Chagas de Souza (2000) - alternância causativa, defaults, léx
Transcrição
$$OWHUQkQFLD&DXVDWLYDQR3RUWXJXrVGR%UDVLO 3DXOR&KDJDVGH6RX]D 3DXOR&KDJDVGH6RX]D 3DXOR&KDJDVGH6RX]D $$/7(511&,$&$86$7,9$ 1232578*86'2%5$6,/ '()$8/76180/K;,&2*(5$7,92 7HVH DSUHVHQWDGD j )DFXOGDGH GH )LORVRILD /HWUDVH&LrQFLDV+XPDQDVGD8QLYHUVLGDGHGH 6mR 3DXOR FRPR UHTXLVLWR SDUFLDO SDUD D REWHQomRGRWtWXORGH'RXWRUHP/LQJtVWLFD REWHQomRGRWtWXORGH'RXWRUHP/LQJtVWLFD RGH'RXWRUHP/LQJtVWLFD 2ULHQWDGRUD 2ULHQWDGRUD 3URID'UD(VPHUDOGD9DLODWL1HJUmR 3URID'UD(VPHUDOGD9DLODWL1HJUmR 6mR3DXOR 6mR3DXOR1RYHPEUR 1RYHPEUR 1 $$OWHUQkQFLD&DXVDWLYDQR3RUWXJXrVGR%UDVLO 3DXOR&KDJDVGH6RX]D $RPHXSDL-RmRGH'HXV SURIHVVRUQDDUWH GHVHU¶VLQFHULVWDPLOLWDQWH· PLQKDPmH0DULD(PtOLD SHORDPRUHRKXPRU ,HGD TXHVREUHYLYHXjVPLQKDVFKXYDVHWURYRDGDV HjVGH2NODKRPDWDPEpP *LXOLD TXHDJRUDYDLSRGHUFREUDU WRGDVDVPLQKDVSURPHVVDVGHSDVVHLRV $REHEr TXHYHPSRUDt 2 $$OWHUQkQFLD&DXVDWLYDQR3RUWXJXrVGR%UDVLO 3DXOR&KDJDVGH6RX]D $R)UDQFKL VLQHTXRQRQ 3 $$OWHUQkQFLD&DXVDWLYDQR3RUWXJXrVGR%UDVLO 3DXOR&KDJDVGH6RX]D $JUDGHFLPHQWRV $JUDGHFLPHQWRV $JUDGHoR DR )LRULQ SHOR DSRLR GHVGH R PHVWUDGR j (VPHUDOGD SHOD GLVFRUGkQFLD SHODV EURQFDVHSHODWROHUkQFLDH)UDQFKLSRUWXGRHPDLVDOJXPDFRLVD $RVSURIHVVRUHV,YDQ6DJ-RDQ%UHVQDQ3HWHU6HOOVH3DXO.LSDUVN\TXHPDLVFRQWULEXtUDP SDUDPLQKDIRUPDomRFRPROLQJLVWDTXDQGRHVWLYHHP6WDQIRUG V FROHJDV RULHQWDLV GH 6WDQIRUG SRU PH DMXGDUHP D PH VHQWLU HP FDVD 7KDP 6KLDR:HL +DQMXQJ/HHH<XNLNR0RULPRWR (LNRHDR5LYDOGRSRUWHUHPQRVUHFHELGRHXD,HGDHD*LXOLDWmREHPTXDQGRFKHJDPRV QD&DOLIyUQLDHIDFLOLWDGRQRVVDDGDSWDomR $RSHVVRDOTXHSDUWLFLSDGRVVHPLQiULRVGHWHRULDJUDPDWLFDOGD863DOJXQVKiPDLVWHPSRH RXWURVTXHFKHJDUDPPDLVUHFHQWHPHQWH$QD/~FLDGH3DXOD0OOHU$QD3DXOD6FKHU&DUORV )UDQFKL(VPHUDOGD9DLODWL1HJUmR(YDQL9LRWWL*HO]D1XQHV3HPEHUWRQ+DUGDULN%OKGRUQ 0DULD-RVp)ROWUDQ0DULVWHODGRV6DQWRV3UDGR7KDwV5DSRVRGR$PDUDO3LQWR&KDYHV7HUHVD :DFKRZLF]SHORTXHFRQWULEXtUDPGLUHWDRXLQGLUHWDPHQWHSDUDRGHVHQYROYLPHQWRGHVWDWHVH $RSHVVRDODGPLQLVWUDWLYRGR'HSWRGH/LQJtVWLFD%HQ+XU)iWLPDHeULFDSULQFLSDOPHQWH jeULFDVDOYDGRUDGRVSyVJUDGXDQGRVTXHPHVDOYRXPDLVGHXPDYH]FRPSDSHODGDVSUD]RV LQIRUPDo}HVHPLOKDUHVGHRXWUDVFRLVDV $QGUHDHj0pSHODDPL]DGHGHVHPSUH ,HGDVHPDTXDOHXQmRWHULDFRQVHJXLGRLGRSUD6WDQIRUG *LXOLDSRUQXQFDSDUDUGHSHGLUSUDEULQFDUFRPHOD $PLQKDPmH0DULD(PtOLDSRUWXGRTXHDSUHQGLFRPHODGRDPRUjVDEREULQKDV i $$OWHUQkQFLD&DXVDWLYDQR3RUWXJXrVGR%UDVLO 3DXOR&KDJDVGH6RX]D $RV DOXQRV GD JUDGXDomR SULQFLSDOPHQWH RV GR FXUVR GH VHPkQWLFD GR VHJXQGR VHPHVWUH GH FRPTXHPSXGHS{UHPSUiWLFDYiULRVGRVFRQFHLWRVVHPkQWLFRVTXHFRQVWDPGHVWDWHVH $R 'HSDUWDPHQWR GH /LQJtVWLFD TXH PH DFROKHX H TXH PH SURSRUFLRQRX LQFOXVLYH GDU HVVH FXUVRGHVHPkQWLFD 3RUILPDR&13TSHORDSRLRILQDQFHLURHSHODRSRUWXQLGDGHIDEXORVDGHID]HURGRXWRUDGR VDQGXtFKHHP6WDQIRUG ii ÌQGLFH ÌQGLFH $JUDGHFLPHQWRV L ÌQGLFH LLL 5HVXPR YLL $EVWUDFW L[ ,QWURGXomR [L &DS 2/p[LFRHD$OWHUQkQFLD&DXVDWLYD 2EMHWLYRV 8PD3LWDGDGH7HUPLQRORJLD ,QDFXVDWLYR (UJDWLYR ,QFRDWLYR $QWLFDXVDWLYR 2SomR7HUPLQROyJLFDGHVWD7HVH 'LiWHVH $V$OWHUQkQFLDV6LQWiWLFDVD$OWHUQkQFLD&DXVDWLYDHD'HOLPLWDomRGDV &RQVWUXo}HVD6HUHP,QYHVWLJDGDV 9HUERV,QDFXVDWLYRVH,QHUJDWLYRVHP3RUWXJXrV $V)RUPDV0HGLDO0pGLDH,QFRDWLYD 23DSHOGR6H iii &DS $6LQWD[H/H[LFDO $6LQWD[H $6LQWD[H/H[LFDO +DOH.H\VHUHD'HULYDomRGRV9HUERV 9HUERV'HQRPLQDLV,PHGLDWRV 9HUERV'HQRPLQDLV0HGLDWRV/RFDFLRQDLV 9HUERV'HDGMHWLYDLV +DOH.H\VHUHD$OWHUQkQFLD&DXVDWLYD 5HVXPRH&RPHQWiULRGD$QiOLVHGH+DOH.H\VHU &DS $6HPkQWLFD/H[LFDO &DXVDHD$QiOLVH%LVVHQWHQFLDOGRV(YHQWRV&DXVDWLYRV 2/p[LFR*HUDWLYRGH3XVWHMRYVN\ 2/p[LFR*HUDWLYRHD$OWHUQkQFLD&DXVDWLYD (YHQWRV&DXVDGRV([WHUQDPHQWH,QWHUQDPHQWH /DEHOOH /HYLQ5DSSDSRUW+RYDY $1mR(TXLYDOrQFLDHQWUH$NWLRQVDUWHQH0ROGHV6HPkQWLFRV &RQFOXVmR &DS 5HVWULo}HVGD$OWHUQkQFLD&DXVDWLYDH'HIDXOWV $6XE(VSHFLILFDomRHD$OWHUQkQFLD&DXVDWLYD 9DQ9RRUVW$6XE(VSHFLILFDomRHD$OWHUQkQFLD&DXVDWLYD iv 5HFRQVWUXomR0HWRQtPLFDH6XE(VSHFLILFDomR &ODVVHVGH9HUERVTXH1mR$OWHUQDP 3ROLVVHPLDH'LiWHVH $V)RUPDVGD$OWHUQkQFLD 0RQRWRQLFLGDGHH1mR0RQRWRQLFLGDGH 2V'HIDXOWVHR/p[LFR*HUDWLYR 5HVWULo}HV6HPkQWLFDVDR'HIDXOW 5HVWULo}HV/H[LFDLV 5HVWULo}HV&RPSRVLFLRQDLV 5HVWULo}HV3UDJPiWLFDV 5HVXPRGHVWH&DStWXOR $SrQGLFHDR&DStWXOR&ODVVHVGH9HUERV &DS 2/p[LFR*HUDWLYRRV'HIDXOWVHD$OWHUQkQFLD&DXVDWLYD $$OWHUQkQFLD>75,@FRPR'HIDXOW 9HUERV>75@ 2EMHWR$IHWDGR+XPDQRFRPR'HIDXOW 7UDQVLomR,QHVSHFLILFDGD 6LPpWULFRV 5HWRPDGDGDV&ODVVHV>75@ 9HUERV>7,@ 9HUERVTXH$OWHUQDPPDVVH$IDVWDPGR'HIDXOW6HPkQWLFR3ULQFLSDO 5HVXOWDWLYRV v 0DQWHU7UDQVLo}HVGH*UDX=HUR 5HVWULo}HV0RUIROyJLFDVDR'HIDXOW 5HVWULQJLQGRD'HULYDomRGH9HUERV'HQRPLQDLVQR/p[LFR*HUDWLYR 'HWHUPLQDQGRRV6LJQLILFDGRV'HIDXOW 'RV6LJQLILFDGRV'HIDXOWVj$OWHUQkQFLD&DXVDWLYDQR/p[LFR*HUDWLYR 5HVXPR $SrQGLFHDR&DStWXOR9HUERV'HQRPLQDLVQR/p[LFR*HUDWLYRH 0RUIRORJLD &RQFOXVmR %LEOLRJUDILD vi $$OWHUQkQFLD&DXVDWLYDQR3RUWXJXrVGR%UDVLO 3DXOR&KDJDVGH6RX]D 5HVXPR 5HVXPR (VWD WHVH DQDOLVD D DOWHUQkQFLD FDXVDWLYD QR SRUWXJXrV GR %UDVLO H RXWUR WySLFR HVWUHLWDPHQWH UHODFLRQDGR D HOD RV SDGU}HV GH GHULYDomR GH YHUERV D SDUWLU GH RXWUDV FDWHJRULDV FRP R REMHWLYR GH DYDOLDU GHQWUH GRLV WLSRV GH FRQFHSomR GR Op[LFR TXDO p HPSLULFDPHQWH PDLV DGHTXDGDDGH+DOH.H\VHUVHJXQGRDTXDORVYHUERVVHUHODFLRQDPDHVVDVSDODYUDV SRU PHLR GH PHFDQLVPRV VLQWiWLFRV TXH OLPLWDP R FRQMXQWR GRV YHUERV SRVVtYHLV RX XPD DQiOLVH EDVHDGD HP PHFDQLVPRV VHPkQWLFRV GD TXDO p HQIDWL]DGD D FRQWULEXLomR GR /p[LFR *HUDWLYRGH3XVWHMRYVN\FRPFHUWRVSRQWRVVXJHULGRVSRU/HYLQ 5DSSDSRUW+RYDY 'HQWURGHVVHGHEDWHHQWUHDSRVWXODomRGHUD]}HVGHRUGHPVLQWiWLFDHUD]}HVGHRUGHP VHPkQWLFDHVWDWHVHDUJXPHQWDHPIDYRUGHVWH~OWLPRWLSRGHH[SOLFDo}HV (VVDDUJXPHQWDomRVHEDVHLDQDGHPRQVWUDomRGHTXHRVLVWHPDGH+DOH.H\VHUDSUHVHQWD SUREOHPDVHPStULFRVWDQWRQDDQiOLVHGDDOWHUQkQFLDTXDQWRQDGRVSURFHVVRVGHIRUPDomRGH YHUERV QR Op[LFR (VVHV SUREOHPDV VmR DQDOLVDGRV GH IRUPD PDLV DGHTXDGD QR WLSR GH DERUGDJHPVHPkQWLFDXWLOL]DGRQHVWDWHVH $ UHWRPDGD H UHHODERUDomR GDV UHVWULo}HV VHPkQWLFDV SUHVHQWHV QD OLWHUDWXUD H VXD DSOLFDomR WDPEpP DRV YHUERV SROLVVrPLFRV HYLGHQFLDP PDLV XPD YH] GH IRUPD FRQWXQGHQWH TXH D DOWHUQkQFLDHVWiDVVRFLDGDDGHWHUPLQDGRVHOHPHQWRVGHVLJQLILFDGREHPGHILQLGRVGRVTXDLVRV SULQFLSDLV VmR D DIHWDomR GR DUJXPHQWR LQWHUQR GH XP YHUER WUDQVLWLYR H D DXVrQFLD GH DFDUUHWDPHQWR GH DJHQWLYLGDGH GR FDXVDGRU GR HYHQWR RX D SRVVLELOLGDGH GH R HYHQWR VHU FDXVDGRTXHULQWHUQDTXHUH[WHUQDPHQWH e IHLWD DLQGD XPD DUJXPHQWDomR GHWDOKDGD GR XVR GH GHIDXOWV QD WHRULD OLQJtVWLFD TXH WHP LPSRUWDQWHV DSOLFDo}HV QR SURFHVVR GH IRUPDomR GH YHUERV GHULYDGRV H QD DOWHUQkQFLD FDXVDWLYDRTXHGiVXVWHQWDomRDXPPRGHORFRPRRGR/p[LFR*HUDWLYR $LPSOHPHQWDomRGHVVHVGHIDXOWVVHEDVHLDQDXWLOL]DomRGHLQIRUPDo}HVFRQWLGDVQRVTXDOLDGRV LWHQVOH[LFDLV3DUDTXHR/p[LFR*DUDWLYRSRVVDGDUUHVXOWDGRVQRHQWDQWRVmRVXJHULGDVDLQGD YLL $$OWHUQkQFLD&DXVDWLYDQR3RUWXJXrVGR%UDVLO 3DXOR&KDJDVGH6RX]D PRGLILFDo}HV DR PRGHOR DV TXDLV VH PRVWUDP IXQGDPHQWDLV QR HVWXGR GR SURFHVVR GH GHULYDomR GH YHUERV D SDUWLU GH VXEVWDQWLYRV JXLDQGR DV LQWHUSUHWDo}HV SUHIHUHQFLDLV H FRQVHTHQWHPHQWHGHWHUPLQDQGRWDPEpPDSRVVLELOLGDGHGHRFRUUrQFLDGDDOWHUQkQFLD YLLL $$OWHUQkQFLD&DXVDWLYDQR3RUWXJXr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·V*HQHUDWLYH /H[LFRQLVVWUHVVHGZLWKWKHDGGLWLRQRIFHUWDLQSRLQWVVXJJHVWHGE\/HYLQ5DSSDSRUW+RYDY ,QWKLVGHEDWHEHWZHHQSRVLWLQJV\QWDFWLFRUVHPDQWLFUHDVRQVWKLVGLVVHUWDWLRQDUJXHV IRUWKHODWWHUNLQGRIH[SODQDWLRQ 7KHDUJXPHQWDWLRQLVEDVHGRQWKHGHPRQVWUDWLRQRIHPSLULFDOSUREOHPVLQ+DOH.H\VHU·V V\VWHP ERWK LQ WKHLU DQDO\VLV RI WKH DOWHUQDWLRQ DQG LQ WKH YHUEIRUPDWLRQ SURFHVV LQ WKH OH[LFRQ 7KRVH SUREOHPV DUH DQDO\]HG PRUH DSSURSULDWHO\ LQ WKH NLQG RI VHPDQWLF DSSURDFK DUJXHGIRULQWKLVGLVVHUWDWLRQ 7KHUHH[DPLQDWLRQDQGUHHODERUDWLRQRIWKHVHPDQWLFFRQVWUDLQWVIRXQGLQWKHOLWHUDWXUHDQG WKHLUDSSOLFDWLRQWRSRO\VHPLFYHUEVDVZHOOVKRZVHPSKDWLFDOO\RQFHPRUHWKDWWKHDOWHUQDWLRQ LV DVVRFLDWHG WR VRPH YHU\ ZHOO GHILQHG PHDQLQJ HOHPHQWV WKH PDLQ RQHV RI ZKLFK DUH DIIHFWLQJ RI WKH LQWHUQDO DUJXPHQW RI WKH WUDQVLWLYH YHUE DQG WKH DEVHQFH RI HQWDLOPHQW RI DJHQWLYLW\E\WKHFDXVHURIWKHHYHQWRUWKHSRVVLELOLW\IRUWKHHYHQWWREHHLWKHULQWHUQDOO\RU H[WHUQDOO\FDXVHG $ GHWDLOHG DUJXPHQWDWLRQ LV PDGH IRU WKH XVH RI GHIDXOWV LQ OLQJXLVWLF WKHRU\ ZKLFK KDV LPSRUWDQW DSSOLFDWLRQV LQ WKH YHUEIRUPDWLRQ SURFHVV DQG LQ WKH FDXVDWLYH DOWHUQDWLRQ VRPHWKLQJZKLFKVXSSRUWVDPRGHOOLNHWKH*HQHUDWLYH/H[LFRQ 7KHLPSOHPHQWDWLRQRIWKRVHGHIDXOWVLVEDVHGRQWKHXVHRILQIRUPDWLRQFRQWDLQHGLQWKHTXDOLD RI OH[LFDO LWHPV ,Q RUGHU IRU WKH *HQHUDWLYH /H[LFRQ WR \LHOG JRRG UHVXOWV KRZHYHU VRPH L[ $$OWHUQkQFLD&DXVDWLYDQR3RUWXJXrVGR%UDVLO 3DXOR&KDJDVGH6RX]D PRGLILFDWLRQVDUHVXJJHVWHGZKLFKSURYHWREHIXQGDPHQWDOLQWKHVWXG\RIWKHYHUEIRUPDWLRQ SURFHVVGULYLQJWRZDUGVSUHIHUDEOHUHDGLQJVDQGDVDUHVXOWGHWHUPLQLQJLIWKHDOWHUQDWLRQFDQ RFFXUDVZHOO [ $$OWHUQkQFLD&DXVDWLYDQR3RUWXJXrVGR%UDVLO 3DXOR&KDJDVGH6RX]D ,QWURGXomR ,QWURGXomR 7KHRULHVDUHOLNHQHWV7KRVHZKRWKURZZLOOFDWFK 1RYDOLV (VWD WHVH p XPD EXVFD GH WUDEDOKDU FRP XP IHQ{PHQR TXH Mi VXVFLWRX PXLWD GLVFXVVmR D DOWHUQkQFLD FDXVDWLYD 1mR Vy HOD PDV D TXHVWmR GD FDXVDWLYLGDGH H VHX SDSHO QD OtQJXD WHP GDGRRULJHPDLQ~PHURVWUDEDOKRV 1R LQtFLR PLQKD LQWHQomR HUD WUDEDOKDU FRP DOJXP IHQ{PHQR UHODFLRQDGR j HVWUXWXUD DUJXPHQWDO DOJR TXH UHODFLRQDVVH D VHPkQWLFD GDV SDODYUDV FRP VXD PDQLIHVWDomR OLQJtVWLFD $FDEHLRSWDQGRSRUDERUGDUDDOWHUQkQFLDFDXVDWLYDHJUDGDWLYDPHQWHIXLWHQGRFRQWDWRFRP YiULDVWHRULDVDTXLHQRPHXGRXWRUDGRVDQGXtFKHTXHDOWHUDUDPPLQKDIRUPDGHSHQVDUHRV HOHPHQWRVVREUHRVTXDLVSUHWHQGLDPHGHWHU1RV~OWLPRVPHVHVGHUHGDomRDWHVHTXDVHTXH LPSHUFHSWLYHOPHQWH SDUD PLP DFDERX SRU GHVFRODU XP SRXFR GD DOWHUQkQFLD FDXVDWLYD H VH YROWDUSDUDDTXHVWmRPDLVJHUDOGHRTXHpOp[LFR (P FRQVHTrQFLD GLVVR HVWD WHVH SDVVRX D WHU WUrV REMHWLYRV TXH VH HQWUHODoDP XP PDLV HVSHFtILFR H RXWURV GRLV PDLV JHUDLV 2 PDLV HVSHFtILFR FRQWLQXRX VHQGR D DQiOLVH PDLV DSURIXQGDGDGDDOWHUQkQFLDFDXVDWLYDHPVLYDOHQGRPHGDVLQWXLo}HVSUHVHQWHVHP:KLWDNHU )UDQFKL H GRV TXDGURV WHyULFRV SURSRVWRV SULQFLSDOPHQWH SRU +DOH .H\VHU 3XVWHMRYVN\H/HYLQ5DSSDSRUW+RYDY1HVVHHVWXGRWLYHHPPHQWHDDILUPDomRGH6DSLUGH TXHWRGDJUDPiWLFDYD]D0HXLQWXLWRIRLRGHGLPLQXLURVYD]DPHQWRVGDVSURSRVWDVDQWHULRUHV DUHVSHLWRGDDOWHUQkQFLDFDXVDWLYD [L $$OWHUQkQFLD&DXVDWLYDQR3RUWXJXrVGR%UDVLO 3DXOR&KDJDVGH6RX]D $OpP GHVVH REMHWLYR PDLV HVSHFtILFR SDVVHL D WHU GRLV REMHWLYRV PDLV JHUDLV 2 SULPHLUR VXVFLWDGR SRU +DOH .H\VHU IRL D GHWHUPLQDomR GH TXDLV RV YHUERV SRVVtYHLV QDV OtQJXDV QDWXUDLV SULQFLSDOPHQWH RV GHULYDGRV 'LVFRUGDQGR GD DQiOLVH GHVVHV DXWRUHV PH VHUYL GR TXDGUR WHyULFR GR /p[LFR *HUDWLYR TXH PH IRUQHFHX PHFDQLVPRV LPSRUWDQWHV HPERUD LQVXILFLHQWHVFRPRHVWDYDPPDVTXHFRPDOJXQVDMXVWHVTXHSURSRQKRGmRFRQWDGLVVRHGD SUHYLVmR GD SRVVLELOLGDGH GD DOWHUQkQFLD FDXVDWLYD0LQKD SHVTXLVD UHIRUoRX PLQKD FRQYLFomR GHTXHRVLWHQVOH[LFDLVVHUHODFLRQDPDWUDYpVGDVHPkQWLFDHQmRDWUDYpVGHXPDVLQWD[H 2 VHJXQGR REMHWLYR PDLV JHUDO IRL R GH GDU HOHPHQWRV TXH VXVWHQWDVVHP XPD SURSRVWD GH GHFRPSRVLomR GRV LWHQV OH[LFDLV 1RYDPHQWH R PRGHOR GR /p[LFR *HUDWLYR FRP DV PRGLILFDo}HVTXHSURSRQKRVHUHYHORXH[WUHPDPHQWHSURYHLWRVR $ SHVTXLVD D TXH PH SURSXV PH WURX[H PXLWRV GHVDILRV H GLILFXOGDGHV PDV WDPEpP PXLWD VDWLVIDomR(VSHURWHUFRQWULEXtGRSDUDDOLQJtVWLFDEUDVLOHLUDQDEXVFDDVVLQWyWLFDGDYHUGDGH VLQWiWLFD VHPkQWLFD OLQJtVWLFD HQILP (VSHUR DLQGD WHU FRPSRVWR XPD WHVH EHP DUWLFXODGD )LFRQRDJXDUGRGDRSLQLmRGRVOHLWRUHV 3RUILPDFKRTXHVHULDDFRQVHOKiYHOWDPEpPGDUDOJXQVDYLVRVDUHVSHLWRGRHVWLORRXUHJLVWUR TXH DGRWHL$SHVDU GR VLPXODFUR GH REMHWLYLGDGHGRWH[WR FLHQWtILFR HVWH WH[WR IRL FRPSRVWR SRUPLPSRUWDQWRPLQKDYR]WHPTXHHVWDUSUHVHQWHQHOHQHFHVVDULDPHQWH3RULVVRDGRWHL DOJXQV SHTXHQRV GHVYLRV GD QRVVD QRUPD HVFULWD WmR WHLPRVD YLUD H PH[H FRPHoR DOJXPD RUDomRFRPSURQRPHREOtTXRHHPFRQVWUXo}HVFRPRDIDPLJHUDGD´YHQGHPVHFDVDVµDGRWR XPD YHUVmR PDLV YHUQiFXOD FRPR GLULD /DERY RX VHMD ´VH YHQGH FDVDVµ )DoR LVVR SRUTXH QDVFL SHOR PHQRV DOJXPDV GpFDGDV GHSRLV GH 0iULR GH $QGUDGH WHU FRPHoDGR VXD REUD OLWHUiULD0HH[LPRHQWmRGHID]HUXVRGHPHVyFOLVHV8ViODVLDVHPHDSURXYHVVH0DVQmRPH DSUD]1mRSRUIDOWDGHFRQKHFLPHQWR3RURSomRSXUDHVLPSOHVGHHVFUHYHUHPEUDVLOHLUR [LL $$OWHUQkQFLD&DXVDWLYDQR3RUWXJXrVGR%UDVLO 3DXOR&KDJDVGH6RX]D &DStWXOR &DStWXOR 2/p[LFRHD$OWHUQkQFLD&DXVDWLYD 2/p[LFRHD$OWHUQkQFLD&DXVDWLYD &RPR DSRQWDP 5DSSDSRUW+RYDY /HYLQ D PDLRULD GDV WHRULDV VLQWiWLFDV VXUJLGDV GHVGH R LQtFLR GRV DQRV SRVWXOD TXH DVSHFWRV LPSRUWDQWHV GDV SURSULHGDGHV VLQWiWLFDV GDV VHQWHQoDVVmRSURMHo}HVGDVSURSULHGDGHVOH[LFDLVGRVYHUERVHRXWURVSUHGLFDGRUHVSUHVHQWHV QHODV(VVDVWHRULDVVmRFKDPDGDVSURMHFLRQLVWDVRXWHRULDVFRPSULQFtSLRVGHSURMHomR +i EDVLFDPHQWH GRLV WLSRV GH WHRULDV SURMHFLRQLVWDV GHSHQGHQGR GR WLSR GH SUHVVXSRVWRV DGRWDGRV$PERVSUHVVXS}HPTXHDVSURSULHGDGHVGRVLWHQVOH[LFDLVVmRSURMHWDGDVQDVLQWD[H 7HRULDVFRPRD*UDPiWLFD/p[LFR)XQFLRQDODGRWDPDSHQDVHVVHSUHVVXSRVWR2XWUDVFRPR RV PRGHORV GH 5HJrQFLD H /LJDomR RX 3ULQFtSLRV H 3DUkPHWURV TXH LQFOXHP R 3ULQFtSLR GH 3URMHomR SRVWXODP DLQGD TXH HVVDV SURSULHGDGHV GRV LWHQV OH[LFDLV SURMHWDGDV QD VLQWD[H VmR UHSUHVHQWDGDVFRQILJXUDFLRQDOPHQWHHPWRGRVRVQtYHLVVLQWiWLFRV $GRWDQGRVHXPGHVVHVGRLVWLSRVGHWHRULDROp[LFRDGTXLUHXPDLPSRUWkQFLDIXQGDPHQWDOQD WHRULD JUDPDWLFDO SULPHLUD YLVWD FRQWXGR GHIURQWDUVH FRP R Op[LFR GH XPD OtQJXD SRGH SDUHFHUXPDWDUHIDGHSURSRUo}HVDEVXUGDPHQWHJUDQGHVDLQGDPDLVFRQVLGHUDQGRVHTXHHOHp WLGR FRPR D SDUWH PDLV LGLRVVLQFUiWLFD GDV OtQJXDV QDWXUDLV RQGH PDLV VH HYLGHQFLD D DUELWUDULHGDGHGRVLJQRSURSRVWDSRU6DXVVXUH (QWUHWDQWR QHP WXGR QR Op[LFR p FDRV GHSHQGHQGR GR PRGHOR SRXFD FRLVD +i LQ~PHUDV UHJXODULGDGHVTXHSRGHPVHUREVHUYDGDVDVTXDLVDSHVDUGHSDUFLDLVSRGHPDMXGDUDFRPSRUR TXDGUR GR TXHp D IDFXOGDGH GH OLQJXDJHP TXHU VH DGRWH XPD SHUVSHFWLYD LQDWLVWD UDGLFDO RX XPDTXHSUHVVXSRQKDTXHDDTXLVLomRGHOLQJXDJHPVHGiDWUDYpVGH´DSUHQGL]DGRJXLDGRSHOR 9HUWDPEpP0DUDQW] /H[LFDO)XQFWLRQDO*UDPPDURX/)*9SULQFLSDOPHQWH.DSODQH%UHVQDQHDVRXWUDVUHIHUrQFLDVGH%UHVQDQ &DS2/p[LFRHD$OWHUQkQFLD&DXVDWLYD TXHpLQDWRµLQQDWHO\JXLGHGOHDUQLQJ $LPSRUWkQFLDGROp[LFRILFDFODUDWHQGRHPYLVWDDVFRQFHSo}HVPDLVGLIXQGLGDVGHDTXLVLomR GH OLQJXDJHP Mi TXH FRPR DVVLQDOD $EQH\ DSXG $FNHUPDQ H :HEHOKXWK ´$ PDLRU SDUWH GR TXH SUHFLVD VHU DSUHQGLGR p R Op[LFR 6H DV FRQFHSo}HV GH IL[DomR GH SDUkPHWURV GD DTXLVLomR GD VLQWD[H HVWLYHUHP FRUUHWDV DSUHQGHU D VLQWD[H p QD UHDOLGDGH TXDVHWULYLDO2GLItFLOPHVPRpROp[LFRµ'HVVDIRUPDRGHVDILRPDLRUpH[SOLFDUDDTXLVLomR GROp[LFRHGHVXDVSURSULHGDGHV 7HQGRFRPRSDQRGHIXQGRDDUELWUDULHGDGHGRVLJQRHDVUHJXODULGDGHVSDUFLDLVHQFRQWUDGDV QROp[LFRXPGRVSUREOHPDVTXHVHFRORFDQDWHRULDOLQJtVWLFDpDTXHVWmRGDSROLVVHPLDHP TXH FRQGLo}HV XP PHVPR LWHP OH[LFDO SRGH WHU VHQWLGRV GLVWLQWRV" 4XDQGR GHYHPRV FRQVLGHUDUTXHVHWUDWDGHGRLVLWHQVOH[LFDLVGLVWLQWRVRXGRPHVPRLWHPOH[LFDOFRPVHQWLGRV UHODFLRQDGRV"8PWLSRIUHTHQWHPHQWHHVWXGDGRGHSROLVVHPLDpRGRVYHUERVTXHSRGHPWHU GXDVLQWHUSUHWDo}HVSUy[LPDVDSDUHFHQGRHPGXDVFRQVWUXo}HVUHODFLRQDGDV6mRDVFKDPDGDV DOWHUQkQFLDVGDVTXDLVXPDGDVPDLVHVWXGDGDVp DFKDPDGDDOWHUQkQFLDFDXVDWLYDWHPDGHVWD WHVH 2VYHUERVTXHDGPLWHPDFKDPDGDDOWHUQkQFLDFDXVDWLYDVHFDUDFWHUL]DPSRUDSUHVHQWDUGXDV GLiWHVHVXPDWUDQVLWLYDHRXWUDLQWUDQVLWLYDVHQGRTXHRVXMHLWRGDLQWUDQVLWLYDpRREMHWRGD WUDQVLWLYDeRTXHRFRUUHQRH[HPSORFRPDXPHQWDU (XDXPHQWHLRQ~PHURGHFDStWXORVGROLYUR 2Q~PHURGHFDStWXORVGROLYURDXPHQWRX (VVDGXDOLGDGHQDVHVWUXWXUDVSRVVtYHLVpUHSUHVHQWDGDSRU$9%%9HP%XU]LR(P SRUWXJXrV FRPR HP RXWUDV OtQJXDV URPkQLFDV H[LVWH DLQGD D SRVVLELOLGDGH GH RFRUUrQFLD GH XPD IRUPD FRQVWLWXtGD FRP R SURQRPH UHIOH[LYR R TXDO QHVVH FRQWH[WR IXQFLRQD DSHQDV FRPRPDUFDGRUGHGLiWHVHVHPTXHKDMDDLQWHUSUHWDomRUHIOH[LYD(VVDSRVVLELOLGDGHVHYHULILFD FRPRYHUERTXHEUDUSRUH[HPSORFRPRHP(XTXHEUHLRYLGURH2YLGURVHTXHEURX 2X5HJrQFLDH9LQFXODomRHPLQJOrV*RYHUQPHQWDQG%LQGLQJ9SULQFLSDOPHQWH&KRPVN\ 9UHIHUrQFLDVHP$FNHUPDQH:HEHOKXWKS ´7KHODUJHVWSLHFHRIZKDWPXVWEHOHDUQHGLVWKHOH[LFRQ,ISDUDPHWHUVHWWLQJYLHZVRIV\QWD[DFTXLVLWLRQDUHFRUUHFWWKHQ OHDUQLQJWKHV\QWD[LVDFWXDOO\DOPRVWWULYLDO7KHUHDOO\KDUGMRELVWKHOH[LFRQµ 2XFDXVDWLYD 7DPEpPFKDPDGDDQWLFDXVDWLYD LQFRDWLYDLQDFXVDWLYDRXHUJDWLYD HQWUHRXWUDVGHQRPLQDo}HV9GLVFXVVmRGHVVHVWHUPRV PDLVDGLDQWHQHVWHFDStWXOR $$OWHUQkQFLD&DXVDWLYDQR3RUWXJXrVGR%UDVLO 3DXOR&KDJDVGH6RX]D 2EMHWLYRV 2EMHWLYRV &RPR IRL GLWR QD LQWURGXomR HVWD WHVH WHP WUrV REMHWLYRV TXH VH HQWUHODoDP XP PDLV HVSHFtILFRHRXWURVGRLVPDLVJHUDLV9DPRVDXPGHWDOKDPHQWRGHFDGDXPGRVWUrV 2 REMHWLYR PDLV HVSHFtILFR p DYDQoDU QD GHOLPLWDomR GH TXDLV RV IDWRUHV TXH LQIOXHQFLDP D SRVVLELOLGDGH GH RFRUUrQFLD GD DOWHUQkQFLD FDXVDWLYD H GH TXDO IRUPD HOD DVVXPH FRP FHUWDV FODVVHVGHYHUERV2VIDWRUHVDQDOLVDGRVVmRDVHPkQWLFDHDPRUIRORJLD 3RGHPRV GLVWLQJXLU SHODV IRUPDV TXH DFHLWDP WUrV FODVVHV TXH YmR LOXVWUDGDV D VHJXLU DFRPSDQKDGRVGRVQRPHVPQHP{QLFRVTXHGRXDHODVFRPSRVWRVGDVOHWUDVPDL~VFXODV7 WUDQVLWLYR,LQWUDQVLWLYRH5UHIOH[LYRHTXHVHUmRXWLOL]DGRVGDTXLSRUGLDQWH $80(17$5 >FODVVH7,@ $FULVHDXPHQWRXDVDtGDGHGyODUHVGRSDtV $VDtGDGHGyODUHVGRSDtVDXPHQWRXFRPDFULVH $VDtGDGHGyODUHVGRSDtVVHDXPHQWRXFRPDFULVH 48(%5$5 $ERODGDTXHEURXRYLGUR >FODVVH75,@ 2YLGURTXHEURXFRPDERODGD 2YLGURVHTXHEURXFRPDERODGD ,55,7$5 $TXHOHSURJUDPDVHQVDFLRQDOLVWDPHLUULWRX >FODVVH75@ (XLUULWHLFRPDTXHOHSURJUDPDVHQVDFLRQDOLVWD (XPHLUULWHLFRPDTXHOHSURJUDPDVHQVDFLRQDOLVWD $VLQWXLo}HVHPTXHPHEDVHHLIRUDPDVPLQKDVSUySULDVFRQVXOWDQGRSRUYH]HVRGLFLRQiULR GH%RUED(PERUDUHFRQKHoDTXHKiH[WUHPDYDULDomRQHVVHSDUWLFXODUQRSRUWXJXrVGR %UDVLO SUHVXPR TXH QmR GHYD KDYHU JUDQGHV GLVFUHSkQFLDV GR TXH DSUHVHQWR HP UHODomR jV LQWXLo}HVGRVIDODQWHVTXHQDVFHUDPHRXFUHVFHUDPHP6mR3DXORFDSLWDO 1RV~OWLPRVGH]DQRVKRXYHQR%UDVLOGRLVWUDEDOKRVTXHWUDWDUDPGHDVSHFWRVUHODFLRQDGRVDR &DS2/p[LFRHD$OWHUQkQFLD&DXVDWLYD WHPDGHVWHWUDEDOKR:KLWDNHU)UDQFKLHVWXGRXRTXHGHQRPLQRXFRQVWUXomRHUJDWLYD QRSRUWXJXrVGR%UDVLOWHQGRFRPRSRQWRGHSDUWLGDRVYHUERVWUDQVLWLYRVHYHULILFDQGRTXDLV RVIDWRUHVVHPkQWLFRVTXHOLFHQFLDULDPRXQmRDIRUPDHUJDWLYDRXVHMDHVWXGRXDDOWHUQkQFLD FDXVDWLYDHPVL6XDFDUDFWHUL]DomRIRLIHLWDHPIXQomRGRVSDSpLVWHPiWLFRVDWULEXtGRVSHORV YHUERV6HUHYHORXQHFHVViULRTXHRREMHWRGDIRUPDWUDQVLWLYDIRVVHXPSDFLHQWHRXREMHWR DIHWDGRRXVHMDYHUERVFRPRYHUTXHQmRWrPXPREMHWRDIHWDGRQmRDGPLWHPDDOWHUQkQFLD DR SDVVR TXH YHUERV FRPR HQULTXHFHU TXH WrP XP REMHWR DIHWDGR DGPLWHP (QWUH RV YHUERV TXHQmRDGPLWHPDFRQVWUXomRHUJDWLYDHODOLVWRXRVYHUERVFXMRREMHWRQDIRUPDWUDQVLWLYDWHP RV VHJXLQWHV SDSpLV WHPiWLFRV REMHWLYR YHU ORFDWLYR KDELWDU YDORU FXVWDU RX UHVXOWDWLYR FRQVWUXLU DTXHOHV TXH WrP VXMHLWR FRP SDSHO WHPiWLFR GH EHQHILFLiULR JDQKDU RX H[SHULHQFLDGRU DPDU H DTXHOHV TXH GHQRWDP DWLYLGDGHV WLSLFDPHQWH KXPDQDV FDVVDU $ GLVVHUWDomR GH :KLWDNHU)UDQFKL QmR GLVWLQJXLX QR HQWDQWR HQWUH DV IRUPDV LQWUDQVLWLYDV H UHIOH[LYDV &DQoDGR GHOLPLWRX RV YHUERV SVLFROyJLFRV FRPR VHX REMHWR GH HVWXGR H XWLOL]RX XPD WHRULD Mi PDLV DUWLFXODGD GRV SDSpLV WHPiWLFRV EDVWDQWH SUy[LPD GD GH-DFNHQGRII HP TXH VH SRVWXOD D H[LVWrQFLD GH GRLV WLHUV RX SODQRV WHPiWLFRV R GD FDXVDomR H R WHPiWLFR %XVFDQGR GHILQLU PDLV FODUDPHQWH RV SDSpLV WHPiWLFRV &DQoDGR FODVVLILFRX RV YHUERV SVLFROyJLFRV GH DFRUGR FRP VHX FRPSRUWDPHQWR VLQWiWLFR H UHODFLRQRX HVVH FRPSRUWDPHQWR FRPVHXFRQWH~GRVHPkQWLFR$FDXVDWLYLGDGHHDSRVVLELOLGDGHGHDJHQWLYLGDGHVHPRVWUDUDP LPSRUWDQWHVQDGHWHUPLQDomRGRFRPSRUWDPHQWRVLQWiWLFRGHVVHVYHUERV8PDGDVSULQFLSDLV MXVWLILFDWLYDVSDUDHVVHWLSRGHWUDEDOKRGHSHVTXLVDTXHEXVFDUHODFLRQDUDVLQWD[HHDVHPkQWLFD GRV YHUERV p D*UDPPDWLFDO &RQVWUDLQW GH -DFNHQGRII VHJXQGR D TXDO GHYHPRV SUHIHULU XPD WHRULD VHPkQWLFD TXH H[SOLTXH JHQHUDOL]Do}HV DSDUHQWHPHQWH DUELWUiULDV IHLWDV HP SURSRVWDVDQWHULRUHVVREUHDVLQWD[HHROp[LFRFRPRDVTXHDSHQDVID]HPXVRGHGLDFUtWLFRV 3DUD HVWH WUDEDOKR GRLV GRV SRQWRV PDLV UHOHYDQWHV GDV JHQHUDOL]Do}HV GH &DQoDGR VmR D QHFHVVLGDGH GH GLVWLQJXLUPRV DJHQWLYLGDGH GH FDXVDWLYLGDGH H R IDWR GH TXH RV SVLFROyJLFRV FDXVDWLYRVVHPSUHDFHLWDPDIRUPDSVHXGRUHIOH[LYD $OpPGH5RGULJXHVVREUHRTXHGHQRPLQRPHGLDLVHGH1DYHVVREUHRVYHUERVSVLFROyJLFRV 1Ro}HVFRPRDJHQWHSDFLHQWHHWF &RPRGLVVHQRSUHIiFLRPXLWDVYH]HVLQLFLRDVRUDo}HVFRPSURQRPHVREOtTXRV 5HWRPRRWUDEDOKRGH:KLWDNHU)UDQFKLTXDQGRIRURSRUWXQR $$OWHUQkQFLD&DXVDWLYDQR3RUWXJXrVGR%UDVLO 3DXOR&KDJDVGH6RX]D $QWHULRUPHQWH KDYLD VLGR GLYXOJDGR WDPEpP R WH[WR GH (OLVHX VREUH R SRUWXJXrV HXURSHXTXHSURS}HTXHRVYHUERVTXHVmRGDFODVVHTXHGHQRPLQR7,VmRUHVXOWDGRGHXP SURFHVVRGHFDXVDWLYL]DomRWHQGRDIRUPDLQWUDQVLWLYDFRPREiVLFDHRVTXHVmRGDFODVVHTXH GHQRPLQR 75 VmR UHVXOWDGR GH XP SURFHVVR GH GHFDXVDWLYL]DomR WHQGR D IRUPD WUDQVLWLYD FRPREiVLFD $RODGRGHVVHVWUDEDOKRVTXHYHUVDPVREUHRSRUWXJXrVRXWURWUDEDOKRIXQGDPHQWDOpRTXH WHP VLGR IHLWR VREUH R LQJOrV SRU /HYLQ 5DSSDSRUW+RYDY (P VHX HVWXGR GHWDOKDGR GD LQDFXVDWLYLGDGH QD OtQJXD LQJOHVD SXEOLFDGR HP TXH LQFOXL XP HVWXGR GD DOWHUQkQFLD FDXVDWLYDHODVDSRQWDPRTXHHODVGHQRPLQDPYHUERVGHFRPSRUWDPHQWRYDULiYHORXVHMDRV TXHSRGHPVHUFRQVWUXtGRVFRPPDLVGHXPDGLiWHVHFRPRUHYHODGRUHVGRIXQFLRQDPHQWRGD LQWHUIDFH HQWUH VLQWD[H H VHPkQWLFD OH[LFDO $V SURSULHGDGHV VLQWiWLFDV WRUQDP YLVtYHLV DV SURSULHGDGHVVHPkQWLFDVGRVYHUERVHVHXDJUXSDPHQWRHPFODVVHV 4XDQWR DRV GRLV REMHWLYRV PDLV JHUDLV R SULPHLUR p R GH PH SRVLFLRQDU D UHVSHLWR GH TXDOD FRQFHSomRGROp[LFRHGDIRUPDomRGHSDODYUDVPDLVDGHTXDGD 2 HVWXGR GR FRQKHFLPHQWR TXH RV IDODQWHV GDV OtQJXDV QDWXUDLV WrP GDV SDODYUDV VXVFLWD LQ~PHUDV TXHVW}HV TXH WrP UHFHELGR DV PDLV YDULDGDV UHVSRVWDV GXUDQWH RV VpFXORV 8PD REVHUYDomRUHFRUUHQWHDUHVSHLWRpTXHVHFRPSDUDPRVRFRQKHFLPHQWRTXHRVIDODQWHVWrPGD VLQWD[H H GD IRQRORJLD FRP R FRQKHFLPHQWR TXH HOHV WrP GDV SDODYUDV YHULILFDPRV TXH HVWH ~OWLPRFRQWpPXPQ~PHURPXLWRPDLRUGHLUUHJXODULGDGHVHH[FHo}HVeFRPXPGL]HUHQWmR TXHROp[LFRpPDLVLGLRVVLQFUiWLFRGRTXHRXWURVFRPSRQHQWHVGDJUDPiWLFD &RQVLGHUHPRV R 3ULQFtSLR GD &RPSRVLFLRQDOLGDGH DWULEXtGR D )UHJH VHJXQGR R TXDO R VLJQLILFDGRGDVH[SUHVV}HVpXPDIXQomRGRVLJQLILFDGRGDVH[SUHVV}HVTXHDVFRPS}HPHGD IRUPD FRPR HODV VH FRPELQDP 6H SHQVDUPRV HP WHUPRV GH FRQKHFLPHQWR GRV IDODQWHV GH XPDOtQJXDHVVHSULQFtSLRVLQWHWL]DDREVHUYDomRGHTXHTXHPFRQKHFHRVLJQLILFDGRGH5HFLIH ILFDHPH3HUQDPEXFRHRVSULQFtSLRVGHFRPELQDomRGHSDODYUDVHPSRUWXJXrVVDEHRVLJQLILFDGR GH5HFLIHILFDHP3HUQDPEXFR(VVDpXPDFDUDFWHUtVWLFDFHQWUDOGDVOtQJXDVQDWXUDLVDTXDOSHUPLWH TXH WHQKDPRV XP Q~PHUR ILQLWR GH HOHPHQWRV GDQGR RULJHP D XP Q~PHUR LQILQLWR GH (OLVHXQmRPHQFLRQDDH[LVWrQFLDGHXPDFODVVH75,RTXHWDOYH]GLVWLQJDRSRUWXJXrVEUDVLOHLURGRHXURSHX &DS2/p[LFRHD$OWHUQkQFLD&DXVDWLYD H[SUHVV}HVFRPSRVWDVVHMDPHODVVLQWDJPDVRUDo}HVHWF2XVHMDVHPDOJRFRPRR3ULQFtSLR GD&RPSRVLFLRQDOLGDGHWHUtDPRVTXHWHUXPFRQKHFLPHQWRSXUDHVLPSOHVPHQWHOLVWDGR 2FRUUH TXH QHP WXGR p FRPSRVLFLRQDO e QHFHVViULR TXH H[LVWDP HOHPHQWRV SULPLWLYRV QmR GHULYiYHLVGHQHQKXPRXWURSRUWDQWRQmRFRPSRVLFLRQDLV2VLJQRPtQLPRpRH[HPSORPDLV FODURGHHOHPHQWROLQJtVWLFRFRPVLJQLILFDGRQmRFRPSRVLFLRQDO4XHUFRQVLGHUHPRVRVLJQR PtQLPR FRPR D SDODYUD TXHU R FRQVLGHUHPRV FRPR VHQGR R PRUIHPD HOH QmR SRGH VHU GHULYDGR GR VLJQLILFDGR GH VXDV SDUWHV SRLV HODV VmR GHVSURYLGDV GH VLJQLILFDGR (VVD QmR FRPSRVLFLRQDOLGDGHQDGDPDLVpGRTXHDDUELWUDULHGDGHGRVLJQRLGHQWLILFDGDSRU6DXVVXUHD DVVRFLDomR GH XP VLJQLILFDQWH D XP VLJQLILFDGR VHP TXH VH SRVVD GHULYDU HVVD DVVRFLDomR GH QDGDeRTXHRFRUUHFRPSDODYUDVFRPRPDUFpXHERP(YLGHQWHPHQWHTXDQGRSDVVDPRVD FRQVLGHUDUSDODYUDVGHULYDGDVFRPRPDULQKRFHOHVWHHERQGDGHRXFRPSRVWDVFRPRTXHEUDPDUH DUUDQKDFpXDDUELWUDULHGDGHGLPLQXL 7HPRV HQWmR QHFHVVDULDPHQWH GRLV HOHPHQWRV RSRVWRV VHP RV TXDLV DV OtQJXDV QDWXUDLV QmR H[LVWLULDP GD IRUPD FRPR DV FRQKHFHPRV D FRPSRVLFLRQDOLGDGH H D H[LVWrQFLD GH HOHPHQWRV QmRFRPSRVLFLRQDLV7DQWRXPTXDQWRRRXWURVmRH[WUHPDPHQWHGLVVHPLQDGRVQmRSRGHQGR H[LVWLUVHPVHXRSRVWR 6H FRQVLGHUDUPRV WRGRV RV YRFiEXORV SULPLWLYRV GH XPD OtQJXD QDWXUDO RV TXDLV VmR QmR FRPSRVLFLRQDLV DUELWUiULRV LGLRVVLQFUiWLFRV YHUHPRV TXH R JUDX GH LGLRVVLQFUDVLD GR FRQKHFLPHQWR TXH WHPRV D UHVSHLWR GDV SDODYUDV p GH IDWR FRQVLGHUiYHO ID]HQGR GR Op[LFR R GHSyVLWRSRUH[FHOrQFLDGRVHOHPHQWRVLGLRVVLQFUiWLFRVGDOtQJXDeGLVFXWtYHOQRHQWDQWRVH GHYHPRV HP FRQVHTrQFLD GLVVR FRQVLGHUDU TXH WXGR R TXH p LGLRVVLQFUiWLFR HVWi QR Op[LFR (VVD p MXVWDPHQWH XPD GDV YLV}HV PDLV GLIXQGLGDV GR Op[LFR D TXDO WHP VXD RULJHP HP %ORRPILHOGRQGHVHOr´2Op[LFRQDYHUGDGHpDSHQDVXPDSrQGLFHGDJUDPiWLFDXPD OLVWD GH LUUHJXODULGDGHV EiVLFDVµ S 2 SRQWR GH YLVWD GH %ORRPILHOG p GH TXH R Op[LFR GHYH FRQWHU R PtQLPR GH LQIRUPDo}HV SRVVtYHO GH SUHIHUrQFLD DSHQDV DV LGLRVVLQFUDVLDV DV LUUHJXODULGDGHV8PDSURSRVWDUHODWLYDPHQWHUHFHQWHEDVHDGDQHVVDFRQFHSomRpDGH'L6FLXOOR H:LOOLDPVTXHSUHVVXS}HWRXWFRXUWTXHWXGRRTXHpLGLRVVLQFUiWLFRHQDGDGRTXHQmR p LGLRVVLQFUiWLFR ID] SDUWH GR Op[LFR 3RGHPRV WHU XPD LGpLD GR SDSHO GR Op[LFR SDUD HVVHV DXWRUHVQRVHJXLQWHWUHFKR $$OWHUQkQFLD&DXVDWLYDQR3RUWXJXrVGR%UDVLO 3DXOR&KDJDVGH6RX]D 6HIRUFRQFHELGRFRPRRFRQMXQWRGHOLVWHPDVROp[LFRpLQFULYHOPHQWHPDoDQWHSRUVXDSUySULD QDWXUH]D(OHFRQWpPHOHPHQWRVTXHQmRSHUWHQFHPDXP~QLFRWLSRLGHQWLILFiYHOSDODYUDV VLQWDJPDVYHUEDLVPRUIHPDVWDOYH]SDGU}HVGHHQWRDomRHWFHRVREMHWRVTXHHOHFRQWpPHVWmR QHOHSRUTXHQmRVHHQTXDGUDPHPOHLVLQWHUHVVDQWHV2Op[LFRpFRPRXPDSULVmRHOHVyFRQWpPRV IRUDGDOHLHD~QLFDFRLVDTXHVHXVSULVLRQHLURVWrPHPFRPXPpRIDWRGHVHUHPIRUDGDOHL 'L6FLXOOR:LOOLDPV 1DUHDOLGDGHFRPRDVVLQDOD$URQRIIKRXYHDOJXPDVDOWHUDo}HVQRVLJQLILFDGRDWULEXtGR jVSDODYUDVOp[LFRHOH[LFDO,QLFLDOPHQWHHODVVLJQLILFDYDPVLPSOHVPHQWHRFRQMXQWRGDVSDODYUDV GHXPDOtQJXDRXDTXLORTXHVHUHODFLRQDFRPHODV'DGDDDUELWUDULHGDGHGRVVLJQRVFRQWXGR KRXYHXPDDOWHUDomRVHPkQWLFDSURJUHVVLYD3RGHPRVLGHQWLILFDUSHORPHQRVTXDWURHWDSDVGR UDFLRFtQLRTXHVmR 2Op[LFRpPDLVLGLRVVLQFUiWLFRGRTXHDJUDPiWLFD - WHPRVDTXLDSHQDVXPDJUDGDomRPDLRUGHLGLRVVLQFUDWLFLGDGHQROp[LFRLVWRpXPD LGLRVVLQFUDVLDUHODWLYD 2Op[LFRpLGLRVVLQFUiWLFR - DTXLDJUDGDomRGDLGLRVVLQFUDWLFLGDGHGHVDSDUHFHGDIRUPXODomR7HPRVXPD FDUDFWHUtVWLFDDEVROXWDRXSRODURXVHpLGLRVVLQFUiWLFRRXQmR 7XGRRTXHHVWiQROp[LFRpLGLRVVLQFUiWLFR - QHVVHSRQWRVHFRQVLGHUDTXHDSHQDVRTXHpLGLRVVLQFUiWLFRSRGHHVWDUQROp[LFR 7HPRVXPDFRQGLFLRQDOGRWLSROH[LFDO'LGLRVVLQFUiWLFR 7XGRRTXHpLGLRVVLQFUiWLFRHVWiQROp[LFR - DTXLILQDOPHQWHVHFRQVLGHUDTXHRTXHpLGLRVVLQFUiWLFRHRTXHHVWiQROp[LFRVmR RPHVPRFRQMXQWR7HPRVXPDELFRQGLFLRQDOLGLRVVLQFUiWLFR*OH[LFDO 'HYHVH REVHUYDU TXH SULQFLSDOPHQWH DV SDVVDJHQV GH SDUD H GH SDUD QmR VmR ´,IFRQFHLYHGRIDVWKHVHWRIOLVWHPHVWKHOH[LFRQLVLQFUHGLEO\ERULQJE\LWVYHU\QDWXUH,WFRQWDLQVREMHFWVRIQRVLQJOH VSHFLILDEOHW\SHZRUGV93VPRUSKHPHVSHUKDSVLQWRQDWLRQSDWWHUQVDQGVRRQDQGWKRVHREMHFWVWKDWLWGRHVFRQWDLQDUH WKHUHEHFDXVHWKH\IDLOWRFRQIRUPWRLQWHUHVWLQJODZV7KHOH[LFRQLVOLNHDSULVRQLWFRQWDLQVRQO\WKHODZOHVVDQGWKHRQO\ &DS2/p[LFRHD$OWHUQkQFLD&DXVDWLYD FRQVHTrQFLDV OyJLFDV PDV RSo}HV WHyULFDV 3RUWDQWR LJXDODU R FRQKHFLPHQWR TXH WHPRV GDV SDODYUDVFRPRTXHpLGLRVVLQFUiWLFRQDOtQJXDQmRpDOJRQHFHVViULR 2TXHGHYHVHUGHVWDFDGRpTXHDSHVDUGHVVHWHRUPDLRUGHLGLRVVLQFUDVLDVGROp[LFROLQJLVWDV FRPR/HYLQ5DSSDSRUW+RYDYH3XVWHMRYVN\SRUH[HPSORWrPPRVWUDGRTXHKiLQ~PHUDV UHJXODULGDGHV TXH SRGHP VHU DSRQWDGDV QR FRQKHFLPHQWR TXH RV IDODQWHV WrP GDV SDODYUDV $OJXPDV GHVVDV UHJXODULGDGHV VmR PXLWR DEUDQJHQWHV RXWUDV VmR FLUFXQVFULWDV D SHTXHQRV JUXSRVKRPRJrQHRVGHSDODYUDV 1R TXH GL] UHVSHLWR DR FRQKHFLPHQWR TXH RV IDODQWHV WrP GDV SDODYUDV GH VXD OtQJXD XPD TXHVWmRFHQWUDOHVSHFLDOPHQWHSDUDHVWDWHVHpDGDUHODomRHQWUHDVSURSULHGDGHVVHPkQWLFDVH DV SURSULHGDGHV VLQWiWLFDV GHVVDV SDODYUDV 3RGHUtDPRV GL]HU TXH R FRPSRUWDPHQWR VLQWiWLFR GDVSDODYUDVpWRWDOPHQWHDOHDWyULR"2XLQGRSDUDRRXWURH[WUHPRHOHpWRWDOPHQWHSUHYLVtYHO FRPEDVHHPVHXVLJQLILFDGR" 7RWDOPHQWH DOHDWyULD HVVD UHODomR QmR SRGH VHU Mi TXH JUDQGHV VXEFODVVHV GH SDODYUDV DSUHVHQWDP VLJQLILFDGR SUy[LPR H FRPSRUWDPHQWR VLQWiWLFR VHPHOKDQWH FRPR Mi IRL GHPRQVWUDGRFRPUHODomRjVTXDWURFODVVHVGHYHUERVSVLFROyJLFRVGRSRUWXJXrVHP&DQoDGR RXQDVXEGLYLVmRGRVVXEVWDQWLYRVPDLVHYLGHQWHHPLQJOrVHPGRLVJUXSRVRGRVGH PDVVD FRPR ZDWHU H R GRV FRQWiYHLV FRPR ERRN FRP LPSOLFDo}HV EDVWDQWH UHJXODUHV QD VLQWD[H 2X VHMD FODVVLILFDU D UHODomR HQWUH D VHPkQWLFD GDV SDODYUDV H VXD VLQWD[H FRPR WRWDOPHQWH DOHDWyULD p XPD SRVVLELOLGDGH GHVFDUWDGD LQFOXVLYH SRUTXH VH HVVD UHODomR IRVVH WRWDOPHQWH DOHDWyULD SURYDYHOPHQWH VHULD LPSRVVtYHO DOJXpP DGTXLULU R FRQKHFLPHQWR GH DOJXPDOtQJXD &RPR/HYLQDUJXPHQWDPHVPRFRQVLGHUDQGRTXHKiLUUHJXODULGDGHVQDUHODomRHQWUHD VLQWD[H H D VHPkQWLFD GDV SDODYUDV R FRQKHFLPHQWR TXH RV IDODQWHV WrP GDV SDODYUDV QmR VH UHVWULQJHDHVVDVLUUHJXODULGDGHV2VYHUERVGHPRQVWUDPGHIRUPDSDUWLFXODUPHQWHFRQWXQGHQWH HVVHFRQKHFLPHQWRMiTXHRVIDODQWHVWrPFRQKHFLPHQWRGHSURSULHGDGHVEDVWDQWHFRPSOH[DV WKLQJWKDWLWVLQPDWHVKDYHLQFRPPRQLVODZOHVVQHVVµ e R TXH HVWi QD EDVH GD &RQVWUXFWLRQ *UDPPDU GH )LOOPRUH .D\ TXH YHP VHQGR GHVHQYROYLGD QRV ~OWLPRV DQRV D TXDO FRQVLGHUDWRGRHOHPHQWRLGLRVVLQFUiWLFRFRPRXPDFRQVWUXomR$RFRQWUiULRGRTXHSURS}HDWHRULDFKRPVN\DQDVHJXQGRD TXDODVFRQVWUXo}HVVmRYLVWDVFRPRHSLIHQ{PHQRVGDLQWHUDomRGHSULQFtSLRVJHUDLVD&RQVWUXFWLRQ*UDPPDUFRQVLGHUDTXHKi IHQ{PHQRVHPGLYHUVRVQtYHLVGDDQiOLVHOLQJtVWLFDLQFOXVLYHRRUDFLRQDOTXHGHYHPVHUGHVFULWRVFRPRFRQVWUXo}HVSRUQmR VHUHP FRPSRVLFLRQDLV 8PD GDV PRWLYDo}HV SDUD D DQiOLVH GD &RQVWUXFWLRQ *UDPPDU p R IDWR GH VHXV DXWRUHV QmR EXVFDUHP H[SOLFDUDSHQDVDFRUHJUDPPDUPDVWRGRVRVWLSRVGHHQXQFLDGRVOLQJtVWLFRV $$OWHUQkQFLD&DXVDWLYDQR3RUWXJXrVGR%UDVLO 3DXOR&KDJDVGH6RX]D GHOHV HHVVH FRQKHFLPHQWR VH UHODFLRQD D FODVVHV SRUYH]HV EDVWDQWH QtWLGDVGHYHUERV &HUWDV FODVVHVGHYHUERVVHFRPSRUWDPGHPDQHLUDXQLIRUPHLQFOXVLYHQRTXHSRGHUtDPRVFRQVLGHUDU H[FHSFLRQDO FRP UHODomR DRV YHUERV GH XP PRGR JHUDO $VVLP SRU H[HPSOR D SDVVLYD D SULQFtSLR DSOLFiYHO D TXDOTXHU WLSR GH YHUER QmR SRGH RFRUUHU FRP YHUERV GH GHWHUPLQDGDV FODVVHV EHP HVSHFtILFDV FRPR XPD FODVVH GH YHUERV SVLFROyJLFRV Y &DQoDGR H RV YHUERVTXHH[SUHVVDPXPYDORUFRPRFXVWDUGXUDUPHGLUSHVDUHYDOHUEHPFRPRRVYHUERVTXH H[SUHVVDP FRQWLQrQFLD TXDQGR XVDGRV FRP LQWHUSUHWDomR HVWDWLYD DEDUFDU DEUDQJHU DEULJDU FRPSRUWDUFRQWHUHQFHUUDUHQJOREDULQFOXLU([ 2JDURWRSUHRFXSRXDPmH $PmHIRLSUHRFXSDGDSHORJDURWR 2SUHVHQWHFXVWRXWULQWDUHDLV 7ULQWDUHDLVIRUDPFXVWDGRVSHORSUHVHQWH (VVHOLYURDEUDQJHFRQWpPGH]FDStWXORV 'H]FDStWXORVVmRDEUDQJLGRVFRQWLGRVSRUHVVHOLYUR 2SDUGHH[HPSORVDVHJXLUGHPRQVWUDTXHHVVDUHVWULomRHVWiUHODFLRQDGDDRVHQWLGRHVWDWLYR (XSHVHLRSDFRWH 2SDFRWHIRLSHVDGRSRUPLP (XSHVDYDFLQTHQWDHFLQFRTXLORV &LQTHQWDHFLQFRTXLORVHUDPSHVDGRVSRUPLP 3RU RXWUR ODGR R FRPSRUWDPHQWR VLQWiWLFR GDV SDODYUDV WDPEpP QmR p WRWDOPHQWH SUHYLVtYHO FRP EDVH QR VHX VLJQLILFDGR Mi TXH H[LVWHP VLQ{QLPRV TXH GLIHUHP HP VHX FRPSRUWDPHQWR VLQWiWLFR FRPR RV YHUERV TXHL[DUVH H UHFODPDU GR SRUWXJXrV 2 PDLV SURYiYHO p TXH QyV ILTXHPRVHPDOJXPSRQWRGHQWURGHVVHFRQWLQXXPTXHQmRpQHQKXPGRVGRLVH[WUHPRV6HULD LPSRUWDQWHHQWmRGHWHUPLQDUDWpTXHSRQWRSRGHPRVSUHYHURFRPSRUWDPHQWRVLQWiWLFRGDV SDODYUDVFRPEDVHHPVHXVLJQLILFDGRGHL[DQGRHVSDoRSDUDDVLGLRVVLQFUDVLDV 8P WLSR GH HOHPHQWRV GR Op[LFR TXH FRQWpP GLYHUVDV UHJXODULGDGHV VmR RV SDUHV GH VXEVWDQWLYRVHYHUERVGHULYDGRVGHOHVFRPRFDSLWmRHFDSLWDQHDURXDo~FDUHDoXFDUDU3RGHPRV QRV ID]HU GLYHUVDV SHUJXQWDV D UHVSHLWR GHVVHV SDUHV GH SDODYUDV 4XDLV WLSRV GH UHJXODULGDGH &DS2/p[LFRHD$OWHUQkQFLD&DXVDWLYD SRGHPRVGHWHFWDUQHOHV"(TXDODPHOKRUIRUPDGHH[SOLFiODV"&RPPHFDQLVPRVEDVLFDPHQWH VLQWiWLFRVRXVHPkQWLFRV"(VVDVTXHVW}HVRFXSDPWRGRRFDStWXORHDSyVWHUVLGRH[SRVWRH GLVFXWLGRRTXDGURWHyULFRQHFHVViULRVmRUHWRPDGDVQRILQDOGRFDStWXOR 2 VHJXQGR GRV GRLV REMHWLYRV PDLV JHUDLV GHVWD WHVHp R GH GHIHQGHU D FRQFHSomR GH TXH RV LWHQV OH[LFDLV GHYHP VHU GHFRPSRVWRV (VVD TXHVWmR GD GHFRPSRQLELOLGDGH GRV LWHQV OH[LFDLV WHPVXVFLWDGRPXLWDVFRQWURYpUVLDVQDWHRULDOLQJtVWLFD&HUWRVWHyULFRVGRVTXDLV)RGRUpR PDLVUDGLFDOFRQVLGHUDPLQFRUUHWRSRVWXODUTXDOTXHUGHFRPSRVLomRGRVLWHQVOH[LFDLV2VTXH SRVWXODP XPD GHFRPSRVLomR DLQGD VH VXEGLYLGHP HP GRLV JUXSRV GH DFRUGR FRP R FRPSRQHQWH GD JUDPiWLFD HP TXH VH FRQVLGHUD TXH HVVD GHFRPSRVLomR H[LVWH QXPD VLQWD[H OH[LFDO RX QmR RX QD VHPkQWLFD (QWUH RV WHyULFRV GD YHUWHQWH VLQWDWLFL]DQWH WHPRV %DNHU H +DOH .H\VHU FRPR UHSUHVHQWDQWHV PDLV GHVWDFDGRV (QWUH RV WHyULFRV GD YHUWHQWH VHPDQWLFL]DQWH WHPRV -DFNHQGRII 'RZW\ %LHUZLVFK 3XVWHMRYVN\ /HYLQ 5DSSDSRUW +RYDY (VSHFLILFDPHQWH QR TXH GL] UHVSHLWR DRV YHUERV VXD GHFRPSRVLomR HP SUHGLFDGRV PDLV DEVWUDWRVVHGLIXQGLXFRPD6HPkQWLFD*HUDWLYDGRVDQRVHPTXHVHSURS{VSRUH[HPSOR TXHQmRVyRVLJQLILFDGRPDVWDPEpPDVLQWD[HSURIXQGDGHXPYHUERFRPRFRQYHQFHUSURYLQKD GH XPD HVWUXWXUD SURIXQGD TXH UHIOHWLD VXD VHPkQWLFD H WHULD D IRUPD '2 &$86( %(&20( ,17(1' Y 0F&DZOH\ H PDWDU GH XPD HVWUXWXUD FRPR '2 &$86( %(&20( 127 $/,9( $ IRUPD VXSHUILFLDO HUD GHULYDGD DWUDYpV GH WUDQVIRUPDo}HV DOJR VHPHOKDQWHV DRV DWXDLV PRYLPHQWRV GH Q~FOHRV (P YLUWXGH GH SUREOHPDV HPStULFRV HVVD FRUUHQWH WHyULFD SHUGHX VXD IRUoD 1R HQWDQWR D GHFRPSRVLomR GR VLJQLILFDGR YHUEDO HP SULPLWLYRV H FRQVWDQWHVVHUHYHORXEDVWDQWHSURYHLWRVDQRWUDEDOKRGH'RZW\TXHEXVFDDSURIXQGDU RWUDEDOKRVHPkQWLFRFRPHVVHWLSRGHLQVWUXPHQWRHYLQFXOiORj6HPkQWLFDGH0RQWDJXH 3DUD)RGRUQRHQWDQWRHPYH]GHGHFRPSRURVLJQLILFDGRGRVLWHQVOH[LFDLVSDUDUHSUHVHQWDUD UHODomR HQWUH HOHV GHYHPRV HPSUHJDU RV SRVWXODGRV GH VLJQLILFDGR PHFDQLVPR XWLOL]DGR QD $SURSRVWDGH+DOH.H\VHUVHUiGLVFXWLGDHPGHWDOKHVQRFDStWXOR 'LVFXWRDVSURSRVWDVGH3XVWHMRYVN\H/HYLQ5DSSDSRUW+RYDYFRPGHWDOKHVDSDUWLUGRFDStWXOR 'LVWLQJRRVPHWDSUHGLFDGRV FRPR %(&20(GDVFRQVWDQWHVFRPR,17(1'XVDQGRFDL[D DOWD SDUDHVWHVHYHUVDOHWH SDUD DTXHOHV $$OWHUQkQFLD&DXVDWLYDQR3RUWXJXrVGR%UDVLO 3DXOR&KDJDVGH6RX]D *UDPiWLFDGH0RQWDJXHRVTXDLVLQGLFDPDFDUUHWDPHQWRVHQWUHGRLVHOHPHQWRVOLQJtVWLFRV 3RU H[HPSOR R IDWR GH TXH WRGD PXOKHU p XPD SHVVRD SRGHULD VHU LQGLFDGR GD VHJXLQWH PDQHLUD ∀[PXOKHU[→SHVVRD[ 6HDGRWDUPRVHVVHSURFHGLPHQWRSDUDWRGDVDVFRQVWUXo}HVGHXPDOtQJXDILFDUHPRVFRPXP QtYHO HOHYDGR GH UHGXQGkQFLD SDUD RV YHUERV XVDGRV FDXVDWLYDPHQWH 2X VHMD WHUtDPRV DOJR FRPR ∀[\[DEUH\→\DEUH ∀[\[TXHEUD\→\TXHEUD ∀[\[DXPHQWD\→\DXPHQWD 9HMDPRV QR HQWDQWR DV FUtWLFDV GH -HUU\ )RGRU j GHFRPSRVLomR OH[LFDO 6XDV FUtWLFDV VH EDVHLDPHPGRLVSRQWRV2SULPHLURpRIDWRGHTXHDVGHFRPSRVLo}HVQmRVmRVLQ{QLPDVGRV LWHQV OH[LFDLV TXH HODV SUHWHQGHP UHSUHVHQWDU FRPR QR FDVR GH PDWDU TXH QmR p H[DWDPHQWH HTXLYDOHQWH D ID]HU PRUUHU 2 VHJXQGR p D GLILFXOGDGH GH VH GHWHUPLQDU TXDO D GHFRPSRVLomR FRUUHWD GR VLJQLILFDGR GDV SDODYUDV FRPR QR FDVR GD SUySULD SDODYUD PDWDU 6HULD PDLV DGHTXDGRUHSUHVHQWiORFRPR'2&$86(',(RX'2&$86(%(&20(127$/,9(" $SHVDU GHVVD GLILFXOGDGH DSUHVHQWDGD SRU )RGRU D DOWHUQDWLYD TXH HOH SURS}H HQFRQWUD GLILFXOGDGHVPDLVVpULDVDLQGD&RPRHOHFRQVLGHUDTXHRVLJQLILFDGRGDVSDODYUDVpLQDQDOLViYHO WRGDSDODYUDpXPiWRPRVHPDQWLFDPHQWH2TXHFRPSOLFDPDLVDLQGDDVXDSURSRVWDpRVHX LQDWLVPR H[WUHPDGR R TXH R OHYD D SRVWXODU TXH R VLJQLILFDGR GH WRGD SDODYUD p LQDWR 6HULD QHFHVViULRXPQtYHOGHFUHGXOLGDGHXPSRXFRH[DJHUDGRSDUDTXHIRVVHSRQWRSDFtILFRDFHLWDU TXHSDODYUDVFRPRHOpWURQSUHVLGHQFLiYHOJDQGXODHWFWHQKDPVHXVLJQLILFDGRLQDWR 2XWURDUJXPHQWRFRQWUDDVGHFRPSRVLo}HVGHVLJQLILFDGRGDVSDODYUDVpRIDWRGHDVSHVTXLVDV SVLFROLQJtVWLFDV QmR FRUURERUDUHP D SRVWXODomR GH HVWUXWXUDV PDLV FRPSOH[DV TXDQGR YLVWDV VRE R kQJXOR GR WHPSR GH SURFHVVDPHQWR 2FRUUH QR HQWDQWR TXH XPD FRLVD p GL]HU TXH FHUWDV SDODYUDV VmR VHPDQWLFDPHQWH PDLV FRPSOH[DV RXWUD p GL]HU TXH LVVR VH UHIOHWLUi QR 5HVVDOYHVHDTXLTXHRREMHWLYRGH0RQWDJXHQmRHUDUHSUHVHQWDURVLJQLILFDGRGDVSDODYUDVPDVVLPHVWXGDUFRPRDVLQWD[H HDVHPkQWLFDHVWmRUHODFLRQDGDVRTXHROHYRXDIRUPXODUD+LSyWHVHGH5HJUDD5HJUDVHJXQGRDTXDODFDGDUHJUDVLQWiWLFD FRUUHVSRQGHULDXPDUHJUDVHPkQWLFD &DS2/p[LFRHD$OWHUQkQFLD&DXVDWLYD SURFHVVDPHQWROLQJtVWLFR,VVRRFRUUHULDPDLVSURYDYHOPHQWHQXPDWHRULDFRPRD6HPkQWLFD *HUDWLYDPDVQmRVHULDQHFHVVDULDPHQWHSRVWXODGR )LQDOPHQWHXPRXWURSRQWRFRQWUDDVGHFRPSRVLo}HVpRIDWRGHQmRKDYHUGHPDUFDomRQtWLGD HQWUH FRQKHFLPHQWR ´OLQJtVWLFRµ H FRQKHFLPHQWR GR ´PXQGR UHDOµ RX VHMD HQWUH R FRQKHFLPHQWR FRQWLGR QXP GLFLRQiULR H R FRQWLGR QXPD HQFLFORSpGLD 'HYR REVHUYDU TXH SDUDTXHPDGRWDXPOp[LFRDOWDPHQWHHVWUXWXUDGRFRPRRGH3XVWHMRYVN\TXHVHUiYLVWRQRV FDStWXORVDHPTXHKiXPTXDOHDJHQWLYRHXPWpOLFRSRUH[HPSORTXHGL]HPFRPRXP REMHWR SDVVD D H[LVWLU H VXD ILQDOLGDGH UHVSHFWLYDPHQWH HVVD GLVWLQomR WHP VXD LPSRUWkQFLD GLPLQXtGD $TXHVWmRUHDOQRHQWDQWRQmRpH[DWDPHQWHDXWLOL]DomRDSHQDVGHXPRXGHRXWURMiTXHDV WHRULDV TXH XWLOL]DP D GHFRPSRVLomR GR VHQWLGR GRV YHUERV GHYHP FRPSOHPHQWiOD FRP XP PHFDQLVPR FRPR RV SRVWXODGRV GH VLJQLILFDomR TXH ILFDP FRP XP SDSHO EHP PDLV UHVWULWR FRQWXGR $ SULQFLSDO YDQWDJHP GD GHFRPSRVLomR p TXH HPYH] GH UHSHWLUPRV SRVWXODGRV GH VLJQLILFDGR VHPHOKDQWHV SDUD XP LPHQVR Q~PHUR GH YHUERV SRU H[HPSOR SRGHUtDPRV WHU R VHJXLQWHSRVWXODGRHPEXWLGRQDGHILQLomRGRPHWDSUHGLFDGR&$86( φ&$86(ψ→ψ 2XVHMDFRPRFRORFD-DFNHQGRIISWHUtDPRVDSHQDVRSRVWXODGRGHVLJQLILFDGRHP HPYH]GHWHUPRVRVSRVWXODGRVGHVLJQLILFDGRHPHFHQWHQDVGHRXWURV [PDWRX\→\PRUUHX [GHX\SDUD]→]UHFHEHX\ [FRQYHQFHX\GHTXH3→\SDVVRXDDFUHGLWDUTXH3 'LYHUVRVRXWURVDXWRUHVVHXWLOL]DPGDGHFRPSRVLomRFRPRIRUPDGHUHSUHVHQWDURVLJQLILFDGR GRVYHUERV$OpPGH'RZW\WDPEpPRID]HP3XVWHMRYVN\H/HYLQ5DSSDSRUW+RYDYFRPR YHUHPRV QRV FDStWXORV H EHP FRPR 3LQNHU SRU PHLR GH GLDJUDPDV DUEyUHRV FRPR 3XVWHMRYVN\ H -DFNHQGRII FRP XPD GHFRPSRVLomR HP YiULRV SODQRV $GRWR QHVWD WHVH D KLSyWHVHGHTXHpFRQYHQLHQWHXWLOL]DUDGHFRPSRVLomRGRVLJQLILFDGROH[LFDO8WLOL]DUHLFHUWRV HOHPHQWRVGH3XVWHMRYVN\HRXWURVGH'RZW\H/HYLQ5DSSDSRUW+RYDYPDVFRPUHVWULo}HV (VWDVHomRVHEDVHLDHP3LQNHUSS $$OWHUQkQFLD&DXVDWLYDQR3RUWXJXrVGR%UDVLO 3DXOR&KDJDVGH6RX]D HFHUWDVUHLQWHUSUHWDo}HV&RPRLVVRVHUiIHLWRpDOJRTXHGHL[DUHLFODURQRVFDStWXORVD $ GHFRPSRVLomR GR VLJQLILFDGR YHUEDO FRPR HVFUHYHP /HYLQ H 5DSSDSRUW+RYDY p FRPSRVWD GH GRLV HOHPHQWRV EiVLFRV SUHGLFDGRV SULPLWLYRV H DV FKDPDGDV ´FRQVWDQWHVµ 2V SUHGLFDGRVSULPLWLYRVHDUHODomRHQWUHHOHVGHILQHPRVLJQLILFDGRHVWUXWXUDOTXHVHULDRTXHVH FRQVLGHUD UHOHYDQWH OLQJLVWLFDPHQWH $V ´FRQVWDQWHVµ UHSUHVHQWDP R VLJQLILFDGR PDLV LGLRVVLQFUiWLFRGHFDGDYHUERRTXHRGLVWLQJXHGHQWURGHVXDFODVVH $VVLPRYHUERVHFDUWHULDDVHJXLQWHGHFRPSRVLomR >>[$&7@&$86(>%(&20(>\6(&2!@@@ 3RU VHU GHFRPSRVWR GHVVD IRUPD HOH ID] SDUWH GDFODVVH GHYHUERV GHFRPSRVWRV GD VHJXLQWH IRUPD >>[DFW@FDXVH>EHFRPH>\VWDWH!@@@ $ FRQVWDQWH 6(&2 GLVWLQJXH R YHUER VHFDU HQWUH RV YHUERV GH PXGDQoD GH HVWDGR 8PD IyUPXODFRPRQDTXDOQmRRFRUUHQHQKXPDFRQVWDQWHpRTXH/HYLQ5DSSDSRUW+RYDY GHQRPLQDPPROGHVHPkQWLFROH[LFDO(VVDpDIRUPDXWLOL]DGDSRUHODVTXHSURS}HPRVVHJXLQWHV PROGHVSDUDRVGLYHUVRVWLSRVGHHYHQWXDOLGDGHVTXHVHUmRGLVFXWLGDVQRFDStWXOR >[$&70$11(5!\@ DWLYLGDGH >[67$7(!@ HVWDGR >%(&20(>[67$7(!@@ DFKLHYHPHQW >>[$&70$11(5!@&$86(>%(&20(>\67$7(!@@@ DFFRPSOLVKPHQW >[&$86(>%(&20(>\67$7(!@@ DFFRPSOLVKPHQW &RPRTXDGURWHyULFRPDLVJHUDOHVWHWUDEDOKRWHPFRPRUHIHUrQFLDHQWUHRXWURV-DFNHQGRII +iPXLWRVDQRVHOHYHPVHGHGLFDQGRDRHVWXGRGDFRUUHVSRQGrQFLDHQWUHDVLQWD[HH DVHPkQWLFD(PVHXOLYURGHHOHUHLWHUDVHXSRQWRGHYLVWDGHTXHRPRGHORDGHTXDGRGR IXQFLRQDPHQWR GDV OtQJXDV QDWXUDLV VHULD R TXH SRVWXOD FRPSRQHQWHV DXW{QRPRV OLJDGRV SRU (VVDIURQWHLUDHQWUHRTXHpHRTXHQmRpUHOHYDQWHOLQJLVWLFDPHQWHpEDVWDQWHGLVFXWtYHO9LGHRWUDEDOKRGH3XVWHMRYVN\RX RGH3ROODUG6DJTXHLQFOXHPPXLWRPDLVLQIRUPDo}HVQRVLWHQVOH[LFDLV &DS2/p[LFRHD$OWHUQkQFLD&DXVDWLYD UHJUDV GH FRUUHVSRQGrQFLD FRPR SRVWXODP WHRULDV FRPR D *UDPiWLFD /p[LFR)XQFLRQDO H D 6LQWD[H$XWROH[LFDOeQHVVHHVStULWRTXHVHGHVHQYROYHHVWHWUDEDOKR 8PD3LWDGDGH7HUPLQRORJLD PD3LWDGDGH7HUPLQRORJLD 4XDQGRVHIDODGDDOWHUQkQFLDFDXVDWLYDRXVLPSOHVPHQWHGDVIRUPDVLQWUDQVLWLYDHUHIOH[LYDD OLWHUDWXUD p EHP SUyGLJD HP WHUPRV GHVFULWLYRV RX YLQFXODGRV D XP GHWHUPLQDGR PRGHOR WHyULFR $QWHV GH SURVVHJXLU QD DQiOLVH H GLVFXVVmR GD DOWHUQkQFLD VHULD UHFRPHQGiYHO SRUWDQWR H[SOLFDU R VLJQLILFDGR GDV YiULDV GHQRPLQDo}HV GDGDV D HVVDV IRUPDV IRUPD LQDFXVDWLYDHUJDWLYDLQFRDWLYDHDQWLFDXVDWLYD&DGDXPDHQIRFDXPDVSHFWRGHVVHVYHUERV ,QDFXVDWLYR ,QDFXVDWLYR 2WHUPRLQDFXVDWLYRpXVDGRSRUTXHVHVXS}HRXVXSXQKDTXHRVYHUERVQHVVDGLiWHVHWrPVXD HVWUXWXUD VXSHUILFLDO GHULYDGD DWUDYpV GR PRYLPHQWR GR FKDPDGR REMHWR SURIXQGR SDUD D SRVLomRGHVXMHLWRSHODQmRDWULEXLomRGH&DVRDHVWHDUJXPHQWRQDSRVLomRGHEDVH,VVRVHULD R UHVXOWDGR GD *HQHUDOL]DomR GH %XU]LR TXH GL] TXH RV YHUERV TXH QmR DWULEXHP SDSHO WHPiWLFR DR VXMHLWR QmR DWULEXHP FDVR DFXVDWLYR H YLFHYHUVD 'HYLGR DR ILOWUR GR &DVR R REMHWR VH PRYHULD HQWmR SDUD D SRVLomR GH VXMHLWR TXH HVWDQGR YD]LD QD HVWUXWXUD3 SRGHULD DWULEXLU FDVR QRPLQDWLYR (VVD JHQHUDOL]DomR p IDOVD HP ODWLP H UXVVR HQWUH GLYHUVDV RXWUDV OtQJXDV H DSDUHQWHPHQWH WDPEpP HP SRUWXJXrV 3RGHPRV WDOYH] PDQWrOD FRPR XPD WHQGrQFLDIRUWHRXXPDUHVWULomRKLHUDUTXLFDPHQWHDOWDHPOtQJXDVFRPRRLQJOrVHRLWDOLDQR QXPPRGHORFRPRRGD7HRULDGD2WLPLGDGH 9&DStWXOR 9%XU]LR 93ULQFH6PROHQVN\HXPDGLVFXVVmREUHYHDUHVSHLWRQRFDS $$OWHUQkQFLD&DXVDWLYDQR3RUWXJXrVGR%UDVLO • 3DXOR&KDJDVGH6RX]D 1R3RUWXJXrV (OLVHXDUJXPHQWDTXHDSUHVHQoDGRFOtWLFRHPRUDo}HVFRPRDVHJXLQWHLQGLFDTXHVHWUDWDGH XPREMHWRHQmRGHXPVXMHLWR &RLVDVGHVWDVKiDVDRVPRQWHVHP0DUURFRV 1RSRUWXJXrVGR%UDVLOHVVDFRQVWUXomRQmRpPDLVWUDQVSDUHQWHSRUTXHMiSHUGHPRVRFOtWLFR DFXVDWLYR GH WHUFHLUD SHVVRD 0HVPR FRP RYHUERWHU R TXH RFRUUH p WDPEpP XP DFXVDWLYR 1RYDPHQWHRIDWRGHQmRWHUPRVPDLVRFOtWLFRREVFXUHFHHVVHIDWR 7LQKDROLYURGR-{HRGR-DERUQDOLYUDULD 2OLYURGR-{HRGR-DERUWLQKDPQDOLYUDULD 2OLYURGR-{HRGR-DERUWLQKDQDOLYUDULD (PERUDKDMDYDULDomRQDDFHLWDomRGDIRUPDVHPFRQFRUGkQFLDGHXPVXMHLWRQDSRVLomRSyV YHUEDORVVXMHLWRVDLQGDFRVWXPDPSURYRFDUFRQFRUGkQFLDFRPRYHUERQRSRUWXJXrVGR%UDVLO QDSRVLomRSUpYHUEDO2VGDGRVDFLPDVmRHYLGrQFLDGHTXHR61SyVYHUEDOHPFRQVWUXo}HV FRPRYHUERWHUH[LVWHQFLDOQmRVmRVXMHLWRV7RGDYLDDILUPDULVVRFDWHJRULFDPHQWHHQYROYHULD XPSURFHVVRQDGDWULYLDOGHDUJXPHQWDomR • 1R/DWLP +DYLD HP ODWLP FOiVVLFR XP JUXSR GH YHUERV SVLFROyJLFRV FRQVWUXtGRV FRP DFXVDWLYR TXH PDUFDYDRH[SHULHQFLDGRUGDHPRomRHJHQLWLYRTXHPDUFDYDDIRQWHGHOD (XPS QLWHWFULPLQLV (OH$&8DUUHSHQGHFULPH*(1 ¶(OHVHDUUHSHQGHGRFULPH· $YR]SDVVLYDTXHWDPEpPVHFRVWXPDDILUPDUTXHpIRUPDGDSRUXPSURFHVVRVHPHOKDQWH DWULEXtD FDVR DFXVDWLYR PHVPR HP FRQVWUXo}HV GH PDUFDomRH[FHSFLRQDO GHFDVR DOoDPHQWR GHVXMHLWRDREMHWR (PERUD HYLGHQWHPHQWH HX QmR SRVVD DILUPDU TXH LVVR VHMD YHUGDGHLUR HP WRGRV RV GLDOHWRV H UHJLVWURV GR 3% )DoR D FRORFDomRHPUHODomRDRPHXGLDOHWRHjPLQKDFpOXODVRFLDO 9LRWWLGLVFXWHHVVDTXHVWmR &DS2/p[LFRHD$OWHUQkQFLD&DXVDWLYD 'LFLWXUHXPSURIHFWXPHVVH eGLWRHOH$&8SDUWLGRVHU ¶'L]VHTXHHOHSDUWLX· 3UHFLVRGHL[DUEHPFODURTXHVRPHQWHSRUTXHRH[SHULHQFLDGRUWHPDSDFLHQWHpUHDOL]DGRQR DFXVDWLYRVHQGRSRUWDQWRFODUDPHQWHXPREMHWRGLUHWRLVVRQmRPHOHYDDFRQFOXLUFRPRp SUiWLFDFRPXPQHPTXHVHQGRWRGDVDVOtQJXDVHP~OWLPDLQVWkQFLDLJXDLVSRUTXHLQDWDVHP WRGDV HODV R H[SHULHQFLDGRUWHPDSDFLHQWH p R REMHWR GLUHWR QHP TXH QHQKXPD OtQJXD IXQFLRQDFRPRSUHYLVWRQDJHQHUDOL]DomRGH%XU]LR3DUDRLQJOrVSRUH[HPSORHODSDUHFHVHU YiOLGD • 5XVVRY%DEE\ (Jy WRäQtOR RWEROt (OH$&8QDXVHRX1(86*GHGRU*(1 ¶$GRUOKHGHXQiXVHD· (Jy NRUÿtOR RWEROt (OH$&8FRQYXOVLRQRX1(86*GHGRU*(1 ¶$GRUIH]HOHWHUFRQYXOVmR· 5HWRPDQGR D JHQHUDOL]DomR GH %XU]LR H FRQIURQWDQGRD FRP RV GDGRV DFLPD WHPRV R VHJXLQWH $SURSRVWDGHOHVHEDVHLDQRSUHVVXSRVWRGHWRGDDWHRULDFKRPVN\DQDGHTXHFRPXPPHVPR YHUERRPHVPRSDSHOWHPiWLFRHVWiVHPSUHUHODFLRQDGRjPHVPDSRVLomRVLQWiWLFDRXVHMDR SDFLHQWHpVHPSUHRREMHWRVHMDQDDWLYDVHMDQDSDVVLYDSRUH[HPSOR1RFDVRGDDOWHUQkQFLD FDXVDWLYD R SDFLHQWH WDPEpP VHULD VHPSUH R REMHWR SURIXQGR PHVPR TXH IRVVH UHDOL]DGR FRPR VXMHLWR QD VXSHUItFLH %XU]LR HVWDEHOHFH HQWmR XPD ELFRQGLFLRQDO HQWUH DWULEXLomR GH SDSHO WHPiWLFR DR VXMHLWR H DWULEXLomR GH FDVR DR REMHWR 8P LPSOLFD R RXWUR 2 SUREOHPD FRPR YLPRV p TXH H[LVWHP YiULRV FDVRV DOpP GRV FLWDGRV HP TXH Ki XP REMHWR FRP FDVR DFXVDWLYRVHPTXHKDMDXPVXMHLWRFRPSDSHOWHPiWLFR2Pi[LPRTXHVHSRGHULDID]HUSDUD 0HSHUPLWDPXVDU¶HOH·FRPRREMHWRQDVJORVDV $$OWHUQkQFLD&DXVDWLYDQR3RUWXJXrVGR%UDVLO 3DXOR&KDJDVGH6RX]D VDOYDU D JHQHUDOL]DomR VHULD SRVWXODU XP FDVR DFXVDWLYR LQHUHQWH PDV LVVR VHULD DG KRF H QmR SDVVDULDGHXPGLDFUtWLFR$VVLPILFDPFRPSURPHWLGDVDVH[SOLFDo}HVGRIXQFLRQDPHQWRWDQWR GDSDVVLYDTXDQWRGRVLQDFXVDWLYRV 2TXHHVVHVGDGRVVXJHUHPpTXHR3ULQFtSLRGH3URMHomR(VWHQGLGD(33GH*%H33RXD &RQGLomRGR6XMHLWRGD/)*VmRDSHQDVRFDVRQmRPDUFDGRRXGHIDXOW (UJDWLYR (UJDWLYR $ SDODYUD HUJDWLYR SURYpP GR JUHJR ¶ργον pUJRQ TXH VLJQLILFD ¶DomR WUDEDOKR· $ GHQRPLQDomR GH HUJDWLYR GDGD D HVVHV YHUERV XP JUDQGH HQJDQR WHUPLQROyJLFR WHP VXD RULJHP QD GHVFULomR GRV VLVWHPDV GH FDVRV GH XP WLSR GH OtQJXDV DV FKDPDGDV OtQJXDV HUJDWLYDV TXH GHFOLQDP RV VXEVWDQWLYRV GH DFRUGR FRP FULWpULRV GLIHUHQWHV GDV OtQJXDV HXURSpLDVHPJHUDOTXDQGRHOHVVmRVXMHLWRRXREMHWR$RFRQWUiULRGRODWLPSRUH[HPSORTXH IOH[LRQDYDWRGRVRVVXMHLWRVGHIRUPDLJXDOQRQRPLQDWLYRDTXDOHUDGLVWLQWDGDIRUPDGRV REMHWRVGLUHWRVDFXVDWLYRDVOtQJXDVHUJDWLYDVIOH[LRQDPRVVXMHLWRVGHGXDVIRUPDVGLVWLQWDV GHSHQGHQGRGDWUDQVLWLYLGDGHGRYHUER4XDQGRRYHUERpWUDQVLWLYRRVXMHLWRUHFHEHRFDVR HUJDWLYR TXDQGR HOH p LQWUDQVLWLYR R VXMHLWR ILFD QR PHVPR FDVR TXH XP REMHWR GLUHWR R FKDPDGRFDVRDEVROXWLYR([ $TXLODOHSRUHPYLGHW ÉJXLD120OHEUH$&8Yr ¶$iJXLDHVWiYHQGRDOHEUH· /HSXVGRUPLW /HEUH120GRUPH ¶$OHEUHHVWiGRUPLQGR· /HSXVDTXDPELELW /HEUH120iJXD$&8EHEH 9FDStWXORDUHVSHLWRGDQRomRGHGHIDXOWV $SHVDU GH D SURSRVWD GH %XU]LR HVWDU HVWUHLWDPHQWH UHODFLRQDGD FRP D QRomR GH LQDFXVDWLYLGDGH HOH HPSUHJRX R WHUPR HUJDWLYRGLIXQGLQGRRQDWHRULDJHUDWLYD 8PDRXWUDYLVmREDVWDQWHGLIXQGLGDpDGHTXHQDVOtQJXDVHUJDWLYDVQDYHUGDGHR¶SDFLHQWH·pVHPSUHRVXMHLWR &DS2/p[LFRHD$OWHUQkQFLD&DXVDWLYD ¶$OHEUHHVWiEHEHQGRiJXD· 9HPRVHQWmRTXHHPODWLPRVXMHLWRGRYHUERLQWUDQVLWLYRGRUPLWHPILFDQRQRPLQDWLYR PHVPR FDVR GR VXMHLWR GR YHUER WUDQVLWLYR ELELW HP H GLIHUHQWH GR FDVR GR REMHWR GR YHUER YLGHW HP -i HP EDVFR FRPR YHPRV QRV H[HPSORV DEDL[R R VXMHLWR GH XP YHUER WUDQVLWLYR FRPR HP ILFD QR FDVR HUJDWLYR HQTXDQWR R VXMHLWR GRYHUER LQWUDQVLWLYR HP ILFD QR DEVROXWLYR PHVPR FDVR HP TXH DSDUHFH HP FRPR REMHWR GH XP YHUER WUDQVLWLYR 0LNHOHNNDIHDQDKLGX 0LJXHOHUJFDIpTXHUHU$8;VJSUHVLQG ¶20LNHOTXHUFDIp· 0LNHO%LOERQEL]LGD 0LJXHODEV%LOEDRHPPRUDU$8;VJSUHVLQG ¶20LNHOPRUDHP%LOEDR· (JXHUGLDQLNXVL GLWXW ,W]LDUHWD0LNHO $RPHLRGLDYHU$8;VXMVJREMSO,W]LDUDEVH0LNHODEV ¶$RPHLRGLDHXYLR,W]LDUHR0LNHO· 1RFDVRGRVYHUERVSURS{VVHDGHQRPLQDomRGHHUJDWLYRVDRVYHUERVTXHWrPFRPRVXMHLWRR REMHWR GD IRUPD WUDQVLWLYD FRPR QR H[HPSOR (VVD GLVWRUomR WHUPLQROyJLFD DSDUHQWHPHQWHVHRULJLQRXFRP/\RQV $VORMDVDXPHQWDUDPRVSUHoRV 2VSUHoRVDXPHQWDUDP ,QFRDWLYR ,QFRDWLYR $R VH IDODU GD IRUPD LQWUDQVLWLYD RX UHIOH[LYD GD DOWHUQkQFLD IUHTHQWHPHQWH RFRUUH R WHUPR LQFRDWLYR UHODFLRQDGR DR YHUER ODWLQR LQFKRDUH TXH VLJQLILFD ¶FRPHoDU· LQGLFDQGR SRUWDQWR R LQtFLR GH DOJXP HVWDGR RX HYHQWR 8P WLSR GH YHUER FKDPDGR LQFRDWLYR HP ODWLP VmR RV ([HPSORGH.LQJ(ORUGLS $$OWHUQkQFLD&DXVDWLYDQR3RUWXJXrVGR%UDVLO 3DXOR&KDJDVGH6RX]D YHUERVHPHVFRTXHQRUPDOPHQWHLQGLFDPRLQtFLRGHDOJR([LQYHWHUDVFR¶HQYHOKHFHU·QRVFR ¶FRQKHFHU·RX¶ILFDUFRQKHFHQGRVDEHQGR·HWF(VVHVXIL[RpSURGXWLYRHPSRUWXJXrV (OHHQYHOKHFHXEDVWDQWH (VVHWLSRGHYHUERpLQFRDWLYRSRUTXHGHQRWDRXDSDVVDJHPGHXPHVWDGRHPTXHRVXMHLWR QmRpYHOKRSDUDRXWURHPTXHHOHpYHOKRRXDSDVVDJHPGHXPHVWDGRHPTXHHOHpPHQRV YHOKRSDUDRXWURHPTXHHOHpPDLVYHOKR2EYLDPHQWHHVVHWLSRGHVLJQLILFDGRQmRpH[SUHVVR DSHQDV DWUDYpV GHVVH VXIL[R FRPR YHPRV QRV H[HPSORV DEDL[R HP TXH DPDUHODU VLJQLILFD ¶FRPHoDU D ILFDU DPDUHORSDVVDU GH XP HVWDGR HP TXH VmR YHUGHV SDUD RXWUR HP TXH VmR DPDUHODV·HHVWDELOL]DUVLJQLILFD¶SDVVDUDILFDUHVWiYHO· $VIROKDVDPDUHODUDP $VLWXDomRVHHVWDELOL]RX 2 ~QLFR LQFRQYHQLHQWH GR WHUPR LQFRDWLYR p TXH QHP VHPSUH R YHUER QHVVDV FRQVWUXo}HV VH UHIHUHDRLQtFLRGHXPHVWDGR'HSHQGHQGRGRFRQWH[WRSRGHLQGLFDURSURVVHJXLPHQWRGHXP SURFHVVRSRUH[HPSOR (OHHQYHOKHFHXDLQGDPDLVQRDQRSDVVDGR 3RU YH]HV D IRUPD FKDPDGD LQFRDWLYD SRGH LQGLFDU DWp PHVPR D PDQXWHQomR GH XP HVWDGR DQWHULRUFRPRYHUHPRVQRFDStWXORRTXHSRGHVHULOXVWUDGRFRPRH[HPSORDVHJXLU 1yVPDQWLYHPRVDVLWXDomRVREFRQWUROH $VLWXDomRVHPDQWHYHVREFRQWUROH $QWLFDXVDWLYR $QWLFDXVDWLYR 2 WHUPR DQWLFDXVDWLYR HVWi HVWUHLWDPHQWH UHODFLRQDGR j DOWHUQkQFLD FDXVDWLYD HP VL Mi TXH VH UHIHUH DR VHJXQGR PHPEUR GR SDU $9% %9 TXH QRUPDOPHQWH DSUHVHQWD XPD UHODomR GH (PPXLWDVOtQJXDVURPkQLFDVHVVHVXIL[RSHUGHXRFDUiWHULQFRDWLYRSDVVDQGRDVHUXPDXPHQWRHPSUHJDGRHPDOJXPDV SHVVRDV R TXH SHUPLWH TXH WRGDV DV IRUPDV GR SUHVHQWH VHMDP DUUL]RW{QLFDV ([ URPHQR D WXûL ¶WRVVLU· FRQMXJDGR WXûHVF WXûHûWLWXûHûWHWXûLPWXûLŗLWXûHVF 7HUPRTXHSDUHFHWHUVLGRSURSRVWRHP=XEL]DUUHWDHPTXHDDXWRUDSRVWXODYDTXHRVYHUERVLQFRDWLYRVHUJDWLYRV VHULDP UHVXOWDGR GH XP SURFHVVR GH DQWLFDXVDWLYL]DomR D SDUWLU GH YHUERV EDVLFDPHQWH WUDQVLWLYRV 2FRUUH WDPEpP R WHUPR &DS2/p[LFRHD$OWHUQkQFLD&DXVDWLYD FDXVDWLYLGDGHHQWUHRHYHQWR$9%HRHYHQWR%9 (VVHSUHVLGHQWHGHVHVWUXWXURXRVHWRUHGXFDFLRQDO $ 9 % 2VHWRUHGXFDFLRQDOVHGHVHVWUXWXURX % 9 3RGHUtDPRVLQGLFDUHVVDDOWHUQkQFLDDWUDYpVGH69229PDVLVVRMiSUHVVXS}HXPDDQiOLVH TXH FRQVLGHUD TXH R VXMHLWR GD RUDomR %9 p QDYHUGDGH XP REMHWR HP DOJXP RXWUR QtYHO GH DQiOLVHRTXHQmRpXQkQLPHQHPVHUiDGRWDGRDTXL 2SomR7HUPLQROyJLFDGHVWD7HVH 2SomR7HUPLQROyJLFDGHVWD7HVH GHVWD7HVH 6HH[DPLQDPRVDWHQWDPHQWHSRUWDQWRYHPRVTXHFDGDXPGRVWHUPRVFDUUHJDXPDFRQRWDomR HVSHFtILFDGHFRUUHQWHGRPRGHORHPTXHVHRULJLQRXHDPHXYHUWRGRVVmRGHXPDIRUPDRX GHRXWUDLQDGHTXDGRV5HWRPHPRVSRUTXr 2WHUPRLQDFXVDWLYRLPSOLFDTXHHVVHVYHUERVQmRSRGHPDWULEXLUFDVRDFXVDWLYRRTXHpIDOVR 2WHUPRHUJDWLYRSURYpPGHXPDEXVRWHUPLQROyJLFR2WHUPRLQFRDWLYRLQGLFDRLQtFLRGHXP SURFHVVRRTXHQHPVHPSUHRFRUUH2WHUPRDQWLFDXVDWLYRHVWiPXLWRUHODFLRQDGRjDOWHUQkQFLD HPVLHHPFHUWRVPRPHQWRVWHUHLTXHPHUHIHULUDXPDIRUPDTXHQmRHVWiGLUHWDPHQWHOLJDGD DHOD 3RUVHUHPPDLVQHXWURVHPWHUPRVGDKLSyWHVHWHyULFDTXHWHQWDH[SOLFDUHVVHVIHQ{PHQRVYRX XWLOL]DUIUHTHQWHPHQWHDTXLRVWHUPRVLQWUDQVLWLYRHUHIOH[LYR4XDQGRQmRKRXYHULQFRQYHQLHQWH XWLOL]RWDPEpPRWHUPRLQFRDWLYR GHFDXVDWLYREDVLFDPHQWHFRPRPHVPRVHQWLGR $$OWHUQkQFLD&DXVDWLYDQR3RUWXJXrVGR%UDVLO 3DXOR&KDJDVGH6RX]D 'LiWHVH 'LiWHVH 9HMDPRV LQLFLDOPHQWH R VLJQLILFDGR TXH R WHUPR GLiWHVH WHP QD OLQJtVWLFD 7DQWR R WHUPR GLiWHVHFRPRRWHUPRUHODFLRQDGRYDOrQFLDIRUDPLQWURGX]LGRVHP7HVQLqUH7HVQLqUHIDOD GRVYHUERVFRPRiWRPRVTXHDWUDHPRXWURVSDUDWHUVXDYDOrQFLDVDWXUDGD$VVLPFRPRXP iWRPRGHR[LJrQLRSUHFLVDGHGRLVHOpWURQVSDUDILFDUVDWXUDGRXPYHUERFRPRFRPSUDUSUHFLVD GHGRLVSDUWLFLSDQWHVRXDFWDQWHVQDWHUPLQRORJLDGH7HVQLqUHSDUDILFDUVDWXUDGR $ JUDPiWLFD WUDGLFLRQDO GLVWLQJXH RV YHUERV LPSHVVRDLV ]HUR DFWDQWHV LQWUDQVLWLYRV XP DFWDQWH H WUDQVLWLYRV GRLV RX PDLV $OpP GDV YR]HV WUDGLFLRQDOPHQWH GLVWLQJXLGDV QD JUDPiWLFD Ki DLQGD R TXH 7HVQLqUH FRQVLGHUD TXH SRGHUtDPRV GHQRPLQDU VXEYR]HV RX XWLOL]DQGRRWHUPRJUHJRGLiWHVHVGRJUHJRδιnθεσιςTXHLQGLFDDRULHQWDomRGDIRUPDFRPR RVDFWDQWHVVmRH[SUHVVRV$VGLiWHVHVSURSRVWDVSRU7HVQLqUHVmR 'LiWHVHDWLYDDDomRWUDQVLWDGRSULPHLURSDUDRVHJXQGRDFWDQWH $PHQLQDOHXRWH[WR 'LiWHVHSDVVLYDRSULPHLURDFWDQWHVRIUHDDomRH[HUFLGDSHORRXWURDFWDQWH 2WH[WRIRLOLGRSHODPHQLQD 'LiWHVHUHIOH[LYDRSULPHLURDFWDQWHpDPHVPDSHVVRDTXHRVHJXQGR $PHQLQDVHGHVHQKRXQRSDSHO 'LiWHVHUHFtSURFD>VHPSUHQRSOXUDO@ (OHVVHFRQKHFHUDPQDVIpULDV > XPDRRXWUR@ 'LiWHVHFDXVDWLYDDXPHQWDHPXPRQ~PHURGHDFWDQWHVGRYHUER 2GLUHWRUIH]RHOHQFRUHSDVVDURWH[WR 'LiWHVHUHFHVVLYDGLPLQXLHPXPRQ~PHURGHDFWDQWHVGRYHUER 2FDUURTXHEURX >&RPSDUDGRD(ODTXHEURXRFDUUR@ &DS2/p[LFRHD$OWHUQkQFLD&DXVDWLYD )UDQFKLH&DQoDGRDGHILQHPDQRomRGHGLiWHVHFRPRXPHVTXHPDUHODFLRQDOFRPSOH[R HP TXH HQWUDP YiULRV DUJXPHQWRV H TXH GHSHQGH GR Q~PHUR GH DUJXPHQWRV TXH WRPD GD TXDOLGDGH GRV SDSpLV WHPiWLFRV DVVRFLDGRV D FDGD DUJXPHQWR H GD RULHQWDomR GD UHODomR HVWDEHOHFLGD2Q~PHURGHDUJXPHQWRVGLVWLQJXHSRUH[HPSORGRUPLUHOHUSRLVDTXHOHWHPXP HHVWHGRLV$TXDOLGDGHGRVSDSpLVWHPiWLFRVGRVDUJXPHQWRVGLIHUHQFLDSRUH[HPSORFRUUHUH QDVFHUSRLVDTXHOHWHPXPDJHQWHHHVWHXPSDFLHQWH3RUILPDRULHQWDomRGDUHODomRGLVWLQJXH FRPSUDUHYHQGHU $V$OWHUQkQFLDV6LQWiWLFDVD$OWHUQkQFLD&DXVDWLYDHD 'HOLPLWDomRGDV&RQVWUXo}HVD6HUHP,QYHVWLJDGDV 'HOLPLWDomRGDV&RQVWUXo}HVD6HUHP,QYHVWLJDGDV 2 REMHWLYR SULQFLSDO GD WHRULD OLQJtVWLFD DWXDO p FDUDFWHUL]DU R FRQKHFLPHQWR TXH RV IDODQWHV QDWLYRVWrPGHVXDOtQJXD$tVHLQFOXLRFRQKHFLPHQWRGDVLQWD[HGRVYHUERVHPSDUWLFXODUGH TXDLV DV GLiWHVHV HP TXH XP YHUER SRGH DSDUHFHU &RPR HVFUHYHX /HYLQ S ´RV IDODQWHV QDWLYRV VmR FDSD]HV GH ID]HU MXOJDPHQWRV H[WUHPDPHQWH VXWLV D UHVSHLWR GD SRVVLELOLGDGHGHRFRUUrQFLDGHYHUERVHVSHFtILFRVFRPGHWHUPLQDGRVWLSRVGHFRPSOHPHQWRVH DGMXQWRV (OHV VDEHP TXDLVDOWHUQkQFLDV GHGLiWHVH FDGDYHUER DGPLWHµ 1DYHUGDGH R TXH SRGH GDULPSUHVVmRGHVHURFRQKHFLPHQWRGDVGLiWHVHVTXHFDGDYHUERDGPLWHDSyVXPHVWXGRPDLV FXLGDGRVR VH UHYHOD FRPR XP FRQKHFLPHQWR GH FODVVHV GH YHUERV TXH VmR UHODFLRQDGDV SHOR VLJQLILFDGRHSHORFRPSRUWDPHQWRVLQWiWLFRRXVHMDIUHTHQWHPHQWHVHFRQFOXLTXHRVYHUERV TXH WrP XP FRPSRUWDPHQWR VLQWiWLFR LJXDO RX VHPHOKDQWH WrP VLJQLILFDGR SUy[LPR H YLFH YHUVD +i GLYHUVRV WLSRV GH DOWHUQkQFLDV HP TXH XP YHUER SRGH VHU FRQVWUXtGR FRP XP RX GRLV DUJXPHQWRVFRPRSDVVRDLOXVWUDU )UHJHIRLTXHPSULPHLURGLVWLQJXLXSUHGLFDGRVVDWXUDGRVHQmRVDWXUDGRVPDVRIH]HPUHODomRjOyJLFD $$OWHUQkQFLD&DXVDWLYDQR3RUWXJXrVGR%UDVLO 3DXOR&KDJDVGH6RX]D D7UDQVLWLYRDSDJDPHQWRGHREMHWRQmRHVSHFLILFDGR (OHVOrHPPXLWRVOLYURV (OHVOrHPPXLWR (XTXDVHQmRFRPLDYHUGXUD (XTXDVHQmRFRPLD 2FRUUH FRP YHUERV FRPR EHEHU IXPDU HWF *HUDOPHQWH VmR YHUERV TXH WrP XP REMHWR SURWRWtSLFRIXPDUFLJDUURRXFRJQDWREHEHUEHELGDQRUPDOPHQWHDOFRyOLFD E$OWHUQkQFLDFDXVDWLYD 2PHQLQRTXHEURXDYLGUDoD $YLGUDoDVHTXHEURX F2EMHWRFRJQDWR 2EHErGRUPLX 2EHErGRUPLXXPVRQRWUDQTLOR ([LVWHPDLQGDRXWUDVDOWHUQkQFLDVTXHQmRVmRH[DWDPHQWHHQWUHXPHGRLVDUJXPHQWRV G¶3URPRomR·GHLQVWUXPHQWRRXPHLRDVXMHLWR (OHPDWRXRDVVDOWDQWHFRPXPDIDFDGD $IDFDGDPDWRXRDVVDOWDQWH 7HUPRXPWDQWRLQH[DWRMiTXHFRPRQRH[HPSORGRUPLUHVRQRRYHUERHVHX¶IDOVRREMHWR·QmRSUHFLVDPVHUFRJQDWRVGH IDWR 1RYDPHQWHUHLWHURTXHWHUPRVGHVVHWLSRWrPDSHQDVXPFDUiWHUGHVFULWLYR6XSRQKRTXHQmRKiTXDOTXHUPRYLPHQWRRX PHVPRSURPRomRHPHVWUXWXUDDUJXPHQWDOHPH[HPSORVGHVVHWLSR &DS2/p[LFRHD$OWHUQkQFLD&DXVDWLYD H7UDQVLWLYR´DQWLSDVVLYDµ (XHVTXHFLDUHXQLmR (XPHHVTXHFLGDUHXQLmR I$OWHUQkQFLD/RFDWLYD $FHUWDUDPDVPDPRQDVQRPROHTXH $FHUWDUDPRPROHTXHFRPDVPDPRQDV 9HUERV,QDFXVDWLYRVH,QHUJDWLYRVHP3RUWXJXrV 9HUERV,QDFXVDWLYRVH,QHUJDWLYRVHP3RUWXJXrV $ FDUDFWHUL]DomR GD DOWHUQkQFLD FDXVDWLYD SDVVD WDPEpP SHOD GLVWLQomR HQWUH RV GRLV WLSRV GH LQWUDQVLWLYRVH[LVWHQWHVQDVOtQJXDVQDWXUDLVQRUPDOPHQWHGHQRPLQDGRVLQDFXVDWLYRVHLQHUJDWLYRV 2WHUPRLQDFXVDWLYRMiIRLH[SOLFDGRDFLPD2WHUPRLQHUJDWLYRVHUHIHUHJURVVRPRGRDYHUERVTXH H[SULPHPXPDDomRGHDFRUGRFRPVXDHWLPRORJLDPDVTXHQmRVmRXVDGRVFRPXPREMHWR GLUHWR LVWR p QXPD OtQJXD HUJDWLYD DSHVDU GH R VXMHLWR VHU XP DJHQWH QmR UHFHEHULD R FDVR HUJDWLYR SRLV R YHUER QmR p WUDQVLWLYR 'Dt D GHQRPLQDomR LQHUJDWLYR 1HVWD GLVVHUWDomR XVR DPERVHVVHVWHUPRVGHVFULWLYDPHQWH 1D OLWHUDWXUD VmR SURSRVWRV YiULRV WHVWHV SDUD FODVVLILFDU RV YHUERV GH XPD OtQJXD HP LQDFXVDWLYRV H LQHUJDWLYRV YiULRV GRV TXDLV QR HQWDQWR QmR VH DSOLFDP QR SRUWXJXrV 6H LQFOXHPHQWUHRVTXHQmRVHDSOLFDPRVVHJXLQWHVVHOHomRGRDX[LOLDUQRVWHPSRVSHUIHLWRVWHU RXKDYHUQRVLQHUJDWLYRVHVHURXHVWDUQRVLQDFXVDWLYRVHXVRGHFOtWLFRVFRPRRQHGRLWDOLDQR RX R HQ GR IUDQFrV FI HQGH GR SRUWXJXrV DUFDLFR $OJXQV TXH LQGLFDP TXH R YHUER p LQDFXVDWLYRHVHDSOLFDPQRSRUWXJXrVLQYHUVmROLYUHGHYHUERHVXMHLWRIRUPDomRGHUHGX]LGD GH SDUWLFtSLR XVR DWULEXWLYR GR SDUWLFtSLR $OJXQV TXH LQGLFDP TXH R YHUER p LQHUJDWLYR IRUPDomRGHGHULYDGRVHPGRU8PDYDULDQWHGRWHVWHFRPUHGX]LGDDEVROXWDGHSDUWLFtSLRTXH HXSURSRQKRpDUHGX]LGDTXHpFRPSOHPHQWRGDSUHSRVLomRFRPFRPRYHUHPRVDEDL[R ([HPSORGD'HPDQGDGR*UDDOFLWDGRQR'LFLRQiULR&DXGDV$XOHWH´VHQKRUGLVVHHOYDDPRVSRLVYRVHQGHSUD]µ $$OWHUQkQFLD&DXVDWLYDQR3RUWXJXrVGR%UDVLO • 3DXOR&KDJDVGH6RX]D ,QDFXVDWLYRVH[DXPHQWDU 2SUHoRDXPHQWRX $XPHQWRXRSUHoR &RPRSUHoRDXPHQWDGRDVYHQGDVGLPLQXtUDP $XPHQWDGRRSUHoRDVYHQGDVGLPLQXtUDP 2SUHoRDXPHQWDGRGHVDJUDGRXDRVFRPSUDGRUHV DXPHQWDGRU DTXHOHTXHDXPHQWD • ,QHUJDWLYRVH[FRUUHU 2ODGUmRFRUUHXTXDQGRYLXDSROtFLD ""&RUUHXRODGUmRTXDQGRYLXDSROtFLD &RPRODGUmRFRUULGRDVLWXDomRVHDFDOPRX &RUULGRRODGUmRDVLWXDomRVHDFDOPRX 2ODGUmRFRUULGRVHHVFRQGHXQRPDWDJDO FRUUHGRU DTXHOHTXHFRUUH SULPHLUD YLVWD DOJXQV YHUERV TXH LQGLFDP Do}HV QmR FDXVDWLYDV DFHLWDP D XWLOL]DomR GH SDUWLFtSLRV FRP R TXH VHULD R VHX VXMHLWR$OJXQV GHVVHV SDUWLFtSLRV VmROLGRYLDMDGRHQWHQGLGR HWFeLPSRUWDQWHDWHQWDUSDUDRIDWRGHTXHHVVHVSDUWLFtSLRVVmRSXUDPHQWHDGMHWLYDLVRTXH RVGLVWLQJXHGRVGHPDLVHpFRPSURYDGRREVHUYDQGRVHRVVHJXLQWHVFRQWUDVWHV (OHpXPFDUDPXLWRYLDMDGR 9LDMDGRRFKHIHRSHVVRDOWUDEDOKRXPDLVWUDQTLOR &RPRFKHIHYLDMDGRRSHVVRDOWUDEDOKRXPDLVWUDQTLOR $V)RUPDV0pGLD0HGLDOH,QFRDWLYD $V)RUPDV0pGLD0HGLDOH,QFRDWLYD 8PDRXWUDFRQVWUXomRGLItFLOGHGLVWLQJXLUGDDQWLFDXVDWLYDpDFRQVWUXomRPHGLDO1HVWDVHomR SUHWHQGRGLVFXWLUDYR]PpGLDDFRQVWUXomRPHGLDOHDIRUPDLQFRDWLYD $JUDPDWLFDOQDLQWHUSUHWDomRHYHQWLYDGHYLDMDGRRXVHMD¶GHSRLVTXHRFKHIHYLDMRX·*UDPDWLFDOQDLQWHUSUHWDomRSXUDPHQWH DGMHWLYDOGHYLDMDGRRXVHMD¶FRPRFKHIHTXHMiWLQKDYLDMDGREDVWDQWHQDYLGD· &DS2/p[LFRHD$OWHUQkQFLD&DXVDWLYD $ YR] PpGLD HP JUHJR DQWLJR GH RQGH VXUJLX D GHQRPLQDomR HUD DVVLP FKDPDGD SRU DSUHVHQWDU XP FDUiWHU KtEULGR TXDQGR FRPSDUDGD j DWLYD H j SDVVLYD 1D YR] DWLYD WHPRV PXLWR JURVVR PRGR VXMHLWRV DJHQWHV TXH SUDWLFDP D DomR GR YHUER H QD YR] SDVVLYD VXMHLWRV SDFLHQWHVTXHVmRDIHWDGRVSHODDomRGRYHUER([HPSORVGH$UFDLQLH*DOHWWR +RKLHUpXVWK~HL RVDFHUGRWHVDFULILFDUSVJDWLYD ¶RVDFHUGRWHID]VDFULItFLRVHPEHQHItFLRGHRXWURV· -iQDYR]PpGLDRVXMHLWRWDQWRpDJHQWHFRPRpDIHWDGRSHODDomRGRYHUER ;HQRIŇQWK~HWDL ;HQRIRQWHVDFULILFDUSVJPpGLD ¶;HQRIRQWHID]VDFULItFLRVHPVHXSUySULREHQHItFLR· )RLHVVHWLSRGHREVHUYDomRTXHOHYRXRVJUDPiWLFRVJUHJRVDGHQRPLQDUHVVDIRUPDGRYHUER YR]PpGLD 0DLV UHFHQWHPHQWH QRV HVWXGRV GH WHRULD JUDPDWLFDO FRPHoRXVH D HVWXGDU XPD FRQVWUXomR FRPSURSULHGDGHVTXHOHPEUDPDYR]PpGLDGRJUHJRDQWLJR (VVHOLYURYHQGHEHP 2YHUERYHQGHUTXHQRUPDOPHQWHWHPFRPRVXMHLWRRDJHQWHGDYHQGDDSHVVRDORMDHWFTXH RIHUHFHjYHQGDRXUHDOL]DDYHQGDGHXPSURGXWRDSDUHFHQRH[HPSORFRPXPDPHUFDGRULD LQDQLPDGDOLYURFRPRVXMHLWR,VVRMiDGLIHUHQFLDGDYR]PpGLDSURSULDPHQWHGLWDSRLVQDTXHOD RVXMHLWRHRREMHWRVmRRVPHVPRVGDYR]DWLYDDSHQDVFRPDGLIHUHQoDGHLQWHUSUHWDomRGH TXH GH DOJXPD IRUPD R VXMHLWR IRL DIHWDGR 0H SDUHFH SRUWDQWR EDVWDQWH LQGLFDGR QmR FRQIXQGLU DV GXDV DSHQDV SRUTXH R VXMHLWR p DIHWDGR &KDPDU HVVD VHJXQGD FRQVWUXomR GH PpGLD VH VH OHYD HP FRQWD DSHQDV XPD OtQJXD FRPR R SRUWXJXrV SRGH QmR RFDVLRQDU SUREOHPDV PDV WHQGR RXWUDV OtQJXDV HP PHQWH FRPR VHPSUH MXOJR UHFRPHQGiYHO H DLQGD PDLVGLDQWHGDLPSRUWkQFLDTXHLVVRWHPKRMHHPGLDGLVWLQJRDTXLYR]PpGLDGHFRQVWUXomR RXIRUPDPHGLDO $OJXPDVGDVSULQFLSDLVFDUDFWHUtVWLFDVTXHGLIHUHQFLDPDFRQVWUXomRPHGLDOGDYR]PpGLDVmRR $$OWHUQkQFLD&DXVDWLYDQR3RUWXJXrVGR%UDVLO 3DXOR&KDJDVGH6RX]D IDWRGHDVPHGLDLVQmRWHUHPXP´VXMHLWROyJLFRµLPSOtFLWRHQRUPDOPHQWHWHUHPUHVWULo}HV DGLFLRQDLVDVHXXVRFRPRRIDWRGHRFRUUHUHPDSHQDVHPDOJXQVWHPSRVFRPRRSUHVHQWH SRUH[HPSOR $ FRQVWUXomR PHGLDO DSUHVHQWD XPD UHVWULomR GH JHQHULFLGDGH LVWR p SUHFLVD VHU LQWHUSUHWDGD JHQHULFDPHQWH)UHTHQWHPHQWHLVVRVLJQLILFDTXHDVVHQWHQoDVPHGLDLVDSDUHFHPQRSUHVHQWH GRLQGLFDWLYRPDVLVVRQmRpQHFHVViULR([ (VVHOLYURYHQGHEHP (VVHOLYURYHQGLDEHP 2WLSRGHJHQHULFLGDGHTXHHQFRQWUDPRVQDVPHGLDLVpRTXH.ULINDHWDOGHQRPLQDP VHQWHQoDVFDUDFWHUL]DQWHVHPRSRVLomRjUHIHUrQFLDDXPWLSRNLQGRXJrQHURJHQXV 2PLOKRpRULJLQiULRGD$PpULFDGR6XO 2SDSDJDLRGRYL]LQKRDVVRELD +iRUDo}HVHPTXHHQFRQWUDPRVRVGRLVWLSRVGHJHQHULFLGDGHFRPRHP 0LOKRpJRVWRVR 2 TXH RFRUUH FRP DV PHGLDLV HQWmR QmR p XPD UHVWULomR D UHIHUrQFLD D WLSRV PDV VLP D SUHGLFDo}HVJQ{PLFDV 3DUD WHQWDU GLVWLQJXLU PHOKRU D PHGLDO H D LQFRDWLYD YHMDPRV XPD SDUWH PDLV H[WHQVD GR SDUDGLJPDDVSHFWRWHPSRUDOGHDOJXQVYHUERV 2PHXDSDUWDPHQWRUHIRUPD 2PHXDSDUWDPHQWRUHIRUPRX 2PHXDSDUWDPHQWRUHIRUPDYD 2PHXDSDUWDPHQWRYDLUHIRUPDU 2PHXDSDUWDPHQWRHVWiUHIRUPDQGR 2PHXDSDUWDPHQWRWHPUHIRUPDGR (VVHOLYURYHQGH 7HUPRDEXVLYR 1mRLPSRUWDQGRVHHVVHLPSOtFLWRHVWiQDVLQWD[HRXQDVHPkQWLFD &DS2/p[LFRHD$OWHUQkQFLD&DXVDWLYD (VVHOLYURYHQGHX (VVHOLYURYHQGLD (VVHOLYURYDLYHQGHU (VVHOLYURHVWiYHQGHQGR (VVHOLYURWHPYHQGLGR $WHPSHUDWXUDDXPHQWD $WHPSHUDWXUDDXPHQWRX $WHPSHUDWXUDDXPHQWDYD $WHPSHUDWXUDYDLDXPHQWDU $WHPSHUDWXUDHVWiDXPHQWDQGR $WHPSHUDWXUDWHPDXPHQWDGR &RP R YHUER YHQGHU IUHTHQWHPHQWH LQFOXtGR HQWUH DV PHGLDLV QD IRUPD FRPR DSDUHFH QR H[HPSORDV~QLFDVIRUPDVTXHSDUHFHPQmRVHUJUDPDWLFDLVVHPDOJXPPRGLILFDGRUDGYHUELDO SRUH[HPSORVmRDVGRVSUHWpULWRV&RPRYHUERUHIRUPDUSRUVXDYH]VySDUHFHVHUJUDPDWLFDO XPD IRUPD HP WHPSR SURJUHVVLYR 2 FRQWUDVWH PDLRU p FRP YHUERV FRPR DXPHQWDU TXH DFHLWDP TXDOTXHU WHPSR H DVSHFWR 2 TXH SDUHFH RFRUUHU FRPR VH Yr p TXH FHUWRV YHUERV DGPLWHP D DOWHUQkQFLD FDXVDWLYD HP VHX SDUDGLJPD FRPSOHWR HQTXDQWR RXWURV R DGPLWHP DSHQDVHPSDUWHGHVHXSDUDGLJPD (PYLVWDGLVVRQmRHVWRXFRQYHQFLGRGHTXHKiUHDOPHQWHXPDFRQVWUXomRPHGLDORXVHRTXH KipXPDYDULDomRQDVUHVWULo}HVTXHFDGDFRQMXQWRGHWHPSRHDVSHFWRLPS}HDRTXHVHULDD DOWHUQkQFLD FDXVDWLYD 1R SHUIHLWR HOD WHP UHVWULo}HV UHODFLRQDGDV D FDXVDWLYLGDGH H DJHQWLYLGDGHFRPRYHUHPRV1RSUHVHQWHJQ{PLFRHQRSUHVHQWHFRQWtQXRFRQWXGRHWDOYH] QR IXWXUR WDPEpP R TXDGUR SDUHFH VHU GLIHUHQWH 3RU LVVR SHUPDQHoR DJQyVWLFR TXDQWR j H[LVWrQFLD GH XPD FRQVWUXomR PHGLDO GH IDWR H HP YLUWXGH GH HVVHV GRLV RXWURV WLSRV GH DOWHUQkQFLDQmRDFHLWDUHPRSHUIHLWRUHVWULQMRRVGDGRVGHPLQKDWHVHDRSHUIHLWRGRLQGLFDWLYR SDUD QmR LQFOXLU RXWUD YDULiYHO TXH SURYDYHOPHQWH FRPSOLFDULD GHPDLV D DQiOLVH DOpP GRV IDWRUHVTXHMiYRXOHYDUHPFRQVLGHUDomR 0XLWRjSULPHLUDYLVWDRTXHSRVVRGL]HUHPFDUiWHUHVSHFXODWLYRpTXHDDVIRUPDVFRPRDV GH DXPHQWDU UHSUHVHQWDP D DOWHUQkQFLD FDXVDWLYD SOHQD HQTXDQWR FRP RXWURV YHUERV DSHQDV $$OWHUQkQFLD&DXVDWLYDQR3RUWXJXrVGR%UDVLO 3DXOR&KDJDVGH6RX]D FHUWDV IRUPDV DVSHFWRWHPSRUDLV VmR OLFHQFLDGDV 1R JUXSR GH UHIRUPDU DSDUHQWHPHQWH VH LQFOXHPRXWURVYHUERVFRPRSLQWDU¶RPHXDSDUWDPHQWRHVWiSLQWDQGR·FDOLEUDU¶RSQHXHVWi FDOLEUDQGR· ODYDU ¶R FDUUR HVWi ODYDQGR· FRQVHUWDU ¶D JHODGHLUD HVWi FRQVHUWDQGR· HWF e LPSRUWDQWH QRWDU TXH WRGRV DFDUUHWDP D SUHVHQoD GH XP DJHQWH PDV SRGHP VHU FRQVWUXtGRV GHVVD IRUPD 1mR SRGHUHP RFRUUHU HP WRGRV RV WHPSRV H DVSHFWRV p R TXH RV GLVWLQJXH GD DOWHUQkQFLDFDXVDWLYDGHIDWR 3DUD RV ILQV GHVWH WUDEDOKR TXDQGR PH UHIHULU j DOWHUQkQFLD FDXVDWLYD WHQKR HP PHQWH RV YHUERV GHVVH ~OWLPR JUXSR R GH DXPHQWDU TXH DGPLWHP D DOWHUQkQFLD HP WRGR R VHX SDUDGLJPDVHPUHVWULomRDVSHFWRWHPSRUDO 2XWURQRPHTXHFRVWXPDVHUGDGRjDOWHUQkQFLDFDXVDWLYDpRGHDOWHUQkQFLDWUDQVLWLYDMiTXH WHPRV XPD IRUPD WUDQVLWLYD H RXWUD LQWUDQVLWLYD 7DOYH] SXGpVVHPRV VLPSOHVPHQWH FODVVLILFDU HVVHV YHUERV FRPR SDUWLFLSDQGR GH GXDV DOWHUQkQFLDV WUDQVLWLYDV GHIHFWLYDV GLVWLQWDV D PHGLDO VHULDXPDGHODVHHVVDGRVYHUERVGRWLSRGHUHIRUPDUVHULDRXWUD 2TXHFDUDFWHUL]DULDDDOWHUQkQFLDFDXVDWLYDHQWUHDVDOWHUQkQFLDVWUDQVLWLYDV$9%%9VHULDR IDWRGHHODQmRVHUGHIHFWLYD 23DSHOGR6H 23DSHOGR6H eEDVWDQWHGLVFXWtYHOVHRUHIOH[LYRTXHDFRPSDQKDRVYHUERVHPSRUWXJXrVpXPPRUIHPDGR YHUERRXXPDSDODYUDLQGHSHQGHQWH0HVPRDEVWUDLQGRHVVDTXHVWmRPRUIRVVLQWiWLFDFRQWXGR SUHFLVDPRVWHUHPPHQWHTXHHVVHUHIOH[LYRDSDUWLUGHDJRUDGHQRPLQDGRVHWHPGLYHUVDV IXQo}HV6HULDLPSRUWDQWHSRUWDQWRH[DPLQDUTXDLVVmRHODVHTXDODVHPkQWLFDDVVRFLDGDSDUD EHPGHOLPLWDUDTXDOGHODVHXPHUHILUR'DGDDIUHTrQFLDFRPTXHRVHGHL[DGHVHUXVDGRQR SRUWXJXrVFRQWHPSRUkQHRGR%UDVLOLQGLFRHQWUHFROFKHWHVRTXHRFRUUHFRPHOHHPFDGDXP 'HYRREVHUYDUTXHHPLQJOrVDVIRUPDVSDVVLYDVQmRH[LVWLDPQRVWHPSRVSURJUHVVLYRVDWpUHFHQWHPHQWHHPWHUPRVGH KLVWyULDGHXPDOtQJXDVHQmRPHHQJDQRDWpRVpFXOR;,;1mRVHLVHRPHVPRDFRQWHFHXFRPRSRUWXJXrVHVHHVVHWLSRGH IHQ{PHQRWHPDOJXPDUHODomRFRPLVVR &RPR ID] %XU]LR H FRPR p FRPXP QD OLWHUDWXUD UHILURPH DR UHIOH[LYR FRPR VH HPERUD HYLGHQWHPHQWH KDMD FRQFRUGkQFLDGHQ~PHURHSHVVRDHPSRUWXJXrVFRPRQDVGHPDLVOtQJXDVURPkQLFDV9%XU]LRSS 5RGULJXHVFRQVLGHUDTXHRVHWDPEpPpXVDGRFRPRXPPDUFDGRUGDFRQVWUXomRPHGLDORTXHPHSDUHFHGXYLGRVR &DS2/p[LFRHD$OWHUQkQFLD&DXVDWLYD GRVWLSRVRXSHORPHQRVDWHQGrQFLDTXHPHSDUHFHSUHGRPLQDUDWXDOPHQWHQDFLGDGHGH6mR 3DXORFRPIDODQWHVGHLGDGHQmRPXLWRGLVWDQWHGDPLQKDRXVHMDHQWUHHDQRV 5HIOH[LYR >PDQWpPVHREULJDWyULR@ (OHVHROKRXQRHVSHOKR 6HPDQWLFDPHQWH32[[ 5HFtSURFR >PDQWpPVHREULJDWyULR@ (OHVVHFRQKHFHUDPDQRSDVVDGR 6HPDQWLFDPHQWH3>&[\∧&\[@ 0DUFDGRUGDDQWLFDXVDWLYD >YDULiYHO@ (OHVHLUULWRX 6HPDQWLFDPHQWH3,[ (VVHpRFKDPDGRVHHUJDWLYRGH%XU]LR ,QHUHQWH >PDQWpPVHREULJDWyULR@ (OHVHDUUHSHQGHX (OHDUUHSHQGHX 6HPDQWLFDPHQWH3$[ 2FRUUrQFLDGHWHUPLQDGDQROp[LFRMiTXHRLWHPOH[LFDOFRPTXHHOHDSDUHFHQmRSRGHRFRUUHU VHPHOHGDtDGHQRPLQDomRLQHUHQWH 1RPLQDWLYRLQGHWHUPLQDGRU >XVRWHQGHDGLPLQXLUSULQFLSDOHFRPPRGDLV@ 6HYHQGHPXLWDVFDVDVDTXL 6HPDQWLFDPHQWH∃[9[F 8WLOL]R DTXL R RSHUDGRU 3 SDUD UHSUHVHQWDU R SDVVDGR VHP HQWUDU QD TXHVWmR GH VH HVVD VHULD D IRUPD PDLV DGHTXDGD GH UHSUHVHQWDURWHPSR $$OWHUQkQFLD&DXVDWLYDQR3RUWXJXrVGR%UDVLO 3DXOR&KDJDVGH6RX]D (LVDOJXQVH[HPSORVVHPVH 'HL[DHXJXDUGDUHVVHDOLFDWHVHQmRGHSRLVTXDQGRSUHFLVDUYDLSHUGHUHQmRYDL FRQVHJXLUHQFRQWUDU &RPRTXHPXGDDPDUFKD"2QGHTXHDFHOHUD" (VWHXVRGRVHQmRRFRUUHHPOtQJXDVFRPRRIUDQFrVTXHXWLOL]DPXPSURQRPHLQGHILQLGR (PIUDQFrVHVVHSURQRPHpRQGHULYDGRGHKRPR¶SHVVRD·RTXHRFRUULDWDPEpPFRPR SRUWXJXrVDUFDLFRKRPHYWDPEpPFDS 3DVVLYL]DGRU >SHUGLGRQRPHXYHUQiFXOR@ 9HQGHPVHFDVDVDTXL 6HPDQWLFDPHQWH∃[9[F &RPRDOXGH-DFNHQGRIIGLILFLOPHQWHVHSRGHULDSHQVDUQXPPHOKRUH[HPSORGHTXHDOtQJXD HVWi GLVWDQWH GD SHUIHLomR QmRUHGXQGDQWH 2 SDSHO GR VH HVSHFLILFDPHQWH GHQWUR GD DOWHUQkQFLDFDXVDWLYDVHUiGLVFXWLGRQRFDStWXOR 7HQGRYLVWRRVREMHWLYRVSULQFLSDLVGDWHVHHVFODUHFLGRDWHUPLQRORJLDHQFRQWUDGDQDOLWHUDWXUD HGHOLPLWDGRRVIHQ{PHQRVDVHUDQDOLVDGRVYHUHPRVQRVGHPDLVFDStWXORVDVTXHVW}HVUHODWLYDV jDOWHUQkQFLDFDXVDWLYDHDVUHODWLYDVDROp[LFROHYDQWDGDVQRHVWXGRGDDOWHUQkQFLD 2QGH 9VLJQLILFD¶YHQGHU·HFVLJQLILFD¶FDVD·2EVHUYHVHTXHDUHSUHVHQWDomRVHPkQWLFDTXHDSUHVHQWRDTXLpDPHVPDGH TXDQGR R VH WHP IXQomR SDVVLYL]DGRUD $ GLIHUHQoD SULQFLSDO p VLQWiWLFD Mi TXH TXDQGR R VH p LQGHWHUPLQDGRU HOH SRGH VHU DQDOLVDGRFRPRWHQGRFDVRQRPLQDWLYRY%XU]LR1HVVDVLWXDomRFDVDVVHULDXPREMHWRHPWRGDDGHULYDomRHQTXDQWR QDSDVVLYDHOHQmRp 9&KRPVN\ &DS$6LQWD[H/H[LFDO &DStWXOR &DStWXOR $6LQWD[H/H[LFDO $6LQWD[H/H[LFDO ´,WLVQDWXUDOLQRXUPDWHULDOZRUOGWRWKLQNRIDOH[HPHDVDIRUPRUDWOHDVW WRUHO\PRUHRQIRUPWKDQRQPHDQLQJ7KDWLVEHFDXVHRIWKHWDQJLEOH LPEDODQFHEHWZHHQWKHUHODWLYHO\FRQFUHWHIRUPRIDZRUGDQGWKHDEVWUDFW QDWXUHRIV\QWD[DQGPHDQLQJ,WLVHDVLHUWRJUDVSDIRUPWREHVXUHRILWV UHDOLW\DQGWRVWXG\LWWKDQLWLVWRJUDVSDPHDQLQJµ 0$5.$5212))S $V SURSRVWDV TXH WHQWDP H[SOLFDU R IXQFLRQDPHQWR GD DOWHUQkQFLD FDXVDWLYD SRGHP VHU GLYLGLGDV HP GRLV JUXSRV DV TXH UHFRUUHP D PHFDQLVPRV EDVLFDPHQWH VLQWiWLFRV H DV TXH VH YDOHPGHH[SOLFDo}HVFRPEDVHQDVHPkQWLFDOH[LFDOSDUDH[SOLFiOD1HVWHFDStWXORH[DPLQR HP GHWDOKH R SULPHLUR GHVVHV GRLV WLSRV GH DERUGDJHP H QRV FDStWXORV VHJXLQWHV H[DPLQR R VHJXQGRWLSREXVFDQGRHOXFLGDUTXDOGRVGRLVpHPSLULFDPHQWHPDLVEHPVXFHGLGR&RPEDVH QHVVHV UHVXOWDGRV SUHWHQGR MXVWLILFDU PLQKD RSomR WHyULFD GHPRQVWUDQGR TXH D LQDGHTXDomR HPStULFDGDDERUGDJHPVLQWDWLFL]DQWHQmRVHUHVWULQJHjTXHVWmRGDDOWHUQkQFLDFDXVDWLYDHPVL VHQGREHPPDLVDEUDQJHQWH &RPR HVFUHYH $URQRII FLWDGR DFLPD XPD GDV SULQFLSDLV HVWUDWpJLDV GD OLQJtVWLFD DPHULFDQD GHVGH %RDV WHP VLGR FRQILDU PDLV QD IRUPD GR TXH QR VLJQLILFDGR (VWH p ´eQDWXUDOHPQRVVRPXQGRPDWHULDOSHQVDUQXP OH[HPDFRPRXPDIRUPD RXSHORPHQRVFRQILDUPDLV QD IRUPD GR TXH QR VLJQLILFDGR ,VVR DFRQWHFH SRU FDXVD GR GHVHTXLOtEULR WDQJtYHO HQWUH D IRUPD UHODWLYDPHQWH FRQFUHWD GH XPD SDODYUD H D QDWXUH]D DEVWUDWD GD VLQWD[H H GR VLJQLILFDGR e PDLV IiFLO FDSWDU XPD IRUPD WHU FHUWH]DGHVXDUHDOLGDGHHHVWXGiODGRTXHFDSWDUXPVLJQLILFDGRµ (PERUD FRPSRVLFLRQDOPHQWH HVVD VHPkQWLFD SRVVD VRIUHU HIHLWRV TXH DOWHUDP R TXH HVWDYD HVSHFLILFDGR QR Op[LFR $JUDGHoRD(YDQL9LRWWLDVLQ~PHUDVVXJHVW}HVDUHVSHLWRGHXPDYHUVmRSUHOLPLQDUGHVWHFDStWXOR $$OWHUQkQFLD&DXVDWLYDQR3RUWXJXrVGR%UDVLO 3DXOR&KDJDVGH6RX]D IUHTHQWHPHQWHWLGRFRPRQHEXORVRRXGHGLItFLODSUHHQVmR6HTXLVHUPRVDOJXPGLDWHUXPD OLQJtVWLFDFRPXPDYLVmRUD]RDYHOPHQWHFODUDGRIXQFLRQDPHQWRGDIDFXOGDGHGHOLQJXDJHP HQWUHWDQWR QmR SRGHPRV QRV SHUPLWLU FRQVLGHUDU QHQKXP GH VHXV FRPSRQHQWHV FRPR LQWUDWiYHO VRE SHQD GH ILFDUPRV FRP XPD FRQFHSomR LQFRPSOHWD RX GLVWRUFLGD GH VXD FRQVWLWXLomR 0LQKD LQWHQomR QHVWD WHVH p H[SORUDU D VHPkQWLFD OH[LFDO SRU PDLV TXH VXDV FDUDFWHUtVWLFDV SRVVDP DSUHVHQWDU GLILFXOGDGH GH DSUHHQVmR EHP FRPR VXD UHODomR FRP R FRPSRUWDPHQWR VLQWiWLFRFRQWULEXLQGRDVVLPSDUDXPPDLRUHTXLOtEULRQDHTXDomRHQWUHIRUPDHVLJQLILFDGR GDVSDODYUDVHVSHFLILFDPHQWHGRVYHUERVGDOtQJXDSRUWXJXHVD $6LQWD[H $6LQWD[H %XU]LRIRLXPWUDEDOKRLPSRUWDQWHQRHVIRUoRGHHOXFLGDUQmRH[DWDPHQWHDDOWHUQkQFLD FDXVDWLYDPDVDVSURSULHGDGHVVLQWiWLFDVGRVYHUERVHPXPDGHVXDVUHDOL]Do}HVTXHpDTXH GHQRPLQRLQFRDWLYDQHVWDWHVH2SULQFLSDODYDQoRGRWUDEDOKRGH%XU]LRIRLRGHHQJOREDUFRP XP~QLFRPHFDQLVPRH[SOLFDWLYRXPDVpULHGHIHQ{PHQRVDYR]SDVVLYDRVYHUERVHUJDWLYRVH RVGHDOoDPHQWR &RPR IRL LQGLFDGR QR FDStWXOR %XU]LR SURS{V TXH D DWULEXLomR GH SDSHO WHPiWLFR D XP DUJXPHQWR H[WHUQR H D DWULEXLomR GH FDVR DFXVDWLYR DR DUJXPHQWR LQWHUQR HVWDULDP OLJDGRV DWUDYpV GH LPSOLFDomR P~WXD RX VHMD VH XP YHUER DWULEXL SDSHO WHPiWLFR D XP DUJXPHQWR H[WHUQRRTXHYHLRDVHUFRQKHFLGRFRPR*HQHUDOL]DomRGH%XU]LR 8PYHUERTXHQmRSRVVXLXPDUJXPHQWRH[WHUQRQmRDWULEXLFDVRDFXVDWLYR%XU]LR 8PYHUERTXHQmRDWULEXLFDVRDFXVDWLYRQmRPDUFDWHPDWLFDPHQWHXPDUJXPHQWRH[WHUQR %XU]LR 1mRSRGHPRVPRUDUQXPDFDVDFRPXPVyWmRWUDQFDGRSRUTXHQHOHKDELWDPIDQWDVPDV %XU]LRDFKDPDGHHUJDWLYD9HUHVVDVHDVGHPDLVGHQRPLQDo}HVHDPRWLYDomRGHFDGDXPDQRFDStWXOR &DS$6LQWD[H/H[LFDO 6HJXQGR D FODVVLILFDomR SURSRVWD SRU HOH FRP EDVH QHVVDV SURSULHGDGHV KDYHULD WUrV WLSRV SRVVtYHLVGHYHUERVRVTXHWrPXPDUJXPHQWRH[WHUQRHXPLQWHUQRWUDQVLWLYRVRVYHUERV TXH WrP DSHQDV XP DUJXPHQWR H[WHUQR LQHUJDWLYRV H RV TXH WrP DSHQDV XP DUJXPHQWR LQWHUQRLQDFXVDWLYRVRXHUJDWLYRV 1DVHVWUXWXUDVGHWLSRLQDFXVDWLYRKiDSHQDVXPREMHWRGLUHWRHQmRXPVXMHLWRH[LJLGRSHOR YHUER 'HVVH PRGR R 3ULQFtSLR GH 3URMHomR (VWHQGLGR TXH UHTXHU TXH H[LVWD VHPSUH XP VXMHLWR HP WRGD RUDomR IRUoD D H[LVWrQFLD GH XPD UHODomR JUDPDWLFDO D PDLV H FRQVHTHQWHPHQWHXPFDVRDPDLVGRTXHRQ~PHURGHSDSpLVθH[LVWHQWHV,VVRWHULDFRPR FRQVHTrQFLDYLRODUDH[LJrQFLDGHTXHRVSDSpLVθHRVFDVRVWLYHVVHPXPDFRUUHVSRQGrQFLD XPDXP D QmR VHU TXH XP GRV FDVRV IRVVH VXSULPLGR 1DV OtQJXDV GH WLSR QRPLQDWLYR DFXVDWLYRRFDVRDEVRUYLGRVHULDRDFXVDWLYRRTXHIRUoDULDRREMHWRDVHPRYHUSDUDDSRVLomR GHVXMHLWRRQGHUHFHEHULDFDVRQRPLQDWLYR $SHVDU GH GHQWUR GR PRGHOR H[LVWHQWH HVWD VHU XPD VROXomR EDVWDQWH HQJHQKRVD H HILFLHQWH TXHSRVVLELOLWDULDH[SOLFDUDDOWHUQkQFLDFDXVDWLYDFRPRXPIHQ{PHQRTXHRFRUUHFRPYHUERV TXH SRGHP WHU GRLV DUJXPHQWRV XP H[WHUQR H XP LQWHUQR GLUHWR RX XP ~QLFR DUJXPHQWR LQWHUQR GLUHWR R IDWR GH FDGD YHUER WUDQVLWLYR HVSHFtILFR DGPLWLU RX QmR XPD FRQVWUXomR LQDFXVDWLYD H GHVVD IRUPD D DOWHUQkQFLD ILFD FRPR DOJR PDUFDGR LGLRVVLQFUiWLFD H DOHDWRULDPHQWHQROp[LFRVHPTXDOTXHUPRWLYDomRTXHMXVWLILTXHHVVDVSURSULHGDGHV(PVXPD RTXHVHFRVWXPDGHQRPLQDUGHDVVLPHWULDQRFRPSRUWDPHQWRVLQWiWLFRGRVYHUERVRIDWRGH QHPWRGRVHOHVWHUHPDVPHVPDVSURSULHGDGHVVHULDPDUFDGRQROp[LFRFRPXPGLDFUtWLFRHP FDGDYHUER 6H VXSRPRV TXH D DVVRFLDomR HQWUH SURSULHGDGHV VLQWiWLFDV H DV SURSULHGDGHV VHPkQWLFDV p DOHDWyULDQmRKiQHQKXPSUREOHPDHPWHUPRVDSHQDVGLDFUtWLFRVTXHLQGLFDPRVYHUERVTXH DSUHVHQWDPHVWDRXDTXHODSURSULHGDGHVLQWiWLFDePXLWRPDLVLQWHUHVVDQWHGRSRQWRGHYLVWD WHyULFRHQWUHWDQWRXPDKLSyWHVHTXHSURFXUHUHODFLRQDUHVVHVGRLVWLSRVGHSURSULHGDGHVeR TXHHQFRQWUDPRVSRUH[HPSORHP&KRPVN\VVRQGHYHPRVDFRUUHODomRHQWUHD VHOHomRVHPkQWLFDVVHOHFWLRQHDVHOHomRFDWHJRULDOFVHOHFWLRQ$SHVDUGHQmRSRGHUPRVUHGX]LU HVWDjTXHODKiXPDUHODomRPXLWRHVWUHLWDTXHVDOWDDRVROKRVHSHGHXPDH[SOLFDomR $$OWHUQkQFLD&DXVDWLYDQR3RUWXJXrVGR%UDVLO 3DXOR&KDJDVGH6RX]D 1HVVHVHQWLGRPLQKDRSomRWHyULFDpEDVLFDPHQWHDGH-DFNHQGRIIVHJXQGRDTXDOD VHPkQWLFD H D VLQWD[H VmR FRPSRQHQWHV DXW{QRPRV GD IDFXOGDGH GH OLQJXDJHP UHODFLRQDGRV DWUDYpV GH UHVWULo}HV TXH SRGHULDP VHU GH WUrV WLSRV TXH DSUHVHQWR KLHUDUTXL]DQGRDV GDV UHVWULo}HVPDLVIRUWHVSDUDDVPDLVIUDFDV - $ FRQILJXUDomR ; QXP FRPSRQHQWH GD JUDPiWLFD QHFHVVDULDPHQWH FRUUHVSRQGH j FRQILJXUDomR<HPRXWURFRPSRQHQWH - $ FRQILJXUDomR ; QXP FRPSRQHQWH GD JUDPiWLFD SUHIHUHQFLDOPHQWH FRUUHVSRQGH j FRQILJXUDomR<HPRXWURFRPSRQHQWH - $ FRQILJXUDomR ; QXP FRPSRQHQWH GD JUDPiWLFD SRVVLYHOPHQWH FRUUHVSRQGH j FRQILJXUDomR<HPRXWURFRPSRQHQWH 2 LGHDO VHULD FKHJDU D XPD DQiOLVH TXH GHWHUPLQDVVH FRUUHODo}HV QHFHVViULDV HQWUH RV GRLV FRPSRQHQWHV0DVPHVPRTXHLVVRQmRVHMDSRVVtYHOSHORPHQRVQXPGHWHUPLQDGRHVWiJLRGR GHVHQYROYLPHQWRGDVSHVTXLVDVOLQJtVWLFDVRXDGHTXDGRVHVHSXGHUGHWHUPLQDUSHORPHQRVR TXH p SUHIHUHQFLDO RX SRVVtYHO Mi VHUi XP JUDQGH SDVVR HP UHODomR D XP PRGHOR HP TXH DV UHODo}HV SRGHP VHU DOHDWyULDV 9HUHPRV DJRUD DOJXPDV WHQWDWLYDV GH H[SOLFDomR GD DVVLPHWULD DSUHVHQWDGD SHORV YHUERV FRP UHODomR j DOWHUQkQFLD FDXVDWLYD (P SULPHLUR OXJDU QHVWH FDStWXOR XPD SURSRVWD VLQWDWLFL]DQWH D GH +DOH .H\VHUH HP VHJXLGD QR FDStWXOR GXDV SURSRVWDVVHPDQWLFL]DQWHVDGH/HYLQ5DSSDSRUW+RYDYHDGH3XVWHMRYVN\ $6LQWD[H/H[LFDO $6LQWD[H/H[LFDO 'HQWUR GR TXDGUR PDUFDGDPHQWH VLQWDWLFL]DQWH GD WHRULD FKRPVN\DQD KRXYH SURSRVWDV TXH IRUDPDOpPGRWUDEDOKRGH%XU]LRHWHQWDUDPH[SOLFDUSRUTXHGHWHUPLQDGRVYHUERVDOWHUQDPH ( DEVWUDLQGR RV SUREOHPDV HPStULFRV UHVXOWDQWHV GH VH SRVWXODU TXH D QmR DWULEXLomR GH SDSHO WHPiWLFR D XP VXMHLWREORTXHDULDDDWULEXLomRGHFDVRDFXVDWLYRYFDS 3Uy[LPDGDHQFRQWUDGDHPWHRULDVVLQWiWLFDVFRPRD/)*D+36*HD6LQWD[H$XWROH[LFDO $ IRQRORJLD WDPEpP HPERUD HOD QmR VHMD SHUWLQHQWH DTXL 6y p LPSRUWDQWH WHU HP PHQWH TXH DV UHVWULo}HV D VHJXLUWDPEpPVHUHIHUHPDHOD &DS$6LQWD[H/H[LFDO RXWURV QmR $ SURSRVWD PDLV GLIXQGLGD H UHVSHLWDGD p D GH +DOH .H\VHU &RHUHQWH FRP HVVD WHQGrQFLD VLQWDWLFL]DQWH PDLV JHUDO D SURSRVWD GHVVHV DXWRUHV VH EDVHLD HP SURSULHGDGHVVLQWiWLFDVGRVLWHQVOH[LFDLV 'H XP PRGR JHUDO RV PHFDQLVPRV SURSRVWRV SRU HOHV GmR FRQWD GD DOWHUQkQFLD PDV VHX VLVWHPDIDOKDQRTXHHOHVVmRFRHUHQWHVFRPRPRGHORHPTXHWUDEDOKDPSRUFRQVLGHUDUTXH DVUHVWULo}HVTXHSURS}HPVmRGRWLSRQHFHVViULRRSULPHLURGRVWUrVWLSRVPHQFLRQDGRVSRU -DFNHQGRIIFRPRYHUHPRVQHVWDVHomR'DIRUPDFRPRHVWiHODERUDGDDSURSRVWDGH+DOH .H\VHU IDOKD HP GLYHUVRV SRQWRV HPStULFRV TXH VHUmR LOXVWUDGRV XP D XP +DYHULD GXDV UHVSRVWDV SRVVtYHLV D HVVD IDOKD $ SULPHLUD VHULD FRQVLGHUDU TXH D SURSRVWD p LQDGHTXDGD H DEDQGRQiOD 1R HQWDQWR GDGD D HVWUDWpJLD GRV DXWRUHV GH DEXVR GH PRUIHPDV QXORV p H[WUHPDPHQWHGLItFLOIDOVHDUDDQiOLVHSURSRVWDSRUHOHV&RPRYHUHPRVVHPSUHVHULDSRVVtYHO SRVWXODUPDLVPRUIHPDVQXORVHSURMHo}HVGHVWHVQRLQWHULRUGROH[HPDYHUEDO7RGDYLDHVVH WLSR GH VROXomR p H[WUHPDPHQWH TXHVWLRQiYHO GR SRQWR GH YLVWD WHyULFR $ SUROLIHUDomR DSDUHQWHPHQWH VHP OLPLWHV GH HQWLGDGHV WHyULFDV QXODV UHSUHVHQWD XPD SRVWXUD QDGD PLQLPDOLVWDQDGDUHVWULWLYDQRTXHVHUHIHUHjRQWRORJLD $ WHQGrQFLD IRUWH GH WUDEDOKDU QR Op[LFR FRP PHFDQLVPRV VHPHOKDQWHV DRV HVWULWDPHQWH VLQWiWLFRVKDYLDUHFHELGRXPJUDQGHLPSXOVRDSDUWLUGRWUDEDOKRGH%DNHUTXHWUDWRX GHGLYHUVRVIHQ{PHQRVTXHSRGHULDPVHUGHVFULWRVFRPRIHQ{PHQRVTXHDIHWDPDH[SUHVVmR GRVDUJXPHQWRVGHXPYHUERVXMHLWRREMHWRHWFXWLOL]DQGRPHFDQLVPRVFRPRD5HVWULomRDR 0RYLPHQWRGH1~FOHRVSDUDUHVWULQJLUTXDLVGLiWHVHVGHULYDGDVSRGHULDPVHUREWLGDVDWUDYpV GH PRYLPHQWRV GH Q~FOHRV %DNHU DQDOLVRX IHQ{PHQRV FRPR DV FRQVWUXo}HV SDVVLYDV DQWLSDVVLYDV FDXVDWLYDV DSOLFDWLYDV H DOoDPHQWR GH SRVVXLGRUHV 'H FHUWD IRUPD HVVD WHQGrQFLD OHPEUD D 6HPkQWLFD *HUDWLYD GRV DQRV TXH EXVFDYD GHULYDU RV VLJQLILFDGRV SRVVtYHLV GRV YHUERV DWUDYpV GH WUDQVIRUPDo}HV PDV WHP GLIHUHQoDV yEYLDV QD 6HPkQWLFD (VVHSRQWRVHUiDSURIXQGDGRQRFDStWXORRQGHGLVFXWRDQDWXUH]DGDVUHVWULo}HVVREUHDDOWHUQkQFLDFDXVDWLYD HDSOLFDGRQHOHHQRFDStWXOR &KRPVN\ DFDED HFRDQGR DV SDODYUDV GH 2FNKDP QD VXD WHQWDWLYD UHFHQWH GH UHVWULQJLU D SUROLIHUDomR GH SURMHo}HVHRXWURVFRQVWUXWRVWHyULFRV +HDG 0RYHPHQW &RQVWUDLQW +0& TXH FRPR GL]HP +DOH .H\VHU p XP FDVR HVSHFtILFR GR 3ULQFtSLR GDV &DWHJRULDV9D]LDV(PSW\&DWHJRU\3ULQFLSOH(&3 (VVDFRQVWUXomRDEUDQJHXPJUDQGHFRQMXQWRGHVLJQLILFDGRVPDVSRGHVHUGHVFULWLYDPHQWHFDUDFWHUL]DGDFRPR XPD FRQVWUXomR HP TXH XP DUJXPHQWR TXH VHULD UHJLGR SRU SUHSRVLomR DSDUHFH FRPR XP DUJXPHQWR GLUHWR $$OWHUQkQFLD&DXVDWLYDQR3RUWXJXrVGR%UDVLO 3DXOR&KDJDVGH6RX]D *HUDWLYD R HOHPHQWR OH[LFDO HUD DQDOLVDGR HP VHXV FRPSRQHQWHV GH VHQWLGR TXH LQFOXtDP PHWDSUHGLFDGRV FRPR &$86( H %(&20( H SUHGLFDGRV FRPR PRUWR H HUDP LQWHUSUHWDGRV VLQWDWLFDPHQWH DWUDYpV GD LQVHUomR OH[LFDO GR WUDWDPHQWR PRUIROyJLFR DR SDVVR TXH R WUDWDPHQWRGDGRSRU%DNHUXWLOL]DIDWRVPRUIROyJLFRVSDUDVXVWHQWDUVXDKLSyWHVHTXHVHEDVHLD QXPDHVWUXWXUDHHPPHFDQLVPRVVLQWiWLFRV2WLSRGHIHQ{PHQRTXH%DNHUWRPDFRPRSRQWR GH SDUWLGD p R GD LQFRUSRUDomR QRPLQDO HP TXH XP DUJXPHQWR GH XP YHUER RFRUUH LQWHUQDPHQWH DR YHUER R TXDO RFRUUH HP LQ~PHUDV OtQJXDV LQFOXVLYH QR LQJOrV FRPR HP IR[KXQWLQJ¶FDoDjUDSRVD·GHULYDGRGHKXQW¶FDoDU·HIR[¶UDSRVD· %DNHU DUJXPHQWD TXH D LQFRUSRUDomR QRPLQDO HVWi VXMHLWD DRV PHVPRV SULQFtSLRV TXH RXWURV PRYLPHQWRV VLQWiWLFRV 2 SDVVR VHJXLQWH GDGR SRU %DNHU p R GH HVWHQGHU D DQiOLVH D IHQ{PHQRVjSULPHLUDYLVWDFODVVLILFiYHLVFRPRPRUIROH[LFDLV,OXVWURHVVHWUDWDPHQWRFRPXPD IRUPDFDXVDWLYD 8PXJDER D²U²XXEDN²LLVK²D DEDNR]L KRPHP 68-35(6FRQVWUXLU&$86DVSHFWR RSHUiULRV LQ]X FDVD ´RKRPHPHVWiID]HQGRRVRSHUiULRVFRQVWUXtUHPDFDVDµ ,3 13 , XPXJDER, 93 ¶KRPHP· 9 35(6(17(13 DEDNR]L 993 ¶RSHUiULRV· ²LLVK² 13 9 LQ]X 9 ¶FDVD· XXEDN ¶FRQVWUXLU· VHQGR HVVD DOWHUQkQFLD` PDUFDGD QR YHUER (VVH DUJXPHQWR SRGH WHU DV IXQo}HV GH EHQHILFLiULR ORFDWLYR LQVWUXPHQWRHWF9HU%DNHUH$OVLQD0FKRPERSRUH[HPSOR ([HPSORGH0DUDQW] &DS$6LQWD[H/H[LFDO 7HPRVDTXLGXDVLQFRUSRUDo}HVDSULPHLUDpDGRYHUERTXHVHLQFRUSRUDDRVXIL[RFDXVDWLYR HDVHJXQGDpDGRFRQMXQWRIRUPDGRSRUYHUERHVXIL[RFDXVDWLYRTXHVHLQFRUSRUDjIOH[mR 2SRQWRSULQFLSDOGDDQiOLVHpRIDWRGHDFDGDSDVVRGDGHULYDomRWHUPRVXPPRYLPHQWRGH Q~FOHR D Q~FOHR TXH QmR XOWUDSDVVD TXDOTXHU Q~FOHR UHVSHLWDQGR DVVLP D 5HVWULomR DR 0RYLPHQWRGH1~FOHRV+0&HSRUFRQVHJXLQWHR3ULQFtSLRGDV&DWHJRULDV9D]LDV(&3 VHJXQGR R TXDO RV YHVWtJLRV SUHFLVDP VHU UHJLGRV DSURSULDGDPHQWH 1mR p PHX LQWXLWR PH HVWHQGHUDTXLQDGLVFXVVmRGHVVHSULQFtSLRSRULVVRUHPHWRRVOHLWRUHVjOLWHUDWXUDUHOHYDQWH $SHQDVDSRQWRDTXLTXHHVVDUHJrQFLDDGHTXDGDVHULDGHGRLVWLSRVSRVVtYHLVUHJrQFLDOH[LFDO RXUHJrQFLDSRUDQWHFHGrQFLD4XDQGRVHWUDWDGHPRYLPHQWRGHQ~FOHRVGHYHKDYHUUHJrQFLD SRUDQWHFHGrQFLD $5HVWULomRDR0RYLPHQWRGH1~FOHRV+0&GL]TXHTXDQGRKiXPPRYLPHQWRGHQ~FOHR HVVHPRYLPHQWRGHYHVHUIHLWRVHPSUHGHXPQ~FOHRSDUDRQ~FOHRLPHGLDWDPHQWHVXSHULRUR TXHHYLGHQWHPHQWHHVWiVXEVXPLGRSHOR(&3 +DOH.H\VHUHD'HULYDomRGRV9HUERV +DOH.H\VHUHD'HULYDomRGRV9HUERV 3DUDSDVVDUjTXHVWmRGDUHODomRGHVVHWLSRGHDQiOLVHFRPRIHQ{PHQRGDDOWHUQkQFLDFDXVDWLYD SURSULDPHQWH GLWD SUHFLVDPRV H[DPLQDUHP GHWDOKH R WUDEDOKR GH +DOH H .H\VHU TXH WHP VHUYLGR GH UHIHUrQFLD D LQ~PHURV DXWRUHV GHQWUR GR TXDGUR WHyULFR FKRPVN\DQR LQFOXVLYH DR SUySULR &KRPVN\ +i DLQGD XP WH[WR PDLV UHFHQWH DSUHVHQWDGR QXPD 9$RXQ&KRPVN\-RKQVRQ.D\QHH/DVQLN6DLWR 6H FRVWXPD XWLOL]DU R WHUPR JUDPiWLFD JHUDWLYD SDUD VH UHIHULU D HVVH TXDGUR WHyULFR SULQFLSDOPHQWH QR %UDVLO &RPRRVLJQLILFDGRWpFQLFRGHJHUDWLYRGHILQLGRSHORSUySULR&KRPVN\pRGH¶H[SOtFLWR·YiULDVRXWUDVWHRULDVFRP SUHVVXSRVWRVFRQIOLWDQWHVFRPRVSURSRVWRVSRU&KRPVN\SRGHULDPFRPMXVWH]DVHUFRQVLGHUDGDVJHUDWLYDVSRU H[D*UDPiWLFD/p[LFR)XQFLRQDO/H[LFDO)XQFWLRQDO*UDPPDU RX/)*D*UDPiWLFDGH(VWUXWXUD6LQWDJPiWLFD *XLDGD SHORV 1~FOHRV +HDG'ULYHQ 3KUDVH 6WUXFWXUH *UDPPDU RX +36* D *UDPiWLFD GH (VWUXWXUD 6LQWDJPiWLFD *HQHUDOL]DGD *HQHUDOL]HG 3KUDVH 6WUXFWXUH *UDPPDU RX *36* H D 6LQWD[H $XWROH[LFDO $XWROH[LFDO 6\QWD[ HQWUH RXWUDV3RUHVVHPRWLYRDRPHUHIHULUjJUDPiWLFDJHUDWLYDTXHVHJXHRSHQVDPHQWRFKRPVN\DQRHPVXDVYiULDV IDVHV 5HJrQFLD H /LJDomR 3ULQFtSLRV H 3DUkPHWURV 0LQLPDOLVPR SDUD PHQFLRQDU DSHQDV DV PDLV UHFHQWHV SUHILUR XWLOL]DU R WHUPR FKRPVN\DQR QHVWD WHVH 2XWUD HVFROKD EDVWDQWH UD]RiYHO VHULD WUDQVIRUPDFLRQDO Mi TXH GDV JUDPiWLFDVJHUDWLYDVTXHVmRXWLOL]DGDVDWXDOPHQWHDFKRPVN\DQDpD~QLFDTXHXWLOL]DWUDQVIRUPDo}HV $$OWHUQkQFLD&DXVDWLYDQR3RUWXJXrVGR%UDVLO 3DXOR&KDJDVGH6RX]D FRQIHUrQFLDHPHSXEOLFDGRHPHEHPPHQRVGLYXOJDGRGRVPHVPRVDXWRUHVTXH ID]UHIHUrQFLDDRWH[WRSXEOLFDGRHPHUHHODERUDDOJXQVSRQWRV3DUDHQWHQGHUPRVEHP FRPRDDERUGDJHPGHOHVVHUHODFLRQDFRPDDOWHUQkQFLDFDXVDWLYDVHID]QHFHVViULRH[SRUFRP XPFHUWRJUDXGHGHWDOKHRWH[WRGHFRPRXPWRGRID]HQGRUHIHUrQFLDDRGHQR TXHHOHDFUHVFHQWDDOJRDRGHeRTXHSDVVRDID]HUDJRUD 7HQGR R WUDEDOKR GH %DNHU FRPR LQVSLUDomR H WHQWDQGR H[SOLFDU D UHODomR HQWUH RV LWHQV OH[LFDLVHDVHVWUXWXUDVVLQWiWLFDVHPTXHHOHVDSDUHFHP+DOH.H\VHUDGRWDPDHVWUDWpJLDGH HVWDEHOHFHUTXDLVRVVLJQLILFDGRVSRVVtYHLVHRVLPSRVVtYHLVGRVYHUERVDWUDYpVGHFRQILJXUDo}HV VLQWiWLFDV QR Op[LFR 2 REMHWLYR GHVVH WH[WR HUD GHIHQGHU D SURSRVWD GH TXH RV YHUERV VmR IRUPDGRV DWUDYpV GH XPD VLQWD[H OH[LFDO EDVLFDPHQWH LGrQWLFD j VLQWD[H SURSULDPHQWH GLWD VXMHLWDDRPHVPRWLSRGHSULQFtSLRVFRPRD5HVWULomRDR0RYLPHQWRGH1~FOHRVTXHOLPLWD RVYHUERVTXHSRGHPVHUIRUPDGRVQROp[LFRRXVHMDEDVLFDPHQWHRPHVPRWLSRGHSURSRVWD IHLWRSRU%DNHU(VVDpXPDSURSRVWDEDVWDQWHDWUDHQWHSDUDTXHPWUDEDOKDGHQWURGRTXDGUR WHyULFRFKRPVN\DQRMiTXHVHQGREHPVXFHGLGDHODVXEVXPLULDRVPHFDQLVPRVGHIRUPDomR GHSDODYUDVGHQWURGRVPHVPRVSULQFtSLRVXWLOL]DGRVQDVLQWD[HSRUHVVDWHRULD9HMDPRVHQWmR HPTXHFRQVLVWHDSURSRVWDGHVVHVDXWRUHV $R TXH Mi KDYLD VLGR SURSRVWR SRU %DNHU +DOH .H\VHU DFUHVFHQWDP DOJXQV SUHVVXSRVWRV QRYRVHPVXDDQiOLVHHQWUHRVTXDLVVHGHVWDFDPRVVHJXLQWHV RVYHUERVWrPVHPSUHXPDHVWUXWXUDFRPSOH[DQROp[LFR 1HQKXPLWHPOH[LFDOYHUEDOFRPXPFRQVLVWHDSHQDVGHXPQ~FOHRHVXDFDWHJRULD9DVVRFLDGD 6HPSUHKiPDLVHPXPYHUER+DOH.H\VHU DFRPSOH[LGDGHGRVYHUERVDGYpPGRIDWRGHTXHHOHVVmRIRUPDGRVSRULQFRUSRUDomR ,VVRVHDSOLFDSRUH[HPSORDRVGHQRPLQDLVHGHDGMHWLYDLV eXPSUHVVXSRVWRIXQGDPHQWDOGHQRVVDDQiOLVHTXHRVYHUERVLQJOHVHVFRPRVKHOYHVmR GHQRPLQDLVH[DWDPHQWHQRVHQWLGRGHVHUHPGHULYDGRVSRUPRYLPHQWRGHQ~FOHR+DOH .H\VHU ´1RRUGLQDU\YHUEDOOH[LFDOLWHPFRQVLVWVVROHO\RIDKHDGDQGWKHDVVRFLDWHGFDWHJRU\97KHUHLVDOZD\VPRUH WRDYHUEµ ´LWLVDIXQGDPHQWDODVVXPSWLRQRIRXUDFFRXQWWKDW(QJOLVKYHUEVOLNHVKHOYHDUHGHQRPLQDOSUHFLVHO\LQWKH VHQVHWKDWWKH\DUHGHULYHGE\KHDGPRYHPHQWµ &DS$6LQWD[H/H[LFDO SRGHPRV GHWHUPLQDU TXDLVYHUERV GHULYDGRV VmR SRVVtYHLV DWUDYpV GH RSHUDo}HV VLQWiWLFDV UHDOL]DGDVQROp[LFRVXMHLWDVjVPHVPDVUHVWULo}HVHVWDEHOHFLGDVFRPUHODomRDPRYLPHQWRV QDVLQWD[HSURSULDPHQWHGLWD 2PRYLPHQWRGHQ~FOHRpXPSURFHVVRTXHpUHVWULQJLGRSRUSULQFtSLRVVLQWiWLFRVHVHHVSHUDTXH LVVROLPLWHDJDPDGHLQFRUSRUDo}HVWHRULFDPHQWHSRVVtYHLV6HLVVRVHYHULILFDUHPSLULFDPHQWH HVWDUiMXVWLILFDGDDQRVVDFUHQoDGHTXHHVVHVSURFHVVRVOH[LFDLVVmRGHQDWXUH]DVLQWiWLFD(PDLV LPSRUWDQWHGRTXHLVVRFRPRRVSURFHVVRVOH[LFDLVTXHQyVHVWDPRVH[DPLQDQGRDIHWDPD HVWUXWXUDDUJXPHQWDOGRVLWHQVOH[LFDLVHVWDUiMXVWLILFDGDDQRVVDFUHQoDGHTXHDVHVWUXWXUDV DUJXPHQWDLVVmRHODVSUySULDVREMHWRVVLQWiWLFRV+DOH.H\VHU DHVWUXWXUDDUJXPHQWDOpVLQWiWLFDDUHSUHVHQWDomRDGHTXDGDGDHVWUXWXUDDUJXPHQWDOGHXP SUHGLFDGRpXPDVLQWD[HOH[LFDODUJXPHQWVWUXFWXUHRXOH[LFDOUHODWLRQDOVWUXFWXUH &RPR FRQVHTrQFLD GHVVD DQiOLVH +DOH .H\VHU FRQVLGHUDP TXH RV FKDPDGRV SDSpLV WHPiWLFRVQmRVmRQDGDPDLVGRTXHUyWXORVGHULYDGRVGDSRVLomRVLQWiWLFDHPTXHRV13VVmR UHDOL]DGRV1RSRQWRGHYLVWDGHOHVGHULYDURV´SDSpLVWHPiWLFRVµGHFRQILJXUDo}HVVLQWiWLFDV H[SOLFDULDSRUTXHPRWLYRHVVHVSDSpLVVmRHPQ~PHURWmRUHGX]LGRMiTXHRQ~PHURGHWLSRV GHHVWUXWXUDVSURMHWDGDVGROp[LFRpSHTXHQR 'HQWUR GR PRGHOR FKRPVN\DQR LVVR VHULD YLVWR FRPR XPD JUDQGH YDQWDJHP Mi TXH QmR VH DWULEXL QHQKXP SDSHO WHyULFR j QRomR GH SDSHO WHPiWLFR 3RU RXWUR ODGR LVVR UHIOHWH XPD WHQGrQFLD PDLV RX PHQRV FRQVWDQWH GHVVHV PRGHORV GH UHOXWDU HP WUDWDU GDV TXHVW}HV VHPkQWLFDVFRPRDOJRUHDOPHQWHVHPkQWLFR&XOLFRYHUHPVHXOLYURGHXPWH[WERRNVREUH R PRGHOR GH 3ULQFtSLRV H 3DUkPHWURV TXH WUD] D GLVFXVVmR DWp R 0LQLPDOLVPR GHILQH HVVD ´+HDGPRYHPHQWLVDSURFHVVWKDWLVFRQVWUDLQHGE\V\QWDFWLFSULQFLSOHVDQGLWLVH[SHFWHGWKHUHIRUHWROLPLWWKH UDQJHRIWKHRUHWLFDOO\SRVVLEOHLQFRUSRUDWLRQV,IWKLVLVHPSLULFDOO\WKHFDVHWKHQWRWKDWH[WHQWZHDUHMXVWLILHGLQ RXUEHOLHIWKDWWKHVHOH[LFDOSURFHVVHVDUHV\QWDFWLFLQQDWXUH$QGPRVWLPSRUWDQWVLQFHWKHOH[LFDOSURFHVVHVZH DUHH[DPLQLQJDIIHFWWKHDUJXPHQWVWUXFWXUHRIOH[LFDOLWHPVZHDUHMXVWLILHGLQRXUEHOLHIWKDWDUJXPHQWVWUXFWXUHV DUHWKHPVHOYHVV\QWDFWLFREMHFWVµ $ KLHUDUTXLD SURSRVWD SRU *ULPVKDZ WDPEpP FRPSRUWD DSHQDV HVVD PHLD G~]LD GH SDSpLV WHPiWLFRV 1XPD QRWDomRGLVWLQWDHPTXH!LQGLFDVXSHULRULGDGHHODHTXLYDOHULDDDJHQWH!H[SHULHQFLDGRU!DOYRIRQWHORFDOL]DomR! WHPD1DVHomRUHODWLYDj/)*DSRQWRTXHDVGLVWLQo}HVIHLWDVQDKLHUDUTXLDSRUHODXWLOL]DGDVmRLQVXILFLHQWHV$ KLHUDUTXLDSURSRVWDSRU*ULPVKDZHDGRWDGDSRU+DOH.H\VHUpPDLVSREUHDLQGD $$OWHUQkQFLD&DXVDWLYDQR3RUWXJXrVGR%UDVLO 3DXOR&KDJDVGH6RX]D HVWUDWpJLD FRPR XPD GDV SUHPLVVDV PHWRGROyJLFDV WiFLWDV GR PRGHOR GH 3ULQFtSLRV H 3DUkPHWURVTXHVHHVWHQGHPHPSDUWHWDPEpPSDUDR0LQLPDOLVPR L D VLQWDWLFL]DomR TXH p D HVWUDWpJLD GH SURFXUDU DQDOLVDU WRGR IHQ{PHQR TXH SRVVLYHOPHQWH WHQKD DOJXPD UHODomR FRP D HVWUXWXUD VLQWiWLFD FDUDFWHUL]DQGRR HP WHUPRVVLQWiWLFRV LL D XQLIRUPLGDGH GRLV IHQ{PHQRV TXH WrP DOJXPDV SURSULHGDGHV HP FRPXP VmR R PHVPRIHQ{PHQRSHORPHQRVHPSDUWHHPDOJXPQtYHOGHDQiOLVH LLL DSULPD]LDGDVFRQILJXUDo}HVWRGRIHQ{PHQRVLQWiWLFRSRGHVHUH[SOLFDGRHPWHUPRV GDVSURSULHGDGHVFRQILJXUDFLRQDLVPtQLPDVGDHVWUXWXUDVLQWiWLFD &RPR DILUPD .LSDUVN\ HQWUHWDQWR LQYDULDYHOPHQWH RV HVWXGRV PDLV UHILQDGRV GD VHPkQWLFDOH[LFDOUHYHODPRXWURVSDSpLVWHPiWLFRVTXHQmRSRGHPVHUVLPSOHVPHQWHLQFOXtGRVj IRUoD QRV RXWURV SDSpLV TXH FRQVWDP GD OLVWD SDGUmR GH SDSpLV $OpP GLVVR FRPR HVFUHYH .LSDUVN\ +DOH .H\VHU QHP FRPHoDP D PRVWUDU TXH HVVHV SDSpLV WHPiWLFRV SRGHP VHU UHDOPHQWHUHGX]LGRVDFRQILJXUDo}HVVLQWiWLFDV &RPHFHPRVSRUH[DPLQDURVSULQFtSLRVGD´HVWUXWXUDDUJXPHQWDOµSURSRVWRVSRUHOHVTXHVmR RVVHJXLQWHV - 5HODo}HV*UDPDWLFDLV D &RPSOHPHQWRR;3~QLFRTXHpLUPmRGHXPQ~FOHR< E (VSHFLILFDGRUR;3TXHpVXMHLWRGHXPSUHGLFDGR<3 9SS 1DYHUGDGHLVVRGHSHQGHGDLQWHUSUHWDomRTXHRVDXWRUHVWrPGR3URJUDPD0LQLPDOLVWDMiTXHPXLWRVGHOHV FRQVLGHUDPTXHVHGHYHHYLWDUWUDWDURVIHQ{PHQRVVHPkQWLFRVQDVLQWD[HWHQGrQFLDHVVDH[WUHPDPHQWHDFHQWXDGD QRPRGHORGH3ULQFtSLRVH3DUkPHWURV 6H TXLVHUPRV UHDOPHQWH FDSWDU DV GLVWLQo}HV JUDPDWLFDOPHQWH UHOHYDQWHV D OLVWD SURYDYHOPHQWH LQFOXLUi QR PtQLPRRGREURGRQ~PHURFLWDGRSRU+DOH.H\VHURXVHMDFHUFDGHXPDG~]LD,QGLFRLVVREUHYHPHQWHDTXL 7HPD H SDFLHQWH FRPXPHQWH WUDWDGRV GD PHVPD PDQHLUD QD WHRULD JUDPDWLFDO VH GLVWLQJXHP SRU VXDV SURSULHGDGHVFRPUHODomRjSUySULDDOWHUQkQFLDFDXVDWLYDFRPRYHUHPRVUHSHWLGDVYH]HV QRGHFRUUHUGDWHVHR PHVPRSRGHQGRVHUGLWRDUHVSHLWRGHFDXVDHDJHQWH2UHVXOWDWLYRHRREMHWLYRWDPEpPVHGLVWLQJXHPGHWHPDH GHSDFLHQWHQRUPDOPHQWHEORTXHDQGRDDOWHUQkQFLD7HPRVDLQGDRORFDWLYRDIRQWHHRLQVWUXPHQWRHSRUILPR EHQHILFLiULRHRDOYRPHWDTXHVHGLVWLQJXHPQDVFRQVWUXo}HVFRPREMHWRGXSORHPLQJOrVMiTXHpSRVVtYHOGL]HU ,WKUHZ-RKQWKHEDOO¶HXMRJXHLDERODSDUDR-RKQ·PDVQmR,WKUHZWKHJURXQGWKHEDOO¶HXMRJXHLDERODQRFKmR· )LFDPRVFRPSHORPHQRVRQ]HDJHQWHDOYREHQHILFLiULRFDXVDIRQWHLQVWUXPHQWRORFDWLYRREMHWLYRSDFLHQWH UHVXOWDWLYRHWHPD &DS$6LQWD[H/H[LFDO F 3UHGLFDomRVHYHULILFDVREFFRPDQGRP~WXR - &DWHJRULDV D 9WRPDXPFRPSOHPHQWR;3HIRUPDXPDH[SUHVVmRGHHYHQWRGLQkPLFR E 3WRPDXPFRPSOHPHQWR;3HIRUPDXPSUHGLFDGR F $pXPSUHGLFDGR G 1pDH[SUHVVmRGHXPDHQWLGDGH eLPSRUWDQWHILFDUFRPDVJHQHUDOL]Do}HVGHTXHDVFDWHJRULDVTXHVmRSUHGLFDGRVLQHUHQWHVVmR DVSUHSRVLo}HVHRVDGMHWLYRV2VVXEVWDQWLYRVQmRVmRSUHGLFDGRVHRVYHUERVDEVWUDWRVLVWR pRVTXHQmRVHUHDOL]DPIRQRORJLFDPHQWHMXVWDPHQWHRVTXHLQWHUHVVDPSDUDQRVVDGLVFXVVmR GHSHQGHP GH VHXV FRPSOHPHQWRV QR TXH VH UHIHUH D VXD SURSULHGDGH FRPR SUHGLFDGRUHV RX QmR $OLDGRV DR SULQFtSLR GD LQWHUSUHWDomR SOHQD H R GDV SURMHo}HV QmRDPEtJXDV YHU DPERV DEDL[R DOpP GR TXH .LSDUVN\ GHQRPLQD R SULQFtSLR GD LPHGLDomR HVVHV SULQFtSLRV VXSRVWDPHQWHJHUDULDPDSHQDVRVYHUERVH[LVWHQWHVQDVOtQJXDVQDWXUDLVHLPSHGLULDPDJHUDomR GH YHUERV LQH[LVWHQWHV $ IRUPXODomR GHVVHV SULQFtSLRV TXH YHPRV D VHJXLU LQFOXtGD HP .LSDUVN\QmRVHHQFRQWUDH[DWDPHQWHGHVVDIRUPDQRVGRLVWH[WRVGH+DOH.H\VHU PDVGHVVDPDQHLUDHOHVSDUHFHPUHIOHWLUDGHTXDGDPHQWHRTXHHVWiQRVWH[WRVGHH GHVVHVDXWRUHV D 3ULQFtSLR GH ,QWHUSUHWDomR 3OHQD 3), RV SUHGLFDGRV SUHFLVDP WHU XP VXMHLWR H RV VXMHLWRV SUHFLVDPWHUXPSUHGLFDGR 91DSROLTXHDSUHVHQWDGLYHUVDVHYLGrQFLDVGHTXHHVVDFRQGLomRQmRVHVXVWHQWD $ PLVWXUDGH QRo}HVVLQWiWLFDVFDWHJRULDVHVHPkQWLFDVUHODo}HVJUDPDWLFDLVSRU SDUWHGH+DOH.H\VHUp SUREOHPiWLFD4XDQGRGL]HPTXHXPDGMHWLYRpXPSUHGLFDGRHVWmRIDODQGRHPWHUPRVVLQWiWLFRVRXVHPkQWLFRV" 6HPDQWLFDPHQWHHXGLULDTXHVLPPDVVLQWDWLFDPHQWHDFDUDFWHUL]DomRGRDGMHWLYRFRPRXPSUHGLFDGRpSDVVtYHO GHYDULDomRLQWHUOLQJtVWLFDSRLVHPOtQJXDVFRPRRJDOrVHOHSUHFLVDGHXPD¶SDUWtFXODSUHGLFDWLYD·SDUDDRUDomR VHUJUDPDWLFDO([ 0DH·UVLRSIDFK eD ORMDSHTXHQD 0DH·U VLRS\Q IDFK eD ORMD3$5735('SHTXHQD ¶$ORMDpSHTXHQD· 2V YHUERV DEVWUDWRV GH TXH +DOH .H\VHU IDODP VmR EDVLFDPHQWH PRUIHPDV YHUEDLV FRP LQWHUSUHWDomR LQFRDWLYDRXFDXVDWLYDRVTXDLVQmRWrPUHDOL]DomRIRQROyJLFD8PYHUERFRPRUROOURODUSRGHVHUUHDOL]DGRVHP XP YHUER DEVWUDWR FDXVDWLYR VXD YHUVmR LQWUDQVLWLYD RX FRP HOH VXD YHUVmR WUDQVLWLYD (VWH ~OWLPR VHULD PRUIRORJLFDPHQWHFRPSRVWRDOJRFRPRUROO+iDLQGDSUHSRVLo}HVDEVWUDWDVSHORPHQRVGXDVFRPRYHUHPRV DGLDQWH $$OWHUQkQFLD&DXVDWLYDQR3RUWXJXrVGR%UDVLO E 3DXOR&KDJDVGH6RX]D 3URMHo}HV1mR$PEtJXDV7RGDFDWHJRULDOH[LFDO;GHWHUPLQDXPDSURMHomRQmRDPEtJXDGH VXDFDWHJRULDFRPXPDGLVSRVLomRQmRDPEtJXDGHVHXVDUJXPHQWRVLVWRpHVSHFLILFDGRU HFRPSOHPHQWR F3ULQFtSLRGH,PHGLDomR3,RVVXMHLWRVGHSUHGLFDGRVLQWHUQRVVmRQHFHVVDULPHQWHLQWHUQRV 3RUWDQWRVHXPDSURMHomR;FRQWLYHUXPSUHGLFDGRHODWHUiTXHFRQWHUXPVXMHLWR 3DUDSRGHUDYDOLDUPHOKRUDDGHTXDomRGDSURSRVWDGH+DOH.H\VHUUHVXPRDTXLRVWLSRVGH IHQ{PHQRVTXHHOHVEXVFDPH[SOLFDU $OpP GH WHQWDU SUHYHU TXDLV RV SDGU}HV GH OH[LFDOL]DomR GDV OtQJXDV QDWXUDLV PDLV HVSHFLILFDPHQWH TXDQGR p SRVVtYHO IRUPDU XP YHUER D SDUWLU GH XP VXEVWDQWLYR RX GH XP DGMHWLYRSRUH[HPSOR+DOH.H\VHUDILUPDPTXHRVLVWHPDTXHHOHVSURS}HP SUHYrTXDQGRDDOWHUQkQFLDFDXVDWLYDSRGHRFRUUHUQDYHUGDGHHVVHpXPHIHLWRFRODWHUDO GDSURSRVWDGHOHVH FRQVHJXHHVWDEHOHFHUXPOLPLWHSDUDDUHFXUVLYLGDGHYHUEDOLQWHUQDDROH[HPDYHUEDO $QWHVGHSDVVDUDH[DPLQDUFDGDXPGRVWLSRVGHYHUERVGHULYDGRVSRULQFRUSRUDomRSUHYLVWRV SRU+DOH.H\VHUVHULDFRQYHQLHQWHOLVWDUWRGRVSDUDTXHROHLWRUSRVVDWHUXPDLGpLDGRTXH HQFRQWUDUi SHOD IUHQWH 2V WLSRV VmR RV VHJXLQWHV RV LQHUJDWLYRV FRPR VOHHSGRUPLU TXH VmR GHQRPLQDLVLPHGLDWRVRXGHQRPLQDLVSURSULDPHQWHGLWRVMiTXHR13pRFRPSOHPHQWRGR9 RV GHQRPLQDLV GH ORFDOL]DomR H ORFDOL]DGR FRPR SRFNHWHPEROVDU H VDOWVDOJDU TXH VmR GHQRPLQDLVPHGLDWRVRXGHQRPLQDLVYLDSUHSRVLomRMiTXHRFRPSOHPHQWRGR9pXP33H RV GHDGMHWLYDLV FRPR FOHDQOLPSDU 2 ~QLFR SRQWR HP TXH +DOH .H\VHU IDODP GH YHUERV GHULYDGRVGHRXWURVYHUERVpTXDQGRFRQVLGHUDPRVYHUERVFRPVXIL[RVFDXVDWLYRVH[SOtFLWRV RYHUW FRPR QRV GD OtQJXD 7RKRQR 2·RGKDP IRUPDGRV FRP R VXIL[R FDXVDWLYR ²FXG FRPR ELVFNFXG ¶ID]HU HVSLUUDU· &RPR HVVH IHQ{PHQR p H[WUHPDPHQWH UDUR QR SRUWXJXrV H[DPLQDUHPRV D VHJXLU DSHQDV RV GHQRPLQDLV IRUPDGRV FRP SUHSRVLomR RX VHP H RV GHDGMHWLYDLV +DOH.H\VHUID]HPUHIHUrQFLDD.D\QHTXHWUDWDGRVXQDPELJXRXVSDWKVHD/DUVRQTXHSURS}HD +LSyWHVHGRV&RPSOHPHQWRVÓQLFRV $OpPGHDQDOLVDUYHUERVGRLQJOrVYH]SRURXWUDIDoRUHIHUrQFLDDYHUERVVHPHOKDQWHVHPSRUWXJXrV'DGRTXH UHFHQWHPHQWHVHWHPHQIDWL]DGRDVSURSULHGDGHVPRUIROyJLFDVFRPRGHWHUPLQDQWHVGDYDULDomRLQWHUOLQJtVWLFDQR HQWDQWRRVDUJXPHQWRVPDLVGHFLVLYRVVmRRVUHIHUHQWHVDRSUySULRLQJOrVMiTXHDPRUIRORJLDGRSRUWXJXrVHD GRLQJOrVGLIHUHPHPGLYHUVRVDVSHFWRV &DS$6LQWD[H/H[LFDO 9HUERV'HQRPLQDLV,PHGLDWRV 9HUERV'HQRPLQDLV,PHGLDWRV 2VYHUERVLQHUJDWLYRVVmRRWLSRPDLVVLPSOHVGHYHUERVGHQRPLQDLVDSUHVHQWDQGRRVHJXLQWH WLSRGHFRQILJXUDomROH[LFDO 9 9 13 1HVVH JUXSR VH LQFOXHP YHUERV FRPR ODXJK H VOHHS QR LQJOrV H WUDEDOKDU QR SRUWXJXrV TXH SRGHP FRUUHVSRQGHU D XPD FRQVWUXomR FRP YHUER OHYH H XP VXEVWDQWLYR FRPR FRPSOHPHQWR RX VHMD SRGHPRV WHU KDYH D ODXJK KDYH VRPH VOHHS H ID]HU XP WUDEDOKR 4XDQGR WHPRVRYHUERWUDEDOKDUHOHpGHULYDGRSRULQFRUSRUDomRGRQ~FOHRQRPLQDODRQ~FOHRYHUEDO 1RLQJOrVDSHQDVRQ~FOHRQRPLQDOpUHDOL]DGRIRQRORJLFDPHQWH-iHPSRUWXJXrVSRGHUtDPRV FRQVLGHUDUTXHRVXIL[R²DUpDUHDOL]DomRGRQ~FOHRYHUEDO 2EYLDPHQWH HVVH WLSR GH GHULYDomR HVWi VXMHLWR j +0& 7UDYLV RFRUUHQGR QHOD R VHJXLQWH PRYLPHQWR 9 9 13 1 VOHHS 2V YHUERV OHYHV SRGHULDP VHU DSUHVHQWDGRV LQIRUPDOPHQWH FRPR DTXHOHV TXH QmR WrP DUJXPHQWRV SUySULRV PDV KHUGDP RV DUJXPHQWRV GH XP VXEVWDQWLYR TXH WRPDP FRPR FRPSOHPHQWR 8P GRV PDLV XVDGRV HP SRUWXJXrV p R YHUER GDU FRPR HP (OH GHX XP JULWR FRUUHVSRQGHQWH D (OH JULWRX $QD 3DXOD 6FKHU YHP GHVHQYROYHQGRSHVTXLVDVREUHHVVHYHUERFRPHVVHWLSRGHXVR (YLGHQWHPHQWHpEDVWDQWHGLVFXWtYHOVHRYHUERWUDEDOKDUGHULYDGHWUDEDOKRRXYLFHYHUVD7UDGLFLRQDOPHQWHERD SDUWH GHVVHV VXEVWDQWLYRV VmR FRQVLGHUDGRV GHYHUEDLV (VWRX DSHQDV VHQGR FRHUHQWH FRP D DQiOLVH GH +DOH .H\VHUTXHFRQVLGHUDPYHUERVFRPRODXJKGHULYDGRVGHVXEVWDQWLYRV $$OWHUQkQFLD&DXVDWLYDQR3RUWXJXrVGR%UDVLO 3DXOR&KDJDVGH6RX]D ([DPLQHPRV DJRUD XP SRXFR PHOKRU R TXH +DOH .H\VHU GL]HP D UHVSHLWR GHVVH WLSR GH YHUERV GHQRPLQDLV LPHGLDWRV e LPSRUWDQWH WHU HP PHQWH TXH QHVVD DERUGDJHP RV YHUERV DEVWUDWRVVmRGHFHUWDIRUPDWUDQVSDUHQWHVjVSURSULHGDGHVSUHGLFDWLYDVGHVHXFRPSOHPHQWR LVWRpVHVHXFRPSOHPHQWRpXPSUHGLFDGRR9 FRQWLQXDVHQGRXPSUHGLFDGRDRSDVVRTXH VH R FRPSOHPHQWR GR YHUER QmR p XP SUHGLFDGR R 9 WDPEpP QmR VHUi 'HQRPLQR HVVD SURSULHGDGHGHWUDQVSDUrQFLDSUHGLFDWLYDGRYHUERDEVWUDWR 4XDQWR DRV YHUERV GHQRPLQDLV LPHGLDWRV YHULILFDPRV LQLFLDOPHQWH TXH +DOH .H\VHU FODVVLILFDP RV VXEVWDQWLYRV FRPR QmRSUHGLFDGRV 1mR VHQGR SUHGLFDGRV R 13 TXH HOHV SURMHWDPQmRSRGHWHUXPVXMHLWRFRPRFRQVHTrQFLDGR3ULQFtSLRGH,QWHUSUHWDomR3OHQDRV SUHGLFDGRV SUHFLVDP WHU XP VXMHLWR H RV VXMHLWRV SUHFLVDP WHU XP SUHGLFDGR 'DGD D WUDQVSDUrQFLDSUHGLFDWLYDGRVYHUERVDEVWUDWRVR9 SURMHWDGRSRUXPYHUERDEVWUDWRTXHWHP XPVXEVWDQWLYRFRPRFRPSOHPHQWRWDPEpPQmRSRGHVHUXPSUHGLFDGRHSRUFRQVHJXLQWH QmRSRGHUiKDYHUXPVXMHLWRLQWHUQRDR93SURMHWDGRSRUHVVHYHUER 'HVWDIRUPDRVXMHLWRTXHDSDUHFHQDVV\QWD[RXVLQWD[HSURSULDPHQWHGLWDQmRDOH[LFDOQmR p XP DUJXPHQWR GRYHUER RX GR 13 TXH p FRPSOHPHQWRGHVWH PDV VLP XP DUJXPHQWR GR 93DSDUHFHQGRQDSRVLomRFDQ{QLFDGHSUHGLFDomR 9HUERV'HQRPLQDLV0HGLDWRV/RFDFLRQDLV 9HUERV'HQRPLQDLV0HGLDWRV/RFDFLRQDLV 8P VHJXQGR JUXSR GH YHUERV WUDWDGR SRU +DOH .H\VHU p R GRV YHUERV GHQRPLQDLV TXH SRGHUtDPRVGHQRPLQDUORFDFLRQDLVLVWRpRVYHUERVGHULYDGRVGHXPVXEVWDQWLYRTXHH[SULPH DORFDOL]DomRGHXPREMHWRRXRREMHWRTXHVHORFDOL]DHPXPGHWHUPLQDGROXJDU(VVHVGRLV JUXSRV FRUUHVSRQGHP UHVSHFWLYDPHQWH DR TXH RV GRLV DXWRUHV GHQRPLQDP YHUERV GH ORFDOL]DomR ORFDWLRQ YHUEV H YHUERV GH ORFDOL]DGR ORFDWXP YHUEV 2 SULPHLUR JUXSR WHP FRPR UHSUHVHQWDQWHV SRU H[HPSOR VKHOYH ¶FRORFDU QD HVWDQWHSUDWHOHLUD· H SRFNHW ¶HPEROVDU· HP LQJOrVHHQJDYHWDUHHQJDUUDIDUHPSRUWXJXrV2VHJXQGRJUXSRLQFOXLRVYHUERVVDGGOHHVWDLQHP LQJOrVHVXDVUHVSHFWLYDVWUDGXo}HVHPSRUWXJXrVVHODUHPDQFKDU 6SHFGH,3RX73HPWHUPRVPDLVDWXDLV9+DOH.H\VHU &DS$6LQWD[H/H[LFDO $ UHSUHVHQWDomR DGRWDGD SRU +DOH .H\VHU SDUD HVVH WLSR GH YHUERV VH EDVHLD HP /DUVRQ TXH WUDWDYD GRV YHUERV GH REMHWR GXSOR RV ELWUDQVLWLYRV GD JUDPiWLFD WUDGLFLRQDO H SURS{VDHVWUXWXUD'DVHJXLUSDUDHVVHWLSRGHYHUERV 9 9 93 13 9 KHUERRNV933 SXW 3 13 RQ WKHVKHOI (VVDpDUHSUHVHQWDomRTXH/DUVRQSURS}HFRPRVHQGRDGDHVWUXWXUD'GHYHUERVFRPRSXW ¶S{U H JLYH ¶GDU· 3DUD +DOH .H\VHU HVVD p D UHSUHVHQWDomR GD HVWUXWXUD OH[LFDO UHODFLRQDODUJXPHQWDO OUV 2YHUER LQIHULRU VH PRYH SDUD RYHUER VXSHULRU VH DGMXQJLQGR D HOH &RPR YLPRV FRP R PRYLPHQWR GH LQFRUSRUDomR GR VXEVWDQWLYR DR YHUER QR FDVR GRV LQHUJDWLYRVHVVHPRYLPHQWRWDPEpPUHVSHLWDD5HVWULomRDR0RYLPHQWRGRV1~FOHRV+0& 2V GRLV WLSRV GH LQWHUSUHWDomR SRVVtYHLV FRP RV YHUERV GHQRPLQDLV ORFDFLRQDLV VmR RV TXH YHPRVDVHJXLU DYHUERVGHORFDGRGHULYDGRVGH[VLJQLILFDPS{U[HP\ ([VDGGOHTXHVLJQLILFDS{UXPDVHODVDGGOHHPDOJR EYHUERVGHORFDOL]DomRGHULYDGRVGH[VLJQLILFDPS{U\HP[ ([FRUUDOTXHVLJQLILFDS{UDOJRHPXPFXUUDOFRUUDO 8PD HVWUXWXUD VHPHOKDQWH DR TXH /DUVRQ SURS{V FRPR D HVWUXWXUD' GHVVHV YHUERV p D TXH +DOH.H\VHUSURS}HPFRPRDUHSUHVHQWDomRGDHVWUXWXUDDUJXPHQWDOOH[LFDOGHYHUERVFRPR VDGGOHHFRUUDODSDUWLUGDTXDOVHREWpPDGHULYDomRYLVWDDVHJXLU $$OWHUQkQFLD&DXVDWLYDQR3RUWXJXrVGR%UDVLO 3DXOR&KDJDVGH6RX]D 9 9 93 13 9 WKHKRUVH933 3 13 1 VDGGOH 9 9 93 13 9 WKHKRUVH933 3 13 1 FRUUDO $ GLIHUHQoD HQWUH RV GRLV WLSRV GH YHUERV GHQRPLQDLV PHGLDWRV ORFDFLRQDLV HVWDULD QD SUHSRVLomR TXH p R Q~FOHR GR FRPSOHPHQWR GR YHUER LQWHUQR 6H WUDWDPRV GH YHUERV FRPR FRUUDOWHPRVXPDSUHSRVLomRGRWLSRTXH+DOH.H\VHUGHQRPLQDPGHFRLQFLGrQFLDWHUPLQDO MiTXHHODLQGLFDRWpUPLQRGHXPGHVORFDPHQWRDOJRFRPRLQWRHPLQJOrV6HWHPRVXPYHUER FRPR VDGGOH SRU RXWUR ODGR D SUHSRVLomR TXH p FRPSOHPHQWR GR YHUER p GR WLSR TXH HOHV GHQRPLQDPGHFRLQFLGrQFLDFHQWUDOLVWRpXPDSUHSRVLomRTXHLQGLFD´SRVVHµEDVLFDPHQWH 1DVGHULYDo}HVSURSRVWDVRVXEVWDQWLYRVDGGOHRXFRUUDOVHLQFRUSRUDjSUHSRVLomRDEVWUDWDGD TXDO p FRPSOHPHQWR D TXDO SRU VXD YH] VH LQFRUSRUD DR YHUER GR TXDO p FRPSOHPHQWR R TXDOILQDOPHQWHVHLQFRUSRUDDRYHUEROHYHVHPSUHUHVSHLWDQGRD5HVWULomRDR0RYLPHQWRGH 1~FOHRV+0& &DS$6LQWD[H/H[LFDO 9HMDPRV DJRUD DV SUHYLV}HV TXH D SURSRVWD GH +DOH .H\VHU ID] $GPLWLQGR VXD YDOLGDGH FRQIRUPH FRQVWD QR WH[WR GH S VHULD LPSRVVtYHO D H[LVWrQFLD GH YHUERV FRPR R VHJXLQWH 7KH\ZLQHGLQWRWKHERWWOHV $UHSUHVHQWDomRDUEyUHDGHVVHWLSRGHYHUERVHULDDVHJXLQWH 9 93 9 13 9 1 933 ZLQH 3 13 LQWRWKHERWWOHV (VWDQmRVHULDXPDLQFRUSRUDomROtFLWDSRUTXHR9QmRUHJHR1SRUDQWHFHGrQFLD9GRHVQRW DQWHFHGHQWJRYHUQ11RHQWDQWRHVVHpXPWLSRGHYHUERTXHRFRUUHWDQWRQRLQJOrVTXDQWRQR SRUWXJXrV WHQGR SRU H[HPSOR XPD FODVVH EHP GHILQLGD GH UHSUHVHQWDQWHV HQWUH RV TXDLV HVWDULDP RVYHUERV FXVSLU HXULQDU HP SRUWXJXrVHVHXV FRUUHVSRQGHQWHV HP LQJOrVVSLWHSHH 9HMDPRVRVH[HPSORV (XFXVSLQDJDUUDID ,VSDWLQWRWKHERWWOH 2PHQLQRXULQRXQDJDUUDID 7KHER\SHHGLQWRWKHERWWOH $UHSUHVHQWDomRDUEyUHDGRVH[HPSORVHPLQJOrVILFDULDDVVLP $ FODVVH LQFOXL YiULRV YHUERV GH H[FUHomR YiULRV GHOHV PHQRV SDODWiYHLV RX UHILQDGRV (LV DOJXQV H[HPSORV YRPLWDUHVFDUUDUPLMDUGHIHFDUFDJDUHWF2PHVPRDUJXPHQWRIXQFLRQDULDHPLQJOrVFRPYHUERVFRPRVSLWFXVSLU YRPLWSXNHYRPLWDUVKLWFUDSGHIHFDUSHHSLVVXULQDUHWF(PERUDVHSRVVDDUJXPHQWDUTXHYLQKRHXULQDQmR VmRGDPHVPDQDWXUH]DXPVHQGRSURGX]LGRSHORFRUSRKXPDQRHRRXWURQmRHWFRXTXHRYLQKRRXDXULQD HQFKHFRPSOHWDPHQWHDJDUUDIDHRFXVSRFXVSHQmRFUHLRTXHDVHPkQWLFDGH+DOH.H\VHUQmRpUHILQDGDD SRQWRGHID]HUHVVDVGLVWLQo}HVRXFRQVLGHUiODVUHOHYDQWHV $$OWHUQkQFLD&DXVDWLYDQR3RUWXJXrVGR%UDVLO 3DXOR&KDJDVGH6RX]D 9 93 9 13 9 VSLWSHH933 3 13 LQWR WKHERWWOH 2EYLDPHQWH VH SRGHULD SURSRU XPD RXWUD DQiOLVH FRPSDWtYHO FRP D SURSRVWD GH +DOH .H\VHU TXH VHULD D VHJXLQWH HP YH] GH WHUPRV QR 3 Q~FOHR GR 33 XPD SUHSRVLomR GH FRLQFLGrQFLD WHUPLQDO WHUtDPRV XPD SUHSRVLomR DEVWUDWD GH FRLQFLGrQFLD FHQWUDO DOJR FRPR FRP SRU H[HPSOR R TXH VLJQLILFDULD DOJR FRPR ¶HX IL] FRP TXH D JDUUDID FRQWLYHVVH XULQDFXVSH· RX QXPD WUDGXomR PDLV GLUHWD PDQWHQGR D SUHSRVLomR ZLWKFRP DOJR FRPR ¶HX IL]FRPTXHDJDUUDIDHVWLYHVVHFRPXULQDFXVSH·7HUtDPRVHQWmRTXHFRQVLGHUDUTXHSHHVHULD RQ~FOHRGR13UHJLGRSRU3HERWWOHVHULDRQ~FOHRGR13HP63(&GH93,VVRVDOYDULDD DQiOLVHMiTXHSHHSRGHULDVHLQFRUSRUDUDR3HDR9SRVWHULRUPHQWH 9 93 9 13 9 WKHERWWOH933 3 13 1 SHH 6XSRQKDPRV TXH DV SURSULHGDGHV HP LQJOrV H HP SRUWXJXrV VHMDP DV PHVPDV 3DVVR D PHQFLRQDU DSHQDV R VXEVWDQWLYRSHH)LFDVXEHQWHQGLGRTXHRPHVPRVHDSOLFDDRVGHPDLVYHUERVPHQFLRQDGRV &DS$6LQWD[H/H[LFDO 6H DGRWDUPRV HVVD HVWUXWXUD KLSRWpWLFD QR HQWDQWR ILFDULD VHP H[SOLFDomR R IDWR GH R 13 D JDUUDIDWHUTXHDSDUHFHUFRPDSUHSRVLomRHPMiTXHQmRSRGHPRVGL]HUHXFXVSLXULQHLDJDUUDID FRP R VHQWLGR UHOHYDQWH DSHQDV VH SXGHUPRV LPDJLQDU TXH HX WLQKD XPD JDUUDID GHQWUR GH PHXFRUSRHDH[SHOL3RUWDQWRHVVDHVWUXWXUDHVWiHOLPLQDGDVHQGRDDGHTXDGDDDQWHULRUTXH WHPXPDEDL[DPHQWRRXORZHULQJDOJRQmRDGPLWLGRSHODWHRULDRTXHDFDEDVHQGRPDLVXP DUJXPHQWRFRQWUDDSURSRVWDGHVVHVDXWRUHV 2XWURWLSRGHHVWUXWXUDDSUHVHQWDGDFRPRLPSRVVtYHOSRU+DOH.H\VHUpDVHJXLQWH 7KH\FKXUFKHGWKHPRQH\ 9 9 93 13 9 1 9 13 FKXUFK WKHPRQH\ &RPRVHSRGHYHULILFDUSHODiUYRUHDFLPDRSUREOHPDVHULDRPHVPRTXHKiFRPYHUERVGR WLSRGHFXVSLU2SUREOHPDpTXHHVVHWLSRGHYHUERVHULDSHUIHLWDPHQWHGHULYiYHOXWLOL]DQGRVHD SUHSRVLomRGHFRLQFLGrQFLDWHUPLQDOHTXLYDOHQWHDWRQRLQJOrV$UHSUHVHQWDomRGDGHULYDomR VHULDDVHJXLQWH 9 9 93 13 9 WKHPRQH\933 3 13 1 FKXUFK 8WLOL]RDWUDGXomRGHORZHULQJTXHVHHQFRQWUDHP/REDWR $$OWHUQkQFLD&DXVDWLYDQR3RUWXJXrVGR%UDVLO 3DXOR&KDJDVGH6RX]D &RPRHOHVDILUPDPTXHQmRFRQVLGHUDPTXHDVGXDVIRUPDVGDDOWHUQkQFLDGDWLYDVmRGHULYDGDV WUDQVIRUPDFLRQDOPHQWH XPD GD RXWUD VHULD XPD VROXomR DG KRF H[FOXLU D GHULYDomR DFLPD $ FLWDomRDSyVRVH[HPSORVPRVWUDDSRVLomRGHOHV E VHQGWKHOHWWHUWRKHUEURWKHU E VHQGKHUEURWKHUDOHWWHU &RPREHEVXJHUHPQyVSUHVVXSRPRVTXHDUHODomRHQWUHRGDWLYRFRPWRHDFRQVWUXomR GHGXSORREMHWRFRQVLVWHQDHVFROKDGDSUHSRVLomR$SUHSRVLomRGHFRLQFLGrQFLDFHQWUDOGD FRQVWUXomRGHGXSORREMHWRHPJHUDOpQmRPDQLIHVWDHPLQJOrVHPERUDDOJXQVSRXFRVYHUERVGD OLQJXDJHPVHOHFLRQHPXPDSUHSRVLomRPDQLIHVWDQRUPDOPHQWHZLWKSDUDHVVDIXQomR+DOH .H\VHU 2XWUR WLSR GHYHUER TXH R VLVWHPD GH +DOH .H\VHUFRQVLGHUD TXH VHULD LPSRVVtYHO p R GR VHJXLQWHWLSR :HFRUUDOOHGWKHKRUVHVLQ 2SUREOHPDDTXLVHULDDYLRODomRGD+0&MiTXHRVXEVWDQWLYRFRUUDOWHULDVHLQFRUSRUDGRDXP Q~FOHR TXH QmR R TXH R FFRPDQGD LPHGLDWDPHQWH SDVVDQGR SRU FLPD GR Q~FOHR 3 H VH LQFRUSRUDQGRDR9TXHRFFRPDQGD ´$V E DQG E VXJJHVW ZH DVVXPH WKDW WKH UHODWLRQ EHWZHHQ WKH WRGDWLYH DQG WKH GRXEOH REMHFW FRQVWUXFWLRQ FRQVLVWV LQ WKH FKRLFH RI SUHSRVLWLRQ 7KH FHQWUDO FRLQFLGHQFH SUHSRVLWLRQ RI WKH GRXEOH REMHFW FRQVWUXFWLRQLVJHQHUDOO\QRQRYHUWLQ(QJOLVKWKRXJKDIHZYHUEVRIWKHODQJXDJHGRVHOHFWDQRYHUWSUHSRVLWLRQ W\SLFDOO\ZLWKIRUWKLVIXQFWLRQµ &DS$6LQWD[H/H[LFDO 9 93 9 13 9 WKHKRUVHV933 3 13 LQ 1 FRUUDO 2FRUUH TXH VmR DWHVWDGRV YHUERV GHVVH WLSR QR SUySULR LQJOrV HPERUD SRXFR QXPHURVRV FRPRSRGHPRVYHULILFDUQRVH[HPSORVDVHJXLU $OOWKHILHOGVDUHVQRZHGXQGHUWKHDQLPDOVZLOOKDYHWRIHHGLQGRRUV 7RGRVRVFDPSRVHVWmRQHYDGRVVRERVDQLPDLVYmRWHUTXHDOLPHQWDUVHGHQWUR ¶&RPR RV FDPSRV HVWmR FREHUWRV GH QHYH RV DQLPDLV YmR WHU TXH FRPHU QXP ORFDO FREHUWRIHFKDGR· 7KHKLJKHUPRXQWDLQRXVUHJLRQVRIWHQDUHVQRZHGXQGHUXQWLO-XO\ $VPDLVDOWDVPRQWDQKRVDVUHJL}HVIUHTHQWHPHQWHHVWmRQHYDGDVVREDWpMXOKR ¶$VUHJL}HVPDLVPRQWDQKRVDVIUHTHQWHPHQWHILFDPFREHUWDVGHQHYHDWpMXOKR· :HFDJHGWKHELUGV :HFDJHGWKHELUGVLQ 6HQWHQoDHQFRQWUDGDQRVLWHKWWSZZZF\EHUZHVWFRPDGZVWKWPOTXHWUDWDGR.DQDQDVNLV&RXQWU\QD SURYtQFLDGH$OEHUWD&DQDGi /HODQG0F&OHDU\FSPHLQIRUPRXTXHKDYHULDXPDVXWLOGLIHUHQoDHQWUHHVVHVGRLVH[HPSORV6HHXGLJR:H FDJHGWKHELUGVLVVRVLJQLILFDTXHMiH[LVWLDXPDJDLRODHQyVSXVHPRVRVSiVVDURVGHQWURGHOD6HHXGLJR:HFDJHGWKH ELUGVLQLVVRVLJQLILFDTXHQyVFRQVWUXtPRVXPDJDLRODDRUHGRUGRVSiVVDURVHHOHVILFDUDPSUHVRVGHQWURGHOD(P DPEDVQRHQWDQWRWHPRVTXHRVXMHLWRFDXVRXRHVWDGRGHRVSiVVDURVHVWDUHPGHQWURGDJDLROD $$OWHUQkQFLD&DXVDWLYDQR3RUWXJXrVGR%UDVLO 3DXOR&KDJDVGH6RX]D (VVH WLSR GH GHULYDomR p R PHVPR GR H[HPSOR H GHYHULD SRUWDQWR VHU EORTXHDGR 1R HQWDQWRVHFRQVLGHUDPRVTXHDSDVVLYDPHVPRHVWDWLYDRXDGMHWLYDOpGHULYDGDGDYR]DWLYDD VHQWHQoDVHULDGHULYDGDGH 9 9 93 13 9 WKHKLJKHU PRXQWDLQRXV 933 UHJLRQV 3 13 XQGHU VQRZ 2H[HPSORFRPFDJHVHULDGHULYDGRGDPHVPDPDQHLUD 9 9 93 13 9 WKHELUGV 933 3 13 LQ FDJH $RFRUUrQFLDGHYHUERVFRPRFDJHLQHVQRZXQGHUQRVLQGLFDTXHRIDWRGHDSUHSRVLomRVHU¶OHYH· LQRX¶SHVDGD·XQGHUQmRSDUHFHDIHWDURSURFHVVRTXHSHUPDQHFHFRQWXGRH[WUHPDPHQWH UHVWULWR (PVXPDRVYHUERVORFDFLRQDLVDSUHVHQWDPSHORPHQRVWUrVWLSRVGHSUREOHPDVSDUDDDQiOLVH GH+DOH.H\VHULVWRp - DVXSRVWDLPSRVVLELOLGDGHGHGHULYDUYHUERVFRPRVSLWHFXVSLU &DS$6LQWD[H/H[LFDO - DVXSRVWDLPSRVVLELOLGDGHGHGHULYDUYHUERVFRPRFKXUFKFRPDLQWHUSUHWDomRGH¶GDUDOJR SDUDDLJUHMD·RTXHHQYROYHXPDVROXomRDGKRFFRQIOLWDQWHFRPRTXHRVSUySULRVDXWRUHV SUHVVXS}HPDUHVSHLWRGRVYHUERVGHGXSORREMHWRHPLQJOrV - DVXSRVWDLPSRVVLELOLGDGHGHGHULYDUYHUERVFRPRVQRZXQGHUHFDJHLQ 9HUERV'HDGMHWLYDLV 9HUERV'HDGMHWLYDLV 2~OWLPRJUXSRGHYHUERVGHULYDGRVSRULQFRUSRUDomRpRGRVYHUERVGHDGMHWLYDLV$HVWUXWXUD DUJXPHQWDO GHOHV VHULD EDVWDQWH VHPHOKDQWH j GRV ORFDFLRQDLV ,VVR SRUTXH WDQWR RV YHUERV LQFRDWLYRV TXDQWR RV GH ORFDGRORFDomR DSUHVHQWDP XP 93 LQWHUQR UHSUHVHQWDGR HP OLQKDV QmRWUDFHMDGDVGDIRUPDPRVWUDGDDEDL[R 93 9 993 13 9 9;3 1HVVHV GRLV WLSRV GH YHUERV R Q~FOHR GR ;3 SHUWHQFH D XPD FDWHJRULD TXH IRUoD R DSDUHFLPHQWR GH XP VXMHLWR SRU LVVR p SURMHWDGR R >63(&93@ 8P H[HPSOR GHVVH WLSR GH YHUERpFOHDQOLPSDUTXHVHULDGHULYDGRFRPRGHFRVWXPH 9 9 93 13 9 WKHKRXVH9$3 DFDVD $ FOHDQOLPSR $$OWHUQkQFLD&DXVDWLYDQR3RUWXJXrVGR%UDVLO 3DXOR&KDJDVGH6RX]D $UHSUHVHQWDomRDFLPDFRUUHVSRQGHULDDRUDo}HVFRPR ,FOHDQHGWKHKRXVH (XOLPSHLDFDVD +DOH.H\VHUHD$OWHUQkQFLD&DXVDWLYD +DOH.H\VHUHD$OWHUQkQFLD&DXVDWLYD $SyVKDYHUH[DPLQDGRFDGDXPGRVWLSRVGHYHUERVGHULYDGRVSRULQFRUSRUDomRQRVLVWHPDGH +DOH.H\VHUYHMDPRVFRPPDLVGHWDOKHDVFRQVHTrQFLDVGHVXDSURSRVWDSDUDDDOWHUQkQFLD FDXVDWLYDHPVL(PERUDMiWHQKDPRVYLVWRYiULDVSUHYLV}HVTXHQmRVHFRQILUPDPQRFDVRGRV GHQRPLQDLVPHGLDWRVVHULDSRVVtYHOTXHQRFDVRHVSHFtILFRGDDOWHUQkQFLDFDXVDWLYDRVLVWHPD SURSRVWR SRU HOHV GHVVH UHVXOWDGRV HPSLULFDPHQWH DGHTXDGRV 'HYHPRV HQWmR H[DPLQDU D DOWHUQkQFLDFRPRLQWXLWRGHDYDOLDUDSURSRVWDGHOHVQHVVHSRQWRHVSHFtILFR 1R TXH VH VHJXH H[SRQKR DV FRQVHTrQFLDV GR VLVWHPD GHVVHV DXWRUHV SDUD D DOWHUQkQFLD FDXVDWLYD UHFDSLWXODQGR R TXH Mi WLYHU VLGR GLWR DQWHULRUPHQWH $ VHomR GH +DOH .H\VHU TXH VH HVWHQGH GD S j p GHGLFDGD MXVWDPHQWH j DOWHUQkQFLD H D IHQ{PHQRV UHODFLRQDGRVFRPRDFRQVWUXomRPHGLDO3DVVHPRVDVXDDQiOLVH &RPR Mi IRL GLWR RV YHUERV GHULYDGRV VmR IRUPDGRV FRP EDVH QDV FDWHJRULDV OH[LFDLV H R SURFHVVR GH IRUPDomR GHVVHV YHUERV p XPD GHULYDomR IHLWD SRU LQFRUSRUDomR GH Q~FOHR D Q~FOHRVXMHLWDj5HVWULomRDR0RYLPHQWRGH1~FOHRVDR3ULQFtSLRGH,QWHUSUHWDomR3OHQDHDR 3ULQFtSLRGDV3URMHo}HV1mR$PEtJXDV&RPEDVHQHVVHVSULQFtSLRVDSURSRVWDWHQWDGHULYDUR FRPSRUWDPHQWR VLQWiWLFR GHVVHV JUXSRV GH YHUERV HVSHFLILFDPHQWH FRP UHODomR j DOWHUQkQFLD FDXVDWLYD4XDLVVmRDVFRQVHTrQFLDVGHVVHFRQMXQWRGHSULQFtSLRVSDUDDDOWHUQkQFLD" 7RGRVRVYHUERVGHULYDGRVDSUHVHQWDPPLQLPDPHQWHDVHJXLQWHFRQILJXUDomROH[LFDOUHODFLRQDO 9 9 ; ;3 &DS$6LQWD[H/H[LFDO /HYDQGRHPFRQWDDWUDQVSDUrQFLDSUHGLFDWLYDGR9QDHVWUXWXUDOH[LFDOUHODFLRQDOWHPRVTXHVH R FRPSOHPHQWR GH 9 IRU XP SUHGLFDGR R 9 DEVWUDWR WDPEpP VHUi H FRQVHTHQWHPHQWH R 63(&GR93VHUiOLFHQFLDGRQmRYLRODQGRR3ULQFtSLRGD,QWHUSUHWDomR3OHQD-iYLPRVTXH$ H3VmRSUHGLFDGRVSRUWDQWROLFHQFLDPXPVXMHLWRQR63(&GR93-i1QmRpXPSUHGLFDGR QmROLFHQFLDQGRSRUWDQWRXPVXMHLWRQHVVDSRVLomR &RPR Mi YLPRV DFLPD R 3ULQFtSLR GH ,QWHUSUHWDomR 3OHQD LPS}H XP OLPLWH j UHFXUVLYLGDGH YHUEDOQHVVDSURSRVWDRTXHWHPFRPRFRQVHTrQFLDRIDWRGHTXHDSHQDVRVYHUERVTXHWrP $3VH33VFRPRFRPSOHPHQWRVSRGHULDPDGPLWLUDDOWHUQkQFLD 7HPRVDTXLHQWmRXPDUHODomRHQWUHDVLQWD[HOH[LFDOHDVLQWD[HSURSULDPHQWHGLWDTXHLQGLFD TXHRVYHUERVTXHLQFRUSRUDPXPDGMHWLYRDOWHUQDPHRVTXHLQFRUSRUDPXPVXEVWDQWLYRQmR VHQGRLQHUJDWLYRVVHQmRKRXYHUXP33HQWUHR13HRYHUERRXWUDQVLWLYRVVHKRXYHUFRPR YHPRVQHVVDFLWDomR LIDYHUELVGHQRPLQDOLWLVQHFHVVDULO\WUDQVLWLYH,ILWLVGHDGMHFWLYDOLWSDUWLFLSDWHVLQWKH WUDQVLWLYHDOWHUQDWLRQ+DOH.H\VHU $VSUHYLV}HVHVWmRUHVXPLGDVQDWDEHODDVHJXLU RULJHP pXPSUHGLFDGR" DOWHUQD" FODVVLILFDomR >913@ >9>3331333@@ >9$3@ GHQRPLQDLV GHQRPLQDLV ORFDFLRQDLV GHDGMHWLYDLV QmR VLP VLP QXQFD jVYH]HV VHPSUH LQHUJDWLYRV LQDFXVDWLYRVHRX LQDFXVDWLYRVH WUDQVLWLYRV WUDQVLWLYRV 7DEHOD2VWLSRVGHYHUERVHDDOWHUQkQFLDFDXVDWLYDVHJXQGR+DOH.H\VHU 2 TXH SRGHULD VHU XPD JUDQGH YDQWDJHP GD SURSRVWD GH +DOH .H\VHU PDV TXH DFDED VH UHYHODQGRXPSUREOHPDpRIDWRGHRVSULQFtSLRVVLQWiWLFRVOH[LFDLVVHUHPWmRVLPSOHVHUtJLGRV &RPRRVSULQFtSLRVHUHVWULo}HVSURSRVWRVVHSUHVXPHPXQLYHUVDLVSRUWDQWRLQYLROiYHLVQmR $$OWHUQkQFLD&DXVDWLYDQR3RUWXJXrVGR%UDVLO 3DXOR&KDJDVGH6RX]D GHYHULDKDYHUTXDOTXHUH[FHomR(QWUHWDQWRFRPRYLPRVQmRpLVVRRTXHRFRUUHQHPPHVPR HPLQJOrV $QWHVGHFRPHQWDUFRPPDLVGHWDOKHDVH[FHo}HVUHLWHURDREVHUYDomRTXHIL]QXPDQRWDGH URGDSp QR LQtFLR GHVWH FDStWXOR D UHVSHLWR GD GLUHomR GD GHULYDomR YDOH GL]HU HP TXH QRV EDVHDPRVSDUDFRQVLGHUDUQXPSDUYHUERVXEVWDQWLYRTXDOpGHULYDGRGHTXDO1RVFDVRVGH YHUERVUHODFLRQDGRVDREMHWRVFRPRVHODHVHODUDGLUHomRSDUHFHFODUDPHGLGDTXHSDVVDPRV SDUD REMHWRV UHVXOWDQWHV GR HYHQWR GHQRWDGR SHOR YHUER FRPR FXVSRFXVSH H FXVSLU RV IDWRV ILFDP PHQRV QtWLGRV SUHGRPLQDQGR FRQWXGR D LPSUHVVmR GH TXH VHULD PDLV DGHTXDGR FRQVLGHUDUTXHRVVXEVWDQWLYRVHPTXHVWmRVmRGHYHUEDLV +DOH .H\VHU QR HQWDQWR DR FRQWUiULR GR TXH SDUHFH SUHGRPLQDU QD OLWHUDWXUD SDUHFHP DGRWDU HPERUD LVVR QmRVHMD H[SOLFLWDGRHP PRPHQWR DOJXP R SURFHGLPHQWR GH FRQVLGHUDU TXHRVYHUERVTXHRFRUUHPIDFLOPHQWHFRPRVXEVWDQWLYRVFRPDPHVPDIRUPDVmRGHULYDGRV GHVWHV$SDUHQWHPHQWHDSRVVLELOLGDGHGHHVVHVVXEVWDQWLYRVRFRUUHUHPFRPRFRPSOHPHQWRV GHXPYHUEROHYHFRPRKDYHRXGRDFDEDIXQFLRQDQGRFRPRXPDHVSpFLHGHGLDJQyVWLFRGHVVD GHULYDomRFRPRYHPRVQRVH[HPSORVD 7KHFKLOGODXJKHG :HKDGDJRRGODXJK 3HWURQHOODVDQJ 6KHGLGKHUQHZVRQJ 7KLVPDUHWURWVQLFHO\ 7KLVPDUHGRHVDQLFHWURW 6HVHDGRWDHVVDSHUVSHFWLYDH[LVWHPLQ~PHUDVH[FHo}HVHQWUHRVYHUERVGHQRPLQDLVLQJOHVHV HQWUHDVTXDLVDVGRVH[HPSORVDHXPQ~PHURPDLVUHGX]LGRHQWUHRVGHDGMHWLYDLV$V GRVH[HPSORVHVmRDOJXPDVGHODV +HHQGHGWKHFRQYHUVDWLRQ 7KHFRQYHUVDWLRQHQGHG +HWXUQHGWKHNH\LQWKHORFN 7KHNH\WXUQHGLQWKHORFN &DS$6LQWD[H/H[LFDO 6KHEDQJHGWKHGRRU 7KHGRRUEDQJHG $OJXQVGHQRPLQDLVTXHDOWHUQDPEDQJ¶ID]HUXPHVWURQGR·EHQHILW¶EHQHILFLDU·EOHQG ¶PLVWXUDU·ERZ¶FXUYDU·EXPS¶WURPEDU·FKDQJH¶PXGDU·FKRNH¶HQJDVJDU·ILQLVK ¶WHUPLQDU·PRYH¶PRYHU·SOXQJH¶PHUJXOKDU·VWDUW¶FRPHoDU·WXUQ¶YLUDU· $OJXQVGHDGMHWLYDLVTXHQmRDOWHUQDPEDUH¶GHVQXGDU·EODQN¶DSDJDU·EOLQG¶FHJDU· EXV\¶RFXSDU·FRPSDFW¶FRPSDFWDU·FRUUHFW¶FRUULJLU·IUHH¶OLEHUWDU·ODPH¶DOHLMDU· YRLGDFKHFN¶DQXODUXPFKHTXH· 8PDFODVVHJUDQGHGHGHQRPLQDLVTXHDGPLWHPDDOWHUQkQFLDFDXVDWLYDHPERUDVHJXQGR/HYLQ 5DSSDSRUW+RYDYHVVDVHMDXPDIRUPDHVS~ULDGDDOWHUQkQFLDpDGRVGHHPLVVmRGHVRQV TXH LQFOXL HQWUH RXWURV RV VHJXLQWHV YHUERV HP LQJOrV FKLPH ¶UHSLFDU· FODQJ ¶WLQLU· FODWWHU ¶ID]HUXPHVWURQGR·FOLFN¶HVWDODU·FOLQN¶WLOLQWDU·HWF7RGRVHVVHVYHUERVVmRFRQVLVWHQWHV FRPDLQWHUSUHWDomRSURSRVWDSRUHVVHVDXWRUHVSDUDRVYHUERVGHQRPLQDLVLPHGLDWRVLVWRpD GH´SURGXomRµGHXPDHQWLGDGH(PERUDWHQKDPRVDTXLHQWLGDGHVDEVWUDWDVVRQVRFKLPHR FODQJHWFVmRSURGX]LGRVFRPRFRQVHTrQFLDGRHYHQWRGHVLJQDGRSHORYHUER2XWURJUXSRGH GHQRPLQDLV LPHGLDWRV TXH DGPLWH D DOWHUQkQFLD p R GH YHUERV FRPR FUXPEOH ¶HVPLJDOKDU· VSOLQWHU¶HVWLOKDoDU·HWF 2Q~PHURGHYHUERVGHQRPLQDLVTXHDOWHUQDPpPXLWRJUDQGH1RHQWDQWRGDGDDHVWUDWpJLD GRVDXWRUHVGHDEXVRGHPRUIHPDVQXORVpH[WUHPDPHQWHGLItFLOIDOVHDUDDQiOLVHSURSRVWDSRU HOHV9HUERVFRPRDJH¶HQYHOKHFHU·DQFKRU¶DQFRUDU·ERLO¶IHUYHU·ERXQFH¶EDWHUULFRFKHWHDU· EUDNH ¶EUHFDU· EUXLVH ¶FRQWXQGLU· EXV ¶LUWUDQVSRUWDU GH {QLEXV· FKLS ¶ODVFDU· FKRNH ¶HQJDVJDU· H PXLWRV RXWURV DOWHUQDP 2 SUREOHPD p TXH D DQiOLVH SURSRVWD SUHWHQVDPHQWH UHVWULWLYDVHSUHVWDDPDLVGHXPDVROXomRFRQIRUPHDFRQYHQLrQFLD6HXPYHUERpGHQRPLQDO PDV DOWHUQD SRGHPRV VLPSOHVPHQWH SRVWXODU XPD SUHSRVLomR DEVWUDWD TXH R WRPD FRPR FRPSOHPHQWRHIRUPDXPSUHGLFDGRIRUQHFHQGRXPHVFDSHKDWFKTXHMXVWLILFDGHFHUWDIRUPDD H[LVWrQFLDGDDOWHUQkQFLD 6HWRPDPRVXPYHUERFRPRFKDQJH¶PXGDU·TXDOVHUiDDQiOLVHTXHDGRWDUHPRV"3RGHUtDPRV FRQVLGHUDU TXH HVWH p XP YHUER GHQRPLQDO LPHGLDWR Mi TXH D PXGDQoD p SURGX]LGD FRPR (VS~ULDSHORIDWRGHRPHPEURLQWUDQVLWLYRVHULQHUJDWLYRHQmRLQDFXVDWLYR $$OWHUQkQFLD&DXVDWLYDQR3RUWXJXrVGR%UDVLO 3DXOR&KDJDVGH6RX]D UHVXOWDGR GR HYHQWR FRUUHVSRQGHQGR LQFOXVLYH D XPD SDUiIUDVH FRP YHUER OHYH FRPR KDYH D FKDQJH'HVVDIRUPDHOHQmRGHYHULDDOWHUQDUPDVDOWHUQD6HPSUHKDYHULDDVDtGDGHGL]HUPRV TXHDHVWUXWXUDFRUUHWDpFRPRVLQWDJPDSUHSRVLFLRQDODOJRFRPR¶GRWDUGHXPDPXGDQoD·Hp SRULVVRTXHHVVHYHUERDOWHUQD 4XDQWRDRVYHUERVORFDFLRQDLVGHQRPLQDLVPHGLDWRVDOJXQVDOWHUQDPHRXWURVQmR$QWHVGH WUDWDUGDVSUHYLV}HVTXHID]HPSDUDHVVHJUXSRGHYHUERVFRPUHODomRjDOWHUQkQFLDFDXVDWLYD +DOH .H\VHU WUDWDP GR FRQWUDVWH H[LVWHQWH HQWUH GRLV JUXSRV GHYHUERV QmR GHULYDGRV SRU LQFRUSRUDomR RV YHUERV TXH VH FRPSRUWDP FRPR JHW H RV TXH VH FRPSRUWDP FRPR SXW (PERUDRVGRLVGHQRWHPHYHQWRVHPTXHXPDHQWLGDGHRXPDWHULDOSDVVDSRUXPDPXGDQoD GH ORFDOL]DomR DSHQDV JHW DGPLWH DV GXDV IRUPDV DR SDVVR TXH SXW DSHQDV DGPLWH D IRUPD WUDQVLWLYD([VS 7KHSLJVJRWPXGRQWKHZDOO 0XGJRWRQWKHZDOO :HSXWPXGRQWKHZDOO 0XGSXWRQWKHZDOO 1DFRQFHSomRGHVVHVDXWRUHVFRPYHUERVFDXVDWLYRVFRPRJHWHSXWR13VXMHLWRH[WHUQRp UHDOPHQWH XP DUJXPHQWR H[WHUQR JHUDGR Mi QR >63(& ,3@ QD HVWUXWXUD3 1HVVH FDVR R VXMHLWRLQWHUQRQmRpDOoDGRMiTXHUHFHEH&DVRGRYHUERWUDQVLWLYRTXHpQ~FOHRGDSURMHomR TXH WHP D UHODomR GH SUHGLFDGR FRP R VXMHLWR H[WHUQR 6HQGR DVVLP R ´VXMHLWRµ LQWHUQR p R ´REMHWRµGRYHUERWUDQVLWLYRQDHVWUXWXUD3 7UDWDQGRDVHJXLUGDGLIHUHQoDHQWUHYHUERVFRPRVSODVKHYHUERVFRPRVPHDUHOHVDSRQWDPR IDWR GH TXH DOpP GH LQGLFDUHP XPD PXGDQoD GH ORFDOL]DomR FRPR SXW H JHW HVVHV YHUERV LQGLFDP R PRGR FRPR HVVD PXGDQoD VH Gi 2 TXH GLVWLQJXH HVVHV GRLV JUXSRV GH YHUERV HQWmRpTXHFRPYHUERVFRPRVSODVKHVVHPRGRVHUHIHUHDRHYHQWRLQFRDWLYRHQTXDQWRFRP YHUERVFRPRVPHDUHVVHPRGRVHUHIHUHDRHYHQWRFDXVDWLYR2PHFDQLVPRXWLOL]DGRQRDUWLJR 6XMHLWRH[WHUQRHPRSRVLomRDRVXMHLWRGRYHUERLQWHUQRjFRQFKDFDVFD 2EYLDPHQWH HVVH WLSR GH DQiOLVH QmR HVWDULD GHQWUR GR TXH SRVWXOD R 3URJUDPD 0LQLPDOLVWD Mi TXH QD FRQFHSomRDGRWDGDQHOHDVSRVLo}HVWHPiWLFDVHDVSRVLo}HVGHFKHFDJHPSDUDRPHVPRHOHPHQWRVLQWiWLFRVmR QHFHVVDULDPHQWH GLVWLQWDV &RP HVVD KLSyWHVH R VXMHLWR QmR SRGHULD VHU JHUDGR GLUHWDPHQWH HP >63(& ,3@ &RQWXGR Mi TXH R IRFR GHVWD VHomR QmR p XPD DQiOLVH GR 3URJUDPD 0LQLPDOLVWD GHL[R HVVD REVHUYDomR VHP &DS$6LQWD[H/H[LFDO pDFRORFDomRGHXPDHWLTXHWDWDJQRQyGR93DRTXDORPRGRVHUHIHUHRYHUERLQFRDWLYR RXRYHUERFDXVDWLYR'HYHVHUHVVDOWDUQRHQWDQWRTXHRVSUySULRVDXWRUHVDILUPDPTXHHVVH PHFDQLVPRQmRWHPXPVLJQLILFDGRPDLVSURIXQGRQmRUHSUHVHQWDQGRGHVVDIRUPDDIRUPD TXH HOHV FRQVLGHUDP PDLV DGHTXDGD SDUD UHSUHVHQWiOD QD HVWUXWXUD OH[LFDO UHODFLRQDO /56 D TXDOILFDHPDEHUWR 93 13L 9 PXG >VSODVK@L 9 JHW 33 RQZDOO 93 >VPHDU@ 9 93 9L 913 9 JHW PXG WL 33 RQZDOO 8PSUREOHPDDGLFLRQDOpRIDWRGHTXHSDUDH[SOLFDUSRUTXHSXWQmRDGPLWHDDOWHUQkQFLDHOHV SRVWXODPXPDHVSHFLILFDomRGHPRGRQRHYHQWRFDXVDWLYRGHVVHYHUERRTXHQmRWHPQHQKXP IXQGDPHQWR Mi TXHSXW FRPR RYHUER S{U HP SRUWXJXrV p H[WUHPDPHQWH VXEHVSHFLILFDGRD HVVHUHVSHLWRVHpTXHWHPDOJXPDHVSHFLILFDomR PDLRUHVFRPHQWiULRVDOpPGHTXHRWUDWDPHQWRTXH+DOH.H\VHUGmRDHVVDTXHVWmRWHULDGHVHUUHIRUPXODGR SDUDVHUFRPSDWtYHOFRPR3URJUDPD0LQLPDOLVWD &RPR )DUUHOO FRPHQWD D QHFHVVLGDGH GD H[LVWrQFLD GH GRLV WLSRV GH PHFDQLVPRV D HVWUXWXUD VLQWiWLFD OH[LFDOHRVWDJVOHYDQWDDVXVSHLWDGHTXHQmRVmRUHDOPHQWHDVFRQILJXUDo}HVVLQWiWLFDVDVUHVSRQViYHLVSHORIDWRGH XPYHUERVHUSRVVtYHORXQmR eRTXHGL]HPH[SOLFLWDPHQWH5DSSDSRUWH/HYLQSQDQRWD´:HEHOLHYHWKDWRQO\YHUEVZKRVH PHDQLQJ LQYROYHV D PDQQHU FRPSRQHQW XQGHUJR WKH ORFDWLYH DOWHUQDWLRQ /DFNLQJ WKLV FRPSRQHQW WKH (QJOLVK YHUESXWGRHVQRWGLVSOD\WKHDOWHUQDWLRQµ $$OWHUQkQFLD&DXVDWLYDQR3RUWXJXrVGR%UDVLO 3DXOR&KDJDVGH6RX]D 9ROWDQGRDRYHUERORFDFLRQDOTXHLQLFLDDGLVFXVVmRGDDOWHUQkQFLDQRWH[WRGHRYHUER VKHOYHYHULILFDPRVTXHRPHFDQLVPRTXHHOHVSURS}HPID]DSUHYLVmRH[DWDPHQWHRSRVWDDRTXH RFRUUH6HHXVKHOYHDOJXPREMHWRQmRKiTXDOTXHUHVSHFLILFDomRRXLQFUHPHQWRDGYHUELDOTXH SRVVD FDUDFWHUL]DU FRPR HX IDoR LVVR (X SRVVR FRORFDU RV REMHWRV QD SUDWHOHLUD GH TXDOTXHU PDQHLUD VHP TXH LVVR DIHWH R IDWR GH VHU XP HYHQWR GH VKHOYLQJ 6y p UHOHYDQWH R IDWR GH RV REMHWRV WHUPLQDUHP QXP VKHOI 'HVVD IRUPD R YHUER GHYHULD DOWHUQDU 0DV HOH QmR DOWHUQD FRPRRVSUySULRVDXWRUHVLQGLFDPHPVHXH[HPSORWUDQVFULWRDVHJXLU 7KHERRNVVKHOYHG ,VKHOYHGWKHERRNV 8PRXWURFDVRSUREOHPiWLFRVHULDRGRVYHUERVSVLFROyJLFRVGRLQJOrVTXHHVSHFLILFDPDSHQDV DUHDomRGRH[SHULHQFLDGRURXVHMDHVSHFLILFDPRHYHQWRFDXVDGRVHPTXDOTXHUHVSHFLILFDomR GRHYHQWRFDXVDGRU$SHVDUGLVVRHVVHVYHUERVHPVXDJUDQGHPDLRULDVyRFRUUHPQDIRUPD WUDQVLWLYD 1R PtQLPR VHULD QHFHVViULR DGLFLRQDU PDLV XP PHFDQLVPR DQFLODU FRPR R SURSRVWR SRU 3HVHWVN\ VHJXQGR R TXDO HVVHV PRUIHPDV VHULDP QHFHVVDULDPHQWH SUHVRV QR FDVRDXPPRUIHPDFDXVDWLYRQXOR +HDQJHUHGPH ,DQJHUHGDWKLP 9ROWDQGR DRV YHUERV GHQRPLQDLV FRP LQWHUSUHWDomR ORFDWLYD R SRUWXJXrV WDPEpP DSUHVHQWD DPERV RV WLSRV PHQFLRQDGRV HP 'DGDV DV KLSyWHVHV GRV DXWRUHV HVVHV YHUERV HP SRUWXJXrV VHULDP GRWDGRV GD PHVPD HVWUXWXUD OH[LFDO VXEMDFHQWH OV\QWD[ TXH RV VHXV FRUUHVSRQGHQWHV HP LQJOrV $OpP GR IDWR HYLGHQWH GH RV YHUERV GR SRUWXJXrV DSUHVHQWDUHP XPDGHVLQrQFLDGHLQILQLWLYRSRUH[HPSORDSULQFLSDOGLIHUHQoDpTXHYHUERVGHVVHWLSRHP SRUWXJXrV QRUPDOPHQWH SRVVXHP XP SUHIL[R FRPR HQHP RX VHMD HQJDYHWDU HQUXJDU RX HQWXUPDU(VVHIDWRSRGHVHUFRQVLGHUDGRGHGXDVIRUPDVSHORPHQRV3RUXPODGRDSUHVHQoD GR SUHIL[R HP H GR VXIL[R YHUEDO HP SRUWXJXrV H VXD DXVrQFLD HP LQJOrV SRGHULDP VHU WLGDV FRPRXPHPSHFLOKRDTXHDQDOLViVVHPRVRVYHUERVLQJOHVHVHRVSRUWXJXHVHVGDPHVPDIRUPD 3RU RXWUR ODGR HQWUHWDQWR GDGR R TXDGUR WHyULFR GRV DXWRUHV TXH LQFOXL XVR DEXQGDQWH GH &DS$6LQWD[H/H[LFDO PRUIHPDV QXORV p EDVWDQWH UD]RiYHO H DWp FRHUHQWH FRQVLGHUDUPRV TXH R IDWR GH RV DIL[RV VHUHPPDQLIHVWRVRXDEVWUDWRVQmRLQWHUIHUHQDDQiOLVH &RQVLGHUHPRV HQWmR RV YHUERV HQJDYHWDU H HPSHORWDU RV TXDLV SRU KLSyWHVH DSUHVHQWDP D PHVPD HVWUXWXUD VXEMDFHQWH VHQGR GHULYDGRV GH VXEVWDQWLYRV 2 IDWR GH HVVHV YHUERV HP SRUWXJXrV DSUHVHQWDUHP R SUHIL[R UHIHULGR SRGHULD VHUYLU FRPR DUJXPHQWR HP IDYRU GD SURSRVWD GH +DOH .H\VHU GH TXH KDYHULD XPD SUHSRVLomR DEVWUDWD HP LQJOrV &RQVLGHUDUtDPRVHQWmRTXHHVVHSUHIL[RpDSUHSRVLomRHPjTXDORVXEVWDQWLYRVHLQFRUSRUD (PVHJXLGDDSUHSRVLomRFRPRVXEVWDQWLYRLQFRUSRUDGRVHLQFRUSRUDDRYHUERTXHGHSRLV VHLQFRUSRUDDRYHUEROHYHGDFRQFKDFRPRSURSRVWRSRU+DOH.H\VHU 9HPRVHPDVGHULYDo}HVSDUFLDLVGDVVHQWHQoDVH 2PLQLVWURHQJDYHWRXRSURMHWR 2FR]LQKHLURHPSHORWRXRFUHPH 9 13 9 RSURMHWR933 RFUHPH 3 13 HP 1 9 93 JDYHWD SHORWD (PERUDDVSDUiIUDVHVFRQVWUXtGDVFRPYHUERVOHYHVGHVVDVVHQWHQoDVTXHPDLVLPHGLDWDPHQWH YrPjPHQWHQmRFRQWHQKDPRPHVPRYHUERRPLQLVWURS{VRSURMHWRQDJDYHWDHRFR]LQKHLURIH]R 'HVFRQVLGHURDTXLRIDWRGHR¶VXEVWDQWLYR·RFRUUHUjGLUHLWDGD¶SUHSRVLomR·QDVSDODYUDVSRUWXJXHVDVQmRQD SRVLomR FDQ{QLFD GH DGMXQomR Mi TXH VH VH DGPLWLU TXH H[LVWH XPD VLQWD[H OH[LFDO HOD QmR REHGHFH QHFHVVDULDPHQWH DRV PHVPRV SULQFtSLRV GD VLQWD[H SURSULDPHQWH GLWD &RPR HYLGrQFLD GLVVR WHPRV R IDWR GH R ¶Q~FOHR· GDV SDODYUDV HP LQJOrV VHU VHPSUH ILQDO Y 'L 6FLXOOR H :LOOLDPV DR FRQWUiULR GD VLQWD[H ¶SyV OH[LFDO· (VWRXDEVWUDLQGRDGLUHomRGDDGMXQomR $$OWHUQkQFLD&DXVDWLYDQR3RUWXJXrVGR%UDVLO 3DXOR&KDJDVGH6RX]D FUHPHILFDUHPSHORWDGRHPSHORWDVPDLVDEVWUDWDPHQWHHOHVVmREHPPDLVSUy[LPRVDOJRFRPR^R PLQLVWURFR]LQKHLUR`IH]^RSURMHWRFUHPH`ILFDU^QDJDYHWDHPSHORWDV` 1R HQWDQWR FRPR IRL YLVWR QR FDVR GR LQJOrV VH FRPSDUDUPRV RV GRLV FRP UHODomR j DOWHUQkQFLDFDXVDWLYDHVVDHVWUXWXUDQmRH[SOLFDULDRFRQWUDVWHDEDL[R 2PLQLVWURHQJDYHWRXRSURMHWR 2SURMHWRVHHQJDYHWRX 2FR]LQKHLURHPSHORWRXRFUHPH 2FUHPH"VHHPSHORWRX ,VWRQRVVXJHUHTXHXPDPHUDFRQILJXUDomRVLQWiWLFDFRPRDSURSRVWDSRU+DOH.H\VHUQmR Gi FRQWD GHVVD GLIHUHQoD $OJR FRPR D GLVWLQomR GH FDXVDWLYLGDGH QHFHVVDULDPHQWH DJHQWLYD FRPRDGHHQJDYHWDUFRQWUDSRVWDjFDXVDWLYLGDGHQmRQHFHVVDULDPHQWHDJHQWLYDGHHPSHORWDUWHULD TXH VHU OHYDGR HP FRQVLGHUDomR 0DV VH LQWURGX]LUPRV XP WUDoR >± DJHQWLYR@ QR VXMHLWR HVWDUHPRVUHWLUDQGRGDFRQILJXUDomRDH[SOLFDomRGHVXDVSURSULHGDGHVVLQWiWLFDVDQXODQGRR DUJXPHQWRGRVDXWRUHVGHTXHDVGLIHUHQoDVHQWUHSDSpLVWHPiWLFRVVHUHGX]LULDPDGLIHUHQoDV FRQILJXUDFLRQDLVVLQWiWLFDVRXjFDWHJRULDGDTXDORYHUERpGHULYDGR(VWHFDStWXORGHPRQVWUD UHSHWLGDVYH]HVTXHDDQiOLVHGH+DOH.H\VHUpLQDGHTXDGDFRQWUDSRQGRYHUERVGHDGMHWLYDLV H GHQRPLQDLV FRQWXGR QmR SXUD H VLPSOHVPHQWH FRPR WDLV PDV VLP OHYDQGR HP FRQWD VXD VHPkQWLFD7DQWRRVGHDGMHWLYDLVTXDQWRRVGHQRPLQDLVSRGHPVHUYHUERVGHWUDQVIRUPDomRRX GHRXWURWLSRGHGHVORFDPHQWRGHDomRGHGL]HUGHGDUHWFeDSHUWLQrQFLDDXPDGHVVDV FODVVHVGHYHUERVTXHID]GLIHUHQoDQDGHWHUPLQDomRGDDOWHUQkQFLDHQmRRIDWRGHHOHVVHUHP GHQRPLQDLVRXGHDGMHWLYDLVVLPSOHVPHQWH 8PD ~OWLPD LQGLFDomR GH TXH p D VHPkQWLFD TXH GHWHUPLQD D DOWHUQkQFLD H QmR HVVDV FRQILJXUDo}HVGDVLQWD[HOH[LFDOpRIDWRGHRPHVPRYHUERVHRFRUUHFRPGXDVLQWHUSUHWDo}HV GLVWLQWDV DFHLWDU RX QmR D DOWHUQkQFLD FDXVDWLYD GH DFRUGR FRP R VLJQLILFDGR TXH HOH WHP HPERUDSUHVXPLYHOPHQWHHOHVHMDGHULYDGRGDPHVPDIRUPD e R TXH RFRUUH FRP RV YHUERV HQJDUUDIDU HQJDYHWDU HQVHEDU H HQURODU QRV H[HPSORV DEDL[R 9HMDPRVSULPHLURRVYHUERVHQJDUUDIDUHHQJDYHWDU 2DFLGHQWHHQJDUUDIRXDPDUJLQDO &DS$6LQWD[H/H[LFDO $PDUJLQDOHQJDUUDIRXFRPRDFLGHQWH (XHQJDUUDIHLRYLQKR 2YLQKRVHHQJDUUDIRXFRPLJRSRUPLP (XHQJDYHWHLPHXFDUURQRDFLGHQWH 0HXFDUURHQJDYHWRXQRDFLGHQWH (XHQJDYHWHLRSURMHWR 2SURMHWRVHHQJDYHWRXFRPLJRSRUPLP 1RV H[HPSORV DFLPD SRGHPRV FRQVLGHUDU GH GXDV IRUPDV R TXH DIHWD D SRVVLELOLGDGH GD DOWHUQkQFLDWHPRVXPDGLVWLQomRHQWUHYHUERVGHWUDMHWyULDSDWKHPHHYHUERVGH PXGDQoDGHHVWDGRHPH1DTXHOHVFRPRFRVWXPDDFRQWHFHUQmRKiDDOWHUQkQFLD 1HVWHVHODpSRVVtYHO9HMDPRVDJRUDRVYHUERVHQVHEDUHHQURODU 2PHQLQRHQVHERXRSURIHVVRU 2SURIHVVRUVHHQVHERXFRPRPHQLQR 2SDXGHVHERHQVHERXPLQKDURXSDWRGD 0LQKDURXSDVHHQVHERXWRGDQRSDXGHVHER $PHQLQDHQURORXDPmH $PmHVHHQURORXFRPDPHQLQD 2YHQWRHQURORXPHXFDEHOR 0HXFDEHORVHHQURORXFRPRYHQWR &RPHVVHVYHUERVWHPRVDGLVWLQomRHQWUHVHQWLGRVHVWULWDPHQWHDJHQWLYRVHXVRVGHPXGDQoD GHHVWDGRVLPSOHVPHQWH$TXHOHVQmRDGPLWHPDDOWHUQkQFLDDRFRQWUiULRGHVWHV~OWLPRV 8P~OWLPRH[HPSORGHVVHWLSRpRYHUERHPEUXOKDUTXHDSUHVQWDRPHVPRFRQWUDVWH $YHQGHGRUDHPEUXOKRXRSUHVHQWH 2SUHVHQWHVHHPEUXOKRXFRPDYHQGHGRUD (VVDFRPLGDHPEUXOKRXPHXHVW{PDJR 0HXHVW{PDJRVHHPEUXOKRXFRPHVVDFRPLGD 9HUFDStWXORVHHDUHODomRGLVVRFRPDSRVVLELOLGDGHGHUHFRQVWUXomRPHWRQtPLFDGRHYHQWRFDXVDGRU $$OWHUQkQFLD&DXVDWLYDQR3RUWXJXrVGR%UDVLO 3DXOR&KDJDVGH6RX]D 9ROWDUHPRV D HVVH WLSR GH IDWR QRV GRLV FDStWXORV VHJXLQWHV SDUD H[DPLQiOR PDLV GHWDOKDGDPHQWH 8P RXWUR SRQWR UHODFLRQDGR FRP D DJHQWLYLGDGH H WLGR FRPR XP UHVXOWDGR LPSRUWDQWH GD DQiOLVHGH+DOH.H\VHUpDSUHWHQVDUHVWULomRjUHFXUVLYLGDGHLQWHUQDDROH[HPDYHUEDO&RPR HOHV LQGLFDP QD S GR WH[WR GH VXD DQiOLVH GRV LQHUJDWLYRV H FDXVDWLYRV GHSHQGH GR IDWRGHXP93QmRVHUXPSUHGLFDGRQDVLQWD[HOH[LFDO,VVRH[SOLFDULDROLPLWHjUHFXUVLYLGDGH QDVUHSUHVHQWDo}HVGDVLQWD[HOH[LFDOUHODFLRQDO1mRKDYHULDYHUERVFRPDUHSUHVHQWDomROH[LFDO UHODFLRQDOFRUUHVSRQGHQWHjVHJXLQWH 93 9 93 13 9 993 2 SUREOHPD VHULD TXH XPD HVWUXWXUD GHVVH WLSR QmR VDWLVIDULD R 3ULQFtSLR GH ,QWHUSUHWDomR 3OHQDMiTXHR93PDLVHQFDL[DGRQmRpXPSUHGLFDGRRTXHLPSHGLULDTXHRVXMHLWRLQWHUQR IRVVHOLFHQFLDGR&RQVLGHUHPRVQRHQWDQWRRUDo}HVFRPRDVHJXLQWH 7KHEDE\EXUSHG 7KHGRFWRUEXUSHGWKHEDE\ 7KHGRJZDONHG 0\QHLJKERUZDONHGWKHGRJ ([DPLQDQGR RV H[HPSORV H FRQVWDWDPRV R VHJXLQWH HVVHV YHUER WrP FRPR FRPSOHPHQWR QD VLQWD[H OH[LFDO XP 13 EXUS H ZDON UHVSHFWLYDPHQWH TXH VH LQFRUSRUD DR YHUER SRUWDQWR R 9 IRUPDGR SRU HOHV QmR p XP SUHGLFDGR (P FRQVHTrQFLD GLVVR R 93 LQWHUQRQmRSRGHUiWHUXPHVSHFLILFDGRUSRLVLVVRYLRODULDR3ULQFtSLRGH,QWHUSUHWDomR3OHQD $ KLSyWHVH GH +DOH .H\VHU FULD XP SUREOHPD VHP VROXomR 6H DGPLWLUPRV TXH QD IRUPD WUDQVLWLYDR13WKHEDE\WKHGRJpJHUDGRLQWHUQDPHQWHDR93FRPRYHPRVDEDL[RHVWDUHPRV YLRODQGRR3ULQFtSLRGH,QWHUSUHWDomR3OHQDSRLVHVVHpXPYHUERGHQRPLQDO´LPHGLDWRµRX &DS$6LQWD[H/H[LFDO VHMDXPYHUERTXHWHPFRPRFRPSOHPHQWRXP13QmRVHQGRGHVWDIRUPDXPSUHGLFDGRR TXH H[FOXLULD D H[LVWrQFLD GH XP HVSHFLILFDGRU SUHHQFKLGR QR 93 LQWHUQR ,OXVWUR LVVR FRP D RUDomRP\QHLJKERUZDONHGWKHGRJPDVRPHVPRVHDSOLFDDWKHGRFWRUEXUSHGWKHEDE\ 9 9 93 13 9 WKHGRJ913 1 ZDON 6HFRQVLGHUDUPRVSRURXWURODGRHPFRQVRQkQFLDFRPDSURSRVWDGHTXHRVYHUERVTXHWrP XP 13 FRPR FRPSOHPHQWR QmR SRGHP WHU HVSHFLILFDGRU QD VLQWD[H OH[LFDO TXH R 13 WKH GRJWKH EDE\ p JHUDGR H[WHUQDPHQWH DR93 HVWDUtDPRV MXVWDPHQWHLQGR IURQWDOPHQWH FRQWUDD KLSyWHVH GH OLPLWDomR GD UHFXUVLYLGDGH GH +DOH .H\VHU Mi TXH REWHUtDPRV XPD HVWUXWXUD FRPRDVHJXLQWH 9 9 93 13 9 WKHGRJ993 9 13 ZDON (PVXPDPDQWHQGRVHRFRQMXQWRGHSULQFtSLRVSURSRVWRVSRU+DOH.H\VHUQmRKiVDtGD SDUDHVVHWLSRGHYHUERGHQRPLQDO $$OWHUQkQFLD&DXVDWLYDQR3RUWXJXrVGR%UDVLO 3DXOR&KDJDVGH6RX]D 8P~OWLPRWLSRGHGHULYDomRTXHpEDUUDGRSHORVSULQFtSLRVSURSRVWRVSRU+DOH.H\VHUpD LQFRUSRUDomR GR DJHQWH 0HVPR HVVH WLSR GH YHUER RFRUUH QR SUySULR LQJOrV R TXH QRV IRUQHFH XPD ~OWLPD HYLGrQFLD GH TXH D SURSRVWD QmR VH VXVWHQWD (VVH WLSR GH YHUER p H[WUHPDPHQWHUDURHPLQJOrVPDVHXFRQVHJXLLGHQWLILFDUSHORPHQRVXPFRQWUDH[HPSORTXH pRYHUERDXWKRURTXDORFRUUHHPRUDo}HVFRPR +HDXWKRUHGPDQ\ERRNV (OHFRPS{VIRLDXWRUGHPXLWRVOLYURV ¶(OHIRLDXWRUGHPXLWRVOLYURV· 1HQKXPD GDV GXDV GHULYDo}HV LPDJLQiYHLV SDUD HVVH YHUER VHULD SRVVtYHO 6HJXQGR +DOH .H\VHUDJHQWHVHULDRDUJXPHQWRJHUDGRFRPRHVSHFLILFDGRUGHXPYHUEROH[LFDOTXHWRPDXP 93FRPRFRPSOHPHQWRH[WHUQDPHQWHDR93LQWHUQRQDVHJXLQWHFRQILJXUDomR 9 9 93 6HQGRDVVLPDUHSUHVHQWDomRDUEyUHDGDRUDomRVHULDDVHJXLQWH 93 13 9 DXWKRU 9 13 93 9 913 PDQ\ERRNV 0HVPR TXH FRQVLGHUiVVHPRV TXH R DJHQWH IRVVH JHUDGR LQWHUQDPHQWH DR 93 LQWHUQR FRQWLQXDUtDPRV WHQGR R PHVPR SUREOHPD IXQGDPHQWDOPHQWH HPERUD HP JUDX PHQRU TXH VHULDRDEDL[DPHQWRGRDJHQWH &DS$6LQWD[H/H[LFDO 9 9 93 13 9 DXWKRU913 PDQ\ERRNV 5HVXPRH&RPHQWiULRGD$QiOLVHGH+DOH.H\VHU (VWH FDStWXOR WHYH R REMHWLYR GH GHPRQVWUDU TXH DV SUHYLV}HV IHLWDV QD DQiOLVH GH +DOH .H\VHU SDUD D DOWHUQkQFLD FDXVDWLYD QmR VH VXVWHQWDP HPSLULFDPHQWH R TXH IRL IHLWR 3DUD GHPRQVWUDUTXHRSUREOHPDQmRpDOJRORFDOUHVWULWRjDQiOLVHGDDOWHUQkQFLDFDXVDWLYDIL]XPD DQiOLVH GHWDOKDGD GH GLYHUVDV SUHYLV}HV GR VLVWHPD GHOHV UHYHODQGR LQ~PHURV SUREOHPDV 2V SUySULRVDXWRUHVFRORFDPQRWH[WRGH $VZHPRYHEH\RQGWKHUHODWLYHO\¶VDIH·JURXQGRIXQHUJDWLYHYHUEVORFDWLRQDQGORFDWXPYHUEV DQGVWDQGDUGGRXEOHREMHFWYHUEVSUREOHPVDUHLQIDFWLPSUHVVLYHO\OHJLRQ+DOH.H\VHU 3HORTXHYLPRVHOHVVmROHJLRQPHVPRFRPHVVHVYHUERV´IiFHLVµ8PDFRQFOXVmRSRVVtYHOVHULD TXHRVLVWHPDGHOHVSUHFLVDVHUPDLVEHPHODERUDGRHVXDVIDOKDVVDQDGDV(PPHXSRQWRGH YLVWDFRQWXGRDTXDQWLGDGHGHSUREOHPDVpWDOTXHPHSHUPLWHDILUPDUTXHDVROXomRGHVVHV SUREOHPDVQXPTXDGURVHPHOKDQWHDRSURSRVWRSRUHOHVHQYROYHULDSURYDYHOPHQWHXPJUDQGH Q~PHUR GH HQJLQHHULQJ VROXWLRQV SDUD WRPDU R WHUPR GH &KRPVN\ 0LQKD FRQFOXVmR SRUWDQWR p GH TXH D SURSRVWD FRPR XP WRGR p LQDGHTXDGD H QRV DXWRUL]D D FRQFOXLU TXH D ´PHGLGDTXHYDPRVDOpPGRWHUUHQRUHODWLYDPHQWH¶VHJXUR·GRVYHUERVLQHUJDWLYRVGRVYHUERVGHORFDOL]DomR HORFDOL]DGRHGRVYHUERVQRUPDLVGHGXSORREMHWRRVSUREOHPDVVmRQDYHUGDGHGHXPQ~PHURLPSUHVVLRQDQWH OLWXPDOHJLmRµ $$OWHUQkQFLD&DXVDWLYDQR3RUWXJXrVGR%UDVLO 3DXOR&KDJDVGH6RX]D HVWUXWXUD DUJXPHQWDO QmR p XPD VLQWD[H FRP SURSULHGDGHV VHPHOKDQWHV jV GD VLQWD[H SURSULDPHQWHGLWDHTXHRXWURVPpWRGRVGHLQYHVWLJDomRVmRSURYDYHOPHQWHPDLVDGHTXDGRV (VVHWLSRGHUHVXOWDGRQRVLQGLFDTXHpPDLVDGHTXDGRWUDEDOKDUFRPXPTXDGURWHyULFRTXH QmRWHQWHUHGX]LUDVHPkQWLFDjVLQWD[HPDVTXHDFRQVLGHUHDXW{QRPDGRWDGDGHSULPLWLYRVH UHODo}HVSUySULRVQmRUHGXWtYHLVDFRQILJXUDo}HVVLQWiWLFDVeRTXHVHUiIHLWRQHVWDWHVH &DS$6HPkQWLFD/H[LFDO &DStWXOR &DStWXOR $6HPkQWLFD/H[LFDO $6HPkQWLFD/H[LFDO ´(FRVuPLR]LR0HGDUGRULWRUQzXRPRLQWHURQpFDWWLYRQpEXRQRXQ PLVFXJOLRGLFDWWLYHULDHERQWjFLRqDSSDUHQWHPHQWHQRQGLVVLPLOHGDTXHOOR FK·HUDSULPDGLHVVHUGLPH]]DWRµ ,7$/2&$/9,12 7HQGR FRQFOXtGR TXH R WLSR GH WUDWDPHQWR VLQWiWLFROH[LFDO SURSRVWR SRU +DOH .H\VHU p LQDGHTXDGRSDVVRDH[DPLQDUDVUHVWULo}HVVHPkQWLFDVSURSRVWDVSRURXWURVDXWRUHVHPUHODomR jDOWHUQkQFLDFDXVDWLYDWDQWRHPSRUWXJXrVFRPRHPRXWUDVOtQJXDVFRPRRLQJOrV (P VtQWHVH WHPRV GXDV HVSpFLHV GH SURSRVWDV TXH WHQWDP H[SOLFDU R IXQFLRQDPHQWR GD DOWHUQkQFLD FDXVDWLYD FRP EDVH QD VHPkQWLFD D GH 3XVWHMRYVN\ H D GH /HYLQ 5DSSDSRUW+RYDY2WUDoRFRPXPHQWUHHODVpDXWLOL]DomRGHXPDDQiOLVHELHYHQWXDOGD FDXVDomR $SHVDU GHVVD FDUDFWHUtVWLFD HP FRPXP D LPSOHPHQWDomR GHVVD DQiOLVH VH Gi GH PDQHLUD GLVWLQWD QDV GXDV SURSRVWDV R TXH VHUi H[DPLQDGR QHVWH FDStWXOR $OpP GD LPSOHPHQWDomR GLVWLQWD R IRFR GD DQiOLVH WDPEpP GLIHUH (QTXDQWR /HYLQ 5DSSDSRUW +RYDY VH FHQWUDP QD GLVFXVVmR GRV HOHPHQWRV VHPkQWLFRV TXH SHUPLWHP RX LPSHGHP D DOWHUQkQFLD3XVWHMRYVN\QmRDSURIXQGDWDQWRHVVDGLVFXVVmRPDVSRURXWURODGRHODERUDXP PHFDQLVPR IRUPDO TXH PRGHOD R IXQFLRQDPHQWR GD DOWHUQkQFLD j VHPHOKDQoD GR TXH IH] %XU]LRQDVLQWD[HHPDLVLPSRUWDQWHID]XPH[DPHPDLVDSURIXQGDGRGRFRQWH~GRGRVLWHQV ,Q&DOYLQR,WDOR,1RVWUL$QWHQDWL*DU]DQWL,O9LVFRQWH'LPH]]DWRS ´( DVVLP PHX WLR 0HGDUGR YROWRX D VHU XP KRPHP LQWHLUR QHP PDX QHP ERP XPD PLVWXUD GH PDOGDGH H ERQGDGHRXVHMDDSDUHQWHPHQWHQmRGLIHUHQWHGDTXLORTXHHUDDQWHVGHVHUSDUWLGRDRPHLRµ $$OWHUQkQFLD&DXVDWLYDQR3RUWXJXrVGR%UDVLO 3DXOR&KDJDVGH6RX]D OH[LFDLVHGDHVWUXWXUDGR Op[LFR&RPRYHUHPRVQHVWHFDStWXORHQRVVHJXLQWHVVXDSURSRVWD QRVSURSRUFLRQDYiULRVHOHPHQWRVTXHVHUmRGHJUDQGHYDOLDSDUDDFRPSUHHQVmRGDHVWUXWXUD GR Op[LFR H GR IXQFLRQDPHQWR GD DOWHUQkQFLD H GD GHULYDomR GH YHUERV VH EHP H[SORUDGRV H UHILQDGRVHPFHUWRVSRQWRV$DERUGDJHPGH/HYLQ5DSSDSRUW+RYDYHPERUDHTXLYRFDGD HP FHUWRV GHWDOKHV WDPEpP QRV RIHUHFH SLVWDV LPSRUWDQWHV SDUD DWLQJLU XP QtYHO GH JHQHUDOLGDGHPDLRUGRTXHRXWUDVSURSRVWDV 9HUHPRVDVHJXLUHVVDVGXDVSURSRVWDVSULPHLUDPHQWHDGH3XVWHMRYVN\GHSRLVDGH/HYLQ 5DSSDSRUW+RYDY DQWHV GD TXDO UHVHQKR EUHYHPHQWH R WH[WR GH GH /DEHOOH VREUH R IUDQFrV TXH DQWHFHGHX R OLYUR GHVVDV DXWRUDV H FRQWLQKD HOHPHQWRV EDVWDQWH VHPHOKDQWHV DR TXHHODVSURSXVHUDP 1R LQtFLR GR FDStWXOR GLVFXWR D QRomR GH FDXVD H VXD UHOHYkQFLD SDUD D H[SOLFDomR GR IXQFLRQDPHQWRGDDOWHUQkQFLDFDXVDWLYDRTXHVHUiUHWRPDGRPDLVGHWDOKDGDPHQWHQRILQDOGR FDStWXOR RQGH FULWLFR D UHODomR IHLWD SRU 'RZW\ 3XVWHMRYVN\ H /HYLQ 5DSSDSRUW+RYDY HQWUH DV FODVVHV DVSHFWXDLV H UHVSHFWLYDPHQWH DV GHFRPSRVLo}HV GR VLJQLILFDGR YHUEDO FRP PHWDSUHGLFDGRV R XVR GRV VXEHYHQWRV H RV PROGHV VHPkQWLFRV OH[LFDLV $QDOLVR RV PHWD SUHGLFDGRV &$86( H %(&20( FRPR GRWDGRV GH LQIRUPDo}HV WHPiWLFDV VREUH FDXVDomR H DIHWDomR UHVSHFWLYDPHQWH H QmR DVSHFWXDLV H GHPRQVWUR TXH DV GXDV HVIHUDV QmR VmR KRPRPyUILFDV &DXVDHD$QiOLVH%LVVHQWHQFLDOGRV(YHQWRV&DXVDWLYRV &DXVDHD$QiOLVH%LVVHQWHQFLDOGRV(YHQWRV&DXVDWLYRV $QWHV GH SDVVDU D DSUHVHQWDU H GLVFXWLU GHWDOKDGDPHQWH HVVDV GXDV SURSRVWDV UHODWLYDV j DOWHUQkQFLD FDXVDWLYD QD OLWHUDWXUD PDLV UHFHQWH GLVFXWR R SDSHO GDV FDXVDV QR HVWXGR GR VLJQLILFDGRYHUEDOWRPDQGR'RZW\FRPRSRQWRGHSDUWLGD&RQVLGHUDQGRDVHPkQWLFD GHRUDo}HVFRPR$&OiXGLDDEULXDSRUWD'RZW\DOXGHjDQiOLVHGH9RQ:ULJKW VHJXQGRDTXDOHVVDRUDomRHTXLYDOHDGL]HUWUrVFRLVDVDSRUWDQmRHVWDYDDEHUWDDQWHVGHD &OiXGLDDJLUDSRUWDILFRXDEHUWDORJRGHSRLVGHD&OiXGLDDJLUVHD&OiXGLDQmRWLYHVVH &DS$6HPkQWLFD/H[LFDO DJLGR FRPR DJLX H WXGR WLYHVVH SHUPDQHFLGR FRPR HVWDYD QDTXHOD RFDVLmR D SRUWD QmR WHULD DEHUWR &RPEDVHQHVVHWLSRGHDQiOLVHIRLIRUPXODGDDSURSRVWDGH/HZLVXWLOL]DGDSRU'RZW\ VHJXQGRDTXDOXPHYHQWRFDXVDWLYRpXPDUHODomRFRQWUDIDFWXDOHQWUHGRLVHYHQWRVGDVHJXLQWH IRUPDVH$FDXVD%LVVRVLJQLILFDTXHVH$QmRIRVVHYHUGDGHLUR%WDPEpPQmRVHULDRXVH$ QmRWLYHVVHRFRUULGR%WDPEpPQmRWHULD /HZLVUHSUHVHQWDDUHODomRHQWUHHVVHVGRLVHYHQWRVRXVXEHYHQWRVXWLOL]DQGRRRSHUDGRU ' TXHUHSUHVHQWDDVFRQGLFLRQDLVGDVOtQJXDVQDWXUDLVQmRDFRQGLFLRQDOGDOyJLFDFOiVVLFDFRPR FRQWUDIDFWXDLV$VFRQGLo}HVGHYHUGDGHGHXPDVHQWHQoDFXMRFRQHFWLYRSULQFLSDOp 'VHULDP DVVHJXLQWHV 6H$ '%pYHUGDGHLURLVVRTXHUGL]HUTXHVH$IRUYHUGDGHLURHQWmR%WDPEpPVHUi 6H$ '%pIDOVRLVVRTXHUGL]HUTXHVH$IRUIDOVRHQWmR%WDPEpPVHUi ,OXVWUDQGRFRPRHYHQWRFDXVDWLYRPHQFLRQDGRDFLPDGHFRPSRVWRHPGRLVVXEHYHQWRVWHPRV DOJR FRPR R VHJXLQWH $ &OiXGLD DEULX D SRUWD VLJQLILFD TXH D &OiXGLD IH] DOJR SULPHLUR VXE HYHQWRRX$TXHIH]FRPTXHDMDQHODDEULVVHVHJXQGRVXEHYHQWRRX%(VVHpRWLSRGH DQiOLVHGHQRPLQDGDELVVHQWHQFLDORXELHYHQWXDOGRVHYHQWRVFDXVDWLYRVRXDFFRPSOLVKPHQWVQD TXDOVHEDVHLDP3XVWHMRYVN\H/HYLQ5DSSDSRUW+RYDYRVDXWRUHVTXHGLVFXWLUHLFRPFHUWR GHWDOKHQHVWHFDStWXORHTXHPDLVLQIOXHQFLDUDPHVWDWHVH 'RZW\WRPDRVHVWDGRVFRPRSULPLWLYRVHGHULYDRVRXWURVWLSRVGHHYHQWXDOLGDGHVDSDUWLUGR XVRGHRSHUDGRUHVTXHWRPDPHVWDGRVVREVHXHVFRSR2VRSHUDGRUHVVmR • %(&20(RSHUDGRUPRQRDUJXPHQWDOTXHWRPDXPHVWDGRFRPRDUJXPHQWR)RUPDOL]DD LGpLD GH YRQ :ULJKW VHJXQGR D TXDO RV HYHQWRV VHPSUH FRUUHVSRQGHP D XPD PXGDQoDGHHVWDGRRXVHMDXPDVHTrQFLDGHHVWDGRVHPTXHXPHVWDGRpDQHJDomRGR RXWUR1RVH[HPSORVDEDL[R7VLJQLILFDWUDQVLomR ¬S7S >WUDQVLomRGHQmRSSDUDSPXGDQoD@ S7¬S >WUDQVLomRGHSSDUDQmRSPXGDQoD@ 9HUDFUtWLFDDHVVDVXSRVWDHTXLYDOrQFLDQRLQtFLRGRFDS $$OWHUQkQFLD&DXVDWLYDQR3RUWXJXrVGR%UDVLO S7S ¬S7¬S 3DXOR&KDJDVGH6RX]D >WUDQVLomRGHSSDUDSSHUPDQrQFLD@ >WUDQVLomRGHQmRSSDUDQmRSSHUPDQrQFLD@ 2V GRLV SULPHLURV WLSRV GH WUDQVLo}HV VHULDP IRUPDOL]iYHLV DWUDYpV GH XP RSHUDGRU %(&20(([HPSOR 2FDIpHVIULRX >%(&20(>RFDIpHVWiIULR@@ • &$86( XVDGRHPIyUPXODVFRPR φ&$86( ψ HPTXH φ H ψ VmRVHQWHQoDV $ LQWHUSUHWDomR GD IyUPXOD p TXH R HYHQWR φ FDXVDFDXVRX R HYHQWR ψ 'DV IRUPDV SRVVtYHLV DV PDLV FRPXQVVmRDTXHODVHPTXHRSUHGLFDGRφpXPDDWLYLGDGHRXXPDVHQWHQoDFRP%(&20( HQTXDQWRψpXPDVHQWHQoDFRP%(&20(([VGH'RZW\ -RKQNLOOHG%LOO >>-RKQGRHVVRPHWKLQJ@&$86(>%(&20(¬>%LOOLVDOLYH@@ -RKQSDLQWHGDSLFWXUH >>-RKQSDLQWV@&$86(>%(&20(>DSLFWXUHH[LVWV@@@ eTXHVWLRQiYHOVHDDQiOLVHGHH[HPSORVFRPRGHYHVHUIHLWDFRP &$86(%(&20(H[LVWLURX VHVHULDPHOKRUXVDUVLPSOHVPHQWH&$86(H[LVWLU3HORTXHVHYHULILFDHPSLULFDPHQWHRVYHUERV UHVXOWDWLYRV H RV GH DSDUHFLPHQWR GLIHUHP GRV FDXVDWLYRV SURSULDPHQWH GLWRV 2 XVR GH %(&20(SDUHFHUHGXQGDQWHFRPRUHSUHVHQWDomRGHYHUERVUHVXOWDWLYRV 8PH[HPSORHPTXHRHYHQWRFDXVDGRUSRGHVHUXPDVHQWHQoDFRP%(&20(pRVHJXLQWH $PRUWHGRSUHVLGHQWHFRPRYHXDQDomR >>SUHVLGHQWH%(&20(PRUWR@&$86(>QDomR%(&20(FRPRYLGD@@ ([LVWHDLQGDDSRVVLELOLGDGHGHDHYHQWXDOLGDGHFDXVDGDVHUXPHVWDGR (VVDFRUHQIHLDHVVHVPyYHLV >>HVVHVPyYHLVWHUHPHVVDFRU@&$86(>HVVHVPyYHLVVHUHPIHLRV@@ 2EVHUYHVHTXHQHVWH~OWLPRH[HPSORQmRKiTXDOTXHUPXGDQoDGHHVWDGR 9/HYLQ5DSSDSRUW+RYDY &DS$6HPkQWLFD/H[LFDO • '2 'RZW\ SURS}H DLQGD HVVH RSHUDGRU SDUD WUDWDU GDV DWLYLGDGHV PDV HOH PHVPR R FRQVLGHUD SUREOHPiWLFR 1R HQWDQWR VH LQWHUSUHWDUPRV HVVHV RSHUDGRUHV FRPR PHWD SUHGLFDGRV TXH LQGLFDP UHODo}HV WHPiWLFDV SRGHPRV FRQVLGHUDU TXH '2 LQGLFD DJHQWLYLGDGH 4XDQGR IRU QHFHVViULR QR HQWDQWR XVDUHL R PHWDSUHGLFDGR $&7 GH 3LQNHU TXH p DSHQDV WHPiWLFR H SRGH RFRUUHU FRP XP RX GRLV DUJXPHQWRV FRUUHVSRQGHQGRUHVSHFWLYDPHQWHD¶DJLU·H¶DJLUVREUHID]HUDOJRFRP· 2/p[LFR*HUDWLYRGH3XVWHMRYVN\ 2/p[LFR*HUDWLYRGH3XVWHMRYVN\ 'HQWURGDSHUVSHFWLYDGHEXVFDURUGHPHGHWHFWDUUHJXODULGDGHVQROp[LFRYLVWDQRFDStWXORVH LQVHUHRWUDEDOKRTXHYHPGHVHQYROYHQGR3XVWHMRYVN\YDVYiULDVUHIHUrQFLDVQDELEOLRJUDILD DR ILQDO GD WHVH 6HX WUDEDOKR p IRUWHPHQWH LQIOXHQFLDGR SRU XPD WUDGLomR TXH LQFOXL iUHDV FRPRDUHSUHVHQWDomRGRFRQKHFLPHQWRLQWHOLJrQFLDDUWLILFLDOHOLQJtVWLFDFRPSXWDFLRQDOEHP FRPR DV QHFHVVLGDGHV GHSURFHVVDPHQWR GH OtQJXDV QDWXUDLV DOpP REYLDPHQWH GD VHPkQWLFD IRUPDO3DUWLQGRGHVVDWUDGLomRDDERUGDJHPGH3XVWHMRYVN\FRQVLGHUDDVSDODYUDVQmRFRPR iWRPRV VHPkQWLFRV PDV FRPR HOHPHQWRV GRWDGRV GH GLYHUVRV WLSRV GH LQIRUPDomR $OpP GLVVRQDYLVmRGHOHDVVLPFRPRH[LVWHPPHFDQLVPRVJHUDWLYRVVLQWiWLFRVGHYHKDYHUWDPEpP PHFDQLVPRV JHUDWLYRV VHPkQWLFRV TXH SURGX]HP R VHQWLGR GDV H[SUHVV}HV OLQJtVWLFDV FRPSRVLFLRQDOPHQWH2XVHMDHPYH]GHFRQVLGHUDUROp[LFRRFRQMXQWRGHLUUHJXODULGDGHVGD OtQJXD 3XVWHMRYVN\ FRQVLGHUD TXH Ki SURFHVVRV UHJXODUHV GH RUJDQL]DomR GR Op[LFR H GH XWLOL]DomRGDVLQIRUPDo}HVQHOHFRQWLGDV 8PDFRQVHTrQFLDGHVVDVLQIOXrQFLDVTXHGHYHVHUUHDOoDGDpRIDWRGHTXHDDERUGDJHPTXH HOHSURS}HHQWUHODoDIRUWHPHQWHFRQVLGHUDo}HVVREUHDFRPSHWrQFLDOLQJtVWLFDHDSHUIRUPDQFHMi TXH PXLWRV GRV UHVXOWDGRV VmR GHULYDGRV GH LQWHUSUHWDo}HV HP FRQWH[WR RX H[SOLFDP HVVDV LQWHUSUHWDo}HVFRPLPSOLFDo}HVFODUDVSDUDDLQWHUDomRHQWUHIDODQWHVHPERUDLVVRWDOYH]ILTXH GHFHUWDIRUPDLPSOtFLWRQRVVHXVWUDEDOKRVPDLVGLYXOJDGRV3XVWHMRYVN\DSUHVHQWDXPSRQWR (VVHIDWRPHIRLDSRQWDGRSHOR3URI&DUORV)UDQFKLFS .QRZOHGJH5HSUHVHQWDWLRQ $$OWHUQkQFLD&DXVDWLYDQR3RUWXJXrVGR%UDVLO 3DXOR&KDJDVGH6RX]D GH YLVWD GLDPHWUDOPHQWH RSRVWR DR GH DXWRUHV FRPR 'L 6FLXOOR :LOOLDPV TXH FRQVLGHUDPROp[LFRFRPRDOJRWRWDOPHQWHVHPLQWHUHVVHeRTXHYHULILFDPRVQHVVDFLWDomR +iSRXFRVDQRVHUDXPDSUiWLFDFRQYHQFLRQDOWDQWRQRVOLYURVGLGiWLFRVVREUHDOLQJtVWLFDWHyULFD TXDQWRQDTXHOHVVREUHDOLQJtVWLFDFRPSXWDFLRQDOFREULUWXGRTXHHUDQHFHVViULRGL]HUDUHVSHLWR GR Op[LFR HP XP FDStWXOR EUHYH DQWHV GH SDVVDU SDUD RV DVVXQWRV PDLV HVVHQFLDLV GD IRUPD VLQWiWLFD H GD LQWHUSUHWDomR VHPkQWLFD 8P WUDWDPHQWR OLPLWDGR D HVVH SRQWR KRMH HP GLD ILFD ORQJH GH UHIOHWLU R GLQDPLVPR GD iUHD GH SHVTXLVDV VREUH R Op[LFR RX GR SDSHO FHQWUDO GHVHPSHQKDGRSHORFRQKHFLPHQWRGROp[LFRQDWHRULDOLQJtVWLFDHQRVPRGHORVGHSURFHVVDPHQWR 3XVWHMRYVN\ $OpP GRV FDPSRV GH SHVTXLVD FLWDGRV QR LQtFLR GHVWD VHomR R WUDEDOKR GH 3XVWHMRYVN\ VH DSUR[LPDWDPEpPGRGHWHRULDVOH[LFDOLVWDVFRPRD/)*HD+36*TXHFRORFDPJUDQGHSDUWH GR SHVR GD H[SOLFDomR GRV IHQ{PHQRV OLQJtVWLFRV QRV LWHQV OH[LFDLV FRPR R WUDWDPHQWR GD YLQFXODomR GH 'DOU\PSOH HP /)* 'LIHUHQWHPHQWH GHVVDV GXDV WHRULDV FRQWXGR R IRFR GR WUDEDOKR GH 3XVWHMRYVN\ p HVSHFLILFDPHQWH D VHPkQWLFD OH[LFDO H VXD UHODomR FRP D FRPSRVLFLRQDOLGDGH 2/p[LFR*HUDWLYRDSHVTXLVDTXHHOHYHPFRQGX]LQGRWHPFRPRSRQWRFHQWUDODSURSRVWDGH TXH RV LWHQV OH[LFDLV QmR VmR iWRPRV GH VLJQLILFDGR SRVVXLQGR QD YHUGDGH XPD HVWUXWXUD LQWHUQDH[WUHPDPHQWHULFDTXHIRUQHFHPDWHULDOTXHSRGHVHUXVDGRSDUDFRQVWUXLUVLJQLILFDGRV RXWURV TXH QmR RV PDLV HYLGHQWHV VXSHUILFLDOPHQWH DWUDYpV GH SURFHVVRV EHP GHILQLGRV GH LQWHUDomRGRVLJQLILFDGRGHXPDSDODYUDFRPRGHRXWUDV 6HFRQVLGHUDUPRVDVHPkQWLFDOH[LFDOFRPRXPWRGRYHULILFDUHPRVTXHHODVHEDVHLDHPJUDQGH SDUWH HP GLYHUVRV WLSRV GH LQIHUrQFLDV TXH SRGHP VHU IHLWDV FRP EDVH QR VLJQLILFDGR GDV ´2QO\DIHZ\HDUVDJRLWZDVFRQYHQWLRQDOSUDFWLFHLQERWKWKHRUHWLFDODQGFRPSXWDWLRQDOOLQJXLVWLFVWH[WERRNV WR FRYHU DOO WKDW QHHGHG WR EH VDLG UHJDUGLQJ WKH OH[LFRQ LQ RQH TXLFN FKDSWHU EHIRUH JHWWLQJ WR WKH PRUH LQWHUHVWLQJDQGVXEVWDQWLYHWRSLFVRIV\QWDFWLFIRUPDQGVHPDQWLFLQWHUSUHWDWLRQ6XFKDQLPSRYHULVKHGFRYHUDJH WRGD\ ZRXOG VFDUFHO\ UHIOHFW WKH YLEUDQF\ RI WKH ILHOG RI OH[LFDO UHVHDUFK RU WKH FHQWUDO UROH SOD\HG E\ OH[LFDO NQRZOHGJHLQOLQJXLVWLFWKHRU\DQGSURFHVVLQJPRGHOVµ &RPRIRLYLVWRQRFDStWXOR $RFRQWUiULRGRTXHSRVWXOD)RGRUFRPRIRLYLVWRQRFDStWXOR &DS$6HPkQWLFD/H[LFDO SDODYUDV 7HPRV SRU H[HPSOR D FRQKHFLGD GLVWLQomR IHLWD QD *UDPiWLFD GH 0RQWDJXH HQWUH SUHGLFDGRVH[WHQVLRQDLVHLQWHQVLRQDLVGHULYDGDGRVHJXLQWHWLSRGHLQIHUrQFLDV 2 &OiXGLR HQFRQWURX XP GLFLRQiULR FD]DTXHJHRUJLDQR Í ([LVWH XP GLFLRQiULR FD]DTXHJHRUJLDQR>SUHGLFDGRH[WHQVLRQDO@ 2&OiXGLRSURFXURXXPGLFLRQiULRFD]DTXHJHRUJLDQRµ([LVWHXPGLFLRQiULRFD]DTXH JHRUJLDQR>SUHGLFDGRLQWHQVLRQDO@ 2XWUDVUHODo}HVGHVLJQLILFDGRTXHSRGHPVHUGHWHFWDGDVDWUDYpVGHGHWHUPLQDGDVLQIHUrQFLDV VmRDVGHKLSRQtPLDHKLSHURQtPLDH[HDGHDQWRQtPLDH[ $6RILDFRPSURXXPFDUURÍ$6RILDFRPSURXXPYHtFXOR>KLS{QLPRHKLSHU{QLPR@ 20DUFRVpDOWRÍ20DUFRVQmRpEDL[R 20DUFRVpEDL[RÍ20DUFRVQmRpDOWR *UDQGHSDUWHGDSHVTXLVDGHQWURGRTXDGURGR/p[LFR*HUDWLYRGHULYDGDH[SORUDomRGRVWLSRV GH LQIHUrQFLDV TXH SRGHP VHU IHLWDV D SDUWLU GH GHWHUPLQDGRV HQXQFLDGRV (VVDV LQIHUrQFLDV LQGLFDPTXHRVLJQLILFDGRGDVSDODYUDVLQFOXLXPDUHGHGHUHODo}HVFRPRXWURVLWHQVOH[LFDLV 7RPHPRV FRPR H[HPSOR LQLFLDOPHQWH D LQWHUSUHWDomR GRV FRPSOHPHQWRV GH YHUERV DVSHFWXDLV6HPDQWLFDPHQWHHVVHVYHUERVVmRRSHUDGRUHVTXHSHGHPXPHYHQWRVREUHRTXDO HOHV SRVVDP RSHUDU 2FRUUH TXH QHP VHPSUH QDV RUDo}HV HP TXH HOHV DSDUHFHP VHX FRPSOHPHQWRpXPYHUERRXDQRPLQDOL]DomRGHXPYHUER$SHVDUGLVVRRVIDODQWHVSRGHP LQIHULU D H[LVWrQFLD GH XP RX RXWUR HYHQWR HVWUHLWDPHQWH UHODFLRQDGR DR VXEVWDQWLYR QmR HYHQWLYRTXHRFRUUHFRPRFRPSOHPHQWRGRYHUERDVSHFWXDO9HMDPRVRVH[HPSORVDVHJXLU $6tOYLDFRPHoRXRWH[WR 2JRYHUQRWHUPLQRXDHVWUDGD 2VVtPERORVOyJLFRVGRVH[HPSORVHUHVSHFWLYDPHQWHLQGLFDPDFDUUHWDPHQWRVHPkQWLFRHDXVrQFLDGHOH $FDUUHWDPHQWRVHPkQWLFRVHGLVWLQJXHGHXPDFDUUHWDPHQWREDVHDGRQDVLQWD[HQDIRUPDOyJLFD1DIRUPXODomR GH 0RQWDJXH R IDWR GH XP YHUER VHU H[WHQVLRQDO p UHSUHVHQWDGR QXPD JUDPiWLFD DWUDYpV GH XP SRVWXODGR GH VLJQLILFDGR 2X VHMD XP VXEVWDQWLYR GLIHUHQWH GH FROKHLWD WUDQVPLVVmR HPSUpVWLPR HWF TXH SRGHP GHQRWDU HYHQWRV VHP QHFHVVLGDGHGHFRHUomR $$OWHUQkQFLD&DXVDWLYDQR3RUWXJXrVGR%UDVLO 3DXOR&KDJDVGH6RX]D 1R H[HPSOR SRGHPRV ID]HU EDVLFDPHQWH GRLV WLSRV GH LQIHUrQFLD D 6tOYLD FRPHoRX D HVFUHYHU RX D OHU R WH[WR 1R H[HPSOR SRVVLYHOPHQWH LQIHULUtDPRV TXH R JRYHUQR WHUPLQRX GH FRQVWUXLU D HVWUDGD ([HPSORV FRPR HVVHV QRV VXJHUHP TXH DOpP GR VHX VLJQLILFDGRFRPRHQWLGDGHVHVVHVVXEVWDQWLYRVFDUUHJDPRVLJQLILFDGRGHHYHQWRVDVVRFLDGRVD HOHVTXHSRGHPVHUDWLYDGRVQRFRQWH[WR1RVFDVRVDFLPDSRGHULDPVHUDWLYDGRVRVHYHQWRV VXEMDFHQWHVGHFULDomRHVFUHYHUFRQVWUXLURXGHXVROHUGRVREMHWRVHPTXHVWmR 2XWURWLSRGHLQIHUrQFLDEDVHDGDHPLQIRUPDo}HVVXEMDFHQWHVDRVLJQLILFDGRGHGHWHUPLQDGDV SDODYUDV p R TXH RFRUUH FRP DGMHWLYRV FRPR ERP 3DUD LOXVWUDU H[DPLQHPRV RV H[HPSORV DEDL[R (VVHVDQGXtFKHpERP (XTXHULDXPDVXJHVWmRGHXPERPOLYURSDUDSUHVHQWH $V LQIHUrQFLDV yEYLDV VmR TXH R VDQGXtFKH p ERP QR VHQWLGR GH ERP SDUD FRPHU GH VDERU DJUDGiYHOHWFHTXHROLYURpERPSDUDOHUGHOHLWXUDDJUDGiYHOLQWHUHVVDQWHHWF1RYDPHQWH WHPRVLQIHUrQFLDVTXHVmRJXLDGDVSHORFRQWH~GRVHPkQWLFRGHGHWHUPLQDGRVLWHQVOH[LFDLV $OpP GR VLJQLILFDGR FRPXPHQWH DVVRFLDGR D XP VXEVWDQWLYR DWUDYpV GH UHODo}HV GH VHQWLGR FRPR KLSRQtPLD H PHURQtPLD WHUtDPRV HVVHV GRLV HYHQWRV SRUWDQWR (VVDV VHULDP TXDWUR IRUPDVSRVVtYHLVGHSHQVDUPRVQXPVXEVWDQWLYRHVmRHODVTXHFRPS}HPRTXH3XVWHMRYVN\ GHQRPLQDHVWUXWXUDGRVTXDOLDXPFRQMXQWRGHLQIRUPDo}HVUHODFLRQDGDVDFDGDLWHPOH[LFDOTXH SRGHPVHUH[SORUDGDVQRFRQWH[WR2VTXDWURTXDOLDSURSRVWRVSRUHOHVmRRDJHQWLYRRWpOLFR RIRUPDOHRFRQVWLWXWLYR $GHILQLomRTXH3XVWHMRYVN\ID]GRVTXDOLDHPJHUDOSDUHFHXPWDQWRYDJDMiTXHHOHRVGHILQH FRPR RV PRGRV GH FRQFHEHU RX H[SOLFDU XP REMHWR 2 FRQWH~GR H[DWR GH DOJXQV GRV TXDOLD WDPEpPSDUHFHSRUYH]HVGHGLItFLODSUHHQVmRPDVEDVLFDPHQWHSRGHUtDPRVGHILQLORVDVVLP 4XDOH IRUPDO GLVWLQJXH R REMHWR QXP FRQWH[WR PDLRU SRGHQGR VH FRPSRU GH GRLV WLSRV GH HVWUXWXUDV WLSRV VLPSOHV H WLSRV FRPSOH[RV MRUQDO p XP WH[WR p XP 2 DGMHWLYR ODWLQR TXDOH FXMR SOXUDO p TXDOLD VLJQLILFD ¶GH TXH WLSR· QmR ¶TXDO· GHOH WHQGR VLGR GHULYDGR R VXEVWDQWLYR DEVWUDWR TXDOLWDV RX TXDOLGDGH HP SRUWXJXrV $ HVWUXWXUD GRV TXDOLD SRUWDQWR UH~QH LQIRUPDo}HV D UHVSHLWRGHTXHWLSRGHVHUXPVXEVWDQWLYRGHQRWDRXTXHWLSRGHHYHQWRXPYHUERGHQRWDHDVVLPSRUGLDQWH &DS$6HPkQWLFD/H[LFDO FRQMXQWR GH LQIRUPDo}HV DOJR PDWHULDO H XPD LQVWLWXLomR (VWi HVWUHLWDPHQWH YLQFXODGRDUHODo}HVGHKLSHURQtPLDHKLSRQtPLD 4XDOHFRQVWLWXWLYRUHSUHVHQWDHQWUHRXWUDVUHODo}HVGHPHURQtPLDRXVHMDDVUHODo}HV GDVSDUWHSDUDRWRGRHYLFHYHUVD(P3XVWHMRYVN\HQFRQWUDPRVD GHILQLomRGHVVHTXDOHFRPRDTXHOHTXHVHUHIHUHjVSDUWHVRXDRPDWHULDOGHXP REMHWRPDVTXHWDPEpPGHILQHSDUDXPREMHWRGRTXHHOHID]SDUWH6mRDVGXDV SRVVLELOLGDGHVDEHUWDVSHODUHODomRSDUWHBGH 4XDOHWpOLFRDILQDOLGDGHGHXPREMHWROHUSDUDXPOLYURFRPHUSDUDXPVDQGXEDHWF UHSUHVHQWDGDDWUDYpVGHDEVWUDomRSRUODPEGDVλHλ[λ\OHUH[\ 4XDOHDJHQWLYRRTXHFULRXRXGHXRULJHPDXPREMHWRHVFUHYHUSDUDXPOLYURSUHSDUDU SDUDXPVDQGXEDHWF7DPEpPUHSUHVHQWDGRDWUDYpVGHDEVWUDomRSRUODPEGDV λHλ[λ\HVFUHYHUH[\ 3RGHUtDPRVFRPHoDUDUHSUHVHQWDURVLJQLILFDGRGHXPDSDODYUDFRPRIDFDOHYDQGRHPFRQWD HVVHV TXDOLD RX VHMD TXH WLSR GH REMHWR p XPD IDFD 'R SRQWR GH YLVWD GH VXD FULDomR HOD SDUWLFLSDGHXPDUHODomRGHIDEULFDUSRLVpXPDUWHIDWRHQmRXPVHUGDQDWXUH]D'RSRQWRGH YLVWD GH VXD ILQDOLGDGH HOH SDUWLFLSD GH XPD UHODomR GH FRUWDU 'R SRQWR GH YLVWD GH XPD WD[RQRPLD GH WLSRV HOH SRGHULD VHU LQFOXtGR QRV WLSRV DUWHIDWR REMHWR ItVLFR HQWUH RXWURV 'R SRQWRGHYLVWDGHVXDVSDUWHVHOHSRGHULDVHUYLVWRFRPRXPREMHWRFRPSRVWRGHFDEROkPLQD HWF $ IRUPD TXH 3XVWHMRYVN\ XWLOL]D SDUD UHSUHVHQWDU HVVDV LQIRUPDo}HV VmR DV PDWUL]HV GH DWULEXWRV H YDORUHV DPSODPHQWH HPSUHJDGDV HP OLQJtVWLFD FRPSXWDFLRQDO QD LQWHOLJrQFLD DUWLILFLDOHSRUWHRULDVFRPRD/)*HD+36*$UHSUHVHQWDomRGRVTXDOLDGRVXEVWDQWLYRIDFD ILFDULDDVVLP 3XVWHMYRVN\DWULEXLHVVDLQWHUSUHWDomRGRTXDOHFRQVWLWXWLYRD9LNQHU+DQVHQ $$OWHUQkQFLD&DXVDWLYDQR3RUWXJXrVGR%UDVLO 3DXOR&KDJDVGH6RX]D IDFD &2167 SDUWHBGH\FDER[ SDUWHBGH\OkPLQD[ )250$/ [ $*(17 λHλ[λ\IDEULFDUH\[ 7e/,&2 λHλ[λ\FRUWDUH[\ 1HVVDPDWUL]WHPRVRVDWULEXWRVFRQVWLWXWLYRHWFVHJXLGRVGHVHXVYDORUHV3RGHVHSHUFHEHU TXHGDPDQHLUDFRPRHVWmRIRUPXODGRVHVVHVTXDOLDMiFRPS}HPXPDUHGHGHVLJQLILFDGRVTXH QmRVHOLPLWDDRVLJQLILFDGRPDLVHYLGHQWHGHFDGDSDODYUD $OpPGDHVWUXWXUDGRVTXDOLD3XVWHMRYVN\SRVWXODXPDHVWUXWXUDDUJXPHQWDOHXPDHVWUXWXUDGH HYHQWRV TXH HVWmR HVWUHLWDPHQWH UHODFLRQDGDV XPD FRP D RXWUD 9HUHPRV D HVWUXWXUD GH HYHQWRV QR ILQDO GHVWD VHomR 9HMDPRV HQWmR D HVWUXWXUD DUJXPHQWDO 1RV VXEVWDQWLYRV 3XVWHMRYVN\FRQVLGHUDTXHDHVWUXWXUDDUJXPHQWDOFRQVLVWHQDFODVVLILFDomRGRVXEVWDQWLYRFRP UHODomR D XP VXSHUWLSR RX VHMD XP KLSHU{QLPR 6H WRPDUPRV R VXEVWDQWLYR FRPLGD SRU H[HPSORFRQVLGHUDPRVTXHVXDHVWUXWXUDDUJXPHQWDOH[SUHVVDRIDWRGHXPDFRPLGDVHUXP REMHWRItVLFR FRPLGD (675$5* $5* [REMHWRBItVLFR 48$/,$ )250$/ [ 7e/,&2 λHλ λ[λ λ\FRPHUH\[ 8PVXEVWDQWLYR UHODFLRQDOWHULDREYLDPHQWHXPDHVWUXWXUDDUJXPHQWDOPDLV ULFDeRFDVRGH YL]LQKRLUPmRHWFTXHWHULDPGRLVDUJXPHQWRV4XDQWRDRVYHUERVREYLDPHQWHRVWUDQVLWLYRV WHULDP GRLV DUJXPHQWRV RV ELWUDQVLWLYRV WHULDP WUrV HWF 3XVWHMRYVN\ ID] DLQGD XPD FODVVLILFDomRGRVWLSRVGHDUJXPHQWRPDVHODQmRpUHOHYDQWHSDUDHVWDWHVH 2~OWLPRWLSRGHLQIRUPDo}HVFRQWLGDVQXPLWHPOH[LFDOpDKHUDQoDOH[LFDOLVWRpRFRQMXQWR GH LQIRUPDo}HV TXH XP LWHP OH[LFDO KHUGD GH VHXV VXSHUWLSRV RX KLSHU{QLPRV GLUHWRV RX &DS$6HPkQWLFD/H[LFDO LQGLUHWRV 2 YHUER GDU SRU H[HPSOR KHUGD DV SURSULHGDGHV GH VHX VXSHUWLSR R GRV YHUERV ELWUDQVLWLYRV R YHUER HVIULDU KHUGD DV SURSULHGDGHV GR VXSHUWLSR YHUER FDXVDWLYR HWF (VWH ~OWLPR VHQGR UHJXODU KHUGD WDPEpP DV SURSULHGDGHV PRUIROyJLFDV GR VXSHUWLSR YHUER GD SULPHLUDFRQMXJDomRID]HQGRSDUWHGHXPDKLHUDUTXLDGHKHUDQoDP~OWLSOD &LUFXQVFUHYHQGR D DQiOLVH jV SURSULHGDGHV VHPkQWLFDV FRQWXGR 3XVWHMRYVN\ SURS}H TXH D KHUDQoD OH[LFDO p SURMHWLYD RX VHMD VHOHWLYD QR VHQWLGR GH TXH FDGD WLSR KHUGD DSHQDV GHWHUPLQDGRVTXDOLDGHVHXVXSHUWLSRQmRQHFHVVDULDPHQWHWRGRVHOHV&RPRH[HPSORWHPRV GLFLRQiULR TXH p XP WLSR GH OLYUR PDV WHP FRPR HYHQWR WpOLFR UHODFLRQDGR XP HYHQWR GH FRQVXOWDU QmR XP GH OHU (P YLVWD GLVVR %XLWHODDU VXJHUH TXH GHYHPRV FRQVLGHUDU TXH D HVWUXWXUDGHKHUDQoDOH[LFDOpGHULYDGDGDVGHPDLVFRPRYHPRVQHVVDFLWDomR ,QKHULWDQFHVHHPVWREHPRUHDUHVXOWLQJVWUXFWXUHWKDWHPHUJHVDIWHUDSSO\LQJSURMHFWLYH LQKHULWDQFHWRWKHRWKHUWKUHHVWUXFWXUHV%XLWHODDU (PVXPDGHYHPRVLQWHUSUHWDUTXHRVTXDWURTXDOLDLQWURGX]HPTXDWURUHWLFXODGRVGHKHUDQoD VHSDUDGRV 2 SRQWR SULQFLSDO TXH GHYH VHU UHVVDOWDGR D UHVSHLWR GD KHUDQoD OH[LFDO p TXH HOD p XP PHFDQLVPRTXHSUHVVXS}HDH[LVWrQFLDGHXPOp[LFRKLHUDUTXL]DGRSDVVtYHOGHUHSUHVHQWDomR DWUDYpVGHXPUHWLFXODGRGHKHUDQoDP~OWLSOD )LQDOPHQWH FKHJDPRV j HVWUXWXUD GH HYHQWR QD TXDO RV HYHQWRV WrP VHXV VXEHYHQWRV UHSUHVHQWDGRVRTXHWHULDFRPRUHVXOWDGRGDUFRQWDGDWLSRORJLDGHHYHQWRVWUDGLFLRQDOPHQWH IHLWDQDOLWHUDWXUDDSDUWLUGH9HQGOHU2VHVWDGRVHRVSURFHVVRVVmRFRPSRVWRVGHXP ~QLFR VXEHYHQWR 2V DFKLHYHPHQWV VmR FRPSRVWRV GH GRLV VXEHYHQWRV RX GH XP VXEHYHQWR ~QLFR GR WLSR %(&20( TXH LQYHUWH D SRODULGDGH GH XP SUHGLFDGR LVWR p SDVVDVH GH XP HVWDGR3[DXPHVWDGR¬3[RXYLFHYHUVD-iRVDFFRPSOLVKPHQWVVmRQRUPDOPHQWHFRPSRVWRV GHXPVXEHYHQWRGHDomRVHJXLGRGHXPVXEHYHQWRGHDFKLHYHPHQW 9HU QR ILQDO GHVWH FDStWXOR D FUtWLFD D HVVD VXSRVLomR IHLWD LQLFLDOPHQWH SRU 'RZW\ H FRPSDUWLOKDGD SRU 3XVWHMRYVN\H/HYLQ5DSSDSRUW+RYDY 9WHU0HXOHQ $$OWHUQkQFLD&DXVDWLYDQR3RUWXJXrVGR%UDVLO 3DXOR&KDJDVGH6RX]D 6HJXHP DEDL[R H[HPSORV GH FDGD WLSR GH HYHQWXDOLGDGH FRP VXD HVWUXWXUD GH HYHQWR D HVWUXWXUDFRQFHSWXDOOH[LFDOGHFDGDVXEHYHQWR>(&/·@HDHVWUXWXUDFRQFHSWXDOOH[LFDO>(&/@ GRHYHQWRFRPRXPWRGR (VWDGRV D $SRUWDHVWiIHFKDGD E 6 (VWUXWXUDGH(YHQWR H (&/· >IHFKDGRS@ (&/ >IHFKDGRS@ (VWDUHSUHVHQWDomRGRVHVWDGRVLQGLFDTXHHOHVVmRHYHQWXDOLGDGHVKRPRJrQHDVQDVTXDLVQmR VHGLVWLQJXHIDVHVRXVXEHYHQWRV 3URFHVVRV$WLYLGDGHV D 2-RmRFRUUHX E 3 (VWUXWXUDGH(YHQWR HHQ (&/· >FRUUHUM@ (&/ >FRUUHUM@ (VWD UHSUHVHQWDomR GRV SURFHVVRV RX DWLYLGDGHV QRV LQGLFD TXH HODV VmR HYHQWXDOLGDGHV TXH SRGHP VHU WLGDV FRPR KRPRJrQHDV GHSHQGHQGR GD JUDQXODULGDGH GD DQiOLVH (PERUD SRVVDPRVGHFRPSRURHYHQWRGHFRUUHUHPYiULRVPLQLHYHQWRVFRPROHYDQWDUDSHUQDEDL[DU D SHUQD HWF FRPR XP WRGR R HYHQWR p KRPRJrQHR HP VHU XP HYHQWR GH VH GHVORFDU GH GHWHUPLQDGDPDQHLUD (PLQJOrVFRQFHSWXDOOH[LFDOVWUXFWXUHRX/&6 &DS$6HPkQWLFD/H[LFDO 7UDQVLo}HV - $FKLHYHPHQWV D $SRUWDIHFKRX E 7 (VWUXWXUDGH(YHQWR 3 6 (&/· ¬>IHFKDGRS@>IHFKDGRS@ (&/ EHFRPH>IHFKDGRS@ (VWD UHSUHVHQWDomR GRV DFKLHYHPHQWV LQGLFD TXH HOHV VmR HYHQWXDOLGDGHV QmRKRPRJrQHDV QDV TXDLVVHGiDSDVVDJHPGHXPHVWDGRSDUDRXWURRSRVWR - $FFRPSOLVKPHQWV D 2-RmRIHFKRXDSRUWD E 7 (VWUXWXUDGH(YHQWR 3 6 (&/· >DFWMS∧¬>IHFKDGRS@>IHFKDGRS@ (&/ FDXVH>DFWMS@EHFRPH>IHFKDGRS@ $UHSUHVHQWDomRGRVDFFRPSOLVKPHQWVSRUILPLQGLFDTXHHOHVWDPEpPVmRHYHQWXDOLGDGHVQmR KRPRJrQHDVQDVTXDLVVHGiDSDVVDJHPGHXPHVWDGRSDUDRXWURRSRVWRHPFRQVHTrQFLDGD H[LVWrQFLDGHXPDDWLYLGDGHTXHFDXVDHVVDPXGDQoD $OpP GD GLYLVmR HP GRLV VXEHYHQWRV 3XVWHMRYVN\ XWLOL]D XPD FODVVLILFDomR GD ORFDOL]DomR WHPSRUDO GHVVHV VXEHYHQWRV $V SRVVLELOLGDGHV VmR SUHFHGrQFLD H[DXVWLYD UHSUHVHQWDGD SRU $$OWHUQkQFLD&DXVDWLYDQR3RUWXJXrVGR%UDVLO 3DXOR&KDJDVGH6RX]D <∝VXEVFULWRDRHYHQWRWRWDOLPEULFDomRH[DXVWLYDUHSUHVHQWDGDSRU∝VXEVFULWRDRHYHQWRH LPEULFDomRRUGHQDGDH[DXVWLYDUHSUHVHQWDGDSRU<∝VXEVFULWRDRHYHQWR([V - WLSRDFHQGHURDWRGHDFHQGHUDOX]SUHFHGHH[DXVWLYDPHQWHRHVWDGRHPTXHDOX]HVWi DFHVD - WLSRDFRPSDQKDUQHFHVVDULDPHQWHHQYROYHGRLVDWRVVLPXOWkQHRVVHMDGHDQGDUWRFDU XPDP~VLFDHWF - WLSRDUUDVWDURLQtFLRGRDWRGHDUUDVWDUXPREMHWRSUHFHGHRLQtFLRGRHVWDGRHPTXHR REMHWRVHPRYHPDVVHDWRFDXVDWLYRpLQWHUURPSLGRRHYHQWRFDXVDGRWDPEpPSiUD &RPHVVHVHRXWURVHOHPHQWRV3XVWHMRYVN\FRPS}HRTXHHOHGHQRPLQDHVWUXWXUDGHHYHQWR HVWHQGLGDTXHpFRPSRVWDGH(<|!HPTXH(pRFRQMXQWRGHHYHQWRVp XPDRUGHPSDUFLDOGHSDUWHGH<pXPDRUGHPSDUFLDOHVWULWDTXHLQGLFDSUHFHGrQFLDWHPSRUDO pDLPEULFDomRWHPSRUDO|pLQFOXVmRHpRQ~FOHRGRHYHQWR 2/p[LFR*HUDWLYRHD$OWHUQkQFLD&DXVDWLYD 2/p[LFR*HUDWLYRHD$OWHUQkQFLD&DXVDWLYD $QRomRGHQ~FOHRGRHYHQWRpIXQGDPHQWDOSDUDRHQWHQGLPHQWRGDSURSRVWDGH3XVWHMRYVN\ SDUD D DOWHUQkQFLD FDXVDWLYD $GRWDQGR D DQiOLVH ELVVHQWHQFLDO RX ELHYHQWXDO GRV HYHQWRV FDXVDWLYRV WDQWR XP TXDQWR R RXWUR VXEHYHQWR SRGH VHU DSUHVHQWDGR FRPR PDLV SURHPLQHQWH3XVWHMRYVN\XWLOL]DRWHUPRIRFRPDVHVVDWDOYH]QmRVHMDXPDHVFROKDPXLWRIHOL] GDGR R VLJQLILFDGR TXH Mi WHP QD OLWHUDWXUD VHPkQWLFD 6HULD SUHIHUtYHO DGRWDUPRV R WHUPR SHUVSHFWLYDGH)LOOPRUH1XPDWUDQVDomRFRPHUFLDOSRUH[HPSORWHPRVEDVLFDPHQWHGRLV SDUWLFLSDQWHV DJHQWLYRV R FRPSUDGRU H R YHQGHGRU H GXDV PDQHLUDV EiVLFDV GH DSUHVHQWDU R HYHQWR 'HSHQGHQGR GH TXDO HYHQWR IRU IRFDOL]DGR RX HVWLYHU HP SHUVSHFWLYD DSUHVHQWDUHPRV D WUDQVDomRFRPRXPDWRGHFRPSUDRXGHYHQGD 2V HYHQWRV FDXVDWLYRV FRPR YLPRV QR LQtFLR GHVWH FDStWXOR VmR FRPSRVWRV GH GRLV VXE HYHQWRVVHQGRRSULPHLURRHYHQWRFDXVDGRUHRVHJXQGRRHYHQWRFDXVDGR(OHVSRGHPVHU GRWLSRRXGRWLSRDFLPDRXVHMDQRPtQLPRRLQtFLRGRHYHQWRFDXVDGRUSUHFHGHRLQtFLR &DS$6HPkQWLFD/H[LFDO GRHYHQWRFDXVDGRVHQGRSRVVtYHOFRQWXGRTXHSDUWHGDGXUDomRGHXPGRLVVXEHYHQWRVVH VREUHSRQKDDSDUWHGRRXWURRXQmR 4XDQWR j TXHVWmR GD DOWHUQkQFLD FDXVDWLYD VH IRFDOL]DUPRV RX FRORFDUPRV HP SHUVSHFWLYD R VHJXQGRVXEHYHQWRRHYHQWRFDXVDGRWHUHPRVDIRUPDLQFRDWLYDLQWUDQVLWLYDRXUHIOH[LYD HVHIRFDOL]DUPRVRXFRORFDUPRVHPSHUVSHFWLYDRSULPHLURVXEHYHQWRRHYHQWRFDXVDWLYR WHUHPRVDIRUPDWUDQVLWLYD 2V YHUERV TXH UHSUHVHQWDP WUDQVLo}HV RX VHMD RV DFFRPSOLVKPHQWV H DFKLHYHPHQWV WrP XP FRPSRQHQWHGHPXGDQoDHPVHX VLJQLILFDGRSRGHQGRVHUFRQFHSWXDOL]DGRVFRPRWHQGRXP FRPSRQHQWHGHFDXVDomRRXQmR1DDXVrQFLDGHHVSHFLILFDomRRXVHMDQDVLWXDomRGHIDXOW HVSHUDVHTXHHVVHVYHUERVSRVVDPDOWHUQDUeRTXHVXVWHQWDDSURSRVWDGH3XVWHMRYVN\GHXP SDUDGLJPD FRQFHSWXDO OH[LFDO 1D UHDOLGDGH R FRQFHLWR GH SDUDGLJPD FRQFHSWXDO OH[LFDO VH DSOLFD QmR Vy DRV YHUERV TXH UHSUHVHQWDP WUDQVLo}HV PDV D WRGD XPD JDPD GH JUXSRV GH SDODYUDVTXHSRVVLELOLWDPPDLVGHXPDLQWHUSUHWDomRGHIRUPDVLVWHPiWLFD 8PH[HPSORGHVVHWLSRGHSDUDGLJPDpDDOWHUQkQFLDTXHPXLWRVVXEVWDQWLYRVDSUHVHQWDPHQWUH XPD LQWHUSUHWDomR FRPR FRQWiYHLV H QmRFRQWiYHLV RX GH PDVVD H VXDV FRQVHTrQFLDV VLQWiWLFDVeRTXHRFRUUHFRPVXEVWDQWLYRVFRPRFHUYHMDiJXDFDUQHLURHWF (XWRPHLFHUYHMD (XWRPHLGXDVFHUYHMDV (OHFRPSURXYiULRVFDUQHLURV (OHFRPSURXFDUQHLURSDUDID]HUXPFKXUUDVFR (VVH WLSR GH DOWHUQkQFLD VH UHODFLRQD FRP RV GRLV PHFDQLVPRV SRVWXODGRV SRU /HZLV GHQRPLQDGRV8QLYHUVDO3DFNDJLQJH8QLYHUVDO*ULQGLQJDOJRFRPRXP´HPEDODPHQWRXQLYHUVDOµH XPD´WULWXUDomRXQLYHUVDOµ(OHVVHUHODFLRQDPUHVSHFWLYDPHQWHDRVH[HPSORVHHP TXHWHPRVXPVXEVWDQWLYRGHPDVVDFHUYHMDSDVVDQGRDVHULQWHUSUHWDGRFRPRXPVXEVWDQWLYR FRQWiYHOHRRSRVWRRFRUUHQGRFRPFDUQHLUR &RQVLGHUDGDXPDFKLHYHPHQWSRU3XVWHMRYVN\HPERUDQHPVHPSUHDFRUUHVSRQGrQFLDVHGr $FFRPSOLVKPHQWVVHJXQGR3XVWHMRYVN\PHVPDVLWXDomRGDQRWDDQWHULRU 9HUGHWDOKHVVREUHRXVRGHGHIDXOWVQDWHRULDOLQJtVWLFDQRVFDStWXORVH $$OWHUQkQFLD&DXVDWLYDQR3RUWXJXrVGR%UDVLO 3DXOR&KDJDVGH6RX]D (PERUD R QRPH GDGR D HVVHV GRLV SURFHVVRV VHMD HPEDODPHQWR H WULWXUDomR XQLYHUVDO Ki UHVWULo}HV VREUH HOHV TXH VH UHODFLRQDP FRP R FRQKHFLPHQWR GH PXQGR 1mR SDUHFH VHU SRVVtYHOSRUH[HPSORVXEPHWHURVXEVWDQWLYRJDVROLQDDHVVH´HPEDODPHQWRXQLYHUVDOµFRPR VHYrQRH[HPSOR (ODFRPSURXJDVROLQD (ODFRPSURXGXDVJDVROLQDV 2TXHpUHOHYDQWHHLPSHGHDLQWHUSUHWDomRGHJDVROLQDFRPRDOJRFRQWiYHOIRUDDLQWHUSUHWDomR GH ¶WLSRV GH JDVROLQD· p R IDWR GH JDVROLQD QmR VHU YHQGLGD HP HPEDODJHQV UHFLSLHQWHV FRQWiYHLV FRPR VmR iJXD FHUYHMD HWF ,VVR p FRUURERUDGR SHOR IDWR GH R VXEVWDQWLYR iJXD SRGHUVRIUHU´HPEDODPHQWRXQLYHUVDOµTXDQGRIDODPRVGHiJXDFRPRDOJRSDUDEHEHUTXHp YHQGLGRHPFRSLQKRVJDUUDIDVHWFPDVQmRTXDQGRIDODPRVGDiJXDFRUUHQWHFRQVXPLGDHP UHVLGrQFLDVSRUH[HPSOR (XYRXOiQREDUFRPSUDUGXDViJXDVHMiYROWR (XJDVWHLFHPiJXDVHVVHPrVOiHPFDVD 'HYHPRV UHVVDOWDU DTXL R IDWR GH R FRQKHFLPHQWR GR Op[LFR H R FRQKHFLPHQWR GR PXQGR HVWDUHP HVWUHLWDPHQWH HQWUHODoDGRV QD DERUGDJHP GH 3XVWHMRYVN\ R TXH VH DSUR[LPD GD SURSRVWD GH -DFNHQGRII GD H[LVWrQFLD GH XPD HVWUXWXUD FRQFHSWXDO TXH FRQWpP WRGRV RV HOHPHQWRV UHODFLRQDGRV DR VLJQLILFDGR QDV OtQJXDV QDWXUDLV GH IRUPD TXH D IURQWHLUD HQWUH R FRQKHFLPHQWROLQJtVWLFRHRFRQKHFLPHQWRGHPXQGRVHH[LVWLUVHULDFRQVLGHUDGDFRPRXPD PHPEUDQDVHPLSHUPHiYHO'DPHVPDIRUPDVHDSUR[LPDWDPEpPGDSURSRVWDGH%LHUZLVFK VHJXQGR D TXDO H[LVWHP XPD IRUPD VLQWiWLFD XPD IRUPD VHPkQWLFD H XPD IRUPD FRQFHSWXDO 'HVWDVGXDV~OWLPDVDIRUPDVHPkQWLFDpLQWHLUDPHQWHOLQJtVWLFDHQTXDQWRDIRUPDFRQFHSWXDO pQmROLQJtVWLFD1RHQWDQWRDVGXDVVHLQIOXHQFLDPPXWXDPHQWHGHPDQHLUDHVWUHLWD 9ROWDQGR jV DOWHUQkQFLDV DOpP GHVVH H[HPSOR H[WUHPDPHQWH GLIXQGLGR HQWUH RV VXEVWDQWLYRV GHXPDDOWHUQkQFLDVLQWiWLFDFRUUHVSRQGHQWHDXPDYDULDomRQDLQWHUSUHWDomRGRVLWHQVOH[LFDLV VXMHLWR D UHVWULo}HV UHODFLRQDGDV DR QRVVR FRQKHFLPHQWR GH PXQGR WHPRV HQWUH RV YHUERV HQWUHRXWURVRH[HPSORGDDOWHUQkQFLDFDXVDWLYD8PYHUERFXMRVHQWLGRpRGHXPDWUDQVLomR &DS$6HPkQWLFD/H[LFDO SRGHVHPSUHHPSULQFtSLRDGPLWLUDDOWHUQkQFLD)DWRUHVGLYHUVRVHQWUHRVTXDLVXPGRVTXH SUHGRPLQDpRFRQKHFLPHQWRGHPXQGRUHIOHWLGR QRWLSRGHFDXVDomRHQYROYLGRH[WHUQDRX LQWHUQD SRGHP EORTXHDU D UHDOL]DomR GR SDUDGLJPD FRQFHSWXDO OH[LFDO FDXVDWLYR GHIDXOW $OpP GRWLSRGHFDXVDomRDKLVWyULDGDOtQJXDSRGHWHUIHLWRFRPTXHHODWHQKDSDUHVGHULYDGRVGH UDGLFDLV GLIHUHQWHV 'H DFRUGR FRP D GLVWLQomR TXH YHUHPRV QR ILQDO GHVWH FDStWXOR R YHUER PDWDURXPRUUHUGHYHULDDGPLWLUDDOWHUQkQFLDMiTXHDPRUWHSRGHVHUUHVXOWDGRWDQWRGHXPD FDXVD LQWHUQD TXDQWR GH XPD FDXVD H[WHUQD 1mR p R TXH RFRUUH QD PDLRULD GDV OtQJXDV HXURSpLDVHQWUHWDQWR(PEDVFRWRGDYLDRPHVPRYHUERKLOHPQHJULWRQRVH[HPSORVH pXWLOL]DGRFRPRVGRLVVLJQLILFDGRVRTXHVHFRQVWDWDDVHJXLU$GLIHUHQoDHQWUHRVGRLV VLJQLILFDGRV R FDXVDWLYR H R LQFRDWLYR p GDGD SHOR DX[LOLDU UHVSHFWLYDPHQWH GXWH GR YHUER XNDQ¶WHU·HGDGRYHUERL]DQ¶VHU· 7[DNXUDPRUUDWXEDWKLOGXWH &DFKRUURORXFRXPPDWDU$8;SS ¶0DWDUDPXPFDFKRUURORXFR· 7[DNXUDPRUUDWXDKLOGD &DFKRUURORXFR$57'()PRUUHU$8;SV ¶2FDFKRUURORXFRPRUUHX· $SHVDU GHVVD SRVVLELOLGDGH WHRULFDPHQWH VHPSUH H[LVWHQWH GH XP YHUER TXH UHSUHVHQWD XPD WUDQVLomR DOWHUQDU Ki WUrV WLSRV GH FRPSRUWDPHQWRV SRVVtYHLV 2VYHUERV TXH D DGPLWHP VmR VXEHVSHFLILFDGRV SRGHQGR WHU R SULPHLUR RX R VHJXQGR VXEHYHQWR FRORFDGR HP SHUVSHFWLYD 6mR YHUERV FRPR DXPHQWDU DFDOPDU HWF 0DV Ki DLQGD RV YHUERV TXH RFRUUHP VRPHQWHQDIRUPDWUDQVLWLYDRXVRPHQWHQDLQWUDQVLWLYDUHIOH[LYD(VVHVVmRHVSHFLILFDGRVQR Op[LFR FRPR WHQGR Q~FOHR QR SULPHLUR RX QR VHJXQGR VXEHYHQWR UHVSHFWLYDPHQWH 7rP Q~FOHRQRSULPHLURVXEHYHQWRRFDXVDWLYRYHUERVFRPRPDWDUHQRVHJXQGRVXEHYHQWRR FDXVDGRYHUERVFRPRPRUUHU eSRVVtYHOQRHQWDQWRXWLOL]DUHVVDRUDomRFRPDLQWHUSUHWDomRGHTXHHODFRPSURXGRLVWLSRVGHJDVROLQD(VVD pXPDRXWUDPDQHLUDGHWRUQDUFRQWiYHLVRVVXEVWDQWLYRVGHPDVVDRXVHMDIDODUGHWLSRVGHJDVROLQDGHYLQKR HWF *ORVRKLOFRPR¶PDWDU·HPHFRPR¶PRUUHU·HPDSHQDVSDUDIDFLOLWDUPDVVHWUDWDGRPHVPRYHUERHP EDVFR 9HUGHWDOKHVQRFDStWXOR $$OWHUQkQFLD&DXVDWLYDQR3RUWXJXrVGR%UDVLO 3DXOR&KDJDVGH6RX]D $VVLP FRPR QRUPDOPHQWH IDODPRV GR SDUDGLJPD QRPLQDO UHIHULQGRQRV DRV FDVRV TXH R VXEVWDQWLYR SRGH UHFHEHU RX GR SDUDGLJPD YHUEDO IDODQGR GRV WHPSRV PRGRV HWF SRGHUtDPRVIDODUWDPEpPGHXPSDUDGLJPDTXHDEUDQJHDVGLIHUHQWHVUHDOL]Do}HVGHXPYHUER QD VLQWD[H JURVVR PRGR FRUUHVSRQGHQWH jV DOWHUQkQFLDV (VSHFLILFDPHQWH QR TXH VH UHIHUH DRV YHUERV HOH SURS}H D H[LVWrQFLD GR VHJXLQWH SDUDGLJPD FRQFHSWXDO OH[LFDO GHIDXOW GRV YHUERV FDXVDWLYRV DIXQGDU ESTRUTURA DE EVENTO = E1 = e1: processo E2 = e2: estado RESTR ARG1 1 = = <∝ objeto físico FORMAL = entidade ESTR. ARGUMENTAL ARG 2 2 = objeto físico FORMAL = entidade lcp- causativo-default ESTR. DOS QUALIA = FORMAL = resultado_afundar (e2, AGENTIVO = ato_afundar (e1, 1 2 ) ,2 ) 9HMDPRV HP GHWDOKH R TXH HVWD$90 FRQWpP 1R DOWR WHPRV R QRPH GD SDODYUD D TXH VH UHIHUH HVVD $90 DIXQGDU 1D SULPHLUD VXEPDWUL] WHPRV VXD HVWUXWXUD GH HYHQWR TXH p FRPSRVWDGHGRLVVXEHYHQWRVRSULPHLURXPSURFHVVRHRVHJXQGRXPHVWDGR(VVHVVXE HYHQWRV VmR RUGHQDGRV GH DFRUGR FRP D UHVWULomR TXH LQGLFD TXH R SULPHLUR VXEHYHQWR SUHFHGHRVHJXQGR1DVHJXQGDVXEPDWUL]WHPRVDHVWUXWXUDDUJXPHQWDOGRHYHQWRFRPSRVWD GHGRLVDUJXPHQWRVVHQGRTXHDPERVVmRREMHWRVItVLFRV&DGDDUJXPHQWRpDFRPSDQKDGRGH $WWULEXWHYDOXHPDWUL[RXVHMDPDWUL]GHDWULEXWRVHYDORUHV96KLHEHUSDUDXPDLQWURGXomR &DS$6HPkQWLFD/H[LFDO XPTXDGULQKRTXHFRQWpPXPtQGLFHFRUUHVSRQGHQWHDSUR[LPDGDPHQWHDRVtQGLFHVXWLOL]DGRV QD WHRULD FKRPVN\DQD 1D WHUFHLUD VXEPDWUL] WHPRV D HVWUXWXUD GRV TXDOLD TXH Mi YLPRV DQWHULRUPHQWH HP UHIHUrQFLD D XP VXEVWDQWLYR 4XDQGR VH WUDWD GH XP YHUER 3XVWHMYRVN\ FRQVLGHUD TXH R TXDOH DJHQWLYR UHSUHVHQWD R HYHQWR FDXVDGRU H R TXDOH IRUPDO UHSUHVHQWD R HYHQWRUHVXOWDQWHRXFDXVDGR(OHVLQGLFDPUHVSHFWLYDPHQWHQHVWHFDVRRDWRGHID]HUDIXQGDU HRUHVXOWDGRGRDIXQGDPHQWR&DGDXPGHVVHVVXEHYHQWRVpUHSUHVHQWDGRSRUXPDIyUPXOD GDYLGVRQLDQD2DWRGHID]HUDIXQGDUpRSULPHLURVXEHYHQWRGDHVWUXWXUDGHHYHQWRHH WHP FRPR DUJXPHQWRV RV GRLV REMHWRV ItVLFRV UHSUHVHQWDGRV SHORV tQGLFHV H GHQWUR GRV TXDGULQKRV TXH UHSUHVHQWDP LGHQWLGDGH FRP RV HOHPHQWRV GD HVWUXWXUD DUJXPHQWDO 2 UHVXOWDGR GR DIXQGDPHQWR p R VHJXQGR VXEHYHQWR GD HVWUXWXUD GH HYHQWR H H WHP FRPR ~QLFRDUJXPHQWRRVHJXQGRHOHPHQWRGDHVWUXWXUDDUJXPHQWDO 8P ~OWLPR SRQWR GH LPSRUWkQFLD IXQGDPHQWDO QR WUDWDPHQWR GH 3XVWHMRYVN\ GD DOWHUQkQFLD FDXVDWLYD p R IDWR GH R SDUDGLJPD FRQFHSWXDO OH[LFDO VHU XP GRV PHFDQLVPRV XWLOL]DGRV SRU 3XVWHMRYVN\SDUDGLPLQXLUDH[WHQVmRGROp[LFRHVDOLHQWDUUHODo}HVGHSROLVVHPLDUHFRUUHQWHV 8POp[LFRGHHQXPHUDomRGHVHQWLGRVRWLSRTXH3XVWHMRYVN\FRQVLGHUDVHURPDLVGLIXQGLGR DSHQDVDSUHVHQWDRVGLYHUVRVVHQWLGRVSRVVtYHLVGHXPLWHPOH[LFDOVHPFRQVLGHUDUTXHKiXPD RUJDQL]DomR RX KLHUDUTXLD HQWUH HVVHV YiULRV VHQWLGRV ,VVR WHP FRPR FRQVHTrQFLD WUDWDU IHQ{PHQRVFRPRDKRPRQtPLDHDSROLVVHPLDGHIRUPDLJXDO3RGHPRVYHULILFDUTXHUHODFLRQDU D PHVPD VHTrQFLD IRQROyJLFD j IUXWD PDQJD H j SDUWH GH SHoDV GR YHVWXiULR p PXLWR PDLV DUELWUiULRHDFLGHQWDOGRTXHUHODFLRQDUDVHTrQFLDIRQROyJLFDDXPHQWDUDXPGHWHUPLQDGRWLSR GHHYHQWRFDXVDWLYRHDRXWURWLSRGHHYHQWRLQFRDWLYRSDUHFHPXLWRPHQRVDUELWUiULRMiTXH HPDPERVWHPRVDDOWHUDomRHPDOJXPDGLPHQVmRGHDOJXPVHU 2 SDUDGLJPD FRQFHSWXDO OH[LFDO UHIOHWH HVVH WLSR UHFRUUHQWH GH SROLVVHPLD GHQRPLQDGR SROLVVHPLDOyJLFDSRU3XVWHMRYVN\8PDVyHQWUDGDOH[LFDOMiFRQWpPSHORPHQRVGRLVVHQWLGRV DVVRFLDGRVTXHVHUHODFLRQDPHVWUHLWDPHQWHQXPSDGUmRUHFRUUHQWH$VVRFLDGRDFDGDVHQWLGR 2SULPHLURHRVHJXQGRVXEHYHQWRVFRUUHVSRQGHPQHVVDRUGHPjVIDVHVGHVFULWDVSHORVSUHGLFDGRV+ROGH&XO GH3DUVRQV )yUPXOD TXH UHSUHVHQWD R VLJQLILFDGR GRV YHUERV LQFOXLQGR XPD SRVLomR DUJXPHQWDO UHIHUHQWH DR HYHQWR Y 'DYLGVRQ1RLQILQLWLYRSRUUHSUHVHQWDURWLSRDIXQGDUHODpXPDIyUPXODFRPDEVWUDomRSRUODPEGDV1R LQGLFDWLYR HVVD UHSUHVHQWDomR p TXDQWLILFDGD H[LVWHQFLDOPHQWH R TXH LQGLFD TXH R HYHQWR DFRQWHFHXDFRQWHFHDFRQWHFHUi 0DLVHVSHFLILFDPHQWHWRNHQLGHQWLW\LGHQWLGDGHGHRFRUUrQFLDVQmRGHWLSRV93ROODUG6DJ $$OWHUQkQFLD&DXVDWLYDQR3RUWXJXrVGR%UDVLO 3DXOR&KDJDVGH6RX]D WHPRVXPDIRUPDGHUHDOL]DomRVLQWiWLFDRXVHMDDVVRFLDGRDXPSDUDGLJPDFRQFHSWXDOOH[LFDO WHPRV XP SDUDGLJPD GLDWpWLFR 1R FDVR GD DOWHUQkQFLD FDXVDWLYD DV GXDV SRVVLELOLGDGHV GH UHDOL]DomR GHSHQGHP GH TXDO RX TXDLV VXEHYHQWRV VmR SURMHWDGRV FRPR FRQVHTrQFLD GR PHFDQLVPRGHQXFOHDUL]DomR (VSHFLILFDPHQWHQRTXHVHUHIHUHjDOWHUQkQFLDFDXVDWLYDRPRGHORSURSRVWRSRU3XVWHMRYVN\ FRPRSXGHPRVYHUQRVIRUQHFHXPPHFDQLVPRTXHH[SOLFDRUHODFLRQDPHQWRGDDOWHUQkQFLD FRPDFDXVDWLYLGDGHPDVQmRWHQWDHVWDEHOHFHUUD]}HVSHODVTXDLVXPYHUERSRGHDOWHUQDURX QmR1HVVHSDUWLFXODURPRGHORGH3XVWHMRYVN\FRPRIRLHOHRSURS}HHTXLYDOHjSURSRVWDGH %XU]LRQDVLQWD[HSRLVWHUtDPRVTXHXVDUGLDFUtWLFRVSDUDGLVWLQJXLURVYHUERVTXHDDGPLWHP 2 PRGHOR VH HTXLYRFD WDPEpP HP LJXDODU D GHFRPSRVLomR GRV SUHGLFDGRV FRP PHWD SUHGLFDGRVHVXDVSURSULHGDGHVDVSHFWXDLVFRPRVHUiDQDOLVDGRQRILQDOGHVWHFDStWXOR 1R HQWDQWR FRPR YHUHPRV QR ILQDO GHVWH FDStWXOR H QRV VHJXLQWHV FHUWRV HOHPHQWRV GH VXD SURSRVWD SRGHP VHU HQULTXHFLGRV GH IRUPD TXH GrHP FRQWD GH PDQHLUD PDLV DGHTXDGD GD YDULDomRTXDQWRjDFHLWDomRGDDOWHUQkQFLD (YHQWRV&DXVDGRV([WHUQDPHQWH,QWHUQDPHQWH (YHQWRV&DXVDGRV([WHUQDPHQWH,QWHUQDPHQWH 'RLV WUDEDOKRV GD ~OWLPD GpFDGD WUDWDP GD DOWHUQkQFLD FDXVDWLYDV GH IRUPD VHPHOKDQWH R GH /DEHOOH VREUH R IUDQFrV H R GH /HYLQ 5DSSDSRUW+RYDY VREUH R LQJOrV $PERV VH EDVHLDP IXQGDPHQWDOPHQWH QD GLVWLQomR HQWUH HYHQWRV FDXVDGRV LQWHUQDPHQWH H HYHQWRVFDXVDGRVH[WHUQDPHQWH([DPLQRHFRPHQWRRVGRLVQHVWDVHomR 9%DEE\ 2XWURVPHFDQLVPRVSRVVLELOLWDPDH[WHQVmRGRQ~PHURGHVHQWLGRVTXHXPYHUERSRGHWHUHQWUHRVTXDLVD FRPSRVLomRGHHYHQWRVTXHID]FRPTXHXPYHUERGHDWLYLGDGHFRPRFRUUHUSDVVHDVHUXPYHUERGHDFFRPSOLVKPHQW DRVHFRPSRUFRPXPDGMXQWRGLUHFLRQDOFRPRHP&RUUHUDWpR,ELUDSXHUD &RPR GLVVH QR FDStWXOR :KLWDNHU)UDQFKL WUDWD D TXHVWmR QR SRUWXJXrV HP WHUPRV GH DIHWDomR H DJHQWLYLGDGH4XDQGRIRUSHUWLQHQWHIDUHLUHIHUrQFLDDVXDVFRQFOXV}HVWDPEpP &DS$6HPkQWLFD/H[LFDO /DEHOOH /DEHOOH /DEHOOH WUDWD GRV YHUERV GH PXGDQoD GH HVWDGR QR IUDQFrV RV TXDLV SRGHP VHU FODVVLILFDGRV HP WUrV JUXSRV FRQIRUPH D IRUPD GD DOWHUQkQFLD TXH DGPLWHP DOJXQV DFHLWDP DSHQDVDIRUPDLQWUDQVLWLYDRXWURVDSHQDVDUHIOH[LYDHXPWHUFHLURJUXSRDGPLWHDVGXDV([ /HSRXOHWFXLW >PHXJUXSR7,@ 2IUDQJRFR]LQKD ""/HSRXOHWVHFXLW 2IUDQJRVHFR]LQKD ¶2IUDQJRHVWiFR]LQKDQGR· /·LPDJHDJJUDQGLW >PHXJUXSR75@ >PHXJUXSR75,@ $LPDJHPDXPHQWD /·LPDJHV·DJJUDQGLW $LPDJHPVHDXPHQWD ¶$LPDJHPVHDPSOLD· /HYDVHFDVVH 2YDVRTXHEUD /HYDVHVHFDVVH 2YDVRVHTXHEUD ¶2YDVRTXHEUD· $SyVH[DPLQDUQRYHSUHWHQVRVWHVWHVGHLQDFXVDWLYLGDGHHQWUHRVTXDLVVHLQFOXHPDHVFROKDGR DX[LOLDUDYRLURXrWUHDVFRQVWUXo}HVLPSHVVRDLVHDFOLWLFL]DomRFRPHQHDVUHODWLYDVHQFDL[DGDV GH LQILQLWLYR WRGRV GLVWLQJXLQGR EHP RV LQDFXVDWLYRV GRV LQHUJDWLYRV H RXWURV QmR WmR SUHFLVRVFRPRDFRQVWUXomRGHWRXJK/DEHOOHFRQFOXLTXHRVYHUERVLQWUDQVLWLYRVGHPXGDQoD GH HVWDGR VH FRPSRUWDP FRPR LQHUJDWLYRV HQTXDQWR RV UHIOH[LYRV GH PXGDQoD GH HVWDGR VH FRPSRUWDP FRPR LQDFXVDWLYRV 2 SUREOHPD FRP R SRUWXJXrV p TXH SUDWLFDPHQWH QHQKXP GHVVHV WHVWHV VH DSOLFD Mi TXH QmR GLVWLQJXLPRV LQDFXVDWLYRV H LQHUJDWLYRV DWUDYpV GR XVR GR 3RVVtYHOFRPRPHGLDOVHJXQGR/DEHOOH $$OWHUQkQFLD&DXVDWLYDQR3RUWXJXrVGR%UDVLO 3DXOR&KDJDVGH6RX]D DX[LOLDU QmR WHPRV XP FOtWLFR FRPR HQ QHP GLVWLQJXLPRV RV LQWUDQVLWLYRV DWUDYpV GH VHX FRPSRUWDPHQWR HP RUDo}HV HQFDL[DGDV GH LQILQLWLYR )LFD LPSRVVLELOLWDGD XPD SUHWHQVD WHQWDWLYDGHUHSOLFDURVUHVXOWDGRVGH/DEHOOHFRPUHODomRDRVYHUERVGRSRUWXJXrV 8PSRQWRGHVHXWH[WRTXHWHPUHODomRPDLVGLUHWDFRPHVWDWHVHHTXHSRGHVHUYHULILFDGRp VXD DQiOLVH GRV YHUERV GH PHX JUXSR 75, TXH VHJXQGR /DEHOOH VmR XVDGRV QD IRUPD LQWUDQVLWLYD TXDQGR R SDFLHQWH WHP SURSULHGDGHV VXILFLHQWHV SDUD GHVHQFDGHDU R SURFHVVR FRPRQRVH[HPSORVHHQDIRUPDUHIOH[LYDTXDQGRHODVVmRLQVXILFLHQWHVFRPRQRV H[HPSORVH -HDQQHVHURXJLW -HDQQHVHFRUDILFDYHUPHOKD ¶$-HDQQHFRUD· ,OYLWOHPRXFKRLUVHURXJLUVRXGDLQ (OHYLXROHQoRVHDYHUPHOKDUGHUHSHQWH ¶(OHYLXROHQoRILFDUYHUPHOKRGHUHSHQWH· $SUqVO·H[WUDFWLRQGXQHUIOHVGHQWVVHQRLUFLVVHQW $SyVDH[WUDomRGRQHUYRRVGHQWHVVHSUHWHMDP ¶$SyVDH[WUDomRGRQHUYRRVGHQWHVILFDPSUHWRV· /HVPXUVSUqVGHODFKHPLQpH"VHQRLUFLVVHQW 2VPXURVSHUWRGHDFKDPLQp"VHSUHWHMDP ¶2VPXURVSHUWRGDFKDPLQpILFDPSUHWRV· +iHYLGrQFLDVGHTXHLVVRQmRRFRUUHQRSRUWXJXrVGR%UDVLOjVYH]HVDWpRFRQWUiULRFRPR YHPRV QRV H[HPSORV H FRP YHUERV GH PRYLPHQWR 0XLWRV TXH DFHLWDP D IRUPD UHIOH[LYDVyRID]HPFRPVXMHLWRVDQLPDGRVRTXHSDUHFHLUFRQWUDDJHQHUDOL]DomRGH/DEHOOHH OHYDQWD D VXVSHLWD GH TXH HOHV VHMDP FRQFHSWXDOL]DGRV FRPR FDXVDWLYRV QHVVH FDVR HP SRUWXJXrV([ (OHYLURXRFDUURSDUDDHVTXHUGD (OHYLURXREHErSDUDDHVTXHUGD (PERUDWLYpVVHPRVQRSRUWXJXrVDUFDLFRYFDS &DS$6HPkQWLFD/H[LFDO 2FDUURVHYLURXSDUDDHVTXHUGD 2PHQLQRVHYLURXSDUDDHVTXHUGD 2FDUURVHYLURX 2PHQLQR""VHYLURX (XOHYDQWHLDFDGHLUDGRFKmR $FDGHLUDOHYDQWRXGRFKmR "$FDGHLUDVHOHYDQWRXGRFKmR (XOHYDQWHLREHErGDFDGHLUD 2EHErVHOHYDQWRXGDFDGHLUD +DYHULD GXDV SRVVtYHLV DQiOLVHV SDUD HVVH WLSR GH YDULDomR 1XPD VH FRQVLGHUDULD TXH FRP VHUHV DQLPDGRV DOpP GD IRUPD LQFRDWLYD RX HP FHUWRV FDVRV H[FOXLQGRD p SRVVtYHO XPD IRUPDTXHpYHUGDGHLUDPHQWHUHIOH[LYDRXVHMDFRPRYHUEROHYDQWDUVHRVXMHLWRUHDOPHQWHp XPFDXVDGRUGRHYHQWRGHOHYDQWDUGRTXDOHOHWDPEpPpRSDFLHQWHDOJRFRPR¶[IH][HVWDU QDSRVLomRYHUWLFDO·1XPDVHJXQGDDQiOLVHFRQVLGHUDUtDPRVTXHDIRUPDLQFRDWLYDDGPLWHDV GXDVSRVVLELOLGDGHVUHIOH[LYDRXLQWUDQVLWLYDFRPHVVHVYHUERVPDVVRPHQWHDGPLWHDIRUPD UHIOH[LYD FRP VXMHLWRV TXH WrP SURSULHGDGHV VXILFLHQWHV SDUD GHVHQFDGHDU R SURFHVVR R TXH QRV OHYDULD j FRQFOXVmR FRQWUiULD GH /DEHOOH 1R HQWDQWR FRPR QmR SXGH YHULILFDU XPD DVVLPHWULD UHFRUUHQWH FRQVLVWHQWH FRP HVVH WLSR GH YDULDomR QmR SRVVR DILUPDU LVVR FDWHJRULFDPHQWH /HYLQ5DSSDSRUW /HYLQ5DSSDSRUW+RYDY +RYDY /HYLQ5DSSDSRUW+RYDYYrPGHVHQYROYHQGRKiPDLVGHDQRVXPWUDEDOKRTXHH[SORUD DVHPkQWLFDOH[LFDOHVXDUHODomRFRPDVLQWD[HYHUEDO6XDDERUGDJHPYHPVHFRQFHQWUDQGRQR TXHHODVGHQRPLQDPYHUERVGHFRPSRUWDPHQWRYDULiYHORXVHMDDTXHOHVTXHSRGHPDSDUHFHU HPPDLVGHXPDGLiWHVHRVTXDLVHODVFRQVLGHUDPUHYHODGRUHVGRIXQFLRQDPHQWRGDLQWHUIDFH VLQWD[HVHPkQWLFD (P /HYLQ SXEOLFRX XP OHYDQWDPHQWR GRV WLSRV GH DOWHUQkQFLD HQFRQWUDGRVHPLQJOrVHQWUHRVTXDLVVHLQFOXHPDDOWHUQkQFLDGDWLYDDDOWHUQkQFLDFRQDWLYDD DOWHUQkQFLDFDXVDWLYDHWF2LQWXLWRGHVVHWUDEDOKRQRHQWDQWRHUDEDVLFDPHQWHGHVFULWLYR2 $$OWHUQkQFLD&DXVDWLYDQR3RUWXJXrVGR%UDVLO 3DXOR&KDJDVGH6RX]D SRUWXJXrV GR %UDVLO DLQGD HVSHUD TXH VHMD IHLWR XP WUDEDOKR GHVVH WLSR SRLV QRVVD OtQJXD DSUHVHQWDDOJXQVWLSRVGHDOWHUQkQFLDQmRHQFRQWUDGRVQRLQJOrV5HDOL]DUSDUWHGHVVHWUDEDOKR PDV XQLU HVVD GHVFULomR D XPD GLVFXVVmR WHyULFD p XP GRV REMHWLYRV GHVWD WHVH $ SUySULD DOWHUQkQFLD FDXVDWLYD FRPR Mi IRL DSRQWDGR DFLPD DSUHVHQWD D SRVVLELOLGDGH GH D IRUPD LQFRDWLYDVHULQWUDQVLWLYDRXUHIOH[LYDRTXHQmRRFRUUHQRLQJOrV (PERUDVHXIRFRIRVVHDLQDFXVDWLYLGDGH/HYLQ5DSSDSRUW+RYDYIRLRWUDEDOKRTXH PDLV DYDQoRX QD GHWHUPLQDomR GDV FDXVDV GD DOWHUQkQFLD FDXVDWLYD $V DXWRUDV H[DPLQDP RV YHUERV LQDFXVDWLYRV H D DOWHUQkQFLD FDXVDWLYD EXVFDQGR GHWHUPLQDU TXDLV RV IDWRUHV TXH D GHWHUPLQDPRXDLPSHGHP&KHJDUDPDXPDFODVVLILFDomRHPGRLVWLSRVGHHYHQWRVRVHYHQWRV FDXVDGRVLQWHUQDPHQWHHRVFDXVDGRVH[WHUQDPHQWH 2 SRQWR GH SDUWLGD GHODV p D QRomR GH FRQWUROH GH 6PLWK VHJXQGR D TXDO RV YHUERV FRPR ULU EULQFDU H IDODU TXH GHQRWDP HYHQWXDOLGDGHV TXH ´QmR SRGHP VHU FRQWURODGDV H[WHUQDPHQWHµ PDV ´SRGHP VHU FRQWURODGDV DSHQDV SHOD SHVVRD TXH VH HQYROYH QHODVµ 2 FRQWUROH HQWmR QmR SRGH VHU FHGLGR D RXWUD SHVVRD (VVHV VHULDP RV YHUERV GH FRQWUROH LQWHUQR/HYLQH5DSSDSRUW+RYDYQmRXWLOL]DPRWHUPRFRQWUROHSRUTXHHQWUHHVVHVYHUERVVH LQFOXHP DOJXQV FRPR WUHPHU TXH GHQRWDP HYHQWRV TXH QmR SRGHP VHU FRQWURODGRV H[WHUQDPHQWHPDVWDPEpPQmRVmRFRQWURODGRVLQWHUQDPHQWH3RUHVVHPRWLYRHODVXWLOL]DP RV FRQFHLWRV GH FDXVDomR LQWHUQD RX H[WHUQD GRV HYHQWRV 1R FDVR GH YHUERV FRPR FRUDU H WUHPHU R HYHQWR TXH HOHV GHQRWDP p FDXVDGR SRU SURSULHGDGHV GR SUySULR LQGLYtGXR QRUPDOPHQWHXPDUHDomRHPRFLRQDO 2VGRLVYHUERVPHQFLRQDGRVDFLPDHQYROYHPVHUHVDQLPDGRVPDV PHVPR VHUHVLQDQLPDGRV SRGHP VHU R ~QLFR DUJXPHQWR GH XP YHUER TXH GHQRWD XP HYHQWR FDXVDGR LQWHUQDPHQWH FRPR SRU H[HPSOR FRP RV YHUERV GH HPLVVmR TXH FRPSUHHQGHP RV YHUERV TXH GHQRWDP HPLVVmRGHVRPOX]FKHLURRXVXEVWkQFLDFRPRSRUH[HPSOR]XPELUEULOKDUIHGHUHMRUUDU2 IDWRGHQRUPDOPHQWHHVVHVYHUERVQmRDSUHVHQWDUHPXPDGLiWHVHFDXVDWLYDpHYLGrQFLDGHTXH VmR FRQFHSWXDOL]DGRV FRPR LQWHUQDPHQWH FDXVDGRV 'HYHPRV REVHUYDU QR HQWDQWR TXH p $OpP GLVVR QXP WUDEDOKR HP DQGDPHQWR DSUHVHQWR XPD RXWUD IRUPD GD DOWHUQkQFLD FDXVDWLYD WtSLFD GR SRUWXJXrVTXHQmRVHHQFRQWUDQRLQJOrVDTXDOHQYROYHXPDFRQVWUXomRTXHGHQRPLQRDGYHUVDWLYD %DVLFDPHQWHRVLQHUJDWLYRV 2VYHUERVGHHPLVVmRGHVRPDGPLWHPGRLVWLSRVGHFRQFHSWXDOL]DomR9HURVH[HPSORVGRLQJOrVFRPYHUERV FRPRFOLQJFLWDGRVDQWHULRUPHQWH &DS$6HPkQWLFD/H[LFDO SRVVtYHOXPDFDXVDWLYDSHULIUiVWLFDTXHFRPRMiVHYHULILFRXHPGLYHUVDVOtQJXDVLPSOLFDXPD SUR[LPLGDGHPHQRUHQWUHRVGRLVHYHQWRV([ 2SHUQLORQJR]XPELXQRPHXRXYLGRDQRLWHLQWHLUD $IRPH]XPELXRSHUQLORQJRQRPHXRXYLGRDQRLWHLQWHLUD $IRPHIH]RSHUQLORQJR]XPELUQRPHXRXYLGRDQRLWHLQWHLUD 2VROKRVGDPHQLQDEULOKDUDP 2SUHVHQWHEULOKRXRVROKRVGDPHQLQD 2SUHVHQWHIH]RVROKRVGDPHQLQDEULOKDUHP (VVD GLVWLQomR H[SOLFDULD SRU TXH DOJXQV YHUERV Vy SRGHP VHU LQFRDWLYRV QmR DGPLWLQGR D IRUPD FDXVDWLYD 1R HQWDQWR Ki R RXWUR ODGR GD TXHVWmR WDPEpP 3RU TXH DOJXQV YHUERV DGPLWHPDSHQDVDIRUPDFDXVDWLYDHQmRDLQFRDWLYD"$GLVWLQomRUHOHYDQWHQHVVHFDVRpDTXH H[LVWH HQWUH RV HYHQWRV FDXVDGRV H[WHUQDPHQWH TXH SRGHP RFRUUHU VHP D LQWHUYHQomR GH XP DJHQWH H DTXHOHV TXH UHTXHUHP XP DJHQWH 7HPRV DTXL XPD LGpLD VHPHOKDQWH SUHVHQWH QR WUDEDOKRGH:KLWDNHU)UDQFKLGHDFRUGRFRPDTXDORDFDUUHWDPHQWRGHDJHQWLYLGDGHLPSHGHD DOWHUQkQFLD &RP EDVH QHVVHV GRLV FRQFHLWRV SRGHPRV GLVWLQJXLU WUrV WLSRV GH HYHQWRV H UHODFLRQDU HVVDV FDUDFWHUtVWLFDV GH VHX VLJQLILFDGR FRP VHX FRPSRUWDPHQWR VLQWiWLFR 2V HYHQWRV FDXVDGRV LQWHUQDPHQWH QmR DOWHUQDP RFRUUHQGR DSHQDV QDIRUPD LQFRDWLYDe RFDVR GHYHUERV FRPR WRVVLUIORULUHWF $VYLROHWDVMiIORULUDP 0LQKDPmHMiIORULXDVYLROHWDV (XWRVVLDPDQKmLQWHLUD (ODPHWRVVLXDPDQKmLQWHLUD 2V HYHQWRV FDXVDGRV H[WHUQDPHQWH VHPSUH SRGHP RFRUUHU QD IRUPD WUDQVLWLYD H SRGHP DOWHUQDUPDVLVVRGHSHQGHGRDFDUUHWDPHQWRGHDJHQWLYLGDGHGRVXMHLWRGDIRUPDWUDQVLWLYD6H HVVHDFDUUHWDPHQWRH[LVWHQmRKiDOWHUQkQFLD([ 2UDSD]DVVRXREROR >VXMHLWRQmRpQHFHVVDULDPHQWHDJHQWLYR@ /HYLQ5DSSDSRUW+RYDYDWULEXHPDSULPHLUDIRUPXODomRGHVVDLGpLDD6PLWK $$OWHUQkQFLD&DXVDWLYDQR3RUWXJXrVGR%UDVLO 3DXOR&KDJDVGH6RX]D 2IRUQRDVVRXREROR 2ERORDVVRX 2SLVWROHLURDVVDVVLQRX0DUWLQ/XWKHU.LQJ >VXMHLWRpQHFHVVDULDPHQWHDJHQWLYR@ $EDODDVVDVVLQRX0DUWLQ/XWKHU.LQJ 0DUWLQ/XWKHU.LQJDVVDVVLQRX $WDEHODDVHJXLUUHVXPHRVWUrVWLSRVGHYHUERV FDXVDGRVLQWHUQDPHQWH FDXVDGRV H[WHUQDPHQWH VyLQFRDWLYRV FRPDFDUUHWDPHQWRGHDJHQWLYLGDGHGRFDXVDGRU VyWUDQVLWLYRV VHPDFDUUHWDPHQWRGHDJHQWLYLGDGHGRFDXVDGRU WUDQVLWLYRVHLQFRDWLYRV 7DE&ODVVLILFDomRGRVHYHQWRVGHDFRUGRFRPVHXWLSRGHFDXVD $SDUHQWHPHQWHHVVDSURSRVWDGiFRQWDGDSRVVLELOLGDGHGDDOWHUQkQFLDFDXVDWLYDSRLVRHYHQWR GHDVVDUQmRRFRUUHFDXVDGRSHODSUySULDHQWLGDGHTXHILFDDVVDGD0DVH[DPLQHPRVPHOKRURV WLSRVGHHYHQWXDOLGDGHVGHVFULWDVSHORVYHUERV 2YHUERSLQWDUGHVFUHYHXPWLSRGHHYHQWXDOLGDGHHPTXHDOJXpPXWLOL]DXPSLQFHOFRPWLQWD SRU H[HPSOR SDUD UHFREULU XPD VXSHUItFLH XPD SDUHGH GLJDPRV 6HP TXH D SDUHGH ILTXH UHFREHUWD SHOR PHQRV SDUFLDOPHQWH GH WLQWD QmR SRGHPRV FDUDFWHUL]DU HVVD HYHQWXDOLGDGH FRPRSLQWDU1mRpSULPRUGLDORIDWRGHDWLQWDVDLUGRSLQFHOPDVVLPRIDWRGHDSDUHGHILFDU SDUFLDOPHQWHUHFREHUWDGHWLQWD2VHUTXHVRIUHXPDDOWHUDomRGLUHFWHGFKDQJHpDSDUHGHe HOH TXH GLPHQVLRQD R HYHQWR QRV LQGLFDQGR TXDQGR HOH HVWi FRPSOHWR $ FDXVD GHVVD PXGDQoDGHSURSULHGDGHFRQWXGRHVWiQmRQDSDUHGHHPVLPDVQDSHVVRDTXHSLQWDRXQR SLQFHO QD WLQWD (VVH WLSR GH HYHQWXDOLGDGH p FODVVLILFDGR SRUWDQWR FRPR FDXVDGR H[WHUQDPHQWH &KDPR HVVH WLSR GH HYHQWXDOLGDGH GH HYHQWXDOLGDGH GH FDXVD HVWULWDPHQWH H[WHUQD (VVHVVmRYHUERVTXHQmRDOWHUQDPVHQGRDSHQDVWUDQVLWLYRV 9-DFNHQGRII.ULINDH7HQQ\ &DS$6HPkQWLFD/H[LFDO 2YHUERFDPLQKDUGHVFUHYHXPDHYHQWXDOLGDGHHPTXHXPVHUPXGDGHORFDOL]DomRGHVORFDQGR VHGHGHWHUPLQDGDPDQHLUD2~QLFRDUJXPHQWRpDTXHOHTXHID]FRPTXHDHYHQWXDOLGDGHVH GrSRUWDQWRDFDXVDHVWiQHOHPHVPR2YHUERHVSLUUDUGHVFUHYHXPDHYHQWXDOLGDGHHPTXHXP VHUSDVVDSRUXPSURFHVVRFRUSRUDOLQYROXQWiULR&RPRRTXHID]FRPTXHRHYHQWRVHGrVmR SURFHVVRV GR FRUSR GR ~QLFR DUJXPHQWR D FDXVD HVWi QHOH PHVPR &KDPR HVVH WLSR GH HYHQWXDOLGDGHGHHYHQWXDOLGDGHGHFDXVDLQWHUQD6mRYHUERVTXHWLSLFDPHQWHQmRDOWHUQDPVHQGR QRUPDOPHQWHFRQVLGHUDGRV´LQHUJDWLYRVµ 2QGHFRQVLGHURTXHDFODVVLILFDomRIHLWDSRU/HYLQ5DSSDSRUW+RYDYIDOKDpMXVWDPHQWHQRV YHUERVTXHDGPLWHPDDOWHUQkQFLD([DPLQHPRVRVYHUERVDEULUHTXHEUDU2YHUERDEULUDGPLWH DVVHJXLQWHVIRUPDV $PRoDDEULXDSRUWD $SRUWDVHDEULX 4XDQGR GLJR TXH D SRUWD DEULX QmR HVWRX DWULEXLQGR D PXGDQoD GH HVWDGR GD SRUWD D QDGD H[WHUQRDHOD1DUHDOLGDGHLVVRpLUUHOHYDQWH(ODSRGHWHUDEHUWRSRUVLVyRXSRUDOJXPRXWUR PRWLYRFRPRYHPRVQRVH[HPSORVVHJXLQWHV (XHPSXUUHLDSRUWDHDSRUWDDEULX (XIHFKHLDSRUWDPDVDSRUWDDEULX &RPRYHPRVQHVVHVGRLVSHUtRGRVHXGL]HUDSRUWDDEULXpFRPSDWtYHOWDQWRFRPXPDVLWXDomR HPTXHLVVRpRUHVXOWDGRGRTXHHXIL]FRPRQRXWUDVLWXDomRHPTXHHODDEULXDSHVDUGRTXH HXIL]FRPHOD 2 PHVPR RFRUUH FRP R YHUER TXHEUDU (OH GHVFUHYH XPD HYHQWXDOLGDGH HP TXH XP VHU WHP XPD GH VXDV SURSULHGDGHV DOWHUDGDV D VXD LQWHJULGDGH PDWHULDO TXHEUDU XP FRSR RX IXQFLRQDO TXHEUDU R FRPSXWDGRU 1RYDPHQWH SRVVR FRQFHSWXDOL]DU HVVD TXHEUD FRPR DOJR TXH RFRUUH HVSRQWDQHDPHQWHDXWRQRPDPHQWHRXGHYLGRjLQIOXrQFLDGHXPDFDXVDH[WHUQD&KDPRHVVH WLSRGHHYHQWXDOLGDGHGHHYHQWXDOLGDGHGHFDXVDSRWHQFLDOPHQWHH[WHUQD6mRRVYHUERVTXHDOWHUQDP 'LILURSRUWDQWRGH/HYLQ5DSSDSRUW+RYDYHPFRQVLGHUDUTXHHVVHWLSRGHHYHQWXDOLGDGHp FRQFHSWXDOL]DGRFRPRSRWHQFLDOPHQWHSURYRFDGRSRUXPDFDXVDH[WHUQDMiTXHTXDQGRGLJRR $VVRFLDGRVUHVSHFWLYDPHQWHDRTXDOHFRQVWLWXWLYRHDRWpOLFR $$OWHUQkQFLD&DXVDWLYDQR3RUWXJXrVGR%UDVLO 3DXOR&KDJDVGH6RX]D FRPSXWDGRUTXHEURXIRFDOL]RRXSHUVSHFWLYRDSHQDVDHYHQWXDOLGDGHGHRFRPSXWDGRUWHUGHL[DGR GHIXQFLRQDUQRUPDOPHQWHVHPVHUQHFHVViULRSHQVDUVHDFDXVDIRLH[WHUQDRXQmR 8P~OWLPRSRQWRUHOHYDQWHSDUDHVWDWHVHpTXHFRPRSRGHPRVYHUQDSHVVDVDXWRUDV QmRFKHJDUDPDGLVWLQJXLURVYHUERVFRPPDUFDomRGDIRUPDLQFRDWLYDDWUDYpVGHXPSVHXGR UHIOH[LYRGRVTXHQmRDSUHVHQWDPTXDOTXHUGLVWLQomRPRUIROyJLFDHQWUHDIRUPDFDXVDWLYDHD WUDQVLWLYD &RPR H[HPSOR GLVVR WHPRV R YHUER UXVVR RWNUëW·VMD ¶DEULUVH· GDV RUDo}HV D VHJXLU ÉQQDRWNUëODGYHU· $QQDDEULXSRUWD ¶$$QQDDEULXDSRUWD· 'YHU·RWNUëODV· 3RUWDDEULXVH ¶$SRUWDVHDEULX· 3URYLVRULDPHQWH WUDWR RV YHUERV TXH DSUHVHQWDP DV WUrV IRUPDV SRVVtYHLV GD DOWHUQkQFLD 7, 7575,FRPRHTXLYDOHQWHV1RFDStWXORQRHQWDQWRSURFXURGLVWLQJXLUPHOKRUHVWDVWUrV SRVVLELOLGDGHVGDDOWHUQkQFLD $1mR $1mR(TXLYDOrQFLDHQWUH$NWLRQVDUWHQH0ROGHV 6HPkQWLFRV 6HPkQWLFRV (PERUD VHMD WUDGLFLRQDO SRVWXODU D HTXLYDOrQFLD HQWUH D GHFRPSRVLomR GDV HYHQWXDOLGDGHV HP VXEHYHQWRVRXDWUDYpVGHPHWDSUHGLFDGRVRXPROGHVVHPkQWLFRVFRPRRVGHQRPLQDP/HYLQ 5DSSDSRUW+RYDYHVVDHTXLYDOrQFLDQmRVHYHULILFD (PERUDHODVQmRLQGLTXHPDVtODEDW{QLFDGDVSDODYUDVHPUXVVRHXDVLQGLFRDTXLDWUDYpVGHXPDFHQWRDJXGR 9FDS 2XFODVVHVDVSHFWXDLV &DS$6HPkQWLFD/H[LFDO 2V DFFRPSOLVKPHQWV VmR DQDOLVDGRV SRU 'RZW\ QR TXH HOH p VHJXLGR SRU /HYLQ 5DSSDSRUW +RYDYFRPRHYHQWRVTXHSRGHPVHUGHFRPSRVWRVFRP &$86( H %(&20(HSRU3XVWHMRYVN\ FRPR VHQGR RV HYHQWRV FRPSRVWRV GH GRLV VXEHYHQWRV D VDEHU XP SULPHLUR VXEHYHQWR HP TXH XPD HQWLGDGH QmR WHP XPD GHWHUPLQDGD SURSULHGDGH ¬3[ SRU H[HPSOR H VRIUH D DomRGHRXWUDXPVHJXQGRVXEHYHQWRHPTXHDTXHODHQWLGDGHSDVVDDWHUHVVDSURSULHGDGH 3[HPVXPDDPHVPDDQiOLVHGH'RZW\WDPEpP (VVH WLSR GH DQiOLVH p HTXLYRFDGR SRLV DV HYHQWXDOLGDGHV DQDOLViYHLV DWUDYpV GH &$86( H %(&20(SRGHPFRUUHVSRQGHUDDFFRPSOLVKPHQWVDFKLHYHPHQWVHGHJUHHDFKLHYHPHQWV 3DUDWRUQDUPDLVFODUDDLQDGHTXDomRGHVVDDQiOLVHYHMDPRVRVWLSRVGHHYHQWXDOLGDGHVHFRPR SRGHPRV GLVWLQJXLORV $ FODVVLILFDomR FRPXPHQWH XWLOL]DGD FRUUHVSRQGH DR GLDJUDPD DEDL[R GH0RXUHODWRVHFRQWpPHOHPHQWRVSURSRVWRVSRU$ULVWyWHOHV.HQQ\H9HQGOHU VLWXDo}HV HVWDGRV RFRUUrQFLDVDo}HV SURFHVVRV DWLYLGDGHV GHVHQYROYLPHQWRVRFRUUrQFLDVSRQWXDLV DFFRPSOLVKPHQWV HYHQWRVSHUIRUPDQFHV DFKLHYHPHQWV )LJ&ODVVLILFDomRGDVHYHQWXDOLGDGHVVHJXQGR0RXUHODWRV 2VTXDWURWLSRVGHHYHQWXDOLGDGHVVmRGLVWLQJXLGRVDWUDYpVGHDOJXQVWHVWHVGRVTXDLVXWLOL]R RVVHJXLQWHV 2EVHUYHVHDQmRLQFOXVmRGRVGHJUHHDFKLHYHPHQWVTXHVHUmRWUDWDGRVXPSRXFRDGLDQWH 3DUVRQV FDUDFWHUL]D FDGD XP GRV WLSRV GH HYHQWXDOLGDGHV DWUDYpV GH GRLV PHWDSUHGLFDGRV H VXD DSOLFDELOLGDGHjVHYHQWXDOLGDGHVGHVFULWDVSHORVYHUERV&XOTXHLQGLFDVHXPHYHQWRWHPXPSRQWRFXOPLQDQWHH +ROGTXHLQGLFDTXHRHYHQWRVHYHULILFDRXYLJRUDpYHUGDGHLURQXPGDGRLQVWDQWH8WLOL]DQGRHVVHVSUHGLFDGRV DFODVVLILFDomRILFDULDDVVLP $FKLHYHPHQWV&XOVHDSOLFDKiXPSRQWRFXOPLQDQWHTXHGHOLPLWDRHYHQWRPDV+ROGpGXYLGRVRQmRp GXUDWLYR $FFRPSOLVKPHQWV +ROG H &XO HYHQWRV GXUDWLYRV FRP SRQWR FXOPLQDQWH TXH RV GHOLPLWD VH DSOLFDP VXFHVVLYDPHQWH (VWDGRV+ROGVHDSOLFDPDV&XOQmRWrPGXUDomRPDVQmRSRQWRFXOPLQDQWHTXHRVGHOLPLWD 3URFHVVRVRX$WLYLGDGHV&XOVHDSOLFDDRVWHPSRVQmRSURJUHVVLYRVH+ROGDRVWHPSRVSURJUHVVLYRV $$OWHUQkQFLD&DXVDWLYDQR3RUWXJXrVGR%UDVLO - 3DXOR&KDJDVGH6RX]D D RUDomRp FRPSDWtYHO FRP XP DGMXQWR GR WLSR GHGXUDQWH [PLQXWRVKRUDVGLDVPHVHV HWF WHQGRXPDLQWHUSUHWDomRGHXPDVyHYHQWXDOLGDGHHQmRXPDUHLWHUDomRGRPHVPRWLSR GHHYHQWXDOLGDGH(VVHWHVWHGLVWLQJXHRVDFKLHYHPHQWVGDVGHPDLVHYHQWXDOLGDGHVSRLV VHQGRSRQWXDLVHOHVQmRDFHLWDPHVVHWLSRGHDGMXQWR - DRUDomRFRPGXUDQWH[PLQXWRVKRUDVGLDVPHVHVHWFDFDUUHWDDRUDomRVHPHVVHDGMXQWR'DV HYHQWXDOLGDGHV TXH DFHLWDP HVVH WLSR GH DGMXQWR RV HVWDGRV H DV DWLYLGDGHV VHQGR KRPRJrQHRVDSUHVHQWDPHVVHWLSRGHDFDUUHWDPHQWR - D RUDomR p FRPSDWtYHO FRP XP DGMXQWR GR WLSR GH HP [ PLQXWRV KRUDV HWF 6y DV HYHQWXDOLGDGHV WpOLFDV DFHLWDP HVVH WLSR GH DGMXQWR FRP D LQWHUSUHWDomR GH TXH D HYHQWXDOLGDGHOHYRX[PLQXWRVKRUDVHWFSDUDVHFRPSOHWDU - DRUDomRVHFRORFDGDQRSUHVHQWHVLPSOHVSRGHVHULQWHUSUHWDGDFRPRGHQRWDQGRXPDVy HYHQWXDOLGDGHHQmRXPDUHLWHUDomRGRPHVPRWLSRGHHYHQWXDOLGDGH(VVH~OWLPRWHVWH GLVWLQJXHRVHVWDGRVGRVGHPDLVWLSRVGHHYHQWXDOLGDGHV 3URFXUR GLVWLQJXLU RV TXDWUR WLSRV GH HYHQWXDOLGDGHV DSHQDV FRP EDVH HP VXDV SURSULHGDGHV WHPSRUDLV R TXH ,ODUL GHQRPLQD ¶HVTXHPD WHPSRUDO VXEMDFHQWH· QmR XWLOL]DQGR SRU LVVR R WHVWH GD DJHQWLYLGDGHLQWHQFLRQDOLGDGH SRU H[HPSOR SDUD GLVWLQJXLU DWLYLGDGHV H HVWDGRV $OpP GH ID]HU LVVR SDUD KRPRJHQHL]DU RV FULWpULRV DGRWDGRV FRQVLGHUR TXH R XVR GHVVHWHVWHSDUDGHWHUPLQDUD$NWLRQVDUWGHXPSUHGLFDGRDSUHVHQWDUHVXOWDGRVG~ELRVFRPRQR FDVRGHFKRYHUFODVVLILFDGRSHORSUySULR'RZW\FRPRXPDDWLYLGDGHHQRFDVRGHPRUDU RXVHUSDVWRUHPTXHVHULDGLVFXWtYHOGL]HUTXHQmRKiTXDOTXHULQWHQFLRQDOLGDGHSRUSDUWHGR VXMHLWRHPERUDVHMDPHVWDGRV (PYH]GDSUHSRVLomRSRUFRPXPHQWHHPSUHJDGDQHVVHVWHVWHVVRDPDLVQDWXUDOSDUDPLPXWLOL]DUDSUHSRVLomR GXUDQWH'HYRUHVVDOYDUHYLGHQWHPHQWHTXHDSRVVLELOLGDGHGHXVDUHVVDSUHSRVLomRQRVWHVWHVVHUHVWULQJHDRVHX XVRDFRPSDQKDGRGH'3VTXDQWLILFDGRVGRWLSRPHVHVHQmR'3VFRPDUWLJRLQGHILQLGRFRPRGXUDQWHXPDEULJD RX GHILQLGR FRPR GXUDQWH D YLDJHP SRLV HVWHV VmR FRPSDWtYHLV FRP D LQWHUSUHWDomR GH TXH DOJR DFRQWHFHX QXP SRQWRGXUDQWHHVVHVLQWHUYDORV 2SUySULR'RZW\HPVHXOLYURGHFODVVLILFDDOJXQVHVWDGRVFRPRDJHQWLYRVYS &DS$6HPkQWLFD/H[LFDO GXUDQWH DFDUUHWD HP SUHVHQWH $NWLRQVDUW (ODHVFDORXDPRQWDQKD 9 8 9 8 DFFRPSOLVKPHQW (ODYLDMRXSDUDR5- 9 8 9 8 DFFRPSOLVKPHQW (ODHVFUHYHXXPDFDUWD 9 8 9 8 DFFRPSOLVKPHQW (ODEDWHXRFDUUR 8 ² 9 8 DFKLHYHPHQW (ODDFKRXXPDQRWDGHFHP 8 ² 9 8 DFKLHYHPHQW (ODPRUUHX 8 ² 9 8 DFKLHYHPHQW (ODSHUDPEXORX 9 9 8 8 DWLYLGDGH &KRYHXHP6mR3DXOR 9 9 8 8 DWLYLGDGH (ODPRURXQR5LRGH-DQHLUR 9 9 8 9 HVWDGR 0DUWLQ/XWKHU.LQJIRLSDVWRU 9 9 8 9 HVWDGR 7DE'LVFULPLQDomRGD$NWLRQVDUWGHXPSUHGLFDGRDWUDYpVGHWHVWHV 1DYHUGDGHDVTXDWURFODVVHVDFLPDQmRUHFREUHPWRGRVRVWLSRVGHHYHQWXDOLGDGHVMiTXH PHVPR 'RZW\ VV DSRQWDYD D H[LVWrQFLD GRV FKDPDGRV GHJUHH DFKLHYHPHQWV (VVD GHQRPLQDomRpREYLDPHQWHLQIHOL]SRLVFRPRDSRQWDP+D\.HQQHG\/HYLQDV SURSULHGDGHVGHVVHWLSRGHSUHGLFDGRRVFLODPHQWUHDVGHDFFRPSOLVKPHQWVHDVGHDWLYLGDGHV FRPRSRGHPRVYHUQDWDEHODDVHJXLU (VWDFROXQDLQIRUPDVHDRUDomRFRPGXUDQWH[PLQXWRVPHVHVHWFDFDUUHWDDYHUGDGHGHODPHVPDVHPRDGMXQWR FRPGXUDQWH&RPDOJXQVDFFRPSOLVKPHQWVPXLWDVYH]HVpGXYLGRVRVHVHSRGHLQIHULURVHJXQGRGRSULPHLUR'H TXDOTXHUIRUPDQmRVHWHPDFDUUHWDPHQWRHLVVRpRTXHLPSRUWD 1HVWD FROXQD WHPRV R XVR GH HP FRP D LQWHUSUHWDomR GH TXH VH FKHJD DR ILQDO GH XPD HYHQWXDOLGDGH DQWHULRUPHQWHHPDQGDPHQWR $$OWHUQkQFLD&DXVDWLYDQR3RUWXJXrVGR%UDVLO 3DXOR&KDJDVGH6RX]D GXUDQWH DFDUUHWD HP SUHVHQWH $NWLRQVDUW 20DUFHORHQYHOKHFHX 9 9 9 8 GHJUHHDFKLHYHPHQW 2YHQWRHVIULRXDVRSD 9 9 9 8 GHJUHHDFKLHYHPHQW $VRSDHVIULRX 9 9 9 8 GHJUHHDFKLHYHPHQW 7DE3URSULHGDGHVGRVGHJUHHDFKLHYHPHQWV $H[LVWrQFLDGHVVHVGHJUHHDFKLHYHPHQWVWUDGLFLRQDOPHQWHFRQVWLWXLXPDiUHDHPTXHDFODVVLILFDomR GDV $NWLRQVDUWHQ GH 9HQGOHU'RZW\ DSUHVHQWD GLILFXOGDGHV 2 TXH FDXVD HVVD GLILFXOGDGH p D YDJXH]DGDVOtQJXDVQDWXUDLVHQWUHGXDVSRVVtYHLVLQWHUSUHWDo}HVSDUDSUHGLFDGRVGHVVHWLSRTXH VmRDGH¶ILFDUYHOKRTXHQWH·RXDGH¶ILFDUPDLVYHOKRPDLVTXHQWH·VHPQHFHVVDULDPHQWH¶ILFDU YHOKRTXHQWH· 1RUPDOPHQWH HVVH WLSR GH SUHGLFDGR FRQWpP XPD SURSULHGDGH ItVLFD GHWHUPLQDGD OH[LFDOPHQWH SHOR YHUER UHODFLRQDGD FRP R WLSR GH DUJXPHQWR DIHWDGR TXH p FRPSDWtYHO WDQWR FRP XPD LQWHUSUHWDomR WpOLFD D SULPHLUD TXDQWR FRP XPD DWpOLFD D VHJXQGD 1D DXVrQFLD GH PDLV LQIRUPDo}HV FRQWLGDV SRU H[HPSOR QXP DGMXQWR DPEDV VmR SRVVtYHLV 7HPRV GHVVD IRUPD WUrV FODVVHV DVSHFWXDLV GH YHUERV TXH GHQRWDP WUDQVLo}HV RV DFFRPSOLVKPHQWVHRVDFKLHYHPHQWVTXHVmRWpOLFRVHRVGHJUHHDFKLHYHPHQWVTXHVmRYDJRVTXDQWRD VXDWHOLFLGDGH +D\ .HQQHG\ /HYLQ SURS}HP TXH D QRomR GH WHOLFLGDGH HVWi UHODFLRQDGD D XPD HVFDODULGDGH VXEMDFHQWH RX VHMD VH XPD WUDQVIRUPDomR VH Gi DR ORQJR GH XPD HVFDOD OLQJLVWLFDPHQWHGHOLPLWDGDQmRQRPXQGRUHDOTXHSRGHDSUHVHQWDUGLYHUJrQFLDVWHPRVXPD WUDQVIRUPDomRWpOLFD&DVRFRQWUiULRDWUDQVIRUPDomRVHUiDWpOLFD 9ROWDQGR j GHFRPSRVLomR GDV HYHQWXDOLGDGHV SRU PHLR GH VXEHYHQWRV RX DWUDYpV GRV PHWD SUHGLFDGRV &$86( H %(&20( FRQVWDWDPRV TXH QmR VH YHULILFDP DV VHJXLQWHV SUHWHQVDV HTXLYDOrQFLDV (P WHUPRV GRV PHWDSUHGLFDGRV SURSRVWRV SRU 3DUVRQV WHUtDPRV D VHJXLQWH FDUDFWHUL]DomR GRV 'HJUHH $FKLHYHPHQWV+ROGVHDSOLFDVmRGXUDWLYRVPDV&XOQmRQmRKiXPSRQWRFXOPLQDQWHTXHGHOLPLWDRHYHQWR &DS$6HPkQWLFD/H[LFDO - DFKLHYHPHQWVWRGRVRVHYHQWRVFRPSRVWRVGHGRLVVXEHYHQWRVGHHVWDGRFRUUHVSRQGHQWHVD XPDIyUPXODFRP%(&20(VHQGRRSUHGLFDGRSULQFLSDO6HULDPSUHGLFDGRVGHPXGDQoDGH HVWDGRGRWLSRLQFRDWLYRVHMDLQWUDQVLWLYRVHMDUHIOH[LYR - DFFRPSOLVKPHQWV WRGRV RV HYHQWRV FRPSRVWRV GH GRLV VXEHYHQWRV FRUUHVSRQGHQWHV D XPD IyUPXODHPTXH &$86( WHPXPSUHGLFDGR %(&20( VXERUGLQDGRDHOH6HULDPSUHGLFDGRV GHFDXVDomRGHPXGDQoDGHHVWDGR 'HYH ILFDU FODUR TXH VHQGR FRUUHWD D DQiOLVH DVSHFWXDO DWUDYpV GHVVHV PHWDSUHGLFDGRV GHYHUtDPRV WHU XPD ELFRQGLFLRQDO GR WLSR VH XP HYHQWR p DQDOLVDGR DWUDYp GH &$86( %(&20( HOHQHFHVVDULDPHQWHVHUiXPDFFRPSOLVKPHQWHYLFHYHUVD$RXWUDELFRQGLFLRQDOVHULD VH XP HYHQWR p DQDOLVDGR DWUDYpV GH XP %(&20( HOH QHFHVVDULDPHQWH VHUi XP DFKLHYHPHQW H YLFHYHUVD2VH[HPSORVDVHJXLULOXVWUDPFRPRHVVDHTXLYDOrQFLDQmRpYHUGDGHLUD (XHVTXHQWHLDVRSDGXUDQWHDOJXQVPLQXWRVPDVHODFRQWLQXDIULD (XHVWRXUHLDEH[LJDHQFRVWDQGRXPFLJDUURQHODVHPTXHUHU 2 H[HPSOR p XP GHJUHH DFKLHYHPHQW H R H[HPSOR p XP DFKLHYHPHQW TXDQGR DPERV GHYHULDP VHU DFFRPSOLVKPHQWV VH D HTXLYDOrQFLD SURSRVWD VH YHULILFDVVH 0DLV DEXQGDQWHV DLQGD VmRRVFDVRVGHPXGDQoDGHHVWDGRLQFRDWLYRVTXHQmRVmRDFKLHYHPHQWVPDVVLPDFFRPSOLVKPHQWV RXGHJUHHDFKLHYHPHQWVRXVHMDSRVVXHPXPDGXUDomRSHUFHSWtYHODRVHUKXPDQRHHYLGHQWHQD OtQJXDFRPRQRVH[HPSORVH 2QDYLRDIXQGRX $iUYRUHFUHVFHX 2H[HPSORUHSUHVHQWDXPDFFRPSOLVKPHQWTXHFXOPLQDTXDQGRRQDYLRLQWHLURVHHQFRQWUD VRE D VXSHUItFLH GD iJXDDR SDVVR TXH R H[HPSOR UHSUHVHQWD XPGHJUHH DFKLHYHPHQW TXHp DWpOLFR 'DGD HVVD QmRHTXLYDOrQFLD GHVDSDUHFH D YDQWDJHP GH UHSUHVHQWDU WRGR H TXDOTXHU DFFRPSOLVKPHQW DWUDYpV GRV PHWDSUHGLFDGRV &$86( H %(&20( (P PHX SRQWR GH YLVWD R TXH FRPSURPHWH D SURSRVWD p D PLVWXUD GH QRo}HV DVSHFWXDLV H QRo}HV WHPiWLFDV 6HULD PDLV (VVD p H[DWDPHQWH D FUtWLFD IHLWD HP &DQoDGR D DQiOLVHV FRPR DV GH YDQ 9RRUVW H *ULPVKDZ $$OWHUQkQFLD&DXVDWLYDQR3RUWXJXrVGR%UDVLO 3DXOR&KDJDVGH6RX]D DGHTXDGR FRQVLGHUDU RV PHWDSUHGLFDGRV &$86( H %(&20( FRPR WUDQVFULo}HV GD DQiOLVH TXH -DFNHQGRIIID]GDVUHODo}HVWHPiWLFDVGRTXHHOHGHQRPLQDRWLHUGDFDXVDomRDIHWDomR 2 DUJXPHQWR VREUH R TXDO LQFLGH R %(&20( p R DUJXPHQWR DIHWDGR SDFLHQWH HQTXDQWR R DUJXPHQWRTXHVyRFRUUHQRVXEHYHQWRFDXVDGRUVHQGRDUJXPHQWRGH &$86(SRUWDQWRpD FDXVD 3DUD HQFHUUDU GHL[DQGR FODUDV DV UHVWULo}HV TXH IDoR jV LQWHUSUHWDo}HV QRUPDOPHQWH GDGDV D HVVHV PHWDSUHGLFDGRV LOXVWUR FRP H[HPSORV UHODFLRQDGRV j DOWHUQkQFLD FDXVDWLYD 7RPHPRV WUrVYHUERVQRUPDOPHQWHDQDOLVDGRVFRP &$86( %(&20(SDUDYHUVHDGPLWHPDDOWHUQkQFLD RXQmR (XOLHVVHOLYUR (VVHOLYUROHX 0LQKDPmHFRQVWUXLXHVVDFDVD (VVDFDVDFRQVWUXLX (ODDEULXDMDQHOD $MDQHODDEULX -iKDYtDPRVYLVWRTXHQHPWRGRYHUERDQDOLViYHOFRPR &$86( %(&20( pXPDFFRPSOLVKPHQW $JRUD YHPRV TXH GRV WUrV YHUERV DFLPD DSHQDV XP DGPLWH D DOWHUQkQFLD R TXH GHPRVQWUD TXH DOpP GD SUHWHQVD HTXLYDOrQFLD DVSHFWXDO WUDWDU TXDOTXHU HYHQWR GH DFFRPSOLVKPHQW FRPR &$86(%(&20(HQIUDTXHFHDLQGDPDLVHVVHWLSRGHSURSRVWD &RQFOXVmR &RQFOXVmR (VWH FDStWXOR DSUHVHQWRX HOHPHQWRV LPSRUWDQWHV QD DQiOLVH GD DOWHUQkQFLD FDXVDWLYD FRPR D QRomRGHFDXVDHDGHFRPSRVLomRGRVLWHQVOH[LFDLVYHUEDLVH[LVWHQWHHP/HYLQ5DSSDSRUW +RYDY PDV EHP PDLV GHWDOKDGD HP 3XVWHMRYVN\ 1R FDStWXOR UHWRUQDUHL DR WLSR GH $SDODYUDWLHUTXHULPDFRPKHUHQmRFRPILUHSRGHULDVHUWUDGX]LGDFRPRQtYHORXFDPDGD0DQWHQKRRWHUPR QRRULJLQDO &DS$6HPkQWLFD/H[LFDO GHFRPSRVLomR SURSRVWR SRU 3XVWHMRYVN\ DSUHVHQWDQGR DUJXPHQWRV HPStULFRV TXH GHPRQVWUDPDXWLOLGDGHGHXPPRGHORGHVVHWLSR $OpPGLVVRGLVFXWLDFODVVILFDomRGDVHYHQWXDOLGDGHVSURSRVWDSRU/HYLQ5DSSDSRUW+RYDY GHDFRUGRFRPRVHXWLSRGHFDXVDHFRQVLGHUHLTXHHODVHHTXLYRFDMXVWDPHQWHQRVYHUERVTXH DGPLWHP D DOWHUQkQFLD )LQDOPHQWH GHL[HL FODUR TXH VHPSUH TXH PH UHIHULU D HYHQWRV GR WLSR &$86( %(&20(HVWDUHLID]HQGRUHIHUrQFLDDFRQFHLWRVGHFDXVDomRHDIHWDomRVHPTXDOTXHU LPSOLFDomRDVSHFWXDO 1HVVHV WHPSRV GH XQLYHUVDLV OLQJtVWLFRV FDEH XPD SHUJXQWD HVVHV SULQFtSLRV TXH UHJHP D DOWHUQkQFLD FDXVDWLYD RX D LQWHUDomR HQWUH D VHPkQWLFD OH[LFDO H D VLQWD[H VmR RV PHVPRV HP WRGDVDVOtQJXDV"3RVVLYHOPHQWH1mRpPHXLQWXLWRQRHQWDQWRDILUPDUTXHWRGDVDVOtQJXDVVH SRUWHP GD PHVPD PDQHLUD FRP UHODomR D IHQ{PHQRV GHVVH WLSR -XOJDQGR SHOR LQJOrV H SHOR SRUWXJXrVSRGHUtDPRVGL]HUTXHDLQWHUVHFomRpEDVWDQWHJUDQGHPDVKiGLYHUJrQFLDVHQWUHDV OtQJXDVPHVPRHQWUHDVTXHVmRPDLVRXPHQRVSUy[LPDV $$OWHUQkQFLD&DXVDWLYDQR3RUWXJXrVGR%UDVLO 3DXOR&KDJDVGH6RX]D &DStWXOR &DStWXOR 5HVWULo}HVGD$OWHUQkQFLD&DXVDWLYDH'HIDXOWV 'HIDXOWV 1HVWH FDStWXOR GLVFXWR DV SULQFLSDLV UHVWULo}HV H[LVWHQWHV FRP UHODomR j RFRUUrQFLD GD DOWHUQkQFLD FDXVDWLYD 1HVVD GLVFXVVmR H[DPLQR D UHODomR GD VXEHVSHFLILFDomR H GD UHFRQVWUXomRPHWRQtPLFDY3XVWHMRYVN\FRPDDOWHUQkQFLDFDXVDWLYD(VVHVHOHPHQWRV MXQWR FRP D QRomR GH FDXVD PH SHUPLWHP GLVWLQJXLU FRP PDLV FODUH]D TXDLV DV FODVVHV TXH FRQVWLWXHPRQ~FOHRGRVYHUERVTXHDGPLWHPDDOWHUQkQFLDFDXVDWLYDHRTXHRVGLVWLQJXHGRV GHPDLV 3DUD UHIRUoDU D LPSRUWkQFLD GD VHPkQWLFD QD RFRUUrQFLD GD DOWHUQkQFLD H[DPLQR R FRPSRUWDPHQWR GH YiULRV YHUERV SROLVVrPLFRV UHWRPDQGR DV UHVWULo}HV TXH IRUDP YLVWDV QR FDStWXOR H QR LQtFLR GR FDStWXOR 2V GDGRV FRQILUPDP TXH VRPHQWH TXDQGR HVVHV YHUERV GHQRWDP HYHQWXDOLGDGHV FDXVDWLYDV H VmR VXEHVSHFLILFDGRV p TXH HOHV SRGHP DGPLWLU D DOWHUQkQFLD (P VHJXLGD WRFR QXP SUREOHPD TXH GLVWLQJXH SRU H[HPSOR R SRUWXJXrV GR LQJOrV TXH p R IDWRGHDDOWHUQkQFLDSRGHUDVVXPLUWUrVIRUPDVGLVWLQWDVDVIRUPDV75,75H7,PHQFLRQDGDV QRFDStWXOR(VVHSRQWRVHUiUHWRPDGRHPDLVHODERUDGRQRFDStWXOR$QWHVTXHLVVRVHMD IHLWR SUHFLVR H[DPLQDU DV QRo}HV GH PRQRWRQLFLGDGH H GH GHIDXOWV H UHODFLRQiODV FRP D DOWHUQkQFLDFDXVDWLYD&RQFOXRVHJXLQGRDSURSRVWDGH3XVWHMRYVN\VHJXQGR DTXDORVYHUERV TXHGHQRWDPPXGDQoDDSUHVHQWDPDDOWHUQkQFLDFRPRGHIDXOW &DS5HVWULo}HVGD$OWHUQkQFLD&DXVDWLYDH'HIDXOWV $6XE $6XE(VSHFLILFDomRHD$OWHUQkQFLD&DXVDWLYD (VSHFLILFDomRHD$OWHUQkQFLD&DXVDWLYD $QRomRGHVXEHVSHFLILFDomRWHPXPDDSOLFDomRPXLWRDPSODHPWHRULDJUDPDWLFDO3RGHPRV FRQVLGHUDUVXEHVSHFLILFDGRVRVYHUERVOHYHVFRPRGDUHPGDUXPDVDtGDWLUDUHPWLUDUXPFRFKLOR RXYHUERVFRPRXVDUY3XVWHMRYVN\HPTXHDDomRTXHFRQVWLWXLXPHYHQWRGHXVDU SRGH VHU GRV PDLVYDULDGRV WLSRV 6H HX XVR XPD IDFD SURYDYHOPHQWH FRUWR DOJXPD FRLVD VH XVR XPD FDQHWD HVFUHYR VH XVR XPD YDVVRXUD YDUUR H DVVLP SRU GLDQWH 3RGHPRV GL]HU HQWmR TXH R YHUER XVDU p VXEHVSHFLILFDGR TXDQWR DR WLSR GH DomR TXH GHQRWD 3DVVDUHPRV DJRUDDYHURSDSHOGDVXEHVSHFLILFDomRQDDOWHUQkQFLDFDXVDWLYD 9DQ 9RRUVW D 6XE 6XE(VSHFLILFDomR H D $OWHUQkQFLD &DXVDWLYD &DXVDWLYD 2WUDEDOKRGHYDQ9RRUVWHPERUDVHFHQWUHQDDOWHUQkQFLDFDXVDWLYDDERUGDDOpPGHOD GLYHUVRVWLSRVGHDOWHUQkQFLDVQXPDWHQWDWLYDGHUHGX]LODVDXPDTXHVWmRGHVXEHVSHFLILFDomR VHPkQWLFD 1R FDVR GD DOWHUQkQFLD FDXVDWLYD YDQ 9RRUVW FRQVLGHUD GHVQHFHVViULR UHFRUUHU j QRomR GH FDXVDWLYLGDGH 6XD DQiOLVH VH EDVHLD DSHQDV QD VXEHVSHFLILFDomR H QD PXGDQoD GH HVWDGR2EVHUYDQGRRVH[HPSORVHYHULILFDPRVTXHDQDWXUH]DGRHYHQWRFDXVDGRUQmR pHVWULWDPHQWHHVSHFLILFDGD6HRVXMHLWRIRUXPDSHVVRDHODSRGHXVDUDVPmRVRVSpVVHQWDU QRREMHWRRXQHPPHVPRID]HUQDGDGLUHWDPHQWHUHODFLRQDGRDRREMHWRSDUDSURGX]LURHIHLWR GHGREUDUFXUYDUEHQGRXTXHEUDUEUHDN9DQ9RRUVWDGX]DLQGDRIDWRGHTXHPHVPRXP SURQRPHFRPRWKDWGHQRWDQGRXPHYHQWRRXXPFRQMXQWRGHFLUFXQVWkQFLDVSRGHVHURVXMHLWR GHVVHVYHUERVRTXHQDYHUGDGHQRVUHPHWHjDQiOLVHELVVHQWHQFLDOELHYHQWXDO +HFDUHIXOO\EHQWWKHPDWWUHVVWRILWLWLQWKHFDU ¶(OHGREURXFXLGDGRVDPHQWHRFROFKmRSDUDTXHHOHFRXEHVVHQRFDUUR· ,EHQWP\EXPSHUZKLOHEDFNLQJXS 7RGDVHVVDVLQWHUSUHWDo}HVVmRGHIDXOWVQRVHQWLGRTXHVHUiH[SOLFLWDGRPDLVDGLDQWHQHVWHFDStWXOR &RPR QmR YRX H[DPLQDU WRGDV DV DOWHUQkQFLDV DSUHVHQWDGDV SRU HOH UHPHWR R OHLWRU D VHX WH[WR SDUD PDLV GHWDOKHVDUHVSHLWRGDVGHPDLVDOWHUQkQFLDV $$OWHUQkQFLD&DXVDWLYDQR3RUWXJXrVGR%UDVLO 3DXOR&KDJDVGH6RX]D ¶(XHQWRUWHLPHXSiUDFKRTXHGDQGRXPDUp· +HFDUHIXOO\EURNHWKHZLQGVKLHOGZLWKDURFNWRIUHHWKHSDVVHQJHUV ¶(OHTXHEURXRSiUDEULVDVFXLGDGRVDPHQWHFRPXPDSHGUDSDUDOLEHUWDURVSDVVDJHLURV· 7KHDUFKHRORJLVWEURNHWKHJOXHGSODWHVZKHQKHGURSSHGKLVVKRYHORQWKHP ¶2DUTXHyORJRTXHEURXRVSUDWRVFRODGRVTXDQGRGHL[RXFDLUVXDSiVREUHHOHV· 2FRQWUDVWHREMHWLYDGRSRUYDQ9RRUVWpRTXHH[LVWHHQWUHYHUERVFRPREHQGHEUHDNSRUXP ODGRHSXVKSRURXWURRTXHSRGHVHUYHULILFDGRDWUDYpVGRH[HPSORDVHJXLU +LVOHDQLQJDJDLQVWWKHER[EURNHLW ¶2IDWRGHHOHWHUVHDSRLDGRQDFDL[DDTXHEURX· +LVOHDQLQJDJDLQVWWKHER[EHQWLW ¶2IDWRGHHOHWHUVHDSRLDGRQDFDL[DDGREURX· +LVOHDQLQJDJDLQVWWKHER[SXVKHGLW ¶2IDWRGHHOHWHUVHDSRLDGRQDFDL[DDHPSXUURX· 6RPHQWH D VXEHVSHFLILFDomR GR VXMHLWR GH XPYHUERWUDQVLWLYR FRQWXGR QmR VHULD VXILFLHQWH SDUD LQGLFDU TXH VH WUDWD GH XP YHUER TXH DGPLWH D DOWHUQkQFLD FDXVDWLYD 9DQ 9RRUVW FLWD JUXSRVGHYHUERVFRPRPLVVKDYHHEHVXUURXQGHGQRVH[HPSORVDEDL[RFRPRVXEHVSHFLILFDGRV WDPEpP 7KLVFDULVPLVVLQJDZLQGVKLHOG ¶(VWiIDOWDQGRXPSiUDEULVDVQHVVHFDUUR· 7KLVFDUKDVDEURNHQZLQGVKLHOG ¶(VVHFDUURHVWiFRPXPSiUDEULVDVTXHEUDGR· 7KHZLOGOLIHFRQVHUYDWLRQDUHDLVVXUURXQGHGE\OX[XU\WRZQKRXVHV ¶$iUHDGHSUHVHUYDomRDPELHQWDOHVWiFHUFDGDGHFDVDVGHOX[R· $VXEHVSHFLILFDomRQRYDPHQWHVHUHODFLRQDFRPRIDWRGHRFDUURRXDUHJLmRGHSUHVHUYDomR QmR ID]HUHP QDGD SDUD HVWDUHP QR HVWDGR HP TXH HVWmR VHP SiUDEULVDV FRP R SiUDEULVDV TXHEUDGRRXURGHDGDGHFDVDVGHOX[R $ SRVLomR GH YDQ 9RRUVW p GH TXH D VXEHVSHFLILFDomR GR SDSHO GR LQLFLDGRU GR HYHQWR VHX FDXVDGRUFRPELQDGDFRPDPXGDQoDGHHVWDGRGRDUJXPHQWRDIHWDGRSURSLFLDPDDOWHUQkQFLD &DS5HVWULo}HVGD$OWHUQkQFLD&DXVDWLYDH'HIDXOWV FDXVDWLYD 6HQGR R SDSHO GR LQLFLDGRU GR HYHQWR VXEHVSHFLILFDGR HOH QmR ID] QDGD DOpP GH GHVHQFDGHiOR 4XDQWR PDLV DXW{QRPR IRU R GHVHQURODU GR HYHQWR FRP UHODomR DR VHX LQLFLDGRU PDLRU D SRVVLELOLGDGH GH KDYHU D DOWHUQkQFLD (VVD FRORFDomR p EDVLFDPHQWH HTXLYDOHQWH j TXH IL] QR ILQDO GR FDStWXOR FRPHQWDQGR D GLVWLQomR GH /HYLQ 5DSSDSRUW +RYDYHQWUHRVHYHQWRVGHFDXVDLQWHUQDHRVGHFDXVDH[WHUQD&RQWUDULDPHQWHDRTXHHVVDV DXWRUDV FRQVLGHUDP H FRP XP SRQWR GH YLVWD VHPHOKDQWH DR TXH HVWRX GHIHQGHQGR YDQ 9RRUVWVXJHUHTXHpMXVWDPHQWHDSRVVLELOLGDGHGHDXVrQFLDGHXPDFDXVDH[WHUQDTXHSHUPLWHD DOWHUQkQFLD 9ROWDQGRjTXHVWmRGDVXEHVSHFLILFDomRRXWURVDXWRUHVMiREVHUYDUDPD´UHODomRGLUHWDµHQWUH RJUDXGHVXEHVSHFLILFDomRGHXPLWHPOH[LFDOHVXDRFRUUrQFLDHPDOJXPDDOWHUQkQFLDFRPRp RFDVRGD7HRULDGDV&RUUHVSRQGrQFLDV/H[LFDLVQD/)*HGR/p[LFR*HUDWLYRGH3XVWHMRYVN\ 1XP FHUWR VHQWLGR HVVD FRORFDomR GH TXH DV DOWHUQkQFLDV VH UHODFLRQDP FRP D VXE HVSHFLILFDomR p TXDVH WULYLDO Mi TXH SDUD XP HOHPHQWR DSDUHFHU HP PDLV GH XP WLSR GH FRQVWUXomRHOHWHPGHVHUFRPSDWtYHOFRPWRGRVHOHVVHQGRGHVVDIRUPDPHQRVHVSHFtILFRTXH RXWURV TXH DSHQDV DGPLWHP XPD GHODV 2 LPSRUWDQWH p D UHODomR HVWDEHOHFLGD HQWUH D VXE HVSHFLILFDomR VHPkQWLFD H D VXEHVSHFLILFDomR VLQWiWLFD 4XDQWR DR SDVVR D PDLV SRVWXODGR SRU YDQ 9RRUVW TXH VHULD R GD HOLPLQDomR GR SULPLWLYR &$86( DSDUHQWHPHQWH LVVR QmR VHULD GHVHMiYHORXQHFHVViULR6HFRQVLGHUDUPRVYHUERVFRPRRSUySULRFDXVDUYHUHPRVTXHRSDSHO GH VHX VXMHLWR QR GHVHQFDGHDPHQWR GR HYHQWR p H[WUHPDPHQWH VXEHVSHFLILFDGR H HOHV QRUPDOPHQWH GHQRWDP XPD PXGDQoD GH HVWDGR 0HVPR DVVLP RV YHUERV GH VXD FODVVH TXH LQFOXLRFDVLRQDUHSURYRFDUHQWUHRXWURVQmRFRVWXPDPDGPLWLUDDOWHUQkQFLD $VGURJDVFDXVDUDPDPRUWHGHPXLWDVSHVVRDV $PRUWHGHPXLWDVSHVVRDVVHFDXVRXFRPDVGURJDVSHODVGURJDV 1mRILFDHVSHFLILFDGRFRPRDVGURJDVFDXVDUDPDPRUWHGHVVDVSHVVRDV2VTXHHUDPXVXiULRV SRVVLYHOPHQWH PRUUHUDP SRU WHU FRQVXPLGR GURJDV 2V TXH WUDEDOKDYDP QR WUiILFR SRVVLYHOPHQWHPRUUHUDPHPGLVSXWDVGHSRQWRRXFKRTXHVFRPDSROtFLD2VTXHFRPEDWLDP R WUiILFR SROLFLDLV SRU H[HPSOR SRVVLYHOPHQWH PRUUHUDP HP FKRTXHV FRP RV WUDILFDQWHV 0HVPRDVVLPHVVDFODVVHGHYHUERVQmRDOWHUQD2XVHMDKiXPHOHPHQWRGHVXEHVSHFLILFDomR QDDOWHUQkQFLDPDVQmRSRGHPRVUHGX]LODDHVVDVXEHVSHFLILFDomR $$OWHUQkQFLD&DXVDWLYDQR3RUWXJXrVGR%UDVLO 3DXOR&KDJDVGH6RX]D 5HFRQVWUXomR0HWRQtPLFDH6XE 5HFRQVWUXomR0HWRQtPLFDH6XE QVWUXomR0HWRQtPLFDH6XE(VSHFLILFDomR (VSHFLILFDomR &RPR IRL YLVWR QR FDStWXOR DQWHULRU RV HYHQWRV FDXVDWLYRV VmR DQDOLVDGRV FRPR WHQGR XP HYHQWR FDXVDQGR RXWUR R TXH FRQVWLWXL D DQiOLVH ELVVHQWHQFLDO RX ELHYHQWXDO VXFLQWDPHQWH FRUUHVSRQGHQWHDH &$86(H$SHVDUGLVVRFRPXPHQWHHPYH]GHWHUPRVDH[SUHVVmRGHXP HYHQWRFRPRVXMHLWRGRSUHGLFDGRUFDXVDWLYRQDVVHQWHQoDVRFRUUHPQRPHV2SURFHVVRTXH ID] FRP TXH QD LQWHUSUHWDomR SDVVHPRV GH LQGLYtGXRV D HYHQWRV QHVVHV FRQWH[WRV p GHQRPLQDGR UHFRQVWUXomR PHWRQtPLFD SRU 3XVWHMRYVN\ $ SRVWXODomR GHVVH WLSR GH PHFDQLVPR XPD HVSpFLHGHW\SH VKLIWLQJ VXVFLWD D TXHVWmR GH TXDO D UHODomR TXH VH HVWDEHOHFH HQWUHHOHHDSRVVLELOLGDGHGHRFRUUrQFLDGDDOWHUQkQFLD1HVWDVHomRH[DPLQRHVVHPHFDQLVPR DOJXQV GH VHXV OLPLWHV H SRVVLELOLGDGHV H SULQFLSDOPHQWH TXDO D UHODomR GHVVHV IDWRV FRP D DOWHUQkQFLDFDXVDWLYD &HUWRV YHUERV FDXVDWLYRV DGPLWHP XPD JDPD PXLWR JUDQGH GH HOHPHQWRV D SDUWLU GRV TXDLV SRGHVHUIHLWDHVVDUHFRQVWUXomRPHWRQtPLFDeRTXHRFRUUHFRPRVYHUERVSVLFROyJLFRVGRV H[HPSORVDVHJXLU 2UHVXOWDGRPHWUDQTLOL]RX 2IDWRGH(XOHUYHUVDEHURUHVXOWDGRPHWUDQTOL]RX >IRUPD UHFRQVWUXtGD PHWRQLPLFDPHQWH@ 1HVVHH[HPSORVHSHQVDPRVTXHRVLQWDJPDQRPLQDORUHVXOWDGRHVWiQROXJDUGHXPHYHQWRGH OHU YHU RX VDEHU SRGHPRV FRQVLGHUDU TXH KRXYH UHFRQVWUXomR PHWRQtPLFD D SDUWLU GH XP REMHWLYRRTXHpUHFRQVWUXtGRTXDQGRGDLQWHUSUHWDomRGRHQXQFLDGRMiTXHRIDWRGHHXOHU YHURXVDEHURUHVXOWDGRQmRDFDUUHWDQHQKXPDDOWHUDomRGHXPDGHVXDVSURSULHGDGHV 0RQWH9HUGHPHDFDOPD 2IDWRGH(XHVWDUHP0RQWH9HUGHPHDFDOPD 1HVVHH[HPSORpSRVVtYHOFRQVLGHUDUPRVTXHKiXPDUHFRQVWUXomRPHWRQtPLFDDSDUWLUGHXP ORFDWLYR 2SURFHVVRLQYHUVRGHHYHQWRVSDUDHQWLGDGHVpGHQRPLQDGRPHWRQ\PLFFOLSSLQJSRU:LONLQVYDQ9DOLQ DSXG/HYLQ5DSSDSRUW+RYDY 2XVXEMHFWPDWWHUFRPRHP3HVHWVN\ &DS5HVWULo}HVGD$OWHUQkQFLD&DXVDWLYDH'HIDXOWV (VVHVFDUDVPHLUULWDP 2IDWRGH(VVHVFDUDVDJLUHPDVVLPPHLUULWD 1HVVHH[HPSORILQDOPHQWHSRGHPRVFRQVLGHUDUTXHKiXPDUHFRQVWUXomRPHWRQtPLFDDSDUWLU GHXPDJHQWLYR(VVHSURFHVVRQmRVHOLPLWDDRVYHUERVSVLFROyJLFRVFRPRYHULILFDPRVFRP RVVHJXLQWHVH[HPSORVGHUHFRQVWUXomRPHWRQtPLFD50FRPRVYHUERVTXHEUDUHDEULU (XTXHEUHLRYDVRFRPXPPDUWHOR 50DSDUWLUGRDJHQWH²HXIL]DOJXPDFRLVDTXHFDXVRXDTXHEUDGRYDVR 2PDUWHORTXHEURXRYDVR 50DSDUWLUGRLQVWUXPHQWR²IL]HUDPDOJRFRPRPDUWHORTXHFDXVRXDTXHEUD GRYDVR 2YHQWRTXHEURXRYDVR 50DSDUWLUGDFDXVDQDWXUDO²RYHQWROHYRXjTXHEUDGRYDVR (XDEULDSRUWDFRPDFKDYH >50DSDUWLUGRDJHQWH@ $FKDYHDEULXDSRUWD >50DSDUWLUGRLQVWUXPHQWR@ 2YHQWRDEULXDSRUWD >50DSDUWLUGDFDXVDQDWXUDO@ 9HULILFDPRV TXH HVVHV YHUERV FDXVDWLYRV DGPLWHP UHFRQVWUXomR PHWRQtPLFD D SDUWLU GH XPD JUDQGHYDULHGDGHGHHOHPHQWRVRXVHMDRGHVHQFDGHDGRUGHVVDUHFRQVWUXomRWHPFDUDFWHUtVWLFDV WHPiWLFDVH[WUHPDPHQWHVXEHVSHFLILFDGDV$LPSRUWkQFLDGLVVRSDUDDDOWHUQkQFLDFDXVDWLYDpR IDWRGHHVVHVVHUHPYHUERVTXHSHUPLWHPDDOWHUQkQFLDHPDOJXPDGHVXDVIRUPDV (XPHWUDQTLOL]HLFRPRUHVXOWDGR (XPHDFDOPRHP0RQWH9HUGH (XPHLUULWRFRPHVVHVFDUDV 2YDVRVHTXHEURX $SRUWDVHDEULX -iDOJXQVRXWURVYHUERVQmRDFHLWDPHVVHWLSRGHUHFRQVWUXomRPHWRQtPLFDGRLQVWUXPHQWRRX GDFDXVDSRUH[HPSOR 9FDSHLWHPGHVWHFDStWXOR $$OWHUQkQFLD&DXVDWLYDQR3RUWXJXrVGR%UDVLO 3DXOR&KDJDVGH6RX]D 2WHUURULVWDDVVDVVLQRX*DQGKL $EDOD2UHYyOYHUDVVDVVLQRX*DQGKL >50DSDUWLUGRLQVWUXPHQWR@ $TXHVWmRUHOLJLRVDDVVDVVLQRX*DQGKL >50DSDUWLUGDFDXVDPRWLYDomR@ 2PDXWHPSRDVVDVVLQRX*DQGKL >50DSDUWLUGDFDXVDQDWXUDO@ 9HUERVFRPRHVVHVyDGPLWHPXPWLSRPXLWRUHVWULWRGHUHFRQVWUXomRPHWRQtPLFDDTXHODIHLWD DSDUWLUGRDJHQWHVHQGRGHVVDIRUPDPXLWRPDLVHVSHFLILFDGRVVHPDQWLFDPHQWH(VVHVYHUERV QmRDGPLWHPDDOWHUQkQFLD(PERUDYLVWDSRUXPRXWURkQJXORHVVDpEDVLFDPHQWHDDQiOLVH TXHWUDWDGDUHVWULomRjDOWHUQkQFLDHPWHUPRVGHXPDFDUUHWDPHQWRGHDJHQWLYLGDGH 1D YHUGDGH QmR p FODUR TXH D UHFRQVWUXomR PHWRQtPLFD GLVSHQVH D QRomR GH DJHQWLYLGDGH 3RGH VHU TXH KDMD YHUERV TXH GHQRWHP HYHQWRV TXH VRPHQWH SRVVDP VHU FDXVDGRV LQYROXQWDULDPHQWH VHP DFDUUHWDPHQWR GH DJHQWLYLGDGH SRUWDQWR H TXH SRU SRGHUHP VHU WDPEpP DXW{QRPRV DFDEHP DOWHUQDQGR 6RPHQWH R GHVHQYROYLPHQWR GH SHVTXLVDV QHVVH VHQWLGR SRGHUi GHWHUPLQDU DWp TXH SRQWR XPD GHVVDVQRo}HV VRPHQWH p QHFHVViULD RX TXDOp VXSHULRU j RXWUD &RPR QmR PH IRL SRVVtYHO GHWHUPLQDU LVVR PH UHVWD HVSHUDU TXH QR IXWXUR LVVRSRVVDVHUWRUQDGRPDLVFODUR 3DVVDUHPRVDYHUDVHJXLUTXDLVDVFODVVHVGHYHUERVTXHDGPLWHPRXQmRDDOWHUQkQFLDHTXDLV RVPRWLYRVGHVVHFRPSRUWDPHQWR 1D UHDOLGDGH Ki HVSHFLILFLGDGHV TXH FDUHFHP GH XP HVWXGR PDLV DSURIXQGDGR PDV DSDUHQWHPHQWH RV YHUED GHFODUDQGL TXH LQGLFDP GHFODUDomR RV TXH SRVVXHP XPD FRQVWDQWH GH GHFODUDomR FRPR PRGR H[ FRQGHQDU H FHUWRVYHUEDVHQWLHQGL TXHLQGLFDPFRQKHFLPHQWRMXOJDPHQWRDOpPGHDFHLWDUHPFROHWLYRV GHVHUHVKXPDQRV R TXHSDUHFHWULYLDOSDUHFHPVHPSUHDFHLWDUDUHFRQVWUXomRPHWRQtPLFDGHHQWLGDGHVFRPFRQWH~GRSURSRVLFLRQDO SDUDHYHQWRVFRPVHUHVKXPDQRVFRPRDJHQWHV([ 2MXL]FRQGHQRXRUpXDGH]DQRVGHSULVmR $VHQWHQoDFRQGHQRXRUpXDGH]DQRVGHSULVmR 2FRQJUHVVRHOHYRXRVLPSRVWRV $QRYDOHLHOHYRXRVLPSRVWRV &DS5HVWULo}HVGD$OWHUQkQFLD&DXVDWLYDH'HIDXOWV &ODVVHVGH9HUERVTXH1mR$OWHUQDP &ODVVHVGH9HUERVTXH1mR$OWHUQDP 1HVWD VHomR GLVFXWR DV FDUDFWHUtVWLFDV OH[LFDLV TXH LPSHGHP TXH RV YHUERV DOWHUQHP (VVD p EDVLFDPHQWH D HVWUDWpJLD GH 'RZW\ TXH GLVFXWH D VHOHomR DUJXPHQWDO FRP EDVH HP DFDUUHWDPHQWRVGRVSUHGLFDGRUHV -i YLPRV TXH XPD GDV FRQGLo}HV QHFHVViULDV SDUD R YHUER DSUHVHQWDU DOJXPD IRUPD GD DOWHUQkQFLD p D H[LVWrQFLD GH XP DUJXPHQWR DIHWDGR QR VHQWLGR GH HYHQWRV FRP DOJXP DUJXPHQWRFRUUHVSRQGHQWHDRVHJXQGRDUJXPHQWRGRWLHUGDFDXVDomRDIHWDomRGH-DFNHQGRII ,VVRGLVWLQJXHRVHYHQWRVFDXVDWLYRVGRVGHPDLV6mRRVHYHQWRVHPKiXPDFDXVDomR GH DOWHUDomR GH XPD SURSULHGDGH GH XPD HQWLGDGH VHQGR SRUWDQWR DQDOLViYHLV SRU PHLR GH &$86( %(&20(5HLWHURTXHQmRLJXDORRIDWRGHXPSUHGLFDGRVHUDQDOLVDGRSRUPHLRGRV PHWDSUHGLFDGRV&$86( %(&20( DQHQKXPFDUDFWHUtVWLFDDVSHFWXDO2VSUHGLFDGRVFRUUHVSRQGHQWHV D &$86( %(&20( QmR VmR QHFHVVDULDPHQWHDFFRPSOLVKPHQWV H RV DQDOLVDGRV DWUDYpV GH %(&20( QmRVmRQHFHVVDULDPHQWHDFKLHYHPHQWV $IDVWDPVH GHVVD FDUDFWHUL]DomR GH HYHQWRV DQDOLViYHLV SRU PHLR GH &$86( %(&20( RV VHJXLQWHVJUXSRVGHYHUERV - UHVXOWDWLYRV VmR YHUERV HP TXH D SURSULHGDGH DOWHUDGD GR DUJXPHQWR DIHWDGR p D VXD H[LVWrQFLD RX VHMD HOHV SDVVDP GH H[LVWHQWHV D LQH[LVWHQWHV RX YLFHYHUD 3RGHP VHU DQDOLVDGRVSRUPHLRGRPHWDSUHGLFDGR &$86(PDVQDDQiOLVHDGRWDGDQHVWDWHVHH[FOXHP D SRVVLELOLGDGH GH XVR GR %(&20( TXH VRPHQWH WRPD FRPR DUJXPHQWRV HQWLGDGHV TXH H[LVWHPQDVGXDVH[WUHPLGDGHVGRLQWHUYDORDEUDQJLGRSHORHYHQWR - HVWDWLYRVQRUPDOPHQWHQmRSRGHPVHUDQDOLVDGRVFRPRSUHGLFDGRVGHFDXVDomRSRUPHLR GR PHWDSUHGLFDGR &$86( 0HVPR QRV FDVRV H[FHSFLRQDLV HP TXH WrP XP FRPSRQHQWH GH FDXVDomR H[FOXHP D SRVVLELOLGDGH GH XVR GR %(&20( Mi TXH QmR Ki XP DUJXPHQWR DIHWDGR 1RFDStWXORGLVFXWLUHLUD]}HVGHRXWUDQDWXUH]D 6mRH[FOXtGRVGHPDQHLUDTXDVHWULYLDODLQGDRVYHUERVQmRFDXVDWLYRVDJHQWLYRVDUURWDUFRUUHUQRUPDOPHQWH RFRUUHPDSHQDVQDIRUPDWUDQVLWLYD$OJXQVGHVVHVYHUERVSRGHPDWpDOWHUQDUPDVVRPHQWHVREFRQGLo}HVEHP UHVWULWDV SURFHVVRV HVWULWDPHQWH DXW{QRPRVLQWHUQRV VXDU IORULU QRUPDOPHQWH RFRUUHP DSHQDV QD IRUPD WUDQVLWLYD $$OWHUQkQFLD&DXVDWLYDQR3RUWXJXrVGR%UDVLO - 3DXOR&KDJDVGH6RX]D RVYHUERVTXHGHQRWDPHYHQWXDOLGDGHVGHFDXVDHVWULWDPHQWHH[WHUQD - YHUERVTXHWrPDFDUUHWDPHQWRGHDJHQWLYLGDGHFRPRDVVDVVLQDU3RGHPRVFDUDFWHUL]DU HVVHJUXSRWDPEpPFRPRRGRVYHUERVTXHVyDGPLWHPUHFRQVWUXomRPHWRQtPLFDGR HYHQWR FDXVDGRU D SDUWLU GH XP DJHQWH H[FOXLQGR FDXVDV QDWXUDLV RX QmR H LQVWUXPHQWRV - YHUERV TXH VmR OH[LFDOL]DGRV FRP EDVH QXP LQVWUXPHQWR RX DFDUUHWDP VHX XVR 7DPEpP VmR FDVRV GH YHUERV TXH GHQRWDP HYHQWXDOLGDGHV GH FDXVD HVWULWDPHQWH H[WHUQD Mi TXH R LQVWUXPHQWR QmR p R SUySULR DUJXPHQWR DIHWDGR 6mR YHUERV FRPR FRUWDUHPDUWHODU ([HPSOLILFRDVHJXLUDVFODVVHVOLVWDQGRDOJXQVGHVHXVSULQFLSDLVPHPEURV $ /HU(YHQWXDOLGDGHVQmR /HU(YHQWXDOLGDGHVQmRFDXVDWLYDV FDXVDWLYDV 9HUERVTXHGHQRWDPHYHQWRVFDXVDGRVH[WHUQDPHQWHTXHWrPFRPRREMHWRXPDUJXPHQWR FRPSDSHOWHPiWLFRREMHWLYRLVWRpQmRDIHWDGR$SHQDVRFRUUHPFRPRWUDQVLWLYRV$OJXQV PHPEURVGHVWDFODVVHVmRDFKDUHVWXGDUOHUREVHUYDUYHU 2VDOXQRVOHUDPRVGRLVWH[WRV 2VGRLVWH[WRVVHOHUDP % &RQVWUXLU'HVWUXLU &RQVWUXLU'HVWUXLU 'HVWH SRQWR HP GLDQWH DGRWR D DEUHYLDWXUD GH /HYLQ 5DSSDSRUW+RYDY TXH GHQRPLQDP YHUERV FDXVDGRV H[WHUQDPHQWHLQWHUQDPHQWH RV YHUERV TXH GHQRWDP HYHQWXDOLGDGHV FDXVDGDV H[WHUQDPHQWHLQWHUQDPHQWH SDUD VHU PDLVVXFLQWR ,VVRQRTXHVHUHIHUHjVWUrVIRUPDVGDDOWHUQkQFLD2XVHMDQmRLQFOXRIHQ{PHQRVFRPRDFKDPDGDXQLGHQWLILHG REMHFWGHOHWLRQDSDJDPHQWRGHREMHWRQmRLGHQWLILFDGR &DS5HVWULo}HVGD$OWHUQkQFLD&DXVDWLYDH'HIDXOWV $PDLRULDGRVYHUERVTXHGHQRWDPGHQRWDPHYHQWRVUHVXOWDWLYRVTXHUGHGHVWUXLomRTXHUGH FULDomR7DPEpPVmRDSHQDVWUDQVLWLYRV$OJXQVPHPEURVGHVWDFODVVHDFDUUHWDUFDXVDUFRQVWUXLU GHVHQFDGHDU GHVWUXLU HQVHMDU RFDVLRQDU SUHFLSLWDU SURYRFDU SURGX]LU 7DPEpP RV YHUED GHFODUDQGL DQXQFLDUGL]HUQDUUDUHWF & (VWDWLYRV (VWDWLYRV 9HUERVTXHGHQRWDPHYHQWXDOLGDGHVKRPRJrQHDVRXVHMDQmRVmRWUDQVLo}HVHPTXHRREMHWR GLUHWRQmRUHSUHVHQWDXPVHUTXHpDIHWDGRSHODHYHQWXDOLGDGH$OJXQVPHPEURVGHVWDFODVVH VmRDEDUFDUDEUDQJHUDEULJDUDPDUFRPSRUWDUFRQWHUHQFHUUDUHQJOREDULQFOXLULQFRUSRUDURGLDUSRVVXLU WHU (XRGLHLDTXHOHILOPH $TXHOHILOPHVHRGLRX ' $VVDVVLQDU $VVDVVLQDU 9HUERV TXH GHQRWDP HYHQWXDOLGDGHV FRP REMHWR DIHWDGR DV TXDLV VmR FDXVDGDV H[WHUQDPHQWH WrPDFDUUHWDPHQWRGHDJHQWLYLGDGHHDGPLWHPUHFRQVWUXo}HVPHWRQtPLFDVEHPUHVWULWDV(VVD FODVVHpEDVWDQWHJUDQGHWHQGRYiULDVVXEFODVVHV9HUDOJXPDVGHVXDVVXEFODVVHVQRDSrQGLFH DRILQDOGRFDStWXOR 8PPDOXFRDVVDVVLQRXR-RKQ/HQQRQ 2-RKQ/HQQRQVHDVVDVVLQRX 9FDS $$OWHUQkQFLD&DXVDWLYDQR3RUWXJXrVGR%UDVLO 3DXOR&KDJDVGH6RX]D ( 0DUWHODU 0DUWHODU 9HUERV TXH GHQRWDP HYHQWXDOLGDGHV FDXVDGRV H[WHUQDPHQWH HP TXH RFRUUH R XVR GH XP LQVWUXPHQWR,QFOXRDTXLWDQWRRVTXH:KLWDNHU)UDQFKLGHQRPLQDLQVWUXPHQWDLVRVGHULYDGRV GRQRPHGRLQVWUXPHQWRTXDQWRRVTXHHODGHQRPLQDTXDVLLQVWUXPHQWDLVYHUERVFRPRFRUWDU TXHGHQRWDPHYHQWRVHPTXHKiRXVRGHXPLQVWUXPHQWRPDVQmRGHULYDPGRQRPHGHVVH LQVWUXPHQWR 0XLWRV GHVVHVYHUERV VmR GHULYDGRV GR QRPH GH XP LQVWUXPHQWR RX VHMD XP REMHWR TXH FRQWpP XP TXDOH WpOLFR (VVH TXDOH ID] UHIHUrQFLD H[SOtFLWD DR XVR IHLWR GR LQVWUXPHQWRSRUXPDSHVVRDVHPDTXDORHYHQWRQmRRFRUUH(VVHIDWRpGHVXPDLPSRUWkQFLD HVHUiUHWRPDGRQRFDStWXOR 2PHOLDQWHHVIDTXHRXRFRPSDUVD 2FRPSDUVDVHHVIDTXHRX 3ROLVVHPLDH'LiWHVH 3ROLVVHPLDH'LiWHVH $ PDLRULD GDV UHVWULo}HV TXH DFDEDPRV GH YHU VmR UD]RDYHOPHQWH EHP HVWDEHOHFLGDV QD OLWHUDWXUDPDVDFDEDPVHQGRHVWXGDGDVFRPUHODomRDFDGDYHUERGHIRUPD~QLFDVHPVXSRU TXH HVVHV YHUERV SRVVDP DSUHVHQWDU YDULDomR GH VHQWLGR H GH SURSULHGDGHV VLQWiWLFDV FRQVHTHQWHPHQWH 6HULD LPSRUWDQWH YHULILFDU TXDO D UHODomR GHVVDV UHVWULo}HV FRP RV YHUERV SROLVVrPLFRV H VH VHYHULILFD R PHVPR WLSR GHFRUUHVSRQGrQFLD HQWUHD VLQWD[H H D VHPkQWLFD GHVVHVYHUERV 2 /p[LFR *HUDWLYR GH 3XVWHMRYVN\ DSUHVHQWD XPDFRQWULEXLomR LPSRUWDQWHQHVVH VHQWLGR SRU FRQVLGHUDUXPGRVSUREOHPDVIXQGDPHQWDLVGHXPDWHRULDGROp[LFRFRPRVHQGRDSROLVVHPLD 3XVWHMRYVN\UHWRPDDGLVWLQomRGH:HLQUHLFKHQWUHDPELJLGDGHFRQWUDVWLYDH[PDQJD HPSRUWXJXrVTXHSRGHVHUDIUXWDRXDSDUWHGDURXSDHSROLVVHPLDFRPSOHPHQWDUH[SRUWD &DS5HVWULo}HVGD$OWHUQkQFLD&DXVDWLYDH'HIDXOWV TXH SRGH VHU D DEHUWXUD RX R REMHWR PDWHULDO MDQWDU TXH SRGH VHU XP YHUER RX XP VXEVWDQWLYREDQFR TXH SRGH VHU D LQVWLWXLomR ILQDQFHLUD RX R SUpGLR HWF 1R SULPHLUR FDVR WHPRVQDGDPDLVGRTXHKRPRQtPLDHQWUHRVGRLVWHUPRVVHPTXDOTXHUYtQFXORYLVtYHODWUDYpV GRVHQWLGR1RVHJXQGRFDVRYHPRVDUHODomRHQWUHRVVHQWLGRVHRTXHpPDLVLPSRUWDQWH HVVHWLSRGHSROLVVHPLDVHUHYHODEDVWDQWHUHFRUUHQWH (QWUHRVFDVRVGHSROLVVHPLDFRPSOHPHQWDUKiRVTXHSUHVHUYDPHRVTXHDOWHUDPDFDWHJRULD JUDPDWLFDO3XVWHMRYVN\GHILQHSROLVVHPLDOyJLFDFRPRRWLSRGHSROLVVHPLDFRPSOHPHQWDUHPTXH QmRKiPXGDQoDGHFDWHJRULDOH[LFDOQRTXDORVYiULRVVHQWLGRVGDSDODYUDWrPVHQWLGRVTXHVH VREUHS}HPGHSHQGHPXPGRRXWURRXTXHVmRFRPSDUWLOKDGRV $OJXQV WLSRV GH SROLVVHPLD OyJLFD UHFRUUHQWHV QDV OtQJXDV QDWXUDLV PHQFLRQDGRV SRU HOH QD SiJLQD VmR UHYHUVmR GH ILJXUD H IXQGR H[ SRUWD TXH SRGH VHU D DEHUWXUD RX R REMHWR PDWHULDOFRPRMiYLPRVUHFLSLHQWHHFRQWH~GRH[JDUUDIDVXEVWDQWLYRVGHPDVVDHFRQWiYHLV H[ FHUYHMD D VXEVWkQFLD H FHUYHMDV TXH VmR XQLGDGHV GH UHFLSLHQWHV RX WLSRV SURGXWRU H SURGXWRH[+RQGDMRUQDOSURFHVVRHUHVXOWDGRH[QRPLQDOL]Do}HVFRPRSURGXomR 2EYLDPHQWHDDOWHUQkQFLDFDXVDWLYDVHLQFOXLHQWUHRVH[HPSORVGHSROLVVHPLDOyJLFDMiTXHD PHVPDSDODYUDRFRUUHFRPGRLVVHQWLGRVGLVWLQWRVXPFDXVDWLYRHXPLQFRDWLYRVHPDOWHUDomR GHFODVVHJUDPDWLFDO 2REMHWLYRGH3XVWHMRYVN\DRGLVFXWLUDSROLVVHPLDpGHPRQVWUDUTXHQmRpDGHTXDGRDSHQDV HQXPHUDUPRVRVVHQWLGRVGDVSDODYUDVSROLVVrPLFDVFRPRHOHPHQWRVLQGHSHQGHQWHVHPYLVWD GH SHOR PHQRV WUrV WLSRV GH IHQ{PHQRV R XVR FULDWLYR GDV SDODYUDV D SHUPHDELOLGDGH GRV VHQWLGRV GDV SDODYUDV H D H[SUHVVmR GH IRUPDV VLQWiWLFDV P~OWLSODV ([DPLQHPRV EUHYHPHQWH FDGDXPGHVVHVIHQ{PHQRV &RP XVR FULDWLYR GDV SDODYUDV 3XVWHMRYVN\ TXHU GL]HU D YDULDELOLGDGH GR VLJQLILFDGR GDV SDODYUDV TXDQGR RFRUUHP MXQWR FRP RXWUDV FRPR VH Yr FRP R DGMHWLYR ERP TXH SRGH VLJQLILFDU ¶TXH HQVLQD EHP· TXDQGR DFRPSDQKD R VXEVWDQWLYR SURIHVVRU ¶TXH HVFUHYH EHP· 2EYLDPHQWH D RUDomR HVWi FRP DVWHULVFR QR VHQWLGR LQFRDWLYR VHQGR DEVROXWDPHQWH SHUIHLWD FRPR UHIOH[LYD PDVQmRpHVVHRVHQWLGRUHOHYDQWHDTXL $$OWHUQkQFLD&DXVDWLYDQR3RUWXJXrVGR%UDVLO 3DXOR&KDJDVGH6RX]D TXDQGR DFRPSDQKD R VXEVWDQWLYR HVFULWRU LQWHUHVVDQWH RX EHP IHLWR TXDQGR PRGLILFD R VXEVWDQWLYRILOPHHWF $ SHUPHDELOLGDGH GRV VHQWLGRV GDV SDODYUDV VH YHULILFD TXDQGR VH FRQVLGHUD SDODYUDV FRP YiULRV VHQWLGRV SUy[LPRV FRPR RFRUUH FRP RV YHUERV FXOLQiULRV FRPR DVVDU FR]LQKDU IULWDU HWF (XDVVHLXPIUDQJR (XDVVHLXPEROR 1RH[HPSORDFLPDTXDQGRWHPIUDQJRFRPRREMHWRRYHUERIULWDUpXPYHUERGHPXGDQoDGH HVWDGR PDV TXDQGR WHPEROR FRPR REMHWR p XPYHUER GH FULDomR Mi TXH R IUDQJR Mi H[LVWLD DQWHVGHVHUIULWRPDVRERORQmR(OHpUHVXOWDGRGDIULWXUD 2XWUR WLSR GH H[HPSOR GHVVD SHUPHDELOLGDGH GRV VHQWLGRV VmR RV YHUERV TXH DGPLWHP D H[SUHVVmRGHIRUPDVVLQWiWLFDVP~OWLSODVFRPRRYHUERHVTXHFHUS (XHVTXHFLRDQLYHUViULRGHOH (XHVTXHFLTXHRDQLYHUViULRGHOHHUDKRMH (XPHHVTXHFLGHLUSURDQLYHUViULRGHOH %DVHDGRQHVVHFRQMXQWRGHIDWRV3XVWHMRYVN\SURS}HTXHVHFRQVLGHUHTXHDVOtQJXDVQDWXUDLV VH RUJDQL]DP VHJXQGR XP SULQFtSLR GHFRPSRVLFLRQDOLGDGH IRUWH GHDFRUGR FRP R TXDO QmR WHPRV VLPSOHVPHQWH DOJXPDV SDODYUDV TXH VmR IXQWRUHV DWLYRV H RXWUDV TXH VmR DUJXPHQWRV SDVVLYRVPDVWHPRVSDODYUDVTXHLQGHSHQGHQWHPHQWHGHVXDIXQomRVLQWiWLFDSRGHPDOWHUDUD VLJQLILFDomRGHRXWUDVQRFRQWH[WR 8PDFRQFHSomREDVWDQWHSODXVtYHOHTXHMiRULHQWRXDVSHVTXLVDVSRUPXLWRWHPSRFRQVLGHUD TXHFDGDYHUERYHPHVSHFLILFDGRQROp[LFRFRPRDGPLWLQGRRXQmRGHWHUPLQDGDVGLiWHVHV 1HVWDVHomRSUHWHQGRHVWHQGHURFDPSRGHREVHUYDomRSDUDRVYHUERVTXHSHUWHQFHPDPDLV GHXPDFODVVHVHPkQWLFD&RPRYHUHPRVDVHJXLUDDOWHUQkQFLDFDXVDWLYDQmRHVWiDVVRFLDGDD 0DVYHUDVHomRGHVWHFDStWXORQDTXDOVHGLVFXWHTXHHVVHWLSRGHLQWHUSUHWDomRpDSHQDVXPGHIDXOW $SUHVHQWR DTXL D IRUPD FRPR 3XVWHMRYVN\ DQDOLVD HVVH YHUER H VXD LQWHUDomR FRP VHX REMHWR HPERUD QmR FRQFRUGHFRPHODLQFOXVLYHGHYLGRjLQDGHTXDomRGDSUHYLVmRTXHHODIDULDDFHUFDGDDOWHUQkQFLDFDXVDWLYD6HR YHUERSDVVDVVHDVHUFRQFHSWXDOL]DGRUHDOPHQWHFRPRXPYHUERGHFULDomRSRUWDQWRUHVXOWDWLYRHOHQmRGHYHULD DOWHUQDUFRP ERORFRPRDUJXPHQWRDIHWDGRYDGLVFXVVmRGDVFODVVHVGHYHUERVTXHQmRDOWHUQDPPDLVDGLDQWH QHVWHFDStWXOR &DS5HVWULo}HVGD$OWHUQkQFLD&DXVDWLYDH'HIDXOWV WRGRV RV VHQWLGRV GRV YHUERV TXH D DGPLWHP RX VHMD D DOWHUQkQFLD QmR p DOJR TXH VH GHWHUPLQDVLPSOHVPHQWHQROp[LFRFRPEDVHQXPFRQMXQWRIL[RGHSDSpLVWHPiWLFRVDWULEXtGRV RXUHODo}HVHQWUHRVDUJXPHQWRVGHXPYHUER2TXHLPSRUWDpRVLJQLILFDGRHVSHFtILFRTXHR YHUERDVVXPHRTXHSRGHHQYROYHUDDNWLRQVDUWXPHVWDGRWHPXPFRPSRUWDPHQWRVLQWiWLFR GLIHUHQWHGHXPDFFRPSOLVKPHQWRDFDUUHWDPHQWRGHDJHQWLYLGDGHRXFDXVDWLYLGDGHRXRIDWRGH RYHUERGHQRWDUXPHYHQWRSVLFROyJLFRRXQmR 2IXQFLRQDPHQWRGRVYHUERVSROLVVrPLFRVFRPUHODomRjDOWHUQkQFLDFDXVDWLYDpXPDTXHVWmR TXHQmRIRLDLQGDH[SORUDGDGHIRUPDPDLVGHWDOKDGDHPERUDWHQKDVLGRFLWDGDGHSDVVDJHP SRU DOJXQV DXWRUHV :KLWDNHU)UDQFKL SRU H[HPSOR PHQFLRQD MXQWR D DOJXQV YHUERV SROLVVrPLFRVFODVVLILFDGRVSRUHODDTXDOVHQWLGRHODHVWiID]HQGRUHIHUrQFLDHPGHWHUPLQDGRV SRQWRV R TXH LPSOLFLWDPHQWH QRV LQGLFD TXH R YHUER QmR WHP R PHVPR FRPSRUWDPHQWR VLQWiWLFRFRPWRGRVVHXV VHQWLGRVeRTXHRFRUUH FRPRYHUERDUUDQMDUFLWDGRjSiJLQD HQWUHRVYHUERVEHQHIDFWLYRVTXHQmRDOWHUQDP:KLWDNHU)UDQFKLLQGLFDHQWUHSDUrQWHVHVTXH HVWiVHUHIHULQGRDRVHQWLGRGHFRQVHJXLURXVHMDQmRDRGHRUJDQL]DUSRUH[HPSOR$GLVWLQomRp GHIDWRQHFHVViULDFRPRYHULILFDPRVQRVH[HPSORVH (XDUUDQMHLXPDSDUWDPHQWRFRPDOXJXHOUD]RiYHO > FRQVHJXLUQmRDOWHUQD@ 8PDSDUWDPHQWRFRPDOXJXHOUD]RiYHOVHDUUDQMRX 'HSRLVGRILPGRSURMHWRHOHVDUUDQMDUDPPHOKRUDVFRLVDV > RUJDQL]DUDOWHUQD@ 'HSRLVGRILPGRSURMHWRDVFRLVDVVHDUUDQMDUDPPHOKRU (P/HYLQYHULILFDPRVTXHHODGLVWLQJXHRVVHQWLGRVGHDOJXQVYHUERVLQFOXLQGRRVHP YiULDVFODVVHVPDVSRUHVWDUIRFDOL]DQGRDVFODVVHVGHYHUERVQmRVLVWHPDWL]DRUHODFLRQDPHQWR HQWUHHVVHVYiULRVVHQWLGRV8PH[HPSORGHVVHVYHUERVpWXUQTXHHVWiLQFOXtGRQDVFODVVHV WXUQYHUEVWUDQVIRUPDomRFUDQHKXUWPHDQGHUHUROO,VVRSRGH VHUYHULILFDGRDWUDYpVGRtQGLFHGROLYURTXHFRQWpPWRGDVDVRFRUUrQFLDVGHFDGDYHUERPDV REYLDPHQWH QmR VH SRGH WLUDU FRQFOXV}HV D UHVSHLWR GH DOJXP WLSR GH VLVWHPDWLFLGDGH QR FRPSRUWDPHQWRGHVVHVYHUERVSROLVVrPLFRV -i /HYLQ 5DSSDSRUW+RYDY PHQFLRQDP D LQIOXrQFLD GR REMHWR VREUH D DOWHUQkQFLD FRPRQRVH[HPSORVHHQFRQWUDGRVQDSiJLQDGHVHXOLYUR $$OWHUQkQFLD&DXVDWLYDQR3RUWXJXrVGR%UDVLO 3DXOR&KDJDVGH6RX]D D7KHGUHVVPDNHUOHQJWKHQHGWKHVNLUW E 7KHVNLUWOHQJWKHQHG D7KHPDGVFLHQWLVWOHQJWKHQHGWKHGD\V E 7KHGD\VOHQJWKHQHG $GLVWLQomRH[LVWHQWHHQWUHRH[HPSORHRH[HPSORVHGHYHDRIDWRGHHPRDWR GHDORQJDUQHFHVVLWDUGHXPDJHQWHVHQGRFDXVDGRH[WHUQDPHQWHHQRH[HPSORQmRKDYHU QHFHVVLGDGHGHXPDFDXVDH[WUtQVHFDSDUDTXHRVGLDVILTXHPPDLVORQJRV2PHVPRVHYHULILFD FRPRXWURSDUGHH[HPSORVGH/HYLQ5DSSDSRUW+RYDYHQFRQWUDGRVjSiJLQDHPTXH pSDUDOHORDHpSDUDOHORD 7KHZDLWHUFOHDUHGWKHWDEOH 7KHWDEOHFOHDUHG 7KHZLQGFOHDUHGWKHVN\ 7KHVN\FOHDUHG 1HVWD VHomR H[SORUR R WHUUHQR GRV YHUERV SROLVVrPLFRV H FRQFOXR TXH VHX FRPSRUWDPHQWR FRP UHODomR j DOWHUQkQFLD FDXVDWLYD UHIRUoD D FRQFHSomR GH TXH RV HOHPHQWRV VHPkQWLFRV DSUHVHQWDGRVVmRGHWHUPLQDQWHVFRPUHODomRjSRVVLELOLGDGHGHVXDRFRUUrQFLD 8P SULPHLUR IDWRU IXQGDPHQWDO SDUD D RFRUUrQFLD GD DOWHUQkQFLD FDXVDWLYD p D DIHWDomR GR DUJXPHQWRLQWHUQRGDIRUPDWUDQVLWLYD(VVDDIHWDomRUHSUHVHQWDGDHUHIHULGDQHVWDWHVHDWUDYpV GR PHWDSUHGLFDGR %(&20( SRGH VHU XPD PXGDQoD GH HVWDGR RX XPD PXGDQoD GH ORFDOL]DomRSRVLomR 4XDQGRH[DPLQDPRVYHUERVTXHSRGHPVHULQWHUSUHWDGRVFRPRFDXVDWLYRVRXFRPRHVWDWLYRV YHULILFDPRVTXHHPVHXVHQWLGRHVWDWLYRHVVHVYHUERVQmRDOWHUQDPHQTXDQWRTXHTXDQGRVmR YHUERV TXH LQGLFDP XPD WUDQVLomR DOWHUQDP $ SRVVLELOLGDGH GH LQWHUSUHWDomR GR YHUER QR SUHVHQWHFRPRUHIHUHQWHDXPD~QLFDHYHQWXDOLGDGHRTXHDVVLQDORDVVLP HQRVLQGLFD TXH HVVH YHUER p HVWDWLYR 1mR XWLOL]R R FRQKHFLGR WHVWH GD DJHQWLYLGDGH SDUD ID]HU HVVD GLVWLQomR GHYLGR j H[LVWrQFLD GH RUDo}HV FRPR &KRYHX TXH LQGLFDP DWLYLGDGHV VHP TXH FRQVLGHUHPRVTXHKDMDTXDOTXHUDJHQWLYLGDGHRXLQWHQFLRQDOLGDGHQDHYHQWXDOLGDGHGHVFULWD &RPRIRLGLVFXWLGRQDVHomRGHVWHFDStWXOR &DS5HVWULo}HVGD$OWHUQkQFLD&DXVDWLYDH'HIDXOWV 2SDOiFLRFRQWLQKDPXLWDVREUDVGHDUWH 2SDOiFLRFRQWpPPXLWDVREUDVGHDUWH >SUHVHQWH H@ 0XLWDVREUDVGHDUWHVHFRQWLQKDPFRPRSDOiFLR $VSDODYUDVGRPpGLFRFRQWLYHUDPRGRHQWH $VSDODYUDVGRPpGLFRFRQWrPRGRHQWH >SUHVHQWH≠H@ 2GRHQWHVHFRQWHYHFRPDVSDODYUDVGRPpGLFR 1R H[HPSOR D HYHQWXDOLGDGH GH R SDOiFLR FRQWHU PXLWDV REUDV GH DUWH p XP HVWDGR$V REUDV GH DUWH QmR VmR DIHWDGDV GH IRUPD QHQKXPD QHVVD HYHQWXDOLGDGH QmR WrP QHQKXPD SURSULHGDGHDOWHUDGDRTXHWRUQDDDOWHUQkQFLDLPSRVVtYHO3RURXWURODGR HPRHVWDGR HPRFLRQDOGRSDFLHQWHVHDOWHURXFRPDHYHQWXDOLGDGHGHVFULWD$VVLPDDOWHUQkQFLDpSRVVtYHO 2UHVXOWDGRFRQWUDULRXWRGDVDVSUHYLV}HV 2UHVXOWDGRFRQWUDULDWRGDVDVSUHYLV}HV >SUHVHQWH H@ 7RGDVDVSUHYLV}HVVHFRQWUDULDUDP 2UHVXOWDGRFRQWUDULRXWRGRVRVFDQGLGDWRV 2UHVXOWDGRFRQWUDULDWRGRVRVFDQGLGDWRV >SUHVHQWH≠H@ 7RGRVRVFDQGLGDWRVVHFRQWUDULDUDPFRPRUHVXOWDGR 2FRQWUDVWHH[LVWHQWHHQWUHHpSDUDOHORDRH[LVWHQWHHQWUHHMiTXHHPR UHVXOWDGR QmR DOWHURX DVSUHYLV}HV WHQGR DSHQDV GLIHULGR GHODV (P FRQWXGR HP TXH R HVWDGR HPRFLRQDO GRV FDQGLGDWRV VH DIHWRX HP FRQVHTrQFLD GRV UHVXOWDGRV D DOWHUQkQFLD p SRVVtYHO 2PHVPRFRQWUDVWHDSDUHFHFRPRVHJXLQWHSDUGHH[HPSORVHPTXHWHPRVXPHYHQWRQmR FDXVDWLYRGHH[SHULHQFLDomRHRXWURHYHQWRTXHpFDXVDWLYR 2VFLHQWLVWDVGHVFREULUDPDFXUDGHVVDGRHQoD $FXUDGHVVDGRHQoDVHGHVFREULX 2YHQWRGHVFREULXWRGDVDVFDPDV 7RGDVDVFDPDVVHGHVFREULUDPFRPRYHQWR (PERUD VHMD GLVFXWtYHO VH R YHUER FXUWLU p R PHVPR QRV H[HPSORV D VHJXLU R FRQWUDVWH VH PDQWpP $$OWHUQkQFLD&DXVDWLYDQR3RUWXJXrVGR%UDVLO 3DXOR&KDJDVGH6RX]D 2SHVVRDOWRGRFXUWLXRVKRZ 2VKRZVHFXUWLX 2SHVVRDOWRGRFXUWHRVKRZ >SUHVHQWH H@ (OHFXUWLXRFRXUR (OHFXUWHRFRXUR >SUHVHQWH≠H@ 2FRXURVHFXUWLX +iYHUERVTXHDGPLWHPLQWHUSUHWDo}HVHPTXHVmRHVWDWLYRVDWLYLGDGHVRXWUDQVLo}HV6RPHQWH QHVWH ~OWLPR VHQWLGR RFRUUH DIHWDomR GR REMHWR GD IRUPD WUDQVLWLYD 1RYDPHQWH p VRPHQWH FRPHVVHVHQWLGRTXHDDOWHUQkQFLDpSRVVtYHO (VVHWHUUHQRRFXSDP >HVWDWLYRSUHVHQWH H@ P VHRFXSDPFRPHVVHWHUUHQR (VVHSURMHWRPHRFXSRXRPrVLQWHLUR >FDXVDWLYR@ (XPHRFXSHLRPrVLQWHLURFRPHVVHSURMHWR $$OHPDQKDRFXSRXDÉXVWULD >QmRFDXVDWLYR WRPDU@ $ÉXVWULDVHRFXSRXFRPD$OHPDQKD $GLVWLQomRIHLWDHQWUHRVYHUERVHVWULWDPHQWHDJHQWLYRVHRVGHPDLVFDXVDWLYRVDWUDYpVGRWLSR GH UHFRQVWUXomR PHWRQtPLFD DGPLWLGD VH UHYHOD LPSRUWDQWH WDPEpP FRP RV YHUERV SROLVVrPLFRV9HMDPRVDOJXQVH[HPSORV (XLQVSLUHLRDUGDPRQWDQKD 2DUGDPRQWDQKDVHLQVSLURX $TXHOHILOPHPHLQVSLURX (XPHLQVSLUHLFRPDTXHOHILOPH 2VPLOLWDUHVVXIRFDUDPDUHEHOLmR >DJHQWLYR@ $UHEHOLmRVHVXIRFRX 2FDORUVXIRFRXRSHVVRDO &DS5HVWULo}HVGD$OWHUQkQFLD&DXVDWLYDH'HIDXOWV 2SHVVRDOVHVXIRFRXFRPRFDORU (OHVWRUFHUDPWRGRVRVIDWRV 7RGRVRVIDWRVVHWRUFHUDP (OHWRUFHXREUDoRGRRXWUR 2EUDoRGRRXWUR"VHWRUFHX 5DVSDUDPRFDEHORGHOHQRWURWH >FRPLQVWUXPHQWRSRUWDQWRFRPDJHQWH@ 2FDEHORGHOHUDVSRXQRWURWH (XUDVSHLREUDoRQDSDUHGH >VHPDJHQWH@ 0HXEUDoRVHUDVSRXQDSDUHGH 6yGHSRLVGHDOLHQDURFDUURpTXHHOHYDLILFDUWUDQTLOR >DJHQWLYR@ 6yGHSRLVTXHRFDUURVHDOLHQDUpTXHHOHYDLILFDUWUDQTLOR (VVHVSURJUDPDVDOLHQDUDPDSRSXODomR $SRSXODomRVHDOLHQRXFRPHVVHVSURJUDPDV 2JRYHUQRFRQJHORXRVSUHoRV 2VSUHoRVVHFRQJHODUDP 2QWHPHXFRQJHOHLDVREUHPHVD $VREUHPHVDVHFRQJHORX 2OHJLVODWLYROLEHURXRXVRGHPDFRQKDSDUDFHUWRVSDFLHQWHV 2XVRGHPDFRQKDSDUDFHUWRVSDFLHQWHVVHOLEHURX $WHUDSLDPHOLEHURX (XPHOLEHUHLFRPDWHUDSLD )RL GLVFXWLGR WDPEpP TXH RV YHUERV UHVXOWDWLYRV VHGLVWLQJXHP GRV FDXVDWLYRV SURSULDPHQWH GLWRV(PERUDVHSRVVDIDODUHPXPDPXGDQoDQRFDVRGRVUHVXOWDWLYRVRDUJXPHQWRTXHVRIUH DPXGDQoDVyH[LVWHQXPDGDVH[WUHPLGDGHVGDHYHQWXDOLGDGHGHVFULWDSHORYHUERUHVXOWDWLYR (VVD SURSULHGDGH SDUHFH IXQGDPHQWDO SDUD D DOWHUQkQFLD FRPR YHULILFDPRV QRV H[HPSORV D VHJXLU $$OWHUQkQFLD&DXVDWLYDQR3RUWXJXrVGR%UDVLO (ODURGRXRILOPHDQRSDVVDGR 3DXOR&KDJDVGH6RX]D > ID]HUUHVXOWDWLYR@ 2ILOPHVHURGRXDQRSDVVDGR (ODURGRXRSLmR >FDXVDWLYR@ 2SLmRVHURGRX (XDUWLFXOHLDVSDODYUDVEHPGHYDJDU >YHUEXPGLFHQGLUHVXOWDWLYR@ $VSDODYUDVVHDUWLFXODUDPEHPGHYDJDU (XDUWLFXOHLPHOKRUPLQKDVLGpLDV >FDXVDWLYR@ 0LQKDVLGpLDVVHDUWLFXODUDPPHOKRU (PRILOPHQmRH[LVWLDDQWHVGRLQtFLRGDHYHQWXDOLGDGHHDDOWHUQkQFLDpLPSRVVtYHO(P R SLmR SDVVD D HVWDU QXPD DWLYLGDGH D GH URGDU WHQGR XPD SURSULHGDGH VXD DOWHUDGD R TXH SRVVLELOLWD D DOWHUQkQFLD 'D PHVPD IRUPD FRP RV YHUED GLFHQGL DV SDODYUDV QmR H[LVWLDP DQWHVGHVHUHPSURQXQFLDGDVRXDUWLFXODGDVDRSDVVRTXHDVLGpLDVMiH[LVWLDPHPWHQGR DSHQDVWLGRXPDSURSULHGDGHDOWHUDGD 9HULILFDPRV GH IRUPD FODUD TXH R PHVPR WLSR GH YDULDomR HQFRQWUDGD HQWUH RV YHUEHWHV FRQWLGRVQROp[LFRpHQFRQWUDGDGHQWURGHFDGDYHUEHWHRXVHMDSDUDXPYHUERGHWHUPLQDGR TXHSRGHVHUFDXVDWLYRQmRHVWULWDPHQWHDJHQWLYRDOpPGHWHURXWURVHQWLGRDVVRFLDGRDHOHD DOWHUQkQFLD VRPHQWH VH YHULILFD FRP DTXHOH VHQWLGR H QmR FRP RV RXWURV R TXH H[FOXL RV VHQWLGRVQmRFDXVDWLYRVEHPFRPRRVVHQWLGRVFDXVDWLYRVHVWULWDPHQWHDJHQWLYRV (VVHWLSRGHREVHUYDomRUHIRUoDDVFRQFOXV}HVDTXHVHFKHJRXDUHVSHLWRGRSDSHOSULPRUGLDO GDVHPkQWLFDQDGHWHUPLQDomRGDDOWHUQkQFLDFDXVDWLYD$VJHQHUDOL]Do}HVIHLWDVDQWHULRUPHQWH TXDQWRjH[LVWrQFLDGHXPDUJXPHQWRDIHWDGRH[FOXVmRGRVUHVXOWDWLYRVHHVWDWLYRVEHPFRPR GRV HVWULWDPHQWH DJHQWLYRV VH HVWHQGLGDV SDUD RV GLYHUVRV VHQWLGRV GRV YHUERV SROLVVrPLFRV GmRFRQWDGHVVHVIDWRV &DS5HVWULo}HVGD$OWHUQkQFLD&DXVDWLYDH'HIDXOWV $V)RUPDVGD$OWHUQkQFLD $V)RUPDVGD$OWHUQkQFLD $OpP GH WRGDV HVVDV TXHVW}HV VHPkQWLFDV TXH YHQKR WUDWDQGR H TXH VmR UHODFLRQDGDV j DOWHUQkQFLD FDXVDWLYD HP OtQJXDV FRPR R LQJOrV HPSRUWXJXrV HOD VXVFLWD TXHVW}HV DGLFLRQDLV 8PDGHODVpRIDWRGHHPSRUWXJXrVjSULPHLUDYLVWDVHUVHPSUHSRVVtYHORFRUUHUDDOWHUQkQFLD QD IRUPD 75, RX VHMD R YHUER SRGH RFRUUHU FRPR WUDQVLWLYR UHIOH[LYR RX LQWUDQVLWLYR e R TXH VHYHULILFD FRP GRLV GRVYHUERV PDLV FRPXQV TXH DGPLWHP D DOWHUQkQFLDTXHEUDU HDEULU FRPRYHPRVQRVH[HPSORVH (XTXHEUHLRSUDWR 2SUDWRVHTXHEURX (XDEULDSRUWD $SRUWDVHDEULX 2FRUUHTXHFRPRIRLDSRQWDGREUHYHPHQWHQRFDStWXORQHPWRGRVRVYHUERVTXHDGPLWHP D DOWHUQkQFLD DGPLWHP HVVDV WUrV IRUPDV $OJXQV DGPLWHP DSHQDV DV IRUPDV WUDQVLWLYD H UHIOH[LYDIRUPDQGRRJUXSRGHYHUERV75HQWUHRVTXDLVVHLQFOXHPYHUERVFRPRSUHRFXSDUH DSUR[LPDUFRPRYHULILFDPRVQRVH[HPSORVH (VVDQRWtFLDPHSUHRFXSRX (XPHSUHRFXSHLFRPHVVDQRWtFLD (XSUHRFXSHLFRPHVVDQRWtFLD 2YHQWRDSUR[LPRXREDUFRGDSUDLD 2EDUFRVHDSUR[LPRXGDSUDLD 2EDUFRDSUR[LPRXGDSUDLD -iRXWURVDGPLWHPDSHQDVDVIRUPDVWUDQVLWLYDHLQWUDQVLWLYDIRUPDQGRRJUXSRGHYHUERV7, HQWUHRVTXDLVVHLQFOXHPYHUERVFRPRDXPHQWDUHFR]LQKDUFRPRYHULILFDPRVQRVH[HPSORV 2IULRDXPHQWRXDLQFLGrQFLDGDVGRHQoDVUHVSLUDWyULDV $LQFLGrQFLDGDVGRHQoDVUHVSLUDWyULDVVHDXPHQWRX $LQFLGrQFLDGDVGRHQoDVUHVSLUDWyULDVDXPHQWRX $$OWHUQkQFLD&DXVDWLYDQR3RUWXJXrVGR%UDVLO 3DXOR&KDJDVGH6RX]D (XFR]LQKHLRIHLMmR 2IHLMmRVHFR]LQKRX 2IHLMmRFR]LQKRX $H[LVWrQFLDGHVVDVWUrVFODVVHVVXVFLWDDTXHVWmRGHVHpSRVVtYHOGHWHFWDUFODVVHVQtWLGDVHPTXH DDOWHUQkQFLDVHPDQLIHVWDVHPSUHGDPHVPDIRUPDHPHOKRUDLQGDGHWHFWDUSURSULHGDGHVTXH H[SOLTXHP D IRUPD GD DOWHUQkQFLD QHVVDV FODVVHV e R TXH HX GLVFXWR QR FDStWXOR FRP RV HOHPHQWRVTXHVHUmRDSUHVHQWDGRVQRUHVWDQWHGHVWHFDStWXOR $QWHV GH SDVVDU D H[DPLQDU HVVHV HOHPHQWRV GHYR LQGLFDU TXDLV RV GDGRV FHQWUDLV SDUD D FDUDFWHUL]DomRGRVYHUERVTXHDGPLWHPDDOWHUQkQFLDFDXVDWLYD$OpPGDVWUrVIRUPDVSRVVtYHLV WUDQVLWLYDLQWUDQVLWLYDHUHIOH[LYDpLPSRUWDQWHDSRVVLELOLGDGHGHHVVHVYHUERVRFRUUHUDPQD IRUPD SDVVLYD FRP VHU FRPXPHQWH GHQRPLQDGD SDVVLYD VLQWiWLFD H FRP ILFDU FRPXPHQWH GHQRPLQDGDSDVVLYDDGMHWLYDO2VYHUERVPDLVWtSLFRVTXHDGPLWHPDDOWHUQkQFLDDFHLWDPHVVDV GXDVFRQVWUXo}HVDOpPGDDOWHUQkQFLDHPVLeRTXHREVHUYDPRVFRPRVYHUERVTXHEUDUHDEULU (XTXHEUHLRSUDWR 2SUDWRVHTXHEURX 2SUDWRIRLTXHEUDGR 2SUDWRILFRXTXHEUDGR (XDEULDSRUWD $SRUWDVHDEULX $SRUWDIRLDEHUWD $SRUWDILFRXDEHUWD $ DFHLWDomR GHVVDV SDVVLYDV SULQFLSDOPHQWH D DGMHWLYDO VH UHODFLRQD GH SHUWR FRP D SRVVLELOLGDGHGDDOWHUQkQFLD 1yVYLPRVDTXHODPRQWDQKD $TXHODPRQWDQKDVHYLX $TXHODPRQWDQKDIRLYLVWD $TXHODPRQWDQKDILFRXYLVWD &DS5HVWULo}HVGD$OWHUQkQFLD&DXVDWLYDH'HIDXOWV 3UHFLVRDLQGDGLVWLQJXLUDIRUPDUHIOH[LYDQDYHUGDGHSVHXGRUHIOH[LYDGDIRUPDSDVVLYD(P PLQKDDQiOLVHWHQKRTXHPHFLUFXQVFUHYHUDFRQVWUXo}HVVREUHDVTXDLVHXWHQKDXPPtQLPR GHLQWXLomR1RPHXYHUQiFXORQmRKiFRQFRUGkQFLDHPRUDo}HVFRPRDVHJXLQWH $TXLVHYHQGHPXLWRVOLYURV $TXLVHYHQGHPPXLWRVOLYURV >QmRYHUQiFXOD@ 0XLWRVOLYURVVHYHQGHPDTXL >QmRYHUQiFXOD@ 7RGRVRVOLYURVTXHVHFRPSURXHVWDYDPFRPGHIHLWR 7RGRVRVOLYURVTXHVHFRPSUDUDPHVWDYDPFRPGHIHLWR >QmRYHUQiFXOD@ 7RGRVRVOLYURVVHYHQGHUDP >QmRYHUQiFXOD@ 5HVXPLQGR TXDQGR KRXYHU FRQFRUGkQFLD WRPR LVVR FRPR HYLGrQFLD GH TXH QmR VH WUDWD GH XPD SDVVLYD 7HQKR TXH GLVWLQJXLU TXDQGR PXLWR VH WHPRV XP YHUER LQFRDWLYR FRP XP SVHXGRUHIOH[LYR RX XP UHIOH[LYR YHUGDGHLUR 4XDQGR R VXMHLWR p XP VHU KXPDQR WDOYH] DQLPDGR VHPSUH RX TXDVH VHPSUH VHUi SRVVtYHO D LQWHUSUHWDomR UHIOH[LYD 1HVVDV VLWXDo}HV SRVVRXWLOL]DUXPFRQWH[WRPDLVDPSORSDUDIRUoDUXPDLQWHUSUHWDomRLQFRDWLYDHPRVWUDUTXH HODpSRVVtYHO 8PDSURSULHGDGHTXHQRUPDOPHQWHGLVWLQJXHDSDVVLYDGDVFRQVWUXo}HVLQFRDWLYDVpRXVRGH RUDo}HVILQDLVUDWLRQDOHFODXVHV&RPRIRLGHPRQVWUDGRHP5RHSHUHPRUDo}HVSDVVLYDV R DUJXPHQWR TXH FRUUHVSRQGH DR VXMHLWR GD YR] DWLYD FRQWLQXD GLVSRQtYHO SDUD FRQWURODU R VXMHLWRGHVVDVRUDo}HVILQDLVPHVPRTXDQGRQmRH[SUHVVRRXVHMDPHVPRTXHILTXHLPSOtFLWR ([HPSORVGH5RHSHU 7KHERDWVDQNWRFROOHFWWKHLQVXUDQFH 7KHERDWZDVVXQNWRFROOHFWWKHLQVXUDQFH 7KHERDWZDVVXQNZLWKRXWILULQJDVKRW 'HYRHQIDWL]DUTXHVHIDODHPDUJXPHQWRLPSOtFLWRQDSDVVLYDHQmRQDIRUPDLQFRDWLYDSRUTXH QHVWD HOH QmR H[LVWH 8WLOL]R HVVH WHVWH SDUD GHWHUPLQDU D SRVVLELOLGDGH GH LQWHUSUHWDomR GDV FRQVWUXo}HVHPTXHDSDUHFHXPUHIOH[LYRFRPRHVWULWDPHQWHLQFRDWLYDVHQmRSDVVLYDV 1R VHQWLGR GH /DERY RX VHMD GH FRQVWUXo}HV HPSUHJDGDV VHP TXH R IDODQWH WHQKD TXH ID]HU HVIRUoR FRQVFLHQWH $$OWHUQkQFLD&DXVDWLYDQR3RUWXJXrVGR%UDVLO 3DXOR&KDJDVGH6RX]D 2VSUHoRVVHHVWDELOL]DUDPSDUDDFDOPDURVLQYHVWLGRUHV 2VSUHoRVIRUDPHVWDELOL]DGRVSDUDDFDOPDURVLQYHVWLGRUHV 4XDQGRRVXMHLWRpDQLPDGRILFDGLItFLOH[FOXLUHVVHWLSRGHLQWHUSUHWDomRSRLVVHPSUHHOHSRGH WHUXPFDUiWHUDJHQWLYRPHVPRQDVWUDQVLo}HVHPTXHpDIHWDGRFRPRHP (OHVHPDFKXFRXQRDFLGHQWHSDUDUHFHEHURVHJXUR 8WLOL]RHQWmRDGMXQWRVHXPFRQWH[WRPDLVDPSORDOpPGDRUDomRSXUDHVLPSOHVPHQWHSDUD GHPRQVWUDUTXHDLQWHUSUHWDomRSXUDPHQWHLQFRDWLYDQmRSDVVLYDpSRVVtYHO (OHHVWDYDGRUPLQGRTXDQGRR{QLEXVIRLIHFKDGRHEDWHX (OHVHPDFKXFRXQRDFLGHQWHSDUDUHFHEHURVHJXUR $QWHV GH H[DPLQDU PDLV GHWDOKDGDPHQWH DV FODVVHV 75 7, H 75, VHUi QHFHVViULR GLVFXWLU DV QRo}HVGHPRQRWRQLFLGDGHHGHGHIDXOWEHPFRPRVHXSDSHOQDDQiOLVHGDDOWHUQkQFLDFDXVDWLYD eRTXHIDoRQHVVDVSUy[LPDVVHo}HV 0RQRWRQLFLGDGHH1mR 0RQRWRQLFLGDGHH1mR0RQRWRQLFLGDGH 0RQRWRQLFLGDGH 2V WHUPRV PRQRW{QLFR H PRQRWRQLFLGDGH VmR SURYDYHOPHQWH PDLV IDPLOLDUHV QD OLWHUDWXUD VHPkQWLFD VREUH TXDQWLILFDGRUHV TXH SRGHP VHU PRQRW{QLFRV RX QmR $ GLVWLQomR p D TXH DSDUHFHQRVH[HPSORVDVHJXLU • 4XDQWLILFDGRUHVFRPPRQRWRQLFLGDGHFUHVFHQWH - 3DUDWRGRVRVFRQMXQWRV$%H%·VH5$%H%·%HQWmR5$%·([ 7RGRVRVKRPHQVDQGDUDPUiSLGRÍ7RGRVRVKRPHQVDQGDUDP %DVHDGRVHP*DPXW 2XWURV H[HPSORV GH TXDQWLILFDGRUHV GH PRQRWRQLFLGDGH FUHVFHQWH VmR R DUWLJR LQGHILQLGR H TXDQWLILFDGRUHV FRPSOH[RVFRPRPDLVGDPHWDGHGH([V8PKRPHPIXPRXFKDUXWRÍ8PKRPHPIXPRX0DLVGDPHWDGH GRVDOXQRVPRUDHP6mR3DXORÍ0DLVGDPHWDGHGRVDOXQRVPRUDHPXPDFLGDGH &DS5HVWULo}HVGD$OWHUQkQFLD&DXVDWLYDH'HIDXOWV • 4XDQWLILFDGRUHVFRPPRQRWRQLFLGDGHGHFUHVFHQWH - 3DUDWRGRVRVFRQMXQWRV$%H%·VH5$%H%%·HQWmR5$%·([ 1HQKXPKRPHPDQGRXÍ1HQKXPKRPHPDQGRXUiSLGR 2IDWRGHHVVHVTXDQWLILFDGRUHVVHUHPFKDPDGRVPRQRW{QLFRVDGYpPGRIDWRGHHOHVVHPSUH WHUHP HVVDV SURSULHGDGHV LQYDULDYHOPHQWH R TXH p FRHUHQWH FRP R VLJQLILFDGR GD SDODYUD PRQRW{QLFRTXHWHPXP~QLFRWRPTXHQmRYDULD'DPHVPDIRUPDDVLQIRUPDo}HVFKDPDGDV PRQRW{QLFDV VmR DTXHODV TXH XPD YH] GDGDV VmR VHPSUH SUHVHUYDGDV e R TXH RFRUUH QD OyJLFD FOiVVLFD TXH IRL HODERUDGD WHQGR HP YLVWD YHUGDGHV GD PDWHPiWLFD VXSRVWDPHQWH LPXWiYHLVHSDVVtYHLVGHGHWHUPLQDomRDWUDYpVGHSURFHGLPHQWRVHVWDEHOHFLGRV 1RHQWDQWRRFRQKHFLPHQWRKXPDQRHDLQWHUDomRGRKRPHPFRPRPXQGRVmRWLSLFDPHQWH QmRPRQRW{QLFRV)UHTHQWHPHQWHWRPDPRVGHFLV}HVFRPEDVHHPLQIRUPDo}HVLQFRPSOHWDV FRPRQRHQWHQGLPHQWRGHXPWH[WRFRPRRVHJXLQWH 2&DUORVHQWURXQRHVFULWyULRGRFKHIH(OHHVWDYDQHUYRVR 1RUPDOPHQWHHQWHQGHPRVTXHR&DUORVHVWDYDQHUYRVRSRUTXHLDIDODUFRPRFKHIH,VVRSRGH VHUDOWHUDGRWRGDYLDVHRWH[WRFRQWLQXDUGHVWDIRUPD $ILQDOGHFRQWDVHOHQmRTXHULDSHUGHUVHXPHOKRUHPSUHJDGR $ FRQFOXVmR DQWHULRU WHYH TXH VHU UHWLILFDGD (VVH WLSR GH IHQ{PHQR p GHQRPLQDGR QmR PRQRWRQLFLGDGH 2 VHU KXPDQR ODQoD PmR GHVVH WLSR GH UDFLRFtQLR VHPSUH TXH VH GHIURQWD FRPLQIRUPDo}HVLQFRPSOHWDVRXVHMDTXDVHVHPSUH 3RGHUtDPRV GL]HU HQWmR TXH R IDWR GH R IDODQWH VXSRU TXH R HPSUHJDGR ILFD QHUYRVR QD SUHVHQoD GR FKHIH p DSHQDV D VLWXDomR QRUPDO R GHIDXOW 6LPSOHVPHQWH SRGHUtDPRV IRUPXODU DOJR FRPR VH QmR RFRUUHU QDGD GH H[FHSFLRQDO VHP HVSHFLILFDU R TXr R HPSUHJDGR ILFD 2XWURVH[HPSORVGHTXDQWLILFDGRUHVGHPRQRWRQLFLGDGHGHFUHVFHQWHVmRQHPWRGRVHPHQRVGDPHWDGHGHFRPR YHPRVQRVVHJXLQWHVH[HPSORV1HPWRGRVDVPXOKHUHVFRPHUDPÍ1HPWRGDVDVPXOKHUHVFRPHUDPPDQJD 0HQRVGDPHWDGHGRVPHQLQRVHVWDYDEULQFDQGRÍ0HQRVGDPHWDGHGRVPHQLQRVHVWDYDEULQFDQGRQDUXD $$OWHUQkQFLD&DXVDWLYDQR3RUWXJXrVGR%UDVLO 3DXOR&KDJDVGH6RX]D QHUYRVR QD SUHVHQoD GR FKHIH (VWDUHPRV LQWURGX]LQGR D SRVVLELOLGDGH GH FRQWDU FRP D H[LVWrQFLDGHH[FHo}HVVHPTXHLVVRQRVLPSHoDGHID]HUJHQHUDOL]Do}HV 7DPEpPQRTXHVHUHIHUHjDOWHUQkQFLDFDXVDWLYDSRGHUtDPRVHVWDEHOHFHUUHVWULo}HVJHUDLVTXH HVWDULDPVXMHLWDVDH[FHo}HV1RHQWDQWRSRGHULDVHUOHYDQWDGDXPDREMHomRFRQWUDRIDWRGHVH WUDEDOKDU FRP UHVWULo}HV JHUDLV TXH SRGHP WHU H[FHo}HV SRU YH]HV GH QDWXUH]D GLYHUVD DSDUHQWHPHQWHHVVHWLSRGHDERUGDJHPQmRSRGHULDVHUIRUPDOL]DGR'DGDDLPSRUWkQFLDTXHD IRUPDOL]DomRDGTXLULXQDOLQJtVWLFDQDV~OWLPDVGpFDGDVHVVHVHULDXPSUREOHPDFRQVLGHUiYHO $V SHVTXLVDV UHDOL]DGDV QR FDPSR GD ,QWHOLJrQFLD $UWLILFLDO QR HQWDQWR QRV IRUQHFHP LQGLFDo}HV LPSRUWDQWHV GH TXH HVVD FRQFHSomR p HTXLYRFDGD $ ,QWHOLJrQFLD $UWLILFLDO VH SUHRFXSDHPWHQWDUUHSURGX]LUHPFRPSXWDGRUHVDIRUPDGHSHQVDUGRVVHUHVKXPDQRV/RJR VHWRUQRXHYLGHQWHTXHDRFRQWUiULRGRTXHVHID]HPOyJLFDFOiVVLFDQDTXDOVHWUDEDOKDFRP LQIRUPDo}HV VXSRVWDPHQWH FRPSOHWDV H DV FRQFOXV}HV D TXH VH FKHJD QmR SRGHP VHU UHWLILFDGDV R UDFLRFtQLR GRV VHUHV KXPDQRV VH ID] FRP EDVH HP LQIRUPDo}HV LQFRPSOHWDV R TXH ID] FRP TXH IUHTHQWHPHQWH WHQKDPRV TXH YROWDU DWUiV FRP UHODomR D XPD FRQFOXVmR SUpYLD RX TXH LQIRUPDo}HV PDLV HVSHFtILFDV DQXOHP HVVD FRQFOXVmR 3HQVDQGR QLVVR DOJXQV SHVTXLVDGRUHV SDVVDUDP D HODERUDU XPD OyJLFD FRP GHIDXOWV TXH p XPD WHQWDWLYD GH UHSUHVHQWDUHVVHWLSRGHFRQKHFLPHQWRHUDFLRFtQLRWtSLFRGRVHUKXPDQR $V OyJLFDV FRP GHIDXOWV VH FDUDFWHUL]DP SRU LQFOXLU DOpP GR DFDUUHWDPHQWR RX LPSOLFDomR PDWHULDO GD OyJLFD FOiVVLFD → XPD LPSOLFDomR SRU GHIDXOW ! 8PD IyUPXOD FRPR S ! T LQGLFDTXHQDIDOWDGHLQIRUPDo}HVHPFRQWUiULRGHSHXSRVVRGHGX]LUT$GLIHUHQoDFUXFLDO FRP UHODomR DR DFDUUHWDPHQWR GD OyJLFD FOiVVLFD p R IDWR GH HVVD LPSOLFDomR VHU DOJR TXH QRUPDOPHQWHVHYHULILFDPDVTXHQmRSUHFLVDRFRUUHUVHPSUH([ [pXPDDYH![YRD 1HVVHLPSOLFDomRSRUGHIDXOWHVWiLQGLFDGRTXHVHXPVHUpXPDDYHQRUPDOPHQWHHOHYRDe SRVVtYHO QR HQWDQWR HQFRQWUDUPRV DYHV TXH QmR YRDP SRU YiULRV PRWLYRV VH DYH IRU XP 5HLWHUHáXNDVLHZLF]DEVmRDOJXQVGRVSULQFLSDLV $GHQRPLQDomRHPLQJOrVpGHIDXOWORJLF&UHLRTXHDPHOKRUWUDGXomRVHMDOyJLFDFRPGHIDXOWVMiTXHHPERUDHOD DGPLWDGHIDXOWVFRQWpPRXWURVHOHPHQWRVVHQGRQDGDPDLVGRTXHXPDH[WHQVmRGDOyJLFDFOiVVLFD eLQHYLWiYHOID]HUDOLJDomRHQWUHDLGpLDGHGHIDXOWVHRFRQFHLWRGHSURWyWLSRVHODERUDGRSHODSULPHLUDYH]SRU (OHDQRU5RVFK1DWHRULDGRVSURWyWLSRVVHFRQVLGHUDTXHDVFDWHJRULDVQmRWrPIURQWHLUDVGHILQLGDVRXVHMDVmR IX]]\HSRVVXHPH[HPSODUHVTXHVmRPDLVWtSLFRVTXHRXWURV1DFDWHJRULDDYHSRUH[HPSORXPDiJXLDpPDLV &DS5HVWULo}HVGD$OWHUQkQFLD&DXVDWLYDH'HIDXOWV SLQJLPVHHODIL]HUSDUWHGHXPDSRSXODomRTXHVRIUHXXPDPXWDomRJHQpWLFDDOpPGHIDWRUHV PDLV IRUWXLWRV FRPR XP DFLGHQWH XP DWDTXH GH RXWUR DQLPDO HWF 1HQKXP GHVVHV WLSRV GH H[FHomRGDVPDLVUHJXODUHVRFDVRGRSLQJLPjVPDLVHVSRUiGLFDVXPDFLGHQWHLQYDOLGDD LPSOLFDomRSRUTXHHODQmRVySHUPLWHH[FHo}HVFRPRDVLQFRUSRUD $HVVHFRQHFWLYR!VHDVVRFLDXPDUHJUDGHPRGXVSRQHQVFDQFHOiYHOHPTXH_YDOLGDGHQmR PRQRW{QLFDVHGLVWLQJXHGHÍYDOLGDGHPRQRW{QLFD$VUHJUDVVmRDVVHJXLQWHV 0RGXVSRQHQVφ→ψφÍψ 0RGXVSRQHQVFDQFHOiYHOφ!ψφ_ψ &RP R PRGXV SRQHQV PRQRW{QLFR FOiVVLFR WHPRV TXH p FRQVLGHUDGR YiOLGR XP UDFLRFtQLR FRPRRVHJXLQWH 6HDEULUpXPYHUERTXHGHQRWDXPDPXGDQoDGHHVWDGRHQWmRDEULUDOWHUQD $EULUpXPYHUERTXHGHQRWDXPDPXGDQoDGHHVWDGR $EULUDOWHUQD &RPRPRGXVSRQHQVFDQFHOiYHOWHPRVXPUDFLRFtQLRGRVHJXLQWHWLSR 6HDEULUpXPYHUERTXHGHQRWDXPDPXGDQoDGHHVWDGRHQWmRQRUPDOPHQWHSRVVR FRQFOXLUTXHDEULUDOWHUQD $EULUpXPYHUERTXHGHQRWDXPDPXGDQoDGHHVWDGR $EULUDOWHUQD 1RHQWDQWRVHHXVRXEHUTXHWHQKRXPYHUERTXHGHQRWDXPDPXGDQoDGHHVWDGRGHXPGH VHXV DUJXPHQWRV FRP UHFRQVWUXomR PHWRQtPLFD OLPLWDGD D XP DJHQWH QmR VXEHVSHFLILFDGR SRVVRFRQFOXLUTXHHOHQmRDOWHUQDeRTXHRFRUUHFRPYHUERVGRWLSRGHDVVDVVLQDU,VVRTXHU GL]HUTXHXPDFDUUHWDPHQWRVHVREUHS}HDXPDLPSOLFDomRSRUGHIDXOWRXDLQGDTXHXPDUHJUD WtSLFDTXHXPSLQJLPSRUWHUDSURSULHGDGHGHYRDU$UHOHYkQFLDGRVSURWyWLSRVSDUDDOLQJtVWLFDpGLVFXWLGDHP /DNRII $GRWHLFDQFHOiYHOFRPRWUDGXomRGHGHIHDVLEOH9*ULFH (VVDUHJUDGL]TXHRUDFLRFtQLRTXHSDUWHGDVSUHPLVVDV¶VHφHQWmRψ·H¶ψ·HFKHJDjFRQFOXVmR¶ψ·VHPSUHp YiOLGR $$OWHUQkQFLD&DXVDWLYDQR3RUWXJXrVGR%UDVLO 3DXOR&KDJDVGH6RX]D PDLV HVSHFtILFD VH VREUHS}H D XPD PDLV JHUDO FRPR IRL SRVWXODGR QD (OVHZKHUH &RQGLWLRQ GH .LSDUVN\9HMDPRVRTXHHODSURS}H 1RVDQRVTXHVHVHJXLUDPjSXEOLFDomRGH&KRPVN\+DOOHVHWUDEDOKRXPXLWRFRP UHODomR j LQWHUDomR HQWUH DV UHJUDV IRQROyJLFDV QXPD WHQWDWLYD GH YHULILFDU TXDLV UHJUDV IDYRUHFLDP D DSOLFDomR GH RXWUD IHHGLQJ TXDLV DV EORTXHDYDP EOHHGLQJ HWF 1D WHQWDWLYD GH EXVFDU SDGU}HV PDLV JHQHUDOL]DGRV GH DSOLFDomR GH UHJUDV .LSDUVN\ SURS{V D (OVHZKHUH &RQGLWLRQVHJXQGRDTXDODVUHJUDVPDLVHVSHFtILFDVWLQKDPSUHFHGrQFLDVREUHDVPDLVJHUDLVR FDVR HOVHZKHUH RX GHIDXOW 8P GHWDOKH LPSRUWDQWH GD SURSRVWD GH .LSDUVN\ p R IDWR GH HOH FRQVLGHUDU TXH XPD HQWUDGD OH[LFDO WDPEpP p XPD UHJUD D TXDO DFDED VHQGR R WLSR PDLV HVSHFtILFRSRVVtYHOGHUHJUD 7HUtDPRV XPD KLHUDUTXLD GH DSOLFDomR GDV UHJUDV GHVWH WLSR GH DFRUGR FRP VHX JUDX GH HVSHFLILFLGDGHRXVHMDXPDHQWUDGDOH[LFDOSUHYDOHFHVREUHXPDUHJUDJHUDOGHDSOLFDomRPDLV DPSODFRPRVHVHJXH HQWUDGDOH[LFDO!UHJUDUHVWULWD!FDVRJHUDO (VVH WLSR GH FRQFHSomR SRGHULD VHU UHODFLRQDGR j SURSRVWD GH -DFNHQGRII VHJXQGR D TXDOXPLWHPOH[LFDOVHULDXPDUHJUDGHFRUUHVSRQGrQFLDHQWUHVLQWD[HVHPkQWLFDHIRQRORJLD 6H LQWHUSUHWDUPRV R Op[LFR FRPR XP FRQMXQWR GH UHJUDV GH FRUUHVSRQGrQFLD FRPR ID] -DFNHQGRIISRGHUtDPRVFRQVLGHUDUTXHHVWDPRVID]HQGRXPDKLHUDUTXLDGDVUHJUDVGH FRUUHVSRQGrQFLDHQWUHVLQWD[HHVHPkQWLFDGDVPHQRVPDUFDGDVSDUDDVPDLVPDUFDGDV 9ROWDQGRjOyJLFDFRPGHIDXOWVDSULQFLSDOYDQWDJHPGHVHXXVRSDUDDIRUPDOL]DomRGHVVHWLSR GHFRQKHFLPHQWRpTXHDRPHVPRWHPSRHPTXHLQGLFDUHJXODULGDGHVHODGHL[DHVSDoRWDQWR SDUDDLGLRVVLQFUDVLDTXDQWRSDUDDVVXEUHJXODULGDGHV (VVDUHJUDGL]TXHRUDFLRFtQLRTXHSDUWHGDVSUHPLVVDV¶VHφHQWmRQRUPDOPHQWHψ·H¶φ·HFKHJDjFRQFOXVmR ¶ψ·QRUPDOPHQWHpYiOLGR(QWHQGDVHQRUPDOPHQWHDTXLFRPR¶DQmRVHUTXHKDMDHYLGrQFLDHPFRQWUiULR· &DS5HVWULo}HVGD$OWHUQkQFLD&DXVDWLYDH'HIDXOWV 2V'HIDXOWVHR/p[LFR*HUDWLYR HR/p[LFR*HUDWLYR p[LFR*HUDWLYR 2 XVR GH GHIDXOWV H LQIRUPDo}HV LQFRPSOHWDV p XPD SRVVLELOLGDGH H[WUHPDPHQWH ~WLO DEHUWD SHORVWUDEDOKRVGHVHQYROYLGRVQRPRGHORGR/p[LFR*HUDWLYR8PWUDEDOKRUHFHQWHTXHXWLOL]D PHFDQLVPRV GR /p[LFR *HUDWLYR GH 3XVWHMRYVN\ H SURS}H TXH DV LQIRUPDo}HV FRQWLGDV QRV LWHQVOH[LFDLVVHMDPWRPDGDVFRPRGHIDXOWVpRGH/DVFDULGHVH&RSHVWDNH 3XVWHMRYVN\SURS}HSRUH[HPSORTXHRPHFDQLVPRGDFRHUomRpRTXHID]FRPTXHXPYHUER IRUFH XPD GHWHUPLQDGD LQWHUSUHWDomR GH VHX FRPSOHPHQWR ¶WUDQVIRUPDQGRR· GH REMHWR HP HYHQWR3RUH[HP1yVFRPHoDPRVROLYURRYHUERFRPHoDUVHQGRXPRSHUDGRUDVSHFWXDOSHGH XP HYHQWR FRPR DUJXPHQWR H QmR XP REMHWR 1HVVH FDVR R YHUER FRPHoDU FRHUFLRQD R VHX REMHWR GLUHWR OLYUR D VHU LQWHUSUHWDGR FRPR DUJXPHQWR GH XP HYHQWR QR FDVR SUHIHUHQFLDOPHQWHOHURXHVFUHYHU(VVDFRHUomRXWLOL]DDVLQIRUPDo}HVFRQWLGDVQRLWHPOH[LFDO TXHpRREMHWRGLUHWRHFRPS}HXPQRYRVHQWLGRMXQWRFRPRYHUER'DPHVPDIRUPDFRP YHUERV FRPR HQMR\ 3XVWHMRYVN\ SRVWXOD TXH D FRHUomR GH XP REMHWR GLUHWR QRPLQDO QmR HYHQWLYRSDUDXPDLQWHUSUHWDomRGHHYHQWRVHGiFRPEDVHQRTXDOHWpOLFRRXQRDJHQWLYRMi YLVWRV QR FDStWXOR DQWHULRU 1HVVH FDVR XPD RUDomR FRPR 0DU\ HQMR\HG WKH ERRN VHULD LQWHUSUHWDGDFRPR0DU\HQMR\HGUHDGLQJWKHERRNGHYLGRDHVVDFRHUomR &RPRDVVLQDODP/DVFDULGHVH&RSHVWDNHQRHQWDQWRREWHUHVVDVLQWHUSUHWDo}HVFRPR UHVXOWDGRGDFRHUomRpDSHQDVXPGHIDXOW&RPSDUHPRVRVH[HPSORVH 0DU\HQMR\HGWKHERRN 0DU\HQMR\HGUHDGLQJWKHERRN 7KHJRDWHQMR\HGWKHERRN 7KHJRDWHQMR\HGUHDGLQJWKHERRN 6H R VXMHLWR GH HQMR\ p XP VHU KXPDQR SRGHPRV DWLYDU D LQWHUSUHWDomR GHIDXOW GD FRHUomR FRQWLGDQRTXDOHWpOLFR1mRpRTXHRFRUUHVHRVXMHLWRIRUXPERGHRXXPDFDEUDFRPRHP 3URYDYHOPHQWHGDGRQRVVRFRQKHFLPHQWRGHPXQGRVREUHDVFDEUDVSHQVDUtDPRVTXHD FDEUD FRPHX R OLYUR 1RYDPHQWH PHVPR HVVD FRQFOXVmR SRGHULD VHU UHIRUPXODGD VH 2XVHMDH[FOXLQGRVXEVWDQWLYRVFRPROHLWXUDFRPSUDGHVFLGDHWF $$OWHUQkQFLD&DXVDWLYDQR3RUWXJXrVGR%UDVLO 3DXOR&KDJDVGH6RX]D VRXEpVVHPRVTXHVHWUDWDGHXPDIiEXODRXRXWURWH[WRGHILFomR7RGDVHVVDVFRQFOXV}HVVmR QmRPRQRW{QLFDV UHIRUPXOiYHLV GHIDXOWV FDQFHOiYHLV $ IRUPD OyJLFD GH 0DU\ HQMR\HG WKH ERRN SURSRVWDSRU/DVFDULGHVH&RSHVWDNHVHULDHQWmRDVHJXLQWH HH·[\ PDU\[ HQMR\H[H· ERRN\ DFWRQSUHGH·[\ UHDGH[\ $ LQWHUSHWDomR GD VHQWHQoD GDGD DWUDYpV GD FRHUomRp XPGHIDXOW TXH SRGH VHU EORTXHDGR QR GLVFXUVR 8PGRVVLJQLILFDGRVGDSDODYUDGHIDXOWHPLQJOrVpRGHIDOWD(VVHVHQWLGRHVWiUHODFLRQDGRDR VHQWLGR TXH YHPRV SRU H[HPSOR QR XVR GH FRPSXWDGRUHV HP TXH WHPRV RSo}HV TXH IXQFLRQDPFRPRGHIDXOW'LJDPRVTXHDIRQWHGHIDXOWpDIRQWH7LPHV1HZ5RPDQ,VVRVLJQLILFD TXHQDIDOWDRXDXVrQFLDGHXPDHVSHFLILFDomRRXXPFRPDQGRGRXVXiULRWRGRDUTXLYRQRYR TXHIRUFULDGRXWLOL]DUiHVVDIRQWH $VVLPFRPRVHIDODGRSDUDGLJPDGHXPYHUEROHYDQGRHPFRQVLGHUDomRRVWHPSRVPRGRV SHVVRDV H YR]HV GHVVH YHUER 3XVWHMRYVN\ SURS}H D H[LVWrQFLD GH XP SDUDGLJPD FRQFHSWXDO OH[LFDOGHIDXOWGRVYHUERVFDXVDWLYRV,QWHUSUHWRHVVDDILUPDomRFRPRVLJQLILFDQGRTXHQDIDOWD 1HVVDIRUPDOyJLFDXPGHVHQYROYLPHQWRIHLWRDSDUWLUGD7HRULDGDV5HSUHVHQWDo}HV'LVFXUVLYDVGH.DPSH 5H\OH DV YDULiYHLV QD SRUomR VXSHULRU GR GLDJUDPD LQGLFDP RV UHIHUHQWHV LQWURGX]LGRV QR XQLYHUVR GR GLVFXUVR H DV IyUPXODV QD SRUomR LQIHULRU GR GLDJUDPD LQGLFDP DV FRQGLo}HV GH VXD LQWHUSUHWDomR 2X VHMD D VHQWHQoD0DU\HQMR\HGWKHERRNpLQWHUSUHWDGDFRPRFRQWHQGRTXDWURUHIHUHQWHVVHQGRGRLVLQGLYtGXRV[H\HGRLV HYHQWRVHHH·2SULPHLURLQGLYtGXR[pLQWHUSUHWDGRFRPR¶0DU\·HRVHJXQGRFRPR¶OLYUR·2SULPHLURHYHQWR pXPHYHQWRGH¶HQMR\·HRVHJXQGRHYHQWRSRUGHIDXOWpXPHYHQWRGH¶OHU·2DVWHULVFRHPUHDGH[\LQGLFD TXHRHYHQWRGHOHUpDSHQDVXPGHIDXOWSRGHQGRVHUVXSODQWDGRRYHUULGGHQSRUFRQVLGHUDo}HVGLVFXUVLYDVFRPR QRH[HPSORGRERGHFDEUDJRDW (P YH] GH UHDG H [ \ /DVFDULGHV H &RSHVWDNH HPSUHJDP D QRWDomR FRP XP DVWHULVFR SDUD PDUFDU TXH D LQWHUSUHWDomR p DSHQDV XP GHIDXOW RX VHMD HVFUHYHP UHDG H [ \ 3DUD HYLWDU FRQIXVmR FRP D QRWDomR GH DJUDPDWLFDOLGDGH H FRPR WDPEpP VH XWLOL]D D EDUUD SUHFHGHQGR LQIRUPDo}HV TXH VmR DSHQDV GHIDXOWV Y SRU H[HPSOR6DJDGRWRHVWD~OWLPDQRWDomR 3XVWHMRYVN\ IDOD WDPEpP GHXP SDUDGLJPD FRQFHSWXDO OH[LFDO GRV YHUERV FDXVDWLYRV SVLFROyJLFRV (VVH p XP VXEWLSRGRSDUDGLJPDFDXVDWLYRFRQWHQGRPDLVHVSHFLILFDo}HV'XDVGHODVVmRDVSULQFLSDLVRHYHQWRFDXVDGRUp &DS5HVWULo}HVGD$OWHUQkQFLD&DXVDWLYDH'HIDXOWV GHXPDHVSHFLILFDomRHVVHVYHUERVSRGHPDOWHUQDU5HVWULQMRHVVHSDUDGLJPDDRVFDXVDWLYRVGH IDWRQmRDRVDFFRPSOLVKPHQWVHPTXHRDUJXPHQWRGLPHQVLRQDGRUGRHYHQWRQmRpDIHWDGR VHPHOKDQoDGRTXHSURS}H3XVWHMRYVN\FRQVLGHURTXHRVYHUERVTXHGHQRWDPPXGDQoDGH HVWDGRRXORFDOL]DomRRXVHMDRVGHDIHWDomRWrPFRPRSDUDGLJPDFDXVDWLYRGHIDXOWDGPLWLUHP D DOWHUQkQFLD 3RGHP GHQRWDU RX XP HYHQWR GH PXGDQoD VLPSOHVPHQWH RX XP HYHQWR GH FDXVDomRGHPXGDQoD $ DGRomR GH GHIDXOWV QD WHRULD OLQJtVWLFD VH VLWXD GHQWUR GH XPD PXGDQoD GH SHUVSHFWLYD RFRUULGDQRLQtFLRGDGpFDGDGH6HREVHUYDUPRVDWHRULDOLQJtVWLFDQRGHFRUUHUGDGpFDGD GH FRQVWDWDPRV TXH QD EXVFD GH XPD WHRULD UHVWULWLYD VH GHVHQYROYHX HQRUPHPHQWH D SHUVSHFWLYD GH HVWDEHOHFLPHQWR GH SULQFtSLRV XQLYHUVDLV LQYLROiYHLV FRPR QR PRGHOR GH 3ULQFtSLRV3DUkPHWURV$SDUWLUGHQRHQWDQWRVXUJLXGHQWURGDWHRULDOLQJtVWLFDXPD QRYD SHUVSHFWLYD TXH VH GLVWLQJXH GD HQFRQWUDGD HP 3ULQFtSLRV 3DUkPHWURV SRU H[HPSOR SRU FRQVLGHUDU TXH WRGRV RV SULQFtSLRV VmR XQLYHUVDLV PDV HP FRQWUDSDUWLGD LQHUHQWHPHQWH YLROiYHLVD7HRULDGD2WLPLGDGH6XDVSULPHLUDVDSOLFDo}HVIRUDPGHVHQYROYLGDVQDIRQRORJLD PDVSRVWHULRUPHQWHHODSDVVRXWDPEpPDVHUXWLOL]DGDQDVLQWD[HHQDPRUIRORJLD6HWRGRVRV SULQFtSLRV VmR DR PHVPR WHPSR XQLYHUVDLV H YLROiYHLV R TXH GLVWLQJXLULD DV OtQJXDV VHULD D KLHUDUTXL]DomRGHVVHVSULQFtSLRV $ SHUVSHFWLYD SURSRVWD QD 7HRULD GD 2WLPLGDGH VH DSUR[LPD EDVWDQWH GD SURSRVWD GH -DFNHQGRIIPHQFLRQDGDQRFDStWXORTXHUHSLWRDTXLSDUDIDFLOLWDUVHJXQGRDTXDOD VLQWD[H H D VHPkQWLFD VmR FRPSRQHQWHV DXW{QRPRV H JHUDWLYRV GD IDFXOGDGH GH OLQJXDJHP UHODFLRQDGRVDWUDYpVGHUHVWULo}HVGHWUrVWLSRV - $ FRQILJXUDomR ; QXP FRPSRQHQWH GD JUDPiWLFD QHFHVVDULDPHQWH FRUUHVSRQGH j FRQILJXUDomR<HPRXWURFRPSRQHQWH - $ FRQILJXUDomR ; QXP FRPSRQHQWH GD JUDPiWLFD SUHIHUHQFLDOPHQWH FRUUHVSRQGH j FRQILJXUDomR<HPRXWURFRPSRQHQWH XPHYHQWRGHH[SHULHQFLDomRQmRGHDomRHRSDFLHQWHRVHUTXHVRIUHXPDPXGDQoDpXPVHUKXPDQRFRPR GHIDXOW 9$UFKDQJHOL/DQJHQGRHQ9WDPEpP%UHVQDQETXHWUDWDPGDDSOLFDomRGD7HRULDGD 2WLPLGDGHjVLQWD[HHjPRUIRORJLD $$OWHUQkQFLD&DXVDWLYDQR3RUWXJXrVGR%UDVLO - 3DXOR&KDJDVGH6RX]D $ FRQILJXUDomR ; QXP FRPSRQHQWH GD JUDPiWLFD SRVVLYHOPHQWH FRUUHVSRQGH j FRQILJXUDomR<HPRXWURFRPSRQHQWH 7HPRV DTXL JUDXV YDULDGRV GH YLRODELOLGDGH GDV UHVWULo}HV H[WUHPDPHQWH VHPHOKDQWH j KLHUDUTXLDGHUHVWULo}HVGD7HRULDGD2WLPLGDGHeIUHTHQWHVHID]HUGLVWLQomRHQWUHGRLVWLSRV GH UHVWULo}HV DV TXH VH FRVWXPD GHQRPLQDU VRIW FRQVWUDLQWV UHVWULo}HV IOH[tYHLV H DV TXH VH FRVWXPD GHQRPLQDU KDUG FRQVWUDLQWV UHVWULo}HV UtJLGDV 1R SRQWR GH YLVWD TXH GHIHQGR QHVWD WHVH JUDQGH SDUWH GDV UHVWULo}HV VREUH R Op[LFR VH QmR VREUH R FRQKHFLPHQWR OLQJtVWLFR HP JHUDOVmRIOH[tYHLVFDUDFWHUL]DPDVLWXDomRPDLVJHUDOPDVVmRYLROiYHLV1HPSRULVVRGHL[DP GHVHUJHQHUDOL]Do}HVLPSRUWDQWHV $ UHODomR TXH VH FRVWXPD ID]HU HQWUH H[SUHVV}HV VHPDQWLFDPHQWH PDLV FRPSOH[DV H XPD PDQLIHVWDomRPDLVFRPSOH[DpDSHQDVXPDWHQGrQFLDJHUDO:XU]HOPHQFLRQDGLYHUVRV FDVRV HP TXH Ki XP GHVFRPSDVVR HQWUH HVVDV GXDV WHQGrQFLDV RX VHMD HP TXH D FRUUHVSRQGrQFLDQmRpXPDSURSRUomR 8PDGDVFDWHJRULDVTXHH[LEHXPDJUDGDomRGHFRPSOH[LGDGHpRQ~PHUReGHVHVXSRUTXHR SOXUDO p PDLV FRPSOH[R TXH R VLQJXODU 1R HQWDQWR Ki YiULRV H[HPSORV GH OtQJXDV HP TXH RFRUUHPSOXUDLVPHQRVFRPSOH[RVPRUIRORJLFDPHQWHGRTXHRVVLQJXODUHVFRUUHVSRQGHQWHV2 JDOrVHREUHWmRWrPLQ~PHURVH[HPSORVGHVVHWLSR&RPSDUHPRVSRUH[HPSORRVVLQJXODUHVH SOXUDLVGRVVHJXLQWHVVXEVWDQWLYRVHPJDOrV DGHU\QSiVVDURDGDUSiVVDURV SOHQW\QFULDQoDSODQWFULDQoDV (VSHFLILFDPHQWH QR TXH VH UHIHUH j DOWHUQkQFLD FDXVDWLYD R UHODFLRQDPHQWR HQWUH DV GXDV IRUPDVGDDOWHUQkQFLDDFDXVDWLYDHDLQFRDWLYDRFRUUHGHGLYHUVDVIRUPDVeGHVHVXSRUTXH VHPDQWLFDPHQWHDIRUPDFDXVDWLYDDQDOLViYHOFRPR&$86( %(&20( VHMDPDLVFRPSOH[DTXH DLQFRDWLYDDQDOLViYHOFRPR%(&20(1RHQWDQWRREVHUYDPRVDH[LVWrQFLDGHOtQJXDVHPTXH DLQFRDWLYDpGHULYDGDGDFDXVDWLYDHRXWUDVHPTXHQHQKXPDSDUHFHVHUGHULYDGDGDRXWUDR TXH +DVSHOPDWK GHQRPLQD IRUPDV HTXLSROHQWHV 2 WXUFR DSUHVHQWD XPD SURSRUomR HQWUH VLJQLILFDGR H H[SUHVVmR HP SDUHV FRPR |OPHN ¶PRUUHU· H |OGUPHN ¶PDWDU /tQJXDV FRPR R UXVVRSRUVXDYH]SULYLOHJLDPDGHFDXVDWLYL]DomRFRPRYHULILFDPRVQRVHJXLQWHSDU &DS5HVWULo}HVGD$OWHUQkQFLD&DXVDWLYDH'HIDXOWV UXVVRPHQMiW·¶PXGDU·FDXVDWLYRPHQMiW·VMD¶PXGDU·LQFRDWLYR 3RUILPWHPRVOtQJXDVFRPRRK~QJDURHPTXHIUHTHQWHPHQWHRFRUUHPSDUHVGHYHUERVHP TXHQHQKXPDGDVIRUPDVpGHULYDGDGDRXWUD$PEDVWrPDSHQDVRPHVPRUDGLFDO K~QJDUR|UHJtW¶HQYHOKHFHU·FDXVDWLYR|UHJO¶HQYHOKHFHU·LQFRDWLYR (PVXPDRUHODFLRQDPHQWRHQWUHDFRPSOH[LGDGHVHPkQWLFDHDFRPSOH[LGDGHPRUIROyJLFDp DSHQDVXPDLPSOLFDomRSRUGHIDXOWFRPRVHVHJXH 6HPDQWLFDPHQWHPDLVFRPSOH[R!H[SUHVVmRPDLVFRPSOH[D 7HQGRFRQVLGHUDGRRSDSHOLPSRUWDQWHGRVGHIDXOWVQDWHRULDOLQJtVWLFDHHVSHFLILFDPHQWHFRP UHODomRjDOWHUQkQFLDFDXVDWLYDSURSRQKRTXHVHFRQVLGHUHPGRLVGHIDXOWVHPUHODomRDHODQR SRUWXJXrVGR%UDVLO3ULPHLUDPHQWHSURSRQKRHPFRQVRQkQFLDFRP3XVWHMRYVN\TXH VH FRQVLGHUH TXH RV YHUERV TXH GHQRWDP XP HYHQWR GH PXGDQoD XP HYHQWR FDXVDWLYR WHQKDPFRPRGHIDXOWHPSRUWXJXrVDOWHUQDUHP 8PYHUERFDXVDWLYRTXHVHJXHHVVHGHIDXOWpRYHUERIHFKDU $PHQLQDIHFKRXDMDQHOD $MDQHODVHIHFKRX 9HUERVFRPRGHVPDLDUHFKHJDUVHDIDVWDPGHVVHGHIDXOWDGPLWLQGRDSHQDVDIRUPDLQWUDQVLWLYD TXHpLQFRDWLYD $IRPHGHVPDLRXRKRPHP 2KRPHPGHVPDLRXGHIRPH 2KRPHPVHGHVPDLRXGHIRPH 9HUERVFRPRDQXODUWDPEpPVHDIDVWDPGHVVHGHIDXOWDGPLWLQGRDSHQDVDIRUPDWUDQVLWLYD 2MXL]DQXORXRJRO 2JROVHDQXORX 6HQGR HVVD FRUUHVSRQGrQFLD HQWUH FDXVDWLYLGDGH H D DOWHUQkQFLD FDXVDWLYD DSHQDV XP GHIDXOW WHPRVTXHGHWHUPLQDURVIDWRUHVTXHEORTXHLDPDDSOLFDomRGHVVHGHIDXOW3DVVRDGLVFXWLUDJRUD DRULJHPGRVIDWRUHVTXHREORTXHLDP $$OWHUQkQFLD&DXVDWLYDQR3RUWXJXrVGR%UDVLO 3DXOR&KDJDVGH6RX]D 5HVWULo}HV6HPkQWLFDVDR'HIDXOW $VLQIRUPDo}HVTXHSRGHPEORTXHDURGHIDXOWGDDOWHUQkQFLDFDXVDWLYDVmREDVLFDPHQWHGHWUrV WLSRVOH[LFDLVFRPSRVLFLRQDLVHSUDJPiWLFDVWDQWRDVGHFRQKHFLPHQWRGHPXQGRTXDQWRDV SUDJPiWLFDVSURSULDPHQWHGLWDV9HMDPRVDOJXQVH[HPSORV 5HVWULo}HV/H[LFDLV 2WLSRGHUHVWULomRPDLVIUHTHQWHPHQWHLQYHVWLJDGDQDOLWHUDWXUDVmRDVUHVWULo}HVjUHDOL]DomR GH GHWHUPLQDGD GLiWHVH FRP GHWHUPLQDGR YHUER 6mR UHVWULo}HV GH FDUiWHU OH[LFDO RX VHMD YLQFXODGDVDGHWHUPLQDGRVYHUERV,VVRpEDVLFDPHQWHRTXHYHQKRID]HQGRQHVWHFDStWXOR 'H DFRUGR FRP D UHVWULomR j RFRUUrQFLD GD IRUPD LQFRDWLYD TXH VH UHODFLRQD FRP D SRVVLELOLGDGHGHRHYHQWRGHQRWDGRSRUHVVDIRUPDVHGHVHQURODUDXWRQRPDPHQWHRVYHUERV TXH GHQRWDUHP HYHQWRV TXH QHFHVVLWDUHP GH XP DJHQWH DJLQGR VREUH XP SDFLHQWHWHPD QmR SRGHPDOWHUQDUeRTXHRFRUUHFRPRVYHUERVDVVDVVLQDUHFDVVDU 8PWHUURULVWDDVVDVVLQRXRSULPHLURPLQLVWUR 2SULPHLURPLQLVWURVHDVVDVVLQRX 2WULEXQDOFDVVRXRVGLUHLWRVSROtWLFRVGRGHSXWDGR 2VGLUHLWRVSROtWLFRVGRGHSXWDGRVHFDVVDUDP 2XWUR WLSR GH UHVWULomR p R GH TXH R YHUER XVDGR SDUD GHVFUHYHU R HYHQWR GHYH UHSUHVHQWDU XPDWUDQVLomRDFFRPSOLVKPHQWDFKLHYHPHQWRXGHJUHHDFKLHYHPHQW,VVRH[FOXLHVWDGRVHDWLYLGDGHV (ODFRQWHPSORXDVHVWUHODVGXUDQWHDOJXQVPLQXWRV $VHVWUHODVVHFRQWHPSODUDPGXUDQWHDOJXQVPLQXWRV (YLGHQWHTXHVHULDSRVVtYHOWHUPRVDRUDomR2SULPHLURPLQLVWURVHDVVDVVLQRXFRPLQWHUSUHWDomRUHIOH[LYDHPERUD LVVRVHMDSUDJPDWLFDPHQWHDQ{PDOR 4XDQGRFRPELQDGRDDUJXPHQWRVGHILQLGRVMiTXHRXVRGHVXEVWDQWLYRVVHPGHWHUPLQDQWHRXTXDQWLILFDGRU SRGHID]HUFRPTXHHVVDVRUDo}HVWHQKDPVXDLQWHUSUHWDomRDOWHUDGDSDUDDGHDWLYLGDGHVSRUH[HPSOR &DS5HVWULo}HVGD$OWHUQkQFLD&DXVDWLYDH'HIDXOWV 1RUPDOPHQWHHVVHWLSRGHUHVWULomRVHPDQWpPPHVPRDSyVDFRPSRVLomR FRPRXWURVLWHQV OH[LFDLV 5HVWULo}HV&RPSRVLFLRQDLV 8P RXWUR WLSR GH UHVWULomR WDPEpP VHPkQWLFD j RFRUUrQFLD GD DOWHUQkQFLD FDXVDWLYD p D FRPSRVLFLRQDOLGDGH+iYHUERVTXHQRUPDOPHQWH SRGHPDOWHUQDUPDVTXHGHSHQGHQGRGRV DUJXPHQWRV RX DGMXQWRV FRP TXH VH FRPELQDP SRGHP WHU HVVD SRVVLELOLGDGH EORTXHDGD ([DPLQHPRV RYHUER TXHEUDU XP GRV PDLV WtSLFRV UHSUHVHQWDQWHV GRVYHUERV TXH DGPLWHPD DOWHUQkQFLDFDXVDWLYD1RUPDOPHQWHWHPRVRVHJXLQWHSDUDGLJPDGLDWpWLFR 2PROHTXHTXHEURXDYLGUDoD $YLGUDoDVHTXHEURX 2FRUUH H HVVH IDWR p FRQKHFLGR HPERUD VHMD DSUHVHQWDGR VRE RXWUR kQJXOR TXH DOJXQV DGMXQWRVSRGHPEORTXHDUDSRVVLELOLGDGHGDDOWHUQkQFLD([HPSORVGHDGMXQWRVGHVVHWLSRVmR RVDGMXQWRVGHOLEHUDGDPHQWHGHSURSyVLWRSRUTXHUHURXRUDo}HVILQDLV 2PROHTXHTXHEURXDYLGUDoDSRUTXHUHU $YLGUDoDVHTXHEURXSRUTXHUHU 2PROHTXHTXHEURXDYLGUDoDSDUDSHQWHOKDURYL]LQKR $YLGUDoDVHTXHEURXSDUDSHQWHOKDURYL]LQKR $TXLRFRUUHXPDLQFRPSDWLELOLGDGHHQWUHRXVRGHXPDRUDomRILQDOUDWLRQDOHFODXVHHXPYHUER LQFRDWLYR 2XWUR WLSR GH EORTXHLR SyVOH[LFDO p R TXH RFRUUH QD FRPELQDomR FRP FHUWRV DUJXPHQWRV 1RUPDOPHQWHRYHUERTXHEUDUDGPLWHDDOWHUQkQFLD4XDQGRFRPELQDGRFRPXPREMHWRGLUHWR FRPRSURPHVVDQRHQWDQWRHOHSDVVDDH[LJLUDSUHVHQoDGHXPDJHQWHQmRVLPSOHVPHQWHXPD FDXVDRTXHEORTXHLDDGHFDXVDWLYL]DomR 2PROHTXHTXHEURXDSURPHVVD $SURPHVVDVHTXHEURX $$OWHUQkQFLD&DXVDWLYDQR3RUWXJXrVGR%UDVLO 3DXOR&KDJDVGH6RX]D 3RU ILP SRGHPRV WHU R SURFHVVR LQYHUVR RX VHMD YHUERV TXH QRUPDOPHQWH QmR DOWHUQDP SDVVDU D DGPLWLU FRP PDLV IDFLOLGDGH D IRUPD LQFRDWLYD VH XWLOL]DGRV FRP GHWHUPLQDGRV DGMXQWRVFRPRREVHUYRX:KLWDNHU)UDQFKLHPFDVRVFRPRRVHJXLQWH $IHVWDFRQFOXLX $IHVWDFRQFOXLXFRPXPDTXHLPDGHIRJRV 5HVWULo}HV3UDJPiWLFDV +i UHVWULo}HV VHPkQWLFDV TXH QRUPDOPHQWH EORTXHLDP D DOWHUQkQFLD PDV TXH SRGHP VHU VXVSHQVDVHPGHWHUPLQDGRVFRQWH[WRV&RQGLo}HVSUDJPiWLFDVFRQKHFLPHQWRGHPXQGRQRV SHUPLWHPLQIHULUTXHHVVHVSURFHVVRVSDVVDUDPGHQmRDXW{QRPRVDTXDVLDXW{QRPRV 9HMDPRVRTXHQRUPDOPHQWHRFRUUHFRPYHUERVFRPRFRSLDUHSLFDU 2VDOXQRVFRSLDUDPDIUDVHGDORXVD $IUDVHGDORXVDVHFRSLRX 2FR]LQKHLURSLFRXRVOHJXPHV 2VOHJXPHVVHSLFDUDP $TXL YHPRV HP DomR D FRQKHFLGD UHVWULomR DR XVR GH YHUERV TXH LPSOLFDP XVR GH XP LQVWUXPHQWR TXH Mi FRPHQWHL DQWHULRUPHQWH QHVWH FDStWXOR 1RUPDOPHQWH R XVR GH XP LQVWUXPHQWR LPSOLFD D H[LVWrQFLD GH XP DJHQWH YROLWLYR TXH R PDQLSXOD $FRQWHFH TXH QDV ~OWLPDVGpFDGDVWrPSUROLIHUDGRDVPiTXLQDVTXHUHDOL]DPWDUHIDVTXHDWpSRXFRWHPSRDWUiV HUDPUHVHUYDGDVDDJHQWHVKXPDQRV&RSLDUHSLFDUVmRGXDVGHODV,VVRDFDERXSRVVLELOLWDQGR TXHHVVHVYHUERVSDVVDVVHPDDOWHUQDUFRPRYHPRVQHVWHVH[HPSORV (XFRSLHLRVDUTXLYRVSURGLVTXHWH 2VDUTXLYRVVHFRSLDUDPSRUGLVTXHWH 2PXOWLSURFHVVDGRUSLFRXRVOHJXPHV 2VOHJXPHVSLFDUDP &DS5HVWULo}HVGD$OWHUQkQFLD&DXVDWLYDH'HIDXOWV 8PD FRQFHSomR GD JUDPiWLFD FRPR D GH %LHUZLVFK TXH FRQVLGHUD TXH H[LVWHP D IRUPD VLQWiWLFD D IRUPD VHPkQWLFD H D IRUPD FRQFHSWXDO SDUHFH MXVWLILFDGR HP YLVWD GHVVHV IHQ{PHQRV $ IRUPD VHPkQWLFD SDUD HOH p HVWULWDPHQWH OLQJtVWLFD HQTXDQWR D IRUPD FRQFHSWXDOpH[WUDOLQJtVWLFD1RHQWDQWRDVGXDVLQWHUDJHPHVHLQIOXHQFLDP 3RGHPRVWHUDLQGDUHVWULo}HVSUDJPiWLFDVSURSULDPHQWHGLWDVFRPRTXDQGRVHTXHUSURGX]LU XPGHWHUPLQDGRHIHLWRGHVHQWLGRFRPRQHVWHH[HPSOR 6XLFLGDUDPR*HW~OLR 2 YHUER VXLFLGDU QRUPDOPHQWH p DSHQDV UHIOH[LYR QmR DGPLWLQGR XPD IRUPD FDXVDWLYD 6H VH TXHULQVLQXDURXTXHHOHQDYHUGDGHQmRVHPDWRXRXTXHIRLOHYDGRDLVVRFRQWUDVXDYRQWDGH R XVR GR YHUER VXLFLGDU FRPR WUDQVLWLYR VH WUDQVIRUPD QXP H[FHOHQWH UHFXUVR SDUD GDU HVVD LPSUHVVmRDRUHFHSWRU 5HVXPRGHVWH&DStWXOR 5HVXPRGHVWH&DStWXOR (VWHFDStWXORGLVFXWLXRVSULQFLSDLVSRQWRVUHODWLYRVjDOWHUQkQFLDFDXVDWLYDHDIRUPDFRPRHOD p WUDWDGD QD OLWHUDWXUD 1D VHomR GLVFXWL D UHODomR GD VXEHVSHFLILFDomR H GD UHFRVQWUXomR PHWRQtPLFD FRP D DOWHUQkQFLD (VWD ~OWLPD VH PRVWUD XPD IHUUDPHQWD LQWHUHVVDQWH PDV TXH GHYHUiVHUPHOKRUHVWXGDGDSDUDVHYHULILFDUDWpTXHSRQWRHODVHUHTXLSDUDGDDRDFDUUHWDPHQWR GH DJHQWLYLGDGH TXH FRVWXPD VHU GLVFXWLGR QD OLWHUDWXUD H TXDO GDV GXDV QRo}HV VHULD GLVSHQViYHO 1D VHomR SDVVHL D GLVWLQJXLU RV IDWRUHV TXH LPSHGHP TXH WHQKDPRV D RFRUUrQFLD GD DOWHUQkQFLDFRPFDGDWLSRGHYHUERVHQWUHRVTXDLVWHPRVDDJHQWLYLGDGHDUHVXOWDWLYLGDHHD HVWDWLYLGDGH(QIDWL]HLDLPSRUWkQFLDGHVVHWLSRGHFDUDFWHUtVWLFDVQDSRVVLELOLGDGHGDRFRUUrQFLD GDDOWHUQkQFLDH[DPLQDQGRRFRPSRUWDPHQWRGRVYHUERVSROLVVrPLFRVQDVHomR)LFRXFODUR TXH HVVHV PHVPRV IDWRUHV RSHUDP SDUD SHUPLWLU RX EORTXHDU D DOWHUQkQFLD WDPEpP FRP RV YiULRVVHQWLGRVGRVYHUERVSROLVVrPLFRV $$OWHUQkQFLD&DXVDWLYDQR3RUWXJXrVGR%UDVLO 3DXOR&KDJDVGH6RX]D (P VHJXLGD DSUHVHQWHL DV IRUPDV GD DOWHUQkQFLD TXH VHUmR GLVFXWLGDV FRP PDLV GHWDOKH QR FDStWXOR $QWHV GH GLVFXWLODV DQDOLVHL R SDSHO GD PRQRWRQLFLGDGH H GRV GHIDXOWV QR FRQKHFLPHQWRGROp[LFRHVSHFLILFDPHQWHUHODFLRQDQGRHVVDVQRo}HVFRPRPRGHORGR/p[LFR *HUDWLYR GH 3XVWHMRYVN\ 0RVWUHL SRU ILP QD VHomR TXH YiULRV WLSRV GH IDWRUHV SRGHP LQWHUIHULU QD SRVVLELOLGDGH GH RFRUUrQFLD GD DOWHUQkQFLD OH[LFDLV FRPSRVLFLRQDLV GH FRQKHFLPHQWRGHPXQGRHSUDJPiWLFRV &DS5HVWULo}HVGD$OWHUQkQFLD&DXVDWLYDH'HIDXOWV $SrQGLFHDR&DStWXOR $SrQGLFHDR&DStWXOR&ODVVHVGH9HUERV &ODVVHVGH9HUERV • $VVDVVLQDUYHUERVFDXVDWLYRVQHFHVVDULDPHQWHDJHQWLYRV $VVDVVLQDUYHUERVFDXVDWLYRVQHFHVVDULDPHQWHDJHQWLYRV - IRUPDV GH PDWDU DVVDVVLQDU FKDFLQDU GHJRODU HOHWURFXWDU HQIRUFDU HVWUDQJXODU H[HFXWDU IX]LODU LPRODUOLQFKDUPDVVDFUDU - GHORFDWLYRV S{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{U[HP\VHQGR[DFRQVWDQWHDGXEDUDJXDUDPDQWHLJDUDSLPHQWDUDUUROKDU D]HLWDU FDLDU FKDSHDU FRQFUHWDU FRQGLPHQWDU FRQIHLWDU FRURDU FUDVHDU GHGHWL]DU HPSDOKDU HPSODFDU HQGHUHoDUHQIDL[DUHQJUDYDWDUHQODPHDUUHJDUUHPHQGDUVHPHDU 1yVGHGHWL]DPRVRDSDUWDPHQWR 2DSDUWDPHQWRVHGHGHWL]RX - SURYHUGH[DGHUHoDUDGRUQDUDIHUUDUDIHUUROKDUDOFXQKDUDOLFHUoDUDOPRIDGDUDPRUWDOKDUDSHOLGDU DSHWUHFKDUDSRVWLODUDUERUL]DUDUPDUDUUHDUDVIDOWDUDVVDODULDUDVVRDOKDUD]XOHMDUFDOoDUFDQDOL]DU FHGLOKDU FRJQRPLQDU FRQGHFRUDU HQFRUGRDU HVWDTXHDU HWLTXHWDU IDQWDVLDU IDUGDU IHUUDU LOXVWUDU ODGULOKDUOHJHQGDUPDVFDUDUPRELOLDUPXQLFLDUPXUDUQXPHUDURUODURUQDPHQWDURUQDUSDOPLOKDU SDWHQWHDU SDXWDU SDYLPHQWDU SUHIDFLDU SUHIL[DU TXDGULFXODU UHIORUHVWDU UHJXODPHQWDU UHQGLOKDU URWXODUVDOJDU $$OWHUQkQFLD&DXVDWLYDQR3RUWXJXrVGR%UDVLO 3DXOR&KDJDVGH6RX]D (ODMiPRELOLRXRDSDUWDPHQWR 2DSDUWDPHQWRMiVHPRELOLRX • 0DUWHODUYHUERVTXHDFDUUHWDPRXVRGHXPLQVWUXPHQWR 0DUWHODUYHUERVTXHDFDUUHWDPRXVRGHXPLQVWUXPHQWR $OJXQVPHPEURVGHVWDFODVVHVmR DEDQDUDoRLWDUDFRUUHQWDUDJDVDOKDUDJULOKRDUDOILQHWDUDOJHPDUDPRUGDoDUDQDYDOKDUDSDUDUDSHGUHMDU DSLWDUDSXQKDODUDUSRDUDWDUDWLUDUEDOHDUEDOL]DUELFDUERPEDUGHDUERPEHDUERUULIDUEULWDUEURFDU EX]LQDU FDOLEUDU FDULPEDU FDXWHUL]DU FHLIDU FHU]LU FKLFRWHDU FKLFRWHDU FKLIUDU FLQ]HODU FRUWDU FRVWXUDU FR]LQKDU FUHPDU GLQDPLWDU GLVVHFDU GUHQDU HQWDOKDU HQ[DJXDU HVFDQKRDU HVFRUDU HVFRYDU HVIDTXHDU HVIDTXHDU HVJULPLU HVPHULOKDU HVSRUHDU HVTXLDU HVWDPSDU HVWHUFDU HVWUXPDU IODJHODU IOHFKDU IRUMDU IRWRJUDIDU IX]LODU JUDPSHDU JXLOKRWLQDU JXLQFKDU ODoDU ODSLGDU ODTXHDU OLPDU OL[DU PDOKDU PDQLHWDU PDUUHWDUPDUWHODUPHWUDOKDUPLPHRJUDIDUPRHUQDYDOKDUSDOLWDUSDVVDUSDWLQDUSHQHLUDUSHQWHDUSLFDU SLFRWDU SLODU SLQoDU SLQFHODU SLQWDU SLVDU SLWDU SRGDU SROLU SUHJDU SUHQVDU UDGLRJUDIDU UDODU UDSDU UDVXUDUUHPDUUHSUHVDUUHWDOKDUVHFFLRQDUVHUUDUWRUSHGHDU[HURFDU &DS²2/p[LFR*HUDWLYRRV'HIDXOWVHD$OWHUQkQFLD&DXVDWLYD &DStWXOR &DStWXOR 2/p[LFR*HUDWLYRRV'HIDXOWVHD$OWHUQkQFLD &DXVDWLYD &DXVDWLYD 1HVWH ~OWLPR FDStWXOR XWLOL]R D QRomR GH GHIDXOWV GLVFXWLGD QR ILQDO GR FDStWXOR SDUD DQDOLVDU D IRUPD GH PDQLIHVWDomR GD DOWHUQkQFLD FDXVDWLYD /i IRL SURSRVWR TXH RV YHUERV TXH GHQRWDP PXGDQoD WrP FRPR GHIDXOW DGPLWLUHP D DOWHUQkQFLD FDXVDWLYD (VVH IRL XP SULPHLUR GHIDXOW R TXDO ID] UHIHUrQFLD j UHODomR HQWUH D VHPkQWLFD GHVVHV YHUERV H VXD UHDOL]DomR PRUIRVVLQWiWLFD 1HVWH FDStWXOR SURSRQKR XP VHJXQGRGHIDXOWHVWH UHODFLRQDGR H[FOXVLYDPHQWH j PDQLIHVWDomR GD DOWHUQkQFLD QR SRUWXJXrV GR %UDVLO &RPR Mi IRL YLVWR EUHYHPHQWH QR FDStWXOR H UHWRPDGR QR FDStWXOR D DOWHUQkQFLD FDXVDWLYD SRGH VH PDQLIHVWDUGHWUrVIRUPDVGLVWLQWDVQRSRUWXJXrVGR%UDVLO75,75H7,0LQKDSURSRVWD TXH VHUi MXVWLILFDGD QHVWH FDStWXOR p GH TXH R GHIDXOW GD PDQLIHVWDomR GD DOWHUQkQFLD FDXVDWLYD QR SRUWXJXrV DWXDO GR %UDVLO p D IRUPD 75, ,VVR QmR VLJQLILFD QHFHVVDULDPHQWH TXH HVVD VHMD D IRUPD PDLV IUHTHQWH PDV VLP TXH QD DXVrQFLD GH RXWUDV UHVWULo}HV TXH SRVVDP LQIOXHQFLDU VXD PDQLIHVWDomR HOD VH GDUi QD IRUPD 75, (VVD SURSRVWD VH EDVHLD QXP SDUDOHOR FRP RXWUR IHQ{PHQR PRUIRVVLQWiWLFR HVWXGDGR QR SRUWXJXrV GR %UDVLO D TXHGDGRFOtWLFRDFXVDWLYRQmRUHIOH[LYRGHWHUFHLUDSHVVRD 'HSRLV GLVVR H[DPLQR RV GHVYLRV GR GHIDXOW SULQFLSDO GD DOWHUQkQFLD TXH SRGHP VHU FDXVDGRVSRUGRLVWLSRVGHIDWRUHVVHPkQWLFRVHPRUIROyJLFRV)LFDUDPEHPPDLVQtWLGRV DOJXQVIDWRUHVVHPkQWLFRVTXHID]HPRVYHUERVSULYLOHJLDUHPDIRUPD75)RUDPHPPHQRU Q~PHUR DV FODVVHV GH YHUERV FRP EDVH VHPkQWLFD TXH SULYLOHJLDP D IRUPD 7, TXH SXGH LGHQWLILFDU,VVRQmRPHSHUPLWLXID]HUJHQHUDOL]Do}HVPDLVDPSODVVREUHDV UD]}HVGHVHX FRPSRUWDPHQWRVLQWiWLFR$OpPGDVHPkQWLFDH[DPLQHLWDPEpPDLQIOXrQFLDGDPRUIRORJLD QDIRUPDGDDOWHUQkQFLDDTXDOpVXERUGLQDGDjLQIOXrQFLDGDVHPkQWLFD $$OWHUQkQFLD&DXVDWLYDQR3RUWXJXrVGR%UDVLO3DXOR&KDJDVGH6RX]D 2~OWLPRWySLFRGHTXHWUDWRQHVWHFDStWXORWHPFRQVHTrQFLDVWHyULFDVPDLVLPSRUWDQWHV UHWRPRRVWySLFRVDERUGDGRVSRU+DOH.H\VHURXVHMDRVSDGU}HVGHOH[LFDOL]DomRGH YHUERVHDDOWHUQkQFLDFDXVDWLYDFRPRXPDIRUPDGHGHPRQVWUDUTXHXPOp[LFRFRPRRGH 3XVWHMRYVN\ DSUHVHQWD YDQWDJHQV HPStULFDV VREUH R GH +DOH .H\VHU 'D IRUPD FRPR 3XVWHMRYVN\ SURS}H HOH Mi p PDLV DGHTXDGR SDUD H[SOLFDU RV SDGU}HV GH GHULYDomR GH YHUERV 6H GHYLGDPHQWH HQULTXHFLGR GH DFRUGR FRP D SURSRVWD TXH IDoR HOH FRQVHJXH LQFOXVLYHSUHYHUTXDQGRXPYHUERDOWHUQDRXQmRUHVWULQJLQGRPXLWRRXVRGRVGLDFUtWLFRV XVRHVVHTXHpSRXFRH[SOLFDWLYRTXHVHULDQHFHVViULRFRPRYLPRVQRFDStWXOR $$OWHUQkQFLD>75,@FRPR $$OWHUQkQFLD>75,@FRPR'HIDXOW 0LQKDSURSRVWDGHTXHDIRUPD>75,@pDPDQLIHVWDomRGHIDXOWGDDOWHUQkQFLDFDXVDWLYDQR SRUWXJXrV GR %UDVLO VH EDVHLD HP GRLV IDWRV (P SULPHLUR OXJDU (OLVHX QmR PHQFLRQD D H[LVWrQFLD GH YHUERV GHVVH WLSR HP 3RUWXJDO 2X HOHV QmR H[LVWHP KDYHQGR DSHQDVYHUERVGRVWLSRV>75@H>7,@RXVmRHPQ~PHURUHGX]LGR(PVHJXQGROXJDUWHPRV D FRQVWDWDomR GH TXH R SRUWXJXrV GR %UDVLO YHP SHUGHQGR VHXV FOtWLFRV 2V FOtWLFRV DFXVDWLYRV GH WHUFHLUD SHVVRD Mi HVWmR SUDWLFDPHQWH H[WLQWRV QR YHUQiFXOR QR VHQWLGR GH /DERY(VVDSHUGDQRHQWDQWRQmRVHGHXGHPDQHLUDLJXDOHPWRGRVRVFRQWH[WRVFRPR MiIRLGHPRQVWUDGRHP&LULQR2IDWRGHHVVHVFOtWLFRVVHUHIHULUHPDVHUHVDQLPDGRV RX LQDQLPDGRV VHQWHQoDV HWF VH PRVWURX XP IDWRU LPSRUWDQWH QD DFHOHUDomR RX QR UHWDUGDPHQWRGDSHUGDGRFOtWLFR 0LQKDKLSyWHVHpTXHHVWDQGRRSRUWXJXrVGR%UDVLOQXPDIDVHHPTXHRFOtWLFRSVHXGR UHIOH[LYR GD IRUPD LQFRDWLYD RUD RFRUUH RUD QmR RFRUUH QD DXVrQFLD GH DOJXPD HVSHFLILFDomR RV YHUERV TXH DOWHUQDP SRGHP WDQWR RFRUUHP FRP HOH TXDQWR VHP HOH DOWHUQDQGRQDIRUPD>75,@ 8P YHUER FDXVDWLYR TXH VHJXH HVVH GHIDXOW SURSRVWR GD IRUPD GD DOWHUQkQFLD DOWHUQDQGR FRPR75,pRYHUERIHFKDU $PHQLQDIHFKRXDMDQHOD $MDQHODVHIHFKRX &DS²2/p[LFR*HUDWLYRRV'HIDXOWVHD$OWHUQkQFLD&DXVDWLYD 'HQWUHRVYHUERVTXHVHDIDVWDPGHVVHGHIDXOWDOJXQVFRPRGLPLQXLUHIULWDUDSHQDVDGPLWHP DVIRUPDVWUDQVLWLYDHLQWUDQVLWLYDHQmRDUHIOH[LYDSHUWHQFHQGRDRJUXSR7, $IUHQWHIULDGLPLQXLXDWHPSHUDWXUD $WHPSHUDWXUDVHGLPLQXLX 2FDUDIULWRXRRYR 2RYRVHIULWRX 9HUERVFRPRDSDYRUDUHGLVWDQFLDUDSHQDVDGPLWHPDVIRUPDVWUDQVLWLYDHLQWUDQVLWLYDHQmRD UHIOH[LYDSHUWHQFHQGRDRJUXSR75 2VJULWRVDSDYRUDUDPDPROHFDGD $PROHFDGDVHDSDYRURXFRPRVJULWRV $VFRUUHQWHVGLVWDQFLDUDPREDUFRGROLWRUDO 2EDUFRVHGLVWDQFLRXGROLWRUDO 'LDQWHGHVVDYDULDomRILFDDSHUJXQWDSRGHPRVGHWHUPLQDUTXDLVIDWRUHVVHVREUHS}HPDR GHIDXOW75,RXSHORPHQRVDOJXQVGHOHV"(VWHFDStWXORDYDQoDQDGHWHUPLQDomRGDVFDXVDV GHVVDVREUHSRVLomR 9HUERV>75@ 9HUERV>75@ 2 SULPHLUR JUXSR TXH GLVFXWR p R GRVYHUERV >75@ VREUH R TXDO IRL SRVVtYHO HVWDEHOHFHU DOJXPDVUHVWULo}HVEHPDEUDQJHQWHV3DUDOHODPHQWHDRTXHRFRUUHXFRPRFOtWLFRDFXVDWLYR GHWHUFHLUDSHVVRDWDPEpPFRPRFOtWLFRSVHXGRUHIOH[LYRSRGHPRVGHWHFWDUDVVLPHWULDV 3RGHPRV HVSHFXODU TXDQWR j GLIXVmR GHVVD PXGDQoD QR Op[LFR j VHPHOKDQoD GR TXH IH] &LULQR D UHVSHLWR GD SHUGD GR FOtWLFR GH WHUFHLUD SHVVRD TXH VH GHX JUDGDWLYDPHQWH 3RVVLYHOPHQWHGRVYHUERVTXHDOWHUQDYDPFRPR75FRPDWHQGrQFLDGHSHUGHURFOtWLFR PXLWRVSDVVDUDPD75,$OJXQVGHOHVQRHQWDQWRUHVLVWHPGHYLGRDRVIDWRUHVOHYDQWDGRV QHVWHFDStWXORWDQWRVHPkQWLFRVTXDQWRPRUIROyJLFRV 3XGH GHWHFWDU FODVVHV TXH VH DIDVWDP GR SDUDGLJPD FRQFHSWXDO OH[LFDO FDXVDWLYR GHIDXOW GH SHOR PHQRV WUrV PDQHLUDV (PERUD DSDUHQWHPHQWH WHQKDPRV WUrV IDWRUHV GLVWLQWRV $$OWHUQkQFLD&DXVDWLYDQR3RUWXJXrVGR%UDVLO3DXOR&KDJDVGH6RX]D LQIOXHQFLDQGR D IRUPD TXH D DOWHUQkQFLD FDXVDWLYD DVVXPH FRP HVVHV YHUERV XPD DQiOLVH PDLV DWHQWD QRV SHUPLWH DJUXSDU GRLV GHVVHV WUrV IDWRUHV QXP Vy FRPR YHUHPRV QHVWD VHomR $V WUrV FODVVHV TXH SRGHP VHU VXEGLYLGDV HP VXEFODVVHV PHQRUHV TXH VHUmR GLVFXWLGDVEUHYHPHQWHVmRDVVHJXLQWHV - RVYHUERVTXHWrPXPDUJXPHQWRDIHWDGRKXPDQRFRPRGHIDXOW - RVYHUERVTXHGHQRWDPWUDQVLo}HVLQHVSHFLILFDGDV - RV YHUERV TXH GHQRWDP HYHQWXDOLGDGHV SRWHQFLDOPHQWH FRQFHSWXDOL]DGDV FRPR UHFtSURFDV RX VHMD FRP GRLV DUJXPHQWRV TXH HVWDEHOHFHP XPD UHODomR VLPpWULFD QR VHQWLGRPDWHPiWLFDGRWHUPRLVWRp5[\*5\[ 9HMDPRVFDGDXPDGDVFODVVHVHVXDVGLYLV}HV 2EMHWR$IHWDGR+XPDQRFRPR'HIDXOW 2EMHWR$IHWDGR+XPDQRFRPR'HIDXOW $QWHVGHLQLFLDUDGLVFXVVmRGRVYHUERVTXHWrPFRPRDUJXPHQWRDIHWDGRXPVHUKXPDQR FUHLR TXH VHULD FRQYHQLHQWH PH GHWHU EUHYHPHQWH VREUH D TXHVWmR GDV UHVWULo}HV VHOHFLRQDLV 'XUDQWH D GpFDGD GH VH WUDEDOKRX PXLWR QD GLVFXVVmR GDV UHVWULo}HV VHOHFLRQDLVGRVSUHGLFDGRUHVRXVHMDTXDLVWLSRVGHHQWLGDGHVSRGHULDPVHUSRUH[HPSORR VXMHLWRRXRREMHWRGHWDORXWDOYHUER&RPRH[HPSORSRGHPRVWRPDUYHUERVFRPRODWLU EHEHUHLQWULJDU eUD]RiYHOFRQVLGHUDUTXHRYHUERODWLUVHOHFLRQDFRPRVXMHLWRXPVLQWDJPDTXHGHQRWHXP FDFKRUUR 4XDQWR DR YHUER EHEHU SRGHPRV GL]HU TXH VHX REMHWR WHP TXH GHVLJQDU XP OtTXLGR-iRYHUERLQWULJDUVHOHFLRQDH[SUHVV}HVTXHGHVLJQHPVHUHVKXPDQRVFRPRREMHWR RXTXDQGRPXLWRVHUHVDQLPDGRV 2SURMHWRGHGLVFXVVmRGDVUHVWULo}HVVHOHFLRQDLVIRLGDGRFRPRIUDFDVVDGRSHORIDWRGHDV VXDVYLRODo}HVVHUHPH[WUHPDPHQWHIUHTHQWHV2XVHUHIRUPXODYDDVUHVWULo}HVWHQWDQGR UHILQiODVRXVHFRQVLGHUDYDTXHHODVHVWDYDPGHVWLQDGDVDRIUDFDVVR $ TXHVWmR GDV UHVWULo}HV VHOHFLRQDLV PH IRL VXVFLWDGD SRU XPD REVHUYDomR GH /~FLD /REDWR QD GHIHVD GH GRXWRUDGRGH(YDQL9LRWWLVREUHRUDo}HVFRPR2HOHIDQWHYRRXSHORVDUHV &DS²2/p[LFR*HUDWLYRRV'HIDXOWVHD$OWHUQkQFLD&DXVDWLYD 9HMDPRV DOJXPDV RUDo}HV FRP HVVHV WUrV YHUERV FLWDGRV QmR DVVLQDOR JUDXV GH JUDPDWLFDOLGDGHRXVHPDQWLFLGDGHQHVVHVH[HPSORVQDVHTrQFLDGDGD (OHEHEHXiJXD (OHEHEHXUHTXHLMmR (OHEHEHXIDULQKD (OHEHEHXDUHLD 'DSULPHLUDj~OWLPDRUDomRREVHUYDPRVXPDJUDGDomRGHVHPDQWLFLGDGHGDPDLVQRUPDO j PDLV DQ{PDOD &RQVLGHUDQGR XP OtTXLGR QRUPDOPHQWH iJXD RX DOJR TXH VH FRQVLGHUH DSURSULDGR SDUD EHEHU FRPR REMHWR WtSLFR GR YHUER EHEHU WHPRV RV VHJXLQWHV GHVYLRV UHTXHLMmRQmRpOtTXLGRPDVpSDVWRVRTXDVHOtTXLGRHpXPDOLPHQWRXPGHVYLRPDLRUVH REVHUYDFRPIDULQKDTXHHPERUDVHMDXPDOLPHQWRpJUDQXODGDRPDLVGLVWDQWHGHWRGRVp DDUHLDTXHpJUDQXODGDHQHPDOLPHQWRp $VHJXLUYHMDPRVRYHUERODWLUXPYHUERGHHPLVVmRGHVRP 2FDFKRUURODWLX 2PHQLQRODWLX $iJXDODWLX $VIpULDVODWLUDP 1HVVHV H[HPSORV YHPRV RXWUD JUDGDomR 2 PDLV WtSLFR HPLVVRU GR WLSR GH VRP TXH VH FRVWXPD GHQRPLQDU ODWLGR p XP FDFKRUUR 3RUWDQWR D SULPHLUD RUDomR p HVWULWDPHQWH QRUPDO$VHJXQGDHPERUDVHDIDVWHXPSRXFRGRQRUPDOSRGHVHUHQWHQGLGDVHPJUDQGH GLILFXOGDGHSHQVDQGRTXHRPHQLQRLPLWRXRWLSRGHVRPTXHRVFDFKRUURVHPLWHP7HQGR iJXD FRPR VXMHLWR D VHPDQWLFLGDGH GD RUDomR ILFD DLQGD PDLV DIHWDGD SRLV HOD QHP DR PHQRVpXPVHUDQLPDGRFRPRVmRRVFDFKRUURVHHPERUDSRVVDHPLWLUVRQVHVVHVVRQV VmR EHP GLIHUHQWHV GRV GH XP FDFKRUUR 3RU ~OWLPRDV IpULDV VmR XP SHUtRGR GH WHPSR QmRXPVHUFRQFUHWRHLQFDSD]HVGHHPLWLUTXDOTXHUVRP &RPR~OWLPRH[HPSORYHMDPRVRYHUERLQWULJDUXPYHUERSVLFROyJLFR 2PHQLQRILFRXLQWULJDGR 2FDFKRUURILFRXLQWULJDGR $DPHEDILFRXLQWULJDGD 7UDGX]RRWHUPRVHPDQWLFDOLW\GH3XVWHMRYVN\FRPRVHPDQWLFLGDGHMiTXHRDGMHWLYRSRUWXJXrVpVHPkQWLFRHQmR VHPDQWLFDO $$OWHUQkQFLD&DXVDWLYDQR3RUWXJXrVGR%UDVLO3DXOR&KDJDVGH6RX]D 2DEDMXUILFRXLQWULJDGR 1HVWHFDVRRVXMHLWRPDLVWtSLFRGHVVDSDVVLYDpXPVHUKXPDQR6HWHPRVXPRXWURDQLPDO FRPRVXMHLWRTXDQWRPDLVGLVWDQWHGRVHUKXPDQRHPWHUPRVGHFDSDFLGDGHVLQWHOHFWXDLV RXUHDo}HVHPRFLRQDLVPDLVHVWUDQKDILFDULDDRUDomR&RPFDFKRUURFRPRVXMHLWRDRUDomR DLQGD p EDVWDQWH ERD &RP DPHED FRPR VXMHLWR HOD Mi ILFD EHP HVWUDQKD 6H WHPRV DEDMXU FRPR VXMHLWR SRU VXDYH] TXH QHP VHU DQLPDGRp D RUDomR ILFD H[WUHPDPHQWH HVWUDQKD 2EYLDPHQWH HP FRQWH[WRV PXLWR HVSHFtILFRV FRPR QXPD IiEXOD WRGDV HVVDV RUDo}HV VHULDP DFHLWiYHLV PDV ILFD SHOR PHQRV D GLVWLQomRFRP UHODomR j IDFLOLGDGHGH DFHLWDUPRV HVVDVRUDo}HVQDDXVrQFLDGHXPFRQWH[WRHVSHFtILFR 1RYDPHQWH R TXH QyV WHPRV p TXH HVVDV FKDPDGDV UHVWULo}HV VHOHFLRQDLV QmR SRGHP VHU FRQVLGHUDGDV HVWDQTXHV UtJLGDV (P WHUPRV GRV WLSRV GH UHVWULo}HV YLVWDV QR ILQDO GR FDStWXOR HODV VmR XP yWLPR H[HPSOR GH UHVWULo}HV IOH[tYHLV YLROiYHLV RX VHMD GHIDXOWV 7HPRV Dt SRUWDQWR PDLV XP FDVR HP TXH R XVR GRVGHIDXOWVQD WHRULD OLQJtVWLFD VHULD GH JUDQGHYDOLD 'HYRUHVVDOWDUTXHR/p[LFR*HUDWLYRGH3XVWHMRYVN\LQGLFDDTXHWLSRGHLQGLYtGXRFDGD DUJXPHQWRGHXPYHUERSHUWHQFHVHHOHpXPREMHWRItVLFRXPDUWHIDWRXPVHUDQLPDGR HWF (PERUD YLROiYHLV H SRU YH]HV GH GLItFLO GHVFULomR HVVDV UHVWULo}HV QmR GHYHP VHU GHVFRQVLGHUDGDV1DYHUGDGHFRQVLGHUDUDH[LVWrQFLDGDVUHVWULo}HVVHOHFLRQDLVHDLQGDPDLV VHX FDUiWHU GH GHIDXOWV p H[DWDPHQWH R TXH FRQVLGHUR TXH VH GHYD HVSHUDU GH XP PRGHOR FRPRRSURSRVWRSRU3XVWHMRYVN\TXHIDODHPSHUPHDELOLGDGHGHVHQWLGRVGDVSDODYUDVH SURS}HDH[LVWrQFLDGHSDUDGLJPDVSRUGHIDXOW e LPSRUWDQWH REVHUYDU TXH D LQFOXVmR GH MXt]RV GH VHPDQWLFLGDGH SDUFLDO HQFRQWUD XP SDUDOHORLPSRUWDQWHQRVMXt]RVGHJUDPDWLFDOLGDGHTXHHQFRQWUDPRVQDVLQWD[HFRPRQRV VHJXLQWHVH[HPSORVGH/DVQLN6DLWR :KRGLG\RXKHDUDVWRU\DERXWW" ":KRGLGDVWRU\DERXWWDPXVH\RX" "":KRGR\RXEHOLHYHWKHFODLPWKDW0DU\OLNHVW" :KRGRHVWKHFODLPWKDW0DU\OLNHVWXSVHW%LOO" 6HVHMXVWLILFDDXWLOL]DomRGHJUDXVGHDJUDPDWLFDOLGDGHFUHVFHQWHRXVHMD"""HQmRKi FRPR QmR DFHLWDU JUDXV GH VHPDQWLFLGDGH YDULiYHO $V UHVWULo}HV VHOHFLRQDLV VmR H[WUHPDPHQWH ~WHLV QHVVH SRQWR e R TXH VH WHP HP PHQWH TXDQGR VH FRQVLGHUD TXH D &DS²2/p[LFR*HUDWLYRRV'HIDXOWVHD$OWHUQkQFLD&DXVDWLYD WHRULD OLQJtVWLFD WDPEpP WHP TXH GDU FRQWD GDV FKDPDGDV DVVLPHWULDV RX VHMD SRUTXH FHUWRVWLSRVGHIHQ{PHQRVVmRPDLVFRPXQVRXPDLVJUDPDWLFDLVGRTXHRXWURV 7HQGRIHLWRHVVDDUJXPHQWDomRSDUDPHSRVLFLRQDUTXDQWRjVUHVWULo}HVVHOHFLRQDLVSRVVR UHWRUQDU DRVYHUERV TXH WrP FRPR DUJXPHQWR DIHWDGRXP VHU KXPDQR SRU GHIDXOW (VVHV YHUERV DSUHVHQWDP XPD SDUWLFXODULGDGH TXH p D GH WHUHP DUJXPHQWRV DIHWDGRV TXH VmR WLGRVWDPEpPFRPRRVDJHQWHVRXFDXVDGRUHVWtSLFRVRVVHUHVKXPDQRV,VVRRVGLVWLQJXH GHXPJUDQGHQ~PHURGHYHUERVTXHGHQRWDPWUDQVLo}HVFXMRFDXVDGRUSRGHVHUXPVHU KXPDQR PDV FXMR DUJXPHQWR TXH H[SULPH R VHU DIHWDGR p WLSLFDPHQWH QmRKXPDQR RX SHORPHQRVQmRHVSHFLILFDGRFRPRWLSLFDPHQWHKXPDQRSRUH[HPSORRYHUERUDVJDU 2FDUDUDVJRXRYHVWLGR 2YHVWLGRUDVJRX 2FDUDUDVJRXRYL]LQKR &RP YHUERV FRPR UDVJDU QRUPDOPHQWH RV REMHWRV DIHWDGRV SHOR HYHQWR QmR VHULDP VHXV FDXVDGRUHV WtSLFRV QmR SDUHFHQGR KDYHU XPD QHFHVVLGDGH SUHPHQWH GH GLVWLQJXLU DV GXDV GLiWHVHVFDXVDWLYDHLQFRDWLYDDWUDYpVGHDOJXPDPDUFDH[SOtFLWD&RPRXWURVQRHQWDQWR R DUJXPHQWR DIHWDGR p WLSLFDPHQWH KXPDQR 2UD FRPR RV VHUHV KXPDQRV VmR RV DJHQWHVFDXVDGRUHVWtSLFRVVXUJHXPDSRVVLELOLGDGHPDLRUGHDPELJLGDGHFRPRSRGHPRV YHUHPFDVRVFRPRRVHJXLQWH (XSUHRFXSHLPLQKDPmH 0LQKDPmHVHSUHRFXSRX 6HRUHIOH[LYRpRPLWLGRpPDLRUDSRVVLELOLGDGHGHDPELJLGDGHFRPRSRGHPRVYHULILFDU HPRUDo}HVFRPR (XSUHRFXSRPDLVGRTXHDPLQKDPXOKHU 1XP IDODU HP TXH R FOtWLFR QmR RFRUUH QD IRUPD LQFRDWLYD GHVVHV YHUERV RUDo}HV FRPR HVVD VmR HVWULWDPHQWH DPEtJXDV (X RX PLQKD PXOKHU SRGHPRV VHU SUHRFXSDGRV RX /HR :HW]HOV FXUVR GH D WHRULD OLQJtVWLFD WDPEpP WHP TXH GDU FRQWD GDV DVVLPHWULDV $ JUDQGH PDLRULD GRV SURSDUR[tWRQRV HP SRUWXJXrV Vy DFHLWD YRJDLV DEHUWDV QD VtODED W{QLFD 'D PHVPD IRUPD D VHPDQWLFLGDGHGHRUDo}HVFRPRRSiVVDURYRRX RXRDYLmRYRRX pPXLWRPDLRUGRTXHDGHRHOHIDQWHYRRX(VWD ~OWLPDSUHFLVDGHXPFRQWH[WRRHOHIDQWHpR'XPERRXHQWmRRRXYLQWHSUHFLVDVDEHUTXHDRUDomRHVWi VHQGRXVDGDPHWDIRULFDPHQWH $$OWHUQkQFLD&DXVDWLYDQR3RUWXJXrVGR%UDVLO3DXOR&KDJDVGH6RX]D SUHRFXSDQWHV2XVRGRUHIOH[LYRID]FRPTXHHVVDVGXDVGLiWHVHVVHGLVWLQJDPFRPPDLRU IDFLOLGDGHRTXHSDUHFHYDQWDMRVRLQFOXVLYHHPWHUPRVGHSURFHVVDPHQWRGDOtQJXDIDODGD TXDQGRGDLQWHUDomRYHUEDO (VVH SDUHFH VHU R PRWLYR SHOR TXDO RV YHUERV TXH WrP FRPR DUJXPHQWR DIHWDGR XP VHU KXPDQRFRPRGHIDXOWDOWHUQDPQRUPDOPHQWHFRPRUHIOH[LYRUHVLVWLQGRDVHUXWLOL]DGRVVHP HOH ,OXVWUR D VHJXLU DOJXQV GRV JUXSRV GH YHUERV TXH WrP FRPR DUJXPHQWR DIHWDGR WLSLFDPHQWHXPVHUKXPDQR $ 3VLFROyJLFRV L $FDOPDU $FDOPDU 9HUERVTXHGHQRWDPXPDHYHQWXDOLGDGHHPTXHKiDDOWHUDomRGHXPHVWDGRSVLFROyJLFR2 FDXVDGRUWHPXPFHUWRFRQWUROHVREUHRDUJXPHQWRDIHWDGR6LQWDWLFDPHQWHVHGLVWLQJXHP GRV GHPDLV SVLFROyJLFRV SRU DFHLWDUHP DSHQDV D SDVVLYD VLQWiWLFD $OJXQV PHPEURV GHVWD FODVVHVmRDFDOPDUHQJDQDUKRQUDUKXPLOKDUSURYRFDUULGLFXODUL]DUWRUWXUDU 2PpGLFRDFDOPRXRSDFLHQWH 2SDFLHQWHVHDFDOPRXFRPDVSDODYUDVGRPpGLFR 2SDFLHQWHDFDOPRXFRPDVSDODYUDVGRPpGLFR 2SDFLHQWHIRLDFDOPDGRSHORPpGLFR 2SDFLHQWHILFRXDFDOPDGRFRPDVSDODYUDVGRPpGLFR LL $QLPDU $QLPDU 1mRTXHLVVRVHMDDOJRTXHH[LVWHQRPXQGRUHDOVHQGRLVVRVLPXPDFRQVHTrQFLDGRIDWRGHTXHPVH XWLOL]DGDOLQJXDJHPVHUPRVQyVRVKXPDQRV6HDFDSDFLGDGGHGHOLQJXDJHPIRVVHXPDWULEXWRGRVPDFDFRV DVFRLVDVVHULDPGLIHUHQWHV 1RYDPHQWHDTXLVHWUDWDGHXPGHIDXOWMiTXHKiYHUERVFRPREDTXHDUTXHPHVPRFRPRSVLFROyJLFRVVmR XVDGRVVHPRUHIOH[LYR 6LJRDFODVVLILFDomRGH&DQoDGRGRVYHUERVSVLFROyJLFRV 'HYRDVVLQDODUTXHRVYHUERVGR WLSRGH WHPHUQmRVHLQFOXHPHQWUHRVTXHDOWHUQDPSRUQmRDSUHVHQWDUHPDIHWDomRGRH[SHULHQFLDGRU &DS²2/p[LFR*HUDWLYRRV'HIDXOWVHD$OWHUQkQFLD&DXVDWLYD 9HUERVTXHGHQRWDPXPDHYHQWXDOLGDGHHPTXHKiDDOWHUDomRGHXPHVWDGRSVLFROyJLFR2 FDXVDGRUSRGHVHUXPDFDXVDRXXPDJHQWHRXVHMDpXPDUJXPHQWRFRPDPDFURIXQomR WHPiWLFD &$86$ 6HFDUDFWHUL]DPVLQWDWLFDPHQWHSRUDFHLWDUWDQWRDSDVVLYDVLQWiWLFDFRP VHU TXDQWR D DGMHWLYDO FRP ILFDU $OJXQV PHPEURV GHVWD FODVVH VmR DSDYRUDU DVVXVWDU FRQWUDULDUGHVHQFDQWDUGLYHUWLULOXGLULQWLPLGDULUULWDURIHQGHUVHQVLELOL]DU 2UHVXOWDGRDQLPRXRFDQGLGDWR 2FDQGLGDWRVHDQLPRXFRPRUHVXOWDGR 2FDQGLGDWRDQLPRXFRPRUHVXOWDGR 2FDQGLGDWRIRLDQLPDGRSHORUHVXOWDGR 2FDQGLGDWRILFRXDQLPDGRFRPRUHVXOWDGR LLL 3UHRFXSDU 3UHRFXSDU 9HUERVTXHGHQRWDPXPDHYHQWXDOLGDGHHPTXHKiDDOWHUDomRGHXPHVWDGRSVLFROyJLFR2 FDXVDGRU GD IRUPD FDXVDWLYD p DSHQDV XPD FDXVD QmR SRGHQGR VHU XP DJHQWH 6LQWDWLFDPHQWH VH FDUDFWHUL]DP SRU DFHLWDU DSHQDV D SDVVLYD DGMHWLYDO FRP ILFDU $OJXQV PHPEURV GHVWD FODVVH VmR DSRUULQKDU D]XFULQDU FRQVWUDQJHU GHVFRQFHUWDU HQIXUHFHU HQWULVWHFHU LPSDFLHQWDULQGLJQDURUJXOKDUWUDQVWRUQDU 2PROHTXHSUHRFXSRXDPmH $PmHVHSUHRFXSRXFRPRPROHTXH $PmHSUHRFXSRXFRPRPROHTXH $PmHIRLSUHRFXSDGDSHORPROHTXH $PmHILFRXSUHRFXSDGDFRPRPROHTXH 'HQWUH RV YHUERV FRP SDFLHQWH DUJXPHQWR DIHWDGR WLSLFDPHQWH KXPDQR RV YHUERV SVLFROyJLFRV DSUHVHQWDP HVVD UHVWULomR GH XWLOL]DomR GR UHIOH[LYR QD IRUPD LQFRDWLYD GH IRUPD SDUWLFXODUPHQWH DFHQWXDGD R TXH SRGHPRV YHULILFDU LQFOXVLYH FRP YHUERV SROLVVrPLFRV 9iULRV GHOHV QRUPDOPHQWH QmR DGPLWHP D IRUPD FRP R UHIOH[LYR FRP VLJQLILFDGR GH YHUERV QmRSVLFROyJLFRV PDV TXDQGR DVVXPHP XP VLJQLILFDGR GH YHUERV SVLFROyJLFRVRUHIOH[LYRpQHFHVViULR(LVDOJXQVH[HPSORV 9&DQoDGR $$OWHUQkQFLD&DXVDWLYDQR3RUWXJXrVGR%UDVLO3DXOR&KDJDVGH6RX]D 2WHUUHPRWRDEDORXRDOLFHUFHGRHGLItFLR 2DOLFHUFHGRHGLItFLRDEDORXFRPRWHUUHPRWR 2DOLFHUFHGRHGLItFLRVHDEDORXFRPRWHUUHPRWR 2WHUUHPRWRDEDORXDSRSXODomR $SRSXODomRDEDORXFRPRWHUUHPRWR $SRSXODomRVHDEDORXFRPRWHUUHPRWR 2UHPpGLRDFDOPRXDGRU $GRUDFDOPRXFRPRUHPpGLR $GRUVHDFDOPRXFRPRUHPpGLR 2UHPpGLRDFDOPRXRSDFLHQWH 2SDFLHQWHDFDOPRXFRPRUHPpGLR 2SDFLHQWHVHDFDOPRXFRPRUHPpGLR $EUX[DPHGHVHQFDQWRX> WLURXRHQFDQWRTXHHVWDYDVREUHPLP@ (XGHVHQFDQWHLFRPDEUX[D (XPHGHVHQFDQWHLFRPDEUX[D $EUX[DPHGHVHQFDQWRX> GHFHSFLRQDUGHVLOXGLU@ (XGHVHQFDQWHLFRPDEUX[D (XPHGHVHQFDQWHLFRPDEUX[D 2PHGLFDPHQWRLQLELXDUHSURGXomRGRYtUXV $UHSURGXomRGRYtUXVLQLELXFRPRPHGLFDPHQWR $UHSURGXomRGRYtUXVVHLQLELXFRPRPHGLFDPHQWR $SUHVHQoDGDIDPtOLDLQLELXRSLDQLVWD 2SLDQLVWDLQLELXFRPDSUHVHQoDGDIDPtOLD 2SLDQLVWDVHLQLELXFRPDSUHVHQoDGDIDPtOLD 2EURQ]HDGRULUULWRXPLQKDSHOH "0LQKDSHOHLUULWRXFRPREURQ]HDGRU 0LQKDSHOHVHLUULWRXFRPREURQ]HDGRU 2PHXDWUDVRLUULWRXRFKHIH 2FKHIHLUULWRXFRPRPHXDWUDVR 2FKHIHVHLUULWRXFRPRPHXDWUDVR &DS²2/p[LFR*HUDWLYRRV'HIDXOWVHD$OWHUQkQFLD&DXVDWLYD $SHQLFLOLQDVHQVLELOL]RXRVUDWRVEDVHDGRHP%RUEDRUJ>VHQVLELOL]DUILVLFDPHQWH@ 2VUDWRVVHQVLELOL]DUDPFRPDSHQLFLOLQD 2VUDWRVVHVHQVLELOL]DUDPFRPDSHQLFLOLQD 2FULPHVHQVLELOL]RXWRGDVDVSHVVRDV>VHQVLELOL]DUSVLFRORJLFDPHQWH@ 7RGDVDVSHVVRDVVHQVLELOL]DUDPFRPRFULPH 7RGDVDVSHVVRDVVHVHQVLELOL]DUDPFRPRFULPH (VVHFRQMXQWRGHH[HPSORVUHIRUoDDLGpLDGHTXHRPHVPRYHUERSRGHWHUFRPSRUWDPHQWR PRUIRVVLQWiWLFRGLVWLQWRFRQIRUPHRVLJQLILFDGRTXHDVVXPHEHPFRPRDLQGLFDomRGHTXH RVYHUERVSVLFROyJLFRVDXPHQWDPJUDQGHPHQWHDSRVVLELOLGDGHGHXVRGRFOtWLFR % &RQYHQFHU &RQYHQFHU 9HUERV TXH GHQRWDP XPD HYHQWXDOLGDGH HP TXH DOJXpP WHP VXDV RSLQL}HVFUHQoDV DOWHUDGDV6LQWiWLFDHVHPDQWLFDPHQWHVHGLYLGHHPGXDVVXEFODVVHVVHQGRRREMHWRGLUHWR PDUFDGRFRPDRXFRPGHFRQIRUPHRVLJQLILFDGRGRYHUER$OJXQVPHPEURVGHVVDFODVVH VmRFRQYHQFHUGHPRYHUGLVVXDGLUSHUVXDGLU 1yVFRQYHQFHPRVRVYHUHDGRUHVTXHHUDPHOKRUYRWDU 2VYHUHDGRUHVVHFRQYHQFHUDPTXHHUDPHOKRUYRWDU 2VYHUHDGRUHVIRUDPFRQYHQFLGRVTXHpPHOKRUYRWDU 2VYHUHDGRUHVILFDUDPFRQYHQFLGRVTXHpPHOKRUYRWDU & )HULU )HULU 9HUERV TXH GHQRWDP XPD HYHQWXDOLGDGH HP TXH XP VHU KXPDQR p DIHWDGR HP VXDV SURSULHGDGHV ItVLFDV WHQGR DOJXP WLSR GH GDQR $OJXQV PHPEURV GHVWD FODVVH DUUDQKDU FRQWXQGLUFRUWDUHVIRODUIHULUPDFKXFDUUDODU (PERUD VHMD FRPXP FODVVLILFDU HVVHV YHUERV FRPR SVLFROyJLFRV GLVWLQJR RV YHUERV GH VHQWLPHQWR H RV YHUERVGHDWLYLGDGHVPHQWDLV $GPLWRVHUH[WUHPDPHQWHGLItFLOGHFLGLUSRUXPDLQWHUSUHWDomRUHIOH[LYDRXLQFRDWLYDQHVVHVFDVRV&RPXP FRQWH[WR QR HQWDQWR p SRVVtYHO ID]HU SUHYDOHFHU D LQWHUSUHWDomR LQFRDWLYD 6XSRQGR TXH XP UDSD] HVWDYD YLDMDQGRGH{QLEXVGRUPLXHHQTXDQWRHOHHVWDYDGRUPLQGRR{QLEXVEDWHX3RVVRGL]HUTXHRUDSD]VHIHULX QHVVDVLWXDomRVHPTXHVHMDSODXVtYHOLPDJLQDUTXDOTXHUUHIOH[LYLGDGH'DPHVPDIRUPDVHRYLGURGDMDQHOD DR ODGR GHOH WLYHU VH HVWLOKDoDGR VHUi EHP UD]RiYHO GL]HU TXH HOH VH FRUWRX VHP TXH VH WHQKD D LGpLD GH UHIOH[LYLGDGH $$OWHUQkQFLD&DXVDWLYDQR3RUWXJXrVGR%UDVLO3DXOR&KDJDVGH6RX]D 2DVVDOWDQWHIHULXRUDSD] 2UDSD]VHIHULX 2UDSD]IHULXVHQGRUDSD]RSDFLHQWH "2UDSD]IRLIHULGRQRDFLGHQWH 2UDSD]IRLIHULGRSHORDVVDOWDQWH 2UDSD]ILFRXIHULGRQRDFLGHQWH ' (PEUXWHFHU (PEUXWHFHU 9HUERV TXH GHQRWDP XPD HYHQWXDOLGDGH HP TXH R FDUiWHU GH DOJXPD SHVVRD VH DOWHUD $OJXQV PHPEURV GHVWD FODVVH VmR DFDQDOKDU DPHVTXLQKDU GHSUDYDU HPEUXWHFHU KXPDQL]DU UHJHQHUDU (VVDVWUDJpGLDVWRGDVHPEUXWHFHUDPDSRSXODomR $SRSXODomRVHHPEUXWHFHXFRPHVVDVWUDJpGLDVWRGDV $SRSXODomRHPEUXWHFHXFRPHVVDVWUDJpGLDVWRGDV $SRSXODomRIRLHPEUXWHFLGDSRUWRGDVHVVDVWUDJpGLDV $SRSXODomRILFRXHPEUXWHFLGDFRPWRGDVHVVDVWUDJpGLDV 7UDQVLomR,QHVSHFLILFDGD 7UDQVLomR,QHVSHFLILFDGD 8P~OWLPRJUXSRGHYHUERVHPTXHRUHIOH[LYRWHPXPSDSHOLPSRUWDQWHQDGLVWLQomRHQWUH DV GLiWHVHV FDXVDWLYD H LQFRDWLYD p R GRV YHUERV TXH H[SULPHP XPD PXGDQoD GH HVWDGR DEVROXWDPHQWH LQHVSHFLILFDGD RX VHMD YHUERV TXH H[SULPHP DSHQDV PXGDQoD GH HVWDGR VHPHVSHFLILFDUTXDOPXGDQoDRFRUUHX&RPRDPXGDQoDpWRWDOPHQWHLQHVSHFLILFDGDQmR KiUHVWULo}HVVHOHFLRQDLVVREUHRVDUJXPHQWRVGRYHUERHRUHIOH[LYRGHVHPSHQKDXPSDSHO LPSRUWDQWH QD GHVDPELJXDomR GDV GLiWHVHV GD PHVPD IRUPD TXH YHULILFDPRV QR FDVR GH YHUERVTXHGHQRWDPHYHQWRVHPTXHRDUJXPHQWRDIHWDGRpXPVHUKXPDQR([ $RSLQLmRS~EOLFDDOWHURXDDWXDomRGRSUHVLGHQWH $DWXDomRGRSUHVLGHQWHDOWHURX 6HPRUHIOH[LYRQmRILFDHYLGHQWHVHDDWXDomRIRLDFDXVDRXRSDFLHQWH &DS²2/p[LFR*HUDWLYRRV'HIDXOWVHD$OWHUQkQFLD&DXVDWLYD $ 7UDQVIRUPDU 7UDQVIRUPDU 9HUERV TXH GHQRWDP XPD HYHQWXDOLGDGH HP R HYHQWR FDXVDGR GHQRWD DSHQDV WUDQVIRUPDomRPDVQmRHVSHFLILFDTXDOWLSRGHPXGDQoDRFRUUHX$OJXQVPHPEURVGHVWD FODVVHVmRWUDQVIRUPDUFRQYHUWHUWUDQVPXWDUDOWHUDUPRGLILFDUWRUQDU &ULVWRWUDQVIRUPRXDiJXDHPYLQKR $iJXDWUDQVIRUPRXHPYLQKR $iJXDVHWUDQVIRUPRXHPYLQKR $iJXDIRLWUDQVIRUPDGDHPYLQKR $iJXDILFRXWUDQVIRUPDGD"HPYLQKR 6LPpWULFRV 8P~OWLPRJUXSRGHYHUERVHPTXHRUHIOH[LYRWHPXPSDSHOLPSRUWDQWHQDGLVWLQomRHQWUH DV GLiWHVHV FDXVDWLYD H LQFRDWLYD p R GRV YHUERV TXH H[SULPHP XPD UHODomR VLPpWULFD QR VHQWLGRXWLOL]DGRQDPDWHPiWLFDRXVHMD5[\*5\[ (PERUD DV FRQVWUXo}HV UHFtSURFDV WDPEpP VHMDP VLPpWULFDV SUHILUR GHQRPLQDU DV GHQRWDGDV SHOR FRQMXQWR GH YHUERV D TXH PH UHILUR DTXL UHODo}HV VLPpWULFDV H QmR UHFtSURFDV SDUDGLVWLQJXLODVGDVGRWLSRGRH[HPSOR 2$QWRQLRHD6KHLODVHFRQKHFHPÍ2$QWRQLRFRQKHFHD6KHLODHD6KHLODFRQKHFH R$QWRQLR 2 DYLmR H R VDWpOLWH VH DSUR[LPDUDP µ 2 DYLmR DSUR[LPRX R VDWpOLWH H R VDWpOLWH DSUR[LPRXRDYLmR $ -XQWDU -XQWDU 2 YHUER PXGDU SDUHFH XPD H[FHomR LPSRUWDQWH 1R HQWDQWR HOH WHP DOJR GH GLIHUHQWH GRV RXWURV SRLV SRGHWDPEpPWHUXPVLJQLILFDGRORFDOPXGDUGHOXJDU $$OWHUQkQFLD&DXVDWLYDQR3RUWXJXrVGR%UDVLO3DXOR&KDJDVGH6RX]D 9HUERVTXHGHQRWDPXPDHYHQWXDOLGDGHVLPpWULFDRTXHH[FOXLDFUHVFHQWDUSRUH[HPSORHP TXHGRLVLQGLYtGXRVRXPDVVDVSDVVDPDHVWDUMXQWRV8PSRQWRLPSRUWDQWHGHVVDFODVVHp TXHRREMHWRLQGLUHWRSRGHVHULQWURGX]LGRSHODSUHSRVLomRDPDVQmRSHODSUHSRVLomRSDUD $OJXQVPHPEURVGHVWDFODVVHVmRDJORPHUDUDJOXWLQDUDJUHJDUDMXQWDUDPDOJDPDUDPRQWRDU FRPELQDUFRQFDWHQDUFRQHFWDUIXQGLUMXQWDUOLJDUPHVFODUPLVWXUDUUHXQLUVRPDUXQLU (VVHWLPHUHXQLXDJURVVXUDFRPDLQHILFLrQFLDWiWLFD $JURVVXUDHDLQHILFLrQFLDWiWLFDVHUHXQLUDPQHVVHWLPH $JURVVXUDHDLQHILFLrQFLDWiWLFDIRUDPUHXQLGDVQHVVHWLPH $JURVVXUDHDLQHILFLrQFLDWiWLFDILFDUDPUHXQLGDVQHVVHWLPH % 6HSDUDU 6HSDUDU 9HUERV TXH GHQRWDP XPD HYHQWXDOLGDGH VLPpWULFD HP TXH GRLV LQGLYtGXRV RX PDVVDV SDVVDPDHVWDUVHSDUDGRVDSyVDRFRUUrQFLDGDHYHQWXDOLGDGH$OJXQVPHPEURVGHVWDFODVVH VmRDSDUWDUGHVDFRSODUGHVDVVRFLDUGHVFRQHFWDUGHVHPEDUDoDUGHVJDUUDUGHVOLJDUGHVSUHJDUGHVSUHQGHU GHVWDFDUGLIHUHQoDUGLIHUHQFLDUGLVVRFLDUGLVWDQFLDUGLYLGLUGLYRUFLDUVHSDUDU 2WHUUHPRWRVHSDURXDSHQtQVXODGDLOKD $SHQtQVXODVHVHSDURXGDLOKD $SHQtQVXODVHSDURXGDLOKD $SHQtQVXODIRLVHSDUDGDGDLOKD $SHQtQVXODILFRXVHSDUDGDGDLOKD & $IDVWDU $IDVWDU 9HUERVTXHGHQRWDPXPDHYHQWXDOLGDGHVLPpWULFDHPTXHDGLVWkQFLDHQWUHGRLVLQGLYtGXRV RX PDVVDV p DOWHUDGD DSyV D RFRUUrQFLD GD HYHQWXDOLGDGH 1mR VH FRQIXQGH FRP DV GXDV DQWHULRUHV SRU QmR DFDUUHWDP TXH RV GRLV HVWmR MXQWRV QHP QR LQtFLR QHP QR ILQDO GD HYHQWXDOLGDGH $OJXQV PHPEURV GHVWD FODVVH VmR DSDUWDU DSURFKHJDU DSUR[LPDU HVSDoDU HVSDUUDPDUUHDSUR[LPDU $VFRUUHQWHVPDUtWLPDVDIDVWDUDPRLFHEHUJGRQDYLR 2LFHEHUJVHDIDVWRXGRQDYLR &DS²2/p[LFR*HUDWLYRRV'HIDXOWVHD$OWHUQkQFLD&DXVDWLYD 2LFHEHUJHRQDYLRVHDIDVWDUDP 2LFHEHUJIRLDIDVWDGRGRQDYLR 2LFHEHUJILFRXDIDVWDGRGRQDYLR ' ,JXDO'LIHUHQWH ,JXDO'LIHUHQWH 9HUERV TXH GHQRWDP XPD HYHQWXDOLGDGH VLPpWULFD HP TXH GRLV LQGLYtGXRV RX PDVVDV SDVVDP D VHU LJXDLV RX GLIHUHQWHV DSyV D RFRUUrQFLD GD HYHQWXDOLGDGH $OJXQV PHPEURV GHVWDFODVVHVmRLJXDODUDOWHUDUGLIHUHQoDUGLIHUHQFLDUGLVWLQJXLUGLYHUVLILFDU $HQWUDGDGHULWPRVHVWUDQJHLURVGLYHUVLILFRXQRVVDP~VLFD 1RVVDP~VLFDVHGLYHUVLILFRXFRPDHQWUDGDGHULWPRVHVWUDQJHLURV $QRVVDP~VLFDIRLGLYHUVLILFDGDSHODHQWUDGDGHULWPRVHVWUDQJHLURV $QRVVDP~VLFDILFRXGLYHUVLILFDGDFRPDHQWUDGDGHULWPRVHVWUDQJHLURV 5HWRPDGDGDV&ODVVHV>75@ 5HWRPDGDGDV&ODVVHV>75@ V>75@ &RPRGLVVHQRLQtFLRGHVWDVHomRQRLWHPQRVWUrVJUXSRVWHPRVWUrVPRWLYRVTXHQRV OHYDP D FRQVLGHUDU YDQWDMRVR PDQWHU R FOtWLFR UHFDSLWXODQGR RV YHUERV TXH WrP XP DUJXPHQWR DIHWDGR KXPDQR FRPR GHIDXOW RV YHUERV TXH GHQRWDP HYHQWXDOLGDGHV VLPpWULFDVRVYHUERVTXHGHQRWDPWUDQVLo}HVLQHVSHFLILFDGDV &RPRKDYLDGLWRDSHVDUGDGLVWLQomRGRVPRWLYRVQDVGXDVSULPHLUDRFOtWLFRQRVSHUPLWH GLVWLQJXLUFRPPDLVIDFLOLGDGHDUHODomRRXVHMDGLVWLQJXLUXPDLQFRDWLYDGHXPDFDXVDWLYD -iQDVVLPpWULFDVSRGHPRVSHQVDUQXPDSUHVHUYDomRGRVHQWLGRGRFOtWLFR 9HUERV>7,@ 9HUERV>7,@ &RPR DSRQWHL QR LQtFLR GR FDStWXOR RV YHUERV TXH DGPLWHP DSHQDV D IRUPD 7, QmR FKHJDUDP D FRQVWLWXLU XP FRQMXQWR GH FDUDFWHUtVWLFDV FODUDV SDUD PLP 'LVFXWR D VHJXLU $$OWHUQkQFLD&DXVDWLYDQR3RUWXJXrVGR%UDVLO3DXOR&KDJDVGH6RX]D DOJXPDVGDVFODVVHVTXHVHLQFOXHPQHVVHJUXSRHDVSRVVtYHLVUD]}HVTXHSRGHPID]HUFRP TXHHOHVDVVXPDPHVVDIRUPDGDDOWHUQkQFLD $ &R]LQKDU &R]LQKDU 9HUERVTXHGHQRWDPXPDHYHQWXDOLGDGHHPTXHDOJRVRIUHWUDQVIRUPDomRDWUDYpVGRIRJR RX RXWUD IRQWH GH FDORU QRUPDOPHQWH SDUD FRQVXPR R TXH RV GLVWLQJXH GH TXHLPDU SRU H[HPSOR $OJXQV PHPEURV GHVWD FODVVH VmR DVVDU FR]LQKDU HVWUHODU JUDWLQDU JUHOKDU JXLVDU UHIRJDU 2FR]LQKHLURDVVRXRIUDQJR 2IUDQJRVHDVVRX 2IUDQJRIRLDVVDGR 2IUDQJRILFRXDVVDGR (VVHVYHUERVGHQRWDPHYHQWRVTXHVmRDSHQDVGHVHQFDGHDGRVSHORVHUKXPDQRPDVTXH IHLWRLVVRVHGHVHQURODPPDLVRXPHQRVDXWRQRPDPHQWHGHSHQGHQGRGRIRJRRXGRFDORU SDUDVXDPDQXWHQomR % *LUDU *LUDU 9HUERV TXH GHQRWDP XPD HYHQWXDOLGDGH HP TXH DOJR VH GHVORFD FRP XP PRYLPHQWR GH URWDomRFRPRDWHUUDHPWRUQRGHVLPHVPD$OJXQVPHPEURVGHVWDFODVVHVmRJLUDUURGDU URGRSLDUURODU $PHQLQDJLURXRSLmR 2SLmRVHJLURX 2SLmRIRLJLUDGR 2SLmRILFRXJLUDGR (VVHV YHUERV GHVLJQDP HYHQWRV TXH DSDUHQWHPHQWH DSyV LQLFLDGRV VH GHVHQURODP GH IRUPDPDLVRXPHQRVDXW{QRPDRTXHRVDSUR[LPDGRJUXSRGHFR]LQKDU & &RUUHU &RUUHU &DS²2/p[LFR*HUDWLYRRV'HIDXOWVHD$OWHUQkQFLD&DXVDWLYD ' &RUUHUH2XWURV &RUUHUH2XWURV 9HUERVTXHGHQRWDPXPDHYHQWXDOLGDGHHPTXHQmRKiDFDUUHWDPHQWRGHDIHWDomRWHQGR FRPRGLiWHVHEiVLFDXPDLQHUJDWLYDPDVTXHHPGHWHUPLQDGDVFLUFXQVWkQFLDVDGPLWHPVHU FDXVDWLYL]DGRVeLPSRUWDQWHUHVVDOWDUTXHQHPWRGDVDVDWLYLGDGHVQmRQHFHVVDULDPHQWHQR VHQWLGRDVSHFWXDODGPLWHPHVVDFDXVDWLYL]DomRFRPRYHPRVQRVH[HPSORVDVHJXLU $VHFUHWiULDWHOHIRQRX $FKHIHWHOHIRQRXDVHFUHWiULDQRVHQWLGRGHTXHDFKHIHIH]DVHFUHWiULDWHOHIRQDU 2HPSUHJDGRWUDEDOKRX 2 FKHIH WUDEDOKRX R HPSUHJDGR QR VHQWLGR GH TXH R FKHIH IH] R HPSUHJDGR WUDEDOKDU 8P H[HPSOR GH YHUER GHVVH WLSR TXH DGPLWH D FDXVDWLYL]DomR p R YHUER FRUUHU &RQWXGR GHYHPRVREVHUYDUTXHKiUHVWULo}HVDHVVDFDXVDWLYL]DomR 2VPROHTXHVFRUUHUDPGDVDOD (XFRUULRVPROHTXHV (XFRUULRVPROHTXHVGDVDOD $RFRUUrQFLDGHVVHYHUERQDIRUPDFDXVDWLYDSDUHFHVHUIDYRUHFLGRSHODRFRUUrQFLDGHXP DGMXQWR TXH LQGLFD XPD PXGDQoD GH ORFDOL]DomR RX VHMD DFUHVFHQWDQGR XPD QRomR GH DIHWDomR DR REMHWR 8P SDUDOHOR LPSRUWDQWH p R TXH HQFRQWUDPRV SRU H[HPSOR HP LWDOLDQR FRP YHUERV FRPR FRUUHUH TXH VmR FRQVWUXtGRV FRP R DX[LOLDU DYHUH VHP XP DGMXQWRGLUHFLRQDOHFRPRDX[LOLDUHVVHUHTXDQGRRFRUUHXPDGMXQWRGHVVHWLSR 3LHURKDFRUVR 3LHURWHPFRUULGR ¶3LHURFRUUHX· 3LHURqFRUVRDOODVWD]LRQH 3LHURpFRUULGRDWpBDHVWDomR ¶3LHURFRUUHXDWpDHVWDomR· 'DPHVPDIRUPDHPLQJOrVDRFRUUrQFLDGHYHUERVFRPREXUSFRPRFDXVDWLYRVSDUHFHVHU IDFLOLWDGDSHODDIHWDomRGRREMHWRHSHORIDWRGHHOHQmRFRQVHJXLUDUURWDUDXWRQRPDPHQWH RXSHORPHQRVWHUPDLRUGLILFXOGDGHFRPRQRFDVRGHXPEHEr 7KHEDE\EXUSHG $$OWHUQkQFLD&DXVDWLYDQR3RUWXJXrVGR%UDVLO3DXOR&KDJDVGH6RX]D ¶2EHErDUURWRX· 7KHQXUVHEXUSHGWKHEDE\ ¶$HQIHUPHLUDIH]REHErDUURWDU·OLW$HQIHUPHLUDDUURWRXREHEr 9HUERVTXH$OWHUQDPPDVVH$IDVWDPGR'HIDXOW 6HPkQWLFR3ULQFLSDO 6HPkQWLFR3ULQFLSDO 1DVHomRDQWHULRUYLPRVYHUERVTXHSUHHQFKHPDVFRQGLo}HVHVWDEHOHFLGDVSDUDSHUPLWLUD DOWHUQkQFLDPDVVHGHVYLDPGRGHIDXOW75,DGPLWLQGRDSHQDVDIRUPD75RXDIRUPD7, +iDLQGDXPRXWURJUXSRGHYHUERVTXHVHDIDVWDPGRGHIDXOWPDLVJHUDOTXHpRGHTXHRV YHUERV TXH DOWHUQDP VmR FRQVWLWXtGRV EDVLFDPHQWH SHORV YHUERV TXH GHQRWDP HYHQWRV FRQFHSWXDOL]DGRV FRPR FDXVDWLYRV PDV QmR WRGRV DSHQDV RV TXH VmR SDVVtYHLV GH VHU WUDQVFULWRV FRP XP &$86( %(&20( 2FRUUH TXH DOJXPDV FODVVHV GH YHUERV TXH VH DIDVWDP GHVVD FDUDFWHUL]DomR VHPkQWLFD DGPLWHP D DOWHUQkQFLD PDV WRGDV HODV WrP FRPR GHIDXOW D SUHVHQoD GR FOtWLFR (VVDV FODVVHV VH DIDVWDP GR SDUDGLJPD FRQFHSWXDO OH[LFDO FDXVDWLYRGHIDXOWGHGXDVPDQHLUDV - WHQGRXPDUJXPHQWRUHVXOWDWLYR - GHQRWDQGRXPDWUDQVLomRGHJUDX]HUR ([DPLQHPRVRVYHUERVTXHVHDIDVWDPGRGHIDXOWJHUDOHDGPLWHPHVVDIRUPDPDUFDGD VHPkQWLFDHPRUIRORJLFDPHQWHGDDOWHUQkQFLD 5HVXOWDWLYRV 5HVXOWDWLYRV $ )RUPDU )RUPDU 9HUERV TXH GHQRWDP XPD HYHQWXDOLGDGH VLPpWULFD HP TXH DOJR SDVVD D H[LVWLU DSyV D RFRUUrQFLD GD HYHQWXDOLGDGH VHQGR DQDOLViYHLV FRPR &$86( ([LVWLU $OJXQV PHPEURV GHVWDFODVVHFRPSRUFRQVWLWXLUGHOLQHDUHVERoDUIRUPDUPDWHULDOL]DURULJLQDU $FKXYDIRUPRXYiULRVODJRVWHPSRUiULRVDTXL &DS²2/p[LFR*HUDWLYRRV'HIDXOWVHD$OWHUQkQFLD&DXVDWLYD 9iULRVODJRVWHPSRUiULRVVHIRUPDUDPDTXL 2VODJRVWHPSRUiULRVIRUDPIRUPDGRVSHODFKXYD 2VODJRVWHPSRUiULRVILFDUDPIRUPDGRV % &RQVXPLU &RQVXPLU PLU 9HUERV TXH GHQRWDP XPD HYHQWXDOLGDGH VLPpWULFD HP TXH DOJR GHL[D GH H[LVWLU DSyV D RFRUUrQFLDGDHYHQWXDOLGDGHVHQGRDQDOLViYHLVFRPR&$86( ¬([LVWLU$OJXQVPHPEURV GHVWD FODVVH FRQVXPLU FRUURHU GHVJDVWDU JDVWDU GHVSHQGHUGLVSHQGHU GLVVLSDU HVEDQMDU HVJRWDU H[DXULU (OHGLVVLSRXDIRUWXQDGHOHHPGRLVDQRV $IRUWXQDGHOHVHGLVVLSRXHPGRLVDQRV $IRUWXQDGHOHIRLGLVVLSDGDHPGRLVDQRV "$IRUWXQDGHOHILFRXGLVVLSDGD 0DQWHU7UDQVLomRGH*UDX=HUR 0DQWHU7UDQVLomRGH*UDX=HUR (VVHJUXSRGHYHUERVGHQRWDXPDWUDQVLomRVHQGRDYDOLDGDFRPEDVHHPGRLVPRPHQWRV PDV GLIHUHQWHPHQWH GRV GHPDLV YHUERV FDXVDWLYRV GHQRWD D DXVrQFLD GH PXGDQoD 6mR DQDOLViYHLVSRUWDQWRDWUDYpVGH&$86( ¬ %(&20( $OJXQVPHPEURVGHVVDFODVVH VmR FRQVHUYDUPDQWHUSUHVHUYDU 2JHORFRQVHUYRXRVIyVVHLVSRUPDLVWHPSR 2VIyVVHLV"VHFRQVHUYDUDPSRUPDLVWHPSR 2VIyVVHLVIRUDPFRQVHUYDGRVSHORJHOR 2VIyVVHLVILFDUDPFRQVHUYDGRVSHORJHOR (VVHVGRLVFRQMXQWRVGHYHUERVVmRH[FHSFLRQDLVGHQWURGHVXDVFODVVHVRXVHMDGHQWURGRV UHVXOWDWLYRV GRV TXH QmR VmR DQDOLViYHLV SRU PHLR GH &$86( %(&20( VHQGR EDVWDQWH PDUFDGRV 2EVHUYDPRV DTXL D FRQKHFLGD FRUUHODomR HQWUH PDUFDomR QR VHQWLGR GH UHSUHVHQWDUDOJRPHQRVFRPXPHPDUFDomRQRVHQWLGRGHWHUXPDPDQLIHVWDomRH[SOtFLWD $$OWHUQkQFLD&DXVDWLYDQR3RUWXJXrVGR%UDVLO3DXOR&KDJDVGH6RX]D (VVHV YHUERV PDUFDGRV PHQRV FRPXQV H[LJHP XPD PDUFDomR PDQLIHVWDomR H[SOtFLWD TXHpRFOtWLFRUHIOH[LYR 5HVWULo}HV0RUIROyJLFDVDR'HIDXOW $OpPGDVUHVWULo}HVVHPkQWLFDVjDOWHUQkQFLDYLVWDVQRV~OWLPRVWUrVFDStWXORVSXGHGHWHFWDU FHUWDVUHJXODULGDGHVPRUIROyJLFDVDVVRFLDGDVDDOJXQVVXIL[RVYHUEDLVGRSRUWXJXrV(OLVHX MiKDYLDDSRQWDGRDOJXPDVGHVVDVUHJXODULGDGHVVHPFKHJDUDID]HUXPOHYDQWDPHQWR VLVWHPiWLFRGRVYHUERVTXHWrPFDGDXPGRVVXIL[RV1HVWDVHomRDSUHVHQWREUHYHPHQWH HVVDVUHJXODULGDGHVHQRDSrQGLFHDRILQDOGRFDStWXORDSUHVHQWRRVGDGRV GHIRUPDPDLV GHWDOKDGD )RUDPHVWXGDGRVVXIL[RVTXHQRUPDOPHQWHFRQWrPDLGpLDGHWUDQVIRUPDomRH[FOXLQGRRV VXIL[RV HDU H HMDU SRU H[HPSOR QXP WRWDO GH FLQFR HQWDU ID]HU ILFDU HVFHU H L]DU 9HMDPRVFDGDXPGHOHV 2VXIL[RHQWDUWHPXVREDVWDQWHUHVWULWRDSDUHFHQGRHPYHUERVTXHFRQVLGHUHL(PWRGRV HOHV HVVH VXIL[R SHUPLWH DSHQDV D LQWHUSUHWDomR FDXVDWLYD LPSHGLQGR D DOWHUQkQFLD 2 VXIL[RID]HUWDPEpPWHPXVROLPLWDGR(QFRQWUHLDSHQDVYHUERVHWRGRVHOHVDFHLWDPDV IRUPDV75 2VRXWURVWUrVVXIL[RVDSUHVHQWDPXVRPDLVIUHTHQWH(QFRQWUHLYHUERVIRUPDGRVFRP R VXIL[R ILFDU 'RV TXH SUHHQFKHP DV UHVWULo}HV SDUD DOWHUQDU DSHQDV XP DOWHUQD QD IRUPD7,IUXWLILFDU7RGRVRVGHPDLVDOWHUQDPQDIRUPD75 2VYHUERVHPHVFHUIRUDPRVTXHPDLVVHGLIHUHQFLDUDP'RVTXHDOWHUQDPDFHLWDP DV WUrV IRUPDV 75, 'RV GHPDLV VmR GR JUXSR 7, H VmR GR JUXSR 75 'HVWHV ~OWLPRVYiULRVGHOHVVmRYHUERVSVLFROyJLFRVDERUUHFHUHQUDLYHFHUHQWULVWHFHURTXHQRVLQGLFD TXHDVUHVWULo}HVPRUIROyJLFDVVmRPHQRVSULYLOHJLDGDVTXHDVUHVWULo}HVVHPkQWLFDV 2VYHUERVHPL]DURPDLVQXPHURVRTXDVHDSUHVHQWDXPDWHQGrQFLDH[WUHPDPHQWH SURQXQFLDGDDDOWHUQDPQDIRUPD75'RVYHUERVTXHDOWHUQDPDSHQDVXPDOWHUQDQD IRUPD7,KDUPRQL]DUHQDIRUPD75,FDXWHUL]DUFULVWDOL]DUGHVYDORUL]DUHYDORUL]DU &DS²2/p[LFR*HUDWLYRRV'HIDXOWVHD$OWHUQkQFLD&DXVDWLYD 9HULILFDVHSRUWDQWRTXHRVGDGRVDSRQWDPSDUDGLIHUHQFLDo}HVEDVWDQWHQtWLGDVHPFHUWRV JUXSRV GH YHUERV GHULYDGRV SRU VXIL[DomR HP SRUWXJXrV FRP UHODomR j DOWHUQkQFLD FDXVDWLYRUHIOH[LYD)LFDDSHUJXQWDDWpTXHSRQWRDRULJHPODWLQDRXJUHJDGHFDGDVXIL[R DLQGDVHID]VHQWLU" 2 VXIL[R ODWLQR LVFRHVFR HUD LQFRDWLYR SUHGRPLQDQWHPHQWH LQWUDQVLWLYR R TXH DLQGD VH UHIOHWH QRV SHUFHQWXDLV GR JUXSR , GHQRPLQDLV GR JUXSR , H PHVPR QRV GHDGMHWLYDLVDOWHUQDQWHVGRLVWHUoRVGRVGHDGMHWLYDLVFRPDGLiWHVHLQWUDQVLWLYD 2VVXIL[RVID]HUHILFDUVmRFDXVDWLYRVQDRULJHPRTXHWDOYH]VHUHIOLWDQRIDWRGHVHPSUH SRGHUHP VHU WUDQVLWLYRV GLIHUHQWHPHQWH GRV YHUERV HP HVFHU SRU H[HPSOR H QRV DOWRV SHUFHQWXDLVGDIRUPDUHIOH[LYDFRPXPHQWHFRQVLGHUDGDGHULYDGDGDWUDQVLWLYD 3RGHPRVHPYLVWDGLVVRFRQVLGHUDUTXHWDOYH]KDMDXPDSHUVLVWrQFLDGLDFU{QLFDGDGLiWHVH EiVLFDGRVYHUERV 5HVWULQJLQGRD'HULYDomRGH9HUERV'HQRPLQDLVQR /p[LFR*HUDWLYR 7HQGR GLVFXWLGR D PDQLIHVWDomR GD DOWHUQkQFLD FDXVDWLYD QR SRUWXJXrV EDVLFDPWQH GH IRUPD GHVFULWLYD HPERUD ID]HQGR DOJXPDV JHQHUDOL]Do}HV PDLV DPSODV FRPR DV VREUH RV YHUERV 75 YROWR PLQKD DWHQomR SDUD XPD GLVFXVVmR GH FRQVHTrQFLDV SDUD D WHRULD RV PHFDQLVPRV GH GHULYDomR GH YHUERV D SDUWLU GH RXWUDV FDWHJRULDV H D UHODomR GHVVHV PHFDQLVPRVFRPDDOWHUQkQFLDDOJRTXHMiYLPRVQRFDStWXORFRPUHODomRjSURSRVWDGH +DOH.H\VHU0HXLQWXLWRpFRQWUDSRUDRPRGHORGHVVHVDXWRUHVXPPRGHORFRPRRGH 3XVWHMRYVN\ TXH VH XWLOL]D GH PHFDQLVPRV VHPkQWLFRV TXH SRGHP VHU PRELOL]DGRV SDUD SUHYHU R VLJQLILFDGR GH YHUERV GHULYDGRV H FRPR FRQVHTrQFLD D SRVVLELOLGDGH GD DOWHUQkQFLD .LSDUVN\ GLVFXWH D DQiOLVH GR Op[LFRH GD IRUPDomR GH SDODYUDV GH +DOH .H\VHU LQVSLUDQGRVH QR WUDWDPHQWR TXH %LHUZLVFK Gi j VHPkQWLFD OH[LFDO 2 LQtFLR GR WH[WR GH .LSDUVN\pXPDUHWRPDGDGRTXH&KRPVN\GHQRPLQDR3UREOHPDGH3ODWmRTXHpR IDWR GH QyV VDEHUPRV PDLV GR TXH VHULD SRVVtYHO VDEHU EDVHDGR SXUD H VLPSOHVPHQWH QDV $$OWHUQkQFLD&DXVDWLYDQR3RUWXJXrVGR%UDVLO3DXOR&KDJDVGH6RX]D HYLGrQFLDV TXH WHPRV $ FRQFHSomR GH .LSDUVN\ p TXH p QHFHVViULR TXH QyV WHQKDPRV GHWHUPLQDGRVPHFDQLVPRVTXHQRV SHUPLWDPID]HUJHQHUDOL]Do}HVVREUHRVLJQLILFDGRGDV SDODYUDVTXDQGRGHQRVVDDTXLVLomRGHOLQJXDJHP&RPRPHQFLRQHLQRLQtFLRGRSULPHLUR FDStWXOR $EQH\ FRQVLGHUD TXH D DTXLVLomR GR Op[LFR p R SUREOHPD FHQWUDO D VHU H[SOLFDGRQDDTXLVLomRGHOLQJXDJHP 1HVVHVHQWLGRVHMXVWLILFDDGLVFXVVVmRGHTXDODHVWUXWXUDGROp[LFRQDGDPDLVGRTXHXP FRQMXQWRGHLGLRVVLQFUDVLDVFRPRSDUD%ORRPILHOGH'L6FLXOOR:LOOLDPVRXDOJRUHJLGR SRUXPFRQMXQWRGHSULQFtSLRV"2XDLQGDFRPRVHGiRSURFHVVRGHIRUPDomRGHSDODYUDV" 1R FDStWXOR UHIXWHL DWUDYpV GH XPD DQiOLVH GHWDOKDGD R VLVWHPD GH +DOH .H\VHU TXH FRQVLGHUDP TXH Ki RUGHP QR Op[LFR PDV TXH HVVD RUGHP VH GHYH D XP FRQMXQWR GH SULQFtSLRVTXHUHJHDIRUPDomRGHSDODYUDVTXHpGHFDUiWHUVLQWiWLFR (P FRQWUDVWH FRP SURSRVWDV FRPR D GH +DOH .H\VHU H[LVWHP SURSRVWDV TXH EXVFDP H[SOLFDU D OH[LFDOL]DomR GH YHUERV LVWR p R SURFHVVR GH IRUPDomR GH YHUERV D SDUWLU SRU H[HPSORGHVXEVWDQWLYRVGHRXWUDPDQHLUD(VVDVSURSRVWDVVHEDVHLDPPDLVQRVLJQLILFDGR GRV VXEVWDQWLYRV TXH OKHV GmR RULJHP 8PD GHODV TXH GLVFXWR DTXL p SUHFLVDPHQWH D GH .LSDUVN\ S TXH EDVHDQGRVH HP %LHUZLVFK H:XQGHUOLFK SURS}H D VHJXLQWH UHVWULomR 6HXPDDomRUHFHEHXPQRPHEDVHDGRQRQRPHGHXPREMHWRHODHQYROYHXPXVRFDQ{QLFR GHVVHREMHWR 5HFRQVLGHUHPRV D SUHYLVmR IHLWD SRU +DOH .H\VHU GH TXH p LPSRVVtYHO IRUPDU YHUERV GHULYDGRVGHXPDJHQWHRXXPEHQHILFLiULRHPYLVWDGHVVHWLSRGHSURSRVWDGH.LSDUVN\ &RP PXLWD IUHTrQFLD RV QRPHV GH DJHQWHV VmR GHULYDGRV GRV YHUERV FRP RV TXDLV VH UHODFLRQDP ([FOXtGRV HVVHV QRPHV GH DJHQWHV VH KRXYHU DOJXP TXH VHMD SULPLWLYR QD OtQJXDHPTXHVWmRSRGHRFRUUHUGHHOHVHU´LQFRUSRUDGRµDRYHUERFDVRKDMDXPHYHQWR FDQ{QLFRUHODFLRQDGRDHOHeRTXHRFRUUHFRPRYHUERDXWKRUYLVWRQRILQDOGRVHJXQGR FDStWXORTXHVLJQLILFDDOJRFRPR¶FRPSRUVHUDXWRUGH·HPTXHVHSRGHULDFRQVLGHUDUTXH R VXEVWDQWLYR DXWKRU R DJHQWH VH LQFRUSRURX DR YHUER DEVWUDWR QR VLVWHPD GH +DOH .H\VHU 2 HYHQWR FDQ{QLFR DVVRFLDGR DDXWKRU p MXVWDPHQWH R GH HOH FRPSRU DOJR e LVVR TXHID]FRPTXHVHMDPSRVVtYHLVRUDo}HVFRPRDVHJXLQWH +HDXWKRUHGPDQ\ERRNV ¶(OHIRLDXWRUGHPXLWRVOLYURV· &DS²2/p[LFR*HUDWLYRRV'HIDXOWVHD$OWHUQkQFLD&DXVDWLYD 2XWURWLSRGHGHULYDomRWLGDFRPRLPSRVVtYHOSRU+DOH.H\VHUpDGHYHUERVDSDUWLUGH EHQHILFLiULRV /HYDQGR HP FRQVLGHUDomR D SURSRVWD GH .LSDUVN\ YHPRV TXH GLILFLOPHQWH HQFRQWUDPRV XP VXEVWDQWLYR TXH WHQKD FRPR HYHQWR FDQ{QLFR DVVRFLDGR XP HYHQWR HP TXHHOHpREHQHILFLiULR7DOYH]LVVRH[SOLTXHRIDWRGHQmRHQFRQWUDUPRVYHUERVFRPXP ´EHQHILFLiULR LQFRUSRUDGRµ 1mR FKHJXHL D HQFRQWUDU FRQWUDH[HPSORV QR LQJOrV PDV SUHVXPR TXH VHMD LQWHLUDPHQWH SRVVtYHO HQFRQWUDU 6H HP DOJXPD OtQJXD D SDODYUD TXH GHVLJQHDVLQVWLWXLo}HVGHFDULGDGHIRUXPVXEVWDQWLYRVLPSOHVFRQVLGHURTXHVHULDSRVVtYHO H[LVWLUXPYHUERFRPRRKLSRWpWLFRFDULWDUHP (OHFDULWRXGH]PLOUHDLV HOHGHXGH]PLOUHDLVSDUDLQVWLWXLo}HVGHFDULGDGH 2 LQJOrV TXH p SUyGLJR QD XWLOL]DomR GHVVH SURFHVVR GH ]HURFRQYHUVLRQ D GHULYDomR FRP PRUIHPDV]HURRXVHPPRUIHPDVDGLFLRQDLVGHSHQGHQGRGDDQiOLVHTXHVHIDoDSRGHULD PXLWREHPIRUPDUYHUERVGHVVHWLSR([LVWHSRUH[HPSORXPDLQVWLWXLomRTXHFROHWDEHQV FRPRURXSDVXWHQVtOLRVGRPpVWLFRVHWFHRVUHYHQGHDSUHoRVEDL[RVRXGRDSDUDSHVVRDV FDUHQWHV TXH p FKDPDGD *RRGZLOO 3DUHFH LQWHLUDPHQWH SRVVtYHO IRUPDU XP YHUER FRPR JRRGZLOOHPLQJOrVTXHVLJQLILTXH¶GRDUDOJRSDUDD*RRGZLOO·)L]XPDSHVTXLVDDUHVSHLWRH QmRHQFRQWUHLH[HPSORVPDVFUHLRTXHTXDOTXHUIDODQWHGRLQJOrVLQWHUSUHWDULDSURQWDPHQWH RUDo}HVFRPRDVHJXLQWH %HIRUHPRYLQJ,JRRGZLOOHGDOOP\IXUQLWXUH $QWHVGHPHPXGDUHXGRHLBSDUDBDB*RRGZLOOWRGDPLQKDPREtOLD 2XWURWLSRGHUHVWULomRSURSRVWRSRU.LSDUVN\pRVHJXLQWH 2VYHUERVFDXVDWLYRVGHQRPLQDLVVHUHIHUHPDDWLYLGDGHVJHQHULFDPHQWHLQWHQFLRQDLVS &RPELQDQGR HVVDV GXDV UHVWULo}HVYHULILFDPRV TXH HVVH WLSR GH SURSRVWD VH DSUR[LPD GH IRUPD HYLGHQWH GR PRGHOR GR /p[LFR *HUDWLYR HP TXH RV LWHQV OH[LFDLV UHIHUHQWHV D VXEVWDQWLYRVFRQWrPHPVHXTXDOHWpOLFRLQIRUPDo}HVDUHVSHLWRGDILQDOLGDGHGRREMHWRTXH HOHVGHVLJQDPMiTXHHVVDILQDOLGDGHUHSUHVHQWDMXVWDPHQWHXPGRVHYHQWRVFDQ{QLFRVHP TXH HVVH WLSR GH REMHWR HVWi HQYROYLGR 8P ~OWLPR SRQWR TXH DSUR[LPD D SURSRVWD GH .LSDUVN\GDIRUPDFRPRWHQKRFRQVLGHUDGRRSDSHOGROp[LFRGHQWURGRPRGHORGR/p[LFR *HUDWLYRpRXVRGHGHIDXOWVFRPRYHPRVQHVWDFLWDomR $$OWHUQkQFLD&DXVDWLYDQR3RUWXJXrVGR%UDVLO3DXOR&KDJDVGH6RX]D 2VSULQFtSLRVGHLQWHUSUHWDomRFRQFHLWXDOGHYHPSRUWDQWRVHUFRQVLGHUDGRVUHJUDVGHIDXOW TXHUHJHPDLQWHUSUHWDomRGHXPLWHPOH[LFDODQmRVHUTXHRXWUDVLQIRUPDo}HVD LPSHoDPHVSHFLILFDPHQWHS 9HMDPRV FRPR SRGHUtDPRV GHULYDU R VLJQLILFDGR GRV YHUERV GHQRPLQDLV D SDUWLU GR VXEVWDQWLYRGRTXDOHOHVVmRIRUPDGRV 'HWHUPLQDQGRRV6LJQLILFDGRV'HIDXOW (PERUD WHQKDP HQFDPLQKDGR D GLVFXVVmR QXPD GLUHomR HTXLYRFDGD +DOH .H\VHU DERUGDUDP R DVVXQWR H[WUHPDPHQWH UHOHYDQWH GD UHVWULomR VREUH RV YHUERV GHULYDGRV WRPDQGR SRU H[HPSOR RV YHUERV GHQRPLQDLV HVVHV DXWRUHV WHQWDUDP GHOLPLWDU TXDLV RV WLSRV GH YHUER SRVVtYHLV R TXH WLQKD FRPR FRQVHTrQFLD GHWHUPLQDU D SRVVLELOLGDGH GH RFRUUrQFLDGDDOWHUQkQFLDFDXVDWLYDFRPRYLPRVGHWDOKDGDPHQWHQRFDStWXOR 7HQGRH[SRVWRQRFDStWXORDVUHVWULo}HVVHPkQWLFDVTXHGHWHUPLQDPRIXQFLRQDPHQWRGD DOWHUQkQFLD FDXVDWLYD H SURSRVWR DOJXQV GHIDXOWV GH VXD PDQLIHVWDomR WDQWR UHVWULo}HV VHPkQWLFDVTXDQWRPRUIROyJLFDVSDVVRDUHH[DPLQDUDTXHVWmRGRVSDGU}HVGHOH[LFDOL]DomR HVXDUHODomRFRPDDOWHUQkQFLD &RQVLGHUHPRV DJRUD RV YHUERV GHQRPLQDLV XP GRV JUXSRV PDLV GLVFXWLGRV SRU +DOH .H\VHU R TXDO VHULD PXLWR SURYHLWRVR DQDOLVDU GHQWUR GD SHUVSHFWLYD GR /p[LFR *HUDWLYR GHYLGRDRGHWDOKDPHQWRGDDQiOLVHGRVVXEVWDQWLYRVSURSRVWRQHVWHTXDGURWHyULFR 'HYR UHVVDOWDU TXH GLIHUHQWHPHQWH GH +DOH .H\VHU UHVWULQMR R FRQMXQWR GRV YHUERV GHQRPLQDLV jTXHOHV TXH VmR FODUDPHQWH GHULYDGRV GH QRPHV GH REMHWRVLQGLYtGXRV H TXH QmR GHVLJQDP HYHQWRV RX VHMD RV VXEVWDQWLYRV QmRHYHQWLYRV 'LIHUHQFLR SRUWDQWR VXEVWDQWLYRVGHGRLVWLSRV SXOR²SXODU MDQWD²MDQWDU SODQWD²SODQWDU ROKR²ROKDU 2VVXEVWDQWLYRVGRH[HPSORVmRREMHWRVGRPXQGRItVLFRHRVYHUERVUHODFLRQDGRVD HOHVVmRFODUDPHQWHGHULYDGRVGHOHVHQmRYLFHYHUVD-iRVVXEVWDQWLYRVGRH[HPSOR &DS²2/p[LFR*HUDWLYRRV'HIDXOWVHD$OWHUQkQFLD&DXVDWLYD TXHGHVLJQDPHYHQWXDOLGDGHVWrPXPDUHODomRFRPRYHUERTXHFDXVDH[WUHPDGLILFXOGDGH QDGHWHUPLQDomRGHTXDOpSULPLWLYRHTXDOpGHULYDGR([FOXRSDUHVGHVXEVWDQWLYRHYHUER GRWLSRILFDQGRDSHQDVFRPRVGRWLSRGRH[HPSORTXHDSDUHQWHPHQWHQmRGmR RULJHPDHVVHWLSRGHFRQWURYpUVLD &RPR YLPRV GHWDOKDGDPHQWH QR FDStWXOR +DOH .H\VHU WHQWDUDP GHULYDU RV YHUERV GHQRPLQDLVDWUDYpVGHSULQFtSLRVVLQWiWLFRVVHPVXFHVVR3URSRQKRTXHIDoDPRVDEVWUDomR GHVVDLQDGHTXDomRHYHULILTXHPRVRVWLSRVGHYHUERVGHQRPLQDLVSRVVtYHLVHPVHXVLVWHPD RXVHMDTXDLVVmRRVWLSRVGHYHUERVSRVVtYHLVJHUDGRVDSDUWLUGHXPVXEVWDQWLYR )L]QDTXHOHFDStWXORXPDFODVVLILFDomRHPGHQRPLQDLVLPHGLDWRVHGHQRPLQDLVPHGLDWRV2V GHQRPLQDLVLPHGLDWRVVmRDTXHOHVTXHWrPXP13FRPRFRPSOHPHQWRGRYHUERRVTXDLV SURGX]LULDP XP YHUER LQHUJDWLYR 2V GHQRPLQDLV PHGLDWRV VmR DTXHOHV TXH WrP XP 13 FRPRFRPSOHPHQWRGR33TXHpRFRPSOHPHQWRGRYHUER+DOH.H\VHUSRVWXODPGRLV WLSRV GH SUHSRVLo}HV DEVWUDWDV XPD GH FRLQFLGrQFLD FHQWUDO DOJR FRPR FRP H RXWUD GH FRLQFLGrQFLDWHUPLQDOSDUD 'DGR XP VXEVWDQWLYR GR TXDO VH GHULYD XP YHUER TXDO GDV LQWHUSUHWDo}HV SRVVtYHLV HOH DVVXPH" 2X FRPR WDOYH] HOHV IRUPXODVVHP D SHUJXQWD TXDLV GHVVHV YHUERV SRVVtYHLV UHDOPHQWHRFRUUHP" 6H WLYHUPRV XP VXEVWDQWLYR 1 H XP YHUER GHOH GHULYDGR WHUtDPRV HP SULQFtSLR DV VHJXLQWHVLQWHUSUHWDo}HVSRVVtYHLV 3{UDOJRQRSLORWR>GHQRPLQDOPHGLDWRFRPSUHSRVLomRGHFRLQFLGrQFLDWHUPLQDO@ 3{URSLORWRHPDOJXPOXJDURXID]HUDOJRWHUXPSLORWRSLORWRV>GHQRPLQDOPHGLDWR FRPSUHSRVLomRGHFRLQFLGrQFLDFHQWUDO@ )D]HUSURGX]LUXPSLORWR>GHQRPLQDOLPHGLDWR@ 6HURSLORWRGHDOJRRXDJLUFRPRXPSLORWR ([DPLQHPRVRVVXEVWDQWLYRVSLORWRJDYHWDHIORUTXHGmRRULJHPDRVYHUERVSLORWDUHQJDYHWDUH IORULU 3HOR PHQRV DV VHJXLQWHV LQWHUSUHWDo}HV VHULDP SRVVtYHLV SDUD RV YHUERV IRUPDGRV D SDUWLUGHVVHVVXEVWDQWLYRV 3{UDOJRQRSLORWR 1RVHQWLGRGH¶DJLUFRPRXPSLORWRIDULD·RXVHMDHVWHVHULDXPSUHGLFDGRTXHVHDSOLFDULDDRXWUDVSHVVRDV H QmR DRV SLORWRV 1D YHUGDGH +DOH .H\VHU QmR PHQFLRQDP HVVH WLSR GH YHUER PDV HOH H[LVWH H p EHP FRPXP )DUUHOO FRPHQWD D SURSRVWD GH +DOH .H\VHU H FRQVLGHUD TXH XPD IRUPD UD]RiYHO GH $$OWHUQkQFLD&DXVDWLYDQR3RUWXJXrVGR%UDVLO3DXOR&KDJDVGH6RX]D 3{URSLORWRHPDOJXPOXJDURXID]HUDOJRWHUXPSLORWRSLORWRV )D]HUSURGX]LUXPSLORWR 6HURSLORWRGHDOJRRXDJLUFRPRXPSLORWR 3{UDOJRQDJDYHWD 3{UDJDYHWDHPDOJXPOXJDURXID]HUDOJRWHUXPDJDYHWDJDYHWDV )D]HUSURGX]LUXPDJDYHWD 6HUDJDYHWDGHDOJRRXDJLUFRPRXPDJDYHWD 3{UDOJRQDIORU 3{UDIORUHPDOJXPOXJDURXID]HUDOJRWHUXPDIORUIORUHV )D]HUSURGX]LUXPDIORU 6HUDIORUGHDOJRRXDJLUFRPRXPDIORU 2EYLDPHQWHQmRWHPRVWRGDVHVVDVLQWHUSUHWDo}HVRXVHMDKiXPSUREOHPDDFHQWXDGRGH VREUHJHUDomR6HULDSRVVtYHOUHVWULQJLUTXDLVDVLQWHUSUHWDo}HVSRVVtYHLVRXSHORPHQRVQD OLQKDTXHYHQKRVHJXLQGRTXDLVDVLQWHUSUHWDo}HVGHIDXOWGRVYHUERVGHQRPLQDLV")HLWRLVVR VHULD SRVVtYHO SUHYHU D SRVVLELOLGDGH GD DOWHUQkQFLD FDXVDWLYD FRP HVVHV YHUERV" e R TXH SDVVRDID]HUDJRUD $UJXPHQWDUHLHPIDYRUGHXPDFRQFHSomRGHTXHRVPHFDQLVPRVGHGHULYDomRGHYHUERVD SDUWLU GH VXEVWDQWLYRV QmR VmR FHJRV WRPDQGR TXDOTXHU VXEVWDQWLYR DOHDWRULDPHQWH H SURGX]LQGRYHUERVFRPTXDOTXHUXPGRVVLJQLILFDGRVSRVVtYHLV+iQDYHUGDGHWHQGrQFLDV EDVWDQWHIRUWHVTXHSRGHPVHUGHWHFWDGDVHGmRVXVWHQWDomRDXPPRGHORFRPRR/p[LFR *HUDWLYRGH3XVWHMRYVN\TXHQmRFRQVLGHUDRVLWHQVOH[LFDLVFRPRiWRPRVVHPkQWLFRVPDV FRPRHOHPHQWRVFRPSOH[RVTXHFRQWrPGLYHUVRVWLSRVGHLQIRUPDomR$VVLPFRPR+DOH .H\VHUGHIHQGHUHLRSRQWRGHYLVWDGHTXHDIRUPDGDGHULYDomRQRVLQGLFDVHXPYHUER DOWHUQDRXQmRFRPGXDVGLIHUHQoDVIXQGDPHQWDLVHPUHODomRjSRVWXUDGHOHVDSULPHLUDp TXHFRQVLGHUDTXHHVVDLQGLFDomRpDSHQDVXPGHIDXOWRFDVRQRUPDOLQFOXVLYHSRUTXHKi GHULYDGRVQmRFRPSRVLFLRQDLVFRPRYHUHPRVDVHJXQGDpTXHDGHWHUPLQDomRGHTXHIDOR p VHPkQWLFD HPERUD WHQKD Mi IHLWR UHIHUrQFLD D FHUWDV UHVWULo}HV PRUIROyJLFDV PDV HVVDV WrPFRQWXGRXPDDEUDQJrQFLDPHQRU &RPR Mi DSRQWHL DV LQIRUPDo}HV VXEMDFHQWHV FRQWLGDV QRV LWHQV OH[LFDLV JXLDP D UHSUHVHQWDUHVVHVYHUERVVHULDDWUDYpVGHXPWDJQRQyGHXP93FRP13FRPRFRPSOHPHQWRRTXHGDULD &DS²2/p[LFR*HUDWLYRRV'HIDXOWVHD$OWHUQkQFLD&DXVDWLYD LQWHUSUHWDomR GRV HYHQWRV VREUH RV TXDLV RV YHUERV DVSHFWXDLV RSHUDP EHP FRPR D LQWHUSUHWDomRGDTXLORTXHRVDGMHWLYRVTXDOLILFDPFRPRYHPRVQRVH[HPSORVDVHJXLU (XFRPHFHLROLYUR!(XFRPHFHLDOHUROLYUR∨(XFRPHFHLDHVFUHYHUROLYUR (VVHYLQKRpERP!(VVHYLQKRpERPGHEHEHU 'D PHVPD IRUPD FRQVLGHUR TXH HODV JXLDP D LQWHUSUHWDomR GH QRYRVYHUERV IRUPDGRV D SDUWLU GH VXEVWDQWLYRV 2X VHMD D GHULYDomR QmR SDUWH GR QDGD QmR VHQGR XPD PHUD PDQLSXODomR GH HOHPHQWRV IRUPDLV PDV VLP GH HOHPHQWRV FRP FRQWH~GR VHPkQWLFR TXH JXLDHVVDGHULYDomRTXHUUHVWULQJLQGRDTXHUSULYLOHJLDQGRFHUWRVVLJQLILFDGRV ([DPLQHPRVRVXEVWDQWLYRSLORWRHVHXYHUERGHULYDGRSLORWDU&RPVXEVWDQWLYRVDJHQWLYRV %XVD SURS}H TXH R HYHQWR DVVRFLDGR DRV LQGLYtGXRV GHQRWDGRV SRU HOHV HVWHMD QR TXDOHWpOLFR7UDWDVHGHXPDH[WHQVmREDVWDQWHUD]RiYHOGRSDSHOGHVVHTXDOHMiTXHDOpPGD LQWHUSUHWDomR DQWHULRUPHQWH PHQFLRQDGD GR TXDOH WpOLFR FRPR DTXHOH TXH FRQWpP D ILQDOLGDGHGHXPREMHWRSRGHPRVLQWHUSUHWDUWDPEpPTXHpHOHTXHFRQWpPLQIRUPDo}HVD UHVSHLWR GD IXQomR TXH XP LQGLYtGXR GHVHPSHQKD ,QWHUSUHWR SRUWDQWR RV VXEVWDQWLYRV DJHQWLYRV QRPLQD DJHQWLV FRPR WHQGR XP TXDOH WpOLFR UHIHUHQWH j IXQomR GRV LQGLYtGXRV GHVLJQDGRVSRUHOHV([DPLQHPRVDOJXQVVXEVWDQWLYRVFRPRVUHVSHFWLYRVYHUERVGHULYDGRV HQWUH SDUrQWHVHV SUHFHGLGRV GR VLQDO ¾ TXH XVR DTXL SDUD LQGLFDU D GHULYDomR 1mR HPSUHJR D QRWDomR FRPSOHWD GRV HYHQWRV LQGLFDQGR DSHQDV R QRPH GR YHUER RX VXEVWDQWLYRSDUDVLPSOLILFDU FKHIH¾FKHILDU IRUPDO SHVVRD WpOLFR OLGHUDU DJHQWLYR SRVVLELOLGDGHGHOLGHUDU XPYHUERWUDQVLWLYRRXLQHUJDWLYR 5HFRUGRTXHRVLQDO!LQGLFDLPSOLFDomRSRUGHIDXOW $$OWHUQkQFLD&DXVDWLYDQR3RUWXJXrVGR%UDVLO3DXOR&KDJDVGH6RX]D SLORWR¾SLORWDU IRUPDO SHVVRD WpOLFR JXLDU DJHQWLYR FDSDFLGDGHGHJXLDULQWHQVLRQDO 'RVVLJQLILFDGRVGLVSRQtYHLVSDUDDLQWHUSUHWDomRTXDQGRGDFRHUomRGHXPREMHWRGLUHWR RX GD OLJDomR VHOHWLYD DSHQDV XP VH UHDOL]D QXPD GHWHUPLQDGD VLWXDomR 'HQRPLQR R SURFHVVR GH XWLOL]DomR GHVVH VLJQLILFDGR D VXD DWLYDomR ,VWR p QRV H[HPSORV UHIHUHQWHV D FRPHoDU R OLYUR SRGHPRV DWLYDU R VLJQLILFDGR GH XP HYHQWR GH OHU RX GH XP HYHQWR GH HVFUHYHU ([DPLQDQGR RV VXEVWDQWLYRV FKHIH H SLORWR DFLPD YHPRV TXH DPERV GHVLJQDP SHVVRDV 6HQGR DV SHVVRDV RV DJHQWHV SURWRWtSLFRV FRPR Mi GLVFXWL DQWHULRUPHQWH SURSRQKR TXH VHMD SULYLOHJLDGR SDUD DWLYDomR R TXDOH TXH FRQWHQKD XP HYHQWR GR TXDO D SHVVRDGHVLJQDGDSHORVXEVWDQWLYRVHMDRDJHQWH(VSHFLILFDPHQWHQRFDVRGHFKHILDUHSLORWDU WHPRV RV HYHQWRV GH OLGHUDU H JXLDU UHVSHFWLYDPHQWH GLVSRQtYHLV QR TXDOH WpOLFR GRV GRLV VXEVWDQWLYRV ([DPLQHPRV DJRUD RV VXEVWDQWLYRV DOILQHWH H FDULPER H RV YHUERV TXH GHULYDP GHOHV (P DPERVRVFDVRVWHPRVDUWHIDWRVFRPXPDIXQomRGHLQVWUXPHQWRFRPRYHPRVQRV VHXV TXDOLD DOILQHWH¾DOILQHWDU IRUPDO DUWHIDWR DJHQWLYR IDEULFDU WpOLFR HVSHWDU FDULPER¾FDULPEDU IRUPDO DUWHIDWR DJHQWLYR IDEULFDU WpOLFR PDUFDU &DS²2/p[LFR*HUDWLYRRV'HIDXOWVHD$OWHUQkQFLD&DXVDWLYD eLPSRUWDQWHREVHUYDUTXHFDULPEDUQmRVLJQLILFDDSHQDV¶S{URFDULPERHPDOJXPDFRLVD· PDV VLP SURWRWLSLFDPHQWH ¶XVDU R FDULPER SDUD WUDQVIHULU XPD LPDJHP· 2X VHMD VH HX SRQKRRFDULPERQRPHXEROVRQmRGLUHLTXHFDULPEHLREROVR2PHVPRVHSRGHGL]HU FRPUHODomRDDOILQHWDUVHSRQKRRDOILQHWRGHLWDGRHPFLPDGDPHVDQmRGLUHLTXHDOILQHWHL DPHVD 7HPRV QR VLJQLILFDGR GHVVHV LWHQV OH[LFDLV R PHVPR WLSR GH GLVWLQomR REVHUYDGD SRU 6KLEDWDQLH7DOP\HQWUHFDXVDomRLPHGLDWDHPHGLDWDRXGLUHWDHLQGLUHWDRX VHMD TXDQWR PDLV SUy[LPD D UHODomR GH FDXVDomRHQWUH RV HYHQWRV PDLRU RJUDX GH IXVmR GDVGXDVLGpLDV(PYLVWDGRTXHIRLGLVFXWLGRQRFDStWXORSRGHPRVFRQVLGHUDUXPJUDX PDLRU GH SUR[LPLGDGH FRPR XP JUDX PDLRU GH HVSHFLILFDomR ([SUHVV}HV PDLV VLQWpWLFDV H[SUHVVDPUHODo}HVPDLVHVSHFtILFDVFRPRQRFDVRGHPDWDUFDXVDomRPDLVGLUHWDHID]HU PRUUHUFDXVDomRPDLVLQGLUHWD6HPSUHTXHXPHYHQWRSXGHUVHUGHVFULWRFRPRXPHYHQWR GHPDWDUWDPEpPSRGHUiVHUGHVFULWRFRPRXPHYHQWRGHID]HUPRUUHURXVHMDWHPRVXPD UHODomRGRWLSRGDKLSHURQtPLDKLSRQtPLDHPERUDDSOLFDGDDYHUERV0DWDUpXPKLS{QLPR GHID]HUPRUUHUXPWLSRGHHYHQWRGHID]HUPRUUHUDVVLPFRPRJDWRpXPKLS{QLPRGHDQLPDO XPWLSRGHDQLPDO5HWRUQDQGRDRYHUERFDULPEDUFRQVWDWDPRVTXHHOHLPSOLFDXPDUHODomR PDLVHVSHFtILFDHQWUHRFDULPERHRREMHWRGRTXHS{UXPFDULPERHPDOJXPOXJDU ([DPLQDQGRDVHJXLUGRLVVXEVWDQWLYRVFRPTXDOHWpOLFRORFDWLYRREVHUYDPRVRPHVPRWLSR GH UHVWULomR HP RSHUDomR 7HPRV DTXL RV GRLV WLSRV GH UHODomR ORFDWLYD SRVVtYHO D GH FRLQFLGrQFLD WHUPLQDO H D GH FRLQFLGrQFLD FHQWUDO VHJXQGR D QRPHQFODWXUD GH +DOH .H\VHU D]XOHMR¾D]XOHMDU IRUPDO DUWHIDWR DJHQWLYR IDEULFDU WpOLFR S{UFRODU OLVWD¾OLVWDU IRUPDO DUWHIDWR DJHQWLYR IDEULFDU WpOLFR FRQWHUSDODYUDVQ~PHURV 2XWURVYHUERVGHVVHJUXSRVmRDUTXLYDUHFDWDORJDU $$OWHUQkQFLD&DXVDWLYDQR3RUWXJXrVGR%UDVLO3DXOR&KDJDVGH6RX]D 2YHUERD]XOHMDUGHVLJQDXPHYHQWRHPTXHGHDFRUGRFRPRTXDOHWpOLFRGHD]XOHMRHOHp SRVWR FRODGR HP DOJXP OXJDU XPD SDUHGH SRU H[HPSOR -i R YHUER OLVWDU GHVLJQD XP HYHQWR HP TXH GH DFRUGR FRP R TXDOH WpOLFR GH OLVWD HOD SDVVD D FRQWHU DOJR QRPHV RX Q~PHURVSRUH[HPSOR )LQDOL]RHVWDVHomRFRPXPWLSRGHYHUERTXHQRVFRORFDXPDTXHVWmRDUHVSHLWRGRVTXDOLD 2VXEVWDQWLYRVHUSHQWHGiRULJHPDRYHUERVHUSHQWHDU VHUSHQWH¾VHUSHQWHDU IRUPDO DQLPDO WtSLFR PRUGHUGHVORFDUVHFRPRVFLODo}HV 0H SDUHFH TXH D LPSOHPHQWDomR GHVVH WLSR GH HYHQWR QXP Op[LFR JHUDWLYR DEUH PDLV GH XPDSRVVLELOLGDGH3RGHUtDPRVVHJXLU%RXLOORQTXHSURS}HTXHFRQVLGHUHPRVTXHR TXDOH WpOLFR FRQWpP QmR VRPHQWH LQIRUPDo}HV DFHUFD GD ILQDOLGDGH GH XP REMHWR PDV WDPEpPGHRXWURVHYHQWRVWtSLFRVGHTXHHOHSDUWLFLSD(PERUDDWUDHQWHSRUQRVSHUPLWLU LQFOXLUTXDLVTXHUWLSRVGHHYHQWRVWtSLFRVUHODFLRQDGRVDFDGDWLSRGHLQGLYtGXRFUHLRTXH XPD SURSRVWD FRPR HVVD SURYRFD XPD SHUGD GH SDUWH GR LQWHUHVVH GH XP TXDOH WpOLFR HVSHFLILFDPHQWH QR TXH GL] UHVSHLWR j DOWHUQkQFLD FDXVDWLYD Mi TXH RV HYHQWRV WpOLFRV QR VHQWLGR GH DTXHOHV TXH WrP XPD ILQDOLGDGH XP REMHWLYR GHWHUPLQDGR QmR QR VHQWLGR DVSHFWXDOREYLDPHQWHQRUPDOPHQWHSUHVVXS}HPXPDLQWHQFLRQDOLGDGH 8PDRXWUDVDtGDSRVVtYHOVHVHTXLVHULQFOXLUHVVHVHYHQWRVWtSLFRVQmRWpOLFRVVHULDSRVWXODU DOJR FRPR XP TXDOH WtSLFR 7DPEpP QmR PH SDUHFH FODUR TXH HVVD VHULD XPD VROXomR UD]RiYHOMiTXHSRUXPODGRHVWDUtDPRVSUROLIHUDQGRRQ~PHURGRVTXDOLDHLVVRWHULDTXH VHUEHPIXQGDPHQWDGRHSRURXWURODGRRHYHQWRWpOLFRIUHTHQWHPHQWHpRHYHQWRWtSLFR UHODFLRQDGR D XP LQGLYtGXRREMHWR 8PD SRVVLELOLGDGH GH LPSOHPHQWDomR GHVVH IDWR VHULD SRVWXODUWDPEpPHVVHTXDOHWtSLFRVLPSOHVPHQWHFRLQGH[DQGRRVGRLVHYHQWRVQRFDVRGHR HYHQWR WpOLFR VHU R PDLV WtSLFR &RPR QmR WHQKR FODUR TXDO GDV VROXo}HV VHULD D PHOKRU GHL[RLVVRHPDEHUWRRTXHSRGHUiVHUHVFODUHFLGRDWUDYpVGHIXWXUDVSHVTXLVDV 1RFDVRGHVHUSHQWHHVHUSHQWHDUDFDEDVHQGRDWLYDGRXPHYHQWRWtSLFRUHODFLRQDGRDVHUSHQWH TXHQmRpRHYHQWRWpOLFRVXDILQDOLGDGHRXIXQomRQHPRDJHQWLYRVHXVXUJLPHQWR (VVDV LQWHUSUHWDo}HV VmR GHIDXOWV R TXH FRQVWDWDPRV FRP YHUERV FRPR PLQKRFDU TXH WHP &DS²2/p[LFR*HUDWLYRRV'HIDXOWVHD$OWHUQkQFLD&DXVDWLYD XPDLQWHUSUHWDomRDSDUHQWHPHQWHQmRFRPSRVLFLRQDOMiTXHDOJXQVHYHQWRVWtSLFRVHPTXH XPDPLQKRFDHVWDULDHQYROYLGDVHULDPRVGHUHYROYHUDWHUUDRXDQGDUVHFRQWUDLQGRHVH HVWLFDQGRDOWHUQDGDPHQWHHQmRSHQVDURXWHUSUHRFXSDo}HV 'RV6LJQLILFDGRV'HIDXOWVj$OWHUQkQFLD&DXVDWLYDQR /p[LFR*HUDWLYR /p[LFR*HUDWLYR 'DPHVPDIRUPDTXHFRQWpPLQIRUPDo}HVVREUHHYHQWRVVXEMDFHQWHVTXHQRVSRVVLELOLWDP SUHYHU DV LQWHUSUHWDo}HV SUHIHUHQFLDLV GH XP YHUER DVSHFWXDO FRP XP VXEVWDQWLYR FRPR FRPSOHPHQWRXPPRGHORFRPRR/p[LFR*HUDWLYRGH3XVWHMRYVN\QRVSHUPLWHSHQVDUHP IRUPDVGHSUHYHUVLJQLILFDGRVSRVVtYHLVGRVYHUERVGHULYDGRVGHVXEVWDQWLYRVLQGLFDQGRGH IRUPDVHPHOKDQWHTXDLVVHULDPDVLQWHUSUHWDo}HVSULYLOHJLDGDV (VVDVLQWHUSUHWDo}HVSULYLOHJLDGDVDFDEDPWHQGRUHIOH[RVQDSRVVLELOLGDGHGHRFRUUrQFLDGD DOWHUQkQFLDFDXVDWLYD9HMDPRVFRPR 5HH[DPLQHPRV RV YHUERV YLVWRV QD VHomR DQWHULRU SDUD YHULILFDU VH EDVHDGR QDV LQWHUSUHWDo}HVSUHYLVWDVHOHVDOWHUQDULDPRXQmR 2V YHUERV FKHILDU H SLORWDU GHQRWDP HYHQWXDOLGDGHV GR WLSR $&721 QmR DFDUUHWDQGR PXGDQoDGHHVWDGRRXDIHWDomRRTXHH[FOXLDDOWHUQkQFLD 2VYHUERVTXHDWLYDPRTXDOHWpOLFRQRUPDOPHQWHLPSOLFDPXPDLQWHQFLRQDOLGDGHMiTXHD ILQDOLGDGHVXS}HXPDLQWHQomR'HVVDIRUPDYHUERVFRPRDOILQHWDUFDULPEDUD]XOHMDUHOLVWDU WrPXPFRPSRQHQWHGHDJHQWLYLGDGHTXHLPSHGHTXHDDOWHUQkQFLDVHGr 1R HQWDQWR FRPR Mi YLPRV DR GLVFXWLU R WH[WR GH YDQ 9RRUVW D DXWRQRPLD GR SURFHVVR SUHGLVS}H j RFRUUrQFLD GD DOWHUQkQFLD FDXVDWLYD 3RU LVVR XP YHUER FRPR ILOWUDU HPERUD SURYHQKDGRQRPHGHXPLQVWUXPHQWRDOWHUQD $Wp DTXL QHVWD VHomR OLPLWHL PLQKD DQiOLVH D YHUERV TXH FRQVLGHUR GHQRPLQDLV SXURV RX VHMDVHPDFUpVFLPRGHTXDOTXHUSUHIL[R([DPLQDUHLDJRUDPDLVGHWDOKDGDPHQWHRVYHUERV IRUPDGRV FRP R SUHIL[R HQ TXH VmR GHULYDGRV GHVXEVWDQWLYRV 1R HVWXGR GHVVHVYHUERV GHYHPRVWHUHPPHQWHDKLSyWHVHORFDOLVWDSURSRVWDHP*UXEHUHLQFRUSRUDGDSRU $$OWHUQkQFLD&DXVDWLYDQR3RUWXJXrVGR%UDVLO3DXOR&KDJDVGH6RX]D -DFNHQGRIITXHFRQVLGHUDTXHRVIDODQWHVFRQFHSWXDOL]DPDVUHODo}HVORFDLVRX HVSDFLDLV IXQFLRQDP FRPR SULPLWLYDV H RV GHPDLV WLSRV GH UHODo}HV FRPR H[WHQV}HV GDV UHODo}HVHVSDFLDLVeHVVHWLSRGHFRQFHSomRTXHHVWiSRUWUiVGDGHQRPLQDomRGRVSDSpLV UHODFLRQDLV GRV DUJXPHQWRV GH XP SUHGLFDGRU FRPR SDSpLV WHPiWLFRV Mi TXH SDUD *UXEHU R WHPD p R DUJXPHQWR TXH HVWi ORFDOL]DGR RX VRIUH XPD PXGDQoD GH ORFDOL]DomR $ SDODYUD WKpPD SURYpP GD PHVPD UDL] GR YHUER WtWKēPL τƟθηµι ¶S{U· HP JUHJR DQWLJR 'Dt D GHQRPLQDomR 6HJXQGR HVVD KLSyWHVH WRGDV DV UHODo}HV GH PXGDQoD VmR FRQVLGHUDGDV PHWDIRULFDPHQWH FRPRUHODo}HVGHPXGDQoDGHORFDOL]DomR 2SHVVRDOSDVVRXGDVDODSUDFR]LQKD 2VLQDOSDVVRXGHYHUGHSUDYHUPHOKR 1RV H[HPSORV D SUHSRVLomR GH LQGLFD SURYHQLrQFLD QR HVSDoR RX R HVWDGR DQWHULRU HQTXDQWR D SUHSRVLomR SDUD LQGLFD GLUHomR QR HVSDoR RX HVWDGR SRVWHULRU (VVH WLSR GH SURSULHGDGHSRGHQRVOHYDUDIXQGLURXFRQIXQGLUWHPDVHSDFLHQWHV 'H IDWR HP FHUWRV IHQ{PHQRV RV WHPDV DUJXPHQWRV DIHWDGRV HP VXD ORFDOL]DomR H SDFLHQWHV DUJXPHQWRV DIHWDGRV HP RXWUD SURSULHGDGH TXH QmR VXD ORFDOL]DomR WrP R PHVPRFRPSRUWDPHQWRRXRVPHVPRVHIHLWRVeRTXHOHYRX/LHEHU%DD\HQDSURSRUD H[LVWrQFLD GH XP WUDoR > ,(36@ LQIHUDEOH HYHQWXDO SRVLWLRQ RU VWDWH TXH LQGLFD TXH VH SRGH LQIHULU D SRVLomR RX R HVWDGR ILQDO GH XP DUJXPHQWR (OHV DUJXPHQWDP TXH HVVH WUDoR H[SOLFDTXDQGRXPYHUERpXWLOL]DGRFRPRDX[LOLDUKHEEHQ¶WHU·HTXDQGRpXWLOL]DGRFRPR DX[LOLDU]LMQ¶VHU·HPKRODQGrVGHPDQHLUDDSUR[LPDGDPHQWHHTXLYDOHQWHDRTXHRFRUUHHP LWDOLDQRFRPRIRLYLVWRDFLPDQHVWHFDStWXOR -DQKHHIWJHORSHQ -DQWHPFDPLQKDGR ¶2-DQFDPLQKRX· -DQLVQDDU$PVWHUGDPJHORSHQ -DQpDWp$PVWHUGDPFDPLQKDGR ¶2-DQFDPLQKRXDWp$PVWHUGDP· ,VVRRFRUUHLQFOXVLYHFRPYHUERVWUDQVLWLYRVFRPRFRPRYHUERQDGHUHQ¶DSUR[LPDUVH· &DS²2/p[LFR*HUDWLYRRV'HIDXOWVHD$OWHUQkQFLD&DXVDWLYD 'HYLMDQGLVGHVWDGJHQDGHUG 2LQLPLJRpDFLGDGHDSUR[LPDGR 2LQLPLJRVHDSUR[LPRXGDFLGDGH 4XHU XWLOL]HPRV R WUDoR SURSRVWR SRU /LHEHU %DD\HQ TXHU QmR R LPSRUWDQWH p TXH R IDWRGHSRGHUPRVLQIHULUDOJXPDFRLVDVREUHXPDUJXPHQWRID]FRPTXHRSUHGLFDGRVHMD FRQVLGHUDGRWpOLFRQRVHQWLGRDVSHFWXDOOHYDQGRjXWLOL]DomRGRYHUER]LMQFRPRDX[LOLDU GRSHUIHLWR 2VYHUERVGHULYDGRVFRPRSUHIL[RHQjSULPHLUDYLVWDIRUQHFHPDUJXPHQWRVDIDYRUGHVVD FRQFHSomR ORFDOLVWD Mi TXH HOHV GHVLJQDP SULPRUGLDOPHQWH HYHQWRV GH PXGDQoD GH ORFDOL]DomRRXGHPXGDQoDGHHVWDGR 1RHQWDQWRVHOHYDPRVHPFRQWDD*UDPPDWLFDO&RQVWUDLQWGH-DFNHQGRIIVHJXQGRD TXDO GHYHPRV SUHIHULU XPD WHRULD VHPkQWLFD TXH H[SOLTXH JHQHUDOL]Do}HV DSDUHQWHPHQWH DUELWUiULDV IHLWDV HP SURSRVWDV DQWHULRUHV VREUH D VLQWD[H H R Op[LFR FRPR DV TXH DSHQDV ID]HPXVRGHGLDFUtWLFRVWHPDVHSDFLHQWHVGHYHPVHUGLVWLQJXLGRVSRUKDYHUGHWHUPLQDGRV IHQ{PHQRVHPTXHRFRPSRUWDPHQWRGRVGRLVRXVHXVHIHLWRVGLIHUHP8PGHVVHVFDVRVp DDOWHUQkQFLDFDXVDWLYDMiTXHDIUHTrQFLDGDRFRUUrQFLDGHODFRPRVYHUERVTXHWrPXP WHPDFRPRDUJXPHQWRDIHWDGRpHYLGHQWHPHQWHPHQRUGRTXHDTXHODHPTXHRDUJXPHQWR DIHWDGR p XP SDFLHQWH +i HQWmR XPD DVVLPHWULD HQWUH UHODo}HV ORFDLV H RXWUDV SURSULHGDGHV 0HVPR DV UHODo}HV D WHUPR TXDQGR QmRORFDLV DOWHUQDP 2V SDGU}HV GH OH[LFDOL]DomR WDPEpP GLIHUHP EDVWDQWH FRPR YLPRV QD GLVWLQomR HQWUH EHQHILFLiULRV H DOYRV (QTXDQWRHVWHVVHOH[LFDOL]DPFRPH[WUHPDIDFLOLGDGHDTXHOHVUHVLVWHPHQRUPHPHQWHDVH OH[LFDOL]DUHPFRPRYHUERV 1HVVH VHQWLGR VXJHULGR SHOD *UDPPDWLFDO &RQVWUDLQW p TXH VH HYLGQHQFLD D LPSRUWkQFLD GD FRQWULEXLomRGHXPPRGHORGHOp[LFRFRPHOHPHQWRVFRPRRTXDOHWpOLFRSRUH[HPSOR1D PHGLGDHPTXHH[LVWDPIHQ{PHQRVTXHHVVHTXDOHH[SOLTXHTXHILFDULDPVHPH[SOLFDomRGH RXWUDPDQHLUDVHMXVWLILFDDSRVWXODomRGHOH ([DPLQHPRVHQWmRRVYHUERVIRUPDGRVFRPRSUHIL[RHQGHULYDGRVGHVXEVWDQWLYRVFRP TXDOHWpOLFRSDUDYHUVHSRGHPRVSUHYHUHPSULPHLUROXJDUTXDORVHXVLJQLILFDGRSURYiYHO HHPVHJXQGROXJDUVHEDVHDGRQHVVHVLJQLILFDGRSRGHPRVVDEHUVHHOHVDOWHUQDPRXQmR &RQVLGHUHPRVLQLFLDOPHQWHWUrVYHUERVGHULYDGRVGHVXEVWDQWLYRVFRPTXDOHWpOLFR $$OWHUQkQFLD&DXVDWLYDQR3RUWXJXrVGR%UDVLO3DXOR&KDJDVGH6RX]D EDQDQD>WpOLFRλHλ[λ\FRPHUH[\@ FiUFHUH>WpOLFRλHλ[λ\λ]SUHQGHUH[\]@ FHUD>WpOLFRλHλ[λ\λ]SDVVDUH[\]@ 'HVVHV WUrV VXEVWDQWLYRV WHPRV RV WUrV YHUERV GHULYDGRV VHJXLQWHV HPEDQDQDU HQFDUFHUDU H HQFHUDU 2 YHUER HPEDQDQDU DOWHUQD QD IRUPD 75 2V GHPDLV QmR DOWHUQDP VHQGR VHPSUH WUDQVLWLYRV $SDUHQWHPHQWH QmR SRGHUtDPRV WLUDU QHQKXPD JHQHUDOL]DomR GR IDWR GH RV VXEVWDQWLYRVTXHGmRRULJHPDRVYHUERVWHUHPXPTXDOHWpOLFR 2 TXH p QHFHVViULR p XP UHILQDPHQWR GD GHVFULomR GRV HYHQWRV TXH FRQVWDP GRV TXDOLD SDUDOHORDRTXHKiQRHYHQWRGDHVWUXWXUDGHHYHQWR$VLPSOHVOLVWDJHPGRVDUJXPHQWRVj PDQHLUD GD OyJLFD RX GH PXLWRV WUDEDOKRV VHPkQWLFRV +LJJLQERWKDP SRU H[HPSOR QmR QRVGHL[DFRPQHQKXPLQVWUXPHQWRTXHSRVVLELOLWHID]HUSUHYLV}HVPDLVSUHFLVDV7RGRVRV DUJXPHQWRVILFDPLQGLIHUHQFLDGRVDQmRVHUSHODRUGHP 0LQKD SURSRVWD p TXH RV DUJXPHQWRV VHMDP GLVWLQJXLGRV GH DOJXPD IRUPD DGRWDQGRVH SRU H[HPSOR D QRWDomR GH 3DUVRQV 2V TXDOLD WpOLFRV GRV VXEVWDQWLYRV YLVWRV ILFDULDPDVVLP EDUDOKR>WpOLFRλHλ[λ\MRJDUH∧DJHQWHH[∧LQVWUXPHQWRH\@ FiUFHUH>WpOLFRλHλ[λ\λ]SUHQGHUH∧DJHQWHH[∧WHPDH\∧ORFDWLYRH]@ FHUD>WpOLFRλHλ[λ\λ]SDVVDUH∧DJHQWHH[∧WHPDH\∧ORFDWLYRH]@ FDUDFROVHPTXDOHWpOLFR EDQDQD>WpOLFRλHλ[λ\FRPHUH∧DJHQWHH[∧SDFLHQWHH\@ $JRUDFRPHVVDVGLVWLQo}HVPDLVFODUDVSRGHPRVFRPHoDUDID]HUDOJXPDVSUHYLV}HV2V YHUERV IRUPDGRV FRP R SUHIL[R HQ XQLGRV D VXEVWDQWLYRV SRGHP WHU GRLV WLSRV GH VLJQLILFDGRFRPRGHIDXOW$TXHOHVTXHWrPQRTXDOHWpOLFRXPDUJXPHQWRORFDWLYRSRGHPWHU HVVH TXDOH DWLYDGR QD GHULYDomR GR VXEVWDQWLYR 'HVWD PDQHLUD D LQWHUSUHWDomR PDLV SURYiYHORGHIDXOWGHXPYHUERGHVVHWLSRVHUiGHXPYHUERTXHGHQRWDXPHYHQWRHPTXH XPVHUID]RXWURILFDUHPGHWHUPLQDGROXJDU(VVHOXJDURXRVHUPRYLGR pUHSUHVHQWDGR 7DPEpP FKDPDGD GH QHRGDYLGVRQLDQD Mi TXH SDUWH GD QRWDomR GDYLGVRQLDQD TXH UHSUHVHQWD XP DUJXPHQWRDPDLVSDUDRVSUHGLFDGRVRDUJXPHQWRGRHYHQWR &DS²2/p[LFR*HUDWLYRRV'HIDXOWVHD$OWHUQkQFLD&DXVDWLYD SHODFRQVWDQWHFRPRDGHQRPLQDP/HYLQ5DSSDSRUW+RYDY 1RFDVRGHFHUDHVVHDUJXPHQWRpRWHPDTXHILFDOH[LFDOPHQWHDVVRFLDGRjFRQVWDQWH2 DUJXPHQWR LQWHUQR UHPDQHVFHQWH p R ORFDWLYR TXH p DWLYDGR H FREHUWR SHOR DUJXPHQWR LQWHUQRGRYHUERHQFHUDU 1RFDVRGHFiUFHUHRDUJXPHQWROH[LFDOPHQWHDVVRFLDGRjFRQVWDQWHpRORFDWLYR2TXHILFD GLVSRQtYHOSDUDVHUDUJXPHQWRLQWHUQRpRWHPD 2 SUHIL[R HQ IXQFLRQD FRPR XP FRQYHUVRU GH RXWUDV SDODYUDV HP YHUERV DOLDGR DR PRUIHPD YHUEDO SURSULDPHQWH GLWR SRVVLELOLWDQGR D LQWHUSUHWDomR GH PXGDQoD GH ORFDOL]DomRRXGHPXGDQoDGHHVWDGR1RYDPHQWHHVVDLQWHUSUHWDomRpXPGHIDXOWMiTXHKi YHUERVFRPRHQFDUDUTXHQmRSRVVXHPQHQKXPGRVGRLVWLSRVGHVLJQLILFDGR $JRUDMiSRGHPRVID]HUDOJXPDVSUHYLV}HV2VYHUERVGHQRPLQDLVFRPR SUHIL[RHQTXH WrP XP TXDOH WpOLFR ORFDWLYR WHUmR XPD JUDQGH SUREDELOLGDGH GH DWLYDU HVVH TXDOH QD GHULYDomRHWHUmRXPDLQWHUSUHWDomRGHPXGDQoDGHORFDOL]DomR2VTXHQmRWrPXPTXDOH WpOLFRORFDWLYRSURYDYHOPHQWHDWLYDUmRRXWURTXDOHRXVHUmRQmRFRPSRVLFLRQDLV 1R FDVR GH EDUDOKR YHPRV TXH HVVH p XP VXEVWDQWLYR TXH WHP XP TXDOH WpOLFR PDV R EDUDOKRQmRWHPXPSDSHOORFDWLYRQRHYHQWRFRQWLGRQHOH'HVVDIRUPDSRUGHIDXOWILFDP H[FOXtGDV DV LQWHUSUHWDo}HV GH ¶S{U R EDUDOKR HP DOJXP OXJDU· RX ¶S{U DOJXPD FRLVD QR EDUDOKR·1RFDVRGREDUDOKRSRGHVHUDWLYDGRXPRXWURHYHQWRFDQ{QLFRDVVRFLDGRDHOH TXH ID] SDUWH GR HYHQWR WpOLFR GH MRJDU TXH p R GH PLVWXUDU DV FDUWDV $VVLP R YHUER HPEDUDOKDUVHUiLQWHUSUHWDGRFRPR¶PLVWXUDU·RXDOJRSUy[LPR -iRVXEVWDQWLYRFDUDFROQmRSRVVXLXPTXDOHWpOLFRHSRUFRQVHJXLQWHHVWHQmRSRGHUiVHU DWLYDGR 1R HQWDQWR QR VHX TXDOH FRQVWLWXWLYR WHPRV SURSULHGDGHV UHODFLRQDGDV D VXDV SDUWHV UHODo}HV GH PHURQtPLD XPD GDV TXDLV PXLWR WtSLFD H VDOLHQWH p R IDWR GH HOHV SRVVXtUHP XPD FRQFKD HP HVSLUDO (VVH p R TXDOH TXH p DWLYDGR QR YHUER HQFDUDFRODU IRUQHFHQGRDLQWHUSUHWDomRGH¶DGTXLULUDIRUPDGHXPDFRQFKDGHFDUDFRO· 3RUILPWHPRVRVXEVWDQWLYREDQDQDTXHWHPXPTXDOHWpOLFRTXHUHSUHVHQWDXPHYHQWRGH FRPHU1mRKiXPDUJXPHQWRORFDWLYRQHVVHHYHQWR3RGHUtDPRVWHURXWURTXDOHDWLYDGRQR YHUER HPEDQDQDU PDV QmR p R TXH RFRUUH 6HPSUH H[LVWH D SRVVLELOLGDGH GH XP YHUER GHULYDGRVHULQWHUSUHWDGRQmRFRPSRVLFLRQDOPHQWHTXHpRTXHRFRUUHFRPHVVHYHUER 9ROWDQGR j TXHVWmR GD DOWHUQkQFLD FDXVDWLYD WHPRV TXH RV YHUERV FRP R TXDOH WpOLFR $$OWHUQkQFLD&DXVDWLYDQR3RUWXJXrVGR%UDVLO3DXOR&KDJDVGH6RX]D ORFDWLYRDWLYDGRSURYDYHOPHQWHQmRDOWHUQDPSRUGRLVPRWLYRV2SULPHLURpRIDWRGHRV YHUERVTXHGHQRWDPXPDWUDMHWyULDQRHVSDoRQRUPDOPHQWHQmRDOWHUQDP2VHJXQGRpTXH HVVHV TXDOLD GHQRWDP XPD ILQDOLGDGH R TXH SUHVVXS}H XPD LQWHQomR 3RU RXWUR ODGR DTXHOHV TXH DWLYDUHP RXWUR TXDOH FRPR R FRQVWLWXWLYR RX IRUHP QmRFRPSRVLFLRQDLV GHQRWDQGR DSHQDV XPD PXGDQoD GH HVWDGR DGPLWLUmR D DOWHUQkQFLD SRU GHIDXOW SRGHQGR KDYHUREYLDPHQWHRXWURVIDWRUHVTXHDEORTXHLHP (PVXPDHPERUDGDIRUPDFRPRIRLSURSRVWRRPRGHORGR/p[LFR*HUDWLYRDPDUFDomR GD SRVVLELOLGDGH GD DOWHUQkQFLD FDXVDWLYD VH UHVXPLVVH D XP FRQMXQWR GH GLDFUtWLFRV QR Op[LFR YHPRV TXH VH PDLV EHP H[SORUDGR R PRGHOR QRV IRUQHFH LQVWUXPHQWRV PXLWR LQWHUHVVDQWHVHTXHSRGHPGDUUHVXOWDGRVVHIRUHPVXILFLHQWHPHQWHUHILQDGRV 'HYRUHVVDOWDUSDUDILQDOL]DUDLPSRUWkQFLDGDQRomRGHFRFRPSRVLFLRQDOLGDGHSURSRVWD SRU3XVWHMRYVN\WDPEpPQRLQWHULRUGRVLWHQVOH[LFDLV0XLWDVYH]HVVyRVXEVWDQWLYRQmR GHOLPLWD GH IRUPD FODUD XP WLSR HVSHFtILFR GH HYHQWR SULYLOHJLDGR D VHU XWLOL]DGR QD IRUPDomRGHXPYHUERGHULYDGRGHOH2SUHIL[RHQSULYLOHJLDDLQWHUSUHWDomRGHXPHYHQWR GHPXGDQoDTXHUGHHVWDGRTXHUGHORFDOL]DomR2VGRLVFRPELQDGRVQRVGmRDLGpLDGH XPHYHQWRGHPXGDQoDGHHVWDGRRXGHXPHYHQWRGHPXGDQoDGHORFDOL]DomR 5HVXPR 5HVXPR 1HVWHFDStWXORH[SORUHLRXVRGRVGHIDXOWVQROp[LFRHVSHFLILFDPHQWHGHQWURGHXPPRGHOR FRPRR/p[LFR*HUDWLYRGH3XVWHMRYVN\3URSXVTXHDIRUPDGHIDXOWGDDOWHUQkQFLD FDXVDWLYDQRSRUWXJXrVGR%UDVLOpDIRUPD75, 'LVWLQJXL WUrV FODVVHV GH YHUERV TXH SULYLOHJLDP DIRUPD75 GD DOWHUQkQFLD RVYHUERV TXHWrPXPDUJXPHQWRDIHWDGRKXPDQRFRPRGHIDXOWRVYHUERVTXHGHQRWDPWUDQVLo}HV LQHVSHFLILFDGDVHRVYHUERVTXHGHQRWDPHYHQWXDOLGDGHVVLPpWULFDV1RVGRLVSULPHLURV FDVRVYLPRVTXHXPDPHOKRUGLVWLQomRGDVGLiWHVHVGHVHPSHQKDXPSDSHOLPSRUWDQWHQD PDQXWHQomRGRFOtWLFR1RFDVRGDVUHODo}HVVLPpWULFDVXPDPDQXWHQomRGHXPHOHPHQWR GHVLJQLILFDGRHVWiSUHVHQWHQDPDQXWHQomRGRFOtWLFR 93XVWHMRYVN\ &DS²2/p[LFR*HUDWLYRRV'HIDXOWVHD$OWHUQkQFLD&DXVDWLYD 2VYHUERVGRJUXSR7,VHPRVWUDUDPPHQRVFODURV$OJXQVGRVJUXSRVIRUDPYHUERVTXH GHQRWDP HYHQWRV TXH VH GHVHQURODP PDLV RX PHQRV DXWRQRPDPHQWH FRPR QR FDVR GH JLUDUHFR]LQKDU 9LPRV DLQGD TXH R FOtWLFR SRVVLELOLWD D DOWHUQkQFLD HP GHWHUPLQDGRV FDVRV HP TXH QRUPDOPHQWHHODQmRRFRUUHULDFRPRFRPFHUWRVUHVXOWDWLYRVHHVWDWLYRV $SyV FRQVLGHUDU RV IDWRUHV VHPkQWLFRV YLPRV RV IDWRUHV PRUIROyJLFRV TXH LQIOXHQFLDP D IRUPDGDDOWHUQkQFLD2VXIL[RHQWDUEORTXHLDDIRUPDLQFRDWLYD2VVXIL[RVILFDUID]HUH L]DUSULYLOHJLDPDIRUPDUHIOH[LYDTXDQGRDOWHUQDP)LQDOPHQWHRVXIL[RHVFHUSULYLOHJLDD IRUPDLQFRDWLYDTXDQGRDOWHUQD9LPRVDLQGDTXHRVIDWRUHVVHPkQWLFRVVHVREUHS}HPDRV PRUIROyJLFRVFRPRQRFDVRGRVSVLFROyJLFRVHPHVFHUTXHDOWHUQDPFRPR75 )LQDOPHQWHFRQFOXRRFDStWXORH[SORUDQGRRXVRGRVGHIDXOWVSDUDUHVWULQJLUTXDORWLSRGH LQWHUSUHWDomRSUHIHUHQFLDOGRVYHUERVGHQRPLQDLVDOJRGLItFLOQXPVLVWHPDFRPRRGH+DOH .H\VHU H FRP EDVH QLVVR SXGH SUHYHU SULQFLSDOPHQWH QR FDVR GRV GHQRPLQDLV GHULYDGRVFRPRSUHIL[RHQTXDQGRHOHVDOWHUQDPRTXHpXPDUJXPHQWRLPSRUWDQWHSDUD D XWLOL]DomR GH XP Op[LFR FRPR R GH 3XVWHMRYVN\ WHQGR FRPR UHIHUrQFLD D *UDPPDWLFDO &RQVWUDLQWGH-DFNHQGRII $$OWHUQkQFLD&DXVDWLYDQR3RUWXJXrVGR%UDVLO3DXOR&KDJDVGH6RX]D $SrQGLFHDR&DStWXOR $SrQGLFHDR&DStWXOR GLFHDR&DStWXOR9HUERV'HQRPLQDLVQR /p[LFR*HUDWLYRH0RUIRORJLD /p[LFR*HUDWLYRH0RUIRORJLD 9HUERV'HQRPLQDLVQR/p[LFR*HUDWLYR 9HUERV'HQRPLQDLVQR/p[LFR*HUDWLYR - YHUERVFRPTXDOHWpOLFRORFDWLYRDWLYDGR>λHλ[λ\λ]S{UH[\]∧θH[∧θH\ ∧ORFDWLYRH]@ - FRLQFLGrQFLD WHUPLQDO HPEDLQKDU HPEDUFDU HPEROVDU HPROGXUDU HPSDFRWDU HPSDODU HPSLOKDU HPSODFDU HPSROHLUDU HQFDL[RWDU HQFDUFHUDU HQFDVWHODU HQFHQDU HQFHVWDU HQFODXVXUDU HQIRUFDU HQIURQKDU HQJDLRODU HQJDUUDIDU HQJDYHWDUHQMDXODUHQTXDGUDUHQUHGDUHQVDFDUHQWULQFKHLUDUHQWURQL]DU - FRLQFLGrQFLD FHQWUDO HPSDOKDU HQFDGHUQDU HQFDSDU HQFHUDU HQFRUGRDU HQIDL[DU HQJHVVDUHQJRPDUHQJUDYDWDUHQJUD[DUHQODoDUHQVDERDUHQYHUQL]DU - RXWURVHPSDOPDUHQJDQFKDU"HQURODU 2V TXH QmR SRVVXHP XP TXDOH WpOLFR RX QmR SRVVXHP XP TXDOH WpOLFR ORFDWLYR DFDEDP QRUPDOPHQWH DWLYDQGR RXWUD SURSULHGDGH GR VXEVWDQWLYR DVVRFLDGR FRP R VXEVWDQWLYR VHQGRQRUPDOPHQWHGHPXGDQoDGHHVWDGRVLPSOHVPHQWHDGPLWLQGRHQWmRDDOWHUQkQFLD - VHPTXDOHWpOLFR HPERORUDU HPSDUHOKDU HPSDYRQDU HPSHGUDU HPSHQXPEUDU HPSHULTXLWDU HPSOXPDU HPSRDU HPSRoDU HPSRHLUDU HPSRVVDU HQDPRUDU HQFDEHoDU HQFDUDFRODU HQFDUDPXMDU HQFDUDU HQFDUQDU HQFDURoDU HQFKDUFDU HQFLXPDU HQFRUDMDU HQFRUSDU HQFRUXMDU HQFRVWDU HQGLYLGDU HQHUYDU HQHYRDU HQIHUUXMDU HQIXPDoDU HQIXUHFHU HQJOREDU HQODPHDU HQOXDUDU HQRGRDU HQRMDU HQUDLYHFHU HQUXJDU HQVDQJHQWDU HQVHEDU HQWDUGHFHU HQWHGLDU HQYHUHGDUHQYHUJRQKDUHQYHUUXJDU 2VSDSpLVWHPiWLFRVGHIDXOWGH θHθVmRUHVSHFWLYDPHQWHRDJHQWHHRWHPD 8PDH[FHomRLPSRUWDQWH &DS²2/p[LFR*HUDWLYRRV'HIDXOWVHD$OWHUQkQFLD&DXVDWLYD - TXDOHWpOLFRQmRORFDWLYR HPEDQDQDU HPEDUDOKDU HPEXUUDU HPSDSDU HPSDVWHODU HPSHWHFDU HPSLSRFDU HQFDGHDUHQURVFDUHQYHQHQDU 2V6XIL[RV 2V6XIL[RV 26XIL[R 26XIL[RHQWDU HQWDU (VWHpXPVXIL[RGHXVROLPLWDGRQRSRUWXJXrV(QFRQWUHLWUrVYHUERVDFUHVFHQWDUDIXJHQWDU DPDPHQWDU 2V GRLV ~OWLPRV FRUUHVSRQGHP D ¶ID]HU IXJLU· H ¶ID]HU PDPDU· VHQGR HVWULWDPHQWHFDXVDWLYRV2YHUERDFUHVFHQWDUQmRTXHUGL]HUH[DWDPHQWH¶ID]HUFUHVFHU·3DUHFH VHUPDLVDGHTXDGDPHQWHGHVFULWRFRPR¶ID]HURQ~PHURDTXDQWLGDGHFUHVFHU·7RGRVHOHV QRHQWDQWRVmRHVWULWDPHQWHFDXVDWLYRV([ $PmHDPDPHQWRXREHEr 2EHErVHDPDPHQWRX 3RUWDQWR DSHVDU GR SHTXHQR Q~PHUR GH YHUERV YHULILFDPRV TXH HVWH VXIL[R p VHPDQWLFDPHQWHGHWHUPLQDGRHGLDWHWLFDPHQWHGHWHUPLQDGRVHQGRHVWULWDPHQWHFDXVDWLYR 26XIL[R 26XIL[RID]HU ID]HU (QFRQWUHL TXDWUR YHUERV FRP HVVH VXIL[R VDWLVID]HU HVWXSHID]HU UDUHID]HU H SXWUHID]HU ([FHWXDQGRVH R YHUER VDWLVID]HU WRGRV VmR UHODFLRQDGRV D DGMHWLYRV UHVSHFWLYDPHQWH HVW~SLGRUDURHSRGUH 7RGRV RV YHUERV GHVWH JUXSR DGPLWHP D DOWHUQkQFLD H FRP R VLJQLILFDGR LQFRDWLYR LQYDULDYHOPHQWHRFRUUHPQDIRUPDUHIOH[LYD 2SUHVHQWHVDWLVIH]DPHQLQD $PHQLQDVHVDWLVIH]FRPRSUHVHQWH 2 VXIL[R ID]HU SRUWDQWR p VHPDQWLFDPHQWH GHWHUPLQDGR SRLV VHPSUH GHQRWD XPD PXGDQoDGHHVWDGRPDVGLDWHWLFDPHQWHVXEHVSHFLILFDGR $$OWHUQkQFLD&DXVDWLYDQR3RUWXJXrVGR%UDVLO3DXOR&KDJDVGH6RX]D 9HUERVHP 9HUERVHPILFDU (QFRQWUHL YHUERV HP ILFDU GHQWUH RV TXDLV QXQFD VmR FDXVDWLYRV H SRUWDQWR QmR DOWHUQDP • 1mRDOWHUQDP DHVWDWLYRVLJQLILFDU EDJHQWLYRFRPREMHWRDIHWDGROLTXLGLILFDU FDJHQWLYRVFRPREMHWRQmRDIHWDGRRXVHMDDJHQWLYRVQmRFDXVDWLYRV LYHUEDRIIHUHQGLERQLILFDUSURQWLILFDU LLYHUEDGLFHQGLH[HPSOLILFDUMXVWLILFDUUDWLILFDUWHVWLILFDU LLLYHUERVGHFULDomRIDOVLILFDUHGLILFDU LYYHUERVGHPHGLomRPHWULILFDUTXDQWLILFDU 'RVYHUERVUHVWDQWHVWrPVHPSUHRVLJQLILFDGRGHPXGDQoDTXHUFRPRFDXVDWLYRV TXHUFRPRLQFRDWLYRV(VVHVYHUERVWDPEpPSRGHPVHUVXEGLYLGLGRVHPDOJXQVJUXSRV 2VJUXSRVGHYHUERVIRUPDGRVFRPHVVHVXIL[RVmR • 9HUERVGHPXGDQoDGHHVWDGR $OWHUQDP 75DPSOLILFDUEHDWLILFDUEHVWLILFDUFHUWLILFDUFLHQWLILFDUFODULILFDUGDQLILFDU GHVFODVVLILFDUGHVPLVWLILFDUGLYHUVLILFDUHVWUDWLILFDUIRUWLILFDUJDVHLILFDULQWHQVLILFDU OXEULILFDUPRGLILFDUPRUWLILFDUPXPLILFDUQRWLILFDUSHWULILFDUSXULILFDUUDPLILFDU UHWLILFDUVDFULILFDUVDQWLILFDUVLPSOLILFDUVROLGLILFDUXQLILFDUYLWULILFDUYLYLILFDU $FODVVLILFDomRGHVVHYHUERQmRHVWiFODUDSDUDPLP3RGHULDVHUXPYHUERDJHQWLYRQmRFDXVDWLYRMiTXH QmR Ki QHFHVVDULDPHQWH XPD PXGDQoD GHHVWDGR FRPR QR FDVR GH HX OLTXLGLILFDU XPD SHGUD SRLV D SHGUD SRGHULDSHUPDQHFHULQWDFWD0DVWDPEpPSRGHULDFRQVLGHUDUTXHKiXPDPXGDQoDSHORPHQRVGDSRVLomRGR REMHWR TXH p OLTXLGLILFDGR PDV QmR VHL VH LVVR p XP DFDUUHWDPHQWR RX QmR 7DOYH] XPD SHGUD FRP XP GHWHUPLQDGR IRUPDWR QmR VRIUHVVH GHVORFDPHQWR DOJXP 2 LPSRUWDQWH p TXH HVVH YHUER p HVWULWDPHQWH DJHQWLYRRTXHH[FOXLDDOWHUQkQFLDVHQGRFRQVLGHUDGRFDXVDWLYRRXQmR 9HUDGLVWLQomRQRFDStWXORHDKLHUDUTXLDGHYHUERVDSUHVHQWDGDQRFDS &DS²2/p[LFR*HUDWLYRRV'HIDXOWVHD$OWHUQkQFLD&DXVDWLYD 7,IUXWLILFDU 1mRDOWHUQDP>7@SODQLILFDUPLVWLILFDUSODVWLILFDU ([HPSORV $TXHODGHUURWDVLJQLILFRXDGHVFODVVLILFDomRGRWLPH >DHVWDWLYR@ $GHVFODVVLILFDomRGRWLPHVHVLJQLILFRX (XSODVWLILTXHLPLQKDLGHQWLGDGH >EDJHQWLYRFRPREMHWRDIHWDGR@ $ILUPDERQLILFRXRVIXQFLRQiULRV 2VIXQFLRQiULRVVHERQLILFDUDP 0LQKDLGHQWLGDGHVHSODVWLILFRX 2SURIHVVRUH[HPSOLILFRXDFRQVWUXomR >FLYHUEXPRIIHUHQGL@ >FLLYHUEXPGLFHQGL@ $FRQVWUXomRVHH[HPSOLILFRX 2PHOLDQWHIDOVLILFRXDDVVLQDWXUDGDYtWLPD >FLLLYHUERGHFULDomR@ $DVVLQDWXUDGDYtWLPDVHIDOVLILFRX -iTXDQWLILTXHLRVH[HPSORV >FLYYHUERGHPHGLomR@ 2VH[HPSORVMiVHTXDQWLILFDUDP 'RVTXHVHPDQWLFDPHQWHVHTXDOLILFDPSDUDDGPLWLUDDOWHUQkQFLDVmR75HXPp7, RTXHGiXPSHUFHQWXDOGHFHUFDGHGHYHUERVGRJUXSR75 ([HPSORV $DomRGRWHPSRHVWUDWLILFRXDVURFKDV $VURFKDVVHHVWUDWLILFDUDPFRPRWHPSR "(XIUXWLILTXHLDViUYRUHV $ViUYRUHVVHIUXWLILFDUDP 2VDOXQRVSODVWLILFDUDPDVFDUWHLULQKDV $VFDUWHLULQKDVVHSODVWLILFDUDP $EDWLGDGDQLILFRXDIUHQWHGRFDUUR $IUHQWHGRFDUURVHGDQLILFRXQDEDWLGD 'XYLGRVRFRPRMiDVVLQDOHL %DVHDGRHP%RUEDPXGDQGRRWHPSRGHSUHVHQWHSDUDSHUIHLWRGRLQGLFDWLYR 3DUDPLPVRDXPWDQWRHVWUDQKRPDVpXPDIRUPDFLWDGDHP%RUED $$OWHUQkQFLD&DXVDWLYDQR3RUWXJXrVGR%UDVLO3DXOR&KDJDVGH6RX]D $GHUURWDGHVFODVVLILFRXRWLPH 2WLPHVHGHVFODVVLILFRX +iRXWURVTXHSRVVXHPPDLVGHXPDLQWHUSUHWDomR2EYLDPHQWHDDOWHUQkQFLDVyVHGi FRPRVHQWLGRFDXVDWLYRQmRDJHQWLYR6mRHOHV - DJHQWLYRYVQmRDJHQWLYRHOHWULILFDUFODVVLILFDUTXDOLILFDUGHVTXDOLILFDU $ELEOLRWHFiULDFODVVLILFRXRVOLYURVGHDFRUGRFRPRQRPHGRDXWRU >DJHQWLYR@ 2FRPSXWDGRUFODVVLILFRXRVOLYURVGHDFRUGRFRPRQRPHGRDXWRU 2VOLYURVVHFODVVLILFDUDPGHDFRUGRFRPRQRPHGRDXWRU 2HPSDWHFODVVLILFRXRWLPH 2WLPHVHFODVVLILFRXFRPRHPSDWH 2FKHIHGHVTXDOLILFRXRWUDEDOKRGRIXQFLRQiULR"" 2WUDEDOKRGRIXQFLRQiULRVHGHVTXDOLILFRX - FDXVDWLYRYVQmRFDXVDWLYRJORULILFDUJUDWLILFDULGHQWLILFDUSHUVRQLILFDU (ODSHUVRQLILFRX&OHySDWUDQDSHoD >DJHQWLYR UHSUHVHQWDU@ &OHySDWUDVHSHUVRQLILFRXQDSHoD 2VLOrQFLRGDPDWDSHUVRQLILFRXDViUYRUHVTXHSDUHFLDPJHVWLFXODU >QmR DJHQWLYR@ $ViUYRUHVVHSHUVRQLILFDUDP - DJHQWLYRYVSURFHVVRHVWDWLYRYHULILFDU 2VSHULWRVYHULILFDUDPDDXWHQWLFLGDGHGRGRFXPHQWR $DXWHQWLFLGDGHGRGRFXPHQWRVHYHULILFRX 2SHVTXLVDGRUYHULILFRXXPSURFHVVRGHGHFDGrQFLDQDUHJLmR 6HYHULILFRXXPSURFHVVRGHGHFDGrQFLDQDUHJLmR > KRXYHRFRUUHX@ 4XDQGRWHPRVXPYHUERTXHDOWHUQDDIRUPDLQFRDWLYDpSUHGRPLQDQWHPHQWHDUHIOH[LYD 9FDStWXOR ([GH%RUED 1mRQRVHQWLGRUHOHYDQWHGH¶ID]HURFRUUHU· &DS²2/p[LFR*HUDWLYRRV'HIDXOWVHD$OWHUQkQFLD&DXVDWLYD 9HUERVHP 9HUERVHPHVFHU HVFHU ([FOXtRYHUERHVFDUQHFHUTXHQmRpQHPWUDQVLWLYRGLUHWR (QFRQWUHLRQ]HYHUERVGHQRPLQDLV ,DORYUHFHUDPDQKHFHUDQRLWHFHUHQWDUGHFHUIORUHVFHUUHIORUHVFHUIRVIRUHVFHU 7IDYRUHFHUGHVIDYRUHFHU 75HQIXUHFHUHQUDLYHFHU (QFRQWUHLYHUERVGHDGMHWLYDLV 7DPRUWHFHUHQDOWHFHU 7,DPDGXUHFHUDPROHFHUDSRGUHFHUHPDJUHFHUHPEUDQTXHFHUHPSREUHFHU HPXGHFHUHQFDUHFHUHQORXTXHFHUHQULTXHFHUHQURXTXHFHUHQVXUGHFHU HQYHOKHFHUHVFXUHFHUUHFUXGHVFHUUHMXYHQHVFHU 75REVFXUHFHUHQWULVWHFHUHPEUXWHFHUHQJUDQGHFHUHQREUHFHUHQWHUQHFHU HVFODUHFHUIRUWDOHFHUUREXVWHFHU 75,HODVWHFHUHQIUDTXHFHUHPSDOLGHFHUHQGXUHFHUXPHGHFHU YHUERVSDUHFHPIXQFLRQDUFRPRSULPLWLYRV ,DFRQWHFHUDTXLHVFHUFDUHFHUFRQYDOHVFHUFUHVFHUHVPDHFHUHVPRUHFHUIHQHFHU SDGHFHUUHVSODQGHFHU 7DJUDGHFHUFRQKHFHUHVTXHFHUIRUQHFHUJXDUQHFHUPHUHFHUREHGHFHU 75DERUUHFHUHPEHYHFHUHVWDEHOHFHUHVWDUUHFHU 75,DTXHFHUDUUHIHFHUGHVYDQHFHU ,5SDUHFHU WLQKDPGHULYDomRGXYLGRVD $$OWHUQkQFLD&DXVDWLYDQR3RUWXJXrVGR%UDVLO3DXOR&KDJDVGH6RX]D 7,HQUXEHVFHU 7DEDVWHFHUUHDEDVWHFHU ,HVSDLUHFHU 9HUERVHP 9HUERVHPL]DU L]DU 2VXIL[RL]DUpRTXHIRUPDRPDLRUQ~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²2/p[LFR*HUDWLYRRV'HIDXOWVHD$OWHUQkQFLD&DXVDWLYD SRUPHQRUL]DU SXOYHUL]DU UHRUJDQL]DU UHYDORUL]DU ULWXDOL]DU ULYDOL]DU VLQFURQL]DU VLVWHPDWL]DUYDSRUL]DU 7,5FDXWHUL]DUFULVWDOL]DUGHVYDORUL]DUYDORUL]DU 7,KDUPRQL]DU 1mRDOWHUQDP,FROHWLYL]DUSULYDWL]DU 2XWURV YHUERVTXHQmRVmRGH0RYHURX7UDQVIRUPDU 1mRDOWHUQDP7FRPHUFLDOL]DUFRQWDELOL]DUIRFDOL]DUKRVWLOL]DULGHDOL]DULQWHJUDOL]DU ORFDOL]DUUHVSRQVDELOL]DUXWLOL]DUYLVXDOL]DU 7DXWRUL]DUVLQWHWL]DUHFRQRPL]DUDUERUL]DUDURPDWL]DUDYDOL]DUFDQDOL]DU FDQRQL]DUFDSLWDOL]DUFRORQL]DUGUDPDWL]DUHQIDWL]DUHVWLJPDWL]DUHVWLOL]DU ILVFDOL]DUKLSQRWL]DULQGHQL]DUPDUPRUL]DUPHPRUL]DUPRQRSROL]DUPRWRUL]DU SURIHWL]DUTXRWL]DUUHFRORQL]DUVDWLUL]DUVLPEROL]DUVLQDOL]DUVLQWRQL]DUWHRUL]DU WLUDQL]DUHVTXHPDWL]DUKLJLHQL]DUWRWDOL]DUDPRUWL]DUSUHFRQL]DU ,DJRQL]DUSROHPL]DUFRQWHPSRUL]DU ,QGLUHWRVDQWLSDWL]DUVLPSDWL]DU 3DUFLDOPHQWHGHWHUPLQDGR3UHGRPLQkQFLDDFHQWXDGDGHYHUERVGHPXGDQoDGHHVWDGR HQWUHRXFHUFDGH'HVWHVDFHLWDPDIRUPDUHIOH[LYDHDSHQDV DFHLWDPDIRUPDLQWUDQVLWLYDRXVHMDH[LVWHXPDWHQGrQFLDH[WUHPDPHQWHIRUWHGHRVYHUERV FRPRPROGHPRUIRVVHPkQWLFR^5L]DU`PXGDQoDGHHVWDGRWHUHPDVIRUPDVWUDQVLWLYDH UHIOH[LYD $$OWHUQkQFLD&DXVDWLYDQR3RUWXJXrVGR%UDVLO 3DXOR&KDJDVGH6RX]D &RQFOXVmR &RQFOXVmR $FUHGLWRWHUFRQVHJXLGRDWLQJLUHPPDLRURXPHQRUJUDXRVREMHWLYRVDTXHPHSURSXVFRP HVWD WHVH ([DPLQHL GHWLGDPHQWH D LQIOXrQFLD GD VHPkQWLFD VREUH D DOWHUQkQFLD DYDOLDQGR D OLWHUDWXUD TXH WUDWD GR WHPD WHQGR YHULILFDGR TXH FHUWDV HTXLYDOrQFLDV FRPR D DVSHFWXDO H D WHPiWLFDQmRVmRYHUGDGHLUDV1RTXHGL]UHVSHLWRjVUHVWULo}HVVREUHDDOWHUQkQFLDFULWLTXHLD SURSRVWD GH /HYLQ 5DSSDSRUW+RYDY H HVWHQGL R GRPtQLR GH DSOLFDomR GDV UHVWULo}HV DRV YHUERVSROLVVrPLFRVRTXHpPDLVXPDUJXPHQWRHPIDYRUGDFRQFHSomRGHTXHDDOWHUQkQFLD FDXVDWLYDWHPGHWHUPLQDomRVHPkQWLFD 4XDQWRjDQiOLVHVLQWDWLFL]DQWHGH+DOH.H\VHUGHPRQVWUHLTXHKiLQ~PHURVSUREOHPDVFRP VHX PRGHOR GH Op[LFR H GR SURFHVVR GH IRUPDomR GH YHUERV TXH DFDED DSUHVHQWDQGR SUREOHPDVGHVXSHUJHUDomRFRPRIRLYLVWRQR~OWLPRFDStWXORHVXEJHUDomRFRPRIRLYLVWR QRFDStWXOR8PRXWURSUREOHPDYLVWRFRPUHODomRjSURSRVWDGHVVHVDXWRUHVpRIDWRGHHOHV WUDEDOKDUHPFRPSULQFtSLRVUtJLGRV&RPRDUJXPHQWHLQRVGRLV~OWLPRVFDStWXORVWHPRVTXH ID]HU XVR GH GHIDXOWV RX VHMD UHVWULo}HV YLROiYHLV TXH FRQWrP H[FHo}HV PDV DSUHVHQWDP JHQHUDOL]Do}HV LPSRUWDQWtVVLPDV &UHLR WHU GHPRQVWUDGR TXH SULQFtSLRV DOWDPHQWH UHVWULWLYRV FRP ULJLGH] DEVROXWD DFDEDP VHQGR FRQWUDSURGXFHQWHV H SRUWDQWR D WHRULD OLQJtVWLFD WHP TXHLQFOXLUWHQGrQFLDVXQLYHUVDLVYLROiYHLVjPDQHLUDGRTXHSURS}HD7HRULDGD2WLPLGDGH $SURSRVWDGR/p[LFR*HUDWLYRVHUHYHORXH[WUHPDPHQWHLPSRUWDQWH$DQiOLVHFRPUHODomRj DOWHUQkQFLDFDXVDWLYDFRPRFRQVWDGH3XVWHMRYVN\VHUHYHORXLQVXILFLHQWH1RHQWDQWR FHUWRV DSHUIHLoRDPHQWRV TXH SURSRQKR D RXWURV HOHPHQWRV SUHVHQWHV QHVWH PRGHOR QRV SHUPLWHPID]HUSUHYLV}HVLPSRUWDQWHVWDQWRQRTXHVH UHIHUHDRVSDGU}HVGHOH[LFDOL]DomRGH YHUERVTXDQWRQRTXHVHUHIHUHjSRVVLELOLGDGHGDDOWHUQkQFLD,VVRIRLDSOLFDGRHVSHFLILFDPHQWH DRVYHUERVGHQRPLQDLV $$OWHUQkQFLD&DXVDWLYDQR3RUWXJXrVGR%UDVLO 3DXOR&KDJDVGH6RX]D 3RU ILP RV GDGRV H D DQiOLVH DSUHVHQWDGD HP WRGD D WHVH PDV GH IRUPD PDLV LQRYDGRUD QR ~OWLPR FDStWXOR QRV LQGLFDP IRUWHPHQWH TXH R XVR GH XPD GHFRPSRVLomR GRV LWHQV OH[LFDLV FRPRWHPRVQR/p[LFR*HUDWLYRpDOJRH[WUHPDPHQWHSURYHLWRVRQDWHRULDOLQJtVWLFD $$OWHUQkQFLD&DXVDWLYDQR3RUWXJXrVGR%UDVLO 3DXOR&KDJDVGH6RX]D %LEOLRJUDILD %LEOLRJUDILD $EQH\6WHYHQ¶6WDWLVWLFDO0HWKRGVLQ/LQJXLVWLFV·LQ-XGLWK/.ODYDQV3KLOLS5HVQLN RUJV7KH%DODQFLQJ$FW&RPELQLQJ6\PEROLFDQG6WDWLVWLFDO$SSURDFKHVWR/DQJXDJH&DPEULGJH 0$0,73UHVV $FNHUPDQ)DUUHOOH*HUW:HEHOKXWK$7KHRU\RI3UHGLFDWHV6WDQIRUG&6/,3XEOLFDWLRQV $OVLQD$OH[6DP0FKRPER¶2EMHFW$V\PPHWULHVDQGWKH&KLFKHZD$SSOLFDWLYH &RQVWUXFWLRQ·LQ0FKRPER6DP$7KHRUHWLFDO$VSHFWVRI%DQWX*UDPPDU6WDQIRUG&$ &6/,3XEOLFDWLRQV $RXQ-7KH)RUPDO1DWXUHRI$QDSKRULF5HODWLRQV0,77HVHGH'RXWRUDGR $VKHU1LFKRODV5HIHUHQFHWR$EVWUDFW2EMHFWVLQ'LVFRXUVH'RUGUHFKW.OXZHU $QWRQLRX*ULJRULV1RQPRQRWRQLF5HDVRQLQJ&DPEULGJH0$0,73UHVV $SUHVMDQ-XULM'¶5HJXODU3RO\VHP\·LQ/LQJXLVWLFVSS $UFDLQL(QULFRH3LD*DOHWWR¶'LDWHVL0HGLD'LDWHVL5LIOHVVLYD(VDPH&RPSDUDWRLQ $UHH/LQJXLVWLFKH'LYHUVH·6WXGL,WDOLDQLGL/LQJXLVWLFD7HRULFDHG$SSOLFDWDDQR;,;QRSS $UFKDQJHOL'LDQDH'7HUHQFH/DQJHQGRHQ2SWLPDOLW\7KHRU\$Q2YHUYLHZ2[IRUG %ODFNZHOO $URQRII0DUN0RUSKRORJ\E\,WVHOI&DPEULGJH0$0,73UHVV %DEE\/HRQDUG¶9RLFHDQG'LDWKHVLVLQ6ODYLF·7UDEDOKRDSUHVHQWDGRQR&RQJUHVVR &RPSDUDWLYH6ODYLF0RUSKRV\QWD[HP%ORRPLQJWRQ,QGLDQDGHDGHMXQKRGH %DFK(PPRQ¶7KH$OJHEUDRI(YHQWV·LQ/LQJXLVWLFVDQG3KLORVRSK\SS %DNHU0DUN,QFRUSRUDWLRQ$7KHRU\RI*UDPPDWLFDO)XQFWLRQ&KDQJLQJ&KLFDJR8QLYHUVLW\ RI&KLFDJR3UHVV %HDUG5REHUW/H[HPH0RUSKHPH%DVH0RUSKRORJ\$OEDQ\1<6WDWH8QLYHUVLW\RI1HZ <RUN3UHVV %HVQDUG3KLOLSSH$Q,QWURGXFWLRQWR'HIDXOW/RJLF%HUOLQ6SULQJHU9HUODJ %ORRPILHOG/HRQDUG/DQJXDJH1RYD<RUN+ROW5KLQHKDUWDQG:LQVWRQ $$OWHUQkQFLD&DXVDWLYDQR3RUWXJXrVGR%UDVLO 3DXOR&KDJDVGH6RX]D %RUED)UDQFLVFRGD6LOYD%RUEDRUJ'LFLRQiULR*UDPDWLFDOGH9HUERV6mR3DXOR (GLWRUDGD81(63 %RXLOORQ3LHUUHWWH3RO\PRUSKLHHW6pPDQWLTXH/H[LFDOH/H&DVGHV$GMHFWLIV8QLYHUVLWpGH 3DULV9,,7HVHGH'RXWRUDGR %UHVQDQ-RDQ¶/H[LFDOLW\DQG$UJXPHQW6WUXFWXUH·0DQXVFULWR6WDQIRUG8QLYHUVLW\ %UHVQDQ-RDQ¶0RUSKRORJ\&RPSHWHVZLWK6\QWD[([SODLQLQJ7\SRORJLFDO9DULDWLRQLQ :HDN&URVVRYHU(IIHFWV·0DQXVFULWR6WDQIRUG8QLYHUVLW\ %UHVQDQ-RDQD/H[LFDO)XQFWLRQDO6\QWD[0DQXVFULWRHP9HUVmR3UHOLPLQDU6WDQIRUG 8QLYHUVLW\ %UHVQDQ-RDQE¶2SWLPDO6\QWD[·6WDQIRUG&$PVDDSDUHFHUHP7KH3RLQWLQJ)LQJHU &RQFHSWXDO6WXGLHVLQ2SWLPDOLW\7KHRU\2QOLQH7KH+ROODQG,QVWLWXWHRI*HQHUDWLYH /LQJXLVWLFVKWWSZZZOHLGHQXQLYQOKLORW %UHVQDQ-RDQH-RQQL0.DQHUYD¶/RFDWLYH,QYHUVLRQLQ&KLFKHZD$&DVH6WXG\RI )DFWRUL]DWLRQLQ*UDPPDU·LQ/LQJXLVWLF,QTXLU\SS %UHVQDQ-RDQH$QQLH=DHQHQ¶'HHS8QDFFXVDWLYLW\LQ/)*·LQ']LZLUHN.DWDU]\QD HWDORUJV*UDPPDWLFDO5HODWLRQV$&URVV7KHRUHWLFDO3HUVSHFWLYH6WDQIRUG&6/,3XEOLFDWLRQV %ULVFRH7HG¶,QWURGXFWLRQ·LQ7HG%ULVFRH$QQ&RSHVWDNHH9DOHULDGH3DLYDRUJV ,QKHULWDQFH'HIDXOWVDQGWKH/H[LFRQ&DPEULGJH&DPEULGJH8QLYHUVLW\3UHVV %ULVFRH7HG$QQ&RSHVWDNHH$OH[/DVFDULGHV¶%ORFNLQJ·LQ3DWULFN6DLQW'L]LHUH (YHO\QH9LHJDVRUJV&RPSXWDWLRQDO/H[LFDO6HPDQWLFV&DPEULGJH&DPEULGJH8QLYHUVLW\ 3UHVV %XLWHODDU3DXO6\VWHPDWLF3RO\VHP\DQG8QGHUVSHFLILFDWLRQ%UDQGHLV8QLYHUVLW\7HVHGH 'RXWRUDGR %XU]LR/XLJL,WDOLDQ6\QWD[$*RYHUQPHQW%LQGLQJ$SSURDFK'RUGUHFKW5HLGHO %XVD)HGHULFD&RPSRVLWLRQDOLW\DQGWKH6HPDQWLFVRI1RPLQDOV%UDQGHLV8QLYHUVLW\7HVHGH 'RXWRUDGR &DQoDGR0iUFLD9HUERV3VLFROyJLFRV$5HOHYkQFLDGRV3DSpLV7HPiWLFRV9LVWRVVREDÐWLFDGH XPD6HPkQWLFD5HSUHVHQWDFLRQDO7HVHGH'RXWRUDGR&DPSLQDV8QLFDPS,(/ &DUOVRQ*UHJ1H-3HOOHWLHURUJV7KH*HQHULF%RRN&KLFDJR8QLYHUVLW\RI&KLFDJR 3UHVV $$OWHUQkQFLD&DXVDWLYDQR3RUWXJXrVGR%UDVLO 3DXOR&KDJDVGH6RX]D &DUSHQWHU%RE¶6NHSWLFDODQG&UHGXORXV'HIDXOW8QLILFDWLRQZLWK$SSOLFDWLRQVWR 7HPSODWHVDQG,QKHULWDQFH·LQ7HG%ULVFRH$QQ&RSHVWDNHH9DOHULDGH3DLYDRUJV ,QKHULWDQFH'HIDXOWVDQGWKH/H[LFRQ&DPEULGJH&DPEULGJH8QLYHUVLW\3UHVV &KLHUFKLD*HQQDUR¶$6HPDQWLFVIRU8QDFFXVDWLYHVDQGLWV6\QWDFWLF&RQVHTXHQFHV· 0DQXVFULWR&RUQHOO8QLYHUVLW\ &KRPVN\1RDP6\QWDFWLF6WUXFWXUHV+DLD0RXWRQ &KRPVN\1RDP$VSHFWVRIWKH7KHRU\RI6\QWD[&DPEULGJH0$0,73UHVV &KRPVN\1RDP¶5HPDUNVRQ1RPLQDOL]DWLRQ·LQ5RGHULFN$-DFREVH3HWHU6 5RVHQEDXPRUJV5HDGLQJVLQ(QJOLVK7UDQVIRUPDWLRQDO*UDPPDU:DOWKDP0$*LQQDQG &RSS>5HSXEOLFDGRHP&KRPVN\1RDP6WXGLHVRQ6HPDQWLFVLQ*HQHUDWLYH *UDPPDU+DLD0RXWRQ@ &KRPVN\1RDP/HFWXUHVRQ*RYHUQPHQWDQG%LQGLQJ'RUGUHFKW)RULV &KRPVN\1RDP6RPH&RQFHSWVDQG&RQVHTXHQFHVRIWKH7KHRU\RI*RYHUQPHQWDQG%LQGLQJ &DPEULGJH0$0,73UHVV &KRPVN\1RDP.QRZOHGJHRI/DQJXDJH,WV1DWXUH2ULJLQDQG8VH1HZ<RUN3UDHJHU &KRPVN\1RDP7KH0LQLPDOLVW3URJUDP&DPEULGJH0$0,73UHVV &KRPVN\1RDP¶0LQLPDOLVW,QTXLULHVWKH)UDPHZRUN·0DQXVFULWR &KRPVN\+DOOH &LULQR6RQLD0DULD/D]]DULQL22EMHWR1XORQR3RUWXJXrVGR%UDVLO/RQGULQD(GLWRUDGD 8(/ &RSHVWDNH$QQ¶'HIDXOWVLQ/H[LFDO5HSUHVHQWDWLRQ·LQ7HG%ULVFRH$QQ&RSHVWDNHH 9DOHULDGH3DLYDRUJV,QKHULWDQFH'HIDXOWVDQGWKH/H[LFRQ&DPEULGJH&DPEULGJH8QLYHUVLW\ 3UHVV &XOLFRYHU3HWHU:3ULQFLSOHVDQG3DUDPHWHUV$Q,QWURGXFWLRQWR6\QWDFWLF7KHRU\2[IRUG 2[IRUG8QLYHUVLW\3UHVV 'DOU\PSOH0DU\7KH6\QWD[RI$QDSKRULF%LQGLQJ6WDQIRUG&$&6/,3XEOLFDWLRQV 'DYLGVRQ'RQDOG¶7KH/RJLFDO)RUPRI$FWLRQ6HQWHQFHV·LQ5HVFKHU1LFKRODV RUJ7KH/RJLFRI'HFLVLRQDQG$FWLRQ3LWWVEXUJK8QLYHUVLW\RI3LWWVEXUJK3UHVV 'DYLGVRQ'RQDOG(VVD\VRQ$FWLRQVDQG(YHQWV2[IRUG&ODUHQGRQ3UHVV 'L6FLXOOR$QQD0DULDH(GZLQ:LOOLDPV2QWKH'HILQLWLRQRI:RUG&DPEULGJH0$ 0,73UHVV $$OWHUQkQFLD&DXVDWLYDQR3RUWXJXrVGR%UDVLO 3DXOR&KDJDVGH6RX]D 'RZW\'DYLG:RUG0HDQLQJDQG0RQWDJXH*UDPPDU'RUGUHFKW5HLGHO 'RZW\'DYLG:DOOH6WDQOH\3HWHUV,QWURGXFWLRQWR0RQWDJXH6HPDQWLFV'RUGUHFKW .OXZHU 'RZW\'DYLG¶7KHPDWLF3URWR5ROHVDQG$UJXPHQW6HOHFWLRQ·/DQJXDJHSS (OLVHX$QGUp0DQXHO*RGLQKR6LP}HV¶9HUERV(UJDWLYRVGR3RUWXJXrV'HVFULomRH $QiOLVH·0DQXVFULWR/LVERD)DFXOGDGHGH/HWUDV )DUUHOO3DWULFN¶&RPPHQWVRQWKH3DSHUE\/LHEHU·LQ6WHYHQ*/DSRLQWH'LDQH. %UHQWDULH3DWULFN0)DUUHOORUJV0RUSKRORJ\DQGLWV5HODWLRQWR3KRQRORJ\DQG6\QWD[SS 6WDQIRUG&6/,3XEOLFDWLRQV )LOOPRUH&KDUOHV-¶7KH&DVHIRU&DVH·LQ%DFK(PPRQDQG57+DUPVRUJV 8QLYHUVDOVLQ/LQJXLVWLFV7KHRU\SS1HZ<RUN+ROW5LQHKDUWDQG:LOVRQ )LOOPRUH&KDUOHV-¶7KH&DVHIRU&DVH5HRSHQHG·LQ&ROH3HWHUH-HUUROG6DGRFN RUJ6\QWD[DQG6HPDQWLFV*UDPPDWLFDO5HODWLRQV1HZ<RUN$FDGHPLF3UHVV )OLFNLQJHU'DQ/H[LFDO5XOHVLQWKH+LHUDUFKLFDO/H[LFRQ'LVVHUWDomRGH'RXWRUDGR 6WDQIRUG8QLYHUVLW\ )RGRU-HUU\H(UQLH/HSRUH¶7KH(PSWLQHVVRIWKH/H[LFRQ&ULWLFDO5HIOHFWLRQVRQ- 3XVWHMRYVN\·V7KH*HQHUDWLYH/H[LFRQ·LQ/LQJXLVWLF,QTXLU\ )UDQFKL&DUORVH0iUFLD&DQoDGRD7HRULD*HQHUDOL]DGDGRV3DSpLV7HPiWLFRV0DQXVFULWR 8QLFDPS8638)0* )UDQFKL&DUORVH0iUFLD&DQoDGRE5HH[DPHGD1RomRGH+LHUDUTXLD7HPiWLFD0DQXVFULWR 8QLFDPS8638)0* )DVHU1RUPDQ0*UHYLOOH*&RUEHWW¶'HIDXOWVLQ$UDSHVK·LQ/LQJXDSS *DPXW/RJLF/DQJXDJHDQG0HDQLQJYROV&KLFDJR8QLYHUVLW\RI&KLFDJR3UHVV *D]GDU*HUDOG(ZDQ.OHLQ*HRIIUH\3XOOXPH,YDQ6DJ*HQHUDOL]HG3KUDVH6WUXFWXUH *UDPPDU&DPEULGJH0$+DUYDUG8QLYHUVLW\3UHVV *ROGEHUJ$GHOH&RQVWUXFWLRQV$&RQVWUXFWLRQ*UDPPDU$SSURDFKWR$UJXPHQW6WUXFWXUH &KLFDJR8QLYHUVLW\RI&KLFDJR3UHVV *ULFH+3¶/RJLFDQGFRQYHUVDWLRQ·LQ3&ROH-0RUJDQRUJV6SHHFK$FWV6\QWD[ DQG6HPDQWLFVYROSS1RYD<RUN$FDGHPLF3UHVV $$OWHUQkQFLD&DXVDWLYDQR3RUWXJXrVGR%UDVLO 3DXOR&KDJDVGH6RX]D *ULPVKDZ-DQH$UJXPHQW6WUXFWXUH&DPEULGJH0$0,73UHVV *UXEHU-66WXGLHVLQ/H[LFDO5HODWLRQV0,77HVHGH'RXWRUDGR3XEOLFDGRHP FRPRSDUWHGH/H[LFDO6WUXFWXUHVLQ6\QWD[DQG6HPDQWLFV$PVWHUGDP1RUWK+ROODQG +DOH.HQQHWKH6-.H\VHU¶2Q$UJXPHQW6WUXFWXUHDQGWKH/H[LFDO([SUHVVLRQRI 6HPDQWLF5HODWLRQV·LQ.HQQHWK+DOHH6-.H\VHURUJV7KH9LHZIURP%XLOGLQJ &DPEULGJH0$0,73UHVV +DOH.HQQHWKH6-.H\VHU¶2QWKH&RPSOH[1DWXUHRI6LPSOH3UHGLFDWRUV·LQ$OH[ $OVLQD-RDQ%UHVQDQH3HWHU6HOOVRUJV&RPSOH[3UHGLFDWHVSS6WDQIRUG&6/, 3XEOLFDWLRQV +DVSHOPDWK0DUWLQ¶0RUHRQWKH7\SRORJ\RI,QFKRDWLYH&DXVDWLYH9HUE$OWHUQDWLRQ· LQ%HUQDUG&RPULHH0DULD3ROLQVN\RUJV&DXVDWLYHVDQG7UDQVLWLYLW\ $PVWHUGDP3KLODGHOSKLD-RKQ%HQMDPLQV^UHIQRFDSHVWiFHUWD"`` +D\-HQQLIHU&KULVWRSKHU.HQQHG\%HWK/HYLQ¶6FDODU6WUXFWXUH8QGHUOLHV7HOLFLW\ LQ´'HJUHH$FKLHYHPHQWVµ·$VHUSXEOLFDGRHP3URFHHGLQJVRI6$/7 +LJJLQERWKDP-DPHV¶2Q6HPDQWLFV·LQ/LQJXLVWLF,QTXLU\ ,ODUL5RGROIR$([SUHVVmRGR7HPSRHP3RUWXJXrV6mR3DXOR&RQWH[WR` -DFNHQGRII5D\¶0RUSKRORJLFDODQG6HPDQWLF5HJXODULWLHVLQWKH/H[LFRQ·LQ/DQJXDJH SS -DFNHQGRII5D\6HPDQWLFVDQG&RJQLWLRQ&DPEULGJH0$0,73UHVV -DFNHQGRII5D\¶7KH6WDWXVRI7KHPDWLF5HODWLRQVLQ/LQJXLVWLF7KHRU\·LQ/LQJXLVWLF ,QTXLU\ -DFNHQGRII5D\6HPDQWLF6WUXFWXUHV&DPEULGJH0$0,73UHVV -DFNHQGRII5D\¶7KH3URSHU7UHDWPHQWRI0HDVXULQJ2XW7HOLFLW\DQG3HUKDSV(YHQ 4XDQWLILFDWLRQLQ(QJOLVK·LQ1DWXUDO/DQJXDJHDQG/LQJXLVWLF7KHRU\ -DFNHQGRII5D\7KH$UFKLWHFWXUHRIWKH/DQJXDJH)DFXOW\&DPEULGJH0$0,73UHVV .DPS+DQVH8ZH5H\OH)URP'LVFRXUVHWR/RJLF'RUGUHFKW.OXZHU .DSODQ5RQDOG0H-RDQ%UHVQDQ¶/H[LFDO)XQFWLRQDO*UDPPDU$)RUPDO6\VWHPIRU *UDPPDWLFDO5HSUHVHQWDWLRQ·LQ-RDQ%UHVQDQRUJ7KH0HQWDO5HSUHVHQWDWLRQRI*UDPPDWLFDO 5HODWLRQV&DPEULGJH0$0,73UHVV .D\QH5LFKDUG¶(&3([WHQVLRQV·LQ/LQJXLVWLF,QTXLU\SS .D\QH5LFKDUG&RQQHFWHGQHVVDQG%LQDU\%UDQFKLQJ'RUGUHFKW)RULV $$OWHUQkQFLD&DXVDWLYDQR3RUWXJXrVGR%UDVLO 3DXOR&KDJDVGH6RX]D .LQJ(ORUGL&ROORTXLDO%DVTXH/RQGUHV5RXWOHGJH .LSDUVN\3DXO¶5HPDUNVRQ'HQRPLQDO9HUEV·LQ$OH[$OVLQD-RDQ%UHVQDQH3HWHU 6HOOVRUJV&RPSOH[3UHGLFDWHVSS6WDQIRUG&6/,3XEOLFDWLRQV .ULIND0DQIUHG¶7KHPDWLF5HODWLRQVDV/LQNV%HWZHHQ1RPLQDO5HIHUHQFHDQG 7HPSRUDO&RQVWLWXWLRQ·LQ6DJ,YDQDQG$QQD6]DEROFVLRUJV/H[LFDO0DWWHUV6WDQIRUG &6/,3XEOLFDWLRQV .ULIND0DQIUHGHWDOLL¶*HQHULFLW\$Q,QWURGXFWLRQ·LQ*UHJRU\1&DUOVRQH)UDQFLV -HIIU\3HOOHWLHURUJV7KH*HQHULF%RRNSS&KLFDJR8QLYHUVLW\RI&KLFDJR3UHVV /DEHOOH0DULH¶&KDQJHRI6WDWHDQG9DOHQF\·LQ-RXUQDORI/LQJXLVWLFVSS /DNRII*HRUJH:RPHQ)LUHDQG'DQJHURXV7KLQJV&KLFDJR8QLYHUVLW\RI&KLFDJR3UHVV /DUVRQ5¶2QWKH'RXEOH2EMHFW&RQVWUXFWLRQ·LQ/LQJXLVWLF,QTXLU\SS /DVFDULGHV$OH[H$QQ&RSHVWDNH¶3UDJPDWLFVDQG:RUG0HDQLQJ·LQ-RXUQDORI /LQJXLVWLFVSS /DVFDULGHV$OH[$QQ&RSHVWDNHH7HG%ULVFRH¶$PELJXLW\DQG&RKHUHQFH·LQ-RXUQDORI 6HPDQWLFVSS /DVQLN+RZDUG0DPRUX6DLWR¶2QWKH1DWXUHRI3URSHU*RYHUQPHQW·LQ/LQJXLVWLF ,QTXLU\SS /DVQLN+RZDUG0DPRUX6DLWR0RYHα&RQGLWLRQVRQLWV$SSOLFDWLRQDQG2XWSXW &DPEULGJH0$0,73UHVV /HYLQ%HWK(QJOLVK9HUE&ODVVHVDQG$OWHUQDWLRQV$3UHOLPLQDU\,QYHVWLJDWLRQ&KLFDJR 8QLYHUVLW\RI&KLFDJR3UHVV /HYLQ%HWKH0DOND5DSSDSRUW+RYDY¶$Q$SSURDFKWR8QDFFXVDWLYH0LVPDWFKHV·LQ 3URFHHGLQJVRI1(/6SS$PKHUVW8QLYHUVLW\RI0DVVDFKXVHWWV*/6$ /HYLQ%HWKH0DOND5DSSDSRUW+RYDY¶:LSLQJWKH6ODWH&OHDQ$/H[LFDO6HPDQWLF ([SORUDWLRQ·LQ&RJQLWLRQSS /HYLQ%HWKDQG0DOND5DSSDSRUW+RYDY8QDFFXVDWLYLW\$WWKH6\QWD[/H[LFDO6HPDQWLFV ,QWHUIDFH&DPEULGJH0$0,73UHVV /HYLQ%HWKH0DOND5DSSDSRUW+RYDY¶)URP/H[LFDO6HPDQWLFVWR$UJXPHQW 5HDOL]DWLRQ·0DQXVFULWR1RUWKZHVWHUQ8QLYHUVLW\%DU,ODQ8QLYHUVLW\ $$OWHUQkQFLD&DXVDWLYDQR3RUWXJXrVGR%UDVLO 3DXOR&KDJDVGH6RX]D /HYLQ%HWKH6WHYHQ3LQNHU¶,QWURGXFWLRQWR6SHFLDO,VVXHRI&RJQLWLRQRQ/H[LFDODQG &RQFHSWXDO6HPDQWLFV·LQ&RJQLWLRQSS /LHEHU5RFKHOOH¶7KH6XIIL[L]HLQ(QJOLVK,PSOLFDWLRQVIRU0RUSKRORJ\·LQ6WHYHQ* /DSRLQWH'LDQH.%UHQWDULH3DWULFN0)DUUHOORUJV0RUSKRORJ\DQGLWV5HODWLRQWR3KRQRORJ\ DQG6\QWD[SS6WDQIRUG&6/,3XEOLFDWLRQV /\RQV-RKQ,QWURGXomRj/LQJtVWLFD7HyULFD6mR3DXOR&RPSDQKLD(GLWRUD 1DFLRQDO('8637UDGXomRGRRULJLQDOHPLQJOrVSXEOLFDGRHP 0DUDQW]$OHF32QWKH1DWXUHRI*UDPPDWLFDO5HODWLRQV&DPEULGJH0$0,73UHVV 0DUDQW]$OHF3¶,PSOLFDWLRQVLQ$V\PPHWULHVLQ'RXEOH2EMHFW&RQVWUXFWLRQV·LQ 0FKRPER6DP$7KHRUHWLFDO$VSHFWVRI%DQWX*UDPPDUSS6WDQIRUG&$&6/, 3XEOLFDWLRQV 1DSROL'RQQD-R3UHGLFDWLRQ7KHRU\&DPEULGJH&DPEULGJH8QLYHUVLW\3UHVV 1DYHV5R]DQD5HLJRWD$VSHFWRV6LQWiWLFRVH6HPkQWLFRVGDV(VWUXWXUDVFRP9HUERV3VLFROyJLFRV 'LVVHUWDomRGH0HVWUDGR8QLYHUVLGDGHGH%UDVt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¶7KH*HQHUDWLYH/H[LFRQ·LQ&RPSXWDWLRQDO/LQJXLVWLFVSS 3XVWHMRYVN\-DPHVE¶7KH6\QWD[RI(YHQW6WUXFWXUH·&RJQLWLRQSS 3XVWHMRYVN\-DPHV¶7\SH&RHUFLRQDQG/H[LFDO6HOHFWLRQ·LQ-DPHV3XVWHMRYVN\RUJ 6HPDQWLFVDQGWKH/H[LFRQSS.OXZHU 3XVWHMRYVN\-DPHV7KH*HQHUDWLYH/H[LFRQ&DPEULGJH0$0,73UHVV $$OWHUQkQFLD&DXVDWLYDQR3RUWXJXrVGR%UDVLO 3DXOR&KDJDVGH6RX]D 3XVWHMRYVN\-DPHV¶´.QRZOHGJHLV(OVHZKHUHµ1DWXUDO/DQJXDJH6HPDQWLFVPHHWV WKH;)LOHV·LQ/LQJXLVWLF,QTXLU\`` 3XVWHMRYVN\-DPHVH3LHUUHWWH%RXLOORQ¶$VSHFWXDO&RHUFLRQDQG/RJLFDO3RO\VHP\·LQ -RXUQDORI6HPDQWLFVSS 5DSSDSRUW0DONDH%HWK/HYLQ¶:KDWWR'RZLWKθ5ROHV·LQ::LONLQVRUJ6\QWD[ DQG6HPDQWLFVYRO7KHPDWLF5HODWLRQVSS 5DSSDSRUW+RYDY0DONDDQG%HWK/HYLQ¶%XLOGLQJ9HUE0HDQLQJV·0DQXVFULWR 1RUWKZHVWHUQ8QLYHUVLW\%DU,ODQ8QLYHUVLW\ 5DSSDSRUW+RYDY0DONDDQG%HWK/HYLQDVDLU¶7ZR7\SHVRI'HULYHG$FFRPSOLVKPHQWV· LQ0LULDP%XWWH7UDF\+ROORZD\.LQJRUJV3URFHHGLQJVRIWKH)LUVW/)*:RUNVKRS6WDQIRUG &6/,3XEOLFDWLRQV 5DSSDSRUW+RYDY0DONDH%HWK/HYLQ¶0RUSKRORJ\DQG/H[LFDO6HPDQWLFV·DVHU SXEOLFDGRHP$UQROG=ZLFN\H$6SHQFHURUJV+DQGERRNRI0RUSKRORJ\2[IRUG %ODFNZHOO 5RGULJXHV&LOHQH$SDUHFLGD1XQHV$VSHFWRV6LQWiWLFRVH6HPkQWLFRVGDV(VWUXWXUDV0pGLDVQR 3RUWXJXrVGR%UDVLO8P(VWXGR&RPSDUDWLYR'LVVHUWDomRGH0HVWUDGR8QLYHUVLGDGHGH%UDVtOLD 5RHSHU7KRPDV¶,PSOLFLW$UJXPHQWVDQGWKH+HDG&RPSOHPHQW5HODWLRQ·LQ/LQJXLVWLF ,QTXLU\SS 6DGRFN-HUUROG$XWROH[LFDO6\QWD[&KLFDJR8QLYHUVLW\RI&KLFDJR3UHVV 6DJ,YDQ¶(QJOLVK5HODWLYH&ODXVH&RQVWUXFWLRQV·LQ-RXUQDORI6HPDQWLFVSS 6KLHEHU6WXDUW$Q,QWURGXFWLRQWR8QLILFDWLRQ%DVHG$SSURDFKHVWR*UDPPDU6WDQIRUG&6/, 3XEOLFDWLRQV 6PLWK&DUORWD¶-HVSHUVHQ·V´0RYHDQG&KDQJHµ&ODVVDQG&DXVDWLYH9HUEVLQ (QJOLVKµLQ0$-D]D\HU\(&3RORPp::LQWHURUJV/LQJXLVWLFVDQG/LWHUDU\6WXGLHV LQ+RQRURI$UFKLEDOG$+LOO9RO'HVFULSWLYH/LQJXLVWLFVSS+DLD0RXWRQ 7DOP\/HRQDUG¶6HPDQWLF&DXVDWLYH7\SHV·LQ06KLEDWDQLRUJ6\QWD[DQG6HPDQWLFV YRO7KH*UDPPDURI&DXVDWLYH&RQVWUXFWLRQV1HZ<RUN$FDGHPLF3UHVV $$OWHUQkQFLD&DXVDWLYDQR3RUWXJXrVGR%UDVLO 3DXOR&KDJDVGH6RX]D 7DOP\/HRQDUG¶/H[LFDOL]DWLRQ3DWWHUQV6HPDQWLF6WUXFWXUHLQ/H[LFDO)RUPV·LQ7 6KRSHQRUJ/DQJXDJH7\SRORJ\DQG6\QWDFWLF'HVFULSWLRQ*UDPPDWLFDO&DWHJRULHVDQGWKH/H[LFRQ YROSS&DPEULGJH&DPEULGJH8QLYHUVLW\3UHVV 7DOP\/HRQDUG¶)RUFH'\QDPLFVLQ/DQJXDJHDQG&RJQLWLRQ·LQ&RJQLWLYH6FLHQFH SS 7HQQ\&DURO¶7KH$VSHFWXDO,QWHUIDFH+\SRWKHVLV·LQ6DJ,YDQDQG$QQD 6]DEROFVLRUJV/H[LFDO0DWWHUV6WDQIRUG&6/,3XEOLFDWLRQV 7HQQ\&DURO$VSHFWXDO5ROHVDQGWKH6\QWD[6HPDQWLFV,QWHUIDFH'RUGUHFKW.OXZHU 7HVQLqUH/XFLHQ(OpPHQWVGH6\QWD[H6WUXFWXUDOH3DULV.OLQFNVLHFN WHU0HXOHQ$OLFH*%5HSUHVHQWLQJ7LPHLQ1DWXUDO/DQJXDJH&DPEULGJH0$0,7 3UHVV 9HQGOHU=HQR/LQJXLVWLFVLQ3KLORVRSK\,WKDFD&RUQHOO8QLY3UHVV 9HUNX\O+HQN-¶$VSHFWXDO&ODVVHVDQG$VSHFWXDO&RPSRVLWLRQ·LQ/LQJXLVWLFVDQG 3KLORVRSK\SS 9HUNX\O+HQN-$7KHRU\RI$VSHFWXDOLW\&DPEULGJH&DPEULGJH8QLYHUVLW\3UHVV YDQ9RRUVW-DQ(YHQW6WUXFWXUH$PVWHUGDP-RKQ%HQMDPLQV YDQ9RRUVW-DQ¶7KH$VSHFWXDO6HPDQWLFVRI3V\FKRORJLFDO9HUEV·LQ/LQJXLVWLFVDQG 3KLORVRSK\SS YDQ9RRUVW-DQ¶7KH6HPDQWLF6WUXFWXUHRI&DXVDWLYH&RQVWUXFWLRQV·LQ6WXGLHVLQ /DQJXDJHSS :KLWDNHU)UDQFKL5HJLQD&pOL0RUDHV$V&RQVWUXo}HV(UJDWLYDV8P(VWXGR6HPkQWLFRH 6LQWiWLFR'LVVHUWDomRGH0HVWUDGR&DPSLQDV,(/8QLFDPS :LONLQV'35'YDQ9DOLQ-U¶7KH&DVHIRUD&DVH5HRSHQHG$JHQWVDQG $JHQF\5HYLVLWHG·7HFKQLFDO5HSRUW&HQWHUIRU&RJQLWLYH6FLHQFH6WDWH8QLYHUVLW\RI 1HZ<RUN%XIIDOR :XQGHUOLFK'LHWHU¶&DXVHDQGWKH6WUXFWXUHRI9HUEV·LQ/LQJXLVWLF,QTXLU\SS :XU]HO:ROIJDQJ8OOULFK,QIOHFWLRQDO0RUSKRORJ\DQG1DWXUDOQHVV'RUGUHFKW.OXZHU =XEL]DUUHWD0DULD/XLVD¶7KH5HODWLRQ%HWZHHQ0RUSKRSKRQRORJ\DQG 0RUSKRV\QWD[WKH&DVHRI5RPDQFH&DXVDWLYHV·LQ/LQJXLVWLF,QTXLU\SS
Documentos relacionados
Bomba, kanga, makamba
GHHWQRPXVLFRORJLD5RVDOLDjGLIHUHQoDGHRXWUDVGDQoDVRWDQJRQmR p PHQFLRQDGR FRPR XPD GDQoD WUDGLFLRQDO 1R FDVR GH GHQJXH FKDPD DWHQomR D DXVrQFLD GH SDODYUDV GHULYDG...
Leia maisDicas de GUDPÄWLFD LIÇÃO 41 ৾ୱ ມ पষ ऎऒधऋदऌथؚ௫ खऊढञदघ
卲 3RGHVHH[SUHVVDUKDELOLGDGHRXSRWHQFLDOXVDQGRVHYHUERVQDIRUPDGRGLFLRQÄULRFRP.272 *$'(.,0$68 H[:$7$6+,:$,.8.272*$'(.,0$68(XFRQVLJRLU
Leia maisCURSO DE JAPONÊS CUR
卲 2VYHUERVFRQMXJDGRVTXHWHUPLQDPHP7(RX'(VÆRFKDPDGRVGHnYHUERVQDIRUPD7(| 2SDGUÆREÄVLFRSDUDVHWUDQVIRUPDUYHUERVGDIRUPD0$68SDUDDIRUPD7(ËVXEVWLWXLU0$68SRU
Leia maisList - iThiago.com
5HSUHVHQWDXPDOLVWDGHREMHWRVIRUWHPHQWHWLSDGRVTXHSRGHPVHUDFHVVDGRVSHORtQGLFH)RUQHFHPpWRGRVSDUD SHVTXLVDURUGHQDUHPDQLSXODUOLVWDV 3DUDSURFXUDURFyGLJRIRQWHGR1(7)UDPHZRUNSD...
Leia maisDicas de GUDPÄWLFD LIÇÃO 47 মୁ ઇప पऩॊभऋต दघ NIHONGO
&DRRVXMHLWRVHMDnHX|PHWRUQDUXPDSURIHVVRUDGHOÏQJXDMDSRQHVDËRPHXVRQKR
Leia maisem PDF - Sion Advogados
TXHRSDUWLFXODUH[HUoDWRGRVRVGLUHL WRVDGYLQGRVGDSURSULHGDGHSRGHQGR XWLOL]iORRXQmRWUDQVHIHUtORRXGLV SRUGDIRUPDTXHOKHIRUFRQYHQLHQWH VHMDSRUPHLRGHYHQGDDUUHQGDPHQWR H...
Leia mais