78'2 62%5( 2 81,9(562 0$7(512 ( ,1)$17,/ (' $*2672
A temida "barriguinha de mamãe": 6$,%$ 78'2 62%5( ',É67$6( $%'20,1$/ 7$0%e0 1(66$ (',d®2 )Ô[NIFX F WJXUJNYT IJ [FHNSFX 7JSFYF (FN]JYF JXHQFWJHJ 5FWVZJ IT &[JXYWZ_ J XZFX GJQJ_FX 9N[J RJZ GJGÄ STX *:& WJQFYT IJ ZRF 2TRR^
*=5*).*39*
8:2 7.4 (GLWRULDO
'LUHWRUD ([HFXWLYD 0DULDQD %LFDOKR PDULDQD#UHYLVWDPRPP\V FRP EU
(QWUHYLVWD FRP 5HQDWD &DL[HWD 9DFLQDV 3DODYUDV TXH DOLPHQWDP
(GLWRUD H -RUQDOLVWD 5HVSRQVÊYHO &DURO %HUQDUGHV
&DSD 'L²VWDVH $EGRPLQDO
FDUROEHUQDUGHV#UHYLVWDPRPP\V FRP EU &RPHUFLDO *DEULHOD %LFDOKR FRPHUFLDO #UHYLVWDPRPP\V FRP EU 3URMHWR *UÊILFR H 'LDJUDPDÐÏR
1RYRV $UHV $FRQWHFHX QR 0RPP\V GR )DFH
0DWHUQLGDGH H $XWR (VWLPD
$' *HUDLV &RPXQLFD¸¶R H 'HVLJQ
0RPP\V HP &HQD
IDELDQD#DGJHUDLV FRP EU &RODERUDGRUHV GHVVD (GLÐÏR $OLQH )UDJD $QD $WD½GH +DWDQQH 6DUGDJQD /XL]D )LRULQL 9LQ½FLXV 'LJ»QRYD
3HGDFLQKRV GDV 0RPP\V 7HPSR GH &HOHEUDU &ULDQ¸D 6DXG²YHO ¹ &ULDQ¸D )HOL]
&DQWLQKR GR 3DSDL
)RWR &DSD 6KH\OD 3LQKHLUR )DOH FRP D UHYLVWD FRQWDWR#UHYLVWDPRPP\V FRP EU
2V WH[WRV DVVLQDGRV V¶R GH UHVSRQVDELOLGDGH GR DXWRU H Q¶R UHIOHWHP QHFHVVDULDPHQWH D RSLQL¶R GD UHYLVWD 1¶R ¹ SHUPLWLGD D UHSURGX¸¶R WRWDO RX SDUFLDO GRV WH[WRV SRU TXDOTXHU PHLR VHP SU¹YLD DXWRUL]D¸¶R
(',725,$/ &ULHL R 0RPP\V JUXSR VHFUHWR QR IDFHERRN SDUD WLUDU PLQKDV PXLWDV GÇYLGDV TXDQGR HVSHUDYD R PHX SULPHLUR ILOKR 1D ¹SRFD HUD DSHQDV XPD PDQHLUD GH HX Q¶R OLJDU GH HP PLQXWRV SDUD PLQKD P¹GLFD &KDPHL WRGDV DV JU²YLGDV H P¶HV UHFHQWHV TXH FRQKHFLD HUD XP SHTXHQR JUXSR GH DPLJDV 2 WHPSR IRL SDVVDQGR R JUXSR IRL WRPDQGR XPD SURSRU¸¶R TXH HX MDPDLV LPDJLQDULD )RL HQW¶R TXH HP XP PRPHQWR HX SDUHL SUD SHQVDU QD PLQKD WUDMHWÂULD GH YLGD )LFRX FODUR SUD PLP TXH R PHX FDPLQKR HUD VHPSUH WUD¸DGR GH IRUPD TXH FKHJDVVH D XP PHVPR GHVWLQR R GHVWLQR GH DJUHJDU 'HVGH VHPSUH H VHP SHUFHEHU HX DFDEDYD UHXQLQGR XP JUXSR GH SHVVRDV HP UD]¶R GH XP REMHWLYR FRPXP ( HVVD UHYLVWD LGHDOL]DGD FRP WDQWR FDULQKR ¹ PDLV XP SDVVR QHVVH FDPLQKR TXH WULOKR FRP PXLWR DPRU 4XHUR FRP D UHYLVWD 0RPP\V DJUHJDU DO¹P GH P¶HV IDP½OLDV LQWHLUDV 9DPRV MXQWRV QHVVD FDPLQKDGD
0DULDQD %LFDOKR
(175(9,67$
9$&,1$d®2 1$ ,1)Ç1&,$ 78'2 2 48( 92&È 35(&,6$ 6$%(5 5TW 7JSFYF (TXYF (FN]JYF
+Ê GLIHUHQÐD HQWUH R FDOHQGÊULR
XP SODQR GH YDFLQD¸¶R HIHWLYR H
R I L F L D O G R J R Y H U Q R H R G D
LQWHOLJHQWH TXH SHUPLWH D YDFLQD¸¶R
6RFLHGDGH %UDVLOHLUD GH 3HGLDWULD"
GH WRGRV GH DFRUGR FRP R ULVFR D
6LP K² GLIHUHQ¸D 2 6LVWHPD 3ÇEOLFR YDFLQD D SRSXOD¸¶R FRP IRFR QD VDÇGH FROHWLYD D SDUWLU GH XPD DQ²OLVH HSLGHPLROÂJLFD GH WRGD SRSXOD¸¶R RX VHMD FLHQWLVWDV H V W X G D P P L Q X F L R V D P H Q W H D L Q F L G » Q F L D G D V G R H Q ¸ D V Q D V S R S X O D ¸ Æ H V O H Y D Q G R H P FRQVLGHUD¸¶R LQFOXVLYH R ORFDO HP TXH PRUDP H D SDUWLU GLVVR HODERUDP
TXH PDLV HVW¶R H[SRVWRV 2 JRYHUQR )HGHUDO WUDEDOKD FRP HTXLSH GH HVWXGLRVRV HP LPXQL]D¸¶R TXH Q R U W H L D P R 3 O D Q R 1 D F L R Q D O G H ,PXQL]D¸ÆHV 31, 2 31, ¹ XP ULTX½VVLPR GRFXPHQWR GH DFHVVR D WRGR FLGDG¶R H TXH RULHQWD D SU²WLFD G H Y D F L Q D ¸ ¶ R S D U D W R G R V R V SURILVVLRQDLV GH VDÇGH GR %UDVLO -² R FDOHQG²ULR GD 6RFLHGDGH %UDVLOHLUD
_ $JRVWR
~
~ (175(9,67$
7DQWR HP &HQWURV GH 6DàGH FRPR QDV &OÕQLFDV 3ULYDGDV RQGH HVVHV SURFHVVRV VÏR ULJRURVDPHQWH VHJXLGRV H ILVFDOL]DGRV SHOD 9LJLOËQFLD 6DQLWÊULD 0XQLFLSDO D TXDOLGDGH GDV YDFLQDV Ñ D PHVPD
® ,03257$17( TXH QRVVDV FULDQ¸DV
G H 3 H G L D W U L D T X H V H J X H R
V X S O H P H Q W D ¸ ¶ R Y D F L Q D O
S U H F R Q L ] D G R S H O D 6 R F L H G D G H
UHFRPHQGDGR SHOR VHWRU SULYDGR
VHMDP 6(035( 9$&,1$'$6 VHMD QR 6LVWHPD 3ÇEOLFR RX QR 6LVWHPD 3ULYDGR 4 X D L V H [ H P S O R V G H
V X S O H P H Q W D Ð Ï R Y D F L Q D O V Ï R
U H F R P H Q G D G R V S H O R V L V W H P D
SULYDGR" 6 ¶ R H [ H P S O R V F O ² V V L F R V G H
%UDVLOHLUD GH ,PXQL]D¸ÆHV 6%,0
SRVVXL IRFR QR LQGLY½GXR H Q¶R QDV
GRVH H[WUD GD YDULFHOD
SRSXOD¸ÆHV RX VHMD R FDOHQG²ULR GH
G R V H G D P H Q L Q J R $ & : < H PHQLQJR%
YDFLQD¸¶R VH PRVWUD FRPSOHWR GR
SRQWR GH YLVWD GD FREHUWXUD GDV GRHQ¸DV GH PDLRU LQFLG»QFLD QR %UDVLO FRPR R SUHFRQL]DGR SHOR 31, H DLQGD UHFRPHQGD XP SOXV YDFLQDO TXH SRGH EHQHILFLDU SHVVRDV
LQGLYLGXDOPHQWH &RQY¹P VDOLHQWDU TXH WDQWR R 6LVWHPD 3ÇEOLFR TXDQWR R SULYDGR WUDEDOKDP FRP YDFLQDV VHJXUDV H HILFD]HV H TXH R VHJXQGR ¹ XPD IRUPD GH VXSOHPHQWD¸¶R GR SULPHLUR
_ $JRVWR
VHJXQGD GRVH GD KHSDWLWH $ YDFLQD¸¶R GR +39 SDUD PHQLQRV GH D DQRV H SDUD PHQLQDV GH D DQRV HVTXHPD GH GRVHV YDFLQD URWDY½UXV SHQWDYDOHQWH HVTXHPD GH GRVHV 4XDOTXHU YDFLQD TXH FRQWHQKD R FRPSRQHQWH GD FRTXHOXFKH QD IRUPD D F H O X O D U ( V W ¶ R S U H V H Q W H V Q D V YDFLQDV FRQWUD 'LIWHULD 7¹WDQR H FRTXHOXFKH '73D 3HQWD '73D 9,3 SROLR +HPRSKLOXV E LQOXHQ]DH H +H[D '73D 9,3 SROLR +HPRSKLOXV E LQOXHQ]DH KHSDWLWH % TXH
(175(9,67$
P L Q L P L ] D R U L V F R G H H Y H Q W R V
)RWR $UTXLYR 3HVVRDO
LQGHVHM²YHLV SÃ&#x201A;V YDFLQD¸¶R HYHQWRV DGYHUVRV FRPR IHEUH GRU HQWUH RXWURV TXDQGR FRPSDUDGD FRP YDFLQDV QD IRUPD FHOXODU 2 TXH LPSHGH XPD SHVVRD GH VHU YDFLQDGD" ([LVWHP DOJXPDV VLWXD¸Ã&#x2020;HV TXH S R G H P F R Q W U D L Q G L F D U PRPHQWDQHDPHQWH D YDFLQD¸¶R FRPR FULDQ¸D FRP IHEUH DFLPD GH Ã&#x2039; SHVVRDV LPXQRFRPSURPHWLGDV RX TXH ID]HP XVR GH PHGLFDPHQWRV TXH D O W H U H P D L P X Q L G D G H F R P R FRUWLFÃ&#x201A;LGHV HP GRVHV HOHYDGDV SRU XP SHU½RGR DFLPD GH VHPDQDV XVR GH YDFLQDV DWHQXDGDV IHLWD FRP EDFW¹ULDV RX Y½UXV YLYRV SRU¹P H Q I U D T X H F L G R V H P L Q G L Y ½ G X R V LPXQRFRPSURPHWLGRV H JHVWDQWHV $ YDFLQD GR SRVWR GH VDà GH WHP D PHVPD TXDOLGDGH GD YDFLQD GD FOÃ&#x2022;QLFD SDUWLFXODU"
5HQDWD &DL[HWD H VXD ¿OKD 0DQX
UHODFLRQDGRV FRP D TXDOLGDGH GHVWHV SURGXWRV ([LVWH XP FDPLQKR SHUFRUULGR SHOD YDFLQD GD KRUD HP TXH ¹ IDEULFDGD DW¹ R PRPHQWR HP TXH FKHJD QRV &HQWURV GH 6DÃ&#x2021;GH H FO½QLFDV GH YDFLQD¸¶R H QHVVH SHUFXUVR K² QRUPDV TXH GHYHP VHU VHJXLGDV ULJRURVDPHQWH FRPR R FRQWUROH GD WHPSHUDWXUD D IRUPD GH DUPD]HQDPHQWR H WUDQVSRUWH GDV YDFLQDV 7DQWR HP &HQWURV GH 6DÃ&#x2021;GH FRPR QDV &O½QLFDV 3ULYDGDV RQGH
2 DUPD]HQDPHQWR H WUDQVSRUWH GDV
HVVHV SURFHVVRV V¶R ULJRURVDPHQWH
Y D F L Q D V H V W ¶ R L Q W L P D P H Q W H
V H J X L G R V H I L V F D O L ] D G R V S H O D
_ $JRVWR
(175(9,67$
9LJLO´QFLD 6DQLW²ULD 0XQLFLSDO D
DQWLW¹UPLFR FRQIRUPH SUHVFUL¸¶R
TXDOLGDGH GDV YDFLQDV ¹ D PHVPD
P¹GLFD
2 TXH DFRQWHFH VH HX SHUGHU R
$V YDFLQDV VÏR VHJXUDV"
SUD]R GH DSOLFDÐÏR GH XPD YDFLQD"
$V YDFLQDV VHU¶R VHPSUH VHJXUDV
'RVH GDGD Q¶R ¹ GRVH SHUGLGD
VH QR FDPLQKR TXH SHUFRUUHUHP
PHVPR VH KRXYHU DWUDVR &DVR D
GHVGH R ODERUDWÂULR SURGXWRU DW¹ R
FULDQ¸D HVWHMD IRUD GR SUD]R SDUD XPD
PRPHQWR GH VXD XWLOL]D¸¶R H[LVWD D
GHWHUPLQDGD YDFLQD ¹ LQGLFDGR
JDUDQWLD GH TXDOLGDGH HP WRGDV DV
FRPSOHWDU R HVTXHPD LQLFLDGR RX
HWDSDV GD FDGHLD GH SURGX¸¶R
VHMD Q¶R HVW² LQGLFDGR UHLQLFL² OR
2 F R Q W U R O H G D W H P S H U D W X U D ¹
4XDLV RV HIHLWRV FRODWHUDLV PDLV
IXQGDPHQWDO SDUD SUHVHUYD¸¶R GD
FRPXQV"
LQWHJULGDGH GRV LPXQRELROÂJLFRV H
( I H L W R V F R O D W H U D L V T X H S R G H P DFRQWHFHU SÂV YDFLQD¸¶R VXUJHP HP D W ¹ K R U D V P D V V ¶ R P D L V IUHTXHQWHV QDV SULPHLUDV RX KRUDV 2V PDLV FRPXQV V¶R )HEUH
GH UHFHELPHQWR DUPD]HQDPHQWR F R Q V H U Y D ¸ ¶ R P D Q L S X O D ¸ ¶ R G L V W U L E X L ¸ ¶ R H W U D Q V S R U W H G R V PHVPRV 6H D FULDQÐD UHJXUJLWD D YDFLQD HP JRWDV GHYH WRPÊ OD GH QRYR"
'RU ORFDO 9HUPHOKLG¶R QR ORFDO GD DSOLFD¸¶R H HQGXUD¸¶R R ORFDO GD DSOLFD¸¶R ILFD PDLV GXUR H VHQV½YHO 1RWD ® LQGLFDGR HP FDVR GH IHEUH H GRU IRUWH D DSOLFD¸¶R GH FRPSUHVVD IULD QR ORFDO GD DSOLFD¸¶R H R XVR GH
GHSHQGH GD H[FHO»QFLD QDV HWDSDV
_ $JRVWR
'HSHQGH GD YDFLQD $ YDFLQD RUDO FRQWUD D 3ROLRPLHOLWH VH UHJXUJLWDGD SRGH VHU QRYDPHQWH DGPLQLVWUDGD -² D YDFLQD RUDO FRQWUD R 5RWDY½UXV Q ¶ R G H Y H V H U D G P L Q L V W U D G D Q R Y D P H Q W H H P F D V R G H
(175(9,67$
UHJXUJLWD¸¶R RX VHMD FRQVLGHUD VH D
PHVHV GH LGDGH $ SULPRYDFLQD¸¶R
GRVH UHJXUJLWDGD FRPR GDGD
SULPHLUD YH] TXH R EHE» VH YDFLQD ¹
´ YHUGDGH TXH D YDFLQD FRQWUD FDWDSRUD YDULFHOD QÏR SRGH VHU DGPLQLVWUDGD TXDQGR D FULDQÐD
UHDOL]DGD HP GXDV GRVHV FDGD XPD GH PO QR LQWHUYDOR GH GLDV HQWUH HODV
H V W Ê H P X V R G H D O J X P
3RGH VH WRPDU PDLV GH XPD
PHGLFDPHQWR"
YDFLQD QR PHVPR GLD"
(VW² FRQWUDLQGLFDGD D YDFLQD¸¶R
6LP Q¶R K² UHVWUL¸¶R HP UHOD¸¶R DR
FRQWUD D FDWDSRUD TXDQGR D FULDQ¸D
Q Ç P H U R G H Y D F L Q D V D V H U H P
HVW² HP XVR GH ²FLGR DFHWLOVDOLF½OLFR
DGPLQLVWUDGDV QR PHVPR GLD GHVGH
Ì
$$6 R TXDO GHYH VHU HYLWDGR SRU
T X H K D M D W H F L G R P X V F X O D U R X
DW¹ VHPDQDV DSÂV D DGPLQLVWUD¸¶R
VXEFXW´QHR QHFHVV²ULRV SDUD D
GD YDFLQD
DSOLFD¸¶R ,PSRUWDQWH UHVVDOWDU TXH R
([LVWH FRUUHOD¸¶R FRP VXUJLPHQWR GD 6½QGURPH GH 5H\H GRHQ¸D UDUD SRU¹P PXLWR JUDYH TXH SURYRFD
DSDUHFLPHQWR GH HYHQWRV DGYHUVRV Q¶R ¹ SURSRUFLRQDO DR QÇPHUR GH YDFLQDV DSOLFDGDV QR GLD
LQIODPD¸¶R QR F¹UHEUR H DFXPXOD¸¶R
$V YDFLQDV FRPELQDGDV VÏR WÏR
U²SLGD GH JRUGXUD KHS²WLFD DSÂV
ERDV TXDQWR DV àQLFDV"
YDFLQD¸¶R GD FDWDSRUD H XVR GH Ì
²FLGR DFHWLOVDOLF½OLFR $$6 SRU LVVR R PRWLYR GD FRQWUDLQGLFD¸¶R
6LP $ JUDQGH TXHVW¶R ¹ TXH HP YDFLQDV FRPELQDGDV XPD ÇQLFD DSOLFD¸¶R ¹ VXILFLHQWH SDUD SURWHJHU
%HEÒV GHYHP WRPDU YDFLQD
FRQWUD XP QÇPHUR PDLRU GH GRHQ¸DV
FRQWUD JULSH"
UHGX]LQGR VH DVVLP R QÇPHUR GH
$ YDFLQD¸¶R FRQWUD D ,QIOXHQ]D HVW² LQGLFDGD SDUD EHE»V D SDUWLU GRV
SLFDGDV QD FULDQ¸D 8P H[HPSOR GH YDFLQD FRPELQDGD ¹ D 7U½SOLFH YLUDO TXH SURWHJH HP XPD ÇQLFD DSOLFD¸¶R
_ $JRVWR
(175(9,67$
DV GRHQ¸DV VDUDPSR FD[XPED H
4XDQWDV GRVHV GHYHP VHU GDGDV"
UXE¹ROD $ FULDQÐD SUHFLVD VHU YDFLQDGD
´ XPD YDFLQD TXH HVWÊ VHPSUH HP
VH MÊ WHYH D GRHQÐD" 7HRULFDPHQWH Q¶R ¹ QHFHVV²ULR D YDFLQD¸¶R FDVR D FULDQ¸D M² WHYH D G R H Q ¸ D P D V F R P R H [ L V W H D SRVVLELOLGDGH GH DOJXPDV GRHQ¸DV VHUHP GH GLI½FLO GLDJQÂVWLFR H FRP VLQWRPDV VHPHOKDQWHV UHFRPHQGD VH D YDFLQD¸¶R VH LQGLFDGR 4XDLV YDFLQDV GDGDV QD UHGH SDU WLFXODU TXH UHDOPHQWH VÏR QHFHVVÊULDV HP QRVVR SDÕV" 3DUD FULDQ¸DV 0HQLQJRFÂFFLFD % 0HQLQJLFÂFFLFD $&:< VXJHVW¶R VXEVWLWXLU R UHIRU¸R GD 0HQLQJRFÂFFLFD & GD UHGH SÇEOLFD RIHUWDGD DRV PHVHV SHOD $&:< HP FO½QLFDV SULYDGDV n GD YDULFHOD DRV PHVHV n GRVH GD KHSDWLWH $ PHVHV DSÂV D n UHDOL]DGD QD UHGH SÇEOLFD 9DFLQD FRQWUD PHQLQJLWH % Ñ QRYD QR %UDVLO 9DFLQDU RX QÏR"
_ $JRVWR
IDOWD" &RPR SURFHGHU VH QÏR FRQVHJXLUPRV GDU D VHJXQGD GRVH QR WHPSR FHUWR" 2 P H Q L Q J R F R F R G R V X E W L S R % UHSUHVHQWD KRMH GRV FDVRV GDV GRHQ¸DV PHQLQJRFÂFFLFDV QR %UDVLO H ¹ UHVSRQV²YHO SRU XP DOWR JUDX GH VHTXHODV H OHWDOLGDGH FDVR VHMD FRQWUD½GR ® LPSRUWDQW½VVLPD D YDFLQD¸¶R GDV FULDQ¸DV FRQWUD HVVH WLSR GH PHQLQJLWH (VTXHPD YDFLQDO y &ULDQ¸DV PHQRUHV GH PHVHV GH
LGDGH GHYHP UHFHEHU GRVHV FRP LQWHUYDOR GH PHVHV HQWUH HODV H PHVHV H XP UHIRU¸R DSÂV PHVHV GH LGDGH y &ULDQ¸DV TXH LQLFLDP R HVTXHPD
HQWUH PHVHV H DQR GH LGDGH GHYHP UHFHEHU GRVHV FRP LQWHUYDOR GH PHVHV HQWUH HODV H XP UHIRU¸R DSÂV PHVHV GH LGDGH
(175(9,67$
y &ULDQ¸DV D SDUWLU GH PHVHV
G H Y H P I D ] H U G R V H V F R P LQWHUYDORV GH PHVHV HQWUH HODV H R UHIRU¸R DLQGD Q¶R IRL HVWDEHOHFLGR 1R PRPHQWR R IDEULFDQWH *6. HVW² FRP R HVWRTXH VHQGR UHHVWDEHOHFLGR H QRV SUÃ&#x201A;[LPRV PHVHV DV FO½QLFDV HVWDU¶R UHFHEHQGR GRVHV GD YDFLQD +RXYH XP IRUQHFLPHQWR GH GRVHV DTX¹P GR QHFHVV²ULR $V FO½QLFDV TXH UHFHEHUDP DV GRVHV GD YDFLQD RSWDUDP SRU HVWRF² ODV D ILP GH JDUDQWLU XPD VHJXQGD GRVH DRV FOLHQWHV TXH M² WLQKDP LQLFLDGR D YDFLQD¸¶R &RPR M² IDODGR DQWHULRUPHQWH GRVH GDGD Q¶R ¹ FRQVLGHUDGD GRVH SHUGLGD &DVR Q¶R VHMD SRVV½YHO GDU XPD VHJXQGD GRVH GD YDFLQD RX DV
SURILO²WLFD FRP SDUDFHWDPRO VHP TXH K D M D L Q W H U I H U » Q F L D Q D LPXQRJHQLFLGDGH GD PHVPD 3RU TXH WHP WDQWD YDFLQD HP I D O W D D W Ã&#x2018; P H V P R Q R V H W R U SDUWLFXODU"
GRVHV VXEVHTXHQWHV DVVLP TXH R
+² PXLWDV YDFLQDV HP IDOWD SRUTXH
HVWRTXH IRU UHHVWDEHOHFLGR R LGHDO ¹
KRXYH IDOWD GH PDW¹ULD SULPD SDUD D
FRPSOHWDU R HVTXHPD
SURGX¸¶R GDV PHVPDV H XP DXPHQWR
, P S R U W D Q W H U H V V D O W D U T X H DWXDOPHQWH VHJXQGR D EXOD GR
GD GHPDQGD HP Q½YHO PXQGLDO GH XWLOL]D¸¶R GDV YDFLQDV
IDEULFDQWH *6. ¹ D Ã&#x2021;QLFD YDFLQD HP T X H ¹ L Q G L F D G R D P H G L F D ¸ ¶ R
_ $JRVWR
(175(9,67$ y 4XDQGR GDPRV D SULPHLUD
GRVH HP FOÕQLFDV SDUWLFXODUHV D VHJXQGD SRGH VHU IHLWD QRV SRVWRV GH VDàGH" 6LP 1¶R K² SUREOHPD DOJXP H D LQWHUFDPELDOLGDGH HQWUH YDFLQDV GDV FO½QLFDV SULYDGDV H GRV &HQWURV GH 6DÇGH ¹ VHJXUD H Q¶R SUHMXGLFD D UHVSRVWD LPXQH GD FULDQ¸D +² XPD JUDQGH SUHRFXSD¸¶R GDV FULDQ¸DV I L F D U H P G H V S U R W H J L G D V S H O R GHVFRQKHFLPHQWR GRV SDLV HP U H O D ¸ ¶ R D H V V D S R V V L E L O L G D G H 3RGHPRV SHUFHEHU LQFOXVLYH XP
GHVFRQKHFLPHQWR GRV SUÂSULRV SURILVVLRQDLV GH VDÇGH 4XDQWR WHPSR GHSRLV GD DSOLFDÐÏR R HIHLWR Ñ LQVWDODGR QR RUJDQLVPR" 'HSRLV GH D VHPDQDV M² ¹ SRVV½YHO ID]HU D GHWHF¸¶R GH W½WXORV GH SURWH¸¶R 5HQDWD &RVWD &DL[HWD p JUDGXDGD HP (QIHUPDJHP SHOD 3RQWLItFLD 8QLYHUVLGDGH &DWyOLFD GH 0LQDV *HUDLV HP 3yV *UDGXDGD HP (QIHUPDJHP 2EVWpWULFD H 1HRQDWDO SHOD )DFXOGDGH 3LWiJRUDV HP $WXRX FRPR &RRUGHQDGRUD GR 3URJUDPD GH ,PXQL]DomR GD $EHUWWD 6D~GH $UFHORU 0LWWDO $WXDOPHQWH (QIHUPHLUD GR &HQWUR GH 3URPRomR 6D~GH GD $EHUWWD H GR 3URJUDPD GH *HVWmR GH &DVRV &RPSOH[RV
3$/$95$6 48( $/,0(17$0
2 5((1&21752 &20 $6 '(6&2%(57$6
SRU +DWDQQH 6DUGDJQD
)LOKR ¹ TXDVH XP H[SHULPHQWR Q¹" $OJR UHDOPHQWH IDVFLQDQWH
2OKD TXH FRLVD PDUDYLOKRVD" 8P ILOKR WH G² D RSRUWXQLGDGH GH PDLV XPD YH] QD YLGD YHU DV FRLVDV SHOD
9RF» YDL WHQWDQGR DFHUWDU PH[H
SULPHLUD YH] DWUDY¹V GRV ROKLQKRV
GDTXL PXGD DOJR GDOL ³V YH]HV G²
GHOH
VXSHU FHUWR RXWUDV YRF» WHP TXH YROWDU H ID]HU GH RXWUD IRUPD
7DQWD FRLVD TXH D JHQWH M² FRQVLGHUD | Q R U P D O } S D U D H O H ¹
1R Ã&#x2021;OWLPR P»V PHX ILOKRWH FRQKHFHX R
PDUDYLOKRVDPHQWH LQ¹GLWR ( YRF»
PDU
DFRPSDQKD QXPD H[SHFWDWLYD DW¹
DQR H PHVHV ) R L O H J D O V H U Q H V V D L G D G H M ² P D L R U ] L Q K R S R L V H O H M ² V R X E H H[SUHVVDU H GHPRQVWUDU D IHOLFLGDGH (X ILTXHL QXPD H[SHFWDWLYD W¶R JUDQGH WDQWR DQWHV GD YLDJHP FRPR GXUDQWH QRVVD FDPLQKDGD SHOD DUHLD DW¹ FKHJDU DR PDU TXH SDUHFLD VHU (8 D HVWDU YHQGR DTXLOR WXGR SHOD SULPHLUD YH]
EHVWD PDV EHP W½SLFD GH P¶H ( SHQVR VHU¶R WDQWDV SULPHLUDV YH]HV H QÃ&#x201A;V SHOR PHQRV QD LQI´QFLD YDPRV YLYHU FRPSDUWLOKDU H 5(YLYHU WRGDV HODV $OJXPDV VHU¶R PDUDYLOKRVDV FRPR R PDU RXWUDV QHP WDQWR ( VDEHPRV TXH PHVPR DV UXLQV HOHV WHU¶R TXH SDVVDU ( QÃ&#x201A;V HVWDUHPRV O² FRP D QRVVD H[SHUL»QFLD JXDUGDGD QR EROVR SRLV Q¶R VHUYH SDUD HOHV
_ $JRVWR
3$/$95$6 48( $/,0(17$0
5TNX KNQMTX X½T NXXT STXXF WJST[FÁ½T STXXT WJXLFYJ STXXT WJJSHTSYWT HTR XJSXFÁÏJX LJSZÇSFX IJ KJQNHNIFIJ ,QFU½YHO SHQVDU TXH D FDGD SDVVLQKR TXH HOH GHU YRF» G² RXWUR YLQGR D W U ² V H V S L D Q G R S R U F L P D G R V
SHUFHEHU TXH HODV DFRQWHFHP WRGRV RV GLDV QÂV ¹ TXH GHL[DPRV GH HQ[HUJDU (OH PROKD D P¶R]LQKD QD ²JXD GR PDU OHYD DW¹ D ERFD FRVSH H ROKD SUD PLP FRP DTXHOD FDUD GH |TX» LVVR PDP¶H" } |6DOJDGD Q¹ ILOKR"} ® DOJR W¶R ERER SDUD PLP H W¶R VHQVDFLRQDO SUD HOH
R P E U R V H V S H U D Q G R T X H D O J R
( ILFR IHOL] SRU FRQVHJXLU SHUFHEHU
DFRQWH¸D
TXH GDTXL SUD IUHQWH VHU² DVVLP D
( DJUDGHFL ³ 'HXV SHOD RSRUWXQLGDGH GH YLYHU D UHQRYD¸¶R GD YLGD DWUDY¹V GR PHX ILOKR
FDGD GLD D FDGD SHTXHQD FRQTXLVWD GHVFREHUWD IUXVWUD¸¶R HX WHUHL D R S R U W X Q L G D G H G H Y L Y H U W X G R QRYDPHQWH VRE XPD QRYD ÂWLFD Q¶R D
3RLV ILOKRV V¶R LVVR QRVVD UHQRYD¸¶R
PLQKD GH XP DGXOWR YHQGR XPD
QRVVR UHVJDWH QRVVR UHHQFRQWUR
FULDQ¸D WHQWDU PDV D GH XPD
F R P V H Q V D ¸ Æ H V J H Q X ½ Q D V G H
FULDQ¸D TXH GHYROYH DR DGXOWR R
IHOLFLGDGH
IUHVFRU H R HQFDQWDPHQWR GRV
1RVVD RSRUWXQLGDGH GH UHYLYHU
YDPRV GHL[DQGR SDUD WU²V
SULPHLURV DQRV TXH LQHYLWDYHOPHQWH
V H Q V D ¸ Æ H V H V T X H F L G D V S R L V FRPH¸DPRV D DFKDU WXGR PXLWR QRUPDO DV GHVFREHUWDV Y¶R ILFDQGR UDUDV 0DV Q¶R SUHFLVD GH PXLWR SDUD
_ $JRVWR
+DWDQQH
0mH GR *XLOKHUPH *HPLQLDQD DPD IRWRJUDÀD H IDOD GHPDLV $ IDYRU GD PDWHUQLGDGH UHDO H SRVVtYHO 6HP FXOSDV VHP H[WUHPLVPRV 3DUD OHPEUDU FRPSDUWLOKDU H QmR WUDQVERUGDU HVFUHYH
ZZZ IDFHERRN FRP HQTXDQWRPHXÀOKRGRUPH
&$3$
)RWRV 6KH\OD 3LQKHLUR
$ PDWHUQLGDGH ¹ XP VRQKR FRPXP ³
SDUD R FRUSR GD PXOKHU FRPR HVWULDV
JUDQGH PDLRULD GDV PXOKHUHV $
PDQFKDV QD SHOH IODFLGH] H D W¶R
JUDYLGH] ¹ XP PRPHQWR P²JLFR PDV
WHPLGD |EDUULJXLQKD GH PDP¶H}
SRGH WUD]HU DOJXPDV FRQVHTX»QFLDV
WDPE¹P FRQKHFLGD FRPR GL²VWDVH
_ $JRVWR
&$3$
´0,1+$ %$55,*$ 1®2 e 0$,6 &202 (5$ $17(6 µ
PXLWDV P¶HV Q¶R VDEHP ¹ R SRUTX» GLVVR DFRQWHFHU FRP HODV H TXDO D VROX¸¶R SDUD UHWRUQDU DR FRUSR DQWLJR 6HJXQGR D ILVLRWHUDSHXWD 9DQHVVD -DUHQR GL²VWDVH DEGRPLQDO SRGH VHU PXLWR FRPXP RFRUUHU GXUDQWH ³
( $ ',Ã&#x2030;67$6( $%'20,1$/
JHVWD¸¶R SRLV RV PÃ&#x2021;VFXORV VH DIDVWDP SDUD TXH R HPEUL¶R FUHV¸D H VH GHVHQYROYD 2V IDWRUHV KRUPRQDLV H ELRPHF´QLFRV WDPE¹P FRQWULEXHP SDUD TXH RV IHL[HV PXVFXODUHV VH UHOD[HP H VH VHSDUHP 9DQHVVD HVFODUHFH TXH D GL²VWDVH WDPE¹P S R G H R F R U U H U H P K R P H Q V SULQFLSDOPHQWH ³TXHOHV TXH W»P H [ F H V V R G H S H V R H D E G Ã&#x201E; P H Q J O R E R V R G H D V S H F W R Y L V F H U D O YROXPRVR (OD SRGH IDFLOPHQWH VHU REVHUYDGD HP EHE»V GHYLGR ³ SURGX¸¶R H[FHVVLYD GH JDVHV JUD¸DV ³ LPDWXUD¸¶R LQWHVWLQDO 4XDQGR D GL²VWDVH Q¶R ¹ YLV½YHO XP
DEGRPLQDO (VVH HVWXIDPHQWR QD EDUULJD ¹ R TXH PDLV DVVXVWD H GHVWUÃ&#x201A;L D DXWRHVWLPD GD PDP¶H DO¹P GH WUD]HU XP JUDQGH LQFÃ&#x201E;PRGR 2 TXH
H[DPH GH SDOSD¸¶R PXVFXODU ¹ U H D O L ] D G R 9 D Q H V V D F R Q V H J X H G H W H F W D U H V V H D I D V W D P H Q W R G R PÃ&#x2021;VFXOR SHGLQGR DR SDFLHQWH TXH IOH[LRQH R WURQFR FRP RV MRHOKRV
_ $JRVWR
&$3$ WRGDV DV PXOKHUHV DSÃ&#x201A;V D JUDYLGH] G H Y H P V H U V X E P H W L G D V D X P D DYDOLD¸¶R SDUD TXH VHMD GHVFDUWDGD RX GHWHFWDGD D GL²VWDVH SRLV VH Q¶R W U D W D G D S R G H F D X V D U G R U H V ORPEDUHV LQFRQWLQ»QFLD XULQ²ULD LQVWDELOLGDGH PXVFXODU H GRUHV QR TXDGULO 2 P¹WRGR %XVTXHW ¹ R WUDWDPHQWR H V F R O K L G R H X W L O L ] D G R S H O D ILVLRWHUDSHXWD TXH EXVFD HTXLOLEUDU D SUHVV¶R LQWHUQD H D PXVFXODWXUD HQYROYLGD (VVH P¹WRGR DGY¹P GR HPEDVDPHQWR GD RVWHRSDWLD H GH DFRUGR FRP HOH 9DQHVVD UHDOL]D PDQREUDV YLVFHUDLV H W¹FQLFDV GH 9DQHVVD -DUHQR UHDOL]DQGR R PpWRGR HP SDFLHQWH
UHRUJDQL]D¸¶R FRUSRUDO GLPLQXLQGR
IOHWLGRV 4XDQGR R FDVR ¹ PDLV
HVVD SUHVV¶R LQWHUQD /RJR HP
FRPSOH[R D ILVLRWHUDSHXWD VXJHUH
VHJXLGD H[HUF½FLRV KLSRSUHVVLYRV
X P D X O W U D V V R Q R J U D I L D S D U D
V¶R UHDOL]DGRV TXH DFDEDP SRU
FRPSURYDU HVVD GLVW´QFLD HQWUH RV
D M X G D U Q H V V D O L E H U D ¸ ¶ R G D
PÃ&#x2021;VFXORV
PXVFXODWXUD H FRQVHTXHQWHPHQWH
3DUD 9DQHVVD -DUHQR D SUHYHQ¸¶R SRGH VHU IHLWD DWUDY¹V GR FRPEDWH DR JDQKR GH SHVR H[FHVVLYR FXLGDGRV FRP D DOLPHQWD¸¶R H H[HUF½FLRV I½VLFRV UHJXODUHV DQWHV GXUDQWH H GHSRLV GD JHVWD¸¶R (OD DOHUWD TXH
_ $JRVWR
QR DOLQKDPHQWR GR DEGÃ&#x201E;PHQ ® XP WUDWDPHQWR GH WHUDSLD PDQXDO VHP FRQWUD LQGLFD¸Ã&#x2020;HV H DSUHVHQWDP UHVXOWDGRV H[WUHPDPHQWH HILFD]HV )DOH FRP 9DQHVVD -DUHQR _
12926 $5(6
)RWRV 'LYXOJD¸¶R
'LYHUVmR GH ID]HQGD FRQIRUWR GH KRWHO %RD RS¸¶R SDUD RV ILQDLV GH VHPDQD FRP WRGD D IDP½OLD
_ $JRVWR
12926 $5(6 2 3DUTXH GR $YHVWUX] +RWHO )D]HQGD
GHSHQG»QFLDV HVSHF½ILFDV SDUD
XQH R FRQIRUWR GH XP KRWHO FRP D
S R U W D G R U H V G H Q H F H V V L G D G H V
QDWXUH]D H DV DWLYLGDGHV GH OD]HU GH
H V S H F L D L V D O R M D P H Q W R F R O H W L Y R
XPD ID]HQGD QR PHLR UXUDO GD FLGDGH
H V S H F L D O S D U D K R V S H G D U
GH (VPHUDOGDV D NP GH %HOR
WUDEDOKDGRUDV GR ODU HVSHFLDOPHQWH
+RUL]RQWH 2 OXJDU SURSRUFLRQD XPD
EDE²V EHP FRPR JUXSRV GH MRYHQV
KRVSHGDJHP SHUIHLWD WDQWR SDUD TXHP GHVHMD UHOD[DU HP PHLR DRV FHQ²ULRV YHUGHV TXDQWR SDUD RV YLDMDQWHV HP EXVFD GH GLYHUV¶R
7 R G R V R V D S D U W D P H Q W R V V ¶ R GHFRUDGRV H PRELOLDGRV FRQWHQGR 79 GH /HG IULJREDU UHWUÃ&#x201E; LQWHUQHW :L)L VHQGR TXH DSDUWDPHQWRV
2 K R W H O F R Q W D F R P X P D P D W D
P D V W H U F R Q W D P W D P E ¹ P F R P
SUHVHUYDGD GH PDLV GH P§ H
KLGURPDVVDJHP
P § G H H V S H O K R G ² J X D GLVWULEX½GRV HQWUH ODJRV VHQGR XP GHOHV FRQYHUWLGR HP FULDWÃ&#x201A;ULR FRP PDLV GH SHL[HV SDUD D SHVFD HVSRUWLYD 3DUD HQWUDU QR FOLPD GH ID]HQGD K² D SRVVLELOLGDGH GH ID]HU SDVVHLRV GH FDUUXDJHP DQGDU D FDYDOR HP PHLR DRV EHORV FHQ²ULRV Q D W X U D L V H H [ S O R U D U D V W U L O K D V HFROÃ&#x201A;JLFDV DWUDY¹V GH FDPLQKDGDV 2 3DUTXH GR $YHVWUX] +RWHO )D]HQGD
$ ²UHD GR KRWHO SRVVXL SLVFLQDV H XPD
F R Q W D F R P D F R Q F K H J D Q W H V
SUD¸D EDUHV UHVWDXUDQWH UÃ&#x2021;VWLFR
DSDUWDPHQWRV FKDO¹V HP HVSD¸R WLSR
WURSLFDO FRPSRQGR XP DPELHQWH
YLOD $ FDVD VHGH IRL WRWDOPHQWH
URP´QWLFR H FRQIRUW²YHO RQGH V¶R
UHVWDXUDGD FRP VHWH EHODV VX½WHV
V H U Y L G D V G H O ½ F L D V G D F X O L Q ² U L D
( [ L V W H P W D P E ¹ P F K D O ¹ V F R P
PLQHLUD SUHSDUDGDV HP IRJ¶R ³
_ $JRVWR
12926 $5(6 OHQKD 2 FDI¹ GD PDQK¶ R DOPR¸R H R
DPSOD VDXQDV FDUUXDJHP FDYDORV
MDQWDU HVW¶R LQFOXVRV QD GL²ULD H[FHWR
P L Q L Y D F D J D O L Q K D G D Q J R O D
EHELGDV $ ²UHD H[WHUQD DSUHVHQWD
FDYDOJDGDV WULOKDV H VHLV DYHVWUX]HV
XPD YLVWD PDUDYLOKRVD FRP FDVFDWD
S D U D G D U D V E R D V Y L Q G D V D R V
V D O ¶ R S D U D F R Q Y H Q ¸ Ã&#x2020; H V H
KÃ&#x201A;VSHGHV GR KRWHO
WUHLQDPHQWRV FRP DVVHQWRV V D O ¶ R S D U D F D I ¹ G D P D Q K ¶ F O L P D W L ] D G R V D O ¶ R G H M R J R V DFDGHPLD ODQ KRXVH VSD HVSD¸R N L G V T X L R V T X H V S O D \ J U R X Q G V FRQMXQWR GH TXDGUDV GH W»QLV RILFLDO SHWHFD YÃ&#x201E;OHL H FDPSR GH IXWHERO VRFLHW\ JUDPDGR $FHVVLELOLGDGH
7XGR LVVR K² PHQRV GH XPD KRUD 9DOH FRQIHULU H OHYDU WRGD D IDP½OLD SDUD GLDV PDUDYLOKRVRV &RQWDWR
5RG 'HS /~FLR 6RX]D &UX] V Q &DPSR $OHJUH (VPHUDOGDV ² 0* PLQ GH %HOR +RUL]RQWH
FRQWDWR#SDUTXHGRDYHVWUX] FRP EU _
_ $JRVWR
$&217(&(8 12 0200<6 '2 )$&(
´7,9( 0(8 %(%Ã&#x2C6; 126 (8$ µ SRU (ULFD 0LUDQGD &RWD
)RWRV $UTXLYR 3HVVRDO
'HL[RX PH PXLWR KRQUDGD R FRQYLWH
DFRPSDQKDVVH SRLV TXHULDP HVWDU
GH YLU GLYLGLU FRP DV TXHULGDV
SUÃ&#x201A;[LPRV GH PLP QDTXHOH PRPHQWR
PRPP\V D H[SHUL»QFLD GH WHU WLGR
2XWUD SUHRFXSD¸¶R HUD D FRQGL¸¶R
PHX SDUWR QRV (8$
OHJDO SDUD Q¶R WHUPRV SUREOHPDV
(X M² HVWDYD FRP TXDVH VHLV PHVHV GH JHVWD¸¶R TXDQGR PHX PDULGR
LPLJUDWÃ&#x201A;ULRV QR IXWXUR H TXDQWR WXGR LVVR QRV FXVWDULD ILQDQFHLUDPHQWH
UHFHEHX D QRW½FLD TXH D HPSUHVD TXH
3DVVDGR R VXVWR FRPH¸DPRV D
WUDEDOKDYD JRVWDULD TXH HOH IL]HVVH
EXVFDU LQIRUPD¸Ã&#x2020;HV H D JRVWDU GD
X P F X U V R G H V H L V P H V H V H P
LGHLD H GD RSRUWXQLGDGH GH SRGHUPRV
0 D V V D F K X V H W W V 1 R S U L P H L U R
RIHUHFHU GXSOD FLGDGDQLD D QRVVD
PRPHQWR IRL DTXHOD FKRUDGHLUD Q¶R
ILOKD &RQVXOWDPRV XP DGYRJDGR GH
TXHULD ILFDU QR %UDVLO VR]LQKD H PLQKD
LPLJUD¸¶R TXH QRV RULHQWRX VREUH
I D P ½ O L D Q ¶ R T X H U L D T X H H X R
W R G D V D V U H J U D V O H J D L V H G D _ $JRVWR
$&217(&(8 12 0200<6 '2 )$&( QHFHVVLGDGH GH VROLFLWDUPRV DR FRQVXODGR RV YLVWRV ) H ) &DVR DOJX¹P WHQKD LQWHUHVVH HX H[SOLFR V R E U H R V Y L V W R V H P R X W U D RSRUWXQLGDGH 7XGR SURQWR HPEDUTXHL SDUD HVVD H[SHUL»QFLD M² FRP VHPDQDV 'HL[HL R SD½V M² PXLWR VHJXUD SRLV PHX PDULGR WHP XP SULPR FDVDGR FRP XPD P¹GLFD DPHULFDQD TXH YLYHP QD PHVPD FLGDGH RQGH LU½DPRV PRUDU (OD PH DMXGRX FRP WXGR D HVFROKD GR PHOKRU KRVSLWDO GD HTXLSH P¹GLFD GR SODQR GH VDÃ&#x2021;GH GD SHGLDWUD H SULQFLSDOPHQWH HPRFLRQDOPHQWH QRV RIHUHFHQGR
QRV DWHQGH Q¶R VÃ&#x201A; XP P¹GLFR FRPR
DTXHOH DFRQFKHJR GH IDP½OLD TXH D
DTXL QR %UDVLO 7XGR VHQVDFLRQDO
JHQWH WDQWR SUHFLVD QDTXHOD IDVH
4 X D O T X H U G Ã&#x2021; Y L G D R X S U R E O H P D
35´ 1$7$/ $LQGD PH HPRFLRQR VÃ&#x201A; GH OHPEUDU FRPR WXGR IRL IDQW²VWLFR 7RGRV RV P H X V H [ D P H V G R % U D V L O I R U D P DYDOLDGRV SRU XPD MXQWD P¹GLFD UHSHWL DOJXQV H VHJXL R SU¹ QDWDO FRP FRQVXOWDV VHPDQDLV /² HX ID]LD H[DPH GH XULQD HP WRGDV DV YLVLWDV SRLV H[LVWH XPD HTXLSH P¹GLFD TXH
_ $JRVWR
RFRUULGR GXUDQWH D JUDYLGH] QRV G LU L J ½ D P R V ³ F O ½ Q L F D H ¹ U D P R V ,0(',$7$0(17( DWHQGLGRV 1RV (8$ TXDQGR HQWUDPRV HP W U D E D O K R G H S D U W R R X D S H Q D V VXVSHLWDPRV TXH HVWDPRV SHUWR OLJDPRV SDUD D FO½QLFD TXH ORFDOL]D R P¹GLFR H R HQYLD WRGRV RV H[DPHV H GRFXPHQWRV 4XDQGR HQWUDPRV QR KRVSLWDO M² HVW² WXGR SURQWR D VXD
$&217(&(8 12 0200<6 '2 )$&( TXDVH VHPDQDV FRPHFHL D VHQWLU FRQWUD¸Ã&#x2020;HV /LJXHL SDUD D FO½QLFD H P H G L U L J L F D O P D P H Q W H S D U D R +RVSLWDO &KHJDQGR O² WXGR HVWDYD D PLQKD HVSHUD D P¹GLFD FRQILUPRX TXH PLQKD GLODWD¸¶R M² KDYLD LQLFLDGR H SRUWDQWR M² SRGHULD LU SDUD D VDOD GH SDUWR H TXDQGR HX GHVHMDVVH S R G H U L D W D P E ¹ P V R O L F L W D U R DQHVWHVLVWD $ VDOD HUD DPSOD FRQIRUW²YHO H PRGHUQD SRVVX½D XPD SROWURQD TXH HVSHUD 4XDQGR FRPSOHWHL DV VHPDQDV GH JHVWD¸¶R RV P¹GLFRV FRQYHUVDUDP
YLUDYD FDPD SDUD DFRPSDQKDQWH XPD PLQL 87, QHRQDWDO H WRGRV RV H T X L S D P H Q W R V S D U D R W R W D O PRQLWRUDPHQWR PHX H GR EHE»
FRPLJR H FRQVWDWDUDP TXH HVWDYD
EDWLPHQWRV FDUG½DFRV FRQWUD¸Ã&#x2020;HV
WXGR SHUIHLWR SDUD R SDUWR QRUPDO TXH
GXUDQWH WRGR R WHPSR &RPR VROLFLWHL
R PHOKRU VHULD DJXDUGDUPRV DW¹ DV
DQHVWHVLD DVVLP TXH FKHJXHL Q¶R
VHPDQDV &RQILHL H FRPHFHL RV
FRQKHFL R TXH ¹ GRU GH SDUWR
DFRPSDQKDPHQWRV GL²ULRV FRP WRWDO
3HUPDQHFL DOL SRU KRUDV SRLV PLQKD
V H J X U D Q ¸ D M ² T X H D W ¹
EROVD GHPRURX PXLWR D URPSHU H O²
HOHWURFDUGLRJUDPD GR EHE» HUD IHLWR
H O H V Q ¶ R I D ] H P R U R P S L P H Q W R
6HQWLD PH DEVROXWDPHQWH EHP H VHJXUD
IRU¸DGR SRLV H[LVWH R ULVFR GR FRUG¶R VDLU DQWHV GR EHE» H QHVVH FDVR ¹ SHULJRVR TXH QR PRPHQWR GD VD½GD
2 3$572
HOH HQUROH QR SHVFR¸R GD FULDQ¸D
1R GLD QXP GRPLQJR FRP
TXDOTXHU WLSR GH GRU GRUPL OL OLYUR
1HVVDV KRUDV GH HVSHUD H VHP
_ $JRVWR
$&217(&(8 12 0200<6 '2 )$&( P H H P R F L R Q H L F R P D H V S H U D
ILFDPRV HP XP TXDUWR FRP PXLWR
SUD]HURVD GD PLQKD SULQFHVD $VVLP
FRQIRUWR H PLPRV 5HFHEHPRV
TXH D EROVD URPSHX H FKHJRX D KRUD
RULHQWD¸¶R TXDQWR DRV FXLGDGRV FRP
GR QDVFLPHQWR IXL DFRQVHOKDGD D Q¶R
R EHE» DPDPHQWD¸¶R H VHJXUDQ¸D
ID]HU IRU¸D GHVQHFHVV²ULD /² HOHV
-² VD½PRV GH O² WUHLQDGDV H WRGRV RV
XVDP XP PRQLWRU TXH YHULILFD DV
GRFXPHQWRV GR UHF¹P QDVFLGR
FRQWUD¸Ã&#x2020;HV UHJXODUHV H RV SLFRV GH
FKHJDP HP QRVVD FDVD SHOR FRUUHLR
FRQWUD¸Ã&#x2020;HV H DSHQDV QHVVHV SLFRV
XPD VHPDQD GHSRLV
ID]HPRV IRU¸D SRUWDQWR QD WHUFHLUD W H Q W D W L Y D H P T X L Q ] H P L Q X W R V
'2&80(17$³²2
*LRYDQQD QDVFHX FRP NJ H
'H SRVVH GD FHUWLG¶R GH QDVFLPHQWR
FP R PRPHQWR PDLV HVSHFLDO GH
H VRFLDO VHFXULW\ R &3) GRV FLGDG¶RV
PLQKD YLGD
DPHULFDQRV TXH ¹ IHLWR QR SUÃ&#x201A;SULR
3½6 3$572
KRVSLWDO UHTXHUHPRV R SDVVDSRUWH D P H U L F D Q R G H Q R V V D E H E » H
1RV (8$ DSÃ&#x201A;V XP SDUWR QRUPDO D
UHWRUQDPRV DR %UDVLO FRP *LRYDQQD
PDP¶H H R EHE» GHYHP SHUPDQHFHU
M² YDFLQDGD H IRUWLQKD SDUD UHFHEHU
KV QR KRVSLWDO 1HVVH SHU½RGR
WRGR R FDULQKR GH QRVVRV IDPLOLDUHV
_ $JRVWR
0$7(51,'$'( ( $872 (67,0$
( 325 )$/$5 (0 %(/(=$ SRU $OLQH )UDJD
® FRP PXLWR DPRU TXH HVFUHYR SDUD
FDGD PXOKHU WHP VHX SRQWR IRUWH H ¹
DV TXHULGDV 0RPP\V TXH JXDUGDUHL
H V V H T X H G H Y H V H U V H P S U H
SDUD VHPSUH HP PHX FRUD¸¶R 1HVVD
G H V W D F D G R 2 X W U R S R Q W R ¹ D
FROXQD DJUDGDYHOPHQWH FHGLGD D
DXWRFU½WLFD TXH GHYH VHPSUH H[LVWLU
PLP SHOD 0DULDQD %LFDOKR YDPRV
P D V V H P S U H F R P P R G H U D ¸ ¶ R
IDODU VREUH D DXWRHVWLPD DSÃ&#x201A;V R SDUWR
( [ L V W H P P X O K H U H V T X H D S H Q D V
H DLQGD VREUH D HVW¹WLFD
HQ[HUJDP GHIHLWRV SRU PDLV OLQGDV
4XHUR FRPH¸DU GL]HQGR D YRF»V TXH D EHOH]D UHDOPHQWH YHP GH GHQWUR GR EULOKR QRV ROKRV GR VRUULVR H GR FRUD¸¶R H TXH VH Q¶R KRXYHU LVVR R EHOR Q¶R IOXLU² 6DEHPRV TXH HP VH
TXH VHMDP H LVVR FHUWDPHQWH Q¶R ¹ VDXG²YHO 'H TXDOTXHU IRUPD ¹ D DXWRFU½WLFD TXH QRV ID] PXGDU H VDLU GD LQ¹UFLD H ¹ H[DWDPHQWH QHVVD PXGDQ¸D TXH VH HQFDL[D D HVW¹WLFD
WUDWDQGR GH DXWRHVWLPD D HVW¹WLFD
$TXL YDPRV IDODU GH RS¸Ã&#x2020;HV SU²WLFDV
HVW² GLUHWDPHQWH OLJDGD UHODFLRQDGD
VDXG²YHLV H GH ERP FXVWR EHQHI½FLR
H HQWUHOD¸DGD D WXGR TXH FLWHL DFLPD
SDUD RV FXLGDGRV FRP D QRVVD
SRU¹P ¹ SUHFLVR HQWHQGHU TXH R
VDÃ&#x2021;GH DO¹P GR FRUSR H GD PHQWH
DPRU SUÃ&#x201A;SULR YHP HP SULPHLUR OXJDU H TXH D PXGDQ¸D FRPH¸D HP QÃ&#x201A;V PHVPDV WRGRV RV GLDV DR GHVSHUWDU ® XPD FRQVWUX¸¶R GL²ULD GH DOWRV H EDL[RV ® LPSRUWDQWH GL]HU DLQGD TXH
( QHVVD KLVWÃ&#x201A;ULD GH PXGDQ¸D D HVW¹WLFD VHU² XPD JUDQGH DOLDGD W¹FQLFD H FLHQW½ILFD PDV SUHFLVR OHPEUDU TXH D DWUL] SULQFLSDO ¹
_ $JRVWR
0$7(51,'$'( ( $872 (67,0$
*]NXYJR RZQMJWJX VZJ XÍ JS]JWLFR IJKJNYTX UTW RFNX QNSIFX VZJ XJOFR J NXXT HJWYFRJSYJ S½T Ã XFZI»[JQ VHPSUH YRF» 2V WUDWDPHQWRV V¶R DSHQDV FRDGMXYDQWHV QD PHOKRUD GR FRUSR RX GR URVWR
$ IÂUPXOD |P²JLFD} ¹ GH XU¹LD ²FLGR VDOLF½OLFR GiSDQWHQRO HP FUHPH ODQHWH $JRUD PH DMXGHP D HQWHQGHU PDLV VREUH R TXH YRF»V TXHUHP VDEHU G L H W D P D Q F K D V W U D W D P H Q W R V FRUSRUDLV DFDGHPLD SHVR FDEHORV 6H YRF» WHP XPD GÇYLGD XPD FU½WLFD RX XPD VXJHVW¶R HVFUHYD SDUD PLP FRQWDWR#UHYLVWDPRPP\V FRP EU
+RMH TXHUR GHL[DU XPD GLFD TXH PXGRX PLQKD YLGD DSÂV R SDUWR 1D FRUUHULD GR GLD D GLD GHSRLV GR VHJXQGR ILOKR QXQFD PDLV FRQVHJXL LU ³ PDQLFXUH SRU IDOWD GH WHPSR H DW¹ PHVPR SDUD GHGLFDU PDLV WHPSR D HOHV (QW¶R UHVROYL TXH HX PHVPD FXLGDULD GDV PLQKDV XQKDV 0DQGHL PDQLSXODU XP FUHPH KLGUDWDQWH GH F X W ½ F X O D V T X H D V U H G X ] L X FRQVLGHUDYHOPHQWH (VVD IÂUPXOD GHYH VHU DSOLFDGD WRGDV DV QRLWHV DQWHV GH GRUPLU H HQW¶R XPD YH] QD VHPDQD YRF» SRGH DSHQDV HPSXUUDU H SLQWDU DV XQKDV
_ $JRVWR
$OLQH )UDJD DQRV PmH GH HPSUHViULD ( V S H F L D O L V W D 0 i V W H U , Q W H U Q D F L R Q D O H P PLFURSLJPHQWDomR EDFKDUHO HP (VWpWLFD H &RVPpWLFD SHOD 8QLYHUVLGDGH 6DOJDGR GH 2OLYHLUD SyV JUDGXDGD HP (VWpWLFD H &RVPHWRORJLD SHOD 8QLYHUVLGDGH *DPD )LOKR DSDL[RQDGD SRU DWLYLGDGH ItVLFD YLGD VDXGiYHO FXOLQiULD ÀW H p FODUR PDWHUQLGDGH 5HGHV VRFLDLV ,QVWDJUDP #DOLQHIUDJDHVWHWLFD 6QDSFKDW DOLQHIUDJDVWHF
0200<6 (0 &(1$
',$ '$6 0®(6 62/,'Ã&#x2030;5,2 ( R GLD GDV P¶HV IRL FRPHPRUDGR SRU QRVVDV PRPP\V HP JUDQGH HVWLOR 1R GLD GH PDLR XP HYHQWR QD 3HWLVTXHLUD 3DPSXOKD UHXQLX PDLV GH P¶HV TXH DO¹P GR SURSÃ&#x201A;VLWR GH VH GLYHUWLUHP VH XQLUDP HP SURO GH DMXGDU R QRVVR TXHULGR 3HGULQKR TXH SUHFLVD GH GLQKHLUR SDUD ID]HU XP WUDQVSODQWH IRUD GR SD½V $WUDY¹V GR JUXSR 0RPP\V GR )DFH H GHVVH HYHQWR FRQVHJXLPRV DUUHFDGDU SRXFR PDLV GH PLO UHDLV ® GH PDWDU GH RUJXOKR D XQL¶R GH WDQWDV P¶HV VROLG²ULDV 2 HYHQWR IRL XP VKRZ 7LYHPRV VRUWHLRV GH Y²ULRV EULQGHV PXLWD PÃ&#x2021;VLFD H GLYHUV¶R 3DUD DMXGDU WDPE¹P DFHVVH QR )DFHERRN $MXGH R 3HGULQKR D FRQWLQXDU VRUULQGR
_ $JRVWR
0200<6 (0 &(1$
$55$,Ã&#x2030; '$6 0200<6 Ã&#x2122;WD IHVWD ERD H DQLPDGD VÃ&#x201E; 1R GLD GH MXOKR GRPLQJR R &DUURVVHO IRL SDOFR GD IHVWD MXQLQD GDV 0RPP\V 7HYH PXLWD DQLPD¸¶R TXDGULOKD FRPLGDV W½SLFDV H OLQGDV PRPP\V GHVILODQGR FRP VHXV FDLSLULQKDV )RL E¶R GHPDLV GD FRQWD SHVVRDU &RQILUD RV FOLTXHV
_ -XOKR _ $JRVWR
3('$&,1+26 '$6 0200<6
V D F X / H
V H /DXUD VP GHDV 0DULDQD %LFDOKR
YL
D ' H
0DLWª HW½FLD %HUJDPR
)LOKR
D /
)LOKRV G
%HUQDUGR
)LOKR GD *DEULHOD %
LFDOKR
*XLOKDHWDUQPQHH 6 DUGDJQD
'DYL H 0DULD )LOKRV GD )D
QD
ELDQD &ULVWLQ
+
)LOKR GD
D
$QG
DQGWDD Q U H ) H U© DPLOD +RU GD &
)LOKRV
0DQXHOD H -RDQD
)LOKDV GD &DURO %HUQD
UGHV
4XHU YHU D IRWR GR VHX ILOKR DTXL"
(QYLH SDUD R H PDLO FRQWDWR#UHYLVWDPRPP\V FRP EU MXQWR FRP VHX QRPH QRPH H LGDGH GR VHX ILOKR
_ $JRVWR
7(032 '( &(/(%5$5
2 081'2 12 6(8 7(032 SRU $QLQKD $WD½GH 6H HX WH SHUJXQWDU TXDO ¹ D PDLRU
PLO¹VLPD YH] RV Y½GHRV GD *DOLQKD
SULRULGDGH HP VXD YLGD KRMH LPDJLQR
3LQWDGLQKD FRP RV SHTXHQRV" ( VH
TXH D UHVSRVWD GHYD YDULDU HQWUH
D GHILQL¸¶R GHVVDV SULRULGDGHV M² G²
IDP½OLD ILOKRV FDUUHLUD SURILVVLRQDO RX
XP QÃ&#x201A; HP QRVVD FDEH¸D H PXLWDV
TXDOTXHU RXWUD SRVVLELOLGDGH GH
YH]HV QR FRUD¸¶R LPDJLQH FRORF²
UHDOL]D¸¶R TXH WH LQVSLUH IHOLFLGDGH
O D V H P S U ² W L F D " ( P T X D Q W R V
&HUWR" ( DFKR PXLWR VHQVDWR SHQVDU
PRPHQWRV D PDLRU SULRULGDGH ¹ D
GHVVD IRUPD ® DEVROXWDPHQWH
QRVVD VDÃ&#x2021;GH PDV D DFDGHPLD DFDED
KRQHVWR GD QRVVD SDUWH WUD]HU SDUD D
ILFDQGR SDUD GHSRLV" UV
OLVWD GRV GHVHMRV WXGR TXH QRV PRWLYD H QRV WUD] DOHJULD 0DV R TXH PH GHL[D HVWUDQKDPHQWH LQWULJDGD ¹ R IDWR GH TXH SRXFR SHQVDPRV VREUH R UHIOH[R GLVVR QD SU²WLFD
%RP IDWR ¹ TXH SDUHL SUD UHIOHWLU H SHUFHEL TXH D PLQKD PDLRU SULRULGDGH KRMH ¹ WHPSR ( LVVR LQGHSHQGH GDV PLQKDV DWLYLGDGHV TXH YDULDP HQWUH DTXHOD OLVWD LQILQG²YHO GH FRLVDV D
'HILQLU SULRULGDGHV ¹ XP WUDEDOKR
ID]HU SDUD PDQWHU D URWLQD QD
G L I ½ F L O 5 H T X H U X P D V ¹ U L H G H
HQJUHQDJHP SODQHMDPHQWR GDV
FRQVLGHUD¸Ã&#x2020;HV H GHILQL¸Ã&#x2020;HV TXH
I¹ULDV QD SUDLD FRP D IDP½OLD RX
PXLWDV YH]HV Q¶R TXHUHPRV DFDWDU
F R Q F U H W L ] D ¸ ¶ R G H S U R M H W R V
RX DW¹ PHVPR TXH Q¶R HVWDPRV
SURILVVLRQDLV $ILQDO R UHOÃ&#x201A;JLR Q¶R
SUHSDUDGDV SDUD WDO FRUUHU SDUD XPD
SDUD H QDV K TXH WHPRV DFDEDPRV
UHXQL¶R GH WUDEDOKR RX DVVLVWLU SHOD
W H Q G R T X H Q R V G H V G R E U D U H P _ $JRVWR
7(032 '( &(/(%5$5 LQÃ&#x2021;PHURV SDS¹LV P¶H FRPSDQKHLUD PRWRULVWD PHVWUH FXFD HVSRVD HPSUHHQGHGRUD &RPR R FRHOKR E U D Q F R G H | $ O L F H Q R S D ½ V G D V 0DUDYLOKDV} SDUHFH TXH HVWDPRV VHPSUH DWUDVDGDV H FRP R UHOÃ&#x201A;JLR WUDEDOKDQGR FRQWUD QRVVR IDYRU 2 TXH PH ID] WHU D FHUWH]D GH TXH FDGD PRPHQWR ¹ XPD RSRUWXQLGDGH SUHFLRVD SDUD SRGHU DSURYHLWDU PHOKRU FDGD PRPHQWR VH GHGLFDQGR DR TXH UHDOPHQWH LPSRUWD ( ¹ H [ D W D P H Q W H L V V R T X H F R V W X P R FRPSDUWLOKDU FRP PLQKDV FOLHQWHV TXDQGR HVWDPRV SODQHMDQGR DV FRPHPRUD¸Ã&#x2020;HV GRV SHTXHQRV D IHVWD GH DQLYHUVÃ&#x160;ULR HVW² ORQJH GH V H U X P D Q R L W H G H J O D P R X U H RVWHQWD¸¶R HOD ¹ R PRPHQWR SHUIHLWR SDUD SDUWLOKDU DOHJULDV FRPHPRUDU UHDOL]D¸Ã&#x2020;HV H FRPSDUWLOKDU KLVWÃ&#x201A;ULDV DR ODGR GH DPLJRV H IDPLOLDUHV TXH
( VRQKDU G² XP WUDEDOKR Q¹" -² JDVWDPRV XPD HQHUJLD HQRUPH S H Q V D Q G R H P Q R V V R V S U R M H W R V SHVVRDLV DUWLFXODQGR IRUPDV GH FRQFUHWL]² ORV PDV QD UHDOLGDGH DTXHOD P²[LPD GH |R FDPLQKR ¹ PDLV LPSRUWDQWH TXH R GHVWLQR} VHPSUH PH DFRPSDQKD H PH ID] DFUHGLWDU TXH R ERP GLD GRV PHXV ILOKRV H R FKHLULQKR GR FDI¹ VHQGR SUHSDUDGR SHOR PDULGR V¶R DV PDLRUHV H PHOKRUHV SULRULGDGHV HP PLQKD YLGD
WUD]HP SDUD QRVVD YLGD XP UHVSLUR GH
( ¹ DVVLP TXH PH VLQWR UHDOL]DGD H
PRWLYD¸¶R H DFRQFKHJR
FRPSOHWD 7HQGR WHPSR SDUD SRGHU
,VVR WXGR SRUTXH QR IXQGR QRVVD PDLRU QHFHVVLGDGH ¹ SRGHU WHU WHPSR SDUD FRQFUHWL]DU QRVVRV PDLRUHV VRQKRV ,QFOXVLYH SDUD SRGHU VRQKDU
_ $JRVWR
GH IDWR ID]HU R TXH DOLPHQWD D DOPD $QLQKD $WDtGH p VyFLD SURSULHWiULD GR &DUURVVHO %XIIHW ,QIDQWLO H DFUHGLWD TXH D IDPtOLD p D QRVVD PDLRU FRQTXLVWD
a
a
&5,$1&$ 6$8'$9(/ ( &5,$1&$ )(/,=
',&$6 3$5$ 80$ %2$ ,1752'8d®2 $/,0(17$5 SRU /XL]D )LRULQL 0HX QRPH ¹ /XL]D )LRULQL VRX
' L J R L V V R S D U D H [ S O L F D U F R P R
J D V W U Ä Q R P D H V S H F L D O L ] D G D H P
F K H J X H L Q H V V H P X Q G R G D
DOLPHQWD¸¶R LQIDQWLO 7UDEDOKHL HP
DOLPHQWD¸¶R LQIDQWLO
D O J X Q V U H V W D X U D Q W H V F K H I L D Q G R FR]LQKDV GHL DXODV IL] HYHQWRV YLDMHL SRU GLYHUVDV ²UHDV GD JDVWURQRPLD LQFOXLQGR D FRQIHLWDULD H HP PHLR D WDQWDV IXQ¸ÆHV PLQKD SULQFLSDO SURILVV¶R VHPSUH IRL VHU 0Ó( 0¶H FRPR YRF»V 0¶H GH GXDV FULDQ¸DV PDUDYLOKRVDV &ODUD DQRV H 9LWRU DQRV
1D JUDYLGH] GR 9LWRU FRPHFHL D GDU DXODV SDUD FULDQ¸DV $V SRXFDV DXODV TXH GDYD PH HQFKLDP RV ROKRV H R FRUD¸¶R SRLV HUD OLQGR YHU R VRUULVR GDTXHOHV SHTXHQRV 9HU FRPR HOHV UHVSRQGLDP EHP ³ DOLPHQWD¸¶R VDXG²YHO FRP SHTXHQRV HVW½PXORV YHU DV P¶HV ERTXLDEHUWDV DR YHUHP RV ILOKRV FRPHQGR FRLVDV TXH HODV
$ PDWHUQLGDGH IRL PROGDQGR DV
QHP LPDJLQDYDP $R PHVPR WHPSR
PLQKDV ²UHDV GH DWXD¸¶R GH DFRUGR
YLD R Q½YHO GD DOLPHQWD¸¶R LQIDQWLO
FRP DV QHFHVVLGDGHV GRV PHQLQRV
FDLQGR FDGD GLD PDLV XPD LQGÇVWULD
3UHFLVDYD GDU FRQWD GH WXGR &DVD
VHQGR PXLWR LQMXVWD FRP QRVVDV
VHP HPSUHJDGD FULDQ¸DV PDULGR
IDP½OLDV RV ½QGLFHV GH REHVLGDGH
HYHQWRV PLO RU¸DPHQWRV 8PD
LQIDQWLO DXPHQWDQGR HP SURSRU¸¶R
F R Q I X V ¶ R 4 X D Q G R Y L D P L Q K D
G H V X P D Q D H H X F R P R P ¶ H H
SURILVV¶R ILFDU HVWDIDQWH PXGDYD D
FR]LQKHLUD SUHFLVDYD DJLU GH DOJXPD
²UHD H PH DGDSWDYD
IRUPD _ $JRVWR
a
a
&5,$1&$ 6$8'$9(/ ( &5,$1&$ )(/,=
V L W H
S U R F H V V R $ R V S R X F R V H O H
Z Z Z D O L P H Q W D F D R L Q I D Q W L O R U J
DSUHQGHU² TXH QRYRV VDERUHV H
FRQVHJXL D FKDQFHOD GD HTXLSH GR
WH[WXUDV V¶R W¶R JRVWRVRV TXDQWR R
-DPLH 2OLYHU SDUD PH WRUQDU XPD
OHLWH TXH PDPDP $RV SRXFRV HOH YDL
HPEDL[DGRUD GR )RRG 5HYROXWLRQ
D S U H Q G H U D P D V W L J D U W D P E ¹ P
'D\ DTXL HP %HOR +RUL]RQWH H DJRUD
WRUQDQGR WXGR PDLV I²FLO /HPEUH VH
V R X ( 6 3 ( & , $ / , 6 7 $ ( 0
R OHLWH FRQWLQXD VHQGR D SULQFLSDO
$ / , 0 ( 1 7 $ Ó 2 , 1 ) $ 1 7 , / H
IRQWH GH QXWUL¸¶R GR VHX EHE» DW¹
FROXQLVWD GR 0RPP\V
DQR GH YLGD
3DUD FRPH¸DU WUDJR D YRF»V GLFDV
6DLED GLVWLQJXLU HQJDVJR GH
SDUD XPD ERD LQWURGX¸¶R DOLPHQWDU
UHIOH[R GH *$* (QJDVJRV SRGHP
& U L H L
H Q W ¶ R
R
2 DOHLWDPHQWR PDWHUQR RX DUWLILFLDO GHYH VHU H[FOXVLYR DWÑ R PÒV GH YLGD 1RV SULPHLURV DQRV GH Y L G D R E H E » D S U H V H Q W D W U D W R JDVWURLQWHVWLQDO ULQV I½JDGR H VLVWHPD LPXQROÂJLFR HP PDWXUD¸¶R 2 OHLWH PDWHUQR ¹ UHVSRQV²YHO SHOD
DFRQWHFHU PDV V¶R PXLWR UDURV &RP PHVHV R EHE» DGTXLUH R FKDPDGR 5HIOH[R GH *$* 8P UHIOH[R SURWHWRU TXH DMXGD R EHE» D VH GHVYHQFLOKDU GH SHGD¸RV PDLRUHV GH DOLPHQWRV 2 UHIOH[R ¹ FRPR TXDQGR HQILDPRV R GHGR QD JDUJDQWD
QXWUL¸¶R SHUIHLWD H LGHDO SHOR
1DGD GH VXTXLQKRV FKD]LQKRV
I R U W D O H F L P H Q W R G R V L V W H P D
RX VRSLQKDV UDODV 2IHUHFHU VXFRV
LPXQROÂJLFR H GHYH VHU H[FOXVLYR DW¹
FK²V H VRSDV UDODV V¶R SU²WLFDV
RV PHVHV H FRQWLQXDGR DW¹ RV
HQUDL]DGDV QR QRVVR FRWLGLDQR PDV
DQRV 48$1'2 3266Ý9(/
SRGHP VH WRUQDU XP ULVFR 6HJXQGR R
&RQILH QR SRWHQFLDO GR VHX EHEÒ ( O H H V W ² H P X P S H U ½ R G R G H DGDSWD¸¶R H V¶R QHFHVV²ULDV FDOPD H SDFL»QFLD SDUD VH GDU EHP QHVVH
_ $JRVWR
0DQXDO GR 0LQLVW¹ULR GD 6DÇGH H 6RFLHGDGH %UDVLOHLUD GH 3HGLDWULD HVVHV DOLPHQWRV W»P EDL[R YDORU QXWULFLRQDO H SRGHP FRPSURPHWHU D LQJHVW¶R GRV DOLPHQWRV UHDOPHQWH
a
a
&5,$1&$ 6$8'$9(/ ( &5,$1&$ )(/,=
GHVHQYROYLPHQWR LGHDO H VDWLVIDWÂULR
DOLPHQWDU ¹ GH DOWR ULVFR SDUD RV
GR EHE»
EHE»V SHOD SRVV½YHO RIHUWD GH
%HEÒ QÏR GHVHMD R TXH QÏR FRPH 'D PHVPD IRUPD TXH VH YRF» HVWLYHU VHJXUDQGR XP EULQTXHGR HOH YDL TXHUHU SHJDU TXDQGR YRF» VHJXUD XP DOLPHQWR HOH WDPE¹P YDL TXHUHU
DOLPHQWRV FRQWDPLQDGRV DWUDY¹V GD PDQLSXOD¸¶R DUPD]HQDPHQWR H RIHUWD LQDGHTXDGD IDYRUHFHQGR HSLVÂGLRV GH LQIHF¸ÆHV LQWHVWLQDLV ® IXQGDPHQWDO KLJLHQL]DU EHP RV
VDEHU R TXH ¹ H VH WHP JRVWR %HE»V
DOLPHQWRV SUHSDU² ORV HP ORFDLV
Q¶R |DJRDP} (VVD KLVWÂULD GH TXH VH
O L P S R V D U P D ] H Q D U H P O R F D O H
Q¶R GHU FKRFRODWH R EHE» YDL |DJRDU}
WHPSHUDWXUD DGHTXDGRV H RIHUW² ORV
¹ KLVWÂULD SUD ERL GRUPLU 1¶R RIHUH¸D
GH PDQHLUD VHJXUD
D¸ÇFDU FKRFRODWH PHO OHLWH GH YDFD H IUXWRV GR PDU DQWHV GH DQRV &XLGDGR FRP D VHJXUDQÐD DOLPHQWDU 2 LQ½FLR GD LQWURGX¸¶R
)XMD GRV YLOÞHV LQGXVWULDOL]DGRV $ R I H U W D G H D O L P H Q W R V LQGXVWULDOL]DGRV D¸XFDUDGRV H _ $JRVWR
a
a
&5,$1&$ 6$8'$9(/ ( &5,$1&$ )(/,=
JRUGXURVRV HP VXEVWLWXL¸¶R ³V UHIHL¸ÆHV SRGHP FRPSURPHWHU D DEVRU¸¶R GH QXWULHQWHV FKDYH FRPR I H U U R H ] L Q F R I D Y R U H F H Q G R R DSDUHFLPHQWR GH SDWRORJLDV FRPR DQHPLD REHVLGDGH H GLDEHWHV 6 L J D F U L W Ñ U L R V E Ê V L F R V G H
;N[JRTX JR ZRF HZQYZWF IJ VZJ HTRJW GJR Ã HTRJW RZNYT RFX HFIF GJGÄ Ã ÔSNHT J UTXXZN SJHJXXNIFIJX NSIN[NIZFNX VZJ IJ[JR XJW WJXUJNYFIFX
VHJXUDQÐD 1D KRUD GH VH DOLPHQWDU R EHE» GHYH HVWDU VHQWDGR H UHWR H
OLYUH GHPDQGD GH OHLWH GHYHPRV
VRE VXSHUYLV¶R GH XP DGXOWR 1R
F R Q I L D U Q R T X D Q W R H O H V H V W ¶ R
FDVR GD LQWURGX¸¶R DOLPHQWDU VRE R
GLVSRVWRV D FRPHU SRLV HOHV WDPE¹P
P¹WRGR %/: DVVHJXUH VH GH TXH RV
W»P LQVWLQWR GH VREUHYLY»QFLD H
DOLPHQWRV HVW¶R QD WH[WXUD H FRUWH
S U H F L V D P G H D O L P H Q W R O H P E U D
FRUUHWRV SDUD R EHEH VHJXUDU H
TXDQGR HOH SURFXURX VHX SHLWR SHOD
F R Q V H J X L U F K X S D U R D O L P H Q W R
SULPHLUD YH] VHP QHP VDEHU R TXH
UHWLUDQGR SHTXHQRV SHGD¸RV
HUD"
1ÏR KÊ UHVWULÐÏR GH IUXWDV
$V GLFDV DFDEDP DTXL PDV YDOH
YHJHWDLV H FHUHDLV D SDUWLU GR LQÕFLR
VHPSUH WHU FDOPD (VFROKD R PHOKRU
GD FRPSOHPHQWDÐÏR 2 TXH IRU
P¹WRGR GH LQWURGX¸¶R DOLPHQWDU SDUD
1$785$/ ¹ LGHDO SDUD R VHX EHE»
Y R F » H V H X E H E » H V H M D I H O L ]
3UHFLVDPRV SHQVDU D ORQJR SUD]R
FRP SUD]HU H DPDELOLGDGH DO¹P GH TXLORV GH SDFL»QFLD
9LYHPRV HP XPD FXOWXUD GH TXH FRPHU EHP ¹ FRPHU PXLWR PDV FDGD EHE» ¹ ÇQLFR H SRVVXL QHFHVVLGDGHV L Q G L Y L G X D L V T X H G H Y H P V H U UHVSHLWDGDV 6H FRQILDPRV D HOHV D
$OLPHQWDU R RXWUR GHYH VHU HQFDUDGR
_ $JRVWR
/Xt]D )LRULQL p JDVWU{QRPD HVSHFLDOLVWD HP HGXFDomR DOLPHQWDU LQIDQWLO 'i FXUVRV H SDOHVWUDV SDUD FULDQoDV DGROHVFHQWHV H SDLV VHPSUH FRP R REMHWLYR GH GHVHQYROYHU ERQV KiELWRV GH DOLPHQWDomR H FRQVXPR (OD WDPEpP p XPD GDV HPEDL[DGRUDV GR )RRG 5HYROXWLRQ 'D\ QR %UDVLO XP SURMHWR TXH HVWLPXOD D YROWD j FRPLGD GH YHUGDGH KWWS DOLPHQWDFDRLQIDQWLO RUJ
&$17,1+2 '2 3$3$, )(778&&,1( $2 /$*267,0 )/$0%$'2 12 :+,6.< &20 720$7( &(5(-$ ( 02/+2 6,&,/,$12 5HQGLPHQWR SRU¸Ã&#x2020;HV
5HFHLWD SDQHOD WLSR SDHOOHUD
y JUV GH IHWWXFFLQH y D NJ GH ILO¹ GH ODJRVWLP y XQLG GH ODJRVWLP FRP FDVFD y y y y
2/Ã&#x161; 0200<6 $ SULPHLUD FROXQD D JHQWH QXQFD HVTXHFH Q¶R ¹ YHUGDGH"
SUD GHFRUDU JUV GH WRPDWLQKR FHUHMD OLPÃ&#x2020;HV VLFLOLDQR PD¸R GH PDQMHULF¶R IUHVFR JUV GH TXHLMR SDUPHV¶R JUDQD
SDGDQR y FDEH¸DV GH DOKR y FHEROD JUDQGH y FROKHUHV GH VREUHPHVD GH D¸DIU¶R HP SÃ&#x201A; QR] PRVFDGD HP JU¶R 3LPHQWD GR UHLQR D JRVWR 6DO FROKHU GH VRSD GH PDQWHLJD
UHFHLWDV FRP YRF»V
y y y y
4XH HODV WUDJDP PRPHQWRV GH
JHODGD y GRVH GH ZKLVN\
2EULJDGR SHOR FRQYLWH VHU² XP S U D ] H U F R P S D U W L O K D U D O J X P D V
IHOLFLGDGH FRP D IDP½OLD H DPLJRV ( SDUD LQDXJXUDU QRVVD FROXQD YRX FRPSDUWLOKDU XPD UHFHLWD GH IUXWRV GR PDU TXH IL] SDUD DOJXQV DPLJRV 2 ODJRVWLP SRGH VHU VXEVWLWX½GR SRU FDPDU¶R RX OXOD
_ $JRVWR
&$17,1+2 '2 3$3$, &RPR ID]HU 7HPSHUH RV ILO¹V GH ODJRVWLP FRP VDO D¸DIU¶R QR] PRVFDGD UDODGD QD KRUD H DOKR SLFDGR &RORTXH WDPE¹P XP ILR GH D]HLWH 5HVHUYH 3DUD R PROKR VLFLOLDQR FRORTXH HP XPD YDVLOKD IXQGD RV WRPDWHV FHUHMD FRUWDGRV DR PHLR R VXFR GH OLPÃ&#x2020;HV UHVHUYH D UDVSD GDV FDVFDV R P D Q M H U L F ¶ R P H W D G H G R T X H L M R SDUPHV¶R UDODGR QD KRUD SLPHQWD GR UHLQR D JRVWR VDO H FRPSOHWH FRP D]HLWH DW¹ FREULU 5HVHUYH
VLFLOLDQR SRU FLPD 0H[D GHYDJDU SDUD PLVWXUDU WRGRV RV LQJUHGLHQWHV
(QTXDQWR FR]LQKD D PDVVD HVTXHQWH
FRORTXH D PDQWHLJD QR FHQWUR H GHL[H
D SD QHOD S DHOOH UD FRP D]H LWH
GHUUHWHU 'HFRUH FRP RV ODJRVWLQV
$TXH¸D EHP
LQWHLURV PDQMHULF¶R D UDVSD GR
-RJXH R ODJRVWLP WHPSHUDGR GHL[H DW¹ SHJDU XPD FRU DSUR[ PLQXWRV GH FDGD ODGR H IRUPDU XPD OHYH FDVTXLQKD SRU IRUD )ODPEH FRP R ZKLVN\ FRORTXH D GRVH QR FDQWR GD SDQHOD VH DIDVWH XP SRXFR H LQFOLQH D HP GLUH¸¶R ³ FKDPD $VVLP TXH HYDSRUDU R ²OFRRO UHWLUH H UHVHUYH 1D PHVPD SDQHOD UHIRJXH D FHEROD SLFDGD SDUD OLPSDU D ERUUD PLVWXUH D PDVVD M² FR]LGD H GHSRLV YROWH FRP RV ODJRVWLQV &RORTXH R PROKR
_ $JRVWR
OLP¶R D RXWUD PHWDGH GR TXHLMR SDUPHV¶R H VLUYD HP VHJXLGD %RP DSHWLWH 'LFD 8VH ODJRVWLQV LQWHLURV FRP FDVFD SDUD GHFRUDU 6H VRXEHU OLPS² ORV UHWLUDU RV ILO¹V ID¸D RV GD PHVPD PDQHLUD GHVFULWD DFLPD G H S R L V P R Q W H R V Q D F D V F D QRYDPHQWH SDUD GHFRUDU 9LQtFLXV 'LJrQRYD p SDL GR %r H PDULGR GD *DE\ &R]LQKHLUR DPDGRU JRVWD GH VHPSUH DSUHQGHU XPD UHFHLWD QRYD DPD WHPSHUDU FDUQHV IUXWRV GR PDU H QmR YLYH VHP XPD FRPLGLQKD PLQHLUD 0DLV UHFHLWDV QR LQVWDJUDP #YLQDFR]LQKD
$ YLGD SDVVD PXLWR U¡SLGR
1£R FRQWH DSHQDV FRP D PHP³ULD SDUD JXDUGDU PRPHQWRV LQHVTXHFYHLV
OZXP``X[YT[\][G£G g U U i aG U U m aGV ͌ p aGV ͌
PY^YQ\KPSK
0DLV GR TXH *(5$5 80$ 9,'$ VHX DPRU SRGH 6$/9$5 80$ 9,'$
0¶HV XQLGDV HP IDYRU GD '2$³²2 '( 0('8/$ ½66($ 3DUD VHU XP GRDGRU GH PHGXOD Ã&#x201A;VVHD 9RF» SUHFLVD WHU HQWUH H DQRV GH LGDGH H HVWDU HP ERP HVWDGR JHUDO GH VDÃ&#x2021;GH Q¶R WHU GRHQ¸D LQIHFFLRVD RX LQFDSDFLWDQWH 2V GRDGRUHV SUHHQFKHP XP IRUPXO²ULR FRP GDGRV SHVVRDLV H ¹ FROHWDGD XPD DPRVWUD GH VDQJXH FRP PO SDUD WHVWHV (VWHV WHVWHV GHWHUPLQDP DV FDUDFWHU½VWLFDV JHQ¹WLFDV TXH V¶R QHFHVV²ULDV SDUD D FRPSDWLELOLGDGH HQWUH R GRDGRU H R SDFLHQWH 6H D FRPSDWLELOLGDGH IRU FRQILUPDGD YRF» VHU² FRQVXOWDGR SDUD FRQILUPDU TXH GHVHMD UHDOL]DU D GRD¸¶R 6HX DWXDO HVWDGR GH VDÃ&#x2021;GH VHU² DYDOLDGR $ GRD¸¶R ¹ XP SURFHGLPHQWR TXH VH ID] HP FHQWUR FLUÃ&#x2021;UJLFR VRE DQHVWHVLD SHULGXUDO RX JHUDO H UHTXHU LQWHUQD¸¶R SRU XP P½QLPR GH K
&DPSDQKD GR *UXSR 0RPP\V 8P JUXSR TXH p Vy $025
3URFXUH R +HPRFHQWUR GH VXD FLGDGH H IDoD VHX FDGDVWUR
4XH WDO XPD OHLWXUD OHYH H DJUDGiYHO VREUH R XQLYHUVR PDWHUQR H LQIDQWLO"
78'2 62%5( 2 81,9(562 0$7(512 ( ,1)$17,/
$ FDGD PrV XPD QRYD HGLomR FRP FRQWH~GR IHLWR GH PRPP\V SDUD PRPP\V &DGDVWUH VH SDUD UHFHEHU ZZZ UHYLVWDPRPP\V FRP EU $FRPSDQKH QRV QDV UHGHV VRFLDLV )DFHERRN #UHYLVWDPRPP\V _ ,QVWDJUDP #GLFDVGDVPRPP\V 3DUD G~YLGDV RX VXJHVW}HV IDOH FRP D JHQWH FRQWDWR#UHYLVWDPRPP\V FRP EU