Os Protocolos Dos Sabios

2635272&2/26
GRV6iELRVGH6LmR
$PDLRULDGDVSHVVRDVDFUHGLWDTXHHVVHV3URWRFRORVVmRXPDIDOVLILFDomRXPDIUDXGHHTXHGHYHP
VHUGHVFRQVLGHUDGRVFRPSOHWDPHQWH2V,OOXPLQLVWDVTXHUHPTXHYRFrSHQVHDVVLPSRLVQDYHUGDGHRV
3URWRFRORVVmRXPGRVGRFXPHQWRVGHSODQHMDPHQWRPDLVDWLYDPHQWHXWLOL]DGRV
$1RYD2UGHP0XQGLDOHVWiFKHJDQGR9RFrHVWiSUHSDUDGR"
&RPSUHHQGHQGRRTXHUHDOPHQWHpHVVD1RYD2UGHP0XQGLDOHFRPRHVWiVHQGRLPSOHPHQWDGD
JUDGXDOPHQWHYRFrSRGHUiYHURSURJUHVVRGHODQDVQRWtFLDVGRGLDDGLD
$SUHQGDDSURWHJHUDVLPHVPRHDRVVHXVDPDGRV
$SyVOHUQRVVRVDUWLJRVYRFrQXQFDPDLVYHUiDVQRWtFLDVGDPHVPDIRUPD
9HMDRSODQRJXLDRULJLQDOGRV,OOXPLQDWLGLVVLPXODGDPHQWHFKDPDGRGH3URWRFRORVGRV6iELRVGH6LmR
$RLQYpVGHVHUXPSODQRGRVOtGHUHVMXGHXVSDUDFRQTXLVWDURPXQGRHVVHGRFXPHQWRpQDUHDOLGDGHR
SODQRGRV,OOXPLQLVWDVSDUDFULDURJRYHUQR~QLFRFRPHFRQRPLDHUHOLJLmRVDWkQLFDJOREDLVFRQKHFLGRFRPR
1RYD2UGHP0XQGLDO$UD]mRGHHOHWHUVLGRHVFULWRFRPXPDOHYHDSDUrQFLDGHXPDFRQVSLUDomRMXGDLFD
SDUDFRQTXLVWDURPXQGRSDUDVHX0HVVLDVIRLSDUDTXHRGRFXPHQWRIRVVHDEVROXWDPHQWHGHVDFUHGLWDGR
HHVTXHFLGR/RJRTXHDJUDQGHPDLRULDGDVSHVVRDVWLYHVVHGHVDFUHGLWDGRRV3URWRFRORVRV,OOXPLQLVWDV
SRGHULDPXWLOL]iOROLYUHPHQWHFRPRVHXSURMHWRSDUDDOFDQoDURJRYHUQRDUHOLJLmRHDHFRQRPLDJOREDLVSDUD
TXHVHX&ULVWRGD1RYD(UDSRVVDVXUJLUHDVVXPLURFRQWUROH
2V3URWRFRORVGRV6iELRVGH6LmRVmRRGRFXPHQWRPDLVVDWkQLFRGDKLVWyULDPXQGLDO(OHUHODFLRQD
VLVWHPDWLFDPHQWHWRGRVRVSDVVRVQHFHVViULRVSDUDHVWDEHOHFHUD1RYD2UGHP0XQGLDOHVHXQRYRUHLe
yEYLRTXHHVVHVSODQRVSDUDRHVWDEHOHFLPHQWRGRUHLQRGR$QWLFULVWRIRUDPWmREULOKDQWHPHQWHFRQFHELGRVH
HVFULWRVTXHVySRGHULDPVHUREUDGHHVStULWRVJXLDVREUHQDWXUDLVDJLQGRSRUPHLRGDHVFULWDDXWRPiWLFD
2V3URWRFRORVHVWmRRUJDQL]DGRVDVVLP
2VDVSHFWRVSROtWLFRVGRV0LVWpULRV$QWLJRVSRGHPVHUFODUDPHQWHREVHUYDGRVHPXPGRFXPHQWRGRLQtFLR
GRVpFXOR2V3URWRFRORVGRV6iELRVGH6LmR(PERUDPXLWRVDILUPHPTXHXPDFRQVSLUDomRMXGDLFDVHMD
DRULJHPGHVVHGRFXPHQWRHOHIRLPXLWRSURYDYHOPHQWHUHGLJLGRSHOR3ULRUDGRGH6LmR6HXVSRQWRVEiVLFRV
VmRRVVHJXLQWHV
1. 3URMHWRSDUDRGRPtQLRPXQGLDO
2. $GYHQWRGHXPUHLQRPDo{QLFR
3. 8PUHLGRVDQJXHGH6LmRGDUDL]GLQiVWLFDGH'DYL
4. 2UHLGRVMXGHXVVHUiRYHUGDGHLURSDSD
5. 2JRYHUQDQWHGRPXQGRVHUiRSDWULDUFDGHXPDLJUHMDLQWHUQDFLRQDO
>-HDQ%DSWLVWH+RJDQFRQIRUPHFLWDGRHP26DQWR*UDDOHD/LQKDJHP6DJUDGDSiJQRRULJLQDO
([DPLQHPRVDJRUDDOJXPDVGDVFLWDo}HVSHUWLQHQWHVSDUDTXHYRFrVHIDPLOLDUL]HFRPRWLSRGHSODQRVTXH
RV3URWRFRORVHVWDEHOHFHPSHUPLWLQGRDVVLPTXHYRFrGHWHUPLQHPDLVSUHFLVDPHQWHRFDUiWHUGH*HRUJH
:%XVKPHPEURGDVRFLHGDGHVHFUHWD&DYHLUD 2VVRVTXHSRVLFLRQRXVHGHOLEHUDGDPHQWHGLDQWHGR
KH[DJUDPDGDEDQGHLUDLVUDHOHQVH²XPSRGHURVRVtPERORGRV3URWRFRORVGRV6iELRVGH6LmR>/HLDRV
GHWDOKHVQRDUWLJR1&LGDGmR-XGHX1RUWH$PHULFDQR)LFD,QGLJQDGRDR9HUR3UHVLGHQWH%XVK
3RVLFLRQDGR'LDQWHGD%DQGHLUDGH,VUDHO@/HPEUHVHRV3URWRFRORVIRUDPHVFULWRVKiSHORPHQRVFHPDQRV
8VDQGRR7HUURULVPR3DUD0DQWHURV*RYHUQRVHP;HTXH
3DUWH,&DStWXORVD
3DUWH,
&DS

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5HVXPR2GLUHLWRUHVLGHQDIRUoD$OLEHUGDGHpXPDLGpLD2OLEHUDOLVPR2RXUR
$Ip$DXWRQRPLD2GHVSRWLVPRGRFDSLWDO2LQLPLJRLQWHUQR$PXOWLGmR$DQDUTXLD
$SROtWLFDHDPRUDO2GLUHLWRGRPDLVIRUWH2SRGHUMXGDLFRPDo{QLFRpLQYHQFtYHO2
ILPMXVWLILFDRVPHLRV$PXOWLGmRpFHJD2DOIDEHWRSROtWLFR$VGLVFyUGLDVGRVSDUWLGRV
$IRUPDGHJRYHUQRTXHPHOKRUFRQGX]DRQRVVRILPpDDULVWRFUDFLD$VEHELGDV
DOFRyOLFDV2FODVVLFLVPR$GHYDVVLGmR2SULQFtSLRHDVUHJUDVGRJRYHUQR-XGDLFR
HIUDQFRPDoRQ2WHUURU/LEHUGDGH,JXDOGDGH)UDWHUQLGDGH2SULQFtSLRGRJRYHUQR
GLQiVWLFR$GHVWUXLomRGRVSULYLOpJLRVGDDULVWRFUDFLDGRVFULVWmRV&iOFXORSVLFROyJLFR
$EVWUDomRGDOLEHUGDGH5HPRYLELOLGDGHGRVUHSUHVHQWDQWHVGRSRYR
$%$1'21$1'2WRGDHTXDOTXHUIUDVHRORJLDHVWXGHPRVFDGDLGpLDHPVLPHVPDHHVFODUHoDPRVD
VLWXDomRFRPFRPSDUDo}HVHGHGXo}HV )RUPXODUHLSRUWDQWRQRVVRVLVWHPDGRQRVVRSRQWR
GHYLVWDHGRSRQWRGHYLVWDGRVFULVWmRV
eSUHFLVRWHUHPYLVWDTXHRVKRPHQVGHPDXVLQVWLQWRVVmRPDLVQXPHURVRVTXHRVGHERQV
LQVWLQWRV3RULVVRVHREWpPPHOKRUHVUHVXOWDGRVJRYHUQDQGRRVKRPHQVSHODYLROrQFLDHRWHUURUGR
TXHFRPGLVFXVV}HVDFDGrPLFDV&DGDKRPHPDVSLUDDRSRGHUFDGDTXDOVHSXGHVVHVHWRUQDULD
GLWDGRUDRPHVPRWHPSRSRXFRVVmRRVTXHQmRHVWmRSURQWRVDVDFULILFDUREHPJHUDOSDUD
FRQVHJXLURSUySULREHP
4XHPFRQWHYHDVIHUDVFKDPDGDVKRPHQV"4XHPRVJXLRXDWpDJRUD"1RSULQFtSLRGD
RUGHPVRFLDOVXEPHWHUDPVHjIRUoDEUXWDHFHJDHPDLVWDUGHjOHLTXHpHVVDIRUoD
PDVFDUDGD&RQFOXRSRLVGHDFRUGRFRPDOHLGDQDWXUH]DTXHRGLUHLWRUHVLGHQDIRUoD
$OLEHUGDGHSROtWLFDpXPDLGpLDHQmRXPDUHDOLGDGHeSUHFLVRVDEHUDSOLFDUHVVDLGpLD
TXDQGRIRUQHFHVViULRDWUDLUDVPDVVDVSRSXODUHVDRVHXSDUWLGRFRPDLVFDGXPDLGpLDVH
HVVHSDUWLGRIRUPRXRGHVtJQLRGHHVPDJDURRXWURSDUWLGRTXHVHDFKDQRSRGHUQRWDH[
5HY)UDQFHVD(VVHSUREOHPDWRUQDVHIiFLOVHRDGYHUViULRUHFHEHXHVVHSRGHUGDLGpLDGH
OLEHUGDGHGRTXHVHFKDPDOLEHUDOLVPRHVDFULILFDXPSRXFRGHVXDIRUoDDHVVDLGpLD(HLV
RQGHDSDUHFHUiRWULXQIRGHQRVVDWHRULDDVUpGHDVIURX[DVGRSRGHUVHUmRORJRWRPDGDVHP
YLUWXGHGDOHLGDQDWXUH]DSRURXWUDVPmRVSRUTXHDIRUoDFHJDGRSRYRQmRSRGHILFDUXP
GLDVyVHPJXLDHRQRYRSRGHUQmRID]PDLVGRTXHWRPDUROXJDUGRDQWLJRHQIUDTXHFLGR
SHOROLEHUDOLVPR
1RVGLDVTXHFRUUHPRSRGHUGRRXURVXEVWLWXLXRSRGHUGRVJRYHUQRVOLEHUDLV+RXYH
WHPSRHPTXHDIpJRYHUQRX$OLEHUGDGHpLUUHDOL]iYHOSRUTXHQLQJXpPVDEHXVDUGHOD
GHQWURGHMXVWDPHGLGD%DVWDGHL[DUDOJXPWHPSRRSRYRJRYHUQDUVHDVLPHVPRSDUDTXH
ORJRHVVDDXWRQRPLDVHWUDQVIRUPHHPOLFHQoD(QWmRVXUJHPGLVVHQV}HVTXHHPEUHYHVH
WUDQVIRUPDPHPEDWDOKDVVRFLDLVQDVTXDLVRV(VWDGRVVHFRQVRPHPHHPTXHVXD
JUDQGH]DVHUHGX]DFLQ]DV
6HR(VWDGRVHHVJRWDQDVVXDVSUySULDVFRQYXOV}HVRXVHVXDVFRPRo}HVLQWHVWLQDVR
S}HPDPHUFrGRVLQLPLJRVH[WHUQRVSRGHVHUFRQVLGHUDGRLUUHPHGLDYHOPHQWHSHUGLGRFDLX
HPQRVVRSRGHU2GHVSRWLVPRGRFDSLWDOLQWDFWRHQWUHQRVVDVPmRVDSDUHFHOKHFRPRXPD
WiEXDGHVDOYDomRjTXDOTXHLUDRXQmRTXHLUDWHPGHVHDJDUUDUSDUDQmRLUDRIXQGR
$TXHOHFXMDDOPDOLEHUDOTXLVHUFRQVLGHUDUHVVHVUDFLRFtQLRVFRPRLPRUDLVSHUJXQWDUHL
VHWRGR(VWDGRWHPGRLVLQLPLJRVHVHOKHpSHUPLWLGRVHPDPHQRUSHFKDGHLPRUDOLGDGH
HPSUHJDUFRQWUDRLQLPLJRH[WHUQRWRGRVRVPHLRVGHOXWDFRPRSRUH[HPSORQmROKHGDUD
FRQKHFHUVHXVSODQRVGHDWDTXHRXGHIHVDVXUSUHHQGrORjQRLWHRXFRPIRUoDVVXSHULRUHV
SRUTXHHVVDVPHVPDVPHGLGDVXVDGDVFRQWUDXPLQLPLJRSLRUTXHDUUXLQDULDDRUGHPVRFLDO
HDSURSULHGDGHVHULDPLOtFLWDVHLPRUDLV"
8PHVStULWRHTXLOLEUDGRSRGHUiHVSHUDUJXLDUFRPr[LWRDVPXOWLG}HVSRUPHLRGH
H[RUWDo}HVVHQVDWDVHSHODSHUVXDVmRTXDQGRRFDPSRHVWiDEHUWRjFRQWUDGLomRPHVPR
GHVDUUD]RDGDPDVTXHSDUHFHVHGXWRUDDRSRYRTXHWXGRFRPSUHHQGHVXSHUILFLDOPHQWH"2V
KRPHQVTXHUVHMDPRXQmRGDSOHEHJXLDPVHH[FOXVLYDPHQWHSRUVXDVSDL[}HV
PHVTXLQKDVVXDVVXSHUVWLo}HVVHXVFRVWXPHVVXDVWUDGLo}HVHWHRULDVVHQWLPHQWDLVVmR
HVFUDYRVGDGLYLVmRGRVSDUWLGRVTXHVHRS}HPDTXDOTXHUKDUPRQLDUD]RiYHO7RGDGHFLVmR
GDPXOWLGmRGHSHQGHGXPDPDLRULDRFDVLRQDORXSHORPHQRVVXSHUILFLDOQDVXDLJQRUkQFLD
GRVVHJUHGRVSROtWLFRVDPXOWLGmRWRPDUHVROXo}HVDEVXUGDVHXPDHVSpFLHGHDQDUTXLD
DUUXLQDRJRYHUQR$SROtWLFDQDGDWHPGHFRPXPFRPDPRUDO2JRYHUQRTXHVHGHL[DJXLDU
SHODPRUDOQmRpSROtWLFRHSRUWDQWRVHXSRGHUpIUiJLO$TXHOHTXHTXHUUHLQDUGHYHUHFRUUHU
jDVW~FLDHjKLSRFULVLD$VJUDQGHVTXDOLGDGHVSRSXODUHVIUDQTXH]DHKRQHVWLGDGHVmR
YtFLRVQDSROtWLFDSRUTXHGHUUXEDPPDLVRVUHLVGRVWURQRVGRTXHRPDLVSRGHURVRLQLPLJR
(VVDVTXDOLGDGHVGHYHPVHURVDWULEXWRVGRVUHLQRVFULVWmRVHQmRQRVGHYHPRVGHL[DU
DEVROXWDPHQWHJXLDUSRUHODV
1RVVRILPpSRVVXLUDIRUoD$SDODYUDGLUHLWRpXPDLGpLDDEVWUDWDTXHQDGDMXVWLILFD
(VVDSDODYUDVLJQLILFDVLPSOHVPHQWHLVWR'DLPHRTXHHXTXHURDILPGHTXHHXSRVVD
SURYDUTXHVRXPDLVIRUWHGRTXHYyV2QGHFRPHoDRGLUHLWRRQGHDFDED"
1XP(VWDGRHPTXHRSRGHUHVWiPDORUJDQL]DGRHPTXHDVOHLVHRJRYHUQRVHWRUQDP
LPSHVVRDLVSRUFDXVDGRVLQ~PHURVGLUHLWRVTXHROLEHUDOLVPRFULRXYHLRXPQRYRGLUHLWRR
GHPHODQoDUGHDFRUGRFRPDOHLGRPDLVIRUWHFRQWUDWRGDVDVUHJUDVHRUGHQV
HVWDEHOHFLGDVGHUUXEDQGRDVRGHSRUDPmRQDVOHLVUHPRGHODQGRDVLQVWLWXLo}HVH
WRUQDQGRPHVHQKRUGDTXHOHVTXHDEDQGRQDUDPRVGLUHLWRVTXHOKHVGDYDDVXDIRUoD
UHQXQFLDQGRDHOHVYROXQWDULDPHQWHOLEHUDOPHQWH
(PYLUWXGHGDDWXDOIUDJLOLGDGHGHWRGRVRVSRGHUHVQRVVRSRGHUVHUiPDLVGXUDGRXURGR
TXHTXDOTXHURXWURSRUTXHVHUiLQYHQFtYHODWpRPRPHQWRHPTXHHVWLYHUWmRHQUDL]DGRTXH
QHQKXPDDVW~FLDRSRGHUiGHVWUXLU
'RPDOSDVVDJHLURTXHRUDVRPRVREULJDGRVDID]HUQDVFHUiREHPGXPJRYHUQR
LQDEDOiYHOTXHUHVWDEHOHFHUiDPDUFKDUHJXODUGRPHFDQLVPRGDVH[LVWrQFLDVQDFLRQDLV
SHUWXUEDGDVSHOROLEHUDOLVPR2UHVXOWDGRMXVWLILFDRVPHLRV3UHVWDPRVDWHQomRDRVQRVVRV
SURMHWRVPHQRVTXDQWRDRERPHDRPRUDOGRTXHTXDQWRDR~WLOHDRQHFHVViULR
7HPRVGLDQWHGHQyVXPSODQRQRTXDOHVWiH[SRVWRHVWUDWHJLFDPHQWHDOLQKDGHTXHQmR
QRVSRGHPRVDIDVWDUVHPFRUUHURULVFRGHYHUGHVWUXtGRRWUDEDOKRGHPXLWRVVpFXORV
3DUDDFKDURVPHLRVTXHOHYDPDHVVHILPpSUHFLVRWHUHPFRQWDDFRYDUGLDD
LQVWDELOLGDGHDLQFRQVWkQFLDGDPXOWLGmRVXDLQFDSDFLGDGHHPFRPSUHHQGHUHGLVFHUQLUDV
FRQGLo}HVGHVXDSUySULDYLGDHGHVXDSURVSHULGDGHeQHFHVViULRFRPSUHHQGHUTXHDIRUoD
GDPXOWLGmRpFHJDLQVHQVDWDVHPUDFLRFtQLRLQGRSDUDDGLUHLWDRXSDUDDHVTXHUGD8P
FHJRQmRSRGHJXLDURXWURFHJRVHPOHYiORDRSUHFLStFLRGRPHVPRPRGRRVPHPEURV
GDPXOWLGmRVDtGRVGRSRYRHPERUDGRWDGRVGHHVStULWRJHQLDOSRUQDGDHQWHQGHUHP
GHSROtWLFDQmRSRGHPSUHWHQGHUJXLiODVHPSHUGHUDQDomR 6RPHQWHXPLQGLYtGXR
SUHSDUDGRGHVGHDPHQLQLFHSDUDDDXWRFUDFLDpFDSD]GHFRQKHFHUDOLQJXDJHPHDUHDOLGDGH
SROtWLFDV8PSRYRHQWUHJXHDVLSUySULRLVWRpDRVDPELFLRVRVGRVHXPHLRDUUXLQDVHQD
GLVFyUGLDGRVSDUWLGRVH[FLWDGRVSHODVHGHGRSRGHUHQDVGHVRUGHQVUHVXOWDQWHVGHVVD
GLVFyUGLDeSRVVtYHOjVPDVVDVSRSXODUHVUDFLRFLQDUWUDQTLODPHQWHVHPULYDOLGDGHV
LQWHVWLQDVGLULJLURVQHJyFLRVGHXPSDtVTXHQmRSRGHPVHUFRQIXQGLGRVFRPRVLQWHUHVVHV
SHVVRDLV"3RGHUmRGHIHQGHUVHGRVLQLPLJRVH[WHUQRV"eLPSRVVtYHO8PSODQRGLYLGLGR
SRUWDQWDVFDEHoDVTXDQWDVKiQDPXOWLGmRSHUGHVXDXQLGDGHWRUQDQGRVHLQLQWHOLJtYHOH
LUUHDOL]iYHO 6RPHQWHXPDXWRFUDWDSRGHHODERUDUSODQRVYDVWRVHFODURVSRQGRFDGD
FRLVDHPVHXOXJDUQRPHFDQLVPRGDHVWUXWXUDJRYHUQDPHQWDO&RQFOXDPRVSRLVTXHXP
JRYHUQR~WLODRSDtVHFDSD]GHDWLQJLURILPDTXHVHSURS}HGHYHVHUHQWUHJXHjVPmRVGXP
VyLQGLYtGXRUHVSRQViYHO6HPRGHVSRWLVPRDEVROXWRDFLYLOL]DomRQmRSRGHH[LVWLUHODQmR
pREUDGDVPDVVDVPDVGHVHXJXLDVHMDTXDOIRU$PXOWLGmRpXPEiUEDURTXHPRVWUD
VXDEDUEiULHHPWRGDVDVRFDVL}HV/RJRTXHDPXOWLGmRVHDSRGHUDGDOLEHUGDGHWUDQVIRUPD
DHPDQDUTXLDTXHpRPDLVDOWRJUDXGHEDUEiULH
9HGHHVVHVDQLPDLVHPEULDJDGRVFRPDJXDUGHQWHLPEHFLOL]DGRVSHORiOFRRODTXHPR
GLUHLWRGHEHEHUVHPOLPLWHVIRLGDGRDRPHVPRWHPSRTXHDOLEHUGDGH1mRSRGHPRVSHUPLWLU
TXHRVQRVVRVVHGHJUDGHPDHVVHSRQWR2VSRYRVFULVWmRVHVWmRVHQGRHPEUXWHFLGRV
SHODVEHELGDVDOFRyOLFDVVXDMXYHQWXGHHVWiHPEUXWHFLGDSHORVHVWXGRVFOiVVLFRVHSHOD
GHYDVVLGmRSUHFRFHDTXHDLPSHOHPQRVVRVDJHQWHVSURIHVVRUHVFULDGRVJRYHUQDQWHVGH
FDVDVULFDVFDL[HLURVPXOKHUHVS~EOLFDVQRVOXJDUHVRQGHRVFULVWmRVVHGLYHUWHP1R
Q~PHURGDV~OWLPDVLQFOXRWDPEpPDVPXOKHUHVGHERDYRQWDGHDGHYDVVLGmRHROX[RGDV
SHUGLGDV
1RVVDSDODYUDGHRUGHPp)RUoDH+LSRFULVLD6RPHQWHDIRUoDSRGHWULXQIDUQDSROtWLFD
VREUHWXGRVHHVWLYHUHVFRQGLGDQRVWDOHQWRVQHFHVViULRVDRVKRPHQVGH(VWDGR$YLROrQFLD
GHYHVHUXPSULQFtSLRDDVW~FLDHDKLSRFULVLDXPDUHJUDSDUDRVJRYHUQRVTXHQmRTXHLUDP
HQWUHJDUVXDFRURDDRVDJHQWHVGHXPDQRYDIRUoD(VVHPDOpR~QLFRPHLRGHFKHJDUDR
ILPREHP3RULVVRQmRQRVGHYHPRVGHWHUGLDQWHGDFRUUXSomRGDYHOKDFDGDHGDWUDLomR
WRGDVDVYH]HVTXHSRVVDPVHUYLUDVQRVVDVILQDOLGDGHV(PSROtWLFDpSUHFLVRVDEHUWRPDU
DSURSULHGDGHGHRXWUHPVHPKHVLWDUVHSRUHVVHPHLRWHPRVGHDOFDQoDURSRGHU1HVVD
FRQTXLVWDSDFtILFDQRVVR(VWDGRWHPRGLUHLWRGHVXEVWLWXLURVKRUURUHVGDJXHUUDSHODV
FRQGHQDo}HVjPRUWHPHQRVYLVtYHLVHPDLVSURYHLWRVDVSDUDFRQVHUYDURWHUURUTXH
REULJDRVSRYRVDREHGHFHUHPFHJDPHQWH8PDVHYHULGDGHMXVWDPDVLQIOH[tYHOpRPDLRU
IDWRUGDIRUoDGXP(VWDGRQmRpVRPHQWHQRVVDYDQWDJHPSRUpPQRVVRGHYHUSDUDREWHU
DYLWyULDVHJXLUHVVHSURJUDPDGHYLROrQFLDHKLSRFULVLD6HPHOKDQWHGRXWULQDEDVHDGDQR
FiOFXORpWmRHILFD]TXDQWRRVPHLRVTXHHPSUHJD1mRVySRUHVVHVPHLRVPDVWDPEpP
SRUHVVDGRXWULQDGHVHYHULGDGHQyVWULXQIDUHPRVHHVFUDYL]DUHPRVWRGRVRVJRYHUQRVDR
QRVVRVXSUHPRJRYHUQR%DVWDUiTXHVHVDLEDTXHVRPRVLQIOH[tYHLVSDUDTXHFHVVHWRGD
LQVXERUGLQDomR
)RPRVQyVRVSULPHLURVTXHMiQDDQWLJLGDGHODQoDPRVDRSRYRDV
SDODYUDV/LEHUGDGH,JXDOGDGH)UDWHUQLGDGHSDODYUDVUHSHWLGDVWDQWDVYH]HVSHORV
SDSDJDLRVLQFRQVFLHQWHVTXHDWUDtGRVGHWRGDDSDUWHSRUHVVDLVFDGHODVRPHQWHWHP
XVDGRSDUDGHVWUXLUDSURVSHULGDGHGRPXQGRDYHUGDGHLUDOLEHUGDGHLQGLYLGXDORXWURUDWmR
EHPJDUDQWLGDGRVFRQVWUDQJLPHQWRVGDPXOWLGmR+RPHQVTXHVHMXOJDYDPLQWHOLJHQWHV
QmRVRXEHUDPGHVYHQGDURVHQWLGRRFXOWRGHVVDVSDODYUDVQmRYLUDPTXHVHFRQWUDGL]HP
QmRUHSDUDUDPTXHQmRKiLJXDOGDGHQDQDWXUH]DTXHQHODQmRSRGHKDYHUOLEHUGDGH
TXHDSUySULDQDWXUH]DHVWDEHOHFHXDGHVLJXDOGDGHGRVHVStULWRVGRVFDUDFWHUHVHGDV
LQWHOLJrQFLDVWmRIRUWHPHQWHVXEPHWLGRVjVVXDVOHLVHVVHVKRPHQVQmRVHQWLUDPTXHD
PXOWLGmRpXPDIRUoDFHJDTXHRVDPELFLRVRVTXHHOHJHVmRWmRFHJRVHPSROtWLFDTXDQWR
HODTXHRLQLFLDGRSRUPDLVWRORTXHVHMDSRGHJRYHUQDUHQTXDQWRTXHDPXOWLGmRGRVQmR
LQLFLDGRVHPERUDFKHLDGHJrQLRQDGDHQWHQGHGDSROtWLFD7RGDVHVVDVFRQVLGHUDo}HVQmR
DEUROKDUDPQRHVStULWRGRVFULVWmRVHQWUHWDQWRpQLVVRTXHUHSRXVDRSULQFtSLRGLQiVWLFR
GRVJRYHUQRVRSDLWUDQVPLWHDRILOKRRVVHJUHGRVGDSROtWLFDGHVFRQKHFLGRVIRUDGRV
PHPEURVGDIDPtOLDUHLQDQWHDILPGHTXHQLQJXpPRVSRVVDWUDLU0DLVWDUGHRVHQWLGRGD
WUDQVPLVVmRKHUHGLWiULDGRVYHUGDGHLURVSULQFtSLRVGDSROtWLFDVHSHUGHX2r[LWRGHQRVVD
REUDDXPHQWRX
7RGDYLDQRPXQGRDVSDODYUDV/LEHUGDGH,JXDOGDGH)UDWHUQLGDGHSXVHUDPHP
QRVVDVILOHLUDVSRULQWHUPpGLRGHQRVVRVDJHQWHVFHJRVOHJL}HVLQWHLUDVGHKRPHQVTXH
DUYRUDUDPFRPHQWXVLDVPRQRVVRVHVWDQGDUWHV&RQWXGRWDLVSDODYUDVHUDPRVYHUPHVTXH
URtDPDSURVSHULGDGHGRVQmRMXGHXVGHVWUXLQGRSRUWRGDDSDUWHDSD]DWUDQTLOLGDGHD
VROLGDULHGDGHPLQDQGRWRGRVRVDOLFHUFHVGHVHXV(VWDGRV9HUHLVSHORTXHVHVHJXHFRPR
LVVRVHUYLXDRQRVVRWULXQIRLVVRQRVGHXHQWUHRXWUDVFRXVDVDSRVVLELOLGDGHGHREWHUR
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1RWDSDUDRVGLDVDWXDLVQRWHFRPRRMXGHXGLVWRUFHRVFRQFHLWRVDVHXIDYRUFODVVLILFDP
FRPRSURSDJDQGDGHyGLRWRGDFUtWLFDDVHXUHVSHLWRXVDPHDEXVDPGHUyWXORVFRPRDQWL
VHPLWDUDFLVWDHQD]LVWDDTXDOTXHUXPTXHVHRSRQKDDHOHVGHPDQHLUDFRYDUGHH
GLIDPDWyULD3RUpPDJHPGHVVDPHVPDPDQHLUDRXWDPEpPQmRpyGLRRTXHHOHVSURPRYHP
TXDQGRID]HPSURSDJDQGDDQWLHXURSpLDHVSHFLDOPHQWHDQWLDOHPm"7RGDGLIDPDomRGHXP
SRYRSDUDVHPSUHWDPEpPQmRpyGLR"7RGRVRVILOPHVTXHID]HPFRQWUDRVDOHPmHVQmRp
yGLRWDPEpP"4XDQGRHOHPHQWRVFRPR'DQLHO*ROGKDJHQH[SUHVVDPSpURODVFRPRRPDX
JHQHDOHPmRLVVRQmRpSURSDJDQGDGHyGLRFDO~QLDHGLIDPDomR"""MXOJXHYRFrPHVPR
(LVSRUTXHDTXHOHVTXHQmRFRQKHFHPRVEDVWLGRUHVGRVJRYHUQRVQmRSRGHP
FRPSUHHQGHUTXHVyVHHVFROKDPSDUDRVDOWRVFDUJRVLQGLYtGXRVVHPPRUDOHVHP
GLJQLGDGH2VRXWURVQmRVHUYHPD,VUDHO6mRDIDVWDGRV
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5HVXPR$SOLFDomRGRVSULQFtSLRVPDo{QLFRVSDUDUHID]HUDHGXFDomRGRV
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GLWDGXUDVGDIUDQFRPDoRQDULD2WHUURU$TXHOHVTXHVHUYHPjIUDQFRPDoRQDULD$
IRUoDLQWHOLJHQWHHDIRUoDFHJDGRVUHLQRVFULVWmRV&RPXQKmRGRSRGHUFRPRSRYR
$DUELWUDULHGDGHOLEHUDO8VXUSDomRGDLQVWUXomRHGDHGXFDomR,QWHUSUHWDomRGDVOHLV
2VPHWURSROLWDQRV
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HQFRQWUDUGHVHREUDUGHVXPDDSOLFDomRJHUDOHXQLIRUPHGHVVHVSULQFtSLRVDQWHVGHUHID]HUPRVD
HGXFDomRJHUDOGRSRYRQmRORJUDUir[LWR0DVDSOLFDQGRRVSUXGHQWHPHQWHYHUHLVTXHVHQmR
SDVVDUmRGH]DQRVSDUDVHWUDQVIRUPDURFDUiWHUPDLVREVWLQDGRHSDUDTXHFRQWHPRVPDLVXP
SRYRHPQRVVDGHSHQGrQFLD
4XDQGRQRVVRUHLQDGRFKHJDUVXEVWLWXLUHPRVQRVVDSDODYUDGHRUGHP/LEHUGDGH,JXDOGDGH
H)UDWHUQLGDGHQmRSRURXWUDSDODYUDGHRUGHPSRUpPSHODVPHVPDVSDODYUDVWUDQVIRUPDGDVHP
LGpLDVGLUHPRVGLUHLWRjOLEHUGDGHGHYHUGHLJXDOGDGHHLGHDOGHIUDWHUQLGDGH$JDUUHPRVR
WRXURSHORVFKLIUHV'HIDWRMiGHVWUXtPRVWRGRVRVJRYHUQRVH[FHWRRQRVVRHPERUDKDMDDLQGD
PXLWRVJRYHUQRVGHGLUHLWR1RVGLDVTXHFRUUHPVHDOJXQV(VWDGRVOHYDQWDPSURWHVWRVFRQWUD
QyVID]HPQRSURIyUPXODHSRUQRVVDRUGHPSRUTXHVHXDQWLMXGDtVPRQRVpQHFHVViULRSDUD
JRYHUQDUQRVVRVLUPmRVPHQRUHV1mRYRVH[SOLFDUHLLVVRPDLVFODUDPHQWHSRUTXHHVVHDVVXQWRMi
IRLWUDWDGRHPQRVVRVHQWHQGLPHQWRV
1DUHDOLGDGHQmRKiPDLVREVWiFXORVjQRVVDIUHQWH1RVVR*RYHUQR6XSUHPRHVWiHP
FRQGLo}HVH[WUDOHJDLVTXHpFRQYHQLHQWHGHQRPLQDUFRPXPWHUPRIRUWHHHQpUJLFRGLWDGXUD
3RVVRDILUPDUFRQVFLHQWHPHQWHTXHVRPRVDWXDOPHQWHOHJLVODGRUHVSURQXQFLDPRVDVVHQWHQoDVGD
MXVWLoDFRQGHQDPRVjPRUWHHSHUGRDPRVHVWDPRVFRPRFKHIHVGHQRVVDVWURSDVPRQWDGRVQR
FDYDORGRJHQHUDOFRPDQGDQWH*RYHUQDUHPRVFRPPmRILUPHSRUTXHQRVDSRGHUDPRVGRVUHVWRV
GXPSDUWLGRRXWURUDIRUWHHKRMHVXEPHWLGRSRUQyV7HPRVQDVPmRVDPELo}HVGHVPHGLGDVPXLWD
DYLGH]DUGHQWHYLQJDQoDVVHPSLHGDGHyGLRVHUDQFRUHV
'HQyVSURPDQDRWHUURUTXHWXGRLQYDGH7HPRVDQRVVRVHUYLoRKRPHQVGHWRGDVDV
RSLQL}HVGHWRGDVDVGRXWULQDVUHVWDXUDGRUHVGHPRQDUTXLDVGHPDJRJRVVRFLDOLVWDVH
FRPXQLVWDVHWRGDDVRUWHGHXWRSLVWDVDWUHODPRVRPXQGRLQWHLURDRQRVVRFDUURFDGDTXDO
PLQDGHVHXODGRRVGHUUDGHLURVUHVWRVGRSRGHUHVIRUoDQGRVHSRUGHUUXEDUWXGRRTXHDLQGDVH
PDQWpPGHSp7RGRVRV(VWDGRVVRIUHPFRPHVVDVSHUWXUEDo}HVSHGHPFDOPDHHVWmRGLVSRVWRVD
WXGRVDFULILFDUSHODSD]PDVQyVQmROKHVGDUHPRVDSD]HQTXDQWRQmRUHFRQKHFHUHPQRVVR
*RYHUQR6XSUHPRDEHUWDPHQWHHKXPLOGHPHQWH
2SRYRVHS{VDJULWDUTXHpQHFHVViULRUHVROYHUDTXHVWmRVRFLDOSRUPHLRGXPDFRUGR
LQWHUQDFLRQDO$GLYLVmRGRSRYRHPSDUWLGRVS{VWRGRVHVVHVSDUWLGRVjQRVVDGLVSRVLomRSRUTXH
SDUDVXVWHQWDUVXDOXWDGHHPXODomRpSUHFLVRGLQKHLURHQyVpTXHWHPRVWRGRRGLQKHLUR
3RGHUtDPRVUHFHDUDDOLDQoDGDIRUoDLQWHOLJHQWHGDVSHVVRDVUHLQDQWHVFRPDIRUoDFHJDGR
SRYRPDVWRPDPRVWRGDVDVPHGLGDVSRVVtYHLVFRQWUDHVVDHYHQWXDOLGDGHHQWUHHVVDVGXDVIRUoDV
HUJXHPRVDSDUHGHGRPHGRUHFtSURFR'HVWHPRGRDIRUoDFHJDGRSRYRpQRVVRDSRLRHVHUHPRV
RV~QLFRVDJXLiODVDEHUHPRVGLULJtODFRPVHJXUDQoDSDUDRVQRVVRVILQV
$ILPGHTXHDPmRGRFHJRQmRSRVVDUHSHOLUDQRVVDGLUHomRGHYHPRVHVWDUGHWHPSRVHP
WHPSRVHPFRPXQLFDomRGLUHWDFRPHOHVHQmRSHVVRDOPHQWHSHORPHQRVSRUPHLRGHQRVVRVPDLV
ILpLVLUPmRV4XDQGRIRUPRVXPSRGHUUHFRQKHFLGRFRQYHUVDUHPRVQyVPHVPRVFRPRSRYRQDV
SUDoDVS~EOLFDVHRLQVWUXLUHPRVVREUHDVTXHVW}HVSROtWLFDVQRVHQWLGRTXHMXOJDPRVQHFHVViULR

&RPRYHULILFDURTXHOKHIRUHQVLQDGRQDVHVFRODVGHDOGHLD"2TXHGLVVHURHQYLDGRGR
JRYHUQRRXDSUySULDSHVVRDUHLQDQWHQmRSRGHUiGHL[DUGHVHUORJRFRQKHFLGRHPWRGRR(VWDGR
SRUTXHVHUiGHSUHVVDHVSDOKDGRSHODYR]GRSRYR3DUDQmRGHVWUXLUSUHPDWXUDPHQWHLQVWLWXLo}HV
GRVFULVWmRVWHPRVWRFDGRQHODVFRPKDELOLGDGHWRPDQGRHPQRVVDVPmRVDVPRODVGHVHX
PHFDQLVPR(VVDVPRODVHVWDYDPGLVSRVWDVQXPDRUGHPVHYHUDPDVMXVWDVXEVWLWXtPRODSHOD
DUELWUDULHGDGHGHVRUGHQDGD7RFDPRVQDMXULVGLomRDVHOHLo}HVQDLPSUHQVDQDOLEHUGDGH
LQGLYLGXDOHVREUHWXGRQDLQVWUXomRHQDHGXFDomRTXHVmRDVSHGUDVDQJXODUHVGDH[LVWrQFLD
OLYUH

0LVWLILFDPRVHPEUXWHFHPRVHFRUURPSHPRVDPRFLGDGHFULVWmSRUPHLRGXPDHGXFDomR
IXQGDGDHPSULQFtSLRVHWHRULDVTXHVDEHPRVIDOVRVHTXHVmRLQVSLUDGRVSRUQyV
3RUFLPDGDVOHLVH[LVWHQWHVVHPPXGiODVGHPRGRHVVHQFLDOSRUpPVRPHQWHDV
GHVILJXUDQGRSRULQWHUSUHWDo}HVFRQWUDGLWyULDVREWLYHPRVUHVXOWDGRVSURGLJLRVRV(VVHV
UHVXOWDGRVPDQLIHVWDUDPVHDRSULQFtSLRHPFRPHQWiULRVTXHPDVFDUDUDPDVOHLVHHP
VHJXLGDFRPSOHWDPHQWHDVHVFRQGHUDPGRVROKRVGRVJRYHUQRVLQFDSD]HVGHVHRULHQWDUHP
QXPDOHJLVODomRHPEUXOKDGD 'DtDWHRULDGRWULEXQDOGDFRQVFLrQFLD'L]HLVTXHVH
UHEHODUmRGHDUPDVHPSXQKRFRQWUDQyVVHDQWHVGHWHPSRRXWDUGHVHDSHUFHEHUHPGD
PDQREUDPDVQHVVHFDVRQRVSDtVHVRFLGHQWDLVODQoDUHPRVPmRGXPDPDQREUDWmRWHUUtYHO
TXHDVDOPDVPDLVFRUDMRVDVWUHPHUmRRVPHWURSROLWDQRVMiHVWDUmRFRQVWUXtGRVHPWRGDV
DVFDSLWDLVHIiORVHPRVLUSHORVDUHVFRPWRGDVDVRUJDQL]Do}HVHGRFXPHQWRVGHWRGRVRV
(VWDGRV
BBBBBBBBBB1RWDVH&RPHQWiULRVBBBBBBBBBB
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PDLVOLEHUGDGHHLJXDOGDGHUHVXOWDPSDUDRVMXGHXV7RGDQRYDFRUUHQWHGHSURJUHVVR
FRQVROLGDDSRVLomRGRVMXGHXV %/D]DUH/
$QWLVpPLWLVPHYRO,,SiJD
DVVLPLODomROHJDODFDERXQD)UDQoDHPTXDQGR/DILWWHIH]LQVFUHYHURFXOWRMXGHX
QRRUoDPHQWR(UDRGDVDEDPHQWRGHILQLWLYRGR(VWDGR&ULVWmRHPERUDR(VWDGR/HLJR
DLQGDQmRHVWLYHVVHFRPSOHWDPHQWHFRQVWLWXtGR(PRGHUUDGHLURYHVWtJLRGDVDQWLJDV
VHSDUDo}HVHQWUHMXGHXVHFULVWmRVGHVDSDUHFHXFRPDDEROLomRGRMXUDPHQWR0RUH
-XGDLFR$DVVLPLODomRPRUDOQmRIRLDVVLPWmRFRPSOHWD,GHPSiJ2VLVUDHOLWDV
GHYHUDPVXDHPDQFLSDomRDXPPRYLPHQWRILORVyILFRFRLQFLGLQGRpPXLWDFRQFLGrQFLD
FRPXPPRYLPHQWRHFRQ{PLFRHQmRDDEROLomRGDVSUHYHQo}HVVHFXODUHVTXHH[LVWLDP
FRQWUDHOHV,GHPSiJ6RPHQWHHPRVLVUDHOLWDVDXVWUtDFRVVHWRUQDUDP
FLGDGmRV1DPHVPDpSRFDVXDHPDQFLSDomRVHIH]QD$OHPDQKDQD*UpFLDQD6XpFLDQD
'LQDPDUFD'HQRYRRVMXGHXVGHYHUDPVXDLQGHSHQGrQFLDDRHVStULWRUHYROXFLRQiULRTXH
PDLVXPDYH]YLQKDGD)UDQoD
(ZHUEHFNHP4X
HVWFHTXHOD%LEOH"3DULVSiJVWUDGX]HVWHVWUHFKRVGH
.DUO0DU[QXPDUWLJRVREUH%UXQR%DXHU2MXGHXWUDEDOKDHPSUyOGDLGpLDHPDQFLSDGRUD
XQLYHUVDO$HPDQFLSDomRMXGDLFDQDVXDH[WUHPDVLJQLILFDomRpDHPDQFLSDomRGD
KXPDQLGDGHGRVODoRVTXHRMXGDtVPROKHLPS{V
&I3RO]HU+RGOL]W.DLVHU.DUO9LHQDSiJVSDODYUDVDWULEXtGDVD$QDWROH
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SLHGDGHHGHVXPDQD (VWiFRQIRUPH
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5HVXPR$IRUoDGDVFRLVDVQDSROtWLFD$JHQLDOLGDGHGDEDL[H]D2TXHSURPHWHRJROSH
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IUDQFRPDoRQV2JXLDJHQLDOGDIUDQFRPDoRQDULD$VLQVWLWXLo}HVHVXDVIXQo}HV2YHQHQR
GROLEHUDOLVPR$FRQVWLWXLomRpDHVFRODGDVGLVFyUGLDVGHSDUWLGRV$HUDUHSXEOLFDQD
2VSUHVLGHQWHVVmRFULDWXUDVGDIUDQFRPDoRQDULD5HVSRQVDELOLGDGHGRVSUHVLGHQWHV
23DQDPi2SDSHOGD&kPDUDGRV'HSXWDGRVHGR3UHVLGHQWH$IUDQFRPDoRQDULDpXPD
IRUoDOHJLVODWLYD$QRYDFRQVWLWXLomRUHSXEOLFDQD3DVVDJHPSDUDDDXWRFUDFLDIUDQFR
PDo{QLFD0RPHQWRGDSURFODPDomRGRUHLXQLYHUVDO,QRFXODomRGHGRHQoDVHRXWURV
PDOHItFLRVGDIUDQFRPDoRQDULD
&20(d2$*25$UHSHWLQGRRTXHMiGLVVHHSHoRYRVTXHYRVOHPEUHLVTXHRVJRYHUQRV
HRVSRYRVVRPHQWHYrHPDDSDUrQFLDGDVFRXVDV(FRPRSRGHULDPGHVOLQGDUVHXVHQWLGR
tQWLPRVHVHXVUHSUHVHQWDQWHVSHQVDPDFLPDGHWXGRHPVHGLYHUWLUHP",PSRUWDPXLWRSDUD
QRVVDSROtWLFDFRQKHFHUHVVHSRUPHQRUVHUQRViGHJUDQGHDX[tOLRTXDQGRSDVVDUPRVj
GLVFXVVmRGDGLYLVmRGRSRGHUGDOLEHUGDGHGHSDODYUDGHLPSUHQVDGHFRQVFLrQFLDGR
GLUHLWRGHDVVRFLDomRGDLJXDOGDGHHPIDFHGDOHLGDLQYLRODELOLGDGHGDSURSULHGDGHGD
KDELWDomRGRLPSRVWRGDIRUoDUHWURDWLYDGDVOHLV7RGDVHVVDVTXHVW}HVVmRGHWDOQDWXUH]D
TXHQXQFDVHGHYHWRFDUQHODVGLUHWDHFODUDPHQWHGLDQWHGRSRYR1RFDVRHPTXHIRU
QHFHVViULRDERUGiODVpSUHFLVRQmRDVHQXPHUDUSRUpPGHFODUDUHPEORFRTXHRV
SULQFtSLRVGRGLUHLWRPRGHUQRVHUmRUHFRQKHFLGRVSRUQyV$LPSRUWkQFLDGHVVDUHWLFrQFLD
FRQVLVWHQRVHJXLQWHXPSULQFtSLRQmRHVSHFLILFDGRGHL[DQRVDOLEHUGDGHGHH[FOXLULVWRRX
DTXLORVHPTXHGrHPSHODFRXVDHQTXDQWRTXHHQXPHUDQGRWHPRVTXHDFHLWDURTXHIRU
HQXPHUDGRVHPUHVHUYD
2SRYRWHPXPDPRUHVSHFLDOHXPDJUDQGHHVWLPDSHORVJrQLRVSROtWLFRVHUHVSRQGH
DWRGRVRVDWRVGHYLROrQFLDFRPDVSDODYUDVeXPFDQDOKDEHPFDQDOKDPDVTXH
KDELOLGDGH)RLXPDHVSHUWH]DPDVEHPIHLWDHFRPRpLQVROHQWH
&RQWDPRVDWUDLUWRGDVDVQDo}HVSDUDDFRQVWUXomRGXPQRYRHGLItFLRIXQGDPHQWDO
FXMRSODQRWUDoDPRV(LVSRUTXHSUHFLVDPRVDQWHVGHWXGRID]HUSURYLVmRGHDXGiFLDH
SUHVHQoDGHHVStULWRTXDOLGDGHVTXHQDSHVVRDGHQRVVRVDWRUHVGHVWUXLUmRWRGRVRV
REVWiFXORVTXHVHDQWHSRQKDPHPQRVVRFDPLQKR4XDQGRWLYHUPRVGDGRRQRVVRJROSHGH
(VWDGRGLUHPRVDRVSRYRV7XGRLDKRUULYHOPHQWHPDOWRGRVVRIUHUDPPDLVGRTXHDTXLOR
TXHVHSRGHVXSRUWDU'HVWUXtPRVDVFDXVDVGHYRVVRVWRUPHQWRVDVQDFLRQDOLGDGHVDV
IURQWHLUDVDVGLYHUVLGDGHVGHPRHGDV6HPG~YLGDWHQGHVDOLEHUGDGHGHQRVMXUDU
REHGLrQFLDPDVSRGHLVID]rORFRPMXVWLoDDQWHVGHH[SHULPHQWDUGHVRTXHYRVGDPRV"
(QWmRHOHVQRVH[DOWDUmRHFDUUHJDUmRHPWULXQIRFRPXPHQWXVLDVPRXQkQLPHGH
HVSHUDQoDV2VXIUiJLRXQLYHUVDOTXHFULDPRVSDUDVHURLQVWUXPHQWRGHQRVVDHOHYDomRH
DRTXDOKDELWXDPRVDVPDLVtQILPDVXQLGDGHVGHWRGRVRVPHPEURVGDKXPDQLGDGHSHODV
UHXQL}HVGHJUXSRVHSHORVFRQFKDYRVGHVHPSHQKDUiSHOD~OWLPDYH]VHXSDSHOSDUD
H[SULPLURXQkQLPHGHVHMRGHDKXPDQLGDGHHPQRVFRQKHFHUGHPDLVSHUWRDQWHVGHQRV
MXOJDU
3DUDLVVRSUHFLVDPRVOHYDUWRGDDJHQWHDRVXIUiJLRXQLYHUVDOVHPGLVWLQomRGH
FODVVHHGHFHQVRHOHLWRUDODILPGHHVWDEHOHFHURGHSRWLVPRGDPDLRULDTXHQmRVHSRGH
REWHUGDVFODVVHVFHQVLWiULDVLQWHOLJHQWHV7HQGRDVVLPKDELWXDGRWRGDDJHQWHDLGpLDGH
VHXSUySULRYDORUGHVWUXLUHPRVDLPSRUWkQFLDGDIDPtOLDFULVWmHVHXYDORUHGXFDWLYR
GHL[DUHPRVTXHVHSURGX]DPLQGLYLGXDOLGDGHVTXHDPXOWLGmRJXLDGDSRUQyVQmRSHUPLWLUi
TXHVHIDoDQRWDUQHPPHVPRTXHIDOHHVWDUiDFRVWXPDGDDRXYLUVRPHQWHDQyVTXHOKH
SDJDPRVVXDREHGLrQFLDHDWHQomR'HVWDVRUWHIDUHPRVGRSRYRXPDIRUoDWmRFHJDTXH
HPWRGDDSDUWHVyVHSRGHUiPRYHUJXLDGDSHORVQRVVRVDJHQWHVSRVWRVHPOXJDUGHVHXV
FKHIHVQDWXUDLV6XEPHWHUVHiDHVVHUHJLPHSRUTXHVDEHUiTXHGHVVHVQRYRVFKHIHV
GHSHQGHUmRVHXVJDQKRVRVGRQVJUDWXLWRVHWRGDDHVSpFLHGHEHQV
8PSODQRGHJRYHUQRGHYHVDLUSURQWRGXPD~QLFDFDEHoDSRUTXHVHULDLQFRHUHQWH
VHGLYHUVRVHVStULWRVWRPDVVHPDVLDWDUHIDGHHVWDEHOHFrOR3RULVVRGHYHPRVFRQKHFHU
XPSODQRGHDomRPDVQmRGLVFXWtORDILPGHQmRTXHEUDUVHXFDUiWHUJHQLDODOLJDomRHQWUH
VXDVYiULDVSDUWHVDIRUoDSUiWLFDHDVLJQLILFDomRVHFUHWDGHFDGDXPGHVHXVSRQWRV6HR
VXIUiJLRXQLYHUVDORGLVFXWLUHPRGLILFDUJXDUGDUiRYHVWtJLRGHWRGDVDVIDOVDVFRQFHSo}HV
GRVHVStULWRVTXHQmRWHUmRSHQHWUDGRDSURIXQGH]DHDOLJDomRGRVGHVtJQLRVeQHFHVViULR
TXHQRVVRVSODQRVVHMDPIRUWHVHEHPFRQFHELGRV3RUHVVDUD]mRQmRGHYHPRVODQoDUR
WUDEDOKRJHQLDOGHQRVVRFKHIHDRVSpVGDPXOWLGmRQHPPHVPRGHVYHQGiORDXP
DJUXSDPHQWRUHVWULWR
(VVHVSODQRVQmRGHUUXEDUmRQRPRPHQWRDVLQVWLWXLo}HVPRGHUQDV0XGDUmR
VRPHQWHDVXDHFRQRPLDHSRUFRQVHJXLQWHWRGRRVHXGHVHQYROYLPHQWRTXHDVVLPVH
RULHQWDUmRGHDFRUGRFRPQRVVRVSURMHWRV
$VPHVPDVFRXVDVPDLVRXPHQRVH[LVWHPHPWRGRVRVSDtVHVFRPQRPHV
GLIHUHQWHVD5HSUHVHQWDomRRV0LQLVWpULRVR6HQDGRR&RQVHOKRGH(VWDGRR&RUSR
/HJLVODWLYRHR&RUSR([HFXWLYR1mRSUHFLVRH[SOLFDUYRVRPHFDQLVPRGDVUHODo}HVHQWUH
HVVDVLQVWLWXLo}HVSRUTXHRFRQKHFHLVEDVWDQWHQRWDLVRPHQWHTXHFDGDTXDOGHVVDV
LQVWLWXLo}HVFRUUHVSRQGHDDOJXPDIXQomRLPSRUWDQWHGR(VWDGRHSHoRYRVQRWDUDLQGDTXHp
DIXQomRHQmRDLQVWLWXLomRHPVLTXHFRQVLGHURLPSRUWDQWHSRUWDQWRQmRVmRDV
LQVWLWXLo}HVTXHVmRLPSRUWDQWHVSRUpPVXDVIXQo}HV$VLQVWLWXLo}HVGLYLGLUDPHQWUHVL
WRGDVDVIXQo}HVGRJRYHUQRIXQo}HVDGPLQLVWUDWLYDVOHJLVODWLYDH[HFXWLYD3RULVVRHODV
WUDEDOKDPQRRUJDQLVPRGR(VWDGRFRPRRVyUJmRVQRFRUSRKXPDQR6HSUHMXGLFDUPRV
XPDSDUWHGDPiTXLQDGR(VWDGRR(VWDGRILFDUiGRHQWHFRPRRFRUSRKXPDQRHPRUUHUi

4XDQGRLQWURGX]LPRVQRRUJDQLVPRGR(VWDGRRYHQHQRGROLEHUDOLVPRWRGDDVXD
FRQVWLWXLomRSROtWLFDIRLPXGDGDRV(VWDGRVFDtUDPGRHQWHVFRPXPDGRHQoDPRUWDOD
GHFRPSRVLomRGRVDQJXHQmRUHVWDPDLVGRTXHHVSHUDURILPGHVXDDJRQLD
'ROLEHUDOLVPRQDVFHUDPRVJRYHUQRVFRQVWLWXFLRQDLVTXHVXEVWLWXtUDPSDUDRV
FULVWmRVDDXWRFUDFLDVDOXWDUHDFRQVWLWXLomRFRPREHPRVDEHLVQmRpPDLVGRTXHXPD
HVFRODGHGLVFyUGLDVGHGHVLQWHOLJrQFLDGHGLVFXVV}HVGHGLVVHQWLPHQWRVGHDJLWDo}HV
HVWpUHLVGRVSDUWLGRVHPXPDSDODYUDpDHVFRODGHWXGRRTXHID]FRPTXHXP(VWDGR
SHUFDVXDLQGLYLGXDOLGDGHHVXDSHUVRQDOLGDGH$WULEXQDDVVLPFRPRDLPSUHQVDFRQGHQRX
RVJRYHUQRVjLQDomRHDIUDTXH]DWRUQRXRVSRXFRQHFHVViULRVLQ~WHLVpLVVRTXHH[SOLFD
TXHVHMDPGHUUXEDGRV$HUDUHSXEOLFDQDVHWRUQRXHQWmRSRVVtYHOTXDQGRVXEVWLWXtPRVR
JRYHUQDQWHSRUXPDFDULFDWXUDGHJRYHUQRSRUXPSUHVLGHQWHWRPDGRQDPXOWLGmRQRPHLR
GHQRVVDVFULDWXUDVGHQRVVRVHVFUDYRV$tHVWiRIXQGRGDPLQDTXHFDYDPRVVRERSRYR
GRVFULVWmRVRXPHOKRUVRERVSRYRVFULVWmRV
(PXPIXWXURSUy[LPRFULDUHPRVDUHVSRQVDELOLGDGHGRVSUHVLGHQWHV
(QWmRIDUHPRVSDVVDUVHPJUDQGHHVIRUoRFRXVDVFXMDUHVSRQVDELOLGDGHFDEHUiD
QRVVDFULDWXUD4XHQRVLPSRUWDTXHDVILOHLUDVGDTXHOHVTXHDVSLUDPDRSRGHUVHWRUQHP
PDLVUDUDVTXHSURGX]DPSRUIDOWDGHSUHVLGHQWHVFDSD]HVHPEDUDoRVTXHGHVRUJDQL]HP
FRPSOHWDPHQWHRSDtV"
3DUDFKHJDUDHVVHUHVXOWDGRPDTXLQDUHPRVDHOHLomRGHSUHVLGHQWHVTXHWHQKDPHP
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PDQHLUDH[HPSODU2URXERDFXPSOLFLGDGHVROLGiULDHQWUHIXQFLRQiULRVDGPLQLVWUDWLYRV
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VXSHULRUGDDXWRULGDGH2FRQGHQDGRVHYHUDPHQWHSXQLGRVHUiFRPRXPVROGDGRTXHWRPERXQR
FDPSRGHEDWDOKDDGPLQLVWUDWLYRSHOD$XWRULGDGHRV3ULQFtSLRVHD/HLTXHQmRDGPLWHPTXHR
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PHVPRSHVVRDORTXDODVVLPQRVILFDUiPDLVVXEPHWLGRTXHPTXLVHUFRQVHUYDUVHXSRVWRWHUiGH
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RItFLRVQmRWRPDPRFXLGDGRGHOKHVLQVSLUDURVHQWLPHQWRGRGHYHUHDFRQVFLrQFLDGDREUDTXH
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SRVWRVDTXHOHVTXHIRUHPSRUQyVHGXFDGRVSDUDRJRYHUQRDGPLQLVWUDWLYR3RGHPREVHUYDUQRVTXH
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