Page 1


(',725,$/_/8&,$1$7255(®2 8ID3DVVRXR&DUQDYDO 3UHSDUHVHTXHRDQRMiYDLFRPHoDU 3HJXHDSLSRFDGHVOLJXHRVFHOXODUHV QmRIXPHHOHPEUHVHpSURLELGR ILOPDURXIRWRJUDIDU'HSRLVUHFROKD VHXOL[RHOHYHDROL[HLURQDVDtGD1mR HVWDPRVQRFLQHPDPDVDSHUWHRV FLQWRVRSLORWRGHVXDYLGDQmRVXPLX pYRFrPHVPR%RPEHPTXH SRGHUtDPRVID]HUXPILOPLQKRGH QRVVDWUDMHWyULDGHWXGRTXHIRLERP

SRGHULDVHUPHOKRUHGRTXHSRGH PXGDUDLQGD(DVVLPFRPRQR FLQHPDGHSRLVTXHDVHVVmRDFDEDUp KRUDGHMRJDUIRUDVHXOL[R²DTXHODV LGHLDVUHWUyJUDGDVQHJDWLYDVHIDWRV TXHQmRGHUDPFHUWR/HYHDSLSRFD SDUDXPEUDLQVWRUPFRQVLJRPHVPR SDUDYHURTXHSRGHVHUIHLWRSDUD PXGDURUXPRGDVXDKLVWyULD6LP UHYHMDVHXILOPH0DVDRFRQWUiULRGR FLQHPDQmRSUHFLVDGHVOLJDURV

Ì1',&( &RPERJy&RPXQLFDomRH (VWUDWpJLD 3(

1266$&$3$ 6LVWHPDVPXOWLIDFHWDGRV SURSRUFLRQDPQRYDV SRVVLELOLGDGHVHWUD]HP GLIHUHQWHVGHVDILRV

FHOXODUHVILTXHDQWHQDGRXVHD WHFQRORJLDDRVHXIDYRUHVFUHYDILOPH HIRWRJUDIHIDoDXPDEULFRODJHP ,QVSLUHVH&RPRGLVVH(OPRGR9DO VyFLRGLUHWRUGD09²DJrQFLDTXH DFDEDGHFRPSOHWDUDQRV´3HQVDU SRVLWLYRpLPSRUWDQWHVHJXLUVHPSUH HPIUHQWHFRPGHWHUPLQDomRHPXLWD GHGLFDomRVHPQXQFDHVTXHFHURTXH UHDOPHQWHID]DOJRDFRQWHFHUD PRWLYDomRµILFDDGLFD

(;3(',(17( ',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(

$33_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

UHYLVWDGHFRPXQLFDomRHPDUNHWLQJ1(

3$125$0$

'(67$48(

9LWDPDVVDSURYDTXHR 1RUGHVWHHVWiDQWHQDGR FRPRPHUFDGRJOREDO

%UXQD)DQXFFKLGHVEUDYDR WHUULWyULRGROLYHPDUNHWLQJ

GµUTYd_bQ

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


$57,*2_+e5&8/(60$,021(_6Ð&,2'$3:&%5$6,/((63(&,$/,67$(09$5(-2

29$5(-2$,17(51(7(2 '(6$),2'$683(5$d®2 $HFRQRPLDQRUWHDPHULFDQDFRQWLQXDDGDUVLQDLV FRQVLVWHQWHV GH FUHVFLPHQWR H D &RQYHQomR H ([SRVLomR $QXDO GD )HGHUDomR 1DFLRQDO GH 9DUHMR 1DWLRQDO 5HWDLO )HGHUDWLRQ 15)pXPFODURUHWUDWRGLVVR5HDOL]DGD HP1RYD ,RUTXH HPPHDGRV GHMDQHLUR FRQWRX FRP RV SULQFLSDLVIRUQHFHGRUHVGHVROXo}HVSDUDRVHWRU$FRQVWDQ WHHYROXomRTXHVHSHUFHEHQRYDUHMRpGHFRUUHQWHGHXPD PXGDQoDGHFRPSRUWDPHQWRGRFRQVXPLGRUQRV~OWLPRV DQRVTXHLQHJDYHOPHQWHVHWRUQRXPDLVH[LJHQWHXWLOL]DQ GRUHFXUVRVGLJLWDLVTXHHVWmRHPVHX'1$HOLWHUDOPHQWH HPVXDVPmRVRVVPDUWSKRQHVWDEOHWVH3&V $VSHVTXLVDVPRVWUDPTXHSRXFRPHQRVGH GRVFRQVXPLGRUHVID]HPVXDVFRPSUDVSHODLQWHUQHW(PER UDHVVHQ~PHURVHMDDLQGDWtPLGRSDUDDLQG~VWULDHOHYHP FUHVFHQGR DR ORQJR GRV DQRV 2 GDGR PDLV LPSRUWDQWH SRUpPpTXHPDLVGHGRVFRQVXPLGRUHVXWLOL]DPRV FDQDLVGHLQWHUQHWSDUDEXVFDULQIRUPDo}HVVREUHRVSURGX WRVYHULILFDUDRSLQLmRGHRXWURVFRQVXPLGRUHVRXPHVPR GHIRUPDGRUHVGHRSLQLmRFRPRRV´\RXWXEHUVµHEORJXHL URV TXH DSRQWDP WHQGrQFLDV DSURYDP RX GHVDSURYDP SURGXWRVORMDVHPDUFDV (VVDFUHVFHQWHRQGDIH]FRPTXHQRV~OWLPRVTXD WUR DQRV R YDUHMR QRUWHDPHULFDQR UHJLVWUDVVH XP GH FUpVFLPRGUDPiWLFR²PDLVGH²QRWUkQVLWRGHSHVVRDV QDV ORMDV (VVD TXHGD QR HQWDQWR QmR FRPSURPHWHX DV UHFHLWDVGHYHQGDVTXHDXPHQWDUDPQRSHUtRGR,VVR QRVOHYDjFRQFOXVmRLQGXELWiYHOGHTXHRFRQVXPLGRUPR GHUQRQDLPHQVDPDLRULDGRVFDVRVID]VXDVSHVTXLVDVSHOD LQWHUQHWGHFLGHRSURGXWRDVHUFRPSUDGRGLDQWHGHXPD WHODPDVHIHWXDDFRPSUDQXPDORMDItVLFD 5HLQYHQWDUVH QR DFROKLPHQWR QD KRVSLWDOLGDGH H QRDWHQGLPHQWRGLIHUHQFLDGRQDVORMDVItVLFDVpSRUWDQWRD UHFHLWDPDLVVHJXUDSDUDXP XSVHOOLQJ FRQFHLWRTXHDPSOLD DFRPSUDGRFRQVXPLGRUDXPHQWDGRRVHXJDVWRPpGLR$ YLVLWDjVORMDVItVLFDVGHYHFRPSOHPHQWDUDGHFLVmRWRPDGD GLDQWH GDV WHODV FRQILUPDQGR VXD HVFROKD H DGLFLRQDQGR QRYDVSRVVLELOLGDGHV 2XWURGDGRLPSRUWDQWHHVWiQRIDWRGHTXHRVFRQ VXPLGRUHVFRQKHFLGRVFRPR0LOOHQQLDOVDTXHOHVQDVFLGRV SUy[LPRVRXQRVpFXOR;;,MiQmRWrPDSUHRFXSDomRHP DGTXLULUXPSURGXWRXPEHP2TXHEXVFDPpXPDH[SH ULrQFLD2LPSRUWDQWHSDUDHVVDJHUDomRTXHVXFHGHDRV

EDE\ERRPHUV HjJHUDomR;pGL]HUTXHHVWHYHSDUWLFL SRXH[SHULPHQWRXYLYHXIRWRJUDIRXILOPRXHIH]2QRYR VtPERORGH´VWDWXVµHVWiQDGLYXOJDomRHQWUHRVDPLJRVH FRQKHFLGRVSRUPHLRGDVUHGHVVRFLDLVGHVXDVFRQTXLVWDV H[SHULPHQWDLV'DtRVQRYRVIRUPDWRVGHFRQVXPRFRPRD HFRQRPLD FRPSDUWLOKDGD D SUHIHUrQFLD SRU SURGXWRV H 

VHUYLoRVVXVWHQWiYHLVTXHUHYHUWDPSDUFHODGHVHXVJDQKRV DRVSURJUDPDVGHGHVHQYROYLPHQWRKXPDQRHPHVSHFLDO jTXHOHVYROWDGRVDFLGDGmRVTXHSRVVXHPPDLRUHVQHFHVVL GDGHV (VVHFRQVXPLGRUGHVDILDRPRGHORPDVVLILFDGRGH SURGXomRGH+HQUL)RUGDRFREUDUXPPRGHORGHSHUVRQDOL ]DomR2YDUHMRHDLQG~VWULDGHYHPVHDWHQWDUjVQHFHVVLGD GHVHGHVHMRVLQGLYLGXDLV'HYHPFRQKHFHUDVSUHIHUrQFLDV GHVHXVFRQVXPLGRUHVHVXDVFRQH[}HVVRFLDLVSDUDHVWDU LQVHULGR HP VXD YLGD ID]HU SDUWH GHOD H QmR IRUQHFHU RX YHQGHU 'HYHP HYROXLU FRP RV HVWiJLRV GH YLGD GH FDGD FRQVXPLGRUHDGHTXDURVVHXVSURGXWRVHDVXDOLQJXDJHPD FDGDXPGHVVHVHVWiJLRVVHTXLVHUHPXPDUHODomRORQJHYD e D SHUVRQDOL]DomR LQVHULGD HP XP FRQWH[WR LQGLYLGXDO H UHOHYDQWHGRFRQVXPLGRU $ FKDPDGD MRUQDGD GH FRPSUD ² H[SHULrQFLD GR FRQVXPLGRUHPEXVFDUHVFROKHUHFRPSUDUXPSURGXWRRX VHUYLoR²QmRVHOLPLWDDRVDVSHFWRVGDH[SHULrQFLDRXDRV DWULEXWRVGDTXLORTXHHOHHVFROKHX9DLDOpP&KHJDDRVFKD PDGRVPHLRVGHSDJDPHQWR&RPRID]HUFRPTXHRSUR FHVVRGHSDJDPHQWRWDPEpPVHMDSDUWHGHVVDH[SHULrQFLD" +i PXLWD LQRYDomR HP WRGR HVVH TXHVLWR FRP D GLVSR QLELOLGDGHGHPHLRVDOWHUQDWLYRVLPSRUWDQWHVTXHSRQWXDP ILGHOL]DPLQFHQWLYDPERQLILFDPHFDWLYDPRFOLHQWH (VVDUHDOLGDGHQmRVHOLPLWDDRV(VWDGRV8QLGRVH RXWURVSDtVHVGHVHQYROYLGRV2FRPSRUWDPHQWRGRFRQVX PLGRUEUDVLOHLURHYROXLQDPHVPDGLUHomR1RVVDPDLVLP SRUWDQWHGLIHUHQoDHVWiQRPRPHQWRHFRQ{PLFRTXHYLYH PRV2YDUHMREUDVLOHLURVHFRORFDQROXJDUGRKRPHPQD FpOHEUHIUDVHGH0DUWLQ/XWKHU.LQJ DYHUGDGHLUDPHGLGDGH XPKRPHPQmRpFRPRHOHVHFRPSRUWDHPPRPHQWRVGH FRQIRUWRHFRQYHQLrQFLDPDVFRPRHOHVHPDQWpPHFUHVFH HPWHPSRVGHFRQWURYpUVLDHGHVDILRV  2VHWRUYDUHMLVWDEUDVLOHLURpPDGXURHFRQVFLHQWH VREUHDQHFHVVLGDGHGHH[HFXomRGHVXDWDUHIDeSUHFLVR HQWHQGHUTXHRQRYRSDGUmRGHFRQVXPRLPS}HXPDQRYD H[LJrQFLDPtQLPDSDUDDWXDUQHVVHFRQWH[WRVHDGDSWDUSDUD DWHQGHUDHVVHFRQVXPLGRUPRGHUQR DQWHQDGR HVRFLDOL]D GRGLJLWDOPHQWHeSUHFLVREXVFDULQRYDo}HVFRPDSRLRGH WHFQRORJLDRWLPL]DUSURFHVVRVHFRUWDUFRQVLVWHQWHPHQWH FXVWRVSDUDSURSRUFLRQDUH[SHULrQFLDVFRPYDORUDJUHJDGR DR FRQVXPLGRU TXH OKH JDUDQWDP FRQILDELOLGDGH HP XP DPELHQWHGHVLPSOLFLGDGH6DEHPRVTXHpGLItFLOVHUVLPSOHV pGLItFLOID]HURVLPSOHV²PDVHOHpLQHJRFLiYHO1mRKiHVSD oRSDUDFDQWLOHQDVSHORFRQWUiULRpWHPSRGHH[HUFHUXPD GDVPDLVQRWiYHLVFDSDFLGDGHVKXPDQDVGHWRGRVQyVEUDVL OHLURVDGHVXSHUDomR


$33

(9(17%5,7( 3DUDTXHPGHVHMDGHVFREULUHYHQWRVSUy[LPRVjVXDORFDOL]DomRRX DWpPHVPRJHUHQFLDUHGLYXOJDURVHXSUySULRR(YHQWEULWHpRDSOL FDWLYRLGHDO(QWUHVXDVIXQFLRQDOLGDGHVIHUUDPHQWDVTXHSHUPLWHP TXHYRFrFULHVHXSUySULRHYHQWRHFDVRHOHVHMDSDJRKiDSRVVLELOL GDGHGHFREUDUHQWUDGDVDWUDYpVGHEROHWRVRXYLDFDUWmRGHFUpGLWR SDUFHODGR2VLVWHPDSRVVXLFRQILUPDomRGHSUHVHQoDUHVHUYDGH OXJDUHVHVWDWtVWLFDVGHYHQGDVHRUoDPHQWR*UDWXLWRFRPDOJXPDV IXQFLRQDOLGDGHVSDJDV'LVSRQtYHOSDUDL26H$QGURLG

0((783 20HHWXSpXPDSOLFDWLYRTXHLQFHQWLYDDFULDomRGHFRPXQLGDGHVORFDLVEDVHDGDVHP DVVXQWRVGHLQWHUHVVHP~WXR(OHIXQFLRQDDWUDYpVGHJHRORFDOL]DomRPRVWUDQGRRV JUXSRVTXHJRVWDPGHUHDOL]DUDWLYLGDGHVGHDFRUGRFRPDEXVFD9RFrSRGHHQFRQ WUDUXPDWXUPDTXHVHUH~QDSDUDSUDWLFDUHVSRUWHVDRDUOLYUHRXJUXSRVUHODFLRQD GRVjP~VLFDFLQHPDIRWRJUDILDHPSUHHQGHGRULVPRHQWUHRXWURV'HQWURGHVVHV JUXSRVpSRVVtYHOWURFDULPDJHQVSRVWDUFRPHQWiULRVFRQYHUVDUHPIRUPDWRFKDWH DLQGDFDGDVWUDUHYHQWRVSDUDHQFRQWURVSUHVHQFLDLVTXHpDSULQFLSDOSURSRVWDGR VHUYLoR3RULVVRDRDEULUR0HHWXSSHODSULPHLUDYH]RXVXiULRpFRQYLGDGRDHVFR OKHURVDVVXQWRVGHVHXLQWHUHVVHSDUDDSHQDVGHSRLVVHOHFLRQDURVJUXSRVTXHTXHU SDUWLFLSDUHPVXDFLGDGHHORJDUXWLOL]DQGRXPDFRQWDGR)DFHERRNRX*RRJOH*UD WXLWRSDUD$QGURLGHL26

)2&86/2&. 6HYRFrpGDTXHOHVTXHDSDODYUDPXOWLWDUHIDPDLVDWUDSDOKDTXH DMXGDHEXVFDVHFRQFHQWUDUQDVDWLYLGDGHVGRGLD)RFXV/RFNpR DSOLFDWLYR6HMDSDUDRVHVWXGRVRXSDUDFXPSULUDWHPLGDGHDGOLQHGR WUDEDOKRVHPSUHDPHDoDGDSHODVQRWLILFDo}HVHOHWHVDOYDGHVVDV DUPDGLOKDVPRGHUQDVHRWLPL]DVHXWHPSRHVDQLGDGHFRPSUHFLVmR $WUDYpVGHOHYRFrSRGHFRQILJXUDUEORTXHLRVWHPSRUiULRVGHDSOLFDWL YRVVHMD:KDWVDSS)DFHERRN,QVWDJUDPRXTXDOTXHURXWURSDUD PDQWHUVHOLYUHGHQRWLILFDo}HVHGRVDOHUWDVTXHVHPSUHQRVGLVWUD HP'LVSRQtYHOSDUD$QGURLGJUDWXLWDPHQWHQD*RRJOH6WRUH




723&$6(

$3(/2$)(7,92 5(&(,7$'(68&(662 ,9(/,6(%8$548( 'HQWURGDSHUVSHFWLYD PHUFDGROyJLFDRREMHWLYR IXQGDPHQWDOGHXPDPDUFDWDOYH] VHMDWRUQDUVHHWHUQDRX LQHVTXHFtYHO(RPDLVLQFUtYHOp TXDQGRHODFRQVHJXHVREUHYLYHU SRUVpFXORVDILRPHVPRTXH WHQKDPTXHSDVVDUSRU UHIRUPXODo}HVHPVXDV HVWUDWpJLDVGHPDUNHWLQJFRPR SDVVDUGRWHPSRVHMDHPVHX YLVXDORXDWpPHVPRHPVXD UHFHLWDLQLFLDO0XLWRVVmRRVIRFRV GHVVDVWUDQVIRUPDo}HVDRORQJRGH GpFDGDVHQDPDLRULDGDVYH]HV GHVFRQKHFHPRVDOJXQVGHWDOKHV FXULRVRVTXHPDUFDPDIRUoDGHVXD UHVLVWrQFLDLQFOXVLYHQDFRPXQLFDomR SDUDVHWRUQDUOHPEUDGD 8PH[HPSORp9LFN9DSRUXE SRPDGDXVDGDFRQWUDREVWUXo}HVHP FDVRVGHJULSHHUHVIULDGRFULDGDSRU YROWDGHPDVTXHVHWRUQRX SRSXODUDSyVDGpFDGDGHFRP IRUWHWUDEDOKRGHSURSDJDQGDQD

pSRFD$LGHLDGHTXHRSURGXWRHUD LGHDOSDUDDVD~GHGDFULDQoDVHPSUH IRLDW{QLFDGHVXDFRPXQLFDomRTXH FRQVHJXLXH[SORUDUFRPRSRXFDVD UHODomRDIHWLYDHQWUHSDLVHILOKRVHP PRPHQWR~QLFRTXHVLPEROL]D FDULQKRDWHQomRSUHRFXSDomRH DPRU´1RFDVRGH9LFN9DSRUXE DFUHGLWDYDTXHRFRPHUFLDOHUDIHLWR

SDUDPLP(XWLQKDPXLWDDVPDH PXLWRVGRVVLQWRPDVTXHRFRPHUFLDO FLWDYDHUDPRPHXGLDDGLD$OpP GLVVRRDWRUPLULP /XFLDQR $PDUDO UHJXODFRPDPLQKDLGDGH HQDTXHODpSRFDpUDPRVPXLWR SDUHFLGRVDSRQWRGHXPGLDQR VXSHUPHUFDGRSHUJXQWDUHP SDUDPLQKDPmHVHHXHUDR PHQLQRGR9LFN9DSRUXEµGL]R VyFLRIXQGDGRUGD$JrQFLD/LQND 63 /XFDV%XU]DTXHDVVXPHTXH DPDUFDIRLWmRDVVHUWLYDTXHD FRPSUDSDUDXVDUQRVSUySULRVILOKRV eSRUHVWDHRXWUDVTXHD LGHLDGHUHFDOOGHPDUFDSDUHFHVHU DSHQDVXPVRQKRSDUDDOJXQV0DV TXDQGRVHFRQFUHWL]DpHOHYDGDD QRYRSDWDPDUFRPRQRFDVRGRGD 9LFN9DSRUXETXHpUHFRQKHFLGR DLQGDFRPRSURGXWRFRQILiYHOSDUD FXLGDUGDVD~GHGHJHUDo}HV 3HUWHQFHQWHKRMHj3 *DPDUFDQD IRUPDGHEiOVDPR FKDPDGR%HQ *D\ IRLFULDGDSHORDPHULFDQR /XQVIRUG5LFKDUGVRQHPDSyV DEDQGRQDUDYLGDGHSURIHVVRUH DEUDoDUDFDUUHLUDGHIDUPDFrXWLFR QXPDSHTXHQDFLGDGHUXUDOFKDPDGD *UHHQVERURQD&DUROLQDGR1RUWH QRV(VWDGRV8QLGRV 3RUPDLVGHXPVpFXORD PDUFDFUHVFHXHVHPROGRXFRPR JUDQGHFRPSDQKLDFRPOLQKDVGH SURGXWRVFRPGH]HQDVGHLWHQVHP $LGHLDGHTXHRSURGXWRHUDLGHDO SDUDDVD~GHGDFULDQoDVHPSUH IRLDW{QLFDGHVXDFRPXQLFDomR TXHFRQVHJXLXH[SORUDUFRPR SRXFDVDUHODomRDIHWLYDHQWUHSDLV HILOKRVHPPRPHQWR~QLFRTXH VLPEROL]DFDULQKRDWHQomR SUHRFXSDomRHDPRU




$VFULDQoDVVHWRUQDUDPSURWDJRQLVWDVQRVFRPHUFLDLVPRVWUDQGRFRPRR9LFN9DSRUXEpLQIDOtYHOHPVXDV EDWDOKDVSDUDUHVSLUDUEHPHPHOKRUDUDVD~GH

HPEDODJHQVFRPELQDGDVFRPDORJR HPD]XOFREDOWRDGRWDGDGHVGHR LQtFLRGRVpFXOR;;&RPRSDVVDUGR WHPSRDDQWLJDIDPtOLD9LFNGH 5HPpGLRVTXHFDUUHJDDLQGDDLGHLD GH´DOtYLRUiSLGRµVDLXGRV DOPDQDTXHVFRPDQ~QFLRVTXH LQGLFDYDPRVEHQHItFLRVGRSURGXWRH EDVLFDPHQWHGDYDPH[HPSORVGRV EHPVXFHGLGRVHIHLWRVjVD~GH$R JDQKDUDPtGLDHOHWU{QLFDSDVVRXD DGRWDUILOPHVTXHPRVWUDYDP PRPHQWRVHVLWXDo}HVGLVWLQWDVSDUD H[DOWDUDLPSRUWkQFLDGHVXDV PHGLFDo}HVFRPRR;DURSH9LFN LQGLFDGRSDUDDFDEDUFRPDWRVVH GXUDQWHDPLVVDHPXPDLJUHMDQR FRPHUFLDOGH1DGpFDGD VHJXLQWHDVSUySULDVFULDQoDVVH

WRUQDUDPSURWDJRQLVWDVQRV FRPHUFLDLVPRVWUDQGRFRPRR9LFN 9DSRUXEpLQIDOtYHOHPVXDVEDWDOKDV SDUDUHVSLUDUEHPHPHOKRUDUDVD~GH ´(XHVWDYDFRPDUHVSLUDomRUXLP FRPRSHLWRFRQJHVWLRQDGRFRPD JDUJDQWDUDVSDQGRHRQDUL]HQWXSLGR $LPLQKDPmHSDVVRX9LFN9DSRUXE HPPLPµ 'DLGHLDGR´ELFKLQKRGRKDQ KDQµDRUHVSLUHDOLYLDGRTXHVH WRUQDUDPFRQKHFLGRVSHORS~EOLFRR 9LFNPDQWpPXPDGDVHVWUDWpJLDVGH FRPXQLFDomRPDLVSUyVSHUDVQRTXH GL]UHVSHLWRDPDUFDVHFXODU 1DWXUDOPHQWHRHVIRUoRSHOD VREUHYLYrQFLDFRQWDPXLWRTXDQGR DYDOLDGRRFHQiULRGHPHUFDGRHPDLV DLQGDDEULJDGRVHJPHQWRFRPRQR

FDVRGRXQLYHUVRGDVEHELGDV1HP VHPSUHRVUHVXOWDGRVJHUDPVXFHVVR DEVROXWRFRQWXGRPDQWpPDLPDJHP GRSURGXWRHPHYLGrQFLD(VWHpR FDVRGD%UDKPDTXHQRDQRSDVVDGR GHVSRQWRXHQWUHDVGXDVFHUYHMDV EUDVLOHLUDVPDLVSRSXODUHVQRPHUFDGR JOREDOHPXPOHYDQWDPHQWRUHDOL]DGR SHODFRQVXOWRULD%ORRPEHUJ%XVLQHVV $FHUYHMDULDTXHGHWpP DSHQDVGHSDUWLFLSDomRHP YHQGDVQHVWHFHQiULRJOREDOVHPSUH EXVFRXVHXHVSDoRHDSRVWRXHP FRPXQLFDomRFRPFDPSDQKDV FULDWLYDVGHVGHDGpFDGDGH TXDQGRODQoRXPmRGRDWRU/XL] *XVWDYRFRPRJDURWRSURSDJDQGDQR FRPHUFLDOGR%UDKPD&KRSSHPXP FDPLQKmRGHPXGDQoD'LYHUVRV

2VDQ~QFLRVDQWLJRVGD%UDKPDH[DOWDYDPDFHUYHMDQmRQHFHVVDULDPHQWHXVDQGRDSHORVH[XDO

´6LUL1mQm1mQmmmmmµFULDGDSHOD)1D]FDQRLQtFLRGH

'HSRLVDWDUWDUXJDVHWRUQRXPDVFRWHRILFLDOGDPDUFD 


723&$6(

2SHUVRQDJHPIRLFULDGRQDGpFDGDGHSRU5X\3HURWWL2VFRPHUFLDLV FRPHoDUDPDLUDRDU  QRIRUPDWRGHDQLPDomRRQGH6XJLVPXQGR PRVWUDYDVHXVPDXVKiELWRVHDFDEDYDSXQLGRHPXPDVpULHGHTXDWUR ILOPHVTXHYDULDYDPHQWUHµHµ

QRPHVGRXQLYHUVRDUWtVWLFRHPXVLFDO JDQKDUDPGHVWDTXHHPILOPHV WUDEDOKDGRVGHVGHHQWmRSHODPDUFD TXHQXPDUHYLUDYROWDQRVDQRV DSRVWRXHPXPDQRYDSURSRVWDGH FRPXQLFDomRTXHQmRSRXSRXQD FULDWLYLGDGHFRPGLVSXWDVF{PLFDV LQXVLWDGDV(RUHVXOWDGRGLVVRIRUDP FDPSDQKDVLQGLFDGDVHSUHPLDGDVHP YiULRVHYHQWRVUHQRPDGRVFRPRR )HVWLYDOGH&DQQHV8PDGDV SURSDJDQGDVTXHPDLVFKDPDUDPD DWHQomRGRPHUFDGRGRS~EOLFRHGD FUtWLFDGHYiULDVIRUPDVIRL´6LUL1mQm 1mQmmmmmµFULDGDSHOD)1D]FDQR LQtFLRGHHTXHIH]RPDLRU VXFHVVRHPDUFRXRYHUmRFRPRV F{PLFRVSHUVRQDJHQVTXHURXEDPD FHUYHMDGHEDQKLVWDVHIRJHPSDUDR PDUFRPRERUGmR´%UDKPDUHIUHVFD DWpSHQVDPHQWRµ (VWHVORJDQGDPDUFD DFRPSDQKRXGLYHUVRVPRPHQWRV QDTXHOHSHUtRGRFRPRQRVFRPHUFLDLV GRRXVDGRDYHVWUX]TXHHQJDQDXP MRYHPHPSOHQRGHVHUWRSDUDUHDOL]DU RGHVHMRGHVDFLDUVXDVVHGHVFRP XPDERDHJHODGD%UDKPD0DVDLQGD WHPRVRGDWDUWDUXJDTXHVHWRUQRX PDVFRWHRILFLDOGDPDUFDTXHPRVWUD XPPRWRULVWDGHFDPLQKmRGD FHUYHMDULDHXPDWDUWDUXJDEULJDQGR SRUXPDODWDGHFHUYHMDFDtGDQRPHLR GHXPDHVWUDGDDWpTXHRDQLPDO 

JDQKDDFRUULGD´GULEODµRKRPHP EHEHDFHUYHMDHDLQGDFRPHPRUD ´%UDKPDpPDLVUHFHQWHPDVPDUFRX EDVWDQWHSRUTXHIRLXPDGDVSULPHLUDV DQLPDo}HVPLVWXUDGDVFRPRUHDOR MLQJOHIRLPDUFDQWHHQDpSRFDDLQGD HUDGDVEDODGDVHDFDERXYLUDOL]DQGR EDVWDQWHµGHVWDFD0DUFHOR&DULFDWL WDPEpPVyFLRIXQGDGRUGD$JrQFLD /LQND 2IRFRHPSHUVRQDJHQV GLYHUWLGRVHDQLPDGRVWURX[HXP FDUiWHUO~GLFRHFULRXDWpIRUWHDSHOR MXQWRDRS~EOLFRLQIDQWLOLQIOXHQFLDQGR DSURSDJDQGDSDUDGLYHUVDVJHUDo}HV VHMDOiTXDOIRURVHXSURSyVLWR7HPRV DVVLPRFRQWURYHUVRSHUVRQDJHP 6XMLVPXQGRFULDGRQDGpFDGDGH SRU5X\3HURWWLXPDXWRUGHKLVWyULDV HPTXDGULQKRVLOXVWUDGRUHFLQHDVWD GHDQLPDomR(PSUHViULREUDVLOHLURH VyFLRSURSULHWiULRGD/\Q[ILOP HVW~GLRGHGHVHQKRDQLPDGRSLRQHLUR QR%UDVLOGHVHQYROYHXHVWHERQHFR GHVRUJDQL]DGRHDQWLKLJLrQLFRSDUD LQFRUSRUDUXPDFDPSDQKDGH HGXFDomRDPELHQWDOSDUDR*RYHUQR )HGHUDOLQWLWXODGD3RYRGHVHQYROYLGR pSRYROLPSR3DUDLQFHQWLYDUFULDQoDV HDGXOWRVDSDUWLFLSDUHPGHVWD LQLFLDWLYDHGXFDWLYDDSRVWRXVHHPXP DWtSLFRPLOLWDQWHGDOLPSH]DTXH JDQKRXDVLPSDWLDGRVEUDVLOHLURV $SHVDUGHDQGDUVHPSUH PXLWRVXMRHMRJDUOL[RSHODUXD WRUQRXVHDFDUDFWHUL]DomRGD QHFHVVLGDGHGHVHPDQWHUDVFLGDGHV OLPSDVHGH]HODUSHORPHLRDPELHQWH

QDTXHODpSRFD´2SHUVRQDJHP 6XMLVPXQGRpDWXDOtVVLPR1RVVD 9HQpUHD%UDVLOHLUD 5HFLIH pVHP GXYLGDVXDFDVD(EHPTXHHOH SRGHULDYROWDUjFHQDERWDQGROL[RQR VDTXLQKRµOHPEUDRFDULFDWXULVWDH LOXVWUDGRU6iYLR$UD~MR 3( %DVWDQWH DWXDORWRPSROtWLFRGRSHUVRQDJHP SRXFRHUDREVHUYDGRQRGHOLFDGR FRQWH[WRGRSDtVVRERFRPDQGRGR JHQHUDO(PtOLR*DUUDVWD]X0pGLFL 1RVFRPHUFLDLVTXH FRPHoDUDPDLUDRDUHPVHWHPEURGH QRIRUPDWRGHDQLPDomR 6XJLVPXQGRPRVWUDYDVHXVPDXV KiELWRV FRPRQmRWRPDUEDQKRMRJDU OL[RQRFKmRRXHVSDOKDUREMHWRVSHOR HVFULWyULR HDFDEDYDSXQLGRHPXPD VpULDGHTXDWURILOPHVTXHYDULDYDP HQWUHµHµ2SHUVRQDJHP EULOKDYDQHVVDVSURGXo}HVTXHHUDP H[LELGDVQD79HQRFLQHPDH WDPEpPLOXVWUDYDFDUWD]HVHGDYDR WRPGHMLQJOHV'HSRLVGHXP SHTXHQRKLDWRUHWRUQRXjFHQDHP QDFRPSDQKLDGH6XMLVPXQGLQKR XPDFULDQoDTXHFRPSOHPHQWRXR SURJUDPDGHFDPSDQKDSXEOLFLWiULDGH FRQVFLHQWL]DomRGDSRSXODomRTXDQWR jOLPSH]DXUEDQDFRQWULEXLQGRSDUD TXHDSRSXODomRDEDQGRQDVVHRVPDXV KiELWRVGRVDGXOWRVPDLVUDSLGDPHQWH (RVHXVXFHVVRIRLWDQWRTXH ´6XMLVPXQGRµYLURXDSHOLGRLQGHOLFDGR SDUDDPROHFDGDDEXVDUGHXPRX RXWURTXHQmRPDQWpPDKLJLHQH


5(9,67$_5(9,67$0(16&+

3$5$2$/72($9$17( 5HYLVWD0HQVFKFRPSOHWDFLQFRDQRV GHDWLYLGDGHHHQFDUDQRYRVGHVDILRV 1RXQLYHUVRHGLWRULDORFXUVR QDWXUDOGDFRQWHPSRUDQHLGDGH PRVWURXYiULDVSXEOLFDo}HVLPSUHVVDV GHVEUDYDQGRRVPHLRVGLJLWDLVSDUD PDQWHUHFRQTXLVWDUQRYRVOHLWRUHV 0DVRFRQWUiULRWDPEpPWHP DFRQWHFLGR2PHUFDGRSHUFHEHXTXH KDYLDXPQLFKRDVHUH[SORUDGRHTXH RS~EOLFRGRVQRYRVWDOHQWRVIRUMDGRV QDVWHODVGRVFRPSXWDGRUHVWDPEpP SRVVXtDPSRWHQFLDOIRUDGHOD$ 5HYLVWD0HQVFKpXPERPH[HPSOR GHVVHPRYLPHQWRFRPHPRUDQGR FLQFRDQRVGHDWLYLGDGHVLQLFLDGDVQXP EORJHVHGLPHQWDGDHPHGLo}HV LPSUHVVDVFXMRUHFRQKHFLPHQWRVy DXPHQWD $0HQVFKLQLFLRXVXD WUDMHWyULDHPDSDUWLUGHXP GHVHMRDQWLJRGHVHXFULDGRUR SXEOLFLWiULRSHUQDPEXFDQR$QGUp 3RUWR´(XVHPSUHJRVWHLGHOHU QRYLGDGHVHRXWURVWHPDVUHOHYDQWHV DRXQLYHUVRPDVFXOLQRPDVVHQWLDD QHFHVVLGDGHGHXPDSHJDGDPDLVOHYH HGLQkPLFDµOHPEUD6HRIRFRHUDR KRPHPRWtWXORGHYHULDEXVFDUHVVD HVVrQFLDQHPPDLVQHPPHQRV( VXUJLX0HQVFKXPDSDODYUDVLPSOHV SRUpPPDUFDQWHXWLOL]DGDFRP GLYHUVRVFRQFHLWRVHQWUHHOHV ´KRPHPGHEHPµ´SHVVRDtQWHJUDµH RXWURVEDVWDQWHSRVLWLYRV 2VSRVWVGLiULRVVH GLVWULEXtDPHQWUHWySLFRVGHPRGD QHJyFLRVILWQHVVJDVWURQRPLDIHVWDV WHFQRORJLDHDXWRPRELOLVPRHQWUH RXWURVGLVWULEXtGRVFRPDSXEOLFLWiULD 1DGH]KGD%H]HUUDHRMRUQDOLVWD $QGUp/LPD´(PERUDWXGRIRVVH

UHDOL]DGRDSDUWLUGHXPDEDVHHP 5HFLIHSURFXUHLGDUXPHQIRTXH JOREDOGHPRGRTXHGLDORJDVVHWDQWR FRPXPOHLWRUSHUQDPEXFDQRTXDQWR FRPXPJD~FKRSDXOLVWDFDULRFDRX DPD]RQHQVHTXHEXVFDVVHHVVHWLSR GHLQIRUPDomRµ 0HVPRFRPREORJUHFKHDGR GHLQIRUPDo}HV$QGUpWUDWRXGH LQMHWDUYDORUHVDQWHQDGRVFRPDV PXGDQoDVWHFQROyJLFDV GLVSRQLELOL]DQGRXPFRQWH~GR H[FOXVLYRDWUDYpVGHXPDSOLFDWLYR SDUDL3KRQHRQGHRVOHLWRUHV SXGHUDPDFHVVDUXPD0HQVFKGH GHVLJQDUURMDGRVHPHOKDQWHjV UHYLVWDVLPSUHVVDV$HVFROKDGHVVD HVWUDWpJLDpIUXWRGDDPSOD H[SHULrQFLDGH$QGUp3RUWRFRPR SXEOLFLWiULR $QGUpFRQVHJXLXFRQVWUXLU XPDERDEDVHGHOHLWRUHVILpLVH DXPHQWDUDFXULRVLGDGHGRVPHVPRV DRHVWDEHOHFHURXWURVSDUkPHWURVGH DFHVVR´$WpTXHFKHJDPRVjHUD LPSUHVVDDRFRPSOHWDUPRVXPDQR GHDWLYLGDGHVQRPHLRGLJLWDO&RPD DMXGDGHSURILVVLRQDLVPDUDYLOKRVRV TXHWLYHRSUD]HUGHFRQKHFHUDR ORQJRGDFDUUHLUDIXLFRQVWUXLQGRXPD WHLDILUPHGHFRODERUDGRUHV$ 0HQVFKWHPUDt]HVHP5HFLIHPDV WDPEpPSpVILQFDGRVQR5LRFRP 0iUFLD'RUQHOOHV%LD6HUUDHRV IRWyJUDIRV5RGULJR/RSHVH6HUJLR 6DQWRLDQHD-XOLDQD5LFKPRQGHR &HOVR,HLULHP6mR3DXORµH[SOLFD$ UHGHGHSURILVVLRQDLVTXHFRQVWURHP FDGDHGLomRpGHHQFKHURVROKRV 'HVGHMRUQDOLVWDVSURGXWRUHVGH

-XOLDQRGD+RUD

-8/,$120(1'(6'$+25$

$QGUp3RUWRSXEOLFLWiULR SHUQDPEXFDQRHFULDGRUGD5HYLVWD 0HQVFK

PRGDQRYRVHUHQRPDGRVWDOHQWRVGD IRWRJUDILDHGHVLJQHUVDUHYLVWDWHPR PHOKRUTXHXPHGLWRUSRGHULD GHVHMDU´7DPEpPWHPRV FRUUHVSRQGHQWHVHP0LDPLHQD (XURSDRQGHDUHYLVWDFLUFXODSHODV FRPXQLGDGHVEUDVLOHLUDVµ 'LDQWHGHVHXVFLQFRDQRVGH DWLYLGDGHVD0HQVFKSUHSDUDVHSDUD Y{RVPDLRUHVDSDUWLUGHVWHDQRHOD SDVVDDFRQWDUFRPXPDGLVWULEXLomR TXHDXPHQWDUiDVXDSUHVHQoDQRV SRQWRVGHYHQGDV´$WpKRMHTXHP PRUDYDIRUDGH3HUQDPEXFRVy HQFRQWUDYDDUHYLVWDQRVHVWDGRVRQGH KRXYHVVHPXQLGDGHVGD/LYUDULD &XOWXUDDJRUDYDPRVSUDVEDQFDV DOpPGHOHYDUDPDUFDSDUDRXWURV VHJPHQWRVTXHDWUDLDPRQRVVR S~EOLFR(VWDPRVSHQVDQGRDOpPGRV PXURVGDVSiJLQDVµ 


),&+$6

92/7$­6$8/$6 3DUDFRPXQLFDUTXHQDYROWDjVDXODVR9DUHMmRGR(VWXGDQWHRIHUHFH DOLVWDGHOLYURVFRPSOHWDGHWRGDVDVHVFRODVDOpPGDVIDFLOLGDGHVGD FRPSUDYLUWXDOSHORVLWHRXQDORMDItVLFDD0DVVDSrGHVHQYROYHX FDPSDQKDTXHXWLOL]DDHVWpWLFDGRVOLYURVSRSXSVMXQWRFRPR SHUVRQDJHP9DUHMLWRWUDGLFLRQDOPDVFRWHGDPDUFD&RP SURJUDPDomRGHPtGLDTXHLQFOXL79UiGLREDFNEXVHRXWGRRUD FDPSDQKDTXHHVWiYHLFXODQGRHP5HFLIH&DUXDUXH3HWUROLQDSRVVXL OLQKDYLVXDOFRORULGDHLPSDFWDQWH $JrQFLD0DVVDSr&RPXQLFDomR 3( &OLHQWH9DUHMmRGR (VWXGDQWH$WHQGLPHQWR5DXO&DQWDUHOOL7DWL0HORH&DPLOD 0RQWHQHJUR3ODQHMDPHQWR$QVHOPR$OEXTXHUTXHH*DEULHO 7DYDUHV'LUHomRGH&ULDomR+HQULTXH3HUHLUDH/HRQDUGR6LHEUD 'LUHomRGH$UWH'LHJR9LDQD5HGDomR7KLDJR&RXWLQKR$UWH )LQDO)OiYLR0DUDQKmRH(PPDQXHO9LHLUD0tGLD1DWiOLD/HOLV %UXQD$OEXTXHUTXHH%UHQR6LOYHVWUH3URGXomR7DPLUHV9LHLUD 0DULDQD$QGUDGHH0LHNR1DND]DZD$SURYDomR&DUROLQD7DYDUHV

,19,67$ 12)87852 $UHGHGHHVFRODVSURILVVLRQDOL]DQWHV*UDX7pFQLFR DSRVWDQDVRSRUWXQLGDGHVTXHVXUJHPFRPDFULVHFRPR PRWHGDVXDQRYDFDPSDQKD$VVLQDGDSHOD$SRUWH &RPXQLFDomRDVSHoDVWUD]HPSHORWHUFHLURDQR FRQVHFXWLYRRDWRU7KLDJR0DUWLQVFRPRHVWUHOD'HVWD YH]RHQIRTXHPRVWUDTXHDTXDOLILFDomRSURILVVLRQDOpD SULQFLSDOVDtGDSDUDHQIUHQWDURPRPHQWRHFRQ{PLFR DWXDO&RPRPRWH´,QYLVWDQRVHXIXWXUR)DoD*UDX 7pFQLFRµDFULDomRUHIRUoDTXHTXHPWHPFXUVRWpFQLFR WHPPDLVFKDQFHGHFRQVHJXLUHPSUHJR$FDPSDQKDILFD QRDUDWpPDUoRFRP97VGHµHµPHUFKDQV DQ~QFLRVRXWGRRURXWEXVHSHoDVSDUDLQWHUQHWQDV FLGDGHVGH5HFLIH2OLQGD-DERDWmR&DUSLQD &DPDUDJLEH&DERGH6DQWR$JRVWLQKR$EUHXH/LPD &DUXDUX3HWUROLQD6DOYDGRU)RUWDOH]D&XULWLED%HOR +RUL]RQWH&DPSLQD*UDQGH1DWDO%HOpPH6mR/XtV $JrQFLD$SRUWH&RPXQLFDomR 3( &OLHQWH*UDX 7pFQLFR$WHQGLPHQWR5RGULJR5DPRV'LUHWRU GH&ULDomR%HWLQKR0RQWHQHJURH-XOLDQD/LVERD 'LUHomRGHDUWH%HWLQKR0RQWHQHJUR5HGDWRU 0DUFHOD(JLWR579&0DUtOLD*RXYHLD0tGLD0DULD 'HQLVH)UHG7HL[HLUD




0$573(7&5,$3$5$ 6(0,1É5,2'(2/,1'$ 26HPLQiULRGH2OLQGDHD,JUHMDGH16UDGDV *UDoDVTXHIRUDPLQWHUGLWDGRVSHOD'HIHVD&LYLO SHODVFRQGLo}HVGHULVFRTXHRIHUHFLDPJDQKDUDP XPDFDPSDQKDSDUDLPSXOVLRQDURSURMHWRGH UHVWDXUDomRGRFRQMXQWRDUTXLWHW{QLFRXPGRV PDLVLPSRUWDQWHVGR%UDVLO$FDPSDQKDIRL GHVHQYROYLGDSHOD0DUWSHWHFRQWDFRPWUrV FRPHUFLDLVSDUD79VHQGRTXHHPGRLVGHOHV'RP )HUQDQGR6DEXULGRR$UFHELVSRGH5HFLIHH 2OLQGDpRSRUWDYR]HJDURWRSURSDJDQGDGD PHVPD$FDPSDQKDWDPEpPFRQWDFRPRXPD HVWUDWpJLDGLJLWDOTXHHVWiVHQGRGHVHQYROYLGDSHOD 6HYHQ4XLFNHPSUHVDGLJLWDOGD0DUWSHW $JrQFLD0DUWSHW&RPXQLFDomR 3( &OLHQWH $UTXLGLRFHVHGH5HFLIHH2OLQGD$WHQGLPHQWR-XVVDUD 3HWWLQL)UHLUH7DFLDQD$QWXQHVH9LUJLQLD&RVWD&ULDomR (GLVRQ0DUWLQV'LHJR&XUYHORH0DUFHOR/XQD3URGXomR 6DQGUD7RUUHmR0tGLDÌWDOR)HUUHLUD$SURYDomR'RP )HUQDQGR6DEXULGR7HOPD/LHJHH&DUORV$XJXVWR&RVWD

12926$%25-8172(0,6785$'2 3DUDUHIUHVFDUGDUPDLVVDERUHFRUDR9HUmREDLDQRD,QG~VWULD6mR 0LJXHO ,60 ODQoDDQRYDFDPSDQKDGRVXFR<XORFRPRQRYRVDERU 8YD$EHELGDFRPPDLVVDERUGDIUXWDHYLWDPLQD&p FRPHUFLDOL]DGDQRVIRUPDWRVPOHPO$QRYDFDPSDQKDGR SURGXWR´MXQWRHPLVWXUDGRµHODERUDGDSHOD,GHLDMiSRGHVHU YLVWDQD79HRMLQJOHSRGHVHURXYLGRQDVUiGLRVGH6DOYDGRUHGR LQWHULRUGR(VWDGR$PLVWXUDTXDOLGDGHVD~GHHVDERUFRPS}HPR <XORVDERU)UXWDV&tWULFDVH8YDJRVWRVRHVDXGiYHO $JrQFLD,GHLD %$ &OLHQWH,QG~VWULD6mR0LJXHO ,60  'LUHomRGH$WHQGLPHQWRH3ODQHMDPHQWR5HQDWD6FKXEDFK $WHQGLPHQWR&OiXGLD0DFrGRH&DURO6DQWD&UX]'LUHomRGH &ULDomR:LOWRQ2OLYHLUD5HGDomR'LHJR/HRQDUGR'LUHomRGH DUWH$QGUp/RSHV'LUHomRGH0tGLD$QD0DULD$OPHLGD 0tGLD/XGPLOD0DFHGR579&*ODGVRQ$PDUDO3URGXomR *UiILFD9LOPD3DOPD




/$1d$0(172

UHYLVWD

$3,0(17$1'223$/$'$5 (20(5&$'2(',725,$/ 0DLRUSRORJDVWURQ{PLFRGR 1RUGHVWHHRFXSDQGRRWHUFHLUROXJDU QRUDQNLQJQDFLRQDO5HFLIHHVXD 5HJLmR0HWURSROLWDQDID]HP FRPSDQKLDD6mR3DXORH5LRGH -DQHLURHPWHUPRVGHYDULHGDGHGH VDERUHV$FDSLWDOSHUQDPEXFDQD SRVVXLFHUFDGHPLO HVWDEHOHFLPHQWRVGHDFRUGRFRPD $EUDVHO $VVRFLDomR%UDVLOHLUDGH %DUHVH5HVWDXUDQWHV &RPFHQiULR VHPHOKDQWHjVJUDQGHVFDSLWDLV PXQGLDLVRUHFLIHQVHWHPjVXD GLVSRVLomRLQ~PHUDVUHIHUrQFLDVGR SDODGDUGDTXLHGHIRUD(pVHJXLQGR HVVDSUHPLVVDTXHQDVFHD5HYLVWD 0$/$*8(7$SXEOLFDomRYROWDGDDRV DPDQWHVGRVDERUHSURGX]LGDSHOD PHVPDHTXLSHTXHID]HVWD 3521(:6 ´2VHOHPHQWRVGHVVH FDOGHLUmRKXPDQRQRVLPSXOVLRQDUDP DIDODUVREUHJDVWURQRPLDGHXPD IRUPDOHYHHSUy[LPDGROHLWRUGH PRGRTXHHOHVHLGHQWLILTXHH HQ[HUJXHRXQLYHUVRGRVDERUFRPR DOJRSUD]HURVRQmRVyQRPRPHQWR 

-XOLDQRGD+RUD

-8/,$120(1'(6'$+25$

$OHNV\7DUD]LXN/XFLDQD7RUUHmRH:DOWHU/LQV-U

GHGHJXVWDomRPDVDRDSUHQGHU SDUWLFXODULGDGHVVREUHHVVHV HOHPHQWRVHSUHSDUiORVWDPEpPµ DILUPDDMRUQDOLVWD/XFLDQD7RUUHmR HGLWRUDFKHIHGDHPSUHLWDGDOLWHUiULD FDSLWDQHDGDSRU:DOWHU/LQV-UKi DQRVjIUHQWHGD5HYLVWD3URQHZVH $OHNV\7DUD]LXNUHVSRQViYHOSHOR

'HSDUWDPHQWR&RPHUFLDO ´$TXLWDQWRSRGHPRV HQFRQWUDUUHFHLWDVOHJtWLPDVGDWHUUD FRPRDVLQGtJHQDVPDVWDPEpPDV WUD]LGDVSHORVHXURSHXVHDIULFDQRV (VVDPLVWXUDGHKiELWRVVRWDTXHVH WHPSHURVUHVXOWRXQXPDPHVDGH HQFKHURVROKRVFRPHVSDoRSDUDD


VLPSOLFLGDGHHSDUDDFULDWLYLGDGH DQWURSRIiJLFDTXHDEUDoDHOHPHQWRV GHIRUDHGmRDHOHVQRYDURXSDJHPH VDERUHVTXHVySRGHULDPVHUFULDGRV SHORVQRVVRVWDOHQWRVµH[SOLFD /XFLDQDSDUDTXHPRFDPSR JDVWURQ{PLFRORFDOpEDVWDQWHDPSORH UHFKHDGRGHSHUVRQDJHQVFRP KLVWyULDVHGLFDVHVSHUDQGRSDUD HQULTXHFHUDLQGDPDLVDYLGDGRV OHLWRUHV 3DUD:DOWHUH$OHNV\RHVWDGR GH3HUQDPEXFRSRVVXLJUDQGH TXDQWLGDGHGHHVWXGLRVRV HPSUHHQGHGRUHVHDSUHFLDGRUHVTXH QmRSRGHPVHULJQRUDGRV ´$FUHGLWDPRVQRSRWHQFLDOTXHWRGDD FDGHLDHQYROYLGDQDFULDomRGHXP SUDWRSRVVXL$OpPGDTXHVWmR FRPHUFLDOH[LVWHWRGR XPFRQFHLWRFXOWXUDO HQYROYLGRQDIRUPDWDomR GHVVDVLJXDULDVHODV FRQWULEXHPFRPR GHVHQYROYLPHQWRILQDQFHLURHD LGHQWLGDGHGHXPDUHJLmRµ $0$/$*8(7$QDVFHFRPD UHVSRQVDELOLGDGHGHDWHQGHUDRV SDODGDUHVPDLVH[LJHQWHVVHP HVTXHFHUGDTXHOHVTXHDSUHFLDP WUDGLomRHVLPSOLFLGDGH´3URFXUDPRV EXVFDUKLVWyULDVHUHFHLWDVQRV QDVFHGRXURVGRVSUDWRVHSRU QDVFHGRXURVYDPRVDOpPGDFR]LQKD VmRIRUQHFHGRUHVTXHSRGHP DSUHVHQWDUQRYLGDGHVHPFXOWLYRH DUPD]HQDPHQWRHVWXGLRVRVH SURILVVLRQDLVTXHDWHQWHPSDUD FRPELQDo}HVVDERURVDVHEHQpILFDVj VD~GHFKHIVHHPSUHHQGHGRUHVTXH WUD]HPQRYDEDJDJHPQRVHUYLUFRP LGHLDVHHVWDEHOHFLPHQWRV LQRYDGRUHVROHTXHpJUDQGHµ UHIOHWH/XFLDQD7RUUHmR $HTXLSHFRQWDFRP SURILVVLRQDLVGHODUJDH[SHULrQFLDQR PHUFDGRHPGLYHUVRVVHJPHQWRVGD FXOWXUDDOpPGDJDVWURQRPLDHYLQKRV ´eGHVXPDLPSRUWkQFLDTXHDOpPGD HPSDWLDFRPRXQLYHUVRGRVVDERUHV RVSURILVVLRQDLVHQYROYLGRVWLYHVVHP

XPKLVWyULFRHPiUHDVTXHHVWmR LQGLUHWDPHQWHOLJDGDVDRQRVVRIRFR $ILQDOGHFRQWDVJDVWURQRPLDWDPEpP HQYROYHFXOWXUDGLQkPLFDVVRFLDLV PDUNHWLQJHQ~PHURVPXLWRV Q~PHURVµSRQGHUD$OHNV\2V LQYHVWLPHQWRVPRVWUDPTXHHPERUD HVWHMDPRVQXPDpSRFDGH LQVWDELOLGDGHILQDQFHLUDHVVHpXP FDPSRFRPGHPDQGDFRQVWDQWHTXH GHSHQGHH[FOXVLYDPHQWHGH SODQHMDPHQWRHERQVSURILVVLRQDLV FRPPHQWHDEHUWDjVQRYLGDGHVH FRPSURPHWLPHQWRFRPDTXDOLGDGH )DODQGRHPTXDOLGDGHD 0$/$*8(7$FRQWDFRPXP &RQVHOKR(GLWRULDORQGHDSUHVHQoD GHWDOHQWRVFRPRRFKHI&HVDU6DQWRV LPSULPHFUHGLELOLGDGHHFRQILDQoDDRV OHLWRUHVTXHDOpPGDVPDWpULDV

WHUmRUHFHLWDVGRVPDLVYDULDGRV QRPHVORFDLVHQDFLRQDLV´4XHUHPRV HVWDEHOHFHUSDUFHULDVTXHDSUR[LPHP PDLVROHLWRUGHVVHXQLYHUVRµDILUPD $OHNV\ (PWHUPRVGHHVWUXWXUDD UHYLVWDGLVWULEXLUiVXDVPDWpULDV DWUDYpVGRVVHJXLQWHVSLODUHV$OWDH EDL[DJDVWURQRPLDFRPLGDVHEHELGDV FKHIVHQmRFKHIVDOLPHQWDomR VDXGiYHOHIDVWIRRG´(VSHUDPRV GHVVDIRUPDPRVWUDURFRQFHLWRD ILORVRILDGDJDVWURQRPLD$RFRQWUiULR GRVHQVRFRPXPHPWRUQRGH SXEOLFDo}HVGHVVHWLSRTXHUHPRVLU DOpPGRTXHVRPHQWHLQGLFDURQGHRX RTXHFRPHU(ODWDQWRVHUiSDUD TXHPMiWHPFHUWDEDJDJHPQD JDVWURQRPLDPDVWDPEpPVHUi GLUHFLRQDGDjTXHPQmRHQWHQGHPDV DSUHFLDHDWpWRSDDUULVFDUXPDV PLVWXUDVQDFR]LQKDµH[SOLFD/XFLDQD -XVWDPHQWHSRUHQ[HUJDUDOpP

GRPHUDPHQWHFRPHUFLDOpTXHD FKHJDGDGD0DODJXHWDSRGHUi FRQWULEXLUFRPDGLQkPLFDGRFHQiULR ORFDO´(VWDpXPDUHYLVWDIHLWDSDUD WRGRV(VWDPRVHVSHOKDQGRDYLWULQH GRPHUFDGRSDUDPRVWUDURTXHGH KiGHPHOKRUSDUDWRGRVRVJRVWRVµ DILUPD:DOWHU/LQV-Uµ3RUFRQWDGLVVR SRGHUHPRVWHUFRPRSDUFHLURVH DQXQFLDQWHVRXWUDVPDUFDVHVHUYLoRV TXHQmRQHFHVVDULDPHQWHHVWHMDP GLUHWDPHQWHOLJDGRVDRVHJPHQWR JDVWURQ{PLFRPDVLQGLUHWDPHQWH SRLVWRGRHVVHFLUFXLWRHQYROYH HOHPHQWRV2GHVLJQSRUH[HPSORp HQFRQWUDGRGHVGHDDSUHVHQWDomRGH XPSUDWRFRPRQDSUDWDULDXVDGDRX QDDPELHQWDomRHHVWpWLFDSDUD GHWHUPLQDGRWLSRGHOLQKDVHJXLGD SHORHPSUHHQGLPHQWR 0DUFDVHVHUYLoRVTXH SUH]DPSHOREHPHVWDUH TXDOLGDGHGHYLGDWDPEpP SRGHPHVWDUGLUHWDRX LQGLUHWDPHQWHOLJDGRVDRXQLYHUVR GRVVDERUHV7XGRHVWiLQWHUOLJDGRµ DILUPD$OHNV\ $5HYLVWD0$/$*8(7$VHUi ELPHVWUDOHVDLFRPWLUDJHPLQLFLDOGH PLOH[HPSODUHV(OHVVHUmR GLVWULEXtGRVHPSRQWRVHVWUDWpJLFRV GD5HJLmR0HWURSROLWDQDGR5HFLIH FRPHYHQWRGHODQoDPHQWRLQWHJUDGR jXPDFDPSDQKDQDVUHGHVVRFLDLV TXHRULHQWDUmRRVLQWHUQDXWDVRQGH DGTXLULUDVXD´$QRVVDLQWHQomRp RWLPL]DURERFDDERFDDWUDYpVGDDOWD YHORFLGDGHQDFRPXQLFDomRYLD LQWHUQHWµDILUPD/XFLDQD2VLWHWHUi SUHVHQoDGLQkPLFDFRPSRVWVGLiULRV SDUDPDQWHURVOHLWRUHVLQIRUPDGRV HQTXDQWRHVSHUDPSHODHGLomR LPSUHVVD (QTXDQWRD0$/$*8(7$QmR FKHJDRVFXULRVRVSRGHPDFHVVDUR HQGHUHoRZZZUHYLVWDPDODJXHWD FRPEUHDFRPSDQKDUDFRQWDJHP UHJUHVVLYDDOpPGHRXWURV FRPXQLFDGRVVXUSUHVDTXHVHUmR GLYXOJDGRVQRVFDQDLVRILFLDLVGD UHYLVWD%RDOHLWXUDHERPDSHWLWH 


*,52

<2878%(5123(51$0%8&2'Ã&#x2030;6257( eFDGDYH]PDLVFRPXPDVPDUFDVGLUHFLRQDUHPVHXVHVIRUoRVHP SXEOLFLGDGHID]HQGRDGREUDGLQKDTXHWUD]SDUDRVPHLRV WUDGLFLRQDLVFRPRRVFRPHUFLDLVGH79RVH[SRHQWHVGDLQWHUQHW RXDVFKDPDGDVZHEFHOHEULGDGHV'HROKRQHVVDWHQGrQFLDR 3HUQDPEXFRGiVRUWHFRORFRXQRDUVXDQRYDFDPSDQKD(VWUHODGD SHOD\RXWXEHU&DUOD5HLVGR0DWR*URVVRRERUGmRGRFRPHUFLDO ²´%RUDµFDLXQRJRVWRGRVSHUQDPEXFDQRV(IRLFRPHVVH PHVPRERUGmRTXH&DUODMiFRQVHJXLXPDLVGHXPPLOKmRGH DFHVVRVHPVHXVYtGHRVQDSODWDIRUPDFRPVHXMHLWRVH[\TXHFDXVD FHUWDHVWUDQKH]DTXDQGRFRPELQDGRFRPVXDYR]JURVVDH PDVFXOLQDTXHOKHUHQGHXRDSHOLGRGH.DUOmR&RPDVJUDYDo}HV HPULWPRGHFDUQDYDORILOPHWUD]FRQYLWHIHLWRSHOD\RXWXEHU ´%RUDJDQKDUFHPPLOUHDLV"µ2S~EOLFRSRGHDLQGDJUDYDUYtGHRV GL]HQGR´%RUDJDQKDUQR3HUQDPEXFR'i6RUWH"µHSRVWDUQD SiJLQDGDHPSUHVDQR)DFHERRN 3HUQDPEXFRGi6RUWH H ,QVWDJUDP #SHGDVRUWH FRPDKDVKWDJ %RUD6HU(VWUHOD

(8',*21®2 $$PLOLQLFLDQRYDIDVHGRVHXPRYLPHQWR2EHVLGDGH,QIDQWLO1mRTXHGHVGHWHPDOHUWDGR PLOKDUHVGHEUDVLOHLURVVREUHDGRHQoDTXHDWLQJHXPDHPFDGDWUrVFULDQoDVQR%UDVLOVHJXQGR GDGRVGR0LQLVWpULRGD6D~GH&RPRPRWH´(X'LJR1mRµDFDPSDQKDFULDGDSHOD$UWSODQYLVD DOHUWDUDRVSDLVSDUDWDUHIDQDGDIiFLOQDDUWHGHHGXFDULPSRUOLPLWHVDRVSHTXHQRVTXDQGRTXHUHP FRPHURXEHEHUDOJRTXHIRLSURLELGRRXQHJDGR3DUDVHQVLELOL]iORVD$UWSODQSURGX]LXSDUDDV UHGHVVRFLDLVGDHPSUHVDXPPLQLGRFXPHQWiULRTXHWUD]SHUVRQDJHQVHKLVWyULDVUHDLV$FDPSDQKD WDPEpPWHPH[WHQVmRSDUD79FRPGRLVILOPHV GHµHµ

'83/$'(68&(662 1LQJXpPPHOKRUTXHRVPDLVDGPLUDGRVFDQWRUHVVHUWDQHMRVJRLDQRVSDUD HVWUHODUDQRYDFDPSDQKD3LUDFDQMXED&RPRPRWH´(VVDGXSODYDLID]HU VXFHVVRQDVXDFDVDµ=H]pGL&DPDUJRH/XFLDQRPRVWUDUmRDSUDWLFLGDGHHR VDERUGR&UHPHGH/HLWHHGR/HLWH&RQGHQVDGR3LUDFDQMXEDQDSUHSDUDomRGH UHFHLWDVGLYHUVDV$GXSODVHUWDQHMDSDUWLFLSDUiGHFDPSDQKDVFRPYHLFXODomR QDFLRQDOTXHFRQWHPSODUmRFRPHUFLDLVGHVHVHP79DEHUWDHHPFDQDLV SDJRVDQ~QFLRVHPUHYLVWDVHHPSXEOLFDo}HVSDUDRWUDGHDOpPGHDo}HVQDV PtGLDVVRFLDLV$VFULDo}HVWDPEpPLQFOXHPDo}HVGHPHUFKDQGLVLQJQR3'9 9DOHGHVWDFDUTXHDSDUFHULDYDLDEUDQJHUDVUHGHVVRFLDLVGDGXSODFRPSRVWV PHQVDLVDSUHVHQWDomRGRFRPHUFLDOQDDEHUWXUDGRVVKRZVHORJRPDUFDHP YiULDVSHoDVXQLIRUPHVHQWUHRXWURV




6(*85$$6(5,1*$ $SRVWDQGRHPXPHVWLORGHLOXVWUDomRSROLJRQDOD5HVHUYD &RPXQLFDomROHYRXDLQGDPDLVFRUHHOHJkQFLDDREORFR6HJXUDD 6HULQJD6RERWHPD+RPHQDJHPDRSDWULP{QLR&XOWXUDO GH3HUQDPEXFRDFDPSDQKDUHDOL]DGDSHODHPSUHVDHVWDPSRX FDPLVDVFRQYLWHVHWRGRPDWHULDOGHGLYXOJDomRFRP&DERFORV GH/DQoDH3DSDPJXVtFRQHVGRFDUQDYDOGR(VWDGRGH 3HUQDPEXFR

1$*(0$126 &RPRREMHWLYRGHGLYXOJDUDDomRSURPRFLRQDO1DJHPGH2XUR TXHYDLVRUWHDUTXDWURSUrPLRVQRYDORUGH5PLOHPEDUUDVGH RXURSDUDVHXVFRQVXPLGRUHVD1DJHPORMDHVSHFLDOL]DGDHP SURGXWRVHTXLSDPHQWRVHVXSULPHQWRVGHLQIRUPiWLFDODQoRX FDPSDQKDSXEOLFLWiULDFULDGDSHOD%ODFNQLQMD3DUDSDUWLFLSDUEDVWD WURFDUXPDQRWDGHFRPSUDQRYDORUGH5SRUXPFXSRP$ SURPRomRPDUFDRVDQRVGD1DJHP3DUDUHIRUoDUDGLYXOJDomR DDJrQFLDIHFKRXSDUFHULDFRPD5RWD0tGLDPDLRUHPSUHVDGH SURSDJDQGDHP{QLEXVGR1RUGHVWHSDUDYHLFXODUDFDPSDQKD DWUDYpVGRIRUPDWRRXWEXV$SHoDTXHWUD]GHWDOKHVGDSURPRomR SRGHVHUFRQIHULGDQRV{QLEXVTXHFLUFXODPSHORVSULQFLSDLV FRUUHGRUHVGR5HFLIHHUHJLmRPHWURSROLWDQD2RXWEXVGD 3URPRomR1DJHPGH2XURWDPEpPHVWiVHQGRYHLFXODGRQDV SUDoDVGH-RmR3HVVRD 3% )RUWDOH]D &( 1DWDO 51 $UDFDMX 6( 6mR/XtV 0$ 6DOYDGRU %$ H)HLUDGH6DQWDQD %$ 

'(6$),2'(3$/$95$6&2052'5,*2)$52 $6HDUDGiFRQWLQXLGDGHjFDPSDQKD´&RPHoDFRP6HWHUPLQD FRP$µHHVWUHLDGRLVILOPHVSDUDVHXVFDQDLVGLJLWDLV&ULDGDSHOD 6XQVHWDFRPXQLFDomRWUD]FRPRSURWDJRQLVWDRDSUHVHQWDGRU 5RGULJR)DURHXWLOL]DFULDWLYLGDGHHERPKXPRUSDUDUHIRUoDUR FRQFHLWR´6DLDGRDXWRPiWLFRYRFrWDPEpPH[SHULPHQWH6HDUDµ 1RSULPHLURILOPH)DURWHPRGHVDILRGHPRVWUDURSDVVRDSDVVR GHXPDUHFHLWDXWLOL]DQGRDSHQDVSDODYUDVTXHLQLFLHPFRP6H WHUPLQHPFRP$-iQDVHJXQGDSHoDRDSUHVHQWDGRUSDUWLFLSDGH XPDHQWUHYLVWDHPTXHVySRGHUHVSRQGHUDVTXHVW}HVFRP SDODYUDVTXHWHQKDP6QRLQtFLRH$QRILQDO$FDGDHUURp

SHQDOL]DGR FRPXPDFDPSDLQKD$SyVVHUVDEDWLQDGRHOHGHVDILD DVEORJXHLUDV'DQLHOOH1RFHGR,&RXOG.LOO)RU'HVHUWH*LVHOH 6RX]DGR5HFHLWDVGH0LQXWRSDUDSDUWLFLSDUHPGDEULQFDGHLUDH UHVSRQGHUHPDVPHVPDVTXHVW}HVXWLOL]DQGRDSHQDVSDODYUDVTXH FRPHFHPFRP6HWHUPLQHPFRP$ 


&$3$_',*,7$/

$129$5($/,'$'( '$&2081,&$d®2 ,9(/,6(%8$548( ,PDJLQHXPPXOWLXQLYHUVR FKDPDGR$UFKLQHPTXHSHUVRQDJHQV GHKLVWyULDVGHILFomRFLHQWtILFDH IDQWDVLDYLYHPVXDVYLGDV GHVFRQKHFHQGRRIDWRGHVHUHP WRGRVLQWHJUDQWHVGDPHVPDHQWLGDGH XQLYHUVDO$JRUDLPDJLQHTXHHVVHV DJHQWHVGLVWLQWRVVHLQWHJUDPFRPR S~EOLFRSRUPHLRGHMRJRGH53* ERDUGJDPH MRJRGHWDEXOHLUR HFDUG JDPH MRJRVGHFDUWDV HXP YLGHRJDPHXWLOL]DQGRDWHFQRORJLDHP GHVHQYROYLPHQWRGRVyFXORVGLJLWDLV (VWDpXPDUHDOLGDGHQRDXGDFLRVR 'HVLUHGH'DQLHO<XML$EUDKmR DUTXLWHWRTXHLGHDOL]RXHVWHSURMHWR KiDQRVHPGHVHQYROYLPHQWR PXOWLSODWDIRUPDFRPDFRODERUDomRGH DPLJRV(VWHWDOYH]VHMDRPDLRU HPSUHHQGLPHQWRTXHJDQKDFRPR WHPSRDIRUPDGHXPDVDJDFRPHVWD SHJDGDUHDOL]DGDQR%UDVLOHQR PXQGRHTXHWUD]WRGDVDV SRVVLELOLGDGHVRIHUHFLGDVSRUHVWH DGPLUiYHOPXQGRTXHDVQRYDV WHFQRORJLDVSURSRUFLRQDP

´8VDUGLIHUHQWHVPHLRVSDUD WUDQVPLWLUXPDPHVPDPHQVDJHP SDUHFHUHGXQGDQWHPDVQmRHPXP QRYRFHQiULRRQGHDGLYHUVLGDGHGRV PHLRVLQIOXHQFLDUHODo}HVKXPDQDVHD UHODomRGHVWDVFRPRPXQGRDRVHX UHGRUeFDGDYH]PDLRUDDPSOLWXGH GDVFDUDFWHUtVWLFDVSHUWHQFHQWHVD JUXSRVDQWHVLGHQWLILFDGRVDSHQDVSRU VXDFLGDGHVH[RLGDGHHFODVVHµGL] 5RGULJR9DQ]DQ&(2GD%X]] 63  3DUDRHPSUHViULRQmRIRLSRVVtYHO FRQWHUHVVDPDVVDGHQWURGHXP JUXSRUHVWULWRGHPHLRVDSHVDUGHWHU VLGRSRVVtYHOFRPSUHHQGHUHPDSHDU PLOKDUHVGHS~EOLFRVGLVWLQWRV (SRULVVRTXHYHPRVTXH FDGDYH]PDLVHVWHPXQGRJOREDOH SOXUDOL]DGRYDLH[LJLUQRYDVIRUPDVGH VHFRPXQLFDUFRPRRXWURGHVH LQWHUDJLUFRPRVVWDNHKROGHUVHGH FULDUUHODo}HVHQWUHSHVVRDV´$R PHVPRWHPSRHPTXH DFRPSDQKDPRVDHYROXomRGRV S~EOLFRVRFRUUHXXPDLQYHUVmRRV PHLRVQmRILJXUDPPDLVFRPRXP SRQWRGHHQFRQWURGHGHWHUPLQDGRV SHUILVFRQVXPLGRUHVVmRFRQVXPLGRV SRUHOHV(VWHPRYLPHQWRID]FRP TXHDFRPXQLFDomRPXOWLSODWDIRUPD FUHVoDSDUDDWHQGHUKiELWRVH SUHIHUHQFLDVPXLWRGLVWLQWDVGHJUXSRV TXHGHPRJUDILFDPHQWHDWHQGHPDRV PHVPRVUHTXLVLWRV1R%UDVLOHVWH FUHVFLPHQWRSURSRUFLRQD DFHVVLELOLGDGHDRVSHTXHQRV DQXQFLDQWHVDEUDQJrQFLDSDUDJUDQGHV DQXQFLDQWHVHUHOHYkQFLDGH LQIRUPDomRSDUDRVFRQVXPLGRUHVµ HQIDWL]D9DQ]DQ

1RPXQGRDWXDOMipSRVVtYHO VHPDQWHUFRQHFWDGRHLQIRUPDGRGH YiULDVPDQHLUDVDSUHFLDUHVHU DSUHFLDGRRXFRUWHMDGRGHPXLWDV IRUPDVLQWHUOLJDUSURFHVVRVH SURMHWRVGHPXLWDVPDQHLUDVSDUDTXH FKHJXHPDXPS~EOLFRPDLRU1mRpD WRDTXHVHJXQGDWHODPXOWLSODWDIRUPD LQWHUQHWGDVFRLVDVMiVmRSHUVSHFWLYDV PDLVGRTXHIXWXULVWDVHODVVmRXPD UHDOLGDGHFDGDYH]PDLVFUHVFHQWH HVSHFLDOPHQWHSDUDDVIXWXUDV JHUDo}HV´2PRGRGHID]HU FRPXQLFDomRPXGRXPXLWRQRVVDV FDPSDQKDVDJRUDWrPXPGHVDILR QRYRTXHDQWHVHUDSUHRFXSDomRGH GHVLJQHUVHGHVHQYROYHGRUHV$SDUWLU GRPRPHQWRTXHDFRPXQLFDomR SUHFLVDLQWHJUDURXQLYHUVRGD8; XVHUH[SHULHQFHRXH[SHULrQFLDGR XVXiULR VHWURFDRFRQFHLWRGH FRQVXPLGRUSDUDSURVXPHU DTXHOH TXHSURGX]FRQWH~GRDOpPGHVHU FRQVXPLGRU HVWHTXHTXDOLILFDDV PDUFDVFULWLFDRSLQDID]DVSD]HVH WrPUHODFLRQDPHQWRVFRPDV HPSUHVDV0DVDRFRQWUiULRGD SUHPLVVDTXHH[LVWLDKiGpFDGDVDWUiV R FRQVXPLGRUILHO IRLVH WUDQVIRUPDQGRHP SRWHQFLDO FRQVXPLGRU $EULJDSRUOHDGVHSHOD SRVVLELOLGDGHGHVVHVFOLHQWHVGDUHP XPWHVWHPXQKRVREUHDVPDUFDVVH WRUQRXDOJRFRPXPYDORUFDGDYH] PDLRUµFRPHQWD$JQHV3LUHVJHVWRUD GH0tGLDV'LJLWDLVGD09 &RPXQLFDomR 3(  $VWHQGrQFLDV PXOWLSODWDIRUPDVHVWmRFUHVFHQGRH QDWXUDOPHQWHPXLWDFRLVDPXGDFRP

3URMHWRPXOWLSODWDIRUPD'HVLUHGHVHQYROYLGR SHORDUTXLWHWR'DQLHO<XML$EUDKmR 


5RGULJR9DQ]DQ &(2GD%X]] 63

HVWHDYDQoRHPHVSHFLDOQRTXHGL] UHVSHLWRDRWUDEDOKRHDVDo}HVGH FRPXQLFDomR(HVVDWUDQVIRUPDomRVH HVSDOKDSDUDGLYHUVDVRXWUDVHVIHUDVH VHQGRDVVLPQmRDGLDQWDUSHQVDURX WHQWDUUHVWULQJLODHPXP~QLFR DVSHFWR(ODpHPWRGDVXDIRUPDH HVVrQFLDXPVLVWHPDSOXUDOTXHGi PDUJHPSDUDYiULDVDSOLFDo}HV ´'HQWURGRPHUFDGRGHPtGLD SURJUDPiWLFDKRXYHERPFUHVFLPHQWR QRQ~PHURGHWHFQRORJLDVTXH SHUPLWHPLQWHJUDomRGDSXEOLFLGDGH HQWUHDSDUHOKRVHHQWUHPHLRV$FKR TXHWDOYH]HVVHVHMDRPRWLYRGHVVD WHQGrQFLDTXHYRFrSHUFHEHX+RMH SULQFLSDOPHQWHQRPHUFDGRRQGHD YHQGDGHPtGLDRIIOLQHWDPEpPp SURJUDPiWLFDpSRVVtYHOVLQFURQL]DU FDPSDQKDVSDUDKRUiULRVRXSDUDTXH HODVPRVWUHPGLIHUHQWHVSHoDVHP GLIHUHQWHVIRUPDWRVSDUDRPHVPR XVXiULRRTXHUHIRUoDEDVWDQWHD FDSDFLGDGHGHPHQVXUDURVUHVXOWDGRV GDFDPSDQKDGHIRUPDLQWHJUDGDµ UHVVDOWD*XJD0DIUD&(2GDERR ER[)73, 63  &RPLVVRDIRUPDFRPRp SHQVDGRHSODQHMDGRRWUDEDOKR

UHFHEHLQWHUIHUrQFLDVFRQWXGRp SRVVtYHOFRQFOXLUTXHWDQWDPXGDQoD WDPEpPWUD]PXLWDVFRQWULEXLo}HV SDUDRPHUFDGRRVLQYHVWLPHQWRVHP SURSDJDQGDHSDUDDSURJUDPDomRGRV YHtFXORV(QWUHWDQWRRTXHSRGH SDUHFHUXPDFRLVDQRYDQmRpWmR LQpGLWDDRDYDOLDUPRVWXGRLVVRFRP DPSOLWXGH´6HROKDUPRVSDUDRV XVXiULRVGDVPXOWLSODWDIRUPDV SRGHUHPRVHQWHQGHUXPSRXFR PHOKRU1mRFRQVXPLPRV LQIRUPDomRHQWUHWHQLPHQWR SURGXWRV GHIRUPDOLQHDUH XQLGLPHQVLRQDO$ROHUXPOLYUR SURFXUDPRVFRQWH~GRV FRPSOHPHQWDUHVVREUHRDXWRUR OXJDUHQDUUDWLYDVFRPSOHPHQWDUHV )D]HPRVLVVRFRPQRWtFLDVOLYURV ILOPHVHGXFDomRHWF2VHVWXGLRVRV GHOLWHUDWXUDMiIDODYDPGHOLWHUDWXUD HVWHQGLGD$VQDUUDWLYDVVmRRFHQWUR GDH[SHULrQFLD(ODSRGHVHUDPSOLDGD SDUDYiULDVGLPHQV}HVHSURFHVVRV $OpPGHPXOWLSOLFDUDVIRQWHVGH UHFHLWDVGRVSURGXWRUHVGDQGR VREUHYLGDDRVSURGXWRVSHUPLWHDR XVXiULRDGHQVDUVXDVH[SHULrQFLDV FRPDTXHOHFRQWH~GR3DUDR%UDVLOp XPDRSRUWXQLGDGHGH WUDQVPLGLDWL]DUPRVRXGH PXOWLSODWDIRUPL]DUPRVQRVVD SURGXomRPHVPRQDVDo}HVGH PDUNHWLQJHGHFRPXQLFDomRµOHPEUD (GXDUGR0XUDGFRRUGHQDGRUGD JUDGXDomRHP&RPXQLFDomR6RFLDOGR ,EPHF 5-  (VWDQRYDWHQGrQFLD SURSRUFLRQDHSURSRUFLRQDUiXP LPSDFWREHPUHDODRPHUFDGRGH FRQVXPRQDFLRQDODSDUWLUGHXPD PDLRUGLYHUVLILFDomRGDFRPXQLFDomR HPGLVSRVLWLYRVPHLRVRQHRIIOLQHH GDVQDUUDWLYDV(GHVWDIRUPDPXLWRKi GHVHHVSHUDU´2TXHLPSRUWDQD

FULDomRGHHVWUDWpJLDV PXOWLSODWDIRUPDVpDFRQGXomR FRHUHQWHGDQDUUDWLYDHDH[SORUDomR LQWHOLJHQWHGRVDWULEXWRVRIHUHFLGRV SRUFDGDPHLR$o}HVTXHFXPSUDP HVWHVUHTXLVLWRVJHUDPVLQHUJLD VXEVWLWXLQGRDVREUHSRVLomRGHPtGLDV SRUFURVVPHGLD2UHVXOWDGRGHVWD DERUGDJHPpWUDGX]LGRHPPDLRU GLVWULEXLomRGHYHUEDVHQWUHRVPHLRV DXPHQWDQGRRLQYHVWLPHQWRJOREDOGR DQXQFLDQWHQDPDLRULDGDVYH]HV(P UHVSRVWDDLVVRRVPHLRVEXVFDPXPD LQYHVWLGDPXOWLPtGLDGHVHXV FRQWH~GRVHQTXDQWRDJHQFLDV GHVFHQWUDOL]DPVHXFRQKHFLPHQWR EXVFDQGRXPDDERUGDJHPÂ&#x17E;µ OHPEUD5RGULJR9DQ]DQ 6mRWDQWRVRV´PXOWLPHLRVµ GLVSRQtYHLVQRVGLDVGHKRMHTXH WUD]HPXPDJDPDGHRSRUWXQLGDGHV TXHDSHQDVXPVLVWHPDFRPRHVWH SRGHULDSURSRUFLRQDU(VWD FDSDFLGDGHGHWUDQVJUHGLUDVOLQKDV GRVPHLRVFRQYHQFLRQDLVGHSRGHUVH DGDSWDUDGLVWLQWRVIRUPDWRVGH FRPXQLFDomRHDOFDQoDUXP TXDQWLWDWLYRLPHQVXUiYHOGHSHVVRDOp RVHXJUDQGHGLIHUHQFLDOSDUDR

$JQHV3LUHVJHVWRUDGH0tGLDV 'LJLWDLVGD09&RPXQLFDomR 3(




&$3$_',*,7$/ *XJD0DIUD&(2 GDERRER[)73, 63

PHUFDGRPRGHUQRHRQRYRGHVDILR SDUDDFULDWLYLGDGHFRQWHPSRUkQHD ´2SHQVDPHQWRPXOWLSODWDIRUPDMi HVWiSUHVHQWHQDFRPXQLFDomR FRQWHPSRUkQHD'HSHQGHQGRGR SURGXWRQRVSHUPLWHWHUXPD HVWUDWpJLDFRQVLVWHQWHPDVDGDSWDGDD YiULRVS~EOLFRVRXPHVPRWUDEDOKDU XPPHVPRS~EOLFRGHGLIHUHQWHV IRUPDVDSDUWLUGHVHXVP~OWLSORV LQWHUHVVHV3UHFLVDUHPRVDLQGDPDLV WHUXPSHQVDPHQWRHPUHGH8PD OyJLFDPXOWLGLPHQVLRQDOGHHQWHQGHUR TXHHVWDPRVFRPXQLFDQGRHFRPRRV S~EOLFRVSRGHUmRLQWHUDJLUHUHDJLU ,VVRQmRVHGiDSHQDVQRVDPELHQWHV GLJLWDLV2DPELHQWHItVLFRWDPEpP GHYHVHUHQWHQGLGRFRPR SODWDIRUPDµUHIRUoDRSURIHVVRU (GXDUGR0XUDG 'LDQWHGHVWDQRYDUHDOLGDGHR UHODFLRQDPHQWRGLIHUHDVVLPFRPRDV HVWUDWpJLDVGDVPDUFDVHPSUHVDV DJrQFLDVFRPRWDUJHWVHRV FRQVXPLGRUHV3RULVVRpSUHFLVR UHYHUHLQYHUWHUDOyJLFDGH FRQVWUXomRGDVHVWUDWpJLDVSDUD FRQTXLVWDUDDWHQomRHQDWXUDOPHQWH DWLQJLURDOYRDVVHUWLYDPHQWH´1HVWD FRQFHSomRDJrQFLDVHPDUFDV SUHFLVDPLQYHUWHUDOyJLFDGH 2DSOLFDWLYR*ORER3OD\GD79*ORER SHUPLWHDFRPSDQKDUVHXVSURJUDPDV YtGHRVIDYRULWRVHLQWHUDJLUFRPD SURJUDPDomR 

FRQVWUXomRGHVXDVHVWUDWpJLDV WUDQVIHULQGRWRGDVXDDWHQomRSDUDD FRPSUHHQVmRGRVHXWDUJHW0DLVGR TXHDOFDQFHDo}HVGHVWDQDWXUH]D SURSRUFLRQDPDFRQVWUXomRGH UHODFLRQDPHQWRFRPVHXS~EOLFR VHQGRGHPDUFDVHDJrQFLDVD REULJDomRGHDGHTXDUVXD FRPXQLFDomRHPTXDQWRVPHLRV IRUHPQHFHVViULRVSDUDDOFDQoDUGH IRUPDFRQVLVWHQWHRVLPSDFWRV GHVHMDGRVµOHPEUD5RGULJR9DQ]DQ &RQWXGRQmRHVWDPRV WUDIHJDQGRVR]LQKRVQHVWHPDUVHP ILPGHLQIRUPDomRLQRYDomRH SRVVLELOLGDGHV3HVTXLVDVHHVWXGRV HVWmRVHQGRGHVHQYROYLGRVQHVWH VHQWLGRSDUDHQWHQGHUHVHDGDSWDU FDGDYH]PDLVQHVWHXQLYHUVRTXHMi SURYRFDJUDQGHVPXGDQoDVGH DFRUGRFRPR&(2GD%X]](FRP LVVRVXUJHPQRYRVSHUILVDQWHV GHVFRQKHFLGRVHPVXDSUySULDEDVHH TXHHPDOJXQVFDVRVVHTXHUHUDP YLVWRVFRPRXPWDUJHWSRWHQFLDO

OHYDQGRRQtYHOGDFRPXQLFDomRSDUD RXWURSDWDPDUHHVWDEHOHFHQGRXPD UHODomRHQWUHPDUFDVHFRQVXPLGRUHV TXHWUDQVFHQGHDUHODomRGH FRQVXPR´&RPRFUHVFLPHQWRGHVWD DERUGDJHPSXEOLFLGDGHVLQYDVLYDV VHUmRVXEVWLWXtGDVSHODUHODomRGH FRQILDQoDHQWUHPDUFDVUHOHYDQWHVH FRQVXPLGRUHVGHFRQWH~GR2%UDVLO WHPSURGX]LGRHPSRXFRWHPSR JUDQGHVFDVHVTXHFRPSURYDPVXD FDSDFLGDGHSDUDH[SORUDUDVYDQWDJHQV GDFRPXQLFDomRPXOWLSODWDIRUPDV $WXDOPHQWHH[LVWHPDJrQFLDVTXHVH GHVWDFDPWDQWRSHODFULDWLYLGDGHQD FRQVWUXomRGDQDUUDWLYDTXDQWRSHOD FDSDFLGDGHWHFQROyJLFDSDUD LPSOHPHQWDUDo}HVH[WUHPDPHQWH LQWHOLJHQWHVDWUDYpVGHOHLWXUDVPXLWR SUHFLVDVGHGDGRVH[WUDtGRVGH FDPSDQKDVDQWHULRUHVRXSHVTXLVDVµ GHVWDFD5RGULJR9DQ]DQ 1$9(*$1'21(67(0$5²2 VXUJLPHQWRGHQRYDVLQWHUIDFHVHR


(GXDUGR0XUDG FRRUGHQDGRUGR,EPHF5-

FUHVFLPHQWRGHDo}HVLQRYDGRUDVGH FRPXQLFDomRPXGDPDUHDOLGDGHGR WUDEDOKRHQDVUHODo}HVGDVSHVVRDV 7XGRLVVRRFRUUHHPXPPRYLPHQWR FtFOLFRHGHFRQVWDQWHFDXVDHHIHLWR IDYRUiYHOSDUDRPHUFDGRHSDUDRV SURILVVLRQDLV3RUHVWHPRWLYR HQWHQGHUHVWDPRYLPHQWDomRp IXQGDPHQWDO´0XOWLSODWDIRUPDpR PRGRFRPRDVRFLHGDGHDWXDO FRQVRPHLQIRUPDomR$VSHVVRDVQmR FRQVRPHPPDLVXPSURGXWRGH IRUPDLVRODGDXWLOL]DQGRDSHQDVXP PHLRGHFRPXQLFDomR$QWLJDPHQWH ID]HUFLQHPDHUDSURGX]LUXPILOPHH GHSRLVUHSURGX]LORQRVFLQHPDV )D]HUWHOHYLVmRHUDJUDYDUXP SURJUDPDH[LELORQDSURJUDPDomR (VFUHYtDPRVXPOLYURHYHQGtDPRVQDV OLYUDULDV8PFXUVRHUDDSHQDVGH IRUPDSUHVHQFLDOHKRMHSRGH DFRQWHFHUSHODYLGHRFRQIHUrQFLDeD GHPRFUDWL]DomRGDLQIRUPDomRµGL] /XFLDQD%RVFKLGLUHWRUDGD'RP *UDSKHLQ 5-  &RPRRDYDQoRGLJLWDOVHGi QRPXQGRWRGRSRVVLELOLWDQGR GHVWLQDUPHQVDJHQVDGHTXDGDVSDUD S~EOLFRVHVSHFtILFRVHPGLYHUVDV SDUWHVGRJORERHVHJPHQWDGDV VHJXQGRGLYHUVRVFULWpULRV UHJLRQDLV GHIDL[DHWiULDRXDWLYLGDGH HFRQ{PLFD HVWDUSUHVHQWHHP GLYHUVDVPtGLDVDRPHVPRWHPSR VLJQLILFDPDLRUDXGLrQFLD´4XDQWR

PDLVSRQWRVGHFRQWDWRFRPRV FRQVXPLGRUHVPDLRUVHUiRYDORU DJUHJDGRSDUDRVDQXQFLDQWHV *UDQGHVFDPSDQKDVUHSUHVHQWDP FDGDYH]PDLVXPGHVSHUGtFLRGH PXQLomRIUHQWHDHVWUDWpJLDV FXVWRPL]DGDVHGHUHODFLRQDPHQWRXP DXPµHQIDWL]D%RVFKL3DUDD HVSHFLDOLVWDDVHPSUHVDVHVWmRFDGD YH]PDLVSUHRFXSDGDVHPLQYHVWLU QHVVHUHODFLRQDPHQWRFRPVHXV FOLHQWHVSDUDVHSRVLFLRQDUQR PHUFDGR´(VVDUHODomRQHFHVVLWDVHU GXUDGRXUDSRLVpDVHJXUDQoDTXHD HPSUHVDWHPGHUHDOL]DUERQV QHJyFLRV6HQGRDVVLPYDOHLQYHVWLU HPSURJUDPDVFRQWtQXRVH HVWUXWXUDGRVGHFRPXQLFDomRTXH VHMDPHILFLHQWHVDo}HVHVWDVTXH IDoDPDFRPXQLFDomRGDHPSUHVD GLUHWDPHQWHFRPVHXS~EOLFRDOYRµ OHPEUD 'HVWDIRUPDSDUD/XFLDQD QmREDVWDGHVHQYROYHUXPERP SURGXWRGHWHUPLQDUFRUUHWDPHQWHR VHXSUHoRHGLVSRQLELOL]iORQR PHUFDGRpSUHFLVRSUHRFXSDUVH WDPEpPHPPDQWHUHVWH UHODFLRQDPHQWRHVWDUPDLVSUy[LPR GRFOLHQWHHFRQKHFrORPDLVDIXQGR LGHQWLILFDQGRVXDVSRVVtYHLV QHFHVVLGDGHVHGHVSHUWDUVHXV GHVHMRV(R%UDVLOHVWiVHSUHSDUDGR SDUDDVSRVVLELOLGDGHVGDV PXOWLSODWDIRUPDVHH[SHULrQFLDVEHP VXFHGLGDVGHVWDWHQGrQFLDMiVH GHVWDFDP&RPLVVRSRGHPRV REVHUYDUDWpXPDHYROXomR VLJQLILFDWLYDQDPmRGHREUD HVSHFLDOL]DGDTXHFUHVFHXSDUDGDU FRQWDGHXPDGHPDQGDFDGDYH]PDLV HVSHFtILFDHTXDOLILFDGD´$SHTXHQDH PpGLDHPSUHVDUHSUHVHQWDGR WRWDOGHFRPSDQKLDVQR%UDVLOHHVWmR FULDQGRXPPHUFDGRGHSHTXHQDV DJrQFLDVTXHVmRDFDUDGRSDtV $EUHVHDVVLPXPJUDQGHHSURPLVVRU PHUFDGRSDUDDiUHDGHSXEOLFLGDGH

SURSDJDQGDHPDUNHWLQJIDYRUHFHQGR RVXUJLPHQWRGHSHTXHQDVDJrQFLDVµ DSRQWD%RVFKL &RPLVVRGHYHPRVHVSHUDU TXHRFRQVXPLGRUVLQWDVHPDLV FRQIRUWiYHOFRPDVPXOWLSODWDIRUPDV HVSHFLDOPHQWHQRTXHVHUHIHUHj DGHTXDomRHUHOHYkQFLDGRFRQWH~GRj VXDYROWDHPGLIHUHQWHVPHLRV´3RU RXWURODGRHVSHUDVHTXHHVWH FRQVXPLGRUDVVXPDXPQtYHOGH FRPSUHHQVmRGRFRQWH~GRWRUQDQGR RPXLWRPDLVH[LJHQWHHPUHODomRD FDPSDQKDVHFRQWH~GRVTXHQmR FXPSUDPHVWHVUHTXLVLWRVGH DGHTXDomRHUHOHYkQFLD(GHQWUHGDV GLYHUVDVPXGDQoDVSRVLWLYDVTXH UHVXOWDUmRGDFRQVROLGDomRGD FRPXQLFDomRPXOWLSODWDIRUPDVQR %UDVLOYHMRFRPRDSULQFLSDOD PXGDQoDGHFXOWXUDQDFRQVWUXomRGDV HVWUDWpJLDVTXHSDVVDUmRDWUDWDURV PHLRVHIHWLYDPHQWHFRPRXPPHLR VXSULPLQGRGHVWDIRUPDRPRYLPHQWR GHFRQFRUUrQFLDHQWUHRQHRIIH WUD]HQGRSDUDRIRFRGDGLVFXVVmRDV PHOKRUHVSUiWLFDVSDUDDOFDQFH,VVR DFDEDRFRUUHQGRSDUDDWHQGHUD HYROXomRHPDWXULGDGHGDVSHVVRDVQR PRPHQWRGHFRQVXPLULQIRUPDomRH HQWUHWHQLPHQWRDVVLPFRPRRFRUUHX SRUH[HPSORFRPRMRUQDO)ROKDGH6 3DXORHPVXDGHFLVmREHPVXFHGLGD GHVHWRUQDUPXOWLPtGLDµGHVWDFD 5RGULJR9DQ]DQGD%X]] &RPRQHVWHFDVRRXWUDV H[SHULrQFLDVGHDJrQFLDVHPLVVRUDVH YHtFXORVFRPXQLFDomRH HVSHFLILFDPHQWHHPSUHVDV FRPSURYDPRSRWHQFLDOSDUDRDSRLR GDVPXOWLSODWDIRUPDVQRGHVHQYROYHU GHDo}HVQR%UDVLO´$FUHGLWRTXHDV HPLVVRUDVSRGHUmRH[SORUDUFDGDWLSR GHLQWHUDomRFRPRXVXiULR SULQFLSDOPHQWHXWLOL]DQGRQRYDV SODWDIRUPDVWHFQROyJLFDVFRPR GLVSRVLWLYRVYHVWtYHLVSHORV FRQVXPLGRUHV SXOVHLUDVUHOyJLRV 


&$3$_',*,7$/ $VHJXQGDWHODGD%DQGSHUPLWHTXH RWHOHVSHFWDGRUSDUWLFLSHGHHQTXHWHV DFHVVHLQIRUPDo}HVFRPSOHPHQWDUHV YHMDIRWRVH[FOXVLYDVGRVEDVWLGRUHV

DQpLVSRUH[HPSOR HyFXORVGH UHDOLGDGHYLUWXDO SRUH[HPSORR 2FXOXV5LIWDGTXLULGRSHOR)DFHERRN  (QWUHWDQWRLVVRpXPSURMHWRHP PpGLRSUD]RHTXHWHPTXHVHU UHDOL]DGRSDVVRDSDVVR+RMHMi SRGHPRVGHVWDFDUDo}HVFRPRD UHDOL]DGDSHOD%DQGTXHUHYHORXR YHQFHGRUGR0DVWHU&KHI%UDVLOFRP H[FOXVLYLGDGHSHOR7ZLWWHU(VVD UHODomRFULDDVHQVDomRQtWLGDGHTXH QDUHODomRHQWUHDLQWHUQHWHD WHOHYLVmRXPQmRYLYHVHPRRXWURµ GL]1HZWRQGH2OLYHLUD1HWRGD $SRUWH 3(  2EVHUYDVHTXHRVYHtFXORV WrPVHSUHRFXSDGRHPVH WUDQVIRUPDUHPSODWDIRUPDV PXOWLPtGLDVFRPRSURSyVLWRGHVH WRUQDUHPPDLVDFHVVtYHLVSDUD GLYHUVRVS~EOLFRVHPPRPHQWRVH DPELHQWHVGLIHUHQWHV(VWHpXP SURFHVVRGHFRPSOHPHQWDULHGDGH HQWUHRVPHLRVTXHSDUD HQFRQWUDUHPDVPHOKRUHVIRUPDVGH FULDUHPHVVDLQWHUVHFomRSUHFLVDP PDLVGRTXHQXQFDGHSHVTXLVDVGH FRPSRUWDPHQWRGRFRQVXPLGRUSRU H[HPSORHQWUHRXWUDVIHUUDPHQWDV GLVSRQtYHLV´&RPDVWHFQRORJLDV GLJLWDLVFRQVHJXLPRVLQGLYLGXDOL]DUR 

SHUILOFULDUQLFKRVGHLQWHUHVVHTXH FRQVLJDPLUDOpPGRS~EOLFRPpGLR 0DLVGRTXHYHQGHUQRFXUWRSUD]R SUHFLVDPRVHVWDUSUHVHQWHVQRV GLYHUVRVPRPHQWRVGRS~EOLFR2 FRQWDWRHDUHODomRVmRIXQGDPHQWDLV 2SODQHMDPHQWRWHUiTXHVHUPDLV IOXLGRµFRPHQWD(GXDUGR0XUDGGR ,EPHF 3ODQHMDPHQWRHSHVTXLVD WRUQDPVHSRQWRVIXQGDPHQWDLVH SDUHFHDOJREHPyEYLRFHUWR"0DV QmRpSRLVDLQGDKiGLYHUVRVYiFXRV QRSURFHVVRSDUDWRUQDURUHVXOWDGR ILQDOEHPVXFHGLGR´,QYHVWLUHP EUDQGLQJHSODQHMDPHQWRID]WRGD GLIHUHQoDSDUDXPDHPSUHVD6H GHVWDFDUHFRQYHUVDUFRP VHJPHQWDo}HVGLVWLQWDVpXPDGDV YDQWDJHQVTXHRPHUFDGRGLJLWDO SRVVLELOLWDDRVHFRPSDUDUFRPDQRV DQWHULRUHVµGL]$JQHV3LUHVGD09 &RPXQLFDomR 3RULVVRDVDJrQFLDVH HPSUHVDVGHFRPXQLFDomRWrPTXH DGRWDUXPQRYRPRYLPHQWRTXH SRVVLELOLWHHQ[HUJDUDVPDUFDVDRV ROKRVGRVFRQVXPLGRUHVHVDEHU HVWDEHOHFHUXPGLiORJRFRPYiULRV S~EOLFRV(GHVWDIRUPDDSURYHLWDU WRGDVDVSRVVLELOLGDGHVTXHDV

H[SHULrQFLDVTXHDVWHQGrQFLDV PXOWLSODWDIRUPDVSRGHPRIHUHFHU ´$FKRTXHR%UDVLOHVWiSUHSDUDGR SDUDLVVRHRQRVVRPRGHOR HPTXH SODQHMDPHQWRFULDomRHPtGLDHVWmR GLUHWDPHQWHOLJDGRV VHEHQHILFLD GHVVHDVSHFWRHIDFLOLWDTXHDFULDomR WUDEDOKHPHQVDJHQVLQWHJUDGDVTXH VmRWUDQVPLWLGDVDWUDYpVGHPtGLDV GLIHUHQWHVµGL]*XJD0DIUD(OH OHPEUDDOJXQVFDVRVGHFDPSDQKDVGD SUySULDERRER[)73,TXHWUDEDOKDP RFRQWH~GRDWUDYpVGHXPEUDQGHG FKDQQHO DPELHQWHVHGLWRULDLV SUySULRV HPXPVLWHFRPRR-RYHP 1HUG%UDLQVWRUPRXWHFQREORJ HQTXDQWRRDOFDQFHHDIUHTXrQFLDVmR DWLQJLGRVDWUDYpVGDYHLFXODomRGH EDQQHUVQDUHGHGDDJrQFLD 125$6752'$6 7(1'Ã&#x2C6;1&,$68PH[HPSORVmRRV SULPHLURVSDVVRVFRPr[LWRHP H[SHULrQFLDVUHFHQWHVFRPDVHJXQGD WHODTXHPRVWURXRSRWHQFLDOGR3DtV GHLUORQJHQHVVDViUHDVHPTXH HVWDPRVDYDQoDQGRFDGDYH]PDLV ´+RXYHDOJXPDVH[SHULrQFLDVEDFDQDV QDiUHDFRPRRDSOLFDWLYRVHJXQGD WHODGD%DQGTXHSHUPLWHTXHR WHOHVSHFWDGRUSDUWLFLSHGHHQTXHWHV DFHVVHLQIRUPDo}HVFRPSOHPHQWDUHV YHMDIRWRVH[FOXVLYDVGRVEDVWLGRUHV $LQGDWLQKDRXWUDVSRVVLELOLGDGHV FRPRFRQKHFHURXWUDVImVQREDWH SDSRHFRQIHULUXPDVHOHomRGH SpURODVGLWDVSRUDSUHVHQWDGRUHV UHSyUWHUHVHFHOHEULGDGHV7XGRLVVR LQWHJUDGRjVUHGHVVRFLDLVµGHVWDFD 1HZWRQGH2OLYHLUD1HWRGD$SRUWH 8PDLQLFLDWLYDUHFHQWHTXHR SXEOLFLWiULRFRQVLGHUDPXLWR H[SUHVVLYDpDGRDSOLFDWLYR*ORER 3OD\GD79*ORERTXHSHUPLWH DFRPSDQKDUVHXVSURJUDPDV IDYRULWRVFXUWLUFRPHQWDUH


/XFLDQD%RVFKLGLUHWRUD GD'RP*UDSKHLQ 5-

FRPSDUWLOKDUVHXVYtGHRVIDYRULWRV LQWHUDJLUFRPDSURJUDPDomRUHYHU FHQDVGHQWUHRXWUDVFRLVDV (QWUHWDQWRSDUDDOJXQV SURILVVLRQDLVHSHVTXLVDGRUHVVmRGD RSLQLmRTXHPXLWRVSURFHVVRVGH FRPSUDGHPDQGDPDo}HVPDLV VLPSOHVUiSLGDVHGLUHWDVHQTXDQWR SHQVDUPXOWLSODWDIRUPDUHTXHUXP QRYRSRVLFLRQDPHQWR$QWHVGHWXGR HQYROYHWUDEDOKRPXOWLGLVFLSOLQDUTXH pPDLVH[LJHQWHFRQWXGRUHSUHVHQWD SURYDYHOPHQWHXPDGDVPHOKRUHV IRUPDVGHFRQVWUXLUHFRQVROLGDU PDUFDV´1RTXHFRQVLVWHDR SODQHMDPHQWRjFULDomRDR HQWHQGLPHQWRGHFRPRID]HUVLPR %UDVLOMiHVWiSUHSDUDGRSDUDHVVDV SRVVLELOLGDGHV2VOLPLWDGRUHVHVWmR QRTXHHVWiVHQGRRIHUHFLGRGH DFHVVRSHODVRSHUDGRUDVGHLQWHUQHW GHFHOXODUGH79VGLJLWDLVHGHPDLV PtGLDVGLVSRQtYHLV1mRFDEHLPDJLQDU TXHpXPUHFXUVRDVHUXVDGRSDUD WRGRSURGXWRDWRGRPRPHQWRµQD

RSLQLmRGH(GXDUGR0XUDG 3DUDRFRRUGHQDGRUGR ,EPHF5-WXGRLVVRDLQGDpPXLWR QRYRHVyFRPRSDVVDUGRWHPSR WHUHPRVXPDYLVmRPDLVDPSODGH WRGDVDVSRWHQFLDOLGDGHVGHVVDV IRUPDVGHLQWHUDomROLQJXDJHPH SDUWLFLSDomRGRVXVXiULRVGRV SURGXWRV´$VIRUPDVDLQGDHVWmRHP FRQVWUXomRHDVSHVVRDVTXHUHP H[SHULrQFLDVVLJQLILFDWLYDVHQmR DSHQDVDSHORVRXPDTXLDJHQVQRV SURGXWRV$WpPHVPRSRUTXHQHP VHPSUHHOHWHPWHPSRHLQWHUHVVH SDUDSDUWLFLSDURXWUDQVLWDUSHODV SODWDIRUPDVµ 'HYHPRVOHPEUDUQHVWHFDVR TXHVHQmRKRXYHUXPHTXLOtEULRHP VHXXVRSRGHFDQVDURXVXiULR ´4XDQGRWUDEDOKDGRQRWRP DGHTXDGRRFRQVXPLGRUQRVGi P~OWLSODVLGHLDVDGLFLRQDLVQRVFRQGX] SRUVHXLPDJLQiULRHDEUHDVSRUWDVGH VHXFRPSRUWDPHQWRSRUHVWDUWHQGR SUD]HUHPDLVGRTXHRSURGXWR HVSHUDGRLQLFLDOPHQWHµGHVWDFD 0XUDG(SRULVVRQmRpjWRDTXH

HPSUHVDVFRPR1HWIOL[*RRJOH3OD\ ;%R[H6SRWI\WRUQDUDPVHVLQ{QLPR GHHQWUHWHQLPHQWRHFDtUDPQRJRVWR GRVFRQVXPLGRUHVPHVPRTXHQmR VHMDPSOHQDPHQWHPXOWLSODWDIRUPD $ILQDOHODVWUD]HPDOWHUQDWLYDVQR FRQFHLWRGHIRUPDKRUiULRVHTXrQFLD HOyJLFDGHSURGXomRGRVFRQWH~GRV &RQWXGRQRTXHGL]UHVSHLWR jVPXOWLSODWDIRUPDVVDEHPRVTXHp GHIXQGDPHQWDOLPSRUWkQFLDXP SODQHMDPHQWREHPIHLWRHTXH LQWHUIHUHPXLWRQDVIRUPDVKRUiULRV VHTXrQFLDVHOyJLFDVGHSURGXomRGRV FRQWH~GRVQRVPHLRVTXHYDULDP FDVRDFDVR'DPHVPDIRUPD SRGHPRVSUHYHUDVGLYHUVDVIRUPDV GHLQWHUDomRHQWUHRXVXiULRHD SXEOLFLGDGHFRPDVIHUUDPHQWDV FHUWDVWRUQDVHYLiYHOHVWDEHOHFHUTXH VXDIRUoDVHFRQFHQWUDUiHPDOJXQV DPELHQWHVHVSHFtILFRV´$FKRTXHD WHQGrQFLDPDLVIRUWHpDLQWHJUDomRGR PRELOHFRP79([LVWHPGLYHUVDV LQLFLDWLYDVQHVVHVHQWLGRFRPRD FRPSUDGHPtGLDGHIRUPD SURJUDPiWLFDHPFRQMXQWRRXR

1HZWRQGH2OLYHLUD1HWR 3ODQHMDPHQWRGD $SRUWH&RPXQLFDomR 3(




&$3$_',*,7$/ UHFRQKHFLPHQWRGHiXGLRSRUSDUWH GRDSDUHOKRPyYHO&DPSDQKDVTXH FRQWDPKLVWyULDVDWUDYpVGH SODWDIRUPDVSUHFLVDPWHUGLYHUVDV SRUWDVGHHQWUDGDSDUDHVVDKLVWyULD SRUTXHQHPVHPSUHRXVXiULRYDL FRPHoDUDLQWHUDJLUSHORFRPHoRµ H[HPSOLILFD*XJD0DIUD (SRULVVRRVYHtFXORVTXHVH PDQWLYHUHPDEHUWRVjLQWHJUDomR WHUmRPDLRUSRWHQFLDOSDUD GHVHQYROYHUXPWUDEDOKREHP VXFHGLGRQRTXHGL]UHVSHLWRDHVWD QRYDWHQGrQFLD(QWUHWDQWRGHYHPRV OHPEUDUTXHHVWHWUDEDOKRWHUiTXH VHUSHQVDGRHPFRQMXQWRHHQYROYH UHSHQVDUWRGDSHUVSHFWLYDGH FRQWH~GRHGDVSUySULDVGHILQLo}HV GRVPHLRVSRLVDQRVVDYLVmRDLQGDp WUDGLFLRQDO´1RH[WHULRUDPtGLDp PDLVFRPRGLWL]DGDHVRIUHXEDVWDQWH FRPRFUHVFLPHQWRGHDGEORFNHUV

UHFHQWHPHQWH8PDGDVPHGLGDV VXJHULGDVSHOR,$%SDUDFRPEDWHUR DYDQoRGHVVDVIHUUDPHQWDVpQmR LPSDFWDURFRQVXPLGRUGHSRLVGD FRPSUDHVLPDQWHV$FKRTXHHVVHp XPJUDQGHDSUHQGL]DGR3DUWHGR VHQWLPHQWRGHLQYDVmRGHSULYDFLGDGH DFRQWHFHTXDQGRYRFrFRPSUDXPD FRLVDHGHSRLVILFDUHFHEHQGR SURSDJDQGDGHODµGL]R&(2GDERR ER[)73, $VVLPFRPRREVHUYDPRVFRP DVHJXQGDWHODDVSHUVSHFWLYDVGDV PXOWLSODWDIRUPDVWUD]HPLPSDFWRV UHDLVTXHSURSRUFLRQDUmRJUDQGHV PXGDQoDVQRPHUFDGRQRFRQVXPRH QRPRGHORGHQHJyFLRVTXHHVWmR VHQGRUHYLVWRV([FOXVLYDPHQWH UHODFLRQDGRDLVVRWHPRVDFHUWH]DGH UHRUJDQL]DomRFRPRXPWRGRGRTXH FRQKHFHPRVGHQWURGDFRPXQLFDomR HQRVHWRUGHSURSDJDQGDTXHVHUi

%$1'(,5$17(60Ã&#x152;',$ (;7(5,25 &20(025$ $126 ³4XDQWRPDLVRWHPSRSDVVDPDLVPRGHUQD DJHQWHILFD´pRWHPDGDFDPSDQKDFRPHPRUDWLYD GRVDQRVGD%DQGHLUDQWHV0tGLD([WHULRUFULDGD SHOD$WPD%LDQFKL$DomRFRPHPRUDWLYDVHUi YHLFXODGDDRORQJRGHHPGLYHUVDVSHoDVGH PtGLDH[WHULRUUHYLVWDVHVSHFLDOL]DGDVHPtGLDRQOLQH  'HVGHRLQLFLRGHVXDVDWLYLGDGHVD %DQGHLUDQWHVVHPSUHVHGHVWDFRXSHODVXD FDSDFLGDGHGHLQRYDU&RPHoRXFRPDSULPHLUD SODFDSXEOLFLWiULDSLQWDGDSDVVDQGRSHORRXWGRRU 7RS/LJKW7RS)DFH7RS%XVSDLQpLVURGRYLiULRVSHOD VLQDOL]DomRGHIURWDVSHODVIDFKDGDVHPSHQDVSHORV VWDQGVPHJDSURMHWRVHWDQWRVRXWURVWLSRVGHSHoDV FKHJDQGRDR7RS/HGRPDLVPRGHUQRGRSDtVHj RSHUDomRGD7RS*UDISDUDLPSUHVVmRGLJLWDOGH JUDQGHVIRUPDWRV 

FDGDYH]PDLVWUDQVSDUHQWHLQWHJUDGD HHILFLHQWHVHIRUHPMRJDGDVDVFDUWDV FHUWDV´$SURJUDPDomRGRVYHtFXORV GHYHUiVHURULHQWDGDSDUDFULDU FRQWH~GRVTXHSURPRYDPR FRPSDUWLOKDPHQWRGRVSURJUDPDVSRU PHLRGDVUHGHVVRFLDLVSRUH[HPSOR FRPRIRUPDGHDXPHQWDURVtQGLFHV GHDXGLrQFLDGD79HPUHGH&RP LVVRRPHUFDGRRIHUHFHQRYDVIRUPDV GHLPSDFWDURVFRQVXPLGRUHVGH PDQHLUDPDLVLQWHJUDGDXWLOL]DQGR RXWUDVSRVVLELOLGDGHVGHPtGLDVH Do}HVHPFRQMXQWRFRPDPtGLD FRQYHQFLRQDOMiFRQKHFLGD9DPRVWHU TXHSHQVDUDOpPHHQYROYHUFDGDGL] PDLVQRVVDVH[SHUWLVHVRQHRIIOLQHµ HQIDWL]D1HZWRQGH2OLYHLUD1HWR 3ODQHMDPHQWRGD$SRUWH &RPXQLFDomR


&21(&7(6( ZZZ&$16(,'(6(5*$72FRPEU

ZZZ&,1(0$&205$3$'85$FRPEU

'2%/2*$2/,952 $LQWHUQHWpGHPRFUDWLFDORJRWHPHVSDoRSDUDWRGRV LQFOXVLYHSDUDRVDQLPDLV&DGDYH]PDLVYtGHRVHIRWRV VmRSURGX]LGRVHFRPSDUWLOKDGRVQDZHE&RPLVVR EORJVHVLWHVWUD]HPSDUDRVLQWHUQDXWDVGLYHUVRV FRQWH~GRVFRPELFKLQKRVGHHVWLPDomR1DSiJLQD ´&DQVHLGHVHUJDWRµPRVWUDFRPRRIHOLQR&KLFROHYDD YLGDGHIRUPDPXLWRGLYHUWLGD4XHPFRPDQGDRZHEVLWH FULDWLYRVmRDVSXEOLFLWiULDV6WHIDQ\*XLPDUmHVH$PDQGD 1RULTXHPRVWUDPDVPLOIDFHWDVGRJDWRTXHMiWHP PDLVGHPLOOLNHVQDSiJLQDGR)DFHERRNHPLOQR ,QVWDJUDP7DQWRVXFHVVRHQWUHRS~EOLFRYLURXOLYUR ´&DQVHLGHVHUJDWR²GRFDSLPDRVDFKHµ$OpPGDORMD RQOLQHFRPSURGXWRVGRELFKDQR

9Ã&#x2030;5,26(67,/263$5$72'2626*26726 $OpPGHWUD]HULQIRUPDo}HVGRTXHHVWiDFRQWHFHQGRGH PHOKRUQRXQLYHUVRGRFLQHPDDSiJLQDWHPRSLQL}HV FUtWLFDVQRWtFLDVHSRGFDVW7HPDLQGDRVODQoDPHQWRV FLQHPDWRJUiILFRVQRYLGDGHVHDVFXULRVLGDGHVGRV SULQFLSDLVHYHQWRV&HOHEUDo}HVFRPR2VFDUH*ORERGH 2XURID]HPSDUWHGRVFRQWH~GRVSURGX]LGRVQRVLWH 3DUDRVDSDL[RQDGRVSRUILOPHV´2&LQHPDFRP 5DSDGXUDµUH~QHYiULRVHVWLORVSDUDWRGRVRVJRVWRV( QmRSDUDSRUDtRVLWHWDPEpPWHPR´5DSDGXUD&DVW² SURJUDPDGHiXGLRVREUHFLQHPDQRTXDOWHPXPDOHJLmR GHRXYLQWHV2XWUDQRYLGDGHVmRDVSDOHVWUDVHRVEDWH SDSRVWHPiWLFRVWRGRVYROWDGRVjFXOWXUDSRS 4XDGULQKRVJDPHVOLYURVHVHULDGRVWDPEpPID]HP SDUWHGRDWUDWLYR


3$125$0$_9,7$0$66$

)20('(&5(6&,0(172 -8/,$120(1'(6'$+25$ 4XHPREVHUYDFRPDWHQomR DVJ{QGRODVGRVPHUFDGRVEUDVLOHLURV MiQRWRXTXHR3DtVWHPWUDGLomRHP HPSUHVDVIDPLOLDUHV)RUPDGDVD SDUWLUGHUDt]HVVyOLGDVHH[WHQVR FRQKHFLPHQWRGDVUHJL}HVRQGHDWXD RVSURGXWRVRULJLQDGRVGHVVHQLFKR GHVSHUWDPDDWHQomRGDFRQFRUUrQFLD SURYRFDQGRGLQkPLFDEDVWDQWH SURYHLWRVDSDUDRPHUFDGRHR FRQVXPLGRU$HQWUDGDGHPDUFDV FRQVDJUDGDVGRFHQiULRJOREDO DFHQGHXRDOHUWDGHPXLWRVJUXSRV QDFLRQDLVTXHUHVROYHUDPVH PRGHUQL]DUSDUDHQWUDUHPFDPSRGH LJXDOSDUDLJXDOQDGLVSXWDSHOD SUHIHUrQFLDGRS~EOLFR(P 3HUQDPEXFRD9LWDPDVVDpXP H[HPSORHIHWLYRGHDo}HVSODQHMDGDVH VLQWRQL]DGDVFRPRTXHKiGHPDLV PRGHUQRQRVHJPHQWRDOLPHQWtFLR &RPQHJyFLRVVHGLPHQWDGRV HP&DUXDUXPDLRUSRORHFRQ{PLFR GR$JUHVWH3HUQDPEXFDQRD 9LWDPDVVDWHPRULJHPQR&DIp $XURUDTXHFRPHoRXVXDSURGXomR DUWHVDQDOPHQWHHP&DPSLQD*UDQGH QD3DUDtED&RQIRUPHDHPSUHVD

FUHVFHXRFDPLQKRQDWXUDOGD LQFRUSRUDomRGHRXWUDVHPSUHVDV DPSOLRXRVHXOHTXHGHSURGXWRVH SUDoDVDOFDQoDGDV(QWUHRVGHVWDTXHV DVPDVVDVHELVFRLWRVWRUQDUDPVH LWHQVFRQVDJUDGRVSHORS~EOLFRDOYR (QWUHDVPDUFDVLQWHJUDGDVDR ORQJRGRWHPSRHVWDYDPDV WUDGLFLRQDLV0DFDUUmR$OLDQoDQD 3DUDtEDHR&DIp3DOiFLRHD&LSDQ IiEULFDGHPDVVDVHELVFRLWRVHP &DUXDUX3HUQDPEXFR$ILPGH JDUDQWLULGHQWLGDGHSHUDQWHR PHUFDGRRJUXSRSDVVRXDUHVSRQGHU VRERQRPHGH9LWDPDVVD $WXDOPHQWHVHXSRUWIROLRSRVVXLPDLV GHSURGXWRVFRPRZDIHUV UHFKHDGRV0DULDFUDFNHUVPDLVHQD FRTXLQKREROLQKRGHJRPD VDOJDGLQKRVURVTXLQKDVELVFRLWRV FREHUWRVFRPFDOGDVPLVWXUDVSDUD ERORFDIpVHRXWURVGLYHUVRVWLSRVGH PDVVDV $~OWLPDSHVTXLVDUHDOL]DGD VREUHHPSUHVDVIDPLOLDUHVSHOD 3ULFHZDWHUKRXVH&RRSHUV 3Z&  %UDVLOHPPRVWUDTXHJUXSRV FRPUDt]HVQRkPELWRIDPLOLDUWrP

FRPRGHVDILRDQHFHVVLGDGHGHLQRYDU HDWUDLUWDOHQWRVSDUDID]HUIUHQWHj FRQFRUUrQFLDHjVLWXDomRHFRQ{PLFD JHUDO´&RQRVFRQmRIRLGLIHUHQWH )L]HPRVIRUWHLQYHVWLPHQWRHPQRYDV WHFQRORJLDVSDUDDREWHQomRGH SURGXWRVFRPTXDOLGDGHDVVHJXUDGD $OpPGRWUDEDOKRVpULRUHVSHLWRDR PHUFDGRHIRFRQRS~EOLFRDOYRµ H[SOLFDDVyFLDHSURSULHWiULD9LYLDQH 0HGHLURV $RFRQWUiULRGHPDUFDVTXH QmRYLVOXPEUDUDPLUDOpPGD]RQDGH FRQIRUWRD9LWDPDVVDSURFXURXHVWDU jIUHQWHHQmRVHOLPLWDU1mRpSRU VHUIRUWHUHJLRQDOPHQWHTXHHODQmR DSUHVHQWDULDSURGXWRVjDOWXUDGRV PHUFDGRVPDLVH[LJHQWHV8PERP H[HPSORIRLRUHSRVLFLRQDPHQWRGH PDUFDHP´-XVWDPHQWHSHOR QRVVRFRQVXPLGRUVHUILHODRQRVVR SURGXWRpTXHLPSRPRVXPULJRURVR FULWpULRGHDGHTXDomRjVH[SHFWDWLYDV GDVSHVVRDVµOHPEUD9LYLDQH $7(17$­608'$1d$63DUD DWLQJLUWDOREMHWLYRD9LWDPDVVD LQYHVWLXIRUWHPHQWHHPHVWXGRVH HVWUDWpJLDVGHFRPXQLFDomRTXHD DSUR[LPDVVHPDLQGDPDLVGRVHXDOYR 2IDWRGHID]HUSDUWHGDYLGDGH GLYHUVDVJHUDo}HVQRPHUFDGR QRUGHVWLQRQmRSRGHULDVHU GHVSHUGLoDGRVHPPRGHUQL]DomRH XPFRQVWDQWHGLiORJRFRPVHXV DSUHFLDGRUHV3RUWDQWRRSXORGR JDWRVHGHXQDLPSOHPHQWDomRFRP YLpVIRFDGRQDGLYHUVLGDGH ´&DGDSURGXWR9LWDPDVVD SRVVXLVXDIRUPDGHVHFRPXQLFDUH GHHVWDEHOHFHUUHODomRFRPR FRQVXPLGRU%XVFDPRVQRVDSUR[LPDU 2V%URZQLHVID]HPSDUWHGRVPDLV GHSURGXWRVGRSRUWLIROLR GDHPSUHVD




9LYLDQH0HGHLURVVyFLDH SURSULHWiULDGD9LWDPDVVD

GRQRVVRS~EOLFRSHODLGHQWLILFDomRGR SURGXWRFRPRHVWLORGHYLGD SUHIHUrQFLDVQHFHVVLGDGHVHGHVHMRV GDVSHVVRDV7RGDVDVQRVVDV FDPSDQKDVVmRFXLGDGRVDPHQWH WUDEDOKDGDVSDUDTXHRFRQVXPLGRU SHUFHEDTXHDTXHOHSURGXWRIRLIHLWR SDUDHOHµH[SOLFDP0iUFLR4XLULQRH /XFtGLR/HmRGLUHWRUHVGD5HVHUYD &RPXQLFDomR 3( DJrQFLDTXH DWHQGHDHPSUHVD &RPRH[HPSORRV ODQoDPHQWRVGDVOLQKDV&KRFRORYHUVH %URZQLHSURYDPTXHD9LWDPDVVDHVWi DQWHQDGDFRPDV~OWLPDVWHQGrQFLDV /DQoDGDHPDHGLomRHVSHFLDO GHZDIHUVFRPWDPDQKRHUHFKHLRV JHQHURVRVHVWDYDSURJUDPDGDSDUD VHUDSHQDVXPODQoDPHQWR FRPHPRUDWLYRPDVRVXFHVVRIRL WDQWRTXHDHPSUHVDUHVROYHUPDQWr ODHPVHXSRUWIROLRIL[R´$ &KRFRORYHUVpXPDOLQKDPDLV VRILVWLFDGDDWpPHVPRQDHPEDODJHP TXHVHDVVHPHOKDjVEDUUDVGH FKRFRODWHHYLVDXPS~EOLFRTXHQmR DEUHPmRGRSUD]HUHUHILQDPHQWR UHODFLRQDGRDHVWHGRFHWmRDPDGRµ GL]4XLULQR

$OLQKD%URZQLHIRL ODQoDGDHPHPDUFRXD OLGHUDQoDGDHPSUHVDHQWUHDV PDLRUHVLQG~VWULDV DOLPHQWtFLDVGR1RUGHVWH FRPSUHVHQoDHPVHLVPLO SRQWRVGHYHQGDVQRVHVWDGRV GD%DKLD$ODJRDV 3HUQDPEXFR3DUDtEDH5LR *UDQGHGR1RUWH(VWHLWHP IRLGHVHQYROYLGRVHJXLQGRR FRQFHLWRGHFDIpELVWU{ UHIRUoDQGRDTXDOLGDGHHDV SRVVLELOLGDGHVGHVHXXVRHP UHFHLWDVGLYHUVDV $SDUWLUGDtpGHVH HVSHUDUTXHDHVWUDWpJLDGD 9LWDPDVVDWDPEpPVHDSRLH HPDo}HVFULDWLYDVQRVSRQWRV GHYHQGDFRQVLGHUDGDV SHoDVFKDYHQRVXFHVVRGH VHXVODQoDPHQWRV3DUD 9LYLDQHDVDo}HVGH3'9VmR PXLWRHILFD]HVSRLVHVWDEHOHFHP UHODomRGHROKRQRROKRGRFOLHQWH DERUGDQGRDVFDUDFWHUtVWLFDVPDLV SHFXOLDUHVGRVSURGXWRVQRPRPHQWR GDGHFLVmRGDFRPSUD´0DVpFODUR TXHWDPEpPLQYHVWLPRVIRUWHQDV PtGLDVWUDGLFLRQDLVµDILUPD9LYLDQH '(2/+212/22.²(IRL SHQVDQGRQDVPXGDQoDVFRQVWDQWHV TXHDPtGLDDSUHVHQWDTXHD 9LWDPDVVDDWHQWRXSDUDRYLVXDOGH VHXVSURGXWRV´,QYHVWLPRV SHUPDQHQWHPHQWHHPGHVLJQGH HPEDODJHQVSRLVIRLXPDGDV SULQFLSDLVHVWUDWpJLDVTXHDMXGRXD FRORFDUDPDUFD9LWDPDVVDHQWUHDV PDLVDGPLUDGDVQRVPHUFDGRVRQGH HODDWXD8PDERDHPEDODJHPSDUD XPERPSURGXWRpGHWHUPLQDQWH SDUDRVHXVXFHVVR$FDGDGLDWHPRV XPFRQVXPLGRUPDLVEHPLQIRUPDGR HH[LJHQWHµSRQGHUD9LYLDQH 2IRFRQRYLVXDOGRVLWHQV FRLQFLGLXFRPRFUHVFLPHQWR HFRQ{PLFRGDUHJLmR1RUGHVWHQRV ~OWLPRVGR]HDQRV2DXPHQWRQR SRWHQFLDOGHFRPSUDGDVFODVVHV

EDL[DVLPSXOVLRQRXRSHTXHQRYDUHMR HRVDWDFDGLVWDVHFRQVHTXHQWHPHQWH DVPDUFDVUHJLRQDLV(ODVSRUVXDYH] SXGHUDPRIHUHFHUSUHoRVPDLV FRPSHWLWLYRVHXVXIUXLUGRVHXSRGHU GHGLVWULEXLomRFDVRGD9LWDPDVVD FRPSUHVHQoDVyOLGDHPVHX WHUULWyULR3DUDVHGLIHUHQFLDUGRV FRQFRUUHQWHVORFDLVHFRQTXLVWDU FRQVXPLGRUHVTXHSHODSULPHLUDYH] HPGpFDGDVWLQKDPSRGHUGHHVFROKD QDKRUDGDFRPSUDRDSXURQD HPEDODJHPIRLLPSUHVFLQGtYHOQDQRYD IDVHGDFRPSDQKLD$KRUDHUDGH ILGHOL]DUHFRQTXLVWDUDLQGDPDLV SDODGDUHV2GHVLJQIRLFODUDPHQWH XWLOL]DGRFRPRXPDIHUUDPHQWD HILFLHQWHGHLPSDFWRQRSRQWRGH YHQGDDJUHJDQGRQRYRVYDORUHVDR VHXSRUWIROLR $GLVWULEXLomRpRXWURSRQWR IRUWHGDHPSUHVD(ODSRVVXLORJtVWLFD SUySULDRTXHFRQWULEXLSDUDD GLPLQXLomRGRFXVWRILQDOGHFDGD SURGXWRDOpPGHJDUDQWLUR PRQLWRUDPHQWRHSRQWXDOLGDGHGRV SURFHVVRVGHHQWUHJDQRVSRQWRVGH YHQGD3RUVHWUDWDUGHSURGXWRV DOLPHQWtFLRVFRPDOWRYDORUDJUHJDGR DHPSUHVDSUHIHULXPDQWHUD TXDOLGDGHFRPIXQFLRQiULRVWUHLQDGRV SDUDRPDQXVHLRLGHDOGHVHXV SURGXWRVDILPGHTXHHOHVFKHJXHP jPHVDGRFRQVXPLGRUPDQWHQGRR DOWRQtYHOGHTXDOLGDGHGHVGHDVDtGD GDIiEULFD $RWLPL]DomRGHFXVWRV RSHUDFLRQDLVPRGHUQL]DomRGRV SURFHVVRVLQGXVWULDLVHDSUHVHQWDomR YLVXDOGRVSURGXWRVDOpPGHXPD FRPXQLFDomRGLQkPLFDID]HPGD 9LWDPDVVDXPH[HPSORDVHJXLGRSRU HPSUHHQGHGRUHVHSURILVVLRQDLVGH PDUNHWLQJGR%UDVLO6HJXLQGRRVHX SUySULRPRWH´9LWDPDVVDGHL[DDYLGD PDLVJRVWRVDµHODSURVVHJXHGDQGR VDERUHVSHFLDOjHQJUHQDJHPGR PHUFDGRPRYLPHQWDQGRSURGXWRUHV HRFRPpUFLRUHJLRQDOWHQGRQR FRPSURPLVVRFRPDTXDOLGDGHD UHFHLWDGHVHXVXFHVVR 


(035((1'('25,602

12926&(1Ã&#x2030;5,26 129$63266,%,/,'$'(6 ,9(/,6(%8$548( 1RVSHUtRGRVGHPDLRU GLILFXOGDGHpTXDQGRREVHUYDPRVD QRVVDFDSDFLGDGHGHVREUHYLYrQFLDH SDUDDOJXQVpRPHOKRUPRPHQWRGH GDUXPDJXLQDGDHPVXDVYLGDV SURILVVLRQDLVHID]HUUHQDVFHURODGR HPSUHHQGHGRU(QTXDQWRGLYHUVRV QHJyFLRVILQGDUDPHPYLUWXGHGDFULVH HGDVGLILFXOGDGHVGHJHVWmRQRV ~OWLPRVFLQFRDQRVPXLWRV HPSUHHQGLPHQWRVFRQVHJXLUDPDEULU VHHVWDEHOHFHUHFUHVFHU1mRpjWRD TXHHPPHLRDRVPDLRUHVGHVDILRV QDVFHPQRYDVRSRUWXQLGDGHV1R PHUFDGRGHFRPXQLFDomRHVVDWHRULD QmRpGLIHUHQWHHXPH[HPSORGLVVRp DH[SHULrQFLDUHFHQWHQRVHWRU SXEOLFLWiULRGH3HUQDPEXFRTXHHVWi PDLVGRFHDJRUDFRPDDEHUWXUDGD QRYDDJrQFLDD-XMXED)ODYRU &RPXQLFDomRH'HVLJQFRPDQGDGD

SHODVSXEOLFLWiULDV-XOLDQD9LODoDH )ODYLQKD0DUTXHVTXHWUD]HPSDUDD QRYDHPSUHLWDGDODUJDH[SHULrQFLDGH PDLVGHXPDGpFDGDHPXPDGDV PDLRUHVDJrQFLDVGRPHUFDGR´2 QRVVRWUDEDOKRFRPRGXSODGHFULDomR MiWHPYiULRVDQRVQDYHUGDGH &RPHoDPRVDWHUFOLHQWHVGLUHWRV DSyVDOJXQVFRQYLWHVHKRMHHVWDPRV YHQFHQGRRGHVDILRGHWUDEDOKDUQXP IRUPDWRGLIHUHQWHFXLGDPRVGDQRVVD URWLQDDRPHVPRWHPSRWHPRVTXH DVVXPLURXWUDVIXQo}HV DGPLQLVWUDWLYDV7UDEDOKDPRVPDLV PDVFRPDSDL[mRGHVHPSUHHGHXP MHLWRPDLVOLYUHHIHOL]µGL]9LODoD GLUHWRUDGH$UWHTXHGLYLGHFRPD VyFLDHUHGDWRUDHVWDSURSRVWDFRPR VORJDQ&RQWpP$o~FDU 5HFHQWHPHQWHVDtGDVGDDQWLJD *UXSRQRYH KRMHD%*HPYLUWXGH

GDXQLmRFRP3ODQR% DGXSODGH FULDomRGHFRPXQLFDomRHGHVLJQIRL PRWLYDGDDHPSUHHQGHUQHVWDiUHD HVSHFtILFDDWHQGHQGRXPDWHQGrQFLD GRPHUFDGRTXHWHPFREUDGRFDGD YH]PHQRVSRUFULDomR(HVWDpXPD IRUPDGHYDORUL]DUPDLVDVDWLYLGDGHV GDVHPSUHHQGHGRUDVTXHDFUHGLWDP PXLWRQRIRUPDWRGHFRZRUNLQJFRP SDUFHLURVGHRXWUDViUHDV2IRUPDWR SHUPLWHDVVLPWHUKRUiULRVPDLV IOH[tYHLVHDLQGDHQYROYLPHQWRFRP RXWURVSURMHWRVRVTXDLVHQYROYHP WDPEpPREMHWRVGHGHFRUDomRH SURMHWRVFXOWXUDLV´$JHQWHWUDEDOKD HPSDUFHULDFRPYiULRVSURILVVLRQDLVH DJrQFLDVGRPHUFDGR1RVVDYLEHQmR pGHFRPSHWLomRWDQWRTXHQRVVR HVSDoRItVLFRILFDQR,PSDFW+XE DPELHQWHGHFRZRUNLQJFROHWLYRH FRPHVStULWRFRODERUDWLYR$LGHLDp FUHVFHUFDGDYH]PDLVMXQWRFRP TXHPHVWHMDDILPGHFRQVWUXLU SURMHWRVLQRYDGRUHVFRPFRQWH~GR UHOHYDQWHSDUDRS~EOLFRHSDUDD VRFLHGDGHODGRDODGR(VVHpR IXWXURTXHMiHVWiDFRQWHFHQGRµ GHVWDFD)ODYLQKD0DUTXHVTXHUHIRUoD VHUSUHRFXSDomRGD-XMXED)ODYRU WUDEDOKDUFRPPDUFDVHPTXH DFUHGLWDPHTXHWHQKDPYLVmRGH PXQGRVHPHOKDQWHV 8PDGPLUiYHOPXQGRQRYRGR HPSUHHQGHGRULVPRHPTXH GHVDILDGRUQmRpVLPSOHVPHQWH VXSHUDUFULVHVPDVVLPGHVFREULU RXWUDVIRUPDVGHWUDEDOKDUFULDU SRVVLELOLGDGHVHIDFLOLGDGHVH $VSXEOLFLWiULDV-XOLDQD9LODoDH )ODYLQKD0DUTXHVGDDJrQFLD -XMXED)ODYRU 3(




$MRUQDOLVWDHSXEOLFLWiULD5HQDWD$OEHUWLP GD6XSLPSD/DE

HVWDEHOHFHUQRYDVFRQH[}HVTXHDV QRYDVWHFQRORJLDVHRGLDDGLD SHUPLWHP$VVLPQDVFHXD6XSLPSD /DEUHVXOWDGRGDLQTXLHWDomRGD MRUQDOLVWDHSXEOLFLWiULD5HQDWD $OEHUWLP%XVFDQGRDOJRQRYRHTXH VDFLDVVHVHXVDQVHLRVGHFDUUHLUD ODUJRXKiDOJXQVPHVHVRWUDEDOKRHP XPDDJrQFLDSDUDVHJXLURUXPR LQHVSHUDGRGRHPSUHHQGHGRULVPR QXPDiUHDDLQGDGHVFRQKHFLGRR FRROKXQWLQJRXFRPRHODPHVPD FKDPD´FDoDGROHJDOµ´&RQKHFLR &RROKXQWLQJFRPXPDSURILVVLRQDO DLQGDQDIDFXOGDGHHYLVOXPEUHLKRMHD SRVVLELOLGDGHGHH[SORUDUQRYDV RSRUWXQLGDGHVHPHLQVHULUQHVWH PHUFDGRµOHPEUD$OEHUWLP (QWmRDSURYHLWRXDVXD IRUPDomRLQLFLDOHPGHVLJQGHPRGDH DH[SHULrQFLDHPMRUQDOLVPRH SXEOLFLGDGHSDUDVHODQoDUQHVWDQRYD HPSUHLWDGDHQWUHJDQGRVHDHVWD SDL[mRTXHVHDPSOLRXFRPFXUVR UHDOL]DGRQDiUHDQD(VFROD 3DQDPHULFDQDHP6mR3DXOR(IRL DVVLPTXHVXUJLXHVWHODERUDWyULR HVSHFLDOL]DGRHPSHVTXLVDGH WHQGrQFLDGHPRGDHFRPSRUWDPHQWR GRFRQVXPLGRU&RPDPLVVmRGH WUDGX]LUGHIRUPDGHWDOKDGDHFULDWLYD

R6XSLPSD/DEDQDOLVDRVKiELWRV QRUPDVHFRQGXWDVGHFRPSUDGRUHVH FOLHQWHVTXHLQIOXHQFLDPQDVXD WRPDGDGHGHFLVmRGHFRPSUD´)D]HU SHVTXLVDGHWHQGrQFLDGHFRQVXPRp HVVHQFLDOQRVGLDVGHKRMH(H[LVWH GHPDQGDPXLWRPDLRUSRUFRQWDGD SUHRFXSDomRGDVPDUFDVGHVHUHP OHPEUDGDV$VHPSUHVDVWrPPDLV FRQVFLrQFLDGHTXHQLQJXpPDGRWDXP SURGXWRjWRD3RULVVR HPSUHHQGHGRUHVHVWmRID]HQGRFDGD YH]PDLVSHVTXLVDVSDUDID]HUVHUYLoRV HSURGXWRVTXHQmRVHMDP VLPSOHVPHQWHjWRDµFRPHQWDD SURILVVLRQDOTXHWUDEDOKDFRP GLYHUVRVWLSRVGHSURFHVVRVTXH HQYROYHPREVHUYDomRDYDOLDomRH DQiOLVHHPHVSHFLDOSDUDQRYDV PDUFDV $GRWDQGRPHWRGRORJLD TXDOLWDWLYDWHPFRQWDWRGLUHWRFRPR SURGXWRGDSHVTXLVDSDUDHQWHQGHURV IHQ{PHQRVSHUVSHFWLYDVHHVVrQFLDV GRVHURXSURGXWRSHVTXLVDGR&RP LVVRXQHDLGHLDGDFRPELQDomRGRV GDGRVSHVTXLVDGRV SRUPHLRGH HQWUHYLVWDVPLQXFLRVDV DWUDYpVGH DQiOLVHVFRPRH[DPHPLQXFLRVRSDUD WUDGX]LURSDQRUDPDGHKiELWRVGH FRQVXPR8PSURFHVVRGHWUDEDOKR SHUVRQDOL]DGRTXHRIHUHFHQRYDYLVmR GDVSHVVRDVSRUPHLRGDDSUR[LPDomR GRGLDDGLDGDVSHVVRDV(DSURYHLWDU RGLDDGLDGDVSHVVRDVSDUDSRGHU UHDOL]DUXPWUDEDOKRGHPDLRULPSDFWR MXQWRDRWDUJHWWDPEpPpDSURSRVWD GDVDWLYLGDGHVGD57*3URPR IXQGDGDKiFLQFRDQRVSHODVVyFLDV 5HEHFD&HVDU3DWUtFLD7HRWRQLRH *ODXF\&HVDUTXHWURFDUDPVHXV SDSHLVIRUPDLVSDUDHPSUHHQGHUHP XPPHUFDGRSDUDHODVGHVFRQKHFLGR RGHOLYHPDUNHWLQJ´1R,QtFLR 5HEHFD&HVDUMXQWDPHQWHFRP7DWLDQD /HLWHWLQKDPD)RWRJUDIDUXPD HPSUHVDGHIRWRJUDILDTXHRIHUHFLD VHUYLoRVGHERRNIRWRJUiILFRH

UHDOL]DYDDOJXQVWUDEDOKRVFRPR SURPRWRUDGHHYHQWRVSRUpPFRPR HVWDYDVHGHGLFDQGRDRXWURSURMHWR UHVROYHXDEDQGRQDURWUDEDOKRGH SURPRWRUDHILFDUVyQDIRWRJUDIDUµ OHPEUD*ODXF\&HVDUGLUHWRUD DGPLQLVWUDWLYRILQDQFHLURFRP SDVVDJHQVQHVWDiUHDHPHPSUHVDVH DJrQFLDVGHSURSDJDQGD &RPDH[FHVVLYDVROLFLWDomRGH PXLWDVHPSUHVDVGRPHUFDGRSRU LQGLFDo}HVGHSURPRWRUHVSDUDID]HU DVDo}HVSURPRFLRQDLVFRPHUFLDLVH IRWRVHVWDSDVVRXDVHUXPDQRYD DWXDomRGDHPSUHVDTXHLQWHJURX QRYDVFRPSHWrQFLDVDRVSRXFRV´2 VHUYLoRGHFDVWLQJDFDERXYLUDQGRXP EUDoRGHQWURGDHPSUHVDSRUpP PDLVQDIUHQWHHVVHEUDoRFUHVFHXH FRPHOHYHLRDHQWUDGDGDVVyFLDV *ODXF\&HVDUH3DWUtFLD7HRWRQLRFRP DVDtGDXPSRXFRPDLVDIUHQWHGD VyFLD7DWLDQD/HLWHµUHOHPEUD5HEHFD &HVDUGLUHWRUD&RPHUFLDOH 0DUNHWLQJ (VSHFLDOL]DGDHPUHFUXWDPHQWR HVHOHomRDHPSUHVDFRPHoRXD GHVHQYROYHUQRYRVSURMHWRVGH DWLYDomRGHPDUFDVHGHDSRUWHjV Do}HVGHFDPSDQKDFRPSRQGRDWp KRMHRPHUFDGRGHOLYHPDUNHWLQJ ´7XGRFRPHoDFRPRVRQKRFDGD XPDFRPRVVHXVVRQKRVHVXDV SURVSHFo}HVSDUDRIXWXUR&DGDXPD DVHXPRGRHPVHXPXQGR (QWUHWDQWRWRGDVFRPRPHVPR REMHWLYR1RPHXSRQWRGHYLVWDR TXHXQHDVSHVVRDVHPXPDUHODomR VHMDHODGHDPL]DGHFDVDPHQWR VRFLHGDGHQmRVmRDVDILQLGDGHVPDV VLPREMHWLYRVLJXDLV6RPRVEHP GLIHUHQWHVSRUpPFRPRPHVPR SURSyVLWRµHQIDWL]D3DWUtFLD7HRW{QLR GLUHWRUDGH5HFUXWDPHQWRH6HOHomR TXHDWXDYDQRUDPRLQGXVWULDO




&20(025$d®2

0$,25,'$'(&216758Ã&#x152;'$ &2008,7$(675$7e*,$ ,9(/,6(%8$548( ´&UkQLRIRL*DOLOHXµHVWDIRLD OHJHQGDGHUHFHQWHFDPSDQKDGH PDWUtFXODVSDUDR3Up(QHPGR &ROpJLR**(FULDGDSHOD09 &RPXQLFDomRTXHHQIDWL]DFRPHVWD IUDVHXPDTXHVWmRPXLWRSHFXOLDUQR PXQGRGRVQHJyFLRVSDUDDOFDQoDUR VXFHVVRpSUHFLVREHPPDLVGRTXH LQWHOLJrQFLDeSUHFLVRYLJRUHQHUJLDH PXLWDJDUUDHLVVRIRLIXQGDPHQWDO SDUDDDJrQFLDSHUQDPEXFDQDDOFDQoDU GXDVGpFDGDVGHDWXDomRQRPHUFDGR SXEOLFLWiULR(QDWXUDOPHQWHD DJrQFLDWHPPXLWRDFRPHPRUDU PHVPRHPXPSHUtRGRFRQWXUEDGR QR3DtVHQDUHJLmR´$RORQJRGHVVHV DQRVD09FRQVWUXLXPXLWDFRLVD ERDPDUFDVKLVWyULDVUHVXOWDGRV DPL]DGHVHUHVSHLWR3HQVDUSRVLWLYRp LPSRUWDQWHVHJXLUVHPSUHHPIUHQWH FRPGHWHUPLQDomRHPXLWDPXLWD GHGLFDomRVHPQXQFDHVTXHFHURTXH UHDOPHQWHID]DOJRDFRQWHFHUD PRWLYDomR6HPHODYRFrpPDLVXP HPTXDOTXHUiUHDRXDWLYLGDGHµGL] (OPR'R9DO93GH&ULDomRH 3ODQHMDPHQWR eHVWDPRWLYDomRTXHIH]FRP TXHDDJrQFLDQDGDVVHFRQWUDDPDUp GDFULVHHFRQVHJXLVVHQmRVyPDQWHU RQHJyFLRFRPVXFHVVRFRPR FRQTXLVWDULQFOXVLYHQRYDVH H[SUHVVLYDVFRQWDVFRPR+HUPDQR 1DVFLPHQWR)UXWRVGR%UDVLO 3HUQDPEXFRH&RQVWUXWRUD+RODQGD :DQGHUOH\5HVXOWDGRGHPXLWR HPSHQKRSURVSHFomRVXRUH FULDWLYLGDGH$ILQDO´VHPVXRUQmRKi FRQTXLVWDVµFRPRGL]HP´3RGH SDUHFHUyEYLRPDVSRGHULDGL]HU RXWUDFRLVDVHQmR PXLWRWUDEDOKR  1mRDGLDQWDTXHUHUJDQKDUD 

0HJDVHQDVHPDRPHQRVLUDSRVWDU XPFDUWmR1mRDGLDQWDTXHUHU VXFHVVRVHPFULDUEDVHVSDUDTXHLVVR DFRQWHoDVHPSUHPRWLYDGRH LQYHVWLQGRRPDLRUEHPGRVHU KXPDQRGHSRLVGDVD~GHRVHX WHPSRµGHVWDFDRVyFLRIXQGDGRUGD 09 (VWHSHQVDPHQWRIRLRILR FRQGXWRUGDDJrQFLDSDUDXOWUDSDVVDU RVSULQFLSDLVGHVDILRVQRFRPHoRGD HPSUHVDHTXHIRUDPPXLWRVXPD YH]TXHRHPSUHHQGLPHQWRQDVFHX VHPFOLHQWHVLQYHVWLPHQWRLQLFLDORX SDGULQKR´,VVRWRUQDDVFRLVDVPDLV GLItFHLVLQGLVFXWLYHOPHQWHPDV WDPEpPWRUQDPPDLVSUD]HURVDVH YiOLGDVSRLVVHDSUHQGHPXLWR2TXH ID]DOJXpPWHRXYLUpRTXHYRFrWHP DGL]HUHTXDQGRYRFrDFUHGLWDHP YRFrHVHSUHSDURXSDUDDTXLORDV FRLVDVFRPHoDPDDFRQWHFHUµSDUD 'R9DOTXHDFUHGLWDTXHVHP SUHSDUDomRQmRKiUHVXOWDGR(VHQGR DVVLPDYDOLDTXHDJRUDRVGHVDILRVVmR RXWURVHPXPFRPSDUDWLYRFRPRV GLDVGHKRMH´2PXQGRPXGDHQRYRV SUREOHPDVYmRVXUJLQGRID]HQGR YRFrDSUHQGHUHEXVFDUVROXo}HVR WHPSRWRGReGLItFLOFRPSDUDUD FULDWLYLGDGHGHKRMHFRPDQRV DWUiVRWHPSRpRXWUR0DVSHOD YHORFLGDGHJHRPpWULFDFRPTXHD WHFQRORJLDGHGHVHQYROYHQRPXQGR QmRKDYHULDGLVFXVVmRHPGL]HUTXH KRMHDQHFHVVLGDGHGHDWXDOL]DomRGR SURILVVLRQDOpPXLWRPDLRUGRTXHIRL RQWHPDVVLPFRPRRILOWURSHVVRDO SDUDRTXHGHYHVHUUHWLGRH FRPSDUWLOKDGRµGHIHQGH 0DVQDWXUDOPHQWHSDUD WULOKDURFDPLQKRSDUDVHGLIHUHQFLDUp

SUHFLVREXVFDUVHXSUySULR'1$( HVWDIRLXPDOLomRTXHD09 DSUHQGHXHGHVHQYROYHXORJRFHGRH TXHIH]DGLIHUHQoD´2PDLRU GLIHUHQFLDOGDDJrQFLDKRMHVHP G~YLGDpRIRFRHVWUDWpJLFRDGRWDGR 09(HXGLULDDWpTXHGHVHQYROYLGR PXLWRDQWHVGHDTXLQDUHJLmRVH YDORUL]DURSODQHMDPHQWRHVWUDWpJLFR HPFDPSDQKDV3DUWLFLSHLGHYiULDV FRQFRUUrQFLDVRQGHDJrQFLDVVH UHVWULQJLDPDDQ~QFLRVURWHLURVVSRWV HWF6HPSUHWUDWDPRVDFRPXQLFDomR FRPRIHUUDPHQWDHVVHQFLDOSDUDR QHJyFLR(VHPHQWHQGHURQHJyFLR GRFOLHQWHTXDOTXHUDomRRXLGHLDp PHUDHVSHFXODomRµUHVVDOWDR93GH &ULDomRH3ODQHMDPHQWR(VWDVH WRUQRXXPDOLQKDGHWUDEDOKRTXH IRUWDOHFHXFDGDYH]PDLVQRV~OWLPRV DQRVDSUHVHQWDQGRHGHIHQGHQGR HVWUDWpJLDVHLGHLDVFRQVLVWHQWHVDRV DQXQFLDQWHVHLQYHVWLGRUHV´1RVVR WUDEDOKRFULDWLYRVHEDVHLDVHPSUHHP XPVXSRUWHHVWUDWpJLFRGLVFXWLGRH DSURYDGRMXQWRDRFOLHQWHTXHVDEH GHVGHRLQtFLRRTXHDVXDPDUFD VLJQLILFDRQGHHODHVWiRTXHHODSRGH YLUDID]HUHSDUDRQGHSUHWHQGHPRV OHYiODµ 3RULVVRRVVyFLRVVH RUJXOKDPGHPXLWDVGDVVXDV UHDOL]Do}HVQHVVDVSDUFHULDVFRP QRYLGDGHVSDUDRPHUFDGR FDPSDQKDVFULDWLYDVHDo}HVGH LPSDFWRTXHVHWRUQDUDPPDUFRQR SRUWIyOLRGDHPSUHVDHVHWRUQDUDPD PDUFD09´6HPGHPDJRJLDPH RUJXOKRGHPXLWDFRLVDQmRDSHQDV SHODLPSRUWkQFLDHUHVSDOGRGHVVDV PDUFDVKRMHQRPHUFDGR)L]HPRVH ID]HPRVPXLWDFRLVDEDFDQDGH


2VVyFLRV/HRQDUGR9DVFRQFHORV(OPRGR9DOH)HUQDQGR0DUURFRV

JUDQGHVUHVXOWDGRVPDVTXHPXLWDV YH]HVQmRWHPDDPSOLWXGHSDUD FRQKHFLPHQWRJHUDOGHYLGRDV HVWUDWpJLDVDGRWDGDV-iDSUHVHQWDPRV RSRUWXQLGDGHVHLQRYDo}HVTXH PXGDUDPFDPLQKRVGHHPSUHVDV DWUDYpVVLPSOHVPHQWHGR HQWHQGLPHQWRGDTXHOHQHJyFLRHGD YLVmRGHIXWXURVREUHHOH2TXH UHDOPHQWHPDLVQRVRUJXOKDPRVp VHPSUHWHUVLGRSDXWDGRSRU SULQFtSLRVpWLFRVSRLVQDGDFRPSUD VXDUHSXWDomRDVVLPFRPRVHPSUH XVDUDFULDWLYLGDGHFRPRXPPHLRH QmRXPILPµHQIDWL]D 2SUy[LPRSDVVRTXHD DJrQFLDGHVHQYROYHUiDSDUWLUGH DJRUDGDUFRQWLQXLGDGHDRWUDEDOKR GHJHVWmRID]HUERDVHQRYDV SDUFHULDVHIRUWDOHFHURVHXSHUILOGH QHJyFLRV´9LQWHDQRVSDVVDUDP UiSLGRHTXHUHPRVFRQWLQXDUDFXUWLU RVSUy[LPRVYLQWHVXSRUWDGRSRU H[SHUWLVHHPFRPXQLFDomR HVWUDWpJLFDµGL](GHVWDIRUPDD FRPHPRUDomRGHVWDFRQTXLVWDVHUi IRFDGDQHVWHSODQRGHFRQWLQXDUD

HPSUHHQGHUUHIOHWLUHEXVFDU PHOKRUDUVHXSURFHVVRHPSUHVDULDO SDUDXPIXWXURGHSURJUHVVLYR VXFHVVR(XPDYH]TXHRPDUFR GHVWDPDLRULGDGHGDDJrQFLDIRLHP ULWPRGHFRQIUDWHUQL]DomRQRILQDOGR DQRDFRPHPRUDomRVHJXHPDQWHQGR RUXPRGRWUDEDOKRFRPWRGDHTXLSH LQWHJUDGDHGHROKRQRSHVRQDSDUWH JHUHQFLDOGRQHJyFLR´9LYRGL]HQGR TXHWRGRPRPHQWRUHFHVVLYR WDPEpPWHPVHXODGRSRVLWLYRD UiSLGDDGDSWDomRjVDGYHUVLGDGHV 4XDQGRVHHVWiHPYRRGHFUX]HLURD HVWDELOLGDGHGHL[DPXLWDFRLVDSDVVDU GHVSHUFHELGD&RPD09QmRIRL GLIHUHQWHWRPDPRVYiULDVPHGLGDVH FRQWUROHVJHUHQFLDLVLQWHUQRVTXHMi GHYtDPRVWHUIHLWRKiPXLWRWHPSR QRVWRUQDQGRDLQGDPDLVHILFLHQWHVHP QRVVRGLDDGLD(FRPXPDYDQWDJHP PHGLGDVTXHVHUmRPDQWLGDVFULDQGR XPOHJDGRTXHSHUPDQHFHUiQR IXWXURµGHVWDFD 1mRpjWRDTXHD09ODQoRX FDPSDQKDQRSULPHLURVHPHVWUHGH SDUDWUDWDUD´FULVHµGHIRUPD

SRVLWLYDHVWLPXODQGRRPHUFDGRD HQFDUDURPRPHQWRFRPRXWURROKDU HHYLWDUDWpPHVPRHYDVmRGH LQYHVWLPHQWRVGHDQXQFLDQWHV3DUDR H[HFXWLYRDFULVHQmRpDTXHOHJUDQGH HOHIDQWHEUDQFRQRPHLRGDVDODVREUH RTXDOWRGRVHYLWDPIDODUPDVVLPD IRIRFDTXHVHDODVWUDHFDXVDDSHQDV DODUGHPDVQmRDMXGDDSURFXUDUDV VROXo}HVQHFHVViULDVSDUDUHVROYHUXP SUREOHPDHPLQHQWH´3RUH[HPSORVH DOJXpPGL]TXHIXODQRDQGDGURJDGR DVSHVVRDVQDJUDQGHPDLRULDEXVFDP VHDIDVWDUGHODHQmRDMXGiOD7UD]HP XPVHQWLPHQWRGHIDWRVQHJDWLYRV UHODFLRQDGRVjVGURJDVTXHQmR TXHUHPFRPSDUWLOKDUeDPHVPD FRLVDGDFULVHRXYLGDGH]HQDVGH YH]HVSRUGLDGHVGHRSULPHLUR QRWLFLiULRGRGLDDR~OWLPRGDQRLWHµ FRPHQWD6HQGRDVVLPDSURSRVWDGH ´&ULVHpRFDFHWHµQmRVyJDQKRXDV UXDVFRPRFDXVRXXP]XP]XP]XP QDLPSUHQVDTXHUHSHUFXWLXFRP UHIOH[mRVREUHDLQLFLDWLYD




2/+$5$&$'Ã&#x2C6;0,&2

0(5&$'2($&$'(0,$

80(175(/$d$0(172 ,03(5$7,92 .$5/$3$75,27$_352)(6625$'2'(3$57$0(172'(&2081,&$d®2'$8)3( &RVWXPRGL]HUFRPPXLWD FRQYLFomRHVHPIDOVDPRGpVWLDTXH PHWRUQHLXPDSURIHVVRUDPHOKRUSRU FRQWDGRPHUFDGRHXPDSURILVVLRQDO GHFRQVXOWRULDPDLVFRPSHWHQWHSRU ´FXOSDµGDDFDGHPLD2XVHMDWDQWRD DFDGHPLDTXDQWRRPHUFDGRIRUMDUDP DSURIHVVRUDHDSURILVVLRQDOTXHVRX 7DOYH]H[DWDPHQWHSRULVVRHXQmR FRQVLJDUHVSRQGHUTXDOpRSRQWR LGHQWLILFiYHOQRTXDORFRUUHXR HQWUHODoDPHQWRHQWUHRPHUFDGRHD DFDGHPLDQDPLQKDWUDMHWyULDFRPR GRFHQWHHFRPRFRQVXOWRUD 0XLWRVSRGHUmRGL]HUTXHR HQWUHODoDPHQWRHQWUHRVGRLVFDPSRV RFRUUHQRPRPHQWRGHLQVHUomRGR DOXQRQRPHUFDGRGHWUDEDOKRFRPR HVWDJLiULRWUDLQHHRXSURILVVLRQDO M~QLRURFDVLmRHPTXHDV´WHRULDVGD VDODGHDXODµJDQKDULDPSHORPHQRV HPWHVHDOJXPHPSLULVPRRX PDWHULDOLGDGHSUiWLFD7HQKRTXH GLVFRUGDU+iXPDQDWXUDO LQFRPSOHWXGHQDVGXDViUHDV(VWDVVy VHWRUQDPFRPSOHWDVHH[HPSODUHVQD QHFHVViULDIXVmRGHDPEDV2 PHUFDGRWHPTXHHVWDUQDVDODGHDXOD HDDFDGHPLDWHPTXHDOLFHUoDU TXDOTXHUFRQVWUXomRPHUFDGROyJLFD ,VVRQmRpRSFLRQDOpLPSHUDWLYR2 HQWUHODoDPHQWRSRUWDQWRGHYHVHU SDUWHFRQVWLWXLQWHQDIRUPDomRGRV GRLVFDPSRV3URYDGLVVRVmRRV H[HPSORVTXHYLYRQRPHXFRWLGLDQR GHPHUFDGRVyHOHVWRUQDPSRVVtYHOD FRQFUHWXGHGDVWHRULDVTXHH[SRQKR HPVDODSDUDRVDOXQRV 2SUHkPEXORDFLPDTXH PDLVSDUHFHXPDMXVWLILFDWLYD²VXUJLX 

SDUDUHVSRQGHUDSURSRVWDH[SOtFLWD QRFRQYLWHIHLWRSRU/XFLDQD7RUUHmR SDUDHVFUHYHUHVWHWH[WRGR´2OKDU $FDGrPLFRµ´RIRFRGHYHVHUGD DFDGHPLDSDUDRPHUFDGRµ3HQVHL QRVYiULRVFDPLQKRVSRVVtYHLVHQDV PXLWDVKLVWyULDVTXHYLYLQRVPHXVGLDV FRPRDFDGrPLFD3HQVHLHPIDODUGH H[DOXQRVTXHSXGHUDPGHVEUDYDURV PDUHVWRUWXRVRVGRSULQFLSDOPHUFDGR SXEOLFLWiULREUDVLOHLURDSDUWLUGH WUDEDOKRVPRQRJUiILFRVGHVHQYROYLGRV QDDFDGHPLD²FRPRRHPEOHPiWLFR 3UrPLRGH0tGLD(VWDGmRTXHGHVGH DEULXYiULDVSRUWDVGHWUDEDOKRH JUDQGHVRSRUWXQLGDGHVSDUD HVWXGDQWHVTXHVHIRUPDUDPQR5HFLIH HFRQVHJXLUDPHPSUHJRHP LPSRUWDQWHVDJrQFLDVGH6mR3DXOR FRPR$OPDS%%'2)1D]FD$IULFD *LRYDQQL'5$)7)&% /HZ /DUD?7%:$'0H2JLOY\%UDVLO DH[HPSORGH5DSKDHOOD3ULVFLOOD /DU\VVD4XHLUR]6RUD\D%DUUHWR %DUWLUD7HQyULR%UXQD/XEDPER &LUFH)HUUDULR-DFNHOLQH'H\VH7KDtV 0LUDQGD$QD&DUROLQD&DEUDO1DUD 3RQWHV&DURO0HORHWDQWRVRXWURV &RPHVWHVFDVRVILFDSDWHQWHTXHIRL DSURGXomRDFDGrPLFDTXHDEULXDV SRUWDVSDUDRLQJUHVVRQRPHUFDGR 3HQVHLWDPEpPHPIDODUGDV DJrQFLDVGHSXEOLFLGDGHHSURSDJDQGD TXHDFUHGLWDPWDQWRQDSDUFHULD PHUFDGRDFDGHPLDTXHFRQWUDWDP SURIHVVRUHVFRPRFRQVXOWRUHVSDUD DMXGiORVDHVFROKHURFDPLQKRDVHU VHJXLGRQDSURGXomRHQDVVXDV HQWUHJDVDRVFOLHQWHV1HVWHFDVR SRVVRHOHQFDUDSDUWLUGDPLQKD

H[SHULrQFLDFRPRFRQVXOWRUD DJrQFLDVTXHVmRPLQKDVJUDQGHV SDUFHLUDVGHWUDEDOKRKRMHFRPRD 3ODQR% DWXDOPHQWH%*TXHYrQD UHODomRGXUDGRXUDGRGXRPHUFDGR DFDGHPLDDFKDYHSDUDR GHVHQYROYLPHQWRGHWUDEDOKRVFDGD YH]PDLVWpFQLFRVHTXDOLILFDGRV D $JrQFLD8P TXHLQYHVWLXIRUWHPHQWH QRFDUiWHUSHGDJyJLFRGR SODQHMDPHQWRSDUDGDUXPDJXLQDGD QRVHXSRVLFLRQDPHQWRGHVSRQWDQGR FRPXPDVpULHGHGLIHUHQFLDLV WpFQLFRVHFULDWLYRV D0DUW3HW TXH VHPSUHDSRVWRXHPSHVTXLVDVGH LQWHOLJrQFLDGHPHUFDGRHQWUHJDQGR DVDRVVHXVFOLHQWHVSDUDVXEVLGLDUR HQWHQGLPHQWRGHVWHV D0DUWD/LPDH D'RLV&RPXQLFDomR FRPVXDV SURSRVWDVWpFQLFDVFDOFDGDVHP HVWXGRVFRQFHLWXDLVHGDGRVGH PHUFDGRSDUDDRIHUWDGHSURSRVWDV² SULQFLSDOPHQWHQDiUHDGHPtGLD² EHPGHIHQGLGDVHIXQGDPHQWDGDV D '3=7 HDVVXDVFRQVWDQWHVEXVFDVQR PXQGRDFDGrPLFRSHODVJUDQGHV WHQGrQFLDVGHFRQVXPR ²HVWDVVmR DSHQDVDOJXPDVGDVDJrQFLDVTXH YHUGDGHLUDPHQWHDFUHGLWDPQDXQLmR GRVGRLVFDPSRVHQDVTXDLVWHQKRD RSRUWXQLGDGHGHFRQWULEXLUPDVVHL GHGLYHUVDVRXWUDVTXHWrPFROHJDV SURIHVVRUHVDWXDQGRIRUWHPHQWHHP DVVHVVRULDHFRQVXOWRULDSRUTXH LJXDOPHQWHHQWHQGHPDLPSRUWkQFLD GDSHVTXLVDGRSODQHMDPHQWR HVWUDWpJLFRHGDVLVWHPDWL]DomR FRQFHLWXDOQDVHQWUHJDVTXHID]HPDRV VHXVFOLHQWHV2VFOLHQWHVDJUDGHFHP HPXLWR


0HWRUQHLXPD SURIHVVRUD PHOKRUSRUFRQWD GRPHUFDGRH XPDSURILVVLRQDO GHFRQVXOWRULD PDLVFRPSHWHQWH SRU·FXOSD·GD DFDGHPLD (RTXHGL]HUGRVLQVWLWXWRVGH SHVTXLVD"2SULPHLURTXHHQWURXQD PLQKDYLGDFRPRDFDGrPLFDPHGHX XPJUDQGHGHVDILR2GHHVFUHYHUXP OLYURSDUDFRQWDURVVHXVDQRVGH SHVTXLVD)DORGR,SVRV%UDVLOXP LQVWLWXWRIUDQFrVGHSHVTXLVDSUHVHQWH HPPDLVGHSDtVHVFXMDEDVH VLQJOHVRXUFHGRVHVWXGRV(*0 (VWXGR*HUDOGRV0HLRV IRUQHFH LQIRUPDo}HVVREUHKiELWRVGHPtGLD FRQVXPRXVRGHSURGXWRVHVHUYLoRV FRPSRUWDPHQWRDWLWXGHVLQWHUHVVHV HLGHQWLILFDomRGRHVWLORGHYLGDGRV LQGLYtGXRVDOpPGHGLVSRQLELOL]DU LQIRUPDo}HVVyFLRGHPRJUiILFDVGD SRSXODomR)RUDPPHVHVQHVVH GHVDILRTXHFRQWRXFRPDDMXGDGH YiULDVSHVVRDV PHVWUDQGDVH SHVTXLVDGRUDVHPEDQFRVGHLPDJHQV GLDJUDPDGRUHVKLVWRULDGRUHV GRXWRUHVWUDGXWRUHVHGLWRUHVHWRGD DHTXLSHGD,SVRV SHUIHLWDIXVmRGH DFDGrPLFRVHSURILVVLRQDLVGH PHUFDGR2UHVXOWDGRIRLXPJUDQGH OLYUR SiJLQDV FRPPXLWRVGDGRV GHPHUFDGR DQRVGHD  HXPDKLVWyULDPXLWR LQWHUHVVDQWHSDUDVHUFRQWDGDRTXH DVSHVVRDVOLDPRXYLDPDVVLVWLDPH FRQVXPLDPQHVVHVDQRV(VWHOLYUR HVFULWRSRUYiULDVPmRVFRQWRXFRP

PLQXFLRVRWUDEDOKRGHSHVTXLVDGH GXDVPHVWUDQGDVTXHWLYHDKRQUDHR SULYLOpJLRGHRULHQWDU0DUFHOD&RVWDH *DEULHOD/LPDPDVFRQWRXWDPEpP FRPJUDQGHSDUFHULDGH'LHJR 2OLYHLUDGLUHWRUGR,SVRV&RQQHFW TXHVRQKRXFRPRSURMHWRHFRQYLGRX XPDDFDGrPLFDSDUDDHPSUHLWDGD 6HPG~YLGDPXLWRVIRUDPRV DSUHQGL]DGRVPDVIRLGHSRLVGR PHUJXOKRQRHPSLULVPRGHXP LQVWLWXWRGHSHVTXLVDTXHGHLXP XSJUDGHQDVDXODVGHPHWRGRORJLDQD XQLYHUVLGDGH 'HSRLVGHOHPXLWDVRXWUDV SRUWDVGRPHUFDGRVHDEULUDPSDUD GLiORJRVFDGDYH]PDLVSURItFXRVHP SURMHWRVTXHHQYROYLDPD(GLWRUD $EULOFXMD'HVN5HVHDUFKIHLWDSDUDR 1~FOHRGHFHOHEULGDGHVGD(GLWRUD FRQVHJXLXPHWULILFDURPRGHORWHyULFR GH7HUHQFH6KLPSHSURGX]LUXP

HFRVVLVWHPDGHFHOHEULGDGHVSDUD RIHUHFHUDRPHUFDGRGHDQXQFLDQWHV 2XDLQGDDVSHVTXLVDVGHEDVHVRFLDO HDQWURSROyJLFDSDUDHPSUHVDVFRPR D*ORERVDWD5HGH*ORERR-RUQDO 0HLRH0HQVDJHPR7ZLWWHUR )DFHERRNR-RUQDOGR&RPPHUFLRD 9LYRD7LPD3UHIHLWXUDGR5HFLIHD (PSHWXUR%DQFRGR1RUGHVWHHQWUH WDQWRVRXWURV 2XVHMDDPLQKDWUDMHWyULD WHVWHPXQKDTXHRHQWUHODoDPHQWRp UHDOSURGXWLYRHLPSUHVFLQGtYHO6mR PXLWDVKLVWyULDVGHVFREHUWDVWHRULDV HSURGXWRVTXHWHVWLILFDPTXHDIXVmR HQWUHRPHUFDGRHDDFDGHPLDQmR GHYHVHUWHPSRUDOPRPHQWkQHDRX RSFLRQDOPDVVLPFRQVWDQWHHREULJD WyULDSDUDTXHSRVVDPRVSURGX]LU FRPPDLVTXDOLGDGHFRPSHWrQFLDH WpFQLFDPDVSULQFLSDOPHQWHFRP SDUFHULDHSUD]HU 


081'221/,1(_3¯(1$52'$

$9Ã&#x2030;/98/$'((6&$3( &5,$7,9$('(68&(662 ,9(/,6(%8$548( ´6DLUGRDUPiULRµQmRpQDGDIiFLOPDVpVLP SRVVtYHOFRPPDLVWUDQTXLOLGDGHIDODUVHH[SUHVVDUH GLVFXWLUWXGRRTXHVHGHVHMDFRPTXHPHQWHQGHHWHP H[SHULrQFLDSUySULD7DOYH]HVVDVHMDDSULQFLSDOIDFHWDGR 3}HQD5RGD KWWS\RXWXEHFRP&DQDO3RH1D5RGD  FDQDOGHKXPRUHLQIRUPDomRTXHGHEDWHGLYHUVDV TXHVW}HVGHLQWHUHVVHHGRXQLYHUVR/*%7776 /pVELFDV *D\V%LVVH[XDLV7UDYHVWLV7UDQVH[XDLV7UDQVJrQHURVH 6LPSDWL]DQWHV ´2QRPH3}H1D5RGDYHLRQDPLQKD FDEHoDHDFKHLTXHWLQKDDYHUHPDPERVRVVHQWLGRVFRP DSURSRVWDGRFDQDOpHQJUDoDGRFRORFDXPDVVXQWRDVHU GHEDWLGRTXHQRUPDOPHQWHQmRVHIDOD FRORFDPRVHOHQD URGD

HDLQGDVHUYHFRPRWURFDGLOKRQmRWmR SROLWLFDPHQWHFRUUHWRµGL]RLGHDOL]DGRU3HGUR+HQULTXH 0HQGHV&DVWLOKRFKDPDGR3HGUR+PF

(VWHYORJGLYHUWLGRHGHPRFUiWLFRWHYHFRPRXP GRVPRPHQWRVTXHDMXGRXDGHVSRQWiORRYtGHR´1mRp SRUVHUJD\TXHHX«µTXHFRQWDELOL]DTXDVHGRLVPLOK}HV GHYLVXDOL]Do}HV&RPPXLWDGHVFRQWUDomRHVHPIUHVFXUD HVWDSURGXomRHPSDUWLFXODUWUDEDOKRXHPFLPDGRV FRQFHLWRVHVWHUHRWLSDGRVVREUHRTXHVHFRQKHFHRXVH DFKDVHUUHDODUHVSHLWRGHVWHS~EOLFRJRVWDUGH0DGRQQD RX/DG\*DJDID]HUFRUHRJUDILDVIDODUH[SUHVV}HVFRPR ´DORFDµRX´DUUDVDµTXHQmRSRGHYHUXPDSHVVRDGR PHVPRVH[RVHPGDUFLPDHSRUDtYDL&ULDGRSHOR URWHLULVWD3HGUR+HQULTXHHLQWHJUDGRSHORUDGLDOLVWD 1HOVRQ&DUQHLUR FRQKHFLGRFRPR1HOVRQ6KHHS HR IRWyJUDIR)HOLSH$EHRFDQDOMiSURGX]LXHSRVWRXDVVLP FHUFDGHYtGHRVTXHFKHJDPSDUDGHVPLVWLILFDUDOJXQV SUHFRQFHLWRVHDEULUXPGLiORJRDEHUWRVREUHTXHVW}HV GDVPDLVFRPSOH[DVDWpDVPDLVVLPSOHV &RPGXDVDWXDOL]Do}HVVHPDQDLV QRUPDOPHQWH WRGDVDVTXDUWDVHHYHQWXDOPHQWHDRVGRPLQJRV R3}H QD5RGDDERUGDDVVXQWRVFRPRKRPRIRELDFDVDPHQWR JD\+,9UHOLJLmRGDUSLQWDLGHQWLGDGHGHJrQHURHJD\GDU DOpPGHGLVFXWLUQRYDVLGHLDVRXFRVWXPHVGR FRPSRUWDPHQWRFRQWHPSRUkQHRTXHVmRPDLVGLItFHLVGH HQWHQGHUFRPR*R\RX%URPDQFH(FRPHVWHPRGHOR DFXPXORXHPGRLVDQRVPDLVGHPLOVHJXLGRUHV ´4XDQGRFULHLRFDQDOHVFUHYLXPDVLGHLDVHVDtJUDYDQGR QmRTXHULDTXHIRVVHXPYORJPDVPDLVXPFDQDOGH HQWUHWHQLPHQWRHFRQWH~GRFRPYiULRVSURJUDPDV GLIHUHQWHVHPRVWUDQGRVHPSUHYiULDVSHVVRDVFKDPHL GRLVDPLJRVSDUDLQWHJUDURSURMHWRHPHDMXGDUHPR 1HOVRQHGHSRLVR)HOLSH&RQKHFLR1HOVRQHPXPD JUDYDomRGRSURJUDPD&4& PDWpULD&XUD*D\FRPD 'DQL&DODEUHVD TXHURWHLUL]HLXPDQRDQWHVGRFDQDO2 )HOLSHFRQKHFLSRUTXHSUHFLVDYDGHXPHVW~GLRSUD JUDYDURYtGHR Ã&#x2030;JXD HXPDPLJRTXHJUDYRXR 1mRp SRUVHUJD\ LQGLFRXHOHTXHSRUVHUIRWyJUDIRWLQKDXP HVW~GLRRQGHSRGHUtDPRVJUDYDUµGHVWDFD&DVWLOKR 1DWXUDOPHQWHRSRQWRHPTXHRSURMHWRFKHJRX WHPPXLWRDYHUFRPDUHODomRGRVPHPEURVFRPR PXQGRRQOLQHSURSRUFLRQDQGRRFUHVFLPHQWRGDLGHLD 3}H1D5RGD)HOLSH$EH 1HOVRQ6KHHSH3HGUR+0&




LQLFLDODRVHXSDWDPDUDWXDO´21HOVRQMiWLQKDEDVWDQWH H[SHULrQFLDSHORVLWHTXHHOHWHPR6XSHUSULGHKiPDLV GHDQRV(XWLYHXPVLWHEHPSRSXODUGH6SLFH*LUOV TXDQGRHUDDGROHVFHQWHHVHPSUHIXLEDVWDQWHSUHVHQWH RQOLQHHPVLWHVHUHGHVVRFLDLV2)HOLSHDFKRTXHHUD PDLVTXLHWLQKRµFRPHQWD&RQWXGRDSHVDUGRFRQWDWR FRPDLQWHUQHWFRPRPHLRGHFRPXQLFDomRHGDVDFDGD GDLGHLDQmRIRLWmRIiFLODVVLPSHQVDUHHVWUXWXUDUR FRQFHLWRHDSURSRVWD´$QWHVGHODQoDURFDQDOOHPEUR TXHHQFRQWUHLR1HOVRQHSHUJXQWHLPHLRFRQVWUDQJLGR

3}H1D5RGDRTXHYRFrDFKD" (OHDGRURXHGHVGH HQWmRQmRWLYHPRVG~YLGDVµ$tIRLVHGDQGRQDWXUDOPHQWH DDSUR[LPDomRFDVDYH]PDLRUFRPHVWHPXQGRRQOLQHH PDLVHVSHFLILFDPHQWHFRPDYORJRVIHUDQDWXUDOPHQWH ´2FRQWDWRFRP<RXWXEHUVVHPSUHIRLUHVSHLWRVR DGPLUDPRVRWUDEDOKRGHPXLWDJHQWHTXHHVWDYDDtPXLWR DQWHVGHQyVHMiFRQYLGDPRVDOJXQVDSDUWLFLSDUFRPR 3&6LTXHLUD.pIHUD-DFDUp%DQJXHOD/XEDµGL]3HGUR 1mRpjWRDTXHDHVFROKDGDLQWHUQHWFRPRIHUUDPHQWD SDUDGHVHQYROYHUXPSURMHWRFRPRR3}HQD5RGDIRL PRWLYDGDSHODVRSRUWXQLGDGHVGHH[SDQGLU DSURSRVWDGHFRPXQLFDomRGHLGHLDVH GLVFXVV}HVFRPXPPHLRPXOWLSODWDIRUPD (GHIDWREULQFDUHQWUHVLHPIUHQWHjV FkPHUDVRXFRORFDUDOJXPDVHVWUHODVGD PtGLDRXGRVEDVWLGRUHVGHIRIRFDVGR PXQGRHGRSDtVHPFHQDWDPEpPVH WRUQRXRXWUDVDFDGDGLIHUHQFLDGDGR3}H QD5RGD´6yQD,QWHUQHWFRQVHJXLPRVHVVD OLEHUGDGHGHIDODUVREUHTXDOTXHUDVVXQWR TXDOTXHUWDE~HVHPFHQVXUD2<RXWXEHp XPDHVFROKDQDWXUDOSRUTXHpD~QLFD SODWDIRUPDTXHYDORUL]DRVFULDGRUHVGHFRQWH~GR GLYLGLQGRSDUWHGDUHFHLWDGHSXEOLFLGDGHFRPTXHPFULDH WUD]VHXS~EOLFRSDUDXVDUDIHUUDPHQWD0XLWRMXVWRH FRPSOHWDPHQWHGLIHUHQWHGR)DFHERRNSRUH[HPSORµ GHIHQGH &RPLVVRRJUXSRFRQVHJXLXDDGHVmRQmRVyGR S~EOLFRFRPRGHGLYHUVDVSHUVRQDOLGDGHVHMiFRQWRXHP DOJXPDVSURGXo}HVUHFHQWHVDWpFRPGUDJVGRUHDOLW\ VKRZDPHULFDQRGRUHQRPDGR5X3DXO ´'UDJ5DFHµ H DLQGDRTXHULGLQKR+DUU\/RXLV QRPHDUWtVWLFRGR EUDVLOHLUR(GJDU;DYLHU H[DWRUSRUQRJD\PRGHOR'-H HPSUHViULRUHFRQKHFLGRLQWHUQDFLRQDOPHQWHSRUWHU QDPRUDGRRHVWLOLVWDDPHULFDQR0DUF-DFREV´0LQKD YRQWDGHGHFULDUXPFDQDOJD\HUDPHYHUUHSUHVHQWDGR SRUTXHHXQXQFDPHVHQWLJD\FRPR DTXHOHJD\TXHHX YLDQDPtGLD ,VVRpEDVWDQWHSUREOHPiWLFRSULQFLSDOPHQWH TXDQGRYRFrHVWiIRUPDQGRVXDLGHQWLGDGHHWHQWDQGRVH FRQKHFHUHVHDVVXPLU&DGDSHVVRDTXHQRVPDQGD PHQVDJHPRXSDUDQDUXDGL]HQGRTXHFRQVHJXHVH

HQWHQGHUPHOKRUDWUDYpVGRFDQDOVHDFHLWDPDLVRXSDVVD DDFHLWDUDOJXPJD\QDIDPtOLDPHPRVWUDTXHHXQmRHUD R~QLFRDQmRPHVHQWLUUHSUHVHQWDGR)LFRPXLWRIHOL]µ RUJXOKDVHHOHSRUWHUFULDGRXPHVSDoRTXHUHSUHVHQWDD GLYHUVLGDGHHPWRGDDVXDFRQMXQWXUD %$67,'25(6'2$50Ã&#x2030;5,20DLVGRTXHXPFDQDO GHHQWUHWHQLPHQWRHLQIRUPDo}HVIHLWRSRUJD\VR3}H 1D5RGDpXPHVSDoRSDUDWRGRVRVS~EOLFRVTXHWUD]D YLVmRGRVVHXVLGHDOL]DGRUHVFODURPDVTXHWUD]FRPR SURSRVWDRSDSRGLUHWRVREUHRPXQGRHVREUHPXQGR JD\HVSHFLILFDPHQWH'HVWDIRUPDHQYROYHWDPEpPDV OpVELFDVHRVWUDQVJrQHURVSRUVDEHUHPDLPSRUWkQFLDGH GDUYLVLELOLGDGHDRXWUDVOHWUDVGDVLJOD(SRULVVRPHVPR FRQTXLVWRXXPDOFDQFHQmRHVSHUDGR´$QWHVGHODQoDUR FDQDOWHQWHLQmRSHQVDUQLVVRSUDQmRPHGHFHSFLRQDUH QHPPHIUXVWUDUFDVRHVSHUDVVHDOJXPQ~PHURHQmR DWLQJLVVH'HTXDOTXHUIRUPDPHVXUSUHHQGLFRPD UHSHUFXVVmRHRQ~PHURGHSHVVRDVTXHDWLQJLPRVe JUDWLILFDQWHHQRVPRWLYDDFRQWLQXDUILUPHVQRSURMHWRµ GL]3HGURTXHQmRRYrFRPRXPYORJ (QWUHWDQWRDSHVDUGHWRGR HPSHQKRHUHDOL]DomRR3}H1D5RGD HQIUHQWRXHPSHFLOKRVFRPRTXDOTXHU HPSUHHQGLPHQWRRIIHRQOLQH$ILQDOHVWD pXPDiUHDFRPSOHWDPHQWHQRYDTXHHVWi VHQGRWHVWDGDHH[SHULPHQWDGDEXVFDQGR DFHUWRVHPLQLPL]DQGRHUURVQHVVH WHUUHQRQRYRHPXLWRIpUWLOTXHpD ,QWHUQHWHPDLVHVSHFLILFDPHQWHHVWD SODWDIRUPDGHYtGHR´2PHUFDGR SXEOLFLWiULRSRUVHUPXLWRFRQVHUYDGRU HVWiFDPLQKDQGRDSDVVRVGHIRUPLJDSDUDDPtGLDRQOLQH HVWmRFRPHoDQGRDGHVSHUWDUDJRUD7HPRVUHWRUQRPDV QmRRVXILFLHQWHHQHPMXVWRFRPRDOFDQFHTXHHVVDPtGLD WHP&RQWXGRDFUHGLWRTXHVHMDXPDTXHVWmRGHWHPSR SUDWXGRLVVRVHHTXLOLEUDUµFRPHQWD3HGUR (OHDILUPDTXHRSURMHWRWHPDLQGDHQWUHVHXV GHVDILRVID]HUPDLVPHUFKDQGLVLQJRXSDWURFtQLRDILPGH VXVWHQWDUPHOKRURFDQDO´$SXEOLFLGDGHRQOLQHHP SXEOLSRVWVYtGHRVSDWURFLQDGRVQR<RXWXEHSRVWV SDWURFLQDGRVHPEORJVRX,QVWDJUDPHVWiHQJDWLQKDQGR DLQGD0DLRUSDUWHGDYHUEDSXEOLFLWiULDDLQGDHVWi FRQFHQWUDGDQD79PDVMiVHREVHUYDXPPRYLPHQWRGH FUHVFLPHQWRSDUDD,QWHUQHWHQTXDQWRVHGLPLQXLDYHUED HPRXWURVPHLRVWUDGLFLRQDLVFRPR79RXPtGLDLPSUHVVD $FUHGLWRTXHDWHQGrQFLDSHORTXHVHREVHUYDVHMDR PHUFDGRSXEOLFLWiULRDFRUGDUHD,QWHUQHWSDVVDUDVHUD SULQFLSDOPtGLDDWpSRUTXHQHODHVWiRPHOKRU FXVWREHQHItFLRµ




'(67$48(_%581$)$18&&+,_7$6.75$'( 63

7$/(172(35(3$52 $%5(0$63257$6'2 68&(662 -8/,$120(1'(6'$+25$ (PWHPSRVGHFRQVXPLGRUHV FDGDYH]PDLVSDUWLFLSDQWHVHYHOR]HV QRIHHGEDFNHOHWU{QLFRDDJLOLGDGHHR ROKDUDWHQWRjVWHQGrQFLDVQXQFD IRUDPWmRLPSRUWDQWHVSDUDDV HPSUHVDVTXHGHVHMDPFRQTXLVWDUR VHXOXJDUQRFRUDomRGRVFOLHQWHV( IRUDPHVVHVGRLVSUHGLFDGRVTXH IL]HUDPGH%UXQD)DQXFFKLXPDGDV PDLVUHVSHLWDGDVSURILVVLRQDLVQRVHWRU

GHOLYHPDUNHWLQJGDDWXDOLGDGH 'LUHWRUDGD7DVN7UDGH 63 HPSUHVD HVSHFLDOL]DGDQRGHVHQYROYLPHQWRH LPSODQWDomRGHSURMHWRVFXVWRPL]DGRV HLQWHJUDGRVSDUDDo}HVSURPRFLRQDLV )DQXFFKLpDSURYDGHTXHIRFR PHQWHDEHUWDSDUDRDSUHQGL]DGRH FRQILDQoDQRVSUySULRVLQVWLQWRVVmR IDWRUHVTXHLPSXOVLRQDPRVSDVVRVGH TXDOTXHUSURILVVLRQDOUXPRDR

VXFHVVR %UXQDWLQKDWXGRSDUD HQYHUHGDUSHORXQLYHUVRGDVD~GHH EHPHVWDUFRPXPDPmHSURSULHWiULD GHXPDEHPVXFHGLGDUHGHGH DFDGHPLDVFRQWLQXDURVQHJyFLRVGD IDPtOLDVHULDRFDPLQKRPDLVSUiWLFRH VHJXURPDVKDYLDDOJRPDLV0HVPR IRUPDGDHP(GXFDomR)tVLFDDOJXPDV G~YLGDVSDLUDYDPHPVXDPHQWH FXULRVDTXHMiGHPRQVWUDYDLQWHUHVVH QRVHJPHQWRGDSURSDJDQGDDJUDQGH FDUJDGHFULDWLYLGDGHHQYROYLGDQR GHVHQYROYLPHQWRHDSUHVHQWDomRGH SURGXWRVHVHUYLoRVVHPIDODUQRMRJR GHFLQWXUDSDUDHQFDUDUXPPHUFDGR UHSOHWRGHHPSUHVDVHFRQVXPLGRUHV iYLGRVSRULQRYDomR ´$SyVXPSHUtRGR WUDEDOKDQGRFRPSURGXomRHP DJrQFLDVGHPDUNHWLQJSURPRFLRQDO GHFLGLTXHHUDKRUDGHPHDSURIXQGDU QRDVVXQWR3RULVVRIXLSURFXUDUXPD SyVJUDGXDomRHPPDUNHWLQJQRV (VWDGRV8QLGRVD0HFDGD SXEOLFLGDGHµOHPEUD%UXQD$ YLYrQFLDQXPGRVFHQiULRVPDLV LQWHQVRVHPWURFDGHFRQKHFLPHQWRV HH[SHULrQFLDVSURILVVLRQDLVWURX[H DLQGDPDLVFHUWH]DDRVGHVHMRVGD EUDVLOHLUD7DQWRTXHORJRDSyVVHX UHWRUQRLQLFLRXEHODWUDMHWyULDGH UHODFLRQDPHQWRFRPRPHUFDGR

%UXQD)DQXFFKLGLUHWRUD GD7DVN7UDGH 63




-REGH6mR-RmRGD%UDVLO.LULQSDUD RV6XSHUPHUFDGRV7RGR'LD &RQWDFRQTXLVWDGDHP

1RPHVFRPR$QWiUWLFD6FKLQFDULROH 1HVWOpIRUDPDSHQDVDOJXQVGRV FOLHQWHVTXHHODS{GHDWHQGHUGXUDQWH VXDSDVVDJHPHPDOJXPDVDJrQFLDV ´'HILQLWLYDPHQWHWHUD FKDQFHGHFRPSUHHQGHUR IXQFLRQDPHQWRGHFDGDXPGHOHVHD UHODomRFRPVHXVUHVSHFWLYRV FRQVXPLGRUHVPHDPSOLRXRV FRQKHFLPHQWRVTXHHXKDYLDREWLGR 3RVVRGL]HUTXHRPHUFDGREUDVLOHLUR pGHVDILDGRU(SRULVVRPHVPR LPSXOVLRQDGRUGHERDVLGHLDVµDILUPD (VWDYDDVVLPVHGLPHQWDGDDHVVrQFLD HPSUHHQGHGRUDGH%UXQD)DQXFFKL$ (GXFDomR)tVLFDSHUGHXXPD SURIHVVRUDPDVJDQKRXXPD SURILVVLRQDOTXHSRGHULDDFLRQDUSDUD DODYDQFDURGHVHPSHQKRGRV HVWDEHOHFLPHQWRVSURGXWRVHVHUYLoRV UHODFLRQDGRV &RQIRUPHLDVHDSURIXQGDQGR QHVVHXQLYHUVR%UXQDSHUFHEHXTXH PDLVFHGRRXPDLVWDUGHVXDIRPHGH LQRYDomRQmRVHULDPDLVFRPSRUWDGD SHODVSDUHGHVGDVHPSUHVDVTXH FRQWDUDPFRPRVHXWDOHQWR(DVVLP HPDHYROXomRQDWXUDOGHVHX

WDOHQWRGHXDOX]j7DVN7UDGH´)RL XPPRPHQWRGHUXSWXUDPDV WDPEpPGHPXLWDIpHPWXGRTXHHX WLQKDDSUHQGLGR/HYHLFRPLJRWRGDV DVH[SHULrQFLDVGHr[LWRDVVLPFRPR DTXHODVTXHQmRGHUDPWmRFHUWR $FKRLPSRUWDQWHOHYDUWXGRQD EDJDJHPRVDFHUWRVSDUDTXHVHMDP UHSHWLGRVHPHOKRUDGRVHRVHUURV SDUDTXHQmRRVHVTXHoDPRVQHP YROWHPRVDFRPHWrORVµUHIOHWH %UXQD $WDUHIDGD7DVN7UDGHVHULD SUHHQFKHUDVODFXQDVGHL[DGDVDEHUWDV SHODVDJrQFLDVTXHHVWDYDPKiPDLV

WHPSRQRPHUFDGR´$FUHGLWRTXH PXLWDFRLVDSRGHVHSHUGHUSHOR WDPDQKRGDVHTXLSHVPDLV WUDGLFLRQDLVHDSHVDUGDH[FHOrQFLD SUHVHQWHHPSURMHWRVPDUDYLOKRVRVD SUR[LPLGDGHFRPRVFOLHQWHVHUDDOJR TXHHXQRWDYDHVWDUHPVHJXQGR SODQR3RULVVRHQTXDQWRJHVWRUD DVVXPRSRVWXUDGHOLJDomRHQWUHRV SDUFHLURVHDPLQKDHTXLSH$FKR PXLWRLPSRUWDQWHHVVDLQWHJUDomR SDUDTXHDVFRLVDVIXQFLRQHP WUD]HQGRPRWLYDomRHVDWLVIDomRSDUD DPERVRVODGRVµHQVLQD 6XDHVWUDWpJLDWHPGDGR FHUWR$7DVN7UDGHGHVHQYROYHH LPSODQWDSURMHWRVFXVWRPL]DGRVH LQWHJUDGRVVHPSUHGHDFRUGRFRPDV HVWUDWpJLDVGHFRPXQLFDomRPROGDGDV SDUDFDGDFOLHQWH´3DUWLFLSRGHVGHR LQtFLRGRSURFHVVRQDVGXDVYLDVFRP DPLQKDHTXLSHPHHQYROYRGHVGHR EULHILQJSDVVDQGRSHODFULDomRGDV SHoDVSURGXomRGHEULQGHVDWp VXSRUWHQDSURGXomRGDORJtVWLFDSRU H[HPSOR1RODGRGDVHPSUHVDVTXH QRVFRQWUDWDPDWXRGHVGHR HVWDEHOHFLPHQWRGHSDUFHULDV SDVVDQGRSHODQHJRFLDomRGHSUHoRVH

7DVN7UDGH 63 HPSUHVD HVSHFLDOL]DGDHP SURMHWRVFXVWRPL]DGRVHLQWHJUDGRV SDUDDo}HVSURPRFLRQDLV 


'(67$48(_%581$)$18&&+,_7$6.75$'( 63

SUD]RVPDQWHQGRSUR[LPLGDGHH DWHQomRSDUDJDUDQWLUWUDQTLOLGDGHH VDWLVIDomRQDH[HFXomRGRVMREVµ UHYHOD (VVDSUR[LPLGDGHTXH%UXQD LPSULPHHPVXDWUDMHWyULDpIHLWDGH Do}HVFRRUGHQDGDVHQWUHHODHVXD HTXLSHFRPVXSHUYLVRUHVFOLHQWHV RFXOWRVHDSUySULDGLUHWRULDTXHID] YLVLWDVVXUSUHVDDRVSRQWRVGHYHQGD (VWHDFRPSDQKDPHQWRFRQVWDQWH JDUDQWLXj7DVN7UDGHJUDQGHVQRPHV HPVXDFDUWHLUDGHFOLHQWHVFRPR $UFRU7LUROr]7KH%RG\6KRSH %UDVLO.LULQHQWUHRXWURV(VWD~OWLPD LQFOXVLYHIRLXPDGDVFRQTXLVWDVTXH PDLVFKDPDUDPDDWHQomRGR PHUFDGRHPFRPQ~PHURV SURPLVVRUHVSDUDDUHJLmR1RUGHVWH ´3RUVHUXPDUHJLmRRQGHKi XPFRQVXPREDVWDQWHVLJQLILFDWLYR GHVWHVHJPHQWRGHEHELGDVHSRUVHU XPWHUULWyULRGHFDOHQGiULREDVWDQWH IHVWLYRRVHVWDGRVQRUGHVWLQRVWrP DWUDtGRRVROKDUHVGDVJUDQGHV PDUFDVTXHEXVFDPFRQKHFHUPHOKRU RVKiELWRVGHVHXVKDELWDQWHVµH[SOLFD %UXQDTXHMiKDYLDQRWDGRHVVH SRWHQFLDOHDEULXXPDILOLDOGD7DVN 7UDGHHP6DOYDGRU%DKLDDILPGH DSURYHLWDUWRGRHVVHSRWHQFLDOSDUD VHXVFOLHQWHV &RPRYHUmRDWRGRYDSRU SRWHQFLDOL]DGRSHODVSUpYLDVHIHVWDV FDUQDYDOHVFDVD7DVN7UDGHWHUiR GHVDILRGHGDULQtFLRDRSULPHLUR VHPHVWUHGHDODYDQFDQGRDVXD PpGLDGHFUHVFLPHQWRTXHIRLGH HQWUHMDQHLURHMXOKRGH ´1RFDVRGD%UDVLO.LULQRWUDEDOKR TXHUHDOL]DPRVpGHVXPDLPSRUWkQFLD QRIRUWDOHFLPHQWRGDPDUFDTXH SDVVRXSRUUHSRVLFLRQDPHQWR UHFHQWHPHQWHµOHPEUD%UXQD&RP RVVORJDQV´'RMHLWRTXHRSRYR JRVWDµSDUDDFHUYHMD6FKLQH´YLYD VXDVHGHµFRPRDVVLQDWXUDGD FRPSDQKLDQDVFDPSDQKDV HPEDODJHQVHRSHUDo}HVDLQWHQomRp DSUR[LPDUFDGDYH]PDLVDOLQKDGH SURGXWRVDRVFRQVXPLGRUHVTXH 

SRVVXHPKiELWRVEHPGLVWLQWRVHP FDGDHVWDGR $7DVN7UDGHHVWDUiDSRVWRV FRPGLYHUVDVDo}HVGHPDUNHWLQJ SURPRFLRQDOHPORFDLVHVWUDWpJLFRV FRPRRVWUDGLFLRQDLVVXSHUPHUFDGRV HSRQWRVGHYHQGDV´2PHXWUDEDOKR QD7DVN7UDGHpJDUDQWLUTXHDPDUFD FRQVLJDIDODUGLUHWDPHQWHDR FRQVXPLGRU'HVVDIRUPD IRUWDOHFHPRVDYLVLELOLGDGHD ILGHOL]DomRµHQVLQD 20$3$'$0,1$²$WHQGHUj GHPDQGDGHXPFOLHQWH SULQFLSDOPHQWHDTXHOHTXHSRVVXL DEUDQJrQFLDQDFLRQDOQXPSDtVGH GLPHQV}HVFRQWLQHQWDLVQmRpIiFLO ´0DVWDPEpPQmRpLPSRVVtYHOµ H[SOLFD%UXQD´2TXHHXTXHURGL]HU pTXHWDQWRDHPSUHVDTXDQWRD DJrQFLDSUHFLVDPWHUDFRQVFLrQFLDGH TXHpSUHFLVRPXLWRHVWXGRWDQWRQR kPELWRGRFOLHQWHTXDQWRQRkPELWR GDPDUFDTXDORVHX'1$TXDLVRV YDORUHVTXHHODSRVVXLHTXDLVRVTXH HODUHDOPHQWHSDVVDSDUDRS~EOLFR" 6HPHVWHQRUWHGHL[DPRVGH DSURYHLWDURSRWHQFLDODVVHUWLYRGHXP ERPWLPHFULDWLYRµ 3DUDRWLPL]DUWRGRHVVH SRWHQFLDO%UXQDIXQGRXHPD )DQXFFKL(YHQWRVFRQFHQWUDGDQD RUJDQL]DomRGHHYHQWRVFULDomRGH EULQGHVHRXWUDVDWLYLGDGHV UHODFLRQDGDVjVDo}HVSURPRFLRQDLV 'HVVDIRUPDRFOLHQWHWHPDRVHX GLVSRUGXDVHPSUHVDVFRPDWLYLGDGHV FRPSOHPHQWDUHV´&DGDXPDVXSUH XPDVpULHGHGHPDQGDVGHSHQGHQGR GDLQWHQomRGDPDUFDHGRWDPDQKR GDDomR6HIRUDOJRGHJUDQGHV SURSRUo}HVDVGXDVDWHQGHPWRGDVDV QHFHVVLGDGHVSUHVHQWHVQRSODQR2X VHGHVHMDUHPSRGHPRSWDUSHODV FRPSHWrQFLDVHVSHFtILFDVGD7DVNRX GD)DQXFFKLµ 0DVVHJPHQWDUFRPSHWrQFLDV HGLVWULEXtODVHPPDLVGHXPD HPSUHVDQmRVHULDLUQDFRQWUDPmRGD SURGXWLYLGDGH"(VWHIRLRSXORGRJDWR

GH%UXQD)DQXFFKLGLDQWHGR FUHVFLPHQWRGDVJUDQGHVDJrQFLDVH WRGDDFRQFHQWUDomRGHVHUYLoRVTXH SRVVXtDPODFXQDVIRUDPGHL[DQGRGH VHUSUHHQFKLGDVSHORWDPDQKRH EXURFUDFLDQDWXUDOGHJUDQGHV HPSUHVDVHHVVHVHULDXPHUURTXH HODQmRUHSHWLULD ´3RULVVRTXHIXQGHLD )DQXFFKL(YHQWRVHDOHYRDGLDQWH FRPD7DVN7UDGH&DGDXPDSRVVXL XPDHTXLSHFRHVDHDOWDPHQWH HVSHFLDOL]DGDHPVXDVUHVSHFWLYDV FRPSHWrQFLDVQRWDPDQKRHDJLOLGDGH LGHDOSDUDDFRPSDQKDUPRVRVGHVHMRV GHQRVVRVFOLHQWHVµDILUPD%UXQDTXH MiSUHSDUDXPDQRYLGDGHSDUDHVWH DQRDHQWUDGDQRUDPRGREHPHVWDU 2HPSUHHQGLPHQWRpXPHVSDoRFRP IRFRQRS~EOLFRZRUNDKROLFFRPRHOD ´(XDPRWUDEDOKDUHVHLRTXDQWRHVVD SDL[mRSRGHLQWHUIHULUQDQRVVDVD~GH HDSDUrQFLD3RULVVRRSXORGRJDWR VHUiRKRUiULRGLIHUHQFLDGRGHVGH PDQKmFHGRDWpDOWDVKRUDVGDQRLWH 1XQFDVHVDEHTXDQGRYRFrWHUiXPD UHXQLmRLPSRUWDQWHQRGLDVHJXLQWH PDUFDGDGH~OWLPDKRUD1XPD VLWXDomRGHVVDVRQGHDPXOKHU SRGHUiUHQRYDUDSHOHFXLGDUGDXQKD RXJDQKDUXPQRYRFRUWHHSHQWHDGR RXDWpPHVPRUHFHEHUXPD PDVVDJHPUHOD[DQWH"µ 'HILQLWLYDPHQWHHVWDUj IUHQWHGRPHUFDGRGHPDQGDERDGRVH GHRXVDGLDSDL[mRHPXLWRWUDEDOKR 1RTXHGHSHQGHUGH%UXQD)DQXFFKL RFUHVFLPHQWRVHJXLUiILUPHHIRUWH ´&UHVFHUpJHUDUHPSUHJRV VHGLPHQWDUYDORUHVHFRQIHULUXP VHQWLGRPDLRUSDUDTXHRV FRODERUDGRUHVWUDEDOKHPSRUXP SURSyVLWRFRPXP$FUHGLWRTXHGHVVD IRUPDVHUHPRVUHVSRQViYHLVSHOR IRUWDOHFLPHQWRGRPHUFDGRH PRYLPHQWDomRSRVLWLYDGDQRVVD HFRQRPLDµ


&/,&._5(*,1$/'2*8,0$5®(6_5(*,1$/'22/,1'$#*0$,/&20

',$6'(0202 $P~VLFDGL]TXHRERPSHUQDPEXFDQRHVSHUDRDQRSDUDHQWUDUQD EULQFDGHLUD%ULQFDGHLUDTXHQmRGXUDDSHQDVTXDWURGLDV%ULQFDGHLUD TXHVHSUHSDUDPHVHVDQWHVTXHPRYLPHQWDPLOKDUHVGHSHVVRDVTXH HPSUHJDRXWUDVWDQWDV%ULQFDGHLUDjVYH]HVYLROHQWDjVYH]HVLQMXVWD %ULQFDGHLUDGHFXOWXUDGDPDVVDGDGHPRFUDFLD%ULQFDGHLUDGHFULDQoDH GHDGXOWR%ULQFDGHLUDTXHIDVFLQDTXHLQHEULD3HUQDPEXFDQRpERPGH SpERPGHFLQWXUDERPGHIUHYRERPGHFKmRERPGHSDOFRERPGH DOHJULDERPGHHVSHUDURDQRWRGRERPGHVHSUHSDUDURDQRWRGRSDUD SDVVDUTXDWURGLDVVHPGRUPLUHVHDOLPHQWDUGHFRPLGDGHUXD1DV FDVDVDOXJDGDVQR&DUQDYDOGH2OLQGDVHHVFRYDRVGHQWHVSHODPDQKm PDQKmTXHFRPHoDGHSRLVGDV FRPFRSRVGHFHUYHMDQXPD ORXFXUDGHHQWUHJDGHFRUSRHDOPD&DUQDYDOTXHPDUFDQRVVDFXOWXUDH QRVVDJHQWHFRPRUHSUHVHQWDomRILHOGHQRVVDKRVSLWDOLGDGHHPDQHLUD OHYHHDOHJUHGHUHFHEHUWRGRVTXHYHPGHFRUDomRDEHUWRSDUDD EULQFDGHLUDPDLVHVSHUDGDGRDQR

0$5.(7,1**/2%$/ '(´0$5&$Ã&#x201D;1,&$µ $&RFD&RODDQXQFLRXVXDQRYDHVWUDWpJLDGHPDUNHWLQJJOREDOGH ´PDUFD~QLFDµTXHSHODSULPHLUDYH]QDKLVWyULDGDHPSUHVDUH~QH&RFD &ROD&RFD&ROD/LJKW&RFD&ROD'LHW&RFD&ROD=HURH&RFD&ROD/LIH VRERSRVLFLRQDPHQWRGHPDUFDGD&RFD&RODHPXPD~QLFDFDPSDQKD FULDWLYD²´6LQWDRVDERUµ$LGHLDpUHIRUoDURFRPSURPLVVRGDFRPSDQKLD HPDSUHVHQWDURSo}HVSHUPLWLQGRDRVFRQVXPLGRUHVRSWDUSHOD&RFD&ROD TXHPHOKRUVHDGDSWHDVHXJRVWRVHXHVWLORGHYLGDHVXDGLHWDHPYiULRV WDPDQKRVGHHPEDODJHP $QRYDHVWUDWpJLDFRPSDUWLOKDUiRYDORUGD&RFD&RODFRPWRGRVRV SURGXWRVGDPDUFD´(VWHpXPUREXVWRLQYHVWLPHQWRSRUWUiVGHWRGRVRV SURGXWRV&RFD&RODPRVWUDQGRFRPRWRGRVSRGHPGHVIUXWDUGHXPD &RFD&RODVXSHUJHODGDFRPRXVHPFDORULDVFRPRXVHPFDIHtQDµ FRPHQWRX0DUFRVGH4XLQWRFKLHI0DUNHWLQJ2IILFHUGD&RFD&ROD &RPSDQ\ 4XLQWRDFUHVFHQWRXDLQGDTXHUHFRQKHFHTXHDVSHVVRDVTXHUHPVXD&RFD&RODGHIRUPDVGLIHUHQWHVPDVVHMDOi FRPRIRUGHVHMDPXPD&RFD&RODFRPH[FHOHQWHVDERUHUHIUHVFkQFLD´3RUPHLRGDHVWUDWpJLDGH PDUFD~QLFD SDVVDUHPRV GHP~OWLSODVFDPSDQKDVGHPDUFDSDUDXPD~QLFDFDPSDQKDGHPDUFDLF{QLFDµ ´6LQWDRVDERUµVHUiODQoDGDHPYiULRVPRPHQWRVDRORQJRGHHPWRGRVRVPHUFDGRVGRPXQGRHJDQKDUiYLGD SRUPHLRGHYiULRVHOHPHQWRVLQFOXVLYHGH]FRPHUFLDLVGHWHOHYLVmRPDLVGHLPDJHQVGDFDPSDQKDQRYRVLVWHPDGH LGHQWLGDGHYLVXDOQRYDVFDQomRKLQRHDVVLQDWXUDGHiXGLRH[SHULrQFLDGLJLWDOLQWHUDWLYDFRPSDUWLOKiYHOHFXVWRPL]iYHO $&RFD&RODUHXQLXPHQWHVFULDWLYDVJOREDLVGHGLIHUHQWHVDJrQFLDVSDUDLQLFLDURSURFHVVRGHGHVHQYROYLPHQWRH QRILPRVFRPHUFLDLVGHWHOHYLVmRFULDGRVSDUDDFDPSDQKDIRUDPSURGX]LGRVSRU0HUFDGR0F&DQQ $UJHQWLQD 6UD 5XVKPRUH (VSDQKD 6DQWR $UJHQWLQD H2JLOY\ 0DWKHU1HZ<RUN2VVSRWVGmRDRHVSHFWDGRUYLV}HVUiSLGDVPDVtQWLPDV GHKLVWyULDVVHQWLPHQWRVHH[SHULrQFLDVGRGLDDGLDTXHDVSHVVRDVFRPSDUWLOKDPDRVDERUHDUXPD&RFD&RODJHODGD1R HQFHUUDPHQWRGHFDGDFRPHUFLDODIDPtOLDGHSURGXWRVGDPDUFDUHJLVWUDGD&RFD&RODVHXQHVRERIDPRVRGLVFRYHUPHOKRGD &RFD&ROD´1mRKiQDGDSDUHFLGRFRPRVDERUGHXPD&RFD&RODVXSHUJHODGDµGL]5RGROIR(FKHYHUULDYLFHSUHVLGHQWH PXQGLDOGH&ULDomR&RQH[}HVH'LJLWDO&DGDPHUFDGRWHUiVHXFDUGiSLRGHSHoDVDVHUHPDSUHVHQWDGDVDRS~EOLFR1R %UDVLODFDPSDQKDWHUiLQLFLDOPHQWHGRLVFRPHUFLDLV´+LQRµ 0HUFDGR0F&DQQ H´%UHDNXS´ 6DQWR  


1$(67$17(

*5$1'(0$*,$9,'$&5,$7,9$6(00('2GH(OLVDEHWK *LOEHUW(GLWRUD2EMHWLYDSiJLQDV $DXWRUDGH´&RPHU5H]DU$PDUµHVWiGHYROWDFRPSDUWLOKDQGRPDLV KLVWyULDVGDSUySULDYLGDGRVDPLJRVHSHVVRDVTXHDLQVSLUDUDPVRED yWLFDYLGDFULDWLYD6HJXQGRHODXPDYLGDFULDWLYDpDTXHODPRWLYDGDSHOD FXULRVLGDGH8PDYLGDVHPPHGRXPDWRGHFRUDJHP$SDUWLUGHXPD SHUVSHFWLYD~QLFD*UDQGH0DJLDQRVPRVWUDFRPRDEUDoDUHVVD FXULRVLGDGHHQRVHQWUHJDUjTXLORTXHPDLVDPDPRV(VFUHYHUXPOLYUR HQFRQWUDUQRYDVIRUPDVGHOLGDUFRPDVSDUWHVPDLVGLItFHLVGRWUDEDOKR HPEDUFDUGHYH]HPXPVRQKRVHPSUHDGLDGRRXVLPSOHVPHQWH DFUHVFHQWDUSDL[mRjYLGDFRWLGLDQD

(1623$'2'('(6,*1*5Ã&#x2030;),&2GH7LPRWK\6DPDUD(GJDUG %OXFKHU(GLWRUDSiJLQDV 2DXWRUGHVWULQFKDDHVVrQFLDGRVGHVLJQHUVQXPDOLQJXDJHPDFHVVtYHO HPDQDORJLDDRXQLYHUVRGDFXOLQiULDHVHXVLQJUHGLHQWHV$VVLPFRPRDV UHFHLWDVSRVVXHPHOHPHQWRVTXHGHYHPVHUDSOLFDGRVHPGLIHUHQWHV SRUo}HVSDUDUHQGHUXPDFULDomRFRPFDUDFWHUtVWLFDVPDUFDQWHVRGHVLJQ JUiILFRWDPEpPWHPVXDVQXDQFHVHHOHPHQWRVTXHRUDSHGHPXP HTXLOtEULRRUDVHSHUPLWHPRXVDUFULDQGRSHoDV~QLFDVHFRQVDJUDGDV2 OLYURpGLYLGLGRHPVHVV}HVIiFHLVGHVHUHPVHJXLGDVFRPWpFQLFDVEiVLFDV GHGHVLJQLQJUHGLHQWHVJUiILFRVHUHFHLWDVGHSURMHWRV2VLQJUHGLHQWHV JUiILFRVGH7LPRWK\6DPDUDHVWmRGLVSRVWRVHP3LFWyULFRV6DERUHV &URPiWLFRV3UHSDUDGRV7LSRJUiILFRVH$SUHVHQWDo}HV(VSDFLDLV8PDYH] XQLQGRHVVHVLQJUHGLHQWHVjVWpFQLFDVEiVLFDVRDXWRUUHYHODUHFHLWDV FHUWHLUDVGHGHVLJQTXHYmRDWLoDUDFULDWLYLGDGHGROHLWRULQFHQWLYDQGRRD GDUYD]mRjVVXDVLGHLDVDSRLDGDVQRHVFRSRSURSRUFLRQDGRSHODOHLWXUD

0$5.(7,1*(&2081,&$d®21$(5$',*,7$/²)$/( ',5(7$0(17(&202&/,(17(GH'DYLG0HHUPDQ6FRWW(GLWRUD eYRUD3iJLQDV (VWHOLYURpVHPG~YLGDRTXHWRGRSURILVVLRQDOGHPDUNHWLQJRX SXEOLFLWiULRFRPSHUFHSomRDILQDGDGRPHUFDGRGHYHWHU$HGLomR DERUGDFRPRDFRPXQLFDomRHPSUHVDULDOPXGRXQRV~OWLPRVWHPSRVH DIRUPDGHWHQWDUFRSLDUDVLGHLDVGRVFRQFRUUHQWHVQmRpPDLVR VXILFLHQWHSDUDDVRUJDQL]Do}HV&RPLVVRDREUDUHVVDOWDDVQRYDV UHJUDVEDVHDGDVHPSURGXWRVHVHUYLoRVQDHUDGLJLWDO$OpPGHRIHUHFHU SODQRGHDomRSDUDRVOHLWRUHVDSURYHLWDUHPWRGRRIDVFtQLRHDV SRVVLELOLGDGHVGDLQWHUQHW'HVGHDXPHQWDUDYLVLELOLGDGHRQOLQH UHFXUVRVGHH[SDQVmRGDVYHQGDVQDZHEHSULQFLSDOPHQWHPHOKRUDUD FRPXQLFDomRFRPRVFRPSUDGRUHVGHIRUPDFHUWDHVREUHWXGRGH IRUPDEDUDWD




Revista pronews190  
Read more
Read more
Similar to
Popular now
Just for you