Escolar Documentos
Profissional Documentos
Cultura Documentos
EI<?BC;IP7DP?87H0
:ÆD:?I:;C7?E:;,.
:;((:;EKJK8HE7&):;DEL;C8HE:;(&')
* +
EI<?BC;IP7DP?87H0
:ÆD:?I:;C7?E:;,.
H;D7JE9E;B>Eeh]$
H?E:;@7D;?HE
, -
'HX[IRLV
. /
'#FHE:Kw¶;IP7DP?87HEKEI:ÆD:?I:;C7?E:;,.
3RU6DOO\6KDIWR
(#E=HKFEP7DP?87H
3RU-DFNLH5D\QDO
)#KC7@;KD;L7=K;F;H:?:7DEC7H:;,.5
3RU/HRQDUGR(VWHYHV
*#P7DP?87HIED=I
3RU/XL]5RVHPEHUJ)LOKR
+#EC7F7:EI79EDJ;9?C;DJEI
3RU0LFKDHO&KDSPDQ
,#7DE?J;;NF;H?C;DJ7B0:;KN<E?I":;@79A?;H7OD7B
3RU$GULDQ0DUWLQ
-#79xF>7B;#D;IJ;CEC;DJE";CF7H?I"KC>EC;C;IJÈ
FH;IJ;I79EDIJHK?HI;K9xH;8HE
3RU/HRQDUGR(VWHYHV
.#:xJHK?I;P#LEKI#B;<KI?BI?B;D9?;KN
3RU)HUQDQGR:DWDQDEH
/#GK7JHEC7D?<;IJEIFEHKC9?D;C7L?EB;DJE
3RU'DQLHO3RPPHUHXOOH6HUJH%DUG3DWULFN'HYDOH3KLOLSSH*DUUHO
'	HEDEBE=?7%<?BCE=H7<?7
3RU6DOO\6KDIWR
''#IE8H;EI7KJEH;I
'(#?D<EHC7w¶;I
2V)LOPHV=DQ]LEDU'kQGLVGH0DLRGH
'& ''
=$1=,%$5),/06 H[SHULPHQWDO 1DV SDODYUDV GH -RQDV 0HNDV SUHFXUVRU QRPH GR FLQHPD
8QGHUJURXQGHPGHFODUDomRGRDQRGH
2 *UXSR =DQ]LEDU IRL XP FROHWLYR GH MRYHQV FLQHDVWDV IUDQFHVHV ³2 JUXSR GH ¿OPHV SURGX]LGRV VRE D EDQGHLUD GR =DQ]LEDU WHP
DWXDQWHQR¿QDOGRVDQRVHLQtFLRGRVDQRV¿QDQFLDGRVSHODKHUGHLUD VLGRSDUDPLPDPDLRUGHVFREHUWDQRFLQHPDIUDQFrVeXPJUXSRGH¿OPHV
PLOLRQiULDKLSSLH6\OYLQD%RLVVRQDV'HVWHJUXSRWDPEpPFRQKHFLGRFRPR TXH QLQJXpP VHULDPHQWH LQWHUHVVDGR HP FLQHPD SRGH VH GDU DR OX[R GH
³=DQ]LEDU)LOPV´¿]HUDPSDUWHUHOHYDQWHVQRPHVGRFLQHPDIUDQFrVFRPR SHUGHUeXPDSRQWHLQWHUHVVDQWHHQWUHD1RXYHOOH9DJXHHRDYDQWJDUGH
3KLOLSSH *DUUHO -DFNLH 5D\QDO PRQWDGRUD GH ¿OPHV GH eULF 5RKPHU H HQWUHDSRHVLDHDQDUUDWLYD1HQKXPGHVVHV¿OPHVSHUGHXQDGDQRWHPSR
-HDQ'DQLHO3ROOHW3DWULFN'HYDOIXQGDGRUFRP6HUJH'DQH\GDUHYLVWD H[DWDPHQWHRRSRVWR(OHVWrPFUHVFLGRHPVXDLQWHQVLGDGHGHYLVmRSHVVRDO
³9LVDJHVGX&LQpPD´HQWUHRXWURV SRpWLFDHFLQHPDWRJUi¿FD´
5HDOL]DGRV GH PDQHLUD SUDWLFDPHQWH FODQGHVWLQD H UDURV DWp RV
GLDVGHKRMHQDpSRFDPXLWRVGRV¿OPHVHUDPH[LELGRVSRU+HQUL/DQJORLV $5(75263(&7,9$
QD&LQHPDWHFD)UDQFHVDHPVHVV}HVVHFUHWDVQDFDODGDGDQRLWHGXUDQWH
RDJLWDGRSHUtRGRSRUYROWDGR0DLRGHRV¿OPHVGR*UXSR=DQ]LEDU $ PRVWUD ³2V )LOPHV =DQ]LEDU 'kQGLV GH 0DLR GH ´ H[LEH
UHÀHWHP GH DOJXPD PDQHLUD R HVStULWR LQHEULDQWH GDTXHOHV WHPSRV GH SHODSULPHLUDYH]QR%UDVLO¿OPHVUDURVTXHLQWHJUDPRXQLYHUVRGHVWH
0DLRGH VXEWHUUkQHR PRPHQWR GR FLQHPD IUDQFrV HQWUH FXUWDV PpGLDV H ORQJDV
3HUWHQFHQWHV D XPD JHUDomR SRVWHULRU j 1RXYHOOH 9DJXH RV PHWUDJHQV
FLQHDVWDVGR*UXSR=DQ]LEDUFRPHoDUDPD¿OPDUPXLWRMRYHQVDPDLRULD (QWUH HVWHV ¿OPHV HVWmR DV SULQFLSDLV SURGXo}HV GR *UXSR
DLQGDQDIDL[DGRVDQRVHWLQKDPFRPRLQWHQomRVLQFHUDPXGDURFLQHPD =DQ]LEDU ¿OPHV FRPR 'pWUXLVH]YRXV H )XQ DQG JDPHV IRU HYHU\RQH GH
IUDQFrV$YLVmRLGHROyJLFDGRJUXSRHUDUDGLFDOPDVQmRPLOLWDQWHFRPR 6HUJH%DUG/HOLWGHODYLHUJHH/H5pYpODWHXUGH3KLOLSSH*DUUHO$FpSKDOH
*RGDUGHR*UXSR']LJD9HUWRYQDTXHOHPHVPRSHUtRGR GH3DWULFN'HYDOH'HX[)RLVGH-DFNLH5D\QDOHQWUHRXWURV
2V¿OPHV=DQ]LEDUFXOWXDYDPFHUWRVHQVXDOLVPRHVWpWLFRQDIDFH (QWUHRV¿OPHVTXHFRPSOHWDPRXQLYHUVR=DQ]LEDUKiSURGXo}HV
GRVDWRUHVHQRYLVXDOORRNGRV¿OPHVQmRSRUDFDVRYiULRVGRVPHPEURV GRVFLQHDVWDVLQWHJUDQWHVDQWHULRUHVjIRUPDomRGRJUXSRFRPR0DULHSRU
GR JUXSR HUDP PRGHORV GH PRGD FDUDFWHUtVWLFD HVWD TXH 6DOO\ 6KDIWR PpPRLUH*DUUHOH+pUDFOLWHO¶REVFXU'HYDO$OpPGHGRLVFLQHGLiULRVGR
DXWRUDGRSUHFXUVRUOLYUR³=DQ]LEDU/HV)LOPV=DQ]LEDUHW/HV'DQG\VGH DWRUHFLQHDVWD3LHUUH&OpPHQWLTXHDWXRXHPDOJXQVGRV¿OPHV=DQ]LEDU
0DL´GHVLJQDFRPR³VHQVLELOLGDGHGDQGL¿FDGD´ RVH[SHULPHQWDLV9LVDGHFHQVXUHQR;H/DUpYROXWLRQQ¶HVWTX¶XQGpEXW
'H FHUWD IRUPD R FLQHPD =DQ]LEDU HVWDEHOHFHX D SRQWH HQWUH FRQWLQXRQV OH FRPEDW 3DUD FRPSOHWDU VHUi H[LELGR R GRFXPHQWiULR
D 1RXYHOOH 9DJXH H R FLQHPD 8QGHUJURXQG QRUWHDPHULFDQR UHÀHWLQGR =DQ]LEDUUHDOL]DGRHPSRU-DFNLH5D\QDOTXHFRQWDFRPGHSRLPHQWRV
XP LPSRUWDQWH PRPHQWR GHQWUR GD KLVWyULD H GR FLQHPD GH YDQJXDUGD GRVLQWHJUDQWHVGRJUXSR
H;D7JE9E;B>E"9KH7:EH:7CEIJH7
'(
FHE:Kw¶;IP7DP?87H
EKEI:ÆD:?I:;C7?E:;,.
FehI7BBOI>7<JE
4XHODIROLHYLHQQHYLWH
7KLHUU\*DUUHO*DEULHOHP0DULHSRXU0pPRLUHGH3KLOLSSH*DUUHO
0DLQWHQDQWSRXUQRXVO¶(XURSHHVWXQHIHXLOOHEODQFKH
-DFNLH5D\QDOHP$FpSKDOHGH3DWULFN'HYDO
-HVXLVLFLSRXUDQQRQFHUOHGpEXWGHÀDPER\DQFHGDQVWRXVOHVGRPDLQHVVSpFLD
OHPHQWOHFLQpPD
'DQLHO3RPPHUHXOOH-RVHSK%DOVDPRHP:HHN(QGGH-HDQ/XF*RGDUG
/HOLWGHODYLHUJH
TXHVHWRUQDUiRPDLVIDPRVRPHPEURGRJUXSRQmRWHUMDPDLVXWLOL]DGR $SULPDYHUDGHIRLXPPRPHQWRPXLWRFRQWXUEDGRH6\OYLQD
HVVDGHQRPLQDomRQDVXDSUySULD¿OPRJUD¿D3DUDHOH=DQ]LEDUPDUFDVHX %RLVVRQQDV MRYHP KHUGHLUD IRL VHP G~YLGD PXLWR VHQVtYHO D HVVH HVSt
SHUtRGR³$GROHVFHQWH´H³8QGHUJURXQG´ ULWRTXHGHPDQGDYDXPIRUWHHQJDMDPHQWRGRVLQGLYtGXRVeLPSRUWDQWH
3RUpP VH HVVHV ¿OPHV ³QmR WLYHUDP XP IXWXUR EULOKDQWH´ H VXDV UHVVDOWDUTXHVHRFRQWH~GRGRV¿OPHV=DQ]LEDUQmRpSROtWLFRHOHIRLIRUWH
KLVWyULDVVmRPXLWRYDJDVXPDFRLVDpFODUDRV¿OPHVDSUHVHQWDGRVVRERVHOR PHQWH LPSUHJQDGR SHODV GRXWULQDV GH PDLR GH LPSOLFDQGR D OXWD
=DQ]LEDUIRUDPWRGRVFULDGRVHPWRUQRGHPDLRGH³DQWHVGHPDQHLUD SHODFRQTXLVWDGDOLEHUGDGHGHDomRHDUHFXVDGDREULJDomRGH¿FDUFRQ¿
SURIpWLFDGXUDQWHGHPDQHLUDKLVWyULFDHGHSRLVGHPDQHLUDPHODQFyOLFD´ QDGRQRHVWUHLWRkPELWRGDVHVSHFLDOLGDGHVWpFQLFDV(QWUHDSULPDYHUDGH
6REUHRFRQMXQWRGRV¿OPHV=DQ]LEDUQRVTXDLVRFRQWH~GRQmRp HIHYHUHLURGH6\OYLQD%RLVVRQQDV¿QDQFLRXPDLVGHXPDG~]LD
SROtWLFRDFUHGLWRTXHpLPSRUWDQWHVDOLHQWDUWRGDYLDTXHHOHVVySXGHUDP GH ¿OPHV R TXH GHYH VHU XP UHFRUGH SDUD XP SURGXWRU 6HXV UHFXUVRV
H[LVWLUJUDoDVDR³HVStULWRGHPDLRGH´jLGHLDGHFRQTXLVWDUDOLEHU ¿QDQFHLURV H VXD JUDQGH]D GH HVStULWR WRUQDUDP SRVVtYHO URGDU RV ¿OPHV
GDGH GH ID]HU SDUD XP Q~PHUR PDLRU GH VDLU GD SDVVLYLGDGH GD ³VRFLH =DQ]LEDU(ODDFUHGLWDYDSURIXQGDPHQWHQDFDSDFLGDGHFULDWLYDGRVLQGLYt
GDGHGRHVSHWiFXOR´GHDWXDUHPGLIHUHQWHVFDPSRVVHPSUHFLVDUVHUXP GXRVHQmRPHGLDHVIRUoRVSDUDDMXGiORVDH[SHULPHQWDU$WLWXGHORXYiYHO
SUR¿VVLRQDO QXP Vy FDPSR $ LVVR VRPDVH R PRYLPHQWR GD MXYHQWXGH PDVDLQGDSRXFRSDUWLOKDGDXPDYH]TXHQDPHVPDpSRFD-RVHSK%HX\V
QRUWHDPHULFDQDGRVDQRVVHVVHQWDHVHWHQWDDUHYROXomRFXOWXUDOFKLQHVD IRLH[SXOVRGD.XQVWDNDGHPLHHP'VVHOGRUISRUWHUDPHVPDSRVLomR(OD
DRPHQRVFRPRHODHUDSHUFHELGDQR2FLGHQWHHFRPDLGHLDSROtWLFDGH HQFRUDMRXRVFLQHDVWDVTXHMiKDYLDPIHLWR¿OPHV*DUUHOH'HYDO2PDLV
DXWRJHVWmR GH QmR GHOHJDomR GR SRGHU 3RGLDVH RXVDU UHDOL]DU XP ¿OPH VXUSUHHQGHQWH p TXH HOD WHQKD WDPEpP HQFRUDMDGR XP DPDGRU %DUG D
VHPVHUSUR¿VVLRQDOFRPHTXLSHVSHTXHQDV±IUHTXHQWHPHQWHFRPDPLJRV ID]HUFLQHPDHWpFQLFRVDSDVVDUHPjGLUHomR5D\QDO)RXUQLHUH0DUWLQ
FRPRWpFQLFRVRXDWRUHV
*UDoDVDHODRV¿OPHV=DQ]LEDUVHEHQH¿FLDUDPGHDOJXQVPHLRVHPHVSH
1DIRWRJUD¿DWLUDGDQR)HVWLYDOGR&LQHPD-RYHPGH+\qUHVHP FLDODFkPHUDGHPP2FUtWLFRGHDUWH3LHUUH5HVWDQ\DVVLQDORXPXLWR
DEULO GH YHHPVH UHXQLGDV DOJXPDV SHVVRDV TXH SDUWLFLSDUDP GRV EHPVXDVPRWLYDo}HV
¿OPHV =DQ]LEDU $OODLQ -RXIIUR\ 3KLOLSSH *DUUHO 'DQLHO 3RPPHUHXOOH ³6\OYLQD%RLVVRQQDVFHUWDPHQWHSUHVVHQWLXDTXLORTXHHUDH[WUHPD
%HUQDGHWWH /DIRQW FRP VHX PDULGR j pSRFD 'LRXUND 0HGYHF]N\ 3DWULFN PHQWHIRUWHHPPDLRGH(ODFRPSUHHQGHXTXHDDYHQWXUDGHPDLRGH
'HYDO -DFNLH 5D\QDO eGRXDUG 1LHUPDQV H 0LFKHO )RXUQLHU (P +\qUHV HUDDDOWHULGDGHRXVHMDRRXWUR0DLRGHSURFODPDYDMXVWDPHQWH
HPPHLRDJULWRVHYDLDVR¿OPHGH*DUUHO0DULHSRXUPpPRLUHUHFHEHXR RGLUHLWRLPSUHVFLQGtYHOGRRXWURGHYLYHUFRPWRGDVDVVXDVGLIHUHQoDV´
JUDQGHSUrPLRGRIHVWLYDO $VSHVVRDVOLJDGDVDHVVDFRQVWHODomRVHHQFRQWUDYDPIUHTXHQWHPHQWHj
1mR HVWDYDP HP +\qUHV 6\OYLQD %RLVVRQQDV D PHFHQDV GRV QRLWHQD&RXSROHHP0RQWSDUQDVVH(OHVWDPEpPVHUHXQLDPJHUDOPHQWH
SURMHWRV6HUJH%DUGTXHID]LDQDTXHOHPRPHQWRVXDHVWUHLDFRPRFLQH QDFDVDGH2OLYLHU0RVVHWQRQ~PHURGD5XDGH/¶eFKDXGpRQGHHOHV
DVWD&DUROLQHGH%HQGHUQVXDDWUL]H2OLYLHU0RVVHWSLQWRUHDWRUQRVVHXV SURMHWDYDPVHXV¿OPHVIHLWRVHP6XSHU
¿OPHV3URYDYHOPHQWHHOHVHVWDYDPHP3DULVURGDQGRRSULPHLUR¿OPHGH $R¿QDOGH6\OYLQD%RLVVRQQDVTXLVTXHRV¿OPHVUHDOL]DGRV
6HUJH%DUG'pWUXLVH]YRXVTXHSUHYLDRVHYHQWRVGHPDLRGHHIRLR IRVVHPYLVWRVQDVVDODVGHFLQHPDSDUDTXHDGLIXVmRFRPHUFLDOIRVVHSRVVt
SULPHLUR¿OPHGRVHOR=DQ]LEDU
3DWULFN 'HYDO ³8Q 0RQGH WUDQVSDUHQW YHUV OH IXWXU´ LQ 3KLOLSSH *DUUHO HVFULWR SRU *pUDUG (QWUHYLVWDGDDXWRUDFRP3LHUUH5HVWDQ\3DULVGHPDLRGH
&RXUDQW3DULV6WXGLRS
6\OYLQD%RLVVRQQDVFDUWDjDXWRUDGDWDGDGHGHMXQKRGH
YHO (P RXWXEUR GH HOD FULRX FRP 2OLYLHU 0RVVHW FRPR VyFLR XPD 7UH]H ¿OPHV WRGRV PRWLYDGRV SHOR GHVHMR GH PXGDU D IDFH GR
SURGXWRUDDTXDO6HUJH%DQGGHQRPLQRX³=DQ]LEDU´$SDODYUD³=DQ]LEDU´ FLQHPDIUDQFrV$R¿QDOGRSUyORJRGH'HX[IRLV-DFNLH5D\QDODQXQFLD
VHWRUQRXSDUDWRGRVQDpSRFDXPWLSRGHWDOLVPm³=DQ]LEDU´HUDXPDLOKD ³(VVDQRLWHVHUiR¿PGDVLJQL¿FDomR´&RPRUHFXRGRWHPSRSRGHPVH
GHXPSDtVPDRtVWDD7DQ]kQLDHDSRSXODomRGH³=DQ]LEDU´HVWDYDPDLV UHVXPLUDVDVSLUDo}HVGHVVHVFLQHDVWDVVXSULPLUDLPDJHPYROWDUDR]HUR
RXPHQRVGHDFRUGRFRPXPDSROtWLFDGHHVTXHUGD$OpPGLVVR³=DQ]LEDU´ UHMHLWDUDLGHLDWUDGLFLRQDOGR³DXWRU´DFRUGDUDVFRQVFLrQFLDVHUHFRQKHFHU
IRL R GHVWLQR GH XPD H[SHGLomR FLQHPDWRJUi¿FD ¿QDQFLDGD SRU 6\OYLQD DFULDWLYLGDGHGHFDGDLQGLYtGXR
%RLVVRQQDVHQWUHMDQHLURGHHRYHUmRGH &RPR SRGHPRV QRV DSUR[LPDU GHVVHV ¿OPHV DWp DJRUD PDLV RX
(PIHYHUHLURGH%RLVVRQQDVGLIXQGLXFRPDDMXGDGH0RVVHW PHQRVHVTXHFLGRV"(PXPDHQWUHYLVWD$EGXOODK6LUDGMQRPHPXoXOPDQR
XP FDWiORJR GHVWLQDGR VREUHWXGR DRV (VWDGRV 8QLGRV TXH DSUHVHQWDYD GH6HUJH%DUGGLVVHTXHWRGDVDVSHVVRDVTXHSDUWLFLSDUDPHP=DQ]LEDU
XPD OLVWD GH ¿OPHV TXH PHQFLRQDYDP ³=DQ]LEDU 3URGXFWLRQV´ 7RGDYLD HUDP PXLWR EHODV +DYLD VHJXQGR HOH XP WLSR GH VHOHomR LQFRQVFLHQWH
RQRPHGH%RLVVRQQDVQmRDSDUHFHQHPFRPRSURGXWRUDRX¿QDQFLDGRUD $GHPDLVKDYLDIRUWHVODoRVHQWUHRVPHPEURVGH=DQ]LEDUHRPXQGRGD
QHP FRPR GLVWULEXLGRUD &RP VXD FDSD QXP YLYR YHUPHOKR DODUDQMDGR PRGD &DUROLQH GH %HQGHUQ D PXVD GH 6HUJH %DQG WUDEDOKDYD QD pSRFD
OHPEUDQoDGRSHTXHQROLYURGH0DRVHPG~YLGDRFDWiORJRSRVVXLXP FRPRPRGHORHP3DULVH1RYD<RUN=RX]RXDWUL]GHDOJXQV¿OPHVGH*DUUHO
WtWXOR FXMD PRGpVWLD WLSRJUi¿FD FRQWUDGL] VXDV DPELo}HV ³1HZ )UHQFK 0DULH SRXU PpPRLUH /D FRQFHQWUDWLRQ H /H OLW GH OD YLHUJH WDPEpP
¿OPV´2DGMHWLYR³QRYRV´VXJHUHTXHRV¿OPHVVmRDRPHVPRWHPSRUHFHQ WUDEDOKRXFRPRPDQHTXLPSDUDDVUHYLVWDV6DOXWOHVFRSDLQV9RJXH(OOH
WHVHLQRYDGRUHV&RPSRVWRSRUYROWDGHFLQTXHQWDSiJLQDVQmRSDJLQDGDV HWF /DXUHQW &RQGRPLQDV R DWRU SULQFLSDO GH $FpSKDOH WUDEDOKRX EUHYH
RFDWiORJRVHDEUHVHPQHQKXPDFHULP{QLDVREUHXPIRWRJUDPDGH&DUROLQH PHQWHFRPRPRGHORDQWHVGHLQLFLDUXPDFDUUHLUDFRPRIRWyJUDIR0LFKHO
GH %HQGHUQ WLUDGD GH 'pWUXLVH]YRXV 2 FDWiORJR DSUHVHQWD XPD OLVWD GH $XGHUOLYUHPHQWHDVVRFLDGRDHVVHDJUXSDPHQWRHVWUHRXFRPRIRWyJUDIR
¿OPHVFODVVL¿FDGRVHPRUGHPDOIDEpWLFDSHORVREUHQRPHGRFLQHDVWD GH PRGD $SyV VHX UHWRUQR j )UDQoD HP 3DWULFN 'HYDO WUDEDOKRX
RFDVLRQDOPHQWHFRPRPRGHOR2SUySULR$ODLQ-RXIIUR\VDOLHQWRXDLPSRU
'pWUXLVH]YRXVDEULOGHGH6HUJH%DUG¶3%HFRORULGR WkQFLD GRV IRWyJUDIRV GH PRGD HP XP DUWLJR GD 2SXV LQWHUQDWLRQDO HP
,FLHWPDLQWHQDQWGH6HUJH%DUG¶3% 2GDQGLVPRGRVPHPEURVGH=DQ]LEDUHYLGHQFLDVHSULPHLUDPHQWH
)XQDQGJDPHIRUHYHU\RQHGH6HUJH%DUG¶3% SHOD SUySULD DSDUrQFLD GH VHXV PHPEURV $VVLP SDUHFH QDWXUDO FRPHoDU
8Q¿OPGH6\OYLQD%RLVVRQQDV¶FRORULGRHVFRSH SRUDOJXPDVJHQHUDOLGDGHVUHIHUHQWHVDR³ORRN´GRV¿OPHVUHXQLGRVVRER
$FpSKDOHGH3DWULFN'HYDO¶3% VHOR=DQ]LEDU
/¶+RPRJUDSKHGH0LFKHO)RXUQLHU¶3% 6H SRU XP ODGR SRGHVH REVHUYDU XP WLSR GH H[WUDYDJkQFLD QR
0DULHSRXUPpPRLUHGH3KLOLSSH*DUUHO¶3% HVWLOR SHVVRDO GRV SDUWLFLSDQWHV GH =DQ]LEDU SRU RXWUR VHXV ¿OPHV VmR
/H5pYpODWHXUGH3KLOLSSH*DUUHO¶3% FDUDFWHUL]DGRVSRUXPPLQLPDOLVPRHSRUXPDVREULHGDGHH[WUDRUGLQiULRV
/DFRQFHQWUDWLRQGH3KLOLSSH*DUUHO¶FRORULGR 2V FLQHDVWDV GH =DQ]LEDU HVWDYDP HP VLQWRQLD FRP DV LGHLDV GR KLVWRULD
/HOLWGHODYLHUJHGH3KLOLSSH*DUUHO¶3%VFRSH GRUGDDUWH1LFRV+DGMLQRFDORX³HVWLOR LGHRORJLDYLVXDO´$PDLRULDGRV
ePHWGH&ODXGH0DUWLQ¶3%PP ¿OPHV=DQ]LEDUHUD¿OPDGDHPSUHWRHEUDQFRD¿PGHDSURIXQGDUDLQGD
9LWHGH'DQLHO3RPPHUHXOOH¶FRORULGR PDLVHVVHGHVSRMDPHQWR1RFDVRGH/H5pYpODWHXUH$FpSKDOHRVFLQHDVWDV
'HX[IRLVGH-DFTXHOLQH5D\QDO¶3% WUDEDOKDUDPFRPDSHOtFXODSUHWRHEUDQFRLOXPLQDQGRjYHOD$SHOtFXOD
HQWmRHUDH[SRVWDDRPi[LPRQRODERUDWyULR7UrVGRVWUH]H¿OPHVHUDP
'/
FRORULGRV 0DV HP /D FRQFHQWUDWLRQ H 8Q ¿OP R TXH VH Yr p D DXVrQFLD
GH FRU 3RGHVH YHU WDPEpP QR XVR GR SUHWR H EUDQFR XP SDUDOHOR FRP
DV HVFXOWXUDV FRQWHPSRUkQHDV GR DPHULFDQR 5REHUW 0RUULV $R HVFROKHU
SLQWDUVXDVHVFXOWXUDVGHFLQ]D0RUULVRPLQLPDOLVWDUHMHLWRXRVH[FHVVRV
FURPiWLFRVGDJHUDomRDQWHULRURVH[SUHVVLRQLVWDVDEVWUDWRV
'R SRQWR GH YLVWD GR URWHLUR D WHQGrQFLD JHUDO HUD FRQWLQXDU D
WUDGLomR GH *RGDUG WUDEDOKDU FRP XP URWHLUR PtQLPR H LPSURYLVDU (P
JHUDO RV ¿OPHV =DQ]LEDU FRQWDYDP PXLWR FRP D FRODERUDomR GRV DWRUHV
DLQGDTXHDSDODYUD³DWRU´QmRVHMDWRWDOPHQWHDGHTXDGDDRVLQWpUSUHWHVGRV
¿OPHV(OHVHUDPPDLVWHVWHPXQKDVGRTXHDWRUHVTXHGHFRUDYDPXPWH[WR
HSDUWLFLSDYDPGHHQVDLRV
&RPR WHVWHPXQKDV HOHV VH GLULJHP GLUHWDPHQWH DR HVSHFWDGRU
-i p SRVVtYHO QRWDU HVVD WHQGrQFLD QRV ¿OPHV GH *RGDUG(P8QHIHPPH
HVW XQH IHPPH SRU H[HPSOR $QJpOD H ePLOH VH GLULJHP GLUHWDPHQWH DRV
HVSHFWDGRUHV(P3LHUURWOHIRX)HUGLQDQGDRYRODQWHVHYROWDGHIUHQWH
DRHVSHFWDGRUH0DULDQQHOKHSHUJXQWD³&RPTXHPYRFrIDOD"´1HVVHFDVR
HVVDIDODYROWDGDSDUDRHVSHFWDGRUpXPDEULQFDGHLUD(P/D&KLQRLVHHOD
VHWRUQDPDLVVpULDHPDLVSROLWL]DGD2VDWRUHVGH=DQ]LEDUYmRQHVVDGLUH
omR'pWUXLVH]YRXVSRUH[HPSORFRPHoDFRPXPORQJRSODQR¿[RHPTXH
&DUROLQHGH%HQGHUQVHGLULJHDRS~EOLFR$TXLQmRVHWUDWDGHXPDEULQFD
GHLUDRXGDWUDQVJUHVVmRGHXPWDEXPDVGHXPYHUGDGHLURDSHORjDomR
$EGXOODK6LUDGM6HUJH%DUGH[SOLFDVXDVLQWHQo}HVDRHVFROKHUVHXWtWXOR
³7LYHDLGHLDGHFKDPDUPHX¿OPHGH,FLHWPDLQWHQDQWSRUTXHR
FLQHPDpRFRQWUiULRGRDTXLHDJRUD2FLQHPDpVHPSUHOiHDQWHV(UD
SUHFLVRUHHQFRQWUDUDPDJLDGRLQVWDQWHHLVVRpDTXLHDJRUD(XTXHULDTXH
DRDVVLVWLUR¿OPHRHVSHFWDGRUVHYROWDVVHVREUHHOHPHVPRHHQWmRHOHQmR
YLYHQFLDVVHHVVHSURFHVVRGHLGHQWL¿FDomRQRTXDOHOHVDLGHVLSUySULR´
(P UHODomR DRV PRYLPHQWRV GH FkPHUD QRWDVH QRV ¿OPHV GH
=DQ]LEDU XPD SUHGLOHomR SHORV WUDYHOOLQJV H DV SDQRUkPLFDV HP R
$FpSKDOH FRPHoD FRP XPD SDQRUkPLFD TXH JLUD HP WRUQR GH XPD
FDEHoD D FDEHoDGH-DFTXHV0RQRU\-DFNLH5D\QDO WDPEpP XWLOL]D XPD
SDQRUkPLFDGHRUHSHWLGDFLQFRYH]HVHP'HX[IRLV(P/H5pYpODWHXU
/H5pYpODWHXU
R ¿OKR p VHSDUDGR H GHSRLV UHFRQHFWDGR FRP VHXV SDLV SRU PHLR GH XP SRUTXH³HQFKHPDVSHVVRDVHVXMDPDVLPDJHQV´
SODQRSDUHFLGR*DUUHOUHSHWHHVVHPRYLPHQWRQRFRPHoRGH/D&LFDWULFH 4XDQWRjQDUUDomRRVFLQHDVWDVGH=DQ]LEDUUHMHLWDUDPQDSRUVHU
LQWpULHXUHQRTXDO1LFRVDLHHQWUDHPFDPSRSRUPHLRGHXPPDJLVWUDO XP HOHPHQWR PXLWR FRQYHQFLRQDO $ PDLRULD GH VHXV ¿OPHV QmR D XWLOL]D
GXSORWUDYHOOLQJFLUFXODU(PXPDHQWUHYLVWD7KRPDV/HVFXUHSHUJXQWDD VHQmRFRPRXPVXSRUWHUHGX]LGRFHUWDPHQWHXPDUHDomRDRFLQHPDTXH
*DUUHORVLJQL¿FDGRGHVVHPRYLPHQWRGHFkPHUD³DSDUHQWHPHQWHJUDWXLWR´ HOHV KDYLDP FRQVXPLGR QD DGROHVFrQFLD 2V FLQHDVWDV GD 1RXYHOOH 9DJXH
$UHVSRVWDGH*DUUHO FRPHoDUDP VXDV FDUUHLUDV LPLWDQGR R FLQHPD FRQYHQFLRQDO RV FLQHDVWDV
³$TXHVWmRGRSODQRVHTXrQFLDRFXSRXPXLWRD1RXYHOOH9DJXH2 GH=DQ]LEDUSRUVXDYH]VHPRVWUDUDPPDLVFUtWLFRV2SUySULRWtWXORGR
TXHFDUDFWHUL]DXPSODQRVHTXrQFLDpDFRQWLQXLGDGHGDWRPDGDHDSURIXQ ¿OPHGH-DFNLH5D\QDO'HX[IRLVpXPDSDUyGLDGRVFRQWRV(P$FpSKDOH
GLGDGHGHFDPSR3RUpPHPXPGHVHUWRRQGHQmRKiQDGDSHUGHVHPXLWR /DXUHQW&RQGRPLQDVREVHUYD³(XQmRVXSRUWRDIDFLOLGDGHGD¿FomR([LMR
RLQWHUHVVHQDSURIXQGLGDGHGHFDPSRSRLVDGXUDomRpDQXODGDXPDYH] D UHDOLGDGH 7RUQRPH ORXFR´ *DUUHO WDPEpP HVWDYD FDQVDGR GDV ¿Fo}HV
TXHR¿PGRSODQRpLGrQWLFRDRVHXFRPHoR(VVHWUDYHOOLQJpHQWmRXP QRUWHDPHULFDQDVTXHKDYLDPLQYDGLGRDVWHODVIUDQFHVDVGHSRLVGD6HJXQGD
SODQRVHTXrQFLDSXURXPWLSRGHJUDX]HURGRSODQRVHTXrQFLD ´
*XHUUD0XQGLDO
6XDUHVSRVWDYDLDRHQFRQWURGRGLVFXUVRHP/HJDLVDYRLU ³(YLGHQWHPHQWHHXYLDWRGRVRVWLSRVGH¿OPHV/HPEURPHSRU
GH *RGDUG RQGH -XOLHW %HUWR H -HDQ3LHUUH /pDXG IDODP GD QHFHVVLGDGH H[HPSORGH$SRQWHGRULR.ZDLGDTXHODP~VLFDLGLRWDTXHWRGRPXQGR
GH³UHWRUQDUD]HUR´RTXHLQYRFDDXWLOL]DomRLQFDQViYHOGR]HURVREUHXP DVVRYLDYD (X ¿FDYD PXLWR VXUSUHVR TXDQGR FRQYHUVDYD FRP RV DPLJRV
IXQGREUDQFR0RVVHWWDPEpPUHQXQFLRXDWRGDVLJQL¿FDomR GRFROpJLRSRUTXHHOHVDFKDYDPTXHHUDXP¿OPHERP(OHVQmRHUDPRV
³1mRKiQHQKXPDSRVVLELOLGDGHGHHYROXomRSRUHVVDSLQWXUD(XSRGHULD ~QLFRVPXLWRVDGXOWRVDFKDYDPDPHVPDFRLVD(XWLQKDDLPSUHVVmRGHYHU
GHFLGLUSLQWDUFLQTXHQWDWHODVSRUDQRHGHXPDVyYH]HIHWXDUPLQKDSURGX DHVWXSLGH]XQLYHUVDOHQJROIDUVHVREUHDSRQWHGRULR.ZDL1mRFRQVHJXLD
omRGHGH]DQRV6HHX¿]HUXPDWHODRXPLOQmRKiQHQKXPDLPSRUWkQFLD HQWHQGHUFRPRDVSHVVRDVSRGLDPVHLQWHUHVVDUSRUHVVDVKLVWyULDVGHSROL
eWDQWRDUHSHWLomRTXDQWRDLOXVmRGDUHSHWLomReRQDGDVREUHQDGDVREUH FLDLVGHVROGDGRV´
QDGDVREUHQDGD$UHODomRGHFDGDWHODFRPFDGDWHODQDGDPDLVpTXH 2FLQHDVWDVpUYLR'XVDQ0DNDYHMHYUHVVDOWRXTXH³YLYHUQRVpFXOR
XPDUHODomRGHLGHQWLGDGHYD]LD´
;; VLJQL¿FD DSUHQGHU D VHU DPHULFDQR´ XPD LGHLD TXH RV FLQHDVWDV GH
2VFLQHDVWDVGH=DQ]LEDUVXSULPLUDPRVFUpGLWRVSDUDTXHEUDUD =DQ]LEDUDFKDYDPLQVXSRUWiYHO(OHVHQWmRFULDUDPXPQRYRVLVWHPDGH
QRomRJHQHUDOL]DGDGH³DXWRU´2MRUQDOLVWD$ODLQ'LVWHULQYRFDWDPEpPR LGHQWL¿FDomR/HOLWGHODYLHUJHSRUH[HPSORFULWLFDDEHUWDPHQWHDUHSUHV
DPELHQWHGHVVHSHUtRGR³+DYLDXPHVWDGRGHGHVDSRVVDUXPDHVSpFLHGH VmRGRHVWDGRHGDSROtFLD3LHUUH&OpPHQWLLQWHUSUHWDQHVVH¿OPHXP&ULVWR
QXGH] GH WXGR TXH QyV WtQKDPRV IHLWR 7tQKDPRV XPD YRQWDGH GD QXGH] LQRFHQWHSHUGLGRHWRUWXUDGRQRQRVVRPXQGR
PRUDOHItVLFDFRPSOHWD´1RV¿OPHV=DQ]LEDUSRGHVHREVHUYDUHVVHGHVD $QDUUDomRQHVVHV¿OPHVSDUHFHPXLWDVYH]HVVHUFRQVWUXtGDSRU
SHJR 0LFKHO )RXUQLHU GLUHWRU GH IRWRJUD¿D GRV ¿OPHV GH *DUUHO GHVGH HSLVyGLRV H QmR SRU VHTXrQFLDV SRUTXH RV DXWRUHV UHMHLWDUDP D LGHLD GD
0DULHSRXUPpPRLUHD$WKDQRUHQFRUDMRX*DUUHODVXSULPLURVFUpGLWRV FDXVDOLGDGH WUDGLFLRQDO 3DUD HOHV D FDXVDOLGDGH HVWDYD OLJDGD DR VLVWHPD
GRPLQDQWHTXHHOHVTXHULDPGHUUXEDU(VVDLQWHQomRpHYLGHQWHHP'HX[
IRLV TXH HYRFD D IiEXOD GH $TXLOHV H D 7DUWDUXJD H FRQVLGHUD XP HUUR D
*DUUHOH/HVFXUHRSFLWS
1RWDVH TXH HVVHV FRPHQWiULRV IRUDP H[WUDtGRV GD ³(QWUHYLVWD LPDJLQiULD´ WH[WR DVVLQDGR
SRU6HUJH%DUGSDUDRFDWiORJRGHXPDH[SRVLomRGH2OLYLHU0RVVHW9HU6HUJH%DUG³(QWUHYLVWD
LPDJLQiULD´LQ2OLYLHU0RVVHW&DWiORJRQ3DULV (QWUHYLVWDGDDXWRUDFRP0LFKHO)RXUQLHU6HPXUHQ$X[RLVGHPDLRGH
$ODLQ'LVWHU0RQ$PpULTXHjPRL)UDQFH&XOWXUHPDLRGH *DUUHOH/HVFXUHRSFLWS
FRQFHSomRWUDGLFLRQDOGHWHPSRHHVSDoR1ROXJDUGDFDXVDOLGDGHRVFLQH GLiORJRVHODoRVPXLWRIRUWHVHQWUHRVFLQHDVWDVHRVSLQWRUHV$OJXQVSLQWR
DVWDVGH=DQ]LEDULQVLVWLUDPQDUHSHWLomRHQRQRQVHQVH UHV¿]HUDP¿OPHV3RPPHUHXOOH5D\VVH0RQRU\H)URPDQJHUFLQHDVWDV
2VLQWHUORFXWRUHVGH*DUUHOQDHQWUHYLVWDSXEOLFDGDQR&DKLHUVGX VHLQWHUHVVDUDPPXLWRSHODSLQWXUD5RKPHUH*RGDUG1DSULPDYHUDGH
FLQpPDHPVHWHPEURGHREVHUYDP RJDOHULVWD&ODXGH*LYDXGDQSURMHWRX¿OPHVH³SHODSULPHLUDYH]D
³4XDQGRYHPRVVHXV¿OPHVSHODSULPHLUDYH]WHPRVDLPSUHVVmRGH SHOtFXODVXEVWLWXLDWHODHRSDSHOQXPDJDOHULD´
TXHHOHVVmRIHLWRVGHJUDQGHVEORFRVGHSODQRVGHWUrVTXDWURFLQFRPLQX *DUUHOH3DUGRHUDPSUy[LPRVGDVLGHLDVGDVSDUDIHUQiOLDVFRPR
WRVTXHVHEDVWDPQHOHVPHVPRV6HQGRDVVLPMXVWDSRVWRVODGRDODGRPDV %XUQH-RQHVSDUDTXHPRDUWLVWDHUDXPSDGUH³LVRODGRHPXPDWRUUHGH
QRVTXDLVVHSRGLDPXLWREHPLQYHUWHUVXDRUGHPQR¿OPHDOHDWRULDPHQWH´ PDU¿PHPXPDDWPRVIHUDGHVRQKRHDPELJXLGDGH´'RPLQLTXH1RJXH]
(VVD WHQGrQFLD HP GLUHomR D XPD QDUUDomR HSLVyGLFD LGHQWL¿FRX XPD UHODomR HQWUH *DUUHO H RV DUWLVWDV GR ¿P GR VpFXOR ;,;
QHFHVVDULDPHQWH LQÀXHQFLRX D DSUR[LPDomR GRV PHPEURV GR JUXSR GD HVSHFLDOPHQWH3XYLVGH&KDYDQQHV(VVDWHQGrQFLDMiLQVFULWDQRGDQGLVPR
PRQWDJHP $LQGD TXH XPD PRQWDGRUD SUR¿VVLRQDO 5D\QDO WHQKD IHLWR DSURIXQGRXVHQRSHUtRGRHPTXHHOHPDQWHYHXPDUHODomRFRP1LFRQR
SDUWH GR JUXSR H WHQKD DWp PRQWDGR WUrV GH VHXV ¿OPHV 'pWUXLVH]YRXV TXDO HOH VH LVRORX FRP HOD YHU SULQFLSDOPHQWH /D &LFDWULFH LQWpULHXUH H
$FpSKDOH H 'HX[ IRLV RV ¿OPHV =DQ]LEDU UHFRUUHP D XPD PRQWDJHP WDPEpP/H%HUFHDXGHFULVWDO
HVWULWDPHQWH PtQLPD (P *RGDUG UHYROXFLRQRX D PRQWDJHP FRP 2VPHPEURVGDFRQVWHODomR=DQ]LEDUQmRHUDPVRPHQWHMRYHQV
VHXVVDOWRVHP¬ERXWGHVRXIÀHeSUHFLVROHPEUDUTXHRSULPHLURORQJD HOHVHUDPWDPEpPFRPH[FHomRGH-DFNLH5D\QDODPDGRUHV6HPIRUPD
PHWUDJHPGH*RGDUGDVVXVWDYDRVPRQWDGRUHVGDpSRFDSRUTXHURPSLDGH omR FLQHPDWRJUi¿FD HOHV HUDP OLYUHV SDUD SDUWLU GR ]HUR SDUD ID]HU XP
XP Vy JROSH FRP D PRQWDJHP WUDGLFLRQDO 0DV VH *RGDUG DWHUURUL]RX RV ¿OPHFRPRVHIRVVHDSULPHLUDYH]*DUUHOUHVVDOWDTXHXPDGDVGLIHUHQoDV
PRQWDGRUHVFRPVXDPRQWDJHPSDUHFHQGRR³EDWLPHQWRGHXPFRUDomR´ HQWUHVXDJHUDomRHDJHUDomRGD1RXYHOOH9DJXHpTXHDVXDUHDOL]RX¿OPHV
RFLQHPDGH=DQ]LEDUOKHVGHXRJROSHGHPLVHULFyUGLD7RGRVRV¿OPHVGH GLUHWDPHQWHVHPSDVVDUSHODFUtWLFDGDQGRXPVHQWLPHQWRGHDFHOHUDomR
=DQ]LEDUVmRFRPSRVWRVSRUVHTXrQFLDVORQJDVHFRPPRQWDJHPPtQLPD H[DFHUEDGD*DUUHOUHOHPEUD
$OJXQV DQRV DSyV WHU PRQWDGR 3LHUURW OH IRX )UDQoRLVH &ROLQ HVWHYH ³1RVVDJHUDomR¿OPRXPXLWRPDLVFHGRXQVERQVGH]DQRVDQWHV
HQYROYLGDQDPRQWDJHPGH/HOLWGHODYLHUJH(ODUHVVDOWDTXHKDYLDSRXFRV GD JHUDomR GD 1RXYHOOH 9DJXH 3DUD QyV IRL MXVWDPHQWH R DEDQGRQR GH
FRUWHV $GHPDLV HVVH ¿OPH TXH GXUD TXDVH GXDV KRUDV QmR SRVVXL PDLV FHUWDVIDVHVGDWpFQLFDFOiVVLFDTXHSRGHGDUH[LVWrQFLDDRV¿OPHV´
GHWULQWDSODQRV'HX[IRLVPLQXWRVGH5D\QDOQmRWHPPDLVGH 0DLVjIUHQWHHOHUHVVDOWD
$FpSKDOH PHQRV GH WULQWD VHTXrQFLDV 8Q ¿OP GH %RLVVRQQDV TXH GXUD ³1RVVD JHUDomR IH] XPD FRLVD FRPSOHWDPHQWH QRYD DR ¿OPDU
XPDKRUDpFRPSRVWRSRURLWRRXQRYHSODQRV PXLWRMRYHP´
$ SDUWLFLSDomR GR FUtWLFR GH DUWH $ODLQ -RXIIUR\ H GRV SLQWR )RL FRP TXDWRU]H DQRV TXH *DUUHO URGRX VHX SULPHLUR ¿OPH
UHV 2OLYLHU 0RVVHW 'DQLHO 3RPPHUHXOOH 'LGLHU /pRQ H )UpGpULF 3DUGR 3DWULFN'HQDO¿OPRXRVHX=Rp%RQQHFRPYLQWHHGRLVDQRV6HUJH%DUG
UHVVDOWDDLPSRUWkQFLDGDSLQWXUDQHVVHUHDJUXSDPHQWR$SUySULD6\OYLQD WLQKDYLQWHHXPTXDQGRIH]VHXVWUrV¿OPHVHP6\OYLQD%RLVVRQQDV
%RLVVRQQDVHVWXGRXKLVWyULDGDDUWHHIRLQRDWHOLrGH1LNLGH6DLQW3KDOOH
TXH HOD FRQKHFHX R SLQWRU 0RVVHW *DUUHO LQVLVWH VHPSUH QR SDSHO TXH
D SLQWXUD WHYH QR VHX FLQHPD =RX]RX DQWHV GH FRPHoDU VXD FDUUHLUD GH $ODLQ-RXIIUR\2SXVLQWHUQDWLRQDODEULOGH1HVVDH[SRVLomRIRUDPH[LELGRVRV¿OPHVGH
&OpPHQWL.OHLQ*RGDUG3RPPHUHXOOH(UUy0RQRU\5D\VVHH5RKPHUHQWUHRXWURV(QWUHYLVWD
DWUL]HPRGHORHVWXGRXQD(VFRODGH$UWH'HFRUDWLYD*X\*LOOHVXPGRV GDDXWRUDFRP6RL]LF$XGRXDUG3DULVGHPDLRGH
3KLOLSSH*DUUHOHVFULWRSRU*pUDUG&RXUDQWRSFLWS
IRWyJUDIRVGH$FpSKDOHHVWXGRX%HODV$UWHVHP$OJHU1HVVDpSRFDKRXYH ,GHPS
FRPHoRXD¿QDQFLDURV¿OPHVFRPYLQWHHVHLVHP(P-DFNLH EHPGHVFUHYHX³DPLJUDomRHDWUDQVIHUrQFLDGHXPDLPDJHP´GHXP¿OPH
5D\QDOFRPYLQWHHWUrVDQRVHUDFRQVLGHUDGDDPRQWDGRUDPDLVMRYHPGD SDUDRXWURXPDREVHUYDomRIHLWDQRQtYHOIRUPDO0DVSRGHVHIDODUWDPEpP
)UDQoD'HSRLVGHWHUFXUVDGRGRLVDQRVGD(VFRODQDFLRQDOGHIRWRJUD¿DH HPXPDPLJUDomRGHFRODERUDGRUHVSDVVDQGRGHXP¿OPHSDUDRXWUR'H
FLQHPDWRJUD¿D(13&VHPREWHURGLSORPD0LFKHO)RXUQLHUVHWRUQRX IDWRRLQWHUFkPELRGHSHVVRDVHQWUH/D&ROOHFWLRQQHXVHHRV¿OPHV=DQ]LEDU
DRVYLQWHHXPDQRVRGLUHWRUGHIRWRJUD¿DGH*DUUHO HUD PXLWR IUHTXHQWH SDUD QmR VHU VLJQL¿FDWLYR /D &ROOHFWLRQQHXVH IRL
1RFRPHoRGRVDQRVVHVVHQWD*RGDUGSDUHFLDEDWHUWRGRVRVUHFRU PRQWDGRSRU-DFNLH5D\QDO2¿OPHGH5RKPHUIRLFRSURGX]LGRSRU%DUEHW
GHVURGDQGRVHXV¿OPHVHPWUrVDVHLVVHPDQDV&RPLVVRRVSDUWLFLSDQWHV 6FKURHGHUHRFLQHDVWD3LHUUH5LFKDUG%UpLQWHUSUHWDXPSHTXHQRSDSHOQR
GH=DQ]LEDUEXVFDUDPVXSHUiOR5D\QDOURGRXVHX¿OPH'HX[IRLVHPQRYH ¿OPH$PERVDSDUHFHPQR¿OPHGH%DUG)XQDQGJDPHVIRUHYHU\RQH%Up
GLDV'HYDOUHDOL]RX$FpSKDOHHPGXDVVHPDQDV*DUUHO¿OPRX0DULHSRXU SDUWLFLSD WDPEpP GH /H OLW GH OD YLHUJH GH *DUUHO 8P GRV DWRUHV SULQFL
PpPRLUH HP GH] GLDV (P VHJXLGD HOH IH] /H 5pYpODWHXU HP GXDV VHPD SDLVGH/D&ROOHFWLRQQHXVHHUD'DQLHO3RPPHUHXOOHTXHGLULJLXXPFXUWD
QDVXPDSDUDD¿OPDJHPHXPDSDUDDPRQWDJHP'HSRLVHOH¿OPRXHP PHWUDJHP9LWHVRERVHOR=DQ]LEDU2URWHLURGR¿OPHGH5RKPHUFODVVL
VHTXrQFLD/D&RQFHQWUDWLRQHPVHWHQWDHGXDVKRUDVHPRQWRXHPXPD ¿FRX3RPPHUHXOOHQRJUXSRGH³REMHWRUHV´HPIXQomRGHXPDH[SRVLomR
VHPDQD)XQDQGJDPHVIRUHYHU\RQHGH%DUGIRL¿OPDGRHPGXDVHWDSDV ³([SRVLomR GRV 2EMHWRUHV´ RUJDQL]DGD SRU $ODLQ -RXIIUR\ HP QD
8Q¿OPGH%RLVVRQQDVIRL¿OPDGRHPPHQRVGHGXDVVHPDQDV JDOHULDGH-DFTXHOLQH5DQVRQ)RLQHVVDRFDVLmRTXH5RKPHUHQFRQWURXR
6HPSUHVHGL]TXH/D&KLQRLVHH:HHNHQGGH*RGDUGVmR¿OPHV ³QmRSLQWRU´'DQLHO3RPPHUHXOOH
SURIpWLFRVGRVHYHQWRVGH0DLRGH*RGDUGHVWDYDDWHQWRDHVVHSHUt (VVH UHDJUXSDPHQWR GH LQGLYtGXRV p EDVWDQWH QRWiYHO (P /D
RGR 3RGHVH GL]HU TXH 'pWUXLVH]YRXV GH %DUG ¿OPDGR HP 1DQWHUUH &ROOHFWLRQQHXVH R GLVFXUVR GH 3RPPHUHXOOH H -RXIIUR\ HVFULWR SRU HOHV
HP DEULO GH H 0DULH SRXU PpPRLUH GH *DUUHO ¿OPDGR HP PHVPRVWDPEpPVDOLHQWDDUHODomRGHOHVFRPRVSDUWLFLSDQWHVGH=DQ]LEDU
WDPEpP VmR ¿OPHV TXH DQXQFLDUDP HVVH IDPRVR PrV GH PDLR 1HVVH 1RVHJXQGRSUyORJRGR¿OPHRSLQWRUGLVFXWHFRPRFUtWLFRXPDGHVXDV
FRQWH[WR p SHUWLQHQWH UHOHPEUDU D IDOD GH *DUUHO HP +\qUHV HP DEULO GH REUDVXPDODWDGHWLQWDDPDUHODVREUHDTXDOHOH¿[RXDVOkPLQDVGHXP
³1mROLJRSDUDRFLQHPDeDSURIHFLDTXHPHLQWHUHVVD´eWDOYH] EDUEHDGRU(VVDHVFXOWXUDSLQWXUDpXPDPHWiIRUDFRPRGL]3RPPHUHXOOH
PDLVVXUSUHHQGHQWHDFUHVFHQWDUTXH/D&ROOHFWLRQQHXVHGHeULF5RKPHU HP /D &ROOHFWLRQQHXVH ³$ 3LQWXUD p IHLWD SDUD FRUWDU RV GHGRV´ (P
¿OPDGRQRYHUmRGHHODQoDGRQDSULPDYHUDGHWDPEpPHUDXP $FpSKDOH3DWULFN'HYDOUHWRUQDDHVVDLGHLDGHFRUWHSRUTXHLQLFLDVHX¿OPH
¿OPH SURIpWLFR ¬ SULPHLUD YLVWD /D &ROOHFWLRQQHXVH QmR WHP QDGD D YHU FRPDLPDJHPGHXPDFDEHoDPDVFXOLQDTXHHVWiVHQGRUDVSDGD8PDGDV
FRPRJUXSR=DQ]LEDUHPDLRGH$GHPDLVDKLVWyULDFRQWDGDSDUHFH IUDVHV SUHIHULGDV GH 3RPPHUHXOOH p D GH XP GkQGL IDPRVR 2VFDU :LOGH
QmR WHU QHQKXPD UHODomR FRP R HVStULWR GH =DQ]LEDU0DV VH FRORFDUPRV ³8PD LGHLD TXH QmR p SHULJRVD QmR PHUHFH VHU FKDPDGD GH LGHLD´ (VVH
GHODGRDWHPiWLFDRVWHQVLYDHURKPHULDQDGDVJDODQWHULDVHGRVWULkQJXORV REMHWR HPEOHPiWLFR UHPHWH j JXLOKRWLQD GD 5HYROXomR )UDQFHVD FRPR
DPRURVRVGXUDQWHDVIpULDVGHYHUmRRYHUGDGHLURWHPDGR¿OPHpRXWUR DTXHOD GH PDLR GH IHLWD SHORV MRYHQV H SRU SHVVRDV H[WUHPDPHQWH
XPIDWRTXHHVFDSRXFRPSOHWDPHQWHDRVFUtWLFRVGDpSRFD6HHVVH¿OPHGH SUHRFXSDGDVFRPVXDDSDUrQFLD
5RKPHUQmRpXP¿OPH=DQ]LEDUHOHpPXLWRSUy[LPR3ULPHLUDPHQWHKi &RP XP UHFXR GH PDLV GH WULQWD DQRV SRGHVH LQWHUSUHWDU D
FRQH[}HVHVSHFt¿FDVHQWUH/D&ROOHFWLRQQHXVHH=DQ]LEDU-DFTXHV$XPRQW GLVFXVVmRHQWUHRFUtWLFRHRSLQWRUFRPRSUHPRQLWyULDGRVHYHQWRVGH
-RXIIUR\REVHUYDQGRDUHODomRHQWUHD5HYROXomRIUDQFHVDHRHVStULWRGRV
DQRVVHVVHQWDFRQVWDWD
*DUUHOFLWDGRQDHQWUHYLVWD³&HUFOpVRXVYLGH´&DKLHUVGXFLQpPDQS
(-
³&DGDXPGHYHLUIXQGRHPVLPPHVPR$VSHVVRDVTXHQmRYmRD
IXQGRHPVLPHVPDVVmRFRPRRVUHDFLRQiULRVTXHFHUFDPDVSHVVRDVTXH
YmRDRIXQGRGHVLPHVPDV$VSHVVRDVTXHYmRDRIXQGRGHVLPHVPDVVmR
QHFHVVDULDPHQWHFHUFDGDVVmRQHFHVVDULDPHQWHDJUHVVLYDV´
-RXIIUR\SDUHFHVHGHVFXOSDUGDQHFHVVLGDGHGHYLROrQFLD8PDQR
GHSRLVHP'pWUXLVH]YRXVHOHFRQWLQXDVHXGLVFXUVR³3HQVDUQDUHYROXomR
IXWXUD $ UHYROXomR QmR IRL MDPDLV OHYDGD DWp R ¿P HP QHQKXP OXJDU´
2 WHUFHLUR SHUVRQDJHP GR ¿OPH $GULHQ D¿UPD³(X DFKRTXH SHQVDPRV
GHPDLV2LPSRUWDQWHQmRpSHQVDUPDVSDUWLFLSDU´DQXQFLDQGRDVVLPD
SULPDYHUDGH
'HIDWR/D&ROOHFWLRQQHXVHDSUHVHQWDUHWUDWRVGHMRYHQVUHYROXFLR
QiULRVHPSUHSDUDomR8PDGDVSDODYUDVFKDYHGR¿OPHpR³YD]LR´$GULHQ
QRVGL]TXHHOHHVWiHPEXVFDGRQDGDHGRYD]LR(OHLGHQWL¿FD'DQLHOFRPR
VHXPHVWUH'XUDQWHVXDVIpULDVGHYHUmRRVGRLVKRPHQVEXVFDPDWLQJLU
XPYD]LRWRWDO(PXPDHQWUHYLVWDHPPDUoRGH'DQLHO3RPPHUHXOOH
PHH[SOLFRXDOLJDomRHQWUHRYD]LRHRUHSOHWR3DUDHOHRYD]LRHRUHSOHWR
VmRDPHVPDFRLVDFRPRDQRLWHHRGLDRXDVRPEUDHDOX]$SHVDUGHVHX
ROKDUUHWURVSHFWLYRQRTXHFRQFHUQHDpSRFDGR¿OPHQRWDVHMXVWDPHQWH
XPGHVHMRGHID]HUXPDWiEXODUDVDSDUDUHFRPHoDUGR]HURFRPRRWHPD
GDVWHODVGH2OLYLHU0RVVHWQHVVDpSRFD
(P /D &ROOHFWLRQQHXVH -RXIIUR\ UHWRPD QRYDPHQWH D
5HYROXomR)UDQFHVD
³(XVyIUHTXHQWRSHVVRDVSHULJRVDV9RFrPHID]SHQVDUPXLWRQD
HOHJkQFLDGDVSHVVRDVGR¿PGRVpFXOR;9,,,H[WUHPDPHQWHSUHRFXSDGDV
FRPVXDDSDUrQFLDFRPRHIHLWRTXHHOHVSURGX]HPVREUHRVRXWURV(VVH
HIHLWRMiHUDXPDFULDomRMiHUDRFRPHoRGD5HYROXomR$GLVWkQFLDHVWDEH
OHFLGDSHODHOHJkQFLDHPUHODomRjVSHVVRDVQmRHOHJDQWHVpFUXFLDOSRUTXH
HOD HVWDEHOHFH XPD HVSpFLH GH YD]LR DR UHGRU GD SHVVRD e HVVH YD]LR DR
UHGRUGDSHVVRDTXHYRFrFULDTXHYRFrFULDWDPEpPFRPRVREMHWRV0DV
DR¿PGDVFRQWDVYRFrSRGHULDSDVVDUVHPVHXVREMHWRVFRPR6DLQW-XVW
$VOkPLQDVGREDUEHDGRUVmRDVSDODYUDVSRGHPVHURVLOrQFLRSRGHPVHU
WDPEpPDHOHJkQFLDXPFHUWRDPDUHOR´
$ODLQ-RXIIUR\/¶$EROLWLRQGHO¶DUW3DULVeGLWLRQV&ODXGH*LYDXGDQ
3KLOLSSH*DUUHOHP3RVLWDQR¿QDOGRVDQRV
1R ¿OPH $GULHQ H 'DQLHO VmR DSUHVHQWDGRV FRPR KRPHQV TXH DFDEHoDGH5D\QDOGHTXDGUR(VVDOXWDVHUHSHWHHPXPHSLVyGLRSRVWH
QmR VmR DSHQDV LQWHOHFWXDLV PDV WDPEpP HOHJDQWHV H PXLWR ERQLWRV 2V ULRU FRP XP MRJR DQLPDGR PRVWUDQGR XPD EDWDOKD HQWUH XP KRPHP H
WUrV SUyORJRV TXH LQLFLDP R ¿OPH LGHQWL¿FDP 'DQLHO -RXIIUR\ H $GULHQ XPDPXOKHU3ULPHLUDPHQWHpHODTXHJDQKD'HSRLVpHOH$R¿QDOHOHV
FRP DV ³SDODYUDV´ H D PXOKHU +D\GpH PDLV FRP D QDWXUH]D 1R VHX VH VHSDUDP 8PD FHQD HTXLYDOHQWH HYRFDQGR D GL¿FXOGDGH GDV UHODo}HV
SUyORJR+D\GpHHVWiHPVLOrQFLRHQTXDQWRDFkPHUDGLVVHFDVHXFRUSR KRPHPPXOKHU Mi VH HQFRQWUDYD HP /D &ROOHFWLRQQHXVH RQGH +D\GpH
8PDQRGHSRLVGRODQoDPHQWRGH/D&ROOHFWLRQQHXVH-RXIIUR\GiFRQWL UHLYLQGLFDRGLUHLWRGHHVFROKHUHODSUySULDRVKRPHQVFRPTXHPHODGRUPH
QXLGDGH DR VHX GLVFXUVR HP 'pWUXLVH]YRXV UHVVDOWDQGR QRYDPHQWH D (P'HX[IRLV5D\QDOEHLMDVHXDPLJR1mRpXPEHLMRHUyWLFRPDVPDLVXP
LPSRUWkQFLD GDV SDODYUDV SDUD ID]HU D UHYROXomR ³e SUHFLVR IDODU SDUD D EHLMRDPLJiYHOQDERFKHFKDXPEHLMRTXHVXJHUHXPDDPL]DGHSODW{QLFD
UHYROXomR´HWDPEpP³2KRPHPTXHIDODID]DUHYROXomRDQWHVGDUHYR TXHpRREMHWLYRGH+D\GpHFRP'DQLHOH$GULHQRTXDOFRQWXGRHVFDSD
OXomR´OHPEUDQGRVHWDOYH]TXHRVMRYHQVTXHDUTXLWHWDUDPD5HYROXomR OKHFRPSOHWDPHQWH$UHYROXomRIHPLQLQDHVWDYDHPPDUFKD
)UDQFHVDHUDPWRGRVRUDGRUHV $GULHQHQFRUDMDVHXDPLJRDVHGX]LU+D\GpHPDV'DQLHOUHVSRQGH
$GULHQORJRDQWHVGHQRWDU+D\GpHSHODSULPHLUDYH]REVHUYDFRP TXH HOH QmR WHP QHQKXP GHVHMR GH HQWUDU SDUD D FROHomR GH +D\GpH
DWHQomRGXDVHVFXOWXUDV$UW1RXYHDXSDUHFLGDVSRUH[HPSORDRVEURQ]HV 5RPkQWLFRHOHQmRDFHLWDDVLGHLDVGH:DOWHU%HQMDPLQHSUHIHUHVHU~QLFR
GH3LHUUH5RFKHVHJXQGR/RwH)XOOHUSRUYROWDGHTXHUHSUHVHQWDP 3RGHVHVXVSHLWDUTXHHVVHUHYROXFLRQiULRIRVVHPLVyJLQRFROHFLRQDUQmR
XPDPXOKHUQXDFRPFDEHORVPXLWRORQJRV'HUHSHQWHHOHRXYHXPEDUX pXPDDWLYLGDGHIHPLQLQD0DVVH'DQLHOVXJHUHTXHKiOXWDSHORSRGHU
OKR1DVRPEUDGRTXDUWRTXHHOHDFUHGLWDYDHVWDUYD]LRHOHYrXPDMRYHP HQWUHRVKRPHQVHDVPXOKHUHVGHYHVHDFUHVFHQWDU±SDUDVHUMXVWR±TXH
PXOKHU+D\GpHID]HQGRDPRUFRPXPMRYHPGHVFRQKHFLGR$LGHQWL¿FD 'DQLHOVLPSOHVPHQWHGHVSUH]DDDWLYLGDGHGRV³FROHFLRQDGRUHV´(OHGHL[D
omRGH+D\GpHFRPHVVHVREMHWRV$UW1RXYHDXHQIDWL]DVHXDVSHFWRItVLFR DFDVDORJRDSyVDFKHJDGDGRFROHFLRQDGRUDPHULFDQR1HVVHVHQWLGRVHX
(P /H %HUFHDX GH FULVWDO *DUUHO PRVWUD XPD WHOD GH )UpGpULF GHVSUH]RSHORPHUFDGRpSUHPRQLWyULRGDVDWLYLGDGHVGHDVVLPTXH
3DUGR TXH HYRFD WDPEpP DV HVFXOWXUDV $UW 1RXYHDX (P 'HX[ IRLV RV -RXIIUR\ FRQFODPRX j ³DEROLomR GD DUWH´ (P 'pWUXLVH]YRXV -RXIIUR\
ORQJRV FDEHORV GR DXWRU HYRFDP HVVD OLJDomR FRP D $UW 1RXYHDX (VVD GHFODUD³$SLQWXUDDSRHVLDHRFLQHPDVHUmRIHLWRVSRUWRGRVDTXHOHVTXH
OLJDomR LFRQRJUi¿FD VXJHULGD WDPEpP SHORV SHUVRQDJHQV GH 5D\QDO TXH UHFRQKHFHUHPDEHUWDPHQWHHSURGXWLYDPHQWHDPRUWHGDREUDGHDUWH´1D
FRPR+D\GpHGHYHPWHUSUREOHPDVFRPRVKRPHQV1HVVHFRQWH[WRp~WLO SULPDYHUDGH-RXIIUR\HVHXVFRPSDQKHLURVHVFUHYLDPJUDQGHVFDUWD
UHVVDOWDUTXHTXDQGR5D\QDOIH]VHX¿OPHKDYLDSRXFDVFLQHDVWDVPXOKH ]HVFRPDSDODYUD³',QKHLU2´³$5JHQ7´HPIUDQFrVRVTXDLVFRODYDP
UHV ,VDEHOOH 3RQV D DVVLVWHQWH GH *DUUHO HP /H OLW GH OD YLHUJH REVHUYD VREUHDVYLWULQHVGDVJDOHULDVGHDUWHQRGLDGHIHFKDPHQWRSDUDFKDPDU
TXHjpSRFDRVGRLVSRVWRVGLVSRQtYHLVSDUDXPDPXOKHUHUDPRQWDGRUDRX DDWHQomRSDUDDUHODomRHQWUHDDUWHHRGLQKHLUR0RVVHWIH]VXDSUySULD
URWHLULVWD5D\QDOFRORFDVHXVFDEHORVFRPRLPDJHPGHXPDUHYROWDFRQWUD WHQWDWLYD GH IXJLU GR FLUFXLWR GH DUWH SXEOLFDQGR HP XP ³FDWiORJR
R SDWULDUFDGR 6XDV UHODo}HV FRPSOLFDGDV FRP RV KRPHQV VmR UHDOoDGDV VHPH[SRVLomR´
VREUHWXGRQDFHQDHPTXHHODpYLVWDGHSHU¿OHQTXDQWRRYHQWRDJLWDVHXV $SHVDU GDV VXDV ERDV LQWHQo}HV 'DQLHO FDL QRV HQFDQWRV GH
FDEHORV HP WRGRV RV VHQWLGRV e D LPDJHP GH XPD 0HGXVD 6HXV FDEHORV +D\GpHDUHODomRGHOHVVHFRQFUHWL]DHGHSRLVVHGHWHULRUDLPHGLDWDPHQWH
VmRXPDVLQpGRTXHGDLPDJHPGHXPDPXOKHU$UW1RXYHDXVH[XDOL]DGD 1R¿OPH'DQLHOVHLGHQWL¿FDVREUHWXGRFRPRDPDUHORHRD]XOSRUTXH
VHOYDJHPHOLYUH8PDPmRPDVFXOLQDHQWUDXPSRXFRGHSRLVHPTXDGUR HOHDVFRQVLGHUDDVFRUHVGDHOHJkQFLD8PDYH]FRQWXGRRYHPRVYHVWLQGR
(ODWHQWDFRQWURODUHVVDH[SORVmRGHIHPLQLOLGDGH'HSRLVRJHVWRPDVFX XPSHQKRDUYHUPHOKREULOKDQWHpXPSODQRWDEOHDXPDJQt¿FRHYRFDQGR
OLQR WRUQDVH PDLV HQHUJpWLFR H YLROHQWR WHQWDQGR UHWLUDU FRPSOHWDPHQWH DOLWRJUD¿DGH.RNRVFKND3LHWj2YHUPHOKRGHVHXSHQKRDUp
XP YHUPHOKR LQWHQVR e R YHUPHOKR GR VDQJXH (VVD FRU p HIHWLYDPHQWH IRUPDTXHR¿OPHSUHFHGHXRVHYHQWRVGH0DLRGH2¿OPHIRLGLULJLGR
SUHPRQLWyULDGRJHVWRYLROHQWRGH'DQLHODSyVR¿DVFRGDVXDUHODomRFRP SRU6HUJH%DUGQDpSRFDXPMRYHPHVWXGDQWHGHHWLPRORJLDHP1DQWHUUH
+D\GpH1DFHQDHPTXHVWmR+D\GpHH$GULHQHVWmROHQGR3RUpP'DQLHO $R¿PGHHOHDEDQGRQDVHXVHVWXGRVDFKDQGRTXHRVLVWHPDXQLYHU
DPXDGR HVIUHJD VHP SDUDU XP GH VHXV VDSDWRV QR DVVRDOKR (OH ID] XP VLWiULRpGHVHQFRUDMDQWH2WtWXORGR¿OPHIRLWLUDGRGHXPJUD¿WHHVFULWR
EDUXOKRGHPDQHLUDUHSHWLWLYDQtWLGDHH[WUHPDPHQWHLUULWDQWH4XDQGRHOD QDVSDUHGHVGDHVFRODGH%HODV$UWHV³$MXGHQRVGHVWUXDVH´'pWUXLVH]
SHGHTXHHOHSDUHHOHDLQWHUURPSHH[SORGLQGRYLROHQWDPHQWH³6LOrQFLR YRXVIRL¿OPDGRQDXQLYHUVLGDGHGH1DQWHUUHYD]LDRXTXDVHYD]LDSRUTXH
VXDLPEHFLO]LQKD9RFrPHLUULWD9RFrQmRWHPRGLUHLWRGHIDODU9RFrWHYH WLQKD VLGR IHFKDGD QD pSRFD SHOD SROtFLD 5HWRPDQGR VHX SDSHO HP /D
DLPHQVDVRUWHTXHQyVGRLVQRVLQWHUHVVDPRVSRUYRFr´ &ROOHFWLRQQHXVH -RXIIUR\ LQWHUSUHWD XP LQWHOHFWXDO ID]HQGR XP GLVFXUVR
$IRUoDH[WUHPDHLPSUHYLVWDGDVXDUHVSRVWDQRVLQGLFDTXHHVVH HVFULWR SRU HOH PHVPR GHVWLQDGR D GHPRQVWUDU D QHFHVVLGDGH GH XPD
EDUXOKR p XP KRPyORJR DXGLWLYR GD VXD ODWD GH WLQWD FRP DV OkPLQDV GH UHYROXomRQD)UDQoD
EDUEHDGRU$VLJQL¿FDomRGHVVHVRPH[FHGHDHTXLYDOrQFLDFRPDREUDGH 'HIDWRDPRUWHHVWiEHPUHSUHVHQWDGDQRV¿OPHVGH=DQ]LEDU1yV
3RPPHUHXOOH e XP VRP TXH RSHUD WDPEpP HP RXWUD GLPHQVmR UHPH WLYHPRVXPDSUHPRQLomRHP/D&ROOHFWLRQQHXVHHPTXHXPSODQRWDEOHDX
WHQGR j JXLOKRWLQD GD 5HYROXomR H SUH¿JXUDQGR D YLROrQFLD GH PDLR GH HYRFDD3LHWjGH.RNRVFKND7DPEpPGHSRLVGRSUyORJR$FpSKDOHVHLQLFLD
(P/D&KLQRLVHRSLQWRU.LULORYH[SULPHXPDLGHLDSDUHFLGD³3DUD FRPXPDFHQDGHOXWRTXHpSRUYH]HVXPDFHQDGHPRUWHHQDVFLPHQWR1R
PLP D UHYROXomR LQWHLUD p FRPSRVWD GH WHUURU 8P UHYROXFLRQiULR VHP ¿PGRPHVPR¿OPHRJUXSRFDLSRUWHUUDPRUUHQGR(P/D&RQFHQWUDWLRQ
ERPEDVpPDLVXPUHYROXFLRQiULR´)ROKHDQGRRVQ~PHURVGDUHYLVWD2SXV RFDUULQKRGRWUDYHOOLQJDRRFXSDURSULQFLSDOOXJDUQDHQFHQDomRVXJHUH
LQWHUQDWLRQDOQDTXDO$ODLQ-RXIIUR\HUDPHPEURGR&RPLWrGHUHGDomR XPDPHVDPRUWXiULD3DUD3LHUUH&OpPHQWL/HOLWGHODYLHUJHpXP¿OPH
HQFRQWUDVHDFRQ¿UPDomRGHVVHHVStULWRGHYLROrQFLD2Q~PHURSXEOL ³VREUHDPRUWH´QRV¿OPHVGH*DUUHODPRUWHpVHPSUHSUHVHQWH
FDGRHPMXQKRGHFRQWpPSRUH[HPSORRVVHJXLQWHVDUWLJRV³$SHOR (P YH] GD PRUWH HP 'HX[ IRLV R FOLTXH GR ¿OPH p R WHUURU
j YLROrQFLD´ ³2 PXQGR p GRV YLROHQWRV´ DVVLP FRPR ³4XDWUR PDQLIHVWRV ,VVRUHPHWHDRHVStULWRDJUHVVLYRGH'DQLHOHP/D&ROOHFWLRQQHXVH/RXLV
SDUDXPFLQHPDYLROHQWR´HVWH~OWLPRDVVLQDGRSRU'DQLHO3RPPHUHXOOH 6NRUHFNLQRVFRQWDDVFRQGLo}HVQDVTXDLVR¿OPHIRLURGDGR
6HUJH%DUG3DWULFN'HYDOH3KLOLSSH*DUUHO$GHPDLV6HUJH%DUGWHUPLQD ³5HDOL]DGRSHODH[¶PDLVMRYHPPRQWDGRUDGD)UDQoD¶HPIXQomR
VHXSULPHLUR¿OPHFRPXPDORQJDVHTXrQFLDGHXPDFHQDGHER[H GH XPD DSRVWD XPD PRWLYDomR H[WUHPDPHQWH WHUURULVWD SDUD D pSRFD
(P VHJXLGD HVWRXUD XPD EULJD HQWUH $GULHQ H R FROHFLRQDGRU ID]HUXP¿OPH±RFRQWUiULRGDTXLORTXHHODKDYLDDRORQJRGRVDQRVSRU
DPHULFDQR$GULHQOKHH[SOLFDTXHRIDWRGHHOHQmRVHUULFRJDUDQWHXPWLSR KiELWRHRGHYHUGHID]HU´
GHKHURtVPRSDUDVHXGDQGLVPR 'HX[IRLVpFRPSRVWRSRUXPDVpULHGHHSLVyGLRVQmROLJDGRVDSyV
³(VFXWD DTXL VHX YHOKR GHVJUDoDGR (X VHPSUH ODPHQWHL QmR VHU XPSUyORJRQRTXDODGLUHWRUDVHQWDVHFRPFDEHoDEDL[DHDVPmRVXQLGDV
ULFR0DVVHHXIRVVHULFRLVVRTXHYRFrFKDPDGHPHXGDQGLVPRVHULDIiFLO (ODID]XPDSUHFHDQWHVGRDOPRoRDQWHVGHVHX¿OPH'HSRLVHODOHYDQWD
)DOWDULDWRWDOPHQWHRKHURtVPR(HXQmRFRQKHoRXPGkQGLVHPKHURtVPR´ D FDEHoD DEUH RV ROKRV H FRPHoD D UDSLGDPHQWH FRPHU XPD VDODGD FRP
(YLGHQWHPHQWH R FLQHPD ± D PDLV FXVWRVD GDV VHWH DUWHV ± QmR SmRHQTXDQWRHODROKDSDUDDGLUHLWDSDUDDHVTXHUGDjVYH]HVDWpPHVPR
SRGHLJQRUDUDUHODomRFRPRGLQKHLUR6\OYLQD%RLVVRQQDVHVFROKHXSURGX SDUD R HVSHFWDGRU GH XPD PDQHLUD QHUYRVD HQORXTXHFLGD H IXUWLYD 'H
]LUHVVHV¿OPHV³QRTXHVWLRQVDVNHG´
1R FDWiORJR ³1HZ )UHQFK ¿OPV´ 'pWUXLVH]YRXV p R ~QLFR ¿OPH
/RXLV6NRUHFNL³6HPDLQHVGHV&DKLHUV'HX[)RLV´&DKLHUVGXFLQpPDQPDLRGH
HPTXHXPDGDWDSUHFLVDpPHQFLRQDGD³DEULOGH´UHVVDOWDQGRGHVVD S
RQGH YHP HVVH SkQLFR" e SURYDYHOPHQWH UHVXOWDGR GD DSRVWD TXH 6\OYLQD ³(VVHJUXSRGRTXDOHXID]LDSDUWHHUDWDPEpPXPSRXFRGHMRYHQV
%RLVVRQQDVOKHODQoRXHP%RLVVRQQDVSHUJXQWRXD5D\QDOSRUTXHHOD GDPRGDXPPXQGRPXLWRLVRODGRPDLVXPVLVWHPDGHFRQYHQLrQFLDTXH
SHUPDQHFLDFRPRPRQWDGRUDHODHUDDPRQWDGRUDGH5RKPHUjpSRFDHP VHPDQLIHVWDYDSRUDOJXQVVLJQRVKDYLDDWLWXGHVXPDPDQHLUDGHVHYHVWLU
YH]GHID]HU¿OPHV$SyVHVVDGLVFXVVmR5D\QDOUHQXQFLRXDVXDVHJXUDQoD 1yVpUDPRVRVSRXFRVQDpSRFDTXHWLQKDPFDEHORVORQJRVHHUDXPDEDWD
GHPRQWDGRUDSUR¿VVLRQDOSDUDID]HU¿OPHV OKDPXLWRIRUWHHVVDKLVWyULDGHFDEHORV/HPEURPHTXHXPGLDQRVHVWi
(P VHX ¿OPH -DFNLH 5D\QDO DSDUHFH FRPR XP GkQGL XPD LUPm YDPRV ¿OPDQGR XPD FHQD HP XP FDIp (X HVWDYD HP IUHQWH j YLWULQH
GH$GULHQH'DQLHOHP/D&ROOHFWLRQQHXVH(ODHVWiERQLWDEHPPDTXLDGD FRPDFkPHUDRVOL[HLURVSDVVDUDPHPHLQVXOWDUDPHPIXQomRGDVPLQKDV
EHP YHVWLGD 1RWDVH QRV ¿OPHV =DQ]LEDU XPD EXVFD GD SXUH]D e XPD URXSDVGDPLQKDDSDUrQFLD
SXUH]D QD OLQKD GH %UHVVRQ 0DV DR UHMHLWDU D VHGXomR %UHVVRQ OHYRX D 1HPPHXVDPLJRVQHPHXpUDPRVEDQGLGRVHYLGHQWHPHQWHPDV
LGHLDGHSXUH]DPXLWRPDLVORQJHTXHRV¿OPHV=DQ]LEDU0DULND*UHHQHP QHP PHVPR UHYROXFLRQiULRV 6LPSOHVPHQWH WtQKDPRV SRVLo}HV HVWpWLFDV
3LFNSRFNHWRX)ORUHQFH&DUUH]HP/H3URFqVGH-HDQQHG¶$UFRX1DGLQH PXLWRHQUDL]DGDVHDRVQRVVRVROKRVSRXFDVFRLVDVWLQKDPJUDoD´
1RUWLHUHP0RXFKHWWHRX$QQH:LD]HPVN\HP$XKDVDUG%DOWKDVDUQmR (P XPD HQWUHYLVWD FRP 1DUERQL &RPROOL H 5LYHWWH HP
SDUHFHPHVWDUPDTXLDGDV&RPVHXVFDEHORVGHVSHQWHDGRV0DULND*UHHQ *DUUHOH[SOLFDTXHHPVHX¿OPH/H5pYpODWHXU/DXUHQW7HU]LHIIDFKRXTXH
DSUHVHQWD XPD EHOH]D XP SRXFR QHJOLJHQFLDGD OHYHPHQWH VHOYDJHP HP R FLQHDVWD R XVDYD FRPR PRGHOR *DUUHO DFUHVFHQWD ³7DOYH] VHMD HIHWLYD
RSRVLomRjEHOH]DGDVMRYHQVTXHDSDUHFHPQRV¿OPHVGH=DQ]LEDU PHQWH R TXH HX R ¿] ID]HU GHV¿ODU´ 3DUD R MRYHP FLQHDVWD 7HU]LHII XP
-DFNLH&DUROLQH=RX]RX-XOLHW$XGUH\%DEHWWHÊYHWRGDVSDUH DQWLJR DPLJR GH VHX SDL HUD XP DWRU FRQYHQFLRQDO GH XP FLQHPD WUDSD
FHP VDLU GDV SiJLQDV GH XPD UHYLVWD 0DTXLDGDV HODV YHVWHP URXSDV GD FHLUR*DUUHOOKHSULYDGDIDODR¿OPHpPXGRHUHVVDOWDVXDEHODHVWDPSD
PRGD PLQLVVDLDV ERWDV FDPLVDV FRP IUXIUXV HWF 2 ¿JXULQR HUD LPSRU e WDPEpP R SHUtRGR 8QLVVH[ DFDUUHWDQGR QXPD IHPLQL]DomR
WDQWHWDPEpPSDUDRVKRPHQV2GLUHWRUGHIRWRJUD¿D+HQUL$OHNDQTXH GR KRPHP (P XP SODQR JHUDO GH $FpSKDOH /DXUHQW &RQGRPLQDV HVWi
¿OPRX,FLHWPDLQWHQDQWH)XQDQGJDPHVIRUHYHU\RQHFRP6HUJH%DUG ODGRDODGRFRP-DFNLH5D\QDO¬SULPHLUDYLVWDWHPVHDLPSUHVVmRTXH
UHOHPEUDVHXSULPHLURHQFRQWURFRPRMRYHPFLQHDVWD &RQGRPLQDVTXHWLQKDGH]HQRYHDQRVQDpSRFDpXPDMRYHPPXOKHUXP
³(XHVWDYDQRHVW~GLRHP%RXORJQHHPSUHRFXSDGRFRPD SRXFRPDVFXOLQD0DVHUDPVREUHWXGRRVFDEHORVORQJRVHDVLOKXHWDDORQ
¿OPDJHPGHXPDFHQDGLItFLOGH0D\HUOLQJTXDQGRXPHVWUDQKRYLVLWDQWH JDGD H HOHJDQWH TXH GDYDP XP DVSHFWR IHPLQLQR DRV KRPHQV 3RU RXWUR
VHDSUHVHQWD9HVWLGRWRGRGHQHJURFRPXPDORQJDFDSDTXHGHVFLDDWpR ODGRDVPXOKHUHVFRPR&DUROLQHGH%HQGHUQH=RX]RXTXHWLQKDPRFDEHOR
FDOFDQKDUHOHWLQKDRDVSHFWRGHXPSDGUHHVSDQKRO´ PXLWRFXUWRXPSRXFRFRPRD7ZLJJ\HFRPRFRUSRPXLWRUHWRHQFDUQD
$QRomRGRGkQGLWDPEpPWHPXPSDSHOLPSRUWDQWHQRFLQHPDGH YDP PDLV DV PXOKHUHVFULDQoDV (P /D &ROOHFWLRQQHXVH SULQFLSDOPHQWH
*DUUHO6REUHDPDQHLUDGHVHYHVWLUQDpSRFDRFLQHDVWD³(UDXPDPDQHLUD =RX]RXH/pDXGYHVWLGDVFRPURXSDVGHEDL[RGHSOiVWLFRQRVUHPHWHPDRV
GH ID]HU R SDSHO GRV GkQGLV DGROHVFHQWHV´ 1R FRPHoR GH /D FLFDWULFH HVERoRVGHPHQLQDVHPHQLQRVGH.RNRVFKND
LQWpULHXUHSHUFHEHVHFODUDPHQWHHVVDLGHLD(YRFDQGRXPHVWLORGHPRGD 'HSRLVGDUHYROXomRSURFODPDGDHP'pWUXLVH]YRXVKDYLDSDUD
HQWUHRFRQWHPSRUkQHRHRPHGLHYDO*DUUHOYHVWHFDOoDVPXLWRMXVWDVXP RVSDUWLFLSDQWHVGH=DQ]LEDUDQHFHVVLGDGHGHPXGDUGHLGHLDGHLUPDLV
EOD]HUXPEOXVmREUDQFRHERWDV(PXPDHQWUHYLVWDFRP7KRPDV/HVFXUH ORQJHDRVOXJDUHV PDLVH[yWLFRV³1RVVDFDEHoDQmRH[LVWH PDLV´GL]XP
RFLQHDVWDUHPRQWDHVVDLGHLDGH¿JXULQR PHPEURGRJUXSRHP$FpSKDOH3RVWHULRUPHQWHQR¿OPH&KULVWLDQ/HGRX[
9HURWH[WRGH+HQUL$OHNDQLQIUD ³&HUFOpVRXVYLGH´&DKLHUVGXFLQpPDQS
DQXQFLD³1HVVHPRPHQWRHP3DULVXPKRPHPHVWiID]HQGRVXDSUySULD JUDIRV0LFKHO)RXUQLHUH*X\*LOOHVHOHFRQVHJXHQRVPRVWUDUDVQRYDV
FDEHoD´1RPHVPR¿OPHRWH[WRGH%DWDLOOHOLGRSRU/DXUHQW&RQGRPLQDV IDFHWDV GD FDSLWDO 5HMHLWDQGR D LPDJHP WUDGLFLRQDO GH 3DULV HOH ¿OPRX
GXUDQWHDFHQDQDFODVVHH[SULPHFODUDPHQWHHVVHGHVHMR XPDFHQDHPXPWHUUHQREDOGLRXPWLSRGH³1RPDQ¶VODQG´2XWUDVFHQDV
³$ YLGD KXPDQD HVWi VDWXUDGD GH VHUYLU FRPR FDEHoD H UD]mR GR IRUDP ¿OPDGDV HP XPD HVWDomR GH WUHP GHVDWLYDGD UHPHWHQGR jV FDWD
XQLYHUVR2KRPHPHVFDSRXGDVXDFDEHoDFRPRXPFRQGHQDGRGDSULVmR FXPEDV RX DRV DEULJRV DQWLDpUHRV GH /RQGUHV GXUDQWH D JXHUUD 2XWUDV
(OHHQFRQWURXDOpPGHOHPHVPRQmRGHXVTXHpDSURLELomRGRFULPHPDV FHQDVDLQGDPRVWUDP)RQWDLQHEOHDXRQGHVHWHPDLPSUHVVmRGHHVWDUHP
XPVHUTXHLJQRUDDSURLELomR$OpPGRTXHHXVRXHXHQFRQWURXPVHUTXH JUXWDVSUpKLVWyULFDV
PHID]ULUSRUTXHHOHHVWiVHPFDEHoDRTXHPHHQFKHXGHDQJ~VWLDSRUTXH 3RUpPIRLQR¿PGHTXHHVVDVSHVVRDVUHDOPHQWHFRPHoD
HOHpIHLWRGHLQRFrQFLDHFULPH(OHWHPXPDDUPDGHIRJRQDPmRHVTXHUGD UDPVXDVYLDJHQV3DUDRVMRYHQVTXHQmRFRQKHFLDPDJHUDomR=DQ]LEDU
HFKDPDVSDUHFLGDVFRPXPVDJUDGRFRUDomRQDVXDPmRGLUHLWD´ 3DWULFN 'HYDO GHVFUHYH R HVStULWR SDUWLFXODU TXH UHLQDYD QHVVD pSRFD
(VVH GHVHMR GH PXGDU GH FDEHoD HVWDYD Mi LQVFULWR HP /D ³1RVVDVYLDJHQVQmRHUDPYLDJHQVGHIpULDVOLPLWDGDVDXPDRXGXDVVHPD
&ROOHFWLRQQHXVH8PDQRLWH$GULHQH+D\GpHSHQVDPHPVDLUGDYLODSDUD QDV (ODV HUDP SDUD VHPSUH´ $JRUD RV WUrV JUXSRV LQIRUPDLV H ÀXtGRV
LUHPVHGLVWUDLUQDFLGDGH$GULHQSHUJXQWDD'DQLHOVHHOHWHPYRQWDGHGH TXHIRUPDYDP=DQ]LEDU*DUUHO%DUGH'HYDOVHFRQFUHWL]DP(PGH
VDLU FRP HOHV 'DQLHO HVWi GHLWDGR VREUH XP GLYm XVDQGR yFXORV HVFXURV GH]HPEURGH3DWULFN'HYDO/DXUHQW&RQGRPLQDVQDFRPSDQKLDGR
H HVFXWD XP FDQWR WLEHWDQR (P $FpSKDOH GD PHVPD IRUPD XP JUXSR MRUQDOLVWDHIRWyJUDIR$ODLQ'LVWHUSDUWHPSDUDRV(VWDGRV8QLGRV-DFNLH
GH FDQWRUHV HVFXWD XPD P~VLFD SDUHFLGD R ³2P´(OH UHVSRQGH TXHQmR 5D\QDOMXQWRXVHDHOHVDOJXPDVVHPDQDVGHSRLV
HVWiFRPYRQWDGHGHVDLUSRUTXHHOH³SODQD´1HVVHFRQWH[WRpLPSRUWDQWH 8PSRXFRGHSRLVGHVVHPRPHQWR*DUUHOYDLD%UHWDQKDGHSRLVD
OHPEUDUTXHQDpSRFDKDYLDGRLVSULQFLSDLVPHLRVGHVDLUGDVXDFDEHoDD 0DUUDNHVKH¿QDOPHQWHD5RPDSDUD¿OPDU/HOLWGHODYLHUJH3DUDHOHHUD
GURJDHDP~VLFD-DFNLH5D\QDOUHVVDOWDTXHRVSDUDtVRVDUWL¿FLDLVHUDPWmR XPD¿OPDJHPGHOX[R¿OPDUGXUDQWHWUrVPHVHV(P5RPD0LFKHO$XGHU
SUHVHQWHVTXHQmRKDYLDQHFHVVLGDGHGHSURFXUiORV SHJRXHPSUHVWDGRDFkPHUDPPGH*DUUHOSDUD¿OPDUXPDSDUWHGHVHX
6HDVGURJDVHDP~VLFDHUDPLPSRUWDQWHVSDUDVDLUGHVHXSHQVD ¿OPHGLiULR.HHSLQJ%XV\
PHQWR RUGLQiULR HODV QmR HUDP SRUpP RV ~QLFRV LQJUHGLHQWHV +DYLD 3RXFR WHPSR GHSRLV HP MDQHLUR GH R WHUFHLUR JUXSR
WDPEpPDVYLDJHQVHDVSHVVRDVGH=DQ]LEDUHUDPWRGDVJUDQGHVYLDMDQWHV IRUPDGRSRU6HUJH%DUG6\OYLQD%RLVVRQQDV2OLYLHU0RVVHW&DUROLQHGH
6XDSHVTXLVDGRH[RWLVPRMiFRQVWDYDQDSDODYUDTXHXQLDVXDVUHDOL]Do}HV %HQGHUQRP~VLFRGHMD]]%DUQH\:LOHQDVVLPFRPR'LGLHU/pRQ%DEHWWH
=DQ]LEDU'HSRLVGHPDLRGHHOHVVDtUDPGH3DULVSDUDEXVFDUWHPDV /DP\H'DQLHO3RPPHUHXOOHSDUWLXSDUDÈIULFDFRPGRLVREMHWLYRV¿OPDU
HPRXWURVOXJDUHV(PMXQKR*DUUHO¿OPRX/H5pYpODWHXUQRVDUUHGRUHVGH RSURMHWRGH%DUGLQWLWXODGR³1RUPDO´HFKHJDUDVXDSiWULDHOHLWDDLOKD
0XQLTXH3DUD,FLHWPDLQWHQDQW%DUG¿OPRXQD%UHWDQKD1RRXWRQRGH GH=DQ]LEDU3DUDHOHVDYLDJHPSDUDDÈIULFDHUDXPUHWRUQRjVRULJHQV
5D\QDOIRLVR]LQKDj%DUFHORQDSDUD¿OPDU'HX[IRLV 0DV IUDFDVVRX QHVVHV GRLV SRQWRV 6XDV LQWHQo}HV GH ¿OPDU QD ÈIULFD H
3DWULFN 'HYDO Mi KDYLD DERUGDGR R H[RWLVPR FRP VHX SULPHLUR FDSWDU LPDJHQV DIULFDQDV QD SHOtFXOD IRUDP VHULDPHQWH FRQWUDULDGDV SHOR
FXUWDPHWUDJHP+pUDFOLWHO¶REVFXU¿OPDGRQD7XQtVLDHP3DUDVHX HVStULWRQLLOLVWDGH0RVVHWHGH%DUG3DUD0RVVHWRSLQWRUGR]HURKDYLD
VHJXQGRORQJDPHWUDJHP¿OPDGRHPMXOKRGHHOHQmRVDLXGH3DULV PXLWDV FRLVDV DWUDSDOKDQGR RV VHQWLGRV QD ÈIULFD (OH SUHIHULD ¿FDU QR
0DVQD3DULVGH$FpSKDOHVHHVWiDDQRVOX]GD3DULVGD1RXYHOOH9DJXH GHVHUWR$OJXPWHPSRGHSRLVHOHDEDQGRQDDYLDJHPSDUDYROWDUD3DULV
UHGX]LGDDPRQXPHQWRVKLVWyULFRVHDFDIpVFRPÀLSHUDPD'HYDOWHYHD 4XDQWRD%DUGHOHHUDUHVSRQViYHOSHODVFkPHUDVHDVLPDJHQVTXHHOHIH]
DVW~FLDGHGHVFREULURH[RWLVPRQRVHXTXLQWDO&RPDDMXGDGHVHXVIRWy IRUDP SHUGLGDV 'XUDQWH VHLV PHVHV R JUXSR R HVSHURX HP 7DPDQUDVVHW
(PVHJXLGDHPGH]HPEURGH%DUGDEDQGRQRXRJUXSRSDUDVHWRUQDU /HGRX[ HVVH PRPHQWR HVTXHFLGR QD KLVWyULD GR FLQHPD IUDQFrV p ³XPD
PXoXOPDQR (VVD GHFLVmR DFDUUHWRX HP XPD UHMHLomR WRWDO H LPHGLDWD FULVWDOL]DomRGDHQHUJLDTXHHUDSRUYH]HVXPFRPHoRHXP¿PGHFXUVR´
GH VXD YLGD GH FLQHDVWD 0DV XPD FRLVD FXULRVD HOH SDUWLX HP GLUHomR D 3DUDDOJXQVPHPEURVGH=DQ]LEDUDFRQWLQXDomRGHPDLRGHIRLPDLV
7RPERXFWRXFRPDVFkPHUDVSURYRFDQGRDVVLPRIUDFDVVRGH¿QLWLYRGD GUDPiWLFD TXH D URWD WRPDGD SRU *RGDUG TXH REVHUYDYD HP ³(P
PLVVmRFLQHPDWRJUi¿FD XP FHUWR PRPHQWR GD KLVWyULD VDEHUmR VH p PDLV LPSRUWDQWH QmR ID]HU
&RP/D&ROOHFWLRQQHXVH5RKPHUSUHVVHQWLXRVHYHQWRVGH0DLR2 FLQHPD´ &RP H[FHomR GH *DUUHO RV RXWURV FLQHDVWDV GH =DQ]LEDU VDtUDP
GHVIHFKRGHVVH¿OPHVXJHUHXPUHWRUQRjRUGHPDQWHULRU$RGHL[DU$GULHQ GH FDPSR GXUDQWH XP ORQJR SHUtRGR HP WRWDO VLQFURQLD FRP VHX WHPSR
+D\GpHROLEHUDHIHWLYDPHQWHGHVHXGLOHPDURPSHURXQmRFRPVXDFODVVH H XPD FDQomR GH -LP 0RUULVRQ ³%UHDN RQ WKURXJK WR WKH RWKHU VLGH´ $
VRFLDO$IDODD¿DGDGH'DQLHO³9RFrWHYHDLPHQVDVRUWHTXHQyVGRLVQRV EXVFDGH6HUJH%DUGIRLWDOYH]DPDLVLQWHQVDDPDLVGUDPiWLFDGHWRGDV
LQWHUHVVDPRVSRUYRFr´WUDGX]RIDWRGHTXHRVGRLVKRPHQVVHUHEDL[DP (OD FRPHoRX FRP ,FL HW PDLQWHQDQW TXH HOH GHVFUHYH FRPR D EXVFD GH
FRPHOD$R¿P$GULHQWRPDXPDYLmRSDUDVHMXQWDUDVXDQDPRUDGDHP WUrVSHVVRDV'HSRLVGHVXDFRQYHUVmRDR,VOmHPHOHYLYHXGXUDQWH
/RQGUHV/D&ROOHFWLRQQHXVHIRLRVHJXQGRORQJDPHWUDJHPGH5RKPHUH RQ]HDQRVQRGHVHUWRHSHUGHXGXUDQWHWUrVDQRVDFDSDFLGDGHGHIDODU$
HOHWHYHDSRVVLELOLGDGHGHVHJXLORPDLVRXPHQRVUDSLGDPHQWHFRPRXWUR EXVFDGH*DUUHOROHYRXjSLQWXUDSRUTXH³DSLQWXUDHPTXDOTXHUOXJDUp
¿OPHTXHVHULDVHXSULPHLURVXFHVVRGHS~EOLFR0D1XLWFKH]0DXG RFDPSRGRVSXURV´'HWRGRVRVSDUWLFLSDQWHVGH=DQ]LEDUHOHIRLR~QLFR
3RURXWURODGR:HHN(QGIRLRGpFLPRTXLQWRORQJDPHWUDJHPGH*RGDUGH TXHTXLVHFRQVHJXLXID]HU¿OPHVUHJXODUPHQWHPDVVHXFLQHPDGDpSRFDp
SDUDHOHFRPRSDUDDVSHVVRDVGH=DQ]LEDUWUDEDOKDUFRPRDQWHVGH0DLR DLQGDPDLVLQYLVtYHOTXHDTXHOHGH*RGDUG'HSRLVGHPDLRGH'HYDO
GHQmRHUDPDLVSRVVtYHO1D~OWLPDFDUWHODGH:HHNHQGHVWiHVFULWR SHUGHX RX UHQXQFLRX VHX GHVHMR GH ID]HU FLQHPD 'H IDWR VXD SRVLomR Mi
³)LPGRFLQHPD´ HVWiLQVFULWDHP$FpSKDOHHPTXH0LFKHO&KDSPDQGL]TXHHOHVH³WRUQRX
'HSRLV GH :HHN(QG *RGDUG DEDQGRX VXD HTXLSH KDELWXDO XPDSHVVRDGHXPDTXLHWXGHSHUIHLWD´9LDMDQGRIRUDGD)UDQoDDWp
GL]HQGRTXHUHUWUDEDOKDUGHIRUPDGLIHUHQWH(OHFRQWLQXRXPDLVRXPHQRV 'HYDOYLYHXHQWUHRXWURVHPXPDVKUDPHUHPLWpULRQDËQGLDHHVWXGRXD
IRUDGRVLVWHPDFRPHUFLDODWpTXDQGRUHDOL]RXVHXUHWRUQRFRP6DXYH FHUkPLFDQR-DSmR5D\QDOWDPEpPYLDMRXEDVWDQWHDQWHVGHVHLQVWDODUHP
TXLSHXWODYLH1RV¿OPHVIHLWRVVRE=DQ]LEDUKDYLDWDPEpPXPGHVHMRGH 1RYD<RUNRQGHHODGLULJLXGXDVVDODVGHFLQHPD2SLQWRU0RVVHWFRPR
UHWRUQDUDR]HURGHID]HUFDGD¿OPHFRPRVHHVWHIRVVHRSULPHLURGHUHWRU *DUUHOSHUPDQHFHX¿HODVXDDUWH(OHPRUDDWXDOPHQWHQR$UL]RQDQmR
QDUDXPHVWDGR GH LQRFrQFLD1R¿PGH/D&KLQRLVH-HDQ3LHUUH/pDXG PXLWRORQJHGRGHVHUWR5RPSHQGRFRP*DUUHOHP0LFKHO)RXUQLHU
PRQWDXPWHDWURHPXPD3DULVHPUXtQDV6REUHXPDSDUHGHOrVH³WHDWUR QmRHQFRQWURXPDLVRVr[LWRVGDMXYHQWXGH4XDQWRD%RLVVRQQDVGHSRLV
DQR ]HUR´ OHPEUDQGRQRV TXH HVVD JHUDomR QDVFHX DR UHGRU GD 6HJXQGD GHVVH SHUtRGR DEXQGDQWH QR FLQHPD HOD VH GLULJLX SDUD R 0RYLPHQWR GH
JXHUUDPXQGLDO3Uy[LPRDR¿PGH$FpSKDOH-DFNLH5D\QDOGHVFHQGRXPD OLEHUDomRGDVPXOKHUHV
HVFDGDGHFODUD³$JRUDSDUDQyVD(XURSDpXPIROKDHPEUDQFR´
2VSDUWLFLSDQWHVGH=DQ]LEDUHUDPWRGRVLQVSLUDGRVSRUXPWLSR
GHHQTXHWHSRUXPDEXVFDSHODOX]HXPGHVHMRGHSXUH]D$RGHVFUHYHURV
KHUyLVGH$FpSKDOHFRPR³XPDFDEHoDSHVTXLVDGRUD´3DWULFN'HYDOUHVXPH
HVVDYRQWDGH9rVHXPFRQMXQWRGHSHVVRDVVREXPDJUDGHLOXPLQDGDSRU
WUiVSDUHFHQGRERUEROHWDVDWUDtGDVSHODOX]1R¿PGH'pWUXLVH]YRXVKi
XPDWRFKDEXVFDQGRQmRVHVDEHRTXrQDVRPEUDGDQRLWH3DUD&KULVWLDQ
).
E=HKFEP7DP?87H
Feh@79A?;H7OD7B
(XSDUWLFLSHLGRJUXSR=DQ]LEDUGHVGHDVXDFULDomRHPDWp
± DLQGD TXH VH SRVVD FRQVLGHUDU TXH D GLVVROXomR GR JUXSR GDWD GH
2VPHPEURVSULQFLSDLVGHVVHDJUXSDPHQWRIRUDP6\OYLQD%RLVVRQQDV
3DWULFN 'HYDO 6HUJH %DUG -XOLHW %HUWR 2OLYLHU 0RVVHW 3KLOLSSH *DUUHO
$ODLQ-RXIIUR\HWF(LVDTXLRUHVXPRGDPLQKDH[SHULrQFLDFRPRHXPH
OHPEUR±WHQWDQGRQmRPHPRVWUDUH[FHVVLYDPHQWHVHQWLPHQWDO±GHWHU
VLGRWULQWDDQRVDWUiVXPD³SLRQHLUD´FRPRDFDERGHRXYLUGH3HWHU:ROOHQ
GXUDQWH XPD FRQIHUrQFLD HP 5RWWHUGDP 1mR p IiFLO HVFUHYHU VREUH HVVH
WHPDDEDQGRQHLHVVHSHUtRGRGHPDQHLUDEDVWDQWHDQDUTXLVWDPXGDQGRGH
SUR¿VVmRGHPRQWDGRUDFLQHDVWDHXPHHQFRQWUHLVXELWDPHQWHjIUHQWH
GHVDODVGHFLQHPDRQGHHXGHYLDSURJUDPDUTXDWURWHODVHP1RYD<RUN
XPJUDQGHFLUFRDJUDQGHJXHUUD
)HYHUHLURPDUoRGH
'XUDQWH XPD SURMHomR GH WUDEDOKR GR ORQJDPHWUDJHP GH 6HUJH
%DUG 'pWUXLVH]YRXV QR TXDO HX ID]LD D PRQWDJHP HQFRQWUHL D LUPm GR
SURGXWRUGR¿OPH6\OYLQD%RLVVRQQDV$R¿QDOGDSURMHomRHODPHIH]HVVD
SURSRVWD³3RUTXHYRFrWDPEpPQmRID]¿OPHVFRPRGLUHWRUD"(XSRVVROKH
GDUWRGRRGLQKHLURQHFHVViULRSDUDDVXDSURGXomRVHPOKHSHGLUFRQWDV´
0HX'HXVORJRHX¿OKDGHXPSURIHVVRUSULPiULRHSDVWRUHVGH0DXJXLR
TXHVRXPRQWDGRUDHP3DULVHWUDEDOKRDWXDOPHQWHFRP5RKPHU$HVSRQ
WDQHLGDGHGHVVDMRYHPGDPLQKDLGDGHDQRVPHDJUDGRXHHXUDSLGD
PHQWHFRPHoDYDDLPDJLQDUPHX¿OPH'HX[IRLVHVHXRUoDPHQWRRGREUR
GRQHFHVViULRSDUD¿OPDUDVFHQDVHPPPSHOtFXODHFXVWRVGHKRWHO
SDUDUHDOL]DURGLiULR¿OPDGRGHPHXHQFRQWURFRPXPGHVFRQKHFLGRHP
%DUFHORQDHPFRPSDQKLDGHXPF~PSOLFHRFDPHUDPDQ$QGUp:HQIHOG
GLUHWRUGHIRWRJUD¿DGH*DUUHOHP0DULHSRXUPpPRLUH
$FpSKDOH
*'
0DUoRPDLR
6HUJH %DUG PH OHYDYD IUHTXHQWHPHQWH DSyV D PRQWDJHP GH VHX
¿OPHQDFDVDGHXPDPLJRSLQWRU2OLYLHU0RVVHWTXHPRUDYDQRQ~PHUR
GD UXD GH O¶eFKDXGp HP XPD PLQ~VFXOD TXLWLQHWH PRELOLDGD FRP XP
FROFKmRXPDFREHUWDHXPSURMHWRU6XSHU2OLYLHUWLQKDSDVVDGRXPDQR
QD)DFWRU\GH$QG\:DUKROHHOHQRVSURMHWDYDRV¿OPHV6XSHUTXHHOH
KDYLD ¿OPDGR Oi 'HQWUR GHVVH FLQHFOXEH QR TXDUWR XP JUXSR VH IRUPD
3LHUUH &OpPHQWL TXH HYLGHQWHPHQWH Mi ID]LD ¿OPHV H[SHULPHQWDLV HP
PPKiDOJXQVDQRV3DWULFN'HYDOXPDPLJRSUy[LPRTXHKDYLDSURGX]LGR
+pUDFOLWH O¶REVFXU QD 7XQtVLD R SLQWRU 'DQLHO 3RPPHUHXOOH H 6\OYLQD
1yV WRGRV FRPSUDPRV FkPHUDV 6XSHU H PRVWUiYDPRV QRVVRV ¿OPHV
SURMHWDQGRRVQDFDVDGH2OLYLHU
6\OYLQD2OLYLHU6HUJHHHXRXWURVWDPEpPVHPG~YLGDIDOiYD
PRVGHXPDSURGXWRUDLGHDOLQVSLUDGDSHORVVLWXDFLRQLVWDVRX¿OyVRIRVGD
pSRFDTXHQyVtDPRVHVFXWDUXPDSURGXWRUDFRPREHORQRPHGH=DQ]LEDU
± QRPH HQFRQWUDGR SRU 6HUJH %DUG HP XP SRHPD GH 5LPEDXG ± H TXH
JUDoDVDRGLQKHLURGH6\OYLQDDMXGDULDTXDOTXHUXPDID]HUXP¿OPHVHPVH
SUHRFXSDUFRPUHQGLPHQWRVSHORSUD]HUQRIRUPDWRGHVXDHVFROKD
RX6XSHU(PVHJXLGDRDXWRUGLUHWRUWRUQDYDVHVHXSUySULRRSHUD
GRUGLVWULEXLGRUJUDoDVjFRPSUDGRFLQHPD/X[HPERXUJGRTXDO6\OYLQD
TXHULDWDPEpPDGTXLULUDVSDUHGHV,QIHOL]PHQWHLVVRQmRWHYHVHJXLPHQWR
SRLV QyV QmR pUDPRV SHVVRDV GH QHJyFLRV H WRGRV QyV WtQKDPRV PHGR GH
³JHULU´ XP FLQHPD 6HUi TXH IRL SRU LVVR TXH LQFRQVFLHQWHPHQWH DFHLWHL
PDLVWDUGHSURJUDPDUFLQHPDVHP1RYD<RUN"
1yV tDPRV EHEHU QD &RXSROH WDUGH GD QRLWH H 6\OYLQD QRVVD
DPLJDPHFHQDVIUHTXHQWHPHQWHWLQKDVHXWDOmRGHFKHTXHVDEHUWRVREUHD
PHVD 4XDOTXHU XP TXH VH DSUHVHQWDVVH ± UHDOPHQWH TXDOTXHU XP ± FRP
XPSURMHWRGHSLQWXUDIRWRJUD¿D¿OPHP~VLFDHGLomRUHFHELDXPFKHTXH
GHVVDPXOKHULQFULYHOPHQWHJHQHURVDFXULRVDHH[FrQWULFDTXHMDPDLVSHGLD
DSUHVWDomRGHFRQWDVGRXVRGHVHXGLQKHLUR8PGLDDWpHODFRORFRXXP
DQ~QFLRQR+HUDOG7ULEXQHTXHGL]LDDOJRSUy[LPRGLVVR³'LQKHLURGHJUDoD
SDUDSURMHWRDUWtVWLFR3RUIDYRUYHQKDSDUDDUXDGHO¶eFKDXGp7HO´
8PPRQWHGHJHQWHYHLRGD,QJODWHUUDGD$PpULFDWDPEpPPXLWDVSHVVRDV
HQyVWLYHPRVGHPXGDUQRVVRSURMHWRU6XSHUHQRVVD³VHGH´QRRDUURQ
)HVWLYDOGX-HXQH&LQHPD+\qUHVDEULOGH
GLVVHPHQWHPGLUHomRjSUDoD3LJDOOHXPDSDUWDPHQWRPXLWRJUDQGHRQGH =DQ]LEDU¿TXHLFRPYHUJRQKDHSDUWLSDUDD$PpULFDFRPRGLQKHLURUHFX
IRUDP¿OPDGDVDVFHQDVGH$FpSKDOHR¿OPHGH3DWULFN'HYDO SHUDGRGRPHXDSDUWDPHQWRSDULVLHQVHYHQGLGRDSUHVVDGDPHQWHSDUDQmR
(PPDLRGHQyVDFKDPRVTXHSUHFLViYDPRVQRVRUJDQL]DU GHOLUDUPDLV2GLQKHLURTXHTXHLPDTXHLPRXWDPEpPRJUXSR
QmRQRPRGHORGRVSDUWLGRVSROtWLFRVPDVSUHFLVDPHQWHHQTXDQWRFLQH )LQDOPHQWHD$PpULFDPHVDOYRXSRUTXHOiPHDFHLWDUDPPHOKRU
DVWDVSRHWDVPDUJLQDLV3RUH[HPSORFRP*RGDUGH*DUUHOXWLOL]DPRVD VHPGLQKHLURGRTXHHP3DULV3DULVPHUHMHLWRXWRGRVRVGLUHWRUHVFRP
/DQFLDJUDQGVSRUWFRQYHUVtYHOGH$ODLQ-RXIIUR\SDUDVHJXLUDVPDQLIHV H[FHomRGH5RKPHUH*RGDUGPHHVTXHFHUDPRXPHDFKDYDPXPSRXFR
WDo}HVFRPXPDFkPHUDGHPPHFRPRHUDXPFDUURGHOX[RRVSROLFLDLV ORXFD 'HX[ IRLV HUD FRQVLGHUDGR HQWmR XP ¿OPH FKRFDQWH H HVFDQGD
TXHHVSHUDYDPRVPDQLIHVWDQWHVQRVGHL[DYDPSDVVDU¬QRLWHHXPRQWDYD ORVR HX QmR SRGHULD YROWDU D WUDEDOKDU FRPR DQWHV (P 1RYD <RUN XPD
RV &LQpWUDFWV VDLQGR GR IRUQR DVVLP TXH HUDP ¿OPDGRV ,QIHOL]PHQWH GDV PLQKDV SULPHLUDV SURJUDPDo}HV QR %OHHFNHU 6WUHHW &LQHPD VREUH D
RVRULJLQDLVIRUDPSHUGLGRVGXUDQWHXPD¿OPDJHPQD,WiOLD6\OYLQDHHX 1RXYHOOH9DJXHIRLXPVXFHVVRLPHGLDWRHQWUHRVFUtWLFRVHRS~EOLFR
QRV GLVIDUoDPRV WDPEpP GH HQIHUPHLUDV GD &UX] 9HUPHOKD SLQWDPRV $TXLVHJXHPRVSULQFLSDLVWtWXORVGRJUXSR=DQ]LEDU'pWUXLVH]
XPDFUX]VREUHXPFDUURSDUDTXHRVSROLFLDLVQRVGHL[DVVHPSDVVDUHQyV YRXVH,FLHWPDLQWHQDQWGH6HUJH%DUG'HX[IRLVH6KLYD3XULGH-DFNLH
tDPRVUHFXSHUDURVIHULGRVDWUiVGDOLQKDGHOHV0DVRVSROtFLDVDFDEDUDP 5D\QDO9LWHGH'DQLHO3RPPHUHXOOHXPPpGLDPHWUDJHPHVWRQWHDQWH
SHUFHEHQGRRVXEWHUI~JLRHQRVSUHQGHUDP)RLDVVLPTXHHXSDVVHLXPD /H5pYpODWHXUH/D&RQFHQWUDWLRQGH3KLOLSSH*DUUHOTXHQyVPRQWD
QRLWHQD(VFROD0LOLWDUHPXPFHQWURGHWULDJHPHPXPF{PRGRFKHLRGH PRV GLUHWR 3KLOLSSH H HX QR GLD VHJXLQWH DR ¿P GD ¿OPDJHP 8Q ¿OP
PXOKHUHVHRVSROLFLDLVYLQKDPPLMDUHPQyV%DUEHW6FKURHGHUH-DFTXHV GH6\OYLQD%RLVVRQQDVH)XQDQG*DPHVIRUHYHU\RQHGH6HUJH%DUGH
%DUDWLHUYLHUDPPHEXVFDU$RVDLUYLTXHHVSDQFDYDPKRPHQVQRSiWLR 2OLYLHU0RVVHW
XPYHUGDGHLUR(VWDGRSROLFLDO&RQWHLRTXHYLHPXPGRVSULPHLURVeWDWV +RXYH WDPEpP RXWURV DXWRUHVGLUHWRUHV SHULIpULFRV DR JUXSR
*pQpUDX[GXFLQpPDSDUD0DXEHUW0XWXDOLWp8PDUWLJRIRLSXEOLFDGRQR FRP¿OPHVWDLVFRPR&LQpWUDFWVGH-HDQ/XF*RGDUGH3KLOLSSH*DUUHO
GLD VHJXLQWH QR )UDQFH 6RLU FRP XPD JUDQGH IRWR PLQKD eULF 5RKPHU SHUGLGRVHPXPFDUURQD,WiOLDHP5RPDRXRQGHQyVTXHUtDPRVPRVWUi
PHWHOHIRQRXjVVHWHHPHLDGDPDQKmSDUDPHDYLVDU³3DUWDUiSLGRHOH ORV3LqJHVGH-DFTXHV%DUDWLHUWULOKDVRQRUDGH3LHUUH6FKDHIIHU$FpSKDOH
YmRQRVSUHQGHU´(OHWLQKDUD]mRSDUWLHD]HODGRUDPHGLVVHGHSRLVTXHD H$FpSKDOH%LVGH3DWULFN'HYDO&OpRSDWUDGH0LFKHO$XGHU¿OPDGRHP
SROtFLDYHLR)RLLVVRWDPEpPTXHPHPRWLYRXDGHL[DUD)UDQoD 5RPDFRP7D\ORU0HDGH9LYDUHEDWL]DGRHPVHJXLGDGH9LYD9LYDGH
+HQUL/DQJORLVSRLVHOHWLQKDFRPRDWUL]DVXSHUVWDUGH:DUKRO9LYDTXH
VHWRUQRXDPXOKHUGH0LFKHO$XGHUeGRXDUG1LHUPDQVWDPEpPIH]XP
2 JUXSR =DQ]LEDU VH GLVVROYHX QHOH PHVPR SRUTXH QyV WRGRV ¿OPHDVVLPFRPR0LFKHO)RXUQLHUXPDSHVTXLVDVREUHDUDSLGH]GDSHOt
TXHUtDPRV OHYDU XPD YLGD PDLV QRUPDO 8P GRV ~OWLPRV DFRQWHFLPHQWRV FXODUHDOL]DGDQRODERUDWyULR7UXFDVLPLODUjVREUDVGH3DXO6KDULWV
IRL XP LQFrQGLR R GLQKHLUR GH XPD ¿OPDJHP TXH HX OHYHL SHVVRDOPHQWH +i PXLWRV RXWURV DLQGD TXH ¿FDUDP QRV ODERUDWyULRV RX QD
SDUDXPVHWEHPORQJHGH3DULVHVFRQGHQGRRQRVPHXVREMHWRVSHVVRDLV &LQHPDWHFD)UDQFHVDSRUTXHHYLGHQWHPHQWHDVVLPTXH/DQJORLVUHDEULXR
TXHLPRX SRU QHJOLJrQFLD GR GLUHWRU R GLQKHLUR GH 6\OYLQD HUD WmR IiFLO 3DOiFLRGH&KDLOORWSDVVRXWXGRDTXLORTXHQyV¿OPiYDPRV4XDQWRj6\OYLQD
GHFRQVHJXLU1yVOHYDPRVDVQRWDVTXHLPDGDVSHODPHWDGHDREDQFRGH HODUHDOL]RXR¿OPHPDLVVXUSUHHQGHQWHHLQFDQViYHOGRJUXSR8Q¿OP
RULJHP6\OYLQDHHXFRQWDQGRXPDKLVWyULDPXLWRPDOFRQWDQGDREDQFR
QRV UHVWLWLX SHUWR GH XP WHUoR GD TXDQWLD &RPR DTXLOR FRUUHVSRQGLD D
YiULRVPHVHVGRPHXWUDEDOKRFRPRVHFUHWiULDWHPSRUiULDGDV3URGXo}HV
**
KC7@;KD;L7=K;F;H:?:7DEC7H:;,.5
FehB;ED7H:E;IJ;L;I
(PPDUoRGHXPDFRPLWLYDpHQYLDGDDR5LRGH-DQHLURHP
WRUQRGR,,)HVWLYDO,QWHUQDFLRQDOGR)LOPH1HVVHDQRRHYHQWRDSUHVHQWD
HQWUHRXWURVWtWXORV6\PSDWK\IRUWKHGHYLOORQJDPHWUDJHPGLULJLGRSRU
-HDQ/XF*RGDUGQRDQRDQWHULRUFRPRV5ROOLQJ6WRQHV(QWUHRVFRQYL
GDGRV GR ),) HVWmR $QGU]HM :DMGD $ODLQ 5REEH*ULOOHW -DFTXHV 'HP\ H
$JQqV9DUGD(VWD~OWLPDFLQHDVWDGD1RXYHOOH9DJXHGHFODUD
+iQD)UDQoDXPD³-HXQH9DJXH´FRQVWLWXtGDSRUFLQHDV
WDVTXHDLQGDQmRFRPSOHWDUDPDQRV&RPRJHUDOPHQWHDFRQWHFH
QD)UDQoDVHMDQDSLQWXUDQDOLWHUDWXUDQDDUTXLWHWXUDQRWHDWURHWF
±VmRRVMRYHQVTXHWUD]HPDVQRYDVLGHLDVDVQRYDVFRQFHSo}HV6mR
HOHVTXHLQRYDP,VVRHVWiEHPGHDFRUGRFRPDKLVWyULDGDVDUWHVQD
)UDQoD1RFLQHPDWDPEpPpDVVLP$OLiVGHSRLVGRVDFRQWHFLPHQWRV
GHPDLRGRDQRSDVVDGRTXHSDUDOLVDUDPD)UDQoDRVFLQHDVWDVMRYHQV
VHWRUQDUDPPDLVXQLGRVHEHPPDLVHQJDMDGRV0DVDLQGDpFHGRSDUD
VHGL]HURTXHUHVXOWDUiGLVVRHPWHUPRVGHFLQHPD2VMRYHQVFLQHDV
WDVDERUGDPGHSUHIHUrQFLDRVWHPDVGHFXQKRVRFLDOPDVFRPRQD
)UDQoDWDLVWHPDVQmRVmRPXLWRVSRSXODUHVGHYLGRjVERDVFRQGLo}HV
GHYLGDRVWHPDVPDLVXQLYHUVDLVRVWHPDVHWHUQRV±DPRUIUXVWDo}HV
HWF±FRQWLQXDPWHQGRVHXOXJDUDRVROQRFLQHPDIUDQFrV
3RURXWURODGRRFUtWLFRIUDQFrVGDUHYLVWD3RVLWLI5REHUW%HQD\RXQ
WDPEpP QR 5LR D¿UPD GLDV GHSRLV ³1R FLQHPD GD )UDQoD QmR Ki PDLV
QHQKXPD µHVFROD¶ GH SHQVDPHQWR RX GH FRPXQLFDELOLGDGH $ µ1RXYHOOH
9DJXH¶QmRH[LVWHPDLVpFRLVDGRSDVVDGR2TXHH[LVWHQRFLQHPDIUDQFrV
pRLQGLYtGXRRUHDOL]DGRULVRODGRGHTXDOTXHUJUXSR´
&LQHPD1{YRHQFRQWUDVHQR0$0FRPYLVLWDQWHVGR),)2*ORER5LRGH-DQHLUR
S
%HQD\RQ&LQHPDIUDQFrVQmRWHPJUXSRVVyRLQGLYtGXR2*ORER5LRGH-DQHLUR
S
/H5pYpODWHXU
2VGRLVUHODWRVWmRSUy[LPRVHDRPHVPRWmRGLVFUHSDQWHVSDUH IHVWDo}HV VXFHGHPVH QDV SUy[LPDV VHPDQDV DWp R ¿QDO GH DEULO TXDQGR
FHPDSRQWDUHPXPDREVHUYDomRDSUHVVDGDSDUDXPDFHUWDLQGH¿QLomR6H /DQJORLVpUHDGPLWLGR$OpPGRFOLPDYLWRULRVRKiWDPEpPXPDSURSHQ
KDYLDXPD-HXQH9DJXHXQLGDHHQJDMDGDHPSDUWHXPUHEHQWRGR0DLRGH VmRjDomRSROtWLFDHQWUHRVFLQp¿ORVIUDQFHVHV$¿QDOFRPRUHÀHWH3LHUUH
HODWDOYH]QmRIRVVHWmRFODUDWmRYLVtYHOHXQkQLPHHQWUHDFODVVHFLQH .DVWHPDEULOGHQD&DKLHUVGXFLQpPD³GHIHQGHUDH[LVWrQFLDGD
PDWRJUi¿FDIUDQFHVD%HQD\RXQjTXHOHPRPHQWRMiXPFUtWLFRH[SHULHQWH &LQHPDWHFDIUDQFHVDFXULRVDPHQWHpXPDWRSROtWLFR´
FRPOLYURVSXEOLFDGRVHIRUWHLQWHUHVVHQRVXUUHDOLVPR¿QDOL]DYDWDPEpP 'HVWD IRUPD R DIIDLUH /DQJORLV Mi WLQKD DSDUHOKDGR FLQHDVWDV H
VHXSULPHLURORQJDPHWUDJHP3DULVQ¶H[LVWHSDV6HXGHSRLPHQWR FLQp¿ORV IUDQFHVHV GHL[DQGRRV VH QmR LQVSLUDGRV DR PHQRV DTXHFLGRV
SDUHFH H[FOXLU RX GHVFUHGLWDU DOJXPDV LQLFLDWLYDV TXH VH HQFRQWUDYDP SDUDDVVpULHVGHPDQLIHVWDo}HVTXHYLULDPHPPDLR0DVQmRVyHOHV
HPPDUFKDQDFDSLWDOIUDQFHVDGH0DVHVVDQHJDomRQRGLVFXUVRGH +i RXWURV LQGtFLRV DQWHULRUHV SDUD R VXUJLPHQWR GH XP FLQHPD
%HQD\RXQWDPEpPQmRSDUHFHVHUXPHTXtYRFR(PHVPRDIDODGH9DUGD SROtWLFR FROHWLYR H HQJDMDGR TXH LUi EURWDU D SDUWLU GR 0DLR GH H IRUD
UHSURGX]LGDQRMRUQDOpHPSDUWHFRQVWLWXtGDGHLPSUHFLV}HVHODQmRFKHJDD GDVOLQKDVWUDGLFLRQDLVGHSURGXomReSUHFLVROHYDUHPFRQWDPDUFRVFRPR
GDUQRPHDRVERLVRXVHTXHUFLWDUDVREUDVUHDOL]DGDVSHODWDO-HXQH9DJXH R ORQJD HSLVyGLFR /RLQ GX 9LHWQDP ± LQLFLDWLYD GR FLQHDVWD &KULV
3RU XP ODGR KDYLD GH IDWR XPD ¿OPRJUD¿D VHQGR SURGX]LGD D 0DUNHU TXH UHXQLD GLUHWRUHV FRPR -HDQ/XF *RGDUG $ODLQ 5HVQDLV H
SDUWLUGRVDFRQWHFLPHQWRVGH0DLRGHTXHGLDORJDYDFRPVHXPRPHQWRH $JQqV 9DUGD ± H D FULDomR GR FROHWLYR 6/21 6RFLHWp SRXU OH /DQFHPHQW
VHHQFDL[DYDQDVGH¿QLo}HVGDGDVSRU9DUGD3RURXWURDSRVVtYHOUHFXVDRX GHV¯XYUHV1RXYHOOHVWDPEpPOLGHUDGRSRU0DUNHU(QWUHRVSULPHLURV
DWpIDOWDGHFRQKHFLPHQWRGHVVHVWtWXORVSRU%HQD\RXQMiHPVXDFRQWHP WtWXORV SURGX]LGRV SHOR 6/21 GHVWDFDVH ¬ ELHQW{W M¶HVSqUH (VVH
SRUDQHLGDGHHYLGHQFLDYDDWUDMHWyULDREVFXUDQWLVWDTXHRVPHVPRVWHULDP PpGLDPHWUDJHPVREUHDVJUHYHVGRVWUDEDOKDGRUHVGHXPDIiEULFDWr[WLO
FRPRSDVVDUGRWHPSR HP%HVDQoRQIRLH[LELGRQDWHOHYLVmRjVYpVSHUDVGDHFORVmRGR0DLRGH
(pWDPEpPDSDUWLUGHVVH¿OPHTXHVHLQLFLDXPQRYRFROHWLYRFRPSRVWR
3UHFHGHQWHV SRU RSHUiULRV LQVDWLVIHLWRV FRP D IRUPD FRPR VH YLUDP UHWUDWDGRV HP ¬
3RXFRPDLVGHXPDQRVHSDUDDVGHFODUDo}HVFLWDGDVDFLPDGHXP ELHQW{W M¶HVSqUH 1DVFHP Dt RV *UXSRV 0HGYHGNLQH HP SDUWH VXVWHQWD
VLJQL¿FDWLYRPRPHQWRGHHXIRULDQRFLQHPDIUDQFrV$QWHVGR0DLRGH GRVSHOR6/21TXHWUDQVPLWLULDRVHQVLQDPHQWRVHPDWHULDLVSDUDTXHRV
RQGHYDLDÀRUDUHVVDSRVVtYHO-HXQH9DJXHHXPHQJDMDPHQWRJHUDODFODVVH RSHUiULRVHVWLYHVVHPSOHQDPHQWHFDSDFLWDGRVSDUDSURGX]LUVHXV¿OPHVH
FLQHPDWRJUi¿FDMiWLQKDLGRjVUXDV2DIDVWDPHQWRGH+HQUL/DQJORLVGD VXD³YHUVmR´GDKLVWyULD3ULPHLURVHIRUPDULDXPQ~FOHR0HGYHGNLQHHP
&LQHPDWHFD)UDQFHVDSHORPLQLVWURGDFXOWXUD$QGUp0DOUDX[HPIHYHUHLUR %HVDQoRQHHPVHJXLGDHP6RFKDX[
JHUD XPD VpULH GH PDQLIHVWDo}HV TXH UHSHUFXWH HP WRGD D FRPXQLGDGH 3DUDOHOR D HVVD H[SHULrQFLD FRP RV RSHUiULRV VXUJH QR VHLR GR
FLQHPDWRJUi¿FDDRUHGRUGRPXQGR6mRHQYLDGRVWHOHJUDPDVGHJUDQGHV 3DUWLGR&RPXQLVWD)UDQFrVRFROHWLYR'\QDPLTXHVGLDSRVLWLYHV'\QDGLD
GLUHWRUHVFRPR)ULW]/DQJ6WDQOH\.XEULFN&KDUOHV&KDSOLQHQWUHRXWURV ³D¿Q GH µVHUYLU SDU VHV PR\HQV SURSUHV OD SURSDJDQGH GX 3DUWL¶´ &RP
SURLELQGRDH[LELomRGHVHXV¿OPHVQD&LQHPDWHFDHQTXDQWR/DQJORLVQmR
IRVVHUHDGPLWLGR/RFDOPHQWHRVFLQHDVWDVGD1RXYHOOH9DJXHVHHQJDMDP
%$(&48($QWRLQHGH&LQH¿OLD6mR3DXOR&RVDF1DLI\S
HYmRjVUXDV1DLQYHVWLGDPDLVFRQKHFLGDGHVVH³IHYHUHLURGH´FHUFD ,GHP
GH WUrV PLO SHVVRDV VH UH~QHP QD HVSODQDGD GR 7URFDGpUR RQGH p GLVWUL $SDUWLUGHR6/21SDVVDDVHFKDPDU,6.5$,PDJHV6RQV.LQHVFRSH5pDOLVDWLRQV
$XGLRYLVXHOOHV
EXtGR XP SDQÀHWR DVVLQDGR SHORV )LOKRV GD &LQHPDWHFD 2 FHUFR SROLFLDO /($1'52$QLWD2WUHPRUGDVLPDJHQV1RWDVVREUHRFLQHPDPLOLWDQWH'(9,5(691
3-XO'H]S
UHSULPHDSDVVHDWD7UXIIDXWH*RGDUGHVWmRHQWUHRVIHULGRV2XWUDVPDQL ³D¿PGHVHUYLUSRUVHXVSUySULRVPHLRVDSURSDJDQGDGR3DUWLGR´(P%$57+211$7
XPDHVWUDWpJLDTXHUHPHWHDRLQtFLRGRSUySULRFLQHPDDSULPHLUDREUDGR 'H]DQRVDSyV/DUHSULVHGXWUDYDLODX[XVLQHV:RQGHU:LOOHPRQW
'\QDGLDHUDXPDVpULHGHGLDSRVLWLYRVSURMHWDGRVHPVHTXrQFLDFRPVRP GLVFRUUHXVREUHXPDWDOGLVWLQomRHQWUHVHX¿OPHHRFLQHPDSUDWLFDGRSRU
VLQFURQL]DGR'L[DQVGHJDXOOLVPHoDVXI¿WHUDFRPSRVWRGHXP PLOLWDQWHVQR0DLRGH
MRJRGHFURPRVSUHWRHEUDQFRFRPIRWRVGHRSHUiULRVGHVHQKRVHFDUL
FDWXUDV2WtWXORpWLUDGRGHXPGLVFXUVRSURIHULGRSHOR6HFUHWiULR*HUDOGR $ XQH pSRTXH R OH ODQJDJH SDUOp DYDLW SULV XQH WHOOH
3DUWLGR&RPXQLVWD)UDQFrV:DOGHFN5RFKHWHPPDLRGH 0DLVWDUGH
DPSOHXULOIDOODLWIDLUHGHVLPDJHVVLPSOHPHQW GHVLPDJHV0DLVOD
RFROHWLYRVHUiUHEDWL]DGRSDVVDQGRDVHFKDPDU8QLFLWp8QLWp&LQpPD SOXSDUWGHV¿OPVUpDOLVpVSDUOHVPLOLWDQWVQ¶pWDLHQWTXHGHVLOOXVWUD
7pOpYLVLRQ$XGLRYLVXHOWRUQDQGRVHXPDVRFLHGDGHMXUtGLFDDXW{QRPD
WLRQVGHGLVFRXUVSROLWLVpV/¶LQGLVSHQVDEOHGLVWRUVLRQTXHFHVFLQpDV
2XWUR GHVWDTXH QR SDQRUDPD GDV LQLFLDWLYDV FLQHPDWRJUi¿FDV WHV DYDLHQW IDLW VXELU j OD UpDOLWp SRXU TX¶HOOH SXLVVH ³FROOHU´ j OHXU
LPSURYLVDGDV QD HPHUJrQFLD GR 0DLR GH p /D UHSULVH GX WUDYDLO DX[ LGpRORJLH HW j OHXUV PRWV G¶RUGUH UHQG SDUIRLV PpFRQQDLVVDEOHV OHV
XVLQHV :RQGHU (VVH FXUWDPHWUDJHP FRQVWLWXtGR SRU XP SODQR pYpQHPHQWVTX¶LOVRQW¿OPpV
VHTXrQFLDpURGDGRSRUHVWXGDQWHVGR,'+(&,QVWXW'HV+DXWHVeWXGHV
&LQpPDWRJUDSKLTXHV)D]LDSDUWHGHXPSURMHWRGHORQJDPHWUDJHP6DXYH
TXL SHXW 7URWVNL TXH R MRYHP HVWXGDQWH -DFTXHV :LOOHPRQW URGRX HQWUH (QWUHHVVHVFROHWLYRVFLWDGRVDTXLRXWURVDLQGDWHULDPLPSRUWDQWH
PDLR H MXQKR DFRPSDQKDQGR R PRYLPHQWR PLOLWDQWH 2&, 2UJDQLVDWLRQ DWXDomR R $5& $WHOLHU GH 5HFKHUFKHV &LQpPDWRJUDSKLTXHV IRUPDGR
&RPPXQLVWH ,QWHUQDWLRQDOH 2 PDWHULDO QR HQWDQWR GHVDSDUHFHX DLQGDHPTXHLUiUHDOL]DUREUDVFRPRDGLIXQGLGD/HGURLWjODSDUROH
VREUDQGR DSHQDV R TXH UHVXOWRX QR FXUWDPHWUDJHP 1D pSRFD -DFTXHV &LQHWKLTXHTXHWHPLQtFLRFRPRXPDUHYLVWDGHFLQHPDHPMDQHLUR
5LYHWWHVDXGRXRFRPRXP¿OPHIDVFLQDQWH GHHSDVVDDSURGX]LUQDGpFDGDVHJXLQWH&LQpOXWWHVIRUPDGRQRVDQRV
FRPGLVVLGHQWHVGR$5&HGRV(WDWV*pQpUDX[*URXSHOLJQHURXJHTXH
/HVHXO¿OPLQWpUHVVDQWVXUOHVpYpQHPHQWVOHVHXOYUDLPHQW WLQKD j IUHQWH R FLQHDVWD -HDQ3LHUUH 7KRUQ TXH GLULJLX H SURGX]LX 2VHU
IRUWTXHM¶DLYXMHQHOHVDLpYLGHPPHQWSDVWRXVYXVF¶HVWFHOXLVXU OXWWHURVHUYDLQFUHHRXWURV
ODUHQWUpHGHVXVLQHV:RQGHUWRXUQpSDUGHVpWXGLDQWVGHO¶,'+(&
SDUFHTXHF¶HVWXQ¿OPWHUUL¿DQWTXLIDLWPDO&¶HVWOHVHXOTXLVRLWXQ
¿OPYUDLPHQWUpYROXWLRQQDLUH3HXWrWUHSDUFHTXHF¶HVWXQPRPHQW XP¿OPHYHUGDGHLUDPHQWHUHYROXFLRQiULR,VVRSRUTXHWDOYH]VHMDXPPRPHQWRRQGHDUHDOLGDGH
VHWUDQV¿JXUDDWDOSRQWRTXHHODSDVVDDFRQGHQVDUWRGDXPDVLWXDomRSROtWLFDHPGH]PLQXWRV
RODUpDOLWpVHWUDQV¿JXUHjWHOSRLQWTX¶HOOHVHPHWjFRQGHQVHUWRXWH GHXPDORXFDLQWHQVLGDGHGUDPiWLFD´(P/HWHPSVGpERUGH±(QWUHWLHQDYHF-DFTXHV5LYHWWH
SDU-DFTXHV$XPRQW-HDQ/RXLV&RPROOL-HDQ1DUERQLHW6\OYLH3LHUUH&DKLHUVGXFLQpPDQ
XQHVLWXDWLRQSROLWLTXHHQGL[PLQXWHVG¶LQWHQVLWpGUDPDWLTXHIROOH VHWS
³(P XPD pSRFD RQGH D OLQJXDJHP IDODGD WLQKD DGTXLULGR XPD WDO DPSOLWXGH HUD QHFHVVi
ULRID]HULPDJHQVVLPSOHVPHQWHLPDJHQV0DVDPDLRUSDUWHGRV¿OPHVUHDOL]DGRVSHORVPLOL
WDQWHVQmRHUDPVHQmRLOXVWUDo}HVGHGLVFXUVRVSROLWL]DGRV$LQGLVSHQViYHOGLVWRUomRTXHHVWHV
FLQHDVWDVVXEPHWHUDPDUHDOLGDGHSDUDTXHHODSXGHVVHVHLGHQWL¿FDUFRPDVXDLGHRORJLDHDV
&pOLQH /¶H[SpULHQFH 8QLFLWp RX O¶pPHUJHQFH GH OD FRPPXQLFDWLRQ DXGLRYLVXHOOH GX 3DUWL VXDVSDODYUDVGHRUGHPjVYH]HVWRUQDPLUUHFRQKHFtYHLVRVDFRQWHFLPHQWRVTXHHOHV¿OPDUDP´
FRPPXQLVWH IUDQoDLV$UWLFOH SRXU OH FROORTXH³8VDJHV PLOLWDQWV GH ODWHFKQLTXH 7UHFKRGDHQWUHYLVWDGH-DFTXHV:LOOHPRQWD/LRQHO(KUDUGSXEOLFDGDRULJLQDOPHQWHQDUHYLVWD
WHFKQRORJLHV PpGLDV PRELOLVDWLRQV´ S 'LVSRQtYHO HP KWWSFKVXQLYSDULVIU&ROOR ,PSDFWQRPDLRGH'LVSRQtYHOHPKWWSZLOOHPRQWQHWUHVRXUFHVZRQGHUGRVVLHU
&%DUWKRQQDWB8QLFLWHSGI$FHVVRHP GHSUHVVHGHISGI$FHVVRHP
,GHP 3,.7252)) &pGULFN 0DL ³0HWWUH OH FLQpPD DX VHUYLFH GH OD UpYROXWLRQ´ 4XH )DLUH
'LVSRQtYHOHPKWWSZZZFLQHDUFKLYHVRUJ)LOPVKWPO$FHVVRHP QR ± PDLMXO 'LVSRQtYHO HP KWWSTXHIDLUHODXWUHQHWVSLSSKS"SDJH DUWLFOH LGB
%$57+211$7RSFLWS DUWLFOH $FHVVR HP 3DUD XPD UHÀH[mR PDLV DSURIXQGDGD VREUH R $5& YHU
³2~QLFR¿OPHLQWHUHVVDQWHVREUHRVDFRQWHFLPHQWRVR~QLFRUHDOPHQWHERPTXHHXYLHYLGHQ /$<(5/(6pEDVWLHQ2VPXUP~ULRVGRPXQGR±2$WHOLrGH3HVTXLVD&LQHPDWRJUi¿FDHP0DLR
WHPHQWHHXQmRRVYLWRGRVpDTXHOHVREUHDHQWUDGDGDVIiEULFDV:RQGHU¿OPDGRSHORVHVWX 5HYLVWDGR)HVWLYDO,QWHUQDFLRQDOGH&LQHPDGH$UTXLYR±5(&,1($QRQVHW
GDQWHVGR,'+(&SRUTXHpXP¿OPHDWHUURUL]DQWHTXHID]PDOeR~QLFRTXHDGPLWLPRVFRPR S
¬H[FHomRGR6/21HR$5&TXHSUHFHGHPR0DLRGHWRGRV FLQHPDPLOLWDQWHIUDQFrVSUDWLFDGRSHORVFROHWLYRVGDpSRFD2TXHIRLHQWmR
RV GHPDLV FROHWLYRV H DJUXSDPHQWRV FLWDGRV DFLPD VmR HPSUHHQGLPHQWRV R=DQ]LEDU"6HULDDWDO-HXQH9DJXH"
HVSRQWkQHRVPRYLGRVSHORFRQWH[WRGDpSRFD1mRSRUDFDVRVmRDo}HVGH
RSHUiULRV PLOLWDQWHV SROtWLFRV HVWXGDQWHV H QRPHV TXH SRXFR VH IDODYDP $IRUPDDomRGDRQGD
HPSHULyGLFRVFRPRRV&DKLHUVGXFLQpPDRX3RVLWLI 3HQVDU HP XPD -HXQH 9DJXH VHMD HOD TXDO IRU LPHGLDWDPHQWH
$LQGDGHQWURGHVVHPDUGHDJLWDomRTXHSURGX]LXWRGDVHVVDVQRYDV OHYDDXPDSULPHLUDUHÀH[mRVREUHDUHODomRTXHHODYHQKDDWHUFRPRTXH
HTXLSHVHIUHQWHVGHSURGXomRXPYHOKRFRQKHFLGRLUiPDUFDUSRVLomRQR SDYLPHQWRXVHXVXUJLPHQWR8PDMHXQHSUHVVXS}HXPDYLHLOOH8PD-HXQH
FHQWURGHVVHHSLVyGLR3RVLFLRQDQGRVHjVUXDVFKHJDQGRDVHUGHWLGRFRP 9DJXHDGPLWHXPD1RXYHOOH9DJXH
DFkPHUDQDPmR-HDQ/XF*RGDUGLQVHULXVHQRH[SHGLHQWHGRVFROHWLYRV 1D pSRFD TXH 9DUGD H %HQD\RXQ UHÀHWLDP VREUH D DWXDOLGDGH
IXQGDQGRR*UXSR']LJD9HUWRYDRODGRGH-HDQ3LHUUH*RULQHSURGX]LQGR GR FLQHPD IUDQFrV GXUDQWH D HVWDGD QR 5LR GH -DQHLUR R VXUJLPHQWR GD
XPD¿OPRJUD¿DHPSOHQDVLQWRQLDFRPRHVStULWRGR0DLRGH 1RXYHOOH 9DJXH FRPSOHWDYD GH] DQRV (P DJRVWR GH R /H 0RQGH
2FLQHPDIHLWRSRU*RGDUGVREDEDQGHLUDGR*UXSR']LJD9HUWRY SXEOLFD XPD VpULH GH HQWUHYLVWDV FRP FLQHDVWDV IUDQFHVHV GH GLIHUHQWHV
KRMH WDOYH] VH FRQ¿JXUH QD IUDomR PHQRV YLVWD H SHQVDGD GHQWUR GH VXD JHUDo}HV6HXPD1RXYHOOH9DJXHHQWmRVXUJLDQRKRUL]RQWHQHPVHPSUH
¿OPRJUD¿D DR ORQJR GR WHPSR 2V ¿OPHV WDPEpP FLUFXODUDP SRXFR HODHUDWmRFODUDVHQGRYLVWDDWpFRPR³XPDJUDQGHEULQFDGHLUD´
SULYDQGR GXUDQWH PXLWR WHPSR R H[DPH GH SHVTXLVDGRUHV H HVWXGLRVRV 3DVVDGRVGH]DQRVGD1RXYHOOH9DJXHHVXDFRQVDJUDomRDEVROXWD
VXMHLWDQGRRVDLPSUHFLV}HVHHTXtYRFRV 1R%UDVLOIRLRUJDQL]DGDXPD
pFRPSUHHQVtYHOVDXGDUXPDUHQRYDomR9DUGDHWDPEpPLJQRUDURXDWp
PRVWUD VREUH R *UXSR VRPHQWH HP RQGH VXD REUD FRPSOHWD IRL PHVPRGHVSUH]DUTXDOTXHUHVIRUoRGHPXGDQoD%HQD\RXQ2EVHUYDVH
H[LELGD SRU DTXL SHOD SULPHLUD YH] (P p ODQoDGR QD (VSDQKD XP QRVGRLVGHSRLPHQWRVFLWDGRVDTXLTXHVHQmRHUDXQDQLPHPHQWHYLVOXP
%R[GH'9'VFRQWHQGRD¿OPRJUD¿DGRFROHWLYR-HDQ/XF*RGDUG\HO EUDGDXPDPXGDQoDQRSDQRUDPDGRFLQHPDIUDQFrVHVWDRHUDFHUWDPHQWH
*UXSR']LJD9HUWRY
FREUDGDQRVH[HPSORVWUDEDOKDGRVDTXLSHODLPSUHQVD
6HHVVDLQWHUIHUrQFLDJRGDUGLDQDQRKRUL]RQWHGRFLQHPDGR0DLR &RP R SDVVDU GR WHPSR VDEHVH TXH HVVD SRVVtYHO -HXQH 9DJXH
GH Mi IRL SRXFR DVVLPLODGD SHOD KLVWyULD R YpUWLFH PDLV REVFXUR GHVVH QXQFDHPSODFRXGHIDWR6HD1RXYHOOH9DJXHJHURXQRPHVFRPR*RGDUG
HSLVyGLRpFHUWDPHQWHR=DQ]LEDU2VLOrQFLRHPWRUQRGDVDWLYLGDGHVGHVVH 7UXIIDXW&KDEURO5LYHWWH5RKPHU9DUGDD-HXQH9DJXHSDUHFHVRDUPDLV
JUXSRFKHJDDH[FOXtORGRSDQRUDPDGHFROHWLYRVJHUDGRVQRSHUtRGRHP FRPR XPD HVSHFXODomR XP GHVHMR $ UHQRYDomR GH XPD JHUDomR GH XP
GLYHUVDV DQiOLVHV (VVD HYHQWXDO RPLVVmR SDUHFHOKH DIDVWDU GR ROLPSR GR FLQHPDIUDQFrVDXWRUDOjTXHODpSRFDpKRMHWmRFpOHEUHTXDQWRHVVHVGHSRL
PHQWRVGH9DUGDH%HQD\RXQ2TXHVHPG~YLGDKDYLDHUDXPGHVHMRGH
UHQRYDomRHSDUDHVVHGHVHMRXPDGHPDQGD(TXDLVVmRRVSUpUHTXLVLWRV
SDUDVHVXFHGHUHVVDYDJXH"
)RL GLYXOJDGD UHFHQWHPHQWH XPD IRWRJUD¿D UDUD GH *pUDUG /HURX[ RQGH VH Yr *RGDUG
SRUWDQGRXPDFkPHUDHVHQGRGHWLGRSRUSROLFLDLVGXUDQWHR0DLRGH1DpSRFDIRLQRWLFLDGR $1RXYHOOH9DJXHpXPFpOHEUHPRYLPHQWRTXHQDVFHXGDFUtWLFD
SRU DTXL ³&kPDUD QD PmR PLVWXUDGR DRV HVWXGDQWHV HQIXUHFLGRV TXH SURPRYHUDP UHFHQWH
PHQWHXPDGDVPDLRUHVEDWDOKDVFDPSDLVGDKLVWyULDGH3DULVXPKRPHPDFDERXFKDPDQGR FLQHPDWRJUi¿FD e GH UHÀH[}HV FRPR DV IRUPXODGDV Mi HP 8PD FHUWD
D DWHQomR GD SROtFLD TXH R SUHQGHX DPHDoDQGR TXHEUDUOKH D PiTXLQD VH QmR IRVVH HPERUD
7UDWDYDVHGRFRQWURYHUWLGRFLQHDVWD-HDQ/XF*RGDUGTXHWRPDYDDVSULPHLUDVFHQDVGHVHX
SUy[LPR¿OPHRTXDOQHPHOHSUySULRVDEHRTXHVHUi´(P6:$1&DUORV³*RGDUGHPWRGDV´
2*ORER5LRGH-DQHLURS 0LFKHO0DULHSUHFLVDRQDVFLPHQWRGD1RXYHOOH9DJXHHQWUHIHYHUHLURHPDUoRGHTXDQGR
6,/9$0DWHXV*RGDUG*ODXEHUHR9HQWRGROHVWHDOHJRULDGHXPGHVHQFRQWUR'HYLUHV GDHVWUHLDGH1DVJDUUDVGRYtFLRH2VSULPRVDPERVGH&ODXGH&KDEURO,10$5,(0LFKHO$
YQMDQMXQ 1RXYHOOH9DJXHH*RGDUG&DPSLQDV3DSLUXV(GLWRUDS
9HQWRGR/HVWHIRLODQoDGRHP'9'DQWHULRUPHQWHHPQR-DSmR $GHFODUDomRpGRSURGXWRU5DXO/pY\0$5,(0LFKHORSFLWS
WHQGrQFLDGRFLQHPDIUDQFrVjVH[SOtFLWDVKRPHQDJHQVHUHIHUrQFLDV>DV TXHSDUDOLVDUDPD)UDQoDRVFLQHDVWDVMRYHQVVHWRUQDUDPPDLVXQLGRVH
LQVHUo}HVGH)ULW]/DQJ6DPXHO)XOOHU*ODXEHU5RFKDQDIUHQWHGDREMH EHPPDLVHQJDMDGRV´$FXOWXUDGRFROHWLYRDXQLmRHRHQJDMDPHQWRVmR
WLYDLQWHUSUHWDQGRHOHVPHVPRVQRFLQHPDGH*RGDUGRXDIRUWHLQÀXrQ DSURSULDo}HVGDH[SHULrQFLDGR0DLRGH0DLVDGLDQWH9DUGDFRPHQWD
FLDKLWFKFRFNLDQDQDREUDGH&KDEURODSDUWLUGH¬GRXEOHWRXUSRU ³2VMRYHQVFLQHDVWDVDERUGDPGHSUHIHUrQFLDRVWHPDVGHFXQKRVRFLDO´
H[HPSOR@ TXH LUmR VH GDU XPD IRUWH UHODomR GRV FLQHDVWDV FRP R SUySULR 'HSUHIHUrQFLDPDVQmRVy0DLVXPDYH]LPS}HVHXPDSRVVtYHOGLVWLQ
FLQHPDHVXDKLVWyULDVHXVGLOHPDVeGHQWURGHVVDSHUVSHFWLYDTXHVHSRGH omRHQWUHXPFLQHPDSUDWLFDGRSRUFROHWLYRVFRPRRV*UXSRV0HGYHGNLQH
SUHVXPLUTXHXPD-HXQH9DJXHLUiVHQmRHVWDUYROWDGDWDPEpPSDUDXP '\QDGLD &LQpOXWWHV RX *URXSH OLJQH URXJH ± FXMDV OLQKDV HGLWRULDLV
H[SHGLHQWHGHHYRFDo}HVDXPUHSHUWyULRFLQHPDWRJUi¿FRHVSHFt¿FRFRQWUL SUHYHHPXPSURMHWRGHFLQHPDXQLGLUHFLRQDO±HXPDSRVVtYHOHHOHJt
EXLUSDUDDUHÀH[mRHSDUDDR[LJHQDomRGRFLQHPDIUDQFrVGDQGRSURVVH YHO-HXQH9DJXH
JXLPHQWRDVVLPDRODVWURGHL[DGRSHORVLQYHQWRUHVGD1RXYHOOH9DJXH e SUHFLVR WDPEpP OHYDU HP FRQWD D HVFROKD GD SDODYUD MHXQH
e QHVVH WySLFR QDPDQXWHQomR GH XPFLQHPDDXWRUDOGHQWURGD MRYHP FRPR RSRVLomRH[WHQVmR j QRXYHOOH QRYD (OD Mi YLQKD DSDUH
FLQHPDWRJUD¿D IUDQFHVD TXH D SURGXomR GR 0DLR GH HP JHUDO SDUHFH FHQGRDTXLHDOLGHVGH6HMDHPSURJUDPDVPRQWDGRVSRU/DQJORLV
UHVYDODU$DGRomRHPODUJDHVFDODGHXPSURMHWRGHFLQHPDFROHWLYRpVHP QD&LQHPDWHFD)UDQFHVDGHGLFDGRVDXPMHXQHFLQpPDHPHYHQWRVFRPR
G~YLGDXPDFDUDFWHUtVWLFDGDH[SHULrQFLDGRSHUtRGR2Q~PHURGHHPSUHL R)HVWLYDOGX-HXQH&LQpPDG¶+\qUHVIXQGDGRHPRXQDFULDomRGD
WDGDVRULXQGDVQRFXUWRHVSDoRGHWHPSRWDOYH]SHUPDQHoDLPEDWtYHODWpRV UHYLVWD-HXQH&LQpPDHP6XDXWLOL]DomRQRFLUFXLWRFLQHPDWRJUi
GLDVGHKRMHQRFLQHPDIUDQFrV0DVDSURGXomRGRSHUtRGRHRVSUySULRV ¿FRIUDQFrVSUHFHGHR0DLRGH(DSDUHFHWDPEpPQRPRPHQWRHPTXH
FROHWLYRV QmR VH GHVYHQFLOKDUDP WHPDWLFDPHQWH GD pSRFD 'H IRUPD TXH D1RXYHOOH9DJXHFRPHoDDVHUFRORFDGDHP[HTXH1R¿OPH/D1RXYHOOH
KRMHQmRpSRVVtYHOIDODUGH/DUHSULVHGXWUDYDLODX[XVLQHV:RQGHUHQmR 9DJXHSDUHOOHPrPH SHUJXQWDVH³2VVXFHVVRVGH2VLQFRPSUH
IDODUGR0DLRGHRXPHVPRHP*UXSR']LJD9HUWRYVHPFRQWH[WXDOL]DU HQGLGRVH$FRVVDGRMiHUDPSDVVDGR$OJXQVIUDFDVVRVVHPHLDPG~YLGDV$
VXDFULDomRRXRTXHHVWiHPSDXWDHPVXD¿OPRJUD¿D8PQmRVREUHYLYH 1RXYHOOH9DJXHQmRpHWHUQD"´HQR¿QDO5LYHWWHFRPHQWD³$YHUGDGHGHOD
VHPRRXWUR 1RXYHOOH9DJXHpRVHXIUDFDVVR´
/RJRVHKiDIRUPDomRGHXPD-HXQH9DJXHHODQmRSDUHFHHVWDU 9DUGDDLQGDFODVVL¿FDD-HXQH9DJXHFRPRFRPSRVWD³SRUFLQHDV
HPHUJLQGRH[FOXVLYDPHQWHGHXPFLQHPDPLOLWDQWHFULDGRSDUD¿QVXQLYR WDVTXHDLQGDQmRFRPSOHWDUDPDQRV´2XVHMDRMHXQHUpDOLVDWHXUQmR
FDPHQWHSROtWLFRVHFRPLQWHUHVVHVLPHGLDWRVHIrPHURV(ODLQHJDYHOPHQWH HVWDYD WmR GLVWDQWH DVVLP GD 1RXYHOOH 9DJXH XPD YH] TXH 7UXIIDXW WLQKD
YDLWHUXPSpQR0DLRGHXPPDUFRFXOWXUDOTXHGHL[DUiWUDoRVLQGHOp UHFpPFRPSOHWDGRDQRV*RGDUGH&KDEUROWLQKDPH9DUGDDQRV
YHLVQDKLVWyULDUHFHQWHPDVYDLWHUXPDUHODomRGHUHQRYDomRFRPDKLVWy 1RHQWDQWRVHDQRYLGDGHMiWLQKDVLGRDODUGHDGDDQRVDQWHVpSUHFLVR
ULDHQWmRUHFHQWHGRFLQHPDIUDQFrVTXHRVFROHWLYRVFULDGRVSRUPLOLWDQWHV PDQWrOD MRYHP H DWXDO 2 QRYR QmR p QHFHVVDULDPHQWH MRYHP PDV R
RSHUiULRVHHVWXGDQWHVQmRYmRWHU$LQGDTXHKDMDGLIHUHQoDVQDHVFULWDGRV MRYHPpREULJDWRULDPHQWHQRYR
¿OPHVSURGX]LGRVQDpSRFDFRPRDSRQWDDIDODGH:LOOHPRQWHOHVYmRHVWDU &RORFDGDV DV SRVVtYHLV GLVWLQo}HV HQWUH XP FLQHPD HVVHQFLDO
VRERPHVPRWHWRRVPHVPRVREMHWLYRV PHQWH PLOLWDQWH LQGLVVRFLiYHO GR 0DLR GH H XPD SURSRVWD GLJDVH
2GHSRLPHQWRGH9DUGDYDLLOXVWUDUEHPHVVDGLVWLQomRTXDQGR
HODD¿UPDTXH³GHSRLVGRVDFRQWHFLPHQWRVGHPDLRGRDQRSDVVDGR
6+$)72 6DOO\ /HV ¿OPV =DQ]LEDU HW OHV GDQG\V GH PDL 3DULV 3DULV H[SpULPHQWDO
S
&UtWLFDSROrPLFDHVFULWDSRU7UXIIDXWQD&DKLHUVGXFLQpPDSXEOLFDGDHPMDQHLURGH )LOPHGDVpULH&LQpPDGHQRWUHWHPSVGLULJLGRSRU-DQLQH%D]LQH$QGUp6/DEDUWKH
PDLVDEHUWDSDVVtYHOGHVHUDORFDGDQDKLSyWHVHGHXPD-HXQH9DJXHRQGH FLQHPDGR0DLRGH(WDPEpPGD1RXYHOOH9DJXHHVXDVRULJHQVDOLFHU
VHSRGHVLWXDUR=DQ]LEDU" oDGDVQDFUtWLFDFLQHPDWRJUi¿FD2VSURGLJLRVRVPHPEURVGR=DQ]LEDUYmR
2 =DQ]LEDU HVWi GH IDWR LQVHULGR HP VHX WHPSR e XP FROHWLYR VDLUHPSDUWHGDV%HODV$UWHVGDPRGDHYmRLPSUHJQDUVHXV¿OPHVGHXPD
ID]¿OPHVVXUJHQRERMRGR0DLRGH1mRSURGX]XPFLQHPDLQGLVVR GLPHQVmRH[FOXVDGDVDPELo}HVGD1RXYHOOH9DJXH
FLiYHO GH VHX FRQWH[WR KLVWyULFR -RQDV 0HNDV LUi D¿UPDU ³,W¶V DQ H[FL $V YDULDo}HV H[WUDYDJDQWHV GH WH[WXUDV H VRQV TXH DSUR[LPDP
WLQJ EULGJH EHWZHHQ WKH 1RXYHOOH 9DJXH DQG WKH DYDQWJDUGH ´ -DFNLH
HWDPEpPDIDVWDPDSURGXomRGR=DQ]LEDUYmRGRWDUFDGD¿OPHGHXPD
5D\QDO3KLOLSSH*DUUHO3LHUUH&OpPHQWL6\OYLQD%RLVVRQQDV3DWULFN'HYDO FHUWDDXWRQRPLDSHUDQWHRVGHPDLV'HIRUPDTXHpSRVVtYHODJUXSDUVXD
H GHPDLV LQWHJUDQWHV GD FRQVWHODomR =DQ]LEDU VmR MRYHQV TXH DLQGD QmR ¿OPRJUD¿DGHQWURGHXPJHQpULFRFRQFHLWRGHH[SHULPHQWDOLVPRHVREUH
FRPSOHWDUDPDQRVHPPDLRGH WXGROLEHUGDGH3RUpPFDGD¿OPHWUD]DH[SHULrQFLDDYLVmRLQGLYLGXDO
$ ¿OPRJUD¿D SURGX]LGD SHOR JUXSR YDL GH REUDV H[SOLFLWDPHQWH H GHVFRPSURPLVVDGD GH VHX UHDOL]DGRU 8PD UHDOLGDGH LPSHQViYHO SDUD
FLUFXQVFULWDV QR LGHiULR GR FLQHPD PLOLWDQWH GR 0DLR GH D DEVWUDo}HV LQLFLDWLYDVFRPRR6/21R'\QDGLDRXPHVPRR*UXSR']LJD9HUWRY2
GHIRUWHFDUiWHUH[SHULPHQWDO/DUpYROXWLRQQ¶HVWTX¶XQGpEXW&RQWLQXRQV =DQ]LEDU SURPRYHX XPD UDGLFDOL]DomR QR FRQFHLWR GH DEHUWXUD GD REUD
OHFRPEDWGH3LHUUH&OpPHQWLH[SDQGHSRHWLFDPHQWHDLGHLDGHXP SURGX]LGDQRÀX[RSROtWLFRHSRUYH]HVPRQRJUi¿FRGR0DLRGH1HVVD
UHODWRFUXHGLUHWRTXHFDUDFWHUL]DDSURGXomRGRFLQHPDPLOLWDQWHGR0DLR LQGLYLGXDOLGDGH FROHWLYD D UHÀH[mR GH %HQD\RXQ JDQKD XPD FXULRVD
GH2¿OPHHVWiHPWRWDOGLVVRQkQFLDSRUH[HPSORGHXPDREUDFRPR FRHUrQFLDTXDQGRHOHGL]TXH³RTXHH[LVWHQRFLQHPDIUDQFrVpRLQGLYtGXR
/D UHSULVH GX WUDYDLO DX[ XVLQHV :RQGHU 6HP VRP QHQKXP FRPSRVWR RUHDOL]DGRULVRODGRGHTXDOTXHUJUXSR´
GH HIHLWRV FRPR GXSOD H[SRVLomR YHORFLGDGH YDULiYHO WUXFDJHQV YLUDJHQV $ FRHVmR GH XP JUXSR TXH SHUPDQHFHULD SURGX]LQGR REUDV H
H IXV}HV /D UpYROXWLRQ DEXVD GH XP H[SHULPHQWDOLVPR TXH LUi FRQIHULU FRPSRQGR ¿OPRJUD¿DV WDO FRPR RFRUUHX FRP RV FLQHDVWDV GD 1RXYHOOH
XPD SRHVLD TXH p LPSHQViYHO QD SURGXomR GRV FROHWLYRV PLOLWDQWHV 1mR 9DJXHQXQFDVHGHXQR=DQ]LEDU'HIRUPDTXHDSHQDVXPGLUHWRUSHUPD
KiGLiORJRV RX OHJHQGDV DSHQDV OHWUHLURV TXHVXUJHPHPIRUPDVFRUHVH QHFHXID]HQGR¿OPHVFRPUHJXODULGDGHDRORQJRGRWHPSR3KLOLSSH*DUUHO
WDPDQKRVGLYHUVRV(PGDGRPRPHQWRYrVHLPDJHQVHVFXUDVHWUHPLGDV 6HULDR=DQ]LEDUHQWmRRTXHHPPDLVVHDSUR[LPDULDGR
GHSHVVRDVFRUUHQGRSHODVUXDVHRVOHWUHLURV0DL±0DQLIHVWDWLRQ± GHVHMR GH XPD -HXQH 9DJXH" 0LFKHO 0DULH HQWUH RXWURV DSRQWD *DUUHO
'HV±(WXGLDQWV DR ODGR GH -HDQ (XVWDFKH FRPR ³RV ~QLFRV KHUGHLURV GD 1RXYHOOH 9DJXH
-i 'HX[ IRLV GH -DFNLH 5D\QDO SDVVD ORQJH GD WHPiWLFD GH TXH FDGD XP j VXD PDQHLUD SURORQJDP RV SURFHGLPHQWRV
PLOLWDQWHTXHSXOVDYDHP3DULV,QVFUHYHVHIRUWHPHQWHHPXPDFHUWDWUDGL H[SHULPHQWDLVGHVHXVSUHGHFHVVRUHV´9DUGDIRLFXLGDGRVDTXDQGRD¿U
omRGRFLQHPDH[SHULPHQWDOTXHYDLWHUFRPRSHGUDGHWRTXHRSLRQHLULVPR PRXTXH³DLQGDpFHGRSDUDVHGL]HURTXHUHVXOWDUiGLVVRHPWHUPRVGH
GHXPD0D\D'HUHQQRLQtFLRGRVDQRV5D\QDOHVWiQDIUHQWHHDWUiVGD FLQHPD´eGLItFLOD¿UPDU
FkPHUDQHVVHSURFHVVRFULDWLYRHSRpWLFRGHDXWRH[SORUDomRHUHVVLJQL¿FD
omRRXDVVLJQL¿FDomRFRPRVHSURS}HQRSUyORJR 2FLQHPDGHVFRQKHFLGRRFLQHPDGDDYHQWXUD
2EUDV FRPR $FpSKDOH 'HWUXLVH]YRXV H )XQ DQG -iIRUDPREVHUYDGDVDTXLDOJXPDVFDUDFWHUtVWLFDVJHUDLVGR0DLR
JDPHV IRU HYHU\RQH VmR RXWURV H[HPSORV TXH SDVVDP ORQJH GR GHTXHFRQFHUQHPjSURGXomRGHDXGLRYLVXDO$SUROLIHUDomRGHFROHWLYRV
HDDGRomRGHXPFLQHPDSROtWLFRHPHUJHQFLDOHIRUDGRVFDQDLVWUDGLFLR
³eXPDSRQWHH[FLWDQWHHQWUHD1RXYHOOH9DJXHHDDYDQWJDUGH´0HNDVVyIRLFRQKHFHURV¿OPHV
=DQ]LEDUQRVHJXQGRVHPHVWUHGHDSDUWLUGHSURMHo}HVQR$QWKRORJ\)LOP$UFKLYHV
³&HWWHVRLUpHVHUDOD¿QGHODVLJQL¿FDWLRQ´ 0$5,(0LFKHORSFLWS
QDLVGHSURGXomRLUmRGHVORFDURSHUiULRVPLOLWDQWHVHHVWXGDQWHVSDUDWUiV 2 VXUJLPHQWR GD 1RXYHOOH 9DJXH GH XPD SROtWLFD GRV DXWRUHV
GDVFkPHUDV$GLVWULEXLomRGHVVHVWtWXORVWDPEpPYDLWUDQVFHQGHURHVSDoR TXHVHVDJUDQD)UDQoDHP¿QVGRVDQRVHVWiFRPSUHHQGLGRGHQWURGH
SULYLOHJLDGRGHIUXLomRQDVVDODVGHFLQHPDSDUDH[SHULrQFLDVLPSURYLVDGDV XPD WHQGrQFLD TXH LUi HFRDU HP GLYHUVDV RXWUDV FLQHPDWRJUD¿DV 1RYRV
HPVDODVGHDXODFRPtFLRVH[LELo}HVDRDUOLYUHRXPHVPRQDQmRH[LELomR FLQHPDVLUmRSXOXODUPDLVRXPHQRVQRPHVPRSHUtRGRHPSiWULDVYDULD
HGHVDSDUHFLPHQWRGHPXLWDVREUDV GDV1R%UDVLOR&LQHPD1RYRYDLWHULPSRUWDQWHSDSHOQRSDQRUDPDGH
20DLRGHIRLVHPG~YLGDXPFDPSRIpUWLOSDUDRFLQHPD9DL IHVWLYDLV H GD FUtWLFD HP GLYHUVRV FRQWLQHQWHV SURYRFDQGR UHSHUFXVVmR
LQVSLUDUDSURGXomRGHYHOKRVFLQHDVWDV0DUNHU*RGDUGHSURPRYHUSDUD LQWHUQDFLRQDOHHOHJHQGRtFRQHVe*ODXEHU5RFKD¿JXUDGHSURDGRPRYL
RVQRYRVQRPHVXPFHQiULRSURStFLRjFULDomR(SRUTXHQmRSURStFLRj PHQWRTXHYDLQDWXUDOPHQWHDVVXPLUDOLGHUDQoDGRFRQWLQJHQWHHWHUERD
FULDomRGHQRYRVQRPHV6HXPMHXQHFLQpPDMiHUDHYRFDGRLQIRUPDOPHQWH DFROKLGDQR)HVWLYDOGH&DQQHV
QRVDQRVTXHSUHFHGHPR0DLRGHXPD-HXQH9DJXHJDQKDXPHPSXUUmR *ODXEHULUiSDUWLFLSDUHP9HQWRGROHVWHGR*UXSR']LJD
]LQKRKLVWyULFRIDYRUiYHOFRPRFOLPDUHYROXFLRQiULRGDpSRFD20DLRGH 9HUWRYVHQGR¿OPDGRHPXPDFHQDHPEOHPiWLFD'HSpHPXPDELIXU
SDUHFHWDPEpPVHUYLUFRPRSDOFRSDUDXPDWUDQVLomRGHVHMiYHOHQWUHJHUD FDomR R FLQHDVWD p DERUGDGR SRU XPD PRoD JUiYLGD TXH FDUUHJD XPD
o}HVGRFLQHPDIUDQFrV$PHGLDomRHQWUHXPD1RXYHOOH9DJXHHPSURFHVVR FkPHUDQDVFRVWDV(ODRSHUJXQWDTXDOpDGLUHomRGRFLQHPDSROtWLFR(OH
GHGHVJDVWHHXPDSRVVtYHO-HXQH9DJXHJDQKDXPFHQiULREHPDGHTXDGRH UHVSRQGH ³3UD Oi p R FLQHPD GHVFRQKHFLGR R FLQHPD GD DYHQWXUD 3DUD
FLQHPDWRJUi¿FRQDVUXDVSDULVLHQVHVGHPDLR6mRQHVVHVHVSDoRVS~EOLFRV DTXLpRFLQHPDGRWHUFHLURPXQGRpXPFLQHPDSHULJRVRGLYLQRHPDUD
WXPXOWXDGRVHEHOLFRVRVTXHQRYRVHMRYHQVYmRVHUHHQFRQWUDU YLOKRVRpRFLQHPDGDRSUHVVmRGHFRQVXPRLPSHULDOLVWD´$PRoDÀHUWD
$RVHSHQVDUQD1RXYHOOH9DJXHQDVUXDVGXUDQWHR0DLRGH FRPRFDPLQKRGRFLQHPDGRWHUFHLURPXQGRPDVDFDEDHQYHUHGDQGRSHOR
RQRPHTXHQDWXUDOPHQWHVHLPS}HpRGH-HDQ/XF*RGDUGHVXDLPHUVmR FLQHPDGHVFRQKHFLGRRGDDYHQWXUD
IUHQWHDR*UXSR']LJD9HUWRY-iDRSHQVDUHPXPDMXYHQWXGHTXHLUURPSLD *RGDUGH*ODXEHUDPERVGDPHVPDJHUDomRSUDWLFDQWHVGHXP
QDpSRFDSRVVtYHOjVXFHVVmRGDSURGXomRDXWRUDODVHYLGrQFLDVLQFLGHP FLQHPD GH DYHQWXUD HQFRQWUDYDPVH WDPEpP HP XPD HQFUX]LOKDGD
VREUH3KLOLSSH*DUUHOHVHXV¿OPHVSURGX]LGRVQR=DQ]LEDUFRPR/HOLWGH *RGDUG PHUJXOKRX UDGLFDOPHQWH HP XP FLQHPD SROtWLFR FRP D FULD
ODYLHUJHH/DFLFDWULFHLQWpULHXUH omR GR *UXSR ']LJD 9HUWRY (VVH FDPLQKR Mi YLQKD VHQGR DQXQFLDGR QR
6HR=DQ]LEDUHUDRXQmRXPGRVFDYDORVQRSiUHRSDUDDVXFHV DQR DQWHULRU HP REUDV FRPR $ FKLQHVD /H JDL VDYRLU :HHNHQG RX VXD
VmRGDVYDJXHVpDUULVFDGRSUHFLVDU7DQWRDSURGXWRUDTXDQWRRFRQFHLWR SDUWLFLSDomRHP/RLQGX9LHWQDPFXMRFXUWDPHWUDJHPpVXJHVWLYDPHQWH
GH-HXQH9DJXHIRUDPPDUJLQDOL]DGRVGHWDOIRUPDSHORWHPSRTXHTXDO FKDPDGR&DPpUD¯LO(VVH³QRYR*RGDUG´YDLVHUFHUWDPHQWHRQRPHGD
TXHU HVSHFXODomR KRMH FDUUHJD LQYDULDYHOPHQWH R ULVFR LPDQHQWH GR HTXt 1RXYHOOH9DJXHTXHLUiVHHPEUHQKDUQR0DLRGHFRPPDLRUSURIXQGL
YRFR0DVRDPELHQWHHPTXHRJUXSRVXUJHDWHQGrQFLDGDVH[SHULrQFLDV GDGH(QTXDQWRVHXVGHPDLVFRPSDQKHLURVH[SHULPHQWDYDPXPPRPHQWR
FROHWLYL]DGDV D H[SHFWDWLYD GH VXFHVVmR QR SDQRUDPD GR FLQHPD DXWRUDO GH SURVSHULGDGH H XPD SURGXomR UHJXODU DOPHMDGD *RGDUG VXEPHUJLD
SHUPLWHID]HUSDUDOHORV6HQmRpUD]RiYHOD¿UPDUFRPYHHPrQFLDpVHJXUR
SHQVDUHPDSUR[LPDo}HVDSDUWLUGHJHQHUDOLGDGHV3RUH[HPSORpSRVVtYHO
3DUDXPDH[SORUDomRDSURIXQGDGDGHVVHSODQRHGHRXWUDVUHODo}HVHQWUH*ODXEHUH*RGDUG
FRPSUHHQGHUHPSDUWHDH[LVWrQFLDGR=DQ]LEDUDSDUWLUGDH[SHULrQFLDGR YHU6,/9$0DWHXV*RGDUG*ODXEHUHR9HQWRGROHVWHDOHJRULDGHXPGHVHQFRQWUR'HYLUHV
FLQHPDEUDVLOHLURGDpSRFD"2XPHOKRUDVPDQREUDVGRFLQHPDEUDVLOHLUR YQMDQMXQS3,(55(6\OYLH*ODXEHU5RFKD&DPSLQDV3DSLUXVS
$9(//$5-RVp&DUORV9HQWR%DUUDYHQWR>*ODXEHUH*RGDUGQDSRUWDGDXVLQD/XPLqUH@
DXWRUDO QD YLUDGD GRV DQRV H QR FRPHoR GD GpFDGD VHJXLQWH DMXGDP D ,Q$/0(,'$-DQHGH2UJ*UXSR']LJD9HUWRY6mR3DXOR:LW]HGLo}HVS
6,/9$0DWHXVRSFLWS
LOXPLQDUHHQWHQGHUR=DQ]LEDU"eSUHFLVRYROWDUXPSRXFR 2QRPHYHPGH.LQR*OD]FRQFHLWRIRUPXODGRSRU']LJD9HUWRYSULPHLUDPHQWHHP
HP SURGXo}HV FROHWLYDV H PDUJLQDLV 8P GRV ELyJUDIRV GH *RGDUG &ROLQ SURGX]LGRSRU*ODXEHU5RFKDHGLVWULEXtGRSHOD'L)LOPH7UDWDYDVHGHXP
0DF&DEHREVHUYD³4XDQWRDRV¿OPHVGR*UXSR']LJD9HUWRYHOHVIRUDP ¿OPHHSLVyGLFRURGDGRSRUFLQFRGLUHWRUHVHVWUHDQWHV(QWUHHOHV5RJpULR
IHLWRV SDUD XPD SODWHLD TXH QmR H[LVWLD QD pSRFD H p GLItFLO LPDJLQiORV 6JDQ]HUODH-XOLR%UHVVDQH
HQFRQWUDQGRXPDYHUGDGHLUDDJRUD ´
$SHVDU GHVWH SURMHWR LQFRQFOXVR RV GRLV FLQHDVWDV LUmR PDUFDU
-i *ODXEHU WLQKD ¿OPDGR GRLV DQRV DQWHV HP TXDWUR GLDV XP XPDSRVLomRFUtWLFDHPUHODomRDR&LQHPD1RYRDSDUWLUGHURPSHQGR
ORQJDPHWUDJHP TXH VH GLVWLQJXLULD GH VHXV GHPDLV ¿OPHV DWp HQWmR FRPVHXVYHWHUDQRV$UDGLFDOL]DomRGDSDUFHULDHQWUH%UHVVDQHH6JDQ]HUOD
$SUR[LPDQGRVH GD HVWpWLFD GHVOHL[DGD H SUHFiULD GR HQWmR DVFHQ VHGHXQDFULDomRGD%HODLUSURGXWRUDTXHGXURXDSHQDVDOJXQVPHVHVHP
GHQWH &LQHPD 0DUJLQDO H Vy FRQFOXtGR HP R GLUHWRU ÀHUWDYD FRP URGDQGR¿OPHVGHORQJDPHWUDJHPTXHSDVVDULDPGHVSHUFHELGRVDR
R XQGHUJURXQG HP &kQFHU 1R SHUtRGR GDV ¿OPDJHQV IRL ORQJRGRWHPSR$VDtGDSDUDRH[WHULRUHDFRQVHTXHQWHSURGXomRGH¿OPHV
ÀDJUDGRHPXPDPDQLIHVWDomRQR5LRSHODLPSUHQVDTXHDVVLPGLYXOJRX HPRXWURVSDtVHVYDLVHURGHVWLQRGDWUXSHGD%HODLUDLQGDHP8P
³*ODXEHU5RFKD¿OPRXWRGDDSDVVHDWDSDUDIXWXUDVSHOtFXODVjPDQHLUD H[SHGLHQWHTXHIRLWDPEpPIHLWRSRU*ODXEHUSHOR*UXSR']LJD9HUWRYH
GH*RGDUG ´(PVHJXLGD*ODXEHULQLFLDYDXPDQRYDHWDSDFRPRH[tOLR
WDPEpP SHOR =DQ]LEDU PDLV RX PHQRV QR PHVPR SHUtRGR )LOPDVH SHOR
FULDWLYRQDSURGXomRGHORQJDVPHWUDJHQVURGDGRVIRUDGR%UDVLO&DEHoDV PXQGRRFLQHPDGHVFRQKHFLGRRFLQHPDGDDYHQWXUD
FRUWDGDV 2OHmRGHVHWHFDEHoDVH &ODURFRPS}HP
D IDVH LQWHUQDFLRQDO GH VXD ¿OPRJUD¿D URGDGRV QD (VSDQKD QR &RQJR &RQFOXV}HV
%UD]]DYLOOHHQD,WiOLDUHVSHFWLYDPHQWH %UHVVDQH 6JDQ]HUOD H D %HODLU IRUDP DORFDGRV VRE D UXEULFD GH
(VVHSRQWRGHFRQYHUJrQFLDHQWUHRVGRLVFLQHDVWDVQmRSRGHULDVHU &LQHPD0DUJLQDO*HQHULFDPHQWHSRGHVHGL]HUTXHDSURGXomRGR&LQHPD
LOXVWUDGRPHOKRUGRTXHQDSDLVDJHPGHXPDHQFUX]LOKDGDFRPRVHGiHP 0DUJLQDOWHYHXPDWUDMHWyULDPXLWRSDUHFLGDFRPDVSURGXo}HV=DQ]LEDU
9HQWRGROHVWH*RGDUGH*ODXEHUVHHQFRQWUDYDPHPPRYLPHQWDomRH[SOR HPERUDH[LVWDHPPDLRUQ~PHURHWHQKDVHDPSOLDGRDGLYHUVRVSRORVGH
UDQGRQRYRVWHUULWyULRVHH[SHULrQFLDVQDYLUDGDGRVDQRV5DGLFDOL]DQGR VXESURGXomRHPFDSLWDLVGLVWLQWDV
VHXVSURFHVVRVHPUHODomRDVHXVFRQWHPSRUkQHRVHHPSOHQDFRQVRQkQFLD &RPR QR =DQ]LEDU XPD ERD SDUWH GH UHDOL]DGRUHV TXH VH DYHQ
FRPDVQRYDVJHUDo}HV WXURX QR H[SHULPHQWDOLVPR GR &LQHPD 0DUJLQDO QmR WHYH XPD ¿OPRJUD
6HKDYLDQD)UDQoDDHVSHFXODomRGDVXFHVVmRGRFLQHPDGHDXWRU ¿DSUROt¿FD$OJXQV¿]HUDPXP~QLFR¿OPH2JUDXGHH[SHULPHQWDOLVPR
MiQRVDQRVDQWHULRUHVQRVUyWXORVGHXP-HXQH&LQpPDRX-HXQH9DJXH GD SURGXomR PDUJLQDO PDUFD XPD UXSWXUD FRP D FUHVFHQWH YRQWDGH GH
HVVD VH GHX WDPEpP QR %UDVLO 8P PDUFR VHJXUR GHVVD YRQWDGH GH UHQR FRPXQLFDUTXHYDLVHFRQIHULUQDVSURGXo}HVGR&LQHPD1RYRDSDUWLUGH
YDomR SRGH HVWDU QD SURGXomR GR ¿OPH QXQFD UHDOL]DGR 2 GRFH HVSRUWH (FRPRQDSURGXomRGR=DQ]LEDURV³UHDOL]DGRUHVGHLQYHQomR´VmR
GRVH[R$PSODPHQWHDQXQFLDGRQDLPSUHQVDHVVHORQJDPHWUDJHPVHULD PXLWRGLVWLQWRVHLPSULPHPHVWLORVSDUWLFXODUHV0XLWRVLQFOXVLYHUHMHLWDP
RUyWXOR&LQHPD0DUJLQDO
6H R &LQHPD 1RYR FRPR D 1RXYHOOH 9DJXH YDL GLVSRU GH XPD
7UXIIDXW DVVLQRX FRQWUDWR SDUD GXDV SURGXo}HV FRP D 8QLWHG $UWLVWV QR SHUtRGR
&KDEURODSyVXPDVpULHGHIUDFDVVRVFRPHUFLDLVGiXPDYLUDGDDSDUWLUGRVXFHVVRGH/HVELFKHV ULFDELEOLRJUD¿DR&LQHPD0DUJLQDOWDOFRPRR=DQ]LEDUD%HODLURXXPD
5LYHWWH H 5RKPHU YROWDP D ¿OPDU R VHJXQGR ¿QDQFLDGR SRU 6\OYLQD %RLVVRQQDV HP $
FROHFLRQDGRUD9HU%52'<5LFKDUG(YHU\WKLQJLVFLQHPD±7KHZRUNLQJOLIHRI-HDQ/XF
SRVVtYHO-HXQH9DJXHYmRWHUWtPLGDVHLVRODGDVLQLFLDWLYDVGHUHÀH[mRe
*RGDUG1RYD<RUN0HWURSROLWDQ%RRNVS QRVDQRVTXHFRPHoDPDVHUVLVWHPDWLFDPHQWHUHYLVDGRVHVVHVVXUWRV
7UHFKRGROLYUR*RGDUGDSRUWUDLWRIWKHDUWLVWDWVHYHQW\UHSXEOLFDGRHP$/0(,'$-DQH
GH2UJ*UXSR']LJD9HUWRY6mR3DXOR:LW]HGLo}HVSiJ LQFRPSUHHQGLGRV HVVH FLQHPD GHVFRQKHFLGR GD DYHQWXUD 2 &LQHPD
&KLFR %XDUTXH H 5REOHGR GRLV URVWRV QD PXOWLGmR 2 *ORER 5LR GH -DQHLUR
S 0DUJLQDOJDQKDH[SUHVVLYDPRVWUDHP$%HODLUHPMiWRUQDD
DWUDLUDDWHQomRGDVQRYDVJHUDo}HVHPXPDSHTXHQDUHWURVSHFWLYDTXHLUi &RORFDGDVHVVDVTXHVW}HVRVGHSRLPHQWRVGH9DUGDH%HQD\RXQ
HFRDUHPPRVWUDVVREUH%UHVVDQHH6JDQ]HUODQRVDQRVVHJXLQWHV2*UXSR VRDP FRPSOHPHQWDUHV SDUD VH FRPSUHHQGHU R KRUL]RQWH RQGH QDVFHX H
']LJD9HUWRYpUHGHVFREHUWRHPQR%UDVLOHR=DQ]LEDUDJRUDFKHJD PRUUHXRJUXSR=DQ]LEDU6HKDYLDXPHQWXVLDVPRXPDYRFDomRSDUDGDU
SRUDTXL 1DSUySULD)UDQoDRJUXSRGH*DUUHO%RLVVRQQDVHFRPSDQKLD
FRQWLQXLGDGHjDWPRVIHUDYDQJXDUGLVWDVXVFLWDGDSHOD1RXYHOOH9DJXHQR
WDPEpPVyGHVSHUWRXQR¿QDOGRVDQRV2~QLFROLYURGLVSRQtYHOTXH ¿QDO GRV DQRV HUD SUHFLVR FRPSUHHQGHU TXH HOH SDVVDULD LQYDULDYHO
SUHWHQGHH[SORUDUH[FOXVLYDPHQWHDVDo}HVGHVWHJUXSR/HV¿OPV=DQ]LEDU PHQWHSHORSURFHVVRGRSODQRLQGLYLGXDOHQmRGRJUXSR2=DQ]LEDUFRPR
HW OHV GDQG\V GH PDL GH 6DOO\ 6KDIWR p R GHVGREUDPHQWR Pi[LPR XPDLQLFLDWLYDFROHWLYDTXHSURGX]LXDSDUWLUGR0DLRGHPDVjPDUJHP
GHVVDSURVSHFomR GHOH VXFXPELX DR WHPSR VREUHYLYHQGR PXLWDV YH]HV j VRPEUD GD ¿OPR
2WRWDOLVRODPHQWRGHVVDSURGXomRTXHIH]REUDVWmRSUy[LPDVTXH JUD¿DGH3KLOLSSH*DUUHO2VWHPSRVPXGDPHDDEXQGkQFLDGHJUXSRVTXH
GLDORJDPVHPQXQFDWHUHPFRQYHUVDGRSHUPLWHPXLWDVDQiOLVHVHFRPSD IRUDPIRUPDGRVHPSDUHFLDGHL[DURFDPSRSURStFLRSDUDDUHWRPDGD
UDo}HV$RVHUSHUJXQWDGDVREUHD%HODLU6DOO\6KDIWRUHVSRQGH³1mRHX GHXPSURMHWRGH1RXYHOOH9DJXHDWXDOL]DGDXPD-HXQH9DJXH0DVQHVVH
QmR FRQKHoR D SURGXWRUD EUDVLOHLUD %HODLU 0DV R SURMHWR FHUWDPHQWH VRD SDQRUDPDYmRYLQJDUDSHQDVRVHVIRUoRVLQGLYLGXDLVHGLVVRQDQWHV
VLPLODU HPERUD GH DOJXP PRGR PHQRU H PDLV FXUWR jTXHOH GH 6\OYLQD 2 PHVPR VH GDUi QD ¿OPRJUD¿D EUDVLOHLUD QD RSRVLomR HQWUH
%RLVVRQQDVHGRVFLQHDVWDV=DQ]LEDU ´
&LQHPD0DUJLQDOH&LQHPD1RYR$FRODERUDomRHQWUHRVGLUHWRUHVFLQH
$-HXQH9DJXHFLWDGDSRU9DUGDHR&LQHPD0DUJLQDOVmRIHQ{PH PDQRYLVWDVQmRYDLWHUDPHVPDFRHVmRQDSURGXomRPDUJLQDO2V¿OPHV
QRVPXLWRSDUHFLGRV$WpPHVPRHPVXDQHJDomRSRUDOJXQV$PEDVHVFRODV DJRUDHVWmRYROWDGRVSDUDRSUySULRXPELJRFRPRVHSRGHYHUWDPEpPQD
ÀRUHVFHUDPHPXPDPELHQWHKRVWLOHKLVWyULFR3DUDDVDJLWDo}HVSDULVLHQ REUDGR=DQ]LEDU
VHVTXHYmRPROGDURHSLVyGLRGR0DLRGHHQFRQWUDVHSRUDTXLWRGDD &LQHDVWDVFRPR%UHVVDQHH6JDQ]HUODYmRUHDOL]DUXPDSURGXomR
LQYHVWLGDPLOLWDUTXHLUiVHGRWDUGHVXDGLPHQVmRPDLVWUXFXOHQWDDSDUWLU PXLWR SHVVRDO H[SHULPHQWDO H LUUHJXODU GHVGH R FRPHoR *ODXEHU DSRQWD
GH 2V MRYHQV FLQHDVWDV TXH ÀRUHVFLDP QRV DUUHGRUHV GH HVWDYDP SDUDXPFDPLQKRLQGLYLGXDOL]DQWHHPDUJLQDODSDUWLUGH&kQFHU(WDPEpP
SRGHVHGL]HUQDPHVPDIUHTXrQFLD3KLOLSSH*DUUHODRUHFHEHUSUrPLRQR *RGDUGTXHLUiURPSHUFRPVHXFRPSDQKHLURGHJHUDomRHDQWLJRFRODER
)HVWLYDOGH+\qUHVHPDEULOGHYDLGL]HU³-HPHIRXVGXFLQpPD&¶HVW UDGRU)UDQoRLV7UXIIDXWGHVHMDUGHVWUXLURFLQHPDHQRVDQRVVHJXLQWHV
ODSURSKpWLHTXLP¶LQWpUHVVH´-i6JDQ]HUODYDLGHFODUDUjLPSUHQVDQRDQR VHDSUR[LPDUGRYtGHRDSDUWLUGH1XPpURGHX[
VHJXLQWH³2FLQHPDQmRPHLQWHUHVVDPDVDSURIHFLD ´
$OJXQV¿OPHVGR=DQ]LEDUMiIRUDPH[LELGRVLVRODGDPHQWHHPPRVWUDV
$'5,$12 &DUORV 'kQGLV GH 0DLR 7UySLFR 'LVSRQtYHO HP KWWSZZZ
UHYLVWDWURSLFRFRPEUWURSLFRKWPOWH[WRVVKO$FHVVDGRHP
³3RXFRPHLPSRUWDRFLQHPDeDSURIHFLDTXHPHLQWHUHVVD´(P&HUFOpVRXVYLGHHQWUH
WLHQDYHF3KLOLSSH*DUUHOSDU-HDQ/RXLV&RPROOL-HDQ1DUERQLHW-DFTXHV5LYHWWH&DKLHUVGX
FLQpPDQRVHWS
081,=$OPLU2&UX]HLURGiRUHFDGR6JDQ]HUOD±OX]YHUPHOKDSDUDRFLQHPDQRYR5LRGH
-DQHLUR2&UX]HLURS (VVDpLQFOXVLYHXPDGDVGLYHUJrQFLDVHQWUH*ODXEHUH*RGDUG
5()(5Ç1&,$6%,%/,2*5È),&$6 GXR2*ORER5LRGH-DQHLURS
&HUFOpVRXVYLGHHQWUHWLHQDYHF3KLOLSSH*DUUHOSDU
/LYURV -HDQ/RXLV&RPROOL-HDQ1DUERQLHW-DFTXHV5LYHWWH
$/0(,'$-DQHGH2UJ*UXSR']LJD9HUWRY6mR &DKLHUVGXFLQpPDQRVHWS
3DXOR:LW]HGLo}HV &KLFR%XDUTXHH5REOHGRGRLVURVWRVQDPXOWLGmR2
%$(&48($QWRLQHGH&LQH¿OLD6mR3DXOR&RVDF1DLI\ *ORER5LRGH-DQHLURS
&LQHPD1{YRHQFRQWUDVHQR0$0FRPYLVLWDQWHVGR
%52'<5LFKDUG(YHU\WKLQJLVFLQHPD±7KHZRUNLQJ ),)2*ORER5LRGH-DQHLURS
OLIHRI-HDQ/XF*RGDUG1RYD<RUN0HWURSROLWDQ%RRNV 'RVVLHUGHSUHVVH±/DUHSULVHGXWUDYDLODX[XVLQHV
:RQGHU'LVSRQtYHOHPKWWSZLOOHPRQWQHWUHVRXU
0$5,(0LFKHO$1RXYHOOH9DJXHH*RGDUG&DPSLQDV FHVZRQGHUGRVVLHUGHSUHVVHGHISGI$FHVVRHP
3DSLUXV(GLWRUD
3,(55(6\OYLH*ODXEHU5RFKD&DPSLQDV3DSLUXV /$<(5/(6pEDVWLHQ2VPXUP~ULRVGRPXQGR
S ±2$WHOLrGH3HVTXLVD&LQHPDWRJUi¿FDHP0DLR
6+$)726DOO\/HV¿OPV=DQ]LEDUHWOHVGDQG\VGHPDL 5HYLVWDGR)HVWLYDO,QWHUQDFLRQDOGH&LQHPDGH$UTXLYR
3DULV3DULVH[SpULPHQWDO ±5(&,1($QRQVHWS
/($1'52$QLWD2WUHPRUGDVLPDJHQV1RWDVVREUHR
$UWLJRVHPDWpULDV FLQHPDPLOLWDQWH'(9,5(6913-XO'H]
DQVGHJDXOOLVPHoDVXI¿W&LQpDUFKLYHV±)RXQGV /HWHPSVGpERUGH±(QWUHWLHQDYHF-DFTXHV5LYHWWHSDU
$XGLRYLVXHOGX3&)0RXYHPHQW2XYULHUHW -DFTXHV$XPRQW-HDQ/RXLV&RPROOL-HDQ1DUERQLHW
'pPRFUDWLTXH'LVSRQtYHOHPKWWSZZZFLQHDUFKLYHV 6\OYLH3LHUUH&DKLHUVGXFLQpPDQRVHWS
RUJ)LOPVKWPO$FHVVRHP 081,=$OPLU2&UX]HLURGiRUHFDGR6JDQ]HUOD
$'5,$12&DUORV'kQGLVGH0DLR7UySLFR ±OX]YHUPHOKDSDUDRFLQHPDQRYR5LRGH-DQHLUR2
'LVSRQtYHOHPKWWSZZZUHYLVWDWURSLFR &UX]HLURS
FRPEUWURSLFRKWPOWH[WRVVKO$FHVVDGRHP 3,.7252))&pGULFN0DL³0HWWUHOHFLQpPD
DXVHUYLFHGHODUpYROXWLRQ´4XH)DLUHQR±PDL
%$57+211$7&pOLQH/¶H[SpULHQFH8QLFLWpRX MXO'LVSRQtYHOHPKWWSTXHIDLUHODXWUHQHW
O¶pPHUJHQFHGHODFRPPXQLFDWLRQDXGLRYLVXHOOHGX VSLSSKS"SDJH DUWLFOH LGBDUWLFOH $FHVVRHP
3DUWLFRPPXQLVWHIUDQoDLV$UWLFOHSRXUOH
FROORTXH³8VDJHVPLOLWDQWVGHODWHFKQLTXHWHFKQRORJLHV 6,/9$0DWHXV*RGDUG*ODXEHUHR9HQWRGROHVWH
PpGLDVPRELOLVDWLRQV´'LVSRQtYHOHPKWWSFKVXQLY DOHJRULDGHXPGHVHQFRQWUR'HYLUHVYQMDQMXQ
SDULVIU&ROOR&%DUWKRQQDWB8QLFLWHSGI$FHVVRHP
6:$1&DUORV³*RGDUGHPWRGDV´2*ORER5LRGH
%HQD\RQ&LQHPDIUDQFrVQmRWHPJUXSRVVyRLQGLYt -DQHLURS
,*
P7DP?87HIED=I
;CC;CÏH?7:;C7?E:;,.
fehBK?PHEI;C8;H=<?B>E
³2OXJDUTXHDVSURGXo}HVLQWHOHFWXDLVRFXSDPQRSDWULP{QLRKLVWyULFR
QmRpGHWHUPLQDGRSHODUHFHSWLYLGDGHLPHGLDWD´
:DOWHU%HQMDPLQ
9LYHUQRQRVVR&RQWLQHQWHQXQFDIRLIiFLO1RSDVVDGRHQWmRIRL
DLQGDSLRUFRPGLWDGXUDVHVSDOKDGDVSRUWRGRVRVFDQWRV(VWiYDPRVFDQVD
GRVGRVGLVFXUVRVTXHQDGDGL]LDP'DFUXHOGDGHEpOLFDREVHVVLYDFRQWUDR
KXPDQRODGRGDYLGD1RVVRSDtVDFKDWDGRSHORPHGR$VPXLWDVTXHL[DV
HDVVDVVLQDWRVDTXLHDOL$VWRUWXUDVHRVGHVDSDUHFLPHQWRV2%UDVLOHUD
FRPRXPDGDVSULQFLSDLVVXFXUVDLVGRLQIHUQR
(HQWUHPXLWRVGLODFHUDPHQWRVHSURLELo}HVDYRQWDGHGHSDUWLU
$VYtVFHUDVH[SRVWDVGHQRVVRVWDQWRVVRQKRVQmRUHDOL]DGRVeUDPRVWRGRV
MRYHQV H DTXL OXWiYDPRV GH Sp H ID]HQGR ¿OPHV LQYHQWLYRV FRPR ³%DQJ
%DQJ´ ³0XOKHU GH 7RGRV´ ³-DUGLP GH *XHUUD´ ³3HUGLGRV H 0DOGLWRV´
³)LOPH%UDVLOHLUR´³2-DUGLPGDV(VSXPDV´FRQWUDDGLWDGXUDFLYLO
SROLFLDOPLOLWDU0DVFRPRQmRYtDPRVKRUL]RQWHVSDUWLPRV)RPRVHP
EXVFDGDOLEHUGDGHGRVRQKRHGDSRHVLD3DUWLFXODUPHQWHIXLFRQKHFHUR
FLQHPDGH6WUDXE*RGDUG&DUPHOR%HQHTXHDTXLQmRQRVGHL[DYDPYHU
7LQKDP XP PHGR XP SkQLFR GR PXQGR GDV LPDJHQV SHQVDGDV 'H XPD
SHUFHSomRPDLVSURIXQGDGRVDEHU
(XPDYH]IRUDGRFLFORGRWHUURUDUHGHVFREHUWDGDOLEHUGDGHGR
SHQVDUHGDFULDomR$(XURSDWLQKDDFDEDGRGHYLYHUDVPDQLIHVWDo}HVGH
PDLRGH&ODURIXLGLUHWRSURFXUDUYHURV¿OPHVGR*UXSR']LJD9HUWRY
OHYDGR SRU *RGDUG H VHXV FRPSDQKHLURV PDRtVWDV 1HOHV D H[SHULrQFLD
GR FLQHPD FRP D SROtWLFD IRL DR VHX H[WUHPR QmR SRGHQGR PDLV FRQWL
QXDU GHSRLV GR JHQLDO ³1~PHUR 'RLV´ (YLGHQWHPHQWH DWp KRMH LQpGLWR
/D&LFDWULFH,QWpULHXUH
,-
QR%UDVLOTXHVHWRUQRXGH¿QLWLYDPHQWHFySLDPDOIHLWDGD+ROO\ZRRGGH
KRMH(LVVRFRPJRYHUQDQWHVYLQGRVGDVXQLYHUVLGDGHVHDWpPHVPRGDV
OXWDVSRSXODUHV*UDYH
3RU PXLWR WHPSR Oi IRUD ¿TXHL GHVREVWUXLQGR HP PLP R TXH
WUD]LDGHSRGUHGR%UDVLORPHGR1mRFRPRFDUWmRGHYLVLWDVPDVFRPR
GLIHUHQoDDRTXHHVWDYDYHQGRHYLYHQGR(QDSHUVSHFWLYDGHVXSHUDomRGR
ERGHDSRWrQFLDGHQRYDVGHVFREHUWDV5LYHWWHGH³2$PRU/RXFR´5REHUW
.UDPHU GH ³,FH´ 3DVROLQL GH ³6DOz´ H FODUR TXH RXYLD IDODU GR FLQHPD
OLYUHHSRpWLFRGR*UXSR=DQ]LEDUTXHVyIXLFRQKHFHUPXLWRVDQRVGHSRLV
3UDWLFDPHQWH QD VXD WRWDOLGDGH FULDWLYD DJRUD 0RYLPHQWR TXH DR QmR
DEVROXWL]DUDVVXDVLGHLDVHLPDJHQVHUDXPDYLDJHPVHP¿PQRDELVPR
GDFULDomRHLQIRUPDomR
)D]LDP XP FLQHPD GHOLEHUDGDPHQWH SHVVRDO RXVDGR FULDWLYR H
SRpWLFR$LQGDDVVLPQmRVRXXPSURIXQGRFRQKHFHGRUGR=DQ]LEDUSRLV
IRLXPHUURQmRWrORYLVWRHYLYLGROiQRSDVVDGR9HQGRRVKRMHSHUPLWRPH
DFKiORVULFRVHFULDWLYRVSRLVYLHPVHXV¿OPHVHQVDLRVLPDJHQVHSDODYUDV
FRPR ³7RGR SRGHU j LPDJLQDomR´ ³5HYROXomR´ ³/LEHUGDGH´ ³&ULDomR´
³$PRU´³$UWH´³&RPEDWH´³0DLRGH´4XDVHXPFRQFHLWRYLYRGHSXUL
¿FDomRSRpWLFDGRID]HUHGRROKDU$EHOH]DFRPRFRQVWUXomRGDVLPDJHQV
$SRHVLDIDODGDFRPRP~VLFD$YLGDFRPRGLPHQVmRHVSDFLDO
(VHLVVRpPHVPRYHUGDGHRFLQHPDVyWHPUHJUHGLGRjEDUEi
ULH GR HVSHWiFXOR VHP FDXVD DOJXPD +RMH WRGRV RV ¿OPHV VH SDUHFHP
2UGHP GH +ROO\ZRRG 0HGR GR FRQIURQWR ( D TXHVWmR TXH VH FRORFD p
TXHFLQHPDVHTXHUSDUDHVVHQRVVRSREUHHHPSREUHFLGRWHPSR"$UHFHS
WLYLGDGHMRYHPDRFLQHPDGR*UXSR=DQ]LEDUpEDVWDQWHLQWHUHVVDQWHFRPR
FRQFHLWRHVWpWLFRGHVXSHUDomRGHFRQWH~GRVGXYLGRVRV(QWmRFULDUXPD
YH]PDLVLPDJHQVHLGHLDVGLIHUHQWHVQHVVDHVWUXWXUDHQYHOKHFLGDGHRQWHP
HGHKRMH/iHDTXL
(VWDEHOHFHU D VXD FRQVWUXomR H GXUDomR p QD H[SHULPHQWDomR
XPHQUDL]DPHQWRGHG~YLGDV'LJDPRVTXHDVXDFRPSRVLomRFRPRLGHLD
LPDJHPSDVVDSRUP~OWLSODVH[SUHVV}HVVHQWLGRVHQWHQGLPHQWRVHVHQWL
PHQWRV 1mR WUDGX]LQGR QXQFD FHUWH]DV H VLP G~YLGDV DUELWUDULHGDGHV H
FRQFHLWRV1RYDVLQWHUSUHWDo}HVYLYDVVREUHRTXHVHMDPDUFDPDSUHVHQoD
DXWRUDOGR*UXSR=DQ]LEDU$FRWLGLDQLGDGHGDKLVWyULDGiOXJDUDRVHUFRPR
/D&LFDWULFH,QWpULHXUH
VLJQL¿FDGRHH[SUHVVmR7RGDH[SHULPHQWDomRWHQGHVLPDVHUXPDDSUR[L HP2VZDOGGH$QGUDGHQR7HDWUR2¿FLQDGR=p&HOVRQR*ODXEHU5RFKD
PDomRFRPDG~YLGDTXHOHYDjLQYHQomR 0DFDOpHWDQWRVRXWURV
&RPREHPFRORFD6DQWR$JRVWLQKR³(QWmRTXHKiGHPDLVSUy[LPR 2 *UXSR =DQ]LEDU QmR SHGLX FRPSUHHQVmR FDQKHVWUD SDUD H[LV
GHPLPGRTXHHXPHVPR"´'HFHUWR³HXWUDEDOKRDTXLWUDEDOKRHPPLP WLU )RL XP DFRQWHFLPHQWR ³VXSUDWHPSRUDO´ ,QYHVWLJiOR KRMH p GHVFREULU
PHVPR WUDQVIRUPHLPH QXPD WHUUD GH GL¿FXOGDGHV H GH VXRU FRSLRVR´ QRYRVFDPLQKRVH[SOLFLWDPHQWHMRYHQV6HXV¿OPHVVmRSDUWHVGHXPDQRYD
1mR FRQIXQGLU HVVH GHOLFDGR WH[WR FRP D EDL[D PDQLSXODomR GH WRGRV RV H SRVVtYHO KLVWyULD GR ROKDU 6XD IXQomR LPSOtFLWD p LQGLUHWD IXJLQGR GR
UHOLJLRVRVGHUHVXOWDGRSUHVHQWHVKRMHQD792*UXSR=DQ]LEDUpVLPXP HVTXHPDWLVPR GDV FHUWH]DV e XPD GLVWRUomR JUDYH DFKDU TXH WRGR ¿OPH
DFHVVRSOHQRjH[SHULPHQWDomRPDLVUDGLFDOHSRpWLFD1XQFDTXLVDOFDQoDU WHPGHVHULJXDO(DRLQYpVGLVVRRVHQWmRMRYHQVGR=DQ]LEDUSHUPLWLUDP
GLPHQV}HV YD]LDV H HVSHWDFXODUHV GR FLQHPD GH ³5DPERV´ H ³5RERFRSV´ VHYDJDUSRUQRYRVHVSDoRVGRVDEHUGRDIHWRHGDYLGD(QmRSRGHULDP
6REUHWXGR SRUTXH HP WRGRV RV VHXV ¿OPHV R =DQ]LEDU IRL SOHQR DXWRUDO VHUFRPR&KDEUROTXHIH]XPFLQHPDLPSRUWDQWHSRUpPPHQRU"2*UXSR
LQYHQWLYRULFRRULJLQDOHSURIXQGR SUHIHULXDUWLFXODUQRYDVSHUFHSo}HVSDUDRROKDULPDJHQVHPPRYLPHQWR
9HQGRRV KRMH R FRQFHLWR GR WHPSRIDQWDVLD GHVDSDUHFH SRU ID]HQGRGDH[SHULPHQWDomRXPDFHVVRjVQRVVDVWDQWDV³FLFDWUL]HVLQWHULR
FRPSOHWR$VDQiOLVHVGHWRGRVRVVHXV¿OPHVREHGHFHPDXPDYLVmRH[LV UHV´±QRPHGHXP¿OPHGHXPPLOLWDQWHGR=DQ]LEDU
WHQFLDO UHDO GDV LGHLDV )RL VLP XP WHPSR GH UHVLVWLU GH DOJXP PRGR DR &RPSUHHQGHU KRMH D SUHVHQoD GRV VHXV ¿OPHV p HODERUDU QRYRV
IDVFLVPRGH+ROO\ZRRGHVHXVODFDLRVSHORPXQGR)DPLOLDUL]DUVHKRMHFRP FRQKHFLPHQWRVVREUHRSHQVDUHRID]HU'DUDXWHQWLFLGDGHDRLPDJLQiULR
RFLQHPDGR*UXSR=DQ]LEDUpGHFHUWRPRGRLQYHVWLJDUDQRVVDSUySULD 3UHSDUDUVHSDUDVHUPHOKRUHQTXDQWRVHUKXPDQRUHVSRQViYHO4XDOTXHU
H[LVWrQFLDHQWUHRVHUSDUDDYLGDHPRSRVLomRDXPGHVGREUDPHQWRPHWD TXH VHMD D LQWHUSUHWDomR DR *UXSR =DQ]LEDU Vy OKHV LQWHUHVVD KRMH XPD
IyULFRGR¿PHVSHWDFXODUL]DGRSHORFLQHPDGHPHUFDGR1mROKHVIRLSULR UHDO XOWUDSDVVDJHP GH VL PHVPRV 2 FLQHPD QmR SUHFLVD Vy VHU R TXH p
ULWiULRDSHVDUGHVHUHPPLOLWDQWHVWUDEDOKDURGLVWDQFLDPHQWRHRGLUHFLR YHQGLGRQRPHUFDGR1RYDVSHUFHSo}HVVmRQHFHVViULDVFRPRFRQWUDSDU
QDPHQWRSROtWLFRGDVWHRULDVGH%UHFKWPDVVLPRH[LVWHQFLDOLVPRGH6DUWUH WLGDjDGHTXDomRGHPXLWRVDXPGLVFXUVRIDVFLVWD)DODomRYD]LDTXHQmR
H &DPXV 2 *UXSR TXLV FULDU VREUH R VHQWLGR GR VHU 'R VHU SDUD D YLGD VHOLPLWDjFUtWLFDPDVDXPDFHVVRjEXURFUDFLDDRFDSLWDOHDR(VWDGR
-XVWDPHQWHSRULVVRQRVH[LJHFRPSUHHQVmRHPHUJXOKR 'DtRIHFKDPHQWRSDUDWRGDHTXDOTXHUH[SHULPHQWDomRDEXURFUDFLDpD
2FLQHPDQmRpVyRTXHpPDOIHLWRKRMH-iIRLPHOKRUDWpPHVPR QRYDFHQVXUD
HP +ROO\ZRRG 2UD R =DQ]LEDU HUD XPD PDQHLUD SRpWLFD GH ÀXWXDU GH &RP EDVH QHVVD RULJHP H[LVWHQFLDO WHPDWL]DGD SHOR *UXSR
PDQHLUDFUtWLFDQDKLVWyULDGDVQRVVDVWDQWDVFRQWUDGLo}HV'HGDUOKHXP =DQ]LEDURVHUQRFLQHPDWRUQDVHQmRXPHVIRUoRLQDGHTXDGRDRVXFHVVR
VLJQL¿FDGR SOHQR DOpP GD PHVPLFH 'H GDU YDOLGDGH j FULDomR DXWRUDO IiFLOHDUWL¿FLDOHVLPSDUWHGDVXDKLVWRUL]DomRSOHQDQRWHPSR(HPPXLWRV
7UDQVSDUrQFLDDDFHVVRVREVFXURVGDYLGD6HQGRTXHYLYHUpURPSHUFRP PRPHQWRVLQGRPXLWRDOpPGHOHFRPRVROLGH]DIHWRHFRQWUDGLo}HV,VWRp
FHUWH]DVHQDYHJDUHPG~YLGDVSURIXQGDV FRPSUHHQGHUWRGDVDVFRQH[}HVFRPRFRQFHLWRGHKLVWyULDDWUDYpVGDTXDO
2XVHMDDWHPSRUDQHLGDGHGR=DQ]LEDUSHUVLVWHFRPRH[HUFtFLRH HOHVVHUHYHODPFRPRVHUHVVLQJXODUHVFRQVFLHQWHVGRVHXWHPSR
GLVFXVVmRFUtWLFDQmRDFDGrPLFD0HOKRUGL]HQGRQmRpXPDPHUDPDQL
IHVWDomRGHVHUYLUDRFLQHPDFRPRSUHVHQoDD¿UPDWLYDRXQHIDVWDPDVGH
TXHUHU WUDQVIRUPiOR SDUD VHU DLQGD PHOKRU )RL PXLWR GR TXH R &LQHPD
GH ,QYHQomR WHQWRX QR %UDVLO R GH QmR VHU XPD TXHVWmR GHVFDUWiYHO 2X
DLQGDXPDFRUGmRFRPRSRGHUD79HRFDSLWDO2QRVVRHQUDL]DPHQWRHUD
-&
EC7F7:EI79EDJ;9?C;DJEI
FehC?9>7;B9>7FC7D
0LQKD SDUWLFLSDomR QR JUXSR =DQ]LEDU )LOPV ID] SDUWH GH XP
FRQMXQWRGHDWLYLGDGHVHH[SHULrQFLDVYLYLGDVHGHVHQYROYLGDVQDpSRFD(P
HX HVFUHYLD H HQVDLDYD SRHVLDV SHUIRUPiWLFDV HP /RQGUHV 2 DUWLVWD
SOiVWLFR¿OLSLQR'DYLG0HGDOOD%LHQDOGR0(5&268/FRQKHFLDPHX
WUDEDOKRHPHFRQYLGRXDLQWHJUDURJUXSR([SORGLQJ*DOD[\9LDMHLFRPHOH
D3DULVSDUDDMXGDUQDPRQWDJHPGRVHXREMHWRPiTXLQD&ORXG&DQ\RQV
QXPDJUDQGHH[LELomRGHDUWHFLQpWLFDQDFDSLWDOIUDQFHVD
2([SORGLQJ*DOD[\HUDXPDFRQÀXrQFLDLQWHUQDFLRQDOGHDUWLVWDV
IRUPDGD SRU SHVVRDV GH GLYHUVDV QDFLRQDOLGDGHV H iUHDV GH DWXDomR TXH
YLYLDPHWUDEDOKDYDPMXQWRVQDFDVDGH3DXO.HHOHUQXPEDLUURSRSXODUQR
(DVW(QGGH/RQGUHV/iGHVHQYROYHPRVSURMHWRVSDUDRVTXDLVWDOYH]FDLED
DGHVFULomRGH³LQYHVWLJDomRHUHVVLJQL¿FDomRGRVREMHWRVHFRPSRUWDPHQ
WRV VRFLDLV´ 2 ULWPR GDV QRVVDV DWLYLGDGHV QmR WLQKD VRVVHJR QRLWH H GLD
VXUJLDPDOWDVGLVFXVV}HVH[SHULPHQWRVGHYLGDHVDtGDVFROHWLYDVYLVDQGRj
H[SORUDomRWUDQVPtGLDGHP~OWLSORVDVSHFWRVH[LVWHQFLDLVVHMDHPFDVDQDV
UXDVRXHPIiEULFDVDEDQGRQDGDV
2VDFRQWHFLPHQWRVHRSHQVDPHQWRGRVLQWHJUDQWHVGD*DOD[\
HUDPGRFXPHQWDGRVHWUDEDOKDGRVHPURWHLURVSHUIRUPiWLFRVHQVDLDGRV
QDUXDHDSUHVHQWDGRVHPHYHQWRVGXUDQWHYLDJHQVSRUGLYHUVRVSDtVHV
GD (XURSD ¬V YH]HV PRQWiYDPRV HVSHWiFXORV FRP D SDUWLFLSDomR GH
JUXSRV FRPR 3LQN )OR\G 7KH 6RIW 0DFKLQH H &UD]\ :RUOG RI $UWKXU
%URZQ%LUG%DOOHW
'RLV FLQHDVWDV HUDP DVVRFLDGRV DR ([SORGLQJ *DOD[\ QDTXHOH
PRPHQWR±$QWKRQ\6FRWWGHDSHOLGR6FRWW\TXHHVWDYDSURGX]LQGRR¿OPH
³7KH/RQJHVW0RVW0HDQLQJOHVV0RYLHLQWKH:RUOG´DSDUWLUGHUHFRUWHV
GHVFDUWDGRV GH ¿OPHV H FOLSHV SXEOLFLWiULRV FRP GXUDomR GH KRUDV H
'HUHN -DUPDQ SLQWRU H GLUHWRU GH FLQHPD ³-XELOHH´ ³&DUDYDJJLR´
7RUQHLPHWDPEpPDPLJRGRFLQHDVWDDPHULFDQR3HWHU*ROGPDQ³(FKRHV
RI6LOHQFH´³7KH:KHHORI$VKHV´TXHPHLQIRUPRXWHUGHVFREHUWRRWDOHQWR
$FpSKDOH
GH3LHUUH&OpPHQWLHWHUVLGRRSULPHLURGLUHWRUDWUDEDOKDUFRPHOH)LTXHL PDV FDL[DV GH FKDPSDQKD 7DLWWLQJHU HVTXHFLGDV DWUiV GR EDOFmR &RP
XPLQYHUQRQDID]HQGDGHOHQD'LQDPDUFD DOHJULDGHJXVWiYDPRVRVDQWROtTXLGRQXPHVW{PDJRYD]LR
+RXYHVHPHOKDQoDVHLQÀXrQFLDVP~WXDVHQWUHRVWUDEDOKRVGHVHQ 2 DUWLVWD H DWLYLVWD FXOWXUDO -HDQ-DFTXHV /HEHO QRV FRQYLGRX D
YROYLGRV QR ([SORGLQJ *DOD[\ H DV H[SHULrQFLDV H WUDEDOKRV GRV DPLJRV SDUWLFLSDUGDPRQWDJHPGHVXDSURGXomR/HGpVLUDWWUDSpSDUODTXHXH
+pOLR2LWLFLFDH/\JLD&ODUN3DUD2LWLFLFDR([SORGLQJ*DOD[\HUDRH[HP XPD SHoD GH WHDWUR HVFULWD SRU 3DEOR 3LFDVVR HP /i FRQKHFLD RV
SORYLYRGRVHXFRQFHLWRGH&UHOD]HU DUWLVWDV7D\ORU0HDGH8OWUDYLROHWTXHID]LDPSDUWHGR)DFWRU\GH$QG\
3RUWDQWR QRVVR HVWLOR GH YLGD H DWLYLGDGHV QD FDVD *DOD[\ QmR :DUKRO 7D\ORU HUD XPD ¿JXUD H[WUDRUGLQiULD GH VHPEODQWH ÀiFLGR TXH
HUDPDSUHFLDGRVSHORVYL]LQKRVHKRXYHRFDVL}HVHPTXHVRIUHPRVDWDTXHV SDUHFLDHVWDUjEHLUDGHVHGHVPRURQDUFRPRVHIRVVHIHLWRGHERUUDFKD$V
ItVLFRV H YHUEDLV EHP FRPR D LQYDVmR GD FDVD SHOD SROtFLD LQFLWDGD SHODV SHVVRDVGL]LDPTXHHVVDLPSUHVVmRIRLFDXVDGDSHORXVRH[FHVVLYRGRWUDQ
QRWtFLDV HVFDQGDORVDV YHLFXODGDV QD LPSUHQVD QDFLRQDO $ PDUJLQDOL]DomR TXLOL]DQWH9DOLXP3RUpPDSHoDQmRGXURXPXLWR±DPLVWXUDGHQXGH]
GHVVHVQRYRVFRQFHLWRVVREUHDDUWHHDYLGDQR¿QDOGDGpFDGDDFRPSD HDQDUTXLDSUHVHQWHQDVXDHVWUHLDHP6W7URSH]GHVDJUDGRXRSUHIHLWRH
QKRXUHDo}HVDJUHVVLYDVSRUSDUWHGDLPSUHQVDSRSXODU-RUQDLVGHJUDQGH IRLSUHFLVRPXGDUSDUDRYLODUHMRGH6W*DVVLQRQGHIRLDSUHVHQWDGDQXP
FLUFXODomRFRPRR1HZVRIWKH:RUOGH7KH3HRSOHGLYXOJDUDPQRVVDVDWLYL EDUUDFmRGHFLUFR
GDGHVGHIRUPDHVFDQGDORVD 'HL[HLR6RIW0DFKLQHQD)UDQoDHFRQVHJXLXPDFDURQDGHYROWD
'HYH]HPTXDQGRHXOLDPHXVSRHPDVMXQWRFRPDEDQGDGHURFN SDUD /RQGUHV 'DHYLG $OOHQ WHYH PHQRV VRUWH D 6HFUHWDULD GH $VVXQWRV
7KH6RIW0DFKLQHHHPMXOKRGHDFRPSDQKHLDEDQGDQXPDYLDJHPDR ,QWHUQRVGR5HLQR8QLGR+RPH2I¿FHFRQVLGHURXRSHVVRDLQGHVHMiYHOH
6XOGD)UDQoDSDUDWUDEDOKDUQDGLVFRWHFD,QWHUSOD\DDQH[DDXPIHVWLYDOGH QmRRGHL[RXUHWRUQDUDRSDtV'DHYLG¿FRXQD)UDQoDRQGHHQWUHRXWUDV
FHUYHMDPRQWDGRQDSUDLDGH6W$\JXOIQD&{WH'µ$]XUSHUWRGH6W7URSH] DWLYLGDGHVIXQGRXDEDQGD*RQJ
2 PyGXOR HUD IXWXUtVWLFR H LQWHJUDYD P~VLFD SRHVLD ¿OPHV OX] H VRP 2 1D pSRFD 3DULV HUD XP FHQWUR GH DWLYLGDGH DUWtVWLFD H jV YH]HV
S{VWHU DOXVLYR DR HYHQWR FODVVL¿FDR FRPR ³OD SUHPLqUH PRQGLDOH G¶XQH HXSDVVDYDGLDVLQWHLURVYDJDQGRSHODFLGDGHFRPFDGHUQRVFDQHWDVHXP
DPELDQFH WRXW j IDLW 3V\FKpGpOLTXH´ D HVWUHLD PXQGLDO GH XP DPELHQWH JUDYDGRU SRUWiWLO LQYHQWDQGR SRHPDV H FXWXSV TXH DSUHVHQWHL HVSRQWD
WRWDOPHQWHSVLFRGpOLFR1HVWDFXULRVDPLVWXUDSDUWLFLSRXRDUWLVWDSOiVWLFR QHDPHQWH QD UXD HP FDIpV H HP HYHQWRV FXOWXUDLV RUJDQL]DGRV SRU 3LHUR
H³LQYHQWRUGRV/LJKWVKRZV´0DUN%R\OHTXHJHURXRVHIHLWRVOXPLQRVRV +HOLF]HUQR&HQWUH$PpULFDLQVLWXDGRQR%RXOHYDUG5DVSDLO
2JXLWDUULVWDGR6RIW0DFKLQH'DHYLG$OOHQGHVHQYROYLDXPDDWLYL &RQKHFLRDUWLVWDEUDVLOHLUR6pUJLR&DPDUJRXPDSHVVRDMRYLDOH
GDGH MXQWR DR JUXSR TXH HOH FKDPRX GH 3RS 3RHWU\ (X *LOOL 6PLWK H JHQWLO8PGLDHOHPHFRQYLGRXDOHUPHXVSRHPDVEDVWDQWHSHUIRUPiWL
'DHYLG DSUHVHQWiYDPRV QRVVRV SRHPDV HP YR] DOWD DFRPSDQKDGRV QR FRVSDUDHOHHVXDHVSRVDDIUDQFHVD0DULH7KpUqVHQRVHXDSDUWDPHQWR
IXQGRSHORUHVWRGDEDQGD0LNH5DWOHGJH5REHUW:\DWWH.HYLQ$\UHV GXUDQWHRDOPRoR
5HSHQWLQDPHQWHRVRUJDQL]DGRUHVGRHVSHWiFXORIDOLUDPHIRPRV )UHTXHQWHL R DWHOLr GH /\JLD &ODUN MXQWR FRP RXWURV LQWHJUDQ
DEDQGRQDGRVjSUySULDVRUWHHQFDOKDGRVVHPGLQKHLURSDUDFRPHUHVHP WHV GR *DOD[\ (OD HUD XPD SHVVRD EDVWDQWH GLQkPLFD H VHPSUH SURQWD
PHLRVSDUDYROWDUD/RQGUHV9DVFXOKDPRVDGLVFRWHFDHGHVFREULPRVDOJX SDUD FRQYHUVDU $RV DPLJRV PH GHVFUHYLD FRPR ³OD IRUFH GH OD QDWXUH´
6HQWtDPRV XPD D¿QLGDGH FRP VHX WUDEDOKR H FRQYHUViYDPRV PXLWR (OD
2VUHFHQWHVHVFkQGDORVHPWRUQRGRJUDQGHHPSUHViULRGRVPHLRVGHFRPXQLFDomRLQWHUQDFLR SHJDYDHPRVWUDYDVHXVREMHWRVDJORPHUDGRVGHUHGHVHSHGUDVSDUDYHVWLU
QDORDXVWUDOLDQR5XSHUW0XUGRFKGHPRQVWURXDFRRSHUDomRDQWLpWLFDHQWUHDLPSUHQVDSRSXODU
HDSROtFLDYLVWDQDSHUVHJXLomRGHSHVVRDVHJUXSRVLQF{PRGRVSXEOLFDomRGHPDWHULDOVHQVD HHXH[SHULPHQWHLVXDREUD³(XH9RFr´XPURXSmR³DVWURQiXWLFR´FKHLRGH
FLRQDOLVWDQRVMRUQDLVHQDVHVFXWDVWHOHI{QLFDVQmRDXWRUL]DGDVTXHOHYDUDP0XUGRFKDIHFKDU
RMRUQDO7KH1HZVRIWKH:RUOG ]tSHUHVMXQWRFRPDSUySULDDUWLVWD
-+
,VVRIRLSRXFRDQWHVGRIDWtGLFR³0DLRGH´+RXYHXPFOLPDGH
WHQVmRQDVUXDVGH3DULV8PGLDIXLDSDQKDGRSHODSROtFLDFLYLOHQTXDQWR
DWLUDYD FRP XPD DUPD GH SUHVVmR HP HVWDWXHWDV GH JHVVR QXP VWDQG GH
GLYHUV}HV 0LQKD PLUD HUD ERD H RV DJHQWHV TXHULDPVDEHU RQGH HX WLQKD
DSUHQGLGRDDWLUDUDVVLP(OHVPHOHYDUDPSDUDDGHOHJDFLDHPHMRJDUDP
GHQWURGHXPDJDLRODD¿[DGDQDSDUHGHGDVDODDFLPDGRFKmR(OHVJULWD
YDPFRPLJRFXVSLQGRHPH[LQJDQGRGHFDEHOXGR,VVRFRQWLQXRXGXUDQWH
XPWHPSRDWpTXHPHPDQGDUDPHPERUD
0HXHQYROYLPHQWRFRPRJUXSR=DQ]LEDURFRUUHXDWUDYpVGRPHX
UHODFLRQDPHQWR FRP (YH 5LGRX[ TXH YHLR PRUDU QD FDVD GR *DOD[\ HP
MXQWR FRP &KULVWLDQ /HGRX[ (P 3DULV HOD WUDEDOKRX FRPR PRGHOR
GH UHYLVWDFDQWRUDH RFDVLRQDOPHQWH FRPR DVVLVWHQWH GH1LNNLGH6DLQW
3KDOOH DUWLVWD SOiVWLFD H FLQHDVWD IUDQFHVD TXH IRL FDVDGD FRP R URPDQ
FLVWD DPHULFDQR +DUU\ 0DWKHZV H GHSRLV FDVRXVH FRP R DUWLVWD FLQpWLFR
-HDQ7LQJXHO\1yVpUDPRVDPLJRVGDVXD¿OKD/DXUD0DWKHZVTXHVRE
RQRPHGH/DXUD'XNH&RQGRPLQDV±SRLVVHFDVRXFRPRXWURLQWHJUDQWH
GH =DQ]LEDURPRGHOR H IRWyJUDIR /DXUHQW&RQGRPLQDV±IH]RSDSHOGH
*XLQHYqUHQR¿OPH³/DQFHORWGX/DF´GH5REHUW%UHVVRQ
(YHHUDXPDPXOKHUERQLWDGHSHUVRQDOLGDGHIRUWHHQyVYLYHPRV
MXQWRVSRUGRLVDQRV'XUDQWHXPSHUtRGRPRUDPRVHP3DULVQDFDVDGR
VHXSDLXPHPSUHViULRIUDQFrVTXHWDPEpPDMXGRXD¿QDQFLDUR3DUWLGR
&RPXQLVWD (OH HUD DPLJR GD VHFUHWiULD GH 5RJHU 9DGLP TXH jV YH]HV
YLQKDMDQWDUFRQRVFR1RVVRGLQKHLURHUDFXUWRHVHPHPSUHJR¿[RHXVDtD
SDUDR%RXOHYDUG6W0LFKHOQR4XDUWLHU/DWLQRQGHJDQKDYDDWpIUDQ
FRVSRUGLDSHUVRQL¿FDQGRDQLPDLVHLQVWUXPHQWRVGHMD]]EULQFDQGRFRP
RVSDVVDQWHV
,QLFLDOPHQWH HX VDELD PXLWR SRXFR VREUH RV ¿OPHV SURGX]LGRV
SHORV FLQHDVWDVPDVOHPEUREHPDDXUDDVVRFLDGDjSHVVRDHjSURGXomR
GH3KLOLSSH*DUUHOTXHIRLXPDGDV¿JXUDVIXQGDPHQWDLVGRJUXSR(XMi
VDELDTXH(YHWLYHUDXPDUHODomRDPRURVDFRP3DWULFN'HYDOSRUpPHOH
QmRSDUHFLDVHLPSRUWDUFRPDVLWXDomR
2SURFHVVRGHFULDomRGH$FpSKDOHHUDGHDOJXPPRGRFRODERUD
WLYR(XQXQFDSHQVHLTXHDVSHVVRDVTXHDSDUHFHPQR¿OPHHVWLYHUDPOiQR
SDSHOGHDWRUHVSRLVKDYLDXPFRQVHQVRGHTXHDVSHVVRDVHQYROYLGDVQDV
$FpSKDOH
¿OPDJHQVVHULDPRXYLGDVDUHVSHLWRGDHODERUDomRGRURWHLURHFRQWH~GRV UDU D PHWUDJHP +DYLD PXLWDV UHXQL}HV QR HQRUPH EDU GR /D &RXSROH
FRPRGLUHLWRHIRUPDGHPRFUiWLFDGHDJLU1HVVHVHQWLGRRGLUHLWRGHRSLQDU OXJDU GH HQFRQWUR GH DUWLVWDV QR EDLUUR 0RQWSDUQDVVH 2V ¿OPHV GR
VREUHDHVWUXWXUDomRGR¿OPHFDELDjGHFLVmRGHFDGDXPTXHVHHVWHQGHX JUXSR =DQ]LEDU HUDP YLVWRV QD FDODGD GD QRLWH HP VHVV}HV UHDOL]DGDV QD
DRSDSHOGRRSHUDGRUGHFkPHUD0LFKHO)RXUQLHUFXMDWpFQLFDHROKDUHUDP &LQHPDWHFD)UDQFHVDSRUVHXGLUHWRUGLVVLGHQWH+HQUL/DQJORLV
PXLWR HORJLDGRV H UHVSHLWDGRV &UHLR TXH SDUD RV TXDWUR LQWHJUDQWHV GR (XQmRFRQFRUGHLFRPXPDFHQDGR¿OPHHPTXHXPDJDOLQKDVHULD
([SORGLQJ*DOD[\TXHSDUWLFLSDUDP0LFKDHO&KDSPDQ&KULVWLDQ/HGRX[ GHFDSLWDGD YLYD SRU PHLR GD PRUGLGD GH XP GRV SHUVRQDJHQV &RQWHVWHL
$XGUH\9LSRQG(YH5LGRX[R¿OPHIRLHQFDUDGRFRPRDH[WHQVmRGDYLGD HQWmRDOHJLWLPLGDGHGDTXHODDomRHDFHQDDFDERXQmRDFRQWHFHQGR
HPRGRGHDJLUGHFDGDXPHVSHFLDOPHQWH DVFHQDVIHLWDVQD)ORUHVWDGH 1R¿QDOGH³$FpSKDOH´/DXUHQW&RQGRPLQDVODYRXVXDVPmRVHR
)RQWDLQHEOHDX1mRHVWLYHPRVOi³DWXDQGR´QRVHQWLGRGHWHQWDUVHGX]LUXP URVWRFRPYiULRVOLWURVGHPHUF~ULR
S~EOLFRHPSRWHQFLDO +RXYH XPD pSRFD SyVPDLR GH HP TXH GLYHUVRV LQWHJUDQWHV
3DUWLFLSHL HP GLYHUVDV FHQDV GXUDQWH D ¿OPDJHP GH ³$FpSKDOH´ GRJUXSR=DQ]LEDUIRUDPYLDMDUDRDQWLJRYLODUHMRGH3RVLWDQRVLWXDGRQDV
UHFLWHL XP SRHPD GH +|OGHUOLQ HP IUDQFrV FRP SRXFR FRQKHFLPHQWR PRQWDQKDVtQJUHPHVGDFRVWDLWDOLDQDSHUWRGH1iSROHV(XH(YH¿FDPRV
GD OtQJXD QXP WRP GH YR] TXH HX LPDJLQDYD FRPR XP SDU GH WHVRXUDV QXPDFDVDSHTXHQDHPXLWRDQWLJDGHHVWLORiUDEH$SHVDUGRLVRODPHQWR
FRUWDQGRSDSHOmR¿]XPDFHQDGR¿OPHMXQWRFRP(YH5LGRX[QRTXDUWR JHRJUi¿FR GR OXJDU R PRYLPHQWR GH SHVVRDV LOXVWUHV QRV UHVWDXUDQWHV H
GRDSDUWDPHQWRGH6\OYLQD%RLVVRQQDVQREDLUURGH3LJDOOH EDUHV SHUWR GR PDU HUD JUDQGH H D FRQVWHODomR GH SHVVRDV DVVRFLDGDV DR
8PD GDV FHQDV GH ³$FpSKDOH´ IRL GHVHQYROYLGD D SDUWLU GH XPD JUXSR=DQ]LEDUGHV¿ODYDFRPHVWLOR
LGHLDPLQKD8PDDWLYLGDGHLPSRUWDQWHGR([SORGLQJ*DOD[\HUDSURFXUDU 2XWUR PRPHQWR HQJUDoDGR IRL QR EDU /D &RXSROH HP 3DULV
HLQYHVWLJDUPDWHULDLVGHVFDUWDGRVDFKDGRVQDVUXDVRXHPSUpGLRVDEDQ TXDQGR9LYD6XSHUVWDUFKHJRXFRPDVPmRVFKHLDVGHUHWUDWRV[TXHHOD
GRQDGRV(VVHVPDWHULDLVHUDPDQDOLVDGRVHDHOHVVHDWULEXtDPIXQo}HVH WLURXQXPDFDELQHGHIRWRVHPRVWUDYDSDUDWRGRVLQWHUHVVDGRVRXQmR
VLJQL¿FDGRVQRYRV (PDJRVWRGHIXLLQGLFDGRSDUDUHSUHVHQWDUD,QJODWHUUDQXP
'XUDQWH XPD VDtGD ([SORUDomR 7UDQVPtGLD QDV UXDV GH 3DULV IHVWLYDOLQWHUQDFLRQDOGHSRHVLD6WUXJD3RHWU\(YHQLQJVQREDOQHiULRGH
DFKHLXQVIDUGRVGH¿RVEULOKRVRVGHVHGDVLQWpWLFDQDUXDSURYDYHOPHQWH 6WUXJD j EHLUD GR ODJR 2FKULG QD 0DFHG{QLD 9LDMHL SDUD R IHVWLYDO FRP
QREDLUURGD%DVWLOKDRQGHKiGLYHUVRVDWHOLrVGHFRVWXUD7UDWDYDVHGH RXWURDPLJRHSRHWDGR([SORGLQJ*DOD[\R(GZDUG3RSH0DVDRVXELU
XPDHVSpFLHGHUHQDVFLPHQWRDFRQWHVWDomRGRFRQFHLWRSURQWRDUHVSHLWR QRWUHPHP/RQGUHVLJQRUiYDPRVRIDWRGHTXHD8QLmR6RYLpWLFDHVWDYD
GDYLGDHGDPRUWHXPDGHFODUDomRHPIDYRUGDXQLGDGHGRVRSRVWRV)XL HPSOHQRSURFHVVRGHRFXSDomRGD&KHFRVORYiTXLDSDtVYL]LQKRGRQRVVR
HQWHUUDGRHPEDL[RGHXPDFODUHLUDDUHQRVDQD)ORUHVWDGH)RQWDLQHEOHDX GHVWLQR H TXDQGR FKHJDPRV HP %HOJUDGR GHSDUDPRV FRP WDQTXHV GH
GH RQGH HPHUJLD FRPR XPD PLQKRFD H UDVWHMDYD VREUH R FKmR DWp XPD JXHUUDSRVLFLRQDGRVQRVFUX]DPHQWRVHHVTXLQDVGDFLGDGH
iUYRUH&ULDPRVXPFDVXORJUDQGHWHFHQGRDVHGDHPYROWDGRPHXFRUSR 7LYHPRVXPDHQWUHYLVWDPDUFDGDQDUiGLRQRPHVPRGLDHDRDQRLWH
2REMHWRIRLSHQGXUDGRQRDOWRGHXPDiUYRUH'HQWURGRFDVXORHXFDQWDYD FHUVDtPRVQDUXDSDUDFDPLQKDUDRORQJRGR5LR'DQ~ELRHPGLUHomRjHPLV
XPDP~VLFDGHHVWLORFKLQrVHPYR]GHIDOVHWH1DYHUVmR¿QDODFDQomRIRL VRUDMXQWRFRPQRVVRDQ¿WULmRRHVFULWRU0RPD'LPLF'XUDQWHRSHUFXUVR
HGLWDGDHVXEVWLWXtGDSHORVRPGHDEHOKDV IRPRVSDUDGRVSRUXPJUXSRGHSROLFLDLVFLYLVTXHQRVSUHQGHUDPHOHYDUDP
$ DWPRVIHUD GXUDQWH DV ¿OPDJHQV IRL LUUHDO H HQORXTXHFLGD (X SDUD XPD GHOHJDFLD 'HSRLV GD FRQIXVmR 0RPD H[SOLFRX TXH DV DXWRULGDGHV
FRQVLJR UHFRUGDU DOXFLQDQWHV YLDJHQV GH FDUUR SHODV UXDV GH 3DULV SDUD HVWDYDP PXLWR DSUHHQVLYDV DFHUFD GD LPLQHQWH LQYDVmR GR SDtV SHORV UXVVRV
DOXJDUHTXLSDPHQWRVHFkPHUDVSURFHVVDUWUHFKRVGDV¿OPDJHQVHFRPSD LPDJLQDQGRTXHQyVSRGHUtDPRVHVWDUSODQHMDQGRGHWRQDUXPDSRQWH
(XIXLFRQYLGDGRR¿FLDOGRJRYHUQRLXJRVODYRSRUWUrVVHPDQDV2V LQWLPLGDQGRDVJUi¿FDVFRPSURFHVVRVQD-XVWLoD1RVVDLGHLDHUDDOXJDUR
RUJDQL]DGRUHVSDJDYDPWRGDVDVPLQKDVGHVSHVDVRTXHLQFOXtDXPLQWpU HTXLSDPHQWRGXUDQWHRWHPSRGDLPSUHVVmRSUHVHUYDQGRDVVLPDLQWHJUL
SUHWHHYLDJHQVSHORSDtVSDUDFRQKHFHURVSULQFLSDLVSRHWDV$RWHUPLQDU GDGHGDHPSUHVD
RIHVWLYDOGHVFREULTXHIDOWDYDGLQKHLURSDUDVHJXLUYLDJHP'HSRLVGROX[R 6\OYLQD¿QDQFLRXRSURMHWRFRPDVRPDGHOLEUDVHVWHUOLQDV
YLYLGRGXUDQWHRIHVWLYDOPHHQFRQWUHLSUHVRQDHVWUDGD)LTXHLKRUDVHP ±QDpSRFDYDOLDPXLWRPDLVGRTXHKRMH±HPIUDQFRV1DTXHOHWHPSRHUD
YmRSHGLQGRFDURQDPDVQLQJXpPSDURXHDFDEHLFDPLQKDQGRQRLWHDGHQ SURLELGR OHYDU PRHGD IUDQFHVD SDUD IRUD GR SDtV (X OHPEUR TXH 6\OYLQD
WUR-iQDPDGUXJDGDPHHQ¿HLQRPHLRGHXPPRQWHGHIHQRjEHLUDGDUXD PHOHYRXSDUDVHXEDQFRDFKHLTXHHODHUDDSURSULHWiULDHOLWHUDOPHQWH
&RQVHJXLFKHJDUDRFRQVXODGREULWkQLFRQDÈXVWULDRQGHPHHPSUHVWDUDP PHHQWUHJRXRPRQWDQWHHPGLQKHLURYLYRVHPUHFLERRXFRQWUDWR(QFKL
GLQKHLURSDUDUHWRUQDUD/RQGUHVHPWURFDGDHQWUHJDGRPHXSDVVDSRUWH XPDPRFKLODFRPRGLQKHLURHFRPRFRUDomRQDPmRYLDMHLQRWUHPSDUD
6HPSHQVDUGXDVYH]HVWURTXHLDFDELQHGRWUHPGH/RQGUHVSHOREDQKHLUR /RQGUHV1RFRQWUROHGHEDJDJHPGDDOIkQGHJDLQJOHVDTXDQGRRDJHQWHYLX
GHXPYDJmRUXPRD3DULV DTXHODTXDQWLGDGHGHQRWDVGHXXPVRUULVRWRUWRHPHGHL[RXSDVVDU
(X QmR WLYH PXLWR FRQWDWR FRP 6\OYLQD %RLVVRQQDV GXUDQWH D (X PRQWHL D JUi¿FD QXPD IiEULFD DOXJDGD QR QRUWH GH /RQGUHV
¿OPDJHP GH ³$FpSKDOH´ 3DUD VHU KRQHVWR DFKHLD XPD SHVVRD HVWUDQKD MXQWRFRPRHGLWRUGHXPMRUQDOLQGLDQRHIXJLWLYRSROtWLFRH[LODGRQRSDtV
XPSRXFRGLVWDQWH$RYROWDUGD,XJRVOiYLDWLYHPRVPDLVFRQWDWRHWUDED 8PD RX RXWUD HGLomR GR ,GLRWD IRL SXEOLFDGD PDV HX HUD PXLWR MRYHP H
OKDPRVMXQWRVHPXPRXRXWURSURMHWR VHPH[SHULrQFLD$FDEHLSHUGHQGRRFRQWUROHVREUHDVLWXDomRHHQWUHLQD
(QFRQWUHL FRP 6\OYLQD HP 3DULV H OKH SHGL GLQKHLUR SDUD YLDMDU -XVWLoDSDUDUHVROYHURDVVXQWR5HFHQWHPHQWHGHVFREULTXHDYHUVmRIUDQ
j ËQGLD MXQWR FRP 'DYLG 0HGDOOD H VHX FRPSDQKHLUR -RKQ 'XJJHU (P FHVD/¶,GLRW,QWHUQDWLRQDOFRQWLQXRXVHQGRSXEOLFDGDDWpTXDQGRIRL
GH]HPEUR GH SDUWLPRV GH QDYLR SDUD %RPEDLP MXQWR FRP 7UL[LH IHFKDGDGHYLGRDSUHVV}HVSROtWLFDVHHFRQ{PLFDV
6WDSOHWRQRXWURLQWHJUDQWHGR*DOD[\(YH5LGRX[YLDMRXjSDUWHWDPEpP (XIXLHPERUDGD,QJODWHUUDHPSDUDPRUDUHP$PVWHUGm
SDUDDËQGLD(QFRQWUHLFRPHODQDSURYtQFLDGH*RDRQGHSDVVDPRVQRVVD
~OWLPDQRLWHMXQWRV(XH'DYLGQRVGHVHQWHQGHPRVQDËQGLDVREUHGLQKHLUR
HFDGDXPVHJXLXDGLDQWHVHXSUySULRFDPLQKR
$R YROWDU GD ËQGLD 6\OYLQD H HX WUDEDOKDPRV QR ODQoDPHQWR GH
XPD UHYLVWD SROtWLFRVDWtULFD FKDPDGD /¶,GLRW ,QWHUQDWLRQDO 2V IXQGDGR
UHVGDSXEOLFDomRLQFOXtUDPRHVFULWRU-HDQ(GHUQ+DOOLHU-HDQ3DXO6DUWUH
H6LPRQHGH%HDXYRLU$RUJDQL]DomRGRMRUQDOHUDFHUFDGDGHPLVWpULRH
QRVUHXQLPRVQXPEDUQDSHULIHULDGH3DULV(XPHOHPEURTXDQGRDOJXpP
EULQFRXTXHDLUPmGHDOJXpPQDPHVDHUDDPDQWHGRSUHVLGHQWHGD)UDQoD
*HRUJH3RPSLGRXHXPDSUHFLRVDIRQWHGHLQIRUPDo}HVSDUDDUHYLVWD
2OD\RXWHUDDUURMDGRHRSODQRHUDODQoDUVLPXOWDQHDPHQWHXPD
YHUVmR HP LQJOrV 7KH ,QWHUQDWLRQDO ,GLRW H RXWUD HP IUDQFrV $ YHUVmR
LQJOHVDGDSXEOLFDomRYLQKDDRHQFRQWURGHXPSURMHWRPHXGHPRQWDUXPD
JUi¿FDHP/RQGUHV2JRYHUQREULWkQLFRHVWDYDFHQVXUDQGRRFRQWH~GRGH
SXEOLFDo}HVFRQVLGHUDGDVVXEYHUVLYDVGHVLQGLFDWRVHRXWUDVRUJDQL]Do}HV
.&
7DE?J;;NF;H?C;DJ7B0
:;KN<E?I":;@79A?;H7OD7B
feh7:H?7DC7HJ?D
2FLQHPDQRIHPLQLQRQRVID]GHVFREULUDTXLORTXHRLPSHULDOLVPRGRROKRUHSUL
PLXRXWURVPRGRVGHPRQWDJHQVGHLPSXOVRQRVTXDLVRTXHpYLVWRHRTXHp
RXYLGRPXGDPDSHUVSHFWLYD
6HUJH'DQH\
/HWPHVHH\RXUEHDXW\EURNHQGRZQ
/LNH\RXZRXOGGRIRURQHWKDW\RXORYH
/HRQDUG&RKHQµ7DNH7KLV/RQJLQJ¶
³/HV &DKLHUV GX &LQpPD ,QWHUYLHZ ZLWK 6HUJH 'DQH\´ 7KH 7KRXVDQG (\HV Q
S
&LWDGR HP ³$Q ,QWHUURJDWLRQ RI WKH &LQHPDWLF 6LJQ :RPDQ DV 6H[XDO 6LJQL¿HU LQ -DFNLH
5D\QDO¶V'HX[)RLV´&DPHUD2EVFXUDQ2XWRQRGHS
'HX[)RLV
1RIUDJPHQWRGHDEHUWXUDGR¿OPH5D\QDODFUHVFHQWDRXWUDGHFOD VLGRFRQVWUXtGRGHOLEHUDGDPHQWHSDUDRIHUHFHUXPDHVFRULDomRVHOYDJHPH
UDomR SDUD VHX GHFUHWR DSRFDOtSWLFR HP UHODomR DR ¿P GD VLJQL¿FDomR 2 IHPLQLVWDDRDSDUDWRFLQHPDWRJUi¿FRGRPLQDQWHHPXPHVStULWRSUy[LPR
FLQHPDSRGHHVWDUSDUDPRUUHUQHVVDPHVPDQRLWHPDV5D\QDOSLVFDQGR DRV /HWULVWDV PLVWXUDGRV FRP XP SRXFR GH 9DOHULH 6RODQDV 5D\QDO
R ROKR FRP XP ULWPR HQORXTXHFLGR H F{PLFR HP VXD SRVWXUD H YR] QRV ³(YLGHQWHPHQWHIRLSURPRYLGRFRPRXP¿OPHIHPLQLVWDSRUHXHVWDUQD
FRQYLGDQRHQWDQWRDVHQWDUHDSUHFLDURHVSHWiFXOR³6HQKRUDVHVHQKRUHV WHODGRWHPSR´
ERDQRLWH´ 0DVKiPDLVGRTXHLVVR5D\QDOFLWDDVLQÀXrQFLDVVXUUHDOLVWDV
'HX[ IRLV LQWURGX] HVSRQWDQHDPHQWH LQÀXrQFLDV KLVWyULDV H /XLV %XxXHO H -HDQ &RFWHDX EHP FRPR XPD WHDWUDOLGDGH LQVSLUDGD SRU
WUDGLo}HV $OJXQV FRPHQWiULRV R FODVVL¿FDP DSHQDV FRPR XP H[SHUL -DFTXHV5LYHWWHDTXLRWH[WRXVDGRp/LIHLVD'UHDPGH&DOGHUyQTXH
PHQWRHVVHQFLDOPHQWHIRUPDOLVWD/RXLV6NRUHFNLUHVVDOWRXHVVDSUHPLVVD SRVWHULRUPHQWHIRLXPDIRQWHSULPRUGLDOSDUD5D~O5XL]+iWUDoRVGR$QG\
XPD H[PRQWDGRUD DFHLWD ³XP GHVD¿R EDVHDGD QR TXH HUD QD pSRFD :DUKROGRVDQRVHPPXLWDVFHQDVHVSHFLDOPHQWHQDHQJUDoDGDDXWR
XPD UHVWULomR WHUULYHOPHQWH WHUURULVWD ID]HU XP ¿OPH QR TXDO QmR DSUHVHQWDomRGH5D\QDOXPD6XSHUVWDULQVWDQWkQHD±HWDPEpPWUDoRVGH
KRXYHVVH SUDWLFDPHQWH HGLomR´ $SURIXQGDQGR HVVD LGHLD 1RsO %XUFK
RXWUDV ¿JXUDV XQGHUJURXQG GHVVH SHUtRGR FRPR 6WHSKHQ 'ZRVNLQ H VHX
HORJLRX R ¿OPH FRPR VHQGR ³XPD GHOLEHUDGD PHGLWDomR HOHPHQWDU HP GXURLQÀH[tYHOHHUyWLFRROKDU(3KLOLSSH*DUUHOFRPTXHP5D\QDOFROD
FHUWDV IXQo}HV ItOPLFDV EiVLFDV TXH VH SRGH GL]HU TXH IXQGDPHQWDP D ERURXQDDYHQWXUD=DQ]LEDU³1DTXHODpSRFDHXHVWDYDDSUHQGHQGRFRP
HGLomRWDLVFRPRH[SHFWDWLYDIUDPHVFDQQLQJPHPyULDSHUFHSWLYDUHOD 3KLOLSSH*DUUHORTXDQWRVHSRGHULDPXGDUXPDFHQDSRUPHLRGDOX]´
omRHQWUHHVSDoRGHQWURHIRUDGDWHODWRGRVH[SORUDGRVHPXPDVpULHGH 'H 'HX[ IRLV SRGHVH UHDOPHQWH D¿UPDU ± FRPR *LOOHV 'HOHX]H GLVVH GR
VHTXrQFLDVWRPDGDVDXW{QRPDVGHXPDVLPSOLFLGDGHH[HPSODU´4XDWUR FLQHPDGH*DUUHO±TXH³HOHHVSDOKDXPDµQRLWHH[SHULPHQWDO¶RXXPHVSDoR
DQRVPDLVWDUGHRFROHWLYRIHPLQLVWDGDUHYLVWD&DPHUD2EVFXUDHPXPD HPEUDQFRVREUHQyVTXHDIHWDRYLVtYHOFRPXPDSHUWXUEDomRIXQGD
GHWDOKDGDDQiOLVHWH[WXDOGLYLGLXR¿OPHHPVXDVP~OWLSODVWUDQVJUHVV}HV PHQWDOHRPXQGRFRPXPDVXVSHQVmR´
GDVOHLVTXHUHJHPHVSDoRROKDUOHJLWLPLGDGHGHL[DVQDUUDWLYDVIXQo}HV 2TXHHVWiHPMRJRQHVVHGHVOXPEUDQWHLQYHQWiULRGHQRPHVKLVWy
SDUD¿OPDUSDLVDJHQVHFRUSRV ULFRVLQÀXrQFLDVHPRYLPHQWRV"$RPHQRVLVVR'HX[IRLVQmRpDSHQDVXP
(VVDV REVHUYDo}HV VmR FRUUHWDV PDV DSHQDV DWp FHUWR SRQWR e WRXUGHIRUFHIRUPDOLVWD7DPEpPpVXUUHDOLVWDPLWRSRpWLFRULWXDOtVWLFRH
YHUGDGH TXH DOJXQV DVSHFWRV GH 'HX[ IRLV WDOYH] WHQKDP VLGR LQVSLUDGRV HQFDQWDWyULRDRPHVPRWHPSRpLU{QLFRSHUIRUPiWLFR]RPEDGRUF{PLFR
SHORVWUDEDOKRVGH.XUW.UHQRXXPDOHLWXUDGHOLUDQWHGRFOiVVLFRGRVDQRV $VDQiOLVHVIRUPDOLVWDVWHQGHPDLJQRUDURFRQWH~GRHPPXLWDVFHQDVQR
GRSUySULR%XFK3Ui[LVGXFLQpPDSRVWHULRUPHQWHUHHVFULWRFRPR ¿OPH RX DSHQDV UHWrP RV VLQDLV GH FRQWH~GR TXH FRUURERUDP D RULHQWD
WtWXOR7KHRU\RI)LOP3UDFWLFH ±UHGX]LQGRRFLQHPDDXPDLQFHVVDQWHH
omRLGHROyJLFDGDDQiOLVHWDLVFRPRDYLROrQFLDVH[XDOFRPRHPXPDFHQD
HQORXTXHFHGRUDSHoDGHHQWUDGDVHVDtGDVHVSDoRVIRUDGDWHODOX]HVIRUWHV VLQJXODUPHQWH LQWHQVD HP TXH 5D\QDO FRP R YHQWR VRSUDQGR p DWDFDGD
H IUDFDV WRPDGDV SDUDGDV H HP PRYLPHQWR XP WLSR GH GHPRQVWUDomR SRUGXDVPmRVHYLROHQWDPHQWHHPSXUUDGDSDUDIRUDGRTXDGURSHORVFDEH
SUiWLFDHDQWLLOXVLRQLVWDGHWRGRVRVSDUkPHWURVGDIRUPDUHSUHVHQWDFLR ORVRXRSHUYHUVRFLUFXLWRGHHVFRSR¿OLDVDGLVPRHH[LELFLRQLVPRFRHVD
QDOOHYDQGRDVDROLPLWHGDDEVWUDomRHGLVVROXomR2XWDOYH]R¿OPHWHQKD H SRGHURVDPHQWH HQFHQDGD QR TXDGUR HP TXH 5D\QDO DJRQL]D ROKD SDUD
SDQRUkPLFD FLUFXODU HP PHLR DR WUkQVLWR D TXDO SRGHULD VHU TXDVH XP ±1DUUDWLYD2WtWXOR'HX[IRLVpXPWURFDGLOKRFRPDIUDVHTXHLQLFLD
SODQRJHUDOGHDOJXP¿OPHSHUGLGRHVTXHFLGRHSXUDPHQWHFRQYHQFLRQDO WRGRVRVFRQWRVGHIDGD³LOpWDLWXQHIRLV´RX³HUDXPDYH]´(VVH¿OPH
0DVHVVHtPSHWRGHGRFXPHQWDULUiVHPSUHDSDUHFHUPDLVXPDYH]FRPD
WHDWUDOLGDGHHDUWL¿FLDOLGDGH±FRPRVHFDGDXPFRQWLYHVVHRVHJUHGRRXD
,ELGHQS
)LOP7KH)URQW/LQHS
³$Q,QWHUURJDWLRQRIWKH&LQHPDWLF6LJQ´S ,ELGHQS
HQWmRGHVHQKDXPHVSDoRQDUUDWLYRTXHVHIRUPD³GXDVYH]HV´,VVRVLJQL GHPRQtDFDGHXPURVWRPDVFXOLQRSDUDDFkPHUDHVFRQGHQGRDSUHVHQoD
¿FDGHUHSHQWHXPQRYRWLSRGHHVWyULDXPDHVWyULDFRQWDGDGHXPDIRUPD GDPXOKHUDH[WUDYDJDQWHSDQWRPLPDGHSDL[}HVQRRXWGRRUQHRQ7DQWRR
GLIHUHQWHXPDHVWyULDFRQVWDQWHPHQWHSHUGLGDHUHHQFRQWUDGDHXPDHVWy LGHDOGRFDVDOTXDQWRVHXFRODSVRIXQFLRQDOVmRFRPR¿JXUDVIRUPDLVSRU
ULD TXH HVWi VHPSUH VH UHFRPHoDQGR FRPR QR VHJPHQWR HP TXH YHPRV XPODGRR¿OPHpFKHLRGHULPDVHVSHOKDPHQWRVHUHSHWLo}HVHSRURXWUR
YiULRV SODQRV GLIHUHQWHV GD PHVPD DomR -DFNLH FRP D PmR QR HVSHOKR IUDJPHQWRVGHPDWHULDOH[FHGHQWHIUDJPHQWRVHQFDOKDGRVMDPDLVDJUXSD
-DFNLHQDIDUPiFLD1DSULPHLUDVHTXrQFLDWRPDGD5D\QDOFRQWDRXDQWH GRVQXPSDGUmRFRHUHQWH
FLSDR¿OPHTXHYDPRVYHUHRXYLUMXQWDQGRRVIUDJPHQWRVHPXPDRUGHP
SUHVXPLGDPHQWHDWLQJLGDDSHQDVQDFRQFOXVmRGRSURFHVVRGHID]HUR¿OPH ±6RQKRVH)DQWDVLDV³$VLPDJHQVGDQRVVDLPDJLQDomRVmRUHDLV´(VVD
HDQXQFLDQGRHVVDRUGHPQRLQtFLRFRPRVHIRVVHWXGRSUpRUGHQDGRSUp D¿UPDomRIHLWDSRU5D\QDOHYRFDROHJDGR6XUUHDOLVWDVXEMDFHQWHQR¿OPH
SODQHMDGR ID] FRP TXH VH DVVLVWD DR ¿OPH FRPR XP HVWUDQKR F{PLFR H FRPRHP/LIHLVDGUHDPeXPDGHFODUDomRULFDHDPEtJXD,VVRVLJQL
H[FrQWULFR SURFHVVR FRPR QD *UDQG 2SHUD $Q +LVWRULFDO 5RPDQFH ¿FD TXH WRGDV DV LPDJHQV QR ¿OPH VmR LPDJHQV GD LPDJLQDomR" 6H VLP
>@GH-DPHV%HQQLQJ±QDWXUDOPHQWHRLQYHQWiULRQmRFRUUHVSRQGH pLPDJLQDomRGHTXHP±RLQFRQVFLHQWHGH5D\QDORXDOJXPLQFRQVFLHQWH
H[DWDPHQWHDRTXHYHPDVHJXLUHQyVHVWDPRVFRQVWDQWHPHQWHSHUVLVWHQ FROHWLYR"(RTXHVLJQL¿FDGL]HUTXHHVVDVLPDJHQVVmRUHDLV"(VVDVLPDJHQV
WHPHQWHWHQWDQGRDOLQKDURVGRLVWH[WRV WRPDP XP OXJDU DR ODGR RX GHQWUR GD UHDOLGDGH FRPR XP PXQGR SDUD
OHOR" (ODV UHVLVWHP j UHDOLGDGH OXWDP FRQWUD HOD jV YH]HV SHUGHQGR jV
±7HDWUR2DUFRSUyFrQLFRQmRHVWiGLVWDQWHHP'HX[IRLV$FHQDHQWUH YH]HVJDQKDQGR"2XHODVMiDEVRUYHUDPDUHDOLGDGH"6H'HX[IRLVPRVWUD
5D\QDOHXPKRPHPVHWRUQDXPDSDQWRPLPDQRYmRGHXPDSRUWDFRPR XPPXQGRVRQKRWUDWDVHVRPHQWHGHXPDYLVmRTXHEUDGDEDOEXFLDQWHH
XPD UHSUHVHQWDomR ULWXDOtVWLFD GH XPD FHQD FRWLGLDQD 8PD SDVVDJHP GH LQWHUPLWHQWH$OJXPDVLPDJHQVGR¿OPHSDUHFHPLQWHQVL¿FDGDVURPkQWL
/LIHLVDGUHDPpHQFHQDGDeGLItFLOYHURQGHDUUDQMRVGRPpVWLFRVWHUPL FDV H[SUHVVLRQLVWDV RQtULFDV FRPR D LPDJHP IDQWDVPDJyULFD GH 5D\QDO
QDPHDSHoDRXRSDOFRFRPHoDP(VVDpDHPRomRLQIDQWLOGDVHTXrQFLD OXWDQGRFRQWUDRYHQWR0DVHODVDSDUHFHPQRPHLRGHXPPDWHULDOPDLV
WRPDGDWDPEpPHYRFDQGRRVSULPHLURV¿OPHVWUXTXHVGH0pOLqVQRTXDO PXQGDQRPDLVGRFXPHQWDO(QWUHHVVHVSRORVWXGRTXHYHPRVHRXYLPRV
5D\QDO DSDUHFH HP GRLV OXJDUHV DR PHVPR WHPSR QR PHVPR SODQRJHUDO 5D\QDOXVDRDFODPDGRHVWLORGD1RXYHOOH9DJXHGHGHVLJQGHVRPQRUPDO
GHXPDVDODGHHVWDU$YLGDFRWLGLDQDVHWRUQDHPXPSULPHLURPRPHQWR PHQWHXPD~QLFDFKDYHGHVRPGXEODGDSRVWHULRUPHQWHHÀXWXDQGRVREUH
WHDWUR H SRVWHULRUPHQWH VLJQL¿FDomR JUi¿FD SXUD WDO FRPR D VHTXrQFLD DLPDJHPSDUDFDGDHYHQWRFLQHPDWRJUi¿FRSDUHFHSHUWXUEDGDHVWUDQKD
HPDQLPDomR¿OPDGDGHXPRXWGRRUQHRQPRVWUDQGRXPKRPHPHXPD PHLRGHQWURPHLRIRUDGRUHDORXGRLPDJLQiULR³6H1HUYDOSUHFLVDYHUH
PXOKHUHPXPDGDQoDHUyWLFDHYLROHQWD DQGDUQR9DORLVHOHSUHFLVDGLVVRFRPRXPDUHDOLGDGHTXHWHPTXHµYHUL¿
FDU¶VXDYLVmRDOXFLQDWyULDDSRQWRGHQyVQmRWHUPRVPDLVLGHLDGRTXHp
±2&DVDO5RVHQEDXPGHVFUHYHR¿OPHFRPRVHQGR³VREUHXPFDVDOHVREUH SUHVHQWHRXSDVVDGRPHQWDORXItVLFR´'HOHX]H
UHODo}HV HQWUH FDVDLV´ 2 FDVDO KRPHPPXOKHU HVWi VLPXOWDQHDPHQWH QD
VXDHUDKLSSLHLGHDOD³DYHQWXUDGHXPFDVDO´FRPR'DQH\GHQRPLQRXH ±$)LJXUDGDFULDQoD$VHJXQGDFHQDGR¿OPHPRVWUDQGRDPHQLQL
VHXFRODSVR$VPmRVTXHPDOWUDWDPRFDEHORHDFDEHoDGH5D\QDODULVDGD QKD SDUHFH FUXFLDO H VXJHVWLYDPHQWH FRORFDGD HQWUH DV FHQDV GH 5D\QDO
,ELGHQS &LQHPD7KH7LPH,PDJHS
6HULD HVVD GH IRUPD IDQWDVPDJyULFD H HOXVLYD D FULDQoD TXH HOD IRUD XP 1RUG GH 5LYHWWH ROKRV DWHQWRV D FDGD HVTXLQD ROKRV YLVWR H QmR YLVWRV
GLDRXDFULDQoDTXHHODGHVHMDWHURXDFULDQoDHPTXHHODGHVHMDVHWRUQDU ROKRVGHKRPHQVFULDQoDVGHWRGRVRVRXWGRRUVVLQDLVHWHODVGD6RFLHGDGH
QRYDPHQWH" 3RVWHULRUPHQWH HP XP FDPSR HOD SXOD FRPR XPD FULDQoD GR(VSHWiFXOR(WDPEpPHYLGHQWHPHQWHRROKDUGDSUySULDFkPHUDFRPR
DQWHVGHFDLUFRPR,VDGRUD'XQFDQWURSHoDQGRHPVHXSUySULROHQoR2 XPDSDUDWRGHDJUHVVLYLGDGHFRPXPROKDUWmRIULRTXHVySRGHVROLFLWDU
WtWXORGHXPDIiEXODLQIDQWLO±$TXLOHVHDWDUWDUXJD±pPRVWUDGDDEUXSWDH GDPXOKHU¿[DGDSHODVXDOHQWHXPJHVWRKLVWpULFRGHDXWRGHVYDORUL]DomRR
LUUDFLRQDOPHQWHGXUDQWHDFHQDGDIDUPiFLDGHSRLVXPIUDJPHQWRGRWH[WR VLOHQFLRVRJULWRSULPRUGLDOGDPLFomR
GLJLWDGR GRPLQD D WHOD 0HVPR FRP VHXV YiULRV KRPHQV PRUHQRV VHGX 'H0HVKHVRIWKH$IWHUQRRQUHDOL]DGRSRU0D\D'HUHQHP
WRUHV H DPHDoDGRUHV 5D\QDO WHP IUHTXHQWHPHQWH XP FRPSRUWDPHQWR GH RXWUDPHVWUDGRULWXDOWUDQVHWHDWURH'HX[IRLVGH5D\QDODWpRV¿OPHV
PHQLQDFRFKLFKDQGRHULQGREDWHQGRRVSXQKRVHEXVFDQGRDWHQomR GH WHUURU SVLFRJyWLFRV FRQWHPSRUkQHRV GH 0DU\ /DPEHUW 6LHVWD
0DULQD 6DUJHQWL 0LUURU 0LUURU H .DWKU\Q %LJHORZ %OXH 6WHHO
(QWmRFRPRSRGHPHVVHVYiULRVPRWLYRVVHPDQWHUHPMXQWRV" R FLQHPD QR IHPLQLQR WHP QRV PRVWUDGR HP VXD ³PRQWDJHP GH
7HQWDU HVFODUHFHU D VpULH GH DVVRFLDo}HV p WDOYH] XPD FLODGD PDV QR LPSXOVRVHPTXHRTXHpYLVWRHRXYLGRPXGDDSHUVSHFWLYD´RWHUURUGDV
HQWDQWR'HX[IRLVpXPDQRYDYHUVmRGH$OLFHQRSDtVGDVPDUDYLOKDV PDVFDUDGDVIHPLQLQDVDIDWDOLGDGHHUHYHUVLELOLGDGHGDVXDVHGXomRDVHOYD
GH/HZLV&DUURO8PDPXOKHUHQWUDQXPDPHWDPRUIRVHSHUSpWXDQDTXDO JHPÀXWXDomRLQVHJXUDQoDHPXWDELOLGDGHGDLGHQWLGDGHSHVVRDO3RUpP
HODVHWRUQDXPDFULDQoD(ODHQWUDQHVVHULWXDOGHDXWRSHUSHWXDomRHDXWR pH[DWDPHQWHQRROKRHVFXURGHVVDWHPSHVWDGHPRUWDOTXHVHHQFRQWUDVXD
HURWLVPRQmRSRUPHLRGHGURJDVDOXFLQyJHQDVRXRXWURVVXSRUWHVGLRQL EHOH]DHSRHVLDVXDVDJDFLGDGHF{PLFDHUDGLFDOLVPRVHOYDJHP
VtDFRV FRPR RXWURV FLQHDVWDV GD pSRFD ¿]HUDP PDV FUX]DQGR D OLQKD
GD QDUUDWLYD SHUIRUPDQFH H WHDWUR WRGDV DV PiVFDUDV H PRYLPHQWRV GR
DUWLItFLR(QWUHWDQWRWDOUHJUHVVmRRXOLEHUDomRSDUDRGRPtQLRGRLPDJL
QiULRpVHPSUHDPHDoDGRSHODLQVWDELOLGDGHHSHULJRHVVDPXOKHUpFRQV
WDQWHPHQWH DWUDtGD GH YROWD SDUD D FHQD S~EOLFD H VRFLDO GD VH[XDOLGDGH
DGXOWDFRPVHXPDVFXOLQRDPHDoDGRUPLVWHULRVRHVHGXWRU$OpPGLVVR
HOHHVWDEHOHFHSDSHLVHIDUGRV'HX[IRLVQmRpGHYRWDGRjHOHYDGDIDQWDVLD
GD6DJUDGD)DPtOLDDPtWLFDHLF{QLFDWULQGDGHGHPmHSDL¿OKRIDPLOLDU
GRLQtFLRGH*DUUHOpPDLVFRPRHP&KDQWDO$NHUPDQVREUHDGL¿FXOGDGH
GHWHQWDWLYDVHSDVVDJHQVGDPXOKHUVROWHLUD±VXDDEVRUomRQHODPHVPD
HHPVXDUHODomRFRPRVRXWURVDPERVPRGRVGHVHUTXHVmRYLVWRFRPR
LJXDOPHQWHLPSRVVtYHLV
&RPR6NRUHFNLSURS{V'HX[IRLVp³XPGRVPDLVSUHFLVRV¿OPHV
VREUH D SDUDQRLD´ +DELWDQGR XP PXQGR HP TXH DV LPDJHQV GD QRVVD
LPDJLQDomR VmR UHDLV VLJQL¿FD WDPEpP HQIUHQWDU FRPR HP /H 3RQW GX
³'HX[)RLV´S
/&
(P VHXV DQRV IUHQWH DR *UXSR ']LJD 9HUWRY *RGDUG FRPHQWD
³'XUDQWHDSURMHomRGHXP¿OPHPLOLWDQWHDWHODpVLPSOHVPHQWHXPTXDGUR
QHJUR RX D SDUHGH GH XPD HVFROD TXH RIHUHFH D DQiOLVH FRQFUHWD GH XPD
VLWXDomRFRQFUHWD´-iHP$FpSKDOHpGLWRHPXPGDGRPRPHQWR
³$JRUDSDUDQyVD(XURSDpXPDIROKDEUDQFD´7DQWRDIROKDEUDQFDFRPR
R TXDGUR QHJUR VmR HVSDoRV GH SUHHQFKLPHQWR ORFDLV TXH SUHVVXS}HP R
YD]LRHHP~OWLPDDQiOLVHVmRFDPSRVGHFULDomRGHIRUPXODomRHQDVFL
PHQWRPRUWH
2DFpIDORQRPXQGRLUUHVWULWRHLOLPLWDGRGDDUWHGiHVSDoRSDUDR
VXUJLPHQWRGHXPDFDEHoD(P$FpSKDOHXPDQRYDFDEHoDTXHLUiJHUPL
QDUVREUHRXWUDFRUWDGDjVSUHVVDVVHUUDGDSRUXPDFkPHUDVHUUDHOpWULFD
QDVGHEXOKDGDVFXPSULGDVSHOR0DLRGH
6H XPD QRYD FDEHoD VXUJH GR QDGD HOD SUHFLVD VHU FULDGD HOD
QDVFH GR ]HUR 2 ]HUR GR KRPHP p HYRFDGR HP $FpSKDOH e VHX FRPHoR
H WDPEpP VHX ¿P (P XPD )UDQoD HP UXtQDV RQGH D VDOD GH DXOD p XP
HVSDoRPRQRFyUGLRHHQWHGLDQWHRVEXUDFRVQRFKmRVmRRGHVWLQRLQHYL
WiYHOSDUDR~OWLPRKRPHP(VWHMiQmRFRQVHJXHHYROXLUFRPRDVGHPDLV
YLGDVQRSODQHWDHUHVSRQGHUDRVHVWtPXORVGDVTXDWURHVWDo}HVeSHQH
WUDQGRQHVVHEXUDFRKDELWDomRLPSHQViYHOSDUDRPRPHQWRKLVWyULFRHP
TXHYLYHTXHHVVH~OWLPRKRPHPYDLGHVDSDUHFHU(UHDSDUHFHUUHVVXUJLU
HPRXWURPRPHQWR2XWURFHQiULRRQGHRVKRPHQVYLYHPHPFDYHUQDVH
EXUDFRV SURWHJLGRV SHOR IRJR DV IRUPLJDV VmR LPHQVDV H RV GLQRVVDXURV
DLQGDSDVWDP3DVVDGRRXIXWXUR"2KRPHPVHOYDJHPTXHQDVFHGRFKmR
EURWDHPiUYRUHVHDJUXSDVHHPEDQGR)LFomRRXUHDOLGDGH"
-i R KRPHP XUEDQR FRQWHPSRUkQHR TXH LUi SDVVDU SRU XPD
$9(//$5-RVp&DUORV9HQWR%DUUDYHQWR>*ODXEHUH*RGDUGQDSRUWDGDXVLQD/XPLqUH@,Q
$/0(,'$-DQHGH2UJ*UXSR']LJD9HUWRY6mR3DXOR:LW]HGLo}HVS
$FpSKDOH
/)
YHUGDGHLUD PXGDQoD H WHU VXD FDEHoD DEHUWD SHODV DJLWDo}HV HP WRUQR GR
0DLRGHYDLVHHQFRQWUDUHPXPQRYRFHQiULR2DUWLVWDpRQRYRKRPHP
TXH VH Yr HP $FpSKDOH QRV HVFRPEURV GH XPD KHFDWRPEH TXH OHJRX DV
QRYDVFDYHUQDVFRQVWUXo}HVFRPRW~QHLVHIHUURYLDVUDVWURVGHXPDFLYLOL
]DomRUHFHQWH
1HVVDSDLVDJHPGHVRODGRUDDSRFDOtSWLFDHHQWmRDWXDOUHFULDVH
³1HVWHPRPHQWRHP3DULVXPKRPHPHVWiSUHVWHVDFRQVWUXLUVHXFpUH
EUR´ 8P QRYR FpUHEUR VREUH XPD SDLVDJHP LQyVSLWD YD]LD QD VLQWRQLD
GRVGHVFRQWHQWDPHQWRVTXHHPHUJLUDPGDVUXDVQDFDSLWDOIUDQFHVD$IROKD
EUDQFDH[LJHXPQRYRFpUHEURHPSURJUHVVR
7RGD HVVD GHDPEXODomR QR HQWDQWR p HIrPHUD 7HP D GXUDomR
GH XP VRQKR R RQtULFR p D OLJD HP $FpSKDOH $ QRYD FDEHoD WDOYH] VHMD
WmRSDVVDJHLUDFRPRXPDPRGDXP¿OPHRXFRPRRSUySULR0DLRGH
3Uy[LPRDR¿PGH$FpSKDOHRFRODSVRGDFDEHoD³(XQmRSRVVRVXSRUWDU
DIDFLOLGDGHGD¿FomR(XH[LMRDUHDOLGDGH(VWRX¿FDQGRORXFR´6HJXQGR
RGLUHWRU3DWULFN'HYDO$FpSKDOHpXPDFDEHoDSHVTXLVDGRUD2TXHSRU
XPODGRDLQVHUHIRUDGHXPFRQWH[WRHVSHFt¿FRQRFDVRR0DLRGHH
SRU RXWUR LQGLFD D IUDJLOLGDGH GH VXD LGHQWLGDGH HP PXWDomR FRQVWDQWH
/DXUHQW &RQGRPLQDV DTXHOH TXH PDLV VH DSUR[LPD GH XP SURWDJRQLVWD
QHVVD WUDPD VXUUHDOLVWD REVHUYD DLQGD ³(X PH VLQWR FRPR VH IRVVH GH
FKXPER$EDQDOLGDGHDEVROXWD´
8PTXDGURQHJURpDSDJiYHOXPDIROKDHPEUDQFRpUHQRYiYHOH
XPDQRYDFDEHoDpGHVHMiYHO6DOO\6KDIWRHPVHXWH[WRVREUHDVRULJHQVGR
=DQ]LEDU FKDPD D DWHQomR SDUD R ¿OPH $ FROHFLRQDGRUD GH (ULF
5RKPHU 1HOH Ki XP GLiORJR TXH SDUHFH WHU HQFRQWUDGR D UHYHUEHUDomR
SHUIHLWD HP $FpSKDOH ³(X DFKR TXH WRGR PXQGR SHQVD PXLWR 2 LPSRU
WDQWHQmRpSHQVDUPDVSDUWLFLSDU´
'(9$/3DWULFN8QPRQGHWUDQVSDUHQWYHUVOHIXWXU$FqSKDOH,Q6+$)726DOO\/HV¿OPHV
=DQ]LEDUHWOHVGDQG\VGH0DL3DULV3DULV([SpULPHQWDOS
'HYDOSDUHFHPHVPRTXHUHUVHGHVFRQFLOLDUGR0DLRGHHPVHXWH[WRVREUH$FpSKDOH³(VWLO
LQGLIIpUHQWGHVDYRLUVLWHO¿OPDpWpWRXUQpHQDYDQWRXDSUqVVHSWHPEUHRXHQDYDQW
RXDSUqVPDL"´³7HPDOJXPDGLIHUHQoDVDEHUVHWDO¿OPHIRLURGDGRDQWHVRXGHSRLVGHVHWHPEUR
GHRXDQWHVRXGHSRLVGHPDLRGH"´(P'(9$/3DWULFN8QPRQGHWUDQVSDUHQWYHUV
OHIXWXU$FqSKDOH,Q6+$)726DOO\/HV¿OPHV=DQ]LEDUHWOHVGDQG\VGH0DL3DULV3DULV
([SpULPHQWDOS
(VWHWH[WRHVWiSUHVHQWHQHVWDSXEOLFDomR³3URGXo}HV=DQ]LEDURX2V'kQGLVGH0DLRGH´
YHUSiJ
$FpSKDOH
/*
:;JHK?I;P#LEKI#
B;<KI?BI?B;D9?;KN
Feh<;HD7D:EM7J7D78;
8PDFDUWHODLQLFLDOGHFODUD³8P¿OPHURGDGRHP$EULOGH´2
SHVRGHVVDLQIRUPDomRWHQGHDGL¿FXOWDURUHFRQKHFLPHQWRGDHVVrQFLDGR
¿OPHTXHQmRpXPDDERUGDJHPGLUHWDVREUHRPRYLPHQWRGH0DLRGH
QD)UDQoDPDVVLPXPDUHÀH[mRVREUHDFRQGLomRGHXPLQGLYtGXRTXHGH
UHSHQWHVHYrLQVHULGRGHQWURGHOH
$KHURtQDHVFROKLGDIRLDPRGHOR&DUROLQHGH%HQGHUQ(ODpUHFR
QKHFLGDFRPRXPVtPERORVR¿VWLFDGRHEHORGRPDLRIUDQFrVGHSRUWHU
VLGRIRWRJUDIDGDHPXPSURWHVWR1DIRWRHODVHGHVWDFDGDPXOWLGmRSRU
HVWDUVRERVRPEURVGHDOJXpPHPSXQKDQGRXPDEDQGHLUDGR9LHWQm0XLWR
WHPSRGHSRLVHODGHFODUDHPHQWUHYLVWDTXHSRVRXSDUDDGLWDIRWRFRPR
LQVWLQWRGHXPDPRGHORSUR¿VVLRQDOTXHOKHHUDQDWXUDOPDVTXHHPUHDOL
GDGH QmR WLQKD PXLWD FRQVFLrQFLD GR TXH HVWDYD ID]HQGR &XULRVDPHQWH
XPPrVDQWHVHODKDYLD¿OPDGR³'pWUXLVH]YRXV´HRWRPTXHSUHGRPLQDQD
REUDpRGRTXHVWLRQDPHQWRHPUHODomRDRVVLJQRVHGLVFXUVRVTXHDOLPHQ
WDYDP0DLRGH
(VVH WRP FUtWLFR p FRVWXUDGR SHOD ³UHYHUEHUDomR GDV YR]HV GR
PXQGR´QRVFRUSRVTXHSRGHVHUH[HPSOL¿FDGDQDFHQDGDSDOHVWUDUHYR
OXFLRQiULDGH$ODLQ-RXIIUR\$LPDJHPGRSDOHVWUDQWHpWURFDGDSRUXPD
WHOD SUHWD SRUpP R GLVFXUVR GHOH LQFLVLYR HP VXD I~ULD FRQWUD R VWDWXV
TXRFRQWLQXD(VVDFHQDVLQJXODUGHQWURGDKLVWyULDGRFLQHPDGLWRSROt
WLFR DOLDGD DR IDWR GH D MRYHP ³UHYROXFLRQiULD´ &DUROLQH QmR FRQVHJXLU
DUWLFXODU XPD ~QLFD LGHLD D UHVSHLWR GD UHEHOLmR VHP DQWHV DEULU D IUDVH
FRP ³(OH GLVVH TXH´ PRVWUD GH IRUPD FLQHPDWRJUi¿FD XP PHFDQLVPR
GHSURSDJDomRGHGLVFXUVRVTXHpQmRDSHQDVSUREOHPiWLFRFRPRWDPEpP
SHULJRVR7DQWRDMRYHPSHUGLGDTXDQWRRFRQYLFWRLQWHOHFWXDOGHHVTXHUGD
WRUQDUDPVHUHSURGXWRUHVGHXPGLVFXUVRH[WHULRUDHOHV$R¿PHDRFDER
DJHP VHP SOHQD FRQVFLrQFLD VHP VDEHU GH IDWR DTXLOR TXH GHVHMDP GH
IRUPDPDLVSURIXQGD
'pWUXLVH]YRXV
/,
2VHVTXHOHWRVGRVSUpGLRVGDXQLYHUVLGDGHTXHHVWDYDHPFRQVWUX
omRFRQVWLWXHPDULPDYLVXDOGHXPSHQVDPHQWRUHYROXFLRQiULRDLQGDLQFL
SLHQWH(PDOJXQVPRPHQWRVDFkPHUDH[SORUDPXURVHSLVRVFRQVWLWXtGRV
GHSHGUDV5XtQDVHVSDoRVGHVSURWHJLGRVSHODPL[DJHPVmRHVSDoRVPXGRV
1mRKRXYHHVSDoRQHPPHVPRSDUDXPVRPDPELHQWHPDLVGLVFUHWR(VVH
PXWLVPRJHUDOFRQIHUHDR¿OPHXPDTXDOLGDGHIDQWDVPiWLFDVLQJXODUHHVVH
VLOrQFLRpSHUWXUEDGRSRUSDODYUDVGHRUGHPHVYD]LDGDV³WRGDVDVUHYROX
o}HVTXHVHTXHLUDPUHDOL]iYHLVQDSUiWLFDQHFHVVLWDPGHDOJXpPTXHIDOH´
GL]RSDOHVWUDQWH0DVVH³D/LQJXDJHPpUHJUHVVLYD´HSRUWDQWRWRGRVRV
GLVFXUVRVVHHQFRQWUDPDOLHQDGRVGDVYHUGDGHVKXPDQDVDYHUGDGHLUDDUPD
WDOYH]VHMDDYLDJHPUXPRDRLQWHULRUGHFDGDXP2OKDUSDUDGHQWURGHVLH
UHLQYHQWDUDIRUPDFRPRRHJRVHFRQHFWDDRPXQGRGHVWUXLUVH(VVHpR
IX]LOVLOHQFLRVRRYHUGDGHLURLQVWUXPHQWRWUDQVIRUPDGRU"
³'pWUXLVH]YRXV´ WHP XP ULWPR PXLWR SHFXOLDU H LQWHULRU UDGL
FDOPHQWHRSRVWRjJUDQGHPDLRULDGRV¿OPHVUHFRQKHFLGRVFRPRSROtWLFRV
8PDUHÀH[mRGHVD¿DGRUDVREUHDFRQGLomRLQVWiYHOGHXPDMRYHPHPPHLR
DXPDUHYROXomRTXHOKHHVFDSD$RPHVPRWHPSRpWDPEpPXPDUHÀH
[mRPDQLIHVWRVREUHDFRQGLomRGRFLQHPDHVXDUHODomRFRPRHVSHFWDGRU
$LPDJHPP~PLDGH&DUROLQHGH%HQGHUQTXHLQWHUSHODRHVSHFWDGRUpXP
PRPHQWRQRTXDORFLQHPDXWLOL]DRVHXSRGHUGHGHVD¿DUWRGRVDVDtUHP
GHVXDV]RQDVGHFRQIRUWRSDVVLYDV0DVHVVHPRYLPHQWRUXPRjDomRQmR
REMHWLYDQHFHVVDULDPHQWHOHYDQWDUEDQGHLUDVWDPSRXFREUDGDURXREHGHFHU
DSDODYUDVGHRUGHP³'pWUXLVH]YRXV´QRVFRQYRFDDROKDUFRPPDLVDWHQ
omRSDUDGHQWURDQWHVGHTXDOTXHUUHYROXomR
'pWUXLVH]YRXV
/.
GK7JHEC7D?<;IJEI
FEHKC9?D;C7L?EB;DJE
Feh:7D?;BFECC;H;KBB;"I;H=;87H:"
F7JH?9A:;L7B[F>?B?FF;=7HH;B
2QtYHOGHSHUFHSomRGHXP¿OPHGHYHVHUQHFHVVDULDPHQWHFRQVL
GHUDGR FRPR XP WUDPSROLP PHQWDO FDSD] GH VR]LQKR SHOD IRUoD GH VXD
WUDMHWyULDUHFRORFDUHPTXHVWmRD~QLFDFRLVDTXHYDOHDSHQDLVWRpXPD
PXGDQoDUDGLFDOQRkQJXORGHGLiORJRGDYLVmR2WHPSRHPTXHXP¿OPH
QmRpVRPHQWHYLVWRHROKDGRDWUDYpVGRWUDEDOKRGHGLVVHFDomRGHVHXGHWD
OKHPDVHPVHXFKRTXHGHJUXSRFKHJRX2KRPHPTXHKRMHQmRFKHJD
DMXQWDUDSURMHomRGDVH[SORV}HVGLVSHUVDGDVGHWRGRVRVKRUL]RQWHVSRVVt
YHLVGHXPDLGHLDSHOLFXODUpHSHUPDQHFHUiXPHVSHFWDGRUGH¿QLWLYDPHQWH
SUHVRHPVHXDVVHQWROLQKDLPDJLQiULDTXHRVHSDUDSDUDVHPSUHGDDomR
GHVVDFRPSUHHQVmR
$ IDFLOLGDGH GDV P~OWLSODV SRVLo}HV TXH FRQVLVWHP HP FUHU GD
SDUWH GR ³GLUHWRU´ GRV ³HVSHFWDGRUHV´ H GR ³DWRU´ TXH HOHV WUDEDOKDP QD
FRQVWUXomR GH XPD FDWHGUDO GR SHQVDPHQWR GD PDQHLUD PDLV LQGXVWULDO
SRVVtYHOTXHDLGHLDSULQFLSDOQmRVHFRQFUHWL]DFRPDDFXPXODomRGHHQUL
TXHFLPHQWRVQHPFRQWULEXLDXPGLVW~UELRGHUHFXSHUDomR
2LPSDFWRVHWRUQDUHDOPHQWHYLYRQRPRPHQWRHPTXHXOWUDSDV
VDQGR HVVDV FRQVLGHUDo}HV GH RUGHP ¿FWtFLD SHUPLWH MXVWDPHQWH HVFDSDU
GHVVHVHVTXHPDVTXHRVLPEHFLVFRQWLQXDPDFKDPDUGHKRQUDRXIHOLFL
GDGHGHHVFUHYHUGHIDQWiVWLFRHORJLRGRDWRURXPHVPRGDUHFHSomRIiFLO
SURGX]LGD HP XP DXGLWyULR VHP SHUFHEHU R PtQLPR GR PXQGR HP TXH
JHUDOPHQWHRSURGXWRLQYHQWDGRHVWiQRPHVPRQtYHOTXHRSURGXWRFRQVX
PLGR2VVLVWHPDVGHGLVW~UELRVyVHFRPSDUDPFRPRVLVWHPDLQGLYLGXDO
$YLROrQFLDGRFLQHPDUHVLGHSULQFLSDOPHQWHQRIDWRGHHOHHVFD
SDUGHWRGDWHQWDWLYDGHGLYLVmR6HRMXOJDPHQWRFRQWLQXDDRSHUDUQHVVH
VHQWLGR p TXH HOH VH HQFRQWUD DLQGD HP VHX HVWDGR XPELOLFDO HVWDGR TXH
HQWUHWRGRVSHUPLWHDRV´FmHVDGHVWUDGRV´DFRQWLQXDUDD¿UPDUWRGRWLSRGH
9LWH
FRLVDVWUDQTXLOL]DQWHVIUHQWHDRLPHQVRPHGRRULXQGRGHXPPXQGRRQGH
HOHVQmRRXVDPDYDQoDU $ SHOtFXOD p D PDWpULD UHÀHWLQGR DV LPDJHQV PHQWDLV DV TXDLV
:7D?;BFECC;H;KBB; GHYHPWHQGHUjDEVWUDomRDEVWUDomRGRVVLQDLVRTXHEUDFDEHoDHGDIDOD
DWRWDOLGDGHVHJXQGRDFRLQFLGrQFLDGDIyUPXODHGRIRUPXODGRU SDUD
VHUUHFHELGRSHORHVSHFWDGRUDOpPGDFRPSUHHQVmRHVLPHWULFDPHQWHSHOR
$ YLROrQFLD QR FLQHPD Vy SRGH VHU D UHVWLWXLomR GR GHVHUWR LQWH DXWRU¿OPDGRDOpPGDFRPSUHHQVmR
JUDOTXHIXQGDDUHODomRLUUHFRQFLOLiYHOGRHVSHFWDGRUFRPDWHOD2FDPSR 6H R FLQHPD p OLYUH GH WRGD GUDPDWXUJLD DQHGyWLFD H SVLFROyJLFD
PHQWDO GHVVD UHODomR QmR WHP VHQWLGR QHP IRUoD VHQmR HP XP PRYL QtYHOGHSHUIHFWLELOLGDGHGHXP¿OPHSRGHGDUFRQWDGDPRQWDJHPVRE
PHQWRGHHVFDODGDFRUWDQWH$TXLDPLVHHQVFqQHGHYHVHUPLVHHQVDOOH2 DJUHVVmR SHUSpWXD DR SDVVDU GR HVWiJLR GD IDOD DRV FRQ¿QV GD DQJ~VWLD H
FDPSRGDGH¿QLomRGHVVDYLROrQFLDGHYHVHUDGLIHUHQoD'HYHFRUWDUWRGRV GDLURQLDUHÀH[LYD$UHYHODomRDWLQJHRDXWRUGHSRLVGRHVIDFHODPHQWRGD
RV SRQWRV UHYHUWHU R FKRTXH LGHQWL¿FDWLYR HP XP FKRTXH DJUHVVLYR TXH QHFHVVLGDGHGHH[SUHVVmRQDPHGLDomRHVWHHQWmRQmRSRGH¿OPDUVHQmR
GHYHID]HUFDGD¿OPHXPSRQWRGHLQWHUURJDomRQRTXDORSHQVDPHQWRGR HPHVWDGRGHVRQDPEXOLVPRDFRUGDGR
HVSHFWDGRU VHUi HP FDGD FDVR D ~QLFD UHVSRVWD RX DXVrQFLD GH UHVSRVWD 2FLQHPDXVDDPHVPDFRGL¿FDomRTXHRVRQKRHQWmRSRGHVHU
(PVXPDLVVRVLJQL¿FDVLPSOHVPHQWHDJXHUUD UHFHELGRSRUWRGRVXPDYH]TXHFDGDXPVRQKDHPVHXFDQWR$VVLPUXLR
I;H=;87H: FRQFHLWRGHHVRWHULVPR
2¿OPHQmRSRGHVHUDYDOLDGRVHJXQGRFULWpULRVHVSDoRWHPSRUDLV
SRUTXHWRGRUHFXRDVXDUHFHSomREHPFRPRDVXDFRQFHSomRpH[FOXtGR2
2FLQHPD±WXGRpWUDtGR$KLVWyULDGDWHUUDFRPHoDSHODVSDOD QRYRFULWpULRTXHDSDUHFHSDUDDYDOLDURV¿OPHVpDWUDQVSDUrQFLD2HVSHF
YUDV³(VWiIHLWR´$KLVWyULDGRFLQHPDQRVSULYRXGHGHVWLQR$TXLMD]R WDGRUpDVVLPLODGRGHERPJUDGRRXjIRUoDSHORDXWRUTXHRFRQGX]HPXP
RUJXOKR $ KXPDQLGDGH QHP H[LVWH PDLV $ DVVXVWDGRUD QRYLGDGH QRV p VRQKRDFRUGDGRSDVVDQGRSHORVWUDXPDWLVPRVLQGLYLGXDLVELRJUi¿FRVSDUD
UHYHODGD RV PXQGRV ¿FWtFLRV GDV UHOLJL}HV GHVPRURQDP 'HVPRURQRX D LGHQWL¿FDUDVXDFRQGLomR$LGHQWL¿FDomRDFDEDDVVLPTXHFHVVDDSURMHomR
HQJDQDomR LQIDPH GDV SDODYUDV $ SHOtFXOD WHFLGR PHQWDO WRUQD OLYUH R RHVSHFWDGRUVDLQGRGDPLUDJHPYrVHREULJDGRDVHUHGH¿QLU6HJXLUmR
HVSDoRTXHHODFULRX RXQmRPRGL¿FDo}HVGHFRPSRUWDPHQWRFRPRQDVDtGDGRVRQKR2TXH
2FLQHPDWRUQDRPXQGRLQVXSRUWiYHO(OHQmRVXSRUWDDEHDWL¿FD QRVID]OHPEUDUTXHRSHQVDPHQWRpD[LDOFRQWDJLRVRHHYROXWLYR6HJXQGR
omRGDSRHVLDHOHH[LJHDUHDOLGDGH HVVHLGHDORFLQHPDFRQVWLWXLXPQRYRPRGRGHFRPXQLFDomRSHORURXERGD
9HU WXGR HP WXGR D OLQJXDJHP GR FLQHPD p SRVWHULRU j DQWLJD SHUVRQDOLGDGH±DPDLVGHVHQYROYLGDGDVFRPXQLFDo}HVGHVHQWLGR~QLFR
GLVWLQomR GD SDODYUD H GR VLOrQFLR 3HQVHPRV QRV SULPHLURV SRHPDV GR $VVLPVHMDGLWR
SRHWDGD6XiELD+|OGHUOLQSHQVHPRVQRV~OWLPRVSRHPDVQmRDOXVLYRVGR F>?B?FF;=7HH;B
SRHWDXPDPiVFDUDGHPDQWHLJDIULDVREUHRURVWRDSULPDYHUDRYHUmRR
LQYHUQRRRXWRQR1XUDVRULVtYHOQDGD
9LDMDQGRSDUDWUiVVREUHRPXQGRTXHWHUPLQDRVFKHIHVIUDQFH
VHVVDHPGHVHXVFDGiYHUHVURGRSLDQGRGXURVHVHFRV
F7JH?9A:;L7B
'&( '&)
9HEDEBE=?7:EI<?BC;IP7DP?87H
'/,.#(&&+
)HYHUHLUR
6REXPSVHXG{QLPR$QQH6WRU\0DUVKDOO6\OYLQD
%RLVVRQQDV SURGX] XP FDWiORJR SDUD DV WHODV GH 2OLYLHU
0RVVHWeXPFDWiORJRVHPH[SRVLomR3DUDDRFDVLmR6HUJH
%DUGHVFUHYHXPD³(QWUHYLVWDLPDJLQiULD´
/DQJORLVpDIDVWDGRSRU0DOUDX[
-RXIIUR\ SXEOLFD $EROLWLRQ GH O¶DUW pG &ODXGH
*LYDXGDQ
0DUoR
GHPDUoR0DQLIHVWDomRHP1DQWHUUH
$EULO
)HVWLYDO GR &LQHPD -RYHP GH +\qUHV 'HYDO DSUH
VHQWD VHX SULPHLUR PpGLDPHWUDJHP +pUDFOLWH O¶REVFXU
3RPPHUHXOOH DSUHVHQWD VHX FXUWDPHWUDJHP 2QH PRUH
WLPH 6RE YDLDV *DUUHO UHFHEH R JUDQGH SUrPLR SRU 0DULH
SRXUPpPRLUH
6\OYLQD %RLVVRQQDV FRQYHQFH VHX LUPmR -DFTXHV
D ¿QDQFLDU RV SULPHLURV ¿OPHV GH XP MRYHP GHVFRQKHFLGR
6HUJH%DUG¿OPDGRHP1DQWHUUHHPDEULOHPRQWDGRDSyV
RVHYHQWRVGH0DLR
0DLR
'XUDQWH R SHUtRGR GDV EDUULFDGDV -DFNLH 5D\QDO
H 6\OYLQD %RLVVRQQDV VH YHVWHP FRPR HQIHUPHLUDV GD &UX]
9HUPHOKD(ODVGHVFHPSDUDDUXDSDUDUHVJDWDURVIHULGRVH
OHYiORVSDUDXPOXJDUVHJXUR3UHVDVSHODSROtFLDVmROHYDGDV
'&* '&+
8P ³KRPH PRYLH´ GH 3DUGR PRVWUD D IDPtOLDWULEX DR UHGRU $JRVWR
GH *DUUHO 3DUGR 7LQD $XPRQW *DUUHO 3LHUUH5LFKDUG %Up 3URMHomR GH /H OLW GH OD YLHUJH QD &LQHPDWHFD
'LGLHU /pRQ %DEHWWH /DP\ -HDQ WDPEpP FRQKHFLGR FRPR )UDQFHVDGLD
³8WDK´ 0DVFROR $QpPRQH H 0LFKHO $XGHU 6\OYLQD DSDUHFH 3URMHomRGH$FpSKDOHGH'HYDOGLD
SRU Oi GXDV YH]HV PXLWR EUHYHPHQWH HP VHX JUDQGH FDUUR
DPHULFDQR2¿OPHFRQWLQXDHP*URWWDIHUUDWDQD,WiOLDRQGH 6HWHPEUR
R JUXSR VH HQFRQWUDYD DQWHV GH VH LQVWDODU HP 3RVLWDQR 1D 3URMHomR GH 8Q ¿OP GH 6\OYLQD %RLVVRQQDV QD
VHJXQGD SDUWH GR ¿OPH YrVH 7LQD $XPRQW HP XPD GH VXDV &LQHPDWHFD)UDQFHVDGLD
¿OPDJHQVFRPXPGLUHWRULWDOLDQRHHPVHJXLGDHP/RQGUHV 3URMHomRGH,FLHWPDLQWHQDQWGH%DUGGLD
'H]HPEUR 'H]HPEUR
'HYDOHPEDUFDSDUDRV(VWDGRV8QLGRVFRP/DXUHQW (P$OJHU%DUGVHFRQYHUWHDR,VOm
&RQGRPLQDVH$ODLQ'LVWHU5D\QDOMXQWDVHDHOHVHPIHYH 3URMHomRGHePHWGH&ODXGH0DUWLQQD&LQHPDWHFD
UHLURGH )UDQFHVDGLD
6\OYLQD%RLVVRQQDVURGD8Q¿OPFRORULGRHVFRSH 3URMHomRGH)XQDQG*DPHVIRUHYHU\RQHGH%DUG
QD&LQHPDWHFD)UDQFHVDGLD
0DUoR
(P FRQGLo}HV OX[XRVDV %DUG H VXD FRPLWLYD )HYHUHLUR
3RPPHUHXOOH/pRQ:LOHQ0RVVHWGH%HQGHUQ/DP\%Up (P 3DULV 6\OYLQD %RLVVRQQDV FRP D DMXGD GH
HWFGHL[DP3DULVHPGLUHomRD=DQ]LEDUFRPDLQWHQomRGH 0RVVHW SURGX] HP LQJOrV XP FDWiORJR GH GLVWULEXLomR GRV
¿OPDUQD(XURSD ¿OPHV=DQ]LEDU³1HZ)UHQFK)LOPV´
$EULO 0DLR
3ULPHLUD SURMHomR GH 0DULH SRXU PpPRLUH QD 3URMHomRQD4XLQ]HQDGRV5HDOL]DGRUHVGRVVHJXLQ
&LQHPDWHFD)UDQFHVDGLD WHV¿OPHV9LWH8Q¿OP/H5pYpODWHXUH'pWUXLVH]YRXV
0DLR $EULO
3URMHomR GH 8Q ¿OP GH 6\OYLQD %RLVVRQQDV QD 6\OYLQD%RLVVRQQDVH2OLYLHU0RVVHWYmRSDUD1RYD
&LQHPDWHFD)UDQFHVDGLD <RUNSDUDPRVWUDUDOJXQV¿OPHV=DQ]LEDU
-XQKR 9HUmR
3URMHomR GH /H OLW GH OD YLHUJH QD &LQHPDWHFD &DUROLQHGH%HQGHUQ%DUQH\:LOHQH'LGLHU/pRQ
)UDQFHVDGLDH ~OWLPRVPHPEURVGDH[SHGLomRTXHSDUWLXHPHPGLUH
'&. '&/
omRD=DQ]LEDUUHWRUQDPD3DULV:LOHQFRPHoDDUHDOL]DUVHX 2XWXEUR
GLVFR 0RVKL TXH UHYHOD D LQÀXrQFLD GD P~VLFD H GRV VRQV 3ULPHLUD SURMHomR GH 'HX[ IRLV GH 5D\QDO QD
DIULFDQRV±TXHVHWRUQDUiXPVXFHVVR &LQHPDWHFD)UDQFHVDGLD
&DUROLQH GH %HQGHUQ H %DUQH\ :LOHQ UHWRUQDP D 'HSRLVGHXPDYLDJHPGHPDLVGHGH]DQRV'HYDO
ÈIULFDD¿PGHFDSWDULPDJHQVRULJLQDLV-XQWRVHOHVUHDOL]DP UHWRUQDD3DULV
¬ /¶LQWHQWLRQ GH 0DGHPRLVHOOH ,VVRXIRX j %LOPD PRQWDGR
FRPDP~VLFDGH:LOHQ
$EULO
1R )HVWLYDO ,QWHUQDFLRQDO GR &LQHPD -RYHP
)HYHUHLUR GH +\qUHV 0DUFHO 0D]p ID] XPD KRPHQDJHP DRV ¿OPHV
1RsO 6LPVROR SXEOLFD XPD HQWUHYLVWD GH 6\OYLQD =DQ]LEDU H[LELQGR 'pWUXLVH]YRXV 'HX[ IRLV /H OLW GH OD
%RLVVRQQDVQD&LQpPD YLHUJH$FpSKDOHH9LWH
$EULO
'HX[ IRLV GH 5D\QDO REWpP R *UDQGH SUrPLR H[ $ SHGLGR GD &LQHPDWHFD )UDQFHVD 6DOO\ 6KDIWR
DHTXRQR)HVWLYDOGR&LQHPD-RYHPGH+\qUHV LQLFLDVXDVSHVTXLVDVVREUHDFRQVWHODomR=DQ]LEDU
3LHUUH&OpPHQWLPRUUHQRGLDGHGH]HPEUR
-XOKR
³-RUQDGD 3KLOLSSH *DUUHO´ QD &LQHPDWHFD GLD
FRP D SURMHomR GRV VHJXLQWHV ¿OPHV /HOLW GH OD YLHUJH /D 3URMHomR GRV ¿OPHV =DQ]LEDU QD $QWKROROJ\ )LOP
FLFDWULFHLQWpULHXUHH$WKDQRUSUpHVWUHLD $UFKLYHV 1RYD <RUN MXOKR D GH]HPEUR GH RQGH
-RQDV 0HNDV VH HQWXVLDVPD FRP RV ¿OPHV )DFHWV 0XOWL
$JRVWR 0HGLD &KLFDJR RXWXEUR GH +DUYDUG )LOP $UFKLYH
3URMHomR GH $FpSKDOH GH 'HYDO QD &LQHPDWHFD &DPEULGJHPDLRDMXQKRGH
)UDQFHVDGLD (PPDLRGHRV¿OPHV=DQ]LEDUVmRDSUHVHQWD
3URMHomRGH.HHSLQJ%XV\GH$XGHUGLD GRVQD&LQHPDWHFD)UDQFHVDQDUHWURVSHFWLYD³-RYHPGXURH
SXUR8PDKLVWyULDGRFLQHPDDYDQWJDUGHHH[SHULPHQWDOQD
6HWHPEUR )UDQoD´FRPGLUHomRGH1LFROH%UHQH]H&KULVWLDQ/HEUDW
3ULPHLUD SURMHomR GH 'pWUXLVH]YRXV GH %DUG QD (P MXQKR RV ILOPHV =DQ]LEDU VmR LQFOXtGRV QR
&LQHPDWHFD)UDQFHVDGLD FLFOR³2VDQRVSRSFLQHPDHFXOWXUDSRS´DSUHVHQWDGRQR
&HQWUR3RPSLGRX
0HVDUHGRQGDQR6DOmRGROLYURGHFLQHPD3DULV
''& '''
)XQ DQG *DPHV IRU HYHU\RQH 'LYHUVmR H /¶KRPRJUDSKH j TXRL UrYH OH IRHWXV" 2
MRJRV SDUD WRGRV 6HUJH %$5' GLUHWRU )LOPDGR GXUDQWH +RPyJUDIRRTXHVRQKDRIHWR"0LFKHO)2851,(5GLUH
XPYHUQLVVDJHGH2OLYLHU0RVVHWQD*DOHULD5LYH'URLWHHP WRU¶PP3UHWRHEUDQFR
¶PPSUHWRHEUDQFR
&RP 2OLYLHU 0RVVHW &DUROLQH GH %HQGHUQ -HDQ 0DVFROR 0DULH SRXU PpPRLUH 0DULH SDUD PHPyULD
%DUEHW6FKURHGHU3LHUUH5LFKDUG%Up6DOYDGRU'DOtHWF 3KLOLSSH *$55(/ ¶ PP SUHWR H EUDQFR
3URMHomRQD&LQHPDWHFD)UDQFHVD&KDLOORWGHGH]HPEUR 3URGXomR*DUUHOFRPDX[tOLRGH&ODXGH%HUULHGR&HQWURGH
GHK 3HVTXLVD5RWHLURGH*DUUHO
(OHQFR$QGUp%LQHDX0DXULFH*DUUHO7KLHUU\*DUUHO1LFROH
8Q ¿OP 8P ¿OPH 6\OYLQD %2,66211$6 GLUH /DJXLJQp %DEHWWH /DP\ 'LGLHU /pRQ )LDPHWD 2UWHJD
WRUD¶PP6FRSHFRORULGR -DFTXHV5RELROOHV=RX]RX
(OHQFR6\OYLQD%RLVVRQQDV (TXLSH WpFQLFD 0LFKHO )RXUQLHU IRWRJUD¿D 0RQWDJHP
(TXLSHWpFQLFD$UPDQG0DUFRIRWRJUD¿D 3KLOLSSH*DUUHO6RP'XPDV0~VLFD)UDQoRLV*DUUHO
3URMHo}HV QD &LQHPDWHFD )UDQFHVD &KDLOORW GH PDLR GH *UDQGHSUrPLRQR)HVWLYDOGH+\qUHVDEULOGH
K&KDLOORWGHVHWHPEURGHK 3URMHo}HVQD&LQHPDWHFD)UDQFHVD&KDLOORW+RPHQDJHPD
3KLOLSSH *DUUHO GH VHWHPEUR GH &KDLOORW GH
$FpSKDOH $FpIDOR 3DWULFN '(9$/ GLUHWRU DEULOGHK&KDLOORWGHDJRVWRGHK
)LOPDGRHPMXOKRGH¶PPSUHWRHEUDQFR /DQoDPHQWRGHPDUoRGH
(OHQFR -DFTXHV %DUDWLHU 0LFKDHO &KDSPDQ /DXUHQW
&RQGRPLQDV 3DWULFN 'HYDO &KULVWLDQ /HGRX[ (GRXDUG /H5pYpODWHXU25HYHODGRU3KLOLSSH*$55(/
1LHUPDQV-DFTXHOLQH5D\QDO(YH5LGRX[$XGUH\9LSRQG GLUHWRU)LOPDGRQD$OHPDQKDPDLRMXQKRGH¶
(TXLSH WpFQLFD 0LFKHO )RXUQLHU H *X\ *LOOHV IRWRJUD¿D PPSUHWRHEUDQFR0XGR3URGXomRHURWHLURGH*DUUHO
0RQWDJHP-DFTXHOLQH5D\QDO (OHQFR %HUQDGHWWH /DIRQW 6WDQLVODV 5RELROOH /DXUHQW
3URMHo}HVQD&LQHPDWHFD)UDQFHVD"GHRXWXEURGH" 7HU]LHII
&KDLOORWGHDJRVWRGHK&KDLOORWGHDJRVWR (TXLSH 7pFQLFD 0LFKHO )RXUQLHU IRWRJUD¿D 0RQWDJHP
GHK 3KLOLSSH*DUUHO
3URMHomR QD &LQHPDWHFD )UDQFHVD &KDLOORW +RPHQDJHP D
$FpSKDOH%LV$FpIDORELV3DWULFN'(9$/GLUHWRU 3KLOLSSH*DUUHOGHVHWHPEURGH
)LOPDGR QR RXWRQR GH PP &RORULGR 0~VLFD ,URQ
%XWWHUÀ\5ROOLQJ6WRQHVP~VLFDLQGLDQD'KUXSDG&D¶ /D &RQFHQWUDWLRQ $ FRQFHQWUDomR 3KLOLSSH
)LOPHSHUGLGRHVHPFUpGLWRVRXFDUWHODGHWtWXOR *$55(/ GLUHWRU )LOPDGR QRV HVW~GLRV 'RYLGLV DJRVWR GH
¶
PP&RORULGR5RWHLURHPRQWDJHPGH*DUUHO
(OHQFR-HDQ3LHUUH/pDXG=RX]RX
''* ''+
IE8H;EI7KJEH;I
/XL]5RVHPEHUJ)LOKR
/XL]5RVHPEHUJ)LOKRpFLQHDVWDDUWLVWDSOiVWLFRHHQVDtVWD
1DVFLGR QR 5LR GH -DQHLUR HP p DXWRU GH PDLV GH
¿OPHV HQWUH RV TXDLV VH GHVWDFDP WtWXORV FRPR ,PDJHQV
9LGHRWULSH/LQJXDJHP
-DFNLH5D\QDO
-DFNLH 5D\QDO QDVFHX QD UHJLmR GH 0RQWSHOLHU HVWXGRX QD
6RUERQQH H DSUHQGHX PRQWDJHP QR *HQHYLOOLHUV /DE HP
3DULV (GLWRX ¿OPHV GH GLUHWRUHV FRPR 5RKPHU H *RGDUG
(VWUHRXFRPRGLUHWRUDHPFRPRSUHPLDGRORQJD'HX[
)RLV&RPDGXSODFLGDGDQLDSDVVRXDYLYHUHP3DULVH1RYD
<RUN RQGH IRL FXUDGRUD GR %OHHFNHU 6WUHHW &LQHPD H GR
&DUQHJLH+DOO&LQHPD
6DOO\6KDIWR
6DOO\ 6KDIWR p SHVTXLVDGRUD 'HVGH TXH VH PXGRX SDUD R
0DUURFRV HP YHP FREULQGR R &LQHPD 0DJUHELQR H
$IULFDQRSDUDDVSXEOLFDo}HV6HQVHVRI&LQHPDH)UDPHZRUN
/HFLRQRX QDV 8QLYHUVLGDGHV GH =RKU H )DFXOGDGH
3OXULGLVFLSOLQDUGH2XDU]D]DWH6XDPRQRJUD¿DVREUHRV¿OPHV
=DQ]LEDUIRLSXEOLFDGDHPSHOD3DULV([SpULPHQWDO
/HRQDUGR(VWHYHV
/HRQDUGR(VWHYHVpPHVWUHHP$UWHV9LVXDLVSHOD(VFRODGH
%HODV $UWHV GD 8)5- H GRXWRUDQGR HP &RPXQLFDomR 6RFLDO
SHOD38&5LR3HVTXLVDGRUGDUHYLVWD)LOPH&XOWXUD'LULJLX
WUrV FXUWDVPHWUDJHQV (QWUH HOHV $OJXpP WHP TXH KRQUDU
HVVDGHUURWD
/DUpYROXWLRQQ¶HVWTX¶XQGpEXWFRQWLQXRQVOHFRPEDW
''/
)HUQDQGR:DWDQDEH
)HUQDQGR:DWDQDEHIRLFUtWLFRGDVUHYLVWDV&LQHTXDQRQ3DLVi
H,QWHUO~GLR$WXDOPHQWHWUDEDOKDFRPPRQWDJHPHPFLQHPD
HWHOHYLVmRWHQGRSDUWLFLSDGRGHGLYHUVRV¿OPHVHVpULHVVREUH
D'LWDGXUD0LOLWDU'LULJLXRFXUWD'DQoDV6HX7&&
QDIDFXOGDGHIRLXPDDQiOLVHVREUHR¿OPH'pWUXL]pVYRXV
/H)XVLO6LOHQFLHX[6HUJH%DUG
0LFKDHO&KDSPDQ
5DGLFDGR QR %UDVLO GHVGH SDUWLFLSRX HP JUXSRV GD
YDQJXDUGD HXURSpLD QD GpFDGD GH ([SORGLQJ *DOD[\ ±
/RQGUHVH=DQ]LEDU)LOPV±3DULV0HVWUHHP
$UWHV9LVXDLV+'.%HUOLPH'RXWRUHP(QJHQKDULD
GH3URGXomRQDiUHDGHPtGLDHFRQKHFLPHQWR8)6&
'HVHQYROYHX R SURMHWR (QFRQWURV 6LQJXODUHV 1DUUDWLYD
0HPyULD$UWHH9LGDQD8)5*6VREVXSHUYLVmRGH
+pOLR)HUYHQ]D$WXDOPHQWHOHFLRQD$UWHV9LVXDLVQD)85*
$GULDQ0DUWLQ
$GULDQ 0DUWLQ p FUtWLFR GH FLQHPD H SURIHVVRU QD 0RQDVK
8QLYHUVLW\HP0HOERXUQH$XVWUiOLD7HPWUDEDOKRVSXEOLFD
GRVHPGLYHUVDVUHYLVWDVHMRUQDLVDRUHGRUGRPXQGR
5HQDWR&RHOKR2UJDQL]DGRU
5HQDWR&RHOKRpPHVWUHHP0XOWLPHLRVSHOD8QLFDPSRQGH
UHDOL]DDWXDOPHQWHSHVTXLVDGHGRXWRUDGRHP$UWHV9LVXDLV
5HDOL]RX FXUWDVPHWUDJHQV FRPR 3% H 5XD -XOLHWD
3DOKDUHV
)XQDQGJDPHVIRUHYHU\RQH
EI<?BC;IP7DP?87H0
:ÆD:?I:;C7?E:;,.
$&e3+$/( +20(029,($87285'8 /(5e9e/$7(85
$&e)$/2 /,7'(/$9,(5*(),/0( 25(9(/$'25
GLU3DWULFN'HYDO &$6(,52(072512'(/(/,7 GLU3KLOLSSH*DUUHO
PLQPP3% '(/$9,(5*( PLQPP3%
([LELomRGLJLWDO GLU)UpGpULF3DUGR ([LELomRHPPP
PLQPP&RU
'e758,6(=9286 ([LELomRGLJLWDO 0$5,(32850e02,5(
'(6758$6( 0$5,(3$5$0(0Ï5,$
GLU6HUJH%DUG ,&,(70$,17(1$17 GLU3KLOLSSH*DUUHO
PLQPP3% $48,($*25$ PLQPP3%
([LELomRGLJLWDO GLU6HUJH%DUG ([LELomRHPPP
PLQPP3%
'(8;)2,6 ([LELomRHPPP 81),/032512
'8$69(=(6 80),/0(32512
GLU-DFNLH5D\QDO /$&,&$75,&(,17e5,(85( GLU2OLYLHU0RVVHW
PLQPP3% $&,&$75,=,17(5,25 PLQPP&RU
([LELomRHPPP GLU3KLOLSSH*DUUHO ([LELomRGLJLWDO
PLQPP&RU
)81$1'*$0(6)25 ([LELomRHPPP 9,6$'(&(1685(1;
(9(5<21( 9,672'(&(1685$1;
',9(562(-2*263$5$ /$5e92/87,211¶(67 GLU3LHUUH&OpPHQWL
72'26 48¶81'e%87&217,18216 PLQPP&RU
GLU6HUJH%DUG /(&20%$7 ([LELomRGLJLWDO
PLQPP3% $5(92/8d2e$3(1$62
([LELomRHPPP &20(d2&217,18(0262 9,7(
&20%$7( 5È3,'2
+e5$&/,7(/¶2%6&85 GLU3LHUUH&OpPHQWL GLU'DQLHO3RPPHUHXOOH
+(5È&/,7222%6&852 PLQPP&RU PLQPP&RU
GLU3DWULFN'HYDO ([LELomRGLJLWDO ([LELomRHPPP
PLQPP&RU
([LELomRGLJLWDO /(/,7'(/$9,(5*( =$1=,%$5
$&$0$'$9,5*(0 GLU-DFNLH5D\QDO
GLU3KLOLSSH*DUUHO PLQ9tGHR&RU
7RGRVRV¿OPHVFRPGLiORJRV
PLQPP3% ([LELomRGLJLWDO
H[LELGRVFRPOHJHQGDVHOHWU{QLFDV
([LELomRHPPP HPSRUWXJXrV
'(( '()
/HOLWGHODYLHUJH
'(+
<?9>7Jx9D?97
3UHVLGHQWHGD5HS~EOLFD
'LOPD5RXVVHII
0LQLVWURGD)D]HQGD
*XLGR0DQWHJD
3UHVLGHQWHGD&DL[D
(FRQ{PLFD)HGHUDO
-RUJH)RQWHV+HUHGD
,GHDOL]DomRH&XUDGRULD
5HQDWR&RHOKR
2UJDQL]DomRH3URGXomR
/LUD&LQHPDWRJUi¿FD
&LQHGLiULR $VVHVVRULDGH,PSUHQVD
$'RLV&RPXQLFDomR
3URGXomR([HFXWLYD
3ULVF\OD%HWWLP /HJHQGDJHP(OHWU{QLFD
5HQDWR&RHOKR 7XFXPiQ
&RRUGHQDomR*HUDO 5HYLVmRGH&ySLDV
3ULVF\OD%HWWLP &ULVWLQD0HQGRQoD
3URGXomR)UDQoD
5DXO0DFLHO &$7È/2*2
3URMHWR*Ui¿FR 7UDGXomRGH7H[WRV
eOFLR0LD]DNL %HDWUL]'¶$QJHOR%UD]
:HEVLWH 5HYLVmR
/XFDV%HWWLP *XVWDYR%DUUDQFR
'(, '(-
$JUDGHFLPHQWRV
-DFNLH5D\QDO
/XL]5RVHPEHUJ)LOKR
/DUD/LPD
0DUFHOR/LPD
&DURO9LOHOD
$GULDQ0DUWLQ
$QD)HUQDQGHV;DYLHU
0LFKDHO&KDSPDQ
3KLOLSSH$]RXU\
1LFRODV-XLQ
7KRPDV6SDUIHO
6DOO\6KDIWR
0DULD&ODUD(VFREDU
*XLOOHPHWWH/DXFRLQ
)DEUtFLR)HOLFH
-RmR3HGUR%pQDUG
1LFROH%UHQH]
<YHV0RUDLVGH0RXUD
)HUQDQGD7HL[HLUD
&DUROLQD'LDV
-RmR9LWRU/HDO
3LS&KRGRURY
%DOWKD]DU&OpPHQWL
&ODXGLQH.DXIIPDQ
.HHV%DNNHU
9LFWRU*UHVDUG
$PDULD%DFKLU
$QWyQLR5RGULJXHV
-XOLHQ0D]LHUH
+HUE6KHOOHQEHUJHU
&LQHPDWHFDGD(PEDL[DGD)UDQFHVD
0XVHXGH$UWH0RGHUQDGR5LRGH-DQHLUR
&LQHPDWHFDGH7RXORXVH
&LQHPDWHFD)UDQFHVD
&LQHPDWHFD3RUWXJXHVD
&ROOHFWLI-HXQH&LQpPD
$FpSKDOH
'(. '(/
+RPHPRYLHDXWRXUGXOLWGHODYLHUJH
'DGRV,QWHUQDFLRQDLVGH&DWDORJDomRQD3XEOLFDomR&,3
&RHOKR5HQDWRRUJ
2V)LOPHV=DQ]LEDU'kQGLVGH0DLRGH5HQDWR
&RHOKR5LRGH-DQHLUR$PLJRVGD%tEOLD(GLWRUD
&LQHPD+LVWyULD
&LQHPD)UDQFrV
&LQHPD([SHULPHQWDO
&XOWXUD)UDQoD
,6%1
S[FP
97?N79KBJKH7B#H?E:;@7D;?HE
7l[d_ZW7bc_hWdj[8Whheie(+
[ijWe9Wh_eYWZeC[jh
9[djhe
_d\ehcW[i0
(')/.&#).'+
YW_nW$]el$Xh%YW_nWYkbjkhWb
7fe_e FWjheYd_e