Jornal 363

Page 1

ZZZ DIUHVS RUJ EU

$QR ;/9,,, _ (GLomR Q ž _0DLR GH

3UHVLGHQWH GD $IUHVS UH~QH VH FRP 9LWRU 6DSLHQ]D SDUD WUDWDU GR 3/&

&RQVHOKR 'HOLEHUDWLYR IH] UHXQLmR HP PDLR

(P GH PDLR R &RQVHOKR 'HOL EHUDWLYR GD $IUHVS UHDOL]RX UHXQLmR ([WUDRUGLQiULD TXH WUDWRX GH DVVXQWRV GD $PDIUHVS 6HJXUR GH 9LGD 3/& HQWUH RXWURV UHIHUHQWHV j FODVVH 3DUWLFLSDUDP GD UHXQLmR R SUHVLGHQWH GR &RQVHOKR 'HOLEHUDWLYR FRQVH OKHLURV XP VXSOHQWH DOpP GR GLUHWRU GD $PDIUHVS

1R GLD GH PDLR R SUHVLGHQWH GD $IUHVS 7HUXR 0DVVLWD UHXQLX VH FRP R GHSXWDGR HVWDGXDO H $)5 9LWRU 6DSLHQ]D QD $VVHPEOHLD /HJLVODWLYD SDUD WUDWDU GR 3/& GH TXH SURLELD D FRQYHUVmR HP SHF~QLD GRV SHUtRGRV GH OLFHQoD SUrPLR H GH IpULDV 2 SURMHWR GH DXWRULD GR GHSXWDGR 3HGUR 7RELDV 36'% IRL UHWLUDGR GLDV GHSRLV SHOR SUySULR DXWRU FRQIRUPH SXEOLFDGR QR 'LiULR 2ILFLDO GR GLD GH PDLR

/HLD PDWpULD GD SiJLQD

633UHY

2 SUHVLGHQWH GD $IUHVS 7HUXR 0DVVLWD H D GLUHWRUD GHVLJQDGD GH 3UH YLGrQFLD $QW{QLD (PtOLD 3LUHV 6DFDUUmR IRUDP UHFHELGRV SHOR QRYR GLUHWRU SUHVLGHQWH GD 6mR 3DXOR 3UHYLGrQFLD 633UHY -RVp 5REHUWR GH 0RUDHV 3iJ

'HSDUWDPHQWR GH 6HJXURV YLVLWD HVFULWyULR HP 2VDVFR

5HXQLmR FRP D )HGHUDomR $WHQGLPHQWR GR LQWHULRU QD GDV 8QLPHGV FDSLWDO 1D $PDIUHVS ILOLDGRV GR LQWHULRU IRUDP DWHQGLGRV QD FDSLWDO HP VHP TXDOTXHU EXURFUDFLD RX QHFHVVLGDGH GH DXWRUL]DomR HVSHFLDO 3iJ

&HQWUR GH &RQYHQo}HV $ YLVLWD WHYH FRPR REMHWLYR DSUHVHQ WDU R SODQR GH PHWDV GH H UHFHEHU VXJHVW}HV SDUD D PHOKRULD GRV VHUYLoRV SUHVWDGRV DRV DVVRFLDGRV

(VWLYHUDP UHXQLGRV HP GH PDLR R GLUHWRU GD $PDIUHVS H GD )HGHUDomR GDV 8QLPHGV SDUD WUDWDU GR DWHQGLPHQWR DRV ILOLDGRV GR LQWHULRU

/HLD QHVWD HGLomR (QFDUWH ´%D~ 5HYLUDGRµ GH +pOLR &HVDU 5RVDV 'HSXWDGR H $)5 ODQoD OLYUR QD FDSLWDO HP HYHQWR QR GLD GH MXQKR QD $IUHVS

2 SUHVLGHQWH GD $IUHVS FRQVWLWXLX XPD &RPLVVmR GH (QVLQR SDUD R IXWXUR &HQWUR GH &RQYHQo}HV GD $IUHVS $ &RPLVVmR VHUi UHVSRQViYHO SHOR HVWXGR GD YLDELOLGDGH GH LPSODQWDomR GR &HQWUR H GH FXUVRV TXH VHUmR RIHUHFLGRV QR ORFDO 3iJ


-RUQDO GD $IUHVS _ 0DLR GH

([SHGLHQWH -RUQDO GD $IUHVS ÐUJmR RILFLDO GD $VVRFLDomR GRV $JHQWHV )LVFDLV GH 5HQGDV GR (VWDGR GH 6mR 3DXOR 5HFRQKHFLGD GH 8WLOLGDGH 3~EOLFD (VWDGXDO SHOD /HL Q GH 5HFRQKHFLGD GH 8WLOLGDGH 3~EOLFD 0XQLFLSDO SHOR 'HFUHWR Q GH &13- Q ,QVFULomR 0XQLFLSDO Q (GLItFLR 6HGH $Y %ULJDGHLUR /XtV $QW{QLR -G 3DXOLVWD 6mR 3DXOR 63 &(3 3$%; (VFULWyULR &HQWUR $)5 -RmR ÉOIDUR 6RWR 5XD 5REHUWR 6LPRQVHQ DQGDU VO &(3 7HO

( PDLO DVVRFLDFDR#DIUHVS RUJ EU 6LWH ZZZ DIUHVS RUJ EU 'LUHWRULD ([HFXWLYD

)LOLDGD j )HEUDILWH

6HGHV 5HJLRQDLV 'LUHWRUHV

3UHVLGHQWH 7HUXR 0DVVLWD 9LFH 3UHVLGHQWH 2PDU 5ROGmR GH 0RXUD 9LFH 3UHVLGHQWH $QJHOD 0DQ]RWL 1DKPDQ 6HFUHWiULR *HUDO /XL] &DUORV 7RORL -XQLRU 6HFUHWiULR $GMXQWR +LOGHEUDQGR 'MDOPD 3LUiJLQH 7HVRXUHLUR 5RGULJR .HLGHO 6SDGD 7HVRXUHLUR $QWHUR 5RGULJXHV 0DUWLQV

&RQVHOKR 'HOLEHUDWLYR 3UHVLGHQWH /XLV $XJXVWR 6DQFKHV -XQGLDt 9LFH 3UHVLGHQWH /XL] &DUORV %HQtFLR $%&' 6HFUHWiULR 3DXOR +HQULTXH &UX] &DSLWDO 6HFUHWiULR 5X\ 6DU]HGDV &XQKD *XDUXOKRV &RPLVVmR )LVFDO 0LJXHO $QJHOR &DUYDOKR GD 6LOYD &DPSLQDV $OH[DQGUH /DQLD *RQoDOYHV $UDUDTXDUD $QWRQLR *XHUUD 6mR -RVp GRV &DPSRV &RQVHOKHLURV RUGHP DOIDEpWLFD $QGUp 3DFKLRQH 3LOOD\ %DXUX $QWHQRU 5REHUWR %DUERVD 3UHVLGHQWH 3UXGHQWH $QWRQLR /RX UHQoR &ROOL 6mR -RVp GR 5LR 3UHWR %HQHGLWR )UDQFR GD 6LOYHLUD )LOKR &RQVHOKHLUR QDWR &ODLWRQ 2VQLU GR $PDUDO 3LUDFLFDED (GXDUGR *RQoDOYHV 5LEHLUmR 3UHWR (OLDQD 0DULD 3HVVRD ) GH 2OLYHLUD &DSLWDO +RQRUDWR 6DQFKH] 'XUDQ &DSLWDO -RmR ÉOIDUR 6RWR &DSLWDO -RVp $SDUHFLGR 5RVVDWR 0DUtOLD -RVp 9DUNXOMD &DSLWDO /DXUR .XHVWHU 0DULQ &DSLWDO /XL] 2WiYLR GH $QGUDGH &RUVHWWL 6RURFDED 0LJXHO 6LTXHLUD 7DXEDWp 1LO]D %DUGL 5R PDQR $UDoDWXED 5REHUWR *DUFLD 6DQWRV 5REHUWR &KLDYHULQL 2VDVFR 6HEDVWLmR 7DGHX 9DVFRQFHORV )UDQFD

'LUHWRULDV GD $IUHVS $QJHOD 0DQ]RWL 1DKPDQ &RQYrQLRV H GH &XOWXUD $QWHUR 5RGULJXHV 0DUWLQV $GPLQLVWUDWLYD H GH 3DWULP{QLR +LOGHEUDQGR 'MDOPD 3LUiJLQH 5HFXUVRV +XPDQRV /XL] &DUORV 7RORL -XQLRU $PDIUHVS ,QVFULomR 0DUNHWLQJ &RPXQLFDomR 2PDU 5ROGmR GH 0RXUD 7HFQRORJLD GD ,QIRUPDomR H 5HJLRQDLV 5RGULJR .HLGHO 6SDGD 6HJXURV H )LQDQFHLUR

'LUHWRULDV 'HVLJQDGDV $PpULFR &DVWDJQD 1HWR (VSRUWHV $QW{QLD (PtOLD 3LUHV 6D FDUUmR 3UHYLGrQFLD $UWKXU $QWRQLR &KDJDV 3LVDQL $VVHVVRU GD 3UHVLGrQFLD %HQHGLWR )UDQFR GD 6LOYHLUD )LOKR $SRVHQ WDGRV &DUORV +DJH &KDLP 6RFLDO &p]DU -RVp '·$YRJOLR 7pFQLFR GH 2EUDV -RVp 3XFFL &XDQ $VVHVVRULD -XUtGLFD

)XQGDIUHVS $OGR *HQWLOH FRRUGHQDomR

0HPEURV GD &RPLVVmR $UQDOGR 0DUTXH]LQL )UDQFLVFR /XFLQGR 5DPDOKR 1HWWR -RmR ÉOIDUR 6RWR /XL] )HUQDQGR &DWWD 3UHWD &pVDU /XL] :DOGHPDU =XROR H 5REHUWR *DUFLD

2XYLGRULD +pOLR 3LUHV 0RQWHLUR 7HOV )D[ ( PDLO RXYLGRU#DIUHVS RUJ EU

$%&' 6 % GR &DPSR 0DULD 6RQLD %UXPDWL 1RUWH 5 'RXWRU 'XSUp 1RYD 3HWUySROLV 6 %HUQDUGR GR &DPSR &(3 7HO $UDoDWXED -RVp /RXUHQoR *RPHV 5 6mR 3DXOR 9LOD 0HQGRQoD &(3 7HO H $UDUDTXDUD $QVHOPR $EGDOD $Y (VSDQKD DQGDU &(3 7HO 7HO )D[ %DXUX $QWRQLR )HUQDQGR *HUDOGL GH -HVXV 5 5LR %UDQFR VDOD (G 7RFDQWLQV &(3 7HO H &DPSLQDV -RVp /~FLR =DPEURWWL *RPHV &DPSRV $Y $QGUDGH 1HYHV DQG VO &(3 7HO H )UDQFD 0DULD 0HUFHGHV $UHV %ODV 5RVD 5 /XL] 6LOYD 'LQL] &(3 7HO *XDUXOKRV :LOVRQ $OYHV %DSWLVWD 5 7DSDMyV &(3 7HO H -XQGLDt $QWRQLR -DLU 6LPLRQDWR 5XD )OiYLR 5RVVL 9LOD 0DULD /XL]D &(3 7HO H 0DUtOLD $LUWRQ 0DUFRV $OYHV 5 3DHV /HPH DQG VO &(3 7HO H 2VDVFR $QWRQLR &DUORV GH 2OLYHLUD -RDTXLP &RQGRPtQLR 6DQW·$JRVWLQKR 6KRSSLQJ 3ULPLWLYD

5 'RQD 3ULPLWLYD 9LDQFR VO &(3 7HO H 3LUDFLFDED $OEHUWR 3HQQR -XQLRU 5 3UXGHQWH GH 0RUDHV Q 6O &HQWUR &(3 7HOV H 3UHVLGHQWH 3UXGHQWH $LOWRQ (VWiFLR 5 6LTXHLUD &DPSRV %DLUUR GR %RVTXH &(3 7HO )D[ 7HO 5LEHLUmR 3UHWR 0DWKHXV +HQULTXH /RSHV 3HUHLUD /LPD 5 $PpULFR %UDVLOLHQVH VO &(3 7HO )D[ H 7HO 6DQWRV 'pFLR &RUUHD 9LOOHOD $Y &RQVHOKHLUR 1pELDV &(3 7HO H 6mR -RVp GR 5LR 3UHWR $OEHUWR $SDUHFLGR GH $QGUDGH $Y )UDQFLVFR GDV &KDJDV GH 2OLYHLUD &(3 7HO H 6mR -RVp GRV &DPSRV (YHUDOGR GH 0HOR %UDQGmR $Y 0DULR *DOYmR -DUGLP %HOD 9LVWD &(3 7HO 6RURFDED $QGHUVRQ GD &RVWD &DPSRV $Y $QW{QLR &DUORV &RPLWUr DQGDU VDOD &(3 7HO H 7DXEDWp 0DULD /HRQLGDV &RHOKR -DTXHV 5XD -RVp 'LDV GH &DUYDOKR Q -DUGLP 5XVVL 7DXEDWp &(3 7HO H 6XEVHGH $Y 5REHUWR 6LPRQVHQ DQG VO &HQWUR 6mR 3DXOR &(3 7HO '57& , &HVDU $NLR ,WRNDZD '57& ,, -RmR 5DPDOKR '57& ,,, 0DUFRV %HQHGLWR 6WHIDQHOOL $Y %ULJDGHLUR /XtV $QW{QLR &(3 7HO (QGHUHoRV H PDLV LQIRUPDo}HV GLVSRQtYHLV QR VLWH GD $IUHVS ZZZ DIUHVS RUJ EU OLQN 5HJLRQDLV H &&V

&HQWURV GH &RQYLYrQFLD $UDoDWXED 5RG 0DUHFKDO 5RQGRQ .P )D]HQGD %DJXDVVX 3Uy[ j $VVRF $WOpWLFD %DQFR GR %UDVLO 7HO $)5 /XL] &DUORV 7RORL -XQLRU $UDUDTXDUD $Y 'U 5HQDWR 6DQWLQL -XQLRU 5HFUHLR &DPSHVWUH ,GDQRUDPD 7HO &HO %DXUX &KiFDUD 9DOH 6mR /XtV ORWH 5RG %DXUX ,DFDQJD VDtGD (VWUDGD ÉJXD GR &DSLP 7HO &DPSLQDV 5XD $OH[DQGUH &D]HODWWR V Q %DLUUR %HWHO 0XQLFtSLR GH 3DXOtQLD 7HO &HO )UDQFD 5RG -RmR 7UDILFDQWH NP FKiFDUD &RQG ´5H FDQWR (VSHUDQoDµ 6DtGD )UDQFD ,ELUDFL 7HO $)5 /XL] 'LDV *UDQGH 6mR 3DXOR *XDUXOKRV 5XD 0DULD *DUFLD 8WULOOD Q 3Uy[ D DFHVVR SDUD &XPELFD %DLUUR 1RYD &XPELFD &(3 7HO -XQGLDt 5XD 3DOPLUD 0DUWLQL 3LVDSLR 3DUTXH &HFDS 7HO 0DUtOLD 5 -RVp 3DVFKRDO *HUYiVLR TXDGUD %DLUUR /HWtFLD ,, 'LVWULWR GH 3DGUH 1yEUHJD 7HO $)5 5REHUWR &KLDYHULQL *UDQGH 6mR 3DXOR 2VDVFR 5XD 2FWiYLR &DWHODQL Q -DUGLP $GDOJLVD 7HO 3UHVLGHQWH 3UXGHQWH 5XD GRV -DVPLQV V Q %DLUUR GR /LPRHLUR ÉOYDUHV 0DFKDGR SUy[ %DOQHiULR $PL]DGH 7HO 5LEHLUmR 3UHWR 5XD ( 5HFUHLR ,QWHUQDFLRQDO VDtGD (VWUDGD GH 6HUUDQD 7HO 6mR -RVp GR 5LR 3UHWR 5XD -DLUR GH $QGUDGH /HPH V Q DQWLJD UXD 0RUDGD &DPSHVWUH 7HO 6RURFDED $Y )UDQFLVFR 5ROGmR 6DQFKHV DQWLJD (VWUDGD GD 6HUULQKD $OWR GD %RD 9LVWD 6tWLR 'DUF\ 7HO 9DOH GR 3DUDtED 5XD GR $FRQFKHJR %DLUUR GR 6DSp ,, &DoDSDYD 7HO

([SHGLHQWH -RUQDO GD $IUHVS 0DUNHWLQJ &RPXQLFDomR 'LUHWRU GH 0DUNHWLQJ &RPXQLFDomR /XL] &DUORV 7RORL -XQLRU 2 &RQVHOKR (GLWRULDO GR -RUQDO GD $IUHVS p IRUPDGR SRU WRGRV RV PHPEURV GD 'LUHWRULD ([HFXWLYD &RRUGHQDGRUD GH 0DUNHWLQJ 9LYLDQH %XOERZ GH $PRULP 0HQGHV 07% -3 63 $VVHVVRU 1LYDOGR 1RFHOOL -RUQDOLVWD )DELHOL GH 3DXOD 6RDUHV 'HVLJQHUV 9LYLDQ GH 2OLYHLUD H (GXDUGR 2OLYHLUD 3HULRGLFLGDGH PHQVDO 7LUDJHP H[HPSODUHV ,PSUHVVmR 3LJPD ,QG~VWULD *UiILFD &LUFXODomR 0DLR H -XQKR 5HGDomR $Y %ULJ /XtV $QW{QLR 6mR 3DXOR 63 &(3 7HOHIRQHV ( PDLO PDUNHWLQJ#DIUHVS RUJ EU 2V DUWLJRV DVVLQDGRV VmR GH UHVSRQVDELOLGDGH GH VHXV DXWRUHV H D VXD SXEOLFDomR QHVWH SHULyGLFR QmR LPSOLFD QHFHVVDULDPHQWH HP FRQ FRUGkQFLD GD 'LUHWRULD GD $IUHVS FRP RV FRQFHLWRV QHOHV HPLWLGRV

&RPXQLFDGRV 6DXGDGHV 3URIXQGDPHQWH FRQVWHUQDGD D 'LUHWRULD GD $IUHVS FXPSUH R GRORURVR GHYHU GH QRWLFLDU R IDOHFLPHQWR GRV VHJXLQ WHV FROHJDV $OGR /DORQH GH 2OLYHLUD DQRV DSRVHQWDGR GH /LPHLUD $OFLGHV -RVp *RGRL DQRV DSRVHQWDGR GH 6mR &DUORV

­V IDPtOLDV HQOXWDGDV QRVVDV PDLV VHQWLGDV FRQGROrQFLDV

&RQWULEXLo}HV 2 FRPXQLFDGR Q GH DVVLQDGR SHOR SUHVLGHQWH 7HUXR 0DVVLWD HP GHWHUPLQD DV VHJXLQWHV FRWDV SDUD R PrV GH PDLR D PHQVDOLGDGH $IUHVS 5 VHWHQWD H XP UHDLV H VHVVHQWD H GRLV FHQWDYRV PDQWHQGR R YDORU DQWH ULRUPHQWH FREUDGR E FRWD $PDIUHVS 0DU $EULO 0DLR 5 TXDWURFHQWRV H FLQFR UHDLV DXPHQWDQGR R YDORU DQWH

ULRUPHQWH FREUDGR F FRWD )XQGDIUHVS 5 WULQWD H XP UHDLV H YLQWH H XP FHQWDYRV FRUUHV SRQGHQWHV D FRQWULEXLomR PtQLPD GH YLQWH FRWDV QR YDORU XQLWiULR GH 5 MDQHLUR ,QIRUPDPRV DLQGD TXH RV FLWDGRV YDORUHV WHUmR YLJrQ FLD D SDUWLU GH

0HQVDOLGDGH GD $IUHVS

&RWD $PDIUHVS

&RWD GR )XQGR GH 6ROLGDULHGDGH

&RWD )XQGDIUHVS


-RUQDO GD $IUHVS _ 0DLR GH

(GLWRULDO +LSRFULVLD 6DODULDO &KHJDPRV D DILUPDU HP HGLWRULDO SDVVDGR QD HGLomR Qž GR -RUQDO GD $IUHVS VRE R WtWXOR GH ,UUDFLRQD OLGDGH GRV 6XEWHWRV QmR VHU ´FUtYHO TXH VXEVtGLRV EDL[RV VLJQLILTXHP TXH VHXV GHWHQWRUHV HVWHMDP ID]HQGR YRWR GH SREUH]Dµ FRPR TXHUHP GHPRQV WUDU j VRFLHGDGH e LQFRPSUHHQVtYHO D QmR DWXDOL]DomR DQXDO GR VXEVtGLR GR JRYHUQDGRU H FRQVHTXHQWHPHQWH GR VXEWHWR DR PHQRV QD PHVPD SURSRU omR GRV VXSRVWRV tQGLFHV LQIODFLRQiULRV VHPSUH PHQRUHV TXH RV UHDLV 3DUD WHQWDU H[SOLFDU R LQFRPSUHHQVt YHO XP SRXFR GH KLVWyULD 3RU RFDVLmR GD IDPLJHUDGD UHIRUPD GD SUHYLGrQFLD HP QmR H[SORUDPRV R VXILFLHQWH DV UD]}HV TXH OHYDUDP R &RQJUHVVR D LQWHUIHULU QDV SROtWLFDV VDODULDLV GRV HVWDGRV DR IL[DU FRPR SDUkPHWUR GR PDLRU VDOiULR HVWDGXDO R VXEVtGLR GR JRYHUQDGRU $TXHOHV TXH QmR HUDP IXQFLRQiULRV QR ILQDO GH SURYDYHOPHQWH QmR SUHVHQFLDUDP QD WHOHYLVmR R ´FLUFRµ HP TXH VH WUDQVIRUPRX R &RQJUHVVR 1DFLRQDO 2 SRGHU DYDVVDODGRU GD SURSLQD SRVWHULRUPHQWH LQWLWXODGD PHQVDOmR H D GHWHUPLQDomR GH ID]HU SDVVDU XPD 3(& D TXDOTXHU FXVWR SDUD VDWLVID]HU RV JRYHUQRV GD EDVH DOLDGD H SULQFLSDOPHQWH SDUD JDQKDU RV GD RSRVLomR GHUDP R ULWPR GDV YRWDo}HV UHDOL]DGDV ´DRV WUDQFRV H EDUUDQFRVµ 3DUODPHQWDUHV DR YRWDU FKHJDUDP D FRQIHVVDU IUHQWH jV FkPD UDV QmR FRQKHFHU D PDWpULD VXEPHWLGD j YRWDomR SRU H[LJXLGDGH GH WHPSR HP H[DPLQi OD

$SURYHLWDQGR VH GR FDRV LQVWDODGR H IUHQWH j SRVVLELOLGDGH GH IL[DomR GH XP WHWR ~QLFR YLQFXODGR DR VXEVtGLR GR PLQLVWUR GR 67) JRYHUQDGRUHV SUHVVLR QDUDP R JRYHUQR IHGHUDO D HVWDEHOHFHU R VXEWHWR GRV HVWDGRV YLQFXODGRV D VHXV VXEVtGLRV &RPR VH VXEVtGLR UHSUHVHQ WDVVH HP YDORUHV WRGRV RV JDVWRV GH VHX WLWXODU H IDPtOLD H FRPR VH H[SUHV VDVVH D FRQWUDSDUWLGD GH VHUYLoRV SUHV WDGRV H D UHFRPSHQVD SHOR FUHVFLPHQWR HP XPD FDUUHLUD DSyV GH]HQDV GH DQRV GH GHGLFDomR DR VHWRU S~EOLFR

1D YHUGDGH D SUHVVmR GRV JRYHU QDGRUHV SDUD D LQVWLWXLomR GR VXEWHWR HVWDGXDO YLQFXODGR D VHXV VXEVtGLRV WLQKD XPD UD]mR GH VHU GDU OKHV R SR GHU GH FRPSULPLU D IDL[D VDODULDO D VHX EHO SUD]HU VHP VDWLVIDo}HV D GDU H VHP FRPSURPHWr ORV GLUHWDPHQWH XPD YH] TXH D UHVSRQVDELOLGDGH SHOD IL[DomR GR VXEWHWR p GR OHJLVODWLYR DWLQJLQGR HP FKHLR DV FDUUHLUDV PHOKRU UHPXQHUDGDV HVSHFLDOPHQWH DV WtSLFDV GH HVWDGR

3RXFRV JRYHUQDGRUHV DWHQWDUDP SDUD R IDWR GH TXH HVVD SROtWLFD GH FRP SUHVVmR VDODULDO GHVWLQDGD jV FDUUHLUDV WtSLFDV ² DTXHODV TXH QmR HQFRQWUDP Wt 2 TXH SRXFRV VDEHP p TXH VL VLPLODUHV QR VHWRU SULYDGR ² SRGH VHU XP ´WLUR QR Spµ 2 SUySULR &RQJUHVVR R VXEVtGLR p PDQLSXODGR SDUD XP UHFRQKHFHX R VHX HUUR GH H HP UH WUDQVPLWLU IDOVD LPDJHP GH DSURYRX D 3(& TXH SRVVLELOLWD DXVWHULGDGH D YLQFXODomR GR WHWR GD UHPXQHUDomR GR D VHUYLGRU HVWDGXDO DR VXEVtGLR GRV 'H VH VHPEDUJDGRUHV GR 7ULEXQDO GH -XVWLoD VH 2 TXH SRXFRV VDEHP p TXH HP DOWHUDomR LQFRUSRUDGD QD &RQVWLWXLomR FDUJRV WHPSRUiULRV GH GLUHomR QR VHWRU GR (VWDGR QR DUWLJR LQFLVR ;,, S~EOLFR R VXEVtGLR p PDQLSXODGR SDUD 3HOR TXH WXGR LQGLFD HVVH DUWLJR GD WUDQVPLWLU SRU KLSRFULVLD IDOVD LPD &DUWD 0DJQD SHUPDQHFHUi OHWUD PRUWD JHP GH DXVWHULGDGH HQTXDQWR YHUEDV DWp TXH R DWXDO JRYHUQDGRU GR (VWDGR RXWUDV FRPR D GH UHSUHVHQWDomR GH GH 6mR 3DXOR R PHVPR TXH RFXSDYD R SDUWLFLSDomR HP &RQVHOKRV GH $GPL 3DOiFLR GRV %DQGHLUDQWHV SRU RFDVLmR QLVWUDomR GH HVWDWDLV H VXEYHQo}HV GD UHIRUPD GD SUHYLGrQFLD HP HP HVSpFLH RX HP SURGXWRV FRPR GH HQWHQGD TXH D ERD JHVWmR GR (VWDGR DOLPHQWDomR WUDQVSRUWH PRUDGLD HWF QmR VH ID] VRPHQWH FRP R DQ~QFLR H OKHV VmR GHVWLQDGDV SRU IRUD VHP R UHDOL]DomR GH REUDV +i QHFHVVLGDGH GH FRQKHFLPHQWR GR S~EOLFR H VHP D GH UHFXUVRV ILQDQFHLURV R TXH VH REWpP FRP FDQWDGD WUDQVSDUrQFLD KRMH PXLWR HP D LQWHOLJrQFLD SDUD GHWHFWDU YD]DQWHV QR YRJD PDV QXQFD REVHUYDGD D FRPHoDU SRWHQFLDO FRQWULEXWLYR H D DomR HQpUJLFD SHORV FDUW}HV GH FUpGLWR FXMRV VDTXHV SDUD FREUDU LQDGLPSOHQWHV H IUDXGDGRUHV RX FRPSUDV FRP RV QRVVRV LPSRVWRV DOpP GD PRVWUD GH SUHVHQoD H LPSRVLomR VmR FODVVLILFDGRV RILFLDOPHQWH FRPR GH UHVSHLWR SDUD TXH R FRQWULEXLQWH FXP VHJUHGRV GH HVWDGR SUD D OHJLVODomR WULEXWiULD

´

µ

2 WHPSR SDVVD $FHUYR GR $)5 'RQDWR /XFDV )LOKR $ IRWR DR ODGR p GH IHYHUHLUR GH H WUD] HP Sp RV FROHJDV $)5V -RmR /DIR UHW 'DQLHO -RVp *UHLVDV 0DULD 7HUH]D H -RVp 0DXUtFLR %RQLIiFLR RV DEDL[DGRV VmR 2QHVVLPR $QWXQHV -RVp 0DULD H (XUtSLGHV 5LSLQKR

6HomR ´2 WHPSR SDVVD µ WHP SRU ILQDOLGDGH UHVJDWDU PRPHQWRV GD KLVWyULD GD ILVFDOL]DomR 6H YRFr WHP DOJXPD IRWR HP TXH SRVVD LGHQWLILFDU DOJXQV FROHJDV SRGH TXH SRVVD LGHQWLILFDU DOJXQV FROHJDV SRG UHPHWr OD $ & -RUQDO GD $IUHVS j $Y %ULJ /XtV $QW{QLR -G 3DXOLVWD &(3 H PDLO PDUNHWLQJ#DIUHVS RUJ EU


-RUQDO GD $IUHVS _0DLR GH

$IUHVS

0DLV FROHJDV GR ~OWLPR FRQFXUVR VH LQFUHYHUDP QD $IUHVS &DPSDQKD UHDOL]DGD SRU PHLR GH IyUXP QD LQWHUQHW LQFHQWLYRX QRYDV LQVFULo}HV 1R PrV GH DEULO RV FROHJDV $)5V GR ~OWLPR FRQFXUVR HVWL YHUDP QD $IUHVS HP UHXQLmR FRP R GLUHWRU GR GHSDUWDPHQWR GH ,QVFULo}HV /XL] &DUORV 7RORL -XQLRU H FRP R GLUHWRU )LQDQFHLUR H GH 6HJXURV 5RGULJR .HLGHO 6SDGD 2V FROHJDV YrP UHDOL]DQGR XPD FDPSDQKD SRU PHLR GH XP IyUXP QD LQWHUQHW SDUD DQJDULDU QRYDV LQVFULo}HV SDUD D $IUHVS &ULDPRV XP JUXSR GH H PDLO HQWUH RV FROHJDV SDUD LQFHQWLYDU QRYDV DGHV}HV GLVVH 'rQLV 0kQJLD &RPR UHVXOWDGR GRV WUDEDOKRV RV FROHJDV HQWUHJDUDP HP PmRV LQVFULo}HV SDUD R GLUHWRU 7RORL -XQLRU H LQIRUPDUDP TXH R WRWDO GH LQVFULWRV DSyV D DomR GR JUXSR XOWUDSDVVDUi QRYRV ILVFDLV (QWUH RV ILVFDLV TXH RUJDQL]DUDP R IyUXP HVWmR 'rQLV 0kQJLD '57 $QGUp )HOLSH 6DQWRV '7, 6HID] 'HOFLGHV )OiYLR GH 6RX]D -XQLRU '57 0iUFLR $QW{QLR 9LFHQWH GD 6LOYD &RUFDW 6HID] TXH SDUWLFLSDUDP GD UHXQLmR DOpP GH /HRQDUGR *DUFLD 4XDGUH /XL] 2WiYLR &RUVHWWL H 7KLDJR 0DJDOKmHV TXH QmR SX GHUDP HVWDU SUHVHQWHV

2 REMHWLYR GD FDPSDQKD GH DFRUGR FRP RV $)5V p DPSOLDU R GLiORJR FRP D HQWLGDGH PRVWUDU j FODVVH D LPSRUWkQFLD GD $VVRFLDomR H GH VHX SDSHO (VVH p XP SDWULP{QLR QRVVR WHPRV TXH SDUWLFLSDU UHVVDOWD $QGUp

$IUHVS HQYLD RItFLRV SDUD R 6HFUHWiULR GD )D]HQGD H R FRRUGHQDGRU GD &$7 2 SUHVLGHQWH GD $IUHVS 7HUXR 0DVVLWD HQFDPLQKRX HP GH DEULO R RItFLR $)5(63 3 Qž DR 6HFUHWiULR GD )D]HQGD $QGUHD 6DQGUR &DODEL UHFRQKHFHQGR VXD HILFD] LQWHUYHQomR QD GHIHVD GDV SUHUURJDWLYDV GD FDUUHLUD GH $JHQWH )LVFDO GH 5HQGDV DPHDoDGD SHOR 'HFUHWR (VWDGXDO Qž GH ž GH PDUoR GH

3UHVLGHQWH GD 633UHY UHFHEH SUHVLGHQWH H GLUHWRUD GD $IUHVS

8P RXWUR RItFLR R $)5(63 3 Qž IRL HQFDPLQKDGR QD PHVPD GDWD DR FRRUGHQDGRU GD &$7 -RVp &OyYLV &DEUHUD WDPEpP SHOD OXWD HP SURO GDV DWULEXLo}HV GR ILVFR HVWDGXDO $ $IUHVS RUJXOKD VH HP Wr OR FRPR FRRUGHQDGRU D PDLV DOWD DXWRULGDGH GD $GPLQLVWUDomR 7ULEXWiULD SRU VHX HVStULWR S~ EOLFR H FRPSHWrQFLD GHPRQVWUDGRV QR H[HUFtFLR GHVWH FDUJR

6mR -RVp GRV &DPSRV WHP QRYR 3RVWR )LVFDO $ 6HFUHWDULD GD )D]HQGD LQDXJXURX HP GH PDLR DV QR YDV LQVWDODo}HV GR 3RVWR )LVFDO GH 6mR -RVp GRV &DPSRV $ XQLGDGH TXH LQWHJUD D iUHD GH DWXDomR GD 'HOHJDFLD 5HJLR QDO 7ULEXWiULD GR 9DOH GR 3DUDtED '57 HVWi ORFDOL]DGD QD 5XD *HUDOGR 9LHLUD Q~PHUR QR EDLUUR -DUGLP $TXiULRV ,,

2 SUHVLGHQWH GD $IUHVS 7HUXR 0DVVLWD H D GLUHWRUD GHVLJQDGD GH 3UHYLGrQFLD $QW{QLD (PtOLD 3LUHV 6DFDUUmR IRUDP UHFHELGRV HP UHXQLmR SHOR QRYR GLUHWRU SUHVLGHQWH GD 6mR 3DXOR 3UHYLGrQFLD 633UHY -RVp 5REHUWR GH 0RUDHV HP GH DEULO 7HUXR H $QW{QLD (PtOLD IRUDP FXPSULPHQWDU SHVVRDOPHQWH R QRYR SUHVLGHQWH SHOD JHVWmR H FULDU XP HOR HQWUH D $IUHVS H D 633UHY 'XUDQWH D UHXQLmR ILFRX DFHUWDGR TXH D GLUHWRUD GH 3UH YLGrQFLD GD $IUHVS YDL UHFHEHU XP FUDFKi GD 633UHY SDUD WHU OLYUH DFHVVR DRV GHSDUWDPHQWRV &RP LVVR (PtOLD SRGHUi ID]HU XPD ILOWUDJHP GDV G~YLGDV HQYLDGDV SHORV DVVRFLDGRV H HVWDEHOHFHU XP FDQDO GH FRPXQLFDomR GLUHWR FRP D 633UHY R TXH YDL DJLOL]DU DV UHVSRVWDV DRV SULQFLSDLV TXHVWLRQDPHQWRV

)RUDP LQYHVWLGRV 5 PLOKmR QD FRQVWUXomR GR LPyYHO FRP Pò GH iUHD ~WLO HP XP ~QLFR SLVR SDUD RIHUHFHU DWHQGLPHQWR DGHTXDGR DRV SRUWDGRUHV GH QHFHVVLGDGHV HVSHFLDLV H YDORUL]DU RV VHUYLGRUHV S~EOLFRV SRU PHLR GD PRGHUQL]DomR GR DPELHQWH GH WUDEDOKR 2 WHUUHQR SDUD D LQVWDODomR GR QRYR SRVWR IRL GRDGR SHOD 3UHIHLWXUD GH 6mR -RVp GRV &DPSRV &RP D LQDXJXUDomR WRGRV RV VHUYLoRV SUHVWDGRV QR DQWL JR SUpGLR ORFDOL]DGR QR FHQWUR GD FLGDGH VHUmR WUDQVIHULGRV SDUD R QRYR 3RVWR )LVFDO

$)5V GD $WLYD 6H YRFr ID] DQLYHUViULR QR PrV GH PDLR R SUD]R SDUD UHDOL]DU R UHFDGDVWUDPHQWR REULJDWyULR YDL DWp GH PDLR


-RUQDO GD $IUHVS _ 0DLR GH

$IUHVS 3UHVLGHQWH GD $IUHVS UH~QH VH FRP 9LWRU 6DSLHQ]D SDUD WUDWDU GR 3/& 'HSXWDGR H $)5 9LWRU 6DSLHQ]D ID] H[SODQDomR VREUH R 3/& 1R GLD GH PDLR R SUHVLGHQWH GD $IUHVS 7HUXR 0DVVLWD UHXQLX VH FRP R GHSXWDGR (VWDGXDO H $)5 9LWRU 6DSLHQ]D QD $VVHPEOHLD /HJLVODWLYD SDUD WUDWDU GR 3/& Qž GH TXH SURtEH D FRQYHUVmR HP SHF~QLD GRV SHUtRGRV GH OLFHQ oD SUrPLR H GH IpULDV 2 SURMHWR p GH DXWRULD GR GHSXWDGR 3HGUR 7RELDV 36'% 9LWRU 6DSLHQ]D HVFODUHFHX TXH D $VVHPEOHLD /HJLVODWLYD QmR WHP SRGHU DO JXP GH YHWR j LQLFLDWLYD GR OHJLVODGRU ´(P DQiOLVH SUpYLD HQWHQGR TXH LQLFLD WLYDV GH WDO QDWXUH]D VmR GH FRPSHWrQFLD H[FOXVLYD GR ([HFXWLYRµ GLVVH 9LWRU 2 GHSXWDGR DLQGD H[SOLFRX TXH DSyV R FXUVR GH SUD]R SDUD DSUHVHQWDomR GH HPHQGDV R SURMHWR VHUi HQFDPLQKDGR SDUD D &RPLVVmR GH &RQVWLWXLomR -XVWLoD H 5HGDomR ² &&-5 TXDQGR GHYHUi VHU FRQILUPDGD VXD LQFRQVWLWXFLRQDOLGDGH

´$GPLWLQGR VH D KLSyWHVH GH TXH R 3/& Qž VHMD FRQVWLWXFLRQDO HOH GHYH 7HUXR 0DVVLWD H 9LWRU 6DSLHQ]D ULD SDVVDU SHODV &RPLVV}HV GH &RQVWLWXLomR -XVWLoD H 5HGDomR $GPLQLVWUD omR 3~EOLFD H 5HODo}HV GR 7UDEDOKR H )LQDQoDV 2UoDPHQWR H 3ODQHMDPHQWR 3URYDYHOPHQWH FDGD XP GRV PHPEURV GDV UHVSHFWLYDV &RPLVV}HV SHGLULD YLVWDV H R UHIHULGR 3/& GHPRUDULD DSUR[LPDGDPHQWH XP DQR SDUD ILFDU SURQWR SDUD D 2UGHP GR 'LD H ILQDOPHQWH VHU FRORFDGR HP YRWDomR PHGLDQWH DFRUGR GH OLGHUDQoDV (P pSRFD GH HOHLomR WDO SURFHGLPHQWR VHULD GHVDVWURVRµ FRPSOHWRX ,QIRUPDPRV TXH GHSRLV GD GDWD GD UHXQLmR R SURMHWR IRL UHWLUDGR SHOR DXWRU GHSXWDGR 3HGUR 7RELDV (VVH GRFXPHQWR IRL SXEOLFDGR QR GLD GH PDLR QR 'LiULR 2ILFLDO

$IUHVS FRQVWLWXL &RPLVVmR GH (QVLQR SDUD &HQWUR GH &RQYHQo}HV

&RP REMHWLYRV YROWDGRV SDUD D JHVWmR GR FRQKHFLPHQWR PXOWLGLVFLSOLQDULGDGH H UHQRYDomR FXOWXUDO IRL FULDGD D &RPLV VmR GH (QVLQR GD $IUHVS (P GH PDLR RFRUUHX D SULPHLUD UHXQLmR GHVVD FRPLVVmR QD VHGH GD HQWLGDGH FRP D SUHVHQoD GR SUHVLGHQWH GD $VVRFLDomR 7HUXR 0DVVLWD $ &RPLVVmR GH (QVLQR p FRPSRVWD SHORV FROHJDV $)5V ,YDQ $XUpOLR )HUUDUL GH 6HQoR GHVLJQDGR FRRUGHQDGRU GD &RPLVVmR -RUJH /XL] &DVWUR 2VYDOGR 6DQWRV GH &DUYDOKR /XFLDQD 0D]XFDQWH *XDQDLV H /XL] $QWRQLR 0RURQL 2V PHPEURV GD &RPLVVmR VHUmR $ &RPLVVmR VHUi UHVSRQ UHVSRQViYHLV SHOR ViYHO SHOR HVWXGR GD LPSODQ HVWXGR GD LPSODQ WDomR GH FXUVRV H WDPEpP WDomR GH FXUVRV QD iUHD ILVFDO H GR &HQWUR GH &RQYHQo}HV GD WULEXWiULD DOpP GD $IUHVS FULDomR GR &HQWUR GH 3HVTXLVDV TXH SHUWHQFHUi DR IXWXUR &HQWUR GH &RQYHQo}HV GD $IUHVS

´

µ

(VWHYH SUHVHQWH WDPEpP R SURILVVLRQDO ,UDQL &DYDJQROL TXH LUi SUHVWDU R VHUYLoR GH FRQVXOWRULD SDUD LPSODQWDomR GR VHWRU GH HQVLQR GD $IUHVS

9HMD R FXUUtFXOR GR FRQVXOWRU ,UDQL &DYDJQROL (VSHFLDOLVWD SHOD 38& 63 H JUDGXDGR HP $GPLQLVWUDomR GH (PSUHVDV 863 DWXD HP VXD iUHD GH IRUPDomR GHVGH WHQGR RFXSDGR FDUJRV GH GHVWDTXH IRL &(2 GR 6HEUDH 63 GH D 'LUHWRU GD 7UHYLVDQ 'LUHWRU GR *UXSR 6WUKDO H $V $PpULFDV H *HUHQWH )LQDQFHLUR GR *UXSR +HQNHO 5HDOL]RX GLYHUVRV SURMHWRV FRPR FRQVXOWRU GD &RQIHGH UDomR 1DFLRQDO GD ,QG~VWULD &1, &RQIHGHUDomR 1DFLRQDO GR &RPpUFLR &1& &*(( &HQWUR GH *HVWmR H (VWXGRV (VWUDWpJLFRV ,QVWLWXWR (XYDOGR /RGL ,(/ )HGHUDomR GR &RPpUFLR GR (VWDGR GH 6mR 3DXOR )HGHUDomR GDV ,QG~VWULDV GR (VWDGR GH 6mR 3DXOR )HGHUDomR GDV ,QG~VWULDV GR (VWDGR GR 3DUDQi H $&63 3DUDOHODPHQWH GHVHQYROYHX VXD FDUUHLUD FRPR GRFHQWH HP ,QVWLWXLo}HV GH (QVLQR 6XSHULRU H SDUWLFLSDQGR HP 0%$·V GD 38& 63 )$$3 (VFROD 7UHYLVDQ GH 1HJyFLRV (630 H 8QL YHUVLGDGH &DWyOLFD GH %UDVtOLD )RL SUHVLGHQWH GD $EDVH ² $V VRFLDomR %UDVLOHLUD GRV 6HEUDHV (VWDGXDLV H &RQVHOKHLUR GR 6HEUDH 1DFLRQDO 6HQDF 63 38& 63 &HYDO $&63 H )LHVS ([HUFHX R FDUJR GH 9LFH 'HOHJDGR H 'LUHWRU GH (QVLQR 6XSHULRU GR 0LQLVWpULR GH (GXFDomR H &XOWXUD ² 0(& 63


-RUQDO GD $IUHVS _ 0DLR GH

(VSRUWHV

'LYXOJDGD WDEHOD FRPSOHWD GH MRJRV GR 7RUQHLR 0HWURSROLWDQR GH )XWHERO -RJRV FRPHoDP QR GLD GH PDLR H YmR DWp GH RXWXEUR $ 'LUHWRULD GH (VSRUWHV GD $IUHVS GLYXO JRX D WDEHOD FRPSOHWD GR ;;9 7RUQHLR 0H WURSROLWDQR GH )XWHERO TXH FRPHoD HP GH PDLR H TXH VH HVWHQGHUi DWp GH RXWXEUR 3DUD FRQVXOWDU WRGDV DV GDWDV GRV MRJRV HP WXUQR H UHWXUQR RV DVVRFLDGRV SRGHP DFHVVDU R VLWH GD $IUHVS ZZZ DIUHVS RUJ EU

VH DWOHWDV H DV VHWH HTXLSHV 'DWD +RUiULR /RFDO 7LPHV SDUWLFLSDQWHV UHFHEHUDP QRPHV K 2VDVFR (VSDQKD [ ,UODQGD GH VHOHo}HV GH SDtVHV TXH SDU K *XDUXOKRV +RODQGD [ ,WiOLD WLFLSDUmR GD SUy[LPD (XURFRSD &ODVVLILFDP VH DV TXDWUR FRP K *XDUXOKRV $OHPDQKD [ 6XpFLD PDLV SRQWRV TXH YmR GLVSXWDU RV MRJRV VHPLILQDLV 'DWD +RUiULR /RFDO 7LPHV 2 WLPH SULPHLUR FRORFDGR HQ $ FDGD URGDGD VHUmR UHDOL]DGDV WUrV K 2VDVFR ,WiOLD [ ,UODQGD IUHQWDUi R FODVVLILFDGR HP TXDU SDUWLGDV jV TXLQWDV IHLUDV ,QVFUHYHUDP *XDUXOKRV $OHPDQKD [ +RODQGD WR OXJDU H VHJXQGR H K WHUFHLUR ID]HP D RXWUD 'DWD +RUiULR /RFDO 7LPHV K *XDUXOKRV (VSDQKD [ 3RUWXJDO K 2VDVFR (VSDQKD [ +RODQGD SDUWLGD 2V YHQFHGR UHV GHVVHV FRQIURQWRV ]DomR GD $IUHVS VHPSUH SUHRFXSDGD HP K *XDUXOKRV ,WiOLD [ 6XpFLD GHFLGHP R WtWXOR GD FRPSHWLomR SURPRYHU DWLYLGDGHV TXH YDORUL]HP R OD]HU K *XDUXOKRV ,UODQGD [ 3RUWXJDO 2 7RUQHLR p PDLV XPD UHDOL H D TXDOLGDGH GH YLGD GRV VHXV DVVRFLDGRV

6HJXURV 'HSDUWDPHQWR GH 6HJXURV YLVLWD 2VDVFR 2 HVFULWyULR GH 2VDVFR GD $IUHVS UHFHEHX HP GH DEULO $I D YLVLWD GH UHSUHVHQWDQWHV GR 'HSDUWDPHQWR GH 6HJXURV GD 'H HQ HQWLGDGH SDUD D DSUHVHQWDomR GR 3ODQR GH 0HWDV GH GR VHWRU 3O H WDPEpP SDUD UHFHEHU VXJHV W}HV SDUD D PHOKRULD GRV VHUYLoRV W} SU SUHVWDGRV DRV DVVRFLDGRV 2 GLUHWRU GH 6HJXURV 5RGULJR .HLGHO 6SDGD D JHUHQWH GD iUHD .H $G $GULDQD 8ELOYD 0HOR GD 6LOYD H D UHSUHVHQWDQWH GD FRUUHWRUD /HGL[ UH ÇQ ÇQJHOD 3DL[mR IRUDP UHFHELGRV SHOR GLUHWRU UHJLRQDO GH 2VDVFR $QWRQLR &DUORV GH 2OLYHLUD -RDTXLP H SHORV FRODERUDGRUHV $JLDQH 0HOR GD 6LOYD H &ODXGHOtFLR %DWLVWD GD 6LOYD 2 HQFRQWUR VHUYLX SDUD FDSWDU VXEVtGLRV TXH DSULPRUDUHP RV EHQHItFLRV H R VHUYLoR GH DWHQGLPHQWR GDV 5HJLRQDLV FRP YLVWDV D DWLQJLU RV REMHWLYRV GH YHQGDV WUDoDGRV SDUD HVWH DQR QDV PRGDOLGDGHV GH VHJXURV GH DXWRPyYHLV UHVLGrQFLD H YLGD (VVH FRQWDWR Mi KDYLD VLGR IHLWR FRP UHSUHVHQWDQWHV GDV 5HJLRQDLV GH &DPSLQDV H 3LUDFLFDED H YDL VHU HVWHQGLGR jV GHPDLV UHSUHVHQWDo}HV GD $IUHVS QR (VWDGR

6HJXUR GH 9LGD $IUHVS LQIRUPD 1RV PrV GH DEULO P IDPtOLDV IRUDP DPSDUDGD SHOR 6HJXUR GH 9LGD $IUHVS H UHFHEHUDP EHUDP LQGHQL]DomR 9DORUL]DQGR D 9LGD 3DUFHULD

&RPXQLFDGR GH 6LQLVWURV 2 VHWRU GH 6LQLVWURV GD $IUHVS FRPX QL QLFD TXH HP DE DEULO IRUDP DWHQGLGRV FDVRV GH VLQLVWURV GH DXWRPy YHLV H QH QKXP VLQLVWUR GH UHVLGrQFLD


-RUQDO GD $IUHVS _ 0DLR GH

&RQVHOKR 'HOLEHUDWLYR

&RQVHOKR 'HOLEHUDWLYR ID] UHXQLmR ([WUDRUGLQiULD 5HXQLmR TXH RFRUUHX HP PDLR WUDWRX GH DVVXQWRV GD $PDIUHVS H RXWURV SHUWLQHQWHV D FODVVH (P GH PDLR R &RQVHOKR 'HOLEHUDWLYR GD $IUHVS UHDOL]RX UHXQLmR ([WUDRUGLQiULD $ PHVD IRL FRPSRVWD SHOR SUHVLGHQWH GR &RQVHOKR 'HOLEHUDWLYR /XtV $XJXVWR 6DQ FKHV FRQVHOKHLURV WLWXODUHV H XP VXSOHQ WH 2 GLUHWRU GD $PDIUHVS /XL] &DUORV 7RORL -XQLRU WDPEpP IRL FRQYRFDGR SHOR &RQVH OKR 'HOLEHUDWLYR VHQGR DFRPSDQKDGR GD JHUHQWH GD $PDIUHVS 5RVkQJHOD /i]DUR 2 SUHVLGHQWH GR &RQVHOKR 'HOLEHUDWL YR QR LQtFLR GD UHXQLmR DSUHVHQWRX VOLGHV FRP R WHPD ¶(VWDPRV WRGRV QR PHVPR EDUFR· ´2 LQWXLWR GHVVD DSUHVHQWDomR p HVSLULWXDOL]DU R DPELHQWH SDUD SURGX ]LUPRV XPD ERD UHXQLmRµ DILUPRX *XWR TXH WDPEpP IH] TXHVWmR GH SDUDEHQL ]DU RV DQLYHUVDULDQWHV GR PrV GH PDLR 2 SULPHLUR DVVXQWR SDXWDGR IRL D GLVFXVVmR H YRWDomR GD DWD GR GLD GH PDUoR DSURYDGD SRU XQDQLPLGDGH 1D VHTXrQFLD IRL GLVFXWLGR R SURFHVVR & ' SURSRVWR SHOR FRQVHOKHLUR $QWHQRU 5REHUWR %DUERVD (P VHJXLGD R GLUHWRU GD $PDIUHVS IRL FRQYLGDGR SDUD SUHVWDU HVFODUHFLPHQWRV VREUH R DQGDPHQWR GD PXGDQoD QR VLVWHPD FRQWULEXWLYR GR SODQR GH VD~GH GD $IUHVS 7RORL -XQLRU LQLFLRX VXD DSUHVHQWDomR FRP XP SDQRUDPD JHUDO GD $PDIUHVS 7DPEpP GHPRQVWURX DRV FROHJDV XP KLVWyULFR GR 6LVWHPD &RQWULEXWLYR D LPSRUWkQFLD GD LPSODQWDomR GD QRYD WDEHOD HP H R SRUTXr GD QHFHVVLGDGH GH PXGDQoDV QD WDEHOD DQWLJD (OH IDORX DLQGD GDV Do}HV TXH D $PDIUHVS YHP UHDOL]DQGR SDUD DSUH VHQWDU SURSRVWDV DR &RQVHOKR 'HOLEHUDWL YR ´(VWmR VHQGR IHLWRV HVWXGRV DWXDULDLV H MXUtGLFRV SDUD DSUHVHQWDUPRV RSo}HV QR VLVWHPD FRQWULEXWLYR TXH GHYHUmR VHU DSUHVHQWDGDV DWp R PrV GH MXQKRµ GLVVH

$EQHU &RUVHWWL /HRQDUGR 5RVkQJHOD H 7RORL

0LJXHO *XHUUD $OH[DQGUH H 6RWR

$SyV R WpUPLQR GD DSUHVHQWDomR *XWR IDORX GD LPSRUWkQFLD GDV LQIRUPDo}HV GLWDV SHOR GLUHWRU GD $PDIUHVS ´$ PLQKD LQWHQ omR IRL WUD]HU DRV FROHJDV HVFODUHFLPHQWRV 7RGRV QyV UHFRQKHFHPRV D GHGLFDomR H R HPSHQKR GR 7RORL FRP D $PDIUHVSµ 'HSRLV RXWURV FRQVHOKHLURV VH PD QLIHVWDUDP ´7RGRV RV GDGRV PRVWUDGRV GXUDQWH D DSUHVHQWDomR IRUDP HVFODUHFH GRUHVµ GLVVH R FRQVHOKHLUR GH 6RURFDED %HQLFLR *XWR H 3DXOR /XL] 2WiYLR GH $QGUDGH &RUVHWWL TXH UHVVDOWRX R ERP IXQFLRQDPHQWR GR FRQ JLVODWLYD TXH LQLFLDUi HVWXGRV GH DOWHUDomR YrQLR FRP DV 8QLPHGV HP VXD FLGDGH GR (VWDWXWR 6RFLDO 2V QRPHV HVFROKLGRV IRUDP $OH[DQGUH &DPDUD 0HLUHOOHV 'pFLR 2 FRQVHOKHLUR &ODLWRQ 2VQLU GR $PDUDO %ULWHV -RVp &DUORV )UDQFR )HUQDQGHV WDPEpP SDUDEHQL]RX 7RORL -XQLRU H IDORX 0DUFR $QWRQLR 9LFHQWH GD 6LOYD H 9DQHV VREUH D GHPRUD QR DWHQGLPHQWR PpGLFR VD .D]XH 0XUD\DPD /HPEUDPRV TXH D TXH RFRUUH HP 3LUDFLFDED ´3DUD FRPEDWHU &RPLVVmR /HJLVODWLYD Mi p FRPSRVWD SHORV HVVH SUREOHPD QRVVR IRFR VHUi YROWDGR PHPEURV -RmR ÉOIDUR 6RWR SUHVLGHQWH GD SDUD D YHUWLFDOL]DomR YLUWXDO RX VHMD D YD FRPLVVmR +RQRUDWR 6DQFKH] 'XUDQ H %H ORUL]DomR GHVVHV SURILVVLRQDLVµ GLVVH 7RORL QHGLWR )UDQFR GD 6LOYHLUD )LOKR H RV VXSOHQ 2 FRQVHOKHLUR $QWRQLR *XHUUD DSUHVHQ WHV $QWRQLR /RXUHQoR &ROL /DXUR .XHVWHU WRX FRPR SURSRVWD IRUPDU XP JUXSR GR &RQ 0DULP H 6HEDVWLmR 7DGHX GH 9DVFRQFHORV VHOKR 'HOLEHUDWLYR SDUD HVWXGDU R FRQYrQLR 7DPEpP IRL DERUGDGR H GLVFXWLGR SHORV $PDIUHVS YLVDQGR D XQLILFDomR GDV WDEHODV FRQVHOKHLURV R 3/& Q GH TXH SURt GH GLVWULEXLomR GH FRWDV KRMH H[LVWHQWHV EH D FRQYHUVmR HP SHF~QLD GRV SHUtRGRV GH H D PHOKRULD GR DWHQGLPHQWR QR LQWHULRU OLFHQoD SUrPLR H GH IpULDV 1D RFDVLmR HOHV *XHUUD WDPEpP PRVWURX JUiILFRV GDV OHUDP D QRWD SXEOLFDGD SHOR VLWH GD $IUHVS WDEHODV GD $PDIUHVS SDUD FRQWH[WXDOL]DU D HP TXH R $)5 H GHSXWDGR (VWDGXDO 9LWRU VLWXDomR 0DV UHWLURX D SURSRVWD DSyV DSUH 6DSLHQ]D IH] H[SODQDomR VREUH R DVVXQWR VHQWDomR GH 7RORL H DV H[SODQDo}HV GRV FR (QWUH RV RXWURV DVVXQWRV GH LQWHUHVVH OHJDV SUHVHQWHV 3RUpP VROLFLWRX DR &RQVH GD FODVVH IRL SURSRVWR SHOR FRQVHOKHLUR OKR TXH D &RPLVVmR GH 6D~GH SDUWLFLSDVVH +RQRUDWR 6DQFKH] 'XUDQ TXH R &RQ HIHWLYDPHQWH GRV HVWXGRV TXH Mi HVWmR VHQ VHOKR HQYLDVVH XP RItFLR DR FROHJD 'U GR UHDOL]DGRV SHOD 'LUHWRULD GD $PDIUHVS 2VYDOGR 6DQWRV GH &DUYDOKR SDUDEHQL /RJR GHSRLV RV FRQVHOKHLURV LQGLFDUDP ]DQGR SHOD EULOKDQWH FRQTXLVWD GR WtWXOR FLQFR QRPHV SDUD FRPSRU FRPR PHPEURV GH GRXWRUDGR HP 'LUHLWR 7ULEXWiULR SHOD DX[LOLDUHV D &RPLVVmR GH $VVHVVRULD /H 38& $ SURSRVWD IRL DSURYDGD SRU WRGRV 3UHVLGHQWH /XtV $XJXVWR 6DQFKHV &RQVHOKHLURV SDUWLFLSDQWHV $OH[DQGUH /DQLD *RQoDOYHV $QGUp 3DFKLRQH 3LOOD\ $QWHQRU 5REHUWR %DUERVD $QWRQLR *XHUUD %HQHGLWR )UDQFR GD 6LOYHLUD )LOKR &ODLWRQ 2VQLU GR $PD UDO (OLDQD 0DULD 3HVVRD )HUUHLUD 2OLYHLUD +RQRUDWR 6DQFKH] 'XUDQ -RmR ÉOIDUR 6RWR -RVp $SDUHFLGR 5RVVDWR -RVp 9DUNXOMD /DXUR .XHVWHU 0DULQ /XL] &DUORV %HQLFLR /XL] 2WiYLR GH $QGUDGH 0LJXHO $QJHOR &DUYDOKR 6LOYD 1LO]D %DUGL 5RPDQR 3DXOR +HQULTXH &UX] 5REHUWR &KLDYHULQL 5REHUWR *DUFLD 5X\ 6DU]HGDV &XQKD 6HEDVWLmR 7DGHX GH 9DVFRQFHORV 6XSOHQWH $EQHU -RVp GH $OPHLGD 7DPEpP FRPSDUHFHUDP QD UHXQLmR RV VXSOHQWHV $UWKXU &RUUHD 3HL[RWR /HRQDUGR *DUFLD 4XD GUH H 0iUFLR $QWRQLR 9LFHQWH GD 6LOYD H D YLFH SUHVLGHQWH GD $IUHVS $QJHOD 0DQ]RWL 1DKPDQ


-RUQDO GD $IUHVS _0DLR GH

5HJLRQDLV

5HJLRQDO GH 3UHVLGHQWH 3UXGHQWH VH SUHSDUD SDUD LQDXJXUDomR 1RYD VHGH SUySULD ILQDOL]D ~OWLPRV GHWDOKHV GD FRQVWUXomR -i HVWi HP IDVH ILQDO D REUD GH FRQVWUXomR GD QRYD VHGH SUySULD GD UHJLRQDO GH 3UHVLGHQWH 3UXGHQWH $ SUHYLVmR p GH TXH D QRYD VHGH HVWHMD FRQFOXtGD H SURQWD SDUD UHFHEHU RV DVVR FLDGRV QR ILQDO GR PrV GH PDLR D LQDXJXUDomR HVWi SUHYLVWD SDUD GH PDLR 'H DFRUGR FRP R GLUHWRU GD 5HJLRQDO GH 3UH VLGHQWH 3UXGHQWH $LOWRQ (VWiFLR DWXDOPHQWH D REUD HVWi HP IDVH GH LQVWDODo}HV H PRELOLiULR 2V JDELQHWHV FR]LQKD H EDQKHLURV Mi IRUDP FRORFDGRV $ MDUGLQDJHP Mi IRL LQLFLDGD H R DU FRQGLFLRQDGR SRUWmR H FRUULPmRV HVWmR FRORFDGRV -i IRUDP LQVWDODGRV RV HTXLSDPHQWRV GH VHJXUDQoD FRPR FHUFD HOpWULFD SRUWmR H FRUULPmRV (P EUHYH VHUmR GLVSRQLELOL]DGDV DV UHGHV SDUD LQWHUQHW H OLQKDV WHOHI{QLFDV

&ROHJDV GD 5HJLRQDO GH $UDoDWXED SDUWLFLSDP GH DQLPDGR KDSS\ KRXU &RP R REMHWLYR GH XQLU DLQGD PDLV D FODVVH HP GH DEULO D 5HJLRQDO GH $UDoDWXED UHXQLX RV FROHJDV HP XP DQLPDGR KDSS\ KRXU 2 HQFRQWUR FRQWRX FRP PXLWD FHUYHMD H XP GHOLFLRVR FKXUUDVFR (VVH IRL R VHJXQGR HQFRQWUR DSyV D SRVVH HVSHUR TXH HVVDV FRQIUDWHUQL]Do}HV VH UHSLWDP FRP IUHTXrQFLD GLVVH R GLUHWRU GD 5HJLRQDO -RVp /RXUHQoR *RPHV

$SRVHQWDGRV &KXWHLUDV 3HQGXUDGDV $JRUD FKHJRX D YH] GH PDLV DOJXQV SRGHUHP GHOLFLDU VH FRP WXGR DTXLOR TXH GHVHMDYDP TXDQGR VH GLULJLDP DR WUDEDOKR QRV GLDV PDLV GLItFHLV ( QXQFD R WHPSR p GHPDLV SDUD D YRQWDGH GR KRPHP GH FRQWHPSODU GH EXVFDU GH FRQKHFHU 4XH R MRUQDO VHMD OLGR FRP PDLV FDOPD TXH QRYRV OLYURV VHMDP GHVFREHUWRV TXH R VRO PRUHQH D SHOH WRGRV RV GLDV H D OXD DEHQoRH WRGDV DV QRLWHV RV VRQKRV RX RV SHQVDPHQWRV TXH D PDGUXJDGD LQVSLUD 6D~GH H DOHJULD SDUD WRGRV YRFrV

² &DUORV $OEHUWR 6DOYDGRU ² +pOLR -~OLR %DUERVD ² /XL] /i]DUR %DVROL ² -RVp 0DULDQR GH $UUXGD )LOKR ² -RUJH .XUDWR 2JDZD 0DULOLFH %HUWDJOLD *RQoDOYHV GD 6LOYD -RmR 7DYDUHV GRV 6DQWRV 6DXO &RUFK -RVp 5REHUWR $XILHUR -XQLRU (GXDUGR 'DPDVFHQR GD 6LOYD 8ELUDWDQ 6LOYHLUD *DUFLD /XLV &DUORV )HTXHU 5REHUWR 'DOO 2OLR (UDQ 0DQXFKDNLDQ

0DULD 6{QLD %UXPDWL 1RUWH 'DQLHO 0HLUD 5DPRV 0DULFD 9DUL]DLD -XQLWL 0LKDUD %DUQDEp 1HULV %DWLVWD 1LO]D /RSHV &DUGRVR /XL] 6RDUHV $JXLUUH <RFKLDNL 7DEXWL -RVp 2ODYR 3LQWR 0DVVDQREX =DKD 0DULQHWH $UEH[ +HUQDQGHV $QWRQLR &DUORV *UDFLDQR $OEHUWR 'HOOD 1LQD

$WHQomR $)5V $326(17$'26 6H YRFr ID] DQLYHUViULR QR PrV GH PDLR YRFr WHP DWp R GLD SDUD UHDOL]DU R UHFDGDVWUDPHQWR DQXDO HP XPD DJrQFLD GR %DQFR GR %UDVLO


-RUQDO GD $IUHVS _ 0DLR GH

6RFLRFXOWXUDO 'HSDUWDPHQWR GH &RQYrQLRV H &XOWXUD ILUPD QRYDV SDUFHULDV 3DUTXH WHPiWLFR ´2 0XQGR GD ;X[Dµ (VSDoR &DSHOD H &RVWD GR 6DXtSH VmR DV QRYLGDGHV &RP R REMHWLYR GH RIHUHFHU TXDOLGDGH GH YLGD H YDQWDJHQV H[FOXVLYDV SDUD RV VHXV DVVRFLDGRV R GHSDUWDPHQWR GH &RQYrQLRV H &XOWXUD GD $IUHVS UHFHQWHPHQWH ILUPRX WUrV QRYDV SDUFHULDV 3DUD DTXHOHV TXH WrP ILOKRV H QHWRV HVWi LPSHUGtYHO R GHVFRQWR SDUD LQJUHVVRV GR SDUTXH WHPiWLFR 2 0XQGR GD ;X[D 2 ORFDO XPD iUHD GH PLO Pò HVWi ORFDOL]DGR GHQWUR GR VKRSSLQJ 63 0DUNHW QD =RQD 6XO GH 6mR 3DXOR -i SDUD TXHP PRUD HP 3LUDFLFDED RX SHUWR GD UHJLmR SRGH REWHU GHVFRQWRV HVSHFLDLV HP VHUYLoRV GH EHOH]D H HVWpWLFD PRGD IHPLQLQD H PDVFXOLQD FDIHWHULD H PXLWR PDLV 7XGR LVVR RV DVVR FLDGRV HQFRQWUDP QR (VSDoR &DSHOD XP OXJDU ~QLFR H FKDUPRVR $FHVVH R VLWH ZZZ HVSDFRFDSHOD FRP EU H VDLED PDLV GHWDOKHV ( XPD yWLPD QRWtFLD SDUD D IDPtOLD $IUHVSLDQD TXH DGRUD YLDMDU 2 'HSDUWDPHQWR GH &RQYrQLRV FRORFD D GLVSRVLomR GRV DVVRFLD GRV GHVFRQWRV SDUD PDLV XPD RSomR GH OD]HU H WXULVPR D &RVWD GR 6DXtSH FRP FLQFR KRWpLV H FLQFR SRXVDGDV XP FRPSOH[R GH KRVSHGDJHP SURQWR SDUD SURSRUFLRQDU XPD H[SHULrQFLD FRPSOHWD GH GLYHUVmR DOWD JDVWURQRPLD H GHVFDQVR WXGR FRP R Pi[LPR GH

,PDJHQV GRV KRWpLV GD &RVWD GR 6DXtSH

FRQIRUWR H LQIUDHVWUXWXUD LQWHUQDFLRQDO 2 FRQYrQLR GD $IUHVS RIHUHFH FRQGLo}HV HVSHFLDLV GH GHVFRQWR 3DUD HIHWXDU UHVHUYDV R DVVRFLDGR GHYH HQWUDU HP FRQWDWR SHOR WHOHIRQH RX SHOR H PDLO DWHQGLPHQWR #FRVWDGRVDXLSH FRP EU e SUHFLVR FRPSURYDU YtQFXOR DVVRFLDWLYR FRP D $IUHVS QR DWR GD UHVHUYD 3RU LVVR p LPSUHVFLQGtYHO D DSUHVHQWDomR GD FDUWHLULQKD QR FKHFN LQ 3DUD VDEHU PDLV LQIRUPDo}HV VREUH RV FRQYrQLRV GD $IUHVS DFHVVH R VLWH ZZZ DIUHVS RUJ EU H FOLTXH QR OLQN &RQYrQLR Oi YRFr HQFRQWUD WRGD D JDPD GH FRQYrQLRV RX HQWUH HP FRQWDWR FRP R GHSDUWDPHQWR GH &RQYrQLRV SHORV WHOHIRQHV RX

$16 Qž

$PDIUHVS $PDIUHVS H 2GRQWRSUHY UH~QHP VH SRU PHOKRULDV QR DWHQGLPHQWR $ UHXQLmR IRL VROLFLWDGD SRU 7RORL -XQLRU SHOR IDWR GH JUDQGH SDUWH GRV ILOLDGRV WHU GHPRQVWUDGR LQVDWLVIDomR QR DWHQGL PHQWR RGRQWROyJLFR HVSHFLDOPHQWH RV FROHJDV GH &DPSLQDV 'U 5REHUWR IDORX TXH R VLVWHPD GH JRYHUQDQoD FOtQLFD GD 2GRQWR3UHY DWHVWD D TXDOLGDGH GRV VHUYLoRV SUHVWDGRV SHORV GHQWLVWDV H DLQGD p XWLOL]DGR FRPR DXGLWRULD (OH H[SOLFRX DLQGD TXH DSyV D XQLmR GD 2GRQWR3UHY %UDGHVFR H RXWUDV RSHUDGRUDV FULRX VH D UHGH 8QQD GH DWHQGLPHQWR

(P GH PDLR UHXQLUDP VH QD VHGH GD $IUHVS R GLUHWRU GD $PDIUHVS /XL] &DUORV 7RORL -XQLRU H R 'U 5REHUWR 6HPH &XU\ GD 2GRQWR3UHY SDUD WUDWDU GH DVVXQWRV UHODFLRQDGRV DR &RQYrQLR 2GRQWROyJLFR GD $IUHVS 2GRQWR$IUHVS 3DUWLFL SDUDP GD UHXQLmR D JHUHQWH GD $PDIUHVS 5RVkQJHOD /i]DUR H D FRODERUDGRUD GD 2GRQWR$IUHVS 5RQLVH &ULVWLQD .LWLFH

7RORL -XQLRU DSyV RXYL OR GLVVH TXH D QRYD UHGH 8QQD SRGH VHU ~WLO FRPR DSRLR DRV ILOLDGRV $PDIUHVS SRUpP H[LJLX TXH QR SUD]R GH GLDV D 2GRQWR3UHY DSUHVHQWH XPD UHGH ILGHOL]DGD SDUD DWHQGHU RV ILOLDGRV ´(VVD UHGH GHYHUi VHU PHOKRU UHPX QHUDGD $OpP GLVVR FRQWDUi FRP XP ,QGLFDGRU 2GRQWROyJLFR HVSHFtILFR TXH VHUi HQYLDGR D WRGRV RV ILOLDGRV H GLVSRQLELOL]DGR QR VLWH GD $IUHVS $PDIUHVSµ GLVVH e LPSRUWDQWH UHVVDOWDU TXH D H[LJrQFLD GR 'LUHWRU GD $PD IUHVS p HP IXQomR GD LQVDWLVIDomR GRV DVVRFLDGRV H DLQGD SHOR IDWR GH Ki DOJXQV DQRV QmR WHU VLGR GLVSRQLELOL]DGD HVVD QRYD UHGH SDUD RV ILOLDGRV $PDIUHVS

9RFr VDELD" 4XH R ILOLDGR $PDIUHVS SRGH XWLOL]DU D UHGH FUHGHQFLDGD HP WRGR R HVWDGR VHP D QHFHVVLGDGH GH DXWRUL]DomR HVSHFLDO SUpYLD"


-RUQDO GD $IUHVS _0DLR GH

$16 Qž

$PDIUHVS

$PDIUHVS HGLWD QRYD ,QVWUXomR 1RUPDWLYD VREUH UHGXomR GDV FDUrQFLDV &RQILUD RV DUWLJRV GD QRYD ,QVWUXomR H RV QRYRV FULWpULRV SDUD DV FDUrQFLDV $ $PDIUHVS HGLWRX D ,QVWUXomR 1RUPDWLYD ,1 Qž GD $IUHVS $PDIUHVS GH GH PDLR GH TXH GLVS}H VREUH D UHGXomR GDV FDUrQFLDV SDUD D ILOLDomR DR VLVWHPD GD $IUHVS $PDIUHVS $ QRYD ,QVWUXomR UHYRJRX D ,QVWUXomR 1RUPDWLYD ,1 Qž GH GH DJRVWR GH H LQFHQWLYDUi R LQJUHVVR GH QRYRV ILOLDGRV $V QRYDV GHWHUPLQDo}HV GD ,QVWUXomR 1RUPDWLYD VmR DSUHVHQ WDGDV SHOR GLUHWRU GD $PDIUHVS /XL] &DUORV 7RORL -XQLRU QR XVR GH VXDV DWULEXLo}HV H HP FRQIRUPLGDGH FRP R GLVSRVWR QR SDUiJUDIR ž GR $UWLJR GR 5HJXODPHQWR $PDIUHVS &RQILUD VHXV DUWLJRV $UWLJR ž )LFDP GHILQLGRV RV FULWpULRV DEDL[R SDUD H[LJrQFLDV GH FDUrQFLDV GH ILOLDomR DR VLVWHPD GH VD~GH GD $IUHVS $PDIUHVS GH WLWXODU GHSHQGHQWHV H DJUHJDGRV

)DL[D (WiULD

&DUrQFLD

DWp DQRV

,VHQWR GH FDUrQFLD

GH D DQRV

,VHQWR GH FDUrQFLD H LQVFUHYD QR PHVPR PRPHQWR GHSHQGHQWH DJUHJDGR GH DWp DQRV TXH WHQKD ERD VD~GH

GH D DQRV

&DUrQFLD GH

DFLPD GH DQRV &DUrQFLD LQWHJUDO GHVGH TXH WHQKD RXWUR SODQR GH VD~GH HP YLJrQFLD DWp QR Pi[LPR WULQWD GLDV DQWHV GD GDWD GH LQVFULomR QD $PDIUHVS H ERD VD~GH

$UWLJR ž (QWHQGH VH SRU ERD VD~GH TXDQGR D ´$YDOLDomR SUp DGPLVVLRQDOµ SUHHQFKLGD QR PRPHQWR GD LQVFULomR QR SODQR GH DVVLVWrQFLD j VD~GH GD $IUHVS $PDIUHVS QmR GHPRQVWUDU QHQKXPD GRHQoD RX SUREOHPD GH VD~GH YLJHQWH $ $IUHVS $ QRYD ,QVWUXomR 1RUPDWLYD SRGHUi H[LJLU H[DPH ,1 Qž GH GH PDLR GH PpGLFR SUp DGPLV LQFHQWLYDUi R LQJUHVVR GH QRYRV VLRQDO SDUD UHGXomR ILOLDGRV j $PDIUHVS GD FDUrQFLD $UWLJR ž 1mR KDYHUi UHGXomR GD FDUrQFLD SDUD SDUWR D WHUPR QRUPDO RX FLU~UJLFR VRE QHQKXPD KLSyWHVH SHUPDQHFHQGR LQDOWHUDGR R SUD]R RULJLQDO GH WUH]HQWRV GLDV $UWLJR ž 1RV WHUPRV GD 5HVROXomR 1RUPDWLYD 51 Qž HGLWDGD SHOD $16 $JrQFLD 1DFLRQDO GH 6D~GH 6XSOHPHQWDU HVWDUmR LVHQWRV GH FDUrQFLDV DTXHOHV TXH VH HQTXDGUDUHP QRV UHTXLVLWRV GH 3RUWDELOLGDGH $UWLJR ž )LFD UHYRJDGD D ,QVWUXomR 1RUPDWLYD ,1 Qž GH GH DJRVWR GH $UWLJR ž (VWD ,QVWUXomR 1RUPDWLYD HQWUDUi HP YLJRU QR GLD GH PDLR GH FRP HIHLWR UHWURDWLYR D ž GH PDLR GH $ PXGDQoD GDV IDL[DV VH GHX HP IXQomR GD DQiOLVH GRV FXVWRV GH FDGD IDL[D HWiULD

´

µ

0DLV GH PLO ILOLDGRV GR LQWHULRU XWLOL]DUDP VHUYLoR PpGLFR GD FDSLWDO HP &RP R R LQWXLWR GH RIHUHFHU H[FHOrQFLD QR DWHQGLPHQWR QD $PDIUHVS R ILOLDGR GR LQWHULRU WDPEpP p DWHQGLGR QD FDSLWDO VHP TXDOTXHU EXURFUDFLD (P QR SHUtRGR GH MDQHLUR D GH]HPEUR D $PDIUHVS UHDOL]RX SURFHGLPHQWRV D ILOLDGRV GR LQWHULRU QD FDSLWDO WRWDOL]DQGR XP YDORU GH 5 (VVHV Q~PHURV DILUPDP TXH R SODQR GH DXWRJHVWmR GD $IUHVS VH SUHRFXSD FRP VHXV ILOLDGRV H TXHU RIHUHFHU R PHOKRU DWHQGLPHQWR LQGHSHQGHQWH VH D IDPtOLD DIUHVSLDQD IRU GR LQWHULRU RX GD FDSLWDO

3ODQLOKD GH &XVWRV GD $PDIUHVS 5HJLPH &RQWiELO &RPSHWrQFLD

&RQILUD RV GHPDLV YDORUHV GR DQR GH QR VLWH GD $IUHVS ZZZ DIUHVS RUJ EU HP $PDIUHVS OLQN ,QIRUPDo}HV )LQDQFHLUDV 'HPDLV &RQYrQLR 5HHPEROVR (PHUJrQFLDV 'HVSHVDV 2GRQWROy 2GRQWROyJ 0pGLFDV $VVLVWHQFLDLV LFR JLFR

0rV

&RQVXOWDV

([DPHV

7HUDSLDV

,QWHUQDo}HV

2XWURV $WHQG $PEXODWRULDLV

-$1

)(9

0$5

727

0rV

$WHQG 3UHVWDGRV SRU 5HFLSURFLGDGH

*ORVDV *HUDGDV

'HVSHVD FRP ,166

-$1

)(9

0$5

727

5HVVDUF DR 686

'HYROXo}HV 'HVFRQWRV 5HFXSHUDomR &RWDV REWLGRV &REUDQoDV

7D[D $'0

'HVSHVDV 7RWDLV

4WGH GH &RWDV

9DORU GD &RWD 5HDO

6XMHLWR D DOWHUDo}HV $WXDOL]DGD HP 6DOGR )XQGR GH 5HVHUYD $PDIUHVS DWXDOL]DGR HP 5 6DOGR GR )XQGR GH 6ROLGDULHGDGH DWXDOL]DGR HP 5 9DORUHV WRWDLV UHIHUHQWHV DR DFXPXODGR HQWUH MDQHLUR D PDUoR GH


-RUQDO GD $IUHVS _ 0DLR GH

$16 Qž

$PDIUHVS

'LUHWRUHV GD $PDIUHVS H GD )HGHUDomR GDV 8QLPHGV VH UH~QHP QD $IUHVS $WHQGLPHQWR DRV ILOLDGRV GR LQWHULRU IRL R WHPD SULQFLSDO GD UHXQLmR 1R GLD GH PDLR jV K UHXQLUDP VH QD $IUHVS R GLUHWRU GD $PDIUHVS /XL] &DUORV 7RORL -XQLRU H R GLUHWRU GH 'HVHQ YROYLPHQWR H 0HUFDGR GD )HGHUDomR GDV 8QLPHGV )HVS 'U /XL] 5REHUWR 'LE 0DWKLDV 'XDUWH 7DPEpP HVWLYHUDP SUHVHQWHV QD UHX QLmR D JHUHQWH GD $PDIUHVS 5RVkQJHOD /i]DUR DOpP GH &OHXQLFH ) % 3HWQLXQDV GD *HUrQFLD GH 5HODo}HV (PSUHVDULDLV H &DGDVWUR GD )HVS H -~OLR &pVDU GH $OPHLGD GD &RRUGHQDomR GH 5HODo}HV (PSUHVDULDLV WDPEpP GD )HVS $ UHXQLmR IRL VROLFLWDGD SRU 7RORL -XQLRU H R DVVXQWR HP SDXWD IRL R DWHQ GLPHQWR DRV ILOLDGRV GD $PDIUHVS QR LQWHULRU YLD 8QLPHG ORFDO )RL WUDQVPLWLGR DR GLUHWRU GD )HGHUDomR D LQVDWLVIDomR GRV DVVRFLDGRV TXDQWR DR DWHQGLPHQWR GDV VLQJXODUHV SULQFLSDOPHQWH QR WRFDQ WH jV DXWRUL]Do}HV SUpYLDV H[LJLGDV GRV ILOLDGRV VHP QHFHVVLGDGH H D GHPRUD QD PDUFDomR GH FRQVXOWDV H SURFHGLPHQWRV SHODV 8QLPHGV $ UHXQLmR GHPRURX DSUR[LPDGDPHQWH K )RL HQWUHJXH DR GLUHWRU GH 'H VHQYROYLPHQWR H 0HUFDGR GD )HVS 'U /XL] 5REHUWR XP RItFLR GD $PDIUHVS UHODWDQGR RV SUREOHPDV H SURSRQGR Do}HV SDUD VDQi ORV LQFOXVLYH FRORFDQGR

VH j GLVSRVLomR SDUD UHDOL]DU UHX QL}HV FRP FDGD 8QLPHG &RQILUD RItFLR DEDL[R $ UHXQLmR IRL PXLWR SURYHLWRVD VHQGR TXH D )H GHUDomR GDV 8QL PHGV DWUDYpV GH VHX GLUHWRU GHPRQVWURX LQWHUHVVH H DILUPRX TXH VH HPSHQKDUi HP UHVROYHU RV SUREOHPDV

´

$ UHXQLmR IRL PXLWR SURYHLWR VD H R GLUHWRU GD )HVS 'U /XL] 5REHUWR 'LE 0DWKLDV 'XDUWH DILUPRX TXH VH HPSHQKDUi QD UHVROXomR GRV SUREOHPDV

µ

7RORL -XQLRU 5RVDQJHOD /i]DUR H UHSUHVHQWDQWHV GD )HVS

4XDQWR j GHPRUD SDUD DV FRQVXOWDV IDUi HVIRUoRV SDUD DPHQL]DU D VLWXDomR H DLQGD GLVSRQLELOL]DUi XPD &HQWUDO GH $WHQGLPHQWR DRV ILOLDGRV $PDIUHVS SDUD DX[LOtD ORV QD PDUFDomR GH FRQVXOWDV H SURFHGLPHWRV 'U /XL] 5REHUWR HVFODUHFHX DLQGD TXH HQYLDUi FRUUHVSRQGrQFLD HVSHFLDO jV 8QLPHGV FRP PDLRUHV SUREOHPDV FRPR 7DXEDWp H 6mR -RVp GRV &DPSRV

$SyV D UHXQLmR R GLUHWRU GD )HVS HQFDPLQKRX FLUFXODU jV )HGHUDo}HV 5H JLRQDLV H 6LQJXODUHV GR (VWDGR GH 6mR 2 GLUHWRU GD )HVS GLVVH DLQGD TXH QR 3DXOR FRP R LQWXLWR GH GHVEXURFUDWL]DU H WRFDQWH jV DXWRUL]Do}HV SUpYLDV H[LJLGDV DJLOL]DU RV DWHQGLPHQWRV DRV DVVRFLDGRV VHP QHFHVVLGDGH DRV ILOLDGRV $PDIUHVS $IUHVS $PDIUHVS &RQILUD DEDL[R SHODV 8QLPHGV HQFDPLQKDUi &LUFXODU DRV SUHVLGHQWHV H WDPEpP DRV VHWRUHV 2 GLUHWRU GD $PDIUHVS /XL] &DUORV GH DXWRUL]Do}HV GDV 8QLPHGV ,VVR VHUi 7RORL -XQLRU HQFDPLQKRX FySLD GD FLUFXODU IHLWR LQFOXVLYH GXUDQWH YiULRV GLDV D WRGDV DV 'LUHWRULDV H 6HGHV 5HJLRQDLV

2ItFLR HQWUHJXH SHOD $PDIUHVS DR SUHVLGHQWH GD )HVS

&LUFXODU HQYLDGD SHOD )HVS jV VXDV VLQJXODUHV VREUH R DWHQGLPHQWR DRV ILOLDGRV $PDIUHVS


-RUQDO GD $IUHVS _ 0DLR GH

$16 Q

$PDIUHVS

$PDIUHVS p DSUHVHQWDGD FRPR FDVR GH VXFHVVR $SUHVHQWDomR IRL UHDOL]DGD GXUDQWH 6HPLQiULR GD 8QLGDV HP %UDVtOLD

7RORL -XQLRU GXUDQWH DSUHVHQWDomR QR 6HPLQiULR GD 8QLGDV

$ 8QLmR 1DFLRQDO GDV ,QVWLWXLo}HV GH $X WRJHVWmR HP 6D~GH 8QLGDV RUJDQL]RX QRV GLDV H GH DEULO HP %UDVtOLD ') R ´ 6HPLQiULR &HQiULRV GR VLVWHPD GH VD~GH H SUiWLFDV GH JRYHUQDQoD QD $XWRJHVWmRµ H FRQYLGRX D $PDIUHVS SDUD SDUWLFLSDU SRU

PHLR GH XPD DSUHVHQWDomR FRPR FDVH GH VXFHVVR 2 VHPLQiULR GHVWDFRX D LPSRU WkQFLD GDV PHOKRUHV SUiWLFDV GH JRYHUQDQoD FRUSRUDWLYD H D $PD IUHVS UHSUHVHQWRX DV RSHUDGRUDV GH SHTXHQR SRUWH $ DSUHVHQWDomR IRL UHDOL]DGD QR VHJXQGR GLD GR HYHQWR HP SDOHVWUD GR GLUHWRU GD $PDIUHVS /XL] &DUORV 7RORL -XQLRU TXH IDORX VREUH D KLVWy ULD GD $PDIUHVS TXH Ki PDLV GH DQRV FXLGD GD VD~GH GRV $JHQWHV )LVFDLV GH 5HQGDV GR HVWDGR GH 6mR 3DXOR 7RORL -XQLRU DSUHVHQWRX XP SDQRUDPD GR Q~PHUR GH YLGDV H IDL[D HWiULD GR SODQR QRV ~WOLPRV DQRV RV FXVWRV DV FREHU WXUDV RIHUHFLGDV TXH SRU VHUHP WmR FRP

SOHWDV H VXSHULRUHV jV H[LJLGDV SHOD $16 PHVPR DSyV DV GXDV ~OWLPDV DWXDOL]Do}HV GR 5RO QmR SUHFLVRX SDVVDU SRU QHQKXPD DGDSWDomR 2 GLUHWRU GD $PDIUHVS GHVWDFRX DLQGD RV SULQFLSDLV GLIHUHQFLDLV GD $PDIUHVS FRPR D &DPSDQKD 6D~GH TXH LPXQL]D RV ILOLDGRV FRQWUD D JULSH H D SQHXPRQLD H UHDOL]D H[D PHV SUHYHQWLYRV GH VD~GH D &DPSDQKD 3UHYHQomR TXH YDL DWp R ORFDO GH WUDEDOKR GRV $)5V H R $WHQGLPHQWR 'RPLFLOLDU $PD IUHVS $'$ 2 SUHVLGHQWH GD $IUHVS 7HUXR 0DVVLWD WDPEpP SDUWLFLSRX GR HYHQWR 2 6HPLQiULR DERUGRX DLQGD HVWUDWpJLDV SDUD D VXVWHQWDELOLGDGH GR VHWRU GH DVVLV WrQFLD j VD~GH VXSOHPHQWDU 2 HYHQWR GD 8QLGDV UHIRUoRX TXH $PD IUHVS VHUYH FRPR H[HPSOR GH JHVWmR HP VHUYLoRV GH VD~GH

'LUHWRU GD $PDIUHVS SDUWLFLSD GH 5HXQLmR GR &RQVHOKR 'HOLEHUDWLYR 1R GLD GH PDLR R 'LUHWRU GD $PD IUHVS /XL] &DUORV 7RORL -XQLRU SDUWLFLSRX GD UHXQLmR GR &RQVHOKR 'HOLEHUDWLYR GD $IUHVS DWHQGHQGR D FRQYRFDomR IHLWD SHOR 3UHVLGHQWH GR &RQVHOKR 'HOLEHUD WLYR /XtV $XJXVWR 6DQFKHV (VWHYH SUH VHQWH WDPEpP D JHUHQWH GD $PDIUHVS 5RVkQJHOD /i]DUR 7RORL -XQLRU IH] XPD DSUHVHQWDomR DRV FRQVHOKHLURV IDODQGR GD UHGH FUHGHQ FLDGD $PDIUHVS QD JUDQGH 6mR 3DXOR H ,QWHULRU VREUH R SURMHWR GH ILGHOL]DomR GH SURILVVLRQDLV QD iUHD PpGLFD H D LQWHQ omR GH LPSODQWDU D YHUWLFDOL]DomR YLUWXDO $OpP GLVVR IDORX VREUH D UHHVWUXWXUDomR GR GHSDUWDPHQWR GH FUHGHQFLDPHQWR H TXH VHUmR UHDOL]DGDV UHXQL}HV QDV 5H JLRQDLV VREUH D UHGH $PDIUHVS

omR GDV 8QLPHGV H GR 2ItFLR HQWUHJXH SHOD $PDIUHVS VROLFLWDQGR SURYLGrQFLDV TXDQWR jV H[LJrQFLDV GHVQHFHVViULDV GH DXWRUL]Do}HV SUpYLDV DRV ILOLDGRV H VREUH D GHPRUD QR DWHQGLPHQWR ( IH] XP EUHYH UHODWR VREUH D LPSRUWkQFLD GDV DXWRJHV W}HV SULQFLSDOPHQWH SDUD RV LGRVRV 'XUDQWH D DSUHVHQWDomR 7RORL -XQLRU GHPRQVWURX DRV FROHJDV FRQVHOKHLURV XP KLVWyULFR GR 6LVWHPD &RQWULEXWLYR D LP SRUWkQFLD GD LPSODQWDomR GD QRYD WDEHOD HP H R SRUTXr GD QHFHVVLGDGH GH PXGDQoDV QD WDEHOD DQWLJD 'HPRQVWURX DLQGD GDGRV GDV 5HFHLWDV H 'HVSHVDV GRV LWHQV , D H E )LVFDLV H (VSRVDV RV GR DUWLJR GR UHJXODPHQWR PRVWUDQGR TXH RV $)5V H HVSRVDV RV GD WDEHOD DQWLJD JDVWDP PXLWR PDLV GR TXH DUUHFDGDP

([SOLFRX DLQGD DV Do}HV TXH D $PD 2 GLUHWRU GD $PDIUHVS LQIRUPRX DLQGD VREUH RV FRQWDWRV FRP D )HGHUD IUHVS YrP ID]HQGR SDUD DSUHVHQWDU SUR

5RVkQJHOD /i]DUR JHUHQWH H 7RORL -XQLRU GLUHWRU GD $PDIUHVS

SRVWDV DR &RQVHOKR 'HOLEHUDWLYR GH RSo}HV GH PXGDQoD QD WDEHOD EDVHDGRV HP HVWXGRV DWXDULDLV H MXUtGLFRV 7RORL -XQLRU IDORX SRU DSUR[LPD GDPHQWH GXDV KRUDV H UHVSRQGHX DRV TXHVWLRQDPHQWRV GRV QREUHV FRQVHOKHL URV ( SRU ~OWLPR DJUDGHFHX R FRQYLWH H VH FRORFRX D GLVSRVLomR GR &RQVHOKR 'HOLEHUDWLYR

&DUWD 3UH]DGRV 6HQKRUHV &RP SHVDU FRPXQLFDPRV R IDOHFLPHQWR GR DVVRFLDGR $)5 DSRVHQWDGR 0DXUtFLR 3DLYD RFRUULGR QR GLD QR +RVSLWDO 1RYH GH -XOKR ([SUHVVDPRV QRVVR PDLV SURIXQGR DJUDGHFLPHQWR j $PDIUHVS SHOR FDULQKR DWHQomR H H[FHOrQFLD GH VHX DWHQGLPHQWR 7DQWR HP UHODomR jV DVVLVWHQWHV VRFLDLV HP HVSHFLDO D 6U )LORPHQD FRPR HP UHODomR DRV GHPDLV UHVSRQViYHLV SHOR SODQR TXH QXQFD QHJRX TXDOTXHU FXLGDGR RX DWHQGLPHQWR SUHVWDGR FRP HILFLrQFLD H GLOLJrQFLD FRPR WDPEpP DRV UHVSRQViYHLV SHOR +RPH &DUH TXH GLVSHQVDUDP RV PDLV H[WHQVRV FXLGDGRV QRV ~OWLPRV GLDV GR DVVRFLDGR 3RU ILP FRP R IDOHFLPHQWR IRL LQHVWLPiYHO R DSRLR H D HILFLrQFLD GD VHJXUDGRUD 0DSIUH QD UHVROXomR GDV TXHVW}HV EXURFUiWLFDV D TXDO PDQWpP FRQYrQLR GH DX[tOLR GHFHVVR FRP D $IUHVS *RVWDUtDPRV DVVLP GH H[WHUQDU QRVVR SURIXQGR DJUDGHFLPHQWR H UHVSHLWR SHOD H[FHOrQFLD GR DWHQGLPHQWR $WHQFLRVDPHQWH 'DQLOR GH $UUXGD *XD]HOL 3DLYD H 0DULD $SDUHFLGD $UUXGD *XD]HOL 3DLYD


Turn static files into dynamic content formats.

Create a flipbook
Issuu converts static files into: digital portfolios, online yearbooks, online catalogs, digital photo albums and more. Sign up and create your flipbook.