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&$3Ë78/2,+8*2'(&$59$/+25$0262KRPHPDREUD
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$HVFULWDFDUYDOLDQDPHPyULDHRUDOLGDGHQDFULDomRGH+XJR
&$3,78/2,,,'(17,'$'(1$&,21$/GRURPDQWLVPRDRUHJLRQDOLVPRXPSHUFXUVR
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UHJLRQDOLVPR
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$EDQGRQRHGHVFDVRDGHVLJXDOGDGHHDLQMXVWLoDLPSHUDPQRVHUWmR
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$QDWXUH]D
$WUDJpGLDVHUWDQHMDQDVUHODo}HVVRFLDLVHHFRQ{PLFDV
2LQWULQFDGRVHUWmRGH³*HQWHGD*OHED´
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&216,'(5$d®(6),1$,6
5()(5Ç1&,$6
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SHOD LGHQWLGDGH GR %UDVLO FRPR XP WUDEDOKR LQWHQFLRQDO GHVHQYROYLGR SHORV URPkQWLFRV QR
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2 HVIRUoR HQFHWDGR SHORV URPkQWLFRV DFXGLD D XPD XUJrQFLD GH QDFLRQDOLGDGH SHOD
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FRPR DXWHQWLFDPHQWH QDFLRQDLV QHJDQGR D UHSURGXomR GRV YDORUHV GH FXOWXUD KHUGDGRV
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QHQKXPIDYRUPDVDGtYLGDGDYLVLELOLGDGHSRLVRHVWXGRGHVXDREUDFRPSURYDTXHRDXWRU
PHUHFHPDLRUGHVWDTXHGRTXHRTXHOKHpGDGRQRSDQRUDPDOLWHUiULRQDFLRQDO
1mR VH WUDWD GH SDL[mR GH SHVTXLVDGRU HPERUD KDMD PDV D YHULILFDomR GH TXH DV
DQiOLVHV GH VXD REUD VH UHVWULQJHP TXDVH TXH Vy DR DPELHQWH JRLDQR H[LVWLQGR SRXFRV
WUDEDOKRVGHI{OHJRHPWRUQRGHVXDREUDFXMRHVWXGRSRGHFRQWULEXLUHPPXLWRQDDPSOLDomR
GRVFRQKHFLPHQWRVOLWHUiULRVUHODWLYRVDRSHUtRGRGHVXDDWLYLGDGHSRUTXH+XJRGLVVHPXLWR
PDLVGDVXDJHQWHHGR%UDVLOGRTXHVHID]FUHUSHODTXDVHVHPSUHOLJHLUDPHQomRjREUD
GHVVHDXWRUQRVWUDWDGRVFUtWLFRVGHQRVVDKLVWyULDOLWHUiULD
7DOYH] HVVD UHODWLYD REVFXULGDGH VH GHYD DR IDWR GH TXH +XJR SXEOLFRX HP YLGD
DSHQDVXPOLYURHDSHQDVHVVHOLYURVHULDVXILFLHQWHSDUDILUPDURQRPHGRDXWRUHQWUHRVERQV
TXH WHQWDUDP WUDGX]LU R %UDVLO SRUpP D REUD GH +XJR QmR VH OLPLWD DRV VHXV FRQWRV HOH
WDPEpP HVFUHYHX HP HVWLOR PDLV VLPEROLVWD UHIOH[}HV H SRHPDV DOpP GH VLJQLILFDWLYD
SURGXomRFUtWLFDOLWHUiULDTXHPRVWUDPXPKRPHPDWHQWRDRVHXWHPSRHFRQKHFHGRUGHVHX
OXJDUQRRUJDQLVPRVRFLDO
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+XJR VH UHYHOD FRP PDLV FODUH]D QHVWHV HVFULWRV YDULDGRV p Oi TXH HQFRQWUDPRV R
DXWRUFRQVFLHQWHGDVQRYDVHQHFHVViULDVPXGDQoDVTXHVHDQXQFLDYDPQDOLWHUDWXUDEUDVLOHLUD
TXH FDPLQKDYD SDUD VXD IDVH PRGHUQLVWD PDV DLQGD HVWDYD SUHVD D XPD SUiWLFD GH YiFXR
VHQWLPHQWDOLVPRTXHSURYRFDYDFUtWLFDVVHYHUDV8PFHQiULRLQWHOHFWXDOTXH+XJRSHUFHEHH
H[S}HHPVHXVHVFULWRV
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5HDOPHQWH R PXQGDQLVPR H R PHOLQGURVLVPR OLWHUiULR VmR DWXDOPHQWH QR
5LR GRLV GRV PDLV VHJXURV YHtFXORV GH r[LWR 3RXFRV PXL SRXFRV VH
FRQIRUPDPFRPDPHGLWDomRSURORQJDGDHRHVWXGRPLQXFLRVRGRVGLYHUVRV
WLSRVTXHID]HPDPRYLPHQWDomRGHXPOLYURHRVFDUDFWHUHVDSUHVHQWDPVH
LQFRORUHVQDVXSHUILFLDOLGDGHGHXPDSVLFRORJLDGHDQItELRVQHPFDUQHQHP
SHL[H4XDQGRRSUySULRWHDWURQDFLRQDOHQVDLDRVSULPHLURVVXUWRVSDUDVH
OLYUDU GDV UHYLVWHFDV H DUUHQJORV GH IDQFDULD RIHUHFHQGR DR S~EOLFR TXH
FDORURVDPHQWHRYHPDSODXGLQGRREUDVRQGHIRUWHPHQWHVHDFHQWXDHFXQKR
QDFLRQDOLVWDGHFRLVDVHFRVWXPHVQRVVRVHVVHQFLDOPHQWHQRVVRVFRQWDPVH
DLQGD SHORV GHGRV GD PmR HPERUD D JULWD GD FUtWLFD LQWHOLJHQWH IDoDPRV
URPDQFH EUDVLOHLUR ± RV TXH VH HQWUHJDPDR HVWXGR GD YLGD SURSULDPHQWH
QDFLRQDO5$026Y,,S
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(VVDSDUWHPHQRVFRQKHFLGDGDSURGXomRGH&DUYDOKR5DPRVIRLSXEOLFDGDSHODV(GLo}HV3DQRUDPDHP
QRYROXPH2EUDVFRPSOHWDVGH+XJRGH&DUYDOKR5DPRVRUJDQL]DGRSHORLUPmRGRDXWRU9LFWRUGH&DUYDOKR
5DPRV
6HPSUHTXHIL]HUPRVFLWDomRGHFDUWDVHQVDLRVHFUtWLFDVHVFULWRVSRU+XJRRIDUHPRVGHDFRUGRFRPDJUDILD
TXHDSDUHFHQRYROXPHGDVREUDVFRPSOHWDVSXEOLFDGRHPTXHSRGHjVYH]HVDSUHVHQWDUGLYHUJrQFLDGD
DWXDOJUDILDTXDQWRDRVFRQWRVDVFLWDo}HVVHUmRIHLWDVDSDUWLUGDHGLomRGHGH7URSDVH%RLDGDV
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(VVHHQWHQGLPHQWRVREUHRFDPLQKRTXHVHDSRQWDYDSDUDRIXWXURGDQRVVDOLWHUDWXUD
TXH+XJRHDOJXQVGHVHXWHPSRSRVVXtDPMXVWLILFDDVSDODYUDVGH%RVLTXDQGRDILUPDTXH
³HPDOJXQVGRVQRVVRVUHJLRQDOLVWDVSUHFHGHUHPHPFRQWH[WRGLIHUHQWHRYLYRLQWHUHVVHGRV
PRGHUQRVSHODUHDOLGDGHEUDVLOHLUDWRWDOQmRDSHQDVXUEDQD´%26,S
(P +XJR HVVH LQWHUHVVH HVWDYD UHDOPHQWH YLYR H HOH WHQWD PRVWUDU R Pi[LPR GD
UHDOLGDGHEUDVLOHLUDHPVXDREUDOLWHUiULDHFUtWLFD6HQGRXPDXWRUFXMDREUDVHYLQFXORXDR
UHJLRQDOLVPR GH SUi[LV VRFLDO H j TXHVWmR VHUWDQHMD QRV YROWDPRV SDUD D DQiOLVH GH VHXV
HVFULWRVSDUDEXVFDUDPDQHLUDFRPRVXDREUDVHDUWLFXORXFRPDFRQWHPSRUDQHLGDGHHRTXH
GHQRYRHODDSUHVHQWDYDFRQVLGHUDQGRSHODVVXDVSUySULDVSDODYUDVTXH+XJRVHSUHRFXSDYD
FRPDDXWHQWLFLGDGHGDOLWHUDWXUDQDFLRQDO
3DUD EXVFDU HVVD DUWLFXODomR HOHJHPRV XPD ILJXUD HPEOHPiWLFD H GH JUDQGH
YLVLELOLGDGH GHQWUR GR UHJLRQDOLVPR 0RQWHLUR /REDWR 0DV QmR QRV VHUYH DWp SHOD FXUWD
H[LVWrQFLD GH +XJR Mi TXH R WUDEDOKR SUHWHQGH YHU R GLiORJR FRQWHPSRUkQHR R 0RQWHLUR
/REDWRTXHVHPXOWLSOLFDHPYiULDVGLUHo}HVHPHVPRFRUULJHDOJXPDVSRVWXUDVSHVVRDLVHP
UHODomRDRUHJLRQDOLVPREXVFDPRVR/REDWRTXHGHVIHULXFRQWUDRUHJLRQDOLVPRH[yWLFRFDUJD
IDWDOUHGX]LQGRDRULGtFXORHDRFDULFDWRDILJXUDGRVHUWDQHMRLGHDOL]DGRQDTXHODSUiWLFD
(VVH /REDWR p R TXH VH FRORFD HP ³9HOKD 3UDJD´  H ³8UXSrV´ 
FRQWHPSRUkQHRGH+XJRILJXUDSHUIHLWDSDUDPRVWUDUDDUWLFXODomRGH+XJRFRPVHXVSDUHVH
FRPRDLPDJHPGHVHUWmRHVHUWDQHMRVHSURFHVVDYDQDOLWHUDWXUDGHHQWmRHPHVSHFLDOQDREUD
GHVVHVGRLVDXWRUHVTXHSRUVXDVSHFXOLDULGDGHVSRGHPVHUFRQVLGHUDGRVH[HPSODUHVGHQWUR
GRUHJLRQDOLVPRTXHFRPHoDYDDVHPRGLILFDUQRLQtFLRGRVpFXOR;;
3DUD D UHDOL]DomR GHVVH SURSyVLWR UHDOL]DPRV XP WUDEDOKR TXH WHQWRX WUDoDUD OLQKD
HYROXWLYDGRUHJLRQDOLVPRGHVGHVXDJrQHVHQRLGHDOQDFLRQDOLVWDDWpVXDDWXDOSHUWLQrQFLDQD
OLWHUDWXUDEUDVLOHLUD2WUDEDOKRVHGLYLGLXHPTXDWURFDStWXORVSDUDDRUJDQL]DomRGRVHVWXGRV
UHDOL]DGRV
1R SULPHLUR FDStWXOR WUDWDPRV GD DSUHVHQWDomR GH +XJR GH &DUYDOKR 5DPRV H VXD
REUD DQRWDQGR GDGRV ELRJUiILFRV DOJXPD IRUWXQD FUtWLFD UHODWLYD j VXD REUD H RV DVSHFWRV
SHFXOLDUHVGDWpFQLFDFDUYDOLDQDQDHODERUDomRGHVXDREUDDOpPGHUiSLGDVSDVVDJHQVSHODV
UHIOH[}HVGRDXWRUVREUHRID]HUOLWHUiULR
1RVHJXQGRFDStWXORQRVRFXSDPRVGDIHLomRWHyULFDGRWUDEDOKRWUDWDQGRDTXHVWmRGD
LGHQWLGDGH QDFLRQDO HP VHX SHUFXUVR KLVWyULFRWHyULFR GR 5RPDQWLVPR DR 5HJLRQDOLVPR
DSRLDQGRQRVQDFUtWLFDMiHVWDEHOHFLGDVREUHRWHPDHPDXWRUHVUHFRQKHFLGRVFRPR$QWRQLR
&DQGLGR 1HOVRQ :HUQHFN 6RGUp$OIUHGR%RVL *RPHV GH $OPHLGD/~FLD0LJXHO 3HUHLUD
$OEHUWLQD9LFHQWLQLHRXWURVLPSUHVFLQGtYHLVSDUDRFRQKHFLPHQWRGRFRPSOH[RFDPLQKRTXH
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D OLWHUDWXUD EUDVLOHLUD SHUFRUUHX QR FXPSULPHQWR GR SURMHWR DIHWLYR GH IRUPDomR GD
FRQVFLrQFLDQDFLRQDO
&RORFDPRVQDWUDPDWHyULFRFUtWLFDDXWRUHVFRQWHPSRUkQHRVTXHFRQWLQXDPDSHQVDUD
TXHVWmRLGHQWLWiULDQDFLRQDO FRPR 6WXDUW+DOOFXMRWUDEDOKRDEUDQJHRHVWXGRGRVDVSHFWRV
WUDGLFLRQDLVGDQDUUDWLYDQDFLRQDOSDUDFULDUXPDXQLGDGHLGHQWLWiULDDRWHPSRHPTXHPRVWUD
DLPSRVVLELOLGDGHGHVHPDQWHUDWXDOPHQWHHVVDXQLGDGHRTXHREULJDDXPDLGHQWLGDGHTXH
VH ID] QmR SHOD XQLGDGH PDV SRU LGHQWLILFDo}HV PHQRUHV SRVVLELOLWDQGR TXH D PRQWDJHP
LGHQWLWiULDVHSURFHVVH
1R WHUFHLUR FDStWXOR HVWDEHOHFHPRV R GLiORJR HQWUH +XJR GH &DUYDOKR 5DPRV H
0RQWHLUR /REDWR REVHUYDQGR FRPR VXDV LGpLDV VH DSUR[LPDP H VH GLVWDQFLDP QR FDPSR
WHyULFRTXDQGRVHXVROKDUHVVHGLULJHPSDUDRVHUWmRHRVHUWDQHMR1HVWHFDStWXOREXVFDPRV
UHDOL]DU GHWDOKDGD DQiOLVH GRV HQVDLRV GH +XJR ³,QWHULRU *RLDQR´  H ³3RSXODo}HV
5XUDLV´ HP RSRVLomR DRV DUWLJRV GH /REDWR ³9HOKD 3UDJD´ H ³8UXSrV´ SDUD
FRPSURYDUDSRVVtYHOGLDOpWLFDTXHVHHVWDEHOHFHHQWUHHVVHVGRLVDXWRUHV
2TXDUWRFDStWXORIRLHODERUDGRQDWHQWDWLYDGHPRVWUDUTXHDVLGpLDVWHyULFDVHFUtWLFDV
GH+XJRH/REDWRVHUHSHWHPHPVXDFULDomRDUWtVWLFDSDUDLVVRXWLOL]DPRVRVFRQWRV³1LQKR
GH 3HULTXLWRV´ H ³*HQWH GD *OHED´ GH +XJR SXEOLFDGRV HP 7URSDV H %RLDGDV 
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SURVWUDYDRDLQTXLHWDomRGHVHXHVStULWRLQVDWLVIHLWR1RILPGRFXUVRQmRFRQVHJXHREWHUXP
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QD FDGHLUD GH 3UiWLFD GR 3URFHVVR &LYLO H &RPHUFLDO (VVH IUDFDVVR R
GHVLOXGHSURIXQGDPHQWHHFRPRYLDGHHVFDSHPHUJXOKDQDOLWHUDWXUDVXDYHUGDGHLUDYRFDomR
GHVGHVHPSUH5HVROYHQmRID]HURVH[DPHVGHVHJXQGDpSRFDHPRUUHVHPFRQFOXLURFXUVR
GH'LUHLWR HPERUD SRU RFDVLmRGHVXD PRUWH RVMRUQDLV QRWLFLDVVHP TXHKDYLDPRUULGRXP
EDFKDUHOFRPRGHFODUDVHXLUPmRQDSDUWHELRJUiILFDGDTXLQWDHGLomRGH7URSDVH%RLDGDV
(VVD UiSLGD GHVFULomR VREUH D YLGD H D QDWXUH]D LQWHOHFWXDO GH +XJRQmR SUHWHQGHD
DEUDQJrQFLDGRVDVSHFWRVSVLFROyJLFRVGHVXDSHUVRQDOLGDGHTXHWUDQVSDUHFHHPVXDVFDUWDVH
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SRUFULVHVHVSLULWXDLVGXUDQWHDVTXDLVDWLUDYDDRIRJRDOJXPDVGHVXDVSURGXo}HVHPYHUVRH
SURVD3RXFRVHVDOYRXGRPXLWRTXHHVFUHYHXHQRTXHIRLSUHVHUYDGRVXUSUHHQGHDIRUoD
FRPTXHRDXWRUWUDoRXRVTXDGURVQDWLYRVHPVXDSURGXomROLWHUiULD
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DFUHGLWD H VH HQVLQD TXH +XJR HVFUHYHX DSHQDV RV FRQWRV UHXQLGRV QR YROXPH 7URSDV H
%RLDGDV FUHQoD LQLFLDOPHQWH SDUWLOKDGD SRU HVVD SHVTXLVDGRUD H TXH QmR VRIUHX DOWHUDomR
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VHPHQFLRQRXSHORPHQRVDWpRQGHPHOHPEURTXHRDXWRUKRXYHVVHHVFULWRRXWUDREUDTXH
QmR7URSDVH%RLDGDV
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H[LVWHP FRQFHLWRV GH DYDOLDomR R DSURYDGR FRP GLVWLQomR FRPQRWDV GH  D  DSURYDGR SOHQDPHQWH
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QRWDVDWp2PHVPRFULWpULRGHYLDVHUDSOLFDGRDREDFKDUHODGRHPGLUHLWRQDpSRFDGH+XJRH/REDWR
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SXEOLFDGRSRUpPDREUDGRHVFULWRUQmRILFRXUHVWULWDDRFRQMXQWRGHFRQWRVTXHDFRPS}HP
HOHSRVVXtDXPDYDULHGDGHHFOpWLFDGHHVFULWRVTXHIRUDPUHXQLGRVHSXEOLFDGRVSRVWXPDPHQWH
VRERWtWXORGH2EUDVFRPSOHWDVGH+XJRGH&DUYDOKR5DPRV
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5DPRVHSXEOLFDGDHPFLQFRDQRVDSyVDFRPHPRUDomRGRSULPHLURFLQTHQWHQiULRGR
QDVFLPHQWRGRDXWRUHPHYLQWHHQRYHDQRVDSyVVXDPRUWH
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HGLWRUD QmR IRUD SRVVtYHO UHXQLU WRGRV RV WUDEDOKRV OLWHUiULRV GH +XJR R TXH QRV Gi D
LQGLFDomRGHTXHpSRVVtYHOTXHDOJXQVGHVHXVHVFULWRVDLQGDSHUPDQHoDPLQpGLWRVHREVFXURV
HPDUTXLYRV GH MRUQDLV H UHYLVWDVGR5LR GH0LQDVHGH*RLiVQRVTXDLVSXEOLFDYDRXQRV
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KLVWyULDVTXHFRQWDYDPHGRWHVRXURGH³FDXVRV´GHSRVLWDGRVHPVXDVOHPEUDQoDVHOHPRQWD
DV QDUUDWLYDV GH VHXV FRQWRV QXP SURFHVVR GLQkPLFR GH HODERUDomR HQWUH D PHPyULD DV
UHFRUGDo}HV R HVSDoR R WHPSR H DV VLWXDo}HV DQWHULRUPHQWH SHUFHELGRV $V H[SHULrQFLDV
DFXPXODGDVSHUPLWLUDPD+XJRDFRQVWUXomRGHXPDQDUUDWLYDRQGHVHSHUFHEHPDFHQWXDGRV
WUDoRVPHPRULDOLVWDVHGHRUDOLGDGH
$QWHVGHREVHUYDUPRVFRPR+XJRWUDEDOKDFRPRVDVSHFWRVGHPHPyULDHRUDOLGDGHp
LQWHUHVVDQWHYHUDLQGDTXHJURVVRPRGRDVWHRULDVGHVHQYROYLGDVSRU:DOWHU%HQMDPLQDHVVH
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 DILUPD TXH ³VmR FDGD YH] PDLV UDUDV DV SHVVRDV TXHVDEHP QDUUDUGHYLGDPHQWH´LVVR
DFRQWHFHSRUTXHDV SHVVRDV HVWmRVHHPSREUHFHQGRHPH[SHULrQFLDVR TXHSDUHFHGLPLQXLU
MXVWDPHQWHDFDSDFLGDGHKXPDQDGHWURFDUH[SHULrQFLDVDWUDYpVGDDUWHGHQDUUDU1DUUDUXPD
KLVWyULDpSUiWLFDKXPDQDDGTXLULGDGHVGHVHXDSUHQGL]DGRGHYLGDHPVRFLHGDGHDQWHULRUj
LQYHQomRGDHVFULWDHQHODVHIXQGDPHQWDPDVSRVVLELOLGDGHVGHSUHVHUYDomRGDFXOWXUD
3RUTXHDDUWHGHQDUUDUpIUXWRGHYLYrQFLDGHH[SHULrQFLD%HQMDPLQS
DILUPDTXHDVPHOKRUHVKLVWyULDVHVFULWDVVmRDTXHODVTXHVHDSUR[LPDPGDVQDUUDWLYDVRUDLV
³$H[SHULrQFLDTXHSDVVDGHSHVVRDDSHVVRDpDIRQWHDTXHUHFRUUHUDPWRGRVRVQDUUDGRUHV
(HQWUHDVQDUUDWLYDVHVFULWDVDVPHOKRUHVVmRDVTXHPHQRVVHGLVWLQJXHPGDVKLVWyULDVRUDLV
FRQWDGRV SHORV LQ~PHURV QDUUDGRUHV DQ{QLPRV´ %HQMDPLQ GLVFRUUH VREUH RV DVSHFWRV TXH
FDUDFWHUL]DP D QDUUDWLYD HVFULWD FRP PDUFDV GH RUDOLGDGH DOJXQV GRV TXDLV PHQFLRQDPRV
SRUTXHSRGHPVHDSOLFDUjHVFULWDGH+XJRGH&DUYDOKR
2V DVSHFWRV TXH %HQMDPLQ PHQFLRQDVmRD H[SHULrQFLDUHSDVVDGDGH XP QDUUDGRUD
RXWURXPQDUUDGRUFXMDSUHVHQoDpSHUFHELGDVHMDQDSUHVHQoDUHDOGDQDUUDWLYDRUDOVHMDQD
SUHVHQoDYLUWXDOGDQDUUDWLYDHVFULWDHQRVGRLVFDVRVRRXYLQWHOHLWRUWDPEpPSUHVHQWHQD
DSUHHQVmR GR VHQWLGR QDUUDGR R VHQVR SUiWLFR WtSLFR HP PXLWRV QDUUDGRUHV QDWRV TXH GmR
XWLOLGDGH j QDUUDWLYD QD H[SRVLomR GH XP HQVLQDPHQWR PRUDO XPD VXJHVWmR SUiWLFD XP
SURYpUELRXPDQRUPDGHYLGDHQILPXPFRQVHOKRTXHDWXDQmRFRPRLQWURPLVVmRQDYLGD
DOKHLD PDV FRPR ³VXJHVWmR VREUH D FRQWLQXDomR GH XPD KLVWyULD TXH HVWi VHQGR QDUUDGD´
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IRUoD D HVVD QDUUDWLYD TXH VHPSUH SRGH GHVHQYROYHUVH RX VHMD SDVVDU DGLDQWH QD FDGHLD
QDUUDWLYDHDFRQFLVmRQDUUDWLYDTXHHYLWDDDQiOLVHSVLFROyJLFDGRVIDWRVOLPLWDQGRVHjVXD
H[SRVLomRRTXHIDFLOLWDVXDPHPRUL]DomRHUHFRQWR
([LVWHP WDPEpP DOJXPDV HVWUDWpJLDV TXH R QDUUDGRU QDWR XVD SDUD FRQWDU VXDV
KLVWyULDVHQWUHHVWDVHVWiDTXHODTXHSRGHUtDPRVFKDPDUGH³DPELHQWDomR´³2VQDUUDGRUHV
JRVWDP GH FRPHoDU D VXD KLVWyULD FRP XPD GHVFULomR GDV FLUFXQVWkQFLDV HP TXH IRUDP
LQIRUPDGRVGRVIDWRVTXHYmRFRQWDUDVHJXLUDPHQRVTXHSUHILUDPDWULEXLUHVVDKLVWyULDD
XPDH[SHULrQFLDDXWRELRJUiILFD´%(1-$0,1S
4XDQGR OHPRV RV FRQWRV GH +XJR REVHUYDPRV TXH HVWHV DVSHFWRV GH RUDOLGDGH
OLVWDGRVSRU%HQMDPLQHVWmRLQVFULWRVGHQWURGHVXDVQDUUDWLYDVRTXHID]GDOHLWXUDGHVHXV
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3RUpP DFUHGLWDPRV TXH VHXV FRQFHLWRV VH DSOLFDP GH PDQHLUD JHUDO DRV HVWXGRV OLWHUiULRV GLUHFLRQDGRV DR
HVWXGRGDVPDUFDVGHRUDOLGDGHHPWH[WRVHVFULWRV
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KLVWyULDQDUUDGDSRUTXHPHQWHQGHRVHXRItFLR$OLiV0&DYDOFDQWL3URHQoDHPXPDDQiOLVH
IHLWDVREUHDQDUUDWLYDGH+XJRDILUPD³1HVVHµDUUHGRQGDU¶µSRUPHQRUL]DU¶HPµPDWL]DU¶D
IDODVHUWDQHMDHVWmREHPFDUDFWHUL]DGRVRVDWULEXWRVGDSURVDGH&DUYDOKR5DPRVSURVDSDUD
VHU OLGD HP YR] DOWD EXVFDQGR R HQFDQWDPHQWR DXGLWLYR FRP SDUiJUDIRV TXH VH SRGHULDP
FKDPDU GH HVWUyILFRV´ 5$026  S ;;;9,,± ;;;9,,,3URHQoDGHVWDFDDVVLP D
PXVLFDOLGDGHROLULVPRHRULWPRTXHVHSHUFHEHPQDFRQVWUXomRIUDVDOGH+XJR
%DVHDGDQDWpFQLFDGRUHFRQWRDHVWUXWXUDQDUUDWLYDGHPXLWRVFRQWRVGH+XJRWUDEDOKD
FRP QDUUDGRUHV P~OWLSORV TXH FRQWDP H[SHULrQFLDV SUySULDV RX DOKHLDV GDV TXDLV RXYLUDP
IDODU H TXH UHSDVVDP DRV VHXV RXYLQWHV WDPEpP HOHV SRWHQFLDLV QDUUDGRUHV 2 QDUUDGRU
SULQFLSDORXILQDOFRPRERPHVWUDWHJLVWDFRPHoDSHODDPELHQWDomRGHVFUHYHQGRRFHQiULR
QRTXDOVHGHVHQURODUiDQDUUDWLYD(VVDWpFQLFDpXWLOL]DGDTXDQGRYDLQDUUDUH[SHULrQFLDGD
TXDORXYLXIDODURTXHRFRUUHSRUH[HPSORQRFRQWR³¬%HLUDGR3RXVR´
&RQWDYDP FDVRV +LVWyULDV GHVOHPEUDGDV GR VHUWmR TXH DTXHOD OXD
DFLQ]HQWDGD H IULRUHQWD GH LQYHUQR HQYROWD HP EUXPDV Oi GR FpX WULVWH H
FDUUHJDGRLQVXIODYDSHUIHLWDYHURVVLPLOKDQoDHYLGDDQLPDGD3HODPDLRULD
FRQWRV O~JXEUHV H VDQJXLQROHQWRV HLYDGRV GH VXSHUVWLo}HV H WHUURUHV
SDVVDGRVVRERFODUmRHPEDoDGRGDTXHODPHVPDOXDDFLQ]HQWDGDHIULRUHQWD
GHLQYHUQRQRVHLRDVSpUULPRGDVVROLG}HVJRLDQDV$FRFRUDGRVjVHUWDQHMD
VRE D FRSD GHVIROKDGD GR SRXVR ± XP MDWREi JLJDQWHVFR ± ³DTXHQWDYDP´
IRJRDSHWLVFDUEDIRUDGDVJURVVDVGRVFLJDUU}HVGHSDOKDRXYLGRVDWHQWRVDR
QDUUDGRU5$026S
eDPHVPDDPELHQWDomRTXHVHREVHUYDHP³3HOR&DLDSy9HOKR´
1RLWH HVFXUD H Pi SDWUmR]LQKR 7URYRDGD H UHOkPSDJR HUDP TXH QHP
URTXHLUDHIRJXHWHGH6mR-RmR(PEDUDIXVWDUDPHDRVDLUGDPDWDJUDQGH
SRUXPEDPEXUUDOGDQDGRDGHQWURWmRIHFKDGRGHOLDQDHFLSyTXHVHQmR
IRVVHViEDGRHGLDGHXPVDQWRGDPLQKDGHYRomRDFUHGLWDULDORJRVHUPLWUD
GRFXUXSLUDDID]HUWUHWDVHPDOtFLDVSDUDPHSHUGHU0DVORXYDGRVHMD'HXV
±HRFKDSpXGHFDWLQJXHLURGHVFDPERXQRYDPHQWHSDUDDQXFDGRFDEXUp±
SDWXi GH EHQ]HGXUD H UH]D PDQVD FRQWUD WHQWDomR QXQFD DEDQGRQRX SHLWR
YHOKRGRFDERFOROiLVVRQmR5$026S
$ HVWUDWpJLD VH UHSHWH QR FRQWR ³2 3ROGUR 3LFDoR´ GHVVD IHLWD XPD H[SHULrQFLD
DXWRELRJUiILFDGRSULPHLURQDUUDGRUGRFRQWR
(X HUD QHVVH WHPSR R SHmR PDLV DILDQoDGR GD ID]HQGD 1DV UHGRQGH]DV
GHVWHV³*XDLDLV´±HRPHXFRPSDQKHLURIH]XPJHVWRODUJRDEDUFDQGRFpXH
WHUUDVFRPDPmR±QmRKDYLDTXHPIRVVHPDLVPDQHLURGHMXQWDVHVHJXUR
QRVDUUHLRVTXHHVWHVHXFULDGR1mRpSRUTXHUHUJDEDUPDVQRORPERGXP
PDOFULDGRHVWULERVEHPMXVWRVRTXHSURPHWLDID]LDPHVPR$LQGDGXPD
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IHLWD TXDQGR R SDWUmR DQGDYD DMXQWDQGR QDV LQYHUQDGDV XPDV WURSDV TXH
IRPRVGHSRLVYHQGHUDR0DWR*URVVRPXLWDJHQWHSDVPRXSDUDDVWURSHOLDV
SX[DGDVjVXVWkQFLDTXHIXLFRPHWHQGRFRPTXDQWREXUUR³EUDGR´HUHGRPmR
TXHDSDUHFLDQRVORWHV5$026S
2FRQWR ³&DPLQKR GDV 7URSDV´ p H[HPSODUTXDQWR DRV HOHPHQWRV RUDLVOLVWDGRV SRU
%HQMDPLQ R TXH Gi j VXD HVFULWD R ULWPR GLQkPLFR GD RUDOLGDGH 'HSRLV GD GHVFULomR GH
DPELHQWDomR IHLWD SHOR QDUUDGRU TXH Mi RXYLX D KLVWyULD H DJRUD D UHODWD QR WH[WR R
SHUVRQDJHP GD QDUUDWLYD DVVXPH R SDSHO GH QDUUDGRU H VH FRORFD QR FHQWUR GD QDUUDWLYD
FKDPDQGR SDUD VL D DWHQomR GRV RXYLQWHV ³B+RPHP LQGD DJRULQKD DWDOKRX R 0DQRHO R
GLDQWHLURUHOHPEUDYDXPIDWRTXHPHVXFHGHXGXPDIHLWDTXDQGRYLDMDYDHVFRWHLURjVRUGHQV
GR PDMRU 0DWRV S µU¶ HVVDV EDQGDV´ 5$026  S e D SUHVHQoD LQWHLUD GH TXHP
UHODWDUDH[SHULrQFLDYLYLGDHDJRUDUHSDVVDGD
2 QDUUDGRU WDPEpP UHTXLVLWD D SDUWLFLSDomR GR RXYLQWH QD FRPSUHHQVmR GR IDWR
QDUUDGR ³0HFrV GHYHP HVWDU OHPEUDGRV TXH QD DOWXUD GRV 0DULQKRV QXP HVWLUmR GH PHLD
OpJXDGHWDEDWLQJDHWHUUDSXUDILFDXPFHPLWpULRDEDQGRQDGR´5$026S$TXL
VHSHUFHEHDLQWHUDomRRXYLQWHQDUUDGRUeSUHFLVRTXHRRXYLQWHDWXHEXVFDQGRQDPHPyULDD
ORFDOL]DomR HYRFDGD SHOR QDUUDGRU FRRSHUDQGR FRP HVWH QD RUJDQL]DomR GR HVSDoR
UHFRQVWUXLQGRSHODOHPEUDQoDRFHQiULRGDQDUUDWLYDTXHVHWRUQDPDLVVLJQLILFDWLYD
2 RXYLQWH TXH QmR FRQKHFHVVH R ORFDO GHVFULWR WHULD XPD YDJD QRomR VREUH HVWH
EDVHDGD QD EUHYH LQIRUPDomR GDGD SHOR QDUUDGRU ³&HPLWpULR DEDQGRQDGR´ DTXHOH TXH
FRQKHFHVVH R WDO FHPLWpULR Mi WHULD XPD LPDJHP FODUD GR OXJDU TXDQGR DGLDQWH R QDUUDGRU
DFUHVFHQWD GHWDOKHV j GHVFULomR GR ORFDO QR TXDO VH GHVHQURODUD R IDWR QDUUDGR ³FUX]HV
DSRGUHFLGDVTXHSHQGLDPQRHVFXURGHVFRQMXQWDGDVjEHLUDGRFDPLQKRVREUHF{PRURVPDO
IHLWRVGHWHUUD´5$026S
4XDQWR PDLV R RXYLQWH SRGH FRRSHUDU QD FRQVWUXomR GR VHQWLGRPDLV LQWHQVD H
VLJQLILFDWLYD WRUQDVH D QDUUDWLYD H R QDUUDGRU WLUD SURYHLWR Pi[LPR GHVVH DVSHFWR
YDORUL]DQGR D KLVWyULD TXH FRQWD ³3DURX JR]DQGR D H[SHFWDWLYD DQJXVWLRVD TXH HUUDYD
GHUUHGRU HQWUH RV SDUFHLURV´ 5$026  S  $ FRQVWUXomR GD QDUUDWLYD FRQGX] RV
RXYLQWHVDXPHVWDGRGHDQVLHGDGHDQJXVWLDGDDWHVWDQGRDKDELOLGDGHGRFRQWDGRUGDKLVWyULD
KDELOLGDGHTXHVHGHVHQYROYHQDWXUDOPHQWHQDRUDOLGDGHHTXHUHTXHUGRHVFULWRURGRPtQLRGH
WpFQLFDVQDUUDWLYDVTXHSHUPLWHPDUHFRQVWUXomRGDKLVWyULDVHPSHUGHUDFRQFLVmRHDIOXrQFLD
RUDLVHIHLWRTXH+XJRFRQVHJXHFRPSHUIHLomR
%HQMDPLQ WDPEpP DSRQWD FRPR PDUFD GDV QDUUDWLYDV RUDLV R VHQGR SUiWLFR TXH
SRVVXHP H TXH VH H[SUHVVD HP XP FRQVHOKR XP SURYpUELR XPD PRUDO XP HQVLQDPHQWR
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HQILPHHVWHpXPDVSHFWRUHFRUUHQWHQDFRQWtVWLFDGH+XJRTXHFRPRQRFRQWR³&DPLQKR
GDV7URSDV´WUDEDOKDFRPXPDQDUUDWLYDGHDVVRPEUDomRPDVQmRVHWUDWDGHXPDKLVWyULD
SDUD DPHGURQWDU p DQWHV XPD KLVWyULD TXH PRVWUD FRPR VH SRGH YHQFHU R PHGR
³$VVRPEUDPHQWRWHQKRRXYLGRFDVRVYHUGDGHVHMDPDVDVPDLVGDVYH]HVIDOWDGHFRUDJHP
WXUYDomRGRPHGRHGDEHELGD0DOXTXLFHDQGDjWRDQRPXQGRGD9LUJHPQmRIRUDRPHX
kQLPRKRMH]DQ]DULDSRUDtQHVVDVEDPEXUUDV³JLUD´YDUULGR5$026S
2QDUUDGRUGRFDXVRGHVGHRFRPHoRGHL[DFODURVXDSRVLomRGHKRPHPGHVWHPLGR
H[SHULHQWHHSUiWLFRRTXHOKHGiDXWRULGDGHSDUDDFRQVHOKDURVFRPSDQKHLURV³2FDVRpTXH
HUDHQWmRDFRVWDGRHGHILDQoDGDTXHOHVGHSRXFDFRQYHUVDHGHJUDQGHHVWDGmR´5$026
S0DVQHVVDGHVFULomRQmRVHFRORFDDFLPDGRVSDUFHLURVGRVTXDLVUHFRQKHFHR
YDORU ³8P KRPHP p KRPHP PHFrV EHP VDEHP´ H VDEHP SRUTXH VmR KRPHQV GD PHVPD
PHGLGDYDOHQWHPDVRQDUUDGRUHVSHUDWUDQVPLWLUXPDOLomRGHFRUDJHPSDUDVHXVRXYLQWHVH
RID] UHSHWLQGR FRQVHOKRV H DGYHUWrQFLDVDR ORQJRGDQDUUDWLYD ³0DVFRPROKHVGL]LD HP
TXDOTXHUDSHUWRSµU¶HVWHPXQGRGH&ULVWRXPKRPHPpKRPHPHRTXHWHPGHDFRQWHFHU
WHPI{UoDDFRQWHFHPHVPR´5$026SHDUUHPDWDQRHQVLQDPHQWRILQDO³$
JHQWH TXDQWR PDLV YLYH PDLV DSUHQGH Mi GL]LD PLQKD DYy (QILP FUHLDP PHFrV p WHU
VHPSUHGHVDSHJRDRSHULJR´5$026S
$OLomRIRLSRVWDRFRQVHOKRIRLGDGR(VHWUDWDGHXPHQVLQDPHQWRDQWLJRGRWHPSR
GRV DYyV R TXH UHIRUoD R DVSHFWR GD H[SHULrQFLD UHSDVVDGD ERFD D ERFD SHUSHWXDQGR D
VDEHGRULDSRSXODUTXHVREUHYLYHQDPHPyULDGRVTXHDWUDQVPLWHPDRORQJRGRWHPSRQDV
KLVWyULDV LQ~PHUDV YH]HV UHFRQWDGDV ( FRPR WRGD ERD OLomR D KLVWyULD FRQWDGD p FXUWD
SUHFLVD DMXVWDGD i VLWXDomR GH TXHP QmR TXHU SHUGHU WHPSR FRP JUDQGHV H[SOLFDo}HV RX
URGHLRVFDPLQKDQGRKDELOPHQWHSDUDRGHVIHFKRVHPSHUGHUDDWHQomRGRRXYLQWHSUHVRj
QDUUDWLYDSRUXPD³H[SHFWDWLYDDQJXVWLRVD´
2 HVFULWRU DR IL[DU HVWDV KLVWyULDV HP QDUUDWLYDV HVFULWDV WUDEDOKD FRP D PHPyULD
EXVFD QDV OHPEUDQoDV SUySULDV H FROHWLYDV R PDWHULDO GR TXDO EURWD VXD REUD e QHFHVViULR
FDSDFLGDGHGH REVHUYDomR H VHOHomR SDUD H[WUDLUGRSDWULP{QLRFXOWXUDORVHOHPHQWRVTXHD
PHPyULDFULDGRUDWUDQVIRUPDHPPDWpULDGHHVWpWLFDOLWHUiULDHPH[HPSODUHVGHKXPDQLGDGH
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VHOHomRGHIDWRVSDUDDSRVVtYHOFULDomROLWHUiULDRTXHVHFRQILUPDHPWUHFKRVGHXPDFDUWD
TXHHVFUHYHjVXDLUPm
1HVVD VLPSOHV YLDJHP GDTXL D $UDJXDUL WHUHL PXLWD FRLVD TXH REVHUYDU
KiELWRV FRVWXPHV DVSHFWRV HWF TXH PXLWRV ± RV TXH QmR SRVVXHP
TXDOLGDGHV GH REVHUYDomR H GHGXomR ± QmR WRPDP PDLV TXH SRU PHURV
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FRLVDGHVVDYLGDGRLQWHULRUWHQKRHPHQFXEDomRXPYDVWRHVREHUERSODQR
SDUDDDPSOLDomRGRTXDOYRXDFXPXODQGRDVPDLVLQVLJQLILFDQWHVDQRWDo}HV
DVYDULDQWHVPtQLPDVGHIDWRVHDVSHFWRVFRPXQV5$026Y,,S
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2 DXWRU TXH GHVGH VXD LQIkQFLD VH DFRVWXPDUD D FRQWLQXDGDV YLDJHQV SHOR LQWHULRU
DFXPXORX HP VXD PHPyULD JUDQGH ULTXH]D GH H[SHULrQFLDV H QmR OKH IDOWRX D FDSDFLGDGH
FULDGRUDSDUDGHODVDEVWUDLUDHVVrQFLDGHVHXVFRQWRV&RQWXGRXPDERDKLVWyULDYDLDOpPGR
H[HUFtFLRGHPHPyULDGRVHXHVFULWRUQDUUDGRUHODWHPTXHVHUHODERUDGDGHIRUPDDGHVSHUWDU
R LQWHUHVVH GR OHLWRU H PDQWrOR FLUFXQVFULWR DR HQUHGR QDUUDWLYR D SRQWR GH ID]HU DIORUDU
VHQVDo}HVHVHQWLPHQWRVTXHHVWDEHOHFHPFRPDQDUUDomRXPDUHODomRVHQVtYHOGHDIHWLYLGDGH
HPRFLRQDOHFRUSRUDO
(VVD UHODomR HUD PDLV LQWHQVD QDV QDUUDWLYDV UHDOPHQWH RUDLV R HQYROYLPHQWR GR
RXYLQWH FRP R QDUUDGRU HUD PDLV HYLGHQWH H UHVXOWDYD QXP FDUiWHU SHUIRUPiWLFR TXH VH
UHYHODYDQDSUHVHQoDLQWHLUDGR³FRUSRYLYR´GDVSHVVRDVHQYROYLGDVQHVWHSURFHVVROHYDQGR
DXPD PDLRU DSUHHQVmRGR VLJQLILFDGRH[SRVWRSHODQDUUDWLYDFRPRREVHUYD3DXO=XPWKRU
FUtWLFRHVWXGLRVRGDOLWHUDWXUDRUDO
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6HJXQGR=XPWKRUDUHFHSomRGHXPDQDUUDWLYDHVFULWDGHSHQGHGDSHUIRUPDQFHTXHVH
HVWDEHOHFHHQWUHRDXWRUROHLWRUHDREUDTXDQWRPDLVLQWHQVDIRUHVVDSHUIRUPDQFHPDLRU
VHUi SHOR PHQRV LPHGLDWDPHQWH D DFHLWDomR H D GXUDomR GH XPD REUD QD FRPXQLGDGH GRV
OHLWRUHVTXHVHQWHPRFRPSDUWLOKDPHQWRGHPHPyULDVDWUDYpVGRWH[WR9LVWDSRUHVVHSULVPD
DOHLWXUDQmRpXPDWRVHSDUDGRGDWHVVLWXUDWH[WXDOQHPDEVWUDWDHPVXDUHDOL]DomR
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OHLWRUpRTXHSHUFHEHPRVSHODVXDIDODFLWDGDQRLQtFLRGHVVHFDStWXOR³RTXHHVFUHYRQmRp
jV FHJDV H LQVWLQWLYDPHQWH WHQKR D UHVSRQVDELOLGDGH H D SURELGDGH GRV PHXV SURFHVVRV
OLWHUiULRV´ WDPEpP PRVWUD TXH VDELD GR WUDEDOKR TXH XP FRQWR UHTXHU SDUD SURGX]LU R
Pi[LPRGHHIHLWRHPVXDFRPSRVLomRTXDQGRDFUHVFHQWD³OHYRPHVPRRPHXHVFU~SXORDWp
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YLGDGR6HUWmRQmRFRPR(XFOLGHVGD&XQKDDHVFUHYHXPDVPDLVVXDYH
FRP FDPELDQWHV GH OX] H VRPEUDV OHYHV D OLOiV j HOHJLD DR GLWLUDPER j
HSRSpLDHDRLGtOLR>@5$026Y,,S
*rQLRQmROKHIDOWRXSDUDFXPSULURTXHVHSURS{V±FRQWULEXLUFRPR³DOHYDQWDPHQWR
GRVDOLFHUFHVGDOLWHUDWXUDEUDVLOHLUD´±RTXHGijVXDREUDUHFRQKHFLGDTXDOLGDGHHIHOL]HIHLWR
HVWpWLFR(VSHUDPRV FRQWULEXLU SDUDTXHVHX SHQVDPHQWR GHKRPHPURPkQWLFRSUpPRGHUQR
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KLVWyULFRHWHyULFR
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$V TXHVW}HV UHIHUHQWHV DR HVWDEHOHFLPHQWR GH QRVVD OLWHUDWXUD PRYLPHQWDUDP H
PRYLPHQWDPQRVVDLQWHOHFWXDOLGDGHQDEXVFDGHH[SOLFDUHHVWDEHOHFHURVSURFHVVRVTXHQRV
FRQGX]LUDP DR TXH UHVXOWRX HP QRVVR FkQRQH OLWHUiULR H TXH QR SHUtRGR GR URPDQWLVPR
EXVFDYD D FRQVROLGDomR GD LGHQWLGDGH QDFLRQDO 2 TXH KRMH HQWHQGHPRV FRPR ³OLWHUDWXUD
EUDVLOHLUD´FRP VHXVSHUtRGRVHHVFRODVSRVVXLXPDKLVWyULDGDTXDOQmRVHSRGHH[FOXLUD
KLVWyULDSROtWLFDGDQDomR
3DtVGHRULJHPFRORQLDOQR%UDVLOLPSODQWRXVHDFXOWXUDGDPHWUySROHGRPLQDQWHTXH
LQIOXHQFLRXRPRGRGHVHUHYLYHUGRVTXHKDELWDYDPHVWDVWHUUDV2HVWLORGHYLGDHGHFXOWXUD
GD YHOKD (XURSD DTXL VH ID]LD VHQWLU DWUDYpV GH QRVVR FRORQL]DGRU QXPD UHODomR
DSDUHQWHPHQWHSDVVLYD
2 FRUUHU GH QRVVD KLVWyULD SRUpP PRVWUD YiULDV PDQLIHVWDo}HV GH GHVHMR SRU
LQGHSHQGrQFLD SROtWLFD R TXH SRU ILP SHUPLWLULD D DXWRQRPLD GD FRO{QLD OLYUH GR SHVDGR
LPSpULRSRUWXJXrV6REUHOHYDQWHVUHYROWDVHDFRUGRVDLQGHSHQGrQFLDVHHVWDEHOHFHHDH[
FRO{QLDVHYLXLQYHVWLGDQRSDSHOGHMRYHPQDomRVREHUDQD
0DVRTXHHUDHVVDQDomR"2TXHHODWLQKDGH³VHX´SDUDDSRQWDUFRPRRFDUiWHUGHVXD
SDUWLFXODULGDGH"(UDSUHFLVRIDODUDHVREUHDQDomRGHILQLODSUHFLViODWUDQVPLWLURVHQWLGR
GH%UDVLOSDUDTXHVHFRQVWUXtVVHREUDVLOHLUR)D]LDVHXUJHQWHDEXVFDGRDMXVWHGHLGHQWLGDGH
SDUD DOFDQoDU R HTXLOtEULR QDFLRQDO TXH VH PRVWUDYD VHULDPHQWH GHVHVWDELOL]DGR GHVGH D
LQGHSHQGrQFLD IRVVH SHOD GHFDGrQFLD GDV HOLWHV LPSHULDLV IRVVH SRXFR WHPSR GHSRLV SHOR
SRSXOLVPR UHSXEOLFDQR 6DtPRV GR VpFXOR ;9,,, HQWUDPRV SHOR ;,; DWp R OLPLDU GR ;;
WHQWDQGRQRVFRQKHFHUFRPRSRYRHQDomRSDUWLFXODUHV
6H HUD SUHFLVR IDODU VREUH D QDomR QmR Ki FRPR LJQRUDU R LPSRUWDQWH SDSHO
GHVHPSHQKDGR SHOD OLWHUDWXUD SULQFLSDOPHQWH QR SHUtRGR HP TXH R SDtV FRQVROLGDYD VHX
SURFHVVR GH DXWRQRPLD SROtWLFD FRPR XP SRGHURVR GLVFXUVR IXQGDGRU GD QRVVD LGpLD GH
QDomR EXVFDQGR RX FULDQGR UHSUHVHQWDo}HV QDV TXDLV SXGpVVHPRV LGHQWLILFDU QRVVD IHLomR
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SHULIpULFRVGHIRUPDomRFRORQLDODEXVFDSRUWUDoRVLGHQWLWiULRVSUySULRVpQDWXUDOXPDYH]
TXH D IHLomR SDUWLFXODU GLIHUHQFLD H SRVVLELOLWD D DILUPDomR GH GHWHUPLQDGD FXOWXUD IUHQWH D
RXWUD QR %UDVLO HVVD WHQGrQFLD FRQWULEXLX SDUD UHIRUoDU D LQGHSHQGrQFLD SROtWLFD GD H[
FRO{QLD
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DXQLGDGHFRQVWLWXWLYDGHXPDQDomRQHFHVVLGDGHPRGHUQDTXHREULJRXRLQGLYtGXRDVHYHU
HPVRFLHGDGHFRPRSDUWHLQWHJUDQWHGHXPWRGRPDLRUTXHVHUHSUHVHQWDYDQDLGpLDGHQDomR
TXH VXUJLUDP GR JUDQGH UHDUUDQMR KLVWyULFR TXH UHVXOWRX GD TXHGD GR UHJLPH IHXGDO H R
VXUJLPHQWRGRHVWDGRQDomRTXHQHFHVVLWRXFRQVWUXLUHFULDURVHOHPHQWRVGHFXOWXUDSDUDD
IRUPDomRGRVLJQLILFDGRQDFLRQDOFRQILJXUDQGRXPDLGHQWLGDGHSUySULDOLJDQGRVREDSDUHQWH
XQLGDGHSHVVRDVQDUHDOLGDGHGtVSDUHV
6REUHDQHFHVVLGDGHGHVHQWLUVHSDUWLFLSDQWHGRWRGRQDFLRQDO6WXDUW+DOODQDOLVDQGR
D SRVLomR GH *HWKHU DILUPD TXH VHP XP VHQWLPHQWR GH LGHQWLILFDomR QDFLRQDO R VXMHLWR
PRGHUQR H[SHULPHQWDULD XP SURIXQGR VHQWLPHQWR GH SHUGD VXEMHWLYD H DFUHVFHQWD DV
LGHQWLGDGHV QDFLRQDLV QmR VmR FRLVDV FRP DV TXDLV QyV QDVFHPRV PDV VmR IRUPDGDV H
WUDQVIRUPDGDVQRLQWHULRUGDUHSUHVHQWDomR´+$//S
6H XPD LGHQWLGDGH QDFLRQDO p FRQVWUXtGD SRU UHSUHVHQWDo}HV p QDWXUDO TXH RV
GLVFXUVRV LQFOXVLYH R OLWHUiULR TXH VH IRUPDP QR PRPHQWR GH VXD DILUPDomR DXW{QRPD
SURFXUHPFRQVROLGDURXFRQIRUPDUHVWDLGHQWLGDGH(VVHHVIRUoRpQHFHVViULRSRUTXHDILUPDU
XPDLGHQWLGDGHpSURFHVVRFRPSOH[RSDUDRTXDODOLWHUDWXUDFRPVHXSRGHUGHUHSUHVHQWDomR
DIHWLYDFRQWULEXLGHILQLWLYDPHQWH
(P QRVVR FDVR R SULQFLSDO HQWUDYH j FRQVWUXomR GHVVD LGHQWLGDGH FRQVLVWLD HP
HVSHFLDO HP XPD UHFXVD j FXOWXUD GH H[SRUWDomR SDUD VH YDORUL]DU R TXH R %UDVLO WLQKD GH
RULJLQDO R TXH SRGHULD WUDGX]LOR FRPR QDomR H HUD XP HQWUDYH SRUTXH D FXOWXUD GR
FRORQL]DGRU HVWDYD IRUWHPHQWH LPLVFXtGD HP QRVVR SDVVDGR KLVWyULFR GH IRUPDomR FRORQLDO
LQLFLDO GH UHFHQWH PHPyULD LQWULQVHFDPHQWH SUHVR j SULPHLUD UHODomR SROtWLFRVRFLDO GH
PHWUySROHHSHULIHULDTXHVHHVWDEHOHFHXHQWUH%UDVLOH3RUWXJDO
3RU HVWD GHSHQGrQFLD WDOYH] DV SULPHLUDV SURGXo}HV OLWHUiULDV QmR FRQVHJXLUDP
GHOLQHDURSHUILOQDFLRQDOWUD]HQGRHPVHXERMRFODURVLQGtFLRVGDLQIOXrQFLDHVWUDQJHLUD0DV
RSDtVFRQVWUXtDOHQWDPHQWHVHXSURFHVVRGHDXWRQRPLDHDQHFHVVLGDGHGHVHGHVHQYROYHU
XPDOLWHUDWXUDTXHWUDGX]LVVHDLGHQWLGDGHFXOWXUDOGR%UDVLOVHID]LDVHQWLUFRPRXPDQVHLR
QDFLRQDOLVWD (VVH DQVHLR GH QDFLRQDOLGDGH ODQoDUDt]HV QD ILFomR EUDVLOHLUD H VH WRUQD PDLV
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(VWH DVSHFWR KLVWyULFR IRL DPSODPHQWH H[SORUDGR SRU $QWRQLR &DQGLGR HP VXDREUD
³)RUPDomR GD /LWHUDWXUD %UDVLOHLUD´ RQGH GHVWDFD RV SHUtRGRV GR $UFDGLVPR H GR
5RPDQWLVPR QRVpFXOR ;,;FRPRRVPRPHQWRV HP TXHDOLWHUDWXUDEUDVLOHLUDDGTXLULXRV
FRQWRUQRVGHILQLWLYRVSDUDVHFRQVWLWXLUGHFLVLYDPHQWHFRPRWDOSRUTXHVHJXQGRRDXWRUpD
SDUWLUGHVVHVSHUtRGRVTXHVHFRPHoDVLVWHPDWLFDPHQWHDSURGX]LUXPDOLWHUDWXUDSUHRFXSDGD
HPPRVWUDUFDUDFWHUtVWLFDVSUySULDV
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QRVVDXPFDUiWHUWmRFRQVFLHQWHGHVXDIXQomRKLVWyULFDQDIRUPDomRGDLGHQWLGDGHQDFLRQDOH
QRHPSHQKRHPPRVWUDUFDSDFLGDGHGHSURGX]LUREUDVUHSUHVHQWDWLYDVGHQRVVDQDFLRQDOLGDGH
XWLOL]DQGR HOHPHQWRV QDWLYRV QXPD IXJD LQWHQFLRQDO DR PRGHOR HXURSHX DWp HQWmR VHPSUH
LPLWDGR
1mR p QRVVD LQWHQomR GLVFXWLU D YDOLGDGH RX QmR GH VXDV DILUPDo}HV DOJXPDV EHP
SROrPLFDVHMiDPSODPHQWHGHEDWLGDVSRUpPRVFRQFHLWRVGH&DQGLGRDMXGDPQRVDHQWHQGHU
XPREMHWLYRTXHVHPSUHSHUVHJXLXQRVVRVHVFULWRUHVQDFLRQDOLVWDVDWHQWDWLYDGHVHOLYUDUGD
LQIOXrQFLDHVWUDQJHLUDH GDU IHLomR SUySULD jOLWHUDWXUDQDFLRQDO 1mRpSRU DFDVR TXH QRVVD
OLWHUDWXUD VH PRVWUD HP VHXV SULQFtSLRV WmR HPSHQKDGD QD GHOLQHDomR GH XPD FXOWXUD
LGHQWLWiULD
2SDtVVHFRQVROLGDYDSROLWLFDPHQWHPDVHUDQHFHVViULR³FULDU´DLGpLDGHQDomRFRP
FXOWXUDSUySULDDILQDOFRPREHPWHRUL]D6WXDUW+DOO
$QDomRQmRpDSHQDVXPDHQWLGDGHSROtWLFDPDVDOJRTXHSURGX]VHQWLGRV±
XPVLVWHPDGHUHSUHVHQWDomRFXOWXUDO$VSHVVRDVQmRVmRDSHQDVFLGDGmRVmV
OHJDLVGHXPDQDomRHODVSDUWLFLSDPGDLGpLDGDQDomRWDOFRPRUHSUHVHQWDGD
HP VXD FXOWXUD QDFLRQDO 8PD QDomR p XPD FRPXQLGDGH VLPEyOLFD XPD
FXOWXUD QDFLRQDO IXQFLRQD FRPR XP VLVWHPD GH UHSUHVHQWDomR >@ D
LGHQWLGDGH QDFLRQDO p XPD ³FRPXQLGDGH LPDJLQDGD´ +$// S 
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³,PDJLQDU´ HVVD QDomR IRL SURMHWR HQFHWDGR SHOR 5RPDQWLVPR 6RE R HVWtPXOR GD
LQGHSHQGrQFLDSROtWLFDDOLWHUDWXUDEUDVLOHLUDDSDUWLUGHVVHSHUtRGRWDPEpPSURFXUDILUPDU
VHHPRVWUDUVHSURGXWLYDIUHQWHDRSDGUmROLWHUiULRHXURSHXHYROWDVHQDWXUDOPHQWHSDUDVHX
SUySULRWHUULWyULRQDEXVFDGHPRGHORVHVWpWLFRVTXHSUHHQFKHVVHPDQHFHVVLGDGHGHH[SUHVVmR


&RPR p EDVWDQWH FRQKHFLGR DV SURSRVLo}HV GH $QWRQLR &DQGLGR TXH MXVWLILFDP HVVH UHFRUWH KLVWyULFR VH
EDVHLDPHPVXDLGpLDGHOLWHUDWXUDFRPRVLVWHPDRXVHMDDH[LVWrQFLDHPFRQMXQWRLQWHUDWLYRGH³XPFRQMXQWR
GHSURGXWRVOLWHUiULRVPDLVRXPHQRVFRQVFLHQWHGHVHXSDSHOXPFRQMXQWRGHUHFHSWRUHVIRUPDQGRDVGLIHUHQWHV
WLSRV GH S~EOLFR VHP RV TXDLV D REUD QmR YLYH XP PHFDQLVPR WUDQVPLVVRU GH PRGR JHUDO XPD OLQJXDJHP
WUDGX]LGDHPHVWLORVTXHOLJDXQVDRVRXWURV´&$1','2S

DUWtVWLFDOLWHUiULD2UHVXOWDGRIRLXPDOLWHUDWXUDFRPIRUWHDFHQWRQDFLRQDOLVWD
3DUD FKHJDU D HVVH UHVXOWDGR R WUDEDOKR IRL PHWLFXORVR H LQWHQFLRQDO e SRVVtYHO
GHWHFWDUDVHWDSDVVHJXLGDVSRUQRVVRVHVFULWRUHVDRWHQWDUGHILQLUXPDLGHQWLGDGHFXOWXUDOSDUD
R%UDVLO1RLQWXLWRGHHQWHQGHUHVVHSURFHVVRGHWHQKRPHXPSRXFRPDLVQDWHRULDGH+DOOH
GHSRLVEXVFDUHLYHUFRPRHVVDWHRULDSRGHVHUDSOLFDGDQHVWHHQWHQGLPHQWR
+DOO GHVHQYROYH XP HVWXGR FRP EDVH QD WHRULD GH TXH D QDomR p XPD LQYHQomR GD
PRGHUQLGDGHHQWHQGLGDFRPRRSHUtRGRKLVWyULFRTXHVHLQLFLDFRPRILPGDLGDGHPpGLDHR
HVWDEHOHFLPHQWRGRVHVWDGRVQDomRHVHXVXUJLPHQWRH[LJHXPDLGHQWLILFDomRUHSUHVHQWDWLYD
TXH p LPDJLQDGD H WUDEDOKDGD DWp TXH D LGpLD GH ³QDomR´ VH ILUPH QR LPDJLQiULR SRSXODU
9iULRVDVSHFWRV GR SURFHVVRGHHODERUDomRGD³LPDJHP´GD QDomRVmRDQDOLVDGRVSRU +DOO
PDV QRV DWHUHPRV DSHQDVD WUrVGHVWHV DVSHFWRVTXHSRGHP QRV DMXGDU QR HQWHQGLPHQWR GH
QRVVRSURFHVVRGHFRQVWUXomRGDLGHQWLGDGHQDFLRQDO
8PGRVDVSHFWRVDSRQWDGRVSRU+DOOpTXHQDFRQVWUXomRGDLGHQWLGDGHDVKLVWyULDVH
OLWHUDWXUDVQDFLRQDLV MXQWR j PtGLD H FXOWXUDSRSXODUH[HUFHPSDSHOLPSRUWDQWHIRUQHFHQGR
LPDJHQV KLVWyULDV FHQiULRV H SHUVRQDJHQV FRP RV TXDLV VH WRUQD SRVVtYHO FRQVWUXLU XPD
³QDUUDWLYDGDQDomR´(VVDVKLVWyULDVGDQDUUDWLYDQDFLRQDOVmRQHFHVViULDVQDFRQVWUXomRGD
LGHQWLGDGHFXOWXUDO SRUTXH HODV³VLPEROL]DP RXUHSUHVHQWDPDVH[SHULrQFLDVSDUWLOKDGDVDV
SHUGDVRVWULXQIRVHRVGHVDVWUHVTXHGmRVHQWLGRjQDomR´+$//S
2SRQWRQRGDOGDQDUUDWLYDGDFXOWXUDQDFLRQDOpRWUDEDOKRFRPDLGpLDGHXPPLWR
IXQGDPHQWDO 1D LGHQWLGDGH GH XP SRYR HVVH PLWR WRUQDVH HVVHQFLDO SRUTXH ³ORFDOL]D D
RULJHP GD QDomR GR SRYR H GR VHX FDUiWHU QDFLRQDO QXP SDVVDGR WmR GLVWDQWH TXH HOHV VH
SHUGHP QDV EUXPDV GR WHPSR QmR GR WHPSR µUHDO¶ PDV GH XP WHPSR µPtWLFR¶´ +$//
S6HJXQGR+DOODQDUUDWLYDGRPLWRIXQGDFLRQDODMXGDDVQDo}HVGHVSULYLOHJLDGDVH
SHULIpULFDVDFRQVWUXtUHPXPDLPDJHPHXPDKLVWyULDTXHJHUDOPHQWHSUHFHGHDVUXSWXUDVGD
FRORQL]DomRPDVHVVDVLPDJHQVHKLVWyULDVQmRVHORFDOL]DPQHFHVVDULDPHQWHHPXPWHPSR
FURQROyJLFR SUHFLVR VH SUHQGHP PDLV D XPD UHODomR GH WHPSR PtWLFR PDLV DGHTXDGR j
QDUUDWLYDGH³LQYHQomR´GDQDomR
3RUILPDFRQVWUXomRGDLGHQWLGDGHQDFLRQDOTXDVHVHPSUHWUDEDOKDFRPDLGpLDGHXP
SRYR SXUR RULJLQDO (VVD LGpLD GH SXUH]D pWQLFD SUHVVXS}H D H[LVWrQFLD GH XPD JHQWH TXH
PDQWHQKD DV FDUDFWHUtVWLFDV QDWLYDV SDUWLFXODUHV FDSD]HV GH UHSUHVHQWDU D QDomR GH IRUPD
LQFRQWDPLQDGD H SULPRUGLDO 1HVVD UHSUHVHQWDomR R ³YHUGDGHLUR´ KRPHP QDFLRQDO
WUDQVIRUPDVH HP XP VtPEROR FDSD] GH LUPDQDU WRGR R SRYR QXPD LGHQWLGDGH QDFLRQDO
LQGHSHQGHQWH GH TXmR GLIHUHQWHV SRVVDP VHU HQWUH VL RV PHPEURV TXH FRQVWLWXHP D PDVVD
SRSXODUGRSDtV

(VWHV WUrV HOHPHQWRV DSUHVHQWDGRV HP EUHYH VtQWHVH SRGHP VHUYLU FRPR SRQWR GH
SDUWLGD SDUD VH HQWHQGHU PXLWR GR SURFHVVR OLWHUiULR EUDVLOHLUR TXH IH] GH QRVVD OLWHUDWXUD
FRPRMiGLVVHPRVXPDOLWHUDWXUDHPSHQKDGDHFRQVFLHQWHGHVHXSDSHOQDFRQVWUXomRGHXPD
FXOWXUDLGHQWLWiULDSDUDR%UDVLOHREUDVLOHLUR
1DUUDQGRDQDomRHRPLWRIXQGDFLRQDORLQGLDQLVPR
3DUDFRQVWUXLUPHOKRUDDUJXPHQWDomRHPWRUQRGDLGpLDGHFRQVWUXomRGDLPDJHPGH
XPD QDomR WDOYH] VHMD QHFHVViULR HOHJHU XP PDUFR KLVWyULFR GHFLVLYR HP VXDFRQVWLWXLomR
3URSRQKR TXH SHQVHPRV HVWH PDUFR FRPR R DGYHQWR GD SURFODPDomR GD ,QGHSHQGrQFLD
1DFLRQDORFRUULGDQRLQtFLRGRVpFXOR;,;SRUTXHpDSDUWLUGHVVHHYHQWRTXHVHYrR%UDVLO
FRPRQDomR
'HVHMDUVHFRPRQDomRLQGHSHQGHQWHQmRHUDQRYLGDGHEUDVLOHLUD'HVGHRVpFXOR;9,
R2FLGHQWHQRWDGDPHQWHD(XURSDREVHUYDYDXPUHDMXVWHQDRUJDQL]DomRKLHUiUTXLFDVRFLDO
DVVLVWLQGR j DVFHQVmR GD EXUJXHVLD H DR GHFOtQLR GR IHXGDOLVPR 2 GHVHQURODU GD KLVWyULD
PRVWURX D UXtQD GH LPSpULRV ORQJDPHQWHHVWDEHOHFLGRV H R WHPSR LQRYDGRU GH UHRUGHQDomR
SROtWLFD HFRQ{PLFD H VRFLDO VRE R QDVFHU GD QRYD HUD WUD]LGD SHORV YHQWRV GD 5HYROXomR
)UDQFHVDHGD5HYROXomR,QGXVWULDO
1HVVHPHLR KLVWyULFR GHFRQIOLWRV LGHROyJLFRV VXUJH QD (XURSD R5RPDQWLVPRHR
PRPHQWR QmR SRGHULD VHU PDLV SURStFLR 6H RFRUULD XPD VXEYHUVmR GH YDORUHV VRFLDLV
HFRQ{PLFRVH SROtWLFRVD VXEYHUVmR GHYDORUHVHVWpWLFRVVHULDEHPYLQGDHR5RPDQWLVPR
HQJDMDGR QD OXWD FRQWUD D YHOKD RUGHP FRQWUD D TXHGD GDV EDUUHLUDV H GDV GHVLJXDOGDGHV
WRUQDVHDMXVWDGRDRJRVWRSRSXODUUHSUHVHQWDQGRDYDORUL]DomRGRLQGLYLGXDOHGRSDUWLFXODU
,PSXOVLRQDGR SHOD HIHUYHVFrQFLD OLEHUWiULD HXURSpLD R 5RPDQWLVPR FKHJD DR %UDVLO
DOJXQV DQRV GHSRLV GH SURFODPDGD D QRVVD ,QGHSHQGrQFLD VHQGR UDSLGDPHQWH DGRWDGR SRU
QRVVDLQWHOHFWXDOLGDGH0DLVXPDYH]RDPELHQWHKLVWyULFRpIDYRUiYHODHVWDHVWpWLFDOLWHUiULD
2%UDVLOHUDXPDQDomRMRYHPHUHFHQWHPHQWHOLYUHGRIHUUHQKRFRORQLDOLVPRTXHDTXL
YLJRURXPDLVRXPHQRVRVWHQVLYDPHQWHGHVGHD³HVEDUUDGD´GH3HGURÈOYDUHV&DEUDOFRP
HVVDVWHUUDV0DVXPDQDomRQmRVHID]DSHQDVFRPXPJULWRjEHLUDGHXPULDFKRXPDQDomR
QmR VXUJH DSHQDV SRU XP DWR SROtWLFR 6H FRQFRUGDPRV TXH XPD QDomR p FRQVWUXtGD SHOD
VLPEROL]DomR SHOD UHSUHVHQWDomR HQWHQGHPRV HQWmR TXH XPD QDomR p XPD FULDomR FXMD
LGHQWLGDGHVHWHFHQRVPHDQGURVGLVFXUVLYRVHLGHROyJLFRV
'HWRGDVDVSRVVLELOLGDGHVGLVFXUVLYDVTXHVHSRGHXWLOL]DUQDGHILQLomRGRFRQFHLWRGH
QDomR WDOYH] D OLWHUDWXUD VHMD XPD GDV PDLV HILFLHQWHV 2 SRGHU GH IL[DomR DQiOLVH H

UHSUHVHQWDomR GR GLVFXUVR OLWHUiULR HP HVSHFLDO R PRGHUQR QmR SRGH VHU QHJDGR FRPR R
H[S}H 1LFRODX 6HYFHQNR ³D OLWHUDWXUD PRGHUQD >@ FRQVWLWXL SRVVLYHOPHQWH D SRUomR PDLV
G~FWLOROLPLWHPDLVH[WUHPRGRGLVFXUVR>@HODDSDUHFHFRPRXPkQJXORHVWUDWpJLFRQRWiYHO
SDUD D DYDOLDomR GDV IRUoDV H GRV QtYHLV GH WHQVmR H[LVWHQWHV QR VHLR GH XPD GHWHUPLQDGD
HVWUXWXUDVRFLDO´6(9&(1.2S
1RVVRVHVFULWRUHVQmRLJQRUDYDPHVVHIDWRHVHQWLDPTXHRPRPHQWRKLVWyULFRUHTXHULD
XPFRPSURPHWLPHQWRFRPRDQVHLRGHDILUPDomRQDFLRQDO3RULVVRPHVPRR5RPDQWLVPR
IRL WmR DGHTXDGR jV QHFHVVLGDGHV OLWHUiULDV QDFLRQDLV H DRV LQWHOHFWXDLV GR PRPHQWR TXH
VHJXQGR%RVLIRUDPUHVSRQViYHLVSHOD³LQWURGXomRGR5RPDQWLVPRFRPRSURJUDPDOLWHUiULR
QR%UDVLO´%26,SXPSURJUDPDSROLWLFDPHQWHFRPSURPHWLGRFRPDQDomR
2 SURJUDPD H[SOtFLWR GRV URPkQWLFRV VH GHVHQYROYHX D SDUWLU GD QHFHVVLGDGH GH
FRQWULEXLUFRPDHPDQFLSDomROLWHUiULDEUDVLOHLUD(QYROYLGRVSHORFOLPDQDFLRQDOLVWDTXHD
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GLIHUHQFLDomR H SDUWLFXODUL]DomR GRV WHPDV H PRGRV GH H[SULPLORV
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6HP G~YLGD D RSXOrQFLD GD QDWXUH]D WURSLFDO H R HOHPHQWR LQGtJHQD FRP VHXV
FRVWXPHV SHFXOLDUHV HVWDYDP D FDOKDU FRP R SURSyVLWR QDFLRQDOLVWD URPkQWLFR H SRU LVVR
PHVPR VmR WRPDGRV FRPR D PDWpULD H WHPD SDUD DV SURGXo}HV OLWHUiULDV 'HVVD SUiWLFD
GHULYRXSDUDDQRVVDOLWHUDWXUDXP IRUWH QDWLYLVPR TXH EXVFRX QRVHOHPHQWRVSULPRUGLDLVD
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OLWHUDULDPHQWHFRPRLQGLDQLVPR
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SXGHVVHP VHU FRQWUDSRVWRV jTXHOHV FRP TXH RV URPkQWLFRV HXURSHXV YLQKDP SRYRDQGR
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OLWHUDWXUD /REDWR MRJD QR FHQiULR QDFLRQDO GH VXSHWmR VHP DYLVR SUpYLR XPD UHDOLGDGH
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FDLSLUDSRVVXLGRUGHPDLVUHFXUVRV
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FDUDFWHUtVWLFDVPRGDOLGDGHV>@5$026Y,,S
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2VHUWDQHMRTXDQGRFRPSDUHFHjVIHLUDVYDLSDUDYHQGHUFRXURFDUQHVHFDRX³VDEmR
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FDUQHVrFDRX³VDEmRGRVHUWmR´VHGHL[RXOiQDOD]HQGDVLFDVSHUQHLUDVH
RJXDUGDSHLWRGRFDPSHLRRFKDSHOmRGHFRXURGHEUXDGRHDFDSULFKRDOLR
WUD]DLQGDDFDPSDGRFRPDVXDMXJXODUGDVJDORSDGDV>@5$026
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2XWUDFDUDFWHUtVWLFDTXHRVGLVWLQJXHpROLQJXDMDU+XJRDLQGDGL]TXHRURFHLURpXP
WLSR ERoDO H UXGH FRP OLQJXDJHPHPLWLGD HP MXt]RV FXUWRV TXHOHPEUDR SRUWXJXrV DQWLJR
SHORXVRGHDUFDtVPRVGHWXUSDGRVDYHVVRjVFRQFRUGkQFLDVQHOHVHDSDJD³WRGRRLQWHUHVVH´
VHUWDQLVWD³TXHGDOHLWXUDGHOLYURVWDLVVHOKHSRGHULDDWULEXLU´RXVHMDpXPDOLQJXDJHPTXH
QmR VH SDUHFH DR H[RWLVPR GD OLQJXDJHP GD OLWHUDWXUD VHUWDQLVWD R VHUWDQHMR SRVVXL XP
OLQJXDMDUPDLVH[SDQVLYRVDFXGLGRHSLWRUHVFRTXHVHGLVWLQJXHGR³WLSRFDQKHVWURHPXLWDV
YH]HVRSLODGRGRTXHLMHLUR´
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GR VHUWDQHMR 2 URFHLUR p XP WLSR ³VHGHQWiULRSUHVRDRVRORFXMRKRUL]RQWHYLVXDOQmRYDL
DOpPGRDOTXHLUHGHWHUUDTXHODYUDP´5$026Y,,SRYDTXHLURDLQGDTXH
SUHVRjID]HQGDSHORDMXVWHGRSDWUmRUHODomRGHWUDEDOKRTXH+XJRGHQXQFLDHP³*HQWHGD
*OHED´ p XP HOHPHQWR PRYHGLoR FLUFXODQGR SHODV ODUJDVH[WHQV}HV TXH GHYH DEUDQJHU QR
SDVWRUHLRGRJDGRTXHjVYH]HVXOWUDSDVVDPRVOLPLWHVHVWDGXDLVRTXHOKHDWULEXLSRUYH]HV
DIXQomRGHFRUUHLRHQWUHDVYiULDVORFDOLGDGHVSRURQGHFDPSHLD
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2HVWXGR UHDOL]DGR SRU +XJRpWmRFULWHULRVR TXH PHVPR HQWUHRVVHUWDQHMRVHOHID]
GLVWLQomRGHWLSRV+XJRDSRQWDGHQWURGDFDWHJRULDGRTXHHOHGHQRPLQDFRPRRYHUGDGHLUR
VHUWDQHMRTXDWURHOHPHQWRVTXHVHGLVWLQJXHPSHODHVSHFLDOL]DomRGRRItFLR
2SULPHLURLQGLYtGXRpRVHUWDQHMRYLVWRDWpDJRUDXPHOHPHQWRTXHVHSUHQGHDXPD
ID]HQGDSHORLQMXVWRDMXVWHGHFRQWDVFRPRSDWUmRPDVWDPEpP³HOHPHQWRPRYHGLoR´TXH
WUDQVLWDSRUYiULDVUHJL}HVQDVXDOLGDGHYDTXHLUR
7UrV RXWURV HOHPHQWRV VHUWDQHMRV +XJR GHILQH FRPR ³IOXWXDQWHV´ 2 DXWRU XVD HVWH
WHUPRSRUTXHHVVHVWUrVWLSRVJHUDOPHQWHQmRIL[DPPRUDGLDHPQHQKXPDID]HQGDPDVVHX
RItFLRWDPEpPpRWUDWRFRPRJDGRDOpPGRWUDQVSRUWHGHPHUFDGRULDVQXPDUHODomRPDLV
OLYUH HQWUH HPSUHJDGR H HPSUHJDGRU 6mR RV FKDPDGRV WURSHLURV FDUUHLURV H ERLDGHLURV
HOHPHQWRVDOWDPHQWHPyYHLVHHL[RQDUUDWLYRGDPDLRULDGRVFRQWRVGH7URSDVH%RLDGDV
6REUHRVWURSHLURV+XJRHVFUHYH
/HYDQGR XPD H[LVWrQFLD Q{PDGH GRV FHQWURV DGLDQWDGRV GR 7ULkQJXOR
0LQHLUR j FDSLWDO GR (VWDGR JRLDQR H YLFHYHUVD R KRUL]RQWH LQWHOHFWXDO
IRUPDVHOKHV QDWXUDOPHQWH PDLV DPSOR H PDLV DSXUDGR TXH R GR VLPSOHV
VHUWDQHMRDWULWRjID]HQGDHPXLWRPDLVDLQGDGRTXHRGREURQFRFDLSLUDGD
JOHEDUXGHVHPTXHFRPLVVRSHUFDPHPVXPDDVSLWRUHVFDVFDUDFWHUtVWLFDV
TXHOKHVHPSUHVWDRSUySULRPRGRGHYLGD$H[FHWXDURSDWUmRRDUULHLUR±
TXHFRQVWLWXHPjVYr]HVXPDHVySHVVRD±HRHQFDUUHJDGRGDFR]LQKDPXL
UDUDPHQWHDQGDPPRQWDGRVRVWURSHLURV3UHIHUHPVHUSH}HVSHODPHOKRULD
TXHGDtOKHDGYpPDRRUGHQDGR5$026Y,,S
7DPEpPFRP R RItFLRGRWUDWRFRPRJDGRHRWUDQVSRUWHGH PHUFDGRULDV+XJRVH
UHIHUHDRVFDUUHLURVHERLDGHLURVFRPRLUPmRVJrPHRVWDQWRGHWURSHLURVTXDQWRGHYDTXHLURV
$VVLP VHXV LUPmRVJrPHRV RV PRURVRV FDUUHLURV DVVLP WDPEpP RV
ERLDGHLURVWLSRVORFDLVRXG¶DOpPIURQWHLUDVFRPVHXVpTXLWRGHFDSDWD]HVH
DMXVWDGRVVHUYLQGRjH[SRUWDomRGDI{UoDYLYDGDUHJLmRFRPRRVSULPHLURV
WURSHLURV LQWURGX]LQGR PHUFDGRULDV H PDQXIDWXUDV H GDQGR VDtGD DRV
GHPDLVSURGXWRVGR(VWDGR5$026Y,,S
2 VHUWDQHMR GH +XJR p HOHPHQWR DWLYR PyYLO LQWHUDWLYR p UHVSRQViYHO SHOD
PRYLPHQWDomRGDHFRQRPLDGDUHJLmRSRVVXLQGRXPDIXQomRVRFLDOLPSRUWDQWtVVLPDSDUDR
VHUWmR GH YDVWtVVLPDV H[WHQV}HV GH WHUUD RQGH SRU YH]HV VH FRQVWLWXL QR ~QLFR HOR GH
FRPXQLFDomR HQWUH DV UHJL}HV GR SDtV 1DGD TXH OHPEUH R FDLSLUD DSiWLFR GHVHQKDGR SRU
/REDWR
(VVDV FDUDFWHUL]Do}HV +XJR HVFUHYHX QR HQVDLR ³2 ,QWHULRU *RLDQR´ VREUH R TXDO
9LFHQWLQLSHVFUHYHX
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1HVVH HQVDLR ³2 ,QWHULRU *RLDQR´ +XJR GH &DUYDOKR 5DPRV VLWXDVH QR
FHQWURGDVGLVFXVV}HVHPWRUQRGRVHUWmRHGRVHUWDQHMRTXHJUDVVDYDPjVXD
pSRFD LQWHUQDV jV TXHVW}HV GH PRGHUQLGDGH GR SDtV GLVFXWLGDV SHOD
LQWHOHFWXDOLGDGHHSHORSUDJPDWLVPREUDVLOHLURV
(+XJRVLWXDVHQHVVDVGLVFXVV}HVGHPDQHLUDUDFLRQDOHTXLOLEUDGDFRPDVHJXUDQoD
GHTXHPFRQKHFLDRDVVXQWRHVDELDYrORLVHQWRGHLQFOLQDo}HVWHQGHQFLRVDV
+XJRSRUpPQmRVHOLPLWDDSHQDVjFODVVLILFDomRGRVHUWmRHGRVHUWDQHMRHOHWDPEpP
VH HPSHQKD HP GHIHQGHU R FDLSLUD R URFHLUR SRUTXH LJXDOPHQWH VDELD DV FDXVDV TXH
FRORFDYDP HVVHV HOHPHQWRV HP SRVLomR WmR GHQHJULGD (VFUHYH ORJR GHSRLV R HQVDLR
³3RSXODo}HV 5XUDLV´ FRP R SURSyVLWR GH GHQXQFLDU D WUiJLFD VLWXDomR TXH FRQGLFLRQDYD D
PLVpULDVRFLDOHHFRQ{PLFDTXHVHREVHUYDYDHPERDSDUWHGRLQWHULRU1HVWHHQVDLRRGLiORJR
GHRSRVLomR D /REDWRp DLQGD PDLVHYLGHQWH QHOH +XJRUHEDWHFRPPDLVILUPH]DSRQWRD
SRQWRDFUtWLFDPRUGD]IHLWDSRU/REDWRFRQWUDRKRPHPGRLQWHULRU
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8PD YH] FODVVLILFDGR R VHUWmR H R VHUWDQHMR TXH FRQVLGHUD DXWrQWLFRV +XJR QmR
HVWLJPDWL]D RV ³SVHXGRVHUWDQHMRV´ RV FDLSLUDV H URFHLURV DQWHV VH GHWpP VREUH VHXV
SUREOHPDVGHQXQFLDQGRRDEDQGRQRHRGHVFDVRJRYHUQDPHQWDOTXHHOHVVRIULDPDRWHPSR
HPTXHDSRQWDVROXo}HVSDUDRVSUREOHPDVHQIUHQWDGRVSHORPDWXWR
/REDWR DR HVFUHYHU VHXV DUWLJRV GLVFRUUHQGR VREUH RV PDOHItFLRV DGYLQGRV GD
TXHLPDGDSDUDDSURGXWLYLGDGHGDWHUUDHFRPRFDLSLUDGHSDXSHUDYDROXJDURQGHVHIL[DYD
GHOLQHLD XP SHUILO FDERFOR TXH p D DQWtWHVH GR LGHDO ³$ QRVVD PRQWDQKD p YtWLPD GH XP
SDUDVLWDXPSLROKRGDWHUUDSHFXOLDUDRVROREUDVLOHLURFRPRR³$UJDV´RpQRVJDOLQKHLURVRX
Rµ6DUFRSWHVPXWDQV¶jSHUQDGDVDYHVGRPpVWLFDV´/2%$72S
1mR VH SHUFHEH QHVWD FDUDFWHUL]DomR D PHQRU VLPSDWLD FRP D ILJXUD VtPEROR GR
EUDVLOHLUR /REDWR R UHGX] D XP SLROKR XP SDUDVLWD GHVWUXWLYR GR TXH GH PHOKRU R %UDVLO
SRVVXtD VXD QDWXUH]D H HP UHODomR D HOD /REDWR GL] TXH ³R FDERFOR p XPD TXDQWLGDGH
QHJDWLYD´RXVHMDQmRVHSRGHPHGLURYDORUGREUDVLOHLURSHODILJXUDGRFDERFORXPDYH]TXH
VXDPHGLGDUHSUHVHQWDGDSRUVXDVDo}HVGHVWUXWLYDVVmRQHJDWLYDVSDUDDQDomR3DUD/REDWR
RV SUREOHPDV YLYLGRV QR LQWHULRU QmR HUDP UHVXOWDGR GR PHLR RX GR DWUDVR KLVWyULFR RV
SUREOHPDVVHUHVXPLDPQDSHVVRDHDo}HVGRFDERFORR~QLFRHYHUGDGHLUR³SUREOHPD´DVHU
UHPRYLGR
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ePXLWRSURYiYHOTXH+XJRWHQKDOLGRDVLGpLDVGH/REDWRVREUHRVHUWDQHMRFRQFOXVmR
SRVVtYHO SHOD OHLWXUD GRV WUHFKRV LQLFLDLV GR HQVDLR ³3RSXODo}HV 5XUDLV´ GH RQGH VH SRGH
GHSUHHQGHUFODUDPHQWHRGLiORJRFRP0RQWHLUR
2 SUREOHPD GDV QRVVDV SRSXODo}HV UXUDLV >@ WHP VLGR VRE P~OWLSORV
DVSHFWRVGHEDWLGRQHVVHV~OWLPRVWHPSRVSHODVFODVVHVSDUDVLWiULRGLUHWRUDV
GDVQRVVDVFDSLWDLVFRQFRUGHDPDLRULDHPDILUPDUDDEVROXWDLQIHULRULGDGH
GRQRVVRFDPS{QLRSURGXWRKtEULGRGHJHQHUDGRGHUDoDVLQIHULRUHVDQWHR
VLPLODUHVWUDQJHLUR)DWDOLVWDVXSHUVWLFLRVRDYrVVRDRSURJUHVVRLQGROHQWH
SRUYLDVGHKHUHGLWDULHGDGHHGHSDXSHUDPHQWRItVLFRGHFRUUHQWHGHHQGHPLDV
H LQRFXODo}HV YiULDV GH SDUDVLWDV GD WHUUD R QRVVR PDWXWR IRJH j
FRQFRUUrQFLDQmRVHDGDSWDDRSURJUHVVRHUHFXDSDUDRGHVHUWRDRSULPHLUR
LQIOX[RGDVFRUUHQWHVLPLJUDWyULDVYLQGDVGROLWRUDOËQGROHPiWHPRLQVWLQWR
GRH[WHUPtQLRHGLDDGLDYDLID]HQGRGRV%UDVtVXPGHVHUWRGHWHUUDVViIDUDV
HVDSH]DLVSUHQXFLDGRUHVGDEDQFDUURWDIXWXUD(QmRQRVDFXGDRHOHPHQWR
HVWUDQJHLUR FRP RV VHXV PpWRGRV PRGHUQR GH FXOWXUD H R GHVFDODEUR
HFRQ{PLFR DSUHVVDUVHi DLQGD PDLV GH DOJXQV GHFrQLRV SDJDQGR DV
JHUDo}HV IXWXUDV D GHVtGLD GrVVH QRVVR FDUXQFKR GH SDX SRGUH TXH YDL
FDUFRPHQGRKRUDDKRUDDULTXH]DIORUHVWDO(LVDJULWDGRVIROLFXOiULRVHLVR
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SDUiJUDIRQRWDPRVDLURQLDGH+XJRDRUHIHULUVHjVWHRULDVQHJDWLYDVVREUHDPHVWLoDJHPGR
KRPHP GR FDPSR WmR HP YRJD QR SHUtRGR GHIHQGLGD HQWUH RXWURV SRU 6tOYLR 5RPHUR
TXDQGRFRPSDUDGDDRVLPLODUHXURSHXDTXHPVHDWULEXtDYLDLPLJUDomRRGHVHQYROYLPHQWR
HFRQ{PLFRTXHRSDtVH[SHULPHQWDYDHDSRVVLELOLGDGHGHVH³DSXUDU´DUDoDQDWLYDHVWDHUDD
RSLQLmR GDV FODVVHV SDUDVLWiULRGLUHWRUDV GDV QRVVDV FDSLWDLV GDTXHOHV TXH +XJR FODVVLILFD
FRPR ³HUXGLWRV GH JDELQHWH´ VHP UHDOFRQKHFLPHQWR GHFDXVD VREUHR VHUWmR H RVHUWDQHMR
KDELOPHQWHWUDQVIHULQGRDHOHVDFDWHJRULDGHSDUDVLWDVTXH/REDWRDWULEXLDRFDERFOR
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HPUHODomRDRFDERFORIDWDOLVWDVXSHUVWLFLRVRDYHVVRDRSURJUHVVRLQGROHQWHLQDGDSWiYHODR
SURJUHVVR tQGROH Pi LQVWLQWR GH H[WHUPtQLR FDUXQFKR GH SDX SRGUH H GL] TXH HVVD
DGMHWLYDomR HVWi QD ³JULWD GRV IROLFXOiULRV´ FODUD PHQomR j SXEOLFDomR GH DUWLJRV VREUH R
WHPDHPXLWRSURYiYHOUHIHUrQFLDDRVDUWLJRVGH/REDWR
6H YROWDUPRV DRV DUWLJRVGH /REDWR D UHIHUrQFLDWRUQDVH PDLV HYLGHQWH TXDQGR HOH
FODVVLILFDRFDERFORGHSDUDVLWDSLROKRGDWHUUDKRPHPTXHIRJHDRSURJUHVVRTXHDWDFDGH
PRGR SUHGDWyULR D IDXQD H D IORUD SUHJXLoRVR H PDOLJQR DTXHOH SDUD TXHP ³QDGD SDJD D
SHQD´
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DPSORGRTXHDVLPSOHVTXHVWmRGDUDoDPHVWLoDRXGDQRWyULDSUHJXLoDGH³-HFD7DWX´
3DUD +XJR TXDQGR VH DQDOLVD R VHUWmR H R VHUWDQHMR R HVWXGR GHYH IXJLU GDV
JHQHUDOL]Do}HVHKiTXHVHDSUHHQGHUDVSHFXOLDULGDGHVGHFDGDUHJLmRSDUDTXHRHVWXGRVHMD
MXVWR
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SRU DXWRUHV QDFLRQDLV RX HVWUDQJHLURV HP WUDEDOKR GH PHUD FRSLODomR
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SRVLWLYDVRXQHJDWLYDVGDUDoDpFHUWRRWLPLVWDRXSHVVLPLVWDTXHVHPRVWUH
QDV FRQFOXV}HV UHHGLWDU SHOR GLUHLWR RX SHOR DYrVVR D HWHUQD JDOHULD GRV
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HVFROKLGR´SDUDHHPLVVmRGHMXt]RVQHJDWLYRVRXSRVLWLYRV
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PRQWDQKD p YLWLPD GH XP SDUDVLWD HVWH p R FDERFOR´ XP KRPHP TXH UHFXD GLDQWH GDV
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VRFLHGDGH D UHVSRQVDELOLGDGH VREUH RV GHOLWRV TXH VH DFXVDP DR FDERFOR FRQWUD HVVDV
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DVVLVWrQFLDTXHVHFRQFHGHjVOHYDVLPLJUDWyULDVIDFLOLWDQGROKHDVUHJDOLDVH
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HOHPHQWRQDWLYRQHVVDVUHJL}HV+XJRFRQVLGHUDTXHHVWHIDWRLPSRVVLELOLWDXPDMXVWD
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REVHUYDU TXH R DXWRU GHL[D FODUD VXD SRVLomR XP WDQWR GHVIDYRUiYHO HP UHODomR DR
WHPD GD LPLJUDomR TXH SHOR TXH HVFUHYHX HOH FRQVLGHUD VHU QRFLYD DR QDWLYR HP
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HVWDEHOHFLPHQWR GrVVHV TXLVWRV QR RUJDQLVPR VRFLDO LQWHUURPSHQGR D
XQLGDGHGHOtQJXDUHOLJLmRFRVWXPHVHWFHWHQGHQGRjGLVVROXomRSiWULD±
FDVR Mi PXLWR HVWXGDGR H FXMDV HYLGHQWHV GHVYDQWDJHQV VmR SRU GHPDLV
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WUDEDOKR RX SURJUHVVR GHYH VHU DQDOLVDGD QmR HP WHUPRV GH UDoD FRPR SUHWHQGLDP DOJXQV
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SDUDRIDWRGHTXHPHVPRDVFKDPDGDV³UDoDVSXUDV´VmRIRUPDGDVSHODHVWUDWLILFDomRGHVXE
UDoDVTXHLPSHGHPDXQLIRUPLGDGHGRVWLSRVTXHRVUHSUHVHQWDPFRPRRFRUUHFRPRPHVWLoR
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PDWXWR R TXH SURYRFDYD VHX UHFXR JHQWH DR LPLJUDQWH RULJLQDQGR R FKRTXH GR FRQIURQWR
HQWUHHOHVSHUFHELGRQDH[SRVLomRGH/REDWR
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SDUWLFXODU DR QRVVR HOHPHQWR SRLV H[SHULrQFLDV GH FKRTXH GH FLYLOL]DomR HQWUH SRYRV HP
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LQVRO~YHO FRQFOXLQGR TXH QHVWHV KLVWyULFRV FRQWDWRV ³SDVVDGR R SHUtRGR FDyWLFR GH
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LQGLFD TXH R SHQVDPHQWR GH +XJR DSHVDUGD LQIOXrQFLDGH VHX WHPSR GLUHFLRQDYDVH SDUD
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GLYHUVLGDGHGHLPLJUDQWHVTXHRSDtVDFROKHXHFXMDFRQYLYrQFLDFRPRVQDWXUDLVGHWHUUDp
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DGLDQWH
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PRVWUDQGRRFRPSOH[RFRQWH[WRTXHHQYROYHHVVDTXHVWmR
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+XJRQmRLJQRUDTXHERDSDUWHGRVPDOHVTXHDIOLJHPRURFHLURpGHYLGDjFRPSOHWD
LJQRUkQFLDTXDQWRDRVPpWRGRVGHVDQHDPHQWRHSUHYHQomR2URFHLURYLYHHPWULVWHVUDQFKRV
TXDVHVHPSUHjEHLUDGDHVWUDGDPRUDGLDGHWDLSDVHPUHERFRRXUHERFDGRDHVWUXPHIUHVFR
GHYDFDRFKLTXHLURHVWiDRSpGDFR]LQKDHHPIUHQWHjSDOKRoDVHIRUPDXPDWROHLURSLVDGR
SHORVDQLPDLVGHSDVVDJHPRQGHVREHMDPRVPDLVYDULDGRVGHMHWRV1HVVHPHLRLQVDOXEUHGH
GH]HPGH]PHVHVRFDLSLUDYrQDVFHUPDLVXPILOKRGDLQIHOL]SUROH³9LYHDtRSLPSROKR
SHORFKmR~PLGRGRPDVVDSpHPSDQ]LQDGRHQX]LQKRHQWUHJDOLQKDVHELFKRVGHFULDomRTXH
HQWUDPDSRUWDDSDQKDQGRDVVRUGtFLDVTXHWRSDHPDODWpPVHVREUHDVSHUQDVYDLjSDUHGH
DUUDQFDUWRUU}HVTXHGHYRUDU´5$026Y,,S
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DWH]EDoDRRUJDQLVPRGHELOLWDGRTXHVHHQIUDTXHFHDLQGDPDLVQRWUDWRGDWHUUD³QmRI{UDD
EHQLJQLGDGHJHUDOGRFOLPDHQmRVHVDEHULDFRPRSRGHYLQJDU´
1XPD SRVWXUD GH YDQJXDUGD SDUD R SHUtRGR +XJR IRL SLRQHLUR HP GHQXQFLDU DV
FRQGLo}HV PLVHUiYHLV HP TXH R FDLSLUD YLYLD H IRL SLRQHLUR WDPEpP DR DSRQWDU PHGLGDV
VHQHDGRUDVPpGLFDVHHGXFDFLRQDLVFRPRRFDPLQKRSDUDWLUDURFDERFORGHVXDFRQGLomRGH
VXEGHVHQYROYLPHQWR GHYROYHQGROKH D SRVVLELOLGDGH GH SURJUHVVR PHQWDO ItVLFR H VRFLDO
SRWHQFLDOHPVXDQDWXUH]D
0HOKRUDGDV DV FRQGLo}HV GH PRUDGLD H VREUHWXGR FRP D DSOLFDomR GH
PpWRGRV GH FXOWLYR GRV FDPSRV TXH RV DIDVWHP GDV EDL[DGDV GH WHUUDV
YLUJHQVGHPXLIiFLOHDEXQGDQWHSURGXomRSRUpPWmRSHULJRVDVIDFLOLWDGRV
RV PHLRVGH FRPXQLFDomR H GLIXQGLGR R HQVLQR FRPRHVWDEHOHFLPHQWRGH
HVFRODVUXUDLVRXYLVWRDVXDLPSRVVLELOLGDGHSUHVHQWHPLVV}HVPpGLFDVTXH
OKHVLQFXWDPHPOLQJXDJHPFKmHHILFD]SULQFtSLRVSUHYHQWLYRVGHKLJLHQHH
YHUHPRV VDQDGRV GH YH] RV PDOHV TXH WmR JUDQGH DODUPD WrP VXVFLWDGR
OWLPDPHQWH HQWUH QyV 3RU TXDQWR QmR VH GHYD GXYLGDU GD SRWrQFLD
FRQVHUYDGRUDGDWHUUDHGHVWDI{UoDPLVWHULRVDTXHHPQRVVDFDQDmPDLVTXH
DOKXUHV WUDYpV GH GHVFDVRV H FDODPLGDGHV WHQGH VHPSUH D UHFRPSRU H
UHFRQVWLWXLU HP W{GD D VXD ULMD LQWHLUH]D R WLSR SULPLWLYR GR KRPHP
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2EVHUYDVHTXH+XJRSRVVXtDYLVmRFODUDHSURIXQGDGDTXHVWmRVHUWDQHMDHVREUHHOD
GHEDWHFRPXPDGLPHQVmRKXPDQDTXHQmRVHSHUFHEHQRVDUWLJRVGH/REDWR
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TXHLQGLFDP TXH HVVDIRUDDLQWHQomRGH+XJRHQRVOLPLWDPRV DRV Mi UHIHULGRVDUWLJRVGH
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DGLDQWRX HP WHUPRV HVWpWLFRV SUHYDOHFHX H SUHYDOHFH D LPDJHP SHMRUDWLYD GR -HFD FRPR
ILJXUDSULQFLSDOGRFDLSLUDEUDVLOHLUR$HVVHUHVSHLWR6RGUpSGL]
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5XL %DUERVD FRORFD HP HYLGrQFLD 1HVVH WLSR YHUGDGHLUR QRV WUDoRV
H[WHULRUHV IDOVR QR FRQWH~GR R HVFULWRU SDXOLVWD EXVFD UHSUHVHQWDU HP
GHIRUPDomRFDULFDWXUDOTXHSRULVVRVHYLQFDHVHJHQHUDOL]DRKRPHPGR
LQWHULRURFDLSLUDSREUHGRHQWH SUHJXLoRVRLJQRUDQWHHPERUDGRWDGRGH
XPDVRUWHGHLQWHOLJrQFLDDHVSHUWH]DVROHUWHHQFREHUWDVREXPDDSDUrQFLD
VRQVD >@ 5HVXOWDQGR QXP OLEHOR jV DYHVVDV R WLSR HUD FRQGHQDWyULR GD
YtWLPD /REDWR UHFRQKHFHX LVVR GHSRLV R TXH WHP LPSRUWkQFLD DSHQDV
ELRJUiILFD
1mR SUHWHQGHPRV GHVPHUHFHU XP DXWRU HP IDYRU GH RXWUR 6RPHQWH XP LQHSWR QmR
UHFRQKHFHULD R YDORU GH /REDWR SDUD D FXOWXUD QDFLRQDO REMHWLYDPRV PRVWUDU TXH D
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6REDpJLGHGRUHJLRQDOLVPRLQFRUSRUDGRDSDUWLUGHRXWUDSHUVSHFWLYDDYLVmRVRFLDO
DVVLVWLPRV DXPDUHRUGHQDomRGDWHPiWLFDTXH SRVVLELOLWRXDHVFULWD GH/REDWRH+XJR1R
PRPHQWRHPTXHVHSHUFHEHRGLiORJRHQWUHHVVHDXWRUHV/REDWRPRVWUDTXHRUHJLRQDOLVPR
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HVWXGR GD TXHVWmR VHUWDQHMD QmR QHVVH PRPHQWR LQVLVWLPRV +XJR QR HQWDQWR UHYHOD XP
SHQVDPHQWRDYDQoDGRSDUDVHXWHPSRHOHYrDTXHVWmRVHUWDQHMDFRPRXPSUREOHPDVRFLDOH
DSRQWD FDPLQKRV DLQGD QmR SHUFRUULGRV SDUD VXD VROXomR DLQGD TXH QHP WRGRV IRVVHP
VHQVtYHLVSDUDSHUFHEHUHPLVVR
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GHSRLPHQWRVGHHVWXGLRVRVFDGDTXDOQRUDPRGDVXDHVSHFLDOLGDGHHpGH
FUHU TXHFRPR DFHQWXDGR JRVWRTXH VHYHPQRWDQGR OWLPDPHQWHSDUDRV
HVWXGRVQDFLRQDLVEUHYHWHUHPRVRSLQLmRPDLVRXPHQRVDEDOL]DGDHHVWiYHO
VREUHDPDJQDTXHVWmR5$026Y,,S
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UHSRVLFLRQDPHQWR HP UHODomR D PXLWRV FRQFHLWRV FULVWDOL]DGRV 2 ROKDU GH +XJR H /REDWR
VREUH R WHPD HP HVSHFLDO VREUH R KRPHP IRL ULJRURVR HPERUD IRVVHP RSRVWRV HP VXD
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SDODYUDV VH R SDtV µFRQKHFLD DTXHOH WLSR GH XPD UDoD TXH HQWUH RV IRUPDGRUHV GD QRVVD QDFLRQDOLGDGH VH
SHUSHWXD D YHJHWDU GH FyFRUDV LQFDSD] GH HYROXomR H LPSHQHWUiYHO DR SURJUHVVR´ HVVH GLVFXUVR DWHVWD TXH
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YH]PDLVYHUGDGHLURDRVEUDVLOHLURVYHUGDGHLURSHORSRQWRGHYLVWDGHVXDVUHSUHVHQWDo}HV
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0RQWHLUR (PERUD QmR KDMD SRU SDUWH GH +XJR UHIHUrQFLD H[SOtFLWD D /REDWR FRPR Mi
PHQFLRQDPRV D DQiOLVH FRPSDUDWLYD HQWUH RV HQVDLRV GH +XJR H RV DUWLJRV GH /REDWR
SRVVLELOLWD D LQIHUrQFLD GH TXH +XJR SUHWHQGHX GDU XPD UHVSRVWD DRV TXHVWLRQDPHQWRV TXH
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+XJR FKDPDYD D DWHQomR SDUD D QHFHVVLGDGH GH XP GHEDWH H HVWXGR DSURIXQGDGR VREUH D
TXHVWmRVHUWDQHMD
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WHQGHQFLRVRGHSUHHQGHUTXH+XJRWHQKDOLGRRVDUWLJRVGH/REDWRHTXHLVWRRWHQKDPRWLYDGR
D HVFUHYHU VHXV HQVDLRV GH FRQWUDDUJXPHQWDomR e VDELGR TXH HP  +XJR UHFXVRX D
SURSRVWDGH/REDWRSDUDLPSULPLUDHGLomRGH7URSDVH%RLDGDVHSRGHVHUTXHQHVWDUHFXVD
WHQKD IDODGR PDLV DOWR R EULR GR KRPHP GH DOPD VHUWDQHMD 3RUpP D HVVH UHVSHLWR VLP
ID]HPRVDSHQDVH[HUFtFLRGHLPDJLQDomRDRVDERUGDFRUUHQWHGDSHVTXLVDTXHQRVHQYROYH
SRUTXHDSURSRVWDILQDQFHLUDQmRGHYHWHUVLGRPiSULQFLSDOPHQWHVHFRQVLGHUDPRVTXH+XJR
HGLWDUDVHXOLYURjVVXDVSUySULDVFXVWDVHPRLUPmRGH+XJRDFHLWDHVWDSURSRVWDHD
FRPSDQKLDGH/REDWRSXEOLFDSRVWXPDPHQWHDVHJXQGDHGLomRGH7URSDVH%RLDGDV
$H[SRVLomRGDVLGpLDVGRVGRLVHVFULWRUHVPRVWUDFRPRjVYH]HVHVWmRHPDFRUGRH
FRPR TXDVH VHPSUH D RSRVLomR HQWUH HOHV p SURIXQGD H UDGLFDO &UHPRV VHU LQWHUHVVDQWH
REVHUYDUFRPRDVLGpLDVGH+XJRH/REDWRHVWmRFRORFDGDVDVHUYLoRGDFULDomRDUWtVWLFDGH
DPERVSDUDLVVRVHOHFLRQDPRVRVFRQWRVGH+XJR³1LQKRGH3HULTXLWRV´H³*HQWHGD*OHED´
GH/REDWRRDUWLJR³8UXSrV´HRFRQWR³-HFD7DWXDUHVVXUUHLomR´SRUTXHDFUHGLWDPRVTXH
HVVDV REUDV VmR HPEOHPiWLFDV GD ILJXUD GR KRPHP GR VHUWmR SHOR SRQWR GH YLVWD TXH
GHIHQGLDP$OpPGDLPDJHPGHKRPHPpLJXDOPHQWHSRVVtYHOREVHUYDUQHVVDVREUDVXPD
YLVmRVREUHDQDWXUH]DPXLWRSDUWLFXODUHP+XJRH/REDWR

2KRPHP
1R FRQWR ³1LQKR GH 3HULTXLWRV´ +XJR QDUUD D KLVWyULD GH 'RPLQJRV SHTXHQR
ODYUDGRUTXHVHDXWRPXWLODHPFRQVHTrQFLDGHXPDSLFDGDGHFREUDTXDQGRWHQWDYDDSDQKDU
XQVSHULTXLWRVQRQLQKRSDUDGDUGHSUHVHQWHDRILOKRTXHFRPSOHWDYDGH]DQRV
&RQWR VLQWpWLFR REMHWLYR SUHFLVR QDGD QHOH p HP H[FHVVR GLGDWLFDPHQWH p XP
H[HPSORSHUIHLWRGDHVWUXWXUDWUDGLFLRQDOSUHVFULWDSDUDHVVHJrQHURWH[WXDO1mRpORQJRQHP
FXUWR R TXH SRVVLELOLWD D OHLWXUD FRPSOHWD TXH OHYD QXP FUHVFHQGR DR HIHLWR GH VHQWLGR
FXLGDGRVDPHQWHFDOFXODGRSHORDXWRU5HVSHLWDDVXQLGDGHVGHWHPSRHVSDoRHFRQIOLWRTXHD
WHRULD GH 3RH DSRQWD FRPR HVVHQFLDLV SDUD PDQWHU D WHQVmR TXH OHYD DR FOtPD[ 3RGHPVH
REVHUYDUWRGRVHVWHVDVSHFWRVQRFRQWRGH+XJRTXHVHHVWUXWXUDGHQWURGRHVTXHPDFOiVVLFR
FDEHQGRGHQWURGDVSDODYUDVGH-~OLR&RUWi]DU

TXDQGRUHVXPHRFRQFHLWRGHFRQWRHP3RH
³8PFRQWRpXPDYHUGDGHLUDPiTXLQDGHFULDULQWHUHVVH´&257È=$5
&RPHIHLWRDOHLWXUDGH³1LQKRGH3HULTXLWRV´pGDTXHODVTXHGHVSHUWDPRLQWHUHVVHGR
OHLWRUHRSUHQGHGHVGHRSULQFtSLRDWpRIHFKDPHQWRWHQVRGDDomR$KLVWyULDWRGDpVLPSOHV
FRPRVHSRGHYHUSHORUHVXPRLQLFLDOPDVRWRPQDUUDWLYRLQLFLDOPHQWHEUDQGRTXDVHSLDQR
VHHQFRUSDDWpRVDOWLVVRQDQWHVDFRUGHVILQDLVTXDQGRRSURWDJRQLVWDpYLVWRQDLQWHLUH]DGHVXD
DOWLYH]
$WpFQLFDGH+XJRFRQGX]ROHLWRUDRODGRGH'RPLQJRVGHVGHRSULPHLURPRYLPHQWR
DWp R GRORURVR GHVIHFKR XP DUWLItFLR GH FLQHPD TXH SHUPLWH D YLVXDOL]DomR GR FHQiULR GD
FHQDGRVODQFHVGHFLVLYRVFRPRVHXPDFkPHUDPRVWUDVVHXPILOPHDROHLWRU(VVHHIHLWRp
DOFDQoDGRSRUTXH+XJRFRQVHJXHXP QRWiYHO HTXLOtEULR HVWpWLFRHIRUPDOTXHLPSULPHUDUD
EHOH]DVREUHDWUDJpGLDTXHDWLQJH'RPLQJRVFRPRREVHUYD9LFHQWLQLS
2EMHWLYR H SUHFLVR R GLVFXUVR VDEH IOXLU HQWUH R SRpWLFR R UHIHUHQFLDO R
DYDOLDWLYRHRHPRWLYRVHPH[DJHURV H VHGLVWULEXLHTXLOLEUDGDPHQWHHP
WRGRVHOHVQDVXDTXDQWLGDGHWDPEpPVHPH[DJHURV>@(QILPHTXLOtEULR
VLQWHWLVPRFRQIRUPLGDGHHEHOH]DUHVXPHPDVTXDOLGDGHVGRFRQWR
0DV HVVH FRQWR p WDPEpP H[HPSOR GH FRQVWUXomR VLPEyOLFD TXH VH HULJH HP VXD
SUySULDHVWUXWXUD

SRUTXHDKLVWyULDGH'RPLQJRVQRSULQFtSLRSDUWLFXODUL]DGDQDQRPHDomR


$V FLWDo}HV TXH IL]HUPRV D &RUWi]DU VHUmRUHIHULGDV DRVHQVDLRV³$OJXQVDVSHFWRV GR FRQWR´ H ³'R FRQWR
EUHYHHVHXVDUUHGRUHV´LQFOXtGRVQROLYUR9DOLVHGH&URQySLRHGLWDGRSHOD(GLWRUD3HUVSHFWLYDQRDQRGH
QHVVHVHQVDLRV&RUWi]DUVHGHGLFDDRHVWXGRGDHVWUXWXUDGRFRQWRDSDUWLUGDWHRULDIRUPXODGDSRU3RH

$UHIHUrQFLDpDROLYUR$QDUUDWLYDGH+XJRGH&DUYDOKR5DPRVSHOD(GLWRUD3HUVSHFWLYDQRDQRGH
1HVWH WUDEDOKR 9LFHQWLQL GHVHQYROYH PLQXFLRVR HVWXGR VREUH D HVWUXWXUD QDUUDWLYD GH +XJR GHGLFDQGR XP
FDStWXORSDUD FDGD FRQWR GH +XJRH[FHWR³*HQWHGD*OHED´ $DXWRUDHVFUHYHVREUH³1LQKRGH3HULTXLWRV´R

GRSHUVRQDJHPJUDGXDOPHQWHYDLVHXQLYHUVDOL]DQGRQRVYiULRVVLQ{QLPRVXVDGRVSRU+XJR
SDUD VH UHIHULUD 'RPLQJRV FRPR URFHLUR FDLSLUD ODYUDGRUPDWXWR H ILQDOPHQWHFDERFOR
(VVH SHUFXUVR GR SDUWLFXODU DR JHUDO p TXH WRUQD R FRQWR GH +XJR HPEOHPiWLFR H
VLJQLILFDWLYRHLVVRRFRUUHQDVSDODYUDVGH&RUWi]DU³TXDQGRRFRQWRTXHEUDVHXVSUySULRV
OLPLWHVFRPHVVDH[SORVmRGHHQHUJLDHVSLULWXDOTXHLOXPLQDEUXVFDPHQWHDOJRTXHYDLPXLWR
DOpPGDSHTXHQDHjVYH]HVPLVHUiYHOKLVWyULDTXHFRQWD´&257È=$5S
e VRE R kQJXOR GHVVD VLJQLILFDomR TXH R FRQWR GH +XJR SRGH VHU HVWXGDGR QD
FRQVWLWXLomRGRKRPHPGRLQWHULRUHPFRPSDUDomRFRP³8UXSrV´H³-HFD7DWX´GH/REDWR
7DQWRHP+XJRTXDQWRHP/REDWRRTXHVHHVFXOSHpDLPDJHPGHXPWLSRRKRPHPTXH
YLYHQRVHUWmRHTXHUHPRVPRVWUDUQDHODERUDomRHVWpWLFDGRSHUVRQDJHPDPHVPDRSRVLomR
TXHVHSHUFHEHQRFDPSRGDVWHRULDV
2SHUVRQDJHPGH+XJR'RPLQJRVpPHQRVFRQKHFLGRTXHRSHUVRQDJHP/REDWLDQR
QRWyULRGHVGHVXD HODERUDomRH SHUPDQHQWHQRLPDJLQiULRQDFLRQDOFRPRDILJXUDGRWtSLFR
PDWXWRRIDPRVR-HFD7DWX
(P ³8UXSrV´ 0RQWHLUR /REDWR QR DQR GH  WUDoD WRGR XP SHUILO ItVLFR H
SVLFROyJLFRSDUDR FDLSLUDTXHFRPSOHWDH DUUHPDWDD LPDJHPHVERoDGDHP³9HOKD3UDJD´
(PHVFUHYHRFRQWR³-HFD7DWXDUHVVXUUHLomR´QRTXDOUHDILUPDRGHSORUiYHOUHWUDWRGR
FDLSLUD R FRQWR p GLYLGLGR HP ;9,,, SDUWHV DV TXDWUR SULPHLUDV UHSHWHP R PDWXUR GH
³8UXSrV´ DV GHPDLV SDUWHV Mi SHUWHQFHP DR SURMHWR GH /REDWR GH UHVJDWDU R FDERFOR GR
VDUFDVPRHPTXHRDWLUDUDVXDLURQLDDQWLURPkQWLFDLVHQWDQGRRGDSUHJXLoDHDWUDVRTXHOKH
LPSLQJLUD DOpP GD SUiWLFD GR GLGDWLVPR VDQHDGRU TXH PRWLYRX ERD SDUWH GR HVIRUoR GH
/REDWR 3HOR UHFRUWH XP WDQWR FLU~UJLFR TXH HVWH WUDEDOKR SURS}H R TXH Mi H[SOLFDPRV
DQWHULRUPHQWH HVVDV ~OWLPDV SDUWHV QmR VHUmR REMHWRV GH QRVVR ROKDU DSHQDV DV TXDWUR
SULPHLUDV
$RHVFUHYHU³9HOKD3UDJD´PXLWDVGDVFDUDFWHUtVWLFDVGRSHUVRQDJHPGH0RQWHLURMi
HVWDYDPSRVWDVPDVRDXWRUDHOHVHUHIHULDDSHQDVFRPR&$%2&/2)RLDVVLPPHVPRFRP
WRGDV DV PDL~VFXODV TXH/REDWRLGHQWLILFRX RSDUDVLWDTXH VXIRFDYDRVHUWmRFRPR VH QmR
TXLVHVVH TXH KRXYHVVH G~YLGDV TXDQWR DR HOHPHQWR HP TXHVWmR FRPR VH QmR TXLVHVVH TXH
HVVH WLSR SDVVDVVH GHVSHUFHELGR RX IRVVH FDPXIODGR QRV PHDQGURV GD HVFULWD $ SDODYUD

VHJXLQWH³>@FRPRH[HPSORGHFRQWRTXH³1LQKRGH3HULTXLWRV´SRGHVHUHOHpWDPEpPRXSRGHVHUDSUySULD
IRUPDGRFRQWRFRPRH[HPSORRXHPRXWURVWHUPRVVXDHVWUXWXUDomRSDUHFHREHGHFHUjHVWUXWXUDomRGDVSURYDV
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UHFHEHQGRHP WURFDD DQLTXLODomRGHVXD H[LVWrQFLDVHMD SHODVTXHLPDGDVSHUSHWXDGDVSHOD
LJQRUkQFLD GR FDERFOR VHMD SHOD H[SORUDomR LQFRQVHTHQWH GH VHXV SURGXWRV Do}HV
GHQXQFLDGRVSHORDXWRUHPVHXVWUDEDOKRV
1mRpDVVLPSDUD+XJR2MRYHPHVFULWRUTXHSDOPLOKDUDRLQWHULRUDJUHVWHTXHYLUDGH
SHUWR D PLVpULD GRV VHUW}HV WHYH VHQVLELOLGDGH SDUD HQ[HUJDU R KRPHP HP VHX HVWDGR GH
ODVWLPiYHODEDQGRQRVHPQLQJXpPTXHYHQKDHPVHXVRFRUURRFDERFOR³OXWDQRVHUWmRFRP
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DH[XEHUkQFLDGDWHUUDYLUJHPVXDSULQFLSDOLQLPLJD´5$026Y,,S2TXHp
TXDOLGDGH H[DOWDGD H UHFRQKHFLGD SRU WRGRV +XJR WUDQVIRUPD GH PDQHLUD FRQWXQGHQWH HP
LQLPLJDGRFDERFOR$H[XEHUkQFLDGDVPDWDVRQGHRFDERFORVHLQVWDODRVXIRFDHWLUDOKHR
YLJRUSDUDRVHXHQIUHQWDPHQWR
'HVYDOLGRHPWpFQLFDVGHFXOWLYRRXGHPHLRVHLQVWUXPHQWRVSDUDID]rORRFDERFORp
REULJDGRDSHUSHWXDURUHJLPHGHHVSROLDo}HVVHQGRHOHXPDYtWLPDWDQWRGDQDWXUH]DTXDQWR
GHRXWURKRPHPTXHOKHVHMDVXSHULRUSROtWLFDRXHFRQRPLFDPHQWH(VVDVFRQVLGHUDo}HVDV
TXDLV Mi DQDOLVDPRV +XJRIDULD QRV HQVDLRV HVFULWRV HP GDWDSRVWHULRUDRFRQWR³1LQKR GH
3HULTXLWRV´SRULVVRQRVDWHUHPRVDRFRQWRSDUDREVHUYDUVRETXHkQJXORDQDWXUH]DpYLVWD
FRPRLQLPLJDGRPDWXWR
$ pSRFD GR DQR HP TXH RFRUUH R IDWR QDUUDGR HP ³1LQKR GH 3HULTXLWRV´ p D GR
YHUDQLFRXPDFDQtFXODDEUDVDGRUDTXHUHVVHFDDWHUUDQXPSHUtRGRHPQmRFDLXPDJRWDGH
FKXYDSDUDDEUDQGDURPRUPDoRGDWDUGH$WHUUDpERDWUDEDOKDGDSHORHVIRUoRHFXLGDGRGH
'RPLQJRVSURSRUFLRQDDRURFHLUR³ULFDFROKHLWD´TXHOKHSHUPLWHIDUWXUDWRGRRDQRSRUpPD
QDWXUH]DWDPEpPpKRVWLOHDJUHVVLYDSURQWDDWRUQDUGLItFLODYLGDHPVHXVWHUPRV
2URoDGRFXOWLYDGRSHORFDLSLUDpGHIHQGLGRFRPXPDFHUFDQDWHQWDWLYDGHEDUUDUR
DYDQoRGDPDWDQDTXHODIHUWLOLGDGHH[DJHUDGDTXHjVYH]HVLQYDOLGDDVWHQWDWLYDVGHFXOWLYRH
TXDQGR'RPLQJRVVDOWDHVVDFHUFDHOHILFDjPHUFrGHVVDPDWDERDHPiDRPHVPRWHPSR
3DUD FKHJDU DR VHX GHVWLQR R KRPHP SLVD IRUWH XP ³HVSLQKDUDO UHVVHTXLGR´ TXH
³HVWUDOHMDYD´VRE VHXSHVR H HPEUHQKDVH SHOR JURWmReGHLPDJLQDUDVGLILFXOGDGHVTXH D
VHPkQWLFD GR YHUER ³HPEUHQKDU´ RIHUHFH DR DYDQoR GR PDWXWR HOH DEUH FDPLQKR D GXUDV
SHQDVHHQTXDQWRVHPHWHPDWDDGHQWURHVWDRDUUDQKDRIHUHRRFXOWDHPVHXVPHDQGURVGH
HVSLQKRVJDOKDULDVHFDHiUYRUHVUHWRUFLGDVWtSLFDVGRFHUUDGR
7RGDDGLILFXOGDGHTXH'RPLQJRVHQIUHQWDHTXHHQWUDYDVHXSURJUHVVRpFRPRXP
SUHQ~QFLR GR PDO TXH VH DEDWHULD VREUH HOH PDV R FDERFOR QmR VH GHWpP QR SURSyVLWR GH
RIHUHFHUXPSRXFRGHDOHJULDDRILOKRSDUD'RPLQJRV³SDJDDSHQD´RHVIRUoRSDUDFRQWHQWDU
VXDFULDQoDHQmRGHVLVWLULDGHVHXGHVtJQLRSRUTXH³QmRYDOLDSRUWmRSRXFRDPXiOR´
6HXGHVWLQRpXPD³PDULDSUHWD´GH³JDOKDUDGDHVJXLDWRGDWRVWDGDGHVGHDpSRFDGD
TXHLPD´ 1HVVD iUYRUH VLQLVWUD QXP FXSLQ]HLUR DEDQGRQDGR DVVHQWDGR QXPD IRUTXLOKD RV
SHULTXLWRV IL]HUDP QLQKRV 2 EXUDFR GR QLQKR VH DVVHPHOKDYD D XPD ³ERFD QHJUD
HVFDQFDUDGD´FRPR SURQWD DWUDJDUDGHYRUDU1mRKiXP~QLFRWUDoRGHDPHQLGDGHQHVVD
WHUUD QHQKXPD IORU QHQKXP FDQWR DSUD]tYHO QHQKXP JHVWR DFROKHGRU DTXL D WHUUD GHVWLOD
SHULJRVHDPHDoDVHPFDGDUHFDQWR
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4XDQGR EXVFD GHQWUR GR QLQKR RV ILOKRWHV TXH GHYHULDP HVWDU DOL D QDWXUH]D DWDFD
'RPLQJRVQD SLFDGDPRUWDOGHXPDVHUSHQWHGRVHUWmRDXUXWX$FREUDGHVDILDRKRPHP
³ILWDQGROKHSHUVLVWHQWHVRVROKLQKRVUHGRQGRVRQGHXPDFKLVSDPiOX]LDPDOLJQDPHQWH´
$PDOGDGHGDPDWDHVWiWRGDSHUVRQLILFDGDQDILJXUDGHVVDFREUDGHROKRVPDOLJQRVXPDYH]
PDLVDVHUSHQWHPRVWUDDRKRPHPTXHDQDWXUH]DQmRpXPSDUDtVRHVHpDRKRPHPHVWi
YHGDGRRVHXGHVIUXWHUHVWDQGROKHWUDEDOKRVHSHULJRV
2PDWXWRTXHFRQKHFLDEHPDPDWDQRTXHGHERPHGHUXLPHODUHSUHVHQWDVDEHTXH
SDUD R VHX PDO HOD QmR RIHUHFHUi UHPpGLR 6H D QDWXUH]D Mi OKH GHUD PXLWRV EHQV DJRUD
WRPDYDOKHDYLGDHPSDJDHOHHVWDYD³SHUGLGRFRPSOHWDPHQWHSHUGLGR´3RUpPUHSHWLQGR
+XJRRKRPHPTXH³QRVHUWmROXWDFRPDWHUUDYLUJHPVXDSULQFLSDOLQLPLJD´QRYDPHQWH
HQWUDQRHPEDWHFRPDWHUUD'HFDSLWDHPXPJROSHFHUWHLURDPDOLJQDYtERUDGHSRLVMiTXHR
PDO VH FRUWD SHOD UDL] DSyLD ³D PmR PROHVWD j FDVFD FDUXQFKRVD GD iUYRUH´ H D GHFHSD
WDPEpPGHWHQGRFRP HVVH JHVWRH[WUHPRDSHoRQKDPRUWDOTXHDQDWXUH]DLQMHWDUDHPVHX
FRUSR
2VHQWLPHQWR DJRUD p LQYHUVR 6HDQWHV /REDWRGHVSHUWDUDR VHQWLPHQWR GH SHQD GD
WHUUD LQGHIHVD DJRUD +XJR GHVSHUWD R VHQWLPHQWR GH SURWHomR SDUD FRP R KRPHP IHULGR
PRUWDOPHQWHSHODQDWXUH]D2VROKRVGROHLWRUTXHDFRPSDQKDUDPWRGRRGUDPDGRFDERFOR
TXHUHPYrORORQJHGHVVHOXJDUPDFDEURHYROWDUjSURWHomRGRODU
$RUHWRUQDUSDUDFDVDRKRPHPTXHGHL[DUDQDPDWDDPmRGLUHLWDHPWURFDGHVXD
YLGDpUHWUDWDGRFRPRRVHUTXHPDLVXPDYH]WULXQIDPDVWULXQIDWDPEpPSHODDJUHVVmRSHOD
KRVWLOLGDGHFRPTXHpREULJDGRDUHWULEXLUVHTXHUVREUHYLYHUGDtDVtQWHVHHOHp³FRPRXP
GHXVVHOYDJHP´WmRVHOYDJHPFRPRDQDWXUH]DTXHRDFROKHRXRDJULGH
2QDUUDGRUWHUPLQDVXDKLVWyULDPRVWUDQGRRFDERFOR³WULXQIDQWHDSRQWDQGRGDPDWD
FRPSDQKHLUDPDVDVVDVVLQDPDVSHUILGDPHQWHWUDLoRHLUD´3RUHVVDYR]+XJRGHVVDFUDOL]D
DWHUUDHOHQmRGHVHQKDVHOYDVSDUDGLVtDFDVPDWDVLGtOLFDVQHPFDPSRVIORULGRVDQDWXUH]Dp
KRVWLO H R KRPHP SRGH D TXDOTXHU PRPHQWR WRUQDUVH VXD YtWLPD SRUTXH VH HOD p
FRPSDQKHLUDWDPEpPpDVVDVVLQDHWUDLoRHLUD
'RPLQJRVQRTXDOVHUHSUHVHQWDRKRPHPGRLQWHULRUpSUHVDGHVVDQDWXUH]DTXHR
PDWD3RGHVHDOHJDUTXHDPDWDQmRFRQVHJXLXDFDEDUFRPDYLGDGRSHUVRQDJHPTXHHOHOKH
IRL VXSHULRU GHVSRMDQGRVH GH VXD PmR H SUHVHUYDQGR D YLGD PDV D SHUItGLD WUDLoRHLUD GD
QDWXUH]DpSLRUTXHDPRUWHSRLVVHPDPmRSULQFLSDOPHQWHDGLUHLWDRFDERFORHVWiIDGDGRD
XPDPRUWHOHQWDTXHSDVVDUiSHORTXDGURGHJHQHUDWLYRGHVXDLQFDSDFLGDGHSURGXWLYD2TXH
YDOHXPODYUDGRUVHPDPmRSDUDODYUDU"$QDWXUH]DLQVHQVtYHOFREURXOKHXPDOWRSUHoRD
VHUSDJRDRVSRXFRVQDGHFDGrQFLDGDIRUoDGRPDWXWR
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6HHP/REDWRRKRPHPpPDOLJQRHP+XJRHVVDPDOLJQLGDGHHVWiQDQDWXUH]DHP
/REDWRRKRPHPHVWHULOL]D DQDWXUH]DHDFRQGHQDDPRUWHHP+XJRDQDWXUH]DHVSUHLWDR
KRPHPFRPPLOWLSRVGHPRUWHVDWpFRPDTXHODTXHQmRVHSDUHFHPRUWHSHODPXWLODomRD
TXHREULJRXRKRPHPHTXHVHUiFDXVD~QLFDHILQDOGHVXDGHFDGrQFLD
$ RSRVLomR TXH VH HVWDEHOHFH HQWUH +XJR H /REDWR WUDQVLWD FRP LJXDO FRHUrQFLD QR
FDPSRGDVLGpLDVHQRGDFULDomRDUWtVWLFDSRULVVRVmRLQWHOHFWXDLVHPEOHPiWLFRVGRFRQIOLWR
GH LGHQWLGDGH TXH DJLWDYD R PHLR LQWHOHFWXDO GR LQtFLR GR VpFXOR ;; H VH ERD SDUWH GD
LQWHOHFWXDOLGDGH QmR VH DSHUFHELD GHVVH PRPHQWR TXH FRPHoDYD D UHFXVDU D UHSHWLomR GH
PRGHORVLQDGHTXDGRVjQRVVDUHDOLGDGHKDYLDPHQWHVEULOKDQWHVFRPRDGHVVHVGRLVHVFULWRUHV
TXHSUHQXQFLDYDPRVYHQWRVGDPXGDQoDHPERUDSRUVXDVH[SHULrQFLDVVHXVROKDUHVYLVVHP
kQJXORVGLVWLQWRVTXDQGRVHYROWDYDPSDUDRVHUWmRHRVHUWDQHMR
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)RUPDV %UHYHV DR WUDWDU GDV ³7HVHV VREUH R FRQWR´ H GDV³1RYDVWHVHV VREUH R FRQWR´2
DXWRUGHILQH FRPR XPDFRQVWDQWHQRVFRQWRVVHJXQGRVXDV WHVHVRIDWRGHTXH ³XP FRQWR
VHPSUHFRQWDGXDVKLVWyULDV´TXH³RFRQWRpFRQVWUXtGRSDUDUHYHODUDUWLILFLDOPHQWHDOJRTXH
HVWDYDRFXOWR´HTXH³RFRQWRFRQWDXPDHQFUX]LOKDGDXPDSDVVDJHP´(VVDVWHVHVSRGHP
DX[LOLDUEDVWDQWHQDDQiOLVHGRVFRQWRVGH+XJRSULQFLSDOPHQWH³*HQWHGH*OHED´SRUTXHD
KLVWyULDGH'LWRpDSDVVDJHPSDUDRXWUDVKLVWyULDVLJXDOPHQWHVLJQLILFDWLYDVQHVVDQDUUDWLYD
6HPTXHUHUQRVDSURIXQGDUPRVPXLWRQDVTXHVW}HVWHyULFDVGRTXHVHMDXPFRQWRRX
XPD QRYHOD R TXHSHUFHEHPRVp TXH H[LVWHP FDUDFWHUtVWLFDVRXWUDV TXH SRGHP GHILQLUXPD
QDUUDWLYD FRPR XP FRQWR FDUDFWHUtVWLFDV TXH YmR DOpP GDV QRo}HV FOiVVLFDV GH XQLGDGH GH
FRQIOLWR GH HVSDoR H GH WHPSR SRVVLELOLWDQGR TXH D QDUUDWLYD VHMD YLVWD SRU kQJXORV PDLV
VHPkQWLFRVTXHHVWUXWXUDLVeSRUHVVHYLpVTXHYHPRV³*HQWHGD*OHED´FRPRXPFRQWR
2LQWULFDGRVHUWmRGH³*HQWHGD*OHED´
1DPDOKDQDUUDWLYDGH³*HQWHGD*OHED´VHFRQVWUyLXPFRQWRGHP~OWLSODVUHODo}HV
HPWRUQRGHXPSHUVRQDJHPWRGRVVmRJHQWHGRVHUWmRRQGHVHXVGUDPDVVHGHVHQURODP(VVD
WHLDpEHPUHSUHVHQWDGDSHORWtWXORRTXHVHYHUiQHVVHFRQWRpDJHQWHGDJOHEDRXVHMDD
JHQWHGDWHUUDGRFDPSRHSRULQYHUVmRSRGHPRVGL]HUTXHWDPEpPVHYHUiDJOHEDGDJHQWH
$FXOWXUDGDWHUUDpPRVWUDGDDWUDYpVGRVULWRVUHOLJLRVRVGRIROFORUHGDVFUHQGLFHV
GDV IHVWDV SRSXODUHV HQWUH RXWURV HOHPHQWRV 9HPRV XP GHWDOKDGR UHWUDWR GDV IHVWLYLGDGHV
UHOLJLRVDV FRP DFHQWXDGR FXQKR IROFOyULFR HP WRUQR GDV TXDLV VH UHDOL]DYDP DV PDLV
LPSRUWDQWHVLQWHUDo}HVVRFLDLVFRPRDVURPDULDVGR0XTXpPGD7ULQGDGHDIHVWDGR'LYLQR
(VStULWR 6DQWR DV GD 6HPDQD 6DQWD DV IHVWDV GH 6mR -RmR DV SURFLVV}HV DV IHXGDLV
FDYDOKDGDVREXPEDPHXERLDVFRQJDGDVDGDQoDGRVtQGLRVHWF
3HODVUHFRUGDo}HVHGHYDQHLRVGDSHUVRQDJHP1Ki/LFDRPXQGRFRORULGRHIDLVFDQWH
GRV DGRUQRV H WRUQHLRV UHOLJLRVRVYDL VH PRVWUDQGRDR OHLWRU UHYHODQGR XPDFRQWULomR TXH

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3LJOLD WUDWD QHVWH OLYUR HP HVSHFLDO QRV GRLV FDStWXORV FLWDGRV GDV QRYDV HVWUXWXUDV TXH R FRQWR SRGH
DSUHVHQWDU HVWUXWXUDV TXH SULYLOHJLDP R HIHLWR VHPkQWLFR SURGX]LGR SHOR FRQWR HP GHWULPHQWR GD HVWUXWXUD
FOiVVLFD $LQGD TXH D IRUPDOLGDGH SHUVLVWD QR JrQHUR DGPLWHVH SHODV QRYDV WHVHV TXH 3LJOLD HODERUD TXH R
FRQWR VHMD FODVVLILFDGR FRPR WDO PHVPR TXDQGR URPSH R DVSHFWR IRUPDO SRUTXH R TXH VH REVHUYD p
SULQFLSDOPHQWHDXQLGDGHQDUUDWLYDTXHVHILUPDVREUHXPHL[RFHQWUDOHSRVVLELOLWDDSDUWLUGDtDDEHUWXUDSDUD
DV LQWHUSUHWDo}HV VLJQLILFDWLYDV PDQWHQGR R TXH %HQMDPLQ GHILQLX FRPR D QHFHVVLGDGH GH WUDQVPLWLU
FRQKHFLPHQWRHQVLQDPHQWROLo}HVRXFRQVHOKRV
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HQJDQRVDPHQWH SDUHFLD LUPDQDU WRGRV RV KRPHQV PDV TXH PDQWLQKD VRE R PDQWR GD
FULVWDQGDGHDVUtJLGDVGLIHUHQoDVVRFLDLVFRPRVHSHUFHEHQHVVHVWUHFKRV
'HSRLV4XLQWD)HLUDGD 'RUHVQRYDSURFLVVmRDGD9LUJHP'RORURVDHP
EXVFDGR)LOKREHPDPDGR2DQGRUQXPDVXQWXRVDRUQDPHQWDomRGHIORUHV
DUWLILFLDLV D LPDJHP QDTXHOH PDQWR D]XOtQHR WRGR FRQVWHODo}HV HUD SHOR
SHUFXUVROHYDGRDRRPEURGDVGRQ]HODVGHPDLVGHVWDTXHQDVRFLHGDGHWRGDV
GHEUDQFRWUDMDGDV(TXHGHVHMRQXWULDHOD/LFDGHFDUUHJiORWDPEpP>@
DVVLP WmR IUDQ]LQD H IUiJLO GH I{UoDV $Wp jTXHOH FDQWR GD QDYH RQGH
FRVWXPDYDP DMRHOKDUVH FKHJDYDP GH IRUD JULWRV H DVVRYLRV PDWLQDGDV
IHUR]HV HP WRUQR GXP PHVPR REMHWR YDLDV HVWUtGXODV D SDUWLU GRV TXDWUR
kQJXORV GD SUDoD (UD D PROHFDGD jV FHQWHQDV jV PDOWDV LQFRQWiYHLV
DUPDGDVGHVHL[RVDWDFDQGRRVFDLSLUDV±SREUHVPDWXWRVGHVHQWRFDGRVGR
IXQGRGHVXDVURoDVHSODQWDo}HVSHORSUD]HUGHWRUQDUSDUWHQDTXHODVDQWD
IHVWLYLGDGH ± H D EUDGDUOKHV j RUHOKD D DOFXQKD LQMXULRVD ± 4XHLMHLUR
4XHLMHLUR4XHLMHLUR5$026S
$VFUHQGLFHVHKLVWyULDVVHUWDQHMDVVHHQWUHPHLDPQDQDUUDWLYDSHODYR]GHSHUVRQDJHQV
VHFXQGiULRVFRPRDGRYHOKRDWDFDGRGHXPDLQFRQWUROiYHOWUHPHGHLUDDGTXLULGDGHVGHRGLD
HP TXH GRUPLUD DR UHOHQWR H DFRUGDUDFRP XPD FDVFDYHO DQLQKDGD HP VHX SHLWR D GRUPLU
WUDQTXLODPHQWHGRWUHPHQGRVXVWRHGDORQJDHVSHUDSHORGHVSHUWDUGDVHUSHQWHHVXDUHWLUDGD
VHPGDQRVDRFDERFORUHVXOWRXREUDQTXHDPHQWRWRWDOHV~ELWRGHWRGRRVHXFDEHORHRHWHUQR
WUHPRUQDVSHUQDV
2VLQFUHWLVPRUHOLJLRVRGHXPDIpLQJrQXDHLYDGDGHVXSHUVWLomRpYLVWDQDVKLVWyULDV
GHKRPHQVGHFRUSRIHFKDGRDRVIHULPHQWRVGHIDFDHEDODTXHWUD]HPQRSHLWRXPEHQWLQKR
GH VDQWR FULVWmR H XP SDWXi GH PDQGLQJD H UH]D EUDYD FRP R TXDO HVSHUDP VDLU LOHVRV GH
TXDOTXHU FRQIURQWR SHULJRVR RX GH KLVWyULDV FRPR D GR HVFUDYRSUHWR YHOKREDUEDUDPHQWH
DoRLWDGRFRPWUH]HQWDVFKLFRWDGDVSRUFXOSDGHXPURXERGRTXDOHUDLQRFHQWH$WDGRDRSRVWH
GDWRUWXUDRQHJURQmRJHPHXQHPFKRURXDSHQDVVHXVOiELRVVHPRYLDPQXPDUH]DGHIHLWLoR
TXHWUDQVIHULDSDUDFRUSRGRILOKRGRVHQKRUDGRUHRVIHULPHQWRVGRFDVWLJRTXHUHFHELDHP
VLOHYDQGRRVLQKR]LQKRDXPDPRUWHFUXHO
$ WRGDV HVVDV FUHQGLFHV H OHQGDV DFRGH D OHDOGDGH GR VHUWDQHMR TXH VH QRWDYD R
DEVXUGRGRQDUUDGRVREUHHOHQmRGHFODUDDPHQWLUDSDUDTXHQmRVHRIHQGDRFRPSDQKHLUR
+LVWyULDV FRPR DTXHODV D GR QHJUR DoRLWDGR HUDP FRUUHQWLDV QR VHUWmR
'HPDLVSRXFRVPXLWRSRXFRVGXYLGDYDP(QWUHDTXHODJHQWHVLPSOHVQmR
HUD FRVWXPH D PHQWLUD 6H DOJXpP DSURQWDYD XP FDUDSHWmR ILFDYD ORJR
GHVDFUHGLWDGRSDUDRUHVWRGDYLGDHGDtDRIHQVDJUDYHGHTXHVHMXOJDDOYR
R VHUWDQHMR FXMD SDODYUD p WRPDGD HP VXVSHLomR $VVLP TXDQGR XP FDVR
FRPRDTXHOHLDGHHQFRQWURjVLGpLDVDVVHQWDGDVVREUHDH[SHULrQFLDGHFDGD
GLD FKRFDQGR DV FRPH]LQKDV QRo}HV TXH SRVVXtDPGD UHDOLGDGH HUD YH]R
GL]HUVH SUHYLDPHQWH ± 1mR SXQKD D PHQRU G~YLGD QR DFRQWHFLGR ORQJH
GHOHGXYLGDUPDV5$026S
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$SUHWH[WRGDVDQGDQoDVGH'LWR ID]VHGHWDOKDGDGHVFULomRGDIDXQDHGDIORUDGRV
UHJLPHVGDVHVWDo}HVGRDQRTXHHPERDSDUWHGR%UDVLOVHGLYLGHHPXPDHVFDOGDQWHHVWDomR
GDVHFDTXHUHVVHFDDVPDWDVHDVSDVWDJHQVHXPDWRUUHQFLDOHVWDomRGDViJXDVTXHLQXQGDDV
YiU]HDVWUDQVERUGDRVULRVJDUDQWLQGRDSUHFLRVDiJXDTXHQRYDPHQWHID]UHYHUGHFHUHIORULU
FDPSRVHPDWDVPDVTXHSRUYH]HVERWDDSHUGHURWUDEDOKRGDODYRXUDDVVLPFRPRDVHFDR
ID]
1RV HPEDWHV FRP D WHUUD D SUiWLFD GR PDQHMR GR VROR SDVVD FRP IUHTrQFLD SHODV
TXHLPDGDVSUREOHPD GHQXQFLDGR SRU /REDWR H TXH +XJRDQDOLVDFRP D VHQVDWH] GHTXHP
FRQKHFHYiULRVkQJXORVGDTXHVWmR+XJRQmRDWLUDWRGDDFXOSDGDVGHVDVWURVDVFRQVHTrQFLDV
GHVVD SUiWLFD DR FDERFOR PDV Yr DL XPD WUDGLomR TXH VH UHSHWH SHOD LJQRUkQFLD GH RXWURV
PpWRGRVGHFXOWLYRDGYHUWLQGRSDUDRVSHULJRVIXWXURVDGYLQGRVGDVUHSHWLGDVTXHLPDGDV
3HORVGLDVGHDJRVWRWRGRRKRUL]RQWHJRLDQRpXPPDUGHFKDPDVIRJRGDV
TXHLPDGDV TXH DUGHP DODVWUDQGRVH SHORV ³JHUDLV´ GRV WDEXOHLURV H
FKDSDG}HVDDIXJHQWDUDIDXQDDODGDGDTXHOHVFDPSRVIRJRGRVFHUUDGRVTXH
HVEUDVHLDP HVWDGHDQGR j QRLWH RV VHXV ORQJRV OLVWU}HV GH LQFrQGLR QDV
FXPHDGDV GDV VHUUDV LQWURPHWHQGRVH OpJXDV H OpJXDV SHOR PDWR JURVVR H
WUDYHVV}HV GRV ULRV H VXELQGR >@ SHOR FLSRDO H WUHSDGHLUDV GRV WURQFRV
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KRPHPFRPDWHUUDVREYiULRVDVSHFWRV(QWUHWDQWRRILRSULQFLSDOTXHFRQGX]RGHVHQURODUGD
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e SRVVtYHO LGHQWLILFDU YiULRV Q~FOHRV UHODFLRQDLV QHVWH FRQWR SRUpP VHP G~YLGD D
JUDQGHUHODomRKXPDQDjTXDO+XJRGiPDLRUGHVWDTXHHXPWRTXHHVSHFLDOGHGHQ~QFLDVRFLDO
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KRPHP SHOR KRPHP GHL[DQGR jV FODUDV DFRQWHFLPHQWRV LQDFHLWiYHLV QR FRQWH[WR GH XPD
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SULQFLSDOFRPHOHFRRSHUDPGHILQLWLYDPHQWHRVRXWURVFDPDUDGDVVHXVFRPSDQKHLURV
2 SDOFR SULQFLSDO RQGH VH GHVHQUROD D WUDPD H R GUDPD GH ³*HQWH GD *OHED´ p D
ID]HQGDGR4XLORPER6HXSURSULHWiULRpXPKRPHPMDPDLVQRPHDGRDQmRVHUSRUFRURQHO
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PXOKHUTXHLQLEHFRPVXDSUHVHQoDRVGHVPDQGRVGRPDULGRHSDLGH1Ki/LFDH1HTXLQKRR
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VDOWDYDPDLVDOWRDIRJXHLUDGRSiWLR5$026S
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~QLFR KRPHP TXH OKH IRUD GDGR DGPLUDU H TXH D PmR GR $FDVR WLQKD
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FRPSDQKHLURVXPWDQWRYH[DGRVSRUVXDDWLWXGHHDDPDQWH&KLFDjPHUFrGDVLQYHVWLGDVGR
FRURQHO$ FDoDGDVHDUUDVWDSRUPXLWRVGLDVHSRUYDVWDVH[WHQV}HVGRVHUWmRGR7ULDQJXOR
0LQHLUR*RLiVH0DWR*URVVRSRUYH]HVSHUGLDRUDVWURGHVHQFDPLQKDGRSRULQIRUPDo}HV
HUUDGDV PDV ORJR VH ORFDOL]DYD H VHJXLD LPSODFiYHO QD WULOKD GR QHJUR SHUVLVWHQWH FRPR
FRVWXPDYDVHUXPFDoDGRUGHHVFUDYRV
3RU ILP HQFRQWUD 0DODTXLDV QXP GHVWHV OXJDUHV SHUGLGRV GR VHUWmR RV GRLV VH
HQIUHQWDPPDV'LWROHYDDPHOKRU$OJHPDGRFRPRVIHUURVGHHVFUDYRDUUDVWDGRGHYROWDj
ID]HQGD0DODTXLDVGHVDEDIDVXDVPiJRDVUHIRUoDQGRDVGHQ~QFLDVWUDEDOKLVWDV
6HX'LWRIH]PDOQmRGHYLDDFHLWDUDTXHODLQFXPErQFLD7HPSRGHFDWLYRH
FDSLWmRGRPDWRMiSDVVRX(VWDYDQRVHXGLUHLWRGHLUSDUDRQGHPXLWREHP
TXHULD/DEXWDYDQDID]HQGDWUDEDOKDQGRGLDHQRLWHFRPRPRXURHQRILP
TXHpTXHYLD"'tYLGDVHPDLVGtYLGDVRSDWUmRGHDQRHPDQRPDLVH[LJHQWH
H GHVDOPDGR HQILP DTXHOD YLGD GH FDFKRUUR GH FDPDUDGD 'H UHVWR VHP
JDUDQWLDQRWUDWR2SDWUmRDEXVDYDGHVXDIDOWDGHOHWUDHVWLFDQGRFRPROKH
SDUHFLD QD FRQWD WUDQVWRUQDQGR RV VHXV DUUDQMRV GH DEDWLPHQWRGR ILPGR
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PrVHHODDGDQDGDDHVSLFKDUDHVSLFKDUTXHQHPPHVPRXPLPSHUDGRU
HUDDJRUDFDSD]GHUHVJDWiOD2UDQHVVHSpQmRSRGLDKDYHUVLQFHULGDGHQR
DMXVWH0DLVYDOLDFDLUDJHQWHQRPXQGRFRPRIL]HUDRXHVWRXUDUDtSDUDXP
FDQWR PRtGR GH SDQFDGD FRPR VXFHGHUD DR 7RUTXDWR SRU PHWHUVH D
UHVSRQGmR5$026S
$ HVVDV UD]}HV 'LWR QmR UHVSRQGH PDV VHX HVStULWR FRPHoD D LQTXLHWDUVH SHOD
LQMXVWLoDTXHQmRVHSRGLDQHJDU2QHJURDSURYHLWDHUHYHODDRFDERFORRDPRUTXH1Ki/LFD
OKHWLQKDDPDOGDGHGRSDWUmRVXDUHDOIDOWDGHDIHWRSDUDFRP'LWRRVDVVpGLRVGRFRURQHOj
VXDDPDQWH&KLFDHSRUILPDOHUWDRFDERFORSDUDRHVStULWRWUDLoRHLURGRID]HQGHLUR
0DVTXHWRPDVVHVHQWLGRDTXHOHID]HQGHLURDLQGDKDYLDGHOKHGDURSDJRGD
VXDGHGLFDomR±+XP+XP$TXLORpELFKRPDXTXHQHPSHVWH6HX'LWR
PXLWRDIiYHOSDUDRVTXHQmROKHGHYLDPREULJDomRPDVMXGHXDWpDOLFRPRV
VXERUGLQDGRVRXTXHPVHPHWHVVHDHPSDWDUOKHDVYD]DV5$026S
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&KHJDGRVj ID]HQGDR QHJURp DPDUUDGRH DoRLWDGRSHORSUySULRFRURQHO Mi TXHRV
FDPDUDGDVHVFUXSXORVRVVHUHFXVDUDPDID]rORHPERUDDFKDVVHPHPVXDLJQRUkQFLDTXHR
SDWUmRHVWDYDHPVHXGLUHLWR
4XDQWR DR DWR DUELWUiULR GR &RURQHO HP FKLFRWHDU R 0DODTXLDV QLQJXpP
DOXGLX QHP OKHV SDVVRX SHOD PHQWH GLVFXWLU DV UD]}HV (UD DTXHOH XP
FRVWXPHTXHDVVLVWLDDRVID]HQGHLURVHTXHSXQKDPHPSUiWLFDTXDQGREHP
OKHV DSURYLQKD VHP TXH FRP LVVR OHYDQWDVVHP HQWUH RV VHXV D PtQLPD
RSRVLomR RX PHVPR XP VLPSOHV PXUP~ULR GH FHQVXUD &RPSHWLDOKHV
DTXHOH GLUHLWR FRPR RXWURUD FRPSHWLD DR VHQKRU IHXGDO 'HPDLV GD
IUHTrQFLD GHVVDV XVDQoDV UHVXOWDYD HVFDSDU j UXGH VLQJHOH]D GDTXHOHV
KRPHQVDFRPSUHHQVmR GHVHPHOKDQWH DUELWUDULHGDGH(VHSURWHVWRKDYLD
HUDDSHQDVDUHSXJQkQFLDLQVWLQWLYDTXHVHQWLDPWRGRVHPSDFWXDUQDTXHODV
LQLTLGDGHV5$026S
(VWmR H[SRVWDV Dt DV UHODo}HV FRORQLDLV YLJHQWHV QDV JOHEDV GR VHUWmR 5HODo}HV GH
VXEVHUYLrQFLD GH HVSROLDomR H[SORUDomR H DSURSULDomR GH XP KRPHP VREUH RXWUR &RQWUD
WRGD D OHL QDFLRQDO DOL VH SUDWLFD D HVFUDYLGmR R DoRLWH H D WRUWXUD KDELWXDLV GRV WHPSRV
PHGLHYDLV2VFRPSDQKHLURVTXHSUHIHULDPTXHRQHJURWLYHVVHHVFDSDGRDFHLWDPFRPXPD
UHVLJQDomRGHYDVVDORVDTXHODVEDUEDULGDGHVHDWpMXOJDPFRUUHWRTXHDVVLPVHMD
%HQHGLWR p R ~QLFR TXH QHVWH PRPHQWR VHQWH DOJXP UHPRUVR SHOR TXH IL]HUD H VH
LQFRPRGDFRPDVHYHULGDGHGRSDWUmRTXHFRPHoDDDSDUHFHUOKHHPVXDYHUGDGHLUDIDFHGH
FUXHOGDGHSUD]HURVD'LWRSRUpPHVWiPHLRSURVWUDGRSHODVUHYHODo}HVGRQHJURHVHXHVStULWR
VHRFXSDWRGRFRPRGHVHMRGHUHYHU1Ki/LFDTXHHVWiHP&XUUDOLQKRFRPDPmHHRLUPmR
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2SDWUmRWDPEpPVHUHWLUDSDUDRSRYRDGRSUy[LPRGDQGRRUGHQVHVWULWDVSDUDTXH'LWR
QmRVHDIDVWDVVHGDID]HQGDFRQWXGRRFDERFORVHOHPEUDGDDPDQWHVHXFRUSRGHKRPHP
IRUWHHYLULOUHFODPDRFRUSRGDPXOKHUHHOHFRQWUDDRUGHPTXHUHFHEHUDUHVROYHLUDRVHX
HQFRQWUR,VVRGHVSHUWDJUDQGHLQTXLHWDomRHP-RmR9DTXHLURTXHVDEHGRVDPRUHVGRFRURQHO
FRPDPXODWDHSUHVVHQWHDWUDJpGLDTXHVHDQXQFLDPDVQmRGiQHQKXPDYLVRD'LWRDSHVDU
GDDPL]DGHTXHOKHWHPGHWLGRSHODOHDOGDGHVXEVHUYLHQWHSDUDFRPRSDWUmR
'HVVHSRQWRHPGLDQWHDQDUUDWLYDVHSUHFLSLWD'LWRVXUSUHHQGHDDPDQWHFRPRXWUR
KRPHPTXHIRJHVHPGDUWHPSRGHVHULGHQWLILFDGRDDPDQWHUHFXVDVHDGL]HUR QRPHGR
RXWUR DLQGD TXH IRVVH YLROHQWDPHQWH HVSDQFDGD SRU 'LWR 'XUDQWH D PDGUXJDGD D PXOKHU
IRJHGHL[DQGRRFDERFORPDLVHQIXUHFLGRErEDGRHVWHUHWRUQDjID]HQGDMXUDQGRYLQJDQoDV
FRQWUDRKRPHPTXHGRUPLUDFRPVXDDPDQWHTXHQmRVDELDDRFHUWRTXHPHUDPDVVHQWLQGR
YDJDPHQWHTXHPSRGHULDVHU
$QWHV GH FKHJDU j ID]HQGD QD DOWXUD GH XPD UHJLmR FKDPDGD (VWLYD TXH VHPSUH
PHWHUDPHGRHP'LWRGHVGHVXDLQIkQFLDSRUHVWDUHQWHUUDGRDOLXPYLROHLURTXHDPHDoDUD
DVVRPEUiOR VXUJH XP YXOWR TXHDVVXVWD R FDYDORH GHL[D 'LWR DOHUWD7UDWDYDVH GR QHJUR
0DODTXLDVTXH R LQWHUFHSWDHGHFODUDTXHRFRURQHOHUDRRXWURDPDQWHGH &KLFD TXHHVWH
SRVVXtGRGHXPDUDLYDYLQJDWLYDRUGHQDUDOKHDHOHHRXWURVKRPHQVDUPDUHPXPDFLODGD
SDUDOHYDUHP'LWRSUHVRDWpVXDSUHVHQoD0DODTXLDVOHDOUHWULEXtDFRPXPDYLVRGHDPLJR
DRDUUHVWRGHHVFUDYRTXH'LWROKHIL]HUDSURSRQGRVHDDMXGDURFDERFORHPXPDIXJD
0DV'LWRQmRTXHUIXJLU6DEHGRUFRPVHJXUDQoDGHRQGHSDUWLDDWUDLomRDI~ULDGH
'LWR Vy DXPHQWD D ILJXUDGR FRURQHO DQWHV JUDQGH H UHVSHLWDGD WRUQDVH ULGtFXOD DRV VHXV
ROKRVHVHUHEDL[DD³YHOKRWHSHUUHQJXH´D³YHOKRFRURFD´2GHVHMRGHYLQJDQoDWRPDWRGRV
RVVHXVVHQWLGRVLJQRUDRVDYLVRVGH0DODTXLDVHSHODSULPHLUDYH]VHPPHGRGHIDQWDVPDV
JDORSDSHOD(VWLYDHSUHFLSLWDVHSDUDDVXDSHUGLomRQmRUDFLRFLQDFRPFRHUrQFLDHDJHFRPR
XPDQLPDOHQORXTXHFLGR
$OLiVGHVGHTXHLQLFLDHVWHHSLVyGLRILQDODVDo}HVGH'LWRVmRWRGDVDQLPDOL]DGDVQD
FDVD GD DPDQWH HOH DUUHEHQWDUD D SRUWD D SDWDGDV HQILDUD SHOD DEHUWXUD R EUDoR FRPR XPD
FREUDSHUVHJXLUDRIXJLWLYRQXPSXORGHRQoDHVSDQFRXDPXOKHUFRPUXJLGRVGHIHUDHSRU
ILPDDPRXEHVWLDOPHQWHFRPXQKDGDVHPRUGLGDVDRVJDQLGRV
&RPR XP DQLPDO 'LWR p ODoDGR SRU -RmR 9DTXHLUR p DPDUUDGR H DWLUDGR FRP XP
IDUGRVREUHRORPERGRFDYDORHFRQGX]LGRSHODPmRGRSUySULR-RmR9DTXHLURVHXDPLJR
DWpDID]HQGDRQGHRHVSHUDVHXWUiJLFRGHVWLQReLQWHUHVVDQWHREVHUYDUTXHRVFRPSDQKHLURV
TXHOKHHUDPDPLJRVILpLVDJRUDRFRQGX]HPVHPQHQKXPUHPRUVRSDUDRFDVWLJRGRVHQKRU
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(QWUHWDQWRQHPGHORQJHOKHVDFRGHjLPDJLQDomRDFUXHOGDGHSHODTXDO'LWRSDVVDULD
$WDGRDRSRVWHGDWRUWXUD'LWRHVSHUDRFDVWLJRLQGHIHVRDQWHDI~ULDGLDEyOLFDGRFRURQHOTXH
HP DWR LPSHQViYHO DSUR[LPDVH GR FDERFOR DEDL[D VXDV FDOoDV H HP XPD GRORURVD
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JRYHUQRSUySULR
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VtPERORVIXQGDUDPPLWRVDSRQWDUDPDRULJHPPRVWUDUDPDVWUDGLo}HVWHQWDUDP³OLJDU´RV
VHUHV QR VHQWLGR GD QDomR IL]HUDP LVVR SHOR GLVFXUVR OLWHUiULR HVWUDWpJLFR SDUD IRUPDU R
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QDomRFRQVWUXtGDSHORVURPkQWLFRVHODERUDGDDSDUWLUGHXPDUWLItFLRKDELOPHQWHHQJHQGUDGR
QHVVDLGpLD GH QDomRQmR FRXEHUDPSHODVFRQGLo}HVGRPRPHQWRKLVWyULFRDFRQWHPSODomR
GDVGLIHUHQoDVTXHMiID]LDPGRSDtVXPDQDomRPXOWLIDFHWDGDRQGHMRJDYDHDLQGDKRMHMRJD
R PXOWLFXOWXUDOLVPR GDV GLIHUHQWHV WUDGLo}HV FRVWXPHV H UDoDV TXH IRUPDP QRVVD
QDFLRQDOLGDGH
2 HYROXLU GD KLVWyULD SURYRX VHU LPSRVVtYHO D PDQXWHQomR GH XP FRQFHLWR GH
QDFLRQDOLGDGHVHPFRQVLGHUDUDVGLIHUHQoDVFRQVWLWXWLYDVTXHYLJRUDYDPQRVHLRGDQDomRR
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FRQILUPD HP VHXV HVWXGRV HVVD LPSRVVLELOLGDGH GH XQLGDGH VH VREUHSRQGR jV GLIHUHQoDV
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GHQDomRFRPRXPDLGHQWLGDGHFXOWXUDOXQLILFDGD$VLGHQWLGDGHVQDFLRQDLV
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GLIHUHQoDVVREUHSRVWDV+$//S
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QDFLRQDOLGDGHHTXHQmRSRVVXtDPRVHPQRVVDKLVWyULDRSULQFtSLRGHXPDQDUUDWLYDQDFLRQDO
TXHILJXUDVVHXPPLWRIXQGDFLRQDOeFHUWRTXHHQWHQGHPRVKRMHTXHRFRQFHLWRGHQDomRp
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URPkQWLFRVVHOHFLRQDUSDUDUHSUHVHQWDU
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FRQIRUPDUDLGHQWLGDGHEUDVLOHLUDHFRPRHVVHSURMHWRVHPRGLILFRXDRORQJRGRWHPSR
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GLYHUVLGDGHKRMH D QDFLRQDOLGDGHQmRVHHQWHQGHPDLVDSHQDVFRPRDPDQXWHQomRGHXPD
WUDGLomR XQLILFDGRUD PDV VREUHWXGR SHOD WUDGXomR GRV YDORUHV SDUWLFXODUHVFRPR DV IHVWDV
UHOLJLRVDVDDUWHDFXOLQiULDDP~VLFDRDUWHVDQDWRRWXULVPRHWFYDORUHVTXHWUDGX]HPD
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GLIHUHQWHV H SRU LVVR PHVPR HVVD PRGHUQLGDGH SURYRFD PRYLPHQWRV FRQWUDGLWyULRV QDV
PRGHUQDV LGHQWLGDGHV XP PRYLPHQWR p R GH DEHUWXUD SDUD R JOREDO FRPR REVHUYD +DOO
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