Revista Matéria Prima - 8ª edição

Page 1




tQGLFH

0$ 7e5,$ '( & $3 $ 0$7e5,$ &$3 $3$ ,QYHVWLPHQWR HP WHFQRORJLD UHVSRQVDELOLGDGH VRFLDO H DPELHQWDO -RDUH] 9HQoR IDOD GRV LQYHVWLPHQWRV GD 5HQRYD HP QRYRV HTXLSD PHQWRV H HP SURMHWRV GH UHVSRQVDELOLGDGH VRFLDO H DPELHQWDO

G 5(3257$*(0 (63(&,$/

2SRUWXQLGDGHV GH QHJyFLRV 2 PXQGR JOREDOL]DGR RQGH WXGR H WRGRV VmR PXLWR SUy[LPRV H DV LQIRUPDo}HV VmR GLYXOJDGDV QD YHORFLGDGH GRV PLOpVLPRV GH VHJXQGRV RIHUHFH XPD LQILQLGDGH GH RSRUWXQLGDGHV &RQILUD TXDLV VmR HODV H TXDO D PDLV LQGLFDGD SDUD VHX WLSR GH QHJyFLR

2 TXH HVSHUDU GH &DFKRHLULQKD SDUD

0DUNHWLQJ 6RFLDO H DV YDQWDJHQV SDUD DV HPSUHVDV

1HLYD %LOKDU DVVXPH SUHVLGrQFLD GR &,&

'RUPLU SRXFR SRGH SUHMXGLFDU R JHVWRU

3URWHMD VHX SDWULP{QLR DJRUD H SDUD DV SUy[LPDV JHUDo}HV

&RQVXOWRULD H RX DVVHVVRULD DSRUWH GH NQRZ KRZ

6RX]D &UX] LQDXJXUD 3DUTXH *UiILFR

5HGH ,QWHUFLW\ HVWLPD FUHVFLPHQWR HP

(;3(',(17(

&RQWDWRV

-XQKR $QR ,, (GLomR D

&LUFXODomR ([HPSODUHV -RUQDOLVWD 5HVSRQViYHO 5RVHODLQH 9LQFLSURYD 07%

$Y -RmR %DWLVWD GD 6 H 6RX]D &HQWUR &DFKRHLULQKD 56

&RRUGHQDomR 5RVHODLQH 9LQFLSURYD URVHODLQH#WUFRPXQLFDFDR FRP 7DGHX %DWWH]LQL WDGHX#WUFRPXQLFDFDR FRP *HUDO _ PDWHULDSULPD#WUFRPXQLFDFDR FRP

9HUVmR RQ OLQH ZZZ WUFRPXQLFDFDR FRP PDWHULDSULPD

&RPHUFLDO 7DGHX %DWWH]LQL WDGHX#WUFRPXQLFDFDR FRP -RUJH /RSHV FRPHUFLDO#WUFRPXQLFDFDR FRP

)RQWHV )LHUJV DGPLQLVWUDGRUHV FRP EU )HFRPpUFLR )HGHUDVXO 3RUWDO 3*43 6HEUDH 56 3RUWDO GD 4XDOLGDGH ZZZ IQT RUJ EU 6HWFHUJV =HUR +RUD 5HFHLWD )HGHUDO GR %UDVLO 9DORU (FRQ{PLFR -RUQDO GR &RPpUFLR 2 (VWDGR GH 6mR 3DXOR )ROKD GH 6mR 3DXOR *D]HWD 0HUFDQWLO $JrQFLD %UDVLO

&RODERUDomR 0LFDHO 5RGULJXHV PLFDHO#WUFRPXQLFDFDR FRP &DPLOD 6FKlIHU MRUQDOLVPR#WUFRPXQLFDFDR FRP 0DUFHOR $FRVWD PDUFHOR#WUFRPXQLFDFDR FRP

0DWpULD 3ULPD p XPD SXEOLFDomR ELPHVWUDO GD 75&20 7RGRV RV GLUHLWRV UHVHUYDGRV


2 TXH HVSHUDU GH

&DFKRHLULQKD SDUD &RP HVWH SHQVDPHQWR p TXH D DG PLQLVWUDomR S~EOLFD GH &DFKRHLULQKD UHVROYHX LPSODQWDU R SODQHMDPHQWR HV WUDWpJLFR SDUD WUDQVIRUPDU D FLGDGH DWp $ HPSUHVD *HQ GH 6mR 3DXOR HVWi IRUQHFHQGR WRGD D DVVHVVRULD SDUD TXH VHMD PRQWDGR R PDSD HVWUDWpJL FR GD DGPLQLVWUDomR DGPLQLVWUDomR $ *HQ IRL D UHVSRQViYHO SHOD LPSODQWDomR GR SOD QHMDPHQWR QR 0LQLVWpULR 3~EOLFR GR 56 &RQIRUPH R FRQVXOWRU -RmR /RSHV GH &DUYDOKR &DFKRHLULQKD HVWi VHQGR SLRQHLUD H YDL VHUYLU GH H[HPSOR SDUD R SDtV 1RVVR PDLRU GHVDILR HVWi VHQGR D PXGDQoD GH PHQWDOLGDGH H DWLWXGH GH FDGD JHVWRU 1XPD HPSUHVD SULYD GD Mi QmR p IiFLO LPSODQWDU XP VLVWHPD WmR FRPSOH[R 1D HVIHUD S~EOLFD HVVH WUDEDOKR p UHGREUDGR 7HPRV TXH WHU XPD YLVmR KROtVWLFD H VLVWrPLFD UHYHOD

&DUYDOKR $OpP GLVWR RV VHUYLoRV RIH UHFLGRV SHOD SUHIHLWXUD QmR VmR SURGX WRV H VLP SUHVWDomR GH VHUYLoRV RX VHMD FRLVDV TXH QmR VmR SDOSiYHLV $Wp R ILQDO GH MXQKR WRGDV DV VH FUHWDULDV WHUmR R VHX SUySULR SODQHMD PHQWR TXH MXQWRV IRUPDUmR D HVWUDWp JLD GD DGPLQLVWUDomR S~EOLFD $V PH WDV HQYROYHP EHP HVWDU TXDOLGDGH GH YLGD KXPDQL]DomR SDUWLFLSDomR SR SXODU H VDWLVIDomR WDQWR GR DPELHQWH LQWHUQR FRPR GRV PXQtFLSHV 6HUmR REMHWLYRV HVWUDWpJLFRV &DGD VHFUHWDULD GHYHUi WHU VHXV SUySULRV LQGLFDGRUHV SDUD PHGLU FDGD XP GRV UHTXLVLWRV $ UHXQLmR GH DSUH VHQWDomR GR PDSD HVWUDWpJLFR GHYH DFRQWHFHU HP MXOKR $SyV HVVD GDWD R SODQHMDPHQWR GHYH VDLU GR SDSHO H VHU LPSODQWDGR QD SUiWLFD FRP PX

-XQKR GH

GDQoD GH DWLWXGHV H IRFR QD TXDOLGD GH 3DUD DMXGDU QR OHYDQWDPHQWR GDV QHFHVVLGDGHV H DMXGDU D WUDoDU FRPR H[HFXWDU FDGD XPD GDV WDUHIDV D SUH IHLWXUD FRQWD FRP R DSRLR GLUHWR GH FRQVXOWRUHV GR 3URJUDPD *D~FKR GH 4XDOLGDGH H 3URGXWLYLGDGH 0DUFHOR 6LOYD p XPD GDV SHVVRDV TXH HVWi FDS WDQGR LQIRUPDo}HV H YLVLWDQGR FDGD XPD GDV VHFUHWDULDV 2 3*43 p XPD yWLPD RSomR QR FRQWUROH GD JHVWmR XWLOL]DQGR IHUUDPHQWDV SDUD FKHJDU j TXDOLGDGH 1RVVD PHWD p FRQFRUUHU DR 7URIpX GR 3*43 4XHUHPRV VHU UHIHUrQFLD HP JHVWmR &RP LVVR WRGD D FLGDGH WHP D JDQKDU H YDPRV FRQVHJXLU FKHJDU HP FRP D FLGDGH TXH VRQKD PRV UHYHOD R VHFUHWiULR GH 3ODQHMD PHQWR 6DXO 6DVWUH


HGLWRULDO

3URVSHFWDU RSRUWXQLGDGHV 8PD GDV JUDQGHV OLo}HV GD FULVH PXQ GLDO p TXH QHQKXPD HPSUHVD SRGH WHU FRPR SULQFLSDO IDWXUDPHQWR XP FOLHQWH Vy $Q WHV GD WXUEXOrQFLD PXQGLDO HUD PXLWR FR PXP YHU HPSUHVDV GH SHTXHQR H PpGLR SRUWH WHUHP PDLV GH GD VXD SURGXomR GHVWLQDGD D XP FRPSUDGRU GH JUDQGH SRU WH 7RGDV YLYLDP EHP DWp D FULVH FKHJDU H DIHWDU MXVWDPHQWH HVVHV JUDQGHV 4XDQGR LVVR DFRQWHFH D PDLRULD GDV HPSUHVDV FRPHoD D VH SHUJXQWDU SRUTXH QmR LQYHVWLX DQWHV HP DOWHUQDWLYDV SDUD EXVFDU RXWURV FOLHQWHV H ILFDU PHQRV GH SHQGHQWH GH XP JUDQGH FRPSUDGRU )RU WDOHFHU D PDUFD WHU XP GHSDUWDPHQWR FR PHUFLDO H SURVSHFWDU PHUFDGRV VmR DV SULQ

FLSDLV DOWHUQDWLYDV SDUD TXHP TXHU VDLU IRU WDOHFLGR GD FULVH 3HQVDQGR QHVWDV H HP RXWUDV IRUPDV p TXH D 5HSRUWDJHP (VSHFLDO GHVWD HGLomR

)RUWDOHFHU D PDUFD WHU XP GHSDUWDPHQWR FRPHUFLDO H SURVSHFWDU PHUFDGRV VmR DV SULQFLSDLV DOWHUQDWLYDV SDUD TXHP TXHU VDLU IRUWDOHFLGR GD FULVH

FULVH H DLQGD SURVSHFWDU QRYDV RSRUWXQLGD GHV 2 PHUFDGR RIHUHFH GLYHUVDV IRUPDV GH FRQTXLVWDU QRYRV FOLHQWHV H QLFKRV 2 LPSRUWDQWH p HVWDU VHPSUH FRP XPD DQWHQLQKD OLJDGD QR TXH VXUJH GH QRYR H GH TXH IRUPD SRGHPRV WUDQVIRUPDU HP QHJyFLRV 7HPRV JUDQGHV H[HPSORV GH SHVVRDV TXH JDQKDUDP R PXQGR DFUHGL WDQGR QR TXH RV RXWURV GXYLGDUDP 1HVWH PRPHQWR p ERP OHPEUDU GDV SDODYUDV GH 7KRPDV (GLVRQ GH TXH D LQ TXLHWXGH H GHVFRQWHQWDPHQWR VmR DV SUL PHLUDV QHFHVVLGDGHV GR SURJUHVVR

UHXQLX DOJXPDV RSRUWXQLGDGHV GH QHJyFL RV SDUD TXHP TXHU VDLU IRUWDOHFLGR GHVWD

(TXLSH GD 5HYLVWD 0DWpULD 3ULPD

PHQVDJHQV 1RVVRV SDUDEpQV SHOR SULPHLUR DQR GHVWH WmR LP SRUWDQWH YHtFXOR GH LPSUHQVD GD 5HJLmR &RQVLGH UDQGR TXH LQLFLDPRV QRVVDV DWLYLGDGHV Ki PDLV GH DQRV QD FLGDGH GH *UDYDWDt WHPRV FLrQFLD GDV GLILFXOGDGHV HQIUHQWDGDV QR FRPHoR GH FDGD HP SUHHQGLPHQWR H VDEHGRUHV GLVWR WHPRV FRQGLo}HV GH DILUPDU TXH D VXSHUDomR GDV HWDSDV LQLFLDLV p XPD UHFRPSHQVD D WRGR R HVIRUoR H GHGLFDomR HP SHQKDGD H FRP FHUWH]D HVWD YLWyULD p PRWLYR GH JUDQ GH FRPHPRUDomR 8PD KLVWyULD GH VXFHVVR VH FRQVWUyL QXPD FDPL

QKDGD FRQWtQXD H FHUWDPHQWH PXLWRV SDVVRV Mi IR UDP GDGRV QHVWH VHQWLGR YLVWR TXH D 5HYLVWD PXLWR WHP FRQWULEXtGR FRP R HVWUHLWDPHQWR HQWUH RV YiULRV VHWRUHV FRPHUFLDLV H FRP D WURFD GH LQIRUPDomR H FRQKHFLPHQWR YHP FRQWULEXLQGR GH IRUPD UHOHYDQWH FRP R GHVHQYROYLPHQWR GH WRGD D 5HJLmR

0DLV XP DQR GH OXWD H GH YLWyULDV 3DUDEpQV HTXL SH GD 75&20 SHOD WULOKD OXPLQRVD TXH YHP HVFUH YHQGR QR PXQLFtSLR GH &DFKRHLULQKD H JUDQGH 32$ $R HQVHMR GR SULPHLUR DQLYHUViULR GD 5HYLVWD 0D WpULD 3ULPD UHQRYDPRV DRV QRVVRV DPLJRV RV YRWRV GH PXLWDV DOHJULDV H VXFHVVR FUHVFHQWH 7XGR R TXH DWp DJRUD IRL FRQVWUXtGR VH GHYH D XP HVIRUoR FRQ MXQWR DOLDGR j DOWD FDSDFLGDGH GH FDGD XP GH YR FrV

1RVVRV YRWRV GH IHOLFLGDGH SRU HVWH DQR TXH YR FrV FRPHPRUDP FRP JUDQGH VXFHVVR H TXH '(86 FRQWLQXH LOXPLQDQGR RV FDPLQKRV GD 5HYLVWD SDUD TXH HVWD SRVVD SURJUHGLU DLQGD PDLV 3RUWDQGR QRVVRV PDLV VLQFHURV SDUDEpQV

-RVp &DUORV *DUFLD H 5RGULJR 1LHGHUDXHU *DUFLD 1LHGHUDXHU *DUFLD $GYRJDGRV

*LOEHUWR 0DGHLUD GH 2OLYHLUD H HTXLSH 3HUVRQDO 5HFXUVRV +XPDQRV

-XQKR GH

e XPD H[FHOHQWH UH YLVWD SDUD QyV HPSUH ViULRV DV UHSRUWDJHQV VmR yWLPDV H EHP SUR YHLWRVDV $ IHVWD GH DQL YHUViULR HVWDYD OLQGD H R ORFDO QmR SRGHULD VHU RXWUR 3DUDEpQV H TXH YHQKDP PXLWDV FRPH PRUDo}HV 'HVHMR PXL WR VXFHVVR 0DUOHQH 4 0UDV $FDGHPLD ;WUHPH


(OVD 0DULD 5RVD 03

1RYD GLUHWRULD GR &HQWUR GDV ,QG~VWULDV GH &DFKRHLULQKD

1HLYD %LOKDU DVVXPH 3UHVLGrQFLD GR &,& 2 IXWXUR WHP PXLWRV QRPHV SDUD RV IUDFRV p R LQDWLQJtYHO 3DUD RV WHPHURVRV R GHVFRQKHFLGR 3DUD RV YDOHQWHV D RSRUWXQL GDGH (VVH IRL R HQFHUUDPHQWR GR SURQXQ FLDPHQWR GD QRYD 3UHVLGHQWH GR &HQWUR GDV ,QG~VWULDV GH &DFKRHLULQKD 1HLYD ,QrV %L OKDU QD QRLWH GR GLD GH DEULO $R HQWUHJDU R FDUJR R HPSUHViULR -DLUR 5RPD]]LQL OHP EURX GH DOJXPDV Do}HV TXH QRUWHDUDP D JHV WmR FRPR D SDUWLFLSDomR HP FRQMXQWR GDV LQG~VWULDV ORFDLV QD 0HUFRSDU D LOXPLQDomR GR 'LVWULWR ,QGXVWULDO H D FRQVWUXomR GD HV FROD GR 6HQDL

6REUH R JUDQGH GHVDILR TXH DVVXPH 1HL YD DILUPD TXH R WUDEDOKR FRQWLQXD H TXH WRGD D GLUHWRULD IRUPD XPD JUDQGH HTXLSH 9LYH PRV HP XP PRPHQWR GH FULVH PXQGLDO $V SDODYUDV HQFRQWUDGDV GLDULDPHQWH QRV UH PHWHP DR PHGR LQFHUWH]D GHVHPSUHJR H GHVPRWLYDomR &RQWXGR YHQKR KRMH GLDQWH GH WRGRV SURSRU XP QRYR MRJR GH SDODYUDV XQLmR DomR LQRYDomR FULDWLYLGDGH H HPSUH HQGHGRULVPR 1RV PRPHQWRV PDLV GLItFHLV H FRPSOLFDGRV GD QRVVD YLGD p TXH HQFRQWUD PRV D FRUDJHP QHFHVViULD GH PXGDU SDUD PH OKRU e KRUD GH VH UHLQYHQWDU UHYHOD

3UHVLGHQWH 1HLYD %LOKDU 0XQGLDO 5+

9LFH SUHVLGHQWHV -DLUR 5RPD]]LQL 9D] 0XOW 6WDPS

-RVp $LUWRQ 9HQVR 5HQRYD

*LOEHUWR 5LEHLUR 9LGURER[

6pUJLR &DVDJUDQGH 6RX]D &UX]

'LUHWRUHV 77HVRXUHLURV HVRXUHLURV &pVDU 9LHLUD ,QWHUIRUPD

3OtQLR 'DOOHJUDYH =HSSHOLQ

'LUHWRUHV 6HFUHWiULRV 0iUFLR 1XxH] 7HFQLVWDPS

-pIHUVRQ *RU]L]D ,QFRERU

'LUHWRUHV +XJR 'RRUPDQQ 'RRUPDQQ

1RUEHUWR GH $QWRQL 1RVVD )RQWH

7XOLR -DFRQL 6LGHUVXO

-XOLR 0RUDQGL -LPR

$OH[DQGUH GH 9LW /XQDUGL 6XOWpFQLFD

0DXUR &DOLHQGR &DOLHQGR

,OR GH 6RX]D *LURDUW

$OIUHGR 6FKPLWW ))6 )LOPHV

&OiXGLR &tIDOL 1DGXSH

$GPLU -XFKQHVNL ÔWLO 4XtPLFD

/XLV &DUORV 7 GR 1DVFLPHQWR %65

&RQVHOKHLURV )LVFDLV 2VYDOGR & 0DFKDGR ,QGXVWLQWDV

)HUQDQGR 3LHUGRQi 3LHUSODVW

$OIUHGR 2OLYHLUD /LWRFURPDUW

9DOGR 0DOOPDQQ 5XGVXO

7DPDUD .RQGDN 0HW .RQGDN

*LOPDU - 7DXIHU %DQFR GR %UDVLO

/L[HLUDV SURGX]LGDV HP PDWHULDO UHFLFODGR SDUD FROHWD VHOHWLYD 2 SDSHO GDV LQVWLWXLo}HV S~EOLFDV H SULYDGDV QD SUHVHUYDomR GR PHLR DPELHQWH WHP DXPHQWDGR D FDGD GLD 2 SODQHMDPHQWR GHVVDV LQVWLWXLo}HV WHP VLGR QR VHQWLGR GH WHUHP Do}HV FRQFUHWDV SDUD DMXGDU D QDWXUH]D (VVD PXGDQoD GH DWLWXGH SDVVD QH FHVVDULDPHQWH SRU HFRQRPL]DU RV UH FXUVRV QDWXUDLV H WDPEpP HP HYLWDU R

GDQR DR PHLR DPELHQWH $WHQWR D HVVH QRYR PHUFDGR TXH SHQ VD QR PHLR DPELHQWH D 7HFQLVWDPS HFQLVWDPS LQG~VWULD HVSHFLDOL]DGD HP HVWDPSDULD OHYH ORFDOL]DGD HP &DFKRHLULQKD LQYHV WLX QD SURGXomR GH OL[HLUDV SURGX]LGDV HP PDWHULDO UHFLFODGR SDUD FROHWD VHOH WLYD GR OL[R 2 SURMHWR FRQWHPSOD WUrV PRGHORV SDUD SOiVWLFR SDSHO PHWDO H

-XQKR GH

RUJkQLFR (ODV SRGHP VHU LQGLYLGX DLV RX FRP VXSRUWH SDUD D TXDQWL GDGH QHFHVViULD $V OL[HLUDV HFROy JLFDV SDVVDP D VHU LPSRUWDQWHV SDUD WRGRV RV VHWRUHV +RMH QmR Vy D HV IHUD S~EOLFD PDV WDPEpP FRQGR PtQLRV LQG~VWULDV ORMDV H HVFRODV HVWmR SUHRFXSDGRV FRP D UHFLFOD JHP

UHJLmR

',5(725,$ *(67®2


HQWUHYLVWD _ -RDUH] 9HQoR

,QYHVWLPHQWR HP WHFQRORJLD UHVSRQVDELOLGDGH VRFLDO H DPELHQWDO )UHGHULFR 0RPEDFK 03

$ 5HQRYD /DYDQGHULD H 7RDOKHLUR LQYHV WLX PDLV GH 5 PLOK}HV SDUD RIHUHFHU D PH OKRU WHFQRORJLD GD $PpULFD /DWLQD SDUD ODYD JHP GH XQLIRUPHV 2 SURFHVVR WRWDOPHQWH DXWR PDWL]DGR SUHYr D SHUVRQDOL]DomR GH FDGD XQL IRUPH DWUDYpV GH XP FKLS &DGD SHoD p ODYDGD VHFD SDVVDGD H GREUDGD HP PHQRV GH WUrV PL QXWRV &RQILUD D HQWUHYLVWD FRP R HPSUHViULR -RDUH] 9HQoR TXH IDOD WDPEpP GD LPSRU WkQFLD H GR UHFRQKHFLPHQWR GD 5HQRYD QD iUHD DPELHQWDO H GH UHVSRQVDELOLGDGH VRFLDO

$ 5HQRYD QDVFHX Ki DQRV &RPR VXUJLX D LGHLD" 1R LQtFLR GD GpFDGD GH VXUJLX D PRGD GRV MHDQV FRORUL GRV $FKHL TXH VHULD XPD ERD LGHLD LQYHVWLU HP XPD ODYDQGH ULD SDUD WLQJLU HVVH WLSR GH WHFLGR DVVLP DV SHVVRDV SRGHULDP UHXWLOL]DU VHXV SUySULRV MHDQV FRP DVSHFWR GH URXSD QRYD (X R -RVp $LUWRQ H R 5RQL DEULPRV HQWmR D 5HQRYD -HDQV HP QD FLGDGH GH 6DSLUDQJD &RPHoDPRV D GLYXOJDU D HPSUHVD EDVHDGRV QD SRVVLELOLGDGH GH GHL[DU DV URXSDV FRP FDUD GH QRYDV 4XDQGR WUDQVIHULPRV QRVVDV DWLYLGDGHV SDUD 3RUWR $OHJUH RV IXQFLRQiULRV GD *HUGDX FRPHoDUDP D QRV SURFXUDU SDUD ODYDU VHXV XQLIRUPHV 1RWDPRV TXH HVVH VHULD XP JUDQGH QLFKR GH PHUFDGR 3DUD DV HPSUHVDV FXLGDU GD URXSD GH WUDEDOKR GRV IXQFLRQiULRV HUD XP WUDQVWRUQR 2V IXQFLRQiULRV MRJDYDP VHXV XQLIRUPHV HP XPD SLOKD 'H SRLV FDGD XP UHWLUDYD XP GHOHV Vy TXH FRPR FDGD SHVVRD WHP SRUWH GLIHUHQWH XQV UDVJDYDP RXWURV DODUJDYDP 4XDQGR IHFKDPRV QRVVR SULPHLUR FRQWUDWR SURPHWHPRV j HPSUHVD XP SURFHVVR PDLV VHJXUR H LQGLYLGXDOL]DGR SDUD FDGD XQLIRU PH 1mR VDEtDPRV DR FHUWR FRPR IDUtDPRV LVVR PDV WtQKD PRV TXH FRUUHU DWUiV $ TXDOLGDGH SDUD QyV VHULD R GLIHUHQFLDO

&RSHVXO SRU H[HPSOR XPD SHVTXLVD UHYHORX TXH RV PR GHORV QmR FRQWULEXtDP FRP D DXWR HVWLPD H PRWLYDomR GRV IXQFLRQiULRV )RL HQWmR TXH GHFLGLPRV LU DOpP 3HVTXLVD PRV HP YiULRV SDtVHV H GHVFREULPRV TXH HPSUHVDV SLRQHL UDV XVDYDP MHDQV $SUHVHQWDPRV j &RSHVXO R SURMHWR GH QRYRV XQLIRUPHV H UHYROXFLRQDPRV R SURFHVVR (QWmR SDV VDPRV D QmR Vy ODYDU PDV D WDPEpP FRQIHFFLRQDU RV XQL IRUPHV (VVH SURFHVVR WURX[H PDLV TXDOLGDGH Mi TXH HVFR OKHPRV R PHOKRU WHFLGR VDEHPRV VHX WHPSR GH YLGD ~WLO H PHOKRUDPRV VHX GHVLJQ

$ HPSUHVD YHP JDQKDQGR SURMHomR SRU VHX IRFR QD TXDOLGDGH &RPR p SRVVtYHO LVVR SDUD XPD ODYDQGHULD" $ ODYDQGHULD p D PHQRU SDUWH GD 5HQRYD 1RVVD SUHRFX SDomR p R SURFHVVR WRGR 4XDQGR IHFKDPRV FRQWUDWR FRP D

$ 5HQRYD p XPD HPSUHVD FRQKHFLGD SHOR VHX WUDEDOKR MXQWR DR PHLR DPELHQWH H SHOD UHVSRQVDELOLGDGH VRFLDO 1RVVD SUHRFXSDomR FRP R GHVHQYROYLPHQWR VXVWHQWi YHO p FRQVWDQWH $ iJXD SRU H[HPSOR GD ODYDJHP PDLV OHYH

)DOH VREUH RV GHVDILRV HQIUHQWDGRV SHOD 5HQRYD" 4XDQGR GHVHQYROYHPRV QRYRV XQLIRUPHV SDUD D &R SHVXO IRPRV SURFXUDGRV SHOD %UDVNHP (OHV SUHFLVDYDP GH DWHQGLPHQWR QmR Vy QR 6XO PDV WDPEpP QDV RXWUDV XQL GDGHV )RL HQWmR TXH ODQoDUDP R GHVDILR SDUD D 5HQRYD GH DWHQGHU DV RXWUDV XQLGDGHV 4XDQGR LVVR DFRQWHFHX HP QRVVR SURMHWR SUHYLD XP SUD]R GH GLDV SDUD LQDX JXUDU D XQLGDGH GD %DKLD H HOHV QRV GHUDP GLDV )RL XP GHVDILR PXLWR JUDQGH PDV FXPSULPRV

-XQKR GH


)UHGHULFR 0RPEDFK 03

,UPmRV $LUWRQ -RDUH] H 5RQL 9HQoR

p UHDSURYHLWDGD QR SURFHVVR FRP VXMHULGDGH PDLV SHVD GD ( HVWD p UHDSURYHLWDGD DWUDYpV GH QRYRV SURFHVVRV (VWDPRV VHPSUH HP EXVFD GH PRGHUQDV WpFQLFDV LVVR SRVVL ELOLWD VRQKDU TXH XP GLD SRVVDPRV UHXWLOL]DU GH WRGD D iJXD XWLOL]DGD 7DPEpP WHPRV SURMHWR SDUD UHDSURYHLWDPHQ WR GR ORGR GH GHFDQWDomR TXH SRGH VHU XVDGR FRPR DGXER $OpP GLVVR XWLOL]DPRV QRYRV SURMHWRV SDUD JHUDomR GH PH QRV HQHUJLD HFRQRPL]DPRV R XVR GR SDSHO PD[LPL]DPRV R WHPSR GH XVR GH FDGD XWHQVtOLR FRPR DV WRDOKLQKDV 2 QRVVR SDSHO VRFLDO p PXLWR LPSRUWDQWH 2V XQLIRUPHV TXH QmR DWHQGHP PDLV DR SDGUmR GH TXDOLGDGH VmR GRDGRV DR 6HVF DWUDYpV GR 3URMHWR (QYROYD VH (VVDV SHoDV JDQKDP QRYD YLGD QDV PmRV GDV LQVWLWXLo}HV GR &OXEH GH 5HFLFODJHP GR 0RUUR GD &UX] 3DUyTXLD 6mR -XGDV 7DGHX H &OXEH GH 0mHV 9LOD 1RYD (VVDV FRPXQLGDGHV FRQIHFFLRQDP QRYDV URXSDV FDOoDGRV H LWHQV GH GHFRUDomR 1R DQR SDVVDGR IRUDP WRQH ODGDV GH PDWHULDLV GRDGRV TXH WDOYH] IRVVHP SDUD R OL[R $ HPSUHVD DFDED GH FRORFDU HP IXQFLRQDPHQWR XPD Pi TXLQD TXH XWLOL]D WHFQRORJLD GH SRQWD &RPR IRL LGHDOL ]DGR HVVH SURMHWR" $ TXDOLGDGH VHPSUH SDXWRX QRVVDV Do}HV 6DEtDPRV TXH R SURFHVVR GH SHUVRQDOL]DomR GH FDGD XQLIRUPH SRGLD PHOKR UDU 'XUDQWH XPD )HLUD HP 0LOmR ,WiOLD HP FRQKHFL SHOD SULPHLUD YH] XP PDTXLQiULR UHYROXFLRQiULR TXH SRGHULD PH

OKRUDU QRVVR SURFHVVR 2V XQLIRUPHV FRORFDGRV HP FDELGHV WLQKDP XP FKLS FRP D LGHQWLILFDomR GH FDGD IXQFLRQiULR GD HPSUHVD 1HVVH PRPHQWR FRPHoDPRV D EXVFDU SDUFHLURV SDUD WUD]HU XPD PiTXLQD GHVWH SRUWH SDUD R %UDVLO 'XUDQWH R SUR FHVVR DLQGD WLYHPRV TXH DGDSWDU YiULRV DVSHFWRV $ PiTXLQD RULJLQDO QmR SUHYLD D GREUD SRU H[HPSOR (QWmR XQLPRV WHF QRORJLD HXURSHLD H DPHULFDQD SDUD GHVHQYROYHU XP SURMHWR ~QLFR RQGH LQYHVWLPRV PDLV GH 5 PLOK}HV (VWD p D PDLRU PiTXLQD GH ODYDJHP H FODVVLILFDomR GH XQLIRUPHV GD $PpULFD /DWLQD 1HVWH PrV GH MXQKR HOD HQWURX HP SOHQR IXQFLRQDPHQWR FRP FDSDFLGDGH GH SURGXomR GH PLO SHoDV SRU KRUD 7RGR R SURFHVVR GH ODYDJHP VHFDJHP SDVVDU H GREUDU OHYD QR Pi [LPR WUrV PLQXWRV SRU SHoD &RP LVVR HVWDPRV RIHUHFHQGR PXLWR PDLV TXDOLGDGH H SUHFLVmR DR QRVVR FOLHQWH H HOLPLQD PRV R ULVFR GH HUURV &RP WDQWDV FRQTXLVWDV R TXH HVWi SODQHMDGR SDUD R IXWX UR GD 5HQRYD" (P FRQTXLVWDPRV R 7URIpX 3UDWD GR 3*43 3URJUD PD *D~FKR GH 4XDOLGDGH H 3URGXWLYLGDGH $JRUD QRVVD PHWD SDUD p D FRQTXLVWD GR 7URIpX 2XUR 'HSRLV YDPRV HP EXVFD GR 3UrPLR 1DFLRQDO GD 4XDOLGDGH (VWDPRV FXPSULQGR QRVVR SURMHWR WDPEpP GH FUHVFHU QDFLRQDOPHQWH 1RVVR SUy[L PR SDVVR VHUi FRQTXLVWDU R PHUFDGR GH 6mR 3DXOR )UHGHULFR 0RPEDFK 03

-XQKR GH


'(6(19 2/ 9,0(17 2 '(6(192/ 2/9,0(17 9,0(172

UHJLmR

6DXO 6DVWUH

&pVDU %DUERVD 03

6HFUHWiULR 0XQLFLSDO GH 3ODQHMDPHQWR GH &DFKRHLULQKD VDXOVDVWUH#WHUUD FRP EU

*HVWmR (VWUDWpJLFD 3ODQHMDU p IiFLO R GHVDILR p H[HFXWDU $ WHFQRORJLD GR SODQHMDPHQWR HVWUDWpJLFR DLQGD p SULYLOpJLR GDV JUDQGHV RUJDQL]Do}HV H GH PXLWR SRXFRV yUJmRV S~EOLFRV 3DUD DOJX PD PDLRULD DLQGD p XP WDEX SRLV VHXV JHVWR UHV DWXDP PXLWR QR FDPSR RSHUDFLRQDO H GH VHQKDP VHXV GHVWLQRV FRQILDQGR QR IHHOLQJ GH PHUFDGR 8PD HPSUHVD VHP SODQHMDPHQWR p R PHVPR TXH XP EDUFR j GHULYD OHYDGR D TXDOTXHU OXJDU DR VDERU GRV YHQWRV 2 QmR SODQHMDPHQWR DFDUUHWD GHILFLrQFLD QDV RSHUD o}HV FRQWDPLQD R PHUFDGR H FRQVHTXHQWH PHQWH SUHMXGLFD D WRGRV GH IRUPD JHUDO 3DUD DV RUJDQL]Do}HV TXH XWLOL]DP IHUUD PHQWDV GH SODQHMDPHQWR HVWUDWpJLFR R GHVD ILR VXUJH QD KRUD GH H[HFXWDU R TXH IRL SOD QHMDGR DOLiV VHJXQGR SHVTXLVD UHDOL]DGD SHOR 7KH &RQIHUHQFH %RDUG HP SDtVHV D H[HFXomR GD HVWUDWpJLD p D PDLRU SUHRFXSD omR GRV H[HFXWLYRV $SUHQGHPRV PXLWR QDV DFDGHPLDV D HOD ERUDU SODQHMDPHQWRV &RQVXOWRULDV VmR H[SHUWV HP DOLQKDU WRGDV DV FDEHoDV SHQVDQWHV H QmR SHQVDQWHV GD HPSUHVD GHL[DQGR D WRGRV DIL QDGRV QD YLVmR PLVVmR H YDORUHV GR QHJyFLR XWLOL]DP IHUUDPHQWDV HILFD]HV SDUD HVWDEHOHFHU DQiOLVH DPELHQWDO LGHQWLILFDQGR SRQWRV IRUWHV IUDFRV RSRUWXQLGDGHV H DPHDoDV PDV TXH SRXFR WrP YDOLGDGH VH QmR H[LVWLU DOJXP PHLR SDUD VHUHP FRORFDGRV HP SUiWLFD $ WHFQRORJLD GR %6& %DODQFHG 6FRUHFDUG

VXUJH H[DWDPHQWH SDUD VXSULU HVVD GHILFLrQFLD +RMH QmR VH IDOD PDLV HP SODQHMDPHQWR HVWUD WpJLFR PDV HP JHVWmR HVWUDWpJLFD TXH p D FRPSRVLomR GH SODQHMDU H[HFXWDU H FRQWURODU VH D HPSUHVD HVWi VHJXLQGR R SODQHMDGR e VDELGR WDPEpP TXH H[LVWH XPD JUDQGH GLILFXOGDGH GH FRQFLOLDU WHPSR SDUD SODQHMDU FRP R GLD D GLD GDV HPSUHVDV RQGH DV DWL YLGDGHV RSHUDFLRQDLV GHPDQGDP PXLWR HV IRUoR H GHGLFDomR 3RUpP LQH[LVWH GHVHQYRO YLPHQWR VHP SODQHMDPHQWR H DV RUJDQL]Do}HV SULYDGDV TXH TXLVHUHP VH SHUSHWXDU RX DV S~ EOLFDV TXH DOPHMDUHP D H[FHOrQFLD GH VHXV VHUYLoRV WHUmR TXH SODQHMDU VHX IXWXUR H FROR FDU HP SUiWLFD QR SUHVHQWH (P PHLR j WRGD WXUEXOrQFLD GHVWH PHUFDGR PXQGLDO p LPSUHVFLQGtYHO WUDoDU URWDV SURVSHF WDU PHUFDGRV DOLQKDU HVWUDWpJLDV DWUDLU WDOHQWRV H IRFDU Do}HV 2 %6& QmR p IyUPXOD PiJLFD PDV DPDUUD WRGRV RV SURFHVVRV H SURMHWRV GD HPSUHVD FRP LQGLFDGRUHV GH GHVHPSHQKR H PHWDV UHIHUHQGDQGR R TXH IRL SODQHMDGR SHOD GLUHWRULD GD HPSUHVD FRP D VXD H[HFXomR

(QWLGDGH DILUPRX TXH SUHWHQGH SHUPDQHFHU QR PXQLFtSLR

3UHIHLWR GH &DQRDV UHFHEH GLUHWRULD GR 6LPHFDQ 2 SUHIHLWR GH &DQRDV -DLUR -RUJH UH FHEHX HP DEULO D YLVLWD GD GLUHWRULD GR 6LQ GLFDWR GDV ,QG~VWULDV 0HWDOPHFkQLFDV H (OH WURHOHWU{QLFDV GH &DQRDV H 1RYD 6DQWD 5LWD 6LPHFDQ 2 YLFH SUHVLGHQWH -RVp /XL] 5D\PXQGR VDOLHQWRX D SUHRFXSDomR GD HQWLGDGH FRP D HVWDJQDomR GH FHUWRV VHWR UHV (OH WDPEpP UHVVDOWRX R LQWHUHVVH GD HQWLGDGH GH SHUPDQHFHU QR PXQLFtSLR

2 SUHIHLWR IDORX GH DOJXPDV Do}HV TXH HVWmR VHQGR GHVHQYROYLGDV SDUD DWUDLU QR YRV HPSUHHQGLPHQWRV H PDQWHU RV Mi LQVWD ODGRV QD FLGDGH FRPR R 'LVWULWR ,QGXVWULDO *XDMXYLUDV D FULDomR GR HVFULWyULR GR HP SUHHQGHGRU H D UHGXomR GD WD[D GH ,6641 ,PSRVWR VREUH 6HUYLoRV GH 4XDOTXHU 1D WXUH]D GRV DWXDLV SDUD QXP SHUt RGR GH TXDWUR DQRV

&,' $'®2 *5$ &,'$'®2 *5$99$7$,(16( 2 H[ YLFH SUHIHLWR GH *UDYDWDt 'pFLR %HFNHU UHFHEHX HP PDLR R WtWXOR GH &LGDGmR *UDYDWDLHQVH $ KRPHQDJHP p GDGD jV SHVVRDV TXH

PHVPR QmR VHQGR QDWXUDLV GD FL GDGH FRQWULEXHP GH IRUPD VLJQLIL FDWLYD SDUD VHX FUHVFLPHQWR H GH VHQYROYLPHQWR

6(6, ,1 $ 8*85$ 12 $d26 (0 & $ &+2(,5,1+$ ,1$ 1299 26 (63 (63$d26 &$ 2 6HUYLoR 6RFLDO GD ,QG~VWULD 6HVL

LQDXJXURX XP ODERUDWyULR GH LQIRUPiWL FD XPD VDOD GH DXOD H XPD VDOD GH OHL WXUD HP VXD VHGH GH &DFKRHLULQKD QR 'LVWULWR ,QGXVWULDO 2 REMHWLYR p DXPHQWDU RV DWHQGLPHQWRV HP DWLYLGDGHV FRPR D 5HGH 0LULP GH 7HFQRORJLDV (PSUHHQGH GRUDV 3URJUDPD 1RYRV +RUL]RQWHV (GX FDomR &RQWLQXDGD ,QFOXVmR 'LJLWDO H &LQH (PSUHHQGHGRU 2 ODERUDWyULR GH LQIRUPiWLFD SDVVD D WHU FRPSXWDGRUHV GLVSRQtYHLV DRV WUD EDOKDGRUHV GD LQG~VWULD H VHXV GHSHQ GHQWHV &RP D TXDOLILFDomR H LQYHVWLPHQ WRV HP WHFQRORJLDV H QR HVSDoR ItVLFR R

,WPJQ FG

6HVL &DFKRHLULQKD WHUi FRQGLo}HV GH DWLQ JLU FHUFD GH PLO SHVVRDV HP VHUYLoRV HGXFDFLRQDLV QR DQR GH 2 6HVL UHSRVLFLRQD VH SDUD DWHQGHU DGHTXDGD PHQWH jV QRYDV GHPDQGDV GD LQG~VWULD FRPSHWLWLYD UHVSRQGHQGR D WUrV IRUoDV WUDQVIRUPDGRUDV GD HFRQRPLD EUDVLOHLUD H SUHVHQWHV QR FRWLGLDQR GDV HPSUHVDV TXH VmR 1RYRV 3HUILV 3URILVVLRQDLV 1R YDV 7HFQRORJLDV H $FHOHUDomR GR 5LWPR GH &UHVFLPHQWR H[SOLFD R VXSHULQWHQGHQ WH UHJLRQDO GR 6HVL (GLVRQ /LVERD ,QIRUPDo}HV VREUH RV SURJUDPDV GR 6HVL QD FLGDGH SHOR WHOHIRQH


4XDOLGDGH ERP DWHQGLPHQWR H DJLOLGDGH 2 FRPSXWDGRU p KRMH D SULQFLSDO IHU UDPHQWD GH WUDEDOKR H HVWi SUHVHQWH HP WRGRV RV VHJPHQWRV H SURILVV}HV 3HOD VXD LPSRUWkQFLD p VHPSUH ERP FRQWDU FRP XPD HTXLSH HVSHFLDOL]DGD HP UHVROYHU DV SULQFLSDLV QHFHVVLGDGHV GH FDGD HPSUH VD $ &RPSXKRXVH ,QIRUPiWLFD SUHVWD XP VHUYLoR GH TXDOLGDGH YLVDQGR D VDWLVID omR GRV FOLHQWHV $WXDQGR HP &DFKRHLUL QKD 3RUWR $OHJUH &DQRDV H *UDYDWDt PDQWpP DOpP GH XP JUDQGH HVWRTXH SDUD SURQWD HQWUHJD D FDSDFLGDGH GH FRQVH JXLU TXDOTXHU SHoD HP WHPSR iJLO &RQ IRUPH R HPSUHViULR $OH[DQGUH 0D]RWWL R FRQWDWR GLUHWR FRP IRUQHFHGRUHV GH WRGR

R (VWDGR 6mR 3DXOR H 6DQWD &DWDULQD JDUDQWH XPD DJLOLGDGH LQFUtYHO SDUD DG TXLULU HTXLSDPHQWRV GHVGH R PDLV VLPSOHV DWp R PDLV FRPSOH[R 2XWUR VHUYLoR GLIH UHQFLDGR GD &RPSXKRXVH p D FRQVXOWD WpFQLFD SDUD PRQWDU XP HTXLSDPHQWR FRQIRUPH D QHFHVVLGDGH GH FDGD FOLHQWH $ &RPSXKRXVH RIHUHFH XPD HTXLSH TXDOLILFDGD H DSHVDU GH HVWDU D SRXFR PDLV GH GRLV DQRV QR PHUFDGR Mi DFXPXOD FOL HQWHV QRV PDLV YDULDGRV VHJPHQWRV ,QIRU PDo}HV SHOR IRQH RX SHOR H PDLO PVQ FDUOD#FRPSXKRXVHUV FRP EU RX DFHVVH R VLWH GD HPSUHVD DWUDYpV GR HQGHUHoR ZZZ FRPSXKRXVHUV FRP EU

6(59,d26 ‡ 9HQGD UHSDUDomR PDQXWHQomR H PRQWDJHP GH FRPSXWDGRUHV ‡ ,QVWDODomR GH KDUGZDUH H VRIWZDUH ‡ (OLPLQDomR GH YtUXV ‡ /LQKD FRPSOHWD GH LQIRUPiWLFD H JDPHV ‡ 5HFDUJDV GH FDUWXFKRV GH WRGDV DV PDUFDV

,WPJQ FG

&DPLOD 6FKlIHU 03

5RVHODLQH 9LQFLSURYD 03

(PSUHVD RIHUHFH HTXLSDPHQWRV H VHUYLoRV HP LQIRUPiWLFD FRP SURILVVLRQDLV TXDOLILFDGRV


,1)250( 38%/,&,7É5,2 )UHGHULFR 0RPEDFK 03

$QD 3HUHLUD *LOVR 1XQHV H )iELD 3HUHLUD

&HOHEUDQGR RV DQRV GD ÐSWLFD 3HUHLUD +RMH p FRPXP DILUPDU TXH R PXQGR YLYH WUDQVIRUPDo}HV LQWHQ VDV H TXH QRYRV WHPSRV H[LJHP QR YDV FRQGXWDV $OpP GH PXGDU HV WUDWpJLDV GH PDUNHWLQJ SUHFLVDPRV WLUDU SODQRV GR SDSHO GLPLQXLU FRQ IOLWRV H D WmR FRQKHFLGD GLVSXWD GH SRGHU 8PD FRLVD TXH MDPDLV SR GHPRV HVTXHFHU HP PHLR D WRGDV HVVDV PXGDQoDV p FXOWLYDU D DUWH GH FHOHEUDU &HOHEUDU QRVVDV FRQTXLV WDV SRU PHQRUHV TXH VHMDP 6DEH PRV TXH FHOHEUDQGR FULDPRV XPD HQHUJLD SRVLWLYD SDUD DV FRLVDV TXH DFRQWHFHP HP QRVVDV YLGDV HP QRVVD FDUUHLUD HP QRVVD IDPtOLD GHFODUD )iELD 3HUHLUD )RL SHQVDQGR QLVWR TXH D HP SUHViULD GHFLGLX FHOHEUDU RV DQRV GD ÐSWLFD 3HUHLUD ID]HQGR XPD KR PHQDJHP j IDPtOLD 3HUHLUD QR GLD GH PDLR QR VDOmR GH HYHQWRV $QDV *UDQGR )RUDP FRQYLGDGRV WDPEpP HPSUHViULRV TXH VmR FOL HQWHV GDV ORMDV H PHLRV GH FRPXQL FDomR FRPR UHYLVWDV H MRUQDLV 3DUD DQLPDU R HYHQWR KRXYH DSUHVHQWD

omR GD GXSOD $QGHUVRQ H 1DQGR GR DWRU 3DXOR $GULDQH TXH DSUH VHQWD QR WHDWUR 6(6& R 6KRZ GD 0DPD UHSUHVHQWDQGR D *LRFRQ GD H GR JUXSR &LD &UDNHW\ TXH IH] XPD DSUHVHQWDomR WHDWUDO $OpP GH WRGDV HVWDV DWUDo}HV R HYHQWR FRQ WRX FRP D SUHVHQoD GH DOJXPDV DX WRULGDGHV GD FLGDGH HQWUH HODV R YLFH SUHIHLWR *LOVR 1XQHV H RV SD WU}HV GR &7* 5DQFKR GD 6DXGDGH ÈQLR H /XFLDQD :HEHU TXH WDPEpP IRUDP KRPHQDJHDGRV QR HQFRQWUR IDPLOLDU $SyV HVWD FRQTXLVWD D ÐSWLFD 3HUHLUD SDUWH SDUD QRYRV HPSUHHQ GLPHQWRV FRPR GHVHQYROYHU FDP SDQKDV LQIRUPDWLYDV VREUH D SURWH omR YLVXDO HVFODUHFLPHQWRV FRQWUD D SLUDWDULD H VREUH RV WUDWDPHQWRV GH GRHQoDV RFXODUHV DWUDYpV GH OHQ WHV RIWiOPLFDV 0DV SULQFLSDOPHQ WH TXHU SURSRUFLRQDU jV SHVVRDV D FKDQFH GH WHUHP DFHVVR DR H[DPH GH YLVmR H DR XVR GRV yFXORV WXGR DWUDYpV GH HYHQWRV EHQHILFHQWHV TXH VHUmR GHVHQYROYLGRV HP EUHYH

,WPJQ FG

0DLRULD GDV HPSUHVDV IHFKD SRU Pi DGPLQLVWUDomR 8P HVWXGR IHLWR SHOR 6HEUDH PRV WURX TXH QmR p DSHQDV D IDOWD GH FUpGLWR TXH ID] DV SHTXHQDV HPSUHVDV IHFKD UHP VXDV SRUWDV (P PXLWRV FDVRV R SUREOHPD HVWi HP FRPR R HPSUHViULR FRQGX] QR GLD D GLD R VHX HPSUHHQ GLPHQWR 8PD Pi DGPLQLVWUDomR SRGH OHYDU D HTXtYRFRV QDV GHFLV}HV HPSUH VDULDLV GH LQYHVWLPHQWR GHVFRQWUROH IL QDQFHLUR IDOKDV QR JHUHQFLDPHQWR GR IOX[R GH FDL[D HQWUH RXWURV ,VVR DFDED LPSDFWDQGR QR XVR LQGHYLGR GR FDSLWDO GH JLUR GR QHJyFLR SRGHQGR OHYDU D HPSUHVD j IDOrQFLD $ SHVTXLVD 7D[D GH 6REUHYLYrQFLD H 0RUWDOLGDGH GDV 0LFUR H 3HTXHQDV (P SUHVDV PRVWURX TXH DV SULQFLSDLV FDXVDV TXH OHYDUDP GDV HPSUHVDV D IHFKDU VXDV SRUWDV FRP PHQRV GH GRLV DQRV GH IXQFLRQDPHQWR IRUDP IDOKDV JHUHQFLDLV JHUHQFLDLV GHVWDFDQGR VH IDOWD GH FR QKHFLPHQWR JHUHQFLDO H GHVFRQKHFLPHQ WR GR PHUFDGR VHJXLGD GH FDXVDV HFR Q{PLFDV FRQMXQWXUDLV &RQFOXLX VH TXH D IDOWD GH FUpGLWR QD YHUGDGH p DSHQDV SDUWH GRV SUREOH PDV TXH R SHTXHQR HPSUHViULR HQIUHQ WD 6y TXH PXLWDV YH]HV HOH DFDED FKH JDQGR j FRQFOXVmR GH TXH VRPHQWH R ILQDQFLDPHQWR SRGH VROXFLRQDU HVWHV SUR EOHPDV QmR SHUFHEHQGR TXH D VROXomR HVWi QD IRUPD FRPR HOH DGPLQLVWUD VXD HPSUHVD 3RU LVVR p PXLWR LPSRUWDQWH TXH R HPSUHViULR EXVTXH FRQKHFLPHQ WR H LQIRUPDo}HV VREUH FUpGLWR EDQFi ULR RSRUWXQLGDGHV GH PHUFDGR JDUDQ WLDV H DVVRFLDWLYLVPR SDUD TXH VXD HP SUHVD QmR IDoD SDUWH GHVVDV HVWDWtVWLFDV QHJDWLYDV &RQILUD QD UHSRUWDJHP HVSH FLDO TXDLV VmR DV RSRUWXQLGDGHV GH QH JyFLRV TXH R HPSUHViULR SRGH EXVFDU SDUD JDUDQWLU R VXFHVVR GH VXD RUJDQL ]DomR


2EWHQomR GD &HUWLGmR 1HJDWLYD GH 'pELWRV )LVFDLV )HGHUDLV

8VLQDJHP H SHoDV SDUD LQG~VWULD VRE PHGLGD

'DQLHO %DUQDUW $GYRJDGR 2$% 56 _ (OLVHWH )HLMy $GYRJDGRV $VVRFLDGRV

$ 0HWDOIUHVD DWXD QR PHUFDGR Ki PDLV GH GH] DQRV YROWDGD SDUD R DWHQGLPHQWR QD iUHD GH PDQX WHQomR LQGXVWULDO SURGXomR GH SHoDV H HQJUHQDJHQV SDUD WRGRV RV WLSRV GH PiTXLQDV H HTXLSDPHQWRV 1D iUHD GH SUHVWDomR GH VHUYLoRV UHIRUPD UHGXWRUHV H XVLQD SHoDV HP TXDOTXHU TXDQWLGDGH HP PiTXLQDV FRQYHQFLRQDLV H &1& FRPR WRUQRV H FHQWURV GH XVL QDJHP JHUDGRUD GH HQJUHQDJHQV H UHWtILFD 3RVVXL XPD GLYLVmR HVSHFLDOL]DGD QD IDEULFDomR GH SHoDV SDUD WUDQVPLVVmR GH PiTXLQDV DJUtFRODV H URGRYLiUL DV TXH VmR FRPHUFLDOL]DGDV HP WRGR R %UDVLO $WHQWD j DJLOLGDGH GR PHUFDGR H QHFHVVLGDGH GH VXSHUDU DV H[SHFWDWLYDV GRV FOLHQWHV WUDEDOKD KR UDV SRU GLD $ TXDOLGDGH FUHGLELOLGDGH H VXSHUDomR VmR SDODYUDV FKDYH GHQWUR GD HPSUHVD TXH D SDUWLU GH GH]HPEUR SDVVD D DWHQGHU QD QRYD SODQWD ORFD OL]DGD WDPEpP QR 'LVWULWR ,QGXVWULDO FRP PDLV HVSD oR H FRPRGLGDGH 'LYXOJDomR 03

$ H[DJHUDGD FDUJD WULEXWiULD QDFLRQDO FRQWULEXL GHFLVLYDPHQWH SDUD R HQGLYLGDPHQWR GR HPSUHVDULDGR EUDVLOHLUR 5HVWULQJLQGR R GHEDWH DR kPELWR IHGHUDO TXHVWmR UHFRUUHQWH p VH Ki SRVVLELOLGDGH GH REWHQomR GD FHUWLGmR QHJDWLYD TXDQGR D HPSUHVD DSUHVHQWD GtYLGD GH WULEXWRV IHGHUDLV 1HVVH FDVR D REWHQomR GD FHUWLGmR QHJDWLYD p QHJDGD &RQWXGR H[LVWH D SRVVLELOLGDGH GH REWHQomR GD FKDPDGD &3'HQ &HUWLGmR 3RVLWLYD GH 'pELWRV FRP (IHLWRV GH 1HJDWLYD SUHYLVWD QR DUW GR &yGLJR 7ULEXWiULR 1DFLRQDO H FXMR HIHLWR p LGrQWLFR $ PDQHLUD PDLV VLPSOHV SDUD D REWHQomR GD &3'HQ VHULD D UHDOL]DomR GR SDUFHODPHQWR DGPLQLVWUDWLYR GRV GpELWRV &RQWXGR VH R FRQWULEXLQWH SRVVXL EHQV SDUD JDUDQWLU R GpELWR PDV GHVHMD GLVFXWL OR MXGLFLDOPHQWH H R PHVPR DLQGD QmR ID] SDUWH GH DomR GH H[HFXomR ILVFDO SURSRVWD SHOD 8QLmR SRGHUi REWHU D &3'HQ DWUD YpV GD SURSRVLWXUD GD PHGLGD FDXWHODU GH FDXomR FRP SHGLGR OLPL QDU ,VVR SRUTXH QmR p UD]RiYHO H[LJLU TXH R FRQWULEXLQWH VROYHQWH PDV FRP GtYLGD WHQKD GH DJXDUGDU R DMXL]DPHQWR GH H[HFXomR ILVFDO SHOD 8QLmR SDUD JDUDQWLU D GtYLGD VRPHQWH DSyV D FLWDomR DWUDYpV GD RSRVLomR GH HPEDUJRV j H[HFXomR 1HVWH FDVR GLDQWH GD LQpUFLD GR )LVFR R FRQWULEXLQWH VH DQWHFLSD j EXURFUDFLD H LQJUHVVD HP MXt]R RIHUHFHQGR EHQV SDUD JDUDQWLU D GtYLGD SHGLQGR D H[SHGLomR GD &3'HQ HP VHGH GH OLPLQDU 1RWDGDPHQWH QHVVH FDVR VH ID] SUHVHQWH XPD FLUFXQVWkQFLD LQX VLWDGD D H[HFXomR ILVFDO TXH HP SULQFtSLR DJUDYD D VLWXDomR GR GHYH GRU SRGH YLU D EHQHILFLi OR FRP D SRVVLELOLGDGH GH REWHU D &3 'HQ &RQWXGR D GHPRUD GD EXURFUDFLD GD 8QLmR HP DWLQJLU HVVD HWDSD GHL[D D GHVFREHUWR RV LQWHUHVVHV TXH D FHUWLGmR QHJDWLYD YLVD WXWHODU HP IDYRU GR FRQWULEXLQWH QHVVH ODSVR GH WHPSR WRUQDQGR QHFHVViULR TXH HVWH SURSRQKD R SURFHGLPHQWR GH FDXomR SDUD DQWH FLSDU RV HIHLWRV TXH VHULDP REWLGRV VRPHQWH DSyV IRUPDOL]DGD D SHQKRUD HP H[HFXomR ILVFDO e R FKDPDGR HIHLWR UHIOH[R GD SHQKRUD D VXD IXQomR SULPHLUD p JDUDQWLU D H[HFXomR VHQGR VXILFLHQWH D SH QKRUD D H[HFXomR HVWi JDUDQWLGD H HQWmR RV LQWHUHVVHV TXH D FHUWLGmR QHJDWLYD YLVD DFDXWHODU HVWmR VDWLVIHLWRV QmR KDYHQGR PDLV yELFH j VXD H[SHGLomR SHOR )LVFR 'HVVD IRUPD R FRQWULEXLQWH SRQWXDO H FRP SDWULP{QLR PDV TXH VH HQFRQWUD PRPHQWDQHDPHQWH HP DWUDVR FRP DV VXDV REULJD o}HV ILVFDLV WHP j VXD GLVSRVLomR XP LQVWUXPHQWR DGHTXDGR SDUD HYLWDU D SHUGD GH RSRUWXQLGDGHV FRPHUFLDLV SRU QmR GLVSRU GD FHU WLGmR QHJDWLYD H[LJLGD SRU H[HPSOR QRV FHUWDPHV OLFLWDWyULRV &RP HIHLWR R 6XSHULRU 7ULEXQDO GH -XVWLoD 5(VS 63 H R 7ULEX QDO 5HJLRQDO )HGHUDO GD 5HJLmR 3URFHVVR Q Mi UHFRQKHFHUDP HVVD SRVVLELOLGDGH JDUDQWLQGR D H[SHGLomR GD &3'HQ SDUD R FRQWULEXLQWH QHVVD VLWXDomR

-XQKR GH


DJHQGD

&21675868/

35È0,2 ),1(3 $V LQVFULo}HV SDUD D HGLomR GR 3UrPLR ),1(3 GH ,QRYDomR VH JXHP DWp R GLD GH VHWHPEUR VHWHPEUR 1HVWH DQR RV FDQGLGDWRV FRQFRUUHP D DWp 5 PLOK}HV HP ILQDQFLDPHQ WRV SUp DSURYDGRV GLYLGLGRV HQWUH RV YHQFHGRUHV GDV HWDSDV UHJLRQDLV H QD FLRQDO 'HVVH WRWDO VHUmR DWp 5 PLOK}HV HP UHFXUVRV QmR UHHPEROVi YHLV H DWp 5 PLOK}HV HP UHFXUVRV UHHPEROViYHLV GR SURJUDPD ),1(3 ,QRYD %UDVLO 2 REMHWLYR GR SUrPLR p UHFRQKH FHU RV HVIRUoRV LQRYDGRUHV UHDOL]DGRV SRU HPSUHVDV H LQVWLWXLo}HV GH FLrQ FLD H WHFQRORJLD EUDVLOHLUDV GHVHQYRO YLGRV QR %UDVLO H DSOLFDGRV QR SDtV RX QR H[WHULRU 2V FRQFRUUHQWHV SR GHP VH LQVFUHYHU HP FLQFR FDWHJRUL

DV 0LFUR 3HTXHQD (PSUHVD 0pGLD (PSUHVD *UDQGH (PSUHVD HVWD Vy HP QtYHO QDFLRQDO ,QVWLWXLomR GH &L rQFLD H 7HFQRORJLD H 7HFQRORJLD 6RFL DO $OpP GHVVDV Ki DLQGD D FDWHJR ULD ,QYHQWRU ,QRYDGRU FRP FDQGLGD WRV VHOHFLRQDGRV D SDUWLU GH OHYDQWD PHQWR QD EDVH GH GDGRV GDV SDWHQ WHV FRQFHGLGDV SHOR ,13, ,QVWLWXWR 1DFLRQDO GH 3URSULHGDGH ,QGXVWULDO 2V MXOJDPHQWRV ORFDLV VHUmR IHL WRV RQOLQH 0DLRUHV LQIRUPDo}HV DVVLP FRPR R UHJXODPHQWR FRPSOHWR R IRUPXOiULR SDUD LQVFULomR H R KLVWyULFR GRV DQRV DQWHULRUHV HVWmR j GLVSRVLomR QR VLWH GR 3UrPLR ),1(3 GH ,QRYDomR SHOR HQGHUHoR KWWS ZZZ ILQHS JRY EU SUH PLR

(1&21752 0(7$/0(&Ç1,&2 9$/( '2 6,126 ( 0(75232/,7$1$ 2 (QFRQWUR 0HWDOPHFkQLFR 9DOH GR 6LQRV H 0HWURSROLWDQD DFRQWHFH QR GLD GH MXQKR MXQKR 2 HYHQWR FRQWDUi FRP JUDQGHV H PpGLDV HPSUHVDV TXH VH DSUHVHQWDP FRPR FRPSUDGRUDV GH PDQGDQGR QHFHVVLGDGHV GH SURGXWRV

H RX VHUYLoRV SDUD PLFUR H SHTXHQDV HPSUHVDV 2 HYHQWR LQLFLD jV K H VH JXH DWp DV K QR 6,1',0(7$/ (G &HQWUR GDV ,QG~VWULDV 5XD -RVp %RQL IiFLR &HQWUR 6mR /HRSROGR 56

-XQKR GH

'H D GH DJRVWR DJRVWR DFRQWH FH QD )LHUJV D &RQVWUXVXO )HLUD GD ,QG~VWULD GD &RQVWUXomR &RP XP KLVWyULFR GH DQRV D IHLUD VH FRQVROLGRX QR PHUFDGR FRPR XPD GDV PDLV HILFD]HV HP JHUDomR GH QH JyFLRV GR %UDVLO 3DUDOHODPHQWH j &RQVWUXVXO DFRQWHFH D ([SRPiTXLQDV )HLUD GH 0iTXLQDV SDUD &RQVWUXomR /R JtVWLFD )ORUHVWDPHQWR H 0LQHUDomR TXH FKHJD HP VXD TXDUWD HGLomR DTXHFLGD SHOR ERP PRPHQWR GR PHUFDGR $ SURVSHFomR GH FUHVFL PHQWR FRQWtQXR GR VHJPHQWR SDUD RV SUy[LPRV DQRV H RV Q~PHURV SR VLWLYRV GD ~OWLPD HGLomR GD IHLUD UH YHODP ERDV SHUVSHFWLYDV SDUD D ([ SRPiTXLQDV (QWUH RV SURILV VLRQDLV TXH SDUWLFLSDP GR HYHQWR HV WmR FRQVWUXWRUDV HQJHQKHLURV GR VHWRU GH HTXLSDPHQWRV SDUD REUDV GH LQIUDHVWUXWXUD SUHIHLWXUDV H VXDV VHFUHWDULDV LQFRUSRUDGRUDV WHUUDSOD QDJHQV FRQFHVVLRQiULDV GH URGRYL DV SDYLPHQWDGRUDV LQG~VWULDV GH FH OXORVH H HPSUHVDV GH PLQHUDomR


3DUNV LQDXJXUD

(035(6$6 $%(57$6

ODERUDWyULR QR 7HFQRSXF $ 3DUNV LQDXJXURX HP PDLR XP /D ERUDWyULR GH 7HFQRORJLD H ,QRYDomR QR 3DUTXH &LHQWtILFR H 7HFQROyJLFR GD 38&56 7HFQRSXF 2 7HFQRSXF p UHVXOWDGR GH XPD DomR LQWHJUDGD GD 38&56 JRYHUQR H HPSUHVDV FRP R SURSyVLWR GH FULDU XPD FRPXQLGDGH GH SHVTXLVD H LQRYDomR PXOWLGLVFLSOLQDU YL VDQGR DXPHQWDU D FRPSHWLWLYLGDGH GRV VHXV DWRUHV PHOKRUDU D TXDOLGDGH GH YLGD GH VXDV FRPXQLGDGHV H GLVSRQLELOL]DU D FRPSHWrQ FLD DFDGrPLFD GD 8QLYHUVLGDGH SDUD D VRFLH GDGH SURPRYHQGR DVVLP R GHVHQYROYLPHQ WR FLHQWtILFR H WHFQROyJLFR GD UHJLmR 'HVGH D FULDomR GR 7HFQRSXF D 3DUNV DJXDUGDYD XP PRPHQWR RSRUWXQR SDUD ID]HU SDUWH GHVVD LQLFLDWLYD 7HPRV XP KLV WyULFR GH SURMHWRV GH SHVTXLVD H GHVHQYRO YLPHQWR FRP D 38&56 H HVVD SUR[LPLGDGH LQWHQVLILFDUi HVVH UHODFLRQDPHQWR $ FULDomR GHVVH ODERUDWyULR GH WHFQRORJLD YHP GH HQ FRQWUR j HVWUDWpJLD GD 3DUNV GH DPSOLDU VHXV LQYHVWLPHQWRV HP 3HVTXLVD 'HVHQYROYL PHQWR FRP IRFR SULQFLSDO QD LQRYDomR H

FRQVHTXHQWH JHUDomR GH YDORU SDUD QRVVRV SURGXWRV H SDUD QRVVRV FOLHQWHV DILUPRX R JHUHQWH GH 3 ' GD 3DUNV 9DOQHLV 6LJQRU -~QLRU $ SUHVHQoD GD 3DUNV QR 7HFQRSXF p XPD DQWLJD DVSLUDomR GD 8QLYHUVLGDGH e XPD GDV HPSUHVDV SLRQHLUDV QD UHODomR FRP D 38&56 HP SURMHWRV GH 3 ' 6HX IXQGD GRU R HQJHQKHLUR 3DXOR 5HQDWR .HW]HU GH 6RX]D DLQGD GXUDQWH D DGPLQLVWUDomR GR UHLWRU 1RUEHUWR 5DXFK HVWDEHOHFHX FRP D 38&56 XPD SDUFHULD HP SURMHWRV GH 3 ' TXH FRQVROLGRX D DSUR[LPDomR GD 8QLYHU VLGDGH FRP D 3DUNV 'HVGH HQWmR FRP PDLV RX PHQRV rQIDVH D LQWHUDomR GD HPSUHVD FRP D 38&56 IRL XPD FRQVWDQWH DILUPRX R GLUHWRU GR 7HFQRSXF 5REHUWR $VWRU 0RVFKHWWD $WXDOPHQWH R 7HFQRSXF p UHIHUrQFLD HP 3DUTXHV &LHQWtILFRV H 7HFQROyJLFRV SDUD R %UDVLO H $PpULFD /DWLQD H FRQWD FRP HP SUHVDV LQVWLWXLo}HV GH FODVVH HPSUHVDULDO FHQWURV GH SHVTXLVD ,QVWLWXWR 1DFLRQDO H PDLV GH PLO SHVVRDV HQYROYLGDV

-XQKR GH

2 5LR *UDQGH GR 6XO UHJLV WURX QRV SULPHLURV TXDWUR PHVHV GH QRYDV HPSUH VDV QR (VWDGR $ UHGXomR p GH DSHQDV HP UHODomR DR PHV PR SHUtRGR GR DQR DQWHULRU TXDQGR IRUDP FRQWDELOL]DGRV QRYRV UHJLVWURV &RQIRU PH D -XQWD &RPHUFLDO GR 56 -X FHUJV D FRPSDUDomR UHSUHVHQWD HVWDELOLGDGH GH QRYRV HPSUHHQ GLPHQWRV DSHVDU GD FULVH HFRQ{ PLFD LQWHUQDFLRQDO H VHXV UHIOH[RV QR SDtV 6HJXQGR D HQWLGDGH HP PDU oR IRUDP UHJLVWUDGDV QRYDV HPSUHVDV VXSHULRU HP UHOD omR DR PHVPR SHUtRGR HP GH (P UHODomR DRV IH FKDPHQWRV KRXYH XP GHFUpVFL PR QR PHVPR SHUtRGR DQDOLVD GR (P IRUDP H[WLQWDV HPSUHVDV LQIHULRU HP UHODomR D TXDQGR HVVH R FKHJRX D


*UXSR 1HRIRUP ODQoD VHOR FRPHPRUDWLYR DRV DQRV &,& &HQWUR GDV ,QG~VWULDV GH &DFKRHLULQKD FLF FRPXQLFDFDR#WHUUD FRP EU

&,& DSRLD 3UrPLR 03( %UDVLO &ULDGR FRP D SURSRVWD GH SUR PRYHU H GHVWDFDU LQLFLDWLYDV H DWL YLGDGHV GH PLFUR H SHTXHQDV HP SUHVDV UHODFLRQDGDV j DSOLFDomR GH PpWRGRV GH JHVWmR LQRYDGRUHV TXH WHQKDP UHVXOWDGRV VLJQLILFDWL YRV QD FRPXQLGDGH R 3UrPLR 03( %UDVLO p XP LQFHQWLYR SDUD D EXV FD GD PHOKRULD FRQWtQXD GD JHV WmR GRV QHJyFLRV 2V HPSUHHQGLPHQWRV LQWHUHVVD GRV HP SDUWLFLSDU GR 03( %UDVLO SR GHP VH LQVFUHYHU SRU PHLR GD &HQ WUDO GH 5HODFLRQDPHQWR 6HEUDH QR WHOHIRQH SHOR VLWH ZZZ SUHPLRPSH VHEUDH FRP EU RX SRU PHLR GH ILFKD GH LQVFULomR GLV SRQtYHO QDV XQLGDGHV GH DWHQGL PHQWR GR 6HEUDH 56 $V LQVFULo}HV SDUD D HWDSD HV WDGXDO HVWmR DEHUWDV GHVGH R GLD GH DEULO H D SDUWLFLSDomR SRGH VHU JDUDQWLGD DWp R GLD GH MX OKR 1R (VWDGR D DomR p XPD LQL FLDWLYD GR 6HUYLoR GH $SRLR jV 0L FUR H 3HTXHQDV (PSUHVDV QR 5LR *UDQGH GR 6XO 6HEUDH 56 GD *HUGDX GR *UXSR 5%6 GR 0RYL PHQWR %UDVLO &RPSHWLWLYR 0%& H GD )XQGDomR 1DFLRQDO GD 4XDOL GDGH )14 HP SDUFHULD FRP R 3URJUDPD *D~FKR GH 4XDOLGDGH H 3URGXWLYLGDGH 3*43 3RGHP SDUWLFLSDU HPSUHVDV FRQVWLWXtGDV DWp GH GH]HPEUR GH FRP GRPLFtOLR QR (VWDGR GR 5LR *UDQ GH GR 6XO H IDWXUDPHQWR DQXDO GH DWp 5 PLOK}HV $V FDWHJRULDV GR 03( %UDVLO VmR ,QG~VWULD &RPpUFLR 6HUYLoRV GH 7XULVPR 6HUYLoRV GH 6D~GH 6HU YLoRV GH (GXFDomR 6HUYLoRV GH 7HF QRORJLD GD ,QIRUPDomR GHVHQYRO YLPHQWR LPSODQWDomR H JHUHQFLD PHQWR GH VRIWZDUHV 6HUYLoRV JH UDO H $JURQHJyFLR ( QD &DWHJR ULD 'HVWDTXH %RDV 3UiWLFDV GH 5HV SRQVDELOLGDGH 6RFLDO

$ )RUPSODVW HPSUHVD GR *UXSR 1HR IRUP GH *UDYDWDt SDUWLFLSRX GD )HLUD ,Q WHUQDFLRQDO GH 0iTXLQDV 0DWpULDV 3ULPDV H $FHVVyULRV SDUD D ,QG~VWULD 0RYHOHLUD )LPPD %UDVLO UHDOL]DGD GH D GH PDUoR HP %HQWR *RQoDOYHV 1D RFD VLmR IRL ODQoDGR R VHOR FRPHPRUDWLYR DR DQLYHUViULR GR *UXSR $ 1HRIRUP IXQGDGD HP FRP D IDEULFDomR GH OXPLQRVRV D JiV QHRQ SDV VRX D WHU VXD PDUFD UHFRQKHFLGD HP WRGR R %UDVLO H HP GLYHUVRV RXWURV SDtVHV SRU VHX SLRQHLULVPR QD IDEULFDomR GH HPED ODJHQV SOiVWLFDV GHVFDUWiYHLV HP 3(7 SDUD DOLPHQWRV 2 *UXSR 1HRIRUP LQRYRX PDLV XPD YH] H ODQoRX HP XP ODPLQD GR SDUD UHYHVWLPHQWR GH PDGHLUD SURGX ]LGR HP 3(7 UHFLFODGR R )RUPSODVW /D PLQDGR (FROyJLFR (VVH QRYR SURGXWR Mi HVWi QR PHUFDGR Ki RLWR DQRV H YHP VHQ

GR FDGD YH] PDLV DFHLWR SRU PDUFHQHLURV H LQG~VWULDV GH PyYHLV HP JHUDO (P VXD FDUWHOD D )RUPSODVW RIHUHFH DR PHUFDGR SDGU}HV GH PDGHLUDGRV H FRUHV VyOLGDV TXH SRGHP VHU DSOLFDGRV HP GLIH UHQWHV WLSRV GH VXEVWUDWRV 0') 0'3 DJORPHUDGR FRPSHQVDGRV 26% HWF 1D )LPPD D HPSUHVD DSUHVHQWRX XP ODPLQDGR HFRORJLFDPHQWH FRUUHWR FRP R XVR GH DGLWLYR DQWL FKDPD SURGXWR TXH JDQKRX 0HQomR +RQURVD HP VXD SDUWLFLSDomR QR 3UrPLR ,QRYDomR ,QRYDomR (VVH PDWHULDO IRL HVSHFLDOPHQWH GHVHQYRO YLGR SDUD R PHUFDGR GRV (8$ RQGH IRL OLFHQFLDGD PDUFD HVSHFLDO SDUD VXD GLVWUL EXLomR &RQILUD D PDWpULD FRPSOHWD VREUH D 0HQomR +RQURVD TXH D )RUPSODVW JDQKRX QR VLWH ZZZ WUFRPXQLFDFDR FRP PDWHULD SULPD

35263(&7$5 12926 0(5&$'26 $V QXYHQV WUD]LGDV SHOD FULVH PXQGLDO GHVHQFDGHDGD HP VHWHPEUR SHOR LQFKDoR GD HFRQRPLD LPRELOLiULD QRV (VWDGRV 8QL GRV Mi HVWmR VH GLVVLSDQGR HP PXLWRV SDtVHV 6HXV HVWUDJRV IRUDP JUDQGHV SDUD WRGDV DV QDo}HV 0DV GH WRGDV DV SHUJXQ WDV XPD R HPSUHViULR SRGH UHVSRQGHU R TXH HVWDPRV DSUHQGHQGR FRP HOD" e MXV WDPHQWH QRV PRPHQWRV PDLV GLItFHLV TXH QDVFHP DV PHOKRUHV VROXo}HV SDUD D FRQVROLGDomR GH XPD HPSUHVD $ 9LD 0DUNHWLQJ &RQVXOWRULD (PSUH VDULDO HVWi FROKHQGR RV UHVXOWDGRV SRVLWL YRV QD PXGDQoD GH SHQVDPHQWR GR HP SUHVDULDGR (VSHFLDOLVWD QR DWHQGLPHQWR GD LQG~VWULD PHWDOPHFkQLFD UH~QH XPD JDPD GH VHUYLoRV SDUD FRQHFWDU DV LQG~V WULDV FRP R %UDVLO H R PXQGR H JHUDU PDLV QHJyFLRV 6mR DQRV GH WUDEDOKR FRP FRQVXOWRULD SDUD R 6HEUDH 6LQGLFDWR GDV 0iTXLQDV $JUtFRODV GR 56 )LHUJV $SH[ H 6LQGLPHWDO 2 PHUFDGR SDUD H[SRUWDomR WHP VLGR PXLWR SURPLVVRU $V HPSUHVDV WrP FR OKLGR ERQV IUXWRV 1RVVD H[SHULrQFLD HP PDLV GH (VWDGRV EUDVLOHLURV H HP SDtVHV HVSDOKDGRV SHORV FLQFR FRQWLQHQ WHV WHP SRVVLELOLWDGR PXLWRV QHJyFLRV

-XQKR GH

UHYHOD (YDOGR 6LOYD -~QLRU GLUHWRU GD 9LD 0DUNHWLQJ 6HMD DWUDYpV GH PLVV}HV HPSUHVDULDLV IHLUDV RX URGDGDV GH QH JyFLRV H[LVWH XP JUDQGH PHUFDGR FD UHQWH SRU SURGXWRV GH TXDOLGDGH (V WDGRV 8QLGRV H (XURSD HVWmR QXP PR PHQWR UXLP PDV WHPRV PHUFDGRV HPHU JHQWHV FRPR D $PpULFD GR 6XO $PpULFD &HQWUDO ÉIULFD /HVWH (XURSHX H 6XGHV WH $VLiWLFR TXH HVWmR FUHVFHQGR PXLWR (QWmR p SDUD Oi TXH QRV GLUHFLRQDPRV 1R PHUFDGR EUDVLOHLUR WHPRV XPD QRYD IURQWHLUD DJUtFROD FRP 3RUWR GH ,WDTXL TXH SRVVLELOLWD R HVFRDPHQWR GLUHWR GRV JUmRV SDUD R ([WHULRU VDOLHQWD R FRQ VXOWRU 3UHVWDU D DVVHVVRULD SDUD H[SRUWDomR p XP GRV VHUYLoRV GD 9LD 0DUNHWLQJ &RQWD DLQGD FRP JHVWmR QDV iUHDV GH PD UNHWLQJ ILQDQoDV SODQHMDPHQWR H FRQWi ELO H XPD HTXLSH FDSDFLWDGD 2 SODQHMD PHQWR HQYROYH WRGRV RV DVSHFWRV H WRU QD D HPSUHVD PDLV FRPSHWLWLYD $ 9LD 0DUNHWLQJ SRU PXLWDV YH]HV H QD PDLR ULD GHODV DWXD FRPR R GHSDUWDPHQWR FRPHUFLDO GH XPD HPSUHVD 3DUD SURV SHFWDU QRYRV PHUFDGRV p LPSRUWDQWH HVWDU SUHSDUDGR


/DUU\ 6LOYD 03

3URWHMD VHX SDWULP{QLR DJRUD H SHODV SUy[LPDV JHUDo}HV 3HQVDU QD VXFHVVmR GH XPD HPSUHVD p VHPSUH XP PR PHQWR GH WHPRU SDUD RV HP SUHViULRV 0XLWRV GHOHV WrP KLVWyULDV HP FRPXP 7LYHUDP XPD LQIkQFLD VHP PRUGRPLDV DSUHQGHUDP FRP VXDV SUySUL DV H[SHULrQFLDV H WUDEDOKDUDP PXLWR SDUD WHU XPD HPSUHVD GH VXFHVVR 0DV PXLWDV YH]HV p QR PRPHQWR GD ERQDQoD TXH p LPSUHVFLQGtYHO SHQVDU QD FRQWLQXLGDGH GR SDWULP{QLR SHODV SUy[LPDV JHUDo}HV (VWH IRL R WHPD GD SDOHVWUD UHDOL]DGD QR &HQWUR GDV ,QG~VWULDV GH &DFKRHLULQKD SDUD HPSUH ViULRV SHOR DGYRJDGR 5XL (GXDUGR 9LGDO )DOFmR QR GLD GH PDLR $ FULDomR GH XPD KROGLQJ WHP VLGR D PHOKRU DOWHUQDWLYD SDUD WRGRV RV WLSRV GH HPSUH VDV TXH TXHUHP ID]HU D EOLQGD JHP GR VHX SDWULP{QLR DJRUD H SHODV SUy[LPDV JHUDo}HV 'H DFRUGR FRP R DGYRJDGR 5XL (GXDUGR 9LGDO )DOFmR D KROGLQJ SRVVLELOLWD D RUJDQL]DomR GRV EHQV IUHQWH j IDPtOLD FRP D SRVVLELOLGDGH GH GHWHUPLQDU SRGHUHV GLIHUHQWHV SDUD FDGD PHPEUR SRGHQGR VHU ILOKRV QHWRV H ELVQHWRV $OpP GHVVD RUJDQL]DomR D KROGLQJ SRVVLELOLWD R SDJDPHQ WR GH PHQRV WULEXWRV Mi TXH R SDWULP{QLR SDVVD D HVWDU QR QRPH GH XPD HPSUHVD &RP LVVR R HPSUHViULR WHP PDLV XPD YDQWDJHP TXH p R SDJD

PHQWR GH PHQRV ,PSRVWR GH 5HQGD &KDPDGD GH HOLVmR ILV FDO HVVD p XPD IRUPD SUHYLVWD HP OHL TXH SRVVLELOLWD R SODQH MDPHQWR WULEXWiULR 2 DGYRJDGR 9LGDO DLQGD VDOLHQWRX RXWUD YDQWDJHP D SURWHomR 3DUD FDGD Q~FOHR GH QHJyFLR VH FULD XPD RXWUD ID PtOLD GH HPSUHVDV 3RU H[HP SOR XPD HPSUHVD TXH WHQKD QHJyFLRV GLIHUHQWHV SRGH GHV PHPEUi ODV &RP LVVR VH XPD GHODV WLYHU SUHMXt]R QmR SUHMXGLFD R SDWULP{QLR QHP R QHJyFLR GD RXWUD UHYHOD 9LGDO 7HPRV H[HPSORV GH JUDQ GHV JUXSRV TXH WLQKDP XP JUDQGH SDWULP{QLR H TXH GHL [DUDP GH H[LVWLU SRU IDOWD GH RU JDQL]DomR SDWULPRQLDO VDOLHQ WD $ KROGLQJ p PXLWR FRPXP HP SDtVHV GD (XURSD H (VWD GRV 8QLGRV

)XQFLRQiULRV SDUWLFLSDUDP GH FRQIUDWHUQL]DomR

$UDXWHUP FRPSOHWD DQRV $ $UDXWHUP HPSUHVD IDEULFDQWH GH FDOGHL UDV H DTXHFHGRUHV FRPHPRURX QR GLD GH PDLR VHX DQR GH DWXDomR QR PHUFDGR EUDVLOHLUR 3DUD IHVWHMDU D HPSUHVD FDFKRHLUL QKHQVH RIHUHFHX XP FXUVR GH DWXDOL]DomR H XPD FRQIUDWHUQL]DomR FRQIUDWHUQL]DomR 'XUDQWH D PDQKm GR GLD GH PDLR KRX YH XP FXUVR GH DWXDOL]DomR SDUD RV UHSUHVHQ WDQWHV RULXQGRV GH GLIHUHQWHV (VWDGRV GR SDtV (OHV UHFHEHUDP LQIRUPDo}HV WpFQLFDV VREUH R QRYR SURGXWR GD $UDXWHUP R WURFDGRU GH FD ORU LPSRUWDGR GD 'LQDPDUFD TXH HVWi VHQGR FRPHUFLDOL]DGR QR %UDVLO ­ QRLWH D HPSUHVD UHDOL]RX XPD FRQIUD WHUQL]DomR 1D RFDVLmR FRODERUDGRUHV TXH FRPSOHWDUDP FLQFR GH] H DQRV GH DWX DomR IRUDP KRPHQDJHDGRV 1R WRWDO D HP SUHVD SRVVXL FHUFD GH IXQFLRQiULRV )XQGDGD HP GH PDLR GH FRP DSHQDV XP IXQFLRQiULR D $UDXWHUP FRQTXLV WRX SRVLomR GH GHVWDTXH SDUWLFLSDQGR GH IHL UDV QDFLRQDLV H LQWHUQDFLRQDLV FRPR D ([SR ODY (P FRQFOXLX D DPSOLDomR GR HVSD oR GD IiEULFD SDUD Pò VRPDGR D XPD iUHD DGPLQLVWUDWLYD GH Pò FRP SUpGLRV GH DUTXLWHWXUD PRGHUQD $ HPSUHVD SUHWHQGH LQWHQVLILFDU UHODo}HV FRPHUFLDLV FRP D (XURSD SULQFLSDOPHQWH FRP SDtVHV FRPR ,WiOLD H 'LQDPDUFD GH RQGH HVWi LPSRUWDQGR QRYRV SURGXWRV

8PD VRFLHGDGH JHVWRUD GH SDUWLFLSDo}HV VRFLDLV FRQKHFLGD HP LQJOrV SRU KROGLQJ p XPD IRUPD GH VRFLHGDGH FULDGD FRP R REMHWLYR GH DGPLQLVWUDU XP JUXSR GHODV FRQJOR PHUDGR 1D KROGLQJ HVVD HPSUHVD FULDGD SDUD DGPLQLVWUDU SRVVXL D PDLRULD GDV Do}HV RX TXRWDV GDV HPSUHVDV FRPSRQHQWHV GH GHWHUPLQDGR JUXSR GH HPSUHVDV

-XQKR GH


UHSRUWDJHP HVSHFLDO

2SRUWXQLGDGHV GH

1(*Ð&,26

2 PXQGR JOREDOL]DGR RQGH WXGR H WRGRV VmR PXLWR SUy[LPRV H DV LQIRUPDo}HV VmR GLYXOJDGDV QD YHORFLGDGH GRV PLOpVLPRV GH VH JXQGRV RIHUHFH XPD LQILQLGDGH GH RSRUWXQLGDGHV $ GHILQLomR GH SH TXHQD PpGLD H JUDQGH HPSUHVD SHUGH XP SRXFR VHX VHQWLGR TXDQ GR VH SHQVD TXH PXLWDV PLFUR HP SUHVDV WrP FOLHQWHV HVSDOKDGRV SHOR PXQGR H QHJRFLDP SHOD LQWHUQHW (QWmR R FRQFHLWR GH WDPDQKR SDV VRX D VHU GHILQLGR QmR SHOR Q~PH UR GH IXQFLRQiULRV PDV SHOD SR WHQFLDOLGDGH GH FDGD HPSUHVD 2 GHSDUWDPHQWR FRPHUFLDO GDV HPSUHVDV PXGRX 2 WHOHIRQH KRMH Mi QmR p R SULQFLSDO PHLR GH FRPX QLFDomR 1RYDV RSRUWXQLGDGHV GH

QHJyFLRV VXUJHP D FDGD GLD 6DHP QD IUHQWH RV DGPLQLVWUDGRUHV YLVL RQiULRV 4XDQGR VXUJH XPD QRYL GDGH QR PHUFDGR DV SHVVRDV QmR DILUPDP PDLV FDWHJRULFDPHQWH TXH LVVR QmR YDL YLQJDU ([LVWHP WDQ WRV PLOK}HV GH SHVVRDV D SURFXUD GH FRQVXPR TXH WXGR YLQJD %DVWD HVWDU DWHQWR H WHU XP SODQR GH QH JyFLRV EDL[H R PRGHOR QR VLWH ZZZ WUFRPXQLFDFDR FRP PDWHULD SULPD (VWXGLRVRV IDODP TXH HVWH p R LQtFLR GD VHJXQGD HUD GD JOREDOL]D omR 3DUD HOHV XPD HPSUHVD QmR SUHFLVD GH XPD VHGH QHP PHVPR GH XP JUXSR IL[R GH IXQFLRQiULRV SDUD VHU IRUWH 2 LPSRUWDQWH p WHU FXVWRV FRQWURODGRV LPSODQWDU D JHVWmR VLVWrPLFD H DSURYHLWDU DV RSRUWXQLGDGHV TXH VmR DSUHVHQWD GDV D FDGD GLD &RQILUD DOJXPDV GHVVDV RSRUWXQLGDGHV

-XQKR GH

9HQGDV SHOD

LQWHUQHW

0DQWHU XPD SiJLQD GH LQWHUQHW DWXDOL]DGD p UHTXLVLWR EiVLFR SDUD DWUDLU FOLHQWHV 0DV DLQGD p SRVVtYHO XVDU D IHUUDPHQWD QmR Vy GH IRUPD LQVWLWXFLRQDO PDV WDPEpP SDUD YHQ GDV 2V FDWiORJRV YLUWXDLV SRGHP VHU RXWUD IRUoD GH YHQGDV $WUDYpV GH FUHGHQFLDPHQWR MXQWR jV RSHUD GRUDV GH FUpGLWR p SRVVtYHO TXH R FOLHQWH Mi LPSULPD LQFOXVLYH D IDWXUD GH SDJDPHQWR


DWU DYpV GD H[SRU DWUDYpV H[SRUWW DomR

&HQWURV GH 1HJyFLRV

$ JOREDOL]DomR SHUPLWLX LQWHJUDU RV QHJy FLRV GDV PDLV GLVWLQWDV UHJL}HV GR PXQGR SRV VLELOLWDQGR TXH LQIRUPDo}HV H QHJyFLRV HP SUHVDULDLV VHMDP WURFDGRV H HIHWXDGRV LQVWDQ WkQHD H GLDULDPHQWH $V FRPSOH[DV WUDQVIRUPDo}HV WHFQROyJL FDV PD[LPL]DGRUDV GRV SURFHVVRV QHJRFLD GRUHV SURYHUDP DR PXQGR DV EDVHV PDWHUL DLV SDUD WUDQVIRUPDomR GR FRPpUFLR LQWHUQD FLRQDO HP XPD LPSRUWDQWH IHUUDPHQWD SDUD R GHVHQYROYLPHQWR GDV HPSUHVDV H GRV SDtVHV $V RUJDQL]Do}HV VHMDP HODV GRV PDLV YDULDGRV WDPDQKRV GHYHP DQDOLVDU D LQ WHUQDFLRQDOL]DomR GH VHXV QHJyFLRV FRPR D HVWUDWpJLD FDSD] GH SURSRUFLRQDU P~OWL SORV JDQKRV GH GHVHQYROYLPHQWR WDLV FRPR D GLYHUVLILFDomR GH PHUFDGRV DXPHQWR GD SURGXWLYLGDGH IRUWDOHFLPHQWR GD LPDJHP PHOKRULD GD TXDOLGDGH HVWDEHOHFLPHQWR GH SDUFHULDV GHQWUH LQ~PHURV RXWURV

&ULDGRV HP H DSyV SDVVDU SRU UHIRUPXOD o}HV RV &HQWURV GH 1HJyFLRV VmR XQLGDGHV GD $SH[ %UDVLO QR H[WHULRU TXH DMXGDP QD LQWHUQDFLRQDOL]D omR GDV HPSUHVDV EUDVLOHLUDV DX[LOLDQGR GHVGH D SURVSHFomR GH PHUFDGR DWp D GLVWULEXLomR GH SUR GXWRV $OpP GH SHUPLWLU jV HPSUHVDV PDQWHU HVWRTXH GH SURGXWRV PRVWUXiULR H HVFULWyULR GHVWLQDGR D DWL YLGDGHV FRPHUFLDLV H DGPLQLVWUDWLYDV RV &1V GLV SRQLELOL]DP VHUYLoRV DJUHJDGRV FRPR FRQVXOWRULDV VXSRUWH D QHJyFLRV H DUPD]HQDJHP ORJtVWLFD $OpP GH 3HTXLP D $JrQFLD PDQWpP &HQWURV GH 1HJyFLRV HP 0LDPL 'XEDL (PLUDGRV ÉUDEHV 8QL GRV 9DUVyYLD 3RO{QLD H +DYDQD &XED $Wp R ILQDO GR DQR 0RVFRX 5~VVLD UHFHEHUi D HVWUXWXUD 2 REMHWLYR GDV 8QLGDGHV GH $WHQGLPHQWR p DSUR [LPDU DV HPSUHVDV QDFLRQDLV GR FRPpUFLR H[WHULRU 6HMD HOD XPD HPSUHVD QmR H[SRUWDGRUD RX XPD H[ SRUWDGRUD HP IDVH LQLFLDO H[SOLFD $OHVVDQGUR 7HL[HL UD SUHVLGHQWH GD $SH[ %UDVLO 7DPEpP UHFHEHUmR XP Q~FOHR GD $SH[ RV (VWDGRV GR &HDUi )RUWDOH]D 0L QDV *HUDLV 3DUDQi H 6DQWD &DWDULQD $ PHWD p TXH WRGRV VHMDP DWHQGLGRV DWp R ILP GR DQR 6HJXQGR 7HL[HLUD R 5LR *UDQGH GR 6XO WHP HPSUHVDV OLJDGDV DRV SURMHWRV GHVHQYROYLGRV SHOD $SH[ %UD VLO 'HVWDV VmR H[SRUWDGRUDV TXH QR DQR SDV VDGR IRUDP UHVSRQViYHLV SRU YHQGDV H[WHUQDV GH 5 ELOK}HV R TXH HTXLYDOH D GR WRWDO H[SRUWDGR SHOR (VWDGR HP 5 ELOK}HV (P DEULO LQDXJXURX D SULPHLUD XQLGDGH QR 56 GD $SH[ QD )LHUJV

'LFD ZZZ DSUHQGHQGRDH[SRUWDU JRY EU

5RGDGDV GH 1HJyFLRV $V 5RGDGDV GH 1HJyFLRV VmR XPD GDV IHUUDPHQWDV TXH R 6HEUDH 56 GLVSRQLELOL]D SDUD D SURPRomR GH PLFUR H SHTXHQRV QH JyFLRV (P HQFRQWURV SUHYLDPHQWH DJHQGD GRV DV HPSUHVDV QHJRFLDP VHXV SURGXWRV H VHUYLoRV DOpP GH HVWDEHOHFHUHP QRYDV SDU FHULDV HQYROYHQGR LQWHUHVVHV UHFtSURFRV (VWD p XPD RSRUWXQLGDGH GH HVWUHLWDU OD oRV FRPHUFLDLV H FRORFDU D VXD HPSUHVD GLUH WDPHQWH HP FRQWDWR FRP SRWHQFLDLV FRPSUD GRUHV H YHQGHGRUHV 2 HYHQWR WDPEpP SRVVL ELOLWD HVWDEHOHFHU DVVRFLDo}HV FRPR MRLQW YHQ WXUHV WUDQVIHUrQFLD GH WHFQRORJLD IUDQFKLVLQJ HWF $V IHLUDV VmR IDFLOLWDGRUDV GH YHQGDV XPD PDQHLUD PDLV HFRQ{PLFD GH ID]HU QHJyFLRV H ODQoDU SURGXWRV QR PHUFDGR (ODV SURSRUFLR QDP j VXD HPSUHVD XPD DSUR[LPDomR IDFH D IDFH FRP SRWHQFLDLV FRPSUDGRUHV QDFLRQDLV H LQWHUQDFLRQDLV GLYXOJDQGR D PDUFD H SUR GXWRV (P XP PHVPR ORFDO HQFRQWUDP VH UHXQLGRV FOLHQWHV IRUQHFHGRUHV FRQFRUUHQWHV IRUPDGRUHV GH RSLQLmR SDUFHLURV QRYDV WHF QRORJLDV

'LFD ZZZ DSH[EUDVLO FRP EU

&HQWHQDV GH FOLHQWHV QDV

OLFLWDo}HV HOHWU{QLFDV $V OLFLWDo}HV HOHWU{QLFDV VRIUHUDP UHD MXVWHV QRV ~OWLPRV WHPSRV H WrP SRVVLELOLWD GR XPD RSRUWXQLGDGH SDUD HPSUHVDV TXH PDQWpP D TXDOLGDGH H SUHoR FRPSDWtYHO FRP R PHUFDGR 2V SURFHVVRV VmR WRGRV IHLWRV SHOD LQWHUQHW 6mR SXEOLFDGDV GLDULD PHQWH RIHUWDV SDUD RV PDLV YDULDGRV VHWR UHV 2 LQWHUHVVDGR SDJD XPD WD[D PHQVDO H XPD WDULID DQXDO SDUD WHU DFHVVR H HQYLDU SURSRVWDV $ SULQFLSDO YDQWDJHP p TXH WR GRV FRQFRUUHP GH IRUPD LJXDO WHQGR FRPR REMHWLYR ILQDO R PHQRU SUHoR 'LFD ZZZ OLFLWDFRHV H FRP EU ZZZ FRPSUDVQHW JRY EU

-XQKR GH

UHSRUWDJHP HVSHFLDO

&RQTXLVWDU QRYRV PHUFDGRV


UHSRUWDJHP HVSHFLDO

)UDQTXLDV

,QFXEDGRUDV GH HPSUHVDV

LQWHUQDFLRQDLV $ LQWHUQDFLRQDOL]DomR GDV IUDQTXLDV p XPD WHQGrQFLD PXQ GLDO 1R %UDVLO WHUHPRV D HQWUDGD GH YiULDV PDUFDV H FRQFHLWRV HVWUDQJHLURV H WDPEpP D H[SDQVmR GDV IUDQTXLDV EUDVLOHLUDV SDUD R H[WHULRU 0XLWD JHQWH TXHVWLRQD VH p VHJXUR DGTXLULU XPD IUDQ TXLD HVWUDQJHLUD 3DUD WHU VXFHVVR FRP XPD PDUFD LQWHUQDFLR QDO H[LVWHP DOJXPDV GLFDV FRQILUPDU VH R SURGXWR RX VHUYLoR HP TXHVWmR p YLiYHO GH VH LPSODQWDU QR %UDVLO QHJRFLDU DV FRQ GLo}HV GH LPSODQWDomR GD IUDQTXLD R FRQWUDWR WHP GH VHU EHP IHLWR FRP RULHQWDomR GH DGYRJDGRV HVSHFLDOL]DGRV QD LQWHUQD FLRQDOL]DomR GH IUDQTXLDV DYDOLDU VH D RSHUDomR HQYROYH D LP SRUWDomR GH LQVXPRV SURGXWRV RX HTXLSDPHQWRV H YHULILFDU RX QHJRFLDU D QDFLRQDOL]DomR GRV LWHQV TXH YmR HQFDUHFHU R SUR GXWR ILQDO QR %UDVLO 0DLRUHV LQIRUPDo}HV SRGHP VHU REWLGDV FRP R 6HEUDH

,QFXEDGRUDV GH HPSUHVDV DJrQFLDV GH IRPHQWR H VHXV UHFXU VRV SRGHP WHU JUDQGH FRQWULEXL omR 2 PDLV UHFHQWH LQFHQWLYR p R 3URJUDPD 3ULPHLUD (PSUHVD ,QR YDGRUD 3ULPH TXH GLVSRQLELOL]D Ui DWp 5 PLO SDUD HPSUHVDV LQRYDGRUDV 3DUD YLDELOL]DU XP SURMHWR DFD GrPLFR HP XP HPSUHHQGLPHQWR GH VXFHVVR p LPSRUWDQWH TXH SUR ILVVLRQDLV UHFpP IRUPDGRV VH SUR ILVVLRQDOL]HP ,QVWDODU VH HP XPD LQFXEDGRUD GH HPSUHVDV SRGH VHU D RSomR LGHDO H R SULPHLUR SDVVR SDUD GHVHQYROYHU SURMHWRV DPSOL DU QHJyFLRV H FDSWDU UHFXUVRV IL QDQFHLURV 1R &LHWHF PDLRU LQFX EDGRUD GH HPSUHVDV GD $PpULFD /DWLQD SRU H[HPSOR DV HPSUHVDV LQFXEDGDV FRQWDP FRP FRQVXOWR ULD GH VHWH JHVWRUHV IL[RV H R VX SRUWH DGHTXDGR QR SOHLWHLR GH FD SLWDO SRU PHLR GDV DJrQFLDV GH IR PHQWR $ 6KDUHZDWHU LQVWDODGD QD LQ FXEDGRUD p XP FDVR GH HPSUHVD TXH VXUJLX GH XP WUDEDOKR GH FRQ FOXVmR GH FXUVR VREUH FRQWUROH H SHUGDV HP UHGHV GH DEDVWHFLPHQ WR GH iJXD 2 HQJHQKHLUR FLYLO 'LRJR GH $OPHLGD DQRV XP GRV VyFLRV FRQWD TXH VHU XPD VWDUW XS RULJLQDGD QD LQFXEDGRUD IRL HVVHQFLDO SDUD VXSULU D GHILFL rQFLD HP JHVWmR H DGPLQLVWUDomR GH VHX QHJyFLR 1R &LHWHF FRQ VHJXLPRV RUJDQL]DU JHUHQFLDOPHQWH D 6KDUHZDWHU H QRV DGHTXDU jV H[L JrQFLDV GRV FOLHQWHV R TXH DX PHQWRX QRVVD VREUHYLYrQFLD QR PHUFDGR GHFODUD R HPSUHHQGH GRU

'LFD ZZZ VHEUDH UV FRP EU

-XQKR GH


$ /HL Q GH GH VH WHPEUR GH FRQKHFLGD FRPR D QRYD OHL GR HVWiJLR Mi HQWURX HP YLJRU QD GDWD GH VXD SXEOLFDomR e LPSRUWDQWH OHP EUDU TXH RV FRQWUDWRV HPLWLGRV H DVVLQDGRV DWp GH VHWHPEUR GH SHUPDQHFHP UHJLGRV SHOD /HJLVODomR DQWHULRU DWp D VXD H[ SLUDomR UHQRYDomR RX DOWHUDomR (VWD QRYD OHL YDORUL]D R HVWi JLR FRPR XP DWR HGXFDWLYR WDPEpP GHILQH QRYDV UHJUDV SDUD DV FRQWUDWDo}HV GH HVWDJLiULRV $ MRUQDGD GH WUDEDOKR GRV HV WDJLiULRV DJRUD p OLPLWDGD D KRUDV GLiULDV H KRUDV VHPDQDLV SDUD R (QVLQR 6XSHULRU (GXFDomR 3UR ILVVLRQDO H (QVLQR 0pGLR UHJXODU 3DUD RV DQRV ILQDLV GR (QVLQR )XQGDPHQWDO (GXFDomR (VSHFLDO D FDUJD KRUiULD Pi[LPD p GH KR UDV GLiULDV H KRUDV VHPDQDLV GH WUDEDOKR &RP D QRYD OHL R HVWDJLiULR WHP GLUHLWR j UHFHVVmR UHPXQHUD GD GH GLDV DSyV DQR GH HVWi JLR QD PHVPD HPSUHVD RX GH IRUPD SURSRUFLRQDO HP FRQWUD WRV FRP GXUDomR LQIHULRU D PHVHV GH HVWiJLR 2 UHFHVVR VHUi FRQFHGLGR SUHIHUHQFLDOPHQWH GXUDQWH R SHUtRGR GH IpULDV HV FRODUHV (P GLDV GH SURYD WHP GL UHLWR D UHGXomR GH GD MRU QDGD GH WUDEDOKR 2 HVWiJLR REULJDWyULR QmR Gi GLUHLWR j EROVD DX[tOLR HPERUD HVWD SRVVD VHU FRQFHGLGD 1R HV WiJLR QmR REULJDWyULR D EROVD DX[tOLR H R IRUQHFLPHQWR GH DX [tOLR WUDQVSRUWH VmR REULJDWyUL RV $ HPSUHVD SRGHUi FRQFHGHU DRV VHXV HVWDJLiULRV EHQHItFLRV FRPR DOLPHQWDomR VD~GH HQWUH RXWURV VHP TXH LVVR FDUDFWHUL]H YtQFXOR HPSUHJDWtFLR GHVGH TXH REVHUYDGRV RV UHTXLVLWRV OHJDLV 2 Q~PHUR Pi[LPR GH HVWD JLiULRV SRU HPSUHVD 'H D HPSUHJDGRV Vy SRGHUmR WHU HVWDJLiULR 'H D HPSUHJDGRV Vy SRGHUmR WHU HVWDJLiULRV

75$%$/+$'25(6 ,1)250$,6 32'(5®2 6( )250$/,=$5

&DPLOD 6FKlIHU 03

$ SDUWLU GH MXOKR GHVWH DQR RV WUDED OKDGRUHV LQIRUPDLV FRPR GRFHLURV ERU UDFKHLURV FDPHO{V PDQLFXUHV FDEHOHL UHLURV H HOHWULFLVWDV HQWUH RXWURV SRGHUmR VH IRUPDOL]DU FRPR PLFURHPSUHHQGHGRUHV LQGLYLGXDLV $ SURSRVWD IRL DSURYDGD QR ILQDO GH DEULO SHOR &RPLWr *HVWRU GR 6LP SOHV 1DFLRQDO $ GHFLVmR SHUPLWLUi TXH HVVHV WUDEDOKDGRUHV IRUPDOL]HP VXD VLWXD omR DWUDYpV GR SDJDPHQWR PHQVDO GH PHQRV GH 5 'H DFRUGR FRP R 6HUYLoR %UDVLOHLUR GH $SRLR jV 0LFUR H 3HTXHQDV (PSUHVDV 6H PL EUDH H[LVWHP PDLV GH PLOK}HV GH PL FURHPSUHHQGHGRUHV LQGLYLGXDLV LQGLYLGXDLV TXH WUDEDOKDP QD LQIRUPDOLGDGH KRMH QR %UD VLO &RP D QRYD SURSRVWD D H[SHFWDWLYD p GH IRUPDOL]DU FHUFD GH XP PLOKmR GH WUD EDOKDGRUHV DWp (QWUH RV UHTXLVLWRV SDUD VH FDGDVWUDU FRPR PLFURHPSUHHQGHGRU LQGLYLGXDO R WUDEDOKDGRU SUHFLVD JDQKDU DWp 5 PLO SRU DQR 'HSRLV GH LQJUHVVDU QR UHJLPH HOH SDVVD D FRQWDU FRP D UHGH GH SURWH omR GR ,166 TXH LQFOXL DSRVHQWDGRULD H[FOXtGD DTXHOD SRU WHPSR GH FRQWULEXL omR DOpP GH VDOiULR PDWHUQLGDGH SDUD DV PXOKHUHV H DX[tOLR GRHQoD 2 WUDEDOKDGRU QmR SUHFLVDUi ID]HU SD JDPHQWRV SDUD LQJUHVVDU QR SURJUDPD (OH SUHFLVDUi GH XP FRQWDGRU PDV R DWHQGL PHQWR WHUi GH VHU JUDWXLWR 7DPEpP QmR SUHFLVDUi SDJDU WD[DV QD MXQWD FRPHUFLDO RX HP FDUWyULRV 2 PLFURHPSUHHQGHGRU QmR SUHFLVDUi HPLWLU QRWDV ILVFDLV PDV SUH FLVDUi DSUHVHQWDU DTXHODV UHODWLYDV jV FRP SUDV GH LQVXPRV &RQILUD D OLVWD GH SURILVV}HV TXH SR GHP VHU HQTXDGUDGDV FRPR GH PLFURHP SUHHQGHGRU LQGLYLGXDO QR VLWH GD 0DWpULD 3ULPD ZZZ WUFRPXQLFDFDR FRP PDWHULD SULPD

7kQLD 3LUHV &RQWDGRUD _ )LVFRQWDUK

'H D HPSUHJDGRV Vy SRGHUmR WHU HVWDJLiULRV 'H HPSUHJDGRV Vy SR GHUmR WHU DWp GH HVWDJLiUL RV 2V HVWiJLRV QmR SRGHUmR H[ FHGHU D DQRV H[FHWR TXDQGR VH WUDWDU GH HVWDJLiULRV SRUWDGR UHV GH GHILFLrQFLD SDUD TXHP D QRYD OHL QmR SUHYr SUD]R $V HPSUHVDV VmR REULJDGDV D ID]HU XP 6HJXUR GH $FLGHQWHV 3HVVRDLV HP QRPH GRV HVWDJLi ULRV FXMD DSyOLFH VHMD FRPSDWt YHO FRP RV YDORUHV GR PHUFDGR WDPEpP GHYHUmR LQGLFDU XP 6X SHUYLVRU GH (VWiJLR TXH SRGHUi VXSHUYLVLRQDU DWp GH] HVWDJLiUL RV DR PHVPR WHPSR 2 FRQWUDWR GH HVWiJLR SRGH VHU UHVFLQGLGR D TXDOTXHU PR PHQWR SRU TXDOTXHU XPD GDV SDUWHV VHP TXH KDMD {QXV PXO WDV RX VDQo}HV 2 0LQLVWpULR GR 7UDEDOKR H (PSUHJR GLVSRQLELOL]RX HP VHX VLWH XPD FDUWLOKD FRQWHQGR SHUJXQWDV H UHVSRVWDV VREUH DV UHJUDV GD QRYD OHL GR HVWiJLR SDUD HVFODUHFHU DV G~YLGDV GH HV WDJLiULRV HPSUHVDV H DV LQVWLWXL o}HV GH HQVLQR (P PLQKD RSLQLmR FRP D PXGDQoD GD /HL R HVWDJLiULR SDV VRX WHU XP DPELHQWH GH WUDEDOKR PDLV MXVWR H GHL[D GH VHU XPD PmR GH REUD EDUDWD SDUD DV HP SUHVDV

-XQKR GH

FRQWDELOLGDGH

1RYD OHL GH HVWiJLRV


5RVHODLQH 9LQFLSURYD 03

,19(67,0(1726

8QLGDGH SDVVDUi D VXSULU GDV QHFHVVLGDGHV GH PDWHULDO LPSUHVVR

6RX]D &UX] LQDXJXUD

3DUTXH *UiILFR $ JRYHUQDGRUD GR 5LR *UDQGH GR 6XO <HGD &UXVLXV HP FHULP{QLD VROHQH DR ODGR GR SUHVLGHQWH GD HPSUHVD 'DQWH /HWWL RIL FLDOL]RX R PRPHQWR GD LQDXJXUDomR GR 3DU TXH *UiILFR GD 6RX]D &UX] TXH WUDQVIHUH WRGDV DV VXDV DWLYLGDGHV SDUD D XQLGDGH GH &DFKRHLULQKD /HWWL GHVWDFRX HP VHX GLVFXUVR D LPSRUWkQFLD GR LQYHVWLPHQWR SDUD D UHJLmR 6XO H SDUD R SDtV OHYDQGR HP FRQWD D JHUDomR GH FHQWHQDV GH HPSUHJRV GLUHWRV H LQGLUHWRV -i D JRYHUQDGRUD UHVVDO WRX R FRPSURPLVVR GD 6RX]D &UX] FRP R SRYR JD~FKR H[DOWDQGR R FXPSULPHQWR GR FURQRJUDPD DFRUGDGR DOpP GR GHVHQ YROYLPHQWR TXH D FRPSDQKLD JHUD SDUD R 5LR *UDQGH GR 6XO 2 SUHIHLWR GH &DFKRHL ULQKD 9LFHQWH 3LUHV IRL DSODXGLGR DR DQXQ FLDU R FXPSULPHQWR GR FRPSURPLVVR GD

GXSOLFDomR GD $YHQLGD )UHGHULFR 5LWWHU FRP D DVVLQDWXUD GR FRQWUDWR QR YDORU GH 5 PLOK}HV SDUD LQYHVWLPHQWRV HP LQIUDHVWUX WXUD QD FLGDGH 9LFHQWH UHFRQKHFHX D LP SRUWkQFLD GD HPSUHVD SDUD R PXQLFtSLR OHPEUDQGR TXH HP DQR GH LQVWDODomR GD IXPDJHLUD &DFKRHLULQKD HUD DSHQDV D HFRQRPLD GR (VWDGR $JRUD FRP DV DP SOLDo}HV H[HFXWDGDV QRV ~OWLPRV DQRV SDV VDPRV SDUD D SRVLomR &RP R SDUTXH JUi ILFR DYDQoDUHPRV VHP G~YLGDV SDUD DV SUL PHLUDV SRVLo}HV QR UDQNLQJ GD HFRQRPLD HVWDGXDO DILUPRX 7HPRV PDTXLQiULR QRYR PDLV PR GHUQR H HILFLHQWH &RP D PHOKRULD GD TXDOL GDGH GDV LPSUHVV}HV SRGHUHPRV DXPHQ WDU D EDVH FRPSHWLWLYD SDUD H[SRUWDomR $Wp R ILQDO GH D IiEULFD JHUDUi PDLV GH

-XQKR GH

$ DPSOLDomR GDV RSHUDo}HV HQYROYH 5 PLOK}HV HP LQYHV WLPHQWRV LQFOXLQGR REUDV H FRP SUD GH HTXLSDPHQWRV H D HIHWLYD omR GH PDLV HPSUHJRV GLUH WRV QD IiEULFD DOpP GH RXWURV LQGLUHWRV (P VHWHPEUR TXDQGR R QRYR VHWRU HVWLYHU IXQFLRQDQGR D SOHQR YDSRU D IiEULFD WHUi XP HVWRTXH GH PLO SRVWRV GH WUD EDOKR &RP D LQDXJXUDomR &D FKRHLULQKD FRQFHQWUDUi D IDEULFD omR GH WRGDV DV HPEDODJHQV XWLOL ]DGDV SHOD HPSUHVD QR %UDVLO 6H UmR PLO WRQHODGDV GH PDWHULDLV JUiILFRV SURGX]LGRV SRU DQR R TXH WRUQDUi R SDUTXH D PDLRU JUiILFD GR 5LR *UDQGH GR 6XO H XPD GDV PDLRUHV GR %UDVLO $ REUD GH GXSOLFDomR GD $YHQLGD )UHGHULFR 5LWWHU SULQFLSDO FRUUHGRU GH HVFRDPHQWR GR 'LV WULWR ,QGXVWULDO GH &DFKRHLULQKD FRPHoDUi DLQGD HVWH DQR $ DVVL QDWXUD GR HPSUpVWLPR FRP R )RQ SODWD RFRUUHX HP IHYHUHLUR JDUDQ WLQGR FHUFD GH 5 PLOK}HV HP LQYHVWLPHQWRV QD LQIUDHVWUXWXUD GD FLGDGH PHWDGH GHVVH PRQWDQWH GH UHFXUVRV SUySULRV $ QRYD SLVWD GD 5LWWHU VHUi FRQVWUXtGD HQWUH H FRP LQYHVWLPHQWRV GH 5 PLOK}HV

PLO HPSUHJRV GLUHWRV QDV VXDV RSHUDo}HV DOpP GDTXHOHV TXH IRUDP JHUDGRV QDV REUDV EHQHItFLRV H HPSUHJRV LQGLUHWRV QD FRPX QLGDGH DILUPRX /HWWL &RP XPD iUHD GH PLO PHWURV TXDGUDGRV R 3DUTXH *UiIL FR p IUXWR GH XP LQYHVWLPHQWR GD RUGHP GH 5 PLOK}HV H HPSUHJDUi FHUFD GH FRODERUDGRUHV &RP DV LQRYDo}HV D XQL GDGH SDVVDUi D VXSULU GDV QHFHVVLGDGHV GH PDWHULDO LPSUHVVR R TXH DQWHV HUD GH H[SOLFRX /HWWL


9DFLQD -XUtGLFD

(OVWHU H D UHVSRQVDELOLGDGH DPELHQWDO

-RVp &DUORV 5LEHLUR *DUFLD

1D YDQJXDUGD GDV RUJDQL]Do}HV TXH WUDEDOKDP SHOD JHVWmR GD TXDOLGDGH H PHLR DPELHQWH D (OVWHU HPSUHHQGH GHVGH Do}HV IRFDGDV QR VHX 6LVWHPD GH *HVWmR $P ELHQWDO 7HQGR FRPR SULQFtSLR D SUHYHQomR GD SROXL omR omR R VLVWHPD IRL HVWUXWXUDGR D SDUWLU GH XPD 3ROtWLFD $P ELHQWDO FRQVLVWHQWH FRPSURPHWLGD FRP R DWHQGLPHQWR j OH JLVODomR H D EXVFD GD PHOKRULD FRQWtQXD 1R ILQDO GH GH]HPEUR GH FRP D FHUWLILFDomR ,62 SDVVRX D VHU D VpWLPD HPSUHVD FRP FHUWLILFDomR DPELHQWDO QR 5LR *UDQGH GR 6XO VHQGR D SULPHLUD HPSUHVD GR VHWRU HOHWURH OHWU{QLFR FHUWLILFDGD QR (VWDGR H D WHUFHLUD QR %UDVLO IRQWH ,10(752 $SyV GH] DQRV GHVGH D FHUWLILFDomR DPELHQWDO D (OVWHU FRQWDELOL]D YiULDV Do}HV LPSRUWDQWHV HQWUH HODV 7UDWDPHQWR GH GRV HIOXHQWHV JHUDGRV $Wp R HIOXHQWH OtTXLGR GD IiEULFD HUD ODQoDGR VHP R GHYLGR WUDWDPHQWR QR DPELHQWH $SyV R LQYHVWLPHQWR GH PDLV GH 8 IRL SRVVtYHO HOLPLQDU R LPSDFWR VREUH RV UHFXUVRV KtGULFRV ORFDLV 6HJUHJDomR H FROHWD VHOHWLYD GH UHVtGXRV $ FRQVWUXomR GD FHQWUDO GH UHVtGXRV H D LPSOHPHQWDomR GR SURJUDPD GH FROHWD VHOHWLYD SRVVLELOLWDUDP D UHFLFODJHP GH FHUFD GH GRV UHVtGXRV JHUDGRV QD (OVWHU DOpP GD UHGXomR GR YROXPH GH UHVtGXRV HQYLDGRV SDUD DWHUUR FRP VXEVWDQFLDO JDQKR HFRQ{PLFR H DPELHQWDO SDUD D HPSUHVD &RQVXPR UDFLRQDO GH HQHUJLD H iJXD &RP D PDQXWHQomR GRV SURJUDPDV GH JHVWmR DPELHQWDO D (OVWHU WHP JDUDQWLGR XP FRQVXPR FRQWURODGR H HP FRQVWDQWH UHGXomR GRV UHFXUVRV QDWXUDLV QR SURFHVVR GH SURGXomR

$GYRJDGR 5HVSRQViYHO SHOD ÉUHD &LYLO (PSUHVDULDO GD 1LHGHUDXHU *DUFLD $GYRJDGRV 2$% 56

$ DGYRFDFLD SUHYHQWLYD DWXD QR PXQGR GDV UHODo}HV MXUtGLFDV FRPR XPD HVSpFLH GH YDFLQD TXH HYLWD R FRQYtYLR FRP D DGYHUVLGDGH RULXQ GD GD GRHQWLD UHODomR KXPDQD TXH FRVWXPD VH HVWDEHOHFHU QRV SDFWRV VHMDP HOHV GH TXH FDWHJRULD LQWHU UHODFLRQDO SRVVDP DGYLU 7DO FRPR D GRHQoD FOtQLFD D VH TXHOD GRV SDFWRV QRUPDOPHQWH GHFRUUH GD LPSUHYLGrQFLD RX GR GHVFXLGR FRP RV SURFHGLPHQWRV SUHYHQWLYRV 1D IRUPDWDomR FRQWUDWXDO QR WUDWR FRP FOLHQWHV IRUQHFHGRUHV IXQFLRQiULRV RX SDUFHLURV FRPHUFL DLV UHVLGH D QHFHVVLGDGH GH XPD SUp YLD PHGLFDomR 'R PHVPR PRGR QRV SURFHGLPHQWRV WULEXWiULRV WDO UHPpGLR HQFRQWUD QD DQWHULRULGDGH R VHX HIHWLYR H VyOLGR HIHLWR e FRP HVWH SURFHGLPHQWR VLPSOHV TXH VHUi SRVVtYHO PLQL PL]DU RV HIHLWRV GH HQWHQGLPHQ WRV RULXQGRV GH YLV}HV SHVVRDLV LGHROyJLFDV H SUDJPiWLFDV 6HP TXHUHU DGHQWUDU HP MXt]RV GH YDOR UHV FDGD XP WHP D VXD YHUGDGH H R GLVWDQFLDPHQWR HQWUH D QRVVD YHUGDGH H D YHUGDGH OHJDO SUHFLVD VHU UHGX]LGR DR PtQLPR SDUD TXH QRVVRV SURFHGLPHQWRV VHMDP H[D WDPHQWH DTXLOR TXH SUHWHQGtDPRV $ YDFLQD MXUtGLFD DGHTXDGD p D DQWHFLSDomR GR FRQKHFLPHQWR LOX PLQDQGR RV HIHLWRV GH QRVVRV DWRV H GHOLPLWDQGR FRP PDLRU FODUH]D RV ULVFRV GHVWD RX GDTXHOD HVFR OKD 1R HQWDQWR FRP D DSUHFLDomR GDV SRVVLELOLGDGHV SOHQDV IRJH VH GD LQFHUWH]D GR YRR FHJR 1mR IRL SRU RXWUR PRWLYR TXH D KXPDQLGDGH DOFDQoRX RV PDSDV

-XQKR GH

RV EDQFRV GH GDGRV H R H[WHQVR HVWXGR GH WRGR R FDEHGDO MXUtGLFR TXH FHUFD H QRUWHLD DV UHODo}HV VH QmR SDUD RULHQWDU D WUDMHWyULD FRP D VROLGH] GR FRQKHFLPHQWR GDV UR WDV 'D iUHD PpGLFD FROKHPRV R H[HPSOR GD SUHVVmR DOWD TXH p XP HYHQWR VLOHQFLRVR H VH QmR GLDJ QRVWLFDGR HP WHPSR H PRGR Ki EHLV PRVWUD VH TXDQGR Mi FDXVD DO JXP HYHQWR GDQRVR DR RUJDQLV PR 1mR p GLYHUVR R YtUXV GD DomR MXUtGLFD LQDGHTXDGD PHVPR TXH QmR SURYRTXH QHQKXP GDQR LPH GLDWR ILFD ODWHQWH SDUD QXP PR PHQWR QHP VHPSUH SUHYLVtYHO PDQLIHVWDU DOJXP VLQWRPD TXH Gi PRVWUDV GH TXH KRXYH R FRQWiJLR GD GRHQoD GD LPSUHYLGrQFLD 3RUWDQWR FRPR GLULD 3HGUR %LDO XVH ILOWUR VRODU SRUpP YDFL QH VH FRQWUD R TXH SXGHU YDFLQDU VH EXVFDQGR FHUFDU VH GH WRGR R FRQKHFLPHQWR H SURWHomR SUpYLRV SDUD WRGR R HYHQWR TXH SRVVD RIHU WDU ULVFRV 7HQGR SRU QRUWH TXH RV HYHQ WRV RIHUWDP HP PHQRU RX PDLRU HVFDOD ERDV GRVHV GH YDULDQWHV TXH SRGHP OHYDU QRV SHOD LPSUXGrQ FLD GD QmR SUHYHQomR DR IUDFDVVR D SUHMXt]RV LQVDQiYHLV H DWp LPSUH YLVWRV DYDVVDODGRUHV R TXH D SULQ FtSLR SRGH VH PRVWUDU LQLPDJLQi YHO YDFLQDU VH p DQWHV GH XP GLUHL WR XPD REULJDomR SDUD FRP QyV PHVPRV H FRP D VRFLHGDGH TXH PHUHFH H UHTXHU YHU PLQLPL]DGR R Q~PHUR GH GHPDQGDV TXH JHUDP FXVWRV REVWDFXOL]DP D DomR FpOHUH GD -XVWLoD H YLD UHIOH[D DOFDQoDP GDQRV D WRGRV


UHVSRQVDELOLGDGH VRFLDO

0DUNHWLQJ 6RFLDO H DV

YDQWDJHQV SDUD DV HPSUHVDV 'LYXOJDomR 03

6HJXQGD WXUPD GR 3URMHWR 3HVFDU 5HQQHU 7r[WLO %RGLSDVD

9RFr Mi RXYLX IDODU HP PDUNHWLQJ VRFLDO" 2 WHUPR TXH VXUJLX HP GHVFUHYH R XVR GRV SULQFtSLRV H WpFQLFDV GH PDUNHWLQJ QD SURPRomR GH XPD FDXVD LGHLD RX FRPSRU WDPHQWR VRFLDO (P RXWUDV SDODYUDV GL] UHV SHLWR DR HVIRUoR PHUFDGROyJLFR QR VHQWLGR GH DVVRFLDU XPD PDUFD RX LQVWLWXLomR D XPD FDXVD VRFLDO TXH SRGH VHU R GHVHQ YROYLPHQWR GH FDPSDQKDV GRDo}HV SDUD HQ WLGDGHV DVVLVWHQFLDLV SDUFHULDV FRP HQWLGD GHV ILODQWUySLFDV H GHVHQYROYLPHQWR GH WUD EDOKR MXQWR D FRPXQLGDGHV FDUHQWHV $WUDYpV GH SHVTXLVDV HIHWLYDV UHDOL]DGDV SRU LQVWLWXWRV UHQRPDGRV FRPR R $NDWX FRPSURYRX VH TXH TXDWUR HP FDGD GH] FRQ VXPLGRUHV SUHIHUHP LQFOXVLYH SDJDU PDLV SRU SURGXWRV H VHUYLoRV TXH VHMDP RIHUHFLGRV SRU HPSUHVDV FRP XP UHDO FRPSURPHWLPHQWR

FRP R PHLR DPELHQWH D FXOWXUD H D VRFLHGDGH HP TXH HVWi LQVHULGD 1D 5HQQHU 7r[WLO HP &DFKRHLULQKD D SUH RFXSDomR VHPSUH IRL WUDQVIRUPDGD HP DomR 6HJXQGR *HUVRQ 6FKPLGW &RRUGHQDGRU 3H GDJyJLFR GR 3URMHWR 3HVFDU 5HQQHU H %RGLSD VD D HPSUHVD Mi UHDOL]RX FDPSDQKDV GH DMXGD D ODUHV GH LGRVRV H FUHFKHV DWUDYpV GD SDUWLFLSD omR GD HPSUHVD H GRV FRODERUDGRUHV 6FKPLGW H[SOLFD TXH R SURMHWR 3HVFDU p UHDOL]DGR HP SDUFHULD FRP D %RGLSDVD 3RUWR $OHJUH H PDQWpP XPD XQLGDGH GH TXDOLILFD omR SURILVVLRQDO GHVWLQDGD D MRYHQV HP VLWX DomR GH YXOQHUDELOLGDGH VRFLDO 6mR MRYHQV VHOHFLRQDGRV HQWUH DV IDPtOLDV PDLV SREUHV GH &DFKRHLULQKD H &DQRDV (OHV HVWXGDP GH] PHVHV QD HPSUHVD H GHSRLV VmR HQFDPLQKD GRV DR PHUFDGR GH WUDEDOKR 2 FXUUtFXOR

-XQKR GH

HVWi GLYLGLGR HP GH IRUPDomR GD FLGDGD QLD H WpFQLFR SURILVVLRQDOL]DQWH GHQWUR GD ILORVRILD GR 3URMHWR 3HVFDU FRQWD $ 5HQQHU 7r[WLO SDVVRX D VHU YLVWD SHOD VRFLHGDGH QmR Vy FRPR XPD RSomR GH WUD EDOKR PDV WDPEpP FRPR XPD RUJDQL]D omR TXH VH SUHRFXSD H TXH DJH HP IDYRU GH XP IXWXUR PHOKRU VHJXQGR HOH (VWDPRV FLHQWHV TXH R TXH HVWDPRV ID]HQGR p SRX FR p XPD JRWD G iJXD QR PHLR GH XP RFH DQR PDV VH FDGD RUJDQL]DomR IL]HVVH D VXD SDUWH WDOYH] HQFRQWUDUtDPRV D UHVSRVWD SDUD D IDOWD GH TXDOLILFDomR H GH RSRUWXQLGDGHV H GH FDURQD HVWDUtDPRV FRQWULEXLQGR SDUD DPHQL]DU WRGD D SUREOHPiWLFD VRFLDO GR QRV VR SDtV DILUPD 6FKPLGW 7DLV Do}HV QmR GHPDQGDP DOWRV LQYHV WLPHQWRV FRPR H[SOLFD R SURIHVVRU 'H DFRUGR FRP HOH D HPSUHVD SRVVXL SDUFHULD FRP PDLV GH] RUJDQL]Do}HV %RGLSDVD 0&),/6XO &RPHU %HP 5HIHLo}HV &ROHWL YDV 0DKOHU 0HWDO /HYH &HVXFD &0( GH &DFKRHLULQKD %ROD %UDVLO $&0 9LDJHQV 2YHUODQG 8QHVFR )XQGDomR 3URMHWR 3HV FDU &DGD XPD DMXGD GD IRUPD FRPR SRGH GRDQGR R XQLIRUPH R DOPRoR R WUDQVSRU WH RX R PDWHULDO GLGiWLFR 6H VXD HPSUHVD DLQGD HVWi HP G~YLGD VREUH LQYHVWLU HP PDUNHWLQJ VRFLDO RX QmR R SURIHVVRU 6FKPLGW Gi D GLFD $ VDWLVIDomR GH SRGHU HVWDU FRQWULEXLQGR SDUD XPD VR FLHGDGH TXH FDUHFH GH FRQGLo}HV GH RSRUWX QLGDGHV H GH LQIRUPDomR p D PDLRU YDQWD JHP SDUD TXHP LQYHVWH HP FDXVDV VRFLDLV $EULU DV SRUWDV GD HPSUHVD H GLVSRQLELOL]DU R FDSLWDO KXPDQR FRORFDQGR R j GLVSRVL omR GD FRPXQLGDGH Mi QRV WRUQD XPD HP SUHVD FLGDGm FRP UHVSRQVDELOLGDGH VRFLDO +i PXLWRV H[HPSORV GH SUiWLFDV VRFLDLV EDVWD D HPSUHVD GHQWUR GD VXD YLYrQFLD H PDWXULGDGH WRPDU D GHFLVmR ILQDOL]D


6DQMD *MHQHUR 03

$V FDUUHLUDV PDLV SURPLVVRUDV DWp VHUmR GHOLQHDGDV FRP rQIDVH FUHVFHQWH QD LQRYDomR QD EXVFD SRU TXDOLGDGH GH YLGD H QD SUHRFXSD omR FRP R PHLR DPELHQWH e R TXH PRVWURX D SHVTXLVD &DUUHLUDV GR )XWXUR HODERUDGD SHOR 3URIXWXUR 3URJUDPD GH (VWXGRV GR )XWXUR H )XQGDomR GH ,QVWLWXWR GH $GPLQLVWUDomR ),$ 2 REMHWLYR IRL LGHQWLILFDU DV FDUUHLUDV PDLV SURPLVVR UDV H RQGH HVWDUmR DV RSRUWXQLGDGHV GH QHJyFLRV SDUD HPSUHHQGHGRUHV DWp 2V QHJyFLRV SRWHQFLDLV HVWDUmR QR VHWRU GH 6HUYLoRV HP iUHDV FRPR 6D~GH H 4XDOLGDGH GH 9LGD 7XULVPR H /D]HU $OLPHQWDomR 6HUYLoRV SDUD D 7HUFHLUD ,GDGH H &RQVXOWRULDV (VSHFLDOL]DGDV FRPR 6XVWHQWDELOLGDGH 'HVHQYROYLPHQWR GH &DU UHLUD &RQVXOWRULD 3HVVRDO H 3ODQHMDPHQWR )LQDQ FHLUR $VVLP p YLVOXPEUDGR XP IXWXUR QR TXDO JDQKDUmR IRUoD SURILVVLRQDLV FRPR *HUHQWHV GH (FR 5HODo}HV &KLHIV ,QQRYDWLRQ 2IILFHU H %LRLQ IRUPDWLRQLVWV &RQILUD DOJXPDV GHVVDV FDUUHLUDV SURPLVVR UDV SDUD R IXWXUR *HUHQWH GH (FR 5HODo}HV 3URILVVLRQDO TXH LUi VH FRPXQLFDU H WUDEDOKDU FRP FRQVXPLGRUHV JUXSRV DPELHQWDLV H DJrQFLDV JRYHUQDPHQWDLV SDUD GHVHQYROYHU H PD[LPL]DU SURJUDPDV HFROy JLFRV &KLHI ,QQRYDWLRQ 2IILFHU ,QWHUDJLUi FRP RV IXQFLRQiULRV HP GLIHUHQWHV iUHDV GD RUJDQL]DomR SDUD SHVTXLVDU SURMHWDU H DSOLFDU LQRYDo}HV *HUHQWH GH 0DUNHWLQJ H &RPPHUFH *H UHQFLD R GHVHQYROYLPHQWR H LPSOHPHQWDomR GH HVWUDWpJLDV GH VLWHV SDUD YHQGHU SURGXWRV H VHUYL oRV &RRUGHQDGRU GH 'HVHQYROYLPHQWR GD )RU oD GH 7UDEDOKR H (GXFDomR &RQWLQXDGD &RRU GHQDGRU UHVSRQViYHO SRU JHUHQFLDU SURJUDPDV SDUD DMXGDU IXQFLRQiULRV TXDOLILFDGRV D DWLQJLU QtYHLV DYDQoDGRV HP VXDV iUHDV GH HVSHFLDOL]D omR %LRLQIRUPDWLRQLVWV &LHQWLVWDV TXH WUDED OKDUmR FRP LQIRUPDomR JHQpWLFD VHUYLQGR FRPR XPD SRQWH SDUD FLHQWLVWDV TXH WUDEDOKDP FRP R GHVHQYROYLPHQWR GH PHGLFDPHQWRV H WpFQLFDV FOt QLFDV

(PSUHVDV SUHIHUHP DOLDU D H[SHULrQFLD GRV SURILVVLRQDLV PDLV YHOKRV FRP D GLQkPLFD GRV PDLV QRYRV

$OLDQGR H[SHULrQFLD H GLQkPLFD 1RV SULPHLURV VHLV PHVHV GR DQR SDVVDGR PXLWDV HPSUHVDV FRQWUDWDUDP HVWDJLiULRV H MRYHQV SURILVVLRQDLV RIH UHFHQGR SRXFDV RSRUWXQLGDGHV DRV H[HFXWLYRV GH PHLD LGDGH 2V SULQFL SDLV PRWLYRV HUDP R EDL[R FXVWR GH ULVFR H R LQYHVWLPHQWR HP WDOHQWRV SDUD R IXWXUR 3RUpP FRP D FULVH ILQDQFHLUD TXH DEDORX R PXQGR QR VHJXQGR VH PHVWUH GH PXLWDV GHVVDV HPSUH VDV SDVVDUDP D LQYHVWLU QRV FKDPDGRV EDE\ ERRPHUV LVWR p H[HFXWLYRV FRP LGDGH HQWUH H DQRV 6HJXQGR HVSHFLDOLVWDV RV SURILV VLRQDLV PDLV H[SHULHQWHV WrP DOpP GD H[SHULrQFLD FDXWHOD H SDFLrQFLD YLU WXGHV SRXFR WtSLFDV GRV MRYHQV ( IRL LVVR R TXH JDUDQWLX D HOHV PDLRUHV RSRUWXQLGDGHV QR ILQDO GH H LQt FLR GH 0DV QmR VmR DSHQDV HVVDV TXDOL GDGHV TXH FKDPDP D DWHQomR GH UH FUXWDGRUHV $ JHVWmR DGHTXDGD GR WHPSR H RUJDQL]DomR WDPEpP VmR YLU WXGHV SURFXUDGDV SHODV HPSUHVDV H TXH PXLWDV YH]HV VmR HQFRQWUDGDV QRV EDE\ ERRPHUV

-XQKR GH

&ODUR TXH RV PDLV QRYRV QmR VH UmR FRPSOHWDPHQWH VXEVWLWXtGRV DIL QDO TXDOTXHU HPSUHVD EXVFD QRYRV WDOHQWRV 3RUpP HQTXDQWR D FULVH HFR Q{PLFD FRQWLQXDU GDQGR VLQDLV D SUH YLVmR p GH TXH R PHUFDGR FRQWLQXH DJLQGR GHVWD IRUPD DOLQKDQGR D H[ SHULrQFLD GRV PDLV YHOKRV FRP D HV SHUWH]D H GLQkPLFD GRV PDLV QRYRV 0DV DILQDO FRPR VXUJLX R WHUPR EDE\ ERRPHU " (P RV (VWDGRV 8QLGRV H R UHVWDQWH GDV )RUoDV $OLDGDV GHFODUD UDP YLWyULD QD 6HJXQGD *XHUUD 0XQ GLDO 2V VROGDGRV YROWDUDP SDUD FDVD DV FRLVDV FRPHoDUDP D YROWDU DR QRU PDO H DV IDPtOLDV GHFLGLUDP WHU ILOKRV (P DV WD[DV GH QDWDOLGDGH DX PHQWDUDP PXLWR IHQ{PHQR TXH GX URX TXDVH DQRV (VWD H[SORVmR QD SRSXODomR FULRX R TXH SDVVRX D VHU FKDPDGR GH *HUDomR %DE\ %RRPHU $ GHILQLomR PDLV DFHLWD GD *HUD omR %DE\ %RRPHU p TXH HOD FRPSUHHQ GH DV SHVVRDV QDVFLGDV HQWUH H

UHFXUVRV KXPDQRV

&DUUHLUDV GR IXWXUR


HVSHFLDO DQR )UHGHULFR 0RPEDFK 03

(TXLSH GD 75&20

5HYLVWD 0DWpULD 3ULPD FRPSOHWD VHX SULPHLUR DQR

3XEOLFDomR UHQRYD VHX FRPSURPLVVR FRP D TXDOLGDGH H GHVHQYROYLPHQWR $ 5HYLVWD 0DWpULD 3ULPD FRPSOHWRX VHX SULPHLUR DQR UHXQLQGR DPLJRV FRODER UDGRUHV DSRLDGRUHV H HPSUHViULRV GDV FLGD GHV GH &DFKRHLULQKD *UDYDWDt 3RUWR $OHJUH &DQRDV H 1RYR +DPEXUJR QR GLD GH DEULO QR 5HVWDXUDQWH 0HUFDWR ,WiOLD QR 2SHQ 0DOO 3iWLR 5LR *UDQGH 2 FRTXHWHO RIHUHFL GR SHOD HTXLSH 0HUFDWR GHL[RX XP JRVWL QKR GDV GHOtFLDV RIHUHFLGDV SHOR QRYR HP SUHHQGLPHQWR JDVWURQ{PLFR 2V DWRUHV GD &LD &UDNHW\ UHFHEHUDP FDGD FRQYLGDGR FRP XP VRUULVR HVSHFLDO &DUDF WHUL]DGRV FRPR RSHUiULRV RV SHUVRQDJHQV IL]HUDP RILFLDOPHQWH R ODQoDPHQWR GD HGL omR HVSHFLDO GH XP DQR 6LPXODQGR XPD OL

QKD GH SURGXomR FDGD DWRU GHVHPSHQKDYD XPD IXQomR QD SURGXomR GD UHYLVWD ( SRU ILP D HPSUHViULD 1HLYD %LOKDU FDSD GD HGL omR DSHUWRX R ERWmR TXH IH] QDVFHU D HGL omR (P VHX SURQXQFLDPHQWR D MRUQDOLVWD 5RVHODLQH 9LQFLSURYD HGLWRUD GD 5HYLVWD OHPEURX TXH HVVH p DSHQDV R FRPHoR GH XP JUDQGH FDPLQKR GH VXFHVVR 4XHUHPRV DJUD GHFHU D WRGRV RV DQXQFLDQWHV FROXQLVWDV DPLJRV H DV SHVVRDV TXH FRQKHFHPRV GX UDQWH HVWD WUDMHWyULD TXH VH WRUQDUDP DOpP GH SDUFHLURV JUDQGHV DPLJRV 8P REULJD GR VHULD SRXFR SDUD H[SUHVVDU D LPSRUWkQFLD GH FDGD XP GH YRFrV QHVWH SULPHLUR DQR GD 5HYLVWD 0DWpULD 3ULPD DILUPRX )UHGHULFR 0RPEDFK 03

$SRLDGRUHV GR HYHQWR

-XQKR GH


)UHGHULFR 0RPEDFK 03

HVSHFLDO DQR

'D HVTXHUGD SDUD D GLUHLWD =p GDV 0RODV 1HLYD %LOKDU 5RVHODLQH 9LQFLSURYD 7XOLR -DFRQL H 0DULD +HOHQD 7HLFKPDQQ

+,67Ð5,$ 4XDQGR D DJrQFLD GH FRPX QLFDomR 75&20 SHUFHEHX TXH H[LVWLD XPD ODFXQD QR TXH GL] UHVSHLWR j FRPXQLFDomR YROWD GD SDUD D LQG~VWULD FRPHoRX D VHU GHOLQHDGR R QDVFLPHQWR GH XPD SXEOLFDomR TXH FRQWHP SODVVH HVVH VHWRU 'XUDQWH TXD VH XP DQR HOD IRL SODQHMDGD HP WRGRV RV VHXV GHWDOKHV GHVGH D VXD GLVWULEXLomR DWp R FRQWH~ GR HGLWRULDO $ SXEOLFDomR GR SULPHLUR H[HPSODU Mi WHYH XPD DFHLWDomR

)UHGHULFR 0RPEDFK 03

HQRUPH 'LYHUVDV SHVVRDV VHJ PHQWRV H LQG~VWULDV SDVVDUDP D VH LGHQWLILFDU FRP D 0DWpULD 3ULPD $ UHJLmR GH &DQRDV &D FKRHLULQKD H *UDYDWDt SDVVRX D GHVFREULU XP SRWHQFLDO TXH PXLWDV YH]HV QmR HUD GLYXOJD

GR $V FLGDGHV SDVVDUDP D VHU YLVWDV FRP RXWURV ROKRV 1mR p SUHWHQVmR DILUPDU TXH D 5H YLVWD DMXGRX QD YLQGD GH HP SUHVDV SDUD HVWD UHJLmR Mi TXH GHPRQVWUD XPD IRUoD YLYD FRP yWLPRV UHVXOWDGRV GH XP VH

)UHGHULFR 0RPEDFK 03

WRU TXH WUDEDOKD SHOR GHVHQYRO YLPHQWR 6mR H[HPSORV PDUDYLOKR VRV GH HPSUHHQGHGRULVPR H YLVmR *HQWH TXH DFUHGLWD TXH p SRVVtYHO FUHVFHU H WUDQVIRUPDU D UHDOLGDGH D VXD YROWD )UHGHULFR 0RPEDFK 03

1HLYD QR ODQoDPHQWR GD HGLomR GH DQR

(TXLSH GD &LD &UDNHW\ VLPXORX XPD OLQKD GH SURGXomR

-XQKR GH


TXDOLGDGH GH YLGD

'RUPLU SRXFR SRGH SUHMXGLFDU R JHVWRU QD WRPDGD GH GHFLV}HV 6DEHPRV TXH GRUPLU p XPD QHFHVVLGD GH GR QRVVR FRUSR 0DV YRFr VDELD TXH VH GRUPLU PHQRV GH VHWH KRUDV SRU GLD SRGH Ui HVWDU GLPLQXLQGR VXD FRQFHQWUDomR FULD WLYLGDGH H SURGXWLYLGDGH" 'H DFRUGR FRP HVWXGRV GR %RVWRQ 6OHHS&DUH &HQWHU VLWXDGR HP :DOWKDP 0DVVDFKXVHWWV QRV (VWDGRV 8QLGRV GRUPLU GH VHWH D RLWR KRUDV SRU GLD p IXQGDPHQWDO SDUD XP yWLPR IXQFLR QDPHQWR GR FRUSR KXPDQR 4XDQGR GRUPLPRV QRVVR FpUHEUR FD WDORJD DV H[SHULrQFLDV GR GLD TXH WHUPLQRX DILD QRVVD PHPyULD H ID] D UHJXODomR KRU PRQDO GH QRVVD HQHUJLD GLVSRVLomR H FDSD FLGDGH PHQWDO 2 VRQR VDXGiYHO VH GLYLGH HP FLFORV GH TXDWUR HVWiJLRV H TXDQGR QRV GHVFRQHFWDPRV GR PXQGR VRQR SURIXQGR H PDU FDGR SHOR UiSLGR PRYLPHQWR RFXODU 5(0 QD VLJOD HP LQJOrV TXDQGR QRV VR FpUHEUR ILFD HVSH FLDOPHQWH DWLYR DWp PDLV GR TXH TXDQGR HVWDPRV DFRUGDGRV 2V VRQKRV DFRQWH FHP QHVVH HVWiJLR 2 HVWiJLR p PXLWR LPSRUWDQWH

SRLV WUDEDOKD QD UHQRYDomR ItVLFD UHJXODomR KRUPRQDO H FUHVFLPHQWR 6HP HOH ILFDPRV PDLV VXMHLWRV D GRHQoDV GHSUHVVmR H JDQKR GH SHVR -i D IDOWD GR HVWiJLR UHVXOWD HP OHQWLGmR QR SURFHVVDPHQWR FRJQLWLYR H VR FLDO SUREOHPDV GH PHPyULD H GLILFXOGDGH GH FRQFHQWUDomR 6H R FpUHEUR HVWi IDPLQWR SHOR VRQR 5(0 ILFD PDLV GLItFLO SDUD R JHVWRU VH FRQFHQWUDU HP YiULDV WDUHIDV R TXH DWUDSDOKD EDVWDQWH D SHUFHSomR GH QXDQFHV HP GLVFXVV}HV H QHJRFLDo}HV SRU H[HPSOR 2WLPL]DQGR R VRQR +RMH HP GLD SDUD XP JHVWRU GRUPLU VHWH KRUDV SRU GLD SDUHFH LPSRVVtYHO PDV H[LVWHP DOJXPDV PHGLGDV TXH SRGHP PHOKRUDU D TXDOLGDGH GR VRQR LQGHSHQ GHQWHPHQWH GD TXDQWLGDGH

-XQKR GH

‡ (YLWDU FDIHtQD &RUWH FDIp FKi SUHWR RX YHUGH H VRGD LGHDOPHQWH GH] KRUDV DQ WHV GH LU SDUD FDPD ( FKRFRODWH WDPEpP &RPSURPHWD VH FRP R DWR GH GRUPLU ‡ (VFXUHFHU R TXDUWR FRPSOHWDPHQWH 6HX FpUHEUR SURGX] XP KRUP{QLR FKDPD GR PHODWRQLQD TXH DR VHQWLU TXH HVWi HV FXUR SUHSDUD YRFr SDUD GRUPLU ‡ 'RUPLU HP XP DPELHQWH WUDQTXLOR *DUDQWD TXH R TXDUWR HVWi VLOHQFLRVR H TXH QmR FRQVHJXLUi RXYLU VHX FHOXODU 1mR HFR QRPL]H QD TXDOLGDGH GH VHX FROFKmR H QmR GHL[H GH WURFi OR D FDGD RLWR RX GH] DQRV &RFKLORV &RFKLORV GXUDQWH R GLD SRGHP VHU GH JUDQGH DMXGD 6HPSUH TXH SRVVtYHO WUDQ TXH D SRUWD GR HVFULWyULR H WHQWH WLUDU XPD VRQHFD GH D PLQXWRV 6HUi UHYLJRUDQ WH EHP PDLV TXH XPD [tFDUD GH FDIp SRU TXH YRFr DWLQJLUi R HVWi JLR GH VRQR 1R HQ WDQWR QmR WHQWH DORQJDU RV FRFKLORV 6H GHPRUD UHP PDLV TXH PLQX WRV YRFr VH VHQWLUi SLRU TXH DQWHV H OHYDUi SHOR PHQRV RXWURV PLQX WRV SDUD UHHQJUHQDU


DSRUWH GH NQRZ KRZ H SDUFHULD &RQVXOWRULD SDUD GHVDILRV IHFKDGRV 'H UHSHQWH D VXD HPSUHVD GHFLGH TXH TXHU H[HFXWDU XP JUDQGH SURMHWR &HUWLILFDU ,62 HP DWp XP DQR SRU H[HPSOR 2X SRUTXH XP FOLHQWH LPSRUWDQWH SDVVRX D H[LJLU FHUWLILFDGR RX SRUTXH FRQKHFHX DO JXPD HPSUHVD FHUWLILFDGD QR TXDO LGHQWLIL FRX DOJXPD SUiWLFD GH JHVWmR TXH HQWHQGHX FRPR LPSRUWDQWH DJUHJDU DR VHX QHJyFLR &RPR ID]HU LVWR" (VWH p XP H[HPSOR FOiV VLFR RQGH R FRQVXOWRU SRGH DMXGDU $ LP SOHPHQWDomR GHVHQYROYLPHQWR GH VLVWHPD GH JHVWmR H[LJH XP HVIRUoR GH GLDJQyVWLFR GR FHQiULR LQWHUQR H GDV LQWHUIDFHV SURSRVL omR GH PHOKRULDV GH SURFHVVRV GHILQLomR GH FDUJRV DXWRULGDGHV UHVSRQVDELOLGDGHV GHVFULomR GDV DWLYLGDGHV LQFOXVLYH GDV PH OKRULDV FRPSDUWLOKDPHQWR GH XPD 3ROtWL FD GD 4XDOLGDGH WUDGX]LGD HP REMHWLYRV DSOLFDGRV DRV SURFHVVRV 0HWDV H HVWUDWpJL DV GLYXOJDGDV QDV LQVWkQFLDV SHUWLQHQWHV WDQWR SDUD HVWDV TXDQWR SDUD RXWUDV PHGL o}HV TXH VH IDoDP QHFHVViULDV SDUD JHUHQFLDU D TXDOLGDGH HP JHUDO D FRQIRUPLGDGH GR SURGXWR H D VDWLVIDomR GR FOLHQWH 1HVWH WHP SR R FRQVXOWRU ILFD PXLWR SUy[LPR j HP SUHVD FRQKHFH SURIXQGDPHQWH DV SHVVRDV

'LYXOJDomR 03

H RV QHJyFLRV $VVHVVRULD SDUD GHVDILRV GH ORQJR SUD ]R ( GHSRLV" 1XP WUDEDOKR GH FRQVXOWR ULD EHP IHLWR D HPSUHVD GHYH VHJXLU JHUHQ FLDQGR R 6LVWHPD GH *HVWmR GD 4XDOLGDGH VR]LQKD (YHQWXDOPHQWH R FRQVXOWRU p FRQ YLGDGR D DSRLDU HP VLWXDo}HV SRQWXDLV SULQ FLSDOPHQWH QDV DXGLWRULDV GH SULPHLUR FLFOR GH FHUWLILFDomR HQTXDQWR RV JHVWRUHV GHVHQ YROYHP DXWRFRQILDQoD H FRQVROLGDP R PRGHOR ( D DVVHVVRULD" 2 DVVHVVRU p XP SHUVRQDJHP GLIHUHQWH (OH DFRPSDQKD H RULHQWD RV JHVWRUHV %XVFD D PHOKRU VROX omR SDUD SUREOHPDV 4XDQGR VROLFLWDGR FR PDQGD SURMHWRV HP ORQJR SUD]R e SHUVR QDJHP SUDWLFDPHQWH SHUPDQHQWH GD HPSUH VD FRP OLYUH WUkQVLWR H PXLWR SUy[LPR DR H[HFXWLYR GD HPSUHVD )XQFLRQD FRPR XP &RDFKLQJ UHODFLRQDPHQWR RQGH XPD SHV VRD VH FRPSURPHWH D DSRLDU RXWUD SDUD REWHU UHVXOWDGRV $SRUWH GH .QRZ +RZ H 3DUFHULD $ PHGLGD FHUWD GH LQGHSHQGrQFLD H FRP SURPHWLPHQWR ID] FRP TXH KDMD WURFD GH

(URWLOGHV 1RJXHLUD 0DFKDGR $XGLWRUD /tGHU H (VSHFLDOLVWD HP &RQVXOWRULD 'LUHWRUD GD 1RJXHLUD 0DFKDGR $VVHVVRULD (PSUHVDULDO ,QWHJUDQWH GR &RPLWr GR 3*43 &DFKRHLULQKD

H[SHULrQFLDV HQWUH FRQVXOWRU DVVHVVRU H VXD HPSUHVD FOLHQWH 2 UHVXOWDGR p XP FRQV WDQWH DSRUWH GH NQRZ KRZ FRP DERUGDJHP GH SDUFHULD 8PD UHODomR SHUPDQHQWH GH FRQILDQoD TXH GHVDILD H HQULTXHFH DPERV

&21*5(662 ,17(51 $&,21 $/ ' $ *(6 7®2 ( 35È0,2 35È0,2 48 $/,' $'( 56 ,17(51$ &,21$/ '$ *(67®2 48$/,' $/,'$'( 'H D GH MXOKR MXOKR DFRQWH FH QD )LHUJV XP GRV PDLRUHV H PDLV LPSRUWDQWHV HQFRQWURV GH H[HFXWLYRV GH WRGR R %UDVLO R &RQJUHVVR ,QWHUQDFLRQDO GD *HVWmR H 3Ur PLR 4XDOLGDGH 56 2 &RQJUHVVR WUD Ui OtGHUHV QDFLRQDLV H LQWHUQDFLRQDLV FRPR HPSUHViULRV JRYHUQDQWHV H LQIOXHQWHV SHQVDGRUHV TXH YmR SHU

PLWLU XPD YLVmR UHDO H SUy[LPD GRV UX PRV TXH R IXWXUR UHVHUYD DOpP GH RUJD QL]Do}HV FRPR 6HEUDH )14 )XQGDomR 1DFLRQDO GD 4XDOLGDGH 0%& 0RYL PHQWR %UDVLO &RPSHWLWLYR H &1, &RQIH GHUDomR 1DFLRQDO GD ,QG~VWULD (QWUH RV WHPDV HP GHEDWH HVWmR *HVWmR HP $OWD $GPLQLVWUDomR GH 5LV FRV *HVWmR 3~EOLFD GH 5HVXOWDGRV 0DLV

-XQKR GH

WHFQRORJLD PDLV SURGXWLYLGDGH *HVWmR VROXomR SDUD YHQFHU FULVHV 0RGHOR GH QHJyFLRV 0XOWLHPSUHVDV $WLWXGH RX QDGD 3DUFHLURV GR EHP 5HDGHTXDQGR D HVWUDWpJLD H 0XOWL SOLFDQGR UHVXOWDGRV 7DPEpP KDYHUi VRUWHLR GH QRWH ERRNV H FHOXODUHV HQWUH RV SUHVHQ WHV

TXDOLGDGH

&RQVXOWRULD H RX DVVHVVRULD


ORJtVWLFD

&RPR ID]HU R 5175& 2 SRUWDO 7UDQVSRUWD %UDVLO GLYXOJRX DOJXPDV GLFDV SDUD RV WUDQVSRUWDGRUHV TXH SUHFLVDP ID]HU R 5HJLVWUR 1DFLRQDO GH 7UDQVSRUWDGRUHV 5RGRYLiULRV GH &DUJDV 5175& 2 UHJLVWUR IRL VROLFLWDGR D WR GRV RV WUDQVSRUWDGRUHV VHMDP DXW{QR PRV HPSUHVDV RX FRRSHUDWLYDV GHSRLV GD UHJXODPHQWDomR GD /HL TXH GLV FLSOLQD D DWLYLGDGH 2 5175& IRL DGRWDGR SHOD $JrQFLD 1DFLRQDO GH 7UDQVSRUWHV 7HUUHVWUHV $177 HP H GHYHUi VHU UHQRYDGR RX REWLGR SDUD TXH VH SRVVD FRQWLQXDU UHDOL]DQGR RV VHUYLoRV (P HQWUHYLVWD DR VLWH :LOEHUW -XQTXL

OKR JHUHQWH GH 5HJXODomR GH 7UDQVSRUWH 5RGRYLiULR GH &DUJDV GD $JrQFLD DILUPRX TXH R UHJLVWUR p XPD IRUPD GH GLVFLSOLQDU R VHWRU H GH WHU XP UDLR [ H[DWR GRV WUDQV SRUWHV URGRYLiULRV QR %UDVLO (OH DFUHGLWD TXH FRP R GLVFLSOLQDPHQWR KDYHUi PDLRU LGHQWLGDGH DRV WUDQVSRUWDGRUHV H D $177 SRGHUi FRQKHFHU PHOKRU R PHUFDGR 2EULJDWRULHGDGH GR UHJLVWUR &RQIRUPH 5HVROXomR Q GH GH PDUoR GH DV HPSUHVDV WUDQVSRU WDGRUDV URGRYLiULDV GH FDUJDV DV FRRSH UDWLYDV GH WUDQVSRUWH URGRYLiULR GH FDUJDV H RV WUDQVSRUWDGRUHV DXW{QRPRV WHUmR

TXH VH UHJLVWUDU 2V Mi LQVFULWRV GHYHUmR FRPSDUHFHU HP DWp GLDV GD SXEOLFD omR GD 5HVROXomR SHUDQWH D $177 RX HQWLGDGH TXH DWXH HP FRRSHUDomR j $JrQ FLD 2&% H &17 SDUD DGHTXDU VH DRV VHXV WHUPRV 6RPHQWH DSyV D LQVFULomR QR 5175& RV WUDQVSRUWDGRUHV HVWDUmR KDELOLWDGRV DR H[HUFtFLR GD DWLYLGDGH H SDUD RV Mi LQVFUL WRV ILQGR R SUD]R GH GLDV HVWDUmR VXMHLWRV jV SHQDOLGDGHV SUHYLVWDV QD PHQ FLRQDGD 5HVROXomR 0DLRUHV LQIRUPDo}HV QR VLWH ZZZ DQWW JRY EU

D 7UDQVSR 6XO

02'8/$5 5($/,=$ $d®2 '( &216&,(17,=$d®2

$ HGLomR GD 7UDQVSR 6XO )HLUD H &RQJUHVVR GH 7UDQVSRUWH H /RJtVWLFD DFRQWHFH GH D GH MXOKR MXOKR QR &HQWUR GH (YHQWRV GD )LHUJV $ HGLomR KLVWyULFD DFRQWHFH QR DQR GH FRPHPRUDomR DRV DQRV GR 6(7&(5*6 6LQ GLFDWR GDV (PSUHVDV GH 7UDQVSRUWH GH &DUJDV H /RJtVWLFD QR (VWDGR GR 5LR *UDQGH GR 6XO 'XUDQWH WUrV GLDV D PRVWUD YDL H[LELU DV QRYLGDGHV WHF QROyJLFDV GRV PDLRUHV IDEULFDQWHV GH FDPLQK}HV SQHXV GLVWULEXLGRUHV GH FRPEXVWtYHLV H IRUQHFHGRUHV GR UDPR GH LPSOHPHQWRV GR SDtV HTXLSDPHQWRV H VHUYLoRV YROWDGRV SDUD D ORJtVWLFD H PXOWLPRGDOLGDGH 7DPEpP RV WUDQVSRUWDGRUHV HVWmR SUHSDUDQGR XPD SDUWLFLSDomR GLIHUHQFLDGD QHVWD HGL omR JDUDQWLGR D SUHVHQoD GRV HPEDUFDGRUHV $ $3(; $JrQFLD %UDVLOHLUD GH 3URPRomR GH ([SRUWD o}HV H ,QYHVWLPHQWRV UHDOL]DUi QD 7UDQVSR 6XO D 5RGD GD 6XO $PHULFDQD GH )UHWHV H &DUJDV QXP HVWDQGH GLIHUHQFLDGR GH Pò UHXQLQGR FRPSUDGRUHV WUDQVSRU WDGRUHV GH FDUJDV LQWHUQDFLRQDO H LPSUHQVD GRV SDtVHV LQWH JUDQWHV GR 0HUFRVXO $ IHLUD FRQWDUi FRP D SUHVHQoD GH HPSUHViULRV H JHVWR UHV GH WUDQVSRUWH GH FDUJD ORJtVWLFD WUDQVSRUWH GH SDVVD JHLURV H WUDQVSRUWDGRUHV DXW{QRPRV

1R GLD GH PDLR R VHWRU GH TXDOLGDGH GD 0RGXODU &DUJDV MXQWDPHQWH FRP D GLUHWRUD GH 5+ ,QrV 0HVTXLWD H FRODERUDGRUHV UHDOL]RX HP IUHQWH j PDWUL] VLWXDGD HP &DQRDV XPD DomR TXH YLVD FRQVFLHQWL]DU D SRSXODomR SDUD RV SHULJRV GR WUkQVLWR )RL PRQWDGR XP HVSDoR RQGH RV FRODERUD GRUHV GLVWULEXtUDP IROGHUV LQIRUPDWLYRV D WRGRV TXH SDVVDYDP LQFOXVLYH PRWRULVWDV GD 0RGX ODU 1HVWH ORFDO IRL DSUHVHQWDGR XP YtGHR FRP FHQDV LPSDFWDQWHV GH DFLGHQWHV GH WUkQVLWR D ILP GH FRQVFLHQWL]DU RV PRWRULVWDV $OpP GLVVR FDUURV EDWLGRV H PDQHTXLQV VLPXODQGR XP DFL GHQWH UHDO GHUDP XPD YLVmR VpULD H UHIOH[LYD j DomR $ 0RGXODU WHYH R DSRLR H FRODERUDomR GD *XDUGD 0XQLFLSDO GH 7UkQVLWR H GD HTXLSH GH VRFRUUR 3RUWR $OHJUH (PHUJrQFLDV 0pGLFDV *UDoDV D Do}HV VHPHOKDQWHV D HVVD D 0R GXODU REWHYH SHOR VHJXQGR DQR FRQVHFXWLYR R 6HOR 7UDQVSRUWDGRUD GD 9LGD

-XQKR GH


0DXUtFLR )HUQDQGHV GD 6LOYD $GYRJDGR 2$% 56 _ &RQVXOWRULD $PELHQWDO

&KDPDPRV GH VHWRU DPELHQWDO WRGRV RV DWRUHV HQYROYLGRV QD FDXVD GHVGH R PL OLWDQWH GD 2UJDQL]DomR 1mR *RYHUQDPHQ WDO 21* DWp R 0LQLVWpULR 3~EOLFR SDV VDQGR SRU FRQVHOKRV PXQLFLSDLV RX HVWD GXDLV H VHUYLGRUHV S~EOLFRV GH yUJmRV GH PHLR DPELHQWH ( R VHWRU HPSUHVDULDO" 4XDLV PRYL PHQWRV HVWmR VHQGR UHDOL]DGRV SDUD FRQ VROLGDU XPD DJHQGD FRPXP" +i VLWXDo}HV TXH HPERUD FRQYHUJHQWHV HVWmR HVWDJQD GDV GH SDUWH D SDUWH 'HVWDFR GHVGH SURMH WRV VRFLRDPELHQWDLV DWp PHVPR R PDUNH WLQJ YHUGH Mi FLWDGR QR DUWLJR SDVVDGR e SUHFLVR GLiORJR H TXH VHMD DIDVWDGD TXDOTXHU

IRUPD GH SUHFRQFHLWR 0XLWRV ERQV SURMH WRV SRGHP VHU GHVHQYROYLGRV SRU TXDOTXHU HPSUHVD 5HILUR PH HVSHFLILFDPHQWH j LQ FOXVmR GD YDULiYHO DPELHQWDO QD FRQFHSomR GR SURFHVVR SURGXWLYR RX Do}HV YROXQWiUL DV FRP RUoDPHQWRV GR PDUNHWLQJ $ FRQVWUXomR FLYLO VXVWHQWiYHO p XP H[HPSOR 2V DOLPHQWRV RUJkQLFRV H DV VD FRODV UHXWLOL]iYHLV WDPEpP DWHVWDP TXH p SRVVtYHO JHUDU UHQGD H HPSUHJR SUHVHUYDQ GR R PHLR DPELHQWH %DVWD DQDOLVDU RV SUR FHVVRV H GLDORJDU FRP RXWURV DWRUHV 1mR H[LVWH XPD IyUPXOD ~QLFD SDUD WRGDV DV DWL YLGDGHV &DGD UDPR GH DWXDomR SRGH HQ FRQWUDU VROXo}HV VXVWHQWiYHLV HP GLIHUHQ

WHV HWDSDV GH VXD PDWUL] SURGXWLYD 0XLWDV HPSUHVDV Mi WrP VHWRUHV LQWHUQRV GH JHVWmR GH VXVWHQWDELOLGDGH TXH ID]HP HVWH WUDEDOKR 2XWUDV WHUFHLUL]DP FRQWUDWDQGR SURILVVLRQDLV SDUD DQDOLVDU GHVSHUGtFLRV QD OL QKD GH SURGXomR H WDPEpP ID]HU D UHODomR LQVWLWXFLRQDO FRP R VHWRU DPELHQWDO GHVGH R OLFHQFLDPHQWR DWp SDUFHULDV FRP RXWUDV HP SUHVDV RX 21* V YLVDQGR D UHVSRQVDELOLGD GH VRFLRDPELHQWDO R DXPHQWR GH UHQGD GRV HPSUHJRV H PHOKRUDQGR D LPDJHP SHUDQWH FRQVXPLGRUHV H FRODERUDGRUHV 1RYRV PHUFDGRV HVWmR DEHUWRV WRGRV TXHUHP D PHVPD FRLVD PDV p SUHFLVR IDODU R PHVPR LGLRPD

&$12$6 $6680( /,&(1&,$0(1726 $0%,(17$,6

3HUWR VH DGHTXD j 5R+6

2 PXQLFtSLR GH &DQRDV DJRUD ID] SDUWH GR VHOHWR JUXSR GH FLGDGHV DSHQDV VHLV QR (VWDGR TXH WrP D FRPSHWrQFLD GH OLFHQFLDU DPELHQWDOPHQWH DWLYLGDGHV TXH DQWHULRUPHQWH HVWDYDP D FDUJR GD )XQGDomR (VWDGXDO GH 3URWHomR $PELHQWDO )HSDP $ SDUFHULD HQWUH &D QRDV H D )HSDP IRL IRUPDOL]DGD SRU PHLR GH XP FRQYr QLR GH GHOHJDomR GH FRPSHWrQFLD HP Do}HV GH PHLR DPELHQWH DVVLQDGR QR LQtFLR GH PDLR QD VHGH GD )XQ GDomR &RP R FRQYrQLR R PXQLFtSLR SRGHUi UHDOL]DU OLFHQ FLDPHQWRV H ILVFDOL]DomR DPELHQWDO GDV DWLYLGDGHV SR WHQFLDOPHQWH SROXLGRUDV EHP FRPR HVWDEHOHFHU SURFH GLPHQWRV FRP YLVWDV j SUHVHUYDomR FRQVHUYDomR UHFX SHUDomR H PHOKRULD GR PHLR DPELHQWH 'HQWUH DV DWLYL GDGHV SDVVtYHLV GH OLFHQFLDPHQWR GHVWDFDP VH FRQGR PtQLRV SOXULIDPLOLDUHV FRP DWp Pò GH iUHD ~WLO HPSUHHQGLPHQWRV LQGXVWULDLV GD iUHD PHWDOPHFkQLFD TXtPLFD H SOiVWLFRV GH PpGLR SRUWH HQWUH RXWURV

$ 3HUWR DQXQFLRX XP LQYHVWLPHQWR GH 5 PLOK}HV SDUD DGHTXDU VXD OLQKD GH SURGXomR j GLUHWLYD 5R+6 5HV WULFWLRQ RI &HQWDLQ +D]DUGRXV 6XEVWDQFHV 5HVWULomR GH &HUWDV 6XEVWkQFLDV 3HULJRVDV TXH UHVWULQJH D TXDQWLGDGH GH VHLV VXEVWkQFLDV QD IDEULFDomR GH FRPSRQHQWHV HOHWU{ QLFRV $ GLUHWLYD TXH Mi p DGRWDGD SRU WRGRV RV SDtVHV GD 8QLmR (XURSHLD GHVGH HVWDEHOHFH D UHGXomR GRV QtYHLV GH FKXPER PHUF~ULR FiGPLR FURPR KH[DYDOHQWH 3%%V ELIHQLORV SROLEURPDGRV H 3%'(V pWHUHV GLIHQLO SR OLEURPDGRV QD SURGXomR GH HTXLSDPHQWRV HOHWU{QLFRV $ UHGXomR GHVVHV HOHPHQWRV HYLWD R DF~PXOR GH VXEVWkQFLDV QRFLYDV QR PHLR DPELHQWH H IDFLOLWD D UHFLFODJHP GRV PDWHULDLV 1R %UDVLO R XVR GH HTXLSDPHQWRV DGHTXDGRV j 5R+6 DLQGD QmR p REULJDWyULR

-XQKR GH

PHLR DPELHQWH

$ WRUUH GH EDEHO QD UHODomR HQWUH HPSUHVD H R VHWRU DPELHQWDO


'LYXOJDomR ,QWHUFLW\ 03

3$5&(5,$ (0 &$12$6 (P PDLV XPD RSRUWXQLGDGH GXDV GDV SULQFLSDLV LQVWLWXLo}HV GH &DQRDV D (VFROD GH (GXFDomR 3URILVVLRQDO 6HQDF H R 6LQGLFDWR GR &RPpUFLR 9DUHMLVWD 6LQGLORMDV UH WRPDP R WUDEDOKR FRQMXQWR FRP R 3URJUDPD GH 4XDOLILFDomR SDUD R &RPpUFLR LQLFLDWLYD TXH RIHUH FHUi TXDWUR FXUVRV JUDWXLWRV GH DSHUIHLoRDPHQWR SURILVVLRQDO DR ORQJR GD WHPSRUDGD &yGLJR GH 'HIHVD GR &RQVXPLGRU H $SHUIHL oRDPHQWR HP 9HQGDV $ H[SHFWD WLYD p GH TXH R SURJUDPD EHQHIL FLH PDLV GH SHVVRDV GR PX QLFtSLR 'H DFRUGR FRP D GLUHWRUD GR 6HQDF &DQRDV &DUOD )LFKWQHU 3D WLQHV R SURJUDPD FRQWHPSOD DO JXQV GRV WHPDV PDLV SHUWLQHQWHV H GH LQWHUHVVH GR S~EOLFR GR VHWRU YDUHMLVWD 6HJXQGR HOD D RIHUWD GDV FDSDFLWDo}HV GHYHUi VH HVWHQGHU DWp R PrV GH RXWXEUR $V DXODV VHUmR UHDOL]DGDV QR DXGLWyULR GD HVFROD 5XD 0DWKLDV 9HOKR $OpP GH XP GLIHUHQFLDO SDUD TXHP Mi HVWi WUDEDOKDQGR RV FXUVRV WDP EpP GHYHUmR FRQWULEXLU SDUD D LQ VHUomR GDTXHOHV TXH HVWmR IRUD GR PHUFDGR 3DUD R SUHVLGHQWH HP H[HUFtFLR GR 6LQGLORMDV ,WDPDU 7DGHX %DU ER]D GD 6LOYD HVWD p XPD SUHR FXSDomR TXH PRWLYRX D LQVWLWXL omR D RIHUHFHU R SURJUDPD $ FDGD GLD R PHUFDGR GH WUDEDOKR SDVVD SRU XPD HYROXomR FRQVWDQ WH H p QRVVR SDSHO SURSRUFLRQDU DRV SURILVVLRQDLV GR FRPpUFLR YD UHMLVWD D RSRUWXQLGDGH GH DFRP SDQKDUHP HVWH SURFHVVR GL] 2V LQWHUHVVDGRV SRGHP REWHU LQIRUPDo}HV SHORV WHOHIRQHV

RX

5HGH SODQHMD ODQoDU WUrV HPSUHHQGLPHQWRV

5HGH ,QWHUFLW\ HVWLPD FUHVFLPHQWR HP $ 5HGH ,QWHU&LW\ GH +RWpLV XP GRV GH] PDLRUHV JUXSRV KRWHOHLURV YROWDGRV SDUD R WXULVPR GH QHJyFLRV GR SDtV DSRVWD QD DG PLQLVWUDomR GH KRWpLV H IODWV SDUD PDQWHU D VXD WUDMHWyULD GH VXFHVVR 1RV ~OWLPRV WUrV DQRV D HPSUHVD REWHYH FUHVFLPHQWR GH QD WD[D GH RFXSDomR GDV RLWR XQLGDGHV DG PLQLVWUDGDV SHOD UHGH 2 REMHWLYR DJRUD p LQDXJXUDU WUrV HPSUHHQGLPHQWRV HP $OpP GDV XQLGDGHV GH WHUFHLURV D UHGH SRV VXL PDLV FLQFR KRWpLV SUySULRV WRWDOL]DQGR XQLGDGHV ,QWHU&LW\ (VWDPRV HP QHJRFLDomR SDUD WHUPRV QRYRV HPSUHHQGLPHQWRV HP 6mR 3DXOR H FDSLWDLV GD UHJLmR 1RUGHVWH +RMH RV KRWpLV H IODWV DGPLQLVWUDGRV UHSUHVHQWDP GR QRVVR IDWXUDPHQWR 7UDWD VH GH XP PRGHOR GH QHJyFLR H[WUHPDPHQWH LQWHUHVVDQWH TXH HVWi HP DVFHQVmR QR %UDVLO DILUPD 6HUJLR %XHQR GLUHWRU GH QRYRV QHJyFLRV GD ,QWHU &LW\ 2V KRWpLV SUySULRV UHSUHVHQWDP RV

UHVWDQWHV GR IDWXUDPHQWR DQXDO 1R DQR SDVVDGR D ,QWHU&LW\ UHJLVWURX XPD WD[D GH RFXSDomR GH HP VHXV KR WpLV H IODWV Q~PHUR HOHYDGR SDUD HVVH PRGH OR GH QHJyFLR 0XLWRV H[HFXWLYRV XVDP QRVVRV HPSUHHQGLPHQWRV FRPR RSomR SDUD VH KRVSHGDU *HUDOPHQWH DV VXDV HPSUHVDV ID]HP SDFRWHV IHFKDGRV RX WrP XQLGDGHV GH IODWV SUySULRV QD QRVVD UHGH SDUD DORMDU RV VHXV FRODERUDGRUHV GHVWDFD R H[HFXWLYR 3DUD D HPSUHVD HVWLPD XP FUHVFL PHQWR GH SHOR PHQRV IUHQWH D $OpP GLVVR DV ERDV SHUVSHFWLYDV SDUD HVWH DQR H D DSRVWD QR DXPHQWR GD GHPDQGD GR PHUFDGR KRWHOHLUR EUDVLOHLUR HVWmR ID]HQGR D UHGH LQYHVWLU 6RPHQWH HP UHIRUPDV H DWXDOL ]Do}HV GH DSDUWDPHQWRV VHUmR PDLV GH 5 PLOK}HV 8QLGDGHV FRPR R ,QWHU&LW\ 3UH PLXP ,ELUDSXHUD H R ,QWHU&LW\ 3UHPLXP %HUULQL UHFHEHUmR HVWH DQR LQYHVWLPHQWRV GH 5 PLOK}HV HP UHIRUPDV H PHOKRULDV

(48,3$0(172 e $/7(51$7,9$ 3$5$ 5$,2 ; $ HPSUHVD 0LRWHF GH 3RUWR $OH JUH ODQoRX QD SULPHLUD TXLQ]HQD GH MXQKR XP QRYR HTXLSDPHQWR TXH VHU YH FRPR DOWHUQDWLYD SDUD R GLDJQyV WLFR GH SUREOHPDV SRVWXUDLV DFRP SDQKDPHQWR GH WUDWDPHQWRV H HP FD VRV RQGH R UDLR [ QmR p DFRQVHOKi

YHO FRPR HP JHVWDQWHV 2 9HUW ' FRPR p FKDPDGR p FRP SRVWR SRU XP VFDQQHU ' H XP DSOLFDWL YR GH DQiOLVH 2 6FDQQHU ' REWpP DWUD YpV GR XVR GH XPD OX] EUDQFD FRPXP XP FRQMXQWR GH FXUYDV TXH GHVFUHYHP D IRUPD GDV FRVWDV GH XPD SHVVRD (VVH

-XQKR GH

FRQMXQWR GH FXUYDV p DQDOLVDGR SHOR DSOLFDWLYR GH DQiOLVH SDUD HVWLPDU R SRVLFLRQDPHQWR GD FROXQD $ 0LRWHF IRL IXQGDGD HP 2 HTXLSDPHQWR IRL ODQoDGR QD IHLUD +RVSLWDODU TXH DFRQWHFHX QR LQtFLR GHVWH PrV HP 6mR 3DXOR


1LQR 6DWULD 03

0XLWRV SURILVVLRQDLV VH SHUJXQWDP VH D DFHLWDomR GR 335$ FRPR /7&$7 IRL UHYRJDGD

333 [ /7&$7 &RP D SXEOLFDomR GD ,QVWUXomR 1RUPDWLYD GR ,166 HP GH GH]HPEUR GH PXLWDV HPSUHVDV H SURILVVLRQDLV GH 6HJXUDQoD QR 7UD EDOKR WrP TXHVWLRQDGR D 3UHYLGrQFLD VH D DFHLWDomR GR 335$ 3URJUDPD GH 3UHYHQomR GH 5LVFRV $PELHQWDLV

FRPR /7&$7 /DXGR 7pFQLFR GH &RQGLo}HV $PELHQWDLV GR 7UDEDOKR

IRL UHYRJDGD XPD YH] TXH D ,1 XWLOL]D R WHUPR /7&$7 VHP ID]HU UH IHUrQFLD DR 335$ 2 &RQVXOWRU HP 6HJXUDQoD GR 7UDEDOKR GD HPSUHVD 767 &RQ VXOWRULD HP 6HJXUDQoD GR 7UDEDOKR $OH[VDQGUR 0DUFROLQR H[SOLFD TXH D VXEVWLWXLomR FRQWLQXD YDOHQGR SRUTXH D ,QVWUXomR 1RUPDWLYD QmR DOWHURX D LQVWUXomR 7UDWD VH GH XP GRFXPHQWR KLVWyULFR ODER UDO GRV WUDEDOKDGRUHV DSUHVHQWDGR HP IRUPXOiULR SUySULR TXH FRQWHUi XP JUDQGH Q~PHUR GH LQIRUPDo}HV GHWDOKDGDV VREUH VXDV DWLYLGDGHV H[SRVLomR D DJHQWHV QRFLYRV j VD~ GH UHVXOWDGRV GH H[DPHV PpGLFRV H RXWUDV LQIRUPDo}HV GH FDUiWHU DGPL QLVWUDWLYR DILUPD 2 SULQFLSDO REMHWLYR GR 333 3HU ILO 3URILVVLRJUiILFR 3UHYLGHQFLiULR p DSUHVHQWDU HP XP Vy GRFXPHQWR R UHVXPR GH WRGDV DV LQIRUPDo}HV QH FHVViULDV j ILVFDOL]DomR GR JHUHQFLD PHQWR GH ULVFRV H H[LVWrQFLD GH DJHQ WHV QRFLYRV QR DPELHQWH GH WUDED OKR DOpP GH VHU R GRFXPHQWR TXH RULHQWD R SURFHVVR GH UHFRQKHFLPHQ WR GH DSRVHQWDGRULD HVSHFLDO GR WUD

EDOKDGRU $ HPSUHVD SDVVD D WHU D REULJDomR GH HODERUDU H PDQWHU DWX DOL]DGR R SHUILO SURILVVLRJUiILFR GH FDGD WUDEDOKDGRU GHVFUHYHQGR DV DWL YLGDGHV TXH RV PHVPRV GHVHQYRO YHP 2V WUDEDOKDGRUHV WrP GLUHLWR GH GHWHU FySLD DXWrQWLFD GR GRFX PHQWR $V IRQWHV GH LQIRUPDomR GR 333 VmR R /DXGR 7pFQLFR GH &RQGLo}HV $PELHQWDLV GR 7UDEDOKR /7&$7 R 3URJUDPD GH 3UHYHQomR GH 5LVFRV $P ELHQWDLV 335$ H R 3URJUDPD GH &RQ WUROH 0pGLFR GH 6D~GH 2FXSDFLRQDO 3&062 WRGDV HVWDV REULJDo}HV YL JHQWHV SDUD R HPSUHVDULDGR HP JHUDO 6HJXQGR 0DUFROLQR R 333 GHYH VHU PDQWLGR DWXDOL]DGR PDJQHWLFD PHQWH RX SRU PHLR ItVLFR FRP D VH JXLQWH SHULRGLFLGDGH ‡ DQXDOPHQWH QD PHVPD pSRFD HP TXH VH DSUHVHQWDU RV UHVXOWDGRV GD DQiOLVH JOREDO GR GHVHQYROYLPHQ WR GR 335$ GR 3*5 GR 3&0$7 H GR 3&062 ‡ QRV FDVRV GH DOWHUDomR GH OD\RXW GD HPSUHVD FRP DOWHUDo}HV GH H[SRVLo}HV GH DJHQWHV QRFLYRV $ QmR PDQXWHQomR GH 3HUILO 3UR ILVVLRJUiILFR 3UHYLGHQFLiULR DWXDOL]D GR H R QmR IRUQHFLPHQWR GR PHVPR DR HPSUHJDGR SRU RFDVLmR GR HQFHU UDPHQWR GR FRQWUDWR GH WUDEDOKR HQ VHMDUi DSOLFDomR GH PXOWD HYLGHQFLDQ GR DVVLP D LPSRUWkQFLD GD FRQIHFomR GR GRFXPHQWR LQGHSHQGHQWH GH RQGH VmR UHWLUDGDV DV LQIRUPDo}HV SDUD VHX SUHHQFKLPHQWR

&RP R WHPD 0XGDQoD GH &XOWXUD R ,9 6HPLQi ULR ,QWHUQDFLRQDO GH (QJHQKDULD (OpWULFD QD 6HJXUDQ oD GR 7UDEDOKR R ,9 (6: (OHFWULFDO 6DIHW\ :RUNVKRS

%UDVLO RFRUUH HQWUH RV GLDV H GH VH WHPEUR WHPEUR HP %OXPHQDX 6DQWD &DWDULQD $ VHJXUDQoD HP HOHWULFLGDGH GHYH ID]HU SDUWH GR VLVWHPD JHUHQFLDO GH 6HJXUDQoD QR 7UDEDOKR e QHVVD LQWHJUDomR TXH FRQVLVWH D PXGDQoD GH FXOWXUD SRLV D iUHD WpFQLFD GD HOHWULFLGDGH FRQKHFH RQGH HVWmR RV SUREOHPDV -i RV SURILVVLRQDLV GH VHJXUDQoD FRPSOH WDUmR DV VROXo}HV FRP VHXV FRQKHFLPHQWRV 1HVVH FRQWH[WR D PXGDQoD GH FXOWXUD WHP FRPR REMHWLYR LU DOpP GD LGHLD GH FXPSULU DSHQDV D OHL $ OHJLVODomR H[SOLFD R TXH GHYH VHU IHLWR SDUD SURWHJHU R WUDEDOKDGRU -i RV SURILVVLRQDLV GHYHP GHVHQYROYHU FRPR HVVD SURWHomR VHUi IHLWD 2 (6: %UDVLO OHYDQWD GLVFXVV}HV VREUH FRPR ID]HU D VHJXUDQoD QD SUiWLFD H LGHQWLILFD HYHQWXDLV ODFXQDV QD OHJLVODomR 2 SURILVVLRQDO GH 6HJXUDQoD QR 7UDEDOKR GHYH HYLWDU IHULPHQWRV H IDWDOLGDGHV FRP HOHWULFLGDGH H FR ODERUDU FRP D PHOKRULD GD 15 2V DFLGHQWHV RFRUUHP FRP DV SHVVRDV TXH DWXDP QHVVDV iUHDV H R (6: WHP OHYDGR PHQVDJHQV VREUH LVVR 2 TXH RV RUJDQL]DGRUHV TXHUHP p R JHUHQFLDPHQWR GD 6HJX UDQoD GR 7UDEDOKR OHYDQGR HP FRQVLGHUDomR RV DVSHFWRV WpFQLFRV GD HOHWULFLGDGH H RV VHXV UHVSHFWL YRV ULVFRV

-XQKR GH

VHJXUDQoD QR WUDEDOKR

6(0,1É5,2 ,17(51$&,21$/ '( (1*(1+$5,$ (/e75,&$ 1$ 6(*85$1d$ '2 75$%$/+2


LQIRUPH SXEOLFLWiULR

&RUSR $WLYR LQDXJXUD FRP SURSRVWD GLIHUHQFLDGD $WHQGLPHQWR GLIHUHQFLDGR HTXLSD PHQWRV QRYRV H PRGHUQRV DPELHQWH DPSOR H SURILVVLRQDLV TXDOLILFDGRV HVVDV VmR DV FDUDFWHUtVWLFDV TXH WRGR PXQGR SURFXUD HP XPD DFDGHPLD )RL HVVH SHQ VDPHQWR TXH OHYRX RV VyFLRV 'LRYDQL 6RVWHU GD 6LOYD H &ULVWLQD GR 1DVFLPHQWR 7HL[HLUD D LQDXJXUDUHP HP &DFKRHLULQKD D &RUSR $WLYR 6LWXDGD QD SDUDGD D QRYD DFD GHPLD EXVFD D H[FHOrQFLD GHVGH D UHFHS omR 1RVVD PLVVmR p VDWLVID]HU DV QHFHV VLGDGHV GRV FOLHQWHV DWUDYpV GH DXODV VDX GiYHLV H HVSRUWLYDV YDORUL]DQGR D TXDOL GDGH GH YLGD DILUPD 'LRYDQL SURIHVVRU H SyV JUDGXDGR HP PXVFXODomR H WUHLQD PHQWR GH IRUoD $OpP GRV HGXFDGRUHV It VLFRV D DFDGHPLD FRQWD DLQGD FRP ILVLR WHUDSHXWD H SRVVXL XPD SDUFHULD FRP QX WULFLRQLVWD D ILP GH RIHUHFHU XP DWHQGLPHQWR SHUVRQDOL]DGR DRV FOLHQWHV

$ &RUSR $WLYR p OL FHQFLDGD SHOR VLVWHPD %RG\ 6\VWHP SURGXWR FRQVDJUDGR HP SDtVHV TXH RIHUHFH XP SURJUDPD SDUD FDGD WLSR GH SHVVRD FRP DXODV WHVWDGDV H SURIHVVRUHV DWXDOL]D GRV (QWUH DV PRGDOL GDGHV HVWmR 530 3R ZHU -XPS H %RG\ 3XPS $OpP GLVVR D DFDGHPLD RIHUHFH SD FRWHV SDUD DV HPSUH VDV FRP YDORUHV GLIH UHQFLDGRV H GHVFRQWR HP IROKD H SDUFH ULD FRP XP HVWDFLRQDPHQWR H FRP D FOt QLFD YHWHULQiULD 6WDQLYHW SDUD RIHUHFHU GHV FRQWRV DRV DOXQRV &RQKHoD R DPELHQWH GD &RUSR $WLYR

4XDOLGDGH QDV HPEDODJHQV $ SULPHLUD LPSUHVVmR p D TXH ILFD HVVD IUDVH SRGH SDUHFHU DQWLJD RX PDQMDGD PDV H[SOLFD EHP D IXQomR GDV HPEDOD JHQV $OpP GH UHSUHVHQWDU D LGHQWLGDGH GD PDUFD JDUDQWLU D TXDOLGDGH VHJXUDQoD H FRQVHUYDomR GR SURGXWR HOD SUHFLVD VHU SUiWLFD H IXQFLRQDO 3RU LVVR HVFROKHU XPD HPSUHVD HVSHFL DOL]DGD QD KRUD GH SURGX]LU D HPEDODJHP p HVVHQFLDO SDUD DVVHJXUDU TXH D PDUFD H R SURGXWR FKHJXHP DR FRQVXPLGRU GD IRUPD GHVHMDGD $ (ILFD] *UiILFD *UiILFD Ki DQRV QR PHUFDGR FRQWD FRP XPD HVWUXWXUD H SHVVRDO DOWDPHQWH TXDOLILFDGR H HVSHFLDOL]DGR QR UDPR GH HPEDODJHQV 'HVHQYROYHQGR SURGXWRV SDUD GLYHU VRV VHJPHQWRV GH PHUFDGR WHQGR FRPR UHIHUrQFLD D DJLOLGD GH DWHQGLPHQWR GLQkPLFR H SHUVRQDOL]DGR &RP VHGH HP &D FKRHLULQKD WUDEDOKD FRP PDWpULD SULPD VHOHFLRQDGD H FRQWD FRP XP VHWRU GH DFDEDPHQWR TXH ]HOD SHOD TXDOLGDGH GRV SURGXWRV $ (ILFD] *UiILFD PXGRX GH HQGHUHoR $JRUD HOD HVWi QD $Y )UHGHULFR 5LWWHU FRP SUpGLR SUySULR H DPSOR HVSDoR 0DLRUHV LQIRUPDo}HV SHOR IRQH

3DUFHULDV TXH JDUDQWHP TXDOLGDGH $ 'LYLPRQWD FRPpUFLR GH IRU URV H GLYLVyULDV DWXD Ki PDLV GH GH] DQRV QR PHUFDGR FRP VHUYL oRV DX[LOLDUHV j FRQVWUXomR FLYLO &RP LVVR D HPSUHVD SRGH RIHUH FHU JUDQGHV IRUQHFHGRUHV H FRQ WDU FRP SDUFHLUDV FRPR D (XFD WH[ GLYLVyULDV SDUD HVFULWyULRV SL VRV SDYLIOH[ H ODPLQDGRV HXFDIORU GXUDIORU $0) IRUURV GH ILEUD PL QHUDO DF~VWLFR H LQFRPEXVWtYHO ,VRYHU IRUURV GH Om GH YLGUR LVR

ODQWHV WpUPLFRV H DF~VWLFRV /D IDUJH SDUHGHV H IRUURV GH JHVVR DFDUWRQDGR 9LSDO OLQKD )DFLOLW\ GH IRUURV GH 39& SRUWDV VDQIR QDGDV GLYLVyULDV GH 39& H 3ROL IDFH SLVRV ODPLQDGRV IOXWXDQWHV $ HPSUHVD DLQGD WUD] HP VHX VLWH PDLV LQIRUPDo}HV $FHVVH ZZZ GLYLPRQWD FRP EU RX PDQ GH XP H PDLO SDUD VDF#GLYLPRQWD FRP EU 2 IRQH p R -XQKR GH

5RVHODLQH 9LQFLSURYD 03

(TXLSDPHQWRV QRYRV H SURILVVLRQDLV TXDOLILFDGRV VmR FDUDFWHUtVWLFDV GD &RUSR $WLYR

QD SDUDGD HP FLPD GR %DQFR ,WD~ 2 KRUiULR GH DWHQGLPHQWR p GDV K PLQ jV K 0DLRUHV LQIRUPDo}HV SHOR IRQH

&(1752 '( 75(,1$0(172 )Ì6,&2 3(5621$/,=$'2 ( $'$37$'2 2 &RPSOH[R )LWQHVV QmR p XPD FOtQLFD GH ILVLRWHUDSLD H QHP XPD DFDGHPLD GH JL QiVWLFD PDV VLP XP &HQWUR GH 7UHLQDPHQWR )tVLFR 3HUVRQDOL]DGR H $GDSWDGR RQGH R DOXQR UHFHEH D DWHQomR H GHGLFDomR GRV SURILVVLRQDLV YLVDQGR VXD SURQWD UHFXSHUD omR H FRQVHTXHQWHPHQWH VDWLVIDomR 7UHLQDPHQWR )tVLFR 3HUVRQDOL]DGR SRUTXH WUDEDOKD FRP QR Pi[LPR TXDWUR DOXQRV SRU KRUiULR H SUHYLDPHQWH DJHQGDGRV 2 FHQ WUR GLVSRQLELOL]D SDUD HVWHV JUXSRV GRLV SUR ILVVLRQDLV TXH GHQRPLQD GH 3HUVRQDO 7UDLQ QHU 7UHLQDPHQWR $GDSWDGR SRUTXH UHDELOLWD TXDOTXHU IRUPD GH SDWRORJLD TXH SRVVD VHU UHDELOLWDGD FRPR SRU H[HPSOR KLSHUWHQVmR GLDEHWHV FDUGLRSDWLDV KLSHU FLIRVHV KLSHU ORUGRVHV HVFROLRVHV KpUQLDV YHUWHEUDLV H OH V}HV GH OLJDPHQWRV QRV MRHOKRV ( DLQGD WUHLQDPHQWR SDUD REHVLGDGH JHVWDQWHV H LGRVRV $OpP GLVVR R FHQWUR RIHUHFH *LQiVWLFD 3HUVRQDOL]DGD *LQiVWLFD ORFDOL]DGD -XPS 3HUVRQDOL]DGR H DXODV FRP EROD VXtoD $ &RPSOH[R )LWQHVV RIHUHFH WDPEpP WUHLQDPHQWR ItVLFR HP JUXSR SDUD HPSUHVDV GHQWUR GR SUySULR HVWDEHOHFLPHQWR H JLQiV WLFD ODERUDO QD VHGH GD HPSUHVD 0DLV LQ IRUPDo}HV QR IRQH RX RX DLQGD SHOR H PDLO FRPSOH[RILWQHVV#XRO FRP EU $ &RPSOH[R )LWQHVV ILFD QD $Y )ORUHV GD &XQKD


-XQKR GH


-XQKR GH


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.