2EUHJDGHVFRQVWUXtGR5HYLVWDGH+LVWyULD

2EUHJDGHVFRQVWUXtGR
3DXOR&pVDUGH$UD~MRIDODVREUHDSURGXomRGHP~VLFDEUHJDGXUDQWHR
UHJLPHPLOLWDU
$GULDQR%HOLViULR


6HYLYR(XFOLGHVGD&XQKDFRQFRUGDULDRFDQWRUEUHJDWDPEpPpDQWHVGHWXGRXPIRUWH
6REUHYLYHQWHVGDSREUH]DHGRWUDEDOKRLQIDQWLOHVWHVDUWLVWDVFRQYLYHUDPFRPGXUDVFUtWLFDVD
VHXVWUDEDOKRVPHVPRGHSRLVGHVHWRUQDUHPFHOHEULGDGHV2HQRUPHVXFHVVRQmRHYLWRXTXH
IRVVHPH[FOXtGRVGDKLVWRULRJUDILDGDP~VLFDEUDVLOHLUDSRUGpFDGDV2XYLGRSRUPXLWRVH
GHVSUH]DGRSRUSRXFRVREUHJDYROWRXjVSiJLQDVGRVMRUQDLVHVWHPrVSRUFRQWDGDPRUWHGH
:DOGLFN6RULDQRFDQWRUFRPSRVLWRUHtFRQHGHVWHPRYLPHQWR
6HXVUHSUHVHQWDQWHVVmRYiULRV2GDLU-RVp1HOVRQ1HG$JQDOGR
7LPyWHRH3DXOR6pUJLRVmRDSHQDVDOJXQVGRVQRPHVPDLV
FRQKHFLGRVGDJHUDomRGHFDQWRUHVEUHJDVTXHPDUFRXpSRFD
GXUDQWHRUHJLPHPLOLWDU$RFRQWUiULRGRVDUWLVWDVGD03%HOHV
QmRWLYHUDPIRUPDomRXQLYHUVLWiULDHQmRFRPSXQKDP
SULRULWDULDPHQWHFDQo}HVGHSURWHVWR2%UDVLOGRVFDIRQDVHUD
RXWUR6XDVP~VLFDVIDODYDPTXDVHVHPSUHVREUHDUHMHLomR
VHMDHODDPRURVDRXVRFLDO3RUFRQWDGLVVRIRUDPWD[DGRVGH
DOLHQDGRVHLJQRUDGRVSHODVHOLWHVFXOWXUDLV
1RHQWDQWRHVWiHPPDUFKDXPDUHWRPDGDGREUHJD3DWUtFLD
3LOODUODQoRXUHFHQWHPHQWHRGRFXPHQWiULR:DOGLFN6HPSUHQR
PHXFRUDomRHEDQGDVMRYHQVFRPR/RV+HUPDQRVH0RPERMy
MiUHJUDYDUDPFDQo}HVGHDUWLVWDVFRQVLGHUDGRVFDIRQDV6HP
G~YLGDDRPHQRVQRPHLRDFDGrPLFRXPGRVUHVSRQViYHLVSRU
WDOUHVJDWHpRKLVWRULDGRU3DXOR&pVDUGH$UD~MR
$XWRUGDELRJUDILDFHQVXUDGDVREUH5REHUWR&DUORVHOHHVFUHYHX
DPDLVFRPSOHWDDQiOLVHVREUHDP~VLFDEUHJDHRUHJLPH
PLOLWDU(PHQWUHYLVWDSDUDD5HYLVWDGH+LVWyULDGD%LEOLRWHFD1DFLRQDO3DXORIDORXVREUHD
FHQVXUDVRIULGDSRUHVWHVDUWLVWDVDUHODomRTXHPDQWHYHFRPHOHVHVHXVSUy[LPRVSURMHWRV
&RQILUD
5+%19RFrMiYLXRGRFXPHQWiULRVREUH:DOGLFN"
3DXOR1mRSXGHYHUSRLVHVWDYDQRV(VWDGRV8QLGRVTXDQGRHOHSDVVRXHPXPIHVWLYDODTXLGR
5LR1RDQRSDVVDGRYLR'9'FRPRVKRZGHOHWDPEpPGLULJLGRSHOD3DWUtFLD3LOODU$FKHL
IDQWiVWLFR(ODGHXXPWUDWDPHQWRHVSHWDFXODUjVP~VLFDVGR:DOGLFN
5+%1&RPRVXUJLXVHXLQWHUHVVHSHODP~VLFDEUHJD"
3DXOR)D]SDUWHGDPLQKDPHPyULDDIHWLYD6RXGH9LWyULDGD&RQTXLVWDLQWHULRUGD%DKLD1R
LQtFLRGRVQmRWtQKDPRVWHOHYLVmRQHPWRFDGLVFRV(VFXWDYDP~VLFDDWUDYpVGDVUiGLRV$0
2XYLDGH:DOGLFN6RULDQRD&KLFR%XDUTXHWXGRPLVWXUDGR&ODURRVEUHJDVWRFDYDPPXLWRPDLV
TXHD03%(QWmRFUHVFLHPFRQWDWRFRPHVVHVDUWLVWDV
4XDQGRLQJUHVVHLQDIDFXOGDGHHPHLQWHUHVVHLSHODKLVWyULDGDP~VLFDEUDVLOHLUDFRQVWDWHLTXH
DTXHOHVFDQWRUHVQmRHVWDYDPUHSUHVHQWDGRVQDKLVWRULRJUDILD(XPHIRUPHLHP+LVWyULDQD8))
H-RUQDOLVPRQD38&$VSHVVRDVIDODYDPVREUHERVVDQRYDWURSLFDOLVPRHVDPEDGHUDL]PDV
KWWSZZZUKEQFRPEUVHFDRJHQWHGDKLVWRULDREUHJDGHVFRQVWUXLGR





2EUHJDGHVFRQVWUXtGR5HYLVWDGH+LVWyULD

QDGDVREUHRVEUHJDVeFRPRVHHOHVQmRWLYHVVHPH[LVWLGR
5+%19RFrHQFRQWURXUHVLVWrQFLDGHQWURGDDFDGHPLD"
3DXOR1mRH[DWDPHQWH(PXPSULPHLURPRPHQWRQmRHQFRQWUHLHQWXVLDVPR/HPEURTXH
IDODYDFRPDOJXQVSURIHVVRUHVGD8))HQmRVHQWLDJUDQGHVLQWHUHVVHV7LQKDXPDSURIHVVRUDTXH
DWpTXHULDTXHPHRULHQWDVVHPDVHODIDORX3DXORQHVVDpSRFDHXHVWDYDH[LODGDQD(XURSD
1mRUHFHELDGLVFRVGH:DOGLFN(XUHFHELDGR&DHWDQRGR0LOWRQ1mRWHQKRQDGDSDUDIDODU
VREUHLVVR
+iXPDIDOWDGHLQWLPLGDGHFRPHVVDSURGXomRPXVLFDOPDVHXFRQVHJXL)L]DOJXQVWUDEDOKRVH
HVVDVUHVLVWrQFLDVIRUDPVHQGRGHUUXEDGDVjPHGLGDTXHLDDSUHVHQWDQGRRVSURMHWRV'HSRLV
GHIHQGLDWHVHQRPHVWUDGRQD81,5,2,VVRUHVXOWRXQHVVHOLYUR(XQmRVRXFDFKRUURQmR
5+%1&RPRIRLDSHVTXLVD"
3DXOR(XWUDEDOKHLPXLWRFRPHQWUHYLVWDVSDUDHVVHOLYURHDLQGDPDLVSDUDR5REHUWR&DUORV
HPGHWDOKHV7DPEpPDQDOLVHLMRUQDLVHUHYLVWDVGDpSRFDDOpPGDGLVFRJUDILDTXHUDVWUHHLHP
VHERV,VVRQmRHVWDYDVHQGRUHHGLWDGRQp")RLXPDSHVTXLVDGHJDULPSDJHPPHVPR1mRVyQR
5LRRX6mR3DXOR3RURQGHHXYLDMDYDLDDRVVHERVUHXQLQGRHVVHPDWHULDO8WLOL]HLWDPEpP
HQWUHYLVWDVFRPSURGXWRUHVHRVDUTXLYRVGDFHQVXUDPRVWUDQGRTXHDRFRQWUiULRGRTXHVH
SHQVDYDQmRIRLVyD03%TXHIRLSURLELGDQDpSRFDGDGLWDGXUD)XLQR$UTXLYR1DFLRQDOHHP
%UDVtOLDDWUiVGHVVDVIRQWHVTXHKRMHMiSRGHPVHUIDFLOPHQWHDFHVVDGDVPDVQDpSRFDWDPEpP
HUDXPDJDULPSDJHP
2GHSRLPHQWRGRVFDQWRUHVIRLIXQGDPHQWDO1D03%KiVHPSUHHQWUHYLVWDVSXEOLFDGDVFRP
UHJXODULGDGHV&RPHVVHVFDQWRUHVQmR0XLWRVMiHVWDYDPIRUDGDPtGLDHQXQFDWLQKDPGDGR
XPDHQWUHYLVWDGHFDUiWHUKLVWyULFR*HUDOPHQWHHUDVREUHRVGLVFRVHVXFHVVRVGRPRPHQWR
1DGDTXHFRQWH[WXDOL]DVVHDREUDGHOHVDXPPRPHQWRGDVRFLHGDGHEUDVLOHLUD6DEHURQGHHOHV
HVWDYDPTXDQGRR$,IRLGHFUHWDGRSRUH[HPSOR7DQWRTXHPXLWRVIDODUDPeDSULPHLUD
YH]TXHHXHVWRXIDODQGRVREUHHVVHVDVVXQWRV
5+%19RFrUHFRUGDGHDOJXPDHQWUHYLVWDHPSDUWLFXODU"
3DXOR)L]WRGDVSHVVRDOPHQWH2:DOGLFNSRUH[HPSORQD
pSRFDHVWDYDPRUDQGRHP)RUWDOH]D(QWmRWLYHTXHHVSHUDUHOH
YLUDWpDTXL8PGLDHOHIRLSDUD6mR3DXORHHXIXLDWUiV(OH
HVWDYDHPXPKRWHOQD$YHQLGD6mR-RmR
(XLPDJLQDYDR:DOGLFNQmRp"$TXHOHFDUDPHLRFRZER\GH
yFXORVHVFXURVHFKDSpX(IRLDVVLPTXHHXRHQFRQWUHL(OH
HVWDYDGHLWDGRQDFDPDDVVLVWLQGRXPEDQJEDQJQDWHOHYLVmR
FRPDSHUQDHVWLUDGD(UDRSUySULRSHUVRQDJHPYHQGRRILOPH
)LTXHLDOLDVVLVWLQGRFRPHOHHGHSRLVIRPRVFRQYHUVDU(OHV
VHPSUHIRUDPUHFHSWLYRV1RLQtFLRLPDJLQDYDPTXHVHULDPDLV
XPDGDTXHODVHQWUHYLVWDVGHVHPSUH*HUDOPHQWHRMRUQDOLVWD
FKHJDVHPPDLRULQWLPLGDGHFRPDTXHOHXQLYHUVRRTXHp
FRPSUHHQVtYHO0DVTXDQGRRDVVXQWRFRPHoDYDVHQWLDTXHHOHV
ILFDYDPPDLVHQWXVLDVPDGRVHVXUSUHVRVFRPRFRQKHFLPHQWR
TXHWLQKDGDREUDGHOHV(QWmRHOHVIDODYDPPDLVDEHUWDPHQWH
+RXYHXPDERDLQWHUDomR
5+%1(OHVSDUHFLDPUHVVHQWLGRVFRPHVVDH[FOXVmRGDPHPyULDRILFLDOGDP~VLFDEUDVLOHLUD"
3DXOR'HSHQGHGHFDGDXP'RQH5DYHOSRUH[HPSORWLYHUDPDTXHODSHFKDGHSRUWDYR]HVGD
GLWDGXUDPLOLWDU(OHVSDUHFLDPPDLVLQFRQIRUPDGRV2$JQDOGR7LPyWHRpPDLVUDGLFDO(XVHL
TXHFDQWREHPSUDFDUDPED(VVHVFUtWLFRVQmRHQWHQGHPQDGD,DGDDUURJkQFLDDR
KWWSZZZUKEQFRPEUVHFDRJHQWHGDKLVWRULDREUHJDGHVFRQVWUXLGR





2EUHJDGHVFRQVWUXtGR5HYLVWDGH+LVWyULD

UHVVHQWLPHQWRGHSHQGHQGRGDSHUVRQDOLGDGHGHFDGDXP-iR:DOGLFNSDUHFLDLQGLIHUHQWH6H
WHQKRPDLVGHP~VLFDVJUDYDGDVPDLVGHGLVFRVHHOHVQmRPHUHFRQKHFHPHQWmR
WDPEpPQmRPHPHUHFHP(UDXPJR]DGRULURQL]DYDRVFUtWLFRVWDPEpP
0DVDFKRTXHLVVRQmRHUDWDQWRXPSUREOHPDSDUDHOHVTXDQWRVHULDSDUDDUWLVWDVTXHFRQYLYHP
QHVVHXQLYHUVRFXOWXUDO$FKRDWpTXHPHXOLYURUHYHORXSDUDHOHVDOJRTXHQmRWLQKDPWDQWD
FRQVFLrQFLD$SyVDSXEOLFDomRDOJXQVGHOHVVHWRFDUDP3R[DpPHVPR$JHQWHHVWDYDIRUDGD
KLVWyULD2OLYURDMXGRXLQFOXVLYHDUHYHODULVVRSDUDHOHV
5+%1(TXDORLPSDFWRGROLYURQDFDUUHLUDGHOHV"
3DXOR)RLSRVLWLYR3ULQFLSDOPHQWHFRPR2GDLU-RVpTXHIRLXPDGDVILJXUDVFHQWUDLVGROLYUR
3HORIDWRGHOHWHUVLGRRPDLVFHQVXUDGRWDOYH]WHQKDVLGRRTXHWHYHPDLRUUHSHUFXVVmR+RXYH
XPUHVJDWHGR2GDLU-RVp(OHPHVPRUHFRQKHFHTXHKRXYHXPDUHWRPDGDQDVXDFDUUHLUD$
PHVPDFRLVDFRPR:DOGLFN(OHDWpUHFODPRXTXDQGRIXLODQoDUROLYURHP6DOYDGRU(OHHVWDYD
PRUDQGRHP)RUWDOH]DPDVILFRXFKDWHDGRSRUTXHHXQmRRDYLVHL'LVVH3R[DYRFrQmRPH
FRQYLGRX6HYRFrWLYHVVHPHDYLVDGRHXLULD
-iFRPR$JQDOGR7LPyWHRHXILTXHLHPG~YLGDSRUFDXVDGRFDStWXOR3HGHUDVWDVPDFRQKHLURV
HSURVWLWXWDV1HOHIDORFRPRDTXHVWmRGRVH[RHDPRUIRLWUDWDGDQHVVHUHSHUWyULRGRVDQRV
&LWRFDQo}HVHIDORGHDVSHFWRVGDYLGDSHVVRDOGR$JQDOGR(DOJXQVDPLJRVPHDOHUWDYDP
GL]HQGRTXHR7LPyWHRpEULJmRHVWRXUDGR7LQKDHVVDG~YLGDGHFRPRVHULDDUHDomRGHOH$
QRLWHGHDXWyJUDIRQR5LRIRLOiQR0XVHXGR&DWHWH(UDXPDQRLWHFKXYRVDHGHUHSHQWH
TXDQGRHXROKRSDUDDSRUWDHQWUDDTXHOHFDUDGHFDSDHVFXUDFRPDTXHODYR]GHWURYmR4XHP
p3DXOR&pVDUGH$UD~MR"(XSHQVHL3URQWRpDJRUD$tFKHJDR$JQDOGRHIDOD3DXOR&pVDU
YLPDTXLWHGDUXPDEUDoR3HUJXQWHLVHHOHQmRHVWDYDFKDWHDGRFRPLJRHHOHUHVSRQGHX1mR
YRFrQRVWUDWRXFRPPXLWRUHVSHLWR7XGRTXHYRFrGLVVHpYHUGDGH4XHURTXHYRFrGrXP
DXWyJUDIRSDUDR6LOYLR6DQWRVHRXWURSDUDR5DXO*LO9RXHQWUHJDURVOLYURVSUDHOHV)RL
EDFDQD(OHSHUFHEHXTXHHPERUDHXHVWLYHVVHIDODQGRGDYLGDGHOHLVVRHVWDYDQXPFRQWH[WR
5+%1(R:DOGLFN"&RPRIRLDWUDMHWyULDGHOH"
3DXOR'HVVDJHUDomRHOHpRPDLVYHOKR&RPHoRXSULPHLURHDFDERXVHWRUQDQGRRtFRQHPDLRU
GDFKDPDGDP~VLFDEUHJD,QLFLRXDFDUUHLUDQDYLUDGDGHSUDID]HQGRVXFHVVREDVLFDPHQWH
QRQRUWHHQRUGHVWH6yDSDUWLUGHTXDQGRODQoDDP~VLFD3DL[mRGHKRPHPHOHHVWRXUD
QR%UDVLOLQWHLUR$WUDMHWyULDIRLFUHVFHQGRQmRIRLIiFLOQHPUiSLGD(OHIRLHQJUD[DWH
WUDEDOKRXQRJDULPSRHFRPRVHUYHQWHGHSHGUHLURPDVDRPHVPRWHPSRVRQKDYDFRPD
FDUUHLUDDUWtVWLFD
(OHSDVVDWRGDGpFDGDGHQRDXJH1HVVHSHUtRGRVHXVGLVFRVDOFDQoDYDPJUDQGHVYHQGDJHQV
HPXLWDVH[HFXo}HVQRVUiGLRV-iQDYLUDGDGHSDUDRIRFRSDVVDDVHURURFN$VUiGLRV
)0JDQKDPGHVWDTXHHSHODSULPHLUDYH]DVVXPHPDGLDQWHLUDQDDXGLrQFLD$SyVHVVDpSRFD
DTXHOHVXFHVVRYDLUDUHDQGR1mRpPDLVXPiOEXPSRUDQR$YHQGDJHPpPHQRUWRFDPHQRVH
DVJUDYDGRUDVMiQmRGmRRPHVPRHVSDoR$SDUWLUGDtHOHVYLYHPEDVLFDPHQWHGHVKRZV$Wp
SRXFRDQWHVGHILFDUGRHQWHR:DOGLFNHVWDYDID]HQGRVKRZ
(OHVWLYHUDPPDLVVXFHVVRGHDWpSRULVVRRVFKDPRGHJHUDomRGR$,$OLiVpDVVLPFRP
WRGDP~VLFDSRSXODU,VVRpDUHJUD$H[FHomRpXP5REHUWR&DUORVRX&DHWDQRTXHDWUDYHVVDP
GpFDGDVFRPGHVWDTXHHSURMHomR9RFrSHJDRSHVVRDOGDERVVDQRYD&DUORV/\UDH5REHUWR
0HQHVFDOSRUH[HPSOR(OHVWLYHUDPVXFHVVRQDYLUDGDGRVDWpHDWpKRMHHOHVID]HP
VKRZVVREUHERVVDQRYD&DQWDPDSURGXomRGDTXHOHSHUtRGR&RPHVVHVFDQWRUHVQmRIRL
GLIHUHQWH
5+%1&RPRHOHVHQFDUDUDPDPXGDQoDGHVWDWXVVRFLDO"
3DXOR8PDFDUDFWHUtVWLFDGHOHVpTXHDJUDQGHPDLRULDWUDEDOKRXGXUDQWHDLQIkQFLD1mRpj
WRDTXHDREUDGHOHVYDLWHUHVVHFDUiWHU$RPHVPRWHPSRTXHIDODGHXPDUHMHLomRDPRURVD
KWWSZZZUKEQFRPEUVHFDRJHQWHGDKLVWRULDREUHJDGHVFRQVWUXLGR





2EUHJDGHVFRQVWUXtGR5HYLVWDGH+LVWyULD

WDPEpPWUDWDGHXPDUHMHLomRVRFLDO(QWmRKiFDQo}HVFRPR(XQmRVRXFDFKRUURQmR(X
QmRVRXVDSDWRVHX(XQmRVRXWDSHWH2XFRPR(YDOGR%UDJD(XQmRVRXOL[R(PXPD
OHLWXUDVLPSOHVpXPDWHPiWLFDDPRURVDVLP0DVGDGDDVFLUFXQVWkQFLDVVRFLDLVDRULJHP
GHOHVWDPEpPGiSDUDLQWHUSUHWDUFRPRXPDUHMHLomRVRFLDO,VVRRVDMXGRXQRVXFHVVRGHVVHV
DUWLVWDV2S~EOLFRTXHYDLRXYLORVWDPEpPpIRUPDGRSRUSRUWHLURVHPSUHJDGDVJDUoRQVH
LPLJUDQWHVQRUGHVWLQRV6mRSHVVRDVIUHTHQWHPHQWHKXPLOKDGDVHRIHQGLGDVQRFRWLGLDQR
EUDVLOHLUR(QWmRYDLKDYHUHVVDLGHQWLILFDomR
$FRQWHFHFRPHOHVPDLVRXPHQRVRTXHDFRQWHFHFRPMRJDGRUHVGHIXWHEROHXDFKR2VTXH
DGPLQLVWUDUDPPHOKRUFRQVHJXLUDPDFXPXODUSDWULP{QLR2XWURVTXHQmRVRXEHUDPDSURYHLWDU
HVVHSHUtRGRGHPDLRUVXFHVVRILFDUDPGHSRLVHPFRQGLo}HVPDLVGLItFHLV0DVRTXHGiGLQKHLUR
QDP~VLFDpSUHVWtJLRQmRpVXFHVVR(OHVJDQKDPGLQKHLURFRPVKRZV6HRDUWLVWDWHP
SUHVWtJLRRVKRZGHOHpFDURORJRHOHYDLJDQKDUPXLWRFRPP~VLFD9HQGDJHPGHGLVFRVGiRX
GDYDGLQKHLURSDUDDJUDYDGRUD2VEUHJDVYHQGLDPPXLWRHUHFHELDPDSRUFHQWDJHPTXHOKHV
FDELDPPDVTXHPJDQKDYDPDLVFRPLVVRHUDDJUDYDGRUD-iRVDUWLVWDVGD03%YHQGLDPSRXFR
HPFRPSDUDomR0DVRVKRZGR&DHWDQRGR&KLFRGR0LOWRQHUDHpFDUR(QWmRHVVHVDUWLVWDV
FRQVHJXLUDPJDQKDUPXLWRPDLVGLQKHLURDRORQJRGRWHPSR$H[FHomRpR1HOVRQ1HGTXHIH]
PXLWRVXFHVVROiIRUD(OHFRQVHJXLXXPSDWULP{QLRPDLRUSRUFDXVDGLVVReXPGRVFDQWRUHV
EUDVLOHLURVGHPDLRUSRSXODULGDGHSULQFLSDOPHQWHQD$PpULFD/DWLQDHQDIULFD2VTXHILFDUDP
PDLVQR%UDVLOQmRJDQKDUDPWDQWRTXDQWRSRGHULDP
5+%1&RPRIRLDUHODomRGHVVHVFDQWRUHVFRPDGLWDGXUDPLOLWDU"
3DXOR(VSHFLDOPHQWHFRPR$,YRFrWLQKDDUHSUHVVmRSROtWLFDHDUHSUHVVmRPRUDO
FDPLQKDQGRMXQWDV$03%YDLVRIUHUDUHSUHVVmRSROtWLFDSRLVDWHPiWLFDGHDUWLVWDVFRPR
9DQGUpH&KLFR%XDUTXHHUDDWHPiWLFDSROtWLFD(OHVID]LDPFDQo}HVGHSURWHVWRVP~VLFDV
FULWLFDQGRRSUHVLGHQWH0pGLFL-iRVEUHJDVYmRWRFDUPDLVQDTXHVWmRPRUDOHQWmRYDLVRIUHU
RXWURWLSRGHUHSUHVVmR$OJXQVGHOHVIL]HUDPFDQo}HVGHWHPiWLFDSROtWLFDPDVRIRFRPDLRUHR
TXHLQFRPRGRXQDpSRFDIRLDTXHVWmRPRUDO(OHVIDODYDPGHWHPDVFRQVLGHUDGRVWDEXVFRPR
StOXODSURVWLWXLomRGURJDVHKRPRVVH[XDOLVPR
3RULVVRTXHR2GDLU-RVpYDLVHUXPGRVPDLVFHQVXUDGRV
FDQWRUHVGDpSRFD6XDVP~VLFDVYmRHQIDWL]DUDOJRTXHHUD
FRQVLGHUDGRVXEYHUVLYR2:DOGLFN6RULDQRVRIUHXPHQRVPDV
WDPEpPVRIUHX(OHQmRWLQKDXPDREUDWmRYROWDGDSDUDR
VH[RHUDPDLVURPkQWLFR0DVKiXPH[HPSORFOiVVLFRH
DEVXUGRGHSURLELomRGHP~VLFDVGR:DOGLFNTXHpDPXVLFD
7RUWXUDGHDPRU1DpSRFDRVPLOLWDUHVQmRDGPLWLDPD
H[LVWrQFLDGDWRUWXUDQRSDtVVHTXHUTXHVHIDODVVHVREUHLVVR
(QWmRHVVDUHIHUHQFLDjWRUWXUDSHUWXUERX2XWUDP~VLFDGHOH
FKDPDGD)RJHGHWLIRLSURLELGDSRUTXHRVFDUDVDFKDUDPD
P~VLFDUXLP(OHVWLQKDPXPSURMHWRGHHGXFDURSRYRXPD
YLVmRSDWHUQDOLVWDEHPWtSLFDGRVUHJLPHVGLWDWRULDLV(QWmR
PXLWDVYH]HVDFKDYDPTXHDP~VLFDPDOIHLWDLDHPSREUHFHUR
YRFDEXOiULR
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QDTXHOHJUXSRGRVDPEmRMyLDTXHWHYHVHXtFRQHPDLRUHP
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$QRV(QWmRILFRXPXLWRyEYLRHDP~VLFDIRLSURLELGD$tHOHPXGRXSDUD2GLYyUFLR
PDQWHQGRDPHVPDOHWUDHDP~VLFDIRLOLEHUDGD
)RLRFDVRGR2GDLU-RVpHP3DUHGHWRPDUDStOXODGH$YLDJHPTXHWUDWDYDGHGURJDV(OH
DERUGDYDGHVVHVWHPDVGHIRUPDFRQVFLHQWHTXHULDFRQIURQWDUPHVPR(OHILFRXPDUFDGRGHVGH
KWWSZZZUKEQFRPEUVHFDRJHQWHGDKLVWRULDREUHJDGHVFRQVWUXLGR





2EUHJDGHVFRQVWUXtGR5HYLVWDGH+LVWyULD

RSULPHLURVXFHVVR9RXWLUDUYRFrGHVVHOXJDUFRPRXPFDQWRUGHWHPDVSROrPLFRV(QWmRD

P~VLFDDWUDLXPDLVHVVDUHSUHVVmR
5+%11DWURSLFiOLDH[LVWHXPDJUDQGHFRPXQKmRHQWUHRVDUWLVWDV2VFDQWRUHVGDP~VLFD
EUHJDWDPEpPSURGX]LDPMXQWRV"
3DXOR$WURSLFiOLDpXPJUXSRSHTXHQR1RFDVRGREUHJDpXPDJHUDomRTXHYRFrWHPGHVGH
FDQWRUHVGHEROHUREDODGLVWDVDWpVDPELVWDVePDLVGLYHUVR(UDFDGDXPDQDVXDFDUUHLUD(OHV
RFXSDYDPRPHVPRHVSDoRQRVSURJUDPDVGH79HWDOPDVPDLVSHODFRQWLQJrQFLDGRTXHSRU
XPSURMHWRHPFRPXP
5+%1&RPRHUDDUHODomRGRVRXWURVFDQWRUHVFRPRVEUHJDV"
3DXOR2V~QLFRVDUWLVWDVTXHWLQKDPXPDSUR[LPLGDGHFRPREUHJDHUDPH[DWDPHQWHRV
WURSLFDOLVWDVSRLVLVVRHUDSDUWHGDSUySULDHVVrQFLDGRSURMHWRGHLQWHJUDomRGHPLVWXUDUR
FDIRQDHRFKLTXH(QWmRRVDUWLVWDVWURSLFDOLVWDVHVSHFLDOPHQWH&DHWDQRYmRHVWDUVHPSUH
DWHQWRjSURGXomREUHJDWRFDQGRHJUDYDQGRHVVHUHSHUWyULRQDPHGLGDGRSRVVtYHO(PKi
XPIDPRVRVKRZGH2GDLU-RVpH&DHWDQR9RFrQmRYDLYHU2GDLU-RVpFDQWDQGRMXQWRFRPXP
EUHJD)RL&DHWDQRTXHTXLV$3KRQRJUDPUHVROYHXID]HUXPDDSUHVHQWDomRRQGHFDGDXP
FDQWDYDFRPXPFRPSDQKHLUR*LOFDQWRXFRP-RUJH%HPH&DHWDQRHVFROKHX+HUPHWR3DVFRDO
PDVHOHVHUHFXVRX(QWmR&DHWDQRTXLV2GDLU-RVpTXHILFRXDWpVXUSUHHQGLGR-iRVFDQWRUHV
PDLVWUDGLFLRQDLVQmRVHUHODFLRQDYDPPXLWR(UDFDGDPDFDFRQRVHXJDOKR
5+%1'HRQGHVXUJLXDH[SUHVVmRP~VLFDEUHJD"
3DXOR1RVDQRVDP~VLFDSRSXODUPDLVURPkQWLFDHUDFKDPDGDGHFDIRQD1RLQtFLRGRVDQRV
SDVVDDVHFKDPDUGHEUHJDTXHHUDXPDH[SUHVVmRXVDGDSDUDGHVLJQDUREDL[RPHUHWUtFLR
SULQFLSDOPHQWHQRLQWHULRUGD%DKLD&KHJDYDXPYLDMDQWHHIDODYD2QGHpREUHJDDTXL"(OH
TXHULDVDEHURQGHHUDD]RQD1HVVHVORFDLVWRFDYDVHPXLWR:DOGLFN2GDLU-RVpHHVVHVFDQWRUHV
PDLVSRSXODUHV$tQRLQtFLRGRVDQRVLVVRSDVVDDVHUDGMHWLYR$P~VLFDGREUHJDSDVVDDVHU
P~VLFDEUHJD(RWHUPRFDIRQDYDLSHUGHQGRIRUoD$WpKRMHVHFKDPDGHP~VLFDEUHJD$FKR
DWpPDLVVRQRUR
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3DXOR2EUHJDHVWiPDLVIRUWHGRTXHQXQFD$VVLPFRPRR
VDPEDHOHDJRQL]DPDVQmRPRUUH(OHVHWUDQVIRUPD(VWDPRV
KRMHQRWHFQREUHJDTXHpGDQoDQWHHPH[HFRPRFRUSR1RV
DQRVHUDDOJRPDLVURPkQWLFRYRFrRXYLDPDLVFRQWHPSODWLYR
(VVDJHUDomRVHUWDQHMDpFKDPDGDGHEUHJDQHMR=H]pGL
&DPDUJRH/XFLDQR'DQLHORX/HDQGURH/HRQDUGRHVWmRGHQWURGD
SURGXomRLGHQWLILFDGDDREUHJD2TXHHOHVYmRID]HUWDPEpPQmR
HVWiDVVRFLDGRDRPRGHUQRQHPDRWUDGLFLRQDO2VFUtWLFRVQmR
GL]HPTXHDTXLORpPXVLFDFDLSLUD
6DLXXPDSHVTXLVDQRDQRSDVVDGRQD)ROKDFRPRVDUWLVWDVPDLVRXYLGRVQR%UDVLO(HVWDYDP
Oi&DO\SVR'DQLHO=H]pGL&DPDUJRH$PDGR%DSWLVWD6mRFDQWRUHVFRQVLGHUDGRVEUHJDVTXH
FRQWLQXDPVHQGRGHVTXDOLILFDGRVSHODFUtWLFD+RMHHOHVWrPXPDSUHVHQoDPDLRU+iILOPHV
WRFDPQD*ORERHPQRYHODV,VVRpRHVWLOREUHJDQmRDTXHODJHUDomRGRVDQRV$SURGXomR
EUHJDFRQWLQXDFRPIRUoDFDGDYH]PDLRU1mRGiPDLVSDUDLJQRUDU'iSDUDGHVTXDOLILFDUSRLV
HOHVQmRHVWmRDVVRFLDGRVQHPDWUDGLomRQHPDPRGHUQLGDGH
5+%14XDOVHXSURMHWRDWXDO"
3DXOR)L]FHUFDGHHQWUHYLVWDVSDUDHVVHVGRLVOLYURV)RUDPTXLQ]HDQRVGHSHVTXLVD
&RPHFHLHPHIXLDWpHP8VHLDSHQDVSDUWHGHVVHPDWHULDO(QWmRDLQGDHVWRX
WUDEDOKDQGRFRPHOH)DOHLGH:DOGLFN6RULDQRD7RP-RELP&RQYHUVHLFRPWRGRVSHVVRDOPHQWH
HDJRUDHVWRXWUDQVFUHYHQGRHVVHPDWHULDO6yQmRFRQVHJXLDLQGDGDUXPFRUWH1mRVHLVHYRX
ID]HUXPDVtQWHVHJHUDORXDOJRPDLVHVSHFtILFR(VVHPDWHULDOGiSHORPHQRVPDLVGRLVOLYURV
KWWSZZZUKEQFRPEUVHFDRJHQWHGDKLVWRULDREUHJDGHVFRQVWUXLGR





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PDLVXPOLYURVREUHP~VLFDSRSXODU

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