´3(162(07,085085227(8

120(1®2628(8628)(/,=µ
80(678'262%5($$/7(5,'$'(
1·23$6725$025262
$QD3DWUtFLD6LOYDGH6286$
5(6802(VWHWUDEDOKRDERUGDRWHPDGDDOWHULGDGHQDSRHVLDGRKHWHUyQLPRSHVVRDQR
$OEHUWR&DHLURPDLVSUHFLVDPHQWHQRVYHUVRVG¶23DVWRU$PRURVR(VVHVSRHPDVUHWUDWDP
XPHSLVyGLRDPRURVRHPTXHRHJRDQWHVLVRODGRHQFRQWUDRDOWHUHYLYHDH[SHULrQFLDGD
DOWHULGDGHWRUQDQGRVHQXPDOWHUHJR

3$/$95$6&+$9($OWHULGDGH,GHQWLGDGH0HWDItVLFD3RHVLD$PRU

2VRXWURVWDPEpPVmRURPkQWLFRV
2VRXWURVWDPEpPQmRUHDOL]DPQDGDHVmRULFRVHSREUHV
2VRXWURVWDPEpPOHYDPDYLGDDROKDUSDUDDVPDODVDDUUXPDU
2VRXWURVWDPEpPGRUPHPDRODGRGRVSDSpLVPHLRFRPSRVWRV
2VRXWURVWDPEpPVmRHX

«FRQQDvWUHO¶DXWUHHWVRLHVWXQHVHXOHHWPrPHFKRVH

'HVFREULURRXWURpGHVFREULUPRQRVDQyVSUySULRV2VFRQWRUQRVGRQRV
VRFRUSRQmROLPLWDPDVQRVVDVSHFXOLDULGDGHVLGLRVVLQFUiWLFDVQmRVRPRVVHUHV
HVWUDQKRVDWXGRRTXHHVFDSDjHVIHUDGRHX²RHXpRRXWURRRXWURpRHX

 0HVWUH HP (VWXGRV &OiVVLFRV 8$ 'HSDUWDPHQWR GH /tQJXDV H &XOWXUDV $YHLUR 3RUWXJDO
VRXVDIDPLOLD#KRWPDLOFRP
3(662$VGS
72'2529S
1RWHVHTXHHVWDVQRo}HVVHEDVHLDPHP7RGRURYSTXHLQWHUUHODFLRQDHVWUHLWDPHQWHR
HXHRRXWUR3DUDHOHHQFRQWUDPVH³DSHQDVVHSDUDGRVSHOR>PHX@SRQWRGHYLVWDVHJXQGRRTXDOHOHV
HVWmRWRGRVOiHVyHXHVWRXDTXL´$FUHVFHQWDDLQGDTXHRRXWURSRGHDVVXPLUGXDVGH¿QLo}HVDGH
LGHLDDEVWUDFWDVREUHRXWURLQGLYtGXRHPJHUDORXDGHH[LVWrQFLDGHXPLQGLYtGXRFRQFUHWR

                                      
5HYLVWD GR *(/ 6mR 3DXOR Y  Q  S  
 $QD3DWUtFLD6LOYDGH6286$

2HQFRQWURFRPRWXIXQGDDLGHQWLGDGHGRHXQDPHGLGDHPTXHIUHQWHDR
RXWUR VH LQWHUURJD VREUH DV VXDV FDUDFWHUtVWLFDV QDWXUDLV H VH GHVFHQWUDOL]D
HPWHUPRVLQGLYLGXDLVVRFLDLVHpWQLFRV(VVHGLDORJLVPRSHUPLWHDVVLPR
UHFRQKHFLPHQWRGHVLHGRRXWUHPFXMDWURFDGHLQIRUPDo}HVRXYLYrQFLDVGL
IHUHQWHVHQULTXHFHDPERVHRVLQÀXHQFLDPXWXDPHQWH2FRQVWDQWHHYDULDGR
FRQWDFWRHQWUHRHXHRRXWUROHYDDTXHRHJRDFXPXOHYiULRVDOWULHYLFH
YHUVD$OLiVSDUDRVRXWURVXPLQGLYtGXRpP~OWLSORSRGHQGRVHUXP¿OKR
XPSDLXPDPLJRRXXPFROHJDHQWUHRXWUDVIDFHWDV2FRQKHFLPHQWRGD
DOWHULGDGHS}HHPSUiWLFDDHVVrQFLDVRFLDOGRVHUKXPDQR

7RGRKRPHPpXPHJRHWRGRHJRSDUDH[LVWLUSUHFLVDGHXPDOWHUTXHpHOH
PHVPRXPHJRGRTXDORSULPHLURpRDOWHU1RWRWDOWUDWDVHSRUWDQWRGHXP
DOWHUHJR

$FRQVFLrQFLDGHTXHRRXWURpRUHÀH[RGRHXRXGHTXHSDUDRWXR
HXpXPDOWHUS}HDrQIDVHQRHVWXGRGDVUHODo}HVKXPDQDVFRPRXPPHLR
SDUDFRQKHFHURKRPHPQDVVXDVP~OWLSODVGLPHQV}HVSHVVRDLVVRFLDLV
pWQLFDVSVLFROyJLFDV«HSDUDFRPSUHHQGHUDVOHLVHFRPSRUWDPHQWRVVR
FLRFXOWXUDLV
(VVDQHFHVVLGDGHGRRXWURpQDWXUDODRVHUKXPDQR0DOQDVFHDFULDQ
oDHVWiLQVHULGDQXPPXQGRTXHLQYDGHHSHORTXDOpLQYDGLGDLQLFLDQGRXP
SURFHVVRGHVRFLDOL]DomRHDSUHQGL]DJHPQDH[WHULRULGDGHGXUDQWHRTXDOVH
PRGL¿FDHFUHVFH7RUQDVHHQWmRXPDDPiOJDPDXPDMXQomRGRHXQDWXUDO
FRPRHXDSUHQGLGR2HXQDWXUDOFRQVWLWXLDVQRVVDVFDUDFWHUtVWLFDVQDWXUDLV
TXHQDVFHPFRPRLQGLYtGXRHQTXDQWRRHXDSUHQGLGRVLJQL¿FDWXGRDTXLOR
TXHRHXDSUHHQGHGRRXWURGDVRFLHGDGH
$HGXFDomRSDVVDDGHVHPSHQKDUXPSDSHOIXQGDPHQWDOQRSURJUHV
VRGDKXPDQLGDGH0XLWRVIRUDPRVKRPHQVTXHTXHVWLRQDUDPRPRGRGH
HGXFDUXQVDSRLDUDPDPRGHUQL]DomRHRFRVPRSROLWLVPRGDDSUHQGL]DJHP
²RHXDSUHQGLGRRXWURVYLUDPQDFLYLOL]DomRXPDGHSUDYDomRGRPXQGR
H DIDVWDPHQWR GR YHUGDGHLUR HX ² R HXQDWXUDO 1D SRHVLD QmR Ki TXHP
VHMDWmRREFHFDGRSRUHVWDGLFRWRPLDFRPRRKHWHUyQLPRSHVVRDQR$OEHUWR
&DHLUR

 7RXWKRPPHHVWXQHJRHWWRXWHJRSRXUH[LVWHUDEHVRLQG¶XQDOWHUTXLHVWOXLPrPHXQ
HJRHWGRQWOHSUHPLHUHVWO¶DOWHU$XWRWDOLOV¶DJLWGRQFG¶XQDOWHUHJR*528;325&+(5
S

                                       5HYLVWD GR *(/ 6mR 3DXOR Y  Q  S  
³3HQVRHPWLPXUPXURRWHXQRPHQmRVRXHXVRXIHOL]´XPHVWXGRVREUHDDOWHULGDGHQ¶23DVWRU$PRURVR

1DVFLGRGDFULDWLYLGDGHGH)HUQDQGR3HVVRD$&H[HPSOL¿FDDFD
SDFLGDGHUDFLRQDOGRHXVHGHVGREUDUHPYiULRVHPRXWURV²RVKHWHUyQL
PRV&DGDXPDGHVVDVSHUVRQDJHQV¿FFLRQDLVGUDPDWL]DXPSDSHOTXHOKH
pLQHUHQWHHFXMDLQWHUDFomRWHDWUDOL]DXPHQUHGRHQRYHODGRGHSHQVDPHQWRV
HUHODo}HV7RUQDVHGHYHUDVHVSDQWRVRFRPRDLPDJLQDomRGHXPVyLQGL
YtGXRLQYHQWDRPHVWUH²$OEHUWR&DHLUR²GHWRGRXPVLVWHPD¿ORVy¿FR
HRUDPL¿FDHFRPSOH[L¿FDSRUPHLRGHXPDYDULHGDGHGHGLVFtSXORV²
)HUQDQGR3HVVRD5LFDUGR5HLVÈOYDURGH&DPSRVHQWUHRXWURV
$RDOWRQXPFDQWRGHXPDFyPRGDQDVFH$&FRPRSRULQVSLUDomRGL
YLQD'HXPtPSHWRIRUDPHVFULWRVWULQWDHTXDWURSRHPDVGHVWHSRHWDEXFyOLFR
GHtQGROHFRPSOLFDGD(QYROWRGHPLVWLFLVPRRDSDUHFLPHQWRGRPHVWUHDRGLV
FtSXORRUWyQLPRSDUHFHSURIpWLFRFRPRVHHVWLYHVVHGHVWLQDGRRXFRPRVHIRVVH
DJXDUGDGR$VVLPRGHPDUoRGHpRGLD³WULXQIDO´~QLFRHDEVROXWRHP
TXHUHQDVFHXRGHXV³3m´³RJUDQGH/LEHUWDGRU´³RGHVFREULGRUGD1DWXUH]D´

(VFODUHFHVHTXHDVLJOD$&FRUUHVSRQGHD$OEHUWR&DHLURXVDGDSDUDIDFLOLWDUDUHIHUrQFLDDRDXWRU
TXHSRUFRQVWLWXLURREMHFWRGHHVWXGRpQRPHDGRDRORQJRGHVWHWUDEDOKR
&RQVLGHUDVHQmRVHUUHOHYDQWHGHEDWHUDTXHVWmRGDKHWHUyQLPDQHVWHWUDEDOKR'HIDFWRHDSHVDUGH
DKHWHUyQLPDHVWDULQWLPDPHQWHUHODFLRQDGDFRPRWHPDGDDOWHULGDGHSUHWHQGHPRVQRHQWDQWRFLQJLU
RQRVVRHVWXGRjDQiOLVHOLWHUiULDGDSRHVLDFDHLULDQDFRQFUHWDPHQWHDRVSRHPDVG¶23DVWRU$PRUR
VR&RQWXGRDSUHVHQWDVHDVSDODYUDVGH-RUJHGH6HQDSVREUHHVWHDVVXQWR³$WmR
GLVFXWLGDTXHVWmRGRV©KHWHUyQLPRVªKiTXHFRORFiODPXLWRGLYHUVDPHQWHGRTXHWHPVLGRQmRQRV
LQWHUURJDUPRVVREUHVHVmRRXQmRVmRHOHRXHPTXHPHGLGDFRUUHVSRQGHUDPDXP3HVVRDYHUGDGHLUR
HVLQFHUR(OHVFRPRWXGRRTXHIH]HYLYHXRKRPHP)HUQDQGR3HVVRDH[LVWLUDPHH[LVWHPUHDOPHQWH
DOJXQVDWpH[LVWLUmRKRMHPXLWRPDLVGRTXHSDUDHOHFKHJDUDPDH[LVWLUTXHPQmRH[LVWLXIRLHOHPHV
PR(QmRKiTXHSURFXUDUOKHVXPDUHIHUrQFLDLQGLYLGXDOTXHIRLQDH[LVWrQFLDGHOHVWRGRVXPDPHUD
FLUFXQVWkQFLD$LQGDTXDQGRLQYHVWLJDo}HVPLQXFLRVDVGRHVWLORGHFDGDXPQRVSURYHPTXHQmRVmRWmR
GLYHUVRVXQVGRVRXWURVTXDQWRDSDUHQWDPHTXHKiHQWUHHOHVDQmRVHUHPFDVRVH[WUHPRVHPTXHVH
LPLWDUDPH[FHVVLYDPHQWHDVLPHVPRVXPGHQRPLQDGRUPXLWRFRPXPTXHVHULD©HOHªQHPPHVPR
DVVLPSURYDUtDPRVDH[LVWrQFLDGHOHFRPRSHUVRQDOLGDGHSRUTXDQWRHVWDUtDPRVWLUDQGRDSURYDSHOR
DEVXUGRGHTXHHOHOKHVFHGHUDGHVLPHVPRRTXHOKHFDELDVHU(OHQmRIRLXP©HXªPDVXP©DQWLHXª
>«@&RPRIRLSRVVtYHOXPKRPHPOHYDUWmRORQJHDQHJDomRGHVLPHVPR"4XHQHJDomRGHTXHVLPHV
PR"´6REUHHVWDTXHVWmRDFRQVHOKDVHDLQGDRHVWXGRGH$QWyQLR/RXUHQoRLQWLWXODGR,GHQ
WLGDGHHDOWHULGDGHHP)HUQDQGR3HVVRDH$QWyQLR0DFKDGRÈOYDURGH&DPSRVH-XDQGH0DLUHQD
([SOLTXHVHTXHRVYRFiEXORVHH[SUHVV}HVHPLWiOLFRVmRXWLOL]DGDVQRFDVRGH³WULXQIDO´SRU)HU
([SOLTXHVHTXHRVYRFiEXORVHH[SUHVV}HVHPLWiOLFRVmRXWLOL]DGDVQRFDVRGH³WULXQIDO´SRU)HU
QDQGR3HVVRDQDFDUWDVREUHDJpQHVHGRVKHWHUyQLPRVQRFDVRGRVHStWHWRV³3m´H³JUDQGH/LEHUWDGRU´
SRU5LFDUGR5HLVQRSUHIiFLRjSRHVLDGRPHVWUHHSRU¿PQRFDVRGH³GHVFREULGRUGD1DWXUH]D´SRU
RSUySULR$&TXHDVVLPVHDXWRDSHOLGRX1RWHVHTXHDDQWRQRPiVLDGH³GHVFREULGRUGD1DWXUH]D´p
WUDGX]LGDGDH[SUHVVmRODWLQD³UHUXPLQXHQWRU´TXHMiWLQKDVLGRDWULEXtGDDXPRXWURJUDQGH¿OyVRIR
JUHJR(SLFXURSRURVHXGLVFtSXORODWLQR/XFUpFLR+iDOLiVHVWXGRVTXHGHIHQGHPDLQÀXrQFLDGD
¿ORVR¿DHSLFXULVWDQDSRHVLDFDHLULDQDGHVLJQDGDPHQWH$OEHUWR&DHLUR³GHVFREULGRUGD1DWXUH]D"´
GH0DULD+HOHQD1HU\*DUFH]HDWHVHGHPHVWUDGR,QÀXrQFLDVOXFUHFLDQDVQDSRHVLDGH$OEHUWR
&DHLURGH$QD6RXVD

5HYLVWD GR *(/ 6mR 3DXOR Y  Q  S                                         
 $QD3DWUtFLD6LOYDGH6286$

'D VXD ¿VLRQRPLD UHDOoDVH D FDQGXUD H D EUDQGXUD FDUDFWHUtVWLFDV

HVWDVFRQVHQWkQHDVFRPDFODUH]DGRVVHXVYHUVRVHFRPDWUDQTXLOLGDGHGRV
VHXVLQWHQWRVH[LVWHQFLDLV(OHHVFUHYHQDWXUDOPHQWHRTXHVHQWHVHPUDVXUD
QHPULPD7DOTXDODVDFHUGRWLVDpRYHtFXORGDVSDODYUDVRUDFXODUHVGH$SR
OR$&HQWUHPHLDRPXQGRQDWXUDOHRPXQGRKXPDQR(OHp³RLQWpUSUHWHGD
1DWXUH]D´VRPHQWHSDUDTXHRVKRPHQVFRPSUHHQGDPDVXDQmROLQJXDJHP
6LQFHURFRPDVVXDVVHQVDo}HVWUDQVFUHYHDVSDUDDOLQJXDJHPKXPDQDFRQ
IRUPHDVSHUFHSFLRQDUHVXOWDQGRGHVWHH[HUFtFLRGHHVFULWDXPDPDQHLUDGH
SRHWL]DUDQWLSRpWLFDSRUOKHIDOWDUDVXEMHFWLYLGDGHHDLQWHULRULGDGHTXHD
FRVWXPDPFDUDFWHUL]DU
'DVXDELRJUDILDQDGDVHVDEH²DYLGDGRPHVWUHpDVXDSRHVLD
1DGDDFRQWHFHXQHPIDFWRVQHPHSLVyGLRV0DVEDVWDOrORSDUDTXH
RYD]LRGHVWDDILUPDomRDGTXLUDXPDSOHQLWXGHGHVHQWLGRV+iFRQWXGR
XPDLQIRUPDomRFDULFDWDGHTXHRPHVWUHGHWLQKDSRXFRVHVWXGRVHSDUFD
FXOWXUD8PFRQWUDVHQVRTXHVHMXVWLILFDSHORVVHXVSURSyVLWRVGRXWUL
QiULRVPXLWRHPERUD$&QHPGHVHMHVHUXPWHRUL]DGRUQHPSRHWDQHP
VHTXHURPHVWUH²TXHPOKHGHUDDVLPSOLFLGDGHGDVFRLVDVTXHPOKH
GHUDVHUXP³FDUURGHERLV´RX³RSyGDHVWUDGD´'HILQLORFRPRXP
FLWDGLQR QR FDPSR PRVWUD D SURFXUD GHVVD VLPSOLFLGDGH GHVVD SXUH]D
QDWXUDO
'DVXDPRUWHDFUHGLWDVHTXHLQH[WUHPLVIHFKRXRVROKRVHGRUPLX
(UDGHVD~GHIUiJLOHPRUUHXMRYHPGHWXEHUFXORVH$OLiVHSHUGRHPRDE
VXUGR GD D¿UPDomR$& QDVFHX TXDVLPRUWR$SHVDU GH WHU VLGR FULDGR HP
FRQWDPVHRVDQRVGHHFRPRDVGDWDVGHQDVFLPHQWRHGH
&$(,52S³3RUTXHHVFUHYRSDUDHOHVPHOHUHPVDFUL¿FRPHjVYH]HV¬VXDHVWXSLGH]GH
VHQWLGRV«1mRFRQFRUGRFRPLJRPDVDEVROYRPH3RUTXHQmRPHDFHLWRDVpULR3RUTXHVyVRXHVVD
FRXVDRGLRVDXPLQWpUSUHWHGD1DWXUH]D3RUTXHKiKRPHQVTXHQmRSHUFHEHPDVXDOLQJXDJHP3RU
HODQmRVHUOLQJXDJHPQHQKXPD«´
([SOLFLWHVHTXHSDUD&DHLUR³DOLQJXDJHPGRVKRPHQVLPSRVVLELOLWDDYLVmRUHDOGDVFRLVDVSRLV
([SOLFLWHVHTXHSDUD&DHLUR³DOLQJXDJHPGRVKRPHQVLPSRVVLELOLWDDYLVmRUHDOGDVFRLVDVSRLV
DWULEXLQRPHVHPEHELGRVHPVLJQL¿FDGRVDEVWUDFWRVHHPVXEMHFWLYLGDGH$UHDOLGDGHQmRWHPGHVHU
SHQVDGDPDVVHQWLGD$WULEXLUXPQRPHRXVHMDXPVLJQL¿FDGRjVFRLVDVpFRUURPSHUOKHVDHVVrQFLD
DVFRLVDVFRPSOHWDPVHSHODVXDH[LVWrQFLD´6286$S
&RQIRUPHGL]5LFDUGR5HLVQRVHXSUHIiFLR³DYLGDGH&DHLURQmRSRGHQDUUDUVHSRLVTXHQmRKi
&RQIRUPHGL]5LFDUGR5HLVQRVHXSUHIiFLR³DYLGDGH&DHLURQmRSRGHQDUUDUVHSRLVTXHQmRKi
QHODGHTXHQDUUDU6HXVSRHPDVVmRRTXHKRXYHQHOHGHYLGD(PWXGRRPDLVQmRKRXYHLQFLGHQWHV
QHPKiKLVWyULD´DSXG3(662$S
&$(,52S³4XHPPHGHUDTXHDPLQKDYLGDIRVVHXPFDUURGHERLV4XHYHPD
&$(,52S³4XHPPHGHUDTXHDPLQKDYLGDIRVVHXPFDUURGHERLV4XHYHPD
FKLDUPDQKDQLQKDFHGRSHODHVWUDGD(TXHSDUDGHRQGHYHPYROWDGHSRLV4XDVHjQRLWLQKDSHOD
PHVPDHVWUDGD´³4XHPPHGHUDTXHHXIRVVHRSyGDHVWUDGD(TXHRVSpVGRVSREUHVPHHVWLYHVVHP
SLVDQGR«´

                                       5HYLVWD GR *(/ 6mR 3DXOR Y  Q  S  
³3HQVRHPWLPXUPXURRWHXQRPHQmRVRXHXVRXIHOL]´XPHVWXGRVREUHDDOWHULGDGHQ¶23DVWRU$PRURVR

PRUWHUHVSHFWLYDPHQWH(VWHIDFWRPDUFDXPDYLGDRXSRHVLDIULDGLVWDQWH
HVRIULGD
'D VXD REUD FDWDORJDPVH RV PXLWRV SRHPDV VRE RV WtWXORV GH
2*XDUGDGRUGH5HEDQKRV23DVWRU$PRURVRH3RHPDV,QFRQMXQWRV
3RUQmRVHUVXDDPELomRVHUSRHWD²FRPSRUpDPDQHLUDGHHVWDUVR
]LQKR ²RVVHXVYHUVRVFRQILUPDPDDSDUHQWHERQRPLDGRPHVWUH
DRVHUHPUHGLJLGRVFRPDVLGHLDVHQFRVWDGDVHVHPVHUHPOLPDGRVDU
WLVWLFDPHQWH
(VFULWRVHPJUDQGHSDUWHQXPGLDGHLQVSLUDomRtPSDURVSRH
PDVG¶2*XDUGDGRUGH5HEDQKRVVmRFRQVLGHUDGRVRDXJHGDILORVRILD
FDHLULDQD1HOHVDSUHVHQWDVHFRPRXPSDVWRUTXHQXQFDJXDUGRXUHED
QKRV$VVLPRSULPHLURYHUVRGDREUDFDHLULDQDPRVWUDRWHPSHUDPHQWR
DQWLWpWLFRHSDUDGR[DOGDILORVRILDGDQmRILORVRILDGRPHVWUH$ILQDOHOH
QmRpXPJXDUGDGRUGHUHEDQKRV²FRQIRUPHRWtWXORGHVVHFRQMXQWR²
PDV p FRPR VH IRVVH ,PDJLQDVH HQWmR XP YHOKR H UXGH DOGHmR TXH
FRQWHPSODRVRVVHJRGD1DWXUH]DPDVDRVSRXFRVHQWUHYrVHTXHHVWD
VHUHQLGDGH IOXWXD QD VXSHUItFLH FRPR D EULVD OLJHLUD D GDU QDV IROKDV
1D UDL] QR tQWLPR FDHLULDQR Ki FRQTXDQWR XPD UHEHOGLD LQWHOHFWXDO
TXHSDUWLQGRGHSUHFRQFHSo}HVD[LRPDVHWDXWRORJLDVGHVUHFRQVWUyL
RV IXQGDPHQWRV GDVRFLHGDGHGDWUDGLomRHGRFRQKHFLPHQWRKXPDQR
)iOR FRP XPD WDO QDWXUDOLGDGH TXH R OHLWRU p FRQYHQFLGR SHOD FODUH]D
GDV VXDV SDODYUDV FHUWDV VHP TXHVWLRQDU DV YHUGDGHV GR PHVWUH ( DV
VLPVREDPiVFDUDGDVLPSOLFLGDGHSRHWL]DRVIXQGDPHQWRVILORVyILFRV
HRVSUHFHLWRVpWLFRVGHXPDGRXWULQDDQWLPHWDItVLFDRVHQVDFLRQLVPR
3DUDHOHRSHQVDPHQWRGLVWRUFHDYLVmRKXPDQD²³SHQVDUpHVWDUGRHQ
WHGRVROKRV´²HDSHQDVDSHUFHSomRVHQVRULDOpDIRQWHGHLQIRUPDomR
ILGHGLJQDVREUHDUHDOLGDGHSHORFRQWDFWRGLUHFWRHLPHGLDWRFRPDH[
WHULRULGDGH(OHpRSRHWDGDVVHQVDo}HVVHPFRQVFLrQFLDGHTXHDVVHQWH
²³SURFXURGL]HURTXHVLQWRVHPSHQVDUHPRTXHVLQWR´²HOHpRSD
JmRTXHREMHFWLYDDUHDOLGDGH²³D1DWXUH]DpSDUWHVVHPXPWRGR´²
HOHpRPHVWUHTXHVXEYHUVLYDPHQWHHQVLQDDGHVDSUHQGHU²³SURFXUR

&$(,52S
&$(,52S³1mRWHQKRDPELo}HVQHPGHVHMRV6HUSRHWDQmRpXPDDPELomRPLQKDe
DPLQKDPDQHLUDGHHVWDUVR]LQKR´
2WRPDXWRULWiULRVpULRHIULRHQYHOKHFHDSRHVLDFDHLULDQDSRULVVRDROrOD¿
2WRPDXWRULWiULRVpULRHIULRHQYHOKHFHDSRHVLDFDHLULDQDSRULVVRDROrOD¿FDDVHQVDomRGHTXH
FDDVHQVDomRGHTXH
RDXWRUpXPViELRDQFLmRTXDQGRGHIDFWRVDEHPRVSHODVXDELRJUD¿DTXH$&PRUUHXDLQGDMRYHP
&$(,52S
&$(,52S

5HYLVWD GR *(/ 6mR 3DXOR Y  Q  S                                         
 $QD3DWUtFLD6LOYDGH6286$

GHVSLUPHGRTXHDSUHQGL«GHVHPEUXOKDUPHHVHUHXQmR$OEHUWR
&DHLURPDVXPDQLPDOKXPDQRTXHD1DWXUH]DSURGX]LX´7DOWRUQD
R XP DVFpWLFR TXH DEGLFD GR SHQVDPHQWR GD FXOWXUD GD VRFLHGDGH GD
PHPyULDHGDVDPELo}HVSDUDDOFDQoDUDDWDUD[LDDOKHDGDGDVVHQVDo}HV
,VRODGRGRVRXWURVOLPLWDGRjUHDOLGDGHDSDUHQWHHGHVQXGDGRGDVDSUHQ
GL]DJHQV²LQFOXLQGRDOLQJXDJHP²$&PRVWUDXPDREFHFDomRVHQ
VLVWDHQRPLQDOLVWDHDWpFRQVLGHUDDQWLQDWXUDLVSDODYUDVFRPRLQWHULRU
VLJQLILFDGR RX PLVWpULR 6y H[LVWH VXSHUItFLH Vy H[LVWH VLJQLILFDQWH Vy
H[LVWHRTXHVHYrVyH[LVWHRTXHH[LVWH(GHVWHPRGRRVWUDFL]DR+R
PHPFRPRVHUUDFLRQDOTXHSRUHVWDSDUWLFXODULGDGHQmRpPDLVRXPH
QRVQDWXUDOPDVpUDGLFDOPHQWHDQWLQDWXUDO$OLiVVHJXQGRRSUySULR
p QDWXUDO TXH QmR VH SHQVH 'iVH HQWmR D UHFRQFLOLDomR GR KRPHP
PRGHUQRHFLYLOL]DGRFRPD1DWXUH]DFRPRTXHXPUHJUHVVRjSXUH]D
SULPLWLYDGDH[LVWrQFLDKXPDQD(DLQGDLJXDOjWRQDVHUHQDGRULRDR
VHGHVSLUGDVDSUHQGL]DJHQVDRVDWLUL]DUDDUWHGHULPDUHDRGHVDUUXPDU
DPDQHLUDGHSHQVDURSVHXGRSDVWRUSDUHFHWHUDWLQJLGRXPHVWDGRGH
VXSHULRULGDGHHQWUHDVIORUHVHDViUYRUHVTXHVXJHUHDWUDQTXLOLGDGHGRV
GHXVHVQRLQWHUPXQGLDGH/XFUpFLR3RUWXGRLVWRHOHHVWiVyFRPR
QLQJXpPHVWHYHQRVLOrQFLRQRYD]LRGRVHUpXPSRHWDDQWLSRHWDXP
PHWDItVLFRDQWLPHWDItVLFRXPHXDQWLHX
&RPRSRGHHVWD¿JXUDVHURPHVWUHGHWRGRV"4XHHQVLQDPHQWRVWHP
SDUD RV RXWURV XP H[LODGR VHP HVWXGRV H VHP FXOWXUD"$¿QDO WUDWDVH GH
XPPHVWUHTXHSURIHVVDRQDGD²³EHQGLWRVHMDHXSRUWXGRTXDQWRQmRVHL´
²DQLQJXpP²³TXHPVDEHTXHPRV>YHUVRV@OHUi"TXHPVDEHDTXHPmRV
LUmR"´
2UDWDOFRPR³KiEDVWDQWHPHWDItVLFDHPQmRSHQVDUHPQDGD´WDP
EpPKiDQDORJDPHQWHPXLWRHVWXGRSDUDDSUHQGHUDGHVDSUHQGHU$OLiVSDUD

&$(,52S
&$(,52S
([SOLTXHVHTXHSDUD/XFUpFLR¿
([SOLTXHVHTXHSDUD/XFUpFLR¿HOGLVFtSXORHSLFXULVWDRVGHXVHVKDELWDPQXPOXJDULQWHUFyVPL
HOGLVFtSXORHSLFXULVWDRVGHXVHVKDELWDPQXPOXJDULQWHUFyVPL
FRDTXHFKDPDLQWHUPXQGLD$t³YLYHPQXPDPELHQWHGHWUDQTXLOLGDGHVHUHQDLQDOWHUiYHOHHWHUQDR
TXHpLQFRDGXQiYHOFRPDSUHRFXSDomRHPLQÀLJLUFDVWLJRVRXHPDWULEXLUEHQHVVHVDRVPRUWDLV$FDVR
LQWHUYLHVVHPQRVDID]HUHVKXPDQRVTXHEUDUVHLDHVVHFOLPDKDUPRQLRVRHFDOPRORJRpLPSRVVtYHO
KDYHUWDOSURYLGrQFLDSRUSDUWHGRVGHXVHV´6286$S
&$(,52S
&$(,52S
&$(,52S³$FKRWmRQDWXUDOTXHQmRVHSHQVH4XHPHSRQKRDULUjVYH]HVVR]LQKR
&$(,52S³$FKRWmRQDWXUDOTXHQmRVHSHQVH4XHPHSRQKRDULUjVYH]HVVR]LQKR
1mRVHLEHPGHTXrPDVpGHTXDOTXHUFRXVD4XHWHPTXHYHUFRPKDYHUJHQWHTXHSHQVD«´

                                       5HYLVWD GR *(/ 6mR 3DXOR Y  Q  S  
³3HQVRHPWLPXUPXURRWHXQRPHQmRVRXHXVRXIHOL]´XPHVWXGRVREUHDDOWHULGDGHQ¶23DVWRU$PRURVR

RFRPSUHHQGHUVmRSUHFLVRVJUDQGHVFRQKHFLPHQWRV¿ORVy¿FRVJQRVLROyJL
FRVHFXOWXUDLVeSRLVWDODYLROrQFLDVXEPHUVDGRULRSHODIRUWHGHWHUPLQD
omRSDUDRLQGH¿QLGRSDUDRVHULQIHULRUHSDUDRQmRVHU²WmRLQWHLUDPHQWH
²TXH$&DFDEDSRUVHFRQYHUWHUDEVXUGDPHQWHQRPHVWUH1mRHVTXHoDPRV
TXHp$&TXHPWUD]R³8QLYHUVRDR8QLYHUVR´(OHp³FRPRDYR]GDWHUUD
TXHpWXGRHQLQJXpP´
$¿JXUDGHXPVLPSOHVJXDUGDGRUGHUHEDQKRVLGHQWL¿FDRFRPXP
KRPHPGDWHUUDHDFUHVFHOKHDDXWRULGDGHGHIDODUVREUHD1DWXUH]D$SOL
FDRVHXSRGHUGHXPPRGRGHWHUPLQDGRULJRURVRHYLROHQWRSDUDTXHP
GHIHQGH YLV}HV RSRVWDV j VXD 6HJXUR GDV VXDV VHQVDo}HV VDWLUL]D VHP
SLHGDGHRXWUDVIRUPDVGHVHUHGHSHQVDU$FWXDQGRGHVWDIRUPDSDUHFH
VHUIHOL]QDSD]HVWRLFDTXHSHUVHJXHQRVFDPSRVHPERUDGXYLGHPRVGD
DXWHQWLFLGDGHGRSDVWRUTXDQWRDHVWHDVVXQWR,VWRSRUTXHQRQRVVRSD
UHFHUHVVHURVWRIRUWHGLVIDUoDXPDDOPDGHSRHWDVROLWiULDHWULVWHDLQGD
TXH GHFODUH TXH VH GHLWD QD HUYD H p IHOL] SRUTXH VHQWH D UHDOLGDGH 1DV
SURIXQGH]DVGRVHXVHUKiTXLoiDFRQVFLrQFLDGHTXHQmRWRUQRXUHDODV
VXDVSDODYUDV$&DQXORXVHFRLVL¿FRXVHSDUDVHFXUDUGDGRHQoDGDUD
FLRQDOLGDGHPDVDFDEDSRUWURSHoDUVHPTXHUHUQRSHQVDPHQWRHDPLV
VmRVXSHULRUGHWUD]HUDUHDOLGDGHjUHDOLGDGHQmRSDVVDGHXPDGLDOpFWLFD
LQ~WLO²FDGDYHUVRVHXpXPFRQFHLWRSRUPDLVTXHGLVVLPXOHHUHSXGLH
WDOLGHLD9HOKRWULVWHHGHPDXKXPRU$&pR,QYHUQRTXHGHVHVSHURXj
HVSHUDGD3ULPDYHUD

&$(,52S³$LQGDDVVLPVRXDOJXpP6RXRGHVFREULGRUGD1DWXUH]D6RXR$UJRQDXWDGDV
&$(,52S³$LQGDDVVLPVRXDOJXpP6RXRGHVFREULGRUGD1DWXUH]D6RXR$UJRQDXWDGDV
VHQVDo}HVYHUGDGHLUDV7UDJRDR8QLYHUVRXPQRYR8QLYHUVR3RUTXHWUDJRDR8QLYHUVRHOHSUySULR´
3(662$S
3(662$S
5HIHUHQFLHVHRVTXDWURSRHPDVG¶
5HIHUHQFLHVHRVTXDWURSRHPDVG¶2*XDUGDGRUGH5HEDQKRVDSUHVHQWDGRVFRPRWHQGRVLGRHVFUL
WRVQDGRHQoD³$VTXDWURFDQo}HVTXHVHVHJXHP6HSDUDPVHGHWXGRRTXHSHQVR0HQWHPDWXGRR
TXHHXVLQWR6mRGRFRQWUiULRGRTXHHXVRX«´&$(,52S
7HQGRHPFRQWDHVWDD¿
7HQGRHPFRQWDHVWDD¿UPDomRQmRKiDSHQDVDViWLUDGRFRQKHFLPHQWRHGRVRXWURVHP$&PDV
UPDomRQmRKiDSHQDVDViWLUDGRFRQKHFLPHQWRHGRVRXWURVHP$&PDV
WDPEpPXPDIRUWHDXWRViWLUDGHTXHIDOD*DUFLDS³DDXWRViWLUDUHDOL]DVHSRUYH]HVJUD
oDVDRDXWRULWDULVPRDUELWUiULRGRVHQXQFLDGRVµVRXGRWDPDQKRGRTXHYHMR¶RXWUDVYH]HVPHGLDQWH
DWUDQVSRVLomRGXPFHUWRKLSHUUHDOLVPRSDUDXPGRPtQLRRQGHQmRID]VHQWLGRµ7LYHXPVRQKRFRPR
XPDIRWRJUD¿D¶RXWUDVYH]HVSRUXPDWULEXWRTXH¿QJHHOLPLQDUDViWLUDµ*UDYHVFRPRFRQYpPDXP
GHXVHDXPSRHWD¶HQTXDQWRMRJDPµDVFLQFRSHGULQKDV¶RXWUDVYH]HVSHODQHJDomRGXPDIRUPDYHUEDO
D¿UPDWLYDJUDoDVDXPDFRPSDUDomRDEVXUGDµ&RPRYRPHFRPRDiJXDFRUUH¶´

5HYLVWD GR *(/ 6mR 3DXOR Y  Q  S                                         
 $QD3DWUtFLD6LOYDGH6286$

0DVHLVTXHDOJRDFRQWHFHRXVHHVTXHFHRPHVWUHDSDL[RQDVH

'iR D FRQKHFHU QRV RLWR SRHPDV G¶2 3DVWRU $PRURVR RV GRLV SULPHLURV
GDWDGRVGHGHMXOKRGHHRVUHVWDQWHVDWtWXORSyVWXPR$PDUIrOR
FRPSRUGRVPDLVEHORVHVHQWLGRVSRHPDVGDSRHVLDEXFyOLFDQXPHVWLORVLP
SOHVGHTXHPHVWiDYLYHURHQWXVLDVPRGDSDL[mR

4XDQGRHXQmRWHWLQKD
$PDYDD1DWXUH]DFRPRXPPRQJHFDOPRD&ULVWR«
$JRUDDPRD1DWXUH]D
&RPRXPPRQJHFDOPRj9LUJHP0DULD
5HOLJLRVDPHQWHDPHXPRGRFRPRGDQWHV
0DVGHRXWUDPDQHLUDPDLVFRPRYLGDHSUy[LPD
9HMRPHOKRURVULRV
6HQWDGRDWHXODGRUHSDUDQGRQDVQXYHQV
5HSDURQHODVPHOKRU«
7XQmRPHWLUDVWHD1DWXUH]D«
7XQmRPHPXGDVWHD1DWXUH]D«
7URX[HVWHPHD1DWXUH]DSDUDDRSpGHPLP
3RUWXH[LVWLUHVYHMRDPHOKRUPDVDPHVPD
3RUWXPHDPDUHVDPRDGRPHVPRPRGRPDVPDLV
3RUWXPHDFROKHUHVSDUDWHWHUHWHDPDU
2VPHXVROKRV¿WDUDPQDPDLVGHPRUDGDPHQWH
6REUHWRGDVDVFRXVDV

1mRPHDUUHSHQGRGRTXHIXLRXWURUD
3RUTXHDLQGDRVRX
6yPHDUUHSHQGRGHRXWURUDWHQmRWHUDPDGR

$&UHQGHVHjYLVmRGRDPRUVHPDUUHSHQGLPHQWRVDQmRVHURGH
QmRWHUDPDGRDQWHV&RQWLQXDRPHVPRD1DWXUH]DFRQWLQXDDPHVPD
DSHQDVDXPHQWDDLQWHQVLGDGHFRPTXHSHUFHSFLRQDDVFRLVDVPDLVHPR
FLRQDGDPDLVSUy[LPDPDLVGHPRUDGD$JRUDYrPHOKRUHDPDPDLVD

6HJXQGRRGLVFtSXOR5LFDUGR5HLV³RPHVPREUHYHHSLVyGLRLPSURItFXRHDEVXUGRTXHGHXRULJHP
6HJXQGRRGLVFtSXOR5LFDUGR5HLV³RPHVPREUHYHHSLVyGLRLPSURItFXRHDEVXUGRTXHGHXRULJHP
DRV>«@SRHPDVGH23DVWRU$PRURVRQmRIRLXPLQFLGHQWHVHQmRSRUDVVLPGL]HUXPHVTXHFLPHQWR´
DSXG3(662$S
(VWDGDWDomRWRUQDVHGHYHUDVVLJQL¿
(VWDGDWDomRWRUQDVHGHYHUDVVLJQL¿FDWLYDGHYLGRjHYROXomRGRVVHQWLPHQWRVGRSRHWDSULPRGH
FDWLYDGHYLGRjHYROXomRGRVVHQWLPHQWRVGRSRHWDSULPRGH
HXIRULDQRVGRLVLQLFLDLVVHJXQGRGHGHVLOXVmRQRVUHVWDQWHVFRPRVHUiDSURIXQGDGRVXSUD
&$(,52S
&$(,52S

                                       5HYLVWD GR *(/ 6mR 3DXOR Y  Q  S  
³3HQVRHPWLPXUPXURRWHXQRPHQmRVRXHXVRXIHOL]´XPHVWXGRVREUHDDOWHULGDGHQ¶23DVWRU$PRURVR

1DWXUH]DSRUH[LVWLUXPWXDTXHPHOHGHYRWRX³UHOLJLRVDPHQWH´RVHX
FRUDomRHQDPRUDGR2SDVWRUMiQmRHVWiVR]LQKRQRVFDPSRVRWXUHVSRQ
GHDRVVHQWLPHQWRVGRHX7DOIDFWRGHVSHUWRXXPQRYRFXOWRj1DWXUH]D
VHQWHDFRPRVHQWLPHQWRMiQmRFRPRVVHQWLGRV2OHLWRUVHQWHVHWUDtGR
UHWLUDGDHVWiD¿ORVR¿DGR³VLQWRHUJRVXP´HVXEVWLWXtGDFRPRVHQDGD
VHWUDWDVVHSRU³DPRHUJRVXP´9HQGHD9HUGDGHSRUWULQWDPRHGDV(OH
WHQWDDWHQXDURVHIHLWRVGRDPRU²SRUTXHDLQGDp²PDVHVWiGLIHUHQWH
QRTXHWHPGHPDLVtQWLPRQRVHXPRGRGHYHUHGHVHU(QFRQWURXRRXWUR
HpIHOL]

(VWiDOWDQRFpXDOXDHpSULPDYHUD
3HQVRHPWLHGHQWURGHPLPHVWRXFRPSOHWR

&RUUHSHORVYDJRVFDPSRVDWpPLPXPDEULVDOLJHLUD
3HQVRHPWLPXUPXURRWHXQRPHQmRVRXHXVRXIHOL]

$PDQKmYLUiVDQGDUiVFRPLJRDFROKHUÀRUHVSHORVFDPSRV
(HXDQGDUHLFRQWLJRSHORVFDPSRVDYHUWHFROKHUÀRUHV

(XMiWHYHMRDPDQKmDFROKHUÀRUHVFRPLJRSHORVFDPSRV
0DVTXDQGRYLHUHVDPDQKmHDQGDUHVFRPLJRUHDOPHQWHDFROKHUÀRUHV

,VVRVHUiXPDDOHJULDHXPDQRYLGDGHSDUDPLP

&UHVFHRHVWDGRGHHXIRULDDPRURVD&KHJRXD3ULPDYHUDHVWDomRGR
UHQDVFLPHQWRGRGHVDEURFKDUHGRDPRU$ROXDUGDVQRLWHVSULPDYHULVRSR
HWDSHQVDQDDPDGDHVHQWHVHFRPSOHWRSRUGHQWUR$HVWUDQKH]DGHVWDD¿UPD
omRUHVLGHQRIDFWRGHFRQWUDULDUDVXD¿ORVR¿DGRH[WHULRUGRIRUD5HEHQWRX
XPRXWUR$&LQYHUVRDHOHSUySULR2WRPGDVVXDVSDODYUDVUHMXYHQHVFHX
FRPRVHWLYHVVHPWLUDGRRSHVRGDGLVFLSOLQDTXHRSUHQGLDHLPSHGLDGHH[LV
WLUSOHQDPHQWH(VWiFHJRGHDPRUHVFHJRGRVVHQWLGRVQRVGLDVHPTXHHVWi
QRFDPSRDVHQWLUD1DWXUH]DQDIDFHSHQVDQDDPDGDHPXUPXUDRQRPHGHOD
DRYHQWR'HL[RXGHVHUHOHVHPG~YLGD²$&SHQVDHpIHOL]DVVLP$EDQ

$SURSyVLWRGHVWHDGYpUELRGHPRGRUHJLVWHVHDVHJXLQWHLGHLDGH*DUFH]S³VH&DHLUR

$SURSyVLWRGHVWHDGYpUELRGHPRGRUHJLVWHVHDVHJXLQWHLGHLDGH*DUFH]S³VH&DHLUR
SRUXPODGRGHVVDFUDOL]DDYLVmRGD1DWXUH]DUHFXVDQGRVHDYrODQDTXDOLGDGHGHFULDWXUDGHSUR
SULHGDGHGLYLQDHGHVLQDOGH'LYLQGDGHSRURXWURODGRVXDYLVmRSDQWHtVWDGRPXQGRpXPDIRUPD
GH VDFUDOL]iOR$¿QDO Ki XP PLVWLFLVPR HP &DHLUR TXH p PDLV FRPSOH[R GR TXH R µPLVWLFLVPR GD
REMHFWLYLGDGH¶´
&$(,52S
&$(,52S

5HYLVWD GR *(/ 6mR 3DXOR Y  Q  S                                         
 $QD3DWUtFLD6LOYDGH6286$

GRQDRSUHVHQWHGDVVHQVDo}HVSRUTXHDPDQKmGHVHMDTXHHODRDFRPSDQKH
SHORVFDPSRVHFRPRHOHFROKDÀRUHV$WpVRQKDDFRUGDGRFRPHVVHFHQiULR
7XGRLVWRpHVWUDQKRDRSDVWRUFRQWHPSODWLYRHVROLWiULRDJRUDPDLVDFWLYRDR
LQWHUDJLUFRPRRXWURHID]HQGRDOJRPHVPRTXHWmRQDWXUDOHURPkQWLFR
FRPRRDFWRGHDSDQKDUÀRUHV(VWUDQJHLURDHOHSUySULR$&SDUHFHWHUHPL
JUDGRGDVXDDOPDHVTXHFLGRGHTXHPHUDSRUWHUFRQKHFLGRRRXWURFRPR
VH WLYHVVH VRIULGR XP FKRTXH FXOWXUDO FRP FRQVHTXrQFLDV H[SORVLYDV QHOH
SRUHVWDUDSDUHQWHPHQWHQRJUDX]HURGDFXOWXUD-iQmRpYD]LRPDVFKHLR
FRPSOHWR$JRUDKiXPD³FRLVDQRYD´QRSHUIXPHGDVÀRUHV

$JRUDTXHVLQWRDPRU
7HQKRLQWHUHVVHQRVSHUIXPHV
1XQFDDQWHVPHLQWHUHVVRXTXHXPDÀRUWLYHVVHFKHLUR
$JRUDVLQWRRSHUIXPHGDVÀRUHVFRPRVHYLVVHXPDFRLVDQRYD
6HLEHPTXHHODVFKHLUDYDPFRPRVHLTXHH[LVWLD

6mRFRLVDVTXHVHVDEHPSRUIRUD
0DVDJRUDVHLFRPDUHVSLUDomRGDSDUWHGHWUiVGDFDEHoD
+RMHDVÀRUHVVDEHPPHEHPQXPSDODGDUTXHVHFKHLUD
+RMHjVYH]HVDFRUGRHFKHLURDQWHVGHYHU

(VWiSHUGLGRRHPEDORURPkQWLFRHDLOXVmRGRVVHXVROKRV1HP
XPD YH] VH UHIHUH GLUHFWDPHQWH j DPDGD DR WX DSHQDV IDOD QR DPRU
TXHVHQWH&HQWUDGRHPVLUHJUHVVDjREFHFDomRVHQVDFLRQLVWDFRPSD
UDQGRVHDRPRGRFRPRVDELDGDQWHVHFRPRVDEHDJRUDeTXHDJRUD
RVVHQWLGRVEDUDOKDPVHRUDFKHLUDFRPRSDODGDURUDFKHLUDDQWHVGH
YHURUDUHVSLUD³GDSDUWHGHWUiVGDFDEHoD´(VWiYLUDGRGRDYHVVRSRU
VHQWLU DPRU $ FRQVFLrQFLD GLVVR OHYD D VXEVWLWXLU R HQWXVLDVPR GRV
SRHPDVLQLFLDLVSRUXPDWpQXHGRUTXHVHPDQLIHVWDFLFLRVDPHQWH

7RGRVRVGLDVDJRUDDFRUGRFRPDOHJULDHSHQD
$QWLJDPHQWHDFRUGDYDVHPVHQVDomRQHQKXPDDFRUGDYD
7HQKRDOHJULDHSHQDSRUTXHSHUFRRTXHVRQKR
(SRVVRHVWDUQDUHDOLGDGHRQGHHVWiRTXHVRQKR
1mRVHLRTXHKHLGHID]HUGDVPLQKDVVHQVDo}HV
1mRVHLRTXHKHLGHVHUFRPLJR
4XHURTXHHODPHGLJDTXDOTXHUFRLVDSDUDHXDFRUGDUGHQRYR

&$(,52S
&$(,52S

                                       5HYLVWD GR *(/ 6mR 3DXOR Y  Q  S  
³3HQVRHPWLPXUPXURRWHXQRPHQmRVRXHXVRXIHOL]´XPHVWXGRVREUHDDOWHULGDGHQ¶23DVWRU$PRURVR

4XHPDPDpGLIHUHQWHGHTXHPp
eDPHVPDSHVVRDVHPQLQJXpP

(VWDUGRDYHVVRpSUySULRGRDPRUD¿QDO³RDPRUpIRJRTXHDUGHVHP
VH YHU´$& QmR IRJH j DPELYDOrQFLD GR VHQWLPHQWR DPRURVR 6XUJH DTXL
FRQIXVRHQWUHDDOHJULDHDSHQDHQWUHRVRQKRHDUHDOLGDGH0DVDWULVWH]D
DODUJDVH$OJRSDUHFHWHUPRUULGRRPHVWUHQmRVDEHFRPRVHU6HQWHVHGLIH
UHQWHYD]LRHSUHFLVDGHUHQDVFHU4XHUTXHDDPDGDOKHGLJDRTXHTXHUTXH
VHMDWDOYH]VySDUDVHQWLUQRYDPHQWHDTXHOHSULPHLURIXOJRUGDSDL[mR/RQ
JHIRUDGHYLVWDHVWiHVVHHVWDGRGHDOPD2WRPGHGLiORJRGHXPHXSDUDXP
WXFDORXVHHFHGHXDYR]jGLVWkQFLDLQGLUHFWDGRHODeGHVVDHODTXHRSDVWRU
DPRURVRDJXDUGDXPDHVSpFLHGHVLQDOTXHVHID]HVSHUDU3RUpPPHVPRQD
DXVrQFLDGHODRSDVWRUQmRVHVHQWHVy

2DPRUpXPDFRPSDQKLD
-iQmRVHLDQGDUVySHORVFDPLQKRV
3RUTXHMiQmRSRVVRDQGDUVy
8PSHQVDPHQWRYLVtYHOID]PHDQGDUPDLVGHSUHVVD
(YHUPHQRVHDRPHVPRWHPSRJRVWDUEHPGHLUYHQGRWXGR
0HVPRDDXVrQFLDGHODpXPDFRLVDTXHHVWiFRPLJR
(HXJRVWRWDQWRGHODTXHQmRVHLFRPRDGHVHMDU
6HDQmRYHMRWUHPRQmRVHLRTXHpIHLWRGRTXHVLQWRQDDXVrQFLDGHOD
7RGRHXVRXTXDOTXHUIRUoDTXHPHDEDQGRQD
7RGDDUHDOLGDGHROKDSDUDPLPFRPRXPJLUDVVROFRPDFDUDGHODQRPHLR

e TXH R DPRU DFRPSDQKDR H Mi QmR SRGH DQGDU Vy SHORV FDPSRV
(VWDSDL[mRHQUDt]DVHHFRQWLQXDDID]rORRVFLODUGHXPSyORSDUDRRXWUR
VHQWHQDUDSLGH]GRLPHGLDWRRXDSUHFLDDRSRUPHQRURTXHYDLYHQGRHVWi
VR]LQKRHDFRPSDQKDGRDPDDHQmRVDEHFRPRDTXHUHU6HPHODSHUGHD
¿UPH]DHYrDSRUWRGRODGRDWpQRPHLRGHXPJLUDVVROeGHYHUDVVLJQL
¿FDWLYDDUHIHUrQFLDDRJLUDVVROSDUDH[SOLFDURVHIHLWRVGRDPRUQRSDVWRU
XPDYH]TXHVHWUDWDGDÀRUTXHXVRXSDUDVLPEROL]DURVHXPRGRGHYHUD
UHDOLGDGHQRVYHUVRVG¶2*XDUGDGRUGH5HEDQKRV$IRUPDFLUFXQGDQWHR

&$(,52S
&$(,52S
&$(,52S
&$(,52S
&$(,52S³2PHXROKDUpQtWLGRFRPRXPJLUDVVRO7HQKRRFRVWXPHGHDQGDUSHODV
&$(,52S³2PHXROKDUpQtWLGRFRPRXPJLUDVVRO7HQKRRFRVWXPHGHDQGDUSHODV
HVWUDGDV2OKDQGRSDUDDGLUHLWDHSDUDDHVTXHUGD(GHYH]HPTXDQGRROKDQGRSDUDWUiV«(RTXH
YHMRDFDGDPRPHQWReDTXLORTXHQXQFDDQWHVHXWLQKDYLVWR(HXVHLGDUSRULVVRPXLWREHP«´

5HYLVWD GR *(/ 6mR 3DXOR Y  Q  S                                         
 $QD3DWUtFLD6LOYDGH6286$

Q~FOHRQHJURHFRUYLYDGDVSpWDODVOHPEUDPXPROKRKXPDQRTXHREVHUYDDV
HUYDVDViUYRUHVHRVULRVJLUDQGRFRQVRDQWHDQHFHVVLGDGHGHOX]QXPDSDV
VLYLGDGHHVHUHQLGDGHFRQWHPSODWLYDV$RURGDUSHUFHSFLRQDQRYDHLQVWDQWD
QHDPHQWHDUHDOLGDGHDFDGDPRYLPHQWR2JLUDVVROpPDLVGRTXHSDLVDJHP
pRROKDUGDSDLVDJHPSRUYH]HVFODULYLGHQWHFRPRDVVXDVFRUHVYLYDVRXWUDV
YH]HVFHJRFRPRRHVFXURGRQ~FOHRVHPHOKDQWHDRVDOWRVHEDL[RVGDYLGD
RXVHMDQRFDVRGH$&RVFLODQGRHQWUHRVHUQDWXUDOHRVHUGRHQWH$JRUDSRU
DPDURSDVWRUHVWiGRHQWHGRVVHQWLGRVHLQYHUVDPHQWHpDUHDOLGDGHUHSUH
VHQWDGDSHORJLUDVVROTXHR¿WD(DVVXPHVHFRQVFLHQWHGHVWHUHYpV

3DVVHLWRGDDQRLWHVHPVDEHUGRUPLUYHQGRVHPHVSDoRD¿JXUDGHOD
(YHQGRDVHPSUHGHPDQHLUDVGLIHUHQWHVGRTXHDHQFRQWURDHOD
)DoRSHQVDPHQWRVFRPDUHFRUGDomRGRTXHHODpTXDQGRPHIDOD
(HPFDGDSHQVDPHQWRHODYDULDGHDFRUGRFRPDVXDVHPHOKDQoD
$PDUpSHQVDU
(HXTXDVHTXHPHHVTXHoRGHVHQWLUVyGHSHQVDUQHOD
1mRVHLEHPRTXHTXHURPHVPRGHODHQmRSHQVRVHQmRQHOD
7HQKRXPDJUDQGHGLVWUDFomRDQLPDGD
4XDQGRGHVHMRHQFRQWUiOD
4XDVHTXHSUH¿URQmRDHQFRQWUDU
3DUDQmRWHUTXHDGHL[DUGHSRLV
(SUH¿URSHQVDUGHODSRUTXHGHODFRPRpWHQKRTXDOTXHUPHGR
1mRVHLEHPRTXHTXHURQHPTXHURVDEHURTXHTXHUR
4XHURVySHQVDUHOD
1mRSHoRQDGDDQLQJXpPQHPDHODVHQmRSHQVDU

8PDQRLWHVHPGRUPLUHHLVTXHVXUJHDHSLIDQLD³DPDUpSHQVDU´
&RQIHVVDVHGLVWUDtGRGHWDQWRSHQVDUQHODHVTXHFHVHGHVHQWLUHGL]
TXHQmRVDEHRTXHTXHUVHDGHVHMDRXQmRHQFRQWUDU&RPRPHGRGH
DHQIUHQWDURSDVWRUUHIXJLDVHQRSHQVDPHQWRVyTXHUSHQViOD,VRODGR
SRUUD]}HVDGYHUVDVG¶2*XDUGDGRUSDUHFHHQWUHJDUVHDXPDPHODQFR
OLDSURIXQGDHGHVYDQHFHVHQXPDDWLWXGHDE~OLFDGHTXHQDGDLPSRUWD
³VHQmRSHQVDU´'HVWHPRGRHYDGHVHGDUHDOLGDGHQDWHQWDWLYDGHIXJLU
jVXDFUXH]DHDOLYLDURVHXVRIUHU(VWiSHQVDWLYDPHQWHGRHQWH
0DVSRUTXHVHHVFRQGHRSRHWD"3RUTXHHVWiHODGLVWDQWH"3RUTXH
GHPRUDRVLQDOGHOD"$WRGDVHVWDVTXHVW}HVKiXPDUHVSRVWDWULVWHHDYDVVD
ODGRUD

&$(,52S
&$(,52S

                                       5HYLVWD GR *(/ 6mR 3DXOR Y  Q  S  
³3HQVRHPWLPXUPXURRWHXQRPHQmRVRXHXVRXIHOL]´XPHVWXGRVREUHDDOWHULGDGHQ¶23DVWRU$PRURVR

7DOYH]TXHPYrEHPQmRVLUYDSDUDVHQWLU
(QmRDJUDGHSRUHVWDUPXLWRDQWHVGDVPDQHLUDV
eSUHFLVRWHUPRGRVSDUDWRGDVDVFRXVDV
(FDGDFRXVDWHPRVHXPRGRHRDPRUWDPEpP
4XHPWHPRPRGRGHYHURVFDPSRVSHODVHUYDV
1mRGHYHWHUDFHJXHLUDTXHID]ID]HUVHQWLU
$PHLHQmRIXLDPDGRRTXHVyYLQR¿P
3RUTXHQmRVHpDPDGRFRPRVHQDVFHPDVFRPRDFRQWHFH
(ODFRQWLQXDWmRERQLWDGHFDEHORHERFDFRPRGDQWHV
(HXFRQWLQXRFRPRHUDGDQWHVVR]LQKRQRFDPSR
&RPRVHWLYHVVHHVWDGRGHFDEHoDEDL[D
3HQVRLVWRH¿FRGHFDEHoDDOWD
(RGRXUDGRVROVHFDDVOiJULPDVSHTXHQDVTXHQmRSRVVRGHL[DUGHWHU
&RPRRFDPSRpJUDQGHHRDPRUSHTXHQR
2OKRHHVTXHoRFRPRRPXQGRHQWHUUDHDViUYRUHVVHGHVSHP

(XQmRVHLIDODUSRUTXHHVWRXDVHQWLU
(VWRXDHVFXWDUDPLQKDYR]FRPRVHIRVVHGHRXWUDSHVVRD
(DPLQKDYR]IDODGHODFRPRVHGHODpTXHIDODVVH

7HPRFDEHORGHXPORXURDPDUHORGHWULJRDRVROFODUR
(DERFDTXDQGRIDODGL]FRXVDVTXHQmRKiQDVSDODYUDV
6RUULHRVGHQWHVVmROLPSRVFRPRSHGUDVGRULR

9DJDYDGHVGHRWHUFHLURSRHPDXPDDPDUJXUDPXGDDJRUDYR
FLIHUDGD$& DPRX PDV QmR IRL DPDGR 2 SRUTXr GH QmR VHU FRUUHV
SRQGLGR GHVFRQKHFHR 7DOYH] SRUTXH TXHP Yr QmR VDEH FRPR DPDU
(OHTXHYrD1DWXUH]DFRPRHODpSRUIRUDQmRVDEHDYLVmRGRDPRU
TXHVHQWHSRUGHQWUReFRPDFDEHoDDOWDHPERUDFRPOiJULPDVTXH
RSDVWRUUHWRUQDDRLVRODPHQWRGRVFDPSRV7LQKDDQGDGRFDELVEDL[R
LOXGLGR H DJRUD QR ILP Yr R TXDQWR R DPRU p SHTXHQR HP UHODomR
DRFDPSR&RQVWDWDRFRPOiJULPDVTXHRVROVHFD$LPDJHPGRVRO
D UHFHErOR H D DFDULQKiOR OHPEUD XPD RXWUD GR ILOKR TXH UHJUHVVD D
FDVDGRVSDLVRQGHVHUHIXJLDGHSRLVGHPDJRDGRSHORPXQGR6yTXH
YROWD PXGDGR j PHVPD 1DWXUH]D FRPR TXH HVTXHFLGR GHOH SUySULR
QDTXHOHPRGRGHYLGDDQWLJRRXFRPRVHIRVVHRXWUDSHVVRDTXHDLQGD
VHPDQWpPSUHVDjEHOH]DDWUDHQWHGDDPDGDeSHQRVRSDUD$&DEDQ
GRQDURSHQVDPHQWRGDIHOLFLGDGHDPRURVDPDVHUJXHVHVRIULGRSDUD
DUHDOLGDGH
&$(,52S
&$(,52S

                                      
5HYLVWD GR *(/ 6mR 3DXOR Y  Q  S  
 $QD3DWUtFLD6LOYDGH6286$

2SDVWRUDPRURVRSHUGHXRFDMDGR
(DVRYHOKDVWUHVPDOKDUDPVHSHODHQFRVWD
(GHWDQWRSHQVDUQHPWRFRXDÀDXWDTXHWURX[HSDUDWRFDU
1LQJXpPOKHDSDUHFHXRXGHVDSDUHFHX«1XQFDPDLVHQFRQWURXRFDMDGR
2XWURVSUDJXHMDQGRFRQWUDHOHUHFROKHUDPOKHDVRYHOKDV
1LQJXpPRWLQKDDPDGRD¿QDO
4XDQGRVHHUJXHXGDHQFRVWDHGDYHUGDGHIDOVDYLXWXGR
2VJUDQGHVYDOHVFKHLRVGRVPHVPRVYiULRVYHUGHVGHVHPSUH
$VJUDQGHVPRQWDQKDVORQJHPDLVUHDLVTXHTXDOTXHUVHQWLPHQWR
$UHDOLGDGHWRGDFRPRFpXHRDUHRVFDPSRVTXHH[LVWHP
(VHQWLXTXHGHQRYRRDUOKHDEULDPDVFRPGRUXPDOLEHUGDGHQRSHLWR

2FRUDomRGH$&HVWiGHVSHGDoDGRVHPUHPHGHLR2TXHOKHDFRQ
WHFHXpPDLVGRTXHXPFKDJULQG¶DPRXUDGROHVFHQWHRTXHOKHDFRQWHFHX
GLODFHURXOKHDVHQWUDQKDV2WRPFRQIHVVLRQDOUHYHODDGRUVRIULGDTXHWRU
QDRPHVWUHPDLVKXPDQRGRTXHTXDOTXHUXP8PSDVWRUVHPFDMDGRpXP
KRPHPVHPRDSRLRGDVVXDVFHUWH]DVXPSDVWRUVHPRYHOKDVpXPKR
PHP VHP R VHX PRGR GH YLGD &XUYRXVH SHUDQWH R DPRU PDV DTXHOH
RXWUR QmR OKR UHWULEXLX 6R]LQKR SRU DPDU SHUGLGR SRU SHQVDU QXQFD
PDLVYROWRXDYHUFODUDPHQWHFRPRGDQWHVSRLVSHUGHXGHILQLWLYDPHQWH
RFDMDGR0DVPHVPRVHPHOHHUJXHVHGDHQFRVWDHDSHUFHEHVHGHTXH
D1DWXUH]DFRQWLQXDDPHVPDFRQILUPDQGRTXHRVFDPSRVVmRPDLVUH
DLVGRTXHTXDOTXHUVHQWLPHQWR$WHUUDpPDLRUHRDPRUPHQRUeHQWmR
TXHUHVSLUDXPQRYRDUTXHOKHOLEHUWDRSHLWRDLQGDTXHGRORURVDPHQWH
FRPRVHGHXPSDUWRVHWUDWDVVHHIRVVHRQDVFLWXURTXHLQVSLUDSHODSUL
PHLUDYH]
&RQTXDQWRWUDWDVHGHXPQDVFLPHQWRFRPXP¿PDQXQFLDGRSRLV
LQLFLD XP FDPLQKR GH DXWRGHJHQHUDomR TXH SHUSDVVD 2V 3RHPDV ,QFRQ
MXQWRVDWpTXHDPRUWHGRPHVWUHVXUJHFRPRD~QLFDVROXomRSDUDRVDOYDU
GRSDUDGR[RHPTXHVHWRUQDDVXDSRHVLDDVXDYLGD$SyVDH[SHULrQFLD
DPRURVDHDDEHUWXUDDRRXWUR$&WHQWDXPUHJUHVVRDRDEVROXWRGRPXQGR
QDWXUDOPDVYLFLDGRQRSHQVDPHQWRFRPS}HSRHPDVHUUDQWHVQRVEDVWLGR
UHVGDVXEMHFWLYLGDGH
2DPRUpSRUWDQWRXPSRQWRGHYLUDJHPQDSRHVLDGRPHVWUH(VWH
VHQWLPHQWRGHVORFDSDUDRRXWURDFDSDFLGDGHGHID]HUIHOL]RHXHRSDVWRU
&$(,52S
&$(,52S
,QIRUPHVHTXHHVWHSRHPDIRLHVFULWRDSyVRURPSLPHQWRGH)HUQDQGR3HVVRDH2IpOLDHPMXOKR
,QIRUPHVHTXHHVWHSRHPDIRLHVFULWRDSyVRURPSLPHQWRGH)HUQDQGR3HVVRDH2IpOLDHPMXOKR
GH

                                       5HYLVWD GR *(/ 6mR 3DXOR Y  Q  S  
³3HQVRHPWLPXUPXURRWHXQRPHQmRVRXHXVRXIHOL]´XPHVWXGRVREUHDDOWHULGDGHQ¶23DVWRU$PRURVR

HVTXHFHDIHOLFLGDGHHVWyLFDGRVFDPSRVVXMHLWRDSHQDVDVLPHVPR$PDUp
GHSHQGHUGRRXWURHFRORFDUHPPmRVDOKHLDVDQRVVDIHOLFLGDGH$&DUULVFRX
DSD]HRQmRVRIULPHQWRGRVFDPSRVSRUDOJRTXHMXOJDYDXPEHPVXSHULRU
WUDLQGRD1DWXUH]DHRVHXPRGRGHYHUSDUDRDOFDQoDU0HQRVQDWXUDOMi
QmRHVWiLVRODGRPDVDRFRQWUiULRpXPVHUVRFLDOTXHSHORFRQWDFWRFRP
RRXWURVHWRUQDXPDOWHU'HVWLWXtGRGRVHURULJLQDOWRUQDVHQRTXHFULWLFD
VHYHUDPHQWHXPGRHQWHGRVROKRVTXHWHPVRQKRVGHIHOLFLGDGHHVHGLVWUDL
GDVLPSOLFLGDGHGDSHUFHSomRVHQVRULDO7DOYH]WLYHVVHHUUDGRWDOYH]RDPRU
QmROKHHVWLYHVVHGHVWLQDGR$YLGDSUHJRXOKHXPDSDUWLGDD¿QDOQmRpFHUWD
HVHJXUDFRPRRVVHXVVHQWLGRV-DPDLVYROWRXDVHUTXHPHUDHRVHXUHWUR
FHVVRpGHUURWDGRSRUHOHSUySULR1DYLGDQDGDpFHUWRHVWDpXPDYHUGDGH
FDHLULDQDeWmRKXPDQRFRPRTXDOTXHUXPGHQyVYLYHQDFDVXDOLGDGHGRV
DFRQWHFLPHQWRVRUDDFHUWDQGRRUDHUUDQGRHFRPHWHQGRH[DJHURVQDSURFXUD
GDIHOLFLGDGH
$ VXD SRHVLDPRVWUDGXDVIRUPDVGLIHUHQWHVHRSRVWDVGHVHUIH
OL]XPDHVWyLFDHPTXHDIHOLFLGDGHGHSHQGHDSHQDVGHQyVRXWUDGHV
FHQWUDOL]DGD TXH QDVFH GDV UHODo}HV KXPDQDV 2V H[DJHURV FDHLULDQRV
FRQILUPDP D QHFHVVLGDGH GH XP HTXLOtEULR HQWUH D LQGLYLGXDOLGDGH H D
DOWHULGDGH 2 VHU KXPDQR p FDSD] GH VHU IHOL] VR]LQKR D SDUWLU GR TXH
HPDQD GHOH SUySULR FRPR RV HVWyLFRV R GHIHQGHUDP 7RGDYLD H DSH
VDUGHDEVXUGRpQDWXUDODRKRPHPVHUVRFLDOL]DGRDOLiVRLVRODPHQWR
FRQVWLWXLRSLRUFDVWLJRHDPDLVWULVWHLQIHOLFLGDGHTXHDVRFLHGDGHOKH
SRGHLQIOLJLU/HPEUHPRQRVGDDPDUJXUDGDVFDUWDVGH&tFHURDTXDQGR
GRVHXH[tOLRGH5RPDRXKRGLHUQDPHQWHGDVROLGmRDQJXVWLDGDTXHVH
YLYHQDVSULV}HV
4XDQGR$&GL]³SHQVRHPWLPXUPXURRWHXQRPHQmRVRXHX
VRXIHOL]´FRQ¿UPDFRQVXEVWDQFLDomRGDDOWHULGDGHHPLGHQWLGDGHUHFR
QKHFHQGRQRRXWURDFDSDFLGDGHGHPXGDURHXHQRFDVRGRHXFDHLULD
QRDFDSDFLGDGHGHVXVFLWDUVHQWLPHQWRVGHVFRQKHFLGRVFRPRRDPRU(
TXDQGRGL]³QmRVRXHX´WUDWDVHGHPDLVXPH[DJHURGRPHVWUH²QmR
pTXH$&QmRVHMDXPHJRPDVpWDPEpPXPDOWHUTXHDWpDJRUDGHVFR
QKHFLDRXPHOKRUHVFRQGLD6HUKXPDQRpVHUDQWDJyQLFRGLYHUVRFRP
SOH[RFRPRHOHpH[HPSOR
4XDQGR$&IDODHP³YHUGDGHIDOVD´UHWRUQDDRYD]LRGDVSDODYUDVDR
VLOrQFLR$RXVDUDDQWtWHVHEDUDOKDVLJQL¿FDGRVHHVJRWDOKHVRVHQWLGR2
QRQVHQVHGHVWDH[SUHVVmRDWULEXtGDjYLVmRGRDPRUPRVWUDTXHQDGDpIDOVR

                                      
5HYLVWD GR *(/ 6mR 3DXOR Y  Q  S  
 $QD3DWUtFLD6LOYDGH6286$

RXYHUGDGHLURPDVWXGRpRXWURSHUVSHFWLYDGR$YHUGDGHDEVROXWDVREUHDUH
DOLGDGHFRQVWLWXLVHPSUHXPDFUHQoDXPDRSLQLmRXPDREVHUYDomRH[WHULRU
SRUTXHRVXMHLWRQmRSRGHQHPDEVRUYHUHQHPVHFRQVXEVWDQFLDUFRPRRE
MHFWRQRDFWRGHFRQKHFHU4XDOTXHUYLVmRGDUHDOLGDGHTXHUVHQWLPHQWDOTXHU
VHQVLWLYDUHSUHVHQWDXPDSUREDELOLGDGHGHYHUGDGHTXHGHSHQGHGHTXHPYr
1RFDVRGDSRHVLDFDHLULDQDRDPRUIXQFLRQDFRPRXPDRXWUDPDQHLUDGH
YHURXWUDSHUVSHFWLYDGRPXQGR(OHGHVFREULXRRXWURTXHRDOWHURXSURIXQ
GDPHQWHGHVFRQFHUWDGDPHQWH
$HYDVmRGDUHDOLGDGHKHUGRXDGH3HVVRDGHVLOXGLGRFRPDUHDOLGDGH
HFRPRDPRUPDODPDGRSRU2IpOLDHVREUHWXGRSHODPmH$SHUVRQDJHP
³WULXQIDO´GRPHVWUHQmRpPDLVGRTXHXPDGHUUDGHLUDWHQWDWLYDGHIXJDDR
VRIULPHQWR0DV$&YROWRXDRLQtFLRQR¿P
7DOYH]HVVDH[SHULrQFLDDPRURVDQmRWHQKDSDVVDGRGHXPH[HUFtFLR
VDWtULFRHVWLFDGRDRH[WUHPRSDUDGHPRQVWUDUDLQXWLOLGDGHGRDPRURXGD
YLGDVRFLDORXWDOYH]WHQKDVLGRXPDFRQWHFLPHQWRDFLGHQWDOTXHGHUUXED
D DUURJkQFLD GR PHVWUH H OKH PRVWUD D IUDJLOLGDGH GR VHU KXPDQR  XP
VHUTXHDOpPGHQDVFHUYLYHUHPRUUHUVRQKDDPDHVRIUH+iGHIDFWR
QDVXDSRHVLDXPVHQWLPHQWRWUiJLFRHPHVSHFLDOQRVYHUVRVG¶23DVWRU
$PRURVRSHORUHJUHVVRFDWiUWLFRjUHDOLGDGHHSHORVOLPLWHVDTXHHOHYDR
VRIULPHQWR (YLWRXR GH WRGDV DV IRUPDV IXJLX GR SHQVDPHQWR FRPR GH
XPDGRHQoDLVRORXVHGRPXQGRGRVKRPHQVHUHVWULQJLXVHDGHVHMRVGH
QDWXUDOLGDGH$ SUHVHQoD GR RXWUR ItVLFD H HPRFLRQDOPHQWH FRQFUHWL]D
HVVHVHXPHGRSRUTXHVRIUHUpSUySULRDRKRPHPHpOKHLPSRVVtYHOHV
FDSDUjVXDFRQGLomRKXPDQD&RQKHFHQGRDDOWHULGDGHGHVFREUHVHDVL
SUySULRFRPRVHUKXPDQRHH[LEHRVHXVHUSURIXQGRVHPDVPiVFDUDVGD
DSDUrQFLDQRVYHUVRVG¶2*XDUGDGRUpDV~PXODGRTXHpQDWXUDOHGRTXH
pDSUHQGLGRpXPSHQVDGRUHXPVHQVDFLRQLVWDpVRIULGRHIHOL]pVR]LQKR
HFRPSDQKHLUR
(Q¿PQmRKiSDODYUDVQDJUDPiWLFDSRUWXJXHVDTXHRGH¿QDP4XDO
TXHUDGMHFWLYDomRpSREUHTXDOTXHUVXEVWDQWLYDomRpSDUFDTXDOTXHUQDUUDomR
pLQFRPSOHWDHOHpDOLQJXDJHPLQWUDGX]tYHOGRVGHXVHVHOHpDOLQJXDJHP
UHÀHFWLGDGRVROKDUHV$&pLQWHLURpRHXHRRXWURRDOWHUHJRGH)HUQDQGR
3HVVRDHGHWRGRVQyV

                                       5HYLVWD GR *(/ 6mR 3DXOR Y  Q  S  
³3HQVRHPWLPXUPXURRWHXQRPHQmRVRXHXVRXIHOL]´XPHVWXGRVREUHDDOWHULGDGHQ¶23DVWRU$PRURVR

6286$$QD3DWUtFLD6LOYDGH³3HQVRHPWLPXUPXURRWHXQRPHQmRVRXHXVRXIHOL]´$
VWXG\RQWKHRWKHUQHVVLQ23DVWRU$PRURVRE\$OEHUWR&DHLUR5HYLVWDGR*HO6mR3DXOR
YQS

$%675$&77KLVSDSHUGLVFXVVHVWKHRWKHUQHVVLQWKHSRHWU\RI)HUQDQGR3HVVRD¶VKHWH
URQ\P$OEHUWR&DHLURPRUHSUHFLVHO\LQWKHYHUVHVRI23DVWRU$PRURVR7KHSRHPVGHV
FULEHDORYHHSLVRGHLQZKLFKWKHHJREHIRUHLVRODWHG¿QGVWKHDOWHUOLYHVWKHH[SHULHQFHRI
RWKHUQHVVDQGEHFRPHVDQDOWHUHJR

.(<:25'62WKHUQHVV,GHQWLW\0HWDSK\VLFV3RHWU\/RYH

5HIHUrQFLDV
&$(,52$3RHVLD/LVERD$VVtULRH$OYLP

*$5&(=0+1$OEHUWR&DHLUR³GHVFREULGRUGD1DWXUH]D"´3RUWR&HQWUR
GH(VWXGRV3HVVRDQRV

*$5&,$-0)HUQDQGR3HVVRD©&RUDomRGHVSHGDoDGRªVXEVtGLRVSDUDXPHV
WXGRGHDIHFWLYLGDGHQDREUDSRpWLFDGH)3HVVRD3RQWD'HOJDGD8QLYHUVLGDGHGRV
$oRUHV

*528;'325&+(5//¶$OWpULWp3DULV/¶+DUPDWWDQ

/285(1d2$$,GHQWLGDGHHDOWHULGDGHHP)HUQDQGR3HVVRDH$QWyQLR0D
FKDGRÈOYDURGH&DPSRVH-XDQGH0DLUHQD%UDJD$QJHOXV1RYXV

3(662$)3RHPDV&RPSOHWRVGH$OEHUWR&DHLUR3UHIiFLRGH5LFDUGR5HLV3RV
IiFLRGHÈOYDURGH&DPSRV/LVERD(GLWRULDO3UHVHQoD

BBBBBB3RHVLDVGHÈOYDURGH&DPSRV0HP0DUWLQV(XURSD$PpULFDVG

6(1$-)HUQDQGR3HVVRD &+HWHUyQLPDHG/LVERD(GLo}HV

6286$$36,QÀXrQFLDVOXFUHFLDQDVQDSRHVLDGH$OEHUWR&DHLURI
'LVVHUWDomR0HVWUDGRHP(VWXGRV&OiVVLFRV8QLYHUVLGDGHGH$YHLUR'HSDUWDPHQWR
GH/tQJXDVH&XOWXUDV$YHLUR3RUWXJDO

                                      
5HYLVWD GR *(/ 6mR 3DXOR Y  Q  S  
 $QD3DWUtFLD6LOYDGH6286$

72'252971RXVHWOHVDXWUHV3DULV6HXLO

BBBBBB$FRQTXLVWDGD$PpULFD/LVERD/LWRUDO(GLo}HV

                                       5HYLVWD GR *(/ 6mR 3DXOR Y  Q  S