000043345[1]

Page 1

&20( 72 7+( &25(

0DWFKLQJ 1HZ %XVLQHVV DQG 1HZ /HDUQLQJ &RQIHUHQFH 5HIOHFWLRQV DQG 3URFHHGLQJV


&5($7,9( /($51,1* ,1129$7,21 0$5.(73/$&(

0DWFKLQJ 1HZ %XVLQHVV DQG 1HZ /HDUQLQJ

&RQIHUHQFH 5HIOHFWLRQV DQG 3URFHHGLQJV


&5($7,9( /($51,1*

$662&,$d®2 ,1'8675,$/ 32578*8(6$ &21)('(5$d®2 (035(6$5,$/ 3UDoD GDV ,QG~VWULDV $SDUWDGR (& -XQTXHLUD /LVERD 7HO _ ZZZ DLS SW ZZZ FUHDWLYHOHDUQLQJFRQIHUHQFH FRP 7tWXOR &5($7,9( /($51,1* ,1129$7,21 0$5.(73/$&( 0DWFKLQJ 1HZ %XVLQHVV DQG 1HZ /HDUQLQJ &RRUGHQDomR (GLWRULDO 1RUPD 5RGULJXHV +HOHQD &DLDGR H (WHOEHUWR &RVWD 2UJDQL]DomR DGDSWDomR GH WH[WRV RULJLQDLV FHGLGRV H DXWRUL]DGRV SHORV DXWRUHV 0iULR 7HL[HLUD FRP $GHOLQD 6HTXHLUD 7UDGXomR H 5HWURYHUVmR SRU /iSLV QD 0mR ZZZ ODSLVQDPDR SW 'HVLJQ *UiILFR &DUOD +RPHP GH 0DWRV &R )LQDQFLDPHQWR 32$7 3URJUDPD 2SHUDFLRQDO GH $VVLVWrQFLD 7pFQLFD

'HSyVLWR /HJDO ,6%1 ,QIRUPDo}HV 6XJHVW}HV H &RPHQWiULRV HP KWWS FUHDWLYHOHDUQLQJLQQRYDWLRQPDUNHWSODFH EORJVSRW FRP IRUXQV#DLS SW $VVRFLDomR ,QGXVWULDO 3RUWXJXHVD ² &RQIHGHUDomR (PSUHVDULDO


,1129$7,21 0$5.(73/$&(

$ &21)(5È1&,$ ,17(51$&,21$/ &5($7,9( /($51,1* ,1129$7,21 0$5.(73/$&( TXH RFRUUHX HP /LVERD HQWUH 2XWXEUR GH FRQVWLWXLX XP GRV SULQFLSDLV HYHQWRV GR $QR (XURSHX GD &ULDWLYLGDGH H ,QRYDomR HP 3RUWX JDO WHQGR WLGR R SDWURFtQLR GD &RPLVVmR (XURSHLD (VWH HYHQWR TXH UHXQLX YiULDV GH]HQDV GH UHFRQKHFLGRV HVSHFLDOLVWDV QDV iUHDV GD DSUHQGL]DJHP H GD LQRYDomR WUDGX]LX VH QXP ORFDO SULYLOHJLDGR SDUD R GHEDWH H D WURFD GH H[SHULrQFLDV HQWUH RV PDLV GH SDUWLFLSDQWHV SUHVHQWHV H RV PLOKDUHV GH SHVVRDV TXH DFRPSDQKDUDP RQOLQH DV YiULDV VHVV}HV UHDOL]DGDV

1XPD DOWXUD HP TXH VH GHILQH R IXWXUR GD (VWUDWpJLD GH /LVERD (8 EHP FRPR D HVWUDWpJLD SDUD D VRFLHGDGH GD LQIRUPDomR SDUD R SHUtRGR SyV L D FRQIHUrQFLD &UHDWLYH /HDUQLQJ GHX XP LPSRUWDQWH FRQWULEXWR SDUD D UHIOH[mR D DSUHQGL]DJHP D SDUWLOKD GH FRQFHLWRV H GH SUiWLFDV UHODFLRQDGDV FRP D &ULDWLYLGDGH H D ,QRYDomR

$ &RQIHUrQFLD SHUPLWLX HYLGHQFLDU TXH XP IXWXUR PDLV VXVWHQWiYHO H LQFOXVL YR LPSOLFD R DFHVVR PDLV HTXLWDWLYR DRV VLVWHPDV GH DSUHQGL]DJHP IRUPDO QmR IRUPDO H LQIRUPDO FRP XPD XWLOL]DomR PDLV HILFD] GDV WHFQRORJLDV GH LQIRUPDomR H FRPXQLFDomR QR SURFHVVR HGXFDWLYR HVWLPXODQGR D DTXLVLomR GH QRYDV FRPSHWrQFLDV DR ORQJR GD YLGD H R GHVHQYROYLPHQWR GH PHWRGROR JLDV GH HQVLQR H GH WUDQVPLVVmR GR FRQKHFLPHQWR DGHTXDGDV DRV GHVDILRV GDV VRFLHGDGHV DFWXDLV

(QTXDQWR FRRUGHQDGRU GR 3ODQR 7HFQROyJLFR H GD (VWUDWpJLD GH /LVERD H[SUHVVR R GHVHMR H D FRQYLFomR ILUPH GH TXH D UHDOL]DomR GHVWH HYHQWR H R VHX LPSDFWR YHQKDP D FRQVWLWXLU XP LPSXOVR PRELOL]DGRU GD VRFLHGDGH FLYLO SDUD R GHVHQYROYLPHQWR GH XPD SODWDIRUPD GH DSUHQGL]DJHP GH FRQKHFL PHQWR H GH LQRYDomR GH QRYD JHUDomR FDSD] GH UHVSRQGHU DRV GHVDILRV GR SUHVHQWH H GR IXWXUR SUy[LPR

&$5/26 =255,1+2 6HFUHWiULR GH (VWDGR GD (QHUJLD H GD ,QRYDomR H &RRUGHQDGRU 1DFLRQDO GD (VWUDWpJLD GH /LVERD H GR 3ODQR 7HFQROyJLFR


&5($7,9( /($51,1*

Ì1',&(

35()É&,2

,1752'8d®2 $VVRFLDomR ,QGXVWULDO 3RUWXJXHVD &RQIHGHUDomR (PSUHVDULDO

5REHUWR &DUQHLUR

&DStWXOR , _ '(6$),26 '( +2-( '2 &5($7,9( /($51,1* $2 &+$1*,1* 62&,(7<

&21+(&,0(172 ( $35(1',=$*(0 7(&12/2*,&$0(17( (;7(5,25,=$'26

3$5$ 80$ (6758785$d®2 /Ð*,&$ '$ ´$35(1',=$*(0 6867(17$'$ (0 7(&12/2*,$µ

/,7(5$&,$ ',*,7$/ $ )250$ &255(&7$ '( 7251$5 $ 3$57,&,3$d®2 1$ 62&,('$'( '( ,1)250$d®2 3266Ì9(/ 3$5$ 72'26

&2/(*$6 &202 $0%,(17( 3(662$/ '( $35(1',=$*(0

75,Ç1*8/2 '( &21+(&,0(172 2 &21&(,72 $ &5,$5 129$6 2325781,'$'(6 3$5$ $ $35(1',=$*(0 $2 /21*2 '$ 9,'$

21'( (67®2 26 &5,$'25(6"

&203(7È1&,$6 ',*,7$,6 1$ (8523$ 67$7( 2) 3/$<

2 6725<7(//,1* ( $ )2*8(,5$ ',*,7$/

08'$5 $ 62&,('$'(

(WHOEHUWR &RVWD

*HRUJH 6LHPHQV

/LHYH 9DQ GHQ %UDQGH

$QQD 0DULD 6DQVRQL

$OH[DQGUH .UDXVV

0DUNNX 0DUNNXOD

0LQ %DVDGXU

$QGUp 5LFKLHU

$QWRQLR 1~xH]

-RmR 0HQHVHV

&DStWXOR ,, _ &21&/86¯(6 '$ &21)(5È1&,$ $35(1',=$*(0 &5,$7,9,'$'( ( ,129$d®2 )$&725(6 &+$9( '( 08'$1d$ 1$ 62&,('$'( '2 6e&8/2 ;;, )HUQDQGR $OEXTXHUTXH &RVWD


,1129$7,21 0$5.(73/$&(

&DStWXOR ,,, _ 5(/$726 '$ &21)(5È1&,$ 0HVD 5HGRQGD %86,1(66 ,1129$7,21

/($51,1* 3/$<(56_ $*(176 ,1 /($51,1*

/($516&$3(6 /($51,1* 1(7:25.6

$0%,(17(6 '( $35(1',=$*(0 3(662$,6 &217(;72 $0%,(17( ( )(55$0(17$6

(8)$&,1(7 5('( (8523(,$ '( )$&,/,7$'25(6 &21)(5È1&,$ ),1$/

0HVD 5HGRQGD 6Ì17(6( '2 &5($7,9( /($51,1*

H 0(6$ 5('21'$ 129$6 &203(7È1&,$6 3$5$ 12926 (035(*26 ( 129$6 2325781,'$'(6

1(: 6.,//6 )25 1(: -2%6

&ULVWLQD %UDQTXLQKR

3DWUtFLD 6DQWRV

5XL 5LEHLUR

5XL 3HUHLUD

9DQGD 9LHLUD

)HUQDQGR $OEXTXHUTXH &RVWD

-RVp 'XDUWH 'LDV

5XL &DVWUR

(6758785$5 352&(662 '( ,129$d®2 &20 5(&8562 $2 0e72'2 '( 5(62/8d®2 &5,$7,9$ '( 352%/(0$6

(035((1'('25,602

0$5.(7,1* ,1129$7,21

23(1 ,1129$7,21

-RVp $QWyQLR %DOGDLD

%RUJHV *RQoDOYHV

)HUQDQGR $WDQiVLR 5HLV

9LWRU $IRQVR


&5($7,9( /($51,1*

35()É&,2

52%(572 &$51(,52 3URIHVVRU $VVRFLDGR GD 8&3 3UHVLGHQWH GR ,QVWLWXWR GH (QVLQR H )RUPDomR D 'LVWkQFLD

$OLFH FDPH WR D IRUN LQ WKH URDG ³:KLFK URDG GR , WDNH"´ VKH DVNHG ³:KHUH GR \RX ZDQW WR JR"´ UHVSRQGHG WKH &KHVKLUH FDW ³, GRQ¶W NQRZ ´ $OLFH DQVZHUHG ³7KHQ ´ VDLG WKH FDW ³LW GRHVQ¶W PDWWHU´ /HZLV &DUUROO $OLFH LQ :RQGHUODQG

(QFRQWUDU R FDPLQKR TXH SUHWHQGHPRV RX R ILR GH $ULDQD TXH QRV FRQGX ]LUi SDUD IRUD GR ODELULQWR VmR R GHVDILR GD QRVVD JHUDomR 1R SDQRUDPD DFWXDO GH FULVH ILQDQFHLUD DV HPSUHVDV DV SHVVRDV RV SDtVHV TXH VRXEH UHP LQYHQWDU LQRYDU FULDU JDQKDUmR QR IXWXUR SUy[LPR 1HVWH SURFHVVR D HGXFDomR H D DSUHQGL]DJHP VmR IXQGDPHQWDLV )DODPRV GH DSUHQGL]DJHP FULDWLYD 2UD WRGD D DSUHQGL]DJHP HQYROYH DOJXPD IRUPD GH GHVWUXLomR DOJXPD IRUPD GH FULDomR H RX VREUHWXGR GH FR FULDomR 1mR VH WUDWD WmR Vy H DSHQDV GH WHFQRORJLD $ GHVWUXLomR FULDWLYD WHRUL]DGD SRU 6FKXPSHWHU p QHVWH SRQWR IXOFUDO H R GHVDILR HQFRQWUD VH QR FDPLQKR FRQMXQWR TXH VH LPS}H j 7HFQRORJLD H j $SUHQGL]DJHP SRUTXH MXQWDV WHUmR TXH LU« SDUD LQYHQWDU LQRYDU FULDU IXQGDQGR RV DOLFHUFHV GH XPD VRFLHGDGH JDQKDGRUD $ FHQWUDOLGDGH GD DSUHQGL]DJHP p DTXL WUDGX]LGD QXP LPSHUDWLYR GH DFomR DSUHQGHU $SUHQGHU D FULDU DSUHQGHU D FULDU UXSWXUDV DSUHQGHU D FULDU LQRYD o}HV DSUHQGHU D YLYHU MXQWRV SDUD FRODERUDU $ FULDWLYLGDGH FRQVLVWH QR HVVHQFLDO HP OLJDU FRLVDV DQWHULRUPHQWH GHVFR QH[DV 3RU LVVR WRGD D FULDWLYLGDGH p FRODERUDWLYD &DUQHLUR 5 1RYR FRQKHFLPHQWR QRYD DSUHQGL]DJHP H FULDomR GH YDORU 2 ILR GH $ULDQD HP

KWWS ZZZ HOHDUQLQJHXURSD LQIR GLUHFWRU\ LQGH[ SKS"SDJH GRF GRFBLG GRFOQJ


,1129$7,21 0$5.(73/$&( 'R SRQWR GH YLVWD GD WHFQRORJLD D :HE H D $SUHQGL]DJHP SURYL GHQFLDP R GLiORJR FRQVWDQWH H GHVHQKDP D SRVVLELOLGDGH GH FRODERUDomR p SUHFLVDPHQWH DTXL TXH UHVLGH R VHX IDVFtQLR 0DV VH $SUHQGL]DJHP H 7HF QRORJLD MXQWDV SRGHP DOLFHUoDU H DFROKHU QR VHX kPDJR D SRWHQFLDOLGDGH GHVWUXWLYD GD FULDWLYLGDGH H SRU LQHUrQFLD GD FRODERUDomR D QHFHVVLGDGH GH XP VHQWLGR SDUD WXGR LVWR p LPSHUDWLYD e FUXFLDO DWULEXLU VHQWLGR D WRGDV DV IRUPDV GH DSUHQGL]DJHP LQIRUPDO IRUPDO QmR IRUPDO (QTXDQWR VHUHV KXPDQRV FRPSOHWRV WHPRV LQWULQVHFD PHQWH HVWD QHFHVVLGDGH GH GDU H FRQVWUXLU XP VHQWLGR HP WXGR R TXH YLYHQ FLDPRV H HPSUHHQGHPRV VRPRV VHUHV ³VHQWLSHQVDQWHV´ UD]mR H FRUDomR LQWHOHFWR H HPRomR DQiOLVH H VtQWHVH 1DV FRPXQLGDGHV HPSUHVDULDLV HVWD QHFHVVLGDGH GH VHQWLGR WRUQD VH HV VHQFLDO 7HQGHPRV D VXEDYDOLDU D LPSRUWkQFLD GH DSUHQGHU QR WUDEDOKR H GD IRUPDomR QR VHLR GD HPSUHVD PDV QDV FDGHLDV GH YDORU DSUHQGL]DJHP H IRUPDomR VmR WmR LPSRUWDQWHV TXDQWR D LQRYDomR 2 TXH p ~QLFR QXPD HPSUHVD QmR p R FRQKHFLPHQWR FRGLILFDGR OLYURV PDQXDLV p R FRQKHFLPHQWR WiFLWR TXH HVWi QDV SHVVRDV H QD H[SHULrQFLD UHIOHFWLGD TXH GHWrP ( DV SHVVRDV DSUHQGHP LQIRUPDOPHQWH ( FRPR DSUHQGHP LQIRUPDOPHQWH" $SUHQGHP ID]HQGR H ID]HP DSUHQGHQGR HP FRPXQLGDGHV GH SUiWLFD XQV FRP RV RXWURV $ DSUHQGL]DJHP LQIRUPDO p QDWXUDO HVSRQWkQHD DFRQWHFH D WRGD D KRUD H HP WRGR R OXJDU QD UHODomR DSDUHQWHPHQWH PDLV QDWXUDO $TXLOR TXH FDGD XP GH QyV WHP GH PDLV YD OLRVR p R VHX FDSLWDO VRFLDO UHGHV UHODFLRQDLV TXH QRV SHUPLWHP DSUHQGHU XQV FRP RV RXWURV DOLPHQWDGDV H QXWULGDV QXPD GLQkPLFD LQWHU UHODFLRQDO FRQWtQXD H DR ORQJR GD YLGD $ DSUHQGL]DJHP LQIRUPDO p FRUUHODWD GR FDSLWDO VRFLDO 2 GHVDILR TXH VH FRORFD jV HPSUHVDV H D WRGRV p R GH WUDQVIRUPDU HVWH FRQKHFLPHQWR WiFLWR HP FRQKHFLPHQWR YDORUL]DGR 0DV WDPEpP R GH FRQ VHJXLU ID]r OR FLUFXODU ID]H OR VHU SDUWLOKDGR ~QLFD IRUPD GH R UHFULDU HP SHUPDQrQFLD 3DUD D HVSLUDO GH FRQKHFLPHQWR GD HPSUHVD HVWDV VmR TXHV W}HV HVVHQFLDLV $V HPSUHVDV TXH YDORUL]DP R FRQKHFLPHQWR LQIRUPDO H D DSUHQGL]DJHP SHUPDQHQWH VmR DV TXH VH HQFRQWUDP HP PHOKRUHV FRQGLo}HV SDUD LQYHQWDU LQRYDU H FULDU R VHX IXWXUR


&5($7,9( /($51,1* 3DUD R FDVR FRQFUHWR GDV 30( H GD (XURSD H PDLV FRQFUHWDPHQWH GH 3RUWXJDO R LPSHUDWLYR GH PHOKRULD GD FRPSHWLWLYLGDGH H R DOFDQFH GH QRYRV SDWDPDUHV GH GHVHQYROYLPHQWR HVWmR LQWLPDPHQWH FRUUHODFLRQDGRV FRP D FDSDFLGDGH GH SRWHQFLDomR GDV DSUHQGL]DJHQV H GD WHFQRORJLD e UHOHYDQWH D QHFHVVLGDGH GH UHFRQKHFHU H DWULEXLU VHQWLGR D WRGDV DV IRUPDV GH DSUHQGL]DJHP $ YDOLGDomR UHFRQKHFLPHQWR H FHUWLILFDomR GDV DSUHQGL]DJHQV LQIRUPDLV HQTXDQWR XPD GDV IRUPDV GH DWULEXLomR GH VHQWLGR p SRU VL Vy XP GHVDILR 3RUWXJDO DQWHFLSRX VH QHVWH FDPLQKR DR LPSOHPHQWDU D ,QLFLDWLYD 1RYDV 2SRUWXQLGDGHV YHUWHQWH DGXOWRV FRP QtYHLV GH FUHVFL PHQWR FRQVLGHUiYHLV %HP FRPR LQFRUSRURX QHVWD YHUWHQWH D FRPSRQHQWH GH GLQDPL]DomR H SHQHWUDomR WHFQROyJLFD 0DV FRP WRGD D VXD SHUWLQrQFLD HVWHV VmR FDPLQKRV SRVVtYHLV TXH QmR HVJRWDP DV QHFHVVLGDGHV SRWHQFLDOL GDGHV IXWXUDV DQWHV QRV LPS}HP D UHVSRQVDELOLGDGH GH FRQWLQXDU 2 ELQyPLR DSUHQGL]DJHP H WHFQRORJLD HVWmR H HVWDUmR SUHVHQWHV QD $JHQGD SDUD D $SUHQGL]DJHP FRQTXDQWR HVWHV VmR WHPSRV GH SRWHQFLDO PXGDQoD TXH SUHVVLRQDP HPSUHVDV SHVVRDV H SDtVHV 1R IXWXUR HVWD DJHQGD GHYHUi LQFOXLU ‡ &RQVWUXomR GH LQIUD HVWUXWXUDV SDUD D $SUHQGL]DJHP DR /RQJR GD 9LGD %XLOG DQ LQIUDVWUXFWXUH IRU /LIHORQJ /HDUQLQJ

‡ &RPSHWrQFLDV SDUD 7RGRV *HQpULFDV 7,& H 6RFLDLV 6NLOOV IRU $OO ± JHQHULF ,&7 DQG VRFLDO

‡ 4XDOLGDGH GR 6HUYLoR H GRV 3DGU}HV GH $SUHQGL]DJHP 4XDOLW\ RI 6HUYLFH DQG 6WDQGDUGV IRU /HDUQLQJ

‡ 7HFQRORJLDV H &RPXQLGDGHV GH 3UiWLFD &R3 ,QYLVtYHLV ,QYLVLEOH WHFKQRORJLHV DQG &R3

‡ (TXLOtEULR HQWUH DV DJHQGDV FRUSRUDWLYDV H DV LQGLYLGXDLV DSUHQGL]DJHP LQWULQVHFDPHQWH OLJDGD j SURGXomR GH FRQWH[WRV %DODQFHG FRUSRUDWH DQG LQGLYLGXDO OHDUQLQJ DJHQGDV HPEHGGHG OHDUQLQJ LQ SURGXFWLRQ FRQWH[WV

‡ 5HFRPSHQVDV SDUD FXOWXUDV GH DSUHQGL]DJHP LQFHQWLYRV j PRWLYDomR SDUD FRPSURPHWHU XP HIHFWLYR HVIRUoR GH DSUHQGL]DJHP ,QIRUPDO OHDUQLQJ HVWDEOLVKHV WKH IRXQGDWLRQ IRU DGYDQFHG V\QHUJLHV EHWZHHQ OHDUQLQJ DQG LQQRYDWLRQ

µOHDUQRYDWLRQ¶


,1129$7,21 0$5.(73/$&( 5HZDUGLQJ OHDUQLQJ FXOWXUHV ERRVWLQJ PRWLYDWLRQ WR (QJDJH LQ HIIRUWIXO OHDUQLQJ

‡ (VSDoRV GH DSUHQGL]DJHP QmR IRUPDO H LQIRUPDO ± YDORUL]DQGR D DSUHQGL]DJHP EDVHDGD QD UHVROXomR GH SUREOHPDV QD YLGD UHDO QRV SUREOHPDV TXH SRVVLELOLWDP D DFomR WiFWLFD H R FRQKHFLPHQWR H[SHULHQFLDO 0DNLQJ URRP IRU QRQIRUPDO DQG LQIRUPDO OHDUQLQJ YDOXLQJ SUREOHP EDVHG OHDUQLQJ UHDO OLIH DQG SUREOHP HQKDQFLQJ WDFLW DQG H[SHULHQWLDO NQRZOHGJH

1R HVIRUoR FRQMXQWR GH GHVHQYROYLPHQWR RQGH R VRQKR p LPSHUDWLYR R IXWXUR GHYHUi UHFHQWUDU QRV HQTXDQWR SHVVRDV HQTXDQWR VRFLHGDGH (VWH /LYUR RIHUHFH QRV D RSRUWXQLGDGH SDUD XPD UHWRPDGD UHIOH[mR VREUH XPD 9LVmR SDUD D (XURSD QHVWHV GRPtQLRV QR H[DFWR PRPHQWR HP TXH XPD QRYD &RPLVVmR DVVXPH D JRYHUQDomR VRE R SDQR GH IXQGR GH XP QRYR GHVHQKR SROLWLFR LQVSLUDGR SHOR 7UDWDGR GH /LVERD H DQXQFLDGDV TXH HVWmR DV QRYDV GLUHFWUL]HV GH HVIRUoR UXPR jV PHWDV DPELFLRVDV TXH DLQGD VH HVWmR SRU FXPSULU


&5($7,9( /($51,1*

,1752'8d®2

&5($7,9( /($51,1* ,1129$7,21 0$5.(73/$&( $662&,$d­2 ,1'8675,$/ 32578*8(6$ &21)('(5$d­2 (035(6$5,$/

(VWH OLYUR TXH DJRUD VH SXEOLFD YHP QD VHTXrQFLD GR WUDEDOKR SURGX]LGR QR kPELWR GD &RQIHUrQFLD RUJDQL]DGD SHOD $,3 &( H UHDOL]DGD QR &HQWUR GH &RQJUHVVRV HP /LVERD QRV GLDV H GH 2XWXEUR GH VXERUGLQDGR DR WHPD &UHDWLYH /HDUQLQJ ,QQRYDWLRQ 0DUNHWSODFH 7UDWD VH FRP HIHLWR GH XPD WHPiWLFD FXMD LQWHQomR LQLFLDO DTXHOD TXH SUH VLGLX j VXD RUJDQL]DomR WHQWDYD GDU UHVSRVWD jV SUHRFXSDo}HV Mi LGHQWLILFD GDV SHOD $,3 &( QD VXD &DUWD 0DJQD GD &RPSHWLWLYLGDGH GH RQGH VH DILUPDYD GHVLJQDGDPHQWH

³ D DSUHQGL]DJHP DR ORQJR GD YLGD DVVXPH XP SDSHO FUXFLDO VH DFWXDU QD GXSOD YHUWHQWH GD PHOKRULD GDV FRPSHWrQFLDV SURILVVLRQDLV H GR DXPHQWR HIHFWLYR GRV QtYHLV GH HVFRODULGDGH GD SRSXODomR DFWLYD DGXOWD 1R HQWDQWR D VLWXDomR HP 3RUWXJDO QmR p SRVLWLYD ´ H $FUHVFHQWDYD R PHVPR UHODWyULR FRPR DVSHFWRV D SULRUL]DU ³$GDSWDU RV VLVWHPDV GH HGXFDomR H GH IRUPDomR jV H[LJrQFLDV GD VRFLHGDGH GR &RQKHFLPHQWR GHVHQYROYHU XP VLVWHPD GH IRUPDomR SURILVVLRQDO FRQWtQXD /RQJ/LIH /HDUQLQJ WHQGHQWH DR UHIRUoR GD SURGXWLYLGDGH GR WUDEDOKR GD FRPSHWLWLYLGDGH GDV (PSUHVDV H GD PHOKRULD UHDO GDV UHPXQHUDo}HV GRV WUDEDOKDGRUHV LQFOXLQGR D SDUWLOKD GRV EHQHItFLRV DOFDQoDGRV´

3URGX]LU D &RQIHUrQFLD &UHDWLYH /HDUQLQJ H ,QQRYDWLRQ 0DUNHWSODFH IRL WDPEpP XP FRQWULEXWR PDLV SDUD D FHOHEUDomR GD $SUHQGL]DJHP DR /RQJR GD 9LGD $/9 H GR $QR (XURSHX GD &ULDWLYLGDGH H ,QRYDomR (YROXLX VH QDWXUDOPHQWH SDUD D DPELomR GH WUDQVIRUPDU D &RQIHUrQFLD QXPD IHUUDPHQWD GH WUDEDOKR FROHFWLYR


,1129$7,21 0$5.(73/$&( )RL DVVLP TXH D UHIOH[mR FRODERUDWLYD VREUH HVWDV PDWpULDV QRV OHYRX j LGHDOL]DomR GH XP FRQFHLWR TXH IRVVH LQWHJUDGRU GH WRGDV DV GLYHUVDV YHU WHQWHV TXH SUHWHQGtDPRV DERUGDU QHVWH &LFOR GH &RQIHUrQFLDV H TXH SDUD OHODPHQWH VHUYLVVH GH OHLWPRWLY j FRQGXomR GRV WUDEDOKRV VXEVHTXHQWHV $ LGHQWLILFDomR GH WUrV WHPDV FHQWUDLV H DR PHVPR WHPSR WUDQVYHUVDLV D WRGD HVWD SUREOHPiWLFD EHP FRPR D UHIOH[mR VREUH DV LQWHUVHFo}HV GHFRU UHQWHV GD VXD MXVWDSRVLomR OHYDUDP QRV GH XPD IRUPD OyJLFD H TXDVH VHP HVIRUoR j LGHQWLILFDomR GH QRYRV WHPDV H VXEWHPDV TXH HPHUJLUDP QDWXUDO PHQWH FRPR iUHDV SHUWLQHQWHV D WUDWDU )RL DVVLP TXH VXUJLX D ILJXUD FRQFHLWR GRV WUrV FtUFXORV RQGH VH HOHJHP DV WUrV JUDQGHV iUHDV D WUDEDOKDU &UHDWLYH /HDUQLQJ %XVLQHVV ,QQRYDWLRQ H &KDQJLQJ 6RFLHW\ H SRU PDLRULD GH UD]mR DOJXQV GRV VXE HL[RV FRQVL GHUDGRV PDLV UHOHYDQWHV GR DFWXDO PRPHQWR GDV SHVVRDV GDV HPSUHVDV H GD VRFLHGDGH 2V LQGLFDGRUHV DSXUDGRV QR kPELWR GR &UHDWLYH /HDUQLQJ ,QQRYDWLRQ 0DU.HW SODFH FRQILUPDP R VXFHVVR GHVWD LQWHQomR H DQLPDP QRV D FRQWLQXDU &RP HIHLWR HVWH HYHQWR FRQWRX FRP D SDUWLFLSDomR GH RUDGRUHV RULXQGRV GH SDtVHV H GH PRGHUDGRUHV HP FXMDV VHVV}HV DIOXtUDP PDLV GH SHVVRDV H RQGH PDLV GH VHJXLUDP QD LQWHUQHW YLD ZHEFRQIHUHQFH 0XLWDV PHVDV UHGRQGDV ZRUNVKRSV H FRQIHUrQFLDV UHJLVWDUDP HQFKHQ WHV H PXLWRV LQWHUHVVDGRV DVVLVWLUDP jV VHVV}HV QRV HFUmV FRORFDGRV QR H[WHULRU GRV GLYHUVRV DXGLWyULRV QDTXHOD TXH IRL SRUYHQWXUD XPD GDV PDLV VLJQLILFDWLYDV FRQFHQWUDo}HV GH WHFQRORJLD PXOWLPpGLD HP HYHQWRV GR Jp QHUR GH PRGR D SHUPLWLU FRPR HUD QRVVD LQWHQomR ID]HU FRP TXH WRGRV RV SDUWLFLSDQWHV VH VHQWLVVHP HQYROYLGRV H LQWHJUDGRV QXPD DWPRVIHUD GH JUDQGH SUy DFWLYLGDGH LQRYDomR FULDWLYLGDGH H FRQWHPSRUDQHLGDGH $ SXEOLFDomR GHVWH OLYUR WHP SRUWDQWR XPD GXSOD YHUWHQWH 3RU XP ODGR SUHWHQGH IHFKDU R FLFOR TXH FXOPLQRX FRP D UHDOL]DomR GDV FRQIHUrQFLDV UHSRUWDQGR WXGR R TXH QHODV DFRQWHFHX HP WHUPRV GH QRYRV VDEHUHV H FRQ WH~GRV ( SRU RXWUR ODGR DR GDU HVWH OLYUR j HVWDPSD QHVWH SUHFLVR PR PHQWR SUHWHQGH VH TXH HOH SRVVD VHUYLU GH HOHPHQWR PRWLYDGRU GR PDLRU FDSLWDO TXH WHPRV H TXH FRQVLVWH MXVWDPHQWH QR HVIRUoR FROHFWLYR TXH IRUPRV FDSD]HV GH SURPRYHU SDUD TXH HVWHV VDEHUHV ID]HU VH WUDGX]DP HP $FomR«e SUHFLVR SRLV DJLU


&5($7,9( /($51,1* $JLU SDUD TXH GH IRUPD VLJQLILFDWLYD DV HPSUHVDV LQYLVWDP FDGD YH] PDLV QD TXDOLILFDomR GRV UHFXUVRV KXPDQRV $JLU SDUD DXPHQWDU JUDGXDOPHQWH H GH IRUPD VLJQLILFDWLYD R Q~PHUR GH 3HVVRDV HQYROYLGDV HP SURFHVVRV IRUPDLV H RX LQIRUPDLV GH DSUHQGL]DJHP DR ORQJR GD YLGD GH PRGR D DSUR[LPDU±QRV GH XPD WD[D GH $JLU SDUD TXH 3RUWXJDO EHQHILFLH GH WHU VLGR R SDtV GD (8 TXH UHJLVWRX R PDLRU DXPHQWR HP WHUPRV GH LQYHVWLPHQWR HP , ' HP GR 3,% HP HP H GH WHU R PDLRU LQFUHPHQWR GH OLFHQFLDGRV H GRXWRUDGRV $JLU SDUD TXH ILQDOPHQWH DV HPSUHVDV SRVVDP LQWHJUDU QRV VHXV SURFHV VRV GH WUDEDOKR H PRGDOLGDGHV RUJDQL]DWLYDV R SRWHQFLDO H RV PpULWRV TXH GHFRUUHP GR XVR LQWHOLJHQWH H DFHUWDGR GDV QRYDV WHFQRORJLDV GH LQIRUPD omR TXH HVWmR DR VHX GLVSRU 1mR SRGHUtDPRV FRQFOXLU HVWDV QRWDV LQWURGXWyULDV VHP DOXGLU j HVWUXWXUD GD REUD SURSULDPHQWH GLWD H j LQWHQomR TXH QRV DQLPRX TXDQWR j RUJDQL]D omR GRV WH[WRV TXH D FRPS}HP ,QLFLDGD SHOR SUHIiFLR GD DXWRULD GR 3URIHVVRU 5REHUWR &DUQHLUR FXMR SUHV WLJLR H FRPSHWrQFLD QHVWDV PDWpULDV VmR LQWHUQDFLRQDOPHQWH UHFRQKHFLGRV D REUD p FRQVWLWXtGD SRU WUrV FDStWXORV 2 SULPHLUR TXH GHVLJQDPRV SRU 'HVDILRV GH +RMH FRQVLVWH QXPD VpULH GH WH[WRV GD DXWRULD GRV PDLV LPSRUWDQWHV FRQIHUHQFLVWDV GR HYHQWR H SUHWHQGH GH DOJXP PRGR GDU QRV R VWDWH RI WKH DUW QR TXH D HVWDV PDWpULDV GL] UHVSHLWR e DVVLP TXH VXUJHP WH[WRV TXH YmR GHVGH D JpQHVH GR FRQFHLWR TXH HQTXD GURX WRGR R FLFOR GH FRQIHUrQFLDV VHX GHVHQYROYLPHQWR UHIOH[}HV H SHQVDPHQ WRV VXEMDFHQWHV (WHOEHUWR &RVWD D WH[WRV TXH IRFDP H UHIOHFWHP VREUH PDWpULDV TXH KRMH HVWmR QD RUGHP GR GLD FRPR R XVR GDV QRYDV WHFQRORJLDV DR VHUYLoR GR FRQKHFLPHQWR H GD DSUHQGL]DJHP *HRUJH 6LHPHQV /LHYH 9DQ GHQ %UDQGH RX TXHVW}HV OLJDGDV j SUREOHPiWLFD GD OLWHUDFLD GLJLWDO $QQD 0DULD 6DQVRQL RX UHODWLYDV DR GHQRPLQDGR 3HUVRQDO /HDUQLQJ (QYLURQPHQW $OH[DQGUH .UDXVV RX DLQGD RXWUDV PDLV LQWLPDPHQWH UHODFLRQDGDV FRP D $SUHQGL]DJHP DR /RQJR GD 9LGD 0DUNNX 0DUNNXOD RX VREUH RV H VNLOOV H 1HZ 6NLOOV IRU 1HZ -REV $Q GUp 5LFKLHU EHP FRPR VREUH DV LPSOLFDo}HV GH WXGR LVWR HP WHUPRV GR LPSDFWR H GDV LQHYLWiYHLV PXGDQoDV DR QtYHO GD VRFLHGDGH -RmR 0HQH]HV


,1129$7,21 0$5.(73/$&( &RP XP HQIRTXH PDLV QR FRQWH[WR GD HPSUHVD RX FRP SRWHQFLDO GH XVR QR VHX VHLR GH TXH D 6WRU\WHOOLQJ p XP ERP H[HPSOR DSUHVHQWDPRV DOJXPDV WpFQLFDV DV PHWRGRORJLDV H R SHQVDPHQWR GH TXHP UHIOHFWH VREUH DV TXHV W}HV GD (VWUDWpJLD (PSUHVDULDO FRP XPD SHUVSHFWLYD LQRYDGRUD H GH JUDQGH PRGHUQLGDGH 0LQ %DVDGXU $QWRQLR 1~xH] 2 VHJXQGR FDStWXOR TXH GHQRPLQDPRV SRU &RQFOXV}HV GD &RQIHUrQFLD p LQWHJUDOPHQWH GHGLFDGD jV FRQFOXV}HV SDVVtYHLV GH VHUHP H[WUDtGDV GR WUD EDOKR GRV GLYHUVRV UHODWRUHV GDV FRQIHUHQFLDV 2 WHUFHLUR FDStWXOR DSUHVHQWD RV FRQWULEXWRV GH GR]H UHODWRUHV (VWHV IRUDP PLQXFLRVDPHQWH DQDOLVDGRV H WUDEDOKDGRV SRU XP UHSXWDGR HVSHFLDOLVWD QD PDWpULD )HUQDQGR $OEXTXHUTXH TXH WHQWRX QmR Vy H H[FOXVLYDPHQWH FROLJLU RV WH[WRV SURGX]LGRV HP VHSD UDGR HP FDGD XPD GDV FRQIHUrQFLDV LQLFLDWLYDV PDV DFUHVFHQWDU OKHV YDORU DSUHVHQWDQGR XPD YLVmR LQWHJUDGD H SURVSHFWLYD GR TXH R IXWXUR QmR PXLWR ORQJtQTXR QRV UHVHUYD 3DUD XPD DQiOLVH PDLV FXLGDGD H DWHQWD GR TXH HIHFWLYDPHQWH IRL SURGX]LGR HP FDGD XP GRV HYHQWRV RX WHQGR HP YLVWD R DSURIXQGDPHQWR GH WySLFRV HV SHFtILFRV SRGHUi R OHLWRU UHFRUUHU DRV UHODWRV DSUHVHQWDGRV QR FDStWXOR WUrV )LQDOPHQWH H FRPR p GD PDLV HOHPHQWDU MXVWLoD FRPSHWH QRV DSUHVHQWDU RV QRVVRV PDLV FDORURVRV H YHHPHQWHV DJUDGHFLPHQWRV D WRGRV DTXHOHV TXH FRQWULEXtUDP SDUD D UHDOL]DomR GR HYHQWR EHP FRPR D WRGRV DTXHOHV TXH FRQWULEXtUDP SDUD D HODERUDomR GR SUySULR OLYUR 6HP R VHX SUHFLRVR FRQWULEXWR H GHGLFDomR QHQKXP GHOHV WHULD VLGR SRVVtYHO 3HOR VHX HPSHQKR GHGLFDomR H HVIRUoR QD FRQVHFXomR GRV REMHFWLYRV HV WDEHOHFLGRV SDUD HVWDV LQLFLDWLYDV XP HVSHFLDO DJUDGHFLPHQWR j (TXLSD GH 3URMHFWR GD $,3 &( H DR &RQVHOKR &RQVXOWLYR e QRVVR GHVHMR H IRUWH FRPSURPLVVR GLJQLILFDU R HVIRUoR FRP TXH RV 5HOD WRUHV GH VHVV}HV H $XWRUHV GH WH[WRV QRV TXLVHUDP SUHVWLJLDU 3UHWHQGHPRV PHUHFHU R EHQHItFLR GD G~YLGD GH VHUPRV FDSD]HV GH ID]HU PDLV H PHOKRU FRP PHQRV UHFXUVRV H GDU FRQWLQXLGDGH DR HVIRUoR GH HPSUHHQGHU XPD DF omR FROHFWLYD FDSD] GH PRELOL]DU VDEHUHV H FRPSHWrQFLDV GH WDQWRV H WmR ERQV DJHQWHV GH FRQKHFLPHQWR H LQRYDomR 3DUD WRGRV DTXL ILFD R QRVVR DJUDGHFLPHQWR VHQWLGR H D QRVVD SURPHVVD GH TXH WXGR IDUHPRV SRU FRQWLQXDU D PHUHFHU D YRVVD DGHVmR H HPSHQKR


&5($7,9( /($51,1*

FDStWXOR , '(6$),26 '( +2-(

'2 &5($7,9( /($51,1* $2 &+$1*,1* 62&,(7< (7(/%(572 &267$ (TXLSD GH 3URMHFWR $,3 &(

³, GUHDP ZLWK WKH GD\ ZKHQ OHDUQLQJ LV WRWDOO\ LQYLVLEOH $V EUHDWKLQJ LV LQYLVLEOH ORYH RU EUHDWKLQJ SDVVLRQ LV LQYLVLEOH«ZH GRQ¶W KDYH WR WKLQN ³, ZLOO OHDUQ QRZ´ KDSSHQV DOO WKH WLPH HYHU\ZKHUH´ 5REHUWR &DUQHLUR

1$6&,0(172 $ URGD QmR SUHFLVD GH VHU LQYHQWDGD 'RLV SRQWRV GH UHIHUrQFLD FRP UHVXOWDGRV GH H[FHOrQFLD PDUFDUDP D UH IHUHQFLDOL]DomR SDUD RV WUDEDOKRV R H/HDUQLQJ/LVERD SULPHLUD H ~OWLPD GH &RQIHUrQFLDV TXH D &RPLVVmR (XURSHLD UHDOL]RX HQWUH H H R ,QQRYDWLRQ 0DUNHW3ODFH XPD PXLWR EHP VXFHGLGD LQLFLDWLYD GD $,3 HP $ &ULDWLYLGDGH H ,QRYDomR DSUHVHQWDQGR VH FRPR WUDQVYHUVDLV D TXDOTXHU DFWLYLGD GH HGXFDomR FXOWXUD HPSUHVDV PHGLD LQYHVWLJDomR LQGHSHQGHQWHPHQWH GH TXHP VHMD R VHX DXWRU HVFRODV XQLYHUVLGDGHV RUJDQLVPRV S~EOLFRV RX SULYDGRV

³$ FULDWLYLGDGH GHVHQYROYH VH H DSOLFD VH QD DFWLYLGDGH SURGXWLYD 0DV Vy VH GHVHQYROYH VH KRXYHU DPELHQWHV HVWLPXODQWHV GHVDILDGRUHV RQGH R FDSL WDO KXPDQR H VRFLDO VHMD GH IDFWR FRQVLGHUDGR FRPR IDFWRU HVWUDWpJLFR ([LJH XPD QRYD ILORVRILD GH JHVWmR ´ $UPLQGD 1HYHV &1(/ 37 LQ KWWS FULDU JRY SW RSLQLDR FRPR GHVHQYROYHU D FULDWLYLGDGH &RPR HVFUHYHX 3HGUR 6LOYD 3HUHLUD 0LQLVWUR GD 3UHVLGrQFLD LQ &RQ IHUHQFH 3URFHHGLQJV HOHDUQLQJOLVERD TXH SDVVDGRV GRLV DQRV JDQKD DFWXDOLGDGH H JDQKD PDLV VHQWLGR H XUJrQFLD


,1129$7,21 0$5.(73/$&( ³&UHDWLQJ TXDOLILHG SHRSOH ZKR DUH UHDG\ IRU WKH GHPDQGV RI WKH NQRZOHGJH VRFLHW\ LV WRGD\ RQH RI WKH JUHDW FKDOOHQJHV 7KHUH LV QR WLPH WR ORVH ´ $LQGD H WDPEpP R UHJLVWR GH TXH D SHUVHYHUDQoD H D DUWH GH EHP ID]HU QRV LOXPLQD SDUD TXH QRV IDoDPRV UHQRYDGDPHQWH FDPSH}HV GH QyV SUySULRV ( DVVLP D PiTXLQD PRYH VH 'H IRUPD SHUVLVWHQWH QXPD GLQkPLFD TXH VH GHVHMRX LQDELWXDO WDOYH] DWp LQFyPRGD H GHVFRQIRUWiYHO SDUD DV ³QRVVDV LGHLDV IHLWDV H LQVWDODGDV´ '$6 3$/$95$6 $26 $&726 2 GHYHU GH FRQWULEXLU SDUD WRUQDU FODUR TXH D QHFHVVLGDGH GH VH SDVVDU SDUD XP HVWiGLR VXSHULRU GH FRPSHWrQFLDV H GHVHQYROYLPHQWR GDV HPSUHVDV H GDV SHVVRDV QD (XURSD SDUD DOFDQoDU QtYHLV GH OLGHUDQoD PXQGLDO IRL R PRWH 5HIRUoDQGR TXH D QHFHVVLGDGH GH ,QRYDomR p LQFRQWHVWiYHO UHIRUoDGD WDPEpP SHOR DPELHQWH DFWXDO GH LQFHUWH]D HFRQyPLFD TXH DWUDYHVVDPRV FULDQGR SRU XP ODGR QRYRV GHVDILRV HPSUHVDULDLV QRYDV RSRUWXQLGDGHV H RSo}HV H SRU RXWUR H[LJLQGR UHVSRVWD GDV HPSUHVDV PDLRU DGDSWDomR H GLQDPLVPR SDUD JDUDQWLU D FRQWLQXLGDGH GR QHJyFLR QXP PHUFDGR HP FRQVWDQWH PXWDomR $ &ULDWLYLGDGH p IXQGDPHQWDO HVSHFLDOPHQWH TXDQGR DOLQKDGD j RUJDQL]DomR QXP VLVWHPD LQWHJUDGR WUDQVIRUPDQGR DV LGHLDV HP SURGXWRV GH VXFHVVR 2 LQYHVWLPHQWR QR &RQKHFLPHQWR FRQGX] D QRYDV RSRUWXQLGDGHV SDUD DV HPSUHVDV DR PHVPR WHPSR TXH D QHFHVVLGDGH GH ,QRYDomR SHUPDQHQWH REULJD D IXWXURV PRGHORV GH $SUHQGL]DJHP 2UJDQL]DFLRQDO &DGD RUJDQL]DomR WHQGH D SURFXUDU D LQWHJUDomR HP FRPXQLGDGHV GH SUiWLFD H FRQKHFLPHQWR DSUHQGL]DJHP H FRPSHWrQFLDV DVVLP FRPR RV FRODERUDGRUHV SURFXUDP FDGD YH] PDLV GRPLQDU QRYDV YDOrQFLDV HQ IUHQWDU QRYRV SDGU}HV GH H[LJrQFLD VDEHU DSUHQGHU HP UHGH H ID]HQGR DSHOR D QRYDV 7,& +i QRYRV SDUDGLJPDV HFRQyPLFRV H VRFLDLV TXH DLQGD QmR HVWmR FRPSOH WDPHQWH FODURV D HPHUJLU $ FODULILFDomR GHVWHV SDUDGLJPDV GDUi FHUWDPHQWH RULJHP D QRYDV IRUPDV GH RUJDQL]DomR GR WUDEDOKR H VXEVHTXHQWHPHQWH j


&5($7,9( /($51,1* GHILQLomR GDV FRPSHWrQFLDV QHFHVViULDV 6mR HVWDV FRPSHWrQFLDV TXH JHUD UmR DV OLQKDV GH RULHQWDomR SDUD D HGXFDomR H IRUPDomR GR IXWXUR )LQDOPHQWH D FRQYLFomR GH TXH R XVR GDV ³VRFLDO FRPSXWLQJ DSSOLFDWLRQV´ HVWi D SHUPLWLU XP UiSLGR FUHVFLPHQWR GDV DSUHQGL]DJHQV LQIRUPDLV H GDV FRPXQLGDGHV GH SUiWLFD 26 &(1È5,26 &216758Ë'26 8PD RSRUWXQLGDGH DGHTXDGD SHOR PRPHQWR SROtWLFR GH WUDQVLomR TXH VH YLYLD H QD &RPLVVmR (XURSHLD H HP 3RUWXJDO 2 FKDSpX GH FREHUWXUD GR $QR (XURSHX GD &ULDWLYLGDGH H ,QRYDomR FRP R QRVVR FRRUGHQDGRU QDFLRQDO D GDU WRGR R VHX DSRLR HQWXVLiVWLFR &RPR LQWHJUDQWH GR $QR (XURSHX GD &ULDWLYLGDGH H ,QRYDomR H DVVXPLU VH TXH HVWD RSRUWXQLGDGH DMXGDULD j WUDQVLomR SDUD R QtYHO HOHYDGR GH FRPSHWrQFLDV H GH GHVHQYROYLPHQWR GDV RUJDQL]Do}HV H GRV LQGLYtGXRV SDUD TXH VH DOFDQFHP SDWDPDUHV GH OLGHUDQoD D QtYHO PXQGLDO DQFRUDGRV QR UHFRQKHFLPHQWR GD H[LVWrQFLD GH IHUUDPHQWDV H VDEHUHV TXH SRGHP FRQGX]LU SRU XP ODGR j DSUHQGL]DJHP LQIRUPDO H QmR IRUPDO H SRU RXWUR ODGR DR (PSUHHQGHGRULVPR ,QRYDomR H &ULDWLYLGDGH SRU IRUPD D JHUDU VR OXo}HV TXH QRV IDoDP PRYLPHQWDU QRV FRQWH[WRV PXOWLFXOWXUDLV HXURSHXV 5HFRQKHFHU H LQWHUSUHWDU TXH H[LVWH XPD YRQWDGH IRUWH GH PXLWRV DFWRUHV H DJHQWHV HP WUDEDOKDU H MXQWDU D $SUHQGL]DJHP H D ,QRYDomR $VVLP IRL ³IiFLO´ FRQVWLWXLU VH D JUDQGH 3DUFHULD 1DFLRQDO H R &RQVHOKR &RQ VXOWLYR H FRQYRFDU j FRODERUDomR HPSHQKDGD LPSRUWDQWHV SHUVRQDJHQV GR PXQGR DFDGpPLFR H HPSUHVDULDO H PXLWRV GDTXHOHV TXH ³FRUUHP SRU JRVWR´ $ FUHQoD GH TXH TXH R QRVVR FRQWULEXWR p UHQRYDGR H HQFRQWUD HFR QDV RSRUWXQLGDGHV SDUD UHIOHFWLUPRV FRQMXQWDPHQWH FRP EDVH QDV H[SHULrQ FLDV H YLYrQFLDV GH FDGD XP H FRP R DSRLR GH HVSHFLDOLVWDV VREUH D TXD OLGDGH GRV SURFHVVRV HGXFDWLYRV IRUPDWLYRV H GH LQRYDomR H FULDWLYLGDGH IRFDQGR VH QXP SURJUDPD GH WUDEDOKR j OX] GD UHQRYDomR GD $JHQGD GH /LVERD H QXP FRQWH[WR IDYRUHFHGRU GD DSUHFLDomR FULWLFD H GH XPD FRQVWUXomR SURVSHFWLYD

KWWS HXU OH[ HXURSD HX /H[8UL6HUY /H[8UL6HUY GR"XUL &(/(; '& 37 127


,1129$7,21 0$5.(73/$&( $ ,163,5$d­2 ( $ 027,9$d­2 2 FRQWH[WR H R DPELHQWH SDUD D ,QLFLDWLYD HUDP R GH XPD +LSyWHVH LPSRVVtYHO 2V QRVVRV DPLJRV GD &RPLVVmR (XURSHLD H RV QRVVRV PHQWRUHV 5REHUWR &DU QHLUR H &ODXGLR 'RQGL H[LJHP GH QyV PXLWR SRUTXH WDPEpP QRV GmR PXLWR ( VHJXQGR /LHYH 9DQ GHQ %UDQGH GD &RPLVVmR (XURSHLD '* (GXFDWLRQ DQG &XOWXUH TXH VH TXHVWLRQD HP :KDW DUH WKH FKDOOHQJHV DQG RSSRUWXQLWLHV IRU SROLF\" GHILQLQGR 2EMHFWLYRV (VWUDWpJLFRV QD MDQHOD GH WHPSR DWp 2XWUD )RQWH PXLWR VLJQLILFDWLYD ³ RQ EHKDOI RI &RPPLVVLRQHU 6SLGOD IURP '* (QWHUSULVH 6RFLDO $IIDLUV DQG (TXDO 2SSRUWXQLWLHV

+H ZRXOG OLNH WR FRQYH\ KRZHYHU WKDW WKH FRQIHUHQFH LV WLPHO\ DV ZH DUH FXUUHQ WO\ SUHSDULQJ IRU /LVERQ DQG WKH PDLQ WKHPHV RI GLVFXVVLRQ RI \RXU FRQIHUHQ FH RQ VNLOOV DQG FUHDWLYH OHDUQLQJ ZLOO UHPDLQ RI JUHDW LPSRUWDQFH LQ WKH QH[W /LVERQ 6WUDWHJ\ :LWK WKDW LQ PLQG ZH GR YHU\ PXFK ORRN IRUZDUG WR KHDULQJ WKH RXWFRPH RI \RXU FRQIHUHQFH DQG KRSH WKDW \RX ZLOO IHHG \RXU FRQFOXVLRQV LQWR RXU FRQVRODWLRQ RQ /LVERQ ZKLFK ZLOO EH ODXQFKHG LQ WKH DXWXPQ

2 &21&(,72 $ UHIOH[mR SDUWLFLSDGD FRP GHEDWHV LQWHQVRV H SURIXQGRV QD 3DUFHULD H QR &RQVHOKR &RQVXOWLYR H R FRQWULEXWR GH PXLWRV HVSHFLDOLVWDV H SHQVDGRUHV UHVXOWRX QR 7UL &tUFXOR FRP RV JUDQGHV SLODUHV GH GHEDWH SURSRVWRV SDUD R &5($7,9( /($51,1* ,1129$7,21 0$5.(73/$&( %XVLQHVV ,QQRYDWLRQ ,QRYDomR QRV 1HJyFLRV

&UHDWLYH /HDUQLQJ $SUHQGL]DJHQV &ULDWLYDV &KDQJLQJ 6RFLHW\ 0XGDQoD QD 6RFLHGDGH

$VVLVWH VH DVVLP j WHQWDWLYD GH VH HYLGHQFLDU TXH 6HP DSUHQGL]DJHP QmR DFRQWHFH QHP &ULDWLYLGDGH QHP ,QRYDomR 4XDQGR VH FRQVHJXH MXQWDU DPEDV HQWmR DFRQWHFHP 0XGDQoDV QD 6RFLHGDGH QDV HPSUHVDV QDV RUJDQL]Do}HV QDV SHVVRDV HQILP 3DUD VH FKHJDU D HOH R SRQWR GH SDUWLGD IRL JORVDGR j YROWD GDV GXDV SDOD YUDV &ULDWLYLGDGH H ,QRYDomR


&5($7,9( /($51,1* 2 3RQWR GH 3DUWLGD IRL ‡ $SUHQGL]DJHP DR /RQJD GD 9LGD D ³/HDUQRYDWLRQ´ DV RULHQWDo}HV GR 3DUODPHQWR (XURSHX VREUH D $SUHQGL]DJHP ,QIRUPDO H 1mR )RUPDO H R ³/HDUQLQJ 3UDFWLFHV´ ‡ $ 5HQRYDomR GD (VWUDWpJLD GH /LVERD j OX] GDV RULHQWDo}HV GR ³1HZ VNLOOV IRU 1HZ -REV´ HP DOLQKDPHQWR FRP RV SURSyVLWRV GRV 3ODQRV 7HFQROyJLFRV GD $JrQFLD 1DFLRQDO SDUD DV 4XDOLILFDo}HV H GR 0LQLVWpULR GR 7UDEDOKR H GD (GXFDomR ‡ 2V IDFWRUHV GH LQRYDomR FULDWLYLGDGH FRP FRHVmR VRFLDO H GH LQFOXVmR GH SHVVRDV QXP GLiORJR HQWUH JHUDo}HV GRV ³%DE\ %RRPHUV´ YHUVXV 10/ 1HZ 0LOOHQLXP /HDUQHUV $ SDUWLU GDTXL RV 7HPDV IRUDP VH GHVHQURODQGR HP SDSHO GH FHQD UHXQL }HV YiULDV GH ³SDUWH SHGUD´ $EDL[R WHPRV XPD LOXVWUDomR GR TXH ³FRPHoRX SRU VHU´ DWp DR TXH ³DFD ERX SRU VHU´


,1129$7,21 0$5.(73/$&( $Wp TXH VH FKHJRX j HVVrQFLD GH VH IRFDU QD LPSRUWkQFLD GR 6HU $SUHQGHQWH H GH VH VHU FDSD] GH RXVDU ID]r OR QR LQIRUPDO H FRP UHFXUVR jV PHWRGRORJLDV FRPELQDGDV H j WHFQRORJLD VHP H[FOXLU SHVVRDV R TXH IH] DFRQWHFHU ILQDO PHQWH R UHVXOWDGR TXH D WRGRV IRL RIHUHFLGR

&UHDWLYH /HDUQLQJ %XVLQHVV ,QQRYDWLRQ 2SHQ ,QQRYDWLRQ &UHDWLYLW\ WUDQVIHU QHWZRUN

1HZ 6NLOOV IRU 1HZ -REV 1HZ %XVLQHVV 0DUNHWLQJ ,QQRYDWLRQ 0DUNHW &KDOOHQJH

(QWUHSUHQHXUVKLS 1HZ 6WUDWHJLHV

,PSOHPHQWLQJ /HDUQLQJ /HDUQRYDWLRQ LQ D .QRZOHGJH 6RFLHW\ /HDUQVFDSHV /HDUQLQJ 1HWZRUNV 1HZ 6NLOOV

/HDUQLQJ 3OD\HUV $JHQWV LQ /HDUQLQJ /HDUQLQJ (QYLURQPHQWV &RQWH[W (QYLURQPHQWV DQG 7RROV

*URZWK &RUH 1HZ 2SSRUWXQLWLHV

&KDQJLQJ 6RFLHW\ *RYHUQDQFH 6RFLDO 5HVSRQVDELOLW\ ,QWHOOLJHQW 7HUULWRULHV 7HFKQRORJ\ 6RFLDO 'LPHQVLRQV 8QHPSOR\PHQW 3RYHUW\

7ULEHV 7KH ,QWHUJHQHUDWLRQDO 'LDORJXH &OLPDWH &KDQJH +HDOWK 6HFXULW\

$ 352'8d­2 3DUD UHVROYHU KLSyWHVHV LPSRVVtYHLV VmR UHTXHULGDV QRYDV LGHLDV ± FULDWLYL GDGH VHMD 3DUD DYDOLDU GR YDORU GH WDLV VROXo}HV SDUD D QRVVD VRFLHGDGH H SDUD D VXD LPSOHPHQWDomR VXVWHQWDGD VH HODV VH SURYDUDP ~WHLV H UHVSRQ GHQGR D QHFHVVLGDGHV UHDLV HQTXDQWR HP VLPXOWkQHR YHQFHP UHVLVWrQFLDV FHSWLFLVPRV LQpUFLDV FULWLFDV QHJDWLYDV HQWmR DWLQJLPRV D ,QRYDomR 2 DSRLR S~EOLFR H FRPXQLWiULR QR FDVR YHUWHQWH DWUDYpV GR 32$7 )6( SURJUDPD RSHUDFLRQDO GH DVVLVWrQFLD WpFQLFD IRL XPD YH] PDLV FKDYH SDUD TXH VH SDVVDVVH GR ³GHEDWH GH LGHLDV´ DR ³DSUHQGHU ID]HQGR´ $GRSWDQGR XP PRGHOR GH DSHOR j GHVHVWUXWXUDomR GH DSUHVHQWDo}HV IRU PDLV SHORV 2UDGRUHV PDLV GH FRPHQWiULRV H GH IRPHQWR GH GLiORJR H GH LQWHUSUHWDomR EXVFRX VH FRQYRFDU SDUD XP )LQDO D DXGLrQFLD H RV RUDGRUHV HP VLWXDomR GH &ROLVHX QXP PRPHQWR ~QLFR GH WRGRV HVWDUHP FRP WRGRV ,VWR SHUPLWLX j $,3 &( LQRYDU QR FRQFHLWR GH FRQIHUrQFLD H GHL[DU VHPHQWH SDUD QRYRV IRUPDWRV GH ULVFR


&5($7,9( /($51,1* 2 IDFWR GH VH WUDEDOKDU HP VHVV}HV FRP 5HODWRUHV XPD HTXLSD GH HV SHFLDOLVWDV YROXQWiULRV OLGHUDGRV SHOR 3URI )HUQDQGR &RVWD GD 8Q /LVERD H GH ID]HU FRPXQLFDU RV RUDGRUHV H PRGHUDGRUHV HVWHV D OLGHUDUHP SUHYLD PHQWH jV VXDV VHVV}HV ID]HQGR MX] j DFWLYLGDGH FRODERUDWLYD H UHGX]LQGR GUDPDWLFDPHQWH R ULVFR GR LPSURYLVR H GR ³GHVHQUDVFD´ (VWH WUDEDOKR VXDGR UHVXOWD UHFRPSHQVDGR j ³SRVWHULRUL´ TXDQGR VH SURFX UD WUDQVIRUPDU D $FomR HP &RQKHFLPHQWR SDUD TXH HVWH SRVVD VHU UHXWLOL]D GR ID]HQGR XVR GR VtWLR GD &RQIHUrQFLD H GRV PDWHULDLV SURGX]LGRV 8PD DFomR GHWHUPLQDGD HP FRORFDU HP GLiORJR IRFDGR QR 3URSyVLWR DV (PSUHVDV 2UJDQL]Do}HV S~EOLFDV H SULYDGDV H DV 8QLYHUVLGDGHV ,QVWLWXWRV 6XSHULRUHV H (PSUHVDV RUJDQLVPRV GH (GXFDomR )RUPDomR ( FODUR ³ODVW EXW QRW OHDVW´ XP YHUGDGHLUR H HILFD] 7UDEDOKR GH (TXLSD 8P HYHQWR DVVLP QmR VH SURGX] VHP JUDQGH HQWXVLDVPR H DOHJULD GH Yi ULDV HTXLSDV FRQMXJDGDV QXP SURSyVLWR ~QLFR 8P HVIRUoR TXH WRGRV VDEH PRV VXSHUD DV GLILFXOGDGHV OLPLWDo}HV DPDUJXUDV H EDUUHLUDV TXH VH WrP TXH HQIUHQWDU HP SURMHFWRV GHVWD QDWXUH]D (1),0 2V QRYRV QHJyFLRV H R DOYRUHFHU GDV QRYDV DSUHQGL]DJHQV DR ORQJR GD YLGD HVWmR Dt ³RSHQ LQQRYDWLRQ´ ³PDUNHWLQJ LQQRYDWLRQ´ KLVWyULDV GLJLWDLV RX GR ³VWRU\WHOOLQJ´ ³VHULRXV JDPHV´ ³SHUVRQDO OHDUQLQJ HQYLURQPHQWV´ ³OHDUQLQJ REMHFWV´ ³/HDUQLQJ '´ ³POHDUQLQJ´ ³LQIRUPDO UDSLG PLFUR WXGR WHUPLQDGR HP OHDUQLQJ´ 0DV TXDQGR IRL R ³ODYDU GRV FHVWRV´ D TXDOLGDGH GR QpFWDU SURGX]LGR IRL GH DOWR WHRU SRUTXH QLVVR VH HPSUHJDUDP D IXQGR PXLWRV DSRLDQWHV GH FDX VDV H GH OXWDV SHUHJULQDV $JRUD Ki TXH IDYRUHFHU D ³FXUD´ FRP WRGDV DV FRQGLo}HV SDUD TXH D &ROKHLWD UHVXOWH H FKHJXH DR PHUFDGR 8P WUDEDOKR iUGXR SDFLHQWH PDV PXLWR LQWHUHVVDQWH H HVWLPXODQWH TXH FRPHoD DJRUD FRP R 3URSyVLWR GH QRV DSURSULDUPRV GR &RQKHFLPHQWR DVVLP JHUDGR (LV PDLV XP FRQWULEXWR SRUWXJXrV SDUD D 8WRSLD GH XPD (XURSD 0HOKRU


,1129$7,21 0$5.(73/$&(

FDStWXOR ,

&21+(&,0(172 ( $35(1',=$*(0 7(&12/2*,&$0(17( (;7(5,25,=$'26 *(25*( 6,(0(16 (VFULWRU H LQYHVWLJDGRU HP iUHDV FRPR DSUHQGL]DJHP UHGHV VRFLDLV WHFQRORJLD H DPELHQWHV GLJLWDLV

9DPRV GDU XP SDVVR DWUiV H FRQVLGHUDU R TXmR EHP HVWDPRV D XVDU D WHFQRORJLD QD DSUHQGL]DJHP HP FRPSDUDomR FRP R TXH RV DYDQoRV IHLWRV QD ~OWLPD GpFDGD WRUQDP SRVVtYHO $V ,GHRORJLDV LQIOXHQFLDP R GHVLJQ ORJR R GHVLJQ FHUFHLD RSo}HV IXWXUDV 1mR WHPRV GH ROKDU SDUD PXLWR ORQJH SDUD YHU H[HPSORV GHVWD VLPSOHV UHJUD VDODV GH DXOD GHVLJQ GH DFWLYLGDGHV RUJDQL]DFLRQDLV SROtWLFD H DV RSHUDo}HV GRV PHUFDGRV ILQDQFHLURV 2 TXH FULDPRV GXUDQWH XPD HUD VHUYH GH QHXURVH D RXWUD 1D HGXFDomR SDU WLFXODUPHQWH QD DSUHQGL]DJHP VXVWHQWDGD HP WHFQRORJLD REVHUYDPRV XP WULOKR VHPHOKDQWH GH LGHRORJLDV GH RXWUD HUD 3RU H[HPSOR FRQVXOWRUHV HGXFDWLYRV H RUDGRUHV PXLWDV YH]HV GHFODUDP ³VH XPD DOXQD GH Ki DQRV DWUiV YLHVVH jV QRVVDV VDODV GH DXOD VHQ WLU VH LD HP FDVD´ 2EYLDPHQWH TXH WDO GHFODUDomR p DEVXUGD PHVPR VH LJQRUDUPRV RV GHVDILRV GDV YLDJHQV QR WHPSR $ HGXFDomR VRIUHX PXGDQoDV HQRUPHV QRV FXUULFXOD PpWRGRV GLGiFWLFRV H WHFQRORJLDV XVDGDV $V VDODV GH DXOD GH KRMH WHP XPD SRSXODomR HVWXGDQWLO PXLWR PDLV GLYHUVD p SUHVWDGD PDLRU DWHQomR jV QHFHVVLGDGHV GRV DOXQRV FRP QHFHVVLGDGHV HGXFDWLYDV HVSHFLDLV H SDUD R EHP H SDUD R PDO RV DOXQRV VmR LQVWUXtGRV HP GLYHUVDV IRUPDV GH VDEHU H FRPSUHHQVmR ± HP FRQWUDVWH FRP DV YLV}HV VLQJXODUHV GR PXQGR GH Ki DSHQDV DQRV DWUiV (QTXDQWR RV HVSHFLDOLVWDV HVWmR HUUDGRV DR FULWLFDU DV HVFRODV FRPR LQDOWHUi YHLV GHVGH Ki DQRV LJQRUDP R GHVDILR PDLV yEYLR R DSUHQGHU SHUPDQHFH HP VL LQDOWHUiYHO &RQWH~GR DOXQR SURIHVVRU LQWHUDFomR WDOYH] H DYDOLDomR HP YiULDV FRPELQDo}HV FRQWLQXDP D IRUPDU R kPDJR GD HGXFDomR


&5($7,9( /($51,1* ([LVWHP RXWUDV LGHRORJLDV PDV HVWDV VmR HVSHFLDOPHQWH LQIOXHQWHV QR TXH UHV SHLWD D HGXFDomR FULDQGR LPSDFWR FRP R VHX GHVLJQ H OHYDQGR j DFUHGLWDomR 2 48( (67È (55$'2 1,672" 5HJUHVVDQGR j GHFODUDomR LQLFLDO HVWDV YLV}HV UHIOHFWHP XPD LGHRORJLD TXH FUHVFH HP REVROHVFrQFLD HP UHODomR DR PXQGR IRUD GDV VDODV GH DXOD H ODERUDWyULRV GH IRUPDomR 'H TXH IRUPD p TXH XPD DOXQD VDEH D HVWUX WXUD GH XP SUREOHPD DQWHV GH R UHVROYHU DR PHVPR WHPSR TXH WHQWD FULDU XP YtGHR QR <RX7XEH" 'H TXH IRUPD p TXH XP JUXSR GH FULDQoDV VDEH RV UHVXOWDGRV GDV VXDV DSUHQGL]DJHQV TXDQGR GHFLGHP FULDU H MRJDU XP MRJR" 'H TXH IRUPD p TXH XP FRPHUFLDO VDEH SUHYLDPHQWH TXH Ki XPD IRUPD FRUUHFWD GH LQWHUDJLU FRP XP FOLHQWH HVWUDQJHLUR" $ DSUHQGL]DJHP WHQGR OXJDU HP FRQGLo}HV FRQVWULWDV QDV VDODV GH DXODV SRVVXL VRPHQWH XPD OHYH VHPHOKDQoD FRP RV SUREOHPDV H GHVDILRV GR PXQGR UHDO ,VWR GLILFLO PHQWH p QRWtFLD 2V HGXFDGRUHV Mi R VDEHP Ki GpFDGDV (VWXGRV GH FDVR H DSUHQGL]DJHP EDVHDGD HP UHVROXomR GH SUREOHPDV IRUDP GHVHQYROYLGRV HP SDUWH FRPR UHVSRVWD DR DPELHQWH IDEULFDGR GDV VDODV GH DXOD ,QRYDo}HV SHGDJyJLFDV FRPR H[SUHVVRV QR FRQVWUXWLYLVPR QDV VXDV PXL WDV YDULDQWHV QmR SURSRUFLRQDP D IRUoD QHFHVViULD SDUD QRV DIDVWDUPRV GH LGHRORJLDV LUUHOHYDQWHV TXH SURFXUDP GLVWRUFHU D DSUHQGL]DJHP GH IRUPD D UHIOHFWLU DV QHFHVVLGDGHV GH XPD HUD GLIHUHQWH (VWD IDOKD QR XOWUDSDVVDU LGH RORJLDV GHYH VH j LQFDSDFLGDGH DWp j GDWD GRV HGXFDGRUHV UHSHQVDUHP R PRGHOR GH DSUHQGL]DJHP 5HIRUPDGRUHV WUDEDOKDUDP GHQWUR DR LQYpV GH QR VLVWHPD HGXFDWLYR 7UDEDOKDU GHQWUR GRV VLVWHPDV WHP UHVXOWDGR QD SUHVHU YDomR GR VWDWXV TXR PHVPR TXDQGR RV UHIRUPLVWDV VHQWLUDP TXH HVWDYDP D VHU UDGLFDLV ,OOLFK IDOKRX QD H[SOLFDomR GH FRPR DV LQVWLWXLo}HV HGXFDFLR QDLV HVWmR LQWHJUDGDV QD VRFLHGDGH )UHLUH IDORX FRP XPD KXPDQLGDGH H HVSHUDQoD TXH HUD ODUJDPHQWH LJQRUDGD SRU XP PXQGR FRQIRUWDYHOPHQWH GHVHQYROYLGR H LQFDSD] GH YHU D HVWUXWXUD H LPSDFWR GRV VHXV VLVWHPDV 3DUD FULDU H DOLPHQWDU PXGDQoD D PHQVDJHP QmR SRGHU VHU DSHQDV YHUGDGHLUD SDUD XPD GpFDGD PDV WDPEpP UHVVRDU QHFHVVLGDGHV SDL[}HV LQWHUHVVHV UHDOLGDGHV H HVSHUDQoDV GD DXGLrQFLD D TXH D PHQVDJHP p GLULJLGD &RPR UHVXOWDGR D SHGDJRJLD QmR WHP JUDQGHPHQWH LQIOXHQFLDGR D DSUHQGL]DJHP $QLPRX RV HVStULWRV H PRWLYDo}HV GH SHTXHQRV JUXSRV GH HGXFDGRUHV SRU EUHYHV SHUtRGRV GH WHPSR 0DV DLQGD QmR DOWHURX D DSUHQGL]DJHP GH PRGR D WUDQVIRUPDU R VLVWHPD GH HGXFDomR

:HOWDQVFKDXXQJ SDODYUD GH RULJHP DOHPm TXH VLJQLILFD OLWHUDOPHQWH YLVmR GR PXQGR RX FRVPRYLVmR


,1129$7,21 0$5.(73/$&( $ *(5$d­2 (;7(5,25,=$'$« $ XOWLPD GpFDGD SURYLGHQFLRX IHUUDPHQWDV DRV LQGLYtGXRV SDUD TXH FRQWLQXD PHQWH H[WHULRUL]HP RV VHXV SHQVDPHQWRV H LGHLDV $ +LVWyULD p JHUDOPHQWH UH YHODGD DWUDYpV GH DUWHIDFWRV VLJQLILFDQWHV 7HPRV OLYURV DUWHIDFWRV TXH FDSWX UDP FHUWRV SHUtRGRV GH WHPSR 0DV QmR WHPRV D FRQYHUVD GR GLD D GLD 7HPRV XPD YHUVmR KLJLHQL]DGD GD +LVWyULD *HUDo}HV IXWXUDV LUmR SURYDYHOPHQWH WHU DFHVVR D PXLWR PDLV LQIRUPDomR KLVWyULFD TXH DTXHOD TXH DFWXDOPHQWH WHPRV $WUDYpV GR <RXWXEH 7ZLWWHU )DFHERRN 6HFRQG/LIH SRGFDVWV )OLFNU H EORJV DV QRVVDV FRQYHUVDV GLiULDV SRGHP VHU DSUHHQGLGDV &RQYHUVDV TXH WrP OXJDU QR )DFHERRN RX 7ZLWWHU QmR VH GHVHQURODP FRPR DV WLGDV QXPD VDOD GH UHX QL}HV &RPR DPERV 9\JRWVN\ H :LWWJHQVWHLQ GHIHQGHUDP D OLQJXDJHP JHUD SHQVDPHQWRV 2 7ZLWWHU JHUD LGHQWLGDGH VHU $ WHFQRORJLD SHUPLWLX j QRVVD JHUDomR H[WHULRUL]DU ± DWUDYpV GH YtGHR IRWRV iXGLR WH[WR H VLPXODomR ± DV QRVVDV LGHLDV 8PD YH] H[WHULRUL]DGDV XP UDVWR GH LGHQWLGDGH H GH GHVHQYRO YLPHQWR FRQFHSWXDO p GHL[DGR SDUD FRQVLGHUDomR H DQiOLVH IXWXUD (1&2175$5 $ &85$ 3$5$ ,'(2/2*,$6 3$5$'$6 (P YH] GH WUDEDOKDU GHQWUR GR VLVWHPD GH HQVLQR H DSUHQGL]DJHP YDPRV GHVYLDU D QRVVD DWHQomR SDUD PXGDU R SUySULR VLVWHPD VXJHULQGR UHVSRVWDV D LGHRORJLDV SUHYLDPHQWH GLVFXWLGDV $ DSUHQGL]DJHP QHFHVViULD SRGH VHU GHILQLGD 2 &RQWUROR p QHFHVViULR SDUD DWLQJLU D DSUHQGL]DJHP QHFHVViULD (VWXGDQWHV HP QtYHLV VHPHOKDQWHV QHFHVVLWDP GH DSUHQGL]DJHQV VHPHOKDQWHV &RHUrQFLD H (VWUXWXUD VmR QHFHVViULDV j DSUHQGL]DJHP )LOyVRIRV IUDQFHVHV D FXOSD p VHPSUH GRV IUDQFHVHV«PDV RV DOHPmHV WDP EpP FRQWULEXtUDP JXLDUDP QRV QR VHQWLGR GH SRQWRV GH YLVWD UHODWLYLVWDV TXH SRGHULDP VHU XWLOL]DGRV FRPR PpWRGR SDUD GHVDILDU HVWDV TXDWUR LGHRORJLDV 7DO SURSRUFLRQD KRUDV GH GLYHUWLPHQWR PDV FRP SUDWLFDPHQWH QHQKXP UHVXOWDGR SUiWLFR 2 GHVHQYROYLPHQWR GR FDRV H D WHRULD GD FRPSOH[LGDGH RIHUHFHP RXWUD DERUGDJHP PDV PRGHORV GDV FLrQFLDV ItVLFDV VmR PXLWDV YH]HV VRPHQWH ~WHLV FRPR PHWiIRUDV QDV FLrQFLDV VRFLDLV $ (GXFDomR Mi WHYH WHRUL]DomR VXILFLHQWH VLP HX SHUFHER D LURQLD 9DPRV GDU OKH XP SRXFR GH SUDJPDWLVPR H YHU RQGH QRV OHYD 'H IDFWR


&5($7,9( /($51,1* YDPRV FRPHoDU FRP R PDLV SHTXHQR HOHPHQWR GR SURFHVVR GH DSUHQ GL]DJHP XPD FRQH[mR (P YH] GH WHQWDU HVSUHPHU RV FXUULFXOD QXPD PLUtDGH GH YLV}HV HSLVWHPROyJLFDV H MXQWDQGR XP SRXFR GH SVLFRORJLD H VRFLRORJLD VXJLUR TXH QRV IRTXHPRV QDV FRQH[}HV %LRORJLFDPHQWH D DSUHQGL]DJHP p DOJR WmR VLPSOHV FRPR R GLVSDUR GRV QHXUyQLRV 1XP QtYHO FRQFHSWXDO D DSUHQGL]DJHP HQYROYH R FRQHFWDU SHVDU IRUWDOHFHU RV HORV GH OLJDomR HQWUH FRQFHLWRV H LGHLDV 1XP QtYHO VRFLDO D DSUHQGL]D JHP HQYROYH D LQWHUDFomR FRP RXWURV LQGLYtGXRV H FDGD YH] PDLV FRP DJHQWHV WHFQROyJLFRV &RPR p TXH HVVDV FRQH[}HV VmR HVWDEHOHFLGDV" 2 TXH p TXH XPD FRQVWHODomR GH OLJDo}HV HP SDUWLFXODU UHSUHVHQWD" 4XmR LPSRUWDQWH p D WHFQRORJLD DR SHUPLWLU R HVWDEHOHFLPHQWR GHVVDV PHVPDV FRQH[}HV" ( VH DOJXPD FRLVD IRU WUDQVIHULGD QD LQWHUDFomR HQWUH GRLV WUrV RX PDLV DSUHQGHQWHV" $ TXH p TXH D DSUHQGL]DJHP VH DVVHPHOKDULD VH D GHVHQYROYHVVHPRV GR SRQWR GH YLVWD GDV FRQH[}HV" ,1752'8=,5 >$/*2 $ 48( $,1'$ 1­2 '(, 120(@ $TXL HVWi R FRQFHLWR EiVLFR DYDQoRV WHFQROyJLFRV DFHUFD GH FRPR R FRQ WH~GR p FULDGR H HP FRPR RV LQGLYtGXRV LQWHUDJHP HVWmR D XP QtYHO VXIL FLHQWH SDUD VHUYLU FRPR VXEVWLWXLomR jV VDODV GH DXOD WUDGLFLRQDLV (QWUD R 7HFKQRORJLFDOO ([WHUQDOL]HG .QRZOHGJH DQG /HDUQLQJ 7(./ 2X &RQHFWRU 2X /HUQRPHWHU 2X /HUEDO\]HU 2X /HDUQDEOHU 2X DERUGDJHP j DSUHQGL]D JHP GR IXWXUR 1mR IDoR D PtQLPD LGHLD GR TXH FKDPDU OKH VHP LQYRFDU D LPDJHP IROHLUD GR ³SRZ´ GR %DWPDQ H UHSHOHQWHV GH WXEDUmR GRV DQRV 3RU HQTXDQWR ILFR PH SHOR DFUyQLPR 7(./ 2 TXH p R 7(./" 2 7(./ p XP GLVSRVLWLYR ItVLFR TXH FDSWXUD DV QRVVDV LQ WHUDFo}HV ItVLFDV H YLUWXDLV H QRV DSRLD QR UHFRQKHFHU H IRUPDU FRQH[}HV GH FRQKHFLPHQWR EDVHDGDV QDV QRVVDV LQWHUDFo}HV SDVVDGDV QD QRVVD UHGH VR FLDO H QDV DFWXDLV QHFHVVLGDGHV SHVVRDLV H GH WUDEDOKR ¬ PHGLGD TXH R GLD SDVVD R 7(./ FRPSDUD PRQLWRUL]D H UHFRPHQGD DV QRVVDV QHFHVVLGDGHV GH FRQKHFLPHQWR H DSUHQGL]DJHP 4XDQGR YDPRV SDUD D FDPD R 7(./ SURFHVVD DV QRVVDV FRQYHUVDV YHUEDLV ± QR IXQGR WXGR p JUDYDGR R QRVVR H PDLO RV QRVVRV KiELWRV GH WUDEDOKR H DV QRVVDV DFWLYLGDGHV GH SHVTXLVD GH LQIRUPDomR 'HSRLV TXDQGR DFRUGDPRV UHFHEHPRV XP UHODWyULR GH HVWDGR GH FRQKHFLPHQ WR H DSUHQGL]DJHP TXH QRV Gi LQIRUPDomR LQWHOLJHQWH H UHOHYDQWH SDUD XPD PDLRU HILFiFLD SHVVRDO H IRQWHV GH LQIRUPDomR LPSRUWDQWHV 2 7(./ p XP *36 GH FRQKHFLPHQWR SHVVRDO H DSUHQGL]DJHP TXH GRV Gi GLUHFomR H SURJUHVVR


,1129$7,21 0$5.(73/$&( &202 e 48( ,672 ,038/6,21$ 2 &$032 '( $35(1',=$*(0" &RPR p TXH LVWR XOWUDSDVVD DV LGHRORJLDV TXH D HGXFDomR DWp j GDWD IRL LQFD SD] GH GHVEDVWDU DWUDYpV GD UHIRUPD SHGDJyJLFD" (P SULPHLUR OXJDU GDGD D QDWXUH]D FRPSOH[D GRV SUREOHPDV GH KRMH ± DWLQ JLPRV RV OLPLWHV GH FRJQLomR QDV QRVVDV FDEHoDV 3UHFLVDPRV GH FRQILDU QDV UHGHV FRPR DJHQWHV FRJQLWLYRV 5HVROYHU RV PDLRUHV SUREOHPDV GD KXPDQLGD GH LUi QHFHVVLWDU GH XPD SHGDJRJLD EDVHDGD HP UHGHV H QDV RSRUWXQLGDGHV GH FRQKHFLPHQWR GLVWULEXtGR TXH RIHUHFHP (P VHJXQGR HPSXUUD D DSUHQGL]DJHP SDUD VHJXQGR SODQR (P YH] GH GL]HU ³(X HVWRX D DSUHQGHU DJRUD´ ± XPD IUDVH VHP VHQWLGR SRLV HVWDPRV VHPSUH D DSUHQGHU ± ID] FRP TXH DTXLOR TXH DSUHQGHPRV VH WRUQH H[SOLFLWR VRPHQWH GH SRLV GH R ID]HUPRV DR LQYpV GH DQWHV L H ³UHVXOWDGRV GH DSUHQGL]DJHP´ 2QGH D DSUHQGL]DJHP p LQGHVHMiYHO XPD LGHLD HUUDGD SRU H[HPSOR R IHHGEDFN p GDGR DWUDYpV GDV UHGHV VRFLDLV H DQiOLVH FRQFHSWXDO GH SDGU}HV (P WHUFHLUR FRQWHPSOD D FRPSOH[LGDGH GD DSUHQGL]DJHP DR SHUPLWLU TXH QH FHVVLGDGHV GH DSUHQGL]DJHP VHMDP IRUPDGDV H UHIRUPDGDV EDVHDQGR VH HP QHFHVVLGDGHV H FRQWH[WR DFWXDLV 2 DSUHQGHQWH HVWi QXP VHQWLGR PXLWR PDLV DEUDQJHQWH ³HP FRQWUROR´ $SUHQGL]DJHP FRPR IORULOpJLR (P TXDUWR HP YH] GH FRORFDU WRGRV RV DOXQRV QXP FDPLQKR FXUULFXODU TXH LJQRUD GLVWLQo}HV LQGLYLGXDLV p GDGR FRQVWDQWHPHQWH DRV DOXQRV FRQWH~GR SHU VRQDOL]DGR XJK H VXJHVW}HV GH FRQH[}HV (P TXLQWR D FRHUrQFLD H HVWUXWXUD GD DSUHQGL]DJHP QmR p VyOLGD RX IL[D FRPR QXP FXUVR (P YH] GLVVR D FRHUrQFLD p FRQVWDQWHPHQWH PROGDGD H IRUPDGD j PHGLGD TXH QRYDV FRQH[}HV VmR VXJHULGDV UHGHV FRQFHSWXDLV VmR FRQVWDQWHPHQWH GHVDILDGDV SRU UHGHV VRFLDLV H VRIWZDUH GH SDGU}HV $ FRHUrQFLD H R FRQWH~GR HVWUXWXUDGR >R DXWRU XWLOL]D DSHQDV D SDODYUD 6WUXFWXUH@ GRV SURFHVVRV GH DSUHQGL]DJHP XVDGR SDUD DYDOLDU D TXDOLGDGH GD DSUHQGL]DJHP IDFH D XPD RXWUD HQWLGDGH GLJDPRV D FRPSHWrQFLD H R FRQKHFLPHQWR SDUD VHU XPD HQIHUPHLUD RX SDUFHLUR GH QHJyFLRV RX FDQDOL ]DGRU 2QGH QmR VmR SURFXUDGDV RXWUDV FRLVDV ± FRPR D DFUHGLWDomR D DYDOLDomR QmR p XPD SUHRFXSDomR UHOHYDQWH &RQKHFLPHQWR H DSUHQGL]DJHP WHFQROyJLFDPHQWH H[WHULRUL]DGRV


&5($7,9( /($51,1* 2 352%/(0$ 5($/ 2 SUREOHPD UHDO QmR HVWi UHODFLRQDGR FRP D WHFQRORJLD 2 VDOWR FRQFHSWXDO p R PDLV GLItFLO 3RU H[HPSOR D IXQFLRQDOLGDGH H[SUHVVD QR 7(./ H[LVWH Mi HP GLYHUVDV IHUUDPHQWDV 2 YDORU FKDYH SURGX]LGR SHOR 7(./ p OLJDU SHoDV GH XPD PDQHLUD VLJQLILFDWLYD GH IRUPD D SHUPLWLU SHUVRQDOL]DomR XWLOL]DomR GH UHGHV VR FLDLV H[SORUDomR GH SDGU}HV H FRQVWUXomR GH ³FRQKHFLPHQWR H FRPSHWrQFLDV´ D SDUWLU GH XP SHUILO H[LVWHQWH SDUD FULDU QRYDV RSRUWXQLGDGHV GH DSUHQGL]DJHP ÈUHDV GLIHUHQWHV GH SHVTXLVD H HQWUHWHQLPHQWR ± FRPR DQiOLVH GD OLQJXD JHP YLVXDOL]DomR GH GDGRV DQiOLVH GH UHGHV VRFLDLV VHUYLoRV GH OLJDomR GD $PD]RQ VXJHVW}HV GH DPLJRV QR /LQNHG,Q ± FRQVWUXtUDP FDPLQKRV LQWHUQRV VLJQLILFDQWHV DR DQDOLVDU H OLJDU LQIRUPDomR EDVHDGRV HP FRQWH[WR H QHFHVVL GDGH 2 7(./ GH FHUWD IRUPD p XP DJHQWH GH FRQH[mR MXQWDQGR YiULRV FDP SRV IXQFLRQDLV H SRQGR HVWD HVWUXWXUD FRQHFWDGD DR VHUYLoR GR FUHVFLPHQWR GH FRQKHFLPHQWR H DSUHQGL]DJHP


,1129$7,21 0$5.(73/$&(

FDStWXOR ,

3$5$ 80$ (6758785$d®2 /Ð*,&$ '$ ´$35(1',=$*(0 6867(17$'$ (0 7(&12/2*,$µ /,(9( 9$1 '(1 %5$1'( 6HQLRU 3ROLF\ 2IILFHU &RPLVVmR (XURSHLD '* (GXFDomR H &XOWXUD

&RPSHWrQFLD GLJLWDO FRPR FRPSHWrQFLD FKDYH SDUD R GHVHQYROYLPHQWR SHVVRDO H VRFLDO H QR WUDEDOKR 1HVWHV WHPSRV GLItFHLV GH FULVH ILQDQFHLUD WRGRV FRQFRUGDPRV QR GLDJQyV WLFR DV FRPSHWrQFLDV QHFHVViULDV DRV WUDEDOKDGRUHV H HPSUHJDGRUHV HVWmR D PXGDU UDSLGDPHQWH ± GHYLGR j PXGDQoD WHFQROyJLFD FRPSHWLomR JOREDO SRSXODo}HV HQYHOKHFLGDV H HVWUXWXUDV VRFLDLV HP HYROXomR 6H D (XURSD SUHWHQGH FULDU QRYRV HPSUHJRV DSHVDU GD FULVH RV WUDEDOKDGRUHV SUHFLVDP GH DODUJDU H DFWXDOL]DU DV VXDV FRPSHWrQFLDV 0DV D (XURSD QHFHVVLWD QmR Vy GH PDLV FRPSHWrQFLDV PDV GDV FRPSHWrQFLDV FHUWDV LVWR p FULDWLYLGDGH FRPSHWrQFLDV FRPXQLFDWLYDV DQDOtWLFDV FRPSHWrQFLDV SDUD WUDEDOKDU HP HTXLSD HWF (VWH p H[DFWDPHQWH R SURSyVLWR GD LQLFLDWLYD ³1HZ 6NLOOV IRU 1HZ -REV´ GD &RPLVVmR (XURSHLD &RPSHWrQFLDV GLJLWDLV LUmR GHVHPSHQKDU XP SDSHO FDGD YH] PDLRU QRV HPSUHJRV GR IXWXUR FRPR FRPSHWrQFLDV FHQWUDLV QR TXH UHVSHLWD D DSWLG}HV SDUD R WUDEDOKR H SDUD D YLGD e SRU LVVR GD UHVSRQVDELOLGDGH GD HGXFDomR H IRUPDomR SURYLGHQFLDUHP DV LQIUD HVWUXWXUDV PpWRGRV FXUUtFXORV DYDOLD omR SDUD DSUHQGHU HVWDV FRPSHWrQFLDV 0DLV GH GRV HPSUHJRV DFWXDLV Mi UHTXHUHP HVWDV FRPSHWrQFLDV H WDO YDL DXPHQWDU DWp TXDVH QXP IX WXUR SUy[LPR 0DLV DLQGD D LQG~VWULD GDV 7,& VHUi R VHFWRU GH LQG~VWULD FRP PDLRU FUHVFLPHQWR QHFHVVLWDQGR GH XPD YDVWD TXDQWLGDGH GH HPSUHJDGRV FRP H FRPSHWrQFLDV DYDQoDGDV 3UHFLVDPRV GH DVVHJXUDU TXH WRGDV DV FULDQoDV HXURSHLDV H DGXOWRV DG TXLUHP FRPSHWrQFLDV EiVLFDV OHU HVFUHYHU Q~PHURV H OLWHUDFLD GLJLWDO TXH OKHV LUi SHUPLWLU SURFXUDU DSUHQGHU DR ORQJR GD YLGD $V FRPSHWrQFLDV

&RPLVVmR GH &RPXQLFDomR µ1HZ 6NLOOV IRU 1HZ -REV $QWLFLSDWLQJ DQG PDWFKLQJ ODERXU PDUNHW DQG VNLOOV QHHGV¶ 'H]HPEUR &20 ILQDO


&5($7,9( /($51,1* EiVLFDV VmR D IXQGDomR SDUD FRPSHWrQFLDV PDLV YDVWDV H WUDQVYHUVDLV FRPR FRODERUDomR H FRPXQLFDomR FRPSHWrQFLDV VRFLDLV H FtYLFDV HP SUHHQGHGRULVPR ³DSUHQGHU D DSUHQGHU´ H WDPEpP R XVR FUXFLDO GH PHGLD GLJLWDLV FRPR FKDYH SDUD XPD DSUHQGL]DJHP FRQWtQXD H WUDEDOKR QD DFWXDO VRFLHGDGH GH FRQKHFLPHQWR $6 7,& 6­2 7$0%e0 80$ )(55$0(17$ 32'(526$ 3$5$ ,038/6,21$5 $ ,129$d­2 (GXFDomR H IRUPDomR GH VXFHVVR QD QRVVD VRFLHGDGH GR FRQKHFLPHQWR GHSHQGH DVVLP FDGD YH] PDLV QR XVR FRQILDQWH FRPSHWHQWH H LQRYDGRU GDV 7,& 0DV DGTXLULU FRPSHWrQFLDV GLJLWDLV p WmR VRPHQWH XPD IDFH GD PRHGD GDV 7,& $V 7,& VmR XPD IHUUDPHQWD SRGHURVD GH DSRLR SDUD DFROKHU D DSUHQGL]D JHP H HQVLQR GH WRGDV DV FRPSHWrQFLDV VHMDP HODV OtQJXDV PDWHPiWLFDV H FLrQFLDV RX FRPSHWrQFLDV PDLV JHQpULFDV $ UHFHQWH FRPXQLFDomR GD &R PLVVmR (XURSHLD HP µ8SGDWHG 6WUDWHJLF )UDPHZRUN RQ (XURSHDQ &RRSHUD WLRQ LQ (GXFDWLRQ DQG 7UDLQLQJ¶ DVVLQDOD D LPSRUWkQFLD GDV 7,& QR UHIRUoR GH FDSDFLGDGHV FRPR LQRYDomR H FULDWLYLGDGH DVVLP FRPR HPSUHHQGHGRULVPR D WRGRV RV QtYHLV GH HGXFDomR H IRUPDomR $V 7,& WrP WDPEpP R SRWHQFLDO GH LQRYDU H PXGDU DV DERUGDJHQV RU JDQL]DFLRQDLV H SHGDJyJLFDV QR TXH UHVSHLWD D HGXFDomR H IRUPDomR $V 7,& VmR GHVWD IRUPD D FKDYH SDUD D PRGHUQL]DomR GRV VLVWHPDV HGXFD WLYRV H GH IRUPDomR )HUUDPHQWDV VRFLDLV FRPSXWDFLRQDLV FRPR D :HE WrP D SRVVLELOLGDGH GH FRQVWUXLU FRPXQLGDGHV YLUWXDLV GDQGR WRGD XPD QRYD GLPHQVmR j SDUFHULD H FRPXQLFDomR FRPR SRU H[HPSOR HQWUH SURIHVVRUHV QXP SURMHFWR GH H 7ZLQQLQJ $ FRQFHQWUDomR QR DSUHQGHQWH LQGLYLGXDO GHL[D GH VHU DWUDYpV GDV 7,& XP VRQKR 2V 6HULRXV *DPHV WrP R SRWHQFLDO GH UH HPSHQKDU H PRWLYDU MRYHQV DSUHQGHQWHV TXH HVWmR IDUWRV GD HVFROD 21'( (67­2 ('8&$d­2 ( )250$d­2 1$ $*(1'$ ',*,7$/ ( 21'( (67­2 $6 7,& 1$ $*(1'$ ('8&$7,9$" 2 SURJUHVVR QR XVR GDV 7,& SDUD D HGXFDomR H IRUPDomR QD (XURSD WHP VLGR VXEVWDQFLDO QRV ~OWLPRV DQRV 8P JUDQGH Q~PHUR GH SURMHFWRV SLORWR LQRYDGRUHV H ERQV H[HPSORV GH SUiWLFDV QRV (VWDGRV 0HPEURV SURYDP TXH


,1129$7,21 0$5.(73/$&( D DSUHQGL]DJHP SRGH VHU HVWLPXODGD DWUDYpV GR XVR DGHTXDGR GDV 7,& $ SHVTXLVD UHYHOD FODUDPHQWH TXH R XVR GDV 7,& QD DSUHQGL]DJHP PHOKRUD D TXDOLGDGH H HILFLrQFLD GD DSUHQGL]DJHP H GR HQVLQR H DVVLP WHP XP LPSDFWR SRVLWLYR QRV UHVXOWDGRV GD DSUHQGL]DJHP 1R HQWDQWR HVWXGRV PRVWUDP TXH DV 7,& QmR WLYHUDP DLQGD R LPSDFWR SR VLWLYR HVSHUDGR $ LQWHJUDomR HIHFWLYD GDV 7,& QD HGXFDomR WHP GH LU SDUD DOpP GH VLPSOHVPHQWH VXEVWLWXLU PHOKRUDU D HILFLrQFLD RX DFHOHUDU DV SUiWL FDV DFWXDLV $V 7,& DLQGD QmR WLYHUDP XP LPSDFWR VLJQLILFDQWH QDV DERUGD JHQV GH DSUHQGL]DJHP H HQVLQR HVWmR GH IDFWR DLQGD VXEDSURYHLWDGDV &KHJRX SRU LVVR D DOWXUD GRV (VWDGRV 0HPEURV EHP FRPR WRGD D (XUR SD HPSUHHQGHUHP PDLRUHV HVIRUoRV 7UD]HU DV 7,& SDUD R FHQWUR GD DJHQGD HGXFDWLYD H GH IRUPDomR $FHOHUDU PHGLGDV SDUD JHQHUDOL]DU DV 7,& QDV HVWUDWpJLDV HGXFDWLYDV DWUDYpV GH PRGHORV GH LPSOHPHQWDomR VXVWHQWiYHLV ,PEXt ODV QR GHVHQYROYLPHQWR SURILVVLRQDO GH SURIHVVRUHV H IRUPDGRUHV SDUD TXH VH VLQWDP FRQILDQWHV HP WUHLQDU RV DSUHQGHQWHV D XVDUHP DV 7,& GH IRUPD FUtWLFD 5HJLVWDU IRUPDV LQIRUPDLV H QmR IRUPDLV GH DSUHQGHU D XWLOL]DU DV 7,& QD VRFLHGDGH GH FRQKHFLPHQWR HP UHGH 3URYLGHQFLDU HYLGHQFLD QHFHVViULD VREUH R YDORU DFUHVFHQWDGR TXH R XVR H R LPSDFWR SRVLWLYR GDV 7,& WrP QD LQRYDomR H QD DSUHQGL]DJHP DR ORQJR GD YLGD (0 ',5(&d­2 $ 80 ',6&8562 ('8&$&,21$/ ,17(*5$'2 $&(5&$ '$6 ³7,& 3$5$ $35(1',=$*(0´ 1D VRFLHGDGH DFWXDO FRP HPSUHJRV HP PXGDQoD H QHFHVVLGDGHV GH FRPSHWrQFLDV PDLV H PDLV YR]HV SHGHP FRPR UHVSRVWD jV UiSLGDV PXGDQoDV VRFLDLV WHFQROyJLFDV H HFRQyPLFDV UHIRUPDV QD HGXFDomR H IRUPDomR +i QHFHVVLGDGH GH YLVLRQDU R TXH D DSUHQGL]DJHP VHUi QD IXWXUD VRFLHGDGH GR FRQKHFLPHQWR HXURSHLD H TXH WLSRV GH FRPSHWrQFLDV WrP GH VHU DSUHQGLGDV SDUD RV QRYRV HPSUHJRV GR IXWXUR $V QRYDV WHF QRORJLDV WHUmR LQGLVFXWLYHOPHQWH XP SDSHO D GHVHPSHQKDU WDQWR FRPR 'RFXPHQWR SHOR 6WDII GD &RPLVmR 7KH XVH RI ,&7 WR VXSSRUW LQQRYDWLRQ DQG OLIHORQJ OHDUQLQJ IRU DOO $ UHSRUW RQ SURJUHVV &RPSHQGLXP RI *RRG 3UDFWLFH &DVHV RI H /HDUQLQJ SHOR JUXSR 7,& DR DEULJR GR 3URJUDPD SDUD D (GXFDomR H )RUPDomR


&5($7,9( /($51,1* JDWLOKR SDUD QRYDV FRPSHWrQFLDV SDUD QRYRV HPSUHJRV FRPR WDPEpP SDUD HQFRQWUDU QRYDV H HILFLHQWHV IRUPDV GH RSHUDU H DSRLDU D LQRYDomR SHGDJyJLFD H RUJDQL]DFLRQDO e H[WUHPDPHQWH LPSRUWDQWH H RSRUWXQR ROKDU SDUD DV 7,& FRPR IHUUDPHQ WDV TXH SRVVLELOLWDP D DSUHQGL]DJHP QmR GH IRUPD ODWHUDO PDV LQWHUQD H TXH HVWmR FRPSOHWDPHQWH LQWHUOLJDGDV FRP DV HVWUDWpJLDV HGXFDFLRQDLV H GH IRUPDomR 4XDOTXHU QRYD UHQRYDGD RX DFWXDOL]DGD YLVmR GD DSUHQGL]DJHP H HQVLQR GR IXWXUR QmR SRGH LJQRUDU R FDGD YH] PDLV GLJLWDOL]DGR PXQGR HP TXH YLYHPRV WUDEDOKDPRV H DSUHQGHPRV H D LPSRUWkQFLD TXH GHYH VHU GDGD D HVWD GLPHQVmR GLJLWDO SDUD D DSUHQGL]DJHP ( TXH WRGD D HVWUDWpJLD EDVHDGD QDV 7,& SDUD D DSUHQGL]DJHP WHP GH HVWDU LQFOXtGD QXPD YLVmR PDLV DODUJDGD GD DSUHQGL]DJHP H HQVLQR GR IXWXUR 'H IDFWR QmR GHYHPRV IDODU PDLV HP WHUPRV GH H OHDUQLQJ L OHDUQLQJ DSUHQGL ]DJHP IOH[tYHO H j GLVWkQFLD HWF PDV DSHQDV HP WHUPRV GH µDSUHQGL]DJHP¶


,1129$7,21 0$5.(73/$&(

FDStWXOR ,

/,7(5$&,$ ',*,7$/ )250$ &255(&7$ '( 7251$5 $ 3$57,&,3$d®2 1$ 62&,('$'( '( ,1)250$d®2 3266Ì9(/ 3$5$ 72'26 $11$ 0$5,$ 6$1621, (VWUDWpJLD GH /LVERD H L '* GH 6RFLHGDGH GH ,QIRUPDomR H 0HGLD &RPLVVmR (XURSHLD

,QYHVWLU QD /LWHUDFLD 'LJLWDO p D IRUPD FRUUHFWD GH DVVHJXUDU TXH WRGRV SRGHP WLUDU SDUWLGR GH XPD FRQILDQWH SDUWLFLSDomR QD 6RFLHGDGH GH ,QIRUPDomR 7RGRV VDEHPRV TXH D FDSDFLGDGH GH XWLOL]DU FRPSXWDGRUHV H D ,QWHUQHW p XP DVSHFWR IXQGDPHQWDO SDUD D FDUUHLUD GD PDLRULD GDV SHVVRDV H SRU LVVR GRV VHXV SURMHFWRV GH YLGD 'H IDFWR D IDOWD GH DSWLG}HV IDOKDV H LQFRPSDWLELOL GDGHV DVVLP FRPR DV GHVLJXDOGDGHV GLJLWDLV DIHFWDP GH IRUPD QHJDWLYD D SURGXWLYLGDGH FUHVFLPHQWR FRPSHWLWLYLGDGH HPSUHJR H FRHVmR VRFLDO QD (X URSD &DGD YH] PDLV DV SHVVRDV TXH QmR WrP FRQKHFLPHQWR H DSWLG}HV SDUD XVDU WHFQRORJLD WHQGHP D ILFDU j PDUJHP &RPR WDO D /LWHUDFLD 'LJLWDO QmR Vy p IDFWRU HVVHQFLDO GR VXFHVVR HFRQyPLFR PDV WDPEpP GD LQWHJUDomR VRFLDO 7rP VLGR IHLWRV ODUJRV SURJUHVVRV QHVWHV ~OWLPRV DQRV (VWDGRV 0HPEURV WrP LQYHVWLGR HP ODUJD HVFDOD HP SURJUDPDV GH /LWHUDFLD 'LJLWDO FRPR SDUWH GDV VXDV SULRULGDGHV GH /LVERD H FRPR UHVXOWDGR R XVR UHJXODU GD ,QWHUQHW WHP FUHVFLGR UDSLGDPHQWH HVSHFLDOPHQWH HQWUH RV MRYHQV 1R HQWDQWR PXLWR WHP GH VHU IHLWR SDUD SUHHQFKHU DV IDOKDV TXH DLQGD SHUVLVWHP SDUD DOJXQV JUXSRV HP PDLRU GHVYDQWDJHP FRPR RV LGRVRV H DV SHVVRDV VHP HVFRODULGDGH 4XDOTXHU DFomR IXWXUD GHYH WHU HP FRQVLGHUDomR TXH D /LWHUDFLD 'LJLWDO p XP DVVXQWR FRP GLYHUVRV IDFWRUHV GH IDFWR DV SHVVRDV TXH QmR VmR GLJL WDOPHQWH OLWHUDWDV WrP UD]}HV GLIHUHQWHV SDUD QmR HVWDUHP RQOLQH 3DUD HVWH ILP p LPSRUWDQWH DJLU HP GLYHUVDV IUHQWHV SURYLGHQFLDU DFHVVR j ,QWHUQHW HVSHFLDOPHQWH GH EDQGD ODUJD SURYLGHQFLDU VROXo}HV GHVHQYROYLGDV SDUD QHFHVVLGDGHV GLIHUHQWHV LQVLVWLU HP GLPHQV}HV FKDYH SDUD WRUQDU DV LQLFLD WLYDV HP LQLFLDWLYDV GH VXFHVVR FRPR PRWLYDomR VXVWHQWDELOLGDGH H DFHV VLELOLGDGH FRQFHQWUDU VH QmR Vy HP DSWLG}HV GH XP XWLOL]DGRU EiVLFR PDV WDPEpP HP SHQVDPHQWR FUtWLFR SDUD PHOKRUDU D TXDOLGDGH GH XVR H RV QtYHLV GH FRQILDQoD HP WUDQVDFo}HV RQOLQH $WUDYpV GHVWDV DFo}HV WRUQDU VH i PDLV IiFLO DOFDQoDU XPD (XURSD GLJLWDOPHQWH OLWHUDWD R TXH VLJQLILFD XPD VRFLHGD GH PDLV LQFOXVLYD H XP DFWRU PDLV FRPSHWLWLYR QR FHQiULR LQWHUQDFLRQDO


&5($7,9( /($51,1*

FDStWXOR ,

&2/(*$6 &202 $0%,(17( 3(662$/ '( $35(1',=$*(0 $/(;$1'(5 .5$866 'LUHFWRU GR ,QVWLWXWR GH &RQVXOWRULD 6RFLDO H &LHQWtILFD ± ,62% GH 5HJHQVEXUJ $OHPDQKD

$ UHFHQWH GLVFXVVmR DFHUFD GH DPELHQWHV GH DSUHQGL]DJHP WRUQRX VH TXD VH LGrQWLFD j GLVFXVVmR DFHUFD GDV SRPSRVDV DSOLFDo}HV GD :HE :LNLV %ORJV 0RRGOH H VHPHOKDQWHV 2 VXFHVVR GD :HE FRPR XP DPELHQWH GH DSUHQGL]DJHP LQGLYLGXDO p LQTXHVWLRQiYHO 2 Q~PHUR FUHVFHQWH GH XWLOL]DGR UHV p SURYD GLVVR PHVPR 0DV H DFHUFD GD VLWXDomR QR WUDEDOKR" 4XH IRUPD p TXH XP DPELHQWH GH DSUHQGL]DJHP LQGLYLGXDO WHULD DTXL RQGH D PDLRULD GDV SHVVRDV SDVVD D PDLRU SDUWH GR WHPSR GDV VXDV YLGDV" &RPR SRGH R ORFDO GH WUDEDOKR VHU XP DPELHQWH GH WUDEDOKR H FRPR SRGHP DV DSOLFDo}HV GD :HE VHU SDUWH GHVWH" 2 ,62% ,QVWLWXWH IRU VRFLR VFLHQWLILF FRQVXOWDQF\ QRV SDVVDGRV DQRV GHVHQYROYHX H DFRPSDQKRX DOJXQV SURMHFWRV LQRYDGRUHV GH DSUHQGL]DJHP LQWHJUDGD QR WUDEDOKR QD LQG~VWULD GR PHWDO H HOHFWUyQLFD DVVLP FRPR QR VHFWRU GH VHUYLoRV QD %DYLHUD $OHPDQKD (VWDV H[SHULrQFLDV WrP VLGR YDOLGDGDV QXPD VpULH GH 3URMHFWRV GH ,QRYDomR (XURSHXV (VWHV SURMHFWRV HQYROYHUDP PDLV GH FRPSDQKLDV H HPSUHJDGRV GH WRGDV DV LGDGHV H FRP GLIHUHQWHV TXDOLILFDo}HV PDV FRQFHQWUDUDP VH VREUHWXGR HP HPSUH JDGRV FRP KDELOLWDo}HV OLWHUiULDV PDLV EDL[DV (VWDULD SDUD DOpP GR DOFDQFH GHVWH GRFXPHQWR TXH SRVVXt R FKDUDFWHU GH XPD SHTXHQD GHFOD

UDomR FLWDU WRGDV DV SURYDV SDUD DV GHFODUDo}HV IHLWDV 3DUD XPD OLVWD GH SURMHFWRV H OLWHUDWXUH TXH VmR D EDVH GDV GHFODUDo}HV IHLWDV YHU KWWS ZZZ LVRE UHJHQVEXUJ QHW (QWUH RV SURMHFWRV PDLV UHOHYDQWHV SDUD HVWH GRFXPHQW HVWLYHUDP $OHPDQKD SURMHFWRV GH DQRV HQYROYHQGR HP SUHVDV IXQGDGDV SHOR 0LQLVWpULR GD (GXFDomR DOHPmR Ä,QQRYDWLYH ZD\V RI FRRSHUDWLRQ EHWZHHQ 60(¶V DQG WUDLQLQJ LQVWLWXWLRQV Ä,PSOHPHQWLQJ WKH LQWHJUDWLRQ RI OHDUQLQJ DQG ZRUNLQJ LQ WKH HQWHUSULVH DSSO\LQJ &%7 Ä,QWHJUDWLQJ ROGHU ZRUNHUV LQ PRGHUQ ZRUNLQJ HQYLURQ PHQWV³ Ä3UHSDULQJ \RXQJ SHRSOH IRU JURXS ZRUN³ Ä4XDOLW\ DVVXUDQFH LQ YRFDWLRQDO WUDLQLQJ³ Ä6HOI HYDOXDWLRQ RI ZRUN LQWHJUDWHG OHDUQLQJ³ ³)OH[L EOH DQG LQGLYLGXDOLVHG SDWKZD\V RI OHDUQLQJ LQ SHUVRQQHOO GHYHORSPHQW´ ³6\VWHPDWLF &RPSHWHQFH 'HYHORSPHQW LQ ,QLWLDO 7UDLQLQJ´ RQJRLQJ ³4XDOLILFDWLRQ RI 7UDLQLQJ 6WDII LQ WKH )LHOG RI 0HFKDWURQLFV´ ,QWHUQDWLRQDO SURMHFWV $UW (6) /HRQDUGR GD 9LQFL ³&RUSRUDWH 6RFLDO 5HVSRQVLELOLW\´ ³/HDUQ DQG :RUN´ ³+2760( 6HOI /HDUQLQJ LQ 60( +RWHOV´ ³&RPS6HUY &RPSHWHQF\ 'HYHORSPHQW LQ 6HUYLFH 60(´ ³(8)$ &,1(7 (XURSHDQ )DFLOLWDWRUV 1HWZRUN´ HP FXUVR ³5H6\)DF´ 5HIHUHQFH 6\VWHP IRU )DFLOLWDWRUV RI /HDUQLQJ HP FXUVR


,1129$7,21 0$5.(73/$&( 2 TXH GHVFREULPRV p TXH D DSUHQGL]DJHP QR ORFDO GH WUDEDOKR QmR SRGH VHU GDGD FRPR JDUDQWLGD $SyV D IRUPDomR LQLFLDO GH HOHYDGD TXDOLGDGH QR VLVWHPD GXDO GR TXDO D $OHPDQKD WDQWR GHYLGDPHQWH VH RUJXOKD Ki XPD FHUWD DSUHQGL]DJHP LQIRUPDO PDV Vy PXLWR UDUDPHQWH SRGHPRV HQFRQWUDU HVIRUoRV VLVWHPiWLFRV H VLJQLILFDQWHV SDUD FULDU XP DPELHQWH GH DSUHQGL]D JHP TXH LUi VHU DOLFHUFH GR GHVHQYROYLPHQWR H SURGXWLYLGDGH DVVLP FRPR GR GHVHQYROYLPHQWR GRV SUySULRV LQGLYtGXRV QR VHQWLGR GD DSUHQGL]DJHP DR ORQJR GD YLGD 7DO p XP IDFWR HVSHFLILFDPHQWH SDUD DV 30( TXH VmR D SDUWH PDLV LPSRUWDQWH GD LQG~VWULD DOHPm 4XDQGR WHQWDPRV VXPDUL]DU DV QRVVDV H[SHULrQFLDV QD WHQWDWLYD GH PXGDU HVWD VLWXDomR UHVSRQGHQGR j TXHVWmR ³&RPR SRGHPRV FULDU DPELHQWHV GH DSUHQGL]DJHP SHVVRDLV SURGXWLYRV"´ Ki GH] OLo}HV TXH DSUHQGHPRV ‡ )D]HU FRP TXH DV SHVVRDV IDOHP GDTXLOR TXH DLQGD QmR IDODUDP DQWHV ‡ &ULDU XP DPELHQWH VHJXUR ‡ 7UDEDOKDGRUHV VmR SHULWRV ‡ 'HVFREULU HVWUXWXUDU FRQFHQWUDU SODQHDU UHYHU DFo}HV ‡ (VFUHYHU JUDYDU GHVHQKDU ILOPDU DV OLo}HV DSUHQGLGDV ‡ &XOWLYDU DV FRPXQLGDGHV H UHFXUVRV TXH UHVXOWHP GLVWR ‡ &DPLQKR GH DSUHQGL]DJHP LQGLYLGXDO DWUDYpV GR DPELHQWH GH DSUHQGL]DJHP ‡ 5HJUD GRV GHGRV SDUFHLURV GH DSUHQGL]DJHP GR WHPSR GH WUDEDOKR p WHPSR GH DSUHQGL]DJHP ‡ &RPHoDU H HVSDOKDU )$/$5 1RUPDOPHQWH RV WUDEDOKDGRUHV VmR DTXHOHV TXH ID]HP QmR RV TXH ID ODP 1D UHJLmR HP TXH WUDEDOKDPRV Ki XPD IUDVH ³7UDEDOKHP QDGD GH FRQYHUVDV ´ RV KRPHQV VmR RUJXOKRVRV GH QmR IDODUHP PXLWR ³8P KRPHP XPD SDODYUD ´ 4XDQGR VH WUDWD GH WURFDU FRQKHFLPHQWR SUiWLFR PHOKRUDU SURFHVVRV GH WUDEDOKR H DSUHVHQWDU DRV QRYDWRV RV VHJUHGRV GR QHJyFLR LVWR p XPD OLPLWDomR 2EVHUYiPRV TXH DR MXQWDU DV SHVVRDV HP QRYDV FRQVWHODo}HV LQWURGX]LQGR SHVVRDV H[WHUQDV TXH QDGD VDEHP DFHUFD GR WUDEDOKR H D TXHP WHP GH VHU H[SOLFDGR WXGR IDODU VREUH R SUySULR WUDEDOKR p DOJR TXH p HVWLPXODGR 2 FRQKHFLPHQWR TXH HVWDYD LPSOtFLWR WRUQD VH H[SOtFLWR H GHVWD IRUPD GLVFXWtYHO $V GLIHUHQoDV QR UHDOL]DU GD PHVPD WD UHID VmR UHYHODGDV H D PHOKRU RSomR SRGH VHU GHVWD IRUPD HQFRQWUDGD 2 FRQKHFLPHQWR GRV FROHJDV WRUQD VH YLVtYHO H SRGH VHU DSUHHQGLGR


&5($7,9( /($51,1* &2/(*$6 &202 3(5,726 ( $0%,(17( 6(*852 ,VWR VRPHQWH DFRQWHFHUi VH KRXYHU XP DPELHQWH VHJXUR 1HP XPD DWLWXGH GH ³SURIHVVRU´ LPSOLFDQGR TXH R SURIHVVRU VDEH WXGR H TXH R DOXQR QmR VDEH QDGD QHP XP H[DPH $YDOLDomR GH ³FRPSHWrQFLDV´ LQGLYLGXDLV p FRQGXWLYD QHVWD VLWXDomR 2V WUDEDOKDGRUHV VmR SHULWRV H TXHUHP VHU UHVSHLWDGRV FRPR WDO $SHVDU GH PXLWRV GHOHV WHUHP UHFRUGDo}HV EDVWDQWH LQIHOL]HV GR WHPSR GH HVFROD PXLWDV YH]HV VmR EHP WUHLQDGRV H ID]HP XP WUDEDOKR PDUDYLOKRVR H GH JUDQGH FRPSOH[LGDGH 1mR VmR UHFLSLHQWHV YD]LRV SDUD VHUHP HQFKLGRV FRP FRQKHFLPHQWR GH SHUtFLD )$&,/,7$d­2 '( $35(1',=$*(0 ,17(*5$'$ 12 75$%$/+2 2 TXH p PXLWR PDLV QHFHVViULR p R GLiORJR SURILVVLRQDO HQWUH SDUHV (VWH GLiORJR SRGH H GHYH VHU IDFLOLWDGR SRU SHVVRDV H[WHUQDV $ URWLQD GLiULD H SUHVVmR GR WUDEDOKR GHL[D SRXFR HVSDoR SDUD R GLiORJR SURGXWLYR HP WHU PRV GH DSUHQGL]DJHP $ SULPHLUD WDUHID GH XP IDFLOLWDGRU GH DSUHQGL]DJHP H[WHUQR p FULDU RFDVL}HV SDUD HVWH GLiORJR $ PHUD SUHVHQoD GH XP HVWUD QKR VHQVtYHO H LQWHUHVVDGR p XP IDFWRU DOWHUDGRU QR HVSDoR GH WUDEDOKR &RQWDU KLVWyULDV GH WUDEDOKR D XP HVWUDQKR H[SOLFDU R WUDEDOKR D XP FROHJD GH RXWUR GHSDUWDPHQWR UHVSRQGHU jV TXHVW}HV TXH QHQKXPD SHVVRD GH GHQWUR WHULD SHUJXQWDGR DMXGD D UHGHVFREULU R QRVVR SUySULR WUDEDOKR HV WUXWXUDU D VLWXDomR FRP DVVLVWrQFLD PHWRGROyJLFD GR IDFLOLWDGRU LGHQWLILFDU iUHDV GH LQWHUYHQomR DFWLYLGDGHV GH DSUHQGL]DJHP LQLFLDWLYDV SDUD PH OKRUDU R SURFHVVR GH WUDEDOKR SODQHDU H LPSOHPHQWDU HVVDV LQLFLDWLYDV &8/7,9$5 5(&85626 ( $0%,(17(6 $ IDFLOLWDomR WDPEpP SRGH DMXGDU D WRUQDU HVWD DSUHQGL]DJHP PDLV VXVWHQ WiYHO DMXGDQGR D UHYHU D LQLFLDWLYD DSyV XP SHUtRGR GH WHPSR H GRFXPHQWDQ GR DV OLo}HV DSUHQGLGDV 0XLWDV YH]HV HVWH SURFHVVR p PDWHULDOL]DGR QXP OHTXH GH 0HGLD FRPR YtGHRV GH SURFHVVR GH WUDEDOKR H[HPSODUHV LPDJHQV GH UHVXOWDGRV GH WUDEDOKR ySWLPRV RX WDUHIDV GH DSUHQGL]DJHP HODERUDGDV SURGX]LGRV SRU WUDEDOKDGRUHV FRP R DSRLR GR IDFLOLWDGRU RX VLPSOHV ³LQVWUX o}HV GH XP Vy SRQWR´ H[SOLFDQGR D FRLVD PDLV LPSRUWDQWH D QmR HVTXHFHU DFHUFD GH XP SDVVR HVSHFtILFR QR SURFHVVR GH WUDEDOKR 3DUD R FRQFHLWR H SUiWLFD GD IDFLOLWDomR GD DSUHQGL]DJHP FRQVXOWDU RV SURMHFWRV (8)$&,1(7 IDFLOL

WDWLQJOHUDQLQJ HX H 5H6\)DF IDFLOLWDWLRQV\VWHP HX ,QIRUPDomR SDUD 3RUWXJDO GLVSRQtYHO SHOD &(&2$ /LVERD LQRYD#FHFRD SW )DFLOLWDomR GD DSUHQGL]DJHP WDPEpP p XPD SDUWH LPSRUWDQWH GD 5HVSRQVDEL OLGDGH (PSUHVDULDO 6RFLDO 7DO VHUi HODERUDGR QR SURMHFWR ³62&,$/60(´ KWWS ZZZ 6RFLDOVPH RUJ


,1129$7,21 0$5.(73/$&( &,1&2 3$5&(,526 '( $35(1',=$*(0 2 UHVXOWDGR GHVWD GLGDFWL]DomR GR SURFHVVR GH WUDEDOKR WHP GXDV IDFHV GLV WLQWDV SRU XP ODGR Ki R OHTXH FUHVFHQWH GH PHGLD GH DSUHQGL]DJHP FULDGRV DR ORQJR GR SURFHVVR GH WUDEDOKR H RX GHVHQYROYLGRV SDUD XP SURFHVVR GH WUDEDOKR HVSHFLILFR ,QIRUPDomR FUXFLDO HVWi PDLV DFHVVtYHO H LQIRUPDomR FR QKHFLPHQWR H VWDQGDUGV H[WHUQRV j H[SHULrQFLD LQGLYLGXDO GRV WUDEDOKDGRUHV VmR XVDGRV FDGD YH] PDLV IUHTXHQWHPHQWH FRPR FRQVHTXrQFLD GLVVR PHVPR 2 RXWUR UHVXOWDGR VmR FRPXQLGDGHV GH FROHJDV H DPLJRV TXH VH WRUQDP HP SDUFHLURV GH DSUHQGL]DJHP 2 GLiORJR p LPSRVWR SRU HOHV PHVPRV 2EVHUYi PRV TXH QRUPDOPHQWH R LQGLYtGXR DSUHQGHQWH LUi FXOWLYDU XPD UHGH GH FHUFD GH FLQFR SDUFHLURV GH DSUHQGL]DJHP SULQFLSDLV H PDLV FRP TXHP QmR Ki XP GLiORJR SHUPDQHQWH PDV TXH SRGHP VHU TXHVWLRQDGRV VHP TXDOTXHU WLSR GH LQLELo}HV 7DO p XP WHVRXUR GH FRQKHFLPHQWR H H[SHULrQFLD $ FDSDFLGDGH GH DSUHQGHU GH UHVROYHU SUREOHPDV H GH WUDEDOKDU GH IRUPD DXWyQRPD H FRQ ILUPDU HP VWDQGDUGV DR PHVPR WHPSR p LPHQVDPHQWH DXPHQWDGD $V PHOKR UHV HPSUHVDV TXH REVHUYiPRV LUmR GHGLFDU DWp GR VHX WHPSR GH WUDEDOKR D YDULDQWHV PDLV HVWUXWXUDGDV GHVWD DSUHQGL]DJHP LQWHJUDGD QR WUDEDOKR &+(),$6 ,17(50e',$6 ( :(% &KHILDV LQWHUPpGLDV H WUDEDOKDGRUHV VHQLRUHV TXH JHUHP D SURGXomR VmR EHP DFRQVHOKDGRV D DEULJDUHP H QXWULUHP WDO FXOWXUD GH WUDEDOKR (VWmR QXPD SRVLomR FUtWLFD 6mR HOHV TXH GHFLGHP DFHUFD GD VLWXDomR FRQFUHWD QR ORFDO GH WUDEDOKR 'HFLGHP VH R LGHDOLVPR GH LQLFLDWLYDV DPELFLRVDV GH GHVHQYRO YLPHQWR GR VWDII p LPSOHPHQWDGR RX VH D FXOWXUD GH DSUHQGL]DJHP LQGLYLGXDO p GHVHQYROYLGD 7HPRV YLVWR YiULRV H[HPSORV GH TXH R SRQWR FUXFLDO QHVWH kPELWR QmR p WDQWR DV LQLFLDWLYDV VHUHP ³SHUIHLWDV´ RX FRPSUHHQVLYDV 0XLWR PDLV LPSRUWDQWH p GDU LQtFLR S{U RV ³yFXORV GH OHLWXUD´ OHYDU RV WUDEDOKDGRUHV D VpULR H FRPHoDU FRP RV SUREOHPDV PDLV SUHPHQWHV 2XWUDV LQLFLDWLYDV LUmR VHJXLU VH H QXP FXUWR HVSDoR GH WHPSR LUi H[LVWLU XP VLVWHPD EDVWDQWH H[ WHQVR $SOLFDo}HV GD :HE FRPR :LNLV RX 0RRGOH SRGHP GHVHPSHQKDU XP SDSHO LPSRUWDQWH QHVWD iUHD 0HVPR TXH R WySLFR GH DSUHQGL]DJHP VHMD R PHVPR R HVWLOR GH DSUHQGL]DJHP LQGLYLGXDO VHUi PXLWR GLIHUHQWH (P SUDWLFDPHQWH WRGRV RV JUXSRV GH DSUHQGL]DJHP KDYHUi SHOR PHQRV XP LQGLYtGXR DGHSWR GH XVDU HVWHV QRYRV PHGLD 0XLWDV YH]HV ID]HP QR QD HVIHUD SULYDGD $ WHFQRORJLD p EDVWDQWH DFHVVtYHO H SHUPLWH XP FUHVFLPHQWR ³RUJkQLFR´ SDUDOHOR DR SURFHVVR GH DSUHQGL]DJHP UHDO e LVWR TXH FRQVWLWXL


&5($7,9( /($51,1* D GLIHUHQoD GDV LQLFLDWLYDV WUDGLFLRQDLV TXH UHTXHUHP LQYHVWLPHQWRV HQRU PHV HP EDVHV GH GDGRV H[WHQVDV TXH WHP GH VHU PDQWLGDV H DOLPHQWDGDV GH IRUPD FRQWLQXDGD H VLVWHPiWLFD (VWD IRL XPD GDV UD]}HV SHOD TXDO DV LQLFLDWLYDV WRS GRZQ GD ³JHVWmR GR FRQKHFLPHQWR´ FROLGLX FRP D FXOWXUD GH DSUHQGL]DJHP ERWWRP XS TXH RV WUDEDOKDGRUHV H RV GHSDUWDPHQWRV GHVHQ YROYHUDP SDUD VL PHVPRV PXLWDV YH]HV OHYDQGR DR DEDQGRQR GH DPEDV $ UHGH GH IDFWRUHV p FRPSOH[D PDV QD QRVVD H[SHULrQFLD XPD FXOWXUD GH DSUHQGL]DJHP YLYD SRGH VHU DOLFHUoDGD H FRQVWUXtGD FRP R WLSR FHUWR GH PH GLD 6y UDUDPHQWH VHUi D WHFQRORJLD D LQLFLDU WDO FXOWXUD TXDQGR QmR Ki XPD QHFHVVLGDGH JHQXtQD H EHQHItFLR VHQWLGR H D WHFQRORJLD QmR VH FRDGXQDU FRP R HVWLOR GH DSUHQGL]DJHP GRV LQGLYtGXRV H FRPXQLGDGHV H[LVWHQWHV 2V GDGRV DLQGD QmR FKHJDUDP H Vy SURYDV DQHGyWLFDV SRGHP VHU WHVWHPX QKDGDV PDV DV FDUDFWHUtVWLFDV GRV QRYRV PHGLD D DERUGDJHP FHQWUDGD QD SDUWLFLSDomR GD :HE WrP FHUWDPHQWH R SRWHQFLDO SDUD DSRLDU D FXOWXUD GH DSUHQGL]DJHP FHQWUDGD QD SDUWLFLSDomR GH IRUPD HILFLHQWH (QFRQWUDU R HTXLOt EULR FHUWR HQWUH DFROKHU H HQFRUDMDU R FUHVFLPHQWR RUJkQLFR SRVLWLYR H VLVWHPD WL]DU H XQLILFDU RV VLVWHPDV JHUDLV GH SURGXomR GDV HPSUHVDV VHUi DSHQDV XP GRV GHVDILRV SDUD RV JHUHQWHV QD VHJXQGD GpFDGD GR VpFXOR ;;, PDV XPD FRLVD Mi p FODUD Vy VH HVWLYHUHP PRELOL]DGRV D FULDWLYLGDGH R FRQKHFLPHQWR H R HPSHQKR GH WRGRV RV WUDEDOKDGRUHV LQFOXVLYH GDTXHOHV GLUHFWDPHQWH HQ YROYLGRV QD SURGXomR GH WUDEDOKDGRUHV PLJUDQWHV H FRP EDL[DV TXDOLILFDo}HV OLWHUiULDV GH QRYRV H YHOKRV D (XURSD SRGHUi FRQWLQXDU XP SDVVR j IUHQWH QD FRQFRUUrQFLD SHOD SURGXWLYLGDGH 2V WUDEDOKDGRUHV QHVWD iUHD PHUHFHP FRQILDQoD (OHV VmR SHULWRV $V HPSUHVDV IDUmR EHP HP GHL[i ORV IDODU &DUD D FDUD H XWLOL]DQGR D :HE


,1129$7,21 0$5.(73/$&(

FDStWXOR ,

75,Ç1*8/2 '( &21+(&,0(172 2 &21&(,72 $ &5,$5 129$6 2325781,'$'(6 3$5$ $ $35(1',=$*(0 $2 /21*2 '$ 9,'$ 0$5..8 0$5..8/$ /tGHU GD HTXLSD GD 8QLYHUVLGDGH $DOWR )LQODQGLD

2V GHVDILRV j HGXFDomR VmR H[LJHQWHV 0HGLGDV LQRYDGRUDV H DWp UDGLFDLV VmR QHFHVViULDV SDUD SRGHU WRUQDU D PXGDQoD GHVHMDGD QXPD UHDOLGDGH GR PRGHOR WUDGLFLRQDO FHQWUDGR QR SURIHVVRU SDUD R PRGHOR FHQWUDGR QR DOXQR 1D SUiWLFD DWp D IRUPD GH HQFDUDU R SURFHVVR HGXFDFLRQDO WHP GH VHU PXGDGR $ DSUHQGL]DJHP QHFHVVLWD VHU LQWHJUDGD MXQWDPHQWH FRP SHVTXLVD H LQRYDomR $V XQLYHUVLGDGHV GHVHPSHQKDP SDUD WDO XP SDSHO IXQGDPHQWDO 2V FRQFHLWRV GHVFULWRV QD PLQKD DSUHVHQWDomR VmR SDUWH GR WUDEDOKR GH WUDQVIRUPDomR TXH WHP VLGR OHYDGR D FDER QR HGLItFLR GD QRYD 8QLYHUVLGDGH $DOWR 9HMD ZZZ DDOWR IL $ PLQKD PHQVDJHP p D QHFHVVLGDGH GH FULDU SUiWL FDV SDUD XP QRYR SHQVDPHQWR HVWUDWpJLFR R 7ULkQJXOR GR &RQKHFLPHQWR ± R SULQFtSLR JUDQGHPHQWH HQIDWL]DGR SHOR ,QVWLWXWR (XURSHX SDUD D 7HFQRORJLD H ,QRYDomR ,(7, 7DO VLJQLILFD FULDU VLQHUJLD H GHVWD IRUPD DXPHQWDU R LPSDFWR DWUDYpV GD LQWHJUDomR HIHFWLYD GH SHVTXLVD HGXFDomR H LQRYDomR $ $DOWR )DFWRU\ 3DUN $)3 p XPD SDUWH HVWUDWpJLFD GR HFRVVLVWHPD GD 8QL YHUVLGDGH $DOWR TXH VH IRFD QR LPSDFWR VRFLDO FXOWXUDO H HFRQyPLFR VXVWHQWiYHO 2 kPDJR GR $)3 p D RUTXHVWUDomR VLVWpPLFD GH RSHUDo}HV UHDLV XVDQGR H LQWH JUDQGR DFWLYLGDGHV GH SHVTXLVD DSUHQGL]DJHP H LQRYDomR GH SRQWD SHUVSHFWLYD GR 7ULkQJXOR GR &RQKHFLPHQWR DWUDYpV GH WHPDV LQWHUGLVFLSOLQDUHV $V IiEULFDV RIHUHFHP LQIUD HVWUXWXUDV ItVLFDV H YLUWXDLV IRUPDomR H IDFLOLWDomR SDUD DXPHQWDU D FRODERUDomR HQWUH DFDGHPLD LQG~VWULD H VRFLHGDGH 3HUVSHFWLYD GD (VSLUDO 7UL SOD $V SULPHLUDV WUrV IiEULFDV HVWmR HVWDEHOHFLGDV )iEULFD GH 'HVLJQ )iEULFD GH 0HGLD H )iEULFD GH 6HUYLoR $V IiEULFDV VmR SODWDIRUPDV GH LQRYDomR DWUDFWLYDV H DEHUWDV SDUD XPD UHGH FHQWUDGD QXPD FXOWXUD GH WUDEDOKR FRPELQDQGR ULJRU DFDGpPLFR H UHOHYkQFLD SUiWLFD $V IiEULFDV VHUYHP WRGDV DV XQLGDGHV GD $DOWR FRPR ORFDLV GH FR FULDomR H SDUWLOKD GH FRQKHFLPHQWR DWUDYpV GD LQWHJUDomR GH SHULWRV GH GLIHUHQWHV GLVFLSOLQDV FXOWXUDV H QHJyFLRV SHVTXLVD HGXFDomR EiVLFD H HVSHFLDOL]Do}HV HGXFDomR FRQWtQXD H SURMHFWRV GH GHVHQYROYLPHQWR


&5($7,9( /($51,1*

FDStWXOR ,

21'( (67®2 26 &5,$'25(6"

0,1 %$6$'85 3URI (PHULWXV 'H*URRWH 6FKRRO RI %XVLQHVV 8QLY 0F0DVWHU )XQGDGRU

*HUDU SUREOHPDV QmR p DOJR IiFLO SDUD PXLWDV SHVVRDV $V SHVVRDV WHQ GHP D HVSHUDU TXH RV RXWURV HQFRQWUHP SUREOHPDV TXH HODV SRVVDP UH VROYHU HP YH] GH WHUHP D LQLFLDWLYD GH SURFXUDU RX DQWHFLSDU SUREOHPDV PXGDQoDV PRGDV H RSRUWXQLGDGHV SDUD PHOKRUDU H LQRYDU 7DOYH] HP JUDQGH SDUWH WDO VH GHYD DR IDFWR GH RV JHVWRUHV HQFRQWUDUHP DV VXDV VHFUHWiULDV FKHLDV GH SUREOHPDV WRGRV RV GLDV WRUQDQGR VH PDLV IiFLO VHUHP UHDFWLYRV DR LQYpV GH SURDFWLYRV $ SHVTXLVD UHODWLYDPHQWH D LVWR UHYHORX TXH D WHQGrQFLD SDUD HYLWDU D SURFXUDUD SURDFWLYD GH SUREOHPDV UHSUHVHQWDYD XPD IRUPD RUJDQL]DFLRQDO GD /HL GH *UHVKDP VHJXQGR D TXDO DV SHVVRDV SUHIHUHP UHVROYHU RV SUREOHPDV TXH YrP WHU FRP HODV HP YH] GH WUDEDOKDUHP HP SUREOHPDV TXH HODV SUySULDV HQFRQWUHP $ DWLWXGH p WmR SUHYDOHFHQWH TXH DOJXQV SHVTXLVDGRUHV GHWHUPLQDUDP TXH D DFWLYLGDGH GH SURFXUDU SUREOHPDV p XP FRPSRUWDPHQWR H[WUD IXQomR TXH UHTXHU TXH RV LQGLYtGXRV YmR SDUD DOpP GDV IURQWHLUDV GRV VHXV HPSUHJRV SDUD WUD]HUHP PXGDQoDV SRVLWLYDV WDNLQJ FKDUJH RX XP FRPSRUWDPHQ WR RSHUDFLRQDO TXH WHP YLQGR D VHU VXJHULGR FRPR VHQGR GHVHQYROYLGR DWUDYpV GD SUiWLFD HIHFWLYD 'H IDFWR DV SHVVRDV PXLWDV YH]HV HYLWDP SUREOHPDV LPSRUWDQWHV TXH XOWUDSDVVDP IXQo}HV RUJDQL]DFLRQDLV H IURQ WHLUDV GH GHSDUWDPHQWRV ³(VVH QmR p XP SUREOHPD QRVVR ´ 7DPEpP WHQ GHP D HYLWDU OLGDU FRP SUREOHPDV FRPSOH[RV RX ³SHUYHUVRV´ LVWR p PDLV GLItFHLV TXH QmR VH SUHVWDP D WpFQLFDV DQDOtWLFDV GH UHVROXomR GH SUREOH PDV TXH QmR WrP VROXomR RSWLPL]DGD H HP TXH HQFRQWUDU D VROXomR HVWi GLUHFWDPHQWH OLJDGR D FRPSUHHQGHU R SUREOHPD $Wp SUREOHPDV PHQRV FRPSOH[RV PDV QmR SDVVtYHLV GH UHVROXomR yEYLD DV SHVVRDV DVVXPHP FRPR ³1mR SRGH VHU UHVROYLGR´ VLPSOHVPHQWH SRU FDXVD GD VXD IDOWD GH YRQWDGH HP GHVDILDU FRQYHQo}HV RX XOWUDSDVVDUHP DV EDUUHLUDV GR VHX WUDEDOKR DFWXDO 3UHSDUDU DOXQRV SDUD D LQFHUWH]D TXH LUmR HQIUHQWDU QDV VXDV YLGDV GH WUDEDOKR IXWXUDV SDUHFH VHU FUXFLDO PDV PHVPR DVVLP IRFD PRV RV QRVVRV HVIRUoRV QDV OLQKDV GR VWDWXV TXR 5DUDPHQWH DOJXpP QD


,1129$7,21 0$5.(73/$&( iUHD GH QHJyFLRV LQG~VWULD RX JRYHUQR GHILQH GH IRUPD SUHFLVD D WDUHID GH XPD SHVVRD SURYRFDQGR IUXVWUDomR HVSHFLDOPHQWH QDV SHVVRDV PDLV MRYHQV QmR IDPLOLDUL]DGDV FRP D DQVLHGDGH GH PRYHU VH HP WHUULWyULR GHVFRQKHFLGR VHP GLUHFo}HV HVSHFtILFDV H GLUHFWDV H HQIUHQWDQGR PX GDQoDV FRQVWDQWHV H FDGD YH] PDLV UiSLGDV 2V &ULDGRUHV SUHIHUHP FRPHoDU FRLVDV QRYDV GHVFREULU QRYRV SUREOH PDV D VHUHP UHVROYLGRV H QRYDV RSRUWXQLGDGHV D VHUHP H[SORUDGDV RX GHOLEHUDGDPHQWH SURFXUDU IRUPDV GH PHOKRUDU VLWXDo}HV TXDQGR WXGR FRUUH DSDUHQWHPHQWH EHP 3DUHFHP HVWDU FRQVWDQWHPHQWH LQVDWLVIHLWRV H WrP DOJXPD GLILFXOGDGH HP VH H[SOLFDU SRUTXH PXLWDV YH]HV DV VXDV LGHLDV DLQGD HVWmR FRQIXVDV $ERUUHFHP VH FRP WUDEDOKRV TXH UHTXHUHP D DSOLFD omR GH SURFHGLPHQWRV URWLQHLURV SDUD DXPHQWDU HILFLrQFLD RX SDUD H[HFXWDU WDUHIDV Mi GHILQLGDV 3RGHP SRU YH]HV VHU YLVWRV FRPR DOJR GHVFRQFHQWUD GRV RX PHVPR GHVRUGHQDGRV GHYLGR DR IDFWR GRV VHXV FRPSRUWDPHQWRV UHIOHFWLUHP PDLV XPD RULHQWDomR SDUD DSUHVHQWDU JHUDU XP QRYR SUREOHPD H PHQRV XPD RULHQWDomR GH GHILQLU FRPSUHHQGHU FRQVWUXLU RX IRUPXODU FRQFHSWXDOL]DU XP SUREOHPD Mi H[LVWHQWH RX GHVHQYROYHU RSWLPL]DU RX LPSOHPHQWDU VROXo}HV SDUD XP SUREOHPD H[LVWHQWH H LGHQWLILFDGR 3UHIHUHP WUDEDOKRV VHP URWLQD H DSUHFLDP HVSHFLDOPHQWH SDUWLFLSDU GD SULPHLUD IDVH GR QRVVR PRGHOR GH UHVROXomR FULDWLYD GH SUREOHPDV IDVHV D TXH FKD PDPRV GH FULDomR 3RU LVVR DFKDP PDLV GLItFLO LQWHJUDUHP VH GH IRUPD FRQIRUWiYHO QXPD YLGD RUJDQL]DFLRQDO SRUTXH DV RUJDQL]Do}HV UHFRQKH FHP H UHFRPSHQVDP WLSLFDPHQWH DV SHVVRDV TXH SUHIHUHP WUDEDOKDU QDV WUrV ~OWLPDV IDVHV GH UHVROXomR GH SUREOHPDV TXH GHQRPLQDPRV GH FRQ FHSWXDOL]DomR RSWLPL]DomR H LPSOHPHQWDomR 0XLWDV YH]HV DV SHVVRDV FRQVLGHUDGDV ³FULDWLYDV´ VmR YLVWDV HP PXLWDV RU JDQL]Do}HV FRPR HVWUDQKDV H PXLWDV YH]HV SURVFULWDV TXH IUHTXHQWHPHQWH QmR YrHP XPD UHODomR SRVLWLYD HQWUH FULDWLYLGDGH H VDEHGRULD H PXLWDV DFUH GLWDP TXH RV LQGLYtGXRV QmR SRGHP SRVVXLU DPERV HVWHV DWULEXWRV 'HVFR EULPRV TXH HVWDV SHVVRDV ³FULDWLYDV´ VmR DTXHODV TXH SUHIHUHP WUDEDOKR TXH FULH DOJR (P SHVTXLVD GH FDPSR LGHQWLILFiPRV D HVWHULRWLSDomR QHJDWLYD GH LQGLYtGXRV HQFDUDGRV FRPR FULDWLYRV FRPR XPD DWLWXGH RUJDQL]DFLRQDO UH ODFLRQDGD FRP R IDFWR GH WDQWDV HPSUHVDV VH GHEDWHUHP FRP SUREOHPDV GH GHVHPSHQKR FULDWLYR H LQRYDGRU 6XEHVWLPDP D FRQWULEXLomR GH SHVVRDV TXH SUHIHUHP R WUDEDOKR GH JHUDU DOJR (VWDV RUJDQL]Do}HV QmR SHUFHEHP DLQGD FRPR JHULU GLYHUVLGDGH QD UHVROXomR FULDWLYD GH SUREOHPDV HVSHFLDOPHQWH FRPR LQFRUSRUDU GH IRUPD HIHFWLYD D FULDomR GH SUREOHPDV


&5($7,9( /($51,1* e LPSRUWDQWH UHSDUDU TXH QHVWH GRFXPHQWR ID]HPRV D GLVWLQomR HQWUH D HV WUXWXUDomR GD FULDomR GH SUREOHPDV LQLFLDomR H GHVFREHUWD H D HVWUXWXUDomR GD FRQFHSWXDOL]DomR GR SUREOHPD TXH UHODFLRQDPRV FRP R TXH IRL LGHQWLILFDGR FRPR LGHQWLILFDomR RX FRQVWUXomR GH SUREOHPD 6HUi TXH R GHVHPSHQKR GD FULDomR GH SUREOHPDV SRGH VHU DXPHQWDGR DWUDYpV GH IRUPDomR H HVWUXWXUDomR RUJDQL]DFLRQDO GR WUDEDOKR" $SDUHQ WHPHQWH PXLWDV HPSUHVDV HVWmR FRQFHQWUDGDV HP UHFRPSHQVDU HVWLORV GH FULDomR 5HWURFHGHPRV DWp DR DQR GH RQGH PXLWDV FRPSDQKLDV GH WRSR MDSRQHVDV FRORFDUDP HQJHQKHLURV H FLHQWLVWDV GH , ' UHFpP FRQWUDWDGRV QR GHSDUWDPHQWR GH YHQGDV SDUD FRPHoDU DV VXDV FDUUHLUDV GH IRUPD D JDQKDUHP D QRomR GH TXH D LQRYDomR FRPHoD QD GHVFREHUWD GRV SUREOHPDV GRV FOLHQWHV 3RVWHULRUPHQWH DV VROXo}HV SDUD HVVHV SUREOHPDV WRUQDP VH HP QRYRV SURGXWRV &RPSDQKLDV FRPR HVWDV WDPEpP HQVLQDP QRYRV HP SUHJDGRV QR SULPHLUR GLD GH RULHQWDomR GDV VHVV}HV GH IRUPDomR TXH RV SUREOHPDV VmR ³RYRV GH RXUR´ H HQFRUDMDP H SURYLGHQFLDP HVWUXWXUDV VLP SOHV SDUD TXH RV HPSUHJDGRV LGHQWLILTXHP SUREOHPDV FRP RSRUWXQLGDGHV SDUD D PHOKRULD GH SURFHVVRV H SURGXWRV 1D $PpULFD GR 1RUWH D (PSUHVD 0 HVWDEHOHFH REMHFWLYRV SDUD RV VHXV JHUHQWHV TXH SURYRFDP D GHVFREHUWD GH SUREOHPDV 3RU H[HPSOR XP GRV REMHFWLYRV SHGH TXH GRV SURGXWRV GD HPSUHVD VHMDP QRYRV D FDGD FLQFR DQRV 2V HPSUHJDGRV GD 0 WrP GH SDVVDU GR VHX WHPSR GH WUDEDOKR D H[SORUDU QRYDV RSRUWXQLGDGHV GH LQWHUHVVH SHVVRDO SDUD HOHV $FUHGLWDPRV TXH DLQGD VRPHQWH WRFiPRV D VXSHUItFLH QR TXH UHVSHLWD D HVWH WySLFR &RQWLQXDPRV D SHVTXLVDU H D FRORFDU TXHVW}HV LPSRUWDQWHV DFHUFD GD UD]mR SHOD TXDO RV FULDGRUHV UHSUHVHQWDP XP Q~PHUR WmR UHGX ]LGR QDV HPSUHVDV 8PD TXHVWmR TXH SRGH VHU FRORFDGD p DWp TXH SRQWR R HVWLOR GH UHVROXomR GH SUREOHPDV GH XP LQGLYtGXR p XPD TXHVWmR GH GLVSR VLomR RX p DOJR SDVVtYHO GH PXGDQoD $FUHGLWDPRV TXH WDO YDULD GH DFRUGR FRP R LQGLYtGXR H GHILQLWLYDPHQWH PHUHFH VHU H[SORUDGR &RPR p TXH RV HVWLORV GDV SHVVRDV PXGDP DR ORQJR GR WHPSR" 3RU H[HPSOR R TXH p TXH DFRQWHFH TXDQGR XP SURIHVVRU FRP XP YDVWR HVWLOR FULDGRU PXGD GH FDUUHL UD H VH WRUQD QXP DJHQWH GH VHJXURV SDUD XPD JUDQGH HPSUHVD" ,UtDPRV REVHUYDU XPD PXGDQoD QR VHX HVWLOR DR ORQJR GR WHPSR" 6HUi SRVVtYHO ROKDUPRV SDUD R SHUILO GH XPD SHVVRD QXPD IDVH LQLFLDO GD VXD YLGD H QR TXH UHVSHLWD D LGHQWLILFDomR GH SUREOHPDV SDUD PHOKRU D DFRQVHOKDUPRV UHODWLYDPHQWH j HVFROKD GH FDUUHLUD TXH SRVVDP YLU D ID]HU" 4XDLV VmR DV PLVWXUDV GH HVWLORV ySWLPDV SDUD HTXLSDV HP GLIHUHQWHV QtYHLV RUJDQL]D


,1129$7,21 0$5.(73/$&( FLRQDLV RX SDUD GLIHUHQWHV WLSRV GH SUREOHPDV RX SDUD GLIHUHQWHV WLSRV GH LQG~VWULD RX GHSDUWDPHQWR LQWHUQR RX SDUD GLIHUHQWHV IDFWRUHV DPELHQWDLV FRPR D YRODWLOLGDGH GRV PHUFDGRV RX WHFQRORJLDV" 1R LQtFLR GHVWH DUWLJR IRL IHLWD UHIHUrQFLD j QRVVD SHVTXLVD TXH GHVFREULX TXH HPSUHVDV GH WRSR MDSRQHVDV ID]HP XP HVIRUoR FRQFHUWDGR H GH JUDQGH VX FHVVR HP HQFRUDMDU RV VHXV HPSUHJDGRV D GHGLFDUHP VH j FULDomR GH SUREOH PDV IDVH D WUDEDOKDUHP H XVDUHP D VXD FULDWLYLGDGH FRPR SDUWH GRV VHXV HPSUHJRV 7DO VXJHUH RXWUD TXHVWmR YDOLRVD D SHVTXLVDU $Wp TXH SRQWR R GH VHPSHQKR QD FULDomR GH SUREOHPDV SRGH VHU DXPHQWDGR DWUDYpV GH IRUPDomR H HVWUXWXUDomR RUJDQL]DFLRQDO GH WUDEDOKR" ( HVWH YDULD FRQVRDQWH DPELHQWHV RUJDQL]DFLRQDLV H FXOWXUDV" 4XDQGR IRL SHGLGR D HVWDV HPSUHVDV MDSRQHVDV TXH HVSHFLILFDVVHP R REMHFWLYR SULPiULR GHVWH HQFRUDMDPHQWR GHOLEHUDGR GDGR DRV VHXV WUDEDOKDGRUHV SDUD D FULDomR GH SUREOHPDV H XVR GD VXD FULDWLYLGD GH QHQKXPD GDV HPSUHVDV PHQFLRQRX QRYRV SURGXWRV RX QRYRV PpWRGRV RX FXVWRV PHQRUHV RX PDLRUHV 7RGDV PHQFLRQDUDP SHVVRDV PRWLYDGDV (VWH PRGHOR MDSRQrV FRQWUDVWD JUDQGHPHQWH FRP D DERUGDJHP GDV RUJDQL]Do}HV RFLGHQWDLV TXH VH EDVHLD ODUJDPHQWH QXPD DERUGDJHP GH JHVWmR RQGH VH RIHUHFH GLQKHLUR QD HVSHUDQoD GH PRWLYDU VXILFLHQWHPHQWH DV SHVVRDV SDUD TXH HVWDV FRORTXHP LGHLDV QXPD FDL[D GH VXJHVW}HV (QWmR WDOYH] D TXHVWmR VHMD DWp TXH SRQWR SRGHP DV RUJDQL]Do}HV RFLGHQWDLV DXPHQWDU R HPSHQKR H PRWLYDomR GRV VHXV WUDEDOKDGRUHV DWUDYpV GH XP HVIRUoR GH DGDSWDomR GD DERUGDJHP MDSRQHVD GRV VLVWHPDV GH VXJHVWmR SHORV WUDEDOKDGRUHV R TXDO LQWHJUD IRUPDomR H RUJDQL]DomR SDUD HQFRUDMDU R HVWLOR FULDGRU" &ODUR TXH PXLWRV QRYRV UXPRV GH LQYHVWLJDomR H[LVWHP EDVHDGRV QD H[ SDQVmR GD FRPSUHHQVmR H DSOLFDo}HV SUiWLFDV GH FULDWLYLGDGH FRPR XPD TXDUWD IDVH GR SURFHVVR FRJQLWLYR H R UHODWLYDPHQWH LQH[SORUDGR SRWHQFLDO GD IDVH FULDGRUD H R FRQFHLWR GH DSUHFLDU H FULDU VLQHUJLDV HQWUH GLIHUHQWHV SUHIHUrQFLDV FRJQLWLYDV HQWUH LQGLYtGXRV SDUD DV GLIHUHQWHV IDVHV GR SURFHV VR ,QTXHVWLRQDYHOPHQWH H[LVWHP PXLWRV H YDULDGRV UXPRV SDUD LQYHVWLJDGR UHV HPSUHHQGHGRUHV FULDUHP


&5($7,9( /($51,1*

FDStWXOR ,

&203(7È1&,$6 ',*,7$,6 1$ (8523$ 67$7( 2) 3/$< $1'5e 5,&+,(5 'LUHFWRUDGR GH (PSUHVDV H ,QG~VWULDV ,&7 8QLGDGH SDUD D &RPSHWLWLYLGDGH H ,QRYDomR

([LVWH XP DPSOR FRQVHQVR HQWUH RV GLIHUHQWHV VWDNHKROGHUV VREUH R IDFWR GDV FRPSHWrQFLDV GLJLWDLV >H VNLOOV@ VHUHP FUXFLDLV SDUD LPSXOVLRQDU D FRP SHWLWLYLGDGH SURGXWLYLGDGH H LQRYDomR EHP FRPR R SURILVVLRQDOLVPR H HP SUHJDELOLGDGH GRV WUDEDOKDGRUHV +i XPD QHFHVVLGDGH GH JDUDQWLU TXH RV FRQKHFLPHQWRV KDELOLGDGHV FRPSHWrQFLDV H FULDWLYLGDGH GRV JHVWRUHV GRV SURILVVLRQDLV H GRV XWLOL]DGRUHV GDV 7,& DWLQMDP RV PDLV HOHYDGRV SDGU}HV JOREDLV H TXH VHMDP FRQVWDQWHPHQWH DFWXDOL]DGRV QXP SURFHVVR HIHFWLYR GH DSUHQGL]DJHP DR ORQJR GD YLGD $ SURFXUD GH FRPSHWrQFLDV GLJLWDLV WHP YLQGR D FUHVFHU UDSLGDPHQWH QDV ~OWLPDV GpFDGDV (P R Q~PHUR WRWDO GH SURILVVLRQDLV GH 7,& QD (XUR SD DVFHQGHX D FHUFD GH PLOK}HV GH DFRUGR FRP D GHILQLomR HVWULWD DSUR[ PLOK}HV GH DFRUGR FRP D GHILQLomR ODWD 2 Q~PHUR GH SURILV VLRQDLV GH 7,& VHJXQGR HVWD GHILQLomR PDLV GR TXH GXSOLFRX GHVGH 2V TXDWUR PDLRUHV SDtVHV $OHPDQKD 5HLQR 8QLGR )UDQoD H ,WiOLD VmR UHV SRQViYHLV SRU PDLV GD PHWDGH GD IRUoD GH WUDEDOKR QD (XURSD H RV VHWH PDLRUHV HPSUHJDGRUHV GRV (VWDGRV 0HPEURV MXQWDQGR (VSDQKD +RODQGD H 3ROyQLD VmR UHVSRQViYHLV SRU FHUFD GH $ PDLRULD GRV SURILVVLRQDLV GDV 7,& WUDEDOKD HP LQG~VWULDV TXH XWLOL]DP DV 7,& 0HQRV GH PH WDGH GRV SURILVVLRQDLV GH 7,& HVWmR D WUDEDOKDU QR VHFWRU $ IRUoD GH WUDEDOKR DXPHQWRX HQWUH H SDUD FHUFD GH QD FDWHJRULD HVWULWD H SDUD FHUFD GH QD FDWHJRULD ODWD 8PD WHQGrQFLD JHUDO TXH DIHFWH D SURFXUD GH FRPSHWrQFLDV GLJLWDLV VHUi GH RULJHP JOREDO 8P ROKDU VREUH D EDODQoD GH FRPpUFLR PRVWUD TXH D (X URSD LPSRUWD PDLV EHQV GR TXH H[SRUWD VHUYLoRV 7,& H TXH H[SRUWD SURGX $ GHILQLomR HVWULWD GH SURILVVLRQDLV 7,& LQFOXL DSHQDV ,6&2 SURILVVLRQDLV GH FRPSXWDGRU H ,6&2 DVVRFLDomR GH SURILVVLRQDLV GH FRPSXWDGRU $ GHILQLomR ODWD LQFOXL WDPEpP D ,6&2 RSHUDGRUHV GH HTXLSDPHQWR ySWLFR H HOHFWUyQLFR H D ,6&2 JHVWRUHV GH VHUYLoRV FRPSXWDFLRQDLV


,1129$7,21 0$5.(73/$&( WRV H VHUYLoRV 7,& PDLV FDURV H LPSRUWD EHQV H VHUYLoRV PDLV EDUDWRV 3RU WDQWR p FODUR TXH D (XURSD SUHFLVD GH SURILVVLRQDLV DOWDPHQWH TXDOLILFDGRV TXH SRVVDP FRQWULEXLU SDUD D LQRYDomR HVSHFLDOPHQWH QRV VHUYLoRV 8P GRV SULQFLSDLV IDFWRUHV D LQIOXHQFLDU D HYROXomR GD SURFXUD H GD RIHUWD GH FRPSHWrQFLDV GLJLWDLV VHUi R HIHLWR GD DFWXDO FULVH HFRQyPLFD 3DUD DOpP GH WRGD D HYROXomR GR FLFOR HFRQyPLFR WHP KDYLGR XPD WHQGrQFLD GH ORQJR SUD]R TXH p YLVtYHO GHVGH (P PHDGRV GD GpFDGD GH YLPRV XPD GHVDFHOHUDomR H HP XPD JUDYH UHFHVVmR (PERUD QR SDVVDGR DV WD[DV GH FUHVFLPHQWR GDV 7,& WHQKDP VHJXLGR DV WHQGrQFLDV HFRQyPLFDV WrP WLGR DWp DJRUD XP GHVHPSHQKR PHOKRU GR TXH D HFRQRPLD JOREDO D H[ FHSomR IRL R HVWRXUR GD EROKD GD ,QWHUQHW 1D VXD DYDOLDomR PDLV UHFHQWH D 2&'( LQGLFD TXH HPERUD R FUHVFLPHQWR GDV 7,& WHQKD GHVDFHOHUDGR UD SLGDPHQWH HP RV SULPHLURV VLQDLV GH XPD UHFXSHUDomR SXGHUDP VHU GHWHFWDGRV DLQGD HP PHDGRV GH 3DUD R VHFWRU GDV 7,& SDUHFH TXH R HPSUHJR QD LQG~VWULD 7,& H[SHULPHQWD XP FODUR GHFOtQLR HQTXDQWR RV HPSUHJRV QD iUHD GRV VHUYLoRV 7,& VmR PHQRV YXOQHUiYHLV 2 GHVHPSUH JR HVSHFtILFR GD iUHD GDV 7,& ILFRX HP WRGRV RV PRPHQWRV PXLWR DEDL[R WD[D GH GHVHPSUHJR WRWDO (P PpGLD GXUDQWH RV ~OWLPRV GH] DQRV GD WD[D GH GHVHPSUHJR GDV 7,& IRL GH FHUFD GH GR GHVHPSUHJR WRWDO 8PD YH] TXH D DFWXDO FULVH QmR HVWi SDUWLFXODUPHQWH UHODFLRQDGD FRP R VHFWRU GDV 7,& SDUHFH UD]RiYHO VXSRU TXH R GHVHPSUHJR GRV SURILVVLRQDLV GDV 7,& SURYDYHOPHQWH QmR LUi DXPHQWDU DFLPD GR OLPLDU GH FHUFD GH GD WD[D GH GHVHPSUHJR JHUDO &RPR D SURFXUD SRU SURILVVLRQDLV GDV 7,& H GH FRPSHWrQFLDV GLJLWDLV FUHV FHX UDSLGDPHQWH D HGXFDomR H D IRUPDomR IRUPDO QmR SXGHUDP UHVSRQGHU j SURFXUD 'LSORPDGRV HP FLrQFLDV LQIRUPiWLFDV FRQVWLWXHP REYLDPHQWH D SURYLVmR PDLV UHOHYDQWH GR QRYR PHUFDGR GH WUDEDOKR 0DV RV HVWXGDQWHV TXH GHVLVWHP GRV FXUVRV GH HQVLQR VXSHULRU QD iUHD GD LQIRUPiWLFD DQWHV GH UHFHEHU XP GLSORPD RX RXWUR JUDX DGTXLULUDP PXLWDV YH]HV FRPSHWrQFLDV VXILFLHQWHV HP 7,& SDUD WUDEDOKDU FRPR SURILVVLRQDLV GH 7,& 2 Q~PHUR GH GLSORPDGRV HP LQIRUPiWLFD SRU UHIHUrQFLD DR WRWDO GH GLSORPDGRV GR HQVLQR VXSHULRU WHP DXPHQWDGR FRQVWDQWHPHQWH GHVGH DWp DR VHX SLFR HP 'HVGH HQWmR R Q~PHUR WRWDO GLPLQXLX OLJHLUDPHQWH SDUD FKH JDQGR D XP WRWDO GH FHUFD GH GH GLSORPDGRV QD iUHD GD LQIRUPiWLFD HP 2 5HLQR 8QLGR H (VSDQKD UHYHODP XPD QtWLGD TXHGD QD SURSRUomR GH GLSORPDGRV TXH IUHTXHQWDUDP FXUVRV GH LQIRUPiWLFD GHVGH

3DUWLFXODUPHQWH SUHRFXSDQWH p R Q~PHUR GH HVWXGDQWHV IHPLQLQDV PHQRV GH HP FLHQWLVWDV LQIRUPiWLFRV VmR PXOKHUHV


&5($7,9( /($51,1* HQTXDQWR TXH RXWURV SDtVHV FRPR D $OHPDQKD D +RODQGD H D 3ROyQLD UHYH ODP XP DXPHQWR GH GLSORPDGRV HP LQIRUPiWLFD 1D ,WiOLD D SHUFHQWDJHP GH GLSORPDGRV HP LQIRUPiWLFD SHUPDQHFH PDLV RX PHQRV HVWiYHO /LFHQFLDGRV GH RXWUDV iUHDV HQWUDP UHJXODUPHQWH QR PHUFDGR GH WUDEDOKR FRPR SURILV VLRQDLV GDV 7,& VHMDP SURYHQLHQWHV GH FXUVRV UHODFLRQDGRV FRPR FXUVRV QD iUHD GH ³FLrQFLDV PDWHPiWLFD RX HQJHQKDULD´ RX ³LQG~VWULDV WUDQVIRUPD GRUDV H FRQVWUXomR´ RX GH RXWURV FDPSRV WHPiWLFRV PDLV GLVWDQWHV FRPR DV FLrQFLDV VRFLDLV RX KXPDQDV +i GRLV WLSRV SULQFLSDLV GH HVIRUoRV GH GHVHQYROYLPHQWR FXUULFXODU SDUD SURGX]LU XP FXUUtFXOR DWUDHQWH /LGHUDGRV SHOD LQG~VWULD RV HVIRUoRV VmR FRQGX]LGRV SRU IRUQHFHGRUHV GDV 7,& SDUD R GHVHQYROYLPHQWR GH FXUVRV H H[DPHV GH FHUWLILFDomR TXH DV LQVWLWXLo}HV DFDGpPLFDV SRGHP RIHUHFHU JUDWXLWDPHQWH RX SDJDQGR XPD WD[D GH DGHVmR /LGHUDGRV SHODV 8QLYHU VLGDGH RV HVIRUoRV SDUD R GHVHQYROYLPHQWR FXUULFXODU HQYROYHP XQLYHUVL GDGHV LQG~VWULD H DGPLQLVWUDomR S~EOLFD SDUD GHVHQYROYHU FXUUtFXORV TXH SURPRYDP FRPSHWrQFLDV GLJLWDLV SRU H[HPSOR ,7 9HVW QD 'LQDPDUFD H QR ,QQRYDWLRQ 9DOXH ,QVWLWXWH QD ,UODQGD )LQDOPHQWH RV HVIRUoRV GH GHVHQYROYLPHQWR GH SURJUDPDV FXUULFXODUHV VmR SDUWH GH XPD DERUGD JHP PDLV DPSOD PDLV VLVWpPLFD SDUD FRQVROLGDU DV FRPSHWrQFLDV GLJL WDLV 2 ( VNLOOV 8. HVWi D FRRUGHQDU H GLULJLU XPD VpULH GH HVIRUoRV QR VHQWLGR GH FRQVWUXLU FRPSHWrQFLDV DR ORQJR GD YLGD GH DSUHQGL]DJHP 9iULRV HVSHFLDOLVWDV UHIHULQGR VH WDPEpP DRV HVIRUoRV LPSUHVVLRQDQWHV GD )LQOkQGLD SRU H[HPSOR $DOWR 8QLYHUVLW\ H GD $OHPDQKD SRU H[HPSOR 8QLYHUVLGDGH GH .DUOVUXKH UHDOoDP D DERUGDJHP KROtVWLFD 2V WLSRV GH FRPSHWrQFLDV GLJLWDLV H[LJLGDV SHORV HPSUHJDGRUHV YDULDP FRQVWDQWH PHQWH (P IRL DGPLQLVWUDGR XP LQTXpULWR D PDLV GH JHVWRUHV GH 7, HP QRYH SDtVHV $XVWUiOLD &DQDGi &KLQD )UDQoD $OHPDQKD ËQ GLD ,WiOLD -DSmR +RODQGD 3ROyQLD 5~VVLD ÈIULFD GR 6XO 5HLQR 8QLGR H 8PD LGHLD DSUR[LPDGD GD LPSRUWkQFLD GH QmR OLFHQFLDGRV HP FLrQFLDV LQIRUPiWLFDV SRGH VHU GHULYDGD

GH XPD HVWDWtVWLFD GLVSRQtYHO SDUD D 'LQDPDUFD RQGH HVWHV OLFHQFLDGRV UHSUHVHQWDP GD IRUoD GH WUDEDOKR QD iUHD GDV 7,& 3RU H[HPSOR D $FDGHPLD 0LFURVRIW p XP SURJUDPD GH ILOLDomR DQXDO TXH SHUPLWH TXH DV LQVWLWXLo}HV GH HQVLQR PHPEUR PLQLVWUHP IRUPDomR HP WHFQRORJLDV 0LFURVRIW 6$3 8QLYHUVLW\ $OOLDQFH WDPEpP RIHUHFH DR FRUSR GRFHQWH GD 8QLYHUVLGDGH DV IHUUDPHQWDV H UHFXUVRV SDUD HQVLQDU RV DOXQRV VREUH FRPR DV RUJDQL]D o}HV REWrP YDORU GD WHFQRORJLD (53 QR HQWDQWR R VHX FRQWH~GR QmR p HVSHFtILFR SDUD SURGXWRV H VHUYLoRV 6$3 'D PHVPD IRUPD RV HVIRUoRV GD ,%0 QR GHVHQYROYLPHQWR GD FLrQFLD UHSUHVHQWDP R ILQDQFLDPHQWR GH SURJUDPDV GH HVWXGRV LQWHUGLVFLSOLQDUHV VREUH D FRQFHSomR H JHVWmR GRV VHUYLoRV ,9, IRL FR IXQGDGD HP SHOD 8QLYHUVLGDGH 1DFLRQDO GD ,UODQGD 0D\QRRWK H SHOD ,QWHO 2 FRQWH~GR GRV FXUVRV p EDVHDGR HP ,7 &DSDELOLW\ 0DWXULW\ )UDPHZRUN

( VNLOOV 8. p XPD HQWLGDGH VHP ILQV OXFUDWLYRV OLFHQFLDGD SHOR JRYHUQR GR 5HLQR 8QLGR e FRQVHOKHLUD SDUD R 6HFWRU &RPSHWrQFLDV SDUD 1HJyFLRV H 7, &RPS7,$ 6NLOOV JDSV LQ WKH ZRUOG¶V ,7 IRUFH


,1129$7,21 0$5.(73/$&( ( 8 $V FRPSHWrQFLDV GLJLWDLV PDLV UHIHULGDV IRUDP DV UHODFLRQDGDV FRP RV DVVXQWRV GD ³VHJXUDQoD ILUHZDOOV SULYDFLGDGH GH GDGRV´ VHJXLGR GDV FRPSHWrQFLDV ³VRIW´ VHUYLoR DR FOLHQWH YHQGDV JHVWmR GH SURMHFWRV FR PXQLFDomR HWF ³WHFQRORJLD GH VHUYLGRU QmR HVSHFtILFR ³ H ³UHGH JHUDO LQIUD HVWUXWXUD GH UHGH ³ 'H DFRUGR FRP XPD SHVTXLVD UHDOL]DGD HP )HYHUHLUR GH SHOD ,'& FRP RUJDQL]Do}HV HP WRGD D (XURSD DV FRPSHWrQFLDV HP ³QHWZRUNLQJ´ H ³VHJXUDQoD´ IRUDP DSRQWDGDV FRPR DV PDLV GLItFHLV GH HQFRQWUDU PDV HP DOJXQV SDtVHV RV DUTXLWHFWRV GH VLVWHPDV H JHVWRUHV GH SURMHFWRV WDPEpP FRQVWLWXtDP XP GHVDILR $ &RPLVVmR (XURSHLD DSURYRX XPD &RPXQLFDomR VREUH ³H VNLOOV SDUD R 6p FXOR 3URPRYHU D &RPSHWLWLYLGDGH R &UHVFLPHQWR H R (PSUHJR´ HP 6HWHP EUR GH TXH LQFOXL XPD HVWUDWpJLD HXURSHLD D ORQJR SUD]R SDUD DV FRPSH WrQFLDV GLJLWDLV D TXDO VXUJLX QD VHTXrQFLD GH DPSODV FRQVXOWDV H GHEDWHV FRP RV GLIHUHQWHV VWDNHKROGHUV H (VWDGRV 0HPEURV QR kPELWR GR (XURSHDQ H 6NLOOV )RUXP $ HVWUDWpJLD HXURSHLD SDUD DV FRPSHWrQFLDV GLJLWDLV IRL EHP DFROKLGD SHORV (VWDGRV 0HPEURV QDV &RQFOXV}HV GR &RQVHOKR SDUD D &RPSHWLWLYLGDGH HP 1RYHPEUR GH 2V VWDNHKROGHUV WDPEpP VH FRQJUDWXODUDP FRP XPD DJHQGD D ORQJR WHUPR SDUD DV FRPSHWrQFLDV GLJLWDLV $ LQG~VWULD FULRX R H 6NLOOV ,QGXVWU\ /HDGHUVKLS %RDUG FRP R LQWXLWR GH FRQWULEXLU SDUD D LPSOHPHQWDomR GD HVWUDWpJLD 8P HVWXGR UHDOL]DGR SHOD 8( 5$ FRQVWDWRX TXH DV SROtWLFDV QD FLRQDLV GH 7,& WHQGHP D FRQFHQWUDU VH QR GHVHQYROYLPHQWR GH FRPSHWrQFLDV EiVLFDV HP 7,& QD ySWLFD GR XWLOL]DGRU 2 GHVHQYROYLPHQWR GH FRPSHWrQFLDV SURILVVLRQDLV GH 7,& p PXLWDV YH]HV FRQVLGHUDGR FRPR SDUWH GD SROtWLFD GH IRU PDomR SURILVVLRQDO FRQWtQXD 4XH QRYH SDtVHV WrP SROtWLFDV TXH YLVDP R GH VHQYROYLPHQWR GH FRPSHWrQFLDV H EXVLQHVV 9LQWH H VHLV SDtVHV WrP SROtWLFDV FRQFHELGDV SDUD DV FRPSHWrQFLDV GLJLWDLV QD ySWLFD GR XWLOL]DGRU HQTXDQWR RQ]H SDtVHV 'LQDPDUFD )UDQoD $OHPDQKD +XQJULD ,UODQGD 0DOWD (VSDQKD 3RUWX JDO 5RPpQLD 5HLQR 8QLGR H 7XUTXLD WrP SROtWLFDV TXH YLVDP HVSHFLILFDPHQWH R GHVHQYROYLPHQWR GDV FRPSHWrQFLDV 7,& GRV SURILVVLRQDLV 8( 5$ LGHQWLILFRX XP WRWDO GH LQLFLDWLYDV TXH HVWmR HVSHFLILFDPHQWH RULHQWDGDV SDUD R GHVHQYROYL PHQWR GH FRPSHWrQFLDV GRV SURILVVLRQDLV GDV 7,& )RUDP IHLWRV ERQV SURJUHVVRV QD LPSOHPHQWDomR GD (VWUDWpJLD GD 8( SDUD DV FRPSHWrQFLDV GLJLWDLV >(8 H VNLOOV@ )RL GHVHQYROYLGR XP 4XDGUR (XURSHX GH &RPSHWrQFLDV IRL ODQoDGR XP SRUWDO HXURSHX GH FRPSHWrQFLDV GLJLWDLV ,'& ,QVLJKW 0DUFK

&20 6HH KWWS HF HXURSD HX HQWHUSULVH VHFWRUV LFW H VNLOOV LQGH[BHQ KWP

9HU ZZZ HFRPSHWHQFHV HX


&5($7,9( /($51,1* H FDUUHLUDV MXQWDPHQWH FRP YiULDV SDUFHULDV PXOWLODWHUDLV GH DOWR QtYHO 1RYDV DFWLYLGDGHV IRUDP LQLFLDGDV HP (VWDV LQFOXHP DFo}HV UHODFLRQDGDV FRP D RIHUWD H D SURFXUD LQFOXLQGR R GHVHQYROYLPHQWR GH FHQiULRV SURVSHF WLYRV SDUD PHOKRU DQWHFLSDU D PXGDQoD R GHVHQYROYLPHQWR GDV OLQKDV GH RULHQWDomR SDUD R GHVHQYROYLPHQWR FXUULFXODU HP FRPSHWrQFLDV GLJLWDLV D SURPRomR GH LQFHQWLYRV ILQDQFHLURV H ILVFDLV UHOHYDQWHV HWF 3DUD DOpP GLVWR XPD PDLRU FDPSDQKD GH FRQVFLHQFLDOL]DomR H VHQVLELOL]DomR WHUi OXJDU HP 0DUoR GH 6HPDQD H 6NLOOV $ ORQJR SUD]R D SURFXUD GH FRPSHWrQFLDV GLJLWDLV QD IRUoD GH WUDEDOKR HVWi HP DVFHQVmR 1R HQWDQWR D FXUWR SUD]R RV HIHLWRV GD DFWXDO FULVH QR PHUFDGR GH WUDEDOKR SRGHP HYLWDU D IDOWD GH SURILVVLRQDLV GH 7,& 7RGDYLD ORJR TXH D HFRQRPLD UHWRPH VHUi YLWDO SDUD D (XURSD WHU XPD JUDQGH UH VHUYD GH SURILVVLRQDLV DOWDPHQWH TXDOLILFDGRV HP 7,& (OHV VHUmR FUXFLDLV SDUD TXH D (XURSD DSURYHLWH SOHQDPHQWH R VHX SRWHQFLDO LQRYDGRU

2 SUREOHPD GD RIHUWD H GD SURFXUD HP 7,& QmR SRGH VHU WDQWR GH QDWXUH ]D TXDQWLWDWLYD 'HVIDVDPHQWRV TXDOLWDWLYRV HQWUH DV FRPSHWrQFLDV HP 7,& IRUQHFLGRV SHOD IRUoD GH WUDEDOKR H DTXHODV H[LJLGDV SHORV HPSUHJDGRUHV SDUHFHP VHU TXDVH LQHYLWiYHLV QR DFWXDO HVWDGR GH FRLVDV ORJR SDUHFHP XP SUREOHPD SUHPHQWH ,VWR VLJQLILFD TXH WDQWR D IRUPDomR GH EDVH FRPR D IRUPDomR FRQWtQXD WrP GH VHU DGDSWDGDV SDUD TXH VH HYLWH XPD LQFRPSDWL ELOLGDGH VXEVWDQFLDO HQWUH DV FRPSHWrQFLDV H[LJLGDV SHORV HPSUHJDGRUHV H DV FRPSHWrQFLDV IRUQHFLGDV SHORV FXUVRV XQLYHUVLWiULRV 1R FRQWH[WR GD DFWXDO FULVH XPD HVWUDWpJLD D ORQJR SUD]R GD 8( SDUD DV FRPSHWrQFLDV GLJLWDLV p FDGD YH] PDLV LPSRUWDQWH $ DQiOLVH H SUHYLVmR GH RIHUWD H SURFXUD GH FRPSHWrQFLDV GLJLWDLV QD (XURSD PRVWUDP TXH QD PDLRULD GRV FHQiULRV D SURFXUD GH FRPSHWrQFLDV GLJLWDLV p VXVFHSWtYHO GH XOWUDSDVVDU D RIHUWD 1R HQWDQWR D rQIDVH GD SURFXUD LUi FDGD YH] PDLV PXGDU GH FRPSHWrQ FLDV GH QtYHO LQIHULRU SDUD FRPSHWrQFLDV GH QtYHO PDLV HOHYDGR GH QtYHO FRJQLWLYR GH VROXomR GH SUREOHPDV H HPSUHHGHGRULVPR H SDUD DV QHFHVVL GDGHV HPHUJHQWHV GDV IXWXUDV ,QWHUQHW H WHFQRORJLDV YHUGHV $V RUJDQL]D o}HV SUHFLVDP LQYHVWLU QmR Vy HP LQIUD HVWUXWXUD PDV QR PDLV DOWR QtYHO GH FRPSHWrQFLDV GLJLWDLV GRV VHXV WUDEDOKDGRUHV 2 IDFWRU FUtWLFR SDUD R IXWXUR VXFHVVR GD (XURSD p D FDSDFLGDGH FRPSHWLWLYD SDUD D DSOLFDomR GDV 7,&


,1129$7,21 0$5.(73/$&( 8PD DJHQGD HXURSHLD SDUD D UHFXSHUDomR HFRQyPLFD H SDUD R FUHVFL PHQWR QmR SRGH LJQRUDU R SDSHO LPSRUWDQWH GDV FRPSHWrQFLDV GLJLWDLV SDUD D FDSDFLGDGH GH LQRYDomR D ,QWHUQHW GR IXWXUR DV WHFQRORJLDV YHUGHV H D LQFOXVmR VRFLDO 'DGR TXH QD HFRQRPLD H QD VRFLHGDGH FRQWHPSRUkQHDV DV FRPSHWrQFLDV GLJLWDLV VmR XPD SDUWH FUXFLDO GDV FRPSHWrQFLDV GH LQR YDomR DPSOLDU D DJHQGD GD 8( QR VHQWLGR GD SURPRomR GDV FRPSHWrQFLDV GH LQRYDomR p QmR Vy WRUQDU R GHVHQYROYLPHQWR PDLV QDWXUDO PDV WDP EpP XPD QHFHVVLGDGH $ (VWUDWpJLD GD 8( SDUD DV FRPSHWrQFLDV GLJLWDLV IRUQHFH XPD ERD H UHFRQKHFLGD EDVH SDUD GHVHQYROYHU HP XPD HVWUDWpJLD GH ORQJR SUD]R SDUD DV FRPSHWrQFLDV GH LQRYDomR TXH DSRLHP D LQRYDomR R FUHVFLPHQWR D FRPSHWLWLYLGDGH D LQFOXVmR VRFLDO H D VXVWHQ WDELOLGDGH GD HFRQRPLD H GD VRFLHGDGH HXURSHLD

0DLV ,QIRUPDomR HP ( 6NLOOV IRU WKH VW &HQWXU\ (XURSHDQ &RPPLVVLRQ '* (QWHUSULVH DQG ,QGXVWU\ KWWS HF HXURSD HX HQWHUSULVH VHFWRUV LFW H VNLOOV (XURSHDQ H 6NLOOV :HHN 0DUFK KWWS HVNLOOV ZHHN HF HXURSD HX (XURSHDQ H 6NLOOV &RQIHUHQFH 1RYHPEHU %UXVVHOV KWWS ZZZ HVNLOOV SUR HX (X URSHDQ H &RPSHWHQFHV )UDPHZRUN KWWS ZZZ HFRPSHWHQFHV HX ( 6NLOOV ,QGXVWU\ /HDGHUVKLS %RDUG KWWS ZZZ H VNLOOV LOE RUJ (XURSHDQ H 6NLOOV DQG &DUHHUV SRUWDO KWWS HVNLOOV HXQ RUJ


&5($7,9( /($51,1*

FDStWXOR ,

2 ´6725<7(//,1*µ ( $ )2*8(,5$ ',*,7$/

$17Ï1,2 1Òf(6 $XWRU GH ³6HUi PHMRU TXH OR FXHQWHV ´ HVWUDWHJD GH FRPXQLFDomR HP 6WRU\ 6WUDWHJ\

$V HPSUHVDV RV SROtWLFRV H DV PDUFDV UHGHVFREUHP D PLOHQDU DUWH GH FRQWDU KLVWyULDV SDUD VXSHUDU D VDWXUDomR H FHSWLFLVPR GR FLGDGmR GD HUD :HE %UHH IDOD IUHTXHQWHPHQWH FRP DV SHVVRDV HP FDPLVD GH QRLWH +i GLDV HP TXH FKRUD 1RXWURV HVWi GH PHOKRU KXPRU %UHH XPD DGROHVFHQWH LVRODGD QR VHX TXDUWR SRU XQV SDLV XOWUD UHOLJLRVRV YDL FRORFDQGR QR <RXWXEH RV Yt GHRV TXH JUDYD GXUDQWH D VXD FODXVXUD 1XPD TXHVWmR GH VHPDQDV DV FRQ ¿ VV}HV GD UDSDULJD FRQYHUWHP VH HP YtGHRV YLVWRV H UHHQYLDGRV SRU PDLV GH TXLQ]H PLOK}HV GH SHVVRDV HP WRGR R PXQGR /RQHO\*LUO R QLFNQDPH GD UDSDULJD QD UHGH WRUQD VH WmR IDPRVR FRPR R GH %DUDFN 2EDPD QR PXQGR UHDO 3DVVDGDV VHPDQDV GH WUHPHQGD SRSXODULGDGH RV LQWHUQDXWDV GHVFR EUHP TXH %UHH QmR HUD XPD DGRUiYHO H PHODQFyOLFD UDSDULJD HQFODXVXUDGD PDV VLP -HVVLFD 5RVH XPD DFWUL] GD 1HZ <RUN )LOP $FDGHP\ LQWHUSUHWDQGR JXL}HV HVFULWRV SRU SUR¿ VVLRQDLV SDUD SURPRYHU XP ¿ OPH 6H SXEOLFDGD RX HPLWLGD QRV PHLRV WUDGLFLRQDLV D IDOVLGDGH GD PRQWDJHP GH %UHH WHULD SURYRFDGR XPD DYDODQFKH GH SURWHVWRV GH WDO PDJQLWXGH TXH WHULD OHYDGR R MRUQDO RX FDGHLD GH WHOHYLVmR GLUHFWDPHQWH j VXD TXHEUD $ GLPLQXLomR GDV DXGLrQFLDV WHULD DFRPSDQKDGR R GHVSUHVWtJLR GRV DXWRUHV GD PHQVDJHP 1D :HE SHOR FRQWUiULR D DXGLrQFLD GRV YtGHRV QmR SiUD GH FUHVFHU H -HVVLFD 5RVH SDVVRX D VHU (PEDL[DGRUD GDV 1Do}HV 8QLGDV H D SDUWLFLSDU QR ¿ OPH , .QRZ :KR .LOOHG 0H FRP /LQGVD\ /RKDQ 'XUDQWH D HFORVmR GR FDVR /RQHO\*LUO KRMH FRQVLGHUDGR D PDLV SD UDGLJPiWLFD PDQLIHVWDomR GD SUp KLVWyULD GD :HE QLQJXpP SDUHFHX TXHVWLRQDU VH VREUH D FRQ¿ DQoD QXP HPLVVRU TXH GH IRUPD WmR À DJUDQWH PHQWLX H PDQLSXORX D DXGLrQFLD ( PXLWR PHQRV VH LQLFLRX XP DFDORUDGR GHEDWH VREUH D FRQ¿ DQoD QRV 0HGLD


,1129$7,21 0$5.(73/$&( 3RXFRV UHÀ HFWLUDP VREUH FRPR DV PHQVDJHQV GH XPD VLPSOHV DGROHVFHQ WH HPHUJLUDP QXPD FLGDGDQLD VDWXUDGD GH PHQVDJHQV IDUWD GH LQWHUUXSo}HV H FpSWLFD SHUDQWH TXDOTXHU HPLVVRU $SHQDV VH HVFUHYHX VREUH XP PHLR YLU WXDO RQGH RV HPLVVRUHV WrP PDLV IDFLOLGDGH GR TXH QRV PHLRV WUDGLFLRQDLV HP FDPXÀ DU VH RX PDQLSXODU PHQVDJHQV 2V LQWHUQDXWDV Mi WLQKDP XP YHUHGLFWR VREUH D ~QLFD FRLVD TXH OKHV LQWHUHV VDYD D KLVWyULD GD /RQHO\*LUO IXQFLRQDYD 2 TXH PLOK}HV GH LQWHUQDXWDV YDORUL]DUDP QmR IRL D FUHGLELOLGDGH GD /RQHO\*LUO R TXH IH] FRP TXH GHGL FDVVHP GLDULDPHQWH R VHX SUHFLRVR WHPSR jV FRQ¿ VV}HV GH XPD MRYHP IRL R HQUHGR GR VHX HQFODXVXUDPHQWR D LQWHUSUHWDomR GD SHUVRQDJHP GH %UHH DV VXDV OiJULPDV R WRP GH FRQ¿ GrQFLD GD QDUUDWLYD R FHQiULR GR VHX TXDUWR H R JXDUGD URXSD FDVHLUR H LQWLPLVWD GD SURWDJRQLVWD 2 LPSRUWDQWH HUD D TXDOL GDGH GD KLVWyULD H QmR R IDFWR GDV VXDV FRQ¿ GrQFLDV VHUHP RX QmR UHDLV GR HPLVVRU VHU RX QmR WUDQVSDUHQWH VHU RX QmR GLJQR GH FRQ¿ DQoD '( ³(0,6625(6´ $ ³&5,$'25(6 '( +,67Ï5,$6´ ( '( ³5(&(3725(6´ $ ³87,/,=$'25(6 '( +,67Ï5,$6´ *UDoDV j :HE DV DQWHULRUPHQWH FKDPDGDV ³DXGLrQFLD FDWLYDV´ IRUDP OLEHU WDGDV 1D QRYD HFRQRPLD GD DWHQomR RQGH XQV RIHUHFHP R VHX WHPSR GH DWHQ omR H RXWURV R SURFXUDP D PHOKRU KLVWyULD JDQKD 2V DQWHULRUPHQWH DSHOLGD GRV ³UHFHSWRUHV´ GH PHQVDJHQV FRQYHUWHUDP VH HP ³XWLOL]DGRUHV´ GH KLVWyULDV )DODPRV GH VREHUDQRV LQGHSHQGHQWHV H SUy DFWLYRV PXQLGRV GH FRPDQGRV D GLVWkQFLD VRIWZDUH 3 3 WHOHPyYHLV 3'$ H XPD DWLWXGH FULWLFD IDFH DRV 0HGLD $OpP GLVVR HVWHV XWLOL]DGRUHV FULDP DV VXDV SUySULDV KLVWyULDV FRPR D GD /RQHO\*LUO ULYDOL]DQGR FRP RV JUDQGHV JUXSRV PHGLiWLFRV QD KRUD GH HPLWLU PHQVDJHQV $V QRYDV WHFQRORJLDV EDQDOL]DUDP R FXVWR GH FULDomR SURGXomR H GLVWULEXLomR GH PHQVDJHQV 4XDOTXHU DGROHVFHQWH SRGH FULDU FRP R VHX WHOHPyYHO XP ¿ OPH GH TXDOLGDGH DFHLWiYHO H GLVWULEXL OR D PLOKDUHV GH SHVVRDV HP WRGR R PXQGR DWUDYpV GD ,QWHUQHW FDSDFLGDGH TXH DWp Ki SRXFRV DQRV HVWDYD UHVHUYDGD H HUD SULYLOpJLR GR JUXSR WRGR SRGHURVR GH +ROO\ZRRG 1HVWD YHUGDGHLUD LQWHUDFWLYLGDGH SRVVLELOLWDGD SHODV QRYDV WHFQRORJLDV R FLFOR GH YLGD GDV PHQVDJHQV p LQFRQWUROiYHO $ PHQVDJHP Mi QmR p XP SDFR WH IHFKDGR FRQWURODGR SHOR HPLVVRU TXH VH ODQoD SDUD RV GHVWLQDWiULRV SRU FLPD GH XPD SDUHGH GLYLVyULD 4XDOTXHU PHQVDJHP KRMH p PDLV RUJkQLFD OLTXLGD DEHUWD PXWiYHO TXH DQWHV $ SDUHGH HQWUH HPLVVRU H UHFHSWRU IRL


&5($7,9( /($51,1* GHUUXEDGD H VXDYL]DUDP VH RV VHXV SDSpLV 2V UHFHSWRUHV VmR TXDVH WDQ WR FULDGRUHV GD PHQVDJHP FRPR RV HPLVVRUHV &RQVHTXHQWHPHQWH WHPRV TXH GHL[DU GH XWLOL]DU R FRQFHLWR GH ³ PHQVDJHP´ H VXEVWLWXL OR SHOR GH ³KLV WyULD´ DEDQGRQDU R GH ³HPLVVRU´ H XWLOL]DU R GH ³FULDGRU GH KLVWyULD´ H EDQLU R GH ³UHFHSWRU´ H DSOLFDU R GH ³XWLOL]DGRU GD KLVWyULD´ $V DQWLJDV H FRPSOH[DV DSUHVHQWDo}HV HP 3RZHUSRLQW FDUUHJDGDV GH GDGRV H HVWDWtVWLFDV DV PHQVDJHQV SXEOLFLWiULDV LQWUXVLYDV RX RV GLVFXUVRV SROtWLFRV DUJXPHQWDWLYRV UHSOHWRV GH SHVDGRV GDGRV HVWDWtVWLFRV Mi QmR FDSWDP D DWHQomR GRV FLGDGmRV QHP VHTXHU TXDQGR RV SROtWLFRV PRVWUDP DXWrQWLFDV GHPRV SXEOLFLWiULDV 2V VLVWHPDV GH PHGLomR GH DXGLrQFLD H DQi OLVH GH FRPXQLFDomR QmR SiUDP GH FRQVWDWDU R IUDFDVVR H R GHVSHUGtFLR GDV PiTXLQDV GH FRPXQLFDomR GRV DFWRUHV WUDGLFLRQDLV 3DUD RV SUR¿ VVLRQDLV GR PDUNHWLQJ GD FRPXQLFDomR H GDV YHQGDV D OLomR SDUHFH FODUD Ki TXH DSUHQGHU D FULDU H FRQWDU KLVWyULDV DVVLP FRPR HQWHQGHU DV VXDV RULJHQV RV VHXV PHFDQLVPRV GH SURSDJDomR RV VHXV ³WLSSLQJ SRLQWV´ H FLFORV YLWDLV QD :HE QRV GLIHUHQWHV HFUmV H QR SURFHVVR GH SURSDJDomR GH ERFD HP ERFD 2 $8*( '2 ³6725<7(//,1*´ 28 $ $57( '( 1$55$5 2 3HQWiJRQR XWLOL]D R VWRU\WHOOLQJ SDUD GHOLQHDU DV VXDV HVWUDWpJLDV GH FULVH $ 1DVD FRQWUDWRX R JXLRQLVWD 6\G )\HOG SDUD TXH RV VHXV FLHQWLVWDV SXGHVVHP UHODWDU DV VXDV GHVFREHUWDV GH IRUPD VHGXWRUD 2V WKLQN WDQN UHVSRQViYHLV SHODV HVWUDWpJLDV UHSXEOLFDQDV H GHPRFUDWDV GRV (VWDGRV 8QLGRV FHGHUDP RV VHXV PHOKRUHV HVFULWyULRV H RUoDPHQWRV D HVSHFLDOLVWDV QD PDWpULD FRPR )UDQN /XQW] H R QHXURORJLVWD *HRUJH /DNRII $ LQG~VWULD FLQHPDWRJUi¿ FD H RV JUXSRV PXOWLPpGLD SRU VHX ODGR WrP XWLOL]DGR R VWRU\WHOOLQJ SDUD FULDU ¿ OPHV H YLGHRMRJRV GHVGH RV WHPSRV HP TXH *HRUJH /XFDV VH EDVHRX QRV HVWXGRV UHDOL]DGRV SHOR PLWyORJR -RVHSK &DPSEHOO SDUD GHVHQYROYHU D VXD VDJD GD *XHUUD GDV (VWUHODV 3UR¿ VVLRQDLV GD HGXFDomR FRPR 0F'UXU\ H $OWHULR XWLOL]DP R VWRU\WHOOLQJ SDUD HODERUDU SURJUDPDV HGXFDWLYRV FDSD]HV GH VXSHUDU R FUHVFHQWH IHQy PHQR GH GHVLQWHUHVVH SRU SDUWH GRV HVWXGDQWHV 0XOWLQDFLRQDLV FRPR D 0L FURVRIW FRQWUDWDP IDPRVRV JXLRQLVWDV GH FLQHPD FRPR 5REHUW 0F.HH SDUD HQVLQDUHP RV VHXV JHVWRUHV D FRPXQLFDU H DSUHVHQWDU DV VXDV LGHLDV FRP PDLRU FDSDFLGDGH GH SHUVXDVmR 2 Q~PHUR GH SUR¿ VVLRQDLV H DUWLVWDV DVVRFLDGRV j 1DWLRQDO 6WRU\WHOOLQJ 1H WZRUN QRUWH DPHULFDQD FRP LQWXLWR GH PHOKRUDU DV VXDV FDSDFLGDGHV QmR


,1129$7,21 0$5.(73/$&( SiUD GH FUHVFHU EHP FRPR RV LQGLFDGRUHV GH GLIXVmR GD UHYLVWD 6WRU\WHOOLQJ 0DJD]LQH 2 VWRU\WHOOLQJ HVWi D ID]HU FRP TXH DV PDUFDV PDLV LQRYDGRUDV FRPHFHP D ROKDU SDUD VL PHVPDV FRPR XPD KLVWyULD VXVWHQWDGD QR WHPSR XPD WHOHQRYHOD FRP XP Q~PHUR LOLPLWDGR GH HSLVyGLRV 2 SDSHO GRV JHVWR UHV GH PDUFD p VHUHP UHVSRQViYHLV SHODV VXDV KLVWyULDV TXH WrP TXH FULDU SODQL¿ FDU DOLPHQWDU SURWHJHU H DFWXDOL]DU SHUPDQHQWHPHQWH &RQVHTXHQWH PHQWH FRPHoDP D FRQVROLGDU VH DV SULPHLUDV FRQVXOWRULDV GH FRPXQLFD omR HVSHFLDOL]DGDV QD GLVFLSOLQD $V VXDV iUHDV GH WUDEDOKR SRGHP DEDUFDU D DXGLWRULD GH KLVWyULDV SHVVRDLV GH SROtWLFRV H GLULJHQWHV GH KLVWyULDV GH PDUFDV RUJDQLVPRV H LQVWLWXLo}HV H SRU ~OWLPR GH KLVWyULDV RUJDQL]DFLRQDLV FXOWXUD HPSUHVDULDO FRHVmR H PRWLYDomR GH HTXLSDV &RQWXGR D PDLRULGDGH GR VWRU\WHOOLQJ FRPR IHUUDPHQWD GH FRPXQLFDomR IRL DWHVWDGD SHOD DXWrQWLFD H[LELomR GH SHUtFLD OHYDGD D FDER SRU %DUDFN 2EDPD GXUDQWH D FDPSDQKD SUHVLGHQFLDO GRV (VWDGRV 8QLGRV 2V UHODWRV GH $VKOH\ %DLD D FULDQoD TXH VH DOLPHQWRX GH VDQGXtFKHV SDUD UHGX]LU RV JDVWRV GD PmH GRHQWH H VHP VHJXUR GH VD~GH RX GD DXWDUFD TXH JULWDYD ³)LUHG XS DQG UHDG\ WR JR ´ SDVVDUDP D ID]HU SDUWH GR LPDJLQiULR FROHFWLYR QRUWH DPHULFDQR $2 48( 32'(026 &+$0$5 ³+,67Ï5,$´" 8PD KLVWyULD QmR p XPD PHUD SLDGD UHFUHDWLYD RX XPD PHUD OHQGD 7UD WD VH GH XPD IHUUDPHQWD GH FRPXQLFDomR HVWUXWXUDGD QXPD VHTXrQFLD GH DFRQWHFLPHQWRV TXH DSHODP DRV QRVVRV VHQWLGRV H HPRo}HV $R H[SRU XP FRQÀ LWR UHYHOD XPD YHUGDGH TXH WUD] VHQWLGR jV QRVVDV YLGDV $ SULPHLUD YDQWDJHP FRPXQLFDWLYD GD KLVWyULD QD HUD GD :HE p FRQWHU XP VHQWLGR H RV VHXV DFRQWHFLPHQWRV VHUHP HVWUXWXUDGRV VHJXQGR XPD GHWHUPLQDGD OyJLFD $OpP GLVVR XPD KLVWyULD DFDUUHWD XP FRQWH[WR TXH DMXGD D VLWXDU QRV H D DSUHHQGHU D VXD PHQVDJHP DOJR TXH IDOWD QD PDLRULD GDV QRWtFLDV H LQIRUPDo}HV TXH FRQVXPLPRV GLDULDPHQWH (P SOHQD HFRQRPLD GD DWHQomR DV HPRo}HV FRQWLGDV QXPD KLVWyULD ID]HP FRP TXH HVWD JDQKH QRWRULHGDGH $ FDUJD HPRFLRQDO GDV KLVWyULDV FDSWD PH OKRU D DWHQomR TXH D VLPSOHV LQIRUPDomR ID]HQGR FRP TXH FRPSUHHQGDPRV RV DFRQWHFLPHQWRV GH IRUPD PDLV UiSLGD H SURIXQGD GR TXH QR FDVR GDV DVVpSWLFDV PHQVDJHQV LQIRUPDWLYDV 3DUD DOpP GLVVR DV ERDV KLVWyULDV DSH ODP DRV VHQWLGRV SRGHP VH FKHLUDU DSUHFLDU D VXD WH[WXUD RV VHXV DURPDV H SDOHWD GH FRUHV H DVVLP ID]HU FRP TXH VLPSOHV GDGRV VH WUDQVIRUPHP HP HPRo}HV H VHQVDo}HV JHQXLQDPHQWH SHVVRDLV


&5($7,9( /($51,1* 8PD KLVWyULD HQFHUUD VHPSUH XP RX PDLV FRQÀ LWRV TXH FRQVHJXHP FRQHF WDU VH FRP RV GRV VHXV XWLOL]DGRUHV H TXH HVWmR KDELWXDOPHQWH UHODFLRQDGRV FRP YDORUHV H LGHLDV VXSHULRUHV 1HVWH VHQWLGR Ki DXWRUHV TXH D¿ UPDP TXH XPD KLVWyULD FRQWpP VHPSUH DOJR GH VDJUDGR XPD YH] TXH LQFOXL XPD YHUGDGH XQLYHUVDO FDSD] GH LOXPLQDU DOJXQV GRV PLVWpULRV GR PXQGR TXH QRV URGHLD $ KLVWyULD FRQWULEXL SDUD TXH D PHQVDJHP VXSHUH R FHSWLFLVPR GR FLGDGmR PpGLR Mi TXH DSHOD DR ODGR O~GLFR HP GHWULPHQWR GR UDFLRQDO VDWXUDGR GH LQIRUPDomR H PDLV SUHGLVSRVWR j FUtWLFD 7DPEpP QmR LPS}H R VHX VHQWL GR PXLWR SHOR FRQWUiULR XPD KLVWyULD p XP FRQYLWH DRV VHXV XWLOL]DGRUHV SDUD TXH GHOD UHWLUHP DV VXDV SUySULDV FRQFOXV}HV 'HVWD IRUPD SRVVXL XPD JUDQGH FDSDFLGDGH GH LPSOLFDomR H YLWDOLGDGH FRQYLGD D VHU GHEDWLGD SDUWL OKDGD FRQWDGD H UHFRQWDGD QD IRJXHLUD GD :HE 3RU ~OWLPR XPD KLVWyULD p XP UHYXOVLYR SDUD D FXOWXUD JUXSDO GR FROHFWLYR GH XWLOL]DGRUHV 8PD FRPXQLGDGH FRP KLVWyULDV SDUWLOKDGDV DXPHQWD D VXD SUREDELOLGDGH GH YLYHU H WUDEDOKDU HP KDUPRQLD %DVWD DQDOLVDU D PRWLYDomR GD HTXLSD GD $SSOH XPD HPSUHVD FRP IRUWH FXOWXUD GH VWRU\WHOOLQJ TXH QDVFH FRP R VHX IXQGDGRU 6WHYH -REV RX D PLOLWkQFLD GRV VHJXLGRUHV GD VpULH WHOHYLVLYD 2V 6RSUDQRV 26 '(6$),26 '2 6725<7(//,1* 1$ :(% (QTXDQWR HVWDPRV QD SUp KLVWRULD GD QRYD HUD SRVW :HE QR PHUFDGR GD FRPXQLFDomR RQGH Ki PDLV SHUJXQWDV TXH UHVSRVWDV TXDOTXHU SUR¿ VVLR QDO GD FRPXQLFDomR SRGH GHWHFWDU TXDWUR JUDQGHV GHVD¿ RV TXH R VWRU\WHOOLQJ HQIUHQWD KRMH QR PXQGR HPSUHVDULDO SROtWLFR H LQVWLWXFLRQDO (P SULPHLUR OXJDU GHYHPRV VXSHUDU R Mi DQWLJR PHGR GR FRQÀ LWR H GD VXD FRPXQLFDomR GH IRUPD DEHUWD H WUDQVSDUHQWH 6HP FRQÀ LWR QmR Ki KLVWyULD 6HP XP RX YiULRV FRQÀ LWRV TXH FRQVLJDP JHUDU HPSDWLD QRV VHXV SRWHQFLDLV XWLOL]D GRUHV D KLVWyULD QDVFHUi PRUWD SRU PDLV GLQKHLUR H UHFXUVRV TXH VH LQYLVWD QD VXD GLVVHPLQDomR 'D PHVPD IRUPD TXH XP 7RQ\ 6RSUDQR VHP DWDTXHV GH DQVLHGDGH H SVLFDQDOLVWD XPD PDUFD HPSUHVD YHQGHGRU RX SROLWLFR VHP FRQÀ L WRV RX FRUDJHP SDUD RV GLIXQGLU QmR WHUi LQWHUHVVH QHP SRGHU GH VHGXomR (P VHJXQGR OXJDU DV HPSUHVDV RV SROtWLFRV H DV PDUFDV GHYHUmR HVIRUoDU VH SDUD FRQWDU D YHUGDGH H QDGD PDLV TXH D YHUGDGH QDV VXDV PHQVDJHQV $ FDSDFLGDGH GD :HE HP GHWHFWDU PHQWLUDV RX LPSRVWXUDV p LOLPLWDGD


,1129$7,21 0$5.(73/$&( (QTXDQWR D &DVD %UDQFD FRQWDYD D VXD KLVWyULD GD LQYDVmR GR ,UDTXH RV VROGDGRV QR WHUUHQR FRQWDYDP D VXD YHUVmR QD 1HW 2 SUHFRFH DSDUHFLPHQ WR GH À RJV IDOVRV EORJV FRPR RV FULDGRV SHOD 0F'RQDOG¶V :DO0DUW RX 6RQ\ UHVXOWDUDP LPHGLDWDPHQWH HP GXUtVVLPDV GHQ~QFLDV H FULWLFD QD ³EOR JRVIHUD´ 8PD KLVWyULD SRGH VHU ¿ FWtFLD PDV WHP TXH FRQWHU XPD YHUGDGH XQLYHUVDO SDUD RV VHXV XWLOL]DGRUHV 2 DXWRU GD KLVWyULD GHYHUi SRGHU VHU LGHQWL¿ FDGR IDFLOPHQWH (P WHUFHLUR OXJDU RV SUR¿ VVLRQDLV GR PDUNHWLQJ H GDV YHQGDV GHYHP DFHL WDU TXH Mi QmR SRGHPRV FRQWURODU R FLFOR YLWDO GD KLVWyULD &RQWDU FRP XP JUDQGH RUoDPHQWR Mi QmR JDUDQWH QHP DXGLrQFLD QHP R FRQWUROR GD PHQ VDJHP 7HPRV TXH QRV UHVLJQDU FRP R IDFWR GD KLVWyULD FDLU QDV PmRV GRV VHXV SRWHQFLDLV XWLOL]DGRUHV H TXH HVWHV VHUmR TXHP LUi WUDQVPLWLU PDQLSXODU WUDQVIRUPDU GLVVHFDU RX DPSOLDU D KLVWyULD D VHX EHO SUD]HU 6y SRGHPRV HVSHUDU WHQWDU LQÀ XHQFLDU R VHX FXUVR QDV PmRV GH WHUFHLURV 3RU ~OWLPR D OLTXLGH] GR PHUFDGR GD FRPXQLFDomR H D VXD HVWUXWXUD QRGDO H[LJH PDLV FRQVLVWrQFLD GR TXH QXQFD QD KRUD GH FRPXQLFDU 2 LQHYLWiYHO GHVWLQR PXOWLPpGLD H PXOWLVXSRUWH GH TXDOTXHU KLVWyULD H D KHWHURJHQHLGD GH GRV VHXV SRWHQFLDLV QDUUDGRUHV SXOYHUL]DUDP D H[LVWrQFLD H D DSOLFDomR GRV FKDPDGRV ³PDQXDLV GH FDPSDQKD´ RX ³PDQXDLV GH HVWLOR´ RX ³PDQXDLV GH DSOLFDomR GD PDUFD´ 3RUWDQWR WHUHPRV TXH SHQVDU D FRQVLVWrQFLD GR SURFHVVR GH GLYXOJDomR GD KLVWyULD GXUDQWH R SUySULR DFWR GD VXD FULDomR XWLOL]DQGR PLWRV ULWRV DUTXpWLSRV H PHWiIRUDV 2 5(72512 ¬ &2081,&$d­2 ³6(/9$*(0´ '$ )2*8(,5$ 75,%$/ 3DUDGR[DOPHQWH R DSDUHFLPHQWR GD :HE SURSRUFLRQRX R ³UHWURFHVVR´ D PLOKDUHV GH DQRV QD IRUPD GH FRPXQLFDU UHVVXVFLWDQGR R ³HVStULWR GD IR JXHLUD´ &DGD SHVVRD p KRMH PDLV GR TXH DQWHV GRQD GD VXD KLVWyULD UHDO RX YLUWXDO 3HUDQWH TXDOTXHU QHFHVVLGDGH GH EXVFD GH VHQWLGR VRFRUUHPR QRV GD IRJXHLUD WULEDO GD QRVVD HUD ,QWHUQHW ¬ YROWD GHOD FRPSDUWLOKDP VH H FRQWDP VH DV KLVWyULDV TXH FRQWrP DV YHUGDGHV GD WULER 6H SRU XP ODGR DV JUDQGHV FRPXQLGDGHV GH KRMH Vy VH SRGHP HQFRQWUDU QR FDORU GD KLVWyULD FRPXP QyV SUR¿ VVLRQDLV GD FRPXQLFDomR GHYHPRV GHVHQWHUUDU D DQFHVWUDO VDEHGRULD GRV PLWRV ULWRV DUTXpWLSRV H PHWiIRUDV SDUD FRQWLQXDU D GHVHPSHQKDU R QRVVR WUDEDOKR 6H TXHUHPRV WHU DOJR D GL]HU R PHOKRU p FRQWi OR


&5($7,9( /($51,1*

FDStWXOR ,

08'$5 $ 62&,('$'(

-2­2 0(1(=(6 7(6( ± $VVRFLDomR SDUD R 'HVHQYROYLPHQWR

'HSDUDPR QRV FRP R HPHUJLU GH XP QRYR SDUDGLJPD 8PD PXGDQoD HVWi D WHU OXJDU QR SDUDGLJPD TXH PROGRX VRFLHGDGHV GHVGH D 5HYROXomR ,Q GXVWULDO ± EDVHDGR HP FDSLWDO WDQJtYHO OLQHDULGDGH HILFLrQFLD KLHUDUTXLD H SURGXomR HP PDVVD 1XPD VRFLHGDGH TXH HVWi UDSLGDPHQWH D PXGDU WXGR SDUHFHUi GLIHUHQWH ± GHVGH D IRUPD FRPR ID]HPRV QHJyFLR DWp j IRUPD FRPR DSUHQGHPRV H LQWHUDJLPRV FRP RV RXWURV 2V GHVDILRV TXH QRV HVSHUDP QR TXH UHVSHLWD D QHJyFLRV VRFLHGDGH H RUJDQL]Do}HV LUmR H[LJLU XP FRQWtQXR GHVHQYROYLPHQWR SHVVRDO XPD IRUWH DWLWXGH HPSUHHQGHGRUD FULDWLYLGDGH FRPR DSWLGmR EiVLFD H DERUGDJHQV LQ YXOJDUHV DRV SUREOHPDV FRP TXH QRV GHEDWHPRV QRV GLDV GH KRMH $ FUHVFHQWH LQFHUWH]D H R DPELHQWH HP PXGDQoD UiSLGD HVWmR D IRUoDU FDGD SDtV FDGD RUJDQL]DomR H FDGD XP GH QyV D XP FRQVWDQWH HVIRUoR GH DGDS WDomR $V VRFLHGDGHV WrP GH VH SUHSDUDU SDUD D HYHQWXDOLGDGH GH FHQiULRV LPSUHYLVtYHLV GDQGR DVDV j FULDWLYLGDGH H UHPRYHQGR WRGDV DV EDUUHLUDV UH ODFLRQDGDV FRP DYHUVmR DR ULVFR R HVWLJPD GR HUUR IDOWD GH DXWR FRQILDQoD H D SUHIHUrQFLD HP FULWLFDU HP YH] GH JHUDU QRYDV LGHLDV H DJLU 1R IXWXUR FDGD SHVVRD WHP GH VHU XP IDQiWLFR GR FRQKHFLPHQWR $V HVFRODV WrP GH SURGX]LU FULDQoDV QmR DXWyPDWRV DEUDoDU D PXGDQoD UiSLGD DR LQYpV GH FRPEDWr OD $SUHQGHU WHP GH HVWDU UHODFLRQDGR FRP D FULDomR PXGDQoD H FRR SHUDomR $ FRRSHUDomR VHUi D FKDYH 8PD VRFLHGDGH EDVHDGD QR 6DEHU p XPD VRFLHGDGH HP UHGH ± SDUD D TXDO D :HE p XP UHFXUVR YLWDO H D RULJHP GH JUDQ GHV HVSHUDQoDV SDUD R HVSDOKDU GD GHPRFUDFLD FRQKHFLPHQWR H FULDWLYLGDGH 4XDO R WUDoR GLVWLQWLYR GHVWD QRYD HUD" 'HVWUXLomR FULDWLYD FRQVWDQWH $ YDQWDJHP FRPSHWLWLYD GHVDSDUHFH QXP LQVWDQWH $ FRPSHWLomR FRP TXH DV HPSUHVDV PDLV WrP TXH VH SUHRFXSDU p DTXHOD TXH DLQGD QmR H[LVWH


,1129$7,21 0$5.(73/$&( +i YLQWH DQRV DWUiV R 7RS GD OLVWD )RUEHV GHGLFDYD VH RX D H[WUDLU DOJR GR VROR RX D WUDQVIRUPDU XP EHP QDWXUDO DoR RX SHWUyOHR HP DOJR TXH VH SXGHVVH DJDUUDU +RMH PHQRV GH PHWDGH GRV SDtVHV QHVWD OLVWD R ID]HP 7RGR R UHVWR OXFUD FRP R WUDILFDU GH LGHLDV $ +LVWyULD VXJHUH TXH D LQRYDomR IORUHVFH LQGHSHQGHQWHPHQWH GD HVFX ULGmR GRV WHPSRV 3RU H[HPSOR Ki XP FRQVHQVR JHUDO QR TXH UHVSHLWD D HVWD FULVH VHU D PDLRU GHVGH D *UDQGH 'HSUHVVmR $ ,QRYDomR QmR FRQJHORX QHVVH SHUtRGR 1RYDV FRPSDQKLDV IRUDP IXQGDGDV &RPSDQKLDV FRPR D 5HYORQ +HZOHWW 3DFNDUG 7H[DV ,QVWUXPHQWV 7\VRQ )RRGV H D 3RODURLG IR UDP ODQoDGDV QRV DQRV (P XP FLHQWLVWD GD 'X3RQW GHVFREULX R QHRSUHQR D SULPHLUD ERU UDFKD VLQWpWLFD GR PXQGR $ HPSUHVD DSURYHLWRX RV WHPSRV GLItFHLV SDUD DJDUUDU FLHQWLVWDV GH WRSR H LQIRUPDo}HV FKDYH D FXVWRV VXSRUWiYHLV 2 QHRSUHQR WRUQRX VH QXPD GDV PDLRUHV LQYHQo}HV GR VpFXOR ;; FRP FRP SRQHQWHV GH QHLSUHQR HP WRGRV RV FDUURV H DYL}HV QR ILQDO GD GpFDGD GH 4XDQGR FRQIURQWDGRV FRP SUREOHPDV HFRQyPLFRV D 'X3RQW WDPEpP LQYHV WLX QD FULDomR GH XP GRV SULPHLURV SURJUDPDV GH SHVTXLVD HP FRPSDQKLDV TXH OHYRX j FULDomR GH RXWURV PDWHULDLV FRPR R Q\ORQ $LQGD SHUPDQHFHP DPSODV RSRUWXQLGDGHV SDUD LQRYDGRUHV H HPSUHHQ GHGRUHV TXH SURFXUHP SODQWDU DV VHPHQWHV SDUD XP QRYR FUHVFLPHQWR 2OKHP SDUD RV FXLGDGRV GH VD~GH VHUYLoRV DPELHQWDLV WXULVPR H LQG~V WULDV FULDWLYDV RX SRU H[HPSOR SDUD D LQG~VWULD GD HGXFDomR 1R DQR SDV VDGR XPD SUHYLVmR GL]LD TXH GRV FXUVRV GH OLFHX DPHULFDQRV LUmR VHU DGPLQLVWUDGRV RQOLQH DWp ,QRYDGRUHV HVWmR D WUDEDOKDU SDUD WRUQDU HVWD SUHYLVmR QXPD UHDOLGDGH 7DO VLJQLILFD REVHUYDU HPSUHVDV FRPR D 6KDL $JDVVL¶V %HWWHU 3ODFH (VWD FRPSDQKLD HVWD D VHJXLU XPD QRYD DERUGDJHP DR PHUFDGR GR FDUUR HOpF WULFR (QTXDQWR PXLWDV RXWUDV HVWmR D WHU FRPR REMHFWLYR EDWHULDV GH EDL[R FXVWR FRP TXH SRGHP SHUFRUUHU FHQWHQDV GH TXLOyPHWURV VHP QHFHVVLWDU GH UHFDUUHJDU D $JDVVL¶V %HWWHU 3ODFH HVWi FRQFHQWUDGD HP SRGHU VHSDUDU D EDWHULD GR FDUUR 2V FRQVXPLGRUHV %HWWHU 3ODFH LUmR SDJDU XPD DVVLQDWXUD PHQVDO SDUD DFHGHU D XPD UHGH GH ORFDLV GH UHFDUUHJDPHQWR H FHQWURV GH VHUYLoR RQGH SRGHUmR WURFDU D EDWHULD JDVWD SRU XPD QRYD (P YH] GH HQ FRVWDU QXPD HVWDomR GH VHUYLoR SDUD HQFKHU R GHSyVLWR LUmR HQFRQWUDU XPD HVWDomR GH VHUYLoR SDUD WURFDU D VXD EDWHULD


&5($7,9( /($51,1* 7DPEpP Ki XPD JUDQGH QHFHVVLGDGH GH LQRYDomR QRV PHUFDGRV HPHUJHQ WHV 'D SRSXODomR PXQGLDO H GD HFRQRPLD PXQGLDO DMXVWDQGR SDUD SDULGDGH GH SRGHU GH FRQWD FRQVWLWXL GH OXFURV SDUD D OLVWD GH FRPSD QKLDV 6 3 $V FRPSDQKLDV j SURFXUD GH FUHVFLPHQWR SUHFLVDP GH DSUHQ GHU D HQFRQWUDU HVVD IRUWXQD IXJLGLD QR IXQGR GD SLUkPLGH HFRQyPLFD 2 PXQGR GD LQRYDomR LUi PXGDU VXEVWDQFLDOPHQWH QRV SUy[LPRV DQRV 'X UDQWH D GpFDGD GH H QR LQtFLR GR QRYR PLOpQLR XP SHTXHQR JUXSR GH HPSUHVDV ² &LVFR 6\VWHPV 3URFWHU *DPEOH *HQHUDO 0LOOV ,%0 H 1RNLD HQWUH HODV ² FRPHoDUDP D WUDEDOKDU GLVFUHWDPHQWH SDUD WUD]HU PDLRU SUH YLVLELOLGDGH DRV VHXV HVIRUoRV GH LQRYDomR (QTXDQWR HVWDV HPSUHVDV VmR GH GLIHUHQWHV iUHDV SDUWLOKDP XPD ILORVRILD FRPXP D ,QRYDomR HVWi QR VHX kPDJR FRPR GLVFLSOLQD TXH SRGH VHU HVWXGDGD H GRPLQDGD 0DV DV HPSUHVDV QmR FRQVHJXHP ID]r OR VR]LQKDV 2 FDSLWDOLVPR UHYHORX VHU LQFULYHOPHQWH HILFLHQWH HP DOJXPDV FRLVDV PDV WDPEpP H[WUHPDPHQ WH LQHILFLHQWH HP RXWUDV e FKRFDQWH R IDFWR GH TXH DR ORQJR GDV ~OWLPDV GpFDGDV GH FUHVFLPHQWR PXLWDV FRLVDV PHOKRUDUDP PDV PXLWDV SLRUDUDP WDPEpP ± SRU H[HPSOR DV WD[DV GH GHSUHVVmR QR 0XQGR D RHVWH QDV SDVVD GDV GpFDGDV 2 FDSLWDOLVPR SURYRX VHU LQFDSD] GH OLGDU FRP DVVXQWRV FRPR FRPSDL[mR HPSDWLD UHODo}HV H FXLGDGRV 8P PHOKRU EDODQoR HQWUH HFRQRPLD H VRFLHGDGH p XP GRV PDLRUHV GHVDILRV SDUD D VRFLHGDGH GR IXWXUR e SRU LVVR TXH R FDSLWDOLVPR VH HVWi D WRUQDU PDLV ³VRFLDO´ 8PD VRFLHGDGH HP PXGDQoD H[LJH QRYDV IRUPDV GH FDSLWDOLVPR (VWH Mi HVWi FRPSOHWDPHQWH LPHUVR HP UHGHV VRFLDLV PDV WRUQDU VH i FDGD YH] PDLV HQYROYLGR HP iUHDV HP TXH R PpULWR VXUJH GDTXLOR TXH FRQVHJXLPRV ID]HU FRP RV RXWURV DR LQYpV GDTXLOR TXH FRQVHJXLPRV YHQGHU DRV RXWURV 0DV D VRFLHGDGH WDPEpP WHP GH DSUHQGHU FRP R FDSLWDOLVPR D DWLWXGH GH FRQVWDQWH LQRYDomR SURFXUDQGR QRYDV VROXo}HV SDUD QHFHVVLGDGHV VRFLDLV H HQFRQWUDU DTXLOR TXH PHOKRU IXQFLRQD $ LQRYDomR VRFLDO H HPSUHHQGHGR ULVPR VRFLDO WrP GH HVWDU QR FHQWUR 2V PRPHQWRV GH FULVH SRGHP VHU PRPHQWRV GH JUDQGH RSRUWXQLGDGH PXL WDV YH]HV WUD]HP QRYDV LGHLDV GDV PDUJHQV GR PDLQVWUHDP 3DUD OLGDU FRP GLOHPDV H GHVDILRV GH XPD VRFLHGDGH HP PXGDQoD DV IHUUDPHQWDV PDLV LPSRUWDQWHV SDUHFHP VHU D LQRYDomR DSUHQGL]DJHP FULDWLYD FRRSHUDomR H HPSUHHQGHGRULVPR (VWDV VmR DV SULQFLSDLV DSWLG}HV SDUD R IXWXUR


,1129$7,21 0$5.(73/$&( ( HVVDV DSWLG}HV SDUHFHP VHU FRQVHQVXDLV HQWUH D PDLRULD GRV OLYURV PDLV UHFHQWHV TXH UHYHODP R QRYR SDUDGLJPD GH 5LFKDUG :DWVRQ ³:KDW¶V 1H[W´ D 6HWK *RGLQ H R VHX ³7ULEHV´ GH 'DQLHO 3LQN ³$ :KROH 1HZ 0LQG´ D 0DOFROP *ODGZHOO H R VHX ³2XWOLHUV´ GH .HQ 5RELQVRQ ³7KH HOHPHQW´ D 'RQ 7DSVFRWW H R VHX ³:LNLQRPLFV´ GH *DU\ +DPHO ³7KH IXWXUH RI PDQDJHPHQW´ D 'DQ $ULHO\ H R VHX ³3UHG LFWDEO\ ,UUDWLRQDO´ GH &KDUOHV /HDGEHDWHU ³:H WKLQN´ D 5LFKDUG )ORUL GD H R VHX ³7KH ULVH RI WKH FUHDWLYH FODVV´ GH )UDQV -RKDQVVRQ ³7KH 0HGLFL HIIHFW´ D 7KRPDV )ULHGPDQ¶ H R VHX ³7KH ZRUOG LV IODW´ GH -DPHV $GDPV ³&RQFHSWXDO %ORFNEXVWLQJ´ D PXLWRV RXWURV 3RU ILP XP PDQLIHVWR IRL HVFULWR UHFHQWHPHQWH QD (XURSD DFHUFD GH FRPR IL[DU R IXWXUR H UHFXSHUDU DWUDYpV GH LQRYDomR e XP PDQLIHVWR SDUD PRPHQ WRV GH PXGDQoD KWWS ZZZ IL[LQJWKHIXWXUH HX 'HIHQGH TXH ©Ãˆ PHGLGD TXH D (XURSD VH GLULJH D XPD 5HFHVVmR DFUHGLWDPRV TXH D (XURSD GHYH UHDJLU GH IRUPD QmR Vy OLGDU FRP QHFHVVLGDGHV LPHGLDWDV PDV DVVHJXUDU TXH D (XURSD SRVVD DYDQoDU QR VHQWLGR GD UHFXSHUDomR 0XLWDV DFo}HV TXH WrP VLGR WRPDGDV HVWmR GLULJLGDV D FRUULJLU RV HUURV GR SDVVDGR DR LQYpV GH LQYHVWLU QXP VXFHVVR IXWXUR ( PXLWR SRXFR WHP VLGR IHLWR SDUD SURPRYHU R HPSUHHQGHGRULVPR LQRYDomR H LQIUD HVWUXWX UDV TXH VHUmR HVVHQFLDLV DR IXWXUR FUHVFLPHQWR GD (XURSD $FUHGLWDPRV TXH RV JRYHUQRV HXURSHXV HPSUHVDV H 21*V SUHFLVDP DJRUD GH VH FRPSURPHWHU D HVWDEHOHFHU XP FRQMXQWR GH SULQFtSLRV TXH SRVVDP RULHQ WDU SODQRV GH UHFXSHUDomR H SROtWLFDV H TXH SRQKDP QR VHX FRUDomR XP FRPSURPLVVR FODUR GH LQYHVWLPHQWR QR IXWXUR (VSHFLILFDPHQWH GHIHQGH PRV TXH D (XURSD GHYH 5HGHILQLU SODQRV GH UHFRRSHUDomR TXH VH GLULMDP D GHVDILRV D ORQJR SUD]R TXH D (XURSD HQIUHQWD HVSHFLDOPHQWH GH DGDSWDomR jV DOWHUDo}HV FOLPiWLFDV HQYHOKHFLPHQWR H GRHQoDV FUyQLFDV 'DU SULRULGDGH DRV VHFWRUHV FRP PDLRUHV SUREDELOLGDGHV GH FRQWULEXLU SDUD R FUHVFLPHQWR GR HPSUHJR LQFOXLQGR VD~GH HGXFDomR VHUYLoRV DPELHQWDLV WXULVPR H LQG~VWULDV FULDWLYDV 3URPRYHU R SOXUDOLVPR H FULDWLYLGDGH ORFDO GLULJLQGR R LQYHVWLPHQWR D PXLWDV LQLFLDWLYDV GH SHTXHQD HVFDOD D QtYHO ORFDO H UHJLRQDO DR LQYpV GH DWULEXLU WRGRV RV UHFXUVRV HP JUDQGHV PDV DUULVFDGRV SURMHFWRV QDFLRQDLV ,QYHVWLU QD LQRYDomR FRP LQYHVWLPHQWR VLJQLILFDWLYR HP VHFWRUHV FRPR R S~EOLFR VRFLDO HGXFDWLYR FULDWLYR H WXUtVWLFR


&5($7,9( /($51,1* $SRLDU HPSUHHQGHGRUHV H R HPSUHHQGHGRULVPR TXHU DWUDYpV GH LQFHQWLYRV ILVFDLV H JDUDQWLDV RX DVVHJXUDU HVSDoR SDUD DV PLFURHPSUHVDV $SRLDU QRYDV LQIUD HVWUXWXUDV DFHOHUDQGR R LQYHVWLPHQWR HP QRYDV H GHFLVLYDV LQIUD HVWUXWXUDV SDUD R IXWXUR FRPR EDQGD ODUJD GH DOWD YHORFLGDGH XQLYHUVDO H JUHOKDV GH HQHUJLD GH EDL[R FRQWH~GR GH FDUERQR *DUDQWLU VHJXUDQoD SURWHJHQGR RV JDVWRV GH FDUL] VRFLDO H DSRLDQGR D FULDomR GH WUDEDOKR WHPSRUiULR FRPR SUp FRQGLomR GH XP FRUUHU GH ULVFRV VDXGiYHO 5HFRPSHQVDU D UHVSRQVDELOLGDGH GRV LQYHVWLGRUHV UHIRUPDQGR DV SROtWLFDV TXH DSRLDP HVVHV LQYHVWLGRUHV LQVWLWXFLRQDLV H SULYDGRV TXH LQYHVWLUDP D ORQJR SUD]R HP HPSUHVDV VDXGiYHLV FRP HOHYDGRV SDUkPHWURV GH JHVWmR GH ULVFR H JHVWmR 0RELOL]DU D FULDWLYLGDGH S~EOLFD XVDQGR R SRWHQFLDO UDGLFDO GD :HE H UHGHV VRFLDLV SDUD GHVHQYROYHU LGHLDV S~EOLFDV GLULJLGDV DR PLWLJDU GR LPSDFWR GD UHFHVVmR $SUHQGHU UiSLGR FRP IRUPDV PDLV VLVWHPiWLFDV GH DYDOLDomR H DSUHQGHU FRP D (XURSD DFHUFD GR TXH PHOKRU UHVXOWD ´


,1129$7,21 0$5.(73/$&(

FDStWXOR ,, &21&/86¯(6 '$ &21)(5È1&,$

$35(1',=$*(0 &5,$7,9,'$'( ( ,129$d®2 )$&725(6 &+$9( '( 08'$1d$ 1$ 62&,('$'( '2 6e&8/2 ;;, )(51$1'2 $/%848(548( &267$ 'RFHQWH H LQYHVWLJDGRU QR ,QVWLWXWR GH (GXFDomR GD 8QLYHUVLGDGH GH /LVERD

,QWHJUDGD QR kPELWR GD GLQDPL]DomR GR $QR (XURSHX GD &ULDWLYLGDGH H ,QRYDomR H SDUWLQGR GR SUHVVXSRVWR FHQWUDO GH TXH D DSUHQGL]DJHP p XP IDFWRU GHWHUPLQDQWH SDUD R GHVHQYROYLPHQWR GDV SHVVRDV H GDV RUJDQL]D o}HV HP TXH HVWmR LQVHULGDV H LQGLUHFWDPHQWH SDUD R GHVHQYROYLPHQWR GD VRFLHGDGH HP JHUDO D FRQIHUrQFLD &UHDWLYH /HDUQLQJ ,QQRYDWLRQ 0DUNHWSOD FH WHYH FRPR SULQFLSDO PpULWR R IDFWR GH SHUPLWLU ID]HU XP SRQWR GH VLWXD omR QRPHDGDPHQWH VREUH RV DYDQoRV GD XWLOL]DomR GDV WHFQRORJLDV GH LQ IRUPDomR H FRPXQLFDomR 7,& SDUD ILQV HGXFDWLYRV H IRUPDWLYRV 2IHUHFHX DLQGD XPD SDQRUkPLFD DODUJDGD H FRQVXEVWDQFLDGD GRV GHVDILRV FRP TXH DV RUJDQL]Do}HV WHUmR GH VH FRQIURQWDU SDUD WLUDUHP SDUWLGR GR SRWHQFLDO FULDWLYR GDV 7,& SDUD D DSUHQGL]DJHP H FRQVHTXHQWHPHQWH SDUD D FULDomR GH DPELHQWHV IDYRUiYHLV j LQRYDomR PXGDQoD H GHVHQYROYLPHQWR 2 HYHQWR FRQWRX FRP D UHIOH[mR GH XP YDVWR OHTXH GH HVSHFLDOLVWDV QDFLRQDLV H LQWHUQDFLRQDLV TXH DMXGDUDP D UHDILUPDU H D DSURIXQGDU RV REMHFWLYRV LQFRQWRUQiYHLV GH LQRYDomR H PXGDQoD TXH D VRFLHGDGH GRV QRVVRV GLDV H[LJH H TXH DV 7,& GH DOJXPD PDQHLUD YrP UHIRUoDU SUHFL VDPHQWH HQTXDQWR DJHQWHV IDFLOLWDGRUHV H LQGXWRUHV GH PXGDQoD QR VHLR GDV LQVWLWXLo}HV 'H IDFWR DV 7,& SHUPLWHP ID]HU FRLVDV QRYDV H PHOKRUDU VLJQLILFDWL YDPHQWH RV PRGRV FRPR VH YLYH H VH WUDEDOKD PDV WDPEpP FRPR VH HQVLQD H VH DSUHQGH FULDQGR FRQGLo}HV IDYRUiYHLV j WUDQVIRUPDomR GDV SUiWLFDV IUHTXHQWHPHQWH DUFDLFDV GH JHVWmR GD LQIRUPDomR H GH FULDomR GH YDORU $OLQKDGRV FRP D (VWUDWpJLD GH /LVERD HVWHV SURSyVLWRV FRQVWLWXHP QDWXUDOPHQWH D QtYHO HXURSHX R HVWtPXOR SDUD VH DWLQJLUHP DV PHWDV DQXQFLDGDV GH FRQGX]LU D (XURSD j OLGHUDQoD PXQGLDO QD iUHD GD DSUHQGL]DJHP H GD IRUPDomR H SRU VHX LQWHUPpGLR D PDLRUHV tQGLFHV GH FUHVFLPHQWR FRPSHWLWLYLGDGH H EHP HVWDU


&5($7,9( /($51,1* 1HVVD OLQKD R UHFRQKHFLPHQWR H D WRPDGD GH FRQVFLrQFLD GD LPSRUWkQFLD HVWUDWpJLFD GDV 7,& SDUD R GHVHQYROYLPHQWR HFRQyPLFR H VRFLDO GHVLJQD GDPHQWH HQTXDQWR FRPSRQHQWH HVVHQFLDO GD IRUPDomR GH WRGRV RV SUR ILVVLRQDLV LQGHSHQGHQWHPHQWH GDV iUHDV H QtYHLV GH LQWHUYHQomR HP TXH WUDEDOKHP RX GDV IXQo}HV H[HUFLGDV DFDED SRU VHU XPD LGHLD IRUWH GD FRQ IHUrQFLD TXHU HP WHUPRV GH REMHFWLYRV TXHU HP WHUPRV GH UHVXOWDGRV LVWR p GDV PHQVDJHQV TXH p SRVVtYHO H[WUDLU GR YDVWR H GLYHUVLILFDGR FRQMXQWR GH VHVV}HV TXH FRQILJXUDUDP R HYHQWR 'D LQLFLDWLYD GD $,3 &( HP SDUFHULD FRP GLYHUVDV RUJDQL]Do}HV H LQVWLWXLo}HV SRUWXJXHVDV D FRQIHUrQFLD &UHDWLYH /HDUQLQJ ,QQRYDWLRQ 0DUNHWSODFH WHYH OX JDU HP /LVERD HP 2XWXEUR GH GHFRUULGRV FHUFD GH XPD GH]HQD GH DQRV GHVGH DV SULPHLUDV H[SHULrQFLDV GH H /HDUQLQJ HP 3RUWXJDO H QD VHTXrQFLD GH XP RXWUR HYHQWR RUJDQL]DGR DTXDQGR GD SUHVLGrQFLD SRUWXJXHVD GD 8QLmR (XURSHLD H/HDUQLQJ /LVERD 'HOLYHULQJ RQ WKH /LVERQ $JHQGD (VWDV UHDOL]Do}HV FRORFDP 3RUWXJDO QD OLQKD GD IUHQWH GD GLVFXVVmR VREUH D SUREOHPiWLFD GD XWLOL]DomR SHGDJyJLFD H GLGiFWLFD GDV 7,& HP HVWUHLWD VLQWRQLD FRP D DJHQGD HXURSHLD H FRP R FRQMXQWR GH LQLFLDWLYDV TXH YmR VHQGR GHVHQYROYLGDV D QtYHO HXURSHX FRPR SRU H[HPSOR D LQLFLDWLYD TXH YLVD SURPRYHU D UHIOH[mR VREUH DV FRPSHWrQFLDV QHFHVViULDV DRV FRQWH[ WRV SURILVVLRQDLV HPHUJHQWHV 1HZV 6NLOOV IRU 1HZV -REV RX GH XPD IRUPD PDLV DPSOD DV RULHQWDo}HV H OLQKDV GH DFomR GD &RPLVVmR (XURSHLD VREUH DV FRPSHWrQFLDV GLJLWDLV GRV FLGDGmRV GH WRGRV RV FLGDGmRV SDUD SRGH UHP XVXIUXLU HIHFWLYDPHQWH GD VRFLHGDGH GD LQIRUPDomR H GR FRQKHFLPHQWR H 6NLOOV IRU WKH VW &HQWXU\

2%-(&7,926 ( 35,1&,3$,6 5(68/7$'26 (PERUD VHMD QHVVH FRQWH[WR PDLV DPSOR TXH D FRQIHUrQFLD GHYH VHU HQWHQGLGD QmR SRGH LJQRUDU VH D OLJDomR GLUHFWD GR HYHQWR DRV SURSyVLWRV GH GHVHQYROYLPHQWR QDFLRQDO H D LPSRUWkQFLD TXH RV SULQFLSDLV UHVXOWDGRV SRGHUmR WHU QRV PDLV GLIHUHQWHV FRQWH[WRV QRPHDGDPHQWH QXPD DOWXUD HP TXH p VXEVWDQFLDO R LQYHVWLPHQWR H RV UHFXUVRV PRELOL]DGRV HP 3RUWXJDO SRU H[HPSOR QD FULDomR GH LQIUD HVWUXWXUDV WHFQROyJLFDV H HP DFo}HV TXH YLVDP R DXPHQWR GD TXDOLILFDomR GRV SRUWXJXHVHV YLGH HQWUH RXWURV R 3ODQR 7HFQROyJLFR 1DFLRQDO R 3ODQR 7HFQROyJLFR GD (GXFDomR RX R 3UR JUDPD 1RYDV 2SRUWXQLGDGHV


,1129$7,21 0$5.(73/$&( e DOLiV QD FRQMXJDomR GHVWHV GRLV SODQRV HXURSHX H QDFLRQDO TXH RV REMHFWLYRV GD FRQIHUrQFLD &UHDWLYH /HDUQLQJ ,QQRYDWLRQ 0DUNHWSODFH VH VLWXDP WUDGX]LQGR VH QD SUiWLFD HP WUrV WHPDV RULHQWDGRUHV TXH DTXL UHWRPDPRV SDUD HVWUXWXUDU H DSUHVHQWDU GH IRUPD PDLV GHWDOKDGD DV SULQFLSDLV FRQFOXV}HV D TXH IRL SRVVtYHO FKHJDU FRP EDVH QRV UHODWRV SDUFLDLV GDV GLIHUHQWHV VHVV}HV GH WUDEDOKR 5HIHULPR QRV HP FRQFUHWR DRV WHPDV 7HPD ,QRYDomR (PSUHVDULDO %XVLQHVV ,QQRYDWLRQ

7HPD &ULDWLYLGDGH H $SUHQGL]DJHP &UHDWLYH /HDUQLQJ

7HPD 6RFLHGDGH H 0XGDQoD &KDQJLQJ 6RFLHW\

9HMDPRV SDUD FDGD XP GHOHV DV SULQFLSDLV FRQVLGHUDo}HV TXH VHUi OH JtWLPR ID]HU HP WHUPRV GH UHVXOWDGRV FRPHoDQGR SRU UHOHPEUDU WDPEpP GH XPD IRUPD VLQWpWLFD DOJXPDV GDV TXHVW}HV RULHQWDGRUDV H RV REMHFWLYRV GH UHIOH[mR YLVDGRV ,129$d­2 (035(6$5,$/ %86,1(66 ,1129$7,21

7DO FRPR p UHIHULGR QD DSUHVHQWDomR GD FRQIHUrQFLD D LQLFLDWLYD 1HZ 6NLOOV IRU 1HZ -REV PDUFD KRMH D DJHQGD GH SULRULGDGHV GD 8QLmR (XURSHLD WRU QDQGR VH FHQWUDO D GLVFXVVmR VREUH DV UHIRUPDV QHFHVViULDV QRPHDGDPHQ WH QRV VLVWHPDV GH HGXFDomR H GH IRUPDomR GH IRUPD D SUHSDUDUHP FRQYH QLHQWHPHQWH RV FLGDGmRV SDUD QRYRV SDSpLV H IXQo}HV RX VHMD SDUD QRYRV HPSUHJRV H SDUD RXWUD IRUPD GH DERUGDU H HVWDU QRV FRQWH[WRV SURILVVLRQDLV DJRUD j HVFDOD JOREDO 6H SRU XP ODGR D FDSDFLGDGH GH DQWHFLSDomR GHVWHV QRYRV FHQiULRV H QRYRV FRQWH[WRV GH WUDEDOKR H D FRPSUHHQVmR PDLV SURIXQGD GDV VXDV LPSOLFDo}HV WRUQDUi SRVVtYHO XPD PHOKRU FRRUGHQDomR GDV SROtWLFDV GH HGXFDomR IRUPDomR H HPSUHJR SDUHFH HVWDU VXEMDFHQWH D LGHLD SRU RXWUR ODGR GH TXH p QHFHVViULR RSHUDU PXGDQoDV DR QtYHO GD SUySULD FXOWXUD RUJDQL]DFLRQDO 0XGDQoDV TXH SDUHFHP GHSHQGHU VXEVWDQFLDOPHQWH GD IRUPD FRPR DV HPSUHVDV H RXWUDV LQVWLWXLo}HV SRU VXD YH] IRUHP FDSD]HV GH HQWHQGHU H OLGDU FRP D LQRYDomR ,QRYDomR DTXL HQWHQGLGD JOREDOPHQWH FRPR IDFWRU GH PXGDQoD H GH GHVHQYROYLPHQWR PDV WDPEpP GH IRUPD PDLV SUDJPiWLFD FRPR HVWUDWpJLD SULYLOHJLDGD SDUD ID]HU IDFH j HPHUJrQ FLD GH QRYDV iUHDV GH QHJyFLR QRYRV PHUFDGRV QRYDV SURILVV}HV H HP FRQVHTXrQFLD QRYDV H[LJrQFLDV H FRPSHWrQFLDV SURILVVLRQDLV


&5($7,9( /($51,1* 'R SRQWR GH YLVWD GRV UHVXOWDGRV D FRQIHUrQFLD HQIDWL]RX DOJXQV DVSHF WRV TXH LPSRUWD VDOLHQWDU H TXH GH DOJXPD PDQHLUD FRQVWLWXHP XPD YLVmR VREUH FRPR HQIUHQWDU H OLGDU FRP HVVHV QRYRV GHVDILRV 'HIHQGHX VH HP FRQFUHWR TXH p SRVVtYHO DXPHQWDU D FDSDFLGDGH LQWHUQD GDV RUJDQL]Do}HV DWUDYpV GH XP FRQMXQWR FRQFHUWDGR GH HVWUDWpJLDV GH HQWUH DV TXDLV VH GHV WDFDP L D FRRSHUDomR LQWHU LQVWLWXFLRQDO H D SDUWLFLSDomR HP SODWDIRUPDV GH FRODERUDomR HVSHFLILFDPHQWH GHGLFDGDV j LQRYDomR LL R LQYHVWLPHQWR QD LQYHVWLJDomR GH SURFHVVRV LQRYDGRUHV SRU H[HPSOR HP FRODERUDomR FRP XQLYHUVLGDGHV QRPHDGDPHQWH DWUDYpV GD H[SHULPHQWDomR H DYDOLDomR GH QRYDV SUiWLFDV QXPD OyJLFD GLVUXSWLYD UHODWLYDPHQWH DR TXH HVWi LQVWLWXt GR PDV VREUHWXGR QXPD SHUVSHFWLYD GH DQWHFLSDomR GH SUREOHPDV RSHQ LQQRYDWLRQ LLL D DSRVWD QD IRUPDomR H GHVHQYROYLPHQWR GH FRPSHWrQFLDV GLJLWDLV H 6NLOOV HP WRGRV RV SURILVVLRQDLV D YDORUL]DomR GD IRUPDomR HV SHFtILFD TXH FDGD XP HVWi GLVSRVWR D ID]HU DXWRQRPDPHQWH QHVVH GRPtQLR EHP FRPR D YDORUL]DomR LQVWLWXFLRQDO GDV SUySULDV FDUUHLUDV QD iUHD GDV 7,& H SRU ~OWLPR LY R LQFHQWLYR GR HPSUHHQGHGRULVPR FRPR WUDoR GRPLQDQWH GD FXOWXUD RUJDQL]DFLRQDO GDV LQVWLWXLo}HV H GDV HPSUHVDV &5,$7,9,'$'( ( $35(1',=$*(0 &5($7,9( /($51,1*

1R TXH GL] UHVSHLWR HVSHFLILFDPHQWH jV TXHVW}HV UHODWLYDV j DSUHQGL]D JHP D FRQIHUrQFLD WLQKD FRPR SDQR GH IXQGR R FRQFHLWR GH $SUHQGL]DJHP DR /RQJR GD 9LGD H DV RULHQWDo}HV GR SDUODPHQWR HXURSHX VREUH $SUHQGL ]DJHP ,QIRUPDO H 1mR )RUPDO $ SURSRVWD GH WUDEDOKR SDUD HVWH WHPD WLQKD FRPR OLQKD FHQWUDO SURPRYHU D UHIOH[mR H GLVFXVVmR VREUH R SRWHQFLDO GDV WHFQRORJLDV DVVRFLDGDV j :HE SDUD REMHFWLYRV GH GHVHQYROYLPHQWR SHV VRDO H HPSUHVDULDO SHUVSHFWLYDQGR HVVD GLVFXVVmR H[SOLFLWDPHQWH HP WRUQR GD LGHLD GH FULDWLYLGDGH &ULDWLYLGDGH H $SUHQGL]DJHP HUDP SRLV RV FRQFHLWRV FKDYH TXH LPSRUWDYD GLVFXWLU H UHODFLRQDU QD SURFXUD GH VROXo}HV DOWHUQDWLYDV &UHDWLYH /HDUQLQJ DR WLSR GH DSUHQGL]DJHP TXH FRQWLQXD D VHU SULYLOHJLDGR QD HVFROD H QRV PDLV GLIHUHQWHV FRQWH[WRV IRUPDLV GH IRUPDomR H GHVHQYROYLPHQWR SURILVVLRQDO $SHVDU GH VH UHFRQKHFHU TXH DV WHFQRORJLDV PDLV UHFHQWHV SRGHP WUDQV IRUPDU WUDQVIRUPDP Mi RV PRGRV FRPR KDELWXDOPHQWH DSUHQGHPRV DEULQ GR QRYRV H H[FLWDQWHV KRUL]RQWHV TXHU SDUD RV LQGLYtGXRV TXHU SDUD DV RUJD QL]Do}HV VmR DLQGD QR HQWDQWR PXLWDV DV TXHVW}HV HPHUJHQWHV VREUH FRPR DSURYHLWDU R SRWHQFLDO WHFQROyJLFR Mi GLVSRQtYHO 4XH FRPSHWrQFLDV FUtWLFDV


,1129$7,21 0$5.(73/$&( VmR QHFHVViULDV SDUD TXH RV LQGLYtGXRV EHQHILFLHP GD LQIRUPDomR GLVSR QtYHO QD :HE " &RPR SURPRYHU H HVWLPXODU D DSUHQGL]DJHP DXWyQRPD HQTXDQWR HVWUDWpJLD GH GHVHQYROYLPHQWR SHVVRDO H SURILVVLRQDO FRQWtQXD" &RPR UHFRQKHFHU H YDOLGDU DV DSUHQGL]DJHQV TXH RFRUUHP HP DPELHQWHV QmR IRUPDLV" &RPR SRGHUmR HYROXLU RV VLVWHPDV GH IRUPDomR H HGXFDomR WUDGLFLRQDLV QRPHDGDPHQWH RV VLVWHPDV GH IRUPDomR H HGXFDomR D GLV WkQFLD" 4XH QRYRV DPELHQWHV GH DSUHQGL]DJHP Mi IRUDP HQVDLDGRV H FRP TXH UHVXOWDGRV H TXH RXWURV VHUi QHFHVViULR FULDU H GHVHQYROYHU" 4XH FRQ ILJXUDo}HV SRGHUmR DVVXPLU HVVHV DPELHQWHV H TXH SUHSDUDomR HVSHFtILFD QHFHVVLWDP WHU RV QRYRV SURIHVVRUHV" &RPR LPSOHPHQWDU H VXVWHQWDU UHGHV FRODERUDWLYDV HQWUH SHVVRDV H HQWUH LQVWLWXLo}HV" &RPR SRGHUmR DV HPSUH VDV EHQHILFLDU GHVVDV UHGHV" &RPR GHQRPLQDGRU FRPXP D HVWH FRQMXQWR GH TXHVW}HV HVWi D SUHRFXSDomR VREUH R IXWXUR GD DSUHQGL]DJHP QXP FRQWH[WR WHFQRORJLFDPHQWH GHVHQYROYLGR RX GLWR GH RXWUD PDQHLUD R SURSyVLWR GH FRPSUHHQGHU FRPR SRGHUmR DV 7,& FRQWULEXLU SDUD D DSUHQGL]DJHP QR IXWXUR H EHP DVVLP DMXGDU D UHIXQGDU H UHFRQILJXUDU D HVFROD H DV LQVWLWXLo}HV GH IRUPDomR WDO FRPR DV FRQKHFHPRV (P WHUPRV GH UHVXOWDGRV IRL YLVtYHO XP IRUWH FRQVHQVR HP WRUQR GD QHFHV VLGDGH GH VH HVWXGDU H FRPSUHHQGHU PHOKRU D QRYD UHDOLGDGH TXH D ,QWHUQHW YHLR WUD]HU QRPHDGDPHQWH DR QtYHO GH QRYRV H SRGHURVRV DPELHQWHV GH DSUHQGL]DJHP DSHVDU GD GLYHUVLGDGH GRV LQWHUYHQLHQWHV H GDV VLWXDo}HV WRPDGDV FRPR UHIHUrQFLD $ HVWH SURSyVLWR p IHLWD XPD HVSHFLDO FKDPDGD GH DWHQomR VREUH R HVED WLPHQWR GR SDSHO GDV LQVWLWXLo}HV IRUPDLV GH HGXFDomR H GH IRUPDomR QHVVH SURFHVVR HP FRQWUDSRQWR FRP R FDGD YH] PDLRU SRWHQFLDO TXH DV WHFQROR JLDV FRORFDP QDV PmRV GH FDGD LQGLYtGXR SDUD DFHGHU j LQIRUPDomR H JHULU D VXD SUySULD DSUHQGL]DJHP 8P SUREOHPD TXH DFDED SRU VHU H[SOLFDGR FRP EDVH QR HIHLWR SHUWXUEDGRU VREHMDPHQWH HVWXGDGR H FRQKHFLGR TXH UHVXOWD GD WHQVmR HQWUH R TXH QXP GHWHUPLQDGR FRQWH[WR HVWi HVWDEHOHFLGR H TXH VHJXQGR D OyJLFD GR VLVWHPD LQWHUHVVD SUHVHUYDU H DV SURSRVWDV GH FULDWL YLGDGH H PXGDQoD TXH HP VL SUySULDV H QR HVVHQFLDO FRORFDP HP FDXVD PpWRGRV GH WUDEDOKR HQUDL]DGRV H URWLQDV HVWDEHOHFLGDV $WULEXLX VH GXUDQWH D FRQIHUrQFLD DOLiV JUDQGH LPSRUWkQFLD j QHFHVVLGD GH GH PXGDQoD GH PHQWDOLGDGHV VREUH R TXH VLJQLILFD DSUHQGHU QRPHDGD PHQWH MXQWR GDTXHOHV TXH PDLV GLUHFWDPHQWH WrP D YHU FRP RV SURFHVVRV


&5($7,9( /($51,1* GH RUJDQL]DomR GR HQVLQR H GD IRUPDomR SURIHVVRUHV H IRUPDGRUHV PDV WDPEpP GDV OLGHUDQoDV H GH RXWURV UHVSRQViYHLV GLUHFWD RX LQGLUHFWDPHQWH HQYROYLGRV QD FRQILJXUDomR GRV VLVWHPDV GH HGXFDomR H GH IRUPDomR $ FULDWLYLGDGH QD DSUHQGL]DJHP VXUJH HQWHQGLGD DVVLP QmR DSHQDV FRPR XPD DOWHUQDWLYD DRV FRQWH[WRV IRUPDLV H HVFRODUL]DGRV HP TXH QRUPDOPHQ WH VH DSUHQGH UHPHWHQGR SDUD D FULDomR GH QRYRV DPELHQWHV H HVSDoRV GH DSUHQGL]DJHP PDV VREUHWXGR FRPR HVWUDWpJLD GH LQRYDomR GRV SURFHVVRV GH RUJDQL]DomR H HVWLPXODomR GHVVHV QRYRV FRQWH[WRV GH IRUPD D IDYRUHFHUHP DSUHQGL]DJHQV VLJQLILFDWLYDV DXWrQWLFDV H FRQWH[WXDOL]DGDV LQWULQVHFDPHQWH PRWLYDGDV HQILP ULFDV H ~WHLV TXHU SDUD RV LQGLYtGXRV TXHU SDUD DV RUJDQL]D o}HV GH TXH ID]HP SDUWH $SUHQGL]DJHP VLJQLILFDWLYD SRUTXH R FRQKHFLPHQWR QRYR DGTXLUH VHQWLGR TXDQGR R LQGLYtGXR HVWDEHOHFH UHODomR FRP DVSHFWRV UHOHYDQWHV GD HVWUXWXUD GH FRQKHFLPHQWR TXH Mi SRVVXL $SUHQGL]DJHP DXWrQWLFD SRUTXDQWR VH EDVHLD QD DQiOLVH GH TXHVW}HV H SUREOHPDV UHDLV GD YLGD HP VRFLHGDGH H HP SDUWLFXODU GD YLGD GDV RUJD QL]Do}HV $SUHQGL]DJHP FRQWH[WXDOL]DGD SHOR IDFWR GH HVVHV SUREOHPDV RIHUHFHP XPD SHUVSHFWLYD HFROyJLFD QD FRPSUHHQVmR GD PXOWLSOLFLGDGH GH IDFWRUHV HQYROYLGRV QD VXD UHVROXomR $SUHQGL]DJHP LQWULQVHFDPHQWH PRWLYDGD SHOR TXH VLJQLILFD HP WHUPRV GH VDWLVIDomR SHVVRDO GH DFWLYDomR GRV SURFHVVRV FRJQLWLYRV H DIHFWLYRV H FRQVH TXHQWHPHQWH GH PRELOL]DomR GR HVIRUoR H SHUVHYHUDQoD QHFHVViULRV SDUD TXH DV DTXLVLo}HV SUHYLVWDV RFRUUDP FRP VXFHVVR $SUHQGL]DJHP ULFD SHOD TXDOLGD GH H GLYHUVLGDGH GH UHFXUVRV GH TXH VH GLVS}H TXHU SDUD DSURIXQGDU D FRPSUH HQVmR GRV SUREOHPDV TXHU SDUD LGHQWLILFDU HVWUDWpJLDV GH VROXomR DOWHUQDWLYDV $SUHQGL]DJHP ~WLO SRU RSRVLomR D XP FXUUtFXOR HP TXH VH YDORUL]D XP FRQKH FLPHQWR LQHUWH H GR TXDO QmR VH YLVOXPEUDP RSRUWXQLGDGHV GH DSOLFDomR SUiWLFD TXH YmR PXLWR DOpP GD PHPRUL]DomR H DFXPXODomR GH VDEHUHV GHFODUDWLYRV 2 LQFHQWLYR DR DSDUHFLPHQWR GH QRYDV LGHLDV ³ERDV LGHLDV GmR UHVXOWDGR ´ FRPR GLULD XP GRV SDUWLFLSDQWHV D DWULEXLomR GH WHPSR SDUD DV H[SHULPHQ WDU H SDUD SURFHGHU j VXD DYDOLDomR EHP FRPR D SUHSDUDomR GH OLGHUDQoDV TXH DFUHGLWDP QD FULDWLYLGDGH FRPR HOHPHQWR FUXFLDO GH PXGDQoD GDV LQVWL WXLo}HV IRUDP WDPEpP DVSHFWRV VDOLHQWHV GR VHJXQGR WHPD GD FRQIHUrQFLD H TXH QR kPELWR GHVWD VtQWHVH QRV SDUHFH LPSRUWDQWH GHVWDFDU


,1129$7,21 0$5.(73/$&( 62&,('$'( ( 08'$1d$ &+$1*,1* 62&,(7<

&RQVLGHUDQGR R PRGR FRPR RV IDFWRUHV GH LQRYDomR H FULDWLYLGDGH HVWmR D DOWHUDU RV SDUDGLJPDV VRFLDLV HVWDEHOHFLGRV H VXDV UHVSHFWLYDV LPSOLFDo}HV QR TXH FRQFHUQH D WHPiWLFDV FRPR D FRHVmR H D UHVSRQVDELOLGDGH VRFLDO D LQFOXVmR H R GLiORJR LQWHU JHUDFLRQDO HQWUH RXWURV DVSHFWRV D FRQIHUrQFLD SURFXURX GHGLFDU WDPEpP XP PRPHQWR GHVWLQDGR jV TXHVW}HV PDLV DP SODV UHODWLYDV j PXGDQoD GD SUySULD VRFLHGDGH HP JHUDO 0XLWR HPERUD OKH WHQKD VLGR DWULEXtGR XP HVSDoR SUySULR QR 7HPD 6R FLHGDGH H 0XGDQoD SRGH GL]HU VH TXH p QD LQWHUVHFomR GDV UHIOH[}HV UHDOL]DGDV QRV GRLV SULPHLURV WHPDV TXH DV TXHVW}HV GD PXGDQoD GD VR FLHGDGH DFDEDP SRU VHU HIHFWLYDPHQWH DERUGDGDV 6HULD SRU XP ODGR HVVD D LGHLD VXEMDFHQWH DR WUL FtUFXOR DSUHVHQWDGR QR ODQoDPHQWR GD FRQIHUrQFLD HP TXH VREUHVVDL D LQWHUVHFomR VXFHVVLYD GDV GLPHQV}HV FRQVLGHUDGDV UHOHYDQWHV SDUD D GLVFXVVmR VREUH D VRFLHGDGH HP TXH YLYHPRV H RQGH WDPEpP DFDEDPRV SRU HQFRQWUDU IXQGDPHQWR SDUD GHWHUPLQDGDV PXGDQoDV QD FRQVWUXomR GD VRFLHGDGH GR IXWXUR $ LQWHUGHSHQGrQFLD DWULEXtGD j WUtDGH FRPSRVWD SRU ,QRYDomR &ULDWLYLGD GH H &RQKHFLPHQWR UHFRQKHFHQGR VH SRU HVVD YLD D QHFHVVLGDGH GH XPD SHUVSHFWLYD GLVUXSWLYD QD WUDQVIRUPDomR GRV PRGRV FRPR VH RUJDQL]DP RV SURFHVVRV GH HQVLQR H GH DSUHQGL]DJHP D QHFHVVLGDGH GH LQYHVWLPHQWR QR FDSLWDO KXPDQR FRPR IRUPD GH JDUDQWLU D DGDSWDomR D XP PXQGR HP FRQVWDQWH PXGDQoD HP SDUWLFXODU QDV IDVHV GH LQFHUWH]D HFRQyPLFD FRPR D TXH YLYHPRV DFWXDOPHQWH H SRU ~OWLPR D QHFHVVLGDGH GH DSRVWDU HP DP ELHQWHV SURStFLRV j FULDomR GH QRYDV LGHLDV H j VXD SRVWHULRU WUDQVIRUPDomR HP SURGXWRV GH VXFHVVR p WDOYH] R HOHPHQWR PDLV VDOLHQWH GR LGHiULR GD FRQIHUrQFLD &UHDWLYH /HDUQLQJ ,QQRYDWLRQ 0DUNHWSODFH e VHP G~YLGD XPD DOWHUQDWLYD DR PRGR IUDJPHQWDGR FRPR KDELWXDOPHQWH HVWDV GLPHQV}HV VmR HTXDFLRQDGDV H TXH FRPR GHIHQGHPRV QRXWUR OXJDU SRGHUi SHUPLWLU D FULDomR H GHVHQYROYLPHQWR GH UHVSRVWDV PDLV HILFD]HV SDUD ID]HU IDFH DRV GHVDILRV GD LQIR H[FOXVmR R SRWHQFLDO GDV WHFQRORJLDV FRPR IDFWRU GH LQFOXVmR VRFLDO PDV WDPEpP FRPR DOWHUQDWLYD jV IRUPDV WUD GLFLRQDLV HVJRWDGDV GH RUJDQL]DU R FXUUtFXOR H HVWLPXODU D DSUHQGL]DJHP &RPR IRL VXEOLQKDGR QR UHODWR UHIHUHQWH j ~OWLPD PHVD UHGRQGD GD FRQIH UrQFLD HVWDPRV GH IDFWR SHUDQWH XPD PXGDQoD GH SDUDGLJPD QR TXH VH


&5($7,9( /($51,1* UHIHUH DRV SUHVVXSRVWRV GH RUJDQL]DomR GD VRFLHGDGH PXLWR DIDVWDGRV Mi GR PRGHOR LQGXVWULDO HP TXH VH YDORUL]DYD HQWUH RXWURV R FDSLWDO WDQJtYHO D KLHUDUTXLD D OLQHDULGDGH D HILFiFLD H D SURGXomR HP PDVVD 1D VRFLHGDGH GR IXWXUR JDQKDP FDGD YH] PDLV LPSRUWkQFLD HP SULPHLUR OXJDU R FRQKHFLPHQWR FDSLWDO LQWDQJtYHO PDV WDPEpP YDORUHV FRPR D FULDWLYLGDGH H D SUHGLVSRVLomR SDUD LQRYDU D DEHUWXUD H D IOH[LELOLGDGH LQ GLVSHQViYHLV DR DMXVWDPHQWR GH FDGD XP jV WUDQVIRUPDo}HV TXH VH YmR RSHUDQGR R WUDEDOKR FRRSHUDWLYR H DV OLJDo}HV HP UHGH HQILP XP FRQ MXQWR GH GLPHQV}HV TXH FRQILJXUDP QmR DSHQDV R PRGR FRPR YLYHPRV R PRGR FRPR DSUHQGHPRV H LQWHUDJLPRV XQV FRP RV RXWURV PDV WDPEpP R PRGR FRPR DV HPSUHVDV H RXWUDV LQVWLWXLo}HV WUDEDOKDP H VH RUJDQL]DP HQWUH HODV R PRGR FRPR ID]HP IDFH j LQFHUWH]D GR IXWXUR j UDSLGH] GR GHVHQYROYLPHQWR WHFQROyJLFR j FDGXFLGDGH GR FRQKHFLPHQWR j HIHPHUL GDGH GDV YDQWDJHQV FRPSHWLWLYDV HQILP jTXLOR TXH TXDOTXHU SURFHVVR GH FUHVFLPHQWR H GHVHQYROYLPHQWR QDWXUDOPHQWH LPSOLFD Vy TXH DJRUD D XPD YHORFLGDGH VHP SUHFHGHQWHV QD KLVWyULD GD KXPDQLGDGH 6Ë17(6( ),1$/ ( 3(563(&7,9$6 )8785$6 (P MHLWR GH FRQFOXVmR FUHPRV SRGHU DILUPDU VH TXH D FRQIHUrQFLD &UHDWLYH /HDUQLQJ ,QQRYDWLRQ 0DUNHWSODFH FXPSULX RV REMHFWLYRV SURSRVWRV GH HVWLPXODU D UHIOH[mR H D GLVFXVVmR VREUH RV GHVDILRV TXH VH FRORFDP KRMH j VRFLHGDGH HXURSHLD HP JHUDO H HP SDUWLFXODU jV LQVWLWXLo}HV H RUJDQL]Do}HV GH DOJXPD PDQHLUD OLJDGDV DRV SURFHVVRV GH DSUHQGL]DJHP VREUHWXGR QR PXQGR GR WUDEDOKR H GDV HPSUHVDV PDV WDPEpP QR VLVWHPD HVFRODU H HP FRQWH[WRV DFDGpPLFRV GH QtYHO PDLV DYDQoDGR FRPR QR FDVR GDV XQLYHUVLGDGHV (PERUD VH UHFRQKHoD D SUHSRQGHUkQFLD GDV SUHRFXSDo}HV UHIHUHQWHV DR FRQWH[WR HPSUHVDULDO H RUJDQL]DFLRQDO PDLV GR TXH R FRQWH[WR HGXFDFLRQDO H DFDGpPLFR SDUHFH QRV TXH JUDQGH SDUWH GD UHIOH[mR H GDV FRQFOXV}HV DTXL DSUHVHQWDGDV VH SRGHUmR DSOLFDU WDPEpP j SUySULD HVFROD DRV VLVWHPDV IRUPDLV GH HGXFDomR FRQVLGHUDQGR R SULQFLSDO REMHFWR VREUH R TXDO LQFLGLX D UHIOH[mR D DSUHQGL]DJHP H D SUR[LPLGDGH UHODWLYDPHQWH jV TXHVW}HV H GHVDILRV LGHQWLILFDGRV 2V WUDEDOKRV GD FRQIHUrQFLD GHPRQVWUDUDP DOLiV XPD IUXWXRVD FRRSH UDomR HQWUH RV LQWHUYHQLHQWHV GLUHFWD RX LQGLUHFWDPHQWH HQYROYLGRV QD RU JDQL]DomR RUJDQL]Do}HV HPSUHVDULDLV HPSUHVDV DGPLQLVWUDomR S~EOLFD


,1129$7,21 0$5.(73/$&( XQLYHUVLGDGHV PDV WDPEpP GH RXWUDV LQVWLWXLo}HV GH DOJXPD IRUPD LQWH UHVVDGDV QD SUREOHPiWLFD GD DSUHQGL]DJHP QXP PXQGR WHFQRORJLFDPHQWH FDGD YH] PDLV GHVHQYROYLGR (P WHUPRV GH EDODQoR JOREDO WDO FRPR GLVVHPRV QD ,QWURGXomR D FRQ IHUrQFLD SHUPLWLX ID]HU XP SRQWR GH VLWXDomR GRV SULQFLSDLV DYDQoRV WHF QROyJLFRV H GD VXD XWLOL]DomR SDUD ILQV HGXFDWLYRV FRP D DSUHVHQWDomR H GLVFXVVmR GH H[HPSORV GH ERDV SUiWLFDV QRPHDGDPHQWH QR FDVR GDV SOD WDIRUPDV GH FRODERUDomR H GDV DSOLFDo}HV VRFLDLV TXH FRPS}HP R OHTXH GH IHUUDPHQWDV GD :HE GDQGR D LQGLFDomR GH TXH HVVH VHUi XPD OLQKD GH H[SHULPHQWDomR H LQYHVWLJDomR D FRQWLQXDU QR IXWXUR SUy[LPR $ UHIOH[mR HP WRUQR GDV FRPSHWrQFLDV GLJLWDLV GRV FLGDGmRV HP JHUDO H HP HVSHFLDO GH WRGRV TXDQWRV YHQKDP D HVWDU LQVHULGRV HP DPELHQWHV GH DSUHQGL]DJHP HQULTXHFLGRV WHFQRORJLFDPHQWH EHP FRPR DV FRPSHWrQFLDV GH DXWR UHJXODomR GD DSUHQGL]DJHP TXH HVVHV DPELHQWHV LPSOLFDP VXJH UHP SRU RXWUR ODGR D QHFHVVLGDGH GH DUWLFXODomR HQWUH GRLV PXQGRV DWp DTXL DIDVWDGRV R GD WHFQRORJLD DTXHOH HP TXH DV IHUUDPHQWDV VmR LPDJLQDGDV FULDGDV H GHVHQYROYLGDV H R GD DSUHQGL]DJHP DTXHOH HP TXH HVVDV IHUUD PHQWDV DFDEDP SRU VHU XWLOL]DGDV QD PDLRU SDUWH GDV YH]HV VHP HQTXDGUD PHQWR SHGDJyJLFR FRQVLVWHQWH RX FRP UHGX]LGD DUWLFXODomR FRP SULQFtSLRV VyOLGRV GH RUJDQL]DomR VREUH R PRGR FRPR DSUHQGHPRV


&5($7,9( /($51,1*

FDStWXOR ,,, 5(/$726 '$ &21)(5È1&,$

0HVD 5HGRQGD _%86,1(66 ,1129$7,21 5HODWRU ! &5,67,1$ %5$148,1+2 ,QWHJUD D 'LUHFomR GH 3URPRomR GH ,QRYDomR GR ,$30(,

&RPR ID]HU GD LQRYDomR XP PRGR GH YLGD JHULQGR D FRPSHWrQFLD GH SHQVDPHQWR FULDWLYR GH FDGD LQGLYLGXR" &ULDWLYLGDGH ,QRYDomR ,QRYDomR p D SDODYUD FKDYH KRMH HP GLD PDV VHUi TXH H[LVWH LQRYDomR HP WHPSRV GH UHFHVVmR" 0LQ %DVDGXU UHOHPEUD QRV TXH D LQRYDomR WHQ GH D RFRUUHU TXDQGR Ki QHFHVVLGDGH UHDO 0XLWDV RUJDQL]Do}HV SRU YH ]HV SHUGHP HVWD RSRUWXQLGDGH 4XDQGR FKHJDP RV WHPSRV GLItFHLV H DV YHQGDV FDHP DGRSWDP XPD DERUGDJHP UHDFWLYD D FXUWR SUD]R FRUWDQGR SRVWRV GH WUDEDOKR H RXWURV FXVWRV HQTXDQWR DJXDUGDP SHOR UHJUHVVR GD SURVSHULGDGH 1R HQWDQWR DV LQRYDo}HV UHTXHUHP XPD DERUGDJHP GLIHUHQWH ³&RPR SRGHPRV HQYROYHU WRGDV DV QRVVDV SHVVRDV D WRGRV RV QtYHLV XVDQGR D VXD LQJHQXLGDGH SDUD GHVHQYROYHU QRYDV IRUPDV GH DWUDLU FOLHQWHV H SRXSDU GLQKHLUR"´ (VWD p D IRUPD GH HQFDUDU GLILFXOGDGHV VHU HILFLHQWH H DXPHQWDU D FRPSHWLWLYLGDGH (QWmR TXDLV VmR DV FDUDFWHUtVWLFDV GH XPD 2UJDQL]Do}HV (IHFWLYD" )OH[LEL OLGDGH D FDSDFLGDGH GH UHDJLU UDSLGDPHQWH D DFRQWHFLPHQWRV LQHVSHUDGRV (ILFLrQFLD D FDSDFLGDGH GH H[HFXWDU URWLQDV EHP HVWUXWXUDGDV QD GLUHFomR GH XPD PHOKRULD FRQWtQXD H $GDSWDELOLGDGH D FDSDFLGDGH GH DQWHFLSDU SUR EOHPDV H WUDQVIRUPi ORV HP RSRUWXQLGDGHV SUR DFWLYRV $ DGDSWDELOLGDGH HVWi UHODFLRQDGD FRP DWLWXGH H UHTXHU GLIHUHQWHV FRPSH WrQFLDV SHQVDQWHV TXH UHTXHUHP FULDWLYLGDGH H LQRYDomR D FDSDFLGDGH GH HYLWDU MXt]RV GH YDORU GLYHUJrQFLDV DFWLYDV JHUDU GH RSLQL}HV D FDSDFLGDGH GH WRPDU GHFLV}HV H MXt]RV GH YDORU ViELRV FRQYHUJrQFLD DFWLYD (ILFLrQFLD H HIHFWLYLGDGH QmR VmR VXILFLHQWHV SDUD WRUQDU XPD RUJDQL]DomR LQRYDGRUD WDO UHTXHU WDPEpP XPD (VWUDWpJLD GH ,QRYDomR 3ULPHLUDPHQWH Ki TXH VDEHU SRUTXr LQRYDU UHDJLU" $QWHFLSDU R SUREOHPD"


,1129$7,21 0$5.(73/$&( /RJR SUHFLVDPRV GH XP REMHFWLYR SDUD HQYROYHU SDUD PHGLU H SDUD DWLQJLU (P VHJXQGR OXJDU SUHFLVD GH XPD HVWUXWXUD XPD HTXLSD LQWHUGLVFLSOLQDU TXH SURFXUH SURSRU PXGDQoDV XPD HVWUXWXUD TXH HQFRUDMH D LQRYDomR ( SRU ~OWL PR SUHFLVD GH XP SURFHVVR XPD IRUPD GH DWLQJLU R REMHFWLYR DWUDYpV GD HVWUX WXUD H R FRQKHFLPHQWR GH FRPR WUDEDOKDP HP HTXLSD GH IRUPD LQRYDGRUD ([LVWHP SDVVRV SDUD XP 3URFHVVR &ULDWLYR H SRGHPRV HQFRQWUDU GLIH UHQWHV SHUILV H FRPSHWrQFLDV SDUD FDGD XP GHOHV 3DUD &ULDU GDU LQtFLR jV FRLVDV H HQFRQWUDU QRYRV SUREOHPDV H RSRUWXQLGDGHV SUHFLVD GH SHVVRDV TXH JRVWHP GH HQFRQWUDU SUREOHPDV H IDFWRV &RQFHSWXDOL]DU GHILQLU SUREOHPDV IRUPDU LGHLDV RQGH LU SRUTXr LU UHTXHU SHVVRDV TXH JRVWHP GH GHILQLU SUREOHPDV H FULDU LGHLDV 2SWLPL]DU RSWLPL]DU UHFXUVRV WUDQVIRUPDU LGHLDV DEVWUDFWDV HP VROXo}HV H SODQRV SUiWLFRV UHTXHU SHVVRDV TXH JRVWHP GH DYDOLDU VHOHFFLRQDU DV PHOKRUHV DOWHUQDWLYDV H LQYHQWDU XP SODQR D LPSOHPHQWDU ,PSOHPHQWDU S{U DOJR HP SUiWLFD UHTXHU SHVVRDV TXH JRVWHP GH DJLU H FRQVHJXLU TXH RXWURV DFHLWHP H H[HFXWHP $ GHILQLomR GH HTXLSDV LQWHUGLVFLSOLQDUHV SDUD D LQRYDomR UHTXHU XP OtGHU H XP ERP HTXLOtEULR HQWUH DTXHOHV SHUILV H FRPSHWrQFLDV FDGD PHPEUR GD HTXLSD PRWLYDGR SDUD R SURFHVVR FULDWLYR WDOYH] SUHHQFKHQGR DWp PDLV TXH XP SHUILO 3RU LVVR D ,QRYDomR QmR DFRQWHFH VRPHQWH SRU DFDVR FRPHoD FRP D FULDomR GH SUREOHPDV PHVPR DQWHV GH VDEHU TXH HOHV H[LVWHP (QFRQWUDU R SUREOHPD FHUWR SDUD UHVROYHU p D SDUWH PDLV GLItFLO GR SURFHVVR FULDWLYR p SRU LVVR TXH RV SUREOHPDV VmR ³D JDOLQKD GRV RYRV GH RXUR´ $R DQWHFLSi ORV H DR GHVHQYROYHU QRYDV VROXo}HV HVWDUHPRV D FULDU UHDOPHQWH QRYRV SURGXWRV H VHUYLoRV 'H IDFWR D PXGDQoD FRPHoD FRP SUREOHPDV 4XHP ID] FRP TXH D ,QRYD omR IXQFLRQH" 2UJDQL]DomR WRWDO WUDEDOKRV PRWLYDGRUHV WUDEDOKDGRUHV FRQ FHQWUDGRV 1R HQWDQWR WXGR WHP GH VHU JXLDGR SRU LVVR D OLGHUDQoD p IXQGD PHQWDO FRPR FRPSHWrQFLD IDFLOLWDGRUD H FRPR SURFHVVR OtGHU GH LQRYDomR (VWD DERUGDJHP UHTXHU OLGHUDQoD LQRYDGRUD D GHILQLomR GH XP REMHFWLYR XPD SDUWLOKD HIHFWLYD GH LQIRUPDomR SDUD DVVHJXUDU TXH WRGDV DV SHVVRDV HVWmR FRQFHQWUDGDV HP HQFRQWUDU H UHVROYHU ERQV SUREOHPDV


&5($7,9( /($51,1* 6H SHUJXQWDUPRV ³2 TXH p D /LGHUDQoD QR VpFXOR ;;,"´ REWHPRV FRPR SULQFLSDO UHVSRVWD D SURFXUD GD PXGDQoD R TXH VLJQLILFD DQWHFLSDU QHFHV VLGDGHV H VROXo}HV DGDSWDELOLGDGH 8PD /LGHUDQoD FULDWLYD p R SLODU SDUD SURFHVVDU LQRYDomR VHQGR QHFHVViULR GHVHQYROYHU QRYRV OtGHUHV FDSD]HV GH HQYROYHU RXWURV QD EXVFD GD PXGDQoD ¬ YROWD GD PHVD RV WySLFRV FKDYH H GHVDILRV IRUDP FRPR ID]HU FRP TXH D LQRYDomR DFRQWHoD H UHVXOWH ‡ &RPXQLFDU XPD QHFHVVLGDGH HPSUHVDULDO VHGXWRUD jV HPSUHVDV HP YH] GH XP REMHFWLYR PRWLYDGRU H VHU FRQVLVWHQWH SDUD FRP R SURFHVVR FULDWLYR ‡ (QYROYHU D IXQGR D *HVWmR GH 7RSR LPSOHPHQWDomR GH WRS GRZQ ‡ &RORFDU DV SHUJXQWDV FHUWDV SDUD HQFRQWUDU GH SUREOHPDV ‡ &RPHoDU FRP SULRULGDGHV R TXH p TXH SUHWHQGH PXGDU" GHILQLU R VHX 3URFHVVR SDUD D UHVROXomR GH SUREOHPDV H DYDOLi OR SULRULGDGHV DOYRV H REMHFWLYRV GHILQLU FRQVHTXrQFLDV ‡ (VFROKHU RV SHUILV FHUWRV SDUD R SURFHVVR GH PXGDQoD LQRYDomR HTXLOtEULR HQWUH SHUILV FULDGRUHV HQWUHV LPSOHPHQWDU FRQFHSWXDOL]DU URWLQDV HILFLrQFLD QRYRV FULDGRUHV ‡ /LGHUDQoD &ULDWLYD SUHFLVD GH XPD FRPSHWrQFLD IDFLOLWDGRUD ‡ 'HVHQYROYHU QRYRV OtGHUHV TXH SRGHP GHVHQFDGHDU PXGDQoD ‡ 'HVWDFDU RV PHOKRUHV SDUD D WDUHID ‡ &ULDU HTXLSDV LQWHUGLVFLSOLQDUHV SUR FULDWLYLGDGH HP WRGD D RUJDQL]DomR TXH SURFXUDP PXGDQoD GH IRUPD GHOLEHUDGD LU DWUiV GH RYRV GH RXUR ‡ $SUHQGHU XQV FRP RV RXWURV FRPR ID]r OR GD PHOKRU IRUPD" ‡ 3DUWLOKDU LQIRUPDomR ‡ &R &ULDomR ± HVWDU DEHUWRV SDUD D FRODERUDomR FRP RXWURV SDUD GDt WLUDUPRV YDQWDJHQV ID] FRP TXH DV FRLVDV DFRQWHoDP PDLV UiSLGR PDV FRP TXH WDPEpP KDMDP ULVFRV

'(6$),26 3$5$ 2 )87852 (GXFDomR H )RUPDomR ‡ 6LVWHPD GH (GXFDomR EDVHDGR HP ³$SUHQGHU D $SUHQGHU´ ‡ (QVLQDU RV DOXQRV D ID]HUHP DV SHUJXQWDV FHUWDV (PSUHHQGHGRULVPR H 3HVTXLVD H 'HVHQYROYLPHQWR ‡ 'HQWUR GDV 2UJDQL]Do}HV DV SHVVRDV WrP GH ³$SUHQGHU XPDV FRP DV RXWUDV´ ‡ 3HQVDU HP JUDQGH GHVGH R LQtFLR


,1129$7,21 0$5.(73/$&( ‡ 0RELOL]DU LQYHVWLGRUHV SDUD D LQRYDomR ‡ 'LVVHPLQDU ERDV SUiWLFDV ‡ 7UDQVIHULU R FRQKHFLPHQWR TXH VH UHFHEH DRV RXWURV DFo}HV FRODERUDWLYDV H FR FULDomR ‡ 1RYDV FRPSHWrQFLDV SDUD QRYRV WUDEDOKRV ‡ (QFDUDU GLILFXOGDGHV SDUD LU SDUD DOpP GDV LGHLDV WUDQVIRUPDU LGHLDV HP GLQKHLUR ‡ $SOLFDU FRQKHFLPHQWR WUDQVIHUH IRUPDomR DR IDFLOLWDU D FRRSHUDomR HQWUH XQLYHUVLGDGHV H HPSUHVDV VHFW S~EOLFR H SULYDGR HVSHFLDOPHQWH FRP 30( ‡ 30( WrP GH VHU LQWHJUDGDV QD FDGHLD GH IRUQHFLPHQWR ‡ 0XGDQoDV SHUPDQHQWHV OHYDP WHPSR« SRU LVVR Gr WHPSR j PXGDQoD


&5($7,9( /($51,1*

FDStWXOR ,,,

/($51,1* 3/$<(56_$*(176 ,1 /($51,1*

5HODWRU ! 3$75Ë&,$ 6$1726 H/HDUQLQJ 0DQDJHU GR *UXSR &(*2&

0,&5232:(5 685*,8 (0 ( e /Ë'(5 12 0(5&$'2 (/($51,1* 12 %5$6,/ )UDQFLVFR $QWyQLR 6RHOWO 2 SULQFLSDO REMHFWLYR GHVWD DSUHVHQWDomR HUD DQDOLVDU RV IDFWRUHV GH VXFHVVR GR H/HDUQLQJ QR %UDVLO 1R %UDVLO R H/HDUQLQJ SDVVRX SRU GXDV HWDSDV ‡ 3ULPHLUD HWDSD D IRFR QR H/HDUQLQJ ‡ 6HJXQGD HWDSD GHSRLV GH IRFR QD SHUIRUPDQFH &UHVFLPHQWR PpGLR GR LQYHVWLPHQWR GR H/HDUQLQJ HQWUH H IRL GH (VWH FUHVFLPHQWR GHYHX VH HQWUH RXWUDV UD]}HV j QHFHVVLGDGH GH UH GX]LU R WHPSR GRV HVSHFLDOLVWDV IRUD GR VHX SRVWR GH WUDEDOKR H GH UHGX]LU RV FXVWRV GH YLDJHP &UHVFLPHQWR GR PHUFDGR EUDVLOHLUR QD iUHD GR H/HDUQLQJ IRL GH H QR EOHQGHG GH 1R HQWDQWR D IRUPDomR SUHVHQFLDO WDPEpP FRQWLQXD D FUHVFHU $ JUDQGH SULRULGDGH HVWi D VHU GDGD DRV PRGHORV KtEULGRV SURFXUDQGR DSUR YHLWDU R TXH GH PHOKRU FDGD WHFQRORJLD WHP SDUD RIHUHFHU 3RU H[HPSOR D FRPELQDomR GH IRUPDomR H/HDUQLQJ FRP VLVWHPDV GH FRDFKLQJ H PHQWRULQJ &RQVLGHUDP TXH R H/HDUQLQJ SRGH DMXGDU QXP GRV SULQFLSDLV GHVDILRV GR SDtV UH WHU RV WDOHQWRV FUtWLFRV Ki XPD HVFDVVH] JOREDO GH WDOHQWRV H p SUHFLVR HYLWDU TXH DV QRYDV JHUDo}HV VDLDP QD SURFXUD GH RSRUWXQLGDGHV QD (XURSD H QRXWURV SDtVHV $V WHFQRORJLDV SRGHP DMXGDU DV HPSUHVDV D GHVHQYROYHU RV VHXV WDOHQWRV H D DWLQJLU DOWRV QtYHLV GH GHVHPSHQKR


,1129$7,21 0$5.(73/$&( $ :(% ( 2 (16,12 683(5,25 (0 32578*$/ 2325781,'$'(6 ( '(6$),26 )HUQDQGR 5DPRV $R IDODUPRV GH :HE HVWDPRV D FRQVLGHUDU WRGDV DV QRYDV IHUUDPHQWDV GH FRPXQLFDomR H FRODERUDomR GLVSRQtYHLV QD LQWHUQHW FRPR RV EORJXHV ZLNLV SRGFDVWV UHGHV HWF 2 DSDUHFLPHQWR GHVWDV IHUUDPHQWDV LPSOLFRX XPD UHIRUPXODomR QDV QRVVDV PHWRGRORJLDV H GD RUJDQL]DomR GH WUDEDOKR ([LVWHP QRYDV IRU PDV GH FULDomR UHSUHVHQWDomR DUPD]HQDPHQWR H GLVWULEXLomR GH LQIRU PDomR TXH FRQWULEXHP SDUD D RUJDQL]DomR GH RXWUDV IRUPDV GH FRODER UDomR H FRRSHUDomR 3RU RXWUR ODGR D :HE SURPRYH SUiWLFDV H GHVDILRV QRPHDGDPHQWH ‡ $R QtYHO GDV DWLWXGHV FRP D YDORUL]DomR GR WUDEDOKR FRODERUDWLYR H LQFRUSRUDomR XPD LQWHOLJrQFLD FROHFWLYD ‡ &R UHVSRQVDELOL]DomR GRV DJHQWHV HQYROYLGRV QR SURFHVVR 3URIHVVRUHV H DOXQRV WrP XPD QRYD DWLWXGH ‡ 3RVLFLRQDPHQWR GD ,QVWLWXLomR R HQVLQR VXSHULRU WHP UHVSRQVDELOLGDGHV SHUDQWH D VRFLHGDGH PDV FRQWLQXD D VHU XPD LQVWLWXLomR FRQVHUYDGRUD (VWD SRVWXUD WHP DVSHFWRV QHJDWLYRV FRPR DOJXPD LQpUFLD UHODWLYDPHQWH DR TXH p QRYR H DVSHFWRV SRVLWLYRV SRUTXH QmR FRUUH DWUiV GH PRGDV ‡ 'LYHUVLGDGH FXOWXUDO QR HQVLQR VXSHULRU H[LVWH XP JUDQGH EDEHO GH FXOWXUDV +i XP JUDQGH HVWtPXOR j PRYLPHQWDomR GH SHVVRDV H H[LVWHPFDGD YH] PDLV HVWXGDQWHV HVWUDQJHLURV 2 HQVLQR VXSHULRU HVWi HP SHUPDQHQWH WUDQVIRUPDomR $ LQYHVWLJDomR SUR FXUD SURGX]LU FRQKHFLPHQWR QRYR 0DV HVVD WUDQVIRUPDomR SRGH SURYRFDU WHQV}HV HQWUH D 8QLYHUVLGDGH H D 6RFLHGDGH 2325781,'$'(6 '$ :(% 12 (16,12 683(5,25 $ :HE FRQWULEXL SDUD ‡ $ WUDQVIRUPDomR GR FRQFHLWR GH (QVLQR 6XSHULRU FRP D DEHUWXUD D QRYRV S~EOLFRV JOREDOL]DomR ‡ $ IOH[LELOL]DomR GRV PpWRGRV GH WUDEDOKR R TXH SRU YH]HV p GLItFLO QR (QVLQR 6XSHULRU


&5($7,9( /($51,1* $ FULDomR GH QRYDV IRUPDV GH LQWHUDFomR FRP D PXGDQoD GR FRQFHLWR GH HVSDoR H WHPSR 6HQGR XPD VRFLHGDGH HP UHGH H[LVWHP QRYDV IRUPDV GH SDUWLFLSDomR SDUD DOpP GR ItVLFR 8PD DSUR[LPDomR GD UHODomR HQWUH SURIHVVRUHV H DOXQRV 48$,6 6­2 26 '(6$),26 3$5$ 2 (16,12 683(5,25 &20 $ :(% " &RQVHJXLU UHIRUPXODU D OyJLFD GR UHODFLRQDPHQWR D GRLV QtYHLV HQWUH D LQVWLWXLomR H DV SHVVRDV H DV SHVVRDV HQWUH HODV &RQVHJXLU UHIRUPXODU D OyJLFD GH RUJDQL]DomR H GH IXQFLRQDPHQWR GRV FXUVRV SRU H[HPSOR D LQWHJUDomR GH FRPSRQHQWHV SUHVHQFLDLV H RQOLQH

&RQVHJXLU TXH RV GRFHQWH DGRSWHP QRYDV SUiWLFDV SHGDJyJLFDV H UHODFLRQDLV $ IRUPDomR GDV SHVVRDV HVWi D VHU HVTXHFLGD e SUHFLVR TXH GHVHQYROYDP QRYDV IRUPDV GH WUDEDOKR H TXH WLUHP SDUWLGR GDV QRYDV IHUUDPHQWDV H WHFQRORJLDV 48$,6 6­2 $6 &203(7Ç1&,$6 &58&,$,6 12 081'2 '$ :(% " &RQVLGHUR TXH R SODQR WHFQROyJLFR p FDGD YH] PHQRV XP SUREOHPD 2 PDLV LPSRUWDQWH VmR R GHVHQYROYLPHQWR GDV FKDPDGDV VRIWVNLOOV FRPR DV GH FDUiF WHU UHODFLRQDO (VWH PXQGR H[LJH FRPSHWrQFLDV PDLRUHV 4XDQWR PDLRU IRU R QtYHO GH FRPSHWrQFLD DR QtYHO LQWHUSHVVRDO PDLRU D FRPSHWrQFLD QD UHODomR LQWUD SHVVRDO FRPR R GHVHQYROYLPHQWR GR SHQ VDPHQWR FUtWLFR (VWH SURFHVVR SURYRFD XPD DPSOLILFDomR GD WRPDGD GH FRQVFLrQFLD GH TXH VRPRV XPD LOKD QD VRFLHGDGH 1yV VRPRV XP SRQWR GH XPD UHGH 1XPD DSUHQGL]DJHP HP UHGH R SUR FHVVR QXQFD HVWi WHUPLQDGR $ :HE SHUPLWH FRORFDU VHPSUH HP FDXVD R TXH VDEHPRV (VWD LQVWDELOLGDGH FULDGD SRGH VHU XP PRWRU SDUD D PX GDQoD H LQRYDomR

$ :(% 352&(662 '( 5(&21+(&,0(172 9$/,'$d­2 ( &(57,),&$d­2 '( &203(7Ç1&,$6 (6&2/$5(6 0DULD )UDQFLVFD 6LP}HV 2V &HQWURV 1RYDV 2SRUWXQLGDGHV &12 VmR HVWUXWXUDV GH SRUWD GH HQWUDGD SDUD D SRSXODomR TXH SURFXUH TXDOLILFDomR


,1129$7,21 0$5.(73/$&( 2EMHFWLYR ID]HU GR DQR R QtYHO PtQLPR TXH TXDOLILFDomR GRV SRUWXJXH VHV 2 WLSR GH FRPSHWrQFLDV D GHVHQYROYHU QRV SURFHVVRV 59&& 5HFR QKHFLPHQWR 9DOLGDomR H &HUWLILFDomR GH &RPSHWrQFLDV LQFOXL OLWHUDFLDV OHLWXUD HVFULWD HFRPSHWrQFLDV LQWHUQHW PHGLD FRPSHWrQFLDV EiVLFDV HP FLrQFLD H WHFQRORJLD H OtQJXDV &RPR QmR SRGLD GHL[DU GH VHU QHVWHV SURFHVVRV H[LVWH XPD JUDQGH DSRVWD QR GRPtQLR GDV OLWHUDFLDV FRP D YHULILFDomR GH FRPSHWrQFLDV GH OHLWXUD PDWHPiWLFD HWF $V 7,& VmR LJXDOPHQWH XPD GDV FRPSHWrQFLDV EDVH H LPSUHVFLQGtYHO SDUD REWHQomR GR JUDX (VWHV SURFHVVRV VmR TXDOLILFDQWHV 2 SURFHVVR LQLFLD VH FRP XP EDODoR GH FRPSHWrQFLDV RQGH R FDQGLGDWR WHP GH DQDOLVDU R VHX SHUFXUVR HVFRODU H SURILVVLRQDO (VWH WUDEDOKR FRQYHUJH QD FRQVWUX omR GH XP SRUWHIyOLR FRP JUDQGH LQYHVWLPHQWR GR FDQGLGDWR $V HTXLSDV DMXGDP H DSRLDP RV FDQGLGDWRV SDUD TXH HVWHV HP PRGR DXWyQRPR IDoDP XPD DXWR DYDOLDomR H YHMDP HP TXH GRPtQLRV SRVVDP WHU DGTXLULGR FRPSHWrQFLDV $V 7,& WrP XP SDSHO LPSRUWDQWH QHVWH SURFHVVR SRUTXH -RJDP D IDYRU GD DXWRQRPLD TXH VH SUHWHQGH QHVWH SURFHVVR )OH[LELOL]D R FRQFHLWR GH HVSDoR H WHPSR R FDQGLGDWR SRGH GHVHQYROYHU R VHX WUDEDOKR j GLVWkQFLD FRP D PHGLDomR GDV QRYDV WHFQRORJLDV FRQVHJXLQGR FRQFLOLDU HVWH SURFHVVR FRP D VXD DFWLYLGDGH SURILVVLRQDO -i VH DVVLVWH D XPD DSURSULDomR GDV QRYDV WHFQRORJLDV FRP FDQGLGDWRV D FRQVWUXLU EORJV H D SDUWLFLSDU HP FRPXQLGDGHV GH DSUHQGL]DJHP 48$,6 6­2 $6 &203(7Ç1&,$6 &58&,$,6 12 081'2 '$ :(% " +i GRLV GRPtQLRV TXH SDUD D $14 VmR LPSRUWDQWHV (VWUXWXUDO FDSDFLGDGH GH DXPHQWDU RV QtYHLV GH TXDOLILFDomR GD SRSXODomR 5HVSRQVDELOLGDGHV GH WXWHOD FDSDFLWDomR GRV FHQWURV QRYDV RSRUWXQLGDGHV H GDV VXDV HTXLSDV SDUD WUDEDOKHP SDUD R SULPHLUR REMHFWLYR 2 H/HDUQLQJ SRGH VHU XVDGR QD IRUPDomR FRQWtQXD GDV HTXLSDV GRV &12


&5($7,9( /($51,1* $FWXDOPHQWH D DSRVWD DLQGD HVWi D VHU IHLWD QD IRUPDomR LQLFLDO GHVWDV HTXL SDV PDV DRV SRXFRV RV QtYHLV GH PDWXULGDGH HVWmR D GHVHQYROYHU VH H p SUHFLVR KDYHU RXWUDV UHVSRVWDV SDUD D IRUPDomR FRQWtQXD $ HVWUXWXUD p SH TXHQD Ki SRXFRV UHFXUVRV QmR VH FRQVHJXHP UHVSRQGHU jV QHFHVVLGDGHV GH SHVVRDV TXH WUDEDOKDP QHVWD PLVVmR 2 H/HDUQLQJ SRGH DMXGDU QD FREHUWXUD GH WRGDV DV QHFHVVLGDGHV GH IRUPD omR GH FHQWURV TXH HVWmR GH QRUWH D VXO GR 3DtV 0DV DR QtYHO GD TXDOLILFDomR GD SRSXODomR SRGH VHU PDLV GLItFLO e SRVVt YHO UHFRUUHU DR H/HDUQLQJ SDUD XOWUDSDVVDU OLPLWHV GD SRSXODomR DR QtYHO GD GLVSRQLELOLGDGH GH WHPSR SDUD FRQMXJDU D YLGD SURILVVLRQDO FRP D IRUPDomR FRQWtQXD 0DV R PRPHQWR SRGH DLQGD QmR VHU R PDLV DGHTXDGR


,1129$7,21 0$5.(73/$&(

FDStWXOR ,,,

/($516&$3(6 /($51,1* 1(7:25.6

5HODWRU ! 58, 5,%(,52 )XQGDomR SDUD D &RPSXWDomR &LHQWLILFD 1DFLRQDO

L/($51,1* 62/87,216 5HQH YDQ /HHXZHQ $SUHVHQWDomR GH XP PRGHOR GH DSUHQGL]DJHP EDVHDGR HP MRJRV YLUWXDLV LPHUVLYRV RV TXDLV SRGHUmR VHU XWLOL]DGRV SDUD REWHU H FLPHQWDU FRQKH FLPHQWRV D GLYHUVRV QtYHLV )RL SURSRVWR XP MRJR HP UHDOLGDGH YLUWXDO TXH DR VHU MRJDGR SHOR IRUPDQGR FRORFDULD j SURYD RV FRQKHFLPHQWRV H FDSDFLGDGH GH GHFLVmR 3RGHULD VHU XWLOL]DGR QmR Vy SDUD FRQKHFLPHQWRV WUDGLFLRQDLV PDV WDPEpP SDUD WUHLQDU FRPSRUWDPHQWRV 2 MRJR GHYHUi VHU GLYHUWLGR H LQWHUHVVDQWH SDUD VHU MRJDGR PXLWDV YH]HV SRU SDUWH GRV IRU PDQGRV SHUPLWLQGR DVVLP XPD DSUHQGL]DJHP VyOLGD GRV FRQKHFLPHQWRV H FRPSRUWDPHQWRV SUHWHQGLGRV '*B(& *RGHOLHYH 9DQ GHQ %UDQGHQ 2 QRYR PLOpQLR WUiV QRYRV GHVDILRV 2V DOXQRV GR QRYR PLOpQLR WrP GH VH DGDS WDU jV QRYDV FDSDFLGDGHV FRPSHWrQFLDV DWLWXGHV H ³VRIW VNLOOV´ QHFHVViULRV DRV QRYRV HPSUHJRV H[LVWHQWHV $V QRYDV FRPSHWrQFLDV VmR QHFHVViULDV SRLV H[LVWHP QRYDV YLV}HV FRPSOH[LGDGHV H WHFQRORJLDV TXH VmR R GLD D GLD GDV HPSUHVDV 1HVWH VHQWLGR R SURFHVVR GH DSUHQGL]DJHP GHYH DGDSWDU VH 2 PXQGR GLJLWDO ID] SDUWH GD YLGD GH WRGRV QyV H GH WRGRV RV SURFHVVRV GR GLD D GLD LQFOXVLYH GRV QRYRV PRGHORV GH DSUHQGL]DJHP 2 FRQFHLWR GH ³H OHDUQLQJ´ GHYH VHU UHDGDSWDGR H SDVVDU D VHU DSHQDV ³OHDUQLQJ´ XPD YH] TXH RV PHLRV HOHFWUyQLFRV H D WHFQRORJLD IDUmR QDWXUDOPHQWH SDUWH GR SURFHVVR HQVLQR DSUHQGL]DJHP 1RYRV VLVWHPDV EDVHDGRV HP IHUUDPHQWDV VRFLDLV GH FRP SXWDomR IDFHERRN OLYHPRFKD « VmR PXLWR LPSRUWDQWHV $QWHYHQGR Mi HVVD UHDOLGDGH IRL UHDOL]DGR XP HVWXGR SDUD DSRLR DRV ³GHFLVLRQ PDNHUV´ D QtYHO (XURSHX (VVH HVWXGR SRGH VHU FRQVXOWDGR QR VHJXLQWH HQGHUHoR KWWS LV MUF HF HXURSD HX SDJHV /HDUQLQJ KWPO


&5($7,9( /($51,1* $V FRQFOXV}HV GR HVWXGR DSRQWDP TXH RV REMHFWLYRV GRV IRUPDQGRV QXP DPELHQWH :HE VmR PXLWR GLIHUHQWHV GRV REWLGRV QRV PRGHORV WUDGLFLR QDLV 1XP DPELHQWH :HE DV PRWLYDo}HV SDVVDP SHOD QHFHVVLGDGH GH VRFLDELOL]DomR SURGXomR WySLFRV RUJDQL]DomR $ DSUHQGL]DJHP DFRQWHFH HP GLYHUVRV ORFDLV HVSDoRV H SRU GLIHUHQWHV SUR FHVVRV 6mR DPELHQWHV FRODERUDWLYRV UHIOHFWLYRV H RULHQWDGRV ³ERWWRP XS´ 1HVWH FRQFHLWR GH ³VRFLDO FRPSXWLQJ´ RV IRUPDQGRV SURFXUDP FRQKHFL PHQWR ORFDOL]DGR H HVSHFtILFR VLWXDWHG NQRZOHGJH RULHQWDGR j WDUHID RX DR SUREOHPD GD YLGD FRP R TXDO VH HVWi D GHSDUDU (VWHV SURFHVVRV GH DSUHQ GL]DJHP Vy VmR SRVVtYHLV VH RV IRUPDQGRV SRVVXtUHP FRPSHWrQFLDV FRPR ³OHDUQLQJ WR OHDUQ´ RX ³FULWLFDO WKLQNLQJ´ &RPSHWrQFLDV IXQGDPHQWDLV SDUD QR SURFHVVR GH IRUPDomR GDV VRFLHGDGHV GR QRYR PLOpQLR (P FRQFOXVmR IRL LQGLFDGR TXH DV UHGHV VRFLDLV LQIRUPDLV VmR IXQGDPHQ WDLV H VXSRUWDP R DSUHQGHQWH GXUDQWH D YLGD H DSUHVHQWDP RSRUWXQLGDGHV (YLGHQFLRX VH TXH RV SROtWLFRV GHFLGHP HP WRUQR GR WULkQJXOR ³UHVHDUFK´ ³LQRYDWLRQ´ H ³HGXFDWLRQ´ 6HQGR D LQRYDomR IXQGDPHQWDO SDUD D VXVWHQWDELOLGDGH GD (XURSD HVWD GHYH VHU XPD FRPSHWrQFLD DSUHQGLGD QD HVFROD DR ORQJR GH WRGR R SHUtRGR GH DSUHQGL]DJHP IRUPDO H QmR DSHQDV QR HQVLQR VXSHULRU $VVLP FRPR GH YHP VHU WUDQVYHUVDLV D WRGDV DV iUHDV GR VLVWHPD GH HQVLQR $V PHQVDJHQV FKDYH IRUDP ‡ FULDWLYLGDGH H LQRYDomR ‡ FRODERUDomR ‡ VRFLHGDGH HP UHGH TXH GLVSRQLELOL]D IHUUDPHQWDV SDUD SDUWLOKDU H FRODERUDU FRPR QXQFD DQWHV ,1(6& -RVp &DUORV &DOGHLUD 2 SURFHVVR GH DSUHQGL]DJHP H D DWLWXGH GR LQGLYtGXR QD VRFLHGDGH p IXQ GDPHQWDO SDUD WRGR R SURFHVVR SURGXWLYR H LQRYDGRU TXH DV HPSUHVDV KRMH HP GLD QHFHVVLWDP 3HJDQGR QXP H[HPSOR VLPSOHV p SRVVtYHO YHU FRPR p LPSRUWDQWH TXH R FRQKHFLPHQWR H R FRPSRUWDPHQWR LQRYDGRU GHYHP HVWDU SUHVHQWH HP WRGRV RV HOHPHQWRV GH XPD HTXLSD


,1129$7,21 0$5.(73/$&( 1D LQG~VWULD DXWRPyYHO R PHUFDGR H RV SURGXWRV VmR UHODWLYDPHQWH HVWi YHLV 3RVVXHP XP SHUtRGR EDVWDQWH ORQJR GH GHILQLomR GR SURGXWR H GHILQLomR GH WRGR R SURFHVVR SURGXWLYR $V DOWHUDo}HV QD OLQKD GH SURGXomR DFRQWHFHP DR ORQJR GR WHPSR GH SURGXWR JHULGDV GH IRUPD FHQWUDO 2 WHPSR p XP IDFWRU LPSRUWDQWH PDV QmR FULWLFR QR SURFHVVR GH LQRYDomR GRV SURFHGLPHQWRV H PHFDQLVPRV GH SURGXomR 9HULILFD VH TXH D LQRYDomR GR SURFHVVR SURGXWLYR FRPSDWtYHO FRP D FHQWUDOL]DomR GR PHVPR (VWD FHQWUDOL]DomR QmR H[LJH XPD SUy DFWLYLGDGH QHP XP FRQKHFLPHQWR GRV FRODERUDGRUHV D PRQWDQWH RX D MXVDQWH GR VHX KRUL]RQWH GH DFWXDomR XPD YH] TXH WRGRV RV SURFHVVRV GH RSWLPL]DomR H LQRYDomR VmR UHDOL]DGRV D XP QtYHO VXSHULRU 1XP DPELHQWH HP TXH D SURGXomR p UHDOL]DGD SRU SHUtRGRV PXLWR LQIHULRUHV GH WHPSR H R PHUFDGR p PXLWR PDLV YROiWLO HP WHUPRV GH SURGXWRV H PRGH ORV FRPR SRU H[HPSOR QRV Wr[WHLV RX FDOoDGR R SURFHVVR GH LQRYDomR GRV SURFHGLPHQWRV GH SURGXomR QHFHVVLWDP GH VHU PXLWR PDLV iJHLV 2 SURGXWR WHP XP PRPHQWR HVSHFtILFR GH FKHJDU DR PHUFDGR H DV XQLGDGHV IDEULV XPD JUDQGH GLYHUVLGDGH GH PRGHORV TXH SURGX]HP e YiOLGR GL]HU TXH D OLQKD GH SURGXomR HVWi HP FRQVWDQWH PXGDQoD D SURGX]LU EHQV GLVWLQWRV 1HVWH DP ELHQWH SROLPyUILFR GD OLQKD GH PRQWDJHP p LPSRUWDQWH TXH RV FRODERUDGRUHV TXH D LQWHJUDP SRVVXDP FDSDFLGDGHV SUySULDV DR QtYHO GR FRQKHFLPHQWR GH WRGD D OLQKD GH PRQWDJHP H GH WRGR R SURFHVVR $GLFLRQDOPHQWH GHYHP SRVVXLU YRQWDGH GH SURGX]LU PXGDQoD DOWHUDU R SURFHVVR SURGXomR GH IRU PD LQWHJUDGD FRP D UHVWDQWH HTXLSD $OJXPDV HPSUHVDV SRVVXHP HTXLSDV HQFDUUHJXHV SHOD LQRYDomR GR SUR FHVVR SURGXWLYR (VVDV HPSUHVDV FRPSUHHQGHP TXH D RSWLPL]DomR GRV SURFHVVRV H UHGXomR GRV FXVWRV SRGH VHU REWLGR DWUDYpV GD LQRYDomR GRV SURFHVVRV SURGXWLYRV $V HTXLSDV VmR FRQVWLWXtGDV XVDQGR HOHPHQWRV GH GL YHUVRV SRQWRV GR SURFHVVR SURGXWLYR PXOWLGLVFLSOLQDUHV H IRFDGDV QR REMHF WLYR GH FULDU YDORU SDUD D HPSUHVD


&5($7,9( /($51,1*

FDStWXOR ,,,

$0%,(17(6 '( $35(1',=$*(0 3(662$,6 &217(;72 $0%,(17( ( )(55$0(17$6 5HODWRU ! 58, 3(5(,5$ &RQVXOWRU GH H /HDUQLQJ

$QD 1HYHV 0RGHUDGRUD FRPHoRX SRU DJUDGHFHU j SODWHLD SHOD VXD SUHVHQoD QHVWD VHVVmR DFHUFD GH $PELHQWHV GH $SUHQGL]DJHP 3HVVRDLV $$3 LQIRUPDQ GR TXH ³« WXGR UHYROYH DFHUFD GH DSUHQGHQWHV D HVWDEHOHFHU RV VHXV SUySULRV RE MHFWLYRV H D XVDU FRQWH~GRV GH JHVWmR QR SURFHVVR GD VXD SUySULD DSUHQGL]DJHP H FRPXQLFDQGR FRP RXWURV DWUDYpV GHVVH SURFHVVR ´ $QD 1HYHV p OLFHQFLDGD HP &LrQFLDV GD &RPSXWDomR H VDEH TXH D WHFQRORJLD DSHVDU GH QmR VHU D UHVSRVWD Vy SRU VL DMXGD RV DSUHQGHQWHV D FRQVHJXLU DOFDQoDU RV VHXV REMHFWLYRV $ VHVVmR GH KRMH p DFHUFD GD LPSRUWkQFLD HFRQyPLFD H VRFLDO GRV $$3 H RV RUDGRUHV LUmR SDUWLOKDU H[HPSORV DFHUFD GH FRPR HVWmR D XVi ODV D PHVPD GLVVH DQWHV GH DSUHVHQWDU WRGRV RV RUDGRUHV ,UHPRV FRPHoDU FRP $QQD 0DULD 6DQVRQL TXH LUi SDUWLOKDU RV UHVXOWDGRV GH XP HVWXGR GD 8( DFHUFD GH /LWHUDFLD 'LJLWDO $SHVDU GR SURJUHVVR Ki JUDQGHV GLIHUHQoDV HQWUH D DGRSomR HQWUH RV XWLOL]DGRUHV $OH[DQGHU .UDX‰ WUDEDOKRX HP TXDWUR SURMHFWRV DMXGDQGR D UHGX]LU HVVDV GL IHUHQoDV HQTXDQWR GDYD IRUPDomR DRV WUDEDOKDGRUHV QR ORFDO GH WUDEDOKR GRV PHVPRV (VWHV WUDEDOKDGRUHV WLYHUDP XPD DSUHQGL]DJHP FRP VXFHVVR HQTXDQWR LQWHJUDYDP D VXD H[SHULrQFLD UHDO GH WUDEDOKR QR SURFHVVR GH DSUHQGL]DJHP &DSWXUDU KLVWyULDV GH YLGD UHDLV p XPD GDV FRPSRQHQWHV GR SURFHVVR GH UHFRQKHFLPHQWR YDOLGDomR H FHUWLILFDomR GH FRPSHWrQFLDV TXH SURYLGHQFLD DFUHGLWDomR GH DSUHQGL]DJHP DQWHULRU RQGH HVWDV IHUUDPHQWDV GH UHGHV VR FLDLV VmR WDPEpP XWLOL]DGDV SDUD PRWLYDU D DSUHQGL]DJHP FRQWtQXD &ULVWLQD &RVWD LUi DSUHVHQWDU LVWR PHVPR ,UHPRV RXYLU SRU SDUWH GH -RVp 6DFDYpP DFHUFD GH 'LJLWDO 6WRU\WHOOLQJ H D IRUPD FRPR HVWD SRGH VHU XWLOL]DGD SDUD LQFHQWLYDU D DSUHQGL]DJHP SHVVRDO


,1129$7,21 0$5.(73/$&( )LQDOPHQWH $GHPDU $JXLDU LUi UHOHPEUDU QRV IHUUDPHQWDV VLPSOHV TXH SR GHP DMXGDU D XPD DSUHQGL]DJHP SHVVRDO HIHFWLYD $QQD 0DULD 6DQVRQL FRPHoRX SRU LQIRUPDU TXH HVWDYD DOL SUHVHQWH SDUD SDUWLOKDU FRP D DXGLrQFLD RV UHVXOWDGRV TXH XP HVWXGR GD 8( DFUHFD GH /LWHUDFLD 'LJLWDO OHYDGR D FDER HP GL]HQGR TXH HVSHUDYD TXH YRFrV JRVWDVVHP GH VDEHU FRPR HVWmR DV FRLVDV QHVWD iUHD QD (XURSD $ /LWHUDFLD 'LJLWDO p DJRUD XP QRYR WySLFR QD $JHQGD GD (8 'HVGH 'HFODUDomR GH 5LJD SDUD D ,QFOXVmR HVVDV GLVSDULGDGHV QR TXH UHVSHLWD D /LWHUDFLD 'LJLWDO IRUDP GHILQLGDV FRPR SULRULGDGHV D VHUHP UHVROYLGDV DWp 1DV 1RV DQRV TXH VH VHJXLUDP YiULDV UHFRPHQGDo}HV DFHUFD GH &RPSHWrQFLDV &KDYH SDUD DSUHQGL]DJHP FRQWtQXD H /LWHUDFLD 'LJLWDO TXH VH SUHWHQGH TXH VHMDP DSWLG}HV FKDYH RQGH IRL HVWDEHOHFLGR TXH VHU FUt WLFR H FRQILDQWH RQOLQH VHULD XPD GHVVDV PHVPDV FRPSHWrQFLDV (P KRXYH DV FRPXQLFDo}HV DFHUFD GH H FRPSHWrQFLDV H H LQFOXVmR H HP D &RPXQLFDomR DFHUFD GH /LWHUDFLD QR TXH UHVSHLWD DRV 0HGLD H D ,QLFLDWLYD GH ,QFOXVmR RQGH R DUWLJR DFHUFD GH /LWHUDFLD 'LJLWDO IRL DSUHVHQWDGR SHOD SULPHLUD YH] 4XDLV VmR DV PHQVDJHQV FKDYH GR DUWLJR DFHUFD GD /LWHUD FLD 'LJLWDO" 3ULPHLUR p FRQVLGHUDGD D SULRULGDGH SHORV HVWDGRV PHPEURV HXURSHXV FRPR XPD GDV SULRULGDGHV PDLV LPSRUWDQWHV QR TXH UHVSHLWD DV 7HFQRORJLDV GD ,QIRUPDomR H &RPXQLFDomR GHILQLGDV QRV 3URJUDPDV GH 5HIRUPD 1DFLRQDLV /LVERD 2 ILQDQFLDPHQWR SRU SDUWH GD (8 WHP GHVHP SHQKDGR XP SDSHO FKDYH QR SURPRYHU GHVWDV LQLFLDWLYDV GH OLWHUDFLD GLJLWDO SRU WRGD D (XURSD 2 DUWLJR LGHQWLILFRX PDLV GH LQLFLDWLYDV QD (XURSD SDUD DXPHQWDU RV QtYHLV GH /LWHUDFLD 'LJLWDO H YHULILFDPRV TXH R SURJUHVVR QR XVR GD ,QWHUQHW DXPHQWRX HP WRGRV RV SDtVHV 0DV GRV FLGDGmRV HXURSHXV DLQGD QmR WrP QHQKXPDV FRPSHWrQFLDV QR TXH UHVSHLWD D ,QWHUQHW H WDO p XP DVVXQWR FKDYH 2 DUWLJR LGHQWLILFRX WUrV IDVHV GH /LWHUDFLD 'LJLWDO $ SULPHLUD p 'DU $FHVVR i ,QWHUQHW $ VHJXQGD XVDU H WHU &RPSHWrQFLDV EiVLFDV &RPSXWDFLRQDLV H GH ,QWHUQHW H D WHUFHLUD H PDLV UHFHQWH FRQFHQ WUD VH QD 4XDOLGDGH GH 8VR SRUWDQWR R TXH DV SHVVRDV ID]HP RQOLQH H VH VmR FUtWLFDV RQOLQH 2 DUWLJR WDPEpP LGHQWLILFRX DV GLPHQV}HV FKDYH SDUD D ERD SUiWLFD GDV LQLFLDWLYDV 3ULPHLUDPHQWH HVWi D PRWLYDomR SRUTXH FRPR Mi FRQVWDWiPRV D PDLRULD GDV SHVVRDV DLQGD DFKDP TXH QmR SUHFL VDP GH FRPSHWrQFLDV GLJLWDLV 6HJXQGR FXVWR H VXVWHQWDELOLGDGH SRUTXH R FXVWR GR HTXLSDPHQWR DLQGD p XP SUREOHPD


&5($7,9( /($51,1* &RQWH~GRV H PRGR GH HQWUHJD GHILQLWLYDPHQWH XPD GDV FRQFOXV}HV FKDYH p TXH D SHUVRQDOL]DomR GRV SURJUDPDV SHUVRQDOL]DomR GH LQLFLDWL YDV p PXLWR LPSRUWDQWH SDUD DMXGDU DV SHVVRDV D HQWUDUHP RQOLQH )LQDOPHQWH D IDFLOLGDGH GH XVR H DFHVVLELOLGDGH SRUTXH GLIHUHQWHV WLSRV GH XWLOL]DGRUHV WHP GLIHUHQWHV WLSRV GH QHFHVVLGDGHV H QmR DFKDPRV TXH XP PRGHOR FRQVLJD DGHTXDU VH D WRGRV H SUHFLVDPRV GH VROXo}HV i PH GLGD GH FDGD XP &RPR IRL GLWR SUHYLDPHQWH D /LWHUDFLD 'LJLWDO FRPHoD SRU SURPRYHU DFHV VR D LQIUD HVWUXWXUDV H FREHUWXUD GH EDQGD ODUJD HP HVFRODV iUHDV UXUDLV H HP SRQWRV GH DFHVVR j LQWHUQHW S~EOLFRV 0DV DLQGD Ki EDUUHLUDV SDUD R WHU ,QWHUQHW HP FDVD $V SHVVRDV SHQVDP TXH QmR QHFHVVLWDP GH FRPSH WrQFLDV GLJLWDLV ORJR QmR SUHFLVDP GH WHU ,QWHUQHW HP FDVD $ VHJXQGD IDVH EDVHRX VH QR SURPRYHU GR XVR H GDV FRPSHWrQFLDV EiVLFDV $TXL WHPRV XPD PLVWXUD GH LQLFLDWLYDV S~EOLFDV H SULYDGDV 4XHP SUHFLVD GH /LWHUDFLD 'LJLWDO" 2V UHIRUPDGRV RX LQDFWLYRV SHVVRDV VRPHQWH FRP HVFRODULGDGH EiVLFD PDV DR PHVPR WHPSR WDPEpP WHPRV R SRQWR GRV MRYHQV 'H IDFWR GDV SHVVRDV HQWUH RV H RV DQRV QmR WrP FRPSHWrQFLDV QR TXH UHVSHLWD D ,QWHUQHW $ WHUFHLUD IDVH TXH Vy DJRUD FRPHoD QD PDLRULD GRV SD tVHV HXURSHXV HVWi D FRQFHQWUDU VH QD TXDOLGDGH GH XVR H R DUWLJR PRVWUD TXH DVVLVWLPRV DR HPHUJLU GH XP VHJXQGR DSDUHOKR GLJLWDO 1mR FKHJD GDU DFHVVR RX GDU jV SHVVRDV FRPSHWrQFLDV EiVLFDV p QHFHVViULR WDPEpP TXH DV SHVVRDV WHQKDP XPD DWLWXGH FUtWLFD H FRQILDQWH RQOLQH (VWD WHUFHLUD IDVH OLGD WDPEpP FRP R XVR GH SODWDIRUPDV P~OWLSODV SRVVLELOLGDGH GH SODWDIRU PDV RQOLQH :HE H FRODERUDomR HQWUH XWLOL]DGRUHV $TXL R HQIRTXH HVWi QD SHUVSHFWLYD GR XWLOL]DGRU H RV DVVXQWRV FKDYH VmR D VHJXUDQoD FRQILDQoD H SHQVDPHQWR FUtWLFR 'H IDFWR H HVWD p D PHQVDJHP FKDYH QHVWD VHFomR Ki XP DXPHQWR GH DSUHQGL]DJHP LQIRUPDO H SHVVRDO H p SRU LVVR TXH $QQD 0DULD 6DQVRQL SHQVD TXH RV $PELHQWHV GH $SUHQGL]DJHP 3HVVRDLV VH HVWmR D WRUQDU FDGD YH] PDLV LPSRUWDQWHV FRPR p UHIHULGR HP YiULRV HVWXGRV 3DUD FRQFOXLU YHPRV TXH WHP KDYLGR SURJUHVVR QRV QtYHLV GH /LWHUDFLD 'LJLWDO QD (XURSD PDV WHPRV GH HYLWDU FRPHWHU R HUUR GH SHQVDU TXH WR GRV RV JUXSRV WrP DV PHVPDV QHFHVVLGDGHV 1mR JUXSRV GLIHUHQWHV WrP GLIHUHQWHV QHFHVVLGDGHV H VmR QHFHVViULDV LQLFLDWLYDV H IHUUDPHQWD i PHGL GD GH FDGD XP 3RU LVVR SHUVRQDOL]DomR XVDELOLGDGH H DFHVVLELOLGDGH VmR SDODYUDV FKDYH HVSHFLDOPHQWH SDUD DMXGDU DV SHVVRDV D WHUHP XPD DWLWXGH FUtWLFD H FRQILDQWH RQOLQH


,1129$7,21 0$5.(73/$&( $OH[DQGHU .UDX‰ LUi DSUHVHQWDU ³&RPR JXLDU RV DSUHQGHQWHV FRP QtYHLV GH HVFRODULGDGH EiVLFRV SDUD D DSUHQGL]DJHP DR UHIOHFWLU RV VHXV DPELHQWHV GH WUDEDOKR"´ GLVVH D PRGHUDGRUD $R ORQJR GRV SDVVDGRV TXLQ]H DQRV WUDEDOKiPRV HP DOJXQV SURMHFWRV QR VHFWRU PHWDO~UJLFR DFHUFD GD DSUHQGL]DJHP QR ORFDO GH WUDEDOKR )L]HPR OR HP DOJXPDV FRPSDQKLDV DOJXPDV FRP H HPSUHJDGRV SRU YH]HV HP HPSUHVDV SULYDGDV RXWUDV HP DGPLQLVWUDo}HV S~EOLFDV (P WRGDV GHVFREULPRV RV PHVPRV SUREOHPDV 1mR VHL VH p XP SUREOHPD UHJLRQDO PDV QD %DYiULD GL]HP ³« WUDEDOKH QmR IDOH´ RX ³«XP KRPHP XPD SDODYUD 3RU LVVR DV SHVVRDV VDEHP UHDOPHQWH FRPR WUDEDOKDU H VmR UHDOPHQWH ERQV WUDEDOKDGRUHV H VDEHP FRPR UHVROYHU SUREOHPDV PDV QmR HVWmR KDELWXDGRV D IDODU VREUH R VHX WUDEDOKR 3RU LVVR HVWH p XP GRV SULQFLSDLV GHVDILRV TXH WHPRV GH XOWUDSDVVDU TXDQ GR FKHJDPRV D XPD FRPSDQKLD WHQWDU IDODU FRP DV SHVVRDV WHQWDU ID]HU FRP TXH HVWDV FRPXQLTXHP HQWUH VL SDUD XOWUDSDVVDU D GLILFXOGDGH TXH WrP HP IDODU GR VHX WUDEDOKR H FRPR R ID]HP EHP $ VHJXQGD OLomR TXH DSUHQGHPRV FRP HVWHV SURMHFWRV p TXH WHPRV GH SURYL GHQFLDU XP DPELHQWH VHJXUR 3HVVRDV FRP XP EDL[R QtYHO GH HVFRODULGDGH QmR WLQKDP VXFHVVR QD HVFROD 6H DV DERUGDUPRV FRPR SURIHVVRUHV SHULWRV RX DOJR VHPHOKDQWH ILFDUmR DVVXVWDGDV H GHWHVWDUmR VHU WHVWDGRV 0DV LUmR DEULU VH QXP JUXSR GH SDUHV VH IL]HUHP DTXLOR TXH VHPSUH ID]HP WHQWDU VHU SUiWLFRV WHQWDU UHVROYHU SUREOHPDV WHQWDU SDUWLOKDU H[SHULrQFLDV $ PHOKRU IRUPD TXDQGR FKHJDPRV D XP VtWLR FRPR HVWHV QmR p VHU HVSHFLDOLVWD RX SHULWR PDV VLP ID]HU SHUJXQWDV HVW~SLGDV 4XDQGR FKHJR SHoR OKHV TXH PH DMXGHP FRP XP UHODWyULR SRUTXH QmR VRX HVSHFLDOLVWD GD LQG~VWULD PHWDO~UJLFD $t HOHV FRPHoDP D IDODU ( TXDQGR R FROHJD FRPHoD D H[SOLFDU PH FRPR R ID] R FROHJD GL] ³«ERD WX Ii OR GH IRUPD GLIHUHQWH PDV D WXD p XPD ERD LGHLD«´ H HOHV FRPHoDP D IDODU ( HVWD p D VHJXQGD OLomR RV FROHJDV VmR R DPELHQWH VHJXUR 7UDEDOKDGRUHV VmR SHVVRDV LQWHOLJHQWHV &RQVHJXHP ID]HU FRLVDV FRPSOL FDGDV PHVPR TXH R VHX WUDEDOKR VHMD VLPSOHV 4XDQGR RV REVHUYDPRV QR ORFDO GH WUDEDOKR WrP PXLWDV FRPSHWrQFLDV SRU LVVR D QRVVD WDUHID p PRELOL ]DU H HVVDV FDSDFLGDGHV H FRPSHWrQFLDV 3RU LVVR R TXH GHVFREULPRV p TXH R SURFHVVR p EDVWDQWH VLPSOHV -XQWH DV SHVVRDV H IDoDP QDV IDODU XPDV FRP DV RXWUDV GHVFREULU DV VXDV RSRUWXQLGDGHV FRPSHWrQFLDV H GHVDILRV QR WUDEDOKR H DMXGH RV D HVWUXWXUDU HVWHV SUREOHPDV H GHVFXEUD iUHDV ERDV


&5($7,9( /($51,1* H DMXGH RV D FRQFHQWUDUHP VH HP GXDV RX WUrV FRLVDV TXH HOHV SRVVDP UH VROYHU UDSLGDPHQWH DMXGH RV D SODQHDU WDLV H[SHULrQFLDV H HQFRUDMH RV D DJLU GDQGR OKHV HVSDoR SDUD R PHVPR H DMXGH RV D UHYHU DV OLo}HV DSUHQGLGDV GD H[SHULrQFLD TXH WrP (VWH VHULD R SUy[LPR SDVVR (OHV Mi HVWmR KDELWXDGRV D UHVROYHU SUREOH PDV PDV R TXH HOHV GHWHVWDP WDPEpP p WHU GH HVFUHYHU ,VWR p DOJR PXLWR IUXVWUDQWH SDUD RV WUDEDOKDGRUHV GD iUHD LQIRUPiWLFD TXH SURJUDPDP VRI WZDUH HVSHFWDFXODU PDV TXH ILFDP GHVLOXGLGRV SRUTXH RV XWLOL]DGRUHV QmR R FRPSUHHQGHP 3RU LVVR DFHLWH TXH DV SHVVRDV WHQKDP IHUUDPHQWDV PXLWR VLPSOHV FRPR XP TXDGUR JUDQGH RQGH HVFUHYHP R SODQR GH DFomR RXWURV TXH HVFUHYHP HP SHTXHQDV IROKDV GH SDSHO RQGH SODQHLDP DOJXPDV FRLVDV HQFRUDMH RV D XWLOL]DU HP YH] GH IRWRJUDILDV DOJXQV YtGHRV FXUWRV RX RXWUD GRFXPHQWDomR RX VLWXDo}HV GH WUDEDOKR 3DUD FULDU $PELHQWHV GH $SUHQGL]DJHP GHL[H RV FULDU UHFXUVRV PHLRV PHLRV IHLWRV SRU HOHV PHLRV VLPSOHV $V :LNLV GD FRPSDQKLD YLUmR PDLV WDU GH $MXGH RV D FULDU FRPXQLGDGHV GH FROHJDV SDUD VXSRUWDU LVWR 2 PHVPR GH DPELHQWH GH PHGLD H UHFXUVRV VHUmR XWLOL]DGRV SRU SHVVRDV FRP HVWLORV GLIHUHQWHV $OJXQV VmR ERQV VWRU\WHOOHUV DOJXQV VmR ERQV GHPRQVWUDGRUHV H WHQKR D FHUWH]D TXH R JUXSR HQFRQWUDUi SHVVRDV TXH FRPHoDUDP D HVFUHYHU ZLNLV GD FRPSDQKLD VH RV HQFRUDMDU 8PD UHJUD TXH HQFRQWUiPRV p TXH KD YHUi FLQFR SDUFHLURV SULQFLSDLV GH DSUHQGL]DJHP HQWUH RV FROHJDV 3HVVRDV D VH UHIHUHP SHVVRDV FRP TXH VH DSUHQGH 7RGRV RV FLQFR WHUmR RXWURV FLQ FR DPLJRV SRU LVVR D VXD UHGH GH FRQKHFLPHQWR SHVVRDO VHUi j SDUWLGD Mi GH SHVVRDV 7DO p PDLV FRQKHFLPHQWR GR TXH YDL XVDU ( D RXWUD UHJUD p TXH WHP GH XVDU GR VHX WHPSR GH WUDEDOKR D DSUHQGHU Ê XPD HVWLPDWLYD SRU EDL[R Mi TXH DV SHVVRDV Mi HVWmR D DSUHQGHU HQTXDQWR WUDEDOKDP PDV XVH FRPR WHPSR HVWUXWXUDO GH DSUHQGL]DJHP ,VWR p LGHDOLVWD LVWR p PDLV RX PHQRV R WHPSR TXH DV PHOKRUHV FRPSDQKLDV DOHPmV HVWmR D GHGLFDU PDV p XP ERP REMHFWLYH H VH XVDU HVWD SHUFHQWDJHP H JDQKDU R DXPHQWR GH QD SURGXWLYLGDGH JDQKD ( R PDLV LPSRUWDQWH p FRPHoDU FRP SHTXH QRV SDVVRV FRP SDVVRV UHDOLVWDV RV WUDEDOKDGRUHV VmR SHULWRV SRGH FRQILDU QHOHV MXQWD ORV ID]r ORV WUDEDOKDU H VHUi EHP VXFHGLGR


,1129$7,21 0$5.(73/$&(

FDStWXOR ,,,

(8)$&,1(7 5('( (8523(,$ '( )$&,/,7$'25(6 &21)(5È1&,$ ),1$/ 5HODWRU ! 9$1'$ 9,(,5$ 7pFQLFD GH )RUPDomR QR 'HSDUWDPHQWR GH ,QRYDomR H 'HVHQYROYLPHQWR GR &(&2$

3URPRYHU D IRUPDomR LQWHJUDGD QR ORFDO GH WUDEDOKR $SUHQGL]DJHP IRUPDO LQIRUPDO H QmR IRUPDO )DFLOLWDGRUHV GH DSUHQGL]DJHP

$ &RQIHUrQFLD )LQDO GR 3URMHFWR (8)$&,1(7 ³(XURSHDQ )DFLOLWDWRUV 1H WZRUN´ WHYH FRPR REMHFWLYR GHEDWHU R SRWHQFLDO GD DSUHQGL]DJHP LQWHJUDGD QR WUDEDOKR H H[SORUDU R LPSDFWR GDV PHWRGRORJLDV H GDV IHUUDPHQWDV IDFL OLWDGRUDV GH DSUHQGL]DJHP QDV HPSUHVDV H QRV IDFLOLWDGRUHV 'H DFRUGR FRP R SURJUDPD DSUHVHQWRX VH R SURMHFWR RV SURGXWRV GH VHQYROYLGRV GH VDOLHQWDU R WHVWH GDV IHUUDPHQWDV GH DXWR DSUHQGL]DJHP VHJXLQGR VH XP DFWLYR GHEDWH HQWUH RUDGRUHV H SDUWLFLSDQWHV VREUH R SDSHO GRV IDFLOLWDGRUHV H R SRWHQFLDO GDV IHUUDPHQWDV SDUD RV SUHVWDGRUHV GH IRU PDomR H SDUD RV IRUPDGRUHV H FRQVXOWRUHV GH IRUPDomR (OHRQRUD 1HJXORYD GD 1$60% %XOJiULD DSUHVHQWRX R SURMHFWR H D SDU FHULD QD TXDOLGDGH GH HQWLGDGH SURPRWRUD 'HVWDFRX DLQGD RV UHVXOWDGRV GR SURMHFWR HQWUH HOHV D &RPXQLGDGH GH 3UiWLFDV LQWHUDFWLYD GLQDPL]DGD SHOR &(&2$ TXH FRQWD FRP PDLV GH IDFLOLWDGRUHV UHJLVWDGRV $ RUDGRUD GHIHQGHX WDPEpP D LPSRUWkQFLD GR SDSHO GRV IDFLOLWDGRUHV QR DSRLR DRV JHVWRUHV H jV 30(¶V & VDU 6]ZHEV GD $08 'LQDPDUFD DSUHVHQWRX XP GRV PyGXORV GR *XLD )DFLOLWDGRU GD $XWR $SUHQGL]DJHP 3DUWH ,, GHGLFDGR DR WHPD GD DYDOLDomR H GD YDOLGDomR GH FRPSHWrQFLDV FRQVWLWXtGR SRU IHUUDPHQWDV VLPSOHV TXH SHUPLWHP DYDOLDU H FRPSURYDU D PHOKRULD GDV FRPSHWrQFLDV HVSHFtILFDV GRV WUDEDOKDGRUHV DGTXLULGDV QR ORFDO GH WUDEDOKR


&5($7,9( /($51,1* 0DULD 5DXFK GD *$% $OHPDQKD GHIHQGHX D FULDomR GH QRYDV iUHDV UHODFLRQDGDV FRP D DSUHQGL]DJHP LQIRUPDO H QmR IRUPDO TXH IRPHQWHP D IRUPDomR QR ORFDO GH WUDEDOKR 1HVWH FRQWH[WR R SURMHFWR SURFXURX SRWHQFLDU QRYDV IRUPDV GH DSUHQGL]DJHP FRPR XP SURFHVVR LQGLYLGXDO GH FUHVFLPHQ WR 2V IDFLOLWDGRUHV IRUDP UHVSRQViYHLV SRU FULDU DV FRQGLo}HV GH PXGDQoD D DTXLVLomR GH QRYDV FRPSHWrQFLDV FRP UHFXUVR D PpWRGRV H LQVWUXPHQWRV TXH SHUPLWLUDP DRV DSUHQGHQWHV VHU SRWHQFLDGRUHV GD DSUHQGL]DJHP VHQGR HVWD XP UHTXLVLWR SDUD R SURFHVVR GH PHOKRULD 'H VDOLHQWDU DLQGD D LPSRU WkQFLD GD FRPXQLGDGH GH SUiWLFDV QD SDUWLOKD GDV FRQGLo}HV GDV H[SHULrQ FLDV H GRV UHVXOWDGRV GD DXWR DSUHQGL]DJHP $ IDFLOLWDomR p HQFDUDGD FRPR XP SURFHVVR GH DSUHQGL]DJHP GHQWUR H IRUD GD HPSUHVD H FRPR WDO UHTXHU IDFLOLWDGRUHV LQWHUQRV H H[WHUQRV 2 SDSHO GDV HPSUHVDV p SURPRYHU SURFHV VRV SDUWLFLSDWLYRV GH WUDEDOKR FRQWXGR VHJXQGR D RUDGRUD FRQWLQXDPRV D YHULILFDU XPD GLILFXOGDGH FRQYHQFHU DV HPSUHVDV D LQYHVWLU QD IRUPDomR $VVLP p LPSRUWDQWH HVWDEHOHFHU REMHFWLYRV H PHGL ORV R PyGXOR FULDGR SHOD *$% GHVHQYROYHX XP ©%6& ± %DODQFHG 6FRUHFDUGª DGDSWDGR DR SUR FHVVR GH DSUHQGL]DJHP PDLRULWDULDPHQWH LQIRUPDO H QmR IRUPDO 0DUWD 0pQGHV )XHQWH GD )0$ DSUHVHQWRX ERDV SUiWLFDV GR WHVWH GDV IHU UDPHQWDV GR SURMHFWR (8)$&,1(7 QDV $VW~ULDV (VSDQKD H 0LOHQD $OH[DQ GURYD GD 1$60% DSUHVHQWRX RV UHVXOWDGRV GD LPSOHPHQWDomR GR *XLD QD %XOJiULD 'H GHVWDFDU HP SULPHLUR OXJDU D QHFHVVLGDGH GH LQWURGX]LU XPD H[SOLFDomR DR FRQFHLWR GH DSUHQGL]DJHP VHQGR IXQGDPHQWDO HQYROYHU RV VWDNHKROGHUV H FRQKHFHU DV QHFHVVLGDGHV GDV HPSUHVDV (P VHJXQGR OXJDU GH VDOLHQWDU D HPHUJrQFLD GR SHUILO GH IDFLOLWDGRU $V HPSUHVDV HVSDQKRODV TXH SDUWLFLSDUDP QR WHVWH GH IRUPD YROXQWiULD FRQWLQXDP PDLV LQWHUHVVDGDV QRV UHFXUVRV ILQDQFHLURV WHQGR HP FRQWD R FRQWH[WR GH FULVH TXH QD SURPRomR GD DSUHQGL]DJHP 1R HQWDQWR GHIHQ GHP TXH R *XLD RIHUHFH VROXo}HV HVSHFtILFDV H IHUUDPHQWDV TXH SRGHP VHU DGDSWDGDV j PHGLGD GDV HPSUHVDV H VDOLHQWDP DVSHFWRV D PHOKRUDU FRPR SRU H[HPSOR R GHVHQYROYLPHQWR GH XP PDLRU OHTXH GH H[HUFtFLRV SUiWLFRV EHP FRPR R DSRLR DRV IDFLOLWDGRUHV QD H[SORUDomR GR *XLD H QD LPSOHPHQWDomR GR SURFHVVR &RQVLGHUDUDP DLQGD TXH R SURFHVVR RIHUHFH D RSRUWXQLGDGH GH RXYLU RV IXQFLRQiULRV H FULD FRQGLo}HV SDUD RV JHVWR UHV YHULILFDUHP DV YDQWDJHQV GD IRUPDomR QR ORFDO GH WUDEDOKR &RQWXGR SDUD VHU VXVWHQWiYHO R SURFHVVR GHYH VHU FRQWtQXR 'D H[SHULrQFLD %~OJD UD GHVWDTXH SDUD R GLDJQyVWLFR H SDUD R OHYDQWDPHQWR GDV QHFHVVLGDGHV


,1129$7,21 0$5.(73/$&( GH DSUHQGL]DJHP SDUD R GHVHQKR GDV PHGLGDV GH IRUPDomR GLULJLGDV jV QHFHVVLGDGHV HQFRQWUDGDV H SDUD D DQWHFLSDomR GH UHVXOWDGRV SRVLWLYRV 1HVWH FRQWH[WR DV PHGLGDV VmR GLULJLGDV DRV JHVWRUHV SDUD SRWHQFLDU D IRUPDomR HP WHPSR GH FULVH &RQFOXLX VH D LPSRUWkQFLD GD LQWHJUDomR GR *XLD QXP VHUYLoR GH FRQVXOWRULD jV 30(¶V GDGR TXH HVWH SURPRYH R FRQ WDFWR GLUHFWR HQWUH HPSUHViULRV H HPSUHJDGRUHV H SHUPLWH WUDQVIHULU IHUUD PHQWDV SDUD GLIHUHQWHV iUHDV HPSUHVDULDLV 6HJXLX VH D 0HVD 5HGRQGD PRGHUDGD SHOR $OH[DQGHU .UDX‰ GR ,62% $OH PDQKD FRP D SUHVHQoD GH +DQV * %DXHU GD *$% GH 0DUWD 0pQGH] )XHQ WH GD )0$ GH 6¡UHQ +LPPHOVWUXS GD $08 H GH $OH[L $OH[RY GD 1$60% &RQFOXLX VH VREUH D LPSRUWkQFLD GH GHVHQYROYHU ©&UHDWLQJ /HDUQLQJ $UUDQ JHPHQWVª FDSD]HV GH FULDU DV FRQGLo}HV GH DSUHQGL]DJHP QDV HPSUHVDV 2 *XLD )DFLOLWDGRU WRUQD YLVtYHO D DXWR DSUHQGL]DJHP SUy DFWLYD H HQFDUDGD FRPR XP GHVDILR SDUD HPSUHViULRV H FRODERUDGRUHV 2 IDFLOLWDGRU WHP D UHVSRQVDELOLGDGH GH SUHSDUDU R SURFHVVR GH DSUHQGL]D JHP LGHQWLILFDU RV SUREOHPDV H LQWURGX]LU REMHFWLYRV GH DSUHQGL]DJHP FRQGX ]LU R SURFHVVR GH DSUHQGL]DJHP HVWUXWXUDU RV DPELHQWHV GH DSUHQGL]DJHP H HQFRUDMDU D PHOKRULD FRQWtQXD H DYDOLDU R SURFHVVR GH DSUHQGL]DJHP FDOFXODU R UHWRUQR GR LQYHVWLPHQWR 2 IDFLOLWDGRU SRGH DLQGD SURPRYHU D DSUHQGL]DJHP RULHQWDGD SDUD R GHVHQYROYLPHQWR LQGLYLGXDO SDUD R GHVHQYROYLPHQWR RUJDQL ]DFLRQDO SDUD D PHOKRULD GRV LQGLFDGRUHV GH SHUIRUPDQFH HPSUHVDULDO RX SDUD D UHVROXomR GH VLWXDo}HV HVSHFtILFDV GDV HPSUHVDV 2 IDFLOLWDGRU DSUHVHQWD XP SHUILO PXOWLGLVFLSOLQDU H HFOpFWLFR QmR p QHFHVVDULDPHQWH XP SHULWR PDV DOJXpP FRP FRPSHWrQFLDV SHVVRDLV KXPDQLVWDV GH DEHUWXUD j PXGDQoD VRFLDLV H FRPXQLFDFLRQDLV FDSDFLGDGH GH IRFDU H GH PRWLYDU SURILVVLRQDLV FDSDFLGDGH GH ©OHUª DV RUJDQL]Do}HV H PHWRGROyJLFDV 2V IDFLOLWDGRUHV GHYHP WDPEpP SURPRYHU D FRQILDQoD GRV HPSUHViULRV FULDU ©KLVWyULDVª H FDVRV EHP VXFHGLGRV $ H[SHULrQFLD GD 'LQDPDUFD GH PRQVWUD TXH DV SHVVRDV JRVWDP GH PXGDU R TXH QmR JRVWDP p GH VHUHP IRUoDGDV D PXGDU GH WHU RXWUD SHVVRD D GL]HU OKHV R TXH ID]HU 3RU ILP GHVWDTXH SDUD DV RSRUWXQLGDGHV GH PHUFDGR GR *XLD HP SURMHFWRV GH FRQVXOWRULD QD IRUPDomR GH IDFLOLWDGRUHV H QD RIHUWD GRV SURPRWRUHV GH IRUPDomR QD FRRSHUDomR H WUDQVIHUrQFLD SDUD RXWUDV iUHDV SRU H[HPSOR RV PXQLFtSLRV H DV 21*¶V


&5($7,9( /($51,1* 2 GHEDWH H DV FRQFOXV}HV IRUDP RV DVSHFWRV PDLV LPSRUWDQWHV GD FRQIH UrQFLD GH VDOLHQWDU RV VHJXLQWHV DVSHFWRV 2 SURMHFWR FRQFHEHX XP *XLD GH )DFLOLWDomR GD $XWR $SUHQGL]DJHP 3DUWH ,, TXH RIHUHFH GLYHUVDV IHUUDPHQWDV GH DSRLR DR SURFHVVR GH IDFLOLWDomR QDV 30(¶V e LPSRUWDQWH IRUPDU IDFLOLWDGRUHV QDV HPSUHVDV TXH GLDORJXHP FRP RV HPSUHViULRV H FRP RV FRODERUDGRUHV FRP FDSDFLGDGH SDUD LPSOHPHQWDU R SURFHVVR GH DSUHQGL]DJHP FRP LPSDFWR SRVLWLYRSDUD DV SHVVRDV H SDUD DV HPSUHVDV FRP ERQV UHVXOWDGRV QRV LQGLFDGRUHV GH SHUIRUPDQFH LGHQWLILFDGRV H QD PHOKRULD GH VLWXDo}HV FUtWLFDV e IXQGDPHQWDO LGHQWLILFDU R FRQKHFLPHQWR QDV HPSUHVDV DSRVWDU QDV SHVVRDV H QXPD OLGHUDQoD ©GLDORJDQWHª H FRODERUDWLYD (675$7e*,$6 3$5$ 35Ï;,026 3$6626 &RQVROLGDU R SDSHO GRV IDFLOLWDGRUHV GH DSUHQGL]DJHP QDV 30(¶V &ULDU DV FRQGLo}HV SDUD ODQoDU D DSUHQGL]DJHP LQIRUPDO H QmR IRUPDO QR FRQWH[WR GDV 30(¶V 7UDQVIHULU R *XLD )DFLOLWDGRU GH $XWR $SUHQGL]DJHP GLULJLGR D IRUPDGRUHV H FRQVXOWRUHV EHP FRPR D HPSUHViULRV GH 30(¶V D RXWUDV HPSUHVDV H FRQWH[WRV GH DSOLFDomR FRPR D DGPLQLVWUDomR ORFDO H DV HQWLGDGHV GR WHUFHLUR VHFWRU 5HIRUoDU R SURFHVVR GH GLiORJR HQWUH JHVWRUHV H WUDEDOKDGRUHV SDUD R TXDO p QHFHVViULR FRQKHFHU RV UHTXLVLWRV PtQLPRV GDV IXQo}HV D GHVHPSHQKDU DYDOLDU DV FRPSHWrQFLDV DGTXLULGDV QR ORFDO GH WUDEDOKR FRP UHFXUVR D IHUUDPHQWDV VLPSOHV PDV FRP JUDQGH FDSDFLGDGH GH DGDSWDomR XVDU D PHWRGRORJLD GR %DODQFHG 6FRUHFDUG SDUD GHWHUPLQDU LQGLFDGRUHV H FDSDFLWDU RV HPSUHViULRV GH XPD HVWUDWpJLFD HPSUHVDULDO GH PpGLR ORQJR SUD]R 9HULILFRX VH TXH DV SHVVRDV TXH SDVVDUDP SHOR SURFHVVR GH IDFLOLWDomR GD DSUHQGL]DJHP VmR PDLV LQRYDGRUDV QD IRUPD FRPR SHQVDP WRUQDP VH PDLV FRRSHUDWLYDV H WUDEDOKDP PDLV IDFLOPHQWH HP FOXVWHUV H HP SDUFHULDV 'LVVHPLQDU RV UHVXOWDGRV GR 3URMHFWR (XIDFLQHW DWUDYpV GD 3ODWDIRUPD 2QOLQH H LQYHVWLU QD FRQWLQXDomR GD &RPXQLGDGH GH 3UiWLFDV GLQDPL]DGD SHOD &(&2$ H GLVSRQtYHO QR VLWH GR SURMHFWR HP KWWS ZZZ IDFLOLWDWLQJOHDUQLQJ HX


,1129$7,21 0$5.(73/$&(

FDStWXOR ,,,

0HVD 5HGRQGD _6Ì17(6( '2 &5($7,9( /($51,1*

5HODWRU ! )(51$1'2 $/%848(548( &267$ 'RFHQWH H LQYHVWLJDGRU QR ,QVWLWXWR GH (GXFDomR GD 8QLYHUVLGDGH GH /LVERD

7HQGR FRPR SRQWR GH SDUWLGD D GLVFXVVmR VREUH XPD YLVmR GH IXWXUR GD DSUHQGL]DJHP GHQWUR H IRUD GD HVFROD H FRPR SDQR GH IXQGR DV RULHQWDo}HV GR 3DUODPHQWR (XURSHX VREUH WHPDV WmR DFWXDLV FRPR D $SUHQGL]DJHP ,Q IRUPDO H 1mR )RUPDO H DV SRWHQFLDOLGDGHV RIHUHFLGDV SHOD ,QWHUQHW H SHOD :HE HVWD PHVD UHGRQGD FRQWRX FRP D SDUWLFLSDomR GH *HRUJH 6LHPHQV .H\QRWH 6SHDNHU 0DUNNX 0DUNNXOD :DOWHU .XJHPPDQ H *RGHOLHYH 9DQ GHQ %UDQGHQ RUDGRUHV 7HYH DLQGD R FRQWULEXWR HP JUDYDomR GH YtGHR GH 5REHUWR &DUQHLUR H &ODXGLR 'RQGL FDEHQGR D PRGHUDomR D 0yQLFD 3HGUR &RQWRX HP VtQWHVH FRP XP FRQMXQWR GH HVSHFLDOLVWDV GH UHFRQKHFLGR Pp ULWR QR GRPtQLR GD LQRYDomR H GD DSUHQGL]DJHP TXH WHQWDUDP UHVSRQGHU j SHUWLQrQFLD GDV TXHVW}HV SUHYLDPHQWH FRORFDGDV SDUD GLQDPL]DomR GHVWD VHVVmR VREUH $SUHQGL]DJHP &ULDWLYD ³&UHDWLYH /HDUQLQJ´ &RPR LPSOHPHQWDU H VXVWHQWDU D $SUHQGL]DJHP " 4XDLV DV FRPSHWrQFLDV FUtWLFDV QR PXQGR :HE " 4XDLV RV QRYRV DPELHQWHV HVSDoRV GH DSUHQGL]DJHP" $PELHQWHV GH $SUHQGL]DJHP 3HUVRQDOL]DGRV" 8PD YLVmR SDUD R IXWXUR GD DSUHQGL]DJHP" 8P QDLSH GH TXHVW}HV GH JUDQGH DFWXDOLGDGH H LQWHUHVVH HVWUDWpJLFR QR PHDGDPHQWH SDUD DTXHOHV TXH WrP HP VXDV PmRV D GHFLVmR VREUH D RUJDQL ]DomR GR HQVLQR H GD DSUHQGL]DJHP H VREUH R WLSR GH SUHSDUDomR QHFHVViULD SDUD VH YLYHU QXPD VRFLHGDGH HP FRQVWDQWH WUDQVIRUPDomR $ HPHUJrQFLD GH QRYRV H SRGHURVRV DPELHQWHV GH DSUHQGL]DJHP H R FRQVHTXHQWH HVEDWLPHQWR GR SDSHO GD HVFROD QHVVH SURFHVVR GH WUDQV IRUPDomR HP GHWULPHQWR GR FDGD YH] PDLRU SRWHQFLDO TXH DV WHFQRORJLDV FRORFDP QDV PmRV GH FDGD LQGLYtGXR SDUD JHULU D VXD SUySULD DSUHQGL]D


&5($7,9( /($51,1* JHP VmR GH IDFWR GLPHQV}HV GH XP SUREOHPD TXH LPSRUWD HTXDFLRQDU H SDUD R TXDO HVWD PHVD UHGRQGD IRL XP H[FHOHQWH FRQWULEXWR &RPHoDQGR SRU UHIOHFWLU VREUH ³FULDWLYLGDGH´ H ³VLVWHPD´ *HRUJH 6LHPHQV FKDPD D DWHQomR SDUD R HIHLWR SHUWXUEDGRU DVVRFLDGR D WXGR R TXH UHSUHVHQ WD FULDWLYLGDGH H PXGDQoD H D WHQVmR TXH QHFHVVDULDPHQWH H[LVWH UHODWLYD PHQWH DR TXH QXP GHWHUPLQDGR PRPHQWR HVWi HVWDEHOHFLGR H VHJXQGR D OyJLFD GR VLVWHPD LQWHUHVVD SUHVHUYDU $VVXPH ³DSUHQGL]DJHP FULDWLYD´ QmR DSHQDV FRPR XPD DOWHUQDWLYD DR PRGR IRUPDO H HVFRODUL]DGR FRPR QRUPDOPHQWH VRPRV OHYDGRV D DSUHQGHU PDV WDPEpP FRPR XPD IRUPD GH LQRYDU RV SUySULRV SURFHVVRV GH HQVLQR LQRYDU DR HQVLQDU $WULEXL DOLiV JUDQGH LPSRUWkQFLD j QHFHVVLGDGH GH DFWXDU H FRQWULEXLU SDUD D PXGDQoD GH PHQWDOLGDGHV VREUH R TXH VLJQLILFD DSUHQGHU QRPHDGDPHQWH MXQWR GDTXHOHV TXH PDLV GLUHFWDPHQWH WrP D YHU FRP RV SURFHVVRV GH RU JDQL]DomR GR HQVLQR FRPR p R FDVR GRV SURIHVVRUHV H GRV SURILVVLRQDLV GH DOJXPD PDQHLUD OLJDGRV j IRUPDomR $ LGHLD GH UHGH QHXURQDO FRPR EDVH GD DSUHQGL]DJHP H DV OLJDo}HV TXH YDPRV FRQVWUXLQGR HQWUH RV GLIHUHQWHV QyV GHVVD PHVPD UHGH VmR RV LQJUH GLHQWHV HVVHQFLDLV GD SURSRVWD ³FRQHFWLYLVPR´ TXH *HRUJH 6LHPHQV DSUH VHQWD FRPR DOWHUQDWLYD DR PRGR FRPR D HVFROD WUDGLFLRQDOPHQWH VH RUJDQL ]D 6XJHUH QD SUiWLFD XPD PXGDQoD FRQFHSWXDO UHODWLYDPHQWH DR PRGHOR GH VLVWHPD HP TXH D HVFROD VH EDVHLD DSUHVHQWDQGR DV UHGHV VRFLDLV FRPR XP ERP H[HPSOR GH SHQVDU D HGXFDomR GH IRUPD GLIHUHQWH HP GLUHFomR DR IXWXUR 3DUD *HRUJH 6LHPHQV QmR EDVWD LQRYDU GHQWUR GD HVFROD VLVWHPD p SUHFLVR LQRYDU R SUySULR VLVWHPD (PERUD FRP EDFNJURXQGV EDVWDQWH GLIHUHQFLDGRV RV RUDGRUHV FRQYLGDGRV QmR VH DIDVWDP PXLWR GDV LGHLDV FHQWUDLV DSUHVHQWDGDV SRU *HRUJH 6LHPHQV QRPHDGDPHQWH DR TXH GL] UHVSHLWR j OLJDomR HQWUH FULDWLYLGDGH H LQRYDomR *RGHOLHYH 9DQ GHQ %UDQGHQ UHIHUH VH SRU H[HPSOR DR SDSHO LQGXWRU TXH DV WHFQRORJLDV GH LQIRUPDomR H FRPXQLFDomR HVWmR Mi D WHU DR QtYHO GRV SUR IHVVRUHV H GRV VHXV SURFHVVRV GH WUDEDOKR HPERUD UHFRQKHoD D H[LVWrQFLD GH UHVLVWrQFLDV D HVVH QtYHO H D QHFHVVLGDGH GH LQYHVWLU QD IRUPDomR GLGiF WLFD GHVVHV PHVPRV SURIHVVRUHV SDUD WUDEDOKDUHP FRP WHFQRORJLDV H QHVVD


,1129$7,21 0$5.(73/$&( PHGLGD FRQWULEXtUHP DFWLYDPHQWH H WRPDUHP HP VXDV PmRV D FRQVWUXomR GH XPD HVFROD QRYD 0DUNNX 0DUNNXOD ID] DOXVmR SRU VHX ODGR j LPSRUWkQFLD GD LQYHVWLJDomR HP WRUQR GRV QRYRV SURFHVVRV GH HQVLQDU H DSUHQGHU FRPR IRUPD GH FRQ VROLGDomR H JHQHUDOL]DomR GDV SUiWLFDV H[SHULPHQWDGDV FRP VXFHVVR 2 ³WUL kQJXOR GR FRQKHFLPHQWR´ IRUPDGR SRU HGXFDomR LQYHVWLJDomR H LQRYDomR p DOLiV DSUHVHQWDGR SRU HVWH RUDGRU FRPR D SHGUD GH WRTXH GD WUDQVIRUPD omR GD HVFROD PXLWR HPERUD UHFRQKHoD D FRPSOH[LGDGH GHVVD WDUHID H D QHFHVVLGDGH GH XPD PXGDQoD GH SDUDGLJPD VREUH D SUySULD IRUPD FRPR LQWHUSUHWDPRV D UHDOLGDGH HVFRODU :DOWHU .XJHPPDQ FKDPD D DWHQomR SDUD R IDFWR GH D DERUGDJHP GDV TXHVW}HV GD LQRYDomR QmR SRGHU VHU DWRPL]DGD DQDOLVDQGR FDGD DVSHFWR VHSDUDGDPHQWH VXJHULQGR HP DOWHUQDWLYD XPD YLVmR LQWHJUDGD GRV SUREOH PDV H D QHFHVVLGDGH GH LQYHVWLU QR TXH GHVLJQD SRU ³DSUHQGHU D LQRYDU´ H TXH HVWi PXLWR SUy[LPR GR FRQFHLWR GH ³(VSHFLDOL]DomR HP $SUHQGL]DJHP &ULDWLYD´ LQWURGX]LGR SRU 5REHUWR &DUQHLUR 2 FRQFHLWR GH ³LQRYDomR GLVUXSWLYD´ LQWURGX]LGR H GLVFXWLGR SRU 5REHUWR &DUQHLUR H &ODXGLR 'RQGL IRL QHVWD PHVD UHGRQGD XPD LGHLD FKDYH TXH LPSRUWD VXEOLQKDU WDPEpP SRUTXH WDO FRPR IRL VXJHULGR Dt SRGHUi UHVLGLU R VHJUHGR SDUD VHUPRV FDSD]HV GH HTXDFLRQDU DV RSRUWXQLGDGHV UHDLV RIH UHFLGDV SHODV WHFQRORJLDV TXH FRPS}HP D :(% QRPHDGDPHQWH QXPD SHUVSHFWLYD GH DSUHQGL]DJHP LQIRUPDO H GH GHVHQYROYLPHQWR SHVVRDO H SUR ILVVLRQDO DR ORQJR GD YLGD


&5($7,9( /($51,1*

FDStWXOR ,,,

( 0(6$ 5('21'$ 129$6 &203(7È1&,$6 3$5$ 12926 (035(*26 ( 129$6 2325781,'$'(6 5HODWRU ! -26e '8$57( ',$6 3DUWQHU GD 3DUDGR[R +XPDQR

$ DSUHQGL]DJHP DR ORQJR GRV VpFXORV WHP VLGR R PHFDQLVPR GH DGDS WDomR GDV VRFLHGDGHV j PXGDQoD e SRU LVVR TXH D PXGDQoD WHP VLGR XP IDFWRU GH DODYDQFDJHP GDV HVWUDWpJLDV H GRV SURFHVVRV GH DSUHQGL]DJHP DR ORQJR GD KLVWyULD GD KXPDQLGDGH FRPXP H WUDQVYHUVDO D WRGRV RV SRYRV 'H XPD IRUPD HVSHFLDO GHVGH R 5HQDVFLPHQWR pSRFD GH JUDQGHV WUDQVIRUPD o}HV H PXGDQoDV QRV SODQRV VRFLDO HFRQyPLFR H FLHQWtILFR FULDQGR DVVLP XP FRQWH[WR IDYRUiYHO DR GHVHQYROYLPHQWR GRV SURFHVVRV GH DSUHQGL]DJHP QRPHDGDPHQWH FRP D LQYHQomR GD LPSUHQVD &RP HIHLWR FRP R VXUJLPHQWR GD LPSUHQVD LQLFLRX VH D DFHOHUDomR GD PXGDQoD H FRP HOD SURJUHVVRV H WUDQVIRUPDo}HV VLJQLILFDWLYDV QRV SURFHVVRV GH DSUHQGL]DJHP XPD YH] TXH RV SHUtRGRV GH GXUDomR GD PXGDQoD LQGHSHQGHQWHPHQWH GD VXD QDWXUH]D SDVVDUDP D VHU FUHVFHQWHPHQWH PHQRUHV (VWD WHQGrQFLD HYROXLX FRP R GH VHQYROYLPHQWR GD HOHFWUyQLFD DFHQWXRX VH FRP D ³UHYROXomR GD PXOWLPpGLD´ RFRUULGD HQWUH H H LQWHQVLILFRX VH FRP R WHFKQRORJLFDO FUDVK HP FXUVR GHVGH R DQR 2X VHMD TXDQWR PDLRUHV RV GHVHQYROYLPHQWRV GD HOHFWUyQLFD PHQRUHV RV SHUtRGRV GH GXUDomR GDV PXGDQoDV H SRU FRQ VHJXLQWH PDLRU D SUHVVmR SDUD R GHVHQYROYLPHQWR GH QRYDV HVWUDWpJLDV H SURFHVVRV GH DSUHQGL]DJHP 1D DFWXDOLGDGH DV PXGDQoDV LQGX]LGDV SHOR WHFKQRORJLFDO FUDVK HVWmR D TXHVWLRQDU DV HVWUDWpJLDV H RV SURFHVVRV GH DSUHQGL]DJHP H GH DTXLVLomR GH QRYDV FRPSHWrQFLDV GHVHQYROYLGRV SDUD UHVSRQGHU jV H[LJrQFLDV GH PXGDQoD YHLFXODGDV SHOD UHYROXomR GD PXOWLPpGLD RFRUULGD HQWUH H &RP HIHLWR DV HVWUDWpJLDV H SURFHVVRV GH DSUHQGL]DJHP TXH VmR KRMH GRPLQDQWHV IRUDP GHVHQYROYLGRV H LQVWUXPHQWDOL]DGRV SDUD VHUHP DSOL FDGRV QXP FRQWH[WR WHFQROyJLFR H LQIRUPDFLRQDO PXLWR GLIHUHQWH GR DFWXDO 1D UHDOLGDGH KRMH YLYHPRV WHPSRV FRPSOHWDPHQWH GLIHUHQWHV %DVWD SHQVDU TXH D TXDQWLGDGH GH LQIRUPDomR GLVSRQtYHO SRU GLD QD LQWHUQHW p PDLRU D WRGD D TXH IRL SURGX]LGD QRV ~OWLPRV DQRV


,1129$7,21 0$5.(73/$&( 0DV PDLV GH GRLV HP GRLV DQRV GXSOLFD R YROXPH GH QRYD LQIRUPDomR GLVSRQtYHO QDTXHOD LPSRUWDQWH SODWDIRUPD PXQGLDO GH DUPD]HQDJHP H GLV WULEXLomR GH LQIRUPDomR 1R IXQGR RV IDFWRUHV GH PXGDQoD VmR KRMH VLJQL ILFDWLYDPHQWH GLIHUHQWHV GRV GDV ~OWLPDV WUrV GpFDGDV GR VpFXOR ;; 0DV SDUDGR[DOPHQWH RV SURFHVVRV H DV HVWUDWpJLDV GH DSUHQGL]DJHP FRQWLQXDP D VHU RV TXH IRUDP GHVHQYROYLGRV QHVVH SHUtRGR $ SULQFLSDO FRQVHTXrQFLD GDV WUDQVIRUPDo}HV HQXQFLDGDV p R HYLGHQWH GHVDMXVWDPHQWR HQWUH RV LQWHUHVVHV H DV FDSDFLGDGHV GH TXHP DSUHQGH H RV SURFHVVRV H FRPSHWrQFLDV GH TXHP HQVLQD 0DLV FRQFUHWDPHQWH HQWUH DV PRWLYDo}HV GRV DOXQRV H D SUHSDUDomR GRV GRFHQWHV 0DV VH TXDLV TXHU G~YLGDV H[LVWLVVHP HODV VHULDP FRPSOHWDPHQWH GHVIHLWDV VH SHQVDU PRV TXH GRV DOXQRV DILUPDP TXH QmR WrP TXDOTXHU LQWHUHVVH QR TXH DSUHQGHP HQTXDQWR TXH HQWHQGH TXH DTXLOR TXH DSUHQGHP QmR WHP TXDOTXHU XWLOLGDGH ( SRUTXr HVWH GHVIDVDPHQWR" 3RUTXH RV HVWXGDQWHV GRV GLDV GH KRMH VmR ³DSUHQGHQWHV GLJLWDLV´ GLJLWDO OHDUQHUV MRJDP YtGH RJDPHV YrHP WHOHYLVmR XWLOL]DP R WHOHPyYHO 8VDP VXSRUWHV H IHUUD PHQWDV GLJLWDLV EHP FRPR P~OWLSORV FDQDLV GH FDSWDomR WUDWDPHQWR H GLV WULEXLomR GH LQIRUPDomR QR VHX GLD D GLD SDUD H[SHULPHQWDUHP VHQVDo}HV H UHDOL]DUHP H[SHULrQFLDV HPLQHQWHPHQWH KXPDQDV FRPR FRPXQLFDUHP FRODERUDUHP MRJDUHP H GLYHUWLUHP VH 0DV QD HVFROD SRU SDUDGR[DO TXH SRVVD SDUHFHU UDUDPHQWH VmR VXMHLWRV D FRQWH[WRV H SURFHVVRV GH DSUHQGL]DJHP RSHUDFLRQDOL]DGRV FRP UHFXUVR D VX SRUWHV GLJLWDLV VLPLODUHV SRUTXH D HVFROD H RV SURIHVVRUHV QmR HVWmR SUHSDUD GRV SDUD WDO 2V DPELHQWHV GH DSUHQGL]DJHP HP YH] GH VHUHP FRODERUDWLYRV SDUWLFLSDWLYRV H H[SHULHQFLDLV FDUDFWHUL]DP VH SHOD VLPSOHV WUDQVPLVVmR GH LQIRUPDomR SRU SDUWH GR SURIHVVRU H GH UHFHSomR SHOR DOXQR ( FRPR FRQ VHTXrQFLD D DSOLFDomR GR SRWHQFLDO GRV UHFXUVRV WHFQROyJLFRV GLJLWDLV GD DF WXDOLGDGH jV HVWUDWpJLDV H SURFHVVRV GH DSUHQGL]DJHP p LQVXILFLHQWH SRUTXH VmR VREUHWXGR XWLOL]DGRV SHORV SURIHVVRUHV SDUD HVWUXWXUDUHP DSUHVHQWDUHP H DUPD]HQDUHP LQIRUPDomR HP YH] GH SURSRUFLRQDUHP DRV DOXQRV RSRUWXQL GDGHV H UHDLV H[SHULrQFLDV QHFHVViULDV DR DFWR GH DSUHQGHU 7HPRV TXH WHU SUHVHQWH TXH R SRWHQFLDO WHFQROyJLFR GD HUD GLJLWDO DFWXDO WURX[H HQRUPHV PXGDQoDV QRV SODQRV VRFLDO H HFRQyPLFR QRV ~OWLPRV DQRV 0XGDQoDV FUHVFHQWHPHQWH LQHVSHUDGDV H GH GXUDomR FDGD YH] PHQRU 0DV LQH[SOLFDYHOPHQWH RV GRFHQWHV FRQWLQXDP D VHU IRUPDGRV H D DFWXDOL]DUHP FRPSHWrQFLDV SDUD GHVHQYROYHUHP HVWUDWpJLDV H SURFHVVRV GH DSUHQGL]D


&5($7,9( /($51,1* JHP FHQWUDGRV QD WUDQVPLVVmR GH LQIRUPDomR HP YH] GH GHVHQYROYHUHP FRPSHWrQFLDV TXH OKHV SHUPLWDP OHYDU RV DOXQRV D RUJDQL]DUHP HVWUXWX UDUHP H RSHUDFLRQDOL]DUHP H[SHULrQFLDV GH DSUHQGL]DJHP H HODERUDomR GH FRQKHFLPHQWR FRP UHFXUVR DR HQRUPH SRWHQFLDO GD WHFQRORJLD GLJLWDO GRV GLDV GH KRMH 1R IXQGR RV SURIHVVRUHV SUHFLVDP GH UHSHQVDU D VXD DWLWXGH IDFH j HVFROD H DR HQVLQR H GHVHQYROYHUHP FRPSHWrQFLDV FHQWUDGDV QR UH IRUoR GRV VHXV VNLOOV WHFQROyJLFRV H KXPDQRV SDUD VH WRUQDUHP IDFLOLWDGRUHV GH XP SURFHVVR GH DSUHQGL]DJHP QR TXDO RV DOXQRV VmR RV YHUGDGHLURV SURWDJRQLVWDV H QmR PHURV UHFHSWiFXORV GD LQIRUPDomR TXH R SURIHVVRU OKHV SDVVD VRE R HStWHWR GH FRQKHFLPHQWR 0XGDQoD H DSUHQGL]DJHP VmR GXDV GLPHQV}HV HP SHUPDQHQWH LQWHUDF omR 8PD DIHFWD H GHWHUPLQD D RXWUD $ WHFQRORJLD GLJLWDO WURX[H PXGDQoDV VLJQLILFDWLYDV QD YLGD GDV SHVVRDV ( D HVFROD H RV GRFHQWHV QmR SRGHP ILFDU GH IRUD GHVVD PXGDQoD 3RUTXH VH FRPR YLPRV QR LQtFLR DV HVWUD WpJLDV H RV SURFHVVRV GH DSUHQGL]DJHP VmR R PHFDQLVPR XWLOL]DGR SHODV VRFLHGDGHV SDUD VH DGDSWDUHP j PXGDQoD p LPSHUDWLYR TXH D HVFROD H RV GRFHQWHV HVWHMDP j DOWXUD GHVVD QHFHVVLGDGH LPSOHPHQWDQGR HVWUDWpJLDV TXH XVDP R SRWHQFLDO GD WHFQRORJLD GLJLWDO SDUD SURSRUFLRQDUHP DPELHQWHV FRQWH[WRV H H[SHULrQFLDV GH DSUHQGL]DJHP FRP RV TXDLV RV DOXQRV HQTXDQ WR ³DSUHQGHQWHV GLJLWDLV´ VH LGHQWLILTXHP


,1129$7,21 0$5.(73/$&(

FDStWXOR ,,,

1(: 6.,//6 )25 1(: -2%6 5HODWRU ! 58, &$6752 &RUUHVSRQGHQWH 1DFLRQDO GR SRUWDO H/HDUQLQJ(XURSD H 'LUHFWRU GD $FDGHPLD GH 6RIWZDUH

$ VRFLHGDGH DFWXDO YLYH VRE XPD HFRQRPLD JOREDO EDVHDGD QD DTXLVLomR GH QRYRV FRQKHFLPHQWRV GH QRYDV IRUPDV GH DSUHQGL]DJHP H QR GHVHQYRO YLPHQWR GH QRYDV FRPSHWrQFLDV 2 PHUFDGR SURFXUD SHVVRDV SUHSDUDGDV FRP QRYRV FRQKHFLPHQWRV H FRP SHWrQFLDV DV HPSUHVDV QDFLRQDLV H PXOWLQDFLRQDLV H[LJHP FDGD YH] PDLV GRV VHXV FRODERUDGRUHV ( LVVR LQFOXL QRYRV FRQKHFLPHQWRV QRYDV DERUGD JHQV GH SUREOHPDV H VREUHWXGR FULDWLYLGDGH 3RU IRUPD D UHVSRQGHU D HVWDV QHFHVVLGDGHV TXHU QXPD YHUWHQWH LQGLYLGXDO TXHU DR QtYHO HPSUHVDULDO Ki TXH HVWDEHOHFHU SULRULGDGHV QDV SROtWLFDV DFWXDLV TXH SDVVDP SHOD UHIRUPD GR VLVWHPD HGXFDWLYR IRUPDO H QmR IRUPDO EHP FRPR QD IRUPDomR SURILVVLRQDO SUHSDUDQGR DV SHVVRDV SDUD DV SURILVV}HV GR DPDQKm H DVVLP PHOKRU DMXVWDU DV SROtWLFDV GD HGXFDomR H GR HPSUHJR $MXVWDU FRPSHWrQFLDV H HPSUHJRV SUHYHU QHFHVVLGDGHV QHVWHV WHPSRV GH PX GDQoD SHUPLWLUi j (8 XPD PHOKRU FDSDFLGDGH GH UHVSRVWD jV HVWUDWpJLDV GH FUHV FLPHQWR H HPSUHJR SURPRYHQGR DVVLP R GHVHQYROYLPHQWR GR PHUFDGR GH WUDED OKR TXH FRUUHVSRQGD jV QHFHVVLGDGHV H DVSLUDo}HV GH PRELOLGDGH GRV FLGDGmRV 1DV VRFLHGDGHV DFWXDLV RV HGXFDGRUHV H RV SURIHVVRUHV VHUmR REULJDGRV D DGTXLULU H DFWXDOL]DU DV VXDV FRPSHWrQFLDV SHGDJyJLFDV H GH JHVWmR SRU IRUPD D DVVHJXUDUHP PDLV H PHOKRUHV H[SHULrQFLDV GH DSUHQGL]DJHP GH TXDOLGDGH 1mR VHUmR FRQWXGR RV ~QLFRV ³DFWRUHV´ UHVSRQViYHLV SHOD IRUPDomR H SHOD DSUHQGL ]DJHP GDGR TXH HVVD UHVSRQVDELOLGDGH UHFDL LJXDOPHQWH VREUH WRGRV DTXHOHV TXH HP OXJDUHV GH OLGHUDQoD SRVVDP SURPRYHU FRQVWDQWHV DSUHQGL]DJHQV LQIRU PDLV VXVWHQWiFXOR GH LQRYDomR H FRPSHWLWLYLGDGH QDV RUJDQL]Do}HV 7DO REULJD QHFHVVDULDPHQWH TXH WRGRV RV DFWRUHV HQYROYLGRV QHVWH SURFHVVR GH SHUPDQHQWH UHTXDOLILFDomR WHQKDP GH UHYHU R VHX SUySULR SHUILO GH FRPSHWrQFLDV


&5($7,9( /($51,1* (P 3RUWXJDO GRLV RUJDQLVPRV RILFLDLV UHSDUWHP HQWUH VL XP FRQMXQWR GH UHVSRQVDELOLGDGHV H LQLFLDWLYDV TXH YLVDP UHVSRQGHU D DOJXQV GRV GHVDILRV GR WHPD HP GLVFXVVmR 2 &1(/ &RRUGHQDomR 1DFLRQDO GD (VWUDWpJLD GH /LVERD TXH GHQWUR GDV VXDV DWULEXLo}HV H UHVSRQVDELOLGDGHV H DR DEULJR GR 3URJUDPD 1DFLRQDO WHP FRPR LQLFLDWLYDV H UHIHUrQFLDV ‡ 'HVDILR WHFQROyJLFR ± LQYHVWLPHQWR QDV WHFQRORJLDV GH LQIRUPDomR H FRPXQLFDomR H QD LQRYDomR FRP R REMHFWLYR GH PHOKRUDU D TXDOLGDGH GH YLGD GRV FLGDGmRV DXPHQWDU D FRPSHWLWLYLGDGH H FULDU QRYRV HPSUHJRV ‡ 0HOKRULD QD FRPSHWLWLYLGDGH 0HOKRUDU R PHUFDGR LQWHUQR H FULDU XP DPELHQWH IDYRUiYHO DR ODQoDPHQWR H GHVHQYROYLPHQWR GH HPSUHVDV LQRYDGRUDV ‡ 6RFLHGDGH EDVHDGD QR FRQKHFLPHQWR ± (GXFDomR DXPHQWR GDV KDELOLWDo}HV H DSRLR j PRELOLGDGH IRUPDomR DR ORQJR GD YLGD ‡ 0RGHUQL]DU H UHIRUoDU R PRGHOR VRFLDO HXURSHX 0DLV H PHOKRUHV HPSUHJRV SURPRYHU D LQFOXVmR VRFLDO PRGHUQL]DU D SURWHFomR VRFLDO H D $14 $JrQFLD 1DFLRQDO SDUD D 4XDOLILFDomR TXH WHP SRU PLVVmR FRRUGHQDU D H[HFXomR GDV SROtWLFDV GH HGXFDomR H IRUPDomR SURILVVLRQDO GH MRYHQV H DGXOWRV H DVVHJXUDU R GHVHQYROYLPHQWR H D JHVWmR GR 6LVWHPD GH 5HFRQKHFLPHQWR 9DOLGDomR H &HUWLILFDomR GH &RPSHWrQFLDV DVVXPLQGR XP SDSHO GLQDPL]DGRU GR FXPSULPHQWR GDVPHWDV WUDoDGDV SHOD ,QLFLDWLYD 1RYDV 2SRUWXQLGDGHV 'RV GHVDILRV ODQoDGRV D GHEDWH ³1HZ 6NLOOV IRU 1HZ -REV´ GHVWDTXH SDUD XP FRQMXQWR GH LQLFLDWLYDV HQTXDGUDGDV QR WHPD HP GLVFXVVmR ‡ $SRVWDU QXPD RIHUWD GH HGXFDomR H IRUPDomR SURILVVLRQDO TXH YLVH UHVSRQGHU GH XPD IRUPD PDLV HILFD] H DWHPSDGD jV QRYDV VROLFLWDo}HV GR PHUFDGR ‡ 3DUWLFLSDU QD GHILQLomR GH PHFDQLVPRV GH DYDOLDomR LQWHJUDGD H GH LQFHQWLYR j TXDOLGDGH QR kPELWR GDV RIHUWDV GH HGXFDomR H IRUPDomR GH MRYHQV H DGXOWRV ‡ 3DUWLFLSDU QD GHILQLomR GD RULHQWDomR HVWUDWpJLFD GDV RSo}HV SROtWLFDV H GR UHJLPH OHJDO GDV RIHUWDV GH HGXFDomR H IRUPDomR GH MRYHQV H DGXOWRV H GR 6LVWHPD GH 5HFRQKHFLPHQWR 9DOLGDomR H &HUWLILFDomR GH &RPSHWrQFLDV ‡ &RQFHEHU H PDQWHU DFWXDOL]DGR R &DWiORJR 1DFLRQDO GH 4XDOLILFDo}HV FRP R DSRLR GRV &RQVHOKRV 6HFWRULDLV SDUD D 4XDOLILFDomR DVVHJXUDQGR D FRQFHSomR GH SHUFXUVRV GH HGXFDomR H IRUPDomR GH MRYHQV H DGXOWRV GH FDUiFWHU IOH[tYHO PRGXODU H FDSLWDOL]iYHO


,1129$7,21 0$5.(73/$&( ‡ 0RELOL]DU HP FRRSHUDomR FRP RXWURV DFWRUHV D SURFXUD GH QRYDV RSRUWXQLGDGHV GH DSUHQGL]DJHP DR ORQJR GD YLGD ‡ 'LQDPL]DU D LQRYDomR QR GRPtQLR GR FXUUtFXOR GDV PHWRGRORJLDV H GRV UHFXUVRV SHGDJyJLFRV &RPR QRWDV ILQDLV GHVWDTXH SDUD XPD ,GHLD &KDYH VHPSUH SUHVHQWH DR ORQJR GR WHPD ³1HZ 6NLOOV IRU 1HZ -REV´ &RPSHWrQFLDV FRP UHDOFH SDUD DV VHJXLQWHV iUHDV ‡ (GXFDGRUHV 1HFHVVLGDGH FRQWtQXD GH HGXFDomR H WUHLQR &DSDFLGDGHV SDUD PRWLYDU RV IRUPDQGRV $GPLQLVWUDGRUHV GD UHGH H FDWDOL]DGRUHV GRV SURFHVVRV GH DSUHQGL]DJHP ‡ 2UJDQL]Do}HV 1HFHVVLGDGH GH PXGDQoD SDUD XPD QRYD FXOWXUD RUJDQL]DFLRQDO ‡ $GPLQLVWUDomR 3~EOLFD 1HFHVVLGDGH GH UHIRUoDU DV FRPSHWrQFLDV ‡ (VFRODV H 8QLYHUVLGDGHV 8PD OLJDomR FRQWtQXD H FDGD YH] PDLV IRUWH FRP D VRFLHGDGH FLYLO


&5($7,9( /($51,1*

FDStWXOR ,,,

(6758785$5 352&(662 '( ,129$d®2 &20 5(&8562 $2 0e72'2 '( 5(62/8d®2 &5,$7,9$ '( 352%/(0$6 5HODWRU ! -26e $17Ï1,2 %$/'$,$ &RQVXOWRU GH 'HVHQYROYLPHQWR 2UJDQL]DFLRQDO H GH *HVWmR GD ,QRYDomR

e XP PpWRGR GLULJLGR DR GHVHQYROYLPHQWR GD LQRYDomR H DR WUHLQR GH OLGHUDQoD &RP UHFXUVR D UHXQL}HV GH JUXSR FHUFD LQWHUYHQLHQWHV SRU JUXSR WRPDP VH GHFLV}HV VREUH SUREOHPDV FRPSOH[RV GH IRUPD D REWHU D VXD VLPSOLILFDomR 3DUWLQGR GR SULQFtSLR TXH D EDVH GD FULDWLYLGDGH p D GHILQLomR GR SUREOHPD H XWLOL]DQGR XPD IHUUDPHQWD 5&3 FRP XPD OLGHUDQoD DGHTXDGD SRWHQFLRX VH D LPDJLQDomR 2 )DFLOLWDGRU p R OtGHU GR SURFHVVR D HTXLSD p OtGHU GR FRQWH~GR $ GLQkPLFD GD 5&3 UHVXOWRX GD XWLOL]DomR VLVWHPiWLFD GH GXDV LQWHUURJDo}HV ³2 TXH QRV LPSHGH"´ H ³3DUD TXr"´ 6HJXLQGR D HVWUDWpJLD DPSOLDU H UHGX]LU YDL H YHP VXUJLUDP YDULDGDV IRUPDV FDPLQKRV SRVVtYHLV SDUD UHVROXomR GR SUREOHPD GDGDV SHOR JUXSR YHULILFDQGR VH TXH R PDLV LPSRUWDQWH p R TXH VH WRUQD PDLV VDOLHQWH )RL VDOLHQWDGR TXH D FULDWLYLGDGH WHP GH VH WUDQVIRUPDU HP ,QRYDomR H SDUD LVVR GHYHP H[LVWLU LQGLFDGRUHV GH HILFiFLD (VWHV LQGLFDGRUHV LUmR SRVWHULRU PHQWH FRQWDPLQDU RXWURV VHFWRUHV TXH QmR R JUXSR GH WUDEDOKR SDUD DOpP GH YHULILFDU VH R FDPLQKR TXH HVWi D VHU VHJXLGR p R TXH LQWHUHVVD )LQDOPHQWH IRL QHFHVViULR FULDU XP SODQR GH DFomR TXH LQFOXL FDPSRV FRPR WD UHIDV TXHP UHDOL]D FRPR DSOLFDU TXDO R SUD]R H TXDLV DV PHGLGDV GH HILFiFLD 1RWD

0LQ %DVDGXU H *DUU\ *HODGH HP 6LPSOLI\QJ 2UJDQL]DWLRQ :LGH &UHDWLYLW\ $ 1HZ 0HQWDO 0RGHO VX JHUHP TXH ³R SHQVDPHQWR LQRYDGRU QDV RUJDQL]Do}HV HQYROYH GRLV SURFHVVRV FRJQLWLYRV ELSRODUHV GLVWLQWRV 2 SULPHLUR DSUHHQVmR GL] UHVSHLWR j DTXLVLomR GH HQWHQGLPHQWR RX FRQKHFLPHQWR $ XWLOL]D omR HP VHJXQGR GL] UHVSHLWR j DSOLFDomR GH HQWHQGLPHQWR RX FRQKHFLPHQWR´ 6XJHUHP DLQGD TXH ³XPD RUJDQL]DomR HILFD] p DTXHOD TXH DSUHVHQWD WUrV FDUDFWHUtVWLFDV HVSHFtILFDV D HILFLrQFLD D DGDSWDELOLGDGH H D IOH[LELOLGDGH´


,1129$7,21 0$5.(73/$&(

FDStWXOR ,,,

(035((1'('25,602 5HODWRU ! %25*(6 *21d$/9(6 /HDUQDERXW

(VWH SHTXHQR WHVWHPXQKR SUHWHQGH UHIOHFWLU RV HQVLQDPHQWRV UHFROKLGRV SRU XP HVSHFWDGRU TXH DOpP GH QmR VHU XP HVSHFLDOLVWD QHVWH DVVXQWR DVVLVWLX SHOD SULPHLUD YH] D XP SDLQHO VREUH HVWH WHPD 2 SDLQHO IRL DSUHVHQWDGR SHOR 0RGHUDGRU 'U )UDQFLVFR %DQKD TXH IH] XP EUHYH HQTXDGUDPHQWR GR WHPD IRFDQGR RV DVSHFWRV HVVHQFLDLV GR FKDPDGR ³(FRVVLVWHPD (PSUHHQGHGRU´ FRP GHVWDTXH SDUD R SDSHO GDV 8QLYHUVLGDGHV $VVRFLDo}HV (PSUHVDULDLV H RXWURV DJHQWHV GH GHVHQ YROYLPHQWR UHJLRQDO H ORFDO D TXH VH VHJXLUDP DV LQWHUYHQo}HV GRV WUrV PHPEURV GR SDLQHO D 3URIHVVRUD +HOHQD 9LHLUD R 'U 0DQXHO 7HL[HLUD H R (QJHQKHLUR 3DXOR $QGUH] DRV TXDLV IRL SHGLGR TXH IDODVVHP XP SRXFR GDV VXDV H[SHULrQFLDV SHVVRDLV H HQYROYLPHQWR HQTXDQWR DFWRUHV UHOHYDQWHV GDTXHOH HFRVVLVWHPD 'DV SDODYUDV GR 'U )UDQFLVFR %DQKD UHVVDOWRX GHVGH ORJR D FRQVWDWDomR GD DFWXDOLGDGH GR WHPD HPSUHHQGHGRULVPR KRMH UHIHULGR LQVLVWHQWHPHQWH WDQWR QRV PHGLD FRPR QRV PHLRV SROtWLFRV XQLYHUVLWiULRV H HPSUHVDULDLV H R IDFWR GH QmR VHU GH PRGR DOJXP XP WHPD QRYR HP 3RUWXJDO RQGH GHVGH Ki DOJXP WHPSR VH HVWi D ID]HU ³DOJR´ HP SUDWLFDPHQWH WRGRV RV GRPtQLRV GH DFomR GR HPSUHHQGHGRULVPR 0DV IRL LJXDOPHQWH VDOLHQWDGR TXH WXGR R TXH VH WHP IHLWR p PDQLIHVWDPHQWH LQVXILFLHQWH SDUD SURGX]LU UHVXOWDGRV VXVWHQ WDGRV QXP PHUFDGR JOREDO FDGD YH] PDLV FRPSHWLWLYR 5HIHULQGR VH j FRQILJXUDomR GR (FRVVLVWHPD (PSUHHQGHGRU )UDQFLVFR %DQKD FRPSDURX R D XP ³MDUGLP PXUDGR´ SDUD UHDOoDU D IDOWD GH DFWLYLGD GHV FRQFHUWDGDV D QtYHO QDFLRQDO 3DUD LOXVWUDU HVWH SDUDGLJPD OHPEURX TXH R HQVLQR GR HPSUHHQGHGRULVPR QR HQVLQR VHFXQGiULR QmR p UHJUD DSHVDU GH DOJXPDV LQLFLDWLYDV GH JUDQGH VXFHVVR HP DOJXPDV HVFRODV TXH QmR H[LVWHP IXQGRV GH FDSLWDO GH ULVFR QDV XQLYHUVLGDGHV TXH QmR


&5($7,9( /($51,1* VH YHULILFD XPD OLJDomR DUWLFXODGD HQWUH DV XQLYHUVLGDGHV DV HPSUHVDV R PHUFDGR H R PHLR ILQDQFHLUR TXH DSHVDU GH H[LVWLUHP Mi GLYHUVRV DFWRUHV QD LQG~VWULD GH FDSLWDO GH ULVFR RV HPSUHHQGHGRUHV FRQWLQXDP D VHQWLU GLILFXOGDGHV SDUD JDUDQWLU R ILQDQFLDPHQWR RX XP ILQDQFLDPHQWR VXVWHQ WDGR SDUD RV VHXV SURMHFWRV H TXH DSHVDU GDV GLYHUVDV LQLFLDWLYDV QHVWH GRPtQLR QmR H[LVWH XP FRQFXUVR GH 3ODQRV GH 1HJyFLRV GHYLGDPHQWH DSRLDGR H ILQDQFLDGR D QtYHO QDFLRQDO $QWHV GH FRQFOXLU )UDQFLVFR %DQKD VXEOLQKRX TXH VHP DV FRUUHVSRQGHQ WHV DFo}HV QmR p SRVVtYHO REWHU UHVXOWDGRV IDODQGR DSHQDV QDV YLUWXDOLGDGHV GR HPSUHHQGHGRULVPR Mi TXH DTXLOR TXH WHP VLGR IHLWR QmR WHYH UHIOH[RV QRV LQGLFDGRUHV HFRQyPLFRV GR SDtV ,PSRUWD DJLU H GHSUHVVD &RPR FDWDOLVDGRU GHVVD DFomR R RUDGRU GHL[RX D LGHLD GD FULDomR GH XP 0LQLVWpULR GR (PSUH HQGHGRULVPR $ 3URIHVVRUD +HOHQD 9LHLUD 3UHVLGHQWH H &(2 GD %LRDOYR FRPHoRX D VXD LQWHUYHQomR FRP XP DSRQWDPHQWR GH RSWLPLVPR p SRVVtYHO VHU XP HPSUH HQGHGRU GH VXFHVVR &RP EDVH QD VXD SUySULD H[SHULrQFLD LGHQWLILFRX DOJXPDV FDUDFWHUtVWLFDV GR HPSUHHQGHGRU WDQWR DR QtYHO GD DWLWXGH RQGH GHVWDFRX DOJXPD GRVH GH WHLPRVLD H GH HVStULWR WHPSHUDPHQWDO FRPR QR GRPtQLR GD YRQWDGH GH DSUHQGHU HVWD QHFHVVDULDPHQWH DVVRFLDGD DR FRQWDFWR FRP XP DPELHQWH FXOWXUDO SURStFLR DR IRPHQWR GR HPSUHHQGHGRULVPR QRPHDGDPHQWH QR TXH FRQFHUQH DR HQVLQR GDV PDWpULDV H SUiWLFDV TXH OKH HVWmR DVVRFLDGDV 'HVWDFRX DLQGD D LPSRUWkQFLD GR DSDUHFLPHQWR GD RSRUWXQLGDGH SDUD DYDQoDU FRP R SURMHFWR FRQMXJDGR FRP D DXVrQFLD GH UHFHLR GH IDOKDU H D LQIOXrQFLD TXH DV GLIHUHQWHV IDVHV GR SURFHVVR LQLFLDO H[HUFHP QD FRQVROLGD omR GD DSUHQGL]DJHP H IRUPDomR GR HPSUHHQGHGRU 1R FDVR GD %LRDOYR XPD VWDUW XS GHFRUUHUDP FHUFD GH DQRV D GHVGH D FRQVROLGDomR GD LGHLD H SDUWLFLSDomR HP FRQFXUVRV GH QHJy FLR DWp DR SULPHLUR LQYHVWLPHQWR GH FDSLWDO GH ULVFR 2 LQtFLR GDV DFWLYLGDGHV GD HPSUHVD RFRUUHX HP +HOHQD 9LHLUD VDOLHQWRX TXH p LPSRUWDQWH XPD YRQWDGH SHUPDQHQWH GH FRQWLQXDU D FUHVFHU H DFUHGLWDU SOHQDPHQWH QR SURMHFWR SDUD HQIUHQWDU FRP GHWHUPLQDomR DV DGYHUVLGDGHV FULDGDV SHODV FRQGLo}HV GR DPELHQWH ILQDQ


,1129$7,21 0$5.(73/$&( FHLUR QRPHDGDPHQWH D DXVrQFLD GH FRPSUHHQVmR GR QHJyFLR SRU SDUWH GR LQYHVWLGRU TXH PXLWDV YH]HV QmR FRPSUHHQGH D QHFHVVLGDGH GH PDLV GR TXH XP URXQG GH ILQDQFLDPHQWR SDUD SURMHFWRV GH QDWXUH]D WHFQROyJLFD 3DUD WHUPLQDU D RUDGRUD UHDILUPRX D VXD FRQYLFomR GH TXH D FDSDFLGDGH SDUD DSUHQGHU H[LVWH QRV LQGLYtGXRV PDV TXH p QHFHVViULR HVWLPXOi ORV D WUDEDOKDU DV FDUDFWHUtVWLFDV GR HPSUHHQGHGRU 2 'RXWRU 0DQXHO 7HL[HLUD 3UHVLGHQWH GD &RPLVVmR ([HFXWLYD GD $VVR FLDomR 1DFLRQDO GH -RYHQV (PSUHViULRV $1-( FRPHoRX SRU FDUDFWHUL]DU R DPELHQWH HFRQyPLFR H[LVWHQWH HP 3RUWXJDO j GDWD GD VXD IXQGDomR VD OLHQWDQGR RV DVSHFWRV FRQGLFLRQDQWHV SDUD R GHVHQYROYLPHQWR GR HPSUH HQGHGRULVPR FRPR VHMDP R FDUiFWHU HPLQHQWHPHQWH HVWDWDO GD HFRQRPLD D H[LVWrQFLD GH SRXTXtVVLPDV HPSUHVDV TXH GHVHQYROYLDP XPD FXOWXUD HPSUHHQGHGRUD R HQUDL]DPHQWR QD VRFLHGDGH GR FRQFHLWR GH ³HPSUHJR SDUD D YLGD´ H R IDFWR GH DV XQLYHUVLGDGHV QmR HVWDUHP IRFDOL]DGDV QD QHFHVVLGDGH GH FULDU YDORU SDUD D HFRQRPLD $ $1-( SURFXURX SURYRFDU XPD UXSWXUD QDTXHOH DPELHQWH &RQYHQFHX R (V WDGR D ODQoDU RV SULPHLURV SURJUDPDV GH LQFHQWLYR DR HPSUHHQGHGRULVPR (P ODQoRX D VXD $FDGHPLD GH (PSUHHQGHGRUHV FRP XP SURJUDPD HVWUX WXUDGR SDUD SURPRYHU XPD FXOWXUD HPSUHHQGHGRUD DWUDYpV GD TXDO DWLQJLX QDV VXDV GLYHUVDV LQLFLDWLYDV PDLV GH XP PLOKmR GH SHVVRDV 'H HQWUH HVVDV LQLFLDWLYDV GHVWDFRX D UHDOL]DomR GH URDG VKRZV QRV GLIHUHQWHV WLSRV GH HVWD EHOHFLPHQWRV GH HQVLQR H D UHDOL]DomR GH YLVLWDV GH HVWXGR D HPSUHVDV 0DQXHO 7HL[HLUD GHL[RX DLQGD XPD QRWD GH SUHRFXSDomR UHODWLYDPHQWH DR ULVFR GH HVTXHFLPHQWR GH XP WLSR GH HPSUHHQGHGRULVPR PHQRV WHFQROyJLFR RX TXDOLILFDGR TXH FRQVLGHUD WDPEpP LPSRUWDQWH SDUD R GHVHQYROYLPHQWR GD HFRQRPLD QDFLRQDO HP IDYRU GH XPD FRQFHQWUDomR GDV LQLFLDWLYDV H DSRLRV QXP HPSUHHQGHGRULVPR PDLV WHFQROyJLFR H TXDOLILFDGR $ HVWH SURSyVLWR UHIHULX D GLILFXOGDGH GH HQFRQWUDU DSRLRV QR DFWXDO VLVWHPD GH LQFHQWLYRV GR 45(1 SRU SDUWH GH SURMHFWRV PHQRV WHFQROyJLFRV (P VHX HQWHQGHU R LQ FHQWLYR DR HPSUHHQGHGRULVPR PDLV WHFQROyJLFR p IXQGDPHQWDO PDV R RXWUR p WDPEpP LPSRUWDQWH 3DUD WHUPLQDU SURFXURX GHVPLVWLILFDU XP SRXFR D H[LVWrQFLD HP 3RUWXJDO GH DOJXQV LQGLFDGRUHV TXH R FRORFDP QXP OXJDU GH OLGHUDQoD PXQGLDO HP WHUPRV GH HPSUHHQGHGRULVPR UHIHULQGR TXH DSDUHFHP WDPEpP D SDU GH


&5($7,9( /($51,1* 3RUWXJDO DOJXQV SDtVHV GR 7HUFHLUR 0XQGR GHYLGR DR IHQyPHQR TXH GH VLJQRX GH ³HPSUHHQGHGRULVPR GH QHFHVVLGDGH´ ([SUHVVRX WDPEpP D VXD FRQFRUGkQFLD FRP DV REVHUYDo}HV GH )UDQFLVFR %DQKD VREUH D QHFHVVLGDGH GH DFo}HV PDLV LQWHJUDGRUDV QD SURPRomR GR HPSUHHQGHGRULVPR SDUD SRWHQFLDU RV UHVXOWDGRV HYHQWXDOPHQWH FRP PHQRV UHFXUVRV UHIHULQGR HVSHFLILFDPHQWH R FDVR GD DUWLFXODomR GRV FRQFXUVRV GH SODQRV GH QHJyFLRV TXH D $1-( WHP IRPHQWDGR GHVGH R LQtFLR 2 (QJHQKHLUR 3DXOR $QGUH] DGPLQLVWUDGRU GD '1$ &DVFDLV FRPHoRX SRU DSUHVHQWDU XP SHTXHQR ILOPH VREUH HVWD $VVRFLDomR FULDGD Ki FHUFD GH GRLV DQRV H PHLR TXH WHP SRU REMHFWLYRV SURPRYHU LQFHQWLYDU H GHVHQYROYHU R HPSUHHQGHGRULVPR FRP HVSHFLDO HQIRTXH QR HPSUHHQGHGRULVPR MRYHP H VRFLDO QR &RQFHOKR GH &DVFDLV 3DXOR $QGUH] UHIHULX GHSRLV DOJXQV LQGLFDGRUHV TXH UHIOHFWHP D DFWLYLGD GH GD '1$ &DVFDLV DSRLR D GRV FHUFD GH SURMHFWRV UHFHELGRV GRV TXDLV FHUFD GH IRUDP ILQDQFLDGRV SHOD EDQFD SRU FDSLWDO GH ULV FR RX SRU %XVLQHVV $QJHOV GDQGR OXJDU j FULDomR GH HPSUHVDV D TXH FRUUHVSRQGHX XP LQYHVWLPHQWR LQLFLDO GH FHUFD GH PLOK}HV GH HXURV H D FULDomR GH SRVWRV GH WUDEDOKR 2 IDFWR GH HP FHUFD GH GRV SURMHFWRV UHFHELGRV RV HPSUHHQGHGRUHV WHUHP FRQFOXtGR HP UHVXOWDGR GD DQiOLVH FRP D '1$ TXH RV VHX SURMHFWRV QmR HUDP YLiYHLV IRL LJXDOPHQ WH FRQVLGHUDGR XP UHVXOWDGR SRVLWLYR SRU WHU HYLWDGR SRWHQFLDLV LQLFLDWLYDV FRQGHQDGDV DR LQVXFHVVR $V DVVRFLDo}HV GH DSRLR DR HPSUHHQGHGRULVPR VmR QDV SDODYUDV GH 3DXOR $QGUH] ³PLWLJDGRUDV GR ULVFR´ DVVRFLDGR DRV SURMHFWRV DWUDYpV GD DGRSomR GH XP FRQMXQWR LQWHJUDGR GH VROXo}HV SDUD DWLQJLU HVVH REMHFWLYR WHQGR SUHVHQWH TXH RV LQYHVWLGRUHV VHMDP D EDQFD DV HPSUHVDV GH FDSLWDO GH ULVFR RX RV %X VLQHVV $QJHOV WRPDP GHFLV}HV HP IXQomR GR ULVFR GR LQYHVWLPHQWR HP WRGDV DV VXDV YHUWHQWHV VHMD GH PHUFDGR HTXLSD OHJDO ILQDQFHLUD RX RSHUDFLRQDO 3DUD WHUPLQDU R RUDGRU GHVWDFRX R HQYROYLPHQWR GH WRGD D FRPXQLGDGH R HVWDEHOHFLPHQWR GH XPD UHGH GH SDUFHLURV IRUWH R DSRLR GD DXWDUTXLD D VHOHFomR FULWHULRVD GRV GHQRPLQDGRV ³FDVDPHQWHLURV´ D XWLOL]DomR GH PH FDQLVPRV GD LQWHOLJrQFLD HPRFLRQDO H XPD SRVWXUD GH DSRLR SHUPDQHQWH DR HPSUHHQGHGRU FRPR IDFWRUHV GHWHUPLQDQWHV SDUD RV UHVXOWDGRV REWLGRV QRV GRLV DQRV H PHLR GH H[LVWrQFLD GD '1$


,1129$7,21 0$5.(73/$&( 'R GHEDWH TXH VH VHJXLX jV H[SRVLo}HV GR PRGHUDGRU H PHPEURV GR SDLQHO FRPR KiELWR UHODWLYDPHQWH FXUWR UHVXOWDUDP PDLV DOJXPDV QRWDV TXH DSUD] UHJLVWDU 4XHVWLRQDGD D GDU D VXD RSLQLmR VREUH RSo}HV GH LQYHVWLPHQWR SDUD VDOYDU HPSUHVDV HP ULVFR PRELOL]DQGR UHFXUVRV TXH SRGHULDP VHU DSOLFDGRV FRP PHOKRUHV UHVXOWDGRV QR ILQDQFLDPHQWR GH SURMHFWRV WHFQROyJLFRV +HOHQD 9LHLUD UHFRQKHFHX D QHFHVVLGDGH GDTXLOR D TXH FKDPRX GH ³LQYHVWLPHQWR VRFLDO´ $ TXHVWmR UHOHYDQWH p D QHFHVVLGDGH GH DXPHQWDU R IUDFR HQYROYL PHQWR GR FDSLWDO SULYDGR QR DSRLR DR HPSUHHQGHGRULVPR 6REUH D VXD H[SHULrQFLD GH HQVLQR GR HPSUHHQGHGRULVPR QD XQLYHUVLGDGH GHVWDFRX D PHWRGRORJLD XWLOL]DGD OHDUQ E\ GRLQJ H DV GLOLJrQFLDV MXQWR GD 8QLYHUVLGDGH GH /LVERD SDUD TXH HVWDV PDWpULDV SDVVHP D VHU WUDQVYHUVDLV DEUDQJHQGR WRGRV RV FXUVRV 0DQXHO 7HL[HLUD UHIHULX DV LQLFLDWLYDV GD $1-( QR GRPtQLR GD SURPRomR GR FKDPDGR ³HPSUHHQGHGRULVPR VRFLDO´ MXQWR GH EDLUURV VRFLDLV GRV IXQFLRQi ULRV GD DGPLQLVWUDomR S~EOLFD ORFDO H GR VLVWHPD SULVLRQDO TXH D $VVRFLDomR SUHWHQGH DODUJDU D WRGR R SDtV ([SUHVVRX WDPEpP D LGHLD GH TXH LPSRUWD HQIUHQWDU FRPR GHVDILR SDUD RV SUy[LPRV DQRV D QHFHVVLGDGH GH TXHEUDU XPD H[FHVVLYD GHSHQGrQFLD GR (VWDGR TXH VH YHULILFD D WRGRV RV QtYHLV )LQDOPHQWH D SURSyVLWR GR HQYROYLPHQWR GD $1-( QR 3RUWXJDO )DVKLRQ VX EOLQKRX D LPSRUWkQFLD GD FULDWLYLGDGH SDUD R VXFHVVR GDV HPSUHVDV 3DXOR $QGUH] PDQLIHVWRX D GLVSRQLELOLGDGH GD '1$ SDUD DSRLDU RXWURV PX QLFtSLRV TXH GHVHMHP LPSOHPHQWDU LQLFLDWLYDV VHPHOKDQWHV j VXD PDV TXH D LQLFLDWLYD WHP TXH SDUWLU GRV PXQLFtSLRV TXH GHVHMHP HVVH DSRLR 4XHVWLRQDGR VREUH R LQYHVWLPHQWR DVVRFLDGR j FULDomR GD '1$ DILUPRX TXH SRGH QmR VHU QHFHVViULR XP JUDQGH LQYHVWLPHQWR Mi TXH p SRVVtYHO XWL OL]DU GLYHUVRV UHFXUVRV PDWHULDLV GD DXWDUTXLD FRPR HVSDoR ItVLFR HTXLSD PHQWR RXWGRRUV HWF 2 SDLQHO HQFHUURX FRP RV DJUDGHFLPHQWRV GR PRGHUDGRU


&5($7,9( /($51,1*

FDStWXOR ,,,

0$5.(7,1* ,1129$7,21 5HODWRU ! )(51$1'2 $7$1È6,2 5(,6 (FRQRPLVWD 0DWHPiWLFR 0HVWUH HP 0DUNHWLQJ

&217(;78$/,=$5 2 0$5.(7,1* ,1129$7,21 &RPR p VDELGR R 0DUNHWLQJ WHP XPD IXQomR PXLWR FRQFUHWD QR PHUFD GR ± UHODFLRQDU D RUJDQL]DomR FRP D VXD HQYROYHQWH (VWH UHODFLRQDPHQWR HYROXL QDWXUDOPHQWH FRP DV LQRYDo}HV WHFQROyJLFDV TXH FDGD PHUFDGR YDL DGRSWDQGR H RULHQWD SRU LVVR D SUySULD JHVWmR LQWHUQD GDV RUJDQL]Do}HV (Q TXDQWR FDSDFLGDGH TXH XPD RUJDQL]DomR WHP SDUD VH UHODFLRQDU FRP D VXD HQYROYHQWH R 0DUNHWLQJ UHFROKH LQIRUPDomR SUHSDUD H SURGX] UHVSRVWDV 1D VHQGD GR GHVDILR SUHFRQL]DGR SHOD $JHQGD GH /LVERD ± WRUQDU D (XUR SD QD HFRQRPLD PDLV FRPSHWLWLYD QR GHVHQYROYLPHQWR GR FRQKHFLPHQWR HP ± R 0DUNHWLQJ ,QQRYDWLRQ GLVWLQJXH VH FRQVHQVXDOPHQWH FRPR D XWLOL ]DomR SHODV SHVVRDV SHODV UHGHV H SHODV RUJDQL]Do}HV GH XP FRQMXQWR GH IHUUDPHQWDV H WpFQLFDV GH JHVWmR FDWDOL]DGRUDV GH YDQWDJHQV FRPSHWLWLYDV VXVWHQWiYHLV $ JHVWmR GR FRQKHFLPHQWR JHUDGRUD GH YDQWDJHQV FRPSHWLWLYDV p KRMH HIHFWLYDPHQWH D EDVH GH SDUWLGD GR 0DUNHWLQJ ,QQRYDWLRQ $ FULDomR GH YDORU SHOR FDSLWDO LQWHOHFWXDO GDV RUJDQL]Do}HV DWUDYpV GR FRQKHFLPHQWR DVVHQWD QR FUHVFLPHQWR H[SRQHQFLDO GD VXD XWLOLGDGH PDUJLQDO TXDQWR PDLV OLJDo}HV PDLV UHODo}HV H LQWHUDFo}HV XPD VRFLHGDGH HP UHGH GHVHQYROYH PDLRU p R SRWHQFLDO GR VHX YDORU 2 0DUNHWLQJ H D LQRYDomR FRQMXQJDP VH KRMH H DSOLFDP VH HP VtPELRVHV GH YDORU QDV RUJDQL]Do}HV 6mR PXLWRV RV H[HPSORV FRQFUHWRV D DVVRFLDomR GH PDUFDV FRP WHFQRORJLDV LQRYDGRUDV HP SURGXWRV GLIHUHQFLDGRUHV WDO FRPR D HVFROKD GRV LQJUHGLHQWHV GH XPD SL]]D QR WHOHPyYHO RX FRPR D OLJDomR ZLUHOHVV HQWUH VDSDWLOKDV GHVSRUWLYDV H XP SHTXHQR PHGLD SOD\HU RX DLQGD D RIHUWD GRV VHUYLoRV GH XP EDQFR QXPD RSHUD VRXS QR <RXWXEH *DXGrQFLR HYLGHQ FLDP VLQHUJLDV GH FRPXQLFDomR EDVHDGDV QD :HE HP 6RFLDO 0HGLD TXH VmR H[HPSORV GH 0DUNHWLQJ ,QQRYDWLRQ


,1129$7,21 0$5.(73/$&( (17(1'(5 26 62&,$/ 0(',$ $ :HE DVVXPH VH DVVLP QD SODWDIRUPD SUiWLFD GH XP 0DUNHWLQJ UHOD FLRQDO XWLOL]DGRU H REMHFWR HP FRQWtQXD HYROXomR GH 5HGHV 6RFLDLV RQGH D JHVWmR GR FRQKHFLPHQWR VH DVVXPH IXOFUDO QD FULDomR GH YDORU RFRUUHQWH QRV 6RFLDO 0HGLD 6RFLDO 0HGLD UHIHUH VH DR FRQMXQWR GH IHUUDPHQWDV GD :HE XWLOL]DGDV SDUD SDUWLOKD GH LQIRUPDomR LQLFLDGD H FHQWUDGD QDV SHVVRDV (VWD SDUWLOKD SRGH FRQ VXEVWDQFLDU VH SRU H[HPSOR HP FRQWH~GRV JHUDGRV SHORV SUySULRV XWLOL]DGRUHV HP PHQVDJHQV JHUDGDV H FRQWURODGDV SHOD VXD SUySULD DXGLrQFLD PXLWDV YH]HV HP 5HGHV 6RFLDLV GH RSLQLmR JUXSRV GH XWLOL]DGRUHV GH XPD PDUFD RX EHQHItFLR HVSHFtILFR &RP XP VHQWLGR GH FRPXQLGDGH IRUWHPHQWH HYROXtGR QRV 6RFLDO 0HGLD DV SRVVLELOLGDGHV GH HVFROKD GH FRPXQLFDomR GH FRODERUDomR GH SDUWL OKD H FRQVXOWD GH RSLQLmR VmR PDLV GR TXH MDPDLV WLQKDP VLGR DWp DTXL $V 5HGHV 6RFLDLV HVWmR DEHUWDV D TXDOTXHU Q~PHUR GH SDUWLFLSDQWHV H VmR DJRUD FDGD YH] PDLV HVSDoRV RQGH DV LGHLDV H RSLQL}HV VREUH PDUFDV RX VHUYLoRV VmR GLVFXWLGDV VHP UHVWULo}HV $V QRWtFLDV RQOLQH R ZHEEORJLQJ RV ZHEYLGHRV VLPSOHVPHQWH SDUD FRPXQLFDU XP HYHQWR SRQWXDO RX RV ZHEYLGH RV GLDU\ DOLPHQWDGRV QXPD EDVH GLiULD RV ZLGJHWV RV 566 IHHGV H R 6RFLDO 1HWZRUNLQJ FRPR R /LQNHGLQ R )DFHERRN R 7ZLWWHU R 0\ 6SDFH R )OLFNU H RXWURV TXH VHJXUDPHQWH Mi VXUJLUDP DSyV D HVFULWD GHVWH WH[WR DWUDHP DXGL rQFLDV TXH DV RUJDQL]Do}HV QmR SRGHP LJQRUDU 0DLV FRP D :HE DV RUJDQL]Do}HV SRGHP SRVLFLRQDU VH XP SDVVR DGLDQWH GRV VHXV FRQFRUUHQWHV GLUHFWRV SHOD FULDomR H XWLOL]DomR GH XPD EDVH PDLV VyOLGD GH 1HWZRUNLQJ H 6RFLDO 0HGLD FRP RV VHXV 6WDNHKROGHUV HP JHUDO H XWLOL]DGRUHV FOLHQWHV DOYR RX 2SLQLRQ PDNHUV HP SDUWLFXODU e D LQWHJUDomR GD 3URFULDWLRQ QDV HPSUHVDV RX VHMD R HQYROYLPHQWR GDV SHVVR DV LQWHUHVVDGDV QR SURFHVVR GH IDEULFR QD HQWUHJD H QD H[SHULPHQWDomR e R 0DUNHWLQJ ,QQRYDWLRQ HQTXDQWR FULDGRU GH PDLRUHV EHQHItFLRV SDUD WRGRV RV DFWRUHV 2UJDQL]Do}HV H 6WDNHKROGHUV 6mR HYLGHQWHV WDPEpP RV EHQHItFLRV GD :HE SDUD RV PDUNHWHHUV $V RUJDQL]Do}HV SRGHP DJRUD XWLOL]DU WDPEpP R 0DUNHWLQJ HP 6RFLDO 0HGLD SDUD R GHVHQYROYLPHQWR GH SURWyWLSRV GH FRPXQLFDomR H 1HWZRUNLQJ FRP XWLOL]DGR UHV UHDLV FRORFDQGR VH PXLWR j IUHQWH TXDQGR FRPSDUDGRV FRP RV SURFHVVRV WUDGLFLRQDLV QD HODERUDomR H XWLOL]DomR GRV HVWXGRV H UHFROKDV GH RSLQLmR


&5($7,9( /($51,1* 7XGR LVWR FRP EHQHItFLRV HYLGHQWHV GH PHQRUHV FXVWRV PDLRUHV UHQGLPHQWRV JDQKRV GH PLQGVKDUH PDLRU QRWRULHGDGH H IRUoD GH PDUFD PDLRU UHWHQomR GH FOLHQWHV H SUHVHQoD PDLV FRQVLVWHQWH QD DUHQD GH UHFROKD H IRUPDWDomR GH RSLQLmR S~EOLFD 9D] $&7,9$5 $6 3(662$6 2 0DUNHWLQJ ,QQRYDWLRQ H[SORUD SRUWDQWR IHUUDPHQWDV H PHLRV WHFQROyJLFRV QRYRV QXPD LQFRQWRUQiYHO H FDGD YH] PDLV FRQVFLHQWH RULHQWDomR SDUD R FOLHQWH RQGH HVWH LJXDOPHQWH JHVWRU GR VHX SUySULR FRQKHFLPHQWR VH WRUQD DFWRU H GHFLVRU GD FRPXQLFDomR H GRV FDQDLV TXH XWLOL]D $ LQWHUDFomR GRV EHQV LQWDQJtYHLV GDV RUJDQL]Do}HV FRPR R VmR R FDSL WDO KXPDQR R FDSLWDO HVWUXWXUDO H R FDSLWDO UHODFLRQDO JHUD GH DFRUGR FRP &DEULWD H 9D] DTXLOR TXH VH GHVLJQD SRU FDSLWDO LQWHOHFWXDO e HVWD D LQWHUDFomR GH FRPSRQHQWHV GR FDSLWDO LQWHOHFWXDO TXH FULD YDORU GH IRUPD VLJQLILFDWLYD SDUD R GHVHPSHQKR RUJDQL]DFLRQDO 2 GHVDILR TXH VH OHYDQWD DR 0DUNHWLQJ GDV RUJDQL]Do}HV p SRU WXGR LVVR D WUDQVIRUPDomR WRWDO GR SRGHU GRV VHXV XWLOL]DGRUHV ± VWDNHKROGHUV ± DWUDYpV GD HPHUJrQFLD GD :HE 0DLV GR TXH XP QRYR GHVDILR HVWDU SUHVHQWH QRV 6RFLDO 0HGLD p KRMH R GHVDILR GLItFLO H DPSODPHQWH FRPSOH [R GR 0DUNHWLQJ ,QQRYDWLRQ &RP D :HE R 0DUNHWLQJ ,QQRYDWLRQ JHUD QRYDV HVWUDWpJLDV QRYDV WiFWLFDV QRYDV GLVFLSOLQDV H PXGD R 0DUNHWLQJ PL[ RQGH D LPSRUWkQFLD GR 3 -XGG ± 3HRSOH SRZHU ± SDVVD D VHU LQFRQWRUQiYHO 0DLV D LPSRUWkQFLD GDV SHVVRDV p WmR PDLRU TXH KRMH XP ERP 3ODQR GH 0DUNHWLQJ WHP GH UHIOHFWLU HTXLOtEULR HQWUH R VHX 0DUNHWLQJ PL[ H DV WiFWLFDV GH 6RFLDO 0HGLD GD RUJDQL]DomR 0DLV DLQGD SUHFLVD LJXDOPHQWH GH LQFRUSRUDU R GHVDILR FRQVWDQWH GH IDODU FRP DV SHVVRDV FRP RV VHXV FOLHQWHV DOYR H DGHTXDU D FDGD XP GHOHV D VXD FRPXQLFDomR QXPD FODUD ySWLFD RQH WR RQH 'H IDFWR D LPSRUWkQFLD GDV RSLQL}HV H GHFLV}HV GRV FRQVXPLGRUHV PXGD RV KRUL]RQWHV GD FRPXQLFDomR GH 0DUNHWLQJ H PROGD DVVLP R 0DUNHWLQJ ,Q QRYDWLRQ 2 GHVHQYROYLPHQWR GDV PHQVDJHQV GR 0DUNHWLQJ ,QQRYDWLRQ H GDV VXDV SURSRVWDV GH YDORU WHP D VXD RULHQWDomR QDV GLVFXVV}HV H QR IHHGEDFN UHFROKLGR DWUDYpV GRV DPELHQWHV GH 6RFLDO 0HGLD GD :HE


,1129$7,21 0$5.(73/$&( 5HVXPLQGR H FRQVROLGDQGR SRGH HQWHQGHU VH D :HE FRPR SURSXOVRUD GR 0DUNHWLQJ ,QQRYDWLRQ 9D] TXDQGR XPD RUJDQL]DomR ‡ 2XYH XWLOL]DQGR WHFQRORJLDV VRFLDLV GH SHVTXLVD SDUD PHOKRU FRPSUHHQGHU D VXD DXGLrQFLD H UHDJLU GH IRUPD DGHTXDGD ‡ )DOD XWLOL]DQGR WHFQRORJLDV VRFLDLV SDUD HVSDOKDU PHQVDJHQV GD VXD PDUFD ‡ 9LWDOL]D DWUDYpV GRV VHXV PDLV HQWXVLDVWDV VHJXLGRUHV FOLHQWHV RX SDUFHLURV SHOR XVR GDV WHFQRORJLDV VRFLDLV R SRGHU GR VHX :20 ZRUG RI PRXWK ‡ $SRLD DWUDYpV GH IHUUDPHQWDV GH 6RFLDO 0HGLD FRPR )RUXQV RX :LNLV SDUD DMXGDU RV VHXV FOLHQWHV RX SDUFHLURV D OLJDU VH HQWUH VL ‡ (QYROYH SHOD LQWHJUDomR GH YRQWDGHV H GHVHMRV GRV VHXV FOLHQWHV RX SDUFHLURV QR GHVHQYROYLPHQWR GH SURGXWRV RX SURFHVVRV &(175$5 $6 ,'(,$6 2 FDSLWDO KXPDQR DODYDQFD R FDSLWDO UHODFLRQDO GDV RUJDQL]Do}HV PXOWL SOLFDQGR H DOLPHQWDQGR DV UHODo}HV TXH R FDSLWDO HVWUXWXUDO D ,QWHUQHW YDL RIHUHFHQGR e XPD HYROXomR VHPkQWLFD H WHFQROyJLFD TXH MXQWD R WUDGLFLRQDO 0DUNHWLQJ GH 0DVVDV FRP R 0DUNHWLQJ 2QH WR RQH H R 0DUNHWLQJ 2QH WR RQH FRP R ; 0DUNHWLQJ +RUWLQKD 4XDQWR PDLV LQWHUDFo}HV H[LVWLUHP QD VRFLHGDGH HP UHGH PDLV VH GHVHQ YROYH D SUySULD VRFLHGDGH 6HQGR DVVLP VH DV RUJDQL]Do}HV SURFXUDP FRQWLQXDPHQWH YDQWDJHQV FRPSHWLWLYDV QRV PHUFDGRV HP TXH VH SRVLFLRQDP R FDSLWDO LQWHOHFWXDO p HQTXDQWR IDFWRU LQWDQJtYHO H DFWRU GH GLIHUHQFLDomR D IRQWH GD FULDomR GH YDORU VXVWHQWiYHO GDTXHODV 6H D :HE OLJRX DV SHVVRDV jV UHGHV D :HE OLJD DV SHVVRDV FRP PiTXLQDV H HQWUH FDGD XPD GHODV HVWDEHOHFH UHGHV e EHP PDLV GR TXH XPD PRGD VRFLDO SRLV SHUPLWH XPD FRQYLYrQFLD PDLV DEHUWD H OLYUH (QWmR FRPR VH WUDQVIRUPDP QHVWHV DPELHQWHV GLQkPLFRV SHOD LQRYDomR TXH RV FDUDFWHUL]D DV FRPXQLFDo}HV GDV RUJDQL]Do}HV HP 0DUNHWLQJ ,QQRYDWLRQ HILFD]" 3DVVDP D FR H[LVWLU GRLV PRGRV GH FRPXQLFDomR D PHOKRU FRPSUHHQVmR GDV QHFHVVLGDGHV GRV FRQVXPLGRUHV FRQMXJD VH FRP SUiWLFDV FRODERUDWLYDV YLVt YHLV FRPR SRU H[HPSOR QD :LNLSHGLD H QRXWUDV )RONVRQRP\ &RPPXQLWLHV


&5($7,9( /($51,1* 7DPEpP QR 0DUNHWLQJ HQTXDQWR UHODomR FRP RV RXWURV TXDOTXHU RUJDQL ]DomR SRGH LQRYDU ( FRPR UHIHUH /XtV 5DLPXQGR 6FKZDE D PHOKRU IRUPD GH SUHYHU R IXWXUR p FRQVWUXt OR 3RUpP D HPHUJrQFLD GH XPD VRFLH GDGH GR FRQKHFLPHQWR LQWHUOLJDGD FRQHFWDGD HQWUH VL SRGH VHU VLPXOWDQHD PHQWH D VROXomR RX SDUWH GR SUREOHPD 1R HQWDQWR XP FRQFHLWR PDQWHP VH FRQVHQVXDO HIHFWLYDPHQWH FRP D :HE R 0DUNHWLQJ &RQFHSW SHUPDQHFH H[DFWDPHQWH QD PHVPD ± VDWLVID ]HU RV FRQVXPLGRUHV R PHOKRU SRVVtYHO 3DUD WDO R FRQKHFLPHQWR GR QHJyFLR p H FRQWLQXDUi D VHU R FHQWUR GR 0DUNHWLQJ ,QQRYDWLRQ 1mR p FRP D WHFQROR JLD TXH VH ID] ERP 0DUNHWLQJ p FRP DV SHVVRDV WDQWR RQOLQH FRPR RIIOLQH e GHODV TXH GHSHQGH R FDSLWDO LQWHOHFWXDO GDV RUJDQL]Do}HV 6LP p DTXHOH R FRQKHFLPHQWR TXH FULD YDORU

5HIHUrQFLDV &DEULWD 0 5 ,QWHOOHFWXDO &DSLWDO DQG 9DOXH &UHDWLRQ (YLGHQFLQJ LQ 3RUWXJXHVH %DQNLQJ ,Q GXVWU\ ,6(* /LVERD *DXGrQFLR 3 $SUHVHQWDomR +DYDV 'LJLWDO QD &RQIHUrQFLD &UHDWLYH /HDUQLQJ ,QQRYDWLRQ 0D UNHWSODFH $,3 /LVERD -XGG 9 & $FKLHYLQJ D FXVWRPHU RULHQWDWLRQ XVLQJ µSHRSOH SRZHU¶ WKH WK 3 (XURSHDQ -RXUQDO RI 0DUNHWLQJ %UDGIRUG 9RO 1XP SS +RUWLQKD - ; 0DUNHWLQJ (GLo}HV 6tODER /LVERD 6FKZDE / 5 $SUHVHQWDomR ,3$0 QD &RQIHUrQFLD &UHDWLYH /HDUQLQJ ,QQRYDWLRQ 0DUNHWSODFH $,3 /LVERD 9D] - / 0DUNHWLQJ ,QQRYDWLRQ DQG 0DUNHW &KDOOHQJH $SUHVHQWDomR ,6(* QD &RQIHUrQFLD &UHDWLYH /HDUQLQJ ,QQRYDWLRQ 0DUNHWSODFH $,3 /LVERD


,1129$7,21 0$5.(73/$&(

FDStWXOR ,,,

23(1 ,1129$7,21 5HODWRU ! 9,725 $)2162 'RFHQWH GD (VFROD GH +RWHODULD H 7XULVPR GR (VWRULO

3URI 6RXPRGLS 6DUNDU ‡ $SUHVHQWRX XP JUiILFR FRPSDUDWLYR TXH PRVWUD XPD SHVTXLVD QR *RRJOH GDV SDODYUDV µLQQRYDWLRQ¶ H µIRRWEDOO¶ ‡ $SUHVHQWRX R FRQFHLWR GH 2SHQ ,QRYDWLRQ ‡ 1mR Ki IURQWHLUDV SDUD D LQRYDomR DEHUWD ‡ ,QYRFRX DV WUDQVIRUPDo}HV HP FXUVR QD ,QGLD H QD &KLQD ‡ 5HIHULX D LPSRUWkQFLD GR QHWZRUNLQJ FRP HQWUH LQVWLWXLo}HV GH HQVLQR ODERUDWyULRV HPSUHVDV DJHQFLDV GH GHVHQYROYLPHQWR SDUD GHVHQYROYHU D LQRYDomR DEHUWD ‡ ,QQRYDWLRQ HPSRZHUPHQW ‡ 2 HVSHFWR GD LQRYDomR DEHUWD LGHDWLRQ ! GHFLVLRQ ! SURGXFWLRQ ! FRPPHUFLDOL]DWLRQ ‡ 5HIHULX WDPEpP D LPSRUWkQFLD GR ,QWUD HQWUHSUHQHXUVKLS H R VHX SRWHQFLDO JHUDO GH LQRYDomR GHQWUR GDV RUJDQL]Do}HV 3URI 0DUNNR 7RUNHOOL ‡ ZZZ RSHQLQQRYDWLRQ IL UX IU HP DVVRFLDomR FRP +HQU\ &KHVEURXJK ‡ )DORX VREUH D FXOWXUD GH LQRYDomR DEHUWD QD 1RNLD ZZZ H[QRYDWH RUJ ‡ (VWXGRX D LQRYDomR DEHUWD QD )LQODQGLD ‡ 5HIHULX R H[HPSOR GD 3URWFHU *DPEOH QD PXGDQoD GH FXOWXUD IDFH j RSHQ LQQRYDWLRQ ‡ 3DUWLFLSRX QXP HVWXGR LQWLWXODGR ³,PSOHPHQW 2SHQ ,QQRYDWLRQ LQ ODUJH FRUSRUVWLRQ &KDOOHQJHV DQG )LQDQFLDO 2XWFRPHV¶ ‡ )DORX GD LPSRUWmQFLD GD ZHE H GD µFRODERUDWLRQ¶ 1mR VH WUDWD GH XP MRJR GR WLSR µVH RX VHQmR¶ PDV WHP GH VHU JDQKDGRU SDUD DPEDV DV SDUWHV µZLQ ZLQ¶ ‡ $ LQRYDomR DEHUWD HVWi µRYHU SHUIRUPLQJ¶


&5($7,9( /($51,1* 5XEHQ (LUDV *DOS $ *DOS (QHUJLD HVWi D FRQVWUXLU XP HFRVVLVWHPD DEHUWR GH , ' H ,QRYDomR ,', DUWLFXODGR FRP R 6LVWHPD &LHQWtILFR H 7HFQROyJLFR FRP RV SULQFLSDLV REMHFWLYRV IRUoD ‡ 'HVHQYROYHU FRPSHWrQFLDV WHFQROyJLFDV FUtWLFDV GH IRUPD PDLV FpOHUH H FRP FXVWR UD]RiYHO ‡ $VVHJXUDU D LQWHUQDOL]DomR GR NQRZ KRZ WHFQROyJLFR HVWUDWpJLFR GLIHUHQFLDQGR R QHJyFLR FRQTXLVWDQGR PHUFDGR FRP EDVH QR YDORU DFUHVFHQWDGR TXH D *DOS (QHUJLD HQWUHJD DR FOLHQWH ‡ &ULDomR GR SRUWDO ©5HGH *DOS ,QRYDomRª FRQFHELGR VHJXQGR RV SDUDGLJPDV GD ©2SHQ,QQRYDWLRQªH GD :HE SDUD FRQHFWDU GH IRUPD FRODERUDWLYD D HPSUHVD j LQWHOLJrQFLD FROHFWLYD GDV FRPXQLGDGHV ©8QLYHUVLGDGHV H FRPXQLGDGH FLHQWtILFD WHFQROyJLFDª H ©(PSUHVDV GH %DVH 7HFQROyJLFDª TXH RSHUHP QD iUHD GD HQHUJLD H VHFWRUHV UHODFLRQDGRV ‡ &RP HVWD QRYD IHUUDPHQWD D *DOS (QHUJLD DXPHQWD D VXD FDSDFLGDGH GH UHODFLRQDPHQWR FRP R 6HFWRU &LHQWtILFR DILUPDQGR VH FRPR XP DFWRU SUy DFWLYRH LQRYDGRU MXQWR GD FRPXQLGDGH FLHQWtILFD H WHFQROyJLFD GD iUHD HQHUJpWLFD ‡ 2 REMHFWLYR SULQFLSDO p FULDU XP (VSDoR GH ,QRYDomR~QLFR H RULJLQDO SDUD DV FRPXQLGDGHV XQLYHUVLWiULDV H GH HPSUHVDV GH EDVH WHFQROyJLFD SDUD UHFROKD GH LGHLDV GHVWLQDGDV jFULDomR GH QRYRV SURFHVVRV SURGXWRV H VHUYLoRV TXH PHOKRUHP GH IRUPD LQRYDGRUD D FULDomR GH YDORU SDUD RV FOLHQWHV GD *DOS (QHUJLD ‡ $ *DOS SRVVXL XP EDQFR GH LGHLDV SDUD RV VHXV FRODERUDGRUHV H D JUDQGH PDLRULD VmR µLQRYDo}HV LPFUHPHQWDLV¶ ‡ 3URPRYH H IRPHQWD D SDUWLFLSDomR HP FRQFXUVRV GH LGHLDV OLJDomR jV LQVWLWXLo}HV GH HQVLQR VXSHULRU H ID] R DFROKLPHQWR GH HVWDJLiULRV ‡ 5HIHULX XPD GDV UHFHQWHV LQRYDo}HV GD *DOS D JDUUDID GH JiV µ3OXPD¶


&5($7,9( /($51,1*

',5(&d®2_&225'(1$d®2 $,3 &( ( (48,3$ '( 352-(&72

0iULR 7HL[HLUD 3DXOD )RQVHFD $GHOLQD 6HTXHLUD 0DULD 9LHLUD

&216(/+2 &2168/7,92 $'9,625< &281&,/

$0$ &DULQD $PpULFR $3'6, /XtV 9LGLJDO $3* )HUQDQGR 5HLV &(&2$ 9DQGD 9LHLUD &(3&(3 8&3 %UXQR 0DUTXHV 5XL %UDQGmR &1(/ 3ODQR 7HFQROyJLFR $QWyQLR % 6DQWRV )'7, ,VDEHO 9LOKHQD ,$30(, &ULVWLQD %UDQTXLQKR ,1$ 7HUHVD 6DOLV *RPHV 129$%$6( 0iULR )LJXHLUD 37 ,QRYDomR $UQDOGR 6DQWRV 7(6( -RmR 0HQHVHV 80LQKR 0DULD -RmR *RPHV


,1129$7,21 0$5.(73/$&(

(;(&87,9( ',5(&7,21 $1' 352-(&7 7($0

&DUOD 0DWRV +HOHQD &DLDGR (WHOEHUWR &RVWD 1RUPD 5RGULJXHV


&5($7,9( /($51,1*


&20( 72 7+( &25(

,1129$7,21 0$5.(73/$&(

0DWFKLQJ 1HZ %XVLQHVV DQG 1HZ /HDUQLQJ &RQIHUHQFH 5HIOHFWLRQV DQG 3URFHHGLQJV


&5($7,9( /($51,1* ,1129$7,21 0$5.(73/$&(

0DWFKLQJ 1HZ %XVLQHVV DQG 1HZ /HDUQLQJ

&RQIHUHQFH 5HIOHFWLRQV DQG 3URFHHGLQJV


,1129$7,21 0$5.(73/$&(

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

,Q WKLV PRPHQW WKDW WKH IXWXUH RI WKH /LVERQ 6WUDWHJ\ (8 LV GHILQHG DV ZHOO DV WKH VWUDWHJ\ IRU LQIRUPDWLRQ VRFLHW\ IRU WKH SHULRG SRVW L &UHDWLYH /HDUQLQJ &RQIHUHQFH ZDV DQ LPSRUWDQW FRQWULEXWLRQ WR GHEDWH OHDUQLQJ DQG VKDULQJ FRQFHSWV DQG SUDFWLFHV UHODWHG WR &UHDWLYLW\ DQG ,QQRYDWLRQ

7KH &RQIHUHQFH KDV KLJKOLJKWHG WKDW D IXWXUH PRUH VXVWDLQDEOH DQG LQFOX VLYH LQYROYHV PRUH HTXLWDEOH DFFHVV WR OHDUQLQJ V\VWHPV IRUPDO QRQ IRUPDO DQG LQIRUPDO ZLWK D PRUH HIIHFWLYH XVH RI LQIRUPDWLRQ WHFKQRORJ\ DQG FRP PXQLFDWLRQ LQ WKH HGXFDWLRQDO SURFHVV HQFRXUDJLQJ WKH DFTXLVLWLRQ RI OLIHORQJ QHZ VNLOOV WKH GHYHORSPHQW RI WHDFKLQJ PHWKRGV DQG WUDQVPLVVLRQ RI NQRZ OHGJH DSSURSULDWH WR WKH FKDOOHQJHV RI D PRGHUQ VRFLHW\

$V &RRUGLQDWRU RI WKH 7HFKQRORJLFDO 3ODQ DQG WKH /LVERQ 6WUDWHJ\ LW LV P\ GHVLUH DQG ILUP FRQYLFWLRQ WKDW PD\EH WKH KROGLQJ RI WKLV HYHQW DQG LWV LPSDFW PLJKW DVVHPEOH WKH FLYLO VRFLHW\ WRZDUGV WKH GHYHORSPHQW RI D SODWIRUP IRU OHDUQLQJ QHZ JHQHUDWLRQ NQRZOHGJH DQG LQQRYDWLRQ FDSDEOH RI FRXQWHU SUH VHQW DQG IXWXUH FKDOOHQJHV

&$5/26 =255,1+2 6HFUHWDU\ RI 6WDWH IRU (QHUJ\ DQG ,QQRYDWLRQ DQG 1DWLRQDO &RRUGLQDWRU RI WKH /LVERQ 6WUDWHJ\ DQG WKH 7HFKQRORJLFDO 3ODQ


&5($7,9( /($51,1*

,1'(;

35()$&(

,1752'8&7,21

5REHUWR &DUQHLUR

$VVRFLDomR ,QGXVWULDO 3RUWXJXHVD &RQIHGHUDomR (PSUHVDULDO

&KDSWHU , _ 12:$'$<6 &+$//(1*(6 )520 &5($7,9( /($51,1* 72 &+$1*,1* 62&,(7<

7(&+12/2*,&$//< (;7(51$/,=(' .12:/('*( $1' /($51,1*

72:$5'6 $1 83'$7(' 5$7,21$/( 21 ´,&7 )25 /($51,1*µ

',*,7$/ /,7(5$&< 7+( 5,*+7 :$< 72 0$.( $ &21),'(17 3$57,&,3$7,21 ,1 7+( ,1)250$7,21 62&,(7< 3266,%/( )25 $//

&2//($*8(6 $6 $ 3(5621$/ /($51,1* (19,5210(17

.12:/('*( 75,$1*/( 7+( &21&(37 &5($7,1* 1(: 23325781,7,(6 )25 /,)(/21* /($51,1*

:+(5( $5( 7+( *(1(5$7256"

( 6.,//6 ,1 (8523( 67$7( 2) 3/$<

6725<7(//,1* $1' 7+( ',*,7$/ ),5(

&+$1*,1* 62&,(7<

(WHOEHUWR &RVWD

*HRUJH 6LHPHQV

/LHYH 9DQ GHQ %UDQGH

$QQD 0DULD 6DQVRQL

$OH[DQGUH .UDXVV

0DUNNX 0DUNNXOD

0LQ %DVDGXU

$QGUp 5LFKLHU

$QWRQLR 1~xH]

-RmR 0HQHVHV

&KDSWHU ,, _ &21)(5(1&( &21&/86,216 /($51,1* &5($7,9,7< $1' ,1129$7,21 .(< )$&7256 2) &+$1*( ,1 7+( ;;, 62&,(7< )HUQDQGR $OEXTXHUTXH &RVWD


,1129$7,21 0$5.(73/$&(

&KDSWHU ,,, _ &21)(5(1&( 5(32576 5RXQG 7DEOH %86,1(66 ,1129$7,21

/($51,1* 3/$<(56_$*(176 ,1 /($51,1*

/($516&$3(6 /($51,1* 1(7:25.6

3(5621$/ /($51,1* (19,5210(176 &217(;7 (19,5210(17 $1' 722/6

(8)$&,1(7 )$&,/,7$7256 (8523($1 1(7:25. ),1$/ &21)(5(1&(

5RXQG 7DEOH &5($7,9( /($51,1*

( 5281' 7$%/( 1(: 6.,//6 )25 1(: -2%6 $1' 1(: 23325781,7,(6

1(: 6.,//6 )25 1(: -2%6

6758&785,1* $ &25325$7( ,1129$7,21 352&(66 5(6257,1* 72 7+( &5($7,9( 352%/(0 62/9,1*

(175(35(1(856+,3

0$5.(7,1* ,1129$7,21

23(1 ,1129$7,21

&ULVWLQD %UDQTXLQKR

3DWUtFLD 6DQWRV

5XL 5LEHLUR

5XL 3HUHLUD

9DQGD 9LHLUD

)HUQDQGR $OEXTXHUTXH &RVWD

-RVp 'XDUWH 'LDV

5XL &DVWUR

-RVp $QWyQLR %DOGDLD

%RUJHV *RQoDOYHV

)HUQDQGR $WDQiVLR 5HLV

9LWRU $IRQVR


&5($7,9( /($51,1*

35()$&(

52%(572 &$51(,52 3URIHVVRU 6FKRRO RI +XPDQ 6FLHQFHV &DWKROLF 8QLY RI 3RUWXJDO 'HDQ ,QVWLWXWH IRU 'LVWDQFH /HDUQLQJ

$OLFH FDPH WR D IRUN LQ WKH URDG ³:KLFK URDG GR , WDNH"´ VKH DVNHG ³:KHUH GR \RX ZDQW WR JR"´ UHVSRQGHG WKH &KHVKLUH FDW ³, GRQ¶W NQRZ ´ $OLFH DQVZHUHG ³7KHQ ´ VDLG WKH FDW ³LW GRHVQ¶W PDWWHU´ /HZLV &DUUROO $OLFH LQ :RQGHUODQG

)LQGLQJ WKH SDWK WKDW ZH DUH VHDUFKLQJ IRU RU WKH $ULDGQH¶V WKUHDG WKDW ZLOO OHDG XV RXWVLGH WKH ODE\ULQWK DUH WKH FKDOOHQJHV RI RXU JHQHUDWLRQ ,Q WKH FXUUHQW VFHQHU\ RI ILQDQFLDO FULVLV WKH FRPSDQLHV WKH SHRSOH WKH FRXQWULHV WKDW NQRZ KRZ WR LQQRYDWH FUHDWH ZLOO ZLQ LQ WKH QHDU IXWXUH ,Q WKLV SURFHVV HGXFDWLRQ DQG OHDUQLQJ DUH FUXFLDO :H VSHDN RI FUHDWLYH OHDUQLQJ $OO OHDUQLQJ LQYROYHV VRPH VRUW RI GHVWUXFWLRQ VRPH VRUW RI FUHDWLRQ DQG RU DERYH DOO FR FUHDWLRQ ,W¶V QRW MXVW DERXW WHFKQRORJ\ 7KH FUHDWLYH GHVWUXFWLRQ WKHRUL]HG E\ 6FKXPSHWHU LV FUXFLDO FRQFHUQLQJ WKLV LVVXH DQG WKH FKDOOHQJH OLHV LQ WKH FRQMRLQW SDWK WKDW LV LPSRVHG RQ 7HFKQRORJ\ DQG /HDUQLQJ EHFDXVH WRJHWKHU WKH\ PXVW JR« WR LQYHQW LQ QRYDWH DQG FUHDWH EXLOGLQJ WKH EDVLV RI D ZLQQLQJ VRFLHW\ 7KH FHQWUDOLW\ RI OHDUQLQJ LV KHUH XQGHUVWRRG LQ DQ DFWLRQ LPSHUDWLYH WR OHDUQ /HDUQ WR FUHDWH OHDUQ WR FUHDWH UXSWXUHV OHDUQ WR FUHDWH LQQRYDWLRQ OHDUQ WR OLYH WRJHWKHU WR FRRSHUDWH &UHDWLYLW\ FRQVLVWV PDLQO\ LQ FRQQHFWLQJ WKLQJV WKDW DSSDUHQWO\ DUH GLVMRLQW 7KXV DOO FUHDWLYLW\ LV FROODERUDWLYH &DUQHLUR 5 1HZ NQRZOHGJH QHZ OHDUQLQJ DQG FUHDWLRQ RI YDOXH $ULDGQH¶V 7KUHDG LQ KWWS ZZZ HOHDUQLQJHXURSD LQIR GLUHFWRU\ LQGH[ SKS"SDJH GRF GRFBLG GRFOQJ


,1129$7,21 0$5.(73/$&( )URP WKH WHFKQRORJ\ SRLQW RI YLHZ WKH :HE DQG /HDUQLQJ SURYLGH FRQVWDQW GLDORJXH DQG GUDZ WKH SRVVLELOLW\ IRU FROODERUDWLRQ LW¶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¶V WKH WDFWLFDO NQRZOHGJH WKDW LV ZLWKLQ WKH SHRSOH DQG LQ WKH UHIOHF WHG H[SHULHQFH WKH\ KROG $QG SHRSOH OHDUQ LQIRUPDOO\ $QG KRZ GR WKH\ GR VR" 7KH\ OHDUQ E\ GRLQJ DQG WKH\ GR E\ OHDUQLQJ LQ SUDFWLFH FRPPX QLWLHV ZLWK HDFK RWKHU ,QIRUPDO OHDUQLQJ LV D QDWXUDO VSRQWDQHRXV WKLQJ LW KDSSHQV DOO WKH WLPH DQG HYHU\ZKHUH LQ WKH PRVW DSSDUHQWO\ QDWXUDO UHODWLRQVKLS :KDW HDFK RI XV KDV RI PRVW YDOXDEOH LW¶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¶V DQG RI (XURSH DQG VSHFLILFDOO\ 3RUWXJDO WKH FRPSHWLWLYH LPSURYHPHQW LPSHUDWLYH DQG WKH UHDFKLQJ RI WKH QHZ GH YHORSPHQW VWDQGDUGV DUH LQWLPDWHO\ FRQQHFWHG WR WKH DELOLW\ WR SRWHQWLDWH OHDUQLQJ DQG WHFKQRORJ\


&5($7,9( /($51,1* 7KH QHHG WR UHFRJQL]H DQG JLYH VHQVH WR DOO IRUPV RI OHDUQLQJ LV UHOHYDQW 7KH YDOLGDWLRQ UHFRJQLWLRQ DQG FHUWLILFDWLRQ RI LQIRUPDO OHDUQLQJ DV RQH RI WKH ZD\V WR JLYH PHDQLQJ DUH E\ WKHPVHOYHV D FKDOOHQJH 3RUWXJDO ZDV RQH VWHS DKHDG LQ WKLV SDWK E\ LPSOHPHQWLQJ WKH 1HZ 2SSRUWXQLWLHV IRU DGXOWV ZLWK FRQVLGHUDEOH JURZWK OHYHOV 3RUWXJDO DOVR LQFRUSRUDWHG LQ WKLV WKH G\QDPLF FRPSRQHQW DQG WKH WHFKQRORJLFDO SHQHWUDWLRQ +RZHYHU DQG ZLWK DOO LWV SHU WLQHQFH WKHVH DUH SRVVLEOH SDWKV WKDW GR QRW HQG WKH IXWXUH QHHGV SRWHQWLDO LQVWHDG WKH\ LPSRVH WKH UHVSRQVLELOLW\ WR FRQWLQXH 7KH OHDUQLQJ DQG WHFKQRORJ\ ELQRPLDO DUH DQG ZLOO EH SUHVHQW LQ WKH /HDU QLQJ $JHQGD EXW WKHVH DUH WLPHV RI FKDQJH SRWHQWLDO WKDW SUHVVXUH FRPSD QLHV SHRSOH DQG FRXQWULHV ,Q WKH IXWXUH WKLV DJHQGD VKRXOG LQFOXGH ‡ %XLOG DQ LQIUDVWUXFWXUH IRU /LIHORQJ /HDUQLQJ ‡ 6NLOOV IRU $OO ± JHQHULF ,&7 DQG VRFLDO ‡ 4XDOLW\ RI 6HUYLFH DQG 6WDQGDUGV IRU /HDUQLQJ ‡ ,QYLVLEOH WHFKQRORJLHV DQG &R3 ‡ %DODQFHG FRUSRUDWH DQG LQGLYLGXDO OHDUQLQJ DJHQGDV HPEHGGHG OHDUQLQJ LQ SURGXFWLRQ FRQWH[WV ‡ 5HZDUGLQJ OHDUQLQJ FXOWXUHV ERRVWLQJ PRWLYDWLRQ WR (QJDJH LQ HIIRUWIXO OHDUQLQJ ‡ 0DNLQJ URRP IRU QRQ IRUPDO DQG LQIRUPDO OHDUQLQJ ± YDOXLQJ SUREOHP EDVHG OHDUQLQJ UHDO OLIH DQG SUREOHP HQKDQFLQJ WDFLW DQG H[SHULHQWLDO NQRZOHGJH ,Q WKH MRLQW GHYHORSPHQW HIIRUW ZKHUH WKH GUHDP LV LPSHUDWLYH WKH IXWXUH VKRXOG UH FHQWHU XV DV SHRSOH DV VRFLHW\ 7KLV %RRN RIIHUV XV WKH RSSRUWXQLW\ WR FRQVLGHU D 9LVLRQ IRU (XURSH LQ WKHVH GRPDLQV LQ WKH H[DFW PRPHQW D QHZ &RPPLVVLRQ WDNHV SRZHU LQ WKH ODQGVFDSH RI D QHZ SROLWLFDO VFHQDULR LQVSLUHG E\ WKH /LVERQ 7UHDW\ DQG E\ WKH DOUHDG\ DQQRXQFHG QHZ JXLGHOLQHV RI HIIRUW WRZDUGV WKH DPELWLRXV JRDOV WKDW DUH VWLOO WR EH DWWDLQHG

,QIRUPDO OHDUQLQJ HVWDEOLVKHV WKH IRXQGDWLRQ IRU DGYDQFHG V\QHUJLHV EHWZHHQ OHDUQLQJ DQG LQQRYD WLRQ µOHDUQRYDWLRQ¶


,1129$7,21 0$5.(73/$&(

,1752'8&7,21

&5($7,9( /($51,1* ,1129$7,21 0$5.(73/$&( $662&,$d­2 ,1'8675,$/ 32578*8(6$ &21)('(5$d­2 (035(6$5,$/

7KLV ERRN DUULYHV LQ WKH VHTXHQFH RI WKH ZRUN SURGXFHG LQ WKH IUDPH RI WKH &RQIHUHQFH F\FOH RUJDQL]HG E\ $,3 &( DQG KHOG DW &RQJUHVVHV &HQWHU LQ /LVERQ GD\V DQG RI 2FWREHU VXERUGLQDWHG WR WKH WKHPHV &UHD WLYH /HDUQLQJ ,QQRYDWLRQ 0DUNHWSODFH ,W LV LQLWLDO SXUSRVH ZKLFK SUHVLGHG WR LWV LQLWLDWLYH WULHG WR SURYLGH DQVZHUV WR WKH DOUHDG\ LGHQWLILHG FRQFHUQV E\ $,3 &( LQ LWV &RPSHWLWLYHQHVV 0DJQD 0HPRUDQGXP ZKHUH LW VWDWHG QDPHO\ ³ 7KH ORQJOLIH OHDUQLQJ WDNHV RQ D FUXFLDO UROH LI LW DFWV LQ WKH GRXEOH WUHQG RI WKH LPSURYHPHQW RI WKH SURIHVVLRQDO VNLOOV DQG WKH HIIHFWLYH LQFUHDVH RI WKH HGXFDWLRQ OHYHOV LQ WKH DFWLYH DGXOW SRSXODWLRQ +RZHYHU WKH VLWXDWLRQ LQ 3RUWXJDO LVQ¶W D SRVLWLYH RQH ´ DQG $GGHG WKH VDPH UHSRUW DV DVSHFWV WR SULRULWL]H ³$GDSW WKH HGXFDWLRQ DQG WUDLQLQJ V\VWHPV WR WKH GHPDQGV RI WKH .QRZOHGJH 6RFLHW\ GHYHORS D FRQWLQXRXV SURIHVVLRQDO WUDLQLQJ V\VWHP /RQJ /LIH /HDUQLQJ DLPLQJ WRZDUGV WKH UHLQIRUFHPHQW RI ZRUN SURGXFWLYLW\ RI FRPSDQLHV FRPSHWLWLYHQHVV DQG WKH UHDO LPSURYHPHQW RI WKH HPSOR\HHV¶ UHPXQHUDWLRQ LQFOXGLQJ WKH VKDULQJ RI UHDFKHG EHQHILWV 3URGXFLQJ WKH &UHDWLYH /HDUQLQJ ,QQRYDWLRQ 0DUNHW3ODFH &RQIHUHQFH ZDV DOVR RQH PRUH FRQWULEXWLRQ IRU WKH FHOHEUDWLRQ RI /RQJ /LIH /HDUQLQJ DQG RI WKH (XURSHDQ <HDU RI &UHDWLYLW\ DQG ,QQRYDWLRQ :H HYROYHG QDWXUDOO\ WRZDUGV WKH DPELWLRQ RI WUDQVIRUPLQJ WKH &RQIHUHQFH LQ D FROOHFWLYH ZRUN WRRO IRU WKH SDUWQHUVKLS VXSSRUWHUV WHDPV DQG NQRZOHG JH DJHQWV LQYROYHG


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¶V PDMRULW\ VRPH RI WKH VXE D[LV FRQVLGHUHG PRVW UHOHYDQW 7KH IRXQG LQGLFDWRUV LQ WKH IUDPH RI WKH &UHDWLYH /HDUQLQJ ,QQRYDWLRQ 0D UNHWSODFH FRQILUPHG WKH VXFFHVV RI WKLV LQWHQWLRQ DQG LQFLWH XV WR JR RQ ,QGH HG WKLV HYHQW KDG WKH SDUWLFLSDWLRQ RI VSHDNHUV IURP GLIIHUHQW FRXQWULHV DQG PRGHUDWRUV LQ ZKLFK VHVVLRQV RYHU SHRSOH ZHUH SUHVHQW DQG RYHU IROORZHG LQ WKH LQWHUQHW YLD ZHE FRQIHUHQFH 0DQ\ URXQG WDEOHV ZRUNVKRSV DQG FRQIHUHQFHV UHJLVWHUHG PD[LPXP DW WHQGDQFH OHYHOV DQG PDQ\ LQWHUHVWHG SHRSOH ZDWFKHV WKH VHVVLRQ RQ WKH VFUHHQV SODFHG RXWVLGH WKH VHYHUDO DXGLWRULXPV LQ ZKDW ZDV SHUKDSV RQH RI WKH PRVW VLJQLILFDQW PXOWLPHGLD WHFKQRORJ\ FRQFHQWUDWLRQ LQ HYHQWV RI WKLV NLQG LQ 3RUWXJDO WKXV DOORZLQJ DV ZDV RXU LQWHQWLRQ DOO SDUWLFLSDQWV WR IHHO WKDW WKH\ ZHUH LQWHJUDWHG DQG D SDUW RI DQ DWPRVSKHUH RI JUHDW SURDFWLYLW\ LQQRYDWLRQ FUHDWLYLW\ DQG«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«7KHUH LV WKHUHIRUH D QHHG WR DFW


,1129$7,21 0$5.(73/$&( $FWLRQ VR WKDW LQ D VLJQLILFDQW ZD\ WKH FRPSDQLHV LQYHVW PRUH DQG PRUH RQ WKH TXDOLILFDWLRQ RI WKH KXPDQ UHVRXUFHV $FWLRQ WR JUDGXDOO\ LQFUHDVH DQG LQ D VLJQLILFDQW ZD\ WKH QXPEHU RI SHRSOH LQYROYHG LQ IRUPDO DQG RU LQIRUPDO ORQJOLIH OHDUQLQJ SURFHVVHV WKXV EULQJLQJ XV FORVHU WR D UDWH $FWLRQ VR WKDW 3RUWXJDO PD\ EHQHILW IURP KDYLQJ EHHQ WKH (8 FRXQWU\ WKDW UHJLVWHUHG D KLJKHU LQFUHDVH UHJDUGLQJ LQYHVWPHQW LQ 5 ' LQ RI WKH *'3 LQ LQ DQG KDYLQJ WKH KLJKHU LQFUHPHQW RI 3K'¶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p 5LFKLHU DV ZHOO DV DERXW WKH LPSOLFDWLRQV RI DOO WKLV FRQFHUQLQJ WKH LPSDFW DQG WKH XQDYRLGDEOH FKDQJHV UHJDUGLQJ VRFLHW\ -RmR 0HQH]HV )RFXVLQJ PRUH RQ WKH FRPSDQ\¶V FRQWH[W RU RQ WKH SRWHQWLDO RI LWV XVH ZL WKLQ RI ZKLFK 6WRU\WHOOLQJ LV D JRRG H[DPSOH ZH SUHVHQW VRPH WHFKQLTXHV PHWKRGRORJLHV DQG WKH WKLQNLQJ RI WKRVH ZKR UHIOHFW RQ WKH LVVXHV RI &RUSRUDWH


&5($7,9( /($51,1* 6WUDWHJ\ ZLWK DQ LQQRYDWLYH SHUVSHFWLYH DQG RI JUHDW PRGHUQLW\ 0LQ %DVDGXU $QWRQLR 1~x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


,1129$7,21 0$5.(73/$&(

FKDSWHU , 12:$'$<6 &+$//(1*(6

)520 &5($7,9( /($51,1* 72 &+$1*,1* 62&,(7< (7(/%(572 &267$ ([HFXWLYH &RPPLWWHH _ $,3 &(

³, GUHDP ZLWK WKH GD\ ZKHQ OHDUQLQJ LV WRWDOO\ LQYLVLEOH $V EUHDWKLQJ LV LQYLVLEOH ORYH RU EUHDWKLQJ SDVVLRQ LV LQYLVLEOH«ZH GRQ¶W KDYH WR WKLQN ³, ZLOO OHDUQ QRZ´ KDSSHQV DOO WKH WLPH HYHU\ZKHUH´ 5REHUWR &DUQHLUR

%,57+ ³7KH :KHHO GRHV QRW QHHG WR EH LQYHQWHG ´ 7ZR UHIHUHQFH SRLQWV ZLWK H[FHOOHQW UHVXOWV PDUNHG WKH UHIHUHQFHV IRU WKH SDSHUV WKH H/HDUQLQJ/LVERQ ILUVW DQG ODVW RI FRQIHUHQFHV WKDW WKH (XUR SHDQ &RPPLVVLRQ KHOG EHWZHHQ DQG DQG WKH ,QQRYDWLRQ 0DUNHW 3ODFH D YHU\ VXFFHVVIXO $,3 LQLWLDWLYH LQ &UHDWLYLW\ DQG LQQRYDWLRQ SUHVHQWLQJ WKHPVHOYHV DV WUDQVYHUVDO WR HYHU\ DFWLYLW\ HGXFDWLRQ FXOWXUH FRPSDQLHV PHGLD LQYHVWLJDWLRQ QR PDWWHU WKH DXWKRU VFKRROV XQLYHUVLWLHV SXEOLF RU SULYDWH RUJDQLVPV ³&UHDWLYLW\ LV GHYHORSHG DQG DSSOLHG WKURXJK WKH SURGXFWLYH DFWLYLW\ « %XW LW ZLOO RQO\ EH GHYHORSHG LI WKHUH DUH VWLPXODWLQJ HQYLURQPHQWV FKDOOHQJLQJ ZKHUH WKH KXPDQ DQG VRFLDO FDSLWDO LV LQ IDFW FRQVLGHUHG DV D VWUDWHJLF IDFWRU 7KHUH LV D QHZ ³PDQDJHPHQW SKLORVRSK\ ´ $UPLQGD 1HYHV &1(/ 37 LQ KWWS FULDU JRY SW RSL QLDR FRPR GHVHQYROYHU D FULDWLYLGDGH

$V 3HGUR 6LOYD 3HUHLUD 3RUWXJXHVH 0LQLVWHU RI WKH 3UHVLGHQF\ ZURWH LQ &RQIHUHQFH 3URFHHGLQJV HOHDUQLQJOLVERD DIWHU WZR \HDUV SDVVHG LW JDLQV D FKDUDFWHU RI EHLQJ FXUUHQW DQG JDLQV PRUH VHQVH RI XUJHQF\


&5($7,9( /($51,1* ³&UHDWLQJ TXDOLILHG SHRSOH ZKR DUH UHDG\ IRU WKH GHPDQGV RI WKH NQRZOHGJH VRFLHW\ LV WRGD\ RQH RI WKH JUHDW FKDOOHQJHV 7KHUH LV QR WLPH WR ORVH ´ $OVR DQG VWLOO WKH UHJLVWU\ WKDW SHUVHYHUDQFH DQG DUW RI JRRG GRLQJ HQOL JKWHQV XV VR WKDW ZH PDNH RI RXUVHOYHV UHQHZHG FKDPSLRQV $QG WKXV WKH PDFKLQH PRYHV ,Q D SHUVLVWHQW ZD\ LQ D G\QDPLF WKDW ZDV ZL VKHG WR EH UDUH PD\EH HYHQ ERWKHUVRPH DQG XQFRPIRUWDEOH IRU RXU ³PDGH XS DQG VHWWOHV LGHDV´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


,1129$7,21 0$5.(73/$&( )LQDOO\ WKH FRQYLFWLRQ WKDW WKH XVH RI ³VRFLDO FRPSXWLQJ DSSOLFDWLRQV´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³HDV\´ WR IRUP WKH *UHDW 1DWLRQDO 3DUWQHUVKLS DQG WKH &RQ VXOWLQJ &RXQFLO DQG VXPPRQ WKH FRPPLWWHG FROODERUDWLRQ RI LPSRUWDQW SH RSOH IURP WKH DFDGHPLF DQG EXVLQHVV ZRUOG DQG PDQ\ RI WKRVH WKDW ZDQW WR DFW ´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


&5($7,9( /($51,1* 2XU IULHQGV DW WKH (XURSHDQ &RPPLVVLRQ DQG RXU PHQWRUV 5REHUWR &DUQHLUR DQG &ODXGLR 'RQGL GHPDQG D ORW IURP XV EHFDXVH EXW WKH\ DOVR JLYH XV VR PXFK $QG DFFRUGLQJ WR /LHYH 9DQ GHQ %UDQGH IURP WKH (XURSHDQ &RPPLVVLRQ '* (GXFDWLRQ DQG &XOWXUH ± ZKR TXHVWLRQV KHUVHOI :KDW DUH WKH FKDOOHQJHV DQG RSSRUWXQLWLHV IRU SROLF\" VHWWLQJ 6WUDWHJLF 2EMHFWLYHV LQ D WLPH IUDPH XS WR 7KHUH ZDV RQH RWKHU YHU\ VLJQLILFDQW 6RXUFH ³ RQ EHKDOI RI &RPPLVVLRQHU 6SLGOD IURP '* (QWHUSULVH 6RFLDO $IIDLUV DQG (TXDO 2SSRUWXQLWLHV

³+H ZRXOG OLNH WR FRQYH\ KRZHYHU WKDW WKH FRQIHUHQFH LV WLPHO\ DV ZH DUH FXU UHQWO\ SUHSDULQJ IRU /LVERQ DQG WKH PDLQ WKHPHV RI GLVFXVVLRQ RI \RXU FRQ IHUHQFH RQ VNLOOV DQG FUHDWLYH OHDUQLQJ ZLOO UHPDLQ RI JUHDW LPSRUWDQFH LQ WKH QH[W /LVERQ 6WUDWHJ\ :LWK WKDW LQ PLQG ZH GR YHU\ PXFK ORRN IRUZDUG WR KHDULQJ WKH RXWFRPH RI \RXU FRQIHUHQFH DQG KRSH WKDW \RX ZLOO IHHG \RXU FRQFOXVLRQV LQWR RXU FRQVRODWLRQ RQ /LVERQ ZKLFK ZLOO EH ODXQFKHG LQ WKH DXWXPQ ´

7+( &21&(37 7KH SDUWLFLSDWHG UHIOH[LRQ ZLWK LQWHQVH DQG GHHS GHEDWHV LQ WKH 3DUWQHU VKLS DQG &RQVXOWLQJ &RXQFLO DQG WKH FRQWULEXWLRQ RI PDQ\ VSHFLDOLVWV DQG WKLQNHUV UHVXOWHG LQ WKH 7UL &LUFOH ZLWK WKH JUHDW SRUSRVHG GHEDWH WKHPHV IRU WKH &5($7,9( /($51,1* _ ,1129$7,21 0$5.(73/$&( ‡ %XVLQHVV ,QQRYDWLRQ ,QRYDomR QRV 1HJyFLRV

‡ &UHDWLYH /HDUQLQJ $SUHQGL]DJHQV &ULDWLYDV

‡ &KDQJLQJ 6RFLHW\ 0XGDQoD QD 6RFLHGDGH :H WKXV ZLWQHVV WKH DWWHPSW WR KLJKOLJKW WKDW ‡ :LWKRXW OHDUQLQJ WKHUH LV QHLWKHU &UHDWLYLW\ QRU ,QQRYDWLRQ ‡ :KHQ ERWK DUH MRLQHG WKHQ &KDQJHV LQ 6RFLHW\ WDNH SODFH LQ WKH FRPSDQLHV RUJDQL]DWLRQV SHRSOH« 7R UHDFK LW WKH VWDUWLQJ SRLQW ZDV GHILQHG DURXQG WZR ZRUGV &UHDWLYLW\ DQG ,QQRYDWLRQ 7KH VWDUWLQJ SRLQW ZDV ‡ &RQWLQXRXV /HDUQLQJ ³/HDUQRYDWLRQ´ JXLGHOLQHV RI WKH (XURSHDQ 3DUOLDPHQW RQ ,QIRUPDO DQG 1RQ )RUPDO /HDUQLQJ DQG WKH ³/HDUQLQJ 3UDFWLFHV´


,1129$7,21 0$5.(73/$&( ‡ 7KH 5HQHZDO RI WKH /LVERQ 6WUDWHJ\ LQ OLQH ZLWK WKH RULHQWDWLRQV RI ³1HZ VNLOOV IRU 1HZ -REV´ DOLJQHG ZLWK WKH SXUSRVHV RI WKH 7HFKQRORJLFDO 3ODQV RI WKH 1DWLRQDO $JHQF\ IRU 4XDOLILFDWLRQV DQG WKH PLQLVWU\ RI :RUN DQG (GXFDWLRQ ‡ 7KH IDFWRUV RI LQQRYDWLRQ FUHDWLYLW\ ZLWK VRFLDO FRKHVLRQ DQG RI SHRSOH LQFOXVLRQ LQ D LQWHU JHQHUDWLRQDO GLDORJ RI ³%DE\ %RRPHUV´ YHUVXV 10/ 1HZ 0LOOHQLXP /HDUQHUV )URP KHUH RQ WKH 7KHPHV ZHUH XQYHLOHG EUDLQVWRUPLQJ PHHWLQJV %HORZ ZH KDYH DQ LPDJH RI ZKDW ³EHJDQ WR EH´ XS WR ³ZKDW FDPH WR EH´


&5($7,9( /($51,1* 8QWLO ZH UHDFKHG WKH HVVHQFH RI IRFXVLQJ RQ WKH ³%HLQJ D /HDUQHU´ DQG EH DEOH WR GDUH WR GR LW LQIRUPDOO\ DQG UHVRUWLQJ WR WKH FRPELQHG PHWKRGRORJLHV DQG WHFK QRORJ\ ZLWKRXW H[FOXGLQJ SHRSOH ZKLFK OHG WR WKH UHVXOW WKDW ZDV RIIHUHG WR DOO

&UHDWLYH /HDUQLQJ %XVLQHVV ,QQRYDWLRQ 2SHQ ,QQRYDWLRQ &UHDWLYLW\ WUDQVIHU QHWZRUN

1HZ 6NLOOV IRU 1HZ -REV 1HZ %XVLQHVV 0DUNHWLQJ ,QQRYDWLRQ 0DUNHW &KDOOHQJH

(QWUHSUHQHXUVKLS 1HZ 6WUDWHJLHV

,PSOHPHQWLQJ /HDUQLQJ /HDUQRYDWLRQ LQ D .QRZOHGJH 6RFLHW\ /HDUQVFDSHV /HDUQLQJ 1HWZRUNV 1HZ 6NLOOV

/HDUQLQJ 3OD\HUV $JHQWV LQ /HDUQLQJ /HDUQLQJ (QYLURQPHQWV &RQWH[W (QYLURQPHQWV DQG 7RROV

*URZWK &RUH 1HZ 2SSRUWXQLWLHV

&KDQJLQJ 6RFLHW\ *RYHUQDQFH 6RFLDO 5HVSRQVDELOLW\ ,QWHOOLJHQW 7HUULWRULHV 7HFKQRORJ\ 6RFLDO 'LPHQVLRQV 8QHPSOR\PHQW 3RYHUW\

7ULEHV 7KH ,QWHUJHQHUDWLRQDO 'LDORJXH &OLPDWH &KDQJH +HDOWK 6HFXULW\

7+( 352'8&7,21 7R VROYH LPSRVVLEOH K\SRWKHVLV QHZ LGHDV DUH UHTXLUHG FUHDWLYLW\ EH LW 7R HYDOXDWH VXFK VROXWLRQV WR RXU VRFLHW\ DQG IRU LWV VXVWDLQDEOH LPSOHPHQWDWLRQ LI WKH\ SURYH WKHPVHOYHV XVHIXO DQG DQVZHU WR UHDO QHHGV ZKLOH VLPXOWDQHRX VO\ EHDW UHVLVWDQFH VNHSWLFLVP LQHUWLD QHJDWLYH FULWLFLVP WKDQ ZH UHDFK ,QQRYDWLRQ 7KH SXEOLF DQG FRPPXQLWDULDQ VXSSRUW LQ WKLV FDVH WKURXJK 32$7 )6( RSHUDWLRQDO SURJUDP IRU WHFKQLFDO DVVLVWDQFH ZDV RQFH PRUH NH\ WR JR IURP WKH ³LGHDV GHEDWH´ WR WKH ³OHDUQLQJ E\ GRLQJ´ $GRSWLQJ D PRGHO RI DSSHDO WR WKH GHVWUXFWXUDWLRQ RI IRUPDO SUHVHQWDWLRQV E\ WKH 6SHDNHUV DQG PRUH IRU FRPPHQWV DQG GLDORJ DQG LQWHUSUHWDWLRQ QRX ULVKPHQW ZH VRXJKW WR VXPPRQ DW )LQDOH WKH DXGLHQFH DQG VSHDNHUV LQ D &ROLVHXP VLWXDWLRQ LQ D XQLTXH PRPHQW RI HYHU\RQH EHLQJ ZLWK HYHU\RQH 7KLV DOORZHG $,3 &( WR LQQRYDWH LQ WKH FRQFHSW RI FRQIHUHQFH DQG SODQW WKH VHHG IRU QHZ ULVN IRUPDWV


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³RSHQ LQQRYDWLRQ´ ³PDUNHWLQJ LQQRYDWLRQ´ GLJLWDO VWRULHV RU ³VWRU\WHOOLQJ´ ³VH ULRXV JDPHV´ ³SHUVRQDO OHDUQLQJ HQYLURQPHQWV´ ³OHDUQLQJ REMHFWV´ ³/HDUQLQJ '´ ³POHDUQLQJ´ ³LQIRUPDO UDSLG PLFUR DOO HQGLQJ LQ OHDUQLQJ´ %XW ZKHQ LW FDPH ³WR FOHDQ WKH EDVNHWV´ WKH TXDOLW\ RI WKH QHFWDU SURGXFHG ZDV KLJK EHFDXVH LQ LW VHYHUDO SHUHJULQH FDXVHV VXSSRUWHUV WKH\ HQJDJHG WKHPVHOYHV 1RZ WKH ³FXUH´ PXVW EH IDYRUHG ZLWK DOO WKH FRQGLWLRQV IRU WKH &URSV WR ZRUN DQG UHDFK WKH PDUNHW« $ KDUG -RE SDWLHQW EXW YHU\ LQWHUHVWLQJ DQG VWLPXODWLQJ WKDW QRZ EHJLQV ZLWK WKH 3XUSRVH RI RZQLQJ WKH .QRZOHGJH WKXV JHQHUDWHG +HUH LV RQH PRUH 3RUWXJXHVH FRQWULEXWLRQ IRU WKH 8WRSLD RI D %HWWHU (XURSH


&5($7,9( /($51,1*

FKDSWHU ,

7(&+12/2*,&$//< (;7(51$/,=(' .12:/('*( $1' /($51,1*

*(25*( 6,(0(16 :ULWHU DQG UHVHDUFKHU RQ OHDUQLQJ QHWZRUNV WHFKQRORJ\ DQG GLJLWDO HQYLURQPHQWV

/HW¶V WDNH D VWHS EDFN DQG FRQVLGHU KRZ ZHOO ZH DUH XVLQJ OHDUQLQJ WHFKQR ORJ\ LQ FRQWUDVW ZLWK ZKDW LV SRVVLEOH JLYHQ DGYDQFHV RYHU WKH ODVW GHFDGH ,GHRORJLHV LQIOXHQFH GHVLJQ WKHQ GHVLJQ FRQVWUDLQV IXWXUH RSWLRQV :H GRQ¶W KDYH WR ORRN YHU\ IDU WR VHH H[DPSOHV RI WKLV VLPSOH UXOH FODVVURRPV GHVLJQ RI RUJDQL]DWLRQDO ZRUN DFWLYLWLHV SROLWLFV DQG WKH RSHUDWLRQ RI ILQDQFLDO PDUNHWV :KDW ZH FUHDWH WR VXUYLYH GXULQJ RQH HUD VHUYHV DV QHXURVLV IRU DQRWKHU ,Q HGXFDWLRQ ± SDUWLFXODUO\ LQ WHFKQRORJ\ HQKDQFHG HGXFDWLRQ ± D VLPLODU WUDLOLQJ RI LGHRORJLHV IURP DQRWKHU HUD LV REVHUYHG )RU H[DPSOH HGXFDWLRQ FRQVXOWDQWV DQG VSHDNHUV FRPPRQO\ GHFODUH ³LI D VWXGHQW IURP \HDUV DJR FDPH WR RXU FODVVURRPV VKH ZRXOG IHHO ULJKW DW KRPH´ 2EYLRXVO\ WKLV LV DQ DEVXUG VWDWHPHQW HYHQ LI ZH RYHUORRN WKH FKDOOHQ JHV RI WLPH WUDYHO (GXFDWLRQ KDV XQGHUJRQH HQRUPRXV FKDQJHV WR FXUULFXOXP LQVWUXFWLRQDO PHWKRGV DQG WHFKQRORJLHV XVHG &ODVVURRPV WRGD\ KDYH D PRUH GLYHUVH VWXGHQW SRSXODWLRQ JUHDWHU DWWHQWLRQ LV SDLG WR WKH QHHGV RI VWXGHQWV ZLWK VSHFLDO QHHGV DQG IRU JRRG RU EDG VWXGHQWV DUH LQVWUXFWHG LQ GLIIHUHQW ZD\V RI NQRZLQJ DQG XQGHUVWDQGLQJ ± LQ FRQWUDVW WR WKH VLQJXODU ZRUOG YLHZV RI RQO\ \HDUV DJR :KLOH SXQGLWV DUH ZURQJ LQ FULWLFL]LQJ VFKRROV DV XQFKDQ JHG LQ D FHQWXU\ WKH\ RYHUORRN WKH PRUH REYLRXV FKDOOHQJH OHDUQLQJ LWVHOI LV XQFKDQJHG &RQWHQW VWXGHQW WHDFKHU LQWHUDFWLRQ PD\EH DQG DVVHVVPHQW LQ YDULRXV FRPELQDWLRQV FRQWLQXHV WR IRUP HGXFDWLRQ¶V FRUH :+$7 $5( 7+( ,'(2/2*,(6 5()/(&7(' ,1 7+,6 $3352$&+ 72 /($51,1*" $1' '2 :( 67,// 1((' 7+(0" :LWKRXW JRLQJ WKURXJK D SDLQIXO DWWHPSW WR GHFRQVWUXFW OHDUQLQJ DQG LWV V\V WHPLF RULJLQV , WKLQN LW¶V VDIH WR VWDWH WKH IROORZLQJ DV WKH NH\ HOHPHQWV RI D ZHOWDQVFKDXXQJ WKDW GHILQH IRUPDO HGXFDWLRQ


,1129$7,21 0$5.(73/$&( :H NQRZ ZKDW VWXGHQWV QHHG WR NQRZ LQ DGYDQFH RI WKHLU DUULYDO WKH OHDUQLQJ QHHGHG FDQ EH GHILQHG

7KURXJK PDQLSXODWLRQ DQG VHTXHQFLQJ RI FRQWHQW DQG LQWHUDFWLRQV ZH FDQ JHW VWXGHQWV WR OHDUQ ZKDW ZH¶YH DOUHDG\ GHFLGHG WKH\ QHHG WR OHDUQ FRQWURO

6WXGHQWV DW D VLPLODU DJH JUDGH SURJUDP OHYHO KDYH D VLPLODU NQRZOHGJH EDVH (YHQ LI ZH GRQ¶W PDNH WKLV H[SOLFLW KRZ ZH GHVLJQ DQG GHOLYHU OHDUQLQJ LQ . XQLYHUVLW\ DQG FRUSRUDWH VHWWLQJV LV HYLGHQFH WKDW ZH KROGWKLV YLHZ VLPLODULW\

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¶V WU\LQJ WR FUHDWH D <RX7XEH YLGHR" :KHQ GR D JURXS RI FKLOGUHQ NQRZ WKHLU OHDUQLQJ RXWFRPHV ZKHQ WKH\ FKRRVH WR FUHDWH DQG SOD\ D JDPH" :KHQ GRHV D VDOHVSHUVRQ NQRZ LQ DGYDQFH WKDW WKHLU LV D FRUUHFW ZD\ WR HQJDJH D IRUHLJQ FOLHQW DQG WKHUHE\ ZKHQ WKH EXVLQHVV RI WKHLU RUJDQL]DWLRQ" /HDUQLQJ RFFXUULQJ XQGHU FRQWULYHG FRQGLWLRQV LQ FODVVURRPV EHDUV RQO\ D IDLQW UHVHPEODQFH WR UHDO ZRUOG SUREOHPV DQG FKDOOHQJHV 7KLV LV KDUGO\ QHZV (GXFDWRUV KDYH NQRZQ WKLV IRU GHFDGHV &DVH VWXGLHV DQG SUR EOHP EDVHG OHDUQLQJ ZHUH GHYHORSHG SDUWO\ DV D UHVSRQVH WR WKH IDEULFDWHG FODVVURRP HQYLURQPHQW 3HGDJRJLFDO LQQRYDWLRQV DV H[SUHVVHG LQ FRQVWUXFWLYLVP LQ LWV PDQ\ PDQ\ VKDGHV GR QRW SURYLGH WKH IXOO IRUFH UHTXLUHG WR SXOO DZD\ IURP LUUH OHYDQW LGHRORJLHV WKDW VHHN WR ZDUS OHDUQLQJ WR UHIOHFW QHHGV RI D GLIIHUHQW DJH 7KLV IDLOXUH WR RYHUFRPH LGHRORJLHV LV GXH WR DQ LQDELOLW\ WR GDWH RI HGXFDWRUV WR UHWKLQN WKH OHDUQLQJ PRGHO 5HIRUPHUV KDYH ODUJHO\ ZRUNHG ZLWKLQ UDWKHU WKDQ RQ WKH V\VWHP RI HGXFDWLRQ :RUNLQJ ZLWKLQ WKH V\VWHP KDV UHVXOWHG LQ VWDWXV TXR SUHVHUYDWLRQ HYHQ ZKHQ UHIRUPLVWV IHOW WKH\ ZHUH EHLQJ UDGLFDO ,OOLFK IDLOHG WR DFFRXQW IRU KRZ HGXFDWLRQDO LQVWLWXWLRQV DUH LQWHJUDWHG LQWR VRFLHW\


&5($7,9( /($51,1* )UHLUH VSRNH ZLWK D KXPDQLW\ DQG KRSH WKDW ZDV ODUJHO\ RYHUORRNHG E\ D FRPIRUWDEOH GHYHORSHG ZRUOG LQFDSDEOH RI VHHLQJ WKH VWUXFWXUH DQG LPSDFW RI LWV V\VWHP 7R FUHDWH DQG QXUWXUH FKDQJH D PHVVDJH PXVW QRW RQO\ EH WUXH IRU DQ HUD EXW LW PXVW DOVR UHVRQDWH ZLWK WKH QHHGV SDVVLRQV LQWHUHVWV UHDOLWLHV DQG KRSHV RI WKH DXGLHQFH WR ZKRP WKH PHVVDJH LV GLUHFWHG $V D UHVXOW SHGDJRJ\ KDV QRW LQIOXHQFHG OHDUQLQJ EURDGO\ ,W KDV OLIWHG WKH VSLULWV DQG PRWLYDWLRQV RI VPDOO FDPSV RI HGXFDWRUV IRU EULHI SHULRGV %XW LW KDV QRW DOWHUHG OHDUQLQJ LQ D ZD\ WKDW WUDQVIRUPV WKH V\VWHP RI HGXFDWLRQ 7+( (;7(51$/,=(' *(1(5$7,21« 7KH ODVW GHFDGH KDV SURYLGHG LQGLYLGXDOV ZLWK WKH WRROV WR FRQWLQXDOO\ H[WHUQD OL]H WKHLU WKRXJKWV DQG LGHDV +LVWRU\ LV JHQHUDOO\ UHYHDOHG WR XV WKURXJK VLJQL ILFDQW DUWLIDFWV :H KDYH ERRNV DUWLIDFW WKDW FDSWXUH FHUWDLQ WLPH SHULRGV %XW ZH GRQ¶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± WKURXJK YLGHR SLFWXUHV DXGLR WH[W DQG VLPXODWLRQ ± RXU LGHDV 2QFH H[WHUQDOL]HG D WUDLO RI LGHQWLW\ DQG FRQFHSWXDO GHYHORSPHQW LV OHIW IRU IXWXUH FRQVLGHUDWLRQ DQG DQDO\VLV ),1',1* $ &85( )25 67$/( ,'(2/2*,(6 ,QVWHDG RI ZRUNLQJ ZLWKLQ WKH V\VWHP RI WHDFKLQJ DQG OHDUQLQJ OHW¶V WXUQ RXU DWWHQWLRQ WR FKDQJLQJ WKH V\VWHP LWVHOI E\ VXJJHVWLQJ UHVSRQVHV WR WKH LGHR ORJLHV GLVFXVVHG SUHYLRXVO\ 7KH OHDUQLQJ QHHGHG FDQ EH GHILQHG &RQWURO LV QHHGHG WR DFKLHYH UHTXLUHG OHDUQLQJ 6WXGHQWV DW VLPLODU VWDJHV QHHG VLPLODU OHDUQLQJ &RKHUHQFH DQG VWUXFWXUH QHHGHG IRU OHDUQLQJ )UHQFK SKLORVRSKHUV DOZD\V EODPH WKH )UHQFK«EXW WKH *HUPDQV FRQWUL EXWHG WKHLU VKDUH DV ZHOO KDYH OHDG XV WR UHODWLYLVWLF YLHZV WKDW FRXOG EH XVHG DV D PHWKRG IRU FKDOOHQJLQJ WKHVH IRXU LGHRORJLHV 7KLV ZRXOG SURYLGH KRXUV


,1129$7,21 0$5.(73/$&( RI IXQ EXW ZLWK OLWWOH SUDFWLFDO RXWFRPH 7KH GHYHORSPHQW RI FKDRV DQG FRP SOH[LW\ WKHRU\ RIIHU DQRWKHU DSSURDFK EXW PRGHOV LQ WKH SK\VLFDO VFLHQFHV DUH RIWHQ RQO\ XVHIXO DV PHWDSKRUV LQ WKH VRFLDO VFLHQFHV (GXFDWLRQ KDV KDG HQRXJK WKHRUL]LQJ \HV , JHW WKH LURQ\ /HW¶V WKURZ LQ D GDVK RI SUDJPDWLFV DQG VHH ZKHUH ZH HQG XS ,Q IDFW OHW¶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¶7 1$0(' <(7@ +HUH¶V WKH EDVLF FRQFHSW WHFKQRORJLFDO DGYDQFHV LQ KRZ FRQWHQW LV FUHDWHG DQG KRZ LQGLYLGXDOV LQWHUDFW DUH DW D VXIILFLHQW VWDJH WR VHUYH DV D UHSODFH PHQW WR WUDGLWLRQDO FODVVURRPV (QWHU 7HFKQRORJLFDOO\ ([WHUQDOL]HG .QRZOHG JH DQG /HDUQLQJ 7(./ 2U &RQQHFWRU 2U /HDUQRPHWHU 2U OHDUQDO\]HU 2U /HDUQDEOHU 2U IXWXUH OHDUQLQJ DSSURDFK , KDYH QR LGHD ZKDW WR FDOO LW ZLWKRXW HYRNLQJ WKH FKHHV\ %DWPDQ ³SRZ´ LPDJHV DQG VKDUN UHSHOODQW IURP WKH ¶V )RU NQRZ ,¶OO VWLFN ZLWK WKH DFURQ\P 7(./ :KDW LV 7(./" 7(./ LV D SK\VLFDO ZHDUDEOH GHYLFH WKDW FDSWXUHV RXU SK\VL FDO DQG YLUWXDO LQWHUDFWLRQV DQG DVVLVW XV LQ UHFRJQL]LQJ DQG IRUPLQJ NQRZOHG JH FRQQHFWLRQV EDVHG RQ RXU SDVW LQWHUDFWLRQV RXU VRFLDO QHWZRUN DQG RXU FXUUHQW ZRUN RU SHUVRQDO LQWHUHVW QHHGV $V ZH JR WKURXJK WKH GD\ 7(./ PHUULO\ UHFRUGV PDWFKHV PRQLWRUV DQG UHFRPPHQGV RXU OHDUQLQJ DQG NQRZOHGJH QHHGV :KHQ ZH JR WR EHG 7(./ SURFHVV RXU FRQYHUVDWLRQV YHUEDO ± DIWHU DOO HYHU\WKLQJ LV UHFRU GHG RXU HPDLO RXU ZRUN KDELWV DQG RXU LQIRUPDWLRQ VHHNLQJ DFWLYLWLHV 7KHQ ZKHQ ZH ZDNH XS ZH UHFHLYH D OHDUQLQJ DQG NQRZOHGJH VWDWXV


&5($7,9( /($51,1* UHSRUW SURYLGLQJ XV ZLWK LQWHOOLJHQW DQG UHOHYDQW LQIRUPDWLRQ DV ZHOO DV UHFRPPHQGDWLRQV IRU JUHDWHU SHUVRQDO HIILFLHQF\ DQG FULWLFDO VRXUFHV RI LQIRUPDWLRQ 7KH 7(./ LV D GDLO\ SHUVRQDO NQRZOHGJH DQG OHDUQLQJ *36 WKDW SURYLGHV GLUHFWLRQ DQG SURJUHVV +2: '2(6 7+,6 029( 7+( ),(/' 2) /($51,1* )25:$5'" +RZ GRHV WKLV RYHUFRPH WKH LGHRORJLHV WKDW HGXFDWLRQ KDV WR GDWH EHHQ XQDEOH WR VKHG WKURXJK SHGDJRJLFDO UHIRUP" )LUVW JLYHQ QDWXUH RI WRGD\¶V FRPSOH[ SUREOHPV ± ZH KDYH KLW WKH OLPLWV RI FRJQLWLRQ LQ WKH KHDG :H QHHG WR UHO\ RQ WKH QHWZRUN DV D FRJQLWLYH DJHQW 6ROYLQJ WKH ELJJHVW SUREOHPV RI KXPDQLW\ ZLOO UHTXLUH D SHGDJRJ\ EXLOW RQ QH WZRUNV DQG WKH GLVWULEXWHG NQRZOHGJH DPSOLILFDWLRQ RSSRUWXQLWLHV WKH\ DOORZ 6HFRQG LW SXVKHV OHDUQLQJ LQWR WKH EDFNJURXQG 5DWKHU WKDQ VD\LQJ ³, DP OHDUQLQJ QRZ´ ± D QRQVHQVLFDO VWDWHPHQW DV ZH DUH FRQVWDQWO\ OHDUQLQJ ± LW PDNHV ZKDW ZH¶YH OHDUQHG H[SOLFLW RQO\ DIWHU OHDUQLQJ UDWKHU WKDQ EHIRUH L H ³OHDUQLQJ RXWFRPHV´ :KHUH WKH OHDUQLQJ LV XQGHVLUDEOH D PLVFRQFHSWLRQ IRU H[DPSOH IHHGEDFN LV SURYLGHG WKURXJK ERWK VRFLDO QHWZRUNV DQG WKURXJK FRQFHSWXDO SDWWHUQV DQDO\VLV 7KLUG LW DFFRXQWV IRU WKH FRPSOH[LW\ RI OHDUQLQJ E\ SHUPLWWLQJ OHDUQLQJ QHHGV WR EH IRUPHG DQG UHIRUPHG EDVHG RQ FXUUHQW QHHGV DQG FRQWH[W 7KH OHDUQHU LV LQ WKH PXFK DEXVHG WHUP ³LQ FRQWURO´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± VXFK DV DFFUHGLWDWLRQ ± DUH VRXJKW HYDOXDWLRQ LV QRW D VLJQLILFDQW FRQFHUQ


,1129$7,21 0$5.(73/$&( 7+( 5($/ ,668( 7KH UHDO LVVXH LV QRW UHODWHG WR WHFKQRORJ\ ,W¶V WKH FRQFHSWXDO MXPS WKDW¶V PRVW GLIILFXOW )RU H[DPSOH WKH IXQFWLRQDOLW\ H[SUHVVHG LQ 7(./ H[LVWV LQ YD ULRXV WRROV DOUHDG\ 7KH NH\ YDOXH SURGXFHG E\ 7(./ LV WR FRQQHFW WKH SLHFHV LQ D PHDQLQJIXO PDQQHU WKDW DOORZV IRU SHUVRQDOL]DWLRQ XWLOL]DWLRQ RI VRFLDO QHWZRUNV H[SORUDWLRQ RI SDWWHUQV DQG OD\HULQJ RI ³NQRZOHGJH DQG VNLOOV´ RYHU DQ H[LVWLQJ SURILOH WR RIIHU QHZ OHDUQLQJ RSSRUWXQLWLHV 'LIIHUHQW DUHDV RI UHVHDUFK DQG HQWHUWDLQPHQW ± VXFK DV ODQJXDJH DQDO\ VLV GDWD YLVXDOL]DWLRQ VRFLDO QHWZRUN DQDO\VLV PDWFKLQJ VHUYLFHV RQ $PD]RQ IULHQG VXJJHVWLRQV RQ /LQNHG,Q ± KDYH PDGH VLJQLILFDQW LQURDGV DQDO\]LQJ DQG PDWFKLQJ LQIRUPDWLRQ EDVHG RQ FRQWH[W DQG QHHG 7(./ LV LQ D VHQVH D FRQ QHFWLQJ DJHQW GUDZLQJ WRJHWKHU SURYHG IXQFWLRQDOO\ YDULRXV ILHOGV DQG GLUHFWLQJ WKLV FRQQHFWHG VWUXFWXUH LQ WKH VHUYLFH RI OHDUQLQJ DQG NQRZOHGJH JURZWK


&5($7,9( /($51,1*

FKDSWHU ,

72:$5'6 $1 83'$7(' 5$7,21$/( 21 ´,&7 )25 /($51,1*µ /,(9( 9$1 '(1 %5$1'( 6HQLRU 3ROLF\ 2IILFHU (XURSHDQ &RPPLVVLRQ 'LUHFWRUDWH *HQHUDO (GXFDWLRQ DQG &XOWXUH

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³1HZ 6NLOOV IRU 1HZ -REV´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± UHDGLQJ ZULWLQJ QXPHUDF\ DQG LQGHHG WHFKQLFDO ,&7 OLWHUDF\ WKDW ZLOO HQDEOH WKHP WR SXUVXH OHDUQLQJ WKURXJKRXW WKHLU OLYHV 7KH EDVLF VNLOOV DUH WKH IRXQGDWLRQ IRU EURDGHU WUDQVYHUVDO FRPSHWHQFHV VXFK DV FROODER UDWLRQ DQG FRPPXQLFDWLRQ VRFLDO DQG FLYLF FRPSHWHQFHV HQWUHSUHQHXUVKLS µOHDUQLQJ WR OHDUQ¶ DQG DOVR WKH FULWLFDO XVH RI GLJLWDO PHGLD DV NH\ IRU OLIHORQJ OHDUQLQJ DQG ZRUNLQJ LQ WRGD\¶V NQRZOHGJH VRFLHW\ &RPPLVVLRQ &RPPXQLFDWLRQ µ1HZ 6NLOOV IRU 1HZ -REV $QWLFLSDWLQJ DQG PDWFKLQJ ODERXU PDUNHW DQG VNLOOV QHHGV¶ 'HFHPEHU &20 ILQDO


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µ8SGDWHG 6WUDWHJLF )UDPHZRUN RQ (XURSHDQ &RRSHUDWLRQ LQ (GXFDWLRQ DQG 7UDLQLQJ¶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


&5($7,9( /($51,1* ,W LV WKHUHIRUH WLPH WKDW PRUH HIIRUWV DUH XQGHUWDNHQ E\ WKH 06 DV ZHOO DV (XURSHDQ ZLGH ‡ WR EULQJ ,&7 WR WKH FRUH RI HGXFDWLRQ DQG WUDLQLQJ DJHQGD ‡ WR DFFHOHUDWH PHDVXUHV WR PDLQVWUHDP ,&7 LQWR WKH HGXFDWLRQDO VWUDWHJLHV WKURXJK VXVWDLQDEOH LPSOHPHQWDWLRQ PRGHOV ‡ WR HPEHG LW LQ SURIHVVLRQDO GHYHORSPHQW RI WHDFKHUV DQG WUDLQHUV , RUGHU WKDW WKH\ IHHO FRQILGHQW LQ FRDFKLQJ WKH OHDUQHUV WR XVH ,&7 LQ D FULWLFDO ZD\ ‡ WR WDNH DFFRXQW RI LQIRUPDO DQG QRQ IRUPDO ZD\V RI OHDUQLQJ WR XVH ,&7 ,Q WKH QHWZRUNHG NQRZOHGJH VRFLHW\ ‡ WR SURYLGH WKH QHFHVVDU\ HYLGHQFH RQ WKH DGGHG YDOXH RI WKH XVH DQG SRVLWLYH LPSDFW RI ,&7 RQ LQQRYDWLRQ DQG OLIHORQJ OHDUQLQJ 72:$5'6 $1 ,17(*5$7(' ('8&$7,21$/ ',6&2856( 21 µ,&7 )25 /($51,1*¶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µOHDUQLQJ¶ &RPPLVVLRQ 6WDII :RUNLQJ 'RFXPHQW 7KH XVH RI ,&7 WR VXSSRUW LQQRYDWLRQ DQG OLIHORQJ OHDUQLQJ IRU DOO $ UHSRUW RQ SURJUHVV &RPSHQGLXP RI *RRG 3UDFWLFH &DVHV RI H /HDUQLQJ E\ WKH ,&7 FOXVWHU XQGHU WKH (GXFDWLRQ 7UDLQLQJ SURJUDPPH


,1129$7,21 0$5.(73/$&(

FKDSWHU ,

',*,7$/ /,7(5$&< 7+( 5,*+7 :$< 72 0$.( $ &21),'(17 3$57,&,3$7,21 ,1 7+( ,1)250$7,21 62&,(7< 3266,%/( )25 $// $11$ 0$5,$ 6$1621, ,QIRUPDWLRQ 6RFLHW\ DQG 0HGLD 'LUHFWRUDWH *HQHUDO

,QYHVWLQJ LQ 'LJLWDO OLWHUDF\ LV WKH ULJKW ZD\ WR PDNH VXUH WKDW HYHU\RQH FDQ WDNH IXOO DGYDQWDJH RI D FRQILGHQW SDUWLFLSDWLRQ LQ WKH ,QIRUPDWLRQ 6RFLHW\ (YHU\RQH NQRZV WKDW WKH DELOLW\ WR XVH FRPSXWHUV DQG ,QWHUQHW LV D FUXFLDO DVSHFW RI PRVW SHRSOH¶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


&5($7,9( /($51,1*

FKDSWHU ,

&2//($*8(6 $6 $ 3(5621$/ /($51,1* (19,5210(17 $/(;$1'(5 .5$866 'LUHFWRU RI WKH ,QVWLWXWH IRU 6RFLR VFLHQWLILF FRQVXOWDQF\

3DSHU SUHVHQWHG WR WKH ³&UHDWLYH /HDUQLQJ ,QQRYDWLRQ 0DUNHWSODFH 6HVVLRQ ³3HUVRQDO /HDUQLQJ (QYLURQPHQWV &RQWH[W (QYLURQPHQW DQG 7RROV´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


,1129$7,21 0$5.(73/$&( ZHOO DV WKH LQGLYLGXDOV RZQ GHYHORSPHQW LQ WKH VHQVH RI OLIH ORQJ OHDUQLQJ 7KLV LV WUXH VSHFLILFDOO\ IRU 60( ZKLFK DUH WKH PRVW LPSRUWDQW SDUW RI WKH *HUPDQ LQGXVWU\ :KHQ ZH WU\ WR VXPPDULVH RXU H[SHULHQFH LQ WU\LQJ WR FKDQJH WKLV VLWXDWLRQ E\ DQVZHULQJ WKH TXHVWLRQ ³+RZ FDQ ZH FUHDWH SURGXFWLYH SHUVRQDO OHDUQLQJ HQYLURQPHQWV"´ WKHUH DUH QLQH OHVVRQV ZH OHDUQHG 0DNH SHRSOH WDON DERXW ZKDW WKH\ GLG QRW WDON DERXW EHIRUH &UHDWH D VDIH HQYLURQPHQW :RUNHUV DUH H[SHUWV 'LVFRYHU VWUXFWXUH IRFXV SODQ DFW UHYLHZ :ULWH GRZQ UHFRUG GUDZ VKRRW OHVVRQV OHDUQHG &XOWLYDWH WKH FRPPXQLWLHV DQG UHVRXUFHV UHVXOWLQJ IURP WKLV ,QGLYLGXDO OHDUQLQJ SDWKZD\V WKURXJK WKLV OHDUQLQJ HQYLURQPHQW 5XOH RI WKXPE OHDUQLQJ SDUWQHUV RI ZRUNLQJ WLPH LV OHDUQLQJ WLPH 6WDUW DQG VSUHDG 7$/. 8VXDOO\ ZRUNHUV DUH ³GRHUV´ QRW WDONHUV ,Q WKH UHJLRQ ZH ZRUN LQ WKHUH LV D VD\LQJ ³:RUN GRQ W WDON ´ 0HQ KHUH DUH SURXG RI QRW WDONLQJ PXFK ³2QH PDQ RQH ZRUG ´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Ä,QQRYDWLYH ZD\V RI FRRSHUDWLRQ EHWZHHQ 60(¶V DQG WUDLQLQJ LQVWLWXWLRQV Ä,PSOHPHQWLQJ WKH LQWHJUDWLRQ RI OHDUQLQJ DQG ZRUNLQJ LQ WKH HQWHUSULVH DSSO\LQJ &%7 Ä,QWHJUDWLQJ ROGHU ZRUNHUV LQ PRGHUQ ZRUNLQJ HQYLURQPHQWV³ Ä3UHSDULQJ \RXQJ SHRSOH IRU JURXS ZRUN³ Ä4XDOLW\ DVVXUDQFH LQ YRFDWLRQDO WUDLQLQJ³ Ä6HOI HYDOXDWLRQ RI ZRUN LQWHJUDWHG OHDUQLQJ³ ³)OH[LEOH DQG LQGLYLGXDOLVHG SDWKZD\V RI OHDUQLQJ LQ SHUVRQQHOO GHYHORSPHQW´ ³6\VWHPDWLF &RPSHWHQFH 'HYHORSPHQW LQ ,QLWLDO 7UDLQLQJ´ RQJRLQJ ³4XD OLILFDWLRQ RI 7UDLQLQJ 6WDII LQ WKH )LHOG RI 0HFKDWURQLFV´ ,QWHUQDWLRQDO SURMHFWV $UW (6) /HRQDUGR GD 9LQFL ³&RUSRUDWH 6RFLDO 5HVSRQVLELOLW\´ ³/HDUQ DQG :RUN´ ³+2760( 6HOI /HDUQLQJ LQ 60( +RWHOV´ ³&RPS6HUY &RPSHWHQF\ 'HYHORSPHQW LQ 6HUYL FH 60(´ ³(8)$&,1(7 (XURSHDQ )DFLOLWDWRUV 1HWZRUN´ RQJRLQJ ³5H6\)DF´ 5HIHUHQFH 6\VWHP IRU )DFLOLWDWRUV RI /HDUQLQJ RQJRLQJ


&5($7,9( /($51,1* LQ GRLQJ WKH VDPH WDVN DUH UHYHDOHG DQG WKH EHVW VROXWLRQ FDQ EH IRXQG 7KH NQRZOHGJH RI WKH FROOHDJXH EHFRPHV DSSDUHQW DQG FDQ EH OHDUQHG &2//($*8(6 $6 6$)( (19,5210(17 $1' (;3(576 7KLV ZLOO KDSSHQ RQO\ LI WKHUH LV D VDIH HQYLURQPHQW 1HLWKHU D ³WHDFKHUV DWWLWXGH´ LPSO\LQJ WKDW WKH WHDFKHU NQRZV HYHU\WKLQJ DQG WKH VWXGHQW NQRZV QRWKLQJ QRU DQ H[DPLQDWLRQ ³$VVHVVPHQW´ RI LQGLYLGXDO ³FRPSHWHQFHV´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

QLQJ HX DQG 5H6\)DF IDFLOLWDWLRQV\VWHP HX ,QIRUPDWLRQ IRU 3RUWXJDO DYDLODEOH IURP &(&2$ /LVERQ LQRYD#FHFRD SW )DFLOLWDWLRQ RI OHDUQLQJ LV DOVR DQ LPSRUWDQW SDUW RI %XVLQHVV 6RFLDO 5HVSRQVLELOLW\ 7KLV ZLOO EH HODERUDWHG LQ WKH SURMHFW ³62&,$/60(´ KWWS ZZZ 6RFLDOVPH RUJ


,1129$7,21 0$5.(73/$&( WH OHDUQLQJ DVVLJQPHQWV ZULWWHQ E\ WKH ZRUNHUV ZLWK WKH KHOS RI WKH IDFLOLWDWRU RU VLPSOH ³RQH SRLQW LQVWUXFWLRQV´ H[SODLQLQJ WKH PRVW LPSRUWDQW WKLQJ QRW WR IRUJHW RQ D VSHFLILF VWHS LQ WKH ZRUN SURFHVV RQ VLWH ),9( /($51,1* 3$571(56 7KH UHVXOW RI WKLV ³GLGDFWLVDWLRQ´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³SHUIHFW´ RU FRPSUHKHQVLYH 0XFK PRUH LPSRUWDQW LV LW WR PDNH D VWDUW WR SXW RQ ³WKH OHDUQLQJ JODVVHV´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³RUJDQLF´ JURZWK SDUDOOHO WR WKH UHDO OHDUQLQJ


&5($7,9( /($51,1* SURFHVV 7KLV LV ZKDW PDNHV WKH GLIIHUHQFH WR WKH WUDGLWLRQDO LQLWLDWLYHV WKDW UHTXLUHG KXJH LQYHVWPHQWV LQ FRPSUHKHQVLYH GDWDEDVHV WKDW KDG WR EH IHG DQG PDLQWDLQHG FRQWLQXRXVO\ DQG V\VWHPDWLFDOO\ 7KLV ZDV RQH UHDVRQ ZK\ RIWHQ WKH WRS GRZQ LQLWLDWLYHV RI ³NQRZOHGJH PDQDJHPHQW´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


,1129$7,21 0$5.(73/$&(

FKDSWHU ,

.12:/('*( 75,$1*/( 7+( &21&(37 &5($7,1* 1(: 23325781,7,(6 )25 /,)(/21* /($51,1* 0$5..8 0$5..8/$ 7HDP /HDGHU DW WKH 1HZ $DOWR 8QLYHUVLW\ )LQODQG

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± WKH SULQFLSOH VWURQJO\ HPSKDVL]HG E\ WKH (XURSHDQ ,QVWLWXWH RI 7HFKQRORJ\ DQG ,QQRYDWLRQ (,7 7KLV PHDQV FUHDWLQJ V\QHUJ\ DQG WKXV LQFUHDVLQJ LPSDFW WKURXJK HIIHFWLYH LQWHJUDWLRQ RI UHVHDUFK HGXFDWLRQ DQG LQQRYDWLRQ 7KH $DOWR )DFWRU\ 3DUN $)3 LV D VWUDWHJLF SDUW RI $DOWR 8QLYHUVLW\¶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


&5($7,9( /($51,1*

FKDSWHU ,

:+(5( $5( 7+( *(1(5$7256" 0,1 %$6$'85 3URIHVVRU (PHULWXV 'H*URRWH 6FKRRO RI %XVLQHVV 0F0DVWHU 8QLYHUVLW\ )RXQGHU

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¶V /DZ LQ ZKLFK SHRSOH SUHIHU WR VROYH WKH SUREOHPV WKDW ILQG WKHP EHIRUH ZRUNLQJ RQ SUREOHPV WKH\ ILQG IRU WKHPVHOYHV 7KH DWWLWXGH LV VR SUHYDOHQW WKDW VRPH UHVHDUFKHUV KDYH GHHPHG WKH DFWLYL W\ RI SUREOHP ILQGLQJ WR EH DQ H[WUD UROH EHKDYLRU ± RQH WKDW UHTXLUHV LQGLYLGX DOV WR JR EH\RQG WKH ERXQGDULHV RI WKHLU MREV WR EULQJ DERXW SRVLWLYH FKDQJH WDNLQJ FKDUJH RU DQ RSHUDQW EHKDYLRU ZKLFK KDV EHHQ VXJJHVWHG LV GHYH ORSHG WKURXJK DFWXDO SUDFWLFH ,Q IDFW SHRSOH RIWHQ DYRLG LPSRUWDQW SUREOHPV WKDW FXW DFURVV RUJDQL]DWLRQDO IXQFWLRQV DQG GHSDUWPHQW OLQHV ³7KDW¶V QRW RXU SUREOHP ´ 7KH\ DOVR WHQG WR DYRLG DGGUHVVLQJ FRPSOH[ RU ³ZLFNHG´ SUREOHPV WKDW LV PHVV\ RQHV WKDW GR QRW OHQG WKHPVHOYHV WR DQDO\WLFDO SUREOHP VRO YLQJ WHFKQLTXHV KDYH QR RSWLPDO VROXWLRQ DQG LQ ZKLFK ILQGLQJ D VROXWLRQ LV LQWHUWZLQHG ZLWK XQGHUVWDQGLQJ WKH SUREOHP (YHQ RQ OHVV GDXQWLQJ EXW QRW REYLRXVO\ VROYDEOH SUREOHPV SHRSOH RIWHQ DVVXPH SUHPDWXUHO\ WKDW ³LW FDQ¶W EH GRQH´ VLPSO\ EHFDXVH RI WKHLU XQZLOOLQJQHVV WR FKDOOHQJH FRQYHQWLRQV RU VWHS EH\RQG WKH ERXQGDULHV RI WKHLU FXUUHQW ZRUN 3UHSDULQJ VWXGHQWV IRU WKH XQFHUWDLQW\ WKH\ ZLOO IDFH LQ WKHLU IXWXUH ZRUNLQJ OLYHV VHHPV SDUDPRXQW \HW ZH FRQWLQXH WR IRFXV RXU HIIRUWV DORQJ WKH VWDWXV TXR 5DUHO\ GRHV DQ\RQH LQ EXVLQHVV LQGXVWU\ DQG JRYHUQPHQW SUHFLVHO\ GHILQH D SHUVRQ¶V DVVLJQPHQW SURYRNLQJ IUXVWUDWLRQ SDUWLFXODUO\ LQ \RXQJHU SHRSOH XQIDPLOLDU ZLWK WKH DQ[LH W\ RI QDYLJDWLQJ XQFKDUWHG WHUULWRU\ ZLWKRXW VSHFLILF DQG FHUWDLQ GLUHFWLRQV DQG LQ WKH IDFH RI FRQWLQXDO DFFHOHUDWLQJ FKDQJH


,1129$7,21 0$5.(73/$&( *HQHUDWRUV SUHIHU WR VWDUW QHZ WKLQJV GLVFRYHU QHZ SUREOHPV WR EH VROYHG DQG QHZ RSSRUWXQLWLHV WR EH H[SORLWHG RU GHOLEHUDWHO\ VHHN RXW LPSURYH PHQWV WR EH PDGH ZKHQ HYHU\ WKLQJ VHHPV WR JRLQJ DORQJ MXVW ILQH 7KH\ VHHP WR EH FRQWLQXRXVO\ GLVVDWLVILHG DQG KDYH GLIILFXOW\ LQ H[SODLQLQJ WKHP VHOYHV EHFDXVH VRPHWLPHV WKHLU LGHDV DUH VWLOO IX]]\ 7KH\ EHFRPH ERUHG ZLWK ZRUN ZKLFK UHTXLUHV DSSO\LQJ URXWLQH SURFHGXUHV WR LQFUHDVH HIILFLHQF\ RU WR H[HFXWH DOUHDG\ GHILQHG DVVLJQPHQWV 7KH\ PD\ EH SHUFHLYHG WR EH VRPHZKDW XQIRFXVVHG RU HYHQ GLVUXSWLYH DV WKHLU EHKDYLRU UHIOHFWV PRUH RI DQ RULHQWDWLRQ WR LQWURGXFLQJ JHQHUDWLQJ D QHZ SUREOHP DQG OHVV RI DQ RULHQWDWLRQ WR GHILQLQJ XQGHUVWDQGLQJ FRQVWUXFWLQJ RU IRUPXODWLQJ FRQ FHSWXDOL]LQJ DQ H[LVWLQJ SUREOHP RU GHYHORSLQJ RSWLPL]LQJ RU LPSOHPHQ WLQJ VROXWLRQV WR DQ H[LVWLQJ GHILQHG SUREOHP 7KH\ SUHIHU QRQ URXWLQH ZRUN DQG HVSHFLDOO\ HQMR\ SDUWLFLSDWLQJ LQ WKH ILUVW VWDJH RI RXU IRXU VWDJH PRGHO RI WKH SURFHVV RI FUHDWLYH SUREOHP VROYLQJ ZKLFK ZH FDOO JHQHUDWLRQ 7KXV WKH\ ILQG LW PRUH GLIILFXOW WR ILW FRPIRUWDEO\ LQWR RUJDQL]DWLRQDO OLIH EHFDXVH RUJDQL]DWLRQV W\SLFDOO\ UHFRJQL]H DQG UHZDUG SHRSOH ZKR SUHIHU ZRUNLQJ LQ WKH ODWWHU WKUHH SUREOHP VROYLQJ VWDJHV ZKLFK ZH FDOO FRQFHSWXDOL]DWLRQ RSWLPL]DWLRQ DQG LPSOHPHQWDWLRQ 2IWHQ SHRSOH ZKR DUH FRQVLGHUHG ³FUHDWLYH´ DUH YLHZHG DV RGGEDOOV DQG HYHQ RXWFDVWV LQ PDQ\ RUJDQL]DWLRQV ZKLFK PD\ QRW SHUFHLYH D SRVLWLYH UHOD WLRQVKLS EHWZHHQ FUHDWLYLW\ DQG ZLVGRP DQG PDQ\ EHOLHYH LQGLYLGXDOV FDQQRW SRVVHVV ERWK DWWULEXWHV :H KDYH IRXQG WKDW WKHVH VR FDOOHG ³FUHDWLYH´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


&5($7,9( /($51,1*

:H UHSRUWHG DV IDU EDFN DV WKDW PDQ\ WRS FRPSDQLHV LQ -DSDQ SODFH QHZO\ KLUHG 5 ' HQJLQHHUV DQG VFLHQWLVWV LQWR WKH VDOHV GHSDUWPHQW WR EHJLQ WKHLU FDUHHUV VR WKH\ JDLQ DZDUHQHVV WKDW LQQRYDWLRQ EHJLQV ZLWK GLVFRYHULQJ FXVWRPHUV¶ SUREOHPV /DWHU VROXWLRQV WR WKRVH SUREOHPV EHFRPH QHZ SURGXFWV 6XFK FRPSDQLHV DOVR WHDFK QHZ HPSOR\HHV LQ ILUVW GD\ RULHQWDWLRQ WUDLQLQJ VHVVLRQV WKDW SUREOHPV DUH ³JROGHQ HJJV ´ DQG SURYLGH HQFRXUDJHPHQW DQG VLPSOH VWUXFWXUHV IRU HPSOR\HHV WR LGHQWLI\ SUREOHPV DV RSSRUWXQLWLHV IRU LP SURYLQJ SURFHVVHV DQG SURGXFWV ,Q 1RUWK $PHULFD WKH 0 &RUSRUDWLRQ VHWV JRDOV IRU LWV PDQDJHUV WKDW SURYRNH SUREOHP ILQGLQJ )RU H[DPSOH RQH JRDO FDOOV IRU RI WKH FRPSDQ\¶V SURGXFWV WR EH QHZ HYHU\ ILYH \HDUV $V ZHOO 0 HPSOR\HHV DUH UHTXLUHG WR VSHQG RI WKHLU ZRUNLQJ WLPH H[SORULQJ QHZ RSSRUWXQLWLHV RI SHUVRQDO LQWHUHVW WR WKHP :H EHOLHYH WKDW ZH KDYH RQO\ VFUDWFKHG WKH VXUIDFH RI WKLV WRSLF :H FRQ WLQXH WR UHVHDUFK DQG DVN LPSRUWDQW SURELQJ TXHVWLRQV DV WR ZK\ JHQHUDWRUV DUH LQ VXFK VKRUW VXSSO\ LQ RUJDQL]DWLRQV 2QH TXHVWLRQ FRXOG EH DVNHG WR ZKDW H[WHQW DQ LQGLYLGXDO¶V FUHDWLYH SUREOHP VROYLQJ VW\OH LV D GLVSRVLWLRQ RU D FKDQJHDEOH VWDWH :H EHOLHYH WKLV SUREDEO\ YDULHV ZLWK WKH LQGLYLGXDO DQG GHILQLWHO\ PHULWV H[SORUDWLRQ +RZ GR SHRSOH¶V VW\OHV FKDQJH RYHU WLPH" )RU H[DPSOH ZKDW KDSSHQV ZKHQ D VFKRRO WHDFKHU ZLWK D ODUJH JHQHUDWRU VW\OH FKDQJHV FDUHHUV DQG EHFRPHV DQ LQVXUDQFH DJHQW IRU D ODUJH FRUSRUDWLRQ" :RXOG ZH VHH D VKLIW LV VW\OH" &RXOG ZH ORRN LQWR SHRSOH¶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


&5($7,9( /($51,1*

FKDSWHU ,

( 6.,//6 ,1 (8523( 67$7( 2) 3/$< $1'5e 5,&+,(5 'LUHFWRUDWH *HQHUDO (QWHUSULVH DQG ,QGXVWU\ ,&7 IRU &RPSHWLWLYHQHVV DQG ,QQRYDWLRQ 8QLW

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¶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

FRPSXWHU DVVRFLDWH SURIHVVLRQDOV $ EURDG GHILQLWLRQ LQFOXGHV DOVR ,6&2 RSWLFDO DQG HOHFWURQLF HTXLSPHQW RSHUDWRUV DQG ,6&2 FRPSXWLQJ VHUYLFHV PDQDJHUV


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³VFLHQFH PDWKH PDWLFV RU HQJLQHHULQJ´ RU ³PDQXIDFWXULQJ DQG FRQVWUXFWLRQ´ RU IURP RWKHU PRUH WKHPDWLFDOO\ GLVWDQW ILHOGV VXFK DV LQ VRFLDO VFLHQFHV RU WKH KXPDQLWLHV 3DUWLFXODUO\ DODUPLQJ DUH LV WKH QXPEHU RI IHPDOH VWXGHQWV OHVV WKDQ LQ FRPSXWHU VFLHQWLVWV DUH

ZRPHQ $ URXJK LGHD RI WKH LPSRUWDQFH RI QRQ FRPSXWHU VFLHQFH GHJUHH KROGHUV PLJKW EH GHULYHG IURP DQ DYDLOD

EOH VWDWLVWLF IRU 'HQPDUN ZKHUH WKHVH JUDGXDWHV PDNH XS RI WKH ZRUNIRUFH LQ ,&7 RFFXSDWLRQV


&5($7,9( /($51,1* 7KHUH DUH WZR JHQHUDO W\SHV RI FXUULFXOD GHYHORSPHQW HIIRUWV WR GHYHORS DWWUDFWLYH FXUULFXOXP ,QGXVWU\ OHG HIIRUWV DUH OHG E\ ,&7 YHQGRUV WR GHYHORS FRXUVHV DQG FHUWLILFDWLRQ H[DPV WKDW DFDGHPLF LQVWLWXWLRQV FDQ RIIHU ± HLWKHU IRU IUHH RU E\ SD\LQJ D PHPEHUVKLS IHH 8QLYHUVLW\ OHG HIIRUWV DW GHYHORSLQJ FXUULFXOD UHSUHVHQW HIIRUWV WKDW LQYROYH 8QLYHUVLWLHV LQGXVWU\ DQG JRYHUQPHQW RIILFHV WR GHYHORS FXUULFXOD WKDW IRVWHU H FRPSHWHQFHV H J ,7 9HVW LQ 'HQ PDUN DQG WKH ,QQRYDWLRQ 9DOXH ,QVWLWXWH LQ ,UHODQG )LQDOO\ FXUULFXOD GHYH ORSPHQW HIIRUWV DUH SDUW RI D EURDGHU PRUH V\VWHPLF DSSURDFK DW HQKDQFLQJ H FRPSHWHQFHV ( VNLOOV 8. LV FRRUGLQDWLQJ DQG OHDGLQJ D QXPEHU RI HIIRUWV DLPHG DW EXLOGLQJ VNLOOV WKURXJKRXW WKH OLIH RI OHDUQLQJ 6HYHUDO H[SHUWV UHIHU ULQJ DOVR WR LPSUHVVLYH HIIRUWV IURP )LQODQG H J $DOWR 8QLYHUVLW\ DQG *HU PDQ\ H J .DUOVUXKH 8QLYHUVLW\ QRWHG WKHLU KROLVWLF DSSURDFK 7KH W\SHV RI H VNLOOV UHTXLUHG E\ HPSOR\HUV YDU\ FRQVWDQWO\ ,Q D VXUYH\ DGGUHVVHG PRUH WKDQ ,7 PDQDJHUV LQ QLQH FRXQWULHV $XVWUDOLD &DQDGD &KLQD )UDQFH *HUPDQ\ ,QGLD ,WDO\ -DSDQ 7KH 1HWKHUODQGV 3RODQG 5XVVLD 6RX WK $IULFD 8 . DQG 8 6 7KH IURQWUXQQHUV ZHUH WKH H VNLOOV UHODWLQJ WR ³VH FXULW\ ILUHZDOOV GDWD SULYDF\´ IROORZHG E\ ³VRIW´ VNLOOV FXVWRPHU VHUYLFH VDOHV SURMHFW PDQDJHPHQW FRPPXQLFDWLRQ HWF ³QRQ VSHFLILF VHUYHU WHFKQRORJ\´ DQG ³JHQHUDO QHWZRUNLQJ QHWZRUN LQIUDVWUXFWXUH´ $FFRUGLQJ WR D VXUYH\ E\ ,'& RI RUJDQLVDWLRQV DFURVV (XURSH FRQGXFWHG LQ )HEUXDU\ ³QH WZRUNLQJ´ DQG ³VHFXULW\´ VNLOOV ZHUH WKH PRVW GLIILFXOW WR ILQG EXW V\VWHPV DU FKLWHFWV DQG SURMHFW PDQDJHUV ZHUH DOVR FKDOOHQJLQJ LQ VRPH FRXQWULHV 7KH (XURSHDQ &RPPLVVLRQ DGRSWHG D &RPPXQLFDWLRQ RQ ³H 6NLOOV IRU WKH VW &HQWXU\ )RVWHULQJ &RPSHWLWLYHQHVV *URZWK DQG -REV´ LQ 6HSWHP EHU ZKLFK LQFOXGH D ORQJ WHUP (8 H VNLOOV VWUDWHJ\ IROORZLQJ H[WHQVLYH FRQVXOWDWLRQ DQG GLVFXVVLRQV ZLWK VWDNHKROGHUV DQG 0HPEHU 6WDWHV LQ WKH FRQWH[W RI WKH (XURSHDQ H 6NLOOV )RUXP 7KH ORQJ WHUP H VNLOOV VWUDWHJ\ KDV EHHQ ZHOFRPHG E\ 0HPEHU 6WDWHV LQ WKH &RPSHWLWLYHQHVV &RXQFLO &RQFOX VLRQV LQ 1RYHPEHU )RU H[DPSOH WKH 0LFURVRIW $FDGHP\ LV DQ DQQXDO PHPEHUVKLS SURJUDP WKDW HQDEOHV PHPEHU DFDGHPLF LQVWLWXWLRQV WR GHOLYHU WUDLQLQJ RQ 0LFURVRIW WHFKQRORJLHV 6$3 8QLYHUVLW\ $OOLDQFH DOVR SURYLGHV 8QLYHUVLW\ IDFXOW\ ZLWK WRROV DQG UHVRXUFHV WR WHDFK VWXGHQWV DERXW KRZ RUJDQL]DWLRQV JHW YDOXH IURP (53 WHFKQRORJ\ KRZHYHU WKHLU FRQWHQW LV QRW VSHFLILF WR 6$3 SURGXFWV DQG VHUYLFHV 6LPLODUO\ ,%0 HIIRUWV DW GHYHORS VHUYLFHV VFLHQFH UHSUHVHQW IXQGLQJ RI LQWHUGLVFLSOLQDU\ FXUULFXOD RQ GHVLJQLQJ DQG PDQDJLQJ VHUYLFHV ,9, ZDV FR IRXQGHG LQ E\ WKH 1DWLRQDO 8QLYHUVLW\ RI ,UHODQG 0D\QRRWK DQG ,QWHO 7KH FRQWHQW RI WKH FRXUVHV LV EDVHG RQ DQ ,7 &DSDELOLW\ 0DWXULW\ )UDPHZRUN ( VNLOOV 8. LV DQ HPSOR\HU OHG QRW IRU SURILW FRPSDQ\ OLFHQVHG E\ WKH 8. JRYHUQPHQW ,W LV D 6HFWRU 6NLOOV &RXQFLO IRU %XVLQHVV DQG ,7 &RPS7,$ 6NLOOV JDSV LQ WKH ZRUOG¶V ,7 IRUFH

,'& ,QVLJKW 0DUFK &20 6HH KWWS HF HXURSD HX HQWHUSULVH VHFWRUV LFW H VNLOOV LQGH[BHQ KWP


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³EDVLF´ HGXFDWLRQ DQG FRQWLQXHG HGXFDWLRQ DQG WUDLQLQJ KDYH WR EH DGDSWHG LQ RUGHU WR DYRLG D VXEVWDQWLDO PLVPDWFK EHWZHHQ WKH VNLOOV UHTXLUHG E\ HPSOR\HUV DQG WKH VNLOOV SURYLGHG IRU E\ XQLYHUVLW\ FRXUVHV 6HH ZZZ HFRPSHWHQFHV HX


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

0RUH LQIRUPDWLRQ ( 6NLOOV IRU WKH VW &HQWXU\ (XURSHDQ &RPPLVVLRQ '* (QWHUSULVH DQG ,QGXVWU\ KWWS HF HXURSD HX HQWHUSULVH VHFWRUV LFW H VNLOOV (XURSHDQ H 6NLOOV :HHN 0DUFK KWWS HVNLOOV ZHHN HF HXURSD HX (XURSHDQ H 6NLOOV &RQIHUHQFH 1RYHPEHU %UXVVHOV KWWS ZZZ HVNLOOV SUR HX (X URSHDQ H &RPSHWHQFHV )UDPHZRUN KWWS ZZZ HFRPSHWHQFHV HX ( 6NLOOV ,QGXVWU\ /HDGHUVKLS %RDUG KWWS ZZZ H VNLOOV LOE RUJ (XURSHDQ H 6NLOOV DQG &DUHHUV SRUWDO KWWS HVNLOOV HXQ RUJ


,1129$7,21 0$5.(73/$&(

FKDSWHU ,

6725< 7(//,1* $1' ',*,7$/ ),5(

$17Ï1,2 1Òf(= $XWKRU RI µ6HUi PHMRU TXH OR FXHQWHV ¶ FRPPXQLFDWLRQ VWUDWHJLVW LQ 6WRU\ 6WUDWHJ\

7KH FRPSDQLHV SROLWLFLDQV DQG EUDQGV UHGLVFRYHU WKH PLOOHQDU\ DUW RI VWRU\WHOOLQJ WR RYHUFRPH WKH VDWXUDWLRQV DQG VNHSWLFLVP RI WKH FLWL]HQ LQ WKH :HE $JH %UHH IUHTXHQWO\ VSHDNV ZLWK SHRSOH RQ KHU QLJKWJRZQ 7KHUH DUH GD\V LQ ZKLFK VKH FULHV 2Q RWKHUV VKH LV LQ D EHWWHU PRRG %UHH DQ LVRODWHG WH HQDJHU E\ KHU XOWUD UHOLJLRXV SDUHQWV LQ KHU URRP XSORDGV RQ <RXWXEH WKH YLGHRV VKH UHFRUGV GXULQJ KHU LPSULVRQPHQW ,Q D PDWWHU RI ZHHNV WKH JLUO¶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¶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³%52$'&$67(56´ 72 ³&5($7256 2) 6725,(6´ $1' )520 ³5(&(37256´ 72 ³6725,(6 86(56´ 7KDQNV WR WKH :HE WKH EHIRUH FDOOHG ³FDSWLYH DXGLHQFHV´ ZHUH UHOH DVHG ,Q WKH QHZ DWWHQWLRQ HFRQRP\ ZKHUH RQHV RIIHU WKHLU DWWHQWLRQ WLPH DQG RWKHUV ORRN IRU LW WKH EHVW VWRU\ ZLQV 7KH EHIRUH FDOOHG ³UHFHSWRUV´ RI PHVVDJHV KDYH FRQYHUWHG WKHPVHOYHV LQWR ³XVHUV´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


,1129$7,21 0$5.(73/$&( 7KH UHFHLYHUV DUH DV PXFK FUHDWRUV RI PHVVDJHV DV EURDGFDVWHUV 7KXV ZH KDYH WR VWRS XVLQJ WKH FRQFHSW RI ³PHVVDJH´ DQG VXEVWLWXWH LW E\ ³VWRU\´ DEDQGRQ WKDW RI ³EURDGFDVWHU´ DQG XVH WKDW RI ³VWRU\WHOOHU´ DQG EDQLVK WKDW RI ³UHFHLYHU´ DQG DSSO\ WKDW RI ³6WRU\ 8VHU´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³WLSSLQJ SRLQWV´ DQG YLWDO F\FOHV RQ WKH :HE LQ WKH GLIIHUHQW VFUHHQV DQG LQ WKH SURSDJDWLRQ SURFHVV RI KHDUVD\ 7+( =(1,7+ 2) ³6725<7(//,1*´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¶V H[SHQVHV DQG ZLWKRXW KHDOWK LQVXUDQFH RU IURP WKH SROLWLFLDQ ZKR VKRXWHG ³)LUHG XS DQG UHDG\ WR JR ´ EHJDQ WR EH D SDUW RI WKH 1RUWKHUQ $PHULFDQ LPDJLQDU\ :+$7 &$1 :( &$// ³6725<´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¶V LQYDVLRQ WKH VROGLHUV RQ WKH ILHOG WROG WKHLU YHUVLRQV RQ WKH LQWHUQHW 7KH SUHFRFLRXV ULVH RI IORJV IDNH EORJV OLNH WKRVH FUHDWHG E\ 0F'RQDOG¶V :DO0DUW RU 6RQ\ UHVXOWHG LPPHGLDWHO\ LQ KDUG GH


&5($7,9( /($51,1* QRXQFHV DQG FULWLFLVP LQ WKH ³EORJRVSKHUH´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³FDPSDLJQ PDQXDOV´ RU ³VW\OH PDQXDOV´ RU ³EUDQG DSSOLFDWLRQ PDQX DOV´ 7KHUHIRUH ZH KDYH WR WKLQN RI DGYHUWLVLQJ GXULQJ VWRU\ FRQFHSWLRQ SUR FHVV XVLQJ P\WKV ULWHV DUFKHW\SHV DQG PHWDSKRUV 7+( 5(7851 72 7+( ³:,/'´ &20081,&$7,21 2) 7+( 75,%$/ ),5( 3DUDGR[LFDOO\ WKH ULVH RI WKH :HE SURYLGHG WKH ³UHJUHVVLRQ´ WR WKRXVDQ GV RI \HDUV DJR LQ WKH ZD\ RI FRPPXQLFDWLQJ EULQJLQJ EDFN WKH ³VSLULW RI ILUH´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


,1129$7,21 0$5.(73/$&(

FKDSWHU ,

&+$1*,1* 62&,(7<

-2­2 0(1(=(6 3UHVLGHQW RI 7(6(

:H¶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¶UH IDFLQJ WRGD\ 7KH LQFUHDVLQJ XQFHUWDLQW\ DQG IDVW FKDQJLQJ HQYLURQPHQW LV IRUFLQJ HDFK FRXQWU\ HDFK RUJDQL]DWLRQ DQG HDFK RQH RI XV WR FRQWLQXRXV DGDSWDWLRQ HIIRUW 6RFLHWLHV PXVW SUHSDUH WR QHZ XQSUHGLFWDEOH VFHQDULRV E\ XQOHDVKLQJ FUHDWLYLW\ DQG UHPRYLQJ DOO EDUULHUV UHODWHG ZLWK ULVN DYHUVLRQ HUURU VWLJPD ODFN RI VHOI FRQILGHQFH DQG SUHIHUHQFH WR FULWLFL]H UDWKHU WKDQ JHQHUDWH QHZ LGHDV DQG GR VRPHWKLQJ ,Q WKH IXWXUH HDFK SHUVRQ PXVW EH D µNQRZPDG¶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¶W \HW H[LVW


&5($7,9( /($51,1* 7ZHQW\ \HDUV DJR WKH WRS FRPSDQLHV LQ WKH )RUWXQH HLWKHU GXJ VR PHWKLQJ RXW RI WKH JURXQG RU WXUQHG D QDWXUDO UHVRXUFH VWHHO RU RLO LQWR VRPH WKLQJ \RX FRXOG KROG 7RGD\ IHZHU WKDQ KDOI RI WKH FRPSDQLHV RQ WKH OLVW GR WKDW 7KH UHVW PDNH SURILWV E\ WUDIILFNLQJ LGHDV +LVWRU\ VXJJHVWV WKDW LQQRYDWLRQ IORXULVKHV QR PDWWHU KRZ GDUN WKH WLPHV )RU H[DPSOH WKHUH LV D JHQHUDO FRQVHQVXV WKDW WKH FXUUHQW HFRQRPLF VLWX DWLRQ LV WKH ZRUVW VLQFH WKH *UHDW 'HSUHVVLRQ ,QQRYDWLRQ GLGQ¶W IUHH]H LQ WKDW SHULRG 1HZ FRPSDQLHV IRUPHG 5HYORQ +HZOHWW 3DFNDUG 7H[DV ,QVWUX PHQWV 7\VRQ )RRGV DQG 3RODURLG ZHUH ODXQFK LQ WKH V $ VFLHQWLVW DW 'X3RQW GLVFRYHUHG QHRSUHQH WKH ZRUOG¶V ILUVW V\QWKHWLF UXEEHU LQ 7KH FRPSDQ\ WRRN DGYDQWDJH RI WKH WRXJK WLPHV WR VQDJ WRS VFLHQWLVWV DQG NH\ LQSXWV DW DIIRUGDEOH UDWHV 1HRSUHQH ZHQW RQ WR EH RQH RI WKH PDMRU LQ QRYDWLRQV RI WKH WK FHQWXU\ ZLWK QHRSUHQH FRPSRQHQWV LQ HYHU\ DXWRPRELOH DQG DLUFUDIW E\ WKH HQG RI WKH V ,Q WKH IDFH RI HFRQRPLF GLVWUHVV 'X3RQW DOVR LQYHVWHG WR FUHDWH RQH RI WKH ZRUOG¶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¶V %HWWHU 3ODFH 7KH FRPSDQ\ LV IROORZLQJ D QRYHO DSSURDFK LQ WKH HOHFWULF FDU PDUNHW :KLOH PDQ\ FRPSDQLHV LQ WKH VSDFH DUH WDUJHWLQJ D ORZ FRVW EDWWHU\ WKDW FDQ JR KXQGUHGV RI PLOHV EHWZHHQ FKDUJHV $JDVVL¶V %HWWHU 3ODFH LV KRSLQJ WR GH FRXSOH WKH EDWWHU\ IURP WKH FDU %HWWHU 3ODFH FRQVXPHUV ZLOO SD\ D PRQWKO\ VXEVFULSWLRQ IHH WR DFFHVV D QHWZRUN RI FKDUJLQJ VLWHV DQG VHUYLFH FHQWUHV ZKHUH WKH\ FDQ VZDS VSHQW EDWWHULHV IRU IUHVK RQHV ,QVWHDG RI SXOOLQJ LQWR D JDV VWDWLRQ WR UHILOO \RXU WDQN \RX¶OO SXOO LQWR D EDWWHU\ VHUYLFH VWDWLRQ WR H[FKDQJH \RXU XVHG EDWWHU\ 7KHUH¶V DOVR D JUHDW QHHG RI LQQRYDWLRQ IRU HPHUJLQJ PDUNHWV (LJKW\ SHUFHQW RI WKH ZRUOG¶V SRSXODWLRQ DQG SHUFHQW RI WKH ZRUOG¶V HFRQRP\ DGMXVWLQJ IRU SXUFKDVLQJ SRZHU SDULW\ FRQVWLWXWHV MXVW SHUFHQW RI UHYH


,1129$7,21 0$5.(73/$&( QXHV IRU 6 3 FRPSDQLHV *URZWK VHHNLQJ FRPSDQLHV QHHG WR OHDUQ KRZ WR ILQG WKDW HOXVLYH IRUWXQH DW WKH ERWWRP RI WKH HFRQRPLF S\UDPLG 7KH ZRUOG RI LQQRYDWLRQ ZLOO FKDQJH VXEVWDQWLDOO\ LQ WKH QH[W IHZ \HDUV 'X ULQJ WKH V DQG HDUO\ V D VPDOO JURXS RI FRPSDQLHV²&LVFR 6\VWHPV 3URFWHU *DPEOH *HQHUDO 0LOOV ,%0 DQG 1RNLD DPRQJ WKHP²TXLHWO\ VWDUWHG WR ZRUN WR EULQJ JUHDWHU SUHGLFWDELOLW\ WR WKHLU LQQRYDWLRQ HIIRUWV :KLOH WKHVH FRPSDQLHV DUH IURP GLIIHUHQW LQGXVWULHV WKH\ VKDUH D FRPPRQ SKLORVRSK\ ,Q QRYDWLRQ LV DW WKHLU FRUH DV D GLVFLSOLQH WKDW FDQ EH PDQDJHG DQG PDVWHUHG %XW FRPSDQLHV FDQ¶W GR LW DOO DORQH &DSLWDOLVP UHYHDOHG WR EH DPD]LQJO\ HIILFLHQW DW VRPH WKLQJV EXW DOVR DPD]LQJO\ LQHIILFLHQW DW RWKHUV ,W¶V YHU\ VWUL NLQJ WKDW WKURXJKRXW WKH ODVW GHFDGHV RI JURZWK ORWV RI WKLQJV JRW EHWWHU EXW PDQ\ JRW ZRUVW ± IRU LQVWDQFH UDWHV RI GHSUHVVLRQ FDUULHG RQ XS RQ WKH ZHV WHUQ ZRUOG LQ WKH ODVW IHZ GHFDGHV &DSLWDOLVP SURYHG WR EH XQDEOH WR GHDO ZLWK LVVXHV OLNH FRPSDVVLRQ HPSDWK\ UHODWLRQV DQG FDUH $ EHWWHU EDODQFH EHWZHHQ HFRQRP\ DQG VRFLHW\ LV RQH RI WKH PDMRU FKDO OHQJHV IRU WKH IXWXUH VRFLHW\ 7KDW¶V ZK\ FDSLWDOLVP LV EHFRPLQJ PRUH µVRFLDO¶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¶V ³:KDW¶V 1H[W´ WR 6HWK *RGLQ¶V ³7ULEHV´ IURP 'DQLHO 3LQN¶V ³$ :KROH 1HZ 0LQG´ WR 0DOFROP *ODGZHOO¶V ³2XWOLHUV´ IURP .HQ 5RELQVRQ¶V ³7KH HOHPHQW´ WR 'RQ 7DSVFRWW¶V ³:LNLQRPLFV´ IURP *DU\ +DPHO¶V ³7KH IXWXUH RI PDQDJHPHQW´ WR 'DQ $ULHO\¶V ³3UHGLFWDEO\ ,UUDWLRQDO´


&5($7,9( /($51,1* IURP &KDUOHV /HDGEHDWHU¶V ³:H WKLQN´ WR 5LFKDUG )ORULGD¶V ³7KH ULVH RI WKH FUHDWLYH FODVV´ IURP )UDQV -RKDQVVRQ¶V ³7KH 0HGLFL HIIHFW´ WR 7KRPDV )ULHGPDQ¶V ³7KH ZRUOG LV IODW´ IURP -DPHV $GDPV¶V ³&RQFHSWXDO %ORFNEXVWLQJ´ WR PDQ\ RWKHUV /DVW EXW QRW WKH OHDVW UHFHQWO\ D PDQLIHVWR KDV EHHQ ZULWWHQ LQ (XURSH RQ KRZ WR IL[ WKH IXWXUH DQG UHFRYHU WKURXJK LQQRYDWLRQ ,W V D PDQLIHVWR IRU FKDQJLQJ WLPHV KWWS ZZZ IL[LQJWKHIXWXUH HX ,W DUJXHV WKDW ©$V (XURSH¶V HFRQRP\ VOLS LQWR UHFHVVLRQ ZH EHOLHYH WKDW (XURSH QHHGV WR UHVSRQG LQ ZD\V WKDW GRQ¶W MXVW DGGUHVV LPPHGLDWH QHHGV EXW DOVR HQVXUH WKDW (XURSH FDQ WKULYH LQ WKH UHFRYHU\ 7RR PDQ\ RI WKH DFWLRQV EHLQJ WDNHQ QRZ DUH IRFXVHG RQ SXWWLQJ ULJKW WKH PLVWDNHV RI WKH SDVW UDWKHU WKDQ LQYHVWLQJ LQ IXWXUH VXFFHVV $QG WRR OLWWOH LV EHLQJ GRQH WR SURPRWH WKH HQWUHSUHQHXUVKLS LQQRYDWLRQ DQG LQIUDVWUXFWXUHV WKDW ZLOO EH HVVHQWLDO WR (XURSH¶V IXWXUH JURZWK :H EHOLHYH WKDW (XURSH¶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


,1129$7,21 0$5.(73/$&( 5HZDUG LQYHVWRU UHVSRQVLELOLW\ E\ UHVKDSLQJ SROLFLHV WR VXSSRUW WKRVH LQVWLWXWLRQDO DQG SULYDWH LQYHVWRUV ZKR KDYH LQYHVWHG ORQJ WHUP LQ VRXQG HQWHUSULVHV ZLWK KLJK VWDQGDUGV RI JRYHUQDQFH DQG ULVN PDQDJHPHQW 0RELOLVH SXEOLF FUHDWLYLW\ E\ XVLQJ WKH UDGLFDO SRWHQWLDO RI ZHE DQG VRFLDO QHWZRUNV WR GHYHORS SXEOLF LGHDV IRU PLWLJDWLQJ WKH LPSDFWRI WKH UHFHVVLRQ /HDUQ IDVW ZLWK PRUH V\VWHPDWLF ZD\V RI HYDOXDWLQJ DQG OHDUQLQJ IURP (XURSH DQG WKH ZRUOG DERXW ZKDW ZRUNV ª


&5($7,9( /($51,1*

FKDSWHU ,, &21)(5(1&( &21&/86,216

/($51,1* &5($7,9,7< $1' ,1129$7,21 .(< )$&7256 2) &+$1*( ,1 7+( ;;, 62&,(7< )(51$1'2 $/%848(548( &267$ 7HDFKHU DQG 5HVHDUFKHU DW ,QVWLWXWH RI (GXFDWLRQ RI /LVERD 8QLYHUVLW\

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


&5($7,9( /($51,1* EDVHG RQ WKH SDUWLDO DFFRXQWV RI WKH VHYHUDO ZRUNLQJ VHVVLRQV :H DUH UHIHUULQJ VSHFLILFDOO\ WR WKH WKHPHV 7KHPH %XVLQHVV ,QQRYDWLRQ 7KHPH &UHDWLYH /HDUQLQJ 7KHPH &KDQJLQJ 6RFLHW\ /HW¶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¶V QHFHVVDU\ WR RSHUDWH FKDQJHV UH JDUGLQJ WKH RUJDQL]DWLRQDO FXOWXUH LWVHOI &KDQJHV WKDW VHHP WR VXEVWDQWLDOO\ GHSHQG RQ ZKDW FRPSDQLHV DQG RWKHU LQVWLWXWLRQV DUH DEOH WR XQGHUVWDQG DQG GHDO ZLWK LQQRYDWLRQ ,QQRYDWLRQ PXVW KHUH EH JOREDOO\ XQGHUVWRRG DV D FKDQ JH DQG GHYHORSPHQW IDFWRU EXW DOVR LQ D PRUH SUDJPDWLF ZD\ DV D SULYLOHJHG VWUDWHJ\ WR IDFH WKH HPHUJHQFH RI QHZ EXVLQHVV DUHDV QHZ PDUNHWV QHZ MREV DQG WKXV QHZ GHPDQGV DQG QHZ SURIHVVLRQDO VNLOOV &RQFHUQLQJ UHVXOWV DSSURDFK WKH FRQIHUHQFH IRFXVHG VRPH DVSHFWV WKDW DUH ZRUWK\ WR KLJKOLJKW DQG WKDW VRPHKRZ FRQVWLWXWH D YLVLRQ RQ KRZ WR IDFH DQG KDQGOH WKRVH QHZ FKDOOHQJHV ,W ZDV VWDWHG WKDW LW LV SRVVLEOH WR LQFUHDVH WKH LQWHUQDO DELOLW\ RI WKH RUJDQL]DWLRQV WKURXJK DQ DUUDQJHG VXP RI VWUDWH JLHV DPRQJVW ZKLFK L LQWHU LQVWLWXWLRQDO FRRSHUDWLRQ DQG WKH SDUWLFLSDWLRQ LQ FROODERUDWLYH SODWIRUPV VSHFLILFDOO\ GHGLFDWHG WR LQQRYDWLRQ LL WKH LQYHVWPHQW LQ UHVHDUFK RI LQQRYDWLYH SURFHGXUHV VXFK DV H[SHULPHQWLQJ DQG HYDOXDWLQJ QHZ SUDFWLFHV LQ D GLVUXSWLYH ORJLF UHJDUGLQJ ZKDW LV LQVWLWXWHG EXW PRVW RI


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


&5($7,9( /($51,1* 5HJDUGLQJ UHVXOWV D VWURQJ DJUHHPHQW ZDV YLVLEOH FRQFHUQLQJ WKH QHHG WR VWXG\ DQG XQGHUVWDQG WKH QHZ UHDOLW\ WKDW WKH LQWHUQHW EURXJKW QDPHO\ DW WKH OHYHO RI QHZ DQG SRZHUIXO OHDUQLQJ HQYLURQPHQWV GHVSLWH WKH LQWHUYHQLHQWV GLYHUVLW\ DQG WKH VLWXDWLRQV WDNHQ DV UHIHUHQFH 5HJDUGLQJ WKLV VSHFLDO DWWHQWLRQ VKRXOG EH JLYHQ WR WKH EOXUULQJ RI WKH HGX FDWLRQDO DQG WUDLQLQJ LQVWLWXWLRQV¶ UROH LQ WKLV SURFHVV RSSRVHG WKH JUHDWHU DQG JUHDWHU SRWHQWLDO WKDW WHFKQRORJLHV SXW LQ WKH KDQGV RI HDFK LQGLYLGXDO WR DFFHVV LQIRUPDWLRQ DQG PDQDJH WKHLU RZQ OHDUQLQJ $ SUREOHP WKDW HQGV XS EHLQJ H[SODLQHG EDVHG RQ WKH XSVHWWLQJ HIIHFW ZLGHO\ VWXGLHG DQG NQRZQ WKDW UHVXOWV IURP WKH WHQVLRQ EHWZHHQ D FHUWDLQ FRQWH[W DOUHDG\ HVWDEOLVKHG DQG WKDW DFFRUGLQJ WR WKH V\VWHP¶V ORJLF LW LV JRRG WR SUHVHUYH DQG WKH SURSRVDOV RI FUHDWLYLW\ DQG FKDQJH WKDW HVVHQWLDOO\ TXHVWLRQ WKH URRWHG ZRUN PHWKRGV DQG HVWDEOLVKHG URXWLQHV ,W ZDV DWWULEXWHG WKURXJKRXW WKH FRQIHUHQFH D JUHDW LPSRUWDQFH WR D QHFHV VDU\ DWWLWXGH FKDQJH RQ ZKDW LW PHDQV WR OHDUQ QDPHO\ E\ WKRVH WKDW PRUH GLUHFWO\ DUH FRQQHFWHG WR WKH RUJDQL]DWLRQ SURFHVVHV RI WHDFKLQJ DQG WUDLQLQJ WHDFKHUV DQG WUDLQHUV EXW DOVR OHDGHUVKLSV DQG RWKHUV UHVSRQVLEOH GLUHFWO\ RU QRW LQYROYHG LQ WKH FRQILJXUDWLRQ RI WKH WHDFKLQJ DQG WUDLQLQJ V\VWHPV &UHDWLYLW\ LQ OHDUQLQJ WKXV FRPHV XQGHUVWRRG QRW RQO\ DV DQ DOWHUQDWLYH WR IRUPDO DQG VFKRODU FRQWH[WV LQ ZKLFK ZH QRUPDOO\ OHDUQ OHDGLQJ XV WR WKH FUHDWLRQ RI QHZ OHDUQLQJ HQYLURQPHQWV DQG VSDFHV EXW PRVW RI DOO DV DQ LQQRYDWLRQ VWUDWHJ\ IRU WKH SURFHVVHV RI RUJDQL]DWLRQ DQG VWLPXODWLRQ RI WKRVH QHZ FRQWH[WV WKXV IDYRULQJ VLJQLILFDQW DXWKHQWLF DQG FRQWH[WXDOL]HG OHDUQLQJ GHHSO\ PRWLYDWHG ULFK DQG XVHIXO IRU ERWK LQGLYLGXDOV DQG IRU WKH RUJDQL]D WLRQV WKH\ DUH D SDUW RI 6LJQLILFDQW OHDUQLQJ EHFDXVH WKH QHZ NQRZOHGJH DFTXLUHV PHDQLQJ ZKHQ WKH LQGLYLGXDO HVWDEOLVKHV D FRQQHFWLRQ ZLWK UHOHYDQW DVSHFWV RI WKH VWUXF WXUH RI NQRZOHGJH KH VKH DOUHDG\ SRVVHVVHV $XWKHQWLF OHDUQLQJ EHFDXVH LW LV EDVHG RQ WKH DQDO\VLV RI UHDO LVVXHV DQG SUREOHPV RI VRFLDO OLIH DQG PDLQO\ RI RUJDQL]DWLRQV OLIH &RQWH[WXDOL]HG OHDUQLQJ GXH WR WKH IDFW WKDW WKRVH SUREOHPV RIIHU DQ HFRORJLFDO SHUVSHFWLYH LQ WKH XQGHUVWDQGLQJ RI WKH PXOWLWXGH RI IDFWRUV LQYROYHG LQ LWV UHVROXWLRQ *UHDWO\ PRWLYDWHG OHDUQLQJ GXH WR ZKDW LW VLJQLILHV LQ WHUPV RI SHUVRQDO VDWLVIDFWLRQ DFWLYDWLRQ RI FRJ QLWLYH DQG HPRWLRQV SURFHVVHV DQG FRQVHTXHQWO\ RI HIIRUW PRELOL]DWLRQ DQG QHFHVVDU\ SHUVHYHUDQFH IRU WKH DFTXLVLWLRQV WR EH PDGH VXFFHVVIXOO\ 5LFK OHDUQLQJ GXH WR WKH TXDOLW\ DQG GLYHUVLW\ RI UHVRXUFHV WKDW DUH DYDLODEOH IRU


,1129$7,21 0$5.(73/$&( ERWK WKH GHHSHQ XQGHUVWDQGLQJ RI WKH SUREOHPV DQG WR LGHQWLI\ DOWHUQDWLYH VROXWLRQV VWUDWHJLHV 8VHIXO OHDUQLQJ E\ RSSRVLWLRQ WR WKH FXUULFXOD WKDW YDOXH DQ LQHUW NQRZOHG JH DQG RI ZKLFK QR RSSRUWXQLWLHV IRU SUDFWLFDO XVH FDQ EH IRUHVHHQ WKDW JR ZD\ EH\RQG WKH PHPRUL]LQJ DQG DFFXPXODWLRQ RI GHFODUDWLYH NQRZOHGJH 7KH LQFHQWLYH WR WKH ULVH RI QHZ LGHDV ³JRRG LGHDV ZRUN ´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¶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


&5($7,9( /($51,1* ,W LV ZLWKRXW D GRXEW DQ DOWHUQDWLYH WR WKH IUDJPHQWHG ZD\ LQ ZKLFK XVXDOO\ WKHVH GLPHQVLRQV DUH HTXDWLRQHG DQG DV ZH GHIHQG LQ DQRWKHU SODFH PD\ DOORZ IRU WKH FUHDWLRQ DQG GHYHORSPHQW RI PRUH HIIHFWLYH DQVZHUV WR IDFH WKH FKDOOHQJHV RI WKH LQIR H[FOXVLRQ 7KH SRWHQWLDO RI WHFKQRORJLHV DV D VRFLDO LQFOXVLYH IDFWRU EXW DOVR DV DQ DOWHUQDWLYH WR WKH WUDGLWLRQDO ZRUQ RXW ZD\V RI RUJDQL]LQJ WKH FXUULFXOD DQG VWLPXODWH OHDUQLQJ $V XQGHUOLQHG LQ WKH DFFRXQW JLYHQ RI WKH FRQIHUHQFH¶V ODVW URXQG WDEOH ZH DUH LQGHHG IDFLQJ D SDUDGLJP FKDQJH UHJDUGLQJ WKH VRFLHW\¶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¶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¶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


&5($7,9( /($51,1*

FKDSWHU ,,, &21)(5(1&( 5(32576

5RXQG 7DEOH _%86,1(66 ,1129$7,21 5DSSRUWHXU ! &5,67,1$ %5$148,1+2 ,$30(, 3URPRWLQJ ,QQRYDWLRQ 'LUHFWLRQ

+RZ WR PDNH LQQRYDWLRQ D ZD\ RI OLIH E\ PDQDJLQJ WKH FUHDWLYH WKLQNLQJ VNLOO RI HYHU\ LQGLYLGXDO ,QQRYDWLRQ &UHDWLYLW\ ,QQRYDWLRQ LV WKH NH\ ZRUG WKHVH GD\V \HW LV WKHUH LQQRYDWLRQ LQ UHFHVVLRQD U\ WLPHV" 0LQ %DVDGXU UHPLQG XV WKDW LQQRYDWLRQ WHQGV WR RFFXU ZKHQ WKHUH¶V D UHDO QHHG IRU LW 0DQ\ RUJDQL]DWLRQV KDSSHQ WR PLVV WKLV RSSRUWXQLW\ :KHQ EDG WLPHV DUULYH DQG VDOHV DUH GRZQ WKH\ WDNH D VKRUW WHUP UHDFWLYH DSSURDFK FXWWLQJ MREV DQG RWKHU FRVWV ZKLOH ZDLWLQJ IRU SURVSHULW\ WR UHWXUQ +RZHYHU ,QQRYDWLRQV UHTXLUHV D GLIIHUHQW DSSURDFK ³+RZ PLJKW ZH HQJDJH DOO RI RXU SHRSOH DW HYHU\ OHYHO LQ XVLQJ WKHLU LQJHQXLW\ WR GHYHORS EUDQG QHZ ZD\V WR DWWUDFW FXVWRPHUV DQG VDYH PRQH\"´ 7KDW¶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± UHDFW" DQWLFLSDWLQJ SUREOHP" 6R \RX QHHG D *RDO WR PHHW WR PHDVXUH DQG WR DFKLHYH 6HFRQGO\ \RX QHHG D 6WUXFWXUH DQ LQWHUGLVFLSOLQDU\ WHDP WKDW GHOLYHULQJ VHHNV FKDQJHV D VWUXFWXUH


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¶W KDSSHQ E\ DFFLGHQW LW VWDUWV ZLWK ILQGLQJ SUREOH PV EHIRUH \RX HYHQ NQRZ WKH\ H[LVW )LQGLQJ WKH ULJKW SUREOHP WR VROYH LV WKH PRVW GLIILFXOW SDUW RI WKH FUHDWLYH SURFHVV WKDW¶V ZK\ ³SUREOHPV DUH JROGHQ HJJV´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³:KDW LV OHDGHUVKLS LQ D ;;, FHQWXU\"´ WKH PDMRU DQVZHU LV GULYLQJ FKDQJH WKDW PHDQV DQWLFLSDWLQJ QHHGV DQG VROXWLRQV DGDSWDELOLW\ $ &UHD WLYH /HDGHUVKLS LV WKH EDVLF VWRQH WR SURFHVV LQQRYDWLRQ QHHGLQJ WR GHYHORS QHZ OHDGHUV ZKR DUH DEOH WR HQJDJH RWKHUV LQ GULYLQJ FKDQJH


&5($7,9( /($51,1* $URXQG WKH WDEOH WKH NH\ WRSLFV DQG FKDOOHQJHV RQ KRZ WR PDNH LQQRYD WLRQ ZRUN ‡ &RPPXQLFDWH D FRPSHOOLQJ EXVLQHVV QHHG LQWR WKH RUJDQL]DWLRQV LQVWHD D PRWLYDWLQJ JRDO DQG EH FRQVLVWHQW WR FUHDWLYH SURFHVV ‡ 7RS PDQDJHPHQW VWURQJO\ LQYROYHG WRS GRZQ LPSOHPHQWLQJ

‡ $VN WKH ULJKW TXHVWLRQV IRU SUREOHP ILQGLQJ ‡ 6WDUW ZLWK SULRULWLHV GHILQH \RXU 3URFHVV IRU SUREOHP VROYLQJ DQG PHDVXUH LW GHILQH FRQVHTXHQFHV ‡ &KRRVH WKH ULJKW SURILOHV WR WKH SURFHVV FKDQJH LQQRYDWLRQ EDODQFH EHWZHHQ SURILOHV JHQHUDWRUV LPSOHPHQWLQJ FRQFHSWXDOL]HV URXWLQHV HIILFLHQF\ QHZ JHQHUDWRUV

‡ &UHDWLYH OHDGHUVKLS QHHGHG D VNLOO IDFLOLWDWRU ‡ 'HYHORSLQJ QHZ OHDGHUV ZKR FDQ HQJDJH FKDQJH ‡ *HW \RX EHVW SHRSOH RQ LW ‡ &UHDWH LQWHUGLVFLSOLQDU\ WHDPV WR FUHDWLYLW\ RYHU HQWLUH RUJDQL]DWLRQ WKDW GHOLYHUDEOH LV VHHNLQJ FKDQJLQJ JRLQJ DIWHU JROGHQ HJJV ‡ /HDUQ ZLWK HDFK RWKHU KRZ WR GR LW EHVW"

‡ &KDUH LQIRUPDWLRQ ‡ &R &UHDWLRQ RSHQ WR RWKHUV LQ FROODERUDWLYH DFWLRQ KDYH DGYDQWDJHV PDNHV \RX JR IDVWHU EXW DOVR ULVNV &+$//(1*(6 )25 7+( )8785( (GXFDWLRQ DQG WUDLQLQJ ‡ (GXFDWLRQ V\VWHP EDVHG RQ ³/HDUQ KRZ WR /HDUQ´ ‡ 7HDFK VWXGHQWV WR DVN >WKH ULJKW@ TXHVWLRQV (QWUHSUHQHXUVKLS DQG 5 ' ‡ ,QVLGH RUJDQL]DWLRQV SHRSOH PXVW ³/HDU ZLWK HDFK RWKHU´ ‡ 7KLQN JOREDO DFW JOREDO IURP WKH VWDUW ‡ 0RELOL]LQJ VWRFNKROGHUV WR LQQRYDWLRQ ‡ 'LVVHPLQDWH JRRG SUDFWLFHV ‡ 7UDQVIHU WKH NQRZOHGJH \RX JHW WR RWKHUV FROODERUDWLYH DFWLRQV DQG FR FUHDWLRQ ‡ 1HZ VNLOOV IRU QHZ MREV ‡ )DFLQJ GLIILFXOWLHV WR JR EHKLQG WKH LGHDV WXUQ LGHDV LQWR PRQH\

‡ $SSO\LQJ NQRZOHGJH WUDQVIHU WUDLQLQJ E\ IDFLOLWDWH FRRSHUDWLRQ EHWZHHQ XQLYHUVLWLHV DQG FRPSDQLHV SULYHW DQG SXEOLF VHFWRU VSHFLDOO\ ZLWK 60( ‡ 60( KDYH WR EH LQWHJUDWHG LQ WKH VXSSO\ FKDLQ ‡ 3HUPDQHQW FKDQJHV WDNHV WLPH« VR JLYH WLPH WR FKDQJH


,1129$7,21 0$5.(73/$&(

FKDSWHU ,,, /($51,1* 3/$<(56_$*(176 ,1 /($51,1* 5DSSRUWHXU ! 3$75Ë&,$ 6$1726 H/HDUQLQJ 0DQDJHU ± &HJRF

$QWyQLR 6RHOWO 0LFURSRZHU FDPH XS LQ DQG LV 0DUNHW OHDGHU LQ H/HDUQLQJ LQ %UD]LO 7KH PDLQ JRDO RI WKLV SUHVHQWDWLRQ ZDV WR DQDO\]H WKH VXFFHVV IDFWRU RI H/HDUQLQJ LQ %UD]LO ,Q %UD]LO H/HDUQLQJ ZHQW WKURXJK WZR VWDJHV ‡ )LUVW 6WDJH WR IRFXV RQ H/HDUQLQJ ‡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‡ 5HJDUGLQJ $WWLWXGHV E\ YDOXLQJ FROODERUDWLYH ZRUN DQG LQFRUSRUDWLRQ RI D FROOHFWLYH LQWHOOLJHQFH ‡ &R UHVSRQVDELOLWL]DWLRQ RI WKH DJHQWV LQYROYHG LQ WKH SURFHVV 7HDFKHUV DQG VWXGHQWV KDYH D QHZ DWWLWXGH ‡ ,QVWLWXWLRQ 3RVLWLRQLQJ WKH +LJKHU (GXFDWLRQ KDV UHVSRQVLELOLWLHV EHIRUH VRFLHW\ EXW VWLOO UHPDLQV D FRQVHUYDWLYH LQVWLWXWLRQ 7KLV SRVWXUHKDV QHJDWLYH DVSHFWV DV VRPH LQHUWLD FRQFHUQLQJ ZKDW LV QHZ DQG SRVLWLYH DVSHFWV EHFDXVH LW GRHV QRW UXQ DIWHU WUHQGV ‡ &XOWXUDO 'LYHUVLW\ LQ +LJKHU (GXFDWLRQ WKHUH LV D %DEHO RI FXOWXUHV 7KHUH LV JUHDW VWLPXOL WR WKH PRYHPHQW RI SHRSOH DQG WKHUH DUH PRUH DQG PRUH IRUHLJQ VWXGHQWV 7KH +LJKHU (GXFDWLRQ LV LQ SHUPDQHQW WUDQVIRUPDWLRQ 7KH LQYHVWLJDWLRQ VHDUFKHV IRU D QHZ NQRZOHGJH %XW WKDW VDPH WUDQVIRUPDWLRQ FDQ FDXVH WHQ VLRQV EHWZHHQ 8QLYHUVLWLHV DQG 6RFLHW\ :(% 23325781,7,(6 ,1 +,*+(5 ('8&$7,21 ,167,787,216 7KH :HE FRQWULEXWHV WR ‡ 7KH WUDQVIRUPDWLRQ RI WKH FRQFHSW RI +LJKHU (GXFDWLRQ ZLWK WKH RSHQLQJ WR QHZ DXGLHQFHV JOREDOL]DWLRQ ‡ 7KH IOH[LELOL]DWLRQ RI WKH ZRUNLQJ PHWKRGV ZKLFK VRPHWLPHV LV GLIILFXOW LQ +LJKHU (GXFDWLRQ


,1129$7,21 0$5.(73/$&( ‡ 7KH FUHDWLRQ RI QHZ LQWHUDFWLQJ ZD\V ZLWK WKH FKDQFH RI WKH FRQFHSW RI WLPH DQG VSDFH %HLQJ D QHWZRUNHG VRFLHW\ WKHUH DUH QHZZD\V RI SDUWLFLSDWLQJ EH\RQG WKH SK\VLFDO ‡ $Q DSSUR[LPDWLRQ RI WKH UHODWLRQVKLS EHWZHHQ WHDFKHUV DQG VWXGHQWV :+$7 $5( 7+( &+$//(1*(6 )25 7+( +,*+(5 ('8&$7,21 ,167,787,216 :,7+ 7+( :(% " ‡ 0DQDJH WR UHIRUPXODWH WKH UHODWLRQVKLS ORJLF RQ WZR OHYHOV EHWZHHQ WKH LQVWLWXWLRQ DQG SHRSOH DQG SHRSOH DPRQJVW WKHPVHOYHV ‡ 0DQDJH WR UHIRUPXODWH WKH RUJDQL]DWLRQ DQG ZRUNLQJ ORJLF RI WKH 'HJUHHV IRU H[DPSOH WKH LQWHJUDWLRQ RI SUHVHQWLDO DQG RQOLQH FRPSRQHQWV ‡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}HV 7KH &HQWURV 1RYDV 2SRUWXQLGDGHV &12 DUH HQWUDQFH GRRU VWUXFWXUHV IRU WKH SRSXODWLRQ WKDW VHHNV TXDOLILFDWLRQ *RDO PDNH WKH WK JUDGH WKH PLQLPXP TXDOLILFDWLRQ OHYHO RI WKH 3RUWX JXHVH SHRSOH


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‡ 7KH\ SOD\ LQ IDYRU RI ZKDW LV LQWHQGHG LQ WKLV SURFHVV ‡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¶V WHDPV FRQWLQXRXV WUDLQLQJ &XUUHQWO\ WKH LQYHVWPHQW LV EHLQJ SXW RQ WKH LQLWLDO IRUPDWLRQ RI WKHVH WHD PV EXW WKH OLWWOH OHYHOV RI PDWXULW\ DUH EHLQJ GHYHORSHG DQG LW LV QHFHVVDU\ WR KDYH RWKHU UHVSRQVHV IRU WKH FRQWLQXRXV WUDLQLQJ 7KH VWUXFWXUH LV VPDOO


,1129$7,21 0$5.(73/$&( WKHUH DUH OLWWOH UHVRXUFHV \RX FDQQRW DQVZHU WKH QHHGV RI SHRSOH ZKR ZRUN LQ WKLV PLVVLRQ 7KH H /HDUQLQJ FDQ KHOS FRYHULQJ DOO WKH WUDLQLQJ QHHGV LQ FHQWHUV IURP 1RUWK R 6RXWK RI WKH FRXQWU\ %XW LQ ZKDW FRQFHUQV WKH TXDOLILFDWLRQ OHYHO RI WKH SRSXODWLRQ LW FDQ EH KDU GHU ,W LV SRVVLEOH WR UHVRUW WR H/HDUQLQJ WR RYHUFRPH WKH OLPLWDWLRQV RI WKH SRSXODWLRQ UHJDUGLQJ WLPH DYDLODELOLW\ WR FRQMXJDWH 3URIHVVLRQDO OLIH ZLWK FRQ WLQXRXV WUDLQLQJ« %XW WKH PRPHQW PD\ QRW EH \HW WKH ULJKW RQH


&5($7,9( /($51,1*

FKDSWHU ,,,

/($516&$3(6 /($51,1* 1(7:25.6 5DSSRUWHXU ! 58, 5,%(,52 )&&1 )XQGDomR SDUD D &RPSXWDomR &LHQWLILFD 1DFLRQDO

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³VRIW VNLOOV´ QHHGHG IRU WKH QHZ H[LVWLQJ MREV 7KHVH QHZ VNLOOV DUH QHFHVVDU\ EHFDXVH WKHUH DUH QHZ YLVLRQV FRPSOH[LWLHV DQG WHFKQRORJLHV WKDW DUH FRPPRQ WR WKH GDLO\ OLYHV RI FRPSDQLHV 7KXV WKH OHDUQLQJ SURFHVV VKRXOG EH DGDSWHG 7KH GLJLWDO ZRUOG LV SDUW RI WKH OLYHV RI DOO RI XV DQG RI DOO WKH SURFHVVHV RI GDLO\ OLIH LQFOXGLQJ WKH QHZ OHDUQLQJ PRGHOV 7KH FRQFHSW RI ³H OHDUQLQJ´ VKRXOG EH UHDGDSWHG DQG VWDUW EHLQJ RQO\ ³OHDUQLQJ´ RQFH WKH HOHFWURQLF PHDQV DQG WHFKQRORJ\ ZLOO QDWXUDOO\ EH SDUW RI WKH WHDFKLQJ OHDUQLQJ SURFHVV 1HZ V\VWHPV EDVHG RQ FRPSXWLQJ VRFLDO WRROV IDFHERRN OLYHPRFKD « DUH YHU\ LPSRUWDQW $OUH DG\ SUHGLFWLQJ WKDW UHDOLW\ D VWXG\ ZDV PDGH IRU WKH VXSSRUW RI ³GHFLVLRQ PDNHUV ³LQ (XURSH 7KDW VWXG\ PD\ EH VHHQ DW KWWS LV MUF HF HXURSD HX SDJHV /HDUQLQJ KWPO 7KH ILQGLQJV RI WKH VWXG\ SRLQW WR WKH IDFW WKDW WKH REMHFWLYHV RI WKH WUDL QHHV LQ DQ :HE HQYLURQPHQW DUH D ORW GLIIHUHQW IURP WKRVH REWDLQHG LQ WKH WUDGLWLRQDO PRGHOV ,Q D :HE HQYLURQPHQW WKH PRWLYDWLRQV UDQJH


,1129$7,21 0$5.(73/$&( IURP QHHG WR VRFLDOL]H WR SURGXFWLRQ WRSLFV DQG RUJDQL]DWLRQ /HDUQLQJ WDNHV SODFH LQ VHYHUDO SODFHV VSDFHV DQG WKURXJK GLIIHUHQW SURFHVVHV 7KHVH DUH FROODERUDWLYH HQYLURQPHQWV UHIOHFWLYH DQG ³ERWWRP XS´ RULHQ WHG´ ,Q WKLV FRQFHSW RI ³VRFLDO FRPSXWLQJ´ WKH WUDLQHHV ORRN IRU ORFDOL]HG DQG VSHFLILF NQRZOHGJH VLWXDWHG NQRZOHGJH DLPHG DW WKH WDVN RU WKH OLIH SUREOHP ZLWK ZKLFK LW KDV EHHQ IDFHG ZLWK 7KHVH OHDUQLQJ SURFHVVHV DUH RQO\ SRVVLEOH LI WKH WUDLQHHV SRVVHVV VNLOOV VXFK DV ³OHDUQLQJ WR OHDUQ´ RU ³FULWLFDO WKLQNLQJ´ &UXFLDO VNLOOV IRU WKH WUDLQLQJ SURFHVV RI VRFLHWLHV LQ WKH QHZ PLOOHQQLXP ,Q FRQFOXVLRQ LW ZDV LQGLFDWHG WKDW LQIRUPDO VRFLDO QHWZRUNV DUH IXQGDPHQWDO DQG VXSSRUW WKH OHDUQHU WKURXJKRXW OLIH DQG SUHVHQW ZLWK RSSRUWXQLWLHV ,W ZDV VKRZQ WKDW WKH SROLWLFLDQV GHFLGH EDVHG RQ WKH WULDQJOH ³UHVHDUFK´ ³LQQRYD WLRQ´ H ³HGXFDWLRQ´ %HLQJ LQQRYDWLRQ FUXFLDO IRU WKH VXVWDLQDELOLW\ RI (XURSH WKLV PXVW EH D VNLOO OHDUQW LQ VFKRRO WKURXJKRXW WKH HQWLUH IRUPDO OHDUQLQJ SURFHVV DQG QRW RQO\ LQ +LJKHU (GXFDWLRQ HVWDEOLVKPHQWV $V WKH\ DOVR VKRXOG EH WUDQVYHUVDO WR DOO WKH DUHDV RI WKH HGXFDWLRQ V\VWHP 7KH NH\ PHVVDJHV ZHUH ‡ &UHDWLYLW\ DQG LQQRYDWLRQ ‡ &ROODERUDWLRQ ‡ $ QHWZRUNHG VRFLHW\ WKDW PDNHV WRROV DYDLODEOH IRU VKDULQJ DQG FROODERUDWLQJ OLNH QHYHU EHIRUH -RVp &DUORV &DOGHLUD ,1(6& 2SRUWR

7KH OHDUQLQJ SURFHVV DQG WKH SHUVRQ¶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


,1129$7,21 0$5.(73/$&(

FKDSWHU ,,,

3(5621$/ /($51,1* (19,5210(176 &217(;7 (19,5210(17 $1' 722/6 5DSSRUWHXU ! 58, 3(5(,5$ H /HDUQLQJ &RQVXOWDQW

$QD 1HYHV 0RGHUDWRU VWDUWHG E\ WKDQNLQJ WKH DXGLHQFH WR EH WKHUH IRU DVVLV WLQJ WKLV 6HVVLRQ DERXW 3HUVRQDO /HDUQLQJ (QYLURQPHQWV 3/( LQIRUPLQJ WKDW LW ³« LV DOO DERXW OHDUQHUV VHWWLQJ WKHLU RZQ JRDOV DQG XVLQJ PDQDJLQJ FRQWHQWV LQ WKH SURFHVV RI WKHLU RZQ OHDUQLQJ DQG FRPPXQLFDWLQJ ZLWK RWKHUV WKURXJKRXW WKDW SURFHVV´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‰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p 6DFDYpP DERXW 'LJLWDO 6WRU\WHOOLQJ DQG WKH ZD\ LW FDQ EH XVHG WR LJQLWH SHUVRQDO OHDUQLQJ )LQDOO\ $GHPDU $JXLDU ZLOO UHPLQG XV RI VLPSOH WRROV WKDW FDQ KHOS ZLWK HIIHF WLYH SHUVRQDO OHDUQLQJ


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¶W QHHG GLJLWDO VNLOOV 6HFRQG RQH LV DIIRUGDELOLW\ DQG VXVWDLQDELOLW\ EHFDXVH FRVW RI HTXLSPHQW LV VWLOO DQ LVVXH &RQWHQWV DQG GHOL YHU\ PRGH LQGHHG RQH RI WKH NH\ UHVXOWV LV WKDW SHUVRQDOL]DWLRQ RI SURJUDPV SHUVRQDOL]DWLRQ RI LQLWLDWLYHV LV YHU\ LPSRUWDQW WR KHOS SHRSOH WR JR RQOLQH $W ODVW EXW QRW WKH OHDVW XVDELOLW\ DQG DFFHVVLELOLW\ EHFDXVH GLIIHUHQW FDWHJR ULHV RI XVHUV KDYH GLIIHUHQW QHHGV DQG ZH GRQ¶W WKLQN WKDW RQH PRGHO FDQ ILWV IRU DOO DQG ZH QHHG WDLORUHG VROXWLRQV $V VDLG EHIRUH 'LJLWDO /LWHUDF\ ,QLWLDWLYH VWDUWV E\ SURPRWLQJ DFFHVV VR W\ SLFDOO\ GHSOR\PHQW RI LQIUDVWUXFWXUHV DQG EURDGEDQG FRYHUDJH LQ VFKRROV LQ UXUDO DUHDV DQG LQ SXEOLF LQWHUQHW DFFHVV SRLQWV %XW WKHUH DUH VWLOO EDUULHUV IRU QRW KDYLQJ ,QWHUQHW DW KRPH


,1129$7,21 0$5.(73/$&( 3HRSOH WKLQN WKH\ GRQ¶W QHHG GLJLWDO VNLOOV VR WKH\ GRQ¶W QHHG KDYLQJ ,QWHUQHW DW KRPH 7KH VHFRQG VWDJH ZDV EDVHG RQ SURPRWLQJ XVH DQG EDVLF VNLOOV +HUH ZH KDYH D PL[ RI SXEOLF DQG SULYDWH LQLWLDWLYHV :KR QHHGV 'LJLWDO /LWH UDF\" 7KH UHWLUHG RU LQDFWLYH SHRSOH ZLWK ORZ HGXFDWLRQDO OHYHOV EXW DW WKH VDPH WLPH WKHUH LV DOVR DQ LVVXH IRU \RXQJ SHRSOH ,QGHHG RI SHRSOH EHWZHHQ DQG \HDUV ROG GRQ¶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‰ ZLOO EH SUHVHQWLQJ XV ³+RZ WR JXLGH OHDUQHUV ZLWK ORZ HGX FDWLRQ DWWDLQPHQWV WR OHDUQ E\ UHIOHFWLQJ WKHLU ZRUN HQYLURQPHQWV´ VDLG WKH PRGHUDWRU )RU WKH ODVW ILIWHHQ \HDUV ZH ZRUNHG LQ D FRXSOH RI SURMHFWV LQ WKH PHWDO VHFWRU DW WKH ZRUNSODFH OHDUQLQJ :H GLG LW LQ D FRXSOH RI FRPSDQLHV IURP DQG HPSOR\HHV VRPHWLPHV LQ SULYDWH FRUSRUDWLRQV DQG SXEOLF DGPLQLVWUDWLRQV (YHU\ZKHUH ZH GLVFRYHUHG WKH VDPH SUREOHPV , GRQ¶W NQRZ LI LW LV D UHJLRQDO SUREOHP EXW LQ %DYDULD WKH\ VD\ ³ ZRUN GRQ¶W WDON´ RU ³ RQH PDQ RQH ZRUG´ 6R SHRSOH UHDOO\ NQRZ KRZ WR ZRUN DQG WKH\ DUH UHDOO\ JRRG ZRUNHUV DQG WKH\ NQRZ KRZ WR VROYH SUREOHPV EXW WKH\ DUH YHU\ XQXVHG WR WDON DERXW WKHLU ZRUN 6R WKLV LV RQH RI WKH PDLQ FKDOOHQJHV ZH KDYH WR RYHUFRPH ZKHQ DUULYH WR D FRPSDQ\ WU\ WR WDON WR SHRSOH WU\ WR PDNH WKHP FRPPXQLFDWH DPRQJ HDFK


&5($7,9( /($51,1* RWKHU WR RYHUFRPH WKH GLIILFXOW\ WKH\ KDYH WR WDON DERXW WKHLU RZQ ZRUN DQG KRZ WKH\ GR LW ZHOO 7KH VHFRQG NH\ OHVVRQ WKDW ZH OHDUQW IURP WKHVH SURMHFWV LV WKDW ZH PXVW WR SURYLGH WKHP D VDIH HQYLURQPHQW 3HRSOH ZLWK ORZ HGXFDWLRQDO KDG QR VXFFHVV DW VFKRRO ,I \RX DSSURDFK WKHP DV D WHDFKHU H[SHUW RU VLPLODU WKH\ ZLOO EH IULJKWHQHG DQG KDWH WR EH H[DPLQHG %XW WKH\ ZLOO RSHQ LQ D SHHU JURXS LI WKH\ GR ZKDW DOZD\V GLG WU\LQJ WR JHW SUDFWLFDO WU\LQJ WR VROYH SUREOHPV WU\LQJ WR VKDUH H[SHULHQFHV 7KH EHVW ZD\ ZKHQ ZH DUULYH WR VXFK D SODFH LV QRW WR EH H[SHUW RU VSHFLDOLVW EXW VWDUWLQJ DQVZHULQJ WR VWXSLG TXHVWLRQV :KHQ , DUULYH DVN WKHP WR KHOS PH LQ ZULWLQJ WKH UHSRUW EHFDXVH , DP QRW D VSHFLDOLVW LQ PHWDO LQGXVWU\ 6R WKH\ VWDUW WDONLQJ $QG ZKHQ WKH FROOHDJXH VWDUWV H[SODLQLQJ PH DV KH GRHV FROOHDJXH¶V DUJXPHQW DQG VD\ ³ QLFH \RX GR OLNH WKDW , GR LW GLIIHUHQWO\ EXW \RXUV LV D JRRG LGHD ´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¶W JHW LW 6R DFFHSW WKDW WKH\ KDYH VRPHWLPHV YHU\ VLPSOH WRROV OLNH D ELJ SRVWHU ZKHUH WKH\ ZULWH WKH DFWLRQ SODQ RWKHUV ZULWH LQ VPDOO VKHHWV RI SDSHU ZKHUH WKH\ ZULWH XS VRPH WKLQJV HQFRXUDJH WR XVH LQVWH DG RI 3RODURLG¶V VRPH VPDOO YLGHRV RU RWKHU GRFXPHQWDWLRQ RU ZRUN VLWXDWLRQV )RU FUHDWLQJ /HDUQLQJ (QYLURQPHQWV OHW WKHP FUHDWH UHVRXUFHV PHGLD VHOI PDGH PHGLD VLPSOH PHGLD 7KH FRPSDQ\ ZLNLV ZLOO FRPH ODWHU +HOS WKHP FUHDWLQJ FRPPXQLWLHV RI FROOHDJXHV WR VXSSRUW WKLV PHGLD 7KH VDPH HQYL URQPHQW RI PHGLD DQG UHVRXUFHV ZLOO EH XVH E\ SHRSOH ZLWK GLIIHUHQW VW\OHV


,1129$7,21 0$5.(73/$&( 6RPH DUH JRRG VWRU\WHOOHUV VRPH DUH JRRG GHPRQVWUDWRUV DQG ,¶P VXUH LQ WKH JURXS \RX ZLOO ILQG SHRSOH ZKR ZLOO VWDUW ZULWLQJ WKH FRPSDQ\ ZLNL ZKHQ \RX HQFRXUDJH WKHP 2QH UXOH WKDW ZH IRXQG ZDV WKDW WKHUH ZLOO EH ILYH PDLQ OHDUQLQJ SDUWQHUV DPRQJ FROOHDJXHV 3HRSOH \RX UHIHU WR SHRSOH \RX OHDUQ ZLWK $OO ILYH RI WKHP ZLOO KDYH RWKHU ILYH IULHQGV VR \RXU SHUVRQDO NQRZOHGJH QHWZRUN ZLOO DOUHDG\ EH SHUVRQV 7KDW¶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


&5($7,9( /($51,1*

FKDSWHU ,,,

(8)$&,1(7 )$&,/,7$7256 (8523($1 1(7:25. ),1$/ &21)(5(1&( 5DSSRUWHXU ! 9$1'$ 9,(,5$ &(&2$ , ' 'HSDUWPHQW 7HFKQLFLDQ

3URPRWH WKH LQWHJUDWHG WUDLQLQJ LQ WKH SODFH RI ZRUN )RUPDO LQIRUPDO DQG QRQ IRUPDO /HDUQLQJ /HDUQLQJ IDFLOLWDWRUV 7KH )LQDO &RQIHUHQFH RI WKH (8)$&,1(7 3URMHFW ³(XURSHDQ )DFLOLWDWRUV 1HWZRUN´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¶V UHVXOWV DPRQ JVW WKHVH WKH ,QWHUDFWLYH 3UDFWLFHV &RPPXQLW\ RULHQWHG E\ &(&2$ ZKLFK FRXQWV RQ RYHU UHJLVWHUHG IDFLOLWDWRUV 7KH VSHDNHU DOVR GHIHQGHG WKH LPSRUWDQFH RI WKH IDFLOLWDWRUV¶ UROH LQ WKH VXSSRUW RI 60(¶V PDQDJHUV & VDU 6]ZHEV IURP $08 'HQPDUN SUHVHQWHG RQH RI WKH PRGXOHV RI WKH 6HOI /HDUQLQJ )DFLOLWDWRU *XLGH 3DUW ,, GHGLFDWHG WR WKH WKHPH RI HYDOXD WLRQ DQG VNLOOV YDOLGDWLRQ PDGH RI VLPSOH WRROV WKDW DOORZ IRU WKH HYDOXDWLRQ DQG HYLGHQFH RI WKH LPSURYHPHQW RI ZRUNHUV¶ VSHFLILF VNLOOV DFTXLUHG LQ WKH SODFH RI ZRUN 0DULD 5DXFK IURP *$% *HUPDQ\ GHIHQGHG WKH FUHDWLRQ RI QHZ DUHDV UHODWHG WR LQIRUPDO DQG QRQ IRUPDO OHDUQLQJ ZKLFK PD\ SURPRWH WUDLQLQJ DW WKH SODFH RI ZRUN ,Q WKLV FRQWH[W WKH 3URMHFW DLPHG DW WKH LQFUHDVH RI QHZ ZD\V RI OHDUQLQJ DV DQ LQGLYLGXDO JURZWK SURFHVV


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©%6& ± %DODQFHG 6FRUHFDUGª DGDSWHG WR WKH OHDUQLQJ SURFHVV VSHFLDOO\ LQIRUPDO DQG QRQ IRUPDO 0DUWD 0pQGH] )XHQWH IURP )0$ SUHVHQWHG JRRG SUDFWLFHV RI WKH WRROV WHVWR I WKH (8)$&,1(7 3URMHFW LQ WKH $VWXULDV 6SDLQ DQG 0LOHQD $OH [DQGURYD IURP 1$60% SUHVHQWHG WKH UHVXOWV RI WKH *XLGH¶V LPSOHPHQ WDWLRQ LQ %XOJDULD $WWHQWLRQ VKRXOG EH SDLG WR WKH QHHG IRU LQWURGXFLQJ DQ H[SODQDWLRQ WR WKH OHDUQLQJ FRQFHSW EHLQJ IXQGDPHQWDO WR LQYROYH WKH VWDNHKROGHUV DQG NQRZ WKH FRPSDQLHV QHHGV $OVR KLJKOLJKWHG ZDV WKH ULVLQJ RI WKH IDFLOLWDWRU¶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¶V LQWHJUDWLRQ LQ DQ DGYLVRU\ VHUYLFH WR 60(¶V VLQFH LW SURPRWHV GLUHFW FRQWDFW EHWZHHQ EXVLQHVV H[HFXWLYHV DQG ZRUNHUV DQG DOORZV IRU WKH WUDQVIHUHQFH RI WRROV WR VHYHUDO FRUSRUDWH DUHDV


&5($7,9( /($51,1* 7KH 5RXQG 7DEOH IROORZHG PRGHUDWHG E\ $OH[DQGHU .UDX‰ IURP ,62% *HUPDQ\ ZLWK WKH SUHVHQFH RI +DQV * %DXHU IURP *$% DQG 0DUWD 0pQ GH] )XHQWH IURP )0$ DQG 6¡UHQ +LPPHOVWUXS IURP $08 DQG $OH[L $OH [RY IURP 1$60% ,W ZDV WKXV FRQFOXGHG DERXW WKH LPSRUWDQFH RI GHYHORSLQJ ©&UHDWLQJ /HDUQLQJ $UUDQJHPHQWVª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³UHDG WKH RUJDQL]DWLRQV DQG PHWKRGRORJLFDO RQHV 7KH IDFLOLWDWRUV VKRXOG DOVR SURPRWH WKH EXVLQHVV H[HFXWLYHV WUXVW FUHDWH ZHOO VXFFHHGHG ³VWRULHV´ DQG FDVHV 7KH 'DQLVK H[SHULHQFH GHPRQVWUDWHV WKDW SHRSOH OLNH WR FKDQJH ZKDW WKH\ GRQ¶W OLNH LV WR EH IRUFHG WR GR VR KDYLQJ VRPHRQH WHOOLQJ WKHP ZKDW WR GR /DVW EXW QRW WKH OHDVW DWWHQWLRQ VKRXOG EH SDLG WR WKH PDUNHW¶V RSSRUWXQLWLHV RI WKH *XLGH LQ DGYLVRU\ SURMHFWV LQ WKH WUDLQLQJ RI IDFLOLWDWRUV DQG LQ WKH RIIHU RI WUDLQLQJ SURPRWHUV LQ WKH FRRSHUDWLRQ DQG WUDQVIHUHQFH WR RWKHU DUHDV IRU H[DPSOH WKH FLW\ KDOOV DQG 132¶V 7KH GHEDWH DQG FRQFOXVLRQV ZHUH WKH PRVW LPSRUWDQW IHDWXUHV RI WKH FRQIH UHQFH WKH IROORZLQJ DVSHFWV DUH KLJKOLJKWHG ‡ 7KH SURMHFW GHYHORSHG D )DFLOLWDWLRQ *XLGH IRU 6HOI /HDUQLQJ 3DUW ,, ZKLFK RIIHUV VHYHUDO WRROV VXSSRUWLQJ WKH IDFLOLWDWLRQ SURFHVVHV ZLWKLQ WKH 60(¶V


,1129$7,21 0$5.(73/$&( ‡ ,W LV LPSRUWDQW WR WUDLQ IDFLOLWDWRUV LQ WKH FRPSDQLHV WKDW PD\ VWDUW D GLDORJXH EHWZHHQ WKH EXVLQHVV H[HFXWLYHV DQG FROODERUDWRUV ZLWK WKH DELOLW\ WR LPSOHPHQW WKH OHDUQLQJ SURFHVV ZLWK D SRVLWLYH LPSDFW IRU ERWK SHRSOH DQG FRPSDQLHV ZLWK JRRG UHVXOWV LQ WKH LGHQWLILHG SHUIRUPDQFH LQGLFDWRUV DQG LQ WKH LPSURYHPHQW RI FULWLFDO VLWXDWLRQV ‡ ,W LV FUXFLDO WR LGHQWLI\ WKH FRPSDQLHV¶ NQRZOHGJH WR LQYHVW LQ ERWK SHRSOH DQG D FRPPXQLFDWLYH DQG FROODERUDWLYH OHDGHUVKLS 675$7(*,(6 )25 1(;7 67(36 ‡ &RQVROLGDWH WKH UROH RI WKH OHDUQLQJ IDFLOLWDWRUV LQ WKH 60(¶V ‡ &UHDWH FRQGLWLRQV IRU WKH ODXQFKLQJ RI LQIRUPDO DQG QRQ IRUPDO OHDUQLQJ LQ WKH 60(¶V FRQWH[W ‡ 7UDQVIHU WKH )DFLOLWDWRU *XLGH IRU 6HOI /HDUQLQJ DLPHG DW WUDLQHUV DQG DGYLVRUV DV ZHOO DV EXVLQHVV H[HFXWLYHV DQG RWKHU FRPSDQLHV DQG DSSOLFDWLRQ FRQWH[WV VXFK DV ORFDO DGPLQLVWUDWLRQ DQG WKLUG VHFWRU HQWLWLHV ‡ 5HLQIRUFH WKH GLDORJXH SURFHVV EHWZHHQ PDQDJHUV DQG HPSOR\HHV IRU ZKLFK LV QHFHVVDU\ WR NQRZ WKH PLQLPXP UHTXLVLWHV RI WKH MRE GHVFULSWLRQV HYDOXDWH WKH VNLOOV DFTXLUHG LQ WKH SODFH RI ZRUN UHVRUWLQJ WR VLPSOH WRROV EXW ZLWK *UHDW DGDSWDWLRQ DELOLW\ XVH WKH %DODQFHG 6FRUHFDUG 0HWKRGRORJ\ WR GHWHUPLQH FHUWDLQ LQGLFDWRUV DQG HQDEOH WKH EXVLQHVV H[HFXWLYHV ZLWK D FRUSRUDWH VWUDWHJ\ RI PLGGOH ORQJ WHUP ,W ZDV YHULILHG WKDW SHRSOH ZKR ZHQW WKURXJK WKH OHDUQLQJ IDFLOLWDWLRQ SURFHVV DUH PRUH LQQRYDWLYH LQ WKH ZD\ WKH\ WKLQN WKH\ EHFRPH PRUH FRRSHUDWLYH DQG WKH\ ZRUN PRUH HDVLO\ LQ FOXVWHUV DQG SDUWQHUVKLSV ‡ 7R VSUHDG WKH UHVXOWV RI WKH (XIDFLQHW 3URMHFW WKURXJK WKH 2QOLQH 3ODWIRUP DQG LQYHVW LQ WKH FRQWLQXLW\ RI WKH 3UDFWLFHV &RPPXQLW\ RULHQWHG E\ &(&2$ DQG DYDLODEOH DW WKH SURMHFW¶V VLGH DW KWWS ZZZ IDFLOLWDWLQJOHDUQLQJ HX


&5($7,9( /($51,1*

FKDSWHU ,,,

5RXQG 7DEOH _&5($7,9( /($51,1*

5DSSRUWHXU! )(51$1'2 $/%848(548( &267$ 7HDFKHU DQG 5HVHDUFKHU DW ,QVWLWXWH RI (GXFDWLRQ RI /LVERD 8QLYHUVLW\

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y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

7KH HPHUJHQFH RI QHZ DQG SRZHUIXO OHDUQLQJ HQYLURQPHQWV DQG WKH FRQVH TXHQW EOXUULQJ RI WKH VFKRRO¶V UROH LQ WKDW WUDQVIRUPDWLRQ SURFHVV LQ RSSRVLWLRQ WR WKH JUHDWHU SRWHQWLDO WKDW WHFKQRORJ\ SODFHV LQ WKH KDQGV RI HDFK LQGLYLGXDO WR PDQDJH WKHLU RZQ OHDUQLQJ DUH LQGHHG GLPHQVLRQV RI D SUREOHP WKDW LV LPSRU WDQW WR WKLQN DERXW DQG IRU ZKLFK WKLV URXQG WDEOH ZDV DQ H[FHOOHQW FRQWULEXWH


,1129$7,21 0$5.(73/$&( 6WDUWLQJ E\ UHIOHFWLQJ RQ ³FUHDWLYLW\´ DQG ³V\VWHP´ *HRUJH 6LHPHQV GUDZV DWWHQWLRQ WR WKH GLVWXUELQJ HIIHFW DVVRFLDWHG WR HYHU\WKLQJ WKDW UHSUHVHQWV FUH DWLYLW\ DQG FKDQJH DQG WKH WHQVLRQ WKDW QHFHVVDULO\ H[LVWV UHJDUGLQJ ZKDW DW D FHUWDLQ JLYHQ PRPHQW LV HVWDEOLVKHG DQG DFFRUGLQJ WR WKH V\VWHP¶V ORJLF LV LPSRUWDQW WR SUHVHUYH ,W DVVXPHV ³&UHDWLYH OHDUQLQJ´ QRW RQO\ DV DQ DOWHUQDWLYH WR WKH IRUPDO DQG VFKRODUL]HG ZD\ DV ZH DUH XVXDOO\ OHG WR OHDUQ EXW DOVR DV D ZD\ WR LQQRYDWH WKH SURFHVVHV RI WHDFKLQJ WKHPVHOYHV LQQRYDWH E\ WHDFKLQJ ,W DFWXDOO\ JLYHV JUHDW LPSRUWDQFH WR WKH QHHG WR DFW DQG FRQWULEXWH IRU WKH FKDQJH RI PHQWDOLW\ DERXW ZKDW LW PHDQV WR OHDUQ QDPHO\ WR WKRVH WKDW PRUH GLUHFWO\ DUH OLQNHG WR WKH SURFHVVHV RI WKH WHDFKLQJ¶V RUJDQL]DWLRQ DV LV WKH FDVH RI WHDFKHUV DQG RI WKH SURIHVVLRQDOV WKDW DUH VRPHKRZ OLQNHG WR WUDLQLQJ 7KH LGHD RI QHXURQDO QHWZRUN DV D EDVH IRU OHDUQLQJ DQG WKH FRQQHFWLRQV WKDW ZH VWDUW EXLOGLQJ DPRQJVW WKH GLIIHUHQW QRGHV RI WKDW VDPH QHWZRUN DUH WKH HV VHQWLDO LQJUHGLHQWV RI WKH SURSRVLWLRQ ³FRQQHFWLYLVP´ WKDW *HRUJH 6LHPHQV SUH VHQWV DV DQ DOWHUQDWLYH WR WKH ZD\ VFKRRO XVXDOO\ RUJDQL]HV LWVHOI +H VXJJHVWV WKDW D FRQFHSWXDO FKDQJH UHJDUGLQJ WKH PRGHO LQ ZKLFK VFKRRO EDVHV LWVHOI SUH VHQWLQJ WKH VRFLDO QHWZRUNV DV D JRRG H[DPSOH RI WKLQNLQJ HGXFDWLRQ LQ D GLIIHUHQW ZD\ WRZDUGV WKH IXWXUH 7R *HRUJH 6LHPHQV LW LV QRW HQRXJK WR LQQRYDWH LQVLGH WKH VFKRRO V\VWHP LW LV QHFHVVDU\ WR LQQRYDWH WKH V\VWHP LWVHOI $OWKRXJK ZLWK PXFK GLIIHUHQWLDWHG EDFNJURXQGV WKH LQYLWHG VSHDNHUV GLGQ¶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³.QRZOHGJH 7ULDQJOH´ IRUPHG


&5($7,9( /($51,1* E\ HGXFDWLRQ LQYHVWLJDWLRQ DQG LQQRYDWLRQ LV LQ IDFW SUHVHQWHG E\ WKLV VSH DNHU DV WKH NH\ WR WKH WUDQVIRUPDWLRQ RI VFKRRO DOWKRXJK UHFRJQL]LQJ WKH FRPSOH[LW\ RI WKDW WDVN DQG WKH QHHG IRU D FKDQJH RI WKH SDUDGLJP DERXW WKH ZD\ ZH LQWHUSUHW WKH VFKRRO¶V UHDOLW\ :DOWHU .XJHPPDQ GUDZV DWWHQWLRQ WR WKH IDFW WKDW WKH DSSURDFK WR WKH LVVXHV FRQFHUQLQJ LQQRYDWLRQ FDQQRW EH DWRPL]HG DQDO\]LQJ HDFK DVSHFW VHSDUDWHO\ VXJJHVWLQJ LQ DOWHUQDWLYH DQ LQWHJUDWLRQ YLVLRQ RI WKH SUREOHPV DQG WKH QHHG WR LQYHVW LQ ZKDW KH FDOOV ³OHDUQ WR LQQRYDWH´ DQG WKDW LV YHU\ FORVH WR WKH FRQFHSW RI ³6SHFLDOL]DWLRQ LQ &UHDWLYH /HDUQLQJ´ LQWURGXFHG E\ 5REHUWR &DUQHLUR 7KH FRQFHSW RI ³GLVUXSWLYH LQQRYDWLRQ´ LQWURGXFHG DQG GLVFXVVHG E\ 5R EHUWR &DUQHLUR DQG &ODXGLR 'RQGL ZDV DW WKLV URXQG WDEOH D NH\ LGHD WKDW LV LPSRUWDQW WR KLJKOLJKW DOVR EHFDXVH DV ZDV VXJJHVWHG WKHUH LW FRXOG OLH WKH VHFUHW IRU XV WR EH DEOH WR WKLQN WKH UHDO RSSRUWXQLWLHV RIIHUHG E\ 7HFKQRORJLHV WKDW DUH SDUW RI WKH :(% QDPHO\ LQ D SHUVSHFWLYH RI LQIRUPDO OHDUQLQJ DQG RI SHUVRQDO DQG SURIHVVLRQDO GHYHORSPHQW WKURXJKRXW OLIH


,1129$7,21 0$5.(73/$&(

FKDSWHU ,,,

( 5281' 7$%/( 1(: 6.,//6 )25 1(: -2%6 $1' 1(: 23325781,7,(6 5DSSRUWHXU ! -26e '8$57( ',$6 3DUWQHU RI 3DUDGR[R +XPDQR

/HDUQLQJ WKURXJKRXW WKH FHQWXULHV KDV EHHQ WKH VRFLHW\¶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³PXOWLPHGLD UHYROX WLRQ´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¶W KDYH DQ\ LQWHUHVW LQ ZKDW WKH\ OHDUQ ZKHUHDV XQGHUVWDQGV WKDW ZKDW WKH\ OHDUQ LV RI QR XVH $QG ZKDW LV WKH UHDVRQ IRU VXFK GLVFUHSDQF\" %HFDXVH WKH VWXGHQWV RI WRGD\ DUH ³GLJLWDO OHDUQHUV´ WKH\ 3OD\ YLGHRJDPHV ZDWFK WHOHYLVLRQ XVH WKH PRELOH SKRQH «XVH GLJLWDO WRROV DQG VXSSRUWV DV ZHOO DV PXOWLSOH FKDQQHOV RI FDSWDWLRQ LQIRUPDWLRQ WUHDWPHQW DQG GLVWULEXWLRQ LQ WKHLU GDLO\ OLYHV WR H[SHULPHQW VHQVDWLRQV DQG GHYHORS DFWLYLWLHV WKDW DUH HPLQHQWO\ KXPDQ VXFK DV FRPPXQLFDWH FROODERUDWH SOD\ DQG KDYH IXQ +RZHYHU LQ VFKRRO DV SDUDGR[LFDO DV LW PD\ VHHP WKH\ DUH UDUHO\ VXEMHF WHG WR OHDUQLQJ FRQWH[WV DQG SURFHVVHV RSHUDWHG UHVRUWLQJ WR VLPLODU GLJLWDO VXSSRUWV EHFDXVH WKH VFKRRO DQG WKH WHDFKHUV DUH QRW SUHSDUHG IRU VXFK 7KH OHDUQLQJ HQYLURQPHQWV LQVWHDG RI EHLQJ FROODERUDWLYH SDUWLFLSDWLYH DQG H[SHULPHQWDO DUH FKDUDFWHUL]HG E\ WKH VLPSOH WUDQVPLVVLRQ RI LQIRUPDWLRQ RQ EHKDOI RI WKH WHDFKHUV DQG WKH UHFHSWLRQ RQ EHKDOI RI WKH VWXGHQWV $QG FRQVHTXHQWO\ WKH DSSOLFDWLRQ RI WKH GLJLWDO WHFKQRORJLFDO VXSSRUWV SRWHQWLDO RI QRZDGD\V WR WKH OHDUQLQJ VWUDWHJLHV DQG SURFHVVHV LV LQVXIILFLHQW EH FDXVH LW LV PDLQO\ XVHG E\ WKH WHDFKHUV WR VWUXFWXUH SUHVHQW DQG VWRUDJH LQIRUPDWLRQ LQVWHDG RI SURYLGLQJ WKH VWXGHQWV ZLWK RSSRUWXQLWLHV DQG UHDO H[SHULHQFHV LQ WKH DFW RI OHDUQLQJ :H KDYH WR EHDU LQ PLQG WKDW WKH WHFKQRORJLFDO SRWHQWLDO RI WKH GLJLWDO HUD EURXJKW HQRUPRXV FKDQJHV WR WKH VRFLDO DQG HFRQRPLFDO DUHDV LQ WKH SDVW IHZ \HDUV FKDQJHV LQFUHDVLQJO\ XQH[SHFWHG DQG RI VKRUWHU GXUDWLRQ +R ZHYHU LQH[SOLFDEO\ WKH WHDFKHUV NHHS RQ EHLQJ WUDLQHG DQG XSGDWLQJ VNLOOV WR GHYHORSHG OHDUQLQJ VWUDWHJLHV DQG SURFHVVHV FHQWHUHG LQ WKH WUDQVPLV VLRQ RI LQIRUPDWLRQ LQVWHDG RI GHYHORSLQJ VNLOOV WKDW PD\ DOORZ WKHP WR OHDG WKH VWXGHQWV WR RUJDQL]H VWUXFWXUH DQG RSHUDWH OHDUQLQJ DQG HODERUDWLQJ NQRZOHGJH H[SHULHQFHV UHVRUWLQJ WR WKH HQRUPRXV SRWHQWLDO RI WKH GLJLWDO WHFKQRORJ\ RI QRZDGD\V


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¶V OLYHV $QG WKH VFKRRO DQG WHDFKHUV FDQQRW VWD\ RXWVLGH WKDW VDPH FKDQJH %HFDXVH LI DV ZH KDYH VHHQ LQ WKH EHJLQQLQJ WKH OHDUQLQJ VWUDWHJLHV DQG SURFHVVHV DUH WKH PHFKDQLVP XVHG E\ VRFLHWLHV WR DGDSW WR FKDQJH LW LV LPSHUDWLYH WKDW VFKRRO DQG WKH WHDFKHU ULVH XS WR WKDW QHHG LPSOHPHQWLQJ VWUDWHJLHV WKDW XVH WKH GLJLWDO WHFKQRORJ\ SRWHQWLDO WR SURYLGH IRU OHDUQLQJ HQYLURQPHQWV FRQWH[WV DQG H[SHULHQFHV ZLWK ZKLFK WKH VWXGHQWV DV ³GLJLWDO OHDUQHUV´ FDQ LGHQWLI\ ZLWK


&5($7,9( /($51,1*

FKDSWHU ,,,

1(: 6.,//6 )25 1(: -2%6

5DSSRUWHXU ! 58, &$6752 $FDGHPLD GH 6RIWZDUH 'LUHFWRU

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³DFWRUV´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


,1129$7,21 0$5.(73/$&( 7KH &1(/ &RRUGHQDomR 1DFLRQDO GD (VWUDWpJLD GH /LVERD ZKLFK DPRQ JVW LWV DWWULEXWLRQV DQG UHVSRQVLELOLWLHV DQG ZLWKLQ WKH 1DWLRQDO 3URJUDP KDV DV LQLWLDWLYHV DQG UHIHUHQFHV ‡ 7HFKQRORJLFDO &KDOOHQJH LQYHVWPHQW LQ WKH LQIRUPDWLRQ DQG FRPPXQLFDWLRQ WHFKQRORJLHV DQG LQ LQQRYDWLRQ ZLWK WKH SXUSRVH RI LPSURYLQJ WKH TXDOLW\ RI OLIH RI WKH FLWL]HQV E\ LQFUHDVLQJ FRPSHWLWLYHQHVV DQG FUHDWLQJ QHZ MREV ‡ ,PSURYHPHQW LQ FRPSHWLWLYHQHVV ±LPSURYH WKH LQWHUQDO PDUNHW DQG WR FUHDWH D IDYRUDEOH HQYLURQPHQW IRU WKH ODXQFKLQJ DQG GHYHORSPHQW RI LQQRYDWLYH FRPSDQLHV ‡ 6RFLHW\ EDVHG RQ NQRZOHGJH ± (GXFDWLRQ (GXFDWLRQ LQFUHDVH DQG PRELOLW\ VXSSRUW OLIHORQJ WUDLQLQJ ‡ 0RGHUQL]H DQG UHLQIRUFH WKH (XURSHDQ VRFLDO PRGHO 0RUH DQG EHWWHU MREV SURPRWH VRFLDO LQFOXVLRQ PRGHUQL]H VRFLDO SURWHFWLRQ $14 $JrQFLD 1DFLRQDO SDUD D 4XDOLILFDomR ZKLFK KDV DV PLVVLRQ WR FRRUGLQDWH WKH H[HFXWLRQ RI HGXFDWLRQDO SROLFLHV DQG 3URIHVVLRQDO WUDLQLQJ RI \RXQJ SHRSOH DQG DGXOWV DQG WR HQVXUH WKH GHYHORSPHQW DQG PDQDJH PHQW RI WKH 6NLOOV 5HFRJQLWLRQ 6\VWHP 9DOLGDWLRQ DQG &HUWLILFDWLRQ WDNLQJ RQ WKH G\QDPLF UROH RI WKH IXOILOOLQJ RI WKH REMHFWLYHV VHW E\ WKH 1HZ 2S SRUWXQLWLHV ,QLWLDWLYH 2I WKH FKDOOHQJHV ODXQFKHG IRU GHEDWH ³1HZ 6NLOOV IRU 1HZ -REV´ ZH VKRXOG KLJKOLJKW VRPH LQLWLDWLYHV UHODWHG WR WKH WKHPH LQ GLVFXVVLRQ ‡ ,QYHVW LQ DQ HGXFDWLRQ RIIHU DQG 3URIHVVLRQDO WUDLQLQJ RIIHU ZKLFK DLPV DW DQVZHULQJ LQ D PRUH HIILFLHQW DQG WLPHO\ ZD\ WR WKH QHZ PDUNHW UHTXLUHPHQWV ‡ 7DNH SDUW LQ WKH GHILQLWLRQ RI LQWHJUDWHG HYDOXDWLRQ PHFKDQLVPV DQG RI LQFHQWLYH WR TXDOLW\ ZLWKLQ WKH HGXFDWLRQ DQG WUDLQLQJ RIIHU WR \RXQJ SHRSOH DQG DGXOWV ‡ 3DUWLFLSDWH LQ WKH RXWOLQLQJ RI WKH VWUDWHJLF RULHQWDWLRQ RI WKH SROLWLFDO RSWLRQV DQG OHJDO V\VWHP RI WKH HGXFDWLRQ DQG WUDLQLQJ RIIHUV IRU \RXQJ SHRSOH DQG DGXOWV DQG RI WKH 6NLOOV 5HFRJQLWLRQ 6\VWHP 9DOLGDWLRQ DQG &HUWLILFDWLRQ ‡ 'HYHORS DQG XSGDWH WKH 4XDOLILFDWLRQV 1DWLRQDO &DWDORJXH ZLWK WKH VXSSRUW RI 4XDOLILFDWLRQV 6HFWDULDQ &RXQFLOV HQVXULQJ WKH FRQFHSWLRQ RI HGXFDWLRQDO DQG WUDLQLQJ SDWKV IRU \RXQJ SHRSOH DQG DGXOWV ZKLFK DUH IOH[LEOH PRGXODU DQG FDSLWDOL]DEOH ‡ 0RELOL]H WRJHWKHU ZLWK RWKHU DFWRUV WKH VHDUFK IRU QHZ OHDUQLQJ RSSRUWXQLWLHV WKURXJKRXW OLIH


&5($7,9( /($51,1* ‡ 6HDUFK IRU LQQRYDWLRQ UHJDUGLQJ WKH FXUULFXOD PHWKRGRORJLHV DQG SHGDJRJLFDO UHVRXUFHV $V ILQDO QRWHV ZH KLJKOLJKW D .H\ ,GHD DOZD\V SUHVHQW WKURXJKRXW WKH WKH PH ³1HZ 6NLOOV IRU 1HZ -REV´ +LJKOLJKWLQJ WKH IROORZLQJ DUHDV ‡ (GXFDWRUV &RQWLQXRXV QHHG IRU HGXFDWLRQ DQG WUDLQLQJ DELOLWLHV WR PRWLYDWH WKH WUDLQHHV QHWZRUN DGPLQLVWUDWRUV DQG FDWDO\VWV RI OHDUQLQJ SURFHVVHV ‡ 2UJDQL]DWLRQV 1HHG IRU FKDQJH IRU D QHZ RUJDQL]DWLRQDO FXOWXUH ‡3XEOLF $GPLQLVWUDWLRQ 1HHG WR UHLQIRUFH VNLOOV ‡ 6FKRROV DQG 8QLYHUVLWLHV $ FRQWLQXRXV FRQQHFWLRQ DQG HYHU VWURQJHU ZLWK WKH FLYLO VRFLHW\


,1129$7,21 0$5.(73/$&(

FKDSWHU ,,,

6758&785,1* $ &25325$7( ,1129$7,21 352&(66 5(6257,1* 72 &5($7,9( 352%/(0 62/9,1* 5DSSRUWHXU ! -26e $17Ï1,2 %$/'$,$ 2UJDQL]DWLRQDO 'HYHORSPHQW DQG ,QQRYDWLRQ 0DQDJHPHQW &RQVXOWDQW

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³:KDW VWRSV XV"´ DQG ³:KDW IRU"´ $ELGLQJ WR WKH VWUDWHJ\ DPSOLI\LQJ DQG UHGXFLQJ EDFN DQG IRUWK VHYHUDO ZD\V DURVH SRVVLEOH SDWKV IRU WKH SUREOHP¶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

1RWH 0LQ %DVDGXU DQG *DUU\ *HODGH LQ 6LPSOLI\LQJ 2UJDQL]DWLRQ :LGH &UHDWLYLW\ $ 1HZ 0HQWDO 0RGHO ± VXJJHVW WKDW WKH LQQRYDWLYH WKLQNLQJ ZLWKLQ WKH RUJDQL]DWLRQV LQYROYHV WZR FRJQLWLYH SURFHVVHV ELSR ODU DQG GLIIHUHQW 7KH ILUVW DSSUHKHQVLRQ UHJDUGV WKH DFTXLVLWLRQ RI XQGHUVWDQGLQJ RU NQRZOHGJH 7KH XVDJH VHFRQGO\ UHJDUGV WKH DSSOLFDWLRQ RI XQGHUVWDQGLQJ RU NQRZOHGJH´ 7KH\ DOVR VXJJHVW WKDW DQ ³HIILFLHQW RUJDQL]DWLRQ LV WKDW ZKLFK SUHVHQWV WKUHH VSHFLILF IHDWXUHV HIIL FLHQF\ DGDSWDELOLW\ DQG IOH[LELOLW\´


&5($7,9( /($51,1*

FKDSWHU ,,,

(175(35(1(856+,3 5DSSRUWHXU ! %25*(6 *21d$/9(6 /HDUQDERXW

7KLV VPDOO WHVWLPRQ\ LQWHQGV WR UHIOHFW WKH WHDFKLQJV FROOHFWHG E\ D VSHFWD WRU ZKR QRW EHLQJ D VSHFLDOLVW LQ WKH DUHD DWWHQGHG D SDQHO DERXW WKLV WKHPH IRU WKH ILUVW WLPH 7KH SDQHO ZDV SUHVHQWHG E\ WKH 0RGHUDWRU 'U )UDQFLVFR %DQKD ZKR PDGH D EULHI FRQWH[WXDOL]DWLRQ RI WKH WKHPH IRFXVLQJ RQ HVVHQWLDO DVSHFWV RI WKH VR FDOOHG ³(QWUHSUHQHXU (FRV\VWHP´ IRFXVLQJ RQ WKH UROH RI XQLYHUVLWLHV &RUSRUDWH $VVRFLDWLRQV DQG RWKHU UHJLRQDO DQG ORFDO GHYHORSPHQW DJHQWV IROORZHG E\ LQWHUYHQWLRQV IURP WKH WKUHH PHPEHUV RI WKH SDQHO 3URIHVVRU +HOHQD 9LHLUD 'U 0DQXHO 7HL[HLUD DQG WKH (QJLQHHU 3DXOR $QGUH] WR ZKRP ZDV DVNHG WR VSHDN D OLWWOH DERXW WKHLU SHUVRQDO H[SHULHQFHV DQG WKRVH RI LQYROYHPHQW DV UHOHYDQW DFWRUV RI WKDW VDPH HFRV\VWHP )URP WKH ZRUGV RI 'U )UDQFLVFR %DQKD WKH HYLGHQFH RI KRZ FXUUHQW WKH WKH PH HQWUHSUHQHXUVKLS LV QRZDGD\V PHQWLRQHG FRQVWDQWO\ E\ ERWK PHGLD DQG SROLWLFDO XQLYHUVLWLHV DQG FRUSRUDWH HQYLURQPHQWV ZDV GHPRQVWUDWHG DQG WKH IDFW WKDW LW LVQ¶W LQ DQ\ ZD\ D QHZ WKHPH LQ 3RUWXJDO ZKHUH IRU VRPH WLPH QRZ ³VRPHWKLQJ´ LV EHLQJ GRQH LQ DOPRVW DOO HQWUHSUHQHXUVKLS DFWLRQ GRPDLQV %XW LW ZDV HTXDOO\ KLJKOLJKWHG WKDW DOO WKDW KDV EHHQ GRQH LQ FOHDUO\ LQVXIILFLHQW WR SURGXFH VXVWDLQHG UHVXOWV LQ DQ LQFUHDVLQJO\ FRPSHWLWLYH JOREDO PDUNHW 5HIHUULQJ WR WKH FRQILJXUDWLRQ RI WKH (QWUHSUHQHXUVKLS (FRV\VWHP )UDQFLV FR %DQKD FRPSDUHG LW WR D ³JXDUGHG JDUGHQ´ WR KLJKOLJKW WKH ODFN RI QDWLRQDO FRQMRLQW DFWLYLWLHV 7R LOOXVWUDWH WKLV SDUDGLJP KH PHQWLRQHG WKDW WKH ODFN RI HQ WUHSUHQHXUVKLS LQ KLJK VFKRRO LV QRW D UXOH GHVSLWH VRPH VXFFHVVIXO LQLWLDWLYHV LQ VRPH VFKRROV WKHUH DUHQ¶W ULVN IXQGV LQ WKH XQLYHUVLWLHV WKHUH LVQ¶W DQ DUWL FXODWHG FRQQHFWLRQ EHWZHHQ WKH XQLYHUVLWLHV FRPSDQLHV PDUNHW DQG ILQDQFLDO DUHDV WKDW LQ VSLWH RI WKH H[LVWHQFH RI VHYHUDO DFWRUV LQ WKH ULVN FDSLWDO LQGXVWU\ WKH HQWUHSUHQHXUV VWLOO KDYH GLIILFXOWLHV JXDUDQWHHLQJ WKH ILQDQFLQJ RU D VXVWDL


,1129$7,21 0$5.(73/$&( QHG ILQDQFLQJ IRU WKHLU SURMHFWV DQG WKDW GHVSLWH WKHVH LQLWLDWLYHV LQ WKLV VSHFLILF GRPDLQ WKHUH LVQ¶W D %XVLQHVV 3ODQ GXO\ VXSSRUWHG DQG ILQDQFHG QDWLRQZLGH %HIRUH FORVLQJ )UDQFLVFR %DQKD KLJKOLJKWHG WKDW ZLWKRXW WKH FRUUHVSRQGLQJ DFWLRQV LW LVQ¶W SRVVLEOH WR REWDLQ UHVXOWV VSHDNLQJ RQO\ DERXW WKH HQWUHSUHQHXU VKLS YLUWXDOLWLHV VLQFH ZKDW KDV EHHQ GRQH VR IDU KDG QR FRQVHTXHQFHV LQ WKH FRXQWU\¶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¶V WUDLQLQJ ,Q WKH VSHFLILF FDVH RI %LRDOYR D VWDUW XS \HDUV KDYH JRQH E\ WR VLQFH WKH FRQVROLGDWLRQ RI WKH LGHD DQG SDUWLFLSDWLRQ LQ EXVLQHVV FRP SHWLWLRQV XQWLO WKH ILUVW ULVN FDSLWDO LQYHVWPHQW 7KH EHJLQQLQJ RI WKH FRPSDQ\¶V DFWLYLWLHV LV GDWHG +HOHQD 9LHLUD KLJKOLJKWHG WKDW D SHUPDQHQW ZLOO WR JURZ DQG IXOO\ EHOLHI LQ WKH 3URMHFW LV QHHGHG WR IDFH ZLWK GHWHUPLQDWLRQ WKH DGYHUVLWLHV FUHDWHG E\ WKH ILQDQ FLDO HQYLURQPHQW¶V FRQGLWLRQV QDPHO\ WKH DEVHQFH RI NQRZOHGJH RI WKH EXVLQHVV RQ EHKDOI RI WKH LQYHVWRU ZKR PRVW RI WKH WLPHV GRHV QRW XQGHUVWDQG WKH QHHG IRU PRUH WKDQ RQH URXQG RI ILQDQFLQJ IRU SURMHFWV RI WHFKQRORJLFDO QDWXUH 7R FRQFOXGH WKH VSHDNHU UHVWDWHG KHU FRQYLFWLRQ LQ WKH LQGLYLGXDO¶V DELOLW\ WR OHDUQ WKRXJK LW VWLOO LV QHFHVVDU\ WR VWLPXODWH WKHP WR ZRUN WKHLU HQWUHSUHQHXU IHDWXUHV 0DQXHO 7HL[HLUD 3UHVLGHQW RI WKH ([HFXWLYH &RPPLVVLRQ RI WKH 1DWLRQDO $VVRFLDWLRQ IRU <RXQJ (QWUHSUHQHXUV $1-( EHJDQ E\ GHVFULELQJ WKH H[LV WLQJ HFRQRPLFDO HQYLURQPHQW LQ 3RUWXJDO ZKHQ LW EHJDQ KLJKOLJKWLQJ WKH FRQ


&5($7,9( /($51,1* GLWLRQLQJ DVSHFWV IRU WKH HQWUHSUHQHXUVKLS GHYHORSPHQW VXFK DV WKH PDLQO\ VWDWHO\ FKDUDFWHU RI WKH HFRQRP\ WKH H[LVWHQFH RI YHU\ IHZ FRPSDQLHV WKDW GHYHORSHG DQ HQWUHSUHQHXU FXOWXUH WKH GHHS URRWLQJ LQ VRFLHW\ RI WKH ³2QH -RE IRU D OLIHWLPH´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³1HHG (QWUHSUHQHXULVP´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


,1129$7,21 0$5.(73/$&( 3DXOR $QGUH] UHIHUUHG VRPH LQGLFDWRUV WKDW UHIOHFWHG WKH '1$ &DVFDLV¶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³ULVN PLWLJDWLRQV´ DVVRFLDWHG WR WKH SURMHFWV WKURXJK WKH DGRSWLRQ RI DQ LQWHJUDWHG JURXS RI VROXWLRQV WR DFKLHYH WKDW JRDO EHDULQJ LQ PLQG WKDW WKH LQ YHVWRUV EHLQJ EDQNV RU ULVN FDSLWDO FRPSDQLHV RU WKH %XVLQHVV $QJHOV PDNH GHFLVLRQV DFFRUGLQJ WR WKH LQYHVWPHQW ULVN LQ DOO LWV IRUPV EHLQJ PDUNHW WHDP OHJDO ILQDQFLDO RU RSHUDWLRQDO 7R FRQFOXGH WKH VSHDNHU KLJKOLJKWHG WKH LQYROYHPHQW RI VRFLHW\ WKH HVWDEOLVK PHQW RI D VWURQJ SDUWQHUV QHWZRUN WKH &LW\ +DOO VXSSRUW WKH FDUHIXO VHOHFWLRQ RI WKH VR FDOOHG ³PDWFKPDNHUV´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³VRFLDO LQYHVWPHQW´ 7KH UHOHYDQW TXHVWLRQ LV WKH QHHG WR LQFUHDVH WKH ZHDN LQYROYHPHQW RI SULYDWH FDSLWDO LQ WKH VXSSRUW RI HQWUHSUHQHXULVP &RQFHUQLQJ KHU WHDFKLQJ H[SHULHQFH RI HQWUHSUHQHXULVP LQ XQLYHUVLW\ WKH XVHG PHWKRGRORJ\ ZDV KLJKOLJKWHG OHDUQ E\ GRLQJ WRJHWKHU ZLWK WKH GLOL JHQFHV PDGH ZLWK WKH 8QLYHUVLW\ RI /LVERQ VR WKDW WKHVH PDWWHUV EHFRPH WUDQVYHUVDO UHDFKLQJ HYHU\ 'HJUHH 0DQXHO 7HL[HLUD UHIHUUHG WKH LQLWLDWLYHV RI $1-( FRQFHUQLQJ WKH SURPRWLRQ RI WKH VR FDOOHG ³VRFLDO HQWUHSUHQHXULVP´ ZLWK VRFLDO QHLJKERUKRRGV ORFDO SXEOLF


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


,1129$7,21 0$5.(73/$&(

FKDSWHU ,,,

0$5.(7,1* ,1129$7,21 5DSSRUWHXU ! )(51$1'2 $7$1È6,2 5(,6 0DWKHPDWLFV (FRQRPLVW 0DUNHWLQJ 0DVWHU

&217(;78$/,=( 7+( 0$5.(7,1* ,1129$7,21 $V LW LV NQRZQ 0DUNHWLQJ KDV D YHU\ VSHFLILF IXQFWLRQ LQ WKH PDUNHW ± WR UHODWH WKH RUJDQL]DWLRQ WR LWV VXUURXQGLQJV 7KLV UHODWLRQVKLS HYROYHV QDWXUDOO\ ZLWK WKH WHFKQRORJLFDO LQQRYDWLRQV WKDW HDFK PDUNHW DGRSWV DQG WKXV JXLGHV WKH LQWHUQDO PDQDJHPHQW RI WKH RUJDQL]DWLRQV :KLOH WKH FDSDFLW\ WKDW DQ RUJD QL]DWLRQ KDV RI UHODWLQJ ZLWK LWV VXUURXQGLQJV 0DUNHWLQJ FROOHFWV LQIRUPDWLRQ SUHSDUHV DQG SURGXFHV DQVZHUV ,Q WKH FKDOOHQJH PDGH E\ WKH /LVERQ $JHQGD ± WR WXUQ (XURSH LQ WKH PRVW FRPSHWLWLYH HFRQRP\ UHJDUGLQJ WKH GHYHORSPHQW RI NQRZOHGJH LQ ±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¶ DVVRFLDWLRQ ZLWK LQQRYDWLYH WHFKQRORJLHV LQ GLIIHUHQWLDWLYH SURGXFWV VXFK DV WKH FKRLFH RI LQJUHGLHQWV LQ D SL]]D RQ WKH PRELOH SKRQH RU OLNH WKH ZLUHOHVV FRQQHFWLRQ EHWZHHQ WHQQLV VKRHV DQG D VPDOO PHGLD SOD\HU RU \HW WKH RIIHU RI VHUYLFHV IURP D EDQN LQ DQ RSHUD VRXS RQ <RXWXEH *DXGrQFLR KLJKOLJKW V\QHUJLHV RI FRPPXQLFDWLRQ EDVHG RQ WKH :HE LQ 6RFLDO 0HGLD WKDW DUH H[DPSOHV RI 0DUNHWLQJ ,QQRYDWLRQ


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¶V WKH LQWHJUDWLRQ RI 3URFULDWLRQ LQ FRPSDQLHV PHDQLQJ DQG SHRSOH¶V LQYROYHPHQW LQ WKH SURFHVV RI PDNLQJ GH OLYHU\ DQG H[SHULPHQWDWLRQ ,W¶V WKH 0DUNHWLQJ ,QQRYDWLRQ DV FUHDWRU RI JUHDWHU EHQHILWV IRU DOO WKH DFWRUV ±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± VWDNHKROGHUV ± WKURXJK WKH HPHUJHQFH RI WKH :HE 0RUH WKDQ D QHZ FKDOOHQJH WR EH SUHVHQW LQ WKH 6RFLDO 0HGLD LV WKH GLIILFXOW DQG EURDGO\ FRPSOH[ FKDOOHQJH RI 0DUNHWLQJ ,QQR YDWLRQ :LWK WKH :HE 0DUNHWLQJ ,QQRYDWLRQ JHQHUDWHV QHZ VWUDWHJLHV QHZ WDFWLFV QHZ GLVFLSOLQHV DQG FKDQJHV WKH 0DUNHWLQJ PL[ ZKHUH WKH LPSRUWDQFH RI WKH WK 3 -XGG ± 3HRSOH SRZHU ± LV XQDYRLGDEOH 0RUHRYHU WKH LPSRUWDQFH RI SHRSOH LV VR PXFK ELJJHU WKDW QRZDGD\V D JRRG 0DUNHWLQJ 3ODQ PXVW UHIOHFW EDODQFH EHWZHHQ LWV 0DUNHWLQJ PL[ DQG WKH WDFWLFV RI WKH RUJDQL]DWLRQ¶V 6RFLDO 0HGLD ,W DOVR QHHGV WR LQFRUSRUDWH WKH FRQVWDQW FKDO OHQJH RI WDONLQJ WR SHRSOH ZLWK LWV WDUJHW FOLHQWV DQG DGHTXDWH WR HDFK RQH RI WKHP LWV FRPPXQLFDWLRQ LQ D FOHDU RQH WR RQH SRLQW RI YLHZ ,Q IDFW WKH LPSRUWDQFH RI RSLQLRQV DQG GHFLVLRQV RI WKH FRQVXPHUV FKDQJHV WKH KRUL]RQV RI 0DUNHWLQJ FRPPXQLFDWLRQ DQG WKXV VKDSHV WKH 0DUNHWLQJ ,Q QRYDWLRQ 7KH GHYHORSPHQW RI 0DUNHWLQJ ,QQRYDWLRQ PHVVDJHV DQG RI LWV YDOXH SURSRVLWLRQV KDV LWV JXLGDQFH LQ WKH GLVFXVVLRQV DQG IHHGEDFN FROOHFWHG WKURXJK WKH HQYLURQPHQWV RI WKH 6RFLDO 0HGLD RI WKH :HE 6XPPDUL]LQJ DQG FRQVROLGDWLQJ WKH :HE FDQ EH VHHQ DV WKH SURSHOOHU RI WKH 0DUNHWLQJ ,QQRYDWLRQ 9D] ZKHQ LW ‡ /LVWHQV XVLQJ VRFLDO 7HFKQRORJLHV RI UHVHDUFK IRU EHWWHU XQGHUVWDQG LWV DXGLHQFH DQG UHDFW DGHTXDWHO\ ‡ 6SHDNV XVLQJ WKH VRFLDO 7HFKQRORJLHV WR VSUHDG PHVVDJHV RI LWV EUDQG ‡ 9LWDOL]HV WKURXJK LWV PRVW HQWKXVLDVWLF IROORZHUV FOLHQWV RU SDUWQHUV WKURXJK WKH XVH RI VRFLDO WHFKQRORJLHV DQG WKH SRZHU RI LWV :20 ZRUG RI PRXWK


&5($7,9( /($51,1* ‡ 6XSSRUWV WKURXJK 6RFLDO 0HGLD WRROV OLNH )RUXPV RU :LNLV WR KHOS WKHLU FXVWRPHUV RU SDUWQHUV FRQQHFW EHWZHHQ WKHPVHOYHV ‡ ,QYROYHV WKURXJK WKH LQWHJUDWLRQ RI ZLOOV DQG GHVLUHV RI LWV FOLHQWV RU SDUWQHUV LQ WKH GHYHORSPHQW RI SURGXFWV RU SURFHVVHV &(175$/ ,'($6 7KH KXPDQ FDSLWDO KROGV WKH UHODWLRQDO FDSLWDO RI WKH RUJDQL]DWLRQV PXOWL SO\LQJ DQG IHHGLQJ WKH UHODWLRQVKLSV WKDW WKH VWUXFWXUDO FDSLWDO ± WKH ,QWHUQHW ± RIIHUV ,W¶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¶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t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


,1129$7,21 0$5.(73/$&(

FKDSWHU ,,,

23(1 ,1129$7,21 5DSSRUWHXU ! 9,725 $)2162 3URIHVVRU DW 6FKRRO RI 7RXULVP (VWRULO

3URI 6RXPRGLS 6DUNDU ‡ 3UHVHQWHG D FRPSDUDWLYH JUDSKLF WKDW VKRZV D *RRJOH UHVHDUFK RI WKH ZRUGV µLQQRYDWLRQ¶ DQG µIRRWEDOO¶ ‡ 3UHVHQWHG WKH FRQFHSW RI 2SHQ ,QQRYDWLRQ ‡ 7KHUH DUH QR IURQWLHUV IRU RSHQ LQQRYDWLRQ ‡ 5HIHUUHG WKH WUDQVIRUPDWLRQV KDSSHQLQJ LQ ,QGLD DQG &KLQD ‡ 5HIHUUHG WKH LPSRUWDQFH RI QHWZRUNLQJ ZLWK DPRQJ WHDFKLQJ LQVWLWXWLRQV /DEV FRPSDQLHV GHYHORSPHQW DJHQFLHV WR GHYHORS RSHQ LQQRYDWLRQ ‡ 7KH VSHFWUXP RI RSHQ LQQRYDWLRQ LGHDWLRQ ! GHFLVLRQ ! SURGXFWLRQ ! ! FRPPHUFLDOL]DWLRQ ‡ $OVR UHIHUUHG WKH LPSRUWDQFH RI ,QWUD HQWUHSUHQHXUVKLS DQG LWV JHQHUDO LQQRYDWLRQ SRWHQWLDO ZLWKLQ WKH RUJDQL]DWLRQV 3URI 0DUNNR 7RUNHOOL ‡ ZZZ RSHQLQQRYDWLRQ IL UX IU LQ DVVRFLDWLRQ ZLWK +HQU\ &KHVEURXJK ‡ 6SRNH DERXW WKH RSHQ LQQRYDWLRQ FXOWXUH LQ 1RNLD ZZZ H[QRYDWH RUJ ‡ 6WXGLHG WKH RSHQ LQQRYDWLRQ LQ )LQODQG ‡ 5HIHUUHG WKH H[DPSOH RI 3URFWHU *DPEOH LQ WKH FKDQJH RI FXOWXUH ZKHQ IDFHG ZLWK RSHQ LQQRYDWLRQ ‡ 7RRN SDUW LQ D VWXG\ HQWLWOHG ³,PSOHPHQW 2SHQ ,QQRYDWLRQ LQ ODUJH FRUSRUDWLRQV &KDOOHQJHV DQG )LQDQFLDO 2XWFRPHV¶ ‡ 6SRNH DERXW WKH LPSRUWDQFH RI ZHE DQG µFROODERUDWLRQ¶ ,W¶V QRW DERXW D JDPH OLNH 1mR µLU RU HOVH¶ EXW LW ZDV WR PHDQ D ZLQ IRU ERWK SDUWLHV µZLQ ZLQ¶ ‡ 2SHQ LQQRYDWLRQ LV µRYHU SHUIRUPLQJ¶


&5($7,9( /($51,1* 5XEHQ (LUDV *DOS $ *DOS (QHUJLD LV EXLOGLQJ DQ RSHQ , ' DQG ,QQRYDWLRQ HFRV\VWHP DUWLFXODWHG ZLWK WKH 6FLHQWLILF DQG 7HFKQRORJLFDO 6\VWHP ZLWK WKH PDLQ JRDOV RI ‡ 'HYHORSLQJ FULWLFDO WHFKQRORJLFDO VNLOOV LQ D IDVWHU ZD\ DQG ZLWK D PRUH UHDVRQDEOH FRVW ‡ (QVXUH WKH VWUDWHJLF WHFKQRORJLFDO NQRZ KRZ LQWHUQDOL]DWLRQ GLIIHUHQWLDWLQJ WKH EXVLQHVV FRQTXHULQJ WKH PDUNHW EDVHG RQ WKH DGGHG YDOXH WKDW *DOS (QHUJLD JLYHV WR WKH FOLHQW ‡ &UHDWLRQ RI WKH SRUWDO ©5HGH *DOS ,QRYDomRª GHYHORSHG DFFRUGLQJ WR WKH ©2SHQ ,QQRYDWLRQª DQG :HE SDUDGLJPV WR FRQQHFW LQ D FROODERUDWLYH PDQQHU WKH FRPSDQ\ WR WKH FROOHFWLYH LQWHOOLJHQFH RI WKH FRPPXQLWLHV ©8QLYHUVLWLHV DQG VFLHQWLILF WHFKQRORJLFDO FRPPXQLW\ª DQG ©&RPSDQLHV RI 7HFKQRORJLFDO %DVH ª WKDW RSHUDWH ZLWKLQ WKH HQHUJ\ DUHD DQG UHODWHG VHFWRUV ‡ :LWK WKLV QHZ WRRO *DOS (QHUJLD LQFUHDVHV LWV UHODWLRQDO VNLOO ZLWK WKH 6FLHQWLILF 6HFWRU PDNLQJ D VWDQG DV D SURDFWLYH LQQRYDWLYH DFWRU DPRQJVW WKH VFLHQWLILF DQG WHFKQRORJLFDO FRPPXQLW\ RI WKH HQHUJHWLF DUHD ‡ 7KH PDLQ JRDO LV WR FUHDWH D XQLTXH DQG RULJLQDO ,QQRYDWLRQ 6SDFH IRU WKH XQLYHUVLW\ FRPPXQLWLHV DQG WHFKQRORJLFDO EDVHG FRPSDQLHV WR FROOHFW LGHDV GHVWLQHG WR WKH FUHDWLRQ RI QHZ SURFHVVHV SURGXFWV DQG VHUYLFHV WKDW LPSURYH LQ D LQQRYDWLYH PDQQHU WKH FUHDWLRQ RI YDOXHIRU WKH *DOS (QHUJLD FOLHQWV ‡ *DOS SRVVHVVHV DQ LGHD EDQN IRU LWV FROODERUDWRUV DQG WKH JUHDW PDMRULW\ LV WKH ³LQFUHPHQWDO LQQRYDWLRQV´ ‡ 3URPRWHV DQG QRXULVKHV WKH SDUWLFLSDWLRQ LQ LGHDV FRPSHWLWLRQV FRQQHFWHG WR KLJKHU HGXFDWLRQ LQVWLWXWLRQV DQG ZHOFRPHV WUDLQHHV ‡ 5HIHUUHG RQH RI WKH UHFHQW *DOS LQQRYDWLRQV WKH JDV ERWWOH µ3OXPD¶


8P /LYUR GH 5HÀ H[}HV H &RQFOXV}HV UHVXOWDGR GH XP ORQJR FDPLQKR SHUFRUULGR SHOD $,3 &( HP FRQMXQWR FRP XPD YDVWD SDUFHULD TXH FXOPLQRX FRP D UHDOL]DomR GD &RQIHUrQFLD &UHDWLYH /HDUQLQJ ,QQRYDWLRQ 0DUNHWSODFH 3UHWHQGHPRV TXH SRVVD VHU XP GRV HOHPHQWRV PRWLYDGRUHV H DJUHJDGRUHV GH YRQWDGH FROHFWLYD TXH LQVSLUH D QRYRV H UHQRYDGRV YRRV RQGH DSUHQ GL]DJHP H WHFQRORJLD FRQVWLWXDP R PRWH SDUD R FUHVFLPHQWR HFRQyPLFR H VREUHWXGR SDUD R GHVHQYROYLPHQWR $ 5HÀ HFWLRQ DQG 3URFHHGLQJV %RRN WKH UHVXOW RI D ORQJ MRXUQH\ VWDUWHG E\ $,3 &( WRJHWKHU ZLWK D ZLGH SDUWQHUVKLS ZKLFK FXOPLQDWHG LQ &UHDWLYH /HDUQLQJ ,QQRYDWLRQ 0DUNHWSODFH &RQIHUHQFH :H KRSH WKDW LW FDQ EHFRPH RQH RI WKH PRWLYDWRUV DQG DJJUHJDWRUV RI FROOHFWLYH ZLOO WR LQVSLUH QHZ DQG UHQHZHG À LJKWV ZKHUH OHDUQLQJ DQG WHFKQRORJ\ FRQVWLWXWH WKH WRQH IRU HFRQRPLF JURZWK DQG HVVHQWLDOO\ IRU GHYHORSPHQW

ZZZ FUHDWLYHOHDUQLQJFRQIHUHQFH FRP ,1,&,$7,9$

$32,2

3$5&(5,$

,6%1


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.