*$=(7$ 85%$1$
GH )HYHUHLUR
9
(GLomR
FS%5O ğ! %G
EM]i z/ M Y]MEM] ]
$
SULPHLUD HGLomR GR *D]HWD 8UEDQD WUDUi XPD DQiOLVH GH TXDGUDV O R F D O L ] D G D V Q R E D L U U R 3URPRUDU 7HUHVLQD WHQGR FRPR UHIHUrQFLD R OLYUR 0RUWH H 9LGD GDV *UDQGHV &LGDGHV GH -DQH -DFREV
/RFDOL]DomR GR EDLUUR 3URPRUDU QD FLGDGH GH 7HUHVLQD
2 HVWXGR SDUWH GD REVHUYDomR GRV XVRV H GD TXDOLGDGH GDV TXDGUDV H iUHDV OLYUHV GR ORFDO GH DFRUGR FRP D SDUWH , $ 1DWXUH]D 3HFXOLDU GDV & L G D G H V H S D U W H , , & R Q G L o } H V S D U D D 'LYHUVLGDGH 8UEDQD GR OLYUR 2 W U D E D O K R I R L G H V H Q Y R O Y L G R S H O R V D O X Q R V D V $ Q D e O L G D $ Q W R Q L R ( V W H U O L W R /HRQDUGR )LOLSH H 5REHUWD 6LPHmR HVWXGDQWHV GR S H U t R G R G R F X U V R G H $UTXLWHWXUD H 8UEDQLVPR H RULHQWDGR SHOD SURI 5DTXHO &DUYDOKR GD PDWpULD GH 3URMHWR GH $UTXLWHWXUD ± 8UEDQR $PELHQWDO
: G
: M a
- RUQDOLVWD QDVFLGD HP
FRQKHFLGD PXQGLDOPHQWH SHOD REUD HVFULWD DWHPSRUDO 0RUWH H 9LGD GH *UDQGHV &LGDGHV ODQoDGD QD GpFDGD GH PDV T X H D E R U G D D V V X Q W R V G H H [ W U H P D UHOHYkQFLD VREUH FLGDGHV -DQH -DFREV QD RSLQLmR GRV UHGDWRUHV GHVWH MRUQDO µ¶78'2 6LPSOHVPHQWH WXGR ¶¶ µ¶5HSUHVHQWDomR IHPLQLQD QD FLGDGH¶¶ µ¶(OD p XUEDQLVWD ¶¶ µ¶(OD HVWi HP RXWUR SDWDPDU¶¶
% ¾µº±l{u¤Č l |l l lµx ¤
ÈUHD GH HVWXGR HP GHVWDTXH QR EDLUUR 3URPRUDU
4l®lČ "¤¤ 4Î4l®µ x¤ | {u¤
G
µº¾|l º | l±°Ŕ¾±w lµ® ±l º l ± |lº¤±l
5RXSDV HVWHQGLGDV QD JUDGH TXH URGHLD D ,JUHMD GR &DGHLUDV SRVWDV QD FDOoDGD GH FDVD
*
3
)
5
-
$
& 2
%
6
$
'
,
9
(
5
6
,
'
$ '
(
'
6
,
d &
$
/
d
$ '
$
%
6
$
(
,
+
5
2 0 4 :
9 $
=
1
'
%
'
8
'
$
3
4 :
(
7
$
<
,
3
$ '
)
)
4
8
$
'
5
$ +
/
$
-
%
.
& +
(
3
5
d $
'
$
$ KRUD PDLV JRVWRVD ¿FRX SUR ¿QDO RQGH VDOJDGLQKRV H UHIULJHUDQWHV ¿]HUDP D DOHJULD GR HVWXGDQWH VRIUHGRU GH $UTXLWHWXUD H 8UEDQLVPR
5REHUWD 6LPHmR UHGDWRUD GHVWD JD]HWD p SHJD QR SXOR URXEDQGR FR[LQKD GXUDQWH YLVLWD /RJR DSyV R RFRUULGR IRL SUHPLDGD SHOR VXFHVVR QR PXQGR GR FULPH
3DVVHLR QD LQIkQFLD
µ¶$ PHVPD FDOoDGD R PHVPR EDQFR DV PHVPDV FRQYHUVDV H R PHVPR MDUGLP¶¶
$7(17$+
)LJXUDV S~EOLFDV DWXDOL]DQGR DV QRYLGDGHV QD FDOoDGD
l ±¾lċ ¤ xl º¤ċ l °¾l|±l
a aa ]o %Maa E/G, / ¤ l±|¤ ! ® µº¾|l º | l±°Ŕ¾±w lµ® ±l º l ¤º¤ ¤± l µºl
$
V UXDV VmR XP GRV HOHPHQWRV GHFLVLYRV SDUD R GHVHQYROYLPHQWR GD YLGD S~EOLFD DWUDYpV GHOD p TXH JDUDQWLPRV D VHJXUDQoD QR QRVVR EDLUUR KDYHQGR XPD GHPDUFDomR FODUD HQWUH RV HVSDoRV S~EOLFR H SULYDGR JHUDQGR DVVLP PRYLPHQWDomR FRQVWDQWH )DODQGR VREUH R EDLUUR 3URPRUDU QD FLGDGH GH 7HUHVLQD YHPRV XPD FODUD VHSDUDomR HQWUH HVVHV PHLRV RQGH D PDLRU SDUWH GR EDLUUR VH DSURSULD GH XVR UHVLGHQFLDO JHUDQGR XP SDVVHLR PDLV GHVHUWR QD PDLRU SDUWH GD iUHD GH GHOLPLWDomR ,VVR DFRQWHFHULD QDWXUDOPHQWH HP XP EDLUUR SRUpP PHVPR WHQGR HVVH FDUiWHU SUHGRPLQDQWH UHVLGHQFLDO SRGHPRV LGHQWL¿FDU YiULDV SHVVRDV R XWLOL]DQGR SDUD LUHP ID]HU FRPSUDV QR FRPpUFLR GD HVTXLQD RX PHVPR SDUD D SDUDGD GH {QLEXV SDUD LU DR WUDEDOKR 1DWXUDOPHQWH VH FRPSDUDUPRV FRP DYHQLGDV TXH VmR JUDQGHV HL[RV FRPHUFLDO WHPRV XPD GLIHUHQoD QDWXUDO QR ÀX[R GH SHVVRDV 6HXV SDVVHLRV QD PDLRULD GRV FDVRV VH HQFRQWUDP GH IRUPD LUUHJXODU RQGH UDPSDV LQYDGHP XPD SRUomR GD YLD JHUDQGR YiULDV
GLIHUHQoDV GH DOWXUDV QDV FDOoDGDV HQFRQWUDGDV QR EDLUUR SURSRUFLRQDQGR REVWiFXORV QR SDVVHLR IRUoDQGR D SRSXODomR D WUDQVLWDU QD UXD 6REUH DV TXDGUDV IRL DQDOLVDGR TXH Ki SUHGRPLQkQFLD GH VHUHP PDLV DORQJDGDV HP GXDV WHVWDGDV RFDVLRQDQGR QXPD FRQFHQWUDomR GH XVR UHVLGHQFLDO H PHQRV SHVVRDV QDV UXDV DV RXWUDV GXDV WHVWDGDV GD TXDGUD PDLV FXUWDV SURPRYHP XP VXUJLPHQWR GH XVR FRPHUFLDO GHYLGR D PDLRU FLUFXODomR GH SHVVRDV -DQH -DFREV HP VHX OLYUR 0RUWH H 9LGD GDV *UDQGHV &LGDGHV FRPHQWD VREUH D GLIHUHQoD HQWUH D IRUPD GDV TXDGUDV 4XDQGR Ki PDLRU SUHGRPLQkQFLD GH TXDGUDV FXUWDV PDLRUHV RSRUWXQLGDGHV GH SHUFXUVRV VmR FULDGDV IDFLOLWDQGR H SURPRYHQGR D FDPLQKDELOLGDGH H D LQWHJUDomR GH SHVVRDV H PRUDGRUHV GH GLIHUHQWHV TXDGUDV
3HVVRDV FDPLQKDQGR QD UXD SRU IDOWD GH FDOoDGD
!¤º¤ ±l lČ / ¤ l±|¤ ! ®
EDLUUR (VSLDGLQKD QR SRUWmR &RQYHUVDV LQWLPLVWDV RX Vy IRIRFD MRJDGD IRUD 7DOYH] Vy XP FXPSULPHQWR URWLQHLUR &RQWDWR IUHTXHQWH FRP SHVVRDV H VXDV YLYrQFLDV e DVVLP R GLD D GLD GDV ¿JXUDV S~EOLFDV GR EDLUUR 3URPRUDU 0DV R TXH HODV VLPEROL]DP QD VRFLHGDGH" 6HJXQGR XPD EXVFD RQOLQH UiSLGD ¿JXUDV S~EOLFDV VLJQL¿FDP UHSUHVHQWDomR LPSRUWkQFLD VRFLDO SHVVRD YXOWR 1R PXQGR UHDO VmR SHVVRDV UHDLV TXH HP WHRULD ³GmR FRQWD GD YLGD GRV RXWURV´ 1D SUiWLFD VmR WUDQVPLVVRUDV GH QRWtFLDV DGPLQLVWUDP DV QRYLGDGHV TXH VmR GH LQWHUHVVH S~EOLFR 1RUPDOPHQWH HVVHV LQGLYtGXRV QmR VH DXWR LQWLWXODP FRP HVVH VWDWXV WDO SRVLomR GH SUHVWtJLR YHP GH DOJXQV IXQGDPHQWRV TXH HOHV VHJXHP H TXH RV WRUQDP ¿JXUDV S~EOLFDV &RPR SRU H[HPSOR R DWR GH VH UHODFLRQDU FRP RV YL]LQKRV WHU SUHVHQoD QR EDLUUR FRQYHUVDU QDV SRUWDV FRP FDGHLUDV QD FDOoDGD ROKDU DV FULDQoDV EULQFDQGR QDV UXDV e XP FLFOR TXH FRQVLVWH HP FRQYHUVDU FRQYLYHU FRQKHFHU H FRQ¿DU 3HUFHEH VH TXH D SUHVHQoD GDV ¿JXUDV S~EOLFDV DOpP GH PDQWHU R EDLUUR LQIRUPDGR H EHP UHSUHVHQWDGR SURSRUFLRQD DWUDYpV GH FRQYHUVD H H[LVWrQFLD XPD YLYrQFLD PDLV LQWLPLVWD H VHJXUD SDUD TXHP DOL KDELWD 3DUD -DQH -DFREV LQÀXrQFLD VXSUHPD SDUD HVWD JD]HWD D HVWUXWXUD VRFLDO GD YLGD QDV FDOoDGDV GHSHQGH HP SDUWH GHVVHV LQGLYtGXRV 1mR VH QDVFH ¿JXUD S~EOLFD WRUQD VH ¿JXUD S~EOLFD
!¤º¤ ±l lČ G¤w ±ºl
G¤w ±ºl K u¤
!¤º¤ ±l lČ º¦ ¤ µº ± º¤ | : Ç ±l
!¤º¤ ±l lČ º¦ ¤ µº ± º¤ | : Ç ±l
/ ] a G ?
!¤º¤ ±l lČ º¦ ¤ µº ± º¤ | : Ç ±l
l Ç |l l x |l|
lµ °¾l|±lµ l x |l|
z /Ma o] GMa % Gi a/ Ma Y ]\o a /]]M
UD]RiYHO GH XVXiULRV SRU VHU EHP LOXPLQDGD H WHU DOJXQV TXLRVTXHV DOpP GLVVR R IXQFLRQDPHQWR GD LJUHMD DMXGD D DWUDLU SHVVRDV DR ORFDO SULQFLSDOPHQWH DRV ¿QDLV GH VHPDQD
!¤º¤ ±l lČ l |l l lµx ¤
º¦ ¤ µº ± º¤ | : Ç ±l µº¾|l º | l±°Ŕ¾±w lµ® ±l º l ± |lº¤± !¤º¤ ±l lČ / ¤ l±|¤ ! ®
G
/RFDOL]DomR GD iUHD DERUGDGD QR WH[WR
³> @ DV SHVVRDV GmR XWLOLGDGH DRV SDUTXHV H ID]HP GHOHV XP VXFHVVR RX HQWmR QmR RV XVDP H RV FRQGHQDP DR IUDFDVVR ´ 2V ORWHV HP WRUQR jV SUDoDV VmR PDUFDGRV SULQFLSDOPHQWH SRU UHVLGrQFLDV H FRPpUFLRV (VVHV XVRV SULQFLSDLV VRPDGRV D RXWURV SUHVHQWHV HP DOJXPDV GHVVDV SUDoDV FRPR DFDGHPLD S~EOLFD SRQWR GH PRWRWi[L ODQFKRQHWHV VmR R VX¿FLHQWH SDUD PDQWHU HVVDV iUHDV PRYLPHQWDGDV GXUDQWH D OX] GR GLD ¬ QRLWH TXDQGR RV FRPpUFLRV IHFKDP H DV SRUWDV GDV FDVDV EDWHP UHVWDP DV iUHDV S~EOLFDV PDO LOXPLQDGDV H QDGD DWUDHQWHV D VROLGmR H D H[SRVLomR DRV SHULJRV QRWXUQRV $SHQDV D SUDoD DWUHODGD j ,JUHMD GH 6DQWD /X]LD FRQVHJXH JDUDQWLU XP PRYLPHQWR
2 GHVXVR GDV iUHDV OLYUHV
³0DLV ÈUHDV /LYUHV SDUD TXr" 3DUD IDFLOLWDU DVVDOWRV" 3DUD KDYHU PDLV YD]LRV HQWUH RV SUpGLRV" 2X SDUD DV SHVVRDV FRPXQV XVDUHP H XVXIUXtUHP"´ (VVD TXDQWLGDGH GH iUHDV OLYUHV SUHVHQWHV QR WUHFKR HYLGHQFLD XPD VROXomR DFUtWLFD H QDGD IXQFLRQDO GRV SODQHMDGRUHV FRP D SUHUURJDWLYD GH WUD]HU GLYHUVLGDGH SDUD HVVHV ORFDLV PDV D IRUPD GH SHQVDPHQWR GHYH VHU IHLWD SHOR FDPLQKR LQYHUVR 2V SDUTXHV XUEDQRV VmR IUXWRV GH VXD YL]LQKDQoD H QmR VXEVWLWXHP D GLYHUVLGDGH XUEDQD SRU LVVR GHYHP VHU LPSODQWDGRV RQGH Ki YLGD FRQVWDQWHPHQWH Ċ QmR FRUUHQGR R ULVFR GH TXH RV SDUTXHV GH EDLUUR VH WUDQVIRUPHP HP YD]LRV XUEDQRV SHOD IDOWD GH GLYHUVLGDGH ItVLFD IXQFLRQDO QR VHX HQWRUQR
+25Ï6&232 ĝÛàėÚÜĞ q ĝÜÜėÚÜĞ ®¤± œw ģ l x µ
G% K
K ±m ¾ l µ l l ®¤µ º Çlċ ±m® |l º µlĊ º º ğµ q ¤®¤±º¾ |l| µ ¤ Ç l µ Ċ 5 ¤ l ¤ ± ċ ± ® ± µ º l ®¤µ º Ç |l| l ¤± l |l| Ċ Dl±l ¤µ µ¤ º ±¤µċ l µ lx |l| | x¤ º±l± l ¾ ¤Ç¤Ċ
" 4 :K
4¤ º¤ | µ DZl± | Ç x ¤µċ mw º¤µ ¤¾ l ¾ Ċ5¤ l ¤±ċ ± µ¤ Çl ¤µ ®±¤w lµ x¤ µ ¾ ®l±x ±¤Ċ $¤±l | µ DZl± | l ¤± µ ®lµµl|¤µ ¤¾ µ x¤ ®±¤ µµ¤Ċ
O:SG: µ |l| º µl |¾±l º l ¾ µ | lµĊ K lxl l º µ | º¤ l± °¾l °¾ ± | x µu¤Ċ5¤ l ¤±ċ x¾ |l|¤ x¤ l x¤ ¾µu¤Ċ 5u¤ l{l º ® µºl| x¤®¤ |įm ¾lĊ K¤ º ±¤µ u¤ | Ç ®± ¤± Ól± l Ç |l l ¤±¤µl µµl µ l lĊ
5 G
m ¤ ¤µ ®¤±ºl º µ x l |¤Ċ D ± ¤ | ¤ ¥ º ¤ ® l ±l ± µ ¤ Ç ± ® | x lµĊ 5¤ l ¤±ċ | Ç µ ± µ x ±¤ l ± l{u¤
/ :
\%G" 4
D ± ¤|¤ xl µlº Ǥċ µ¾l ±¤º l ®¤| µºl± Í |¤ wlµºl º | Ǥx Ċ O ± ¾ º ®¤ ®±l Ǥx Ċ 5¤ l ¤±ċ ®±¤ÇmÇ µº± µµ ºl Ç Ó w± lµ l ± l{u¤Ċ Ç º x¤ º¤µ
D ± ¤|¤ | µ | Ç ±º ± ®lµµl± ®¤± ¥º ¤µ ¤ º¤µ x¤ l ¤µĊ5¤ l ¤±ċ | Ç ±µu¤ ¤ º¤µ µ® x l µ x¤ l ® µµ¤l l l|lĊ 5u¤ x± Í® xºlº Çlµċ µ¥ x¾±ºl ¤ ¤ º¤Ċ
/% G
K :GD% :
¾º¤ µº l xl |¤ µºmÇ Ċ K¾x µµ¤ µlº µ l{u¤ º Ċ 5¤ l ¤±ċ µ® ±l {l ¤±l l ± l{u¤Ċ ¤ µ® ±l|¤ x l |¤Ċ
D ± ¤|¤ | xl± w x¤ µ ¤ µ ¤ x¤ lµ ® µµ¤lµ °¾ ¤µºlĊ µºl°¾ ®±¤ µµ ¤ l x l |¤Ċ5¤ l ¤±ċ xl± x l x l |¤Ċ
K "%O G%:
¾ |l|¤ x¤ µ º¾l{¬ µ x¤ ® xl|lµ l µ |l| Ċ 5¤ l ¤±ċ | lµ x¤ ® xl|¤µ x l |¤Ċ K¤ º ±¤µ | Ç xl± l ±ºlµ ®l±l u¤ x± l± Í® xºlº ÇlµĊ
FS G%:
¤ l µ ¤ º x l µ x l | ¤ ± x¾® ±l{u¤ | µºlw |l| µĊ 5¤ l ¤±ċ ®¤| l®l± x ± ® µµ¤lµ ¤Çlµ ¾ ® ± ¤|¤ | l ¤± ±º |l|
DG% ;G5%:
D °¾ ¤µ x lº¤µ ¤wµºmx¾ ¤µ ®¤| l®l± x ± ¤ xl ¤ċ ®¤| |¤ lÓ ± Ǥx º±¤® {l±Ċ5¤ l ¤±ċ w± lµ ®¤± ¤º Ǥµ w µºlµĊ K l ±lx ¤ l ®lx º Ċ
D %b K K l l | ®¤µµ w |l| µĊ K ± |¤µ ®¤| ±u¤ µ ± ± Ç l|¤µĊ5¤ l ¤±ċ ± Ól l Ç | l l ¤ ± ¤ µ l w l Í l ®±¤wlw |l| | l®l± x ± l ¾ ¤Ç¤Ċ
z ' Y ] ai '/M l±°¾ º º¾±l ¾±wl µ ¤
2 XVR GDV iUHDV OLYUHV
!¤º¤ ±l lČ / ¤ l±|¤ ! ®
1
HVVH FDUQDYDO DV iUHDV OLYUHV GH 7HUHVLQD LUDP VHU SUHVHQWHDGDV FRP D SUHVHQoD GH WRGR WLSR GH SHVVRDV IDQWDVLDGDV GXUDQWH TXDWUR GLDV GH IHVWD QmR GLIHUHQWH GRV IROL}HV RV YD]LRV XUEDQRV H[LVWHQFLDLV H V W D U m R P D T X L D G R V G H i U H D V E H P PRYLPHQWDGDV HQIHLWDGDV FRP WRGRV RV WLSRV GH DGRUQR HQIHLWHV SXUSXULQDV 5HDOFH 1mR VXUSUHHQGHQWHPHQWH FRP R ¿P GDV IHVWDV VH YDL R PRYLPHQWR D SUHVHQoD RV DGRUQRV DV SHVVRDV 9D]LR 2 WUHFKR DQDOLVDGR SRVVXL XPD JUDQGH TXDQWLGDGH GH iUHDV OLYUHV LPSODQWDGDV SRU WRGR R WUDMHWR DSHVDU GH HVWDUHP SUy[LPRV XP GR RXWUR FDGD XP PDQWpP VHX SUySULR GHVHPSHQKR PDV WRGRV VmR DIHWDGRV SHOD YDULHGDGH GH DWLYLGDGHV TXH DFRQWHFHP DR VHX UHGRU H SRU VXD SUySULD FDSDFLGDGH GH DWUDLU XVXiULRV
2 YD]LR GD SUDoD
ģ µºl± x¾±µl |¤ |¤ áØ l¤ ãØ ® ± ¤|¤ ģ|¤ ¤ µ ºx ¾®ċ ± Ç º l¾º¤xl| ģ ¤±m± ¤ Í Ç ę ¤ ¤ x Ě GijÝÚÚċÚÚ Ĺ Íº±l ®¤± ®±¤|¾º Ç |l| ¾ l lĊ l ¤œ¾ ¤Çl l® Ċ |¾Ċw± ęlº ÜÛėÚÜėÜÚÜÚĚ ¾ l lĊ l ¤œ¾ ¤Çl l® Ċ |¾Ċw±
l |l l lµx ¤ µº¾|l º | l±°Ŕ¾±w lµ® ±l º l x±¤ µºl
1
D PDQKm GR ViEDGR YLPRV DV HTXLSHV *DUUD H 9LOD 5HDO VH HQIUHQWDUHP HP XP DPLVWRVR VXE QR FDPSR GH IXWHERO GR EDLUUR 3URPRUDU D SDUWLGD WHYH XP UHVXOWDGR IUDQ]LQR VX¿FLHQWH SDUD HQWUHWHU R S~EOLFR SUHVHQWH GXUDQWH DTXHOHV QRYHQWD PLQXWRV 0DV R TXH FKDPRX PLQKD DWHQomR IRL R OXJDU /i IRL R VHJXQGR SRQWR PDUFDGR HP QRVVD OLVWD SDUD D YLVLWD H JRVWDPRV TXDQGR YLPRV TXH WLQKD XPD SDUWLGD DFRQWHFHQGR SDUD SRGHU PRVWUDU XP SRXFR GR OXJDU VHQGR XWLOL]DGR 2 FDPSR GR E D L U U R V H P S U H I R L X P O X J D U P X L W R PRYLPHQWDGR FRQVLGHUDQGR TXH p XP EDLUUR JUDQGH FRP PXLWD SUHVHQoD GH MRYHQV H FULDQoDV R HVSDoR VHPSUH IRL XP SRQWR GH HQFRQWUR H UHIHUrQFLD SDUD D SUiWLFD GH HVSRUWH H OD]HU GD UHJLmR Mi WHQGR DWp DEULJDGR MRJRV GH FDPSHRQDWRV GH FDWHJRULDV GH EDVH 2 TXH WHP TXH VH VDEHU VREUH HVVH FDPSR p TXH VLP HOH p EHP XWLOL]DGR PDV DV SHVVRDV QmR R XWLOL]DP SRU VHU XP HVSDoR DPSOR EHP HVWUXWXUDGR H PXLWR FRQIRUWiYHO HODV R XWLOL]DP SRUTXH DR ORQJR GR WHPSR FULDUDP UHODo}HV GH DIHWR FRP DTXHOH OXJDU DWUDYpV GR IXWHERO (ODV YmR DR FDPSR SRUTXH R IXWHERO VHQGR R HVSRUWH PDLV SRSXODU GR SDtV VHPSUH IRL FRQKHFLGR SRU XQLU DV SHVVRDV H TXH PHOKRU OXJDU SDUD MXQWDU JHQWH VHQmR XP FDPSR e FRPXP YHU QRV GRPLQJRV GH PDQKm FDUURV H PRWRV HVWDFLRQDGRV DPRQWRDGRV QD UXD GR FDPSR PXLWD JHQWH DWHQWD DR MRJR QD DUTXLEDQFDGD RX VH DSRLDQGR SRU WUiV GHOD QD FDOoDGD HVWUHLWD ,VVR p RQGH HX TXHUR FKHJDU FRPR HVWXGDQWH p PXLWR IiFLO ROKDU SDUD XP OXJDU FRPR HVVH DSyV SDVVDU QXP GLD GH VHPDQD
D WDUGH H FRQGHQi OR DR QmR YHU QLQJXpP RX VLPSOHVPHQWH ID]HU XPD DQiOLVH GR HQWRUQR H QRWDU DV FDOoDGDV PDO GLPHQVLRQDGDV R OL[R DFXPXODGR QDV HVTXLQDV H GL]HU TXH DTXHOH OXJDU QmR IXQFLRQD 0DV FRPR PRUDGRUD GR EDLUUR WHQGR FLrQFLD GD FODVVH VRFLDO GD PDLRULD GDTXHODV SHVVRDV H VDEHQGR TXH DOL p XP HVSDoR GH UHI~JLR HX SRVVR GL]HU TXH R FDPSR UHDOPHQWH IXQFLRQD e XP HVSDoR KDELWDGR D PDLRULD GRV GLDV TXH XQH D YL]LQKDQoD SURPRYH D PRYLPHQWDomR H SHVVRDV H JHUD XP ÀX[R JUDQGH 6y TXH WDPEpP QmR SRGHPRV GHL[DU GH DQDOLVDU DLQGD TXH HX WHQKD IDODGR PXLWR EHP H GDGR H[HPSORV GDV YiULDV YDQWDJHQV GR HVSDoR QmR VLJQL¿FD TXH HOH VHMD D HStWRPH GDV WHRULDV GH -DQH -DFREV QD WHUUD 2 FDPSR p XWLOL]DGR PDMRULWDULDPHQWH GH GLD QRV GLDV TXH p XWLOL]DGR VH HVVH XVR IRVVH R PHVPR QR WXUQR GD QRLWH VHULD PDLV XP SRQWR SRVLWLYR HVVH ÀX[R LD SHUPDQHFHU QRLWH DGHQWUR H WDPEpP VHULD XPD YDQWDJHP SUD TXHP WHP TXH MRJDU DR HYLWDU R VRO VHPSUH SUHVHQWH H PXLWR TXHQWH GH 7HUHVLQD 2XWUR DVSHFWR TXH QRWDPRV HP QRVVD YLVLWD IRL D TXHVWmR GDV FDOoDGDV TXH p XP GRV PDLRUHV SUREOHPDV GR ORFDO FRPR DOWHUQDWLYD SDUD D LQVHUomR GH XPD DUTXLEDQFDGD R HVSDoR WHYH TXH DEULU PmR GH XPD FDOoDGD ODUJD H FDPLQKiYHO 4XDQGR Ki MRJR H DV SHVVRDV HVWmR D RFXSDQGR MXQWR FRP RV FDUURV HVWDFLRQDGRV QR DFRVWDPHQWR D ~QLFD RSomR p FDPLQKDU SHOD UXD H FRPSHWLU SHOR HVSDoR FRP RV FDUURV ,VVR SDUD DOJXpP TXH SRVVD FDPLQKDU XP FDGHLUDQWH Mi QmR WHP HVVD DOWHUQDWLYD VXD ~QLFD RSomR p D UXD $OpP GH WXGR LVVR R SUREOHPD TXH FRQVLGHUR PDLV VpULR SRUTXH HOH p R TXH ID] FRP TXH R HVSDoR SHUFD WRGR R DWUDWLYR TXH HOH UHFHEH D IDOWD GH LOXPLQDomR GR VHX HQWRUQR $ QRLWH DV GXDV SUDoDV DR ODGR GR FDPSR VH WRUQDP XP EUHX $ IDOWD GH SRVWHV QD DOWXUD FHUWD FHVVD D YLGD QR OXJDU GXUDQWH D QRLWH 1LQJXpP VH VHQWH VHJXUR HPEDL[R GH XP PDU GH iUYRUHV GHQVDV VHP QHQKXPD LOXPLQDomR SHOR FDPLQKR
G
/RFDOL]DomR GD iUHD DERUGDGD QR WH[WR
2XWUR SRQWR TXH SRGH LQÀXHQFLDU QHVVD GHVHUWLGmR QRWXUQD p R HQWRUQR GR FDPSR SRU WUiV WHP PDLRULD GH FDVDV GRV RXWURV WUrV ODGRV WUrV HVSDoRV S~EOLFRV TXH WDPEpP QmR IXQFLRQDP EHP D QRLWH SHOD IDOWD GH LOXPLQDomR H PRYLPHQWDomR QR FDQWHLUR FHQWUDO GD DYHQLGD QD IUHQWH H DR ODGR H[LVWHP TXLRVTXHV TXH IXQFLRQDP PXLWR EHP D QRLWH GR RXWUR ODGR GD DYHQLGD IDUPiFLDV H ODQFKRQHWHV TXH WDPEpP ¿FDP DEHUWDV 1mR IDOWD GLYHUVLGDGH GH XVRV IDOWDP SHVVRDV SDUD FLUFXODU SRU HVVHV HVSDoRV H IDOWD DV SHVVRDV R LQFHQWLYR D FDPLQKDU DOL $JRUD TXH YRFrV HQWHQGHUDP XP SRXFR GR OXJDU SUD EHP RX SUD PDO SRGHP WLUDU VXDV FRQFOXV}HV PDV D PLQKD p TXH D FLGDGH HVWi FKHLD GH HVSDoRV FRP SRWHQFLDO TXH SRGHP VH WRUQDU iUHDV OLYUHV VXSHU PRYLPHQWDGDV H IUXWtIHUDV EDVWD HQWHQGHU H FRQKHFHU R WHUULWyULR 1mR VH SRGH TXHUHU LQWHUYLU VHP VDEHU DV QHFHVVLGDGHV H YRQWDGHV GR ORFDO 3UD FRQFOXLU XPD PHWiIRUD HQWUH XUEDQLVPR H IXWHERO SURYDYHOPHQWH DV GXDV FRLVDV TXH PDLV JRVWR QD YLGD $ VHQVDomR TXH HX WHQKR TXDQGR YHMR XP HVSDoR S~EOLFR TXH IXQFLRQD H XWLOL]D VHX SRWHQFLDO DWUDYpV GDV SHVVRDV p D PHVPD TXH WHQKR TXDQGR PHX WLPH FRQVHJXH YLUDU R MRJR RX ID]HU DTXHOH JRO QR ¿QDO]LQKR e PHLR TXH XPD HSLIDQLD YRFr VHQWH TXH DV FRLVDV SRGHP PHOKRUDU SDVVD D DFUHGLWDU TXH DOL QDTXHOH PRPHQWR FDUUHJDGR FRP WDQWD HVSHUDQoD Ki D VROXomR SUD WXGR
&DOoDGD GR IXQGR GR FDPSR
± µ¾ ºl|¤µ |l µ l l 6XSHUFRSD GR %UDVLO
*DUUD YHQFH R 9LOD 5HDO SRU [ QR &DPSR GR 3URPRUDU
!¤º¤ ±l lČ / ¤ l±|¤ ! ®
)ODPHQJR [ $WKO 3DUDQDHQVH /LJD GRV &DPSH}HV
%RUXVVLD 'RUWPXQG [ 36*
$WOpWLFR 0DGULG [ /LYHUSRRO &DPSHRQDWR 3DXOLVWD
6mR 3DXOR [ &RULQWKLDQV 6DQWRV [ )HUURYLiULD 3DOPHLUDV [ 0LUDVVRO
!¤º¤ ±l lČ / ¤ l±|¤ ! ®
x±¦ xl µ®¤±º Çl