!

     

2+RWHOGRV
0LVWpULRV
(VWDPRVQRDQR$OJXUHVQRFRQWLQHQWHQRUWH
DPHULFDQRXPRXVDGRDUTXHyORJRDWpHQWmRGHVFRQKHFLGR
ID]XPDGHVFREHUWDVHQVDFLRQDODVUXtQDVVRWHUUDGDV
GHXPPRWHOHFRPQRWiYHOSUHFLVmRDWULEXLXPDGDWDDR
DFKDGRRVpFXOR;;0DVTXHFRQFOXV}HVVXUSUHHQGHQWHV
YDLHOHWLUDUVREUHHVWDFXOWXUDGHVDSDUHFLGD"

(PFLPDXPDGDVDVVLVWHQWHVGH
&DUVRQH[LELQGRRFRODUVDJUDGR
GLDGHPDDOpPGRVPDJQt¿FRVDGRUQRV
SDUDRUHOKDVH[HFXWDGRVHPSODVWLFXV
HRUHTXLQWDGRFRUGmRGHSUDWDFRP
SHQGHQWH¬HVTXHUGDDpUHDGR
HQRUPHFRPSOH[RIXQHUiULRYHQGR
VHRVW~PXORVRWDQTXHVDJUDGR
HDOJXPDVGDVHVFXOWXUDVTXHVH
HQFRQWUDYDPQDiUHDDGMDFHQWH

$VFDPDGDVGHGHWULWRVFLHQWL¿FDPHQWH
## !

1RDQRXPWHUUtYHOFDWDFOLVPR
GHVWUXLXSUDWLFDPHQWHWRGDVDVIRUPDVGH GHVLJQDGDVSRUHVWUDWRVGH3ROOXWDQWXV
YLGDQRFRQWLQHQWHDPHULFDQR1DPDQKm OLWHUDWLH3ROOXWDQWXVJUDYLWDVTXH
GRGLDGH1RYHPEURXPDLQHVSHUDGD UHFREULDPRFRQWLQHQWHQRUWHDPHULFDQR
UHGXomRGDVWDULIDVSRVWDLVQXPDVXEVWkQFLD HQGXUHFHUDPFRPRURFKHGRVHFRPR
GHQRPLQDGDFRUUHLRGHWHUFHLUDHTXDUWD WHPSRRVFRQKHFLPHQWRVVREUHDFLYLOL]DomR
FODVVHVVRWHUURXRV1RUWH$PHULFDQRVHP ³SHUGLGD´FDtUDPTXDVHFRPSOHWDPHQWH
WRQHODGDVGHEURFKXUDVFRUUHLRH[SUHVVRH QRHVTXHFLPHQWR$GHVFULomRGDYLGD
SHTXHQRVFRQWHQWRUHVFRPDLQGLFDomRGH TXRWLGLDQDHGRVFRVWXPHVGRSRYRHVWUDQKR
SRUWHSDJR'XUDQWHHVVDWDUGHWRGDVDV TXHKDELWRXHVWDWHUUDSHUPDQHFHXDVVLP
LPSXUH]DVGRDUFHGHUDP¿QDOPHQWHjIRUoD LQFRPSOHWDDWpKiFHUFDGHDQRVTXDQGR
GDJUDYLGDGHHDOXtUDPGHSRVLWDQGRVH VHGLIXQGLXDQRWtFLDGDVXUSUHHQGHQWH
VREUHXPDSRSXODomRMiGHVRULHQWDGD(P GHVFREHUWDGH+RZDUG&DUVRQQR0RWHO
PHQRVGHXPGLDSHUHFHUDDPDLVDYDQoDGD GRV0LVWpULRVQDiUHDGHQRPLQDGD(8$
FLYLOL]DomRGRPXQGRDQWLJR &DUVRQGHQRPLQRXRFRPSOH[RTXHHVFDYRX
>@
!     

0RWHOGRV0LVWpULRVSRUVHWHUDSHUFHELGR GRVVHWHDQRVGHDWLYLGDGHQDVHVFDYDo}HV
GHTXHVHHQFRQWUDYDQDSLVWDGRVVHJUHGRV GRFRPSOH[RGR0RWHOGRV0LVWpULRVTXH
UHOLJLRVRVGDFLYLOL]DomRGHVDSDUHFLGD FXOPLQRXFRPDUHPRomRHFODVVL¿FDomRGRV
WHVRXURVGRW~PXOR 3DUDGHPRQVWUDU
5HSHQWLQDPHQWHRVRORDEULXVH DDEXQGkQFLDHRFDUiWHU~QLFRGRVREMHWRV
HQFRQWUDGRV¿]HUDPVHGHVHQKRVGDV
$WpDRVDQRV+RZDUG&DUVRQQDGD GXDVFkPDUDV 7RGRVRVREMHWRVTXHVH
¿]HUDGHQRWiYHODOpPGHXPFHUWR HQFRQWUDYDPQDFkPDUDH[WHULRUHVWDYDP
Q~PHURGHH[SHULrQFLDVIDQWDVLRVDVFRPR FRORFDGRVIDFHDRDOWDUPRU  LQFOXLQGR
SRUH[HPSORWHQWDUFULDUXPFDPHOR RFRUSRGRGHIXQWRRTXDODLQGDMD]LD
FRPWUrVERVVDV(PRWXUEXOHQWR VREUHXPDHVSpFLHGHHVWUDGRFHULPRQLDO
&DUVRQSDUWLFLSRXQDD0DUDWRQD  2PRUWRVHJXUDYDDLQGDQDPmRR
&RPHPRUDWLYDGD&DWiVWURIH1RUWH FRPXQLFDGRUVDJUDGR  HjYROWDGRVHX
$PHULFDQD([WUHPDPHQWHDWUDVDGRHP SXOVRFRQVHUYDYDVHXPWLUDGHRXURÀH[tYHO
UHODomRDRVRXWURVFRQFRUUHQWHVDFDERX UHSURGX]LQGRXPDLPDJHPVHPHOKDQWHjGR
SRUVHHQFRQWUDULVRODGRVREUHGHWULWRVj DOWDUPRU6HEHPTXHWLYHVVHSRVVLELOLGDGHV
EHLUDGHXPDHVFDYDomRDEDQGRQDGD GHFRPXQLFDUFRPXPJUDQGHQ~PHURGH
5HSHQWLQDPHQWHRVRORDEULXVHVRERVVHXV GHXVHVRDOWDUSDUHFLDWHUVLGRFRQFHELGR
SpV4XDQGRDQXYHPGHSyGHVDSDUHFHX RULJLQDOPHQWHSDUDDFRPXQKmRFRPRV
&DUVRQHQFRQWUDYDVHQRIXQGRGHXPD GHXVHV),/0($H),/0(%
DQWLJDJDOHULDHPIUHQWHGHXPW~PXOR 3HODREVHUYDomRGRVVLQDLVGHSHUFXVVmR
KiPXLWRHVTXHFLGR$OX]GDJDOHULD QDVSDUWHVVXSHULRUHVHODWHUDLVGRDOWDU
LOXPLQDYDDiUHDHPYROWDGRSX[DGRUGD PRUFRQFOXtDVHTXHDOJXQVDVSHFWRVGHVWD
SRUWDGRW~PXOR$SyVXPDLQYHVWLJDomR
PDLVPLQXFLRVD&DUVRQGHVFREULXTXHR
VHORVDJUDGRWUDGLFLRQDOPHQWHFRORFDGR
QDSRUWDDSyVDVFHULP{QLDVI~QHEUHV
VHFRQVHUYDYDLQWDFWR$VVRPEUDGR
FRPSUHHQGHXTXHVHHQFRQWUDYDQROLPLDU
GHXPDGHVFREHUWDGHJUDQGHDOFDQFH
KLVWyULFR2VPLVWHULRVRVULWXDLVI~QHEUHV
GRV1RUWH$PHULFDQRVGRV¿QDLVGRVpFXOR
;;LDP¿QDOPHQWHVHUUHYHODGRV

&RLVDVPDUDYLOKRVDV
## !

$OJXPWHPSRGHSRLV&DUVRQHXPJUXSR
GHGHYRWDGRVYROXQWiULRVSUHSDUDUDPVH
SDUDSHQHWUDUQRW~PXOR2UDQJHUGDV
GREUDGLoDVDQWLJDVTXHEURXRVLOrQFLR
FRPRRJULWRGHXPHVStULWRDTXHP
SHUWXUEDVVHPDSD]4XDQGRRYpX
GDHVFXULGmROLEHUWRXRVWHVRXURVDOL
HQFHUUDGRV&DUVRQFDLXHPr[WDVH2
SOiVWLFREULOKDYDSRUWRGDDSDUWH
(VWiYHQGRDOJXPDFRLVD+RZDUG"
SHUJXQWRXRJUXSRHPXQtVVRQR
6LPUHVSRQGHX&RLVDVPDUDYLOKRVDV
(DVVLPWHYHLQtFLRSDUD&DUVRQRSULPHLUR

>@
!     

FRPXQLFDomRHVWDYDPLQGXELWDYHOPHQWH PRELOLiULRKDELOPHQWHH[HFXWDGDV$SHoD
GHSHQGHQWHVGRVEDWLPHQWRVQDVXD PDLVLPSRUWDQWHHUDSRVVLYHOPHQWHR%$/'(
VXSHUItFLH3RUEDL[RGRSUHFLRVRDOWDU '(*(/2  (VWHUHFLSLHQWHGHVWLQDYD
GHYLGURHQFRQWUDYDPVHQXPHURVRV VHDSUHVHUYDUSDUDDHWHUQLGDGHDLQGD
UHFHSWiFXORVVHODGRVPXLWRSURYDYHOPHQWH TXHVLPEROLFDPHQWHRVSULQFLSDLVyUJmRV
GHVWLQDGRVjVRIHUHQGDV LQWHUQRVGRGHIXQWR2WHWR  HVWDYD
UHFREHUWRSRUFRPSOLFDGRVPRVDLFRVFDGD
0LVWHULRVRVULWXDLVI~QHEUHV XPGHOHVGHFRUDGRFRPXPDVpULHGH
SHUIXUDo}HVSDUDOHODVHSLQWDGRVGHFRU
&RQVHUYDYDPVHPXLWRVYHVWtJLRVGRV DGHTXDGDSDUDHQFREULUSRVVtYHLVHVHPSUH
DQWLJRVULWXDLVI~QHEUHV8PDHQRUPH VXWLVVLQDLVGHXPLGDGH
TXDQWLGDGHGHWUDMHVLQFOXLQGRDFKDSD 3HUVXDGLGRGHTXHRIDWRGDH[LVWrQFLD
SHLWRUDOGHFHULP{QLD  HGRLVSDUHVGH GHGRLVSDUHVGHVDSDWRVVLJQL¿FDYDXP
VDSDWRVXPGRVTXDLVSULPRURVDPHQWH W~PXORGXSORHDSHQDVWHQGRGHVFREHUWR
RUQDPHQWDGR  DSUHVHQWDYDVH XPFRUSR&DUVRQLQLFLRXDVSHVTXLVDVGD
GLVSHUVDPHQWH6REUHRDOWDUHHPUHGRU RXWUDFkPDUDHLPHGLDWDPHQWHHQFRQWURX
GRHVWUDGRYLDPVHYiULRVUHFLSLHQWHVTXH DHQWUDGDSDUDXPUHFLQWRTXH¿FRX
KDYLDPFRQWLGREHELGDVSDUDOLEDo}HVH FRQKHFLGRSRUFkPDUDLQWHULRU
RIHUHQGDV'HXPGRVODGRVGRHVWUDGR
HQFRQWUDYDVHXPDHVWiWXDGRGHXV:DWW $FkPDUDLQWHULRUH[FHGHWXGR
 VtPERORGDSUHVHQoDHM~ELORSHUSpWXRV
7DPEpPRXWURDFKDGR  SRGLDVHUGHVFULWR 6HEHPTXHRIDWRSDUHFHVVHSUDWLFDPHQWH
FRPRXPDLPDJHPGRVGHXVHVHPERUDQmR LPSRVVtYHORPRELOLiULRGDFkPDUDLQWHULRU
IRVVHSRVVtYHOGHVFREULUQHQKXPDLQVFULomR HUDDLQGDPDLVGHVOXPEUDQWHGRTXHR
FRPRQRPHGDGLYLQGDGH GHVFREHUWRDQWHULRUPHQWH&RPR&DUVRQ
3DUDJDUDQWLURPi[LPRFRQIRUWRGXUDQWH SUHYLUDHQFRQWUDYDVHDOLXPRXWURFRUSR
DYLGDHWHUQDHQFRQWUDYDPVHGLVSRVWDV FXMDVFHULP{QLDVI~QHEUHVSDUHFLDPWHU
QDFkPDUDYiULDVEHOtVVLPDVSHoDVGH VLGRDFRPSDQKDGDVGHXPULWXDOPDLV
## !

>@
!     

UHTXLQWDGR2VWHQWDQGRDLQGDRWRXFDGR VREHOHYDGDSUHVVmRHVFRDQGRVHSDUDR
FHULPRQLDO  IRUDFRORFDGRQXPVDUFyIDJR H[WHULRUDWUDYpVGHXPSHTXHQRRULItFLR
EUDQFRHUHOX]HQWH  RTXDOSRUVXDYH] DEHUWRQRIXQGRGRVDUFyIDJR2GLDSDVmR
IRUDVHODGRSRUGHWUiVGHXPDGHOLFDGD HUDFRQWURODGRSRUXPDDODYDQFDSUDWHDGD
HWUDQVO~FLGDFRUWLQDSULPRURVDPHQWH FRPDVPDUFDV4H)'LVWLQJXLDVHDLQGD
VXVSHQVD  2H[WUDRUGLQiULRWRXFD XPDRXWUDPHORGLDSURGX]LGDSHODFDL[DGH
GRFRQVHUYRXVHDWpjDWXDOLGDGHVHQGR P~VLFD  FRORFDGDVREUHDXUQDVDJUDGD
XPH[HPSODU~QLFRGDDUWHGHWUDEDOKDU 
RSODVWLFXVÀH[tYHO&DGDXPGRVGLVFRV
FRORULGRVIRUDDSOLFDGRjPmRIRUPDQGR (VWDXPUHFLSLHQWHDOWRHIHFKDGRVHUYLD
RFRQMXQWRXPWmRFRPSOH[RSDGUmRTXH SDUDDFRQVHUYDomRGDVFLQ]DVGRPRUWR
DVXDLQWHUSUHWDomRFRQWLQXDDGHVD¿DU 2VREMHWRVHHUDPXWLOL]DGRVSDUD
RVFLHQWLVWDV$VGLPHQV}HVGRVDUFiIDJR SUHSDUDURFRUSRSDUDDVXD~OWLPDYLDJHP
IRUDPFDOFXODGDVFRPSUHFLVmRD¿PGH RREMHWRRSHUJDPLQKRVDJUDGRHUD
HYLWDUTXHRGHIXQWRGHVOL]DVVHSDUDXPD SHULRGLFDPHQWHODQoDGRHPSHTXHQRV
SRVLomRLQWHLUDPHQWHUHFOLQDGD$VSRVLo}HV SHGDoRVSDUDRLQWHULRUGDXUQDVDJUDGD
LGrQWLFDVGRVGRLVFRUSRVOHYDUDP&DUVRQ GXUDQWHDFHULP{QLDTXHDQWHFHGLDRDWR
DFRQFOXLUTXHDSRVLomRPRUWXiULDFRUUHWD ¿QDOGDVHODJHPGRW~PXOR$LQGDQmR
H[LJLDDFRORFDomRGRPD[LODULQIHULRUGR IRLSRVVtYHOHVFODUHFHUGH¿QLWLYDPHQWHR
GHIXQWRDSRLDGRQRSHLWR VLJQL¿FDGRGRREMHWRQHPLQWHUSUHWDU
1mRREVWDQWHDVXSHUItFLHH[WHULRUGR RFRPSOH[RSDGUmRGRUHYHVWLPHQWRGH
VDUFyIDJRVHUSODQDGLVWLQJXLDPVHQRVHX SDUHGH  
LQWHULRUVtPERORVULWXDLVLQFOXLQGROLQKDV
SDUDOHODVGHGLVFRVOLJHLUDPHQWHHUJXLGRVDR FkQWLFRVDJUDGR
ORQJRGRVROR
'XDVWURPSDVGHiJXDXPDGHODV 2GLDGHPDTXHRVWHQWDYDRFkQWLFR
FRORFDGDFHUFDGHPDFLPDGDRXWUD ULWXDOHRFRODUVDJUDGR DSUHVHQWDGRV
SURMHWDYDPVHGDSDUHGHHPIDFHGR QRLQIRJUi¿FR HVWDYDPDLQGDFRORFDGRV
GHIXQWR$P~VLFDULWXDOH[HFXWDGDQR QRVVHXVOXJDUHVVREUHDXUQDVDJUDGD
¿PGDFHULP{QLDFRQWLQXDYDDRXYLUVH jTXDOWLQKDPVLGRDSRVWRVQDVHTXrQFLD
SURGX]LGDSHODHQHUJLDGDiJXDTXHMRUUDYD GDFHULP{QLD2GLDGHPDHUDXWLOL]DGR
GDIRQWHVDJUDGDDWUDYpVGDVGXDVWURPSDV SULQFLSDOPHQWHSDUDPDQWHURFRODUVDJUDGR

6HUYLGRUGH&DIp1RPXVHXSRGH 2VLVWHPDGHFDPSDLQKD(VWHLQVWUXPHQWR
## !

VHDGPLUDUHVWHHQFDQWDGRUVHUYLGRU GHSHUFXVVmRH[WUHPDPHQWHVR¿VWLFDGRHUD
GHFDIpLQVSLUDGRQDIRUPDGDXUQD WRFDGRVHJXUDQGRFDGDXPDGDVVXDVGXDV
VDJUDGD$VFKiYHQDVVmRGDPDLV¿QD SDUWHVHPFDGDXPDGDVPmRVHEDWHQGRDV
SURFHODQDHDXUQDSDUDVHUYLURFDIp ULWPLFDPHQWHSURYRFDQGRRWRTXHGHXPD
GHSUDWDPDoLFD SHTXHQDFDPSDLQKD

2RUQDWRVDJUDGR(VWDUHTXLQWDGDSHoD
GHMRDOKHULDIRLHQFRQWUDGDHPEXWLGDHP
XPRULItFLRUHFREHUWRGHSUDWDGHQWUR
GRVDUFyIDJR2RUQDWRHVFXOSLGRHP
ERUUDFKDHVWiOLJDGRSRUXPDQHOGH
SUDWDDXPFRUGmRGHSUDWDODYUDGD

>@
!     

QRVHXOXJDU$LQVFULomRLQVHULGDQDSDUWH (StORJR
IURQWDOGD¿WDFRQWLQKDRFkQWLFRVDJUDGR
WH[WRHUDH[SLDWyULRVHQGRDVSDODYUDV +RZDUG&DUVRQPRUUHXWUDJLFDPHQWH
SURQXQFLDGDVDSUR[LPDGDPHQWHFRPRVH QRORFDOGDVH[SORUDo}HVDSyVWHUVLGR
VHJXH³'HVLQIHFWDGRSDUDVXDSURWH DWDFDGRSRUXPDVVLVWHQWHDWLQJLGRSRU
omR´2VHVSHFLDOLVWDVDWULEXHPDHVWH XPDSHUWXUEDomRPHQWDO$VXDPRUWH
FRODUDGDWDGHVHQGRRPDLVDQWLJR IRLDWULEXtGDjFUHQoDGHTXHXPD
GHVFREHUWRDWpDRPRPHQWR2VHXWUDEDOKR OHQGiULDPDOGLomRSDLUDVREUHRW~PXOR
DUWHVDQDOpLQLJXDOiYHO $YHUL¿FDomRGDRFRUUrQFLDGHRXWUDV
*UDGXDOPHQWHDH[FLWDomRGDTXHOHV PRUWHVQDVHTXrQFLDGHXPDYLVLWDj
SULPHLURVGLDVGHXOXJDUjiUGXDWDUHIDGH FkPDUDLQWHULRUOHYRXR'HSDUWDPHQWRGH
FDWDORJDUWRGRVRVREMHWRVHQFRQWUDGRVQR $QWLJXLGDGHV,DQTXHVDPDQGDUHQFHUUDU
W~PXOR$QRWtFLDGRLPSRUWDQWHDFKDGR GH¿QLWLYDPHQWHRW~PXORHP
GLIXQGLXVHUDSLGDPHQWHHMRYHQVH
LPSDFLHQWHVDUTXHyORJRVFLHQWLVWDVH 'DYLG0DFDXOD\
KLVWRULDGRUHVDFRUUHUDPSDUDWUDEDOKDUFRPR
YROXQWiULRVFRPRH[WUDRUGLQiULR+RZDUG
&DUVRQ&RPHVWDDMXGDVXSOHPHQWDU
RVWUDEDOKRVGRW~PXOR¿FDUDP
FRPSOHWDGRVQR¿QDOGDWHUFHLUDHVWDomRH
IRUDPSODQHMDGDVQRYDVHVFDYDo}HV
/HQWDPHQWHVXUJLXGRVRORXPH[WHQVR
FRPSOH[RIXQHUiULR2VW~PXORVDOLQKDYDP
VHDRORQJRGHXPFRUUHGRUFHULPRQLDO
$PDLRUHPDLVLPSUHVVLRQDQWHVDODGD
HVWUXWXUDHUDRVDQWXiULRFRPXQDOTXH
FRQWLQKDXPPDJQt¿FRDOWDULQWHLUDPHQWH
UHFREHUWRGHSODFDVGHXPPDWHULDOTXHRV
DQWLJRVGHQRPLQDYDP³IyUPLFD´1DSDUHGH
SRUGHWUiVGRDOWDUHVWDYDFRORFDGRXP
REMHFWRPDUDYLOKRVDPHQWHWUDEDOKDGRTXH
FRQWLQKDYiULDV¿ODVGHFDYLGDGHVLJXDLV
FDGDXPDGHODVFRPXPQ~PHURRTXDO
FRUUHVSRQGLDDXPW~PXOR$VRIHUHQGDV
GRVDPLJRVHSDUHQWHVGRVGHIXQWRV
## !

KDYLDPSURYDYHOPHQWHVLGRFRORFDGDV
QXPDFDYLGDGHHVSHFLDODSyVDVHODJHP
GRVW~PXORV$QWHVGRHQWHUUDPHQWR
FDGDXPGRVFRUSRVIRUDSRVVLYHOPHQWH
ODYDGRQRWDQTXHTXHHUDDEDVWHFLGRGH
iJXDSHODIRQWHVDJUDGD5RGHDQGRTXDVH
LQWHLUDPHQWHRFRPSOH[RKDYLDXPD (VWHWH[WRIRLH[WUDtGRGDSXEOLFDomR6HOHo}HV
YDVWDiUHDSODQDTXHFRQWLQKDHVFXOWXUDV GR5HDGHU¶V'LJHVW³2/LYURGD-XYHQWXGH´
PHWiOLFDVUHSUHVHQWDQGRDQLPDLVRXDYHVH /LVERD3RUWXJDO
LQVFULo}HVFRPQRPHVFRPR&RXJDU,PSDOD
2DUTXLYRIRLHODERUDGRQRSURJUDPD$GREH
H7KXQGHUELUG$LPSRUWkQFLDGRFXOWRGRV
,Q'HVLJQHVDOYRHPIRUPDWR3')$OJXQV
DQLPDLVQRVULWRVIXQHUiULRVGRV,DQTXHV WHUPRVIRUDPWUDGX]LGRVSDUDDOtQJXD
MDPDLVIRLWmRHYLGHQWHPHQWHFRPSURYDGD SRUWXJXHVDGR%UDVLO
+/IB

>@