You are on page 1of 20

&(63(_&(%5$63(±3$6(7$3$

3$57(,±/Ë1*8$(63$1+2/$
(OFHUUDGREUDVLOHxR (Q SOHQR VLJOR ;;, OD JUDQ PD\RUtD GH ORV EUDVLOHxRV
LJQRUDODLQPHQVDGLYHUVLGDGGHORVSXHEORVLQGtJHQDVTXHYLYHQHQ
 ÈUEROHVSHTXHxRV\UHWRUFLGRVHQRFDVLRQHVFRQOD
HOSDtV(QODDFWXDOLGDGVHHQFXHQWUDQHQHOWHUULWRULREUDVLOHxR
FRUWH]DGHVXVWURQFRVWUDQVIRUPDGDHQFDUEyQGHELGRDOSDVR
SXHEORVTXHKDEODQPiVGHGLIHUHQWHVOHQJXDV(QWUHORVSXQWRV
GHOIXHJRHQPHGLRGHXQDDOIRPEUDGHSDVWRV4XLHQHV\DOR
PiVLPSRUWDQWHVSDUDHQWHQGHUVREUHHVWRVSXHEORVWHQHPRVTXH
 KDQ YLVWR LQPHGLDWDPHQWH UHFRQRFHQ HO FHUUDGR OD VDEDQD
EUDVLOHxD (Q ÈIULFD \ $XVWUDOLD ORV RWURV GRV FRQWLQHQWHV ‡ (QHVWDVWLHUUDVFRORQL]DGDVSRUSRUWXJXHVHVGRQGHVHIRUPDUtD
GRQGH HVH ELRPD HV FDUDFWHUtVWLFR ODV VDEDQDV IRUPDQ XQSDtVGHQRPLQDGR%UDVLO\DH[LVWtDQSREODFLRQHVKXPDQDV
 HFRVLVWHPDVPX\VLPLODUHV3HURVXVHPHMDQ]DHVVXSHUILFLDO TXHRFXSDEDQWHUULWRULRVHVSHFtILFRV
GDGRTXHHOFHUUDGRSRVHHXQDPD\RUELRGLYHUVLGDGDSXQWRWDO
GH ILJXUDU HQ OD OLVWD GH ODV  iUHDV GHO PXQGR FRQ PD\RU ‡ &LHUWRV JUXSRV GH SHUVRQDV TXH YLYHQ DFWXDOPHQWH HQ HO
 ULTXH]DGHHVSHFLHV\EDMRDPHQD]DGHH[WLQFLyQORVKRWVSRWV WHUULWRULR EUDVLOHxR HVWiQ KLVWyULFDPHQWH YLQFXODGRV D HVRV
/D QRYHGDG UDGLFD HQ TXH ODV VDEDQDV GH ORV WUHV SULPHURVSXHEORV
FRQWLQHQWHVWDPELpQGLILHUHQHQVXUHVSXHVWDIUHQWHDOIXHJROD
‡ /D GLYLVLyQ WHUULWRULDO HQ SDtVHV %UDVLO 9HQH]XHOD %ROLYLD
 KXPHGDG\ODWHPSHUDWXUDVHJ~QUHYHOyXQJUXSRLQWHUQDFLRQDO
HWF QRFRLQFLGHQHFHVDULDPHQWHFRQODRFXSDFLyQLQGtJHQD
HQ HO FXDO SDUWLFLSDQ FLHQWtILFRV EUDVLOHxRV HQ OD HGLFLyQ GH
GHOHVSDFLRHQPXFKRVFDVRVORVSXHEORVTXHYLYHQKR\HQ
HQHURGHODUHYLVWD6FLHQFHHQiUHDVGHVDEDQDGH6XGDPpULFD
XQDUHJLyQGHIURQWHUDVLQWHUQDFLRQDOHV\DRFXSDEDQHVDiUHD
 ÈIULFD \ $XVWUDOLD 0iV DOOi GH VX LPSRUWDQFLD SDUD OD
DQWHVGHODFUHDFLyQGHODVGLYLVLRQHVHQWUHORVSDtVHV\SRUHVR
FRPSUHQVLyQ GHO IXQFLRQDPLHQWR GH HVWH HFRVLVWHPD ORV
KDOOD]JRVUHVXOWDQHVHQFLDOHVSDUDODFRQVWUXFFLyQGHPRGHORV WLHQH PiV VHQWLGR GHFLU ³SXHEORV LQGtJHQDV HQ %UDVLO´ TXH
 TXH DQWLFLSHQ OD UHDFFLyQ GH ODV VDEDQDV DQWH ORV FDPELRV ³SXHEORVLQGtJHQDVGHO%UDVLO´
FOLPiWLFRV \ HVWLPHQ VX FDSDFLGDG SDUD DWHQXDU HVDV ,QWHUQHWSLEVRFLRDPELHQWDORUJ! FRQDGDSWDFLRQHV 

DOWHUDFLRQHVDOUHPRYHUFDUERQRGHODLUH
-X]JXHORVSUy[LPRVtWHPVFRQUHODFLyQDOWH[WRDQWHULRU
,QWHUQHWUHYLVWDSHVTXLVDIDSHVSEUHV! FRQDGDSWDFLRQHV 

 3RGHPRV GHFLU TXH KD\ JUXSRV KR\ HQ GtD TXH VRQ
-X]JXHORVVLJXLHQWHVtWHPVGHDFXHUGRFRQHOWH[WRDQWHULRU
GHVFHQGLHQWHVGLUHFWRVGHORVSXHEORVLQGtJHQDVDQWLJXRV
 /D³DOIRPEUDGHSDVWRV´ R KDFHDOXVLyQDODDEXQGDQFLDGHO  (OQRVDEHUVREUHORVSXHEORVLQGtJHQDVVREUHVXFXOWXUDVX
SDVWR OHQJXD\VXORFDOL]DFLyQHVDOJRJHQHUDOL]DGRHQODSREODFLyQ
 (OFOLPDHQODVVDEDQDVHQHOPXQGRHVLGpQWLFR EUDVLOHxD
 'H DFXHUGR D XQD LQYHVWLJDFLyQ LQWHUQDFLRQDO ODV VDEDQDV  0XFKRVGHHVWRVSXHEORVH[LVWHQDSDUWLUGHODFRORQL]DFLyQ
UHDFFLRQDQHQIRUPDGLIHUHQWHDQWHHOIXHJRODKXPHGDG\OD SRUWXJXHVD
WHPSHUDWXUD  /DGLIHUHQFLDHQWUHODVSUHSRVLFLRQHVµHQ¶\µGHO¶ VXEUD\DGDV
 (QVXIRUPDVLQJXODUODSDODEUD³ÈUEROHV´ R SLHUGHODWLOGH HQ ODV ~OWLPDV GRV OtQHDV GHO WH[WR  HVWi HQ TXH HO SULPHUR
 /DLPSRUWDQFLDGHORVHVWXGLRVVREUHODVDEDQDHQHOPXQGR LQGLFDHOOXJDU\HOVHJXQGRSRVHVLyQ'HHVWDIRUPDVHSXHGH
UDGLFDHQSRGHUSUHYHQLUODUHDFFLyQIUHQWHDSRVLEOHVFDPELRV DILUPDUTXHORVSXHEORVLQGtJHQDVVHHQFXHQWUDQHQHOWHUULWRULR
FOLPiWLFRVHQHODPELHQWH EUDVLOHxR\QRTXHSHUWHQHFHQDpO

 &RQVLGHUDQGRODYLxHWDDOODGRVHxDOHODRSFLyQFRUUHFWD

A 6HHQVHxDpWLFDDPSOLDPHQWHHQODVHVFXHODV

B $OJXQRV DOXPQRV GHPXHVWUDQ XQ FRPSRUWDPLHQWR

DQWLpWLFR

C (O FRPSRUWDPLHQWR pWLFR GHSHQGH GH OD SUHVHQFLD GHO

SURIHVRUHQHODXOD

D 7RGRVORVDOXPQRVHVWiQFRQFHQWUiQGRVHHQHOWH[WRTXH

HVWiQHVFULELHQGR
,QWHUQHWZZZJRRJOHFRPEU! FRQDGDSWDFLRQHV 

5WDRTQITCOCŌ5GIWPFC'VCRC %CFGTPQ/#&'+4# ŌŌ


&(63(_&(%5$63(±3$6(7$3$

3$57(,±/Ë1*8$)5$1&(6$

,QWHUQHWZZZJRRJOHFRPEU! 3RXSpHHQFpUDPLTXHRULJLQDLUH
GH OD FXOWXUH .DUDMi

/H&HUUDGR
.DUDMi
 /HELRPH&HUUDGRHVWFRPSDUpjFHOXLG¶XQHVDYDQH ,QGLHQVGXFHQWUHRXHVWGX%UpVLOOHV.DUDMi RX&DUDMi
,OSUpVHQWHSRXUWDQWSOXVLHXUVW\SHGHYpJpWDWLRQUpSDUWLHVHQ KDELWHQW O¶eWDW GH *RLiV /H FHQWUH GH OHXU WHUULWRLUH HVW O¶vOH GH
JHQUHGHVDYDQHVGHSUDLULHVHWGHIRUrWV/HVSUpFLSLWDWLRQV %DQDQDOVXUOHIOHXYH$UDJXD\DYRLHGHSpQpWUDWLRQYHUVOHFHQWUH
 YDULHQWGHPPjPPHWOHVWHPSpUDWXUHVGHƒ&j GX%UpVLO
$X;9,,,HVLqFOHOHV.DUDMiVRQWHQWUpVHQFRQWDFWDYHFOHV
ƒ&DYHFXQHIRUWHSpULRGHVqFKHG¶DYULOjVHSWHPEUH/D %ODQFV9HUVODILQGX;,;HVLqFOHLOVpWDLHQWPDLVGDQVOHV
FRXYHUWXUHIRUHVWLqUHGX&HUUDGRUHSUpVHQWHGXWHUULWRLUH DQQpHVOHXUQRPEUHV¶HVWUpGXLWjSHUVRQQHVLOVpWDLHQW
 EUpVLOLHQ HQYLURQHQ
/HV LQFHQGLHV MRXHQW XQ U{OH LPSRUWDQW GDQV OD /HXU pFRQRPLH HVW EDVpH VXU O¶KRUWLFXOWXUH /HV .DUDMi
FXOWLYHQWOHPDQLRFHWOHPDwVGDQVOHVIRUrWVJDOHULHVDXERUGGH
VWUXFWXUDWLRQGHFHELRPH,OV¶DJLWGHSOXVGXELRPHOHSOXV O¶$UDJXD\D &HV UpFROWHV VRQW FRPSOpWpHV SDU OHV SURGXLWV GH OD
 PHQDFpGX%UpVLOpWDQWJULJQRWpSDUOHVFXOWXUHVHWOHVYLOOHV SrFKHTXLHVWWUqVLPSRUWDQWHHWGHODFKDVVH
TXLV¶pWHQGHQW /HV.DUDMiIDEULTXHQWXQHH[FHOOHQWHYDQQHULHGHVREMHWV
/HVIRUrWVGX&HUUDGRVRQWGHSOXVLHXUVW\SHV/DSOXV HQSOXPHVDLQVLTXHGHVYDVHVHWGHVVWDWXHWWHVHQFpUDPLTXH&HV
GHUQLqUHVUpDOLVpHVSDUOHVIHPPHVVRQWDXMRXUG¶KXLO¶REMHWG¶XQ
 UpSDQGXH HVW OD IRUrW © VqFKH ª /HV DUEUHV RQW XQH KDXWHXU FRPPHUFH DFWLI /¶LPSRUWDQFH GH FHV SRXSpHV VXU OH PDUFKp D
PR\HQQHFRPSULVHHQWUHPjP3UHVTXHWRXVSHUGHQW FRQVLGpUDEOHPHQWUHQIRUFpODSRVLWLRQGHODIHPPHGDQVODVRFLpWp
OHXUV IHXLOOHV GXUDQW OD VDLVRQ VqFKH FH TXL HPSrFKH OD NDUDMi$XWUHIRLVUpDOLVpHVHQDUJLOHFUXHVpFKpHDXVROHLOHOOHVVRQW
 SUpVHQFHGHSODQWHVpSLSK\WHVPDLVSHUPHWODFURLVVDQFHG¶XQH DFWXHOOHPHQWFXLWHV$XSDUDYDQWLOH[LVWDLWGHVVWDWXHWWHVHQFLUH
IDEULTXpHVSDUOHVKRPPHV
VWUDWHDUEXVWLYHSOXVRXPRLQVGHQVH 60RQ]RQ.DUDMi,QWHUQHWZZZXQLYHUVDOLVIU! WH[WHDGDSWp 
,QWHUQHWVDPDXPDREUHVLOZRUGSUHVVFRP! WH[WHDGDSWp 
'¶DSUqVOHWH[WHFLGHVVXVMXJH]OHVSURSRVLWLRQVVXLYDQWHV
¬SDUWLUGXWH[WHFLGHVVXVMXJH]OHVSURSRVLWLRQVVXLYDQWHV  3DU OH IOHXYH $UDJXD\D RQ D DFFqV j OD SDUWLH FHQWUDOH GX
%UpVLO
 'HV FXOWXUHV HW GHV YLOOHV VH GLVWDQFLHQW GX ELRPH &HUUDGR
 3DUUDSSRUWDXQRPEUHGH.DUDMiH[LVWDQWjODILQGX;;HVLqFOH
SDUFHTXHFHELRPHHVWGHSOXVHQSOXVPHQDFp HQFHWWHSRSXODWLRQDYDLWGLPLQXpDSSUR[LPDWLYHPHQWGH
 /DSKRWRLOOXVWUDQWOHWH[WHDSUREDEOHPHQWpWpSULVHSHQGDQWOD VRL[DQWHGL[SRXUFHQW
VDLVRQVqFKHGX&HUUDGR  (QFRQVLGpUDQWOHVPR\HQVGHVXEVLVWDQFHGHV.DUDMiRQSHXW
FRQFOXUHTX¶LOVFRQVRPPHQWVXUWRXWGHODYLDQGHGHERYLQV
 /H&HUUDGRDXQHVXSHUILFLHGHIRUrWTXLRFFXSHSUHVTXH
 /DSRXSpHVXUODSKRWRLOOXVWUDQWOHWH[WHH[HPSOLILHO¶XQGHV
GHODVXUIDFHGX%UpVLO DUWLVDQDWVTX¶H[pFXWDLHQWOHVIHPPHV.DUDMi
 2QSHXWUHPSODFHUO¶DGYHUEH©SRXUWDQWª R SDUO¶DGYHUEH  2Q FRQFOXW TXH OHV SRXSpHV HQ FLUH RQW FRPPHQFp j rWUH
DORUVVDQVFKDQJHUOHVHQVGHODSKUDVH IDEULTXpHVSDUOHVIHPPHV

 ¬SDUWLUGHODYLJQHWWHSUpVHQWpjF{WHFKRLVLVVH]ODSURSRVLWLRQ
FRUUHFWH

A /DYLJQHWWHUHSUpVHQWHODSURSRUWLRQGHODSRSXODWLRQTXL
DJLWGHIDoRQpWKLTXH

B 4XHOTXHV SHUVRQQHV GpPRQWUHQW XQ FRPSRUWHPHQW


DQWLpWKLTXH

C 2QSHXWFRQFOXUHTXHO¶pWKLTXHHVWODUJHPHQWHQVHLJQpH
GDQVOHVpFROHV
,QWHUQHWZZZJRRJOHFRPEU!
D &KDTXHSHUVRQQHVHFRQFHQWUHVXUO¶pFULWXUHGHVRQWH[WH

5WDRTQITCOCŌ5GIWPFC'VCRC %CFGTPQ/#&'+4# ŌŌ


&(63(_&(%5$63(±3$6(7$3$

3$57(,±/Ë1*8$,1*/(6$

,QWHUQHWZZZJRRJOHFRPEU!

$PRQJRWKHUUHDVRQV%UD]LOLDQLQGLJHQRXVJURXSVXVHG ,QWHUQHWZZZDOWLQRPDFKDGRFRPEU!

ILUHIRUVKLIWLQJFXOWLYDWLRQ7KHWDVNZDVFDUHIXODQGGHWDLOHGEXUQV
ZHUHXVXDOO\PDGHLQVPDOODUHDVILUVWWKH\RSHQHGDVSDFHLQWKH $WWKHWLPHRIWKHGLVFRYHU\RI%UD]LO%UD]LOLDQQDWLYHV
IRUHVWE\FXWWLQJPRVWWUHHVDOVRFDOFXODWLQJWKHZD\WRIHOOWKHPLQ ZHUH QDNHG 7KLV LV KRZ WKH 3RUWXJXHVH VHWWOHUV IRXQG WKHP
RUGHUWROHDYHRSHQFRUULGRUVZKHUHWKH\SODQWHGHGLEOHURRWVDQG &ORWKLQJZDVLQWURGXFHGWR,QGLDQFXVWRPVE\WKH3RUWXJXHVH)URP
EXOEV FDVVDYDVZHHWSRWDWRHWF $IWHUDFRXSOHRIPRQWKVZKHQ WKHFRQWDFWZLWKVRFDOOHGµFLYLOL]DWLRQ¶,QGLDQVEHJDQDGRSWLQJWKH
WKHIHOOHGWUHHVZHUHGULHUWKH\EXUQHGWKHPFRQWUROOLQJWKHILUH FORWKHVRIWKHPHQIURPWKHFLWLHV
WHPSHUDWXUHVRDVWRQRWGDPDJHWKHSODQWDWLRQ7KHUHVXOWLQJDVKHV &XUUHQWO\,QGLDQV¶FORWKLQJLVUHODWHGWRWKHFOLPDWHWKH
IHUWLOL]HG WKH VRLO DQG PDLQWDLQHG D KLJK SURGXFWLYLW\ RI WKH QDWXUHRIWKHLUULWHVDQGIHVWLYDOV7KHUHDUHWULEHVLQZKLFKGHVSLWH
GRPHVWLFDWHGSODQWVSHFLHVIRUWZRWRWKUHH\HDUV$IWHUWKDWWKH WKHLUKDYLQJDGRSWHGWKHXVHRIFORWKHVPHPEHUVUHPDLQQDNHGLQ
ILHOGZDVDEDQGRQHGSORZHGEXWXQFXOWLYDWHGIRUVRPHGHFDGHVWR VSHFLDOFHUHPRQLHV*HQHUDOO\VSHDNLQJWKHLQGLJHQRXVJDUPHQWLV
UHFRYHU QRWDVVRFLDWHGZLWKPRUDOLW\
7KHFXOWLYDWHGSORWV URoDV ZHUHRIGLIIHUHQWVL]HVDQGWKH %UD]LOLDQ,QGLDQVXVHPDQ\RUQDPHQWVDQGERG\SDLQWLQJ
QDWXUDOYHJHWDWLRQDURXQGWKHPZDVOHIWLQWDFWWRIDFLOLWDWHIRUHVW 7KH\ILQGPDWHULDOVIRUPDNLQJRUQDPHQWVOLNHQHFNODFHVEUDFHOHWV
UHJURZWKLQWKHSORWVDIWHUDEDQGRQPHQW:KDWHYHUWKHUHDVRQWKH DUPEDQGVDQGHDUULQJVLQWKHWKUHHNLQJGRPVRIQDWXUH²SODQW
XVHRIILUHE\LQGLJHQRXVSHRSOHVZDVYHU\FDUHIXODQGDFFXUDWH DQLPDODQGPLQHUDO7KHDGRUQPHQWVDUHPDGHZLWKIHDWKHUVIURP
7KHREMHFWLYHVIRUEXUQLQJWKHEXUQLQJVLWHDQGWKHILUHEHKDYLRU ELUGVVLVDOVWRQHVWHHWKQDLOVFODZVDQGEHDNVRIDQLPDOVDQG
ZHUHZHOOGHILQHGDQGGHWHUPLQHGWKHILUHUHJLPHWREHDGRSWHG VHHGV
%DVHGRQVHYHUDOHFRORJLFDOLQGLFDWRUVVXFKDVULYHUF\FOHVFORXGV %RG\SDLQWLQJLVXVHGLQVRPHWULEHVEHVLGHVYDQLW\DQG
ZLQG GLUHFWLRQ OHYHO RI ULYHUV F\FOHV RI NH\ SODQW DQG DQLPDO
DHVWKHWLFVDVDZD\RIGLVWLQJXLVKLQJVRFLDOJURXSVZLWKLQDJLYHQ
VSHFLHVWKHHOGHUVGHFLGHGZKHQDQGKRZWREXUQDQGWKHOHDGHUV
DQQRXQFHGWKHGHFLVLRQWRWKHPDOHJURXSGHQRWLQJDFOHDUVRFLDO LQGLJHQRXVVRFLHW\7KHPDWHULDOVIRUWKLVSDLQWLQJDUHLQNVPDGH
FRQWURORYHUWKHDFWLYLW\DQGDSUHFLVHZD\WRNHHSWKHLUUHVRXUFHV ZLWKYHJHWDEOHG\HVWKHFDUERQSRZGHUWKDWLVXVHGRQWKHERG\
,QWHUQHWTXHLPDGDVFSWHFLQSHEU! DGDSWHG 
RYHUDOD\HURIUHVLQDQGOLPHVWRQHIURPZKLFKWKHFRORXUZKLWHLV
H[WUDFWHG7KHLUERGLHVDUHGHFRUDWHGZLWKJHRPHWULFGHVLJQVVRPH
%DVHGRQWKHWH[WDERYHMXGJHWKHIROORZLQJLWHPV FRPSOH[DQGYHU\EHDXWLIXODQGLQYLEUDQWFRORUV
,QWHUQHWEDVLOLRIXQGDMJRYEU! DGDSWHG 
 7KHWH[WLQIRUPVXVWKDWWKHSORWVEHFDPHVWHULOHDIWHUEHLQJ
DEDQGRQHG %DVHGRQWKHWH[WDERYHMXGJHWKHIROORZLQJLWHPV
 ,WFDQEHFRQFOXGHGIURPWKHWH[WWKDW%UD]LOLDQ,QGLDQVZHUH
VNLOOIXOODQGPDQDJHUV  7KHWH[WDVVHUWVWKDWPRVWVRFLDOJURXSVVKDUHWKHVDPHW\SHRI
 ,W FDQ EH LQIHUUHG IURP WKH WH[W WKDW DVKHV GHULYHG IURP DQ ERG\SDLQWLQJ
LQWHOOLJHQWXVHRIILUHDLGVFURSV  $FFRUGLQJWRWKHWH[W,QGLDQV¶FORWKLQJQRZDGD\VLVUHODWHGWR
WKHLUGHJUHHRIFLYLOL]DWLRQ
 $FFRUGLQJWRWKHWH[WWUHHVZHUHEXUQHGDVVRRQDVWKH\ZHUH
FXW  ,WFDQEHFRQFOXGHGIURPWKHWH[WWKDWQDWXUHSURYLGHV,QGLDQV
 ,W FDQ EH LQIHUUHG IURP WKH WH[W WKDW %UD]LOLDQ ,QGLDQV DUH ZLWKHYHU\WKLQJWKH\QHHGWRPDNHRUQDPHQWV
HQYLURQPHQWRULHQWHG  7KHDXWKRURIWKHWH[WFODLPVWKDW,QGLDQVGLVUHJDUGH[WHUQDO
EHDXW\

 $QDO\]HWKHFDUWRRQRQWKHOHIWDQGFKRRVHWKHFRUUHFWRSWLRQ

A (WKLFVLVZLGHO\WDXJKWLQVFKRROV

B 7KHDEVHQFHRIWKHWHDFKHUVKRZVODFNRIHWKLFVRQKLVKHU
SDUW

C 7KH DVVLJQHG WRSLF SRVHV GLIILFXOW\ WR VRPH RI WKH


VWXGHQWV

,QWHUQHWZZZJRRJOHFRPEU!
D (DFKVWXGHQWLVZULWLQJKLVRZQLQGLYLGXDOFRPSRVLWLRQ

5WDRTQITCOCŌ5GIWPFC'VCRC %CFGTPQ/#&'+4# ŌŌ


&(63(_&(%5$63(±3$6(7$3$

3$57(,,
 1RUD1mRROKHDVVLPSDUDPLP7RUYDOG
+HOPHU (QWmR QmR KHL GH FRQWHPSODU R PHX PDLV TXHULGR
WHVRXUR"(VVHHVSOHQGRUTXHpPHXVyPHXWRGRPHX
 1RUD IXJLQGRSDUDRRXWURODGRGDPHVD (VWDQRLWHQmRTXHUR
TXHYRFrPHIDOHGHVVDIRUPD
+HOPHU VHJXLQGRD $WDUDQWHODDLQGDHVWiQRVHXVDQJXH
 SHOR TXH YHMR ( DVVLP YRFr DLQGD p PDLV VHGXWRUD (VWi
RXYLQGR"6mRRVFRQYLGDGRVTXHVHUHWLUDP PDLVEDL[R 1RUD
GDTXLDSRXFRWRGRRSUpGLRHVWDUiHPVLOrQFLR
 1RUD$VVLPHVSHUR
+HOPHU1mRpYHUGDGHPLQKDSHTXHQD1RUDDGRUDGD"$K
TXDQGRQRVHQFRQWUDPRVQXPDUHXQLmRFRPRDGHVWDQRLWH
 VDEHSRUTXHPHFRQVHUYRORQJHGHYRFrFRQWHQWDQGRPHHP
HQYROYrODQXPUiSLGRROKDU"6DEHSRUTXr"3RUTXHIDoRGH
FRQWDTXHHQWUHQyVKiXPDSDL[mRVHFUHWDTXHHVWDPRVQRLYRV
 VHPTXHQLQJXpPVDLEDGLVVR
1RUD6LPVLPEHPVHLTXHWRGRVRVVHXVSHQVDPHQWRVVmR
SDUDPLP
*HRUJLQDGH$OEXTXHUTXH6HVVmRGR&RQVHOKRGR(VWDGRyOHR
VREUHWHODFPîFP0XVHX+LVWyULFR1DFLRQDO5LRGH-DQHLUR
 +HOPHU(DRQRVUHWLUDUPRVTXDQGRSRXVRR[DOHQRVVHXV
GHOLFDGRV RPEURV MXYHQLV j YROWD GD PDUDYLOKRVD QXFD
(PDIDPRVD6HPDQDGH$UWH0RGHUQDURPSHXFRP LPDJLQRTXHYRFrpPLQKDMRYHPQRLYDHTXHWHUPLQDGDDIHVWD
 GRFDVDPHQWRHXDFRQGX]RSHODSULPHLUDYH]SDUDFDVDRQGH
DVWUDGLo}HVLPRUWDOL]DQGRDUWLVWDVFRPR$QLWD0DOIDWWLH0DULRGH
HQILPYDPRVILFDUDVyVYRXILFDUDVyVFRPYRFrFRPVXD
$QGUDGH 1HVVH PHVPR DQR RXWUR DFRQWHFLPHQWR PXLWR PHQRV MRYHPSDOSLWDQWHJUDoD 
FHOHEUDGR SHOD KLVWRULRJUDILD WDPEpP FRQVWLWXLX XP PDUFR  1RUD$JRUDYi7RUYDOG'HL[HPH1mRTXHUR
LPSRUWDQWH QD DUWH EUDVLOHLUD SHOD SULPHLUD YH] XPD PXOKHU HUD +HOPHU2TXHTXHUGL]HULVVR"(QWmRDPLQKDSHTXHQD1RUD
SUHPLDGD SRU XPD SLQWXUD KLVWyULFD JrQHUR DUWtVWLFR PDLV UHVROYHXEULQFDUFRPLJR"³1mRTXHUR´6RXVHXPDULGRQmR
SUHVWLJLDGRQDpSRFD$SDXOLVWD*HRUJLQDGH$OEXTXHUTXHUHFHEHX  VRX"
+HQULN,EVHQ&DVDGHERQHFDV6mR3DXOR9HUHGDVS
R SUrPLR FRQFHGLGR SHOD (VFROD 1DFLRQDO GH %HODV $UWHV SHOD
SLQWXUD 6HVVmR GR &RQVHOKR GR (VWDGR $ SDUWLU GR WHPD &RQVLGHUDQGRDREUD&DVDGHERQHFDVGH+HQULN,EVHQHRWUHFKR
LQGHSHQGrQFLDGR%UDVLODDUWLVWDTXHVWLRQDYDDVUHSUHVHQWDo}HVGR DSUHVHQWDGRDFLPDGHODH[WUDtGRMXOJXHRVSUy[LPRVLWHQV
SRGHU DR HVFROKHU UHWUDWDU XPD PXOKHU QR FHQWUR GH XP  1D YDULHGDGH GR SRUWXJXrV IDODGD QR %UDVLO QmR p XVXDO R
DFRQWHFLPHQWR KLVWyULFR (P YH] GH UHWUDWDU XP HYHQWR WULXQIDO HPSUHJRGHFRQVWUXo}HVFRPR³'HL[HPH´ R H³3RUTXH
FRPR D IDPRVD WHOD GH 3HGUR $PpULFR D REUD UHSUHVHQWDYD XP IDoRGHFRQWDTXHHQWUHQyVKiXPDSDL[mRVHFUHWD´ RH 
HSLVyGLR GLSORPiWLFR QR TXDO D SULQFHVD /HRSROGLQD RXYLD DV XPD YH] TXH QmR VH FRVWXPD HPSUHJDU rQFOLVH SURQRPLQDO
RSLQL}HV GRV PHPEURV GR FRQVHOKR GH (VWDGR VREUH D WDPSRXFRXWLOL]DURYHUERKDYHUSDUDLQGLFDUH[LVWrQFLD
LQGHSHQGrQFLD  $IUDVH³6RXVHXPDULGRQmRVRX"´ RH pXPUHFXUVR
UHWyULFRXVDGRSRU+HOPHUSDUDTXHVWLRQDUDUHFXVDGH1RUD
0DULQD 7HVVLWRUH $V DUWLVWDV HVTXHFLGDV SHOD KLVWyULD ,Q 5HYLVWD
$57(%UDVLOHLURV  ,QWHUQHW ELWO\W64T! FRP DGDSWDo}HV  H[SUHVVDHPVXDVSDODYUDV³$JRUDYi7RUYDOG'HL[HPH1mR
TXHUR´ R 
&RQVLGHUDQGRDSLQWXUDGH*HRUJLQDGH$OEXTXHUTXHHRIUDJPHQWR  (PERUDWHQKDVLGRHVFULWRQRVpFXOR;,;RWH[WRGUDPiWLFR
GHWH[WRDSUHVHQWDGRMXOJXHRVLWHQVDVHJXLU &DVDGHERQHFDVPDQWpPHPVXDHVWUXWXUDIRUPDORSULQFtSLR
GDVWUrVXQLGDGHVDULVWRWpOLFDV
 $SLQWXUDGH*HRUJLQDGH$OEXTXHUTXHUHSUHVHQWDXPDVHVVmR  1D REUD &DVD GH ERQHFDV RV SHUVRQDJHQV WRUQDPVH
GR&RQVHOKRGR(VWDGRRFRUULGDHP FRQKHFLGRV D SDUWLU GRV GLiORJRV WUDYDGRV HQWUH HOHV QmR
KDYHQGRXPQDUUDGRUTXHRVDSUHVHQWHRTXHFRQVWLWXLXPD
 2JrQHURKLVWyULFRPXLWRSUHVWLJLDGRQDDUWHDFDGrPLFDIRLR FDUDFWHUtVWLFDIXQGDPHQWDOGRWHDWURUHDOLVWDHQDWXUDOLVWD
SULQFLSDOGHVWDTXHQD6HPDQDGH$UWH0RGHUQDGH
 3DUDFRPSRURVSHUVRQDJHQVGDSHoD&DVDGHERQHFDV,EVHQ
 $ SLQWXUD GH *HRUJLQD GH $OEXTXHUTXH DSUHVHQWD DVSHFWRV IXQGDPHQWRXVH HP GLVFXUVRV FLHQWtILFRV GR VpFXOR ;,; GH
LPSUHVVLRQLVWDVFRPRDVSLQFHODGDVOLYUHVHDVFRUHVYLEUDQWHV PRGR TXH 1RUD H +HOPHU SRGHP VHU LQWHUSUHWDGRV FRPR
SHUVRQDJHQVDOHJyULFRV
 (PERUDUHSUHVHQWH/HRSROGLQDHPVLOrQFLRRXYLQGRDRSLQLmR
 1R HQUHGR GH &DVD GH ERQHFDV LGHQWLILFDVH R GLVFXUVR GD
GHDOJXQVKRPHQVDSLQWXUDUHFRQKHFHjSULQFHVDXPSDSHOQD RSUHVVmRIHPLQLQDQDVUHODo}HVFRQMXJDLV
YLGDS~EOLFD  'DREUD&DVDGHERQHFDVGHSUHHQGHVHTXH+HOPHUDFUHGLWD
 $RUHSUHVHQWDUDSULQFHVD/HRSROGLQDIRUDGRFHQWURGDSLQWXUD TXHDFRQGLomRGHHVSRVDLPSXWDD1RUDGHWHUPLQDGRVGHYHUHV
*HRUJLQDGH$OEXTXHUTXHDWHQXDDLPSRUWkQFLDKLVWyULFDGHVVD H REULJDo}HV QR WUHFKR DSUHVHQWDGR LVVR p HYLGHQFLDGR QD
SHUJXQWD³6RXVHXPDULGRQmRVRX"´ RH 
SHUVRQDJHP

5WDRTQITCOCŌ5GIWPFC'VCRC %CFGTPQ/#&'+4# ŌŌ


&(63(_&(%5$63(±3$6(7$3$

 (UD XPD PRHGD GR WHPSR GR UHL FXLGR TXH GR]H  3HORIDWRGHFRQVLGHUDUTXHSRGHULDVHUFHQVXUDGRFDVRIRVVH
YLQWpQVRXGRLVWRVW}HVQmRPHOHPEURPDVHUDXPDPRHGDH
IODJUDGR UHFHEHQGR D PRHGD GR FROHJD R QDUUDGRU WLQKD
WDOPRHGDTXHPHIH]SXODURVDQJXHQRFRUDomR5DLPXQGR
 UHYROYHX HP PLP R ROKDU SiOLGR GHSRLV SHUJXQWRXPH VH D FRQVFLrQFLDGHTXHDWURFDSURSRVWDSRGHULDVHUUHSUHHQVtYHO
TXHULDSDUDPLP5HVSRQGLOKHTXHHVWDYDFDoRDQGRPDVHOH
MXURXTXHQmR  $RXWLOL]DUDH[SUHVVmR³OHQGRFRPIRJR´ R RQDUUDGRU
 ²0DVHQWmRYRFrILFDVHPHOD" H[SUHVVDVHPHWDIRULFDPHQWH
²0DPmHGHSRLVPHDUUDQMDRXWUD(ODWHPPXLWDV  $LQWULJDGH&RQWR GH HVFRODpWLSLFDPHQWHURPkQWLFDKDMD
TXH YRY{ OKH GHL[RX QXPD FDL[LQKD DOJXPDV VmR GH RXUR
 9RFrTXHUHVWD" YLVWD D IRUWH LGHDOL]DomR TXH GHWHUPLQD D FRPSRVLomR GDV
0LQKD UHVSRVWD IRL HVWHQGHUOKH D PmR SHUVRQDJHQV
GLVIDUoDGDPHQWH GHSRLV GH ROKDU SDUD D PHVD GR PHVWUH
 5DLPXQGRUHFXRXDPmRGHOHHGHXjERFDXPJHVWRDPDUHOR  1R&RQWRGHHVFRODDRDERUGDURFRQIOLWRLQWHUQRUHODFLRQDGR
TXH TXHULD VRUULU (P VHJXLGD SURS{VPH XP QHJyFLR XPD jHVFROKDIHLWDSHORQDUUDGRU0DFKDGRGH$VVLVDSUR[LPDVHGD
WURFDGHVHUYLoRVHOHPHGDULDDPRHGDHXOKHH[SOLFDULDXP
 SRQWRGDOLomRGHVLQWD[H1mRFRQVHJXLUDUHWHUQDGDGROLYUR HVWpWLFDQDWXUDOLVWDQRTXHVHUHIHUHDRGHWHUPLQLVPRVRFLDO
HHVWDYDFRPPHGRGRSDL(FRQFOXtDDSURSRVWDHVIUHJDQGRD
 8PDFDUDFWHUtVWLFDPDUFDQWHGRQDUUDGRUGH&RQWRGHHVFRODp
SUDWLQKDQRVMRHOKRV
 7LYHXPDVHQVDomRHVTXLVLWD1mRpTXHHXSRVVXtVVH DFDSDFLGDGHGHHOHFRQKHFHUHH[SRUDRORQJRGDQDUUDWLYDRV
GDYLUWXGHXPDLGHLDDQWHVSUySULDGHKRPHPQmRpWDPEpP VHQWLPHQWRVHSHQVDPHQWRVGHWRGRVRVSHUVRQDJHQV
TXH QmR IRVVH IiFLO HP HPSUHJDU XPD RX RXWUD PHQWLUD GH
 FULDQoD6DEtDPRVDPERVHQJDQDUDRPHVWUH$QRYLGDGHHVWDYD
QRVWHUPRVGDSURSRVWDQDWURFDGHOLomRHGLQKHLURFRPSUD
IUDQFDSRVLWLYDWRPDOiGiFiWDOIRLDFDXVDGDVHQVDomR
 )LTXHLDROKDUSDUDHOHjWRDVHPSRGHUGL]HUQDGD
&RPSUHHQGHVHTXHRSRQWRGDOLomRHUDGLItFLOHTXH
R5DLPXQGRQmRRWHQGRDSUHQGLGRUHFRUULDDXPPHLRTXHOKH
 SDUHFHX~WLOSDUDHVFDSDUDRFDVWLJRGRSDL6HPHWHPSHGLGR
D FRLVD SRU IDYRU DOFDQoiODLD GR PHVPR PRGR FRPR GH
RXWUDVYH]HVPDVSDUHFHTXHHUDOHPEUDQoDGDVRXWUDVYH]HV
 RPHGRGHDFKDUDPLQKDYRQWDGHIURX[DRXFDQVDGDHQmR
DSUHQGHUFRPRTXHULD²HSRGHVHUPHVPRTXHHPDOJXPD ,QWHUQHWZZZTLHGXFDFDRFRP!
RFDVLmROKHWLYHVVHHQVLQDGRPDO²SDUHFHTXHWDOIRLDFDXVD
 GDSURSRVWD 7HQGRFRPRUHIHUrQFLDDWLULQKDDFLPDIDoDRTXHVHSHGHQRLWHP
2 SREUHGLDER FRQWDYD FRP R IDYRU ² PDV TXHULD DVHJXLUTXHpGRWLSR'
DVVHJXUDUOKHDHILFiFLDHGDtUHFRUUHXjPRHGDTXHDPmHOKH
 GHUDHTXHHOHJXDUGDYDFRPRUHOtTXLDRX EULQTXHGRSHJRX  ([SOLFLWHDVFDWHJRULDVWD[RQ{PLFDV UHLQRILORHFODVVH DTXH
GHODHYHLRHVIUHJiODQRVMRHOKRVjPLQKDYLVWDFRPRXPD
SHUWHQFH R RUJDQLVPR UHSUHVHQWDGR QD WLULQKD ([SOLTXH D
WHQWDomR5HDOPHQWHHUDERQLWDILQDEUDQFDPXLWREUDQFDH
 SDUDPLPTXHVyWUD]LDFREUHQREROVRTXDQGRWUD]LDDOJXPD FDUDFWHUtVWLFDHRWLSRGHUHSURGXomRGHVVHRUJDQLVPRHFLWH
FRLVDXPFREUHIHLRJURVVRD]LQKDYUDGR GRLV H[HPSORV GH SDUDVLWDV GR KRPHP H GH RXWURV DQLPDLV
1mRTXHULDUHFHErODHFXVWDYDPHUHFXViOD2OKHL SHUWHQFHQWHVDRPHVPRILORDTXHWDORUJDQLVPRSHUWHQFH
 SDUDRPHVWUHTXHFRQWLQXDYDDOHUFRPWDOLQWHUHVVHTXHOKH
SLQJDYDRUDSpGRQDUL]²$QGHWRPHGL]LDPHEDL[LQKRR

ILOKR(DSUDWLQKDIX]LODYDOKHHQWUHRVGHGRVFRPRVHIRUD
 GLDPDQWH(PYHUGDGHVHRPHVWUHQmRYLVVHQDGDTXHPDO 
KDYLD"(HOHQmRSRGLDYHUQDGDHVWDYDDJDUUDGRDRVMRUQDLV
OHQGRFRPIRJRFRPLQGLJQDomR 
 ²7RPHWRPH5HODQFHLRVROKRVSHODVDODHGHL 
FRPRVGR&XUYHORHPQyVGLVVHDR5DLPXQGRTXHHVSHUDVVH 
3DUHFHXPHTXHRRXWURQRVREVHUYDYDHQWmRGLVVLPXOHLPDV
 GDtDSRXFRGHLWHLOKHRXWUDYH]RROKRH²WDQWRVHLOXGHD 
YRQWDGH²QmROKHYLPDLVQDGD(QWmRFREUHLkQLPR

²'rFi
0DFKDGR GH $VVLV &RQWR GH HVFROD ,Q 2EUD

FRPSOHWD5LRGH-DQHLUR1RYD$JXLODUY,,

&RQVLGHUDQGR R WUHFKR DSUHVHQWDGR GH &RQWR GH HVFROD GH 
0DFKDGRGH$VVLVMXOJXHRVLWHQVGHD
 2 QDUUDGRU DWULEXL D ³VHQVDomR HVTXLVLWD´ R  DR IDWR GH 2HVSDoRUHVHUYDGRDFLPDpGHXVRRSFLRQDOSDUDUDVFXQKR1mRVH
MXOJDULQDGPLVVtYHODLGHLDGHDMXGDURFROHJDDHQWHQGHUDOLomR HVTXHoDGHWUDQVFUHYHUVXDUHVSRVWDSDUDR&DGHUQRGH5HVSRVWDV
GHVLQWD[H

5WDRTQITCOCŌ5GIWPFC'VCRC %CFGTPQ/#&'+4# ŌŌ


&(63(_&(%5$63(±3$6(7$3$

(QWUH DV FHQWHQDV GH FRPSRVLo}HV HVFULWDV SRU YiULRV


PHVWUHV QHQKXPD REUD FRUUHVSRQGH GH IRUPD PDLV FRPSOHWD j
Pi[LPDGHTXHWRGDYHUGDGHLUDREUDGHDUWHpXPDPDQLIHVWDomRGR
GLYLQRGRTXHD6LQIRQLDHPGyPHQRUGH%HHWKRYHQ  4XHXQLmR
PDUDYLOKRVDGHHQHUJLDPDMHVWDGHPLVWpULRHJUDQGH]DHVWiFRQWLGD
QDTXHOHVTXDWURPRYLPHQWRV4XHVRSURGHSRHVLDHVVDREUDUHYHOD
HPQRVVRVVHQWLGRVQRVSHUPLWLQGRHQ[HUJDUDVXDSURIXQGLGDGH2
SUySULR FRPSRVLWRU IRUQHFHX D FKDYH SDUD HVWD SURIXQGLGDGH
TXDQGRXPGLDQDSUHVHQoDGHVWHDXWRUDSRQWRXSDUDRLQtFLRGR
SULPHLUR PRYLPHQWR H H[SUHVVRX QHVWDV SDODYUDV D LGHLD
IXQGDPHQWDOGHVVDREUD³$VVLPR'HVWLQREDWHjSRUWD´
$QWRQ6FKLQGOHU%HHWKRYHQDV,NQHZKLP'RQDOG:0F$UGOH (G &KDSHO
+LOO 8QLYHUVLW\ RI 1RUWK &DUROLQD 3UHVV  S WUDGX]LGR H DGDSWDGR 

&RQVLGHUDQGRRIUDJPHQWRGHWH[WRDFLPDMXOJXHRVLWHQVGHD
HDVVLQDOHDRSomRFRUUHWDQRLWHPTXHpGRWLSR&
1mR VRX Oi XPD SHVVRD PXLWR GDV FLrQFLDV PDV VRX
EDVWDQWHFXULRVD7DPEpPQmRVRXSUROtILFDRVXILFLHQWHSDUDFULDU  2 SULPHLUR PRYLPHQWR GD 6LQIRQLD HP Gy PHQRU GH
SRHVLDV URPkQWLFDV 0DV D FXULRVLGDGH PH ID] JRVWDU PXLWR GH %HHWKRYHQFRPHoDFRPXPPRWLYRGHTXDWURQRWDVWRFDGRHP
DSUHQGHUVREUHItVLFDHTXDQGRSHQVRQDVFRLVDVPDLVEiVLFDVWHQKR XQtVVRQR H TXH p UHSHWLGR LPHGLDWDPHQWH VHP QHQKXPD
YRQWDGHGHHVFUHYHUVREUHDEHOH]DGH³XPDRQGDORQJLWXGLQDOTXH YDULDomR
VyVHSURSDJDHPPHLRVPDWHULDLVHTXHWHPIUHTXrQFLDQDIDL[D
HQWUH+]H+]TXHJHUDXPIHQ{PHQRVRQRURRVRP´$  2PRWLYRUtWPLFRLQLFLDOGHWUrVQRWDVFXUWDVHXPDQRWDORQJD
DXGLomR ID] SDUWH GR FRQMXQWR GH VHQWLGRV DVVRFLDGRV FRP D p XWLOL]DGR GH IRUPD DEXQGDQWH SRU %HHWKRYHQ HP WRGR R
VREUHYLYrQFLD R FKRUR GH XP QHQpP p D SULPHLUD WHQWDWLYD GH
FRPXQLFDomR XP JULWR p XPD DUPD GH GHIHVD R FDQWR GH XP SULPHLURPRYLPHQWRGD6LQIRQLDHPGyPHQRUGDQGRXQLGDGH
SiVVDURpIHUUDPHQWDGHVHGXomR2VRPID]SDUWHGRFRWLGLDQRTXH WHPiWLFDjREUD
FRQKHFHPRV2VLOrQFLRQmR3ULQFLSDOPHQWHSDUDTXHPPRUDHP
]RQDVPHWURSROLWDQDVRQGHPHVPRjQRLWHpEDUXOKHQWR6HPSUH  6HJXLQGRDWHQGrQFLDDSOLFDGDDRVSULPHLURVPRYLPHQWRVGH
DFKRHQJUDoDGRYROWDUSDUDDFDVDGRVPHXVSDLVHPXPDFLGDGH VLQIRQLDVGDpSRFDRSULPHLURPRYLPHQWRGD6LQIRQLDHPGy
SHTXHQDH³RXYLURVLOrQFLRGDQRLWH´JULORVHjVYH]HVXQVJDWRV PHQRUpHVWUXWXUDGRHPIRUPDGHVRQDWDQDTXDODP~VLFDp
DFDVDODQGR
,QWHUQHW ZZZUHYLVWDFDSLWROLQDFRPEU! FRP DGDSWDo}HV 
RUJDQL]DGDHPWUrVVHo}HVEiVLFDVH[SRVLomRGHVHQYROYLPHQWR
HUHFDSLWXODomR
7HQGRFRPRUHIHUrQFLDLQLFLDORWH[WRDFLPDMXOJXHRVLWHQVGH
DHIDoDRTXHVHSHGHQRLWHPTXHpGRWLSR%  2SULPHLURPRYLPHQWRGD6LQIRQLDHPGyPHQRUWHUPLQDFRP
XPD FRGD RX VHMD XPD VHomR FRQFOXVLYD TXH SRVVXL XPD
 $OLQKDODWHUDOGRVFRQGUtFWHVFRQVWLWXLVHGHFpOXODVVHQVRULDLV
FLOLDGDVTXHVHGREUDPHPUHVSRVWDjPRYLPHQWDomRGDiJXD H[WHQVmRVLPLODUDFDGDXPDGHVXDVRXWUDVWUrVVHo}HV
GHQWURGRVFDQDLVGLVSRVWRVVRE DSHOHGRSHL[HWRUQDQGRR  %HHWKRYHQpXPFRPSRVLWRUGRSHUtRGREDUURFR
FDSD] GH GHWHFWDU FRUUHQWHV GH iJXD H SHTXHQDV YLEUDo}HV
UHODFLRQDGDV FRP D SUHVHQoD GH REVWiFXORV H GH FRUSRV HP  2DXWRUGRWH[WRGHIHQGHTXHSDUDTXHFRUUHVSRQGDGHIRUPD
PRYLPHQWR PDLVFRPSOHWDjPi[LPDGHTXHWRGDYHUGDGHLUDREUDGHDUWHp
 0XLWRV LQVHWRV SRVVXHP yUJmRV SDUD D FDSWDomR GH VRQV XPDPDQLIHVWDomRGRGLYLQRXPDFRPSRVLomRDUWtVWLFDGHYHWHU
IRUPDGRVSRUXPDPHPEUDQD²RWtPSDQR²TXHYLEUDHP
UHVSRVWDDIUHTXrQFLDVVRQRUDVHVSHFtILFDVHVWLPXODQGRQHUYRV GRLV DWULEXWRV FRPELQDU HQHUJLD PDMHVWDGH PLVWpULR H
TXHFRQGX]HPDVVHQVDo}HVVRQRUDVDWpRVJkQJOLRVQHUYRVRV JUDQGH]DHH[DODUSRHVLDDRVVHQWLGRV
GRDQLPDO
 &DVRXPDSHVVRDTXHHVWHMDRXYLQGRXPLQVWUXPHQWRPXVLFDO
 2DFHVVRDRVHVSDoRVYHUGHVGDGDVDVVXDVFDUDFWHUtVWLFDVHVWi
UHODFLRQDGR D PHOKRU TXDOLGDGH GH YLGD SDUD R KRPHP SRU VH GHVORTXH SDUD R SRQWR PpGLR GD GLVWkQFLD HQWUH R
DMXGDU D SUHYHQLU XPD VpULH GH SUREOHPDV ItVLFRV H PHQWDLV LQVWUXPHQWR H D VXD SRVLomR LQLFLDO R VRP GR LQVWUXPHQWR
DVVRFLDGRVDRH[FHVVRGHEDUXOKR FKHJDUiDRVVHXVRXYLGRVFRPRGREURGDLQWHQVLGDGHVRQRUD
 2VVRQVSURGX]LGRVQDURGRYLiULDGR3ODQR3LORWRHP%UDVtOLD TXHFKHJDYDQDVLWXDomRLQLFLDO
FRPR R EDUXOKR GR WUiIHJR GH YHtFXORV H DV YR]HV GH
WUDQVHXQWHVHGHYHQGHGRUHVDPEXODQWHVFRPS}HPDSDLVDJHP  8PRXYLQWHVHUiFDSD]GHGLVWLQJXLUXPLQVWUXPHQWRGHFRUGDV
XUEDQDGDiUHDFHQWUDOGDFLGDGH GHRXWURGHVRSURTXHHPLWDPVLPXOWDQHDPHQWHHFRPDPHVPD
 'HDFRUGRFRPRWH[WRWRGDVDVSURGXo}HVVRQRUDVGRVVHUHV LQWHQVLGDGHXPDPHVPDQRWDPXVLFDOSRUTXHRVVRQVTXHHOHV
YLYRVWrPXPSDSHOLPSRUWDQWHQDOXWDSHODVREUHYLYrQFLDGDV SURGX]HPDSUHVHQWDPWLPEUHVGLIHUHQWHV
HVSpFLHVRTXHFRQVHTXHQWHPHQWHWRUQDRVRPXPHOHPHQWR
GR GLD D GLD H ID] GD DXGLomR XP GRV VHQWLGRV DVVRFLDGRV j  $IXQomRGDOLQJXDJHPSUHGRPLQDQWHQRWH[WRpD
VREUHYLYrQFLD
A FRQDWLYD
 &RQVLGHUDQGR D YHORFLGDGH GR VRP QR DU LJXDO D  PV
FDOFXOH HP PP R FRPSULPHQWR GH RQGD GR VRP GH PDLRU B H[SUHVVLYD
IUHTXrQFLD PHQFLRQDGR QR WH[WR $SyV HIHWXDU WRGRV RV
FiOFXORVVROLFLWDGRVGHVSUH]HSDUDDPDUFDomRQR&DGHUQRGH C PHWDOLQJXtVWLFD
5HVSRVWDVDSDUWHIUDFLRQiULDGRUHVXOWDGRILQDOREWLGRFDVR D UHIHUHQFLDO
H[LVWD

5WDRTQITCOCŌ5GIWPFC'VCRC %CFGTPQ/#&'+4# ŌŌ


&(63(_&(%5$63(±3$6(7$3$

&RQVLGHUDQGRRIUDJPHQWRGHWH[WRDSUHVHQWDGRMXOJXHRVLWHQVGH
DHIDoDRTXHVHSHGHQRVLWHQVHTXHVmRGRWLSR&

 $ WHVH GR µHPEUDQTXHFLPHQWR¶ GD VRFLHGDGH EUDVLOHLUD


DERUGDGDQDREUDGRSLQWRU0RGHVWR%URFRVIRLLQIOXHQFLDGD
SRU WHRULDV UDFLVWDV TXH GHIHQGLDP D VXSHULRULGDGH GD UDoD
EUDQFDLQFOXVLYHHPSRSXODo}HVPLVFLJHQDGDV
 1RV FtUFXORV LQWHOHFWXDLV R GHEDWH DFHUFD GD LGHQWLGDGH
QDFLRQDO H GDV LQIOXrQFLDV HXURSHLDV QD FXOWXUD EUDVLOHLUD
PDQWHYHVHDOKHLRjVWHRULDVUDFLDLVFXMDLQIOXrQFLDVHOLPLWRX
QRSHUtRGRGHDDRVGLVFXUVRVFLHQWtILFRV
 ,QIHUHVH GR WH[WR TXH D SROtWLFD GR µHPEUDQTXHFLPHQWR¶
LPSODQWDGD QR SDtV GXUDQWH R 6HJXQGR 5HLQDGR IRL XP GRV
IDWRUHV UHVSRQViYHLV SHOD HOLPLQDomR GR UDFLVPR QR %UDVLO
FRQVROLGDGDQRLQtFLRGRVpFXOR;;,
 2WHUFHLURSDUiJUDIRVHFRPS}HGHLQIRUPDo}HVDGLFLRQDLVTXH
VHUYHP SDUD DPSOLDU D LGHLD FHQWUDO GR WH[WR YHLFXODGD QR
SULPHLURSDUiJUDIR
 $VVLQDOHDRSomRTXHDSUHVHQWDFRUUHWDPHQWHDIXQomRVLQWiWLFD
GRWHUPRGHVWDFDGR
0RGHVWR %URFRV \ *RPH] $ UHGHQomR GH &DP  yOHR A ³0RGHVWR %URFRV´ R  DSRVWR GR VXEVWDQWLYR
VREUHWHODFPîFP5LRGH-DQHLUR0XVHX1DFLRQDOGH
%HODV $UWHV ,QWHUQHW ZZZLWDXFXOWXUDORUJEU! ³SLQWRU´ R

 $5HGHQomRGH&DPpXPDSLQWXUDDyOHRVREUHWHOD B ³WUrVJHUDo}HVGHXPDPHVPDIDPtOLD´ R FRPSOHPHQWR


UHDOL]DGDSHORSLQWRU HVSDQKRO0RGHVWR%URFRVHP$ GDIRUPDYHUEDO³UHWUDWDGDV´ R
REUD DERUGD DV FRQWURYHUVDV WHRULDV UDFLDLV GR ILP GR
C ³DDXURUDFULDQoD´ R YRFDWLYR
 VpFXOR;,;HRIHQ{PHQRGDEXVFDGR³HPEUDQTXHFLPHQWR´
JUDGXDO GDV JHUDo}HV GH XPD PHVPD IDPtOLD SRU PHLR GD D ³GHHVFUDYRVDIULFDQRV´ RH DGMXQWRDGQRPLQDOGR
PLVFLJHQDomR(QFRQWUDVHFRQVHUYDGDQR0XVHX1DFLRQDOGH VXEVWDQWLYR³WUiILFR´ R
 %HODV$UWHVGR5LRGH-DQHLUR
1DREUDGH0RGHVWR%URFRVHPIUHQWHDXPDSREUH  $UHVSHLWRGDKLVWyULDGR%UDVLOQDVHJXQGDPHWDGHGRVpFXOR
KDELWDomRVmRUHWUDWDGDVWUrVJHUDo}HVGHXPDPHVPDIDPtOLD ;,;DVVLQDOHDRSomRFRUUHWD
 $ DYy QHJUD D PmH SDUGD H D FULDQoD IHQRWLSLFDPHQWH A 2SURWDJRQLVPRQHJURQDOXWDSHORILPGDHVFUDYLGmRSRGH
EUDQFD $ PDWULDUFD FRP VHPEODQWH HPRFLRQDGR HUJXH DV VHUH[HPSOLILFDGRHQWUHRXWURVIDWRUHVSHODSDUWLFLSDomR
PmRVDRVFpXVHPJHVWRGHDJUDGHFLPHQWRSHOD³UHGHQomR´R
DEROLFLRQLVWDGHLQWHOHFWXDLVHSURILVVLRQDLVQHJURVFRPR
 QDVFLPHQWRGRQHWREUDQFRTXHVHUiSRXSDGRGDVDJUXUDVHGDV
PHPyULDVGRSDVVDGRHVFUDYRFUDWD$FHQDIRLDVVLPGHILQLGD /XtV *DPD $QGUp 5HERXoDV H -RVp GR 3DWURFtQLR QR
SRU2ODYR%LODF³9HGHDDXURUDFULDQoDFRPRVRUULHIXOJXUD PRYLPHQWR
 QR FROR GD PXODWD ² DXURUD ILOKD GR GLO~YLR QHWD GD QRLWH B 2IRUWHHVWtPXORjPLJUDomRHXURSHLDSDUDR%UDVLOQDV
&DPHVWiUHGLPLGR(VWiJRUDGDDSUDJDGH1Rp´
~OWLPDVGpFDGDVGRVpFXOR;,;GHYHXVHjLQDGHTXDomR
2 WtWXOR p XPD UHIHUrQFLD DR HSLVyGLR EtEOLFR GD
GRVH[HVFUDYL]DGRVDRUHJLPHGHWUDEDOKRDVVDODULDGRQR
 PDOGLomRODQoDGDSRU1RpVREUHVHXILOKR&DPHWRGRVRVVHXV
GHVFHQGHQWHVFRQIRUPHUHODWDGRQROLYURGR*rQHVLV3XQLQGR FDPSRHQDVFLGDGHV
&DPSRU]RPEDUGHVXDQXGH]HHPEULDJXH]1RpSURIHWL]RX C 1RSHUtRGRSUy[LPRjDEROLomRGDHVFUDYDWXUDDSHVDUGDV
 TXHHOH&DPVHULD³R~OWLPRGRVHVFUDYRVGHVHXVLUPmRV´ GLIHUHQWHVHVWUDWpJLDVGHUHVLVWrQFLDRUJDQL]DGDVFRQWUDD
&RQIRUPHUHODWDGRSRU$OIUHGR%RVLDFUHQoDSRSXODUGHTXH
HVFUDYLGmRFRPRUHEHOL}HVIXJDVVXLFtGLRVHDIRUPDomR
RV GHVFHQGHQWHV GH &DP VHULDP RV SRYRV GH SHOH HVFXUD GH
 DOJXPDVUHJL}HVGDÈIULFDDOpPGDVWULERVTXHKDELWDYDPD GHTXLORPERVDPDLRULDGDSRSXODomREUDVLOHLUDDLQGDHUD
3DOHVWLQD DQWHV GRV KHEUHXV VHUYLX SRU PXLWR WHPSR FRPR FRPSRVWDSRUSHVVRDVHVFUDYL]DGDV
DUJXPHQWRGHLGHyORJRVHPHUFDGRUHVSDUDYDOLGDUGXUDQWHR D 2 ILP GD HVFUDYLGmR JDUDQWLX SOHQRV GLUHLWRV FLYLV H
 SHUtRGRFRORQLDOHDRORQJRGRLPSpULRRWUiILFRGHHVFUDYRV SROtWLFRV DRV PLOK}HV GH KRPHQV H PXOKHUHV QHJURV DWp
DIULFDQRVSDUDR%UDVLO2SHFDGRGH&DPVHULDDVVLPRHYHQWR
HQWmRH[FOXtGRVGRH[HUFtFLRGDFLGDGDQLDFRPRRGLUHLWR
IXQGDGRUGHXPDVLWXDomRLPXWiYHOHDMXVWDSXQLomRGLYLQDGH
 WRGRXPSRYR DRYRWRFXMDFRQFHVVmRGXUDQWHR6HJXQGR5HLQDGRHUD
,QWHUQHWSWZLNLSHGLDRUJ! FRPDGDSWDo}HV  GHILQLGDVHJXQGRDFRQGLomRVRFLDOGRLQGLYtGXR

5WDRTQITCOCŌ5GIWPFC'VCRC %CFGTPQ/#&'+4# ŌŌ


&(63(_&(%5$63(±3$6(7$3$

7H[WRSDUDRVLWHQVGHD  $VVLQDOHDRSomRFRUUHWDDFHUFDGR(VFODUHFLPHQWRPRYLPHQWR
DTXH.DQWID]UHIHUrQFLDQRWH[WR
 (VFODUHFLPHQWR p D VDtGD GR KRPHP GH VXD
A &RP HVVH PRYLPHQWR VXUJH R VXMHLWR GR FRQKHFLPHQWR
PHQRULGDGH SHOD TXDO p R SUySULR FXOSDGR 0HQRULGDGH p D TXH p DTXHOH TXH REHGHFH DRV VHXV VXSHULRUHV
VXERUGLQDQGRVXDUD]mRjUHDOL]DomRGREHPFROHWLYR
LQFDSDFLGDGHGHVHUYLUVHGRSUySULRHQWHQGLPHQWRVHPGLUHomR
B 2(VFODUHFLPHQWRIRLRSULPHLURPRYLPHQWRGDKLVWyULDGR
 DOKHLD2KRPHPpRSUySULRFXOSDGRSRUHVWDLQFDSDFLGDGH
2FLGHQWH D FRQFHEHU R VHU KXPDQR FRPR R FHQWUR GR
TXDQGRVXDFDXVDUHVLGHQDIDOWDQmRGHHQWHQGLPHQWRPDVGH XQLYHUVR LGHDOL]DQGRR FRPR DUWtILFH GR VHX SUySULR
UHVROXomR H GH FRUDJHP GH ID]HU XVR GHOH VHP D GLUHomR GH GHVWLQR
C 2(VFODUHFLPHQWRFRQVROLGRXVHQRVpFXOR;9,,,UD]mR
 RXWUD SHVVRD 6DSHUH DXGH 2XVH ID]HU XVR GH WHX SUySULR
SHOD TXDO .DQW DFUHGLWDYD TXH j VXD pSRFD RV VHUHV
HQWHQGLPHQWR(LVROHPDGR(VFODUHFLPHQWR KXPDQRVMiVHHQFRQWUDYDPHPDQFLSDGRV
6H HQWmR IRU SHUJXQWDGR YLYHPRV DJRUD HP XPD D $UD]mRHDOLEHUGDGHGRVKRPHQVHUDPFRQVLGHUDGDVSRU
HVVH PRYLPHQWR FRQGLo}HV SDUD R DSHUIHLoRDPHQWR GD
 pSRFDHVFODUHFLGD"$UHVSRVWDVHUiQmRPDVHPXPDpSRFDGH
KXPDQLGDGH
HVFODUHFLPHQWR1RDWXDOHVWDGRGHFRLVDVIDOWDDLQGDPXLWR
 $VVLQDOHDRSomRFRUUHWDDUHVSHLWRGRSURFHVVRGHLQVHUomRGR
SDUD TXH RV KRPHQV WRPDGRV HP VHX FRQMXQWR HVWHMDP HP %UDVLO QR TXH VH FRQYHQFLRQRX GHQRPLQDU FLYLOL]DomR RX
FXOWXUDRFLGHQWDO
 FRQGLo}HVRXSRVVDPYLUDGLVSRUGHFRQGLo}HVGHVHUYLUHPVH
A 7DO SURFHVVR IRL DPSODPHQWH GHPRFUiWLFR SDFtILFR H
GH VHX SUySULR HQWHQGLPHQWR VHP D GLUHomR DOKHLD GH PRGR
LJXDOLWiULR
VHJXURHGHVHMiYHOHPPDWpULDGHUHOLJLmR
B 7DOSURFHVVRUHVXOWRXHPHVFODUHFLPHQWRHLOXPLQDomRSDUD
,PPDQXHO.DQW5HVSRVWDjSHUJXQWDRTXHpRHVFODUHFLPHQWR" RVSRYRVDXWyFWRQHVGR%UDVLO
C 2UHVSHLWRjGLYHUVLGDGHPDUFRXRUHIHULGRSURFHVVRGHVGH
VHXLQtFLRSRUWHUVLGRFDSLWDQHDGRSRUDJHQWHVP~OWLSORV
7HQGRFRPRUHIHUrQFLDLQLFLDORIUDJPHQWRGHWH[WRDSUHVHQWDGRGH
D 1R UHIHULGR SURFHVVR KRXYH PRPHQWRV GH UXSWXUD H
,PPDQXHO.DQWMXOJXHRVLWHQVGHDHIDoDRTXHVHSHGHQRV
FRQVROLGDomRTXHUHIOHWHPIUHTXHQWHPHQWHDVGLVSXWDVGH
LWHQVHTXHVmRGRWLSR& SRGHU
²$JRUDGLVVHHOHjFULRXODDVFRLVDVYmRFRUUHUPHOKRU
 $RID]HUUHIHUrQFLDj³pSRFDGHHVFODUHFLPHQWR´ RH  SDUDYRFr9RFrYDLILFDUIRUUDHXHQWURFRPRTXHIDOWD
.DQWDOXGHDXPPRYLPHQWRKLVWyULFRHVRFLDOHVSHFtILFRTXH 1HVVH GLD HOH VDLX PXLWR j UXD H XPD VHPDQD GHSRLV
DSDUHFHXFRPXPDIROKDGHSDSHOWRGDHVFULWDTXHOHXHPYR]DOWD
H[HUFHXLQIOXrQFLDVHPGLIHUHQWHVHVSDoRVHFRQWH[WRV
jFRPSDQKHLUD
 &RQFOXLVH GR WH[WR TXH TXDOTXHU SHVVRD HP VLWXDomR GH ²9RFrDJRUDQmRWHPPDLVVHQKRUGHFODURXHPVHJXLGD
jOHLWXUDTXHHODRXYLXHQWUHOiJULPDVDJUDGHFLGDV$JRUDHVWiOLYUH
PHQRULGDGHSRGHVDLUGHVVDVLWXDomRHDWLQJLURHVFODUHFLPHQWR
'RUDYDQWHRTXHYRFrIL]HUpVyVHXHPDLVGHVHXVILOKRVVHRV
EDVWDQGRSDUDLVVRUHVROXomRHFRUDJHPGHID]HUXVRGRVHX WLYHU$FDERXVHRFDWLYHLURGHSDJDURVYLQWHPLOUpLVjSHVWHGR
FHJR
HQWHQGLPHQWRVHPDWXWHODGHRXWUDSHVVRD
$OXtVLRGH$]HYHGR2FRUWLoR6mR3DXOR0DUWLQ&ODUHW

 &RQIRUPH.DQWRKRPHPpRUHVSRQViYHOSRUSHUPDQHFHUQR
&RQVLGHUDQGRDVDILUPDo}HVGH-RmR5RPmRD%HUWROH]DH[WUDtGDV
HVWDGRGHPHQRULGDGHTXDQGRRTXHRLPSHGHGHVXSHUiORVmR GD REUD 2 FRUWLoR GH $OXtVLR GH $]HYHGR EHP FRPR R WH[WR
DSUHJXLoDHDFRYDUGLD 5HVSRVWDjSHUJXQWDRTXHpRHVFODUHFLPHQWR"GH,PPDQXHO
.DQWMXOJXHRVLWHQVDVHJXLU
 3DUD.DQWDDXWRQRPLDVypSRVVtYHOPHGLDQWHRXVRS~EOLFRGD
 &RPEDVHQDVLGHLDVGH.DQWLQIHUHVHTXHSDUDTXH%HUWROH]D
UD]mRHRH[HUFtFLRGDOLEHUGDGH DWLQMDRHVFODUHFLPHQWRHODGHYHVHJXLUDVRULHQWDo}HVGH-RmR
5RPmR
 ,QIHUHVHGRWH[WRTXH.DQWGHIHQGHDPHULWRFUDFLDDRVDOLHQWDU
 $SOLFDQGRVHDVLGHLDVGH.DQWjVLWXDomRQDUUDGDSRU$OXtVLR
DLPSRUWkQFLDGHVHID]HUXVR³GHVHXSUySULRHQWHQGLPHQWR GH$]HYHGRFRQFOXLVHTXHDDOIRUULDGH%HUWROH]DpFRQGLomR
VHPDGLUHomRDOKHLD´ R  VXILFLHQWHSDUDTXHHODDOFDQFHDDXWRQRPLD

5WDRTQITCOCŌ5GIWPFC'VCRC %CFGTPQ/#&'+4# ŌŌ


&(63(_&(%5$63(±3$6(7$3$

$RWHPSRGD'HFODUDomRGH,QGHSHQGrQFLDGDVFRO{QLDV &RQVLGHUDQGRRGRFXPHQWiULRËQGLRVQR%UDVLO±TXHPVmRHOHV"
QRUWHDPHULFDQDVHPYiULRVHVFUDYRVDIULFDQRVTXHOiYLYLDP MXOJXH RV LWHQV D VHJXLU D UHVSHLWR GH TXHVW}HV UHODFLRQDGDV DRV
MiUHFODPDYDPKDYLDWHPSRVVXDOLEHUGDGH(VVHFODPRUWRUQRXVH LQGtJHQDV
DLQGD PDLV LQWHQVR DR VHU LQIOXHQFLDGR SHORV DFRQWHFLPHQWRV
UHYROXFLRQiULRVQDLOKDGH6mR'RPLQJRVQR+DLWLLQLFLDGRVHP  (PERUDQmRGHVHQYROYDXPDUHIOH[mRDSURIXQGDGDDUHVSHLWR
2OtGHUGD5HYROXomR+DLWLDQDIRLXPHVFUDYRFXOWRHFULVWmR GD TXHVWmR LQGtJHQD R GRFXPHQWiULR FRQWULEXL SDUD D
QDVFLGRQDGLiVSRUDGHSDLDIULFDQRHH[HUFLDDIXQomRGHFRFKHLUR GHVFRQVWUXomRGRVHVWHUHyWLSRVTXHPDUFDPRVSRYRVLQGtJHQDV
(OH VH FKDPDYD 7RXVVDLQW/RXYHUWXUH H IRL DFODPDGR QR PXQGR KiFHQWHQDVGHDQRVDRDSUHVHQWDUGLIHUHQWHVSRQWRVGHYLVWD
LQWHLURSRUVHXJrQLRPLOLWDUVXDVFDSDFLGDGHVGHDGPLQLVWUDGRUVXD VREUHHVVHVSRYRVHPRVWUDUTXHDLQGDH[LVWHPSRYRVLQGtJHQDV
KXPDQLGDGHHVXDKDELOLGDGHSROtWLFD GLVVHPLQDGRVSHOR%UDVLO
0DULD & 5RFKD H 0XU\DWDQ 6 %DUERVD ÈIULFD GR VpFXOR ;9, DR ;9,,,
,Q9DOWHU56LOYpULR6tQWHVHGDFROHomR+LVWyULD*HUDOGDÈIULFDVpFXOR;9,  2GRFXPHQWiULRDVVLPFRPRRFRUUHHPGLYHUVRVFRQWH[WRVQR
DRVpFXOR;;%UDVtOLD81(6&20(&8)6&DUS FRPDGDSWDo}HV 
%UDVLO DERUGD DV TXHVW}HV UHODFLRQDGDV DRV LQGtJHQDV GH
PDQHLUDVXSHUILFLDOHVLPSOLILFDGDVREXPDSHUVSHFWLYD TXH
(P UHODomR DR FHQiULR KLVWyULFR GH SURIXQGDV WUDQVIRUPDo}HV
UHIHULGRQRWH[WRMXOJXHRVLWHQVDVHJXLU WUDWDRLQGtJHQDFRPRXP³RXWUR´PDLVGLVWLQWRHGLVWDQWHGR
TXHR³RXWUR´QmRLQGtJHQD
 $LQGHSHQGrQFLDGRV(VWDGRV8QLGRVGD$PpULFD (8$ QR
ILQDOGRVpFXOR;9,,,IRLXPH[HPSORGHUHYROXomROLEHUDOQD 'HDFRUGRFRPGDGRVGD2UJDQL]DomR0XQGLDOGH6D~GH
PHGLGDHPTXHHQWUHRXWUDVFRQTXLVWDVLQVWLWXLXRGLUHLWRGH DSROXLomRGRDUpRSULQFLSDOSUREOHPDDPELHQWDOGDDWXDOLGDGH
YRWRSDUDDVPXOKHUHVSURSULHWiULDVGHWHUUDVHHVWDEHOHFHXR )HQ{PHQRVFRPRRHIHLWRHVWXIDDGHVWUXLomRGDFDPDGDGHR]{QLR
ILPGRWUiILFRGHDIULFDQRVHVFUDYL]DGRV DLQYHUVmRWpUPLFDHDFKXYDiFLGDWrPDIHWDGRPXLWRDSRSXODomR
PXQGLDOHRSODQHWDFRPRXPWRGR
 1R%UDVLORWHPRUTXDQWRDRKDLWLDQLVPR²WHUPRXVDGRSHODV
HOLWHVEUDQFDVSDUDGHQRWDUVHXUHFHLRGHTXHUHYROWDVLQVSLUDGDV 7HQGRFRPRUHIHUrQFLDLQLFLDORWH[WRDFLPDMXOJXHRVSUy[LPRV
QD 5HYROXomR +DLWLDQD RFRUUHVVHP HP RXWUDV UHJL}HV GR LWHQV
FRQWLQHQWHDPHULFDQR²FRQWULEXLXSDUDDIRUWHUHSUHVVmRjV
UHEHOL}HVSURPRYLGDVSRUHVFUDYRVRXOLEHUWRVFRPRD5HYROWD  $ UHQ~QFLD GRV (8$ DR $FRUGR GH 3DULV TXH WUDWD GDV
GRV0DOrV PXGDQoDVFOLPiWLFDVJOREDLVUHVSDOGRXVHQDDJUHVVLYDSROtWLFD
LQGXVWULDOFKLQHVDTXHWHPRFDUYmRPLQHUDOFRPRSULQFLSDO
 &RPD5HYROXomR+DLWLDQDHDDEROLomRGDHVFUDYLGmROHYDGD
PDWUL]HQHUJpWLFD
DHIHLWRSRUHVVDUHYROXomRR+DLWLWRUQRXVHRVHJXQGRSDtVD
FRQTXLVWDUDLQGHSHQGrQFLDQDV$PpULFDVHRSULPHLURDVHU  7UDGLFLRQDOSURGXWRUGHFDUYmRSHWUyOHRHJiVFRQVLGHUDGRV
JRYHUQDGRSRUQHJURV IRQWHV GH HQHUJLD QmR UHQRYiYHLV H DOWDPHQWH SROXHQWHV R
5HLQR8QLGRFULWLFDRPRGHORGHGHVHQYROYLPHQWRVXVWHQWiYHO
2 VpFXOR ;,; IRL QD PDLRU SDUWH GD ÈIULFD D ³HUD GDV
UHYROXo}HV´WDQWRQRSODQRSROtWLFRFRPRQRVSODQRVHFRQ{PLFRH SURSRVWRSRUSDtVHVGD8QLmR(XURSHLDFRPRD$OHPDQKDHD
VRFLDO 6H QR GRPtQLR HFRQ{PLFR DV PXWDo}HV IRUDP HP SDUWH )UDQoDWHQGRDSROtWLFDHQHUJpWLFDHGH PHLR DPELHQWHVLGR
JHUDGDVSRULPSXOVRVH[WHUQRVDVDOWHUDo}HVSROtWLFDVWLYHUDPDV XPDGDVUD]}HVSDUDVXDUHWLUDGDGREORFRHXURSHX
VXDVIRUoDVPRWUL]HVQDSUySULDÈIULFD 4#5%70*1
(OLNLD0¶%RNRORÈIULFDQHJUD+LVWyULDHFLYLOL]Do}HVGRVpFXOR;,;DRV
QRVVRV GLDV /LVERD &ROLEUL  S FRP DGDSWDo}HV 

 7HQGR FRPR UHIHUrQFLD LQLFLDO R IUDJPHQWR GH WH[WR DFLPD


DVVLQDOH D RSomR FRUUHWD D UHVSHLWR GD KLVWyULD DIULFDQD GR
VpFXOR;,;
A $V PXGDQoDV RFRUULGDV QDV RUJDQL]Do}HV SROtWLFDV
DIULFDQDV QR VpFXOR ;,; SRXFR DIHWDUDP D HVWUXWXUD
WUDGLFLRQDO GHVVDV VRFLHGDGHV TXH FRQWLQXDUDP VHP
SRVVXLU(VWDGRVHLQVWLWXLo}HVSROtWLFDVFRPSOH[DV
B $FUHVFHQWHLQIOXrQFLDGDVUHOLJL}HVPRQRWHtVWDVFRPRR
LVODPLVPRHRFULVWLDQLVPRQRQRUWHGDÈIULFDHQDUHJLmR
RFLGHQWDOGRFRQWLQHQWHUHVXOWRXQRGHVDSDUHFLPHQWRGDV
FRVPRORJLDVHUHOLJL}HVWUDGLFLRQDLVDIULFDQDV
C $ FRORQL]DomR GD ÈIULFD SHORV HXURSHXV QD SULPHLUD
PHWDGHGRVpFXOR;,;IRLFRQVROLGDGDSHODFRQTXLVWDGD
$UJpOLD SHORV IUDQFHVHV EHP FRPR SHOR GRPtQLR
SRUWXJXrVGRWHUULWyULRTXHVHHVWHQGLDGH0RoDPELTXHD
$QJROD
D $VGLQkPLFDVSROtWLFRHFRQ{PLFDVGDÈIULFD2FLGHQWDOQR
ILPGRVpFXOR;9,,,HLQtFLRGR;,;FRQWULEXtUDPSDUDD
PDLRU SDUWLFLSDomR GR 'DRPp QR WUiILFR DWOkQWLFR GH
HVFUDYRV H SDUD R DXPHQWR GR Q~PHUR GH LRUXEiV
HVFUDYL]DGRVQD%DKLD

5WDRTQITCOCŌ5GIWPFC'VCRC %CFGTPQ/#&'+4# ŌŌ


&(63(_&(%5$63(±3$6(7$3$

 2FHUUDGRHVWHQGHVHSRUFHUFDGHPLOK}HVGHNPðH &RPSDUDGRDRVRORGHRXWUDVVDYDQDVSULQFLSDOPHQWHDV
DEULJDXPDJUDQGHYDULHGDGHIORUtVWLFD6mRFHUFDGHPLOD DIULFDQDVRVRORGRFHUUDGRWHPEDL[RWHRUQXWULFLRQDO$HTXDomR
TXtPLFDDVHJXLUUHSUHVHQWDRSURFHVVRGHDFLGLILFDomRGHVRORVFRP
 PLO HVSpFLHV  HQGrPLFDV GD UHJLmR  PXLWDV DLQGD
H[FHVVRGHDOXPtQLR
 LQVXILFLHQWHPHQWHFRQKHFLGDV(VVDVSODQWDVVHGLVWULEXHPSRU
SDLVDJHQV EDVWDQWH GLVWLQWDV (P JHUDO RV HVSHFLDOLVWDV DV $O+2 → $O 2+ +
FODVVLILFDP HP DR PHQRV WUrV ILVLRQRPLDV D FDPSHVWUH 3DUD FRUULJLU D DFLGH] GR VROR D SUiWLFD PDLV FRPXP H
 FRPSRVWD SUHGRPLQDQWHPHQWH SRU JUDPtQHDV D VDYkQLFD HIHWLYDpDFDODJHPTXHFRQVLVWHQDDSOLFDomRGHFDOFiULR1HODR
IRUPDGDSRUFDPSRVDEHUWRVFRPiUYRUHVGHSHTXHQRHPpGLR &D&2SUHVHQWHQRFDOFiULRUHDJHFRPDXPLGDGHGRVRORFRQIRUPH
DVHJXLQWHHTXDomRTXtPLFD
SRUWH HQWUHPHPGHDOWXUD HDIORUHVWDORXFHUUDGmR
 FRP iUYRUHV TXH SRGHP DOFDQoDU  P (VVDV IRUPDo}HV &D&2+2 → &D+&2!2+!
,GHP,ELGHP
VXUJLUDPDSDUWLUGHFRQGLo}HVDPELHQWDLVEDVWDQWHHVSHFtILFDV
8PD GHODV p R FOLPD TXH QR FHUUDGR p PDUFDGDPHQWH 7HQGRRWH[WRDFLPDFRPRUHIHUrQFLDLQLFLDOMXOJXHRVLWHQVGH
 HVWDFLRQDOFRPSHUtRGRVEHPGHILQLGRVGHVHFDLQWHUFDODGRV DHDVVLQDOHDRSomRFRUUHWDQRLWHPTXHpGRWLSR&
FRPSHUtRGRVGHFKXYDVLQWHQVDV$SURIXQGLGDGHGROHQoRO  8PDGDVUD]}HVGDHOHYDGDPRELOLGDGHGRVtRQV$OQRVRORp
IUHiWLFRpRXWURIDWRUTXHLQIOXHQFLDDGLYHUVLGDGHGHSDLVDJHQV RVHXSHTXHQRUDLRTXDQGRFRPSDUDGRDRGHVHXiWRPRQHXWUR
 GHVVHHFRVVLVWHPD$ViUYRUHVGRFHUUDGRQmRVHDGDSWDPEHP FRUUHVSRQGHQWH (VVD GLIHUHQoD GH WDPDQKR GRV UDLRV p
DVRORV~PLGRV$OpPGLVVRRVRORGRFHUUDGRpEDVWDQWHDQWLJR H[SOLFDGDSHODPRGHOL]DomRGHiWRPRSURSRVWDSRU7KRPVRQ
HSRXFRIpUWLOiFLGRHFDUUHJDGRGHDOXPtQLR  2&D&2HPSUHJDGRQDFDODJHPDSHVDUGHVHUFODVVLILFDGR
FRPR VDO DSUHVHQWD FDUiWHU EiVLFR HP PHLR DTXRVR R TXH
5RGULJR GH 2OLYHLUD $QGUDGH /DERUDWyULR D FpX DEHUWR
,Q5HYLVWD)$3(63QžMXQS FRPDGDSWDo}HV 
SHUPLWHQHXWUDOL]DUDDFLGH]JHUDGDSHODSUHVHQoDGHDOXPtQLR
QRVROR

&RQVLGHUDQGRRWH[WRDFLPDHRVP~OWLSORVDVSHFWRVTXHHOHVXVFLWD  $OpPGHLQWHJUDURPHVPRSHUtRGRTXHRDOXPtQLRQDWDEHOD
SHULyGLFDRVyGLRDVVLPFRPRRDOXPtQLRWHPIRUWHSRWHQFLDO
MXOJXHRVLWHQVTXHVHVHJXHP GHDFLGLILFDomRTXDQGRHPH[FHVVRQRVRORGHPRGRTXHSRGH
VRIUHUUHDo}HVDQiORJDVjVGRDOXPtQLRFRPRSRUH[HPSOR
 $ILVLRQRPLDFDPSHVWUHGRFHUUDGRpIRUPDGDSRUJUDPtQHDV 1D+2 → 1D2++
SODQWDV YDVFXODUHV TXH VH FDUDFWHUL]DP SHOD DXVrQFLD GH
 $FRUUHomRGRVVRORVSDUDHOLPLQDUDWR[LFLGDGHGRDOXPtQLR
VHPHQWHVHSHODUHSURGXomRDVVH[XDGDSRUEURWDPHQWR JHUDOPHQWH p IHLWD DGLFLRQDQGRVH XP FRPSRVWR TXH SRU
 ,QIHUHVHGRWH[WRTXHDYDULHGDGHIORUtVWLFDGRFHUUDGRGHFRUUH UHDo}HV TXtPLFDV GLPLQXL D FRQFHQWUDomR GH tRQV OLYUHV GH
DOXPtQLRQRVROR$VVLPXPDVXEVWkQFLDDGHTXDGDSDUDHVVD
HQWUHRXWURVIDWRUHVGDH[LVWrQFLDGHSRXFDTXDQWLGDGHGHiJXD IXQomRpR
HPVHXVROR A .&RTXHJHUD$R&RQRVRORXPVDOGHDOWDYRODWLOLGDGH
 1R WH[WR R WHUPR ³(VVDV SODQWDV´ R  UHPHWH D ³JUDQGH B )H 2+  TXH GLPLQXL D GLVSRQLELOLGDGH GH DOXPtQLR DR
YDULHGDGH IORUtVWLFD´ R  H R SURQRPH ³DV´ R  UHPHWH D DOFDOLQL]DURVROR
³SDLVDJHQVEDVWDQWHGLVWLQWDV´ R  C 0J&2TXHSHUPLWHDIRUPDomRGH$R 2+ XPDEDVH
SUDWLFDPHQWHLQVRO~YHOQDXPLGDGHGRVROR
 $VVLP FRPR DV TXHLPDGDV FRQWURODGDV D FDODJHP WpFQLFD D 1D62TXHSUHFLSLWDRDOXPtQLRQDIRUPDGH$R 62 H
XWLOL]DGDSRUSRYRVHFRPXQLGDGHVWUDGLFLRQDLVGRFHUUDGR WHP GLPLQXLVXDPRELOLGDGHQRVROR
VLGR DEDQGRQDGD HP GHFRUUrQFLD GD H[SDQVmR GD PRGHUQD 4#5%70*1
DJULFXOWXUD TXH XWLOL]D WpFQLFDV DJUtFRODV GHVHQYROYLGDV SRU
HPSUHVDVWUDQVQDFLRQDLVEDVHDGDVQDDGLomRGHIHUWLOL]DQWHVQDV
SODQWDo}HVHQRHPSUHJRGHGHIHQVLYRVDJUtFRODVHWUDQVJHQLD
 (PGHFRUUrQFLDGDH[SDQVmRGDSURGXomRGHFRPPRGLWLHVR
FHUUDGREUDVLOHLURWHPVRIULGRQDV~OWLPDVGpFDGDVXPLQWHQVR
SURFHVVR GH GHYDVWDomR SURGXomR DJURSHFXiULD LUULJDomR
VLOYLFXOWXUDFRPHVSpFLHVH[yJHQDVDRELRPDVmRDPHDoDVj
SUHVHUYDomRGRFHUUDGR
 $ EDL[D GLVSRQLELOLGDGH GH iJXD GHFRUUHQWH GRV SHUtRGRV
ORQJRVGHVHFDpRSULQFLSDOIDWRUUHVSRQViYHOSHODDGDSWDomR
GDVSVHXGR[HUyILWDVDRFHUUDGR
 $ YHJHWDomR GR FHUUDGR VH FDUDFWHUL]D SRU DSUHVHQWDU IROKDV
FRPHVW{PDWRVSHUPDQHQWHPHQWHDEHUWRV

5WDRTQITCOCŌ5GIWPFC'VCRC %CFGTPQ/#&'+4# ŌŌ


&(63(_&(%5$63(±3$6(7$3$

$UHVSHLWRGRFHUUDGREUDVLOHLURFRQVLGHUHDVLQIRUPDo}HV 4#5%70*1
DVHJXLU
C 'RV  PLOK}HV GH NP GR FHUUDGR  WrP FREHUWXUD
IORUHVWDOGDVILVLRQRPLDVFDPSHVWUHVDYkQLFDHIORUHVWDO
C $V ILVLRQRPLDV IORUHVWDO H VDYkQLFD RFXSDP MXQWDV
NP
C $ILVLRQRPLDFDPSHVWUHRFXSDXPDiUHDLJXDODRGREURGD
ILVLRQRPLDIORUHVWDO
&RPEDVHQHVVDVLQIRUPDo}HVMXOJXHRVLWHQVVHJXLQWHV

 6H[\H]GHVLJQDPUHVSHFWLYDPHQWHDViUHDVHPNPGDV
ILVLRQRPLDVIORUHVWDOVDYkQLFDHFDPSHVWUHpFRUUHWRFRQFOXLU
TXH[\] NP
 $iUHDGDILVLRQRPLDFDPSHVWUHpLJXDODRGREURGDiUHDGD
ILVLRQRPLDVDYkQLFD
 $SDUWLUGDVLQIRUPDo}HVIRUQHFLGDVQmRpSRVVtYHOGHWHUPLQDU
GHPDQHLUD~QLFDDViUHDVGDVWUrVILVLRQRPLDV
$ iUHD SUHVHUYDGD GR FHUUDGR EUDVLOHLUR FDLX GH
PLOK}HVGHKHFWDUHVHPSDUDPLOK}HVGHKHFWDUHVHP
3ROtWLFDVGHSUHVHUYDomRHGHUHGXomRGHGHVPDWDPHQWRIRUDP
DGRWDGDVSDUDUHYHUWHUHVVHFRPSRUWDPHQWRGHDXPHQWRGHiUHDGH
FHUUDGR GHYDVWDGD 1HVVH FRQWH[WR SDUD GHWHUPLQDU D iUHD GH
FHUUDGRSUHVHUYDGD²$²HPPLOK}HVGHKHFWDUHVDSDUWLUGH

IRLSURSRVWRRVHJXLQWHPRGHOR $( [ ) =  × 
[ [ − []E 


HP TXH [ UHSUHVHQWD D TXDQWLGDGH GH DQRV SDVVDGRV DSyV 


SRU H[HPSOR [   SDUD  [   SDUD   H E p XPD
FRQVWDQWHSRVLWLYDHVFROKLGDWDOTXH$   
&RQVLGHUDQGRHVVDVLQIRUPDo}HVMXOJXHRVLWHQVHDVVLQDOH
DRSomRFRUUHWDQRLWHPTXHpGRWLSR&HIDoDRTXHVHSHGHQR
LWHPTXHpGRWLSR%

 'HDFRUGRFRPRPRGHORSURSRVWRQRDQRGHKDYHUiXPD
UHYHUVmRQRSURFHVVRGHGHYDVWDomRGRFHUUDGRLVWRpQHVVH
DQRDiUHDGHYDVWDGDDWLQJLUiVHXPDLRUYDORUHDSDUWLUGDt
LQLFLDUiXPSURFHVVRGHDXPHQWRQDiUHDSUHVHUYDGD
 6HRPRGHORSURSRVWRSHUPDQHFHUYiOLGRSRUDQRVHQWmR
DiUHDGHFHUUDGRSUHVHUYDGDQRDQRVHUiVXSHULRUDFLQFR
YH]HVDiUHDSUHVHUYDGDQRDQR
 &RQVLGHUDQGRTXHRPRGHORHVWHMDFRUUHWRRFHUUDGRYROWDUiD
WHUDPHVPDiUHDSUHVHUYDGDGHVRPHQWHHP
A 
B 
C 
D 
 $VVXPLQGR  H  FRPR YDORUHV DSUR[LPDGRV SDUD
UHVSHFWLYDPHQWHORJHORJFDOFXOHRYDORUGHE'LYLGDR
UHVXOWDGRSRU$SyVHIHWXDUWRGRVRVFiOFXORVVROLFLWDGRV
GHVSUH]HSDUDDPDUFDomRQR&DGHUQRGH5HVSRVWDVDSDUWH
IUDFLRQiULDGRUHVXOWDGRILQDOREWLGRFDVRH[LVWD

5WDRTQITCOCŌ5GIWPFC'VCRC %CFGTPQ/#&'+4# ŌŌ


&(63(_&(%5$63(±3$6(7$3$

4#5%70*1

$ IRWR DFLPD H[WUDtGD GD REUD 6XIRFDPHQWR GH 3HGUR


'DYLGPRVWUDXPDiUYRUHWtSLFDGRFHUUDGREUDVLOHLURFLUFXQGDGD
SRUHXFDOLSWRVGHUHIORUHVWDPHQWR$ILPGHSURGX]LUXPHVERoRGD
iUYRUHXPGHVHQKLVWD XWLOL]RXXPFLOLQGURFLUFXODUUHWRQRTXDO
LQVHULXXPFRQHFLUFXODUUHWRSDUDVHUYLUGHUHIHUrQFLDSDUDRWURQFR
HRVJDOKRVGDiUYRUHHXPDVHPLHVIHUDSDUDUHSUHVHQWDUDFRSDGD
iUYRUH1RHVERoRDEDVHGRFRQHFRLQFLGHFRPRFtUFXOREDVHGD
VHPLHVIHUDRYpUWLFHGRFRQHHVWiQRFHQWURGDEDVHGRFLOLQGURH
DFLUFXQIHUrQFLDTXHOLPLWDDVHPLHVIHUDHVWiVREUHDVXSHUItFLHGR
FLOLQGUR2UDLRGDEDVHGRFLOLQGURPHGHPHRFRQHpHTXLOiWHUR
LVWRpRWDPDQKRGDJHUDWUL]pLJXDODRGLkPHWURGDEDVH 

&RP EDVH QDV LQIRUPDo}HV DFLPD H DVVXPLQGR  FRPR YDORU


DSUR[LPDGRSDUDʌMXOJXHRVLWHQVHHIDoDRTXHVHSHGHQR
LWHPTXHpGRWLSR%

 $iUHDGDVXSHUItFLHODWHUDOGRFRQHpLQIHULRUDP
 2 YROXPH GD VHPLHVIHUD TXH UHSUHVHQWD D FRSD GD iUYRUH p
VXSHULRUDP
 7HQGRFRPRUHIHUrQFLDDILJXUDDVHJXLUTXHUHSUHVHQWDXPD
VHFomRPHULGLDQDGRHVERoRGDiUYRUHFDOFXOHHPPDDOWXUD
GDiUYRUH RWDPDQKRGRVHJPHQWRTXHFRQWpPRYpUWLFHGR
FRQHRFHQWURGDVHPLHVIHUDHYDLDWpDVXSHUItFLHHVIpULFD 
0XOWLSOLTXH R YDORU REWLGR SRU  $SyV HIHWXDU WRGRV RV
FiOFXORVVROLFLWDGRVGHVSUH]HSDUDDPDUFDomRQR&DGHUQRGH
5HVSRVWDVDSDUWHIUDFLRQiULDGRUHVXOWDGRILQDOREWLGRFDVR
H[LVWD

5WDRTQITCOCŌ5GIWPFC'VCRC %CFGTPQ/#&'+4# ŌŌ


&(63(_&(%5$63(±3$6(7$3$

2FLFOR$%&'$ FLFORGH2WWR GHXPPRWRUDJDVROLQD


TXHpXPDPiTXLQDWpUPLFDpGHVFULWRGHPRGRDSUR[LPDGRSRU
GXDV WUDQVIRUPDo}HV DGLDEiWLFDV LQWHUFDODGDV SRU GXDV
WUDQVIRUPDo}HVLVRPpWULFDVQDVHJXLQWHIRUPD
$%6FRPSUHVVmRDGLDEiWLFD
%&6DTXHFLPHQWRLVRPpWULFR
&'6H[SDQVmRDGLDEiWLFD
'$6UHVIULDPHQWRLVRPpWULFR
$SDUWLUGHVVDVLQIRUPDo}HVIDoDRTXHVHSHGHQRLWHPDVHJXLU
TXHpGRWLSR'
 5HSUHVHQWHJUDILFDPHQWHQRGLDJUDPDSUHVVmRYHUVXVYROXPH
DEDL[RFDGDXPDGDVWUDQVIRUPDo}HVPHQFLRQDGDVGHPRGR
2XVRGHGXDVWHFQRORJLDVEHPFRQKHFLGDVGDLQG~VWULDR TXH HODV UHSUHVHQWHP R FLFOR GH 2WWR 1R VHX JUiILFR
PRWRU D JDVROLQD H R VLVWHPD KLGUiXOLFR FRQWRUQDP R YHOKR LGHQWLILTXHRVSRQWRV$%&H'HLQGLTXHRVHQWLGRGHFDGD
SUREOHPD GH SURMHWRV TXH YLVDP j XWLOL]DomR GH DU FRPR WUDQVIRUPDomR
FRPEXVWtYHO7UDWDVHGDQHFHVVLGDGHGHHQHUJLDSDUDJHUDUHQHUJLD
MiTXHpSUHFLVRFRPSULPLURJiVSDUDTXHHOHGHVHQYROYDDOJXP
WUDEDOKRHRUHVXOWDGRSRGHVHUDOJRLQWHUHVVDQWHWDQWRGRSRQWRGH
YLVWDHFRQ{PLFRTXDQWRGRHFROyJLFR$ILJXUDDFLPDLOXVWUDXP
PRWRUKtEULGRIRUPDGRSRUGRLVWDQTXHVGHQLWURJrQLRXPPRWRU
KLGUiXOLFRHXPPRWRUFRQYHQFLRQDOPRYLGRDJDVROLQD(VVHPRWRU
KtEULGRIXQFLRQDGDPDQHLUDGHVFULWDDVHJXLU
, 2 PRWRU KLGUiXOLFR XWLOL]D QLWURJrQLR FRPSULPLGR TXH p
DUPD]HQDGRHPXPWDQTXHGHDOWDSUHVVmR
,, 8PDERPEDKLGUiXOLFDHXPSLVWmRFRPSULPHPRQLWURJrQLR
SDUD GHQWUR GR DFXPXODGRU GH IRUPD TXH TXDQGR R JiV p
OLEHUDGR DSyVRSUHVVLRQDPHQWRGRDFHOHUDGRU DERPEDDFDED
SRUIXQFLRQDUHPVHQWLGRUHYHUVRSDVVDQGRDDWXDUFRPRXP
PRWRU $ HQHUJLD GR IOXLGR KLGUiXOLFR HP PRYLPHQWR HQYLD 2GLDJUDPDUHVHUYDGRDFLPDpGHXVRRSFLRQDO&DVRRXWLOL]HQmR
IRUoDSDUDDVURGDV VH HVTXHoD GH WUDQVIHULU D VXD UHVSRVWD SDUD R &DGHUQR GH
,,, 7HQGRSDVVDGRSHORPRWRURIOXLGRHVFRDSDUDRDFXPXODGRU 5HVSRVWDV
FRPPHQRVSUHVVmRVHQGRUHVHUYDGRSDUDXWLOL]DomRIXWXUD 4#5%70*1

,9 2PRWRUPRYLGRDJDVROLQDHQWUDHPDomRHPDFOLYHVRXVHPSUH
TXH XPD DFHOHUDomR PDLV SURQXQFLDGD VH ID] QHFHVViULD 2V
PRGHORV SRVVtYHLV LQFOXHP R , GH  / H  FDYDORV GH
SRWrQFLD QRVVXEFRPSDFWRV HR,GH/HFDYDORVGH
SRWrQFLD QRVFRPSDFWRV 
,QWHUQHWZZZWHFPXQGRFRPEU! FRPDGDSWDo}HV 

7HQGRHVVDVLQIRUPDo}HVFRPRUHIHUrQFLDMXOJXHRVSUy[LPRVLWHQV

 +DMD YLVWD VHU R QLWURJrQLR XP JiV LGHDO D FRPSUHVVmR GR


QLWURJrQLRQRPRWRUKLGUiXOLFRVHUiDFRPSDQKDGDGHUHGXomR
GDWHPSHUDWXUDGHDFRUGRFRPDSULPHLUDOHLGDWHUPRGLQkPLFD
 1R PRWRU KLGUiXOLFR RV SURFHVVRV GH H[SDQVmR H GH
FRPSUHVVmRGRQLWURJrQLRTXHGHYHPVHUUiSLGRVSRGHPVHU
FRQVLGHUDGRVDGLDEiWLFRV
 (QTXDQWRQRVPRWRUHVDJDVROLQDRSURFHVVRGHWUDQVIRUPDomR
GH HQHUJLD HQYROYH UHDo}HV TXtPLFDV GH FRPEXVWmR QRV
VLVWHPDV KLGUiXOLFRV GH PRWRUHV D DU R SURFHVVR GH
WUDQVIRUPDomRGHHQHUJLDHQYROYHIHQ{PHQRVItVLFRV

5WDRTQITCOCŌ5GIWPFC'VCRC %CFGTPQ/#&'+4# ŌŌ


&(63(_&(%5$63(±3$6(7$3$

$VHJXLUVmRDSUHVHQWDGDVFDUDFWHUtVWLFDVGHWUrVPiTXLQDV 4#5%70*1
,,,H,,, GHPHVPRYDORU

, PiTXLQDGH&DUQRWTXHRSHUDHQWUHGRLVUHVHUYDWyULRVXP
TXHQWHDƒ&HXPIULRDƒ&
,, PiTXLQDGH&DUQRWTXHRSHUDHQWUHGRLVUHVHUYDWyULRVXP
TXHQWHD.HXPIULRD.
,,, PiTXLQDTXHH[WUDLîFDOGHXPDIRQWHTXHQWHj
WHPSHUDWXUDGH.HUHMHLWDîFDOSDUDXPDIRQWH
IULDD.HQWUHJDQGRXPWUDEDOKRGHî-
 &RQVLGHUDQGR DVSHFWRV UHODFLRQDGRV DR UHQGLPHQWR H j
YLDELOLGDGHGHVVDVPiTXLQDVLQIHUHVHTXHDPiTXLQD
A ,WHPUHQGLPHQWRVXSHULRUj,,Hj,,,HQmRYLRODDVOHLVGD
WHUPRGLQkPLFD
B ,,WHPUHQGLPHQWRVXSHULRUj,Hj,,,PDVYLRODDVOHLVGD
WHUPRGLQkPLFD
C ,,,WHPUHQGLPHQWRVXSHULRUj,Hj,,HQmRYLRODDVOHLVGD
WHUPRGLQkPLFD
D ,,,YLRODXPDGDVOHLVGDWHUPRGLQkPLFD

,QWHUQHWKHOHQSURIELREORJVSRWFRPEU! FRPDGDSWDo}HV 

$ILJXUDDFLPDLOXVWUDGRLVH[SHULPHQWRV ,H,, UHDOL]DGRV


SDUD PRVWUDU D UHVSRVWD GH FROHySWLORV j LQFLGrQFLD GH OX] 1R
SULPHLUR R FROHySWLOR IRL LOXPLQDGR GH PDQHLUD XQLIRUPH QR
VHJXQGRRXWURFROHySWLORUHFHEHXLOXPLQDomRXQLODWHUDO$ILJXUD
WDPEpPPRVWUDRUHVXOWDGRREVHUYDGRSDUDRH[SHULPHQWR,,$V
EROLQKDVQRLQWHULRUGRVFROHySWLORVUHSUHVHQWDPDFRQFHQWUDomRGH
ILWRKRUP{QLR

 $UHVSHLWRGRVH[SHULPHQWRVDSUHVHQWDGRVHFRQVLGHUDQGRDV
SURSULHGDGHVGRVILWRKRUP{QLRVDVVLQDOHDRSomRFRUUHWD
A 1RH[SHULPHQWR,REVHUYDVHGLVSHUVDQRFROHySWLORXPD
JUDQGH TXDQWLGDGH GH ILWRKRUP{QLR JLEHUHOLQD XP
FRPSRVWRYROiWLOTXHLQLEHDJHUPLQDomRGDVVHPHQWHV
B 1RH[SHULPHQWR,,KRXYHGHVORFDPHQWRGRILWRKRUP{QLR
HWLOHQRHPGLUHomRjODWHUDOGRFROHySWLORRTXHUHVXOWDHP
DORQJDPHQWRFHOXODU
C 2V H[SHULPHQWRV , H ,, PRVWUDP R HIHLWR GD OX] VREUH R
ILWRKRUP{QLRiFLGRDEVFtVLFRTXHHVWLPXODRFUHVFLPHQWR
GDV SODQWDV H DWLYDGR SHOD OX] SURPRYH R FUHVFLPHQWR
FDXOLQDUQDGLUHomRGDIRQWHOXPLQRVD
D 2UHVXOWDGRGRH[SHULPHQWR,,PRVWUDTXHRGHVORFDPHQWR
GRILWRKRUP{QLRDX[LQDSDUDDUHJLmRGRFROHySWLORTXH
QmRUHFHEHXOX]LQGX]LXRFUHVFLPHQWRGHVVDUHJLmRRTXH
SURPRYHXRDORQJDPHQWRFHOXODUHRIRWRWURSLVPR

5WDRTQITCOCŌ5GIWPFC'VCRC %CFGTPQ/#&'+4# ŌŌ


&(63(_&(%5$63(±3$6(7$3$

 2UHDJHQWHSUHFXUVRUGR'0(REWLGRQRSDVVRLQWHUPHGLiULR
D SDUWLU GR JiV GH VtQWHVH p XP FRPSRVWR RUJkQLFR TXH
DSUHVHQWDFDGHLDFDUE{QLFDKRPRJrQHDVDWXUDGDHQRUPDO
 6H R JiV GH VtQWHVH IRVVH UHFROKLGR HP iJXD GHVWLODGD D
VROXomRUHVXOWDQWHVHDSUHVHQWDULDiFLGDHPGHFRUUrQFLDGDV
UHDo}HVGHKLGUyOLVHTXHRFRUUHPHQWUHVHXVFRPSRQHQWHVHDV
(PVHWUDWDQGRGHFRPEXVWtYHLVUHQRYiYHLVR%LR'0(RX PROpFXODVGHiJXD
'0(²GLPHWLOpWHU &+2 ²pXPDDOWHUQDWLYDSDUDVHVXEVWLWXLU  'H DFRUGR FRP R PRGHOR GD OLJDomR FRYDOHQWH DV OLJDo}HV
SDUWHGRyOHRGtVHOHGRJiVOLTXHIHLWRGHSHWUyOHR */3 XVDGRHP HQWUH RV iWRPRV GD FDGHLD FDUE{QLFD GR '0( UHVXOWDP GD
ERWLM}HV SRUTXH SROXL PHQRV H SRGH VHU SURGX]LGR GH ELRPDVVD VREUHSRVLomR ODWHUDO GRV RUELWDLV DW{PLFRV IRUPDQGRVH
RUELWDLVPROHFXODUHVFDUDFWHUtVWLFRVGDOLJDomRSL
SURYHQLHQWH HVSHFLDOPHQWH GH UHVtGXRV DJUtFRODV GD SURGXomR GH
 3DUD VH FRPSDUDU D HILFLrQFLD HQHUJpWLFRDPELHQWDO GH
PLOKRGDFDQDGHDo~FDU SDOKDHEDJDoR HGDFDVFDGHDUUR]DOpP
GLIHUHQWHVFRPEXVWtYHLVGHYHVHFRQVLGHUDUDTXDQWLGDGHGH
GH UHVWRV GD IDEULFDomR GH SDSHO 3DUD WUDQVIRUPDU ELRPDVVD HP JiV FDUE{QLFR JHUDGR QR SURFHVVR GH FRPEXVWmR 1HVVH
'0( p SUHFLVR FRQYHUWHU RV UHVtGXRV YHJHWDLV HP JiV HP XP FRQWH[WRHFRQVLGHUDQGRHPFRQGLo}HVSDGUmRPDVVDVLJXDLV
SURFHVVRGHJDVHLILFDomRUHDOL]DGRHPXPUHDWRUDTXHFLGRFRPR GH '0( H GH EXWDQR FDOFXOH D UD]mR $% HP TXH $ p
PRVWUDDILJXUDDFLPD2UHVXOWDGRpRJiVGHVtQWHVHXPDPLVWXUD DHQHUJLDOLEHUDGDQDFRPEXVWmRFRPSOHWDGDPDVVDGH'0(
SRUPROGHJiVFDUE{QLFRIRUPDGRH%pDHQHUJLDOLEHUDGDQD
GHPRQy[LGRGHFDUERQRHKLGURJrQLRTXHVHUYHGHPDWpULDSULPD
FRPEXVWmR FRPSOHWD GD PDVVD GH EXWDQR SRU PRO GH JiV
SDUDDSURGXomRGRPHWDQROSDVVRLQWHUPHGLiULRSDUDVHDWLQJLUD FDUE{QLFRIRUPDGR0XOWLSOLTXHRUHVXOWDGRREWLGRSRU
SURGXomRGRGLPHWLOpWHU2XWUDYDQWDJHPGR'0(HPUHODomRDR $SyVWHUHIHWXDGRWRGRVRVFiOFXORVVROLFLWDGRVGHVSUH]HSDUD
*/3pDSRVVLELOLGDGHGHVHUWUDQVIRUPDGRHPOtTXLGRDSUHVV}HV DPDUFDomRQR&DGHUQRGH5HVSRVWDVDSDUWHIUDFLRQiULDGR
PDLVEDL[DVRTXHIDFLOLWDDORJtVWLFDGHWUDQVSRUWH UHVXOWDGRILQDOREWLGRFDVRH[LVWD
4#5%70*1
0 GH 2OLYHLUD 5HFXUVR HFOpWLFR ,Q 5HYLVWD )$3(63
Qž  DEU S  FRP DGDSWDo}HV 

$ VHJXLU VmR DSUHVHQWDGDV DV HTXDo}HV GD UHDomR GH


FRPEXVWmRFRPSOHWDGR'0(HGREXWDQRXPGRVFRPSRQHQWHVGR
*/3HRVUHVSHFWLYRVYDORUHVGHHQHUJLDOLEHUDGDQDVFRQGLo}HVSDGUmR

&+!2!&+ J 2 → &2 J +2 O HQHUJLD N-PRO


&+ J  2 → &2 J +2 O HQHUJLD N-PRO

$SDUWLUGHVVDVLQIRUPDo}HVMXOJXHRVLWHQVGHDHIDoDRTXH
VHSHGHQRLWHPTXHpGRWLSR%

 1R %UDVLO D H[LVWrQFLD GH GLYHUVDV FXOWXUDV DJUtFRODV H D


GLYHUVLGDGH H TXDQWLGDGH GH UHEDQKRV IDYRUHFHP R XVR GD
ELRPDVVDQDSURGXomRHQHUJpWLFDGRSDtVFRPRVHYHULILFDQR
VHWRU VXFURDOFRROHLUR TXH DOpP GD WUDGLFLRQDO SURGXomR GH
Do~FDUHGHiOFRROFRPEXVWtYHOWHPLQYHVWLGRQDJHUDomRGH
HQHUJLDDSDUWLUGDTXHLPDGREDJDoRGDFDQD
 'HYLGRjVXDPHQRUYRODWLOLGDGHR'0(SRGHVHUOLTXHIHLWRD
SUHVV}HVPDLVEDL[DVTXHREXWDQRRTXHSRGHVHUH[SOLFDGR
SHORIDWRGHDVPROpFXODVGH'0(VHUHPSRODUHVHLQWHUDJLUHP
HQWUH VL SRU IRUoDV GLSRORGLSROR HQTXDQWR DV PROpFXODV GH
EXWDQR VmR PDQWLGDV XQLGDV HP IDVH OtTXLGD SRU IRUoDV GH
/RQGRQGHLQWHQVLGDGHPXLWRPHQRU
 3RU VXD GLYHUVLGDGH D ELRPDVVD LQWHJUD SROtWLFDV GH
GHVHQYROYLPHQWR HQHUJpWLFR GH SDtVHV FRPR %UDVLO (8$
$OHPDQKDHËQGLDPDVRVHXXVRpFULWLFDGRSRUDPELHQWDOLVWDV
TXH D FRQVLGHUDP IRQWH GH HQHUJLD VXMD SRLV UHVXOWD GH
PRQRFXOWXUDV H HPLWH JUDQGH TXDQWLGDGH GH JDVHV GR HIHLWR
HVWXID

5WDRTQITCOCŌ5GIWPFC'VCRC %CFGTPQ/#&'+4# ŌŌ


&(63(_&(%5$63(±3$6(7$3$

-RDQDHVWiGLDQWHGHXPHVSHOKRFRQYH[RTXHGHL[DDVXD
LPDJHP PDLV DOWD H PDLV PDJUD TXH D UHDOLGDGH (OD YHVWH XPD
FDPLVDTXHWHPXPWULkQJXORLVyVFHOHVGHODGRVFPFPHFP
HFXMDEDVHILFDQDKRUL]RQWDO2EVHUYDQGRVHQRHVSHOKR-RDQD
SHUFHEHXTXHRWULkQJXORDLQGDHUDLVyVFHOHVDSHVDUGHWHUUHGX]LGR
VXDEDVHSHODPHWDGHHWHUDXPHQWDGRDVXDDOWXUD
$SDUWLUGHVVDVLQIRUPDo}HVMXOJXHRLWHPDVHJXLU
 6H R SHUtPHWUR GR WULkQJXOR YLVWR QR HVSHOKR p LJXDO DR
SHUtPHWURGRWULkQJXORRULJLQDOHQWmRQRWULkQJXORGDLPDJHP
RFRVVHQRGRkQJXORRSRVWRjEDVHpPDLRUTXH
4#5%70*1

'L]HP TXH DOJXQV HVSHOKRV GLVWRUFHP D LPDJHP QHOHV


UHIOHWLGD6DEHPRVTXHRVFRQYH[RVSRUH[HPSORFRPOHYHVFXUYDV
QRSpHQRWRSROHYDPXPDSHVVRDDSDUHFHUPDLVDOWDHPDJUD
(VVHWLSRpPXLWRXVDGRQRVSURYDGRUHVGDVORMDV2VQmRUHYHUVLYRV
UHIOHWHPDLPDJHPUHDOWDOHTXDOVHPWURFDURVODGRV
2XWUD H[SOLFDomR SDUD R IDWR GH XPD SHVVRD YHU VXD
LPDJHPGLVWRUFLGDGDUHDOpTXHQRVVRFpUHEURSRGHQDWXUDOPHQWH
GLVWRUFrOD SHOD FRQIXVmR FDXVDGD SHODV GLIHUHQWHV LQIRUPDo}HV
UHFHELGDVGHYiULDV SDUWHVGRQRVVRFRUSRVHJXQGRFLHQWLVWDVGD
XQLYHUVLGDGH&ROOHJH/RQGRQ3RUH[HPSORXPDSHVVRDSRGHVH
DFKDUJRUGDTXDQGRHVWiFRPDQRUH[LD
*LO (SLIkQLD (VSHOKR R UHIOH[R GH FDGD XP
,QWHUQHWDPHQWHHPDUDYLOKRVDFRPEU! FRPDGDSWDo}HV 

7HQGR D ILJXUD H R IUDJPHQWR GH WH[WR DFLPD FRPR UHIHUrQFLDV


LQLFLDLVMXOJXHRVLWHQVTXHVHVHJXHP

 ,QGLYtGXRVFRPDOWRJUDXGHPLRSLDYHHPDLPDJHPUHIOHWLGDQR
HVSHOKRGHVIRFDGDSRUTXHRJORERRFXODUGHXPPtRSHpPHQRU
GRTXHRGHXPDSHVVRDFRPYLVmRQRUPDO
 $LPDJHPGHXPREMHWRUHDOIRUPDGDSRUXPHVSHOKRSODQRp
YLUWXDOLVRPRUIDHGRPHVPRWDPDQKRGRREMHWR
 2HVSHOKRREVHUYDGRQDILJXUDFHUWDPHQWHQmRpSODQRHQmR
REHGHFHjSURSULHGDGHGDVLPHWULD
 1DVFRQGLo}HVGHQLWLGH]GH*DXVVDLPDJHPGHXPREMHWRUHDO
IRUPDGDSRUXPHVSHOKRHVIpULFRFRQYH[RpYLUWXDOLQYHUWLGDH
PDLRUTXHRREMHWR
 2WH[WRVHRUJDQL]DDSDUWLUGDDUWLFXODomRGHGXDVLQIRUPDo}HV
FHQWUDLVVHQGRXPDGHODVVXVWHQWDGDSHOD~OWLPDIUDVH³3RU
H[HPSOR XPD SHVVRD SRGH VH DFKDU JRUGD TXDQGR HVWi FRP
DQRUH[LD´
 $VLPDJHQVVmRIRUPDGDVQDUHWLQDRQGHH[LVWHPGXDVFpOXODV
IRWRVVHQVtYHLV RV FRQHV H RV EDVWRQHWHV (P SDUWLFXODU RV
EDVWRQHWHVEDVWDQWHVHQVtYHLVjOXPLQRVLGDGHVmRHQFRQWUDGRV
HP JUDQGHV TXDQWLGDGHV QD UHWLQD GH DQLPDLV GH KiELWRV
QRWXUQRV
 $DQRUH[LDpXPGLVW~UELRDOLPHQWDUFDUDFWHUL]DGRSHORPHGR
GHJDQKDUSHVRHTXHOHYDDXPDVpULHGHFRPSOLFDo}HVPpGLFDV
² FRPR D GHVQXWULomR D DQHPLD H D UHGXomR GD PDVVD
PXVFXODU²SHODUHFXVDHPLQJHULUDOLPHQWRV
 2HVSHOKRREVHUYDGRQDILJXUDFHUWDPHQWHQmRpHVIpULFRHQmR
VHJXHDDSUR[LPDomRGH*DXVV

5WDRTQITCOCŌ5GIWPFC'VCRC %CFGTPQ/#&'+4# ŌŌ


&(63(_&(%5$63(±3$6(7$3$

5('$d­2(0/Ë1*8$32578*8(6$
$7(1d­21HVWDSURYDIDoDRTXHVHSHGHXWLOL]DQGRFDVRGHVHMHRHVSDoRLQGLFDGRSDUDUDVFXQKRQRSUHVHQWHFDGHUQR(PVHJXLGD
HVFUHYDRWH[WRQDIROKDGHWH[WRGHILQLWLYRGDSURYDGHUHGDomRHPOtQJXDSRUWXJXHVDQRORFDODSURSULDGRSRLVQmRVHUmRDYDOLDGRV
IUDJPHQWRVGHWH[WRHVFULWRVHPORFDLVLQGHYLGRV5HVSHLWHROLPLWHPi[LPRGHOLQKDVGLVSRQLELOL]DGR4XDOTXHUIUDJPHQWRGHWH[WRDOpP
GHVVHOLPLWHVHUiGHVFRQVLGHUDGR1DIROKDGHWH[WRGHILQLWLYRGDSURYDGHUHGDomRHPOtQJXDSRUWXJXHVDXWLOL]HDSHQDVFDQHWDHVIHURJUiILFD
GHWLQWDSUHWDIDEULFDGDHPPDWHULDOWUDQVSDUHQWH,GHQWLILTXHVHDSHQDVQRVORFDLVDSURSULDGRVSRLVVHUiDWULEXtGDQRWD]HURDRWH[WRTXH
WHQKDTXDOTXHUDVVLQDWXUDRXPDUFDLGHQWLILFDGRUDIRUDGHVVHVORFDLV

³6y R VHU KXPDQR FRQKHFH R EHP H R PDO R MXVWR H R LQMXVWR p D


,QGLFDGRUHVGH
FRPXQLGDGHGHVVHVVHQWLPHQWRVTXHSURGX]DIDPtOLDHDFLGDGH´
KXPDQLGDGH
$ULVWyWHOHV 3ROtWLFD 7UDGXomR GH $QWyQLR &DPSHOR $PDUDO /LVERD 9HJD S 
‡ $XWRFRQVFLrQFLD
‡ $XWRGRPtQLR 2VHUKXPDQRSULPHLURH[LVWHVHHQFRQWUDVXUJHQRPXQGRHVHGHILQH
‡ &DSDFLGDGHGHHTXLOLEUDU GHSRLV  $VVLPQmRKiQDWXUH]DKXPDQD2VHUKXPDQRQDGDPDLV
UD]mRHHPRo}HV p GR TXH DTXLOR TXH HOH ID] GH VL PHVPR ,VVR p R TXH VH FKDPD
‡ &DSDFLGDGHGHVH VXEMHWLYLGDGH
UHODFLRQDUFRPRVRXWURV
‡ &RQVLGHUDomRFRPRV -HDQ3DXO6DUWUH2H[LVWHQFLDOLVPRpXPKXPDQLVPR,Q$QWRORJLDGHWH[WRVILORVyILFRV
&XULWLED 6HFUHWDULD GH (VWDGR GD (GXFDomR GR 3DUDQi  S  FRP DGDSWDo}HV 
RXWURV
‡ &XULRVLGDGH
2FpUHEURKXPDQRQmRpSXUDOyJLFD+iHPVHXFHUQHXPFRQMXQWRGH
‡ ,QWHOLJrQFLD
HVWUXWXUDVTXHSUHPLDDOJXPDVGHQRVVDVDo}HVFRPXPDVHQVDomRGH
‡ 0XWDELOLGDGH
VDWLVIDomRSUD]HUHIHOLFLGDGHeDDOHJULDGRSUHVHQWHHDH[SHFWDWLYD
‡ 3HUFHSomRGDSDVVDJHP
GHFRUUHQWH GH XP SRXTXLQKR PDLV GH SUD]HU TXH QRV PDQWrP HP
GRWHPSR
PRYLPHQWRHLQWHUHVVDGRVHPSHUPDQHFHUDVVLPHSRUWDQWRYLYRV(P
-RVHSK )OHWFKHU ,QGLFDWRUV RI ~OWLPD DQiOLVH p D SURPHVVD GH XPD QRYD DOHJULD FRPSOHWDPHQWH
+XPDQKRRG 7KH +DVWLQJV &HQWHU LOyJLFDTXHGiVHQWLGRjQRVVDYLGD
5HSRUW YRO  Qž   S 
WUDGXomR OLYUH FRP DGDSWDo}HV 
6X]DQD+HUFXODQR+RX]HO2SRUTXrGLVVRWXGR,QWHUQHWZZZIROKDFRPEU! FRPDGDSWDo}HV 

e IiFLO GL]HU TXH XP URE{ QmR p XP VHU YLYR PDV R TXH
LGHQWLILFDD µYLGD¶HPXPDUHODomRDIHWLYD"&mHVVmRYLYRV
PDVQmRUDFLRFLQDP5RE{VQmRVmRYLYRVPDVHVWmRFDGD
YH]PDLVSUy[LPRVGHXPDVLPXODomREDVWDQWHUD]RiYHOGH
FRPSUHHQVmR $ PiTXLQD QmR SUHFLVD SHQVDU GHVGH TXH
DSDUHQWHID]rOR-iID]XPWHPSRTXHRVJrQHURVIDQWiVWLFRV
OLGDP FRP HVVD GLDOpWLFD H[LVWHQFLDO (P 7R\ 6WRU\ SRU
H[HPSOR R DVWURQDXWD %X]] /LJKW\HDU DSUHQGH D QRWtFLD
GHSULPHQWHGHTXHHPYH]GRLQGLYtGXROLYUHHDXWrQWLFRTXH
DFUHGLWDVHUHOHQmRSDVVDGHXPERQHFR

/XOL5DGIDKUHU&DQLVHWFLUFHQVLV,QWHUQHWZZZIROKDFRPEU! FRPDGDSWDo}HV 

,PDJLQHTXHYRFrHVWiHPHDQGURLGHV²URE{VFRPDSDUrQFLDKXPDQD²FLUFXOHPSHODVUXDVHPPHLRDRVVHUHVKXPDQRV
$ WHFQRORJLD DYDQoRX WDQWR TXH p LPSRVVtYHO D ROKR QX GLVWLQJXLU TXHP IRL JHUDGR ELRORJLFDPHQWH GH TXHP IRL FULDGR HP
ODERUDWyULR$OpPGHWHUHPFDSDFLGDGHGHUDFLRFLQDURVDQGURLGHVFRPSRUWDPVHFRPRKXPDQRVHSDUHFHPVHQWLUDVPHVPDV
HPRo}HV'HIDWRDVHPHOKDQoDpWDQWDTXHDOJXQVDQGURLGHVQHPPHVPRVDEHPTXHVmRURE{V$~QLFDGLIHUHQoDpTXHVmRPXLWR
PDLVLQWHOLJHQWHVHLVVRFDXVDPHGRDRVKXPDQRV,PDJLQHDLQGDTXHSRUHVVHPRWLYRWHQKDVLGRSURPXOJDGDXPDOHLPXQGLDO
TXHGHWHUPLQDTXHWRGRVRVDQGURLGHVVHMDPGHSRUWDGRVSDUDFRO{QLDVH[WUDWHUUHQDV2SUREOHPDpTXHYRFrDFDERXGHGHVFREULU
TXHWDPEpPpXPDQGURLGHHTXHSDUDSHUPDQHFHUQD7HUUDWHUiGHFRQYHQFHURVKXPDQRVGHTXHQmRpXPDDPHDoD

(VFUHYDXPWH[WRGLULJLGRDRVOtGHUHVGD7HUUDDUJXPHQWDQGRGHIRUPDFRQYLQFHQWHTXHQRTXHVHUHIHUHDFRPSRUWDPHQWRVH
VHQWLPHQWRVQmRKiGLIHUHQoDHQWUHYRFrHXPVHUKXPDQR9RFrGHYHFRQWDUXPSRXFRGDVXDKLVWyULDPHQFLRQDQGRFDUDFWHUtVWLFDV
VXDVTXHVmRLGrQWLFDVjVKXPDQDVFRPRREMHWLYRGHVHQVLELOL]DUVHXVLQWHUORFXWRUHV1mRDVVLQHRWH[WR

5WDRTQITCOCŌ5GIWPFC'VCRC %CFGTPQ/#&'+4# ŌŌ


&(63(_&(%5$63(±3$6(7$3$

5$6&81+2












































5WDRTQITCOCŌ5GIWPFC'VCRC %CFGTPQ/#&'+4# ŌŌ


&/$66,),&$d­23(5,Ï',&$'26(/(0(1726

7DEHODGHYDORUHV
GDVIXQo}HVVHQRHFRVVHQR
LJ VHQLJ FRVLJ

You might also like