)XQGDomR0DXUtFLR*UDERLV

'H]DQRVVHP&OyYLV0RXUD$57,*2
)ORUHVWDQ)HUQDQGHVHRQHJURXPD
LQWHUSUHWDomRSROtWLFD
3RU&OyYLV0RXUD 3XEOLFDGR

$TXHVWmRUDFLDOFRQFHQWUDWRGDDSUREOHPiWLFDGR%UDVLOD³SHGUDGHWRTXHGDUHYROXomRGHPRFUiWLFD
QDVRFLHGDGHEUDVLOHLUD´$REUDGH)ORUHVWDQ)HUQDQGHVGHQWURGDSURGXomRDFDGrPLFDGR%UDVLOp
DTXHODTXHDSUHVHQWDPDLRUOHTXHGHGLYHUVLILFDo}HV'HVGHDVFRQWULEXLo}HVWHyULFDVSURSULDPHQWH
GLWDVjVGLVFXVV}HVQDiUHDGDHWQRJUDILDHHWQRORJLDGRIROFORUHGRSUREOHPDHGXFDFLRQDOGD
VRFLRORJLDGRGHVHQYROYLPHQWRHHVSHFLDOPHQWHGDVUHODo}HVLQWHUpWQLFDVQR%UDVLO7DQWRLVVRp
YHUGDGHTXHHPHVWHVDVSHFWRVGLYHUVLILFDGRVGDVXDREUDIRUDPGLVFXWLGRVQD-RUQDGDGH
&LrQFLDV6RFLDLVGD8QHVSUHDOL]DGDQR&DPSXVGH0DUtOLDGHDGHPDLR

0DVRTXHGHVHMDPRVDSUHVHQWDUQRSDUWLFXODUGDVUHODo}HVLQWHUpWQLFDVpRUHODFLRQDPHQWR
KWWSJUDERLVRUJEUSRUWDOLPSULPLUHYSKS"LGBVHVVDR  LGBSXEOLFDFDR  LGBLQGLFH  
 )XQGDomR0DXUtFLR*UDERLV

QHJUREUDQFRHWRGDDSUREOHPiWLFDHPHUJHQWHHPIXQomRGDIRUPDFRPRDHVFUDYLGmRVH
HVWUXWXURXHGLQDPL]RXHFRPRIRLFRQGX]LGRRSURFHVVRDEROLFLRQLVWD,VWRpRGLOHPDUDFLDO
EUDVLOHLURDSDUWLUGDVFRQWUDGLo}HVTXHVXUJLUDPGHVWHSURFHVVRQDVXDFRQRWDomRSROtWLFD

3RUTXH)ORUHVWDQ)HUQDQGHVVHPSUHWHYHXPDYLVmRSROtWLFDGRSUREOHPDYLVmRTXHYDLVH
UDGLFDOL]DQGRSURJUHVVLYDPHQWHDWpRVVHXV~OWLPRVSURQXQFLDPHQWRVTXHDQWHFHGHPjVXD
PRUWHeVREUHHVWHVDVSHFWRVWmRLPSRUWDQWHVHPXLWDVYH]HVDWpGUDPiWLFRVGDVXDREUDHGD
VXDDWXDomRTXHSUHWHQGHPRVWHFHUDOJXPDVVXPiULDVFRQVLGHUDo}HV$GLPHQVmRSROtWLFDGD
VXDDWXDomRQRSDUWLFXODUVHGHXPODGRHUDDTXHODTXHRDWUDtDPDLVVXEVWDQFLDOPHQWHGH
RXWURpDTXHIRLPHQRVDQDOLVDGD±HSRUTXHQmRGL]rOR"±FRUDMRVDPHQWH

$SUHRFXSDomRGH)ORUHVWDQ)HUQDQGHVFRPRSUREOHPDGRQHJURHGDHVFUDYLGmRD
SDVVDJHPWUDXPDWL]DQWHGRH[HVFUDYRSDUDDFRQGLomRGHKRPHPOLYUHHGHFLGDGmRVXUJH
TXDQGR)ORUHVWDQ)HUQDQGHVLQLFLDVXDSHVTXLVDFRP5RJHU%DVWLGHVREUHUHODo}HVHQWUH
EUDQFRVHQHJURVHP6mR3DXOR,VWRHP$tMiVHSHUFHEHDSUHRFXSDomRGRFLHQWLVWD
VRFLDOFRPRSUREOHPDSUHRFXSDomRTXHLUiVHDPSOLDQGRSURJUHVVLYDPHQWH

(VWDSUHRFXSDomRGH)ORUHVWDQ)HUQDQGHVFRPDGLPHQVmRSROtWLFDSDUDRSUREOHPDpWQLFR
HVSHFLDOPHQWHDVUHODo}HVQHJURHEUDQFRpTXHRFRORFDQXPQtYHOUDGLFDOQDVROXomRGR
PHVPR(OHQmRDFHLWDYDDVWHVHVWUDGLFLRQDLVVHJXQGRDVTXDLVDVROXomRGHVVHSUREOHPD
HVWDYDHPEXWLGRDSHQDVQRSUREOHPDGDVFODVVHVVRFLDLV$FUHGLWDYDTXHRSUREOHPDHUDPDLV
DEUDQJHQWHFRPSOH[RHSURIXQGR

(OHQmRYLDRSUREOHPDGRQHJURFRPRVLPSOHVWHPDDFDGrPLFRPDVFRPSUHHQGLDRFRPR
XPGLOHPDQDFLRQDOHSDUDRTXDODVVROXo}HVDSUHVHQWDGDVDWpDJRUDHUDPUHWyULFDVH
LUUHOHYDQWHVTXDQGRQmRGHVFRQYHUVDGHOLEHUDGDDSRLDGDHPXPDLGHRORJLDUDFLVWD
VXEMDFHQWH(VWDpDGLIHUHQoDUDGLFDOGH)ORUHVWDQ)HUQDQGHVHRVGHPDLVFLHQWLVWDVVRFLDLV
TXHVHRFXSDUDPGRWHPDHOHQmRYLDRSUREOHPDGRQHJUR³GHIRUD´PDVQHOHVHLQWHJUDYD
GHOHSDUWLFLSDYD(VVDOLJDomRRUJkQLFDHQWUHRFLHQWLVWDHRKRPHPOHYDYDRDSURFXUDUD
VROXomRSROtWLFDSDUDRSUREOHPDHQHODLQWHUIHULUQXPDSUi[LVGHWRWDOLGDGHHQWUHRFLHQWLVWD
RKRPHPFRPDVXDVHQVLELOLGDGHHRSROtWLFRFRPVXDVIHUUDPHQWDVGHDomR

(OHQmRYLDRSUREOHPDGRQHJURFRPRXPWHPDDFDGrPLFRPDVFRPSUHHQGLDRFRPRXP
VpULRGLOHPDQDFLRQDO

)ORUHVWDQ)HUQDQGHVWUDQVFHQGHSRUWDQWRRVOLPLWHVGRVDEHUXQLYHUVLWiULR(OHDFKDTXHR
VHXSHQVDPHQWRWHPXPDIXQomRSROtWLFDDOpPGRFLUFXLWRDFDGrPLFRSURMHWDQGRVHQR
FRQMXQWRGDVRFLHGDGHFLYLOSURFXUDQGRQHODLQIOXLU(VHXSyORGHDomRpDTXHVWmRUDFLDOD
VLWXDomRGRQHJURHRVSUREOHPDVUDFLDLVTXHHQIUHQWDPRV9rQRQHJURDFRQFHQWUDomRGH
WRGDDSUREOHPiWLFDGR%UDVLODSHGUDGHWRTXHGDUHYROXomRGHPRFUiWLFDQDVRFLHGDGH
EUDVLOHLUD

(YDLDOpP'L]TXHDGHPRFUDFLDVyVHUiXPDUHDOLGDGHTXDQGRKRXYHUGHIDWRLJXDOGDGH
UDFLDOQR%UDVLOHRQHJURQmRVRIUHUQHQKXPDHVSpFLHGHGLVFULPLQDomRGHSUHFRQFHLWRGH
HVWLJPDWL]DomRHVHJUHJDomRVHMDHPWHUPRVGHFODVVHVHMDHPWHUPRVGHUDoD3RULVVRD
OXWDGHFODVVHVSDUDRQHJURGHYHFDPLQKDUMXQWDPHQWHFRPDOXWDUDFLDOSURSULDPHQWHGLWD
2QHJURGHYHSDUWLFLSDUDWLYDHLQWHQVDPHQWHGRPRYLPHQWRRSHUiULRHVLQGLFDOGRVSDUWLGRV
SROtWLFRVRSHUiULRVUDGLFDLVHUHYROXFLRQiULRVPDVOHYDQGRSDUDHOHVDVH[LJrQFLDV
HVSHFtILFDVPDLVSURIXQGDVGDVXDFRQGLomRGHRSULPLGRPDLRU$RPHVPRWHPSRRQHJUR
GHYHWHUDFRQVFLrQFLDFODUDGHTXHVXDHPDQFLSDomRFROHWLYDS}HRSUREOHPDGDGHPRFUDFLD
HGHXPD5HS~EOLFDGHPRFUiWLFDVHPVXEWHUI~JLRVDUHYROXomRGHQWURGDRUGHPp
LQVXILFLHQWHSDUDHOLPLQDUDVLQLTLGDGHVHGXFDFLRQDLVFXOWXUDLVSROtWLFDVHWFTXHDIHWDPRV
HVWUDWRVQHJURVHPHVWLoRVGDSRSXODomR0HVPRTXDQGRRQHJURQmRVDEHRTXHp
VRFLDOLVPRDOXWDSRUVXDOLEHUGDGHHLJXDOGDGHSRVVXLXPDVLJQLILFDomRVRFLDOLVWD*ULIRGH
KWWSJUDERLVRUJEUSRUWDOLPSULPLUHYSKS"LGBVHVVDR  LGBSXEOLFDFDR  LGBLQGLFH  
 )XQGDomR0DXUtFLR*UDERLV

)ORUHVWDQ)HUQDQGHV'DtVHUHOHXPDYDQJXDUGDQDWXUDOHQWUHRVRSULPLGRVRVKXPLOGHVRV
H[SORUDGRVHQILPRHOHPHQWRGHSRQWDGDTXHOHVTXHOXWDPSRU³XP%UDVLOPHOKRU´RXSRU
XPD³VRFLHGDGHMXVWD´

$TXLRGLVFXUVRGH)ORUHVWDQ)HUQDQGHVMiQmRpPDLVGRVRFLyORJRLQWHUHVVDGRHPXP
DVVXQWRRXQRGHVHQYROYLPHQWRGHXPHVWXGRDFDGrPLFR(OHpVXEVWLWXtGRSHORSROtWLFRSHOD
PLOLWkQFLDRULHQWDGRUDGDTXHOHVHJPHQWRRSULPLGRHGLVFULPLQDGRQDVRFLHGDGHUDFLVWDGR
%UDVLO

3DUD)ORUHVWDQQLQJXpPPDLVGRTXHRQHJURGHYHULDWHUVHXVGLUHLWRVSUHVHUYDGRVGHIRUPD
GLIHUHQFLDGDQD&RQVWLWXLomR

,VVROHYDRDLQJUHVVDUHPXPSDUWLGRSROtWLFRTXHSRVVDFRUUHVSRQGHUDRVDQVHLRV
UHLYLQGLFDQWHVGHMXVWLoDVRFLDOHUDFLDOTXHHOHGHVHMDYDYHUSRVWRVHPSUiWLFD(pVREUHR
VHXSDUWLGRTXHHOHYROWDRROKRFUtWLFRDRGL]HU

R37SUHFLVDDYDQoDUPXLWRSDUDDFRPSDQKDURSURFHVVRGHOXWDTXHHPHUJHSRUGHQWURH
DWUDYpVGHVVHVHVWUDWRVGDSRSXODomR3RUTXHQHVWDHVIHUDQmREDVWDDSRQWDUSDUDRFDUiWHU
HPDQFLSDGRUGRVRFLDOLVPRSUROHWiULReSUHFLVRTXHRVRFLDOLVPRSUROHWiULRYHQKDHPEHELGR
GHXPLPSXOVRUDGLFDOSURIXQGRTXHXOWUDSDVVHDOLEHUWDomRFROHWLYDGDFODVVHWUDEDOKDGRUDH
GHVWUXDDWpRILPHDWpRIXQGRDRSUHVVmRUDFLDO

&RPRYHPRVDRID]HUDRSomRSDUDPLOLWDUFRPRSROtWLFRQR3DUWLGRGRV7UDEDOKDGRUHV
)ORUHVWDQ)HUQDQGHVMiYrDSRVVLELOLGDGHGHXPDGHIDVDJHPHQWUHRGLVFXUVRVRFLDOLVWDGR
SDUWLGRHDQHFHVVLGDGHGHFRPSOHPHQWiORDWUDYpVGHXPDUDGLFDOLGDGHTXHLQFOXLULDR
SUREOHPDUDFLDOFRPRVROXomRVRFLDOLVWD(VWDYLVmRUDGLFDOGRSUREOHPDQRERMRGHXPD
VROXomRVRFLDOLVWDSDUHFHTXHDXPHQWDSURJUHVVLYDPHQWHQRFRQMXQWRGHVHXSHQVDPHQWR
)ORUHVWDQ)HUQDQGHVYLVXDOL]DYDFRUUHWDPHQWHDQHFHVVLGDGHGHXPDWHRULDTXHIRVVHQmR
DSHQDVDH[SOLFDomRGHVVDGLQkPLFDPDVHODPHVPDIRVVHXPDIHUUDPHQWDGHVWDGLQkPLFD
2XVHMDRSHQVDPHQWRHODERUDGRQDXQLYHUVLGDGHHRSHQVDPHQWRPLOLWDQWHeHPIXQomRGH
WHUFRPSUHHQGLGRHVWDQHFHVVLGDGHSROtWLFDHWHyULFDTXHHVFUHYH

1mRVHHQWHQGHXTXHDH[SOLFDomRVRFLROyJLFDREMHWLYDFUtWLFDHPLOLWDQWHVROGDYDGRLV
PRPHQWRVGRSUySULRSURWHVWRQHJURHTXHQyVQmRWtQKDPRVRXWURSDSHOVHQmRHVVHGHVHUYLU
GHSRQWHHQWUHDVJHUDo}HVTXHGHVHQFDGHDUDP‡RSULPHLURSURWHVWRQHJURHRVTXHQR
SUHVHQWHDVEDQGHLUDVGDOLEHUGDGHPDLRUQR
PHLRQHJUR
+RMHRSUySULRQHJURSUHVFLQGHGR
HORTXHIRLQHFHVViULRKiWUrVGpFDGDV1HPSRULVVRKDYLDXP
SDWHUQDOLVPR
DQWHVRXXPD
DPELJLGDGHKRMH7LYHPRVDFRUDJHPGHQRVVROLGDUL]DUFRPDUHEHOLmRTXHQmRIRL
HQWHQGLGDHFRUUHVSRQGLGDSHODVRFLHGDGHJOREDO

)ORUHVWDQ)HUQDQGHVHODERUDXPDWHRULDHXPDSUi[LVSDUDDDomRSROtWLFD(pQHVWDSUiWLFD
SROtWLFDDWUDYpVGHXPSDUWLGRR3DUWLGRGRV7UDEDOKDGRUHVHGHXPPDQGDWRSDUODPHQWDU
TXHFRQFOXLVXDYLVmRGRPXQGRHWHVWDRVHXSHQVDPHQWRQRGLDDGLD

,VWRYDLDFRQWHFHUMXVWDPHQWHTXDQGR)ORUHVWDQ)HUQDQGHVYrVHLQYHVWLGRGHXPPDQGDWRGH
FRQVWLWXLQWHeTXDQGRHOHYDLWHVWDURYDORUGDVXDWHRULDHDYLDELOLGDGHGDVXDDSOLFDomRQR
PDFURFRVPRSROtWLFR(WDPEpPTXDQGRHOHYDLWHVWDURJUDXGHUHVLVWrQFLDGHRSRVLomRH
WDPEpPGHLQFRPSUHHQVmRDRVHXSHQVDPHQWR7XGRDTXLORTXHHOHFRQVWDWRXHPSLULFDPHQWH
HHODERURXWHRULFDPHQWHHUDDJRUDWHVWDGRQDHSHODVRFLHGDGHJOREDO

)ORUHVWDQ)HUQDQGHVDFKRXTXHQDVXDFRPSUHHQVmRKDYLDGHWHUXPFDStWXORVREUHRQHJUR
QD&RQVWLWXLomR0RVWURXFRPDUJXPHQWRVTXHQLQJXpPPDLVGRTXHHOHRQHJURGHYLDWHU
RVVHXVGLUHLWRVSUHVHUYDGRVGHIRUPDGLIHUHQFLDGDQDQRYD&RQVWLWXLomR(UHGLJLXXPWH[WR
TXHpREUDVHUHQDGHXPSHQVDGRUPDGXURHFRHUHQWHjVQHFHVVLGDGHVGHVHXWHPSR
KWWSJUDERLVRUJEUSRUWDOLPSULPLUHYSKS"LGBVHVVDR  LGBSXEOLFDFDR  LGBLQGLFH  
 )XQGDomR0DXUtFLR*UDERLV

(PHQGD&RQVWLWXFLRQDO
7tWXOR9,,,'DRUGHPVRFLDO&DStWXOR,;'RVQHJURV

$UW6mRFRPSUHHQGLGRVFRPRQHJURVRVLQGLYtGXRVHFLGDGmRVTXHVHFRQVLGHUDPFRPRWDO
HRVTXHSRUHVWLJPDWL]DomRVmRWUDWDGRVFRPRQHJURVHSHVVRDVGHFRU

ƒ3RUWDGRUHVGHXPDKHUDQoDFXOWXUDOULFDHYDULiYHOYrPVHSULYDGRVGHVHXVSDGU}HV
LQVWLWXLo}HVHYDORUHVVRFLDLVSRUSUHVVmRIUDJPHQWDGRUDGRDPELHQWHeGLUHLWRGRVQHJURVH
GHYHUGR(VWDGRSURWHJHUHVVDYDVWDKHUDQoDFXOWXUDOHPVHXVHQWLGRHHPVXDIXQomR
GLIHUHQFLDGRUDGDVFRPXQLGDGHVQHJUDV

ƒ(OHVVmRSURSULHWiULRVGHIDL[DVGHVFRQWtQXDVGHWHUUDFRPIUHTXrQFLDLQFRUSRUDGDVjV
IURQWHLUDVHPH[SDQVmRH[SURSULDGDVSRUYL]LQKRVULFRVHSRGHURVRV2VJRYHUQRVGD
8QLmRGRV(VWDGRVGR'LVWULWR)HGHUDOHGRV0XQLFtSLRVSURFHGHUmRDXPHVIRUoR
FRQYHUJHQWHSDUDJDUDQWLUVXDVSRVVHVWHUULWRULDLVHDH[SORUDomRGHVXDVULTXH]DV

ƒ&RPRRVPDLVGHVLJXDLVHPFRQYtYLRGLUHWRFRPRVEUDQFRVHSRSXODo}HVULFDVVmR
ODQoDGDVjPDUJLQDOLGDGHH[FOXtGRVGRPHUFDGRGHWUDEDOKRVHPFRQGLo}HVFRPSHWLWLYDVH
EORTXHDGRVHPVXDVWHQWDWLYDVGHDVFHQVmRVRFLDOHFRQTXLVWDGHFLGDGDQLD2VJRYHUQRVGD
8QLmRGRV(VWDGRVGR'LVWULWR)HGHUDOHGRV0XQLFtSLRVGHVHQYROYHUmRSODQRVRVWHQVLYRV
SDUDFRQIHULUjVSRSXODo}HVQHJUDVPHLRVSDUDFRUULJLUHVVDVLWXDomRLQWROHUiYHOH
HVSHFLDOPHQWHSDUDGLIXQGLUHQWUHVLDFLGDGDQLDDWLYD

ƒ$VIDPtOLDVQHJUDVHVHXVPHPEURVHQIUHQWDPGLILFXOGDGHVHFRQ{PLFDVFXOWXUDLVH
SROtWLFDVDUUDLJDGDVSDUDRUJDQL]DUVHHPEDVHVLQVWLWXFLRQDLVHVWiYHLVGHPRGRDSURWHJHURV
KRPHQVDVPXOKHUHVHRVPHQRUHVGDSULYDomRHFRQ{PLFDGRGHVHPSUHJRGDSREUH]DGR
DOFRROLVPRGRFULPHGDPHQGLFkQFLDHGHRXWURVHIHLWRVGHVLQWHJUDGRUHVGHWHUPLQDGRVSHOR
UDFLVPR6HUmRIHLWRVHVIRUoRVHVSHFLDLVSDUDVDQDUHVVHVSUREOHPDVHGLOHPDVVRFLDLVDWUDYpV
GHLQVWLWXLo}HVGRWDGDVGHUHFXUVRVKXPDQRVHGHPHLRVILQDQFHLURVTXHVDQHPWDLVHQWUDYHVj
KXPDQL]DomRGDSHVVRD

ƒ$HVFUDYLGmRHDVXEDOWHUQL]DomRH[WUHPDGR³OLEHUWR´HQFRQWUDUDPQRSUHFRQFHLWRUDFLDOD
UDFLRQDOL]DomRSDUDMXVWLILFDUVXDH[LVWrQFLDH³QHFHVVLGDGH´HPXPSDtVFDWyOLFR$H[FOXVmR
GRWUDEDOKROLYUHYDULiYHOFRQIRUPHDVUHJL}HVGRSDtVRDSURYHLWDPHQWRGDIRUoDGHWUDEDOKR
QHJUDFRPRPmRGHREUDEDUDWDRXVXDH[FOXVmRSUHGRPLQDQWHGRPHUFDGRGHWUDEDOKR
UHIRUoDUDPDVPDQLIHVWDo}HVGRSUHFRQFHLWRGDFRUGDHVWLJPDWL]DomRHGDGLVFULPLQDomR
UDFLDLV2QHJURpH[FOXtGRSRUTXHQmRHVWDULDSUHSDUDGRFRPRWUDEDOKDGRUOLYUHHQmRVH
FRQYHUWHHPWUDEDOKDGRUOLYUHSRUTXHOKHVmRQHJDGDVDVFRQGLo}HVGHDSUHQGL]DJHPHGH
VRFLDOL]DomR23RGHU3~EOLFRLQWHUYLUiFUHVFHQWHPHQWHQHVVDHVIHUDSDUDDFDEDUFRPR
SDUDGR[R

ƒ$RIHUWDGHHQVLQRS~EOLFRJUDWXLWRQmRpVXILFLHQWHSDUDLQWHJUDUHUHWHUHVWUDWRVGD
SRSXODomRQHJUDQDVHVFRODV23RGHU3~EOLFRFRUULJLUiHVVDFRQWUDGLomRRIHUHFHQGRjV
FULDQoDVDRVMRYHQVHDGXOWRVQHJURVRSRUWXQLGDGHVHVFRODUHVSHUVLVWHQWHVHHPFRQVWDQWH
DXPHQWRDWUDYpVGHEROVDVHVFRODUHVGHVWLQDGDVjPDQXWHQomRSHVVRDOGRVHVWXGDQWHV
HQTXDQWRGXUDUVXDHVFRODUL]DomR&IDUW

ƒ23RGHU3~EOLFRSURFXURXSULPHLURDWUDYpVGD/HL$IRQVR$ULQRVHGHSRLVDWUDYpVGR
DUWƒ;/,,HGD/HLQUHVROYHURVSUREOHPDVGRQHJURFRPRXPDIRUPDGHUDFLVPR
eLPSRUWDQWHFDUDFWHUL]DUDVPDQLIHVWDo}HVGHSUHFRQFHLWRGHFRUGHHVWLJPDWL]DomRH
GLVFULPLQDomRUDFLDLVQHVVHVWHUPRVHSXQLODVFRPRFULPHLQDILDQoiYHO1RHQWDQWRD
UHDOLGDGHWUDQVFHQGHHVVHVOLPLWHV2EUDQFRSUHFLVDWRPDUFRQVFLrQFLDGHVHX
FRPSRUWDPHQWRSUHFRQFHLWXRVRHRQHJURQHFHVVLWDDSUHQGHUTXHQmRSRGHH[LPLUVH
KWWSJUDERLVRUJEUSRUWDOLPSULPLUHYSKS"LGBVHVVDR  LGBSXEOLFDFDR  LGBLQGLFH  
 )XQGDomR0DXUtFLR*UDERLV

LQGLYLGXDOPHQWHGRVHIHLWRVQRFLYRVGRWLSRGHUDFLVPRH[LVWHQWH2PDLVLPSRUWDQWHSRUpP
pTXHGHYHPSDUWLUGDYHUGDGHSDUDFRH[LVWLUIUDWHUQDOPHQWHFRPRFLGDGmRVGHXPDVRFLHGDGH
PXOWLUUDFLDO$FRQWULEXLomRGDHVFRODHGDVLQVWLWXLo}HVFKDYHVHUmRPDQHMDGDVSHOR3RGHU
3~EOLFRQHVVDGLUHomR2QHJURQmRpVRPHQWHLJXDOSHUDQWHD/HL(OHRFXSDXPDVLWXDomR
GHVIDYRUDELOtVVLPDTXHSUHFLVDVHUFRUULJLGDSHODHGXFDomRGHPRFUiWLFDSHORFRQYtYLRFRP
FLGDGmRVGDPHVPDVRFLHGDGHFLYLOHGRPHVPR(VWDGR

ƒ2QHJURGHVWDFDVHSRUVXDKHUDQoDFXOWXUDOIROFORUHUHOLJLmRFDQWRP~VLFDGDQoDV
OtQJXDVHWFHSRUDFRQWHFLPHQWRVKLVWyULFRVQRVTXDLVWHYHSDUWLFLSDomRQRWiYHO(VVHV
DVSHFWRVGHYHPVHUVDOLHQWDGRVSHOR3RGHU3~EOLFRSULQFLSDOPHQWHQDVFHULP{QLDVS~EOLFDV
QRVOLYURVGLGiWLFRVHVSHFLDLVHQDHYRFDomRGDVJUDQGHVSHUVRQDOLGDGHVQHJUDVGH=XPELD
0DFKDGRGH$VVLVRX&UX]H6RX]D2PHVPRRFRUUHQRr[LWRtPSDUGRQHJURHPGLYHUVDV
DWLYLGDGHVDOWDPHQWHYDORUL]DGDVSHODFRPXQLFDomRGHPDVVDHSHORVSDGU}HVGHJRVWR
SUHGRPLQDQWHV$VVLPR3RGHU3~EOLFRHQDOWHFHUiDVSHUVRQDOLGDGHVQHJUDVTXHFROKHUDP
r[LWRVHVSHFLDLVQRVFDPSRVGDVDUWHVHGDVDWLYLGDGHVFtYLFDVSDUDDOFDQoDUXPHIHLWRGH
HGXFDomRPXOWLSOLFDWLYRDFRQVFLrQFLDGDLJXDOGDGHGRVFLGDGmRVHGRr[LWRGRQHJURTXDQGR
FRQWDFRPDOLEHUGDGHGHXVDURVHXWDOHQWR

2XOLEHUDPRVRQHJURSRUWRGRVRVPHLRVSRVVtYHLVRXSHUVLVWLUHPRVHVFUDYRVGHXPSDVVDGR
QHIDQGRTXHHQFXUUDODRSUHVHQWH

-XVWLILFDWLYD+iWHPSRRQHJURGHYHULDFRQWDUFRPFDStWXORHVSHFLDOQD&RQVWLWXLomRGD
5HS~EOLFD)HGHUDWLYDGR%UDVLO1mRVySRUVXDFRQWULEXLomRDRQRVVRGHVHQYROYLPHQWR
KXPDQRFXOWXUDOHKLVWyULFRPDVHVSHFLILFDPHQWHSHORTXHVLPEROL]DD/HLGR9HQWUH/LYUH
FRPRXPDHVSROLDomRILQDO
6HTXLVHUPRVSRVVXLUXPD5HS~EOLFDGHPRFUiWLFDWHPRVGHDWULEXLUDRQHJURFRPRLQGLYtGXR
HFROHWLYLGDGHXPHVWDWXWRGHPRFUiWLFR2QHJURWRUQRXVHRWHVWHQ~PHURXPGDH[LVWrQFLD
GDXQLYHUVLGDGHHGDFRQVFLrQFLDGHGHPRFUDFLDQR%UDVLO

(OHpXPH[SHULPHQWRFUXFLVH[SHULPHQWRFUXFLDO$OLEHUGDGHDHTLGDGHHIUDWHUQLGDGHGR

QHJURQDVVXDVUHODo}HVFRPLQGLYtGXRVSHUWHQFHQWHVDQDFLRQDOLGDGHVWUDQVSODQWDGDVSRU
LPLJUDo}HVHDVRXWUDVUDoDVHHWQLDVUHGLPHPRQRVVRVHUKLVWyULFRGRSHVRGDQHJDomRHGD
GHVWUXLomRGHUDoDVQHJUDVSRUWDGRUDVGHFLYLOL]Do}HVTXHHQULTXHFHUDPSDUDVHPSUHRQRVVR
SDWULP{QLRFXOWXUDO$OpPGLVVRJUDoDVDHVVDVFLYLOL]Do}HVRQHJURQmRVHHQYROYHXQD
IRUPDomRGR%UDVLOVRPHQWHFRPR³HVFUDYR´³OLEHUWR´H³LQJrQXR´5DVJRXXPSDLQHOTXH
FRORFRXDOLEHUGDGHHPSULPHLURSODQRJUDoDVDKHUyLVFRPR=XPELRX+HQULTXH'LDV

&RPRDVVLQDODUVREUHWRGDHTXDOTXHURXWUDUHIOH[mRRVTXHIRUDPODQoDGRVQRVSDWDPDUHV
PDLVLQIHULRUL]DGRVGDVRFLHGDGHGHPRFUiWLFDVmRRVTXHSUHFLVDPHPHUHFHPXPVXSRUWH
DWLYRjVXDIRUPDomRKXPDQDSVLFRVVRFLDOFXOWXUDOHSROtWLFD1mRVHWUDWDGHXP
SURWHFLRQLVPRHVSHFLRVR0DVGHFRUULJLUXPDLQMXVWLoDTXHGHVJUDoDDVSHVVRDVHDV
FRPXQLGDGHVQHJUDV3DUDQLYHOiORVDRVEUDQFRVpLPSHUDWLYRFRQFHGHUOKHVXPDHVSpFLHGH
VXSOHPHQWDomRGDFRQGLomRKXPDQDHGDSRVLomRVRFLDO6yDVVLPDVHOLWHVGDVFODVVHV
GRPLQDQWHVVHGHVREULJDUmRGHXPFULPHKLVWyULFRTXHVREUHFDUUHJDHGHJUDGDDFRQVFLrQFLD
FUtWLFDGRVFLGDGmRVEHPIRUPDGRVHHPDQFLSDR(VWDGRGHVXDLQWHUYHQomRQDVSiJLQDVPDLV
QHJDWLYDVGHQRVVDSHUVSHFWLYDGH1DomRHPHUJHQWH2XOLEHUDPRVRQHJURSRUWRGRVRV
PHLRVSRVVtYHLVRXSHUVLVWLUHPRVHVFUDYRVGHXPSDVVDGRQHIDQGRTXHHQFXUUDODRSUHVHQWHH
RIXWXURDXPDREMHomRVLQJXODU

2VHXSUySULRSDUWLGRQmRRHQWHQGHRXQmRRHQWHQGHSRULQWHLURRXQmRFRQFRUGRXSRU
GLYHUJLU(OHUHDJHUHVLVWHILUPHQRVHXSURSyVLWR$WpTXHHQYLDDROtGHUGRVHXSDUWLGRQD
&RQVWLWXLQWHDVHJXLQWHFDUWD

&DUWDj/LGHUDQoDGR37
KWWSJUDERLVRUJEUSRUWDOLPSULPLUHYSKS"LGBVHVVDR  LGBSXEOLFDFDR  LGBLQGLFH  
 )XQGDomR0DXUtFLR*UDERLV

%UDVtOLDGHGH]HPEURGH

([PR6U
'HSXWDGR-RVp)RUWXQDWL
''/tGHUGD%DQFDGDGR37QD&kPDUDGRV'HSXWDGRV
(PPmRV

6HQKRU/tGHU
&RPRKDYLDDILUPDGRGHS~EOLFRQD%DQFDGDGR37HQFDUHLXPDGDVHPHQGDVHPWHUPRVGH
REMHomRGHFRQVFLrQFLD&RPSURPHWLPHWDPEpPDDSUHVHQWDUD9([
DVUD]}HVGH
PLQKDSRVLomRFXMDJUDYLGDGHDYDOLRGHYLGDPHQWHHFXMDVFRQVHTrQFLDVHVWRXILUPHPHQWH
GHFLGLGRDHQIUHQWDUSHUDQWH9([DD%DQFDGDD&RPLVVmR1DFLRQDO([HFXWLYDHR'LUHWyULR
1DFLRQDO'HYRHVFODUHFHUTXHQmRWRPHLXPDDWLWXGHGHUHEHOLmR'XDVUD]}HVLQGLFDPD
QDWXUH]DGRVYtQFXORVTXHPHSUHQGHPDR0RYLPHQWR1HJUR3ULPHLURHPFRODERUDomRFRP
R3URIHVVRU5RJHU%DVWLGHHHLQGLYLGXDOPHQWHUHDOL]HLSHVTXLVDVH
OHYDQWDPHQWRVVREUHRVQHJURVHP6mR3DXORHQDIRUPDomRHGHVHQYROYLPHQWRGDHVFUDYLGmR
QR%UDVLO(VFUHYLSHODSULPHLUDYH]WUrVDUWLJRVVREUH21HJURQD7UDGLomR2UDO&RQFHEL
HUHGLJLRSURMHWRGHSHVTXLVDVREUHQHJURVHEUDQFRVHP6mR3DXORTXHVHUYLXGHJXLDj
LQYHVWLJDomRTXHHODERUHLHPFRODERUDomRFRP5RJHU%DVWLGH6XSOHPHQWHLHIL]XPD
VRQGDJHPVREUHDLPSUHQVDQHJUDHP6mR3DXOR'HVVHFRQMXQWRGHVRQGDJHQV
UHVXOWDUDPRVOLYURV1HJURVHEUDQFRVHP6mR3DXORHGLo}HVFRP5RJHU%DVWLGHHSRU
DFRUGRP~WXRROLYUHXVRGRVPDWHULDLV$LQWHJUDomRGRQHJURQDVRFLHGDGHGHFODVVHV
YROXPHVWHVHGHFRQFXUVRGHFiWHGUDSXEOLFDGDHPHHPHGLomRSRVWHULRU2QHJURQR
PXQGRGRVEUDQFRV&LUFXLWRIHFKDGR6mR3DXOR±DPHWDGHGROLYURVREUH$
6RFLHGDGH(VFUDYLVWDHXPEDODQoRVREUHDVLWXDomRGRQHJURDQRVGHSRLVGDSHVTXLVDGH
H6LJQLILFDGRGRSURWHVWRQHJUR6mR3DXORLQWHUSUHWDo}HVGDOXWDGRQHJURSRU
VXDH[SDQVmRHHYROXomRQDVRFLHGDGHHVFUDYLVWDQR%UDVLOeyEYLRTXHHVVDSDUWHGDPLQKD
ELEOLRJUDILDWUDGX]DH[LVWrQFLDGHYtQFXORVFRPRGLOHPDUDFLDOGRQHJURTXHPHREULJDPD
WHQWDUWUDQVPLWLUDVSLUDo}HVDRVFRPSDQKHLURVGR37HGR0RYLPHQWR1HJURTXHQRV
REULJDPDDYDQoDUMXQWRFRPR37QRGHEDWHGRVSUREOHPDVUDFLDLV
$VHJXQGDUD]mRpPDLVFRPSOH[D237HRXWURVSDUWLGRVXQHPRVGHEDL[RRXRV
FRQGHQDGRVGDWHUUDHPXPDPSORPRYLPHQWRYHUWLFDOGHUHEHOGLDFROHWLYD$&RQVWLWXLomR
GHGHXHVSDoRDRFRPSDQKHLUR&DySDUDLQFOXLUDFULPLQDOL]DomRGRUDFLVPRHQWUHVHXV
WHPDVYLWDLV)LFRXDXVHQWHDOJRVHPHOKDQWHDRFDStWXOR9,,'RVËQGLRVDUHVSHLWR'RV
1HJURVFRPRFDStWXOR9,,,&RPRRVUDGLFDLVGHQD(XURSDQRV(VWDGRV8QLGRVHHP
RXWURVOXJDUHVGRPXQGRFRORFRXVHRGHVDILRGRREMHWRUGHFRQVFLrQFLDTXDQWRjJXHUUD
GR9LHWQmjHPDQFLSDomRGDVPLQRULDVQDFLRQDLVpWQLFDVHUDFLDLVGDOLEHUGDGHGDOXWDGRV
MRYHQVHGRVUDGLFDLVQDFRQVWUXomRGHXPDVRFLHGDGHGHPRFUiWLFDDXWrQWLFD$SHVDUGDV
DWLWXGHVGRVFRQVHUYDGRUHVHGRVFLGDGmRVUHVSRQViYHLVHVVHPRYLPHQWRGHLQVXUUHLomR
KLVWyULFDDMXGRXDVXEMXJDUDJXHUUDGR9LHWQmHDHUJXHUXPPXQGRGHPDLRUOLEHUGDGH
GXUDQWHHGHSRLVGD6HJXQGD*XHUUD0XQGLDO2RFDVRDTXHIRLFRQGHQDGRQmRLPSHGLXTXH
RPXQGRVHWUDQVIRUPDVVHHTXHDFRQVFLrQFLDVRFLDOFUtWLFDVHGLYXOJDVVHJOREDOPHQWH$V
PLQKDVDQiOLVHVVREUHRQHJURQR%UDVLODQWHVGHVVDUHEHOGLD±SUHQGLDPVHjLQWHQomRGH
LQFHQWLYDUDDXWRHPDQFLSDomRGHQHJURVHPXODWRVGHXPDVHUYLGmRLQYLVtYHOTXHVH
SURORQJRXDWpRVQRVVRVGLDV

6XDSRVLomRUDGLFDOOHYRXRDUHDOL]DUDSDUWHPDLVLPSRUWDQWHGHVXDSURGXomRDFDGrPLFD
TXHGHL[DYDLPSOtFLWDVXDSRVLomRPLOLWDQWH

&RPRVRFLDOLVWDFRPRPLOLWDQWHGHPRYLPHQWRVGHSURWHVWRVRFLDOFRPRVRFLyORJRH
SURIHVVRUFRORTXHLPHQDYDQJXDUGDGRVTXHFRPEDWLDPSHORSURWHVWRQHJUR$TXHVWmRGR
QHJURQmRpDSHQDVXPDTXHVWmRVRFLDO(ODpVLPXOWDQHDPHQWHUDFLDOHVRFLDO
$OpPGLVVRpDSLRUKHUDQoDGDVRFLHGDGHGHFDVWDVHHVWDPHQWRV(ODWURX[HSDUDRSUHVHQWH
WRGDVDVIRUPDVGHUHSUHVVmRHRSUHVVmRH[LVWHQWHVHPQRVVRSDtVeRWHVWHjH[LVWrQFLDGD
KWWSJUDERLVRUJEUSRUWDOLPSULPLUHYSKS"LGBVHVVDR  LGBSXEOLFDFDR  LGBLQGLFH  
 )XQGDomR0DXUtFLR*UDERLV

GHPRFUDFLDQR%UDVLO(QTXDQWRQmRKRXYHUOLEHUGDGHFRPLJXDOGDGHGRHOHPHQWRQHJURD
LGpLDGHXPDGHPRFUDFLDUDFLDOUHSUHVHQWDXPPLWRDUUDLJDGRHQWUHRVEUDQFRVULFRVRX
SREUHV3RULVVRGHYHPRVUHSHOLUHVVHWLSRGHUDFLVPRTXHLQGLFDREMHWLYDPHQWHTXH
IRUPDPRVXPDVRFLHGDGHKLSyFULWDHDXWRFUiWLFD
6LQWRYHUJRQKDGHVVDUHDOLGDGHHSHQVRVHUPHXGHYHUOXWDUFRQWUDHODFRPWRGRRYLJRU$
GHPRFUDFLDQmRSRGHH[FOXLURVGHEDL[RHHVSHFLDOPHQWHSUHVHUYDUDYHUJRQKDGHWHU
SUHFRQFHLWRPDQWHQGRVHHUHSURGX]LQGRRGLVVLPXODGDPHQWH3UHILURSDUWLFLSDUGD
IUDWHUQLGDGHGRVFRPSDQKHLURVQHJURVHFRPEDWHUSRUXPDGHPRFUDFLDSOHQDQDTXDOD
OLEHUGDGHFRPDLJXDOGDGHVHMDYiOLGDFRPRREMHWLYRXQLYHUVDO
$JUDGHoRDDWHQomRTXHPHIRLGLVSHQVDGDHDJXDUGRGD%DQFDGDGR37DSRLRSDUDD
HPHQGD
&RUGLDOPHQWH
'HSXWDGR)ORUHVWDQ)HUQDQGHV

$FRQWUDGLomRHQWUHRSHQVDPHQWRDFDGrPLFRHXPDSUi[LVUHYROXFLRQiULDFRPRTXHULD
)ORUHVWDQ
)HUQDQGHVLVWRpDSUiWLFDSDUDDLPSODQWDomRGDTXLORTXHHOHFKDPDYDGHVRFLDOLVPR
SUROHWiULRQXQFDIRLWRWDOPHQWHUHVROYLGD(VWHpRSUREOHPDGHUHIOH[mRSROtWLFDTXH
GHYHPRVID]HUGDSURGXomRDFDGrPLFDGH)ORUHVWDQ)HUQDQGHVHVXDDWLYLGDGHGHVRFLDOLVWD
SUROHWiULR1mRVDEHPRVVHKiXPDFRQWUDGLomRTXHVHSRVVDKDUPRQL]DURXXPGLOHPDTXH
QmRVHSRVVDVXSHUDU0DVSRURXWURODGRDSRVLomRUDGLFDOGH)ORUHVWDQ)HUQDQGHVHP
UHODomRDRSUREOHPDGRQHJURHQFDPLQKRXRQRVHQWLGRGHUHDOL]DUDPDLVLPSRUWDQWHSDUWH
GDVXDSURGXomRDFDGrPLFD3DUHFHTXHRGLVFXUVRDFDGrPLFRGHL[DYDLPSOtFLWRRGLVFXUVRGR
PLOLWDQWHHPERUDHPRXWURQtYHOGHFRQKHFLPHQWR0DVGHTXDOTXHUPDQHLUDHVVHGLVFXUVR
DFDGrPLFRHUDLQVXILFLHQWHSDUDDVXDSUiWLFDGHSROtWLFRUDGLFDO$UDGLFDOLGDGHH[LJHXPD
SRVWXUDVHPDOWHUQDWLYDVFRQFLOLDGRUDVRXRSRUWXQLVWDVSRUTXHHQIUHQWDRSUREOHPDGR
FRQKHFLPHQWRDSDUWLUGDVVXDVUDt]HV(IRLRTXHSURFXURXID]HU)ORUHVWDQ)HUQDQGHVHP
WRGRRWHPSRGDVXDYLGD0DVjPHGLGDTXHHOHYHUWLFDOL]DVXDSUiWLFDSROtWLFD±
UDGLFDOL]DQGRD±HOHYDLVHQWLQGRDLQVXILFLrQFLDGDSURGXomRXQLYHUVLWiULDSDUDDDWXDomR
SUiWLFDGRFRWLGLDQRSROtWLFR

(SRGHPRVYHUFRPRLVVRYDLVHPDQLIHVWDQGRDWUDYpVGHFHUWDVSRVWXUDVDQJXVWLDGDVHP
UHODomRDRSHQVDPHQWRSROtWLFRWUDGLFLRQDOQR%UDVLOHGRFRPSRUWDPHQWRGRPXQGR
DFDGrPLFRGLDQWHGHVVHPDFURFRVPRSROtWLFR(DVVLP)ORUHVWDQ)HUQDQGHVYDLVH
DSUR[LPDQGRFDGDYH]PDLVGRSHQVDPHQWRHODERUDGRSHODSUySULDPLOLWkQFLDQHJUD$~OWLPD
YH]TXHHVWLYHPRVMXQWRVIRLHPXPVHPLQiULRHP6DOYDGRURUJDQL]DGRSHOD8QLYHUVLGDGH
)HGHUDOGD%DKLDVREUHRSHQVDPHQWRHDDomRSROtWLFDGH&DUORV0DULJKHOOD(HOHPH
WUDQVPLWLDSDUWLFXODUPHQWHDVXDLQVXILFLrQFLDGHFRQKHFLPHQWRSRUTXHQmRKDYLDSDUWLFLSDGR
GDVJXHUULOKDV(VVHHVIRUoRGHFRQKHFHUQDSUi[LVQDDomRSROtWLFDHUDHP)ORUHVWDQ
)HUQDQGHVXPDSUHRFXSDomRSHUPDQHQWH$VXDDSUR[LPDomRFRPR0RYLPHQWR1HJURHUD
SRULVWRXPDSUiWLFDGDWHRULDGDUHYROXomREUDVLOHLUDFRPRHOHDYLDPDLVSURIXQGDSRUTXH
LQFOXtDDVROXomRGRSUREOHPDUDFLDO$VXDGHFODUDomRIHLWDQR7ULEXQDO3RSXODU=XPELGRV
3DOPDUHVHPGHPDLRGHUHVXPHRVHXSHQVDPHQWRILQDO

$SHVDUGHWmRGLVWDQFLDGDVQRWHPSRKLVWyULFRQmRVHSRGHVHSDUDUDVGXDVIRUPDVGHOXWDD
GRVHVFUDYRVGHRQWHPHDGRVH[SORUDGRVGHKRMH7RGRVRVTXHVRIUHPSUHFRQFHLWRV
GLVFULPLQDomRHH[FOXVmR±FRPRVHIRVVHPSiULDVRXQmR±FRPSDUWLOKDPGDQHFHVVLGDGHGH
WUDQVIRUPDUDVRFLHGDGHVHMDDWUDYpVGDYLROrQFLDVHMDODQoDQGRPmRGDFRQWUDYLROrQFLD

=XPELGRV3DOPDUHVFRORFRXVHDFLPDGDVYtWLPDVGDRSUHVVmR(VFROKHXDJXHUULOKDFRPRR
SHQRVRFDPLQKRSDUDFRQTXLVWDUHPDQWHUDOLEHUGDGHHWRUQRXVHXPVtPERORRGRHVFUDYR
TXHVHDXWRHPDQFLSDVREXPDVRFLHGDGHFRORQLDOHVFUDYRFUDWDHHQIUHQWDWRGRVRVyGLRVH
SHUYHUV}HVGHHOLWHVSULYLOHJLDGDVHSVHXGRMXUtGLFDPRQWDGDVREUHXPSULQFtSLRGR'LUHLWR
5RPDQR±VHUYXVSHUVRQDQRQKDEHW'HPRQVWUDUDPDVVLPTXHDSHVVRDGRHVFUDYRILFDYD
KWWSJUDERLVRUJEUSRUWDOLPSULPLUHYSKS"LGBVHVVDR  LGBSXEOLFDFDR  LGBLQGLFH  
 )XQGDomR0DXUtFLR*UDERLV

HPEXWLGDQDFRQGLomRGHFRLVDTXHXQLGRVHQWUHVLRVHVFUDYRVSRVVXtDPWDQWRIRUoDVRFLDO
TXDQWRLQWHOLJrQFLDHFDSDFLGDGHSROtWLFD3RULVVRVXDVROLGDULHGDGHHYRQWDGHGHUURWDUDPR
SRGHULRGRVVHQKRUHVHGDRUGHPFRORQLDO

(VVDIRLDUD]mRTXHFRQGX]LXPXLWRVRXWURVRSULPLGRVDUHFRUUHUDOHYDQWHVFRUDMRVRVH
LQGRPiYHLV(IH]FRPTXHH[HPSORVGH3DOPDUHVDLQGDSDLUHFRPRDPHDoDjWLUDQLDHj
DXWRFUDFLDVXVWHQWDGDVSHORVGRQRVGRSRGHU

1mRFHGHUQHPVHDFRPRGDU1mRVHUYLUGHYtWLPDGyFLOjVDQKDGRVDOJR]HV$tHVWiR
VHJUHGRGHXPDYLWyULD±HQWmRLQFRQFHEtYHO±HGDDWUDomRTXHHODH[HUFHDWpKRMHHQWUHRVGH
EDL[R
$OXWDDEHUWDHSHUVLVWHQWHUHSUHVHQWDD~QLFDYLDSDUDTXHEUDUDUHVLVWrQFLDGRVGHFLPDHVXDV
PiTXLQDVJRYHUQDPHQWDLVGHRSUHVVmRVRFLDO6REUHSXMDURVGHVDILRVGRVULVFRVLQHYLWiYHLV
SDUDH[WLUSDURVPHGRVTXHLPSHGHPTXHRVKXPLOGHVVHWRUQHPDJHQWHVGDSUySULDKLVWyULDH
DUWtILFHVGHXPDVRFLHGDGHIXQGDGDQDOLEHUGDGHHQDLJXDOGDGH

$TXLQmRHQFRQWUDPRVTXDVHQDGDGRDFDGrPLFRGRWHyULFRRXGRDGHSWRGHULJRULVPRV
PHWRGROyJLFRV(QFRQWUDPRVRGLVFXUVRGRSROtWLFRTXHTXHUFRQYHQFHU
&RQYHQFHURVRXWURVGDVXDSRVLomRUHYROXFLRQiULDQmRPDLVSUHJDGDGDFiWHGUDPDVQR
FRUSRDFRUSRGDSROtWLFDSUROHWiULDQHJUDHVRFLDOLVWD

)ORUHVWDQ)HUQDQGHVpXPPDUFRQDWUDMHWyULDGRVDFDGrPLFRVTXHTXHUHPID]HUSROtWLFD
VHPSUHFRHUHQWHVFRPVHXVSULQFtSLRVSUHRFXSDGRVFRPDVSRSXODo}HVHWQLFDPHQWH
GLVFULPLQDGDVHVSHFLDOPHQWHRQHJUR)ORUHVWDQ)HUQDQGHVMDPDLVXVRXRVHXVDEHUSDUD
GHIHQGHURVSULYLOHJLDGRVRVFRUUXSWRVRVPLVWLILFDGRUHV1XPPRPHQWRHPTXHWDQWDV
PiVFDUDVHVWmRFDLQGRRH[HPSORGH)ORUHVWDQ)HUQDQGHVpGLJQLILFDQWHSHODFRUDJHPH
FRHUrQFLDPDVDFLPDGHWXGRQHVVHVWHPSRVGHLQYHUVmRGHYDORUHVSHODVXDKRQHVWLGDGH
LQWHOHFWXDO

&OyYLV0RXUDpVRFLyORJRHHVFULWRU
&RPXQLFDomRDSUHVHQWDGDQR6HPLQiULR³3UHVHQoDGH)ORUHVWDQ)HUQDQGHV´UHDOL]DGRQD
8QLFDPS&DPSLQDVHPPDLRGH

1RWDV
)(51$1'(6)6LJQLILFDGRGRSURWHVWRQHJUR6mR3DXOR&RUWH]S
,GHPLELGHPS
,GHPLELGHPS
,GHPLELGHPS
)(51$1'(6)&RQVFLrQFLDQHJUDHWUDQVIRUPDomRGDUHDOLGDGH&kPDUDGRV
'HSXWDGRV%UDVtOLD
,GHPLELGHP
)(51$1'(6),QWHUYHQomRQR7ULEXQDO3RSXODU=XPELGRV3DPDUHV6mR3DXOR
'HSRLPHQWRHQYLDGRSHORDXWRUSRUQmRSRGHUFRPSDUHFHU

(',d­2$*26(72873È*,1$6

KWWSJUDERLVRUJEUSRUWDOLPSULPLUHYSKS"LGBVHVVDR  LGBSXEOLFDFDR  LGBLQGLFH