Page 1

DQR;9,_QžGH]GH

GHVGH


(',725,$/_/8&,$1$7255(®2 6HPSUHHODDSDODYUDGH RUGHPGDYH]LQRYDomR1HVWDHGLomR HODHVWiSUHVHQWHHPYiULDVPDWpULDV QRVVDV$FRPHoDUSHODQRVVDFDSD FRPRWHPDVHJXQGDWHODSODWDIRUPD GLJLWDOFRPRWDEOHWRXVPDUWSKRQH TXHLQWHUDJHDRPHVPRWHPSRFRPD 79(VWDWHQGrQFLDWHPVLGRFDGDYH] PDLRUDILQDOPDLVGDPHWDGHGD SRSXODomRHVWiXVDQGRRVGLVSRVLWLYRV SDUDLQWHUDJLU,QRYDomRWDPEpPUHJH RQRYRIULVVRQSXEOLFLWiULRR

VXUJLPHQWRGDDJrQFLD'XFDTXH JHURXPXLWRDOYRURoRQRPHUFDGR 7UDWDVHGHKROGLQJJHULGDSHOR SXEOLFLWiULRHSUHVLGHQWHGD$PSOD &RPXQLFDomR 3( 4XHLUR])LOKR PDLVFRQKHFLGRFRPR4XHLUR]LQKR (VWDVHUYLUiGHDSRUWHJHUHQFLDOSDUD DVWUrVRSHUDo}HVHQYROYLGDV$PSOD &RPXQLFDomR%*H$PSOD(VStULWR 6DQWR 2XWUDQRWtFLDTXH PRYLPHQWRXRPHUFDGRQDFLRQDOIRLD FULDomRGR&RPLWr:RPHQ

Ì1',&(

(PSRZHUPHQWSHOD$PSUR $VVRFLDomRGH0DUNHWLQJ 3URPRFLRQDO $ILQDODSRSXODomR IHPLQLQDpUHVSRQViYHODWXDOPHQWH SHORVXVWHQWRGHGDVIDPtOLDV FRQIRUPHGDGRVGD~OWLPD3HVTXLVD 1DFLRQDOSRU$PRVWUDGH'RPLFtOLR 3RUILPQRVGHVSHGLPRVGHH VDXGDPRVRDQRGH4XHYHQKD FKHLRGHSURVSHULGDGHSDUDWRGRV

(;3(',(17( $QLPH6ROXo}HV&ULDWLYDV

1266$&$3$ 6HJXQGDWHOD8PD WHQGrQFLDTXHHVWi PXGDQGRR FRPSRUWDPHQWRGR FRQVXPLGRUHGDVPtGLDV

',5(72535(6,'(17(_:DOWHU/LQV-U ZDOWHU#UHYLVWDSURQHZVFRPEU (',725$_/XFLDQD7RUUHmR UHGDFDR#UHYLVWDSURQHZVFRPEU 5('$d®2_,YHOLVH%XDUTXH-XOLDQRGD+RUD 3ROLDQD$OHQFDU UHGDFDR#UHYLVWDSURQHZVFRPEU 352'8725*5É),&2_%UXQR5HJLV SURGXFDR#UHYLVWDSURQHZVFRPEU $66,1$785$6_ SURGXFDR#UHYLVWDSURQHZVFRPEU ',675,%8,d®2 /2*6HUYLoRV 3(

-RUQDO&RUUHLR5HGH%DKLD %$ 

6LVWHPD9HUGHV0DUHV &(

ZZZYHUGHVPDUHVFRPEU

$33&20_723&$6(_),&+$6_*,52 &21(&7(6(_2/+$5$&$'È0,&2 081'221/,1(_&/,&._1$(67$17(

'$'267e&1,&26 ,PSUHVVmR*UiILFD)DF)RUP 

JUDILFD#IDFIRUPFRPEU 7LUDJHPH[HPSODUHV )RUPDWR[FP 7LSRORJLDV6ZLV/W%7+XPDQLVW%7 3DSHO&RXFKpEULOKRJPò 1~PHURGHSiJLQDV $VPDWpULDVDVVLQDGDVSRUQRVVRVFRODERUDGR UHVQmRUHSUHVHQWDPQHFHVVDULDPHQWHD RSLQLmRGDUHYLVWD 3URGX]DDFDSDGD5HYLVWD3521(:6 3DUWLFLSHSHORHPDLO UHGDFDR#UHYLVWDSURQHZVFRPEU

Z Z Z U H Y L V W D S U R Q H Z V  F R P  E U



3$125$0$

'(67$48(

'XUDFHOOUHIRUoDSUHVHQoD FRPFDPSDQKDVPDLV SUy[LPDVGRVHXS~EOLFR

/RQJHGRVHVWHUHyWLSRVGDV JHUDo}HVRHVSHFLDOLVWD (GQH\6RX]DUHDILUPDTXH QXQFDpWDUGHSDUDLQRYDU

UHYLVWDGHFRPXQLFDomRHPDUNHWLQJ1( $5HYLVWD3521(:6pXPDSXEOLFDomR PHQVDOGD:DOWHU/LQV3LQKHLUR-~QLRU(GLWRUD 0((PSUHVDULDO7DFDUXQD$Y$JDPHQRQ 0DJDOKmHVVOV7RUUHmR5HFLIH 3(&(3 )RQH  


$33&20

.$%220 )LQDOPHQWHXPDSOLFDWLYRSDUDTXHPpDGHSWRGHFRPSRUWD PHQWRH[SORVLYRQDVUHGHVVRFLDLVHPDLOVHDSOLFDWLYRVGHPHQ VDJHP6HYRFrWHPSXEOLFDo}HVGDVTXDLVVHDUUHSHQGHXGHWHU IHLWREDL[HR.DERRPTXHSURPHWHDXWRGHVWUXLUWRGRHVVH FRQWH~GR$SyVLQVWDOiOREDVWDHIHWXDURORJLQQRVVHUYLoRV TXHYRFrWHPLQWHUHVVHHPFRQILJXUDUHVFROKHQGRRWHPSRGH DXWRGHVWUXLomRGDPHVPD2.DERRPWDPEpPRIHUHFHXPD SiJLQDFRPRKLVWyULFRGHSXEOLFDo}HVHPHQVDJHQVTXHMi IRUDPUHPRYLGDVDXWRPDWLFDPHQWH *UDWXLWRGLVSRQtYHOSDUD$QGURLG

*$* 6HKiXPDSDODYUDTXHUHLQDDEVROXWDQDLQWHUQHWEUDVLOHLUDp ´]RHLUDµTXHRFXSDRVSULPHLURVOXJDUHVQDYDVWDQXYHPGH WDJVHUHIHUrQFLDV(FRPRHODQmRDFDEDQXQFDR*$*GHVHQ YROYHXDSOLFDWLYRTXHSHUPLWHHQFRQWUDUQRYRVPHPHVHPRQ WDJHQVDUHVSHLWRGRVDVVXQWRVPDLVTXHQWHVGRPRPHQWRRX UHVJDWDUUHIHUrQFLDVTXHSRGHPJDQKDUQRYRFRQWH[WRQRGLiOR JRRQOLQH2*$*$SSSRVVXLVLVWHPDGHYRWDomRHFRPHQWi ULRVTXHDMXGDGHWHUPLQDGDSLDGDDDSDUHFHUHQWUHRVSRVWVHP GHVWDTXHGDUHGH3HUIHLWRSDUDGHVFRQWUDLUQDVKRUDVYDJDV *UDWXLWRGLVSRQtYHOSDUD$QGURLGL26H:LQGRZV3KRQH

0(',80 'RVPHVPRVFULDGRUHVGR7ZLWWHU0HGLXPpXPDQRYDSODWD IRUPDTXHHVWiUHVVXVFLWDQGRRKiELWRGHEORJDU$VVLPFRPRD YHUVmRZHERDSOLFDWLYRSHUPLWHTXHVHXVHVFULWRVVHMDPYLVXD OL]DGRVSRUWRGDDFRPXQLGDGHSDUWLFLSDQWHRQGHRFRQWH~GRp DHVWUHOD2VHXWH[WRFLUFXODHQWUHRXWURVTXHWUDWDPGR PHVPRDVVXQWRSURSRUFLRQDQGRPDLRULQWHUDomRHQWUHDXWR UHVHWURFDGHFRQKHFLPHQWRVQDFRQVWUXomRGHGHEDWHV *UDWXLWRGLVSRQtYHOSDUD$QGURLGL26H:LQGRZV3KRQH




723&$6(

2(1&$17$0(1721$ 3523$*$1'$'26$126 ,9(/,6(%8$548( (QTXDQWRR0DPRQDV $VVDVVLQDVFRORFDYDWRGRVDGDQoDUR ´9LUDYLUDµHPVXDPHWHyULFD SUHVHQoDQRPXQGRGDP~VLFDPXLWD FRLVDWDPEpPEDODQoRXRVDQRV ,UUHYHUrQFLDHVFkQGDORVSROtWLFRV WUDJpGLDVOXWDSRSXODUH UHJXODPHQWDomRIRUDPDOJXPDVGDV PDUFDVGHVWDGpFDGDTXHWHYHQR PHVPRSHUtRGRHOHLomRH LPSHDFKPHQWGRSUHVLGHQWHPDLV QRYRGDKLVWyULDGRSDtVHPXGDQoDV WmRGLVSDUHVTXHFRQFUHWL]RXXPD QRYDHUDSDUDDFRPXQLFDomR2 &yGLJRGH'HIHVDGR&RQVXPLGRU FKHJRXHPRGLILFRXDVUHODo}HVHQWUH DVHPSUHVDVHFOLHQWHVRPHUFDGRGH SURSDJDQGDIRLREULJDGRDFRQWURODU FRPHUFLDLVGLUHFLRQDGRVDRS~EOLFR LQIDQWLOHPYLUWXGHGR&RQDQGD &RQVHOKR1DFLRQDOGRV'LUHLWRVGD &ULDQoDHGR$GROHVFHQWH HD LQG~VWULDWDEDJLVWDVRIUHXEDTXHFRP DVUHVWULo}HVSXEOLFLWiULDVHDH[LJrQFLD GHLQIRUPHVVREUHRXVRGRFLJDUUR 3RURXWURODGRRVKRPHQV SDVVDUDPDGHVWURQDUDVDQWLJDV JDURWDVSURSDJDQGDVHVHWRUQDUDP REMHWRVVH[XDLVQDSXEOLFLGDGHHD LQRYDomRGHXVHXVSULPHLURVSDVVRV FRPRVXUJLPHQWRHFRQVROLGDomRGD LQWHUQHWTXHQmRPRVWUDYDDLQGDVHX SRWHQFLDOFRPRHVWUDWpJLDGH PDUNHWLQJHFRPXQLFDomRRXFKDPDYD DWHQomRGRVSURILVVLRQDLVGDpSRFD 6HPSHUFHEHUXPDGPLUiYHOPXQGR QRYRHVWDYDFKHJDQGRGHPDQVLQKRH LULDWUDQVIRUPDURVHWRUPDLVRX

PHQRVSDUDRTXHFRQKHFHPRV 3527$*21,602'2+20(0 6HJXLQGRDWHQGrQFLDGDH[SORUDomR GDLPDJHPPDVFXOLQDD0DSSLQ WUDQVIRUPRXHPJDURWRSURSDJDQGDR DWRU9LFWRU)DVDQRTXHQDTXHOD GpFDGDHVWUHODYDDQRYHODJOREDO %DUULJDGH$OXJXHOFRPRR SHUVRQDJHP=HFDSDUDDQXQFLDUVHX IHVWLYDOGHPRGDtQWLPD2JDOmTXH WHYHPRYLPHQWDGDWUDMHWyULDQD WHOHYLVmRDRORQJRGRVDQRV 'H &RUSRH$OPD7URSLFDOLHQWH&DUDH &RURD6DOVDH0HUHQJXHH7RUUHGH %DEHOSRUH[HPSOR (PSUHVWRXWRGR VHXFKDUPHSDUDUHGHGHORMDVGH GHSDUWDPHQWRVDQXQFLDQGRRIHUWDV GHOLQJHULHFRPR´DSUHVHQWDGRUµHP XPEHORGHVILOHFRPRPRWH´1mRp LUUHVLVWtYHOPDVpDWpViEDGRµ $VVLPRKRPHPRFXSD GHILQLWLYDPHQWHXPQRYRSDSHOHFRP PXLWDSURSULHGDGHQHVWHFDVRHP SDUWLFXODU1HVWHSHUtRGRRDWRU 5H\QDOGR*LDQHFFKLQLTXHDLQGDQmR EULOKDYDQDWHOLQKDFRPRKRMHDSDUHFH HPFRPHUFLDOGR6KDPSRR6HGD SHUVHJXLQGRXPDEHODPRUHQDHPVHX FDUURLQFDSD]GHUHVLVWLUDRFKDUPH GDTXHOHFDEHORFRPSULGR5HVXOWDGR SUHIHUHSHUGHUXPDSDUHOKRGH FHOXODUWLMROmR DRMRJiORSDUDR DXWRPyYHOGHOD GRTXHSHUGrOD FRPSOHWDPHQWHGHYLVWD(IRLQHVWH FHQiULRTXHD6DPHOORDSRVWRXHP FRPHUFLDOHPTXHWUrVDPLJRV HQYHUHGDPSRUMRUQDGDSHODV

$0DSSLQWUDQVIRUPRXHPJDURWRSURSDJDQGDRDWRU9LFWRU)DVDQR TXHHVWUHODYDDQRYHODJOREDO%DUULJDGH$OXJXHO 

PRQWDQKDVPRVWUDQGRTXHHVWmR GLVSRVWRVDWXGRSDUDYLYHUHFXUWLUD IHOLFLGDGHHPRPHQWRV 2YWRULJLQDOFRPFHUFDGH GRLVPLQXWRVIRLFULDGRSHOD '0''%HGLULJLGRSRU)HUQDQGR 0HLUHOOHVHLPSDFWDYDRS~EOLFRFRP WH[WRHPEOHPiWLFRTXHH[SUHVVD WRGRHVVHVHQWLPHQWRGHEXVFDUPDLV TXDOLGDGHHDOHJULDVQDYLGD´8PD FDPSDQKDTXHVHPSUHILFDQDPLQKD FDEHoDpRFRPHUFLDOGD6DPHOORSDUD RSURGXWR&RXQWU\6LGHXPVDSDWRGD OLQKDGHOHVeXPILOPHTXHGL]TXHDV SHVVRDVWHPTXHDSURYHLWDUPHOKRUD YLGD7LQKDXPFRQFHLWR SRUTXHD YLGDpXPDVy 6HPSUHYDOHDSHQD UHYHU QmRVHLVHpDYHUVmRRILFLDO µ GL]0DWHXV%UDJDGLUHWRUH[HFXWLYR GHFULDomRGD,VREDU ') SDUDTXHP GHWHUPLQDGDVSDUWLFXODULGDGHV PDUFDPPDLVTXDQGRVHIDODGH SURSDJDQGD´1DPLQKDPHPyULD DOpPGHERDSURSDJDQGDVHPSUHILFD WDPEpPXPSRXFRGHDUWHHSRHVLDµ HQIDWL]D 6$%25,1,*8$/É9(/$ UHQRPDGD'0''%TXHGHWLQKD FRQWDVGHSHVRIRLUHVSRQViYHOSRU GLYHUVRVFDVHVGHVXFHVVRQDTXHOD


´3LSRFDH*XDUDQiTXHSURJUDPDOHJDO(XTXHURYHUSLSRFDSXODUSXODUµ XPGRVKLWVPDLVEHPERODGRVGDKLVWyULD

GpFDGDQRSDtVFRPR´3LSRFDQD 3DQHODµHPSDUDR*XDUDQi $QWiUFWLFD´2JRUGLQKRGD+RQGDµ  H7RPRX"  GD3DUPDODW TXHDSRVWDUDPHPSURSRVWDV DSDUHQWHPHQWHVLPSOHVHTXHIRUDP PDLVGRTXHHILFLHQWHV(QmRjWRD GXDVGHVVDVFDPSDQKDVVmRGHDXWRULD GHXPGRVFRPSRVLWRUHVGHMLQJOHV PDLVUHTXLVLWDGRGR%UDVLORP~VLFR &pVDU%UXQHWWLIDOHFLGRHPDJRVWRGH TXHFULRXRVVXFHVVRV 0DPtIHURVH3LSRFDFRP*XDUDQi 3UHPLDGDHUHHGLWDGDQDV YR]HVGHJUDQGHVDUWLVWDVQRVDRV FRPR&DUOLQKRV%URZQH &OiXGLD/HLWHDP~VLFDSDUDDEHELGD JDVHLILFDGD VHMDFRPELQDGDFRPXPD SLSRFDTXHQWLQKDRXXPDVDERURVD SL]]D pUHFRQKHFLGDDWpKRMHFRPR XPDGDVVHWHPDLVGDSXEOLFLGDGH

EUDVLOHLUDHPXPDSHVTXLVDUHDOL]DGD SHODUHYLVWD$ERXWFRP IRUPDGRUHVGHRSLQLmRGDSXEOLFLGDGH EUDVLOHLUDQDTXDOFRQVLGHUDUDP ´3LSRFDH*XDUDQiTXHSURJUDPD OHJDO(XTXHURYHUSLSRFDSXODU SXODUµXPGRVKLWVPDLVEHPERODGRV GDKLVWyULD(ODVHGHVWDFRXXPDYH] TXHFKDPRXPDLVDDWHQomRGRTXHD VXDLUPm´3L]]DH*XDUDQi(VWHpR VDERUµTXHHPWRPURPkQWLFRFRP ULWPRWtSLFRGHFDQo}HVGRVDQRV HQIDWL]DYDTXHHODFDLDEHPFRP TXDOTXHUVDERUGHSL]]DIRVVH PXVVDUHODEDQDQDRXTXDWURTXHLMRV (VWDVpULHIRLWDOYH]XPGRVPDLVEHP VXFHGLGRVFDVRVGHFRPHUFLDLV HVWUHODGRVSRUDOLPHQWRVTXHYLURX PRGDGDpSRFD )2)85$385$(QTXDQWRLVVRD PDUFDGHOHLWHVHWRUQRXXPFOiVVLFR FRPDTXHODVDGRUiYHLVFULDQoDVGH WUrVHTXDWURDQRVGHLGDGHYHVWLGRV FRPRDQLPDLVGHSHO~FLD FRPRR OHmRFDYDHOHIDQWHULQRFHURQWHJDWR FDFKRUURHQWUHPXLWRVRXWURV TXH GXURXWUrVDQRV$ILQDOFRPRXPD WXUPLQKDDQLPDGDGDTXHODQmRLULD HPSROJDUHFDWLYDUDRVRPGHXP MLQJOHTXHHQIDWL]DYDTXHHUDDPHOKRU IRUPDGH´0DQWHQKDRVHXILOKRWH IRUWHµHLGHDOSDUDTXHVH´7UDWHVHXV ELFKLQKRVFRPDPRUH3DUPDODWµ$ LQWHJUDomRGRS~EOLFRFRPRV PDPtIHURVGD3DUPDODWIRLWmRJUDQGH TXHDPDUFDDSRVWRXQXPDH[WHQVmR GDDomRFRPDomRSURPRFLRQDOTXH HQYROYLDDGLVWULEXLomRGHXPGRV PRGHORVGRVELFKLFRVHPSHO~FLDGD VpULHFRPDDSUHVHQWDomRGH FyGLJRVGHEDUUDVGHSURGXWRV MXQWDPHQWHFRP5

6(5)(/,=7{QLFDFRPXPGD pSRFDIRLPRVWUDUTXHVHUIHOL]HUD WXGRHVSHFLDOPHQWHDRDFRUGDU(IRL LVVRTXHDFDPSDQKDFULDGDSHOD< 5 IH]QRFRPHUFLDO0DUJDULQD$OO'D\ FRPRJRVSHO´2K+DSS\'D\µGR FRPSRVLWRU(GZLQ+DZNLQV&RP VHJXQGRVGHGXUDomRFRORFDUXP JDURWLQKRSUHSDUDQGRRFDIpGD PDQKmFDQWDQGRDOHJUHPHQWHD LQVSLUDGRUDP~VLFDIRLXPDJUDQGH VDFDGD&RPPXLWDFRPSHWrQFLD DTXHOHMRYHPJDURWRSURSDJDQGD LQWHUSUHWDGRSHORDWRU:DJQHU 6DQWLVWHEDQTXHLQWHJURXGLYHUVRV SURMHWRVQDWHOHYLVmRWHDWURHFLQHPD FRPR´1mR)DoRD0HQRU,GHLDGR 4XH(X7{)D]HQGR&RPD0LQKD 9LGDµ FRQWDJLDDWRGRVHGHXR SRQWDSpHPXPDVpULHGHILOPHV SXEOLFLWiULRVHVWUHODGRVSRUFULDQoDV 520$17,602(VWHSHUtRGR WDPEpPIRLPDUFDGRSHOR URPDQWLVPR8PDVpULHGH SURSDJDQGDVWLQKDHVWDSURSRVWDHP HVSHFLDOQRVHJPHQWRGHFKRFRODWHV FRPRR6RQKRGH9DOVD ODQoDGRVHP  HTXHGHXXPDUHYLUDYROWDIRUWH HPVXDFRPXQLFDomRFRPD LQVSLUDomR&RPDFDQomR´0\ 5RPDQFHµGH&DUO\6LPRQD'3= FULRXXPDVpULHGHSURSDJDQGDVSDUD HPEDODURFRQFHLWRGDFRPXQLFDomR SDUDRVWUDGLFLRQDLVERPERQVDSDUWLU GRSULPHLURILOPHHPTXHXPDMRYHP UHFHEHXPFKRFRODWHFRPXPELOKHWH

6DPHOOR FULDGRSHOD'0''%HGLULJLGRSRU)HUQDQGR0HLUHOOHVHLPSDFWDYDR S~EOLFRSRUWH[WRHPEOHPiWLFRQDYR]GH1HZWRQ3UDGRTXHH[SUHVVDWRGR HVVHVHQWLPHQWRGHEXVFDUPDLVTXDOLGDGHHDOHJULDVQDYLGD 


723&$6( ´2WHPSRSDVVD2WHPSRYRD(D SRXSDQoD%DPHULQGXVFRQWLQXD QXPDERDµ

GH´$WpXPGLDµQRDHURSRUWRDWpD FKHJDGDQRVHXGHVWLQRILQDOFRPD PHQVDJHPGHTXH´RVRQKRQmR DFDERX2VRQKRGH9DOVDp/DFWDµ (VWHIRLXPGRVYWVGLULJLGRVSRU )HUQDQGR)HUUHLUD0HLUHOOHVFLQHDVWD SURGXWRUHURWHLULVWDEUDVLOHLURTXH JDQKRXQRWRULHGDGHLQWHUQDFLRQDOFRP ILOPHVFRPR&LGDGHGH'HXV   2-DUGLQHLUR)LHO  H(QVDLR VREUHD&HJXHLUD  SRU H[HPSOR $OpPGHVWHFRPHUFLDO´0\ 5RPDQFHµWDPEpPIRLWHPDGR LQWLWXODGR´3URIHVVRUDµ  TXH WUDEDOKDYDRHVWHUHyWLSRGHXPDWtSLFD IDQWDVLDGRLPDJLQiULRDGROHVFHQWHGR SDVVDGRPRVWUDQGRRHQFDQWRGHXP DOXQRSHODVXDSURIHVVRUDHPXPDVDOD GHDXODHPVLWXDomRLQXVLWDGD 'HVFRQVLGHUDQGRR´SROLWLFDPHQWH FRUUHWRµRURPDQFHIRLFRQVWUXtGRH UHJDGRDPXLWRFKRFRODWHHWURX[H XPDHVWDSURSRVWDTXHJHURXYiULRV ILOPHVGHÂ&#x17D;FULDGRVHSURGX]LGRVQD PHVPDOLQKD(VVDVSURSDJDQGDVIRUDP HPEDODGDVSRUFRPSRVLo}HV URPkQWLFDVGHVXFHVVRFRPR´:KHQ, )DOOLQ/RYHµJUDYDGDSRU'RULV'D\ HPPDVSRSXODUL]DGDH LPRUWDOL]DGDHPSRU1DW.LQJ &ROH(VVHKLWFRPS{VDWULOKDGH ´7HOHIRQHµHPTXHRQDPRUDGROLJD SDUDGL]HUDVXDJDURWDTXHQmR FRPSDUHFHUiDRHQFRQWURGDQRLWH FRPDP~VLFDSDUDGHSRLV VXUSUHHQGrOD ',9(57,'2(6,03Ã&#x2030;7,&22 VLVWHPDILQDQFHLUREUDVLOHLURSDVVDYD SRUPXLWDVPXGDQoDVHSDUD FRQTXLVWDURS~EOLFRR%DPHULQGXV LQYHVWLXHPXPSULQFtSLREiVLFRSDUD UHIRUoDURVVHUYLoRVGDVXDSRXSDQoD FRPRFDWLYDQWHMLQJOH´2WHPSR SDVVD2WHPSRYRD(DSRXSDQoD %DPHULQGXVFRQWLQXDQXPDERDµ 

,QWHUSUHWDGRSHORJUXSR´2VWUrVGR 5LRµIRLFULDGRRULJLQDOPHQWHSRU 7HUHVD6RX]D OHWUD H:DOWHU6DQWRV P~VLFD QRLQtFLRGDGpFDGDGH HDRVHUUHVJDWDGRYLQWHDQRVGHSRLV FRQWRXFRPGLYHUVDVSHoDVLGHDOL]DGDV SHOD&ROXFFLFRPFULDomRGH)HUQDQGR 5RGULJXHV KRMHGLUHWRUGH&ULDomRGD '3= 0LOFH-XQTXHLUDH)HUQDQGR /HLWH(VVHVFRPHUFLDLVFRPRPRWH ´27HPSR3DVVD27HPSR9RDµ LQFRUSRUDUDPYiULDVSHUVRQDJHQVH DSOLFDo}HVGLYHUWLGDVHDQLPDGDVFRPR -D]]%DQGLQKDH0H[LFDQRV0DV DOJXQVDLQGDFRQWDUDPFRPDSDULo}HV HVSHFLDLVFRPRRGHVHUWDQHMRTXH WLYHUDPDSDUWLFLSDomRGRVFDQWRUHV 6pUJLR5HLVH$OPLU6DWHUDOpPGHXP QRHVWLORSLDQREDUFRPDDWUL]0DULVD 2UWKFRPRKXPRULQLJXDOiYHOGD DUWLVWD (VWHVXFHVVRGHFRPXQLFDomR GD%DPHULQGXVIRLPDUFDQWHHGXURX SRUXPERPWHPSRDWpTXDQGRDUHGH EDQFiULDDGRWRXRDWRU7RQL/RSHV2 EDUEXGRJDURWRSURSDJDQGDFRP DSDUrQFLDFRQILiYHOSHJRXFDURQDQR MLQJOHSDUDUHIRUoDUDFUHGLELOLGDGHGR

EDQFRHPDOJXQVFRPHUFLDLVSRUDQRV DILR(WRUQRXVHDFDUDGDSRXSDQoD %DPHULQGXV+RMH+6%&R %DPHULQGXVQmRIRLHVTXHFLGRHWRGRV OHPEUDPTXH´2WHPSRSDVVDR WHPSRYRDHDSRXSDQoD%DPHULQGXV FRQWLQXDQXPDERDµ´&RPRVRX P~VLFRQDVKRUDVYDJDVPHOHPEURGH DOJXQVKLWVTXHIRUDPVXFHVVRQDV GpFDGDVGHHFUHGHQFLDUDP DQXQFLDQWHV$FDPSDQKDGH*XDUDQi $QWiUFWLFDTXHSURSXQKDD FRPELQDomRGHSL]]DRXSLSRFDFRP JXDUDQiIRLPHPRUiYHO'HSRLVFRPR SDUDQDHQVHPHOHPEURGD LQHVTXHFtYHOVpULHGR+6%& DQWLJR %DPHULQGXV HVHXVP~VLFRVFRPD 3RXSDQoD%DPHULQGXVGXVGXVGXV 3RU~OWLPRRVILOPHVFRPRVELFKRVGH SHO~FLDGD3DUPDODW(XVLQWRIDOWD GHVVHVKLWVTXHYHPGDSURSDJDQGDH JDQKDPDERFDGRVFRQVXPLGRUHVHDV UXDV7RPRX"µGL])iELR0HQHJKDWL GLUHWRUJHUDOGHDWHQGLPHQWRGD 0RRGSDUDTXHPHVVHVIRUDPPDLV PDUFDQWHV


./$8',$6$%,12_./$8',$6$%,12#$//,$1&(&20%5

&21+(&(1'2232'(5 '2%,*'$7$ 0XLWRIDODGRSULQFLSDOPHQWHQD~OWLPDGpFDGD DSyVDSRSXODUL]DomRGDVUHGHVVRFLDLVDSOLFDWLYRVH VPDUWSKRQHVRWHUPRELJGDWDSDUHFHXPDSDODYULQKD YLQGDGRIXWXURRXWUD]LGDSRUDOJXPDOLHQtJHQDHPXPD QDYHHVSDFLDO$RRXYLODPXLWDVSHVVRDVWHPDFHUWH]DGR FRPSOHWRGHVFRQKHFLGR2XWUDVSRUpPMiVDEHPVHWUDWDU GHXPJLJDQWHVFRQ~PHURGHGDGRVJHUDGRVWRGRVRVGLDV TXHHVWiDIHWDQGRRFRWLGLDQRGHWRGRVPDVQmRVDEHPGH RQGHYHPRXRTXHVHSRGHID]HUFRPHOHV$PSOLDUR DOFDQFHGHFRQKHFLPHQWRVREUHRVGDGRVHVREUHRV GHVDILRVLPSRVWRVSDUDXWLOL]iORVFRPRH[SHUWLVHVmR DOJXQVGRVREMHWLYRVGHVWHDUWLJR 7UDGX]LQGRDFRPSOH[LGDGHRWHUPRELJGDWD UHSUHVHQWDRVLQ~PHURVGDGRVJHUDGRVDSDUWLUGR FRPSRUWDPHQWRGDVSHVVRDVHRFRUUrQFLDVQRDPELHQWH YLQGRVGHGLYHUVDVIRQWHVHTXHSRGHPVHUSURFHVVDGRVH RUJDQL]DGRVSRUVRIWZDUHVHIHUUDPHQWDVGHEDQFRGH GDGRV2WHUPRELJGDWDWDPEpPFRVWXPDVHUGHILQLGRSRU WUrVSDODYUDVYROXPHYDULHGDGHHYHORFLGDGH2YROXPH XPDGDVFDUDFWHUtVWLFDVTXHRID]SDUHFHUFRQIXVRGL] UHVSHLWRDRVHPILPGHGDGRVJHUDGRVGLDULDPHQWH +RMHHPGLDRYROXPHpJLJDQWHSRUVHUHP JHUDGRVFRQWLQXDPHQWHQRVYiULRVFDQDLVGDLQWHUQHWQRV DSOLFDWLYRVQRVFHOXODUHVHVPDUWSKRQHVQDVHPSUHVDV SULYDGDVQDVFRPSDQKLDVS~EOLFDVHHPGLYHUVRVVHUYLoRV FRPRRVVHQVRUHVGHWUiIHJRHDVFkPHUDVGHVHJXUDQoD 7XGRJHUDGDGRV6ySDUDVHWHULGHLDGHD IRUDPJHUDGRVYH]HVPDLVGDGRVGRTXHWRGRR YROXPHJHUDGRHPQRVVDH[LVWrQFLDDWp-iD YDULHGDGHGL]UHVSHLWRjVIRUPDVGHGDGRVTXH HQFRQWUDPRVFRPRRVGDGRVHVWUXWXUDGRVDH[HPSORGRV UHODWyULRVHVWDWtVWLFRVGDVHPSUHVDVHRVGDGRVQmR HVWUXWXUDGRVFRPRWH[WRVLPDJHQVYtGHRVHiXGLRVTXH FLUFXODPQDLQWHUQHW(DYHORFLGDGHHVWiUHODFLRQDGDj UDSLGH]FRPTXHHVWHVGDGRVVmRJHUDGRVDWXDOPHQWHHDR TXmRUiSLGRpFDGDYH]PDLVQHFHVViULRTXHRVPHVPRV VHMDPDQDOLVDGRVSDUDDWRPDGDGHGHFLVmR$VHPSUHVDV SUHVHQWHVQDVUHGHVVRFLDLVSUHFLVDPUHVSRQGHUPXLWR UDSLGDPHQWHDFUtWLFDVHWRPDUGHFLV}HVVREUHSUREOHPDV FDXVDGRVDRVFOLHQWHVSRVLomRTXHDQWHVSRGLDOHYDU PHVHV'DGRVGRGLDDQWHULRUHPPXLWDVVLWXDo}HVGH LQWHUDomRFRPRFRQVXPLGRUSRUH[HPSORVmR FRQVLGHUDGRVGDGRVYHOKRV

'(6$),2²&ROHWDUHDQDOLVDUGDGRVSDUDREWHU LQIRUPDo}HVHFRPHODVJHUDULQRYDomRRXPHOKRULDVQmRp DOJRQRYR2TXHWHPGHQRYRHOHYDRQRPHGHELJGDWDp RYROXPHGHGDGRVVXDVLQ~PHUDVIRQWHVHDYHORFLGDGH FRPTXHVmRJHUDGRVHSUHFLVDPVHUWUDWDGRVSDUDVH REWHULQWHOLJrQFLDHSURPRYHUPHOKRULDVHLQRYDomRQRV QHJyFLRVHQRVVHUYLoRVjVRFLHGDGH(VWHpRGHVDILR LPSRVWRjVHPSUHVDVHDRVVHXVSURILVVLRQDLVGHQHJyFLRVH WHFQRORJLD8PSHUFHQWXDOPXLWRSHTXHQRGHHPSUHVDV XWLOL]DRELJGDWDFRPRIHUUDPHQWDSDUDREWHUGLIHUHQFLDLV PDVpFHUWRTXHDTXHODVTXHXWLOL]DUHPLUmRVDLUQDIUHQWH 6HJXQGRR,QVWLWXWRGH7HFQRORJLDGH0DVVDFKXVHWWV 0,7  HPSHVTXLVDUHDOL]DGDHPDVHPSUHVDVTXHXWLOL]DP RVGDGRVSDUDDWRPDGDGHGHFLVmRHPYH]GH VLPSOHVPHQWHXWLOL]DUDH[SHULrQFLDHDLQWXLomRWHPJDQKRV GHSURGXWLYLGDGHGHXPDYDQWDJHPFRPSHWLWLYD YDOLRVDDILUPD&H]DU7DXULRQHVSHFLDOLVWDQRDVVXQWR $LQGDFRPIRFRQRDPELHQWHGHQHJyFLRVRXWUR JUDQGHGHVDILRGHYHVHURGHFRQYHUJLURVGDGRVJHUDGRV QRGLDDGLDGDRSHUDomRGDVHPSUHVDVFRPRRVGDGRVGH YHQGDHGHSURGXomRFRPRVGDGRVYLQGRVGDUHGH LQWHUQHW DVPpWULFDVGRVFDQDLVRQOLQHGDHPSUHVD VLWH HFRPPHUFHUHGHVVRFLDLVHEORJV (VWHVGDGRVWDQWRGD SULPHLUDTXDQWRGDVHJXQGDRULJHPUHSUHVHQWDPDV UHVSRVWDVGRVFRQVXPLGRUHVGL]HPUHVSHLWRjVXD LQWHUDomRFRPDHPSUHVDFRPVHXVSURGXWRVHFRPDVXD PDUFDHTXDQWRPDLVHODFRQKHFHUHVWHFRPSRUWDPHQWRH UHVSRQGHUDHOHUDSLGDPHQWHHGHIRUPDSHUVRQDOL]DGD PDLVVXFHVVRHYDQWDJHPFRPSHWLWLYDREWHUi $6(035(6$61®2(67®235(3$5$'$6²$V HPSUHVDVQmRHVWmRSUHSDUDGDVQRTXHWDQJHDRVSLODUHV GHXPDRUJDQL]DomR3HVVRDV3URFHVVRV(VWUXWXUDH 7HFQRORJLD(RSUREOHPDQmRpSURSULDPHQWHDFROHWDGH GDGRV$VHPSUHVDVGHPpGLRSRUWHMiWUDEDOKDPFRP DOJXPVLVWHPDGHFROHWDGHGDGRVHJUDQGHSDUWHGDV SHTXHQDVWDPEpP0DVPHVPRQDVJUDQGHVHPSUHVDVR SUREOHPDpGHVWLQDUSHVVRDVHHVWUXWXUDHFULDURV SURFHVVRVSDUDDLQWHOLJrQFLDGHQHJyFLRFRPEDVHQRV GDGRVPLQHUDomRHDQiOLVHJHUDomRGHLGHLDVH LPSOHPHQWDomRGHHVWUDWpJLDVHDo}HV2DVVXQWRQmRSDUD SRUDTXLPDVMiVDEHPRVDOpPGRFRQFHLWRTXHELJGDWD VHPDSOLFDomRQmRVHUYHSDUDQDGD 


),&+$6

,48,1(e $7,17$ ,TXLQHpD7LQWD(VWHpRVORJDQGDQRYD FDPSDQKDSXEOLFLWiULDGDPDUFDFULDGD SHOD006&RPXQLFDomRTXHWUD]FRPR JDURWRSURSDJDQGDXPGRVDWRUHVPDLV TXHULGRVGDWHOHYLVmRRJDOm5H\QDOGR *LDQHFFKLQL$FDPSDQKDID]XPD GLYHUWLGDDVVRFLDomRHQWUHRQRPH,TXLQH HRVREUHQRPHGRDWRU*LDQHFFKLQL$ HVWUDWpJLDFULDWLYDGDDJrQFLDEXVFDIL[DU PDLVDPDUFDQDFDEHoDGRFRQVXPLGRU $FDPSDQKDHVWiVHQGRYHLFXODGDQD WHOHYLVmRUiGLRRXWEXVHIRUWHDomRQRV SRQWRVGHYHQGD

$JrQFLD006&RPXQLFDomR 3( &OLHQWH7LQWDV ,TXLQH3ODQHMDPHQWRH$WHQGLPHQWR0DULD(XJrQLDH 0DULDQD$UD~MR&ULDomR/XL]0RQWHQHJUR)HUQDQGD 6RDUHV$OIUHGRGH/D7RUUHH&DUROLQD3DHV%DUUHWWR 0tGLD/HLOD%DQGHLUD579&9DOPLUD$QGUDGHH 5REHUWD)RQWHV3URGXWRU*UiILFR$OIUHGR0HOR $SURYDomR$ODQ6RX]D

78'2$=8/ ´1DWDOWXGRD]XOµpRWHPDGDFDPSDQKDGHILPGHDQRGR6KRSSLQJ%RD9LVWDTXHID]DOXVmRjOLQKDGHFRPXQLFDomRGR 6KRSSLQJDRORQJRGH2FRQFHLWRUHSUHVHQWDXPHVWDGRGHOHYH]DLQGLFDQGRTXH1DWDOWXGRD]XOpJDQKDU IHOLFLGDGHGHSUHVHQWH$FULDomRpGDDJrQFLD0DUWSHW$FDPSDQKDHVWiSUHVHQWHHP79UiGLRMRUQDORXWGRRUEDFNEXV HZHEDOpPGDVSHoDVGHVLQDOL]DomRGRPDOO297IRLSURGX]LGRSHOD(DV\)LOPHVSURGXWRUDGH&XULWLEDUHVSRQViYHO SRUGLYHUVRVILOPHVGHFDPSDQKDVQDFLRQDLVHTXHHVWiHPVXDSULPHLUDSDUFHULDFRPR6KRSSLQJ%RD9LVWD $JrQFLD0DUWSHW&RPXQLFDomR 3( &OLHQWH6KRSSLQJ%RD9LVWD $WHQGLPHQWR7KHPLV8HKEH'LUHWRUGH&ULDomR'LHJR&XUYrOR+HDG RI$UWH%HUJ&DUYDOKR5HGDWRUHV3DW\GRV$QMRVH'LHJR&XUYrOR 'LUHomRGH$UWH%HUJ&DUYDOKRH%HUJ)UHLUH579&6DQGUD7RUUHmR $SURYDomR-RVp/XL]H7DUFLD*DOYmR




5,9(56+233,1* $126 eFRPDFDPSDQKD´1DWDOGRVDQRV GR5LYHU6KRSSLQJµTXHRPDOOIHVWHMDD PHOKRUGDWDGRDQRSDUDRYDUHMR$FDGD 5HPFRPSUDVRFOLHQWHWURFDSRU XPFXSRPHOHWU{QLFRHFRQFRUUHDXPD FDVDTXHVHUiVRUWHDGDQRGLDGH MDQHLUR3DUDGLYXOJDUDFDPSDQKDIRUDP FULDGDVSHoDVSDUD79UiGLRMRUQDO RXWGRRUHZHEDOpPGDVSHoDVGH VLQDOL]DomRGRPDOO4XHPDVVLQDpD &ULDomR2ULJLQDO $JrQFLD&ULDomR2ULJLQDO 3(  &OLHQWH5LYHU6KRSSLQJ $WHQGLPHQWR-XDUH]&DQHMR 'LUHWRUGH&ULDomRH 3URGXomR7KDUFtVLR7HOHV 0tGLD7kPDUD0HQGHV $SURYDomR(OLiULD5HLVH :HOWRQ&DUYDOKR

'(6(-26'(1$7$/

21DWDOpXPSHUtRGRPiJLFRQRDQR(SDUDGHL[DUHVVDpSRFDDLQGDPDLV HVSHFLDOR6KRSSLQJ'LIXVRUDGH&DUXDUXODQoDDFDPSDQKD´'HVHMRVGH1DWDOµ 2FRQFHLWRpPRVWUDUjVSHVVRDVTXHWRGRVRVVRQKRVWtSLFRVGRSHUtRGR SRGHPVHWRUQDUUHDOLGDGH3DUDFRURDUDDomRXPVRUWHLRGHWUrVFDUURV]HUR NPYDLDQLPDURS~EOLFRDDFHOHUDUDVFRPSUDVGHILPGHDQR3DUDFRQFRUUHUDR VRUWHLREDVWDWURFDUQRWDVILVFDLVTXHWRWDOL]HP5HPFRPSUDVQR 'LIXVRUDSRUXPFXSRPTXHGHSRLVGHSUHHQFKLGRGHYHVHUFRORFDGRQDXUQD

$JrQFLD*HQHVLV&RPXQLFDomR 3( &OLHQWH6KRSSLQJ'LIXVRUD $WHQGLPHQWR&DWKDULQQH*DOYmR H&OpD%DUERVD'LUHomR*HUDO +pOLR&KDUOHV'LUHomRGH &ULDomR/XL]*RQ]DJD'LUHomR GH$UWH/XL]*RQ]DJDH-~OLR &DUYDOKR5HGDomR:HGQD3ULVFLOD $UWH)LQDO/XFLDQR*RQoDOYHV 0tGLD(OWRQ)HUUHLUD3URGXomR *UiILFD)UDQFLDQH0HOR




$*Ã&#x2C6;1&,$6,17(*5$'$6

48$1'2$81,®2 )$=$)25d$ ,9(/,6(%8$548(

´2QRVVRQHJyFLRIRUPDVHDSDUWLU GDXQLmRGHWDOHQWRVHPDUFDV FRQVDJUDGDVeXPJUXSRTXHWHUi QmRDSHQDVD$PSODFRPRHPSUHVD PDVWDPEpPXPDVpULHGHRXWUDV RSHUDo}HVFRPIRFRHP FRPXQLFDomRWHFQRORJLDH LQRYDomRµDILUPD4XHLUR])LOKR &(2GR*UXSR'XFD 

PDLVLQpGLWRFRPRFDUDFWHUtVWLFD LPSRUWDQWHHPVHXVSURFHVVRVGH WUDEDOKRGHFULDomRHSODQHMDPHQWR( QmRjWRDDJUHJRXWXUPDPXLWRERD QRTXHID]HDFUHGLWDSDUDD HPSUHLWDGDIRFDQGRQDDPSOLDomRGH QRYDVRSRUWXQLGDGHVSDUDDVWUrV RSHUDo}HV´&RQILDPRVTXHFRPD XQLmRGDVH[SHULrQFLDVGH SXEOLFLWiULRVGHVLJQHUVHWHFQRORJLD SRGHUHPRVFULDUQRYRVQHJyFLRV LQRYDGRUHVGHFUHVFLPHQWR HPSUHHQGHGRUMXQWRDJUDQGHV PDUFDVGRVQRVVRVFOLHQWHVµH[SOLFD 4XHLUR] 1HVWHSURFHVVRD'XFD WUDEDOKDUiFRPD6RGHWXPDHPSUHVD GHFRQVXOWRULDTXHSURS}HDFRQH[mR HQWUHQHJyFLRVWHFQRORJLDHSHVVRDV GHDPSODSHQHWUDomRHPiUHDVFRPR WHFQRORJLDVRFLDOGHVLJQWKLQNLQJ UHGHVVRFLDLVHPSUHHQGHGRULVPR XVDELOLGDGHHYLVXDOWKLQNLQJ´$6RGHW WHPPXLWRSUD]HUGHVHWRUQDU SDUFHLURHVWUDWpJLFRGR*UXSR'XFD ORJRQRVHXODQoDPHQWR)D]HPRV

SDUWHGD,NHZDLJUXSRGHLQRYDomRH QRYRVQHJyFLRVRQGHWHPRVRV PHVPRVJHQHVGR*UXSR'XFD2 PHUFDGRQRUGHVWLQRHGR(VStULWR 6DQWRDLQGDWHPPXLWRSDUDFUHVFHU FRPQRYDVRSRUWXQLGDGHVGLJLWDLV FULDGDVFRPHVWDSDUFHULDµDILUPD 7HFR6RGUp&(2GD6RGHW 5HVSRQViYHOSRUHVWUXWXUDUH GHVHQYROYHUDPELHQWHVHSODWDIRUPDV GLJLWDLVGHDOJXPDVGDVPDUFDVPDLV FRQKHFLGDVGR%UDVLO FRPR),$7 9RWRUDQWLP-((3H(PEUDHU HODWUD] SDUDHVWHQRYRPRGHORDSURSRVWDGH FULDomRGHSDUFHULDVHVWUDWpJLFDVSDUD LQRYDUQRVQHJyFLRVSDUDRVFOLHQWHV VHMDPFRPVWDUWXSVIRPHQWDGRUHVGD HFRQRPLDFULDWLYDHSURILVVLRQDLVH HPSUHHQGLPHQWRVTXHSRVVDP FRQWULEXLUFRPDSURSRVWD´(QTXDQWR DGLUHWRULDGD'XFDHVWLYHUFXLGDQGR GDJHVWmRDGPLQLVWUDWLYDHILQDQFHLUD LUHPRVFULDUHVWUDWpJLDVSDUDQHJyFLRV MiH[LVWHQWHVHDLQGDSDUDQRYRV QHJyFLRVUHFHLWDVHQRYLGDGHV$OpP GDVSDUFHULDVHQHJyFLRVTXH '$1,(/$1$'(5

,QRYDomRHVWiGHILQLWLYDPHQWH QDFULVWDGDRQGDHSRULVVRDSRVWDU QHVWDYHUWHQWHpPDLVGRTXH WHQGrQFLD(HVWHVHUiRSULQFLSDO GLIHUHQFLDOGR*UXSR'XFDFXMR ODQoDPHQWRFDXVRXUHFHQWHDOYRURoR QRPHUFDGR$KROGLQJJHULGDSHOR SXEOLFLWiULR4XHLUR])LOKRSUHVLGHQWH GD$PSOD&RPXQLFDomR 3( VHUYLUi PDLVGRTXHDSRUWHJHUHQFLDOSDUDDV WUrVRSHUDo}HVHQYROYLGDV D$PSOD &RPXQLFDomRD%*HD$PSOD (VStULWR6DQWR 3RGHPRVFRQVLGHUDU TXHRLQWHUHVVDQWHGHVXDSURSRVWDp GHVYLQFXODUGHGHQWURGDVHPSUHVDV SURFHVVRLPSRUWDQWHVSDUDVHXVERQV IXQFLRQDPHQWRV,VVRSRUTXHR SURFHVVRGHSODQHMDPHQWR SURVSHFomRHH[HFXomRGDVDWLYLGDGHV LQWHUQDVQmRGmRPDLVFRQWDGD UHQRYDomRWmRQHFHVViULDQRVGLDVGH KRMH´2QRVVRQHJyFLRIRUPDVHD SDUWLUGDXQLmRGHWDOHQWRVHPDUFDV FRQVDJUDGDVeXPJUXSRTXHWHUiQmR DSHQDVD$PSODFRPRHPSUHVDPDV WDPEpPXPDVpULHGHRXWUDV RSHUDo}HVFRPIRFRHP FRPXQLFDomRWHFQRORJLDHLQRYDomRµ DILUPD4XHLUR])LOKR&(2GR*UXSR 'XFD 7RGRRFRQFHLWRGR*UXSRVH EDVHLDDQWHVGHWXGRHPGHVHQYROYHU QRYR'1$QDVDJrQFLDVTXHR LQWHJUDPDFDSDFLGDGHGHIHFKDU DOLDQoDVIRUWHVHLQWHJUDURTXHIRUGH


'$1,(/$1$'(5

4XHLUR])LOKRHWRGDDWXUPD'XFD

SURVSHFWDUHPRVEXVFDUHPRV LQRYDomRSDUDSURSRUFLRQDUQRYDV SRVVLELOLGDGHVSDUDR*UXSRDWUDYpV GR'XFD,QQRYDWLRQ/DEVµGL]6RGUp &RPIRFRQR DSHUIHLoRDPHQWRGDVLGHLDVSDUD H[SDQGLUDFULDWLYLGDGHHVWH ODERUDWyULRWHPFRPRREMHWLYRFULDU HVWXGDUHGHVHQYROYHUQRYDV WHFQRORJLDVQRYRVIRUPDWRVH FRODERUDo}HVSDUDDMXGDUDVPDUFDVH HPSUHVDVDID]HUHPQRYRVH PHOKRUHVQHJyFLRVHPVHXV PHUFDGRV´2'XFD,QQRYDWLRQ/DEV SURPRYHUiPXGDQoDVGH FRPSRUWDPHQWRVFRPDEXVFDGH SUREOHPDVSDUDSURWRWLSDUUHVSRVWDV VHQGRDVVLPGHVHQYROYHUHPRV SURWyWLSRGDVFRLVDVSDUDSURYRFDU LPSDFWRQRPHUFDGRµGHVWDFD6LOYLR 0HLUDH[FLHQWLVWD&KHIHGR&(6$5H DWXDOVyFLRGD,NHZDLTXHpXPD KROGLQJQDTXDOHVWiLQVHULGDD6RGHW 8PGRVVyFLRVHIXQGDGRUHV GDFRQVXOWRULDHTXHWDPEpPDWXDUi FRPRFRQVHOKHLURGR'XFD,QQRYDWLRQ /DEV0HLUDUHIRUoDTXHXPGRVVHXV SDSHLVQHVWHSURFHVVRVHUiROKDUDV RSHUDo}HVFRPD6RGHWHSHQVDUHP XPSUREOHPDSDUDFULDUQRYDV SURSRVWDVSDUDRGHVHQYROYLPHQWRGH

SURMHWRVXPDLGHLDTXHSRGHVHU UHDOL]DGDDWpPHVPRHPFRODERUDomR FRPRVFOLHQWHVDWXDLVHIXWXURVFRP RVTXDLVDVHPSUHVDVDWXDP ´)DUHPRVPDLVGRTXHSODQHMDPHQWRV IDUHPRVGHVHQKRGHLQRYDomRTXH SURSRUFLRQDUiXPKXEGHFRQH[}HV FRPHSDUDWRGDVDVRSHUDo}HV FDWDQGRSRUH[HPSORGHQWURHIRUD GR3RUWR'LJLWDOHVWUDWpJLDVQHWZRUN HVLVWHPDVSDUDLQWHJUDUDSURSRVWDGD KROGLQJµHQIDWL]D6LOYLR 4XHLUR])LOKRRFXSDUiD SUHVLGrQFLDGD$PSOD&RPXQLFDomR DWpRGLDGHMDQHLURGH TXDQGRDDJrQFLDFRPHPRUDUiTXDWUR GpFDGDVGHH[LVWrQFLD&RPD LQYHVWLGDDVDJrQFLDVHQYROYLGDV OLGHUDPSURFHVVRGHWUDQVIRUPDomR QRVHWRUTXHHQIUHQWDRVLPSDFWRVGD FULVHQDFLRQDOPDVFRPDSRVWDRXVDGD TXHFRQWULEXtUDSDUDLQMHWDUQRYDYLVmR GHWUDEDOKR$HVFROKDGRQRPHSDUWLX GDLGHLDGHTXH´'XFDpVXSHUODWLYR SDUDDOJRPXLWRPHOKRUGRTXHERPµ HSDUDWDQWRPXLWRVHVIRUoRVVHUmR FRQFHQWUDGRVQHVWHQRYRPRGHORGH QHJyFLRVTXHMiIRLDGRWDGRH GHVHQYROYLGRSRURXWURVJUXSRV PXQGLDOPHQWHFRQKHFLGRVFRPRR 2PQLFRP*URXS*UXSR$%&:33

H3XEOLFLV*URXS &RPDPHWDGHGREUDUHP FLQFRDQRVRVLQYHVWLPHQWRVLQLFLDLVQD RUGHPGHPLOK}HVGHUHDLVHP FRPXQLFDomRDKROGLQJLQWHJUDUiXP WLPHGHSURILVVLRQDLVGHSHVRGHQWUR GDVXDVHGHDVHULQVWDODGDQR SULPHLURWULPHVWUHGHQR 5LRPDU7UDGH&HQWHUQR3LQD=RQD 6XOGR5HFLIH(VWHpRPHOKRU VHQWLQGRGHXQLmRID]DIRUoDSDUD FRQFUHWL]DUXPDLGHLD(LQWHJUDD *UXSRQRYH²XPDGDVDJrQFLDVPDLV DQWLJDVHFRQVROLGDGDVGRPHUFDGR FRPTXDWURGpFDGDVGHSUHVHQoDGH PHUFDGRHD3ODQR%HPSUHVD MRYHPHFRPIRUWHDWXDomRDRORQJR GHDQRVFRPDQGDGDSRU0DWKHXV $VIRUDH7RQL)HUUHLUDTXHIRUDP HVWDJLiULRVGD$PSOD(HVWHSURFHVVR GHHVWUXWXUDomRFRPHoRXFRPXPD SDTXHUDTXHMiURODYDHQWUHD*HD 3ODQR%HTXHVHWRUQRXXP FDVDPHQWRTXHSURPHWHDLQGDGDUR TXHIDODUVHJXQGRDDWXDOFR SUHVLGHQWHGD%*&HFtOLD)UHLWDV(OD GLYLGLUiDGLUHomRFRP7RQL)HUUHLUD QRQRYRHPSUHHQGLPHQWRTXH FRPHoRXDGLYLGLURPHVPRHVSDoR GHVGHRGLDGHGH]HPEUR




*,52 $03521$&,21$/&20129$',5(725,$ $QRYDGLUHWRULDGD$PSUR²$VVRFLDomRGH0DUNHWLQJ 3URPRFLRQDOSDUDRELrQLRIRLHP DVVHPEOHLDTXHDFRQWHFHXQDVHGHGD(QWLGDGHHP 6mR3DXOR$SDUWLUGHD$VVRFLDomRVHUi OLGHUDGDSHODSULPHLUDYH]SRUXPFKDLUPDQ²&pOLR $VKFDU-UVyFLRGLUHWRUGD$NWXHOOPL[DRODGRGR SUHVLGHQWH²:LOVRQ)HUUHLUD-UVyFLRGLUHWRUGD DJrQFLD(WQDTXHVXFHGHTXDWURDQRVGHPDQGDWRGH .LWR0DQVDQRVyFLRGLUHWRUGD5RFN­IUHQWHGD YLFHSUHVLGrQFLDQDFLRQDOHVWDUi0LOWRQ6DQWDQDVyFLR GLUHWRUGD$6LPHDWXDOSUHVLGHQWHGR&DStWXOR 1RUGHVWHGD$PSUR$VVXPLUmRWDPEpPFRPR93V 5LFDUGR%HDWR .HHSHU DWXDOQDiUHD$GPLQLVWUDWLYDH )LQDQFHLUD0DXULFLR0DJDOKmHV 7XGR SDUDDViUHDVGH0DUNHWLQJH&RPXQLFDomRH0RLVHV*RPHV 7HUUXi SDUD 5HODo}HV*RYHUQDPHQWDLV3DUDR&RQVHOKR&RQVXOWLYRGRELrQLRIRUDPLQGLFDGRV%D]LQKR)HUUD] %IHUUD] &ODXGLR ;DYLHU 1HZ6W\OH 0DULD/DXUD1LFRWHUR 0RPHQWXP 3DXOR)RFDFFLD )$6$GYRJDGRV H6LOYDQD7RUUHV 0DUNXS $ LQGLFDomRGH0LOWRQ6DQWDQDSDUDDYLFHSUHVLGrQFLDQDFLRQDOIRLXPDGDVHVWUDWpJLDVGDQRYDGLUHWRULDSDUDDPSOLDUDV Do}HVGD$PSURSHOR%UDVLO$QRYDGLUHWRULDDVVXPHRILFLDOPHQWHQRGLDGHMDQHLURGH 3/$7$)250$'(35202d¯(6 $+LYHGHVHQYROYHGRUDGHSURPRo}HVDFDEDGH ODQoDURQRYRSURMHWRHPSDUFHULDFRPD3 *2 3URPR7DJ3 *FRQFHQWUDWRGDVDVFDPSDQKDVGD PDUFDGHQWURGHXPPHVPRDPELHQWHIDFLOLWDQGR WRGRRSURFHVVRGHGHVHQYROYLPHQWRGHXPDQRYD DomRSURPRFLRQDO$OpPGLVVRDSODWDIRUPD SRVVLELOLWDDRXVXiULRVHFDGDVWUDUHPWRGDVDV SURPRo}HVSRVVtYHLVDPSOLDQGRDVFKDQFHVGH JDQKDUSUrPLRVGHVFRQWRVYLDJHQVHWF,VVRJDUDQWH PDLRUHQJDMDPHQWRHQWUHDPEDVDVSDUWHVSRLVWRGDV DVSURPRo}HVHVWmRFRQFHQWUDGDVHGHIiFLODFHVVR 2OHLDXWHpVLPSOHVHPLQLPDOLVWDJDUDQWLQGRD FODUH]DGDVLQIRUPDo}HVHDX[LOLDQGRDQDYHJDomRGR XVXiULR2NH\YLVXDOFRQWLQXDVHQGRLPSRUWDQWH SRUpPGHL[DGHVHUHOHPHQWRSULQFLSDOGHVWH DPELHQWH 5()5(6&Ã&#x2021;1&,$&20&217(Ã&#x201D;'2 (PFRPHPRUDomRDRVTXDWURDQRVGRVSRUWDLV*ORERFRP UHJLRQDLV*3(H*ORER(VSRUWHFRP3(D5HVHUYD &RPXQLFDomRGH0DUFLR4XLULQRH/XFtGLR/HmRFULRX FDPSDQKDVXUSUHVDMXQWRFRPRPDUNHWLQJGD*ORERFRP SDUDDOJXPDVDJrQFLDVGR5HFLIHFRPIRFRHPGLJLWDO$LGHLD IRLIHVWHMDURVGLDVGRVSRUWDLVGHXPDIRUPDGLYHUWLGD UHIRUoDQGRDTXDOLGDGHHDFUHGLELOLGDGHGRFRQWH~GRTXHVyD *ORERWHP)RUDPLQVWDODGRVIUHH]HUVSHUVRQDOL]DGRV UHSOHWRVGHSDOHWDVPH[LFDQDVGHQWURGDVDJrQFLDVHDLQGD FkPHUDV*R3URSDUDJUDYDUDUHDomRGDVSHVVRDV1HZVOHWWHUV IRUDPHQYLDGDVDQWHVGXUDQWHHGHSRLVGDDomR VHUYLQGR FRPRXPDPtGLDGHVXSRUWH FDGDXPDWLQKDFRPXQLFDomR HVSHFtILFDSDUDFDGDPRPHQWR$RILQDOIRLGHVHQYROYLGRXP YtGHRTXHPRVWUDYDDUHDomRGRVSXEOLFLWiULRVDRVHGHSDUDU FRPRIUHH]HU7RGDVDVSHoDVFULDGDVIRUDPEDVHDGDVQR PRWH´5HIUHVFkQFLDFRP&RQWH~GRµ 


3DXOR5RPmR

129$$*Ã&#x2C6;1&,$3(51$0%8&$1$ 2PHUFDGRSHUQDPEXFDQRJDQKDQRYDDJrQFLDGH SXEOLFLGDGHD5HVXOWDDWTXHIRLODQoDGDGXUDQWHMDQWDUGR JUXSRGHHPSUHViULRV/LGH3HUQDPEXFR­IUHQWHGD DJrQFLDHVWmRRVHPSUHViULRVSHUQDPEXFDQRV<XUL5RPmR GLUHWRUGHQRYRVQHJyFLRV )iELR*XHLURV QRYRVQHJyFLRV HSODQHMDPHQWR %UXQR$OFRIRUDGR DGPLQLVWUDWLYR ILQDQFHLUR H0DUFHOR$OFRIRUDGR6HJXQGR DWHQGLPHQWRH SODQHMDPHQWR 2JUDQGHGLIHUHQFLDOGDDJrQFLDHVWiQD H[SHUWLVHDFXPXODGDGRVVyFLRVDRORQJRGHDQRVGH WUDEDOKRHPVXDViUHDVGHRULJHP$OLDGDDLVVRHVWiDLGHLD GHWUDEDOKDUHPSHUVSHFWLYDGHSODWDIRUPDFRODERUDWLYD MXQWRFRPDJHQWHVFULDWLYRVGHWRGRRPXQGRLQFOXVLYHRV GR3RUWR'LJLWDO$5HVXOWDDWMiQDVFHFRPVHXSULPHLUR 5(68/7$$7)iELR*XHLURV<XUL5RPmR$QGUp)HOLSH FOLHQWHDLPRELOLiULD&HQWUDOGH9HQGDVGHSURSULHGDGHGR *LQJD0DUFHOR$OFRIRUDGR6HJXQGRH%UXQR6HJXQGR VyFLR)iELR*XHLURV2QRPH5HVXOWDDWTXHVLJQLILFD UHVXOWDGRQDOtQJXDKRODQGHVDID]KRPHQDJHPDRSULPHLUR JUDQGHHPSUHHQGHGRUGH3HUQDPEXFR0DXUtFLRGH 1DVVDX 12926/2*$1'$7$0%$Ã&#x201D; 2VORJDQpXPDGDVSULQFLSDLVIHUUDPHQWDVQD FRQVWUXomRGRYtQFXORHQWUHPDUFDHFRQVXPLGRU (VWDIUDVHWHQGHDUHVVDOWDURVDWULEXWRVR SRVLFLRQDPHQWRRXPHVPRDVXDHVVrQFLD'XUDQWH QRYHDQRVD7DPED~IH]TXHVWmRGHGHVWDFDUR VDERUFRPRDWULEXWRQRVHXHQXQFLDGR$JRUDHP DHPSUHVDEXVFDXPDDVVRFLDomRPDLV HPRFLRQDOFRPRVHXS~EOLFRFRPEDVHQD WHQGrQFLDGHKXPDQL]DomRGREUDQGLQJDWULEXLQGR PDLVVHQWLPHQWRVHDWLWXGHVQRSRVLFLRQDPHQWRGD PDUFD*RVWRVRpVHUIHOL]pDQRYDSURPHVVDTXHD 7DPED~DSUHVHQWDDRVHXS~EOLFRHDRPHUFDGRHP JHUDO$09DJrQFLDGHSXEOLFLGDGHUHVSRQViYHO SHODFULDomRGDIUDVHIRLHPEXVFDGDHVVrQFLDGD PDUFD7DPED~HGRVHXSRVLFLRQDPHQWRSDUDWUD]HU jWRQDHVWDQRYDSURPHVVDPDLVVHQWLPHQWDO

/(0%5$1d$63(5)80$'$6 $PHPyULDGHVSHUWDGDSRUXPDIUDJUkQFLDPDUFDQWHpRILRFRQGXWRUGD HPRFLRQDQWHFDPSDQKDGH1DWDOGH2%RWLFiULRSDUDRILPGHDQR$HPSUHVD FRQYLGDDWRGRVDVHHPRFLRQDUHPOHPEUDQGRRVERQVPRPHQWRVYLYLGRVDR ODGRGDVSHVVRDVTXHULGDVFRPDFDPSDQKD´/LQGDSDUD6HPSUHµ2ILOPH SXEOLFLWiULRFULDGRSHODDJrQFLD$OPDS%%'2DSUHVHQWDRDPRUGHXPKRPHP LGRVRSRUVXDPXOKHUTXHDHQ[HUJDVHPSUHOLQGDHMRYHPFRPRPHVPR HQFDQWDPHQWRGHTXDQGRDYLXSHODSULPHLUDYH]2WHOHVSHFWDGRUVyGHVFREUH LVVRQRHQWDQWRQRILPGRFRPHUFLDOTXHEULQFDFRPDLPDJHPGDPXOKHU DLQGDMRYHPeRSHUIXPHXVDGRSHODVXDHVSRVDTXHRHVWLPXODDUHVJDWDURV ERQVPRPHQWRVTXHYLYHUDP2URWHLURWUD]OLQGDVLPDJHQVGR1DWDOHP IDPtOLDDFRPSDQKDGDVSRUXPDFRPRYHQWHWULOKDVRQRUD




&$3$_3/$7$)250$',*,7$/

2)(1Ã&#x2018;0(12'$ 6(*81'$7(/$12%5$6,/ ,9(/,6(%8$548( 4XDQGRD&DVDGRV$UWLVWDVRX R %%% VXUJLUDP R S~EOLFR QmR WLQKD FRPR LQWHUDJLU GLUHWDPHQWH FRP RV SURJUDPDV GH IRUPD DOJXPD $ILQDO HVWDPRV IDODQGR GR FRPHoR GRV DQRV pSRFDTXHDQWHFHGLDR7ZLWWHUR )DFHERRN H DWp PHVPR D SODWDIRUPD $QGURLG(VWHVLVWHPDRSHUDFLRQDOHP HVSHFLDODPSOLRXDVSRWHQFLDOLGDGHVGD WHFQRORJLD PRELOH H WUDQVIRUPRX RV FHOXODUHV HP SRWHQWHV VPDUWSKRQHV ( QRVGLDVGHKRMHHQFDUDPRVQRYDUHDOL GDGH D GR VHFRQG VFUHHQ RX VHJXQGD WHODIHQ{PHQRLQIOXHQFLDGRHVSHFLILFD PHQWHSHORVDYDQoRVGDLQWHUQHWHSHOD H[SDQVmRGDVUHGHVVRFLDLVTXHSRVVLEL OLWDPFRPXQLFDomRHIHWLYDFRPRVPHLRV GH FRPXQLFDomR WUDGLFLRQDO SULQFLSDO PHQWHD79´2WHUPRFRUUHVSRQGHD XPDSODWDIRUPDGLJLWDOFRPRWDEOHWRX VPDUWSKRQHTXHLQWHUDJHPQRPHVPR PRPHQWRFRPD79SRUH[HPSORRQGH 

R FRQVXPLGRU ID] VXD SDUWLFLSDomR GH IRUPD RQOLQH HP DOJXP SURJUDPD GH WHOHYLVmR(VVDWHQGrQFLDWHPVLGRFDGD YH] PDLRU QR %UDVLO HP TXH PDLV GD PHWDGH GD SRSXODomR HVWi XVDQGR RV GLVSRVLWLYRV SDUD ID]HU GXDV LQWHUDo}HV DRPHVPRWHPSRµGL]9DOWHU5LWRVyFLR GD,NRQRV 3(  (P XP PXQGR FDGD YH] PDLV JOREDOL]DGRDFHQDGDVSHVVRDVFRQHFWD GDVHLQWHJUDGDVDRVLVWHPDPXOWLSODWD IRUPD p D FRLVD PDLV FRPXP (VWD VLQFURQL]DomR GRV GLVSRVLWLYRV PRELOH FRPDVPtGLDVWUDGLFLRQDLVpXPDUHDOL GDGHWmRFRQFUHWDQRVGLDVGHKRMHTXH Mi IRL DWp IRFR GH XP F\EHUWKULOOHU ´$SSµ GR GLUHWRU KRODQGrV %REE\ %RHUPDQV XPD GDV SULPHLUDV SURGX o}HVDXVDUDVHJXQGDWHODFRPRUHIH UrQFLD QR VFULSW H QD VXD H[LELomR 2 ILOPH KRODQGrV FRQYLGDYD R S~EOLFR D EDL[DUXPDSOLFDWLYRSDUDL26RX$QGUR

LGHVLQFURQL]iORFRPRTXHHVWDYDSDV VDQGR QD WHORQD $OpP GH SHUPLWLUHP TXH RV HVSHFWDGRUHV LQWHUDJLVVHP HP WHPSRUHDOFRPRTXHHUDH[LELGRHP WHODRS~EOLFRSRGHULDFRQIHULUQDWHOD TXH HVWDYD HP VXDV PmRV HP YiULRV PRPHQWRV DWUDYpV GR DSOLFDWLYR TXH PRVWUDYD FHQDV FRPSOHPHQWDUHV jV H[LELGDVQDWHORQD ´2PXQGRVHJXHXPDRQGDMi Ki DOJXP WHPSR GH TXHUHU SDUWLFLSDU GRTXHDFRQWHFHDRUHGRU1yVSRGH PRVREVHUYDULVVRFRPDVPtGLDVVRFLDLV FDGDYH]PDLVPROGDQGRDIRUPDFRPR DWXDPRV QR GLDDGLD $ 6HJXQGD WHOD QDGD PDLV p GR TXH XPD H[WHQVmR DGDSWDomR GH XP FRQWH~GR XQLODWHUDO FRPRD79HHYHQWRVDRYLYR SDUDXP FRQWH~GR SDUWLFLSDWLYR LQWHUDWLYR TXH VHWRUQDPDLVLQWHUHVVDQWHSDUDRS~EOL FRµFRPHQWD&DUORV0DFrGRHQJHQKH LURGHVRIWZDUHGR&(6$5 3( 


'HVHQYROYLPHQWR(PSUHVDULDO 3(  &RPRSRGHPRVREVHUYDUHVWD p XPD UHDOLGDGH PXQGLDO TXH SDUD R HVSHFLDOLVWDQR%UDVLOWHPDSHQDVRXWUD FRQILJXUDomRDWpRPRPHQWRGHYLGRDV QRVVDV OLPLWDo}HV GH SURGXomR H GH FRQH[mRHQWUHDOJXPDVRXWUDVFDUDFWH UtVWLFDVSDUWLFXODUHVGRSDtV0DVHVVHV IDWRUHVGHILQLWLYDPHQWHQmRFRPSURPH WHPRXVRDFLUUDGRGDVQRYDVWHFQRORJL DV RX R FUHVFLPHQWR GD DSOLFDomR GDV PXOWLSODWDIRUPDV2TXHpFRPSURYDGR HPUHFHQWHSHVTXLVDGR&RQHFWD%UDVLO SODWDIRUPD ZHE TXH HVWXGD KiELWRV H FRVWXPHV GRV LQWHUQDXWDV EUDVLOHLURV TXH DSRQWRX TXH  GRV XVXiULRV QDFLRQDLV DVVLVWHP 79 HQTXDQWR QDYH JDPQDLQWHUQHW´,VVRSRGHUHSUHVHQWDU PXGDQoDVGHKiELWRVLPSRUWDQWHVSDUD FRPSUD H YHQGD DVVLP FRPR JUDX GH FLUFXODomRGHLQIRUPDomRVREUHSURGX WRV H VHUYLoRVµ GL] 0DUWKD 7HUHQ]]R GLUHWRUDGD,QRYDÂ&#x17E;HVyFLDGD6WRU\ WHOOHUV 63  ( GH IDWR WHPRV XP FHQiULR TXHLQWHUIHUHGHIRUPDEDVWDQWHFRQFUH WDQRFRPSRUWDPHQWRGREUDVLOHLURVHMD GHTXDOTXHUIDL[DHWiULDHFODVVHVRFLDO TXH VH PDQWpP VHPSUH HP UHGH 2

HVWXGR GR &RQHFWD %UDVLO DLQGD UHYHOD TXHRVPDUWSKRQHpRGLVSRVLWLYRPDLV XVDGR SRU  GRV HQWUHYLVWDGRV VHJXLGRSHORFRPSXWDGRU  HSHOR WDEOHW  (FRPRHUDGHVHHVSHUDU  GRV FRQHFWDGRV DFHVVDP UHGHV VRFLDLV HQTXDQWR DVVLVWHP DRV SURJUD PDV H  SDVVDP R WHPSR GXUDQWH FRPHUFLDLV 'HVWD IRUPD YHPRV TXH R IHQ{PHQRGDVHJXQGDWHODpXPFRP SOHPHQWR GDV UHGHV VRFLDLV H GD PtGLD WHOHYLVLYD H p XP UHFXUVR TXH QmR Vy VHUYHFRPRSRQWHHQWUHRVGRLVPHLRV GLVWLQWRVFRPRDLQGDDPHOKRUIRUPDGH VHPDQWHUOLJDGRDRFRQVXPLGRU´'RLV PRYLPHQWRV LPSRUWDQWHV MXVWLILFDP R IRUWDOHFLPHQWRGRIHQ{PHQRGDVHJXQ GDWHOD  DPDVVLILFDomRGRVVPDUWSKR QHVHWDEOHWVH  RSURFHVVRGHEDUDWH DPHQWR GRV FXVWRV GH FRQH[mR GH GDGRV &RQVLGHUDQGR TXH R %UDVLO p R VHJXQGRSDtVQRPXQGRHPWHUPRVGH PpGLDGHKRUDVGHGLFDGDVj79SRGH PRV GL]HU TXH D FROLVmR GHVWHV PRYL PHQWRV WUDUi JUDQGHV FKDQFHV SDUD D PDVVLILFDomR GR FRPSRUWDPHQWR GD VHJXQGDWHODµFRPHQWD*DEULHO%RUJHV &(2GD$PSI\ 63  'LYXOJDomR

3DUD R SURILVVLRQDO R %UDVLO p XP IRUWH FDQGLGDWR j H[SDQVmR GHVVD WHQGrQFLDXPDYH]TXHWHPRVSRSXOD omR EDVWDQWH SDUWLFLSDWLYD TXDQGR IDOD PRVVREUHPHLRVGLJLWDLV(QWUHWDQWRD VHJXQGD WHOD DLQGD FUHVFH GH IRUPD WtPLGDFRPRLQYHVWLPHQWRDLQGDGLVFUH WRGDVUHGHVGHWHOHYLVmRGRSDtVLQFOXVL YHOHYDQGRVHHPFRQVLGHUDomRTXHQRV GHVWDFDPRV FRPR D SRSXODomR PDLV HQJDMDGRVGRPXQGRQHVVDVPtGLDV´$ FKHJDGDGHXPDQRYDPtGLDHPFHQiULR MiPLGLiWLFRJHUDQRYRVFRPSRUWDPHQ WRVGHFRQVXPLGRUHV(FRPDLQWHUQHW DWHOHYLVmRVHUiDLQGDPDLVWHOHYLVmRTXH MipXPDSDL[mRQDFLRQDOSRLVWUD]SDUDD WHODDLQWHUDomRFRPRS~EOLFRHSHUPLWH DLQGD D FLUFXODomR GH FRQWH~GRV TXH DQWHV ILFDYDP DSHQDV HP XPD WHOD H DPSOLD D SDUWLFLSDomR GR S~EOLFR QD SURGXomRµ DFUHGLWD 6RFRUUR 0DFHGR GLUHWRUDH[HFXWLYDGD&RQVXOWRULD/H)LO 3(  3DUDDHPSUHViULDWHPRVQRYR FRPSRUWDPHQWRGHFRQVXPRQR%UDVLO TXHDQWHVHUDFRPXPDSHQDVjVPtGLDV LPSUHVVDHHOHWU{QLFDVLPXOWDQHDPHQWH H DJRUD WHPRV XP QRYR XVR QHVVH FRQVXPRTXHFUHVFHXGHILQLWLYDPHQWH SRUFRQWDGHVVHDXPHQWRQDDTXLVLomR GRVVPDUWSKRQHVHWDEOHWVFRPDFHVVRj LQWHUQHW ´(P  FRP D DSUHVHQWD omRGRL3KRQHRFRQFHLWRGHVPDUWSKR QHJDQKDRXWUDFRQFHSomRDJRUDSDVVDD VHUSRVVtYHOOHYDUWRGDDH[SHULrQFLDGD LQWHUQHWSHUVRQDOL]DGDQREROVR1HVVH FHQiULRVXUJHDQRomRGHVHJXQGDWHOD PXLWR UHODFLRQDGD j LQWHUDomR HQWUH R VPDUWSKRQHHD79TXHDWpHQWmRGHWL QKDOXJDUGHGHVWDTXHHPTXDOTXHUFDVD (PYHUGDGHDFDVDHUDTXDVHWRGDFRQV WUXtGD HP WRUQR GD WHOHYLVmR HP VHX SHGHVWDO7DOSRVVLELOLGDGHLQWHUDWLYDVH DPSOLRXHQRUPHPHQWHFRPDFRQVWUX omR GH VPDUWSKRQHV TXH SHUPLWHP D H[SHULrQFLDGHLQWHUQHWPHVPRDEDL[R FXVWRµ DQDOLVD 7KLDJR 6DULQKR SURIHV VRU GH LQRYDomR PDUNHWLQJ GLJLWDO H GHVLJQWKLQNLQJGR&HGHSH&HQWURGH 9DOWHU5LWRVyFLRGD,NRQRV 3(




&$3$_3523$*$1'$ 5HJLQDOGR*XLPDUmHV

&DUORV0DFrGRHQJHQKHLUR GHVRIWZDUHGR&(6$5 3(

%DVHDGR QD FRPSOHPHQWDomR GHVWDV GXDV OLQJXDJHQV ILFD IiFLO GH HQWHQGHU FRPR HVWH FUHVFLPHQWR QR XVRGDLQWHUQHWPyYHOHGRVVPDUWSKR QHV VH UHIOHWH GLUHWDPHQWH QHVVD WHQ GrQFLDTXHMiFRQWDFRPDOJXPDVIHUUD PHQWDV SUySULD FRPR D 79 6TXDUH SURSRVWDQDVFLGDHPQDIRUPDGH VWDUWXS$LQYHVWLGDLQVSLUDGDHPSUR SRVWDQRUWHDPHULFDQD DUHGH*HW*OXH TXH SHUPLWH TXH RV XVXiULRV IDoDP R ´FKHFNLQµHPVHXVSURJUDPDV DJUHJD FRQWH~GRQDVUHGHVVRFLDLVHSURSRUFLR QD DVVLP QRYD IRUPD GH DVVLVWLU WHOHYL VmR1HVWHFDVRDLGHLDpDGDPHQVXUD omRGHWXtWHVGHYiULDVSHVVRDVVREUHR TXHVHIDODGHGHWHUPLQDGRSURJUDPDRX HPLVVRUD GH WHOHYLVmR GH IRUPD DXWR PiWLFD SUDWLFDPHQWH ´2 FRPSRUWD PHQWR GDV SHVVRDV HVWi ID]HQGR FRP TXHRXVRGDVHJXQGDWHODFUHVoDFDGD GLDPDLV(VWiFDGDYH]PDLVGLItFLODFKDU TXHPDVVLVWDDOJRHPDSHQDVXPGLVSRVL WLYR²EDVWDREVHUYDUR7ZLWWHUHQTXDQ WRDVVLVWHDTXHOHVHULDGRSURJUDPDGH 79QRYHODRXDTXHODQRWtFLDTXHFKDPD DDWHQomRQRVWHOHMRUQDLVµGHVWDFDHVSH FLDOLVWD HP PDUNHWLQJ GLJLWDO $QGUH]D 0HQGHV SURIHVVRUD GR FXUVR GH 3yV *UDGXDomRHP0DUNHWLQJH0tGLDV'LJL 

WDLVGD)DFXOGDGH(VWiFLRGR5HFLIH 3(  3DUD D GRFHQWH HVWD p XPD WHQGrQFLD TXH QmR SRGHULD SDVVDU SRU GHVSHUFHELGRHPXPSDtVFRQHFWDGRj PtGLD FRP PDLRU SRWHQFLDO QR 3DtV QXPDHUDHPTXHQmRpSUHFLVRHVSHUDU OLJDo}HVWHOHI{QLFDVRXHQFRQWURVQRGLD VHJXLQWHSDUDGLVFXWLURTXHDFRQWHFHX QD WHOLQKD QR GLD RX QD QRLWH DQWHULRU (VVDFRQYHUVDDFRQWHFHQRVGLDVGHKRMH HP WHPSR UHDO FRP SHVVRDV GH WRGR PXQGRHGHIRUPDLQWHJUDGDFRPTXDO TXHU XP FRP LQWHUHVVH HP H[SUHVVDU VXDRSLQLmR´2FUHVFLPHQWRGDVHJXQGD WHODFRPSURYDRTXDQWRRVKiELWRVGDV SHVVRDV PXGDUDP H KRMH HODV HVWmR FRQHFWDGDVDRVVHXVGLVSRVLWLYRVPyYHLV D WRGR R PRPHQWR (VWH FUHVFLPHQWR UHSUHVHQWD LQ~PHUDV RSRUWXQLGDGHV WDQWRSDUDRVDQXQFLDQWHVFRPRSDUDDV HPLVVRUDVGHWHOHYLVmRGHVHDSUR[LPD UHPGRVXVXiULRVHDSURYHLWDUHPUHFXU VRV HP WHPSR UHDO SDUD JHUDU HQJDMD PHQWRHLQWHUDomRµRSLQD$OEHUWR3DU GR&(2GD$GVPRYLO 63  2SUHVLGHQWHGDHPSUHVDOtGHU HPSXEOLFLGDGHPyYHOQD$PpULFD/DWLQD H QR PHUFDGR KLVSkQLFR QRV (VWDGRV 8QLGRVFLWDFRPRH[HPSORPDLVUHFHQ WHGHVWDLQWHJUDomRR0DVWHU&KHI%UDVLO

QDTXDODLQFRUSRUDomRHQWUHRFRQWH~ GRGRSURJUDPDHDVDo}HVHPWHPSR UHDO YLD 7ZLWWHU VH VREUHVVDtUDP ´2V VPDUWSKRQHV WRUQDP D YLGD PDLV IiFLO )RUQHFHPDRVXVXiULRVDFHVVRLQVWDQWk QHRDXPDTXDQWLGDGHHQRUPHGHLQIRU PDo}HVQDSRQWDGRVGHGRVDTXDOTXHU KRUD HP TXDOTXHU OXJDU 'L]HU TXH R 0XQGRVHWRUQRXPyYHOpGL]HUTXHDV SHVVRDV ILFDP PXLWR PDLV WHPSR HP IUHQWHDVHXVFHOXODUHVGRTXHDFRPSX WDGRUHVRXDRXWURVPHLRVGHFRPXQLFD omR 4XHP GL] LVVR QmR p D $GVPRYLO PDVRVGDGRVGHPHUFDGR6HRS~EOLFR HVWi FDGD YH] PDLV PRELOH ID] WRGR R VHQWLGRDVPDUFDVSHQVDUHPHP0RELOH )LUVWµGHVWDFD3DUGR (OH DSRQWD SHVTXLVD GR H0DU NHWHUTXHPRVWUDHVWLPDWLYDGHTXHHVWH DQRPLOK}HVGHSHVVRDVQR%UDVLO SRVVXHP H XWLOL]DP VPDUWSKRQH SHOR PHQRVPHQVDOPHQWHRXVHMDGD SRSXODomR&RPRVSODQRVGHGDGRV* HDSRSXODUL]DomRGRVVPDUWSKRQHVFDGD YH] PDLV DFHVVtYHLV WHPRV XP S~EOLFR PDVVLILFDGRHGHILQLWLYDPHQWHFRQHFWD GRKSRUGLDVHWHGLDVSRUVHPDQD FRP QRYRV KiELWRV QR GLD D GLD TXH WUD]HP PDLRUHV RSRUWXQLGDGHV SDUD WRGRV DJrQFLDVYHtFXORVDQXQFLDQWHVH PDUFDV ´$RDFRUGDUDQWHVGHWRPDU PRV R FDIp GD PDQKm RX DWp PHVPR DQWHVGHVDLUGDFDPDMiHVWDPRVFRQHF WDGRVFRQIHULQGRDVPtGLDVVRFLDLVOHQGR QRWtFLDV UHVSRQGHQGR D PHQVDJHQV 4XDQGRHVWDPRVDVVLVWLQGR79LVVRQmR p GLIHUHQWH H WHU R QRVVR GLVSRVLWLYR PyYHO VHPSUH RQOLQH ID] FRP TXH D LQWHUDomR FRP D ZHE GXUDQWH D H[SH ULrQFLDFRPRXWUDVPtGLDVVHMDH[WUHPD PHQWH SUHVHQWHµ GL] 0DXUR 3DODFLRV VyFLRGD7ZLVW&RPXQLFDomR 63  3DUDRH[SHUWHPPDUNHWLQJH SXEOLFLGDGH HVWH WLSR GH LQWHUDomR p PXLWRPDLRUTXDQGRIDODPRVGH%UDVLO XPDYH]TXHVRPRVXPDQDomRH[WUH PDPHQWHVRFLiYHO(WRGDHVWDFDUDFWH UtVWLFDWUD]DTXHODSHUFHSomRGHTXHR EUDVLOHLUR QXQFD HVWi VR]LQKR H LVVR


JHUDDPELHQWHH[WUHPDPHQWHIDYRUiYHO SDUDRFUHVFLPHQWRGHVVDWHQGrQFLDQR SDtVGHDFRUGRFRPHOH(GHVWDIRUPD R IHQ{PHQR GD VHJXQGD WHOD DOLDGD DV QRYDVWHFQRORJLDVjPmRVHUYHPFRPR XPUHVJDWHGDFRPXQLFDomRHSRVVLELOLWD LQRYiOD&RPLVVRRFHQiULRpSURGLJLR VR SDUD R PHUFDGR SXEOLFLWiULR ´2V DQXQFLDQWHV JDVWDUmR FHUFD GH 8 HPFDQDLVGHFHOXODUHVQR %UDVLOHVWHDQRLQFOXLQGRDQ~QFLRVYHL FXODGRVSDUDWRGRVRVGLVSRVLWLYRVPyYH LV QmR DSHQDV VPDUWSKRQHVµ FRPSOH PHQWD$OEHUWR3DUGR 2081'23$5$/(/2$QHFHVVL GDGHGHFRQH[mRGDVSHVVRDVQmRpXPD FRLVDTXHQDVFHXDJRUDQRTXHGL]UHV SHLWRDRVPHLRVWUDGLFLRQDLV3RGHPRV GL]HUTXHRPRGHORWHQKDQDVFLGRGHVGH RSULQFtSLRGRVSDGU}HVGHFRPXQLFDomR GHJUDQGHPDVVDFRPRVSURJUDPDVGH DXGLWyULRGDVUiGLRVHGDV79VDRUHVJD WDUPRVDKLVWyULDGDVPtGLDVWUDGLFLRQDLV 3DUWLQGRVHGHVWDSHUVSHFWLYDREVHUYD PRVTXHHVWHIHQ{PHQRGDVHJXQGDWHOD QmRpFRLVDQRYDPDVTXHWHPWLGRGH WHPSRVHPWHPSRVQRYDVIRUPDVGHVH SURMHWDUMXQWRDRS~EOLFRVHMDQDIRUPD GHLQWHUDomRSRUWHOHIRQHQDVHPLVVRUDV UDGLRI{QLFDVRXQDVWUDQVPLVV}HVDRYLYR GRVSURJUDPDVWHOHYLVLYRVHPPHDGRV

GR VpFXOR ;,; 0DV R FRQFHLWR GHVWH IHQ{PHQR UHPRQWD PHVPR DR DQR GH TXDQGRRSHVTXLVDGRUHSURIHVVRU 6FRWW3DXO5REHUWVRQ GD8QLYHUVLGDGH GR+DYDtHP0DQRD GHVHQYROYHXXP VLVWHPD TXH SRVVLELOLWDYD R XVR GH XP GLVSRVLWLYRSRUWiWLO TXHSRGHVHUFRQVL GHUDGRFRPRVHJXQGDWHOD SDUDLQWHUD omR FRP XPD 79 FRPSOHPHQWDQGR R FRQWH~GRFRQVXPLGRQDWHOHYLVmR &RP DV SHVVRDV FRQHFWDGDV GLUHWDPHQWHjVPtGLDVVRFLDLVHVWHIHQ{ PHQR VH LQWHQVLILFD FDGD YH] PDLV QRV GLDVGHKRMH7ZLWWHU)DFHERRNHTXDO TXHURXWUDUHGHVRFLDORQOLQH´(VVH QmR WmRQRYR FRPSRUWDPHQWRPXGDFRLVDV LPSRUWDQWHV QD FRPXQLFDomR (P SUL PHLUROXJDURIHHGEDFNSDVVDDVHULPH GLDWRHPWHPSRUHDO²HFRPLVVRPDLV GHWDOKDGR'iSDUDVDEHUTXHSDUWHVGR SURJUDPD DJUDGRX PDLV DV TXH QmR DJUDGDUDPRTXHHVSHUDPGHGHWHUPL QDGRSHUVRQDJHPRXTXHUHSHUFXVVmR XPD QRWtFLD WHYH ² H HVVH IHHGEDFN p SULPRUGLDOQRSODQHMDPHQWRGRVSUy[L PRVHSLVyGLRVFDStWXORVRXDWpQDSRV WXUDGRVDSUHVHQWDGRUHV(LVVRpGHFLVL YR ² QmR Gi SDUD QmR SUHVWDU DWHQomR QHVVH IHHGEDFN GRV FRQVXPLGRUHVµ $QGUH]D0HQGHV $VUHGHVVRFLDLVGLJLWDLVVHWRU QDUDP IHUUDPHQWDV PDLV GR TXH DSUR

SULDGDVSDUDFRQWDWRHQWUHDVSHVVRDV SDUD UHODFLRQDPHQWR FRP DV PDUFDV H SDUD R SURFHVVR GH YLUDOL]DomR GH PHPHV H GH WDQWDV RXWUDV SURSRVWDV SODQHMDGDVRXHVSRQWkQHDVTXHVXUJHP QHVVHV WHPSRV JOREDOL]DGRV ( LVVR UHSUHVHQWDJUDQGHFUHVFHQWHHH[SUHV VLYDRSRUWXQLGDGHGHFRPXQLFDomRTXH LPSDFWDGLUHWDPHQWHDVPtGLDVWUDGLFLR QDLVHDVPDUFDVTXHSRGHPXVDUVXDV SRVVLELOLGDGHVSDUDVHFRQHFWDUHJHUDU PDLVLQWHUDWLYLGDGHFRPVHXVFRQVXPL GRUHV ´2 IHQ{PHQR GD VHJXQGD WHOD SHUPLWHTXHDVPDUFDVLQWHJUHPDLQGD PDLV D 79 FRP RV GHPDLV FDQDLV GH FRPXQLFDomR $ DSUR[LPDomR GD 79 FRPRGLJLWDOID]RUHVXOWDGRGDMXQomR GRVGRLVFDQDLVVHUPDLRUGRTXHDVRPD GRVPHVPRVHQTXDQWRFDQDLVLQGHSHQ GHQWHV3RGHPRVHVSHUDUPDLRUSUHFL VmRQDVHJPHQWDomRGRVLQYHVWLPHQWRVH PHQRUGLVSHUVmRQRXVRGDVYHUEDVGH SURSDJDQGDµGHVWDFD*DEULHO%RUJHV 3RULVVRpLPSRUWDQWHVHOHYDU HPFRQVLGHUDomRTXHQmRpPDLVSRVVt YHOSODQHMDUDo}HVVHPOHYDUHPFRQVL GHUDomR RV GLVSRVLWLYRV PyYHLV R TXH WUD]DFULDWLYLGDGHFRPRSULQFLSDOGHVD ILRQHVWDHUDGHXVXiULRVVHPSUHFRQHF WDGRV´eSUHFLVRTXHDVPDUFDVVHMDP FULDWLYDV H VDLEDP LGHQWLILFDU RSRUWXQL GDGHVGHVHLQVHULUQHVWHFRQWH[WRDSUR YHLWDQGR R FRQWH~GR GD SURJUDPDomR GRVYHtFXORVSDUDFRQVHJXLUHPDDWHQ omR GRV FRQVXPLGRUHV H JHUDU HQJDMD PHQWR WDPEpP QD VHJXQGD WHOD 'R SRQWR GH YLVWD GH LQYHVWLPHQWRV HP SURSDJDQGDQyVYHPRVDVHJXQGDWHOD FRP PXLWR ERQV ROKRV SRLV HQWHQGH PRV TXH D SXEOLFLGDGH PRELOH p XP UHFXUVR TXH SHUPLWH TXH DV PDUFDV UHDOL]HPHVVDLQWHUDomRFRPDPHOKRU VHJPHQWDomR SRVVtYHO RWLPL]DQGR RV LQYHVWLPHQWRVµ FRPHQWD $OEHUWR 3DU GR 'LDQWH GH WDQWD FRQH[mR H LQWHJUDomRDQRYDWHQGrQFLDMiHQYROYH 7KLDJR6DULQKRSURIHVVRUGHLQRYDomR PDUNHWLQJGLJLWDOHGHVLJQWKLQNLQJGR &HGHSH&HQWURGH'HVHQYROYLPHQWR (PSUHVDULDO 3(




&$3$_3523$*$1'$

3DXOR)DEUH

0DUWKD7HUHQ]]RGLUHWRUDGD,QRYDÂ&#x17E; HVyFLDGD6WRU\WHOOHUV 63

 GDV SHVVRDV QD ZHE HQTXDQWR DVVLVWHP79GHDFRUGRFRPGDGRVGR%, ,QWHOLJHQFHTXHLQIOXHQFLDPHVmRLQIOX HQFLDGDV SHODV LQIRUPDo}HV TXH UHFH EHPVHJXQGRDVHJXQGReRWmRHVSHUD GRSRGHUGRVHVSHFWDGRUHVTXHDJRUD SRGHPDWpHVFROKHUVXDVSURJUDPDo}HV FRQIRUPHFRPHQWiULRVQDLQWHUQHWFRP RXVRSRUH[HPSORGD796TXDUHTXH DJUHJD WXtWHV GH YiULDV SHVVRDV TXH HVWmR IDODQGR VREUH XP GHWHUPLQDGR SURJUDPDRXHPLVVRUDGHWHOHYLVmR´$ VHJXQGDWHODUHSUHVHQWDQRYDYHUVmRGH FRPXQLFDomRQRPXQGRSRLVRVHQWLGR GHFRQYHUJrQFLDWUD]DRVXVXiULRVH[SH ULrQFLDFRPSOHPHQWDUjSULPHLUDID]HQ GRDVVLPDVSHVVRDVILFDUHPPDLVHQYRO YLGDV FRP R TXH HVWmR DVVLVWLQGR ,VVR UHSUHVHQWD QRYR FRPSRUWDPHQWR GR FRQVXPLGRUGHPtGLDVGLJLWDLVHTXHDV HPSUHVDVDJRUDHVWmRHQ[HUJDQGRRXWUD RSRUWXQLGDGHGHDWXDUUHWHUDWHQomRGR FOLHQWHFRPLQWHUDWLYLGDGHHH[SHULrQFL DVH[WUDVEXVFDQGRFDGDYH]PDLVDLQR YDomR SDUD VXSHUDU D FRQFRUUrQFLDµ RSLQD9DOWHU5LWR 3RU LVVR RV LQYHVWLPHQWRV QHVVHWLSRGHPtGLDVyWHQGHDFUHVFHU

6RFRUUR0DFHGRGLUHWRUDH[HFXWLYD GD&RQVXOWRULD/H)LO 3(



SDUD R H[HFXWLYR GD ,NRQRV JHUDQGR PDLVXPDRSomRHRSRUWXQLGDGHSDUDDV HPSUHVDVYHLFXODUHPVXDVSURSDJDQGDV $OpPGLVVRDVHJXQGDWHODSURSRUFLRQD XPDH[SHULrQFLDPDLVLQWHUDWLYDHSDUWL FLSDWLYDGRWHOHVSHFWDGRUDWpGHFLGLUR ILQDOGDKLVWyULDGRTXHHVWiDVVLVWLQGR RXDWpVHUYLQGRGHLQIRUPDomRFRPSOH PHQWDUSDUDRTXHHOHHVWiYHQGR´(VVD

WHQGrQFLDWUD]PXLWDVQRYDVHERDVRSRU WXQLGDGHVHTXHDLQGDVmRSRXFRH[SOR UDGDVSHODVPDUFDV7RGDFRPXQLFDomR HPPtGLDWHOHYLVLYDDSUHVHQWDDOJXPWLSR GHRSRUWXQLGDGHSDUDLQWHUDomRXWLOL]DQ GRDVHJXQGDWHODPDVRUHFXUVRDLQGDp PXLWRSRXFRH[SORUDGRSHORVDQXQFLDQ WHV 8P GHVDILR p TXH WHPRV PXLWDV DJrQFLDVGLJLWDLVDWXDQGRDSHQDVQDZHE H DJrQFLDV WUDGLFLRQDLV DWXDQGR DSHQDV QRRIIOLQHTXDQGRHVVDVHVSHFLDOLGDGHV GHYHULDP VH FUX]DU SDUD JHUDU Do}HV QHVVHVHQWLGRµUHVVDOWD0DXUR3DODFLRV 7HPRV DVVLP XPD QRYD SODWD IRUPD GH FRPXQLFDomR TXH WDPEpP SRGHSRWHQFLDOL]DUWDQWRLQYHVWLPHQWRV HP FDPSDQKDV SXEOLFLWiULDV FRPR HP SURSDJDQGDV QD 79V TXH DSRVWDUHP QHVWD LQRYDomR LQWHUOLJDGDV jV UHGHV VRFLDLV TXH IXQFLRQDP FRPR FDQDLV GH FRPXQLFDomR´$JURVVRPRGRDVDo}HV SHQVDGDVSDUDDLQWHUQHWHUHGHVVRFLDLV SRGHPVHUDGDSWDGDVSDUDVHJXQGDWHOD QXPD IDVH LQLFLDO SRU LVVR QmR GHYH KDYHUSUREOHPDVSDUDFULDWLYRVGHSUR SDJDQGD 4XDQGR UHDOPHQWH HVWLYHU


$OEHUWR3DUGR &(2GD$GVPRYLO

FDSWDQGRJUDQGHSDUFHODGDDXGLrQFLDDt VLP VHUi SUHFLVR GHVHQYROYHU QRYDV HVWUDWpJLDVGHFRQWiJLRSRLVDVSHVVRDV HVWDUmRPDLVSUy[LPDVGRTXHQXQFDQDV HPSUHVDV GH FRQWH~GR DXGLRYLVXDOµ DFUHGLWD&DUORV0DFrGR  &/$52(75$163$5(17(8PD YH]TXHDFRQYHUVDILFRXPDLVSHVVRDOH GLUHWD DV PDUFDV SRGHP XWLOL]DU D VHJXQGDWHODFRPRUHFXUVRSDUDLQLFLDU HVWLPXODUHDFRPSDQKDUDFRQYHUVDFRP H HQWUH  R S~EOLFR ´)LFRX PDLV IiFLO VDEHURQGHHVWmRIDODQGRHRTXHHVWmR IDODQGR ² H FRP LVVR ILFRX PDLV IiFLO VDEHU FRP TXHP H FRPR IDODU e XP PXQGR GH RSRUWXQLGDGHV EDVWD VDEHU DSURYHLWDUµHQIDWL]D$QGUH]D0HQGHV 0DV SDUD LVVR p LPSRUWDQWH SHUFHEHU TXDO GLVSRVLWLYR UHDOPHQWH DWXD FRPR VHJXQGD WHOD SDUD REWHU UHVXOWDGRV DGHTXDGRVSDUDRTXHVHSUHWHQGHFRP DLQYHVWLGD´'HWRGRVRVWHOHVSHFWDGR UHV TXH DVVLVWHP 79 H ID]HP XVR GR VPDUWSKRQHDRPHVPRWHPSRPDLVGH DFHVVDPWHPDVTXHQmRWHPTXDO TXHUUHODomRFRPDSURJUDPDomRGD79 9LYHPRV HP XP PRPHQWR TXH R 2Q 'HPDQG pDERODGDYH]$FDEDUDPDV EULJDVSHORGRPtQLRGRFRQWUROHUHPR WR+RMHFDGDXPSRVVXLVHXGLVSRVLWLYR GHFRPXQLFDomR(OHQmRpPDLVFRP SDUWLOKDGRµFRPSOHPHQWD7KLDJR6DUL QKR 3DUDRSURIHVVRUGR&HGHSHp IXQGDPHQWDO HQWHQGHU LVVR Mi TXH HVWD LQGHSHQGrQFLDWUD]RXWURJUDQGHGHVD ILRDGLVSHUVmRGHFRQWH~GR&RPWDQWD LQIRUPDomRHRSo}HVjPmRpXPHUUR DFUHGLWDUTXHRVXVXiULRVGRVVPDUWSKR QHVHVWmRIRFDGRVHPDSHQDVXPDIRQWH ´$VVLP DV Do}HV GH FRPXQLFDomR R PHUFDGR GH SURSDJDQGD H PHVPR D SURJUDPDomR GRV YHtFXORV GH PtGLD WHQGHP D FRQVWUXLU VROXo}HV FDGD YH] PDLVSHUVRQDOL]DGDVFDGDYH]PDLVHVSH FtILFDVVRESHQDGHVHUXPGHVSHUGtFLR GHWHPSRHGLQKHLURGHTXDODVSURGX]µ DQDOLVD ( GHVWD IRUPD WHPRV QRYD

UHDOLGDGHSDUDDVPDUFDVTXHSRGHPVHU PtGLDHFRQVWUXLUHIHWLYDDXGLrQFLDSHOD SULPHLUDYH]QDKLVWyULD &RP LVVR p QHFHVViULD D PXGDQoDGDPDQHLUDFRPRVHHQFDUDD SURGXomRGRFRQWH~GRQDLQG~VWULDGD PtGLD $V HPSUHVDV DV DJrQFLDV H RV IRUQHFHGRUHVSUHFLVDPHVWDUDQWHQDGRV QHVVHFHQiULRHPDLVSUHRFXSDGRVFRP RGHVHQYROYLPHQWRGHDo}HVSHUVRQDOL ]DGDV H SULQFLSDOPHQWH UHODFLRQDLV SDUDJDUDQWLUDILGHOL]DomRFRPDPDUFD ,VWRSRUTXHDVSRVVLELOLGDGHVGDVHJXQGD WHOD VmR LQ~PHUDV LQGHSHQGHQWH GRV REMHWLYRV SDUD FDGD DomR H GRV DWRUHV HQYROYLGRV ´(QWHQGHPRV TXH R IHQ{ PHQRGDVHJXQGDWHODRIHUHFHRSRUWXQL GDGHVSDUDWRGRVTXHID]HPSDUWHGHVWH HFRVVLVWHPD2VSURGXWRUHVGHFRQWH~ GR GHYHP SHQVDU QD SURJUDPDomR WHQGR HP PHQWH DV RSRUWXQLGDGHV GH LQWHUDomRHHQJDMDPHQWRHPWHPSRUHDO SDUDWRUQDURH[SHFWDGRUDLQGDPDLVImH OHDODRFRQWH~GRDVPDUFDVGHYHPVHU FDGDYH]PDLVFULDWLYDVSDUDSRGHUWLUDU SURYHLWRGHVWHPRPHQWRGHFRQYHUJrQ FLDVHMDPHODVSDWURFLQDGRUDVGRFRQWH ~GRRXQmRµGL]$OEHUWR3DUGR $VSRVVLELOLGDGHVVHJXQGRHOH HVWmR SDUD WRGRV RV SOD\HUV VHMDP HPSUHVDVGHUHGHVVRFLDLVDVDJrQFLDV

HQWUHRXWUDVTXHWHUmRGHGHVHQYROYHU UHFXUVRVPDLVDYDQoDGRVTXHSHUPLWDP HIDFLOLWHPDLQWHUDomRHQWUHDSULPHLUDH D VHJXQGD WHOD ( FRP LVVR GHYHVH LPDJLQDU TXH XPD FDPSDQKD SRGH LU GHVGHRVLPSOHVRIHUHFLPHQWRGHFRQWH ~GR FRPSOHPHQWDU j SRVVLELOLGDGH GH FRPSUD HP ORMDV YLUWXDLV EDVHDGDV QR FRQWH~GRSULQFLSDO´(OHVWrPRSDSHOGH SURYRFDURVDQXQFLDQWHVSDUDGHVHQYRO YHUFDPSDQKDVFRPHVWHROKDUHVSHFLDO PHQWH OHYDQGR HP FRQVLGHUDomR DV RSRUWXQLGDGHVTXHDSXEOLFLGDGHPRELOH RIHUHFH DR SHUPLWLU XPD FRPXQLFDomR HIHWLYDFRPRS~EOLFRWDUJHWMiTXHpD PtGLDTXHSRVVXLDPDLRUJDPDGHVHJ PHQWDo}HVRXVHMDpSRVVtYHODWLQJLUD SHVVRDFHUWDQRPRPHQWRFHUWRHVHU UHOHYDQWH DR OHYDU HP FRQVLGHUDomR R FRQWH[WRGRFRQWH~GRTXHDSHVVRDHVWi DVVLVWLQGRµHQIDWL]DR&(2GD$GVPR YLO 'LDQWH GLVVR DV PDUFDV QmR SRGHPFRQYHUWHUVHXVFOLHQWHVHPYHU GDGHLURVImVDSHQDVLQYHVWLQGRHPFDP SDQKDV TXH DWLQMDP PLOK}HV $V Do}HV GHYHPVHUSHQVDGDVHHVWXGDVGHDFRU GRLQFOXVLYHFRPDMRUQDGDGHFRQVXPR GHVVDV SHVVRDV ´(ODV SUHFLVDP HVWDU SUHVHQWHVGHPDQHLUDDVVHUWLYDFRQVLV WHQWHHFRHUHQWHHPWRGDVDVWHODVSDUD 


&$3$_3523$*$1'$ *DEULHO%RUJHV &(2GD$PSI\ 63

TXHRVFRQVXPLGRUHVWHQKDPXPDH[SH ULrQFLD QD KRUD LGHDO UHDOWLPH  FRP FRQWH~GRTXHHOHSUHFLVDHFULDGRSDUDR FRQVXPR QDTXHOD WHOD $ FRPSUD GD PtGLD ILFD DLQGD PDLV FRPSOH[D SRLV HVWDPRV OLGDQGR FRP R FRQVXPLGRU FRQHFWDGRDTXDOTXHUKRUDVHPWHPSR HHPTXDOTXHUOXJDUHRVDQ~QFLRVSUHFL VDP DWLQJLU H GDUHP UHVXOWDGRV HIHWL YRVµ UHVVDOWD 6RFRUUR 0DFHGR 3DUD D GLUHWRUDGD/H)LOHVVHVGDGRVVmRPDLV GRTXHSHUWLQHQWHVSDUDFRPSUHHQVmRH SDUD DWHQGHU RV WDUJHWV SDUD WRGRV RV DJHQWHV HQYROYLGRV FRPR DV DJrQFLDV RVPHLRVHQDWXUDOPHQWHRVFOLHQWHV ´$PHQVXUDomRGHDXGLrQFLDQR %UDVLOPXGDHFRPDLQWHUQHWFRQVHJXL PRVWHURVGDGRVPHQVXUDGRVGHIRUPD PDLVDVVHUWLYD$DXGLrQFLDGD79pEDVH DGDQRVGDGRVGR,ERSHHHODQmRFRQVH JXH WUD]HU VH DTXHOD DXGLrQFLD p UHDO PHQWHHIHWLYDHFRPRDVSHVVRDVHVWmR UHFHEHQGR DTXHOH FRQWH~GRµ GL] D H[HFXWLYD (OD FRPSOHWD TXH R ,ERSH DSRVWRXHPXPDSDUFHULDFRPR7ZLWWHU SDUD FRPSUHHQGHU PHOKRU R LPSDFWR

GDV PHQVDJHQV H R HQJDMDPHQWR GRV WHOHVSHFWDGRUHV EDVHDGDV HP VXDV FRQYHUVDVVREUHD79´&RPLVVRLQFRU SRURX R PRQLWRUDPHQWR GD UHSHUFXV VmRGRVSURJUDPDVGH79QDLQWHUQHWH FULRXR,ERSH7ZLWWHU795DWLQJV ,775  FRP PpWULFDV TXH SRVVLELOLWDP XPD PHOKRU FRPSUHHQVmR GHVVD DXGLrQFLD SRU H[HPSOR 3DUD RV YHtFXORV VmR GDGRV TXH SRGHP VHU WUDWDGRV SDUD

TXDOLILFDURVVHXVSURGXWRVHDWHQGHUD DXGLrQFLDHSHQVDUHPFRPRJHUDURSRU WXQLGDGHVSDUDRPHUFDGRGDSURSDJDQ GDµ 'HVWD IRUPD D VHJXQGD WHOD PDUFD FDGD YH] PDLV SUHVHQoD FRPR QRYRFDQDOPXLWRIRUWHFRPRFRQVXPL GRU SDUD UHODFLRQDPHQWR DR YLYR H LQVWDQWkQHRTXHWHPFRPRVHXXVRD RSRUWXQLGDGHGHVHUHPLPSDFWDGRVSRU DOJR TXH SRVVDP LQWHUHVVDU GLDQWH GRV VHXVROKRV´1RSDVVDGRDRVHULPSDF WDGRSRUDOJRQD79RFRQVXPLGRUSUR YDYHOPHQWH Vy WRPDULD DOJXP WLSR GH DomRFRPUHODomRDRFRQWH~GRGHXPD PDUFD QR GLD VHJXLQWH RX GLDV GHSRLV +RMHLVVRSRGHVHULQVWDQWkQHRRWDUJHW YLX D URXSD GD SURWDJRQLVWD JRVWRX H SRGH DGTXLULU XPD LJXDO QD KRUD FRP DSHQDVDOJXQVWRTXHVQRFHOXODU,PDJL QHP D SURSRUomR GLVVR FRQVLGHUDQGR WRGRRSRWHQFLDOGHDOFDQFHGD79FRPD HVFDODELOLGDGHGRHFRPPHUFHµH[HP SOLILFD0DXUR3DODFLRV

$QGUH]D0HQGHV 


&21(&7(6( +773(2,1'8))<0((,167(,1

:::/,=$1(/621&20(02-,,5//2/

3DUDFRPHPRUDURVDQRVGDWHRULDGDUHODWLYLGDGHGH (LQVWHLQRDQLPDGRU(RLQ'XII\IRLFRQYLGDGRSHOR &RQVHOKRGH&LrQFLDVH7HFQRORJLDGD,QJODWHUUDSDUD ID]HUXPFXUWDHPDQLPDomRFXMRYLVXDOUHPHWHj HVWpWLFDGRVJDPHVGHELWV2REMHWLYRpH[SOLFDUGH IRUPDGHVFRQWUDtGDHGLQkPLFDDLPSRUWkQFLDGHVVHV HVWXGRVSDUDRPXQGR$QDUUDomRILFRXDFDUJRGR SUHPLDGRDWRU'DYLG7HQQDQWPDLVFRQKHFLGRSHORVHX WUDEDOKRFRPR'RFWRU:KRVpULHTXHKiDQRV FRQTXLVWDImVHPWRGRRPXQGR

$GHVLJQHU/L]D1HOVRQUHVROYHXID]HUDUWHFRQFHLWXDO FRPRVHOHPHQWRVPDLVRQLSUHVHQWHVGDYLGDGLJLWDORV HPRMLV&RQVLGHUDGRVDHYROXomRGRVHPRWLFRQVHVVHV GHVHQKRVHVWmRLQVHULGRVHPGLYHUVDVFDPSDQKDVFRP UHVXOWDGRVVXUSUHHQGHQWHV0DV/L]DUHVROYHXGDUXP HQIRTXHRIIOLQHHRVUH]HVQDIRUPDGHIRWRJUDILDV UHFULDQGRRVGHVHQKRVFRPPRGHORVHREMHWRVGDYLGD UHDO$WpRPRPHQWRHODMiGLVSRQLELOL]RXIRWRV EHOLVVLPDPHQWHGHVHQYROYLGDVQRVHXVLWHRILFLDOTXHSRU VLQDOWHPXPGHVLJQFOHDQHFRORULGRTXHYDOHDSHQD YLVLWDU




3$125$0$_'85$&(//

(1(5*,$,1),1,7$ -8/,$120(1'(6'$+25$ $'XUDFHOOpIDPRVDSHODTXD OLGDGHGRVVHXVSURGXWRVDOLDGRVD XPDORQJHYDHFULDWLYDVpULHGHFDP SDQKDVTXHWHPJDUDQWLGRXPHVSDoR HVSHFLDOQRFRUDomRGRS~EOLFRFRQVX PLGRUGHSLOKDVGRPXQGRLQWHLUR 0DVFRPDHQWUDGDGHQRYRVDSDUH OKRVHIRUPDVGHDUPD]HQDPHQWRGH HQHUJLDDHPSUHVDFRQWLQXDQRWRSR GDVSHVTXLVDVTXHHQYROYHPRVHX VHJPHQWR4XDORVHJUHGR"$SRVWXUD GHVVDPDUFDWHPUDt]HVQRLQtFLRGH VXDWUDMHWyULDQRVDQRV$IDEULFD omRGHSLOKDVDOFDOLQDVGHPDJQpVLR TXHDSUHVHQWDYDPPDLRUGXUDELOLGDGH HPHQRUWDPDQKRFRLQFLGLXFRPR

DGYHQWRGDVFkPHUDVIRWRJUiILFDV SRUWiWHLVFRPIODVKDEULQGRXPQLFKR VHPSUHFHGHQWHVSDUDDLQG~VWULD$ SDUWLUGRVDQRVDPDUFDVyFUHV FHX $DWXDomRGD'XUDFHOOQR PHUFDGRPXQGLDOVHPSUHIRLFHUFDGD GHSRVWXUDSDGUmRRQGHVHXSULQFLSDO PRWHHUDRFXVWREHQHItFLR$FOiVVLFD FDPSDQKDFRPRFRHOKLQKRURVDHVWi QDPHQWHGRFRQVXPLGRUKiDQRV (PERUDVHMDXPSHUVRQDJHPFDULVPi WLFRHEDVWDQWHDFHLWRSHORS~EOLFR LQIDQWLODVSHoDVVHJXHPXPIRUWH SODQHMDPHQWRSDUDTXHDIRIXUDGHVHX JDURWRSURSDJDQGDQmREDQDOL]HD

DERUGDJHPDRFRQVXPLGRU´$LQWHQ omRGHWRGDDFRPXQLFDomRGH'XUD FHOOLQFLGHVHPSUHHPUHVVDOWDUDGXUD ELOLGDGHGRVHXSRUWIyOLRHDFRQVH TXHQWHHFRQRPLDTXHLVVRSRGH UHSUHVHQWDUSDUDRFRQVXPLGRUEUDVL OHLUR'XUDFHOOIUHTXHQWHPHQWH GHVHQYROYHVXDVFDPSDQKDVSDUDDGXO WRVTXHVmRRVUHVSRQViYHLVSHODV GHFLV}HVGHFRPSUDHSHORSUySULR PDQXVHLRGRSURGXWRHDSUR[LPDR VHXGLiORJRFRPRS~EOLFREUDVLOHLUR DWUDYpVGDFULDomRGHFDPSDQKDVGLJL WDLVGHVHQYROYLGDVORFDOPHQWHµDILUPD RJHUHQWHGHPDUNHWLQJGD'XUDFHOO %UDVLO5DIDHO*LVVH $'XUDFHOOSRVVXLKLVWyULFRQD VHDUDGDVDTXLVLo}HVSRURXWUDV HPSUHVDVJUDoDVjVXDLQGLVFXWtYHO OLGHUDQoDQRPHUFDGR'RVHXQDVFL PHQWRQD350DOORU\HODMiSDVVRX SHOD.UDIWHP.RKOEHUJ.UDYLV 5REHUWVHP*LOOHWWHHPH 3URFWHU *DPEOHHPTXDQGR HVWDDGTXLULXD*LOOHWWH1RDQRSDVVD GRRIXQGRGHLQYHVWLPHQWRV%HUNVKL UH+DWKDZD\DQXQFLRXDFRPSUDGD 'XUDFHOOSRU8ELOK}HVIRUWDOH FHQGRDFRPRXPDPDUFDGHFRQVX PRPDGXUDFDSD]GHSURGX]LUXP ERPIOX[RGHFDL[D 2TXHLVVRSRGHVLJQLILFDU SDUDDSUHVHQoDGRSRUWIROLRGDPDUFD QR%UDVLODLQGDHVWiSDUDVHUGHVFR EHUWR(PWHUPRVGHDo}HVHHVWUDWp JLDVGDPDUFDRPHUFDGRQmRGHYH $'XUDFHOOLQYHVWHHPVXDV FDPSDQKDVEUDVLOHLUDVFRPD SUHVHQoDGHFHOHEULGDGHVFRPR 6DEULQD6DWR&KULV)ORUHV7LFLDQH 3LQKHLUR'DQLHO=XNHUPDQ HQWUHRXWURV




5DIDHO*LVVHJHUHQWHGH PDUNHWLQJGD'XUDFHOO%UDVLO

HVSHUDUQHQKXPDUHWUDomRGRFRHOKR URVDSULQFLSDOPHQWHDJRUDTXHHOHID] SDUWHGRWLPHGH:DUUHQ%XIIHWGRQR GR%HUNVKLUH+DWKDZD\FRQKHFLGR FRPRRPDLRULQYHVWLGRUGHDo}HVGD KLVWyULDSHODSRVWXUDRXVDGDQRVQHJy FLRV(QWUHDRVtFRQHVJOREDLVTXHWrP RVHXWRTXHHVWmRD&RFD&ROD,%0 :DOOPDUW$PHULFDQ([SUHVVRVJUX SRVILQDQFHLURV:HOOV)DUJRH*ROG PDQ6DFKVDOpPGDDJrQFLDGHDQiOLVH GHULVFRVGHFUpGLWR0RRG\ V´$'XUD FHOOUHIRUoDRVHXFRPSURPLVVRHP RIHUHFHURVQRVVRVPHOKRUHVSURGX WRVSDUDRFRQVXPLGRUEUDVLOHLURFRP DVSLOKDVTXHGXUDPDWpYH]HVPDLV GRTXHDVSLOKDVFRPXQVGH]LQFR $OpPGLVVR'XUDFHOOFRQWLQXDUiLQYHV WLQGRQRPHUFDGREUDVLOHLURDSyVD WUDQVLomRGDPDUFDSDUDD%HUNVKLUH +DWKDZD\µSRQGHUD5DIDHO*LVVH 0HVPRRFXSDQGRXPDERD IDWLDGRPHUFDGR GHDFRUGR FRPQ~PHURVGH DVYHQGDVGH SLOKDVWrPRGHVDILRDWXDOGHHQFDUDUR GHVXVRGHPXLWRVLWHQVTXHGHSHQGL DPGHVVDIRQWHGHHQHUJLDSHORIDWR GHKRMHWHUPRVDSDUHOKRVTXHVXSUHP YiULDVIXQo}HVFRPRRVVPDUWSKRQHV TXHKRMHWDPEpPVmR79SRUWiWHLV UiGLRVSRUWiWHLVHPLQLPiTXLQDVIRWR JUiILFDV&RPRD'XUDFHOOVHSUHSDUD

SDUDHVWHFHQiULRGHEDWHULDVSRUWiWH LVHSLOKDVUHFDUUHJiYHLVpDJUDQGH TXHVWmRTXHSRUHQTXDQWRQmRDEDOD DFRQILDQoDGDHTXLSHEUDVLOHLUD´1RV VDPDUFDWHPHPVHXSRUWIROLRKRMH FDUUHJDGRUHVHSLOKDVUHFDUUHJiYHLV QRHQWDQWRHVVHDLQGDpXPVHJPHQWR EDVWDQWHSHTXHQRQR%UDVLOHQRPXQ GR$RFRQWUiULRGRVHQVRFRPXPR PHUFDGRGHSLOKDVQR%UDVLOFUHVFH DQRDSyVDQRLPSXOVLRQDGRSRUDSD UHOKRVTXHGHPDQGDPFDGDYH]PDLV HQHUJLDGDVSLOKDV²SRUH[HPSOR EULQTXHGRV(pGHROKRQHVVHSRWHQ FLDOTXHD'XUDFHOOLQYHVWHHPVXDV FDPSDQKDVEUDVLOHLUDVWDQWRQDFRPX QLFDomRWUDGLFLRQDOTXDQWRQRVQRYRV FDQDLVGLJLWDLV$HVWUDWpJLDVHPRVWUD SRVLWLYDMiTXHDUHIHUrQFLDGHSURGX WRFRQILiYHOpWUDQVPLWLGDSDUDDQRYD JHUDomRQXPDVLQHUJLDGHYDORUHVH HQJDMDPHQWRµFRPHQWD5DIDHO

.DULQD5LEHLURGLUHWRUD JHUDOGDDJrQFLD'DYLG

3DUDWDQWRREUDoREUDVLOHLUR GD'XUDFHOOFRQWRXHVWHDQRFRPD DJrQFLD'DYLGTXHGHVHQYROYHXFDP SDQKDSDUDR'LDGDV&ULDQoDVFRP IRFRQDVUHGHVVRFLDLVGDPDUFD2 PRWHIRUDPRVEULQTXHGRVDQWLJRV TXHFRPDVQRYDVEDWHULDV'XUDFHOO SRGHPYROWDUDDOHJUDUDVFULDQoDV

XVDQGRDKDVKWDJEULQTXHLSUDYDOHU$ FHUHMDGRERORIRLDSUHVHQoDGHFHOH EULGDGHVFRPR6DEULQD6DWR&KULV )ORUHV)HUQDQGD5RGULJXHV7LFLDQH 3LQKHLUR0DPD0DOXIH'DQLHO=XNHU PDQTXHFRQWDUDPKLVWyULDVGHVHXV EULQTXHGRVGHLQIkQFLDHPVXDVSUy SULDVUHGHVVRFLDLV$LQWHQomRIRL DSUR[LPDUFRQVXPLGRUHVHPDUFDSRU PHLRGHH[SHULrQFLDVHPRFLRQDQWHV ´'XUDFHOOpXPDPDUFDPXLWR IRUWHHSUHVHQWHQDYLGD HQDFDEHoD  GRVFRQVXPLGRUHV1RVVRWUDEDOKRp FULDUFRQWH~GRTXHHQJDMHDVSHVVRDV GHIRUPDDPDQWHUDIRUoDGDPDUFDH WUD]HUQRVVRVFRQVXPLGRUHVSDUD SHUWRGH'XUDFHOOµDYDOLD.DULQD5LEH LURGLUHWRUDJHUDOGDDJrQFLD1XP PRPHQWRHPTXHTXHUHPRVWUD]HU 'XUDFHOOSDUDPDLVSHUWRGRFRUDomR GRVVHXVFRQVXPLGRUHVpLPSRUWDQWH WUDEDOKDUFRPPHQVDJHQVFRPRDTXH WUD]HPRVQHVWDFDPSDQKDTXHUHPH WHDPHPyULDVDIHWLYDVGHWRGRV LPSDFWDGRVSHODDomR1XPPRPHQWR HPTXHWXGRVHGiQDHVIHUDRQOLQHR TXHpItVLFRJDQKDXPYDORUHVSHFLDO ~QLFRµFRQFOXL )RUDGR%UDVLOD'XUDFHOO SRVVXLVpULHGHLWHQVTXHYDLDOpPGDV VLPSiWLFDVSLOKDVH[SDQGLQGRRFRQ FHLWRGHGXUDELOLGDGHSDUDGDGRV FRPRSHQGULYHVFDUW}HVGHPHPyULD 6'H&RPSDFW)ODVKHDPSOLDQGRD SUHVHQoDQRVHJPHQWRGHHQHUJLD FRPREDWHULDVDXWRPRELOtVWLFDVSDUD YHtFXORVPDULQKRVHDWpJHUDGRUHV SRUWiWHLVHQWUHRXWURV&RPDV PXGDQoDVFRQVWDQWHVHPWHUPRVGH GHPDQGDVSUiWLFDVHWHFQROyJLFDVD 'XUDFHOOVHJXHQRWRSRGHVHXVHJ PHQWRHVyRWHPSRGLUiVHHOD DPSOLDUiRVHXHVFRSRQRPHUFDGR EUDVLOHLUR$MXOJDUSHODVDJDFLGDGHGH VHXQRYRGRQRTXHPVDEHQmRVHUH PRVSHJRVGHVXUSUHVDSHODPDUFD" 4XHPYLYHUYHUi 


/,9(0$5.(7,1*

2(032'(5$0(172 &2020,66®2 ,9(/,6(%8$548(

*8,/+(50(38))

6RPRVKRMHPLOK}HV EUDVLOHLURVGHDFRUGRFRPHVWLPDWLYDV GR,QVWLWXWR%UDVLOHLURGH*HRJUDILDH (VWDWtVWLFD ,%*( $SRSXODomR IHPLQLQDUHSUHVHQWDDPHWDGHHp UHVSRQViYHODWXDOPHQWHSHORVXVWHQWR GHGDVIDPtOLDVFRQIRUPH GDGRVGD~OWLPD3HVTXLVD1DFLRQDOSRU $PRVWUDGH'RPLFtOLR&RQWXGRDV GLIHUHQoDVGRVJrQHURVVmRDLQGD ODWHQWHVQRTXHGL]UHVSHLWRj HVFRODULGDGHSDUWLFLSDomRQDVHVIHUDV SROtWLFDVHPSUHJDELOLGDGHHSUHVHQoD HPFDUJRVGHDOWDJHVWmR0DVFULDomR GR&RPLWr:RPHQ(PSRZHUPHQW SHOD$PSUR $VVRFLDomRGH0DUNHWLQJ 3URPRFLRQDO WUD]jWRQDD LPSRUWkQFLDGHVWDTXHVWmR´$ PRWLYDomRSULQFLSDOSDUDDFULDomRGR FRPLWrpDFRQYLYrQFLDGLiULDHGLUHWD FRPRPHUFDGR&RPRSUHVLGHQWHGH DJrQFLDGHEUDQGH[SHULHQFHH

PHPEURGD$VVRFLDomRGH0DUNHWLQJ 3URPRFLRQDO $PSUR RTXHYHMRQR GLDDGLDpTXHDVXQLYHUVLGDGHV IRUPDPWXUPDVFRPSRVWDVHPVXD PDLRULDSRUPXOKHUHVTXHDPDLRU SDUWHGRVIXQFLRQiULRVGDVDJrQFLDVp IRUPDGDSRUPXOKHUHVPDVTXHHP SRVLo}HVGHOLGHUDQoDQyVWHPRVXPD GRPLQDomRPDVFXOLQDµDILUPD6LOYDQD 7RUUHVVyFLDGLUHWRUDGD0DUN8S 63 TXHDFDEDGHDVVXPLUD SUHVLGrQFLDGHVWDLQLFLDWLYD~QLFDQR FHQiULRGDFRPXQLFDomR )RLDVVLPTXHDH[HFXWLYDTXH pLQFOXVLYHSULPHLUDPXOKHUDJDQKDUR SUrPLRGH0HOKRU3URILVVLRQDOGH 0DUNHWLQJ3URPRFLRQDOGR$QRQR $PSUR*OREHV$ZDUGVGHGHX RSRQWDSpLQLFLDOHPPXGDQoDGH SRVWXUDGRPHUFDGRTXDQWRjV SURILVVLRQDLVGDVHPSUHVDVDVVRFLDGDV ´1yVGHPRVLQtFLRDXPJUXSRGH GLVFXVV}HVLQWHUQRQD0DUN8SSDUD GHEDWHUDWHPiWLFDDSOLFDGDHP GLIHUHQWHVVLWXDo}HVHSHUFHEHPRV TXHDTXHVWmRWUDQVFHQGLDRVQRVVRV SRUW}HV/HYDPRVHVVDSURSRVWDSDUD D$PSURSDUDTXHRWHPDDOFHYRRV PDLVDOWRVGHQWURGDDVVRFLDomRTXH QRVUHSUHVHQWDSDUDTXHSRVVDPRV PRYLPHQWDURVHWRUHPWRUQRGLVVRµ OHPEUD (DJRUDDHPSUHVDULDWHUiFRPR GHVDILRVWUDEDOKDUSDUDYDORUL]DomRH PHOKRUIRUPDomRGHVWDPDLRULD IHPLQLQDTXHDLQGDQmRpSURWDJRQLVWD QRFHQiULRHPSUHVDULDOFRPRSRGHULD HGHYHULDQDPDLRULDGRVFDVRV(QmR pjWRD3DUDVHWHULGHLDGHVWD 6LOYDQD7RUUHV VyFLDGLUHWRUDGD0DUN8S 63 



GLVFUHSkQFLDDSHQDVRLWRHPFDGD SURILVVLRQDLVGHDOWRHVFDOmRQDV HPSUHVDVGR%UDVLOVmRGRVH[R IHPLQLQRVHJXQGRUHODWyULRGD)*9 )XQGDomR*HW~OLR9DUJDV -iSHVTXLVD UHDOL]DGDSHOR6LQDSUR63 6LQGLFDWR GDV$JrQFLDVGH3URSDJDQGDGR (VWDGRGH6mR3DXOR HQWUHPDLRH MXOKRGHPRVWURXTXHGRV GLULJHQWHVGHHPSUHVDV HQWUHYLVWDGDVVmRKRPHQV(pGHQWUR GHVWHFHQiULRTXHR&RPLWr:RPHQ (PSRZHUPHQWLUiGHVHQYROYHUDo}HV HVSHFtILFDVSDUDJHUDUFRQKHFLPHQWR WURFDGHH[SHULrQFLDVHERDVSUiWLFDV SDUDDVPXOKHUHVYLQFXODGDVDRVHWRUH jHQWLGDGHTXHSRVVXLFHUFDGH HPSUHVDVDVVRFLDGDVHFRQWDFRP UHSUHVHQWDomRHPYiULDVUHJL}HV 6XO 6XGHVWH&HQWUR2HVWHH 1RUWH1RUGHVWH   $WXDQGRFRPRSODWDIRUPD SDUDRFUHVFLPHQWRH GHVHQYROYLPHQWRSURILVVLRQDOGR JrQHURQRPHUFDGRPDQWHUiXPD JHVWmRSUySULDFRPXP&RQVHOKR 'LUHWLYRIRUPDGRSRU$GULDQD &DUYDOKRDVVHVVRUDGD218 0XOKHUHVSDUDRVSULQFtSLRVGH HPSRGHUDPHQWRGDVPXOKHUHVHSRU $QD)RQWHV)XQGDGRUDGD5HGH 0XOKHU(PSUHHQGHGRUD´$HVFROKD GHVVDSULPHLUDGLUHWRULDDFRQWHFHX FRPEDVHQDVH[SHULrQFLDVTXHDV SDUWLFLSDQWHVSRGHULDPWUD]HUSDUD GLYLGLUHFRQWULEXLUFRPRQRVVR SURSyVLWR1yVQRVPRELOL]DPRV LQWHUQDPHQWHQD$PSURSDUD HVFROKHUPRVSHVVRDVTXHWLYHVVHP


$GULDQD&DUYDOKRDVVHVVRUD GD2180XOKHUHV

IDPLOLDULGDGHHFRQKHFLPHQWRGR DVVXQWRPDVVHPTXHWLYHVVHPR PHVPRWLSRGHH[SHULrQFLDµUHVVDOWD (DH[SHUWLVHGHVVDVFRQVHOKHLUDVLUi FRPFHUWH]DFRQVROLGDUDSURSRVWD ODQoDGDTXHSUHWHQGHVHUUHIHUrQFLD QRWUDEDOKRGHGHVHQYROYLPHQWRH HPSRGHUDPHQWRGDPXOKHUQR PHUFDGRGHOLYHPDUNHWLQJ  2FRPLWrMiLQLFLRXVXD DWXDomRFRPRDSRUWHGHXPWLPHGH YROXQWiULRVHPTXHPXOKHUHVH KRPHQVVmREHPYLQGRVVHPGLVWLQomR HDGLUHWRULDQDVFHUiGHQWUHDTXHOHV TXHVHFDQGLGDWDUHPjJHVWmRDSyV GRLVDQRVGHPDQGDWRLQLFLDO(VWDp XPDSURSRVLomRTXHYLVDDWLQJLUDR Pi[LPRGHSHVVRDVSRVVtYHOH SURPRYHUDLJXDOGDGHGHJrQHURV DWXDQGRQDWHQWDWLYDGHWUDQVIRUPDU XPDFXOWXUD'LDQWHGLVVRRV REMHWLYRVMiHVWmREHPWUDoDGRVH HQYROYHPPDSHDUDSDUWLFLSDomRGDV PXOKHUHVQRPHUFDGRGROLYH PDUNHWLQJHDYDOLDUSRQWRVGH PHOKRULDFRQVWUXLUUHSHUWyULRVREUH RDVVXQWRSDUDH[SORUDUFRPR PHUFDGRHVWLPXODUXPDPELHQWH IDYRUiYHOSDUDRHPSRGHUDPHQWRH SDUDDYDORUL]DomRGDPXOKHUQR DPELHQWHGROLYHPDUNHWLQJSUHSDUDU DVPXOKHUHVSDUDDDOWDJHVWmR

GHVHQYROYHULQLFLDWLYDVSDUDPHOKRUDU DHTXLGDGHGHJrQHURHHVWLPXODUR FUHVFLPHQWRSURILVVLRQDOGDVPXOKHUHV HWUDEDOKDUSDUDRDXPHQWRGH Q~PHURGHPXOKHUHVHPSRVLo}HVGH OLGHUDQoD´1RSULPHLURPrVIRUDP UHDOL]DGRVGRLVHQFRQWURVRSULPHLUR GHDSUHVHQWDomRGRFRPLWrHGDVXD SURSRVWDGHYDORUSDUDTXHWRGDVDV SDUWLFLSDQWHVHVWHMDPDOLQKDGDVH HQWHQGDPDVIRUPDVGHFRQWULEXLomR HXPVHJXQGRHPTXHDVSUHVHQWHV GLVFXWLUDPRSUHFRQFHLWRHPUHODomRj ILJXUDGDPXOKHUFRPRPmHDILJXUD GDPXOKHUFRPRVtPERORIUiJLO QHXURFLrQFLDFRPRIRUPDGHHVWXGR SDUDVHHQFRQWUDURVPRWLYRVSHORV TXDLVDPXOKHUHVWD DEDQGRQDQGR DV VXDVFDUUHLUDV7RGDVVDtPRVGHOiFRP DPLVVmRGHDWpRSUy[LPRHQFRQWUR EXVFDUSDUFHULDVFRPXQLYHUVLGDGHV SDUDDIRUPDomRGHOtGHUHVµFRPHQWD 7RUUHV  $JRUDR&RPLWrMiYHP UHDOL]DGRDWLYLGDGHVHVSHFtILFDVH PDQWpPXPDDJHQGDGHILQLGDDWp GH]HPEURGHTXHHQYROYHP QRYDVSHVTXLVDVHGHEDWHVVREUH WHPDVGLYHUVRVYROWDGRLQFOXVLYHQD FRQVWUXomRGHXPUHSHUWyULRVREUH HVWDSDUWLFLSDomRGDVPXOKHUHVQROLYH PDUNHWLQJSDUDH[SORUDUFRPR PHUFDGRHSUHSDUDUDVSURILVVLRQDLV SDUDDDOWDJHVWmR´1yVDWXDPRVFRP JUXSRVWHPiWLFRVFRPGXUDomRLQLFLDO GHWUrVPHVHVSRGHQGRFDGDJUXSR HVWHQGHUVXDVGLVFXVV}HVHQTXDQWR KRXYHUFRQWH~GRHLQWHUHVVH$V GLYLV}HVSURSRVWDVQDDJHQGDVmR5+ $WHQGLPHQWR3ODQHMDPHQWR&ULDomR 3URGXomR²TXHUHPHWHPjViUHDV H[LVWHQWHVGHQWURGDVDJrQFLDVGHOLYH PDUNHWLQJ2SURMHWRMiWHYHLQtFLR FRPRJUXSRGH5+TXHpXPDiUHD

HVWUDWpJLFDHTXHWHPLPSRUWkQFLD H[WUHPDSDUDDSURSDJDomRGRWHPD GHGLVFXVVmR$OpPGLVVRpXPJUXSR TXHMiKDYLDVHUHXQLGRLQWHUQDPHQWH QD0DUN8SSDUDGLVFXWLUTXHVW}HVGR PHUFDGRGHOLYHPDUNHWLQJFRPRXP WRGRµGL] 'HQWURGHVVDSHUVSHFWLYD SDOHVWUDVHGHEDWHVHVWmRHQWUHDV Do}HVDVHUHPSURPRYLGDVSDUD FRQWULEXLUSDUDDVGLVFXVV}HVHWURFDV GHH[SHULrQFLDVHQWUHHODVHGLYHUVDV SDXWDVGLVWLQWDVHQWUDPQHVWD SURJUDPDomR(QWUHRVWHPDV SUHVHQWHVQHVWDDJHQGDGHLQWHJUDomR HVWmRLQWURGXomRGRWHPDGD GLYHUVLGDGHQROLYHPDUNHWLQJD TXHVWmRGDPXOKHUGHQWURGRDVVXQWR HDUHDOLGDGHDWXDOHSROtWLFDV LQRYDGRUDVYROWDGDVSDUDDYDORUL]DomR GDPXOKHUSRUH[HPSOR

$QD)RQWHV)XQGDGRUDGD 5HGH0XOKHU(PSUHHQGHGRUD 


$548,923523(*

&20(025$d®2

48(9(1+$00$,6 -8/,$120(1'(6'$+25$ $3URSHJFRPSOHWRXHVWHDQR DQRVGHDWXDomRLQLQWHUUXSWDPDV HPYH]GHVLPSOHVPHQWHGHLWDUVRERV ORXURVHODVHODQoDDRGHVDILRGH PDQWHUVHjIUHQWHGRPHUFDGRSHORV SUy[LPRV&ULDGDHP6DOYDGRUSRU 2VZDOGR6i0HQHVHVHVHXILOKR 5RGULJR6i0HQHVHVHPD DJrQFLDVHGLPHQWRXVXDWUDMHWyULD FRPRHVSHFLDOLVWDQRGHVHQYROYLPHQWR GHFDPSDQKDVLQHVTXHFtYHLVSDUD PDUFDVQDFLRQDLVDOpPGHLQRYDUQR VHJPHQWRGDFRPXQLFDomRS~EOLFD &RQIRUPHIRLFUHVFHQGRD3URSHJ WURX[HjWRQDQRYDVIRUPDVGHVH WUDEDOKDURGLiORJRFRPR FRQVXPLGRUHKRMHID]SDUWHGD33* TXHDEULJDRXWUDVDJrQFLDVFRPSHUILV EHPHVSHFtILFRVRTXHID]GRJUXSR XPGRVWUrVPDLRUHVJUXSRVGH FRPXQLFDomRGRSDtV 7UDEDOKDUHPFRPXQLFDomR QXPSDtVGHWHQWRUGHXPFHQiULR 

LQVWiYHOQmRpIiFLOPDVSRURXWUR ODGRpGHVDILDGRU*UDoDVjH[SHUWLVH DFXPXODGDGHVXDKLVWyULDD3URSHJ GHWpPXPDJUDQGHEDJDJHPDFHUFD GRVKiELWRVHGHVHMRVGRS~EOLFR EUDVLOHLUR3DUDVHXVSURILVVLRQDLVDV SULQFLSDLVPXGDQoDVSHUFHELGDVQR FRQVXPLGRUDRORQJRGDV~OWLPDV GpFDGDVWRUQRXVHPDLVHYLGHQWHFRP DQRYDUHYROXomRHOHWU{QLFDWUD]LGD SHODLQWHUQHW´$QWHVRFRQVXPLGRU PXGDYDDFDGDDQRV+RMHFRPD WHFQRORJLDWXUELQDQGRWXGRHOHPXGD WRGDVHPDQD1RYRVKiELWRVH DWLWXGHVEURWDPSHUPDQHQWHPHQWH SDUDGHVHVSHURGHWRGRVQyVTXH WHPRVDUHVSRQVDELOLGDGHHP VHQVLELOL]DURVPHUFDGRVµDILUPDR YLFHSUHVLGHQWHGH$WHQGLPHQWRH *HVWmRGR*UXSR33*9LWRU%DUURV $3URSHJHVWiSUHVHQWHHP 6DOYDGRU %$ )RUWDOH]D &HDUi 6mR 3DXOR 63 5LRGH-DQHLUR 5- H

%UDVtOLD ') FRQWDQGRFRPFHUFDGH IXQFLRQiULRV6HXVFOLHQWHV LPSUHVVLRQDP2GHEUHFKW2L &RUUHLRV3'*DFRQVWUXWRUD 4XHLUR]*DOYmR6DIHUQHW%UDVLO0 'LDV%UDQFR0LQLVWpULRGD6D~GH *RYHUQRGR(VWDGRGH6mR3DXOR *RYHUQRGR'LVWULWR)HGHUDOHS *RYHUQRGR(VWDGRGR&HDUiHVWmR HQWUHRVQRPHVTXHMiFRQWDUDPFRP RVWDOHQWRVGDHTXLSHFLQTXHQWRQD FRPPXLWRRUJXOKR$VFDPSDQKDV FULDGDVWDPEpPFRQTXLVWDUDPRV SUrPLRVPDLVLPSRUWDQWHVGD SXEOLFLGDGHQDFLRQDOGHLQWHUQDFLRQDO FRPRR3URILVVLRQDLVGR$QRGD5HGH *ORERRVIHVWLYDLVGH&DQQHV /RQGUHV(O2MRH&OLRSRUH[HPSOR ´$3URSHJVHH[SDQGLXHDLQGD VHH[SDQGHFRPDQGDGDSRU RSRUWXQLGDGHVGHPHUFDGRRXSDUD DFRPSDQKDURFUHVFLPHQWRGRV QRVVRVFOLHQWHV,VVRQRVGHXXP


´

$3URSHJVH H[SDQGLXHDLQGD VHH[SDQGH FRPDQGDGDSRU RSRUWXQLGDGHVGH PHUFDGRRXSDUD DFRPSDQKDUR FUHVFLPHQWRGRV QRVVRVFOLHQWHV

FULDGDHPHSDUFHLUDGD3URSHJ GHVGHIRFDGDHPSURPRomRH HYHQWRVD3URSHJGHXLQtFLRDR33* JUXSRFRPFDSLWDOQDFLRQDO (PVHJXLGDYLHUDPD0HQWDH L1)DYHODFDGDXPDFRPXPIRFR HVSHFtILFR6HULDHVVDVHJPHQWDomRR IXWXURGDVJUDQGHVDJrQFLDVGH FRPXQLFDomR"´$FUHGLWDPRVTXHWHU IRFRVHVSHFtILFRVSHUPLWHPTXHDV DJrQFLDVFRQVLJDPID]HUXPWUDEDOKR PDLVFXVWRPL]DGRSDUDRVFOLHQWHVTXH DWHQGHPµGL]9LWRU$0HQWDIRL FULDGDQRDQRSDVVDGRSDUDIRUWDOHFHU

RVODoRVFRPRPHUFDGRGH6mR3DXOR HFRQWRXFRPRSXEOLFLWiULR)OiYLR &DVDURWWLQDFRQVWUXomRGDLQLFLDWLYD $DJrQFLDFKHJRXQXPPRPHQWRHP TXHRPHUFDGRVHPRVWUDYDEDVWDQWH FRQFHQWUDGRSRUSRXFRVQRPHVTXH SRUVXDYH]WRUQDUDPVHUHIpQVGD HVWUXWXUDJLJDQWHVFDTXHDGTXLULUDP DRORQJRGRVDQRV3RUWDQWRD0HQWD SURSRUFLRQDXPULWPRGHWUDEDOKR PDLVOHYHHiJLOGHDFRUGRFRPD QHFHVVLGDGHGRFOLHQWH

$548,923523(*

H[SHUWLVH~QLFRRGHFRQKHFHUDV OLQJXDJHQVHVtPERORVGRVYiULRV

%UDVLV TXHHVWmRGHQWURGRJUDQGH %UDVLOFRPVXDVFDUDVERFDVH MHLWRVµSRQGHUD9LWRUFRQILDQWHQXP FHQiULRRQGHDFRPSHWLWLYLGDGHpR FRPEXVWtYHOGHJUDQGHVLGHLDV(IRL MXVWDPHQWHHVVDDYDODQFKHGH FULDWLYLGDGHTXHLPSXOVLRQRXR ODQoDPHQWRGHLQLFLDWLYDVTXHIDULDP FRPSDQKLDj3URSHJQDVXDWUDMHWyULD HP&RPD5HYROXWLRQ HVSHFLDOL]DGDQRVHWRUGHYDUHMRH FRQVXPRHDLQFRUSRUDomRGD,QYHQW

´

9LWRU%DUURV




2/+$5$&$'Ã&#x2C6;0,&2

352&(6626&5,$7,926 (263$5$',*0$6 38%/,&,7Ã&#x2030;5,26 52'5,*267()$1,_352)(6625'2'(3$57$0(172'(&2081,&$d®2 8)3(

([LVWHXPJUDQGHGHVDILRSDUD RVSUy[LPRVDQRVQRTXHFRQIHUHDV FRPSHWrQFLDVFULDWLYDVTXHDVDJrQFLDV GHSXEOLFLGDGHRIHUHFHPSDUDR PHUFDGR3DUWHGHVVHGHVDILRHVWi LQWLPDPHQWHOLJDGRDRSURGXWRILQDO TXHDVDJrQFLDVKLVWRULFDPHQWH VHPSUHHQWUHJDUDPSDUDVHXV FOLHQWHVFRQKHFLGRFRPRDQ~QFLR SXEOLFLWiULRRXSHoDPLGLiWLFD+iPDLV GHFHPDQRVDVDJrQFLDVKDELWXDUDP VHDLQWHUPHGLDUDYHQGDGHHVSDoRV QDPtGLDHDHQWUHJDUXPWLSRPXLWR HVSHFtILFRGHSURGXWRSXEOLFLWiULR 0DVDJRUDRPHUFDGRHVWiLQWHUHVVDGR HPRXWUDVFRLVDVHPQRYDV FRPSHWrQFLDVHFRQVHTXHQWHPHQWH HPXPDQRYDSRVWXUDTXHHQJOREDR PRGHORGHQHJyFLRGDVDJHQFLDV 0XLWRVHIDODHPHFRQRPLD

FULDWLYDSURGXomRGHFRQWH~GR EUDQGHGFRQWHQWKLVWRUWHO\QJH RXWUDVYDULDo}HVHVWUDWpJLFDVTXH LQWHUIHUHPGLUHWDPHQWHFRPR XQLYHUVRFULDWLYRRQGHVHHQFRQWUDRV UHGDWRUHVHRVGLUHWRUHVGHDUWH (VVHVQRYRVFRPSRQHQWHVDOWHUDP QmRVRPHQWHDHVWUXWXUDGHWUDEDOKR GDVDJrQFLDVPDVWDPEpPRSHUILOGH IRUPDomRHTXDOLILFDomRGRV SURILVVLRQDLVTXHDOPHMDPLQJUHVVDU QHVVHFRQFRUULGRHFRQWUDGLWyULR PHUFDGRGHWUDEDOKR &RPRSURIHVVRUGDV GLVFLSOLQDVGH&ULDomR3XEOLFLWiULDGD 8QLYHUVLGDGH)HGHUDOGH3HUQDPEXFR PHGHGLFRDSHVTXLVDURVSURFHVVRV FULDWLYRVHDVSUiWLFDVSHGDJyJLFDVGR HQVLQRGDFULDomRSXEOLFLWiULDTXHVH LQVWLWXFLRQDOL]RXQRVFXUVRVGH SXEOLFLGDGH%UDVLODIRUD$VSHVTXLVDV HQYROYHPQmRVRPHQWHXPROKDUSDUD DVSUiWLFDVGHVDODGHDXODFRPR WDPEpPHQWHQGHUDSHUIRPDQFHGRV FULDWLYRVHPVXDVURWLQDVQR H[SHGLHQWHGDVDJHQFLDV(VVH WUDEDOKRFRPHoRXHPHVH HVWHQGHUiDWp(POLQKDVJHUDLV RVWUDEDOKRVEXVFDPFRPSUHHQGHUVH GHIDWRKiXPDUXSWXUDQRPRGRGH HQVLQDUFULDomRSXEOLFLWiULDHP FRQFHUQrQFLDFRPDVPXGDQoDV UDGLFDLVTXHPDUFDPRPHUFDGR $OpPGLVVREXVFDVHGLVFXWLUVHR PRGHORGHVLVWHPDWL]DURSURFHVVR FULDWLYRDLQGDpRPHVPRSUDWLFDGR SHODVDJrQFLDV -XOLDQD3HWHUPDQQ



(QHXV7ULQGDGH

+iPXLWDVHYLGrQFLDVQRTXH IRLDSXUDGRDWpDJRUDRQGHRV SURFHVVRVGHHQVLQRTXHVmR SUDWLFDGRVHPGLIHUHQWHVHVFRODVGH SXEOLFLGDGHQR%UDVLOVHDVVHPHOKDP FRPSRXFDVYDULDo}HVQDIRUPDGH HQVLQDUHDERUGDUDWHPiWLFDGD FULDomR(PQRVVRVWUDEDOKRVGH FDPSRLQYHVWLJDPRVHVFRODVGD5HJLmR 6XO6XGHVWH&HQWUR2HVWHH 1RUGHVWHHRUHVXOWDGRGDVDQiOLVHV GHPRQVWUDPUHVXOWDGRVPXLWR VLPLODUHV'DPHVPDIRUPDRV SURFHVVRVFULDWLYRVWUDEDOKDGRVQR LQWHULRUGDVDJrQFLDVWDPEpPVmR PXLWRSDUHFLGRVGHQRWDQGRXPWLSR GHHVWUXWXUDRUJDQL]DFLRQDOYROWDGD SDUDRDQ~QFLRSXEOLFLWiULRSDUDR PRGHORFRQYHQFLRQDOGHSHoD PLGLiWLFD$VDJrQFLDVLQRYDPSRXFR QRTXHVLWRFULDomRHHPPXLWRVFDVRV pGLItFLOGLIHUHQFLDURWLSRGHVHUYLoRV


5RGULJR6WHIDQLSURIHVVRUGDV GLVFLSOLQDVGH&ULDomR3XEOLFLWiULD GD8QLYHUVLGDGH)HGHUDO GH3HUQDPEXFR

TXHVmRRIHUHFLGRVHQWUHRV HVFULWyULRVGHSXEOLFLGDGH 1RHQWDQWRSHUFHEHPRVTXH KiXPDWHQVmRGHPXGDQoDHPWRUQR GRSURILVVLRQDOGDFULDomRHGR IRUWDOHFLPHQWRGRVGHSDUWDPHQWRVGH SODQHMDPHQWRSDUDTXHVLUYDPGH HVWUXWXUDDOLPHQWDGRUDGHLQVLJKWV FULDWLYRV2VGLUHWRUHVGHFULDomRTXH FRODERUDUDPFRPQRVVDVSHVTXLVDV IRUDPHQIiWLFRVHPHQDOWHFHUD GLIHUHQoDQDTXDOLGDGHGRVWUDEDOKRV HPSUHHQGLGRVSHODDJrQFLDTXDQGRKi DFRODERUDomRGHXPDHTXLSHGH SODQHMDPHQWRRXDWpPHVPRTXDQGR RXWUDViUHDVGDDJrQFLDVHHQYROYHP QRSURFHVVR3RUpPFRPRHVVH SURFHVVRDLQGDpUHVWULWRSDUDSRXFRV -REVRIDWRQRYRpTXHH[LJHVHXPD QRYDFRPSHWrQFLDGRSURILVVLRQDOGH FULDomRTXHHVWiHPVDEHUID]HUR SODQHMDPHQWRFULDWLYRTXHQDVXD HVVrQFLDUHOHYDVHUXPDTXDOLGDGH LQGLFLDOGHQRYRSHUILOGHFULDWLYRVHMD HOHXPUHGDWRURXGLUHWRUGHDUWH GHYHHVWDUDSWRHPVDEHUUHVROYHU SUREOHPDVSHQVDUWHFQRORJLFDPHQWH HHPSUHHQGHUSURMHWRV

3DUD)iELR+DQVHQXPGRV SHVTXLVDGRUHVQHVVHSURMHWR´R PRGHORGDVDJrQFLDVGHSURSDJDQGD HVWiVHHVJRWDQGRµVXDVUHIOH[}HV DLQGDDSRQWDPSDUDXPDFUtWLFDDWp PHVPRQRHPSUHJRGRWHUPR ´SXEOLFLGDGHµTXHSDUDHOHGHYHULD VHUGHL[DGDGHODGR(VVDVUHIOH[}HV QmRVmRUHVXOWDGRH[FOXVLYDPHQWHGH QRVVDVSHVTXLVDVRTXHHVWiH[SRVWR QHVWHWH[WRFRQYHUJHFRPRXWURV HVWXGRVHSHVTXLVDVMiHPSUHHQGLGRV HPGLIHUHQWHVWUDEDOKRVGH(QHXV 7ULQGDGH9DQGHU&DVDTXLH-XOLDQD 3HWHUPDQQH'LUFHX7DYDUHV 5HIHULPRVQRVSRUWDQWRDPXLWDV GLVFXVV}HVDFDGrPLFDVTXHDFRQWHFHP QHVVHVHQWLGRHPPXLWRVHYHQWRVQR 3Uy3HVT33,QWHUFRPHWDQWRV RXWURV (PYHUGDGHVDEHPRVTXH HVWDPRVHPXPDQRYDHUD

UHHVFUHYHQGRXPDKLVWyULDTXHQmR WHPPDLVYROWD$VDJrQFLDVYmR FRQWLQXDUH[LVWLQGRHFRPVXD UHOHYkQFLDPDVDSXEOLFLGDGHHVWi PXGDQGRSUDPHOKRU3UHFLVDPRV HQWHQGHUTXHDFRPXQLFDomRWHPTXH VHUUHOHYDQWHUHVSRQViYHOHQJDMDGDH PHQRVI~WLOVLQDLVGHXPDQRYDHUD (QHXV7ULQGDGHUDWLILFDDLQGDTXHD FRPXQLFDomRSXEOLFLWiULDQXQFDHVWHYH WmRSUy[LPDGHVHXUHDOREMHWLYRFULDU YtQFXORVSDUDRSHVTXLVDGRU´D SXEOLFLGDGHWHPTXHVHSHQVDUFRPR SURPRWRUDGDSURSDJDELOLGDGHGR HVSDOKDPHQWRHFULDUQRYRVSRQWRVGH FRQWDWRHQWUHPDUFDVHRV FRQVXPLGRUHV9LYHPRVDHUDGD SURSDJDELOLGDGHDOJRUtWPLFDHGD LGHRORJLDGRVFyGLJRVHSURWRFRORVGH LQIRUPiWLFDTXHSRUPHLRGHEDQFRV GHGDGRLQGX]HPDVQRVVDV LQWHUDo}HVµ

)iELR+DQVHQ 


081'221/,1(_%/2*$3(=,1+2

35$&+$0$5'(6(8 'LFDVSDUDGHL[DUDFDVD FRPDFDUDGRLQWHUQDXWD -8/,$120(1'(6'$+25$ 4XHPQXQFDTXLVLPSULPLU VXDVSUySULDVFRUHVUHIHUrQFLDVH HVWLORQROXJDURQGHYLYH"$FDULRFD 'DQLHOD3HUHLUDDVVLPFRPRPLOK}HV GHEUDVLOHLURVMiVHSHJRXLPDJLQDQGR HID]HQGRSODQRVSDUDID]HUGDFDVDR HVSDoRPDLVDFRQFKHJDQWHH SUD]HURVRSRVVtYHO$TXHOHOXJDUSDUD RQGHYRFrYDLVDWLVIHLWRDRILPGRGLD RQGHVHQWHSUD]HUHPUHFHEHURV DPLJRVHJXDUGDUVXDVPHPyULDV)RL SHQVDQGRQLVVRTXHHODIXQGRXHP REORJ$SH]LQKR$tPXLWRV SRGHPSHUJXQWDU´(GDt"µ$LGHLDGH 'DQLHODVHGLIHUHQFLRXGRVGHPDLV YHtFXORVH[LVWHQWHVQDLQWHUQHWHQD PtGLDWUDGLFLRQDOMXVWDPHQWHSHORVHX IRFRWH[WRVGLUHFLRQDGRVjTXHOHVTXH HVWDYDPGDQGRRVSULPHLURVSDVVRVQD DTXLVLomRGHXPLPyYHORXDTXHOHV TXHMiRSRVVXtDPPDVDLQGD SUHFLVDYDPGHRULHQWDomRHPFRPR RWLPL]DUWHPSRGLQKHLURHHPRo}HV QDPRQWDQKDUXVVDTXHpVHUHODFLRQDU FRPXPRXWURWHWRTXHQmRVHMDD FDVDGRVSDLV /RJRQDGHVFULomR'DQLHODGL]

DTXHYHLR´2$SH]LQKRWHPXP SRXFRGHWXGR'HVGHFRPRSURFXUDU XPOXJDUSDUDFKDPDUGHVHXDWpR GLDDGLDGHVVDQRYDH[SHULrQFLD(OHp SUySULReFROHWLYR8PJXLDSDUD TXHPTXHUPRUDUVR]LQKRµ2 QDVFLPHQWRGREORJWHYHD SDUWLFLSDomRGDVILOKDVGDDXWRUD )HUQDQGDH'DQLHODDOpPGDMRUQDOLVWD -RV\)LVFKEHUJRGHVHQYROYHGRU 5DSKDHO5HLVHDGHVLJQHU%LDQFD 5RFNHU(VVDUHXQLmRGHWDOHQWRV FRORFRXQXPVyOXJDUXPWH[WR GLQkPLFRHGLYHUWLGRDOLDGRDXP GHVLJQMRYLDOHDWUDHQWHWUD]HQGR FHUFDGHPLOYLVLWDQWHV~QLFRVHP DSHQDVGRLVPHVHVQRDU(VVHV Q~PHURVGDpSRFDVmR LPSUHVVLRQDQWHVSULQFLSDOPHQWHSHOD LGHLDWHUVXUJLGRQXPPRPHQWRHP TXHRVEORJVMiQmRHUDPPDLVDV HVWUHODVGDZHEKRMHSDXWDGDSHOR GLiORJRFRQVWDQWHGDVUHGHVVRFLDLV 'HVGHHQWmRSHOR$SH]LQKR SDVVDUDPWDOHQWRVGHWRGRRSDtVTXH GHUDPDREORJXPDSOXUDULGDGHWmR FDUDFWHUtVWLFDGR%UDVLO$OpPGDV

GLFDVGHPDWHULDLVORMDVHVHUYLoRVR LQWHUQDXWDHUDILVJDGRSRUWH[WRV VREUHIDPtOLDVD~GHHEHOH]D$Wp P~VLFDSUHVHQWHQDVHomRFKDPDGD UDGLQKR ZZZDSH]LQKRFRPEUUDGLQKR  UHSOHWDGHPL[WDSHVSDUDFDGDRFDVLmR GDYLGDGLiULDSOD\OLVWVSDUDFR]LQKDU ID[LQDUSDUDYROWDUDRVDQRV $WXDOPHQWHREORJpGLYLGLGRHPVHLV iUHDV EXVFDUPXGDUGHFRUDUFRPHU PDQWHUHFRQWDU FRP FRODERUDGRUHVDMXGDQGRRV LQWHUQDXWDVDGHL[DUVXDPDUFDQR OXJDURQGHHVFROKHUDPSDUDYLYHU 0DVRTXHIH]'DQLHODGHFLGLU HQYHUHGDUSRUXPDiUHDTXHWRGRV DSDUHQWHPHQWHDFKDYDPTXHMi WLQKDPYLVWRWXGRHFRPRHOD FRQVHJXLXVHGHVWDFDU"2HVWDORYHLR QRILQDOGHHQTXDQWRHOD SDUWLFLSDYDGHZRUNVKRSFRPR SURIHVVRUGD(VFRODGH$UWHV9LVXDLV GR3DUTXH/DMH&KDUOHV:DWVRQ $WUDYpVGRFRQMXQWRGHSDOHVWUDVH DWLYLGDGHVLQWLWXODGR´23URFHVVR &ULDWLYRµHODSHUFHEHXTXHDV QXDQFHVTXHHQYROYHPDFULDomRGH LQLFLDWLYDVLQRYDGRUDVQmRVHOLPLWDYDP DRFDPSRGDDUWH´$FULDWLYLGDGHp LQWHUGLVFLSOLQDUHSRGHVXSHUDUDV GLIHUHQoDVHQWUHDVOLQJXDJHQVµMi GL]LDHOHTXHHOHQFDWUrVLWHQV LQGLVSHQViYHLVDILPGHTXHRQRYR HQFRQWUHRWHUUHQRSHUIHLWRSDUDD PiJLFDDFRQWHFHUFRQKHFHURTXH 'DQLHOD´2$SH]LQKRWHPXPSRXFR GHWXGR'HVGHFRPRSURFXUDUXP OXJDUSDUDFKDPDUGHVHXDWpR GLDDGLDGHVVDQRYDH[SHULrQFLD (OHpSUySULReFROHWLYR8PJXLD SDUDTXHPTXHUPRUDUVR]LQKRµ




'DQLHODVHGLIHUHQFLRXGRVGHPDLVYHtFXORVH[LVWHQWHVQDLQWHUQHWHQDPtGLDWUDGLFLRQDOMXVWDPHQWHSHORVHXIRFR WH[WRVGLUHFLRQDGRVjTXHOHVTXHHVWDYDPGDQGRRVSULPHLURVSDVVRVQDDTXLVLomRGHXPLPyYHORXDTXHOHVTXH MiRSRVVXtDPPDVDLQGDSUHFLVDYDPGHRULHQWDomRHPFRPRRWLPL]DUWHPSRGLQKHLURHHPRo}HVQD PRQWDQKDUXVVDTXHpVHUHODFLRQDUFRPXPRXWURWHWRTXHQmRVHMDDFDVDGRVSDLV

YHLRDQWHVHUHFRQKHFHURVHXYDORU HVStULWRDYHQWXUHLURSDUDRXVDUH GLVSRVLomRSDUDVHPSUHROKDUjIUHQWH (DVVLPGHXPDVVXQWR DSDUHQWHPHQWHEDQDOR$SH]LQKR WRUQRXVHXPGRVPDLRUHVVXFHVVRV GDLQWHUQHWEUDVLOHLUD2EORJ GHVPLVWLILFDWXGRDTXLORHQYROYLGRQD EXVFDSHORORFDOLGHDOFRPD SDUWLFLSDomRGHJHQWHGHYHUGDGH GHVGHRPRPHQWRHPTXHVHGHFLGH VDLUGHFDVDDWpUHODWRVHPRFLRQDQWHV VREUHRILQDOGHVVDMRUQDGDWmR LPSRUWDQWHQDYLGDGDVSHVVRDV2VHX S~EOLFRpEDVWDQWHILHOHFUHVFHDFDGD GLDPHVPRFRPDFULVHILQDQFHLUDTXH URQGDRSDtV'DQLHODFRQVHJXHYHU XPDOX]QRILPGRW~QHODRSHUFHEHU TXH´DVSHVVRDVYrPGHVHQYROYHQGR XPPDLRUSRGHUGHEDUJDQKDIUHQWH jVWUDQVIRUPDo}HVGRPHUFDGR LPRELOLiULRµ

(FRPRXPDFRQYHUVDSX[D RXWUDRDOFDQFHQDVUHGHVVRFLDLV WDPEpPpDPSOR$WpRIHFKDPHQWR GHVWDHGLomRR$SH]LQKRFRQWDYD FRPVHJXLGRUHVQR)DFHERRN HPDLVPLOQR,QVWDJUDP7DPDQKD H[SRVLomRUHQGHXQRYRVDPLJRVH SDUFHLURV(QWUHHOHVD&DQWmR FRQKHFLGDGRS~EOLFRIDVKLRQTXH FRQYLGRX'DQLHODSDUDVHU FRODERUDGRUDGHFRQWH~GRQREORJGD PDUFDHRSRUWDO3HUVRQDUHTXH LQFRUSRURXREORJjVXDUHGHGH FRQWH~GRVVREUHFDVDVD~GHH DOLPHQWDomR 3DUD'DQLHODRFUHVFLPHQWR GR$SH]LQKRVyIRLSRVVtYHOSRUTXH WLQKDPXLWDSDL[mRHHVSRQWDQHLGDGH HQYROYLGD6HJXQGRHODDPL]DGHVH ODoRVSRGHPVXUJLUGHFRQYHUVDV VREUHQRYDVGLFDVGHGHFRUDomRRX OLPSH]DRXDWpPHVPRDOJXPDUHFHLWD

VLPSOHV)RLDVVLPTXHWDQWDJHQWH GHL[RXVXDPDUFDHGHL[DUi(OH FRQWLQXDGHSRUWDVDEHUWDVDTXHP EXVFDYLYHUEHP)DODQGRHPDEULU SRUWDVDHTXLSHWHPSODQRVEHP DXGDFLRVRVSDUD8POLYUR UHODFLRQDGRDR$SH]LQKRVREUHRTXDO 'DQLHODQmRUHYHODPXLWR SURYDYHOPHQWHSDUDQmRHVWUDJDUD VXUSUHVDHXPDVpULHGHYtGHRVFRP RVFRQWH~GRVGREORJ 2VSUy[LPRVSDVVRVGR $SH]LQKRVHGDUmRFRPRVHPSUH IRUDPVHPSUHVVDHFRPPXLWD GRoXUD'DQLHODRFULRXSDUDWURFDU LGHLDVHDSUHQGHUFRPDVSHVVRDV2 IUXWRGHVVHWUDEDOKRYHP QDWXUDOPHQWHFRPRUHFRQKHFLPHQWR GDTXHOHVTXHIRUDPWRFDGRVH DFUHGLWDPTXHVHPSUHGiSDUD PHOKRUDUROXJDUHPTXHYLYHPRV$ FRPHoDUSRUQyVPHVPRV 


'(67$48(_('1(<628=$

+,3(5$7,9,'$'(3$5$ (035((1'(5 ,9(/,6(%8$548( 6DEHUDSURYHLWDUDV RSRUWXQLGDGHVGDYLGDIRLDJUDQGH OLomRTXH(GQH\6RX]DDSUHQGHXFRP RWHPSRHTXHDMXGRXDPROGDUVXD WUDMHWyULDSURILVVLRQDO8PH[HPSOR GHHPSUHHQGHGRULVPRTXHH[SORUDDV SRVVLELOLGDGHVGDLQRYDomRGHVVHV ´WHPSRVPRGHUQRVµ(VWHFRQVXOWRU GHPDUNHWLQJ HVSHFLDOL]DGRHP FRQWH~GRHYHQWRVHUHGHVVRFLDLV  WHYHVHXSULPHLURFRQWDWRFRPD WHFQRORJLDHPLPSDFWDGRSRU SURSDJDQGDGHFXUVRVGHFRPSXWDomR QDHVFRODHPTXHHVWXGDYD(LVVRR OHYRXjSULPHLUDDXODQDiUHDH SURJUHVVLYDPHQWHjDWXDomRFRPR SURJUDPDGRU)RUPDGRHP 3URFHVVDPHQWRGH'DGRVSHOD 8QLYHUVLGDGH0DFNHQ]LHFRPSyV JUDGXDomRHP7HFQRORJLDGD ,QIRUPDomR$SOLFDGDD1HJyFLRVSHOD )DVS )DFXOGDGHV$VVRFLDGDVGH6mR 3DXOR 6RX]DWUDEDOKRXHPYiULDV RUJDQL]Do}HVDWpLQLFLDUVXDYLGDGH HPSUHHQGHGRUDRVDQRVDRDEULU VXDSULPHLUDHPSUHVD $SHVDUGHDFUHGLWDUTXHR HPSUHHQGHGRULVPROKHYHLRWDUGH HVWDIDJXOKDMiH[LVWLDGHVGHDLQIkQFLD PHVPRFRPDFULDomRHPXPDIDPtOLD VLPSOHVVHPFRQWDWRDOJXPFRPR WUDEDOKRQRPDUNHWLQJQDWHFQRORJLD RXQRHPSUHHQGHGRULVPR´(XHVWDYD DOXJDQGRPLQKDELFLFOHWDSDUDRV PHQLQRVQDUXDHPHXSDLYHLR UHFODPDUTXHHXHVWDYD H[SORUDQGR  RVJDURWRVDOpPGHGHVJDVWDUPLQKD ELFLFOHWDDFLPDGRHVSHUDGR1DTXHOH PRPHQWRLQFOXVLYHHOHGHWHFWRXTXH SUHFLVDUtDPRVLUSDUDDELFLFOHWDULD SDUDWURFDUDOJXQVUDLRVGDVURGDVTXH TXHEUDUDP2FRQVHUWRFXVWRX 

H[DWDPHQWHRTXHHXKDYLDJDQKDGRH PHXSDLSHUJXQWRXVHHXWLQKD DSUHQGLGRDOJXPDOLomR3HQVHL FRPLJR GHYHULDWHUFREUDGRPDLVQmR GHXQHQKXPOXFUR µOHPEUDHOHTXH JRVWDGHFRQWDUHVWDKLVWyULDTXH DFUHGLWDWHUOKHLQFHQWLYDGRD HPSUHHQGHU 'DtSDUDIUHQWH(GQH\VHJXLX FDPLQKRQDWXUDOSDUDVHWRUQDU HPSUHHQGHGRUUHQRPDGRHXPDGDV PDLRUHVUHIHUrQFLDVGRPHUFDGR 3URIHVVRUGH5HGHV6RFLDLVQD(630 )*9H&RP6FKRRODVVXPLX UHVSRQVDELOLGDGHVTXHWrP FRQWULEXtGRSDUDDIRUPDomRGHXP FHQiULRSURItFXRHH[SDQVmRGHXP VHWRUGHSHVRQRSDtVDWUDYpVSRU H[HPSORGDVFXUDGRULDVGRVHWRUGH PtGLDVVRFLDLVGD&DPSXV3DUW\HGD 6RFLDO0HGLD:HHN6mR3DXORTXH RUJDQL]RXHPHVHFRQVROLGRX FRPRXPGRVPDLRUHVHYHQWRVGH PtGLDVVRFLDLVGD$PpULFD/DWLQD 2VUXPRVSDUDHPSUHHQGHUD FRQMXQWXUDGRPHUFDGRHDYLVmRSDUD DOFDQoDUPHWDVQHFHVViULDVIRUDP LQIOXHQFLDGDVHPFHUWDPHGLGDSRU PXLWRVSURILVVLRQDLVTXHSDVVDUDP SHODVXDYLGD´2VSUHVLGHQWHVGDV ~OWLPDVHPSUHVDVTXHWUDEDOKHLFRPR IXQFLRQiULRWLYHUDPPRPHQWRVTXH PHIL]HUDPUHIOHWLUVREUHPHXIXWXUR 7LYHRSULYLOpJLRGHSDUWLFLSDUGHXPD UHXQLmRFRP/DpUFLR&RVHQWLQR TXDQGRWUDEDOKDYDQD72796 QD pSRFDDLQGDHUDFKDPDGDGH 0LFURVLJD HYrORQHJRFLDQGRIRL LQVSLUDGRU1D'LYLFRPRSUHVLGHQWH $QW{QLR&DUORV%UDJDXPGLDPH SHUJXQWRXVHHXTXHULDVHU HPSUHHQGHGRURXH[HFXWLYRQDTXHOD

pSRFDHXJDQKDYDXPDUHPXQHUDomR H[WUDFRPPHXVLWHHHOHKDYLDOLGR VREUHPLPHPDOJXQVMRUQDLVµ OHPEUD (VWH~OWLPRHPSDUWLFXODUIRL UHVSRQViYHOSRUXPDPXGDQoDGH SHUVSHFWLYDQHVWHFDVR´(OHIDORXLVVR GHFRUDomR1mRIRLXPSDSR DPHDoDGRUPDVIRLDOJRTXHPH

HPSXUURX QDGLUHomRGHXPD GHFLVmR)RLTXDQGRHXODUJXHLR HPSUHJRGHJHUHQWHGHVLVWHPDVSDUD WUDEDOKDUFRPFRPXQLFDomRµ(QWmR HPIRFRXVHQR,QWHU1H\QHW TXHFRPHoRXFRPRVLWHSHVVRDOHP SDVVDQGRDJDQKDUDOJXP GLQKHLURHDHPSUHHQGHUGHIDWRHP ´(XDEULHPSUHVDFRPHFHLD HPLWLUQRWDILVFDOHWLQKDPDLVGHXPD IRQWHGHUHQGD(PDVSHVVRDV QHPHQWHQGLDPRTXHYRFrID]LD TXDQGRGL]LDTXHWUDEDOKDYDFRPR SURJUDPDGRURXFRPFRPSXWDGRUHV 3RUpPPXLWDFRLVDTXHIL]QDTXHOD pSRFDDLQGDpYLVWRFRPRLQRYDomR QRVGLDVGHKRMHµGHVWDFD 1DTXHODpSRFDWUDEDOKRXHP SURMHWRTXHHQYROYLDSHTXHQRV FRPSXWDGRUHVSRUWiWHLV +3/;H +3/; PRGHPHLPSUHVVRUD WpUPLFDTXHIRUPDYDPXPNLWSDUD YHQGHGRUHVUHPRWRVGHXPDLQG~VWULD GHSOiVWLFRV8PDSURSRVWDSDUD IDFLOLWDURWUDEDOKRQRGLDDGLDFRP FRPSXWDGRUSRUWiWLOTXHDLQGDKRMHp WLGRFRPRLQRYDomRVHJXQGRHOH TXHFRQVLGHUDHVWDXPDVROXomRMi XOWUDSDVVDGD 3HQVDQGRjIUHQWHVHX FRQFHLWRGRTXHpQRYRHGRTXH SRGHVHUFULDGRSDUDPHOKRUDUDV SHUVSHFWLYDVMiFRQKHFLGDVHSURMHWR


SHVVRDOQmRVyFRQTXLVWRX UHFRQKHFLPHQWRPi[LPRFRPRREORJ PDLVSRSXODUGDLQWHUQHWEUDVLOHLUD HPH FRPRGHXR SRQWDSpLQLFLDOSDUDRXWUDLQYHVWLGD )RLDVVLPTXHIXQGRXHPR ,QWHU1H\%ORJVSULPHLUDUHGH SURILVVLRQDOGHEORJVGR%UDVLOTXH WDPEpPVHWRUQRXUHIHUrQFLDQD pSRFDDSHVDUGRSURMHWRWHUVLGR GHVFRQWLQXDGRHP´(XMiHUD SURJUDPDGRUTXDQGRDFHVVHLD LQWHUQHWSHODSULPHLUDYH]HPPHDGRV GHFULDUXPVLWHIRLXPDWRGH FXULRVLGDGHSDUDHQWHQGHUFRPRHUD SURJUDPDUDOJXPDFRLVDSDUDD LQWHUQHW(VFUHYHUHUDXPDHWDSD QHFHVViULDSDUDWHUDOJRSXEOLFDGRQR VLWHHFRQIRUPHHXIXLPHOKRUDQGR PLQKDHVFULWDHGHVFREULQGRWUXTXHV SDUDGLYXOJDURVLWHHXDFDEHLPH GHVFREULQGRXPPHOKRUSURILVVLRQDO GHPDUNHWLQJGRTXHGHWHFQRORJLD 2EYLDPHQWHDH[SHULrQFLDHP WHFQRORJLDIRLIXQGDPHQWDOSDUDWHU GHVWDTXHHPPDUNHWLQJGLJLWDODFDERX VHQGRXPFDPLQKRQDWXUDORQGHSXGH XVDUPLQKDVGLIHUHQWHVKDELOLGDGHVµ UHFRUGD +RMHHQYROYLGRHPYiULRV QHJyFLRV VHMDFRPRFRQVHOKHLUR FRQVXOWRURXDSRLDGRU HOHVH DSURYHLWDGHVWHPXQGRGHGLYHUVDV RSRUWXQLGDGHVHVWDEHOHFHQGR FDGDYH]PDLVQRYDVPHWDVHP TXHSRVVDH[SORUDU GLIHUHQWHV KDELOLGDGHVH H[SDQGLUYiULDV SRVVLELOLGDGHV ´(VWDUWRFDQGR GLYHUVRV SURMHWRVWHP /(2 1( PXLWDUHODomRFRP 9( 6 PLQKDKLSHUDWLYLGDGHGR TXHFRPRFHQiULRDWXDOGR HPSUHHQGHGRULVPR 4XHPIRLPXOWLWDUHID VHPSUHIH]PXLWDVFRLVDV VLPXOWDQHDPHQWH$ H[LJrQFLDPDLRUGD

FULDWLYLGDGHpSDUDVHGHVWDFDU1XP PXQGRRQGHWRGRPXQGRSRGH YHQGHURQOLQH HDtDLQWHUQHWHDV PtGLDVVRFLDLVHQWUDUDP GHPRFUDWL]DQGRHVVHDFHVVR YRFr SHUGHXPSRXFRGDYDQWDJHPTXH WLQKDDRUHSUHVHQWDUSURGXWRRX VHUYLoRHPXPDSUDoDHVSHFtILFD+RMH YRFrSUHFLVDEXVFDUXPDPDQHLUDGH VHGHVWDFDUHFRPWRGRPXQGR SURFXUDQGRLQRYDUDJHQWHHQFRQWUD XPFHQiULREHPPDLVLQWHUHVVDQWHµ FRPHQWD $GHPRFUDWL]DomRHDV FDUDFWHUtVWLFDVSUySULDVGDVQRYDV WHFQRORJLDVSRVVLELOLWDPDH[SDQVmR GDVRSRUWXQLGDGHVGHFRPXQLFDomR GHFDUUHLUDHGHHPSUHHQGHGRULVPR 6mR SDUWLFXODULGDGH VTXH WUDQVIRUPDP HVWHHP FHQiULRIpUWLO SDUDWRGRV TXHGHVHMDP

GHVHQYROYHUXPQHJyFLRDJUHJDQGR LQFOXVLYHVHXVLQWHUHVVHVSHVVRDLV´2 PXQGRKRMHpGLJLWDOPDLVGH GRVEUDVLOHLURVMiWHPDFHVVRj LQWHUQHW1RVJUDQGHVFHQWURVHVVH Q~PHURILFDHQWUHH FRQVLGHUDURFHQiULRGLJLWDOQRVHX HPSUHHQGLPHQWRpIXQGDPHQWDO$ LQWHUQHWRVEORJVHDVUHGHVVRFLDLV GLPLQXtUDPDEDUUHLUDGHHQWUDGDGH PXLWRVQHJyFLRVIDFLOLWDQGRRDFHVVRD FRPXQLFDomRHSXEOLFLGDGH2VH FRPPHUFHVDXPHQWDUDPRDOFDQFH GRVQHJyFLRV(QWmRYHQGHUXP SURGXWRRXVHUYLoRpSDUDPXLWDV SHVVRDVXPDRSRUWXQLGDGHTXHQmR H[LVWLDDQWHVGRPXQGRGLJLWDOµ HQIDWL]D &RQWXGRKiXPIDWRU HVVHQFLDOTXHGHYHVHUOHYDGRHP FRQVLGHUDomRQHVWDHUDGR HPSUHHQGHGRULVPRGLJLWDOHGDVUHGHV VRFLDLVRQOLQHSDUDVHDSURYHLWDUWXGR TXHVHHVWijPmRHDOFDQoDUERQV UHVXOWDGRV´$OpPGHHVWDUPRV YLQFXODGRVDDOJXPDPtGLDWDPEpP HVWDPRVSURGX]LQGRFRQWH~GR2 FRQWH~GRGDVHPSUHVDVQmR FRQFRUUHPDLVDSHQDVFRP RFRQWH~GRGHRXWUDV HPSUHVDV9RFr FRQFRUUHFRPDIRWR GRILOKRGHDOJXpP FRPDQRWLILFDomRGH DQLYHUViULRFRPR YtGHRTXHRVDPLJRV JUDYDUDPQR FKXUUDVFRFRPR GHSRLPHQWRGHXP FDVDOTXHVHIRUPRX RXFRPRGHVDEDIRGH XPDPLJRTXHSHUGHX XPHQWHTXHULGRµ GHVWDFD(QHVWHFDVRR HVSHFLDOLVWDDFKD IXQGDPHQWDOTXHRVQHJyFLRV TXHGHVHMDPVHWRUQDUUHOHYDQWHV WHQKDPLVVRHPHYLGrQFLD´$V PDUFDVSUHFLVDPPHOKRUDUD TXDOLGDGHGDSURGXomRGHFRQWH~GR 1mRGiPDLVSUDFXPSULUWDEHODQD 


SURGXomRGHFRQWH~GRVHYRFrQmR FRQVHJXHID]HUDOJRTXHVHGHVWDTXHp PHOKRUJDVWDUPDLVWHPSRID]HQGR SURPRomRGHSURGXWRVHDWHQGHQGR RVFOLHQWHVGRTXHSURGX]LUFRQWH~GR TXHQLQJXpPYDLOHUµGL] 'HQWURGHVVDSHUVSHFWLYDRV SURFHVVRVGHWUDEDOKRGDVHPSUHVDV HVWmRHPDOWDDILQDOWRGDV SHUFHEHUDPTXHRIXQGDPHQWDOp HVWDUQRPHLRHPTXHRS~EOLFRVH HQFRQWUD(VHMDTXDOIRUDIHUUDPHQWD HVFROKLGDWRGDVHVWmRQDVPtGLDV VRFLDLVGLJLWDLV8PLQYHVWLPHQWRTXH DSHVDUGRVHVIRUoRVQmRHVWiORQJH GHIDOKDVVHMDQRGHVHQYROYLPHQWRGR SODQHMDPHQWRPRQLWRUDPHQWRRXHP RXWUDVHWDSDVFRPRDWpUHWDUJHWLQJ ´$LQGDH[LVWHPJUDQGHVDJrQFLDV WUDEDOKDQGRQDVUHGHVVRFLDLVVHP SODQHMDPHQWRPXLWDVID]HP FDPSDQKDVSRQWXDLVHHVVDV FDPSDQKDVUHFHEHPWRGRRFXLGDGR QHFHVViULRFRPRSODQHMDPHQWRPDV UDUDPHQWHpIHLWRXPSODQHMDPHQWR SDUDGHILQLUDYR]GDHPSUHVDQDV UHGHVVRFLDLV9RFrSUHFLVDGHXP SURMHWRHGLWRULDOTXHGHILQDFRPRVHUi DSURGXomRGHFRQWH~GRQRVFDQDLV TXHVXDPDUFDHVWiSUHVHQWH)DOWD QmRDSHQDVPRQLWRUDPHQWRSDUD DFRPSDQKDUDUHSHUFXVVmRGRTXHVH HVWiID]HQGRPDVGLDJQyVWLFRH SODQHMDPHQWRSDUDFRPHoDUR WUDEDOKRGHIRUPDDGHTXDGDµ FRPHQWD eLQHYLWiYHOSHQVDUTXHDV HVWUDWpJLDVUHODFLRQDGDVDRPDUNHWLQJ HPPtGLDVVRFLDLVWHPTXHSULRUL]DUDV HWDSDVHVVHQFLDLVGRWUDEDOKRH QDWXUDOPHQWHpHYLGHQWHTXHRV SURFHVVRVWUDQVFRUUHPPHOKRU PHGLDQWHRVLQYHVWLPHQWRV DGHTXDGRVTXHQDPDLRULDGDVYH]HV HVWmRFRQFHQWUDGRVQRVSRORVPDLV GHVHQYROYLPHQWRVGRSDtV0DVDV GLIHUHQoDVGRPHUFDGRVmR GHILQLWLYDPHQWHPHQRUHVDWXDOPHQWH HPYLUWXGHGDUHGXomRGDVGLVWDQFLDV JHRJUiILFDV´+RMHHPGLDFRPRD PDLRUSDUWHGDVQRYLGDGHVGH 

/(21(9(6

'(67$48(_('1(<628=$

PHUFDGRVmRGLYXOJDGDVQDLQWHUQHWH RVFXUVRVSRGHPVHUIHLWRVjGLVWkQFLD QyVWHPRVXPDDSUR[LPDomRPXLWR PDLRUGRQtYHOGRPHUFDGRHP GLIHUHQWHVFLGDGHVEUDVLOHLUDV$LQGD WHPRVXPDFRQFHQWUDomRGHYHUEDH JUDQGHVFOLHQWHVQR6XGHVWHPDVQmR YHPRVPDLVXPGHVQLYHODPHQWRWmR JUDQGHTXDQWRQRSDVVDGR,QFOXVLYH DOJXPDVHPSUHVDVWHPIHLWRXP PRYLPHQWRRSRVWRSURFXUDGR SURILVVLRQDLVHPRXWUDVUHJL}HVGR %UDVLOµGL] (VWHpXPSURFHVVRQDWXUDO DJRUDTXHWUD]DSRVVLELOLGDGHSDUD DOJXPDVSHVVRDVFRPyWLPDIRUPDomR HH[SHULrQFLDHPVXDRSLQLmR GHL[DUHPJUDQGHVDJrQFLDVQRHL[R 6XO6XGHVWHRQGHWUDEDOKDPSDUD YROWDUHPSDUDVXDVFLGDGHVGHRULJHP

PXLWDVYH]HVRQGHSRGHPDWHQGHU FOLHQWHVjGLVWkQFLD´$OLiVHPXP PHUFDGRRQGHWXGRSRGHVHUIHLWRYLD LQWHUQHWpPHLRHVWUDQKRTXHDV HPSUHVDVDLQGDIDoDPWDQWDTXHVWmR GRFRQWDWRSUHVHQFLDO2EYLDPHQWHR FRQWDWRSUHVHQFLDOpPDLVULFRKiXPD VpULHGHHOHPHQWRVQDH[SUHVVmR FRUSRUDOHQDYR]TXHQmRDSDUHFHP QDFRPXQLFDomRHVFULWD0DVTXDQGRD HQWUHJDpDSHQDVGLJLWDOXPDOLJDomR GHYtGHRSRGHWUD]HUERDSDUWHGHVVD WURFDSDUDRSURFHVVRµSRQGHUD3DUD HOHRTXHOLPLWDHVWDWHQGrQFLDTXH YHPFUHVFHQGRSHORPXQGRVmRGRLV IDWRUHVDEDQGDODUJDGLVSRQtYHOHD GLILFXOGDGHGHDOJXPDVFRUSRUDo}HV HPFRQWUDWDUSHVVRDVUHPRWDPHQWH


&/,._0$5&2$1721,23(51$_:::0$5&2$1721,23(51$&20%5

*2/'(16816(7 (VVDpDSUDLDGH*UXPDULQR5LRGH -DQHLUR(XKDYLDFRPELQDGRFRPDPRGHOR UHDOL]DURHQVDLRQDSUDLDGR5HFUHLRTXHILFDEHP SHUWRGH*UXPDUL0DVDRHQFRQWUiODH SHUFHEHQGRRWHPSRQXEODGRYLPRVTXH SUHFLVDUtDPRVGHXPDSUDLDUHDOPHQWHERQLWDH TXHQmRGHSHQGHVVHWDQWRGRWHPSR'HFRPXP DFRUGRSDUWLPRVSDUDR*UXPDULRQGHUHDOL]DPRV RHQVDLRIRWRJUiILFR-iQRILQDOQRWHLTXHRXWUR IRWyJUDIRSHGLXDRFDVDOTXHHOHHVWDYD IRWRJUDIDQGRTXHFDPLQKDVVHPQDSUDLD1mR SHUGLDRSRUWXQLGDGHQRLQtFLRGHVVHPHVPRDQR HXMiWLQKDIHLWRIRWRVQHVVHHVWLORFRPXPD GDQoDULQDGRYHQWUHQHVVDPHVPDSUDLDHR UHVXOWDGRWLQKDVLGROLQGR$VVLPTXHRFDVDO YROWRXSHGLHQWmRjPRGHORTXHFDPLQKDVVH SHUWRGDiJXD7LUHLDOJXPDVIRWRVHHPWRGDV SXGHWHUDPHVPDOX]HFRUSRUpPQHVWD HVSHFtILFDDEHOH]DGDPRGHORHGRFUHS~VFXORVH VRPDUDPDRVROKDUHVRSRVWRVGRVXUILVWDHGD PRGHORTXHSDUHFLDPWHUFRPELQDGRSDUD FRPSRUHVVDEHODLPDJHP &Ã&#x2021;0(5$&DQRQ'_/(17(PP()_,62_$%(5785$_02'(/2'DQLHOOH7UDQKDTXH

0255($92='2%$1'(,5$'2,6 &RQKHFLGRSRUVXDLUUHYHUrQFLDHPQDUUDUQRWtFLDV SROLFLDVRUDGLDOLVWDGRSURJUDPD%DQGHLUD'RLVKiTXDVH DQRV*LQR&pVDUIDOHFHXDRVDQRVQR5HFLIHHPQRYHPEUR SDVVDGR(OHHVWDYDLQWHUQDGRSRUSUREOHPDVUHVSLUDWyULRVHP GHFRUUrQFLDGHGRHQoDSXOPRQDUREVWUXWLYDFU{QLFD² FRQKHFLGDFRPRHQILVHPDSXOPRQDU$SyVGDUHQWUDGDQD87, 8QLGDGHGH7HUDSLD,QWHQVLYD RUDGLDOLVWDVRIUHXLQIDUWRH PRUUHXGHL[DQGRYiULRVImVGRVHXWUDEDOKRQRUiGLR*LQR &pVDUHUDIDPRVRQmRVySHODYR]JUDYHHRMHLWR~QLFRHP DERUGDURVIDWRVYLROHQWRVQDFLGDGHSHUQDPEXFDQD0DVSHOR MHLWRVLPSOHVHWUDGLFLRQDOHSHORIDWRGHQXQFDWHUWURFDGRD PiTXLQDGHHVFUHYHUSHORFRPSXWDGRU$OpPGHQmRDEULUPmR GRFKDSpXGHFRXURPDUFDUHJLVWUDGDGRFRPXQLFDGRU 1DWXUDOGH5LR)RUPRVRQD=RQDGD0DWD6XOGH3HUQDPEXFR-RDTXLP-RVpGD6LOYDVHXQRPHGHEDWLVPR PXGRXVHSDUD3HUQDPEXFR(P5HFLIHFRPHoRXVXDMRUQDGDFRPRWD[LVWDHPRWRULVWDGHXPDHPLVVRUDGHUiGLR/RJR VXUJLXDRSRUWXQLGDGHGHDWXDUFRPRDWRUGHUDGLRQRYHODHUHSyUWHUSROLFLDO$WXRXHPYiULDVUiGLRV&OXEH7DPDQGDUp 2OLQGDHSRU~OWLPRQD5iGLR-RUQDO2LQWHUHVVHSHORPXQGRGDFRPXQLFDomRFRPHoRXDLQGDFULDQoDHLQWHUSUHWRX GLYHUVRVSHUVRQDJHQVLQIDQWLVQRUiGLR-iRQRPHGRSURJUDPDQRTXDOILFRXFRQKHFLGR´%DQGHLUD'RLVµVXUJLXSRUFRQWD GDHQRUPHTXDQWLGDGHGHDVVDOWRVDWD[LVWDVGXUDQWHDPDGUXJDGDTXDQGRpFREUDGDDWDULIDUHODFLRQDGDjEDQGHLUD2 UDGLDOLVWD*LQR&pVDUIDOHFHXPDVSDUDDKLVWyULDGRUiGLRHOHHVWDUiVHPSUHYLYRHQDPHPyULDGHWRGRVRV FRPXQLFDGRUHVHVREUHWXGRRVImV




1$(67$17(

$9,'$6(00$1&+(7(GH*LOPDU0DUFLOLR(GLWRUD%HODV/HWUDV3iJL QDV 2ILOyVRIRHVFULWRUHFROXQLVWD*LOPDU0DUFtOLRID]XPDUHIOH[mRVREUHVLWXDo}HV GRQRVVRFRWLGLDQRTXHHQYROYHPGLYHUVRVWHPDVGHVGHDPL]DGHDPRUVXFHV VRLQIkQFLDUHOLJLmRPDWXULGDGHSVLFRORJLDOLWHUDWXUDHFODURILORVRILD)D] UHSHQVDUDYLGDFRPVXDVUHIOH[}HVTXHWRFDPRFRUDomR2VWH[WRVFRQYLGDPR OHLWRUDGHVFREULUXPDIRUPDGLIHUHQWHGHSHQVDURFRWLGLDQRGDUQRYDGLPHQ VmRSDUDRPRPHQWRYLYLGRRXHYRFDUXPVHQWLPHQWRQRVWiOJLFR

3(16$5&207,326GH(OOHQ/XSWRQ&RVDF1DLI\SiJLQDV (OOHQ/XSWRQUH~QHQHVWHOLYURWHRULDFRQWHPSRUkQHDSUiWLFDLQIRUPD GDSURVDFODUDHSURMHWRYLVXDOLQWHOLJHQWHSDUDTXHPGHVHMDPHUJXOKDU QRPXQGRGDWLSRJUDILD$WHRULDpDFRPSDQKDGDGHH[HPSORVSUiWLFRV HFRQWH[WXDOL]DGRVFRPSDQRUDPDVKLVWyULFRVHWHyULFRVDEUDQJHQWHV TXHYmRGDVRULJHQVGDWUDGLomRDRVLPSDVVHVGRVQRYRVPHLRVGHFRPX QLFDomR$REUDWDPEpPDFRPSDQKDDSrQGLFHFRPGLFDV~WHLVDOHUWDV HRXWUDVIRQWHVFRPJXLDGHSUHSDUDomRHGLomRHUHYLVmRGHWH[WRV SDUDGHVLJQHUV,GHDOSDUDTXHPEXVFDDSURIXQGDUVHXFRQKHFLPHQWR VREUHFRPELQDomRGHWLSRVSRQWXDomRQXPHUDLVGHVDOLQKDGRVYHUVD OHWHVFDSLWXODUHVIRUPDWRVGHIRQWHVHRUQDPHQWRV

0$18$/'(3(568$6®2'2)%,GH-DFN6KDIHUH0DUYLQ.DUOLQV8QLYHUVRGRV /LYURVSiJLQDV 'XUDQWHRWHPSRHPTXHWUDEDOKRXFRPRDJHQWHSDUDR3URJUDPDGH$QiOLVH&RP SRUWDPHQWDOGD'LYLVmRGH6HJXUDQoD1DFLRQDOGR)%,R'U-DFN6FKDIHUGHVHQYROYHX HVWUDWpJLDVGLQkPLFDVHLQRYDGRUDVSDUDHQWUHYLVWDUWHUURULVWDVHGHWHFWDUPHQWLUDV $JRUDVXDVWiWLFDVSRGHPVHUDSOLFDGDVQRGLDDGLDGHPRGRDRWLPL]DUVHXWHPSRH HYLWDUVLWXDo}HVGHVQHFHVViULDVQDVUHODo}HVLQWHUSHVVRDLV'HVGHHQWHQGHUGHWDOKHV GDOLQJXDJHPFRUSRUDOSDUDFDSWDURQmRGLWRFRPRWpFQLFDVGHOLQJXDJHPTXHWRU QHPVXDVVHQWHQoDVPDLVSRVLWLYDVHDWUDHQWHVQDKRUDGHYHQGHUXPDLGHLDFRQYHQFHU SRWHQFLDLVSDUFHLURVHFRQVWUXLUXPDERDLPDJHPSURILVVLRQDO




Revista pronews188  
Read more
Read more
Similar to
Popular now
Just for you