Jornal da Universidade

Page 1

-251$/ '$ 81,9(56,'$'( /HLD D tQWHJUD GHVWD HGLomR HP ZZZ MRUQDO XIUJV EU

3RUWR $OHJUH _ 56 _ %UDVLO

Impresso Especial 9912196297-DR/RS UFRGS CORREIOS

1RYHPEUR GH

$QR ;,, _ 1~PHUR

0(',&,1$

3LRQHLULVPR H RXVDGLD 4XDWUR LQWHJUDQWHV GD WXUPD GH IRUPDQ GRV GR FXUVR GH 0HGLFLQD GD 8)5*6 GH UHOHPEUDP KLVWyULDV GH VHX WHPSR GH HVWXGDQWH H GRV SULPHLURV DQRV GH SUiWLFD SURILVVLRQDO TXDQGR R GLDJQyVWL FR H WUDWDPHQWR GH GRHQoDV GHSHQGLD PDLV GR FKDPDGR ´ROKR FOtQLFRµ H PHQRV GRV DYDQoRV WHFQROyJLFRV ÉOYDUR 3HWUD FR GD &XQKD $UQDOGR -RVp GD &RVWD )L OKR &DUORV 2VZDOGR 'HJUD]LD H ,YDQ +HU Yp UHSUHVHQWDP XP JUXSR GH PpGL FRV TXH IL]HUDP KLVWyULD QD VD~ GH GR 5LR *UDQGH GR 6XO

5HPHQGRV QD FXOWXUD JD~FKD

3

6$Ó'(

3HULJR PDVFDUDGR

$ /HL GH ,QFHQWLYR j &XOWXUD IRL FULDGD QD WHQWDWLYD GH VDQHDU D IDOWD GH UHFXUVRV SDUD D iUHD QR HVWDGR 9RWDGD HP HOD SRVVLELOLWRX D UHDOL]DomR GH GLYHUVRV HYHQWRV LPSRUWDQWHV SDUD R 5LR *UDQGH GR 6XO 1R HQWDQWR Ki DOJXQV DQRV R VHWRU YHP VRIUHQGR FRP R GHVPDQWHODPHQWR GRV DSDUHOKRV FXOWXUDLV HVWDWDLV $ 6HFUHWDULD GH (VWDGR GD &XOWXUD WLQKD XP SDVVLYR HQRUPH TXDQGR GR LQtFLR GR DWXDO JRYHUQR 1HVWH DQR IRUDP GHVFREHUWDV LUUHJXODULGDGHV QR VLVWHPD GH LQFHQWLYR 2 PRPHQWR DWXDO p GH DYDOLDomR GDV IRUPDV GH ILQDQFLDPHQWR GR FDPSR TXH FRQVWUyL LGHQWLGDGHV H SUHVHUYD D PHPyULD

3iJLQD &HQWUDO

9tUXV GR +39 p XPD GDV SULQFLSDLV FDXVDV GH PRUWH GH PXOKHUHV SRU FkQFHU GH FROR GH ~WHUR 6HP DSUHVHQWDU VLQWRPDV HOH p D GRHQoD VH[XDOPHQWH WUDQVPLVVtYHO PDLV FRPXP QR PXQGR ILFDQGR QD IUHQWH DWp GD WHPtYHO $,'6 (VWXGRV FRPSURYDP TXH GH D GDV PXOKHUHV VH[XDOPHQWH DWLYDV VHUmR LQIHFWDGDV HP DOJXP PRPHQ WR GH VXDV YLGDV SRU XP RX PDLV WLSRV GR YtUXV 3RU LVVR p WmR LPSRUWDQWH D SUHYHQ omR GR FkQFHU GH FROR GH ~WHUR D SDUWLU GD UHDOL]DomR SHULyGLFD GR FRQKH FLGR H[DPH 3DSDQLFRODRX

3

32/Ì7,&$

&RQVWLWXLomR GD HVSHUDQoD QR (TXDGRU $SHVDU GDV FUtWLFDV SHOD FRQFHQWUDomR GR SRGHU H GD SRVVLELOLGDGH GH UHHOHLomR SDUD PDLV GRLV PDQGDWRV FRQVHFXWLYRV GR DWX DO SUHVLGHQWH 5DIDHO &RUUHD D QRYD &DUWD 0DJQD HTXDWRULDQD HODERUDGD SRU XPD $VVHPEOpLD &RQVWLWXLQWH IRUPDGD SRU UHSUHVHQWDQWHV HOHLWRV SHOD SRSXODomR LQV SLUD XP SRYR TXH Mi GHS{V WUrV SUHVLGHQ WHV 4XDQWR j SDUWLFLSDomR SRSXODU D &RQV WLWXLomR DSURYDGD HVWDEHOHFH D FULDomR GH XP TXDUWR SRGHU R GH &RQWUROH H 3DUWLFL SDomR 6RFLDO D VHU FRQVWLWXtGR SRU LQGLFD o}HV GH RUJDQL]Do}HV VRFLDLV &{QVXO H HVWXGDQWH FRPHQWDP D QRYD UHDOLGDGH GH VHX SDtV HQTXDQWR GRXWRUDQGD HP 6RFL RORJLD H &LrQFLD 3ROtWLFD UH FRQVWLWXL WRGR R SURFHVVR

)2726 )/É9,2 '875$ 352-(72 &217$72

3

$ XQLYHUVLGDGH H D LQRYDomR WHFQROyJLFD 7H[WR GR SURIHVVRU HPpULWR GD 8)5*6 )HUQDQGR =DZLVODN GLVFXWH R SDSHO GDV LQVWLWXLo}HV GH HQVLQR VXSHULRU QR GHVHQYROYLPHQWR GD VRFLHGDGH

3

(;3/25$d®2 '$ &$0$'$ 35e 6$/

(VSHFLDOLVWDV GL]HP TXH EHQHItFLRV GHSHQGHUmR GD SROtWLFD JRYHUQDPHQWDO 3DUD SURIHVVRUHV GD 8)5*6 R SDtV WHP WRGDV DV FRQGLo}HV GH VXSHUDU RV GHVDILRV GD SURVSHFomR HP DOWR PDU 3R UpP DV QRYDV MD]LGDV EUDVL OHLUDV YmR UHTXHUHU XP XVR PXLWR EHP SODQHMDGR 4XDQ

WR j SRVVtYHO FULDomR GH XPD QRYD HVWDWDO RV HVSHFLDOLVWDV IRUDP XQkQLPHV HP GHVFDU WDU D LGpLD 1D RSLQLmR GR HQ JHQKHLUR 7HOPR 6WURKDHFNHU OHYDULD PXLWR WHPSR DWp TXH D FRPSDQKLD GHVHQYROYHVVH

WHFQRORJLD D SRQWR GH VHU UH FRQKHFLGD QR PHUFDGR LQWHU QDFLRQDO 2 JHyORJR (GXDUGR *XLPDUmHV %DUER]D DFKD TXH R PDLRU SUREOHPD VHULD D IDO WD GH PmR GH REUD TXDOLILFDGD

3

6$/®2 '( ,1,&,$d®2 &,(17Ì),&$

DQRV IRPHQWDQGR D SHVTXLVD 6HJXQGR PDLRU HYHQWR GD 8QLYHUVLGDGH FRPSOHWD GXDV GpFDGDV FRP DXPHQWR GH EROVDV H SDUWLFLSD omR GH HVWXGDQWHV GH RXWUDV LQVWLWXLo}HV $ FREHUWXUD GR ;; 6DOmR GH ,QLFLDomR &LHQWtILFD GD ;9,, )HLUD GH ,QLFLDomR &LHQWtILFD H GR ,,, 6DOmR 8)5*6 -RYHP TXH WUD] HVFRODV SDUD R DPELHQWH DFDGr PLFR FRP GHSRLPHQWRV GRV RUJDQL]DGRUHV H SDUWLFLSDQWHV EHP FRPR GRV VHXV SUHPLDGRV SRGH VHU OLGD QD UHSRUWDJHP ´'HJUDX SRU GHJUDX GD PHPyULDµ

3

',7 $'85$ ',7$'85$

5HSUHVVmR p WHPD GH OLYUR H H[SRVLomR 'RLV MRUQDOLVWDV UHOHPEUDP HSLVyGLRV PDUFDQWHV GRV DQRV GH UHJLPH PLOLWDU /XL] &OiXGLR &XQKD WHVWHPXQKD GR FDVR GR VHT HVWUR GRV XUXJXDLRV IDOD VREUH FRPR DTXHOD LQYHVWLGD GD 2SHUDomR &RQGRU IRL IUXVWUDGD SHOD DWXDomR GD LPSUHQVD $OtSLR *RQoDOYHV SUHVR SHORV DJHQWHV GD UHSUHVVmR GH D UHODWD VXD H[SHULrQFLD QDV FDGHLDV SDXOLVWDV TXDQGR DR ODGR GH RXWURV GHWLGRV SURGX]LX XPD VpULH GH TXDGURV TXH HUDP YHQGLGRV SDUD JDUDQWLU R VXVWHQWR GH VXD IDPtOLD 5HWUDWR GRV WHPSRV GH WRUWXUD DV REUDV ID]HP SDUWH GD PRVWUD $UWH H PHPyULD $QRV UHEHOGHV HP FDUWD] QR 0XVHX GD 8)5*6

3 H


_ -251$/ '$ 81,9(56,'$'( _ 129(0%52 '(

23,1,®2 $UWLJR

8PD LQVWLWXLomR FHQWHQiULD

5HLWRULD (VSDoR GD

$&(592 63+ 8)5*6

$

)DFXOGDGH GH &L»QFLDV (FRQÄPLFDV )&( GD 8)5*6 FULDGD FRPR (VFROD GH &RP¹UFLR GH 3RUWR $OHJUH MXQWR ³ )DFXOGDGH GH 'LUHLWR HP GH QRYHPEUR GH SUHSDUD VH SDUD LQLFLDU DV FRPHPRUD¸ÆHV GH VHX $QR &HQWHQ²ULR 6XD FULD¸¶R IRL XPD UHVSRVWD GDV OLGHUDQ¸DV XQLYHUVLW²ULDV GD ¹SRFD HQWUH DV TXDLV VH GHVWD FDYD R SURIHVVRU 0DQRHO $QGU¹ GD 5RFKD GLUH WRU GD )DFXOGDGH GH 'LUHLWR ³V GHPDQGDV SHOD PHOKRULD GR HQVLQR FRPHUFLDO TXH HUD IHLWR SHODV SUÂSULDV HQWLGDGHV FRPHUFLDLV HVFRODV SDUWLFXODUHV H PHVPR SRU JXDUGD OLYURV HP DX ODV SU²WLFDV GH HVFULWXUD¸¶R PHUFDQWLO (VVD PXGDQ¸D HUD WDPE¹P H[LJLGD SHOR IRUWH GHVHQ YROYLPHQWR GDV DWLYLGDGHV HFRQÄPLFR FRPHU FLDLV QR LQ½FLR GR V¹FXOR ;; H SHODV HOLWHV JDÇ FKDV DGHSWDV GR 3RVLWLYLVPR 'H D D (VFROD GH &RP¹UFLR ILFRX VHGLDGD QD )DFXOGDGH GH 'LUHLWR (P WUDQVIHULX VH MXQWDPHQWH FRP D UHLWRULD GD 8QLYHUVLGDGH GR 5LR *UDQGH GR 6XO SDUD R SU¹ GLR DWXDO TXH VXFHGHX D PDMHVWRVD VHGH GR &R O¹JLR -XOLR GH &DVWLOKRV GHVWUX½GR SRU XP LQ F»QGLR HP QRYHPEUR GH $R ORQJR GH VXD KLVWÂULD D (VFROD SDVVRX SRU PXGDQ¸DV LQVWLWXFLRQDLV LPSRUWDQWHV (P IRL UHFRQKHFLGD FRPR HVWDEHOHFLPHQWR RILFLDO GH HQVLQR (P LQWHJURX D UHF¹P FULDGD 8QLYHUVLGDGH GH 3RUWR $OHJUH (P

IRL GHVDQH[DGD GD )DFXOGDGH GH 'LUHLWR H WRU QRX VH DXWÄQRPD UHFHEHQGR R QRPH GH )D FXOGDGH GH (FRQRPLD H $GPLQLVWUD¸¶R GHQR PLQD¸¶R TXH HP PXGDULD SDUD )DFXOGD GH GH &L»QFLDV (FRQÄPLFDV FRP D IHGHUDOL]D¸¶R GD 8QLYHUVLGDGH (P R 'HSDUWDPHQWR GH $GPLQLVWUD¸¶R GHL[RX D )&( SDUD IRUPDU D QRYD (VFROD GH $GPLQLVWUD¸¶R $ LQVWLWXL¸¶R VRXEH UHVSRQGHU D WRGRV RV GH VDILRV TXH D VRFLHGDGH OKH DSUHVHQWDYD ,QLFLDO PHQWH IRUDP RIHUHFLGRV GRLV FXUVRV GH HQVLQR FRPHUFLDO XP JHUDO GH Q½YHO P¹GLR FRP WU»V DQRV GH GXUD¸¶R H RXWUR VXSHULRU GH GRLV DQRV (P IRL LQVWLWX½GR R FXUVR GH $GPLQLVWUD ¸¶R H )LQDQ¸DV H FLQFR DQRV PDLV WDUGH RV FXU VRV GH &L»QFLDV (FRQÄPLFDV H GH &L»QFLDV &RQW²EHLV H $WXDULDLV (P IRL LPSODQWD

GR R FXUVR GH $GPLQLVWUD¸¶R GH (PSUHVDV H HP R GH $GPLQLVWUD¸¶R 3ÇEOLFD )LQDO PHQWH HP XP QRYR GHVDILR IRL D FULD¸¶R GR FXUVR GH 5HOD¸ÆHV ,QWHUQDFLRQDLV 1R FDPSR GD SHVTXLVD RV WUDEDOKRV LQLFLD UDP FHGR FRPR LQGLFD R JUDQGH QÇPHUR GH UHYLVWDV DFDG»PLFDV FULDGDV $ SLRQHLUD IRL D 5HYLVWD GH &RP¹UFLR H ,QGÇVWULD GR 5LR *UDQGH GR 6XO SXEOLFDGD HP SRU LQLFLDWLYD GH SUR IHVVRUHV H H[ DOXQRV GD (VFROD GH &RP¹UFLR 0DLV WDUGH VXUJLULDP RXWUDV VHLV SXEOLFD¸ÆHV D 5HYLVWD GR &HQWUR GRV (VWXGDQWHV 8QLYHUVLW²UL RV GH &L»QFLDV (FRQÄPLFDV D 5HYLVWD GD )DFXOGDGH GH &L»QFLDV (FRQÄPLFDV $Q²OLVH (FRQÄPLFD &RQWH[WR HVSHFLDOL]DGD QD ²UHD GH FRQWDELOLGDGH 9LV¶R (FRQÄPLFD H 3HUVSHFWLYD DPEDV

0HPyULD GD 8)5*6

SXEOLFD¸ÆHV GRV HVWXGDQWHV GH JUDGXD¸¶R D SUL PHLUD OLJDGD DR FXUVR GH &L»QFLDV (FRQÄPLFDV H D VHJXQGD DR GH 5HOD¸ÆHV ,QWHUQDFLRQDLV $ SHVTXLVD WRPRX LPSXOVR HP FRP D LQDXJXUD¸¶R GR ,QVWLWXWR GH 3HVTXLVDV (FRQÄ PLFDV ,HSH H VHLV DQRV GHSRLV GR &HQWUR GH (VWXGRV H 3HVTXLVDV HP $GPLQLVWUD¸¶R &HSD RV TXDLV WDPE¹P SURPRYHUDP R HQVLQR GH 3ÂV JUDGXD¸¶R $ )&( IRL XPD GDV SLRQHLUDV QD 8)5*6 QR HQVLQR GH SÂV JUDGXD¸¶R (P HUD FULDGR MXQWR DR ,HSH R PHVWUDGR HP (FRQRPLD H 6RFL RORJLD 5XUDO H HP R PHVWUDGR HP (FR QRPLD 8P DQR GHSRLV IRL LQVWLWX½GR R PHVWUDGR HP $GPLQLVWUD¸¶R 3ÇEOLFD H GH (P SUHVDV (P R GRXWRUDGR HP (FRQRPLD H HP R GRXWRUDGR HP $GPLQLVWUD¸¶R &RP D H[WLQ¸¶R GR PHVWUDGR HP (FRQRPLD 5XUDO IRL FULDGR HP R 3URJUDPD GH 3ÂV JUDGX D¸¶R HP 'HVHQYROYLPHQWR 5XUDO FRP PHVWUDGR H GRXWRUDGR 0DLV UHFHQWHPHQWH VXUJLX R 1Ç FOHR GH (VWXGRV H 3HVTXLVDV HP &RQWDELOLGDGH 1HFRQ TXH DO¹P GD UHYLVWD &RQWH[WR UHDOL]D FXUVRV GH HVSHFLDOL]D¸¶R $ FRPHPRUD¸¶R GR FHQWHQ²ULR GD )DFXOGD GH DO¹P GH SHUPLWLU R HVWXGR GH VXD HYROX¸¶R KLVWÂULFD FRQVWLWXL VH HP PRPHQWR LPSRUWDQ WH SDUD WRGRV TXH QHOD WUDEDOKDPRV QR SDVVDGR H QR SUHVHQWH SDUD UHQRYDU VHXV QREUHV REMHWL YRV H SODQHMDU VXD HVWUDW¹JLD IXWXUD D ILP GH HQIUHQWDU RV JUDQGHV GHVDILRV TXH RV QRYRV WHP SRV FRORFDU¶R D WRGRV QÂV *HQWLO &RUD]]D 'LUHWRU GD )DFXOGDGH GH &LrQFLDV (FRQ{PLFDV

$&(592 086(8 '$ 8)5*6

81,9(56,'$'( )('(5$/ '2 5,2 *5$1'( '2 68/ $Y 3DXOR *DPD %DLUUR )DUURXSLOKD 3RUWR $OHJUH ² 56 _ &(3 )RQH _ ZZZ XIUJV EU

&RPSURPLVVR FRP D (GXFDomR 7RGR FLGDG¶R GHYH WHU GLUHLWR ³ HGXFD ¸¶R SÇEOLFD GH TXDOLGDGH 8P H[HPSOR GH TXH HVWH SULQF½SLR UHSXEOLFDQR YHP VHQGR DVVXPLGR SHOR (VWDGR EUDVLOHLUR ¹ D SRO½WLFD GH H[SDQV¶R TXDOLILFDGD GR HQVL QR VXSHULRU SÇEOLFR +RMH YLYHQFLDPRV R HVIRU¸R GDV XQLYHUVLGDGHV IHGHUDLV HP H[SDQGLU DV YDJDV GH LQJUHVVR QD JUDGXD ¸¶R QD SÂV JUDGXD¸¶R H HP DPSOLDU WR GDV DV VXDV DWLYLGDGHV DFDG»PLFDV 1R HQWDQWR D HGXFD¸¶R GHYH VHU WUDWD GD GH IRUPD RUJ´QLFD FRPR XP VLVWHPD HP TXH RV GLYHUVRV Q½YHLV V¶R GH IDWR LQWHUGHSHQGHQWHV $ SDUWLU GHVVD FRQFHS ¸¶R DV XQLYHUVLGDGHV V¶R DJRUD FKDPDGDV D FRQWULEXLU SDUD D H[SDQV¶R H D TXDOLIL FD¸¶R GR HQVLQR E²VLFR DWUDY¹V GD IRUPD ¸¶R LQLFLDO H FRQWLQXDGD GH SURILVVLRQDLV GR PDJLVW¹ULR 'H XP ODGR K² PXLWR VH UHFRQKHFH D FDU»QFLD GH SURIHVVRUHV VR EUHWXGR SDUD DV GLVFLSOLQDV GH 0DWHP²WL FD H &L»QFLDV 'H RXWUR D FDGD DQR DV DYD OLD¸ÆHV QDFLRQDLV H LQWHUQDFLRQDLV GH HV WXGDQWHV GR HQVLQR IXQGDPHQWDO H P¹GLR UHYHODP D QHFHVVLGDGH GH PHOKRUDU D TXD OLGDGH GD HGXFD¸¶R E²VLFD 3RU HVWDV UD]ÆHV SDVVD D VHU HVWUDW¹JLFD SDUD R SD½V D IRUPD¸¶R GH QRYRV SURIHVVR UHV H D TXDOLILFD¸¶R GDTXHOHV TXH KRMH V¶R RV UHVSRQV²YHLV SHOD HGXFD¸¶R GRV XQLYHU VLW²ULRV GH DPDQK¶ $O¹P GR LQYHVWLPHQWR HP GLYHUVRV SURJUDPDV GH DSRLR VHU² IXQ GDPHQWDO D DUWLFXOD¸¶R FRP DV LQVW´QFLDV SÇEOLFDV UHVSRQV²YHLV SHOD HGXFD¸¶R E²VL FD RV PXQLF½SLRV H RV HVWDGRV $ 8)5*6 FRP D H[SHUL»QFLD GRV FXUVRV GH OLFHQFLD WXUD TXH HQJOREDP SUDWLFDPHQWH GR VHX FRUSR GLVFHQWH H GH FXUVRV GH SÂV JUD GXD¸¶R GHGLFDGRV D HVVD WHP²WLFD HVW² SUH SDUDGD SDUD VHU SURWDJRQLVWD GHVWH QRYR PRYLPHQWR GD HGXFD¸¶R EUDVLOHLUD )RU PDU PDLV H PHOKRUHV SURIHVVRUHV SDUD RV GLIHUHQWHV Q½YHLV GH HQVLQR ¹ FRQWULEXLU SDUD D GHPRFUDWL]D¸¶R GR FRQKHFLPHQWR PLV V¶R LQVWLWXFLRQDO GD 8QLYHUVLGDGH

&DUORV $OH[DQGUH 1HWWR 5HLWRU

P 02 - Opinião.pmd

1

5HLWRU &DUORV $OH[DQGUH 1HWWR 9LFH UHLWRU 5XL 9LFHQWH 2SSHUPDQQ &KHIH GH *DELQHWH -RmR 5REHUWR %UDJD GH 0HOOR 6HFUHWiULR GH &RPXQLFDomR 6RFLDO )OiYLR 3RUFHOOR

-251$/ '$ 81,9(56,'$'( 3XEOLFDomR PHQVDO GD 6HFUHWDULD GH &RPXQLFDomR 6RFLDO GD 8)5*6 )RQHV &RQVHOKR (GLWRULDO $UWXU /RSHV 'DOWUR -RVp 1XQHV 'LUFH 0DULD $QWXQHV 6XHUWHJDUD\ (GVRQ /XL] /LQGQHU )HUQDQGR &RWDQGD 0DULD +HQULTXHWD /XFH .UXVH 5XGLPDU %DOGLVVHUD 6DQGUD GH 'HXV 6pUJLR 0DUOH\ 0RGHVWR 0RQWHLUR

&RQVWUXomR GR SUpGLR GD )DFXOGDGH GH 2GRQWRORJLD LQDXJXUDGR HP DJRVWR GH $ XQLGDGH TXH FRPHPRURX DQRV GH IXQGDomR HP GH RXWXEUR UHFHEHX UHFHQWHPHQWH R VHOR (VWUHODV QR *XLD GR (VWXGDQWH GD (GLWRUD $EULO

0XUDO GR OHLWRU 6HJXUDQoD *RVWDULD GH VXJHULU XPD UHSRUWDJHP TXH ¹ GR LQWHUHVVH GH WRGD D FRPXQLGDGH XQLYHUVLW²ULD R DVVXQWR GD VHJXUDQ¸D HP HVSHFLDO RV UHFHQWHV HSLVÂGLRV RFRUULGRV QR &DPSXV GR 9DOH 0DQXHO 5RGULJXHV /RQFDQ DFDGrPLFR GH )DUPiFLD

5HFRQKHFLPHQWR 6RX IRUPDQGR HP $UTXLYRORJLD QD 8)5*6 H WHQKR XPD VXJHVW¶R GH PDW¹ULD SDUD R -8 1RVVR FXUVR H SURILVV¶R Q¶R V¶R PXLWR GLYXOJDGRV H LVVR RFRUUH GHQWUR GD 8QLYHUVLGDGH WDPE¹P 3RU¹P HVWH ¹ XP DQR PXLWR HVSHFLDO SDUD QÂV SRLV FRPHPRUDPRV RV DQRV GD UHJXODPHQWD¸¶R GD SURILVV¶R 3RUWDQWR VXJLUR SDUD R 3HUILO R QRPH GD SURIHVVRUD $QD 5HJLQD %HUZDQJHU FULDGRUD GD JUDGXD¸¶R HP $UTXLYRORJLD 1R HVSD¸R 0HX

MRUQDO#XIUJV EU OXJDU QD 8)5*6 FRORFR PH ³ GLVSRVL¸¶R SDUD DSUHVHQWDU R OXJDU TXH PDLV JRVWR R $UTXLYR *HUDO RQGH UHSUHVHQWR RV HVWXGDQWHV QD &RPLVV¶R *HVWRUD GR 6LVWHPD GH $UTXLYRV GD 8QLYHUVLGDGH 9LQtFLXV 0LWWR 1DYDUUR IRUPDQGR HP $UTXLYRORJLD GD 8)5*6

&RUUHomR 4XHUR DOHUW² ORV VREUH DOJXPDV FRUUH¸ÆHV HTXLYRFDGDV QR 0XUDO GR OHLWRU GD HGL¸¶R GR P»V GH VHWHPEUR $ FRUUH¸¶R ,, FRP VDXGD¸ÆHV KLVS´QLFDV HQYLDGDV SRU )¹OL[ *RQ]²OH] HVW¶R WRWDOPHQWH HUUDGDV SRLV HVWH SURIHVVRU GD 9HWHULQ²ULD DILUPD TXH |VL} HP HVSDQKRO FRUUHVSRQGH D |VLP} HP SRUWXJX»V PDV QD UHDOLGDGH |VLP} HP HVSDQKRO ¹ |V½} FRP DFHQWR DJXGR QD OHWUD L 6H D SDODYUD |VL} IRU JUDIDGD VHP DFHQWR RX ¹ D V¹WLPD QRWD PXVLFDO |VL} RX ¹ R FRQGLFLRQDO 1HVWD ÇOWLPD DFHS¸¶R

13/11/2008, 14:55

(GLWRUD FKHIH ÇQLD &KDOD 5HSyUWHUHV &DUROLQH GD 6LOYD H -DFLUD &DEUDO GD 6LOYHLUD %ROVLVWDV $OLQH 3HOOHJULQL %UXQD *RVV )DJQHU 1RJXHLUD 3DXOD 9LHLUD 3HGUR &DVVHO H 5DIDHO *ORULD 3URMHWR JUiILFR -XOLDQR %UXQL 3HUHLUD 'LDJUDPDomR $OXtVLR 3LQKHLUR )RWRJUDILD &DGLQKR $QGUDGH H )OiYLR 'XWUD 5HYLVmR ÇQLD &KDOD &DUROLQH GD 6LOYD H -DFLUD &DEUDO GD 6LOYHLUD &LUFXODomR 0iUFLD )XPDJDOOL )RWROLWRV H LPSUHVVmR *UiILFD GD 8)5*6 7LUDJHP PLO H[HPSODUHV 2V WH[WRV DVVLQDGRV VmR GH LQWHLUD UHVSRQVDELOLGDGH GH VHXV DXWRUHV

R VHQKRU )¹OL[ DFHUWRX PDV VH HTXLYRFRX DR DILUPDU TXH D SDODYUD |VH} ¹ D FRQMXJD¸¶R GR YHUER VDEHU QD SULPHLUD SHVVRD GR SUHVHQWH VLQJXODU R FHUWR ¹ |V¹} FRP DFHQWR DJXGR QD OHWUD H $ SDODYUD HVSDQKROD |VH} VHP DFHQWR ¹ XP SURQRPH SHVVRDO XVDGR QD WHUFHLUD SHVVRD GR VLQJXODU H GR SOXUDO TXH WHP D IXQ¸¶R GH FRPSOHPHQWR GLUHWR RX LQGLUHWR TXDQGR ¹ UHIOH[LYR 1ÂV TXH HVWXGDPRV WUDEDOKDPRV H YLYHPRV GDV /HWUDV H GDV /½QJXDV JRVWDPRV TXH HODV VHMDP HQVLQDGDV FRP FRUUH¸¶R .OHEHU 9DOHQWL 6FKHQN EDFKDUHO HP /HWUDV SHOD 8)5*6

(QVDLR 2 QRPH FRUUHWR GR DXWRU GDV IRWRV SXEOLFDGDV QR (QVDLR GD HGL¸¶R GH RXWXEUR ¹ :DOWHU .DUZDW]NL $ HGLWRUD


-251$/ '$ 81,9(56,'$'( _ 129(0%52 '( _

( 0 3 $8 7$ 5HGDomR ÇQLD &KDOD _ &RODERUDUDP $OLQH 3HOOHJULQL H 3HGUR &DVVHO _ )RQH _ 6XJHVW}HV SDUD HVWD SiJLQD SRGHP VHU HQYLDGDV SDUD MRUQDO#XIUJV EU

)HLUD GR /LYUR 8QLYHUVLGDGH SUHVHQWH QD SUDoD

,QDXJXUDomR

&DPSXV 2OtPSLFR JDQKD 58 1R GLD GHVWH P»V IRL LQDXJXUDGR R 58 FRQV WUX½GR QR &DPSXV 2O½PSLFR RQGH IXQFLRQD D (VFR OD GH (GXFD¸¶R )½VLFD $QWLJD UHLYLQGLFD¸¶R GDTXHOD FRPXQLGDGH R QRYR UHVWDXUDQWH WHP FDSDFLGDGH SDUD VHUYLU FHUFD GH DOPR¸RV 6HJXQGR LQIRUPRX 3DX OR 3HUH] FRRUGHQDGRU GR 1ÇFOHR GH $OLPHQWD¸¶R GD 6HFUHWDULD GH $VVXQWRV (VWXGDQWLV 6$( R UHVWDX UDQWH FRQWDU² FRP R WUDEDOKR GL²ULR GH XPD HTXLSH GH IXQFLRQ²ULRV $O¹P GR FXUVR GH (GXFD¸¶R )½VL FD R ORFDO DWHQGHU² DRV DOXQRV GRV QRYRV FXUVRV GH 'DQ¸D H GH )LVLRWHUDSLD TXH SDVVDU¶R D IXQFLRQDU QDTXHOH FDPSXV D SDUWLU GR SUÂ[LPR VHPHVWUH

6%3&

)/É9,2 '875$ 352-(72 &217$72

&LrQFLD 7HFQRORJLD H 6RFLHGDGH

8QLYHUVLGDGH SUHGRPLQDP RV SURIHVVRUHV WDQWR GR Q½YHO P¹GLR TXDQWR XQLYHUVLW²ULR H YHVWLEXODQGRV (OD LQIRUPD TXH D H[HPSOR GR TXH RFRU UHX HP DQRV DQWHULRUHV XP GRV JUDQGHV VXFHVVRV IRL R WUD GLFLRQDO |EDODLR} FRPSRVWR SRU SXEOLFD¸ÆHV YHQGLGDV DR SUH¸R HVSHFLDO GH 5 R H[HP SODU 1HVWD HGL¸¶R IRUDP UHD OL]DGDV VHVVÆHV GH DXWÂJUD IRV FRP DXWRUHV GD 8)5*6 2 SURJUDPD 7HPSR GH OL YUR WUDQVPLWLGR GLDULDPHQWH GLUHWR GD 3UD¸D GD $OI´QGHJD SHOD MRUQDOLVWD 5HMDQH 6DOYL IXQFLRQD FRPR XP ODERUDW ULR QD ²UHD GH MRUQDOLVPR FXO

&ROpJLR $SOLFDomR

/LWHUDWXUD )yUXQV GLVFXWHP QDUUDWLYDV GH 0DFKDGR H 5RVD

0RVWUD GH DUWH HQVLQR SHVTXLVD H HGXFDomR 'H D GHVWH PrV R &ROpJLR GH $SOLFDomR GD 8)5*6 SURPRYH VXD PRVWUD DQXDO DSUHVHQWDQGR DWLYLGDGHV DUWtVWLFDV FXOWXUDLV FLHQWtILFDV H WHFQROyJLFDV QDV PRGDOLGDGHV GH HQVLQR H[WHQVmR H SHVTXLVD $ PRVWUD WHP FRPR WHPD $V IDFHV GD YLGD XPD FHOHEUDomR DR PXQGR TXH VRQKDPRV H GLYXOJD SURMHWRV SURGX]LGRV FRP D SDUWLFLSDomR GRV DOXQRV H GH SDUFHULDV FRPXQL WiULDV 6HUmR RIHUHFLGDV VHVV}HV GH YtGHR H[SRVLomR GH S{VWHUHV H RILFLQDV SDUD RV DOXQRV H FRPXQLGDGH JHUDO QRV WXUQRV GD PDQKm H WDUGH QR 6DOmR GH $WRV GD 8QLYHUVLGDGH $Y 3DXOR *DPD ­ QRLWH VHUmR UHDOL]DGDV DSUHVHQWDo}HV GH GDQoD H P~VLFD ,QJUHVVRV DQWHFLSDGRV HVWmR j YHQGD QD VHFUHWDULD GR &ROpJLR DR FXVWR GH 5 LQGLYLGXDO H 5 FDVDO 2 S~EOLFR HP JHUDO SRGH DGTXLULU LQJUHVVRV QD ELOKHWHULD GR 6DOmR DR SUHoR ~QLFR GH 5

0~VLFD

$OXQR SUHPLDGR HP FRQFXUVR

/XLV )HUQDQGR 5D\R DOXQR GR o VHPHVWUH GR FXU VR GH %DFKDUHODGR HP 3LDQR YHQFHX R 3U»PLR 0DHV WUR &O²XGLR &UX] GR &RQFXUVR GH 3LDQR $UWOLYUH UH DOL]DGR HP 6¶R 3DXOR QRV GLDV H GH RXWXEUR 2 HVWXGDQWH SDUWLFLSRX GD FRPSHWL¸¶R LQWHUSUHWDQGR R &RQFHUWR SDUD 3LDQR H 2UTXHVWUD Qo RS ,PSH UDGRU GH %HHWKRYHQ 3HOD FRQTXLVWD /XLV )HUQDQGR UHFHEHX WURI¹X GLSORPD SU»PLR HP GLQKHLUR H D RSRUWXQLGDGH GH SDUWLFLSDU GH XP FRQFHUWR FRP RU TXHVWUD GD WHPSRUDGD GH HP 6¶R 3DXOR 2 DOX QR ¹ RULHQWDQGR GR SURIHVVRU 1H\ )LDONRZ

$UTXLWHWXUD $OXQD GD 8)5*6 YHQFH FRQFXUVR GH HFRFDVD

&HUkPLFD

$UWLVWDV GR ,$ VHOHFLRQDGRV QR 6DOmR 1DFLRQDO 2 VHWRU GH &HUkPLFD GR 'HSDUWDPHQWR GH $UWHV 9LVXDLV GR ,QVWLWXWR GH $UWHV GD 8)5*6 HVWi UHSUHVHQWDGR QR 6DOmR 1DFLRQDO GH &HUkPLFD GR 3DUDQi DWUDYpV GRV WUDEDOKRV GH XP SURIHVVRU GRLV DOXQRV H GH XPD DUWLVWD TXH p WpFQLFD GR ,QVWLWXWR 1D FDWHJRULD &HUkPLFD $UWtVWLFD R SURIHVVRU GR 'HSDUWDPHQWR GH $UWHV 9LVXDLV '$9 &DUORV $XJXVWR &DPDUJR UHFHEHX 0HQomR +RQURVD QD PHVPD FDWHJRULD IRUDP HVFROKLGRV WUDEDOKRV GRV DOXQRV (OOHQ 3RSNH H *XVWDYR 3RVVDPDL 1D FDWHJRULD 'HVLJQ HP &HUkPLFD 0DULOHQH )UHLWDV GH $QGUDGH FRRUGHQDGRUD GD 6HFUHWD ULD GH &RPXQLFDomR GR ,$ H H[ DOXQD GR '$9 WHYH GXDV REUDV VHOHFLRQDGDV IRWR 2 HYHQWR TXH LQLFLRX QR GLD GHVWH PrV H VH HVWHQGHUi DWp GH IHYHUHLUR GH p UHDOL]DGR SHOR 0XVHX $OIUHGR $QGHUVHQ GD 6HFUHWDULD GD &XOWXUD GR 3DUDQi GHVGH H DOFDQoRX DEUDQJrQFLD QDFLRQDO HP

0$5,/(1( )5(,7$6 '( $1'5$'(

'H D GH GH]HPEUR VHUmR UHDOL]DGRV R 9,, )yUXP GH /LWHUDWXUD %UDVLOHLUD H R ,, )yUXP GH /LWHUDWXUD 3RUWX JXHVD H /XVR DIULFDQDV 2V HYHQWRV VmR XPD UHDOL]DomR ELHQDO GR ,QVWLWXWR GH /HWUDV GD 8)5*6 1~FOHR *XLOKHUPL QR &HVDU GH /LWHUDWXUD %UDVLOHLUD 3URJUDPD GH 3yV JUDGXDomR HP /HWUDV 6HFUHWDULD 0XQLFLSDO GH &XOWXUD H $FHUYR /LWHUiULR (ULFR 9HULVVLPR 1HVWD HGLomR RV HQFRQWURV WHUmR SRU WHPD ´2 5HDOLVPR FRPR SUREOHPD 0DFKDGR GH $VVLV *XLPDUmHV 5RVD H DV IRUPDV GD QDUUDWLYDµ (QWUH RV SDOHVWUDQWHV FRQYLGDGRV SHVTXLVDGRUHV EUDVLOHLURV UHQRPDRGV FRPR RV SURIHVVR UHV )OiYLR /RXUHLUR &KDYHV 8&6 /DXUD 3DGLOKD 8)) /XtV $XJXVWR )LVFKHU 8)5*6 /HRSROGR *DUFLD 3LQWR :DL]ERUW 863 0iUFLD ,YDQD GH /LPD H 6LOYD 8)5 *6 0DULD GR &DUPR &DPSRV 8)5*6 H +pOLR 6HL[DV *XLPDUmHV 863 $V DWLYLGDGHV VHUmR GHVHQYROYL GDV QR &HQWUR 0XQLFLSDO GH &XOWXUD /XSLFtQLR 5RGULJXHV $Y (ULFR 9HUtVVLPR QRV WXUQRV GD PDQKm H WDUGH ­ QRLWH QRV HVSDoRV GD 6DOD ÉOYDUR 0RUHLUD H GR 7HDWUR 5HQDVFHQoD VHUmR UHDOL]D GDV VHVV}HV GH WHDWUR H UHFLWDLV SRpWLFRV ,QIRUPDo}HV H LQVFULo}HV DWUDYpV GR VLWH ZZZ VXUGLQD FRP RX SHOR WHOHIRQH

WXUDO JUD¸DV ³ SDUWLFLSD¸¶R GH HVWXGDQWHV YROXQW²ULRV GR FXU VR GH -RUQDOLVPR GD )DELFR &ULDGD K² DQRV D SURGX¸¶R GD 5²GLR GD 8QLYHUVLGDGH ID] D FREHUWXUD GR HYHQWR |$EUL PRV HVSD¸R SDUD HGLWRUHV DX WRUHV OHLWRUHV H WDPE¹P SDUD SHUVRQDJHQV TXH ID]HP R GLD D GLD GD )HLUD} FRQWD 5HMDQH /X½V $XJXVWR )LVFKHU H =LO² %HUQG DPERV SURIHVVRUHV GR ,QVWLWXWR GH /HWUDV FRQFRUUHP DR SU»PLR )DWR /LWHU²ULR TXH GHVWDFD SHUVRQDOLGDGHV H LQVWL WXL¸ÆHV TXH SURPRYHP D OLWH UDWXUD 2 UHVXOWDGR GR FRQFXU VR VHU² FRQKHFLGR QR ÇOWLPR GLD GD )HLUD

&$',1+2 $1'5$'( -8

0

DLV XPD YH] D 8)5*6 SDUWLFLSRX GD )HLUD GR /LYUR GH 3RUWR $OHJUH DWUDY¹V GRV ODQ¸D PHQWRV H GR HVWDQGH GH VXD (GL WRUD GR SURJUDPD 7HPSR GH OL YUR GD 5²GLR GD 8QLYHUVLGDGH H GD LQGLFD¸¶R GH GRLV GH VHXV SUR IHVVRUHV DR SU»PLR )DWR /LWHU² ULR QD FDWHJRULD 3HUVRQDOLGDGH $ (GLWRUD WHP OXJDU JDUDQ WLGR QD )HLUD GHVGH RIH UHFHQGR SXEOLFD¸ÆHV DFDG»PL FDV GH DXWRUHV QDFLRQDLV H HV WUDQJHLURV JHUDOPHQWH GD SU SULD LQVWLWXL¸¶R &RQIRUPH D W¹FQLFD DGPLQLVWUDWLYD ØQJHOD %LWHQFRXUW HQWUH R SÇEOLFR TXH SURFXURX R HVWDQGH GD

'H D GHVWH P»V D 8QLYHUVLGDGH LU² VHGLDU D n 5HXQL¶R VREUH &L»QFLD 7HFQRORJLD H 6RFLHGDGH SURPRYLGD SHOD 6%3& 5HDOL]DGR SHOD SULPHLUD YH] QR %UDVLO R HQFRQWUR ¹ RUJDQL]DGR HP SDUFHULD FRP D $VRFLDFLÂQ &LHQFLD +R\ D $VRFLDFLÂQ $UJHQWLQD SDUD HO 3URJUHVR GH ODV &LHQFLDV $$3& H FRP D 6R FLHGDG 8UXJXD\D SDUD HO 3URJUHVR GH OD &LHQFLD \ OD 7HFQRORJ½D 683&<7 2 HYHQWR ¹ DEHUWR DR SÇEOLFR H WHP SRU REMHWLYR SURPRYHU D FRRSHUD¸¶R FLHQW½ILFD H WHFQROÂJLFD HQWUH RV SD½VHV GR 0HUFRVXO $ SURJUD PD¸¶R DEUDQJHU² FRQIHU»QFLDV PHVDV UHGRQGDV H GH EDWHV VREUH WHPDV FRPR R DTʽIHUR *XDUDQL ELEOLR WHFDV YLUWXDLV H ELRGLYHUVLGDGH 0DLV LQIRUPD¸ÆHV QR VLWH ZZZ VESFQHW RUJ EU RX SHOR WHOHIRQH

0DQRHOD %DLUURV 6FKPLGW DOXQD GR o VHPHV WUH GR FXUVR GH $UTXLWHWXUD GD 8)5*6 FRQTXLV WRX R SU»PLR (FRFDVD GR FRQFXUVR SURPRYLGR SHOD )XQGD¸¶R =RRERW´QLFD GR 5LR *UDQGH GR 6XO 2 SURMHWR HVFROKLGR ¹ XPD FDVD HFROÂJLFD SHUIHLWDPHQWH LQWHJUDGD DR DPELHQWH GR -DUGLP %RW´QLFR GH 3RUWR $OHJUH 6HPL HQWHUUDGD QR VROR D PRUDGLD SHUPLWH D WURFD GH FDORU FRP D WHUUD UHVROYHQGR R SUREOHPD GR FRQIRUWR W¹UPL FR M² TXH PDQW¹P XPD WHPSHUDWXUD HVW²YHO QRV SHU½RGRV GH LQYHUQR H YHU¶R 0DQRHOD SURSÄV D H[HFX¸¶R GD FDVD XWLOL]DQGR SHGUDV PDGHLUD GH UHIORUHVWDPHQWR H WRUDV GH HXFDOLSWR WUDWDGDV QD WXUDOPHQWH FRP XPD FREHUWXUD GH JUDPD 2 WUD EDOKR IRL GHVHQYROYLGR SDUD D GLVFLSOLQD GH 3UR MHWR $UTXLWHWÄQLFR PLQLVWUDGD SHOR SURIHVVRU -ÇOLR &UX]

3HVTXLVD HP 3DXWD

3URJUDPD GHEDWH D QDQRWHFQRORJLD 5HGDomR 8)5*6 79

&RPSUHHQGLGD FRPR D WHFQR ORJLD HP HVFDOD QDQRP¹WULFD D QDQRWHFQRORJLD WHP FRPR SUHR FXSD¸¶R FRQVWUXLU QRYDV HVWUXWX UDV D SDUWLU GH XP QÇPHUR SHTXH QR GH ²WRPRV H[SORUDQGR DV SR WHQFLDOLGDGHV GH PDWHULDLV GLYHU VRV 3DUD H[SOLFDU PHOKRU R DWXDO SDQRUDPD GD QDQRWHFQRORJLD R SURJUDPD 3HVTXLVD HP 3DXWD HQ WUHYLVWRX D SURIHVVRUD 1DLUD 0D ULD %DO]DUHWWL GLUHWRUD GR &HQWUR GH 1DQRFL»QFLD H 1DQRWHFQRORJLD GD 8)5*6 &1$12 &ULDGR SRU LQLFLDWLYD GH SHV TXLVDGRUHV LQWHUHVVDGRV HP FRP SDUWLOKDU LG¹LDV H H[SHUL»QFLDV R &HQWUR WHP VHUYLGR SDUD DSUR[L PDU GLIHUHQWHV ²UHDV GR FRQKHFL PHQWR |$ PDW¹ULD HP HVFDOD QDQR WHP SURSULHGDGHV LQWHUHV VDQWHV H LVVR ¹ R GHQRPLQDGRU FRPXP GDV HQJHQKDULDV GD IDU P²FLD GD I½VLFD GD TX½PLFD GD ELRFL»QFLD 7RGR PXQGR WHP TXH HQWHQGHU FRPR DTXHOD PDW¹ULD QXPD HVFDOD GLPLQXWD VH FRP SRUWD} H[SOLFD D SURIHVVRUD 'H DFRUGR FRP 1DLUD XP GRV SUHFXUVRUHV GD QDQRWHFQRORJLD IRL R I½VLFR 5LFKDUG )H\QPDQ |6XD JUDQGH LQVSLUD¸¶R IRL D QD WXUH]D DILQDO GH FRQWDV XPD F¹ OXOD ¹ XPD HVWUXWXUD QDQRP¹WUL FD QDWXUDO TXH GHVHPSHQKD PL OKDUHV GH DWLYLGDGHV 2 '1$ SRU H[HPSOR FRQW¹P PLOKDUHV GH LQ IRUPD¸ÆHV H ¹ QDQRP¹WULFR 2 KRPHP FRQVHJXLU² UHSURGX]LU HVWUXWXUDV TXH WHQKDP IXQFLRQD PHQWR VLPLODU D XPD F¹OXOD"} 1D HQWUHYLVWD D SURIHVVRUD WDPE¹P IDOD GD UHJXODPHQWD¸¶R GD QDQRWHFQRORJLD |(VVDV SDUW½ FXODV QDQRP¹WULFDV W»P DOJXPDV LPSOLFD¸ÆHV TXH DLQGD HVW¶R HP HVWXGR 4XDO ¹ R SHULJR SRWHQFLDO GH DVSLUDU RX LQJHULU XP S QD QRP¹WULFR GH HOH HQWUDU SHOD SHOH" 4XDO R HIHLWR SDUD D VDÇGH KXPD QD SDUD DV SODQWDV SDUD RV DQL PDLV" ,VVR Q¶R HVW² WRWDOPHQWH HQ WHQGLGR H ¹ QDWXUDO TXH DV RUJD QL]D¸ÆHV TXH UHJXODPHQWDP D DSOLFD¸¶R GHVVHV SURGXWRV VH SUH RFXSHP FRP LVVR} $O¹P GH DOJXPDV DSOLFD¸ÆHV TXH SRGHP FRQWULEXLU SDUD D FXUD GH GRHQ¸DV FRPR R F´QFHU R SURJUDPD GHVWDFD GLYHUVRV XVRV GD QDQRWHFQRORJLD OLJDGRV ³ LQ GÇVWULD |+² DSOLFD¸ÆHV GHVGH 03 03 L3KRQHV HP WXGR LVVR K² D XWLOL]D¸¶R GH QDQRPD WHULDLV $OJXPDV UDTXHWHV GH W» QLV SRU H[HPSOR SRU WHUHP QD QRWXERV GH FDUERQR ILFDP PDLV OHYHV H UHVLVWHQWHV +² PR GHORV GH FDUURV FRP FREHUWXUD GH QDQRSDUW½FXODV FHU´PLFDV TXH SURWHJHP R DXWRPÂYHO GH ULVFRV RX DUUDQKÆHV 7DPE¹P H[LVWHP WHOKDV H YLGURV FRP FDPDGDV QD QRP¹WULFDV TXH LPSHGHP D SH QHWUD¸¶R GD ²JXD} GHVWDFD 1DLUD

$VVLVWD DRV SURJUDPDV 2 SURJUDPD 3HVTXLVD HP 3DXWD VHUi H[LELGR QR GLD GH QRYHPEUR D SDUWLU GDV K PLQ DWUDYpV GD 81,79 FDQDO GD 1(7 32$


_ -251$/ '$ 81,9(56,'$'( _ 129(0%52 '(

' ( % $7 ( 6

2 TXH D 8QLYHUVLGDGH SRGH ID]HU SDUD LQFHQWLYDU D LQRYDomR WHFQROyJLFD H D SHVTXLVD QD LQG~VWULD EUDVLOHLUD ,/8675$d®2 ('8$5'2 0h//(5 1,4

)HUQDQGR &OiXGLR =DZLVODN

1

DV ÇOWLPDV WU»V G¹FDGDV R %UDVLO WHYH XP ERP GHVHPSHQKR HP SHVTXLVD H QD SÂV JUDGXD¸¶R HP TXDVH WRGRV RV FDPSRV GR VDEHU SULQFLSDOPHQWH QD XQLYHUVL GDGH SÇEOLFD 2V PDLRUHV GHVWDTXHV GHVWH VX FHVVR V¶R D IRUPD¸¶R GH PLO GRXWRUHV SRU DQR H D H[FHOHQWH SRVL¸¶R GR SD½V QD SURGX¸¶R GH DUWLJRV FLHQW½ILFRV GH Q½YHO LQWHUQDFLRQDO 1R HQWDQWR R VXFHVVR HP LQRYD¸¶R WHFQRO JLFD H HP SHVTXLVD LQGXVWULDO IRL H HVW² VHQGR PXLWR DTX¹P GR HVSHUDGR $LQGD TXH HVWHMD PRV JHUDQGR FRQKHFLPHQWR FLHQW½ILFR GH SRQ WD QDV XQLYHUVLGDGHV SULQFLSDOPHQWH QDV SÇ EOLFDV RQGH D 8)5*6 WHP SRVL¸¶R GH GHVWDTXH Q¶R HVWDPRV FRQVHJXLQGR FULDU PHFDQLVPRV H QHP FRQVWUXLU |SRQWHV} FDSD]HV GH WUDQVIRUPDU R FRQKHFLPHQWR HP LQRYD¸¶R DWUDY¹V GH XPD DGHTXDGD UHOD¸¶R HQWUH XQLYHUVLGDGH H DWLYLGD GH LQGXVWULDO 0DV R TXH D XQLYHUVLGDGH SRGH ID]HU SDUD LQFHQWLYDU D LQRYD¸¶R WHFQROÂJLFD H D SHVTXLVD QD LQGÇVWULD EUDVLOHLUD" &UHLR TXH R PDLRU HP SHFLOKR QHVWH SURFHVVR WHP VLGR D EDL[D TXDOL GDGH GRV HQVLQRV IXQGDPHQWDO H P¹GLR DVSHF WR TXH YRX FRPHQWDU PDLV DGLDQWH +² FRQWX GR LQLFLDWLYDV LQGLVSHQV²YHLV SDUD WULOKDUPRV RV FDPLQKRV GD LQRYD¸¶R H TXH DFUHGLWR V¶R GH UHVSRQVDELOLGDGH GD XQLYHUVLGDGH $ SULPHLUD PHOKRUDU D TXDOLGDGH GR HQVLQR GH JUDGXD¸¶R SULQFLSDOPHQWH QDV HQJHQKDULDV 8PD HFRQRPLD TXH FUHVFH VHP SDUDU FRPR D QRVVD QHFHVVLWD GH P¶R GH REUD HVSHFLDOL]DGD HP WRGDV DV ²UHDV FRQWXGR D HVFDVVH] PDLV QR WÂULD ¹ D GH HQJHQKHLURV FRPSHWHQWHV HP WRGRV RV VHWRUHV LQGXVWULDLV 'H DFRUGR FRP UHFHQWH HVWXGR GD &RQIHGHUD¸¶R 1DFLRQDO GD ,QGÇVWULD R %UDVLO IRUPD VRPHQWH PLO HQJHQKHLURV SRU DQR HQTXDQWR TXH QD &RU¹LD GR 6XO V¶R PLO QRYRV SURILVVLRQDLV DQXDOPHQWH $ JUDQGH SUH

RFXSD¸¶R HP DPSOLDU D SÂV JUDGXD¸¶R GXUDQWH DV ÇOWLPDV G¹FDGDV ¹ DEVROXWDPHQWH QHFHVV²ULD H GHYH FRQWLQXDU D VHU LQFHQWLYDGD PDV Q¶R ¹ VXILFLHQWH SDUD GHVHQYROYHU LQRYD¸¶R GH SRQWD 3DUD WDQWR V¶R LQGLVSHQV²YHLV ERQV W¹FQLFRV H ERQV HQJHQKHLURV $ VHJXQGD LQLFLDWLYD ¹ SURSLFLDU HQVLQRV GH JUDGXD¸¶R H SÂV JUDGXD¸¶R TXH YDORUL]HP H HYL GHQFLHP D LPSRUW´QFLD GR HPSUHHQGHGRULVPR DR ODGR GD JHUD¸¶R GH QRYRV FRQKHFLPHQWRV 2XWUDV IRUPDV GH LPSXOVLRQDU D LQRYD¸¶R V¶R LQFHQWLYDU D LQWHUGLVFLSOLQDULGDGH GHQWUR GD XQLYHUVLGDGH SRLV DV JUDQGHV LQRYD¸ÆHV WHFQR OÂJLFDV H PXLWRV SUREOHPDV VRFLDLV V¶R GH FX QKR LQWHUGLVFLSOLQDU H RUJDQL]DU XP DJUHVVLYR SURJUDPD GH HVW²JLRV SDUD QRVVRV DOXQRV QDV LQGÇVWULDV $O¹P GLVVR ¹ LPSRUWDQWH HQYLDU HV WXGDQWHV SDUD ID]HUHP GRXWRUDGR HP SD½VHV RQGH D LQRYD¸¶R WHFQROÂJLFD IORUHVFH 1¶R FRQ VLGHUR FRUUHWD D SRO½WLFD DWXDOPHQWH GHIHQGLGD QR SD½V GH TXH RV GRXWRUHV SRGHP H GHYHP

IRUPDU VH VRPHQWH QR %UDVLO ,QLFLDWLYDV FRPR HVWDV SRGHU¶R FRQWULEXLU SDUD TXHEUDU R VLVWHPD WUDGLFLRQDO QR TXDO D IRUWH FRUUHOD¸¶R RULHQWDGRU DOXQR JHUD MRYHQV GRXWRUHV TXH JUDYLWDP HP WRUQR GH VHXV RULHQ WDGRUHV FRQWLQXDP SXEOLFDQGR QD DFDGHPLD HP YH] GH MXQWDUHP VH ³V LQGÇVWULDV SDUD SDUWL

FLSDU GR GHVHQYROYLPHQWR WHFQROÂJLFR 2XWUD ²UHD HP TXH D XQLYHUVLGDGH EUDVLOHLUD IH] PXLWR PHQRV GR TXH SRGHULD WHU IHLWR ¹ D GRV HQVLQRV IXQGDPHQWDO H P¹GLR 6HP DX PHQWDU R QÇPHUR GH DOXQRV EHP IRUPDGRV QD HVFROD P¹GLD Q¶R KDYHU² R FUHVFLPHQWR GH SUR ILVVLRQDLV GH TXDOLGDGH QD XQLYHUVLGDGH H FRQ VHTÊHQWHPHQWH OHYDUHPRV G¹FDGDV SDUD LPSOH PHQWDU D LQRYD¸¶R WHFQROÂJLFD QR %UDVLO 2V SD½VHV HPHUJHQWHV TXH WLYHUDP VXFHVVR QR FDP SR GD LQRYD¸¶R z H D &RU¹LD GR 6XO ¹ R H[HPSOR VHPSUH FLWDGR z FXLGDUDP PXLWR EHP GD HGX FD¸¶R SU¹ XQLYHUVLW²ULD (VWXGRV VREUH DV SRO½WLFDV HGXFDFLRQDLV GRV SD½VHV TXH WLYHUDP ERQV UHVXOWDGRV QR 3URJUD PD GH $YDOLD¸¶R ,QWHUQDFLRQDO GH (VWXGDQWHV 3,6$ PRVWUDP FRP FODUH]D TXH D PHOKRUD QD HGXFD¸¶R E²VLFD GHSHQGH GD DGR¸¶R GH PRGR FRRUGHQDGR GH XP FRQMXQWR GH PHGLGDV H TXH QHQKXPD LVRODGDPHQWH VROXFLRQD R SUREOHPD 9RX FLWDU UDSLGDPHQWH DOJXPDV GHVWDV PHGLGDV H GLVFXWLU FRP PDLV GHWDOKHV GXDV RX WU»V HP TXH D XQLYHUVLGDGH SRGH H GHYH DWXDU o $WUDLU SDUD D SURILVV¶R GH SURIHVVRU VH FXQG²ULR RX VHMD SDUD DV OLFHQFLDWXUDV RV PH OKRUHV FDQGLGDWRV 1D &RU¹LD GR 6XO RV FDQGL GDWRV D SURIHVVRUHV VHFXQG²ULRV V¶R UHFUXWDGRV HQWUH RV PHOKRUHV TXH LQJUHVVDP QD XQL

YHUVLGDGH $TXL RFRUUH R FRQWU²ULR H ¹ FODUR TXH D UD]¶R ¹ R VDO²ULR o 0HOKRUDU R VDO²ULR GRV SURIHVVRUHV FRP SHWHQWHV 1RV SD½VHV TXH WLYHUDP ERP GHVHPSH QKR QR 3,6$ R VDO²ULR P¹GLR GRV GRFHQWHV GH HQVLQR E²VLFR HTXLSDUD VH DR GH RXWUDV SURILV VÆHV GH Q½YHO VXSHULRU (VWH FRQWXGR Q¶R ¹ XP SUREOHPD TXH D XQLYHUVLGDGH SRVVD UHVROYHU o 0HOKRUDU D TXDOLGDGH GR HQVLQR QRV FXU VRV GH IRUPD¸¶R GH SURIHVVRUHV ,VWR FHUWDPHQ WH D XQLYHUVLGDGH SRGH H GHYH ID]HU o 7UHLQDU RV DWXDLV SURIHVVRUHV GH HQVLQR E²VLFR DWUDY¹V GH FXUVRV VLVWHP²WLFRV GH UHFL FODJHP $ UHFLFODJHP GH SURIHVVRUHV ¹ XP DV VXQWR W¶R V¹ULR TXH D 8QLYHUVLGDGH GHYHULD LP SOHPHQWDU XPD SRO½WLFD |GH FLPD SDUD EDL[R} QHVVD ²UHD o 7UHLQDU RV IXWXURV SURIHVVRUHV HP DWLYL GDGH GH VDOD GH DXOD FRP VXSHUYLV¶R LQGLYLGXDO IHLWD SHORV PHOKRUHV GRFHQWHV GR GHSDUWDPHQ WR $ XQLYHUVLGDGH SRGH H GHYH ID]» OR o ® QHFHVV²ULR DGRWDU XP HQVLQR P¹GLR HP WXUQR LQWHJUDO SULQFLSDOPHQWH SDUD DV FRPX QLGDGHV FDUHQWHV $ P¹GLD GH K GH DXOD ¹ PXL WR SRXFR 3URIHVVRU HPpULWR GD 8)5*6 ,QVWLWXWR GH )tVLFD

$ FULVH HFRQ{PLFD H D FULVH GR QHROLEHUDOLVPR /XL] 3DXOR )HUUHLUD 1RJXHUyO

+

² PXLWR WHPSR Q¶R VH YLD XPD FULVH FRPR D YLJHQWH $SDUHQWHPHQWH D ÇO WLPD IRL D *UDQGH 'HSUHVV¶R DVVLP FKDPDGD HP DWHQ¸¶R DR TXH RFRUUHX QD (XUR SD H QRV (VWDGRV 8QLGRV HQWUH H HP R 3,% GRV (8$ FRUUHVSRQGHX D GR TXH IRUD QR LQ½FLR GD FULVH H GRV WUDEDOKD GRUHV QRUWH DPHULFDQRV HQFRQWUDYDP VH GH VHPSUHJDGRV $SHQDV HP ³V Y¹VSHUDV GD 6HJXQGD *XHUUD 0XQGLDO ¹ TXH D HFRQRPLD QRUWH DPHULFDQD YROWRX DR SDWDPDU DQWHULRU 7HP VH DWULEX½GR D DWXDO FULVH ³ GHVUHJXOD PHQWD¸¶R ILQDQFHLUD GRV ÇOWLPRV DQRV SH U½RGR HP TXH RV PHUFDGRV LQWHUQDFLRQDLV GH FDSLWDLV VH JOREDOL]DUDP QRYDPHQWH DGTXLULQ GR FRQWRUQRV VHPHOKDQWHV DRV H[LVWHQWHV DQWHV GH (P FHUWD PHGLGD D FULVH GD G½YLGD ODWL QR DPHULFDQD GRV DQRV ¹ IUXWR GR PHVPR SURFHVVR DVVLP FRPR DV FULVHV QR 0¹[LFR QR /HVWH $VL²WLFR QD $UJHQWLQD QD 5ÇVVLD H QR %UDVLO QRV DQRV H QR LQ½FLR GR V¹FXOR ;;, 1R FDVR DWXDO HP YH] GH LQDGLPSO»QFLD ODWL QR DPHULFDQD UXVVD HWF R TXH WHPRV V¶R GHYH GRUHV QRUWH DPHULFDQRV LQDGLPSOHQWHV 'DGD D GHVUHJXODPHQWD¸¶R ILQDQFHLUD RV GLIHUHQWHV

2 (VWDGR LUi VDOYDU PDLV XPD YH] D HFRQRPLD H DV LQVWLWXLo}HV GR FDSLWDOLVPR

PHUFDGRV ILQDQFHLURV LQ WHUOLJDUDP VH FRLVD TXH DV UHIRUPDV GRV DQRV LQ WHUQDV DRV (8$ SURFXUD UDP HYLWDU HP UD]¶R GR GL DJQÂVWLFR TXH VH HVWDEHOH FHX D UHVSHLWR GDV FDXVDV GD *UDQGH 'HSUHVV¶R SUHFLVDPHQWH D LQWHUOLJD ¸¶R GRV PHUFDGRV ILQDQ FHLURV SRU PHLR GRV PHVPRV DJHQWHV DWXDQGR HP EXVFD GD YDORUL]D¸¶R SDWULPRQLDO HP Y²ULRV GHOHV VLPXOWDQHDPHQWH 4XDQGR DOJXQV W»P SUREOHPDV YHQGHP DV SRVL¸ÆHV QRV PHUFDGRV HP TXH V¶R FUHGRUHV SURFXUDQGR GHVWD IRUPD FREULU RV SUHMX½]RV QRV RXWURV HP TXH V¶R GH YHGRUHV (VWH PRYLPHQWR GH FRPSUD H GH YHQGD ¹ R UHVSRQV²YHO SRU H[HPSOR SHOD GHVYDORUL]D ¸¶R GDV EROVDV GH YDORUHV HP WRGR R PXQGR DSHVDU GRV SUREOHPDV VHUHP RULXQGRV GR PHU FDGR LPRELOL²ULR HVWDGXQLGHQVH LQÇPHUDV SHV VRDV DGTXLULUDP ILQDQFLDPHQWR SDUD D FDVD SU SULD FRP SUHVWD¸ÆHV FXMRV YDORUHV YDULDP HP IXQ¸¶R GDV WD[DV GH MXURV GR WHVRXUR QRUWH DPH ULFDQR 4XDQGR HVWDV WD[DV VXELUDP HOHYDUDP

VH WDPE¹P DV SUHVWD¸ÆHV FULDQGR LQDGLPSO»QFLD HP PDVVD SHOR FRPSUR PHWLPHQWR GH XPD SDUFH OD PDLRU GR TXH D SODQHMD GD QR RU¸DPHQWR GDV IDP½ OLDV QRUWH DPHULFDQDV 2 LQDGLPSOHPHQWR LPSDF WRX QHJDWLYDPHQWH RV EDQ FRV SRUTXH RV FRQWUDWRV GH KLSRWHFDV TXH ILQDQFLDYDP DV FDVDV SRGLDP VHU FRPR IRUDP QHJRFLDGRV HP RXWURV PHUFDGRV (P UHD¸¶R DRV SUHMX½]RV YHULILFDGRV QHOHV EDQ FRV H LQVWLWXL¸ÆHV ILQDQFHLUDV FRPH¸DUDP D UHV WULQJLU R FU¹GLWR H D YHQGHU DWLYRV GHVYDORUL]DQ GR RV (VWD GHVYDORUL]D¸¶R SRU ILP GHX QRYR DOHQWR ³ FULVH SRUTXH Y²ULRV GRV FRQWUDWRV GH G½YLGDV IRUDP ILUPDGRV VXSRQGR XPD YDORUL]D ¸¶R SDWULPRQLDO TXH Q¶R VH YHULILFRX DXPHQ WDQGR R QÇPHUR GH LQDGLPSOHQWHV (P VXFHVVLYDV URGDGDV GH LQDGLPSOHPHQWRV UHVWUL¸ÆHV DR FU¹GLWR H YHQGDV GH DWLYRV SDUD FR EULU SUHMX½]RV R QÇPHUR GH SHVVRDV H HPSUHVDV DIHWDGR DXPHQWD DXPHQWDQGR R SUREOHPD D PHQRV TXH R FLFOR VHMD LQWHUURPSLGR SRU XP

DJHQWH HVSHF½ILFR R (VWDGR $ DWXD¸¶R GHOH FRQ VLVWH QD UHGX¸¶R GD WD[D GH MXURV SDUD WRUQDU SD J²YHLV DV G½YLGDV YHQFLGDV H SRU YHQFHU QR VDOYD PHQWR GH LQVWLWXL¸ÆHV ILQDQFHLUDV GHELOLWDGDV HYLWDQGR TXH HQWUHP HP SURFHVVR GH IDO»QFLD H QD DPSOLD¸¶R GR JDVWR SÇEOLFR PHVPR TXH SDUD LVWR VHMD QHFHVV²ULR DXPHQWDU R GHILFLW SÇEOLFR R TXDO SRGH VHU ILQDQFLDGR WDQWR SHOR HQGLYLGD PHQWR GR (VWDGR TXDQWR KHUHVLD GDV KHUHVLDV SHOD VLPSOHV HPLVV¶R PRQHW²ULD ® HYLGHQWH TXH GHSRLV GH TXDVH GXDV G¹FDGDV GH QHROLEHUDOLVPR QR %UDVLO H GH PDLV GH WU»V QRV (VWDGRV 8QLGRV DV PHGLGDV DFLPD V¶R GH FDXVDU DUUHSLRV 3LRU SDUD RV DUUHSLDGRV ® R (VWDGR TXHP YDL VDOYDU PDLV XPD YH] D HFRQRPLD H DV LQVWLWXL¸ÆHV GR VLVWHPD FDSLWDOLVWD 1HVVH UHY¹V GD LGHRORJLD ¹ TXH VH DEUHP HVSD¸RV SDUD GLVFXV VÆHV ULGLFXODUL]DGDV DW¹ RQWHP VH R RU¸DPHQWR SÇEOLFR VHU² XVDGR SDUD VDOYDU EDQFRV H RXWUDV HPSUHVDV SRU TXH Q¶R XV² OR SDUD DPSOLDU RV GLUHLWRV VRFLDLV H R (VWDGR GH %HP (VWDU 6RFLDO" 3URIHVVRU DGMXQWR ,, GR 'HSDUWDPHQWR GH &LrQFLDV (FRQ{PLFDV GD 8)5*6 H GRXWRU HP (FRQRPLD SHOD 8QLYHUVLGDGH GH &DPSLQDV


-251$/ '$ 81,9(56,'$'( _ 129(0%52 '( _

$ 7 8$ / , '$ ' ( (QHUJLD (VSHFLDOLVWDV GL]HP TXH EHQHItFLRV YmR GHSHQGHU GD SROtWLFD DGRWDGD SHOR JRYHUQR IHGHUDO

'HVDILRV GD SURVSHFomR

$ H[SORUDomR GR SUp VDO H R

(P QRYHPEUR GH D 3HWUREUDV DQXQFLRX D GHVFREHUWD GD SULPHLUD UHVHUYD GR TXH PDLV WDUGH YLULD D SÇEOLFR FRPR SU¹ VDO &RP FHUFD GH D PLOKÆHV GH EDUULV GH SHWUÂOHR R &DPSR GH 7XSL VLWXDGR D PLO PHWURV GH SURIXQGLGDGH QD %DFLD 6HGLPHQWDU GH 6DQWRV IRL FRQVLGHUDGR D PDLRU MD]LGD HQFRQWUDGD QR PXQGR GHVGH &RP D SRVVLELOLGDGH GH XPD UHVHUYD JLJDQWHVFD VXUJHP TXHVWLRQDPHQWRV DFHUFD GRV SUREOHPDV H EHQHI½FLRV TXH D GHVFREHUWD SRGH WUD]HU DR SD½V +² PLOKÆHV GH DQRV TXDQGR $P¹ULFD GR 6XO H ÚIULFD HVWDYDP HP YLDV GH VHSDUD¸¶R R $WO´QWLFR 6XO FRPH¸RX D VH IRUPDU H FRP HOH R SU¹ VDO )HQGDV JHUDGDV D SDUWLU GD GLYLV¶R GRV GRLV FRQWLQHQWHV DFXPXODYDP ²JXD GR RFHDQR TXH DR SDVVDU SDUD R HVWDGR GH YDSRU GHL[DYD VREUH DV URFKDV FDPDGDV GH HYDSRULWR SRSXODU PHQWH FRQKHFLGR FRPR VDO ([SRVWD D DOWDV WHP SHUDWXUDV H JUDQGH SUHVV¶R D PDW¹ULD RUJ´QLFD TXH VH HQFRQWUDYD DEDL[R GD FDPDGD GH VDO WUDQV IRUPRX VH HP FRPEXVW½YHO IÂVVLO &RP R SDVVDU GR WHPSR RXWURV VHGLPHQWRV IRUDP VH GHSRVL WDQGR VREUH R HYDSRULWR H FRPSRQGR R UHOHYR VXEPDULQR EUDVLOHLUR $V DOWDV WHPSHUDWXUDV H D JUDQGH SUHVV¶R GHVVH GHSÂVLWR WUDQVIRUPDUDP D PDW¹ULD RUJ´QLFD DEDL[R GR SU¹ VDO HP FRPEXV W½YHO IÂVVLO 6HJXQGR R GRXWRU HP *HRFL»QFLDV H SURIHVVRU GD 8)5*6 0LFKDHO +RO] |JHÂORJRV DILUPDYDP KDYHU SHWUÂOHR QHVVD FDPDGD K² PXLWR WHPSR PDV HUD FRPSOLFDGR ID]HU XP HVWXGR $V UHVHUYDV VH HQFRQWUDYDP D JUDQGHV SURIXQGLGD GHV SRGHQGR FKHJDU D PDLV GH PLO PHWURV H QD ¹SRFD SRXFRV SD½VHV WLQKDP DFHVVR ³ W¹FQLFD GH SURVSHF¸¶R URFKRVD QHFHVV²ULD +RMH D 3HWUREUDV ¹ XPD GDV SRXFDV FRPSDQKLDV TXH GRPLQD HVVH WLSR GH WHFQRORJLD} (VWLPDWLYDV GD HPSUHVD DSRQWDP TXH DR ORQ JR GD IDL[D TXH VH HVWHQGH GR OLWRUDO GR (VS½ULWR 6DQWR D 6DQWD &DWDULQD SRGH H[LVWLU GH D ELOKÆHV GH EDUULV GH ÂOHR OHYH SHWUÂOHR TXH QH FHVVLWD GH SRXFR UHILQDPHQWR DO¹P GH UHVHU YDV GH J²V QDWXUDO 1HVVD SHUVSHFWLYD HVW¶R HQ JOREDGDV GXDV EDFLDV VHGLPHQWDUHV &DPSRV H

67e)(5621 )$5,$ $*È1&,$ 3(752%5$6

IXWXUR EUDVLOHLUR

6DQWRV 3DUD R SURIHVVRU +RO] |H[LVWHP PXLWDV ²UHDV FRP URFKDV UHVHUYDWÂULRV DEDL[R GD FDPD GD GH VDO 2 TXH IDU² FRP TXH DLQGD OHYH XP ERP WHPSR DW¹ TXH R PDSHDPHQWR EDFLD SRU EDFLD VHMD FRPSOHWDGR H VH VDLED FRP SUHFLV¶R D TXDQWLGDGH H DV ²UHDV RQGH HVW² ORFDOL]DGR R FRPEXVW½YHO 6 HQW¶R D H[SORWD¸¶R UHWLUDGD GH SHWUÂOHR SRGHU² LQLFLDU} %UDVLO SRWrQFLD SRWrQFLD z $QWHV GD GHVFREHUWD GR SU¹ VDO DV MD]LGDV EUDVLOHLUDV FRPSRUWDYDP FHU FD GH ELOKÆHV GH EDUULV ½QGLFH TXH GHL[DYD R SD½V QD n SRVL¸¶R QR UDQNLQJ GDV QD¸ÆHV FRP UHVHUYDV GH KLGURFDUERQHWRV &DVR DV HVWL PDWLYDV VH FRQILUPHP WHUHPRV XP WRWDO GH ELOKÆHV GH EDUULV HP QRVVDV UHVHUYDV 2 SHWUÂOHR ¹ FRQVLGHUDGR SRU PXLWRV XPD

|E»Q¸¶R PDOGL¸¶R} 'HSHQGHQGR GH FRPR VHX OXFUR ¹ JHULGR SRGH DMXGDU QD VROX¸¶R GH SUR EOHPDV VRFLDLV RX OHYDU DV QD¸ÆHV DR FDRV H ³ PL V¹ULD FRPR RFRUUHX HP DOJXQV SD½VHV GD ÚIULFD H 2ULHQWH 0¹GLR (VVD ¹ D YLV¶R GR PHVWUH HP 5H OD¸ÆHV ,QWHUQDFLRQDLV SHOD 8)5*6 /XFDV .HUU GH 2OLYHLUD |3HWUÂOHR Q¶R GHL[D QHQKXP SD½V ULFR DXWRPDWLFDPHQWH PDV VHX XVR SODQHMDGR WRUQRX DOJXQV SD½VHV PXLWR SUÂVSHURV} 3DUD R SURIHVVRU GD )DFXOGDGH GH &L»QFLDV (FRQÄPLFDV /XL] 0LUDQGD |Q¶R ¹ DSHQDV XPD TXDQWLGDGH PDLRU GH UHQGD TXH YDL JHUDU UHQGD $ GLVWULEXL ¸¶R M² ¹ SRVV½YHO FRP R TXH VH WHP KRMH PDV SUHFLVD KDYHU LQWHUHVVH HP VH ID]HU LVVR} &RP R SU¹ VDO R %UDVLO SRGH Q¶R V VH WRUQDU DXWR VXILFLHQWH FRPR WDPE¹P H[SRUWDU ÂOHR UHILQDGR H GHULYDGRV 1R HQWDQWR 2OLYHLUD OHP

4XDQGR VH IDOD HP SURVSHFomR HP DOWR PDU ORJR YHP j FDEHoD JUDQGHV DFLGHQWHV FRPR D H[SORVmR QD SODWDIRUPD 3 TXH PDWRX RSHUiULRV GD 3HWUREUDV HP (GXDUGR *XLPDUmHV %DUER]D SURIHVVRU GR ,QVWLWXWR GH *HRFLrQFLDV FRP DWXDomR QDV iUHDV GH (VWUDWLJUDILD H 6HQVRULDPHQWR 5HPRWR DOHUWD SDUD R IDWR GH TXH XP DFLGHQWH RFRUULGR SUy[LPR j UHJLmR FRVWHLUD JHUD LPSDFWRV DPELHQWDLV VLJQLILFDWLYRV Mi TXH DWLQJH XPD ELRWD IDXQD H IORUD GH XPD GHWHUPLQDGD iUHD

PXLWR PDLV ULFD DOpP GR UHFROKLPHQWR GR yOHR VHU PDLV WUDEDOKRVR 0DV DFUHGLWD TXH DV SRVVLELOLGDGHV GH LPSDFWRV DPELHQWDLV GLPLQXHP QD H[WUDomR GD FDPDGD SUp VDO 2 GRXWRU HP (QJHQKDULD 0HWDO~UJLFD H GH 0DWHULDLV 7HOPR 5REHUWR 6WURKDHFNHU FRQFRUGD FRP D REVHUYDomR GR FROHJD ´$ PHWD GD 3HWUREUDV p YD]DPHQWR ]HUR (P FDVR GH YD]DPHQWR DV YiOYXODV VmR IHFKDGDV DXWRPDWLFDPHQWH 1LQJXpP TXHU SHUGHU yOHR µ 3RUpP R TXH PDLV SUHRFXSD DV HPSUHVDV SHWUROtIHUDV QmR p D OkPLQD GH iJXD PDV WUDQVSDVVDU D FDPDGD GH VDO &RQIRUPH R SURIHVVRU %DUER]D R VDO SRVVXL XP FRPSRUWDPHQWR SOiVWLFR QmR p URFKD FRPSOHWDPHQWH VyOLGD ´4XDQGR D EURFD SHUIXUD R VDO D WHQGrQFLD p TXH R EXUDFR VH IHFKH HP IXQomR GD JUDQGH SUHVVmRµ HVFODUHFH R JHyORJR $OpP GLVVR DV FDPDGDV QmR VmR FRQWtQXDV +i EDUUHLUDV HQWUH HODV XPD YH] TXH DV URFKDV TXH FRPS}HP RV UHVHUYDWyULRV HVWmR HQFDL[DGDV HP ´GHSUHVV}HVµ H[SOLFD %DUER]D DFUHVFHQWDGR TXH FDGD FDPSR GH SHWUyOHR p IRUPDGR SRU GLYHUVRV UHVHUYDWyULRV ´1mR Ki SRVVLELOLGDGH GH IXUDU HP XP SRQWR HVSHFtILFR H GUHQDU WRGD D iUHDµ ² DILUPD R SHVTXLVDGRU 7HOPR 6WURKDHFNHU UHVVDOWD TXH D SURVSHFomR GHVJDVWD HTXLSDPHQWRV H GHPDQGD LQYHVWLPHQWRV WHFQROyJLFRV VLJQLILFDWLYRV 6HJXQGR HOH TXDOTXHU RSHUDomR GH VRQGDJHP HQYROYH FXVWRV GH PLOK}HV GH GyODUHV R TXH DFDED H[LJLQGR JUDQGH SUHFLVmR GXUDQWH R PDSHDPHQWR (GXDUGR %DUER]D DFUHGLWD TXH H[SORUDU DV UHVHUYDV GR SUp VDO p SRVVtYHO QmR DSHQDV HP WHUPRV WHFQROyJLFRV ´3HOR SUHoR HOHYDGR GR EDUULO GH SHWUyOHR KRMH D H[WUDomR WRUQRX VH UHQWiYHO 6H R SUHoR FDtVVH SDUD SRU H[HPSOR R YDORU GH GH] DQRV DWUiV D 3HWUREUDV QmR LULD H[SORWDU RV UHVHUYDWyULRV DEDL[R GR VDO µ

EUD TXH D H[SRUWD¸¶R H[FHVVLYD GH FRPPRGLW\ FRPR R SHWUÂOHR SRGH JHUDU V¹ULRV SUREOHPDV DR SD½V FRPR D VXSHUYDORUL]D¸¶R FDPELDO FRQKHFL GD FRPR |PDO KRODQG»V} $ YDORUL]D¸¶R H[FHVVL YD GR UHDO SRGHULD EDUDWHDU DV LPSRUWD¸ÆHV H SUH MXGLFDU RV VHWRUHV SURGXWLYRV SURYRFDQGR DW¹ D GHVLQGXVWULDOL]D¸¶R GR SD½V 2 SURIHVVRU DFUHV FHQWD TXH VH VRXEHU XWLOL]DU HVVHV UHFXUVRV SDUD DPSOLDU VXDV FDSDFLGDGHV SRO½WLFD PLOLWDU HFR QÄPLFD H FXOWXUDO R %UDVLO SRGHULD VH WRUQDU XPD SRW»QFLD |&RQWXGR LVVR YDL GHSHQGHU GD FDSD FLGDGH GR JRYHUQR HP JHUHQFLDU RV UHFXUVRV HV WUDW¹JLFRV GR SD½V PDQWHQGR D VREHUDQLD VREUH RV PHVPRV 6H D JHQWH SHUPLWLU TXH DV JUDQGHV FRUSRUD¸ÆHV GHFLGDP WXGR YDPRV FRQWLQXDU FRQFHQWUDQGR SRGHU H UHQGD H JHUDQGR GHVLJXDO GDGHV FDGD YH] PDLRUHV }

3URIHVVRUHV DSRQWDP GLILFXOGDGHV QD FULDomR GH QRYD HVWDWDO $W¹ D 8QL¶R PRQRSROL]DYD DV DWLYLGD GHV TXH HQYROYLDP SHWUÂOHR H J²V QDWXUDO QR SD½V FRP D 3HWUREUDV H[HUFHQGR FRP H[FOXVL YLGDGH DO¹P GD H[SORUD¸¶R H SURGX¸¶R R UHIL QR R WUDQVSRUWH D LPSRUWD¸¶R H D H[SRUWD¸¶R GH FRPEXVW½YHO IÂVVLO &RP D SURPXOJD¸¶R GD /HL GR 3HWUÂOHR R JRYHUQR IHGHUDO SDVVRX D HV WDEHOHFHU FRQWUDWRV FRP HPSUHVDV HVWDWDLV H SUL YDGDV SDUD D UHDOL]D¸¶R GHVVDV DWLYLGDGHV $WXDO PHQWH R PRGHOR DGRWDGR SHOR %UDVLO ¹ R GH FRQ FHVVÆHV HP TXH D $J»QFLD 1DFLRQDO GR 3HWU OHR *²V 1DWXUDO H %LRFRPEXVW½YHLV $13 ÂU J¶R UHJXODGRU SURPRYH HVWXGRV SDUD GHOLPLWDU HP EORFRV SDUWH GH XPD EDFLD VHGLPHQWDU (P VHJXLGD HVVDV ²UHDV V¶R OHLORDGDV HP URGDGDV QDV TXDLV HPSUHVDV SULYDGDV SRGHP DGTXLULU EORFRV SRU OLFLWD¸¶R SDUD D H[SORUD¸¶R H D SUR GX¸¶R GH ÂOHR H J²V $ 3HWUREUDV FRPR XPD

HPSUHVD GH FDSLWDO PLVWR SÇEOLFR H SULYDGR Q¶R SRVVXL QHQKXP SULYLO¹JLR QHVVDV OLFLWD¸ÆHV (P R &RQVHOKR 1DFLRQDO GH 3RO½WLFD (QHUJ¹WLFD GHWHUPLQRX TXH IRVVHP UHWLUDGRV EORFRV GD n URGDGD GH OLFLWD¸ÆHV WRGRV FRP SRWHQFLDO GH SURGX¸¶R QD FDPDGD SU¹ VDO $ UH VROX¸¶R WDPE¹P H[LJLX XPD DYDOLD¸¶R GDV PXGDQ¸DV QHFHVV²ULDV QR PDUFR OHJDO FRQWHP SODQGR XP QRYR SDUDGLJPD GH H[SORUD¸¶R H SURGX¸¶R GH FRPEXVW½YHO IÂVVLO 6HP XPD GHFLV¶R RILFLDO GD FRPLVV¶R LQWHUPLQLVWHULDO IRUPDGD SHOR ([HFXWLYR SDUD GLVFXWLU R DVVXQWR VXUJLUDP HVSHFXOD¸ÆHV VR EUH D FULD¸¶R GH XPD QRYD HVWDWDO SDUD FXLGDU GD H[SORUD¸¶R GDV MD]LGDV D VHUHP GHVFREHUWDV 6REUH HVVD SRVVLELOLGDGH RV HVSHFLDOLVWDV GD 8)5*6 IRUDP XQ´QLPHV Q¶R DFUHGLWDP VHU SRVV½YHO D FRQVWUX¸¶R GH XPD QRYD HPSUHVD

3DUD R SURIHVVRU GH (QJHQKDULD 7HOPR 6WUR KDHFNHU OHYDULD PXLWR WHPSR DW¹ TXH D FRPSD QKLD GHVHQYROYHVVH WHFQRORJLD D SRQWR GH VHU UHFRQKHFLGD QR PHUFDGR LQWHUQDFLRQDO (GXDU GR %DUER]D GRFHQWH GR ,QVWLWXWR GH *HRFL»Q FLDV DFKD TXH R SULPHLUR SUREOHPD VHULD D IDOWD GH P¶R GH REUD TXDOLILFDGD /XL] 0LUDQGD HFRQRPLVWD H SURIHVVRU GD )D FXOGDGH GH &L»QFLDV (FRQÄPLFDV GL] TXH R FRU UHWR VHULD IRUWDOHFHU D 3HWUREUDV DXPHQWDQGR D SDUWLFLSD¸¶R GR JRYHUQR QD HPSUHVD DWUDY¹V GD FRPSUD GH D¸ÆHV RX GD HVWDWL]D¸¶R GD PHVPD ( TXHVWLRQD R PRGHOR GH FRQFHVVÆHV DILUPDQGR TXH R SHWUÂOHR ¹ HVWUDW¹JLFR H Q¶R GHYHULD VHU WUDWDGR FRPR PDLV XPD FRPPRGLW\ HP PHU FDGR |2V VHWRUHV FRQVHUYDGRUHV GD VRFLHGDGH EUDVLOHLUD GHIHQGHP R PRGHOR QRUWH DPHULFD QR HVTXHFHQGR TXH DV HPSUHVDV SULYDGDV V¶R

QRUWH DPHULFDQDV 'HVVD PDQHLUD QD¸¶R H FD SLWDO SULYDGR Q¶R W»P GLVVRQ´QFLD TXDQWR DRV LQWHUHVVHV HVWUDW¹JLFRV GR SD½V } 2 SURIHVVRU VXEVWLWXWR GR 'HSDUWDPHQWR GH &L»QFLD 3RO½WL FD GD 8)5*6 /XFDV .HUU 2OLYHLUD FRQFRUGD H SURSÆH D DGR¸¶R GR PRGHOR QRUXHJX»V QR TXDO R JRYHUQR WHP SDUWLFLSD¸¶R DFLRQ²ULD HP WRGDV DV HPSUHVDV SHWURO½IHUDV DWXDQWHV HP VHX WHUUL WÂULR 3DUD 2OLYHLUD RXWUD VROX¸¶R VHULD FULDU XP IXQGR SDUD DV JHUD¸ÆHV IXWXUDV TXH UHFR OKHULD XPD WD[D VREUH D H[SORUD¸¶R GH SHWUÂOHR SDUD UHLQYHVWLU QD SHVTXLVD GH QRYDV IRQWHV GH HQHUJLD |® TXDVH LPRUDO H[SORUDU XP UHFXUVR W¶R ULFR VHP GHL[DU QDGD SDUD DV SUÂ[LPDV JHUD ¸ÆHV} FRQFOXL 3DXOD 9LHLUD HVWXGDQWH GR VHPHVWUH GH -RUQDOLVPR GD )DELFR HVSHFLDO SDUD R -8


_ -251$/ '$ 81,9(56,'$'( _ 129(0%52 '(

& $0386 3HVTXLVD /LQKD GR WHPSR UHJLVWURX RV DQRV GR 6DOmR GH ,QLFLDomR &LHQWtILFD GD 8)5*6

3UHPLDGRV (QTXDQWR YRFr Or HVWD PDWpULD D HTXLSH GD 3Uy UHLWRULD GH 3HVTXLVD GD 8)5*6 Mi HVWi SUHSDUDQGR R SUy[LPR 6DOmR TXH Vy YDL RFRUUHU QR ILQDO GH (VWH DQR PDLV GH VHLV PLO SHVVRDV HVWLYHUDP HQYROYLGDV FRP RV WUrV HYHQWRV GH LQLFLDomR FLHQWtILFD $ FHULP{QLD GH HQFHUUDPHQWR RFRUUHX QD WDUGH GR GLD GH RXWXEUR TXDQGR IRUDP HQWUHJXHV RV SUrPLRV SDUD DV RLWR iUHDV $OpP GR UHFRQKHFLPHQWR SHOR WUDEDOKR GH SHVTXLVD FDGD XP GRV YHQFHGRUHV UHFHEHX XP ODSWRS FRPR VXSRUWH SDUD D FRQWtQXD SURGXomR DFDGrPLFD 1D VHT rQFLD RV SUHPLDGRV

'HJUDX SRU GHJUDX GD

PHPyULD

-DFLUD &DEUDO GD 6LOYHLUD

'HSRLV GR YHVWLEXODU R 6DO¶R GH ,QLFLD¸¶R &LHQW½ILFD ¹ D DWLYLGDGH GH PDLRU UHSHUFXV V¶R GD 8)5*6 'XUDQWH XPD VHPDQD HVWX GDQWHV H SURIHVVRUHV GD 8QLYHUVLGDGH H GH IRUD GHOD H[SÆHP VXDV SHVTXLVDV SDUD XP SÇEOLFR YDULDGR (OHV Y»P FRQKHFHU WDQWR R 6DO¶R TXDQWR D )HLUD GH ,QLFLD¸¶R &LHQW½ILFD H PDLV UHFHQWHPHQWH R 6DO¶R 8)5*6 -R YHP FULDGR HP SDUD HVWLPXODU D LQYHV WLJD¸¶R FLHQW½ILFD HQWUH HVWXGDQWHV GR HQVLQR IXQGDPHQWDO H P¹GLR (VWH DQR DR FRPHPRUDU GXDV G¹FDGDV GH H[LVW»QFLD R HYHQWR JDQKRX XP GHVWDTXH HVSHFLDO 4XHP HQWUDYD QR VDJX¶R W¹UUHR RX VXELD D ODUJD HVFDGDULD HP FDUDFRO DW¹ R VH JXQGR DQGDU GD UHLWRULD WLQKD XPD LG¹LD GD KLVWÂULD GR 6DO¶R DWUDY¹V GH IRWRV H GH XPD H[WHQVD OLQKD GR WHPSR DR ORQJR GD HVFDGD |® TXDVH FRPR HQWUDU QXP WÇQHO GR WHP SR} FRPHQWD XPD HVWXGDQWH SDUD RXWUD DR GHSDUDU VH FRP R LPHQVR SDLQHO $ GHVLJQHU GD 6HFUHWDULD GH &RPXQLFD ¸¶R 6RFLDO GD 8QLYHUVLGDGH 5RV´QH 9LHLUD UHVSRQV²YHO SHOD FULD¸¶R GD LGHQWLGDGH YLVX DO H GR PDWHULDO JU²ILFR GD HGL¸¶R GHVWH DQR GL] TXH D FRQFHS¸¶R GH WRGR R WUDEDOKR SDU WLX GH VHPHOKDQ¸DV HQWUH R SDU GH FURPRVVRPRV H R PRPHQWR KLVWÂULFR GR 6DO¶R $ OLQKD GR WHPSR FRQVWUX½GD D SDUWLU GRV FDUWD]HV TXH GLYXOJDUDP R HYHQWR DWUD Y¹V GRV DQRV WRGRV FULDGRV SRU DOXQRV DSUR [LPD VH GD LG¹LD GH HYROX¸¶R H VHTÊ»QFLD FRQWLGD QR SDU GH FURPRVVRPRV ;; TXH WDPE¹P UHPHWH DR DOJDULVPR URPDQR ;;

0DULQLQKD $UDQKD 5RFKD YLFH SU UHLWRUD GH 3HVTXLVD OHPEUD TXDQGR R 6DO¶R GH ,QLFLD¸¶R &LHQW½ILFD GD 8)5*6 IRL VXE PHWLGR DR 3,%,& &13T HP SDUD DORFDU EROVDV GH LQLFLD¸¶R M² TXH QD ¹SRFD D SU UHLWRULD GLVSXQKD VRPHQWH GH EROVDV SUÂSUL DV |$O¹P GD TXDOLILFD¸¶R GRV RULHQ WDGRUHV SHVRX QD GHFLV¶R QRVVD WUDGL¸¶R HP GLYXOJDU H DFRPSDQKDU RV WUDEDOKRV GH LQLFLD¸¶R FL HQW½ILFD} DUJXPHQWD +RPHQDJHDGD QD FH ULPÄQLD GH HQFHUUDPHQWR GR 6DO¶R GHVWH DQR 0DULQLQKD ¹ UHFRQKHFLGD FRPR UHIHU»QFLD QD KLVWÂULD GR 6DO¶R GD 8QLYHUVLGDGH 6H SRU XP ODGR D LQLFLDWLYD WHP D FDUD GRV HVWXGDQ WHV SRU RXWUR WHP R |GHGR} GD YLFH SU UHLWRUD TXH DQWHV GH GL]HU R TXH D GHL[D PDLV IHOL] HP VHX WUDEDOKR UHYHOD VXDV SUHRFXSD¸ÆHV |3ULPHLUR SHQVR QRV PLQXWRV GH FDGD DOX QR SDUD TXH VHMD XP PRPHQWR HVSHFLDO SDUD HOH GHSRLV TXH R 6DO¶R VHMD XPD FRQVWUX¸¶R GD FRPXQLGDGH DFDG»PLFD} 0~VLFD SDUD RV RXYLGRV z $ VROHQLGDGH GH DEHUWXUD GRV HYHQWRV RFRUUHX QR GLD GH RXWXEUR QR VDO¶R QREUH GR ,QVWLWXWR GH &L»Q FLDV %²VLFDV GD 6DÇGH DQWLJD )DFXOGDGH GH 0HGLFLQD RQGH IRL UHDOL]DGD D FHULPÄQLD TXH GHX LQ½FLR DR SULPHLUR 6,& GD 8)5*6 HP 1DTXHOD RFDVL¶R IRUDP LQVFULWRV HQTXDQWR D HGL¸¶R GH FRQWRX FRP WUDEDOKRV QDV RLWR ²UHDV GH FRQKHFLPHQWR TXH FRPSÆH R HYHQWR $R ORQJR GRV DQRV D DWLYL GDGH SDVVRX D DWUDLU SHVTXLVDGRUHV GH GLIH UHQWHV LQVWLWXL¸ÆHV DW¹ PHVPR GH RXWURV HV WDGRV H SD½VHV ([LVWHP KRMH QD 8)5*6 GRLV PLO DOXQRV GH LQLFLD¸¶R FLHQW½ILFD R TXH UH SUHVHQWD GRV HVWXGDQWHV GD JUDGXD¸¶R

$R VDXGDU DV DXWRULGDGHV SURIHVVRUHV DOX QRV H IXQFLRQ²ULRV SUHVHQWHV ³ RFDVL¶R R SU UHLWRU GH 3HVTXLVD -R¶R (GJDU 6FKPLGW OHP EURX D YRFD¸¶R GD 8QLYHUVLGDGH TXH WHP JUXSRV GH SHVTXLVD SURIHVVRUHV SHV TXLVDGRUHV H PDLV GH HVWXGDQWHV GH LQLFLD¸¶R FLHQW½ILFD VHP FRQWDU RV PHVWUDQ GRV H GRXWRUDQGRV GRV GLIHUHQWHV SURJUDPDV GH SÂV JUDGXD¸¶R (OH WDPE¹P VDOLHQWRX D SDUWLFLSD¸¶R YROXQW²ULD GH DOXQRV TXH DX[LOLDUDP QD H[HFX¸¶R GRV WU»V HYHQWRV FL HQW½ILFRV VLPXOW´QHRV |SRU DPRU ³ SHVTXLVD H DR GHVHQYROYLPHQWR} 2V FRPSRVLWRUHV +HLWRU 9LOOD /RERV H )¹OL[ 0HQGHOVVRKQ %DUWKROG\ WDPE¹P SDU WLFLSDUDP GD DEHUWXUD GR ;; 6,& TXDQGR D 2UTXHVWUD GR 'HSDUWDPHQWR GH 0ÇVLFD GR ,QVWLWXWR GH $UWHV GD 8)5*6 LQWHUSUHWRX VXDV REUDV VRE D UHJ»QFLD GR PDHVWUR -RFHOHL %RKUHU $VVLP FRPR QRV VDOÆHV DQWHULRUHV LQVFULWRV H YLVLWDQWHV SXGHUDP XVXIUXLU GLIH UHQWHV PRPHQWRV GH WHDWUR H PÇVLFD HQWUH XPD H RXWUD GHIHVD GH WUDEDOKR FLHQW½ILFR $V DSUHVHQWD¸ÆHV DUW½VWLFDV FRQFHQWUD UDP VH QD 6DOD 4RUSR 6DQWR QD WHQGD DUPD GD HP IUHQWH ³ )DFXOGDGH GH (GXFD¸¶R H QR VHJXQGR DQGDU GR SU¹GLR GD UHLWRULD 2 ,QV WLWXWR GH $UWHV IRL UHVSRQV²YHO SHOD HODERUD ¸¶R GRV HVSHW²FXORV ,QWHJUDUDP D SURJUDPD ¸¶R PÇVLFD HOHWUR DFÇVWLFD SDUD RUTXHVWUD GH DOWR IDODQWH JUXSR LQVWUXPHQWDO &RQIUD ULD GR 6D[ 0DGULJDO 4XDUWHWR GH &RQWUDEDL[RV 1ÇFOHR GH 0ÇVLFD H RV WUDED OKRV F»QLFRV &RUSR )HFKDGR H 2 VDQWR JXHU UHLUR +RXYH DLQGD DV H[SRVL¸ÆHV 3HQVDPHQ WR FROHWLYR H *DLD SDUWH GD H[SRVL¸¶R 9LVÆHV GD 7HUUD HQWUH GHXVHV H P²TXLQDV

)HLUD FRP QRYDV WHFQRORJLDV GD LQIRUPDomR 'H DFRUGR FRP &LGDUD 6RX]D FRRUGHQD GRUD GD )HLUD GH ,QLFLD¸¶R &LHQW½ILFD QHVWH DQR IRUDP LQFRUSRUDGDV QRYDV WHFQRORJLDV GD LQIRUPD¸¶R ³ DWLYLGDGH |$ QRYLGDGH VH GHX SHOD IRUPD GDV DSUHVHQWD¸ÆHV DWUDY¹V GH Y½GHRV VHJXLGRV GH DYDOLD¸¶R SUHVHQFLDO RX SRU YLGHRFRQIHU»QFLD FRP RV SHVTXLVDGR UHV} H[SOLFD 6HJXQGR HOD RV HYHQWRV VH GLIH UHQFLDP SHOD OLQJXDJHP |2 6DO¶R WHP XPD OLQJXDJHP DFDG»PLFD YROWDGD SDUD GHQWUR GD LQVWLWXL¸¶R HQTXDQWR QD )HLUD R SURSÂVL WR ¹ RXWUR FRQVWUXLU XPD OLQJXDJHP PDLV VLPSOHV YROWDGD SDUD D 8QLYHUVLGDGH H D FR PXQLGDGH HP JHUDO $ DYDOLD¸¶R OHYD HP FRQ WD WDQWR D SHVTXLVD TXDQWR D FDSDFLGDGH GH H[SUHVV¶R H H[SOLFD¸¶R GD PRQWDJHP DXGLRYLVXDO} FRPSOHWD 2 YHQFHGRU GR 3U»PLR -RYHP 3HVTXLVD GRU )HLUD GH ,QLFLD¸¶R &LHQW½ILFD IRL 'DQLHO $57( 526Ç1( 9,(,5$ 6(&20

)LJXHLUHGR 0RUHLUD FRP R SURMHWR 0ÇVLFD H 7HFQRORJLD FULD¸¶R GH XPD LQWHUIDFH PXVL FDO LQWHUDWLYD RULHQWDQGR GR SURIHVVRU (OR\ )ULWVFK 'H DFRUGR FRP R HVWXGDQWH R SURMH WR FRQVLVWH QD FULD¸¶R GH VRIWZDUHV H LQWHUIDFHV FRPSXWDFLRQDLV TXH SURSRUFLR QDP XPD LQWHUD¸¶R HQWUH D PÇVLFD LQVWUX PHQWDO H DV SRVVLELOLGDGHV GH WUDQVIRUPD¸¶R H H[SDQV¶R GR VRP FULDGDV SHOD PÇVLFD HOH WUÄQLFD 2 DOXQR TXH M² KDYLD SDUWLFLSDGR GR 6DO¶R GH ,QLFLD¸¶R &LHQW½ILFD DQWHULRUPHQ WH FRPHQWD VREUH R QRYR IRUPDWR GDV DSUH VHQWD¸ÆHV GD )HLUD |6 HP SHQVDU TXH PHX Y½GHR IRL YLVWR SRU PDLV GH VHWH PLO SHVVRDV DR FRQWU²ULR GD P¹GLD GH TXH FDEHULD HP XPD VDOD QRUPDO GH DSUHVHQWD¸ÆHV M² ILFD FODUD D YDQWDJHP GHVVH PHLR 2V UHFXUVRV GH LPDJHP H VRP WRUQDP DV DSUHVHQWD¸ÆHV HP Y½GHR PDLV GLQ´PLFDV GLG²WLFDV H DW¹ PHV

PR SHVTXLVDV PDLV KHUP¹WLFDV SRGHP VHU FRPSUHHQGLGDV SHOD FRPXQLGDGH} 'DQLHO GHVWDFD DLQGD D LPSRUW´QFLD GRV HYHQWRV TXH DO¹P GH VHUHP XPD LQWHUHVVDQ WH IRUPD GH LQFHQWLYDU D SHVTXLVD H R SHQVD PHQWR FU½WLFR HQWUH RV DOXQRV WDPE¹P FR ODERUDP SDUD D WURFD GH H[SHUL»QFLDV HQWUH RV EROVLVWDV z LQFOXVLYH GH GLIHUHQWHV XQLYHU VLGDGHV H ²UHDV GR FRQKHFLPHQWR |0RPHQ WRV FRPR HVWH V¶R FUXFLDLV QR GHVHQYROYL PHQWR GDV SHVTXLVDV HP TXH RV EROVLVWDV SRGHP UHFHEHU ROKDUHV FU½WLFRV WHVWDU D DEUDQJ»QFLD H D UHOHY´QFLD GH VXDV SHVTXLVDV H TXHP VDEH DW¹ JDQKDU XP SU»PLR} FRP SOHWD R HVWXGDQWH GH JUDGXD¸¶R &RODERURX 3HGUR &DVVHO (VWXGDQWH GR VHPHVWUH GH -RUQDOLVPR GD )DELFR

&,È1&,$6 $*5É5,$6 3UHPLDGR 0DUFHOR +RHUEH $QGULJKHWWL 2ULHQWDGRU ,EDQRU $QJKLQRQL 7tWXOR $EVRUomR GH FiOFLR H PDJQpVLR SHOR DUUR] DIHWDGD SHOD VDOLQLGDGH GR VROR H PRGRV GH DGXEDomR SRWiVVLFD 3LELF &13T 8)5*6 &,È1&,$6 (;$7$6 ( '$ 7(55$ 3UHPLDGR 0DWKHXV &RHOKR $GDP 2ULHQWDGRU +HQUL ,YDQRY %RXGLQRY 7tWXOR -XQo}HV UDVDV HP VL H VLPR[ SHUILO GH GRSDQWHV FDUDFWHUL]DGRV SHOD WpFQLFD KDOO GLIHUHQFLDO 3LELF &13T 8)5*6 &,È1&,$6 %,2/Ð*,&$6 3UHPLDGR -HVVLH 3HUHLUD GRV 6DQWRV &R DXWRU &ULVWLDQR $JUD ,VHUKDUG 2ULHQWDGRUD +HOHQD 3LFFROL 5RPDQRZVNL 7tWXOR &RPSRVLomR H GLYHUVLGDGH GD IDXQD GH ERUEROHWDV IUXJtYRUDV GD IORUHVWD QDFLRQDO GH 6mR )UDQFLVFR GH 3DXOD 56 &13T &,È1&,$6 '$ 6$Ó'( 3UHPLDGR /DXUD 6WHUW] &R DXWRUHV *DEULHO 5RGULJR )ULHV %LDQFD :ROOHQKDXSW $JXLDU *DEULHOD &ROSR 6DPLUD GD 6LOYD 9DOYDVVRUL *XLOKHUPH $OYHV (OLDV $QD &ULVWLQD $QGUHD]]D .HLOD 0DULD 0HQGHV &HUHVHU -RmR 4XHYHGR 2ULHQWDGRU )ODYLR 3HUHLUD .DSF]LQVNL 7tWXOR (IHLWRV GR OtWLR GR YDOSURDWR H GR EXWLUDWR GH VyGLR QD DomR GD HQ]LPD KLVWRQD GHVDFHWLODVH HP XP PRGHOR DQLPDO GH PDQLD 3LELF &13T 8)5*6 &,È1&,$6 +80$1$6 3UHPLDGR +HOHQD /REDWR GD -RUQDGD 2ULHQWDGRU 0DUFR $XUpOLR &KDYHV &HSLN 7tWXOR &KLQD H ÌQGLD FRRSHUDomR FRPSHWLomR H D GLVWULEXLomR GR SRGHU QR VLVWHPD LQWHUQDFLRQDO &13T &,È1&,$6 62&,$,6 $3/,&$'$6 3UHPLDGR 5HQDWD 6DQWLDJR 5DPRV 2ULHQWDGRUD &OiXGLD 3LDQWD &RVWD &DEUDO 7tWXOR +DELWDU QD VHJXQGD HUD GD PiTXLQD UHYHQGR RV SURWyWLSRV PRGHUQRV QRV DQRV 3LELF /,1*hÌ67,&$ /(75$6 ( $57(6 3UHPLDGR :LOOLDP 0RUHQR %RHQDYLGHV 2ULHQWDGRU $QWRQLR 0DUFRV 9LHLUD 6DQVHYHULQR 7tWXOR 3ROtWLFD QDV FU{QLFDV GH 0DFKDGR GH $VVLV OLWHUDWXUD H LQWHUYHQomR %,& 8)5*6 (1*(1+$5,$ 3UHPLDGR $QGUp 7XUD 0DUNXV 2ULHQWDGRU ,JQiFLR ,WXUULR] 7tWXOR 6LPXODomR GR FRPSRUWDPHQWR PHFkQLFR GR ~PHUR KXPDQR XWLOL]DQGR R PpWRGR GRV HOHPHQWRV GLVFUHWRV )DSHUJV 35È0,2 -29(0 3(648,6$'25 )(,5$ '( ,& 8)5*6 3UHPLDGR 'DQLHO )LJXHLUHGR 0RUHLUD 2ULHQWDGRUD (OR\ )HUQDQGR )ULWVFK 7tWXOR 0~VLFD H 7HFQRORJLD FULDomR GH XPD LQWHUIDFH PXVLFDO LQWHUDWLYD


-251$/ '$ 81,9(56,'$'( _ 129(0%52 '( _

& $0386

+LVWyULDV GH GHGLFDomR j

&$',1+2 $1'5$'( -8

0HGLFLQD

0HPyULD )RUPDQGRV GH GD )DFXOGDGH GH 0HGLFLQD GHL[DUDP D PDUFD GR SLRQHLULVPR QD VD~GH GR 5LR *UDQGH GR 6XO ÆQLD &KDOD

8P JUXSR GR TXDO VD½UDP SURIHV VRUHV FRQVWUXWRUHV GH KRVSLWDLV IXQ GDGRUHV GH IDFXOGDGHV GLUHWRUHV GH ÂU J¶RV GH VDÇGH H LQWURGXWRUHV GH H[D PHV SDUD GLDJQÂVWLFR H WUDWDPHQWR GH LQÇPHUDV GRHQ¸DV PHUHFH R DGMHWLYR GH SLRQHLUR (VWD ¹ D PDUFD GD WXUPD GH IRUPDQGRV GH GD )DFXOGDGH GH 0HGLFLQD GD 8)5*6 FRPSRVWD SRU MRYHQV TXH IL]HUDP KLVWÂULD SRU RQGH SDVVDUDP /LGHUDGRV SRU -R¶R 6DWW IXQGDGRU H SULPHLUR GLUHWRU GR FXUVR GH 0HGLFLQD GD 38&56 DOJXQV GHOHV VH VREUHVVD½UDP WDPE¹P QR FDPSR SRO½WLFR FRPR YHUHDGRUHV SUHIHLWRV GHSXWDGRV H JHVWRUHV GDV ²UHDV GH VDÇ GH H FXOWXUD *UDGXDGRV QXPD ¹SRFD HP TXH D 0HGLFLQD DLQGD VH FRQVROL GDYD QR 5LR *UDQGH GR 6XO HQIUHQWD UDP R GHVDILR GH VXSHUDU DV GLILFXOGD GHV GR LQ½FLR GD FDUUHLUD H KRQUDUDP R QRPH GD 8QLYHUVLGDGH DWUDY¹V GR UH VXOWDGR GH VHX WUDEDOKR &RPR IRUPD GH KRPHQDJHDU RV SUR ILVVLRQDLV TXH SDVVDUDP SHOD )DFXOGD GH GH 0HGLFLQD R -8 HQWUHYLVWRX TXD WUR UHSUHVHQWDQWHV GD WXUPD GH ÚOYDUR 3HWUDFR GD &XQKD $UQDOGR -RV¹ GD &RVWD )LOKR &DUORV 2VZDOGR 'HJUD ]LD H ,YDQ +HUY¹ EXVFDQGR UHVJDWDU VXDV H[SHUL»QFLDV 2 JUXSR TXH FRPH

&DUORV 'HJUD]LD $UQDOGR &RVWD )LOKR ÉOYDUR 3HWUDFR GD &XQKD H ,YDQ +HUYp UHOHPEUDP KLVWyULDV GH VXD FDUUHLUD PpGLFD

PRURX DQRV GH IRUPDWXUD HP GH ]HPEUR GR DQR SDVVDGR PDQW¹P D WUD GL¸¶R GH HQFRQWUDU VH SDUD XP DOPR¸R PHQVDO 2OKR FOtQLFR z 4XDQGR HOHV VH IRU PDUDP LQLFLDYD VH D FRQVWUX¸¶R GR +RVSLWDO GH &O½QLFDV GH 3RUWR $OHJUH (UD XPD ¹SRFD URP´QWLFD HP TXH RV MRYHQV P¹GLFRV HUDP GLVSXWDGRV SH ODV PR¸DV 1DV FLGDGHV GR LQWHULRU RQGH VH LQVWDODYDP WRUQDYDP VH O½ GHUHV QDWRV ÚOYDUR 3HWUDFR GD &XQKD OHPEUD TXH DO¹P GRV H[DPHV GH OD ERUDWÂULR VHUHP HVFDVVRV HUD UDUR R PXQLF½SLR TXH SRVVX½D XP VLPSOHV DSDUHOKR GH 5DLRV ; |7½QKDPRV GH XVDU PXLWD LQWXL¸¶R R IDPRVR ROKR FO½QLFR EDVHDGR QD H[SHUL»QFLD SUR

ILVVLRQDO } $UQDOGR &RVWD )LOKR DFUHV FHQWD TXH KRMH HP IDFH GR DYDQ¸R GD WHFQRORJLD P¹GLFRV FRUUHP R ULVFR GH DR H[DPLQDUHP VHXV SDFLHQWHV DSRL DUHP VH H[FOXVLYDPHQWH QRV UHVXOWD GRV GH H[DPHV ,YDQ +HUY¹ TXH IRL SURIHVVRU GH SURSHG»XWLFD P¹GLFD GLVFLSOLQD TXH HQVLQDYD FRPR ID]HU R H[DPH GRV SD FLHQWHV JDUDQWH TXH D GHVSHLWR GRV SRXFRV HOHPHQWRV GH TXH GLVSXQKDP FRPR DX[LOLDUHV QR GLDJQÂVWLFR R DFHUWR HUD JUDQGH 2 FROHJD &DUORV 'HJUD]LD UHFRUGD TXH HUDP UDURV RV HUURV FO½QLFRV HP SDWRORJLDV GD SUÂV WDWD RX VHMD R PLFURVFÂSLR TXDVH VHPSUH FRQILUPDYD R GLDJQÂVWLFR FO½ QLFR IHLWR SUHYLDPHQWH 'HJUD]LD WDP E¹P OHPEUD TXH D PDLRULD GRV OLYURV

HUD HP IUDQF»V |1D ¹SRFD EXVF²YD PRV HVSHFLDOL]D¸¶R HP %XHQRV $LUHV D ~PHFD VXO DPHULFDQD QD ²UHD P¹ GLFD} FRPSOHWD &RVWD )LOKR (QVLQR z 'XUDQWH R FXUVR RV IXWXURV P¹GLFRV WLQKDP DXODV SU²WLFDV HP OD ERUDWÂULR GLVSXWDQGR R PLFURVFÂSLR &RQIRUPH 'HJUD]LD D SDUWH FO½QLFD HUD GDGD QDV HQIHUPDULDV H FRQVHJXLU XP ERP OXJDU QHVVHV ORFDLV GHSHQGLD GD LQLFLDWLYD GH FDGD XP 7RGRV RV HVWX GDQWHV ID]LDP VXD SU²WLFD P¹GLFD QD 6DQWD &DVD GH 0LVHULFÂUGLD H DV YDJDV HUDP GLVSXWDG½VVLPDV HVSHFLDOPHQWH QD 0DWHUQLGDGH 0²ULR 7RWWD H QDV HQIHUPDULDV GH FLUXUJLD |(UDP FR PXQV RV FKDPDGRV FXUVRV OLYUHV H R SULPHLUR TXH IL]HPRV IRL R GH 'HUPD

WRORJLD PLQLVWUDGR SHOR SURIHVVRU -RV¹ *HUEDVH 0DV XP GRV PDLV LPSRUWDQ WHV IRL R FXUVR OLYUH GH 2EVWHWU½FLD SRU TXH DTXHOH TXH Q¶R SDVVDVVH SHOD PD WHUQLGDGH VD½D GD IDFXOGDGH VHP WHU QDGD} UHVVDOWD &RVWD )LOKR 2 SDWRORJLVWD 'HJUD]LD UHFRUGD GR DPELHQWH SHVDGR GDV HQIHUPDULDV GH *LQHFRORJLD GDTXHOHV WHPSRV RQGH KDYLD PXOKHUHV FRP F´QFHU HP HVW² JLR DYDQ¸DGR |(ODV HUDP PDQGDGDV SDUD FDVD H SDVVDYDP VHXV ÇOWLPRV GLDV VRIUHQGR FRP VXDV IDP½OLDV } 2 TXD GUR VÂ PXGRX TXDQGR FKHJRX ³ FLGD GH XP QRYR P¹WRGR QRUWH DPHULFDQR SDUD GLDJQÂVWLFR SUHFRFH GR F´QFHU GH FROR GH ÇWHUR R H[DPH GH 3DSDQLFR ODRX GR TXDO 'HJUD]LD IRL XP GRV LQ WURGXWRUHV

7UDMHWyULD H 2XVDGLD &DUORV 2VZDOGR 'HJUD]LD

$UQDOGR -RVp GD &RVWD )LOKR

ÉOYDUR 3HWUDFR GD &XQKD

,YDQ +HUYp

'HSRLV GH IRUPDGR IRL H[HUFHU D 0HGLFLQD QR LQWHULRU H GH YROWD ³ FDSLWDO GHGLFRX VH ³ $QDWRPLD 3DWROÂJLFD 1DTXHOHV WHPSRV GLYL GLD VH HQWUH DV IXQ¸ÆHV GH SURIHVVRU QD )DFXO GDGH GH 0HGLFLQD H R WUDEDOKR QR ,QVWLWXWR 0¹GLFR /HJDO |5HFRUGR GH XP IDWR SLWRUHVFR RFRUULGR TXDQGR GRLV RSHU²ULRV TXH GHVFDUUH JDYDP XP QDYLR QR SRUWR GH 5LR *UDQGH IDOH FHUDP PLVWHULRVDPHQWH GHQWUR GD SUÂSULD HP EDUFD¸¶R $ LPSUHQVD HVSHFXODYD TXH HOHV SR GHULDP WHU PRUULGR SRU HQYHQHQDPHQWR (X HUD SDWRORJLVWD GR ,QVWLWXWR 0¹GLFR /HJDO H TXDQ GR H[DPLQHL R FRUD¸¶R GDV Y½WLPDV YHULILTXHL TXH DPERV KDYLDP PRUULGR GH LQIDUWR 8P GRV UHSÂUWHUHV TXH FREULD R FDVR IRWRJUDIRX PH QR ODERUDWÂULR VHJXUDQGR R FRUD¸¶R GH XP GRV PRUWRV 3HGL TXH D LPDJHP Q¶R IRVVH SXEOLFD GD PDV Q¶R DGLDQWRX QR RXWUR GLD R &RUUHLR GR 3RYR SXEOLFRX D VHJXLQWH PDQFKHWH ~'RXWRU 'HJUD]LD FRP R FRUD¸¶R GR PDULQKHLUR QDV P¶RV )RL XP KRUURU PHXV FROHJDV PH FULWLFD UDP PXLWR } 7HPSRV GHSRLV R SURIHVVRU IRL FRQYLGDGR SHOR HQW¶R UHLWRU GD 8)5*6 (OLVHX 3DJOLROL D FRODERUDU QD LPSODQWD¸¶R GD )DFXOGDGH GH 0H GLFLQD GD 8QLYHUVLGDGH )HGHUDO GH 6DQWD 0DULD RQGH OHFLRQRX SRU QRYH DQRV IXQGDQGR R 'H SDUWDPHQWR GH +LVWRORJLD H GH 3DWRORJLD 'H O² QRYDPHQWH D FRQYLWH WUDQVIHULX VH SRU GRLV DQRV SDUD 5LR *UDQGH RQGH IRL R SULPHLUR SUR IHVVRU FRQWUDWDGR SDUD GDU DXODV GH +LVWRORJLD QD QRYD )DFXOGDGH GH 0HGLFLQD

3URIHVVRU H WDPE¹P DWOHWD HOH IRL R LQLFLDGRU GD 0HGLFLQD 'HVSRUWLYD QR HVWDGR 7UDEDOKRX HP GLYHUVDV FLGDGHV GR LQWHULRU JDÇFKR DW¹ IL [DU VH HP 3RUWR $OHJUH SDUD ID]HU R FXUVR GH 0HGLFLQD $SOLFDGD ³ (GXFD¸¶R )½VLFD RIHUHFL GR SHOD DQWLJD (VFROD 6XSHULRU GH (GXFD¸¶R )½ VLFD QD ¹SRFD OLJDGD ³ 6HFUHWDULD (VWDGXDO GH (GXFD¸¶R |&RPR VHPSUH SUDWLTXHL GLYHUVRV HVSRUWHV IL] R FXUVR H IXL XP GRV SULPHLURV P¹ GLFRV IRUPDGRV QHVVD ²UHD 7UDEDOKHL SRU DQRV QR *U»PLR (VSRUWLYR 5HQQHU WLPH FDP SH¶R GD FLGDGH H GR HVWDGR HP } 7RUQRX VH SURIHVVRU GH $QDWRPLD GD (VFROD GH (GXFD¸¶R )½VLFD H TXDQGR GD LQFRUSRUD¸¶R GD (VFROD SHOD 8QLYHUVLGDGH SDVVRX D LQWHJUDU R TXDGUR GD UHF¹P IHGHUDOL]DGD 8)5*6 |1R FRPH¸R GH PLQKD FDUUHLUD HQIUHQWHL JUDQGHV UH VLVW»QFLDV SRUTXH DFKDYD TXH D $QDWRPLD GH YHULD VHU HVWXGDGD HP FDG²YHUHV R TXH HUD SUHU URJDWLYD GRV HVWXGDQWHV GH 0HGLFLQD &RQWUD XP SDUHFHU GR FRQVHOKR GD SUÂSULD (VFROD FR PHFHL D GDU DXODV SU²WLFDV GH $QDWRPLD QR WXU QR GD QRLWH 3DUD PLQKD VXUSUHVD QLQJX¹P IDO WRX ³TXHOHV HQFRQWURV $ SDUWLU GDOL VXUJLUDP SUHSDUDGRUHV I½VLFRV TXH WLYHUDP FDUUHLUDV EUL OKDQWHV FRPR (URQ %HKUHQVGRUI *LOEHUWR 7LPP H $OGX½QR =½OLR (URQ IH] XPD FDUUHLUD EULOKDQ WH RFXSDQGR XP LPSRUWDQWH SRVWR QR 0LQLV W¹ULR GD (GXFD¸¶R HP %UDV½OLD ( WRGRV IRUDP PHXV DOXQRV } &RVWD )LOKR WDPE¹P VH HVSHFL DOL]RX HP 7UDXPDWRORJLD H WUDEDOKRX QR 3URQ WR 6RFRUUR GH 3RUWR $OHJUH SRU FHUFD GH DQRV

&LUXUJL¶R UHF¹P IRUPDGR HOH IRL SDUD R LQ WHULRU GH 6DQWD &DWDULQD LQVWDODQGR VH SRVWH ULRUPHQWH HP *XDSRU¹ (P IXQ¸¶R GD DJLWD¸¶R GRV DQRV DFDERX VH HQYROYHQGR QD SRO½WLFD WRUQDQGR VH SUHIHLWR GDTXHOD FLGDGH (P M² GHSXWDGR HVWDGXDO H UHVLGLQGR HP 3RUWR $OH JUH ÚOYDUR IRL FDVVDGR |/RJR TXH RFRUUHX R JROSH GH PHXV FROHJDV GD FKDPDGD OLQKD GH IUHQWH IRUDP FDVVDGRV 'RLV DQRV PDLV WDUGH SDUD HOH JHU R JRYHUQDGRU 3HUDFKL %DUFHORV RV PLOLWDUHV DFDEDUDP FDVVDQGR D PLP H PDLV VHLV FROHJDV GD RSRVL¸¶R 'HSRLV GLVVR WLYH TXH GHL[DU R %UD VLO H LQVWDOHL PH SRU XQV WHPSRV QD %RO½YLD H QR &KLOH 4XDQGR UHWRUQHL LQJUHVVHL SHOR 3DUDQ² H IXL WUDEDOKDU QR PXQLF½SLR GH )UDQFLVFR %HO WU¶R 6 UHJUHVVHL ³ FDSLWDO JDÇFKD HP DSÂV D PRUWH GH PLQKD SULPHLUD HVSRVD } 'DOL HP GLDQWH ÚOYDUR UHWRPRX R FRQWDWR FRP VHXV H[ FROHJDV H UHLQLFLRX D YLGD SÇEOLFD SDUWLFLSDQGR GR JRYHUQR GH $OFHX &ROODUHV GL ULJLQGR D &RPSDQKLD 5LR JUDQGHQVH GH $UWHV *U²ILFDV |0LQKD FDUUHLUD P¹GLFD IRL SUHMXGL FDGD SHOR SHU½RGR PLOLWDU SRLV KDYLD D SURLEL ¸¶R W²FLWD GH DGPLVV¶R GRV FDVVDGRV QRV TXD GURV GR VHUYL¸R SÇEOLFR 3RU LVVR GLJR TXH PHX UHWRUQR IRL XP UHFRPH¸R HP TXH YLYL WHPSRV GXURV 'HSRLV WXGR VH DMHLWRX H SDVVHL D FRQYL YHU LQWHQVDPHQWH FRP PHXV H[ FROHJDV } 2 P¹GLFR GL] TXH OXWRX SHOD GHPRFUDFLD H TXH FRPR PXLWRV RXWURV SDJRX XP SUH¸R FDUR SRU VXD UHVLVW»QFLD 0DV DFKD TXH HP VXD SURILVV¶R ¹ QDWXUDO R HQJDMDPHQWR HP FDXVDV VRFLDLV

)LOKR GR IXWXUR UHLWRU (J½GLR +HUY¹ R MRYHP ,YDQ LQJUHVVRX QD )DFXOGDGH HP DRV DQRV WRUQDQGR VH R FD¸XOD GD WXUPD |(X DQ GDYD PXLWR WULVWH SRUTXH Q¶R WHQGR FRPSOHWD GR DQRV HVWDYD LPSHGLGR GH SUHVWDU R YHVWL EXODU 7U»V GLDV DQWHV GR ILP GR SUD]R SDUD LQV FUL¸¶R PHX SDL UHFHEHX XP WHOHJUDPD DYLVDQ GR TXH *HWÇOLR 9DUJDV DVVLQDUD XP GHFUHWR SHU PLWLQGR TXH PHQRUHV GH DQRV SUHVWDVVHP YHVWLEXODU (VVH GHFUHWR WHYH YLGD FXUWD PDV DEULX FDPLQKR SDUD TXH HX LQJUHVVDVVH QD 8QL YHUVLGDGH } 8P DQR DSÂV D IRUPDWXUD ,YDQ IRL FRQYLGDGR SHOR SURIHVVRU 6DUPHQWR /HLWH )LOKR SDUD VHU VHX DVVLVWHQWH H SDVVRX D HVWXGDU SDUD WRUQDU VH FDWH GU²WLFR |4XHULD VHU SHVTXLVDGRU PDV QD 8)5*6 GDTXHOH WHPSR Q¶R VH SHVTXLVDYD QDGD SRUTXH D SULRULGDGH HUD R HQVLQR 'H TXDOTXHU IRUPD Q¶R PH DGDSWHL DR DPELHQWH DFDG»PLFR RQGH LPSH UDYD XP WLSR GH MRJR SRO½WLFR TXH PH GHVDJUDGDYD 'HVLVWL GH FRQFRUUHU ³ F²WHGUD PDV FRQWLQXHL SUR IHVVRU } &RPR KDYLD IHLWR XP FXUVR QRV (8$ WUD ]HQGR SDUD 3RUWR $OHJUH RV SULPHLURV DSDUHOKRV SDUD YHQWLOD¸¶R PHF´QLFD R UHLWRU 3DJOLROL FRQYL GRX R D ID]HU DVVLVW»QFLD YHQWLODWÂULD GH GRHQWHV QHXUROÂJLFRV |8P GLD -DLU %RHLUD GH $OPHLGD FKDPRX PH SDUD VHU R GLUHWRU W¹FQLFR GR *UXSR +RVSLWDODU &RQFHL¸¶R *+& 7RUQDPR QRV JUDQ GHV DPLJRV H IXL R ÇQLFR TXH ILFRX DR ODGR GHOH DW¹ R ILP PHVPR TXDQGR DFXVDGR LQMXVWDPHQWH GH GHVYLR GH UHFXUVRV } 1R *+& ,YDQ SHUPDQHFHX DW¹ DSRVHQWDU VH


_ -251$/ '$ 81,9(56,'$'( _ 129(0%52 '(

( VSHF,DO

3RU WUiV GD FXOWXUD

/HL GH LQFHQWLYR 0HGLGDV SDOLDWLYDV WHULDP FRQWULEXtGR DLQGD PDLV SDUD D FULVH" 'LVFXVV}HV VH DFLUUDP H SUHRFXSDP D FRPXQLGDGH 7(;72 &$52/,1( '$ 6,/9$ )2726 )/É9,2 '875$

'HVGH VHWHPEUR TXDQGR HVWRXURX D RSHUD¸¶R GD 3RO½FLD )HGHUDO DYHUL JXDQGR LUUHJXODULGDGHV QD /HL (VWDGX DO GH ,QFHQWLYR ³ &XOWXUD FRP D FDS WD¸¶R GH UHFXUVRV SRU SURMHWRV TXH DSUH VHQWDYDP DVVLQDWXUDV IDOVDV GH VHFUH W²ULRV GH &XOWXUD H VHP D DSURYD¸¶R GR &RQVHOKR (VWDGXDO GH &XOWXUD R VHWRU WUDQVIRUPRX VH HP XP FDPSR GH ED WDOKDV 2 HSLVÂGLR IRL FKDPDGR SHOD LPSUHQVD GH |&ULVH QD &XOWXUD} 1D DXGL»QFLD SÇEOLFD UHDOL]DGD HP GH RXWXEUR QD $VVHPEO¹LD /HJLV ODWLYD D VHFUHW²ULD HVWDGXDO GD &XOWX UD 0ÄQLFD /HDO DVVHJXURX TXH Q¶R K² FULVH DOJXPD (P HQWUHYLVWD DR -8 HOD UHVSRQGH |2 TXH H[LVWH ¹ XPD IUDX

³e YHUJRQKRVR TXH HVSHWiFXORV SDVWHXUL]DGRV GH PDVVD VHP QDGD GH QRYR H SHUIHLWDPHQWH VXVWHQWiYHLV FRPR HPSUHHQGLPHQWR FRPHUFLDO PHUHoDP XP FDPLQKmR GH UHFXUVRV VXEVLGLDGRV HQTXDQWR D FULDomR FXOWXUDO HIHWLYD H FRQWHPSRUkQHD YLYH GH PLJDOKDV RX SHUHFH ´ )UDQFLVFR 0DUVKDOO 0DUVKDOO SURIHVVRU GH +LVWyULD GD 8)5*6

GH FRQWUD R 6LVWHPD GH /HL GH ,QFHQ WLYR ³ &XOWXUD H TXH IRL SRU PLP GH QXQFLDGD DVVLP TXH UHFHEL LQIRUPD ¸ÆHV GH TXH HPSUHVDV HVWDULDP VXSRV WDPHQWH IUDXGDQGR R 6LVWHPD /,& $JRUD V VH URXER PXGRX GH QRPH} -² QD RSLQL¶R GH 0DULDQJHOD *UDQ GR SUHVLGHQWH GR &RQVHOKR D FULVH QD FXOWXUD ¹ DQWLJD H D FULD¸¶R GD SU SULD /HL UHIOHWH HVVH SUREOHPD VHQGR |XP GRV SDOLDWLYRV TXH VH WHQWRX SDUD UHYHUWHU R TXDGUR GH IDOWD GH LQYHVWL PHQWRV HVWDWDLV H GLUHWRV QD SURGX ¸¶R H IUXL¸¶R GD SURGX¸¶R FXOWXUDO QR 5LR *UDQGH GR 6XO} $ SURGXWRUD DILU PD TXH DSÂV D FULD¸¶R GD /,& QXQFD PDLV KRXYH UHFRPSRVL¸¶R GRV YDOR UHV TXH GHYHULDP VHU LQYHVWLGRV DWUD Y¹V GR RU¸DPHQWR SUÂSULR GD 6HFUHWD ULD GD &XOWXUD 3DUD )UDQFLVFR 0DUVKDOO SURIHVVRU GR 'HSDUWDPHQWR GH +LVWÂULD H GRV SURJUDPDV GH SÂV JUDGXD¸¶R HP +LV WÂULD H HP $UWHV 9LVXDLV GD 8)5*6 D FULVH QR HVWDGR ¹ DPSOD H HQYROYH QR P½QLPR FLQFR HVIHUDV |$ HVWUXWXUD GH JHVW¶R SÇEOLFD GH HVWLOR FOLHQWHOLV WD DQDFUÄQLFD EXURFUDWL]DGD H LQVHQ V½YHO D FLUFXQVW´QFLD SRO½WLFD SHODV UD]ÆHV DFLPD H SHOD GHVPRELOL]D¸¶R GRV DUWLVWDV H LQWHOHFWXDLV D EDL[D TXD OLGDGH GD SURGX¸¶R FXOWXUDO ULR JUDQ GHQVH TXH FRP KRQURVDV H UDUDV H[ FH¸ÆHV DIRJD VH QR SURYLQFLDQLVPR H QD PHGLRFULGDGH K² Y²ULRV VHWRUHV HP FULVH GH FRQWHÇGR K² DQRV D FULVH GH UHQGD GD FODVVH P¹GLD H VXD LQDSWLG¶R SDUD FRQVXPLU FXOWXUD R TXH UHGX] D FLUFXOD¸¶R GH ULTXH]D QD ²UHD H FRQ VHTÊHQWHPHQWH D FDSDFLGDGH GH SUR

ILVVLRQDOL]D¸¶R GR VHWRU D IDOWD GH FU½ WLFD GH DUWH H GH GHEDWH LQWHOHFWXDO QD LPSUHQVD EHP FRPR GH GLYXOJD¸¶R DGHTXDGD SHORV JUDQGHV YH½FXORV} ,QFHQWLYR z 6HJXQGR R SURIHVVRU WDQWR D OHL GH LQFHQWLYR ³ FXOWXUD HVWD GXDO /HL Qo z /,& 56

FRPR D QDFLRQDO /HL Qo 5RXDQHW DVVRFLDP R ILQDQFLDPHQWR GD FXOWXUD DR SRWHQFLDO GH PDUNHWLQJ GRV SURMHWRV H WHUPLQDP GHOHJDQGR ³V HPSUHVDV SDWURFLQDGRUDV R FULW¹ULR GH GHFLGLU R TXH SRGHU² VHU UHDOL]DGR FRP R GLQKHLUR SÇEOLFR GD UHQÇQFLD ILVFDO |/,& 56 H 3URQDF 0HFHQDWR SULYLOHJLDP R DJHQFLDPHQWR FXOWXUDO VREUH D FULD¸¶R FXOWXUDO H FRQIXQGHP IDFLOPHQWH FXOWXUD FRP HQWUHWHQL PHQWR GH PDVVD } 0DUVKDOO WDPE¹P DYDOLD TXH V¶R LQVWUXPHQWRV EXURFU²WLFRV PRURVRV H SRXFR WUDQVSDUHQWHV TXH DFDEDP GDQ GR DR (VWDGR D LOXV¶R GH TXH GLVSÆH GH PHLRV VXILFLHQWHV SDUD SURWHJHU H IR PHQWDU D FXOWXUD |HQTXDQWR XPD TXDQWLGDGH HQRUPH GH DUWLVWDV SURMH WRV H LQVWLWXL¸ÆHV LPSRUWDQWHV SRU¹P VHP DSHOR GH PDUNHWLQJ PRUUH ³ P½Q JXD WXUQ»V QDFLRQDLV H LQWHUQDFLRQDLV GH EDQGDV H EDQGRV TXH DWXDP FRPR HPSUHVD FROKHP HQRUPH OXFUR FRP LQFHQWLYR ILVFDO} 1D YLV¶R GR SHVTXL VDGRU DWXDOPHQWH SURIHVVRU YLVLWDQWH GD 8QLYHUVLGDGH GH +HLGHOEHUJ D JUDQGH TXHVW¶R HVW² QR SDSHO KRMH SUR WDJÄQLFR GRV VHWRUHV GH PDUNHWLQJ GDV HPSUHVDV QR ILQDQFLDPHQWR GD FXOWX UD 3DUD TXH HVVDV OHLV VHMDP HILFD]HV HOH DFUHGLWD TXH RV SURJUDPDV SUHFL VDP GH FRPSOHPHQWRV VHWRULDLV GLIH UHQFLDGRV GH PDLRU GLQDPLVPR H OH JLWLPLGDGH QD TXDOLILFD¸¶R GRV SURMH WRV H GH LQVWUXPHQWRV TXH GLPLQXDP RX HOLPLQHP HVVH SURWDJRQLVPR

³&RQVHOKR GH &XOWXUD QmR p JUrPLR HVWXGDQWLO Ki XPD GLIHUHQoD (OH H[LJH XP QtYHO GH SRQGHUDomR GH GLiORJR GH SUHVHUYDomR ´ *XLOKHUPH &DVWUR &DVWUR FLQHDVWD H H[ SUHVLGHQWH GR &RQVHOKR (VWDGXDO GH &XOWXUD

)LQDQFLDPHQWR z $O¹P GDV OHLV ED VHDGDV HP UHQÇQFLD ILVFDO K² D SRVVL ELOLGDGH GH ILQDQFLDPHQWR SÇEOLFR DWUDY¹V GH IXQGRV (P 3RUWR $OHJUH R )XQGR 0XQLFLSDO GH $SRLR ³ 3URGX ¸¶R $UW½VWLFD H &XOWXUD )XPSURDUWH

¹ XPD LQLFLDWLYD EHP VXFHGLGD TXH HVW² FRPSOHWDQGR DQRV 2 REMHWL YR ¹ IRPHQWDU D SURGX¸¶R ORFDO GH SUR MHWRV VHP DSHOR GH P½GLD HVFODUHFH R UHVSRQV²YHO SHOD JHU»QFLD ÚOYDUR 6DQWL |2 YDORU GRV SURMHWRV ¹ OLPLWD GR LQGLYLGXDOPHQWH HP IXQ¸¶R GD JUDQGH FRQFRUU»QFLD H GD GLVSRQLEL OLGDGH GH UHFXUVRV (VVH RU¸DPHQWR KRMH ¹ 5 PLOKÆHV HQW¶R Q¶R WHP FRPR DWHQGHU JUDQGHV SURMHWRV } 2 5LR *UDQGH GR 6XO WDPE¹P SRV VXL R )XQGR GH $SRLR ³ &XOWXUD )$&

TXH IRL DSURYDGR QR ILQDO GH DLQ GD QR JRYHUQR 2O½YLR 'XWUD (VVH IXQ GR UHFHEH GRWD¸¶R RU¸DPHQW²ULD WRGRV RV DQRV PDV DW¹ KRMH Q¶R IRL LPSOH PHQWDGR 6HJXQGR LQIRUPD¸ÆHV GD 6H FUHWDULD GH (VWDGR GD &XOWXUD 6HGDF

QR DQR GH IRL HVWLSXODGR R YDORU GH 5 PLO SDUD R )$& 2 RU¸D PHQWR SDUD D 6HGDF HP EHLUD RV 5 PLOKÆHV PDV DLQGD WHU² GH VHU YRWDGR SHOR /HJLVODWLYR 4XDQWR DR IXQGR HVWDGXDO QDGD HVW² GHFLGLGR &RPLVVmR z (P RXWXEUR D $VVHP EO¹LD /HJLVODWLYD DSURYRX D LPSODQWD ¸¶R GH XPD &RPLVV¶R GH 5HSUHVHQ WD¸¶R ([WHUQD SDUD DFRPSDQKDU DV GHQÇQFLDV GH IUDXGH QD /,& 2 UHTXH ULPHQWR SURSRVWR SHOR GHSXWDGR 5R QDOGR =ÊONH 37 IRL DSURYDGR H D FR PLVV¶R LQVWDODGD QR GLD GHVWH P»V LQLFLDQGR XPD DJHQGD GH DWLYLGDGHV TXH WHP FRPR SUD]R SDUD D HQWUHJD GR UHODWÂULR ILQDO R GLD GH GH]HP EUR 2XWUD SUHRFXSD¸¶R GR SDUODPHQ WDU ¹ D LPSOHPHQWD¸¶R GR )$& =ÊONH HODERURX HPHQGD DR RU¸DPHQWR GH GHVWLQDQGR 5 PLOK¶R DR IXQ GR PDV D SURSRVWD IRL YHWDGD 1D RSLQL¶R GR JHUHQWH GR )XPSUR DUWH ÒOYDUR 6DQWL R IXQGR HVWDGXDO SRGHULD DWHQGHU ³ SURGX¸¶R ORFDO H SURMHWRV GH YDORU SHTXHQR HQTXDQWR D /,& VH HQFDUUHJDULD GH JUDQGHV H P¹GLRV HYHQWRV |2 LGHDO VHULD KDYHU XP HTXLO½EULR HQWUH R VLVWHPD GH LQ FHQWLYR H R ILQDQFLDPHQWR GLUHWR PDV D GHFLV¶R GR ([HFXWLYR Q¶R YLU² VHP SUHVV¶R GD VRFLHGDGH} FRQFOXL


-251$/ '$ 81,9(56,'$'( _ 129(0%52 '( _

&RPR D LQYHVWLJDomR GDV IUDXGHV SRGH FRQWULEXLU SDUD R GHVHQYROYLPHQWR GR VHWRU

3ROtWLFDV S~EOLFDV

%XURFUDFLD

2V FDPLQKRV SDUD D FXOWXUD QR HVWDGR

´)DOWD XP HQWHQGLPHQWR GH TXH R GHVHQYROYLPHQWR GD FXOWXUD p IXQGDPHQWDO SDUD R HVWDGR µ 4XHP DILUPD p *XLOKHUPH &DVWUR SUHVLGHQWH GD $VVRFLDomR 3URILVVLRQDO GH 7pFQLFRV &LQHPDWRJUiILFRV $37& 56 H SURIHVVRU XQLYHUVLWiULR 3DUD R GLUHWRU H URWHLULVWD p SUHFLVR FRQVLGHUDU R DVSHFWR HFRQ{PLFR ² TXH QmR HQJORED VRPHQWH R WUDEDOKR GRV DUWLVWDV ² PDV SULQFLSDOPHQWH R SRQWR GH YLVWD VLPEyOLFR GD FRQVWLWXLomR GH LGpLDV GD UHSUHVHQWDomR GR PXQGR &DVWUR FRQWD TXH D $37& WHP XPD DWXDomR SROtWLFD PXLWR IRUWH H SDUWLFLSRX DWLYDPHQWH GRV SURFHVVRV GH FRQVWLWXLomR GD /,& GR )XPSURDUWH H GDV SROtWLFDV QDFLRQDLV ´7HPRV VHPSUH UHSUHVHQWDQWHV QR &RQVHOKR (VWDGXDO GH &XOWXUD H WLYHPRV WUrV SUHVLGHQWHV QRV ~OWLPRV DQRV µ (OH WDPEpP DVVHJXUD TXH D FODVVH VH PDQWpP HP FRQWDWR FRP R JRYHUQR 1R HQWDQWR GLVVH TXH HUD D SULPHLUD YH] TXH IDODYD VREUH RV UHFHQWHV HVFkQGDORV GHVFREHUWRV SHOD 6HGDF 4XDQGR D FULVH VH LQVWDXURX FRPR XPD FULVH SROtWLFD R GLULJHQWH GD HQWLGDGH PDQWHYH VH DIDVWDGR SDUD WHU XPD SHUVSHFWLYD GR TXH HVWDYD RFRUUHQ GR ´3RUTXH p EULJD GH EXJLR D H[SUHVVmR p FKXOD PDV HVWDYD PXLWR IHLR HUD EULJD GH IRLFH QR HVFXUR PXLWR SHVVRDOL]DGRµ *XLOKHUPH &DVWUR DYDOLD TXH SURMHWRV TXH DJRUD HVWmR FDSWDQGR UHFXUVRV SHOD /,& SRGHP VHU SUHMXGLFDGRV 0DV SDUD R WRGR QmR KDYHUi XP JUDQGH LPSDFWR SRUTXH D GLILFXOGDGH p DQWLJD ´R FLQHPD Mi YHP TXDVH SDUDQGRµ 'H DFRUGR FRP HOH D OHL GH LQFHQWLYR JD~FKD QmR p XP ERP FDPLQKR SDUD R SDWURFtQLR HP FLQHPD R )XPSURDUWH QmR Gi FRQWD GD GHPDQGD H RV HGLWDLV QDFLRQDLV WrP PXLWD FRQFRUUrQFLD ´2 JRYHUQR QmR PH[HX XPD SDOKD SDUD R 3UrPLR 5*( TXH HUD R SULQFLSDO SUrPLR GH IRPHQWR GH ORQJD PHWUDJHP GR %UDVLO µ 2XWUR IDWRU TXH SUHMXGLFD D SURGXomR DXGLRYLVXDO p D GLILFXOGDGH GRV SURMHWRV SDVVDUHP SHOD DQiOLVH WpFQLFD GD 6HGDF HWDSD DQWHULRU j DSUHFLDomR GR PpULWR SHOR &RQVHOKR (VWDGXDO GH &XOWXUD 1D RSLQLmR GR FLQHDVWD D 6HFUHWDULD EXURFUDWL]RX R TXH SRGLD EXURFUDWL]DU ´­V YH]HV Ki SHGLGRV LPSRVVtYHLV TXH QmR WrP QH[R FRP D UHDOLGDGH FXOWXUDO GR SURMHWR µ &DVWUR H[SOLFD TXH QD IDVH GH HODERUDomR QmR Ki FRPR WHU R QRPH GH WRGRV RV IRUQHFHGRUHV FRP &13- GH TXH QHFHVVLWD XP ORQJD PHWUDJHP ´,VVR GHVHVWLPXOD PXLWR Mi ID]HPRV FLQHPD VHP OXFUDU SDUHFH TXH R HVWDGR QmR TXHU TXH VH IDoD FLQHPD TXH WUDWD D WRGRV FRPR YLJDULVWDV 7DOYH] R JRYHUQR DFKH TXH QmR WHP TXH IRPHQWDU D FXOWXUD WDOYH] KDMD XPD PRWLYDomR LGHROyJLFD µ 1D iUHD GR WHDWUR $GULDQH 0RWWROD PHVWUDQGD GR 3URJUDPD GH 3yV JUDGXDomR HP $UWHV &rQLFDV GD 8)5*6 FRQWD TXH DV SURGXo}HV GR VHX JUXSR D &LD 7HDWUR GL 6WUDYDJDQ]D VmR ILQDQFLDGDV DWUDYpV GH SURMHWRV PXQLFLSDLV RX IHGHUDLV ´(QWUDPRV FRP SURMHWR HP WRGRV RV HGLWDLV GD )XQDUWH 0LQ& H GR )XPSURDUWH (P QtYHO HVWDGXDO QmR Ki QHQKXP HGLWDO GH IRPHQWR QR PRPHQWR DOLiV R JRYHUQR GR HVWDGR p XP IUDFDVVR SDUD D FXOWXUDµ 3DUD D GLUHWRUD D /,& p SDUD JUDQGHV HYHQWRV ´GLILFLOPHQWH FDSWDUH PRV QyV JUXSRV WHDWUDLV VH WHPRV TXH FRPSHWLU FRP SUHIHLWXUDV GRV PXQLFtSLRV 0XOWLSDOFR 2SXV H VHXV JUDQGHV VKRZVµ $GULDQH FRQVLGH UD TXH ´D SURGXomR DUWtVWLFD JD~FKD p PXLWR PDLRU GR TXH RV PHFDQLV PRV GH SDWURFtQLR ILQDQFLDPHQWR RX DSRLR FRPSRUWDPµ

³2 ([HFXWLYR VH VRFRUUH GD /,& SDUD ID]HU DV VXDV DWLYLGDGHV $t Mi FRPHoD D GLVWRUomR GD OHL p D RULJHP GH WRGDV HVVDV EULJDV GR &RQVHOKR XP SURMHWR TXH D 6HFUHWDULD TXHU ID]HU H R &RQVHOKR Gi FRQWUD ,VVR QmR WLQKD TXH SDVVDU SHOD /,& WLQKD TXH VHU UHFXUVR GH RUoDPHQWR ´ ÉOYDUR 6DQWL 6DQWL JHUHQWH GR )XPSURDUWH

e SUHFLVR TXH D FRPXQLGDGH VDLD GR FDVXOR 'HVGH TXH D P½GLD FRPH¸RX D GH GLFDU DWHQ¸¶R ³V LUUHJXODULGDGHV QRV SURFHVVRV GD /HL GH ,QFHQWLYR ³ &XOWX UD 0DULDQJHOD *UDQGR SUHVLGHQWH GR &RQVHOKR (VWDGXDO GD &XOWXUD YLURX SURWDJRQLVWD GR HSLVÂGLR 7¶R ORJR RFRUUHX D RSHUD¸¶R GD 3RO½FLD )HGHUDO SDUD DSXUDU D IUDXGH TXH HQYROYHULD DVVLQDWXUDV IDOVLILFDGDV GH VHFUHW²ULRV GH &XOWXUD IRUDP QRWLFLDGRV SUREOH PDV QD SUHVWD¸¶R GH FRQWDV SULPHLUD PHQWH GR ILOPH &RQFHUWR &DPSHVWUH GR TXDO 0DULDQJHOD DVVLQD D SURGX ¸¶R H[HFXWLYD 2 &RQVHOKR ¹ IRUPDGR SRU PHP EURV LQGLFDGRV SHORV VHJPHQWRV FXOWXUDLV H LQGLFDGR SHOR JRYHUQR 6XDV DWULEXL¸Ã†HV HVW¶R GHILQLGDV QR DUWLJR GD &RQVWLWXL¸¶R (VWDGXDO FRPR D IRUPDWD¸¶R GH SRO½WLFDV SÇEOL FDV H D ILVFDOL]D¸¶R GDV D¸Ã†HV TXH GHODV UHVXOWDP |$V SHVVRDV IRUDP LQGX]LGDV D DFUH GLWDU TXH R &RQVHOKR ¹ R UHVSRQV²YHO SHODV VXSRVWDV IUDXGHV QR 6LVWHPD /,& PDV Q¶R VDEHP TXH HOH Q¶R ¹ WRPDGRU GH FRQWDV Q¶R GLVWULEXL GLQKHLUR DSH QDV MXOJD R P¹ULWR GRV SURMHWRV H SRU O² V VH HQFRQWUDP SDUHFHUHV DRV SUR MHWRV DWDV H OLYURV GH SUHVHQ¸D 4XHP FXLGD GH WXGR LVVR ¹ D DXWRULGDGH JHV WRUD GR 6LVWHPD RX VHMD D 6HFUHWDULD GH (VWDGR GD &XOWXUD TXH DW¹ DJRUD Q¶R UHVSRQGHX ³V SHUJXQWDV ÂEYLDV GDV GHQÇQFLDV GH LUUHJXODULGDGHV SULPHL UR TXHP GHQWUR GD 6HGDF SHUPLWLX TXH SURGXWRUHV FXOWXUDLV TXH HVWDYDP VRE LQYHVWLJD¸¶R GH IUDXGHV FRQWLQXDVVHP FDGDVWUDGRV H DSUHVHQWDQGR SURMHWRV" H VHJXQGR TXHP GHQWUR GD 6HFUHWDULD GD )D]HQGD SURFHGHX RV FU¹GLWRV ILV FDLV GH ,&06 D SURMHWRV TXH Q¶R WLQKDP DXWRUL]D¸¶R SDUD FDSWD¸¶R GH UHFXUVRV YLD /,&"} LQTXLUH 0DULDQJHOD 1HVWD HQWUHYLVWD TXH D FLQHDVWD LQ VLVWLX SDUD TXH IRVVH UHDOL]DGD SRU H PDLO HOD DILUPD TXH R RU¸DPHQWR GD

6HGDF ¹ SDUD EDQFDU D VXD SUÂSULD HV WUXWXUD |( D /,& SDVVRX D VHUYLU D WR GRV RV WLSRV GH LQWHUHVVH LQFOXVLYH IL QDQFLDQGR SURMHWRV GR SUÂSULR JRYHU QR TXH WDPE¹P SDVVRX D EXVFDU QD /HL RV UHFXUVRV QHFHVV²ULRV SDUD D PD QXWHQ¸¶R GRV HTXLSDPHQWRV GH FXO

³0LQKD LPDJHP Vy YDL ILFDU DUUDQKDGD GLDQWH GDTXHOHV TXH LQVLVWHP HP PH DWDFDU H TXH QmR HVWmR GH DFRUGR FRP D QRVVD JHVWmR H D VXD SODWDIRUPD GHQWUR GR &RQVHOKR ( PLQKD JHVWmR WHUPLQD HP PDUoR GH $Wp Oi VRX H VHUHL D SUHVLGHQWH HOHLWD H QR H[HUFtFLR GH PHX PDQGDWR ´ 0DULDQJHOD *UDQGR *UDQGR SUHVLGHQWH GR &RQVHOKR (VWDGXDO GH &XOWXUD

WXUD SHUWHQFHQWHV DR (VWDGR H GH VXD UHVSRQVDELOLGDGH HP FRQVHUY² ORV FRPSHWLQGR GH IRUPD GHVOHDO FRP RV SURGXWRUHV FXOWXUDLV } -8 -8 ² $ VHQKRUD DFUHGLWD TXH HVVHV HVFkQ GDORV SRVVDP DIHWDU D SURGXomR FXOWXUDO JD ~FKD" 0* 0* -² DWLQJLX ( Q¶R ¹ GH KRMH TXH YHQKR DOHUWDQGR SDUD R GHVPDQWHOD PHQWR GH WRGD D P²TXLQD FXOWXUDO DSÂV D FKHJDGD GD 0ÄQLFD /HDO ³ SDVWD 2 TXH VH HVSHUD ¹ TXH D FRPXQLGDGH FXOWXUDO VDLD GR VHX FDVXOR H VH PDQL IHVWH DWUDY¹V GH VXDV HQWLGDGHV SDUD TXH HVWD RSRUWXQLGDGH Q¶R VHMD GHV SHUGL¸DGD $JRUD ¹ R PRPHQWR GH WUDQVIRUPDU D /,& UHDOPHQWH QXP LQV

WUXPHQWR GH ILQDQFLDPHQWR ³ SURGX ¸¶R FXOWXUDO GH FDU²WHU LQGHSHQGHQWH ( WDPE¹P D RFDVL¶R LGHDO SDUD TXH VH MDP LPSOHPHQWDGRV RXWURV PHFDQLV PRV GH DSRLR ³ SURGX¸¶R GH EHQV FXO WXUDLV 8P H[HPSOR ¹ D GHILQLWLYD LP SODQWD¸¶R FRP UHFXUVRV UREXVWRV GR )XQGR GH $SRLR ³ &XOWXUD TXH HVW² QR SDSHO GHVGH H DW¹ DJRUD Q¶R IRL LPSODQWDGR -8 -8 ² &RPR ILFD D VXD LPDJHP" 0* 2 WHPSR H D MXVWL¸D LU¶R SUR 0* YDU TXH LVVR TXH IRL OHYDQWDGR FRQWUD PLP IRL XPD WHQWDWLYD GH GHQHJULU D LPDJHP GR &RQVHOKR GH &XOWXUD SRU TXH HVWH QXQFD VH DOLQKRX ³V SURSRV WDV SRSXOLVWDV GD DWXDO GLULJHQWH GD SDVWD GD &XOWXUD $O¹P GR TXH WRGDV DV DFXVD¸Ã†HV TXH OHYDQWRX FRQWUD PLP WLYHUDP R HQGHUH¸R HUUDGR 1¶R IXL HX TXHP SUHVWRX FRQWDV GRV ILO PHV /XD GH 2XWXEUR H &RQFHUWR &DPSHVWUH 1¶R VRX D GRQD GD HP SUHVD SURGXWRUD H Q¶R WLYH HQWUH PL QKDV DWULEXL¸Ã†HV FRPR SURGXWRUD H[HFXWLYD R HQFDUJR GH SUHVWDU WDLV FRQWDV 'H WRGDV DV IRUPDV LPDJLQR TXH DV GHVSHVDV DOL FRQVWDQWHV H DTXH ODV TXH UHDOPHQWH HVW¶R HP PHX QRPH SRUTXH VH PRVWUDUDP Y²ULDV QRWDV TXH VHTXHU HVWDYDP HP PHX QRPH V¶R IDFLOPHQWH H[SOLF²YHLV XPD YH] TXH WRGD SURGX¸¶R FXOWXUDO WHP XPD PDUFD HP FRPXP D LQIRUPDOLGDGH ( LVVR VH G² SRU FRQWD GD DEVROXWD VLWXD¸¶R GH PDUJLQDOLGDGH HP TXH YLYH R VHWRU FXOWXUDO H D IDOWD GH UHJUDPHQWRV FOD URV H FRP IRU¸D GH OHL SDUD D DSUHVHQWD ¸¶R GR UHODWÂULR GH GHVSHVDV $OL²V ¹ ERP TXH VH GLJD TXH R UHHPEROVR GH GHVSHVDV HVW² SHUPLWLGR SHODV ,QVWUX ¸Ã†HV 1RUPDWLYDV TXH UHJXODPHQWDP SUHFDULDPHQWH D WRPDGD GH FRQWDV H HVWDV M² YLJLDP QD ¹SRFD HP TXH IL] RV ILOPHV FRPR FRQWLQXDP YLJHQGR DJR UD 2QGH HVW² R HVF´QGDOR"

*HVWmR

2V GHVDILRV GD SDVWD 6HJXQGR 0ÄQLFD /HDO D SUHYLV¶R RU¸DPHQW²ULD GD &XOWXUD SDUD IRL GH DSUR[LPDGDPHQWH PLOKÆHV GH UHDLV |VHQGR TXH GHVWHV PLOKÆHV V¶R SDUD SDJDPHQWR GH SHVVRDO H R UHV WDQWH SDUD D PDQXWHQ¸¶R GDV HVWUXWX UDV} $ 6HFUHWDULD WHP PDLV GH VHJ PHQWRV HQWUH VHWRUHV LQVWLWXL¸Ã†HV VX ERUGLQDGDV H IXQGD¸Ã†HV YLQFXODGDV $ VHFUHW²ULD WDPE¹P SRU H PDLO HVFODUHFH TXH R DUWLJR o GD /,& SUH Y» D SRVVLELOLGDGH GH SDUWLFLSD¸¶R GR (VWDGR HP DW¹ PDV VXD JHVW¶R Q¶R ODQ¸RX P¶R GHVWD SUHUURJDWLYD -8 -8 ² 4XDLV DV DWLWXGHV TXH D 6HFUHWDULD WHP WRPDGR SDUD TXH D FXOWXUD JD~FKD QmR VRIUD PDLV DUUDQK}HV" 0/ 0/ 1¶R H[LVWHP |DUUDQKÆHV} QD FXOWXUD JDÇFKD QD PHGLGD HP TXH Q¶R K² FULVH QD &XOWXUD 0DLV XPD YH] R TXH H[LVWLX IRL XPD IUDXGH QR 6LVWH PD /,& $W¹ SRUTXH R TXH PDLV WH PRV QD FXOWXUD JDÇFKD V¶R SURMHWRV V¹ULRV H SURGXWRUHV KRQHVWRV 3DUD FRLELU HVVH WLSR GH IUDXGH QR 6LVWHPD /,& XPD V¹ULH GH D¸Ã†HV IRUDP LP SOHPHQWDGDV $ &RQWDGRULD H $XGL WRULD JHUDO GR (VWDGR &DJH HVW² DQD OLVDQGR SURMHWRV FXOWXUDLV DSRQWDGRV SHOR 0LQLVW¹ULR 3ÇEOLFR H XPD IRU ¸D WDUHID IRL FULDGD SDUD DYDOLDU R SDV VLYR GH SURMHWRV QD SUHVWD¸¶R GH FRQ WDV KHUGDGR GH JHVWÆHV DQWHULRUHV TXDQGR DVVXPL KDYLD PDLV GH SURMHWRV M² FRQVHJXLPRV UHGX]LU HP

JUXSR GH WUDEDOKR SDUD WUDWDU GR DSULPRUDPHQWR GR 6LVWHPD /,& TXH QHVWD IUDXGH PRVWURX VHU IU²JLO ® PHWD GHVWD JHVW¶R LPSOHPHQWDU R )XQGR GH

³3DUD VROXFLRQDU D TXHVWmR GR SDVVLYR GH 5 PLOK}HV GH UHDLV IRL HODERUDGR XP SODQR VDQHDGRU GH SDJDPHQWR )LQDOL]DPRV FRP R SDVVLYR ]HUDGR > @ )RL XP WUDEDOKR GH JHVWmR iUGXR H DSOLFDGR TXH FRQVHJXLX FRORFDU QRVVD 6HFUHWDULD HP FRQIRUPLGDGH FRP D ILORVRILD FRUDMRVD TXH LQVSLUD R JRYHUQR <HGD &UXVLXV ´ 0{QLFD /HDO /HDO VHFUHWiULD GH (VWDGR GD &XOWXUD

$SRLR ³ &XOWXUD )$& TXH WDPE¹P HVW² VHQGR HVWXGDGR SHOR JUXSR -8 -8 ² 3DUD 0DULDQJHOD *UDQGR DV VXV SHLWDV Vy FKHJDUDP DR VHX QRPH SRU XPD WHQWDWLYD GH GHVOHJLWLPDU R &RQVHOKR TXH QmR DSURYDYD DV SURSRVWDV RULXQGDV GD 6H FUHWDULD $ VRFLHGDGH JD~FKD QmR HQWHQGH

FRPR HVVD VLWXDomR SRGH VH HVWHQGHU FRP WDPDQKR HPEDWH HQWUH D 6HFUHWiULD H D SUH VLGHQWH GR &RQVHOKR 0/ 0/ 4XDQGR UHFHEL D LQIRUPD¸¶R GH TXH KDYLD IUDXGH QR 6LVWHPD /,& HQYLHL RV QRPHV GDV HPSUHVDV VXSRV WDPHQWH HQYROYLGDV ³ 6HFUHWDULD GD )D]HQGD SDUD TXH DYHULJXDVVHP RV FDVRV ,VVR IRL HP MXOKR 8P P»V GH SRLV HP GH DJRVWR UHFHEL D OLJD¸¶R GR 'U 5LFDUGR (QJOHUW VHFUHW²ULR DGMXQWR GD )D]HQGD FRQILUPDQGR D IUDXGH 7DPE¹P IXL LQIRUPDGD GH TXH PLQKD DVVLQDWXUD H GH GRLV ÇOWL PRV VHFUHW²ULRV GH FXOWXUD 5RTXH -DFREL H 9LFWRU +XJR WLQKDP VLGR IDOVLILFDGDV HP FDUWDV GH KDELOLWD¸¶R H WHUPRV GH FRPSURPLVVRV WDPE¹P H[SOLFLWDPHQWH IUDXGDGRV SDUD REWHU SDWURF½QLR GH IRUPD LQGHYLGD 3HGL SDUD YHU D FÂSLD GD GRFXPHQWD¸¶R IDO VLILFDGD H GH LPHGLDWR SURFXUHL R 'U 0DXUR 5HQQHU DXWRULGDGH P²[LPD GR 0LQLVW¹ULR 3ÇEOLFR SDUD SHGLU LQ YHVWLJD¸¶R D ILP GH TXH IRVVHP GHWHF WDGRV H UHVSRQVDELOL]DGRV RV IUDXGD GRUHV 1R GHFRUUHU GDV LQYHVWLJD¸Ã†HV GHVWH SURFHVVR DSDUHFHUDP LUUHJXOD ULGDGHV HP DOJXQV SURMHWRV HQWUH HV VHV GRLV TXH W»P D SUHVLGHQWH GR &RQ VHOKR (VWDGXDO GH &XOWXUD FRPR SUR GXWRUD H[HFXWLYD 0LQKD REULJD¸¶R FRPR JHVWRUD GR GLQKHLUR SÇEOLFR ¹ HQFDPLQKDU TXDOTXHU LUUHJXODULGDGH DRV ÂUJ¶RV FRPSHWHQWHV )RL R TXH IL]


_ -251$/ '$ 81,9(56,'$'( _ 129(0%52 '(

,17(51$&,21$/

0DLV SRGHU SDUD R (VWDGR H HVWDELOLGDGH SDUD R SDtV 0$5&(//2 &$6$/ -5 $*È1&,$ %5$6,/

(TXDGRU 1RYD &RQVWLWXLomR p FULWLFDGD PDV WUD] HVSHUDQoD SDUD TXHP Mi GHS{V WUrV SUHVLGHQWHV -DFLUD &DEUDO GD 6LOYHLUD

'HVGH GH RXWXEUR HVW² HP YLJRU D QRYD &RQVWLWXL¸¶R GR (TXDGRU DSURYDGD FRP GRV YRWRV QR UHIHUHQGR UHDOL]DGR HP GH VHWHP EUR TXDQGR PDLV GH QRYH PLOKÆHV GH HTXDWRULDQRV IRUDP ³V XUQDV $ QRYD &DUWD 0DJQD IRL HODERUDGD SRU XPD $VVHPEO¹LD &RQVWLWXLQWH IRUPDGD SRU UHSUHVHQWDQWHV HOHLWRV SHOD SRSX OD¸¶R QR LQ½FLR GHVWH DQR 'H DFRUGR FRP D GRXWRUDQGD GR 3URJUDPD GH 3ÂV JUDGXD¸¶R HP 6R FLRORJLD H &L»QFLD 3RO½WLFD GD 8QLYHU VLGDGH &´QGLGR 0HQGHV GR 5LR GH -D QHLUR 9DQHVVD GH &DVWUR %RDQDGD FRQWURY¹UVLDV HQYROYHUDP R SURFHVVR GH HODERUD¸¶R GR WH[WR FRQVWLWXFLR QDO FRPR DV GLIHUHQ¸DV FRQVWDWDGDV HQWUH RV DUWLJRV YRWDGRV SHORV PHP EURV GD $VVHPEO¹LD H R WH[WR ILQDO UHYLVDGR SHOD FRPLVV¶R GH UHGD¸¶R H HQWUHJXH SDUD D YRWD¸¶R HP UHIHUHQ GR 1D ¹SRFD R SUHVLGHQWH HTXDWRULD QR 5DIDHO &RUUHD DWULEXLX HVVDV GLIH UHQ¸DV DR FXUWR WHPSR GLVSRQ½YHO SDUD D DSURYD¸¶R GD QRYD &DUWD H GHFODURX TXH HP FDVR GH GLYHUJ»QFLD SUHYDOH FHULD R WH[WR YRWDGR SHOD $VVHPEO¹LD $SÂV R W¹UPLQR GDV YRWD¸ÆHV H GD UHGD¸¶R D $VVHPEO¹LD &RQVWLWXLQWH HQWURX HP UHFHVVR DW¹ D YRWD¸¶R GD &DUWD HP UHIHUHQGR H D GLYXOJD¸¶R GRV UHVXOWDGRV 1HVVH SHU½RGR R SD½V SDV VRX SRU XP Y²FXR OHJLVODWLYR M² TXH R &RQJUHVVR KDYLD VLGR GHVWLWX½GR TXDQGR GD LQVWDOD¸¶R GD $VVHPEO¹LD &RQVWLWXLQWH &RP D HQWUDGD HP YL JRU GD QRYD &RQVWLWXL¸¶R HQFHUUDP VH RV PDQGDWRV GRV GHSXWDGRV GR &RQJUHVVR HOHLWRV HP 2 5HJL PH GH 7UDQVL¸¶R WDPE¹P SUHY» R ILP GRV FDUJRV GH MX½]HV GD &RUWH 1D FLRQDO (OHLWRUDO 6HJXQGR D QRYD &DUWD &RQVWLWXFLRQDO R ÂUJ¶R TXH FXPSUL U² DV IXQ¸ÆHV SDUODPHQWDUHV VHU² D $VVHPEO¹LD 1DFLRQDO /HJLVODWLYD D VHU FRPSRVWD SRU LQWHJUDQWHV HVFR OKLGRV QR SOHLWR JHUDO GH IHYHUHLUR GR SUÂ[LPR DQR 2 SURMHWR GD &RQVWLWXL¸¶R IRL XPD GDV SURSRVWDV GR JRYHUQR GH 5DIDHO &RUUHD H SUHFLVDYD GH PDLV GH GRV YRWRV SDUD VHU DSURYDGR (OD SHU PLWH TXH R DWXDO SUHVLGHQWH VH UHHOHMD LPHGLDWDPHQWH GHSRLV GR ILP GH VHX

2 SUHVLGHQWH 5DIDHO &RUUHD SRGHUi FRQFRUUHU j UHHOHLomR SRU PDLV GRLV PDQGDWRV

'LVSRVLo}HV WUDQVLWyULDV DQH[DGDV DR WH[WR FRQVWLWXFLRQDO HVWDEHOHFHP XP 5HJLPH GH 7UDQVLomR PDQGDWR GH TXDWUR DQRV H OKH SRVVL ELOLWD D UHHOHL¸¶R SDUD PDLV GRLV PDQ GDWRV FRQVHFXWLYRV SHUPDQHFHQGR QR JRYHUQR DW¹ 2XWUD SUHUURJD WLYD ¹ DVVHJXUDU DR GLULJHQWH HTXDWR ULDQR R FRQWUROH VREUH D HFRQRPLD GR SD½V H FULDU D SRVVLELOLGDGH GH XPD PRUDWÂULD GD G½YLGD H[WHUQD FRQVLGH UDGD |LOHJ½WLPD} FRQFHGHQGR DPSOD PDUJHP GH PDQREUD SDUD QHJRFLD¸¶R GRV FRQWUDWRV GH SHWUÂOHR &RQJUHVLOOR &RQJUHVLOOR z 'LVSRVL¸ÆHV WUDQVL WÂULDV DQH[DGDV DR WH[WR FRQVWLWXFLR QDO HVWDEHOHFHP XP 5HJLPH GH 7UDQ VL¸¶R TXH GL] FRPR R SD½V VHU² RUJD QL]DGR DW¹ TXH VHMDP FRQYRFDGDV HOHL ¸ÆHV JHUDLV 8PD GHVVDV GLVSRVL¸ÆHV SUHY» D IRUPD¸¶R GH XP ÂUJ¶R OHJLV ODWLYR WUDQVLWÂULR TXH HVW² VHQGR FKD PDGR SHOD SRSXOD¸¶R H SHORV MRUQDLV ORFDLV GH &RQJUHVLOOR (VWH ÂUJ¶R ¹ FRPSRVWR SRU SDUWH GRV PHPEURV TXH

SDUWLFLSDUDP GD $VVHPEO¹LD &RQVWL WXLQWH |D PDLRULD GH VHXV FRPSRQHQ WHV SHUWHQFH D SDUWLGRV TXH DSÂLDP D VLWXD¸¶R} FRPHQWD 9DQHVVD 6HJXQGR HOD R &RQJUHVLOOR GHYHU² DSURYDU OHLV PDV VREUHWXGR UHJXODU² D IRUPD¸¶R GR &RQVHOKR (OHLWRUDO TXH SRU VXD YH] FRQYRFDU² HOHL¸ÆHV JHUDLV HP QRYHPEUR GH]HPEUR GH YHQGR D YRWD¸¶R RFRUUHU HP IHYHUHLUR GR SUÂ[LPR DQR 1HVWDV HOHL¸ÆHV VH U¶R HVFROKLGRV JRYHUQDGRUHV SUHIHL WRV FRQJUHVVLVWDV H R SUHVLGHQWH $SÂV DV HOHL¸ÆHV RV QRYRV PHP EURV GR &RQJUHVVR VHU¶R HPSRVVDGRV H ILQDOPHQWH R &RQJUHVLOOR GHL[DU² GH H[LVWLU $ SHVTXLVDGRUD UHVVDOWD TXH DJRUD R &RQJUHVVR 1DFLRQDO GH DFRU GR FRP D QRYD &RQVWLWXL¸¶R GR SD½V SDVVD D VH FKDPDU $VVHPEO¹LD 1DFLR QDO H FRQWLQXD VHQGR XP ÂUJ¶R XQL FDPHUDO |® SRU LVVR TXH HVW² KDYHQGR FRQIXV¶R HQWUH RV WHUPRV} MXVWLILFD

WLFD H HFRQÄPLFD PXLWR JUDQGH } RE VHUYD 4XLQWDQD 1D RSLQL¶R GR FÄQ VXO R (TXDGRU HVW² HQWUH RV SD½VHV RQGH R VHWRU SÇEOLFR ¹ DOWDPHQWH FRU UXSWR )DUWR GHVVH TXDGUR GH SHUPD QHQWH DEDOR LQVWLWXFLRQDO R UHSUHVHQ WDQWH HTXDWRULDQR DILUPD TXH R UHIH UHQGR IRL XPD UHD¸¶R SRSXODU 2 HTXDWRULDQR %\URQ )DEU½FLR $FRVWD $QGLQR LQJUHVVRX HP QR GRXWRUDGR GR 3URJUDPD GH 3ÂV JUDGXD¸¶R HP $GPLQLVWUD¸¶R GD 8)5*6 3URIHVVRU GD 38& HP 4XLWR HOH DFUHGLWD TXH D SRVV½YHO UHHOHL¸¶R GH &RUUHD SRGH WUD]HU HTXLO½EULR D XP SD½V IUDJLOL]DGR FRQIRUPH OHPEURX 4XLQWDQD (OH GHVWDFD DLQGD DV PDU FDV GH GHVJRYHUQDQ¸D TXH UHVXOWDUDP GDV VXFHVVLYDV TXHGDV GRV H[ SUHVL GHQWHV (QWUHWDQWR DPERV GLYHUJHP TXDQWR DR TXH PRWLYRX WDLV UHD¸ÆHV SRSXODUHV QR SDVVDGR SUÂ[LPR (Q TXDQWR R GRXWRUDQGR DYDOLD TXH SHOD

'HSRVWRV 'HSRVWRV z )HUQDQGR )UDQFLVFR 4XLQWDQD 'LDV FÄQVXO KRQRU²ULR GR (TXDGRU SDUD RV HVWDGRV GR 5LR *UDQ GH GR 6XO H 6DQWD &DWDULQD GHVGH H ELÂORJR DPELHQWDOLVWD FRQWD TXH QDV ÇOWLPDV G¹FDGDV VHX SD½V SDVVRX SRU V¹ULRV SUREOHPDV GH DGPLQLVWUD ¸¶R SRO½WLFD )RUDP Y²ULRV SUHVLGHQ WHV GHVWLWX½GRV HP GH] DQRV *XVWDYR 1RERD D /XFLR (GZLQ *XWL¹UUH] %RUEXD D H $OIUHGR 3D O²FLR D |,VVR WURX[H XPD LQVWDELOLGDGH SRO½

$ QRYD &DUWD GR (TXDGRU SUHYr XP PHFDQLVPR GH FRQWUROH P~WXR HQWUH R ([HFXWLYR H R /HJLVODWLYR

SULPHLUD YH] WRGRV RV VHJPHQWRV VR FLDLV HTXDWRULDQRV XQLUDP VH HP WRU QR GH XP PHVPR REMHWLYR R FÄQVXO HQWHQGH TXH R DIDVWDPHQWR GRV SUHVL GHQWHV WHULD VLGR XPD UHD¸¶R SRSXODU IUHQWH ³ HVFDVVH] UHVXOWDQWH GH SUHV VÆHV SRO½WLFDV |2 &RQJUHVVR FRVWXPD YD EDUJDQKDU FRP FDGD SUHVLGHQWH HOHLWR H VH HOH Q¶R FRQIDEXODYD FRPH ¸DYD D SUHVV¶R SDUD Q¶R JRYHUQDU ,VVR VH UHIOHWLD HP HVFDVVH]} H[SOLFD 3DUD R UHSUHVHQWDQWH HTXDWRULDQR R DSRLR SRSXODU KRMH ¹ OHJ½WLPR GLIH UHQWH GH TXDQGR IRL HODERUDGD D &RQV WLWXL¸¶R GH $O¹P GH Q¶R WHU KD YLGR WDO SDUWLFLSD¸¶R D &DUWD IRL GHIL QLGD SHOR SRGHU OHJLVODWLYR FRP XPD IDOVD UHSUHVHQWD¸¶R GHPRFU²WLFD |1¶R KRXYH FRQVXOWD DRV HVWXGDQWHV ³V QDFLRQDOLGDGHV LQG½JHQDV } 4XLQ WDQD OHPEUD TXH IRUDP FULDGDV OHLV TXH VHUYLUDP SDUD GDU DSRLR D EDQFRV HTXDWRULDQRV TXHEUDGRV H GHVWLQDGRV FHUFD GH PLOKÆHV GH GÂODUHV SDUD VDOYDU D UHGH EDQF²ULD 7HQGR HP YLVWD HVVH SDVVDGR GH TXHGDV SUHVLGHQFLDLV 9DQHVVD H[SOL FD TXH D QRYD &DUWD GR (TXDGRU SUHY» XP PHFDQLVPR GH FRQWUROH PÇWXR HQWUH R ([HFXWLYR H R /HJLVODWLYR FR QKHFLGR FRPR |PRUWH FUX]DGD} $WUD Y¹V GHVWD PHGLGD D $VVHPEO¹LD FRQ WLQXDU² WHQGR D SUHUURJDWLYD GH GHVWL WXLU R SUHVLGHQWH FDVR VHMD FRQVWDWDGR TXH HOH H[RUELWRX D HVIHUD GH VHXV SR GHUHV 1R HQWDQWR SDUD JDUDQWLU D HV WDELOLGDGH LQVWLWXFLRQDO FDVR D $VVHP EO¹LD RSWH SRU HVWD PHGLGD HOD GHYHU² FRQYRFDU HOHL¸ÆHV Q¶R V SDUD D SUHVL G»QFLD PDV SDUD D SUÂSULD $VVHP EO¹LD RX VHMD GHYHU² VH DXWR GHVWLWXLU FDVR UHFRPHQGH D GHVWLWXL¸¶R GR SUH VLGHQWH 2 PHVPR RFRUUHU² VH R SUHVL GHQWH UHVROYHU GLVVROYHU D $VVHPEO¹LD SRU HOD HVWDU REVWUXLQGR R JRYHUQR RX SURMHWRV GH LQWHUHVVH QDFLRQDO |(VVD LG¹LD WHP SRUWDQWR R REMHWLYR GH GHV EDQDOL]DU D XWLOL]D¸¶R GH PHFDQLVPRV GH FRQWUROH FRPR D GHVWLWXL¸¶R TXH VH DGRWDGD HP FDVRV H[WUHPRV SDVVDU² DJRUD SHOR DYDO RX Q¶R GD SRSXOD¸¶R TXH VH H[SUHVVDU² SRU YLD GDV HOHL¸ÆHV TXH SRU FRQVHTÊ»QFLD GHYHU¶R VHU FRQYRFDGDV} FRPSOHWD $ SURSÂVLWR GD SDUWLFLSD¸¶R SRSX ODU D SHVTXLVDGRUD GL] TXH D QRYD &RQVWLWXL¸¶R HVWDEHOHFH D FULD¸¶R GH XP TXDUWR 3RGHU DO¹P GR ([HFXWL YR /HJLVODWLYR H -XGLFL²ULR |® R 3R GHU GH &RQWUROH H 3DUWLFLSD¸¶R 6RFL DO TXH WHU² VHXV PHPEURV LQGLFDGRV SRU RUJDQL]D¸ÆHV VRFLDLV H SDUWLFLSDU² GD HODERUD¸¶R GH SRO½WLFDV SÇEOLFDV GR 3ODQR 1DFLRQDO GH 'HVHQYROYL PHQWR HQWUH RXWURV} 1R HQWDQWR HVWDV LQGLFD¸ÆHV IHLWDV SRU RUJDQL]D ¸ÆHV VRFLDLV HVW¶R VHQGR TXHVWLRQDGDV TXDQWR DR JUDX GH UHSUHVHQWDWLYLGDGH GH TXH HVWDU¶R LQYHVWLGDV |4XDLV VH U¶R RV FULW¹ULRV GH DSRQWDPHQWR" 4XH RUJDQL]D¸ÆHV HVW¶R DSWDV D LQGLFDU FDQGLGDWRV"} LQGDJD VH 9DQHVVD

7H[WR JDUDQWH GLUHLWRV VRFLDLV j SRSXODomR LQGtJHQD $ GRXWRUDQGD GR 3URJUDPD GH 3ÂV JUDGXD¸¶R HP 6RFLRORJLD H &L»QFLD 3RO½WLFD GD 8QLYHUVLGDGH &´QGLGR 0HQGHV GR 5LR GH -DQHLUR 9DQHVVD GH &DVWUR %RDQDGD DQDOLVD D QRYD FRQVWLWXL¸¶R GR (TXDGRU -RUQDO GD 8QLYHUVLGDGH ² $Wp TXH SRQWR D QRYD &RQVWLWXLomR p PDLV LQFOXVLYD" 9DQHVVD GH &DVWUR %RDQDGD z $O¹P GH SUH]DU SHOD SDUWLFLSD¸¶R GHPRFU²WLFD DWUDY¹V GH PHFDQLVPRV GLUHWRV H LQGLUHWRV VHX WH[WR UHFRQKHFH DPSODPHQWH GLUHLWRV LQG½JHQDV

FRPR R GLUHLWR ³ FRQVXOWD SU¹YLD HP FDVR GH H[SORUD¸¶R HFRQÄPLFD HP VHXV WHUULWÂULRV D UHVSHLWR GD DWXD¸¶R GH PLQHUDGRUDV SHWURO½IHUDV PDGHLUHLUDV HWF H R GLUHLWR ³ DXWRQRPLD MXULVGLFLRQDO GHVGH TXH Q¶R FRQWUDULH GLVSRVLWLYR FRQVWLWXFLRQDO 7DPE¹P DWULEXL PDLV GLUHLWRV HFRQÄPLFRV H VRFLDLV FRPR D DSRVHQWDGRULD GDV GRQDV GH FDVD H D JDUDQWLD GH VDÇGH JUDWXLWD XQLYHUVDO -8 -8 ² &RPR FXVWHDU WDLV PXGDQoDV" 9&% z 0XLWRV HFRQRPLVWDV GXYLGDP GD

FDSDFLGDGH RU¸DPHQW²ULD GR (VWDGR HP UHDOPHQWH LPSOHPHQWDU H JDUDQWLU WRGRV RV SURMHWRV GH GHVHQYROYLPHQWR H GLUHLWRV VRFLDLV JDUDQWLGRV SHOD &RQVWLWXL¸¶R 'H DFRUGR FRP 5DIDHO &RUUHD RV UHFXUVRV GR (VWDGR VHULDP JDUDQWLGRV SHOR DXPHQWR QD SURGX¸¶R SHWURO½IHUD M² UHVSRQV²YHO SRU FHUFD GH GR RU¸DPHQWR -8 -8 ² 0DV D FULVH LQWHUQDFLRQDO WHP DIHWDGR RV SUHoRV GR SHWUyOHR 9&% z 2V SD½VHV PHPEURV GD 23(3

RUJDQL]D¸¶R GD TXDO R (TXDGRU ¹ SDUWH z UHVROYHUDP UHGX]LU D SURGX¸¶R HP SDUD HVWDOLEL]DU RV SUH¸RV IUHQWH ³ TXHGD QD GHPDQGD 3RU LVVR SDUHFH TXH DOJXQV GRV QRYRV SURMHWRV VRFLDLV H GH GHVHQYROYLPHQWR QDFLRQDO EDVHDGRV QHVWD IRQWH GH UHQGD HVW¶R FRPSURPHWLGRV H GHYHU¶R WHU VHXV FXVWRV UHYLVWRV 2 ULVFR DJRUD ¹ TXH D JDUDQWLD GRV GLUHLWRV HFRQÄPLFRV H VRFLDLV HVWHMD VXMHLWD FRPR ¹ FRPXP REVHUYDU HP GLYHUVRV SD½VHV VXO DPHULFDQRV DR SULQF½SLR GD DSOLFD¸¶R SURJUHVVLYD


-251$/ '$ 81,9(56,'$'( _ 129(0%52 '( _

)/É9,2 '875$ 352-(72 &217$72

&,È1&,$

,QLPLJR

VLOHQFLRVR

6D~GH 3RU QmR DSUHVHQWDU VLQWRPDV R YtUXV GR +39 VHJXH FRPR XPD GDV SULQFLSDLV FDXVDV GH PRUWH GH PXOKHUHV SRU FkQFHU GH FROR GH ~WHUR 2 3DSLORPDY½UXV +XPDQR PDLV FRQKHFLGR FRPR +39 ¹ XPD GRHQ¸D VLOHQFLRVD 1D PDLRULD GRV FDVRV Q¶R ¹ SHUFHELGD SHOR LQGLY½GXR RX PHVPR SRU H[DPHV P¹GLFRV $V OHVÆHV FOLQL FDPHQWH GLDJQRVWLF²YHLV QRUPDOPHQ WH ORFDOL]DGDV QRV ÂUJ¶RV JHQLWDLV SR GHP GHPRUDU DQRV SDUD DSDUHFHU |2 VLQWRPD GR +39 ¹ TXH HOH Q¶R DSUH VHQWD VLQWRPDV} FRQILUPD R P¹GLFR JLQHFRORJLVWD H SURIHVVRU GD )DFXOGD GH GH 0HGLFLQD GD 8)5*6 3DXOR 1DX GL $O¹P GLVVR R HOH ¹ D GRHQ¸D VH[XDO PHQWH WUDQVPLVV½YHO PDLV FRPXP QR PXQGR ILFDQGR QD IUHQWH DW¹ GD WHP½ YHO $,'6 3DUD D GRXWRUD H SHVTXLVD GRUD /XLVD 9LOOD XPD GDV PDLV UHVSHL WDGDV HVSHFLDOLVWDV GD GRHQ¸D QR SD½V LVVR RFRUUH JUD¸DV ³ VXD I²FLO WUDQVPLV V¶R VRPDGD DR IDWR GH R +39 IUHTÊHQ WHPHQWH Q¶R DSUHVHQWDU LQG½FLRV 'HV VD IRUPD DV RFDVLÆHV GH FRQW²JLR VH PXOWLSOLFDP $ P¹GLFD WDPE¹P GL UHWRUD GR ,QVWLWXWR /XGZLJ GH 3HV TXLVD VREUH R &´QFHU QR %UDVLO HVFOD UHFH |8PD YH] TXH DV OHVÆHV Q¶R V¶R IDFLOPHQWH YHULILF²YHLV H Q¶R K² PXL WDV LQIRUPD¸ÆHV VREUH D GRHQ¸D D SHV VRD Q¶R VH SURWHJH R VXILFLHQWH 2 H[HPSOR PDLV FRPXP ¹ D IDOWD GR XVR UHJXODU GD FDPLVLQKD} $V PXOKHUHV DFDEDP VH WRUQDQGR DV SULQFLSDLV Y½WL PDV SRLV R Y½UXV DWDFD R FROR GR ÇWHUR FDXVDQGR F´QFHU QD UHJL¶R 4XHP GHVFREULX D FRQH[¶R HQWUH R +39 H R F´QFHU QR ÂUJ¶R IHPLQLQR IRL R FLHQWLVWD DOHP¶R +DUDOG =XU +DXVHQ (OH ¹ XP GRV DJUDFLDGRV FRP R SU»PLR 1REHO GH 0HGLFLQD GHVWH DQR GHYLGR D HVVD GHVFREHUWD 6HXV HVWXGRV IRUDP UHDOL]DGRV QR &HQWUR GH 3HVTXLVD VREUH R &´QFHU GD $OH PDQKD QD FLGDGH GH +HLGHOEHUJ GX UDQWH D G¹FDGD GH 1D ¹SRFD DFUH GLWDYD VH TXH R Y½UXV HVWDYD OLJDGR DSHQDV D YHUUXJDV JHQLWDLV H TXH R F´Q FHU GH FROR GR ÇWHUR HUD UHVXOWDGR GH XPD LQIHF¸¶R SRU KHUSHV $ SHVTXL VDGRUD FRQWD TXH +DXVHQ DR SHUFH EHU TXH DV F¹OXODV GH YHUUXJDV QD JH QLW²OLD SRVVX½DP VLQDLV GLIHUHQWHV SDVVRX D EXVFDU RXWURV DJHQWHV PL FURELROÂJLFRV UHVSRQV²YHLV SHOR SUR EOHPD $ H[LVW»QFLD GH UHODWRV GH SHV VRDV FRP HVVDV YHUUXJDV TXH KDYLDP WUDQVPLWLGR DV OHVÆHV SDUD VHXV SDU FHLURV DMXGRX D LGHQWLILFDU XP SDGU¶R GH FRQW²JLR |+DXVHQ DFDERX HQFRQ WUDQGR QRYRV JHQRPDV YLUDLV TXH SRU VH DVVHPHOKDUHP DRV 3DSLORPDYLUXV IRUDP FODVVLILFDGRV QD PHVPD IDP½ OLD 3DSLOORPDYLULGDH } FRPSOHWD D P¹GLFD 2 HVWXGR IRL FRQVLGHUDGR LQRYDGRU SRLV DW¹ HQW¶R VH DFUHGLWDYD TXH RV Y½UXV Q¶R WLQKDP UHOD¸¶R FRP RV WXPRUHV 2 FLHQWLVWD GHPRQVWURX TXH R +39 HUD UHVSRQV²YHO SRU DOWH UD¸ÆHV JHQ¹WLFDV QDV F¹OXODV DV TXDLV OHYDYDP ³ GRHQ¸D 3UHYHQomR z $ FRPXQLGDGH FLHQW½ ILFD FRQWDELOL]D D H[LVW»QFLD GH PDLV GH HVS¹FLHV GH +39 GLIHUHQWHV 6HJXQGR 3DXOR 1DXGL K² DOJXQV WL SRV TXH FDXVDP DSHQDV OHVÆHV GH PXFRVDV H YHUUXJDV QRV JHQLWDLV H RXWURV TXH Q¶R SURGX]HP QHQKXP

GHVVHV HIHLWRV PDV TXH SRGHP LQGX ]LU ³ IRUPD¸¶R GH OHVÆHV SU¹ PDOLJ QDV LVWR ¹ SRGHP JHUDU F´QFHU |'HQ WUH RV TXH DWDFDP RV JHQLWDLV PDVFX OLQRV H IHPLQLQRV D PDLRU DJUHVVLYL GDGH DFRQWHFH HQWUH DV PXOKHUHV TXH SRGHP GHVHQYROYHU R F´QFHU GH FROR GH ÇWHUR} GL] R JLQHFRORJLVWD 6DEH VH SRXFR GD KLVWÂULD QDWXUDO GR +39 HP KRPHQV &RQIRUPH /XLVD 9LOOD HOHV W»P HOHYDGDV WD[DV GH LQIHF¸¶R SRU +39 QR S»QLV HVFURWR H ´QXV SRU¹P XPD SURSRU¸¶R PHQRU GH GRHQ¸DV |$ Q¶R VHU SHODV YHUUXJDV JHQLWDLV V¶R UDURV RV WXPRUHV GH S»QLV H DLQGD PDLV UDUR R F´QFHU PDV LVVR Q¶R TXHU GL]HU TXH HOHV Q¶R GHYDP VH SURWH JHU} FRPSOHWD D P¹GLFD 'RV WL SRV GH +39 TXH LQIHFWDP RV ÂUJ¶RV JHQLWDLV GR KRPHP H GD PXOKHU HP WRUQR GH W»P SRWHQFLDO SDUD GH VHQYROYHU R F´QFHU 2V PDLV SHULJR VRV V¶R RV +39 H R +39 3DXOR UHVVDOWD TXH GH FDGD TXDWUR FDVRV GH F´QFHU GH FROR GH ÇWHUR WU»V W»P UHOD ¸¶R FRP HVVHV WLSRV GH Y½UXV (VWXGRV FRPSURYDP TXH D GDV PXOKHUHV VH[XDOPHQWH DWLYDV VH U¶R LQIHFWDGDV HP DOJXP PRPHQWR GH VXDV YLGDV SRU XP RX PDLV WLSRV GH +39 &RQWXGR D PDLRULD GDV LQIHF ¸ÆHV ¹ WUDQVLWÂULD VHQGR FRPEDWLGD SHOR VLVWHPD GH SURWH¸¶R GR FRUSR SULQFLSDOPHQWH HQWUH DV PXOKHUHV PDLV MRYHQV 4XDOTXHU SHVVRD LQIHF WDGD FRP +39 GHVHQYROYH DQWLFRUSRV PDV QHP VHPSUH HVVHV V¶R FRPSH WHQWHV R VXILFLHQWH SDUD HOLPLQDU R Y½UXV 3RU LVVR ¹ W¶R LPSRUWDQWH QR FDVR GDV PXOKHUHV D SUHYHQ¸¶R GR F´QFHU GH FROR GH ÇWHUR D SDUWLU GR FRQKHFLGR H[DPH 3DSDQLFRODRX |'HYH VH UHDOL]² OR GH IRUPD UHJXODU D FDGD DQR DSÂV R LQ½FLR GD DWLYLGDGH VH[XDO RX QR P²[LPR D SDUWLU GRV DQRV &RP GRLV UHVXOWDGRV VHJXLGRV QHJDWLYRV H QD DXV»QFLD GH TXDOTXHU VLQWRPD HVWH LQWHUYDOR SRGH VHU HV WHQGLGR D FDGD WU»V DQRV} H[SOLFD /X LVD +² RXWUDV PRGDOLGDGHV GH UDVWUH DPHQWR EDVHDGDV HP WHVWHV PROHFX ODUHV GH +39 HP GLVFXVV¶R PDV TXH DLQGD Q¶R V¶R XWLOL]DGDV QHP HP SD ½VHV GHVHQYROYLGRV 2 P¹GLFR DGYHUWH TXH R F´QFHU GH FROR GH ÇWHUR ¹ XP SUREOHPD GH VDÇGH SÇEOLFD XPD YH] TXH GHSRLV GR F´QFHU GH PDPD HOH ¹ R PDLV IUHTÊHQWH QR %UDVLO H QR PXQ GR |® LPSRUWDQWH IULVDU LVVR HVVH WLSR GH F´QFHU ¹ R ÇQLFR SRVV½YHO GH VHU HOLPLQDGR FRPR SUREOHPD GH VDÇGH SÇEOLFD MXVWDPHQWH SHORV H[DPHV GH SUHYHQ¸¶R D½ YRF» SRGH HQFRQWUDU H WUDWDU DV OHVÆHV TXH DQWHFHGHP R VXU JLPHQWR GD GRHQ¸D } 9DFLQDV z $WXDOPHQWH H[LVWHP GXDV YDFLQDV FRQWUD R +39 QR %UDVLO OLEH UDGDV SHOD $J»QFLD 1DFLRQDO GH 9LJL O´QFLD 6DQLW²ULD $QYLVD 8PD GHODV ¹ D 9DFLQD 4XDGULYDOHQWH IDEULFDGD SHOR ODERUDWÂULR DPHULFDQR 0HUFN 6KDUS 'KRPH 06' K² PDLV WHPSR QR PHUFDGR $ RXWUD TXH WHYH VXD FRPHUFLDOL]D¸¶R DSURYDGD QR SD½V QHVWH DQR ¹ D 9DFLQD &HUYDUL[ SUR GX]LGD SHOR ODERUDWÂULR EULW´QLFR

*OD[R6PLWK.OLQH *6. $PEDV V¶R YDFLQDV SURILO²WLFDV LVWR ¹ HVWLPXODP R GHVHQYROYLPHQWR GH DQWLFRUSRV QR VLVWHPD GH GHIHVD KXPDQR D ILP GH HYLWDU TXH R Y½UXV HQWUH QR RUJDQLV PR GD SHVVRD 3DXOR 1DXGL GL] TXH D &HUYDUL[ VHJXQGR SHVTXLVDV FLHQW½IL FDV LQGX] D XPD SURGX¸¶R PDLRU GH DQWLFRUSRV SRU WHU XP DGMXYDQWH VXEVW´QFLD PHGLFLQDO PDLV SRWHQ WH -² D 4XDGULYDOHQWH GHIHQGH FRQWUD TXDWUR WLSRV GH +39 H

(VWXGRV FRPSURYDP TXH D GDV PXOKHUHV VH[XDOPHQWH DWLYDV

VHUmR LQIHFWDGDV HP DOJXP PRPHQWR GH VXDV YLGDV SRU XP RX PDLV WLSRV GH +39

|SUHYLQH WDPE¹P FRQWUD R F´QFHU GH YXOYD YDJLQD H DV YHUUXJDV JHQLWDLV} DILUPD /XLVD 9LOOD 2 LPSRUWDQWH ¹ TXH KDMD PDLV HVVD SRVVLELOLGDGH GH SURWH¸¶R FRQWUD D GRHQ¸D QR PHUFD GR EUDVLOHLUR $ SHVTXLVDGRUD SDXOLV WD DFUHVFHQWD |(P WRGR R PXQGR K² TXDVH PHLR PLOK¶R GH FDVRV QRYRV GH F´QFHU GR FROR GR ÇWHUR GRV TXDLV SRGHULDP VHU FRQWURODGRV FRP XPD YDFLQD HILFD] FRQWUD R +39 H

} $V YDFLQDV SURILO²WLFDV GHYHP VHU DGPLQLVWUDGDV HP LGDGH DQWHULRU DR SULPHLUR FRLWR MXVWDPHQWH SRU VHU XPD GRHQ¸D GH WUDQVPLVV¶R VH[XDO 6HJXQGR D P¹GLFD VXD GXUDELOLGDGH GH SURWH¸¶R VHULD GH SHOR PHQRV FLQ FR DQRV 2 0LQLVW¹ULR GD 6DÇGH DXWR UL]RX D YDFLQD¸¶R SDUD SHVVRDV GRV QRYH DW¹ RV DQRV GH LGDGH 2V FXVWRV GH FDGD GRVH V¶R HOHYD GRV YDULDQGR GH 5 D 5 VHQ GR TXH D UHFRPHQGD¸¶R ¹ TXH VH GH YDP ID]HU WU»V DSOLFD¸ÆHV R TXH HOHYD R FXVWR WRWDO SDUD PDLV GH 5 8P SUH¸R DLQGD DO¹P GD UHDOLGDGH SDUD D PDLRULD GRV EUDVLOHLURV PRWL YR SHOR TXDO VRPHQWH DV FO½QLFDV SUL YDGDV FRPHUFLDOL]DP HVVHV PHGLFD PHQWRV 2X VHMD PHQRV GH XP SRU FHQWR GD SRSXOD¸¶R EUDVLOHLUD WHP D FKDQFH GH VH SURWHJHU FRQWUD R +39 /XLVD LQIRUPD TXH HVW¶R HP FXUVR QHJRFLD¸ÆHV FRP DV HPSUHVDV IDUPD F»XWLFDV PDV ¹ GLI½FLO GL]HU TXDQGR R JRYHUQR GHFLGLU² SHOD LQWURGX¸¶R GDV YDFLQDV QR 6LVWHPD äQLFR GH 6DÇGH 686 |'HYLGR ³V GLILFXOGDGHV GH FUL D¸¶R GH SURJUDPDV GH UDVWUHDPHQWR DO¹P GH TXHVWÆHV W¹FQLFDV H VRFLDLV FRQVLGHUR TXH XPD YDFLQD FRQWUD R +39 SRGHULD WHU D P¹GLR H ORQJR SUD ]R XP LPSDFWR PDLV H[SUHVVLYR QD WD[D GH LQFLG»QFLD GHVVH F´QFHU HP QRVVR SD½V} GL] D SHVTXLVDGRUD 0DV ¹ SUHFLVR HVFODUHFHU VRE DV FRQGL¸ÆHV HP TXH YDFLQD SRGH VH WRUQDU XP PH FDQLVPR HILFD] GH SUHYHQ¸¶R SDUD Q¶R JHUDU XPD H[SHFWDWLYD LUUHDO GH VROX ¸¶R GR SUREOHPD 3RU LVVR HOD DFUHGL WD QD QHFHVVLGDGH GH FRQWLQXDU FRP D SUHYHQ¸¶R H DV SRO½WLFDV GH SURPR¸¶R 5DIDHO *ORULD HVWXGDQWH GR VHPHV WUH GH -RUQDOLVPR GD )DELFR

8P LQVWLWXWR SDUD HUUDGLFDU D GRHQoD $ LGpLD GH FULDU XP ,QVWLWXWR GH 3UHYHQomR GR &kQFHU GH &ROR GR ÓWHUR ,QFROR VXUJLX GH XP JUXSR GH PpGLFRV GR +RVSLWDO GH &OtQLFDV GH 3RUWR $OHJUH (P MXQKR GH IRL IHLWD D SULPHLUD UHXQLmR SDUD GHILQLU R SURMHWR 1HVVH HQFRQWUR HVWDYDP SUHVHQWHV RV IXQGDGRUHV GR ,QVWLWXWR (QWUH HOHV R VHX DWXDO SUHVLGHQWH R PpGLFR JLQHFRORJLVWD 3DXOR 1DXGL (OH GL] TXH R ,QFROR p XPD HQWLGD GH QmR JRYHUQDPHQWDO FULDGD SDUD TXH VH SRVVDP ID]HU Do}HV MXQWR j VRFLHGDGH FRP R LQWXLWR GH DFDEDU FRP R FkQFHU GH FROR GH ~WHUR QR 5LR *UDQGH GR 6XO 2 yUJmR RIHUHFH YiULRV FXUVRV H SDOHVWUDV SDUD DTXHOHV TXH GHVHMDP VH DSURIXQ GDU PDLV QR DVVXQWR H HVFODUHFHU SRVVtYHLV G~YLGDV 8P GRV SURJUDPDV PDLV LQWHUHVVDQWHV p R FRQYrQLR TXH D HQWLGDGH SRVVXL FRP D 6HFUHWDULD GH (VWDGR GD 6D~GH ´1yV GDPRV FXUVRV GH WUHLQDPHQWRV H FDSDFL WDomR VREUH R &kQFHU GH &ROR GH ÓWHUR SDUD WRGRV RV PpGLFRV GR HVWDGR TXH TXHLUDP SDUWLFLSDU $ JHQWH WHP IHLWR HVVH FXUVR UHJXODUPHQWH H VHPSUH FRP DOWR LQWHUHVVH GRV SURILVVLRQDLV GD iUHDµ H[SOLFD 3DXOR $ FRQVFLHQWL ]DomR GD SRSXODomR R WUHLQDPHQWR GH SURILVVLRQDLV R IRUQHFLPHQWR GH WHFQRORJLD H D FULDomR GH FHQWURV UHJLRQDLV GH DWHQGLPHQWR GHVFHQWUDOL]DQGR R UDVWUHLR IRUDP RV PHLRV HQFRQWUDGRV SHOR JUXSR SDUD DMXGDU D FRPEDWHU D GRHQoD


_ -251$/ '$ 81,9(56,'$'( _ 129(0%52 '(

& 8 /7 8 5 $

DQRV HP EXVFD

-RUQDOLVPR GR GLD VHJXLQWH

GD YHUGDGH

2SHUDomR &RQGRU /LYUR GR MRUQDOLVWD /XL] &OiXGLR &XQKD UHYHOD GHWDOKHV GR VHT HVWUR TXH H[S{V DV FRQH[}HV HQWUH RV DJHQWHV GD UHSUHVVmR XUXJXDLD H EUDVLOHLUD ÆQLD &KDOD

0HPyULD IRWRJUiILFD z 2 MRUQD OLVWD FRQWD TXH RV UHSÂUWHUHV IRWRJU² ILFRV -R¶R %DSWLVWD 6FDOFR -% 5LFDU GR &KDYHV .DG¶R H 2OLYLR /DPDV WL YHUDP SDSHO IXQGDPHQWDO QR HVFOD UHFLPHQWR GRV IDWRV ( GHVFUHYH RV PRPHQWRV HP TXH D LQWHUYHQ¸¶R GH OHV IRL GHFLVLYD |-% FRP XPD DUPD DSRQWDGD SDUD R URVWR UHJLVWURX QD PHPÂULD R URVWR GRV SROLFLDLV TXH HVWDYDP QR DSDUWDPHQWR GRV XUXJXDL RV LGHQWLILFDQGR 'LGL 3HGDODGD 2OL ½YLR JULWRX SHOR QRPH GD DJHQWH GR '236 TXH PDQWHYH DV FULDQ¸DV VRE FXVWÂGLD D ILP GH TXH HOD IRVVH IRWR JUDIDGD SRU XP FROHJD H UHFRQKHFLGD SHOR PHQLQR &DPLOR H .DG¶R FRP VXD WHOHREMHWLYD GHVPRQWRX D IDUVD DUPDGD SHOD SRO½FLD TXH KDYLD PD

2 HSLVyGLR GD UXD %RWDIRJR IRL R PLFURFRVPR GH XPD VRPEUD TXH VH DEDWLD SRU WRGR R &RQH 6XO

TXLDGR XP GRV SROLFLDLV HQYROYLGRV QR HSLVÂGLR SDUD GHVDFUHGLWDU D GHV FUL¸¶R SXEOLFDGD SHOD LPSUHQVD} $RV SRXFRV DV SH¸DV GH XP LQWULQ FDGR TXHEUD FDEH¸D TXH UHXQLD SROL FLDLV FLYLV H PLOLWDUHV GR %UDVLO H GR 8UXJXDL VH HQFDL[DYDP 1D ¹SRFD /XL] &O²XGLR FKHILDYD D VXFXUVDO GD UHYLVWD 9HMD HP 3RUWR $OHJUH $V PDW¹ULDV VR EUH R FDVR IRUDP SXEOLFDGDV QDV HGL ¸ÆHV GH QRYHPEUR GH D MXOKR GH QXP WUDEDOKR TXH FRQVXPLX FHUFD GH GRLV DQRV GH LQYHVWLJD¸¶R |ÝD PRV DYDQ¸DQGR QRPH D QRPH PDV Q¶R IRL I²FLO 2 GHOHJDGR GD 3RO½FLD )HGHUDO (GJDU )XTXHV IH] XP LQTX¹UL WR GL]HQGR TXH RV XUXJXDLRV KDYLDP VD½GR HVSRQWDQHDPHQWH GR SD½V -DU EDV /LPD UHODWRU GD &3, VREUH R VH TÊHVWUR LQVWDODGD QD $VVHPEO¹LD /H JLVODWLYD FRQVHJXLX SURGX]LU XP UH ODWÂULR QR TXDO DILUPDYD TXH Q¶R KD

³3DVVDPRV SHOD GLWDGXUD VHP WHU SXQLGR QHQKXP

WRUWXUDGRU´

YHQGR FRUSR GH GHOLWR DILQDO RV XUX JXDLRV KDYLDP GHVDSDUHFLGR Q¶R KD YLD FULPH 2 DGYRJDGR /LD 3LUHV FRQ WUDWDGR SDUD GHIHQGHU RV VHTÊHVWUDGR UHV SHGLX IRUPDOPHQWH SDUD RXYLU RV VHTÊHVWUDGRV &RPR HOHV Q¶R YLHUDP GLVVH VHU LPSRVV½YHO OHYDU DGLDQWH R SURFHVVR 6Â TXH /½OLDQ H 8QLYHUVLQGR HVWDYDP SHQGXUDGRV HP XPD PDV PRUUD HP 0RQWHYLG¹X VHQGR WRUWXUD GRV 7½QKDPRV TXH OLGDU FRP HVVH IRU PDOLVPR TXH ]RPEDYD GD LQWHOLJ»Q FLD GDV SHVVRDV } /XL] &O²XGLR UHFRUGD R PRPHQWR HP TXH R GHOHJDGR 3HGUR 6HHOLJ H RV SROLFLDLV ,UQR H 'LGL 3HGDODGD ILQDO PHQWH IRUDP D MÇUL |3HOD SULPHLUD YH] GHVGH D UHSUHVV¶R VHQWRX VH QR EDQFR GRV U¹XV } 0DV DQRV GH SRLV GR ILP GD GLWDGXUD R ÇQLFR FRQ GHQDGR IRL 'LGL 3HGDODGD ( DVVLP PHVPR D VHLV PHVHV GH SULV¶R SRU DEXVR GH DXWRULGDGH |3DVVDPRV SHOD GLWDGXUD VHP WHU SXQLGR QHQKXP GRV FDQDOKDV HQYROYLGRV QD WRUWXUD (Q

&$',1+2 $1'5$'( -8

7UDQTÊLOR H GHWHUPLQDGR R MRUQD OLVWD JDÇFKR /XL] &O²XGLR &XQKD YDL GHVILDQGR GLGDWLFDPHQWH VXD H[SHUL »QFLD GH UHSÂUWHU DR UHFRQVWLWXLU RV IDWRV UHODFLRQDGRV DR VHTÊHVWUR GRV XUXJXDLRV /½OLDQ &HOLEHUWL H 8QLYHU VLQGR 'LD] H RV ILOKRV GHOD &DPLOR H )UDQFHVFD SRU SROLFLDLV EUDVLOHLURV HP QRYHPEUR GH (OH HVWHYH QD n )HLUD GR /LYUR GH 3RUWR $OHJUH ODQ ¸DQGR 2SHUD¸¶R &RQGRU z 2 VHTÊHV WUR GRV XUXJXDLRV z XPD UHSRUWDJHP GRV WHPSRV GD GLWDGXUD / 30 S²JV H SDUWLFLSRX GR FLFOR GH SD OHVWUDV 2 SDVVDGR TXH Q¶R SDVVD z DV PDUFDV GRV |DQRV GH FKXPER} QR WHPSR SUHVHQWH SURPRYLGR SHOR 3UR JUDPD GH 3ÂV JUDGXD¸¶R H SHOR 'H SDUWDPHQWR GH +LVWÂULD GD 8)5*6 3DVVDGRV DQRV /XL] &O²XGLR UH WRPD RV DFRQWHFLPHQWRV FRP XPD YL V¶R PDLV SUÂ[LPD GH XP KLVWRULDGRU GR TXH GH XP MRUQDOLVWD H FUHGLWD HVWD PXGDQ¸D DR WHPSR GHFRUULGR H DR GLVWDQFLDPHQWR I½VLFR TXH OKH GHUDP D IULH]D H D SDFL»QFLD QHFHVV²ULD SDUD HVTXDGULQKDU ELRJUDILDV H FRQIHULU YHUVÆHV 4XDQGR FRPH¸RX D UHPRQ WDU D KLVWÂULD GR VHTÊHVWUR SHUFHEHX TXH Q¶R HUD XP HSLVÂGLR LVRODGR |$TXLOR YLQKD GH DQWHV YLQKD GRV DQRV GR JRYHUQR 0¹GLFL GR $, GH GR JROSH GH ( Q¶R HUD DOJR TXH DFRQWHFLD V QD %RWDIRJR PDV WDPE¹P QD 7XWÂLD GR '2, &2', HP 6¶R 3DXOR QD %DU¶R GH 0HVTXLWD GR '2, &2', QR 5LR QD $XWRPR WRUHV 2UOHWWL FHQWUR GH WRUWXUD GRV XUXJXDLRV HP %XHQRV $LUHV QRV TXDUW¹LV GH WRUWXUD GH 0RQWHYLG¹X QRV FHQWURV GD ',1$ QR &KLOH $ %RWDIRJR HUD R PLFURFRVPR GH XPD VRPEUD TXH VH DEDWLD VREUH R &RQH 6XO SRUTXH WRGRV RV JHQHUDLV HUDP GLWDGRUHV WRGDV DV GLWDGXUDV HUDP LU P¶V H LVVR V SRGHULD DFDEDU QD PHU FRVXO GR WHUURU TXH IRL D 2SHUD¸¶R &RQGRU} FRQFOXL

TXDQWR LVVR QR 8UXJXDL GRLV H[ SUH VLGHQWHV IRUDP SDUDU QD FDGHLD -XDQ 0DULD %RUGDEHUU\ H R JHQHUDO *UHJ ULR ÚOYDUH] FRPDQGDQWH GR ([¹UFLWR QD ¹SRFD GR VHTÊHVWUR +² XP P»V XP MXL] GH %XHQRV $LUHV GHVSDFKRX SDUD D SULV¶R R JHQHUDO -RUJH 9LGHOD DRV DQRV} ODPHQWD R MRUQDOLVWD ,PSXQLGDGH z 6RE R DUJXPHQWR GH TXH D DQLVWLD VHUYLX DRV GRLV ODGRV ID]HU WDLV FRPSDUD¸ÆHV VXVFLWD DFXVD ¸ÆHV GH UHYDQFKLVPR /XL] &O²XGLR YDL PDLV ORQJH H FRQVLGHUD TXH D WRUWXUD UDFKRX R JRYHUQR /XOD |$ $GYRFDFLD *HUDO GD 8QL¶R LQJUHVVRX QD -XVWL¸D GH 6¶R 3DXOR FRQWUD R 0LQLVW¹ULR 3Ç EOLFR TXH HVW² WHQWDQGR FRQGHQDU RV PLOLWDUHV $OGLU 0DFLHO H &DUORV $OEHU WR %ULOKDQWH 8VWUD SRU WRUWXUD ® XPD D¸¶R GHFODUDWÂULD TXH Q¶R LU² ERW² ORV QD FDGHLD PDV VLPSOHVPHQWH GHILQL ORV FRPR WRUWXUDGRUHV ,VVR ¹ XPD FRL VD VLPEROLFDPHQWH LPSRUWDQWH } 3DUD TXHP VXVWHQWD TXH ID]HU WDO GHIHVD ¹ REULJD¸¶R GD $*8 R MRUQDOLVWD UHEDWH GL]HQGR TXH HVVD IRL XPD GHFLV¶R SR O½WLFD |(OHV SRGHULDP ID]HU WU»V FRLVDV HQWUDU QD MXVWL¸D SDUD GHIHQGHU RV PL OLWDUHV Q¶R HQWUDU H GHL[DU TXH D TXHV W¶R VH UHVROYHVVH HQWUH D IDP½OLD H RV WRUWXUDGRUHV RX HQW¶R HQWUDU FRPR SDUFHLUD GD SURPRWRULD R TXH VHULD XPD GHFLV¶R ERQLWD } 6HJXQGR /XL] &O²XGLR LVVR RFRUUH SRUTXH R %UDVLO TXHU SDVVDU KLSRFULWD PHQWH D LG¹LD GH TXH WLYHPRV XPD GLWDGXUD DVV¹SWLFD |3RU LVVR FDUUHJR QR SHUILO GR 6HHOLJ FRP UHODWRV PXLWR GXURV VREUH WRUWXUDV SUDWLFDGDV SRU HOH H VXD HTXLSH (OH IRL R SROLFLDO JDÇFKR PDLV IDPRVR H PDLV WHPLGR GD ¹SRFD GD UHSUHVV¶R ( QLQJX¹P KDYLD IDODGR GHOH FRPR IL] HP PHX OLYUR} H[SOLFD 3DUD HOH D OL¸¶R GHVVD KLVWÂULD WRGD ¹ TXH DV SHVVRDV W»P TXH HVFROKHU R ODGR FHUWR (P VXD DYDOLD¸¶R SHUVR QDJHQV FRPR R JRYHUQDGRU 6\QYDO *XD]]HOOL Q¶R VRXEHUDP ILFDU GR ODGR FHUWR H VHX VXFHVVRU $PDUDO GH 6RX ]D RSWRX SHOR ODGR HUUDGR %LRJUDILD UHEDL[DGD z |*XD]]H OOL KHVLWRX GLDQWH GD FKDQFH KLVWÂULFD GH VH DILUPDU SHOD DSRVWD QR IXWXUR GD GHPRFUDFLD H DFDERX HVFROKHQGR R SDVVDGR GD GLWDGXUD} DYDOLD /XL] &O²XGLR SDUD TXHP D DWLWXGH GR JR YHUQDQWH IRL XPD JUDQGH GHFHS¸¶R |$FKDYD TXH HOH SRGLD VHU PDLRU GR

TXH D FULVH SRLV FRQWDYD FRP D VLP SDWLD GD RSLQL¶R SÇEOLFD GD LPSUHQ VD H GD SUÂSULD RSRVL¸¶R 0DV SDUD PLQKD GHFHS¸¶R HOH IRL FRHUHQWH FRP RV JHQHUDLV TXH R WLQKDP FRORFDGR QR FDUJR (UUHL SRU HVSHUDU GHPDLV GHOH} 2 MRUQDOLVWD UHYHOD TXH DR ORQJR GDV LQYHVWLJD¸ÆHV DFDERX GHVFREULQ GR XP GHWDOKH TXH UHEDL[RX DLQGD PDLV D ELRJUDILD GR H[ JRYHUQDGRU JDÇFKR (OH WHULD VLGR R LGHDOL]DGRU GD /HL )DOF¶R DTXHOD HP TXH RV HOHL WRUHV DVVLVWLDP D XPD SURSDJDQGD HOHL WRUDO PXGD TXH GLYXOJDYD DSHQDV QRPH QÇPHUR H D VLJOD GR SDUWLGR GH FDGD FDQGLGDWR (UD R VDQWLQKR HOH WUÄQLFR |*XD]]HOOL DSUHVHQWRX D LG¹LD GXUDQWH UHXQL¶R VHFUHWD FRP R SUHVL GHQWH *HLVHO H R PLQLVWUR GD -XVWL¸D $UPDQGR )DOF¶R QR GLD GH MXQKR GH &RP LVVR DMXGRX D HQWHUUDU SRU PDLV WHPSR D GHPRFUDFLD 1R '1$ GD /HL )DOF¶R HVW² D SDWHUQLGDGH RFXOWD GR H[ JRYHUQDGRU} FRQFOXL 9LGDV SUHVHUYDGDV z 1D EXVFD SRU WHVWHPXQKDV GR VHTÊHVWUR /XL] &O²XGLR HQFRQWURX PXLWRV TXH VH UH FXVDUDP D IDODU FRP PHGR GD UHSUHV V¶R 1R PHLR GDV LQYHVWLJD¸ÆHV GHV FREULX R ELOKHWHLUR GD HPSUHVD GH ÄQL EXV 77/ $G¹OLR 'LDV GH 6RX]D TXH SUHVHQFLRX R PRPHQWR HP TXH /½ OLDQ IRL DERUGDGD SRU SROLFLDLV DR GH VHPEDUFDU QD URGRYL²ULD GD FDSLWDO |(OH UHFRQKHFHX 6HHOLJ PDV OHYDGR GLDQWH GR SURPRWRU TXH LQYHVWLJDYD R FDVR UHFXVRX VH D GHSRU |1¶R SRG½ DPRV FRQGHQDU VXD GHFLV¶R 6 QRV FDELD UHVSHLW² OD } 1HVVH SRQWR /XL] &O²XGLR ID] XPD UHIOH[¶R VREUH D ¹WLFD GR MRUQDOLVWD TXHVWLRQDQGR DW¹ TXH SRQWR VH WHP R GLUHLWR GH SUHVVLRQDU XPD IRQWH |3DUD PLP Q¶R H[LVWH QDGD PDLV LPSRU WDQWH GR TXH D YLGD ( R MRUQDOLVPR GHYH WUDEDOKDU HP IXQ¸¶R GHOD 6H D YLGD GR $G¹OLR HVWDYD HP ULVFR W½QKD PRV GH SUHVHUY² OD &RPR WRGRV QÂV HOH HUD XPD Y½WLPD } 2 QRPH GR EL OKHWHLUR V IRL UHYHODGR HP DQRV GHSRLV GR VHTÊHVWUR TXDQGR HOH FRQFRUGRX HP GDU XPD HQWUHYLVWD +RMH R DXWRU DYDOLD TXH R MRUQDOLV PR WHP RXWURV GHVDILRV |$JRUD Q¶R ¹ PDLV XPD TXHVW¶R GH FRUDJHP PDV GH IRFR GH VHQVLELOLGDGH ( FDGD XP ID] VXD RS¸¶R 1DTXHOD ¹SRFD HUD SUHFLVR HVFROKHU HQWUH R EHP H R PDO Q¶R KDYLD QXDQFHV }

3DUD /XL] &OiXGLR &XQKD D LPSUHQVD HVFROKHX R ODGR FHUWR QD OXWD FRQWUD D GLWDGXUD 0DV ORJR TXH VDLX R FRPXQLFDGR GDV IRUoDV DUPDGDV XUXJXDLDV LQIRUPDQGR TXH /tOLDQ H 8QLYHUVLQGR HVWDYDP SUHVRV QDTXHOH SDtV R MRUQDOLVWD GD UHYLVWD 9HMD H GRLV FROHJDV GD &RRMRUQDO IRUDP RV ~QLFRV UHSUHVHQWDQWHV GD LPSUHQVD EUDVLOHLUD D YLDMDU SDUD 0RQWHYLGpX DFRPSDQKDQGR D LGHQWLILFDomR GR SUpGLR GR '236 SRUWR DOHJUHQVH IHLWD SRU &DPLOR R ILOKR GH /tOLDQ ´$ &RRMRUQDO YHQGHX D PDWpULD FRP H[FOXVLYLGDGH SDUD D )ROKD GH 6 3DXOR SDUD R -RUQDO GH %UDVtOLD H SDUD D =HUR +RUD 4XDQGR R HGLWRU FKHIH GH =HUR +RUD &DUORV )HKOEHUJ SHJRX R WH[WR IH] DOJR LQXVLWDGR FRORFRX XPD UHWUDQFD DFLPD GD PDWpULD GL]HQGR TXH DTXHOH PDWHULDO HUD GD DJrQFLD &RRMRUQDO H HVWDYD VHQGR VLPXOWDQHDPHQWH SXEOLFDGR SHOD )ROKD GH 6 3DXOR H SHOR -RUQDO GH %UDVtOLD 5HYHODQGR TXH R PDWHULDO QmR HUD H[FOXVLYR WHQWDYD SURWHJHU VH GH UHSUHViOLDV $ PDWpULD EDL[RX SDUD D JUiILFD H PLVWHULRVDPHQWH QmR IRL SXEOLFDGD QR GLD VHJXLQWH $OJXpP D H[SXUJRX H Vy SRGH WHU VLGR HOH PHVPR 9DOH OHPEUDU TXH )HKOEHUJ KDYLD VLGR VHFUHWiULR GH LPSUHQVD GR JRYHUQR 0pGLFL SRU TXDWUR DQRV µ 'XUDQWH D IDVH GH SHVTXLVD SDUD R OLYUR R MRUQDOLVWD GHSDURX VH FRP RXWUDV DWLWXGHV FRQVWUDQJHGRUDV SDUD D LPSUHQVD GD pSRFD $ PDLV HPEOHPiWLFD IRL TXDQGR YHLR D S~EOLFR R HQYROYL PHQWR GH 3HGUR 6HHOLJ FRPR FRPDQGDQWH GD RSHUDomR 1R GLD VHJXLQWH WRGRV RV MRUQDLV GH 3RUWR $OHJUH RPLWLUDP D LQIRU PDomR ´$V PDQFKHWHV GL]LDP ¶-XULVWD IUDQFrV DFXVD JHQHUDO XUXJXDLR· H R QRPH GR GHOHJDGR R SHUVRQDJHP PDLV LPSRUWDQWH GR SRQWR GH YLVWD GRV OHLWRUHV JD~FKRV QmR IRL GLYXOJDGR TXHEUDQGR DTXHOD OHL EiVLFD GR MRUQDOLVPR TXH GL] TXH D SURYtQFLD YHP HP SULPHLUR OXJDU µ 6RPHQWH QR GLD VHJXLQWH DSDUHFHULD XPD UHIHUrQFLD YHODGD j SDUWLFLSDomR GH SROLFLDLV JD~FKRV DLQGD SRU FLPD DWULEXtGD j $JrQFLD -% /XL] &OiXGLR GL] TXH DTXHOH IRL XP DWR GH FRYDUGLD H[SOtFLWD HPERUD UHVVDOYH TXH D LPSUHQVD EUDVLOHLUD WHYH XP SDSHO IXQGDPHQWDO HP PDQWHU D KLVWyULD YLYD H D GLWDGXUD DFXDGD


-251$/ '$ 81,9(56,'$'( _ 129(0%52 '( _

& 8 /7 8 5 $

$UWH TXH FRQWD KLVWyULD

)/É9,2 '875$ 352-(72 &217$72

$ G¹FDGD GH ILFRX PDUFDGD FRPR XP SHU½RGR GH JUDQGHV WUDQVIRUPD¸ÆHV FRPSRUWDPHQWDLV D Q½YHO PXQGLDO QR FDPSR GDV LG¹LDV GRV FRVWXPHV GDV FL»QFLDV H GDV DUWHV 1R %UDVLO D FULVH SRO½WLFD TXH VH DUUDVWDYD GHVGH D UHQÇQ FLD GH -´QLR 4XDGURV HP GHVHQ FDGHRX QR JROSH GH H QD LPSODQ WD¸¶R GD GLWDGXUD PLOLWDU $ UHSUHVV¶R LQVWDORX VH LPHGLDWDPHQWH DSÂV R JRO SH GLUHLWRV KXPDQRV IRUDP LJQRUDGRV H OLEHUGDGHV GHPRFU²WLFDV H[WLQWDV 0HVPR DVVLP RV DUWLVWDV EUDVLOHL URV SURVVHJXLUDP QDV VXDV H[SHUL»Q FLDV GH UHQRYD¸¶R HVW¹WLFD DGRWDQGR SRVWXUDV H OLQJXDJHQV SROLWLFDPHQWH HQJDMDGDV H PDQWHQGR D FRQWHVWD¸¶R SRO½WLFD DWUDY¹V GH VXDV SURGX¸ÆHV DU W½VWLFDV 0XLWRV IRUDP SHUVHJXLGRV SUHVRV H WRUWXUDGRV RXWURV REULJDGRV D EXVFDU H[½OLR QR H[WHULRU $V REUDV GH DUWH HUDP FHQVXUDGDV DSUHHQGLGDV H DW¹ PHVPR GHVWUX½GDV SHOR UHJLPH $ H[SRVL¸¶R |$UWH H PHPÂULD $QRV UHEHOGHV} HP FDUWD] QR 0XVHX GD 8)5*6 DSUHVHQWD XPD SHTXHQD DPRVWUD GH REUDV SURGX]LGDV SRU DU WLVWDV GH WRGDV DV UHJLÆHV GR SD½V QHVVH FRQWH[WR KLVWÂULFR 2 DFHUYR IRL HQUL TXHFLGR FRP D FROH¸¶R SHVVRDO GR MRU QDOLVWD HVFULWRU H DUWLVWD SO²VWLFR $O½SLR )UHLUH TXH SDOHVWURX QD DEHUWXUD GD H[SRVL¸¶R DR ODGR GR FXUDGRU )²ELR 0DJDOK¶HV (P VXDV IDODV DPERV UH WRPDUDP R FRQWH[WR HP TXH DV REUDV IRUDP SURGX]LGDV $O½SLR QDVFHX HP 6DOYDGRU %$

HP H PXGRX VH SDUD 6¶R 3DXOR FRP DQRV RQGH PRUD GHVGH HQ W¶R )RL PLOLWDQWH HQWUH H GD $OD 9HUPHOKD JUXSR GLVVLGHQWH GR 3& GR % H HVWHYH SUHVR GH D $O¹P GD 2SHUD¸¶R %DQGHLUDQWH H GR 'HSDUWDPHQWR GH 2UGHP 3RO½WLFD H 6RFLDO '236 HVWHYH QRV SUHV½GLRV 7LUDGHQWHV QD &DVD GH 'HWHQ¸¶R GR &DUDQGLUX H QD 3HQLWHQFL²ULD GR (V WDGR GH 6¶R 3DXOR 1HVWD HQWUHYLVWD HOH IDOD VREUH VXD H[SHUL»QFLD QD OXWD FRQWUD D GLWDGXUD GRV DQRV TXH SDV

VRX QD SULV¶R H VREUH DV REUDV H[SRV WDV QR 0XVHX

&$',1+2 $1'5$'( -8

$QRV UHEHOGHV 0XVHX GD 8)5*6 H[S}H REUDV SURGX]LGDV SRU SUHVRV SROtWLFRV GXUDQWH D GLWDGXUD PLOLWDU EUDVLOHLUD

-RUQDO GD 8QLYHUVLGDGH 'H RQGH VXUJLX D LGpLD GH PRQWDU D H[SRVLomR" $OtSLR )UHLUH 1D YHUGDGH D SURSRV WD VXUJLX GH FRQWDWRV HQWUH D 8)5*6 H R SURIHVVRU PXVHÂORJR H DUWLVWD SO²V WLFR )²ELR 0DJDOK¶HV UHVSRQV²YHO SRU WRGD D FXUDGRULD LQFOXVLYH SHOR FRQ YLWH TXH PH IH] SDUD LQFOXLU DV REUDV GHVVH DFHUYR GH SURGX¸ÆHV QRV SUHV½ GLRV SDXOLVWDV 6RPRV DPLJRV K² PXL WRV DQRV H HOH VDELD GD H[LVW»QFLD GHV VH PDWHULDO GR TXDO FRQKHFLD D PDLRU SDUWH -8 ² 4XDO D RULJHP GHVVDV REUDV" $) 2 DFHUYR TXH IRUPHL WHP SRX FR PDLV GH FHP REUDV WRGDV SURGX]L GDV HP SUHV½GLRV GH 6¶R 3DXOR H FREUH XP SHU½RGR GH D TXDQGR KRXYH D DQLVWLD 7HQKR WUDEDOKRV UHDOL ]DGRV SRU SUHVRV SRO½WLFRV QR '236 7LUDGHQWHV &DUDQGLUX 3HQLWHQFL²ULD GR (VWDGR GH 6¶R 3DXOR H QR 3UHV½GLR 5RP¶R *RPHV FRQKHFLGR FRPR %DU UR %UDQFR 'HQWUR GDV FDVDV SULVLR QDLV RV SUHVRV SRO½WLFRV ILFDYDP LVROD GRV GRV SUHVRV FRPXQV SRLV HUDP FRQVLGHUDGRV DW¹ PDLV SHULJRVRV H WH PLD VH TXH SXGHVVHP FRQWDJLDU RV RXWURV FRP LG¹LDV VXEYHUVLYDV -8 &RPR HVVDV REUDV FRQVHJXLUDP VHU UHWLUDGDV H UHXQLGDV PHVPR FRP D UHSUHV VmR H D FHQVXUD" $) 1RV SUHV½GLRV PDLV TXH R IDWR GH RFXSDUPRV QRVVR WHPSR R ID]HU DUWH HUD XPD LPSRUWDQWH DWLYLGDGH QR VHQWLGR GH SDJDUPRV DOJXPDV GHVSH VDV QRVVDV VHMD FRP DGYRJDGRV RX FRP DOLPHQWD¸¶R FLJDUURV HWF ( PXLWDV YH]HV WDPE¹P GH DMXGDU DV IDP½OLDV GH PXLWRV FRPSDQKHLURV SUHVRV 2V PDWHULDLV E²VLFRV HUDP IRU QHFLGRV SHOR SUÂSULR SUHV½GLR $VVLP VHPDQDOPHQWH QR GLD GH YLVLWDV RV WUDEDOKRV HUDP OHYDGRV SRU HODV SDUD VHUHP YHQGLGRV 8PD DUPDGLOKD HQ JUD¸DGD TXH D GLUHLWD SUHSDURX SDUD VL PHVPD D LG¹LD GH TXH D DUWH ¹ DOJXPD FRLVD DFLPD GD SRO½WLFD GDV GLVSXWDV ILORVÂILFDV LGHROÂJLFDV (QW¶R H[FHWR HP XP RX RXWUR FDVR DV REUDV SDVVD YDP QRUPDOPHQWH SHORV FHQVRUHV H UHYLVWDV GD VD½GD 8P H[HPSOR GH H[ FH¸¶R D HVVD UHJUD IL] XPD FDUWD SDUD D PLQKD HQW¶R FRPSDQKHLUD TXH WL QKD LGR PH YLVLWDU $ FDUWD IRL HQYLDGD SDUD D FHQVXUD FRPR HUD D UHJUD DW¹ SRU TXH Q¶R LPDJLQDYD TXH IRVVH KD YHU TXDOTXHU SUREOHPD SRLV TXDQGR HUD DOJR TXH SXGHVVH VHU FHQVXUDGR W½QKDPRV RXWURV PHFDQLVPRV FODQ GHVWLQRV GH ID]HU VDLU 3RLV EHP D PL

2 MRUQDOLVWD $OtSLR )UHLUH DJUHJRX j PRVWUD SDUWH GH VXD FROHomR SHVVRDO

QKD FDUWD IRL FHQVXUDGD H DQH[DGD DR PHX SURFHVVR SRUTXH FRQWLQKD XQV GHVHQKRV QXV IHPLQLQRV H XQV WH[ WRV SRHPDV HUÂWLFRV ( QDGD W¶R IRUWH DVVLP $OJR H[WUHPDPHQWH O½ULFR $FDEHL WHQGR PHX GLUHLWR D YLVLWDV VXVSHQVR SRU GXDV VHPDQDV $LQGD IXL DPHD¸DGR GH UHVSRQGHU D XP RXWUR SURFHVVR SRU HVVH PRWLYR FHUWDPHQ WH VXSRQKR SRU VXEYHUV¶R GD PRUDO H GRV ERQV FRVWXPHV -8 'R TXH VmR IHLWDV DV REUDV" $) $ PDLRULD GRV WUDEDOKRV ¹ IHLWD VREUH SDSHO 0DV WHPRV WDPE¹P WHODV H PRQWDJHQV $V W¹FQLFDV V¶R DV PDLV YDULDGDV GHVHQKRV FRODJHQV SLQWXUDV [LORJUDYXUDV SLURJUDYXUDV Y²ULDV ~W¹F QLFDV PLVWDV HWF -8 4XHP VmR RV DUWLVWDV" (OHV WLYHUDP UHODomR FRP D HVTXHUGD GR SDtV" $) 6¶R HOHV $O½SLR )UHLUH $YDWDU 0RUDHV $QWRQLR 'LDV &DUORV +HQULTXH +HFN &DUORV 7DNDRND &DUORV =½OLR &O²XGLR 7R]]L )O²YLR ,PS¹ULR ,YDQ 6HUSD 0DQRHO &\ULOOR GH 2OLYHLUD 1HWWR 6¹UJLR )HUUR H 6¹U JLR 6LVWHU 'R DFHUYR ID]HP SDUWH REUDV GH SHVVRDV TXH M² WUDEDOKDYDP FRP DU WHV SO²VWLFDV DQWHV GD SULV¶R EHP FRPR GH RXWURV TXH VÂ WUDEDOKDUDP D SDUWLU H GXUDQWH R WHPSR HP TXH HVWLYHUDP

SUHVRV 2 IDWR ¹ TXH RV DUWLVWDV SUHVRV HVWDYDP DQWHQDGRV FRP R TXH DFRQWH FLD SDUD DO¹P GRV PXURV GRV SUHV½ GLRV FRPR SRGHU² VHU REVHUYDGR SHORV WUDEDOKRV TXH HVW¶R H[SRVWRV 'HVVH DFHUYR R )²ELR HVFROKHX REUDV H XP o WUDEDOKR z XPD PDWUL] GH [LORJUDYXUD z TXH IRL XPD SURGX ¸¶R FROHWLYD UHDOL]DGD QR SUHV½GLR 5RP¶R *RPHV (VVHV DUWLVWDV HUDP WR GRV PLOLWDQWHV RUJ´QLFRV HQJDMDGRV QDV GLYHUVDV RUJDQL]D¸ÆHV SRO½WLFDV FODQGHVWLQDV TXH OXWDYDP FRQWUD D GL WDGXUD H SHOR VRFLDOLVPR 3HUWHQFLDP D JUXSRV FRPR D $OD 9HUPHOKD H D $¸¶R /LEHUWDGRUD 1DFLRQDO $/1 1R HQ WDQWR PXLWRV RXWURV HVWLYHUDP SUHVRV H UHDOL]DUDP EHORV WUDEDOKRV DLQGD TXH HP XPD TXDQWLGDGH PXLWR UHGX]LGD -8 4XDO D LPSRUWkQFLD GD DUWH SDUD YR FrV GHQWUR GRV SUHVtGLRV" $) (UD FRPR XPD ~Y²OYXOD GH HV FDSH $V WRUWXUDV DO¹P GH PDFKXFDU H H[WUDLU LQIRUPD¸ÆHV WLQKDP FRPR REMHWLYR GHVWUXLU D SHVVRD SRU GHQWUR GHVPRUDOL]² OD SHUDQWH RV RXWURV H SH UDQWH VL PHVPR ( D DUWH HUD XPD IRU PD GH VH UHHVWUXWXUDU -8 9RFr DFKD TXH XPD H[SRVLomR FRPR HVVD FRQVHJXH FRQVFLHQWL]DU H PRVWUDU jV QRYDV JHUDo}HV TXH QmR YLYHUDP DTXHOH SH UtRGR R TXH UHDOPHQWH DFRQWHFHX" $) &RPR R /XL] )HUQDQGR 9HULVVLPR FRPHQWRX FHUWD YH] VREUH VHXV WH[WRV TXHP RV O» FRPR TXHP VH LQWHUHVVD SRU XPD H[SRVL¸¶R FRPR HVWD M² WHP GH DOJXP PRGR XPD SRVL ¸¶R 1R P²[LPR VH HVW¶R VH LQLFLDQGR QR PXQGR DEUH VH XPD MDQHOD 1¶R ¹ GH VH GHVSUH]DU PDV Q¶R ¹ PXLWR PDLV TXH LVWR &UHLR TXH D PDLRU LPSRUW´Q FLD ¹ R IDWR GH DV SHVVRDV UHFHEHUHP XPD LQIRUPD¸¶R D PDLV TXH MXQWDU² FRP XPD V¹ULH GH RXWUDV H FRPH¸DU² DVVLP D UHFRQVWUXLU D KLVWÂULD SRO½WLFD GR QRVVR SD½V GDV OXWDV GRV QRVVRV WUD EDOKDGRUHV H GR QRVVR SRYR SRU XPD VRFLHGDGH LJXDOLW²ULD H OLYUH ( PDLV DWUDY¹V GHVVHV WUDEDOKRV FRPH¸D VH D HVWDEHOHFHU XPD WHQV¶R SDUD RV PDLV MRYHQV VHJXQGR D KLVWÂULD RILFLDO TXH YHP VH ILUPDQGR RV PLOLWDQWHV GDTXH OHV DQRV HUDP WHUURULVWDV SHULJRVRV YL ROHQWRV LQFXOWRV 3RLV EHP FRPR FRPELQDU HVVD LG¹LD TXH SRGH VHU UH VXPLGD SRU |ER¸DLV} FRP RV WUDEDOKRV TXH HVW¶R H[SRVWRV" -8 $R FRQWUiULR GH RXWURV SDtVHV ODWLQR DPHULFDQRV TXH WDPEpP SDVVDUDP SRU GLWD GXUDV QR %UDVLO DWp DTXL HYLWRX VH SXQLU RV

([SRVLomR ´´$U $U $UWW H H PHPyULD $QRV UHEHOGHVµ &XUDGRULD )iELR 0DJDOKmHV /RFDO 0XVHX GD 8)5*6 ² $Y 2VZDOGR $UDQKD 9LVLWDomR DWp GH GH]HPEUR GH VHJXQGD D VH[WD IHLUD GDV K jV K $JHQGDPHQWR GH JUXSRV SHOR VLWH ZZZ PXVHX XIUJV EU RX DWUDYpV GRV WHOHIRQHV H

WRUWXUDGRUHV 2 TXH YRFr DFKD GLVVR" $) $FKR XPD FRLVD WHUU½YHO PXLWR WULVWH 0DV YHMR TXH M² HVW² PXGDQGR 2 FDVR GR &RURQHO 8VWUD &DUORV $OEHUWR %ULOKDQWH 8VWUD H[ FRPDQ GDQWH GR '2, &2', GXUDQWH D GLWD GXUD PLOLWDU TXH SHUVHJXLX H WRUWX URX D IDP½OLD 7HOHV H UHFHQWHPHQWH IRL GHFODUDGR WRUWXUDGRU ¹ XP H[HPSOR GLVVR )RL XPD SRUWD TXH VH DEULX $ MXVWL¸D WHP GH VHU IHLWD 1¶R FRP YLR O»QFLD Q¶R FRP DJUHVVLYLGDGH 0DV FRP WRGRV RV UHFXUVRV GH GHIHVD TXH HOHV W»P GLUHLWR &RP FHUWH]D ¹ XPD IHULGD DEHUWD -8 2 SRGHU GD REUD GH DUWH FRPR GHQ~Q FLD DFDED SHUGHQGR IRUoD QD GHPRFUDFLD" $) 1¶R &RP FHUWH]D HP PRPHQ WRV GH FULVH HOD ¹ PDLV LQWHQVD WHP XP FDU²WHU GH OXWD 7XGR ¹ PDLV LQWHQVR 0DV PHVPR QD GHPRFUDFLD K² SHOR TXH OXWDU &RQWUD GHVLJXDOGDGHV VRFL DLV H LQMXVWL¸DV ¹ SRVV½YHO FRQWHVWDU VHPSUH -8 $ LQGHQL]DomR UHFHELGD UHFHQWHPHQ WH SRU DOJXQV SHUVHJXLGRV SHOD GLWDGXUD QmR GHVPRUDOL]D D OXWD" $) 1¶R GH MHLWR QHQKXP 2 (VWD GR WHP D REULJD¸¶R GH SUHVHUYDU D LQWH JULGDGH GRV FLGDG¶RV H DUFDU FRP RV SUHMX½]RV FDVR Q¶R FXPSUD HVVH FRP SURPLVVR -8 &RPR YRFr UHDJH jV FUtWLFDV GRV TXH DILUPDP VHU XP VDXGRVLVPR FRQWLQXDU UHV JDWDQGR D FRQWHVWDomR j GLWDGXUD" $) $FKR TXH TXHP SHQVD DVVLP ¹ XP VDXGRVLVWD GD GLWDGXUD 2X PHOKRU GDV GLWDGXUDV HP JHUDO

3HGUR &DVVHO HVWXGDQWH GR VHPHVWUH GH -RUQDOLVPR GD )DELFR


_ -251$/ '$ 81,9(56,'$'( _ 129(0%52 '(

$ * ( 1 '$ 5HGDomR &DUROLQH GD 6LOYD_ )RQH _ 6XJHVW}HV SDUD HVWD SiJLQD SRGHP VHU HQYLDGDV SDUD MRUQDO#XIUJV EU

'(67$48( (VSHWiFXOR SHVTXLVD OLQJXDJHP

&,1(0$ *UXSR GH (VWXGRV GH (GXFDomR H 5HODo}HV GH *rQHUR

2EUD GR HVFULWRU XUXJXDLR (GXDUGR *DOHDQR LQVSLUD SURMHWR

3URJUDPDomR HVSHFLDO FRP H[LELomR GH ILOPH H GHEDWH VREUH D WHPiWLFD GD VH[XDOLGD GH H JrQHUR YROWDGD SDUD LQVWLWXLo}HV GH HQVLQR

0RVWUD )LQDO GH DQR p pSRFD GH XPD HQ[XUUDGD GH DWUDo}HV WHDWUDLV QRV HVSDoRV GD 8)5*6 $ FDGD SHUtRGR DFDGrPLFR D 0RVWUD '$' EULQGD D FRPXQLGDGH FRP PRQWDJHQV GHVHQYROYLGDV QR kPELWR GD VDOD GH DXOD 8P GRV HVSHWiFXORV GHVWH PrV p D HWDSD LQLFLDO GH XP SURMHWR VREUH D REUD GR HVFULWRU H MRUQDOLVWD XUXJXDLR (GXDUGR *DOHDQR $ SULPHLUD IDVH GH *DOHDQR 0RVWUD p XPD SHVTXLVD GH OLQJXDJHP ´2 SURFHVVR GH FULDomR H WUHLQDPHQWR GR DWRU HVWi HP IRFR PDLV GR TXH R HVSHWiFXORµ H[SOLFD D GLUHWRUD $QD 3DXOD =DQDQGUpD $ SHoD p IUXWR GH XP WUDEDOKR SDUD DV GLVFLSOLQDV ILQDLV GR FXUVR GH JUDGXDomR HP 7HDWUR $V DWUL]HV 3ULVFLOOD &RORPEL H (OLVD 9ROSDWWR FXUVDP (VWiJLR GH $WXDomR , H $QD 3DXOD R 3URMHWR GH (VWiJLR GH 0RQWDJHP $V JUDGXDQGDV WrP D RULHQWDomR GD SURIHVVRUD ,QrV 0DURFFR $ GLUHWRUD DILUPD TXH D GHFLVmR GH GLYLGLU R WUDEDOKR SRVVLELOLWRX R WHPSR QHFHVViULR SDUD D GHGLFDomR j

SHVTXLVD ´3URFXUDPRV FULDU XPD OLQJXDJHP HVWLOL]DGD TXH PHVFOH D GDQoD H D P~VLFD FRP R WHDWUR SHUPLWLQGR DERUGDU D REUD GH (GXDUGR *DOHDQR FRP IRFR HP VHXV FRQWRV PDLV IDQWiVWLFRV H RQtULFRV $SHVDU GH SULPDU SHOR FRUSR H PRYLPHQWR WHQWDPRV XVDU RV WH[WRV SUHVHUYDQGR VHX YDORU OLWHUiULR µ $QD 3DXOD GL] TXH R WH[WR WHP GHVWDTXH QD PRQWDJHP RV FRQWRV VmR PDQWLGRV HP WHUFHLUD SHVVRD FRP DV DWUL]HV QDUUDQGR D VXD SUySULD DomR ´$ILQDO D UD]mR GH PRQWDU FRQWRV GH (GXDUGR *DOHDQR YHP WDQWR SHOD EHOH]D GDV VXDV KLVWyULDV FRPR SHOR HVWLOR H PDQHLUD GH HVFULWD µ 2 ILR FRQGXWRU GR HVSHWiFXOR p D KLVWyULD GH +HOHQD GD LQIkQFLD DWp D LGDGH DGXOWD FRQWDGD DWUDYpV GH VHXV VRQKRV 2V FRQWRV VHOHFLRQDGRV VmR GDV REUDV 2 /LYUR GRV $EUDoRV $V SDODYUDV DQGDQWHV 1RLWHV H GLDV GH DPRU H GH JXHUUD H 9DJDPXQGR ´e GLItFLO GL]HU R SRUTXr GD HVFROKD GH (GXDUGR

0Ó6,&$

7($752

8QLP~VLFD

0RVWUD '$'

ÓOWLPR HVSHWiFXOR GD VpULH &RQWUDSRQWRV FRQYLGD DUWLVWDV TXH Mi SDUWLFLSDUDP GR SURMHWR *8,1*$ ( 721(&2 '$ &267$

7RQHFR LQWHUSUHWD FRPSRVLo}HV FRP LQIOXrQFLDV FOiVVLFDV IROFOyULFDV ODWLQR DPHULFDQDV H GD YDVWD JDPD GH ULWPRV H VRQV GD EUDVLOLGD GH 'LYLGH R SDOFR FRP RXWUR YLRORQLVWD R SHUFXVVLRQLVWD )HUQDQGR GR Ð H 3HGULQKR )LJXHLUHGR QD IODXWD H VD[ *XLQJD VH DSUHVHQWD DR ODGR GH /XOD *DOYmR QD JXLWDUUD 3DXOR 6HUJLR 6DQWRV QR FODULQHWH H VD[ H -HVVH 6DGRF QR WURP SHWH 1R UHSHUWyULR DV P~VLFDV GR iOEXP &DVD GH 9LOOD ODQoDGR HP 'DWD GH GH]HPEUR TXLQWD IHLUD /RFDO H KRUiULR 6DOmR GH $WRV GD 8)5*6 jV K 5HWLUDGD GH VHQKDV D SDUWLU GH GH GH]HPEUR QD ELOKHWHULD GR 6DOmR GH $WRV GDV K jV K PHGLDQWH D GRDomR GH NJ GH DOL PHQWR QmR SHUHFtYHO RX DWUDYpV GR VLWH ZZZ GLIXVDRFXOWXUDO XIUJV EU DJHQGDPHQ WR

'LYXOJDomR GRV HVSHWiFXORV FULDGRV SHORV IRUPDQGRV GR 'HSDUWDPHQWR GH $UWH 'UDPiWLFD GD 8)5*6 62/('$'(6 (VSHWiFXOR LQVSLUDGR QDV SHUVRQDJHQV IHPLQLQDV H QR XQLYHUVR GD REUD &HP DQRV GH 6ROLGmR GH *DEULHO *DUFtD 0iUTXH] $ SHoD p R UHVXOWDGR ILQDO GD GLVFLSOLQD GH (VWiJLR GH $WXDomR ,, GDV DOXQDV $ULDQH 0HQGHV 0DULDQD +|UOOH H 9DQHVVD 6LOYHLUD H WHP D RULHQWDomR GH &LoD 5HFN]LHJHO $SUHVHQWDo}HV GH D GH QRYHPEUR WHUoD D VH[WD IHLUD /RFDO H KRUiULR 0XVHX -RDTXLP -RVp )HOL]DUGR jV K PLQ QRV GLDV H H jV K PLQ QRV GLDV H (QWUDGD IUDQFD FRP GLVWULEXLomR GH VHQKDV XPD KRUD DQWHV GR HVSHWiFXOR :(57+(5 2 MRYHP :HUWKHU HQYLD FDUWDV D XP DPLJR UHODWDQGR RV DFRQWHFL PHQWRV GR OXJDUHMR RQGH HVWi KRVSHGDGR H VXD SDL[mR SRU &DUORWD 6XD H[SHULrQ FLD DPRURVD H VRFLDO XOWUDSDVVD R SDUWLFXODU H YDL GLUHWDPHQWH DR HQFRQWUR GR TXH SRGH VHU FKDPDGR GH FROHWLYR (VSHWiFXOR GH FRQFOXVmR GD GLVFLSOLQD (VWiJLR GH $WXDomR ,, GH $LUWRQ GH 2OLYHLUD (OHQFR $LUWRQ GH 2OLYHLUD H 'pERUD *HUHPLD

*DOHDQR 0DV FUHLR TXH R TXH PDLV FRQWRX IRL D QRVVD YRQWDGH GH WUDEDOKDU XP WH[WR QmR GUDPiWLFR H QmR UHDOLVWD TXH SHUPLWLVVH D XWLOL]DomR GR FRUSR H GD P~VLFD -i JRVWiYDPRV GH DOJXQV GRV VHXV WUDEDOKRV PDV D SDL[mR SHOD REUD VXUJLX PHVPR FRP R LQtFLR GR WUDEDOKR H R VHX HVWXGRµ UHVSRQGH D GLUHWRUD GD SHoD 2 HVFULWRU XUXJXDLR SDUWLFLSRX GD )HLUD GR /LYUR GH 3RUWR $OHJUH DXWRJUDIDQGR R VHX OLYUR PDLV UHFHQWH (VSHOKRV ² XPD KLVWyULD TXDVH XQLYHUVDO / 30 SiJV 5 $V DSUHVHQWDo}HV GH *DOHDQR ² 0RVWUD VHUmR QRV GLDV H GH QRYHPEUR H H GH GH]HPEUR QD 6DOD 4RUSR 6DQWR jV K FRP VHVVmR H[WUD QR GLD GH GH]HPEUR jV K PLQ $ HQWUDGD p IUDQFD PDV Ki D GLVWULEXLomR GH VHQKDV XPD KRUD DQWHV GR HVSHWiFXOR 3DUD DFRPSDQKDU R SURMHWR JDOHDQGR EORJVSRW FRP

$SUHVHQWDo}HV H GH QRYHPEUR WHUoD D TXLQWD IHLUD /RFDO H KRUiULR 6DOD $O]LUR $]HYHGR jV K PLQ H K (QWUDGD IUDQFD FRP GLVWULEXLomR GH VHQKDV XPD KRUD DQWHV GR HVSHWiFXOR

'2,6 3(5','26 180$ 12,7( 68-$ (VSHWiFXOR EDVHDGR QR FOiVVLFR GH 3OtQLR 0DUFRV VREUH GRLV UDSD]HV TXH PRUDP QR PHVPR TXDUWR GH SHQVmR H GHFLGHP ID]HU XP DVVDOWR 7UDEDOKR GH FRQFOXVmR GR (VWiJLR GH $WXDomR ,, GH 'RXJODV &DUYDOKR VRE RULHQWDomR GD SURIHVVRUD 0RLUD 6WHLQ (OHQFR 'RXJODV &DUYDOKR H 3DWULFN 3HUHV $SUHVHQWDo}HV D GH GH]HPEUR /RFDO H KRUiULR 6DOD $O]LUR $]HYHGR jV K (QWUDGD IUDQFD FRP GLVWULEXLomR GH VHQKDV XPD KRUD DQWHV GR HVSHWiFXOR

352-(72 3,&$662 ² 80 621+2 3HoD LQVSLUDGD QR WH[WR $V TXDWUR PHQLQDV GR SLQWRU

HVSDQKRO TXH EULQFD FRP RV OLPLWHV HQWUH VRQKR H UHDOLGDGH 3URMHWR GHVHQYROYLSDUD DV GLVFLSOLQDV GH (VWiJLR GH 'LUHomR ,, GH -~OLD 5RGULJXHV FRP RULHQWDomR GH ,ULRQ GR 1RODVFR H (VWiJLR GH $WXDomR ,, GH -XOLDQD 0RURVLQL H .D\DQH 5RGULJXHV RULHQWDGDV SHOD SURIHVVRUD *LVHOD +DEH\FKH (OHQFR &DUROLQD 3RPPHU 'DQLHOD 'XWUD -XOLDQD 0RURVLQL .D\DQH 5RGULJXHV H 7KLDJR 3LUDMLUD $SUHVHQWDo}HV D GH GH]HPEUR /RFDO H KRUiULR 6DOD 4RUSR 6DQWR jV K QRV GLDV H H jV K PLQ H K QRV GLDV H (QWUDGD IUDQFD FRP GLVWULEXLomR GH VHQKDV XPD KRUD DQWHV GR HVSHWiFXOR

$ 35,1&(6$ 48( &$628 &20 2 0$5 (P XPD QDUUDWLYD ODFXQDU D DWUL] DUJHQWLQD *XDGDOXSH &DVDO UHVJDWD R IROFORUH QRUGHVWLQR SDUD OHYDU j FHQD DV FDUrQFLDV KXPDQDV WUDoDQGR XP SDUDOHOR HQWUH R VHUWmR GR %UDVLO H VXDV RULJHQV SHVVRDLV 7UDEDOKR SDUD D GLVFLSOLQD (VWiJLR GH $WXDomR ,, GH *XDGDOXSH &DVDO FRP RULHQWDomR GH *LVHOD +DEH\FKH $SUHVHQWDo}HV D GH GH]HPEUR VHJXQGD D ViEDGR /RFDO H KRUiULR 6DOD $O]LUR $]HYHGR jV K (QWUDGD IUDQFD FRP GLVWULEXLomR GH VHQKDV XPD KRUD DQWHV GR HVSHWiFXOR

&+(*$ '( 6$8'$'( %UDVLO PLQ GH /DtV %RGDQ]N\ 8PD QRLWH HP XP FOXEH GH GDQoD HP 6mR 3DXOR GHVGH R DEULU GDV SRUWDV GR VDOmR DWp D VDtGD GR ~OWLPR IUHJXrV 6mR RV GUDPDV H DOHJULDV GH FLQFR Q~FOHRV GH SHUVRQDJHQV IUHT HQ WDGRUHV GR EDLOH 6HVVmR GH QRYHPEUR /RFDO H KRUiULR 6DOD 5HGHQomR jV K (QWUDGD IUDQFD FRP SUpYLR DJHQGDPHQWR SHOR VLWH ZZZ GLIXVDRFXOWXUDO XIUJV EU

XQLYHUVLWiULR LGHDOLVWD SUHRFXSD VH FRP R IXWXUR GH XP GH VHXV DOXQRV PDLV SURPLVVR UHV 'RLV HVWXGDQWHV XP QHJUR H XP ODWLQR UHVROYHP VH DOLVWDU jV WURSDV HQYLDGDV DR SDtV DIHJmR GHVHMDQ GR ID]HU DOJR GH LPSRUWDQWH HP VXDV YLGDV 6HVVmR GH QRYHPEUR TXDUWD IHLUD /RFDO H KRUiULR 6DOD 5HGHQomR jV K ,QJUHVVR 5

,9 &LFOR &LQHPD *rQHUR H 6H[XDOLGDGH 4XLQWD HGLomR GR FLFOR UHDOL]DGR HP SDUFHULD HQWUH R *UXSR GH (VWXGRV GH (GXFDomR H 5HODo}HV GH *rQHUR *((5*( H D 6DOD 5HGHQomR

&LQHGKHEDWH HP 'LUHLWRV +XPDQRV ([LELomR SURPRYLGD SHODV )DFXOGDGHV GH (GXFDomR H GH 'LUHLWR HP SDUFHULD FRP R 2EVHUYDWyULR GRV 'LUHLWRV +XPDQRV H D (VFROD 6XSHULRU GR 0LQLVWpULR 3~EOLFR $SyV D VHVVmR GHEDWH FRP FRQYLGDGRV $ (5$ '2 5É',2 (8$ PLQ GH :RRG\ $OOHQ 5HWUDWR GH XPD pSRFD HP TXH R UiGLR RFXSDYD SRVLomR FHQWUDO QRV ODUHV *DURWR MXGHX UHOHP EUD D YLGD GH VXD WUDGLFLRQDO IDPtOLD PDUFDGD SHORV SURJUDPDV GH UiGLR GRV DQRV HP 1RYD <RUN 6HVVmR GH QRYHPEUR /RFDO H KRUiULR 6DOD 5HGHQomR jV K (QWUDGD IUDQFD

$ +LVWyULD YDL DR FLQHPD FRP $SOLFDomR ² &RQWHPSRUkQHD &XUVR GH H[WHQVmR TXH REMHWLYD D PDWHULDOL]DomR GH FRQWH~GRV KLVWyULFRV DWUDYpV GD H[LELomR GH ILOPHV FRPELQDGRV FRP XPD DERUGDJHP SHGDJyJLFD $V VHVV}HV VmR VHJXLGDV GH GHEDWH /(¯(6 ( &25'(,526 (8$ PLQ GH 5REHUW 5HGIRUG 7UrV KLVWyULDV LQGHSHQ GHQWHV HQYROYLGDV QD PHVPD WHPiWLFD 6HQDGRU DPHULFDQR SUHFLVD FRQYHQFHU YHWHUDQD MRUQDOLVWD D GLYXOJDU VXD HVWUDWpJLD GH FRPEDWH QR $IHJDQLVWmR 3URIHVVRU

&5e',72 '$6 ,0$*(16 ('8$5'2 /(Ð1 '(67$48( )/É9,2 '875$ (;326,d®2 '$9,' -$0(6 /(¯(6 ( &25'(,526 &,1(0$ &5,67,1$ /,0$ 0Ó6,&$ 9,/0$5 &$59$/+2 7($752

',98/*$d®2 &,1(0$

-812 (8$ PLQ GH -DVRQ 5HLWPDQ $GROHVFHQWH HQJUDYLGD GH VHX FROHJD GH HVFROD H HQIUHQWD R SUREOHPD FRP R DSRLR GRV SDLV 'HEDWH FRP DV SURIHVVRUDV 'DJPDU 0H\HU H 'RUD 2OLYHLUD QR ILQDO GD VHVVmR 6HVVmR GH QRYHPEUR TXLQWD IHLUD /RFDO H KRUiULR 6DOD 5HGHQomR jV K (QWUDGD IUDQFD

&LQHPD SDUD D 7HUFHLUD ,GDGH

LQJOrV .HLU :LOOLDPV $ PRVWUD p GH OLYUH WHPiWLFD H WRGRV RV YtGHRV WrP XP WHPSR GH GXUDomR LQIHULRU D WUrV PLQXWRV 6HVV}HV GH D GH GH]HPEUR jV K H GH D GH GH]HP EUR jV K /RFDO 6DOD 5HGHQomR (QWUDGD IUDQFD

8QLILOPH 0RVWUD GH GRFXPHQWi ULRV UHFHQWHV VREUH P~VLFD SRSXODU EUDVLOHLUD $SyV DV VHVV}HV GDV K GRV GLDV H KDYHUi GHEDWH FRP *XWR /HLWH H $OHVVDQGUD 3UDWHV SDUWLFLSDQWHV GR 1~FOHR GH (VWXGRV GD &DQomR %5$6,/(,5,1+2 %UDVLO PLQ GH 0LND .DXULVPlNL 8P SDVVHLR SHOD KLVWyULD GR &KRUR VXDV RULJHQV SULPHL URV DGHSWRV H DLQGD XP LPSRUWDQWH UHJLVWUR GR &KRUR DWXDO IHLWR SRU QRYRV P~VLFRV TXH PDQWrP YLYR HVVH JrQHUR PXVLFDO WmR GLYHUVR TXDQWR ULFR 6HVV}HV H GH GH]HPEUR VH[WD H TXDUWD IHLUD /RFDO H KRUiULR 6DOD 5HGHQomR jV K QR GLD WDPEpP jV K

(QWUDGD IUDQFD &$572/$ ² 0Ó6,&$ 3$5$ 26 2/+26 %UDVLO PLQ GH /tULR )HUUHLUD H +LOWRQ /DFHUGD $ YLGD H REUD GH $QJHQRU GH 2OLYHLUD XP GRV FRPSRVLWRUHV H LQWpUSUHWHV PDLV LPSRUWDQWHV GH QRVVD P~VLFD 5HFHEHX R DSHOLGR GH &DUWROD QR FDQWHLUR GH REUD HP TXH WUDEDOKDYD FRPR SHGUHLUR SRU XVDU XP FKDSpX FRFR SDUD SURWHJHU R FDEHOR GR FLPHQWR $SHVDU GR WDOHQWR QDWR HOH Vy JUDYRX R SULPHLUR GLVFR DRV DQRV 6HVV}HV H GH GH]HPEUR VHJXQGD H TXLQWD IHLUD /RFDO H KRUiULR 6DOD 5HGHQomR jV K H K (QWUDGD IUDQFD

3URPRomR GR &XUVR GH (VSHFLDOL]DomR HP *HURQWRORJLD 6RFLDO GR ,QVWLWXWR GH 3VLFRORJLD GD 8)5*6 TXH ID] XPD UHIOH[mR VREUH D KHWHURJHQHLGDGH GR HQYHOKHFLPHQWR $SyV RV ILOPHV KDYHUi GHEDWH FRP FRQYLGD GRV *$527$6 '2 &$/(1 'É5,2 ,1*/$7(55$ PLQ GH 1LJHO &ROH %DVHDGR QD KLVWyULD UHDO GH XP JUXSR GH VHQKRUDV TXH HQFRQWUD XPD PDQHLUD LQXVLWDGD GH DUUHFDGDU IXQGRV SDUD R FRPEDWH DR FkQFHU DSyV D PRUWH GR PDULGR GH XPD GHODV 6HVVmR GH QRYHPEUR VH[WD IHLUD /RFDO H KRUiULR 6DOD 5HGHQomR jV K (QWUDGD IUDQFD

9,, 0RVWUD 9DJD /XPH 0RVWUD GH YtGHRV H[SHULPHQWDLV SURGX]LGRV SRU DOXQRV H SURIHVVRUHV GR ,QVWLWXWR GH $UWHV GD 8)5*6 DOpP GH YtGHRV GR DUWLVWD

&85626 3$/(675$6 , &ROyTXLR 1DFLRQDO HP 3HGDJRJLD GD $UWH 2 FXUVR GH HVSHFLDOL]D omR HP 3HGDJRJLD GD $UWH SURPRYH HYHQWR FRP PHVDV GH GHEDWH H VHVV}HV GH DSUHVHQWDomR GH WUDEDOKRV HP WRUQR GR WHPD ´3RpWLFDV HP (GXFDomR H $UWHµ &RQILUPDUDP SUHVHQoD 0DUFLD 7LEXUL 0DUFLD 6WUD]]DFDSSD 0DULD &HFLOLD 7RUUHV 0LUQD 6SULW]HU 3DROD =RUGDQ 5RVD 0DULD %XHQR )LVFKHU $QDOLFH 'XWUD 3LOODU (OLVDEHWH *DUELQ H 1DGMD +HUPDQQ 'DWD D GH GH]HPEUR /RFDO VDOD GD )DFXOGDGH GH (GXFDomR GD 8)5*6 &DPSXV &HQWUR

,QIRUPDo}HV H LQVFUL o}HV ZZZ XIUJV EU IDFHG

(;326,d®2 $UWH H PHPyULD $QRV UHEHOGHV

([SRVLomR GH REUDV GH DUWLVWDV GH WRGDV DV UHJL}HV GR SDtV UHDOL]DGDV QRV SUHVt GLRV SDXOLVWDV GXUDQWH D GLWDGXUD $ FXUDGRULD p GR SURIHVVRU H DUWLVWD SOiVWLFR )iELR 0DJD OKmHV $ PRVWUD IRL HQULTXHFLGD FRP D FROHomR GR MRUQDOLVWD HVFULWRU H DUWLVWD SOiVWLFR $OtSLR )UHLUH HQWUHYLVWDGR QD SiJLQD GHVWD HGLomR 9LVLWDomR DWp GH GH]HPEUR /RFDO H KRUiULR 0XVHX GD 8)5*6 GH VHJXQGD VH[WD IHLUD GDV K jV K $JHQGDPHQWR DWUDYpV GR VLWH ZZZ PXVHX XIUJV EU RX SHORV WHOHIRQHV H

21'(" )DFXOGDGH GH (GXFDomR $Y 3DXOR *DPD V Q )RQH 0XVHX GD 8)5*6 $Y 2VYDOGR $UDQKD )RQH

0$5,$ %(7+Ç1,$ ² 3('5,1+$ '( $58$1'$ %UDVLO PLQ GH $QGUXFKD :DGGLQJWRQ 2 GLUHWRU GRFXPHQWRX D FRPHPRUDomR GR DQLYHUViULR GH DQRV GD FDQWRUD FHOHEUDGR GXUDQWH XPD DSUHVHQWDomR HP 6DOYDGRU H QXPD PLVVD HP 6DQWR $PDUR VXD FLGDGH QDWDO HP 2 FRQYLWH SDUD UHJLVWUDU R VKRZ SDUWLX GD SUySULD 0DULD %HWKkQLD XP GLD DQWHV GRV IHVWHMRV 6HVVmR H GH GH]HPEUR WHUoD H VH[WD IHLUD /RFDO H KRUiULR 6DOD 5HGHQomR jV K H K (QWUDGD IUDQFD

0XVHX -RDTXLP -RVp )HOL]DUGR 5XD -RmR $OIUHGR )RQH 3ODQHWiULR $Y ,SLUDQJD )RQH 6DOD $O]LUR $]HYHGR $Y 6DOJDGR )LOKR )RQH 6DOD 4RUSR 6DQWR 5XD /XL] (QJOHUW V Q )RQH 6DOD 5HGHQomR 5XD /XL] (QJOHUW V Q )RQH 6DOmR GH $WRV $Y 3DXOR *DPD )RQH


-251$/ '$ 81,9(56,'$'( _ 129(0%52 '( _

(175( 1 Ð6

0HX /XJDU QD 8)5*6

3HUILO $OPD EULQFDQWH

)/É9,2 '875$ 352-(72 &217$72

7kQLD )RUWXQD $ SURIHVVRUD TXH GHIHQGH XP OXJDU SDUD R EULQFDU QD VDOD GH DXOD ÆQLD &KDOD

2 2EVHUYDWyULR $VWURQ{PLFR GR ,QVWLWXWR GH )tVLFD GD 8)5*6 p XP GRV SUpGLRV KLVWyULFRV GD 8QLYHUVLGDGH TXH IRUDP HQWUHJXHV UHVWDXUDGRV j FRPXQLGDGH HP /RFDOL]DGR MXQWR j $YHQLGD 2VYDOGR $UDQKD SUy[LPR j 3UDoD $UJHQWLQD D FRQVWUXomR FRQWD D KLVWyULD GD $VWURQRPLD QR 5LR *UDQGH GR 6XO H DSUHVHQWD DV FDUDFWHUtVWLFDV GH XP WHPSR HP TXH D DSUR[LPDomR FRP D FLrQFLD HP JHUDO HUD PXLWR PDLV GLItFLO ´4XDQGR IRL ERODGR HVVH 2EVHUYDWyULR QmR KDYLD OX] HOpWULFD GHQWUR GD FDVD GH QLQJXpP RV PDLV ULFRV WLQKDP OX] D JiV H RV RXWURV ODPSLmRµ H[SOLFD R WpFQLFR &ODXGLR 0LJXHO %HYLODFTXD (VWDPRV IDODQGR GR FRPHoR GR VpFXOR SDVVDGR TXDQGR WHYH LQLFLR R SURMHWR 0DLV SUHFLVDPHQWH GR DQR GH GDWD GR HVERoR GH XP ,QVWLWXWR GH $VWURQRPLD $ FRQVWUXomR p GH H IRL LQDXJXUDGD HP GH MDQHLUR GH FRP R QRPH GH ,QVWLWXWR $VWURQ{PLFR H 0HWHRUROyJLFR 3RUWDQWR R OXJDU QD 8)5*6 GH %HYLODFTXD p XP HVSDoR FHQWHQiULR 2 ItVLFR UHODWD TXH QR LQtFLR D SULQFLSDO IXQomR GDTXHOH ORFDO HUD D GHWHUPLQDomR GD KRUD ´'RX rQIDVH QR DQWLJR VHUYLoR GH KRUD SDUD DV SHVVRDV WHUHP HVVD LGpLD GD GHIDVDJHP RX GR DYDQoR WHFQROyJLFRµ HVFODUHFH UHIHULQGR VH DR S~EOLFR TXH YLVLWD R SUpGLR VHPDQDOPHQWH QDV QRLWHV GH WHUoDV H TXLQWDV IHLUDV H DRV JUXSRV GH HVWXGDQWHV JXLDGRV SRU HOH QDV QRLWHV GH VHJXQGD H TXDUWD IHLUD 1D YHUGDGH D UHODomR GH &ODXGLR %HYLODFTXD FRP HVWH OXJDU UHPRQWD DR LQtFLR GH VXD DGROHVFrQFLD ´0RUDYD HP (UHFKLP H OLD WRGR PrV R EROHWLP GR 2EVHUYDWyULR $VWURQ{PLFR µ 4XDQGR KDYLD XP IHQ{PHQR DVWURQ{PLFR HVSHFLDO HUDP SXEOLFDGDV HQWUHYLVWDV FRP VHXV LQWHJUDQWHV FRPR R SURIHVVRU %DWLVWD 3HUHLUD ´(VVH IRL PHX SULPHLUR YtQFXOR FRP R 2EVHUYDWyULR YLD &RUUHLR GR 3RYR QRV DQRV µ 2 WpFQLFR UHFRUGD TXH SDVVRX PDGUXJDGDV GHLWDGR QR WHUUDoR YHQGR FKXYDV GH PHWHRURV %HYLODFTXD WLQKD QDV REVHUYDo}HV GR FpX H QDV OHLWXUDV VREUH $VWURQRPLD XP HQFDQWR 2SWRX SHOR YHVWLEXODU SDUD (QJHQKDULD PDV DFDERX HQWUDQGR HP )tVLFD 1R PHLR GR FXUVR WRUQRX VH EROVLVWD GR 2EVHUYDWyULR 7HYH GRLV DQRV SDUD DPSOLDU VHXV FRQKHFLPHQWRV GH $VWURQRPLD 3RU WHU D TXDOLILFDomR QD iUHD DVVLP TXH VH IRUPRX IRL FRQWUDWDGR SDUD WUDEDOKDU FRPR WpFQLFR GH DSRLR j SHVTXLVD QR 2EVHUYDWyULR GR 0RUUR 6DQWDQD HP &RQKHFLGR QD 8QLYHUVLGDGH FRPR ´(UH[LPµ SRU VHU GD FLGDGH GR QRUWH JD~FKR GD pSRFD HP TXH WUDEDOKRX QR 0RUUR 6DQWDQD FRP IRWRPHWULD

GDV HVWUHODV OHPEUD VH GRV LQYHUQRV ULJRURVRV HP TXH TXDVH FRQJHODYDP SRU WHUHP GH ILFDU FRP D F~SXOD DEHUWD (OH WDPEpP UHPHPRUD D REVHUYDomR LQWHUQDFLRQDO GR FRPHWD +DOOH\ HP GD TXDO WRGR R GHSDUWDPHQWR SDUWLFLSRX 2 ItVLFR FKDPD DTXHOH SHUtRGR GH IROFOyULFR SRLV FKHJRX D RIHUHFHU FRQKDTXH SDUD XPD SURIHVVRUD S{U QR FKi (UD D PDQHLUD GH DJ HQWDU SRU PDLV GXDV KRUDV R IULR GXUDQWH D H[SHGLomR GR FRPHWD +DOOH\ ´6mR FRLVDV PXLWR PDUFDQWHV TXH D JHQWH QmR HVTXHFH QXQFD PDLV µ (UH[LP IRL GLUHWRU GR 3ODQHWiULR GH PDLR GH D RXWXEUR GH (P VXD JHVWmR IRL ODQoDGR R SURMHWR 6HOHQH TXH SURSXQKD D REVHUYDomR GR FpX QR SiWLR ´2 SURMHWR IRL LPSODQWDGR SRU PLP 0DUFHOR %U FNPDQQ H 6{QLD &RSSLQL (X GHL PXLWD IRUoD SDUD TXH DFRQWHFHVVH XPD YH] SRU PrV QR ILQDO GH VHPDQD )RL XPD LGpLD EDVWDQWH EHP VXFHGLGD TXH SHUPDQHFH DWp KRMH µ 2XWUD LQRYDomR TXH SDUWLX GR WpFQLFR IRL VXJHULU D VHSDUDomR GR KRUiULR GDV YLVLWDV GH HVFRODV GDV GR S~EOLFR JHUDO DR 2EVHUYDWyULR %HYLODFTXD VXJHULX XPD H[SDQVmR GDV DWLYLGDGHV FRP REVHUYDo}HV HVSHFtILFDV SDUD HVFRODV jV VHJXQGDV H TXDUWDV IHLUDV SRUTXH R S~EOLFR HUD EDVWDQWH KHWHURJrQHR H DSUHVHQWDYD GLYHUVDV GHPDQGDV 1D RSLQLmR GH (UH[LP D UHVWDXUDomR IRL LPSRUWDQWH SRUTXH GHX YLVLELOLGDGH DR SUpGLR +RMH DOpP GRV KRUiULRV QRWXUQRV p SRVVtYHO YLVLWDU D H[SRVLomR GR FHQWHQiULR GDV jV K ´$JRUD PLQKD SDL[mR p PXVHROyJLFD 2 PHX VRQKR DLQGD p WUDQVIRUPDU R 2EVHUYDWyULR HP XP PXVHX RILFLDO GD UHGH PXVHROyJLFD EUDVLOHLUD H ULR JUDQGHQVH µ 2 WpFQLFR GHPRQVWUD JUDQGH SUHRFXSDomR HP FRQVHUYDU DV PDUFDV GR WHPSR DILUPDQGR TXH DOJXQV GRV REMHWRV GR DFHUYR VmR ~QLFRV QR SDtV ´3RU H[HPSOR R WHOHVFySLR WHP FRUUHVSRQGrQFLD GD pSRFD GR IDEULFDQWH > @ DOJXPDV FDUWDV RULJLQDLV HVWmR JXDUGDGDVµ &OiXGLR %HYLODFTXD HQFRQWUD SUD]HU HP WUDEDOKDU FRP DV FULDQoDV HP UHFHSFLRQDU R S~EOLFR H PRVWUDU OKHV R FpX 0DV DWXDOPHQWH WDPEpP VH GHGLFD j UHVWDXUDomR SUHVHUYDQGR H UHVJDWDQGR RV HOHPHQWRV TXH HVFUHYHP D KLVWyULD GR 2EVHUYDWyULR &DUROLQH GD 6LOYD

0DLV LQIRUPDo}HV KLVWyULFR DFHUYR H YLVLWDV VREUH HVWH OXJDU HP ZZZ LI XIUJV EU REVHUYDWRULR H SHOR WHOHIRQH

9RFr WHP R VHX OXJDU QD 8)5*6"

(QWmR HVFUHYD SDUD MRUQDO#XIUJV EU H FRQWH VXD KLVWyULD ² RX D GH DOJXpP TXH YRFr FRQKHoD ² FRP HVVH ORFDO

(UURV H DFHUWRV DFHUWRV z 7´QLD TXH HVW² FRPSOHWDQGR DQRV HP VDOD GH DXOD DFKD TXH VXD YLGD UHVXOWD GR HVIRU¸R GH IXV¶R GH WHQG»QFLDV DQWDJÄQLFDV |0L QKD P¶H IRL SURIHVVRUD GH V¹ULHV LQLFL DLV GR HQVLQR IXQGDPHQWDO H VHPSUH WUDEDOKRX FRP SRSXOD¸ÆHV SHULI¹ULFDV H PXLWR SREUHV 0HX SDL OHFLRQDYD HP HVFRODV SDUWLFXODUHV H IRL UHVSRQV²YHO SHOR VHWRU GH WHFQRORJLD HGXFDFLRQDO GR 6HQDL } 3RHWD H ER»PLR HOH HQVL QRX D ILOKD PDLV YHOKD D JRVWDU GH MD]] H FRP HOD WURFDYD LPSUHVVÆHV VREUH OL WHUDWXUD H SRHVLD PDV HUD R WLSR GR SUR IHVVRU GXU¶R GH TXHP RV DOXQRV WL QKDP SDYRU 2 SDL IDOHFHX VXELWDPHQWH VHP FRQFUHWL]DU R GHVHMR GH OHY² OD SDUD FRQKHFHU 1RYD <RUN 'D P¶H TXH SHU GHX K² FLQFR DQRV D SURIHVVRUD GD )D FXOGDGH GH (GXFD¸¶R GL] VHQWLU PXLWD VDXGDGH VREUHWXGR GH VXD DOHJULD H GH VXD SDL[¶R SHOR HQVLQR 6XD SULPHLUD H[SHUL»QFLD GHSRLV GH FRQFOX½GR R 0DJLVW¹ULR IRL QXPD HV FROD HVWDGXDO |6DEH DTXHOD WXUPD SUR EOHP²WLFD TXH QRV G¶R TXDQGR VRPRV QRYRV QXPD HVFROD" 0HXV DOXQRV HUDP LPSRVV½YHLV PDV HX DFKDYD TXH SRGHULD ID]HU D GLIHUHQ¸D (P SRXFDV VHPDQDV PLQKD PHWRGRORJLD UHYHORX VH XP IUDFDVVR} 2 SLRU PRPHQWR IRL TXDQGR XP JUXSR YHLR FRQYHUVDU FRP HOD GL]HQGR SUHIHULU RXWUD SURIHVVRUD |(OHV TXHULDP DOJX¹P TXH JULWDVVH FRP HOHV SXVHVVH RV GH FDVWLJR H HQ FKHVVH R TXDGUR GH FÂSLD DW¹ GRHU R EUD¸R SRLV FRPLJR V EULQFDYDP &RQIHVVR TXH YROWHL SDUD FDVD GHFLGLGD D DEDQGRQDU D SURILVV¶R } 1R ILQDO GD TXHOH DQR GHL[RX R HQVLQR IXQGDPHQ WDO H IRL WUDEDOKDU FRP HGXFD¸¶R LQ IDQWLO SRU¹P XP GLD XPD PHQLQD HQ WUHJRX OKH XPD IROKD HP EUDQFR SH GLQGR TXH OKH SDVVDVVH WHPD |$½ PH GHL FRQWD GD IRU¸D GR IRUPDOLVPR HV FRODU} FRQWD VRUULQGR (QTXDQWR FXUVDYD 3HGDJRJLD QD 8)5*6 WUDEDOKRX FRP HGXFD¸¶R LQ IDQWLO H FRPR EDE² SRLV QD ¹SRFD M² KD

)/É9,2 '875$ 352-(72 &217$72

3DUD YHU R FpX

1DVFLGD HP 3RUWR $OHJUH HP 7´QLD 5DPRV )RUWXQD ¹ D ILOKD PDLV YHOKD GR FDVDO GH SURIHVVRUHV &¹UHV H 6LOYHVWUH H WHP GXDV LUP¶V H XP LU P¶R 'H VXD SULPHLUD HVFROD IXJLX |7LQKD TXDWUR DQRV GH LGDGH H PXLWR PHGR GDV IUHLUDV SRUTXH HODV SDUHFL DP Q¶R WHU S¹V} 6XD OHPEUDQ¸D PDLV DQWLJD GR PXQGR HVFRODU HVW² OLJDGD ³V RFDVLÆHV HP TXH DFRPSDQKDYD RV SDLV HP VXDV DXODV $RV RLWR DQRV FULRX VXD SUÂSULD HVFROD SDUD RV ERQHFRV LUP¶RV H YL]L QKRV 4XDQGR FULDQ¸D WDPE¹P TXLV VHU DUTXLWHWD H ELEOLRWHF²ULD SDUD WHU PXLWRV OLYURV V SDUD VL M² TXH RV SDLV Q¶R GLVSXQKDP GH GLQKHLUR SDUD LQ YHVWLU QXPD ELEOLRWHFD SDUWLFXODU &XUVRX R HQVLQR IXQGDPHQWDO H P¹GLR QD (VFROD (VWDGXDO 'RP 'LRJR GH 6RX]D 1R HQVLQR P¹GLR IH] R FXU VR GH 0DJLVW¹ULR |9LYLD QD ELE OLRWH FD 5HFHQWHPHQWH TXDQGR D HVFROD FR PHPRURX VHX DQLYHUV²ULR IXL FRQYL GDGD SDUD XPD FHULPÄQLD H SXGH UH HQFRQWUDU DTXHOH HVSD¸R RQGH GHVFR EUL D REUD FRPSOHWD GH 0RQWHLUR /R EDWR } YLD VD½GR GD FDVD GRV SDLV &RQFOX½GD D JUDGXD¸¶R 7´QLD IRL DGPLWLGD QXPD HVFROD PXQLFLSDO GH &DQRDV DR PHV PR WHPSR HP TXH FXUVDYD XPD HVSH FLDOL]D¸¶R HP 3VLFRORJLD 3LDJHWLDQD H GDYD LQ½FLR ³ VXD IRUPD¸¶R LQGHSHQGHQ WH HP 3VLFDQ²OLVH |7UDEDOKHL FRP FUL DQ¸DV H DGROHVFHQWHV FRP GLILFXOGDGH GH DSUHQGL]DJHP H WUDQVWRUQRV HPRFL RQDLV QXP HVSD¸R FO½QLFR UHSOHWR GH EULQTXHGRV H MRJRV $OL FRORTXHL HP SU²WLFD WXGR R TXH KDYLD LQWX½GR DQRV DQWHV } &RQWXGR XP IDQWDVPD DLQGD D DWHUURUL]DYD FULDQ¸DV GL]HQGR TXH Q¶R TXHULDP VHU VHXV DOXQRV

³%ULQFDQGR YL TXH DV

FULDQoDV

SRGHULDP

UHGHVFREULU

VXD FDSDFLGDGH GH DSUHQGHU´ 4XDQGR YROWRX D WUDEDOKDU HP 3RU WR $OHJUH QD (VFROD (VWDGXDO 0DUH FKDO )ORULDQR 3HL[RWR HVWDYD GHFLGLGD D H[RUFL]DU DTXHOH IDQWDVPD 2IHUHFH UDP OKH XPD WXUPD GH SULPHLUD V¹ULH TXH M² KDYLD DIXJHQWDGR WU»V SURIHVVR UHV |)RL PXLWR GLI½FLO PDV VREUHYLYL H PHXV ÇOWLPRV VHLV DQRV GH DWXD¸¶R HP VDOD GH DXOD DQWHV GH WRUQDU PH SUR IHVVRUD QD 8)5*6 IRUDP SDVVDGRV QD TXHOD HVFROD QD TXDO SXGH WHVWDU LG¹L DV SRXFR GLIXQGLGDV QD ¹SRFD +RMH WHQKR VDXGDGH GH WUDEDOKDU GLUHWDPHQ WH FRP FULDQ¸DV} UHFRUGD 2 HVSDoR GR EULQFDU EULQFDU z $R LQLFL DU VXD FDUUHLUD GRFHQWH QD 8QLYHUVLGD

GH HP QD ²UHD GH 3VLFRORJLD GD (GXFD¸¶R 7´QLD SHUFHEHX TXH Q¶R KDYLD DOXV¶R ³ EULQFDGHLUD QRV FXUVRV GH IRUPD¸¶R GH SURIHVVRUHV (P SURSÄV XP FXUVR GH H[WHQV¶R FXMDV YDJDV VH HVJRWDUDP HP SRXFDV KRUDV WDPDQKD D SURFXUD SRU SDUWH GRV DOX QRV 8P DQR GHSRLV SDVVRX D PLQLV WUDU D GLVFLSOLQD -RJR H (GXFD¸¶R TXH DSHVDU GH HOHWLYD VHPSUH IRL PXLWR GLV SXWDGD SHORV HVWXGDQWHV (P HOD FULRX R SURJUDPD GH H[WHQV¶R |4XHP TXHU EULQFDU"} SURPRYHQGR D¸ÆHV GH IRUPD¸¶R FRQWLQXDGD SDUD RV SURIHV VRUHV HP VDOD GH DXOD H RIHUHFHQGR DRV DOXQRV GH OLFHQFLDWXUD EULQTXHGRV H MRJRV FRP RV TXDLV HOHV SXGHVVHP GL QDPL]DU DV DXODV |)L]HPRV XPD FDL [D GH FROHWD SDUD GRD¸ÆHV GH EULQTXH GRV H MRJRV ( R E²UEDUR DFRQWHFLD GH PDQK¶ DOJX¹P SXQKD XP MRJR H ³ WDU GH DOJX¹P UHWLUDYD R MRJR 1R ILP GR GLD Q¶R W½QKDPRV QDGD 0LQKDV DOX QDV GL]LDP TXH DTXLOR Q¶R HVWDYD GDQ GR FHUWR H HX UHVSRQGLD TXH HVWDYD VLP SRLV KDY½DPRV FRPH¸DGR XPD UHGLV WULEXL¸¶R OÇGLFD } 2 3URJUDPD TXH HVW² FRPSOHWDQGR DQRV GLVSÆH GH XPD EULQTXHGRWH FD FRP TXDVH TXDWUR PLO LWHQV FRQVWL WX½GD DWUDY¹V GH GRD¸ÆHV H VXD HTXLSH WDPE¹P ID] R WUDEDOKR GH UHFXSHUD¸¶R GH EULQTXHGRV H MRJRV 7´QLD DGPLWH TXH VXD SDL[¶R SHOR |4XHP TXHU EULQFDU"} H SRU HQVLQDU SURIHVVRUHV D EULQFDU OHYRX D D DGLDU R GRXWRUDGR |1¶R IRVVH D SURIHVVRUD /HGD 0DIILROHWWL WHU DVVXPLGR D FRRU GHQD¸¶R H[HFXWLYD D SURIHVVRUD 'DUOL &ROODUHV UHVSRQVDELOL]DU VH SHODV GLV FLSOLQDV OLJDGDV DR MRJR H ³ HGXFD¸¶R z KRMH V¶R WU»V z H RV FRODERUDGRUHV YR OXQW²ULRV GHFODUDUHP DSRLR LQFRQGL FLRQDO Q¶R WHULD LQLFLDGR R FXUVR 2 FXULRVR ¹ TXH HPERUD VHPSUH WHQKD OXWDGR SHOD LQVWLWXFLRQDOL]D¸¶R GR 3URJUDPD SHUFHER TXH HOH UHVLVWLX SRUTXH IRL WRFDGR SRU DPDGRUHV z SHV VRDV TXH ID]HP R TXH DPDP }


-251$/ '$ 81,9(56,'$'( _ 129(0%52 '(

(16$,2

$V PXLWDV

IDFHV GH XP JXHUUHLUR )2726 ( 7(;72 /8,= ('8$5'2 52%,1621 $&+877,

0HX SURMHWR FRPH¸RX QR LQ½FLR GH H WHUPLQRX DJRUD QR ILQDO GHVWH DQR 4XHULD ID]HU XP ²OEXP HP KRPHQDJHP D ;LFR 6WRFNLQJHU ³ VHPHOKDQ¸D GDTXHOH TXH IL] SDUD ,EHU» &DPDUJR ODQ¸DGR HP 'HVWD YH] R PRWH IRL DFRPSDQKDU R ;LFR ID]HQGR XPD HVFXOWXUD (OH HVFROKHX XP JXHUUHLUR GH IHUUR H PDGHLUD z PXLWR FDUDFWHU½VWLFR GH VXD REUD $FDERX SURGX]LQGR R PDLRU TXH M² IH] FRP P TXH IRL GRDGR DR 0XVHX GH $UWH GR 5LR *UDQGH GR 6XO $GR 0DODJROL 0DUJV 1¶R UHJLVWUHL DSHQDV R HVFXOWRU WUDEDOKDQGR QHVVH JXHUUHLUR PDV HP RXWUDV W¹FQLFDV WDPE¹P )RWRJUDIHL DLQGD R XQLYHUVR DUW½VWLFR GHOH HP VHXV GRLV DWHOL»V z XP QD VXD FDVD H RXWUR QD 9LOD 1RYD 'HWDOKHV GH PDWHULDLV IHUUDPHQWDV HVSD¸RV HWF )LFRX IDOWDQGR R ;LFR EURQ]LVWD IXQGLGRU 1R SUÂ[LPR OLYUR TXHP VDEH" $V LPDJHQV DTXL UHSURGX]LGDV ID]HP SDUWH GR ²OEXP $ PDW¹ULD HQFDQWDGD z ;LFR 6WRFNLQJHU SRU $FKXWWL ODQ¸DGR HP RXWXEUR GXUDQWH D FHULPÄQLD GH HQWUHJD GD HVFXOWXUD DR 0DUJV

/8,= ('8$5'2 52%,1621 $&+877, p MRUQDOLVWD IRWyJUDIR GHVGH DQWURSy ORJR H SURIHVVRU FRP PHVWUDGR HP $QWURSRORJLD 6RFLDO SHOD 8)5*6 H GRXWRUDGR QD 8QLYHUVLWp 3DULV 'RFHQWH GR ,QVWLWXWR GH $UWHV H GR 3URJUDPD GH 3yV JUDGXDomR HP $QWURSRORJLD GD 8QLYHUVLGDGH p WDPEpP SHVTXLVDGRU DVVRFLDGR D 3KDQLH FHQWUH GH O·HWKQRORJLH HW GH O·LPDJH 3DULV H PHPEUR GR FRQVHOKR HGLWRULDO GD UHYLVWD 6WXGLXP 8QLFDPS $WXDOPHQWH WUDEDOKD QD FRQVWUXomR GH XP EDQFR GH LPDJHQV TXH VHUi RIHUHFLGR j FRPXQLGDGH DFDGrPLFD DWUDYpV GR VLWH ZZZ XIUJV EU PHPRULD


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.