)XQGDomR0DXUtFLR*UDERLV

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/LPD%DUUHWRHD0LOLWkQFLD/LWHUiULD
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GHXPDOLQJXDJHPQRYDHRFRQWH~GRVRFLDOGHVHXVURPDQFHVFRPRDVPDLRUHVFRQWULEXLo}HVGRHVFULWRU
FDULRFDDQRVVDOLWHUDWXUD

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$HPHUJrQFLDGRQRPHGH/LPD%DUUHWRQRDQRGRFHQWHQiULRGRVHXQDVFLPHQWROHYDTXHVH
UHFRQVLGHUHXPDVpULHGHFRQFHLWRVHMXOJDPHQWRVUHODWLYRVjVXDDWXDomRQDpSRFDHPTXH
YLYHXFRPRDJHQWHGHFUtWLFDVRFLDOHFRPRHVFULWRU$RPHVPRWHPSRFDEHXPDUHDQiOLVHGD
VXDREUDVHXVLWXDFLRQDPHQWRFRPRHVFULWRUDLPSRUWkQFLDGRVVHXVOLYURVHDFRQWULEXLomR
TXHGHXQXPDDUWLFXODomRXQLWiULDKRPHPHVFULWRUDQRVVDFXOWXUD

/LPD%DUUHWRpXPHVFULWRUFRORFDGRQDSHQXPEUDGHOLEHUDGDPHQWHSHORVVHWRUHVGRPLQDQWHV
HSULYLOHJLDGRVGDLQG~VWULDOLWHUiULDQR%UDVLO(UDSREUHQHJURDQDUTXLVWDHSRUGHFRUUrQFLD
GHWXGRLVWRDQWLPLOLWDULVWD6XDREUDDRQRVVRYHUQmRpSRUpPDSHQDVDGHXPJUDQGH
URPDQFLVWDPDVDGHXPHVFULWRUTXHFULRXXPDQRYDOLQJXDJHPSDUDDQRYHOtVWLFDEUDVLOHLUD
4XHURDFHQWXDUTXHSURSRVLWDGDPHQWHHVFUHYLTXHHOHFRQVHJXLXSDUDQRVVRURPDQFHXPD
QRYDOLQJXDJHPHQmRXPHVWLORQRYR$Wp/LPD%DUUHWRDOLQJXDJHPGR5RPDQFHEUDVLOHLUR
HVEDUUDYDHPXPDVpULHGHSUHFRQFHLWRVSUHFRQFHLWRVDWpKRMHSHUILOKDGRVSRUPXLWRVGH
VHXVFUtWLFRVTXHHVFROKHQGRFRPRUHIHUHQFLDOEiVLFRGHSHUIHLomRDREUDGH0DFKDGRGH
$VVLVHQFRQWUDPLPSHUIHLo}HVHPWXGRDTXLORTXHHP/LPD%DUUHWRpRWUDQVERUGDUGR
FRQYHQFLRQDOLVPRGROLQJXDMDUTXHWLQKDVXDVPDWUL]HVHP$QW{QLR)HOLFLDQRGH&DVWLOKR
SDUDSRGHUH[SUHVVDUDULTXH]DGHSHQVDUHGHDJLUGRQRVVRSRYR(VWDSRVLomRLQRYDGRUDGH
/LPD%DUUHWRQmRDGYHLRSRUpPFRPRPXLWRVGHVHXVFUtWLFRVDSRQWDPGHXPPHQRU
DGHVWUDPHQWRVHXFRPRHVFULWRURXLQVXILFLHQWHGRPtQLRGDOtQJXDPDVSHORFRQWUiULRHUD
XPDSRVLomRFRQVFLHQWHTXHUHIOHWLDHVVHQFLDOPHQWHVXDSRVLomRFRPRKRPHPHFRPRDUWLVWD
HPUHODomRjUHDOLGDGHEUDVLOHLUD

1DVFHX/LPD%DUUHWRQR5LRGH-DQHLURHPHPRUUHXHP1DVFHXHPXP
VXE~UELRTXDQGRDFLGDGHFUHVFLDXUEDQL]DYDVHDGTXLULDGLPHQV}HVGHJUDQGHXUEH
2SURYLQFLDQLVPRGDYHOKDFDSLWDOLPSHULDOHUDVXEVWLWXtGRSHODYLVmRIUDQFHVDTXHDVHOLWHV
WLQKDPGRPXQGR$SyVDDEROLomRGRWUiILFRGHHVFUDYRVDIULFDQRVHPKRXYHXPD
JUDQGHPRYLPHQWDomRQDDSOLFDomRGHFDSLWDLVGHH[WUDILFDQWHVHPiUHDVTXHVH
GLQDPL]DYDPHVSHFLDOPHQWHQDUHJLmRGRFDIp2VHJXQGR%DQFRGR%UDVLOIRLIXQGDGR
XVDQGRSDUWHGHVVHVFDSLWDLVLPRELOL]DGRV0DXiVHXIXQGDGRUDILUPDUiHPVXD
DXWRELRJUDILDQDGDPDLVGRTXHXPUHODWyULRDRVFUHGRUHVTXDQGRIDOLXKDYHUVHDSURYHLWDGR

KWWSJUDERLVRUJEUSRUWDOLPSULPLUHYSKS"LGBVHVVDR  LGBSXEOLFDFDR  LGBLQGLFH  

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GHVVHVFDSLWDLVGLVSRQtYHLVHFRQJHODGRVDSyVDH[WHQVmRGHVVHLOtFLWRFRPpUFLR

&RPDH[WLQomRGRWUiILFRKiXPDGLQDPL]DomRVXUSUHHQGHQWHQDHFRQRPLDEUDVLOHLUD(VWH
GLQDPLVPRHFRQ{PLFRGR5LRGH-DQHLURRQGHVHFHQWUDYDRHL[RGDYLGDILQDQFHLUDH
DGPLQLVWUDWLYDGRSDtVSRGHUiVHUFRPSURYDGRFRPDOJXQVGDGRVVXSOHPHQWDUHV3RU
H[HPSORVHJXQGR&DVWUR&DUUHLURGHDQRGDDEROLomRGRWUiILFRDIRUDP
FRQFHGLGRVSULYLOpJLRVLQGXVWULDLVSDUDDLQFRUSRUDomRGHEDQFRVGHGHSyVLWRVH
GHVFRQWRVHDOJXQVGHHPLVVmRFULDUDPVHFDL[DVHFRQ{PLFDVRUJDQL]DUDPVH
FRPSDQKLDVGHQDYHJDomRDYDSRUFRPSDQKLDVGHVHJXURVGHFRORQL]DomRGH
HVWUDGDVGHIHUURGHURGDJHPGHFDUULVXUEDQRVFRPWUDomRDQLPDOGHPLQHUDomRGH
WUDQVSRUWHVHGHJiV

(YLGHQWHPHQWHQHPWRGRHVVHGLQDPLVPRHUDVLQ{QLPRGHGHVHQYROYLPHQWRDXW{QRPRGD
QRVVDHFRQRPLD2VFDSLWDLVHVWUDQJHLURVMiHQWUDYDPDJUHVVLYDPHQWHDSRVVDQGRVHGDTXHODV
iUHDVGHDWLYLGDGHVPDLVOXFUDWLYDVHHVWUDWHJLFDPHQWHLQWHUHVVDQWHV/LPD%DUUHWRHPYiULDV
SDUWHVGRVHX'LiULRËQWLPRGHPRQVWUDVXDLQTXLHWDomRHVXDLQGLJQDomRTXDQWRDHVVD
SHQHWUDomRIDWRWDPEpPFRQILUPDGRHPVHXVDUWLJRVGHMRUQDO$YHOKD5LRGH-DQHLUR
VRQROHQWDHERFHMDQWHDFRUGDSDUDJDQKDURWHPSRTXHDHFRQRPLDHVFUDYLVWDDIH]SHUGHU

eQHVWHSHUtRGRGHWUDQVIRUPDomRXUEDQDTXH/LPD%DUUHWRWRPDFRQVFLrQFLDGRPXQGR(
FRPVXDVHQVLELOLGDGHSURFXUDHQFRQWUDUDPDQHLUDGHDUWLFXODUHPIRUPDGHOLQJXDJHP
OLWHUiULDWRGRVDTXHOHVHOHPHQWRVQRYRVGHIDODUHGHDJLUSHQVDUHDWXDUTXHVXUJLDP$
JHQLDOLGDGHGH/LPD%DUUHWRHVWiMXVWDPHQWHHPVHURHVFULWRUTXHVLWXDQGRVHFRPRDUWLVWD
QRFHQWURGHVVHXQLYHUVRGLQkPLFRHFRQWUDGLWyULRFRQVHJXLXDVtQWHVHPDJQtILFDGH
UHSUHVHQWiORXVDQGRXPDOLQJXDJHPOLWHUiULDRUJDQLFDPHQWHDGHTXDGDDHVVHGLQDPLVPR
,VWRSRUpPpSRXFRFRPSUHHQGLGRDWpKRMH

0HVPRDOJXQVFUtWLFRVTXHVHGL]HPFRPSUHHQVLYLVWDVHPUHODomRjREUDGH/LPD%DUUHWRQmR
HVFDSDPDHVVDLQFRPSUHHQVmR3URFXUDPID]HUFRPSDUDomRHQWUHXP/LPD%DUUHWR
GHVOHL[DGRHXP0DFKDGRGH$VVLVTXHVHULDDPDLRURUJDQL]DomRGHHVFULWRUGHWRGRVRV
WHPSRVQR%UDVLO7DOHTXtYRFRIRLUHEDWLGRSHORSUySULR/LPD%DUUHWRTXDQGRHVFUHYHX
VHPSUHDFKHLQR0DFKDGRPXLWDVHFXUDGHDOPDPXLWDIDOWDGHVLPSDWLDIDOWDGH
HQWXVLDVPRVJHQHURVRVXPDSRUomRGHVHVWURVSXHULV-DPDLVRLPLWHLHMDPDLVPHLQVSLURX
4XHPHIDOHPGH0DXSDVVDQWGH'LFNHQVGH6ZLIW$WpHP7XUJXHQLHYHP7ROVWRL
SRGHULDPLUEXVFDURVPHXVPRGHORVPDVHP0DFKDGRQmR
/HPRL
0DFKDGRHVFUHYLD
FRPPHGRGH&DVWLOKRHHVFRQGHQGRRTXHVHQWLDSDUDQmRVHUHEDL[DUHXQmRWHQKRPHGRGD
SDOPDWyULDGR)HOLFLDQRHHVFUHYRFRPPXLWRWHPRUGHQmRGL]HUWXGRRTXHTXHURHVLQWR
VHPFDOFXODUVHPHUHEDL[RRXVHPHH[DOWR&UHLRTXHpDJUDQGHGLIHUHQoD´

UHWUDWDRVH[SORUDGRVFRPDWHUQXUDTXHWLQKDSDUDFRPDTXHODSRSXODomRGHVXE~UELRV
IRUPDGDQDVXDPDLRULDGHSDUGRVHQHJURVGHVDMXVWDGRVHSREUHV´

1XQFDXPHVFULWRUFRQIHVVRXTXHVXDOLQJXDJHPHVWiDVHUYLoRGHXPDYHUGDGHVRFLDOFRP
PDLVrQIDVHHPQRVVDOLWHUDWXUD9HPRVDFRQVFLrQFLDGRHVFULWRUTXHFRORFDYDVHX
LQVWUXPHQWDOGHFRPXQLFDomRDVHUYLoRGHXPSHQVDPHQWRHQmRGHXPIRUPDOLVPROLWHUiULR
IUXWRGHPRGDHRFDVLmR1mRTXHUHUFRPSUHHQGHULVWRpIXJLUGHXPGRVSUREOHPDVPDLV
LPSRUWDQWHVSDUDDYDORUL]DomRGDVXDREUD2HVFULWRU±TXHSURFXUDYDUHIRUPXODUVXD
OLQJXDJHPSDUDSRGHUGL]HUWXGRDTXLORTXHVXUJLDGHQRYRSUREOHPiWLFRHFRQIOLWDQWHQD
VRFLHGDGHFDULRFDGDVXDpSRFD±HUDFRQVLGHUDGRSRULVVRPHVPRSHORVFUtWLFRVGH
GHVPD]HODGRQDIRUPDHLQFDSDFLWDGRHVWLOLVWLFDPHQWH

$SDUWLUGHVWDLQFRPSUHHQVmRSDVVDPDFDUDFWHUL]DU/LPD%DUUHWRDSHQDVSRUDOJXQVDVSHFWRV
WHPiWLFRVGDVXDREUD&KDPDPQRSRULVWRGHURPDQFLVWDXUEDQRDTXHOHTXHUHWUDWRXD
SDLVDJHPHRVFRVWXPHVGR5LRGH-DQHLUR,VWRpFDUDFWHUL]DPQRSRUDTXLORTXHpDSHQDVR
KWWSJUDERLVRUJEUSRUWDOLPSULPLUHYSKS"LGBVHVVDR  LGBSXEOLFDFDR  LGBLQGLFH  
 )XQGDomR0DXUtFLR*UDERLV

FRQGLFLRQDOHDFLGHQWDORXVHMDRIDWRGHHOHHVFUHYHUWHQGRFRPRWHPDDFLGDGHGR5LRGH
-DQHLUR1RHQWDQWRDQWHVGHOH0DQRHO$QW{QLRGH$OPHLGDFRPVHXSLRQHLUR0HPyULDVGH
XP6DUJHQWRGH0LOtFLDVMiKDYLDUHWUDWDGRFHQDVHFRVWXPHVGR5LRH-RDTXLP0DQXHOGH
0DFHGRKDYLDUHWUDWDGRDVXDSDLVDJHPGHIRUPDURPkQWLFDVHPIDODUPRVQRVURPDQFHVGR
SUySULR0DFKDGRGH$VVLVHGH$OHQFDU
2TXHKiGHLQRYDGRUGHDFUpVFLPRQRVURPDQFHVGH/LPD%DUUHWRHPUHODomRjTXHOHVTXHR
SUHFHGHUDP"(QTXDQWR0DQRHO$QW{QLRGH$OPHLGDUHWUDWDYDGHIRUPDPDJLVWUDOGLJDVHGH
SDVVDJHPR5LRGH-DQHLURQRWHPSRGRUHLFRPRVHIRVVHXPHWQyJUDIRUHJLVWUDQGRRV
IDWRVHPERUDDOJXPDVYH]HVPRVWUDVVHRVHXSHQVDPHQWRQRGHFRUUHUGROLYUR0DFHGR
UHWUDWDYDXP5LRGH-DQHLURURPDQWL]DGRHDIUDQFHVDGRH0DFKDGRGH$VVLVMDPDLVWLYHVVH
YLVWRHVHQWLGRDSDLVDJHPFDULRFD/LPD%DUUHWRSHJRXGHVVDFLGDGHTXHVHGHVHQYROYLDR
VHXGUDPDKXPDQRDVVXDVFRQWUDGLo}HVVHXVFRQIOLWRVDH[SDQVmRGHXPDFLGDGHTXHGD
IRUPDFRPRHVWDYDVHQGRIHLWDSURGX]LDHPVHXVKDELWDQWHVGRSyORRSULPLGRRTXH
SRGHUtDPRVFKDPDUGHPXWLODo}HVJULWDQWHVHPVXDVSHUVRQDOLGDGHV'DtWHUFRQFHQWUDGRVXD
yWLFDGHURPDQFLVWDQDVSHVVRDVGRVVXE~UELRVQDPXOKHUPHVWLoDH[SORUDGDSHODVXD
VLWXDomRVRFLDOVH[XDOHGHFRUHQRMRYHPTXHFKHJDGRLQWHULRUHVHQWHRFKRTXHFRPRV
YDORUHVGDFLGDGHTXHSURFXUDRSURJUHVVRDTXDOTXHUFXVWR+iWDPEpPRVYLVLRQiULRVRV
XWRSLVWDVHRVFUtWLFRVGDVLWXDomRSROtWLFD)RUDPRVH[SORUDGRUHVHH[SORUDGRVSRULVWRD
DUJDPDVVDGRVHXOLYUR5HWUDWDRVH[SORUDGRUHVHPVHXVGLYHUVRVDVSHFWRV±HFRQ{PLFRV
VRFLDLVSROtWLFRVHSVLFROyJLFRV±GHQWURGHXPHQTXDGUDPHQWRHPTXHILFDLPSOtFLWRRVHX
SHQVDPHQWRFUtWLFR(UHWUDWDRVH[SORUDGRVFRPDWHUQXUDTXHWLQKDSDUDFRPDTXHOD
SRSXODomRGHVXE~UELRVIRUPDGDHPVXDPDLRULDGHSDUGRVHQHJURVGHVDMXVWDGRVHSREUHV
TXHVRIULDPDLQGDRWUDXPDWLVPRGDHVFUDYLGmRWHUPLQDGDUHFHQWHPHQWH$tHVWiDJUDQGH]D
GH/LPD%DUUHWRFRPRHVFULWRU9LXRGLQDPLVPRGRFUHVFLPHQWRGDFLGDGHQmRFRPRXPD
DGLomRGHPDLVFDVDVSUpGLRVEDQFRVUXDVRXYHtFXORVGHFRPXQLFDomRPDVFRPRXP
SURFHVVRWRUWXRVRHGRORURVRGHXUEDQL]DomRQRTXDORVRSULPLGRVHVWDYDPSDJDQGRXP
SUHoRPXLWRDOWRFRQVWUXtDPDFLGDGHHHUDPH[SXOVRVGRVHVSDoRVFRQVWUXtGRV

3RUH[HPSORHP5HFRUGDo}HVGR(VFULYmR,VDtDV&DPLQKDVHXOLYURGHHVWUpLDHVFULWRHP

SULPHLUDSHVVRDGL]RSHUVRQDJHPFHQWUDOIRUDPGHLPHQVDDQJ~VWLDHVVHVPHXVSULPHLURV
GLDVQR5LRGH-DQHLUR(XHUDFRPRXPDiUYRUHFXMDUDL]QmRHQFRQWUDPDLVWHUUDHPTXHVH
DSyLHHGRQGHWLUHYLGDHUDFRPRXPPROXVFRTXHSHUGHXDFRQFKDSURWHWRUDHTXHVHYrD
WRGDKRUDHVPDJDGRSHODPHQRUSUHVVmR´

2SULPLGRFRPXPDDQWHYLVmRGHPLVpULDVDSDVVDUGHKXPLOKDo}HVDWUDJDURPHXHVStULWR
GHIRUPDYDWXGRRTXHYLD2VPHQRUHVIDWRVTXHOKHFDtDPDRDOFDQFHHUDPDXPHQWDGRVGH
XPODGRGLPLQXtGRVGHRXWURID]LDVHRXWUDFRLVDPXLWRGLYHUVDSDUDPLQKDVHQVLELOLGDGH
HQIHUPLoDTXHDLPDJLQDomRJXLDYDSDUDVHQWLUWRGRVRVWHUURUHVHDPHDoDV´
2QGHHVWiRGHVOXPEUDPHQWRGRUHFpPFKHJDGRj&LGDGH0DUDYLOKRVD"3HORFRQWUiULR
,VDtDV&DPLQKDDOpPGHWXGRPHVWLoRDQWHYLDMiDVVLWXDo}HVTXHWHULDGHHQIUHQWDUQDTXHOH
PXQGRULJLGDPHQWHHVWUDWLILFDGRFKHLRGHFRQLYrQFLDVHLQWHUHVVHV

(VWHFKRTXHFDXVDGRQRSHUVRQDJHPpGHXPDSUHFLVmRQRWiYHO0RVWUDFRPRDQRYD
UHDOLGDGHXUEDQDDRLQYpVGHFULDUXPHQWXVLDVPRSXHULOHPTXHPFKHJDYDSHORFRQWUiULR
FULDYDXPFOLPDGHLQVHJXUDQoDHPHGRGHHQIUHQWiOD(VWHHVWDGRGHHVStULWRpTXHROHYRXD
GL]HUORJRGHSRLV2KTXDQWDVYH]HVQmRDSHOHLSDUDR$FDVRSDUDR0LODJUH4XDQWDV2V
GHXVHVYLQKDPPHDRSHQVDPHQWRFRPRVHXLQGLVSHQViYHOFRUWHMRGHIDGDVHGHDQMRV´

$WUDMHWyULDGRSHUVRQDJHPFKHLDGHYLFLVVLWXGHVQmRFDEHVHUUHVXPLGDDTXLPDVQRILQDO
GDDomRHOHDSDUHFHYLWRULRVRMRUQDOLVWDHHFRQRPLFDPHQWHSUyVSHUR0DVDTXHSUHoR"
/LPD%DUUHWRFRQVHJXHFRQGX]LUPDJLVWUDOPHQWHDWUDQVIRUPDomRLQWHULRUGRSHUVRQDJHPj
PHGLGDTXHDVVLWXDo}HVVRFLDLVVHPRGLILFDP$JRUD,VDtDV&DPLQKDpXPMRUQDOLVWDD
VHUYLoRGHSDWU}HVSRGHURVRV0DVHOHGHSRLVGHUHFXVDUVXELUQRDSDUWDPHQWRGHXPD
PXOKHUTXHOKHIRUDSUDWLFDPHQWHRIHUHFLGDSHORSDWUmRVDLSHQVDQGR
KWWSJUDERLVRUJEUSRUWDOLPSULPLUHYSKS"LGBVHVVDR  LGBSXEOLFDFDR  LGBLQGLFH  
 )XQGDomR0DXUtFLR*UDERLV

9LPYDJDPHQWHDSpDWpDR/DUJRGD&DULRFDVHPVHJXLUPHXSHQVDPHQWR9LQKDWULVWHH
FRPDLQWHOLJrQFLDIXQFLRQDQGRSDUDWRGRVRVODGRV6HQWLDPHVHPSUHGHVJRVWRVRSRUQmRWHU
WLUDGRGHPLPQDGDGHJUDQGHGHIRUWHHWHUFRQVHQWLGRHPVHUXPYXOJDUDVVHFODH
DSDQLJXDGRGHXPRXWURTXDOTXHU7LQKDRXWURVGHVJRVWRVPDVHVVHHUDRSULQFLSDO3RUTXH
RWLQKDVLGR"8PSRXFRGHYLGRDRVRXWURVHXPSRXFRGHYLGRDPLP(RURPDQFHWHUPLQD
SUDWLFDPHQWH

(PRXWURGHVHXVURPDQFHV/LPD%DUUHWRSURFXUDUHWUDWDURVSUREOHPDVGDFLGDGHDWUDYpVGH
XPSHUVRQDJHPPLVWRGHILOyVRIRHFUtWLFRVRFLDO0-*RQ]DJDGH6i7XGRVHSDVVDFRPR
VHRSHUVRQDJHPIDODVVHSHORUHJLVWURTXHRVHXELyJUDIR$XJXVWR0DFKDGRFRQVHJXLX
UHSURGX]LUHPVXDELRJUDILD1RVSDVVHLRVTXHWLQKDFRPRVHXELyJUDIR*RQ]DJDGH6iID]LD
GHVOL]DUDSUREOHPiWLFDGR5LRGH-DQHLUR(ODGHVOL]DQXPPLVWRGHLURQLDHFUtWLFD1DGDGH
FDULFDWXUDFRPRSUHWHQGHPDOJXQVGRVVHXVFUtWLFRV/LPD%DUUHWRQmRFDULFDWXURXPDV
SHORFRQWUiULRVRXEHSDUDVLWXDUVLPEROLFDPHQWHRPRPHQWRFDULRFDHVFROKHUFRPR
SHUVRQDJHQVSHVVRDVH[LVWHQWHV0DVQRURPDQFHWRGDVHODVIRUDPUHFULDGDVGHWDOIRUPD
TXHILFDUDPFRPRVtPERORVGDVPD]HODVGHXPDpSRFDGDVVXDVGLVFULPLQDo}HVHGRVVHXV
SULYLOpJLRV*RQ]DJDGH6iHVWiFRPRDPLJRTXDQGRSDVVDSRUHOHVR%DUmRGR5LR%UDQFR
DRTXHHOHH[FODPD(VWH-XFD3DUDQKRVHUDRXWURPRGRGHHOHWUDWDUR%DUmRGR5LR
%UDQFRID]GR5LRGH-DQHLURDVXDFKiFDUD1mRGiVDWLVIDomRDQLQJXpP-XOJDVHDFLPD
GD&RQVWLWXLomRHGDVOHLV

'LVWULEXLRGLQKHLURGR7HVRXURFRPREHPHQWHQGHeXPDHVSpFLHGH5REHUWR:DOSROH2
VHXVLVWHPDGHJRYHUQRpDFRUUXSomR0RUDHPXPSDOiFLRGR(VWDGRVHPDXWRUL]DomR
OHJDOVDOWDSRUFLPDGHWRGDVDVOHLVHUHJXODPHQWRVSDUDSURYHUQRVFDUJRVGRVHX0LQLVWpULR
RVERQLIDQWHVTXHOKHFDHPQDJUDoD(PIDOWDGHFRPSOLFDo}HVGLSORPiWLFDVHOHDVFULDSDUD
PRVWUDURVHXDWLODPHQWRGH7D\OOHUDQGRXDVXDDVW~FLDELVPDUTXHDQDeXPDXWRFUDWDXP
TXHGLYDSRUTXHLVWRpEHPXPIXWXUR(JLWR´

SURMHWDYDRSHUVRQDJHPTXHHUDUHSUHVHQWDWLYRGDTXHOHPRGRGHYLYHUGRPHLRGDV
VLWXDo}HVSDUWLFXODUHVHGRVGUDPDVGDpSRFD´

2QGHDFDULFDWXUDQRFDVR"3HORFRQWUiULRXVDQGRDSHVVRDGR%DUmRGR5LR%UDQFRHOH
FULRXXPWLSRHQFRQWUiYHODWpKRMHHPQRVVDVRFLHGDGH3DUWLQGRGRSDUWLFXODUSDUDRJHUDO
/LPD%DUUHWRVLQWHWL]RXDTXLORTXHpIXQGDPHQWDOQDSHVVRDHWUDQVIRUPRXDHPXPWLSR
OLWHUiULRTXHH[SUHVVDWRGDXPDFDWHJRULDVRFLDOHSROtWLFD1mRIH]FDULFDWXUDIH]VtQWHVH

(PRXWURVURPDQFHVXVDRPHVPRSURFHVVRGHUHFULDomRHGHVtQWHVHXVDQGRXPSHUVRQDJHP
UHDOIDWRTXHGHWHUPLQRXDTXHPXLWRVFUtWLFRVSRUVLPSDWLDjTXHOHVTXHVHUYLUDPGH
PDWUL]HVjFULDomRGHVVHVWLSRVOLWHUiULRVDWDFDVVHP/LPD%DUUHWRWDFKDQGRRGHFDULFDWXUDOH
GRJPiWLFR4XDQGRHP7ULVWH)LPGH3ROLFDUSR4XDUHVPDXVDRPHVPRSURFHVVRFRPD
SHVVRDGH)ORULDQR3HL[RWRIRLLJXDOPHQWHFRPEDWLGR

4XDUHVPDKDYLDPDQGDGRD)ORULDQRXPPHPRULDOFRPRVSRQWRVGHYLVWDTXHVHJXQGRHOH
SRGHULDPVDOYDUR%UDVLO)LQDOPHQWHXPGLDHQFRQWUDVHFRPRPDUHFKDO
±9([MiOHXRPHXPHPRULDO0DUHFKDO"
)ORULDQRUHVSRQGHXOHQWDPHQWHTXDVHVHPOHYDQWDUROiELRSHQGHQWH
±/L
4XDUHVPDHQWXVLDVPRXVH
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'HVGHTXHVHFRUWHPWRGRVDTXHOHVHPSHFLOKRVTXHHXDSRQWHLQRPHPRULDOTXH9([WHYHD
ERQGDGHGHOHUGHVGHTXHVHFRUULMDPRVHUURVGHXPDOHJLVODomRGHIHLWXRVDHLQDGDSWiYHOjV
FRQGLo}HVGRSDtV9([YHUiTXHWXGRLVWRPXGDTXHHPYH]GHWULEXWiULRVILFDUHPRVFRP
DQRVVDLQGHSHQGrQFLDIHLWD6H9([TXLVHVVH
KWWSJUDERLVRUJEUSRUWDOLPSULPLUHYSKS"LGBVHVVDR  LGBSXEOLFDFDR  LGBLQGLFH  
 )XQGDomR0DXUtFLR*UDERLV

±0DVSHQVDYRFr4XDUHVPDTXHHXKHLGHS{UHQ[DGDQDPmRGHFDGDXPGHVVHVYDGLRV"
1mRKDYLDH[pUFLWRTXHFKHJDVVH
4XDUHVPDHVSDQWRXVHWLWXEHRXPDVUHWRUTXLX
±0DVQmRpLVVR0DUHFKDO9([FRPRVHXSUHVWtJLRHSRGHUHVWiFDSD]GHIDYRUHFHUFRP
PHGLGDVHQpUJLFDVHDGHTXDGDVRDSDUHFLPHQWRGHLQLFLDWLYDVHQFDPLQKDURWUDEDOKRGH
IDYRUHFrORHWRUQiORUHPXQHUDGRU%DVWDULDSRUH[HPSOR
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HXRFRQKHFLODFDLRGHWRGRVRVSDWRWHLURVDOXJDGRDWRGDVDVSDWLIDULDVVHPXPDIRUWHOLQKD
GHFRQGXWDQRVVHXVDWRVHQRVVHXVSHQVDPHQWRVQmRDFUHGLWDTXHSXGHVVHWHUVLGRFRPR
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VHU1yVjVYH]HVQRVID]HPRVIRUWHVSRUTXHWHPRVXPPDLVIRUWHTXHQRVGHVDILDTXHQRV
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HVW~SLGDDJUHVVmRDOHPmSDUDDVLGpLDVLOHJtYHOGRGRPtQLRXQLYHUVDOHDIDOVLGDGH
DPHULFDQDFRPRVVHXVGHVHMRVGHDoDPEDUFDPHQWREUXWDOGD$PpULFDHXQmRHQWUDUHLQD
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WLUDURFRXURHRFDEHORGRVTXHDFUHGLWDPQDKRQUDQRWUDEDOKRQDUHOLJLmRHQD
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RVGRJHVGH6mR3DXORFRQVHJXLGRRTXHGHVHMDYDPLVWRpREWHUXPWRWDOGRPtQLRVREUHRV
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PDVDUWLFXORXXPDOLQJXDJHPOLWHUiULDQRYDSDUDH[SUHVVDUXPSHQVDPHQWRWDPEpPQRYR
7XGRLVWRHOHRID]LDLQFRQVFLHQWHPHQWHSRLVFRPRGLVVHQRDUWLJRTXHHVFUHYHX
DSUHVHQWDQGRDUHYLVWD)ORUHDOGHIRUPDHQIiWLFD%XUURVRXLQWHOLJHQWHVJHQLDLVRX
PHGtRFUHVVyQRVFRQYHQFHUHPRVGHTXHVRPRVXPDRXRXWUDFRLVDLQGRDRILPGHQyV
PHVPRVGL]HQGRRTXHWHPRVDGL]HUFRPDPDLVDPSODOLEHUGDGHGHID]rOR
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