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2PHORGUDPD
$IRWRQRYHOD
6XUJLPHQWRGDWHOHYLVmREUDVLOHLUD
&DStWXOR,,)D]HUWHOHQRYHOD
'RSDSHOjWHOD
3UDWHOHLUDVFULDWLYDV
$UJXPHQWRV±VLQRSVHVVWRU\OLQH
5RWHLUR
&DStWXOR,,,'RVFyGLJRVPHVWLoRV
$PHVWLoDJHP
'RPHGLHYDODRFRWLGLDQR
,QWHUWH[WXDOLGDGH
3URGXomR
7ULOKDVRQRUD
&DStWXOR,9(QWUHFRPLGDVHDPRUHV
1~FOHRSULQFLSDO
2XWURVQ~FOHRVGHKLVWyULDV
&RPLGDH³FRPLGD´
&RQVLGHUDo}HVILQDLV
5HIHUrQFLDV
$QH[RV

,QWURGXomR
 WUDQVIRUPDU R SRYR ³HVSHFWDGRU´ VHU SDVVLYR QR
IHQ{PHQR WHDWUDO HPVXMHLWR HPDWRU HPWUDQVIRUPDGRU
GD DomR GUDPiWLFD  $ULVWyWHOHV SURS}H XPD 3RpWLFD
HP TXH RV HVSHFWDGRUHV GHOHJDP SRGHUHV DR
SHUVRQDJHP SDUD TXH HVWH DWXH H SHQVH HP VHX OXJDU
%UHFKWSURS}HXPD3RpWLFDHPTXHRHVSHFWDGRUGHOHJD
SRGHUHVDRSHUVRQDJHPSDUDTXHHVWHDWXHHPVHXOXJDU
PDVVHUHVHUYDRGLUHLWRGHSHQVDUSRUVLPHVPRPXLWDV
YH]HV HP RSRVLomR DR SHUVRQDJHP 1R SULPHLUR FDVR
SURGX]VH XPD ³FDWDUVH´ QR VHJXQGR XPD
³FRQVFLHQWL]DomR´%2$/
$SHVTXLVDWHPSRUREMHWLYR ID]HUXPHVWXGRGDV FRQVWUXo}HV VtJQLFR
FXOWXUDLV GD KLEULGL]DomR GH OLQJXDJHQV GD WHOHQRYHOD EUDVLOHLUD HQTXDQWR
H[HPSORGHXPIROKHWLPWHOHYLVXDOIUXWRGHXPDFRQIOXrQFLDGHFXOWXUDPHVWLoD
UHPDQHMDQGR DV LPSRVLo}HV SROtWLFRLGHROyJLFDV $QiOLVH GD WHOHQRYHOD
EUDVLOHLUDFRPRXPURWHLURKLSHUWH[WXDOGHPRFUiWLFRGDGDDVXDSOXUDOLGDGHGH
OHLWXUDV FRPSRVWD GH DTXLVLo}HV WHFQROyJLFDV H GH XPD FXOWXUD YLVXDO TXH
UHSRUWD j SDLVDJHP QDWXUDO j OLWHUDWXUD DR UiGLR DR WHDWUR GH UHYLVWD DR
FLQHPD DR YtGHR H j IRWRQRYHOD FRQGLFLRQDGD D XP PRGR GH FRQWDU UHODWRV
HVSHFtILFRV GR YLYHU H GR ID]HU GRV REMHWRV GD FXOWXUD GR %UDVLO j OX] GRV
HVWXGRV FXOWXUDLV GH 0DUWtQ%DUEHUR H GR FRQFHLWR GH 6HPLRVIHUD GH ,XUL
/RWPDQ 3DUD WDO D SHVTXLVD YHUWLFDOL]DUVHi QR HVWXGR GH FDVR GDV
WHOHQRYHODV4XHUHLVRXHX"GH&DVVLDQR*DEXV0HQGHVYHLFXODGDSHOD5HGH
*ORERGH7HOHYLVmR HP HÈJXD QD%RFDGH0DUFRV/D]DULQL SHOD79
%DQGHLUDQWHVHP
YLVDQGRYHULILFDURSURFHVVRGHPHVWLoDJHP
0DUWtQ%DUEHUR YDLSRVVLELOLWDU DSHUFHSomRGH TXHQD $PpULFD /DWLQD
RV SURFHVVRV FLYLOL]DWyULRV VH FRQIODJUDP HVWDEHOHFHQGR QRYDV VLQWD[HV H
QRYDVFRQH[}HVHQWUHYDULDGDVOLQJXDJHQV7HUULWyULRPDUFDGRSRUWHQV}HVGH
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WRGDVRUWHpWQLFRVOLQJtVWLFRVFXOWXUDLVSROtWLFRVVRFLDLVHHFRQ{PLFRVRQGH
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QXPDGLQkPLFDFUHVFHQWHHLQLQWHUUXSWDGHFULDomRGHSURGXWRVHGHVHPLRVHV
6HGHXPODGRD$PpULFD/DWLQDQDVFLGDHFULDGDSHORYLpVFRORQLDOLVWD
H VXVWHQWDGD DLQGD KRMH SHOR IRFR GD GHVLJXDOGDGH HXURSpLD H QRUWH
DPHULFDQDTXHWHQGHDQHXWUDOL]DUDVGLIHUHQoDVGHRXWURODGRpRHVSDoRGD
FRQIOXrQFLD FXOWXUDO HVSDoR FDSD] GH DVVHJXUDU DRV SRYRV TXH LQWHJUDP
DOJXPD YR] QR kPELWR LQWHUQDFLRQDO 9HPRV D LPSRVVLELOLGDGH GH IL[DU XP
FRQFHLWR GH LGHQWLGDGH R TXH VH WHP p LGHQWLGDGH HP SHUPDQHQWH SURFHVVR
PHVFODQGR GLIHUHQoDV ( R %UDVLO p XP HQRUPH FHOHLUR GHVVD PLVWXUD $TXL
HOHPHQWRV KHWHURJrQHRV YLYHP HP FRQWtQXD LQWHUDomR EXVFDQGR QRYRV
DUUDQMRV H FRPELQDo}HV 1mR Ki SUREOHPDV HQWUH QDWXUH]D H FXOWXUD QD
$PpULFD /DWLQD $ SULRUL SRGHVH GL]HU TXH XP ERP H VLJQLILFDWLYR
UHSUHVHQWDQWH QR WRFDQWH j OLQJXDJHP DUWtVWLFD GHVWHV LPEULFDPHQWRV p D
WHOHQRYHOD SRUTXH YDL VH DSURYHLWDU SDUD VXD FRQVWUXomR GH OLQJXDJHP GH
HOHPHQWRV GtVSDUHV GD FXOWXUD 3RU VHU XP H[HPSOR GH JrQHUR KtEULGR SRU
QDWXUH]D YDLEHEHUGD IRQWHGRVHOHPHQWRVGDFKDPDGD³FXOWXUDHUXGLWD´GD
RUDOLGDGH GRV UHODWRV SRSXODUHV GR VpULR H GR F{PLFR SRVVLELOLWDQGR XP
H[HUFtFLRGLDOyJLFRHQWUHFyGLJRVHWH[WRV
0XLWDVWHRULDVHVWpWLFDVGDIDEXODomRWDQWRDVHVWULWDPHQWHHQVDtVWLFDV
TXDQWRDVSURGXWLYDVWUDEDOKDPDVUHODo}HVH[LVWHQWHVHQWUHRPDQLIHVWRHR
GHVFULWLYR R LQWHULRU H R H[WHULRU R WUDQVFHQGHQWH H R LPDQHQWH HQWUH R
DSROtQHRHRGLRQLVtDFRHSDUD/RWPDQRGHQWURHRIRUD
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H[HPSOR VmRSDUHVGH FDWHJRULDVGHFRPSURYDGDHILFLrQFLDQDUUDWLYDGH XP
ODGRHGHRXWURH[SUHVVLYDVDWXDOL]Do}HVGHWRGRXPSHQVDPHQWRFUtWLFRTXH
SHUSDVVDDFLYLOL]DomRRFLGHQWDOTXDQGRVXDSURGXomRGHFRQFHLWRVGHVLVWHGD
VLPSOLILFDomR OLQHDUL]DQWH H SDUWH DR HQFRQWUR GDV SRODULGDGHV GD YLGD
FRQFHELGDV HP VXD WUDQVIRUPDomR FRQVWDQWH HP ILORVRILDV TXH YmR GH +HQUL
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VLVWHPiWLFD TXH QmR DSUHVHQWH DOJXPD PDUFD H[SHULPHQWDO H VH UHFROKD jV
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WHPVXDHVSHFLILFLGDGH
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OLWHUDULDPHQWH SHOR 1DWXUDOLVPR R TXDO SUHWHQGLD HQ[HUJDU RV VLQWRPDV GDV
HQIHUPLGDGHV GD H[LVWrQFLD GLDJQRVWLFDQGR D SDUWLU GR GHVFULWR H QD YLD
SRSXODU SHOR IROKHWLP HP JHUDO WHP VLGR DFHUWDGDPHQWH DSRQWDGR FRPR
DQWHFHVVRUGHWRGDIDEXODomRSURSULDPHQWHYLVXDO
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YHUGDGHLURVOLTXLGLILFDGRUHVGHVWDVWUDGLo}HVWUDQVILJXUDQGRDVSDUDRSUHVHQWH
H SURMHWDQGRDV SDUD R IXWXUR H Vy SRGHP VHU FRPSUHHQGLGDV HP VXDV
VXWLOH]DV H ULTXH]D QR PRPHQWR HP TXH KRXYHU XPD DSURSULDomR GH VHXV
FkQRQHVQDSUiWLFDGD&RPXQLFDomR
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GD LPDJHP FRP R WH[WR FRORFDVH QLWLGDPHQWH QR LQWHULRU GHVWH FDPSR GH
³SUpRFXSDo}HV´(QLVVRWXGRSRGHVHHOHJHUFRPRXPERPH[HPSORGHVWH
HQFRQWUR WmR SDUWLFXODUPHQWH UHSUHVHQWDWLYR GR YLYHU FXOWXUDO EUDVLOHLUR ± D
WHOHQRYHOD
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SDUDPHOKRUHQWHQGHURVFRQFHLWRVTXHVHUYLUmRGHEDVHjDQiOLVHGRJrQHUR
WHOHQRYHOD2V(VWXGRV&XOWXUDLVVXUJLUDPQD,QJODWHUUDDSDUWLUGR&HQWUHIRU
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SUiWLFDVFXOWXUDLVDVVLPFRPRVXDVUHODo}HVFRPDVRFLHGDGHHDVPXGDQoDV
VRFLDLV
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QmRWUDGLFLRQDLV GHVFHQWUDQGRVH GD OHJLWLPLGDGH GD FXOWXUD $ FRQVLGHUDomR
VREUHDSHUWLQrQFLDGHDQDOLVDUSUiWLFDVTXHDWpHQWmRWLQKDPVLGRYLVWDVIRUD
GD HVIHUD GD FXOWXUD LQVSLURX D JHUDomR TXH GHVHQYROYHX WDLV HVWXGRV
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PRGHUQLVWD FRP D 6HPDQD GH  HP 6mR 3DXOR YLPRV SUHVHQWH HVWD
PHVFODGHLQIRUPDo}HVFXOWXUDLVH[SUHVVDGDVSRUPHLRGHYDULDGDVOLQJXDJHQV
DUWtVWLFDV
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FXOWXUDLVDSDUWLUGHRSRVLo}HVFRPRFXOWXUDDOWDEDL[DVXSHULRULQIHULRUHRXWUDV
UHODo}HVGRVLVWHPDELQiULR2WHUUHQRGHVXDLQYHVWLJDomRFLUFXQVFUHYHVHDRV
WHPDVYLQFXODGRVDFXOWXUDVSRSXODUHVHDRVPHLRVGHFRPXQLFDomRGHPDVVD
HSRVWHULRUPHQWHDWHPiWLFDVUHODFLRQDGDVFRPDFRQVWUXomRGDVLGHQWLGDGHV
GRVGLYHUVRVJUXSRVPLQRULWiULRVGDVRFLHGDGH
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FRQFHLWR HVWi GLUHWDPHQWH UHODFLRQDGR DR GH GLIHUHQoD HVWDEHOHFLGD SHOD
PDUFDomR VLPEyOLFD UHODWLYD D RXWUDV LGHQWLGDGHV DWUDYpV GD UHSUHVHQWDomR
3RU UHSUHVHQWDomR HQWHQGHVH D SUiWLFD GH FULDomR GH VLJQLILFDomR H RV
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DVVLPLODGRV
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SURGX]LGRV GHVHQFDGHLDP QD FRQVWUXomR GDV LGHQWLGDGHV TXH
DGTXLUHP VHQWLGRV SRU PHLR GD OLQJXDJHP H GRV VLVWHPDV
VLPEyOLFRV SHODV TXDLV VmR UHSUHVHQWDGDV H DWULEXHP
VLJQLILFDGRV jV UHODo}HV VRFLDLV 678$57 +$// LQ
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VRPHQWH QD VXD FRQVWUXomR VRFLDO UHODWLYD DRV SDGU}HV H FRPSRUWDPHQWRV
FROHWLYRVPDVWDPEpPQRTXHGL]UHVSHLWRDRVYDORUHVDRVVHQWLPHQWRVGHXP
SRYR RX JUXSR HVSHFtILFR TXH FRPSDUWLOKD FDUDFWHUtVWLFDV FXOWXUDLV H
H[SHULrQFLDVVLPLODUHV
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VHPSUHHVWHYHLQVFULWDQDQRVVDFXOWXUD$QDomREUDVLOHLUDQDPHGLGDHPTXH
IRL VH LQVWLWXLQGR LQFRUSRURX D VHX HVStULWR SURFHVVRV FLYLOL]DWyULRV GLVWLQWRV
WUD]LGRVSHORVYLDMDQWHVHH[SORUDGRUHVQXPSULPHLURPRPHQWRHGHSRLVSHOR
IRUWHSURFHVVRPLJUDWyULR
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VLJQLILFDGRHH[SHULrQFLDGHXPSRYRRSURFHVVRGHVLJQLILFDomRFRPEDVHHP
XP DWULEXWR FXOWXUDO RX FRQMXQWR GH DWULEXWRV FXOWXUDLV LQWHUUHODFLRQDGRV TXH
SUHYDOHFHP VREUH RXWUDV IRQWHV GH VLJQLILFDGR QR TXH GL] UHVSHLWR D DWRUHV
VRFLDLV &RQVRDQWH R DXWRU D LGpLD GH LGHQWLGDGH DQGD HP FULVH QD
FRQWHPSRUDQHLGDGH DVVLP HOH FODVVLILFD D LGHQWLGDGH GD VHJXLQWH PDQHLUD
LGHQWLGDGH OHJLWLPDGRUD ± LQWURGX]LGD SHODV LQVWLWXLo}HV GRPLQDQWHV GD
VRFLHGDGHSDUDH[SDQGLUHUDFLRQDOL]DUVXDGRPLQDomRHPUHODomRDRVDWRUHV
VRFLDLVLGHQWLGDGHGHUHVLVWrQFLD±FULDGDSRUDWRUHVVRFLDLVTXHVHHQFRQWUDP
HP SRVLo}HV LQIHULRUL]DGDV GHVYDORUL]DGDV HRX HVWLJPDWL]DGDV SHOR YLpV GD
GRPLQDomRFRQVWUXLQGRIRFRVGHUHVLVWrQFLDVHVREUHYLYrQFLDHPEDVDGRVHP
SULQFtSLRV GLIHUHQWHV GRV TXH SHUPHLDP DV LQVWLWXLo}HV GD VRFLHGDGH RX
PHVPRV RSRVWRV H D LGHQWLGDGH GH SURMHWR ± TXDQGR RV DWRUHV VRFLDLV VH
XWLOL]DP GH PDWHULDLV FXOWXUDLV DR VHX DOFDQFH SDUD FRQVWUXLU XPD QRYD
LGHQWLGDGHFDSD]GHUHGHILQLUVXDSRVLomRQDVRFLHGDGHHDRID]rOREXVFDUD
WUDQVIRUPDomRGHWRGDDHVWUXWXUDVRFLDO&$67(//6S
,VWR SRVWR YrVH TXH LGHQWLGDGH QmR p DOJR IL[R GHWHUPLQDGR HVWiYHO
TXHFDUDFWHUL]DFODVVLILFDHLGHQWLILFDXPDSHVVRDRXJUXSRGHSHVVRDV&RPR
DLGHQWLGDGHpDXPVyWHPSRXPDFRQVWUXomRSHVVRDOVRFLDOHFXOWXUDOQXP
GHWHUPLQDGR PRPHQWR FRP GHWHUPLQDGRV LQWHUHVVHV WRUQDVH IOXLGD H

SHUPDQHQWHPHQWHGLYHUVDHFDPELDQWHWDQWRQRVFRQWH[WRVVRFLDLVQRVTXDLV
VmR YLYLGDVTXDQWRQRV VLVWHPDVVLPEyOLFRVSRUPHLRGRV TXDLVVHSRGHGDU
VHQWLGRjVSUySULDVSRVLo}HV7RGDHTXDOTXHULGHQWLGDGHpFRQVWUXtGDDSDUWLU
GDKLVWyULDXQLYHUVDOGDPHPyULDFROHWLYDGDVIDQWDVLDVSHVVRDLVGRVREMHWRV
GD FXOWXUD GRV PHFDQLVPRV GH SRGHU HWF 7DLV PDWHULDLV VmR SURFHVVDGRV
SHORV FLGDGmRV JUXSRV VRFLDLV H VRFLHGDGHV TXH UHRUJDQL]DP VHXV
VLJQLILFDGRV QRV LPEULFDPHQWRV GDV WHQGrQFLDV VRFLDLV H SURMHWRV FXOWXUDLV
HQUDL]DGRV HP VXD HVWUXWXUD VRFLDO H VXD YLVmR GH WHPSR H HVSDoR
&$67(//6RSFLWS
(QWUHWDQWR ID]VH QHFHVViULD D GLVWLQomR HQWUH LGHQWLGDGH H SDSpLV
VRFLDLV2VSDSpLVVmRQRUWHDGRVSRUQRUPDVHVWUXWXUDGDVSHODVLQVWLWXLo}HVH
RUJDQL]Do}HV GD VRFLHGDGH $ LPSRUWkQFLD GHVVHV SDSpLV QR FRPSRUWDPHQWR
GDV SHVVRDV GHSHQGH GH QHJRFLDo}HV H GRV DFRUGRV HQWUH RV LQGLYtGXRV H
HVVDV LQVWLWXLo}HV H RUJDQL]Do}HV -i DV LGHQWLGDGHV FRQVWLWXHP IRQWHV GH
VLJQLILFDGRVSDUDRVSUySULRVDWRUHVSRUHOHVRULJLQDGDVHFRQVWUXtGDVSRUXP
SURFHVVR GH LQGLYLGXDomR $OpP GR TXH DV LGHQWLGDGHV WDPEpP SRGHP VHU
FRQVWUXtGDV H IRUPDGDV D SDUWLU GH LQVWLWXLo}HV GRPLQDQWHV QR HQWDQWR
VRPHQWH DVVXPHP WDO FRQGLomR VH RV DWRUHV VRFLDLV DV LQWHUQDOL]DP
FRQVWUXLQGR VHX VLJQLILFDGR ,GHQWLGDGHV H SDSpLV jV YH]HV VH FRQIXQGHP
SRUpPLGHQWLGDGHVWrPVLJQLILFDGRVPDLVLPSRUWDQWHVGRTXHSDSpLVSRUFDXVD
GRSURFHVVRGHDXWRFRQVWUXomRHLQGLYLGXDomRTXHHQYROYH2VSDSpLVSRGHP
VHU HIrPHURV HQTXDQWR DV LGHQWLGDGHV ID]HP SDUWH GD SHVVRD RX VHMD DV
LGHQWLGDGHV RUJDQL]DP VLJQLILFDGRV H RV SDSpLV RUJDQL]DP IXQo}HV VRFLDLV
&$67(//6RSFLWS
$VSHVVRDVGHPDQHLUDJHUDODVVXPHPVXDVSRVLo}HVGHLGHQWLGDGHH
VHPHVFODPFRPHODV,QYHVWHPQDVSRVLo}HVHQRVGLVFXUVRVTXHDLGHQWLGDGH
OKHV RIHUHFH H VH SRVLFLRQDP FRPR VXMHLWRVDJHQWHV VRFLDLV 'HVVD IRUPD
VXUJHP RV QRYRV PRYLPHQWRV VRFLDLV HP TXH R SHVVRDO p WDPEpP SROtWLFR
(VVHV PRYLPHQWRV VXUJLUDP D SDUWLU GRV DQRV  YROWDQGRVH SDUD R
DSDJDPHQWR GDV IURQWHLUDV HQWUH R SHVVRDO H R SROtWLFR H SDUD D SROtWLFD GH
LGHQWLGDGH TXH p PDUFDGD SHORV TXHVWLRQDPHQWRV GDV OHDOGDGHV SROtWLFDV
EDVHDGDVQRFRQFHLWRGHFODVVHVRFLDO,VVRSRUTXHQDVRFLHGDGHPRGHUQDQmR

KiTXDOTXHUFHQWURRXQ~FOHRGHWHUPLQDGRHPYH]GLVVRKiXPDSOXUDOLGDGH
GHFHQWURVHXPGRVFHQWURVGHVORFDGRVIRLRGDFODVVHVRFLDO

5HIRUoDQGR TXH QR%UDVLO QmR GiSDUD IDODUHP HVWXGRVHSRFDLVWDLV
FRPRPRGHUQLGDGHSyVPRGHUQLGDGHHWF$TXLRVSURFHVVRVWUDGXWyULRVHQWUH
RGHQWURHRIRUDFHQWURHSHULIHULDDSDJDPHVWHVFRQFHLWRV1RPXQGRSROtWLFR
HFRQ{PLFR VH PDQWLYHUDP DV IURQWHLUDV HQWUH DV FODVVHV VRFLDLV PDV QDV
SUiWLFDVFXOWXUDLVHODVVHPLVWXUDPHQmRKiPDLVFRPRVHSDUiODV3RUWDQWR
QmRGiSDUDOLGDUFRPHVWHVFRQFHLWRVGHPDQHLUDHVWDQGDUWL]DGD
1HVVH VHQWLGR SRGHVH DILUPDU TXH QmR H[LVWH PDLV XPD ~QLFD IRUoD
GHWHUPLQDQWHHWRWDOL]DQWHWDOFRPRDFODVVHVRFLDOQRSDUDGLJPDPDU[LVWDTXH
PROGH WRGDV DV UHODo}HV VRFLDLV PDV R TXH VH Yr p XPD PXOWLSOLFLGDGH GH
FHQWURVHPPXLWRVHGLIHUHQWHVOXJDUHVRQGHQRYRVGLiORJRVSRGHPHPHUJLUH
QRYRVVXMHLWRVJDQKDUHPQRYDVIRUPDVGHUHSUHVHQWDomRHGHVLJQLILFDGRV
1R %UDVLO D LGpLD FRORQL]DGD VH H[SUHVVD HP XPD DWLWXGH
FRPSRUWDPHQWDO H VXEVHUYLHQWH TXH DOLPHQWD VHQWLPHQWRV GH LPSRWrQFLD QD
SRSXODomRDRDWULEXLURVSUREOHPDVEUDVLOHLURVDRVHQWLPHQWRGHFDLSLULVPRDR
DUFDtVPR VRFLDO j QRVVD LQIHULRULGDGH FRPR VRFLHGDGH JHUDGD D SDUWLU GH
SURFHVVRVGHFDVWUDomRHFRQGLFLRQDPHQWRVRFLDO
$ IUDJLOLGDGH LGHROyJLFD HVWi LQWLPDPHQWH UHODFLRQDGD FRP D DPSOD H
FUHVFHQWH KHJHPRQLD FXOWXUDO HVWUDQJHLUD QD VRFLHGDGH EUDVLOHLUD TXH p
H[HUFLGD HP HVSHFLDO SRU PHLR GRV SURGXWRV DXGLRYLVXDLV YHLFXODGRV SHOD
PtGLD7DOYXOQHUDELOLGDGHLGHROyJLFDpWDQWDTXHRFRPHQWiULRGHXPHVWXGLRVR
IUDQFrV DOHPmR RX GH XP HFRQRPLVWD DPHULFDQR D XP SROtWLFR RX HVWXGLRVR
EUDVLOHLURRXDDQiOLVHGHXPDDJrQFLDTXDOTXHULQWHUQDFLRQDOWrPXPLPSDFWR
HQRUPH SRVLWLYD RX QHJDWLYDPHQWH QD YLVmR GDV HOLWHV VREUH D VLWXDomR
EUDVLOHLUD
,GHRORJLFDPHQWH IUiJHLV DV HOLWHV LQWHOHFWXDLV EXVFDP YHU VHPSUH HP
PRGHORVHVWUDQJHLURVDVVROXo}HVSDUDWRGRVRVSUREOHPDVGDVRFLHGDGHSDUD
R ³DWUDVR´ FXOWXUDO SDUD R DXWRULWDULVPR SROtWLFRHFRQ{PLFR 7DLV HOLWHV
HVTXHFHP TXH HVVHV SDUDGLJPDV H WHRULDV IRUDP FULDGRV H GHVHQYROYLGRV

EDVHDGRV HP H[SHULrQFLDV KLVWyULFRVRFLDLV SDUWLFXODUHV H HP FRQGLo}HV EHP
GLVWLQWDV GDVEUDVLOHLUDV 3RUWDQWR QmRKiFRPRVLPSOHVPHQWHWUDQVSODQWiORV
SDUD D UHDOLGDGH EUDVLOHLUD GH PDQHLUD PHFkQLFD TXHUHQGR HVSUHPHU H
HQTXDGUDU D UHDOLGDGH EUDVLOHLUD DR PRGHOR HVWXGDGR 7DO SRVWXUD DIHWD D
LGHQWLGDGH FXOWXUDO GR SRYR EUDVLOHLUR SRUTXH R TXH XP EUDVLOHLUR LPDJLQD D
UHVSHLWRGHVLWXDo}HVHYDORUHVLQGLYLGXDLVHVRFLDLVpXPDFRQVWUXomRFXOWXUDO
OLWHUiULD H PLGLiWLFD HODERUDGD SRU LQWHOHFWXDLV H SXEOLFLWiULRV DOKHLD j
H[SHULrQFLDYLYLGDGRVLQGLYtGXRV
2VSURGXWRVHODERUDGRVSHODFXOWXUDGDPtGLDSRUWDQWRQmRVmRIRUPDV
GHHQWUHWHQLPHQWRLQRFHQWHPDVVmRFXQKDGRVLGHRORJLFDPHQWHHYLQFXODPVH
jUHWyULFDDOXWDVDSURJUDPDVHDDo}HVSROtWLFDV7DLVHODERUDo}HVRXWH[WRV
FXOWXUDLV QmR VmRQHFHVVDULDPHQWH FRQVHUYDGRUHVH UHWUyJUDGRV RX OLEHUDLVH
UHYROXFLRQiULRV2VWH[WRVGDFXOWXUDGDPtGLDWUD]HPLQFRUSRUDGRVHPVLYiULRV
RXWURV WH[WRV GLVFXUVRV OLQJXDJHQV LPDJHQV TXH TXDVH QXQFD VH LQWHJUDP
QXPDSRVLomRLGHROyJLFD~QLFDKRPRJrQHDFRPFRHUrQFLD6mRIUXWRVGHXPD
UHODomRPHVWLoDRXVHMDSHUPDQHQWHPRYLPHQWRGHLQWHUDomRHWUDGXomR
&RPRDILUPD3LQKHLUR
0tGLD H LQWHOHFWXDLV HP VXD JUDQGH PDLRULD UHFXVDPVH D
DQDOLVDU WRGR R SURFHVVR PDWHULDO FXOWXUDO H FRJQLWLYR GD
PHVWLoDJHPTXHVHHVWDEHOHFHXFRPSULPD]LDFRQWUDMXQWRH
DSHVDU GRV QLFKRV GH SUHFRQFHLWR GH UDoD H FODVVH 2 WHUPR
PHVWLoR DTXL QmR UHPHWH D FRU PDV PRGRV GH HVWUXWXUDomR
EDUURFRPHVWLoRVTXHDFDUUHWDPSHODFRQIOXrQFLDGHPDWHULDLV
HPPRVDLFRERUGDGRHODELULQWRRXWURVPpWRGRVHPRGRVGH
RUJDQL]DomR GR SHQVDPHQWR 7DLV PRGRV QmR ELQiULRV
GHVFRQKHFHP R GLOHPD HQWUH LGHQWLGDGH H RSRVLomR D
PHVWLoDJHPVHFRQVWLWXLFRPRXPDWUDPDUHODFLRQDOFRQHFWLYD
FXMRVFRPSRQHQWHVQmRUHPRQWDPVDXGRVDHVROLWDULDPHQWHD
LQVWkQFLDVDXURUDLVSHUGLGDVPDVVLPIHVWHMDPRJR]RVLQWiWLFR
GHVVD WHQVmR UHODFLRQDO TXH VH PDQWpP FRPR OLJDomR PyYHO
HPVXVSHQVmRS

$LQWHOHFWXDOLGDGHEUDVLOHLUDIUDJLOL]DGDSHODUHWyULFDFRORQLDOLVWDLQVLVWH
HP VHJXLU PRGHORV GH KHJHPRQLD FXOWXUDO HVWUDQJHLUD FULDQGR YLDV GH
LPSRVVLELOLGDGHGHFRQVWUXomRGHSDUDGLJPDVTXHGHHPFRQWDGRYLYHUHID]HU
FXOWXUDO EUDVLOHLUR &RP LVVR R LPDJLQiULR VRFLDO QDFLRQDO VH IUDJPHQWD H VH
DIDVWD FDGD YH] PDLV GRV REMHWRV YHUGDGHLUDPHQWH UHSUHVHQWDWLYRV GR YLYHU
FXOWXUDOEUDVLOHLUR
$WHOHYLVmRpDPDLRUUHVSRQViYHOSHODSURSDJDomRGHVVHSDUDGLJPDHp
DPtGLDPDLVDFHVVtYHOjJUDQGHSDUWHGDSRSXODomRTXHWHPRPDLRUSRGHUGH
DWXDUQDFRQVWUXomRGDVLGHQWLGDGHVHPYLUWXGHGHSDUWLFLSDUGRFRWLGLDQRGDV
SHVVRDV (VVD SUiWLFD GH FRQVWUXomR GDV LGHQWLGDGHV DFRQWHFH TXDQGR D
WHOHYLVmRIRUQHFHLPDJHQVSHUVRQDJHQVVLWXDo}HVKLVWyULDVHQILPXPDJDPD
GHSRVVLELOLGDGHVFRPDVTXDLVRVFRQVXPLGRUHVHWHOHVSHFWDGRUHVHPJHUDO
VHLGHQWLILFDP
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UHFLFODGDV H WUDQVIRUPDGDV QD FXOWXUD GH PDVVD DSDUHFHP
FRPRHOHPHQWRVGHFRQVWLWXLomRGRLPDJLQiULRFRQWHPSRUkQHRH
GHFRQVWUXomRGHXPDPLWRORJLDPRGHUQDUHSRVLomRDUTXHWtSLFD
DFOLPDWDomR GR SDGUmR RULJLQiULR D XPD QRYD RUGHP H
LQVWUXPHQWR GH PHGLDomR GH SURMHo}HV H LGHQWLILFDo}HV QD
UHODomRFRPRS~EOLFRUHFHSWRURVJrQHURVVHFRQVWLWXHPQR
HOR GH OLJDomR GRV GLIHUHQWHV PRPHQWRV GH FDGHLD TXH XQH
HVSDoRGDSURGXomRDQVHLRGRVSURGXWRUHVFXOWXUDLVHGHVHMRV
GRS~EOLFRUHFHSWRU0$57Ë1%$5%(52S
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FDUDFWHUtVWLFD GH IROKHWLPFRWLGLDQR UHFXSHUDGRU GD YLGD FRPXP p XP ERP
H[HPSOR GH KLEULGDomR p R TXH PDLV SRVVLELOLWD XP HQWUHFUX]DPHQWR GH
OLQJXDJHQV TXH YDL JHUDU XP WH[WR PLVWR TXH IXQGDPHQWDOPHQWH
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GLIHUHQWHV HP TXH VREUHVVDHP SDUWLFXODUPHQWH GRLV R YHUEDO H R YLVXDO $
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IRWRQRYHODHPPRYLPHQWRRSODQRPDLVXVDGRpRFORVHXSRXVHMDpXPD
OLQJXDJHPGUDPDW~UJLFDDQWLJDHPXPYHtFXORQRYR
$ WHOHQRYHOD H[HUFH XP SDSHO GH IXQGDPHQWDO LPSRUWkQFLD QD
UHSUHVHQWDomR GD VRFLHGDGH EUDVLOHLUD QR PHLR WHOHYLVLYR SRLV GL] UHVSHLWR j
FDSDFLGDGHDUWtVWLFDGHWRUQDUSUHVHQWHDWUDYpVGHIRUPDVHILJXUDVXPPXQGR
UHDORXSRVVtYHOGDH[SHULrQFLDGLUHWDHFRQFUHWDRXGDIDQWDVLDGRGHOtULRRX
GDLQWLPLGDGHPDLVLGLRVVLQFUiWLFD
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PDLV LPSRUWDQWHV H DPSORV HVSDoRV GH SROrPLFD GRV DVSHFWRV FXOWXUDLV GR
%UDVLOGDVLQWLPLGDGHVSULYDGDVjVSROtWLFDVS~EOLFDV6HXVWH[WRVVLQWHWL]DPRV
REMHWRV GDFXOWXUDHP TXHFRQWH~GR HIRUPD GLVFRUGDPRX UHYHUEHUDP(VVH
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KRPHP H PXOKHU GH UHODFLRQDPHQWRV GH RUJDQL]DomR IDPLOLDU H VRFLDO VmR
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FRQWHPSODGRV3RGHPVHUYLVWDVFRPRVpULHVFXOWXUDLVFXMDGLVSRVLomRSHUPLWH
PRVWUDUDVIDFHVGR%UDVLOHVHXVREMHWRVFXOWXUDLVHPWRGRRVHXSURFHVVRGH
PHVWLoDJHPH[LELQGRDVIRUPDVKtEULGDVTXHFDUDFWHUL]DPDFXOWXUDEUDVLOHLUD
PHVPR PDTXLDGDV H SURGX]LGDV SDUD R FRQVXPR OLJHLUR GDV FKDPDGDV
PDVVDV
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GHFRPXQLFDomRHGHSHQHWUDomRGHPDVVD$OLQJXDJHPGDWHOHQRYHODpXPD
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IRWRQRYHODVGRVURWHLURVHHGLomRGHFHQDVFLQHPDWRJUiILFDV
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YLVWR QR FRQMXQWR GH XP XQLYHUVR FXOWXUDO TXH HQYROYH YDULDQWHV GH pSRFD
UHJLRQDLV H VRFLDLV(VWDEHOHFHQGR XPDUHODomR LQWUDWH[WXDO TXHYDL UHYHODU R
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OLEHUGDGHDPDOtFLDHRHQJHQKR´/(=$0$/,0$S
2%UDVLOWHPXPDVLJQLILFDWLYDSURGXomRWHOHYLVLYDH pXPGRVPDLRUHV
H[SRUWDGRUHV GH WHOHQRYHODV $V KLVWyULDV DPELHQWDGDV QR 5LR GH -DQHLUR RX
QXPD FLGDGH]LQKD TXDOTXHU GR LQWHULRU GR 1RUGHVWH DLQGD TXH PDQWHQKD
PXLWDVYR]HVHXPGRPtQLRGRVRWDTXHFDULRFDJDQKDPRPXQGRHWRUQDPVH
GUDPDVXQLYHUVDLVSRUTXHPHVPRFRPRFRQVWUXomRH[yWLFDWDLVSHUVRQDJHQV
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YHUGDGHLURV
7HOHQRYHODpFRLVDVpULD8PSURGXWRGHDFHLWDomRDEVROXWDHP
WRGR FRQWLQHQWH DPHULFDQR 1R %UDVLO WRUQRXVH XP
SURFHGLPHQWR DXGLRYLVXDO GLIHUHQFLDGR TXH UHVXOWD HP XP
SURGXWR GH DFDEDPHQWR HVPHUDGR FXLGDGRVDPHQWH GHWDOKDGR
HP WRGR R SURFHVVR H HQULTXHFLGR SRU UHFXUVRV WpFQLFRV
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GH DQiOLVH VRFLDO D WHOHQRYHOD EUDVLOHLUD p KRMH XP GRV PDLV LPSRUWDQWHV
SURGXWRV FXOWXUDLV GR SDtV $OpP GLVVR QDV ~OWLPDV GpFDGDV D WHOHQRYHOD
GHL[RX GH VHU DSHQDV VLQ{QLPR GH GLYHUVmR SDUD WRUQDUVH WDPEpP XPD
LPSRUWDQWH DOLDGD GDV TXHVW}HV VRFLDLV 3URGXWR GH FRPXQLFDomR GH DOWD
SHQHWUDomRHPWRGDVDVFODVVHVVRFLDLVHFRPOLQJXDJHPDFHVVtYHOWRUQRXVH
SDOFRGHFDPSDQKDVGHLQWHUHVVHS~EOLFRHFRPHUFLDO
1DWHOHQRYHOD4XHUHLVRXHX"DGLVSXWDSHORWURQRGDFLGDGHGH$YLODQ
IRL WUDYDGD HQWUH R YHUGDGHLUR UHL -HDQ 3LHUUH eGVRQ &HOXODUL FULDGR SHORH
FRP R SRYR H 3LFKRW 7DWR *DEXV 0HQGHV R PHQGLJR HVWUXWXUDGR SHOR
FRQVHOKHLURIHLWLFHLUR 5DYHQJDU $QW{QLR $EXMDPUD TXH VH WUDQVIRUPRX HP
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PDQHLUDTXHVXVFLWDQRVFUtWLFRVGHPtGLDDVHQVDomRGHXPDPDQLSXODomRGD
5HGH *ORER GH7HOHYLVmR QR FRQWH[WRHOHLWRUDO/HYDQGRDRHQWHQGLPHQWRGH
TXHDWHOHQRYHODSUHSDURXRV UHVXOWDGRVGDVHOHLo}HV SUHVLGHQFLDLVjPHGLGD
TXHFRQVHJXLXHYLGHQFLDUTXHVyXPYHUGDGHLURUHLSRGHWHUDPDMHVWDGHHD
VDEHGRULDQHFHVViULDVSDUDUHVROYHURVSUREOHPDVGDSiWULD
2 SHUVRQDJHP 3LFKRW XP GHVFDPLVDGR WtSLFR UHSUHVHQWDQWH GR SRYR
PLVHUiYHO DSyV XVXIUXLUR SRGHU SDVVRXD VH DMXVWDU FRPDQREUH]D H YLYHU
GDV EHQHVVHV GD DPELomR H GD PDOGDGH 2 TXH SHUPLWLX D JOyULD GH -HDQ
3LHUUHMRYHPGHOLQKDJHPFRUDMRVRHGHIHQVRUGRSRYRSURPHWHQGRDWRGRV
XP QRYR SDtV IDWR TXH SRGHULD VHU LGHQWLILFDGR QDTXHOD pSRFD FRP R
FDQGLGDWRGR351±3DUWLGRGD5HFRQVWUXomR1DFLRQDORDODJRDQR)HUQDQGR
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3DUD DOJXQV IRUDP DSHQDV FRLQFLGrQFLDV SROtWLFDV PDV TXDQGR VH
DQDOLVD R WH[WR H DV LPDJHQV GD WHOHQRYHOD FRP XP ROKDU FRQWHPSRUkQHR H
PDLV DWHQWR GH FULWLFLGDGH REVHUYDVH TXH DV VHPHOKDQoDV YmR DOpP GDV
FRLQFLGrQFLDV2SHUILOGRSHUVRQDJHP-HDQ3LHUUHHGR&RQVHOKHLUR%HUJHURQ
'DQLHO )LOKR SRGH SHUIHLWDPHQWH VHU DVVRFLDGR DR FDQGLGDWR GR 351 QR
DVSHFWR LFRQRJUiILFR H QR WH[WR 2UDOLGDGH ULWPR HQWRQDomR H JHVWXDOLGDGH
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IDPLOLDUL]DQGR GH PDQHLUD VLPSiWLFD R SHUVRQDJHP S~EOLFR FRP R
SHUVRQDJHP WHOHYLVLYR 1R kPELWR HVWULWDPHQWH OLQJtVWLFR D rQIDVH GRV
VLQWDJPDV±³QRYRGLDQRYDpSRFDVDQJXHQRYRILPGDFRUUXSomR´±UHPHWLD
DR HVSDoR VtJQLFR GR GLVFXUVR SROtWLFR GD UHQRYDomR QDFLRQDO TXH YLVDYD
FRQVWUXLU XP LGHDO GH FRPXQLFDomR SROtWLFR DPSDUDGR H HPEDVDGR HP
PHGLDo}HVFRUSRUDLVGRVHXVXMHLWRSROtWLFRHQTXDQWR³HVWUHOD´HVSHWDFXODUGD
VDOYDomRQDFLRQDO
2TXHVHSUHWHQGHDSRQWDUpTXHDSURMHomRSROtWLFDIHLWDQRUHLQRILFWtFLR
GH $YLODQ R ULVR GH WRP KLVWUL{QLFRQRVWiOJLFR GRV GHVIHFKRV SRVVLELOLWRX R
UHWRUQR D XPD RUGHP WHPSRUDO TXH UHLQVWDXURX R FDUiWHU WUiJLFR GR GHVWLQR
VRFLDOUHDOUHYHODQGRDRS~EOLFRTXHDIDUVDYLYLGDQRUHLQRGH$YLODQILQGRXGH
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PDQHLUDH[DOWDWyULDQXPXQtVVRQR³9LYDR%UDVLO´HTXHLVVRSRGLDVHWUDGX]LU
QRUHDO
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LPLJUDQWHVXPDLWDOLDQDH RXWUDIUDQFHVDRV%HOOLQLVH RV&DVVRXOHWVDPEDV
UHVSRQViYHLVSRUXPDIDWLDGDJDVWURQRPLDGH6mR3DXORGRVpFXOR;;,6mR
3DXOR DEULJD H DEUDoD LWDOLDQRV IUDQFHVHV MDSRQHVHV QRUGHVWLQRV H PXLWDV
RXWUDV FXOWXUDV TXH KDELWDP D FLGDGH 7RGD D WUDPD YDL JLUDU HP WRUQR GDV
PHVFODV FXOWXUDLV GRV VDERUHV GRV RGRUHV H FRUHV GD JDVWURQRPLD PHVWLoD
EUDVLOHLUD1RFHQWURGHWXGRLVVRXPDPRUSURLELGRj5RPHXH-XOLHWDHQWUH
PHPEURVGDJHUDomRGDVIDPtOLDVUHSURGX]LQGRXPDGLVSXWDDQWLJD
$SHVTXLVDSUHWHQGHPRVWUDUHHVWXGDUDWHOHQRYHODFRPRXPFRQMXQWR
RUJkQLFR GH VLVWHPDV WH[WXDLV HP TXH FRQWH~GR H IRUPD GLVFRUGDP RX VH
UHYHUEHUDP SRU WUDEDOKDUHP D UHSUHVHQWDomR GR LPDJLQiULR GH XPD FXOWXUD
PHVWLoD H FDERFOD $ WHOHQRYHOD QD FRQGLomR GH XP GRV UHIHUHQFLDLV GD
YLVXDOLGDGH EUDVLOHLUD p D SHUIHLWD FRPELQDomR GH HQRUPHV H P~OWLSORV
FUX]DPHQWRV GH HOHPHQWRV GLDFU{QLFRV H VLQFU{QLFRV SRLV R YHOKR H QRYR R
DQWLJR H R PRGHUQR R SDVVDGR H R SUHVHQWH VH IXQGHP QXPD PHVPD
SRVVLELOLGDGHGHUHLQWHUSUHWDomRGDFXOWXUDEUDVLOHLUD
'HVWH PRGR VHUi DSUHVHQWDGR QR FDStWXOR , XPD EUHYH KLVWyULD GD
WHOHQRYHOD VXD IXQomR H LPSRUWkQFLD GHQWUR GR TXDGUR FXOWXUDO EUDVLOHLUR
SDVVDQGR SHODV QDUUDWLYDV TXH D RULJLQDUDP R IROKHWLP R PHORGUDPD D
UDGLRQRYHODDIRWRQRYHODGHQWUHRXWUDVIRUPDVGHOLQJXDJHP
2 FDStWXOR ,, SUHWHQGH PRVWUDU FRPR VH Gi R FRWLGLDQR GD FULDomR H
SURGXomR GH XPD WHOHQRYHOD H SDUWLFXODUPHQWH R SURFHVVR FULDWLYR GRV
GUDPDWXUJRV &DVVLDQR *DEXV 0HQGHV H 0DUFRV /D]DULQL $R PHVPR WHPSR
WUD]HU XPD GLVFXVVmR VREUH R FRQFHLWR GH FXOWXUD WUD]HU j WRQD YDORUHV
REMHWRVFRUHVHVDERUHVGRYLYHUFXOWXUDOEUDVLOHLURHVXDVHVSHFLILFLGDGHVTXH
VH YLVWDV QDV WHOHQRYHODV $ SURGXomR FXOWXUDO YLQFXOD VHXV LQWHJUDQWHV QD
PHPyULD GR SDVVDGR H D H[SHULrQFLD FRPXP H DVSLUD j FRQVWUXomR GH XP
IXWXURTXHGHYHUiVHUFRPSDUWLOKDGR$FXOWXUDTXHLUiGHWHUPLQDURTXHILFDH

R TXH QmR ILFD UHWLGR QD PHPyULD FROHWLYD 1R %UDVLO YLYHPRV XPD FXOWXUD
WLSLFDPHQWHEDUURFDFRPQXDQoDVHDVSHFWRVFRQWUDGLWyULRV
1R &DStWXOR ,,, VHUi IHLWD DQiOLVH GD WHOHQRYHOD 4XH UHL VRX HX" GH
DXWRULDGH&DVVLDQR*DEXV0HQGHVFRPDFRODERUDomRGH/XL]&DUORV)XVFR
VRE D GLUHomR GH -RUJH )HUQDQGR )iELR 6DEDJ H 0iULR 0iUFLR %DQGDUUD
YHLFXODGD QD 79 *ORER GH  GH IHYHUHLUR D  GH VHWHPEUR GH  QR
KRUiULR GDV GH]HQRYH KRUDV GLVWULEXtGD HP FDStWXORV 6RE DUHIOH[mR GR
FRQFHLWRGHPHVWLoDJHPDSRLDGDQRVDXWRUHV*UX]LQVNL/DSODQWLQH/RWPDQ
3LQKHLURH6DQWRV&RQFHLWRSROrPLFRHTXHDLQGDWUD]QRVHXFRUSRDRULJHP
ELROyJLFD PDV TXH RV HVWXGRV GD iUHD DQWURSROyJLFD VRFLROyJLFD H GD
VHPLyWLFD GDFXOWXUD DPSOLDUDPHWURX[HUDP FRPSOH[LGDGH jGLVFXVVmR VREUH
FXOWXUDQD$PpULFD/DWLQDHHPSDUWLFXODUQR%UDVLO
$ WHOHQRYHOD DILUPDPRV p XP JrQHUR LQGLVFXWLYHOPHQWH PHVWLoR FRP
FDUDFWHUtVWLFDV EDUURFDV WDQWR QD IRUPD FRPR QR FRQWH~GR SRU HVVD UD]mR
DSURSULDPRQRVGRFRQFHLWRGHPHVWLoDJHPSDUDHVWDEHOHFHUXPDOHLWXUDFUtWLFD
GHVWH JrQHUR WmR LPSRUWDQWH GHQWUR GD YLGD GD PtGLD EUDVLOHLUD (QWHQGHQGR
TXHDPHVWLoDJHPpGHWHFWDGDQDVYiULDVOLQJXDJHQVTXHFRPS}HPDFXOWXUD
SULQFLSDOPHQWHSRUTXHDFXOWXUDVyVHPDWHULDOL]DSRUPHLRGHWH[WRV$FXOWXUD
FRUSRULILFDVH HP GLYHUVDV IRUPDV GH OLQJXDJHP TXH PHVFODP ULWPRV FRUHV
IRUPDWRV TXH RULJLQDP H[SUHVV}HV WDLV FRPR WHDWUR GDQoD DUWHVDQDWR
FXOLQiULD OLWHUDWXUD HQILP WRGD H TXDOTXHU IRUPD GH H[SUHVVmR VHQVtYHO GD
UHDOLGDGH
1R&DStWXOR,9VHUiIHLWDDQiOLVHGRVHOHPHQWRVGHPHVWLoDJHPFXOWXUDO
WUDEDOKDGRV QD WHOHQRYHOD ³ÈJXD QD %RFD´ GH 0DUFRV /D]DULQL FRP D
FRODERUDomRGH$OHNVHL$ELE&RQFKL/DEUDxDH'DQL3DWDUUDVREDGLUHomRGH
'HO5DQJHOHHTXLSHYHLFXODGDQD5HGH%DQGHLUDQWHVGH7HOHYLVmRQRKRUiULR
GDV YLQWH KRUDV TXH WHYH LQtFLR HP  PDLR GH  FRP ILQDO HP  GH
GH]HPEURGLVWULEXtGDHPFDStWXORV
$RORQJRGDSHVTXLVDYiULDVWHOHQRYHODVIRUDPYLVWDVHDQDOLVDGDVQR
HQWDQWRHVWDVGXDVIRUDPHVFROKLGDVSDUDXPHVWXGRGHFDVRPDLVGHWDOKDGR

SRUFDXVDGHVXDVFDUDFWHUtVWLFDVHVSHFtILFDVGHFRQVWUXomR3UHFLVDPHQWHHP
ÈJXDQD%RFDVHUiDQDOLVDGRWDPEpPRVHXSURFHVVRGHFRQVWUXomRFROHWLYD
3RU ILP QD FRQFOXVmR VHUmR OHYDQWDGRV RV DVSHFWRV GR SDSHO H GR
LPSDFWR GDV WHOHQRYHODV QD $PpULFD /DWLQD H HP SDUWLFXODU QR %UDVLO FRPR
PRODV SURSXOVRUDV SDUD D DUWLFXODomR GH GHEDWHV GR PRYLPHQWR VRFLDO
RUJDQL]DGRH[HUFHQGRXPSDSHOLPSRUWDQWHQRGHVHQYROYLPHQWRGDVRFLHGDGH
$ WHOHQRYHOD UHYHOD R YLYHU LGHQWLWiULR FXOWXUDO GR KRPHP PHVWLoR
EUDVLOHLUR$VSRVLo}HVWHyULFDVVREUHRV HIHLWRVGDWHOHQRYHODQRS~EOLFRVmR
LQVXILFLHQWHV SDUD TXH VH SRVVD FRPSUHHQGHU D UHODomR TXH H[LVWH HQWUH R
PHORGUDPD H VXD DXGLrQFLD D SDUWLU GH WUrV JUDQGHV iUHDV GH DQiOLVH
SURGXomRFRPSRVLomRWH[WXDOHDSURSULDomR
$ UHODomR GR UHFHSWRU FRP D WHOHQRYHOD QmR p XQLGLUHFLRQDO HVWtPXOR
UHVSRVWD QmR Ki OHLWXUDV LQRFHQWHV DV HVFROKDV DV SUHIHUrQFLDV H DV
LQWHUSUHWDo}HV VmR FRQVWUXtGDV SRU XPD KLVWyULD GH LQWHUUHODo}HV TXH VH
HVWDEHOHFHP FRP DV LQVWLWXLo}HV VRFLDLV TXH IRUPDWDP D YLGD FRWLGLDQD H R
VHQWLGRGRHVSHFWDGRU
2 WLSR GH LQWHUDomR TXH DV SHVVRDV HVWDEHOHFHP FRP D WHOHQRYHOD p
IUXWR GH XP HQYROYLPHQWR FRP D WUDPD TXH DV ID] FRPSDUWLOKDU HPRo}HV
LQGLYLGXDLVHFROHWLYDVPHGLDWDVRXLPHGLDWDV2GLiORJRTXHVHHVWDEHOHFHID]
FRP R UHFHSWRU UHFRQKHoD D WHOHQRYHOD FRPR XP SURGXWR GH ILFomR TXH VH
FRQVWUyLDSDUWLUGRHVWDEHOHFLPHQWRGDWURFDGHVLJQLILFDGRVFRPXQV
6HQWLUVLJQLILFDHVWDUOLJDGRDDOJRDVLWXDomRGHHQYROYLPHQWRpYLYLGD
SULPHLUR LQGLYLGXDOPHQWH GHSRLV WUDQVIRUPDVH HP DOJR FROHWLYR SDUWLOKDGR
FRP R JUXSR (QYROYHUVH p FRPSDUWLOKDU DSRLDU H VHQWLU R TXH R ³RXWUR´ ±
SHUVRQDJHP±YLYHGHQWURGDFHQDWHOHYLVLYDpFRORFDUVHHPVHXOLJDUHYLYHU
RTXHHOHYLYH
3HVTXLVDV GHPRQVWUDP TXH D WHOHQRYHOD p XP SUHWH[WR SDUD VHQWLU H
UHFRQKHFHUVH QDV VLWXDo}HV DSUHVHQWDGDV (QWUH R WHOHVSHFWDGRU H D
WHOHQRYHOD DSUHVHQWDVH XPD VLWXDomR GH JR]R GH FXPSOLFLGDGH LQGLYLGXDO

IUXWRGRSRGHUGHHQYROYLPHQWRHVHQWLPHQWRGHSHUWHQoDHVWDEHOHFLGRHQWUHR
S~EOLFRHRSURGXWRGXUDQWHRGHVHQURODUGDWUDPD
$WHOHQRYHODpXPJrQHURQDUUDWLYRTXHRFXSDKRMHROXJDUGRFRQWDGRU
GHKLVWyULDVGRVYHOKRVWHPSRV0DQWpPRVHOHPHQWRVGRIROKHWLPIUDQFrVGR
VpFXOR ;,; FRP VXDV QDUUDWLYDV IDWLDGDV GR GLDDGLD QR MRUQDO FRQWDQGR DV
KLVWyULDV GR KRPHP GD pSRFD H GHVGREURXVH QD WHOHQRYHOD e R JrQHUR GH
FRPXQLFDomR EDVWDQWH FRPSOH[R $ WHOHQRYHOD EUDVLOHLUD HVWi GLDULDPHQWH QD
VXDFDVDQDVXDVDODQRVHXTXDUWRHQWUDQDVXDLQWLPLGDGHPRGLILFDDURWLQD
GD VXD YLGD DOWHUD FRPSRUWDPHQWRV H FRQWULEXLX SDUD HOHYDU D TXDOLGDGH GD
WHOHQRYHODPXQGLDOSULQFLSDOPHQWHDGRVSDtVHVODWLQRDPHULFDQRV
$WHOHQRYHODVHPG~YLGDpRSURGXWRGHPDLRULQIOXrQFLDQDPXGDQoD
GH DWLWXGHV H FRPSRUWDPHQWRV GR S~EOLFR EUDVLOHLUR GDt D LPSRUWkQFLD GD
UHVSRQVDELOLGDGH VRFLDO GRV GUDPDWXUJRV QD HODERUDomR GDV PHQVDJHQV TXH
VmRYHLFXODGDVQHOD
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&DStWXOR,
$7HOHQRYHODHPEXVFDGRVLJQRIXQGDQWH
+LVWyULDGD7HOHQRYHOD
³(X QmR JRVWR GH QRYHOD YHMR SRUTXH FKHJR GR WUDEDOKR H D
SDWURDHVWiOiJUXGDGDQDWHOHYLVmRQHPFRQVLJRYHU RMRUQDO
1DFLRQDO GD *ORER &RPR VRX GR &HDUi Dt DFDER GDQGR
ULVDGDFRPRMHLWRGR6HYHULQReXPFHDUHQVHDUUHWDGRFDEUD
EHVWDGHWXGR´-RmR&RVWD
$ IDOD DFLPD p GH XP WUDEDOKDGRU GH XP FRQGRPtQLR GH XP EDLUUR
FODVVH PpGLD GD ]RQD RHVWH GD FLGDGH GH 6mR 3DXOR H HOH VH UHIHUH j
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SHUVRQLILFDomRGDVFDQo}HVGHJHVWD
JHVWDGRODWLPDomRSRHPDVpSLFRV
PHGLHYDLVUHFLWDGRVSRUMRJUDLVHPHQHVWUpLVEDVHDGRVFRPRRVWH[WRVpSLFRV
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GHVLJQDYD XP HVSDoR ItVLFR GRV MRUQDLV 1D
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DSDUHFLDPQRWtFLDVGHODQoDPHQWRVOLWHUiULRVFRPHQWiULRVVREUHSHoDVWHDWUDLV
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DOJXPDV GH VXDV PDWpULDV R IROKHWLP WDPEpP SRGH VHU HQWHQGLGR FRPR XP
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FRODERUDomR GH JUDQGHV QRYHOLVWDV H SRHWDV PDLRU DSUR[LPDomR GR
FRQWHPSRUkQHR GHVPLVWLILFDomR GR SDVVDGR OLQJXDJHP FRORTXLDO H UHJLRQDO
DSUHVHQWDomRGHIDWRVUHDLVPDUFDVGDOLWHUDWXUDHGRWHDWURGHYDQJXDUGD
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DSDUHFLPHQWRGRDQWLKHUyLPHQWLURVRFRUUXSWRHGHILJXUDVIHPLQLQDVRULJLQDLV
ILQDLVDEHUWRVHODERUDomRVXWLOGDFRPpGLDHGDWUDJpGLD
1D GpFDGD GH  D 5HGH *ORER DWLQJHXP SRQWR H[FHOHQWH GR VHX
SDGUmR GH TXDOLGDGH IL[D VHXV KRUiULRV VHJPHQWDQGRRV SRU IDL[D HWiULD
GHILQHRVWHPDVGHFDGDXPSDGURQL]DRWHPSRGHGXUDomRGRVFDStWXORVGDV
WHOHQRYHODV +HUYDO 5RVVDQR D SDUWLU GH  DVVXPLX D GLUHomR GR KRUiULR
GDV GH]RLWR KRUDV H HQFHQRX DGDSWDo}HV GH REUDV UHIHUrQFLDV GD OLWHUDWXUD
EUDVLOHLUDWDLVFRPR+HOHQDGH0iULR3UDWD2)HLMmRHR6RQKRH&DERFODGH
%HQHGLWR5X\%DUERVD$0RUHQLQKDGH0DUFRV5H\GHSRLV(VFUDYD,VDXUDH

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3URJUDPD9HU79HPGHMXQKRGH±79&kPDUD±'HEDWHGRUHV1pOVRQ+RLQHII,(7+HORtVD
7ROHGR0DFKDGR8))H0iUFLR$XJXVWR)RQVHFDGLUHWRUGH797HOHQRYHODVIRLRWHPDHPGLVFXVVmR
DERUGDQGRDTXHGDGHDXGLrQFLD2SHUILOGRVWHOHVSHFWDGRUHVHVWiPXGDQGRRXRJrQHURpTXHHVWDHP
FULVH"
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([SUHVVmRTXHGHVLJQDWRGRRWHDWURTXHHPGHWHUPLQDGDDOWXUDIRLFRQWUDDVFRQYHQo}HVYLJHQWHVGD
pSRFD2WHUPRYDQJXDUGDDSDUHFHQRVpF;,;&DUDFWHUL]DVHFRPRXPIHQ{PHQRSXUDPHQWHEXUJXrVGR
FDSLWDOLVPRHGDVLWXDomRVyFLRHFRQ{PLFDSRUHOHFULDGD$YDQJXDUGDS}HHPFKHTXHRVYDORUHVPDV
GHQWURGHXPJUXSRUHVWULWRGHOHWUDGRVeXPWHUPRPLOLWDUTXHGHULYDGRIUDQFrVDYDQWJDUGHHVLJQLILFD
DGLDQWHLUD GH XP H[pUFLWR RXVHMD D SDUWH GRH[pUFLWRTXH PDUFKD QD SULPHLUDOLQKD e IHLWR XP XVR
PHWDIyULFRGHVVDSDODYUDDRDSOLFiODDXPDHVFULWDTXHPRVWUHHYLGHQWHVLQRYDo}HVQRHVWLOR IRUPDH
DVVXQWR(PWRGDVDVpSRFDVDYDQJXDUGDpFRPRTXHXPDWDTXHIURQWDO PXLWDVYH]HVRUJDQL]DGRjV
IRUPDVHWUDGLo}HVOLWHUiULDVHVWDEHOHFLGDVQRVHXWHPSR'HVLJQDXPFRQMXQWRGH³±LVPRV´OLWHUiULRVTXH
VXUJHPFRPRUHDomRDXPDLGHRORJLDGRPLQDQWH1HVVHFRQMXQWRHQFRQWUDVHRPRGHUQLVPRRIXWXULVPR
RVXUUHDOLVPRRH[SUHVVLRQLVPRHQWUHRXWURV3RUpPQHPWXGRRTXHVHUHFODPDFRPRYDQJXDUGDRp
3DUDVHVHUFRQVLGHUDGRYDQJXDUGDpQHFHVViULRXPDLQRYDomRXPDDQWHFLSDomRGRTXHHVWiSDUDYLU
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'RQD;HSDGH*LOEHUWR%UDJD&LUDQGDGH3HGUDGH7HL[HLUD)LOKRHRXWUDV
LPSULPLQGRDVVLPXPDPDUFDQRKRUiULR
3RUVXDYH]DIDL[DGHKRUiULRGDVGH]HQRYHKRUDVHVWDEHOHFHXVHFRP
WHOHQRYHODV TXH WLQKDP SRU HVSLQKD GRUVDO R KXPRU H DV FRPpGLDV GH
FRVWXPHV FRP OLQJXDJHP GLVWHQVD EHPKXPRUDGD GLULJLGD D XP S~EOLFR
MRYHPLQLFLDOPHQWH1RKRUiULRGDVYLQWHKRUDVRVWHPDVJLUDYDPHPWRUQRGH
TXHVW}HV SROtWLFDV FRQIOLWRV QRV UHODFLRQDPHQWRV IDPLOLDUHV WHPDV UXUDLV H
XUEDQRV H DFRQWHFLPHQWRV GR FRWLGLDQR +RXYH DLQGD DOJXPDV WHQWDWLYDV GH
XWLOL]DU R KRUiULR GDV YLQWH H GXDV KRUDV SDUD WUDWDU GH WUDPDV PDLV YROWDGDV
SDUDDGXOWRVHMiQmRWmRYLJLDGRVSHODFHQVXUD&RPRSDVVDUGRWHPSRHVWH
KRUiULRIRLILFDQGRUHVHUYDGRDPLQLVVpULHVHFDVRVHVSHFLDLV
1RILQDOGRVDQRVD5HGH79%DQGHLUDQWHVUHLQYHVWHQRJrQHURH
SURGX]&DUDD FDUD GH9LFHQWH 6HVVR&DYDOR$PDUHOR H0HX Sp GHODUDQMD
OLPDGH,YDQL5LEHLUR1LQKRGDVHUSHQWHGH-RUJH$QGUDGHHVHPG~YLGDR
VHXPDLRUVXFHVVRGHDXWRULDGH%HQHGLWR5XL%DUERVD2V,PLJUDQWHV(VWDIRL
DVHJXQGDWHOHQRYHODGHPDLRUGXUDomRGDWHOHYLVmRWHYHFDStWXORVHWHYH
SRU SURSRVWD UHYLVLWDU D FKHJDGD GRV LPLJUDQWHV DR %UDVLO GR ILQDO GR VpFXOR
;,;HVHHVWHQGHXDWpDFRQVWUXomRGH%UDVtOLDDQRYDFDSLWDOHP$LQGD
QHVWDGpFDGDD7XSLHQFHUUDVXDVDWLYLGDGHV
(PPDLRGH6LOYLR6DQWRV
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LQDXJXURXD796WXGLRV796GR5LR
GH -DQHLUR 5HFHEHX D FRQFHVVmR GR FDQDO  JUDoDV j LQIOXrQFLD MXQWR DR
JRYHUQR IHGHUDO GD pSRFD $ SULQFLSDO DWUDomR GD QRYD HPLVVRUD HUD R
3URJUDPD 6LOYLR 6DQWRV H[LELGR DRV GRPLQJRVDSUR[LPDGDPHQWH GDV K jV
K DH[WHQVmR UHDOGRSURJUDPD YDULRXPXLWR QRSHUtRGRVLPXOWDQHDPHQWH
FRP D 79 7XSL (P  6tOYLR 6DQWRV GHSRLV TXH D 5HGH 7XSL IHFKRX
FRQVHJXHDFRQFHVVmRGHTXDWURFDQDLVGRVTXDLVWUrVSHUWHQFLDPj7XSLR
FDQDOGH6mR3DXORH[797XSLRFDQDOGH3RUWR$OHJUHH[793LUDWLQLH
RFDQDOGH%HOpPH[790DUDMRDUD2FDQDOGR5LRGH-DQHLURTXHID]LD
SDUWHGRSDFRWHFRPRVTXDWURFDQDLVSHUWHQFLDj79&RQWLQHQWDOHHQWURXQR

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1RPHDUWtVWLFRGH6HQRU$EUDYDQHO5-DSUHVHQWDGRUGHWHOHYLVmRHHPSUHViULRGRQRGR
*UXSR6LOYLR6DQWRVTXHLQFOXLLQ~PHURVQHJyFLRVFRPRR%D~GD)HOLFLGDGHHR%DQFR3DQDPHULFDQRH
GR6LVWHPD%UDVLOHLURGH7HOHYLVmR&RPRDSUHVHQWDGRUGRGXUDGRXUR3URJUDPD6LOYLR6DQWRVWRUQRXVH
XPDGDVPDLVFRQVDJUDGDVFHOHEULGDGHVGDWHOHYLVmREUDVLOHLUD
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DUHPFRPRILOLDOFDULRFDGD795HFRUGHPRFDQDOIRLUHQRPHDGR
VXFHVVLYDPHQWH79&RSDFDEDQDH79&RUFRYDGR-XQWDQGRRVDQWLJRVFDQDLV
GD7XSLHRFDQDOGR5LRRHPSUHViULRIRUPDHPGHDJRVWRGHR
6LVWHPD%UDVLOHLURGH7HOHYLVmR6%76mR3DXORSDVVDDVHUDVHGHHDIRQWH
JHUDGRUDGDSURJUDPDomRGDQRYDUHGH
(PRMRUQDOLVWD$GROSKR%ORFK
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IXQGDQR5LRGH-DQHLURD5HGH
0DQFKHWHTXHSHUPDQHFHXQRDUDWpPDLRGH6XDSULQFLSDODWUDomRHUDD
FREHUWXUD GRFDUQDYDOFDULRFD GHVGHRV EDLOHVWUDGLFLRQDLV HVHXV FRQFXUVRV
GH IDQWDVLD QRV FOXEHV &RUGmR GR %ROD 3UHWD &OXEH GR 4XLWDQGLQKD 7HDWUR
*OyULD7HDWUR0XQLFLSDOH0RQWH/tEDQRDWpRGHVILOHGDV(VFRODVGH6DPED
0DV VXD H[LVWrQFLD IRL VHPSUH PDUFDGD SRU DOWRV H EDL[RV QR WRFDQWH j
DXGLrQFLD 1R HQWDQWR WHYH VLJQLILFDWLYDV SURGXo}HV ILFFLRQDLV WDLV FRPR DV
WHOHQRYHODV'RQD%HLMDH.DQDQJDGR-DSmRDPLQLVVpULH0DUTXHVDGH6DQWRV
WRGDV HVFULWDV SRU :LOVRQ $JXLDU )LOKR 6HX PDLV LPSRUWDQWH VXFHVVR IRL D
QRYHOD3DQWDQDOGH%HQHGLWR5X\%DUERVDHP'HSRLVYLHUDP$+LVWyULD
GH $QD 5DLRH =p 7URYmRGH0DUFRV &DUXVRH 5LWD %X]]DU7RFDLD *UDQGH
HVFULWD SRU 'XFD5DFKLG0iULR 7HL[HLUD H0DUFRV /D]DULQL ;LFDGD 6LOYDGH
:DOF\U&DUUDVFRVRERSVHXG{QLPRGH$GDPR$QJHO8PDRQGDQRDU
HVFULWD SRU (OR\ $UDXMR 5RVH &DO]D 0DULD &OiXGLD GH 2OLYHLUD H &KLFR GH
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1ROXJDUGD5HGH0DQFKHWHpODQoDGDD5HGH79HPGHDJRVWRGH
 PDQWHQGR R WHOHMRUQDO 3ULPHLUD (GLomR TXH VXEVWLWXLX R -RUQDO GD
0DQFKHWHH5HGH79&OLSH6KRZTXHVXEVWLWXLX0DQFKHWH&OLSH6KRZ(P
GHQRYHPEURGRPHVPRDQR$PLOFDUH'DOOHYR-U
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LQDXJXUDD5HGH79H
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-RUQDOLVWD H HPSUHViULR XFUDQLDQR QDWXUDOL]DGR EUDVLOHLUR GRQR GD (GLWRUD %ORFK TXH SXEOLFDYD D
UHYLVWD0DQFKHWHVHPDQDOPHQWH
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(QJHQKHLURtWDOREUDVLOHLURHPSUHViULRHVyFLRGR%DQFR5XUDOeRDWXDOSUHVLGHQWHGD5HGH79MXQWR
FRP0DUFHORGH&DUYDOKR&ULRXXPVLVWHPDTXHSHUPLWLXDRVWHOHVSHFWDGRUHVSDUWLFLSDUYLDWHOHIRQHGR
9RFr 'HFLGH H GR )DQWiVWLFR QD 79 *ORER H WDPEpP GR SRSXODU 7HOH   VLVWHPD GH OLJDo}HV
LQWHUDWLYDV FRP VRUWHLRV SHOD WHOHYLVmR SRU PHLR GR SUHIL[R 
KWWSZZZMRUQDOOLYUHFRPEUELRJUDILDGRFDQDOUHGHWYKWPO$FHVVRHPGHMXQKRGH
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ID] TXHVWmR GH DSUHVHQWDU XPD SURJUDPDomR FRPSOHWDPHQWH GLIHUHQWH GR
SDGUmRGD790DQFKHWH'HSRLVWUDQVIHULXDVHGHGDHPLVVRUDSDUDDFLGDGH
GH%DUXHULQD*UDQGH6mR3DXOR
1D GpFDGD GH  D WHPiWLFD SROtWLFD FKHJD jV WHODV $ DEHUWXUD
GHPRFUiWLFDRPRYLPHQWRVRFLDORUJDQL]DGRDPRYLPHQWDomRSHORYRWRGLUHWR
jSUHVLGrQFLDGD5HS~EOLFDRUHVJDWHGDVTXHVW}HVSROtWLFDVLQVWDXUDGDVSHOD
&RQVWLWXLQWH VmR IDWRV KLVWyULFRVRFLDLV TXH LQWHUIHULUDP QD SURGXomR GD
OLQJXDJHP GD ILFomR VHULDGD QD WHOHYLVmR (P  R WH[WR GH 'LDV *RPHV
5RTXH 6DQWHLUR YHWDGR HP  EDWHX UHFRUGH GH DXGLrQFLD GLVFXWLQGR RV
PHDQGURVGDFRUUXSomRSROtWLFD
'HDWUrVWHOHQRYHODVDERUGDUDPWHPDVSROtWLFRFXOWXUDLVVmR
HODV 9DOH 7XGR GH *LOEHUWR %UDJD $JXLQDOGR 6LOYD H /HRQRU %DVVqUHV 2
6DOYDGRU GD 3iWULDGH /DXUR &pVDU 0XQL]H 4XH5HL 6RX (X"GH &DVVLDQR
*DEXV 0HQGHVFRP DFRODERUDomRGH/XL] &DUORV)XVFRTXH FRORFDUDP HP
DEHUWR XPD QRYDHVWUXWXUDomR GDQDUUDWLYDIROKHWLQHVFDEUDVLOHLUD$ SDUWLUGD
GpFDGDGHPXLWRVWHPDVDWpHQWmRFRQVLGHUDGRVWDEXVVXUJHPJHUDQGR
SROrPLFDQRS~EOLFRUHFHSWRUHFDGDDXWRUYDLVHHVSHFLDOL]DQGRHPXPWLSRGH
DERUGDJHP
6HJXQGR R 'LFLRQiULR GD 79 */2%2  SRGHVH GL]HU TXH *OyULD
3HUH] IRL D SULPHLUD D WUDWDU GH TXHVW}HV FRPR H[SHULrQFLDV JHQpWLFDV H
PXOKHUHVTXHDOXJDPVXDVEDUULJDV±FKDPDGDVGHPmHVSRVWLoDVFRPLVVR
LQVWDXUDQGRXPDGLVFXVVmRVREUHpWLFDPXLWRLPSRUWDQWH(VFUHYHX%DUULJDGH
$OXJXHOQRYHODTXHWHYHFDStWXORV'HFRUSRHDOPDHVWDILFRXPDUFDGD
SHOR WUDXPiWLFR DFRQWHFLPHQWRFRP VXD ILOKD 'DQLHOD 3HUH]DVVDVVLQDGD SRU
XPFROHJDGHWUDEDOKRRDWRU*XLOKHUPHGH3iGXD([SORGH&RUDomRWHYHXPD
DEHUWXUDTXHHQFDQWRXRS~EOLFRHIRLFRQVLGHUDGDDPHOKRUMiIHLWDQD*ORER
DVVLPFRPR+LOGD)XUDFmRpFRQVLGHUDGDDPHOKRUPLQLVVpULHMiH[LELGD

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*LOEHUWR %UDJD p R SULPHLUR D PRVWUDU GURJDV WRSOHVV H
KRPRVVH[XDOLVPR PDVFXOLQR QD WHOHYLVmR 6XD QRYHOD GH PDLRU DXGLrQFLD IRL
9DOH 7XGR  FXMR ~OWLPR FDStWXOR REWHYH  TXDQGR IRL UHYHODGR R
DVVDVVLQR GR SHUVRQDJHP 2GHWH 5RLWPDQ %HDWUL] 6HJDOO 8PD GH VXDV
PDUFDV p XP DVVDVVLQDWR TXH SUHFLVD VHU GHVYHQGDGR DVVLP IRL HP
&HOHEULGDGHÈJXD9LYD3DUDtVR7URSLFDO6HXVHQUHGRVVmRFKHLRVGHPLVWpULR
HPRUWHQRVJUDQGHVFHQWURVXUEDQRVPRVWUDQGRFRQIOLWRVGRPXQGRGRVDOWRV
HPSUHViULRVHVXDVIDOFDWUXDVQDOXWDGHVHQIUHDGDSHORSRGHU
0DQRHO&DUORVXPGRVDXWRUHVSLRQHLURVGDWHOHYLVmREUDVLOHLUD)RLDWRU
HGLUHWRUGD797XSLH79([FHOVLRU'LULJLXD)DPtOLD7UDSRQD795HFRUGILQDO
GRVDQRVGH1D79*ORERIH]VXFHVVRQRKRUiULRGDVYLQWHKRUDVFRP
DV QRYHODV /DoRV GH )DPtOLD 0XOKHUHV $SDL[RQDGDV 3iJLQDV GD 9LGD
*HUDOPHQWHDDomRGHVXDVQDUUDWLYDVDFRQWHFHVHPSUHQR/HEORQ5-OHYDQWD
TXHVWLRQDPHQWRV VREUH DV GLILFXOGDGHV GRV UHODFLRQDPHQWRV IDPLOLDUHV
FRQIOLWRV HQWUH FDVDLV SDL[}HV GRHQWLDV H FL~PHV UDFLVPR ELVVH[XDOLVPR
DOFRROLVPROHVELDQLVPRFHOLEDWRFOHULFDOEXOLPLDVtQGURPHGH'RZQYLROrQFLD
GRPpVWLFDURPDQFHVHQWUHSHVVRDVGHLGDGHVPXLWRGLIHUHQWHVHDDERUGDJHP
GDOHXFHPLDTXHLQVWDXURXRPHUFKDQGLVLQJVRFLDO
&DUORV/RPEDUGLMiYDLSRUXPDOLQKDPDLVOHYHGHKXPRUHVFUDFKDGR
VDUFiVWLFR LU{QLFR EULQFDQGR FRP D OLQJXDJHP H R IRUPDWR WUDGLFLRQDO GD
WHOHQRYHOD PRQWDQGR XP GLiORJR FRP DV KLVWyULDV HP TXDGULQKRV FKHLR GH
DomRHDYHQWXUDV(VFUHYHX8JD8JD.XEDQDFDQGHQWUHRXWUDVHDSROrPLFD
PLQLVVpULH2V4XLQWRVGRV,QIHUQRVViWLUDPRUGD]VREUHDSDVVDJHPGD)DPtOD
5HDOSHOR%UDVLOPDVTXHIRLPXLWRFULWLFDGDGHYLGRDRH[FHVVRGHHURWLVPRH
DR WRPFDULFDWXUDOFRP TXH WUDWRX SHUVRQDJHQV GD +LVWyULD $OJXQVFUtWLFRV R
DFKDP DSHODWLYR SRU FDXVD GH VXD LUUHYHUrQFLD QR WUDWR FRP D OLQJXDJHP GD
WHOHQRYHOD
%HQHGLWR5X\%DUERVDMRUQDOLVWDSXEOLFLWiULR6XDHVWUpLDIRLQD797XSL
6XDWHPiWLFDPDLVUHFRUUHQWHpRXQLYHUVRGRKRPHPGRFDPSRGDYLGDUXUDOH
GR LQWHULRU D FXOWXUD GRV FDERFORV PHVWLoRV EUDVLOHLURV EHP FRPR RV
LPLJUDQWHV LWDOLDQRVHP6mR3DXORFRPRVHYr HP2V,PLJUDQWHV79
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%DQGHLUDQWHV 7HUUD 1RVWUD H (VSHUDQoD QD79 *ORER 1D79
0DQFKHWH IH] VXFHVVR FRP D QRYHOD 3DQWDQDO H[DJHUDQGR QDV LPDJHQV GH
SDLVDJHQVQDWXUDLVFRPXPDQDUUDWLYDPDLVYLVXDOGRTXHWH[WXDOFRPFHQDV
PDLVOHQWDVPXLWRVSODQRVJHUDLVHSDQRUkPLFDVOHPEUDQGRQDWHPiWLFDHQD
SURSRVWD GH FkPHUD RV JUDQGHV pSLFRV GR FLQHPD 1D 79 *ORER IH] DLQGD
3DUDtVR5HQDVFHUH2UHLGRJDGR
:DOWHU1HJUmRIRL UHGDWRUGR MRUQDO ÒOWLPD+RUD WUD]YDVWD H[SHULrQFLD
GR5iGLRDWXRXFRPRDWRUHILJXUDQWHHPQRYHODVGD797XSL(VFUHYHXGHQWUH
PXLWDV QRYHODV 7URSLFDOLHQWH 'HVSHGLGD GH 6ROWHLUR 'HVHMR 3URLELGR )HUD
5DGLFDO 2 'LUHLWRGH$PDU FRP VLQRSVHGH -DQHWH &ODLU HDPLQLVVpULH GH
pSRFD$FDVDGDVVHWHPXOKHUHVMXQWRFRP0DULD$GHODLGH$PDUDOJRVWDGH
WUDEDOKDUWHPiWLFDMRYHPVREUHWULERVXUEDQDVGHJUDQGHVFDSLWDLV
6tOYLR GH $EUHX FRPHoD QD 79 *ORER VXEVWLWXLQGR &DVVLDQR *DEXV
0HQGHV TXH VH DIDVWDUD SRU SUREOHPDV GH VD~GH HP  QD PHWDGH GD
QRYHOD 3OXPDV H 3DHWrV H OHYRX VXD DXGLrQFLD jV DOWXUDV 6XD FRQVDJUDomR
YHP FRP *XHUUD GRV6H[RV QRYHOD HP TXHHOHYRX R KXPRU KLVWUL{QLFR GD
FRPpGLD QRQVHQVH WLSR SDVWHOmR $XWRU SROrPLFR IDORX GH YLROrQFLD IDPLOLDU
KRPRVVH[XDOLVPRIHPLQLQRXVRGHGURJDVHDVVDVVLQDWRVIULRV7HQWRXLQRYDU
RJrQHURFRP$V)LOKDVGD0mHPDVIRLXPIUDFDVVRGHDXGLrQFLDTXHWHYHGH
VDLUGRDUGH]VHPDQDVDQWHVGRSUHYLVWRSHODHPLVVRUD
-RmR (PDQXHO &DUQHLUR IRL URWHLULVWD GH +4V H GH ILOPHV GH FXUWD
PHWUDJHP 'XUDQWH DOJXP WHPSR IRL FRODERUDGRU GH DXWRU DWp DVVLQDU VXD
SULPHLUD QRYHOD  'D &RU GR 3HFDGR HOHYDQGR D DXGLrQFLD GR KRUiULR GDV
GH]HQRYH KRUDV 'HSRLV IRL SDUDRKRUiULRQREUH FRPD QRYHOD$ )DYRULWD
TXHWHYHXPDHVWUHLDGHEDL[tVVLPDDXGLrQFLDPDVDRORQJRGRWHPSRIRLVH
UHFXSHUDQGR H FRQVHJXLX UHFRQTXLVWDU R S~EOLFR DVVLVWHQWH GR KRUiULR 1HVWD
WUDPDRDXWRUFRQIXQGLXRS~EOLFRGXUDQWHERDSDUWHGDQRYHODDRQmRGHL[DU
FODURFRQFHLWRVXQLYHUVDLVGHPRUDOHpWLFD'XUDQWHERDSDUWHGRGHVHQURODUGD
WUDPDQmRHUDSRVVtYHOSHUFHEHUTXHPHUDRKHUyLRXYLOmRGDKLVWyULD
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7LDJR6DQWLDJRFRPHoRXVXDFDUUHLUDFRPRDWRUGHSRLVGLUHWRUGHWHDWUR
(QWURXSDUD DHTXLSH GHURWHLULVWDVGH 9RFr'HFLGHQD79*ORER (P
DVVLQD XPD YHUVmR GH (VFUDYD ,VDXUD QD 79 5HFRUG H DVVXPH QD PHVPD
HPLVVRUD D IXQomR GH FRQVXOWRU GH WHOHGUDPDWXUJLD PDLV WDUGH FULDQGR XP
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VHPDX[LOLDUSRGHPIDFLOLWDUDYLVXDOL]DomR
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GHOHVHQWDGRPHGLWDQGR&ORVHQRVROKRVGHOHIHFKDGRV8P
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DFRQWHFHU0DVVHRDXWRUFRQVHJXLUWRUQDURVHXURWHLURHIHWLYDPHQWHYLVXDO
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LPSUHVVmRHSURSRVWD
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GHGHFRGLILFDomRLPSULPLQGRVXDLQWHUSUHWDomR
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JUDoDVDHVVHIDWRUGHLQWHUDomR
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RPRGHORGH³WUDPDHPDEHUWR´DGPLWLQGRTXHHOHWHQKDVHXVOLPLWHVHTXHRV
PHVPRV Mi IRUDP H[WUDSRODGRV 6HJXQGR %RUHOOL H 3ULROOL EDVHDGRV HP
UHVXOWDGRV DSUHVHQWDGRV SHOR 5HODWyULR GD 3HVTXLVD 4XDOLWDWLYD 4XDOL p
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WHOHYLV}HV FRPHUFLDLV TXH WrP FRPR FDUURFKHIH GH VXD SURJUDPDomR DV
WHOHQRYHODVSRUTXHVmRHODVTXHVXEVLGLDPVHXVXVWHQWRILQDQFHLUR
4XDQGR XPD QDUUDWLYDQR PHLR GRFDPLQKR WHP GH DPSOLDU
SDUD DOpP GR SUHYLVWR VXD FDSDFLGDGH GH VH UHSURGX]LU R
SUHMXt]R p HYLGHQWH Ki XP DXPHQWR VLJQLILFDWLYR GR JUDX GH
UHGXQGkQFLDRDXWRUFRPRVDFUpVFLPRVSHUGHDXWRQRPLDD
WUDPD H R HQUHGR ILFDP SULYDGRV GH FRHUrQFLD H RV
SHUVRQDJHQV FHVVDP GH WHU FRQVLVWrQFLD %25(//, H
35,2//,S
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FDUiWHUGHREUDDEHUWDSDUDLUIRUPDWDQGRVHXHQUHGRSRUTXHDFUHGLWDPTXHD
IOH[LELOLGDGHGDFRQVWUXomRQDUUDWLYDILUPDSDFWRVFRPRS~EOLFR$FUHGLWDPTXH
RGHVLQWHUHVVHGRS~EOLFRQmRHVWiORFDOL]DGRQDWHOHQRYHODHPJHUDODWpSHOR
VXFHVVR TXH RV UHPDNHV DWLQJHP PDV VLP HP QRYHODV TXH SDUHFHP WHU
SHUGLGR R ILR GD PHDGD GD KLVWyULD SHUGLGR R UXPR RUD H[WUDSRODQGR HP
XOWUDUUHDOLVPR RUD GHL[DQGR GH ODGR D YHURVVLPLOKDQoD LPSRVVLELOLWDQGR D
HPRomRQRHVSHFWDGRU
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TXHYHPRFRUUHQGRGHVGHDGpFDGDGHQmRUHSUHVHQWDXPDWHQGrQFLDDR
GHVDSDUHFLPHQWR GR JrQHUR PDV VLP R VXUJLPHQWR GH QRYRV IRUPDWRV
PLQLVVpULHVVHULDGRVFDVRVHVSHFLDLV
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*ORERHQWHQGLDTXHSDUDVDWLVID]HURVGHVHMRVGHXQLGDGHQDFLRQDOGRUHJLPH
SROtWLFRPLOLWDUHDRPHVPRWHPSRDJUDGDUDRVWHOHVSHFWDGRUHVWLQKDTXHFULDU
XPD LGHQWLGDGH HQWUH HOHV RX VHMD PRVWUDU XP %UDVLO QD YLVmR GRV SUySULRV
EUDVLOHLURV $ 79 *ORER VHPSUH VH DILUPRX SURGXWRUD GH XPD SURJUDPDomR
HODERUDGD SRU EUDVLOHLURV SDUD EUDVLOHLURV FRP R REMHWLYR GH JHUDU XPD
LGHQWLILFDomR FXOWXUDO H VRFLDO FRP R HVSHFWDGRU DSDUHQWHPHQWH H[FOXLQGR DV
LQIOXrQFLDV HVWUDQJHLUDV $ILUPDYD DLQGD TXH FRP LVVR SXGHVVH PRVWUDU DRV
RXWURVSDtVHVRVWUDoRVFDUDFWHUtVWLFRVGDEUDVLOLGDGH
7DO GLVFXVVmR UHPHWH WDPEpP j TXHVWmR GD DXWRULD FRPR VH Gi D
SUHVHUYDomR GD LGpLDGHVHQYROYLGD SRU XPDXWRU LQLFLDOPHQWH FRPR VLQRSVH
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FRPS}HPXPDWHOHQRYHOD
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FRDXWRUHV1mRKiKLHUDUTXLDHQWUHHOHV
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RVPHDQGURVGDFULDomRFROHWLYDTXHGHYHPVHUUHVROYLGRVQDHVIHUDSULYDGD
SRUPHLRGHFRQWUDWRVOHJtWLPRV
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DOJXP SUREOHPDD GLVFXVVmRSRGH HGHYHVHU OHYDGDDMXt]RH UHVROYLGDSRU
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FUpGLWRV GH XPD REUD FROHWLYD VHMDP HVFDORQDGRV 7DO HVFDORQDPHQWR WHP
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DXWRULDTXHFRQVWDGD/HL
3UDWHOHLUDVFULDWLYDV
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FRPXQVVmR
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3RGHRXQmRVHUUHVSRQViYHOSHODUHGDomRILQDOGHXPURWHLURJHUDOPHQWHp
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GH D LGpLD SDUWLU GH RXWUD IRQWH WDPEpP VHUi DTXHOH TXH GHX DSHQDV D
FRQGXomR QDUUDWLYD 9DOH OHPEUDU TXH QmR Ki UHJLVWUR GH LGpLDV QR 'LUHLWR
%UDVLOHLUR1RFDVRGHDGDSWDo}HVOLWHUiULDVRDXWRUDGDSWDGRUGHYHWHUFHVVmR
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DGDSWDGDMDPDLVGRRULJLQDO
(PDOJXQVFDVRVDVLQRSVHTXHFRQWpPDLGpLDRULJLQDOpGHXPHR
URWHLURpGHRXWURFRPRIRLRFDVRGDQRYHOD'LUHLWRGH$PDUFXMDVLQRSVHIRL
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WRGDDQRYHOD
2V FRDXWRUHV WDPEpP VmR DXWRUHV SDUD HIHLWRV OHJDLV 1mR Ki
KLHUDUTXLD MXUtGLFD HQWUHDXWRU HFRDXWRUH[FHWR VH DFRQWULEXLomRGHXP FR
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QmR GDU LGpLDV SRGH RX QmR LQIOXHQFLDU QR PLFURGHVHQYROYLPHQWR GH WUDPDV
HPREUDVDEHUWDVSRGHRXQmRVXJHULUFHUWDDOWHUDomRGDRUGHPGHDOJXPDV
FHQDV0DVSRUQmRVHURUHVSRQViYHOSHODFRQGXomRQDUUDWLYDGDWUDPD±QmR
pHOHTXHPFULD RV IOX[RVGH DomRUHDomR DWRFRQVHTrQFLD HQmR GRPLQD R
LQtFLRRXRILQDOGDWUDPDFRVWXPDQmRUHFHEHURFUpGLWRGHDXWRULDSDUDILQV
OHJDLV3RUWDQWR HP WHOHYLVmR FRODERUDGRU QmR FRVWXPD ID]HU HVFDOHWD H HP
FLQHPD QmR p HOH TXHP HVFUHYH R DUJXPHQWR GR ILOPH RX WUDWDPHQWRV
FRPSOHWRV HOH DSHQDV DEUHGLiORJR GH FHQDV H SRGH LQWURGX]LU SHTXHQDV
Do}HV GUDPiWLFDV UHODWLYD j PRYLPHQWDomR FrQLFD GRV SHUVRQDJHQV 1mR
FRVWXPD
HVWDUDXWRUL]DGRDPXGDUGHVIHFKRVRXDEHUWXUDVGHWUDPDVSRUTXH
LVVRpSDSHOGHDXWRUHPERUDHOHSRVVDVXJHULU
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GHVFREULUIDODVWtSLFDVFRVWXPHVSURVyGLDUHIHUrQFLDVKLVWyULFDVGRFRWLGLDQR
2SHVTXLVDGRUQmRHVFUHYHDREUDHIHWLYDPHQWHDSHQDVIRUQHFHHOHPHQWRVD
TXHPRID]VHMDSDUDRVFRODERUDGRUHVRXFRDXWRUHVVHMDSDUDRVXSHUYLVRU
TXHFRRUGHQDWRGRRSURFHVVRFULDWLYR
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LPSRUWDQWH3RUTXHpHODTXHYDLSRVVLELOLWDUDYHURVVLPLOKDQoDeSRUPHLRGR
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SHUVRQDJHPHHQULTXHFHUDWUDPD
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SDUD UHFRPSHQVDU DTXHOHV TXH DEUHP VXDV LGpLDV QXP SURFHVVR GH FULDomR
FROHWLYD 0DV R 'LUHLWR %UDVLOHLUR QmR FRQWHPSOD R UHJLVWUR GH LGpLDV ( D /HL
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UHJLVWUR
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FRQIXV}HV MXUtGLFDV R PHOKRU TXH TXDOTXHU JUXSR ID] p FULDU XPD SHVVRD
MXUtGLFDTXHLUiXQLILFDUHPVLRVGLUHLWRVDXWRUDLVVREUHDVREUDVFULDGDV$OLDGR
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SDUWLFLSDo}HVHUHPXQHUDo}HV
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FULDomRGHXPDWHOHQRYHODQDVJUDQGHVHPLVVRUDVGHWHOHYLVmRGRQRVVRSDtV
ERDSDUWHGDVDJrQFLDVGHSXEOLFLGDGHHYiULDVFDVDVGHFULDomRDUWtVWLFDQD
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H[S}H HP IRUPD GH WH[WR VXD SULQFLSDO LGpLD D VHU GHVHQYROYLGD QD WUDPD
FRPRWDPEpPGiRSHUILOGRVSHUVRQDJHQVHLQGLFDo}HVGHFHQDILJXULQRVHjV
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Do}HVLQYHQWDQGRSHULSpFLDVDFRQWHFLPHQWRVHQFDGHDPHQWRVHQWUHRVYiULRV
Q~FOHRVVHPSHUGHURIRFRGDWUDPDRULJLQDO
$UJXPHQWRV±VLQRSVHVVWRU\OLQH
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IRUPDWRQDUUDWLYDHVXPiULRGUDPiWLFRHPERUDPXLWRVERQVDXWRUHVWHQKDPR
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GH FOtPD[ GD KLVWyULD $ SRUomRGHVFULWLYD GR WH[WR ILFD WRGD SDUD RXWUR
GRFXPHQWRSHUILVGHSHUVRQDJHQVHDPELHQWHVORFDomRHVW~GLRHH[WHUQDV
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FRVWXPDWRPDUXPDIROKDQRPi[LPRVHPSUHDSyVDVWRU\OLQH
6WRU\OLQH pGHRQGHWXGR FRPHoDpD FpOXODJHUDGRUDGDKLVWyULDTXH
SRGHVHUFXUWD RX ORQJD $ VWRU\OLQHFXUWDp H[SUHVVDH GHVHQYROYLGDHPQR
Pi[LPRFLQFROLQKDVQXP~QLFRSDUiJUDIR$~QLFDH[FHomRDHVVHSDGUmRp
TXDQGR VH HVFUHYHP KLVWyULDV pSLFDV TXH QHFHVVLWHP GH XPD DPELHQWDomR
REMHWLYDGRWHPSR$tROLPLWHDXPHQWDHSRGHSDVVDUSDUDGH]OLQKDV0HQRU
TXHLVVR p LPSRVVtYHOMi TXHUHSUHVHQWDD VtQWHVHGDVtQWHVH'HYH WUD]HUD
DPELHQWDomRRVSHUVRQDJHQVSULQFLSDLVRFRQIOLWRDERUGDGRHQHPVHPSUHD
UHVROXomR
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OLQKDVRXPDLVGHXPSDUiJUDIRpSRUTXHFRPFHUWH]DRURWHLULVWDQmRVDEH
EHPDKLVWyULDTXHGHVHMDFRQWDUHVWiVHPIRFR
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SHUVHJXLomRGR,PSHUDGRUVHUHIXJLDPQXPHVWiEXORQRPHLR
GR GHVHUWR RQGH HP PHLR DRV DQLPDLV HOD Gi D OX] D XP
PHQLQR-HVXV
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JHUDomR GHVFREHUWD SHOD LQWHUQHW $XWRU GH $ &DL[D GH &RQIHLWRV  FRQWRV VRUWLGRV (G 0DQROH
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FLQFRHVFULWRUHVWDQWRGHVFRQKHFLGRVTXDQWRHVWDEHOHFLGRVDXWRUHVGHWHOHYLVmRFLQHPDHWHDWURQDUUDUDP
YLQWHHFLQFRGLIHUHQWHVKLVWyULDVWHQGRSRUSDQRGHIXQGRDQRLWHGH1DWDO
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6WRU\OLQH ORQJD p D KLVWyULD SULQFLSDO FRQWDGD GH IRUPD REMHWLYD H FRP
YLVtYHOFRQFUHWXGH'HYHDSUHVHQWDU SULQFtSLRPHLR HILP GHIRUPD FRHUHQWH
6H SRVVtYHOMiWUD]HQGR DOJXQVGHWDOKHVRXPRPHQWRV HVSHFtILFRVGD WUDPD
FRPR FOtPD[ SRQWRV GH YLUDGD HWF 'HYHVH HYLWDU DEVWUDo}HV PHWiIRUDV
GLJUHVV}HVRXIORUHLRVGHVQHFHVViULRV$WUDPDGHYHVHUDSUHVHQWDGDQDVXD
IRUPDPDLVFODUDFRQFLVDHREMHWLYDGHPDQHLUDTXHROHLWRUSRVVDYLVOXPEUDUR
TXHYDLDFRQWHFHUGHL[DQGRXPJRVWRGHTXHURPDLV
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XOWUDSDVVDU XPD ODXGD 7DPEpP SRGH UHFHEHU R QRPH GH ³VLQRSVH FXUWD´
HQTXDQWRD³VLQRSVHORQJD´VHULDRDUJXPHQWR
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2MRYHPSDVWRU-RVpDFDERXGHVHFDVDUFRP0DULDTXHHVWi
JUiYLGD/RJRDSyVDFHULP{QLDGHFDVDPHQWRHOHVIRJHPGH
0D]EDW YLOD RQGH PRUDYDP 3URFXUDP XP OXJDU VHJXUR RQGH
HOD SRVVD GDU D OX] PDV WrP GLILFXOGDGHV SDUD HQFRQWUDU
DOJXPD YLOD TXH RV DFROKD SRLV GHVGH TXH RV 0DJRV
FRQVHOKHLURV GR ,PSHUDGRU SURIHWL]DUDP TXH R 1RYR 5HL
HVWDYD SDUD QDVFHU H TXH HVWD FULDQoD LULD PDWDU R
,PSHUDGRUXPGHFUHWRIRLEDL[DGRHWRGRVRVUHFpPQDVFLGRV
WrP VLGR PRUWRV SHOD JXDUGDUHDO EHP FRPR WRGRV DTXHOHV
TXHDX[LOLHPRVSDLVRXDEHEr(QWmR-RVpH0DULDUHVROYHP
IXJLUSHORGHVHUWRHHQFRQWUDPFRPR~QLFRUHI~JLRXPYHOKR
HVXMR HVWiEXOR -RVpQmRJRVWD GR ORFDO PDVDR SHUFHEHU
TXH 0DULD HVWi VHQWLQGR DV GRUHV GR SDUWR GHFLGH TXH Oi
SDVVDUmR D QRLWH (QWUH FDEUDV ERLV RYHOKDV H FDYDORV
QXPOXJDULQDGHTXDGRHKXPLOGH0DULDGiDOX]DVHXILOKR
-HVXVTXHORJRGHPRQVWUDWHUXPDOX]HVSHFLDO
$UJXPHQWR±pDKLVWyULDFRQWDGDGHIRUPDREMHWLYDQXPDSURVDIOXHQWH
TXH Mi SRGH DSUHVHQWDU DOJXQV GHWDOKDPHQWRV H VXJHUH D YLVXDOL]DomR GH
DOJXPDV FHQDV RX VHTXrQFLDV 3RGH HYHQWXDOPHQWH UHFRUUHU j OLQJXDJHP
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HPRFLRQDO H DWp SDUD RV GLiORJRV GLUHWRV GH PDQHLUD SDUFLPRQLRVD 8P
DUJXPHQWRGHORQJDPHWUDJHPWHPHPPpGLDDODXGDV(QWUHWDQWRXPD
VLQRSVHGHWHOHQRYHODTXHpXPWLSRGHDUJXPHQWRWHPHPPpGLDD
ODXGDVHQHPVHPSUHDSRQWDDVVROXo}HVGDWUDPDSRUWUDWDUVHGHXPDREUD
DEHUWD TXH VRIUH GXUDQWH WRGR R WHPSR HP TXH HVWLYHU QR DU SHUPDQHQWH
UHID]LPHQWR
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FDVDPHQWR 7RGRV RV PRUDGRUHV HVWmR UHXQLGRV SDUD D
FHOHEUDomRFRPHQGREHEHQGRHGDQoDQGRDRVRPGDFtWDUD2
FDVDO GH QRLYRV WURFD ROKDUHV DIHWXRVRV H FRQYHUVDP -26e
DFDULFLD D EDUULJD GH 0$5,$ TXH HVWi JUiYLGD 6~ELWR
6$$/,' LUPmR GH -26e LUURPSH QR PHLR GDV IHVWLYLGDGHV
GL]HQGRTXHRFDVDOGHYHSDUWLUTXHHOHVQmRHVWmRVHJXURV
SRU Oi (P SULQFtSLR -26e LUULWDVH FRP R LUPmR TXH
VHPSUH IRL LQYHMRVR H SHQVD TXH 6$$/,' DSHQDV GHVHMD
DWUDSDOKDUOKHDVERGDV3RUpPRXWURVUDSD]HVHQFDUUHJDGRV
GD VHJXUDQoD DVVLP FRPR RV ViELRVDQFL}HV GH 0D]EDW
DGHQWUDP D FHOHEUDomR H GL]HP TXH -26e H 0$5,$ GHYHP
SDUWLU TXH D JXDUGDUHDO Mi HVWi DFDPLQKR$UD]mR SDUD
WDQWR QHUYRVLVPR p D JUDYLGH] GH 0$5,$ LU GH HQFRQWUR DR
GHFUHWR GR ,03(5$'25 TXH GL] TXH WRGRV RV UHFpPQDVFLGRV
TXHYLHUHPDRPXQGRDWpR(TXLQyFLRGHYHPVHUVDFULILFDGRV
2 SkQLFR VH LQVWDXUD QD YLOD 0XOKHUHV H FULDQoDV VH
HVFRQGHP GHQWUR GH VXDV FDVDV WHPHQGR D YLROrQFLD GRV
JXDUGDVUHDLV(QWmR
0$5,$ VH HPRFLRQD WRGRV SDUHFHP HQWHQGHU TXH Ki XPD
OX]XPVLJQLILFDGRHVSHFLDOQDTXHODFULDQoD$WpPHVPRRV
DQLPDLV TXH GHYHULDP HVWDU DOYRURoDGRV SRUWDPVH FRP
UHYHUrQFLD ( FRP RVROKRVFKHLRV GH iJXD -26e HUJXH VHX
ILOKRQRFRORGL]HQGRHPDOWRHERPVRPTXHRSHTXHQRpD
FULDQoDPDLVEUDYDHFRUDMRVDTXHMiYHLRDRPXQGR'RODGR
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HVWiEXOR1RFpXXPDHVWUHODEULOKDGHIRUPDLQWHQVDSDUD
ORJRGHVORFDUVHUiSLGDFDGHQWHULVFDQGRGHSUDWDDTXHOD
QRLWHWmRHVFXUDPDVYLYDGHHVSHUDQoDV
(VFDOHWD p R DUJXPHQWR RX D VLQRSVH VHP GLiORJRV GLUHWRV PDV
GHYLGDPHQWH RUJDQL]DGRV QD VHTXrQFLD QDUUDWLYD GDV FHQDV 6HX XVR p
IUHTXHQWHHPWHOHYLVmRQDHVFULWDFROHWLYDRDXWRUID]DHVFDOHWDSDUDRULHQWDU
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GHSHQGH GD REUD DXGLRYLVXDO D VHU PRVWUDGD 1HP WRGR DXWRU XVD RX ID] D
HVFDOHWD DTXHOHV TXH WUDEDOKDP VR]LQKRV SDVVDP GR DUJXPHQWR RX VLQRSVH
GLUHWRSDUDDURWHLUL]DomR
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DVVXVWDGD QmR FRQVHJXH GL]HU SDODYUD Vy OiJULPDV
HVFRUUHP6HYHULQRHVWRX HVSHUDQGR0LTXHOLQDFKHJD H
ROKD D ILOKD FRP SHQD PDV QmR VH PHWH 2II FRPHoD
TXHPQXQFDWHQWRXFRQWURODUDYLGDFRPDVPmRVFRPRVH
HODSXGHVVHLUSUDRQGHDJHQWHTXHUTXHYi"
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DEUDoDGRV EHLMDQGRVH HOD QR FROR GHOH HQYROYLGRV
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YLGD SRGH DWp VHU QRVVD PDV R UXPR TXH HOD VHJXH
GHSHQGH PXLWR PDLV JHQWH 'DQL SRGH VRUULU ROKDQGR
SDUD DV OX]HV GD FLGDGH H GL]HU TXDQWD JHQWH DWUiV
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PDVVRQKD
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3DULVHVFULWyULRGH)UDQoRLVH)UDQoRLVHGLDQWHGH
-HDQ3DXO HP URXSDV QRUPDLV -HDQ3DXO Mi UHDJH j
LQIRUPDomRGDPXOKHURFKDPRXDOLSDUDGL]HUTXH'DQL
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DFKRTXHQRVVDQHWDHVWiPHQWLQGRSDUDQyV2IIVLP
pFODURTXHDJHQWHGHYHWHQWDUOHYDUDQRVVDYLGDSDUD
RQGHGHVHMDPRV
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FRQWDWRFRPVHXFRODERUDGRU³(XSULPHLURGHLDVLQRSVHDHOHHRVSULPHLURV
FDStWXORV'HSRLVH[SOLTXHLDSURSRVWDDDPELHQWDomRRVFHQiULRVDHVFROKD
GR HOHQFR HQILP R Pi[LPR GH LQIRUPDomR TXH SRGLD GDU´ (QWUHYLVWD
FRQFHGLGDHPGHPDLRGH
&DVVLDQR QmR WLQKD R KiELWR GH ID]HU VLQRSVHV ORQJDV SHOR FRQWUiULR
VHXWH[WRVHPSUHIRLH[WUHPDPHQWHVLQWpWLFRFRQFLVRHREMHWLYR+iTXHPGLJD
SRU WHU FRQYLYLGR FRP HOH TXH VXDV VLQRSVHV jV YH]HV HUDP HVFULWDV
SULPHLUDPHQWH HP JXDUGDQDSRV H SHTXHQRV SHGDoRV GH SDSHO SDUD GHSRLV
VHUHPGDWLORJUDIDGDV(OHXVDYDXPDPiTXLQDGHHVFUHYHUPDQXDO
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6HXV FDStWXORV WLQKDP HP PpGLD GH]HVVHLV SiJLQDV FDGD XP RX QR
Pi[LPR GH]HVVHWH SiJLQDV &DVVLDQR HUD H[WUHPDPHQWH HFRQ{PLFR QDV
UXEULFDVHGDYDSRXFDVLQGLFDo}HVGHFHQDGHL[DQGRSDUDRGLUHWRUDWDUHIDHD
OLEHUGDGH QD UHVROXomR GD FHQD (P 4XH UHL VRX HX" SRU VHU XPD QRYHOD
FRPSOH[DGHYLGRDRXQLYHUVRILFFLRQDOGHViWLUDSDUyGLFDHOHXVRXRUHFXUVR
GDHVFDOHWD
$HVFDOHWDpXPDPDQHLUDGHSODQLILFDUpXPLQVWUXPHQWRTXH
ID]FRPDJHQWHSRVVDWHUFRQWUROHGHWRGDVLWXDomRGDWUDPD
GDV VXEWUDPDV H GH WRGRV RV SHUVRQDJHQV 1XPD IROKD HX
GLJRRTXHRFRODERUDGRUGHYHGHVHQYROYHUGHWDOKDQGRDLGpLD
GD FHQD H Dt GHSRLV MXQWR FRP R TXH SHQVHL SURQWR GRX D
FRVWXUDILQDOHHVWiIHLWRRFDStWXOR1HVVHPHLRWHPSRPXGR
SDODYUDWLURSDODYUDERWRSDODYUDGRXDPLQKDFDUDSURWH[WR
VHQmRQmRKiDXWRULD2DXWRUjVYH]HVWHPTXHVHUXPSRXFR
GLWDGRURWH[WRWHPTXHVDLUFRPRHOHSHQVRXDWpSRUTXHVyHOH
WHP DKLVWyULDWRGD QDFDEHoD(HX SRQKRWXGRGRPHXMHLWR
PHVPR DILQDO GH FRQWDV D LGpLD p PLQKD &DVVLDQR *DEXV
0HQGHVHPHQWUHYLVWDFRQFHGLGDHPGHPDLRGH
2WUDEDOKRGRDXWRUTXDQGRSURGX]HPHTXLSHpRGHVXSHUYLVRU&DEHD
HOHDWDUHIDGHGDURVDUUHPDWHVSDUDTXHQmRVHSHUFDRILRGDPHDGD(OH
DFLRQD GLYHUVDV HVWUDWpJLDV FRP R REMHWLYR GH PLQLPL]DU RV HIHLWRV GD
IUDJPHQWDomRHGDSDGURQL]DomRTXHSRGHPVHUGDQRVRVDRWH[WRHGLOXLUDV
FDUDFWHUtVWLFDVGDDXWRULD2WUDEDOKRGHHODERUDomRGRVFDStWXORVWHPTXHVHU
EHPRUJDQL]DGR7RGRVRVGLDVRDXWRUID]VHXVSODQRVGHWUDEDOKR(QTXDQWR
RFRODERUDGRUHVWiHVFUHYHQGRDVFHQDVSURSRVWDVSHODWULOKDTXHRDXWRUIH]R
DXWRU Mi SURYLGHQFLDQGR D HVFDOHWD GRV FDStWXORV VHJXLQWHV e WXGR PXLWR
UiSLGR8PDYH]UHYLVDGRSHORDXWRURWH[WRVHJXHSDUDDHPLVVRUDSDUDVHU
SURGX]LGRHJUDYDGR2VFDStWXORVWrPTXHVHUHQYLDGRVFRPEDVWDQWHWHPSR
GHDQWHFHGrQFLDSDUDHYLWDUWUDQVWRUQRVHDWUDVRVGXUDQWHDJUDYDomR
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(QWUHYLVWDFRQFHGLGDQDFDVDGRDXWRUHP6mR3DXOR1DpSRFDHXHVWDYDID]HQGRDDGDSWDomROLWHUiULD
GDWHOHQRYHOD4XHUHLVRXHX"2OLYURIRLSXEOLFDGRSHODHGLWRUD$UV3RHWLFDHPFRPRWtWXORGH2
5HLQRGH$YLODQ
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e ERP WUDEDOKDU FRP VH DILQD FRP D JHQWH 2 )XVFR
DFRPSDQKRX PHX ULWPR H PHX MHLWR VHP SUREOHPDV VHPSUH
UHVSHLWRX PHX PpWRGR GH WUDEDOKR H DWp PHVPR D PLQKD
WLUDQLDeXPWUDEDOKRLQWHQVRH[DXVWLYR&ULDUWH[WRILFFLRQDOp
XPD FRLVD PXLWR SDUWLFXODU 3RU PDLV GHPRFUiWLFR TXH VHMD R
SURFHVVRGH WUDEDOKR FROHWLYRWHP DTXHODKRUDTXH YRFr WHP
TXHEDWHURPDUWHORHGL]HUREMHWLYDPHQWHLVVRYDLLVVRQmRYDL
H SURQWR 1mR Ki WHPSR D SHUGHU FRP PXLWD GLVFXVVmR H
H[SRVLomR GH LGpLDV 2 ULWPR GH WUDEDOKR HP WHOHYLVmR p
HVWRQWHDQWHQmRGiSDUDILFDUFRPILUXODV+iTXHVHDSURYHLWDU
DVERDVLGpLDVHHVSHUDURUHWRUQRGRS~EOLFR&DVVLDQR*DEXV
0HQGHVHPHQWUHYLVWDFRQFHGLGDHPGHPDLRGH
$ 79 *ORER DVVLP FRPR DV RXWUDV HPLVVRUDV WUDEDOKDP JHUDOPHQWH
FRP FDStWXORV GH WUrV VHPDQDV (QTXDQWR XP FDStWXOR HVWi QR DU Ki XP
JUDYDQGRHRXWURVHQGRSURGX]LGR,VVRQmRHOLPLQDDSRVVLELOLGDGHGHJUDYDU
FHQDVLVRODGDPHQWHYDLGHSHQGHUGDDJHQGDGDSURGXomR
e XPD ORXFXUD R DXWRU GH XPD WHOHQRYHOD WHP TXH HVFUHYHU
PXLWReDQJXVWLDQWHHDIOLWLYRILFDUWUDQFDGRQXPJDELQHWHSRU
KRUDV LQWHUPLQiYHLV VHP IDODU FRP RV IDPLOLDUHV VHP YHU
DPLJRVeXPSURFHVVRFRQWtQXRGHHVFUHYHUHUHHVFUHYHU,VVR
GH WHU TXH DWUHODU R TXH YDL VHU HVFULWR j DXGLrQFLD GHL[D R
DXWRUHPFRQVWDQWHWHQVmR(HXYLYLDFHQVXUD)XLDWUHYLGRHP
DERUGDU QD QRYHOD 0DUURP *ODFr  D UHODomR
KRPRVVH[XDO HQWUH RV JDUoRQV SURWDJRQLVWDV GD QRYHOD (X
OHPEUR EHP TXH D -DQHWH &ODLU WHYH TXH HQORXTXHFHU XP
SHUVRQDJHPHP6HOYDGH3HGUDSRUFDXVDGHXPDSDL[mRSRU
GXDVPXOKHUHV$FHQVXUDHQWHQGHXTXHHUDELJDPLDHHODWHYH
TXHPXGDUWRGDDWUDPD(VVDLQVWDELOLGDGHJHUDLQVHJXUDQoD
$JHQWHWHPTXHHVWDUSUHSDUDGRSDUDPDWDUXPSHUVRQDJHP
DXPHQWDU D LPSRUWkQFLD GH RXWUR LQYHQWDU ERUG}HV PDQLDV
WUHMHLWRV FDFRHWHV HQILP,QYHQWDU XP PRQWH GH FRLVDV SDUD
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WRUQDU D QRYHOD R PDLV DJUDGiYHO SRVVtYHO &DVVLDQR *DEXV
0HQGHVHPHQWUHYLVWDFRQFHGLGDHPGHPDLRGH
&DVVLDQRpXPDXWRUTXHTXDVHQmRGiLQGLFDo}HVGHFHQD6HXWH[WRp
EDVWDQWH HQ[XWR 6HX VFULSW p FRPSRVWR EDVLFDPHQWH GH GLiORJRV FRPR
SRGHPRVREVHUYDUDVHJXLU
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&DVVLDQR * 0HQGHV SURSRVLWDGDPHQWH RUJDQL]DYD DV YiULDV
UHIHUrQFLDV GD FXOWXUD SRSXODU FRP DV RULXQGDV GD OLWHUDWXUD GR FLQHPD GR
UiGLRGRFLUFRGRWHDWURGDUHYLVWDGDP~VLFDQXPSHUPDQHQWHSURFHVVRGH
WUDGXomR
2 DXWRU VHPSUH IRL XP Im GDV FKDQFKDGDV GD $WOkQWLGD IDPRVDV
FRPpGLDV FRP QtWLGR VRWDTXH FDULRFD TXH PHVFODYDP PXVLFDLV FRP R
&DUQDYDOHXPDPDODQGUDJHPPHLRHVFUDFKDGDTXHPDUFRXRFLQHPDQDFLRQDO
GR ILQDO GRV DQRV  7DO SHUtRGR IRL FRQWXUEDGR SHOD PDUFD DXWRULWiULD GR
(VWDGRTXHLQIOXHQFLDYDGLUHWDPHQWHHPWRGDDSURGXomRFXOWXUDOGDpSRFD
&DVVLDQRLQVSLURXVHWDPEpPQDFRPpGLDGRVDQRVQRLQtFLRGH
VXDFDUUHLUDQD79DVIDPRVDVVFUHZEDOOFRPHGLHVKLVWyULDVTXHUHWUDWDYDP
GHIRUPDEHPKXPRUDGDRFRWLGLDQRGDFULVHHFRQ{PLFDSyVFUDFNGD%ROVD
GH1HZ<RUN
2 ILOPH TXH PHOKRU VLQWHWL]D D SURSRVWD GDV VFUHZEDOO FRPHGLHV p 'R
0XQGR 1DGD 6H /HYD <RX &DQW 7DNH ,W ZLWK <RX ± GH  GLULJLGR SRU
)UDQN &DSUD
 2 ILOPH GHVFUHYH D KLVWyULD GH 7RQ\ .LUE\ R ILOKR GH XP
HPSUHViULR ULFR H LQIOXHQWH TXH UHVROYH VH FDVDU FRP $OLFH 6\FDPRUH XPD
PRoD VLPSOHV SHUWHQFHQWH D XPD IDPtOLD GH SHVVRDV H[WURYHUWLGDV H
DPDOXFDGDVRTXHJHUDXPFKRTXHGHFRPSRUWDPHQWRV(QTXDQWRLVVRRSDL
GRUDSD]SUHWHQGHHUJXHUXPLPSRUWDQWHHPSUHHQGLPHQWRHMiFRPSURXWRGRV
RVLPyYHLVGDUHJLmRRQGHDIDPtOLDGHPRoDYLYHFRPH[FHomRGDFDVDGHOD
&RPR D IDPtOLD GD PRoD VH UHFXVD D YHQGHU D FDVD H VHP HVWH LPyYHO R
SURMHWRQmRSRGHLUDGLDQWHHOHVDFDEDPVHHQIUHQWDQGR
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)UDQFHVFR5RVDULR&DSUD
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QDVFLGRQD6LFtOLD
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SRLVQHQKXPDLQIRUPDomRpWUDQVPLWLGDWDOFRPRIRLSHQVDGDVmRQHFHVViULRV
RVDFRUGRVDVDGDSWDo}HVFRPRDPELHQWHHDtDFRQWHFHPDVLQWHUIHUrQFLDVH
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YLUWXDOLGDGHVGHYDORUGHVLJXDOFXMRXVRWHPGHVHUGLVSXWDGRDFDGDLQVWDQWH
HPIXQomRGDIRUoDGHFDGDTXDO´
(VWHV SURFHVVRV GH LQWHUFUX]DPHQWRV HQWUH HOHPHQWRV GLYHUVRV SRGHP
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WDPEpPFDGDOXJDULUUHFXVDYHOPHQWHLPHUVRQXPDFRPXQKmR
FRP R PXQGR WRUQDVH H[SRQHQFLDOPHQWH GLIHUHQWH GRV
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PHVWLoRV HQWUHWDQWR FRQKHFHU R SURFHVVR DX[LOLD QD FRPSUHHQVmR GH VXD
VLQJXODULGDGHQDSOXULFXOWXUDOLGDGH
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0HVWLoDJHP QR GHVHQYROYLPHQWR GDV GLVFXVV}HV VREUH DV WUDQVIRUPDo}HV
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6HUmRUHVVDOWDGDGRVRVPHFDQLVPRVGHFULDomRSDUyGLFD
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FRQILJXUDP R SULQFLSDO DVSHFWR GH FRQYHUJrQFLD GD SHUVSHFWLYD GRV HVWXGRV
FXOWXUDLV MXQWRFRP RWUDEDOKRGHVHQYROYLGR VREUH RFRQVXPR FXOWXUDOH WXGR
LVVR UHODFLRQDGR FRP RV SURFHVVRV GH FRQVWLWXLomR GH XP VHQWLPHQWR GH
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EDUURFR QD FXOWXUD PHVWLoD EUDVLOHLUD UHSUHVHQWDQGR D VXEOHYDomR
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LPSRVWDSHODFXOWXUDHXURSpLD
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GHVLJQLILFDGRVTXHDSHVDUGLVVRWDPEpPYHPFDUUHJDGRVGDLQVWDELOLGDGHH
GDSHUPDQHQWHPXWDELOLGDGHTXHOKHVpLQHUHQWH7DLVRFRUUrQFLDVWrPOHYDGR
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GHVWD HVWpWLFD H VROLGLILFDQGR DV UHIOH[}HV VREUH DV PXOWLSOLFLGDGHV TXH
FRQVWURHPDPHVWLoDJHPQD$PpULFD/DWLQD
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SHUPLWHYLVXDOL]DURSURFHVVRGHGRPLQDomRVRFLDO
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Mi QmR FRPR XPD LPSRVLomR D SDUWLU GH XP H[WHULRU H VHP
VXMHLWRV PDV FRPR XP SURFHVVR QR TXDO XPD FODVVH
KHJHPRQL]D QD PHGLGD HP TXH UHSUHVHQWD LQWHUHVVHV TXH
WDPEpPUHFRQKHFHPGHDOJXPDPDQHLUDFRPRVHXVDVFODVVHV
VXEDOWHUQDV0$57Ë1%$5%(52S
2%UDVLOHD$PpULFD/DWLQDVHPSUHFRQYLYHUDPEHPFRPVXDIRUPDomR
PHVWLoDHLVVRSRGHVHUDWHVWDGRSHORVYiULRVPRYLPHQWRVHVWpWLFRVGDFXOWXUD
EUDVLOHLUD 5RPkQWLFRV UHDOLVWDV SDUQDVLDQRV VLPEROLVWDV FDGD XP D VHX
PRGR GLVFXWLX DV H[SUHVV}HV GD FXOWXUD SRSXODU QDFLRQDO 2 PRYLPHQWR
PRGHUQLVWDUDGLFDOL]RXSRVWXUDVHPVXDVSURSRVWDVHVWpWLFDVHWURX[HjWRQDDV
TXHVW}HVGDPHVWLoDJHP1RHQWDQWRPXLWRVDXWRUHVGHYDQJXDUGDGD$PpULFD
/DWLQDMiDQXQFLDYDPTXH QmR VHGHYHSHQVDUH YHUR QHJURH RtQGLRFRPR
UHVXOWDGR FUXHO GH XP SURFHVVR FLYLOL]DWyULR GH HWQLDV TXH SHUGHUDP VXD
LGHQWLGDGH
3RUPXLWRVDQRVDEXVFDGHXPDLGHQWLGDGHQDFLRQDOIRLDDQJ~VWLDGH
PXLWRVVRFLyORJRVDQWURSyORJRVHWDQWRVRXWURVHVWXGLRVRVGDVRFLHGDGHHGD
FXOWXUD $ JUDQGH FRQWULEXLomR TXH R PRYLPHQWR PRGHUQLVWD WURX[H IRL D
SRVVLELOLGDGH GH HQ[HUJDU D VRFLHGDGH EUDVLOHLUD FRPR XPD VRPDWyULD GH
FRQWULEXLo}HVFXOWXUDLVQmRH[FOXGHQWHV2XVHMD
7RGD D FRQWULEXLomR PHVWLoD Vy VH UHVROYH HP WHUPRV GH
OLQJXDJHP QmR VH Gi HP WHUPRV PHQWDLV $ ~QLFD PDQHLUD
GLVWR VHU FRORFDGR j SURYD p DWUDYpV GH SURFHGLPHQWRV GH
FRQVWUXomRTXHVHGmRQDVYiULDVOLQJXDJHQVTXHFRPS}HPD
FXOWXUD DWp SRUTXH D FXOWXUD Vy H[LVWH DWUDYpV GH WH[WRV GH
OLQJXDJHP 1mR VRPHQWH D OLWHUDWXUD TXH p XPD IRUPD PDLV
HYLGHQWH SRUTXH WUDEDOKD FRP D FRPXQLFDomR YHUEDO PDV
WDPEpPYHVWXiULRGDQoDFXOLQiULDDUWHVDQDWRWXGRLVVRVHGi
DWUDYpVGHFRPSRVLo}HVGHOLQJXDJHQVP~OWLSODV1DYHUGDGH
REUDVLOHLURQmRpVHQmRIUXWRGDDVVLPLODomRDQWURSRIiJLFDGH
YiULRVHOHPHQWRVFXOWXUDLVTXHYLHUDPSDUDFi1HVVHVHQWLGR
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p TXH HVVD DomR FRQVWUXWLYD LQGtJHQD p H[WUHPDPHQWH
LPSRUWDQWH SRUTXH HOD QRV IRUQHFHX XPD FDSDFLGDGH GH
LQFRUSRUDomRGRRXWURFULDQGRXPQRYRWHFLGR(QWUHYLVWDFRP
$PiOLR3LQKHLURQRMRUQDO23RYRHPGHPDLRGH
&RPR DILUPD 3LQKHLUR ³D FXOWXUD EUDVLOHLUD VH DILUPD SHOD WHQGrQFLD D
TXHUHU R RXWUR GDt QR 0DQLIHVWR $QWURSRIiJLFR 2VZDOG WHU GLWR Vy PH
LQWHUHVVD R TXH QmR p PHX´ RX VHMD R PRYLPHQWR GH TXDOTXHU HWQLD WUD] R
RXWURLQFRUSRUDGRSRUTXHDVUHODo}HVHVWDEHOHFHPDPHVWLoDJHPDPHVFODHD
LQFOXVmRGRRXWUR/RJRQmRID]RPHQRUVHQWLGRTXHUHUHVWDEHOHFHUGLVFXVVmR
GRTXHpQDFLRQDORX³LQIOXrQFLD´LQWHUQDFLRQDOQD$PpULFD/DWLQD$TXLWRGRVRV
WH[WRVVHIXQGHPHILFDSUDWLFDPHQWHLPSRVVtYHOVDEHURTXHpFHQWURHRTXHp
SHULIHULD 'LIHUHQWHPHQWH GR PXQGR RFLGHQWDO TXH VH FRQVWLWXLX SHOR
GHVHQYROYLPHQWR VyFLRHFRQ{PLFR OLQHDU H SHODV PDUFDV GH RSRVLomR
FHQWURSHULIHULDGHQWURHIRUDHWFRTXHDLQGDFDXVDFRQIOLWRVGHFRQYLYrQFLD
DWpRVGLDVGHKRMH
$ $PpULFD /DWLQD p XP WXUELOKmR PHVWLoR $ YHUGDGH p R
VHJXLQWH D $PpULFD /DWLQD WHP SRU XP ODGR HVVH WXUELOKmR
EDUURFR PHVWLoR GH RXWUR VRIUHX WUrV LQYDV}HV PXLWR
SUREOHPiWLFDV H TXH VmR LQYDV}HV TXH DWp DJRUD DWXDP QR
PRGXVYLYHQGLGREUDVLOHLURHGRODWLQRDPHULFDQR6RIUHXXPD
LQYDVmR IRUPXODGD SHODV FLrQFLDV FOiVVLFDV VRIUHX XPD
LQYDVmRGRGLVFXUVRFOHULFDOHFOHVLiVWLFDUHIOH[RGDVIRUPDVGH
HQVLQRHFRQKHFLPHQWRHODERUDGDVQD,GDGH0pGLDSHORPXQGR
FDWyOLFRHGHVGHRFRPHoRGHVRIUHXHVVDQRYDLQYDVmR
WHFQRFDSLWDOLVWDRXSXEOLFLWiULRFDSLWDOLVWD(VVDVWUrVLQYDV}HV
FRPELQDGDV DOJXPDV SHVVRDV HVWmR PDLV SUy[LPDV GH XPD
RXGHRXWUD±ID]HPFRPTXHjVYH]HVILTXHGLItFLOFRQVHJXLU
YHU R TXH p R %UDVLO H D $PpULFD /DWLQD ¬V YH]HV HODV VmR
WUDQVIRUPDGDVDVVLPLODGDV2XWUDVYH]HVVmRSRVWLoDV6RPRV
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LGHQWLGDGH HP WUkQVLWR (QWUHYLVWD FRP $PiOLR 3LQKHLUR QR
MRUQDO23RYRHPGHPDLRGH
2SRHWD+DUROGRGH&DPSRVUHVVDOWDDTXHVWmRGDPHVFODDRDERUGDUR
SUREOHPD GD UHODomR H[LVWHQWH HQWUH RV JrQHURV QD OLWHUDWXUD $SRQWD TXH D
UXSWXUDGRVJrQHURVQmRHVWiOLJDGDVRPHQWHDRVSURGXWRVGDFXOWXUDSRSXODUH
DFUHVFHQWDTXH³RKLEULGLVPRGRVJrQHURVQRFRQWH[WRGDUHYROXomRLQGXVWULDO
SDVVDDVHFRQIXQGLUWDPEpPFRPRKLEULGLVPRGRVPHGLDHDVHDOLPHQWDU
GHOH´
3DUDHOHRKtEULGRRXRHQFRQWURGHPHGLDpRTXHSRVVLELOLWDDPHVFOD
pXPPRPHQWRGHYHUGDGHHUHYHODomRGRTXDOQDVFHDIRUPDQRYDWUDGX]LGD
e³XPPRPHQWRGHOLEHUWDomRHGHUHVJDWHGRHQWRUSHFLPHQWRHGRWUDQVHTXH
HOHVFRVWXPDPLPSRUDRVQRVVRVVHQWLGRV´
$WHOHQRYHOD4XHUHLVRXHX"pXPERPH[HPSORGHVWDVtQWHVHPHVWLoDH
DLQGDYDL HVEDQMDUQDXWLOL]DomRGH UHFXUVRV GDOLQJXDJHP SDUyGLFD%DNKWLQ
 PRVWUD TXH SDUyGLD SDURGH RX FDQWR SDUDOHOR p XP WH[WR TXH VH
UHSRUWD D RXWUR WH[WR H QmR p QHFHVVDULDPHQWH XPD DomR F{PLFD PXLWR
PHQRVVHH[LJHREULJDWRULDPHQWHLQYHUWHUDLGHRORJLDSDURGLDGD$RFRQWUiULR
Ki WDPEpP PRGDOLGDGHV TXH SRGHP VHU FRQVLGHUDGDV ³VpULDV´ GHQWUH HODV
HVWmRRGLiORJRDHVWLOL]DomRHDQDUUDWLYDPHGLDGD$LQGDTXH7LQLDQRY
H 7RPDFKHYVNL  WHQKDP DILUPDGR DQWHULRUPHQWH H[DWDPHQWH R RSRVWR
GLVVR2TXHVHHQWHQGHSRUSDUyGLDFDUQDYDOL]DGDpDSHQDVXPDGDVIDFHWDV
GDSDUyGLDVHJXUDPHQWHDPDLVUDGLFDO
$WHOHQRYHODpDXPVyWHPSRPHVWLoDHEDVWDUGDHPEDVDGDHDQFRUDGD
QR WHPSR GDV WUDGLo}HV PDV FRP XPD OLQJXDJHP QRYD FRP R ULWPR H D
IUDJPHQWDomRGDVLPDJHQVHOHWU{QLFDV(pSUHFLVRTXHHODVHUHFRQKHoDHVH
DGPLWDHVWUDQKDHPHVWLoDSDUDDVXDVREUHYLYrQFLDFXOWXUDO
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$ WHOHQRYHOD QR %UDVLO H QD $PpULFD /DWLQD VH FRQVWLWXL QD PDLV
VLJQLILFDWLYD DPRVWUD GDV SRVVLELOLGDGHV GH FUX]DPHQWR HQWUH R LPDJLQiULR
SRSXODUHRIRUPDWRLQGXVWULDOQDUUDWLYDWHOHYLVLYDGHPDLRUtQGLFHGHDXGLrQFLD
XP JrQHUR TXH FDWDOL]D R GHVHQYROYLPHQWR GD LQG~VWULD
DXGLRYLVXDO ODWLQRDPHULFDQD MXVWDPHQWH DR PHVWLoDU R
GHVHQYROYLPHQWR WHFQROyJLFR GR PHLR FRP RV FRQWUDWHPSRV H
DV DQDFURQLDV QDUUDWLYDV TXH ID]HP SDUWH GD YLGD FXOWXUDO
GHVVHVSRYRV2TXHHPQHQKXPPRPHQWRSRGHRFXOWDUTXHR
UHODWR WHOHQRYHOHVFR UHPHWH WDPEpP j ORQJD H[SHULrQFLD GR
PHUFDGR SDUD FDSWDU QD HVWUXWXUD UHSHWLWLYD GD VpULH DV
GLPHQV}HVULWXDOL]DGDVGDYLGDFRWLGLDQDVRPDQGRRNQRZKRZ
FRP D DUWH GH FRQWDU KLVWyULDV FRQHFWDU FRP DV QRYDV
VHQVLELOLGDGHV SRSXODUHV SDUD UHDOL]DU QDUUDWLYDV PLGLiWLFDV
JDVWDV0$57Ë1%$5%(52S
$KLVWyULDGH4XHUHLVRXHX"DFRQWHFHHPXPLPDJLQiULRSDtVHXURSHX
GHQRPLQDGR $YLODQ HP  WUrV DQRV DQWHV GD 5HYROXomR )UDQFHVD 1R
UHLQR GH $YLODQ R SRYR YLYH QD PDLV DEVROXWD PLVpULD H HQIUHQWD XPD
SHUPDQHQWH LQVWDELOLGDGH ILQDQFHLUD H D RFRUUrQFLD GH VXFHVVLYRV SODQRV
HFRQ{PLFRVTXHSURPHWHPPLODJUHV3RUVXDYH]RVJRYHUQDQWHVVmRIUtYRORV
FRUUXSWRV H GHVRQHVWRV 3RU PHLR GD LPDJLQiULD $YLODQ R DXWRU &DVVLDQR
*DEXV0HQGHVFODUDPHQWHWHYHDLQWHQomRGHSDURGLDURMHLWRGHID]HUSROtWLFD
QR %UDVLO 4XH UHL VRX HX" UHIOHWLD WDPEpP R PRPHQWR KLVWyULFR YLYLGR SHOR
SDtVDDQVLHGDGHHDHIHUYHVFrQFLDGRVSUHSDUDWLYRVSDUDDSULPHLUDHOHLomR
GLUHWDSDUDSUHVLGHQWHGD5HS~EOLFDGHSRLVGHTXDVHWULQWDDQRV
$ QDUUDWLYD FRPHoD FRP D GRHQoD H D PRUWH GR UHL 3HWUXV ,, TXH QmR
GHL[DVXFHVVRUHVOHJtWLPRV2TXHVHVDEHpTXHHOHWLQKDXPILOKREDVWDUGR
FKDPDGR -HDQ3LHUUH (PUD]mR GDIDOWDGHKHUGHLURV RVFRQVHOKHLURVUHDLV
TXHH[HUFHPHQRUPHLQIOXrQFLDQDVWRPDGDVGHGHFLVmRGDUDLQKD9DOHQWLQH
GHFLGHPHQWUHJDUDFRURDDXPPHQGLJR3LFKRWSDUDTXHRUHLQRQmRILFDVVH

DFpIDOR H HOHV SXGHVVHP PDQREUDU R IDUVDQWH 7RGD HVVD WUDPD p IUXWR GD
RULHQWDomRHGRVFRQVHOKRVGH5DYHQJDUXPDPLVWXUDGHFRQVHOKHLUREUX[R
PpGLFRDVWUyORJRHKLSQRWL]DGRUFRPLQIOXrQFLDVHPOLPLWHVVREUHTXDVHWRGRV
RVPHPEURVGD&RUWH,QVDWLVIHLWRHUHYROWDGRFRPDFRURDomRGH3LFKRW-HDQ
3LHUUHOtGHUGRV PDLVIUDFRVSUHSDUDVHSDUDGHUUXEDURV YLO}HVXVXUSDGRUHV
GRSRGHUGH$YLODQ
-HDQ3LHUUHpXPMRYHPGHVWHPLGRHtQWHJURTXHPDQWpPXPURPDQFH
FRP GXDV PXOKHUHV $OLQH FDPDUHLUD TXH WUDEDOKD QR SDOiFLR H 6X]DQQH
HVSRVDGH9DQROLXPGRVFRQVHOKHLURVFRUUXSWRVGRUHL
$YLODQ p XP UHLQR HP GHVDMXVWHV GH WRGRV RV PDWL]HV QDGD IXQFLRQD
GLUHLWR QHPPHVPR DJXLOKRWLQDFDUD TXHIRUD FRPSUDGD DSHVRGH RXURHP
RXWUR SDtV (OD IXQFLRQRX DSHQDV QR GLD HP TXH IRL WHVWDGD GHSRLV Vy
IUDFDVVR
2KXPRUSHUSDVVDWRGRRWH[WRGDQRYHODpVXDPDUFDPDLVFRQVWDQWH
8PKXPRULU{QLFRPRUGD]H[WUHPDPHQWHFUtWLFRJURWHVFRHFDUQDYDOL]DGR8P
GRVERQVH[HPSORVGHVVHKXPRUpRQ~FOHRGHFRQVHOKHLURVGRUHLQRGH$YLODQ
HP TXH VH SHUFHEH FODUDPHQWH D FUtWLFD LUUHYHUHQWH DRV UHSUHVHQWDQWHV GR
&RQJUHVVR 1DFLRQDO 6mR HOHV *DVWRQ 0DUQ\ ± R FRQVHOKHLUR GD $UPDV 
VXMHLWRVHPDPHQRUKDELOLGDGHHFDSDFLGDGHWpFQLFDHVWUDWpJLFDSDUDUHVROYHU
RVFRQIOLWRV%LGHW/DPEHUW±RFRQVHOKHLURGRV0DUHV±FDUJRLQYHQWDGRVHP
SURSyVLWR QXP SDtV TXH QmR ID] IURQWHLUD FRP PDU DOJXP *HUDUG /DXJLHU ±
FRQVHOKHLUR GD $OLPHQWDomR ± QXP SDtV FRP DEXQGkQFLD GH DOLPHQWRV PDV
FRP XP SHORWmR GH PLVHUiYHLV IDPLQWRV GHYLGR j Pi GLVWULEXLomR GH UHQGDV
&UHVS\ $XEULHW ± FRQVHOKHLUR GR 7UDEDOKR ± QXP OXJDU HP TXH LPSHUDYD R
GHVHPSUHJR H R VXEHPSUHJR %HUJHURQ %RXFKHW ± FRQVHOKHLUR GD 0RHGD ±
HVWHHUDR~QLFRTXHWHQWDYDID]HUDOJXPDFRLVDFRPFRHUrQFLDHKRQHVWLGDGH
SRU$YLODQPDVHUDVLVWHPDWLFDPHQWHERLFRWDGRSHORVRXWURVFRQVHOKHLURV
$PRHGDHP$YLODQpXPERPH[HPSORGDLQVWDELOLGDGHPXGDYDGH
QRPH H GH YDORU FRQVWDQWHPHQWH $QWHV GH PRUUHU R UHL 3HWUXV ,, IH] XPD
UHIRUPD PRQHWiULD H D PRHGD FDGXFR SDVVRX D VH FKDPDU GXFD e ERP

OHPEUDU D FDUJD SHMRUDWLYD GH WDO H[SUHVVmR GXFD p XPD DEUHYLDomR GH ³GR
FDUDOKR´TXHSRUVXDYH]QDpSRFDVLJQLILFDYDXPDERDFRLVD$WDOUHIRUPD
ID]LDDOXVmRjVFRQVWDQWHVUHIRUPDVVRIULGDVSHORGLQKHLURQDFLRQDO
(P IHYHUHLUR GH  WUrV DQRV DQWHV GH D QRYHOD HQWUDU QR DU R
JRYHUQRGRSUHVLGHQWH-RVp6DUQH\DQXQFLRXXPDPHGLGDHFRQ{PLFDR3ODQR
&UX]DGR TXH WUD]LD XPD QRYD PRHGD 6XUJH R FUX]DGR HP VXEVWLWXLomR DR
FUX]HLUR MXQWR FRPHVVD QRYLGDGH YHP DLQGDR FRQJHODPHQWRGRV VDOiULRV H
GRV SUHoRV GH SURGXWRV H VHUYLoRV (P MDQHLUR GH  XP PrV DQWHV GD
HVWUpLDGDQRYHOD4XHUHLVRXHX"FULDVHXPD030HGLGD3URYLVyULDTXHYDL
PXGDU QRYDPHQWH D PRHGD EUDVLOHLUD R &UX]DGR FRQYHUWHXVH HP &UX]DGR
1RYR
(PGHWHUPLQDGRPRPHQWRGDWUDPDRFRQVHOKHLURGR7UDEDOKR&UHVS\
ID]XPSURMHWRGHUHIRUPDVSURSRQGRTXHVHDFDEHFRPRVSRVWRVGHSHGiJLR
QDV HVWUDGDV GH $YLODQ VXEVWLWXLQGRRV SRU SRPSRVRV VHORV FDUtVVLPRV TXH
VHULDPFRPSUDGRVPHQVDOPHQWHHDIL[DGRVQDWHVWDGRVFDYDORVQXPDFODUD
DOXVmRDRVVHORVSHGiJLRVTXHH[LVWLUDPQR%UDVLOQDTXHODpSRFD6HJXQGRR
GLUHWRU GD QRYHOD -RUJH )HUQDQGR IRL D SDUWLU GHVVD FHQD TXH R S~EOLFR
FRPHoRX D SHUFHEHU D UHODomR GLUHWD TXH H[LVWLD HQWUH D ILFWtFLD $YLODQ H R
%UDVLO
1R ILQDO GD QRYHOD R SRYR OLGHUDGR SRU -HDQ 3LHUUH H RV UHEHOGHV
FRQVHJXHLQYDGLURSDOiFLRHOLPLQDURVRSUHVVRUHVFRQILVFDURVED~VFRPRV
EHQVGDQREUH]DHWRPDURSRGHU1XPDGDV~OWLPDVFHQDVGDQRYHODROtGHU
GRV UHEHOGHV -HDQ3LHUUH H[FODPD PXLWR HPRFLRQDGR GLDQWH GR SRYR GH
$YLODQ³1LQJXpPYDLPDLVH[SORUDURWUDEDOKRGRSREUHDJRUDTXHURTXHJULWHP
FRPLJRYLYDR%UDVLO´)RLDSULPHLUDYH]TXHRQRPH$YLODQGRUHLQRILFWtFLR
IRLVXEVWLWXtGRSHORGR%UDVLO

,QWHUWH[WXDOLGDGH
$ WHOHQRYHOD GLDORJD FRP PXLWRV RXWURV WH[WRV OLWHUiULRV
FLQHPDWRJUiILFRV WHDWUR GH UHYLVWD FLUFR KLVWyULDV HP TXDGULQKRV HWF e XP
FODURH[HPSORGHLQWHUWH[WXDOLGDGHTXHYHPDVHUDUHODomRGHXPWH[WRFRP
RXWUR(PXQVHOHVHRULJLQDSDUDRXWURVHOHDSRQWD$LQWHUWH[WXDOLGDGHSDUWH
GR SUHVVXSRVWR GH XP XQLYHUVR FXOWXUDO EDVWDQWH DPSOR H FHUFDGR GH
FRPSOH[LGDGHSRUTXHLPSOLFDHPLGHQWLILFDomRHUHFRQKHFLPHQWRGHUHPLVV}HV
DREUDVRXWH[WRVMiFRQVDJUDGRVYDLWDPEpPH[LJLUGRUHFHSWRUDFDSDFLGDGH
GHLQWHUSUHWDURSRUTXrGDFLWDomRRXDUHIHUrQFLDHPTXHVWmR
2VHVWXGLRVRVLGHQWLILFDPDOJXPDVIRUPDVGHLQWHUWH[WXDOLGDGH
D
GR SRQWR GH YLVWD GD IRUPD WH[WRV TXH ³LPLWDP´ D OLQJXDJHP OLWHUiULD
EtEOLFD MXUtGLFD HWF RX TXH SURFXUDP LPLWDU R HVWLOR GH XP DXWRU FI
WH[WR ³(OL[LU GR 3DMp´ GH %HUQDUGR *XLPDUmHV SXEOLFDGR HP 
UHIHUrQFLD FODUD DR ULWPR j UHWyULFD GH *RQoDOYHV 'LDV QR SRHPD
LQGLDQLVWD ³,-XFD3LUDPD R tQGLR TXH GHYH PRUUHU´ SXEOLFDGR HQWUH
H
1RPHLRGDVWDEDVGHDPHQRVYHUGRUHV
&HUFDGDVGHWURQFRV²FREHUWRVGHIORUHV
$OWHLDPVHRVWHWRVG¶DOWLYDQDomR
6mRPXLWRVVHXVILOKRVQRVkQLPRVIRUWHV
7HPtYHLVQDJXHUUDTXHHPGHQVDVFRRUWHV
$VVRPEUDPGDVPDWDVDLPHQVDH[WHQVmR

0HXFDQWRGHPRUWH
*XHUUHLURVRXYL
6RXILOKRGDVVHOYDV
1DVVHOYDVFUHVFL
*XHUUHLURVGHVFHQGR
'DWULERWXSL

'DWULERSXMDQWH
4XHDJRUDDQGDHUUDQWH
3RUIDGRLQFRQVWDQWH
*XHUUHLURVQDVFL
6RXEUDYRVRXIRUWH
6RXILOKRGR1RUWH
0HXFDQWRGHPRUWH
*XHUUHLURVRXYL
7H[WRIRQWH
*RQoDOYHV'LDV$QWRORJLD3RpWLFDHGLomR5LRGH-DQHLUR$JLU
(OL[LUGR3DMp
6HDFDVRHFRDQGR
QDPDWDVRPEULD
PHGRQKRVHRXYLD
RVRPGRERUp
GL]HQGR*XHUUHLURV
yYLQGHOLJHLURV
TXHjJXHUUDYRVFKDPD
IHUR]DLPRUp
DVVLPUHVSRQGLD
RYHOKRSDMp
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PHVPRSDUDSDVVDUXPDPHQVDJHP
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GHLQWHUURJDomRTXHDSDUHFHPDQWHVHQRILQDOGRWtWXORGDQRYHOD
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IRUDPIHLWDVHVSHFLDOPHQWHSDUDRVILJXUDQWHV
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TXH D JXHUUD IRL GHFODUDGD ILOKRV H ILOKRV GRV ILOKRV GRV GRLV ODGRV IRUDP
HGXFDGRV SDUD GHVSUH]DU HQJDQDU H VH SRVVtYHO WUXFLGDU R ULYDO 1mR IRL
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IH]FRPTXHXPQmRUHFRQKHFHVVHDRXWUDTXDQGRFRORFDGRVIUHQWHDIUHQWH
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FRP)UDQoRLVH0DLVDGLDQWHYLVLWDGDSHORH[DPDQWHUHYLYHDKLVWyULDGHDPRU
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VDERWDJHQVWUDLo}HVHVLWXDo}HVDEVXUGDVPDVpRTXHDFRQWHFH
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FRODGLQKRVHQWUHEDLmRH[RWHVUDODEXFKRVHIRUUyVDOpPGDVPXLWDVKLVWyULDV
GHYLGDGRVQRUGHVWLQRVHP6mR3DXOR
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SULQFLSDOPHQWH TXDQGR HOD FDL QD GDQoD 6HYHULQR HVFRQGH XP VHJUHGR
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UHVWDXUDQWHHPTXHWUDEDOKDYD$PRoDSRXFRWHPSRGHSRLVWRUQDVHQRLYDGH
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SHODV VXDV FRQWDVGHYLDVHU VHX 0DQXHOD p HVWD PXOKHU FDVDGDFRP 3DROR
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GH6HYHULQR8PMRYHPSDXOLVWDQRILOKRGHFHDUHQVHFRPSDXOLVWDFULDGRSRU
XPDIDPtOLDLWDOLDQD
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LPLJUDQWHVMDSRQHVHVHRV3HUHLUDLPLJUDQWHVSRUWXJXHVHV
2V3LPHQWDGHRULJHPPLQHLUDVmRWUrVLUPmRVTXHKHUGDUDPGDPmHR
QHJyFLRGHKRUWLIUXWLFXOWXUD6mRSHVVRDVEHPVLPSOHVU~VWLFRVDWpDFRPHoDU
SHODLUPmPDLVYHOKD0DUWDTXHPDQGDQRVGRLVLUPmRVPDLVQRYRV(ODTXH
QmR WHP XP SLQJR GH HGXFDomR IRUPDO RX YDLGDGH H DR VH DSDL[RQDU FRPR
QXQFDDQWHVYDLVHREULJDUFRPH[WUHPDGLILFXOGDGHHERPKXPRUDDSUHQGHU
DDJLUFRPRPXOKHUEHPHGXFDGDH³IHPLQLQD´
2V0L]RJXFKLVmRGRQRVGHXPDEDUUDFDGHSHL[HV$NLUDHVXDPXOKHU
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HOH WUHLQD FRP VXD HVSDGD DR TXH SDUHFH DSHQDV FRPR H[HUFtFLR HVSLULWXDO
0DVDYHUGDGHp TXHHOHVHSUHSDUDSDUDXPDJXHUUDTXH YDLDFRQWHFHU Vy
QmRVDEHTXDQGR$FDXVDHVWiYLQWHDQRVDWUiVQR-DSmRTXDQGRHOHHVXD
IDPtOLD±DMRYHP.HLNRH$NHPLDLQGDEHEr±IRUDPREULJDGRVDIXJLUSDUDR
%UDVLO'RTXrH[DWDPHQWHpDOJRTXHSRXFRDSRXFRVHUiGHVFREHUWR
-i RV 3HUHLUDV VmR GRQRV GR HPSyULR PDLV GLVSXWDGR GR PHUFDGmR
$QWRQLR3HUHLUDHDILOKD&DPLODGLYLGHPRWUDEDOKRFRP-XOLDQREUDoRGLUHLWR
GRSRUWXJXrVTXHFULRXDILOKDVR]LQKRHTXHQmRJRVWDQDGDGHYHUPDUPDQMR
GHROKRQDMRYHP
$V SHUVRQDJHQV PDLV MRYHQV WHUmR VHX HVSDoR QR FXUVLQKR GH SUp
YHVWLEXODURQGH KiKLVWyULDVTXHDERUGDPWHPDVFRPXQV DHVVDIDL[DHWiULD
JUDYLGH] DERUWR GHVLOXVmR DPRURVD ± H D QDWXUDO H[SHFWDWLYD SRU SDVVDU QR
YHVWLEXODU ± YmR FKDFRDOKDU D YLGD GRV MRYHQV e SDUD Oi TXH YmR SDUDU RV
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WRPDGDV GH SRVWXUDV IXQGDPHQWDLV GD YLGD FRWLGLDQD TXH SDVVDP GHVSHUFHELGRV j FRQVFLrQFLD GRV
VXMHLWRVPDVVmRGHFLVLYRVSDUDDVXDLGHQWLGDGHLQGLYLGXDOHGHJUXSR
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GRHVSDoRS~EOLFReROXJDUGRUHFRQKHFLPHQWR
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2XQLYHUVRGDFRPLGDSHUPLWHSHQVDURPXQGRLQWHJUDQGRRLQWHOHFWXDO
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UHIHULUj XPD DomRVLPEyOLFD 3HUPLWHUHDOL]DUXPDLPSRUWDQWHPHGLDomR FRP
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HQWUHFDEHoDHEDUULJDHQWUHFRUSRHDOPD
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FRPSRVWRV SDVWLFKH HUD DSOLFDGR SHMRUDWLYDPHQWH QR FDPSR GD SLQWXUD D TXDGURV IRUMDGRV FRP WDO
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