PDQGDWRHSUHWHQGHXP¦LQYHVWLPHQWRVLJQLILFDWLYR§QDiUHDGDKDELWDomRHQRSDUTXHLQGXVWULDO
I
mi]c[fcmn[
]ihmc^_l[
ko_
[
Ë`[fn[
^_
b[\cn[†„i
]ihmncnoc
og
jli\f_g[
al[p_Ì
FOM;

;†ilc[hi
Ilc_hn[f
5LFDUGR5RGULJXHVDWXDOSUHVL
GHQWHGD&µPDUDGH9LOD)UDQFD
GR&DPSRUHFDQGLGDWDVHSHOR
2VRFLDOLVWDFRQVLGHURXTXH
DkIDOWDGHKDELWD¹·RFRQVWL
WXLXPSUREOHPDJUDYHyGR
PXQLF¾SLRHGHVWDFRXTXHD
DXWDUTXLDYDLUHFHEHUVHWHPL
;I
;LKOCPI)?>O;L>I
L?M?H>?M
1RµPELWRGRVSURMHWRVGH
KDELWD¹·R5LFDUGR5RGULJXHV
DYDQ¹RXTXHHVW³HPkIDVHILQDO
GHHODERUD¹·RXPHGLI¾FLRGH
DSDUWDPHQWRV7H7yPDLV
SHUD¹·RGRSDUTXHKDELWDFLR
QDOGDDXWDUTXLDXPDYH]TXH
H[LVWHPkPXLWDVFDVDVGDFµ
PDUDTXHSUHFLVDPGHUHDELOL
WD¹·Ryk(VWDV³UHDVGDKDELWD
¹·RVHU·R³UHDVFRPXPDIRUWH
LQWHUYHQ¹·RGDFµPDUDQRSUÃ
[LPRPDQGDWRyUHDO¹RX
6HJXQGRRFDQGLGDWRkVÃDJR
UDyºTXHYDLVHUSRVV¾YHOGHL[DU
kXPDPDUFDQRFRQFHOKRyXPD
YH]TXHRkSULPHLURPDQGDWRH
SDUWHGRVHJXQGRyIRUDPGHGLFD
GRV´kUHRUJDQL]D¹·RILQDQFHLUD
GD&µPDUD0XQLFLSDOy
2VRFLDOLVWDTXHSUHVLGH´DX
WDUTXLDGHVGHDILUPRXWHU
kY³ULRVSURMHWRVHVWUXWXUDQWHVSDUD
9LOD)UDQFDGR&DPSRGHVLJQD
GDPHQWHDDPSOLD¹·RGRSDUTXH
LQGXVWULDOy(VVDDPSOLD¹·RGLV
VHHQTXDGUDVHQXPDkYLV·RHV
WUDWºJLFDGHQ·RVÃDSRLDURVHP
SUHV³ULRVORFDLVPDVWDPEºPGDU
DEHUWXUDSDUDRXWURVHPSUHV³ULRV
VHLQVWDODUDPHP9LOD)UDQFDy
3DUDDOºPGH5LFDUGR5RGUL
JXHVDSUHVHQWDUDPWDPEºPD
FDQGLGDWXUD D 9LOD )UDQFD GR
5HJLRQDO3
>CL?CNIM
L?M?LP;>IM
=[h^c^[ni
^i
JM>
^_`_h^_

_p_hnim
^_
jli^o†„i
fi][f
1DVFLPHQWR
&DEUDOGHIHQGH
HYHQWRVHPWRGDV
DVIUHJXHVLDV
2FDQGLGDWRGR36'$DSUHVL
GHQWHGD&µPDUD0XQLFLSDOGH
3RQWD'HOJDGD3HGUR1DVFL
PHQWR&DEUDODILUPRXTXHº
VHX FRPSURPLVVR SURPRYHU
HYHQWRVFXOWXUDLVQDVIUH
JXHVLDVGRFRQFHOKRUHFRUUHQ
GRDDUWLVWDVHHPSUHVDVORFDLV
k&RPRIRUPDGHDSRLDURVDU
WLVWDVGRFRQFHOKRHDVHPSUHVDV
ORFDLVOLJDGDV´&XOWXUDFXMDDWL
YLGDGHIRLIRUWHPHQWHDIHWDGD
SHODSDQGHPLDDQRVVDFDQGL
GDWXUDSUHWHQGHGHVFHQWUDOL]DU
RVHYHQWRVFXOWXUDLVSHODVIUH
36DXPWHUFHLURPDQGDWRHSUH OKÇHVGHHXURVSDUDDTXHOD XPkSHTXHQRHGLI¾FLRFRPTXD &DPSR1XQR&RVWD&'8TXH JXHVLDVGH3RQWD'HOJDGDyDILU
WHQGHXPkLQYHVWLPHQWRVLJQLIL ³UHDQRµPELWRGR3ODQRGH WURDSDUWDPHQWRV7y VHUHFDQGLGDWD(PDQXHO0HGHL PRX3HGUR1DVFLPHQWR&DEUDO
FDWLYRyQD³UHDGDKDELWD¹·RQD 5HFXSHUD¹·R H 5HVLOL¼QFLD k9DPRVQDWXUDOPHQWHHQ URV36'H-RVº0DWRV&KHJD $SÃVXPDUHXQL·RFRPUHSUH
TXHOHFRQFHOKRGDLOKDGH6·R
0LJXHODILUPRX
k+³VHPSUHPXLWRDID]HUQXP
FRQFHOKRPDVDTXLORTXHPDLVPH
GDU³UHDOL]D¹·RºXPLQYHVWLPHQ
WRVLJQLILFDWLYRSDUDDKDELWD¹·R
XPDIDOKDTXHRFRQFHOKRWHP
DSHVDUGHDOJXPDVFHQWHQDVGHKD
ELWD¹ÇHVGHSURSULHGDGHGRPX
QLF¾SLRyGHFODURX´DJ¼QFLD/XVD
/XUGHV
$OILQHWH
GHIHQGH
FRRSHUDomR
HQWUH
355QDFLRQDO
k7HUPRVFRQVHJXLGRMXQWRGR
*RYHUQRGD5HSÈEOLFDVHWHPL
OKÇHVGHHXURVSDUDLQYHVWLUQD
³UHDGDKDELWD¹·RTXHUSDUDDHGL
ILFD¹·RTXHUSDUDDTXLVL¹·RGHFD
VDVTXHUSDUDDEHQHILFLD¹·RGR
SDUTXHKDELWDFLRQDOºQHFHVVD
ULDPHQWHDTXHOHSURMHWRTXHGH
LPHGLDWRPDLVPHDWUDLyDSRQWRX
$FDQGLGDWDGR36´&µPDUD0X
QLFLSDOGD5LEHLUD*UDQGHTXHU
PDQWHUHVHSRVV¾YHOUHIRU¹DURV
SURWRFRORVFRPDV,QVWLWXL¹ÇHV
SÈEOLFDVHSULYDGDVYRFDFLRQD
GDVSDUDR$SRLRDRV,GRVRVkSUH
YHQGRRWUDEDOKRLQFOXVLYRHPXO
WLJHUDFLRQDODWUDYºVGDDQLPD¹·R
VRFLDOGRH[HUF¾FLRI¾VLFRGDUHD
ELOLWD¹·RHGDLQFOXV·RVRFLDOy
FRQWUDUDVPHOKRUHVVROX¹ÇHV
TXHQ·RVÃSHUPLWDPVDWLVID
]HU D KDELWD¹·R VRFLDO PDV
WDPEºPDGRVMRYHQVFDVDLV
DTXHOHVTXHWHQGRHPSUHJR
Q·RWHPFDSDFLGDGHGHDTXLVL
¹·RGHXPDFDVDyDFUHVFHQWRX
2VRFLDOLVWDGLVVHDLQGDTXH
kHPEUHYHYDLVHUODQ¹DGRR
FRQFXUVRSÈEOLFRySDUDDUHFX
UHVLGHQFLDLVQD0DWUL]HQR
3LFRGD3HGUDy
3DUD/XUGHV$OILQHWHkFXLGDU
HYDORUL]DUDSHVVRDLGRVDºFXLGDU
HYDORUL]DURVFXLGDGRUHVIRUPDLV
HLQIRUPDLVRVSURILVVLRQDLVGD
VDÈGHHRVIDPLOLDUHVy$FDQGLGD
WDGR36OHPEURXDVXDSURSRVWD
SDUDDODUJDUHDSRLDUDUHGHGHFXL
GDGRVFRQWLQXDGRVEHQHILFLDQGR
2DWXDOH[HFXWLYRºFRQVWLWX¾GR
SHORVHXSUHVLGHQWHXPYLFHGRLV
YHUHDGRUHVDWHPSRLQWHLURWRGRV
GR36HWU¼VYHUHDGRUHVQ·RSHU
PDQHQWHVWRGRVGR36'
(PR36YHQFHXFRP
GRVYRWRVH[SUHVVRVFRQ
WUD  GR 36' H  GD
&'8WHQGRYRWDGRGRV
LQVFULWRVƇ

GH6DÈGHGD5LEHLUD*UDQGHH
D86,60DVVHJXUDQGRFRQ
VXOWDVGHVFHQWUDOL]DGDVFRP
PºGLFRV GH IDP¾OLD H ID]HU
FRPTXHD&µPDUD0XQLFLSDO
GD5LEHLUD*UDQGHLQWHJUHD
5HGHGH$XWDUTXLDVTXH&XL
GDPGRV&XLGDGRUHV,QIRU
VHQWDQWHVGDFRPLVV·RLQVWDOD
GRUDGD$VVRFLD¹·R(FRQÃPLFD
&XOWXUDOGRV$¹RUHVRFDQGLGD
WRDILUPRXTXHkºQRVVRREMHWLYR
TXHD&µPDUD0XQLFLSDOGH3RQ
WD'HOJDGDGLVSRQLELOL]HXPIRU
WHDSRLR´UHFXSHUD¹·RQRSH
U¾RGRSÃVSDQGHPLDGRVVHWRUHV
TXHIRUDPPDLVDIHWDGRVFRPR
ºRFDVRGRVDUWLVWDVHPSUHVDV
GH SURGX¹·R H SURPR¹·R GH
HYHQWRVHDVVRFLD¹ÇHVFXOWXUDLV
FRPVHGHQRFRQFHOKRGH3RQWD
'HOJDGDyGHIHQGHQGRDUHDOL]D
¹·RQRSHU¾RGRSÃVSDQGHPLD
GHkXPJUDQGHHYHQWRPXVLFDO
LG¼QWLFRDRVIHVWLYDLVTXHVHRU
JDQL]DPQRSD¾VHSHOD(XURSD
DOºPGHIHVWLYDLVJDVWURQÃPLFRV
QDVQRVVDVIUHJXHVLDVyH[SOLFRX
LQVWLWXLo}HV $SÃVXPDUHXQL·RFRPDGL
UH¹·RGR/DU$XJXVWR&ºVDU
QRDSRLR )HUUHLUD&DELGRDFDQGLGDWD
GR36VDOLHQWRXDLPSRUWµQ
FLD GDTXHOH TXH VHU³ kGRV
DLGRVRV PDLRUHVODUHVGDLOKDGH6·R
0LJXHODSRLDQGRLGRVRV
GLYLGLGRVHPGXDVHVWUXWXUDV
RVLGRVRVGD5LEHLUD*UDQGHXP
REMHWLYRTXHVÃVHFRQVHJXLU³kHP
SDUFHULDFRPDV6DQWDV&DVDVGD
0LVHULFÃUGLDFRPRV/DUHVH&D
VDVGR3RYRGRQRVVR&RQFHOKRy
3URPRYHUVHUYL¹RVGHVDÈ
GHSULP³ULRVGHSUR[LPLGDGH
QXPDSDUFHULDFRPR&HQWUR
PDLV5$&&,V·RRXWUDVSUR
SRVWDVGDFDQGLGDWDVRFLDOLVWD
k(VWHºRFDPLQKR1·RSRGH
PRVGHL[DUGHGDUDWHQ¹·RQHP
DEDQGRQDUDTXHOHVTXHWDQWRGH
UDPDRORQJRGDYLGDHTXHQRV
DMXGDUDPTXDQGRWDPEºPSUH
FLV³PRV¯SRULVVRTXHRVLGRVRV
PHUHFHPWRGRRQRVVRUHVSHLWRy
FRQFOXLXƇ

3HGUR1DVFLPHQWR&DEUDO
DFUHVFHQWRXTXHºWDPEºPVHX
REMHWLYRSURPRYHUXPFDOHQ
G³ULRGHHYHQWRVHHVSHW³FXORV
PXVLFDLVkHPFRQFHUWD¹·RFRP
RVRXWURVPXQLF¾SLRVHHQWL
GDGHVSÈEOLFDVyGDLOKDGH6·R
0LJXHO kGH IRUPD TXH Q·R
KDMD HVSHW³FXORV HP GDWDV
FRLQFLGHQWHVyƇ
JA
 ;{ILC;HI
ILC?HN;F


+*
5HJLRQDO KOCHN;'@?CL;&
+,
>?
;AIMNI
>?
,*,+

(QWUHYLVWD

-HVVLFD3DFKHFRFDQGLGDWDGR%ORFRGH(VTXHUGDj&kPDUD0XQLFLSDO
GD5LEHLUD*UDQGHDVVXPHFRPRSULRULGDGHVRFRPEDWHjSREUH]D
HGHVLJXDOGDGHVVRFLDLVDLQFOXVmRHDFRQFUHWL]DomRGHXPDQRYDYLVmR
DPELHQWDO&DQGLGDWDTXHUDLQGDXPDDXWDUTXLD¦H[HPSODU§QRHPSUHJR

eQHFHVViULD
PXGDQoDFRP
SROtWLFDVORFDLV
TXHFRPEDWDP
DSREUH]D

J;OFI
MCGÆ?M

jmcgi_m:[]ilc[hiilc_hn[f(jn
3RUTXHDFHLWRXVHUFDQGLGDWD´SUHVL
D_mmc][
J[]b_]i&
_h`_lg_cl[&

DXWDUTXLDFULHXP3ODQR,QWHJUDGRGH QXPDHQRUPHLQFHUWH]DFRPEDL[RVUHQ jl_mc^_hn_
^[
;mmi]c[†„i
P_a[h[
^im

3UHYHQ¹·RH&RPEDWH´7R[LFRGHSHQ GLPHQWRVPDLRUSUREDELOLGDGHGHGH ;†il_m&
‡
][h^c^[n[
ch^_j_h^_hn_


G¼QFLDSDUDDFRPSDQKDUDHYROX¹·RGDV VHPSUHJRPXLWDVYH]HVVHPTXDOTXHU ^i
<fi]i
^_
?mko_l^[
G¼QFLDGD&µPDUD"
2FRQFHOKRGD5LEHLUD*UDQGHQH
FHVVLWDGHPXGDQ¹DFRPSRO¾WLFDVOR
FDLVTXHSURPRYDPXPHIHWLYRFRP
EDWH´SREUH]D´SUHFDULHGDGHH´V
GHVLJXDOGDGHVVRFLDLV
6DEHPRVTXHDSDQGHPLDYHLRDJUD
YDUVLWXD¹ÇHVTXHM³HUDPPXLWRIU³JHLV
RTXHLPSOLFDXPHQRUPHGHVDILRHXPD
QRYDDERUGDJHP
¯SUHFLVRWDPEºPXPDQRYDYLV·R
DPELHQWDOQRFRQFHOKRHHQWULVWH
FHPHTXHRQRVVRDPELHQWHHVWHMDD
PRUUHU´QRVVDIUHQWHHVHUHPRVRV
SULQFLSDLVUHVSRQV³YHLVVHRGHL[DU
PRVFRODSVDU4XHURTXHDVIXWXUDV
JHUD¹ÇHVSRVVDPWHUDRSRUWXQLGDGH
GHF³YLYHUHFRPTXDOLGDGH
4XHURXPFRQFHOKRPDLVLQFOXVLYR
HLVWRSDVVDSRULPSOHPHQWDUR3OD
QR0XQLFLSDOSDUDD,JXDOGDGH
4XDLVRVSULQFLSDLVGHVDILRVHSUR
EOHPDV TXH R PXQLF¾SLR HQIUHQWD
DWXDOPHQWH"
3RUXPODGRWHPRVDVVLVWLGRDRDX
PHQWRGDWR[LFRGHSHQG¼QFLDFRPFRQ
LQWHUYHQ¹ÇHVLPSOHPHQWDGDVDYDOLDUVH
V·RHILFD]HVHPHOKRUDURTXHWHPTXH
VHUPHOKRUDGR
2FRQFHOKRGD5LEHLUD*UDQGHIRLXP
GRVTXHPDLVVHQWLXRVHIHLWRVGDSDQ
GHPLDHDVFRQVHTX¼QFLDVIRUDPPDLV
VHQWLGDVQRVPDLVYXOQHU³YHLV$VSHV
VRDVHPVLWXD¹·RODERUDOSUHF³ULDYLYHP
2FRQFHOKRGD5LEHLUD
*UDQGHIRLXPGRVTXHPDLV
VHQWLXRVHIHLWRVGDSDQGHPLD
HDVFRQVHTXrQFLDVIRUDP
PDLVVHQWLGDVQRVPDLV
YXOQHUiYHLV
$(VWUDWpJLD/RFDO
GH+DELWDomRSRGHULD
WHUVLGRDSUHVHQWDGDPDLV
DSRLRHGLILFXOGDGHHPFRQVHJXLUWHU
KDELWD¹·RSUÃSULD,VWRFRQGX]DRDJUD
YDPHQWRGDVXDVLWXD¹·RGHSREUH]DH
SURPRYHPDLRUHVDJORPHUDGRVGHSHV
VRDVQDPHVPDKDELWD¹·RTXHWRUQD
TXDVHLPSRVV¾YHORVLVRODPHQWRVSURIL
O³WLFRVHTXDUHQWHQDV
1DÈOWLPD$VVHPEOHLD0XQLFLSDOIRL
UHIHULGRTXHD(VWUDWºJLD/RFDOGH+D
ELWD¹·RSRGHULDWHUVLGRDSUHVHQWDGD
PDLVFHGRSRULVVRQ·RHQWHQGHPRV
SRUTXHQ·RVHLQLFLRXHVWHSURFHVVR
SUHFRFHPHQWHSDUDHYLWDUVLWXD¹ÇHV
FRPRDVTXHDVVLVWLPRV0DVDFXOSD
Q·RºDSHQDVGHVWHH[HFXWLYRPDVWDP
EºPGRDQWHULRUGR3DUWLGR6RFLDOLV
WDTXHPHVPRFRPXPGRFXPHQWRHOD
ERUDGRVREUHRHVWDGRGDKDELWD¹·RQR
FRQFHOKRQ·RGHXRSDVVRHPIUHQWH
SDUDUHVROYHURSUREOHPD
4XDLVVHU·RDVVXDVSULRULGDGHVH
SURSRVWDVSDUDUHVSRQGHUDHVWHVGH
VDILRV"
3DUDDOºPGDVTXHM³UHIHULºIXQGD
PHQWDOTXHDDXWDUTXLDVHMDH[HPSODU
SRULVVRQ·RSRGHPRVDFHLWDUTXHVHFRQ
SUHF³ULD1·RDFHLWDUHPRVLVWRGRkID]R
TXHGLJRPDVQ·RID¹DVRTXHHXID¹Ry
4XHUHPRVUHGX]LURVQÈPHURVGR
5HQGLPHQWR6RFLDOGH,QVHU¹·RQRFRQ
FHOKRSRLVTXHUHPRVUHWLUDUDVSHVVRDV
GDVXDVLWXD¹·RGHSREUH]DFRQWUL
EXLQGRSDUDDVXDDODYDQFDJHPSURILV
VLRQDOHSHVVRDO,VWRVLJQLILFDTXHºSUH
FLVR HTXLOLEUDU D GLVWULEXL¹·R GH
UHQGLPHQWRSURPRYHUPDLRUIRUPD
¹·R´VSHVVRDVDFRPSDQKDGRSHORDX
PHQWRSURSRUFLRQDOQRVHXUHQGLPHQ
WR1LQJXºPTXHUWHUPDLVIRUPD¹·R
HFRPSHW¼QFLDVHUHFHEHURPHVPR
4XHUHPRV SURPRYHU SURJUDPDV GH
HGXFD¹·RILQDQFHLUDSRLVºXPD³UHD
TXHGHYHVHUHVWLPXODGDSDUDPXGDU
RSDUDGLJPDDWXDO3HVVRDVTXHGHW¼P
PDLRUFRQKHFLPHQWRSRGHU·RID]HUHV
FROKDVGLIHUHQWHVTXHSHUPLWLU·RPH
OKRUDUDVXDFRQGL¹·RGHYLGD
5HODWLYDPHQWH´VTXHVWÇHVDPELHQ
WDLVGXUDQWHPHVHVGHQXQFLDPRVGH
SRVL¹ÇHVGHOL[RHPY³ULDV]RQDVGD9LOD
GH5DERGH3HL[HHFRQVHJXLPRVTXHD
VHTXHQWHDXPHQWRQRQÈPHURGHGHOL
WRV3DUDDOºPGHUHIRU¹DURSROLFLDPHQWR
HGRQRYRSURWRFRORFRPD3$93URMH
WRGH$SRLR´9LGDºIXQGDPHQWDOTXHD
FHGRQmRHQWHQGHPRV WLQXHDUHDOL]DUFRQWUDWRVSUHF³ULRVQD DXWDUTXLDLQLFLDVVHDOLPSH]D1RHQ
SRUTXHQmRVHLQLFLRXHVWH DXWDUTXLD'HIHQGHPRVDLQWHJUD¹·RGRV WDQWRLJQRURXDVQRVVDVVROLFLWD¹ÇHVSDUD
SUHF³ULRVPDVQ·REDVWDLQWHJUDUXQV DFRORFD¹·RGHFRQWHQWRUHVHSDUDDVHQ
SURFHVVRSUHFRFHPHQWH HOHYDURXWURVDVHLQLFLDUHPVLWXD¹·R VLELOL]D¹·R´SRSXOD¹·R6HQ·RH[LVWLU
;{ILC;HI
ILC?HN;F


KOCHN;'@?CL;&
+,
>?
;AIMNI
>?
,*,+
>CL?CNIM
L?M?LP;>IM
6HU´&DSLWDOGR6XUIµ
pVHUFDSD]GHSUHVHUYDU
RDPELHQWHHQmRSHUPLWLU
DFRQWLQXDomRGHVWHV
DWHQWDGRV
&RQWLQXDPRVDDJXDUGDU
DUHYLVmRGR3ODQR'LUHWRU
0XQLFLSDO6HRDWUDVR
5HJLRQDO++
GDUDUHYLV·RGR3ODQR'LUHWRU0XQLFLSDO
6HRDWUDVRQ·RVHGHYH´&µPDUDFRPR
DILUPDRFDQGLGDWRGR36'HDWXDOSUHVL
GHQWHHQW·RVHULDHVVHQFLDODGLYXOJD¹·R
GRPRWLYRTXHWHPOHYDGRDTXHDSURSRVWD
GHUHYLV·RQ·RVHMDDFHLWH"
1HFHVVLWDPRVDLPHGLDWDUHTXDOLILFD
¹·RHHVWDELOL]D¹·RGDRUODFRVWHLUDSRLV
FRUWHVQDVHVWUDGDVGHVYLRVSRUFDPL
QKRVVHPFRQGL¹ÇHVUHFHLRVGHSHUGHU
DVVXDVFDVDVHGHDFLGHQWHVV·RSUHR
FXSD¹ÇHVIUHTXHQWHVGDSRSXOD¹·R
6REUHDUHTXDOLILFD¹·RGD)UHQWH
0DUDQRVVDSUHRFXSD¹·RSUHQGHVH
eIXQGDPHQWDOTXHD
DXWDUTXLDVHMDH[HPSODU
SRULVVRQmRSRGHPRV
DFHLWDUTXHVHFRQWLQXH
DUHDOL]DUFRQWUDWRV
SUHFiULRVQDDXWDUTXLD
eSUHFLVRHTXLOLEUDU
DGLVWULEXLomR
GHUHQGLPHQWRSURPRYHU
PDLRUIRUPDomRjV
SHVVRDVDFRPSDQKDGR
SHORDXPHQWRSURSRUFLRQDO
QRVHXUHQGLPHQWR
XPWUDEDOKRFRQW¾QXRHSURIXQGRQ·R
VHFRQVHJXLU³SURPRYHUPXGDQ¹DVSR
VLWLYDV¯FRQWUDGLWÃULRDVVLQDUSURWR
FRORVSDUDDSURPR¹·RGDDWUDWLYLGDGH
WXU¾VWLFDHP5DERGH3HL[HHQ·RDWXDU
QHVWHVFDVRVGHDWHQWDGRDPELHQWDO3RU
LVVRIRUPDOL]DPRVXPDTXHL[D´,QVSH
¹·R5HJLRQDOGR$PELHQWHSDUDTXHHV
WDVVLWXD¹ÇHVQ·RFRQWLQXHPDID]HUSDU
WHGDUHDOLGDGHGDVSHVVRDV
7HPRVWDPEºPDVGHVFDUJDVGH³JXDV
UHVLGXDLVQD3UDLDGR0RQWH9HUGHTXH
DSHVDUGHM³WHUXPDQRYDSURPHVVDGH
VROX¹·R´YLVWDFRQWLQXDDH[LVWLUHDFRQ
WDPLQDURQRVVRPDU(FRPRVHQ·REDV
WDVVHWHPRVDLQGDDVGHVFDUJDVGHUHV¾
GXRV LQGXVWULDLV GD &2)$&2 FXMDV
DQ³OLVHVGHWHPSRVDWHPSRVPRVWUDP
Q¾YHLVIRUDGRVDFHLW³YHLVSRWHQFLDQGR
SHUGDGHELRGLYHUVLGDGHHFRQVWLWXLQ
GRXPSUREOHPDGHVDÈGHSÈEOLFD-³
SDUDQ·RIDODUGRTXHºYLYHUQHVWHORFDO
HPTXHRFKHLURQDXVHDEXQGRSUHGR
PLQD6HUk&DSLWDOGR6XUI yºVHUFDSD]
GHSUHVHUYDURDPELHQWHHQ·RSHUPL
WLUDFRQWLQXD¹·RGHVWHVDWHQWDGRV
(PPDWºULDGHSRO¾WLFDILVFDORWHP
DSURSRUDRVPXQ¾FLSHV"
¯IXQGDPHQWDORHTXLO¾EULRHQWUHDVUH
FHLWDVJHUDGDVSDUDRERPIXQFLRQD
PHQWRGRPXQLF¾SLRHDJDUDQWLDGHTXH
RVLPSRVWRVVHMDPDMXVWDGRV´UHDOLGDGH
&RQFRUGDPRVFRPDWD[DP¾QLPDGH
,0,HDVXDUHGX¹·RQRVFDVRVGH+DEL
WD¹·R3UÃSULDH3HUPDQHQWHHHPIXQ¹·R
GRVGHSHQGHQWHV1RHQWDQWRFRQVLGH
UDPRVTXHRPXQLF¾SLRSRGHLUPDLVDOºP
HLPSOHPHQWDUDVXDPDMRUD¹·RQDVFD
VDVGHYROXWDVK³PDLVGHXPDQRUX¾QDV
SRLVPXLWDVFRORFDPHPFDXVDDVHJX
UDQ¹DSÈEOLFDHDWUDYºVGHLQFHQWLYRVSDUD
DVXDUHDELOLWD¹·RFRQVHJXLUHPRVUHQR
YD¹·RHVHJXUDQ¹D
(PUHOD¹·R´SDUWLFLSD¹·RQR,56H
DWHQGHQGRDDWXDOVLWXD¹·RSDQGºPLFD
QmRVHGHYHj&kPDUD FRPDSRVV¾YHOSHUGDGHODUJXUDGD
HQWmRVHULDHVVHQFLDOD SUDLDXPDYH]TXHRSURMHWRSUHY¼R
GLYXOJDomRGRPRWLYR VHXHVWUHLWDPHQWRFRPHQURFDPHQWR
$QRVVDVROX¹·RSDVVDULDSHODWUDVOD
GD¹·RGDYLDSHGRQDOSDUDVXOHUHJX
FRQFRUGDPRVFRPDUHGX¹·RSDUDRV ODPHQWDUD³UHDXUEDQL]³YHOSDUDTXH
TXHVHWUDGX]QRHTXLO¾EULRHQWUH Q·RVXFHGDXPDQRYD&DOKHWDHQ·R
DUHFHLWDPXQLFLSDOHXPDPDLRUGHYR QRVGHL[HFRPPXURVGHKRWºLV
OX¹·RDRVFRQWULEXLQWHV (PUHOD¹·RDRVWUDQVSRUWHVºQHFHV
6REUHD'HUUDPDTXHLQFLGHVREUHROX V³ULROLJDUDVIUHJXHVLDVHDPHOKRUDERU
FURWULEXW³YHO´VSHVVRDVFROHWLYDVDSHQDV GDJHPSDVVDSHODLQWURGX¹·RGHOLQKDV
ODPHQWDPRVTXHGHYLGR´IDOWDGHUHJXOD PXQLFLSDLVFRPYH¾FXORVGHWUDQVSRU
PHQWD¹·RPXQLFLSDOQ·RWHQKDVLGRSRV WHFROHWLYRVDMXVWDGRV´VQHFHVVLGDGHV
V¾YHOLVHQWDURVVXMHLWRVSDVVLYRVFRPXP HHOºWULFRV
YROXPHGHQHJÃFLRVLQIHULRUDø 4XHUHPRVSRQWRVGHFDUUHJDPHQWR
HWHQKDTXHWHUVLGRIL[DGRGHYLGR SDUDYH¾FXORVHOºWULFRVHDLVHQ¹·RGR
DHVWDODFXQD(VWDºXPDIRUPDGHDMXGDU SDJDPHQWRGHSDUTX¾PHWURSDUDHVWHV
DVHPSUHVDVQHVWDIDVHHSURPRYHUDVXD YH¾FXORV
UHFXSHUD¹·RHFRQÃPLFD 2FRQFHOKRSUHFLVDGHVHWRUQDUVXV
1DV³UHDVHFRQÃPLFDHVRFLDOTXH WHQW³YHOHIRUQHFHUDOWHUQDWLYDVSHUPL
LQWHUYHQ¹·RGHYHWHUDDXWDUTXLDQD WLU³TXHWRGRVID¹DPSDUWHGRSURFHV
VXDRSLQL·R" VR-³WHPRVDOJXPDVFLFORYLDVDJRUD
¯SUHFLVRQ·RHVTXHFHUTXHRJDQKR IDOWDDUHVWDQWHDUWLFXOD¹·RSDUDDSUR
PºGLRPHQVDOGRVWUDEDOKDGRUHVSRU PR¹·RGHXPDQRYDPRGDOLGDGHGHFLU
FRQWDGHRXWUHPQRFRQFHOKRºLQIHULRU FXOD¹·RDSDUWLOKDGD
´PºGLDQDFLRQDOHUHJLRQDO(VWHJUDX &RPRSUHWHQGHDUWLFXODUDVXDUH
GHGHVLJXDOGDGHQRQRVVRFRQFHOKRFULD OD¹·RFRPRJRYHUQRUHJLRQDOHHPTXH
PDQFKDVGHSREUH]DHGHH[FOXV·RTXH ³UHDVSURMHWRVHVSHUDDFRRSHUD¹·R
OHYDPD³UHDVHVTXHFLGDVHLQYLV¾YHLV GRH[HFXWLYRD¹RULDQR"
2VLQYHVWLPHQWRVVHUYHPSDUDPH ¯QDUHLYLQGLFD¹·RORFDOTXHVHFRQ
OKRUDUDFRQGL¹·RHFRQÃPLFDHVRFLDOGDV VHJXHJDUDQWLUXPPDLRUDSRLRSDUD
SHVVRDVQRHQWDQWRDDSRVWDGHPL PHOKRUDURFRQFHOKR([LVWHPQHFHV
OKÇHVGHHXURVQRWXULVPRQ·RWHPUH VLGDGHVQRPHDGDPHQWHQD³UHDGD
GX]LGRDSREUH]DQRFRQFHOKRTXHVL 6DÈGHTXHQHFHVVLWDPGHXPDXU
JQLILFDTXHRYDORUJHUDGRFRQWLQXDDQ·R JHQWHFRRSHUD¹·R¯LPSHUDWLYRUHL
VHUEHPGLVWULEX¾GR YLQGLFDUDUHDELOLWD¹·RGR&HQWURGH
4XDQGRDHVWUDWºJLDSDUDDIL[D¹·RGH 6DÈGHGD5LEHLUD*UDQGHGRWDQGRR
MRYHQVQRFRQFHOKRSDVVDSRUFRQFHGHU FRPHTXLSDPHQWRVHUHIRU¹DQGRDV
kRDFHVVRDKDELWD¹·RSUÃSULDFXMRVHQ HTXLSDVGHVDÈGH
FDUJRVQ·RXOWUDSDVVHPRVGRVVHXV 8PSUREOHPDTXHQRVSUHRFXSDHQH
UHQGLPHQWRVPHQVDLVyVDEHPRVTXH FHVVLWDGHXPHVWXGRHSODQRGHLQWHU
DSHQDVFRQWHPSODU³RVTXHM³FRQVH YHQ¹·RºRFRPEDWH´PRUWDOLGDGHLQ
JXHPWHUDFHVVRSHODVYLDVWUDGLFLRQDLV IDQWLOQRFRQFHOKRFXMRYDORUºPXLWR
3RUTXHQ·RFULDUDUUHQGDPHQWRDORQJR VXSHULRU´PºGLDQDFLRQDO
SUD]RFRPRS¹·RGHFRPSUD"$VVLPFRO 2TXHºTXHRGLVWLQJXHGRVVHXV
PDWDPRVRSUREOHPDDWXDOGRDUUHQGD DGYHUV³ULRVSRO¾WLFRV"
PHQWRHSURPRYHPRVTXHRVMRYHQVSRV 0XLWDVGDVSURSRVWDVTXHDTXLID
VDPFRPSUDUDFDVDRQGHHVW·RDFULDU ODPRVQRVGLIHUHQFLDPGRVUHVWDQWHV
Y¾QFXORVTXDQGRDVXDFRQGL¹·RHVWLYHU SDUWLGRV1·RTXHUHPRVDFRQVWUX¹·R
PDLVHVW³YHO)L[DUMRYHQVSDVVDSRUSUR GDLQFLQHUDGRUDHP6·R0LJXHOSRLV
SRVWDVTXHFRQVLJDPGDUUHVSRVWD´VVXDV Q·RSHUPLWHDOWHUDUDOÃJLFDGHSURGX
QHFHVVLGDGHVHQ·RLPLWDUDVTXHM³RV ¹·RGHUHV¾GXRV6HDMXVWLILFD¹·RºR
LPSHGHPGHFRQVHJXLU DXPHQWRGRVUHV¾GXRVLVWRGHPRQVWUD
(PWHUPRVXUEDQ¾VWLFRVRTXHº TXHQ·RK³YRQWDGHSRO¾WLFDHPID]HU
PDLVXUJHQWHVROXFLRQDUHFRPR" PDLVSHORQRVVRSODQHWDSRLVILFDEHP
¯IXQGDPHQWDOH[SDQGLUDUHGHGH IDODUHPVXVWHQWDELOLGDGHHFRQRPLD
VDQHDPHQWRE³VLFRHUHVROYHUHVWHSUR FLUFXODUHFHQWUDLVGHWUDWDPHQWRPH
EOHPDTXHM³VHSURORQJDK³GHPDVLD FµQLFRHELROÃJLFRPDVVHQ·RSDVVDGDV
GRWHPSR SDODYUDV´VD¹ÇHVQ·RFRQVHJXLUHPRV
$SÃVXPDGºFDGDFRQWLQXDPRVDDJXDU PXGDURQRVVRUXPRƇ

+,
3XEOLFLGDGH KOCHN;'@?CL;&
+,
>?
;AIMNI
>?
,*,+
(
;{ILC;HI
ILC?HN;F
;{ILC;HI
ILC?HN;F


KOCHN;'@?CL;&
+,
>?
;AIMNI
>?
,*,+ 5HJLRQDO+-

36FKDPDVHFUHWiULR
DDXGLomRVREUH
WUDQVSRUWHVPDUtWLPRV
36GLVFRUGDGRPRGHORTXHR*RYHUQRSURS{VSDUDDRSHUDomRGH
WUDQVSRUWHPDUtWLPRGHYLDWXUDVHSDVVDJHLURVHTXHURXYLU0RWD%RUJHV
FOM;

;†ilc[hi
Ilc_hn[f
236$¹RUHVSHGLXFRPFDU³WHU
GHXUJ¼QFLDDDXGL¹·RGRVHFUH
W³ULRUHJLRQDOGRV7UDQVSRUWHV7X
ULVPRH(QHUJLDQD&RPLVV·RGH
(FRQRPLDGRSDUODPHQWRD¹RULD
QRDSURSÃVLWRGRPRGHORGH
WUDQVSRUWHVPDU¾WLPRVQD5HJL·R
1XP FRPXQLFDGR R
36$¹RUHVGL]TXHkGLVFRUGD
IURQWDOPHQWHGRPRGHORTXH
HVWH*RYHUQR5HJLRQDOSURSÅV
XQLODWHUDOPHQWHSDUDDRSH
UD¹·RGHWUDQVSRUWHPDU¾WLPR
GHYLDWXUDVHSDVVDJHLURVyQD
5HJL·RQRVSUÃ[LPRVDQRVy
1DQRWDHQYLDGDDSULPHLUDWR
PDGDGHSRVL¹·RGR36$¹RUHV
VREUHRDVVXQWRGHSRLVGHRVVH
FUHWDULDGRVGHLOKDGH6DQWD0D
ULD6·R0LJXHOH&RUYRVHWHUHP
SURQXQFLDGRRYLFHSUHVLGHQWH
GDEDQFDGDSDUODPHQWDUVRFLD
OLVWD0LJXHO&RVWDIDODHPkGH
FLVÇHVLQDFUHGLW³YHLVGRSRQWRGH
YLVWDWºFQLFRHSU³WLFRSDUDTXHP
FRQKHFHPLQLPDPHQWHDUHJL·R
HRPRGHORGHWUDQVSRUWHPDU¾
WLPRyk&RPRºTXHºSRVV¾YHOMXV
WLILFDURILPGDRSHUD¹·RSDUDDV
)ORUHVSHODVFRQGL¹ÇHVGRSRUWR
TXDQGRDREUDGDSRQWHFDLVILFD
U³SURQWDQRLQ¾FLRGRSUÃ[LPR
DQRHDUDPSD5R5RGHYHU³ILFDU
SURQWDDWºDRYHU·RyTXHVWLRQRX
RVRFLDOLVWDOHPEUDQGRTXHRVLQ
YHVWLPHQWRVIRUDPLQLFLDGRVSHOR
DQWHULRU*RYHUQRGR36SUHFLVD
PHQWHSDUDVHSRGHUUHWRPDUR
WUDQVSRUWHGHPHUFDGRULDVGH
SDVVDJHLURVHYLDWXUDVy
3DUDRGHSXWDGRDkVXVSHQV·R
GRVHUYL¹RSDUDDVLOKDVGH6·R0L
PDLVYRRVPDLVOXJDUHVH
JXHO6DQWD0DULDºLJXDOPHQWHOH
VLYDGRVLQWHUHVVHVGD5HJL·Ry
36'6DQWD0DULD
UHFXVDPRGHORGH
WUDQVSRUWH´FDGXFRµ
3DUDR36'GH6DQWD HPFRPSDUD¹·RFRPLJXDOSH
0DULDQmRYDOHDSHQD U¾RGRGH$RIHUWDGHOX
FRQWLQXDUFRPXP JDUHVFUHVFHXSDUDR
TXHUHSUHVHQWDXPDXPHQWR
PRGHORGHWUDQVSRUWH GHyDILUPRX
LOCMI;L?M PDUtWLPR¦FDGXFR§ 6HJXQGRDGLULJHQWHkRDWXDO
GHVWDFDQGRDRIHUWD *RYHUQR5HJLRQDOGRV$¹RUHV
GHYRRV¦QXQFDYLVWD§ HD6$7$GHUDPXPDUHVSRV
WDSURQWD´FUHVFHQWHSURFX
FOM;

UDGDLOKDGH6DQWD0DULDHQ
;†ilc[hi
Ilc_hn[f TXDQWRGHVWLQRWXU¾VWLFRH´
QHFHVVLGDGH GH XPD PDLRU
$&RPLVV·R3RO¾WLFDGH,OKDGH PRELOLGDGHGRVUHVLGHQWHVy
6DQWD0DULDGR36'GHVWDFRX k6·RDEVXUGDVDVFU¾WLFDVTXH
DkRIHUWDQXQFDYLVWDyGDVOLJD R36DJRUDID]>{@1·RWHP
¹ÇHVDºUHDVGHHSDUDDTXHODLOKD TXDOTXHU DXWRULGDGH TXHP
D¹RULDQDUHFXVDQGRkLQVLVWLU FRPSDFWXRXQRWHPSRGRVJR
QXPPRGHORGHWUDQVSRUWHPD YHUQRVGR36FRPDVDOWHUD
U¾WLPRGHSDVVDJHLURVFDGXFRy ¹ÇHVGRVKRU³ULRVGD6$7$TXH
(PFRPXQLFDGRR36'$¹R REULJDYDPRVPDULHQVHVDSHU
UHVUHIHUHTXHDTXHOD&RPLVV·R QRLWDUHP3RQWD'HOJDGDQR
3RO¾WLFDUHJLVWRXDkGLVSRQLELOL PHDGDPHQWHRVGRHQWHVTXHVH
]D¹·RGHOXJDUHVH GHVORFDYDPDR+RVSLWDOGR'L
YRRVQDVOLJD¹ÇHVDºUHDVGHH YLQR(VS¾ULWR6DQWRyUHIHULX
Gcao_f
=imn[
^ct
ko_
gi^_fi
‡
Ë[n[ko_

]i_m„i
l_acih[fÌ SDUDDLOKD>GH6DQWD0DULD@ $LGD$PDUDO
QRVPHVHVGHMXOKRHDJRVWRVD 3DUD$LGD$PDUDOkRVGLUL
k1·RVHFRPSUHHQGHFRPRºTXH HQWUHDVLOKDVGR)DLDO3LFRH6·R OLHQWDQGRTXHVHWUDWDGHXPD JHQWHVGR3DUWLGR6RFLDOLVWD
HVWH*RYHUQRTXHWDQWRDGYRJD -RUJHHGHSDVVDJHLURVHQWUHDV RIHUWDQXQFDYLVWDQRWHPSRGRV GH6DQWD0DULDIRUDPGX
RPHUFDGRLQWHUQRRSWDSRUH[ LOKDVGDV)ORUHVHGR&RUYRyHR JRYHUQRVVRFLDOLVWDVy UDQWHDQRVFÈPSOLFHVGHGH
WLQJXLU D /LQKD $PDUHOD GD WUDQVSRUWHPDU¾WLPRVD]RQDOGH k1·R ID] VHQWLGR LQVLVWLU FLVÇHV TXH SUHMXGLFDUDP D
$WODQWLFROLQHLVRODQGRDVLOKDV YLDWXUDVHSDVVDJHLURVHQWUHDVFLQ QXPPRGHORGHWUDQVSRUWH LOKDHRVPDULHQVHVHPUHOD
GH6·R0LJXHO6DQWD0DULDH FRLOKDVGRJUXSRRFLGHQWDO PDU¾WLPRGHSDVVDJHLURVTXH ¹·RDRVWUDQVSRUWHVDºUHRVH
)ORUHVGDVOLJD¹ÇHVPDU¾WLPDVVD 2FRQWUDWRFRPXPSUH¹REDVH R36GHL[RXHTXHHVW³FDGX PDU¾WLPRVy
]RQDLVHFRPHVVDGHFLV·RFR GHPLOKÇHVGHHXURVWHPXP FRFXVWRXGH]HQDVGHPLOKÇHV 'HDFRUGRFRPDUHVSRQV³YHO
ORFDWDPEºP´PDUJHPDVLOKDV kSUD]RGHGRLVDQRVFRPSRVVL GH HXURV H QXQFD VHUYLX RV R36'GH6DQWD0DULDGHIHQGH
GR*UXSR&HQWUDOTXHSHUGHP ELOLGDGHGHSURUURJD¹·RSRUXP PDULHQVHVy LQGLFRX $LGD kXPDHIHWLYDGHPRFUDWL]D¹·RGD
HVWDYLDGHDFHVVRDPDLVGH SHU¾RGRP³[LPRGHPHVHVy $PDUDOSUHVLGHQWHGDHVWUX PRELOLGDGHLQWHULOKDVSDUDWRGRV
GRPHUFDGRUHJLRQDOySURVVHJXLX 2*RYHUQRHVFODUHFHXQDWHU WXUD VRFLDOGHPRFUDWD PD RVD¹RULDQRVHPHVSHFLDOSDUDRV
0LJXHO&RVWDFRQVLGHURXDLQGD ¹DIHLUDTXHTXDQWR´OLJD¹·RHQ ULHQVHHPUHVSRVWDDFU¾WLFDV PDULHQVHVTXHGXUDQWHGHPD
TXHkHVWHPRGHORDFDEDFRPR WUH6·R0LJXHOH6DQWD0DULDSUH IHLWDVQDVHJXQGDIHLUDSHOR VLDGRVDQRVVHYLUDPFRQILQDGRV
WUDQVSRUWHGHYLDWXUDVHFRPR WHQGHkGLVSRQLELOL]DUPDLVOLJD¹ÇHV 36ORFDOUHODWLYDPHQWHDDOWH DKRU³ULRVGHVDGHTXDGRVHHP
WUDQVSRUWHGHFDUJDURGDGDFRP DºUHDVHQWUHHVWDVGXDVLOKDVyH UD¹ÇHVQRPRGHORGHWUDQV QDGDDWUDWLYRV´VD¾GDHHQWUDGD
JUDYHVSUHMX¾]RVSDUDDVIDP¾OLDV SODQHLDPDQWHUDVOLJD¹ÇHVPD SRUWHPDU¾WLPRGHSDVVDJHL GHUHVLGHQWHVHWXULVWDVy
D¹RULDQDVDXPHQWDQGRRVVHXV U¾WLPDVkUHFRUUHQGRDRSHUDGR URVHYLDWXUDVGD5HJL·R $SUHVLGHQWHGD&RPLVV·R
FXVWRVSUHMXGLFDQGRDHFRQRPLD UHVSULYDGRVTXHUDWUDYºVGD $LGD$PDUDOVXEOLQKRXTXH 3RO¾WLFDGH,OKDGH6DQWD0DULD
GRV$¹RUHVy¯XPkYHUGDGHLURDWD XWLOL]D¹·RGRVUHFXUVRVSUÃSULRV k6DQWD0DULDEHQHILFLDGHXP GR36'FRQVLGHUDTXHkRDWXDO
TXH´FRHV·RUHJLRQDOyYLQFRX GDUHJL·Ry'HVWDIRUPDHYLWD DXPHQWRGHYRRVGL³ULRVHOX *RYHUQR5HJLRQDOM³HVW³DID
2FRQFXUVRSÈEOLFRHPFDXVD VHkRHQRUPHSUHMX¾]RDQXDOVX JDUHVGLVSRQ¾YHLVQXQFDDQ ]HUPDLVHPHOKRUDRJDUDQWLU
SUHY¼DkFHOHEUD¹·RGRFRQWUDWRGH SHULRUDPLOKÇHVGHHXURVTXH WHVREVHUYDGRyk(PMXOKRH FRPDFULD¹·RGDC7DULID$¹R
IRUQHFLPHQWRGRVHUYL¹RSÈEOL UHVXOWDGDVFRQGL¹ÇHVHPTXHIRL DJRVWRGHVWHDQRRQÈPHUR UHV
FRGHWUDQVSRUWHPDU¾WLPRUHJX UHDOL]DGRRIUHWDPHQWRGHQDYLRV GHYRRVSDUD6DQWD0DULDDX SDVVDJHQVDºUHDVPDLVEDUDWDV
ODUGHSDVVDJHLURVHGHYLDWXUDV HPSHU¾RGRVDQWHULRUHVyƇ
PHQWRXSDUDPDLV SDUDRVPDULHQVHVyƇ

=iil^_h[^il_m
?^cnilc[cm4

=IHM?FBI
>?
;>GCHCMNL;{ÅI4

=b_`_
^_
>_j[ln[g_hni
@ch[h]_cli4

?om‡\ci
Mcg„i
Aip_lhi
^im
;†il_m

Fo‹m
J_^li
Mcfp[
=(J(4
/+//;5
J[of[
Aiop_c[
=(J(4
-12/;
G[l]i
<_fi
A[fchb[
"Jl_mc^_hn_#5

>cl_nil
^_
Jo\fc]c^[^_4
;hnhci
@cfchni
?mn[
jo\fc][†„i
‡
[jic[^[
j_fi



?^cnil_m
^_
`_]bi
^_
?^c†„i4

>igchaim
Jiln_f[
^_
;h^l[^_
"Pia[f#5

>_j[ln[g_hni
^_
Jli^o†„i4
;g‚h^ci
<in_fbi
"=b_`_#5

JLIG?>C;
'
Jlial[g[
L_acih[f



;h[
=[lp[fbi
G_fi&
=J4
/*02;5
J[ofi
@[omnchi
=(J(4
11.35

J_^li
Aih†[fp_m
G_fi
"Pia[f#(
=[lfim
Miom[
">_mcah_l#5

?^o[l^i
L_m_h^_m
"@inial[`c[#(
^_
;jici

=igohc][†„i
Mi]c[f
Jlcp[^[

Loc
Dila_
=[\l[f
=(J(4
.,22;

Jo\fc]c^[^_4

J[ofi
Dila_
"=b_`_
^_
?kocj[
^_
P_h^[m#(


?^cnil
^_
`_]bi
^_
>_mjilni4
;lnbol
G_fi
=(J(4
,.*+;5

G[nlc]of[^[
h[
=ihm_lp[nlc[
^i
L_acmni



=iil^_h[^il[
;Iihfch_
_
L_pcmn[
;†il_m4

=ig_l]c[f
^_
Jihn[
>_fa[^[
Cgjl_mm„i4
=ichal[&
F^[(
M_^_4
J[lko_
Ch^omnlc[f
^[
Lc\_cl[


;h[
=[lp[fbi
G_fi&
=J4
/*02;5

=[jcn[f
Mi]c[f
Ô
/**(***
'
HCJ=
/+,
*.,
0.*
Al[h^_
'
Fin_
--
30**'.33
Lc\_cl[
Al[h^_
'
M(
Gcao_f
'
;†il_m(



M_lpc†i
^_
;jici
?^cnilc[f4
G[lc[
=il^_cli
"M_]l_n[lc[^i


>cmnlc\oc†„i4
Hin‹]c[m
>cl_]n
_
=NN
Jiln_
J[ai

^_
L_^[†„i
_
Jf[h_[g_hni#(
M_^_
^i
?^cnil
v
M_^_
^[
L_^[†„i4

>_jmcni
F_a[f
h(µ
+-00-/)33



Lo[
>l(
<lohi
N[p[l_m
=[ll_cli&
-.)-0

L_acmni
?L=
h(µ
+*033,
";†ilc[hi
Ilc_hn[f#




3/**'*//
'
Jihn[
>_fa[^[&
M„i
Gcao_f
'
;†il_m
_
h(µ
,+3002
";†ilg_^c[&
M(;(#
'
CMMH
*21.
'
21*/

>cl_nil
?^cnilc[f4
J[ofi
Mcg”_m
=(J(4
2+-0
?MN;NONI
?>CNILC;F4

qqq([]ilc[hiilc_hn[f(jn)j[ac' N_f_`(4
-/+
,30
,*,
2**
"a_l[f#
>_n_hnil_m
]ig
g[cm
^_
/
^i
=[jcn[f
Mi]c[f4



h[)_mn[noni'_^cnilc[f
@[r4
-/+
,30
,*,
2,/
Afi\[f
Hin‹]c[m'G_^c[
Alioj&
M(;(
"3*#&
;hnhci
Fiol_h†i
^_
G_fi
"+*#
G_g\li
bihil€lci
Chm‹ahc[

G_^[fb[
^_
Ioli


JLIJLC?>;>?4

;{ILG?>C;&
=IGOHC=;{ÅI
GOFNCG|>C;

?g[cf4
;^gchcmnl[†„i4
[]ilg_^c[:[]ilc[hiilc_hn[f(jn
Ncl[a_g
g‡^c[
^c€lc[

dofbi
^_
,*,+4
.*-*
_r_gjf[l_m
^[
Il^_g
^i
Ch`[hn_

;onihgc][
^i
Gohc]‹jci


?
?>C{ÅI
>?
JO<FC=;{Æ?M&
M(;(
L_^[†„i4
[]ilc[hiilc_hn[f:[]ilc[hiilc_hn[f(jn

>ig
B_hlcko_ ^_
G‡lcni
=‹pc]i ^_
Jihn[
>_fa[^[

+.
2SLQLmR
6REUHRWHQHQWHFRURQHO-RVp$JRVWLQKR
)RLQXPDWDUGHFKXYRVDGHRX
WXEURGHTXHEDWHPRV´
SRUWDGDSHTXHQDHPRGHVWD
FDVDGRWHQHQWHFRURQHO-RVº
$JRVWLQKRVLWDQRDOWRGD0LUD
JDLDHP$QJUDGR+HUR¾VPR
2PHXDPLJR(GXDUGR'LDV
HSXQKDRVÃFXORVHPDVVDMDYD
DVS³OSHEUDVROKDQGRSDUDR
LQILQLWR{
2(GXDUGRHHXDOLILF³PRV
WDUGHIRUDDRXYLUFRPHQOHYR
GHGLVF¾SXORVDSOLFDGRVDVVD
62&,('$'( SLHQW¾VVLPDVSDODYUDVGRYH
9,&725
WUDVGHWRGRRPXQGR(GL]LDVHHOH
UHVSRQGLDPHWLFXORVDPHQWHDWRGDV
DVFDUWDVTXHUHFHELD
0HXSDLVHPSUHSUHRFXSDGRFRPD
PLQKDkFXOWXUDJHUDOyREULJDYDPHD
RXYLUDVSDOHVWUDVTXHRWHQHQWHFRUR
QHO-RVº$JRVWLQKRSURIHULDDRVPLFUR
;{ILC;HI
ILC?HN;F


KOCHN;'@?CL;&
+,
>?
;AIMNI
>?
,*,+
TXDQGRRSRUFRSRQKDRIRFLQKR
IRUDGRFXUUDOy
+RXYHULVRWDJHUDOPDVHOHH[SOLFRX
PHOKRUTXHGHYHU¾DPRVROKDUSDUDO³
GDOLQKDGRKRUL]RQWHHVHJXLUPRVR
H[HPSORGH9LWRULQR1HPºVLRTXH
DFRQVHOKDYDK³TXHVHUXQLYHUVDOD
HHXHQW·RDOXQRVGR/LFHX 58,'25(6 OKRFLHQWLVWD IRQHVGR5³GLR&OXEHGH$QJUD SDUWLUGDVLOKDV(GDYDRH[HPSOR
HQWU³PRVDOYRUR¹DGRVHIR $PSOL³PRVQDTXHODWDUGH $SUHQGLPXLWRFRPHODVSRLVHUDPYD GHTXDWURFLHQWLVWDVD¹RULDQRVTXHVH
PRVVLPSDWLFDPHQWHUHFHEL RVQRVVRVFRQKHFLPHQWRV3RU ULDG¾VVLPRVRVWHPDVTXHHOHDRORQJR DEULUDPDRPXQGR$IRQVR&KDYHV
GRVSHORLQVLJQHFLHQWLVWD H[HPSORUHWLYHHVWHV -RVº$JRVWLQKR
QXPDVDOLQKDDWXOKDGDGHOLYURVUH IRLDQDYHJDUGDLOKD7HUFHLUD $XUºOLR4XLQWD
YLVWDVMRUQDLVHRXWUDVSXEOLFD¹ÇHV SDUD2FLGHQWHHSDUD6XGRHVWH QLOKDH)UHGHULFR
SRUWXJXHVHVHHVWUDQJHLURV TXH'LRJRGH7HLYHGHVFREULXRV 0DFKDGR(IDORX
(VS¾ULWRVXSHULRURWHQHQWHFRURQHO YHQWRVDO¾VHRVVHPRFRQKHFL GHRXWURVLOKºXVTXHVRXEHUDP
-RVº$JRVWLQKRWLQKDHQW·RDQRVGH PHQWRGHVVHVYHQWRV&ULVWÃY·R VHUXQLYHUVDLV$QWHURGH
LGDGHHHUDXPKRPHPVDSLHQW¾VVLPR &RORPERQXQFDWHULDFKHJDGR 4XHQWDOTXHVH
HPXLWRUHVSHLWDGRSRLVWHQGRVLGR RQGHVXSRVWDPHQWHFKHJRX FRUUHVSRQGLDFRP7ROVWRL$U
PLOLWDUGHFDUUHLUDGLVWLQJXLUDVH
FRPRPHWHRURORJLVWDQDWXUDOLVWDH
KLVWRULDGRUGHUHQRPHLQWHUQDFLRQDO
$SHVDUGDSURYHFWDLGDGHHUDHVSDQ
WRVDDVXDOXFLGH]1·RHVTXHFHUHLRV
VHXVROKRVSLVFRVRVHXVRUULVRGHERQ
GDGHHRVHXURVWRILQRHDVFºWLFRFKHLR
GHHQHUJLDTXDOSHUVRQDJHPSHUGLGD
GHXPTXDGURGH*UHFR
2(GXDUGR'LDVKRMHERWµQLFRGH
SUHVW¾JLRHQDDOWXUDDVSLUDQWHDFLHQ
WLVWDDQGDYDQXPDURGDYLYDFRPDV
)RLQRVWDPEºPGLWRTXH$QJUD UXGD)XUWDGRLQ
GR+HUR¾VPRVRXEHDQWHVGH YHVWLJDGRUPLFDHOHQVHTXH
/LVERDGR'HVFREULPHQWRGR PDQWHYHFRUUHVSRQG¼QFLD
&DPLQKR0DU¾WLPRSDUDDíQGLD FRP&KDUOHV'DUZLQHTXH
TXDQGR9DVFRGD*DPDDOLGH PRWLYDGRSHODOHLWXUDGH$
VHPEDUFRXSDUDVHSXOWDURVHX 2ULJHPGDV(VSºFLHVVHGLV
LUP·R3DXORGD*DPD SXVHUDDSURFXUDUQRV$¹RUHV
¯ÃEYLRTXHQRGLDVHJXLQWH GDGRV]RROÃJLFRVHERWµQLFRV
PXQLGRVGHVWHVHGHRXWURVSUH TXHFRQWULEX¾VVHPSDUDDUH
FLRVRVLQIRUPHVHXHR(GXDUGR VROX¹·RGHGÈYLGDVHSDUDD
IL]HPRVXPILJXU·RQDDXODGH FRQILUPD¹·RGDVSURSRVWDVGH
+LVWÃULD{ 'DUZLQ)UDQFLVFR/DFHUGD
VXDVH[SHUL¼QFLDVTXHOHYDYDDFDER ¯UDPRVPHQLQRVHPR¹RV TXHIRL¾QWLPR
QXPSHTXHQRODERUDWÃULRPRQWDGR PDVDTXHODWDUGHFKXYRVDGHRX GRVJUDQGHVFRPSRVLWRUHV'º
HPVXDFDVDHQHFHVVLWDQGRGHRULHQ WXEURPDUFDUDGHFLVLYDPHQWHDV EXVV\H5DYHO
WD¹·RELEOLRJU³ILFDUHVROYHUDUHFRUUHU QRVVDVYLGDV $QRVPDLVWDUGHIRLWDPEºP
DRVFRQKHFLPHQWRVGRQRW³YHOHVWX 'HEDL[DHVWDWXUDDQGDUPLX SHODERFDGR(PDQXHO)ºOL[
GLRVR(HXSDUDDV/HWUDVYLUDGRHP GLQKRP·RVQRVEROVRVGHXPD TXHILTXHLDVDEHUTXHXPFRU
LQGDJD¹ÇHVSHORFRQKHFLPHQWR JDEDUGLQDFLQ]HQWDDMHLWDQGR YLQRGHVXDJUD¹D&DUORV*HRU
DFRPSDQKHLDTXHOHPHXDPLJR¯UD GHTXDQGRHPYH]RVLQFRQIXQ JH1DVFLPHQWR
PRVXQVIHGHOKRVLPDJLQDWLYRVSUR G¾YHLVÃFXORVUHGRQGRVTXDVH KDYLDVLGRRSULPHLURHGLWRUGR
SHQVRVDRHVWXGR´UHIOH[·RHDRFRQ WRGRVRVGLDVY¾DPRVRWHQHQWHFRUR GHDQRVDERUGDYDGHIRUPDDFHVV¾ JUDQGHSRHWDFKLOHQR3DEOR1HUXGD
Y¾YLRHVIX]LDQWH{ QHO-RVº$JRVWLQKRDGDURVHXSDV YHODRJUDQGHSÈEOLFR ¯YHUGDGH$TXHODWDUGHGHRXWXEUR
6HJX¾DPRVHQFDQWDGRVRGLVFXUVR VHLRPDWLQDO´EHLUDPDU-³KDYLDP )RLWDPEºPSRUHVVDDOWXUDTXHFR GHILFRXPHJUDYDGDQDPHPÃULD
GRWHQHQWHFRURQHO-RVº$JRVWLQKR IDOHFLGRRVVHXVDPLJRVGHWHUWÈOLDq QKHFLXPRXWURWHUFHLUHQVHTXHYLULDD (QRVGLDVTXHFRUUHPVHPSUHTXH
TXHGHSRLVGHWHUIDODGRGH%LRORJLD /X¾VGD6LOYD5LEHLUR)UDQFLVFR/RX PXGDUDPLQKDYLGDRSRHWD(PDQXHO RL¹RIDODUGHXQLYHUVDOLGDGHD¹RULDQD
UHVSRQGHQGR´VTXHVWÇHVGR(GXDUGR UHQ¹R9DODG·R-U(OPLUR0HQGHV )ºOL[8PGLDHOHIRL´QRVVDDXODGH RFRUUHPPHDRSHQVDPHQWRRVQRPHV
GLVFRUUHXGHVHJXLGDVREUHTXHVWÇHV -RVº%UXQRHQWUHRXWURV0DVFRUUHV 3RUWXJX¼VIDODUGHSRHVLDHGLVVHXPD GH-RVº$JRVWLQKRH(PDQXHO)ºOL[
OLJDGDV´0HWHRURORJLD´6LVPRORJLDH SRQGLDPVHDVVLGXDPHQWHFRPHOH FRLVDTXHHXQXQFDPDLVHVTXHFL 0RGHORVHPHVWUHVLQH[FHG¾YHLVqQR
´+LVWÃULDáPHGLGDTXHIDODYDWLUDYD KRPHQVGHFL¼QFLDVHKRPHQVGHOH k¯QHFHVV³ULRTXHGHYH]HP PDLVSXURSODWÃQLFRVHQWLGRƇ

3RUWXJDOGRFH
9LYHUHP3RUWXJDOºVHQWLUPHQD
FDVDTXH+DQVHOH*UHWHOHQFRQWUDP
QDIORUHVWDFRPGLUHLWRDEUX[D
(VWDEUX[DTXHHVWXGRXPDUNHWLQJ
HDFRQIH¹·RGHGRFHVHºSURILVVLRQDO
QDDUWHGHHQJRUGDUHDGRHFHUGLVVL
PXODGDPHQWHºRPQLSUHVHQWH
7DOFRPRDTXHODVGXDVFULDQFL
QKDVQÃVDQGDPRVDWU³VGDFDVLQKD
GRVGRFHVSRUTXHºGRFHDFHVV¾YHO
QRTXHWRFDDSUH¹RHDSDUHQWH
PHQWHPXLWRERPHSUD]HURVR
(VVDEXVFDGHSUD]HULPHGLDWR
WDPEºPºXPWHPDLPSRUWDQWH
TXHILFDU³SDUDPDLVWDUGHGHYLGR´
VXDFRPSOH[LGDGH
0XLWRVHGL]PXLWRSRXFR ULJLGRSDUDERODFKDVFKR 3RUWXJDOWHPWDQWRSDUDPXGDU
VHID]1·RVHULDRDXPHQWR FRODWHVHDILQV6HQGRTXH MXQWRFRPHOHWRGRVQÃVƇ

GRSUH¹RGHVWHVYHQHQRV SDUDDPHVPDºXPDPDUD
D¹XFDUDGRVLPSRUWDQWH" YLOKDRVVHXVERPERQVSUH
1·RPHYHQKDPGL]HUTXH IHULGRVVHUHPPDLVEDUDWRV
DXPHQWRXRXPHOKRUTXH GRTXHXPDRXWUDFRLVD
HVW·RPHQRVDFHVV¾YHLV(P 62&,('$'( PDLVVDXG³YHO
&É7,$
XPDVHPDQDFRQVHJXLSHU 0$57,16 ¯DOHLGDkVREUHYLY¼QFLDy
FRUUHUSHORPHQRVTXDWUR 36,&¾/2*$ YDLVHO³VDEHUGHTXHP
VXSHUPHUFDGRVKLSHUPHU PDLVLQVDQDTXHM³YL$GDU
FDGRVHRVGRFHVHVW·RDE GHEULQGH´VSHVVRDVXPD
VXUGDPHQWHEDUDWRV)³FHLVGH P³VDÈGH2TXHºERPHVDXG³YHOº
TXDOTXHUVHUFRPSUDU3ULQFLSDO FDURHQ·RW·RYLV¾YHODROKRQX
PHQWHSDUDXPDFULDQ¹DTXHVÃWHP 4XDQGRYHUHPRVXPSD¾VUHDOPHQWH
FLQTXHQWDFHQWDYRVQREROVRHTXH SUHRFXSDGRFRPRVHXSRYR"4XDQGR
VHXÈQLFRSRGHUGHFRPSUDHVW³GL ºTXHYHUHPRVXPSRYRDH[LJLULVVR"
;{ILC;HI
ILC?HN;F


KOCHN;'@?CL;&
+,
>?
;AIMNI
>?
,*,+
=IIL>?H;{ÅI
E;CLçM
v
;LNOL
G;LNCHM&
CM;<?F
@?LH;H>?M
?
LCN;
@L?CL?
7UHLQRVDEHUWRVGHYROHLEROQR&OXEH.DLUyV
)ºULDVGHYHU·RULPDPFRPYR
OHLERO$SÃVDSDUDJHPGRVFDP
SHRQDWRVR&OXEH.DLUÃVPDQ
WºP D VXD DWLYLGDGH
SRVVLELOLWDQGRDSU³WLFDGHYR
OHLEROQ·RVÃSDUDRVVHXVDWOH
WDVFRPRSDUDTXDOTXHUMRYHP
TXHRSWHSRUH[SHULPHQWDUDPR
GDOLGDGH2Vk3XOJXLQKDVySUR
MHWRLQLFLDGRHVWHDQRSDUDFULDQ
¹DVGRVDRVDQRVFRPXPD
FRPSRQHQWHOÈGLFDHRULHQWDGR
SDUDDDTXLVL¹·RGHFRPSHW¼Q
$.$,5ñ6HQFRQWUDVHHPSOH
QDIDVHGHH[HFX¹·RGRSURMHWR
FLDVPRWRUDVWDPEºPQ·RSD
UDUDPFRQWLQXDQGRDHVSDOKDU
WRGDDVXDHQHUJLD
$DIOX¼QFLDWHPVLGRHQRUPH
FRPSUDWLFDQWHVGHWRGDVDVLGD
GHVDFRORULUR3DYLOK·RGD&R
ULVFROµQGLDWRGDVDVWHU¹DVH
TXLQWDVGDVK´VK
(VWDGLQµPLFDWHU³WDPEºPOX
JDUGXUDQWHWRGRRP¼VGHDJRV
WRDWºDRUHLQ¾FLRGRVWUHLQRVIRU
PDLVHPVHWHPEUR
$LQGDHPWHPSRVLQFHUWRVH
TXHQRVHPºGLRVSURMHWRVTXH
FRPDP³[LPDUHVSRQVDELOLGD
GHDPLVV·RGR&OXEH.DLUÃV
FRQWLQXDDVHUDGHHVWDUVHPSUH
GLVSRQ¾YHOSDUDDVXDFRPXQL
GDGHMRYHPDWUDYºVGDSURPR
¹·RGHDWLYLGDGHI¾VLFDHPTXHR
SULQFLSDOLQWXLWRºSURYLGHQFLDU
PRPHQWRVGHDOHJULDHGLYHUV·R
 1HVWHVHQWLGRR&OXEH.DLUÃV
0LVV·RVRFLDO
$.DLUÃVHQTXDQWRLQVWLWXL¹·R
DVVHQWHQDVFRPSRQHQWHVGHLQ
WHJUD¹·RFUHVFLPHQWRHYDORUL
0RYLPHQWR.DLUyV+/
]D¹·RSHVVRDLVDFUHGLWDTXHR
GHVSRUWRºXPDGDVIHUUDPHQ
WDVGHH[FHO¼QFLDSDUDREHP
HVWDUI¾VLFRHSVLFROÃJLFRSUR
FXUDQGRWHUXPSDSHOGLQµPLFR
QDDTXLVL¹·RHGHVHQYROYLPHQ
WRGHFRPSHW¼QFLDVPRWRUDVH
SVLFRVVRFLDLV
SURFXUDWHUXPSDSHOGHUHOH
YRQXPGRVIRFRVGHGHVHQYRO
YLPHQWRGRVMRYHQVSRVVLELOL
WDQGRDLQVHU¹·RVRFLDODWUDYºV
GDSU³WLFDGHVSRUWLYDGHYLGD
PHQWHRULHQWDGDHHVWUXWXUDGD
$VVLPHDLQGDTXHDYHUWHQWH
FRPSHWLWLYDHVWHMDSUHVHQWHH
VHMDHVWLPXODGDRFOXEHSHU
PDQHFH ILHO ´ VXD PDWUL] GH
DWXD¹·RTXHSDVVDSRULQFOXLU
WRGDVDVFULDQ¹DVLQGHSHQGHQ
WHPHQWHGDVXDDSWLG·RGHV
SRUWLYDLQLFLDORXFRQGL¹·RVR
FLRHFRQÃPLFD
-R·R&DUURQKD
'LUHWRU7ºFQLFRGR&OXEH.DLUÃV
DOLPHQWHPDVLGHLDVHSDL[ÇHV .$,5Ð6GHVHQYROYH  32 0DU  GHVL
JQDGRSHOD&RPLVV·R(XURSHLD
k&XUVRGH)RUPD¹·R$JHQ
WHV/RFDLVGR3DWULPÃQLR&XO
WXUDO1DWXUDOH6RFLDOGDV&R
PXQLGDGHV 3LVFDWÃULDV H
&RVWHLUDVGDFRVWDQRUWHGH6·R
0LJXHOy(VWHºXPGRVSURMHWRV
GRVLQGLY¾GXRVHLQVWLWXL¹ÇHV &(FRPR(XURSHDQ0DULWLPH
TXHFRPSÇHPDFRPXQLGDGH
FRPRºRFDVRGRSURMHWRSRU
SURMHWRILQDQFLDGRSHOR DQG)LVKHULHV)XQG2SHUDWLR
QDO3URJUDPPHIRU3RUWXJDO
QÃV*$/DSURYDGR´.DLUÃV WHPQRVYLQGRDSHUPLWLU3ULR
0DLVGRTXHXPDSRLRILQDQ
FHLURD.DLUÃVUHFHEHXLQYHVWL
0DU$oRUHV2ULHQWDO ULGDGHq$XPHQWDURHPSUH
TXHSUHHQFKHD('/(VWUDWº
JLDGH'HVHQYROYLPHQWR/RFDO
GD0DU$¹RUHV2ULHQWDOWHQGR
VLGRDSURYDGRQRµPELWRGDWL
SRORJLDGD4XDOLILFD¹·R(VFR
ODUHSURILVVLRQDO5HODFLRQDGD
FRP0HLR$TX³WLFR(VWDRSH
UD¹·RYLVDRVXSRUWHGHDWRUHV
ORFDLVSDUDXPDDWXD¹·RFRPR
k$JHQWHV/RFDLVGR3DWULPÃQLRy
RXVHMDHVWDQGRHQUDL]DGRVSHOR
WUDGLFLRQDOSRWHQFLDUHVWDKH
UDQ¹DFXOWXUDOQDWXUDOHVRFLDO
QXPDGLYHUVLILFD¹·RHFRQÃPL
FDSURGX]LQGRYDORUDFUHVFHQ
WDGR$ULTXH]DGHXPDFRPX
QLGDGHHVW³QRVVHXVLQGLY¾GXRV
DXW¼QWLFRVFRQKHFHGRUHVHHP
EDL[DGRUHVGDIHUWLOLGDGHGDFR
PXQLGDGHORFDO$('/0DU$
¹RUHV2ULHQWDO FRP XPD
SRO¾WLFDGHGHVHQYROYLPHQWRDV
FHQGHQWHSUHWHQGHRILQDQFLD
PHQWRHDYDORUL]D¹·RGHSH
JRHDFRHV·RWHUULWRULDODSUR
PHQWRTXHOKHSHUPLWLU³IHUWL
OL]DUHDMXGDUDID]HUFUHVFHU
RSRUWXQLGDGHVGHGHVHQYROYL
*$/&RVWHLUR YDU GLYHUVDV FDQGLGDWXUDV
FRUUHVSRQGHQGRDXPYDORUJOR
EDOGH  øGHLQ
PHQWRORFDO3RUILPUHIHULUTXH YHVWLPHQWRHXPDFRPSDUWLFL
D (VWUDWºJLD GH 'HVHQYROYL SD¹·RSÈEOLFDGH  
PHQWRORFDOk2QGDGH'HVHQ SDUDXPWRWDOGHSURMHWRV6H
YROYLPHQWRyGD0DU$¹RUHV2 RGHVHQYROYLPHQWRºGDFRPX
ULHQWDOSURPRYHRGHVDILRSDUD QLGDGHHQW·RRVSURMHWRVGH
TXHVHMDPDVFRPXQLGDGHVFRV GHVHQYROYLPHQWRW¼PGHSDU
WHLUDVGHSHQGHQWHVGRVUHFXU WLUGDFRPXQLGDGHSRUTXHFDGD
VRVDVDXWRUDVFHQWUDLVQRSUR FRPXQLGDGHORFDOLGDGHºÈQL
FHVVR GH GHVHQYROYLPHQWR FDFRPDVVXDVVLQJXODUHVFD
DVVHJXUDQGRDWULSODVXVWHQWD UDFWHU¾VWLFDVSRWHQFLDOLGDGHV
ELOLGDGH D VXVWHQWDELOLGDGH QHFHVVLGDGHVHRSRUWXQLGDGHV
SUHVHQWHHIXWXUDGRVUHFXUVRV (IHWLYDPHQWHRORFDOFRQVWL
DVXVWHQWDELOLGDGHHFRQÃPLFD WXLVHFRPRHVSD¹RGHDUWLFXOD
HVRFLDOGDVFRPXQLGDGHVHD ¹·RHQWUHRPRGHUQRHRWUDGL
YLDELOLGDGHHFRQÃPLFDGDVHP FLRQDOXPOXJDURQGHºSRVV¾YHO
SUHVDVDWUDYºVGRERPDSURYHL VLQDOL]DUHVWDLQWHUD¹·RSDUDD
WDPHQWRGDVDWLYLGDGHVHFRQà SURGX¹·RGHVROX¹ÇHVLQRYDGR
PLFDVH[LVWHQWHVHDWUDYºVGR UDVSDUDRVSUREOHPDVGDVFR
GHVHQYROYLPHQWR GH QRYDV PXQLGDGHV
³UHDVGDHFRQRPLDGRPDU2 5XL9LHLUD7DYDUHV
3URJUDPD 2SHUDFLRQDO 0DU &RRUGHQDGRU*$/0DU$¹RUHV2ULHQWDO
+0
3XEOLFLGDGH KOCHN;'@?CL;&
+,
>?
;AIMNI
>?
,*,+
(
;{ILC;HI
ILC?HN;F
;{ILC;HI
ILC?HN;F


KOCHN;'@?CL;&
+,
>?
;AIMNI
>?
,*,+
(FRQRPLD+1

(XURQH[W
&ULVHGRVVHPLFRQGXWRUHVFRP /LVERD
JMC,*

/(+2,&3,**
jnm
WHPSRGHHQWUHJDVDDXPHQWDU
*&/2
$FULVHGRVVHPLFRQGXWRUHVHVWiDDJUDYDUVHFRPRWHPSRPpGLRGHHQWUHJDDDXPHQWDUSDUD
PDLVGHVHPDQDVRTXHDJUDYDDVSHUVSHWLYDVGHIDEULFDQWHVGHDXWRPyYHLVHFRPSXWDGRUHV G;CIL
MO<C>;
D?L(G;LNCHM

FOM;

;†ilc[hi
Ilc_hn[f
$FULVHGRVVHPLFRQGXWRUHV
HVW³DDFHQWXDUVHFRPRWHP
SR PºGLR GH HQWUHJD D DX
PHQWDUSDUDPDLVGHVH
PDQDV R TXH DJUDYD DV
SHUVSHWLYDVGHIDEULFDQWHVGH
DXWRPÃYHLVHFRPSXWDGRUHV
8PDLQYHVWLJD¹·RGR6XV
TXHKDQQD)LQDQFLDO*URXSUH
ODWDGD SHOD DJ¼QFLD %ORRP
EHUJHPDUWLJRGH,DQ.LQJ
7D[DGHLQIODomR
KRPyORJD
DFHOHUD
DSXURXTXHRSHU¾RGRGHWHP
SR HQWUH D RUGHP GH HQFR
DXWRPÃYHLVHTXLSDPHQWRVLQ
GXVWULDLVHHTXLSDPHQWRVHOH +&/1
PHQGDHDHQWUHJDGRPDWHULDO WUÃQLFRVGLVSDURXHPMXOKRH
DXPHQWRXPDLVGHRLWRGLDV HVW³DJRUDHPVHPDQDVR
SDUDVHPDQDVHPMXOKR TXHFRPSDUDFRPXPDHVSHUD G;CIL
>?M=C>;
C<?LMIF
HPUHOD¹·RDRP¼VDQWHULRU
(VWDGHPRUDºDPDLRUGHV
GHTXHR6XVTXHKDQQDFRPH
¹RXDFRPSLODUHVWDLQIRUPD
+**
gcf
Gcfb”_m
^_
^f[l_m

W¾SLFDGHVHLVDQRYHVHPDQDV
$HVFDVVH]GHVHPLFRQGXWR
UHVWHPWLGRXPLPSDFWRIRUWH
QDLQGÈVWULDDXWRPÃYHODTXDO
'*&01
¹·RHP Cgj[]ni
^[
_m][mm_t
^_
m_gc]ih' DLQGD VHJXQGR R WH[WR GD
2WHPSRGHHVSHUDGHPLFUR ^onil_m
h[
ch^•mnlc[
[onigp_f
%ORRPEHUJGHYHFRQWDUPDLV =IN;{Æ?M
FRQWURODGRUHVVHPLFRQGXWR ^_p_l€
lih^[l
im
+**
gcf
gcfb”_m
GHPLOPLOKÇHVGHGÃODUHV
HIG? =IN;{ÅI P;L(
UHVTXHFRQWURODPIXQ¹ÇHVHP ^_
^f[l_m
^_
p_h^[m
h„i
`_cn[m HPYHQGDVQ·RIHLWDVƇ

;FNLC

/&,-**Ô
*&**

?>O;L>I
L?M?H>?M);I
;LKOCPI <=J
*&+,.1Ô
'*&,.

=(

;GILCG
++&-0**Ô
*&-/

=NN
.&-3**Ô
'*&./

?>J
.&/,+*Ô
*&*3

?>J
L?HIPàP?CM
,*&1,**Ô
*&/2

A;FJ
?H?LAC;
2&0***Ô
+&,,

C<?LMIF
/&30**Ô
'*&01

SDUD D?L(
G;LNCHM

GIN;'?HACF

+1&.2**Ô

+&,3/*Ô

+&/1

*&,-

H;PCA;NIL
-&*10*Ô
*&3,

HIM
-&,32*Ô
*&//

2íQGLFHGH3UH¹RVQR&RQ HIP;<;M?
.&02**Ô
'*&0.

VXPLGRU,3&VXELXHP JB;LIF
*&+***Ô
'*&,*

MXOKRIDFHDRPHVPRP¼VGH L;G;>;
/&2.**Ô
*&**

 PDLV  SRQWR SHU L?H
,&.***Ô
*&,+

FHQWXDO GR TXH HP MXQKR M?G;J;
++&/***Ô
*&**

DQXQFLRXR,QVWLWXWR1DFLR MIH;? *&2.3/Ô
+&+-
QDOGH(VWDW¾VWLFD,1(
1XPFRPXQLFDGRR,1( N[r[m
^_
Doli
DILUPDTXHkHVWDDFHOHUD¹·R ?olc\il
-
g_m_m
UHIOHWHHVVHQFLDOPHQWHDGLV
VLSD¹·RGHHIHLWRVGHEDVHy
2 LQGLFDGRU GH LQIOD¹·R
VXEMDFHQWH¾QGLFHWRWDOH[
'*&/.1
FOXLQGRSURGXWRVDOLPHQWD ?olc\il
0
g_m_m
UHVQ·RWUDQVIRUPDGRVHHQHU H•g_li
^cgchoc
h[
m_ko‰h]c[
^[
[^_m„i
^_
.,

]if[\il[^il_m
m
g_^c^[m
^_
l_m]cm„i
pifohn€lc[
JºWLFRV UHJLVWRX XPD
YDULD¹·RKRPÃORJDGH
HPMXOKRFRQWUDHP
MXQKR
$YDULD¹·RPHQVDOGR,3&
IRLHPMXOKRFRQWUD
HPMXQKRHHP
MXOKRGH
$YDULD¹·RPºGLDGRVÈOWL
PRV GR]H PHVHV IRL 
FRQWUDHPMXQKR
2,1(DGLDQWDTXHRíQGL
FH+DUPRQL]DGRGH3UH¹RVQR
'HVSHGLPHQWRFROHWLYRQD7$3
UHGX]LGRSDUDWUDEDOKDGRUHV
2GHVSHGLPHQWRFROHWLYRQD
7$3YDLDEUDQJHUWUDEDOKD
GRUHVDEDL[RGRVSUHYLVWRV
DSÃVDDGHV·R´VPHGLGDVGH
UHVFLV·RYROXQW³ULDGLVVHIRQ
WHRILFLDOGDHPSUHVD´/XVD
QRWLFLDGRDRILQDOGDWDUGH
TXHRGHVSHGLPHQWRFROHWL
YRQD7$3LULDVHUUHGX]LGR
SDUDWUDEDOKDGRUHV
$FRPSDQKLDDºUHDLQLFLRX
HPGHMXOKRXPSURFHVVRGH
'*&/,2
?olc\il
+,
g_m_m
'*&.32
VXVSHQGHURGHVSHGLPHQWRFR
OHWLYRGHWUDEDOKDGRUHVGD7$3
VHXVDVVRFLDGRVTXHGHXHQ
&kPELR
WUDGDQR-X¾]RGR7UDEDOKRGH LQGLFDWLYR
/RXUHVHPGHDJRVWR Jlch]cj[cm
Gi_^[m
k26LWHPDq6LQGLFDWRGRV
&RQVXPLGRU,+3&SRUWX
JX¼VVXELXHPMXOKRIDFH
DRPHVPRP¼VGHPDLV
SRQWRVSHUFHQWXDLVTXH
HPMXQKRHPHQRVSRQWRV
SHUFHQWXDLVTXHRYDORUHVWL
PDGRSHOR(XURVWDWSDUDD
]RQDHXURHPMXQKRGH
k$7$3FRQILUPDTXHV·R
RVWUDEDOKDGRUHVDEUDQJLGRV
SHORGHVSHGLPHQWRFROHWLYRy
GLVVHIRQWHRILFLDOGDFRPSD
QKLDDºUHD´/XVDFRQILUPDQ
GRTXHRQÈPHURGLPLQXLQD
VHTX¼QFLDGDDGHV·RGRVUHV
WDQWHVFRODERUDGRUHV´VPH
GHVSHGLPHQWRFROHWLYRGH 7ºFQLFRVGH0DQXWHQ¹·RGH$H Im
p[fil_m
[jl_m_hn[^im


WUDEDOKDGRUHVTXHDEUDQJH URQDYHVqDYDQ¹DSDUDDSUL m„i
_g
l_f[†„i
[i
_oli(
SLORWRVWULSXODQWHVGHFD PHLUDIDVHGDGLVSXWDMXGLFLDO J;ãM GI?>;
ELQDWUDEDOKDGRUHVGDPD FRPD7$3DWUDYºVGDLQWHUSR
?O;
>çF;L
+&+1+2

QXWHQ¹·RHHQJHQKDULDH VL¹·RGHXPDSURYLG¼QFLDFDX
D;JÅI
C?H?
+,3&02

IXQFLRQ³ULRVGDVHGH WHODUTXHYLVDDVXVSHQV·RGH
L?CHI
OHC>I
FC<L;


*&2.032

1DTXLQWDIHLUDR6LQGLFDWR GHVSHGLPHQWRFROHWLYRGRVDV
MOã{;
@L;H=I
+&*2+2

GRV7ºFQLFRVGH0DQXWHQ¹·RGH VRFLDGRVGR6LWHPDyLQIRUPRX
<L;MCF L?;F 0&+++-
HVWDGLIHUHQ¹DIRLSRQWRV GLGDVGHUHVFLV·RYROXQW³ULD $HURQDYHV6LWHPDLQWHUSÅV QDDOWXUDDHVWUXWXUDVLQGLFDO
SHUFHQWXDLVƇ
2-RUQDOGH1HJÃFLRVWLQKD XPDSURYLG¼QFLDFDXWHODUSDUD HPFRPXQLFDGRƇ


+2
&ODVVLILFDGRV
CGI<CFCàLCI

;LL?H>;'M?

;foa['m_
ko[lnim
[
][m[cm

io
mifn_clim
gi\(
io
h„i(

>_mj_m[m
ch]fo‹^[m&
]_h'
nli
_
M[hn[
=f[l[
_
jlrc'
gi
^[
Ohcp_lmc^[^_(


30/
++*
313

;ll_h^['m_
_mj[†i
j[l[

_m]lcnlci
^_
m_lpc†im
hi
]_h'
nli
^_
Jihn[
J_fa[^[
"+µ

[h^[l#(
=ihn[n[l
,30
0,3
/++

)
Lo[
G[ho_f
Ch€]ci
=ill_c[

hµ
1-',µ
?mk(


^_
\ig
aimni&
l[\i
_
j_cni

?GJL?AI

JLI=OL;'M?


H_]_mmcn[gim
]ihnl[n[l

j[l[
[m
m_aochn_m
][n_ailc[m4

J_^l_clim5
=[ljchn_clim5

=b_`_
^_
I\l[m(
P_h]cg_hni

[]cg[
^[
g‡^c[(


=ihn[n[l4
3+,
*-2
,--


jio]im
^c[m(
=ihn[]ni

I@?LN;M







M_hbil[&
]ig
_rj_lc‰h]c[

]oc^[
^_
c^imim
hi
m_o
^igc'
]cfci&
]ig
][lchbi
_
l_mjih'
m[\cfc^[^_&
bil€lci
[
]ig\c'
h[l(
;im
chn_l_mm[^im
jil

`[pil
fcao_g
i


NFG
3+-
-3,
0*3(



L?F;R


;FOA;'M?




+´
p_t
P_lihc][&
ficl[†[&
ifb[l

^i]_&
m_rs&
]ilji
^_
m_l_c[&

^_mchc\c^[&
j[l[
big_hm
^_

\ig
aimni&
p_g
^_m`lon[l
^_

\ihm
gig_hnim(


3,/
0+-
.2-




RVWUDEDOKRV
+´
p_t
gof[n[
\l[mcf_cl[&

\ihcn[
_
m_hmo[f&
`[t
g[mm['
a_hm
jli`cmmcih[cm
_
]ihpcpci

[al[^[p_f
h[m
][fg[m(


30.
0*/
-0.





Ficl[
-1
[him&
j[l[
big_hm

h[nol[f
RRF(
]igjf_n[(
;n^

big_hm&
gofb_l_m
_
][m[cm(

`inim
]f[mmc`c][^im
R(


3++
1,-
20+






Jil
jio]im
^c[m
h_alchb[

^_pil[^il[
,3;&
m_rs&
aofi'
m[&
f€\cim
][lho^im&
\o\og

al[h^_&
g[mm[a_g
_lnc][

l_f[r[hn_
_
m_g
jl_mm[m&

301.01.-3



Gcf_h[
fch^[&
m_hmo[f&
ficl[

gocni
]b_clim[&
j_cnim
j_l'
`_cnim&
p_g
]igjlip[l

gig_hnim
•hc]im
^_
jl[t_l

]ig
[]_mmlcim
_
\lchko_'
^im(
3+,
,+.
-*+
;{ILC;HI
ILC?HN;F


KOCHN;'@?CL;&
+,
>?
;AIMNI
>?
,*,+
;foa['m_


_mj[†i


^_
][\_f_cl_cli


9HQKDFRQKHFHU _
?mj[†i


^_
g[hc]ol_


UHDOL]DGRV _
j_^c]ol_(



SHORVVÁFLRV
5XD'U$ULVWLGHV =ihn[]ni4


GD0RWDQ‘
3RQWD'HOJDGD
3+2
.2.
*.3
G?MNL?

>IM
G?MNL?M

 G?MNL?
G;F;G
 G_mnl_
G;H| 
Al[h^_
]c_hncmn[&
_mjclcno[fcmn[
_
]ol[h^_cli(
=ihb_]cg_hni


_
ji^_l_m
[\mifonim
^_
g[ac[
h_al[
_
\l[h][(


(VSHFLDOLVWD HP WRGRV RV WUDEDOKRV ¸ XP DVWUÁORJR =ihb_]_^il
^im
][mim
g[cm
^_m_mj_l[^im&
[do^[
[
l_mifp_l

ko[fko_l
jli\f_g[
al[p_
io
^_
^c`‹]cf
l_mifo†„i
]ig
l[jc'
H[SHULHQWH H DFRQVHOKD UDSLGDPHQWH VREUH WRGRV RV ^_t&
_`c]€]c[
_
m[\_^ilc[
_g
]olni
jl[ti
]igi
jil
_r_gjfi4

VHXVSUREOHPDVWDLVFRPR [gil&
h_a]cim&
chp_d[m&
^i_h†[m
_mjclcno[cm&
p‹]cim
hi
a_l[f(

$0251(*ï&,26)$0ë/,$'52*$HWF F‰
[
miln_&
^€
jl_pcm„i
^_
pc^[
_
`onoli
j_fi
\ig
_mj‹lcni
_

1µRSHUFDWHPSRHFRQWDWHR0HVWUH0DQ¸ `iln_
n[fcmg„(
@[t
nl[\[fbi

^cmn‚h]c[(
=ihmc^_l[^i
]igi

og
^im
g_fbil_m
jli`cmmcih[cm
^i
j[cm&
n_h^i
^[^i
l_mofn['
^im
m_aolim
_
_`c][t_m(






=IHMOFN;M
>;M
3
ÄM
,+
BIL;M&
NI>IM
IM
>C;M

 L?MOFN;>IM
?G
.2
BIL;M



$SÁVDFRQVXOWD J[a[g_hni
[jm
i
l_mofn[^i(


YHU±DKRQHVWLGDGH NFG430.
,3/
02+
)
3+-
//1
-22


GRPHXWUDEDOKR Lo[
=ilih_f
=b[p_m&
hµ+*0&
Jihn[
>_fa[^[

;{ILC;HI
ILC?HN;F


KOCHN;'@?CL;&
+,
>?
;AIMNI
>?
,*,+
M[hn[
=f[l[
dia[
_mn[
kochn['`_cl[
"+2b**#
]ig
i
Ifcgjcd[
Fdo\[h[(
;l\cnl[a_g
[
][lai
^i
nol]i
;fc
J[f[\îsîe
?h][lh[^im
Ëp„i
[
diai


_
j[l[
a[hb[lÌ
)XWHERO'DQLHO5DPRV
UHFRQKHFHDV
GLILFXOGDGHVTXHR
6DQWD&ODUDWHUiGLDQWH
GR2OLPSLMD/MXEOMDQD
PDVJDUDQWHTXHYDL
OXWDUSHODYLWyULD
HOHI
G;LNCHM
H?P?M

hohigh_p_m:[]ilc[hiilc_hn[f(jn
2OLPSLMD/MXEOMDQDH6DQWD&OD
DIDVWRXMRJDGRUHVHY³ULRVHOH
PHQWRVGDHTXLSDWºFQLFDGH'D
QLHO5DPRVYDLLPSHGLUDHTXLSD
GHkMRJDUSDUDJDQKDUy,VVRPHV
PRJDUDQWLXRWUHLQDGRUGRVD¹R
ULDQRVQDFRQIHU¼QFLDGHLP
SUHQVDRQWHPHP3HQDILHO
k9DPRVSDUDMRJDUHSDUDJD
QKDU/HYDPRVXPDERDYDQWD
JHPWHPRVFRQKHFLPHQWRGR
QRVVRDGYHUV³ULR9DPRVUHV
SHLW³ORPDVYDPRVFRPDPHV
PDDPEL¹·RFRPRVHHVWLYºVVH
?>O;L>I
L?M?H>?M
'DQLHO5DPRVUHFRQKHFHTXH
R6DQWD&ODUDHVW³QXPDVLWXD
¹·RGLI¾FLODOºPGRFDQVD¹RDFX
PXODGRDIDOWDGHRS¹ÇHVLU³
DLQGDFRPSOLFDUPDLVDYLGDGD
HTXLSD0DVVÃVHUYLU³SDUDXQLU
DLQGDPDLVRJUXSRGHWUDEDOKR
k(P Y³ULRV PRPHQWRV GDV
QRVVDVYLGDVSDVVDPRVSRUGLIL
FXOGDGHVHHVWDºXPDGHODV0DV
QÃVFRPRJUDQGHIDP¾OLDTXHVR
PRVWHPRVDSHUIHLWDQR¹·RTXH
WHPRVGHXQLUIRU¹DVHWUDEDOKDU
'HVSRUWR+3
>[hc_f
L[gim


n_l€
^_
gihn[l

iht_
^_
l_]olmi
)XWHERO0DUFR3HUHLUD$QGHUVRQ&DUYDOKR
H&U\]DQHQWUHDVEDL[DVGHYLGRj&RYLG
6DQWD&ODUDVyWHUiMRJDGRUHV
HOHI
G;LNCHM
H?P?M

hohigh_p_m:[]ilc[hiilc_hn[f(jn
2VXUWRGHFRYLGTXHGL]L
PRXRSODQWHOGR6DQWD&ODUD
YDLREULJDU'DQLHO5DPRVXP
GRVGRLVHOHPHQWRVGDHTXLSD
WºFQLFDTXHkHVFDSRXyDRY¾UXV
DWHUGHPRQWDUXPRQ]HGH
UHFXUVR QR HQFRQWUR GD VH
JXQGDP·RGDSUºHOLPL
QDWÃULDGD/LJD&RQIHU¼QFLD
(XURSD KRMH HP FDVD GR
2OLPSLMDGH/MXEOMDQD
6HJXQGRDSXURXR$¹RULD
QR2ULHQWDORVJXDUGDUHGHV
0DUFR3HUHLUDH5RGROIRRV
GHIHVDV6DJQDH7DVVDQRRV
PºGLRV$QGHUVRQ&DUYDOKRH
-ÈOLR5RP·RHRVDYDQ¹DGRV
&U\]DQ.HLWDH%RXOGLQLV·R
RVMRJDGRUHVLQIHFWDGRVFRP
&RYLG
2UDVREUDPDWOHWDV$OOD
QRHVW³DUHFXSHUDUGHXPSUR
EOHPDQRPHQLVFRH5ÈEHQ2OL
YHLUDQ·RHVW³LQVFULWRQD8()$
SDUDRHPEDWHGHKRMH
5LFDUGR)HUQDQGHVºRÈQL
FRJXDUGDUHGHVGLVSRQ¾YHOH
SRUWDQWRVHU³RGRQRGDEDOL]D
1DGHIHVD'DQLHO5DPRVWHP
FRPR RS¹ÇHV 5DIDHO 5DPRV
-R·R$IRQVR%RDWHQJ0LNHO
9LOODQXHYD 0DQVXU H 3DXOR
+HQULTXHSHORTXHQ·RWHU³SUR
EOHPDVQDUHWDJXDUGDSRGHQGR
DSUHVHQWDUXPTXDUWHWRLG¼QWL
FRDRTXHMRJRXQRGRPLQJR
IUHQWHDR7RQGHODSDUDD,/LJD
+LGHPDVD0RULWD&RVWLQKD
H /LQFROQ VHU·R WLWXODUHV QR
PHLRFDPSRHQTXDQWRQRDWD
TXHR6DQWD&ODUDILFDDSHQDV
FRP&DUORV-ÈQLRU5XL&RVWD
-HDQ3DWULFH5LFDUGLQKRSDUD
DWDFDUDGHIHQVLYDGR2OLPSLMD
GH/MXEOMDQD
6HU³XPRQ]HLQºGLWRHTXH
DSHQDVWHU³WU¼VMRJDGRUHVWR
GRVGHFDPSRQREDQFR2TXH
FHUWDPHQWHDJUDYDU³RFDQVD¹R
DFXPXODGRSHORVDWOHWDVQHVWH
LQ¾FLRGHWHPSRUDGDHVWHVHU³
RVH[WRMRJRRILFLDORTXLQWRQR
HVSD¹RGHGXDVVHPDQDVƇ

(VFDSDUDPGRVXUWR
RVKDELWXDLVWLWXODUHV
0LNHO9LOODQXHYD
+LGHPDVD0RULWD
/LQFROQH&DUORV
-~QLRU
?>O;L>I
L?M?H>?M
UDMRJDPHVWDWDUGHKDVH
JXQGDP·RGDSUºHOLPLQD
WÃULD GD /LJD &RQIHU¼QFLD
(XURSD1D(VORYºQLDRVD¹R
ULDQRVGHIHQGHPDYDQWDJHPGH
GRLVJRORVTXHWUD]HPGRV$¹R
UHVHQHPRVXUWRGHFRYLGTXH
;p[lc[
_g
[pc„i

[nl[m[
m[‹^[

PRVQDP³[LPDIRU¹D0HVPR
WHQGRXPDYDQWDJHPTXHQRV
G³DOJXPDVHJXUDQ¹DYDPRV
FRPDPEL¹·RSDUDFRQVHJXLU
XPD ERD H[LEL¹·R XPD ERD
SUHVWD¹·RHVHSRVV¾YHOXPDERD
YLWÃULDyDVVXPLX
>CL?CNIM
L?M?LP;>IM
HPFRQMXQWR6ÃDVVLPºTXHYD
PRVFRQWUDULDUDVDXV¼QFLDVy
8QL·RPDVWDPEºPFRPSHW¼Q
FLDHGHWHUPLQD¹·RV·RDIÃUPX
ODTXH'DQLHO5DPRVTXHUYHU
DSOLFDGDSDUDPDQWHUYLYRRVR
QKRHXURSHXGR6DQWD&ODUDƇ

URSRUWRGH/LVERD6LWXD¹·RTXH
REULJRXDXPDUHPRGHOD¹·RGR
SODQRGDHTXLSDTXHVÃFKHJRX
SRU YROWDV GDV K ORFDLV
j[l[
[
?mfip‡hc[
)XWHERO'L]DOHLGH0XUSK\TXH
TXDQGRDOJRSRGHGDUHUUDGR
GDU³(QRFDVRGR6DQWD&ODUD
WXGRSDUHFHDFRQWHFHUDRVD¹R
ULDQRVHVWDVHPDQDGHSRLVGR
VXUWRGHFRYLGWHUGL]LPDGRR
SODQWHORDYL·RGD,EHULDTXHLULD
WUDQVSRUWDUDHTXLSDSDUDD(V
ORYºQLDVRIUHXXPDDYDULDHWHYH
GHDWHUUDUGHHPHUJ¼QFLDQRDH
Diai
m_l€
hi
?mn€^ci
Mnitc]_
KQRV$¹RUHVLPSRVVLEL
OLWDQGRRWUHLQRGHDGDSWD¹·RDR
UHOYDGRGRHVW³GLRGH6WR]LFH
7DPEºPDFRQIHU¼QFLDGHLP
SUHQVDSUHYLVWDQRHVW³GLRGR
2OLPSLMDGH/MXEOMDQDIRLFDQ
FHODGRWHQGRRWUHLQDGRU'D
QLHO5DPRVDERUGDGRRHQFRQ
WURGHVWDTXLQWDIHLUDDLQGDHP
VRORSRUWXJX¼VPDLVSUHFLVD
PHQWHQDXQLGDGHKRWHOHLUDHP
3HQDILHOƇ
HGH Gce_f
Pcff[ho_p[
m_l€
og
^im
ncnof[l_m
_mn[
n[l^_
 ,*
'HVSRUWR
GD/LJDGRV&DP '(632572
TXHLU·RDSXUDUVHLVHTXLSDV
FRPR%HQILFDDWHURSUL
Im
_g\[cr[^il_m
^i
jlid_ni
M_hn_
[
=[gcmif[
>icm
]fo\_m


[†ilc[him
p_h]_g

HOLPLQDUDP
ËM_hn_
[
=[gcmif[Ì
>CL?CNIM
L?M?LP;>IM
<_h`c][

l_]_\_
JMP


[
+2
^_
[aimni

j[l[
i
jf[s'i``

^[
=b[gjcihm
)XWHERO2%HQILFDUHFHEHR
369 (LQGKRYHQ HP  GH
DJRVWRHYLVLWDRVKRODQGHVHV
HPGRPHVPRP¼VQDSUL
PHLUD H VHJXQGD P·R GRV
CSOD\RII
WRQXPWH[WRTXHMXOJRVHUGHSRVL¹·R
SHÇHV UHVSHWLYDPHQWH LQ
IRUPRXRQWHPD8()$
$PERVRVMRJRVHVW·RDJHQ
GDGRVSDUDDVQXQVCSOD\
RII
SORPDFLDFRPTXHPHKRQURXUHVSRQGHU
SDUDDIDVHGHJUXSRVGDC&KDP
SLRQV
JXPHQWDUDPLQKDGLVFÃUGLDDRVHXDUWLJRTXHPXLWR
PHLURMRJRQXPDTXDUWDIHLUD
QR(VW³GLRGD/X]HDVHJXQ
GDP·RQDWHU¹DIHLUDVHJXLQWH
HP(LQGKRYHQ
3DUDFKHJDUDRVCSOD\RII
RVCHQFDUQDGRV
QDWHUFHLUDSUºHOLPLQDWÃULD
RVUXVVRVGR6SDUWDN0RVFR
YRWUHLQDGRVSHORSRUWXJX¼V
5XL 9LWÃULD TXH YHQFHUDP
IRUDHHPFDVDSRUHQ
TXDQWRR369DIDVWRXRVGL
;{ILC;HI
ILC?HN;F


KOCHN;'@?CL;&
+,
>?
;AIMNI
>?
,*,+
SRU
Ä
bihlim[
]cn[†„i&

og[
^cjfig€nc][

l_mjimn[
1DHGL¹·RGR-RUQDO$¹RULDQR2ULHQWDO
GRSDVVDGRGLDGH$JRVWRIXLKRQURVD
HFRUGLDOPHQWHFLWDGRSHOR6U'LUHWRU
5HJLRQDOGR'HVSRUWRR'U/X¾V&RX
&$5/266$1726 LQVWLWXFLRQDO3HODKRQURVDFLWD¹·RH
&225'(1$'25 GLSORP³WLFDDUJXPHQWD¹·RTXHOLFUHLR
7e&1,&2'(
)876$/ TXHQ·RVHRIHQGHU³VHSRUHVWDYLDOKH
UHVSRQGHUFRPDPHVPDVLPSDWLDHGL
&UHLRTXHQ·RVHRIHQGHU³VHSRUHVWDYLDDU
DWHQWDPHQWHOLHPHGHEUXFHLQDEXVFDGHPHOKRULQIRU
PD¹·R$VVLPVHQGRWHQKRRGHYHUPRUDOHLQWHOHFWXDO
GHOKHGL]HURVHJXLQWH
3DUDTXHPHSRVVDFRQKHFHUPHOKRUGLJROKHTXHGHVGH
K³DQRVVRXXPDJHQWHGHVSRUWLYROLJDGRDRWUHLQRH
FRPSHWL¹·RQDPRGDOLGDGHGHIXWVDOGHIRUPDTXDVHJUD
WXLWDHDEQHJDGD'XUDQWHHVWHPHVPRSHU¾RGRIXLDFRP
SDQKDQGRRHYROXLUGDPRGDOLGDGHQRV$¹RUHVHGDQGRR
PHXFRQWULEXWRFRPRGLULJHQWHHWUHLQDGRU3RULVVRPHV
PRWHQKRDOLYUHFRQVFL¼QFLDGHTXHPHPSUROGRGHVSRU
WRQRV$¹RUHVG³RVHXPHOKRUSDUDTXHRVMRYHQVDWOHWDV
GHIXWVDOGDQRVVDUHJL·RHPFRQFUHWRQDLOKDGH6·R0L
,QLFLDWLYDSURPRYLGDSHOD%HW&OLFJDODUGRRX QDPDUTXHVHVGR0LGWM\OODQG JXHOSRVVDPWHUFDGDYH]PDLVTXDOLGDGHQRVHXGHVHP
FRPWULXQIRVSRUHPFDVD SHQKRGHDWOHWDHHQTXDQWRSHVVRDEHPIRUPDGD
FOXEHVHQWUHHOHVRVWHUFHLUHQVHV6SRUW HIRUDƇ
FOM; $VVLVWLDGLYHUVDVDOWHUD¹ÇHVOHJLVODWLYDVWDQWRQDFLRQDLV
&OXE/XVLWkQLDH&'(2V9LWRULQRV FRPRUHJLRQDLVTXHQDWHRULDVHPSUHYLVDUDPDPHOKRULD
GDIRUPD¹·RGRVQRVVRVDWOHWDVPDVTXHSRUXPRXRXWUR
HOHI
G;LNCHM
H?P?M
M[h^l[
<[mnim
PRWLYRVHPDQLIHVWDUDPLQVXILFLHQWHVRXSRURXWURODGRVÃ
hohigh_p_m:[]ilc[hiilc_hn[f(jn GLIHUHQWHVRIXWHERORDQGHERO VHUYLUDPDSHQDVDOJXQVFOXEHVGDQRVVDUHJL·RHTXHSRU
REDVTXHWHEROHRIXWVDOUHFR [l\cnl[
diai

LVVRPHVPRGHSRXFRRXQDGDUHVXOWDUDPSDUDRVXFHVVR
6SRUW&OXE/XVLWµQLDHPIXWH QKHFHQGRDVVLPDLPSRUWµQFLD IRUPDWLYRGRk$WOHWD)RUPDGRQRV$¹RUHVyPRWLYRSHORTXDO
EROPDVFXOLQRHR&OXEH'HV DVY³ULDVPRGDOLGDGHVHGRGHV ^[
Fca[
- MXOJXHLTXHDVXDYDVWDHUHSXWDGDH[SHUL¼QFLDSURILVVLRQDO
SRUWLYR(VFRODU2V9LWRULQRV SRUWRDPDGRUDQ¾YHOQDFLRQDO DFXPXODGDTXHDSURYHLWRSDUDOKHSDUDEHQL]DUHQTXDQWR
HPEDVTXHWHEROIHPLQLQRHV
W·RHQWUHRVFOXEHVYHQFHGR
UHVGRSURMHWR6HQWHD&DPLVR
OD2HYHQWRSURPRYLGRSHOD
FDVDGHDSRVWDV%HW&OLFSUH
PHLDRVYHQFHGRUHVFRPXP
FRQMXQWR GH HTXLSDPHQWRV
SULQFLSDOHDOWHUQDWLYRGHVHQ
YROYLGRVGHIRUPDVXVWHQW³YHO
H XPD EROVD GH GHVHQYROYL
2 DQÈQFLR DFRQWHFHX QR
&RPSOH[R'HVSRUWLYRGR8QL·R
'HVSRUWLYD5HFUHDWLYD6DQWD
0DULDFOXEHHVWHTXHWHQGR
VLGRXPGRVFOXEHVTXHUHFHEHX
HTXLSDPHQWRVHEROVDVGHDSRLR
GR%HWFOLF)XWHERO%RQLWR
FRQVHJXLXDWºVXELUGHGLYLV·R
6RILD5DPDOKRQREDVTXHWH
ERO1XQR*RPHVQRIXWHERO
)XWHERO $ ³UELWUD 6DQGUD
%DVWRVYDLDUELWUDUXPGRVMR
JRVGHDEHUWXUDGD/LJDSUL
PHLUDSURYDDEDL[RGDVOLJDV
SURILVVLRQDLVHTXHID]DHV
WUHLDHVWDWHPSRUDGDGHSRLV
GHWHUVLGRQRPHDGDSDUDR
5HDO6SRUWLQJ%
$ÈQLFD³UELWUDSRUWXJXH
VDGDFDWHJRULDHOLWHGD),)$
$¹RULDQRIRVVHRSRQWRGHSDUWLGDSDUDXPDUHIRUPXOD¹·R
DUURMDGDGRGLSORPDHPFDXVD$LQGDQ·RIRLGHVWD
&RPRR6U'LUHWRUºGHWHQWRUGR1¾YHO,9GH7UHLQDGRUGH
)XWHEROFUHLRTXHGHYHFRQFRUGDUFRPLJRTXHJUDQGHSDUWH
GRVXFHVVRIRUPDWLYRGHXPDWOHWDDVVHQWDQDTXDOLGDGHIRU
PDWLYDGRVHXWUHLQDGRUHQDVVXDVFRQGL¹ÇHVGHWUDEDOKR(
SRUHVVHPHVPRPRWLYRH[SHFWDYDTXHIRVVHHVVHRPRPHQWR
GHYLUDJHPHTXHILQDOPHQWHIRVVHFRQWHPSODGRRSDSHOIRU
PDWLYRGRVWUHLQDGRUHVD¹RULDQRVSDUDRGHVHQYROYLPHQWR
GHVSRUWLYRGRVQRVVRVDWOHWDVPDVHQJDQHLPH$RLQYºV
PHQWRGHVSRUWLYR
2SURMHWR6HQWHD&DPLVROD
VHJXH R GR )XWHERO %RQLWR
TXHDSRLRXFOXEHV
DPDGRUHVGHIXWHERO(VWHSUR
MHWRHOHYDDVVLPDIDVTXLDDR
DSRLDU HTXLSDV IHPLQLQDV H
PDVFXOLQDVGHPRGDOLGDGHV
3URMHWRUHFHEHXPDLV
GHFDQGLGDWXUDV
)RUDPHVFROKLGDV
HQWUHRVTXDLVGRLV
GRV$oRUHV/XVLWkQLD
H2V9LWRULQRV
+XJR5RFKDQRDQGHEROH$U
QDOGR3HUHLUDQRIXWVDOV·RRV
HPEDL[DGRUHVGRSURMHWR6HQWH
D&DPLVRODHIRUDPXQµQLPHVDR
DILUPDUTXHHVWDVLQLFLDWLYDVV·R
FDGDYH]PDLVHVVHQFLDLVSDUD
TXHRGHVSRUWRDPDGRUXPGRV
SLODUHVGRGHVSRUWRQDFLRQDO
SRVVDVREUHYLYHUDRSDQRUDPD
DWXDOWUD]LGRSHODSDQGHPLD
(QWUHMXOKRHDJRVWRR6HQ
WHD&DPLVRODUHFHEHXPDLVGH
FDQGLGDWXUDVDWUDYºVGR
VLWHZZZVHQWHDFDPLVRODSW
$HQWUHJDGRVHTXLSDPHQWRV
DRVYHQFHGRUHVVHU³IHLWDQRV
SUÃ[LPRVPHVHVƇ

DSDUGH$UWXU6RDUHV'LDV
QRVHWRUPDVFXOLQRYDLHV
WDUQRSULPHLURMRJRGD=RQD
6XOGDQRYDFRPSHWL¹·RGD
)HGHUD¹·R3RUWXJXHVDGH)X
WHEROPDUFDGRSDUDVH[WD
IHLUD´V
6DQGUD%DVWRVM³WLQKDDU
ELWUDGRHQFRQWURVGR&DP
SHRQDWRGH3RUWXJDODQWLJR
WHUFHLURHVFDO·RGRIXWHERO
SRUWXJX¼VHDWXDOTXDUWR
$/LJDFRPH¹DQDVH[WD
IHLUDGDQGRDFHVVRQRILQDO
GDWHPSRUDGD´,,/LJDVH
JXQGDGLYLV·RSURILVVLRQDO
Ƈ
FOM;
SUHIHULPRVkLPSRUWDUyDWOHWDV6HQLRUHVFRQVLGHUDGRVLQWHU
QDFLRQDLVTXHQDGDDFUHVFHQWDU·RDRSURFHVVRGHWUHLQRVH
Q·RWLYHUHPWUHLQDGRUHVPDLVEHPIRUPDGRVHTXDOLILFDGRV
$DOXV·RTXHID]DRHQULTXHFLPHQWRPRWRUTXHFRQFRUGR
QRPHXHQWHQGHUGHYHVHUSURPRYLGRQDVHVFRODVHQHVVHDV
SHFWRºQHFHVV³ULRXPDPRWLYD¹·RDRVSURIHVVRUHVGHHGXFD
¹·RI¾VLFDSDUDVHUHPPDLVHPHOKRUHVSURPRWRUHVGRGHV
SRUWRHVFRODU4XDQWRDRHFOHWLVPRGRVFOXEHVQ·RVHQGR
DFRPSDQKDGDGDSRVVLELOLGDGHGHXPDWOHWDSUDWLFDU
Y³ULDVPRGDOLGDGHVHPVLPXOWµQHRQRPHVPRFOXEH
VHPSHUGHUDVXDLQFOXV·RQRVFRQWUDWRVSURJUDPDVº
PDQLIHVWDPHQWHFRQWU³ULDDRDSUHJRDGRSOXULPRGDOLGD
GHTXHRGLSORPDSUHY¼
3RUWXGRLVVRGHIHQGRTXHDIRUPD¹·RGHVSRUWLYDQRV$¹R
UHVQHFHVVLWDVLPGHPHOKRULDPDVDQWHVSUHFLVDGHXPGH
EDWHVºULRHLQFOXVRUGHRSLQLÇHVGHTXHPDQGDQRkWHUUHQRy
HVHHVIRU¹DSRUIRUPDUDWOHWDV$¹RULDQRVƇ

 ;{ILC;HI
ILC?HN;F


KOCHN;'@?CL;&
+,
>?
;AIMNI
>?
,*,+ 'HVSRUWR,+

HOHI
P?CA;

?kocj[
J;=

L[]cha

l_al_mm[
[i
L[fc

^_
M[hn[
G[lc[
$XWRPRELOLVPR$HTXLSD3$&
5DFLQJYDLOHYDUGXDVYLDWXUDV
DR;/5DOO\H$OºP0DU6DQWD
0DULDWHUFHLUDSURYDGRFDOHQ
G³ULRGR&DPSHRQDWRGRV$¹R
UHVGH5DOLVTXHGHFRUUHHVWH
ILPGHVHPDQD
$UWXU6LOYDDRYRODQWHGHXP
&LWUÆHQ6D[R&XSH3DXOR5H
QDWR6LOYDQRILHO5HQDXOW&OLR
YY·RGHIHQGHUDVFRUHVGD
HTXLSDWHUFHLUHQVH
$UWXU 6LOYD VHU³ DFRPSD
QKDGRSRU3DXOR-HVXVQXPD
SURYDkGHTXHJRVWRPXLWRH
RQGHWHQKRVHPSUHFRQVHJXL
GRERQVUHVXOWDGRVyUHIHUHR
WHUFHLUHQVHTXHDPELFLRQDkD
PHOKRUSRVL¹·RQDWDEHODGDV
GXDVURGDVPRWUL]HVy
-³3DXOR5HQDWR6LOYDYDL
ID]HUGXSODFRP(OLVDEHWH-H
VXVQXPDSDUWLFLSD¹·RkTXH
<_h
Echa
p_h]_o
^c[hn_
^_
;f[mn[cl
G[]e_ff[l
"Cml[_f
=s]fcha
;][^_gs#&
,(µ
[
hip_
m_aoh^im&
_
Nig
Qclna_h
"<chai[f
J[oq_fm
M[o]_m#&
-(µ
[
+/ ºSDUDURGDURP³[LPRSRVV¾
YHOQXPUDOLTXHVHFRUUHQD
PLQKD WHUUD QDWDO H RQGH

<_h
Echa
`ia_
j[l[
[
pcnlc[&
PDUFRSUHVHQ¹DVHPSUHTXH
SRVVRyDGLDQWDƇ
HGH

G[lko_
^_
hipi
^_
Í[g[l_f[Î Clg„im
=‚g[l[

_rj_]n[hn_m

j[l[
]ill_l


&LFOLVPR&LFOLVWDQRUWHDPHULFDQRGD5DOO\&\FOLQJYHQFHXRQWHPDVH[WDHWDSDQD9ROWDD
3RUWXJDOH$OHMDQGUR0DUTXHDYHVWLUXPDDPDUHODSHUVRQDOL]DGDHPKRQUDGH'DQLHO)UHLWDV
]ig
i
Jilm]b_
FOM;)HOHI
G;LNCHM
H?P?M

$XWRPRELOLVPR¯M³HVWDVH[
hohigh_p_m:[]ilc[hiilc_hn[f(jn FRYLGQDHTXLSDGD5³GLR3R PRQWDQKDXPDFODVVLILFD¹·R 0DLVGHRLWRPLQXWRVGHSRLVGH WDIHLUDTXHRVLUP·RV3HGUR
SXODU%RDYLVWD TXHYHQFHXHPDIXJDWHYH .LQJFRUWRXDPHWD0RUHLUDHQ H -R·R &µPDUD FXPSUHP D
1XPGLDVHPDOWHUD¹ÇHVQDJH 4XDWURTXLOÃPHWURVGHSRLVGD OX]YHUGHSDUDWULXQIDUFRPDV TXDQWRO³DWU³V&DUYDOKRCWDSD SURPHVVDGHFRPHPRUDURV
UDOLQGLYLGXDO´H[FH¹·RGRVGRLV SDUWLGDUHDOM³.LQJ0DFNHOODUH CHVFDUDPX¹DV
HQWUHRVHVFDSD YD
RVHXDUTXLUULYDO%UDQG·RSDUD DQRVGDVXDHVWUHLDHPFRP
VHJXQGRVUHFXSHUDGRVSRU0DX R VHX FRPSDQKHLUR 0DVRQ GRVDFRPH¹DUHPDPDLVGH LPSHGLUTXHRCSRUWLVWD
FKHJDV SHWL¹·RDRVFRPDQGRVGHXP
ULFLR0RUHLUDIRLRGHVHQWHQGL +ROO\PDQ:LUWJHQ-XDQ'LHJR TXLOÃPHWURVGDPHWDPDVDVÃ VHDRVHXFRPSDQKHLURXUXJXDLR 3RUVFKHQRFDVRXP*7
PHQWRHQWUHRVKRPHQVGD(ID $OED0RYLVWDU,VDDF&DQWRQ UHVXOWDUHP TXDQGR R QRUWH 2GHVYLRGHWUDMHWÃULDGRKRPHP RULXQGRGDHTXLSD3DXOFDUH
SHO QRPHDGDPHQWH $QWÃQLR %XUJR%+ 3HGUR 3DXOLQKR DPHULFDQRGD5DOO\&\FOLQJDWD GD(IDSHOYDOHXOKHDGHVSURPR FRUUHQGRQDVHVWUDGDVDVIDO
&DUYDOKRUHOHJDGRSDUDDÈOWL 7DYIHU0HDVLQGRW0RUW³JXD FRXM³FRP)DIH´YLVWD ¹·RDRÈOWLPROXJDUGRJUXSR WDGDVGH6DQWD0DULDWHUFHL
PDSRVL¹·RGRJUXSRTXHFRUWRX 5RQLHO&DPSRV/RXOHWDQR/RX DOºPGHXPJUDQGHDODULGRQRIL UDSURYDGR&DPSHRQDWRGRV
D PHWD D  PLQXWRV SRU Oº&RQFHOKR+ºOGHU*RQ¹DOYHV QDO-DYLHU0RUHQRSURFXURX $¹RUHVGH5DOLV
CVSULQW
LUUHJXODUH-RQL%UDQG·R .HOO\6LPROGHV8'20DUYLQ %UDQG·R FRP HOHPHQWRV GR k¯XPJUDQGHGHVDILRyUH
:)&3RUWRRÈQLFRYHUGD 6FKHXOHQ /$ $OXP¾QLRV/$ ;
PIFN;
CVWDII
GDVHTXLSDVDHYLWDUHPPDO IHULXRSLORWRGH9LOD)UDQFD
>I
DIÅI

GHLURSRQWRGHLQWHUHVVHQHVWD 6SRUWH%UXQR6LOYD$QWDUWH Di„i
J_^li
PDLRUHVHRGHVHQWHQGLPHQWRD GR&DPSRDSÃVXPSHTXHQR
OXWDW·RSDUWLFXODU
&RQWXGRRQWHPDFRYLG
YROWRXDGHL[DUHPVHJXQGRSOD
FRPR$WXP*HQH
QRDVLQFLG¼QFLDVGDFRUULGDFRP
)HLUHQVH DQGDYDP QD IUHQWH G_^_clim&
]c]fcmn[
VHUSRVWHULRUPHQWHVDQDGRHP WHVWHFRPDP³TXLQDJHUPµ
^[
F;
;fog‹hcim
'

)RUPDGDDIXJDGRGLDRSHOR F;
Mjiln Y³ULDVFRQYHUVDVHQWUHRVHOH QLFD QD SUHSDUD¹·R GR ;/
W·RCSDURX
PHQWRVGDVGXDVHTXLSDV 5DOO\H$OºP0DU6DQWD0D
UDO7DYLUD0DULD1RYD+RWHOD ËM‡ncg[
_n[' 4XDQWRD-R·R0HGHLURV/$ ULDH[SOLFDQGRTXHkºSUHFLVR
RSHORW·RDVDLUGH9LDQDGR&DV
WHORSDUDRVTXLOÃPHWURV
DWº)DIHHQFDEH¹DGRSRUXP$OH
MDQGUR0DUTXHWDFLWXUQRqRVRU
ULVRGRJDOHJRHVIXPRXVHQR
PRPHQWRHPTXHVRXEHTXHLULD
KHUGDUDFDPLVRODDPDUHODGH
'DQLHO)UHLWDVDIDVWDGRGDSUR
YDGHYLGRDXPWHUFHLURFDVRGH
DEGLFDURXWUDYH]GDSHUVHJXL¹·R
HDGHL[DURJUXSRJDQKDUPDLV
GHPLQXWRVQXPDWHQWDWLYD
GHIRU¹DURXWURVq:)&3RU
WRH(IDSHOqDSHUVHJXLU
&RP%UXQR6LOYDRPDLVEHP
FODVVLILFDGRDPDLVGHPLQX
WRVGDDPDUHODqDFDERXSRUVHU
SUHPLDGRFRPDFDPLVRODGD
j[
^[
Pifn[
[

Jilnoa[f&
g[cm
og
^c[
[
n_hn[l
cl

j[l[
[
`oa[
g[m
ko_
h„i
^_o(
;ch'
^[
[mmcg
ncp_gim
og
]if_a[
jl_'
m_hn_
_
ko_
`_t
+*
hi
`ch[f(
?n[j[

ko_
`ct
i
nl[\[fbi
^_
_hnl_a[
^_
\c'
^ihm
j[l[
[
_kocj[
_
hi
`cg
`oc

nl[hkocfi
j[l[
jioj[l
j[l[
[m
jl'
rcg[m
_n[j[mÌ(
$OXP¾QLRV/$6SRUWWHUPLQRX
DHWDSDQD‘SRVL¹·RFRP
PLQXWRVGHDWUDVRSDUD%HQ.LQJ
VHJXLQGRQR‘OXJDUQDJHUDOD
PDLVGHKRUDGH0DUTXH1D
FODVVLILFD¹·RGDMXYHQWXGHRPL
FDHOHQVHGHDQRVºRRLWDYRPH
OKRU6XEDPLQXWRVGH$E
QHU*RQ]DOH]GD0RYLVWDUƇ

ID]HUXPUHVHWDWXGRTXHM³
FRQGX]LSDUDSRGHUDSURYHL
WDUWRGDVDVFDSDFLGDGHVGHV
WDP³TXLQDyIULVRX
k9DPRVFRUUHUVHPTXDOTXHU
WLSRGHREMHWLYRVSDUDDOºPGH
QRVGLYHUWLUPRVHGHGLYHUWLU
PRVRSÈEOLFRyGLVVHWDPEºP
3HGUR&µPDUDƇ
HGH
,,
3XEOLFLGDGH KOCHN;'@?CL;&
+,
>?
;AIMNI
>?
,*,+
(
;{ILC;HI
ILC?HN;F
;{ILC;HI
ILC?HN;F


KOCHN;'@?CL;&
+,
>?
;AIMNI
>?
,*,+
7UDQVSRUWHV
GIPCG?HNI
G;LãNCGI

GONO;FCMN;

@OLH;M
'
?g
Jihn[
>_fa[^[

=ILPI
'

?g
Fcm\i[

NL;HMCHMOF;L

GIHN?
<L;MCF
'
h[
jl[c[
^[
pcnlc[

GIHN?
>;
AOC;
É
_g
pc[a_g
^_
Fcm'
\i[
j[l[
F_cr”_m
]b_a[h^i
bid_

JIHN;
>I
MIF
É
_g
Jihn[
>_fa[^[

f[la[h^i
j[l[
Jc]i
_
P_f[m

G;LA;L?NB?'


_g
Jihn[
>_fa[^[

f[la[h^i
[g[hb„
j[l[
@fil_m

M(DILA?
É
?g
Jihn[
>_fa[^[

AMFCH?M

CHMOF;L
'

?g
Fcm\i[

F;OL;
M
'
H[
Jl[c[
^[
Pcnlc[
f[la[h'
^i
j[l[
Jihn[
>_fa[^[

J;L?=?
G;=B;>I

<;ã;
>IM
;HDIM
'
?g
Jihn[
>_fa['
^[&
]ig
m[‹^[
j[l[
Pcf[
^i
Jilni

GIPCG?HNI
;|L?I

M;N;
;CL
;TIL?M

;_lijilni
^_
Jihn[
>_fa[^[

J;LNC>;M4

Äm
*0b,/&
+2b./
j[l[

M[hn[
G[lc[5
m
*1b+/&
*1b-*&
+.b+/&

,*b-*
j[l[
N_l]_cl[5
m
*1b-*
j[l[

@fil_m5
m
*2b**&
+0b//
j[l[
Jc]i5
m

+*b.*&
+-b.*
j[l[
Biln[

=B?A;>;M4

>_
M[hn[
G[lc[
m

*1b.*&
,*b*/5
^[
N_l]_cl[
m
*1b.*&

+-b+/&
+-b-*&
+3b-*5
^i
Jc]i
m
+*b+*&

+3b**5
^[m
@fil_m
m
+-b.*5
^[
Biln[
m

+/b**&
+2b*/


;_lijilni
^[
N_l]_cl[

J;LNC>;M4



Äm
*1b.*&
+,b-/&

+,b/*&
+2b/*
j[l[
Jihn[
>_fa[^[5
m

*2b-/
j[l[
Biln[5
m
*3b**&
+/b+/

j[l[
M„i
Dila_5
m
+*b.*&
+1b*/

j[l[
Al[]cim[5
m
+*b./
j[l[
@fil_m5

m
+*b/*
j[l[
Jc]i

=B?A;>;M4


Äm
*1b//&
*2b+*&
+.b//&

,+b+*
^_
Jihn[
>_fa[^[5
m
+*b,/
^[m

@fil_m5
m
+*b+*
^[
Biln[5
m
+*b,/&

+0b-/
^_
M„i
Dila_5
m
+,b*/&
+2b,/
^[

Al[]cim[5
m
+,b,/
^i
Jc]i

;_lijilni
^[
Biln[

J;LNC>;M4

Äm

*3b-/
j[l[
N_l]_c'
l[5
m
+,b**
j[l[
=ilpi5
m
+.b+*&

+1b+/
j[l[
Jihn[
>_fa[^[5
m
+.b//

j[l[
@fil_m

=B?A;>;M4

>[
N_l]_cl[
m
*3b+*5
^_

Jihn[
>_fa[^[
m
++b.*&
+.b-*5
^i
=il'
pi
m
+-b/*5
^[m
@fil_m
m
+0b.*

M;N;
CHN?LH;=CIH;F


;TIL?M
;CLFCH?M

;_lijilni
^_
Jihn[
>_fa[^[

J;LNC>;M4


Äm
*1b-*&
,+b,/
j[l[

Fcm\i[&
pc[
MG;
m
*2b/*5
m
*2b+*&

,*b+*
j[l[
i
@oh]b[f5
m
*2b,/
j[l[

Jilni5
m
+1b,*
j[l[
<imnih

=B?A;>;M4

>_
<imnih
m
*0b+*5
^i'
@oh]b[f
m
*0b,*&
+-b**5
^_
Fcm\i[
m

*1b,/&
+/b**&
,*b-*5
^i
Jilni
m

+.b**&
,-b-/

N;J

;_lijilni
^_
Jihn[
>_fa[^[

J;LNC>;M4
Äm
*3b-*&
+1b//
j[l[
Fcm'
\i[5

=B?A;>;M4
>_

<imnih
m

*0b+/5
^_
Fcm\i[
m
*2b-*&
,-b-*

LS;H;CL

;_lijilni
^_
Jihn[
>_fa[^[

J;LNC>;M4
Äm
*0b+/&
+*b./&
+2b*/


j[l[
Fcm\i[&

m
++b+/&
+/b.*
j[l[
Jilni


=B?A;>;M4
>_
Fcm\i[
m
++b+/&


+/b.*5

^i
Jilni
m
+0b-*&
+2b*/
)DUPiFLDV %LOKHWHLUDV
=IFCM?O
GC=;?F?HM?


JIHN;
>?FA;>;
N_l†[
[
m_rn[
^[m
+/b**
m
+3b**(


;MMI=C;{ÅI

?h]_ll[^[
[im
m€\[^im&
^igchaim&
m_'
>?
MI=ILLIM
GëNOIM
aoh^[m
_
`_lc[^im(
Him
^c[m
^_
_mj_n€'
Lo[
Jli`_mmil
G[]b[^i
G[]_^i
H(µ
.
]ofi
^ol[hn_
[
m_g[h[
^[m
+/b**
m

N_f_`ih_4
,30
0/*20*
,+b**
_
[i
`cg
^_
m_g[h[
^[m
+1b**
m

LC<?CL;
AL;H>?
,+b**(

N_f_`ih_4
,30
,*3
/*,

=?HNL;F
N?;NLI
GC=;?F?HM?

Lo[

^_
M„i
@l[h]cm]i
N_l†[
[
m€\[^i
^[m
+.b**
m
+3b**

N_f_`ih_4
,30
.1-+-/
Him
^c[m
^_
_mj_]n€]ofi
^[m
+0b-*


M;HN;
G;LC;
m
,+b-*
'
N_f_`ih_4
,30
-*2
-/*

;<ãFCI
<IN?FBI
N?;NLI
LC<?CL;AL;H>?HM?

Lo[
N_`cfi
<l[a[
M_a(
[
m_r(
'
*3b**
m
+1b**&

N_f_`ih_4
,30
22,,-0 chchn_llojn[g_hn_

N_f_`ih_4
,30
.1*
-.*),30
.1.
+**
7HOHIRQHV~WHLV
 
363 6HUYLoR
3RQWD'HOJDGD 6260XOKHU
  +µJl‡gci









/--+.



















/*(***&**

*15 $3$9
3RQWD'HOJDGD 3RQWD'HOJDGD
 
%RPEHLURV /LQKD
3RQWD'HOJDGD 6D~GH$oRUHV
 
+RVSLWDO &HQWURGH6D~GH
3RQWD'HOJDGD GH3RQWD'HOJDGD
 
0DULQKD6DOYDPHQWR 3ROtFLD0DUtWLPD
3RQWD'HOJDGD 3RQWD'HOJDGD
0XVHXV =?HNLI
=OFNOL;F
>;
=;FIOL;


>_
,(´
`_cl[
[
m€\[^i
^[m
+*b-*
m

GOM?O
=;LFIM
G;=B;>I

+,b-*
_
^[m
+-b-*
m
+1b-*

">?
+
>?
IONO<LI
;
-+
>?
G;L{I#
GOHC=CJ;F
PCF;
@L;H=;



N_l†[
[
^igchai&
^[m
*3b-*
m
+1b**
>I
=;GJI

M_g
chn_lloj†„i
j[l[
[fgi†i(

>_
-´
[
0´
`_cl[

^[m
*3b**
m
+,b-*


Ch]foc

`_lc[^im(
?h]_ll[

m
m_aoh^[m(
_
^[m
+.b**
m
+1b**5
m€\[^i


JIFI
GOM?IFçAC=I
>I

_
^igchai
^[m
+.b**
m
+1b**

=IFCM?O
GC=;?F?HM?
GOHC=CJ;F

H?MNIL
>?
MIOM;

Pcmcn[
mod_cn[
[
g[l][†„i

>_
,(´
[
0(´
`_cl[
^[m


jl‡pc[
'
,30
,*3
/*/

*2b-*
m
+,b-*
_
^[m
+-b-*
m
+0b-*

GOM?O
B?<L;C=I
M;B;L


GOM?O
>I
NLCAI

>;
JIPI;{ÅI

B;MM;G;CG
>?
JIHN;
>?FA;' >_
-´
[
m_rn[
^[m
*3b**
m
+1b**

>;
'
JILN;M
>I
=|O
"MCH;AIA;#

m€\[^i&
^igchai
_
`_lc[^im


M_aoh^[
[
M_rn[&
^[m
+-b**
m
+0b-*
^[m
++b**
m
+0b**

GOM?O
GCFCN;L
>IM
;{IL?M
GOM?O
>?
F;AI;
'
;{IL?M

>_
,´
[
0´
`_cl[
^[m
+*b**
m
+2b**

Bil€lci
^_
P_l„i&
^i
^c[
+
^_
[\lcf
[n‡

M€\[^i
_
>igchai
^[m
+*b**
m
+-b-*
[i
^c[
-*
^_
m_n_g\li4

_
^[m
+.b**
m
+2b**
'
H•]f_i
Gom_ifac]i
^i
Jl_m‡jci5

?h]_ll[^i
[im
`_lc[^im
=[m[
^[
=ofnol[
=[lfim
=‡m[l5
H•'
GOHC=CJ;F
>;
LC<?CL;
AL;H>?
]f_i
Gom_ifac]i
^i
=[\io]i
_
H•'
M_aoh^[

[
m_rn[
^[m
*3b**
m
+1b**
]f_im
Gom_ifac]im
^[
Lc\_cl[
=b„

GOM?O
PCPI

";ln_
M[]l[
_
?nhial[`c[&
=[m[
Go'
>I
@L;H=CM=;HCMGI
m_o
G[lc[
^im
;hdim
G_fi&
H•]f_i
^[

M_aoh^[

[
m_rn[
^[m
*3b**
m
+1b**
;^_a[5
H•]f_i
^[
;alc]ofnol[
_

=;M;
>I
;L=;HI

Kochn[f
?nhial€`c]i#

LC<?CL;
AL;H>?
>_
,´
[
0´
`_cl[
^[m
+*b**
m
+-b-*

M_aoh^[

[
m_rn[
^[m
*3b**
m
+1b**
^[m
+.b-*
m
+2b**

GOM?O
>;
?GCAL;{ÅI


M€\[^i&
>igchai
_
@_lc[^im4
?h]_ll[^i

;{ILC;H;
'
G_l]_[lc[
=_hnl[f
'
=[m[
Nl[^c]ci'
M_aoh^[

[
m_rn[
^[m
*3b**
m
+1b**
h[f5
H•]f_i
Gom_ifac]i
^[
=[m[
^i

;LKOCJ|F;AI
'
=?HNLI
>?


Lig_cli

;LN?M
=IHN?GJILÞH?;M
Pcmcn[m
[j_h[m
jil
g[l][†„i
jl‡pc[

>_
n_l†[
[
^igchai
^[m
+*b**

m
[nl[p‡m
^i
,30
3+,
/+*
io
gom_o:f['
+2b**
ai['[]il_m(jn

=;M;
>IM
POF=Æ?M

'
=if_†„i
Pcmcn€p_f
^[
G[nlct
^_
F[ai[

;n[fb[^[&
Lim€lci&
3/0*
F[ai[
>_
-´
[
0´
`_cl[
^[m
+*b**
m
+-b-*


GOM?O

>I
N;<;=I
;
G;C;
^[m
+.b-*
m
+2b**

>_
m_aoh^[
[
m_rn[
`_cl[

M€\[^i4
+*b**
m
+-b-*

^[m
*3b**
m
+1b**5

'
N_h^[
^i
@_ll_cli
@_ll[^il

m€\[^i
m
+,b**
_
^[m
+,b-*
m
+1b**
>_
,´
[
0´
`_cl[
^[m
+.b-*
m
+2b**
,QIRUPDo}HV~WHLV,-
&LQHPD
JLIAL;G;{ÅI





Miln_ci
^_
*1

^_
[aimni





















"miln_ci
0-#


=CH?JF;=?

M;F;
+

>Î;ln[]„i
_
im
-
Gimko_n_clim
,>

"PJ#

G)*0&
+.b+*$$



Miln_ci
^_
+*
^_

[aimni






















"miln_ci
0.#

I
?mko[^l„i
Moc]c^[
,>

G)+0&
+0b,*&
+3b**&
,+b.*

?MNL?F;M4




,








1


G+FBÅI



M;F;
-

I
G_o
[gcai
‡
Hchd[

G)+,&
+.b.*&
+0b.*



Dohaf_
=locm_'
;
G[f^c†„i
Him

=ih`chm
^[
M_fp[
,>
"PI#

G)+,&
+2b.*&
,+b,*


Miln_ci
^_
*3
^_
[aimni



















"m_g[h[
-,#


M;F;
.

Ij_l[†„i
Jilnoa[f

G)+,&
+.b**$$&
+3b,*&
,+b-*


P_fi]c^[^_
@olcim[
3

G)+.&
+0b+*

$$
M_mm„i
p€fc^[
M€\[^i&
>igchai
_
@_lc[^im
0LVVDV
JIHN;
>?FA;>;


Cal_d[
G[nlct&
M[hno€lci
M[hni
=lcmni
_

BILàLCI
>;M
GCMM;M
>IGCHC=;CM

P?MJ?LNCH;M


Mà<;>I

+,b-*
Cal_d[
J[likoc[f
^[
G[nlct
"M„i

M_\[mnc„i#5
+0b**
Cal_d[
Himm[
Ml[(

^[m
G_l]‰m
"<[cllim
Hipim#5

+1b**
=f‹'
hc][
^i
<ig
D_mom
"MOMJ?HM;#5

+1b-*
Cal_d[
Cg[]of[^i
=il[†„i
G['
lc[
"M(
J_^li#
_
=[m[
^_
M[•^_
Himm[

M_hbil[
^[
=ih]_c†„i
"MOMJ?HM;M#5


+2b**
Cal_d[
J[likoc[f
^_
M(
Dim‡
_

Cal_d[
J[likoc[f
^_
M[hn[
=f[l[5


+3b**
Cal_d[
J[likoc[f
^_
M„i
J_^li
_

Cal_d[
Himm[
M_hbil[
@€ncg[

>IGCHAIM

*2b**
M[hno€lci
M_hbil
M[hni
=lcmni

^im
Gcf[al_m&
*3b**
M[hno€lci
M_hbil

M[hni
=lcmni
^im
Gcf[al_m5
*3b-*
=f‹'
hc][
^i
<ig
D_mom
"MOMJ?HM;#5

+*b**
Cal_d[
G[nlct
_
Cal_d[
Cg[]of[^i

=il[†„i
^_
G[lc[
"M(
J_^li#
_
Cal_d[

J[likoc[f
M[hn[
=f[l[5
+*b-*
=[m[
^_

M[•^_
H´
Ml[(
=ih]_c†„i
_
Bimjcn[f
>c'
%LEOLRWHFDV
Jë<FC=;
?
;LKOCPI


>?
JIHN;
>?FA;>;

>_
,´
[
0´
`_cl[
^[m
*3b**
m
+3b**

GOHC=CJ;F
>?
JIHN;
>?FA;>;

>_
,´
[
0´
`_cl[
^[m
+*b**
m
+2b**


;LKOCPI
GOH(
>?
JIHN;
>?FA;>;

>_
,´
[
0´
`_cl[
^[m
*2b./
m
+,b-*


_
^[m
+-b./
m
+0b+/

=?HNLI
GOHC=CJ;F
>?
=OFNOL;

,(´
`_cl[
^[m
*3b**
m
+1b**5


^_
-(´
[
0(´
`_cl[
^[m
*3b**
m
+3b**


_
m€\[^i
^[m
+*b**
m
+1b**

GOHC=CJ;F
>;
LC<?CL;
AL;H>?

>_
,´
[
0´
`_cl[
^[m
*3b**
m
+1b**


;LKOCPI
GOHC=CJ;F


>?
LC<?CL;
AL;H>?

>_
,´
[
0´
`_cl[
^[m
*3b**
m
+1b**

GOHC=CJ;F
>;HC?F
>?
Mà


LC<?CL;

AL;H>?

>_
,´
[
0´
`_cl[
^[m
*3b**
m
+1b**

6RUWH
NINIFINI


+0





+1






,+





.+





.0





%






0
?OLIGCFBÆ?M



HëG?LIM4





3





-1



.1




.2






.3

Miln_ci
^_

*0
^_

[aimni






















"miln_ci
-,#

HëG?LIM4


NEH



*,+3,
FIN;LC;
=FàMMC=;





+µJl‡gci





..11.












Ô
0**(***&**

,µJl‡gci




.0*12
















Ô
0*(***&**


-µJl‡gci




*./10
















Ô-*(***&**
FIN;LC;
JIJOF;L


Miln_ci
^_




*/
^_
[aimni


















"m_g[h[
-+#

,µJl‡gci








0*,3*





















0(***&**



-µJl‡gci









/+.+2
























-(***&**




.µJl‡gci









-.1.*






















+(/**&**

M‡lc_
Jl_gc[^[4

.(´
pchi
?mj‹lcni
M[hni
"MOMJ?HM;#5


++b**
Cal_d[
J[likoc[f
M„i
J_^li
_

Cal_d[
J[likoc[f
^_
M„i
Dim‡5
+,b**

Cal_d[
Himm[
M_hbil[
@€ncg[5
+,b+/

?lgc^[
^_
M„i
Aih†[fi
"M„i
J_^li#

h„i
b€
hi
g‰m
^_
[aimni5
+1(**
Cal_d[

J[likoc[f
^[
G[nlct
"M„i
M_\[mnc„i#5

+2b**
Cal_d[
J[likoc[f
M„i
Dim‡
$$5

+3b**

cal_d[
j[likoc[f
M„i
J_^li

$$Him
g_m_m
^_
dofbi
_
[aimni
h„i

b[p_l€
_o][lcmnc[
^igchc][f
m
+2b&

h[
cal_d[
^_
m„i
dim‡(
?mn[
m_l€
l_nig['
^[
hi
+µ
^igchai
^i
g‰m
^_
m_n_g\li

GCMM;M
;IM
>C;M
>?
M?G;H;

*2b**
M[hno€lci
M_hbil
M[hni
=lcm'
ni
^im
Gcf[al_m5
*3b**
M[hno€lci
M_'
hbil
M[hni
=lcmni
^im
Gcf[al_m
"g_'
him
[im
m€\[^im#5
+,b-*
Cal_d[

J[likoc[f
^[
G[nlct
"M„i
M_\[mnc„i#5


+2b**
Cal_d[
Cg[]of[^i
=il[†„i
^_

G[lc[
_
Cal_d[
J[likoc[f
^_
M„i
Dim‡5

+2b-*
Cal_d[
J[likoc[f
^[
G[nlct
"M„i

M_\[mnc„i#
+3b**
Cal_d[
J[likoc[f
^_

M„i
J_^li&
Cal_d[
^_
Himm[
M_hbil[

^_
@€ncg[
_
Cal_d[
J[likoc[f
^_
M[hn[

=f[l[
"^_
n_l†[
`_cl[

m_rn[
`_cl[#
GOHC=CJ;F
>?
PCF;
@L;H=;

>_
,´
[
0´
`_cl[
^[m
*2b-*
m
+0b-*

GOHC=CJ;F
>;
JIPI;{ÅI

>_
,´
[
0´
`_cl[
^[m
*3b**
m
+1b**


=?HNLI
>?
GIHCNILCT;{ÅI


?
CHP?MNCA;{ÅI
>;M
@OLH;M

+0
^_
m_n_g\li
[
+.
^_
dohbi4
>_
-´
[
^i'
gchai
^[m
*3b-*
m
+0b-*
_
^[m
+-b-*
m

+1b**5
+/
^_
dohbi
[
+/
m_n_g\li4
>_
m_'
aoh^[
[
^igchai
^[m
+*b**
m
+2b**

GIL;>;
>;
?M=LCN;
=;M;


;LG;H>I
=èLN?M
LI>LCAO?M

Bil€lci4
^[m
+.b**
m
+1b**
"n_l†[&
ko[l'
n[&
m_rn[
_
m€\[^i#(
?
h]_ll[^[4


^igchai&
m_aoh^[
_
kochn[

GOHC=CJ;F
NIG;T
<IL<;
PC?CL;

>_
,´
[
0´
`_cl[
^[m
+*b**
m
+-b-*


_
^[m
+.b-*
m
+2b**



m€\[^i
_
^igchai4
_h]_ll[^i

,.
3DVVDWHPSRV
6XGRNX
+++,+
=igjf_n[l


[
al_fb[
^_


`ilg[
[
ko_


][^[
fchb[&
][^[

]ifoh[
_
][^[

og[
^[m
][cr[m

-r-
]ihn_hb[g


ni^im
im


h•g_lim
^_
+
[
3(
EL;TS>;>(=IG
3DODYUDVFUX]DGDV
BILCTIHN;CM4

+(
=il
jli^otc^[

j_fi
`iai
io
j_fi
`ogi(
;ko_f_m(

<[hni
io
\[hno(


,(
?m]o^i
ip[f

^[
[hnca[
ch`[hn[lc[
al_a[(
;jli'
p_c
io
_f_ac
jil
g_ci
^_
pini(


-(

Chn_ld(
om[^[
j[l[
]ogjlcg_h'
n[l&
]b[g[l&
_n](

"<l[mcf#(
Ji_hn_(



.(
;\c][l(
Chn_ld(&
^_mcah[
][hm['
†i
io
_h`[^i(


/(
Chmncnoni
=['
g”_m
"[\l_p(#(
Ohc^[^_
^_
g_^c'
^[
^_
cll[^c[†„i
cihct[hn_

[\milpc^[(
Hig_
^_
ko[fko_l

aocm[^i
io
_hmij[^i
"<l[mcf#(


0(

M^ci
"m(k(#(
Nl[p„i(
I
_mj[†i
[‡'
l_i(


1(
?mj‡]c_
^_
mi`€(
Chmncnoni

H[]cih[f
^_
?mn[n‹mnc][(
<[nl€'
koci
[h`‹\ci
[ko€nc]i&
[holi&
^[

`[g‹fc[
^im
l[h‹^_im(


2(
;f•g_h(

Mojf_g_hn[l(


3(
Jlig_n_o
mi'
f_h_g_hn_(
>_mjc^i(


+*(
Jl_`(

ko_
mcahc`c][
[f‡g
^_&
[nl[p‡m&

_g
nli][(
Ch]fog_(


++(
I\m_lp[(

;
mc
g_mgi(
;gi`ch[l(

3250$5,$+(/(1$0$57,16
7$5¾/2*$

7(/
6,7(ZZZPDULDKHOHQDSW
(0$,/PDULDKHOHQD#PDULDKHOHQDSW
%/2*KWWSFRQFXOWRULRGHDVWUROR
JLDEORJVVDSRSW
)DFHERRNKWWSZZZIDFHERRNFRP
0DULD+HOHQD0DUWLQV0+0
Al[o
^_
^c`c]of^[^_
`€]cf
P?LNC=;CM4
+(
Chn_ld(&
oncfct[^[


j[l[
]b[g[l
[hcg[cm(
L_f[ncpi


ãh^c[(
N_f_pcm„i
"[\l_p(#(


,(
àlpil_

p_h_him[
^[
G[f€mc[(
F[nc^i
^ifi'
limi
^i
]„i(
Hig_
^[
f_nl[
L(


-(

=[f†„i
gocni
]olni
_
domni(
I\m_l'
p_(


.(
=ihnl(
^[
jl_j(
_g
]ig
i

[ln(
^_`(
i(
;ko_f[
ko_
j_l^_o
im

j[cm
io
og
^_f_m(
Ko[cmko_l(


/(

=[om[l
hidi
[(
Ko_
m_
l_`_l_
[im

b[\cn[hn_m
^[
;fn['?m]]c[(


0(
Fc'
pli
p_fbi&
[f`[ll€\ci(


1(
J’l
ipim(

Jl_mm_hncl(


2(
Mch[f
chn_lh[]cih[f

^_
j_^c^i
^_
mi]illi(
=iln[l
_
nlc'
nol[l
]ig
im
^_hn_m(
P[lc[hn_
_h'
]f‹nc][
^i
jlih(
j_mm(
]igjf(
[(


3(

Diai
^_
]lc[h†[m(
J_ko_h[
[laif[

]ig
ko_
m_
_h`_cn[g
im
^_^im(


+*(

;
nc(
Cao[f[l
"jlip(#(
M_lp_'m_
^_(


++(

Chn_ld(&
^_mcah[
^il&
[^gcl[†„i&
l_'
joah‚h]c[(
J_ko_hi
g[g‹`_li

][lh‹pili
gomn_f‹^_i(
Mo`(
^_

[a_hn_
io
jli`cmm„i(
+RUyVFRSR
&DUQHLUR,+)*-
[
,*)*.
;
`_fc]c^[^_
]b_aio
j[l[
`c'
][l(
>‰
og
hipi
‚hcgi

mo[
pc^[

[gilim[(
J[l[
jlin_a_l
[
j_f_

]ig[
[fcg_hnim
]igi
i
[\[][n_(

J_hm_
_g
l_gi^_f[l
[
][m[(

7RXUR,+)*.
[
,*)*/
Ji^_
m_hncl'm_
g[cm
m_hm‹p_f(

Jli]ol_
[
]igj[hbc[
^_
og[
[gca[(

M_
mi`l_
^_
lchcn_
[f‡lac][&
\_\[
€ao[

]ig
pch[al_
^_
g[†„(
|
jlip€p_f
ko_

m_
mchn[
^_m[hcg[^i
hi
_gjl_ai(
*pPHRV,+)*/
[
,*)*0
Ji^_l€
j[mm[l
g_him
n_g'
ji
]ig
i
m_o
j[l
^_pc^i
[i
nl[\['
fbi(

@[t_l
_r_l]‹]ci&
\_\_l
€ao[
_

m_aocl
og[
^c_n[
_kocfc\l[^[
m„i

]oc^[^im
ko_
^_p_
n_l(

Al[o
^_
^c`c]of^[^_
g‡^ci
3LQWDU
&DUDQJXHMR,+)*0
[
,,)*1
<i[m
hipc^[^_m
hi
[gil(


I
m_o
j[l
ji^_l€
`[t_l'fb_
og[

moljl_m[(
N_h^‰h]c[
j[l[
n_l
jlc'
m„i
^_
p_hnl_(
|
[
[fnol[
]_ln[
j[l[

]ig_†[l
[
`[t_l
og
j‡'^_'g_c[(
/HmR,-)*1
[
,,)*2
Ji^_
m_hncl'm_
g[cm
cllcn['
^i(
=ihn_hb['m_
j[l[
h„i
m_
^_'
m_hn_h^_l
]ig
i
m_o
j[l(

I
m_o

]ilji
ji^_
[]om[l
[faog
][hm[†i(

|
cgjiln[hn_
ko_
^olg[
\_g(
9LUJHP,-)*2
[
,,)*3

Chpcmn[
^_
]ilji
_
[fg[
hi

[gil(
>‰
g[cm
m_aol[h†[
[i
m_o

j[l(
=oc^_
^i
]il[†„i
]ig_h^i

]itc^im
_
al_fb[^im(

Ji^_l€
l_]_'
\_l
og[
[f_alc[
hi
nl[\[fbi(
6XGRNX
,QIDQWLO
+++,/
=igjf_n[l


[
al_fb[
^_


`ilg[
[
ko_

][^[
fchb[&
][^[


]ifoh[
_
][^[

og[
^[m
][cr[m

-r-
]ihn_hb[g


ni^im
im


h•g_lim
^_
+
[
0(
%DODQoD,-)*3
[
,-)+*
Jli]ol_
_mn[l
g[cm
j_lni
^[m

j_mmi[m
ko_
[g[(
P[c
m_hncl'm_
g_'
fbil(
Om_
jlin_nil
mif[l(
Jlin_d[
[

j_f_(

N_l€
ji^_l
g[n_lc[f
j[l[
`[t_l

og[
]igjl[
ko_
^_m_d[
b€
gocni(
(VFRUSLmR,.)+*
[
,+)++
Og
[gcai
ji^_
jl_]cm[l
^_

og
ig\li
j[l[
]bil[l(
=oc^[^i
]ig

i
mnl_mm(
G[hn_hb[
i
_kocf‹\lci
]ig
[

[do^[
^i
cia[(
Ji^_
l_]_\_l
og
][l'
ai
^_
g[cil
l_mjihm[\cfc^[^_(

6DJLWiULR,,)++
[
,*)+,
Ji^_l€
l_[fct[l
og
mihbi
[

h‹p_f
m_hncg_hn[f(

Nig_
]oc^[^i

]ig
[m
]ill_hn_m
^_
[l(
J_l‹i^i
`['
pil€p_f
hi
nl[\[fbi(
Om_
[
mo[
cg['
ach[†„i
j[l[
l_hn[\cfct[l
l_]olmim(
;{ILC;HI
ILC?HN;F


KOCHN;'@?CL;&
+,
>?
;AIMNI
>?
,*,+
6ROXo}HV
MO>IEOM
+++,*
MO>IEOM
+++,.
;h_f(

+*(
N_&
Oa[l&
Om[(

++(
Oc&
@ol„i&
Il(

=[^_cri(

1(
Ip[l&
Chnocl(

2(
MIM&
Li_l&
F[(

3(
Nij[&

Mfcj&
P_d[(

.(
HI&
Il`„&
Ohm(

/(
?hid[l&
?lm_(

0(

P?LNC=;CM4

+(
N&
Bch^o&
NP(

,(
Cji&
=[cg&
L‰(

-(

Dolio&
Ho(

+*(
Nl[hm&
Cf_mi(

++(
P‰&
M_&
L[f[l(


@l_ci&
;l(

1(
>cp„&
CH?&
L„(

2(
Og_&
?rnl[(

3(

-(
Ic&
I][mi(

.(
Jid[l&
Jo`(

/(
C=&
L[^&
L[ao(

0(
H[&

BILCTIHN;CM4
+(
Ncmh_&
Im&
No(

,(
çjfih&
Pin_c(


J;F;PL;M
=LOT;>;M4


&DSULFyUQLR,+)+,
[
+3)*+
Bid_
‡
^c[
^_
gcg[l
i
m_o

[gil(
;g[l
‡
^[l
_
l_]_\_l(
;h^['
l€
]b_ci
^_
_h_lac[(
;jlip_cn_
j[l[

j[mm_[l(
Ji^_l€
n_lgch[l
og
jli'
d_ni(
M_hncl€
i
m[\il
^[
pcnlc[(
$TXiULR,*)*+
[
+3)*,
Ji^_l€
pcp_l
gig_hnim

gocni
`_fct_m
hi
[gil(
?pcn_
[\o'
m[l
^im
]ih^cg_hnim(
Jimm‹p_f
fo'
]li
ch_mj_l[^i(
Ji^_
l_mjcl[l
^_

[f‹pci(
3HL[HV,*)*,
[
,*)*-
;
pc^[
`[gcfc[l
_mn€
l_]b_[^[

^_
gig_hnim
^_
j[lncfb[(

?mn[
jl€nc][

[fcpc[
i
mnl_mm
_
jligip_
[
j[t
chn_lcil(

Jimm‹p_cm
go^[h†[m
ko_
_hpifp_g

g[cil_m
l_mjihm[\cfc^[^_m(
@il†[
;{ILC;HI
ILC?HN;F
(
KOCHN;'@?CL;&
+,
>?
;AIMNI
>?
,*,+ 3XEOLFLGDGH,/
,0
3XEOLFLGDGH KOCHN;'@?CL;&
+,
>?
;AIMNI
>?
,*,+
(
;{ILC;HI
ILC?HN;F
;{ILC;HI
ILC?HN;F


KOCHN;'@?CL;&
+,
>?
;AIMNI
>?
,*,+
0HWHR 7Y,1
JO<

K(
=l_m]_hn_ Fo[
=b_c[ K(
Gchao[hn_ Fo[
Hip[

    H[m]_l
^i
Mif
J’l
^i
Mif

m K m


K

+XPLGDGHjl_pcmn[ ÌQGLFH89$ 0DUpV

j[l[
bid_
[g[hb„ ?`_ncpi
^_
ihn_g

 Bid_ <[cr['g[l
m


















_



K K ;g[hb„ <[cr['g[l
m


















_



K K
  Jl_pcmni
j[l[
bid_  Jl_c['g[l
m


















_

K K Jl_c['g[l
m


















_

K K

*UXSR2FLGHQWDO
*UXSR&HQWUDO
*UXSR2ULHQWDO
  
  

J_l‹i^im
^_
]‡o
gocni
ho\f[^i
]ig
J_l‹i^im
^_
]‡o
gocni
ho\f[^i
]ig
J_l‹i^im
^_
]‡o
gocni
ho\f[^i
]ig

[\_ln[m&
nilh[h^i'm_
_h]i\_lni(
\i[m
[\_ln[m(
=ih^c†”_m
`[pil€p_cm

\i[m
[\_ln[m(

J_l‹i^im
^_
]bop[
`l[][
io
]bopcm]i
`ilg[†„i
^_
h_\fch[m
_
]bopcm]i
h[
P_hni
mo^i_mn_
\ih[h†imi
"+*),*

_g
_mj_]c[f
[
j[lncl
^[
n[l^_(
=ih^c' ]imn[
mof
^[m
Cfb[m(
eg)b#&
li^[h^i
j[l[
mof
j[l[
[
hicn_(

†”_m
j[l[
[
`ilg[†„i
^_
h_\fch[m(
P_hni
mo^i_mn_
\ih[h†imi
"+*),*
G[l
][p[^i(

P_hni
mo^i_mn_
gi^_l[^i
[
`l_m]i
eg)b#&
nilh[h^i'm_
gi^_l[^i
[
`l_m' Ih^[m
mo^i_mn_
^_
,
[
-
g_nlim(
",*).*
eg)b#
]ig
l[d[^[m
[n‡
0*
eg)b(
]i
",*).*
eg)b#
]ig
l[d[^[m
[n_
/*

G[l
][p[^i(
eg)b
_
li^[h^i
j[l[
mof(

CH@ILG;{ÅI
>I
CGJ; Ih^[m
mo^i_mn_
^_
,
[
-
g_nlim( G[l
^_
j_ko_h[
p[a[&
nilh[h^i'm_

][p[^i(
Ih^[m
^i
ko[^l[hn_
i_mn_

@l_hn_
@l_hn_
@l_hn_
@l_hn_
Cm\[l[m
;fn[
<[cr[
^_
+
[
,
g_nlim&
[og_hn[h^i
j[l[
,
[

@lc[
Ko_hn_
I]fom[
?mn[]cih€lc[

Jl_mm„i
Jl_mm„i -
g_nlim(
JO< JO<

*04**




H[^[
M_l€
=igi
>[hn_


*04-*




?f‡]nlc]i

*14-*




@[†[
=bop[
@[†[
Mif


*24**




Tca
T[a


*34**




LNJ-
)
LNJ
;†il_m

+-4**





Dilh[f
^[
N[l^_
'
;†il_m

+-4+/







LNJ-
)
LNJ
;†il_m

+04**





Hinc]c[m
^i
;nf‚hnc]i


+04,2






Jilnoao_m_m
j_fi
Goh^i


+14+*







Echn[f
^c
<_fchb[


+24+*







Im
Himmim
>c[m


+24//






J‡lif[m
^i
I]_[hi

+34,-






Hm
_
im
;hcg[cm

,*4**




N_f_dilh[f
;†il_m

,*4-.




H[^[
M_l€
=igi
>[hn_


,+4**





Bcmnlc[m
^[
N_ll[





















_
^[
A_hn_


,+4-/






|
Ola_hn_
i
;gil

,-4*/





C^cin[m&
Jihni
'

,-4-*





N_f_dilh[f
;†il_m

**4**




Mch[cm
^_
Pc^[


**4.*




Fc\_l^[^_
,+
'

*+4-/






<cim`_l[


*,4**




Im
Himmim
>c[m


*,4./




Jilnoao_m_m
j_fi
Goh^i


*-4-*




@[†[
=bop[
@[†[
Mif

*.4*/




N_f_dilh[f
;†il_m

*/4**




Fchb[
^[
@l_hn_

*/4,/




Bcmnlc[m
^[
N_ll[





















_
^[
A_hn_
*/4-*




<ig
>c[
Jilnoa[f

*34**




B€
Pifn[
"G[hb„#

++4/3







Dilh[f
^[
N[l^_

+-4+/







B€
Pifn[
"N[l^_#

+.4**





2,´
Pifn[
;
Jilnoa[f





















?g
<c]c]f_n[

+04,2





@[nol[
^[
Miln_

+04-*





Jilnoa[f
_g
>cl_ni

+24**





I
Jl_†i
=_lni

+24/3






N_f_dilh[f

,*4**




Ko_g
Ko_l
M_l
Gcfcih€lci





















;fn[
Jl_mm„i

,+4+/







=lhc][
^im
<ihm





















G[f[h^lim
'

,+4./






I
;n_hn[^i


,,4**




?g
=[m[
^Î;g€fc[


,,4+/






I
;n_hn[^i


,-4**




?g
=[m[
^Î;g€fc[


**4+/





;h[nigc[
^_
Al_s


*+4**





D[h_f[
Ch^cm]l_n[

*,4**




N_f_p_h^[m

*,4..




Eon[g[
'
>_mnchi
Fcm\i[

;
bcmnlc[
^_
^icm
clg„im

cgcal[hn_m
^_
Gi†[g\cko_

ko_&
]igi
gocnim
ionlim&

log[g
[
Jilnoa[f
h[
j_lm'
j_ncp[
^_
ji^_l
^[l

mo[

`[g‹fc[
og[
pc^[
g_fbil
^i

ko_
[ko_f[
ko_
n‰g
hi
m_o

j[‹m(

JO<
*04**




?mj[†i
Tca
T[a

*14**




Gc[
Ai


*14*/




<cha


*14+*





<cha


*14,*




;m
L_al[m
^i
Þha_fi


*14-*




;m
L_al[m
^i
Þha_fi


*14.*




I]nih[on[m


*14/*




Dchaf_
Ec^m

*24**




Dchaf_
Ec^m


+*4*/





?rjfil[^il_m
^[
H[nol_t[


+*4,*





Gihmnlif‚h^c[


+*4-/






>l[g[
Nin[f
Cfb[























J[becn_q


++4**







I
;g[hb_]_l
^im
=lii^m


+-4**





Hch[
N/

+-4//






@ifb[
^_
M[f[

+.4**





;
@‡
>im
Big_hm

+.4-*





A_hn_
>[
Gchb[
Lo[

+.4**





?olij[
G[cm





















M_fp[a_g

+04**





?mj[†i
Tca
T[a

+34**





A_ij[lko_
;†il_m

+34-*





@ifb[
^_
M[f[

+34-/






Nb_
Qilf^
Ch
;
<innf_

,*4-*




Dilh[f
,

,+4**





ëfncgi
N[hai
_g
B[fc`[r



,+4//






@ifb[
^_
M[f[

,,4**




No[
>_f_4
;
Fchb[





















>[
I\m_mm„i

,,4//





<[l„i
H_ali

33(.
*/4**




?^c†„i
>[
G[hb„
*.4-*




>c€lci
>[
G[hb„

*/4**




?mn[
G[hb„
*1(**




Hinc]c€lci
H[]cih[f

*14-*




;f’
Jilnoa[f

*24+*





>icm
m
+*
*
1(-/



L_pcmn[
^_
Cgjl_hm[


*34**




=[m[
@_fct

++4**







Dilh[f
>[
Og[



















L_acih[f&
H[]cih[f



+,4**





Jlcg_cli
Dilh[f

+,4./






;
ëhc][
Gofb_l




















_
Chn_lh[]cih[f

+-4./






Fchb[
;\_ln[


+.4**





Aio]b[
*1(.*




Dilh[f
^_
>_mjilni


+/4**





D•fc[

+04**





I
;gil
;]ihn_]_
'

*2(**




Hinc]c€lci
L_acih[f

+14**





Pcp_l
[
Pc^[





















;
>cm]omm„i
*2(-/




;
Ijchc„i
^_
;^if`i


+14./






Ilaofbi
_
J[cr„i


+14**





I
;gil
;]ihn_]_
'
>c€lci



















G_mkocn[
Hoh_m


+24+/







Ko_g
Ko_l
H[gil[l

+24**





Dilh[f
>[m
2

*2(./



Dilh[f
^_
>_mjilni





















=ig
I
;alc]ofnil9


+34./






@_mn[
|
@_mn[

*2(/*




Mch[cm
É
@_lh[h^i
;fp_m

+34**





Dilh[f
>[
Hicn_

,*4-*




<_g
g_
Ko_l

*3(**




Hinc]c€lci
L_acih[f






















,*4./




;gil&
;gil

,+4+/







;g[l
>_g[cm
*3(+,






NM@
J[cm
_
@cfbim



































































,+4./






;
M_ll[


,+4**





Gofb_l_m
*3(,*




@log
NM@

Mcfp‡lci
n_hn[
[al_^cl
Aom'
,+4+/







;g[l
>_g[cm
++(**






Hinc]c€lci
H[]cih[f

n[pi(
Nig€m
^_`_h^_
i
cl'
,,4**




Gofb_l_m

++(-/







Dilh[f
^_
^_mjilni


g„i
_
Aocfb_lg_
[]om[

,-4+/






I
;gil
;]ihn_]_
'

+,(**





Hinc]c€lci
H[]cih[f

Nig€m
^_
[n[][l
Mcfp‡lci(

**4//




>_`_m[
Ä
G_^c^[

+,(-*






Hinc]c€lci
L_acih[f

D[]chn[
p[c
nl[\[fb[l
j[l[

*+4--






>i]_
N_hn[†„i

+-(+/







=cl]of[nol[
^i
Ko[^l[^i

[
j[^[lc[
^_
M[fp[^il(

*+4**





=cl]of[nol[
^i
Ko[^l[^i
+.(**





Hinc]c€lci
L_acih[f

,,4-*





Ko_g
Ko_l
H[gil[l

*,4+/






NP
Mbij
+.(+,







;
Jf[sfcmn
^_(((




















=ig
;
;alc]ofnil[9

*,4/*




@[m]‹hcim
+/(**





Hinc]c€lci
H[]cih[f

,,4./





N_gji
^_
;g[l

çm][l
]b_aio
[
Jilnoa[f
+0(**





Hinc]c€lci
H[]cih[f

,-4-*





Ko_g
Ko_l
H[gil[l

[j_h[m
]ig
[
lioj[
^i
]il' +1(**





Hinc]c€lci
H[]cih[f




















=ig
I
;alc]ofnil9
'
>c€lci


ji&
g[m
[
mo[
`il†[
^_jl_m' +3(+,






Og[
Ko_mn„i
^_
;>H

**4**



Aifj_
>_
Miln_
'


m[
i
cgjofmcihio
j[l[
i
,*(**



Hinc]c€lci
H[]cih[f



















?^c†„i
?mj_]c[f

*+4-*





Chp_mnca[†„i
=lcgch[f

nl[\[fbi&
ko_
i
nl[hm`il'
*,4+/






Fchb[
;\_ln[

g[lc[
hog
gcfcih€lci

*-4+/






N_f_p_h^[m
*-4./




Im
<[n[h_n_m

*.4-*




=[gcfi&
I
Jl_mc^_hn_ *.4*/




=olciom
A_ila_
JO< JO<
 JO<
KOCHN;'@?CL;&
+,
>?
;AIMNI
>?
,*,+

qqq([]ilc[hiilc_hn[f(jn
?g[cf4
[]ilc[hiilc_hn[f:[]ilc[hiilc_hn[f(jn
v
N_f_`ih_4
%
-/+
,30
,*,
2**
v
@;R4
%
-/+
,30
,*,
2,0
JO<

JO<
)ODJUDQWH >CL?CNIM
L?M?LP;>IM

9LVWDVFXUWDV
*5$)Ì7,
$1'5e
52'5,*8(6
DRJUDILWL#JPDLOFRP

1ROLYURk3ULVLRQHLURVGD
*HRJUDILDyRFRQFHLWXDGRMRU
QDOLVWDEULWµQLFR7LP0DU
VKDOOGHIHQGHTXHkVHSUHWHQ
GHUPRVDSUHQGHUDOJXPD
FRLVDWHPRVGHROKDUSDUDD
+LVWÃULDGHXPSD¾VSDUDRV
VHXVO¾GHUHVSRO¾WLFRVDVVXDV
SHUVRQDOLGDGHVHLGHLDV
0DVRTXHWDPEºPGHYH
VHUVHPSUHREVHUYDGRºD
JHRJUDILDy8PDOL¹·RTXH
GºFDGDVDQWHV9LWRULQR1H
PºVLRM³WLQKDHQVLQDGR
TXDQGRUHVXPLGDPHQWHHV
JIHN;
>?FA;>;
FUHYHXTXHkSDUDQÃVD¹R
|
jl€nc][
`l_ko_hn_
i
_mn[]cih[g_hni
h[m
nl[hmp_lm[cm
^[
;p_hc^[
>(
Di„i
CCC ULDQRVDJHRJUDILDYDOHRX
WURWDQWRFRPRDKLVWÃULDy
,QIHOL]PHQWHTXHUDDQ³OLVH
3DUWLGRVSUHYHHPJDVWDU OLJD¹ÇHVHPTXHR36'SDUWLFL SDUDPXQLF¾SLRVHPTXH GH0DUVKDOOTXHUDOL¹·RGH
SDHVW·RSUHYLVWDVGHVSHVDVGH DSUHVHQWDFDQGLGDWXUDVVR]L 1HPºVLRQ·RIRUDPDLQGD
0(QDVDXWiUTXLFDV PDLV  PLOKÇHV GH HXURV QKRHPERUDRSDUWLGRFRQ GHYLGDPHQWHDVVLPLODGDV
(QWUHDVFROLJD¹ÇHVD&ROLJD FRUUDFROLJDGRHPPDLV 6ÃLVVRH[SOLFDTXHQRµP
¹·R 'HPRFU³WLFD 8QLW³ULD FRQFHOKRVFRPRU¹DPHQWRV ELWRGRWUDQVSRUWHPDU¾WLPR
2VSDUWLGRVSUHYHHPJDVWDU FHOKRVHSUHY¼JDVWDUPL &'8TXHUHÈQHR3DUWLGR&R TXHDVFHQGHPDXPWRWDOGH GHSDVVDJHLURVRJRYHUQRWH
PLOKÇHVGHHXURVQDFDPSDQKD OKÇHVGHHXURVDTXHDFUHVFHXP PXQLVWD3RUWXJX¼V3&3HR FLQFRPLOKÇHVGHHXURV QKDGHFLGLGRGHXPDDVVHQ
HOHLWRUDOSDUDDVDXW³UTXLFDVGH PRQWDQWHGHPLOKÇHVHP 3DUWLGR(FRORJLVWDRV9HUGHV 2&KHJDDSUHVHQWDXPRU¹D WDGDUHJUHGLUDQRVDRH[FOXLU
VHWHPEURPHQRVGRTXHRV
PLOKÇHVGHK³TXDWURDQRVHR
36FRQWLQXDDWHURRU¹DPHQWR
PDLVHOHYDGRFRPPL
OKÇHVGHHXURV
6HJXQGRRVRU¹DPHQWRVHQ
GHVSHVDVFRPXQVHFHQWUDLVGD 3(9ºDTXHDSUHVHQWDDPDLRU PHQWRGHPLOHXURVSDUDDV 6·R0LJXHOH6DQWD0DULDGR
FDPSDQKD$VVHLVFDQGLGDWX GHVSHVDM³TXHFRQFRUUHD DXWDUTXLDVTXHLGHQWLILFD FRQFXUVRLQWHUQDFLRQDOSDUD
UDVHPTXHR36FRQFRUUHHP GRVPXQLF¾SLRVGRSD¾VH QRVHXRU¹DPHQWR RFRQWUDWRGHIRUQHFLPHQWR
FROLJD¹·RLPSOLFDPGHVSHVDVGH SUHY¼JDVWDU0( 2,QLFLDWLYD/LEHUDORU¹DPHQ VD]RQDOGRVHUYL¹RSÈEOLFR
PLOHXURV 2WHUFHLURSDUWLGRFRPRPDLRU WRXPLOHXURVSDUDDXWDU GHWUDQVSRUWHPDU¾WLPRGH
-³R3DUWLGR6RFLDO'HPRFUD RU¹DPHQWRVHJXQGRRVGDGRV TXLDVDTXHFRQFRUUHVR]LQKR SDVVDJHLURVHGHYLDWXUDV
WUHJXHVSHORVSDUWLGRVHGLVSR WD36'FRQFRUUHVR]LQKRD GLVSRQLELOL]DGRVºR%ORFRGH(V 23HVVRDV$QLPDLV1DWXUH 8PDGHFLV·RGHYLVWDVFXUWDV
QLELOL]DGRVQDS³JLQDHOHWUÃQL FµPDUDVHPFXMDFDPSDQKD TXHUGD%(TXHRU¹DPHQWRX ]D3$1SUHY¼JDVWDUPLO TXHGHXPDSHQDGDLJQRUD
FDGD(QWLGDGHGDV&RQWDVH SUHY¼JDVWDUPLOKÇHVGH PLOHXURVSDUDRVFRQ HXURVHPPXQLF¾SLRV DJHRJUDILDDGHPRJUDILDD
)LQDQFLDPHQWRV 3RO¾WLFRV HXURVDTXHVHMXQWDPPLO FHOKRVDTXHFRQFRUUHVR]LQKR 9LQWHPLOHXURVºTXDQWRR FRHV·RUHJLRQDOHRSURSDOD
(&)3R3DUWLGR6RFLDOLVWD
FRQFRUUHVR]LQKRHPFRQ
SDUDGHVSHVDVFRPXQVHFHQ
WUDLVGDFDPSDQKD1DVFR RU¹DPHQWRGHPLOHXURV SDQKDƇ
FOM;
6HJXHVHR&'633FRPXP 330SUHY¼JDVWDUQHVWDFDP GRGHVHQYROYLPHQWRGRPHU
FDGRLQWHUQRƇ

JO<
´&DVDDEHUWDµSDUDYDFLQDU
PDLRUHVGHDQRV
$k&DVD$EHUWDyQR&HQWURGH9D
FLQD¹·RGDV3RUWDVGR0DUHP
3RQWD'HOJDGDTXHDWºDJRUDGHX
SULPD]LDDRVPDLRUHVGHDQRV
DFROKHDSDUWLUGHKRMHXWHQWHV
FRPDQRVRXPDLVGHWRGDD
LOKDGH6·R0LJXHO
k7HQGRHPFRQWDRH[FHOHQWH
ULWPRHPTXHGHFRUUHRSURFHVVR
GHYDFLQD¹·RQRV$¹RUHVRV&HQ
WURVGH9DFLQD¹·RGD7HUFHLUDHGH
6·R0LJXHOHVW·RM³DYDFLQDUXWHQ
WHVFRPDQRVRXPDLVFRP
DJHQGDPHQWRyUHIHUHXPDQRWD
GHLPSUHQVDGD'LUH¹·R5HJLRQDO
GD6DÈGHTXHDVVLQDODWDPEºP
TXHSDUDOHODPHQWHHVW³HPFXU
VRDk&DVD$EHUWDykFXMDPRGDOL
GDGHVHPDQWºPSDUDWRGRVRVTXH
SUHILUDPDYDFLQD¹·RVHPDJHQ
GDPHQWRWDPEºPFRPDQRV
GHLGDGHRXPDLVy
'HDFRUGRFRPDPHVPDIRQWH
RV&HQWURVGH9DFLQD¹·RGH$QJUD
GR+HUR¾VPRH3UDLDGD9LWÃULD
TXHYDFLQDPQDk&DVD$EHUWDy
PDLRUHVGHDQRVY·RSURORQ
JDUDPRGDOLGDGHDSDUWLUGHVH
JXQGDIHLUDPDVDJRUDSDUDXWHQ
WHVFRPDQRVRXPDLVƇJ@