Revista RPESM Nº1

Page 1



W W W . S P E S M . O R G



" FTQFDJBMJEBEF EF TBÙEF NFOUBM F QTJRVJBUSJB m RVF DPOUSJCVUPT OPT DVJEBEPT QBMJBUJWPT *MEB .BSJB #BSCPTB EF "MQVJN $VOIB

5HVXPR &RP HVWH DUWLJR GH UHYLVmR SUHWHQGR LGHQWLÀFDU DOJXQV FRQFHLWRV VREUH D VD~GH PHQWDO H RV FXLGDGRV SDOLDWLYRV FRPR HVWmR RUJDQL]DGRV H GH TXH IRUPD VH SRGHP FRPSOHPHQWDU 1HVWH FRQWH[WR SURFXUR WDPEpP DERUGDU DV LQWHUYHQo}HV GD HVSHFLDOLGDGH GH VD~GH PHQWDO H SVLTXLDWULD H TXH FRQWULEXWR SRGH HOD GDU SDUD XPD PHOKRU TXDOLGDGH GH YLGD QRV GRHQWHV TXH HVWmR HP FXLGDGRV SDOLDWLYRV 3DUD WDO UHDOL]HL XPD SHVTXLVD ELEOLRJUiÀFD VREUH D WHPiWLFD GD TXDO HPHUJLX R FRQFHLWR GH VD~GH PHQWDO H GH FXLGDGRV SDOLDWLYRV LQFOXLQGR R TXH HVWi HVWDEHOHFLGR QR 3ODQR 1DFLRQDO GH 6D~GH 0HQWDO H R TXH p SUHFRQL]DGR SDUD D 2UJDQL]DomR GRV &XLGDGRV 3DOLDWLYRV DWUDYpV GD $VVRFLDomR 3RUWXJXHVD GH &XLGDGRV 3DOLDWLYRV (VWHV FRQFHLWRV VmR YDVWRV H FRQVWUXWLYRV DEUDQJHQGR R EHP HVWDU VXEMHFWLYR D DXWR HÀFiFLD D DXWRQRPLD H D FRPSHWrQFLD GD SHVVRD LQGR GH HQFRQWUR j FDSDFLGDGH TXH FDGD SHVVRD WHP GH GHVHQYROYHU R VHX SRWHQFLDO GH VD~GH H SRU FRQVHJXLQWH QD VXD FRQFHSWXDOL]DomR GH SURPRomR GD VD~GH $ VD~GH H D GRHQoD PHQWDO YmR RVFLODQGR DR ORQJR GR FLFOR YLWDO GD SHVVRD H IDPtOLD QR HQWDQWR R VHU KXPDQR WHP D FDSDFLGDGH GH VH DGDSWDU j PXGDQoD H p UHVLOLHQWH PDV p QHFHVViULR ID]HU XP UHIRUoR GH IDFWRUHV SURWHFWRUHV GLPLQXLQGR RV IDFWRUHV GH ULVFR VREUH R QRVVR FDPSR GH DFomR GD VD~GH PHQWDO HVWDQGR DVVLP D FRQWULEXLU SDUD D SURPRomR GD VD~GH PHQWDO H D SUHYHQomR GH GRHQoD PHQWDO 2V &XLGDGRV 3DOLDWLYRV WrP HVVD FDSDFLGDGH GH UHVSRVWD $ VXD ÀORVRÀD GHÀQH VH FRPR XPD UHVSRVWD DFWLYD DRV SUREOHPDV GHFRUUHQWHV GD GRHQoD SURORQJDGD LQFXUiYHO H SURJUHVVLYD QD WHQWDWLYD GH SUHYHQLU R VRIULPHQWR H[LVWHQFLDO TXH HOD JHUD H GH SURSRUFLRQDU D Pi[LPD TXDOLGDGH GH YLGD D HVWHV GRHQWHV H VXDV IDPtOLDV RQGH D VD~GH PHQWDO VH HQFRQWUD PXLWR IUiJLO H GHELOLWDGD 6mR SUHVWDGRV FXLGDGRV GH VD~GH DFWLYRV ULJRURVRV FRP EDVH QDV QHFHVVLGDGHV GRV GRHQWHV H IDPtOLDV FRPELQDQGR FLrQFLD H KXPDQLVPR 'HVWD IRUPD WRUQD VH IXOFUDO TXH VH HVWDEHOHoD XPD DUWLFXODomR FRHVD HQWUH R 3ODQR 1DFLRQDO GH 6D~GH 0HQWDO H D 2UJDQL]DomR GRV &XLGDGRV 3DOLDWLYRV QR VHQWLGR GHVWD HVWDU SUHVHQWH R PDLV SUHFRFHPHQWH SRVVtYHO MXQWR GR GRHQWH H VXD IDPtOLD $VVLP VHQGR D (VSHFLDOLGDGH GH 6D~GH 0HQWDO H 3VLTXLDWULD SRGH FRQWULEXLU GH XPD IRUPD PDLV HÀFD] SDUD R EHP HVWDU ELR SVLFR HVSLULWXDO FXOWXUDO H VRFLDO GD SHVVRD H IDPtOLD QD PHGLGD HP TXH R HQIHUPHLUR GH 6D~GH 0HQWDO

WHP QD VXD IRUPDomR EDVHV HVVHQFLDLV SDUD R FXLGDU KROtVWLFR GD SHVVRD H VXD IDPtOLD REVHUYDQGR R GRHQWH FRPR XP WRGR H QmR VRPHQWH FRPR XP FRQMXQWR GH DOWHUDo}HV ÀVLRSDWROyJLFDV 3DODYUDV FKDYH 6D~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·V ZHOO EHLQJ VHOI HIÀFLHQF\ DXWRQRP\ DQG FRPSHWHQFH DLPLQJ WKH DELOLW\ WKDW HDFK SHUVRQ KDV WR GHYHORS LWV RZQ KHDOWK SRWHQFLDO DQG WKHUHIRUH FRQFHLYLQJ RQH·V KHDOWK SURPRWLRQ +HDOWK DQG 0HQWDO GLVRUGHUV RVFLOODWH YDU\ GXULQJ WKH FLFOH RI OLYH RI WKH HDFK SHUVRQ DQG IDPLO\ +RZHYHU EHFDXVH RI LWV UHVLOLHQFH WKH KXPDQ EHLQJ KDV D JUHDW FDSDFLW\ RI DGDSWLQJ LWVHOI WR WKH FKDQJHV RFFXUHG %XW HYHQ VR LW·V QHFHVVDU\ WR UHLQIRUFH WKH SURWHFWLQJ IDFWRUV FRQGLWLRQV E\ GHFUHDVLQJ WKH ULVNV LQ WKH DFWLRQ ÀHOG RI 0HQWDO +HDOWK FRQWULEXWLQJ WR WKH SURPRWLRQ RI PHQWDO KHDOWK DQG DYRLGLQJ PHQWDO GLVRUGHUV 3DOOLDWLYH &DUH KDV WKDW UHVSRQVH FDSDFLW\ ,WV SKLORVRSK\ FDQ EH GHÀQHG DV DQ LPPHGLDWH UHVSRQVH WR WKH SUREOHPV UHVXOWLQJ IURP ORQJ WHUP LQFXUDEOH DQG SURJUHVVLYH GLVHDVHV LQ WKH DWWHPSW RI DYRLGLQJ WKH H[LVWHQWLDO VXIIHULQJ IURP WKRVH GLVHDVHV WU\LQJ WRJLYH WKH SDWLHQWV ZKRVH PHQWDO KHDOWK LV ZHDN DQG IUDJLOH DQG WKHLU IDPLOLHV WKH EHVW SRVVLEOH TXDOLW\ RI OLIH $FWLYH DQG ULJRURXV FDUH ZLOO EH JLYHQ KDYLQJ LQ PLQG WKH QHFHVVLW\ RI WKH SDWLHQWV DQG WKHLU IDPLOLHV FRPELQLQJ VFLHQFH DQG KXPDQLVP 7KLV ZD\ LW·V LPSRUWDQW WR HVWDEOLVK D VWURQJ FRQQHFWLRQ EHWZHHQ WKH 1DWLRQDO 6HUYLFH RI 0HQWDO +HDOWK DQG WKH 3DOOLDWLYH &DUH 2UJDQL]DWLRQ VR WKDW LW FDQ ZRUN DV VRRQ DV SRVVLEOH JLYLQJ DVVLVWDQFH WR WKH SDWLHQW DQG IDPLO\

(QIHUPHLUD &HQWUR GH 6D~GH GH 9LDQD GR &DVWHOR ([WHQVmR GH 6D~GH GH 6DQWD 0DUWD LOGDPDOSXLP#VDSR SW


,I LW KDSSHQV WKH 0HQWDO +HDOWK DQG 3V\FKLDWU\ 6SHFLDOLW\ FDQ FRQWULEXW LQ DQ HIIHFWLYH ZD\ WR WKH ELR SV\FKR VSLULWXDO FXOWXUDO DQG VRFLDO ZHOO EHLQJ RI WKH LOO SHUVRQ DQG IDPLO\ ORRNLQJ DIWHU WKH SDWLHQW DV D ZKROH DQG QRW RQO\ DV DQ DPRXQW RI SK\VLRSDWKRORJLFDO FKDQJHV .H\ :RUGV 0HQWDO KHDOWK 3DOOLDWLYH &DUH 1XUVH 6SHFLDOLVW GRFWRU ,1752'8d®2 R SUHVHQWH WtWXOR D HVSHFLDOLGDGH GH VDßGH PHQWDO H SVLTXLDWULD TXH FRQWULEXWRV QRV FXLGDGRV SDOLDWLYRV FRQVWLWXL H DVVXPH VH XPD UHÁH[mR DR SDSHO GR HQIHUPHLUR HVSHFLDOLVWD GH VD~GH PHQWDO H SVLTXLDWULD HYLGHQFLDQGR VH RV FRQWULEXWRV TXH HVWD HVSHFLDOLGDGH SRGH GDU SDUD D PHOKRU TXDOLGDGH GH YLGD QRV GRHQWHV HP FXLGDGRV SDOLDWLYRV 7RUQD VH PXLWR LPSRUWDQWH SDUD QyV HQIHUPHLURV SUHVWDGRUHV GH FXLGDGRV FRQKHFHU R FRQFHLWR GH VD~GH PHQWDO H GH FXLGDGRV SDOLDWLYRV &RPR HVWmR RUJDQL]DGRV H R SDSHO GR HQIHUPHLUR HVSHFLDOLVWD GH VD~GH PHQWDO H SVLTXLDWULD QR GRHQWH SDOLDWLYR 'HVWD IRUPD WRUQD VH IXOFUDO VDEHU R TXH HVWi HVWDEHOHFLGR QR 3ODQR 1DFLRQDO GH 6D~GH 0HQWDO H R TXH p SUHFRQL]DGR SDUD D 2UJDQL]DomR GRV &XLGDGRV 3DOLDWLYRV DWUDYpV GD $VVRFLDomR 3RUWXJXHVD GH &XLGDGRV 3DOLDWLYRV $VVLP SUHWHQGH VH SURPRYHU D (VSHFLDOLGDGH GH 6D~GH 0HQWDO H 3VLTXLDWULD FRPR FRQWULEXWR HÀFD] QR EHP HVWDU ELR SVLFR HVSLULWXDO FXOWXUDO H VRFLDO GD SHVVRD H IDPtOLD 3UHVHUYDU D 6D~GH 0HQWDO SUHYHQLQGR D 'RHQoD 0HQWDO $ 2UJDQL]DomR 0XQGLDO GH 6D~GH 206 FLWDGD QR /LYUR 9HUGH GHÀQH D 6D~GH 0HQWDO FRPR |R HVWDGR GH EHP HVWDU QR TXDO R LQGLYÓGXR UHDOL]D DV VXDV FDSDFLGDGHV SRGH ID]HU IDFH DR VWUHVV QRUPDO GD YLGD WUDEDOKDU GH IRUPD SURGXWLYD H IUXWÓIHUD H FRQWULEXLU SDUD D FRPXQLGDGH HP TXH VH LQVHUH} 2V FRQFHLWRV GH VD~GH PHQWDO DEUDQJHP R EHP HVWDU VXEMHFWLYR D DXWR HÀFiFLD D DXWRQRPLD D FRPSHWrQFLD D GHSHQGrQFLD LQWHU JHUDFLRQDO H D DXWR UHDOL]DomR GR SRWHQFLDO LQWHOHFWXDO H HPRFLRQDO GD SHVVRD (VWHV FRQFHLWRV VmR YDVWRV H FRQVWUXWLYRV H YmR GH HQFRQWUR j FDSDFLGDGH TXH FDGD SHVVRD WHP GH GHVHQYROYHU R VHX SRWHQFLDO GH VD~GH H SRU FRQVHJXLQWH QD SURPRomR GD VD~GH DVVXPLQGR XP SDSHO DFWLYR GH FLGDGDQLD QD FRPXQLGDGH HP TXH HVWi LQVHULGR 1D SHUFHSomR JHUDO GDV SHVVRDV D VD~GH PHQWDO D VD~GH ItVLFD H D VRFLDO HVWmR IRUWHPHQWH LQWHUGHSHQGHQWHV H j PHGLGD TXH WrP FRQVFLrQFLD GHVWD UHODomR WRUQD VH PDLV HYLGHQWH TXH D VD~GH PHQWDO p LQGLVSHQViYHO SDUD R EHP HVWDU JHUDO GRV LQGLYtGXRV GDV VRFLHGDGHV H GRV SDtVHV 5HODWyULR 0XQGLDO GH 6D~GH 1HVWH VHQWLGR 3HUHLUD H 9LODU IDODP QRV HP HTXLOtEULR VRFLDO D SDUWLU GR PRPHQWR HP TXH FDGD XP VH HQFRQWUD DSWR D FRQWULEXLU FRP R VHX HVIRUoR H QR XVXIUXWR GDV VXDV FDSDFLGDGHV SDUD XPD FRPXQLGDGH TXH p GH WRGRV H SRU

WRGRV FRQVWLWXtGD RQGH R LQGLYtGXR VH IRL DGDSWDQGR H LQWHJUDQGR QR LQWHULRU GRV VHXV JUXSRV GH UHIHUrQFLD H GH SHUWHQoD 2 VHU KXPDQR FRQVWUyL D VXD YLGD GH IRUPD FRQWtQXD DGDSWD VH H GHVHQYROYH XPD LGHQWLGDGH H FRPSHWrQFLD DWUDYpV GD VXD SDUWLFLSDomR HP DFWLYLGDGHV GH YLGD GLiULDV DR ORQJR GR WHPSR H QR FRQWH[WR GR VHX DPELHQWH 4XDQGR VXUJHP PXGDQoDV FRPR R DSDUHFLPHQWR GH XPD GRHQoD PHQWDO )UDJRHLUR FLWDGR SRU 6StQROD GL] QRV TXH HVWDV PXGDQoDV LPSRVVLELOLWDP D SHVVRD GH VH HQYROYHU QDTXLOR TXH GHVHMD RX TXH p HVSHUDGR SHOR DPELHQWH HP TXH YLYH FRQVWLWXLQGR XP GHVDÀR DR SURFHVVR GH DGDSWDomR $ VD~GH H D GRHQoD PHQWDO RVFLODP DR ORQJR GRV SHUFXUVRV GH YLGD GDV SHVVRDV H GDV IDPtOLDV 1R HQWDQWR R VHU KXPDQR WHP D FDSDFLGDGH GH VH DGDSWDU j PXGDQoD H p UHVLOLHQWH SRUTXH FRQVHJXH OLGDU FRP D LQVHJXUDQoD H R VRIULPHQWR H[LVWHQWHV QRV GLDV TXH FRUUHP 6StQROD $ IDVH GD YLGD HP TXH PDLV IUHTXHQWHPHQWH RFRUUH R SULPHLUR VXUWR GH GRHQoD PHQWDO FRUUHVSRQGH VHJXQGR $OPHLGD D XPD IDVH GD LGHQWLGDGH RFXSDFLRQDO PDUFDGD SHOD FUHVFHQWH DGDSWDomR VyFLR SURÀVVLRQDO EDVWDQWH H[SRVWD D YDULiYHLV LQWUDSVLTXLFDV HPRFLRQDLV LQWHU UHODFLRQDLV WHQWDQGR FDGD YH] PDLV HP GHPRQVWUDU FDSDFLGDGHV HP DUULVFDU SURFXUDU FULDU H VREUHWXGR HP VHUHP FRPSHWLWLYDV $ GRHQoD PHQWDO WHP DVVLP D VXD RULJHP QDV SHUWXUEDo}HV QRV GHVHTXLOtEULRV PHQWDLV QRV GLVIXQFLRQDPHQWRV TXH SRGHP HVWDU DVVRFLDGRV j DQJ~VWLD H DR VRIULPHQWR EHP FRPR QRV VLQWRPDV H GRHQoDV PHQWDLV GLDJQRVWLFDGDV SRU H[HPSOR D HVTXL]RIUHQLD H D GHSUHVVmR /LYUR 9HUGH $ FRQGLomR PHQWDO p GHWHUPLQDGD SRU XP OHTXH GH IDFWRUHV ELROyJLFRV IDPLOLDUHV LQGLYLGXDLV VRFLDLV HFRQyPLFRV H DPELHQWDLV TXH VH FRQGLFLRQDP HQWUH VL DR ORQJR GR FLFOR YLWDO GH FDGD XP 0DV SDUD TXH VH PDQWHQKD R EHP HVWDU PHQWDO p QHFHVViULR TXH R HTXLOtEULR HQWUH HVWD PXOWLSOLFLGDGH GH IDFWRUHV VHMD XPD FRQVWDQWH 3DUD TXH VH SUHVHUYH D VD~GH PHQWDO p LPSRUWDQWH TXH VH LQWHUYHQKD D QtYHO GD SURPRomR GD VD~GH PHQWDO 'H DFRUGR FRP %XUJHVV FLWDGR SRU +DQVRQ GL] QRV TXH D SURPRomR GD VD~GH PHQWDO FDL QR GRPtQLR GRV FXLGDGRV SULPiULRV 2 DXWRU DÀUPD TXH HVWHV FXLGDGRV VmR FRQWtQXRV H FRPSOHWRV QHFHVViULRV SDUD D SURPRomR GH XPD H[FHOHQWH VD~GH PHQWDO SUHYHQLQGR D GRHQoD PHQWDO WUDWDPHQWR H RX HQFDPLQKDPHQWR GH SUREOHPDV GH VD~GH PHQWDO H ItVLFRV GLDJQRVWLFR H WUDWDPHQWR GH SHUWXUEDo}HV PHQWDLV H GDV VXDV VHTXHODV H UHDELOLWDomR 1HVWH VHQWLGR RV &XLGDGRV 6D~GH 3ULPiULRV VmR XP PHLR SRU H[FHOrQFLD GH SUHVWDomR SURPRomR GH FXLGDGRV GH VD~GH PHQWDO j SHVVRD H IDPtOLD $ SUR[LPLGDGH GDV IDPtOLDV DR ORQJR GR FLFOR YLWDO SHUPLWH QRV TXHU QD XQLGDGH GH VD~GH TXHU QR GRPLFtOLR FRQWH[WR XPD LQWHUYHQomR SUHFRFH MXQWR GD SHVVRD GRHQWH PLQLPL]DQGR R SURJUHVVR GD GRHQoD FRQWUROR GRV VLQWRPDV H QD PHOKRULD GRV UHVXOWDGRV 2 HQIHUPHLUR HVSHFLDOLVWD GH VD~GH PHQWDO FRQWULEXL SDUD D PHOKRULD GRV FXLGDGRV D SHVVRDV FRP SUREOHPDV GH VD~GH PHQWDO H HP VRIULPHQWR $ VXD SRVWXUD D VXD SUHVHQoD DFWLYD H RV SULQFtSLRV TXH RULHQWDP R VHX H[HUFtFLR SURÀVVLRQDO GmR FRQWULEXWRV QHVWH VHQWLGR $R QRUWHDU D QRVVD DFWXDomR SRU HVWHV SULQFtSLRV UHIRUoDPRV


RV IDFWRUHV SURWHFWRUHV GLPLQXLQGR RV IDFWRUHV GH ULVFR VREUH R QRVVR FDPSR GH DFomR QD VD~GH PHQWDO TXHU HOH VHMD QR LQGLYtGXR QD IDPtOLD RX QD FRPXQLGDGH FRQWULEXLQGR GHVWD IRUPD SDUD D SURPRomR GD VD~GH PHQWDO H D SUHYHQomR GH GRHQoD PHQWDO $ 6D~GH 0HQWDO QRV &XLGDGRV 3DOLDWLYRV 6D~GH H GRHQoD VmR FRQFHLWRV TXH HPHUJHP GD QRomR GH EHP HVWDU RX VHMD TXDQGR D SHVVRD VH Yr FRQIURQWDGD FRP D VLWXDomR GH GRHQoD VXUJH XP HVWDGR GH DQRUPDOLGDGH LVWR p SDVVD VH GH XP HVWDGR QRUPDO VD~GH SDUD XP HVWDGR GH DQRUPDOLGDGH GRHQoD 1HVWH FRQWH[WR p SRVVtYHO DWUDYpV GR WUDEDOKR PXOWLGLVFLSOLQDU H LQWHUGLVFLSOLQDU RQGH R HQIHUPHLUR HVSHFLDOLVWD GH VD~GH PHQWDO WHP XP SDSHO SUHSRQGHUDQWH QR FXLGDU GD SHVVRD GHVHQYROYHU HVWUDWpJLDV TXH FRQWULEXDP SDUD XP HVWDGR QRUPDO VD~GH DWLQJLQGR XP EHP HVWDU WRWDO H FRQVHTXHQWH VD~GH PHQWDO PDQWHQGR R GLDJQyVWLFR GH GRHQoD DQRUPDOLGDGH (P FXLGDGRV SDOLDWLYRV HVWDV QRo}HV HVWmR SUHVHQWHV 1HWR FLWDQGR 1HHE GL] QRV TXH D VD~GH SDUD TXHP HVWi QD IDVH WHUPLQDO QmR p HQWHQGLGD FRPR D DXVrQFLD GH GRHQoD PDV FRPR D SRVVLELOLGDGH GH GDU XP VHQWLGR j YLGD TXH UHVWD SDUD YLYHU WHUPLQDQGR GH IRUPD PDLV GLJQD 2 HQFRQWUDU R VHQWLGR SDUD D YLGD UHVXOWD GR VHQWLU TXH VH HVWi D FXPSULU XP SDSHO H XP ÀP TXH VmR ~QLFRV H TXH GHYHP VHU YLYLGRV SOHQDPHQWH GH DFRUGR FRP D FRQGLomR KXPDQD GH FDGD XP $WLQJLQGR GHVWD IRUPD XP HVWDGR GH SOHQLWXGH H GH EHP HVWDU WRWDO )UDQoRLV 0LWWHUUDQG QR SUHIiFLR GR OLYUR 'LiORJR FRP D 0RUWH IDOD QRV GHVWH HVWDGR GH SOHQLWXGH |3RU YH]HV QR HVSDÍR GH GLDV JUDÍDV Ç DMXGD GH XPD SUHVHQÍD TXH SHUPLWH TXH R GHVHVSHUR H D GRU VH H[SULPDP RV GRHQWHV HQWHQGHP D VXD SUÙSULD YLGD DSURSULDP VH GHOD PDQLIHVWDP D VXD YHUGDGH GHVFREUHP D OLEHUGDGH GH DGHULU D VL SUÙSULRV} 2 FRQFHLWR GH FXLGDGRV SDOLDWLYRV WHP HVVD FDSDFLGDGH GH UHVSRVWD $ VXD ÀORVRÀD GHÀQH VH FRPR XPD UHVSRVWD DFWLYD DRV SUREOHPDV GHFRUUHQWHV GD GRHQoD SURORQJDGD LQFXUiYHO H SURJUHVVLYD QD WHQWDWLYD GH SUHYHQLU R VRIULPHQWR TXH HOD JHUD H GH SURSRUFLRQDU D Pi[LPD TXDOLGDGH GH YLGD D HVWHV GRHQWHV H VXDV IDPtOLDV 6mR FXLGDGRV GH VD~GH DFWLYRV ULJRURVRV TXH FRPELQDP FLrQFLD H KXPDQLVPR (VWHV FXLGDGRV VmR SUHVWDGRV FRP EDVH QDV QHFHVVLGDGHV GRV GRHQWHV H IDPtOLDV H QmR QR GLDJQyVWLFR 2V FXLGDGRV SDOLDWLYRV LQWHJUDGRV QR VLVWHPD GH VD~GH SURPRYHP XPD LQWHUYHQomR WpFQLFD TXH UHTXHU IRUPDomR H WUHLQR HVSHFtÀFR SRU SDUWH GRV SURÀVVLRQDLV TXH RV SUHVWDP 6mR FXLGDGRV SUHYHQWLYRV SRUTXH SUHYLQHP XP JUDQGH VRIULPHQWR PRWLYDGR SRU VLQWRPDV FRPR D GRU IDGLJD SHODV P~OWLSODV SHUGDV TXHU VHMDP ItVLFDV H SVLFROyJLFDV DVVRFLDGDV j GRHQoD FUyQLFD H WHUPLQDO H UHGX]HP RV OXWRV SDWROyJLFRV $ $VVRFLDomR 1DFLRQDO GH &XLGDGRV 3DOLDWLYRV FLWD D 2UJDQL]DomR 0XQGLDO GH 6D~GH 206 QD GHÀQLomR GH FXLGDGRV SDOLDWLYRV |6ÊR XPD DERUGDJHP TXH YLVD PHOKRUDU D TXDOLGDGH GH YLGD GRV GRHQWHV z H VXDV IDPÓOLDV z TXH HQIUHQWDP SUREOHPDV GHFRUUHQWHV GH XPD GRHQÍD LQFXUÈYHO H RX JUDYH H FRP SURJQÙVWLFR OLPLWDGR DWUDYÏV GD SUHYHQÍÊR H

DOÓYLR GR VRIULPHQWR FRP UHFXUVR Ç LGHQWLILFDÍÊR SUHFRFH H WUDWDPHQWR ULJRURVR GRV SUREOHPDV QÊR VÙ IÓVLFRV PDV WDPEÏP GRV SVLFRVVRFLDLV H HVSLULWXDLV} 7RGD HVWD GHÀQLomR IRL DGRSWDGD QR QRVVR SDtV SHOR 3ODQR 1DFLRQDO GH &XLGDGRV 3DOLDWLYRV 31&3 HP TXH FODULÀFD R FRQFHLWR GHVWHV FXLGDGRV $VVLP FRPSUHHQGH VH SRU FXLGDGRV SDOLDWLYRV R GLJQLÀFDU D YLGD H R DFHLWDU D PRUWH FRPR SURFHVVR QDWXUDO VHQGR REMHFWLYR SULQFLSDO R EHP HVWDU H D TXDOLGDGH GH YLGD GR GRHQWH $ DERUGDJHP DR GRHQWH p IHLWD GH IRUPD KROtVWLFD SHOR TXH p LPSRUWDQWH D IRUPDomR DGHTXDGD QDV HTXLSDV PXOWLGLVFLSOLQDUHV 2 ELQyPLR GRHQWH IDPtOLD HVWi VHPSUH SUHVHQWH QRV FXLGDGRV SDOLDWLYRV QmR VmR UHDOLGDGHV GHVOLJDGDV $ GRHQoD WHUPLQDO WHP DVVRFLDGR XP FRQMXQWR GH SUREOHPDV TXH GHWHUPLQDP VRIULPHQWR GH LQWHQVLGDGH GLIHUHQWH SDUD DTXHOHV TXH D YLYHP 6mR YiULDV DV IRQWHV GH VRIULPHQWR QRV GRHQWHV WHUPLQDLV VHQGR DV PDLV FLWDGDV SRU GLYHUVRV DXWRUHV D SHUGD GH DXWRQRPLD H GHSHQGrQFLD GH WHUFHLURV RV VLQWRPDV PDO FRQWURODGRV DV DOWHUDo}HV GD LPDJHP FRUSRUDO D SHUGD GH VHQWLGR GD YLGD H GH GLJQLGDGH D SHUGD GH SDSpLV VRFLDLV HVWDWXWR H UHJDOLDV HFRQyPLFDV DV DOWHUDo}HV QDV UHODo}HV LQWHUSHVVRDLV D PRGLÀFDomR GH H[SHFWDWLYDV H GH SODQRV IXWXURV H R SRVVtYHO DEDQGRQR GH TXDQGR PDLV VH SUHFLVD GH DMXGD 1HWR 3DUD &DVVHO FLWDGR SRU 1HWR R VRIULPHQWR p FRPR XP HVWDGR GH GLVWUHVV TXH RFRUUH TXDQGR D LQWHJULGDGH GD SHVVRD p DPHDoDGD H TXH FRUUHVSRQGH DR PDO HVWDU KXPDQR 'HVWD IRUPD D LQWHQVLGDGH GHVVH VRIULPHQWR p PHGLGD QRV WHUPRV GR SUySULR GRHQWH j OX] GRV VHXV YDORUHV GDV VXDV YLYHQFLDV GDV VXDV FUHQoDV H UHFXUVRV 2 VRIULPHQWR p YLYLGR SRU SHVVRDV XOWUDSDVVDQGR RV DVSHFWRV ItVLFRV GD GRHQoD QmR VHQGR XP VLQWRPD QHP XP GLDJQyVWLFR PDV XPD H[SHULHQFLD KXPDQD PXLWR FRPSOH[D $ GLFRWRPLD FRUSR PHQWH p XP REVWiFXOR SDUD R DOtYLR GR VRIULPHQWR 2 VRIULPHQWR H[LVWHQFLDO DVVRFLDGR j GRHQoD WHUPLQDO p WDPEpP HOH XP HVWDGR GH GLVWUHVV QR LQGLYtGXR TXH VH FRQIURQWD FRP D VXD PRUWDOLGDGH UHVXOWDQGR HP VHQWLPHQWRV GH LPSRWrQFLD IXWLOLGDGH SHUGD GH VHQWLGR GHVLOXVmR UHPRUVR PHGR GD PRUWH H GH GLVUXSomR GD LGHQWLGDGH SHVVRDO $V TXHVW}HV GH SHUGD GH VHQWLGR VmR UHIHUHQFLDGDV FRPR VRIULPHQWR HVSLULWXDO VtQGURPH GH GHVPRUDOL]DomR GHVHVSHUDQoD H SHUGD GH GLJQLGDGH 8P GRHQWH GHVHVSHUDGR H HP VRIULPHQWR QmR WHP TXH HVWDU QHFHVVDULDPHQWH GHSULPLGR H D VXD DERUGDJHP QmR VHUi VHPSUH D PHVPD QRPHDGDPHQWH QR UHFXUVR DRV IiUPDFRV DQWL GHSUHVVLYRV 8P GRHQWH WHUPLQDO GHSULPLGR QRUPDOPHQWH DSUHVHQWD SHUGD GR SUD]HU UHODWLYR DR PRPHQWR SUHVHQWH H GR SUD]HU DQWHFLSDWyULR HQTXDQWR R GRHQWH GHVPRUDOL]DGR FRQVHUYD R SUD]HU UHODWLYR DR GHVIUXWDU GR PRPHQWR SUHVHQWH 1R HQWDQWR 'R\OH UHIHUHQFLDGR SRU 1HWR GL] QRV TXH SRGHP H[LVWLU DOJXQV FULWpULRV TXH FRQWULEXHP SDUD R HVWDEHOHFLPHQWR GR GLDJQyVWLFR GH GHSUHVVmR QR GRHQWH HP ÀP GH YLGD FRPR VHQGR KXPRU GHSUHVVLYR PDQWLGR LGHDomR VXLFLGD SHUGD GH LQWHUHVVH LQVyQLD UHDFWLYLGDGH DXPHQWDGD FXOSDELOL]DomR H UHPRUVR 1D ÀORVRÀD GRV


FXLGDGRV SDOLDWLYRV TXDQGR XP LQGLYtGXR VH FRQIURQWD FRP XPD GRHQoD WHUPLQDO H FRP D SRVVLELOLGDGH GH XPD SRVVtYHO LQFDSDFLGDGH LVWR QmR p LPSHGLWLYR GH WHU TXDOLGDGH GH YLGD ([LVWLQGR HVFDODV TXH DYDOLDP RV GLIHUHQWHV GRPtQLRV GD TXDOLGDGH GH YLGD LQFOXLQGR D DYDOLDomR GR GRPtQLR HVSLULWXDO H H[LVWHQFLDO 6mR YDORUHV LQDOLHQiYHLV LQWHUGHSHQGHQWHV H IXQGDPHQWDLV QDV SUiWLFDV GRV FXLGDGRV SDOLDWLYRV R UHVSHLWR SHOR YDORU GD YLGD KXPDQD H R DOtYLR GR VRIULPHQWR 2 3ODQR 1DFLRQDO GH 6D~GH 0HQWDO H D 2UJDQL]DomR GRV &XLGDGRV 3DOLDWLYRV 1DV ~OWLPDV GpFDGDV GR VpFXOR ;; RV PRGHORV DVVLVWHQFLDLV VRIUHUDP JUDQGHV DOWHUDo}HV 3DVVRX VH GXP PRGHOR ELRPpGLFR H KRVSLWDODU SDUD XP PRGHOR KROtVWLFR H GH FDUL] FRPXQLWiULR 'H DFRUGR FRP R 'HFUHWR OHL Q GH GH -XOKR HVWH HVWDEHOHFH RV SULQFtSLRV RULHQWDGRUHV TXH FRQVDJUDP D SURWHFomR H SURPRomR GD 6D~GH 0HQWDO WHQGR FRPR FXLGDGR SULRULWiULR D FRPXQLGDGH DVVHJXUDGR SRU HTXLSDV PXOWLGLVFLSOLQDUHV (VWHV FXLGDGRV GHYHP UHVSRQGHU jV QHFHVVLGDGHV PpGLFDV GH HQIHUPDJHP SVLFROyJLFDV VRFLDLV H GH UHDELOLWDomR (VWDV PHGLGDV WrP FRPR REMHFWLYR D SURWHFomR GD VD~GH H DVVHJXUDU RX UHVWDEHOHFHU R HTXLOtEULR SVtTXLFR GDV SHVVRDV 2 3ODQR 1DFLRQDO GH 6D~GH 0HQWDO UHJXODPHQWDGR SHOD 5HVROXomR GH &RQVHOKR GH 0LQLVWURV Q GH GH 0DUoR LQWURGX] DVSHFWRV LQRYDGRUHV TXH FRUUHVSRQGHP WDPEpP jV UHFRPHQGDo}HV LQWHUQDFLRQDLV QRPHDGDPHQWH DR DSRLR D JUXSRV YXOQHUiYHLV RX HP ULVFR VRFLDO QD SUHYHQomR GD YLROrQFLD GRPpVWLFD H GR DEXVR LQIDQWLO EHP FRPR QD OXWD FRQWUD D H[FOXVmR VRFLDO GRV VHP DEULJR FRPR QD SURPRomR GD VD~GH PHQWDO H D SUHYHQomR GDV SHUWXUEDo}HV PHQWDLV 2V SULQFtSLRV SHORV TXDLV VH UHJH R 3ODQR 1DFLRQDO GH 6D~GH 0HQWDO YDORUL]D RV FXLGDGRV QD FRPXQLGDGH DVVXPLQGR R LQWHUQDPHQWR FRPR ~OWLPR UHFXUVR SURFXUDQGR WRGDV DV DOWHUQDWLYDV GH WUDWDPHQWR QD FRPXQLGDGH LQFHQWLYDQGR j SDUWLFLSDomR FRPXQLWiULD H LQFHQWLYDQGR DR HQYROYLPHQWR GRV GRHQWHV H VHXV IDPLOLDUHV 'D PHVPD IRUPD TXH R 3ODQR 1DFLRQDO 6D~GH 0HQWDO SURFXUD TXH KDMD XPD DUWLFXODomR FRHVD FRP RV FXLGDGRV GH SUR[LPLGDGH H D FRODERUDomR LQWHUVHFWRULDO QRPHDGDPHQWH FRP RV &XLGDGRV GH 6D~GH 3ULPiULRV WDPEpP RV &XLGDGRV 3DOLDWLYRV GHIHQGHP VHU LQWHJUDGRV R PDLV SUHFRFHPHQWH SRVVtYHO H HP DUWLFXODomR FRP RXWURV VHUYLoRV H RXWURV QtYHLV GH DVVLVWrQFLD SDUD TXH QXPD SHUVSHFWLYD FXUDWLYD H SDOLDWLYD HVWDV VHMDP GLDFUyQLFDV H GH FRPSOHPHQWDULGDGH DR ORQJR GR SURFHVVR GH GRHQoD FUyQLFD H QmR VRPHQWH QRV ~OWLPRV GLDV RX VHPDQDV GH YLGD GHYHQGR HVWDU VHPSUH SUHVHQWH R DSRLR DR GRHQWH H IDPtOLD QR SURFHVVR GH SHUGDV VXFHVVLYDV H GH OXWR $VVRFLDomR 3RUWXJXHVD &XLGDGRV 3DOLDWLYRV $V SUiWLFDV GRV FXLGDGRV SDOLDWLYRV D HVWHV GRHQWHV SDUD TXH VHMDP SRVVtYHLV p QHFHVViULR TXH VXUMDP PRGHORV RUJDQL]DWLYRV TXHU HOHV VHMDP GRPLFLOLiULRV RX GH XQLGDGHV GH UHIHUrQFLD $ $VVRFLDomR 1DFLRQDO GH &XLGDGRV 3DOLDWLYRV FLWDQGR *RPH] %DWLVWH HVSHFLDOLVWD HP RUJDQL]DomR GH VHUYLoRV GH FXLGDGRV SDOLDWLYRV UHIHUH

|$ UHVSRVWD ÇV QHFHVVLGDGHV GRV GLIHUHQWHV JUXSRV GH GRHQWHV FRP GRHQÍD JUDYH H WHUPLQDO SDVVD SHOD FULDÍÊR GH XPD UHGH DODUJDGD H LQWHJUDGD GH VHUYLÍRV TXH DEUDQMD GHVGH R GRPLFÓOLR DRV FXLGDGRV HP XQLGDGHV GH LQWHUQDPHQWR HVSHFÓILFDV H HP KRVSLWDLV GH DJXGRV SDVVDQGR SHODV LQVWLWXLÍÛHV GH FXLGDGRV GH ORQJD GXUDÍÊR} SURPRYHQGR D TXDOLGDGH GH YLGD SRVVtYHO SDUD RV GRHQWHV H VXDV IDPtOLDV 2V VHUYLoRV TXH ID]HP SDUWH GHVWHV PRGHORV RUJDQL]DWLYRV GHYHP SURSRUFLRQDU XP VHUYLoR GH FXLGDGRV SDOLDWLYRV DGHTXDGRV $ UHVSRQVDELOLGDGH p GH WRGRV RV HOHPHQWRV GD HTXLSD GH VD~GH SHOR TXH GHYH H[LVWLU XPD ERD FRPXQLFDomR SDUWLOKD GH LQIRUPDomR H FRQIHUrQFLDV IDPLOLDUHV GH PRGR D RULJLQDU UHVSRVWD HIHFWLYD jV QHFHVVLGDGHV GRV GRHQWHV IDPtOLDV H SURÀVVLRQDLV 2V &RQWULEXWRV GR (QIHUPHLUR (VSHFLDOLVWD GH 6D~GH 0HQWDO H 3VLTXLDWULD QRV &XLGDGRV 3DOLDWLYRV 1R &yGLJR 'HRQWROyJLFR GR (QIHUPHLUR DUWLJR DV LQWHUYHQo}HV GH HQIHUPDJHP UHJHP VH SHOR UHVSHLWR GD OLEHUGDGH H SHOD GLJQLGDGH GD SHVVRD EHP FRPR D SHVVRD GHYH VHU YLVWD FRPR XP VHU ~QLFR VXMHLWR GH GLUHLWR H QmR FRPR REMHFWR GR FXLGDU 1HVWH VHQWLGR H QD SHUVSHFWLYD pWLFD D UHODomR HQWUH TXHP FXLGD H TXHP UHFHEH FXLGDGRV UHJH VH SRU SULQFtSLRV H YDORUHV RQGH D GLJQLGDGH KXPDQD p D HVVrQFLD GR TXDO GHFRUUHP RV RXWURV SULQFtSLRV R GD LQYLRODELOLGDGH GH FDGD SHVVRD R UHFRQKHFLPHQWR GD DXWRQRPLD GH FDGD XP R UHFRQKHFLPHQWR GH TXH FDGD XP GHYH VHU VRFLDOPHQWH WUDWDGR GH DFRUGR FRP D VXD FRQGXWD H SRU XOWLPR D SUHVHQoD GH VROLGDULHGDGH SDUD FRP D LQIHOLFLGDGH H R VRIULPHQWR GRV RXWURV VHUHV KXPDQRV (VWHV SULQFtSLRV GHYHP HVWDU SUHVHQWH GH IRUPD LQHTXtYRFD HP WRGDV DV GHFLV}HV H LQWHUYHQo}HV 0DV QmR GHYHPRV H[FOXLU D SHVVRD GR HQIHUPHLUR GHVWHV SULQFtSLRV SRLV WDPEpP HOH VH LQFOXL QD OLEHUGDGH H QD GLJQLGDGH KXPDQD 2UGHP GRV (QIHUPHLURV 'HYHQGR D SUiWLFD GD HQIHUPDJHP QmR DEUDQJHU VRPHQWH R ID]HU WpFQLFR HOD GHYH WDPEpP DEUDQJHU D RULJHP H FRQVHTXrQFLD GHVVH ID]HU SHOR TXH DV WHRULDV H PRGHORV GHVHQYROYLGRV DR ORQJR GR WHPSR SHOD HQIHUPDJHP SRGHP VHU XVDGDV SHORV SURÀVVLRQDLV SDUD RULHQWDU H PHOKRUDU D VXD SUiWLFD 8PD GDV WHRULDV FRQVLGHUDGDV FRPR UHIHUHQFLD SDUD D SUiWLFD GD HQIHUPDJHP VREUHWXGR SDUD D HQIHUPDJHP SVLTXLiWULFD p D 7HRULD GDV 5HODo}HV ,QWHUSHVVRDLV GHVHQYROYLGD SRU +LOGHJDUG ( 3HSODX UHIHUH VH i HQIHUPDJHP FRPR VHQGR PXOWLIDFHWDGD H TXH R HQIHUPHLUR GHYH FRQWULEXLU SDUD D HGXFDomR H D SURPRomR GR EHP HVWDU GD SHVVRD KXPDQD 1HHE e QHVWH VHQWLGR TXH R FXLGDU GD SHVVRD KXPDQD VH GHYH IRFDU QD UHODomR LQWHUSHVVRDO H QD UHODomR GH DMXGD FXMR REMHFWLYR VHUi SURPRYHU H PDQWHU R FRPSRUWDPHQWR LQWHJUDGR GD SHVVRD IDPtOLD JUXSR RX FRPXQLGDGH &RQWXGR WRUQD VH PXLWR LPSRUWDQWH SDUD QyV HQIHUPHLURV HVSHFLDOLVWDV GH VD~GH PHQWDO VDEHU TXH SDUD D TXDOLGDGH GH YLGD GD SHVVRD KXPDQD QmR EDVWD D FXOWXUD R GHVHQYROYLPHQWR HFRQyPLFR RX R DPELHQWH VRFLDO SDUD GHWHUPLQDU D VXD TXDOLGDGH GH YLGD e LPSRUWDQWH WHUPRV EHP SUHVHQWH R FRQFHLWR GH GLJQLGDGH SDUD TXH SRVVDPRV LQWHJUDU D SHVVRD QR VHX FRQWH[WR H JHUDQGR D SDUWLU GDt RV REMHFWLYRV H DV HVWUDWpJLDV


GH LQWHUYHQomR TXH QRV OHYDUDP j SURPRomR GD GLJQLGDGH KXPDQD H TXH VH HQFRQWUD H[WUHPDPHQWH OLJDGR DR FRQFHLWR GH TXDOLGDGH GH YLGD 2 HQIHUPHLUR HVSHFLDOLVWD GH VD~GH PHQWDO FHQWUD DV VXDV DWLWXGHV QRV SULQFtSLRV RULHQWDGRUHV GD VXD IRUPDomR H TXH DVVHQWDP QR GLDJQyVWLFR QD LQWHUYHQomR SUHFRFH QD SDUWLFLSDomR GR GRHQWH QD SDUFHULD FRP D IDPtOLD QR HQYROYLPHQWR GD FRPXQLGDGH H QD LQWHJUDomR QRV FXLGDGRV GH VD~GH SULPiULRV &ULDQGR FRQGLo}HV SDUD TXH D SHVVRD GHVHQYROYD FDSDFLGDGHV GH LQWHJUDomR H GH DFHLWDomR GD GRHQoD H RV VHXV GHVDÀRV 3URSRUFLRQDQGR GHVWD IRUPD TXH D SHVVRD H VXD IDPtOLD DWLQMDP R Pi[LPR GH DXWRQRPLD H XPD PHOKRU TXDOLGDGH GH YLGD 1R kPELWR GD SUHVWDomR GH FXLGDGRV H GDV GLYHUVDV DFWLYLGDGHV GHVHPSHQKDGDV p LPSUHVFLQGtYHO TXH RV HQIHUPHLURV GHVHQYROYDP DV FDSDFLGDGHV GH FRPXQLFDomR H GH UHODFLRQDPHQWR SRUTXH R VXFHVVR GDV VXDV LQWHUYHQo}HV HVWmR H[WUHPDPHQWH OLJDGDV j HPSDWLD TXH FRQVHJXHP HVWDEHOHFHU FRP D SHVVRD IDPtOLD JUXSR H FRPXQLGDGH $ FRPXQLFDomR WRUQD VH SRLV R SLODU SDUD D FRQVXOWD GH HQIHUPDJHP HVSHFLDOL]DGD SHUPLWLQGR DR HQIHUPHLUR HVSHFLDOLVWD GH VD~GH PHQWDO D FDSDFLGDGH GH VDEHU RXYLU H VDEHU HVWDU SUHVHQWH $VVLP HYLWDP VH VLWXDo}HV WDLV FRPR R PHGR R VLOrQFLR H D EDQDOL]DomR UHVXOWDGR GH QmR VDEHUPRV UHDJLU IDFH DR VRIULPHQWR GR RXWUR OHYDQGR D XP LVRODPHQWR TXHU SRU SDUWH GR GRHQWH IDPtOLD TXHU SRU SDUWH GR HQIHUPHLUR UHVXOWDQGR HP VHQWLPHQWRV GH FXOSD GH VROLGmR H GH GHSUHVVmR GLItFHLV GH XOWUDSDVVDU 2 (QIHUPHLUR (VSHFLDOLVWD GH 6D~GH 0HQWDO FRQWULEXL GHVWD IRUPD SDUD D SURPRomR GH SURMHFWRV GH VD~GH GDV SHVVRDV FULDQGR FRQGLo}HV D SURFHVVRV GH UHDGDSWDomR SURFXUDQGR TXH D SHVVRD FRQVLJD D VDWLVIDomR GDV VXDV QHFHVVLGDGHV KXPDQDV IXQGDPHQWDLV H D Pi[LPD LQGHSHQGrQFLD QD UHDOL]DomR GDV DFWLYLGDGHV GD YLGD SURFXUDQGR D DGDSWDomR IXQFLRQDO DRV GpÀFHV H D DGDSWDomR D P~OWLSORV IDFWRUHV 3HUHLUD H 9LODU

GHYH WHU D FDSDFLGDGH H VHU FDSD] GH WHU XPD YLVmR KROtVWLFD QR VHX FXLGDU VDEHQGR TXH p HVVHQFLDO GHVHQYROYHU FRPSHWrQFLDV QD iUHD GD UHODomR LQWHUSHVVRDO GD FRPXQLFDomR H GD UHODomR GH DMXGD FXMR REMHFWLYR SULPRUGLDO p SURPRYHU D VD~GH PHQWDO GD SHVVRD H VXD IDPtOLD 6RE HVWH SDUDGLJPD GR FXLGDU R (QIHUPHLUR (VSHFLDOLVWD GH 6D~GH 0HQWDO WRUQD VH XPD UHIHUrQFLD H XPD PDLV YDOLD SDUD D 3HVVRD HP FXLGDGRV SDOLDWLYRV FRORFDQGR RV QR FHQWUR GRV FXLGDGRV GH HQIHUPDJHP 'HVWD IRUPD D (QIHUPDJHP GH 6D~GH 0HQWDO SRGHUi GDU R VHX FRQWULEXWR QD GLIXVmR H LPSOHPHQWDomR GHVWHV FXLGDGRV SDUD TXH XP GLD R GLUHLWR DRV FXLGDGRV SDOLDWLYRV VHMD XPD UHDOLGDGH SDUD WRGRV

&RQFOXVmR $ (QIHUPDJHP VRE R VHX FRPSURPLVVR pWLFR H GHRQWROyJLFR GD SURÀVVmR GHYHUi XWLOL]DU FRQGXWDV DGHTXDGDV SDUD TXH VHMD SRVVtYHO GHVHQYROYHU QRV XWHQWHV GRHQWHV H UHVSHFWLYDV IDPtOLDV RV VDEHUHV H DV FRPSHWrQFLDV QHFHVViULDV SDUD TXH HP TXDOTXHU VLWXDomR GH FULVH WHQKDP D FDSDFLGDGH GH HQFRQWUDU R HTXLOtEULR QHFHVViULR j PDQXWHQomR GD TXDOLGDGH GH YLGD H TXH R EHP HVWDU GH FDGD VHU KXPDQR VHMD XPD SULRULGDGH QDV VXDV LQWHUYHQo}HV 1D (QIHUPDJHP GH 6D~GH 0HQWDO R REMHFWR GH HVWXGR VmR DV UHVSRVWDV KXPDQDV DRV SUREOHPDV GH VD~GH H DRV SURFHVVRV GH YLGD DVVLP FRPR DV WUDQVLo}HV HQIUHQWDGDV SHORV LQGLYtGXRV IDPtOLDV H JUXSRV DR ORQJR GR FLFOR GH YLGD 4XDQGR VXUJHP UHVSRVWDV KXPDQDV GHVDGDSWDGDV RX GHVDMXVWDGDV IDFH DRV SUREOHPDV GH VD~GH RX jV WUDQVLo}HV TXH YLYHP DR ORQJR GR FLFOR YLWDO (VWDV SRGHP GDU RULJHP D DOWHUDo}HV RX SHUWXUEDo}HV PHQWDLV TXH VH SRGHP LQVWDODU H TXH VH RUJDQL]DP HP GRHQoDV PHQWDLV 2UGHP GRV (QIHUPHLURV 1HVWH VHQWLGR R (QIHUPHLUR (VSHFLDOLVWD GH 6D~GH 0HQWDO

'HFUHWR /HL Q GH GH -XOKR 'LiULR GD 5HS~EOLFD Q ² , 6pULH $ 0LQLVWpULR GD 6D~GH /LVERD

%,%/,2*5$),$ $OPHLGD 0 6RFLHGDGH HP 'HVHQYROYLPHQWR *HUDGRUD GH &ULVH 6LQDLV 9LWDLV $VVRFLDomR 1DFLRQDO GH &XLGDGRV 3DOLDWLYRV 2UJDQL]DÍÊR GH VHUYLÍRV HP FXLGDGRV SDOLDWLYRV 5HFRPHQGDÍÛHV GD $1&3 $FHGLGR HP GH 'H]HPEUR GH HP 85/ KWWS ZZZ DSFS FRP SW QSORDGV &ULWpULRVB GHB4XDOLGDGH SGI $VVRFLDomR 1DFLRQDO GH &XLGDGRV 3DOLDWLYRV 2UJDQL]DÍÊR GH VHUYLÍRV GH FXLGDGRV SDOLDWLYRV &ULWÏULRV GH TXDOLGDGH SDUD XQLGDGHV GH FXLGDGRV SDOLDWLYRV 5HFRPHQGDÍÛHV GD $1&3 $FHGLGR HP GH 'H]HPEUR GH HP 85/ KWWS ZZZ DSFS FRP SW QSORDGV &ULWpULRVB GHB4XDOLGDGH SGI &RPLVVmR GDV &RPXQLGDGHV (XURSHLDV 0HOKRUDU D 6DßGH 0HQWDO GD 3RSXODÍÊR 5XPR D XPD (VWUDWÏJLD GH 6DßGH 0HQWDO SDUD D 8QLÊR (XURSHLD /LYUR 9HUGH $FHGLGR HP GH 2XWXEUR GH HP 85/ KWWS HXU OH[ HXURSD HX /H[XULEHUY VLWH SW FRP FRP B SW SGI

'LUHFomR *HUDO GD 6D~GH 3URJUDPD 1DFLRQDO GH &XLGDGRV 3DOLDWLYRV $FHGLGR HP GH -XOKR GH HP 85/ KWWS ZZZ KVP PLQ VDXGH SW FRQWHQWV SGIV FXLGDGRVB FRQWLQXDGRV BLQWHJUDGRV 3URJUDPD GH &XLGDGRV 3 DOLDWLYRV SGI +HQQH]HO 0 'LDORJR FRP D PRUWH (GLomR eGLWLRQV 5REHUW /DIIRQW /LVERD +DQVRQ 6 (QIHUPDJHP GH &XLGDGRV GH 6DßGH Ç )DPÓOLD z 7HRULD SUÈWLFD H LQYHVWLJDÍÊR HGLomR /XVRFLrQFLD /RXUHV 1HHE . )XQGDPHQWRV GH (QIHUPDJHP GH 6DßGH 0HQWDO /XVRFLrQFLD /RXUHV


1HWR , 3ULQFÓSLRV H )LORVRILD GRV &XLGDGRV 3DOLDWLYRV 0DQXDO GH &XLGDGRV 3DOLDWLYRV )DFXOGDGH GH 0HGLFLQD GH /LVERD /LVERD 2UGHP GRV (QIHUPHLURV &ÙGLJR 'HRQWROÙJLFR GR (QIHUPHLUR &RPHQWÈULRV Ç $QÈOLVH GH &DVRV 2UGHP GRV (QIHUPHLURV HGV

2UGHP 'RV (QIHUPHLURV 'LD 0XQGLDO GD 6DßGH 0HQWDO 7H[WR GD &((603 $FHGLGR HP GH 1RYHPEUR GH HP 85/ KWWS ZZZ RUGHPHQIHUPHLURV SW 3HUHLUD 5 H 9LODU $ 6DßGH 0HQWDO (TXLOÓEULR 6RFLDO H D 3HVVRD FRP 'RHQÍD &UÙQLFD &RQIOXÐQFLDV QXP FRQWH[WR GH PXGDQÍD ,Q 6HTXHLUD & 6i / &DUYDOKR - 3LQKR - &RRUG 6D~GH 0HQWDO H (TXLOtEULR 6RFLDO 63(60 0DLD SS 3URSRVWD GH 3URJUDPD 1DFLRQDO GH &XLGDGRV 3DOLDWLYRV &RQWULEXWRV GD 'LUHFÍÊR GD $3&3 $FHGLGR HP GH -DQHLUR HP 85/ KWWS ZZZ DSFS FRP SW XSORDGV FRQWULEXWRVBSURJUDPDBQDFLRQDOBGHBFSBDSFS SGI 5HODWyULR 0XQGLDO 'D 6D~GH 6DßGH 0HQWDO 1RYD &RPSUHHQVÊR 1RYD (VSHUDQÍD (GLomR /LVERD 5HVXPR ([HFXWLYR 3ODQR 1DFLRQDO GH 6DßGH 0HQWDO &RRUGHQDomR 1DFLRQDO SDUD D 6D~GH 0HQWDO $FHGLGR HP GH )HYHUHLUR GH HP 85/ KW WS Z Z Z DGHE SW GHVWDTXH OHJLVODFDR FQVP B SODQRQDFLRQDOVDXGHPHQWDO BUHVXPRH[HFXWLYR SGI 6StQROD 6 'LJQLGDGH GR 'RHQWH 0HQWDO ,Q 6HTXHLUD & 6i / &DUYDOKR - 3LQKR - &RRUG 6D~GH 0HQWDO H (TXLOtEULR 6RFLDO 63(60 0DLD SS


&TUVEP TPCSF B GSFRVËODJB F GPSNBT EF BTTÊEJP NPSBM CVMMZJOH OVNB BNPTUSB EF FOGFSNFJSPT -VÎT 0DUÃWJP EF 4Ã )FOSJRVF -PQFT 1FSFJSB

5HVXPR

,1752'8d®2

3DODYUDV FKDYH $VVpGLR PRUDO (QIHUPDJHP 4XHVWLRQiULR GH $FWRV 1HJDWLYRV QR 7UDEDOKR

(VWH DUWLJR p SDUWH GH XPD LQYHVWLJDomR PDLV DODUJDGD VREUH R HVWXGR GDV LPSOLFDo}HV GR DVVpGLR PRUDO QD VD~GH PHQWDO GRV HQIHUPHLURV &RQVWLWXL VH FRPR XP FRQWULEXWR SDUD R HVWXGR GH XP IHQyPHQR HPHUJHQWH HQTXDGUDGR QXPD SHUVSHFWLYD GH DQiOLVH GRV ULVFRV SVLFRVVRFLDLV GR WUDEDOKR HP (QIHUPDJHP $SUHVHQWDPRV R HQTXDGUDPHQWR GR DVVpGLR PRUDO HP WHUPRV GD VXD GHÀQLomR GR SURFHVVR H GDV FRQVHTXrQFLDV H ID]HPRV D UHYLVmR GH HVWXGRV UHFHQWHV VREUH D SUREOHPiWLFD &RP HVWD SHVTXLVD SUHWHQGHPRV FRQWULEXLU SDUD R GHVHQYROYLPHQWR GR HVWXGR GR DVVpGLR PRUDO QXPD DPRVWUD GH HQIHUPHLURV SRUWXJXHVHV FRQKHFHU D SUHYDOrQFLD H DV IRUPDV GH DVVpGLR PRUDO QHVWHV SURÀVVLRQDLV H DQDOLVDU D HVWUXWXUD IDFWRULDO GH XP LQVWUXPHQWR GH DYDOLDomR HP SURFHVVR GH YDOLGDomR DR FRQWH[WR SRUWXJXrV R 1HJDWLYH $FW 4XHVWLRQQDLUH 1$4

5HDOL]iPRV HVWD SHVTXLVD FRP R REMHFWLYR GH DQDOLVDU D HVWUXWXUD IDFWRULDO GH XP GRV LQVWUXPHQWRV PDLV XVDGRV QD DYDOLDomR GR DVVpGLR PRUDO H FRQKHFHU D IUHTXrQFLD GR IHQyPHQR QXPD DPRVWUD GH HQIHUPHLURV 7UDWD VH GH XP HVWXGR WUDQVYHUVDO GH FDUiFWHU TXDQWLWDWLYR $ SUHYDOrQFLD GH DVVpGLR PRUDO À[RX VH QRV $V PXOKHUHV VmR PDLV DVVHGLDGDV GR TXH RV KRPHQV $ DQiOLVH H[SORUDWyULD GD HVWUXWXUD IDFWRULDO GR TXHVWLRQiULR UHYHORX D H[LVWrQFLD GH TXDWUR GLPHQV}HV ´+RVWLOLGDGH GLUHFFLRQDGD DR DPELHQWH GH WUDEDOKRµ ´,QWLPLGDomR DPHDoDV H VDUFDVPRµ ´9LJLOkQFLD DSHUWDGD GLVFULPLQDomR FUtWLFD H KXPLOKDomRµ H SRU ~OWLPR ´&RPSRUWDPHQWRV QHJDWLYRV UHODFLRQDGRV FRP IXQo}HV H GLUHLWRV GR WUDEDOKDGRUµ 2V UHVXOWDGRV SHUPLWHP QRV GL]HU TXH R TXHVWLRQiULR GH DYDOLDomR 1$4 VH PRVWURX GH XWLOL]DomR SHUWLQHQWH SDUD D DQiOLVH GD IUHTXrQFLD H GDV SULQFLSDLV FRQGXWDV GH DVVpGLR PRUDO

$EVWUDFW %XOO\LQJ 1XUVLQJ 1HJDWLYH $FWV 4XHVWLRQQDLUH :H GLG WKLV UHVHDUFK ZLWK WKH SXUSRVH WR PDNH WKH IDFWRU DQDO\VLV RI WKH 1HJDWLYH $FWV 4XHVWLRQQDLUH 1$4 DQG WR LQYHVWLJDWH WKH SUHYDOHQFH RI EXOO\LQJ DPRQJ D VDPSOH RI 3RUWXJXHVH QXUVHV &OLQLFDO QXUVHV ZHUH VXUYH\HG E\ TXHVWLRQQDLUHV GHVLJQHG WR DVVHVV %XOO\LQJ :H FRQFOXGHG WKDW RI QXUVHV KDG H[SHULHQFHG EXOO\LQJ LQ WKH SDVW VL[ PRQWKV 7KH ZRPHQ DUH PRVW PROHVWHG WKDQ PHQ 7KH IDFWRU DQDO\VLV RI WKH 1$4 UHYHDOHG IRXU FRQVWUXFWV ´+RVWLOLW\ LQ ZRUNµ ´,QWLPLGDWLRQ WKUHDWV DQG VDUFDVPµ ´3OLJKW YLJLODQFH LQ ZRUN GLVFULPLQDWLRQ FULWLFLVP DQG KXPLOLDWLRQµ DQG ´1HJDWLYH EHKDYLRUV UHODWLYH ZLWK IXQFWLRQV DQG ULJKWV LQ ZRUNµ 7KH UHVXOWV DOORZV WR WHOO WKDW WKLV TXHVWLRQQDLUH GHFODUH RQHVHOI DSSURSULDWH WR DQDO\]H WKH SUHYDOHQFH DQG WKH PDLQ FRQGXFW RI EXOO\LQJ

$ YLROrQFLD SVLFROyJLFD QR WUDEDOKR FRQVWLWXL XP WHPD GH UHFHQWH LQWHUHVVH HP 3RUWXJDO 1D (XURSD HVSHFLDOPHQWH QRV SDtVHV QyUGLFRV Ki PDLV GH XPD GpFDGD TXH UHFHEHX XPD FUHVFHQWH DWHQomR SRU SDUWH GD FRPXQLGDGH FLHQWtÀFD FRPR XP LPSRUWDQWH SUREOHPD VRFLDO GDV RUJDQL]Do}HV SHORV VHXV HIHLWRV QHJDWLYRV QR EHP HVWDU GRV WUDEDOKDGRUHV 1R 5HLQR 8QLGR H QD $XVWUiOLD EXOO\LQJ p R WHUPR PDLV XVDGR SDUD GHVLJQDU XP WLSR GH YLROrQFLD FRPSDUiYHO DR PREELQJ $FWXDOPHQWH HP PXLWRV SDtVHV PREELQJ H EXOO\LQJ VmR XVDGRV FRPR HTXLYDOHQWHV 5HYXHOWD $LQGD TXH KDMD GLIHUHQoDV QD IRUPD FRPR p YLVWR R SUREOHPD HP SDUWH SRU UD]}HV FXOWXUDLV 7RGDV DV GHÀQLo}HV QRV FRQGX]HP DRV HOHPHQWRV HVVrQFLDV SDUD D FDUDFWHUL]DomR GR IHQyPHQR GH DVVpGLR PRUDO QR WUDEDOKR D FRQGXWD KRVWLOL]DQWH H GHVSURYLGD GH pWLFD D IUHTXrQFLD H D GXUDomR QR WHPSR GRV FRPSRUWDPHQWRV SHUWXUEDGRUHV $66e',2 025$/ 7RGDV DV GHÀQLo}HV GH DVVpGLR PRUDO QR WUDEDOKR FRQVLGHUDP SRU QRUPD WUrV GLPHQV}HV FRPXQV R LPSDFWR GRV FRPSRUWDPHQWRV LQWLPLGDWyULRV QR GHVWLQDWiULR R HIHLWR QHJDWLYR QD YtWLPD H D SHUVLVWrQFLD GRV FRPSRUWDPHQWRV LQGHVHMiYHLV 4XLQH 5D\QHU $ GHÀQLomR GH DVVpGLR PRUDO PREELQJ EXOO\LQJ SURYDYHOPHQWH PDLV FLWDGD p D GH /H\PDQQ ´2 IHQyPHQR QR TXDO XPD SHVVRD RX JUXSR GH SHVVRDV

3URIHVVRU &RRUGHQDGRU 'RXWRU HP 6D~GH 0HQWDO (VFROD 6XSHULRU GH (QIHUPDJHP GD &UX] 9HUPHOKD 3RUWXJXHVD GH 2OLYHLUD GH $]HPpLV OXLVVD#HVHFYSRD FRP 3URIHVVRU &RRUGHQDGRU 0HVWUH HP &LrQFLDV GD (GXFDomR 'LUHFWRU GD (VFROD 6XSHULRU GH (QIHUPDJHP GD &UX] 9HUPHOKD 3RUWXJXHVD GH 2OLYHLUD GH $]HPpLV GLUHFFDR#HVHFYSRD FRP


H[HUFH YLROrQFLD SVLFROyJLFD H[WUHPD GH IRUPD VLVWHPiWLFD H UHFRUUHQWH H GXUDQWH XP WHPSR SURORQJDGR ² SRU PDLV GH VHLV PHVHV H TXH RV DWDTXHV VH UHSLWDP QXPD IUHTXrQFLD PpGLD GH GXDV YH]HV SRU VHPDQD ² VREUH RXWUD SHVVRD QR ORFDO GH WUDEDOKR FRP D ÀQDOLGDGH GH GHVWUXLU DV UHGHV GH FRPXQLFDomR GD YtWLPD RX YtWLPDV GHVWUXLU D VXD UHSXWDomR SHUWXUEDU D H[HFXomR GR VHX WUDEDOKR H FRQVHJXLU ÀQDOPHQWH TXH HVVD SHVVRD RX SHVVRDV DFDEHP SRU DEDQGRQDU R ORFDO GH WUDEDOKRµ /H\PDQQ S $ GHÀQLomR H[FOXL GR VHX kPELWR RV FRQÁLWRV PRPHQWkQHRV HPHUJHQWHV GRV FRQÁLWRV ODERUDLV HPERUD HVWHV IUHTXHQWHPHQWH SRVVDP HVWDU QD RULJHP GR DVVpGLR 3RU RXWUDV SDODYUDV D GLVWLQomR HQWH FRQÁLWR QR WUDEDOKR H DVVpGLR PRUDO QmR FRQVLVWH VREUH R TXH p LQÁLJLGR j YtWLPD H VREUH R ´FRPRµ p LQÁLJLGR PDV DFLPD GH WXGR VREUH D IUHTXrQFLD H GXUDomR GRV FRPSRUWDPHQWRV YH[DWyULRV RX KRVWLOL]DQWHV LPSRVWRV 7RGRV RV WHUPRV LQGHSHQGHQWHPHQWH GR FRQWH[WR HP TXH HPHUJHP ODERUDO HVFRODU GHVSRUWLYR RX IDPLOLDU H GR SDGUmR FXOWXUDO SDUHFHP UHIHULU VH DR PHVPR IHQyPHQR R VLVWHPiWLFR PDOWUDWR GH XP FROHJD VXERUGLQDGR RX VXSHULRU HP TXH VH FRQWLQXDGR QR WHPSR SRGH FDXVDU VHYHURV SUREOHPDV VRFLDLV SVLFROyJLFRV H SVLFRVVRPiWLFRV QD YtWLPD /H\PDQQ (P 3RUWXJDO R DVVpGLR PRUDO WHP VLGR XPD TXHVWmR GHOLFDGD SRXFR HVWXGDGD QHJOLJHQFLDGD SHODV SHVVRDV H RUJDQL]Do}HV $OJXQV LQYHVWLJDGRUHV GD iUHD GR GLUHLWR 3DFKHFR 5HGLQKD GD iUHD GD VD~GH 6i )OHPLQJ &DUYDOKR 9D] 6HUUD GD SVLFRORJLD GDV RUJDQL]Do}HV $UD~MR HW DO H GR VHFWRU EDQFiULR 9HUGDVFD FRPHoDP D SXEOLFDU RV UHVXOWDGRV GRV VHXV HVWXGRV QD SHUVSHFWLYD GDV iUHDV HP TXH WUDEDOKDP 2 WHPD SHUPDQHFH SUDWLFDPHQWH LQpGLWR FRP SRXFD GRFXPHQWDomR WHVWHPXQKRV HVWXGRV H VREUHWXGR DXVrQFLD GH LQWHUHVVH SRU SDUWH GDV HQWLGDGHV FRPSHWHQWHV 2 SURFHVVR $ RULJHP GR DVVpGLR PRUDO p FRQWURYHUVD WDQWR QRV PHLRV GH FRPXQLFDomR FRPR HQWUH D FRPXQLGDGH FLHQWtÀFD (LQDUVHQ H[SOLFD D VXD RULJHP GH DFRUGR FRP WUrV RULHQWDo}HV XPD H[SOLFDomR FRP EDVH QDV FDUDFWHUtVWLFDV GR DPELHQWH ODERUDO D VHJXQGD FRP EDVH QDV FDUDFWHUtVWLFDV LQHUHQWHV jV UHODo}HV LQWHUSHVVRDLV H XPD WHUFHLUD HP IXQomR WDQWR GD SHUVRQDOLGDGH GD YLWLPD FRPR GR DJUHVVRU e LQHJiYHO D LPSRUWkQFLD GRV IDFWRUHV RUJDQL]DFLRQDLV H SVLFRVVRFLDLV QD RULJHP GR DVVpGLR PRUDO 3DUD PXLWRV R VHX DSDUHFLPHQWR HVWi UHODFLRQDGR FRP GLYHUVRV DVSHFWRV HPHUJHQWHV GR FRQWH[WR ODERUDO H GD RUJDQL]DomR FRPR SRU H[HPSOR R HVWLOR GH OLGHUDQoD R WLSR GH RUJDQL]DomR (LQDUVHQ 5DNQHV +RHO 6DOLQ DV H[LJrQFLDV ODERUDLV R FRQWUROR VREUH D WDUHID DVVLP FRPR R FOLPD VRFLDO H D FRPXQLFDomR LQWHUQD =DSI .QRU] .XOD $ DERUGDJHP GH DSUR[LPDomR SVLFRVVRFLDO GHIHQGLGD SRU /H\PDQ FRQVLGHUD RV IDFWRUHV GH SHUVRQDOLGDGH LUUHOHYDQWHV SDUD R HVWXGR GR DVVpGLR PRUDO QR HQWDQWR UHVXOWDGRV GH RXWUDV LQYHVWLJDo}HV FRQVLGHUDP

EDVWDQWH LPSURYiYHO TXH SRVVD VHU H[SOLFDGR H[FOXVLYDPHQWH HP IXQomR GDV FRQGLo}HV GH WUDEDOKR -LPHQH] HW DO &RQVHTXrQFLDV 2 PDLV VLJQLÀFDWLYR GDQR SDUD R LQGLYtGXR SRGH LU GHVGH D GHSUHVVmR DWp DWDTXHV GH SkQLFR KLSHUWHQVmR DUWHULDO DQVLHGDGH GLIHUHQWHV IRUPDV GH GHUPDWRVH SUREOHPDV FDUGtDFRV VHQVDo}HV GH RSUHVVmR GH HQIDUWDPHQWR LQMXVWLÀFDGR FRP VHQVDomR GH FDORU IULR YHUWLJHQV GLVW~UELRV JDVWURLQWHVWLQDLV WHQGrQFLDV VXLFLGDV KLSHUDFWLYLGDGH LQVyQLD DJUHVVLYLGDGH GRUHV UHXPiWLFDV H PXVFXODUHV GLÀFXOGDGH GH FRQFHQWUDomR H SHUGD GH PHPyULD /H\PDQ &DXVD HQRUPH VRIULPHQWR j YtWLPD FRP UHSHUFXVV}HV QR IXQFLRQDPHQWR GDV RUJDQL]Do}HV =DSI 9iULRV DXWRUHV WrP GHPRQVWUDGR TXH R DVVpGLR PRUDO SRGH WHU FRQVHTXrQFLDV VREUH D VD~GH GDV SHVVRDV PDQLIHVWDGDV SRU HOHYDGD VLQWRPDWRORJLD GH VWUHVVH %URGVN\ (LQDUVHQ 5DNQHV 0LFNNHOVHQ (LQDUVHQ H HOHYDGRV VLQWRPDV SVLFRVVRPiWLFRV DVVLP FRPR VLQWRPDWRORJLD ItVLFD H EDL[D VDWLVIDomR ODERUDO *URHEOLQJKRII %HFNHU 1LHGO =DSI .QRU] .XOOD LPSDFWR QHJDWLYR QR EHP HVWDU DQVLHGDGH GHSUHVVmR LUULWDELOLGDGH H TXHL[DV SVLFRVVRPiWLFDV 1LHGO SDUHFH WDPEpP HVWDU DVVRFLDGR DR DXPHQWR GR ULVFR GH SUREOHPDV FDUGLRYDVFXODUHV .LYLPlNL HW DO ([LVWH XPD UHODomR FODUD HQWUH D H[SRVLomR SURORQJDGD QR WHPSR D VLWXDo}HV GH YLROrQFLD SVLFROyJLFD QR WUDEDOKR H SRU XP ODGR PDQLIHVWDo}HV SVLFROyJLFDV H VRPiWLFDV H SRU RXWUR VLQWRPDV GH GLPLQXLomR GR EHP HVWDU JHUDO (LQDUVHQ 2 DVVpGLR PRUDO HVWi DVVRFLDGR D HOHYDGRV QtYHLV GH H[DXVWmR HPRFLRQDO D XPD GLPLQXLomR GR EHP HVWDU JHUDO H j LQVDWLVIDomR FRP R WUDEDOKR 2V HQIHUPHLURV TXH VH VHQWHP DVVHGLDGRV QR VHX HPSUHJR PDQLIHVWDUDP YRQWDGH HP DEDQGRQDU R VHX ORFDO GH WUDEDOKR 6i )OHPLQJ 1R kPELWR GD SVLFRORJLD RUJDQL]DFLRQDO DOJXQV HVWXGRV GHPRQVWUDUDP TXH HVWH WLSR GH FRPSRUWDPHQWRV QHJDWLYRV HVWmR DVVRFLDGRV FRP HOHYDGDV WD[DV GH DEVHQWLVPR LQWHQomR GH DEDQGRQR GD RUJDQL]DomR H WXUQRYHU /H\PDQQ 5D\QHU 1D 1RUXHJD QXP HVWXGR UHDOL]DGR FRP HQIHUPHLURV YHULÀFRX VH KDYHU XPD DVVRFLDomR SRVLWLYD HQWUH DVVpGLR PRUDO H EXUQRXW VREUHSRVWD D XPD GLPLQXLomR GR EHP HVWDU SVLFROyJLFR H GD VDWLVIDomR SURÀVVLRQDO (LQDUVHQ 0DWWKLHVHQ 6NRJVWDG ,QFLGrQFLD 'H DFRUGR FRP R ,,, ,QTXpULWR (XURSHX VREUH &RQGLo}HV GH 7UDEDOKR 3DROL H 0DUOOLp D YLROrQFLD SVLFROyJLFD EXOO\LQJ PREELQJ DWLQJH PLOK}HV GRV WUDEDOKDGRUHV GD 8QLmR (XURSHLD H p PDLRU QRV VHUYLoRV GD DGPLQLVWUDomR S~EOLFD H GHIHVD WUDQVSRUWHV H FRPXQLFDo}HV KRWpLV H UHVWDXUDQWHV H QRV VHFWRUHV GD HGXFDomR H VD~GH 1XPD UHYLVmR GRV UHVXOWDGRV GH HVWXGRV HPStULFRV UHDOL]DGRV HP GLYHUVRV SDtVHV GD 8QLmR (XURSHLD FRQVLGHUDQGR DV GLIHUHQoDV FXOWXUDLV EHP FRPR DV GLIHUHQWHV DERUGDJHQV PHWRGROyJLFDV GH DQiOLVH YHULÀFRX VH TXH


D GRV WUDEDOKDGRUHV HVWLYHUDP VXMHLWRV D YLROrQFLD SVLFROyJLFD H TXH D VH YLUDP RFDVLRQDOPHQWH FRQIURQWDGRV FRP FRPSRUWDPHQWRV H DWLWXGHV QHJDWLYDV QR WUDEDOKR TXH DSHVDU GH QmR VH HQTXDGUDUHP QR FRQFHLWR GH DVVpGLR PRUDO SRU VHUHP RFDVLRQDLV VmR FHUWDPHQWH FDXVD GH GHVFRQIRUWR H JHUDGRUDV GH HOHYDGRV QtYHLV GH VWUHVVH (P PXLWRV SDtVHV SDUHFH KDYHU XPD WHQGrQFLD SDUD D RFRUUrQFLD GH DVVpGLR PRUDO VHU PDLRU QR VHFWRU S~EOLFR DV PXOKHUHV SDUHFHP VHU D PDLRULD GDV YtWLPDV H RV KRPHQV D PDLRULD GRV DXWRUHV GH YLROrQFLD &ROHJDV GH WUDEDOKR H VXSHUYLVRUHV VmR PDLRULWDULDPHQWH RV DXWRUHV H D GXUDomR GR DVVpGLR PRUDO QD PDLRULD GRV HVWXGRV p VXSHULRU D PHVHV H p KDELWXDOPHQWH SHUSHWXDGD SRU PDLV GR TXH XP DXWRU =DSI (LQDUVHQ +RHO 9DUWLD 2 DVVpGLR PRUDO QR WUDEDOKR p PDLV FRPXP QDV PXOKHUHV -LPpQH] 0XxR] +HUQDQGH] %HQDGHUR &DUYDMDO H HVWi SUHVHQWH HP TXDVH WRGRV RV VHFWRUHV ODERUDLV Ki QR HQWDQWR DOJXPDV iUHDV HP TXH p PDLRU D VXD SUHYDOrQFLD QD iUHD GD JHVWmR FRQWDELOLGDGH H IXQo}HV DGPLQLVWUDWLYDV GD iUHD GD VD~GH QR HQVLQR HP VHFUHWDULDGRV EDOF}HV H FHQWUDLV WHOHIyQLFDV HP PHLRV GH SHVTXLVD LQYHVWLJDomR PpWRGRV H LQIRUPiWLFD H QDV iUHDV GR FRPpUFLR H YHQGDV +LULJR\HQ S 1RV HVWXGRV UHDOL]DGRV FRP SURÀVVLRQDLV GRV VHUYLoRV GH VD~GH SDUHFH KDYHU XPD SUHRFXSDomR HVSHFLDO SHOR VHFWRU GRV VHUYLoRV GH HQIHUPDJHP 1R 5HLQR 8QLGR RV HQIHUPHLURV IRUDP FRQVLGHUDGRV D FODVVH SURÀVVLRQDO PDLV H[SRVWD D VLWXDo}HV GH EXOO\LQJ 1XPD DPRVWUD GH WUDEDOKDGRUHV GR 6HUYLoR 1DFLRQDO GH 6D~GH HP TXH VmR HQIHUPHLURV D SUHYDOrQFLD QHVWH JUXSR p GH H FHUFD GH WHVWHPXQKDUDP VLWXDo}HV GH YLROrQFLD HPERUD QmR VH FRQVLGHUDQGR HOHV SUySULRV FRPR YLWLPDV 4XLQH (P 3RUWXJDO $UD~MR HW DO QXPD DPRVWUD GH WUDEDOKDGRUHV HQFRQWUDUDP GH VXMHLWRV TXH VH FRQVLGHUDUDP YtWLPDV GH DVVpGLR PRUDO 9HUGDVFD HVWXGRX XPD DPRVWUD GH EDQFiULRV 1 H HQFRQWURX XPD IUHTXrQFLD GH GH YtWLPDV XVDQGR FRPR FULWpULR D DXWR DYDOLDomR GR WUDEDOKDGRU PHGLDQWH D DSUHVHQWDomR GR FRQFHLWR H GH XVDQGR R FULWpULR GD IUHTXrQFLD GH DFWRV QHJDWLYRV QR ~OWLPR DQR 9D] 6HUUD QR VHX HVWXGR GH FRP SDUWLFLSDQWHV HQFRQWURX GH FDVRV GH PREELQJ 1XP HVWXGR SUHOLPLQDU UHDOL]DGR SRU QyV HP TXH XViPRV DSHQDV GRLV GRV WUrV FULWpULRV SDUD R FiOFXOR GD IUHTXrQFLD GH DVVpGLR PRUDO SHOR XVR GR 1$4 HQFRQWUiPRV GH FDVRV GH DVVpGLR PRUDO HP HQIHUPHLURV 6i )OHPLQJ &RZLH HW DO HQFRQWUDUDP YDORUHV GH QXP HVWXGR QXPD HPSUHVD PXOWLQDFLRQDO $66e',2 025$/ 126 (1)(50(,526 3DUD RV HQIHUPHLURV D YLROrQFLD p XPD TXHVWmR GHPDVLDGR IDPLOLDU QD VXD YLGD SURÀVVLRQDO 2V HQIHUPHLURV VHQWHP RV UHVXOWDGRV WHUUtYHLV GD YLROrQFLD GR FRQWH[WR XUEDQR URGRYLiULR H RXWURV H SUHRFXSDP VH QR VHX WUDEDOKR FRP DV YtWLPDV GHVVHV DFRQWHFLPHQWRV 5&1 5&1 (VWHV SURÀVVLRQDLV WrP WUrV YH]HV PDLV SUREDELOLGDGHV GH FRQWDFWDU FRP D YLROrQFLD GR TXH RXWURV SURÀVVLRQDLV ,&1

8PD DQiOLVH JOREDO GD OLWHUDWXUD VXJHUH TXH R DVVpGLR PRUDO HP (QIHUPDJHP FRQVWLWXL XP SUREOHPD GLVVHPLQDGR HP WRGRV RV FRQWH[WRV GD SUHVWDomR GH FXLGDGRV H TXH SRGH UHVXOWDU QXP FOLPD SUHMXGLFLDO DR EHP HVWDU GRV SURÀVVLRQDLV DFDUUHWDU HOHYDGRV FXVWRV SDUD D RUJDQL]DomR H LQFOXVLYH UHSHUFXWLU VH QD TXDOLGDGH GRV FXLGDGRV 2 DVVpGLR PRUDO QR WUDEDOKR HP (QIHUPDJHP WHP VLGR FDUDFWHUL]DGR FRPR XP SURFHVVR JUDGXDO IUHTXHQWHPHQWH LQYLVtYHO XPD H[SHULrQFLD LQGLYLGXDOL]DGD H LQWHQVD +XWFKLQVRQ HW DO 8P IHQyPHQR GH |JUXSR RSULPLGR} HP TXH HPHUJHP IHQyPHQRV GH YLROrQFLD KRUL]RQWDO H RX YHUWLFDO 2 FUHVFLPHQWR H D FRQWLQXDomR GR DVVpGLR PRUDO QR WUDEDOKR QR 5HLQR 8QLGR VmR FRQVLGHUDGRV FRPR XP SUREOHPD SUHRFXSDQWH QRV FXLGDGRV GH VD~GH H HP SDUWLFXODU QR VHFWRU GH (QIHUPDJHP &UHVFH D HYLGrQFLD GH TXH RV HIHLWRV GR DVVpGLR PRUDO VmR QmR Vy SUHMXGLFLDLV j RUJDQL]DomR HP WHUPRV GD VXD UHSXWDomR UHÁHFWLGD SHOD TXDOLGDGH GRV VHUYLoRV TXH SUHVWD PDV WDPEpP HP FXVWRV GLUHFWRV HP WHUPRV GH WHPSR JDVWR QD SUHSDUDomR GH SURÀVVLRQDLV FRPSHWHQWHV H FXVWRV DGPLQLVWUDWLYRV /HZLV 2 DVVpGLR PRUDO p HQWHQGLGR SRU 6WHYHQV FRPR XP IHQyPHQR FXOWXUDO GLVVHPLQDGR HP ODUJD HVFDOD QR VHFWRU GH (QIHUPDJHP QXWULQGR GHVFRQWHQWDPHQWR SURÀVVLRQDO H FRQVWLWXLQGR VH FRPR IDFWRU GH FRQVWDQWH PXGDQoD GH HPSUHJR HQWUH RV SURÀVVLRQDLV $ ELEOLRJUDÀD LQGLFD TXH HVWH IHQyPHQR WHP PDLRU SUHYDOrQFLD GR TXH DTXLOR TXH D SURÀVVmR GH (QIHUPDJHP DSDUHQWD DGPLWLU $9$/,$d®2 '2 $66e',2 025$/ 1D DYDOLDomR GR DVVpGLR PRUDO DOJXQV DXWRUHV XVDP TXHVWLRQiULRV H HVWDEHOHFHP XP SRQWR GH FRUWH DFLPD GR TXDO FRQVLGHUDP R VXMHLWR YtWLPD GH DVVpGLR %M|UNYLVW HW DO VHQGR D IUHTXrQFLD KDELWXDOPHQWH QD RUGHP GRV D GH YtWLPDV 2XWURV LQYHVWLJDGRUHV XWLOL]DP HVWUDWpJLDV SUy[LPDV j GR SVLFyORJR $OHPmR +HLQ] /H\PDQQ TXH HODERURX XP TXHVWLRQiULR GH LWHQV ² /H\PDQQ ,QYHQWRU\ RI 3V\FKRORJLFDO 7HUURUL]DWLRQ /,37 RX DLQGD R 1HJDWLYH $FWV 4XHVWLRQQDLUH 1$4 GH (LQDUVHQ H 5DNQHV GH 3DUD HVWHV p FRQVLGHUDGR YtWLPD GH DVVpGLR PRUDO R VXMHLWR TXH WHQKD SHOR PHQRV DVVLQDODGR XP RX GRLV GRV LWHQV FRP D IUHTXrQFLD GH SHOR PHQRV XPD YH] SRU VHPDQD H D GXUDomR SHOR PHQRV GXUDQWH VHLV PHVHV (VWHV HVWXGRV DSRQWDP JHQHULFDPHQWH GDGRV HVWDWtVWLFRV TXH URQGDP RV D GH YtWLPDV GH DVVpGLR QR ORFDO GH WUDEDOKR 1XP HVWXGR SUHOLPLQDU GH DGDSWDomR GR 1$4 SDUD D SRSXODomR SRUWXJXHVD HQFRQWUDUDP VH YDORUHV OLJHLUDPHQWH VXSHULRUHV FRP FHUFD GH GH VXMHLWRV YtWLPDV GH DVVpGLR QXPD DPRVWUD GH VXMHLWRV $UD~MR HW DO 2XWURV DLQGD SHUJXQWDP GLUHFWDPHQWH j SHVVRD VH WHP VLGR YtWLPD GH DVVpGLR QRV ~OWLPRV VHLV PHVHV 5D\QHU OHYDQGR HVWD DERUGDJHP D Q~PHURV EDVWDQWH PDLV HOHYDGRV D Mi TXH DV SHVVRDV WHQGHP D FRQWDELOL]DU DOJXQV DFWRV QHJDWLYRV PHQRUHV FRPR VHQGR GH DVVpGLR TXDQGR QD YHUGDGH QmR R


VmR 2XWURV HVWXGRV WrP IRUQHFLGR XPD GHÀQLomR H[DFWD GR TXH p R DVVpGLR H GH VHJXLGD SHUJXQWD VH j SHVVRD VH VH LQVHUH QHVVD FDWHJRULD VHQGR UHJXODUPHQWH HQFRQWUDGR D GH YtWLPDV 0$7(5,$/ ( 0e72'26

$1É/,6( ( 5(68/7$'26 2V GDGRV IRUDP DQDOLVDGRV DWUDYpV GR 6WDWLVWLFDO 3DFNDJH IRU WKH 6RFLDO 6FLHQFHV 6366 9HUVmR 6HJXLPRV RV FULWpULRV GH DQiOLVH GD SUHYDOrQFLD GH DVVpGLR PRUDO GHVFULWRV DWUiV )L]HPRV D FDUDFWHUL]DomR GDV YtWLPDV GH DVVpGLR H H[SORUiPRV RV DFWRV QHJDWLYRV PDLV IUHTXHQWHV $ LQVSHFomR GD FRQVLVWrQFLD LQWHUQD GD HVFDOD H VXE HVFDODV SHOD DQiOLVH GR $OSKD GH &URQEDFK SHUPLWLX YHULÀFDU TXH RV YDORUHV HUDP LGrQWLFRV H DFHLWiYHLV FRPSDUDWLYDPHQWH DRV HVWXGRV GH DGDSWDomR GR 1$4 SDUD 3RUWXJDO 5HDOL]iPRV D DQiOLVH IDFWRULDO H[SORUDWyULD GR TXHVWLRQiULR TXH IRL FRPSOHWDGD FRP URWDomR YDULPD[ GRV VHXV SULQFLSDLV FRPSRQHQWHV SURFXUDQGR REWHU IDFWRUHV FRP HLJKHQYDOXH PDLRUHV TXH XP H FRHÀFLHQWHV GH VDWXUDomR GRV LWHQV VXSHULRUHV D

2V SDUWLFLSDQWHV SUHHQFKHUDP XP TXHVWLRQiULR FRP TXHVW}HV GH FDUDFWHUL]DomR VRFLRGHPRJUiÀFD H R TXHVWLRQiULR GH DYDOLDomR GR DVVpGLR PRUDO 2 1$4 PHGH TXDQWDV YH]HV QRV ~OWLPRV VHLV PHVHV RV VXMHLWRV HVWLYHUDP VXMHLWRV D DFWRV QHJDWLYRV QR VHX WUDEDOKR H D IUHTXrQFLD FRP TXH HVVHV DFWRV RFRUUHUDP 7RGRV RV LWHQV VmR FRQVWLWXtGRV SRU GHVFULo}HV GH FRPSRUWDPHQWRV QHJDWLYRV D TXH RV LQGLYtGXRV SRVVDP WHU VLGR VXMHLWRV DVSHFWRV GR WUDEDOKR DVSHFWRV SHVVRDLV H D DPERV $V FDWHJRULDV GH UHVSRVWD SDUD FDGD LWHP VmR QXQFD GH YH] HP TXDQGR 7DEHOD 3UHYDOrQFLD GH DVVpGLR PRUDO HP KRPHQV H PXOKHUHV GH PHQVDOPHQWH VHPDQDOPHQWH H GLDULDPHQWH 2 DFRUGR FRP RV FULWpULRV GH (LQDUVHQ H +RHO

1$4 IRL WUDGX]LGR H DGDSWDGR HP 3RUWXJDO SRU 7RWDO + 0 &ULWpULRV 1

1

1

$UD~MR 0F,QW\UH 0F,QW\UH $ SUHYDOrQFLD 3ULPHLUR GH DVVpGLR PRUDO ² EXOO\LQJ FDOFXOD VH PHGLDQWH 3HOR PHQRV XPD U HVSRVWD FRP IUHTXrQFLD

VHPDQDO RX GLiULD RV VHJXLQWHV FULWpULRV UHVSRVWD SRVLWLYD D SHOR 6HJXQGR 5HVSRVWD DR LWHP PHQRV XP GRV LWHQV FRP LQWHQVLGDGH GH RX

GH YH] HP TXDQGR YiULDV YH]HV SRU VHPDQD RX VHPDQDOPHQWH RX GLDULDPHQWH H LGHQWLÀFDU TXDVH WRGRV RV GLDV

7HUFHLUR VH FRPR YtWLPD DWUDYpV GR LWHP FRP XPD &XPXODWLYDPHQWH R SULPHLUR PDLV R VHJXQGR

LQWHQVLGDGH GH RX 2V GRLV SULPHLURV JUDXV FULWpULR GXUDQWH XP SHUtRGR PtQLPR GH VHLV PHVHV H QmR SRQWXDP 6DOYDGRU HW DO (VWD SHVTXLVD DVVXPH XPD DERUGDJHP H[SORUDWyULD WUDQVYHUVDO GH FDUiFWHU TXDQWLWDWLYR 2V SDUWLFLSDQWHV IRUDP FRQYLGDGRV D SDUWLFLSDU QR HVWXGR $ DSOLFDomR GRV FULWpULRV GR 1$4 SDUD R FiOFXOR GD SUHYDOrQFLD HQTXDQWR HQIHUPHLURV GH XQLGDGHV KRVSLWDODUHV GD UHJLmR GH DVVpGLR PRUDO QR WUDEDOKR HVWi UHSUHVHQWDGD QD WDEHOD QRUWH 7UDWD VH GH XPD DPRVWUDJHP GH FRQYHQLrQFLD $ 6H FRQVLGHUDUPRV D IUHTXrQFLD GRV DFWRV GH DVVpGLR LQIHULRU DPRVWUD ÀFRX FRQVWLWXtGD SRU HQIHUPHLURV D XPD YH] SRU VHPDQD D IUHTXrQFLD WHQGH D DXPHQWDU PXOKHUHV H KRPHQV $ PDLRULD WHP 6H IRUHP FRQVLGHUDGRV YiULRV FULWpULRV HP FRQMXQWR WLSR H PHQRV GH DQRV WrP HQWUH H DQRV GXUDomR GRV DFWRV IUHTXrQFLD H DXWR LGHQWLÀFDomR FRPR HQWUH H DQRV H VXMHLWRV WrP PDLV YtWLPD D IUHTXrQFLD UHJLVWDGD p EDVWDQWH LQIHULRU 6HJXQGR R GH DQRV $ PDLRULD GRV SDUWLFLSDQWHV HVWi QR LQtFLR GR WHUFHLUR FULWpULR DTXHOH TXH QRV SDUHFH IRUQHFHU XPD OHLWXUD VHX SHUFXUVR SURÀVVLRQDO SHUWHQFHP jV GXDV PDLV ULJRURVD GR IHQyPHQR HQFRQWUDPRV FDVRV SULPHLUDV FDWHJRULDV HQIHUPHLUR H HQIHUPHLUR JUDGXDGR HP TXH GRLV VmR KRPHQV H VmR PXOKHUHV VmR HVSHFLDOLVWDV H VmR HQIHUPHLURV FKHIHV 2 WHPSR PpGLR GH H[HUFtFLR QD SURÀVVmR p GH DQRV 5HODWLYDPHQWH jV FRQGXWDV PDLV IUHTXHQWHV SHOD DSOLFDomR WUDEDOKDP HP PpGLD Ki DQRV QD PHVPD LQVWLWXLomR H GR WHUFHLUR FULWpULR DV VHLV PDLV FRPXQV VmR SRU RUGHP Ki SHUWR GH DQRV QR PHVPR VHUYLoR GHFUHVFHQWH DV VHJXLQWHV $ PDLRULD GRV SURÀVVLRQDLV SHUWHQFH DR TXDGUR GD LQVWLWXLomR HP TXH WUDEDOKDP DSHQDV WUDEDOKDP $OJXÏP HVFRQGH LQIRUPDÍÊR TXH DIHFWD R VHX GHVHPSHQKR HP UHJLPH GH FRQWUDWR D WHUPR FHUWR 2V LQTXLULGRV SDUWLFLSDUDP YROXQWDULDPHQWH QR HVWXGR 2V 6HU REULJDGR D GHVHPSHQKDU IXQÍÛHV DEDL[R GR QÓYHO GDV DXWRUHV GDV DGDSWDo}HV GR 1$4 SDUD 3RUWXJDO DXWRUL]DUDP VXDV FRPSHWÐQFLDV D VXD XWLOL]DomR 2V TXHVWLRQiULRV IRUDP GLVWULEXtGRV 6HU H[SRVWR D XPD TXDQWLGDGH GH WUDEDOKR H[FHVVLYD H DRV HQIHUPHLURV QR VHX ORFDO GH WUDEDOKR 3DUD JDUDQWLU LPSRVVÓYHO GH UHDOL]DU D FRQÀGHQFLDOLGDGH IRUDP HQWUHJXHV H GHYROYLGRV HP %HUUDUHP OKH RX VHU DOYR GH H[SORVÛHV GH UDLYD HQYHORSH )RL LQFOXtGR QR TXHVWLRQiULR D DSUHVHQWDomR GRV $V VXDV RSLQLÛHV RX SRQWRV GH YLVWD VÊR LJQRUDGDV REMHFWLYRV GR HVWXGR DV LQVWUXo}HV SDUD R SUHHQFKLPHQWR D JDUDQWLD GH FRQÀGHQFLDOLGDGH H VXEOLQKDGR R FDUiFWHU &RPSRUWDPHQWR GH LQWLPLGDÍÊR DSRQWDUHP OKH R GHGR YROXQWiULR GD SDUWLFLSDomR LQYDVÊR GR VHX HVSDÍR SHVVRDO HPSXUUÛHV EORTXHDUHP EDUUDUHP OKH R FDPLQKR 2V DVVHGLDGRUHV VmR PDLRULWDULDPHQWH PXOKHUHV JHUDOPHQWH


PDLV YHOKDV H SHUWHQFHP JOREDOPHQWH D XPD SRVLomR KLHUiUTXLFD VXSHULRU

1R HVWXGR GD HVWUXWXUD IDFWRULDO H[SORUDWyULD GR 1$4 HQFRQWUiPRV TXDWUR GLPHQV}HV $ DQiOLVH GR FRQWH~GR GRV VHWH LWHQV TXH FRPS}HP R IDFWRU XP UHYHOD XP FRQMXQWR GH FRPSRUWDPHQWRV KRVWLV TXH DIHFWDP QHJDWLYDPHQWH R DPELHQWH GH WUDEDOKR H[SOLFDQGR GD YDULkQFLD R IDFWRU GRLV FRPSRVWR SRU FLQFR LWHQV HVWDQGR RV LWHQV UHODFLRQDGRV FRP FRPSRUWDPHQWRV GH LQWLPLGDomR DPHDoDV H VDUFDVPR H H[SOLFD GD YDULkQFLD R IDFWRU WUrV FRP FLQFR LWHQV UHIHUHP VH D FRPSRUWDPHQWRV GLVFULPLQDWyULRV GH KXPLOKDomR FUtWLFD H YLJLOkQFLD DSHUWDGD GR WUDEDOKR H[SOLFDQGR GD YDULkQFLD H R IDFWRU TXDWUR FRP FLQFR LWHQV DJUXSD FRQWH~GRV VREUH FRPSRUWDPHQWRV QHJDWLYRV UHODFLRQDGRV FRP IXQo}HV H GLUHLWRV H H[SOLFD GD YDULkQFLD

$ PDLRULD UHIHUH TXH R DVVpGLR DFRQWHFHX DSyV XPD PXGDQoD RUJDQL]DFLRQDO VHJXLGD GH GHSRLV GH XP FRQÁLWR ODERUDO FRP R DVVHGLDGRU GHSRLV GH WHU UHFODPDGR XP GLUHLWR ODERUDO H DSyV R UHJUHVVR GH OLFHQoD GH PDWHUQLGDGH H GHSRLV GH WHU SDUWLFLSDGR QXPD DFWLYLGDGH VLQGLFDO ,QTXLULGRV FRQKHFHP RXWUDV SHVVRDV TXH VmR DVVHGLDGDV QR VHX WUDEDOKR H UHIHULUDP WHUHP DVVLVWLGR D DOJXPDV VLWXDo}HV GH DVVpGLR PRUDO QR VHX WUDEDOKR $V HVWUDWpJLDV PDLV XVDGDV SHORV DVVHGLDGRV SDUD OLGDU FRP D VLWXDomR IRUDPµ ,JQRUHL D SHVVRD TXH PH DVVHGLRXµ VHJXLGD GH ´&RQIURQWHL D V SHVVRD V TXH PH DVVHGLDUDPµ ´3HGL SDUD PXGDU GH VHUYLoRµ H ´&RQWHL DRV PHXV FROHJDV VREUH D VLWXDomR GH DVVpGLRµ 'H UHIHULU TXH XP SHTXHQR Q~PHUR GH VLWXDo}HV IRL GHQXQFLDGR DR VLQGLFDWR

1R HVWXGR GD FRQVLVWrQFLD LQWHUQD GRV IDFWRUHV HQFRQWUDGRV QR 1$4 DWUDYpV GD DQiOLVH GRV FRHÀFLHQWHV GH $OSKD GH &URQEDFK GRV TXDWUR IDFWRUHV H GD HVFDOD JOREDO LWHQV YHULÀFDPRV TXH VH PRVWUDP UD]RiYHLV WDEHOD SDUD R IDFWRU XP &RPSRUWDPHQWRV KRVWLV TXH DIHFWDP R DPELHQWH GH WUDEDOKR SDUD R IDFWRU GRLV &RPSRUWDPHQWRV GH LQWLPLGDÍÊR DPHDÍDV H VDUFDVPR SDUD R IDFWRU WUrV ² &RPSRUWDPHQWRV GLVFULPLQDWÙULRV GH KXPLOKDÍÊR FULWLFD H YLJLOÉQFLD DSHUWDGD H SDUD R IDFWRU TXDWUR &RPSRUWDPHQWRV KRVWLV UHODFLRQDGRV FRP IXQÍÛHV H GLUHLWRV

$V IRQWHV GH DSRLR PDLV SURFXUDGDV SHORV SDUWLFLSDQWHV IRUDP D IDPtOLD RV FROHJDV GH WUDEDOKR H RV DPLJRV 5DUDPHQWH SURFXUDUDP R VXSHULRU KLHUiUTXLFR RV VHUYLoRV GH VD~GH RFXSDFLRQDO H R VLQGLFDWR

7DEHOD &DUJD IDFWRULDO GRV LWHQV GR 1$4 5 SRU IDFWRU YDULkQFLD H FRQVLVWrQFLD LQWHUQD +$7

,WHQV

,$6

9$'&+

&1)'

K

(VSDOKDUHP UXPRUHV ERDWRV DFHUFD GH VL

6HU LJQRUDGR H[FOXtGR RX PDUJLQDOL]DGR

6HU LQVXOWDGR RX ID]HUHP FRPHQWiULRV RIHQVLYRV DFHUFD GD VXD SHVVRD KiELWRV H RULJHQV DWLWXGHV RX YLGD SULYDGD 6HU LJQRUDGR RX HQIUHQWDU UHDFo}HV KRVWLV TXDQGR VH DSUR[LPD GH DOJXpP $V VXDV RSLQL}HV RX SRQWRV GH YLVWD VmR LJQRUDGDV

6HUHP IHLWDV DFXVDo}HV FRQWUD VL

6HU DOYR GH SDUWLGDV SRU SDUWH GH SHVVRDV FRP TXHP QmR VH Gi EHP

%HUUDUHP OKH RX VHU DOYR GH H[SORV}HV GH UDLYD

&RPSRUWDPHQWR GH LQWLPLGDomR DSRQWDUHP OKH R GHGR LQYDVmR GR VHX HVSDoR SHVVRDO HPSXUU}HV EORTXHDUHP EDUUDUHP OKH R FDPLQKR

,QVLQXDo}HV RX VLQDLV GH TXH GHYHULD GHL[DU R HPSUHJR

$PHDoDV GH YLROrQFLD RX PHVPR VRIUHU GH DEXVR ItVLFR

6HU REMHFWR GH JR]R H VDUFDVPR LURQLD H[FHVVLYRV

$OJXpP HVFRQGH LQIRUPDomR TXH DIHFWD R VHX GHVHPSHQKR

6HU KXPLOKDGR RX ULGLFXODUL]DGR HP UHODomR DR VHX WUDEDOKR

6HU FRQVWDQWHPHQWH OHPEUDGR GRV VHXV HUURV RX HQJDQRV

&UtWLFDV FRQVWDQWHV VREUH R VHX WUDEDOKR H HVIRUoR

9LJLOkQFLD FRQWUROR H[FHVVLYR GR VHX WUDEDOKR

6HU REULJDGR D GHVHPSHQKDU IXQo}HV DEDL[R GR QtYHO GDV VXDV FRPSHWrQFLDV 5HWLUDUHP RX VXEVWLWXtUHP UHVSRQVDELOLGDGHV FKDYH GD VXD IXQomR SRU RXWUDV SRXFR LPSRUWDQWHV H RX GHVDJUDGiYHLV 6HUHP OKH DWULEXtGDV WDUHIDV FRP REMHFWLYRV RX SUD]RV LUUHDOLVWDV RX LPSRVVtYHLV 6HU SUHVVLRQDGR D QmR UHFODPDU DTXLOR D TXH WHP GLUHLWR H J EDL[D PpGLFD IHULDGRV GHVSHVDV GH GHVORFDomR

6HU H[SRVWR D XPD TXDQWLGDGH GH WUDEDOKR H[FHVVLYD H LPSRVVtYHO GH UHDOL]DU

(LJKHQ 9DOXH

9DULkQFLD WRWDO

&RQVLVWrQFLD LQWHUQD $OSKD GH &URQEDFK GR 1$4

0pGLD 0 H 'HVYLR 3DGUmR '3

WUDEDOKR ,$6 ² ,QWLPLGDomR DPHDoDV H VDUFDVPR 9$'&+

² 9LJLOkQFLD DSHUWDGD GLVFULPLQDomR FUtWLFD H KXPLOKDomR

0 0 '3 '3

&1)' ² &RPSRUWDPHQWRV QHJDWLYRV UHODFLRQDGRV FRP

0 0 '3 '3

/HJHQGD +$7 ² +RVWLOLGDGH GLUHFFLRQDGD DR DPELHQWH GH

IXQo}HV H GLUHLWRV GR WUDEDOKDGRU K &RPXQDOLGDGHV


4XLVHPRV FRQKHFHU D IRUoD FRP TXH RV IDFWRUHV HQFRQWUDGRV VH FRUUHODFLRQDP HQWUH VL H FRP DV SRQWXDo}HV GR 1$4 JOREDO 2V IDFWRUHV TXH PHOKRU H[SOLFDP R DVVpGLR PRUDO HVWmR UHODFLRQDGRV FRP ´KRVWLOLGDGH GLUHFFLRQDGD DR DPELHQWH GH WUDEDOKRµ U H ´YLJLOkQFLD DSHUWDGD GR WUDEDOKRµ ´FULWLFD H KXPLOKDomRµ U WHQGR SRU EDVH DV FRUUHODo}HV HQFRQWUDGDV FRP VLJQLÀFDGR HVWDWtVWLFR S GHVWHV IDFWRUHV FRP RV YDORUHV JOREDLV GR 1$4 WDEHOD 7DEHOD &RUUHODomR HQWUH DV SRQWXDo}HV GRV IDFWRUHV H D SRQWXDomR JOREDO GR 1$4

,$6 9$'&+ &1)' 1$4 5 &1)' 9$'&+ ,$6 1$4 5 H )DFWRUHV +$7 &RUUHODomR VLJQLILFDWLYD SDUD XP QtYHO GH VLJQLILFkQFLD GH /HJHQGD +$7 ² +RVWLOLGDGH GLUHFFLRQDGD DR DPELHQWH GH WUDEDOKR ,$6 ² ,QWLPLGDomR DPHDoDV H VDUFDVPR 9$'&+ ² 9LJLOkQFLD DSHUWDGD GLVFULPLQDomR FUtWLFD H KXPLOKDomR &1)' ² &RPSRUWDPHQWRV QHJDWLYRV UHODFLRQDGRV FRP IXQo}HV H GLUHLWRV GR WUDEDOKDGRU

2 FRHÀFLHQWH GH DOSKD GD HVFDOD JOREDO LWHQV p GH $ DQiOLVH GD FRQVLVWrQFLD LQWHUQD GRV TXDWUR IDFWRUHV HPHUJHQWHV GR 1$4 EHP FRPR D DQiOLVH GD YDULDomR GRV FRHÀFLHQWHV GH FRUUHODomR HQWUH DV GLPHQV}HV HQFRQWUDGDV SHUPLWH QRV UHIRUoDU D LGHLD GH TXH D ÀGHOLGDGH FRP TXH HVWH LQVWUXPHQWR PHGH R FRQFHLWR TXH SUHWHQGH PHGLU p PXLWR DFHLWiYHO ',6&866®2 8ViPRV D HVWUDWpJLD GH DQiOLVH GR DVVpGLR PRUDO FRQVLGHUDGD D PDLV H[LJHQWH XP TXHVWLRQiULR HP TXH QR ÀQDO p IRUQHFLGD DRV UHVSRQGHQWHV D GHÀQLomR GH DVVpGLR PRUDO H SHUJXQWD VH VHJXQGR D GHÀQLomR SURSRVWD HP TXH PHGLGD R UHVSRQGHQWH VH FRQVLGHUD YtWLPD 6HJXQGR 'L 0DUWLQR HW DO D SUHYDOrQFLD GH DVVpGLR PRUDO YDULD GH D PDLV GH GHSHQGHQGR GR PpWRGR XWLOL]DGR GD RFXSDomR RX VHFWRU FRPR WDPEpP GR SDtV 4XDQGR p DYDOLDGR D SDUWLU GH XPD GHÀQLomR SUHFLVD H VH UHIHUH D XPD H[SHULrQFLD UHJXODU p HQFRQWUDGR HP GD SRSXODomR 4XDQGR VmR LQFOXtGDV H[SHULrQFLDV RFDVLRQDLV GH DVVpGLR PRUDO VmR DOFDQoDGRV tQGLFHV GH FHUFD GH 1R QRVVR FDVR HQFRQWUiPRV XVDQGR R FULWpULR PDLV H[LJHQWH HVWDU VXMHLWR D SHOR PHQRV XP DFWR QHJDWLYR FRP XPD IUHTXrQFLD PtQLPD VHPDQDO H LGHQWLÀFDU VH FRPR YtWLPD GH DVVpGLR QRV ~OWLPRV VHLV PHVHV SHOD DSUHVHQWDomR GD GHÀQLomR XP YDORU GH 7DO FRPR RXWURV DXWRUHV FRP EDVH QHVWH FULWpULR HP HVWXGRV FRP HQIHUPHLURV GD 1RUXHJD FKHJDUDP D YDORUHV VHPHOKDQWHV VHMD (LQDUVHQ 6NRJVWDG (QFRQWUiPRV PDLV FDVRV GH DVVpGLR PRUDO HP PXOKHUHV GR TXH HP KRPHQV QR HQWDQWR HVVD GLIHUHQoD QmR p HVWDWLVWLFDPHQWH VLJQLÀFDWLYD (VWH GDGR YHP GH HQFRQWUR DR TXH p WUDGLFLRQDO HQFRQWUDU HP HVWXGRV GHVWD QDWXUH]D $ MXVWLÀFDomR VHJXQGR DOJXQV DXWRUHV WHP D YHU FRP

R IDFWR GH DV PXOKHUHV WHQGHUHP D VHU PHQRV FDSD]HV GH VH GHIHQGHUHP TXDQGR R SURFHVVR GH DVVpGLR WHP LQtFLR SHUPLWLQGR DVVLP TXH R SURFHVVR VH LQVWDOH 2XWUR DUJXPHQWR SRGH VHU SRUTXH SRU YiULDV UD]}HV DV PXOKHUHV QDV RUJDQL]Do}HV WUDGLFLRQDOPHQWH GHWrP PHQRV SRGHU GR TXH RV KRPHQV =DSI HW DO HVWDQGR SRU LVVR PDLV YXOQHUiYHLV DR DVVpGLR 2 DVVpGLR PRUDO QR WUDEDOKR HP (QIHUPDJHP WHP VLGR FDUDFWHUL]DGR FRPR XP SURFHVVR JUDGXDO IUHTXHQWHPHQWH LQYLVtYHO XPD H[SHULrQFLD LQGLYLGXDOL]DGD H LQWHQVD +XWFKLQVRQ HW DO 8P IHQyPHQR GH |JUXSR RSULPLGR} HP TXH HPHUJHP IHQyPHQRV GH YLROrQFLD KRUL]RQWDO H RX YHUWLFDO 2V GDGRV HPStULFRV UHYHODP TXH RV DVVHGLDGRUHV SDUHFHP VHU PDLV IUHTXHQWHPHQWH KRPHQV GR TXH PXOKHUHV H TXH QD PDLRU SDUWH GRV FDVRV RV DVVHGLDGRUHV VmR PDLV IUHTXHQWHPHQWH VXSHULRUHV KLHUiUTXLFRV GR TXH RV FROHJDV GD PHVPD KLHUDUTXLD 1R HQWDQWR VmR GHVFULWRV QD OLWHUDWXUD FLHQWtÀFD UHVXOWDGRV TXH LQGLFDP TXH DV PXOKHUHV VmR H[FOXVLYDPHQWH DVVHGLDGDV SRU KRPHQV H TXH p PXLWR UDUR TXH RV KRPHQV VHMDP H[FOXVLYDPHQWH DVVHGLDGRV SRU PXOKHUHV (VWH GDGR SRGH VHU H[SOLFDGR SHODV GLIHUHQWHV SRVLo}HV KLHUiUTXLFDV HQWUH KRPHQV H PXOKHUHV QD RUJDQL]DomR =DSI HW DO 1R QRVVR HVWXGR DV FDUDFWHUtVWLFDV GRV DVVHGLDGRUHV TXDQWR DR VH[R VmR PDLRULWDULDPHQWH PXOKHUHV TXDQWR j LGDGH RV DVVHGLDGRV UHIHUHP TXH VmR JHUDOPHQWH PDLV YHOKRV H TXDQWR j KLHUDUTXLD UHIHUHP TXH SHUWHQFHP PDLRULWDULDPHQWH D XPD SRVLomR KLHUiUTXLFD VXSHULRU $ XWLOL]DomR GR 1$4 QD YHUVmR RULJLQDO SUHVVXS}H D H[LVWrQFLD GH GXDV GLPHQV}HV QR DVVpGLR PRUDO ZRUNSODFH EXOO\LQJ H SHUVRQDO EXOO\LQJ $UD~MR HW DO QR VHX HVWXGR GH DGDSWDomR GD HVFDOD SDUD 3RUWXJDO HQFRQWUDUDP HVWDV GXDV GLPHQV}HV QD RSLQLmR GRV DXWRUHV VREUHSRVWDV FRP DV GH (LQDUVHQ H +RHO 1R HQWDQWR QD YHUVmR DQWHULRU GR 1$4 (LQDUVHQ H 5DNQHV HQFRQWUDUDP TXDWUR WLSRV GH FRQGXWDV $WDTXHV j YLGD SULYDGD GDV SHVVRDV ,VRODPHQWR VRFLDO $WDTXH FRP PHGLGDV UHODFLRQDGDV FRP R WUDEDOKR H 9LROrQFLD 7DPEpP QR HVWXGR SUHOLPLQDU TXH UHDOL]iPRV YHULÀFiPRV TXH DV FRQGXWDV GH DVVpGLR PDLV IUHTXHQWHV HUDP PDLV UHODFLRQDGDV FRP TXHVW}HV ODERUDLV ´'HVHPSHQKDU WDUHIDV DEDL[R GR QtYHO GH FRPSHWrQFLDVµ ´6HUHP UHWLUDGDV WDUHIDV GH UHVSRQVDELOLGDGH H VHUHP VXEVWLWXtGDV SRU RXWUDV PHQRV DJUDGiYHLVµ ´6HU GLVWULEXtGR XPD TXDQWLGDGH GH WUDEDOKR LPSRVVtYHO GH UHDOL]DUµ ´6HU SUHVVLRQDGR SDUD QmR UHFODPDU DTXLOR D TXH WHP GLUHLWRµ H ´([FHVVLYD PRQLWRUL]DomR GR VHX WUDEDOKRµ 6i )OHPLQJ 6mR FRPSRUWDPHQWRV PDLV UHODFLRQDGDV D GHVHPSHQKR GH WDUHIDV GHSUHFLDWLYDV VREUHFDUJD GH WUDEDOKR SUHVVLRQDU D QmR JR]DU GLUHLWRV DGTXLULGRV H YLJLOkQFLD H[FHVVLYD GR WUDEDOKR 1HVWD LQYHVWLJDomR DQDOLViPRV HVVDV FRQGXWDV VHJXQGR RV YiULRV FULWpULRV H RV UHVXOWDGRV VmR LGrQWLFRV $V FRQGXWDV GH DVVpGLR PDLV IUHTXHQWHV LQGHSHQGHQWHPHQWH GR FULWpULR XVDGR UHODFLRQDP VH PDLV FRP TXHVW}HV ODERUDLV GR TXH GH kPELWR SHVVRDO $V PDLV IUHTXHQWHV VmR


2FXOWDomR GH LQIRUPDomR 'HVHPSHQKDU WDUHIDV DEDL[R GDV VXDV FRPSHWrQFLDV 6REUHFDUJD GH WUDEDOKR KXPLOKDomR H LQWLPLGDomR EHUUDUHP OKH RX VHU DOYR GH H[SORV}HV GH UDLYD H VHU SUHVVLRQDGR D QmR XVXIUXLU GLUHLWRV H UHJDOLDV

'L 0DUWLQR 9 +RHO + &RRSHU & / 3UHYHQWLQJ YLROHQFH DQG KDUDVVPHQW LQ WKH ZRUNSODFH /X[HPEXUJ (XURSHDQ )RXQGDWLRQ IRU WKH ,PSURYHPHQW RI /LYLQJ DQG :RUNLQJ &RQGLWLRQV

&21&/86¯(6

(LQDUVHQ 6 7KH QDWXUH DQG FDXVHV RI EXOO\LQJ DW ZRUN ,QWHUQDWLRQDO -RXUQDO RI 0DQSRZHU

'R FRQMXQWR GH UHVXOWDGRV D TXH FKHJiPRV DV FRQFOXV}HV GHVWH HVWXGR HPHUJHP EDVHDGDV QmR Vy QD HYLGrQFLD GR TXH OHPRV GRV QRVVRV UHVXOWDGRV PDV WDPEpP IUXWR GD SHVTXLVD ELEOLRJUiÀFD UHDOL]DGD 1D PDLRULD GRV SDtVHV (XURSHXV R DVVpGLR PRUDO p XP DVVXQWR GLVVHPLQDGR QD FRPXQLFDomR VRFLDO QD FRPXQLGDGH FLHQWtÀFD H PHQRV FRQKHFLGR QRV PHLRV SURÀVVLRQDLV (PERUD KDMD TXHVW}HV FXOWXUDLV UHODWLYDV D FDGD QDFLRQDOLGDGH H[LVWH XP SDGUmR GH FRPSRUWDPHQWRV GH DVVpGLR PRUDO SUDWLFDGRV WUDQVYHUVDOPHQWH HP WRGRV RV SDtVHV H HP WRGRV RV FRQWH[WRV ODERUDLV HP TXH VH HVWXGD R IHQyPHQR (P 3RUWXJDO R DVVpGLR PRUDO p XPD TXHVWmR VXE DYDOLDGD SHOD FRPXQLFDomR VRFLDO SHOD FRPXQLGDGH FLHQWtÀFD H SHORV SURÀVVLRQDLV HQYROYLGRV $ SUHYDOrQFLD GH DVVpGLR PRUDO QR WUDEDOKR YDULD FRQVRDQWH R FULWpULR XVDGR H 0HVPR DVVLP p LQIHULRU j GH RXWURV SDtVHV (XURSHXV FRP DPRVWUDV VHPHOKDQWHV SDUD FULWpULRV LGrQWLFRV QD DYDOLDomR 2 DVVpGLR PRUDO p PDLV IUHTXHQWH QRV SURÀVVLRQDLV PDLV MRYHQV $V PXOKHUHV VmR PDLV DVVHGLDGDV GR TXH RV KRPHQV 2V DVVHGLDGRUHV VmR PDLV IUHTXHQWHPHQWH DV PXOKHUHV PDLV YHOKDV H GH XPD SRVLomR KLHUiUTXLFD VXSHULRU $V FRQGXWDV D TXH RV HQIHUPHLURV HVWmR H[SRVWRV VmR PDLV UHODFLRQDGDV FRP DVSHFWRV ODERUDLV H QmR WDQWR FRP TXHVW}HV SDUWLFXODUHV RX VRFLDLV $V PDLV IUHTXHQWHV VmR 2FXOWDomR GH LQIRUPDomR 'HVHPSHQKDU WDUHIDV DEDL[R GDV VXDV FRPSHWrQFLDV 6REUHFDUJD GH WUDEDOKR +XPLOKDomR H LQWLPLGDomR %HUUDUHP OKH RX VHUHP DOYR GH H[SORV}HV GH UDLYD H VHU SUHVVLRQDGR D QmR XVXIUXLU GH GLUHLWRV H UHJDOLDV 5()(5È1&,$6 %,%/,2*5$),&$6 $UD~MR 0 6 0F,QW\UH 7 0F,QW\UH 6 1RYHPEHU 3RUWXJXHVH DGDSWDWLRQ RI WKH 1HJDWLYH $FWV 4XHVWLRQQDLUH 1$4 5 )LQDO 5HVXOWV 3DSHU SUHVHQWHG DW WKH WK &RQIHUHQFH RI WKH (XURSHDQ $FDGHP\ RI 2FFXSDWLRQDO +HDOWK 3V\FKRORJ\ 3RUWR %MRUNTYLVW . 2VWHUPDQ . 0RQLND+MHOW %GFN $JJUHVVLRQ $PRQJ 8QLYHUVLW\ (PSOR\HHV $JJUHVVLYH %HKDYLRU %URGVN\ & 0 %RRNV ' + 7KH KDUDVVHG ZRUNHU 7RURQWR 2QWDULR &DQDGD /H[LQJWRQ &DUYDOKR * ' 0REELQJ $VVpGLR PRUDO HP &RQWH[WR GH (QIHUPDJHP HVWXGR SUHOLPLQDU 5HYLVWD ,QYHVWLJDÍÊR HP (QIHUPDJHP )HY &RZLH + 1D\ORU 3 5LYHUV , 6PLWK 3 . 3HUHLUD % 0HDVXULQJ ZRUNSODFH EXOO\LQJ $JJUHVVLRQ DQG 9LROHQW %HKDYLRU ²

(LQDUVHQ 6 0DWKLHVHQ 6 % 6NRJVWDG $ %XOO\LQJ %XUQRXW DQG ZHOO EHLQJ DPRQJ DVVLVWDQW QXUVHV -RXUQDO RI 2FFXSDWLRQDO +HDOWK DQG 6DIHW\ (LQDUVHQ 6 5DNQHV % , +DUDVVPHQW DW ZRUN DQG WKH YLFWLPL]DWLRQ RI PHQ 9LROHQFH DQG 9LFWLPV ² (LQDUVHQ 6 +RHO + 0D\ 7KH 1HJDWLYH $FWV 4XHVWLRQQDLUH 'HYHORSPHQW YDOLGDWLRQ DQG UHYLVLRQ RI D PHDVXUH RI EXOO\LQJ DW ZRUN 3DSHU SUHVHQWHG DW WKH WK (XURSHDQ &RQJUHVV RI :RUN DQG 2UJDQL]DWLRQDO 3V\FKRORJ\ 3UDJXH *URHEOLQJKRII ' %HFNHU 0 $ &DVH 6WXG\ RI 0REELQJ DQG WKH &OLQLFDO 7UHDWPHQW RI 0REELQJ 9LFWLPV (XURSHDQ -RXUQDO RI :RUN DQG 2UJDQL]DWLRQDO 3V\FKRORJ\ +LULJR\HQ 0 ) 2 $VVÏGLR 0RUDO QR 7UDEDOKR &RPR GLVWLQJXLU D YHUGDGH $ - 0 1HYHV 7UDQV /LVERD 3HUJDPLQKR +RHO + 6DOLQ ' 2UJDQL]DWLRQDO DQWHFHGHQWV RI ZRUNSODFH EXOO\LQJ ,Q 6 (LQDUVHQ + +RHO ' =DSI & / &RRSHU (GV %XOO\LQJ DQG HPRWLRQDO DEXVH LQ WKH ZRUNSODFH ,QWHUQDWLRQDO SHUVSHFWLYHV LQ UHVHDUFK DQG SUDFWLFH 1HZ *RUN 7D\ORU )UDQFLV +XWFKLQVRQ 0 9LFNHUV 0 -DFNVRQ ' :LONHV / :RUNSODFH EXOO\LQJ LQ QXUVLQJ WRZDUGV D PRUH FULWLFDO RUJDQLVDWLRQDO SHUVSHFWLYH 1XUVLQJ ,QTXLU\ ² ,&1 1XUVHV $OZD\V 7KHUH IRU <RX 8QLWHG $JDLQVW 9LROHQFH $QWL 9LROHQFH 7RRO .LW *HQHYD ,QWHUQDWLRQDO &RXQFLO RI 1XUVHV -LPpQH] % 0 0XxR] $ 5 *DPDUUD 0 0 $VVHVVLQJ :RUNSODFH %XOO\LQJ 6SDQLVK 9DOLGDWLRQ RV D 5HGXFHG 9HUVLRQ RI WKH 1HJDWLYH $FWV 4XHVWLRQQDLUH 7KH 6SDQLVK -RXUQDO RI 3V\FKRORJ\ .LYLPDNL 0 9LUWDQHQ 0 9DUWLD 0 (ORYDLQLR 0 9DKWHUD - .HOWLNDQJDV -DUYLQHQ / :RUNSODFH EXOO\LQJ DQG WKH ULVN RI FDUGLRYDVFXODU GLVHDVH DQG GHSUHVVLRQ 2FFXSDWLRQDO (QYLURQPHQW 0HGLFLQH /HZLV 0 $ 1XUVH EXOO\LQJ RUJDQL]DWLRQDO FRQVLGHUDWLRQV LQ WKH PDLQWHQDQFH DQG SHUSHWUDWLRQ RI KHDOWK FDUH EXOO\LQJ FXOWXUHV -RXUQDO RI 1XUVLQJ 0DQDJHPHQW


/H\PDQQ + 7KH &RQWHQW DQG 'HYRORSPHQW RI 0REELQJ DW :RUN (XURSHDQ -RXUQDO RI ZRUN DQG RUJDQL]DWLRQDO SV\FKRORJ\ 0LNNHOVHQ ( * (LQDUVHQ 6 %DVLF DVVXPSWLRQV DQG V\PSWRPV RI SRVW WUDXPDWLF VWUHVV DPRQJ YLFWLPV RI EXOO\LQJ DW ZRUN (XURSHDQ -RXUQDO RI :RUN DQG 2UJDQLVDWLRQDO 3V\FKRORJ\

9HUGDVFD $ H GH 1RYHPEUR GH 3RUWXJXHVH YDOLGDWLRQ RI WKH 1$4 5HYLVHG 3DSHU SUHVHQWHG DW WKH &RQIHUrQFLD 3RUWXJXHVD VREUH DVVpGLR PRUDO $VVpGLR PRUDO QR ORFDO GH WUDEDOKR HPHUJrQFLD GH XP QRYD UHDOLGDGH /LVERD ,QVWLWXWR 6XSHULRU GH (FRQRPLD H *HVWmR

1LHGO . 0REELQJ DQG :HOO EHLQJ (FRQRPLF DQG 3HUVRQQHO 'HYHORSPHQW ,PSOLFDWLRQV (XURSHDQ -RXUQDO RI :RUN DQG 2UJDQLVDWLRQDO 3V\FKRORJ\

=DSI ' 2UJDQLVDWLRQDO ZRUN JURXS UHODWHG DQG SHUVRQDO FDXVHV RI PREELQJ EXOO\LQJ DW ZRUN ,QWHUQDWLRQDO -RXUQDO RI 0DQSRZHU

3DFKHFR 0 * 5 2 $VVÏGLR 0RUDO QR 7UDEDOKR |2 (OR 0DLV )UDFR} &RLPEUD $OPHGLQD

=DSI ' (LQDUVHQ 6 +RHO + 9DUWLD 0 (PSLULFDO ÀQGLQJV RQ EXOO\LQJ LQ WKH ZRUNSOFH ,Q 6 (LQDUVHQ + +RHO ' =DSI & / &RRSHU (GV %XOO\LQJ DQG (PRWLRQDO $EXVH LQ WKH :RUNSOFH ,QWHUQDWLRQDO SHUVSHFWLYHV LQ UHVHDUFK DQG SUDFWLFH SS /RQGRQ 7D\ORU )UDQFLV

3DROL 3 0HUOOLp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iOLD 5HGLQKD 0 5 * $VVÏGLR PRUDO RX PREELQJ QR WUDEDOKR" ,Q (VWXGRV HP KRPHQDJHP DR 3URI 'RXWRU 5D~O 9HQWXUD /LVERD )DFXOGDGH GH 'LUHLWR GD 8QLYHUVLGDGH GH /LVERD 5HYXHOWD - / * 5 (O DFRVR SVLFROyJLFR \ VXV GLQkPLFDV ,Q - / * 5 5HYXHOWD (G /DV &ODYHV GHO 0REELQJ SS 0DGULG (26 6i / )OHPLQJ 0 %XOO\LQJ %XUQRXW DQG 0HQWDO +HDOWK $PRQJVW 3RUWXJXHVH 1XUVHV ,VVXHV LQ 0HQWDO +HDOWK 1XUVLQJ 6WHYHQV 6 1XUVLQJ :RUNIRUFH 5HWHQWLRQ &KDOOHQJLQJ $ %XOO\LQJ &XOWXUH +HDOWK $IIDLUV

9D] 6HUUD $ $ ´(VFDOD 3RUWXJXHVD GH 0REELQJµ 3VLTXLDWULD &OÓQLFD

=DSI ' .QRU] & .XOOD 0 2Q WKH UHODWLRQVKLS EHWZHHQ PREELQJ IDFWRUV DQG MRE FRQWHQW WKH VRFLDO ZRUN HQYLURQPHQW DQG KHDOWK RXWFRPHV (XURSHDQ -RXUQDO RI :RUN DQG 2UJDQL]DWLRQDO 3V\FKRORJ\


$POIFDFS B DPOWJWËODJB EB GBNJMJB DPN P EPFOUF QTJDÓUJDP *OUFSWFOÉ×FT QTJDPFEVDBUJWBT OB MJOIB DPNQPSUBNFOUBM EF 'BMMPO "OB 'FMJDÎTTJNP

5(6802 0XLWDV SHVVRDV YLYHQFLDP VLWXDo}HV GH DGRHFLPHQWR SVtTXLFR GH FDUiFWHU SVLFyWLFR TXH GHVHQFDGHLDP VRIULPHQWRV WDQWR SDUD VL FRPR SDUD RV VHXV IDPLOLDUHV ([SHULPHQWDU WDO VLWXDomR VLJQLÀFD FRQYLYHU FRP OLPLWDo}HV H GHVJDVWHV QR TXRWLGLDQR IDPLOLDU GLÀFXOWDQGR D FRQYLYrQFLD FRP D SHVVRD TXH SRVVXL TXDGUR GH SVLFRVH &RQVLGHUDQGR HVWHV DVSHFWRV HVWH HVWXGR YLVD &RQWHPSODU DV H[SHULrQFLDV PDLV LPSRUWDQWHV YLYHQFLDGDV SHORV IDPLOLDUHV GR GRHQWH SVLFyWLFR HP FRQWH[WR GD FRPXQLGDGH LQWHUYLQGR D QtYHO GD SVLFRHGXFDomR XQLIDPLOLDU QD OLQKD FRPSRUWDPHQWDO GH )DOORRQ 7UDWD VH PHWRGRORJLFDPHQWH GH XP HVWXGR TXDOLWDWLYR LQWHUYLQGR QDV IDPtOLDV UHFRUUHQGR j YLVLWD GRPLFLOLiULD EDVHDGD QR PRGHOR GH )DOORRQ TXH SUHWHQGH PHOKRUDU D FDSDFLGDGH GH UHVROXomR GH SUREOHPDV QR VHLR IDPLOLDU $ FDUrQFLD GH LQIRUPDo}HV GH DSRLR GH RULHQWDo}HV FRQGX] D XP OHTXH GH QHFHVVLGDGHV QmR VDWLVIHLWDV H HYLGHQFLDP D IUDJLOLGDGH GR Q~FOHR IDPLOLDU OHYDQGR D VLWXDo}HV GH GHVJDVWH HPRFLRQDO H VREUHFDUJD IDPLOLDU $ (QIHUPDJHP GHVWD HVSHFLDOLGDGH p EDVWDQWH GHVDÀDGRUD H[LJLQGR GR HQIHUPHLUR XP GHVHQYROYLPHQWR PDLV FRPSOHWR XPD FRPSUHHQVmR PDLV QRWiYHO H XPD PDLRU SUHRFXSDomR QR HVWDEHOHFLPHQWR GD UHODomR WHUDSrXWLFD 2V UHVXOWDGRV HVWmR EHP GRFXPHQWDGRV HP WHUPRV FOtQLFRV PHQRUHV WD[DV GH UHFDtGDV SVLFRVVRFLDLV PHOKRU IXQFLRQDPHQWR VRFLR RFXSDFLRQDO PHQRU VREUHFDUJD IDPLOLDU H HFRQyPLFRV 3$/$95$6 &+$9( ,QWHUYHQomR DR XWHQWH SVLFyWLFR 3VLFRHGXFDomR (QIHUPDJHP

$%675$&7 0DQ\ SHRSOH H[SHULHQFH VLWXDWLRQV RI PHQWDO LOOQHVV ZKHWKHU SV\FKRWLF ZKLFK XQFKDLQ VXIIHULQJ IRU ERWK WKH SDWLHQW DQG IRU WKHLU IDPLOLHV ([SHULPHQW WKLV VLWXDWLRQ PHDQV OLYLQJ ZLWK OLPLWDWLRQV DQG ZHDWKHULQJ LQ GDLO\ OLIH PDNLQJ LW GLIÀFXOW WR OLYH ZLWK WKH SHUVRQ ZKR RZQV SDUW RI SV\FKRVLV &RQVLGHULQJ WKHVH DVSHFWV WKLV UHSRUW DLPV WR &RQWHPSODWLQJ WKH PRVW LPSRUWDQW H[SHULHQFHV ERWK LQ VSHHFKHV WR SV\FKRWLF SDWLHQWV

WR WKHLU UHVSHFWLYH IDPLOLHV LQ WKH FRPPXQLW\ VSHDNLQJ DW WKH WUDLQLQJ RI VRFLDO VNLOOV DQG IDPLOLDU SV\FKR HGXFDWLRQ IROORZLQJ WKH EHKDYLRXU OLQH RI )DOORRQ ,W LV PHWKRGRORJLFDOO\ D TXDOLWDWLYH VWXG\ LQWHUYHQLQJ LQ IDPLOLHV ZLWK KRPH YLVLW EDVHG RQ WKH PRGHO RI )DOORRQ ZKLFK DLPV WR LPSURYH WKH DELOLW\ WR VROYH SUREOHPV ZLWKLQ IDPLOLHV 7KH ODFN RI LQIRUPDWLRQ VXSSRUW JXLGDQFH OHDGV WR D IDQ RI QRW VDWLVÀHG QHFHVVLWLHV DQG HYLGHQFHV WKH IUDJLOLW\ RI WKH IDPLOLDU QXFOHXV WDNLQJ WKH VLWXDWLRQV RI HPRWLRQDO FRQVXPLQJ DQG IDPLOLDU RYHUORDG 7KH QXUVLQJ RI WKLV VSHFLDOW\ LV GXH WR LWV WDUJHW DUH ´VSHFLDOµ SDWLHQWV TXLWH FKDOOHQJLQJ UHTXLULQJ IURP WKH QXUVH D PRUH FRPSOHWH GHYHORSPHQW D PRUH UHPDUNDEOH FRPSUHKHQVLRQ DQG D PDMRU FRQFHUQ LQ WKH HVWDEOLVKPHQW RI WKH WKHUDSHXWLF UHODWLRQVKLS 7KH UHVXOWV DUH ZHOO GRFXPHQWHG LQ FOLQLFDO WHUPV ORZHU UDWHV RI UHODSVH SV\FKRVRFLDO EHWWHU VRFLDO DQG RFFXSDWLRQDO IXQFWLRQLQJ OHVV IDPLOLDU DQG HFRQRPLF RYHUFKDUJH .(< :25'6 $VVLVWDQFH WR XVHUV SV\FKRWLF 3V\FKRHGXFDWLRQ 1XUVLQJ

,1752'8d®2 $ SUHVHQoD GH XP IDPLOLDU SRUWDGRU GH XPD GRHQoD PHQWDO LPSOLFD SRUWDQWR LQYDULDYHOPHQWH SDUD VXD IDPtOLD DOpP GD GHFHSomR LQLFLDO XPD VpULH GH VLWXDo}HV FUtWLFDV JHUDOPHQWH DFRPSDQKDGDV GH VHQWLPHQWRV H HPRo}HV GRORURVDV H FRQÁLWXDQWHV 1HVWH SHUFXUVR WDQWR D IDPtOLD FRPR R ILOKR HVSHFLDO SUHFLVDUmR GH HQIUHQWDU HP FDGD GLD RV VHXV PHGRV VXDV IUXVWUDo}HV H VXDV OLPLWDo}HV ² HIHLWRV GLUHFWRV GR HVWLJPD VRFLDO D TXH WRGD D IDPtOLD HVWi H[SRVWD 3RLV GHYLGR jV GLÀFXOGDGHV DLQGD KRMH HQFRQWUDGDV SDUD LQFOXVmR VRFLDO GR ILOKR HVSHFLDO D PDUJLQDOL]DomR D HOD LPSRVWD HVWHQGH VH D WRGD D IDPtOLD TXH SDVVD D VHU HVWLJPDWL]DGD ´SRU FRQWDPLQDomRµ *ODW 7DO VLWXDomR DFDED SRU SURYRFDU R LVRODPHQWR GH PXLWDV IDPtOLDV R TXH SRU VXD YH] UHIRUoD RV SDGU}HV GH VXSHUSURWHFomR ID]HQGR FRP TXH D FRQGLomR HVSHFLDO GR LQGLYtGXR VHMD KLSHUGLPHQVLRQDGD HP GHWULPHQWR GH VXDV FDSDFLGDGHV H DSWLG}HV 2 FRPSRUWDPHQWR HUUiWLFR GH PXLWRV GRHQWHV SVLFyWLFRV DVVRFLDGR j IDOWD GH LQIRUPDomR VREUH D GRHQoD PHQWDO p

(QIHUPHLUD *UDGXDGD (VSHFLDOLVWD HP (QIHUPDJHP GH 6D~GH 0HQWDO H 3VLTXLDWULD 6HUYLoR GH *LQHFRORJLD 2EVWHWUtFLD +RVSLWDO 'LVWULWDO 6DQWDUpP DQDIHOLFLVVLPR#JPDLO FRP


IUHTXHQWHPHQWH FDXVD GH VWUHVV H VREUHFDUJD WRUQDQGR D IDPtOLD VXVFHSWtYHO GH DQVLHGDGH GHSUHVVmR H LQFDSDFLGDGH ,QGHSHQGHQWH GH VHU ItVLFD RX PHQWDO R GHVJDVWH p DJUDYDGR TXDQGR VH WUDWD GH XPD GRHQoD GH GXUDomR SURORQJDGD FRP IUHTXHQWHV FDVRV GH DJXGL]DomR GH VLQWRPDV H TXDQGR p FRQVLGHUDGD LQFDSDFLWDQWH H HVWLJPDWL]DGRUD 1mR Ki G~YLGD TXH D QHFHVVLGDGH GH PDLRU FXLGDGR LPSRVWD SHOD VXD FRQGLomR UHVWULQJH H WUDQVIRUPD HP PDLRU RX PHQRU JUDX D YLGD GH WRGRV RV TXH OKH VmR SUy[LPRV 'LDQWH GH WDO TXDGUR R SDSHO GRV SURÀVVLRQDLV H HVVHQFLDOPHQWH GR HQIHUPHLUR HVSHFLDOLVWD HP VD~GH PHQWDO H SVLTXLDWULD p IXQGDPHQWDO SDUD PLQLPL]DU HVVHV VHQWLPHQWRV H SURPRYHU RULHQWDo}HV H HVFODUHFLPHQWRV VREUH DV FDSDFLGDGHV GR ILOKR HVSHFLDO EHP FRPR SURYRFDU XP ROKDU GRV SDLV VREUH VL PHVPRV 6HQGR DVVLP R QtYHO GH LQWHJUDomR VRFLDO TXH XPD SHVVRD FRP QHFHVVLGDGHV HVSHFLDLV SRVVD YLU D GHVHQYROYHU GHSHQGHUi HP JUDQGH SDUWH GD GLVSRQLELOLGDGH GD VXD IDPtOLD HP SHUPLWLU OKH SDUWLFLSDU H XVXIUXLU GRV UHFXUVRV RIHUHFLGRV SHOD FRPXQLGDGH DSHVDU GH WRGDV DV EDUUHLUDV ItVLFDV H VRFLDLV 3RU RXWUR ODGR TXDQWR PDLRU IRU D VXD SDUWLFLSDomR QR FRQWH[WR VRFLDO PDLRU VHUi D VXD KLSyWHVH GH DVVXPLU XP QRYR SDSHO QR VHLR IDPLOLDU 7UDEDOKDU FRP D IDPtOLD H SURPRYHU R HVWtPXOR DR VHX HQYROYLPHQWR FRQVWLWXL XP IDFWRU GHFLVLYR QR SURFHVVR GH LQFOXVmR GH SHVVRDV FRP QHFHVVLGDGHV HVSHFLDLV VHQGR LQGLVSHQViYHO SDUD D FRQVWUXomR GD LQGLYLGXDOLGDGH GR VXMHLWR FRPR SDUWLFLSDQWH DFWLYR GD VRFLHGDGH GH PRGR D SURPRYHU XPD YHUGDGHLUD PXGDQoD FXOWXUDO HP UHODomR j GLYHUVLGDGH H jV SRWHQFLDOLGDGHV KXPDQDV GHL[DQGR GH ODGR R HVWLJPD GD GRHQoD PHQWDO

,17(59(1d¯(6 36,&2('8&$7,9$6 1$ )$0Ì/,$ '2 '2(17( 36,&Ð7,&2 %$6($'2 12 02'(/2 '( )$//221

02'(/2 '( )$//221 e VDELGR TXH R WUDWDPHQWR HVWULWDPHQWH IDUPDFROyJLFR GD SVLFRVH HVTXL]RIUHQLD p LQVXÀFLHQWH Mi TXH SDUD DOpP GD QHFHVVLGDGH GH DGHVmR j WHUDSrXWLFD SRU SDUWH GRV GRHQWHV QHP VHPSUH R FXPSULPHQWR GD SUHVFULomR JDUDQWH D HIHFWLYLGDGH FOtQLFD e KRMH FRQVHQVXDO D QHFHVVLGDGH GH DERUGDJHQV LQWHJUDGDV SDUD D HVTXL]RIUHQLD TXH LQFOXDP WUDWDPHQWRV ELROyJLFRV H HVWUDWpJLDV SVLFRVVRFLDLV IRFDOL]DGDV QR GRHQWH H QD IDPtOLD 3RLV DV IDPtOLDV WrP XP SDSHO PXLWR VLJQLÀFDWLYR QD UHFXSHUDomR GD SHVVRD GRHQWH $ HGXFDomR EiVLFD VREUH GRHQoD PHQWDO p LPSUHVFLQGtYHO 8P GRV PHLRV GH LQWHUYHQomR SDUD DX[LOLDU DV IDPtOLDV p D 3VLFRHGXFDomR

(QWHQGH VH SRU 3VLFRHGXFDÍÊR XP FRQMXQWR GH DERUGDJHQV RULHQWDGDV HP $MXGDU RV GRHQWHV H VHXV IDPLOLDUHV D DSUHQGHU R TXH SUHFLVDP VREUH D GRHQoD PHQWDO H D GRPLQDU QRYDV IRUPDV GH OLGDU FRP HOD H FRP RV SUREOHPDV GR TXRWLGLDQR UHGX]LU R VWUHVV IDPLOLDU H SURYLGHQFLDU VXSRUWH VRFLDO H HQFRUDMDPHQWR SHUPLWLQGR XPD PDLRU HVSHUDQoD QR IXWXUR PDLV GR TXH XP UHPRHU PyUELGR GR SDVVDGR 2 JUXSR GH )DOORRQ GHVHQYROYHX XPD DERUGDJHP FHQWUDGD QD JHVWmR IDPLOLDU GR VWUHVV TXH GHVLJQRX 7HUDSLD )DPLOLDU &RPSRUWDPHQWDO H TXH p XPD LQWHUYHQomR SVLFRHGXFDWLYD XQLIDPLOLDU GH LQVSLUDomR FRPSRUWDPHQWDO (P TXH D EDVH GH WUDEDOKR p D IDPtOLD HP FRQMXQWR LPSOLFDQGR D LQFOXVmR QDV VHVV}HV GH WRGRV RV HOHPHQWRV GLVSRQtYHLV QRPHDGDPHQWH GD SHVVRD FRP GRHQoD SVLFyWLFD )DOORRQ (VWH PRGHOR DVVXPH TXH FDGD PHPEUR GD IDPtOLD WHQWD ID]HU R VHX PHOKRU GDGDV DV VXDV OLPLWDo}HV HVSHFtÀFDV GH SHUVRQDOLGDGH H FLUFXQVWkQFLD PDV UHFRQKHFH VLPXOWDQHDPHQWH TXH TXDOTXHU LQGLYtGXR RX IDPtOLD SRGH UHDJLU D FLUFXQVWkQFLDV DGYHUVDV FRPR D GRHQoD PHQWDO JUDYH GH XPD SHVVRD SUy[LPD GH XPD IRUPD QHP VHPSUH FRQVWUXWLYD 3DUD R PHVPR DXWRU R IDFWR GH HVWDV UHDFo}HV FKHJDUHP D GHWHUPLQDU HIHLWRV SHUQLFLRVRV QmR GHYHUi FRQGX]LU j FXOSDELOL]DomR GD IDPtOLD PDV VLP DR GHVHQYROYLPHQWR GH HVWUDWpJLDV TXH SRWHQFLHP RV VHXV UHFXUVRV SRVLWLYRV ² QR IXQGR DMXGDU D DMXGDU PDLV HÀFD]PHQWH R IDPLOLDU HP VRIULPHQWR SVLFyWLFR 2 REMHFWLYR SULQFLSDO GHVWH PRGHOR WUDGX] VH DVVLP HP HQULTXHFHU DV IDPtOLDV GH PDLV FRQKHFLPHQWRV VREUH D GRHQoD SVLFyWLFD H GH PHOKRUHV FRPSHWrQFLDV GH FRPXQLFDomR H UHVROXomR GH SUREOHPDV TXH IDFLOLWHP D JHVWmR GH VWUHVV QR TXRWLGLDQR H QDV FULVHV DFLGHQWDLV SHVVRDLV IDPLOLDUHV GH PRGR D SURYLGHQFLDU PDLRU VXSRUWH DR GRHQWH SVLFyWLFR ² HVTXL]RIUpQLFR 3DUDIUDVHDQGR )DOORRQ HW DO |7UDWD VH GH XP LQWHUYHQÍÊR GLUHFWD SDUD DMXGDU RV PHPEURV GD IDPÓOLD D DGRSWDU PÏWRGRV TXH IDFLOLWHP D H[SUHVVÊR PßWXD GH QHFHVVLGDGHV H GHVHMRV EHP FRPR SDUD DMXGDU DV IDPÓOLDV D UHVROYHU RV VHXV SUREOHPDV GR GLD D GLD PHVPR TXDQGR DV SHVVRDV WÐP D GHVYHQWXUD GH VRIUHU GH XPD SHUWXUEDÍÊR PHQWDO RX GH FXLGDU GH DOJXÏP TXH GHOD VRIUD} /HII HW DO VDOLHQWDP TXH VHJXUDPHQWH Ki XPD SURSRUomR VLJQLÀFDWLYD GH IDPLOLDUHV TXH VH UHFXVDP D IUHTXHQWDU XP JUXSR KDYHQGR QHFHVVLGDGH GH VHVV}HV GRPLFLOLiULDV ( IRL QR LQWXLWR GH UHVROYHU HVWH SUREOHPD TXH DVVXPL FRPR UHIHUH R DXWRU UHFRUUHU i YLVLWD GRPLFLOLiULD FRPR IRUPD GH LQWHUYHQomR IDPLOLDU 6HJXQGR 0DWWRV $ ´YLVLWD GRPLFLOLDU p XP FRQMXQWR GH DFo}HV GH VD~GH YROWDGDV SDUD R DWHQGLPHQWR VHMD HOH DVVLVWHQFLDO RX HGXFDWLYR e XPD GLQkPLFD XWLOL]DGD QRV


SURJUDPDV GH DWHQomR j VD~GH YLVWR TXH DFRQWHFHP QR GRPLFtOLR GD IDPtOLDµ $ YLVLWD GRPLFLOLDULD ´ p YLWDO SDUD D HGXFDomR HP VD~GHµ VXEOLQKD 0DWWRV $Wp SRUTXH XP YDVWR FRUSR GH LQYHVWLJDoDR WHP GHPRQVWUDGR TXH DR VH LU DR HQFRQWUR GDV QHFHVVLGDGHV GDV IDPLOLDV FRQWULEXL VH WDPEHP GH IRUPD HYLGHQWH SDUD PHOKRUDU D VLWXDoDR GR GRHQWH H R EHP HVWDU GD IDPLOLD FRPR XP WRGR )RUDP yEYLDV DV YDQWDJHQV GDV VHVV}HV GRPLFLOLDUHV QRPHDGDPHQWH QD IDFLOLWDomR GD PRWLYDomR PHOKRULD QDV WD[DV GH DGHVmR H SRVVLELOLGDGH GH DYDOLDomR GR FRQWH[WR IDPLOLDU LQ ORFR EHP FRPR R DXPHQWR GD VDWLVIDomR GRV HQYROYLGRV QR SURFHVVR SUHFRQL]DQGR XPD DERUGDJHP FRPSUHHQVLYD VRFLDO RFXSDFLRQDO HGXFDFLRQDO H SURÀVVLRQDO ( SURSRUFLRQDU DRV SURÀVVLRQDLV R FRQKHFLPHQWR VREUH R LQGLYtGXR FRQWH[WR GH YLGD PHLR DPELHQWH FRQGLo}HV GH KDELWDomR UHODo}HV DIHFWLYR VRFLDLV GD IDPtOLD SDUD SRVVLELOLWDU D SUHVWDomR GD DVVLVWrQFLD LQWHJUDO j VD~GH QD IDPLOLD 6HJXQGR )DGGHQ DV LQWHUYHQo}HV WHUDSrXWLFDV IDPLOLDUHV HP SDUWLFXODU TXDQGR DSOLFDGDV QR FRQWH[WR XQLIDPLOLDU WrP HIHLWRV SUHYHQWLYRV HVWDWLVWLFDPHQWH VLJQLÀFDWLYRV QDV UHFDtGDV GD SVLFRVH H HVTXL]RIUHQLD EHP FRPR QDV WD[DV GH UHLQWHUQDPHQWR KRVSLWDODU UHJLVWDQGR VH DLQGD EHQHItFLRV FODURV QD DGHVmR DR WUDWDPHQWR IDUPDFROyJLFR (VWDV LQWHUYHQo}HV VmR H[WUHPDPHQWH LPSRUWDQWHV QD PHGLGD TXH GHVHPSHQKDP XP SDSHO DRV WUrV QtYHLV GH SUHYHQomR GD GRHQoD PHQWDO H HYHQWXDOPHQWH QD SURPRomR GD VD~GH PHQWDO GH WRGRV RV HOHPHQWRV GD IDPtOLD FRPR VH SRGH REVHUYDU SHOD )LJXUD ),*85$ 1 7)& ( *$1+26 '( 6$Ô'(

GD YLVXDOL]DomR H WUDQVFULomR GRV PyGXORV GDV VHVV}HV GH 3VLFRHGXFDomR TXH HIHFWXHL H TXH DVVHQWDUDP HVVHQFLDOPHQWH HP &RPSRQHQWH 3VLFRHGXFDWLYD FRQKHFHU D GRHQoD 5HFRQKHFHU H SUHYHQLU DV UHFDtGDV )RUPDV GH JHVWmR H LQWHUYHQomR QDV FULVHV UHFDtGDV 7UHLQR GH FRPXQLFDomR ([SUHVVmR HPRFLRQDO 6tQWHVH H DYDOLDomR LQIRUPDO GR SURJUDPD UHDOL]DGDV QHVWH HVWXGR H GDU D FRQKHFHU D FRQYLYÐQFLD GD IDPÓOLD FRP R GRHQWH SVLFÙWLFR (VWH HVWXGR LQVHULX VH QRV SUHVVXSRVWRV GRV PpWRGRV TXDOLWDWLYRV GD LQYHVWLJDomR 68-(,726 '2 (678'2 2 HVWXGR IRL UHDOL]DGR FRP TXDWUR IDPtOLDV GLVWLQWDV TXH WLQKDP XP VHX IDPLOLDU SVLFyWLFR D IUHTXHQWDU R )yUXP 6yFLR 2FXSDFLRQDO GD )DUSD $VVRFLDomR GH IDPLOLDUHV H DPLJRV GR GRHQWH SVLFyWLFR UHVLGHQWHV QD iUHD *HRGHPRJUiÀFD GR IyUXP H TXH UHVSHLWDVVHP RV VHJXLQWHV FULWpULRV QXQFD WHUHP VLGR DOYR GH VHVV}HV GH 3VLFRHGXFDomR IDPLOLDUHV GRV ´QRYRVµXWHQWHV GD )DUSD HVWDUHP HP FRQGLo}HV SVtTXLFDV SDUD UHVSRQGHU D HQWUHYLVWDV H TXHVWLRQiULRV H DFHLWDUHP SDUWLFLSDU QR HVWXGR 'DV TXDWUR IDPtOLDV GR HVWXGR WUrV HUDP IDPLOLDUHV GH XP GRHQWH FRP SVLFRVH HVTXL]RIUpQLFD H XPD IDPLOLDU GH GRHQWH FRP SVLFRVH QHXURJHQHUDWLYD PLWRFRQGULDO SULPiULD &2/+(,7$ '( '$'26 (VWH HVWXGR GHFRUUHX QR SHUtRGR GH GH 1RYHPEUR GH D GH -DQHLUR GH FRP GXUDomR WRWDO GH VHPDQDV 3DUD D FROKHLWD GH GDGRV IRUDP XWLOL]DGRV RV VHJXLQWHV LQVWUXPHQWRV HQWUHYLVWD VHPL HVWUXWXUDGD REHGHFHQGR D XP ´*XLmR GH HQWUHYLVWD FRP R IDPLOLDU GR GRHQWH SVLFyWLFRµ 4XHVWLRQiULR GH UHGH GH VXSRUWH VRFLDO 6RFLDO 1HWZRUN 4XHVWLRQQDLUH 614 DGDSWDGR SDUD D SRSXODomR SRUWXJXHVD SRU ;DYLHU H &DOGDV GH $OPHLGD H REVHUYDomR FRPSRUWDPHQWDO $V HQWUHYLVWDV IRUDP UHDOL]DGDV QR GRPLFtOLR GRV VXMHLWRV GR HVWXGR VHP ID]HU XVR GR JUDYDGRU $ REVHUYDomR IRL XWLOL]DGD SHOR FRQWDFWR GLUHFWR GR SHVTXLVDGRU FRP R IHQyPHQR REVHUYDGR SDUD REWHU LQIRUPDo}HV VREUH D UHDOLGDGH GRV DFWRUHV VRFLDLV QR VHX SUySULR FRQWH[WR &UX] $63(&726 e7,&26

0(72'2/2*,$

2V VXMHLWRV GR HVWXGR IRUDP HVFODUHFLGRV GHWDOKDGDPHQWH VREUH D PLQKD LQWHUYHQomR H SHVTXLVD H D IRUPD GH SDUWLFLSDomR QR PHVPR DVVLQDQGR R 7HUPR GH &RQVHQWLPHQWR OLYUH H HVFODUHFLGR IRUDP WDPEpP DVVHJXUDGRV D FRQÀGHQFLDOLGDGH H R DQRQLPDWR GRV VXMHLWRV EHP FRPR D OLEHUGDGH HP SDUWLFLSDU RX UHFXVDU R HVWXGR VHP KDYHU SUHMXt]R DOJXP SDUD RV HQYROYLGRV 3DUD SUHVHUYDU DV LGHQWLGDGHV GRV IDPLOLDUHV GR HVWXGR IRUDP DGRSWDGRV QRPHV GH FRUHV

&RQIRUPH FLWD $OYHV S ´&RQKHFHU p UHGX]LU R GHVFRQKHFLGR DR FRQKHFLGRµ VHQGR DVVLP DWUDYpV


$1É/,6( ( ',6&866®2 '26 5(68/7$'26 3DUD PHOKRU YLVXDOL]DomR GDV IDPtOLDV LQWHUYHQFLRQDGDV SURFHGL D XPD FDUDFWHUL]DomR VyFLR GHPRJUiÀFD GRV FXLGDGRUHV GRV XWHQWHV SVLFyWLFRV FRPR LOXVWUD R TXDGUR Q 4XDGUR Q ² &DUDFWHUL]DomR GRV FXLGDGRUHV GRV XWHQWHV

iOFRRO QXQFD DFHLWRX D GRHQoD GR PHX LUPmR H GHSRLV GD PLQKD PmH PRUUHU FRP $9& DEDQGRQRX D FDVD )XL HX TXH ÀTXHL D FXLGDU GR PHX LUPmR µ $ QtYHO GR DJUHJDGR IDPLOLDU YHULÀFD VH TXH GRLV GRV XWHQWHV YLYHP FRP D IDPtOLD QXFOHDU H RV RXWURV UHVWDQWHV YLYHP FRP DSHQDV R HOHPHQWR FXLGDGRU

SVLFyWLFRV 9DULiYHLV

)UHTXrQFLD

6H[R

0DVFXOLQR )HPLQLQR )DL[D HWiULD > @ $QRV > @ $QRV > @ $QRV 6ROWHLUR &DVDGD 'LYRUFLDGD 0mH ,UPmR $QR GR OLFHX $QR /LFHQFLDWXUD 5HIRUPDGD )XQFLRQiULD S~EOLFD (PEDODGRUD GD VRQDH $X[LOLDU DFomR PpGLFD

,GDGH

(VWDGR FLYLO 3DUHQWHVFR GR HOHPHQWR FXLGDGRU FRP R GRHQWH *UDX GH HVFRODULGDGH

3URILVVmR $JUHJDGR IDPLOLDU Q HOHPHQWRV

5HVLGrQFLD

3UREOHPDV GH 6D~GH )DPLOLDU

Q

(OHPHQWRV (OHPHQWRV 6DOPHLULP 6DQWDUpP $OSLDUoD 6 'RPLQJRV 6DXGiYHO ³'RHQoD GRV QHUYRV´ 'RHQoD RQFROyJLFD H SVLTXLiWULFD

3HUFHQWDJHP

3RGHUHPRV REVHUYDU TXH TXDQWR DR 6H[R R TXDGUR Q LQIRUPDP D SUHGRPLQkQFLD FRP GR IHPLQLQR FRPR FXLGDGRU 2 FXLGDGR JHUDOPHQWH DVVRFLDGR DR VH[R p XPD UHSUHVHQWDomR IRUWHPHQWH HQUDL]DGD QR LPDJLQiULR VRFLDO JHUDOPHQWH HVWDQGR DVVRFLDGR DR VLJQLÀFDGR GH TXH VHU FXLGDGRUD VH FRPSDUD i ÀJXUD GD PmH H QHVWH FDVR p LVVR TXH VH YHULÀFD $ 0pGLD GDV LGDGHV GRV FXLGDGRUHV IRL GH DQRV WHQGR VLGR D LGDGH PtQLPD R LUPmR GH XP XWHQWH FRP DQRV H LGDGH Pi[LPD XPD PmH GH DQRV 9HULÀFDPRV D H[LVWrQFLD GH GXDV PmHV FXLGDGRUDV FRP PDLV GH DQRV GH LGDGH UHSUHVHQWDQGR GRV VXMHLWRV HVWDQGR FRPR p LQHUHQWH VXMHLWDV D WRGR R SURFHVVR GH HQYHOKHFLPHQWR SUySULR GR FLFOR YLWDO SRLV FXLGDU GH XP XWHQWH SVLFyWLFR p HPRFLRQDOPHQWH GHVJDVWDQWH $QDOLVDPRV WDPEpP TXH QD VRFLHGDGH PRGHUQD YHULÀFD VH TXH p KDELWXDO VHUHP RV SDLV D FXLGDU GRV VHXV GHVFHQGHQWHV PDV QXPD GDV VLWXDo}HV GRV FXLGDGRUHV GRV XWHQWHV VHOHFFLRQDGRV YHULÀFDPRV TXH H[LVWH XP LUPmR PDLV QRYR D FXLGDU GR IDPLOLDU GRHQWH 9HMDPRV D H[SOLFDomR 9HQkQFLR VDOLHQWD TXH TXDQGR R GRHQWH SVLFyWLFR VRIUH SUHFRQFHLWRV HOHV VH UHÁHFWLUDP QD IDPtOLD TXH SRGH SRU LVVR TXHUHU QHJDU D GRHQoD RX DLQGD DEDQGRQDU R GRHQWH 9(5'( ´ 2 PHX SDL WDOYH] GHYLGR DRV SUREOHPDV FRP R

(P UHODomR j HVFRODULGDGH FRQVWDWD VH TXH WRGRV WrP IRUPDomR DFDGpPLFD HPERUD Vy DWLQJLQGR IRUPDomR VXSHULRU OLFHQFLDWXUD XPD FXLGDGRUD 1R TXH GL] UHVSHLWR i SURÀVVmR REVHUYD VH TXH DSHQDV XP HOHPHQWR FXLGDGRU HVWi UHIRUPDGR HVWDQGR RV RXWURV DLQGD QR DFWLYR H GHYLGR D HVVH IDFWR HVWHV SRVVXHP WDOYH] PHQRV GLVSRQLELOLGDGH GH WHPSR SDUD DFRPSDQKDU R IDPLOLDU GRHQWH 4XDQWR DR HVWDGR FLYLO REVHUYD VH TXH GXDV FXLGDGRUDV VmR FDVDGDV WHQGR DSRLR GRV FRQMXJXHV QRV FXLGDGRV DR IDPLOLDU GRHQWH HQTXDQWR RV RXWURV GRLV FXLGDGRUHV VHP FRQMXJXHV SRGHP DSUHVHQWDU XPD VREUHFDUJD WDQWR ItVLFD FRPR HPRFLRQDO RX VHMD DOpP GH GHVHPSHQKDUHP DV DFWLYLGDGHV GRPpVWLFDV RX RXWUDV GLVSHQVDP DR IDPLOLDU GRHQWH XP FXLGDGR PDLV FRQWtQXR FRORFDQGR DVVLP D VXD YLGD SHVVRDO H VRFLDO HP VHJXQGR SODQR SRGHQGR OKH JHUDU XP GHVFRQIRUWR HPRFLRQDO OHYDQGR DR VWUHVV H DGRHFHU FRPR UHIHUHP %DQGHLUD H %DUURVR 4XDQWR i UHVLGrQFLD YHULÀFD VH TXH D PDLRULD YLYHP QR FRQFHOKR GH 6DQWDUpP H DSHQDV YLYH QR FRQFHOKR GH $OSLDUoD 9HULÀFDPRV TXH D PDLRULD GRV IDPLOLDUHV DSUHVHQWDYD WDPEpP DOJXP SUREOHPD GH VD~GH H GHVVD SHUFHQWDJHP UHIHULD SUREOHPDV SVLTXLiWULFRV UHFHEHQGR LQFOXVLYH WUDWDPHQWR 2 ´2/+$5µ '( 48(0 (67É 35Ð;,02 $1É/,6( '$6 5(63267$6 '$6 (175(9,67$6 ( 48(67,21É5,26 (QWHQGHU D H[SHULrQFLD GD GRHQoD SRU PHLR GD YLVmR GRV IDPLOLDUHV RIHUHFH HVVHQFLDOPHQWH VXEVtGLRV SDUD FRPSUHHQGHU RV FRQÁLWRV FDXVDGRV SHOD FRQYLYrQFLD FRP D SVLFRVH UHVWDEHOHFHU D FRHVmR IDPLOLDU H D UHLQVHUomR VRFLDO 7HQWDU FRPSUHHQGHU R PXQGR SVLFyWLFR p IDVFLQDQWH H DMXGDU D IDPtOLD QHVWH HQWHQGLPHQWR p XP GRV QRVVRV SDSpLV FRPR SURÀVVLRQDLV GH VD~GH EDVWDQWH HVWLPXODQWH H GHVDÀDGRU $ &DWHJRUL]DomR GR GLVFXUVR GRV IDPLOLDUHV H D DQiOLVH GDV UHVSRVWDV GDV HQWUHYLVWDV H TXHVWLRQiULRV SHUPLWLX TXH VH LGHQWLÀFDVVH FLQFR WHPDV UHODFLRQDGRV DR FRQWH[WR GD &RQYLYrQFLD H &XLGDGR FRP R 'RHQWH 3VLFyWLFR TXH VmR DSUHVHQWDGDV QRV VHJXLQWHV LWHQV YHMDPRV


&21+(&,0(1726 $&(5&$ '$ '2(1d$ '2 )$0,/,$5 $ FRPSUHHQVmR TXH RV IDPLOLDUHV PRVWUDP WHU VREUH D GRHQoD p XPD FRPSUHHQVmR SUy[LPD GD TXH p GH HVSHUDU QR VHQVR FRPXP LVWR p R FRQWDFWR GLUHFWR FRP RV VLQDLV H VLQWRPDV GD GRHQoD QmR GHPRQVWUDP XP FRQKHFLPHQWR HVFODUHFLGR XPD FRPSUHHQVmR TXH Yi SDUD DOpP GD SHUFHSomR GH TXH DOJR VH SDVVD D QtYHO PHQWDO LPSDOSiYHO |Ï GRV QHUYRV} H GH TXH HVVH ´DOJRµ WHUi UHSUHVHQWDGR SURYDYHOPHQWH XPD LPSRUWDQWH FRPSRQHQWH HPRWLYD (QFRQWUD VH QRV IDPLOLDUHV XPD VXEPLVVmR j GHÀQLomR GH GRHQWH FRPR VRIUHQGR GH XPD GRHQoD TXH H[LJH PHGLFDomR UHJXODU FXVWRV HOHYDGtVVLPRV H HSLVyGLRV TXH SRGHP GHVHQFDGHDU FULVHV 9HULÀFDPRV TXH D PDLRULD GDV IDPtOLDV LGHQWLÀFDP D SDWRORJLD TXH DIHFWD R GRHQWH H VDEHP R QRPH GD GRHQoD GR IDPLOLDU ´(VTXL]RIUHQLDµ H ´'RHQoD 1HXURJHQHUDWLYD 0LWRFRQGULDO 3ULPiULDµ $0$5(/2 ´ D GRHQoD GR PHX ÀOKR OHYRX PXLWR WHPSR DWp VH FKHJDU D XP GLDJQyVWLFR SRLV D PLQKD LUPm TXH WDPEpP p (QIHUPHLUD HP 6DQWD 0DULD QD SVLTXLDWULD OHYRX R PHX ÀOKR SDUD Oi H QmR GHVFREULUDP D GRHQoD DQGRX DVVLP GXUDQWH PHVHV DWp TXH R OHYDPRV D HVWH SURIHVVRU SVLTXLDWUD TXH Vy GH ROKDU SDUD HOH YLX ORJR D GRHQoD TXH HOH WLQKD µ 4XDQWR DR FRQKHFLPHQWR GDV FDXVDV GD GRHQoD 6HJXQGR 9LOODUHV Yr VH TXH Ki QHFHVVLGDGH GD IDPtOLD HQFRQWUDU XP ORFDO QR FpUHEUR QD WHQWDWLYD GH HQWHQGHU R ´SURFHVVR LQFRPSUHHQVtYHO GD GRHQoD TXH QmR DSUHVHQWD GRU ItVLFD FRPR VLQWRPD SULQFLSDOµ $0$5(/2 H %5$1&2 |QÊR VDEHP HVSHFLILFDU} $=8/ |GHVFRQKHFH} H DSHQDV 9(5'( UHYHOD TXH D |GRHQÍD VH UHYHORX FRP D PXGDQÍD GH LGDGH H SURYDYHOPHQWH GHYLGR DR DPELHQWH IDPLOLDU} 4XDQWR DR FRQKHFLPHQWR GRV VLQWRPDV UHIHULUDP $=8/ ´'HVHTXLOtEULR DIHFWLYRµ µPDQLD GH SHUVHJXLomRµ $0$5(/2 ´RXYLU YR]HVµ ´DJUHVVLYLGDGH YHUEDOµ µLVRODU VH PXLWRµ ´VHP UHDFomR SDUD QDGDµ 9(5'( ´GL]HU PXLWRV GLVSDUDWHV ´FRQYHUVDV VHP QH[Rµ µQmR VDLU GH FDVDµ %5$1&2 ´DOXFLQDo}HV DXGLWLYDVµ ´IDOWD GH HQHUJLDµ &RQKHFLPHQWR GR SURJQyVWLFR GD GRHQoD $=8/ ´FRP D LGDGH D GRHQoD SRGH DJUDYDU VHµ 9(5'( ´SHQVR TXH FRP D HYROXomR GD PHGLFLQD D GRHQoD YDL PHOKRUDUµ $0$5(/2 ´ D GRHQoD ÀFDUi HVWiYHO VH QmR DEDQGRQDU D PHGLFDomRµ %5$1&2 ´D GRHQoD DJUDYD VH SURJUHVVLYDPHQWHµ

&RQKHFLPHQWR GD PHGLFDomR H VHXV HIHLWRV $ PDLRU SDUWH GRV IDPLOLDUHV HQWUHYLVWDGRV DÀUPD TXH R XVR GH PHGLFDPHQWRV PDQWpP R GRHQWH HVWiYHO H IDFLOLWD D FRQYLYrQFLD QR VHLR IDPLOLDU 6DOLHQWDP DLQGD TXH p HVVHQFLDO D PHGLFDomR DQWLSVLFyWLFD H GHVGH TXH WRPHP D PHGLFDomR ´FHUWLQKDµ DQGDP PHOKRUHV PDLV FDOPRV PHQRV DJUHVVLYRV PHOKRU FRQYtYLR FRP D IDPtOLD H DPLJRVµ UHFRQKHFHQGR RV EHQHItFLRV GD WHUDSrXWLFD 3DUD RV IDPLOLDUHV D PHGLFDomR H D FRQVXOWD PpGLFD VmR IDFWRUHV GH DMXGD QRPHDGDPHQWH SRUTXH ´ R PHX ÀOKR FRQYHUVD PXLWR FRP R PpGLFR H R PpGLFR FRP HOHµ JRVWD PXLWR GR 'U SVLTXLDWUD $ DGHVmR i WHUDSrXWLFD ´)H] VH VHP SUREOHPDV DGHULUDP EHP VHQGR HOHV SUySULRV D WRPDUHP FRQWD GD PHGLFDomRµ PDV FRP FRQWUROR GD IDPtOLD H GRV WpFQLFRV $0$5(/2 µR PHX ÀOKR VDEH TXH VH QmR WRPDU D PHGLFDomR SLRUD H LVVR HOH QmR TXHU RV HIHLWRV VHFXQGiULRV p TXH OKH DEUHP PXLWR R DSHWLWH H HOH FRPH VHP PHGLGD R PpGLFR TXHU DJRUD HVWDEHOHFHU XP UHJLPH DOLPHQWDU SDUD HOH QmR JDQKDU WDQWR SHVR SRLV Mi HVWi D ÀFDU QR OLPLDU GD GLDEHWHV p SUHFLVR PXLWR FXLGDGR PDV FRPR WHP WDQWR DSHWLWH YDL VHU PXLWR GLItFLO µ 9(5'( ´QHVWD ~OWLPD DOWHUDomR GD PHGLFDomR QmR YHMR PHOKRULDV DQWHV SHOR FRQWUiULR DFKR TXH HVWi SLRUµ 7DPEpP $=8/ UHIHUH ´TXH QD ~OWLPD FRQVXOWD DOWHUDUDP OKH D PHGLFDomR SULQFLSDOPHQWH D PHGLFDomR SDUD GRUPLU H HOH QmR VH HVWi DGDSWDU i DOWHUDomR ÀFDQGR PDLV ´FKDWRµ WHQKR TXH YHU VH HOH YROWD i FRQVXOWDµ (VWH GHSRLPHQWR YDL DR HQFRQWUR GD DÀUPDomR GH .RJD H )XUHJDWR TXH GL]HP TXH RV IDPLOLDUHV SURFXUDP R DSRLR PpGLFR SDUD DGTXLULU UHFHLWDV GH PHGLFDPHQWRV TXDQGR R GRHQWH SLRUD 2V IDPLOLDUHV HPERUD UHFRQKHoDP RV HIHLWRV VHFXQGiULRV GH TXH RV GRHQWHV VH TXHL[DP SUHVVLRQDP RV QR VHQWLGR GH WRPDU RV PHGLFDPHQWRV SRLV UHFHLDP R UHDSDUHFLPHQWR GH PDQLIHVWDo}HV SVLFyWLFDV H D SHUWXUEDomR GD HVWDELOLGDGH GD IDPtOLD FRQVHTXrQFLDV LGHQWLÀFDGDV GR LQFXPSULPHQWR GD PHGLFDomR &RQKHFLPHQWR GD HYROXomR GD GRHQoD $ SHUFHSomR GDV IDPtOLDV VREUH D HYROXomR GD GRHQoD DSDUHFH FRQGLFLRQDGD SHOR WHPSR QD PHGLGD HP TXH p D VXD SDVVDJHP VHP PXGDQoDV HYLGHQWHV QRV UHVXOWDGRV GR WUDWDPHQWR TXH DV ID] SHUFHEHU TXH D GRHQoD p LQFXUiYHO 3UHVVHQWH VH DOLiV DOJXPD FRQIXVmR HQWUH DV SHUWXUEDo}HV DWULEXtYHLV j SHUWXUEDomR PHQWDO RULJLQDO H DV GHULYDGDV GRV PHGLFDPHQWRV HIHLWRV VHFXQGiULRV $0$5(/2 ´1mR WHP FULVHV IRUWHV LVVR QmR 0DV PHOKRUDU" 1mR YHMR QDGD HOH p VHPSUH DVVLP QDGD


FRQYHUVDGRU Vy VH LVROD QDGD OKH GHVSHUWD LQWHUHVVH (OH DQGD DVVLP Ki XQV SRXFRV GH DQRV H QmR YLPRV PHOKRUDV QHQKXPDV µ %5$1&2 ´ÀFD VHP HQHUJLD EDED VH PXLWR DWURSHOD DV SDODYUDV RX SHOR FRQWUiULR ÀFD PXLWR GHVLQLELGD DJUHVVLYLGDGH RUDO FL~PHV GH WRGD D JHQWH H VDEHPRV TXH D GRHQoD YDL SLRUDQGR FRP D LGDGHµ $=8/ ´ QmR VHL EHP TXDO YDL VHU R IXWXUR GR ©5XELª SRLV WDPEpP HX VRX PXLWR GRHQWH Vy HVSHUR TXH HOH QmR WHQKD UHFDtGDV FULVHV SRLV LVVR LULD DOWHUDU PXLWD FRLVD Ki GLDV TXH QmR TXHU ID]HU QDGD Fi HP FDVD ´ QHP VHTXHU PXGDU RV OHQoyLV GD FDPD TXH Mi WHP RV PHVPRV Ki GLDV 0DV WDPEpP HX YRX VHU WHLPRVD H QmR OKRV YRX PXGDU µ 9(5'( ´DFUHGLWR QD HYROXomR GD PHGLFLQD WDOYH] FRP QRYRV PHGLFDPHQWRV ´ iV YH]HV ÀFD WmR HP EDL[R TXH Vy TXHU p GRUPLU LQGHSHQGHQWHPHQWH GD KRUD GR GLD LVRODQGR VH PXLWRµ

5HIHULX DLQGD TXH D SUHVHQoD GR GRHQWH HP FDVD DIHFWD QHJDWLYDPHQWH D YLGD VRFLDO SURÀVVLRQDO H SHVVRDO QD PHGLGD TXH |IDOWD PH GLVSRQLELOLGDGH H WDOYH] OLEHUGDGH} H DLQGD TXH R GRHQWH FRQWULEXL QDV GHVSHVDV FRP R VHX UHQGLPHQWR |HVVHQFLDOPHQWH QR SDJDPHQWR GD )DUSD} 8P GRV SUREOHPDV TXH WDPEpP D LQFRPRGDP PXLWR |Ï R UHFHLR GH XP GLD R GHL[DU VR]LQKR DQWHV GH KDYHU XPD UHVLGÐQFLD SDUD R DFROKHUHP}

352%/(0$6 )$0,/,$5(6 ( 62%5(&$5*$

4XDQGR TXHVWLRQDGD VREUH TXDLV DV HPRo}HV H VHQWLPHQWRV TXH SRVVXL SHUDQWH DV VLWXDo}HV GH VWUHVV H WHQVmR FRQÁLWXRVD UHVSRQGHX | PXLWDV YH]HV VLQWR UDLYD 5DLYD GH WHU XP ILOKR DVVLP ( SHUJXQWR PH SRUTXÐ HX"

7HU XP IDPLOLDU FRP TXDGUR SVLFyWLFR DJXGR p XPD H[SHULrQFLD tPSDU TXH PXLWDV YH]HV HQYROYH YL]LQKRV VHUYLoR PpGLFR SROtFLD H ERPEHLURV 3URPRYHU R LQWHUQDPHQWR FRPSXOVLYR GH XPD SHVVRD TXH VH HVWLPD p XPD RSomR GRORURVD H FDUUHJDGD GH DPELYDOrQFLDV

$V GLÀFXOGDGHV ÀQDQFHLUDV VmR WDPEpP SUHRFXSDomR DVVRFLDGD FRP D GLÀFXOGDGH GH R GRHQWH DUUDQMDU HPSUHJR

1mR REVWDQWH DV P~OWLSODV IRQWHV GH VRIULPHQWR D PDLRULD GRV FXLGDGRUHV FRQVLGHUD TXH D H[SHULrQFLD PDLV GUDPiWLFD H D PDLRU IRQWH GH VRIULPHQWR p D SHUFHSomR GDV DQJ~VWLDV H GD YLGD FDGD YH] PDLV ´HPSREUHFLGDµ GR XWHQWH 0XLWRV QmR VH FRQIRUPDP HP YHU XP SDUHQWH TXH DWp HQWmR HUD EULOKDQWH FKHLR GH SURMHFWRV GH YLGD H VRFLDOPHQWH EHP LQWHJUDGR VH WUDQVIRUPDU QXPD SHVVRD FRPSURPHWLGD GHSHQGHQWH GHVSURWHJLGD H FHUFDGD SRU OLPLWDo}HV GH WRGD QDWXUH]D 6HJXQGR ;DYLHU HW DO WHP VH YHULÀFDGR XP DXPHQWR GR Q~PHUR GH GRHQWHV PHQWDLV JUDYHV D YLYHU FRP D IDPtOLD FXMRV PHPEURV SDVVDP D HVWDU VXMHLWRV D XPD VREUHFDUJD SVLFROyJLFD VLJQLÀFDWLYD -i SDUD 2OLYHLUD p R FRPSRUWDPHQWR LPSUHYLVtYHO GR GRHQWH SVLFyWLFR TXH RULJLQD LQFHUWH]D H LQVHJXUDQoD QRV VHXV IDPLOLDUHV 4XHVWLRQDGDV VREUH DV GLÀFXOGDGHV H SUREOHPDV VHQWLGRV SHOD IDPtOLD QR GLD D GLD VDOLHQWDP D GLÀFXOGDGH HP OLGDU FRP DV SHUWXUEDo}HV GH FRPSRUWDPHQWR H FRP D DWLWXGH GH SDVVLYLGDGH GH DOJXQV GRV GRHQWHV $0$5(/2 |QÊR WHP REMHFWLYRV QÊR WHP XPD PRWLYDÍÊR YLYH SRU YLYHU} |VH WHP DOJXP SUREOHPDV HOH QÊR GL] } $=8/ |SULQFLSDOPHQWH DV GH FRQYLYÐQFLD FRP RXWUDV SHVVRDV} |3RLV R PHX ILOKR JRVWD GH WHU DV DWHQÍÛHV WRGDV SDUD VL H HX QÊR PH SRVVR DXVHQWDU |VHQWH PXLWRV FLßPHV GRV VREULQKRV SHTXHQRV TXDQGR HVWHV FÈ YÐHP D FDVD} WDPEÏP QÊR FRQVHJXH PDQWHU XPD FRQYHUVD VHP VHU GLULJLGD SDUD VL} |(X OLGR FRP FDOPD SHUDQWH RV

SUREOHPDV PDV FRQIHVVR FRP XPD JUDQGH UHYROWD} SRLV D VREUHFDUJD GD GRHQÍD DOÏP GH VHU PRQHWÈULD JDVWR XPD TXDQWLD UD]RÈYHO Ï HVVHQFLDOPHQWH SVLFROÙJLFD JHUDQGR VWUHVV} SRLV WDPEÏP HX IDÍR WUDWDPHQWRV SVLTXLÈWULFRV FDUGÓDFRV H RQFROÙJLFRV}

9(5'( |HVVHQFLDOPHQWH VÊR SUREOHPDV ILQDQFHLURV H SURILVVLRQDLV SRLV QÊR HVWRX HIHFWLYR QR TXDGUR H DQGR VHPSUH DQVLRVR TXDQGR WHUPLQDU R FRQWUDWR SRLV VRX HX TXH DVVXPR D JHVWÊR GH WXGR OÈ HP FDVD R GLQKHLUR DV FRPSUDV} 2 u'LDPDQWHv Ï FDSD] GH ROKDU SDUD R IULJRULILFR YD]LR H QÊR OKH SDVVDU QDGD SHOD FDEHÍD 0DV 0HVPR FRP D GRHQÍD Ï HOH TXH ID] D OLGD GRPÏVWLFD SRLV QÊR WHPRV GLQKHLUR SDUD SDJDU XPD HPSUHJDGD PDV KÈ GLDV H GLDV H XPDV YH]HV QÊR OKH DSHWHFH WDQWR WDPEÏP D VXD WHLPRVLD HP QÊR TXHUHU LU SDVVHDU FRQQRVFR UHIHULQGR VH È QDPRUDGD H JRVWDU GH SDVVDU R WHPSR QD FDPD WXGR LVVR SUHRFXSD PH} 6DEH 6UD (QI D 2OKDQGR SDUD PLP SDUHÍR FDOPLQKR PDV QÊR VRX 6RX PXLWR VWUHVVDGRv $0$5(/2 |RV PDLRUHV SUREOHPDV VÊR D QÓYHO VRFLDO H D IDOWD GH DSRLR SRLV PXLWDV YH]HV TXHUHPRV LU YLVLWDU RV DYÙV RX D RXWUR ODGR TXDOTXHU SDVVHDU H HOH QÊR TXHU WHPRV PXLWD GLILFXOGDGH HP ID]H OR VDLU GH FDVD QÊR WHP DPLJRV LVROD VH QR TXDUWR IHFKD DV SHUVLDQDV H SÛH VH D RXYLU PßVLFD RX D YHU 79 WXGR ÇV HVFXUDV QÊR JRVWDPRV QDGD GHVWD VLWXDÍÊR SRLV DFDEDPRV SRU QÊR WHU YLGD VRFLDO H SHVVRDO QD PHGLGD TXH | QÊR DQGDPRV EHP VHP DOHJULD }H DQGDPRV VHPSUH QHUYRVRV} 2 GHVFRPSDVVR HQWUH R ULWPR GH YLGD GR XWHQWH H R GD IDPtOLD VRFLHGDGH DSDUHFH QDV FRQYHUVDV DFRPSDQKDGR GH GHVkQLPR GH GHVHVSHUDQoD IUHQWH jV SRVVLELOLGDGHV GH UHDELOLWDomR VmR H[HPSORV R PHX ILOKR QÊR ID] QDGD QDGD FÈ HP FDVD QHP D VLPSOHV FDPD ID] 3RGLD PH DMXGDU QDV SHTXHQDV FRLVDV FRPR GHVSHMDU R OL[R PDV QHP LVVR |6HL TXH WDPEÏP WHQKR XP SRXFR GH FXOSD SRLV DFDER SRU VHU HX D ID]HU WXGR H QÊR LQVLVWR FRP HOH DFDEDQGR SRU R SURWHJHU GHPDVLDGR}


9HQkQFLR UHIRUoD TXH RV SDGU}HV GH VXSHUSURWHFomR OHYDGRV D FDER SHOD IDPtOLD ID]HP FRP TXH D FRQGLomR HVSHFLDO GR XWHQWH VHMD KLSHUGLPHQVLRQDGD HP GHWULPHQWR GDV VXDV FDSDFLGDGHV H DSWLG}HV &RPR FRQVHTXrQFLD GHVVH WLSR GH FRPSRUWDPHQWR REVHUYD VH D UHVWULomR DLQGD PDLRU GR SDSHO VRFLDO GHVVH VXMHLWR QR VHLR GD IDPtOLD DVVLP FRPR GDV VXDV SRVVLELOLGDGHV GH LQVHUomR QD FRPXQLGDGH RQGH YLYH 2X VHMD TXDQGR D IDPtOLD DJH GH IRUPD VXSHUSURWHFWRUD GLÀFXOWD D DXWRQRPLD H D LQGHSHQGrQFLD TXH R ÀOKR GHYHULD FRQTXLVWDU FRPR FRQGLomR SDUD R GHVHQYROYLPHQWR GH VXDV FDSDFLGDGHV e LPSRUWDQWH TXH D DWHQomR TXH OKH p GDGD VHMD QR VHQWLGR GH HVWLPXODU H LQFHQWLYDU DR Pi[LPR VXD DXWRQRPLD H FUHVFLPHQWR SDUD TXH HOH SRVVD DSUHQGHU D PHOKRU OLGDU FRP VXDV GLÀFXOGDGHV 6y DVVLP HOH SRGHUi YLYHU XPD YLGD R PDLV VHPHOKDQWH SRVVtYHO DRV GHPDLV PHPEURV GH VXD IDPtOLD WRUQDQGR VH XP SHVR PHQRU SDUD WRGRV $ QtYHO ÀQDQFHLUR R YDORU JDVWR HP PpGLD SDUD SDJDU PpGLFRV SVLTXLDWUDV H PHGLFDomR |Ï PXLWR HOHYDGR DSHQDV XP PHGLFDPHQWR Ï FRPSDUWLFLSDGR} 2 u7RSÈ]LRv YDL WRGRV RV GLDV DR FDIÏ WRPDU R SHTXHQR DOPRÍR Ï RXWUD UHQGD 1ÊR DFHLWD WRPDU FÈ HP FDVD R SHTXHQR DOPRÍR} 0DV HP FRQWUDSDUWLGD |DWÏ DFDEDPRV SRU QÊR QRV LPSRUWDU SRLV DVVLP Ï XPD PDQHLUD GHOH LU È UXD HVSDLUHFHU DUHMDU 2 GRHQWH FRQWULEXL WDPEpP QDV GHVSHVDV FRP R VHX UHQGLPHQWR |SDJDQGR D )DUSD} 9HULÀFRX VH TXH HP GHWHUPLQDGRV PRPHQWRV GH GHVHVSHUR D IDPtOLD SURFXURX RXWURV UHFXUVRV QmR VRPHQWH QD iUHD GD VD~GH FRPR DSRLR HP FXUDQGHLURV RX RXWUDV IRUPDV GH WHUDSLD DOWHUQDWLYD PHQFLRQDQGR |VLP IRL KÈ GH] DQRV H IRL R QRVVR PDLRU HUUR SRLV GLVVHUDP OKH SDUD GHL[DU GH WRPDU D PHGLFDÍÊR H WRUQRX VH DJUHVVLYR} |QHP PH TXHUR OHPEUDU IRL XPD IDVH KRUUÓYHO } %5$1&2 1D HQWUHYLVWD TXH IH] QmR PHQFLRQRX TXDLVTXHU SUREOHPDV IDPLOLDUHV VHQWLGRV SHOD SUHVHQoD GR VHX IDPLOLDU GRHQWH SRLV UHIHULX | YRX D TXDOTXHU ODGR H OHYR VHPSUH D u6DILUDv SRLV VH RV PHXV DPLJRV QÊR DFHLWDUHP D SUHVHQÍD GD VDILUD LQGLUHFWDPHQWH WDPEÏP QÊR PH DFHLWDP D PLP $ QÓYHO ILQDQFHLUR RV JDVWRV PHQVDLV FRP D GRHQÍD VÊR HOHYDGÓVVLPRV SRLV H[LVWHP PHGLFDPHQWRV PXLWR FDURV FRPR Ï R FDVR GR ]HOGR[} 8P IDFWRU GH VREUHFDUJD HPRFLRQDO TXH UHIHUHP p SRU YH]HV D GHVDUPRQLD YLYLGD HQWUH HOD H R FXQKDGR |SRLV VHQWH PXLWRV FLßPHV GHOH GHVGH TXH FDVRX FRP D LUPÊ} 6DOLHQWRX FRPR GLÀFXOGDGHV D HQIUHQWDU DV GLYHUVDV ´ ELUUDVµ SURWDJRQL]DGDV SHOD ©6DÀUDª &RP R REMHFWLYR GH PHOKRUDU D IRUPD GH FRPXQLFDU HP IDPtOLDV SDUWLFXODUPHQWH VXMHLWDV DR VWUHVV GLiULR SUHWHQGHX VH PDQWHU R kQLPR DMXGDU D GLPLQXLU D WHQVmR QR VLVWHPD IDPLOLDU H LGHQWLÀFDU SUHFRFHPHQWH R TXH IRL VHQWLGR SRU FDGD XP FRPR SUREOHPD D HQIUHQWDU

/,'$5 &20 $6 5(&$Ì'$6 ( &5,6(6 9DVFRQFHOORV VXEOLQKD TXH ´&XLGDU GR GRHQWH SVLFyWLFR LPSOLFD XPD VREUHFDUJD HPRFLRQDO H WHPSRUDO SRU H[LJLU GD IDPtOLD PDLRU GHGLFDomR WHQGR HP FRQWD TXH QDV FULVHV R XWHQWH SUHFLVD GH PDLRU YLJLOkQFLD HP IXQomR GR ULVFR GH DXWRDJUHVVmR FRPR GH KHWHURDJUHVVmRµ 9HQkQFLR VDOLHQWD D FULVH ´FRPR XP PRPHQWR HVSHFLDOPHQWH GHOLFDGR e XP LQVWDQWH GH IUDJLOLGDGH SDUD R XWHQWH H JUDQGH UHVSRQVDELOLGDGH SDUD R SURÀVVLRQDO GH VD~GHµ 1R GLVFXUVR GDV IDPtOLDV SHUFHEHX VH FODUDPHQWH TXH RV FXLGDGRUHV VHQWHP VH PXLWDV YH]HV LPSRWHQWHV SHUDQWH DV FULVHV JHUDQGR DQVLHGDGH PHGR H WULVWH]D WRUQDQGR R FRQYtYLR IDPLOLDU PXLWR WHQVR H VWUHVVDGR 'HL[DP WUDQVSDUHFHU D SUHRFXSDomR GH QmR VDEHU OLGDU FRP D VLWXDomR HP SHUtRGRV HP TXH RV GRHQWHV ´SLRUDPµ DSHVDU GH HVWDUHP IDPLOLDUL]DGRV FRP DV FULVHV H GH LGHQWLÀFDUHP VLQDLV TXH DV DQWHFHGHPµ 6HQWHP VH LPSRWHQWHV LQFDSD]HV GH LQWHUYLU GH IRUPD HÀFD] SDUD HYLWDU R GHVHQFDGHDU GD FULVH |HP PRPHQWRV GH FULVH HX QÊR IDÍR QDGD HOH QÊR GHL[D} |QÊR KÈ PXLWD FRLVD HP TXH VH SRVVD DMXGDU} 'DV HQWUHYLVWDV VDOLHQWR 9(5'( | 2 u'LDPDQWHv Ï UDUR WHU FULVHV GHVGH TXH IUHTXHQWD D )DUSD KÈ DQRV DLQGD QÊR WHYH QHQKXPD FULVH UHFDÓGD PDV QDV PLQKDV IÏULDV HQTXDQWR HVWLYH DXVHQWH H FRPR ILFRX VR]LQKR HP FDVD TXDQGR UHJUHVVHL UHSDUHL TXH HOH HVWDYD D GHVFRPSHQVDU 6HL ORJR SRLV FRPHÍD FRP D FDUD HQFRYDGD H D ID]HU FDUHWDV } $0$5(/2 |2 u7RSÈ]LRv YDL ID]HU XP DQR HP )HYHUHLUR TXH IUHTXHQWD D )DUSD H WHYH DSHQDV GXDV FULVHV RX PHOKRU GXDV VLWXDÍÛHV TXH QÊR VHL EHP VH IRUDP UHFDÓGDV &RPHÍRX D TXHL[DU VH GH GRUHV GH GHQWHV H D GHL[DU GH FRPHU H D QÊR WHU DSHWLWH SRLV DGRUD FRPHU GHL[RX GH LU È )DUSD GXUDQWH D GLDV PDV QXQFD IRL DJUHVVLYR GHSRLV SDVVRX OKH $=8/ |R PHX ILOKR u5XELv GHVGH TXH IUHTXHQWD D )DUSD DLQGD QÊR DSUHVHQWRX FULVH QHQKXPD SRLV RV WÏFQLFRV GÊR OKH PXLWR DSRLR FRPR IRL R FDVR TXDQGR GHYLGR DR PHX SUREOHPD RQFROÙJLFR QHFHVVLWHL GH ILFDU LQWHUQDGD RV WÏFQLFRV DMXGDUDP PXLWR R PHX ILOKR} DJUDGHÍR PXLWR SRU LVVR %5$1&2 |$ u6DILUDv RQWHP IH] XPD ELUUD WÊR JUDQGH HP /LVERD TXDQGR IRPRV DOPRÍDU D XP UHVWDXUDQWH SRU QÊR D GHL[DUPRV SHGLU XP %LWRTXH SRLV LQVLVWLPRV TXH GHYLD FRPHU JUHOKDGRV TXH ID]HP PHOKRU È VDßGH HOD FRPHÍRX D JULWDU FRP DPHDÍDV DJUHVVLYLGDGH RUDO UDLYD H PXLWD UDLYD 'L]HQGR D SRUWD Ï D VHUYHQWLD GD FDVD ÏV R SLRU SDL GR PXQGR VÙ JRVWDP GD PLQKD LUPÊ QÊR VDEHP TXH VRX GRHQWH"


$ ©6DÀUDª SUHVHQWH QD VHVVmR LD LQWHUSRODQGR DOJXPD FRQYHUVD VDEH 6UD (QI n JRVWR PXLWR GH %LWRTXHV H EDWDWD IULWD H FRPR TXHULD WDQWR WDQWR 1XPD RXWUD VHVVmR H HVWDQGR WDPEpP SUHVHQWH UHIHULX VDEH 6UD (QI n RQWHP WLYH RXWUD FULVH QR 0RGHOR TXDQGR IXL ÈV FRPSUDV FRP D PLQKD PÊH |&RPHFHL D YHU EROLQKDV SUHWDV QRV ROKRV H D LQFRPRGDU PH DV SHVVRDV GR KLSHUPHUFDGR SRLV SHQVDYD TXH HVWDYDP WRGDV D ROKDU SDUD PLP D FKDPDUHP PH GHILFLHQWH VÙ TXHULD HVFRQGHU D FDUD $TXHODV SHVVRDV H OX]HV WRGDV LQFRPRGDP PH %5$1&2 |HOD QÊR JRVWD GH PXOWLGÛHV H VHPSUH TXH YDL DOJXP OXJDU FRP PDLV JHQWH ILFD LQTXLHWD H WUDQVWRUQDGD VDEH HOD KRMH WDPEÏP QÊR GRUPLX QDGD SDVVRX D QRLWH TXDVH HP EUDQFR } u6DILUDv SUHVHQWH DFUHVFHQWRX |VÙ YLD DV OX]HV GRV IRJXHWHV H SHQVDYD TXH HUDP UHOÉPSDJRV H FRPR WHQKR PHGR QÊR FRQVHJXLD GRUPLU VHL TXH WHQKR TXH GRUPLU VR]LQKD PDV QÊR FRQVLJR (;3(&7$7,9$6 )8785$6 $ SUHVHQoD GR IDPLOLDU GRHQWH REULJD RV FXLGDGRUHV D UHID]HU RV VHXV SODQRV GH YLGD H D UHGHÀQLU LQWHJUDOPHQWH RV VHXV REMHFWLYRV ­ PHGLGD TXH D LGDGH DYDQoD DV SUHRFXSDo}HV FRP R GHVWLQR GR ÀOKR HVSHFLDO WRUQDP VH LQHYLWiYHLV &RP R SDVVDU GRV DQRV H FRP D FRQVFLHQFLDOL]DomR GD SUR[LPLGDGH GD PRUWH RV SDLV DFDEDP DSULVLRQDGRV SRU XPD DQJ~VWLD LQVRO~YHO TXH p IUXWR GDV LQFHUWH]DV TXH FHUFDP R IXWXUR GR ÀOKR (VVH WLSR GH SUHRFXSDomR p REVHUYDGR QR QRVVR PHLR FRP RV FXLGDGRUHV D H[SUHVVDU DV VXDV DQJ~VWLDV FRP IUDVHV GR WLSR ´H GHSRLV GH HX PRUUHU"µ (VVD H RXWUDV H[SHFWDWLYDV VmR WDPEpP OHYDQWDGDV SHORV FXLGDGRUHV YHMDPRV %5$1&2 ´VDEHPRV TXH D GRHQoD GHOD p GHJHQHUDWLYD RX VHMD YDL SLRUDQGR FRP D LGDGH SRU LVVR HOD YDL VHPSUH SUHFLVDU GH WHU DOJXpP SRU SHUWR SDUD OKH GDU WRGR R DSRLR SRVVtYHO D WRGRV RV QtYHLV H HQTXDQWR IRU SRVVtYHO Fi HVWDUHPRV QyV SDUD D DMXGDUµ ´ (P UHODomR DRV SURMHFWRV IXWXURV GD ©6DÀUDª HOD WHP H[SHFWDWLYDV GH FRQFOXLU R DQR GH HVFRODULGDGH H UHFXSHUDU D VD~GHµ ´ $TXL Ki WHPSRV WHQWHL LQVFUHYHU PH D PLP H i ©6DÀUDª QR ,6/$ QDV 1RYDV 2SRUWXQLGDGHV SDUD D DFRPSDQKDU GH SHUWR XPD YH] TXH D PLQKD SUHVHQoD OKH WUDQVPLWH VHJXUDQoD QD VHFUHWDULD UHFXVDUDP D PLQKD LQVFULomR SRU VHU OLFHQFLDGD DSHVDU GH HX WHU H[SOLFDGR WRGRV RV PRWLYRV SRLV D PLQKD ÀOKD VR]LQKD QmR TXHU LU 'H IDFWR p PXLWR FRPSOLFDGR ´4XDQWR D KDYHU DOJXpP SDUD WRPDU FRQWD GHOD QD QRVVD DXVrQFLD RX TXDQGR QmR SRGHUPRV SHQVDPRV TXH SRGH FRQWDU FRP D )DUSD H FRP D LUPmµ $0$5(/2 ´SUHRFXSD PH PXLWR R IDFWR GH QmR WHUPRV QLQJXpP SDUD FXLGDU GR ©7RSi]LRª p ÀOKR ~QLFR TXDQGR QmR SRGHUPRV RX ÀFDUPRV GRHQWHV SRLV R ©7RSi]LRª TXDQWR jV VXDV KDELOLGDGHV VRFLDLV H SHVVRDLV p PXLWR SUHJXLoRVR QmR WHP HQHUJLD SDUD QDGD QmR ID] QDGD QmR WHP LQWHUHVVH SRU QDGD QHP D VLPSOHV YLQKHWD GR SDVVH HOH FRQVHJXH FRPSUDU TXDQWR i KLJLHQH SHVVRDO HQWmR p PDLRU R GHVOHL[R SRLV QmR WHP EULOKR HP PXGDU GH URXSD

SULQFLSDOPHQWH D URXSD LQWHULRU PHLDV Vy ID] D EDUED XPD YH] SRU VHPDQD H WRPD EDQKR JHUDO DSHQDV iV D IHLUDV WHP VLGR PXLWR GLItFLO SDUD QyV VDEHUPRV JHULU WXGR LVWR ´*RVWDUtDPRV PXLWR TXH Oi QR )yUXP ² )DUSD OKH HQVLQDVVHP PDLV VREUH D TXHVWmR GD KLJLHQH SHVVRDO H DSDUrQFLD SDUD YHU VH HOH PXGDYD DOJXP FRPSRUWDPHQWRµ 4XDQWR D SURMHFWRV IXWXURV GR ÀOKR UHIHUHP ´ HOH QmR WHP LQWHUHVVH SRU QDGD QmR TXHU ID]HU QDGDµ 9(5'( ´HVWRX PXLWR SUHRFXSDGR FRP R IXWXUR XPD YH] TXH XP GLD TXHUR FDVDU H WHU ÀOKRV H YDL VHU PXLWR FRPSOLFDGR FRP R ©'LDPDQWHª HVWRX H[SHFWDQWH TXDQWR iV QRYDV LQVWDODo}HV GD )DUSD WDOYH] QHVVD DOWXUD SRVVDP GDU PDLRU DSRLR TXDQWR DR PHX LUPmR TXHUHU WLUDU XP FXUVR GH FRPSXWDGRUHV p PXLWR FRPSOLFDGR XPD YH] TXH HOH Yr PXLWR PDO WHP PXLWDV OLPLWDo}HV GHYLGR j IDOWD GH YLVmR µ $=8/ ´XPD YH] TXH HX SRVVXR Mi XPD LGDGH DYDQoDGD DQRV H WHQKR WDPEpP PXLWRV SUREOHPDV GH VD~GH FDUGtDFRV H RQFROyJLFRV DV PLQKDV PDLRUHV G~YLGDV H UHFHLRV VmR TXDQWR DR IXWXUR GR ©5XELª SRLV HOH DSHVDU GH WHU GXDV LUPmV HVWDV YLYHP PXLWR ORQJH +RODQGD H 3RUWR H WrP DV VXDV YLGDVµ 4XDQGR HX ´IDOWDUµ HVSHUR TXH VHMD D DVVRFLDomR )DUSD H RV WpFQLFRV D WRPDUHP FRQWDU GHOH HVSHUR DVVLP TXH HOH VH PDQWHQKD QD DVVRFLDomR )DUSD H TXH XP GLD Yi SDUD XPD UHVLGrQFLD 8PD DFHQWXDGD GHSHQGrQFLD IDPLOLDU PLVWR GH SURWHFomR H FRQWUROH WRUQD VH HYLGHQWH FRPR UHVXOWDGR GD LQDGHTXDomR GR GRHQWH SDUD D YLGD VRFLDO 5('( '( 683257( 62&,$/ 6HJXQGR &DVVHO H &REE R VXSRUWH VRFLDO IRUQHFLGR SHODV UHGHV VRFLDLV UHGX] R LVRODPHQWR H DXPHQWD D VDWLVIDomR GH YLYHU GDV SHVVRDV e GHVFULWR FRPR VHQGR D LQIRUPDomR GH TXH R LQGLYtGXR p DPDGR HVWLPDGR H YDORUL]DGR SHORV PHPEURV GD VXD UHGH VRFLDO H IXQFLRQD FRPR XP DPRUWHFHGRU GH VWUHVV FRP FDSDFLGDGH GH R SURWHJHU GH HVWDGRV SDWROyJLFRV H SUHYHQLU D GRHQoD PHQWDO $X[LOLDU RV IDPLOLDUHV FRQVWLWXL XP DVSHFWR LPSRUWDQWH D VHU LQWHJUDGR QRV SURJUDPDV GH VD~GH PHQWDO D ÀP GH FRQWULEXLU SDUD XPD PHOKRU TXDOLGDGH GH YLGD GHVVHV IDPLOLDUHV H SDUD D PHOKRU UHLQVHUomR VRFLDO GRV GRHQWHV 'RV GHSRLPHQWRV GRV IDPLOLDUHV UHVXOWDQWHV GR 4XHVWLRQiULR GH 5HGH GH 6XSRUWH 6RFLDO ² 6RFLDO 1HWZRUN 4XHVWLRQQDLUH 614 DGDSWDGR SDUD D SRSXODomR SRUWXJXHVD SRU ;DYLHU H &DOGDV GH $OPHLGD UHVVDOWR 9(5'( |VH WLYHVVH HVWDGR GRHQWH QLQJXÏP WHULD WRPDGR FRQWD GH PLP | H TXDQGR SUHFLVHL GH DMXGD SDUD D OLGD GRPÏVWLFD QXQFD IRL IÈFLO HQFRQWUDU DOJXÏP SDUD PH DMXGDU } UHFRQKHÍR TXH WHQKR DPLJRV GH FRQILDQÍD IRUD GR VHLR IDPLOLDU 6HQVLYHOPHQWH GRLV RX WUÐV 7HQGR PH HQFRQWUDGR DOJXPDV YH]HV FRP HOHV}


$0$5(/2 |4XDQGR PH VHQWLD DQVLRVD RX SUHRFXSDGD QXQFD WLYH DOJXÏP SDUD PH HQFRUDMDU | H TXDQGR SUHFLVHL GH DMXGD SDUD D OLGD GRPÏVWLFD QXQFD HQFRQWUHL DOJXÏP SDUD PH DX[LOLDU DVVLP FRPR QDV SHTXHQDV WDUHIDV TXH QÊR SRGLD HX SUÙSULD UHDOL]DU} RV PHXV SUREOHPDV SDUWLOKR RV DOJXPDV YH]HV FRP R SVLTXLDWUD GR PHX ILOKR H DOJXQV IDPLOLDUHV} SRLV |DSHQDV} WHQKR XP DPLJR HP TXHP FRQILDU IRUD GD IDPÓOLD} |1ÊR VLQWR TXH HVWDYD LQWHJUDGD QXP JUXSR H TXH LVVR HUD LPSRUWDQWH SDUD PLP %5$1&2 |DSHQDV DOJXPDV YH]HV HQFRQWUHL PH FRP DPLJRV RX IDPLOLDUHV TXH QÊR YLYHP FRPLJR H VÙ DOJXPDV YH]HV Ï TXH PH WHOHIRQDUDP RX YLHUDP YLVLWDU PH |4XDQGR SUHFLVHL GH DOJXÏP SDUD PH DMXGDU QR WUDEDOKR GRPÏVWLFR DSHQDV DOJXPDV YH]HV VHQWL IDFLOLGDGH HP HQFRQWUDU DOJXÏP SDUD PH DX[LOLDU } 3DUWLOKR RV PHXV SUREOHPDV FRP DPLJRV H PÏGLFRV |3RLV IRUD GD IDPÓOLD FRQVLGHUR WHU GRLV RX WUÐV DPLJRV GH FRQILDQÍD} | 7DPEÏP FRQVLGHUR R IDFWR GH HVWDU LQWHJUDGR QXP JUXSR VRFLDO VHU LPSRUWDQWH SDUD D PLQKD YLGD}

'DV VHVV}HV GH SVLFRHGXFDomR GHVWDFR DOJXPDV IUDVHV GR TXDQWR IRUDP LPSRUWDQWHV H VHQWLGDV SHODV IDPLOLDV YHMDPRV RV VHXV GHSRLPHQWRV $0$5(/2 | 6Ù R IDFWR GH YRFÐ VH GHVORFDU FÈ D FDVD MÈ IRL PXLWR SRVLWLYR H DJUDGHFHPRV OKH SRU LVVR SRLV FRPR WUDEDOKDPRV GLÈULDPHQWH HUD PXLWR GLILFLO DUUDQMDU XP GLD SDUD QRV GHVORFDUPRV ÈV UHXQLÛHV} |DTXL HP FDVD VHQWLPR QRV DFRQFKHJDGRV H SRGHPRV IDODU GH WXGR PDLV Ç YRQWDGH |*RVWHL PXLWR GH VDEHU FRPR DFWXDU H SURFHGHU SHUDQWH XPD UHFDÓGD FULVH SRLV QÊR ID]LD LGHLD TXH HUDP HVVHV SDVVRV TXH GHYLDPRV VHJXLU} |6Ù R IDFWR GH VDEHU TXH D GRHQÍD QÊR Ï KHUHGLWÈULD MÈ QRV GHL[D DOLYLDGRV} | -È IRPRV LQIRUPDGRV GD GRHQÍD SHOR PÏGLFR PDV QXQFD DERUGDPRV FHUWDV FRLVDV TXH D 6UD (QI D IDORX FRPR D LPSRUWÉQFLD GD FRPXQLFDÍÊR YHUEDO H QÊR YHUEDO}

$1É/,6( '$ $9$/,$d®2 (0 &21-8172 '( 72'$6 $6 )$0Ì/,$6

9(5'( | FRPR MÈ OLGR KÈ PXLWR WHPSR FRP R u'LDPDQWHv MÈ WLYH UHXQLÛHV VREUH FRPR OLGDU FRP D GRHQÍD} PDV DFDEDPRV VHPSUH SRU DSUHQGHU PDLV DOJXPD FRLVD} | (X WHQWR VHPSUH IDODU FRP HOH GH XPD IRUPD PDLV FDOPD PDV ÈV YH]HV SDUHFH TXH QÊR PH RXYH H DXPHQWR D YR] SRLV WDPEÏP HX VRX PXLWR VWUHVVDGR

'R FRQMXQWR GH UHVXOWDGRV GHULYDGRV GD DQiOLVH GR 4XHVWLRQÈULR GD UHGH GH VXSRUWH VRFLDO TXH IRL HIHFWXDGR iV GLIHUHQWHV IDPtOLDV LQWHUYHQFLRQDGDV GHSDUDPR QRV FRP D GLVFXVVmR GRV UHVXOWDGRV LQGLYLGXDLV EHP FRPR R UHVXOWDGR JHUDO GH WRGDV DV IDPtOLDV

|6HL GH FRU TXDQGR HOH HVWÈ D GHVFRPSHQVDU MÈ VÊR PXLWRV DQRV D OLGDU FRP HOH} |*RVWHL GDV VHVVÛHV VÙ Ï SHQD TXH QHP VHPSUH DUUDQMR WHPSR SDUD DV IUHTXHQWDU SRLV ÇV YH]HV VXUJHP FRQWUDWHPSRV TXH WHQKR TXH IDOWDU RX PDUFDU SDUD RXWUR GLD }

*UiÀFR Q /HLWXUD JHUDO GDV IDPtOLDV LQWHUYHQFLRQDGDV QD

%5$1&2 |FRQIHVVR TXH Ï GH YDORUL]DU D VXD GLVSRQLELOLGDGH H LQWHUHVVH HP YLU FÈ D FDVD SRLV DSHVDU GH HVWDU UHIRUPDGD DLQGD H[HUÍR DOJXPDV DFWLYLGDGHV TXH PH RFXSDP PXLWR WHPSR} H |GHVFXOSH VH QÊR VHJXLPRV DV VHVVÛHV FRPR SODQHDGR PDV WHPRV WDQWRV DID]HUHV TXH ÈV YH]HV Ï GLIÓFLO FXPSULUPRV WXGR} |7HPRV UHFHELGR PXLWD LQIRUPDÍÊR DFHUFD GD GRHQÍD GD u6DILUDv PDV KÈ VHPSUH DOJR D DSUHQGHU} SRLV DLQGD QÊR SHUFHEHUDP EHP TXDLV IRUDP DV FDXVDV FRQFUHWDV GD SVLFRVH GHOD} 6DEHPRV TXH Ï XPD GRHQÍD GHJHQHUDWLYD H TXH YDL SLRUDQGR FRP D LGDGH} | 0DV DWÏ YHU YDL FRQQRVFR SDUD WRGR R ODGR SRLV DGRUD SDVVHDU }

DYDOLDomR SHOR 614

1XPD YLVmR JHUDO D IDPtOLD $PDUHOR p DTXHOD TXH PHQRV FRQWDFWR VRFLDLV GHVHQYROYHX QRV ~OWLPRV PHVHV HQTXDQWR D IDPtOLD $]XO p DTXHOD TXH PDLV FRQWDFWR VRFLDLV GHVHQYROYHX QRV ~OWLPRV PHVHV PDV FRQWUDULDPHQWH p D TXH PHQRV VXSRUWH FRQMXJDO RX FRPSDQKHLUR DSUHVHQWD %(1()Ì&,26 6(17,'26 '$6 ,17(59(1d¯(6 36,&2('8&$7,9$6 )$0,/,$5(6 6HJXQGR %ULWR DV LQWHUYHQoRHV SVLFRHGXFDWLYDV SDUD DV IDPLOLDV GH SHVVRDV FRP HVTXL]RIUHQLD Mi GHWrP XPD VyOLGD EDVH GH LQYHVWLJDoDR H FRQVHQVR QR TXH UHVSHLWD j VXD HÀFiFLD H DRV VHXV FRPSRQHQWHV HVVHQFLDLV SHOR TXH p XQDQHPH HP FRQFRUGDU FRP D VXD DSOLFDomR FRPR URWLQD QRV VHUYLoRV SUHVWDGRUHV GH FXLGDGRV GHYHUi FRQWLQXDU D VHU UHFRPHQGDGD

|6DEHPRV TXH D u6DILUDv WHP XP FDULQKR PXLWR JUDQGH SHOD 6UD (QID HOD PHVPR QRV GLVVH SRLV QRV GLDV TXH YRFÐ FÈ YHP HOD TXHU HVWDU VHPSUH SUHVHQWH SDUD SXGHU FRQYHUVDU FRQVLJR } $=8/ |DTXL KÈ WHPSRV HUD SDUD IUHTXHQWDU DV UHXQLÛHV GH 3VLFRHGXFDÍÊR OHYDGDV D FDER SHOD )DUSD PDV FRPR DGRHFL IRL QD IDVH GH DSDUHFLPHQWR GD PLQKD GRHQÍD RQFROÙJLFD DFDEHL SRU QÊR DVVLVWLU ÈV UHXQLÛHV } |$JRUD HVWRX QXPD IDVH GH HVWDELOLGDGH GD PLQKD GRHQÍD RQFROÙJLFD PDV HVWRX DWUDYHVVDU XPD IDVH PXLWR FRPSOLFDGD GD PLQKD YLGD SRLV HP DSHQDV GLDV SHUGL GXDV SHVVRDV TXH PH HUDP PXLWR FKHJDGDV H XPD GHODV WLQKD DSHQDV DQRV ILTXHL DUUDVDGD H D QHFHVVLWDU WDPEÏP GH DSRLR SVLTXLÈWULFR } SRU LVVR DJUDGHÍR D VXD FRPSUHHQVÊR HP WHU DOWHUDGR


DV QRVVDV VHVVÛHV QHVVD VHPDQD GH IDFWR VRIUL PXLWR ( YRFÐ WHP VLGR WÊR FRPSUHHQVLYD H VÙ R IDFWR GH YLU FÈ D FDVD MÈ Ï XPD JUDQGH DMXGD SDUD PLP SRU LVVR FXVWD PH D HVWDU D DOWHUDU D GDWD GDV VHVVÛHV | 'H IDFWR JRVWHL PXLWR GDV VHVVÛHV IRUDP LQWHUHVVDQWHV YRFÐ DSUHVHQWRX XPD OLQJXDJHP VLPSOHV H FODUD H R IDFWR GH YRFÐ YLU FRQYHUVDU FRPLJR DMXGRX PH D GHVDEDIDU DOJXPDV DQJßVWLDV TXH PH SHUWXUEDP H PXLWDV GDV FRLVDV TXH D 6UD (QI IDORX SDVVDUDP VH FRP R PHX ILOKR IRUDP WHPSRV PXLWR FRPSOLFDGRV Ï PHVPR HPRFLRQDOPHQWH GHVJDVWDQWH FXLGDU GH XP HVTXL]RIUÏQLFR DLQGD KRMH PH SHUJXQWR SRUTXÐ R PHX ILOKR WLQKD TXH DSDQKDU HVWD GRHQÍD" ( TXDQGR SHQVR QLVVR VLQWR XPD UHYROWD WÊR JUDQGH &RPR UHIHUH %ULWR RV DVSHFWRV WpFQLFRV GRV GLYHUVRV WLSRV GH LQWHUYHQo}HV LQÁXHP PHQRV QRV UHVXOWDGRV GR TXH VLPSOHVPHQWH R IDFWR GRV SURÀVVLRQDLV WHUHP D DWLWXGH DGHTXDGD H DGRSWDUHP XPD DERUGDJHP HPSiWLFD SDUD R GRHQWH H IDPtOLD $V IDPtOLDV YDORUL]DP PXLWR H QHFHVVLWDP PXLWR GR DSRLR GRV SURÀVVLRQDLV ( DÀQDO RV DVSHFWRV EiVLFRV GDV LQWHUYHQo}HV 3VLFRHGXFDWLYDV SDUD DV IDPtOLDV ² DSRLR RULHQWDomR SDUWLOKD GR HVIRUoR LQIRUPDomR ² VHUmR LQGHSHQGHQWHPHQWH GRV PRGHORV DGRSWDGRV DTXHOHV TXH DV IDPtOLDV PDLV UHFRQKHFHP H YDORUL]DP HPERUD RV FRQWRUQRV WpFQLFRV VHMDP LQGXELWDYHOPHQWH LPSRUWDQWHV SDUD DOFDQoDU RV PHOKRUHV UHVXOWDGRV HP WHUPRV GH JDQKRV SDUD D VD~GH H TXDOLGDGH GH YLGD GH WRGRV RV HQYROYLGRV &21&/86¯(6 (VWH HVWXGR HYLGHQFLRX R TXDQWR p GHVJDVWDQWH D FRQYLYHQFLD FRP D GRHQoD PHQWDO QR FRQWH[WR IDPLOLDU JHUDQGR VLWXDo}HV FRQÁLWXRVDV H GH HOHYDGD VREUHFDUJD TXHU ItVLFD SVLTXLFD RX ÀQDQFHLUD 2 GHVFRQKHFLPHQWR H R SUHFRQFHLWR VREUH D GRHQoD PHQWDO VmR DLQGD RV SULQFLSDLV LQLPLJRV GD SDUWLFLSDomR DGHVmR IDPLOLDU QR SURFHVVR TXH HQYROYH R GRHQWH SVLFyWLFR 6mR HYLGHQWHV RV EHQHItFLRV FOtQLFRV UHIHUHQFLDGRV QD OLWHUDWXUD FRP GXUDomR VXSHULRU D PHVHV PHQRV UHFDtGDV H DGPLVV}HV KRVSLWDODUHV PHQRU JUDYLGDGH SVLFRSDWROyJLFD JOREDO H WHQGrQFLD SDUD PHQRU JUDYLGDGH GD VLQWRPDWRORJLD GHÀFLWiULD H PHQRU QHFHVVLGDGH GH GRVHV GH PDQXWHQomR DQWL SVLFyWLFD H VRFLDLV PHOKRUHV tQGLFHV GH IXQFLRQDPHQWR HP iUHDV FRPR R GHVHPSHQKR GH WDUHIDV GRPpVWLFDV OD]HU RX WUDEDOKR 7DPEpP )DGGHQ DR UHIHULU VH jV *XLGHOLQHV RI 6FKL]RSKUHQLD ² 8. D YLVXDOL]DomR GRV UHVXOWDGRV Vy VH IDUi VHQWLU FRP LQWHUYHQo}HV VXSHULRUHV D VHVV}HV H VXSHULRUHV D PHVHV &RPR p OyJLFR H XPD YH] TXH HVWH HVWXGR WHYH DSHQDV D GXUDomR GH VHQVLYHOPHQWH GRLV PHVHV PXLWD FRLVD KDYHULD SRU ID]HU H RV UHVXOWDGRV REWLGRV ´UHYHODUDPµ WDOYH] XP SHTXHQR SRQWR GR ,FHEHUJ TXH p D FRQYLYrQFLD FRP R GRHQWH SVLFyWLFR &RQIRUWD PH D VHQVDomR GH TXH HVWDPRV QR FDPLQKR FHUWR SULQFLSDOPHQWH QR HQYROYLPHQWR GD IDPtOLD FRPR SHoD LPSRUWDQWH H IXQGDPHQWDO SDUD D UHFXSHUDomR GR XWHQWH H

WDPEpP QD TXHEUD GH SUHFRQFHLWRV EDVWDQWH HQUDL]DGRV QD PHQWH GD VRFLHGDGH QR TXH GL] UHVSHLWR j YLVmR GR LQGLYtGXR 3VLFyWLFR 5()(5(1&,$6 %,%/,2*5É),&$6 %ULWR 0 / 6 ,QWHUYHQÍÛHV 3VLFRHGXFDWLYDV SDUD )DPÓOLDV GH SHVVRDV FRP (VTXL]RIUHQLD ,Q UHYLVWD SRUWXJXHVD GH HQIHUPDJHP 1 ² &RLPEUD )DGGHQ * 3DOHVWUD VREUH ,QWHUYHQo}HV 3VLFRHGXFDFLRQDLV DRV )DPLOLDUHV GR 'RHQWH (VTXL]RIUpQLFR /LVERD )DFXOGDGH &LrQFLDV 0pGLFDV GH /LVERD GH -DQHLUR GH )DOORRQ HW DO )DPLO\ FDUH RI VFKL]RSKUHQLD 1HZ <RUN *XLOIRUG 3UHVV *ODW 'XTXH 0 $ 7 &RQYLYHQGR FRP ÀOKRV HVSHFLDLV R ROKDU SDWHUQR 5LR GH -DQHLUR (GLWRUD 6HWWH /HWUDV /HII HW DO $ FRQWUROOHG WULDO RI VRFLDO LQWHUYHQWLRQ LQ WKH IDPLOLHV RI VFKL]RSKUHQLF SDWLHQWV %U - 3V\FKLDWU\ .RJD 0 &RQYLYrQFLD FRP D SHVVRD HVTXL]RIUpQLFD VREUHFDUJD IDPLOLDU 5LEHLUmR SUHWR 63 (VFROD GH HQIHUPDJHP ULEHLUmR SUHWR 863 &UX] 1 2 2 WUDEDOKR GH FDPSR FRPR GHVFREHUWD H FULDomR ,Q 0LQD\R 0 & 6 ² 3HVTXLVD 6RFLDO WHRULD PÏWRGR H FULDWLYLGDGH 3HWUySROLV YR]HV (GLomR 0DWWRV 7 0 9LVLWD 'RPLFLOLÈULD ,Q (QIHUPDJHP &RPXQLWiULD 6mR 3DXOR (GLWRUD 3HGDJyJLFD H 8QLYHUVLWiULD 0RUHQR 9 9LYrQFLD GD IDPtOLD GD SHVVRD FRP VRIULPHQWR SVtTXLFR 5LEHLUmR SUHWR 863 2OLYHLUD 0 % HW DO ² R GRHQWH PHQWDO H D VXD UHODomR FRP D IDPtOLD ,Q /REDWH 5 & FDPLQKDQGR SDUD D DVVLVWrQFLD LQWHJUDO 5LEHLUmR SUHWR 6FDOD 3HUHLUD 0* ;DYLHU 0 )DGGHQ * VG 2 PRGHOR GH )DOORRQ SDUD LQWHUYHQomR IDPLOLDU QD HVTXL]RIUHQLD IXQGDPHQWDomR H DVSHFWRV WpFQLFRV $FHLWH SDUD SXEOLFDomR HP $QiOLVH 3VLFROyJLFD 9LOODUHV & 5HSUHVHQWDo}HV GD GRHQoD SRU IDPLOLDUHV GH GRHQWHV FRP GLDJQyVWLFR GH HVTXL]RIUHQLD 6mR 3DXOR XQLYHUVLGDGH IHGHUDO GH VmR 3DXOR 9HQDQFLR $7$ $ FRQVWUXomR VRFLDO GD SHVVRD H D SVLTXLDWULD GR DOLHQLVPR j ´QRYD SVLTXLDWULDµ SK\VLV YHU 6D~GH FROHFWLYD ;DYLHU 0 HW DO ² 4XHVWLRQÈULR GH SUREOHPDV IDPLOLDUHV GHVHQYROYLPHQWR GD YHUVmR SRUWXJXHVD GH XP LQVWUXPHQWR GH DYDOLDomR GD VREUHFDUJD IDPLOLDU 3VLFRORJLD VD~GH H GRHQoDV


&TDBMB EF TPCSFDBSHB EP DVJEBEPS EF ;BSJU DBSBDUFSÎTUJDBT QTJDPNÊUSJDBT OB QPQVMBÉÈP QPSUVHVFTB $BSMPT 4FRVFJSB

5(6802 2 HVWXGR GD VREUHFDUJD DVVRFLDGD DR FXLGDU GH LGRVRV FRP GHSHQGrQFLD GH FDXVD ´ItVLFDµ RX ´PHQWDOµ FRQVWLWXL XPD SULRULGDGH HP WHUPRV GH VD~GH S~EOLFD SHOR IDFWR GH SRVVLELOLWDU D DYDOLDomR GDV FRQVHTXrQFLDV QHJDWLYDV QR FXLGDGRU LQIRUPDO ([LVWHP GLYHUVRV LQVWUXPHQWRV SDGURQL]DGRV SDUD DYDOLDU D VREUHFDUJD VHQGR R PDLV XWLOL]DGR HP WHUPRV LQWHUQDFLRQDLV D (VFDOD GH 6REUHFDUJD GR &XLGDGRU (6& GH =DULW %XUGHQ ,QWHUYLHZ 6FDOH $VVLP HODERUDPRV XP HVWXGR QR TXDO SURFHGHPRV j DGDSWDomR H YDOLGDomR GHVWH LQVWUXPHQWR SDUD D SRSXODomR SRUWXJXHVD FHQWUDGD HP FXLGDGRUHV GH LGRVRV FRP H VHP GHPrQFLD RX VHMD FRP GHSHQGrQFLD GH FDXVD ´ItVLFDµ RX ´PHQWDOµ $WUDYpV GD DQiOLVH IDFWRULDO YHULÀFDPRV TXH D HVFDOD DSUHVHQWD XP FRQVWUXFWR PXOWLGLPHQVLRQDO FRQVWLWXtGR SRU TXDWUR IDFWRUHV LPSDFWR GD SUHVWDomR GH FXLGDGRV UHODomR LQWHUSHVVRDO H[SHFWDWLYDV FRP R FXLGDU H SHUFHSomR GH DXWR HÀFiFLD H UHYHOD XPD ERD FRQVLVWrQFLD LQWHUQD TXHU GH IRUPD JOREDO TXHU DR QtYHO GRV GLIHUHQWHV IDFWRUHV 2V FXLGDGRUHV GH LGRVRV GHSHQGHQWHV FRP GHPrQFLD DSUHVHQWDP QtYHLV GH VREUHFDUJD PDLV HOHYDGRV ­ VHPHOKDQoD GH RXWURV RV HVWXGRV FRQVWDWDPRV TXH D (VFDOD GH 6REUHFDUJD GR &XLGDGRU p XP LQVWUXPHQWR YiOLGR H ÀiYHO SDUD VHU XWLOL]DGR QD DYDOLDomR GR LPSDFWR GH GRHQoDV ItVLFDV RX PHQWDLV QRV FXLGDGRUHV LQIRUPDLV SHOR TXH VXJHULPRV D VXD XWLOL]DomR QD SUiWLFD 3$/$95$6 &+$9( 6REUHFDUJD &XLGDGRUHV ,GRVRV 'HSHQGrQFLD H GHPr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

7KLV VFDOH KDV D PXOWLGLPHQVLRQDO VWUXFWXUH EDVHG RQ IRXU IDFWRUV FDUHJLYLQJ LPSDFW SHUVRQDO UHODWLRQVKLS H[SHFWDWLRQV RQ WKH DFW RI FDUHJLYLQJ DQG SHUFHSWLRQ RI HIIHFWLYHQHVV :H FDPH WR WKH FRQFOXVLRQ WKDW WKH &DUHJLYHU 2YHUORDG 6FDOH LV D YDOLG DQG UHOLDEOH LQVWUXPHQW WR EH XVHG LQ WKH HYDOXDWLRQ RI WKH LPSDFW FDXVHG E\ PHQWDO RU SK\VLFDO GLVHDVH XSRQ WKH FDUHJLYHUV DQG WKHUHIRUH ZH UHFRPPHQG LWV XVH .(<:25'6 %XUGHQ &DUHJLYHUV (OGHUO\ GHSHQGHQF\ DQG GHPHQWLD ,1752'8d®2 2 WHUPR ´VREUHFDUJDµ YHP GH XPD WUDGXomR GR WHUPR LQJOrV ´EXUGHQµ $ VXD GHÀQLomR UHIHUH VH DR FRQMXQWR GDV FRQVHTXrQFLDV TXH RFRUUHP QD VHTXrQFLD GH XP FRQWDFWR SUy[LPR FRP XP GRHQWH QHVWH FDVR XP LGRVR GHSHQGHQWH FRP VHP GHPrQFLD 1XPD DERUGDJHP LQWXLWLYD SDUHFH XP WHUPR GH IiFLO FDUDFWHUL]DomR FRQWXGR QD SUiWLFD FRQVWDWD VH TXH D VXD GHÀQLomR p FRPSOH[D +DELWXDOPHQWH HVWH WHUPR p UHIHULGR DSHQDV HP VHQWLGR QHJDWLYR RX VHMD VRE D IRUPD GH ´SHVRµ ´IDUGRµ SHOR TXH DOJXQV DXWRUHV FKDPDP j DWHQomR SDUD D LQVXÀFLrQFLD GR PHVPR QD HYHQWXDOLGDGH GH VH SUHWHQGHU FRP HVWH FDUDFWHUL]DU DV FRQVHTXrQFLDV DVVRFLDGDV DR FXLGDU 3HUHLUD 'H IDFWR DV UHSHUFXVV}HV QHJDWLYDV FRQVWLWXHP XP IRFR GH DWHQomR SULYLOHJLDGR QD LQYHVWLJDomR HYLGHQFLDGR SHORV WUDEDOKRV GHVHQYROYLGRV QHVWD iUHD H SHOD QHFHVVLGDGH GH LPSOHPHQWDomR GH HVWUDWpJLDV SUHYHQWLYDV 3RU RXWUR ODGR D VREUHFDUJD HVWi DVVRFLDGD D XPD GHWHULRUDomR GD TXDOLGDGH GH YLGD GR FXLGDGRU H D XPD PDLRU PRUELOLGDGH SHOR TXH D VXD FDUDFWHUL]DomR p IXQGDPHQWDO SDUD XPD SUHYHQomR HIHFWLYD 6FKQHLGHU H FRO $ORQVR H FRO 1R GRPtQLR GD VREUHFDUJD REMHFWLYD D OLWHUDWXUD WHP SULYLOHJLDGR D VREUHFDUJD DSUHVHQWDGD SHOR ´GDGRUµ GH FXLGDGRV |FDUHJLYHU EXUGHQ} WDPEpP GHVLJQDGR SRU FXLGDGRU RX SUHVWDGRU GH FXLGDGRV 2 HOHPHQWR PDLV LQYHVWLJDGR WHP VLGR R FXLGDGRU SULQFLSDO RX FXLGDGRU SULPiULR |SULPDU\ FDUHJLYHU} $ VXD ´SRVLomRµ SULQFLSDO QD UHODomR GH SUHVWDomR GH FXLGDGRV WHP FRPR FRQVHTXrQFLD OyJLFD D GH GHVWLQDWiULR GDV SULQFLSDLV UHSHUFXVV}HV DVVRFLDGDV DR FXLGDU 2 FRPSRQHQWH REMHFWLYR GD VREUHFDUJD RFRUUH HP FRQVHTXrQFLD GD QDWXUH]D H GD QHFHVVLGDGH GH FXLGDGRV HP IXQomR GRV VLQWRPDV H VLQDLV RUJkQLFRV H SVtTXLFRV 6FD]XIFD 6FKHQH DÀUPD TXH D VREUHFDUJD REMHFWLYD UHSUHVHQWD

3URI (VFROD 6XSHULRU GH (QIHUPDJHP GR 3RUWR 'RXWRU HP &LrQFLDV GH (QIHUPDJHP FDUORVVHTXHLUD#HVHQI SW


DV FRQVHTXrQFLDV QR IDPLOLDU FRPR UHVXOWDGR GD LQWHUDFomR FRP RV VLQWRPDV H RV FRPSRUWDPHQWRV GR GRHQWH TXH VH FRQFUHWL]DP HP DOWHUDo}HV QR TXRWLGLDQR QD YLGD GRPpVWLFD QDV UHODo}HV IDPLOLDUHV H VRFLDLV QR OD]HU QD VD~GH ItVLFD H PHQWDO GR FXLGDGRU $ VREUHFDUJD VXEMHFWLYD FRQVLVWH QD SHUFHSomR SHVVRDO GR IDPLOLDU FXLGDGRU VREUH DV FRQVHTXrQFLDV GR FXLGDU &RQVFLHQWHV TXH D GHSHQGrQFLD WrP LQHYLWDYHOPHQWH UHSHUFXVV}HV QHJDWLYDV QR FXLGDGRU VHQWLPRV QHFHVVLGDGH GH DGDSWDU H YDOLGDU XP LQVWUXPHQWR GH PHGLGD TXH QRV SHUPLWD LGHQWLÀFDU PRQLWRUL]DU D VREUHFDUJD GH PRGR D HGLÀFDU XPD PDWUL] D SDUWLU GD TXDO VH HVWUXWXUHP UHVSRVWDV FDSD]HV GH PLQLPL]DUHP DV FRQVHTXrQFLDV QHJDWLYDV DVVRFLDGDV j UHODomR GH SUHVWDomR GH FXLGDGRV 6HTXHLUD 0$7(5,$/ ( 0e72'26 3DUWLFLSDQWHV 2V GDGRV IRUDP UHFROKLGRV QXPD DPRVWUD FRQVHFXWLYD H DFLGHQWDO GH FXLGDGRUHV GH LGRVRV FRP GHSHQGrQFLD GH FDXVD ´PHQWDO GHPrQFLD RX FRP GHSHQGrQFLD GH FDXVD ´ItVLFDµ TXH UHFRUUHUDP D XP VHUYLoR GH 3VLFRJHULDWULD H D GRLV VHUYLoRV GH 0HGLFLQD 6HTXHLUD (VWHV GDGRV IRUDP H[WUDtGRV GH XP WUDEDOKR GH LQYHVWLJDomR PDLV DEUDQJHQWH QR kPELWR GR GRXWRUDPHQWR HP &LrQFLDV GH (QIHUPDJHP 6HTXHLUD D E

0DWHULDO $ YHUVmR ÀQDO GD HVFDOD p FRQVWLWXtGD SRU LWHQV TXH VmR DSUHVHQWDGDV SDUD DXWR SUHHQFKLPHQWR FRPR XP FRQMXQWR GH DÀUPDo}HV 2 VXMHLWR GHYH DVVLQDODU R JUDX HP TXH PHOKRU GHVFUHYH D VXD VLWXDomR QXPD HVFDOD GH /LNHUW FRP FLQFR SRVLo}HV 5HFRUUHX VH D XP FRQMXQWR GH PHGLGDV TXH H[SUHVVDP GHSHQGrQFLD GLÀFXOGDGHV EHP HVWDU VDWLVIDomR RX TXH HVWmR LQWLPDPHQWH OLJDGDV D HVVDV YDULiYHLV $V PHGLGDV XWLOL]DGDV SDUD YDOLGDomR GD (6& IRUDP DV VHJXLQWHV 4XHVWLRQiULR LQIRUPDo}HV VyFLR GHPRJUiÀFDV SVLFRVVRFLDLV H FOtQLFDV YDULiYHLV GH FDUDWHUL]DomR GD SRSXODomR HP HVWXGR ÌQGLFH GH %DUWKHO DFWLYLGDGHV EiVLFDV GH YLGD GLiULD p XP LQVWUXPHQWR FRP TXHVW}HV H TXH QRV SHUPLWH DYDOLDU D JUDX GH GHSHQGrQFLD QDV DFWLYLGDGHV EiVLFDV GH YLGD 'LiULD 1HVWH HVWXGR FRQVLGHURX VH VRPHQWH D QRWD WRWDO ÌQGLFH GH /DZWRQ DFWLYLGDGHV LQVWUXPHQWDLV GH YLGD GLiULD p XP LQVWUXPHQWR FRP TXHVW}HV H TXH QRV SHUPLWH DYDOLDU D JUDX GH GHSHQGrQFLD QDV DFWLYLGDGHV LQVWUXPHQWDLV GH YLGD 'LiULD 1HVWH HVWXGR FRQVLGHURX VH VRPHQWH D QRWD WRWDO &$', tQGLFH GH DYDOLDomR GH GLÀFXOGDGHV p XP LQVWUXPHQWR FRP SRWHQFLDLV GLÀFXOGDGHV H TXH QRV SHUPLWH DYDOLDU DV GLÀFXOGDGHV QD SUHVWDomR GH FXLGDGRV e XP LQVWUXPHQWR

FRQFRUUHQWH FRP D (6& 1HVWH HVWXGR FRQVLGHURX VH VRPHQWH D QRWD WRWDO &$6, tQGLFH GH DYDOLDomR GD VDWLVIDomR p XP LQVWUXPHQWR FRP SRWHQFLDLV IRQWHV GH VDWLVIDomR H TXH QRV SHUPLWH DYDOLDU D VDWLVIDomR EHP HVWDU GR FXLGDGRU 1HVWH HVWXGR FRQVLGHURX VH VRPHQWH D QRWD WRWDO 1RWD RV RXWURV LQVWUXPHQWRV IRUDP XWLOL]DGRV SDUD DYDOLDU R JUDX GH FRQFRUGkQFLD GLVFRUGkQFLD GD (6& FRP RXWURV LQVWUXPHQWRV YDOLGDGRV QD SRSXODomR SRUWXJXHVD H TXH PHGHP GLPHQV}HV VLPLODUHV GLÀFXOGDGHV RX GLPHQV}HV RSRVWRV VDWLVIDomR $ DYDOLDomR GD VREUHFDUJD IRL HIHFWXDGD FRP R UHFXUVR j HVFDOD GH VREUHFDUJD GR FXLGDGRU (6& WUDGX]LGD H DGDSWDGD SDUD D SRSXODomR SRUWXJXHVD D SDUWLU GD %XUGHQ ,QWHUYLHZ 6FDOH =DULW H =DULW 0DUWtQ 6FD]XIFD SURFHGHQGR VH j DQiOLVH H j GHVFULomR GDV FDUDFWHUtVWLFDV SVLFRPpWULFDV HQFRQWUDGDV (VWD HVFDOD QD YHUVmR RULJLQDO HUD FRQVWLWXtGD SRU TXHVW}HV RQGH VH LQFOXtDP DVSHFWRV UHODFLRQDGRV FRP D VD~GH ItVLFD H SVLFROyJLFD UHFXUVRV HFRQyPLFRV WUDEDOKR UHODo}HV VRFLDLV H D UHODomR FRP R ´UHFHSWRU GH FXLGDGRVµ 3RVWHULRUPHQWH HVWH LQVWUXPHQWR IRL UHYLVWR H UHGX]LGR R Q~PHUR GH TXHVW}HV SDUD =DULW H =DULW 0DUWtQ 6FD]XIFD e XP LQVWUXPHQWR TXH SHUPLWH DYDOLDU D VREUHFDUJD REMHFWLYD H VXEMHFWLYD GR FXLGDGRU LQIRUPDO H TXH LQFOXL LQIRUPDo}HV VREUH VD~GH YLGD VRFLDO YLGD SHVVRDO VLWXDomR ÀQDQFHLUD VLWXDomR HPRFLRQDO H WLSR GH UHODFLRQDPHQWR &DGD LWHP p SRQWXDGR GH IRUPD TXDOLWDWLYD TXDQWLWDWLYD GD VHJXLQWH IRUPD QXQFD TXDVH QXQFD jV YH]HV PXLWDV YH]HV H TXDVH VHPSUH 7DPEpP H[LVWHP YHUV}HV HP TXH D SRQWXDomR TXDQWLWDWLYD YDULD HP FDGD LWHP HQWUH H 6FD]XIFD &RQWXGR D PDLRULD GRV HVWXGRV XWLOL]D D YHUVmR FRP SRQWXDo}HV GH D 1D YHUVmR XWLOL]DGD D REWpP VH XP VFRUH JOREDO TXH YDULD HQWUH H HP TXH XP PDLRU VFRUH FRUUHVSRQGH D XPD PDLRU SHUFHSomR GH VREUHFDUJD GH DFRUGR FRP RV VHJXLQWHV SRQWRV GH FRUWH ,QIHULRU D 6HP VREUHFDUJD (QWUH D 6REUHFDUJD OLJHLUD 6XSHULRU D 6REUHFDUJD LQWHQVD 1R HVWXGR GH YDOLGDomR GD HVFDOD GH VREUHFDUJD D FRQVLVWrQFLD LQWHUQD IRL DYDOLDGD DWUDYpV GR DOID GH &URQEDFK H D GHWHUPLQDomR GR Q~PHUR GH IDFWRUHV HIHFWXDGD FRP R UHFXUVR j DQiOLVH GRV FRPSRQHQWHV SULQFLSDLV FRP URWDomR RUWRJRQDO VHJXQGR R PpWRGR 9DULPÈ[ 3HVWDQD H *DJHLUR $ GHWHUPLQDomR GR Q~PHUR GH FRPSRQHQWHV SRU IDFWRUHV GH FDGD HVFDOD p HIHFWXDGD GH DFRUGR FRP R SUHFRQL]DGR SRU 3ROL H +XQJOHU TXH VXJHUH D H[FOXVmR GH FDUJDV IDFWRULDLV LQIHULRUHV D H FRQVLGHUD RV YDORUHV SUySULRV (LJHQYDOXHV VXSHULRUHV D $R ORQJR GR SURFHVVR GH LQYHVWLJDomR IRUDP UHVSHLWDGRV WRGRV RV SULQFtSLRV pWLFRV TXH GHYHP QRUWHDU TXDOTXHU LQYHVWLJDomR GRV TXDLV VH GHVWDFD D REWHQomR GH DXWRUL]DomR GDV FRPLVV}HV GH pWLFD GRV KRVSLWDLV RQGH GHFRUUHX D FROKHLWD GH GDGRV H D REWHQomR GR FRQVHQWLPHQWR LQIRUPDGR SRU SDUWH GRV FXLGDGRUHV LGRVRV GHSHQGHQWHV


3URFHVVR GH WUDGXomR GD HVFDOD GH VREUHFDUJD GR FXLGDGRU GH =DULW 1R SURFHVVR GH WUDGXomR VHJXLX VH GH IRUPD JHQpULFD D PHWRGRORJLD KDELWXDO )DULD 5LEHLUR ,QLFLDOPHQWH REWHYH VH D UHVSHFWLYD SHUPLVVmR SDUD WUDGXomR H XWLOL]DomR HP 3RUWXJDO 2 VHX DXWRU 6WHYH =DULW DXWRUL]RX R SURFHVVR GH YDOLGDomR SDUD D SRSXODomR SRUWXJXHVD EHP FRPR D SRVVLELOLGDGH GH VHU XWLOL]DGD TXHU DR QtYHO GD LQYHVWLJDomR TXHU DR QtYHO GD SUiWLFD FOtQLFD $VVLP D (6& IRL WUDGX]LGD SDUD SRUWXJXrV D SDUWLU GD VXD YHUVmR RULJLQDO LQJOHVD VHQGR SRVWHULRUPHQWH HIHFWXDGR R SURFHVVR LQYHUVR SDUD D OtQJXD LQJOHVD )RUDP DQDOLVDGRV RV DVSHFWRV FRQYHUJHQWHV GLYHUJHQWHV FRP RXWURV LQYHVWLJDGRUHV H FRP R VHX DXWRU 6WHYH =DULW (VWH IRL XP SURFHVVR IiFLO XPD YH] TXH HVWD HVFDOD VH HQFRQWUD WUDGX]LGD H YDOLGDGD HP (VSDQKD H QR %UDVLO SHOR TXH IRL HIHFWXDGD XPD DQiOLVH FRPSDUDWLYD GDV YHUV}HV H[LVWHQWHV QHVWHV SDtVHV DWHQGHQGR D DOJXPDV VHPHOKDQoDV OLQJXtVWLFDV H DWp FXOWXUDLV (P WHUPRV GH Op[LFR p XPD HVFDOD VLPSOHV SHOR TXH QmR VH YHULÀFDUDP G~YLGDV VLJQLÀFDWLYDV $ VXD DQiOLVH QR TXH UHVSHLWD j HTXLYDOrQFLD VHPkQWLFD IRL HIHFWXDGD GH PRGR D TXH HVWD YHUVmR VH HQTXDGUDVVH QD UHDOLGDGH VRFLRFXOWXUDO SRUWXJXHVD 9iULRV HVWXGRV D QtYHO HXURSHX DSRQWDP FODUDPHQWH SDUD XP HOHYDGR Q~PHUR GH DVSHFWRV FRPXQV UHODFLRQDGRV FRP D VREUHFDUJD GRV FXLGDGRUHV GH LGRVRV GHSHQGHQWHV GHYLGR D XPD GRHQoD PHQWDO RX D XPD GRHQoD FUyQLFD )DLVRQ H FRO 6FKQHLGHU H FRO 6HTXHLUD $ VXD DSOLFDomR D XP JUXSR H[SHULPHQWDO SHUPLWLX DIHULU TXH RV WHUPRV XWLOL]DGRV HUDP IDFLOPHQWH FRPSUHHQGLGRV SHOR TXH QmR IRL QHFHVViULR HIHFWXDU DOWHUDo}HV DR QtYHO GR Op[LFR $ (6& FRP LWHQV WHP DSUHVHQWDGR XPD ERD FRQVLVWrQFLD LQWHUQD D QRV P~OWLSORV HVWXGRV GH LQYHVWLJDomR HP TXH WHP VLGR XWLOL]DGD 0DUWtQ H FRO 0RQWRULR ,]DO /ySH] H 6iQFKH] 6FD]XIFD 5HODWLYDPHQWH j YDOLGDGH GH FRQVWUXFWR DOJXQV DXWRUHV DSHQDV D XWLOL]DP GH IRUPD JOREDO =DULW H =DULW 6FD]XIFD 5(68/7$'26 3ULQFLSDLV FDUDFWHUtVWLFDV SVLFRPpWULFDV ­ VHPHOKDQoD GD PDLRULD GRV HVWXGRV GH YDOLGDomR 0DUWtQ H FRO 0RQWRULR H FRO 6FD]XIFD HVWH LQVWUXPHQWR DSUHVHQWD XPD ERD FRQVLVWrQFLD LQWHUQD DYDOLDGD DWUDYpV GR DOID GH &URQEDFK _ $ DQiOLVH IDFWRULDO QR SUHVHQWH HVWXGR SHUPLWH LGHQWLÀFDU TXDWUR IDFWRUHV TXH H[SOLFDP GD YDULkQFLD WRWDO 2V IDFWRUHV FULDGRV HPSLULFDPHQWH HVWmR GH DFRUGR FRP RV FRQVWUXFWRV TXH HVWLYHUDP QD VXD JpQHVH H VmR VHPHOKDQWHV DRV HQFRQWUDGRV HP RXWURV HVWXGRV 0DUWtQ H FRO 0RQWRULR H FRO 2 SULPHLUR IDFWRU LQWLWXODGR GH |LPSDFWR GD SUHVWDÍÊR GH FXLGDGRV} ,3& DJOXWLQD RV LWHQV TXH VH UHIHUHP j VREUHFDUJD UHODFLRQDGD FRP D SUHVWDomR GH FXLGDGRV GLUHFWRV GRV TXDLV VH GHVWDFDP DOWHUDÍÊR QR HVWDGR GH VDßGH HOHYDGR QßPHUR GH FXLGDGRV DOWHUDÍÊR GDV UHODÍÛHV VRFLDLV H IDPLOLDUHV HVFDVVH] GH WHPSR GHVJDVWH IÓVLFR H

PHQWDO 1HVWD FDWHJRULD HQFRQWUDP VH RV LWHQV UHODWLYRV DR LPSDFWR GRV FXLGDGRV GLUHFWRV QR FRQWH[WR GR FXLGDGRU e FRQVWLWXtGR SRU RQ]H LWHQV H[SOLFD GD YDULkQFLD WRWDO H DSUHVHQWD XPD ERD FRQVLVWrQFLD LQWHUQD DOID GH &URQEDFK GH 2 VHJXQGR IDFWRU LQWLWXODGR GH ´UHODÍÊR LQWHUSHVVRDOµ 5, DJOXWLQD LWHQV DVVRFLDGRV j VREUHFDUJD UHODFLRQDGRV FRP D UHODomR HQWUH R FXLGDGRU H D SHVVRD GHSHQGHQWH DOYR GH FXLGDGRV (VWHV LWHQV DYDOLDP R LPSDFWR LQWHUSHVVRDO TXH UHVXOWD GD UHODomR GH SUHVWDomR GH FXLGDGRV HVVHQFLDOPHQWH DVVRFLDGR jV GLÀFXOGDGHV FRP D LQWHUDFomR e FRQVWLWXtGR SRU FLQFR LWHQV TXH H[SOLFDP GD YDULkQFLD WRWDO GD (6& H DSUHVHQWD XPD FRQVLVWrQFLD LQWHUQD GH DOID GH &URQEDFK 2 WHUFHLUR IDFWRU LQWLWXODGR GH ´H[SHFWDWLYDV FRP R FXLGDUµ (& p FRQVWLWXtGR SRU TXDWUR LWHQV UHODFLRQDGRV FRP DV H[SHFWDWLYDV TXH R FXLGDGRU WHP UHODWLYDPHQWH j SUHVWDomR GH FXLGDGRV FHQWUD VH HVVHQFLDOPHQWH QRV PHGRV UHFHLRV H GLVSRQLELOLGDGHV (VWH IDFWRU H[SOLFD GD YDULkQFLD WRWDO H DSUHVHQWD XPD FRQVLVWrQFLD LQWHUQD GH DOID GH &URQEDFK 2 TXDUWR IDFWRU LQWLWXODGR GH ´SHUFHSÍÊR GH DXWR HILFÈFLDµ 3$ p FRQVWLWXtGR SRU GRLV LWHQV VREUH D RSLQLmR GR FXLGDGRU UHODWLYDPHQWH DR VHX GHVHPSHQKR (VWH IDFWRU H[SOLFD GD YDULkQFLD WRWDO H DSUHVHQWD XPD FRQVLVWrQFLD LQWHUQD GH DOID GH &URQEDFK 'D DQiOLVH GD FRUUHODomR HQWUH RV IDFWRUHV GD (6& H R VRPDWyULR GD HVFDOD JOREDO FRQVWDWD VH TXH H[LVWH XPD FRUUHODomR HVWDWLVWLFDPHQWH VLJQLÀFDWLYD S HQWUH WRGRV RV IDFWRUHV H D HVFDOD WRWDO WDEHOD Q 2V IDFWRUHV ´,PSDFWR GD SUHVWDÍÊR GH FXLGDGRVµ H ´5HODÍÊR LQWHUSHVVRDOµ H[SOLFDP H GD YDULkQFLD WRWDO GD (6& SHOR TXH VmR RV IDFWRUHV TXH PHOKRU H[SOLFDP D YDULDomR GHVWH LQVWUXPHQWR 7DEHOD Q &RUUHODomR HQWUH DV SRQWXDo}HV GRV IDFWRUHV H D SRQWXDomR JOREDO GD HVFDOD GH VREUHFDUJD GR FXLGDGRU )$&725(6 ( (6& */2%$/ ,PSDFWR GD SUHVWDomR GH FXLGDGRV

,3&

5,

(&

3$

5HODomR LQWHUSHVVRDO

([SHFWDWLYDV FRP R FXLGDU

3HUFHSomR GH DXWR HILFiFLD (6&$/$ */2%$/

&RUUHODomR VLJQLILFDWLYD SDUD XP QtYHO GH VLJQLILFkQFLD GH S ELODWHUDO

/HJHQGD ,3& ² LPSDFWR GD SUHVWDomR GH FXLGDGRV 5, ² 5HODomR LQWHUSHVVRDO (& ² ([SHFWDWLYDV IDFH DR FXLGDU 3$ ² 3HUFHSomR GH DXWR HÀFiFLD

1tYHLV GH VREUHFDUJD 'D DQiOLVH GRV QtYHLV GH VREUHFDUJD GH DFRUGR FRP RV SRQWRV GH FRUWH SDUD D (6& FRQVWDWD VH TXH HVWDPRV SHUDQWH XPD DPRVWUD FRP HOHYDGRV QtYHLV GH VREUHFDUJD XPD YH] TXH DSHQDV GRV FXLGDGRUHV GH LGRVRV FRP GHPrQFLD H FXLGDGRUHV GH LGRVRV VHP GHPrQFLD REWrP YDORUHV FRPSDWtYHLV FRP D DXVrQFLD GH VREUHFDUJD


3RU RXWUR ODGR YHULÀFD VH TXH FXLGDGRUHV GH LGRVRV FRP GHPrQFLD H FXLGDGRUHV GH LGRVRV VHP GHPrQFLD DSUHVHQWDP YDORUHV TXH VXJHUHP D H[LVWrQFLD GH VREUHFDUJD LQWHQVD GH DFRUGR FRP D WDEHOD Q 7DEHOD Q 1tYHLV GH VREUHFDUJD GH DFRUGR FRP RV SRQWRV GH FRUWH

&8,'$'25(6

1tYHLV GH VREUHFDUJD

&8,'$'25(6

'( ,'2626

'( ,'2626

6(0 '(0Ç1&,$

&20

727$/

(VWD HOHYDGD FRUUHODomR HQWUH D VREUHFDUJD H DV GLÀFXOGDGHV UHYHOD XP ERD YDOLGDGH FRQFRUUHQWH HQWUH D VREUHFDUJD H DV GLÀFXOGDGHV QR FXLGDU

'(0Ç1&,$

1

1

1

6HP VREUHFDUJD

6REUHFDUJD OLJHLUD ±

6REUHFDUJD LQWHQVD !

7RWDO

|DSRLR SURILVVLRQDO} GR &$', H R IDFWRU |SHUFHSÍÊR GH DXWR HILFÈFLD} GD (6& U S 3RU VXD YH] RV IDFWRUHV GD (6& WDPEpP DSUHVHQWDP XPD FRUUHODomR SRVLWLYD H HVWDWLVWLFDPHQWH VLJQLÀFDWLYD FRP R &$', JOREDO FRP YDORUHV GH U HQWUH D S j H[FHSomR GR IDFWRU ´SHUFHSomR GH DXWR HÀFiFLDµ H R &$', JOREDO U S WDEHOD Q

7DEHOD Q (VWXGR GDV FRUUHODo}HV HQWUH D (6& H R &$',

&$', )$&725(6 ,7(16

35

56

(&

5&

$)

$3

U

U

U

U

U

U

&$', U

(6&

'D DQiOLVH GR JUiÀFR Q FRQVWDWD VH TXH RV FXLGDGRUHV GH LGRVRV FRP GHPrQFLD DSUHVHQWDP QtYHLV PpGLRV PDLV HOHYDGRV GH VREUHFDUJD HP WRGRV RV LWHQV j H[FHSomR GR LWHP |SHQVD TXH SRGHULD FXLGDU PHOKRU GR VHX IDPLOLDU} 1RV LWHQV H RV YDORUHV PpGLRV GH DPERV RV JUXSRV VmR SUDWLFDPHQWH VREUHSRQtYHLV e QR GRPtQLR GDV H[SHFWDWLYDV LWHQV H H GD SHUFHSomR GH DXWR HÀFiFLD LWHQV H TXH VH YHULÀFDP PHQRV GLIHUHQoDV HQWUH RV JUXSRV HP HVWXGR SHOR TXH VH GHSUHHQGH TXH RV IDFWRUHV TXH FRQWULEXHP GH IRUPD PDLV VLJQLÀFDWLYD SDUD RV YDORUHV HOHYDGRV GH VREUHFDUJD DSUHVHQWDGRV SHORV FXLGDGRUHV GH LGRVRV FRP GHPrQFLD HVWmR UHODFLRQDGRV FRP D UHODÍÊR LQWHUSHVVRDO H R LPSDFWR GD SUHVWDÍÊR GH FXLGDGRV *UiÀFR Q 1tYHLV PpGLRV GH VREUHFDUJD DSUHVHQWDGRV SHORV FXLGDGRUHV

&RUUHODo}HV HQWUH D VREUHFDUJD DV GLÀFXOGDGHV H D VDWLVIDomR $ (6& DSUHVHQWD XPD FRUUHODomR SRVLWLYD H HVWDWLVWLFDPHQWH VLJQLÀFDYD FRP R tQGLFH GH GLÀFXOGDGHV &$', TXHU GH IRUPD JOREDO TXHU DR QtYHO GRV VHXV IDFWRUHV $ VREUHFDUJD YDULD GLUHFWDPHQWH SURSRUFLRQDO jV GLÀFXOGDGHV H YLFH YHUVD U S 7RGRV RV IDFWRUHV GR &$', WrP XPD HOHYDGD FRUUHODomR SRVLWLYD S FRP RV IDFWRUHV GD VREUHFDUJD HP TXH RV YDORUHV GH U YDULDP HQWUH H j H[FHSomR GD FRUUHODomR HQWUH R IDFWRU

,PSDFWR GD SUHVWDomR GH FXLGDGRV 5HODomR LQWHUSHVVRDO

([SHFWDWLYDV FRP R FXLGDU

3HUFHSomR GH DXWR HILFiFLD

(6& *OREDO

/HJHQGD 35 ² 3UREOHPDV UHODFLRQDLV 56 ² 5HVWULo}HV VRFLDLV (& ² ([LJrQFLDV

GR FXLGDU 5& ² 5HDFo}HV DR FXLGDU $) ² $SRLR IDPLOLDU $3 ² $SRLR

SURÀVVLRQDO

S S S


(P WHUPRV GH YDOLGDGH GLVFULPLQDQWH YHULÀFD VH TXH D (6& JOREDO DSUHVHQWD XPD FRUUHODomR QHJDWLYD FRP R &$6, JOREDO U S 7RGRV RV IDFWRUHV GR &$6, WrP XPD FRUUHODomR QHJDWLYD GH IRUPD VLJQLÀFDWLYD FRP D (6& JOREDO VHQGR DV FRUUHODo}HV PDLV HOHYDGDV HQWUH RV IDFWRUHV |GHVHPSHQKR GR SDSHO GH FXLGDGRU} U |FRQWH[WR GD SHVVRD GHSHQGHQWH} U TXDOLGDGH GR GHVHPSHQKR} U H |GLQÉPLFD GH UHVXOWDGRV} U 2V IDFWRUHV GD (6& UHODFLRQDGRV FRP D VREUHFDUJD TXH UHVXOWD GR |LPSDFWR GD SUHVWDÍÊR GH FXLGDGRV | H GD |UHODÍÊR LQWHUSHVVRDO} WDPEpP DSUHVHQWDP XPD FRUUHODomR QHJDWLYD GH IRUPD HVWDWLVWLFDPHQWH VLJQLÀFDWLYD FRP R &$6, JOREDO WDEHOD Q

&$6, )$&725(6

'3&

&3'

4'

'5

')

U

U

U

U

U

U

,7(16

&$6, U

(6& ,PSDFWR GD SUHVWDomR GH FXLGDGRV

5HODomR

LQWHUSHVVRDO

([SHFWDWLYDV FRP R

FXLGDU

3HUFHSomR GH DXWR

HILFiFLD (6& *OREDO

$ DQiOLVH IDFWRULDO SHUPLWH LGHQWLÀFDU TXDWUR IDFWRUHV j VHPHOKDQoD GR SURFHVVR GH YDOLGDomR SDUD (VSDQKD 0DUWtQ H FRO 0RQWRULR H FRO 5RLJ H FRO TXH QR SUHVHQWH HVWXGR VmR LQWLWXODGRV SRU |,PSDFWR GD SUHVWDÍÊR GH FXLGDGRV} |5HODÍÊR LQWHUSHVVRDO} |([SHFWDWLYDV FRP R FXLGDU} |3HUFHSÍÊR GH DXWR HILFÈFLD}

7DEHOD Q (VWXGR GDV FRUUHODo}HV HQWUH D (6& H R &$6,

&&

$OJXQV HVWXGRV DSHQDV UHFRUUHP j SRQWXDomR JOREDO FRPR IRUPD GH DYDOLDomR GD VREUHFDUJD =DULW H =DULW 6FD]XIFD *RQ]iOH] H FRO &RQWXGR RV GDGRV GHVWH WUDEDOKR VXJHUHP XP FDUDFWHU PXOWLGLPHQVLRQDO GR FRQFHLWR GH VREUHFDUJD TXH p FRUURERUDGR SRU RXWURV DXWRUHV 0DUWtQ H FRO 0RQWRULR H FRO $ORQVR H FRO

/HJHQGD && ² &RQWH[WR GR FXLGDGRU '3& ² 'HVHPSHQKR GR SDSHO GH

FXLGDGRU &3' ² &RQWH[WR GD SHVVRD GHSHQGHQWH 4' ² 4XDOLGDGH

GR GHVHPSHQKR '5 ² 'LQkPLFD GH UHVXOWDGRV ') ² 'LQkPLFD IDPLOLDU

S S S

',6&866®2 $ SUHVWDomR GH FXLGDGRV D SHVVRDV LGRVDV GHSHQGHQWHV QR GRPLFtOLR HVWi IUHTXHQWHPHQWH DVVRFLDGD D XPD VpULH GH UHSHUFXVV}HV SHVVRDLV VRFLDLV H HFRQyPLFDV TXH KDELWXDOPHQWH VH GHQRPLQDP GH VREUHFDUJD 0DUWtQ H FRO 0RQWRULR H FRO 6FD]XIFD 6DQWRV 6HTXHLUD H TXH WrP REWLGR D SULPD]LD GD DWHQomR QD PDLRULD GRV HVWXGRV $ HVFDOD GH VREUHFDUJD GR FXLGDGRU GH =DULW FRQVWLWXL HP WHUPRV LQWHUQDFLRQDLV XP GRV LQVWUXPHQWRV PDLV XWLOL]DGRV SDUD DYDOLDU DV UHSHUFXVV}HV DVVRFLDGDV DR FXLGDU GH SHVVRDV FRP GRHQoD PHQWDO QD TXDO VH LQFOXHP DV GHPrQFLDV =DULW H =DULW 0DUWtQ H FRO 6FD]XIFD $ORQVR H FRO *RQ]iOH]

2V GRLV SULPHLURV IDFWRUHV H HVWmR GLUHFFLRQDGRV SDUD D VREUHFDUJD REMHFWLYD H RV GRLV ~OWLPRV H SDUD D VREUHFDUJD VXEMHFWLYD GH PRGR VLPLODU DR DSUHVHQWDGR SRU RXWURV HVWXGRV TXH WDPEpP DWULEXHP XP FDUiFWHU PXOWLGLPHQVLRQDO DR FRQFHLWR GH VREUHFDUJD 0DUWtQ H FRO 0RQWRULR H FRO 2 SULPHLUR IDFWRU SUHWHQGH DYDOLDU R LPSDFWR QR FXLGDGRU DVVRFLDGR j SUHVWDomR GH FXLGDGRV HP WHUPRV GH WHPSR OLYUH VD~GH OLPLWDomR VRFLDO SHUGD GH FRQWUROR HWF 2 VHJXQGR IDFWRU UHÁHFWH DV LPSOLFDo}HV QD UHODomR HQWUH R FXLGDGRU H R LGRVR GHSHQGHQWH YHUJRQKD LUULWDomR WHQVmR HWF 2 WHUFHLUR IDFWRU HQJORED DV H[SHFWDWLYDV TXH R FXLGDGRU WHP IDFH DR FXLGDU UHODWLYDPHQWH DR IXWXUR jV VXDV FDSDFLGDGHV SDUD FXLGDU HWF 2 TXDUWR IDFWRU HVWi GLUHFFLRQDGR SDUD DYDOLDU D SHUFHSomR GH DXWR HÀFiFLD GR FXLGDGRU RX VHMD D SHUFHSomR DFHUFD GR GHVHPSHQKR GR VHX SDSHO 'H XP PRGR JHUDO FRQVWDWD VH TXH RV FXLGDGRUHV GH LGRVRV FRP GHPrQFLD UHIHUHP QtYHLV GH VREUHFDUJD PDLV HOHYDGRV FRP VREUHFDUJD LQWHQVD FRPSDUDWLYDPHQWH FRP RV FXLGDGRUHV GH LGRVRV VHP GHPrQFLD FRP VREUHFDUJD LQWHQVD (VWHV GDGRV UHVXOWDP HVVHQFLDOPHQWH GH RV FXLGDGRUHV GH LGRVRV FRP GHPrQFLD VH HQFRQWUDUHP PDLV VHQVtYHLV j VREUHFDUJD HP FRQVHTXrQFLD GD SUHVWDomR GH FXLGDGRV H GD UHODomR LQWHUSHVVRDO R TXH HVWi DVVRFLDGR DR IDFWR GRV LGRVRV FRP GHPrQFLD WHUHP XPD PDLRU QHFHVVLGDGH GH FXLGDGRV &XLGDU GH SHVVRDV FRP DOWHUDo}HV FRJQLWLYDV FRP DOWHUDo}HV GH FRPSRUWDPHQWR H DOWHUDo}HV GR KXPRU HVWi DVVRFLDGR D QtYHLV PDLV HOHYDGRV GH VREUHFDUJD 6FD]XIFD 6DQWRV UHIHUH TXH QR FRQWH[WR GR LGRVR GHSHQGHQWH FRP GHPrQFLD RV DVSHFWRV TXH SURYRFDP XPD PDLRU VREUHFDUJD HVWmR UHODFLRQDGRV FRP D |QHFHVVLGDGH GH


UHSHWLU DV PHVPDV FRLVDV} |GDU IUHTXHQWHPHQWH DV PHVPDV RULHQWDÍÛHV} |VHU SDFLHQWH} |FRPSUHHQGHU DV DWLWXGHV H FRPSRUWDPHQWRV GR LGRVR} H |OLGDU FRP DV DOWHUDÍÛHV GH FRPSRUWDPHQWR D QÓYHO VRFLDO} 2XWURV HVWXGRV UHIHUHP TXH FXLGDU GH LGRVRV FRP GHPrQFLD HVWi DVVRFLDGR D XPD GHWHULRUDomR GD VD~GH ItVLFD H PHQWDO TXH VH WUDGX] HP WHUPRV GH VREUHFDUJD 6DQWRV $VVLP D SUHVWDomR GH FXLGDGRV D LGRVRV FRP GHPrQFLD HVWi DVVRFLDGD D XPD PDLRU VREUHFDUJD FRPSDUDWLYDPHQWH DR FXLGDU GH LGRVRV FRP GHSHQGrQFLD ItVLFD 6RWWR 0D\RU 6HTXHLUD H 3D~O 6HTXHLUD *DUULGR H $OPHLGD UHIRUoDP HVWD FRQVWDWDomR UHIHULQGR TXH FXLGDU GH LGRVRV FRP GHPrQFLD p PXLWR GHVJDVWDQWH DWHQGHQGR HVVHQFLDOPHQWH jV DOWHUDo}HV FRJQLWLYDV H FRPSRUWDPHQWDLV TXH HVWHV DSUHVHQWDP (P WHUPRV GRV IDFWRUHV GD (6& FRQVWDWD VH TXH DV SULQFLSDLV IRQWHV GH VREUHFDUJD HVWmR UHODFLRQDGDV FRP R |LPSDFWR GD SUHVWDÍÊR GH FXLGDGRV} FRP D |UHODÍÊR LQWHUSHVVRDO} FXLGDGRUHV GH LGRVRV FRP GHPrQFLD H FRP DV |H[SHFWDWLYDV FRP R FXLGDU} FXLGDGRUHV GH LGRVRV FRP GHPrQFLD H FXLGDGRUHV GH LGRVRV VHP GHPrQFLD 2V LWHQV GD (6& UHODFLRQDGRV FRP R |LPSDFWR GD SUHVWDÍÊR GH FXLGDGRV} TXH DSUHVHQWDP XP PDLRU FRQWULEXWR SDUD D VREUHFDUJD JOREDO VmR | HVFDVVH] GH WHPSR SDUD UHDOL]DU DV WDUHIDV} | WHQVÊR QR FXLGDU} | DIHFWDU D VXD VDßGH} | QÊR WHU XPD YLGD SULYDGD} | VHQWLU PXLWR VREUHFDUUHJDGR HP JHUDO} $ |UHODÍÊR LQWHUSHVVRDO} WDPEpP FRQVWLWXL XPD IRQWH VLJQLÀFDWLYD GH VREUHFDUJD VHQGR RV LWHQV PDLV VLJQLÀFDWLYRV SDUD RV FXLGDGRUHV GH LGRVRV FRP GHPrQFLD |6HQWLU VH LUULWDGR } |6HQWLU VH LQFDSD] GH FXLGDU SRU PXLWR PDLV WHPSR} |6HQWLU VH LQVHJXUR DFHUFD GR TXH ID]HU } 5HODWLYDPHQWH jV |H[SHFWDWLYDV FRP R FXLGDU} YHULÀFD VH TXH HVWD FRQVWLWXL XPD HOHYDGD IRQWH GH VREUHFDUJD SDUD DPERV RV FXLGDGRUHV RQGH VH GHVWDFDP |7HUHP UHFHLR SHOR IXWXUR } | R IDPLOLDU GHSHQGHU GH VL} | VHU FRQVLGHUDGD FRPR D ßQLFD SHVVRD SDUD FXLGDU } | QÊR GLVSRU GH HFRQRPLDV VXILFLHQWHV } 1R HVWXGR GH 0RQWRULR H FRO HIHFWXDGR FRP FXLGDGRUHV GH LGRVRV GHSHQGHQWHV HQFRQWUDPRV GH XP PRGR JHUDO PpGLDV PXLWR VLPLODUHV jV HQFRQWUDGDV SDUD RV FXLGDGRUHV GH LGRVRV VHP GHPrQFLD GR SUHVHQWH HVWXGR HP TXH RV YDORUHV GH VREUHFDUJD PDLV VLJQLÀFDWLYRV VH HQFRQWUDP QR GRPtQLR GDV |H[SHFWDWLYDV FRP R FXLGDU} VHQGR RV LWHQV PDLV VLJQLÀFDWLYRV QtYHO H UHIHULGRV SHORV FXLGDGRUHV | R IDPLOLDU GHSHQGHU GH VL} H | VHU FRQVLGHUDGD FRPR D ßQLFD SHVVRD SDUD FXLGDU } 2 LWHP UHODFLRQDGR FRP D |HVFDVVH] GH UHFXUVRV HFRQÙPLFRV} DSHQDV IRL FRQVLGHUDGR SRU GRV FXLGDGRUHV FRPR

FDXVDGRUHV GH HOHYDGD QtYHLV RX VREUHFDUJD 0RQWRULR H FRO SHUFHQWDJHP PXLWR LQIHULRU j HQFRQWUDGD QHVWH HVWXGR R TXH VXJHUH TXH RV FXLGDGRUHV SRUWXJXHVHV WrP PDLRUHV GLÀFXOGDGHV HFRQyPLFDV (P DOJXQV HVWXGRV HIHFWXDGRV QR %UDVLO YHULÀFD VH TXH RV FXLGDGRUHV GH LGRVRV FRP GHPrQFLD UHYHODP XPD PHQRU VREUHFDUJD UHODFLRQDGD FRP R IDFWR GH VH VHQWLUHP |HQYHUJRQKDGRV} |WHQVRV} H DSUHVHQWDP PDLV VREUHFDUJD UHODFLRQDGD FRP RV |DVSHFWRV HFRQÙPLFRV} SRLV PDLV GH GRV FXLGDGRUHV UHIHUHP TXH QD PDLRULD GDV YH]HV QmR WHP GLQKHLUR VXÀFLHQWH SDUD FXLGDU GH IRUPD DGHTXDGD 6FD]XIFD *DUULGR H 0HQHVHV &RQWXGR HP WHUPRV GH VREUHFDUJD JOREDO WDPEpP DWLQJHP YDORUHV PDLV EDL[RV 5HODWLYDPHQWH DRV HVWXGRV HIHFWXDGRV HP (VSDQKD FRQVWDWD VH TXH RV GDGRV HQFRQWUDGRV VmR PXLWR VLPLODUHV 0DUWtQ H FRO 5RLJ H FRO *RQ]iOH] $ORQVR H FRO $VVLP HP WHUPRV GH VREUHFDUJD H QR SUHVHQWH HVWXGR HQFRQWUDPRV UHVXOWDGRV OLJHLUDPHQWH VXSHULRUHV DRV HQFRQWUDGRV SRU 0DUWtQ H FRO TXH LQFOXL LGRVRV WDPEpP FRP RXWUDV SDWRORJLDV SVLTXLiWULFDV H SRU 6FKQHLGHU H FRO QR HVWXGR (852&$5( PDV SUDWLFDPHQWH LGrQWLFRV DRV HQFRQWUDGRV QR HVWXGR $/2,6 $ORQVR H FRO (VWH HVWXGR DSHQDV LQFOXL FXLGDGRUHV GH LGRVRV FRP GHPrQFLD H QR TXDO RV LWHQV UHIHULGRV SRU PDLV GH GRV FXLGDGRUHV FRPR UHVSRQViYHLV SHOD VREUHFDUJD QtYHO D HVWLYHUDP UHODFLRQDGRV FRP D |IDOWD GH WHPSR} FRP D |WHQVÊR} FRP R IDFWR GR LGRVR FRP GHPrQFLD |GHSHQGHU GR IDPLOLDU} |WHU UHFHLR UHODWLYDPHQWH DR IXWXUR} H |UHVWULÍÛHV QD YLGD VRFLDO} 35,1&,3$,6 &21&/86¯(6 $ HVFDOD GH VREUHFDUJD GR FXLGDGRU GH =DULW FRQVWLWXL XP LQVWUXPHQWR ÀiYHO FRP ERDV FDUDFWHUtVWLFDV SVLFRPpWULFDV SDUD DYDOLDU D VREUHFDUJD DVVRFLDGD DR FXLGDU $VVLP VXJHUH VH D VXD XWLOL]DomR TXHU DR QtYHO GD SUiWLFD FOtQLFD FRPR LQVWUXPHQWR GH GLDJQyVWLFR ULVFR GH VREUHFDUJD VREUHFDUJD TXHU FRPR LQVWUXPHQWR GH PRQLWRUL]DomR DYDOLDomR GH SURJUDPDV GH LQWHUYHQomR HP FXLGDGRUHV LQIRUPDLV 3RU RXWUR ODGR D XWLOL]DomR GD HVFDOD GH VREUHFDUJD HP WHUPRV GH LQYHVWLJDomR SHUPLWH DYDOLDU DV UHSHUFXVV}HV QHJDWLYDV DVVRFLDGDV DR FXLGDU QXPD GHWHUPLQDGD SRSXODomR H HVWDEHOHFHU FRPSDUDo}HV FRP RV GDGRV LQWHUQDFLRQDLV XPD YH] TXH HVWH LQVWUXPHQWR p XWLOL]DGR QD PDLRULD GRV SDtVHV FRP SURJUDPDV GH LQWHUYHQomR GLULJLGRV DRV FXLGDGRUHV %,%/,2*5$),$ $ORQVR $ *DUULGR $ 'tD] $ &DVTXHUR 5 H 5LHUD 0 3HUÀO \ VREUHFDUJD GH ORV FXLGDGRUHV GH SDFLHQWHV FRQ GHPHQFLD LQFOXLGRV HQ HO SURJUDPD $/2,6 $WHQFLÙQ 3ULPDULD SS %ULWR / $ VDßGH PHQWDO GRV SUHVWDGRUHV GH FXLGDGRV D IDPLOLDUHV LGRVRV &RLPEUD 4XDUWHWR (GLWRUD


)DLVRQ . - )DULD 6 + H )UDQN ' &DUHJLYHUV RI FKURQLFDOO\ LOO HOGHUO\ 3HUFHLYHG EXUGHQ -RXUQDO &RPPXQLW\ +HDOWK 1XUVHV SS

,QWHUYLHZv SDUD DYDOLDomR GH VREUHFDUJD HP FXLGDGRUHV GH LQGLYtGXRV FRP GRHQoDV PHQWDLV 5HYLVWD %UDVLOHLUD GH 3VLTXLDWULD 0DUoR SS

)DULD 0 & 6 &RPXQLFDÍÊR H EHP HVWDU QR OLPLDU GR VÏFXOR ;;, FRQKHFHU DWUDYÏV GD UHODÍÊR H RULHQWDU SDUD D VDßGH 7HVH GH 'RXWRUDPHQWR )DFXOGDGH GH 3VLFRORJLD H GH &LrQFLDV GD (GXFDomR GD 8QLYHUVLGDGH GH &RLPEUD &RLPEUD

6FKHQH $ + 2EMHFWLYH DQG VXEMHFWLYH GLPHQVLRQV RI IDPLO\ EXUGHQ 7RZDUGV DQ LQWHJUDWLYH IUDPHZRUN IRU UHVHDUFK 6RFLDO 3V\FKLDWU\ DQG 3V\FKLDWULF (SLGHPLRORJ\ SS

*DUULGR 5 H $OPHLGD 2 3 'LVW~UELRV GH FRPSRUWDPHQWR HP SDFLHQWHV FRP GHPrQFLD ² LPSDFWR VREUH D YLGD GR FXLGDGRU $UTXLYRV GH 1HXURSVLTXLDWULD % SS

6FKQHLGHU - 0XUULD - %HQHUMHH 6 H 0DQQ $ (852&$5( D FURVV QDWLRQDO VWXG\ RI FR UHVLGHQW VSRXVH FDUHUV IRU SHRSOH ZLWK $O]KHLPHU·V GLVHDVH , IDFWRUV DVVRFLDWHG ZLWK FDUHU EXUGHQ ,QWHUQDWLRQDO -RXUQDO RI *HULDWULF 3V\FKLDWULF SS

*RQ]iOHV ) *UD] $ 3LWLWR ' H 3RGHVWi - 6REUHFDUJD GHO FXLGDGRU GH SHUVRQDV FRQ OHVLRQHV QHXUROyJLFDV 5HYLVWD GHO +RVSLWDO - 0 5DPRV 0ÏMLD HGLomR HOHFWUyQLFD ,; Q 0DUWtQ 0 H FRO $GDSWDFLyQ SDUD QXHVWUR PHGLR GH OD HVFDOD GH VREUHFDUJD GHO FXLGDGRU &DUHJLYHU %XUGHQ ,QWHUYLHZ GH =DULW 5HYLVWD GH *HURQWRORJÓD SS 0RQWRULR , ,]DO 0 /ySH] $ H 6iQFKH] 0 /D HQWUHYLVWD GH FDUJD GHO FXLGDGRU 8WLOLGDG \ YDOLGH] GHO FRQFHSWR GH FDUJD $QDOHV GH 3VLFRORJÓD SS 3HDUOLQ / , 0XOODQ - 7 6HPSOH 6 - H 6NDII 0 0 &DUHJLYLQJ DQG WKH VWUHVV SURFHVV DQ RYHUYLHZ RI FRQFHSWV DQG WKHLU PHDVXUHV 7KH *HURQWRORJLVW SS 3HUHLUD 0 * 5HSHUFXVV}HV GD GRHQoD PHQWDO QD IDPtOLD 7HVH GH 0HVWUDGR )DFXOGDGH GH &LrQFLDV 0pGLFDV GH /LVERD /LVERD 3HVWDQD 0 + H *DJHLUR - 1 $QÈOLVH GH GDGRV SDUD DV FLÐQFLDV VRFLDLV D FRPSOHPHQWDULGDGH GR 6366 n (G /LVERD (GLo}HV 6LODER /GD 3ROLW ' H +XQJOHU % ,QYHVWLJDFLÙQ FLHQWÓILFD HQ FLHQFLDV GH OD VDOXG n (G 0p[LFR 0F *UDZ +LOO ,QWHUDPHULFDQD 5LEHLUR - / 3 ,QYHVWLJDÍÊR H DYDOLDÍÊR HP SVLFRORJLD H VDßGH /LVERD &OLPHSVL (GLWRUHV 5RLJ 0 9 $EHQJy]DU 0 & H 6HUUD ( /D VREUHFDUJD HQ ORV FXLGDGRUHV SULQFLSDOHV GH HQIHUPRV GH $O]KHLPHU $QDOHV GH 3VLFRORJÓD SS

6HTXHLUD & ,QWURGXÍÊR Ç SUÈWLFD FOÓQLFD &RLPEUD 4XDUWHWR (GLWRUD 6HTXHLUD & D 'D QHFHVVLGDGH GR FXLGDGR jV FRQVHTXrQFLDV GR FXLGDU ,Q , /HDO - 3 5LEHLUR H 6 1 -HVXV (GV $FWDV GR o &RQJUHVVR 1DFLRQDO GD 3VLFRORJLD GD 6DßGH z 6DßGH %HP HVWDU H 4XDOLGDGH GH YLGD /LVERD (GLo}HV ,63$ 6HTXHLUD & &XLGDU GH ,GRVRV GHSHQGHQWHV &RLPEUD 4XDUWHWR (GLWRUD 6HTXHLUD & D ,PSDFWR GD GRHQoD PHQWDO QR IDPLOLDU FXLGDGRU ,Q 8QLGDGH GH ,QYHVWLJDomR HP 6D~GH H 4XDOLGDGH GH 9LGD (G /LYUR GH DFWDV GR ,, &RQJUHVVR ² 6D~GH H 4XDOLGDGH GH 9LGD 3RUWR (VFROD 6XSHULRU GH (QIHUPDJHP GH 6 -RmR 6HTXHLUD & E ,QVWUXPHQWRV GH PHGLomR VREUHFDUJD GR IDPLOLDU FXLGDGRU GR LGRVR GHPHQFLDGR ,Q 8QLGDGH GH ,QYHVWLJDomR HP 6D~GH H 4XDOLGDGH GH 9LGD (G /LYUR GH DFWDV GR ,, &RQJUHVVR ² 6D~GH H 4XDOLGDGH GH 9LGD 3RUWR (VFROD 6XSHULRU GH (QIHUPDJHP GH 6 -RmR 6RWWR 0D\RU 0 6HTXHLUD & H 3D~O & 8P HVSDoR GH LQWHUYHQomR FRP RV FXLGDGRUHV QXP VHUYLoR GH 3VLFRJHULDWULD $ FRQVXOWD GH HQIHUPDJHP ,Q , /HDO - 3 5LEHLUR H 6 1 -HVXV (GV $FWDV GR o &RQJUHVVR 1DFLRQDO GD 3VLFRORJLD GD 6DßGH z 6DßGH EHP HVWDU H 4XDOLGDGH GH YLGD /LVERD (GLo}HV ,63$ =DULW 6 + H =DULW - 0 7KH PHPRU\ DQG EHKDYLRXU SUREOHPV FKHFNOLVW z DQG WKH EXUGHQ LQWHUYLHZ 7HFKQLFDO UHSRUW 3HQQV\OYDQLD 6WDWH 8QLYHUVLW\

6DQWRV 3 $ 2 )DPLOLDU FXLGDGRU HP DPELHQWH GRPLFLOLÈULR VREUHFDUJD IÓVLFD HPRFLRQDO H VRFLDO 7HVH GH 0HVWUDGR (VFROD 1DFLRQDO GH 6D~GH 3~EOLFD GD 8QLYHUVLGDGH 1RYD GH /LVERD /LVERD 6FD]XIFD 0 9HUVmR EUDVLOHLUD GD HVFDOD u%XUGHQ


" FEVDBÉÈP TFYVBM OB FTDPMB DPNP QSÃUJDB GBWPSÃWFM QBSB B TBÙEF NFOUBM P DPSQP B TFYVBMJEBEF F B WJPMËODJB OB BEPMFTDËODJB +VMJFUB 4FJYBT .PJ[ÊT 4POJB .BSJB 7JMMFMB #VFOP

5(6802 (VWH HVWXGR p XPD LQYHVWLJDomR TXDOLWDWLYD TXH UHVJDWD D YLVmR GRV DOXQRV H SURIHVVRUHV GR (QVLQR )XQGDPHQWDO VREUH WHPiWLFDV TXH HQYROYHP D HGXFDomR VH[XDO FRUSR YLROrQFLD H D VH[XDOLGDGH QD HVFROD 2 2EMHFWLYR p DERUGDU FRPR D UHODomR HQWUH RV WHPDV VH[XDOLGDGH R FRUSR H YLROrQFLD SRGHP DIHWDU D VD~GH PHQWDO H D YLGD GRV DGROHVFHQWHV QD HVFROD /HYDQWDU GDGRV QD HVFROD SURFXUDQGR LGHQWLÀFDU FRPR RV DOXQRV H SURIHVVRUHV OLGDP FRP R WHPD VH[XDOLGDGH FRUSR H HGXFDomR VH[XDO QR FRQWH[WR HVFRODU 5HÁHWLU VREUH HVWUDWpJLDV SURPRWRUDV GH VD~GH PHQWDO SDUD PHOKRUD GH TXDOLGDGH GH 9LGD GH DOXQRV H SURIHVVRUHV FRQWULEXLU SDUD GHEDWHV VREUH IRUPDomR GH HGXFDGRUHV TXH OLGDP FRP HVWHV WHPDV HP VHX FRWLGLDQR GH WUDEDOKR UHSHQVDQGR R YHU R VHQWLU H R DJLU QR TXH VH UHIHUH DR FRUSR H j VH[XDOLGDGH H HGXFDomR VH[XDO HQTXDQWR GLPHQV}HV IXQGDPHQWDLV GD LQWHJULGDGH KXPDQD &RPR FROHWD GH GDGRV IRUDP XVDGDV D REVHUYDomR SDUWLFLSDQWH H HQWUHYLVWD MXQWDPHQWH FRP XP TXHVWLRQiULR FRP TXHVW}HV QRUWHDGRUDV SDUD IDFLOLWDU D FRPSUHHQVmR H D LQWHUSUHWDomR GDV IDODV $ DQiOLVH IRL UHDOL]DGD SRU FDWHJRUL]DomR H D LQWHUSUHWDomR GRV GDGRV IXQGDPHQWDQGR VH QRV UHIHUHQFLDV WHyULFRV SURSRVWRV SRU 3DXOR )UHLUH D DQiOLVH GRV WHPDV JHUDGRV $ DPRVWUD IRL FRQVWLWXtGD SRU DOXQRV GH HQVLQR IXQGDPHQWDO GH H VpULHV H SURIHVVRUHV HQWUH SRUWXJXrV FLrQFLDV H HGXFDomR ItVLFD GR HQVLQR IXQGDPHQWDO GH XPD (VFROD (VWDGXDO ORFDOL]DGD QD FLGDGH GH 5LEHLUmR 3UHWR QR %UDVLO DWHQGHQGR SUHFHLWRV pWLFRV QD UHDOL]DomR GH 3HVTXLVD FRP 6HUHV +XPDQRV 2V DOXQRV UHODWDP TXH H[LVWHP VLWXDo}HV GH YLROrQFLD QD HVFROD UHODFLRQDGDV FRP EXOO\LQJ H SUHFRQFHLWR 0XLWRV GL]HP VRIUHU FRP DV DOWHUDo}HV KRUPRQDLV GD SXEHUGDGH FRPR FUHVFLPHQWR GH SrORV PDPDV H HVSLQKDV H FRVWXPDP VHU DSRQWDGRV SRU VXDV GLIHUHQoDV HQWUH RV SUySULRV DOXQRV DOWHUDQGR VXD DXWR HVWLPD $ FRRSHUDomR SRU SDUWH GH SURIHVVRUHV DOXQRV H SDLV QHVWH SURFHVVR p IXQGDPHQWDO $ LPSRUWkQFLD GR SURIHVVRU HVWi HP VXD FDSDFLGDGH GH UHÁHWLU FULWLFDPHQWH VREUH D UHDOLGDGH H WUDQVIRUPi OD $ HVFROD p R PHOKRU HVSDoR GH GLiORJR WURFD UHGHV VROLGiULDV H SRVWXUD FUtWLFD WUDEDOKDU DV UHSUHVHQWDo}HV TXH RV DOXQRV WrP VREUH R FRUSR VREUH VHXV FRQKHFLPHQWRV LQIRUPDo}HV H IDQWDVLDV UHODFLRQDGDV jV PXGDQoDV GR FRUSR FRPXPHQWH JHUDGRUDV GH FXULRVLGDGH H DQVLHGDGH $R WUDEDOKDU HVVH WHPD DX[LOLD VH RV DOXQRV D FRQVWUXtUHP XPD SRVWXUD FUtWLFD DQWH RV SDGU}HV GH EHOH]D LGHDOL]DGRV $ HQIHUPDJHP H D SVLFRORJLD SRGHP DX[LOLDU PXLWR QHVVH FRQWH[WR SDUD D HGXFDomR H

VD~GH 'HSUHHQGHPRV TXH DGROHVFHQWHV H HVWDV WHPiWLFDV GHPDQGDP PDLRU DWHQomR H VXVFLWDP VHU YLVWRV GH IRUPD pWLFD FUtWLFD VROLGiULD H FLGDGm 3$/$95$6 &+$9(6 FRUSR HGXFDomR VH[XDO VD~GH PHQWDO HQVLQR IXQGDPHQWDO

$%675$&7 7KLV VWXG\ LV D TXDOLWDWLYH UHVHDUFK WR UHFRYHU WKH YLVLRQ RI VWXGHQWV DQG WHDFKHUV RI HOHPHQWDU\ VFKRRO RQ WKH LVVXHV LQYROYLQJ VH[ HGXFDWLRQ ERG\ VH[XDOLW\ DQG YLROHQFH LQ VFKRRO 7KH REMHFWLYH LV WR DGGUHVV WKH UHODWLRQVKLS EHWZHHQ VH[XDOLW\ LVVXHV YLROHQFH DQG WKH ERG\ FDQ DIIHFW PHQWDO KHDOWK DQG OLIH RI DGROHVFHQWV DW VFKRRO 'DWD UDLVH WKH VFKRRO VHHNLQJ WR LGHQWLI\ KRZ VWXGHQWV DQG WHDFKHUV GHDO ZLWK WKH WRSLF VH[XDOLW\ ERG\ DQG VH[ HGXFDWLRQ LQ WKH VFKRRO FRQWH[W 5HÁ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mR 3UHWR LQ %UD]LO JLYHQ HWKLFDO SUHFHSWV LQ WKH FRQGXFW RI UHVHDUFK ZLWK +XPDQ %HLQJV 6WXGHQWV UHSRUW WKDW WKHUH DUH VLWXDWLRQV RI YLROHQFH LQ VFKRRO UHODWHG EXOO\LQJ DQG SUHMXGLFH 0DQ\ VD\ VXIIHU WKH KRUPRQDO FKDQJHV RI SXEHUW\ DQG JURZWK RI KDLU EUHDVWV DQG ERQHV DQG XVXDOO\ LGHQWLÀHG E\ WKHLU GLIIHUHQFHV DPRQJ WKH VWXGHQWV FKDQJLQJ WKHLU VHOI HVWHHP 7KH FRRSHUDWLRQ IURP WHDFKHUV VWXGHQWV DQG SDUHQWV LQ WKLV SURFHVV LV FUXFLDO 7KH LPSRUWDQFH RI WKH WHDFKHU LV LQ WKHLU DELOLW\ WR UHÁHFW FULWLFDOO\ RQ WKH UHDOLW\ DQG WUDQVIRUP 7KH VFKRRO LV WKH EHVW IRUXP IRU GLDORJXH H[FKDQJH VROLGDULW\ QHWZRUNV DQG FULWLFDO SRVWXUH WKH ZRUN WKDW VWXGHQWV KDYH UHSUHVHQWDWLRQ RQ WKH ERG\ RQ KLV NQRZOHGJH LQIRUPDWLRQ DQG IDQWDVLHV UHODWHG WR FKDQJHV LQ WKH ERG\ FRPPRQO\

'RXWRUDQGD (VFROD GH (QIHUPDJHP GH 5LEHLUmR 3UHWR 8QLYHUVLGDGH GH 6mR 3DXOR ((53 863 MXOLHWDVPRL]HV#XVS EU 6RQLD 0DULD 9LOOHOD %XHQR 3URI 'RXWRUD (VFROD GH (QIHUPDJHP GH 5LEHLUmR 3UHWR 8QLYHUVLGDGH GH 6mR 3DXOR ((53 863 VPYEXHQR#HHUS XVS EU


JHQHUDWH FXULRVLW\ DQG DQ[LHW\ %\ ZRUNLQJ WKLV LVVXH LV KHOSLQJ VWXGHQWV WR EXLOG D FULWLFDO DQWH LGHDOL]HG VWDQGDUGV RI EHDXW\ 7KH QXUVLQJ DQG SV\FKRORJ\ FDQ KHOS PXFK LQ WKDW FRQWH[W IRU HGXFDWLRQ DQG KHDOWK 6KRZV WKDW DGROHVFHQWV DQG WKHVH LVVXHV UHTXLUH PRUH DWWHQWLRQ DQG EH VHHQ VR UDLVH HWKLFDO FULWLFDO FDULQJ DQG FLWL]HQVKLS

LQWHUSHODGRV SHODV FREUDQoDV VRFLDLV EHP FRPR SHODV IRQWHV GH LQIRUPDomR TXH LQWHUIHUHP QD FRQVWUXomR H RX PDQXWHQomR GH VXDV UHSUHVHQWDo}HV GH FRUSR H HP VXD FRUSRUDOLGDGH $FUHGLWD VH TXH HVVDV UHSUHVHQWDo}HV GH FRUSR LQÁXLUmR QD GLQkPLFD HGXFDFLRQDO EHP FRPR QR SURFHVVR GH HQVLQR H DSUHQGL]DJHP 7DODPRQL

.(<:25'6 ERG\ VH[ HGXFDWLRQ PHQWDO KHDOWK EDVLF HGXFDWLRQ

2 DFHVVR j HGXFDomR H j VD~GH p GH IXQGDPHQWDO LPSRUWkQFLD SDUD TXH WRGR VHU KXPDQR SRVVD YLYHU FRP GLJQLGDGH H GH IRUPD SOHQD H SRVLWLYD $ (GXFDomR QmR GHYH VHU FRQVLGHUDGD DSHQDV FRPR XP SURFHVVR FXOWXUDO PDV VLP FRPR DOJR TXH GHYH VHU FRPSUHHQGLGR GHQWUR GH XP UHIHUHQFLDO PDLV DPSOR %XHQR

,1752'8d®2 8PD GDV JUDQGHV SUHRFXSDo}HV TXH HPHUJHP QD (GXFDomR p WUDWDU DV TXHVW}HV TXH VH DWUHODP QR FDPSR GD VH[XDOLGDGH KXPDQD $VVLP D VH[XDOLGDGH SUHVFLQGH VHU HQWHQGLGD FRPR VHQGR XP SURFHVVR TXH SHUPHLD WRGR R FLFOR YLWDO H SHUSDVVD SRU WRGD D YLGD KXPDQD (P UD]mR GLVVR GLYHUVRV VmR RV GHVDÀRV GRV DGROHVFHQWHV SDUD R H[HUFtFLR SRVLWLYR GD VH[XDOLGDGH 3RU VXD YH] R FRUSR p XP HOHPHQWR UHJHQWH GD VH[XDOLGDGH TXH HQWUHODoD D KLVWyULD GRV LQGLYtGXRV H GH JUXSRV VRFLDLV HQYROYH YDORUHV FRQVWUXtGRV VRFLDOPHQWH WUDWDQGR VH GH DVVXQWR SUHVHQWH QR FRWLGLDQR GHYLGR D VXD UHODomR FRP YDORUHV FUHQoDV FXOWXUDV WDEXV H UHOLJL}HV (VVD UHDOLGDGH WDPEpP VH UHÁHWH QD HVFROD VHQGR XPD LQVWLWXLomR VRFLDO H[WUHPDPHQWH HQYROYLGD FRP DV IRUPDV FXOWXUDLV H VRFLDLV GH YLYHU H FRQVWLWXLU LGHQWLGDGHV VRFLDLV H VH[XDLV 6HQGR DVVLP XP GRV SDSpLV IXQGDPHQWDLV GD HGXFDomR p FRORFDU D HVFROD QXP KRUL]RQWH PDLV DPSOR H GLYHUVLÀFDGR SUHVVXSRQGR JDUDQWLU FRQGLo}HV SDUD TXH R DOXQR VH LQVWUXPHQWDOL]H SDUD SURFHVVRV GH HGXFDomR FRQWLQXDGD H SHUPDQHQWH 1HVVH SURFHVVR FRORFD VH WDPEpP SDUD R SURIHVVRU D QHFHVVLGDGH GH DSUHQGL]DJHP FRQWtQXD SRVVLELOLWDQGR OKH DFRPSDQKDU D GLQkPLFD GR PRYLPHQWR FXOWXUDO H VRFLDO HP TXH HVWi LQVHULGR SDUD TXH QHOH SRVVD SDUWLFLSDU H LQWHUIHULU 5RPHUR HW DO 0XLWRV VmR RV SUREOHPDV GH (GXFDomR SDUD D 6D~GH TXH HQYROYHP RV HVFRODUHV GHPDQGDQGR PHOKRU FRPSUHHQVmR VREUH HVWD IDVH GR FLFOR YLWDO VXDV GLÀFXOGDGHV UHODFLRQDGDV DR VHX FRUSR H VXD VH[XDOLGDGH HQWUH RXWURV SUREOHPDV $R EXVFDUPRV R VLJQLÀFDGR GH DGROHVFrQFLD GHSUHHQGHPRV TXH WUDWD VH GH XP SHUtRGR GH WUDQVLomR PDUFDGR SHOD PRGLÀFDomR ItVLFD PHQWDO H HPRFLRQDO 2FRUUH PXGDQoDV QD YLGD SVtTXLFD PXGDQoDV HP UHODomR FRP R FRUSR SUySULR H FRP R VHPHOKDQWH p QHVVH PRPHQWR TXH VH HVWDEHOHFH QRYDV HVFROKDV H ODoRV /DQJ 0H\HU 6RDUHV 2 FRUSR p XP REMHWR GH HVWXGR GDV FLrQFLDV ELROyJLFDV H KXPDQDV $ FRUSRODWULD UHIHUH VH j SUHRFXSDomR H[DJHUDGD TXH RV LQGLYtGXRV YrP QXWULQGR DFHUFD GH VHXV FRUSRV VD~GH H HVWpWLFD ID]HQGR VXUJLU QRYDV SUiWLFDV H LQWHUYHQo}HV TXH YLVDP D FRQVWUXomR GH XP FRUSR H LGHQWLGDGH GHQWUR GRV SDGU}HV FXOWXUDLV HVWDEHOHFLGRV 7RGDV DV GLÀFXOGDGHV LQHUHQWHV j FRPSUHHQVmR GR FRUSR HQFRQWUDP VH SUHVHQWHV QR SURFHVVR HGXFDWLYR $OXQRV H SURIHVVRUHV VmR LJXDOPHQWH

( QHVWH SURFHVVR ID] VH PLVWHU D FRPSUHHQVmR GR LQGLYtGXR HP VXD WRWDOLGDGH GH IRUPD pWLFD FLGDGm H VROLGDULD 2 2EMHFWLYR GHVWD LQYHVWLJDomR p DERUGDU FRPR D UHODomR HQWUH RV WHPDV VH[XDOLGDGH R FRUSR H YLROrQFLD SRGHP DIHWDU D VD~GH PHQWDO H D YLGD GRV DGROHVFHQWHV QD HVFROD /HYDQWDU GDGRV QD HVFROD SURFXUDQGR LGHQWLÀFDU FRPR RV DOXQRV H SURIHVVRUHV OLGDP FRP R WHPD VH[XDOLGDGH FRUSR H HGXFDomR VH[XDO QR FRQWH[WR HVFRODU 5HÁHWLU VREUH HVWUDWpJLDV SURPRWRUDV GH VD~GH PHQWDO SDUD PHOKRUD GH TXDOLGDGH GH 9LGD GH DOXQRV H SURIHVVRUHV H FRQWULEXLU SDUD GHEDWHV VREUH IRUPDomR GH HGXFDGRUHV TXH OLGDP FRP HVWHV WHPDV HP VHX FRWLGLDQR GH WUDEDOKR UHSHQVDQGR R YHU R VHQWLU H R DJLU QR TXH VH UHIHUH DR FRUSR H j VH[XDOLGDGH H HGXFDomR VH[XDO HQTXDQWR GLPHQV}HV IXQGDPHQWDLV GD LQWHJULGDGH KXPDQD

0(72'2/2*,$ 2V SDUWLFLSDQWHV VmR DOXQRV H SURIHVVRUHV GH SRUWXJXrV FLrQFLDV H HGXFDomR ItVLFD SRU SHUPLWLUHP PDLRU LQWHUDo}HV H SUR[LPLGDGHV FRP RV HGXFDQGRV GR HQVLQR IXQGDPHQWDO TXH IUHT HQWDP DV DOXQRV H DOXQRV VpULHV GH XPD (VFROD (VWDGXDO ORFDOL]DGD QD FLGDGH GH 5LEHLUmR 3UHWR LQWHULRU GH 6mR 3DXOR TXH DFHLWDUHP SDUWLFLSDU GHVVD LQYHVWLJDomR WHQGR FRPR FULWpULR GH LQFOXVmR VHU GHVWH ORFDO H GHVWH QtYHO GH HQVLQR H TXHUHU SDUWLFLSDU YROXQWDULDPHQWH GD SHVTXLVD $WHQGHQGR R ULJRU FLHQWLÀFR H DRV SUHFHLWRV pWLFRV H[LJLGRV QD UHDOL]DomR GH 3HVTXLVD FRP 6HUHV +XPDQRV 2 LQVWUXPHQWR XWLOL]DGR IRL D REVHUYDomR SDUWLFLSDQWH H GLiULR GH FDPSR SDUD DQRWDomR H UHJLVWUR GRV GDGRV GR ORFDO H GRV VXMHLWRV SHVTXLVDGRV &RQWDPRV FRP R XVR GD HQWUHYLVWD FRP TXHVW}HV QRUWHDGRUDV 2 SURFHGLPHQWR GH LQWHUSUHWDomR GRV GDGRV UHODFLRQD VH FRP R UHIHUHQFLDO SURSRVWR )UHLUH ² D DQiOLVH GRV WHPDV JHUDGRV 2V GDGRV VmR VHOHFLRQDGRV H FRGLÀFDGRV HP WHPDV JHUDGRUHV $SyV R OHYDQWDPHQWR GDV QHFHVVLGDGHV HODERUDPRV TXDGURV FRP UHVSRVWDV FDWHJRUL]DGDV 3DUD D DQiOLVH GRV GDGRV XWLOL]DUHPRV RV SUHVVXSRVWRV GD DQiOLVH WHPiWLFD SRU FDWHJRUL]DomR SUHFRQL]DGD SRU )UHLUH


$SyV OHLWXUD DWHQWLYD GRV UHVXOWDGRV OHYDQWD VH RV WHPDV JHUDGRUHV SHUPLWLQGR D RUJDQL]DomR GR PDWHULDO GD FROHWD GH GDGRV 6HOHFLRQD VH H FRGLÀFD VH DV SDODYUDV H IUDVHV UHJLVWUDGDV H HPLWLGDV 6LQWHWL]D VH SDODYUDV H IUDVHV HPHUJHQFLDOPHQWH VHOHFLRQDGDV VREUH R WHPD HP HVWXGR FRORFDQGR HP RUGHP RV WHPDV JHUDGRUHV $R XWLOL]DUPRV )UHLUH GHSUHHQGHPRV SRGHU DPSOLDU D FRQVFLrQFLD GD VLWXDomR YLYHQFLDGD D FDSDFLGDGH GH RSWDU H VH UHODFLRQDU FRP R PXQGR HP TXH VH YLYH $ RSomR SHOD DSOLFDELOLGDGH GHVVH PRGHOR VH YROWD SDUD (GXFDomR OLEHUWDGRUD RX FRQVFLHQWL]DGRUD SURSLFLDQGR R GHVHQYROYLPHQWR GR KRPHP FRPR XP WRGR WRUQDQGR R DJHQWH GH VXD SUySULD WUDQVIRUPDomR $ VXD WUDMHWyULD SUHVVXS}H D REVHUYDomR SDUWLFLSDQWH SDUD PHOKRU FRPSUHHQVmR GD UHDOLGDGH HP IRFR $1É/,6( '26 5(68/7$'26 )RUDP SHVTXLVDGRV SURIHVVRUHV GH FDGD GLVFLOSLQD HVWXGDGD SURIHVVRUHV GR VH[R IHPLQLQR H PDVFXOLQR GH LGDGHV PXLWR YDULDGDV D PDLRULD FRP R QtYHO GH IRUPDomR GH JUDGXDomR

WH[WRV UHYLVWDVSDUD WUDQVPLWLU LQIRUPDo}HV Mi RV GHPDLV SURIHVVRUHV SURFXUDP GHL[DU D UHVSRQVDELOLGDGH HP LQIRUPDU VREUH RV WHPDV VH[R VH[XDOLGDGH H FRUSR VRPHQWH SDUD R SURIHVVRU GH FLrQFLDV 3DUD 6HUUD H 6DQWRV FRUSR p XP FDPSR GH OXWD TXH HQYROYH GLIHUHQWHV VDEHUHV SUiWLFDV H LPDJLQiULR VRFLDO 2 DGROHVFHQWH p XPD FRQVWUXomR VRFLDO PRGHUQD HPHUJLQGR VH GH XPD QRYD VXEMHWLYLGDGH UHIHUrQFLDV H SDGU}HV LGHQWLWiULRV %LRORJLFDPHQWH p D IDVH GH PDLRU YHORFLGDGH GR FUHVFLPHQWR GR LQGLYtGXR $ VH[XDOLGDGH p XPD GDV TXHVW}HV TXH PDLV WHP WUD]LGR GLÀFXOGDGHV SUREOHPDV H GHVDÀRV DRV HGXFDGRUHV QR VHX WUDEDOKR FRWLGLDQR GH HQVLQDU $ PDQLIHVWDomR GD VH[XDOLGDGH GRV DOXQRV QR HVSDoR HVFRODU HVWi H[DUFHEDGD WHQGR HP YLVWD D IRUPD FRPR D VRFLHGDGH DWXDO H RV PHLRV GH FRPXQLFDomR DERUGDP QD 7HPRV REVHUYDGR IRUWH LQVWLJDomR DR VH[R FRPR XP URPSLPHQWR FRP RV YDORUHV PRUDLV H VH[XDLV Ki PXLWR HVWDEHOHFLGRV 4XDGUR 1 ² 'LVWULEXLomR TXDOLWDWLYD GDV IDODV GRV SURIHVVRUHV VREUH D TXHVWmR 4XH VLJQLÀFDGR YRFr Gi SDUD VH[XDOLGDGH" ( VH[R"

7DEHOD 1 &DUDFWHUL]DomR GRV GDGRV SHVVRDLV VHJXQGR VH[R IDL[D HWiULD HVWDGR FLYLO H UHOLJLmR

4XDGUR 1 'LVWULEXLomR TXDOLWDWLYD GDV IDODV GRV SURIHVVRUHV

'H DFRUGR FRP D FDWHJRUL]DomR RV SURIHVVRUHV PRVWUDP D SUHRFXSDomR FRP D SUHYHQomR H RULHQWDomR GDV 'RHQoDV 6H[XDOPHQWH 7UDQVPLVVtYHLV H D JUDYLGH] QD DGROHVFrQFLD 5HODWDP TXH QmR SRVVXHP PDWHULDO DGHTXDGR H WHPSR SDUD WUDWDU GRV DVVXQWRV HP IRFR H IDOWD SHVVRDO FDSDFLWDGR

VREUH D TXHVWmR )DOH XP SRXFR GH VHX FRUSR 4XDGUR 1 ² 'LVWULEXLomR TXDOLWDWLYD GDV IDODV GRV SURIHVVRUHV VREUH D TXHVWmR -i RXYLX IDODU GH YLROrQFLD QDV HVFRODV" ( VREUH R EXOOL\QJ EULJD GH JUXSRV FRQWUD DGROHVFHQWH

'H DFRUGR FRP D FDWHJRUL]DomR RV SURIHVVRUHV VH SUHRFXSDP FRP R EHP HVWDU GH VHX SUySULR FRUSR H RV SURIHVVRUHV GH HGXFDomR ItVLFD GHPRQVWUDP SUHRFXSDomR FR R HVWDGR GH IRUPD ItVLFD H R YLJRU GR FRUSR 4XDGUR 1 ² 'LVWULEXLomR TXDOLWDWLYD GDV IDODV GRV SURIHVVRUHV VREUH D TXHVWmR 4XDQGR RV DOXQRV TXHVWLRQDP VREUH WHPDV JHUDLV UHODFLRQDGRV j &RUSR 6H[XDOLGDGH H 6H[R R TXH YRFr ID]" 4XH HVWUDWpJLDV GH HQVLQR YRFr XVD" ( PDWHULDO GLGiWLFR" &RPR YRFr DYDOLD HVVH FRQKHFLPHQWR"

2V SURIHVVRUHV GH FLrQFLDV GHPRQVWUDP HP VXDV IDODV D LPSRUWkQFLD GH HVFODUHFHU G~YLGDV H LQIRUPDo}HV WUDQVPLWLGDV H XWLOL]DP DOJXQV PDWHULDLV FRPR FDUWLOKDV

7RGRV RV SURIHVVRUHV UHODWDP WHU SUHVHQFLDGR R EXOO\LQJ FRP DOXQRV QD HVFROD GL]HQGR TXH DFRQWHFH GH ´PDQHLUD H[SOtFLWD SRLV RV DOXQRV VRIUHP YLROrQFLD GH GLYHUVDV IRUPDV WDLV FRPR ItVLFDV PRUDLV UDFLDLV VH[XDLV VRFLDLV RX TXDQGR VmR YtWLPDV GH YLROrQFLD YHODGD H DV FRQVHT rQFLDV DOXQRV VmR VH WRUQDUHP YLROHQWRV WULVWHV UHYROWDGRV H PXLWRV GHOHV DFDEDP FRPHWHQGR FULPHVµ 2V SURIHVVRUHV PRVWUDP VH SUHRFXSDGRV HP WUDEDOKDU VREUH R DVVXQWR SURFXUDQGR FRQYHUVDU FRP RV DOXQRV VREUH HVVD VLWXDomR GH YLROrQFLD 3DUD $EUDPRYD\ DGROHVFHQWHV TXH QmR VH HQTXDGUDP QDV H[LJrQFLDV VRFLDLV &RVWXPDP VRIUHU UHFULPLQDomR RX DVVpGLR PRUDO GRV RXWURV DOXQRV H DWp PHVPR GH SURIHVVRUHV


WHPRV FRQVWDWDGR R EXOO\LQJ QDV HVFRODV 2 EXOO\LQJ p GHÀQLGR FRPR DWR DJUHVVLYR LQWHQFLRQDO SURYRFDGR SRU XP RX PDLV HVWXGDQWHV FRQWUD RXWUR V 2FRUUHP VHP PRWLYDomR HYLGHQWH FDXVDQGR GRU H DQJ~VWLD H VmR H[HFXWDGDV GHQWUR GH XPD UHODomR GHVLJXDO GH SRGHU VHMD SRU LGDGH GLIHUHQoDV ItVLFDV GHVHQYROYLPHQWR ItVLFR RX UHODo}HV FRP R JUXSR 6mR DWRV FRPXQV FRPR FRORFDU DSHOLGRV RIHQVLYRV RIHQGHU GLVFULPLQDU H[FOXLU LQWLPLGDU SHUVHJXLU DVVHGLDU DPHQGURQWDU DPHDoDU KXPLOKDU DJUHGLU ItVLFDPHQWH H DWp PHVPR LPSRQGR VH VH[XDOPHQWH $OJXQV HSLVyGLRV Mi WHUPLQDUDP HP KRPLFtGLR RX VXLFtGLR PDV HVVHV FDVRV VmR UDURV $ PDLRULD GDV YtWLPDV GH EXOO\LQJ SRU PHGR RX YHUJRQKD VRIUHP HP VLOrQFLR *HUDOPHQWH HOHV WrP SRXFRV DPLJRV SURFXUDP VH LVRODU GR JUXSR H VmR LGHQWLÀFDGRV SRU DOJXP WLSR GH GLIHUHQoD ItVLFD RX FRPSRUWDPHQWDO $OpP GLVVR SRVVXHP GLÀFXOGDGHV TXH RV LPSHGHP GH EXVFDU DMXGD GHVHVSHUDQoDGRV TXDQWR D VXD DFHLWDomR QR JUXSR WHQGHP D XP FRPSRUWDPHQWR LQWURYHUWLGR 3DUD RV DOYRV GH EXOO\LQJ DV FRQVHT rQFLDV SRGHP VHU GHSUHVVmR DQJ~VWLD EDL[D DXWR HVWLPD HVWUHVVH DEVHQWLVPR RX HYDVmR HVFRODU DWLWXGHV GH DXWRÁDJHODomR H VXLFtGLR HQTXDQWR TXH RV DXWRUHV SRGHP DGRWDU FRPSRUWDPHQWRV GH ULVFR DWLWXGHV GHOLQT HQWHV RX FULPLQRVDV H DFDEDU WRUQDQGR VH DGXOWRV YLROHQWRV &$5$&7(5,=$d®2 '26 $/8126 )RUDP SHVTXLVDGRV DOXQRV GR VH[R PDVFXOLQR H GR VH[R IHPLQLQR VHQGR GD VpULH D PDLRULD FRP LGDGH GH DQRV H GD VpULH D PDLRULD FRP LGDGH HQWUH DQRV D PDLRULD FDWyOLFRV 7DEHOD 1 &DUDFWHUL]DomR GRV DOXQRV

4XDGUR 1 ² 'LVWULEXLomR TXDOLWDWLYD GDV IDODV GRV DOXQRV VREUH D TXHVWmR )DOH XP SRXFR GH VHX FRUSR 2 TXH LVVR UHSUHVHQWD SDUD YRFr" 3DUD TXH VHUYH"

'H DFRUGR FRP DV IDODV DSUHVHQWDGDV QD FDWHJRUL]DomR SRGHPRV GL]HU TXH DOJXQV DOXQRV UHODFLRQDP R FRUSR j DWLYLGDGHV ItVLFDV H WDPEpP j LQGHSHQGrQFLD FDUDFWHUtVWLFD FRPXP QD DGROHVFrQFLD 6LJQLÀFDGRV UHODFLRQDGRV DR FRUSR H DR VHQWLU WDPEpP IRUDP FLWDGRV 2 GHVHQYROYLPHQWR GR HVTXHPD FRUSRUDO VH GHVHQYROYH MXQWDPHQWH DR GD PDWXUDomR ELROyJLFD GR FRUSR H GD SHUVRQDOLGDGH DWUDYpV GR GHVHQYROYLPHQWR SVLFRVVH[XDO (QTXDQWR D LGHQWLGDGH p IRUPXODGD D SDUWLU GH YiULRV DVSHFWRV GHQWUH HOHV R FRUSR VXD UHSUHVHQWDomR LQWHUVXEMHWLYD HP TXH VH UHODFLRQD FRP RV YDORUHV H VLJQLÀFDGRV FXOWXUDLV D HOH DWULEXtGRV DWUDYpV GH SDGU}HV HVWpWLFRV H GLVFXUVRV GH GLYHUVDV RUGHQV $ SXEHUGDGH WUD] XP DVSHFWR SXOVLRQDO TXH H[LJH GR DGROHVFHQWH TXH VLPEROL]H IRUPDV H WUDoRV FRUSRUDLV YLQFXODGRV DR VH[R IHPLQLQR H PDVFXOLQR FRP OLJDomR D VXD LGHQWLGDGH 2V DGROHVFHQWHV WUDQVLWDP HQWUH D SHUGD GR FRUSR LQIDQWLO H HP VH DSURSULDU GH XP FRUSR DGROHVFHQWH PHGLDQWH XP SURFHVVR VLPEyOLFR GR QRYR FRUSR HP PXGDQoD H WURFD (VWH HVWUDQKDPHQWR SURPRYLGR SRU HVWD ´WURFD GH FRUSRVµ SRGH ID]HU R SXOEHUH YLYHQFLDU XPD HFORVmR GD VH[XDOLGDGH H VHXV HIHLWRV SDUWLQGR GH XPD VHQVDomR GH HVWUDQKH]D D HVVH ´QRYR FRUSRµ IRUD GH VHX SVLTXLVPR 6FDOR]XE 3DUD 6FDOR]XE GHVGH EHEr DWp D DGROHVFrQFLD R FRUSR GR VHU KXPDQR PDQWpP XPD LGHQWLGDGH TXH VRIUH XPD GHVRUJDQL]DomR FRP D HPHUJrQFLD GRV FDUDFWHUHV VH[XDLV VHFXQGiULRV $V PXGDQoDV TXH RFRUUHP QHVVH SHUtRGR OHYDP D XPD SHUFD GD DQWLJD LPDJHP FRUSRUDO H LGHQWLGDGH LQIDQWLV R TXH LPSOLFD QD EXVFD GH XPD QRYD LGHQWLGDGH FRP D WDUHID SVtTXLFD GH SDSHO H LGHQWLGDGH VH[XDO 2 FRUSR IDPLOLDU GD SULPHLUD LQIkQFLD p SHUGLGR H HP VHX OXJDU DSDUHFH XP PDO HVWDU HP UHODomR DR FRUSR TXH VH PRGLÀFD XP FRUSR GHVFRQKHFLGR H IRQWH GH LQTXLHWXGH H QD PHGLGD HP TXH UHPHWH j VH[XDOLGDGH LQWHUSHOD H TXHVWLRQD


&RP D FKHJDGD GD DGROHVFrQFLD D SHUGD GR FRUSR LQIDQWLO p SURJUHVVLYD SRUpP UiSLGD R DGROHVFHQWH VH YHUi IUHQWH D WDUHID GH SURFHVVDU R TXH VHX FRUSR UHSUHVHQWD QHVVH SHFXOLDU PRPHQWR GH VXD YLGD

H SDUD IRUPi OR FRPR FLGDGmR FRQVFLHQWH FULWLFR H HQJDMDGR QDV WUDQVIRUPDo}HV j VH[XDOLGDGH &RPR DERUGDJHP SROtWLFD H HPDQFLSDWyULD D SDUWLFLSDomR DWLYD HP OXWDV SHOD WUDQVIRUPDomR VRFLDO p D IRUPD VREHUDQD GH HGXFDU VH VH[XDOPHQWH

4XDGUR 1 ² 'LVWULEXLomR TXDOLWDWLYD GDV IDODV GRV SURIHVVRUHV VREUH D TXHVWmR -i RXYLX IDODU GH YLROrQFLD QDV HVFRODV" ( VREUH R EXOOL\QJ EULJD GH JUXSRV FRQWUD DGROHVFHQWH

'H DFRUGR FRP R TXDGUR D PDLRULD GRV DOXQRV Mi RXYLX IDODU HP EXOO\LQJ Mi WHQGR YLYHQFLDGR DOJXQV FDVRV RXWURV DOXQRV RXYLUDP i UHVSHLWR QD PtGLD 2 EXOO\LQJ p XP IHQ{PHQR GHYDVWDGRU SRGHQGR YLU D DIHWDU D DXWR HVWLPD H D VD~GH PHQWDO GRV DGROHVFHQWHV *HUDOPHQWH RFRUUH TXDQGR R DGROHVFHQWH p PDLV VXVFHWtYHO RX YXOQHUiYHO jV DJUHVV}HV YHUEDLV RX PRUDLV TXH OKHV FDXVDP DQJ~VWLD H GRU SULQFLSDOPHQWH TXDQGR RFRUULGR HP DPELHQWH HVFRODU WUDGX]LQGR VH FRPR XPD IRUPD GH H[FOXVmR VRFLDO 3RGH GHVHQFDGHDU DOJXQV SUREOHPDV GH VD~GH WDLV FRPR D DQRUH[LD EXOLPLD GHSUHVVmR DQVLHGDGH H DWp PHVPR R VXLFtGLR $ HQIHUPDJHP SDXWDGD FRP SULQFtSLRV GH SUHYHQLU DJUDYRV GH GLYHUVRV PDOHV SUHRFXSD VH WDPEpP FRP HVWD LQWHUFRUUrQFLD WUDXPiWLFD QD DGROHVFrQFLD e QRWyULR TXH DGROHVFHQWHV DIHWDGRV SHOD YLROrQFLD VLQDOL]DGD SHOR EXOO\LQJ SRGHP YLU D VH WRUQDU DGXOWRV FRP VD~GH PHQWDO GHVHTXLOLEUDGD SRGHQGR VHU GHVHQFDGHDGRV GHQWUH RXWURV WUDQVWRUQR GR SkQLFR H FULVHV GH DQVLHGDGH H TXDQGR QmR DXWR H[WHUPtQLR RX KRPLFtGLRV FRPHWLGRV SHORV PHVPRV IUDJLOL]DQGR R MRYHP HP VXD WRWDOLGDGH $ FRRSHUDomR SDUD PHOKRULD GD VD~GH HVFRODU GHYH LQWHJUDU HVIRUoRV DGYLQGRV GH SURIHVVRUHV DOXQRV H SDLV QHVWH SURFHVVR SRLV LVVR p GH IXQGDPHQWDO LPSRUWkQFLD $V HVWUDWpJLDV XWLOL]DGDV GHYHP VHU GHÀQLGDV H GLDORJDLV REVHUYDQGR VH DV FDUDFWHUtVWLFDV GH VXD SRSXODomR 2 LQFHQWLYR DR SURWDJRQLVPR GRV DOXQRV SRGH VH WRUQDU RXWUD HVWUDWpJLD SHUPLWLQGR D SDUWLFLSDomR QDV GHFLV}HV H QR GHVHQYROYLPHQWR SURPRYHQGR DVVLP XP DPELHQWH HVFRODU VHJXUR H VDGLR RQGH KDMD DPL]DGH VROLGDULHGDGH H UHVSHLWR jV FDUDFWHUtVWLFDV LQGLYLGXDLV GH FDGD XP GRV DOXQRV $EUDPRYD\ e IXQGDPHQWDO TXH D HVFROD QmR VH UHVWULQMD D HQVLQDU DSHQDV R FRQWH~GR SURJUDPiWLFR PDV HGXFDU DV FULDQoDV H RV DGROHVFHQWHV SDUD D SUiWLFD GH XPD FLGDGDQLD MXVWD FRQKHFHQGR PHOKRU R FRUSR H DFHLWDQGR DV GLIHUHQoDV 1DQVHO HW WDO

$ (GXFDomR 6H[XDO p XP FDPLQKR SDUD SUHSDUDU R HGXFDQGR SDUD YLYHU D VH[XDOLGDGH GH IRUPD SRVLWLYD VDXGiYHO H IHOL]

$VVLP QD DGROHVFrQFLD D VH[XDOLGDGH PDQLIHVWD VH GH IRUPD LQWHQVD $V PXGDQoDV ItVLFDV LQFOXHP DOWHUDo}HV KRUPRQDLV H p D IDVH GH QRYDV GHVFREHUWDV H H[SHULPHQWDo}HV 2V YtQFXORV DIHWLYRV VH FULDP H GHVID]HP FRP LQWHQVLGDGH H UDSLGH] 'H PRGR JHUDO QR PXQGR RFLGHQWDO D LQWHQVLGDGH GDV H[SHULrQFLDV H DV H[SUHVV}HV GD VH[XDOLGDGH VmR DVSHFWRV FHQWUDLV QD YLGD GRV DGROHVFHQWHV $ VHQVXDOLGDGH HVWi SUHVHQWH QRV VHXV PRYLPHQWRV H JHVWRV QDV URXSDV TXH XVDP QD P~VLFD TXH SURGX]HP H FRQVRPHP QD SURGXomR JUiÀFD H QDV GLIHUHQWHV H[SUHVV}HV DUWtVWLFDV (QWmR R FRUSR p FRQFHELGR FRPR XP WRGR LQWHJUDGR GH VLVWHPDV LQWHUOLJDGRV TXH LQFOXL HPRo}HV VHQWLPHQWRV VHQVDo}HV GH SUD]HU H GHVSUD]HU DVVLP FRPR DV WUDQVIRUPDo}HV QHOH RFRUULGDV DR ORQJR GRV WHPSRV +i TXH VH FRQVLGHUDU RV IDWRUHV FXOWXUDLV TXH LQWHUYrP QD FRQVWUXomR GD SHUFHSomR GR FRUSR ,VVR TXHU GL]HU TXH R FRUSR WUD] HP VL DV PDUFDV GD YLGD VRFLDO TXH H[SUHVVDP YDORUHV GH JUXSRV H FXOWXUDV FRPR H[HPSOR LPSRUWkQFLD SHVVRDO H VRFLDO GDV LQVFULo}HV UHDOL]DGDV QR FRUSR FRPR WDWXDJHQV SLHUFLQJV HWF $EEDWH 7DODPRQL 'Dt GHSUHHQGH VH GD QHFHVVLGDGH GH IRUPDomR HIHWLYD H DGHTXDGD GH DOXQRV H SURIHVVRUHV SDUD OLGDUHP FRP DV TXHVW}HV TXH VH DWUHODP j VH[XDOLGDGH H DR FRUSR QR kPELWR HVFRODU FRP D ÀQDOLGDGH GH DSULPRUDPHQWR H D DPSOLDomR GR FRQKHFLPHQWR FULDQGR SRVVLELOLGDGHV GH GLiORJR UHÁH[mR H DEHUWXUD TXH FRQGX]DP D XP HIHWLYR FUHVFLPHQWR SHVVRDO WRUQDQGR SRVVtYHO D FRQVWUXomR GH YDORUHV FRQFHUQHQWHV D VH[XDOLGDGH H D WRWDOLGDGH GR VHU ',6&866®2 '26 5(68/7$'26 &RPR SXGHPRV SHUFHEHU QDV IDODV GRV DOXQRV H SURIHVVRUHV DWUDYpV GD FDWHJRUL]DomR D HVFROD p XP HVSDoR TXH QHFHVVLWD FXLGDGRV QHFHVViULRV SDUD VD~GH PHQWDO QmR Vy GRV DOXQRV FRPR GRV SURIHVVRUHV $ VH[XDOLGDGH p XP DVVXQWR TXH DSUHVHQWD DPSODV GLPHQV}HV SRLV QmR p DSHQDV XP FRQMXQWR GH UHÁH[}HV KHUGDGDV RX DGTXLULGDV QD FRQYLYrQFLD VRFLDO e XPD IRUPD GH VDWLVID]HU DV H[LJrQFLDV SVLFROyJLFDV GR LQGLYtGXR 3RU YH] D VH[XDOLGDGH p XP SRQWR GH SDVVDJHP SDUWLFXODUPHQWH GHQVR SHODV UHODo}HV GH SRGHU HQWUH KRPHQV H PXOKHUHV HQWUH MRYHQV H YHOKRV HQWUH HGXFDGRUHV H HGXFDQGRV HWF p XP GRV HOHPHQWRV GRWDGRV GH PDLV LQVWUXPHQWDOLGDGH SRGHQGR VHU XWLOL]iYHO QR PDLRU Q~PHUR GH SRQWR GH DSRLR GH DUWLFXODomR jV PDLV YDULDGDV HVWUDWpJLDV )RXFDXOW 5HQD $ VD~GH HVWi GLUHWDPHQWH OLJDGD D HGXFDomR QR VHQWLGR GH TXH HVWHV VmR GRLV SLODUHV GD VREUHYLYrQFLD KXPDQD TXH VH HQFRQWUDP HP XPD FRQVWDQWH FRQVWUXomR 'HVWD IRUPD


RV HQIHUPHLURV DR GHVHQYROYHUHP VXDV IXQo}HV HQWUH HODV D HGXFDomR SUHYHQWLYD WrP XP JUDQGH SDSHO QD HVFROD DWUDYpV GD LQVWUXPHQWDOL]DomR FLHQWtÀFD GRV SURIHVVRUHV H HQWHQGLPHQWR GDV QHFHVVLGDGHV GRV DOXQRV $ IDOWD GH GHEDWH H UHÁH[mR FUtWLFD DXPHQWD D YXOQHUDELOLGDGH FRP UHODomR jV '67V DLGV DOpP GR ULVFR GH XPD JUDYLGH] LQGHVHMDGD $WXDOPHQWH DSHVDU GH VH DFUHGLWDU TXH WHPDV UHODFLRQDGRV D VH[XDOLGDGH HVWmR VHQGR PDLV IDODGRV PXLWRV MRYHQV DLQGD QmR VH VHQWHP j YRQWDGH SDUD H[SRU G~YLGDV $ HVFROD WHP PDUFDGD XPD GXSOD IXQomR D IRUPDomR LQWHOHFWXDO H D IRUPDomR VRFLDO GRV LQGLYtGXRV &RP UHODomR DR SODQR LQWHOHFWXDO D HVFROD FRVWXPD WUDEDOKDU D WURFD GH FRQKHFLPHQWRV D ÀP GH GHVHQYROYHU H DPSOLDU R VDEHU (P FRQWUDSDUWLGD R SODQR VRFLDO UHPHWH DR FRQWH[WR GH H[LVWrQFLD GRV LQGLYtGXRV LVWR p DVSHFWRV FXOWXUDLV TXH LQÁXHQFLDP QD FRQVWUXomR GH VXD VH[XDOLGDGH WDEXV PLWRV UHSUHVHQWDo}HV VREUH VH[R FRUSR H UHODo}HV GH JrQHUR QHP VHPSUH D HVFROD FRQVHJXH FRODERUDU GH PDQHLUD FODUD H DEHUWD e LPSRUWDQWH WUDEDOKDU VH[XDOLGDGH H FRUSR GH IRUPD PDLV DPSOLDGD QD HVFROD XWLOL]DQGR VH D PXOWL LQWHU H WUDQVGLVFLSOLQDULGDGH FRQVLGHUDQGR DV GLPHQV}HV ELROyJLFD SVLFROyJLFD VRFLDO FRQWULEXLQGR SDUD R IRUWDOHFLPHQWR GD DXWR HVWLPD H FRQTXLVWD GH PDLRU DXWRQRPLD GDGD D LPSRUWkQFLD GR FRUSR QD LGHQWLGDGH SHVVRDO *DGRWWL 0RNZD ([LVWHP GLÀFXOGDGHV HQWUH DGROHVFHQWHV HP VH DIDVWDUHP GH VXD LGHQWLGDGH LQIDQWLO SDUD D FRQVWLWXLomR GD LGHQWLGDGH DGXOWD H D HVFROD QmR DSHQDV VH FRQVWLWXL XPD ´DUHQDµ RQGH RV DGROHVFHQWHV SRGHP SUDWLFDU VXDV QRYDV KDELOLGDGHV VyFLR VH[XDLV PDV p R FHQiULR HP TXH D VRFLHGDGH WHQWD PROGDU DV DWLWXGHV H RV FRPSRUWDPHQWRV GRV MRYHQV GH PRGR D FRPSUHHQGr ORV SDUD D YLGD DGXOWD 7D,DPRQL 5HYHQGR )UHLUH TXH UHVJDWD SHGDJRJLD SUREOHPDWL]DGRUD SDUD OLGDU FRP DV TXHVW}HV GD VH[XDOLGDGH KXPDQD QDV HVFRODV R HQIRTXH HGXFDWLYR FUtWLFR UHIH[LYR SUHVVXS}H D DSUHQGL]DJHP FRQVWUXWLYLVWD DFHQWXDQGR D FRQGLomR GH VXMHLWRV SOHQRV H SOXUDLV D SDUWLU GH XPD LQLFLDWLYD FRP YLVWDV j OLEHUGDGH H DR FRPSURPLVVR pWLFR ,VWR SUHVVXS}H D SRVVLELOLGDGH GH FRQVWUXomR FROHWLYD GR FRQKHFLPHQWR DSUR[LPDomR FRP DV IRUPDV GH YLYHU GDV SHVVRDV H[HUFtFLR GD IDOD H HVFXWD H UHODomR PDLV DIHWLYD H VROLGiULD FRP SURSyVLWRV HP EDVHV GLDOyJLFDV H PDLV KXPDQL]DGDV %XHQR &21&/86¯(6 $ LPSRUWkQFLD GR SURIHVVRU HVWi HP VXD FDSDFLGDGH FRPR HGXFDGRU GH UHÁHWLU FULWLFDPHQWH VREUH D UHDOLGDGH H WUDQVIRUPi OD ( D HVFROD QHVWH SURFHVVR p R PHOKRU HVSDoR GH GLiORJR WURFD HQFRQWUR UHGHV VROLGiULDV H XPD SRVWXUD FUtWLFD 1HVWD SHUVSHFWLYD RV HGXFDQGRV YmR VH WUDQVIRUPDQGR HP UHDLV VXMHLWRV GD FRQVWUXomR H UHFRQVWUXomR GR VDEHU DR ODGR GR HGXFDGRU LJXDOPHQWH VXMHLWR GR SURFHVVR $ SUiWLFD GRFHQWH HQYROYH R PRYLPHQWR GLQkPLFR GLDOyJLFR HQWUH R ID]HU H R SHQVDU 3RUpP p

SHQVDQGR FULWLFDPHQWH D SUiWLFD GH KRMH RX GH RQWHP p TXH VH SRGH PHOKRUDU DV SUy[LPDV SUiWLFDV SRLV p QD SUiWLFD GR LU H YLU UHÁH[mR DomR TXH VH FRQFUHWL]D R SHQVDU $VVXPLQGR HQTXDQWR VXMHLWRV VyFLR KLVWyULFR FXOWXUDLV R DWR GD SRVWXUD FUtWLFD H GD DomR SHGDJyJLFD FRPR LQVWUXPHQWR GH OLEHUWDomR H PXGDQoD H p TXH VH ID] D JUDQGH GLIHUHQoD DR OLGDU FRP D HGXFDomR VH[XDO $V PXGDQoDV FRUSRUDLV FDUDFWHUtVWLFDV GD DGROHVFrQFLD HVWmR DVVRFLDGDV DR DXPHQWR GDV DWLYLGDGHV JODQGXODUHV UHVXOWDQGR QR DXPHQWR GD VHFUHomR GH KRUP{QLRV HVSHFtÀFRV GR VH[R DOWHUDQGR WDPEpP R FUHVFLPHQWR GRV LQGLYtGXRV 'HQWUH DV PXGDQoDV ItVLFDV PDLV FRPXQV REVHUYD VH XP DXPHQWR FRQVLGHUiYHO GD DOWXUD DOWHUDomR GD IRUPD H SURSRUomR GR FRUSR $V YDULDo}HV QR ULWPR GH FUHVFLPHQWR VmR IDWRUHV LPSRUWDQWHV QD PDQXWHQomR RX QmR GD DXWR HVWLPD GRV DGROHVFHQWHV SRGHQGR IDFLOLWDU RX GLÀFXOWDU DV UHODo}HV VRFLDLV TXH VH HVWDEHOHFHP $V VHPHOKDQoDV RX GLIHUHQoDV QRV FRUSRV SRGHP VHU JHUDGRUHV GH DÀQLGDGHV RX H[FOXV}HV QD HVFROD 6y DV PXGDQoDV ItVLFDV GHFRUUHQWHV GD DGROHVFrQFLD Mi DFDUUHWDP HIHLWRV SVLFROyJLFRV (VVHV HIHLWRV GL]HP UHVSHLWR QmR Vy j PDQHLUD FRPR R DGROHVFHQWH OLGD FRP HVWDV PXGDQoDV GH IRUPD SRVLWLYD RX QHJDWLYD PDV WDPEpP XPD SURYiYHO UHHVWUXWXUDomR GH VXD LGHQWLGDGH 'HVVD IRUPD D HQIHUPDJHP H D SVLFRORJLD VH DSUR[LPDP GD WHPiWLFD QD PHGLGD HP TXH DPEDV OLGDP FRP D SURGXomR GH FXLGDGRV DMXGDQGR QD VD~GH PHQWDO GRV LQGLYtGXRV UHODFLRQDGR D VHUYLoRV SDUD D FRPXQLGDGH SUHSDUR SDUD DV Do}HV HGXFDWLYDV MXQWR j SRSXODomR HP UHODomR DR FRPSRUWDPHQWR HQÀP DR LQGLYtGXR FRPR XP WRGR WUDWDQGR VH GH FRUSR H GD PHQWH $ (QIHUPDJHP H D SVLFRORJLD DVVRFLDGDV j (GXFDomR VH IRUWDOHFHP DR GHVHQYROYHU Do}HV FRP WHUPLQDOLGDGH H UHVROXWLYLGDGH QR kPELWR GD SURPRomR SUHYHQomR SURWHomR H GD VD~GH QR QtYHO LQGLYLGXDO H FROHWLYR TXH SRU PHLR GH FUtWLFD H UHÁH[mR VmR FDSD]HV GH FRPSUHHQGHU D UHDOLGDGH VyFLR HFRQ{PLFD SROtWLFD H HGXFDFLRQDO H GH LQVWUXPHQWDOL]DUHP SDUD D SDUWLFLSDomR DWLYD QR kPELWR GR SODQHMDPHQWR GD SURGXomR H GD RIHUWD GDV Do}HV GH VD~GH DOpP GH EXVFDU H SURGX]LU FRQKHFLPHQWR SDUD R GHVHQYROYLPHQWR GH VXD SUiWLFD SURÀVVLRQDO SRGHQGR VH HQJDMDU QD SHGDJRJLD VHQGR HVVH XP GRV SULQFLSDLV YHtFXORV GH HQVLQR ² DSUHQGL]DJHP HP WRGRV RV QtYHLV HGXFDFLRQDLV 3ODQHMDU H LPSOHPHQWDU SURJUDPDV GH HGXFDomR FRP YLVWDV DR GHVHQYROYLPHQWR GH UHFXUVRV KXPDQRV H SURPRomR GD VD~GH p GH H[WUHPD LPSRUWkQFLD DOpP GH UHXQLU SURÀVVLRQDLV GH GLIHUHQWHV iUHDV GR FRQKHFLPHQWR SDUD WURFD H GHEDWH LQWHUGLVFLSOLQDU VREUH DV GLPHQV}HV IXQGDPHQWDLV GD LQIkQFLD H GD DGROHVFrQFLD DSRLDQGR H[SHULrQFLDV GH LQWHUYHQomR H D SURGXomR GH FRQKHFLPHQWR VLVWHPDWL]DQGR H GLYXOJDQGR LQIRUPDo}HV TXH FRQWULEXDP SDUD R DSURIXQGDPHQWR GD FLGDGDQLD QD VRFLHGDGH EUDVLOHLUD 3HQVDU D HGXFDomR GR IXWXUR GD KXPDQLGDGH p SHQVDU HP WRWDOLGDGH HVWLPXODQGR R GHVHQYROYLPHQWR LQWHJUDO GR VHU KXPDQR $ HGXFDomR SDUD VHU WUDQVIRUPDGRUD SUHFLVD FRQVLGHUDU DV SHVVRDV DV FXOWXUDV UHVSHLWDQGR R PRGR GH YLGD H LGHQWLGDGH $VVLP D HVFROD GHYH ID]HU


VLVWHPDWLFDPHQWH R WUDEDOKR GH (GXFDomR 6H[XDO FRP R DYDO GD IDPtOLD SULQFLSDOPHQWH QR (QVLQR )XQGDPHQWDO 1mR REVWDQWH RV SURIHVVRUHV SUHFLVDP DFROKHU H DX[LOLDU RV DOXQRV D UHÁHWLUHP H WRPDUHP GHFLV}HV HP TXHVW}HV VpULDV UHODWLYDV D VH[XDOLGDGH H DR FRUSR GH VL H GR RXWUR (QWmR QmR Ki FRPR SHQVDU HP HGXFDomR VHP SHQVDU QDV PDUFDV QHOHV LPSUHVVDV SHOR HVSDoR FXOWXUDO H VHP LQFOXLU QRV SURMHWRV H SUiWLFDV SHGDJyJLFDV DV WHPiWLFDV GR FRUSR H GD VH[XDOLGDGH 5()(5È1&,$6 %,%/,2*5É),&$6 $EEDWH ) (GXFDFLyQ VH[XDO GHO DGROHVFHQWH 5HY $VRF 0pG $UJHQW /D 3ODWD $EUDPRYD\ 0 %XOO\LQJ D EULQFDGHLUD TXH QmR WHP JUDoD 6mR 3DXOR (GXFDomR %XHQR 6 0 9 5LEHLUmR 3UHWR 6 3 (GXFDomR 3UHYHQWLYD HP 6H[XDOLGDGH '67 $LGV H GURJDV QDV HVFRODV 7HVH GH /LYUH 'RFrQFLD ((53 863 )RXFDXOGW 0 +LVWyULD GD 6H[XDOLGDGH , $ YRQWDGH GR VDEHU HG 5LR GH -DQHLUR (G *UDDO )UHLUH 3 3ROtWLFD H (GXFDomR HQVDLRV 5LR GH -DQHLUR 3D] H 7HUUD )UHLUH 3 3HGDJRJLD GD DXWRQRPLD VDEHUHV QHFHVViULRV j SUiWLFD HGXFDWLYD 6mR 3DXOR (G 3D] H 7HUUD FROHomR OHLWXUD *DGRWWL 0 ,QWHUGLVFLSOLQDULGDGH $WLWXGH H 0pWRGR $UWLJRV ,QVWLWXWR 3DXOR )UHLUH 6mR 3DXOR /DQJ 3 7KLQNLQJ TXHHU VH[XDOLW\ FXOWXUH DQG HGXFDWLRQ 6 7DOEXUW 6WHLQEHUJ .HKLO\ 0 - 6H[XDOLW\ *HQGHU DQG 6FKRROLQJ VKLIWLQJ DJHQGDV LQ VRFLDO OHDUQLQJ (GXFDWLRQ IRU +HDOWK 0H\HU ' 6RDUHV ) 5 &RUSR JrQHUR H VH[XDOLGDGH 3RUWR $OHJUH (GLWRUD 0HGLDomR 0RNZD 9 1 ) 5HSUHVHQWDo}HV VRFLDLV GH HGXFDGRUHV GR (QVLQR )XQGDPHQWDO VREUH 6H[XDOLGDGH 5HYLVWD *rQHUR 6H[XDOLGDGH H (GXFDomR 6mR 3DXOR 1DQVHO 7 5 HW DO %XOO\LQJ EHKDYLRUV DPRQJ 8 6 \RXWK 3UHYDOHQFH DQG DVVRFLDWLRQ ZLWK SV\FKRVRFLDO DGMXVWPHQW -RXUQDO RI WKH $PHULFDQ 0HGLFDO $VVRFLDWLRQ 1LFROLQR $ 6 1RYDV H YHOKDV FRQÀJXUDo}HV GD VH[XDOLGDGH H GR FRUSR IHPLQLQR SHVTXLVD DomR QD HGXFDomR FRP HVFRODUHV 5LEHLUmR 3UHWR 7HVH 'RXWRUDGR (VFROD GH (QIHUPDJHP GD 8QLYHUVLGDGH GH 6mR 3DXOR

5HQD / & % (GXFDomR HP VD~GH FRQVWUXLQGR XPD SHGDJRJLD GR FXLGDGR QD HVFROD S~EOLFD (P , &RQJUHVVR ,QWHUQDFLRQDO GH 3HGDJRJLD 6RFLDO )DFXOGDGH GH (GXFDomR 8QLYHUVLGDGH GH 6mR 3DXOR 5RPHUR . & 7 HW DO 2 FRQKHFLPHQWR GDV DGROHVFHQWHV VREUH TXHVW}HV UHODFLRQDGDV DR VH[R 5HY $VVRF 0HG %UDV 6HUUD * 0 $ 6DQWRV ( 0 6D~GH H PtGLD QD FRQVWUXomR GD REHVLGDGH H GR FRUSR SHUIHLWR &LrQF VD~GH FROHWLYD 5LR GH -DQHLUR 6FDOR]XE / 7 (O SURWDJRQLVPR GHO FXHUSR HQ OD DGROHVFrQFLD 7KH PDLQ SURWDJRQLVW RI WKH ERG\ LQ DGROHVFHQFH 3VLFRDQDOLVLV


1SPDFTTP EF BDPOTFMIBNFOUP m 6N DBTP -VÎT 'JMJQF 1JOB (PEJOIP

5(6802 (VWH DUWLJR SUHWHQGH DSUHVHQWDU XP HVWXGR GH FDVR TXH LQFLGLX VREUH XP MRYHP GH GH]DQRYH DQRV TXH GHYLGR D XP DFLGHQWH ODERUDO ÀFRX LQFDSDFLWDGR GH PRYHU RV PHPEURV LQIHULRUHV 1R HQWDQWR H DSyV GLYHUVRV H[DPHV ItVLFRV H H[DPHV FRPSOHPHQWDUHV GH GLDJQyVWLFR YHULÀFRX VH TXH QmR KDYLD TXDOTXHU MXVWLÀFDomR ItVLFD QmR FRQVHJXLU PRELOL]DU D SDUWH LQIHULRU GR VHX FRUSR )RL OKH HQWmR GLDJQRVWLFDGR XPD 3HUWXUEDomR GH $QVLHGDGH &RQYHUVmR +RXYH QHFHVVLGDGH GH LQLFLDU XP SURFHVVR GH DFRQVHOKDPHQWR HP TXH IRL XWLOL]DGD D PHWRGRORJLD GDV KLVWyULDV GH YLGD 1HVWH FDVR GHYLGR j FRPSOH[LGDGH GD KLVWyULD GH YLGD GR MRYHP IRL LPSRUWDQWH LGHQWLÀFDU RV SRQWRV D IRFDU GD VXD KLVWyULD GH YLGD HP TXH D VXD UHVROXomR SRVVD VHU UHOHYDQWH QR VHX SURFHVVR WHUDSrXWLFR )RL XWLOL]DGR R PRGHOR WHyULFR GH +LOGHJDUG 3HSODX SHUFRUUHQGR DV GLYHUVDV IDVHV TXH SUHFRQL]D H IRL XWLOL]DGD OLQJXDJHP &,3( 3DODYUDV FKDYH $FRQVHOKDPHQWR 3HSODX $OLDQoD 7HUDSrXWLFD +LVWyULDV GH 9LGD $%675$&7 7KLV DUWLFOH UHVXPHV D FDVH VWXG\ DERXW D QLQHWHHQ \HDUV ROG PDQ FDOOHG 57 ZKR GXH WR D SURIHVVLRQDO DFFLGHQW ZHQW WURXJK D SDUDSOHJLF VWDWXV 57 ZDV REVHUYHG E\ VHYHUDO PHGLFDO DQG VXUJLFDO VSHFLDOWLHV EXW LQ WKH HQG WKHUH ZHUH QR SK\VLFDO HYLGHQFH IRU KLV OLPLWHG FRQGLWLRQ 7KHUH IRU WKH RQO\ MXVWLÀFDWLRQ ZDV D FRQYHUVLRQ DQ[LHW\ SHUWXUEDWLRQ 7KH XUJHQW QHHG IRU FRXQVHOLQJ ZDV SHUHPSWRU\ EXW FRQFHUQLQJ WKH FRPSOH[LW\ RI WKH VLWXDWLRQ WKH ÀUVW VWHS ZDV WR LGHQWLI\ DQG DQDO\]H DOO WKH PDLQ OLIH VWRU\ SUREOHPV ZKHUH WKH UHVROXWLRQ FRXOG EH LPSRUWDQW IRU KLV WKHUDSHXWLFDO SURJUHVV 7KH OLIH VWRU\ PHWKRGRORJ\ ZDV XVHG WR LQLWLDWH WKH FRXQVHOLQJ SURFHVV EXW WKH +LOGHJDUG 3HSODX PRGHO ZDV WKH JXLGHOLQH RI WKLV FDVH VWXG\ .(<:25'6 $GYLFH 3HSODX $OOLDQFH 7KHUDSHXWLF /LIH VWRU\ ,1752'8d®2 1D DERUGDJHP D HVWH FDVR R HQIHUPHLUR WHYH D SUHRFXSDomR GH DERUGDU R GRHQWH FRPR XP WRGR H QmR FRPR D VRPD GDV VXDV SDUWHV YDORUL]DQGR WRGD D VXD H[SHULrQFLD H KLVWyULD GH YLGD SDUWLQGR GD FRPSUHHQVmR TXH R SUySULR GRHQWH ID] GH VL SUySULR 5RJHUV FLWDGR SRU /HDO S LQGLFD TXH |R LQGLYÓGXR SRVVXL GHQWUR GH VL YDVWRV UHFXUVRV GH DXWR FRPSUHHQVÊR H SDUD D PRGLILFDÍÊR GRV VHXV DXWR

FRQFHLWRV GDV VXDV DWLWXGHV H GR VHX FRPSRUWDPHQWR DXWÙQRPR RX VHMD R LQGLYÓGXR SRVVXL HP VL PHVPR XPD FDSDFLGDGH GH DXWR UHJXODÍÊR} )RL LQLFLDGR XP SURFHVVR GH DFRQVHOKDPHQWR WHQGR FRPR SRQWR GH SDUWLGD D KLVWyULD GH YLGD GR GRHQWH WHQGR XWLOL]DGR FRPR UHIHUrQFLD R PRGHOR WHyULFR GH +LOGHJDUG 3HSODX 'HVGH R LQtFLR GHVWH DFRQVHOKDPHQWR SUHWHQGHX VH DMXGDU R MRYHP D VXSHUDU DV VXDV OLPLWDo}HV GH XPD IRUPD HVWUXWXUDGD LQFHQWLYDQGR R D HQFRQWUDU SURFHVVRV LQWHUQRV TXH OKH SHUPLWLVVHP OLGDU FRP WRGD XPD VLWXDomR TXH LQÁXHQFLDYD GHFLVLYDPHQWH D VXD TXDOLGDGH GH YLGD 3UHWHQGHX VH FULDU XPD UHODomR EDVHDGD QXPD DOLDQoD WHUDSrXWLFD ,QIRUPR TXH WRGR R SURFHVVR GH DFRQVHOKDPHQWR GXURX VRPHQWH GLDV WHQGR VLGR UHDOL]DGDV FHUFD GH RLWR VHVV}HV IRUPDLV HPERUD WHQKD KDYLGR FRQWDFWR GR HQIHUPHLUR FRP R GRHQWH QRXWURV GLDV $SUHVHQWR HP SULPHLUR OXJDU R FRQKHFLPHQWR GR IHQyPHQR RQGH H[SRQKR SDUWHV VLJQLÀFDWLYDV GD KLVWyULD GH YLGD GR MRYHP GH VHJXLGD VmR DQDOLVDGRV RV GDGRV FROKLGRV FRP PDLV GHWDOKH QD WHUFHLUD SDUWH p MXVWLÀFDGD D HVFROKD GR PRGHOR WHyULFR XWLOL]DGR QHVWH FDVR H VmR DSUHVHQWDGDV H DQDOLVDGDV DV IDVHV GHVWH SURFHVVR GH DFRQVHOKDPHQWR $VVLP HVWH DUWLJR WHP FRPR REMHFWLYRV 5HODWDU XP HVWXGR GH FDVR 'HVFUHYHU R IHQyPHQR DSUHVHQWDQGR D KLVWyULD GH YLGD GR GRHQWH 'HVFUHYHU R SURFHVVR GH DFRQVHOKDPHQWR XWLOL]DGR QHVWH FDVR &21+(&,0(172 '2 )(1Ð0(12 2 57 LQLFLDLV GR GRHQWH DQRV UDoD QHJUD &DER 9HUGLDQR QDVFHX QR GLD YLQWH GH $EULO GH e R TXLQWR GH VHLV ÀOKRV JHUDGRV QXP FDVDO HP XQLmR GH IDFWR QD LQIkQFLD HUD PXLWR UHEHOGH H PXLWR DJUHVVLYR FRP RV FROHJDV H FRP D SURIHVVRUD 2 DPELHQWH HP FDVD HUD PXLWR FRQÁLWXRVR FRP DJUHVV}HV FRQVWDQWHV GR VHX SDL j VXD PmH DRV LUPmRV H D HOH SUySULR 2 SDL WLQKD KiELWRV DOFRyOLFRV $RV DQRV R 57 IXJLX GH FDVD H LQLFLRX FRQVXPR H WUiÀFR GH HVWXSHIDFLHQWHV $RV DQRV FRPHoRX D IUHTXHQWDU XPD ,JUHMD %DSWLVWD H XP JUXSR GH WHDWUR WHQGR LQLFLDGR WDPEpP XP FXUVR GH &DSRHLUD $ SDUWLFLSDomR QHVWDV GXDV DFWLYLGDGHV IH] FRP TXH R 57 DOWHUDVVH XP SRXFR R Q~FOHR GH DPLJRV )RL FRQWUDWDGR FRPR DQLPDGRU QXP KRWHO 1HVWD DOWXUD QmR WLQKD TXDOTXHU FRQWDFWR FRP D VXD IDPtOLD

(QIHUPHLUR *UDGXDGR +RVSLWDO *DUFLD GH 2UWD ( PDLO SVLNLDWULFHV#JPDLO FRP


$ VXD YLGD VH[XDO VHJXQGR HOH HUD EDVWDQWH DFWLYD XPD YH] TXH WLQKD FRQVWDQWHPHQWH UHODo}HV VH[XDLV FRP DV WXULVWDV TXH IUHTXHQWDYDP R FRPSOH[R DSHVDU GH VHU GHWHUPLQDQWHPHQWH SURLELGR 2 57 FDLX QD SLVFLQD GR KRWHO WHQGR IHLWR XP WUDXPDWLVPR FUDQLDQR H ORPEDU GR TXDO UHVXOWRX XPD SDUDSOHJLD GRV PHPEURV LQIHULRUHV 'HYLGR DR VHX VHJXUR GH WUDEDOKR IRL WUDQVIHULGR SDUD R +RVSLWDO GRV /XVtDGDV )RL REVHUYDGR SRU YDULDV (VSHFLDOLGDGHV 0pGLFDV H &LU~UJLFDV TXH QmR GHWHFWDUDP QHQKXP FRPSURPLVVR YHUWHEUR PHGXODU )RL ÀQDOPHQWH REVHUYDGR SHOD HVSHFLDOLGDGH GH 3VLTXLDWULD H IRL OKH GLDJQRVWLFDGR XPD 3HUWXUEDomR GH &RQYHUVmR $QVLHGDGH

$1É/,6( '26 '$'26 )RUDP XWLOL]DGRV LQVWUXPHQWRV GH DYDOLDomR H DQiOLVH GDV UHODo}HV GR 57 DVVLP IRL FRQVWUXtGR XP JHQRJUDPD XP HFRPDSD H XPD SVLFRÀJXUD GH 0LWFKHO $R DQDOLVDU R JHQRJUDPD FRQVHJXLX VH FRQVWDWDU D DXVrQFLD GH Q~FOHR IDPLOLDU $ IDPtOLD GR 57 p XPD IDPtOLD VHSDUDGD HP TXH VRPHQWH DOJXQV HOHPHQWRV PDQWrP HORV IDPLOLDUHV $ SVLFRÀJXUD GH 0LWFKHOO IRL HODERUDGD VRPHQWH VRE D SHUVSHFWLYD GR 57 GDGD D GLÀFXOGDGH GH REWHQomR GH GDGRV GH RXWURV HOHPHQWRV GD IDPtOLD 9HULÀFRX VH XPD UHODomR GH UXSWXUD FRP D HQWLGDGH SDUHQWDO H XPD IUDFD UHODomR FRP RV UHVWDQWHV PHPEURV GD IDPtOLD 2 HFRPDSD GHX XPD PHOKRU SHUFHSomR GDV UHODo}HV GR 57 H GH FRPR HOH Yr RV PHPEURV GD IDPtOLD H GHVFUHYH D VXD UHODomR FRP RV GLYHUVRV HOHPHQWRV 3DUD SRGHUPRV WHU XPD PHOKRU FRPSUHHQVmR GR IHQyPHQR p QHFHVViULR DQDOLVDU R FLFOR GH YLGD j OX] GDV IDVHV GH GHVHQYROYLPHQWR GD SHVVRD VHJXQGR (ULNVRQ $ERUGR VRPHQWH RV HVWDGtRV TXDWUR H FLQFR SRLV VmR DV IDVHV HP TXH R 57 PDLV SUREOHPDV HYLGHQFLRX 2 HVWDGtR TXDWUR UHIHUHQWH j IDVH TXH (ULNVRQ GHVFUHYHX FRPR D IDVH GH ODWrQFLD TXH WHP FRPR WDUHIDV GH GHVHQYROYLPHQWR FLWDQGR 1HHE S |LQGXVWULD YV LQIHULRULGDGH} 1HVWD IDVH VHJXQGR 1HHE | D FULDQÍD DSUHQGH TXH D DVVHUWLYLGDGH SRGH PDQLSXODU R DPELHQWH z GHVDSURYDÍÊR FRQGX] DR VHQWLPHQWR GH FXOSD QD FULDQÍD} p QHVWD IDVH TXH VH LQVWDOD XP VHQWLPHQWR GH LQVHJXUDQoD H GH GHVPRWLYDomR 3RGHPRV FRQVWDWDU QD KLVWyULD GH YLGD GH 57 TXH QHVWD IDVH WLQKD GLÀFXOGDGH HP HVWDEHOHFHU UHODo}HV H WLQKD EDVWDQWHV FRQÁLWRV FRP RV FROHJDV FRP D SURIHVVRUD H FRP RV SDLV QHVWD DOWXUD GHVHQYROYHX HVVH VHQWLPHQWR GH LQVHJXUDQoD GH GHVPRWLYDomR GH LQIHULRULGDGH RX PHVPR GH LQFRPSHWrQFLD SURYRFDGD SHOD LQpUFLD 1D TXLQWD IDVH GR GHVHQYROYLPHQWR VHJXQGR (ULNVRQ UHIHUHQWH j LGDGH FRPSUHHQGLGD HQWUH RV GR]H H RV YLQWH DQRV GHVLJQD VH SHOD IDVH GD DGROHVFrQFLD (VWD HWDSD FDUDFWHUL]D VH FRPR GHÀQH 1HHE S QD |LGHQWLGDGH H FRQIXVÊR GH SDSHLV} H TXH D |SULQFLSDO SUHRFXSDÍÊR

UHVLGH HP GHVHQYROYHU XPD UHODÍÊR LQWLPD FRP R RXWUR} e QHVWD IDVH TXH VH DGTXLUH D LGHQWLGDGH TXH VLJQLÀFD VDEHU TXHP VRPRV H FRPR HQFDUDPRV R UHVWR GD VRFLHGDGH +i QHVWH FDVR XPD GLÀFXOGDGH GR 57 HVWDEHOHFHU TXDLV VmR RV VHXV OLPLWHV R TXH SURYRFD XPD GLÀFXOGDGH HP HOH SHUFHEHU TXDO R VHX SDSHO TXHU QR VHLR GD IDPtOLD TXHU QD VRFLHGDGH ([LVWH QD VXD KLVWyULD GH YLGD XP UHFRUUHU FRQVWDQWH j YLROrQFLD URXER H GURJDV R TXH SHUPLWH FRQVWDWDU TXH R 57 PDQWpP VH QHVWD IDVH GD VXD YLGD

2 $&216(/+$0(172 2 DFRQVHOKDPHQWR p XP SURFHVVR LQWHUDFWLYR HP TXH VH HVWDEHOHFH XPD UHODomR GH DMXGD RX TXDQGR XPD SHVVRD VH HQFRQWUD IUDJLOL]DGD SRU XPD VLWXDomR GH YLGD SDUWLFXODUPHQWH GLItFLO SRU H[HPSOR GHYLGR D HVVD IUDJLOLGDGH R LQGLYtGXR QmR FRQVHJXH HQFRQWUDU UHFXUVRV SDUD HQIUHQWDU DV VLWXDo}HV GH YLGD RX SDUD PRGLÀFDU R VHX FRPSRUWDPHQWR 2 DFRQVHOKDPHQWR WHP FRPR REMHFWLYR FRPR UHIHUH 3DWWHUVRQ FDSDFLWDU R GRHQWH D WHU R FRQWUROR H GRPLQDU VLWXDo}HV TXH DFRQWHFHP QD VXD YLGD SDUD LVVR DFRQWHFHU GH IRUPD HIHFWLYD R HQIHUPHLUR DVVXPH XP SDSHO RULHQWDGRU TXH 3DWWHUVRQ S GHÀQH FRPR |DX[LOLDU R FOLHQWH D XVDU XP SURFHVVR GH SHQVDPHQWR UDFLRQDO HP PRPHQWRV GH FRQIXVÊR H FRQIOLWR} )RL FRP HVWH HVStULWR GH DOLDQoD WHUDSrXWLFD TXH VH LQLFLRX D UHODomR HQWUH R HQIHUPHLUR H R 57 0XLWDV VmR DV WHRULDV GH HQIHUPDJHP D TXH XP HQIHUPHLUR VH SRGHULD YLQFXODU QHVWH HVWXGR GH FDVR QR HQWDQWR WDPEpP p DGHTXDGR LQWHULRUL]DU ÀORVRÀFDPHQWH DOJXQV FRQFHLWRV GH RXWUDV WHRULDV GH HQIHUPDJHP FRPR SRU H[HPSOR D WHRULD GH HQIHUPDJHP HODERUDGD SRU ,PRJHQQH .LQJ H GH 5L]]R 3DUVH 1R HQWDQWR IRL QHFHVViULR EDOL]DU DV IDVHV GR DFRQVHOKDPHQWR SHOR TXH D WHRULD GH +LOGHJDUG 3HSODX TXH VH FHQWUD QR SDUDGLJPD GD LQWHJUDomR SDUHFHX PH D PDLV DMXVWDGD 2 REMHFWLYR SULQFLSDO QXP SRQWR GH YLVWD ySWLPR HUD TXH R 57 VH FRQKHFHVVH D VL SUySULR FRQKHFHVVH RV VHXV OLPLWHV H DV VXDV FDSDFLGDGHV TXH HOH SXGHVVH WRPDU FRQVFLrQFLD GRV IDFWRUHV SVLFROyJLFRV TXH R HVWDYDP D LPSHGLU GH DQGDU QRYDPHQWH 1R HQWDQWR SDUD DWLQJLU HVWHV REMHFWLYRV IRL QHFHVViULR WUDEDOKDU D VXD UHDELOLWDomR SVLFRVVRFLDO 2 HQIHUPHLUR WHQWRX SHUFHEHU TXDO D KLVWyULD GH YLGD GR 57 SDUD D SDUWLU GDt DSURIXQGDU R FRQKHFLPHQWR GR GRHQWH H HQWmR SODQHDU TXDLV DV LQWHUYHQo}HV GH HQIHUPDJHP D GHVHQYROYHU )RL QHFHVViULR TXH HVVDV LQWHUYHQo}HV QmR IRVVHP Vy SRU VL JHUDGRUDV GH DQVLHGDGH SRU LVVR IRUDP HVWDEHOHFLGDV DOJXPDV PHWDV HP FRQFRUGkQFLD FRP R GRHQWH 6HPSUH IRL FRQGLomR QHVWD UHODomR WHUDSrXWLFD DERUGDU DV VLWXDo}HV GH YLGD H RV VHQWLPHQWRV TXH R 57 DSUHVHQWDYD GHVGH TXH HOH IRVVH YHUGDGHLUR H TXH SDUD HOH IRVVH FRQIRUWiYHO H QmR DXPHQWDVVH RV QtYHLV GH DQVLHGDGH 1R HQWDQWR FRXEH DR HQIHUPHLUR D FDSDFLGDGH GH GHWHFWDU RV DVVXQWRV JHUDGRUHV GH DQVLHGDGH H HP TXH PRPHQWR VHULD SHUWLQHQWH DERUGi ORV SRLV Dt R 57 HVWDULD PDLV SUHSDUDGR SDUD HQIUHQWDU HVVD PDLRU DQVLHGDGH )RL LPSRUWDQWH TXH R 57 HVWDEHOHFHVVH WDPEpP DV VXDV


PHWDV DOpP GH OKH GDU D QRomR GH FRQWUROR GD VXD VLWXDomR H GD VXD YLGD QmR HUD GHFLVLYDPHQWH JHUDGRU GH DQVLHGDGH H SHUPLWLX DR HQIHUPHLUR DGHTXDU DV PHWDV SRU HOH WUDoDGDV ,QLFLDOPHQWH R 57 VHQWLD VH YXOQHUiYHO FRP EDL[D DXWR HVWLPD FRP R KXPRU GHSULPLGR H SRXFR FRQÀDQWH )RL QHFHVViULR XPD DERUGDJHP FDXWHORVD SRLV WDO FRPR QRV GL] 3DWWHUVRQ S | R FRQWUROH GR FOLHQWH VREUH R VHX SUÙSULR GHVWLQR DXPHQWD Ç PHGLGD TXH HOH SDVVD D WHU PDLRU FRPSUHHQVÊR GDV UHODÍÛHV HQWUH R HX H R DPELHQWH}

)$6(6 '2 352&(662 '( $&216(/+$0(172 12 &$62 $ RULHQWDomR p D IDVH LQLFLDO GR SURFHVVR LQWHUSHVVRDO GH 3HSODX (VWD IDVH VHJXQGR *HRUJH S p |GD PDLRU LPSRUWÉQFLD TXH D HQIHUPHLUD WUDEDOKH HP FRODERUDÍÊR FRP R SDFLHQWH H D IDPÓOLD QD DQÈOLVH GD VLWXDÍÊR GH IRUPD TXH MXQWRV SRVVDP UHFRQKHFHU HVFODUHFHU H GHILQLU R SUREOHPD H[LVWHQWH} 2 HQIHUPHLUR RSWRX SRU LQFHQWLYDU R 57 D FRQWDU D VXD KLVWyULD GH YLGD SURSRUFLRQDQGR XP PRPHQWR GH SDUWLOKD H DR PHVPR WHPSR SHUPLWLX TXH R 57 VH VHQWLVVH PDLV j YRQWDGH H PHQRV DQVLRVR SRLV FRPR UHIHUH 'HPpWULR S |HODERUDU XPD DXWRELRJUDILD Ï QD UHDOLGDGH SURFXUDU HQFRQWUDU D SD] HPERUD HQIUHQWDQGR D LQTXLHWXGH H D GRU GD UHFRUGDÍÊR} DFUHVFHQWD DLQGD TXH |Ï R ID]HU XP SDFWR FRQVLJR SUÙSULR FRP RV RXWURV FRP D YLGD} +RXYH VHPSUH D SUHRFXSDomR QHVWD SULPHLUD VHVVmR VHU FRPR XP HQFRQWUR LQWLPR GR 57 FRP HOH SUySULR FRPR HOH FKHJRX D UHIHULU ´GH PLP SDUD PLPµ 8P GRV PRPHQWRV GR PpWRGR DXWRELRJUiÀFR SDVVD SRU SDVVDU GD IDVH GD RUDOLGDGH SDUD D IDVH GD HVFULWD QR HQWDQWR GHYLGR D DOJXPD GLÀFXOGDGH HP HVFUHYHU H QmR VHU GDV DFWLYLGDGHV GDV TXDLV R 57 UHWLUD PDLV SUD]HU SURS{V FRQWDU VH HP GHVHQKR )RL LQWHQomR GR HQIHUPHLUR XWLOL]DU D DUWHWHUDSLD FRPR XPD WpFQLFD H[SUHVVLYD SDUD VHU XWLOL]DGD FRPR WpFQLFD GH UHOD[DPHQWR PDV GDGR R LQWHUHVVH GR 57 RSWRX VH HQWmR SHOD DUWHWHUDSLD SRU ID]HU WDPEpP SDUWH GR PpWRGR DXWRELRJUiÀFR 8WLOL]D VH D DUWHUDSLD TXDQGR VH XWLOL]D D DUWH FRPR WHUDSLD SDUD GHVHQYROYHU H UHYHODU R SRWHQFLDO GH FDGD XP $ DUWHUDSLD SURPRYH D FRPXQLFDomR DSUHQGL]DJHP PRELOL]DomR H[SUHVVmR RUJDQL]DomR UHODomR H RXWURV REMHFWLYRV WHUDSrXWLFRV PXLWR LPSRUWDQWHV QR VHQWLGR GH DOFDQoDU QHFHVVLGDGHV ItVLFDV HPRFLRQDLV PHQWDLV VRFLDLV H FRJQLWLYDV 2 HQIHUPHLUR SUHRFXSRX VH HP GHL[DU R 57 GHVHQKDU R TXH TXLVHVVH VHP R LQÁXHQFLDU 1D IDVH GH ,GHQWLÀFDomR VHJXQGR *HRUJH S |R SDFLHQWH UHVSRQGH VHOHFWLYDPHQWH ÇV SHVVRDV TXH SRGHP SUHHQFKHU DV VXDV QHFHVVLGDGHV} 3HSODX FLWDGD SRU *HRUJH S UHIHUH TXH |GXUDQWH D IDVH GH LGHQWLILFDÍÊR WDQWR R SDFLHQWH FRPR D HQIHUPHLUD GHYHP HVFODUHFHU DV VXDV SUÙSULDV SHUFHSÍÛHV H H[SHFWDWLYDV VHQGR HVWDV LQIOXHQFLDGDV SHODV H[SHULÐQFLDV DQWHULRUHV} 2 HQIHUPHLUR VHQWLX D QHFHVVLGDGH GH RUJDQL]DU RV FXLGDGRV D SUHVWDU DR 57 3DUD LVVR H DSyV R OHYDQWDPHQWR GRV GLDJQyVWLFRV GH HQIHUPDJHP HQXPHURX DV UHVSHFWLYDV LQWHUYHQo}HV GH HQIHUPDJHP TXH DWHQXDVVHP RX HOLPLQDVVHP RV GLDJQyVWLFRV

*HRUJH S LQGLFD TXH SDVVDGD D IDVH GH LGHQWLÀFDomR |R SDFLHQWH LQLFLD D IDVH GH H[SORUDÍÊR QD TXDO WLUD YDQWDJHQV GH WRGRV RV VHUYLÍRV GLVSRQÓYHLV} RX FRPR UHIHUH 3DWWHUVRQ S |SDUD WRPDU XPD GHFLVÊR R FOLHQWH QHFHVVLWD GH PDLV LQIRUPDÍÊR VREUH R XQLYHUVR GH RSÍÛHV SRVVÓYHLV} WHQGR HP FRQWD TXH |MXQWRV R FOLHQWH H R FRQVHOKHLUR FRPHÍDP D OHYDQWDU KLSÙWHVHV VREUH RV UHVXOWDGRV SURYÈYHLV H SRVVÓYHLV HVFROKDV} S 2V DVVXQWRV TXH IRUDP H[SORUDGRV UHODFLRQDYDP VH FRP D IDPtOLD GR 57 H R VHX UHODFLRQDPHQWR FRP RV GLYHUVRV HOHPHQWRV GD IDPtOLD SDUWLFXODUPHQWH FRP R SDL $ QHJDomR IRL XP GRV PHFDQLVPRV GH GHIHVD PDLV XWLOL]DGR QXPD IDVH LQLFLDO GD HQWUHYLVWD R 57 SURIHULX YiULDV YH]HV D IUDVH |SDUD PLP R PHX SDL QÊR H[LVWH GHYH VHU D ßQLFD SHVVRD QR PXQGR FRP TXHP QÊR GHVHMR IDODU HP TXHP QXQFD SHQVR} $ERUGRX VH WDPEpP D VXD VH[XDOLGDGH Dt HOH VHSDUD R DQWHV H R GHSRLV GR DFLGHQWH WHQGR UHIHULGR |QHVWH PRPHQWR MÈ QÊR QHVWH PRPHQWR QÊR HVWRX QXPD ERD HVWRX D SDVVDU XPD IDVH GD YLGD PHQRV ERD} 1R TXH VH UHIHUH DRV UHODFLRQDPHQWRV DPRURVRV R 57 VHQWH VH DEDQGRQDGR LGHQWLÀFRX R PHGR H D DQVLHGDGH PRVWUDGD SHOR IDFWR GH QmR FRQVHJXLU DQGDU SRVWHULRUPHQWH GHVDEDIRX |VLQWR PH PHOKRU QÊR VÙ QD SDUWH IÓVLFD PDV WDPEÏP SRU WHU IDODGR VREUH R PHX SDVVDGR} 1D TXDUWD IDVH GH HQWUHYLVWDV R 57 DSUHVHQWDYD UHFXSHUDomR VLJQLÀFDWLYD QHVWD DOWXUD R 57 Mi VH HQFRQWUDYD D VHU DFRPSDQKDGR SRU XP )LVLRWHUDSHXWD FRQVHJXLD FRORFDU VH GH Sp H GHX R VHX SULPHLUR SDVVR Mi DQGDYD FRP DQGDULOKR H VHP FDGHLUD GH URGDV R TXH SURYRFRX QHOH XP VHQWLPHQWR GH DOtYLR H EHP HVWDU UHIHULQGR |SRVVR GL]HU TXH HVWD VHPDQD IRL ERD SDUD PLP VLQWR PH DOLYLDGR VLQWR PH RXWUD SHVVRD D UHFXSHUDU PXLWR EHP PHVPR} |FRORTXHL PH GH SÏ ,VVR MÈ IRL XP ERP VLQDO SDUD PLP TXH PH DMXGD D VHQWLU PDLV FRQIRUWÈYHO PHOKRU H R TXH QÙV FRQYHUVÈPRV FRQWDU D PLQKD KLVWÙULD IRL ERP WDPEÏP} 3RVWHULRUPHQWH DERUGD VH SHOD SULPHLUD YH] DV VXDV H[SHFWDWLYDV IXWXUDV TXH SDUHFLDP PDLV RSWLPLVWDV GHQRWDQGR DTXLVLomR GH ´LQVLJWKµ |WHQKR DQGDGR D SHQVDU TXH VH FDOKDU D PLQKD IDPÓOLD QXQFD PH TXLV PDO D PLQKD IDPÓOLD IH] PH PDO D PLQKD IDPÓOLD IH] FRP TXH HX PH VHQWLVVH PDO IH] FRLVDV SDUD HX PH VHQWLU PDO PDV KRMH HVWRX D YHU TXH D PLQKD IDPÓOLD TXHU TXH HX HVWHMD FRP HOHV TXHU TXH HX SDUWLOKH DV FRLVDV FRP HOHV} (VWD UHODomR HVWDYD HP SOHQD IDVH GH H[SORUDomR HP SURIXQGLGDGH TXH FRPR UHIHUH 3DWWHUVRQ S |DWUDYÏV GR SURFHVVR GH H[SORUDÍÊR GH WHPDV SDGUÛHV SUHRFXSDÍÛHV H SUREOHPDV VLJQLILFDWLYRV} )RL SRU YH]HV QHFHVViULR QHVWD IDVH HVWLPXODU D FRQIURQWDomR TXH 3DWWHUVRQ S GHÀQH FRPR |XP SURFHGLPHQWR TXH IRFDOL]D GLUHFWDPHQWH D DWHQÍÊR GR FOLHQWH VREUH DOJXP DVSHFWR GR VHX FRPSRUWDPHQWR TXH VH IRU DOWHUDGR OHYDUÈ Ç DFWXDÍÊR PDLV HIHFWLYD} &RPELQRX VH XP ÀP GH VHPDQD FRP D LUPm H D PmH TXH HQWUHWDQWR Mi HVWDYDP HP 3RUWXJDO $ UHVROXomR p D ~OWLPD IDVH GR SURFHVVR LQWHUSHVVRDO GH 3HSODX QHVWD IDVH GH DFRUGR FRP *HRUJH S |DV QHFHVVLGDGHV GR SDFLHQWH MÈ VH HQFRQWUDP VDWLVIHLWDV WHQGR HVWH IDFWR UHVXOWDGR GH XP WUDEDOKR FRQMXQWR GR SDFLHQWH H GD HQIHUPHLUD $JRUD QHFHVVLWDP GH SRU WHUPR DR


UHODFLRQDPHQWR WHUDSÐXWLFR H GLVVROYHU RV ODÍRV H[LVWHQWHV HQWUH DPERV} 3DWWHUVRQ S TXDQGR GHVFUHYH D IDVH GH WpUPLQR WDPEpP UHIHUH TXH |TXDQGR R FOLHQWH WLYHU DOFDQÍDGR R TXH HVSHUDYD GD H[SHULÐQFLD Ï WHPSR GH ILQDOL]DU R DFRQVHOKDPHQWR} H DFUHVFHQWD TXH | HVVD Ï XPD GHFLVÊR PßWXD TXH SRU VL PHVPD VH WRUQD WHPD SDUD H[SORUDÍÊR} XPD YH] TXH |RV VLQDLV GH SURQWLGÊR LQFOXHP PXGDQÍDV SRVLWLYDV H GHILQLGDV QR FRPSRUWDPHQWR GR FOLHQWH} 1R HQWDQWR R HQIHUPHLUR WHYH VHPSUH SUHVHQWH TXH WDO FRPR QRV GL] 3DWWHUVRQ S |1ÊR FRQYÏP DR FRQVHOKHLUR DGLDU R WÏUPLQR GR DFRQVHOKDPHQWR D ILP GH FRQWLQXDU WHQGR DV VXDV QHFHVVLGDGHV VDWLVIHLWDV SRLV HVWDUÈ EORTXHDQGR R DXPHQWR GD DXWRFRQILDQÍD GR FOLHQWH DR LQYÏV GH HVWLPXOÈ OR} 1RWRX VH SRU SDUWH GR 57 XPD UHVLVWrQFLD DR ÀQDO GR DFRQVHOKDPHQWR |DFKR TXH VH WLYHVVHV PDLV SHUJXQWDV SDUD PH ID]HU VHULD PHOKRU} 1D TXLQWD IDVH GH HQWUHYLVWDV IRL LQWHQomR GR HQIHUPHLUR SHUFHEHU FRPR WLQKD FRUULGR R ÀP GH VHPDQD MXQWR GD IDPtOLD SHUFHEHU TXDO R HVWDGR ItVLFR H SVLFROyJLFR GR GRHQWH H GDU WHUPR DR DFRQVHOKDPHQWR 2 ÀP GH VHPDQD SURJUDPDGR SHUPLWLX TXH PmH H ÀOKR HVWDEHOHFHVVHP HORV IDPLOLDUHV |FRQYHUVÈPRV PXLWR WDPEÏP VREUH R SDVVDGR} 2 57 VHQWLD VH PHQRV DQVLRVR $ERUGRX GH XPD IRUPD PDLV SURIXQGD D VXD H[SHULrQFLD FRP GURJDV H D YLGD VH[XDO PDV GH XPD IRUPD PHQRV FRQWLGD IRL VHUHQR QD VXD H[SRVLomR 'HQRWRX WHU DGTXLULGR D VXD DXWR HVWLPD H QmR DSUHVHQWDYD TXDLVTXHU GHSHQGrQFLDV D QtYHO GR DXWR FXLGDGR &RP WRGDV HVWDV DOWHUDo}HV SRVLWLYDV QR VHX HVWDGR GH VD~GH IRUDP ÀQDOL]DGDV DV VHVV}HV GH DFRQVHOKDPHQWR 1R GLD GD DOWD R 57 QmR DSUHVHQWDYD TXDOTXHU OLPLWDomR HP DQGDU 9LYH FRP D PmH H VHJXQGR HOH DSyV XPD YLVLWD IRL YLYHU H WUDEDOKDU SDUD %UDJDQoD DFHLWDQGR XPD SURSRVWD GH WUDEDOKR

&21&/86®2 $R WHUPLQDU HVWH HVWXGR GH FDVR UHOHPEUR DV SUHRFXSDo}HV pWLFDV TXH HVWLYHUDP VHPSUH SUHVHQWHV H QRUWHDUDP R PHX GHVHPSHQKR 3UHRFXSHL PH HP UHVSHLWDU HP SULPHLUR OXJDU R SULQFtSLR VXEMDFHQWH j OHL GD VD~GH PHQWDO R SULQFtSLR GD 1mR 0DOHÀFrQFLD $R DYDOLDU HVWH FDVR VLQWR TXH UHDOPHQWH WLYH D RSRUWXQLGDGH GH LQÁXHQFLDU GHFLVLYD H SRVLWLYDPHQWH QD UHDELOLWDomR SVLFRVVRFLDO GH XP GRHQWH +RMH DOpP GR 57 HVWDU D DQGDU QRUPDOPHQWH FRQVHJXLX DSUR[LPDU VH GD IDPtOLD DOWHUDQGR GUDVWLFDPHQWH D VXD UHODomR FRP PXLWRV GRV VHXV PHPEURV )RL FRP JUDQGH HQWXVLDVPR TXH XWLOL]HL HVWD PHWRGRORJLD GDGR TXH PH SDUHFH SRWHQFLDOPHQWH XP PpWRGR WHUDSrXWLFR SRU H[FHOrQFLD 8WLOL]DU D KLVWyULD GH YLGD SHUPLWH DR GRHQWH XP HQFRQWUR tQWLPR FRQVLJR SUySULR ORJR XP HVSDoR GH UHÁH[mR H GH FUHVFLPHQWR $OpP GLVVR SHUPLWLX TXH R 57 FRQWDVVH D VXD YLGD GH XPD IRUPD FUtWLFD H WHQGR D RSRUWXQLGDGH GH DQDOLVDU RV DFRQWHFLPHQWRV GH XPD RXWUD SHUVSHFWLYD TXH Vy R GLVWDQFLDPHQWR SHUPLWH )RL LPSRUWDQWH SHUFHEHU TXH HVWD PHWRGRORJLD QmR IRL XP IDFWRU GHVHQFDGHDQWH GH VWUHVV PDV VLP XP PRPHQWR GH DEVWUDFomR FRP D VLQWRPDWRORJLD

DSUHVHQWDGD $R LQWURGX]LU XPD WpFQLFD H[SUHVVLYD GHVHQKR FRQVWDWHL R HQWXVLDVPR GR 57 HP VH FRQWDU HP GHVHQKR R TXH WDPEpP VH UHYHORX LPSRUWDQWH QR GHFRUUHU GHVWH SURFHVVR WHUDSrXWLFR

5()(5È1&,$6 %,%/,2*5É),&$6 'HPpWULR ' ² (UD XPD YH] $ PLQKD YLGD $ DXWRELRJUDÀD FRPR PpWRGR WHUDSrXWLFR /RXUHV /XVRFLrQFLD *HRUJH - ² 7HRULDV GH (QIHUPDJHP 2V IXQGDPHQWRV j SUiWLFD SURÀVVLRQDO 3RUWR $OHJUH $UWPHG /D]XUH + ² 9LYHU D 5HODomR GH $MXGD DERUGDJHP WHyULFD H SUiWLFD GH XP FULWpULR GH FRPSHWrQFLD GD HQIHUPHLUD /LVERD /XVRGLGDFWD /HDO , ² ,QLFLDomR jV 3VLFRWHUDSLDV /LVERD )LP GH 6pFXOR (GLo}HV 1HHE . ² )XQGDPHQWRV GH (QIHUPDJHP GH 6D~GH 0HQWDO /RXUHV /XVRFLrQFLD 3DWWHUVRQ / (LVHQEHUJ 6 ² 2 3URFHVVR GH $FRQVHOKDPHQWR 6mR 3DXOR 0DUWLQV )RQWHV 3KDQHXI 0 ² &RPXQLFDomR HQWUHYLVWD QD UHODomR GH DMXGD H YDOLGDomR /RXUHV /XVRFLrQFLD 5RJHUV & ² 7RUQDU VH SHVVRD /LVERD 0RUDHV (GLWRUHV 9DOODGDUHV $ ² $ $UWHUDSLD H D 5HDELOLWDomR SVLFRVVRFLDO GDV SHVVRDV HP VRIULPHQWR SVtTXLFR 5HYLVWD HOHFWUyQLFD GH HQIHUPDJHP 6mR 3DXOR


&TUBUVUPT EB 41&4.

62&,('$'( 32578*8(6$ '( (1)(50$*(0 '( 6$Ô'( 0(17$/ 63(60

(67$78726 &DStWXOR , &RQVWLWXLomR H ÀQV $UWLJR 'HQRPLQDomR kPELWR H VHGH $ 6RFLHGDGH 3RUWXJXHVD GH (QIHUPDJHP GH 6D~GH 0HQWDO DGLDQWH GHVLJQDGD SRU 63(60 p XPD DVVRFLDomR FLHQWtÀFD VHP ÀQV OXFUDWLYRV GH GXUDomR LQGHWHUPLQDGD GH SHVVRDV VLQJXODUHV RX FROHFWLYDV FXMR GHQRPLQDGRU FRPXP p R LQWHUHVVH QD VD~GH PHQWDO H SVLTXLDWULD HQWHQGLGD QXP FRQWH[WR PXOWLGLVFLSOLQDU $ 63(60 DEUDQJH WRGR R WHUULWyULR QDFLRQDO H WHP D VXD VHGH QR 3RUWR SURYLVRULDPHQWH QD 9HUHGD 0DQXHO VDQWRV /HVVD ² *XHLImHV ² *XHLImHV 0DLD 6HPSUH TXH VHMD FRQVLGHUDGR QHFHVViULR SDUD R FXPSULPHQWR GDV VXDV ÀQDOLGDGHV SRGHUi D 63(60 FRQVWLWXLU GHOHJDo}HV RX RXWUDV IRUPDV GH UHSUHVHQWDomR $UWLJR ² )LQDOLGDGHV $ 63(60 WHP FRPR ÀQDOLGDGHV SURPRYHU D GLYXOJDomR FLHQWtÀFD D LQYHVWLJDomR D IRUPDomR R HQVLQR D SURPRomR GD VD~GH H R DSRLR SUHVWDomR GH FXLGDGRV D SHVVRDV FRP DOWHUDo}HV SVtTXLFDV H RX ULVFR GH DOWHUDo}HV SVtTXLFDV GH IRUPD D GDU R VHX FRQWULEXWR QD PHOKRULD GDV UHVSRVWDV DVVLVWrQFLDV GH DFRUGR FRP DV QHFHVVLGDGHV HP FXLGDGRV GH HQIHUPDJHP HP 6D~GH 0HQWDO H 3VLTXLDWULD

3URPRYHU D RUJDQL]DomR GH UHXQL}HV FRQJUHVVRV VHPLQiULRV RX HYHQWRV GH RXWUD QDWXUH]D SDUD D GLVFXVVmR GH SUREOHPDV UHODFLRQDGRV FRP R FRQWH[WR GD 6D~GH 0HQWDO H 3VLTXLDWULD 3DUWLFLSDU QR 3DtV RX HVWUDQJHLUR HP DFWLYLGDGHV FRP LQWHUHVVH HVSHFtÀFR SDUD D HQIHUPDJHP GH 6D~GH 0HQWDO H 3VLTXLDWULD (VWLPXODU D LQYHVWLJDomR HP HQIHUPDJHP 3URFHGHU j GLYXOJDomR GH HVWXGRV DUWLJRV FLHQWtÀFRV RX GH RSLQLmR SHORV PHLRV DGHTXDGRV QRPHDGDPHQWH DWUDYpV GH SXEOLFDomR SUySULD (IHFWXDU DSRLR WpFQLFR H FLHQWtÀFR D HQWLGDGHV LQGLYLGXDLV RX FROHFWLYDV LQWHUHVVDGDV QD RSWLPL]DomR GDV UHVSRVWDV jV SHVVRDV FRP SUREOHPDV PHQWDLV DWUDYpV GRV PHLRV FRQVLGHUDGRV QHFHVViULRV &ULDU LQWHUIDFHV GH SURPRomR GD VD~GH H GH DVVLVWrQFLD jV SHVVRDV FRP DOWHUDo}HV GR DSDUHOKR SVtTXLFR &RQWULEXLU SDUD D IRUPDomR FRQWtQXD H SHUPDQHQWH GRV HQIHUPHLURV TXH WUDEDOKHP RX VH LQWHUHVVHP SHOR FRQWH[WR GD 6D~GH 0HQWDO DWUDYpV GH LQLFLDWLYD SUySULD RX GH WHUFHLURV )DFLOLWDU DRV IDPLOLDUHV GH SHVVRDV FRP DOWHUDo}HV SVtTXLFDV R DFHVVR D LQIRUPDomR DGHTXDGD VREUH D QHFHVVLGDGH GH FXLGDGRV H DV SRVVLELOLGDGHV GH LQWHUYHQomR HP WHUPRV GH (QIHUPDJHP GH 6D~GH 0HQWDO H 3VLTXLDWULD 3UHVWDU DSRLR DRV VyFLRV HP TXHVW}HV HVSHFtÀFDV GH HQIHUPDJHP HP 6D~GH 0HQWDO )RPHQWDU DV ERDV UHODo}HV H LQWHUFkPELR RX VHU PHPEUR FRP VRFLHGDGHV RX RXWUDV HQWLGDGHV GHGLFDGDV D FRQWH[WRV VLPLODUHV GD 63(60

$UWLJR ² $FWLYLGDGH &RPSHWH j 63(60 GHVHQYROYHU WRGDV DV DFWLYLGDGHV QHFHVViULDV SDUD D SURVVHFXomR GDV VXDV ÀQDOLGDGHV QRPHDGDPHQWH 3URPRYHU RX DSRLDU LQLFLDWLYDV GH FDUiFWHU HGXFDWLYR WpFQLFR FLHQWtÀFR pWLFR H GH LQYHVWLJDFmR QR kPELWR GD (QIHUPDJHP GH 6D~GH 0HQWDO H 3VLTXLDWULD

&RPSLODU H GLYXOJDU GRFXPHQWRV FLHQWtÀFRV HQWUH RV VHXV PHPEURV 3XEOLFDU XP EROHWLP XPD UHYLVWD RX RXWUD SXEOLFDomR UHODFLRQDGD FRP DV VXDV ÀQDOLGDGHV 'HIHQGHU RV LQWHUHVVHV GRV XWHQWHV HP UHODomR DRV VHUYLoRV GH 6D~GH 0HQWDO

'LiULR GD 5pSXEOLFD ,, 6pULH GH 6HWHPEUR GH


'HIHQGHU H VXJHULU D SDUWLFLSDomR GH HQIHUPHLURV QRV RUJDQLVPRV S~EOLFRV FRP D UHVSRQVDELOLGDGH GH RUJDQL]DU SODQLÀFDU H UHVROYHU RV SUREOHPDV GD 6D~GH 0HQWDO 3URPRYHU R LQWHUFkPELR FLHQWtÀFR FRP RXWURV SURÀVVLRQDLV 3URPRYHU D GLYXOJDomR GD LQIRUPDomR VREUH RV DYDQoRV QR FRQKHFLPHQWR GD HQIHUPDJHP HP 6D~GH 0HQWDO H 3VLTXLDWULD 'HIHQGHU DV SHVVRDV VREUH R DFHVVR D FXLGDGRV HVSHFLDOL]DGRV QD GLYHUVLGDGH GRV kPELWRV GD HQIHUPDJHP GH 6D~GH 0HQWDO H 3VLTXLDWULD &$3Ì78/2 ,, 6yFLRV $UWLJR $TXLVLomR GD TXDOLGDGH GH VyFLR 6mR VyFLRV GD 63(60 D 6yFLRV IXQGDGRUHV E 6yFLRV KRQRUiULRV F 6yFLRV HIHFWLYRV G &ROHFWLYRV H 5HIRUPDGRV D 6yFLRV IXQGDGRUHV ² VmR RV SURÀVVLRQDLV RXWRUJDQWHV GD HVFULWXUD S~EOLFD GH FRQVWLWXLomR GD 63(60 E 6yFLRV KRQRUiULRV ² VmR HQWLGDGHV RX SHVVRDV LQGLYLGXDLV FROHFWLYDV TXH D DVVHPEOHLD JHUDO VRE SURSRVWD GD GLUHFomR DWULEXD WDO HVWDWXWR GH KRQUD SHOR VHX PpULWR SHORV WUDEDOKRV HIHFWXDGRV RX SHOD FRODERUDomR SUHVWDGD j 63(60 F 6yFLRV HIHFWLYRV ² VmR RV SURÀVVLRQDLV TXH VH LQWHUHVVHP SHOR FRQWH[WR GD 6D~GH 0HQWDO H 3VLTXLDWULD TXH VHMDP DGPLWLGRV QHVVD TXDOLGDGH SHOD GLUHFomR G 6yFLRV FROHFWLYRV ² VmR WRGDV DV SHVVRDV FROHFWLYDV QDFLRQDLV RX HVWUDQJHLUDV TXH VH LQWHUHVVHP SHODV ÀQDOLGDGHV GD 63(60 H TXH VHMDP DGPLWLGDV SHOD GLUHFomR H 6yFLRV UHIRUPDGRV ² VmR VyFLRV TXH DR DWLQJLU D LGDGH GD UHIRUPD H[SUHVVHP D YRQWDGH GH VH PDQWHU DVVRFLDGRV 2V VyFLRV HIHFWLYRV FROHFWLYRV H UHIRUPDGRV SDJDUmR D MyLD H TXRWD TXH IRUHP À[DGDV SHOD DVVHPEOHLD JHUDO

K 7HU DFHVVR D WRGRV RV GRFXPHQWRV GD 63(60 2V DVVRFLDGRV UHIRUPDGRV PDQWpP WRGRV RV GLUHLWRV j H[FHSomR GDV DOtQHDV E H F $UWLJR ² 'HYHUHV GRV VyFLRV &RQVWLWXHP GHYHUHV GRV VyFLRV D &XPSULU FRP DV UHVSHFWLYDV REULJDo}HV HVWDWXiULDV H DV GHOLEHUDo}HV GRV FRUSRV JHUHQWHV E &RQFRUUHU GHQWUR GDV VXDV SRVVLELOLGDGHV SDUD D FRQFUHWL]DomR GDV ÀQDOLGDGHV GD 63(60 F 'HVHPSHQKDU DV IXQo}HV SDUD TXH IRUHP HOHLWRV RX QRPHDGRV G &RQWULEXLU SDUD R HQULTXHFLPHQWR FLHQWtÀFR GD 63(60 H &RODERUDU QDV DFWLYLGDGHV SURPRYLGDV SHOD 63(60 I $FDWDU DV GHFLV}HV GD 'LUHFomR H GD $VVHPEOHLD *HUDO J 3DJDU DV TXRWDV TXH IRUHP À[DGDV SHOD $VVHPEOHLD *HUDO $V TXRWDV VmR SDJDV DQXDOPHQWH QR SULPHLUR WULPHVWUH GH FDGD DQR FLYLO RUGLQDULDPHQWH H H[WUDRUGLQDULDPHQWH DWp GLDV DSyV D VROLFLWDomR GH SDJDPHQWR $UWLJR 3HUGD GD TXDOLGDGH GH VyFLR 3HUGHP D TXDOLGDGH GH VyFLR D 2V TXH SRU HVFULWR R VROLFLWDUHP j 'LUHFomR E 2V TXH SHOD VXD FRQGXWD FRQWULEXDP RX FRQFRUUDP GHOLEHUDGDPHQWH SDUD R GHVFUpGLWR RX SUHMXt]R GD 63(60 F 2V TXH GH IRUPD UHLWHUDGD GHVUHVSHLWHP RV GHYHUHV HVWDWXiULRV H RV TXH LOHJLWLPDPHQWH GHVREHGHoDP jV GHOLEHUDo}HV OHJDOPHQWH WRPDGDV QD 63(60 G 7RGRV RV VyFLRV TXH QmR SDJXHP DV TXRWDV QR SUD]R À[DGR $ H[FOXVmR GH XP VyFLR p VHPSUH GHOLEHUDGD SHOD $VVHPEOHLD *HUDO SRU LQLFLDWLYD GHVWD RX VRE SURSRVWD IXQGDPHQWDGD GD 'LUHFomR H[LJLQGR VH R YRWR IDYRUiYHO GH GRLV WHUoRV GRV VyFLRV SUHVHQWHV &$3,7Ô/2 ,,, 2UJDQL]DomR H IXQFLRQDPHQWR GD 63(60

$UWLJR ² 'LUHLWR GRV VyFLRV $UWLJR ÐUJmRV H FRUSRV JHUHQWHV &RQVWLWXHP GLUHLWR GRV VyFLRV $ 63(60 p FRQVWLWXtGD SRU TXDWUR yUJmRV D 3DUWLFLSDU QDV DVVHPEOHLDV JHUDLV E 6HUHP HOHLWRV SDUD RV FRUSRV VRFLDLV F (OHJHU RV PHPEURV GD $VVHPEOHLD *HUDO 'LUHFomR FRQVHOKR ÀVFDO H FRPLVV}HV JUXSRV GH WUDEDOKR G 5HTXHUHU D FRQYRFDomR GD DVVHPEOHLD JHUDO H[WUDRUGLQiULD QRV WHUPRV SUHYLVWRV QRV SUHVHQWHV HVWDWXWRV H )RUPXODU SURSRVWDV H UHTXHUHU LQIRUPDo}HV j 'LUHFomR I 8WLOL]DU RV VHUYLoRV TXH D 63(60 SRQKD j VXD GLVSRVLomR J $SUHVHQWDU VXJHVW}HV UHODWLYDPHQWH j UHDOL]DomR GDV DFWLYLGDGHV HVWDWXWiULDV

D $ GLUHFomR E $ DVVHPEOHLD JHUDO F 2 FRQVHOKR FRQVXOWLYR G 2 FRQVHOKR ÀVFDO &RUSRV JHUHQWHV D $ GLUHFomR p FRQVWLWXtGD SRU XP SUHVLGHQWH XP YLFH SUHVLGHQWH XP VHFUHWiULR H XP YRJDO


E $ PHVD GD DVVHPEOHLD JHUDO p FRQVWLWXtGD SRU XP SUHVLGHQWH XP YLFH SUHVLGHQWH H XP VHFUHWiULR F 2 FRQVHOKR ÀVFDO p FRQVWLWXtGR SRU XP SUHVLGHQWH H GRLV YRJDLV G 2 FRQVHOKR FRQVXOWLYR p FRQVWLWXtGR SRU XP SUHVLGHQWH H SRU XP PtQLPR GH WUrV FRQVXOWRUHV GHVLJQDGRV SHOD GLUHFomR H DSURYDGRV HP $VVHPEOHLD *HUDO

² 1mR KDYHQGR ´TXRUXPµ QD GDWD H KRUD PDUFDGD D DVVHPEOHLD JHUDO UHXQLU VH i FRP TXDOTXHU Q~PHUR GH VyFLRV QR PHVPR ORFDO PHLD KRUD GHSRLV

2V PHPEURV GRV FRUSRV JHUHQWHV VmR HOHLWRV GH HQWUH RV VyFLRV SRU XP SHUtRGR GH WUrV DQRV VHQGR UHHOHJtYHLV SRU SHUtRGRV VLPLODUHV 2 FRQVHOKR FRQVXOWLYR p SURSRVWR SHOD GLUHFomR H VHUi DSURYDGR HP DVVHPEOHLD JHUDO

D (OHJHU H GLVWULEXLU D 0HVD GD $VVHPEOHLD *HUDO D 'LUHFomR H R &RQVHOKR )LVFDO E 2XWRUJDU D TXDOLGDGH GH VyFLR KRQRUiULR D GH SUHVLGHQWH KRQRUiULR VRE SURSRVWD GD GLUHFomR F 'HOLEHUDU D H[FOXVmR GH VyFLRV G )L[DU R PRQWDQWH GD MyLD H TXRWDV GRV VyFLRV H D VXD DFWXDOL]DomR H 'HOLEHUDU D FULDomR GH 1~FOHRV 5HJLRQDLV JUXSRV GH WUDEDOKR GD 63(60 H DSURYDU R UHJXODPHQWR GD UHVSHFWLYD RUJDQL]DomR H IXQFLRQDPHQWR I &RQFHGHU DXWRUL]DomR SDUD D DTXLVLomR RX DOLHQDomR GH EHQV LPyYHLV J 'HOLEHUDU VREUH D GLVVROXomR GD 63(60 K &RPSHWH DR SUHVLGHQWH GD 0HVD GH $VVHPEOHLD *HUDO FRQYRFDU H GLULJLU RV WUDEDOKRV GD $VVHPEOHLD *HUDO

$UWLJR &RQVHOKR FRQVXOWLYR ² -XQWR GD GLUHFomR SRGHUi IXQFLRQDU XP FRQVHOKR FRQVXOWLYR TXH D SHGLGR GDTXHOH yUJmR VH SURQXQFLDUi RX HPLWLUi SDUHFHUHV VREUH TXHVW}HV UHOHYDQWHV SDUD D 63(60 ² 2 FRQVHOKR FRQVXOWLYR p FRQVWLWXtGR SHOR FRQVXOWRU SUHVLGHQWH H SRU TXDWUR FRQVXOWRUHV WRGRV LQGLYLGXDOPHQWH GHVLJQDGRV SHOD GLUHFomR GH HQWUH RV VyFLRV SRU SHUtRGRV GH WUrV DQRV DXWRPDWLFDPHQWH UHQRYiYHLV SRU LJXDLV SHUtRGRV VH D GLUHFomR QDGD FRPXQLFDU SRU HVFULWR DR FRQVHOKR FRQVXOWLYR

$UWLJR $VVHPEOHLD JHUDO ² $ DVVHPEOHLD JHUDO p FRQVWLWXtGD SRU WRGRV RV VyFLRV QR JR]R GRV VHXV GLUHLWRV DVVRFLDWLYRV H DV VXDV GHOLEHUDo}HV VmR VREHUDQDV WHQGR DSHQDV SRU OLPLWH DV GLVSRVLo}HV LPSHUDWLYDV GD OHL H GRV SUHVHQWHV HVWDWXWRV ² &RQVLGHUDP VH VyFLRV QR SOHQR XVR GRV VHXV GLUHLWRV DTXHOHV TXH QmR VH HQFRQWUHP VXVSHQVRV H WHQKDP HP GLD DV VXDV TXRWDV $UWLJR 5HXQL}HV GD DVVHPEOHLD JHUDO

$UWLJR &RPSHWrQFLD GD DVVHPEOHLD JHUDO &RPSHWH HVSHFLDOPHQWH j DVVHPEOHLD JHUDO

$UWLJR 'LUHFomR $ GLUHFomR p R yUJmR H[HFXWLYR GD 63(60 FRPSHWLQGR OKH GH XP PRGR JHUDO D UHSUHVHQWDomR H DGPLQLVWUDomR D SUiWLFD GRV DFWRV QHFHVViULRV j SURVVHFXomR GRV ÀQV HVWDWXiULRV H D FHOHEUDomR GH TXDLVTXHU FRQWUDWRV QHFHVViULRV j UHDOL]DomR GHVVHV ÀQV $UWLJR 5HXQL}HV GD GLUHFomR ² $ GLUHFomR UHXQLUi SRU FRQYRFDomR GR VHX SUHVLGHQWH RUGLQDULDPHQWH GH GRLV HP GRLV PHVHV H H[WUDRUGLQDULDPHQWH SRU LQLFLDWLYD GR SUHVLGHQWH RX D UHTXHULPHQWR GH SHOR PHQRV GRLV PHPEURV GD GLUHFomR ² $V GHOLEHUDo}HV VmR WRPDGDV SRU PDLRULD GRV PHPEURV WHQGR R SUHVLGHQWH YRWR GH TXDOLGDGH

² $ DVVHPEOHLD JHUDO SRGH UHXQLU RUGLQiULD H H[WUDRUGLQDULDPHQWH $UWLJR &RPSHWrQFLD GD GLUHFomR ² $ DVVHPEOHLD JHUDO UH~QH RUGLQDULDPHQWH XPD YH] SRU DQR DWp GH 1RYHPEUR SDUD GLVFXWLU H YRWDU R UHODWyULR H FRQWDV GD GLUHFomR EHP FRPR R SDUHFHU GR FRQVHOKR ÀVFDO H DSURYDU VRE SURSRVWD GD GLUHFomR RV SODQRV GH DFWLYLGDGH H RUoDPHQWR ² $ DVVHPEOHLD JHUDO UH~QH H[WUDRUGLQDULDPHQWH VHPSUH TXH IRU UHTXHULGD SRU LQLFLDWLYD GR VHX SUHVLGHQWH RX D SHGLGR GD GLUHFomR GR FRQVHOKR ÀVFDO RX D UHTXHULPHQWR GH SHOR PHQRV XP WHUoR GRV VyFLRV ² $ FRQYRFDWyULD IDU VH i SRU PDLO RX RXWUR PHLR H[SHGLGR SDUD FDGD XP GRV DVVRFLDGRV FRP D DQWHFHGrQFLD PtQLPD GH TXLQ]H GLDV FRP D LQGLFDomR GR GLD KRUD H ORFDO GD UHXQLmR H D UHVSHFWLYD RUGHP GH WUDEDOKRV

&RPSHWH HVSHFLDOPHQWH j GLUHFomR D &RQWUDWDU SHVVRDO VXVSHQGHU RX GHPLWLU SHVVRDO YROXQWiULR RX DVVDODULDGR EHP FRPR H[HUFHU D UHVSHFWLYD GLVFLSOLQD E $GPLQLVWUDU H JHULU D 63(60 ]HODU SHOR FXPSULPHQWR GRV HVWDWXWRV UHJXODPHQWRV H H[HFXWDU DV GHOLEHUDo}HV GD $VVHPEOHLD *HUDO F &RQVWLWXLU PDQGDWiULRV RV TXDLV REULJDUmR D 63(60 GH DFRUGR FRP D H[WHQVmR GRV UHVSHFWLYRV PDQGDWRV G (ODERUDU DQXDOPHQWH H VXEPHWHU DR SDUHFHU GR FRQVHOKR ÀVFDO R UHODWyULR H FRQWDV GD JHUrQFLD EHP FRPR R RUoDPHQWR H SURJUDPD GH DFomR SDUD R DQR VHJXLQWH


H 'HOLEHUDU VREUH D DGPLVVmR GRV VyFLRV I $UUHFDGDU UHFHLWDV RUGHQDU GHVSHVDV H DFHLWDU KHUDQoDV OHJDGRV H GRDo}HV J 'HOLEHUDU D LQVFULomR H D UHSUHVHQWDomR HP RUJDQLVPRV FRQJpQHUHV QDFLRQDLV RX HVWUDQJHLURV K (ODERUDU RV UHJXODPHQWRV LQWHUQRV D VHUHP SURSRVWRV j DVVHPEOHLD JHUDO L 'DU SURYLPHQWR jV GHOLEHUDo}HV GD $VVHPEOHLD *HUDO M 1RPHDU JUXSRV GH WUDEDOKR N &RRUGHQDU D DFWXDomR GRV JUXSRV GH WUDEDOKR EHP FRPR DSURYDU R UHVSHFWLYR UHJXODPHQWR LQWHUQR O 3URPRYHU H GLYXOJDU D 63(60 MXQWR GH WHUFHLURV P (ODERUDU RV UHJXODPHQWRV TXH MXOJXH QHFHVViULRV D H[HFXomR GDV DFWLYLGDGHV GD 63(60 Q &RRUGHQDU D HGLomR H GLVWULEXLomR GH SXEOLFDo}HV R 5HTXHUHU D FRQYRFDomR GD $VVHPEOHLD *HUDO S 3DUWLFLSDU DFWLYDPHQWH QD FRQFUHWL]DomR GDV ÀQDOLGDGHV GD 63(60 $UWLJR &RPSHWrQFLD GR SUHVLGHQWH GD GLUHFomR ² &RPSHWH HVSHFLDOPHQWH DR SUHVLGHQWH GD GLUHFomR D 6XSHULQWHQGHU QD DGPLQLVWUDomR GD 63(60 E 5HSUHVHQWDU D 63(60 HP MXt]R H IRUD GHOH H QD RXWRUJD GH FRQWUDWRV F 3URPRYHU D H[HFXomR GDV GHOLEHUDo}HV GD GLUHFomR H DVVHJXUDU R H[SHGLHQWH QRUPDO GRV VHUYLoRV G 7RPDU DV SUHYLGrQFLDV XUJHQWHV TXH MXOJXH LQGLVSHQViYHLV VXEPHWHQGR DV SRVWHULRUPHQWH j UDWLÀFDomR GD GLUHFomR H $VVLQDU FRQMXQWDPHQWH FRP RXWUR HOHPHQWR GD GLUHFomR SRGHQGR GHOHJDU QR VHFUHWiULR DV DXWRUL]Do}HV GH SDJDPHQWR H DV JXLDV GH UHFHLWD I ([HUFHU DV GHPDLV DWULEXLo}HV TXH SRU GHOHJDomR GD GLUHFomR OKH IRUHP FRQÀDGDV

OHJDGRV GH HQWLGDGHV S~EOLFDV RX SULYDGDV SRUWXJXHVDV RX HVWUDQJHLUDV QmR LQFRPSDWtYHLV FRP RV ÀQV GD 63(60 3DUD D FRQFUHWL]DomR GRV VHXV REMHFWLYRV D 63(60 SRGH D $GTXLULU DOLHQDU RX RQHUDU D TXDOTXHU WtWXOR EHQV PyYHLV RX LPyYHLV E $FHLWDU TXDLVTXHU GRDo}HV KHUDQoDV RX OHJDGRV F 1HJRFLDU H FRQWUDLU HPSUpVWLPRV H FRQFHGHU JDUDQWLDV QR TXDGUR GH RSWLPL]DomR GH YDORUL]DomR GR VHX SDWULPyQLR H GD FRQFUHWL]DomR GRV VHXV ÀQV 3HUWHQFHP DR SDWULPyQLR GD 63(60 D /LYURV H UHYLVWDV FLHQWtÀFRV RIHUHFLGRV RX RXWURV E 7RGRV RV EHQV PyYHLV LPyYHLV H GLUHLWRV TXH DGTXLULU $UWLJR 5HFHLWDV H GHVSHVDV ² &RQVWLWXHP UHFHLWDV GD 63(60 D 5HQGLPHQWRV GRV VHUYLoRV H EHQV SUySULRV E 6XEVtGLRV TXH OKH VHMDP FRQFHGLGRV F 4XDLVTXHU RXWUDV UHFHLWDV LQFOXLQGR GRQDWLYRV KHUDQoDV H OHJDGRV RX RXWURV SURYHQWRV DFHLWHV SHOD 63(60 G -yLDV H TXRWDV GRV VyFLRV ² &RQVWLWXHP GHVSHVDV GD 63(60 WRGRV RV HQFDUJRV UHODWLYRV D SHVVRDO PDWHULDO H VHUYLoR QHFHVViULR j UHDOL]DomR GRV VHXV ÀQV GHVGH TXH RUoDPHQWDOPHQWH SUHYLVWRV &$3Ì78/2 9 'LVSRVLo}HV ÀQDLV $UWLJR 5HJXODPHQWR LQWHUQR

² 1RV LPSHGLPHQWRV RX IDOWDV GR SUHVLGHQWH YHULÀFDGRV SHOD GLUHFomR DV FRPSHWrQFLDV FRQVWDQWHV GR Q~PHUR DQWHULRU VHUmR H[HUFLGDV SHOR VHFUHWiULR $UWLJR &RQVHOKR ÀVFDO ² &RPSHWH DR FRQVHOKR ÀVFDO H[DPLQDU DV FRQWDV DSUHVHQWDGDV SHOD GLUHFomR H DSUHVHQWDU R UHVSHFWLYR SDUHFHU j DVVHPEOHLD JHUDO ² 2 FRQVHOKR ÀVFDO WHP R GLUHLWR GH H[DPLQDU RV OLYURV H GRFXPHQWRV GH HVFULWXUDomR RV TXDLV OKH VHUmR IDFXOWDGRV SHOD GLUHFomR VHPSUH TXH VROLFLWDGRV &$3Ì78/2 ,9 5HJLPH SDWULPRQLDO H ÀQDQFHLUR $UWLJR 3DWULPyQLR 2 ÀQDQFLDPHQWR GD 63(60 VHUi JDUDQWLGR SHOR SURGXWR GDV MyLDV H TXRWDV GRV $VVRFLDGRV H SRU HYHQWXDLV FRQWULEXLo}HV SURYHQLHQWHV GH TXDLVTXHU VXEVtGLRV GRDo}HV KHUDQoDV RX

2 UHJXODPHQWR LQWHUQR D DSURYDU SHOD DVVHPEOHLD JHUDO UHJXODUi GHVLJQDGDPHQWH R VHJXLQWH D $ FULDomR yUJmRV FRPSHWrQFLD H IXQFLRQDPHQWR GH 1~FOHRV 5HJLRQDLV JUXSRV GH WUDEDOKR H JUXSRV GH LQYHVWLJDomR GD 63(60 E 2 UHJLPH GLVFLSOLQDU DSOLFiYHO DRV VyFLRV GHVLJQDGDPHQWH VREUH D VXVSHQVmR H[FOXVmR UHDGPLVVmR H SUpYLD DXGLomR GRV VyFLRV F 5HJLPH DSOLFiYHO DR SDJDPHQWR GH TXRWDV G &ULDomR GH &RPLVV}HV RX *UXSRV GH 7UDEDOKR H 5HJXODPHQWR HOHLWRUDO

$UWLJR $OWHUDomR GRV HVWDWXWRV ² 2V HVWDWXWRV Vy SRGHP VHU DOWHUDGRV HP DVVHPEOHLD JHUDO H[WUDRUGLQiULD UHXQLGD HVSHFLÀFDPHQWH SDUD HVVH ÀP ² $V GHOLEHUDo}HV VHUmR WRPDGDV FRP R YRWR IDYRUiYHO GH SHOR PHQRV WUrV TXDUWRV GR Q~PHUR GH VyFLRV SUHVHQWHV


$UWLJR 'LVVROXomR ² $ 63(60 SRGH VHU GLVVROYLGD PHGLDQWH GHOLEHUDomR IDYRUiYHO GD DVVHPEOHLD JHUDO H[WUDRUGLQiULD H[SUHVVDPHQWH FRQYRFDGD SDUD HVVH ÀP ² $ GHOLEHUDomR UHTXHU YRWR IDYRUiYHO GH SHOR PHQRV WUrV TXDUWRV GR Q~PHUR WRWDO GH VyFLRV ² 2V EHQV GD 63(60 QR FDVR GD VXD GLVVROXomR UHYHUWHUmR SDUD XPD DVVRFLDomR TXH YLVH DVVHJXUDU D PHOKRULD GD TXDOLGDGH DVVLVWHQFLDO DR GRHQWH PHQWDO D GHVLJQDU SHOD $VVHPEOHLD *HUDO DTXDQGR GD VXD GLVVROXomR $UWLJR )DVH GH LQVWDODomR ² 1R SUD]R GH XP DQR UHXQLUi D DVVHPEOHLD JHUDO SDUD HIHLWRV GH HOHLomR GRV FRUSRV JHUHQWHV ² (QTXDQWR QmR IRUHP HOHLWRV RV FRUSRV VRFLDLV RV VyFLRV IXQGDGRUHV RXWRUJDQWHV GD HVFULWXUD GH FRQVWLWXLomR GHVWD DVVRFLDomR HVFROKHUmR GH HQWUH VL QD VXD SULPHLUD UHXQLmR RV TXH DVVXPLUmR GH LPHGLDWR RV FDUJRV GD GLUHFomR GD PHVD GD DVVHPEOHLD JHUDO H GR FRQVHOKR ÀVFDO ² $RV FRUSRV JHUHQWHV FRQVWLWXtGRV DR DEULJR GR Q DQWHULRU FRUUHVSRQGHP WRGRV RV SRGHUHV H FRPSHWrQFLDV DWULEXtGRV SRU HVWHV HVWDWXWRV DRV FRUUHVSRQGHQWHV yUJmRV