Revista Fé para Hoje Número 10, Ano 2001

Page 1


S ANSÃO

E A

SEDUÇÃO

DA

CULTURA

Fé para Hoje Fé para Hoje é um ministério da Editora FIEL. Como outros projetos da FIEL — as conferências e os livros — este novo passo de fé tem como propósito semear o glorioso Evangelho de Cristo, que é o poder de Deus para a salvação de almas perdidas. O conteúdo desta revista representa uma cuidadosa seleção de artigos, escritos por homens que têm mantido a fé que foi entregue aos santos. Nestas páginas, o leitor receberá encorajamento a fim de pregar fielmente a Palavra da cruz. Ainda que esta mensagem continue sendo loucura para este mundo, as páginas da história comprovam que ela é o poder de Deus para a salvação das ovelhas perdidas — “Minhas ovelhas ouvem a minha voz e me seguem”. Aquele que tem entrado na onda pragmática que procura fazer do evangelho algo desejável aos olhos do mundo, precisa ser lembrado que nem Paulo, nem o próprio Cristo, tentou popularizar a mensagem salvadora. Fé para Hoje é oferecida gratuitamente aos pastores e seminaristas.

Editora Fiel Caixa Postal 1601 12233-300 - São José dos Campos, SP www.editorafiel.com.br

1


7(026 '( 3(5'2$5 126626 ,1,0,*26"

7(026 '( 3(5'2$5 126626 ,1,0,*26" %ULDQ (GZDUGV 3UHOHWRU GD &RQIHUrQFLD )LHO QR %UDVLO 2XWXEUR

)

UDQFHV /DZUHQFH ยฅ D YL~YD GR SURIHVVRU TXH IRL WUDJLFDPHQWH DVVDV VLQDGR TXDQGR WHQWDYD VRFRUUHU XP GH VHXV DOXQRV ยฅ WHQGR VLGR UHFHQ WHPHQWH HQWUHYLVWDGD DGPLWLX ยฆ4XDQ GR 3KLOLS PRUUHX WRGRV LPDJLQDUDP TXH HX KDYLD SHUGRDGR DTXHOHV TXH R DVVDVVLQDUDP 1mR SRVVR GL]HU OKHV QDGD D UHVSHLWR GH SHUGmRยง (X PH DOHJUHL HP RXYL OD GL]HU LVVR SRLV VH H[LVWH XPD SDODYUD TXH DV SHVVRDV XWLOL]DP GH PDQHLUD HUUDGD WDO SDODYUD p ยฆSHUGRDUยง 1R PXQGR FUXHO H YLROHQWR HP TXH YLYHPRV SDUHFH KDYHU PXLWDV RSRUWXQLGDGHV SDUD RV FUHQWHV GH PRQVWUDUHP SHUGmR 1R HQWDQWR HVVDV RSRUWXQLGDGHV QmR VmR DSHQDV SDUD RV FUHQWHV $SyV R ~OWLPR DWHQ WDGR WHUURULVWD RX GH XP LQVHQVtYHO DVVDVVLQDWR R S~EOLFR SDUHFH HVWDU HVSHUDQGR D UHVSRVWD LPHGLDWD GH FDGD SHVVRD HQOXWDGD ยฆ(X SHUG{R DTXHOHV TXH IL]HUDP HVVD FRLVD WHUUtYHOยง ,VVR

p HFRDGR FRPR XP JUDQGH H[HPSOR SDUD WRGRV QyV XPD JUDQGH YLWyULD ( VH WDLV SHVVRDV VH PRVWUDP LQ FDSD]HV GH HYRFDU FRUDJHP HPR FLRQDO SDUD SURQXQFLDU HVVDV SDODYUDV VDQWDV D VRFLHGDGH HVWDEHOHFH TXH HODV IRUDP UHSURYDGDV QR WHVWH $ VRFLHGDGH UHDOPHQWH QmR GL] LVVR PDV GHL[D R LPSOtFLWR SRU DSODXGLU DTXHOHV TXH SHUGRDP RV FULPLQRVRV 3RU VXD YH] RV FUHQWHV WHPHQGR VHU PRUDOPHQWH PDO LQWHUSUHWDGRV SHOR PXQGR LQFUpGXOR QR TXH VH UHIHUH DR DVVXQWR GR SHUGmR HQWUH WRGRV RV RXWURV WrP FRQYHQFLGR D VL PHVPRV GH TXH R UHFRQKHFLPHQWR S~EOLFR GR SHUGmR p D PHOKRU FRLVD D ID]HU (P MDQHLUR GH TXDQGR *ODG\V 6WDLQHV IRL GHL[DGD VR]LQKD FRP VXD ILOKD DGROHVFHQWH DSyV VHX PDULGR H VHXV GRLV ILOKRV H DQRV WHUHP VLGR TXHLPDGRV HP VHX FDUUR DWp PRUUHUHP QD ยบQGLD HOD LPHGLDWD PHQWH SHUGRRX RV DVVDVVLQRV (OD


)p SDUD +RMH

DILUPRX TXH LVVR HUD XP ยฆDWR HV GR HVWH TXHL[RX VH D UHVSHLWR GH TXDQ SRQWkQHRยง GH VXD SDUWH TXH EDQLX WDV YH]HV HOH WLQKD GH SHUGRDU VHX WRGD D DPDUJXUD GH VHX FRUDomR 7H LUPmR D UHVSRVWD IRL WDQWDV YH]HV QKR FHUWH]D GH TXH HVVH DWR EDQLX WRGD TXDQWDV HOH SUHFLVDU VHU SHUGRDGR ( D DPDUJXUD GH VHX FRUDomR H GH TXH R TXDUWR YHUVtFXOR DSUHVHQWD DV SD IRL XPD DWLWXGH UHFRPHQGiYHO PDV ODYUDV GH QRVVR 6HQKRU QR &DOYiULR HOD UHDOPHQWH WLQKD GH SHUGRDU RV DV ยฆ3DL SHUGRD OKHV SRUTXH QmR VDEHP VDVVLQRV GH VHX HVSRVR" (VWD HUD XPD R TXH ID]HPยง /F DWLWXGH HVVHQFLDO $QWHV GH DQDOLVDU PHQWH FULVWm TXH HVVHV YHUVtFXORV C GHYHULD VHU SUDWLFD H[LVWH XP DVVXQWR GD" )RL PHVPR D FRL 2 SHUGmR GH 'HXV LPSRUWDQWH TXH GHYH VD FRUUHWD D ID]HU" PRV H[DPLQDU 7RGRV 1mR PH HQWHQ DVVLP FRPR VHX DPRU QyV WHPRV GH FRQ H VXD JUDoD p GDP GH PDQHLUD HUU{ FRUGDU TXH HP FDGD QHD 6LQWR DGPLUDomR LPHUHFLGR LOLPLWDGR DVSHFWR GH QRVVD SHOR SDL GH FRUDomR YLGD 'HXV PHVPR p HQWULVWHFLGR TXH p H LQILQLWR PDV QmR p R QRVVR H[HPSOR H LQFRQGLFLRQDO FDSD] GH SHUGRDU SX HVWH H[HPSOR p SHU EOLFDPHQWH RV QXPH FHELGR FRP PDLV C URVRV YkQGDORV TXH FODUH]D QD YLGD GH DFDEDUDP GH HQYLDU QRVVR 6HQKRU HQ VXD ILOKD SDUD D HWHUQLGDGH SRU FR TXDQWR HVWHYH QD WHUUD ORFDUHP XPD ERPED QXP OXJDU RQGH (VVH p XP GRV LPSRUWDQWHV PDWDULD H IHULULD R Q~PHUR Pi[LPR PRWLYRV SRU TXH -HVXV YHLR D HVWH GH WUDQVHXQWHV QmR HQYROYLGRV QR FD PXQGR SDUD TXH QRV IRFDOL]iVVHPRV VR (OH WLQKD GH SHUGRDU" (VWDYD QD UHDOLGDGH YLYD GDTXLOR TXH 'HXV FRUUHWR HP ID]r OR" 6H HOH QmR SHU HVSHUD GH QyV 3RU H[HPSOR TXDQGR GRDVVH VHULD XP FLGDGmR GH VHJXQGD R DSyVWROR 3DXOR RUGHQRX TXH R FDWHJRULD" PDULGR DPH VXD HVSRVD R PRGHOR $ UHDomR LPHGLDWD D HVVDV SHU XWLOL]DGR IRL ยฆFRPR WDPEpP &ULVWR JXQWDV GHVDILDGRUDV p FLWDU WUrV RX DPRX D LJUHMDยง 'H PRGR VHPHOKDQWH TXDWUR YHUVtFXORV 2 SULPHLUR VH HQ QR TXH VH UHIHUH DR DVVXQWR GH SHU FRQWUD QD RUDomR GR 3DL 1RVVR GmR TXDQGR 3DXOR HQFRUDMRX RV ยฆ3HUGRD QRV RV QRVVRV SHFDGRV SR FUHQWHV GH eIHVR H GH &RORVVRV D LV WDPEpP QyV SHUGRDPRV D WRGR R SHUGRDUHP XQV DRV RXWURV R PRGHOR TXH QRV GHYHยง /F 2 VHJXQGR XWLOL]DGR IRL ยฆFRPR WDPEpP 'HXV HP PDQGDPHQWR VH HQFRQWUD HP 0DUFRV &ULVWR YRV SHUGRRXยง (IpVLRV H ยฆ4XDQGR HVWLYHUGHV RUDQGR VH &RORVVHQVHV &RPR 'HXV SHUGRD" WHQGHV DOJXPD FRXVD FRQWUD DOJXpP 4XHP (OH SHUGRD" SHUGRDL SDUD TXH YRVVR 3DL FHOHVWLDO 2V SUHJDGRUHV IUHTย HQWHPHQWH YRV SHUGRH DV YRVVDV RIHQVDVยง 2 LQFRUUHP QR HUUR GH DQXQFLDU TXH R WHUFHLUR YHUVtFXOR p D UHVSRVWD GH QRV SHUGmR GH 'HXV p ยฆLQFRQGLFLRQDOยง VR 6HQKRU SDUD VLOHQFLDU 3HGUR TXDQ (VVD p D PDQHLUD GHOHV GL]HUHP TXH


7(026 '( 3(5'2$5 126626 ,1,0,*26"

QmR SRGHPRV ID]HU QDGD SDUD PH UHFr OR &RQWXGR HVVD QmR p D PD QHLUD GH DILUPDU WDO YHUGDGH 2 SHUGmR GH 'HXV DVVLP FRPR VHX DPRU H VXD JUDoD p LPHUHFLGR LOLPLWDGR H LQILQLWR PDV QmR p LQFRQGLFLRQDO 6HPSUH TXH RIHUHFH SHUGmR 'HXV R ID] VRE D FRQGLomR GH DUUHSHQGLPHQWR 1D YHUGDGH HVVH DUUHSHQGLPHQWR p HP VL PHVPR XP GRP GH 'HXV SURSRUFLRQDGR SRU VHX (VStULWR PDV WHP GH H[LVWLU R DUUHSHQGLPHQWR ,VWR VH HYLGHQFLD QR $QWLJR 7HVWDPHQWR 7UrV H[HPSORV VHUmR VXILFLHQWHV ยฆ9LUi R 5HGHQWRU D 6LmR H DRV GH -DFy TXH VH FRQYHUWHUHPยง ,V ยฆ&RQ YHUWHL YRV H GHVYLDL YRV GH WRGDV DV YRVVDV WUDQVJUHVV}HV H D LQLTย LGDGH QmR YRV VHUYLUi GH WURSHoR 3RUTXH QmR WHQKR SUD]HU QD PRUWH GH QLQ JXpP GL] R 6(1+25 'HXV 3RUWDQWR FRQYHUWHL YRV H YLYHLยง (] (VVD YHUGDGH VH HQFRQWUD WDP EpP QR 1RYR 7HVWDPHQWR -HVXV GHFODURX ยฆ$UUHSHQGHL YRV SRUTXH HVWi SUy[LPR R UHLQR GRV FpXVยง 0W 2 DSyVWROR 3HGUR UHIRUoRX D ยฆ5HVSRQGHX OKHV 3HGUR $UUHSHQGHL YRV H FDGD XP GH YyV VHMD EDWL]DGR HP QRPH GH -HVXV &ULVWR SDUD UH PLVVmR GRV YRVVRV SHFDGRVยง ยฆ$U UHSHQGHL YRV SRLV H FRQYHUWHL YRV SDUD VHUHP FDQFHODGRV RV YRVVRV SHFDGRVยง $W 3DXOR SURFODPRX HVVD PHVPD PHQVDJHP QDV FLGDGHV GH $WHQDV H GH -HUXVDOpP ยฆ$QXQFLHL TXH VH DUUHSHQGHVVHP H VH FRQYHUWHVVHP D 'HXV SUDWLFDQGR REUDV GLJQDV GH DUUHSHQGLPHQWRยง $W ( -RmR D UHVVDOWRX HP VXD SULPHLUD FDUWD ยฆ6H FRQIHVVDUPRV RV QRVVRV SHFDGRV HOH p ILHO H MXVWR SDUD QRV SHUGRDU RV SHFDGRVยง 'HXV QXQFD RIHUHFH SHUGmR jTXHOHV TXH QmR VX

SOLFDP SRU HOH 'HXV MDPDLV RIHUHFH SHUGmR LQFRQGLFLRQDO 6H D SRVLomR HVWDEHOHFLGD QR SD UiJUDIR DQWHULRU p YHUGDGHLUD SRU TXH HVSHUDPRV TXH DV SHVVRDV IDoDP DTXLOR TXH 'HXV PHVPR QmR R ID] 3HUGRDU VHP TXH R SHUGmR VHMD VXSOLFDGR RX TXDQGR R DUUHSHQ GLPHQWR QmR VH HYLGHQFLRX p XPD DWLWXGH FRUUHWD QHFHVViULD RX PHVPR FULVWm" 1D $PpULFD GR 1RUWH R SHUGmR VH WRUQRX XP DVVXQWR PXLWR LP SRUWDQWH $ )XQGDomR -RKQ 7HPSOH WRP UHFHEHX DSUR[LPDGDPHQWH WULQWD GRDo}HV HP SDUD R HVWXGR GR SHUGmR $Wp -LPP\ &DUWHU (OL]DEHWK (OOLRW H 'HVPRQG 7XWX VH XQLUDP SDUD SURPRYHU D &DPSDQKD 3DUD 3HVTXLVD 6REUH R 3HUGmR $OJXpP GHVFREULX R VHJXLQWH DV SHVVRDV TXH SHUGRDP DTXHOHV TXH SHFDP FRQWUD HODV ILFDP PHOKRUHV SRU FDXVD GHVVD DWLWXGH ,VWR p H[WUHPDPHQWH DGPLUiYHO 7RGDYLD HVVD QmR p D TXHVWmR SULQFLSDO $OJXQV HVWXGLRVRV TXH HVFUHYHP VREUH HVWH DVVXQWR UHGHILQLUDP D SDODYUD ยฆSHU GmRยง H VXVWHQWDP D LGpLD GH TXH HOD QmR VLJQLILFD ยฆHVTXHFHU UHFRQFLOLDU FRQGRHU GHVFDUWDU RX PHVPR DE VROYHUยง 3RU RXWUR ODGR R SHUGmR VLJQLILFD ยฆXPD WUDQVDomR SHVVRDO TXH OLEHUWD GD RIHQVD D SHVVRD RIHQGLGDยง (P RXWUDV SDODYUDV R DWR GH ยฆSHU GRDUยง HVWi PXLWR SRXFR UHODFLRQDGR DR RIHQVRU H LQWHQVDPHQWH UHOD FLRQDGR DR RIHQGLGR (P WHUPRV HV WULWDPHQWH SVLFROyJLFRV HVVH FRQFHLWR WDOYH] VHMD FRUUHWR PDV LJQRUD FRP SOHWDPHQWH R VLJQLILFDGR EtEOLFR GD SDODYUD ยฆSHUGmRยง 2V FUHQWHV WHP GH VH PRVWUDU PDLV ViELRV QmR FRQ FRUGDQGR FRP HVVD UHLQWHUSUHWDomR GH XP GRV SULQFLSDLV YRFiEXORV GDV


)p SDUD +RMH

(VFULWXUDV 'H FRQIRUPLGDGH FRP UHVSRVWD QmR WHP TXDOTXHU UHODomR R HQVLQR EtEOLFR D DEVROYLomR H D FRP R SHUGRDU XP FULPLQRVR TXH DWLWXGH GH SHUGRDU VmR FRLVDV LQ DVVDVVLQRX R HVSRVR RX D HVSRVD GH VHSDUiYHLV H TXHP DOJXpP )LQDOPHQWH C ILFD OLYUH GD RIHQVD VH GH DOJXPD PD QmR p R RIHQGLGR H 'HXV QXQFD RIHUHFH QHLUD DV SDODYUDV GH VLP R RIHQVRU QRVVR 6HQKRU QR SHUGmR jTXHOHV TXH &DOYiULR VmR R PR 0DV R TXH GL ]HPRV D UHVSHLWR GRV QmR VXSOLFDP SRU HOH GHOR SDUD QyV HQWmR YHUVtFXORV Mi FLWD D ~QLFD FRLVD TXH HODV C GRV" $ RUDomR GR 3DL QRV HQVLQDP p TXH 1RVVR WHP GH VHU GHYHPRV RUDU DR HQWHQGLGD VRE D SHUVSHFWLYD GH QRVVD QRVVR 3DL FHOHVWLDO HP IDYRU GDTXHOHV FRQFOXVmR GH TXH WRGR SHUGmR GD TXH SHFDUDP FRQWUD QyV D ILP GH TXH SDUWH GD SHVVRD RIHQGLGD SUHVVXS}H (OH OKHV FRQFHGD SHUGmR H LVWR VLJ DUUHSHQGLPHQWR GD SDUWH GDTXHOH TXH QLILFD TXH SULPHLUDPHQWH (OH SUHFL D RIHQGHX 1RVVD RUDomR p TXH 'HXV VDUi WUD]r ORV DR DUUHSHQGLPHQWR QRV SHUGRH TXDQGR Mi SHGLPRV SHUGmR ,VVR QRV WUD] D RXWUD DOWHUQDWLYD D RXWUHP DVVLP FRPR SHUGRDPRV $ UHVSRVWD j SHUJXQWD ยฆ7HPRV GH DTXHOHV TXH QRV URJDP SHUGmR $ SHUGRDU QRVVRV LQLPLJRV"ยง p ยฆ1mR H[SUHVVmR ยฆDOJXPD FRXVD FRQWUD DO QmR WHPRV D PHQRV TXH HOHV VH DU JXpPยง HP 0DUFRV WHP GH VHU UHSHQGDP H QRV SHoDP SHUGmRยง (Q FRORFDGD QDTXHOD FDWHJRULD GH FRLVDV WmR R TXH GHYHPRV ID]HU FRPR FUHQ GHVFULWDV FRPR ยฆPRWLYR GH TXHL[D WHV" 4XDQGR XP HPHUJHQWH OtGHU GR FRQWUD RXWUHPยง HP &RORVVHQVHV JXHWR GH 9DUVyYLD TXH VH PRVWUD WmR ,VWR p HYLGHQWH GD UHSUHHQVmR GH QRVVR DPDUJXUDGR SHODV DWURFLGDGHV GR 6HQKRU D 3HGUR TXDQGR (OH DILUPRX QD]LVPR DILUPD ยฆ6H YRFrV SXGHVVHP ยฆ1mR WH GLJR TXH DWp VHWH YH]HV PDV EHEHU PHX FRUDomR HOH RV HQYHQH DWp VHWHQWD YH]HV VHWHยง H SRXFRV VH QDULDยง HVVH OtGHU QmR QRV HVWi DSUH GmR DR WUDEDOKR GH DYHULJXDU R FRQ VHQWDQGR RXWUD DOWHUQDWLYD SDUD R WH[WR GHVVDV SDODYUDV (P DOJXQV SHUGmR 2 yGLR H D YLQJDQoD QmR YHUVtFXORV DQWHULRUHV 0DWHXV KDYLD FRQVWLWXHP D RXWUD DOWHUQDWLYD $ UHD DSUHVHQWDGR QRYDPHQWH R HQVLQR GH omR GR FUHQWH jTXHOHV TXH WUDWDP FRP QRVVR 6HQKRU D UHVSHLWR GH FRPR FUXHOGDGH D HOH RX jV GHPDLV SHVVRDV UHDJLU DR LUPmR TXH SHFD FRQWUD QyV WHP GH VHU HQFRQWUDGD QR H[HPSOR 7HPRV GH SURFXUi OR H FRORFi OR QD TXH R 6HQKRU PHVPR GHL[RX SDUD QyV DWLWXGH FRUUHWD VH LVWR QmR IXQFLRQDU ยฆ(OH TXDQGR XOWUDMDGR QmR UHYLGDYD WHPRV GH OHYi OR SHUDQWH D LJUHMD H FRP XOWUDMH TXDQGR PDOWUDWDGR QmR VH LVWR WDPEpP QmR IXQFLRQDU HOH ID]LD DPHDoDV PDV HQWUHJDYD VH SUHFLVD VHU WUDWDGR FRPR XP LQ jTXHOH TXH MXOJD UHWDPHQWHยง 3H FUpGXOR (P RXWUDV SDODYUDV D UHV (VVD DFHLWDomR FDOPD QRV SRVWD GH QRVVR 6HQKRU D 3HGUR VH HQ OHYDUi j DWLWXGH HVVHQFLDO ยฅ D FRQWUD HP XP FRQWH[WR GH RIHQVDV FRPSDL[mR $ FRPSDL[mR p R UH QR DPELHQWH GD IDPtOLD GH 'HXV HVVD VXOWDGR GH VXEPLVVmR KXPLOGH DR


7(026 '( 3(5'2$5 126626 ,1,0,*26"

SODQR GH XP 'HXV WRGR ViELR TXH GHPRQVWUD SOHQR FXLGDGR SRU QyV ,VWR VHPSUH WUD] FRQVLJR R GHVHMR GH PDQLIHVWDU PLVHULFyUGLD H SURFXUDU R EHP HVWDU GDTXHOHV TXH QRV WUDWDP GH PDQHLUD SHUYHUVD (P RXWUDV SDODYUDV D FRPSDL[mR HTXLYDOH D FRQWHPSODUPRV R RIHQVRU QmR WHQGR HP YLVWD D QRVVD SUySULD IHOLFLGDGH H VLP D GHOH ¦3HUGRDU§ SRGH ID]HU R RIHQGLGR VHQWLU VH PH OKRU EHP FRPR OHYi OR D VHQWLU VH VXSHULRU RX PRUDOPHQWH VDWLVIHLWR FRQVLJR PHVPR $ FRPSDL[mR QXQFD SRGH ID]HU TXH QRV VLQWDPRV VXSH ULRUHV SRLV HOD p XPD SDODYUD TXH VLJQLILFD ¦FRORFDU VH DR ODGR§ )RL HVVD SDODYUD TXH QRVVR 6HQKRU XWL OL]RX TXDQGR FRQWHPSODYD DV PXO WLG}HV SHUGLGDV H GHVDPSDUDGDV &RPSDL[mR p XPD SDODYUD GH SLHGDGH

H DIHLomR ¦(X WH SHUG{R§ SRGH VHU GLWR FRP XP VRUULVR GH VXSHULRULGDGH D FRPSDL[mR p DFRPSDQKDGD SRU Oi JULPDV 3DUD R FUHQWH HVWD SDODYUD VHPSUH R OHYD D RUDU D 'HXV TXH SRGH UHDOL]DU R DUUHSHQGLPHQWR TXH FRQGX] DR SHUGmR 2 6HQKRU -HVXV IRL LP SXOVLRQDGR SRU FRPSDL[mR DR FODPDU QR &DOYiULR ¦3HUGRD OKHV§ 1RVVR 6HQKRU QmR LQVWUXLX VHXV GLVFtSXORV D SHUGRDUHP DTXHOHV TXH RV SHU VHJXLDP PDV HQVLQRX RV D RUDU SRU HOHV 0DWHXV (VWH p R SRQWR FUXFLDO 2 SHUGmR GH 'HXV DVVLP FRPR VXD JUDoD p LPHUHFLGR LQILQLWR H LOLPLWDGR SRUpP HVVH SHUGmR QXQFD p LQFRQGLFLRQDO 2 QRVVR SHUGmR WDPEpP QXQFD GHYHULD VHU LQFRQ GLFLRQDO 6RPHQWH D FRPSDL[mR p LQFRQGLFLRQDO

5(*(1(5$d 2 ( &219(56 2 1R LQtFLR GDV FRQVLGHUDo}HV VREUH HVVHV WHUPRV VRPRV FRQ IURQWDGRV FRP D SHUJXQWD VLJQLILFDP HOHV D PHVPD FRLVD" $ UHJH QHUDomR H D FRQYHUVmR VH HQFRQWUDP WmR LQWLPDPHQWH XQLGDV TXH p GLItFLO DV VHSDUDUPRV H GHOLQHDUPRV DV GLIHUHQoDV TXH H[LVWHP HQWUH HODV $V (VFULWXUDV DV XQHP VRE XP ~QLFR FRQFHLWR ¥ R QRYR QDV FLPHQWR ¥ H QRV HQVLQDP QmR VRPHQWH TXH D UHJHQHUDomR p DEVR OXWDPHQWH HVVHQFLDO HP WRGD FRQYHUVmR PDV WDPEpP TXH WRGD UHJHQHUDomR p LQYDULDYHOPHQWH DFRPSDQKDGD SHOD FRQYHUVmR UHV SRQViYHO H LQWHOLJHQWH GD DOPD 1mR p HVWUDQKR SRLV TXH DV GXDV VHMDP FRQIXQGLGDV 0DV DQWHV GH WXGR DV (VFULWXUDV HQVLQDP TXH D UHJHQHUDomR p XPD REUD GLYLQD XPD REUD TXH WUDQVIRUPD R FRUDomR GR KRPHP SRU PHLR GD VREHUDQD YRQWDGH GH 'HXV HQTXDQWR D FRQYHUVmR p D DWLWXGH GH XPD SHVVRD HP YROWDU VH SDUD 'HXV WHQGR XPD QRYD LQFOLQDomR RXWRUJDGD DR VHX FRUDomR -DPHV 3 %R\FH $EVWUDFW RI 6\VWHPDWLF 7KHRORJ\ 5HVXPR GH 7HRORJLD 6LVWHPiWLFD SS


)p SDUD +RMH

$ 62%(5$1,$ '( '(86 5(029( $ 9$1*/¾5,$ &KDUOHV + 6SXUJHRQ 3RLV HOH GL] D 0RLVpV 7HUHL PLVHULFyUGLD GH TXHP PH DSURXYHU WHU PLVHULFyUGLD H FRPSDGHFHU PH HL GH TXHP PH DSURXYHU WHU FRPSDL[mR 5RPDQRV

1

HVVDV SDODYUDV R 6HQKRU UHLYLQGLFD GD IRUPD PDLV FODUD SRVVtYHO R GLUHLWR GH RXWRUJDU RX UHWHU VXD PLVHULFyUGLD GH FRQIRUPLGDGH FRP VXD SUySULD YRQWDGH $VVLP FRPR XP PRQDUFD HVWi LQYHVWLGR GD SUHUURJDWLYD GH FRQFHGHU YLGD RX PRUWH DVVLP WDPEpP R -XL] GH WRGD D WHUUD WHP R GLUHLWR GH SRXSDU RX FRQGHQDU R FXOSDGR FRQIRUPH /KH SDUHFHU PHOKRU 2V KRPHQV SRU FDXVD GH VHXV SHFDGRV SHUGHUDP WRGR R GLUHLWR GLDQWH GH 'HXV H SRUWDQWR PHUHFHP D SHUGLomR HWHUQD ( VH WRGRV HOHV EXVFDUHP VHXV GLUHLWRV QD SUHVHQoD G(OH QmR HQFRQWUDUmR TXDOTXHU IXQGDPHQWR SDUD VXDV UHLYLQGLFDo}HV 6H R 6HQKRU DJH SDUD VDOYDU DOJXpP (OH R ID] GH PRGR TXH RV REMHWLYRV GH VXD MXVWLoD QmR VHMDP GLVWRUFLGRV 1R HQWDQWR VH (OH DFKD PHOKRU GHL[DU RV FRQGHQDGRV VRIUHUHP D MXVWD VHQWHQoD QLQJXpP SRGH FKDPi /R D MXt]R 7RORV H LPSUXGHQWHV VmR WRGRV RV GLVFXUVRV TXH VH UHIHUHP DRV GLUHLWRV GRV KRPHQV VHUHP FRORFDGRV QD PHVPD FRQGLomR GLDQWH GH 'HXV ,JQR UDQWHV VH QmR IRUHP DOJR SLRU VmR DV FRQWHQo}HV FRQWUD D JUDoD GLV FULPLQDGRUD GH 'HXV WDLV FRQWHQo}HV H[SUHVVDP D UHEHOGLD GD QDWXUH]D KXPDQD RUJXOKRVD FRQWUD R WURQR H D DXWRULGDGH GH -HRYi 4XDQGR 'HXV QRV PRVWUD QRVVD UXtQD FRPSOHWD QRVVR LQIHOL] PHUHFLPHQWR H D MXVWLoD GR YHUHGLFWR GLYLQR FRQWUD R SHFDGR QXQFD PDLV FRQWHVWDPRV D YHUGDGH GH TXH R 6HQKRU QmR WLQKD TXDOTXHU REULJDomR GH VDOYDU QRV QmR PXUPXUDPRV GLDQWH GR IDWR GH TXH (OH UHVROYHX VDOYDU RXWURV FRPR VH HVWLYHVVH QRV FDXVDQGR GDQR PDV VHQWLPRV TXH VH (OH GHVHMRX YROYHU VH SDUD QyV LVVR IRL XP DWR HVSRQWk QHR GH ERQGDGH LPHUHFLGD GD SDUWH G(OH SHOR TXH EHQGLUHPRV SDUD VHPSUH R VHX QRPH &RPR SRGHUmR DTXHOHV TXH VmR REMHWR GD GLYLQD HOHLomR DGRUDU GH IRUPD VXILFLHQWH D JUDoD GH 'HXV" (OHV QmR WrP PRWLYR SDUD VH JORULDUHP SRLV D VREHUDQLD GLYLQD H[FOXL FRP HILFiFLD TXDOTXHU PRWLYR 6RPHQWH R 6HQKRU GHYH VHU JORULILFDGR D SUySULD QRomR GR PpULWR KXPDQR VHUi ODQoDGD QD YHUJRQKD HWHUQD 1DV (VFULWXUDV QmR H[LVWH XPD GRXWULQD TXH VHMD PDLV KXPLOKDQWH DR KRPHP GR TXH D GD HOHLomR XPD GRXWULQD TXH PDLV SURPRYD D JUDWLGmR H FRQVHT HQWHPHQWH VHMD PDLV VDQ WLILFDGRUD 2V FUHQWHV QmR GHYHP WHPr OD H VLP UHJR]LMDUHP VH QHOD HP DGRUDomR


&202 '(9(026 &8/78$5 $ '(86"

&202 '(9(026 &8/78$5 $ '(86" -RKQ 0DF$UWKXU

)

OLS :LOVRQ XP IDPRVR FRPH GLDQWH QRUWH DPHULFDQR WLQKD HP VHX UHSHUWyULR XP SHUVRQDJHP FKDPDGR 5HYHUHQGR /HUR\ TXH SDVWRUHDYD D ยฆ,JUHMD GR 4XH (VWi $FRQWHFHQGR $JRUDยง 1R LQtFLR GD GpFDGD GH R 5HYHUHQGR /HUR\ H VXD LJUHMD HUD XPD SDUyGLD XOWUDMDQWH 0DV QD YHU GDGH D FRPXQLGDGH HYDQJpOLFD GH QRVVRV GLDV HVWi HQ[DPHDGD FRP 5H YHUHQGRV /HUR\V H PXLWDV LJUHMDV SRGHULDP FRQYHQLHQWHPHQWH UHFHEHU R QRPH GH ยฆ,JUHMD GR 4XH (VWi $FRQ WHFHQGR $JRUDยง 1mR Ki OLPLWHV QR TXH VH UHIHUH D TXmR ORQJH DOJXPDV LJUHMDV DYDQoD UmR QR SURSyVLWR GH VH WRUQDUHP ยฆUHOH YDQWHVยง H ยฆPRGHUQDVยง HP VHXV FXOWRV ( SDUHFH TXH QmR H[LVWH PDLV QDGD H[FHVVLYDPHQWH SURIDQR RX DEXVLYR SDUD VHU LQWURGX]LGR QR ยฆFXOWRยง $ UHYLVWD /RV $QJHOHV 7LPHV UH FHQWHPHQWH IDORX VREUH XPD ,JUHMD QR VXO GD &DOLIyUQLD TXH GLVWULEXLX SDQ IOHWRV DQXQFLDQGR VHXV FXOWRV FRPR ยฆ+RUDV $JUDGiYHLV GD 0~VLFD &RXQ WU\ GH 'HXVยง 2V SDQIOHWRV DXGD

FLRVDPHQWH SURPHWLDP ยฆGDQoD VH PHOKDQWH j TXDGULOKD ORJR GHSRLV GR FXOWRยง 'H DFRUGR FRP R DUWLJR GD UHYLVWD ยฆR SDVWRU WDPEpP GDQoRX FDOoDGR GH ERWDV GH FRXUR H YHVWLGR FRP MHDQVยง 2 SDVWRU MXVWLILFD HVVH PRYLPHQWR FRP D UHYLWDOL]DomR GH VXD LJUHMD 2 DUWLJR GD UHYLVWD GHVFUHYH D PDQKm GH GRPLQJR QD LJUHMD ยฆ2V PHPEURV RXYHP RV VHU P}HV FXMRV WHPDV LQFOXHP ยจ$ 3LFN XS )RUG GR 3DVWRU H 6H[R &ULVWmRยฉ FODVVLILFDGR FRP 5 TXH VLJQLILFD ยจUH OHYkQFLD UHVSHLWR H UHODFLRQDPHQWRยฉ GLVVH R SDVWRU ยจH PDLV HQJUDoDGR GR TXH SDUHFHยฉ $SyV R FXOWR RV PHP EURV GDQoDP FRP P~VLFDV GH XPD EDQGD FKDPDGD 2V $QMRV GR &DEDUp H R TXH PDLV SRGHULD VHU" $ IUH Tย rQFLD j LJUHMD HVWi DXPHQWDQGR UD SLGDPHQWHย ยง 9RFr SRGH LPDJLQDU TXH LVWR p DSHQDV XPD DEHUUDomR GH XPD LJUHMD GHVFRQKHFLGD H H[FrQWULFD ,QIHOL] PHQWH HVWH QmR p R FDVR $ WHRULD FRQWHPSRUkQHD GR FUHVFLPHQWR GH LJUHMD WHP DEHUWR XPD SRUWD DPSOD


SDUD WDLV DEVXUGRV ย V YH]HV SDUHFH TXH 3 7 %DUQXP p R SULQFLSDO PRGHOR SDUD PXLWRV TXH QHVVHV GLDV SDUWLFLSDP GR PRYLPHQ WR GH FUHVFLPHQWR GH LJUHMD 1D YHU GDGH R FRQYLWH DEDL[R SDUD XP FXOWR GRPLQLFDO YHVSHUWLQR DSDUHFHX QR EROHWLP GH XPD GDV PDLRUHV H PDLV FRQKHFLGDV LJUHMDV TXH LQWHJUDP R ยฆ&LQWXUmR GD %tEOLDยง QRV (VWDGRV 8QLGRV ยฆ&LUFR ยฅ 9HMDP %DUQXP H %DLOH\ TXDQGR R PiJLFR GR JUDQGH H IDPRVR FLUFR YLHU j &RPXQKmR GR 'L YHUWLPHQWR 3DOKDoRV $FUREDWDV $QLPDLV 3LSRFD 4XH JUDQGH QRLWH ยง (VVD PHVPD LJUHMD HP FHUWD pSR FD WHYH VHX FRQVHOKR GH SDVWRUHV LQ WURGX]LGR QXP ULQJXH GH OXWD FRUSR UDO GXUDQWH R FXOWR GRPLQLFDO LQGR PHVPR DR SRQWR GH WHU XP OXWDGRU SURILVVLRQDO WUHLQDQGR RV SDVWRUHV D MRJDUHP XP DR RXWUR QR ULQJXH SX [DUHP RV FDEHORV H GHUUXEDUHP XQV DRV RXWURV VHP UHDOPHQWH PDFKX FDUHP VH (VWHV QmR VmR LQFLGHQWHV H[WUDRUGLQiULRV 0XLWDV LJUHMDV HVWmR VHJXLQGR PpWRGRV VHPHOKDQWHV XWLOL ]DQGR WRGRV RV PHLRV GLVSRQtYHLV SD UD DSLPHQWDU VHXV FXOWRV e HYLGHQWH TXH R FXOWR GRPLQLFDO HVWi SDVVDQGR SRU XPD UHYROXomR VHP SDUDOHOR HP WRGD D KLVWyULD GD ,JUHMD

2 9(5'$'(,52 &8/72 $QRV DWUiV HQTXDQWR HX SUHJDYD VREUH R (YDQJHOKR GH -RmR IXL WRFD GR SHOR SURIXQGR VLJQLILFDGR GD YHU GDGHLUD DGRUDomR ยฅ ยฆ9HP D KRUD H Mi FKHJRX HP TXH RV YHUGDGHLURV DGR UDGRUHV DGRUDUmR R 3DL HP HVStULWR H HP YHUGDGH SRUTXH VmR HVWHV TXH R 3DL SURFXUD SDUD VHXV DGRUDGRUHVยง -R

)p SDUD +RMH

3HUFHEL WmR FODUDPHQWH FRPR QXQFD KDYLD SHUFHELGR DQWHV DV LP SOLFDo}HV GD DILUPDWLYD ยฅ ยฆDGR UDUmRย HP HVStULWR H HP YHUGDGHยง (VVD IUDVH VXJHUH SULPHLUDPHQWH TXH D DGRUDomR YHUGDGHLUD HQYROYH WDQWR R LQWHOHFWR TXDQWR DV HPRo}HV 6DOL HQWD D YHUGDGH GH TXH D DGRUDomR WHP GH VHU IRFDOL]DGD HP 'HXV QmR QR DGRUDGRU 2 FRQWH[WR WDPEpP GH PRQVWUD TXH -HVXV HVWDYD GL]HQGR TXH D DGRUDomR YHUGDGHLUD p PDLV XPD TXHVWmR GH HVVrQFLD GR TXH GH IRUPD (OH HVWDYD HQVLQDQGR TXH D DGRUDomR HQYROYH R TXH ID]HPRV HP QRVVD YLGD QmR DSHQDV R TXH ID]HPRV QR OXJDU IRUPDO GH DGRUDomR ,QWHUURPSL QDTXHOH SRQWR DV PHQ VDJHP VREUH -RmR H FRQWLQXHL R DV VXQWR FRP XP HVWXGR WySLFR VREUH DGRUDomR $ HGLWRUD 0RRG\ 3UHVV SHGLX TXH FRORFDVVH HVVDV PHQVDJHQV HP XP OLYUR TXH IRL SXEOLFDGR VRE R QRPH GH 7KH 8OWLPDWH 3ULRULW\ $ 3ULRULGDGH &UXFLDO (VVH HVWXGR VR EUH DGRUDomR DIHWRX PH PDLV SUR IXQGDPHQWH GR TXH TXDOTXHU RXWUD VpULH GH VHUP}HV TXH Mi KDYLD SUHSD UDGR 0XGRX SDUD VHPSUH PLQKD RSLQLmR VREUH R TXH VLJQLILFD DGRUDU D 'HXV $TXHOD VpULH GH HVWXGRV WDPEpP PDUFRX R LQtFLR GH XPD QRYD HWDSD SDUD QRVVD LJUHMD 1RVVD DGRUDomR FROHWLYD DGTXLULX QRYD SURIXQGLGDGH H VLJQLILFDGR $V SHVVRDV FRPHoDUDP D ILFDU FRQVFLHQWHV GH TXH FDGD DV SHFWR GR FXOWR GD LJUHMD ยฅ P~VLFD RUDomR SUHJDomR H PHVPR DV RIHU WDV ยฅ p DGRUDomR RIHUHFLGD D 'HXV &RPHoDUDP D YHU DV VXSHUILFLDOLGD GHV FRPR XPD RIHQVD D XP 'HXV VDQWR H D FRQVLGHUDU R FXOWR FRPR XPD DWLYLGDGH HP TXH GHYHULDP VHU


&202 '(9(026 &8/78$5 $ '(86"

SDUWLFLSDQWHV H QmR HVSHFWDGRUHV LVR ODGRV 6H R FXOWR p DOJR TXH RIH UHFHPRV D 'HXV ¥ H QmR XP VKRZ HODERUDGR SDUD EHQHILFLDU D FRQJUH JDomR ¥ HQWmR FDGD DVSHFWR GR FXOWR WHP GH VHU DJUDGiYHO D 'HXV H HVWDU HP KDUPRQLD FRP VXD 3DODYUD 3RU WDQWR R UHVXOWDGR GH QRVVD QRYD rQIDVH VREUH R FXOWR IRL R DSUR IXQGDPHQWR GH QRVVR FRPSURPLVVR FRP D FHQWUDOLGDGH GDV (VFULWXUDV

62/$ 6&5,3785$ $OJXQV DQRV GHSRLV GDTXHOD VpULH GH HVWXGRV VREUH DGRUDomR SUHJXHL VREUH R 6DOPR 0LQKD UHDomR IRL D GH DOJXpP TXH HVWDYD FRQWHPSODQGR SHOD SULPHLUD YH] R SRGHU GDTXLOR TXH R VDOPLVWD HVWDYD DILUPDQGR VREUH D VXILFLrQFLD GDV (VFULWXUDV $ OHL GR 6(1+25 p SHUIHLWD H UHV WDXUD D DOPD 2 WHVWHPXQKR GR 6(1+25 p ILHO H Gi VDEHGRULD DRV VtPSOLFHV 2V SUHFHLWRV GR 6(1+25 VmR UH WRV H DOHJUDP R FRUDomR 2 PDQGDPHQWR GR 6(1+25 p SXUR H LOXPLQD RV ROKRV 2 WHPRU GR 6(1+25 p OtPSLGR H SHUPDQHFH SDUD VHPSUH 2V MXt]RV GR 6(1+25 VmR YHU GDGHLURV H WRGRV LJXDOPHQWH MXVWRV 6mR PDLV GHVHMiYHLV GR TXH RX UR PDLV GR TXH PXLWR RXUR GH SXUDGR VmR PDLV GRFHV GR TXH R PHO H R GHVWLODU GRV IDYRV 2 DUJXPHQWR FHQWUDO GD PHQVD JHP GHVWH VDOPR p D (VFULWXUD p FRPSOHWDPHQWH VXILFLHQWH SDUD VDWLV ID]HU WRGDV DV QHFHVVLGDGHV GD DOPD

KXPDQD 6XJHUH TXH WRGD D YHUGDGH HVSLULWXDO H HVVHQFLDO HVWi FRQWLGD QD 3DODYUD GH 'HXV 3HQVH QLVVR D YHU GDGH GDV (VFULWXUDV SRGH UHVWDXUDU D DOPD GDQLILFDGD SHOR SHFDGR RXWRU JDU VDEHGRULD HVSLULWXDO FRQIRUWDU R FRUDomR DEDWLGR H WUD]HU LOXPLQDomR HVSLULWXDO (P RXWUDV SDODYUDV D %t EOLD UHVXPH WXGR TXH SUHFLVDPRV VD EHU D UHVSHLWR GD YHUGDGH H GD MXVWLoD RX FRPR R DSyVWROR 3DXOR HVFUHYHX D %tEOLD p FDSD] GH QRV KDELOLWDU SDUD WRGD ERD REUD 7P (VWD VpULH GH HVWXGRV VREUH R 6DO PR PDUFRX RXWUR PRYLPHQWR QD YLGD GH QRVVD LJUHMD FRORFDQGR QRV IDFH D IDFH FRP XP GRV SULQFtSLRV GRV UHIRUPDGRUHV ¥ 6ROD 6FULSWXUD (P XPD pSRFD TXDQGR PXLWRV HYDQ JpOLFRV SDUHFHP HVWDU VH YROWDQGR HP PDVVD SDUD D HVSHUWH]D PXQGDQD QDV iUHDV GH SVLFRORJLD QHJyFLRV SROtWL FD UHODFLRQDPHQWRV H HQWUHWHQLPHQWR DV (VFULWXUDV QRV VmR LQGLFDGDV FRPR D ~QLFD IRQWH TXH SRGHPRV UHFRUUHU SDUD HQFRQWUDU D LQIDOtYHO YHUGDGH HVSLULWXDO $ VpULH GH HVWXGRV WHYH XP LPSDFWR VREUH FDGD DVSHFWR GD YLGD GH QRVVD LJUHMD

$ 68),&,¶1&,$ '$6 (6&5,785$6 80 35,1&º3,2 3$5$ 5(*8/$5 2 &8/72 &RPR SRGHPRV DSOLFDU D VXILFL rQFLD GDV (VFULWXUDV DR FXOWR GD LJUHMD" 2V UHIRUPDGRUHV UHVSRQGHUDP HVVD SHUJXQWD DSOLFDQGR 6ROD 6FULS WXUD j DGRUDomR HVWDEHOHFHQGR R TXH HOHV FKDPDUDP GH 3ULQFtSLR 5HJX ODGRU -RmR &DOYLQR IRL R SULPHLUR D DUWLFXODU GH PDQHLUD VXFLQWD HVVH SULQ FtSLR ¦1mR SRGHPRV DGRWDU TXDOTXHU


)p SDUD +RMH

DUWLItFLR >HP QRVVR FXOWR@ TXH SDUHoD SOLFDYDP R SULQFtSLR UHJXODGRU FRQ VDWLVID]HU D QyV PHVPRV H VLP OHYDU WUD RV ULWRV IRUPDLV DV YHVWHV VD HP FRQWD DV H[RUWDo}HV G$TXHOH TXH FHUGRWDLV D KLHUDUTXLD HFOHVLiVWLFD H WHP R GLUHLWR GH SUHVFUHYr ODV 3RU RXWURV UHVTXtFLRV GR FXOWR GD ,JUH WDQWR VH GHVHMDPRV TXH (OH DSURYH MD &DWyOLFD 2 SULQFtSLR UHJXODGRU HUD IUHTย HQWH QRVVR FXOWR HVWD PHQWH FLWDGR SH UHJUD TXH (OH ORV UHIRUPDGRUHV PHVPR HQIDWL]D D DGRUDomR LQJOHVHV TXH VH FRP PXLWD ULJL RSXQKDP DRV GH] WHP GH VHU YHUGDGHLUD p PDLV HOHPHQWRV GD REVHUYDGD FRP XPD TXHVWmR GH ,JUHMD $OWD QR DQ ]HORย 'HXV UH HVVrQFLD GR TXH GH JOLFDQLVPR RV SURYD WRGRV RV WL TXDLV KDYLDP VL SRV GH FXOWRV QmR IRUPD GR HPSUHVWDGRV VDQFLRQDGRV H[ GD WUDGLomR FD SUHVVDPHQWH SRU WyOLFD URPDQD VXD SDODYUDยง &DOYLQR VXVWHQWDYD HVWH SULQFtSLR )RL R FRPSURPHWLPHQWR GH PXLWRV XWLOL]DQGR GLYHUVDV SDVVDJHQV EtEOL SXULWDQRV FRP R SULQFtSLR UHJXODGRU FDV LQFOXLQGR 6DPXHO ยฅ TXH OHYRX FHQWHQDV GH SDVWRUHV SXUL ยฆ2EHGHFHU p PHOKRU GR TXH R VD WDQRV D VHUHP H[FOXtGRV SRU GHFUHWR FULILFDU H R DWHQGHU PHOKRU GR TXH D GRV S~OSLWRV GD ,JUHMD GD ,QJODWHUUD JRUGXUD GH FDUQHLURVยง ยฅ H 0DWHXV HP $OpP GLVVR D VLPSOLFLGDGH GD ยฆ(P YmR PH DGRUDP HQVLQDQGR GRXWULQDV TXH VmR SUHFHLWRV GH KR IRUPD GH FXOWR GDV LJUHMDV SUHVEL WHULDQDV EDWLVWDV FRQJUHJDFLRQDLV H PHQVยง -RKQ +RRSHU XP SDVWRU LQJOrV GH RXWUDV WUDGLo}HV HYDQJpOLFDV p R FRQWHPSRUkQHR GH &DOYLQR DILUPRX UHVXOWDGR GD DSOLFDomR GR SULQFtSLR DVVLP HVWH PHVPR SULQFtSLR ยฆ1D UHJXODGRU 2V HYDQJpOLFRV GH QRVVRV GLDV LJUHMD QmR GHYH VHU XWLOL]DGR QDGD TXH QmR WHQKD D H[SUHVVD DSURYDomR IDULDP EHP VH UHFXSHUDVVHP D PHV GDV (VFULWXUDV SDUD DSRLi OR RX TXH PD FRQILDQoD TXH VHXV DQWHFHVVRUHV VHMD DOJR LQGLIHUHQWH HP VL PHVPR RX HVSLULWXDLV WLQKDP HP UHODomR jV (V VHMD TXH QmR WUDJD TXDOTXHU SURYHLWR FULWXUDV 8P ERD TXDQWLGDGH GH WHQ TXDQGR XWLOL]DGR H QHQKXP SUHMXt]R GrQFLDV SUHMXGLFLDLV TXH HVWmR JD QKDQGR LPSRUWkQFLD QHVVHV GLDV UH TXDQGR RPLWLGRยง :LOOLDP &XQQLQJKDP XP KLVWR YHODP D GHFUHVFHQWH FRQILDQoD GRV ULDGRU GD ,JUHMD TXH YLYHX QR VpFXOR HYDQJpOLFRV QD VXILFLrQFLD GDV (VFUL ;,; GHILQLX QHVVHV WHUPRV R SULQFt WXUDV 3RU XP ODGR H[LVWH FRPR Mi SLR UHJXODGRU ยฆe LQVXVWHQWiYHO H LOtFLWR REVHUYDPRV XPD DWPRVIHUD GH FLUFR LQWURGX]LU QR JRYHUQR H QR FXOWR GD HP DOJXPDV LJUHMDV TXH HPSUHJDP LJUHMD TXDOTXHU FRLVD TXH QmR WHP D PpWRGRV SUDJPiWLFRV TXH WULYLDOL]DP VDQomR SRVLWLYD GDV (VFULWXUDVยง DTXLOR TXH p VDQWR SDUD LPSXOVLRQDU 2V UHIRUPDGRUHV H SXULWDQRV D D IUHTย rQFLD GH SHVVRDV QD LJUHMD 3RU


&202 '(9(026 &8/78$5 $ '(86"

RXWUR ODGR XP FUHVFHQWH Q~PHUR GH HYDQJpOLFRV HVWi DEDQGRQDQGR DV IRU PDV VLPSOHV GH DGRUDomR HP IDYRU GR IRUPDOLVPR GD ,JUHMD $OWD $OJXQV HVWmR GHL[DQGR FRPSOHWDPHQWH R HYDQJHOLFDOLVPR H XQLGR VH j ,JUHMD 2UWRGR[D H DR FDWROLFLVPR URPDQR (QTXDQWR LVVR DOJXPDV LJUHMDV VLPSOHVPHQWH DEDQGRQDUDP WRGD D REMHWLYLGDGH RSWDQGR SRU XP HVWLOR GH FXOWR WXUEXOHQWR HPRFLRQDO H GHV WLWXtGR GH TXDOTXHU VHQWLGR UDFLRQDO 7DOYH] XP GRV PDLV FRPHQWDGRV PRYLPHQWRV TXH HVWi YDUUHQGR R FULV WLDQLVPR QR SUHVHQWH p R IHQ{PHQR FRQKHFLGR FRPR ยฆ%rQomR GH 7RURQ WRยง RQGH WRGD D FRQJUHJDomR UL LQFRQWURODYHOPHQWH VHP TXDOTXHU PRWLYR UDFLRQDO ODWH FRPR FDFKRU URV UXJH FRPR OH}HV FDFDUHMD FRPR JDOLQKDV SXOD FRUUH H FRQYXOVLRQD (OHV YrHP LVVR FRPR XPD HYLGrQFLD GH TXH R SRGHU GH 'HXV OKHV IRL WUDQV PLWLGR 1HQKXPD GHVVDV WHQGrQFLDV HVWi DYDQoDQGR SRU PRWLYRV EtEOLFRV FRQ VLVWHQWHV 3HOR FRQWUiULR VHXV GH IHQVRUHV FLWDP DUJXPHQWRV SUDJPi WLFRV RX SURFXUDP R DSRLR GH LQ WHUSUHWDo}HV HUUDGDV GH WH[WRV GDV (VFULWXUDV GR UHYLVLRQLVPR GD KLV WyULD RX WUDGLo}HV DQWLJDV (VWD p H[D WDPHQWH D PHQWDOLGDGH FRQWUD D TXDO RV UHIRUPDGRUHV OXWDYDP 8P QRYR HQWHQGLPHQWR GH 6ROD 6FULSWXUD ยฅ D VXILFLrQFLD GDV (VFUL WXUDV ยฅ WHP GH QRV HVWLPXODU D FRQ WLQXDU UHIRUPDQGR QRVVDV LJUHMDV D UHJXODU QRVVRV FXOWRV GH DFRUGR FRP DV QRUPDV EtEOLFDV H D GHVHMDU LQ WHQVDPHQWH VHU SHVVRDV TXH DGRUDP D 'HXV HP HVStULWR H HP YHUGDGH

$3/,&$1'2 62/$ 6&5,3785$ $2 &8/72 $ TXHVWmR TXH VXUJH D VHJXLU p VREUH FRPR R SULQFtSLR 6ROD 6FULS WXUD SRGH VHU XVDGR SDUD UHJXODU R FXOWR $OJXpP SRGH LQGLFDU R IDWR GH TXH &KDUOHV 6SXUJHRQ XWLOL]DYD R SULQFtSLR UHJXODGRU SDUD H[FOXLU R XVR GH TXDOTXHU LQVWUXPHQWR PXVLFDO QR FXOWR 6SXUJHRQ UHFXVRX SHUPLWLU D XWLOL]DomR GH XP yUJmR QR 7DEHU QiFXOR 0HWURSROLWDQR SRUTXH DFUH GLWDYD TXH QmR KDYLD EDVH EtEOLFD SDUD P~VLFD LQVWUXPHQWDO QR FXOWR FULVWmR 1D YHUGDGH DLQGD H[LVWHP FUHQWHV TXH SHOR PHVPR PRWLYR VH RS}HP D P~VLFD LQVWUXPHQWDO e yEYLR TXH QHP WRGRV RV TXH DILUPDP D RUWRGR[LD GR SULQFtSLR UH JXODGRU QHFHVVDULDPHQWH FRQFRUGDP HP WRGRV RV GHWDOKHV VREUH FRPR HOH GHYHULD VHU DSOLFDGR $OJXQV SRGHUL DP VDOLHQWDU WDLV GLIHUHQoDV QDV TXHVW}HV SUiWLFDV H VXJHULU TXH WRGR R SULQFtSLR UHJXODGRU p SRU LVVR PHV PR LQVXVWHQWiYHO :LOOLDP &XQQLQ JKDP REVHUYRX TXH FUtWLFDV FRQWUD R SULQFtSLR UHJXODGRU IUHTย HQWHPHQWH SURFXUDP GHVDFUHGLWi OR UHFRUUHQGR j WiWLFD GR UHGX]L OR DR DEVXUGR $TXHOHV TXH QmR DSUHFLDP R SULQ FtSLR UHJXODGRU SRU TXDOTXHU PRWLYR JHUDOPHQWH SURFXUDP QRV FRORFDU HP GLILFXOGDGHV SRQGR VREUH HOH XPD ULJRURVD FRQRWDomR GDQGR OKH GHVWH PRGR XPD DSDUrQFLD GH DOJR DEVXU GR 0DV R SULQFtSLR UHJXODGRU WHP GH VHU LQWHUSUHWDGR H H[SOLFDGR FRP R H[HUFtFLR GR ERP VHQVR 'LILFXOGD GHV H GLIHUHQoDV GH RSLQL}HV SRGHP VXUJLU D UHVSHLWR GRV GHWDOKHV PHVPR TXDQGR R GLVFHUQLPHQWR FRUUHWR H R ERP VHQVR LQIOXHQFLDP D LQWHUSUHWD


omR H DSOLFDomR GR SULQFtSLR 0DV LVWR QmR RIHUHFH TXDOTXHU IXQGDPHQWR SDUD QHJDU RX GXYLGDU GDV YHUGDGHV RX GD RUWRGR[LD GR SUySULR SULQFtSLR UHJXODGRU &XQQLQJKDP UHFRQKHFHX TXH R SULQFtSLR UHJXODGRU FRP IUHTย rQFLD p HPSUHJDGR SDUD DUJXPHQWDU FRQWUD FRLVDV TXH SRGHP VHU UHSXWDGDV FRPR UHODWLYDPHQWH VHP LPSRUWkQFLD WDLV FRPR ULWRV FHULP{QLDV YHVWLPHQWDV yUJmRV DMRHOKDU VH SURVWUDU VH H RX WURV UHFXUVRV H[WHULRUHV GD UHOLJLmR IRUPDO 3RU FDXVD GLVVR &XQQLQJKDP DILUPRX ยฆ$OJXPDV SHVVRDV SDUHFHP LPDJLQDU TXH R SULQFtSLR UHJXODGRU VH SUHRFXSD FRP D LQVLJQLILFkQFLD LQ WUtQVHFD GDV FRLVDVยง 3RUWDQWR PXL WRV FRQFOXHP RV TXH DGYRJDP R SULQ FtSLR UHJXODGRU ID]HP QR SRUTXH UHDOPHQWH JRVWDP GH FRQWHQGHU SRU FRLVDV LQVLJQLILFDQWHV &RP FHUWH]D QLQJXpP VH GHOHL WDULD HP GLVSXWDV SRU TXHVW}HV LU UHOHYDQWHV e YHUGDGH TXH R SULQFt SLR UHJXODGRU RFDVLRQDOPHQWH WHP VL GR XWLOL]DGR GDTXHOD PDQHLUD 8PD REVHVVmR SRU DSOLFDU TXDOTXHU SULQ FtSLR DRV PHQRUHV GHWDOKHV SRGH ID FLOPHQWH VH WRUQDU XPD IRUPD GHV WUXWLYD GH OHJDOLVPR 0DV R SULQFtSLR 6ROD 6FULSWXUD DSOLFDGR DR FXOWR p VHPSUH GLJQR GH VHU GHIHQGLGR FRP IHURFLGDGH 2 SULQ FtSLR HP VL PHVPR QmR p WULYLDO $OpP GLVVR D IDOKD GH DSHJDU VH j SUHV FULomR EtEOLFD QR TXH VH UHIHUH DR FXOWR p H[DWDPHQWH DTXLOR TXH PHU JXOKRX D LJUHMD QDV WUHYDV H QD LGRODWULD GD ,GDGH 0pGLD 1mR WHQKR LQWHUHVVH HP VXVFLWDU XP GHEDWH VREUH LQVWUXPHQWRV PXVL FDLV YHVWLPHQWDV SDVWRUDLV GHFRUDomR GR WHPSOR RX RXWURV DVVXQWRV 6H

)p SDUD +RMH

H[LVWHP DTXHOHV TXH XWLOL]DP R SULQ FtSLR UHJXODGRU FRPR XP WUDPSROLP SDUD WDLV GHEDWHV H[FOXDP PH GH HQ WUH HOHV $V TXHVW}HV TXH LQIODPDP PLQKD SUHRFXSDomR UHODFLRQDGD DR FXOWR FRQWHPSRUkQHR VmR PDLV SUR IXQGDV GR TXH WDLV DVVXQWRV 5HIH UHP VH DR SUySULR kPDJR GR TXH VLJQLILFD DGRUDU D 'HXV HP HVStULWR H HP YHUGDGH 0LQKD SUHRFXSDomR p HVWD R IDWR GH D LJUHMD PRGHUQD WHU DEDQGRQDGR R 6ROD 6FULSWXUD DEULX DV SRUWDV SDUD GLYHUVRV DEXVRV JURWHVFRV H LPD JLQiYHLV LQFOXLQGR FXOWRV FRP EDQGD GH FDEDUp D DWPRVIHUD GH HVSHWiFX ORV FDUQDYDOHVFRV H H[LELo}HV GH OXWD OLYUH 0HVPR D PDLV OLEHUDO H DPSOD DSOLFDomR GR SULQFtSLR UHJXODGRU GR FXOWR WHULD XP HIHLWR FRUUHWLYR HP WDLV DEXVRV 3HQVH SRU XP PRPHQWR QR TXH DFRQWHFHULD j DGRUDomR FROHWLYD VH D LJUHMD FRQWHPSRUkQHD OHYDVVH D VpULR R 6ROD 6FULSWXUD 4XDWUR GLUHWUL]HV EtEOLFDV SDUD R FXOWR LPHGLDWDPHQWH YLULDP j QRVVD PHQWH (VVDV GLUHWUL ]HV FDtUDP HP XP WUiJLFR HVWDGR GH QHJOLJrQFLD 5HFXSHUi ODV FRP FHU WH]D SURGX]LULD XPD QRYD UHIRUPD QR FXOWR GD LJUHMD PRGHUQD 35(*$5 $ 3$/$95$ 1D DGRUDomR FROHWLYD D SUHJDomR GD 3DODYUD GHYH WHU D SULPD]LD 7RGDV DV LQVWUXo}HV GR 1RYR 7HVWDPHQWR DRV SDVWRUHV FHQWUDOL]D VH QHVVDV SDODYUDV GH 3DX OR D 7LPyWHR ยฆ3UHJD D SDODYUD LQVWD TXHU VHMD RSRUWXQR TXHU QmR FRUUL JH UHSUHHQGH H[RUWD FRP WRGD D ORQJDQLPLGDGH H GRXWULQDยง 7P (P RXWUD FDUWD R DSyVWROR UHVXPLX VHX FRQVHOKR DR MRYHP SDVWRU ยฆ$Wp j PLQKD FKHJDGD DSOLFD WH j OHLWXUD j


&202 '(9(026 &8/78$5 $ '(86"

H[RUWDomR DR HQVLQRยง 7P WpULR GD 3DODYUD p D SODWDIRUPD VREUH (YLGHQWHPHQWH R PLQLVWpULR GH SUHJDU D TXDO D YHUGDGHLUD DGRUDomR p HGL D 3DODYUD HUD R kPDJR GDV UHVSRQ ILFDGD (P VHX OLYUR %HWZHHQ 7ZR VDELOLGDGHV SDVWRUDLV GH 7LPyWHR :RUOGV (QWUH 'RLV 0XQGRV -RKQ 1D LJUHMD GR 1RYR 7HVWDPHQWR 6WRWW DILUPRX PXLWR EHP ยฆ$ 3DODYUD DV DWLYLGDGHV GD FRPXQLGDGH GH FUHQ H D $GRUDomR SHUWHQFHP LQGLVVROX WHV HUDP FRPSOHWDPHQWH FHQWUDOL]D YHOPHQWH XPD j RXWUD 7RGD D DGR GDV ยฆQD GRXWULQD GRV DSyVWRORV H QD UDomR p XPD UHVSRVWD LQWHOLJHQWH H FRPXQKmR QR SDUWLU GR SmR H QDV DPiYHO j UHYHODomR GH 'HXV SRUTXH RUDo}HVยง $W $ SUHJDomR GD p D DGRUDomR GH VHX QRPH 3RUWDQWR 3DODYUD HUD R FHQWUR GH WRGR R FXOWR D DGRUDomR DFHLWiYHO p LPSRVVtYHO VHP (P FHUWD RFDVLmR 3DXOR SUHJRX D XP D SUHJDomR 3UHJDU p WRUQDU FRQKHFL JUXSR GH FUHQWHV DWp GHSRLV GD PHLD GR R QRPH GH 'HXV H DGRUDU p ORXYDU QRLWH $W 2 PLQLVWpULR GD R QRPH GR 6HQKRU VREUH R TXDO IRPRV 3DODYUD WLQKD XPD SDUWH WmR FUXFLDO LQIRUPDGRV $R LQYpV GH VHU XPD LQ QD YLGD GD LJUHMD TXH DQWHV GH XP WUXVmR DOLHQtJHQD j DGRUDomR R OHU H PHPEUR VHU TXDOLILFDGR SDUD VHUYLU R SUHJDU D 3DODYUD VmR UHDOPHQWH LQ FRPR SUHVEtWHUR WHULD GH VHU SUR GLVSHQViYHLV j DGRUDomR $V GXDV YDGR FRPR DO QmR SRGHP VHU GL JXpP KDELOLGRVR YRUFLDGDVยง C 3UHJDU p XP HP HQVLQDU D 3D 2 PLQLVWpULR GD DVSHFWR LQVXEV ODYUD FI 7P WLWXtYHO GH WRGD D 7P 3DODYUD p D DGRUDomR FROH 7W SODWDIRUPD VREUH WLYD 1D YHUGDGH 2 DSyVWROR D TXDO D YHUGDGHLUD WRGR R FXOWR GD 3DXOR FDUDFWHUL LJUHMD JLUD HP ]RX DVVLP D VXD DGRUDomR p HGLILFDGD WRUQR GR PLQLV SUySULD FKDPD C WpULR GD 3DODYUD GD ยฆ0H WRUQHL 7RGDV DV RXWUDV PLQLVWUR GH DFRU GR FRP D GLVSHQVDomR GD SDUWH GH FRLVDV VmR SUHSDUDWyULDV RX XPD UHD 'HXV TXH PH IRL FRQILDGD D YRVVR omR j PHQVDJHP GDV (VFULWXUDV 4XDQGR R WHDWUR D P~VLFD D FR IDYRU SDUD GDU SOHQR FXPSULPHQWR j SDODYUD GH 'HXVยง &O ยค rQIDVH PpGLD H RXWUDV DWLYLGDGHV WrP D SHU DFUHVFHQWDGD 9RFr SRGH HVWDU FHUWR PLVVmR GH XVXUSDU R OXJDU GD SUHJD GH TXH D SUHJDomR HUD XP HOHPHQWR omR GD 3DODYUD D YHUGDGHLUD DGRUDomR SUHGRPLQDQWH HP WRGR FXOWR GR TXDO LQHYLWDYHOPHQWH p SUHMXGLFDGD ( TXDQGR D SUHJDomR p VXEMXJDGD j 3DXOR SDUWLFLSDYD 0XLWDV SHVVRDV YrHP D SUHJDomR SRPSD H j FLUFXQVWkQFLD HOD WDPEpP H D DGRUDomR FRPR GRLV DVSHFWRV GLV REVWUXL D DGRUDomR JHQXtQD 8P FXO WLQWRV GR FXOWR GD LJUHMD FRPR VH D WR GH DGRUDomR VHP R PLQLVWpULR GD SUHJDomR QmR WLYHVVH TXDOTXHU OLJDomR 3DODYUD WHP XP YDORU TXHVWLRQiYHO FRP D DGRUDomR H YLFH YHUVD 0DV $OpP GLVVR D ยฆLJUHMDยง RQGH D 3DODYUD HVWH p XP FRQFHLWR HUU{QHR 2 PLQLV GH 'HXV QmR p UHJXODUPHQWH H ILHO


PHQWH SUHJDGD QmR p XPD YHUGDGHLUD LJUHMD (',),&$5 2 5(%$1+2 $V (VFUL WXUDV QRV GL]HP TXH R SURSyVLWR GRV GRQV HVSLULWXDLV p D HGLILFDomR GH WRGD D LJUHMD (I FI &R 3RU HVVH PRWLYR WRGR R PLQLVWpULR GD LJUHMD WHP GH SURGX]LU HGLILFDomR ID]HQGR R UHEDQKR FUHVFHU HVSLULWX DOPHQWH H QmR DSHQDV HVWLPXODQGR HPRo}HV $FLPD GH WXGR R PLQLVWpULR GD LJUHMD GHYH WHU FRPR DOYR R SURPR YHU D DGRUDomR YHUGDGHLUD 3DUD DO FDQoDU HVVH REMHWLYR HOH WHP GH VHU HGLILFDQWH ,VVR HVWi LPSOtFLWR QD H[ SUHVVmR ยฆTXH R DGRUHP HP HVStULWR H HP YHUGDGHยง &RPR Mi REVHUYDPRV D DGRUDomR GHYH HQYROYHU R LQWHOHFWR H DV HPRo}HV $ DGRUDomR GHYH VHU HPRFLRQDQWH SURIXQGDPHQWH VHQWL GD H WRFDQWH 0DV R LPSRUWDQWH QmR p HVWLPXODU DV HPRo}HV HQTXDQWR GHV OLJDPRV QRVVR LQWHOHFWR $ DGRUDomR YHUGDGHLUD PHVFOD D PHQWH H R FRUD omR HP XPD UHVSRVWD GH DGRUDomR SXUD IXQGDPHQWDGD QD YHUGDGH UH YHODGD GD 3DODYUD GH 'HXV $ P~VLFD SRGH jV YH]HV QRV FR PRYHU SHOD DJUDGiYHO EHOH]D GD PH ORGLD PDV HVWH VHQWLPHQWR QmR p DGR UDomR 3RU VL PHVPD D P~VLFD VHP D YHUGDGH FRQWLGD QRV YHUVRV QmR p XP UHFXUVR OHJtWLPR SDUD D DGRUDomR DXWrQWLFD 'H PDQHLUD VHPHOKDQWH XPD KLVWyULD FRPRYHQWH SRGH VHU WR FDQWH RX LQVSLUDWLYD PDV VH D PHQ VDJHP TXH HOD WUDQVPLWH QmR HVWLYHU QR FRQWH[WR GD YHUGDGH EtEOLFD TXDLVTXHU VHQWLPHQWRV TXH HOD GHV SHUWH QmR WrP TXDOTXHU XWLOLGDGH HP IRPHQWDU D YHUGDGHLUD DGRUDomR (PRo}HV IRUWHV GHVSHUWDGDV GXUDQ

)p SDUD +RMH

WH R FXOWR QmR FRQVWLWXHP QHFHVVDULD PHQWH XPD HYLGrQFLD GH TXH KRXYH YHUGDGHLUD DGRUDomR $ DGRUDomR JHQXtQD p XPD UHV SRVWD j YHUGDGH GLYLQD e HPRWLYD SRUTXH VXUJH GH QRVVR DPRU D 'HXV 1R HQWDQWR D DGRUDomR YHUGDGHLUD WDPEpP GHYH VHU IUXWR GH XP FRUUHWR HQWHQGLPHQWR GH VXD OHL VXD MXVWLoD VXD PLVHULFyUGLD H VHX VHU $ JHQXtQD DGRUDomR UHFRQKHFH 'HXV FRQIRUPH (OH VH UHYHOD QDV (VFULWXUDV 3RU H[HPSOR DWUDYpV GDV (VFULWXUDV VDEHPRV TXH (OH p D ~QLFD SHU IHLWDPHQWH VDQWD RQLSRWHQWH RQLV FLHQWH H RQLSUHVHQWH IRQWH GD TXDO IOXL WRGD ERQGDGH PLVHULFyUGLD YHUGDGH VDEHGRULD SRGHU H VDOYDomR $GRUDU VLJQLILFD DWULEXLU JOyULD D 'HXV SRU FDXVD GHVVDV YHUGDGHV VLJQLILFD ORX Yi /R SRU DTXLOR TXH (OH p DTXLOR TXH WHP IHLWR H DTXLOR TXH WHP SUR PHWLGR 3RU FRQVHJXLQWH DGRUDomR WHP GH VHU XPD UHVSRVWD j YHUGDGH TXH (OH UHYHORX D UHVSHLWR GH VL PHVPR 7DO DGRUDomR QmR SRGH UH VXOWDU GH XP YD]LR e PRWLYDGD H YLWDOL]DGD SHOD YHUGDGH REMHWLYD GD 3DODYUD GH 'HXV &HULP{QLDV PRUWDV H HQWUHWHQL PHQWR WDPEpP VmR LQFDSD]HV GH SUR YRFDU HVVD DGRUDomR QmR LPSRUWD TXmR HPRFLRQDQWHV WDLV FRLVDV VHMDP (ODV QmR HGLILFDP 1R Pi[LPR HODV SRGHP GHVSHUWDU HPRo}HV 0DV LVVR QmR p DGRUDomR +215$5 2 6(1+25 +HEUHXV DILUPD ยฆ5HWHQKDPRV D JUDoD SHOD TXDO VLUYDPRV D 'HXV GH PRGR DJUD GiYHO FRP UHYHUrQFLD H VDQWR WHPRUยง (VVH YHUVtFXOR QRV IDOD VREUH D DWLWXGH FRP TXH GHYHPRV DGRUDU $ SDODYUD JUHJD WUDGX]LGD SRU ยฆVLUYDPRVยง p


&202 '(9(026 &8/78$5 $ '(86"

ODWUHXR TXH OLWHUDOPHQWH VLJQLILFD QLUHP D ILP GH DGRUDUHP D 'HXV H ยฆFXOWXDUยง 2 DUJXPHQWR SULQFLSDO p VHUHP HGLILFDGRV TXH D DGRUDomR WHP GH VHU UHDOL]DGD 0XLWDV GHVVDV LJUHMDV QmR DWULEX FRP UHYHUrQFLD GH XPD PDQHLUD TXH HP TXDOTXHU rQIDVH jV RUGHQDQoDV GR KRQUD D 'HXV 1RYR 7HVWDPHQWR $ &HLD GR 6HQKRU 1D DGRUDomR FROHWLYD QmR H[LVWH TXDQGR REVHUYDGD QHVVDV LJUHMDV p OXJDU SDUD D DWPRVIHUD IUtYROD VXSHU WUDQVIRUPDGD HP XP FXOWR LQVLJQLIL ILFLDO H OHYLDQD FDQWH QR PHLR GD TXH IUHTย HQWH VHPDQD 2 EDWLV PHQWH SUHYDOHFH PR VH WRUQD UHDO C QDV LJUHMDV PR PHQWH RSFLRQDO H (PRo}HV IRUWHV GHUQDV TXH SUR QRUPDOPHQWH VmR GHVSHUWDGDV FXUDP VHU ยฆUHOH UHDOL]DGRV HP YDQWHVยง 6XEV TXDOTXHU RXWUD GXUDQWH R FXOWR QmR WLWXLU R FXOWR GH RFDVLmR H[FHWR FRQVWLWXHP QHFHVVDULD DGRUDomR SRU XP QRV FXOWRV GRPL PHQWH XPD HYLGrQFLD HVSHWiFXOR GLV QLFDLV WDQFLD VH WDQWR 2 TXH HVWi GH TXH KRXYH TXDQWR SRVVtYHO HUUDGR QLVVR" YHUGDGHLUD DGRUDomR GD DWLWXGH GH D ([LVWH SUREOHPD GRUDomR EtEOLFD HP XWLOL]DU RV C ยฆFRP UHYHUrQFLD FXOWRV GR 'LD GR H WHPRUยง 6HQKRU FRPR ยฆ5HYHUrQFLD H WHPRUยง UHIHUHP VH UHXQL}HV HYDQJHOtVWLFDV" +i XPD UD DR VROHQH VHQWLPHQWR GH KRQUD TXH ]mR EtEOLFD TXH MXVWLILFD R GRPLQJR UHVXOWD GH SHUFHEHUPRV D PDMHVWDGH FRPR GLD HP TXH RV FUHQWHV VH GH 'HXV ([LJH XPD SHUFHSomR GD UH~QHP SDUD DGRUDomR" VDQWLGDGH GH 'HXV H GH QRVVD SUy $V (VFULWXUDV H D KLVWyULD QRV IRU SULD SHFDPLQRVLGDGH 7XGR QD DGR QHFHP LQ~PHUDV UD]}HV SDUD VHSD UDomR FROHWLYD GD LJUHMD GHYH WHU FR UDUPRV R SULPHLUR GLD GD VHPDQD SDUD PR DOYR R IRPHQWDU HVVH WLSR GH DGRUDomR H FRPXQKmR HQWUH RV DWPRVIHUD FUHQWHV ,QIHOL]PHQWH XPD FRQVLGH 3RU TXH LJUHMDV VXEVWLWXHP D DGR UDomR PDLV GHWDOKDGD GHVVHV DUJX UDomR SRU HQWUHWHQLPHQWR H FRPpGLD PHQWRV HVWi IRUD GR HVFRSR GHVVH QRV FXOWRV QR 'LD GR 6HQKRU" 0XLWDV EUHYH DUWLJR 0DV XPD VLPSOHV DSOL TXH R WrP IHLWR GHFODUDP TXH WrP R FDomR GR SULQFtSLR UHJXODGRU RIHUHFH REMHWLYR GH DOFDQoDU RV QmR FUHQWHV EDVWDQWH RULHQWDomR TXHUHP FULDU XP DPELHQWH ยฆDPLJi 3RU H[HPSOR DSUHQGHPRV GDV YHOยง TXH VHUi PDLV DWUDHQWH DRV LQ (VFULWXUDV TXH R SULPHLUR GLD GD VH FUpGXORV 2 REMHWLYR FRQFUHWR GHOHV PDQD HUD R GLD HP TXH D LJUHMD DSRV p ยฆUHOHYkQFLDยง DR LQYpV GH ยฆUHYHUrQ WyOLFD VH UHXQLD SDUD FHOHEUDU D &HLD FLDยง 6HXV FXOWRV VmR LGHDOL]DGRV SDUD GR 6HQKRU ยฆ1R SULPHLUR GLD GD VH DOFDQoDU RV LQFUpGXORV FRP R HYDQ PDQD HVWDQGR QyV UHXQLGRV FRP R JHOKR H QmR SDUD RV FUHQWHV VH UHX ILP GH SDUWLU R SmR 3DXOR TXH GHYLD


VHJXLU YLDJHP QR GLD LPHGLDWR H[RU WDYD RV§ $W 2 DSyVWROR LQV WUXLX RV FUHQWHV GH &RULQWR D ID]HUHP VXDV RIHUWDV VLVWHPDWLFDPHQWH QR SULPHLUR GLD GD VHPDQD GHL[DQGR FODUDPHQWH LPSOtFLWR TXH HVWH HUD R GLD HP TXH HOHV GHYHULDP VH UHXQLU SDUD DGRUDomR $ KLVWyULD QRV UHYHOD TXH D LJUHMD GRV SULPHLURV VpFXORV VH UHIHULD DR SULPHLUR GLD GD VHPDQD FRPR R 'LD GR 6HQKRU XPD H[SUHV VmR TXH HQFRQWUDPRV HP $SRFDOLSVH $OpP GLVVR D %tEOLD VXJHUH TXH DV UHXQL}HV UHJXODUHV GD LJUHMD SULPL WLYD QmR YLVDYDP D SURSyVLWRV HYDQ JHOtVWLFRV H VLP SULPDULDPHQWH DR HQFRUDMDPHQWR P~WXR H j DGRUDomR QD FRPXQLGDGH GH FUHQWHV (VWD p D UD]mR SRU TXH R HVFULWRU GH +HEUHXV IH] R VHJXLQWH DSHOR ¦&RQVLGHUHPR QRV WDPEpP XQV DRV RXWURV SDUD QRV HV WLPXODUPRV DR DPRU H jV ERDV REUDV 1mR GHL[HPRV GH FRQJUHJDU QRV FRPR p FRVWXPH GH DOJXQV DQWHV IDoDPRV DGPRHVWDo}HV H WDQWR PDLV TXDQWR YHGHV TXH R 'LD VH DSUR[LPD§ +E rQIDVH DFUHVFHQWDGD &RP FHUWH]D KDYLD RFDVL}HV HP TXH RV LQFUpGXORV YLQKDP jV UHX QL}HV GRV FUHQWHV FI &R $V UHXQL}HV GD LJUHMD GR SULPHLUR VpFXOR HUDP HVVHQFLDOPHQWH S~EOLFDV DVVLP FRPR PXLWDV R VmR KRMH 0DV R SUySULR FXOWR WLQKD FRPR REMHWLYR D DGRUDomR D 'HXV H D FRPXQKmR HQWUH RV FUHQWHV 2 HYDQJHOLVPR DFRQWHFLD QR FRQWH[WR GD YLGD GLiULD j PHGLGD TXH RV FUHQWHV SURSDJDYDP R HYDQ JHOKR (OHV VH UHXQLDP SDUD DGRUD omR H FRPXQKmR H VH VHSDUDYDP SDUD HYDQJHOL]DU 4XDQGR XPD LJUHMD WRU QD WRGDV DV VXDV UHXQL}HV HYDQJH OtVWLFDV RV FUHQWHV SHUGHP D RSRUWX

)p SDUD +RMH

QLGDGH GH FUHVFHU GH VHUHP HGLIL FDGRV H GH DGRUDU 7DPEpP QmR H[LVWH TXDOTXHU IXQ GDPHQWR EtEOLFR SDUD DGDSWDUPRV RV FXOWRV VHPDQDLV GH DFRUGR FRP D SUH IHUrQFLD GRV LQFUpGXORV 1D UHDOLGDGH HVVD SUiWLFD SDUHFH FRQWUiULD DR HV StULWR GH WXGR TXH DV (VFULWXUDV GL]HP D UHVSHLWR GD FRPXQLGDGH GH FUHQWHV 4XDQGR D LJUHMD VH UH~QH QR 'LD GR 6HQKRU HVVD QmR p XPD RFDVLmR SDUD HQWUHWHU R LQFUpGXOR GLYHUWLU RV LUPmRV RX VDWLVID]HU DV ¦QHFHVVLGDGHV VHQWLGDV§ GH QRVVRV RXYLQWHV 3HOR FRQWUiULR p XPD RFDVLmR SDUD FRPR LJUHMD QRV KXPLOKDUPRV GLDQWH GH QRVVR 'HXV H KRQUi /R FRP QRVVD DGRUDomR 1 2 &21),$5 1$ &$51( (P )L OLSHQVHV R DSyVWROR 3DXOR GHV FUHYH QHVVHV WHUPRV D DGRUDomR FULV Wm ¦3RUTXH QyV p TXH VRPRV D FLU FXQFLVmR QyV TXH DGRUDPRV D 'HXV QR (VStULWR H QRV JORULDPRV HP &ULVWR -HVXV H QmR FRQILDPRV QD FDUQH§ rQIDVH DFUHVFHQWDGD 0DLV DGLDQWH QHVVD FDUWD 3DXOR WHVWHPXQKRX FRPR HOH FKHJRX D SHU FHEHU TXH VHX OHJDOLVPR IDULVDLFR QR TXDO HOH YLYLD DQWHV GH WRUQDU VH FUHQWH QmR WLQKD TXDOTXHU YDORU (OH PRVWURX FRPR DQWHULRUPHQWH WLQKD REVHVVmR SRU TXHVW}HV H[WHULRUHV H FDUQDLV WDLV FRPR FLUFXQFLVmR GHVFHQGrQFLD H REHGLrQFLD j OHL DR LQYpV GH VH LQWH UHVVDU SHODV TXHVW}HV PDLV LPSRU WDQWHV D UHVSHLWR GR HVWDGR GH VXD DOPD $ FRQYHUVmR GH 3DXOR QD HV WUDGD GH 'DPDVFR PXGRX WXGR LVVR 6HXV ROKRV IRUDP DEHUWRV j JORULRVD YHUGDGH GD MXVWLILFDomR SHOD Ip (OH FRPSUHHQGHX TXH D ~QLFD PDQHLUD GH HVWDU H VHU DFHLWR QD SUHVHQoD GH 'HXV


&202 '(9(026 &8/78$5 $ '(86"

HUD VHU YHVWLGR FRP D MXVWLoD GH &ULVWR Y 3DXOR DSUHQGHX TXH D VLPSOHV REHGLrQFLD D ULWRV UHOLJLRVRV WDLV FR PR D FLUFXQFLVmR H DV FHULP{QLDV SUHVFULWDV QD OHL QmR WLQKD TXDOTXHU YDORU HVSLULWXDO 'H IDWR HOH URWXORX HVVDV FRLVDV FRPR ¦UHIXJR§ OLWHUDO PHQWH ¦HVWHUFR§ $Wp KRMH D PDLRULD GDV SHVVRDV TXH IDODP VREUH DGRUDomR JHUDOPHQ WH WrP HP PHQWH DV FRLVDV H[WHUQDV ¥ D OLWXUJLD DV FHULP{QLDV D P~VLFD R DMRHOKDU VH H RXWURV DVSHFWRV IRU PDLV 5HFHQWHPHQWH OL R WHVWHPXQKR GH XP KRPHP TXH DEDQGRQRX R FULV WLDQLVPR HYDQJpOLFR H VH XQLX DR FD WROLFLVPR URPDQR 8PD GDV SULQFLSDLV UD]}HV TXH HOH DSUHVHQWRX SDUD GHL[DU R HYDQJHOLFDOLVPR IRL TXH HOH HQ FRQWURX QR FDWROLFLVPR URPDQR XPD OLWXUJLD TXH ¦VH SDUHFLD PDLV FRP DGRUDomR§ 4XDQGR HOH H[SOLFRX LVVR WRUQRX VH HYLGHQWH TXH HOH UHDOPHQWH HVWDYD GL]HQGR TXH D ,JUHMD &DWyOLFD RIHUHFH PDLV LQVWUXPHQWRV GH ULWXDLV IRUPDOLVWDV ¥ DFHQGHU YHODV LPD JHQV DMRHOKDU VH UH]DU EHQ]HU H RXWUDV FRLVDV DVVLP (OH HTXLSDURX HVVDV FRLVDV j DGRUDomR 0DV HVWDV FRLVDV QDGD VLJQLILFDP HP UHODomR j DGRUDomR YHUGDGHLUD HP HVStULWR H HP YHUGDGH 1D UHDOLGDGH FRPR LQYHQo}HV KXPDQDV ¥ QmR SUHVFULo}HV EtEOLFDV ¥ FRUUHVSRQ GHP H[DWDPHQWH DR WLSR GH DUWLItFL RV FDUQDLV TXH 3DXOR FKDPRX GH ¦HVWHUFR§ $ KLVWyULD H D H[SHULrQFLD QRV PRVWUDP TXH p LQFULYHOPHQWH JUDQGH D WHQGrQFLD KXPDQD SDUD DFUHVFHQWDU DSDUDWRV FDUQDLV j DGRUDomR SUHVFULWD SRU 'HXV ,VUDHO IH] LVVR QR $QWLJR 7HVWDPHQWR FXOPLQDQGR QD UHOLJLmR GRV IDULVHXV $V UHOLJL}HV FRQVLVWLDP

HP QDGD PDLV GR TXH ULWXDLV GD FDU QH 2 IDWR GH TXH WDLV FHULP{QLDV IUHT HQWHPHQWH VmR EHODV H HPRFLR QDQWHV QmR DV WUDQVIRUPD HP DGR UDomR YHUGDGHLUD $V (VFULWXUDV VmR FODUDV HP DILUPDU TXH 'HXV FRQGHQD WRGRV RV DFUpVFLPRV KXPDQRV jTXLOR TXH (OH RUGHQRX GH PDQHLUD H[SOtFLWD ¥ ¦(P YmR PH DGRUDP HQVLQDQGR GRXWULQDV TXH VmR SUHFHLWRV GH KR PHQV§ 0W 1yV TXH DPDPRV D 3DODYUD GH 'HXV H FUHPRV QR SULQFtSLR 6ROD 6FULSWXUD WHPRV GH QRV DFDXWHODU GL OLJHQWHPHQWH FRQWUD HVVD WHQGrQFLD

$ $'25$d 2 e 35,25,'$'( &58&,$/ 1RVVR 6HQKRU GLVVH D 0DUWD TXH HVWDYD DIOLWD GHYLGR DRV DID]HUHV GR PpVWLFRV SRU UHFHEHU PXLWRV FRQ YLGDGRV ¦0DUWD 0DUWD $QGDV LQ TXLHWD H WH SUHRFXSDV FRP PXLWDV FRLVDV (QWUHWDQWR SRXFR p QH FHVViULR RX PHVPR XPD Vy FRLVD§ /F $ YHUGDGH SULQFLSDO p HYLGHQWH 0DULD TXH VH DVVHQWDUD DRV SpV GH -HVXV HP DGRUDomR HVFROKHUD ¦D ERD SDUWH§ H HVWD QmR OKH VHULD WLUDGD $ DGRUDomR GH 0DULD WLQKD XP VLJQLIL FDGR HWHUQR HQTXDQWR WRGD D LQWHQVD DWLYLGDGH GH 0DUWD QmR VLJQLILFRX DEVROXWDPHQWH QDGD DOpP GDTXHOD WDUGH HVSHFLDO 1RVVR 6HQKRU HVWDYD HQVLQDQGR TXH D DGRUDomR p D DWLYLGDGH HVVHQFL DO TXH GHYH SUHFHGHU WRGDV DV RXWUDV DWLYLGDGHV GD YLGD 6H LVWR p YHUGDGH HP QRVVDV YLGDV SDUWLFXODUHV QmR GH YHUtDPRV QyV WULEXWDU PDLRU LP SRUWkQFLD j DGRUDomR QR FRQWH[WR GD FRQJUHJDomR GRV FUHQWHV"


2 PXQGR HVWi FKHLR GH UHOLJLmR IDOVD H VXSHUILFLDO 1yV TXH DPDPRV D &ULVWR H FUHPRV TXH VXD 3DODYUD p YHUGDGHLUD QmR RXVHPRV PROGDU QRV VD DGRUDomR DRV HVWLORV H SUHIHUrQFLDV GH XP PXQGR LQFUpGXOR 3HOR FRQ WUiULR WHPRV GH UHSXWDU FRPR QRVVR SULQFLSDO REMHWLYR VHU DGRUDGRUHV HP HVStULWR H HP YHUGDGH 'HYHPRV VHU SHVVRDV TXH DGRUDP D 'HXV QR (VSt ULWR VH JORULDP HP &ULVWR -HVXV H QmR FRQILDP QD FDUQH 3DUD ID]HU LVVR WHPRV GH SHUPLWLU TXH VRPHQWH D (V FULWXUD ยฅ 6ROD 6FULSWXUD ยฅ UHJXOH QRVVD DGRUDomR BBBBBBBBBBBBBBBBBBB -XG\ 5DSKDHO ยฆ*RG DQG &R XQWU\ยง /RV $QJHOHV 7LPHV 0DJD]LQH GH QRYHPEUR GH S 2 IXQGDGRU GH %DUQXP %DLOH\ &LUFXV R PDLRU FLUFR GR PXQGR H FRQ VLGHUDGR R SDL GR FLUFR PRGHUQR >1RWD GR 7UDGXWRU@ 5 *XVWDY 1LHEXKU ยฆ0LJKW\ )RUWUHVVHV 0HJDFKXUFKHV 6WULYH 7R %H $OO 7KLQJV WR $OO 3DULVKLRQHUVยง 7KH :DOO 6WUHHW -RXUQDO GH PDLR GH $ &KLJDFR 0RRG\ 3UHVV -RKQ &DOYLQ 7KH 1HFHVVLW\ RI 5HIRUPLQJ WKH &KXUFK 'DOODV 3UR WHVWDQW +HULWDJH 3UHVV UHLPSUHVVmR GH SS -RKQ +RRSHU ยฆ7KH 5HJXODWLYH 3ULQFLSOH DQG 7KLQJV ,QGLIIHUHQWยง FLWDGR HP ,DLQ 0XUUD\ 7KH 5HIRUPDWLRQ RI WKH &KXUFK (GLPEXUJR %DQQHU RI 7UXWK S :LLOLDP &XQQLQJKDP 7KH 5H IRUPHUV DQG WKH 7KHRORJ\ RI WKH 5H IRUPDWLRQ (GLPEXUJR %DQQHU RI 7UXWK UHLPSUHVVmR GH S 2 $WR GH 8QLIRUPLGDGH IRL

)p SDUD +RMH VDQFLRQDGR SRU &KDUOHV ,, ORJR GHSRLV GD UHVWDXUDomR GD PRQDUTXLD LQJOHVD ([LJLD TXH WRGR PLQLVWUR GD ,JUHMD $QJOLFDQD GHFODUDVVH DSRLR VLQFHUR D WRGDV DV FRLVDV SUHVFULWDV QD UHFHQWH HGLomR GR /LYUR GH 2UDomR &RPXP 0XLWRV PLQLVWURV TXH VH WRUQDUDP GLVVLGHQWHV UHMHLWDUDP R XVR GH YHV WLPHQWDV H RXWUDV SUHVFULo}HV H[WUD EtEOLFDV HP UHIHUrQFLD j PDQHLUD GH FRPR R FXOWR GH DGRUDomR GHYHULD VHU FRQ GX]LGR (VVHV KRPHQV IRUDP VXPD ULDPHQWH H[SXOVRV GH VHXV S~OSLWRV H SHUGHUDP VXD PDQXWHQomR SRU FDXVD GH VXD SRVWXUD HP IDYRU GR SULQFtSLR 6ROD 6FULSWXUD &XQQLQJKDP S ,ELG S $R PHVPR WHPSR p SURYHLWRVR OHPEUDU TXH DOJXPDV GDV GLVSXWDV VREUH DV TXDLV OHPRV QD KLVWyULD GD ,JUHMD QmR HUDP WmR WULYLDLV TXDQWR SDUHFLDP j SULPHLUD YLVWD 3RU H[HPSOR KRXYH XP GHEDWH IHUUHQKR HQWUH RV SURWHVWDQWHV D UHVSHLWR GD SRVWXUD DSURSULDGD SDUD DOJXpP UHFHEHU RV HOHPHQWRV GD &HLD GR 6HQKRU $OJXQV SHQVDYDP TXH RV HOHPHQWRV GHYHULDP VHU UHFHELGRV HP SRVWXUD GH MRHOKRV PDV RV VHJXLGRUHV GH &DOYLQR LQVLVWLUDP QR IDWR GH TXH D &HLD GR 6HQKRU GHYLD VHU GDGD WDPEpP jV SHVVRDV TXH HVWDYDP DVVHQWDGDV 2 YHUGDGHLUR GHEDWH HVWDYD UHODFLRQDGR D XP DVVXQWR PXLWR PDLV LPSRUWDQWH GR TXH DSHQDV D SRVWXUD 2 FDWROLFLVPR URPDQR HQVLQDYD TXH RV HOHPHQWRV HUDP UHDOPHQWH R FRUSR H R VDQJXH GH &ULVWR H SRUWDQWR HUDP GLJQRV GH UHFHEHU DGRUDomR 'XUDQWH D PLVVD FDWyOLFD TXDQGR RV HOHPHQWRV HUDP HOHYDGRV HVSHUDYD VH TXH DV SHVVRDV VH DMRH OKDVVHP HP DGRUDomR 2V FDOYLQLVWDV SHUFHEHUDP FRUUHWDPHQWH TXH LVVR HUD XPD IRUPD GH LGRODWULD H SDUD GHL[DU


&202 '(9(026 &8/78$5 $ '(86" FODUR VXD RSLQLmR HQVLQDUDP TXH RV HOHPHQWRV HUDP VtPERORV ¥ H QmR DOJR TXH GHYLD VHU DGRUDGR ¥ H SRUWDQWR GHYHULDP VHU GDGRV jV SHVVRDV TXH HV WDYDP VHQWDGDV 2 FRQWH[WR GHVVH GH EDWH p IUHT HQWHPHQWH HVTXHFLGR SHORV HYDQJpOLFRV FRQWHPSRUkQHRV TXH jV

YH]HV HUURQHDPHQWH FDUDFWHUL]DP RV UHIRUPDGRUHV FRPR SHVVRDV TXH FRQ WHQGLDP VREUH WULYLDOLGDGHV -RKQ 5 6WRWW %HWZHHQ 7ZR :RUOGV *UDQG 5DSLGV (HUGPDQV S

$ /,%(5'$'( '2 2/(,52 &KDUOHV + 6SXUJHRQ

1

mR H[LVWH DWULEXWR GH 'HXV TXH RIHUHoD PDLV FRQIRUWR DRV VHXV ILOKRV GR TXH D GRXWULQD GD VREHUDQLD GLYLQD 1DV FLUFXQVWkQFLDV PDLV DGYHUVDV QRV PDLV JUDYHV SUREOHPDV HOHV FUrHP TXH D VREHUDQLD GLYLQD RUGHQRX DV VXDV DIOLo}HV DFUHGLWDP TXH HOD RV JRYHUQD H RV VDQWLILFDUi FRPSOHWDPHQWH 1mR H[LVWH RXWUD FRLVD SHOD TXDO RV FUHQWHV GHYDP FRQWHQGHU FRP PDLV VHULHGDGH GR TXH SHOR DVVXQWR UHIHUHQWH DR GRPtQLR GH VHX 6HQKRU VREUH WRGD D FULDomR ¥ R UHLQR GH 'HXV VREUH WRGDV DV REUDV GH VXDV PmRV ¥ H SHOR DVVXQWR UHIHUHQWH DR WURQR GH 'HXV H DR VHX GLUHLWR GH DVVHQWDU VH VREUH HVVH WURQR 3RU RXWUR ODGR QmR Ki RXWUD GRXWULQD PDLV RGLDGD SHORV LQFUpGXORV QHP XPD YHUGDGH FRP D TXDO HOHV PDLV EULQFDP GR TXH D JUDQGH H HVWXSHQGD SRUpP FRUUHWD GRXWULQD GD VREHUDQLD GR LQILQLWR -HRYi 2V KRPHQV SHUPLWHP TXH 'HXV HVWHMD HP TXDOTXHU OXJDU H[FHWR HP VHX WURQR TXH (OH HVWHMD HP VXD RILFLQD PROGDQGR R PXQGR H FULDQGR HVWUHODV RX HP VXD HQWLGDGH ILODQWUySLFD SDUD GLVWULEXLU VXDV HVPRODV H GLVSHQVDU VXD JHQHURVLGDGH 2V KRPHQV DGPLWLUmR TXH 'HXV VXVWHQWD D 7HUUD H DV HVWUHODV QR FpX H JRYHUQD DV RQGDV GR RFHDQR TXH VH PRYHP LQFHVVDQWHPHQWH 0DV TXDQGR (OH DVFHQGH DR VHX WURQR VXDV FULDWXUDV UDQJHP RV GHQWHV ( TXDQGR SURFODPDPRV XP 'HXV HQWURQL]DGR H VHX GLUHLWR GH UHDOL]DU R TXH GHVHMD FRP VXDV SUySULDV FRLVDV VHX GLUHLWR GH GLVSRU GH VXDV FULDWXUDV FRPR (OH DFKD PHOKRU VHP FRQVXOWi ODV D UHVSHLWR GR DVVXQWR HQWmR QHVVH PRPHQWR VRPRV H[HFUDGRV H YDLDGRV H RV KRPHQV IHFKDP VHXV RXYLGRV SDUD QyV SRLV R 'HXV TXH HVWi QR WURQR QmR p R 'HXV TXH HOHV DPDP (OHV QmR 2 DPDP TXDQGR (OH VH DVVHQWD QR WURQR FRP R FHWUR HP VXDV PmRV H D FRURD VREUH D FDEHoD 1R HQWDQWR DSUHFLDPRV IDODU VREUH R 'HXV TXH HVWi DVVHQWDGR QR WURQR (VWH p R 'HXV HP TXHP QyV FUHPRV


)p SDUD +RMH

2 *5$1'( 5($9,9$0(172 1$ ,1*/$7(55$ 12 6e&8/2 ;9,,, 3DXOR $QJODGD

$

FRQGLomR PRUDO GHSORUiYHO HP TXH VH HQFRQWUD R QRVVR SDtV TXDVH GLVSHQVD FRPHQWiULR $ LPSLHGDGH H SHUYHUVmR GRV KRPHQV TXH FDGD GLD PDLV WrP WURFDGR D YHUGDGH GH 'HXV SHOD PHQWLUD PXGDQGR D JOyULD GR 'HXV LQFRUUXSWtYHO DGRUDQGR H VHU YLQGR D FULDWXUD DR LQYpV GR &ULDGRU WrP VXVFLWDGR D LUD GH 'HXV VREUH R %UDVLO 3RU LVVR 'HXV WHP HQWUHJXH QRVVR SRYR j LPXQGtFLD SHOD FRQFX SLVFrQFLD GH VHXV SUySULRV FRUDo}HV ( SRU KDYHUHP GHVSUH]DGR R FRQKH FLPHQWR GH 'HXV R SUySULR 'HXV RV HQWUHJRX D XPD GLVSRVLomR PHQWDO UH SURYiYHO SDUD SUDWLFDUHP WRGD VRUWH GH FRLVDV LQFRQYHQLHQWHV H DSURYDUHP RV TXH DVVLP SURFHGHP 5P

$ ,1*/$7(55$ $17(6 '2 5($9, 9$0(172 '2 6e&8/2 ;9,,, (VVH HVWDGR GH LPSLHGDGH H GH

SUDYDomR SRGH jV YH]HV QRV OHYDU D SHQVDU TXH D VLWXDomR p LUUHPHGLiYHO H TXH QmR HQFRQWUD SDUDOHOR QD KLVWy ULD GH RXWUDV QDo}HV 1HP XPD FRLVD QHP D RXWUD p YHUGDGH $ ,QJODWHUUD GD SULPHLUD PHWDGH GR VpFXOR ;9,,, FDUDFWHUL]DYD VH SHOD LPSLHGDGH FRUUXSomR H LPRUDOLGDGH $V WUHYDV HVSLULWXDLV DVVRODYDP WRGDV DV FDPD GDV VRFLDLV GDTXHOH SDtV $ WHUUD GH PXLWRV UHIRUPDGRUHV H GRV SXULWDQRV GHFDLX WDQWR TXH ยฆD FRUUXSomR D GHVRQHVWLGDGH H R GHVJRYHUQR QRV DO WRV SRVWRV HUD D UHJUD H D SXUH]D D H[FHomRยง $ ,JUHMD GD ,QJODWHUUD QD VXD JUDQGH PDLRULD MD]LD LQHUWH VHP QHQKXP YLJRU 2V VHUP}HV PHURV HQVDLRV PRUDLV QDGD SRGLDP ID]HU QR VHQWLGR GH GHVSHUWDU FRQYHUWHU H VDOYDU RV SHFDGRUHV ยฆ$V LPSRUWDQWHV YHUGDGHV SHODV TXDLV +RRSHU H /D WLPHU WLQKDP LGR SDUD D IRJXHLUD H %D[WHU H PXLWRV GRV SXULWDQRV SDUD D


2 *5$1'( 5($9,9$0(172 1$ ,1*/$7(55$ 12 6e&8/2 ;9,,,

SULVmR SDUHFLDP WHU VLGR WRWDOPHQWH SUiWLFDV GD PRGD QDV FDPDGDV PDLV HVTXHFLGDV H FRORFDGDV QD SUDWHOHLUD § HOHYDGDV GD VRFLHGDGH GD pSRFD H QmR 8P FRQKHFLGR DGYRJDGR FULVWmR HVFDQGDOL]DYDP QLQJXpP GD pSRFD DILUPRX TXH YLVLWRX WRGDV DV PDLV LPSRUWDQWHV LJUHMDV GH /RQ GUHV H TXH QmR RXYLX ¦XP ~QLFR GLV $ 75$16)250$d 2 '$ ,1*/$7(5 FXUVR TXH DSUHVHQWDVVH PDLV FULV 5$ 1$ 6(*81'$ 0(7$'( '2 6e WLDQLVPR GR TXH RV HVFULWRV GH &tFHUR &8/2 ;9,,, 1D VHJXQGD PHWDGH GR VpFXOR H TXH OKH VHULD LPSRVVtYHO GHVFREULU GR TXH RXYLUD VH R SUHJDGRU HUD XP ;9,,, D ,QJODWHUUD PXGRX )RL UDGL VHJXLGRU GH &RQI~FLR GH 0DRPp RX FDOPHQWH WUDQVIRUPDGD ,VWR SRUTXH PLOKDUHV GH SHVVRDV IRUDP WUDQVIRU GH &ULVWR § 2V ELVSRV H DUFHELVSRV GD pSRFD PDGDV 7UDEDOKDGRUHV H PHPEURV GDV QD VXD JUDQGH PDLRULD HUDP KRPHQV FODVVHV PDLV HOHYDGDV WLYHUDP VXD PXQGDQRV WmR PXQGDQRV TXH KRXYH PRUDO H FRVWXPHV WUDQVIRUPDGRV FDVRV HP TXH R SUySULR UHL WHYH GH &RPR GL] 1LFKROV ¦IRUWH HQWXVLDVPR LQWHUYLU SDUD UHVWULQJLU D LPSLHGDGH DSRGHURX VH GD YLGD UHOLJLRVD GD ,Q GHOHV 3DUD VH WHU XPD LGpLD GD VLWXD JODWHUUD DIXJHQWDQGR D LQGLIHUHQoD H omR FRQWD VH TXH TXDQGR D SUHJDomR R GHVLQWHUHVVH§ TXH PDUFRX D SULPHLUD PHWDGH GR VpFXOR GH :KLWHILHOG FRPH ;9,,, ¦4XH XPD oRX D LQFRPRGDU R C PXGDQoD SDUD PH FOHUR IRL VXJHULGR 3URFODPDYDP DV OKRU DFRQWHFHX QD FRP VHULHGDGH SHOR ,QJODWHUUD QRV ~OWL SUySULR FOHUR TXH D SDODYUDV GH Ip FHP DQRV§ D PHOKRU PDQHLUD GH FRP Ip H D KLVWyULD PRV ILUPD 5\OH QR ILQDO GR GDU XP ILP j VXD GD YLGD FRP YLGD VpFXOR ;,; ¦p XP LQIOXrQFLD HUD WRUQi IDWR TXH HX VXSR OR XP ELVSR 4XDQWR C QKR QHQKXPD SHV DR FOHUR SDURTXLDO 5\OH DILUPD TXH ¦VHXV VHUP}HV HUDP VRD EHP LQIRUPDGD MDPDLV WHQWDULD WmR LQGL]tYHO H LQGHVFULWLYHOPHQWH QHJDU +RXYH XPD JUDQGH PXGDQoD UXLQV TXH p UHFRQIRUWDQWH OHPEUDU SDUD PHOKRU 7DQWR QD UHOLJLmR TXDQWR TXH HUDP JHUDOPHQWH SUHJDGRV D QD PRUDO R SDtV SDVVRX SRU XPD EDQFRV YD]LRV§ $ YHUGDGH p TXH D FRPSOHWD UHYROXomR $V SHVVRDV QmR VLWXDomR PRUDO GD ,QJODWHUUD QD SUL SHQVDP QmR IDODP QHP DJHP FRPR PHLUD PHWDGH GR VpFXOR ;9,,, HUD WmR ID]LDP HP (VWH p XP IDWR TXH EDL[D TXH FRQGXWDV UHSURYiYHLV H RV ILOKRV GHVWH PXQGR QmR SRGHP QH FRPXQV KRMH QR %UDVLO FRPR D SUiWL JDU SRU PDLV TXH WHQWHP H[SOLFi OR§ FD GR DGXOWpULR IRUQLFDomR MRJR )RL QHVVH SHUtRGR TXH VXUJLUDP DV OLQJXDJHP REVFHQD SURIDQDomR GR REUDV VRFLDLV GH FDUiWHU FULVWmR DV GRPLQJR H EHEHGLFH WDPEpP QmR HVFRODV GRPLQLFDLV ¥ ¦XP GRV SUL HUDP FRQVLGHUDGDV FRLVDV FRQGHQi PHLURV SDVVRV QD HGXFDomR SRSXODU YHLV QD ,QJODWHUUD QD SULPHLUD PHWDGH GD ,QJODWHUUD§ ¥ D DEROLomR GR GR VpFXOR GH]RLWR (VWDV HUDP DV FRPpUFLR GH HVFUDYRV DV UHIRUPDV


QDV SULV}HV KRVSLWDLV EHP FRPR R PRGHUQR PRYLPHQWR PLVVLRQiULR TXH DOFDQoRX PXLWRV SDtVHV QD ·VLD ·IULFD H $PpULFDV $ WUDQVIRUPDomR TXH D ,QJODWHUUD H[SHULPHQWRX IRL WmR JUDQGH TXH PXLWRV KLVWRULDGRUHV DILUPDP TXH QmR IRUD LVWR IDWDO PHQWH R SDtV WDPEpP VRIUHULD DV DJUXUDV GH XPD UHYROWD LQWHUQD FRPR D 5HYROXomR )UDQFHVD $ HVWDV WUDQV IRUPDo}HV WDPEpP VH DWULEXL D DV FHQVmR GD ,QJODWHUUD j SRVLomR GH OtGHU HQWUH DV QDo}HV QR VpFXOR SDVVDGR

26 ,167580(1726 '( 75$16)25 0$d 2 '$ ,1*/$7(55$ 2 TXH RSHURX HVVD WUDQVIRU PDomR" $ TXH VH GHYH WDPDQKD PXGDQoD" 5\OH REVHUYD DFHUWD GDPHQWH TXH ¦R JRYHUQR GR SDtV QmR SRGH UHLYLQGLFDU R FUpGLWR SHODV PX GDQoDV 0RUDOLGDGH QmR SRGH YLU j H[LVWrQFLD DWUDYpV GH GHFUHWRV OHL H HVWDWXWRV $Wp KRMH DV SHVVRDV MDPDLV YLHUDP D VHU UHOLJLRVDV SRU PHLR GH DWRV SDUODPHQWDUHV§ $ ,JUHMD GD ,QJODWHUUD FRPR LQVWLWXLomR WDPEpP QmR SRGH UHLYLQGLFDU HVWH FUpGLWR 2V ELVSRV DUFHELVSRV H FOHUR TXH GHV FUHYHPRV Ki SRXFR MDPDLV SRGHULDP VHU RV LQVWUXPHQWRV GH WDO REUD 4XDO HQWmR IRL D IRQWH H TXDLV RV LQVWUXPHQWRV GH WDPDQKD WUDQVIRU PDomR" 'HXV IRL D IRQWH H XPD G~]LD GH KRPHQV VLPSOHV D PDLRULD PL QLVWURV GD ,JUHMD GD ,QJODWHUUD IRUDP RV LQVWUXPHQWRV $SURXYH D 'HXV HVFROKHU DOJXQV GH VHXV VHUYRV ILpLV QmR HUDP SRGHURVRV QHP SHVVRDV GH QREUH QDVFLPHQWR (QWUHWDQWR IRUDP HVWHV KRPHQV KXPLOGHV PDV ILpLV TXH 'HXV HVFROKHX SDUD HQYHUJRQKDU

)p SDUD +RMH

RV IRUWHV D ILP GH TXH QLQJXpP VH YDQJORULH QD SUHVHQoD G(OH *HRUJH :KLWHILHOG -RKQ :HVOH\ :LOOLDP *ULPVKDZ :LOOLDP 5RPDLQH 'DQLHO 5RZODQGV -RKQ %HUULGJH +HQU\ 9HQQ 6DPXHO :DONHU -DPHV +DUYH\ $XJXVWXV 7RSODG\ H -RKQ )OHWFKHU VREHUDQDPHQWH HVFROKLGRV KDELOLWDGRV XQJLGRV H UHYHVWLGRV GH HVSHFLDO JUDoD VDFXGLUDP D ,QJODWHU UD GH XP H[WUHPR DR RXWUR FRP D DQWLJD DUPD DSRVWyOLFD GD SUHJDomR ¦$ HVSDGD TXH R DSyVWROR 3DXOR HP SXQKRX FRP SRGHURVR HIHLWR TXDQGR WRPRX GH DVVDOWR DV IRUWDOH]DV GR SD JDQLVPR GH]RLWR VpFXORV DWUiV§ HVFUHYH 5\OH ¦IRL D PHVPD HVSDGD SHOD TXDO HOHV REWLYHUDP VXDV YL WyULDV§ 7HQGR FRQWHPSODGR D JOyULD GH 'HXV PDLV YLYLGDPHQWH FRPR 3DXOR QD HVWUDGD GH 'DPDVFR H (VWrYmR DR VHU DSHGUHMDGR WHQGR VLGR R DPRU GH 'HXV GHUUDPDGR HP VHXV FRUDo}HV SHOR (VStULWR 6DQWR WHQGR UHFHELGR HP VHXV HVStULWRV R WHVWHPXQKR GLUHWR GR (VStULWR 6DQWR D UHVSHLWR GR VHX EHQGLWR UHODFLR QDPHQWR FRP &ULVWR H HVWDQGR FKHLRV GH XPD DOHJULD LQGL]tYHO H FKHLD GH JOyULD WDLV KRPHQV DQXQFLDUDP R (YDQJHOKR GH &ULVWR GH PRGR VLP SOHV GLUHWR RXVDGR H FKHLR GH IHUYRU ¦3URFODPDYDP DV SDODYUDV GH Ip FRP Ip H D KLVWyULD GD YLGD FRP YLGD (OHV IDODYDP FRP DUGHQWH ]HOR FRPR KRPHQV TXH HVWDYDP WRWDOPHQWH SHU VXDGLGRV GH TXH R TXH GL]LDP HUD YHUGDGH§ 2 TXH SUHJDYDP HVVHV KRPHQV" 7RGR R FRQVHOKR GH 'HXV HVSHFLDO PHQWH GRXWULQDV FRPR D VXILFLrQFLD H D VXSUHPDFLD GDV (VFULWXUDV D WRWDO FRUUXSomR GD QDWXUH]D KXPDQD D PRUWH H[SLDWyULD GH &ULVWR QD FUX] D


2 *5$1'( 5($9,9$0(172 1$ ,1*/$7(55$ 12 6e&8/2 ;9,,,

MXVWLILFDomR SHOD JUDoD PHGLDQWH D Ip D QHFHVVLGDGH XQLYHUVDO GH FRQYHUVmR H GH XPD QRYD FULDomR SHOR (VStULWR 6DQWR D XQLmR LQVHSDUiYHO GD YHUGD GHLUD Ip FRP D VDQWLGDGH SHVVRDO R yGLR HWHUQR GH 'HXV SHOR SHFDGR H R VHX DPRU SHORV SHFDGRUHV (OHV QmR KHVLWDYDP HP SURFODPDU FODUD H GLUH WDPHQWH jV SHVVRDV ¦TXH HODV HVWDYDP PRUWDV H SUHFLVDYDP YLYHU TXH VH HQFRQWUDYDP FXOSDGDV SHUGLGDV GHVDPSDUDGDV GHVHVSHUDGDV H HP SH ULJR LPLQHQWH GH GHVWUXLomR HWHUQD§ ¦3RU PDLV HVWUDQKR H SDUDGR[DO TXH SDUHoD D DOJXQV§ DILUPD 5\OH ¦R SUL PHLUR SDVVR GHOHV QR SURSyVLWR GH WRUQDU ERP R KRPHP IRL PRVWUDU TXH HVWH HUD FRPSOHWDPHQWH PDX H R DU JXPHQWR SULPRUGLDO GHOHV QR VHQWLGR GH SHUVXDGLU DV SHVVRDV D ID]HUHP DO JXPD FRLVD SRU VXDV DOPDV HUD FRQYHQFr ODV GH TXH QmR SRGLDP ID ]HU QDGD SRU HODV§ (OHV WDPEpP ¦QXQFD UHFXDUDP HP GHFODUDU QRV WHUPRV PDLV FODURV D FHUWH]D GR MXO JDPHQWR GH 'HXV H GD LUD SRUYLU VH RV KRPHQV SHUVLVWLVVHP QD LPSH QLWrQFLD H LQFUHGXOLGDGH H DSHVDU GLVVR QXQFD FHVVDUDP GH PDJQLILFDU DV ULTXH]DV GD ERQGDGH H GD FRP SDL[mR GH 'HXV H GH FRQFODPDU WRGRV RV SHFDGRUHV D DUUHSHQGHUHP VH H YROWDUHP VH SDUD 'HXV DQWHV TXH IRVVH WDUGH GHPDLV§

&21&/86 2 )RUDP HVWHV RV KRPHQV H HVWD D SUHJDomR TXH 'HXV XVRX FRPR LQV WUXPHQWRV SDUD UHDYLYDU D ,JUHMD QD ,QJODWHUUD H DVVLP WUDQVIRUPDU FRP SOHWDPHQWH R SDtV $WUDYpV GHVVHV LQVWUXPHQWRV GH 'HXV PXLWRV FUHQWHV IRUDP OHYDGRV D UHQRYDU VXD DOLDQoD FRP R 6HQKRU H SDVVDUDP D YLYHU XPD

YLGD FULVWm YLJRURVD H FKHLD GH IUXWRV PLOKDUHV IRUDP SURIXQGDPHQWH FRQ YHQFLGRV GH VHXV SHFDGRV IRUDP OH YDGRV DR PDLV VLQFHUR DUUHSHQGLPHQ WR FRPSUHHQGHUDP D JUDoD GH 'HXV HP &ULVWR -HVXV H SRU HOD IRUDP DO FDQoDGRV H PXLWRV ¥ TXH DWp VH RSXQKDP ¥ IRUDP VHFUHWDPHQWH LQ IOXHQFLDGRV H HVWLPXODGRV )RUDP HVWHV RV KRPHQV H HVWDV DV GRXWULQDV RV TXDLV QDV PmRV GH 'HXV ¦WR PDUDP GH DVVDOWR DV IRUWDOH]DV GH 6DWDQiV§ FRQFOXL 5\OH ¦DUUDQFDQGR PLOKDUHV FRPR TXH WLo}HV GR IRJR H PXGDUDP R FDUiWHU GD pSRFD§ )RUDP HVWHV RV KRPHQV ¥ VLQFHURV H ILpLV H HVWD D SUHJDomR ¥ YLYD YHUGDGHLUD H XQJLGD TXH DSURXYH D 'HXV HV FROKHU SDUD UHDYLYDU VXD ,JUHMD H WUDQV IRUPDU D ,QJODWHUUD QD VHJXQGD PHWD GH GR VpFXOR GH]RLWR $EHQoRD QRV WDPEpP y 'HXV OLYUD QRV GD LQFUH GXOLGDGH WHVWLILFD GLUHWDPHQWH HP QRVVR HVStULWR TXH VRPRV WHXV ILOKRV SRLV FUHPRV QLVVR GHUUDPD R WHX DPRU HP QRVVRV FRUDo}HV SHOR WHX (VStULWR TXH HP QyV KDELWD FRQFHGH QRV D PHVPD DOHJULD LQGL]tYHO H FKHLD GH JOyULD 5HDYLYD D WXD REUD HP QRVVR SDtV BBBBBBBBBBBBBBBB 1RWD $ PDLRULD GDV FLWDo}HV H LQ IRUPDo}HV GHVWH DUWLJR IRUDP H[WUDtGDV GR UHODWR VREUH R UHDYLYDPHQWR HVSL ULWXDO GR VpFXOR ;9,,, QD ,QJODWHUUD HVFULWR SRU - & 5\OH 2V WUrV SULPHLURV YROXPHV *HRUJH :KLWHILHOG -RKQ :HVOH\ H :LOOLDP *ULPVKDZ IRUDP WUDGX]LGRV SHOR DXWRU GHVVH DUWLJR H SXEOLFDGRV QR %UDVLO SHOD (GLWRUD &OiVVLFRV (YDQJpOLFRV QD VpULH /tGHUHV (YDQJpOLFRV GR 6pFXOR ;9,,,


)p SDUD +RMH

78'2 48( 1(&(66,7$026 -LP 2UULFN 3UHOHWRU GD &RQIHUrQFLD )LHO QR %UDVLO 2XWXEUR

*UDoD H SD] YRV VHMDP PXOWLSOLFDGDV QR SOHQR FRQKHFLPHQWR GH 'HXV H GH -HVXV QRVVR 6HQKRU 9LVWR FRPR SHOR VHX GLYLQR SRGHU QRV WrP VLGR GRDGDV WRGDV DV FRLVDV TXH FRQGX]HP j YLGD H j SLHGDGH SHOR FRQKHFLPHQWR FRPSOHWR GDTXHOH TXH QRV FKDPRX SDUD D VXD SUySULD JOyULD H YLUWXGH SHODV TXDLV QRV WrP VLGR GRDGDV DV VXDV SUHFLRVDV H PXL JUDQGHV SURPHVVDV SDUD TXH SRU HODV YRV WRUQHLV FR SDUWLFLSDQWHV GD QDWXUH]D GLYLQD OLYUDQGR YRV GD FRUUXSomR GDV SDL[}HV TXH Ki QR PXQGR 3HGUR

0

RUDPRV HP XP EDLUUR RQGH DV SHVVRDV FRVWXPDP UHJDU VHXV JUD PDGRV 3DUD UHJDU QRVVR JUDPDGR WHPRV GH HVWDU VHPSUH PXGDQGR R UH JDGRU SDUD DV iUHDV TXH PDLV QH FHVVLWDP GH iJXD &RPR YRFr SRGH LPDJLQDU HVVD WDUHID p FDQVDWLYD $OJXQV YL]LQKRV SRVVXHP VLVWHPDV GH LUULJDomR TXH UHJDP WRGR R JUDPDGR FRP R DEULU GH XPD Vy YiOYXOD ,VWR QmR VRPHQWH p IiFLO SDUD HOHV PDV WDPEpP p PHOKRU SDUD R JUDPDGR 2 SRYR GH 'HXV jV YH]HV p VHPH OKDQWH D XP JUDPDGR TXH SUHFLVD VHU UHJDGR ,PDJLQH VH YRFr SXGHU TXH

DV YiULDV iUHDV GH QRVVD YLGD DVVH PHOKDP VH jV YiULDV SDUWHV GH XP JUDPDGR 3RU H[HPSOR D GHYRomR SHVVRDO p XPD iUHD D YLGD IDPLOLDU RXWUD D YLGD QD LJUHMD RXWUD HWF HWF (VVDV iUHDV VH WRUQDP VHFDV H QRV VHQWLPRV VHP YLGD 6DEHPRV TXH QmR VRPRV WmR SLHGRVRV TXDQWR GHYH UtDPRV VHU 7DOYH] SHUGHPRV QRVVR ]HOR QD RUDomR SDUWLFXODU RX QH JOLJHQFLDPRV QRVVDV UHVSRQVDELOL GDGHV SHVVRDLV e SRVVtYHO TXH D SUH JDomR GD 3DODYUD VH WRUQH FDQVDWLYD SDUD QyV H QRVVR DPRU SHORV LUPmRV HVIULH VH (VWDPRV VHFRV SUHFLVDPRV


78'2 48( 1(&(66,7$026

GD iJXD GD JUDoD H GD SD] GH 'HXV YLGD G$TXHOH TXH p D iJXD GD YLGD (VWDPRV PXQGDQRV H FDUHFHPRV GH ([LVWH UHDOPHQWH HVVH VLVWHPD GH LUUL HVSLULWXDOLGDGH &RPR SRGHP WRGDV JDomR SDUD R FUHQWH" 6LP H[LVWH ¥ R HVVDV GLIHUHQWHV iUHDV GH QRVVD YLGD FRQKHFLPHQWR GH 'HXV H GH QRVVR REWHU D iJXD TXH QHFHVVLWDP SDUD 6HQKRU -HVXV &ULVWR ILFDUHP VDXGiYHLV" 9ROWH VXD DWHQomR j SDVVDJHP 8PD PDQHLUD GH FRQVHJXLUPRV FLWDGD 3HGUR H YHMD DV HVVD iJXD p XWLOL]DU R PpWRGR TXH SULQFLSDLV YHUGDGHV H[SUHVVDV VREUH XVDPRV HP FDVD TXDQGR UHJDPRV R FRQKHFHU 'HXV H FRPR HVWH FRQKH QRVVR JUDPDGR PXGH R UHJDGRU SDUD FLPHQWR p XPD IRQWH GH ErQomRV SDUD XPD iUHD HVSH R FUHQWH ,QLFLDO FtILFD TXH HVWi PHQWH YRFr SR C VHFD D ILP GH GH YHULILFDU TXH R 2 FRQKHFLPHQWR GH UHJi OD $ DWLWXGH FRQKHFLPHQWR GH FRUUHVSRQGHQWH 'HXV p D IRQWH GH 'HXV p D IRQWH GH RQGH QR kPELWR GD YL RQGH SRGHPRV SRGHPRV REWHU D JUDoD GD FULVWm SRGH REWHU D JUDoD H D H D SD] TXH HQYROYHU D SUHJD SD] TXH QHFHVVL omR SDVWRUDO GH WDPRV (P VH QHFHVVLWDPRV XPD VpULH GH VHU JXQGR YRFr SHU C P}HV D UHVSHLWR FHEHUi TXH R FR GD YLGD GD LJUHMD QKHFLPHQWR GH RX OHU XP OLYUR VREUH UHVSRQVDELOL -HVXV &ULVWR p D IRQWH GH WXGR TXH GDGHV IDPLOLDUHV RX GHGLFDU DWHQomR SUHFLVDPRV QR TXH VH UHIHUH j YLGD H LQWHQVLYD H SDUWLFXODU VREUH DTXHOD iUHD j SLHGDGH $VVLP R FRQKHFLPHQWR GH SUREOHPiWLFD 4XDQGR DTXHOD iUHD 'HXV p FRPR XP VLVWHPD GH LUULJDomR HVWLYHU HQFKDUFDGD SHOD 3DODYUD GH QD PHGLGD TXH WDO FRQKHFLPHQWR QRV 'HXV GHYHPRV GLULJLU QRV SDUD RXWUD HQFKH DPSOD H FRPSOHWDPHQWH iUHD TXH HVWi VHFD &RPR DGPLWLPRV QD LQWURGXomR (P QRVVDV YLGDV H[LVWH UHDOPHQWH Ki XP WHPSR SDUD IRFDOL]DUPRV QRVVD XP WHPSR SDUD HVVH WLSR GH LUULJDomR DWHQomR QRV UHODFLRQDPHQWRV IDPL IRFDOL]DGD 1R HQWDQWR XP PHOKRU OLDUHV H XP WHPSR SDUD IRFDOL]DUPRV FDPLQKR SDUD R VHGHQWR SRYR GH QRVVD DWHQomR QD YLGD GD LJUHMD 0DV 'HXV UHFHEHU D JUDoD H D SD] TXH VH DOPHMDPRV XPD FRPSOHWD LQXQ QHFHVVLWD p XWLOL]DU R VLVWHPD GH LU GDomR GH ErQomRV GH 'HXV VREUH R ULJDomR GH VXDV DOPDV (VVH VLVWHPD VHX SRYR R PHOKRU D ID]HU p FRP UHJDUi FRPSOHWDPHQWH FRP D JUDoD SUHHQGHUPRV TXH HVWH REMHWLYR VH DO H D SD] GH 'HXV WRGDV DV iUHDV GH FDQoD DWUDYpV GD SUHJDomR VREUH D QRVVDV YLGDV GH PRGR TXH QHQKXP SHVVRD GH 'HXV H GR 6HQKRU -HVXV GH QyV VHUi HVWpULO RX LQIUXWtIHUR (VVH &ULVWR ( FRQIRUPH SHUFHEHPRV VLVWHPD GH LUULJDomR QRV HQFKDUFDUi TXHP 'HXV p QRVVRV FRUDo}HV VH FRP WXGR TXH QHFHVVLWDPRV SDUD D GLODWDP HP DPRU SDUD FRP (OH 'HXV YLGD H D SLHGDGH LQXQGDUi QRVVDV H SDUD FRP QRVVR 6HQKRU -HVXV DOPDV FRP SXUH]D H FRP D SUySULD &ULVWR (VVH DPRU LQWHQVR VHUi XPD


JUDQGH PRWLYDomR SDUD ID]HUPRV H VHJXLUPRV WXGR TXH 'HXV UHTXHU 9RFr VDEH TXH jV YH]HV VHX ]HOR SHOD RUDomR SDUWLFXODU FUHVFH SRXFR H R DUGRU GH VXD GHYRomR GLPLQXL H SDUHFH TXH YDL GHVDSDUHFHU 2 DPRU SDUD FRP 'HXV TXH VH GHVHQYROYH D SDUWLU GH XP YHUGDGHLUR FRQKHFLPHQWR G(OH IDUi TXH R DUGRU GH QRVVD GHYRomR VH WRUQH PDLV LQWHQVR 'H PRGR VHPH OKDQWH QR TXH VH UHIHUH D XPD VD WXUDomR GH WRGR R SRYR GH 'HXV FRP DEXQGDQWH JUDoD SD] H WXGR TXH p QHFHVViULR j YLGD H j SLHGDGH QmR SRGHPRV HQFRQWUDU XP VLVWHPD GH LUULJDomR GD DOPD PHOKRU GR TXH R FRQKHFLPHQWR GH 'HXV H GR 6HQKRU -HVXV &ULVWR 'HYHPRV REVHUYDU TXH D JUDoD H D SD] QRV VmR ยฆPXOWLSOLFDGDV QR SOHQR FRQKHFLPHQWR GH 'HXV H GH -HVXV QRVVR 6HQKRUยง 3HGUR HVWDYD HV FUHYHQGR D SHVVRDV TXH Mi KDYLDP VLGR VDOYDV (OH HVWDYD HVFUHYHQGR ยฆDRV TXH FRQRVFR REWLYHUDP Ip LJXDO PHQWH SUHFLRVD QD MXVWLoD GH QRVVR 'HXV H 6DOYDGRU -HVXV &ULVWRยง 3HGUR QmR WLQKD TXDOTXHU UHFHLR GH UHIHULU VH D -HVXV &ULVWR FRQVLGHUDQGR 2 'HXV (OH p R 'HXV H 6DOYDGRU -HVXV &ULVWR (P RXWUDV SDODYUDV 3HGUR DILUPRX ยฆ6HL TXH YRFrV Mi IRUDP VDOYRV -i REWLYHUDP Ip SRU PHLR GD MXVWLoD GH QRVVR 'HXV H 6DOYDGRU -HVXV &ULVWR 3RUpP PHVPR GHSRLV GH WHUHP VLGR VDOYRV H UHFHELGR R GHU UDPDPHQWR LQLFLDO GD JUDoD H GD SD] GH 'HXV YRFrV DLQGD SUHFLVDP GH PDLV SD] H PDLV JUDoD HQTXDQWR SURFXUDP YLYHU D YLGD FULVWmยง 3UH FLVDPRV GH PDLV JUDoD SRUTXH FRQ WLQXDPRV VHQGR SHFDGRUHV H SRUTXH HQTXDQWR YLYHPRV QHVVH PXQGR H QRVVRV SpV VH WRUQDP FRQWDPLQDGRV

)p SDUD +RMH

SHOR SHFDGR SUHFLVDPRV VHU QR YDPHQWH SXULILFDGRV 3UHFLVDPRV FDQWDU QRYDPHQWH FRPR R ID]tDPRV DQWHULRUPHQWH 3DUD D )RQWH HX FRUUR /DYD PH PHX 6DOYDGRU 6H QmR HX PRUUR 9LVWR TXH -HVXV QRV GLVVH ยฆ6H HX QmR WH ODYDU QmR WHQV SDUWH FRPLJRยง SUHFLVDPRV GD LQFHVVDQWH iJXD GD JUDoD GH 'HXV SDUD TXH VHMDPRV ODYDGRV GR SHFDGR TXH FRQWLQXD D FRUURPSHU QRV PDQFKDU QRV H VXMDU QRV GLDQWH GH 'HXV $ JUDoD QHFHV ViULD SDUD ODYDU RV SHFDGRV GH XP FUHQWH VH HQFRQWUD QR FRQKHFLPHQWR GH 'HXV H GH QRVVR 6HQKRU -HVXV &ULVWR ( LVVR QmR p WXGR 'HSRLV TXH SHFDPRV H TXH QRVVDV FRQVFLrQFLDV IRUDP FRQWDPLQDGDV H TXH QRVVRV FRUDo}HV IRUDP GHVSHUWDGRV QyV FODPDPRV ยฆ3HTXHL FRQWUD 7L FRQWUD 7L VRPHQWH H IL] R TXH p PDO SHUDQWH RV WHXV ROKRVยง (QWmR 'HXV SRGH IDODU GH SD] FRQIRUWDU QRV H UHVWDX UDU QRV D DOHJULD GD VDOYDomR SRU WUDQVPLWLU QRV SD] $ SD] GH 'HXV TXH H[FHGH WRGR HQWHQGLPHQWR SRGH JXDUGDU QRVVDV PHQWHV H FRUDo}HV HP &ULVWR -HVXV 2 6HQKRU -HVXV OHJRX QRV XPD SD] TXH R PXQGR QmR FRQKHFH QHP SRGH HQWHQGHU 1D QRLWH GH VXD WUDLomR (OH GLVVH DRV VHXV GLVFtSXORV ยฆ'HL[R YRV D SD] D PLQKD SD] YRV GRX QmR YR OD GRX FRPR D Gi R PXQGRยง e XPD SD] TXH R PXQGR QmR FRQKHFH QHP SRGH HQWHQGHU SRUpP p XPD SD] TXH YRFr SRGH WHU e XPD SD] TXH SRGH GHL[i OR OLYUH QmR VRPHQWH GRV VHQWLPHQWRV GH YHUJRQKD H FXOSD GR SHFDGR PDV


78'2 48( 1(&(66,7$026

WDPEpP GD DQVLHGDGH D UHVSHLWR GR TXH DFRQWHFHUi QR IXWXUR 9RFr SRGH REWHU HVVD SD] SRU LQWHUPpGLR GR FR QKHFLPHQWR GH QRVVR 6HQKRU -HVXV &ULVWR 6XD FRQVFLrQFLD FRP UD]mR SRGH FODPDU FRQWUD YRFr 8PD ERD FRQVFLrQFLD SURWHVWDUi TXH YRFr PHUHFH SHUHFHU SHORV KRUUtYHLV SH FDGRV TXH WHP FRPHWLGR FRQWUD R 6HQKRU 0DV SRU PHLR GR FRQKH FLPHQWR GH -HVXV &ULVWR H GH WXGR TXH (OH IH] SDUD H[SLDU RV SHFDGRV TXH FRPHWHPRV YRFr SRGH UHVSRQGHU j VXD FRQVFLrQFLD ยฆ2UD YHMD PLQKD FRQVFLrQFLD VHL TXH YRFr WHP ERQV PRWLYRV SDUD FODPDU FRQWUD PLP PDV FRQVLGHUH R TXH -HVXV IH] SRU PLP (OH VRIUHX H PRUUHX QD FUX] D ILP GH SXULILFDU PH GHVWH SHFDGRยง (QWmR D VXD ERD FRQVFLrQFLD ROKDUi SDUD D REUD GH &ULVWR H GLUi ยฆ2K 6H R )LOKR GH 'HXV VRIUHX SDUD H[SLDU R VHX SHFDGR LVWR p R VXILFLHQWHยง 2 FRQKHFLPHQWR GH -HVXV &ULVWR RXWRU JD SD] j VXD FRQVFLrQFLD 3RUWDQWR ยฆGHVFDQVD y PLQKD DOPD UHWRUQD DR WHX UHSRXVR SRLV R 6HQKRU WHP VLGR ERQGRVR SDUD FRQWLJRยง 'HVHMR TXH YRFr REVHUYH QmR UHFHEHPRV FRP HVFDVVH] RX UHVWULomR D SD] H D JUDoD RXWRUJDGDV D QyV DWUDYpV GR FRQKHFLPHQWR GR 6HQKRU -HVXV &ULVWR 2 TXH 3HGUR DILUPD VR EUH D JUDoD H D SD]" (ODV VmR PXOWL SOLFDGDV SDUD QyV QmR DSHQDV DFUHV FHQWDGDV H VLP PXOWLSOLFDGDV DWUDYpV GR FRQKHFLPHQWR GH QRVVR 6HQKRU H 6DOYDGRU -HVXV &ULVWR &RPR HVWi D VXD YLGD" 9RFr VHQWH TXH H[LVWH XPD ERD LUULJDomR GD JUDoD GH 'HXV MRUUDQGR VREUH R VROR iULGR H VHGHQWR GH VHX FRUDomR" 6H YRFr GLVVHU ยฆ1mRยง R TXH SUHFLVDUi ID]HU" $ JUDoD H D SD] SRGHP VHU PXOWLSOLFDGDV SRU

PHLR GR FRQKHFLPHQWR GH 'HXV H GH QRVVR 6HQKRU &RQKHFHU 'HXV H -HVXV &ULVWR p PDLV GR TXH VLPSOHVPHQWH VDEHU IDWRV D UHVSHLWR GH DPERV *HUDOPHQWH ID]HPRV GLVWLQomR HQWUH VDEHU IDWRV D UHVSHLWR GH DOJXpP H UHDOPHQWH FRQKHFr OR 3RGHPRV VDEHU IDWRV VREUH XPD SHVVRD TXH QXQFD FRQKH FHPRV 0DV GHSRLV GH D WHUPRV FR QKHFLGR H FRQYHUVDGR FRP HOD SRGHPRV GL]HU ยฆ (X D FRQKHoR HX D FRQKHoR SHVVRDOPHQWHยง 3RUWDQWR FRQKHFHU 'HXV H -HVXV &ULVWR QmR p DSHQDV XPD TXHVWmR GH DFXPXODU FRQKHFLPHQWR GRV IDWRV VREUH DP ERV HPERUD VHMD QHFHVViULR WHU XP FRQKHFLPHQWR DFXUDGR D UHVSHLWR GH 'HXV H GH -HVXV D ILP GH FRQKHFr /R SHVVRDOPHQWH 1mR SRGHPRV VLP SOHVPHQWH HQYROYHU QRV HP XPD MRU QDGD PtVWLFD GH EXVFDU FRQKHFLPHQWR GH 'HXV VHP D RULHQWDomR GDV (V FULWXUDV ([LVWHP DOJXPDV SHVVRDV TXH WHQWDP H[SHULPHQWi /R VHP HVWXGDU TXHP (OH p (VVDV SHVVRDV SURFXUDP WHU XP UHODFLRQDPHQWR SHVVRDO H XP DQGDU tQWLPR FRP -HVXV &ULVWR VHP HVWXGDU D %tEOLD SDUD VDEHU TXHP (OH p 9RFr QmR SRGH FRQKHFHU R 'HXV YHUGDGHLUR VHP DSUHQGHU D UHVSHLWR G(OH $VVLP TXDQGR DILUPR TXH FRQKHFr /R QmR p D PHVPD FRLVD TXH VDEHU IDWRV D UHVSHLWR GH 'HXV QmR HVWRX PLQLPL]DQGR D LPSRUWkQ FLD GR FRQKHFLPHQWR GH IDWRV 9RFr SUHFLVD HVWDU FLHQWH GRV IDWRV D UHV SHLWR G(OH DQWHV TXH 2 FRQKHoD ( TXDQGR YRFr FRQKHFr /R D JUDoD H D SD] OKH VHUmR PXOWLSOLFDGDV ( j PHGLGD TXH YRFr 2 FRQKHFH H GHV IUXWD PDLV SURIXQGD LQWLPLGDGH FRP (OH VXD JUDoD H VXD SD] VHUmR PXO WLSOLFDGDV FDGD YH] PDLV 3RU LVVR


j PHGLGD TXH FUHVFH VHX FRQKHFL PHQWR GH -HVXV &ULVWR WDPEpP FUHV FHUmR D VXD JUDoD H D VXD SD] (P VHJXQGR REVHUYHPRV TXH R FRQKHFLPHQWR GH -HVXV &ULVWR ยฅ HVSHFLILFDPHQWH R FRQKHFLPHQWR GH -HVXV &ULVWR ยฅ p R VLVWHPD GH LUUL JDomR SHOR TXDO 'HXV ID] MRUUDU VREUH QyV WXGR TXH QHFHVVLWDPRV SDUD D YLGD H D SLHGDGH 2EVHUYH TXH R YHUVtFXOR FRPHoD DILUPDQGR ยฆ3HOR VHX GLYLQR SRGHU ยง 2 GLYLQR SRGHU GH TXHP" $ UHVSRVWD PDLV HYLGHQWH p GH -HVXV &ULVWR 2 DSyVWROR 3HGUR DFDEDUD GH UHIHULU VH D -HVXV VHQGR (OH FRP WRGD D SUREDELOLGDGH R DQWHFHGHQWH GR SURQRPH ยฆVHXยง 2 6HQKRU -HVXV SRVVXL GLYLQR SRGHU H QRV GHX WRGDV DV FRLVDV SHUWLQHQWHV j YLGD H j SLH GDGH (OH p FDSD] GH RXWRUJDU OKH TXDOTXHU FRLVD TXH YRFr QHFHVVLWH 1mR Ki UHFHLR GH TXH Q(OH IDOWH SRGHU 2 6HQKRU -HVXV WHP GLYLQR SRGHU 7DPEpP UHFHER HQFRUDMDPHQWR GD SUy[LPD SDODYUD VHX GLYLQR SRGHU QRV GHX 'DU p R PHLR SHOR TXDO 'HXV WUDQVIHUH SDUD QyV WXGR TXH QHFHV VLWDPRV SDUD D YLGD H D SLHGDGH (OH QRV RXWRUJD HVVDV FRLVDV 1mR H[LVWH TXDOTXHU WURFD FRP -HVXV QR TXH VH UHIHUH D HVWDV FRLVDV $OJXQV GH QyV WHPRV FRPHWLGR HUURV QHVWD iUHD 7H PRV GLWR SDUD 'HXV ยฆ6H R 6HQKRU IL ]HU LVWR SRU PLP HX IDUHL DTXLOR SHOR 6HQKRUยง 'HXV QmR SUHFLVD GH QHQKXP GH QRVVRV WUDVWHV 2V LUPmRV GH -RVp H[SUHVVDUDP VXD SUHRFXSDomR GH TXH VHULDP IHLWRV HVFUDYRV MXQWDPHQWH FRP VHXV DQLPDLV GH FDUJDV *rQHVLV -RVp HUD D VHJXQGD DXWRULGDGH QR JRYHUQR GH )DUDy H WLQKD PLOKDUHV GH DQLPDLV GH FDUJD -RVp QmR SUHFL VDYD GHVVHV SRXFRV MXPHQWRV GH VHXV LUPmRV ย V YH]HV HVWD p D PDQHLUD

)p SDUD +RMH

FRPR QRV DSUR[LPDPRV GH 'HXV ยฆ6HQKRU QmR TXHUR TXH WRTXHV HP PHXV MXPHQWRV HX YHQGHUHL XP GHOHV H 7H GDUHL R GLQKHLUR VH IL]HUHV LVWR SRU PLPยง 'HXV QmR SUHFLVD GH QH QKXP GH QRVVRV DQLPDLV GH FDUJD (OH WHP GLYLQR SRGHU ( VH YRFr UH FHEHU TXDOTXHU FRLVD TXH GL] UHVSHLWR j YLGD H j SLHGDGH WHUi GH UHFHEr OD FRPR XPD GiGLYD /HPEUR PH GD KLVWyULD GH XP PpGLFR TXH KDYLD FUHVFLGR HP XPD ]RQD UXUDO $V SHVVRDV GH VXD FLGDGH VH RUJXOKDYDP GHOH GXUDQWH FDGD YHUmR HOH UHWRUQDYD DR VHX ODU SDUD YLVLWDU D YHOKD ID]HQGD H ILFDU FRP VHXV SDLV (QTXDQWR SHUPDQHFLD DOL RIHUHFLD JUDWXLWDPHQWH VHXV VHUYLoRV PpGLFRV jV SHVVRDV TXH UHVLGLDP QDTXHOD FRPXQLGDGH +RXYH XPD PXOKHU TXH WURX[H VXD ILOKLQKD DR PpGLFR TXH UHFRPHQGRX XPD FL UXUJLD &RP DOHJULD HOH UHDOL]RX D FLUXUJLD QD PHQLQD 0DLV WDUGH D PmH GD PHQLQD GLVVH DR PpGLFR ยฆ6HL TXH VHX FRVWXPH p RIHUHFHU JUDWXLWDPHQWH VHXV VHUYLoRV TXDQGR YHP DR VHX ODU QR YHUmR PDV HX LQVLVWR HP SDJDU OKH SHOD FLUXUJLDยง ยฅ ยฆ1mR IDoR LVVR FRP SUD]HUยง R PpGLFR UHVSRQGHX ยฅ ยฆ1mR TXHUR UHFHEHU TXDOTXHU FDULGDGH (QWmR TXDQWR GHYR SDJDU SHOD FLUXUJLD"ยง D PmH LQVLVWLX ยฅ ยฆ(VWi EHPยง GLVVH R PpGLFR ยฆVH D VHQKRUD LQVLVWH 1RUPDOPHQWH HX FREUR TXDWUR PLO UHDLV SRU HVWD FLUXUJLDยง $ PXOKHU ILFRX FKRFDGD (OD QmR SRVVXtD DTXHOD TXDQWLD 2 PpGLFR FRQWLQXRX ยฆ$JRUD RX D VHQKRUD PH SDJD WRGD D VXD FRQWD RX DFHLWD PHXV VHUYLoRV WRWDOPHQWH FRPR XPD Gi GLYDยง (OD QmR WLQKD HVFROKD WLQKD GH


78'2 48( 1(&(66,7$026

DFHLWDU FRPR XP SUHVHQWH RV VHUYLoRV GR PpGLFR 2 6HQKRU -HVXV VH DFKHJD D QyV FRPR DTXHOH PpGLFR H DILUPD ยฆ3URYLGHQFLHL WXGR TXH p QHFHVViULR SDUD TXH YRFr VHMD VDOYR GR SHFDGR 0DV YRFr PH WHP RIHUHFLGR RV VHXV SHTXHQRV MXPHQWRV QHVWD RFDVLmR H VHX GLQKHLUR QRXWUDV RFDVL}HV 3RU XP ODGR YRFr PH WHP RIHUHFLGR VXDV REUDV H SRU RXWUR ODGR WHP PH RIHUHFLGR VXDV ERDV LQWHQo}HV 9RFr WHP GH SDJDU SRU WRGD D VXD VDOYDomR RX UHFHEr OD GH PLP FRPR XP SUHVHQWHยง e R RUJXOKR TXH QRV WRUQD UHOXWDQWHV HP SHUPLWLU TXH 'HXV UHFHED WRGD D JOyULD SRU QRVVD VDO YDomR (VWD p D UD]mR SRU TXH GH QyV FUHQWHV QRV UHWUDtDPRV H jV YH]HV ILFiYDPRV LUDGRV TXDQGR RXYtDPRV D UHVSHLWR GD VREHUDQLD GH 'HXV HP FRQFHGHU VDOYDomR (VWDPRV WmR DFRVWXPDGRV D SHQVDU TXH SDUD REWHUPRV XPD SRVLomR GH MXVWLoD GLDQWH GH 'HXV LVVR GHYH DFRQWHFHU SRU PHLR GH DOJR TXH IDoDPRV DLQGD TXH HVVH DOJR VHMD D QRVVD Ip 1R HQ WDQWR DV GRXWULQDV GD VREHUDQD JUDoD GH 'HXV UHWLUDP R DU GR EDOmR GH QRVVR HJRtVPR (VVDV GRXWULQDV QRV GL]HP TXH GR LQtFLR DR ILP D VDOYDomR DFRQWHFH FRPR UHDOL]DomR GD JUDoD GH 'HXV H TXH VH I{VVHPRV GHL[DGRV SRU QyV PHVPRV MDPDLV YLUtDPRV D 'HXV 1R TXH VH UHIHUH j VDOYDomR SRU PHLR GH -HVXV &ULVWR p WXGR RX QDGD 6HX GLYLQR SRGHU QRV GHX 2EVHUYH WDPEpP D SUy[LPD VHQ WHQoD ยฆ(OH QRV GHX WRGDV DV FRLVDV TXH FRQGX]HP j YLGD H j SLHGDGHยง 4XDQWDV FRLVDV" 7RGDV DV FRLVDV 7XGR (OH QmR SUHFLVD GH QRVVRV DFUpVFLPRV $V DOWHUDo}HV VmR GHVQH FHVViULDV H DR PHVPR WHPSR GHVD JUDGiYHLV SDUD (OH

2 6HQKRU -HVXV QRV GHX WRGDV DV FRLVDV TXH FRQGX]HP j YLGD H j SLH GDGH 2UD p H[DWDPHQWH LVVR TXH XP SHFDGRU FRUURPSLGR QHFHVVLWD (OH SUHFLVD GH YLGD H GH SLHGDGH $ %tEOLD DILUPD TXH SRU FDXVD GR SHFDGR HVWDPRV PRUWRV HP GHOLWRV H SH FDGRV 3UHFLVDPRV GH YLGD DQWHV GH VHUPRV MXVWLILFDGRV GLDQWH GH 'HXV TXH QmR p 'HXV GH PRUWRV H VLP GH YLYRV 3DUD (OH VHU R QRVVR 'HXV WHPRV GH QDVFHU GH QRYR SUHFLVDPRV VHU UHVVXVFLWDGRV GRV PRUWRV DVVLP FRPR -HVXV VDLX YLYR GR VHSXOFUR WHPRV GH VDLU YLYLILFDGRV GR VHSXOFUR GR SHFDGR &RPR LVWR SRGH DFRQ WHFHU QRV" 3HOR GLYLQR SRGHU GH -HVXV TXH SRU PHLR GH VHX FRQKHFLPHQWR QRV GHX WRGDV DV FRLVDV TXH FRQ GX]HP j YLGD H j SLHGDGH 1mR VRPHQWH SUHFLVDPRV GH YLGD PDV GHSRLV TXH (OH QRV YLYLILFD QHFHVVLWDPRV GH SLHGDGH 0HVPR DSyV WHUPRV VLGR VDOYRV DLQGD SH FDPRV H QRV FRQWDPLQDPRV SRU LP SXUH]DV H SRU QRV DIDVWDUPRV GH 'HXV &RPR SRGHPRV REWHU D SLHGDGH TXH QHFHVVLWDPRV" 1RYDPHQWH DWUD YpV GR FRQKHFLPHQWR GH -HVXV &ULVWR 2 WH[WR HP VHJXLGD GL] TXH DG TXLULPRV WXGR TXH QHFHVVLWDPRV SRU PHLR GR ยฆFRQKHFLPHQWR FRPSOHWR GDTXHOH TXH QRV FKDPRX SDUD D VXD SUySULD JOyULD H YLUWXGHยง 3RU FRQVHJXLQWH DWUDYpV GR FRQKHFHUPRV D &ULVWR FRP LQWHQVD DIHLomR UH FHEHPRV WXGR TXH QRV FRQGX] j YLGD H j SLHGDGH 2 6HQKRU -HVXV p GHVFULWR FRPR DTXHOH TXH QRV FKDPRX SDUD D VXD SUySULD JOyULD H YLUWXGH (OH QRV FKDPRX 1mR IRPRV QyV TXHP 2 SHUVXDGLX D YLU SDUD QyV SHOR FRQ WUiULR (OH QRV SHUVXDGLX D YLU D 6L


)p SDUD +RMH

PHVPR )UHTย HQWHPHQWH DV (VFUL GD QDWXUH]D GLYLQD OLYUDQGR YRV GD WXUDV VH UHIHUHP DRV FUHQWHV FRPR FRUUXSomR GDV SDL[}HV TXH Ki QR FKDPDGRV (VVD TXDOLILFDomR GRV PXQGRยง -HVXV &ULVWR QRV WHP GDGR FUHQWHV VDOLHQWD R IDWR GH TXH QRVVD WRGDV DV FRLVDV QHFHVViULDV j YLGD H j VDOYDomR GHSHQGH GD LQLFLDWLYD GLYLQD SLHGDGH GHQWUH DV TXDLV VH HQFRQWUDP 2 6HQKRU -HVXV QRV FKDPD H DV JUDQGHV H SUHFLRVDV SURPHVVDV TXDQGR QyV YDPRV DWp (OH LVWR QmR 1HVVDV SURPHVVDV H[LVWH JUDQGH DFRQWHFH SRUTXH H[LVWH HP QyV TXDO PHGLGD GH SRGHU 1mR WHQKR G~YLGD TXHU JOyULD 1mR DFRQWHFH SRUTXH DOJXPD GH TXH 3HGUR HVWDYD IDODQ WHPRV EDVWDQWH GR D UHVSHLWR GDV SHUFHSomR SDUD SURPHVVDV GR H FRPSUHHQGHU FR YDQJHOKR D GH WHU C PR SRGHPRV QRV SHFDGRV 2 FULVWLDQLVPR DXWrQWLFR QRVVRV DFKHJDU D (OH SHUGRDGRV D GH SRGHULD VHU UHVXPLGR SHOR FRQWUiULR R VHUPRV JXDUGD SUySULR 6HQKRU QDV VHJXLQWHV SDODYUDV GRV SRU 'HXV DWp -HVXV QRV FKDPD DR *UDQGH 'LD D ยฆ$ YLGD GH 'HXV QD SRU VXD SUySULD GR UHWRUQR GH DOPD GH XPD SHVVRDยง JOyULD ,VVR WDP &ULVWR j WHUUD D EpP QmR DFRQWH GH TXH (OH QRV C H SRUTXH WHPRV UHFRQKHFHUi FR YLUWXGH H FRQVH PR VHX SRYR GL Tย HQWHPHQWH SRVVXtPRV VHQVLELOL DQWH GH WRGD D DVVHPEOpLD GH DQMRV H GDGH VXILFLHQWH SDUD YLUPRV D (OH GH SHVVRDV QR 'LD GR -Xt]R (VVDV DFRQWHFH SRU FDXVD GD YLUWXGH GR SURPHVVDV FRQWLGDV QR HYDQJHOKR WrP SUySULR 6HQKRU -HVXV (OH QRV FKD JUDQGH SRGHU 3RU PHLR GHODV TXDQGR PRX SRU VXD SUySULD JOyULD H YLUWXGH DV UHFHEHPRV H QHODV GHVFDQVDPRV (VVD IRUPD GH HQWHQGHU D DILUPDWLYD QRV WRUQDPRV SDUWLFLSDQWHV GD QD GR YHUVtFXOR p DLQGD PDLV HQIiWLFD QR WXUH]D GLYLQD 2 TXr" 3DUWLFLSDQWHV GH TXH GL] UHVSHLWR DR HQVLQR GH TXH TXH QDWXUH]D" 3DUD DTXHOHV ILOKRV GH QRVVD VDOYDomR GHSHQGH GD JOyULD H 'HXV TXH QmR VDEHP R TXH VLJQLILFD GD YLUWXGH GH &ULVWR H QmR GH QRVVD D SDODYUD ยฆGLYLQDยง HOD VH UHIHUH j JOyULD H GH QRVVD YLUWXGH QDWXUH]D GH 'HXV 3RUWDQWR D SDV (VVD JOyULD H YLUWXGH QRV LP VDJHP SRGHULD VHU OLGD DVVLP ยฆ3DUD SXOVLRQD ย TXHOH TXH SDUD 6L PHVPR TXH QRV WRUQHPRV SDUWLFLSDQWHV GD QRV FKDPD GR YLYHU QR SHFDGR 2 QDWXUH]D GH 'HXVยง (VSHUH XP PLQXWR 6HQKRU -HVXV WDPEpP QRV GHX DV ,VWR VLJQLILFD TXH QRV WRUQDPRV SH SUHFLRVDV H JUDQGtVVLPDV SURPHVVDV TXHQRV GHXVHV FRPR DILUPDP DOJXQV 2EVHUYH LVVR QR WH[WR ยฆ3HODV TXDLV LQFUpGXORV" 1mR 6LJQLILFD TXH D YLGD LVWR p SHODV JUDoDV GD JOyULD H GD GH 'HXV p LPSODQWDGD QD DOPD GR YLUWXGH PDQLIHVWDGDV HP &ULVWR -HVXV FUHQWH $ DOPD GH WRGRV DTXHOHV TXH QRV WrP VLGR GRDGDV DV VXDV SUHFLRVDV YHUGDGHLUDPHQWH FUrHP QDV SUR H PXL JUDQGHV SURPHVVDV SDUD TXH PHVVDV H UHFHEHP D &ULVWR p PDUFDGD SRU HODV YRV WRUQHLV FR SDUWLFLSDQWHV FRP D SUySULD QDWXUH]D GH 'HXV 1D


78'2 48( 1(&(66,7$026

YHUGDGH R FULVWLDQLVPR DXWrQWLFR SRGHULD VHU UHVXPLGR QDV VHJXLQWHV SDODYUDV ยฆ$ YLGD GH 'HXV QD DOPD GH XPD SHVVRDยง $LQGD TXH LVWR SDUHoD H[FHVVLYDPHQWH PDUDYLOKRVR SRU PHLR GHVVDV PXL JUDQGHV H SUHFLRVDV SURPHVVDV QRV WRUQDPRV SDUWLFL SDQWHV GD QDWXUH]D GLYLQD ยฆ3DL[}HVยง p XP YRFiEXOR TXH VH UHIHUH QmR VRPHQWH DR GHVHMR VH[XDO LPSUySULR PDV WDPEpP DR GHVHMR SHFDPLQRVR SHOR XVR LOHJtWLPR GH TXDOTXHU GiGLYD GH 'HXV (YL GHQWHPHQWH WRGR SHFDGR p XP XVR LOHJtWLPR GDV GiGLYDV GLYLQDV 2 GLDER QXQFD FULRX TXDOTXHU SUD]HU 'HXV FULRX WRGRV RV SUD]HUHV ย V YH]HV PRWLYDGRV SRU LQWHQVRV GHVHMRV SRU SUD]HU XWLOL]DPRV PDO DV GiGLYDV GH 'HXV H GHVREHGHFHPRV D (OH 2 XVR LQDGHTXDGR GRV SUD]HUHV FULDGRV SRU 'HXV VHPSUH FRQVWLWXL SHFDGR (P TXDOTXHU RFDVLmR TXH HVFROKHPRV R SUD]HU DR LQYpV GD REHGLrQFLD D 'HXV HVWDPRV WUDQVIRUPDQGR R SUD]HU HP XP GHXV TXH SUHIHULPRV DFLPD GR YHUGDGHLUR 'HXV 9RFrV TXH QXQFD YLHUDP D &ULVWR SHOD Ip DLQGD QmR FRQVLGHUDUDP R TXH UHDOPHQWH HVWmR ID]HQGR" (X QmR VHL R TXH OKHV LPSHGH GH YLU DR 6HQKRU -HVXV &ULVWR 3RUpP VHMD R TXH IRU YRFrV HVWmR HOHYDQGR HVWD FRLVD RX SHVVRD RX GHVHMR H FRORFDQGR D DFLPD GH 'HXV 1D UHDOLGDGH YRFrV HVWmR DGRUDQGR HVWD FRLVD HVWD SHVVRD RX HVWH GHVHMR PDLV GR TXH HVWmR DGRUDQGR D 'HXV (OH QmR UHFHEHUi TXDOTXHU DGRUDomR GH YRFrV DWp TXH DEDQGRQHP HVVDV SDL[}HV GHVWUXDP HVVHV tGRORV H YHQKDP D &ULVWR 3RU PHLR GHVVDV PXL JUDQGHV H SUHFLRVDV SURPHVVDV UHFHEHPRV JUDoD SD] H WRGDV DV FRLVDV QHFHV

ViULDV SDUD HVFDSDUPRV GD FRUUXSomR GDV SDL[}HV TXH Ki QR PXQGR 2 SRYR GH 'HXV WHP GH VHU XP SRYR GL IHUHQWH WHPRV GH VHU XP SRYR VDQWR H QmR XP SRYR LPSXUR 2EVHUYDPRV DVVLP TXH HVWD p D PDQHLUD FRPR 'HXV Yr R SHFDGR (OH R Yr FRPR XPD FRU UXSomR XPD SRGULGmR 1RVVR SHFDGR ID] TXH QRV VLQWDPRV LPSXURV TXDQGR FKHJDPRV j SUHVHQoD GH 'HXV 1mR DGPLUDPRV R IDWR GH TXH 'DYL FODPRX ยฆ/DYD PH FRPSOH WDPHQWH GD PLQKD LQLTย LGDGH H SX ULILFD PH GR PHX SHFDGRยง 6O (OH VH VHQWLX LPXQGR SRU FDXVD GDTXL OR TXH IL]HUD 6HL TXH DOJXQV GH YRFrV WrP HVWH PHVPR VHQWLPHQWR 2 TXH GHYHP ID]HU YRFrV TXH HVWmR SHU GLGRV SRU QXQFD WHUHP HQFRQWUDGR D &ULVWR YRFrV TXH QmR FRQKHFHP R FDPLQKR D YHUGDGH H D YLGD RX VHMD R 6HQKRU -HVXV &ULVWR" -HVXV FRQYLGD ยฆ9HQKDP D PLP YHQKDP D PLP YRFrV FUrHP HP 'HXV FUHLDP WDP EpP HP PLPยง 4XH 'HXV R (VStULWR 6DQWR DMXGH RV D HQWHQGHU HVVDV YHUGDGHV 3DUHP GH ROKDU SDUD VL PHVPRV EHP FRPR SDUD R VHX SUy SULR SHFDGR 2OKHP SDUD -HVXV TXH p D IRQWH GD iJXD YLYD (OH p D IRQWH TXH IRL DEHUWD SDUD D SXULILFDomR GRV SHFDGRUHV 9HQKDP D -HVXV (OH RV SXULILFDUi ,QVLVWR HP GL]HU TXH R 6HQKRU -HVXV p R VLVWHPD GH LUULJDomR GH iJXD YLYD 2 VDOPLVWD SHQVDYD VREUH LVVR TXDQGR DILUPRX ยฆ$ PLQKD DOPD WHP VHGH GH WL PHX FRUSR WH DOPHMD FRPR WHUUD iULGD H[DXVWD VHP iJXDยง RX FRQIRUPH FDQWDPRV ยฆ&RPR VXVSLUD D FRUoD SHODV FRUUHQWHV GDV iJXDV DVVLP SRU WL y 'HXV VXVSLUD D PLQKD DOPDยง 9HP VREUH QyV DVVLP FRPR R RUYDOKR FDL VREUH D JUDPD QRYD ,UULJD


)p SDUD +RMH

D QRVVD VHTXLGmR H HQFKDUFD DV QRV VDV DOPDV FRQWLJR PHVPR ยฅ HVVD p XPD RUDomR DSURSULDGD QmR VRPHQWH SDUD DV DOPDV TXH DLQGD HVWmR SHUGL GDV PDV WDPEpP SDUD QyV TXH Mi UHFHEHPRV D Ip LJXDOPHQWH SUHFLRVD $LQGD SUHFLVDPRV TXH D JUDoD H D SD] QRV VHMDP PXOWLSOLFDGDV DLQGD SUHFLVDPRV GH WRGDV DV FRLVDV TXH

FRQGX]HP j YLGD H j SLHGDGH DLQGD SUHFLVDPRV QRV DSURSULDU GDV PXL JUDQGHV H SUHFLRVDV SURPHVVDV SHODV TXDLV QRV WRUQDPRV SDUWLFLSDQWHV GD QDWXUH]D GLYLQD 3UHFLVDPRV QRV OL YUDU GD FRUUXSomR GDV SDL[}HV TXH Ki QR PXQGRย H VREUH HVVDV SURPHV VDV GHVFDQVDU

$6 0,66ยก(6 025ยท9,$6 'RLV MRYHQV PRUiYLRV WLQKDP RXYLGR IDODU GH XPD LOKD GDV ยบQGLDV 2FLGHQWDLV RQGH XP ODWLIXQGLiULR XP LQJOrV DWHX SRVVXtD HQWUH GRLV H WUrV PLO HVFUDYRV ( HVVH KRPHP GLVVHUD ยฆ1HVVD LOKD QmR SRGH HQWUDU QHQKXP SUHJDGRU RX VDFHUGRWH 6H DOJXP GHOHV FKHJDU DTXL SRU QDXIUiJLR TXH ILTXH QXPD FDVD VHSDUDGD DWp TXH SRVVD VDLU GDTXL 0DV QmR SRGH IDODU D QHQKXP GH QyV D UHVSHLWR GH 'HXV 1mR TXHUR QXQFD PDLV VDEHU GHVVDV WROLFHV ยง ,PDJLQHP WUrV PLO HVFUDYRV WUD]LGRV GDV VHOYDV DIULFDQDV SDUD XPD LOKD GR $WOkQWLFR SDUD DOL YLYHUHP H PRUUHUHP VHP QXQFD RXYLUHP IDODU GH &ULVWR 2V GRLV MRYHQV PRUiYLRV RXYLUDP IDODU VREUH LVVR (QWmR HOHV VH YHQGHUDP jTXHOH LQJOrV H XVDUDP R GLQKHLUR R PHVPR YDORU TXH HOH SDJDULD SRU TXDOTXHU RXWUR HVFUDYR SDUD FRPSUDU D SDVVDJHP H YLDMDUHP DWp j LOKD 2 LQJOrV QmR RIHUHFLD VHTXHU D FRQGXomR 4XDQGR R QDYLR HVWDYD SDUD ]DUSDU GR SRUWR GH +DPEXUJR H DGHQWUDU R 0DU GR 1RUWH DOJXQV PRUiYLRV IRUDP DR SRUWR SDUD GHVSHGLU VH GRV UDSD]HV $PERV WLQKDP SRXFR PDLV GH YLQWH DQRV GH LGDGH H QXQFD PDLV YROWDULDP YLVWR TXH QmR HVWDYDP HPEDUFDQGR SDUD XP WUDEDOKR UHJXODU GH TXDWUR DQRV 2V UDSD]HV KDYLDP VH YHQGLGR FRPR HVFUDYRV SRU WRGD D YLGD SDUD TXH QD FRQGLomR GH HVFUDYRV WHVWHPXQKDVVHP VREUH &ULVWR DRV RXWURV HVFUDYRV 2V IDPLOLDUHV GRV UDSD]HV FKRUDYDP SRLV VDELDP TXH QXQFD PDLV RV YHULDP $OJXQV FUHQWHV PRUiYLRV WLQKDP G~YLGDV D UHVSHLWR GDTXHOD DWLWXGH GRV UDSD]HV FRQVLGHUDQGR D LQVHQVDWD ( TXDQGR R QDYLR VH DIDVWDYD H RV MRYHQV SHUFHEHUDP D GLVWkQFLD TXH RV VHSDUDYD DXPHQWDQGR FDGD YH] PDLV XP GHOHV SDVVDQGR R EUDoR SHOR GR VHX FRPSDQKHLUR HUJXHX D RXWUD PmR H JULWRX OKHV ยฆ4XH R &RUGHLUR UHFHED D UHFRPSHQVD GH VHXV VRIULPHQWRV ยง (VVDV IRUDP DV ~OWLPDV SDODYUDV TXH RXYLUDP GHOHV ( WDLV SDODYUDV VH WRUQDUDP R FHUQH H R OHPD GDV PLVV}HV PRUiYLDV


Issuu converts static files into: digital portfolios, online yearbooks, online catalogs, digital photo albums and more. Sign up and create your flipbook.