!   "  

r s s t u v v w x y w z { y z | } v ~  y ~ €  ‚  v ƒ „ … † ‡   ˆ ‰ Š † ‹  ~ Š † ~

% & ' ( ) * % * & ' +

) - . %
,

/ 0 1 2 3 4 5 6 4 1 6 7 1 8 9 :

 2 REMHWLYR GHVWH DUWLJR p DSUHVHQWDU D IRUPD FRPR

; < = > ? @ A

9 5 8 K 6 K L M N O 8 0 P 6 Q R Q R R

B C D E F E G H B I J E D E B F B S C B T G C H E B S U

WUDEDOKDGRUHV WDQWR UXUDLV FRPR XUEDQRV QR SHUtRGR TXH

DQWHFHGHXR*ROSH&LYLO0LOLWDUGH0DLVHVSHFL¿FDPHQWH
HQWUHRXWXEURGHHPDUoRGHEXVFDPRVFRPSUHHQGHU
HPTXHPHGLGDHVVHSHULyGLFRFRQWULEXLXSDUDDGLVVHPLQDomR R Q

U B V W D H E D S C D X U B Y B C F H G S C B Z D S S B Y G D H U B B E C B [ S \ F E D S

FDPSRQHVDVjUHIRUPDDJUiULDDRVVLQGLFDWRVHjVJUHYHV±H R ] ] R Q R Q Q

Y B C B \ G E G C B F B B \ ^ Y G T G \ _ C G \ G E D Y B C B ` H G Y D D \ E H D E G T D ^ D D

FRQWHUDTXHODDPHDoD$YDQoDPRVQDDQiOLVHGRPDWHULDODWp
R¿QDOGHDEULOGHSDUDPRVWUDUFRPRHVVHMRUQDOMXVWL¿FRX
R JROSH H D YLROrQFLD TXH VH VHJXLX VREUH RV WUDEDOKDGRUHV
0RVWUDPRV TXH DWUDYpV GH IRUWH DWXDomR HGLWRULDO R SHULyGLFR
YLQFXORX DV PDQLIHVWDo}HV VLQGLFDLV H DV JUHYHV DR ³DYDQoR
FRPXQLVWD´FRQWULEXLQGRSDUDRSURFHVVRGHFULPLQDOL]DomRGDV
OXWDVGRVWUDEDOKDGRUHV±WDQWRQRFDPSRTXDQWRQDFLGDGH±H
GHGHVFRQVWUXomRGDOHJLWLPLGDGHGHVXDVUHLYLQGLFDo}HV
a b c b d ; b = e f g b d < A h R R i j k l m n Q R m o Q Q R m

B \ ^ U C ^ H S D D p D \ q D U B S

Œ  
z Ž s z | „  ƒ {  s ‘ | { ’ “ z ” { ’ • – — ˜ ™ “ … † š   {  y … ‘  † z Ž s z | ’ w z t „ • ’ — ˆ { ‡ „ |  { w w „

› 
‘ | w z œ ’ y … | z  „   z | w z „ t ’ | s ’  „ ˆ s z w „ ƒ {  s ‘ | { ’ „ w z … | z } | ’  ’ w „ ™  s Ž w z 

› ›
… ‘  † ž | ’ w Ž ’ w z  „  ƒ {  s ‘ | { ’ w ’ … z ˆ s {  Ÿ ” { ’ — ˆ { ‡ „ |  { w ’ w „ ’ s ‘ • { ” ’   … — † “ … ¡ y

›
… | z  „   z | w z … | z } | ’  ’ w „ ¢ „  s | ’ w z £ ˆ s „ | w {  ” { t • { ˆ ’ | „  { ¤ ˆ ” { ’  ƒ Ž  ’ ˆ ’ 

w ’ — ˆ { ‡ „ |  { w ’ w „ w „ “ ’ ˆ s z š  ’ | z   — ˜ £ “ š ¡ y ™ †  ’ { • u • Ž { ¥ r {  s z | { ’ ¦ § ’ r z z y ” z  y œ |

# $

   
      

          
                  !   "  

b © = ª ; b f ª A o R Q R R Q Q R R R

q ^ F ^ B S B W E q G S ^ D ^ G S E B ^ S H E q B « E q

Q ] R R Q R ® m ¯ Q Q R R

C B H G H H « S ^ D ^ V ¬ ­ S E D U B U D F \ B X ^ B E D ° U E q

PRYHPHQWRIZRUNHUVERWKUXUDODQGXUEDQLQWKHSHULRGEHIRUH
WKH &LYLO 0LOLWDU\ &RXS WR EH PRUH SUHFLVH EHWZHHQ 2FWREHU
DQG0DUFKLQZHWU\WRXQGHUVWDQGWRZKDWH[WHQWWKLV
R R R Q Q R R Q R ]

H « S \ E E q D S Y B H E G p F E U E B E q S ^ D U B W V Y B C C F H G S C ± S q B S E X

DVVRFLDWLQJWKHWHUPWRSHDVDQWVWUXJJOHVDJUDULDQUHIRUPWUDGH
XQLRQVDQGVWULNHVDQGKRZOHJLWLPL]HGWKHFLYLOPLOLWDU\FRXSDVWKH Q R m ² R R Q Q R

B H \ ° « D ° E B Y B H E D G H E q D E E q D E C B T W B « D U G H E q D H D \ ° S G S B W

R Q R R Q i j k l R R Q

C D E G D \ p ° E q H U B W ³ ^ G \ E B S q B « q B « E q G S H « S ^ D ^ q D S

MXVWL¿HGWKHFRXSDQGWKHHQVXLQJYLROHQFHRQZRUNHUV:HVKRZ
WKDWWKURXJKVWURQJHGLWRULDOUROHWKHMRXUQDOOLQNHGWKHLQGXVWULDO
DFWLRQDQGVWULNHVWKH³&RPPXQLVWEUHDNWKURXJK´FRQWULEXWHGWR
WKHFULPLQDOL]DWLRQSURFHVVRIZRUNHUV¶VWUXJJOHVERWKLQWKH¿HOG R R Q R R ] R Q m

D H U G H E q Y G E ° _ D H U U Y B H S E F Y E E q \ G E G C D Y ° B W E q G Y \ D G C S

&RXS3UHVV:RUNHUV
´ < µ ¶ @ ; · = A

b ¸ ¹ º » ¼ ¹ ½ ¾ ¿ ¾ À » º Á Â Â Ã Ä Å ¾ ¼

¯ Q Q R R R Q Q R R Q

D D Y B C ^ H U B ^ B Y S S B U Y G C G H D \ G Æ D Ç È B U B S

WUDEDOKDGRUHVQRPRPHQWRTXHDQWHFHGHXRJROSHFLYLOPLOLWDU
GH  XWLOL]DPRV FRPR IRQWH SULPiULD R MRUQDO
9 5 8 K 6 K L

I J

QRSHUtRGRGHRXWXEURGHDDEULOGH(VVH
M N O 8 0 P 6

Q R Q R Q ] R R R Q Q R

Y B E Y B H B \ É G Y B W F H U D C H E D _ S H B S ^ G S É U G B S B Y B G U B S C

RXWXEURGHFRPRRSHGLGRGHHVWDGRGHVtWLR±TXHVHUi Q R R R R ] Q R ] Q R R Q Q R ®

D ^ S H E D U B C D G S D U G D H E Z F C D D H U T B Y B G U D C È B

3DXORDRDYDQoDUPRVDWpDEULOGHDQDOLVDPRVDIRUPDSHOD
TXDORMRUQDOUHFHSFLRQRXRVPLOLWDUHVQRSRGHUHOHJLWLPRXRJROSH
R R R Ê Q R R Q R

³ S Y B \ q D U S S B H D \ W F H U D C H E B F _ S H D G C ^ B E Ë H Y G D U S F D S

] R R R R R R Q R Q

^ Ì G H D S S F H T B \ T G C H E B C U G T S B S ^ G S É U G B S q G S E É G Y B S U B

SDtVDOpPGLVVRHVVHSHULyGLFRVHPSUHIRLUHIHUrQFLDQRPHLR
MRUQDOtVWLFRWDQWRQDFHQDORFDOFRPRQDFLRQDO(P
9 5 8 K 6

I J

HUDXPGRVJUDQGHVMRUQDLVGRSDtVSHODVXDWLUDJHPH
K L M N O 8 0 P 6

# ¨

   
      

          
                  !   "  

SHODVXDUHOHYkQFLDRSLQDWLYDWLGRFRPRXPMRUQDOVpULRHFRHUHQWH
SHORVOHLWRUHVHUDYLVWRFRPRXPDIRQWHGH³LQIRUPDo}HVVHJXUDV´
2XVRGDLPSUHQVDFRPRIRQWHKLVWyULFDUHTXHUFHUWRFXLGDGR
WHyULFRPHWRGROyJLFRSRLVGHYHPRVFRPSUHHQGHURYHtFXORGH Q m ¯ Q R Q Q

Y B C F H G Y D Ç È B Y B C B ^ B U F E B S B Y G D \ D D T G E D C B S D C D U G \ q D S

HDQDFURQLVPRVQmRSRGHPRVDQDOLVDUHVVDVIRQWHVGHIRUPD
LVRODGDVHSDUDGDVGRFRQWH[WRKLVWyULFR1mRGHYHPRVDFHLWDU
GHWHUPLQDGDQDUUDWLYDGRDFRQWHFLPHQWRFRPRD~QLFDSRVVtYHO
SRLVQDUHDOLGDGHHODHVWiGLUHWDPHQWHUHODFLRQDGDDRVLQWHUHVVHV
jVLGHLDVHjVQHFHVVLGDGHVGRSUySULRMRUQDO9HUL¿FDPRVDVVLP
TXHSRGHH[LVWLUGLVWkQFLDHQWUHRRFRUULGRHRQDUUDGRMXVWDPHQWH
R R R R R Î ] Q R

C W F H Ç È B U D ^ B S G Ç È B U Y D U D F C U S S S T Y F \ B S U D D H U

Q R m Ï R R R R R R R R

G C ^ H S D ^ H U H U B U D S H Y S S G U D U S Y B H T H G Ð H Y G D S

GR PRPHQWR KLVWyULFR DV IRQWHV SRGHP VHU PDQLSXODGDV VHMD

SDUDMXVWL¿FDUVHMDSDUDSURGX]LUXPD³UHDOLGDGH´TXHOHJLWLPHR
GLVFXUVRGDpSRFD0DVPHVPRGHWXUSDQGRRUHDOHVVDIRQWH
pLPSRUWDQWHHGHYHVHUXWLOL]DGDLQFOXVLYHSDUDPRVWUDUFRPR
R R Q R R Q R R R Q R Q R m

S B ^ D S S D D Ç È B U Y B H S E F Ç È B U U E C G H D U D G U G D U B D \

Q Ê Q 9 5 8 K 6 K L M N O 8 0 P 6 ] R

³ W B C D Y B C B B B H D \ I J H B E G Y G B F B B \ ^

FLYLOPLOLWDUHPpQHVVHVHQWLGRXPFDVRH[HPSODUGRTXH
DTXL HVWDPRV DUJXPHQWDQGR 3DUD FRPSUHHQGHUPRV SRUTXH R
SURFHVVRIRLQRWLFLDGRGHXPDIRUPDHQmRGHRXWUDGHYHPRV
FRPRLQGLFD/XFDYHUL¿FDU

>«@VXDVOLJDo}HVFRWLGLDQDVFRPGLIHUHQWHVSRGHUHVHLQWHUHVVHV
¿QDQFHLURVDtLQFOXtGRVRVGHFDUiWHUSXEOLFLWiULR2XVHMDjDQiOLVH
GD PDWHULDOLGDGH H GR FRQWH~GR p SUHFLVR DFUHVFHQWDU DVSHFWRV
Ñ Ò Ó Ô Ò Ó Õ Ö Ò × Ó Ò Ø × Ù Ú Û Ô Ò Ñ Ò Ü Ò Ô Ô Ù Ö × Ù Ó Ò Ñ Ú Ò Õ Ù Ú Ò Ñ Ú Ò Ô Ñ Ù Ô Õ Ý Þ × Ñ Ù Ô

GHVVHVLPSUHVVRV/8&$S

$ LPSUHQVD H VHXV DJHQWHV RUJkQLFRV RV SURSULHWiULRV

HGLWRUHVHMRUQDOLVWDVGHWHUPLQDPRTXHVHUi³QRWtFLD´HRPDLV
LPSRUWDQWHDIRUPDFRPRHVVHIDWRVHUiQRWLFLDGR&DEHSRLV
DRKLVWRULDGRUDSOLFDURULJRUWpFQLFRHPHWRGROyJLFRGHVHXRItFLR
jDQiOLVHGRVIDWRVHGRFXPHQWRVEXVFDQGRSUREOHPDWL]DUVXD
HVWUXWXUDGLVFXWLUVXDVQXDQFHVHDVVLPRIHUHFHUVXEVtGLRVSDUD

# Í

   
      

          
                  !   "  

PHOKRUHQWHQGHUDVFDXVDVHPRWLYDo}HVTXHHOHYDPGHWHUPLQDGR R R R Î m

D Y B H E Y G C H E B [ Y B H U G Ç È B U V H B E Y G D X

'HYHPRVWDPEpPDQDOLVDUDSRVLomRGRVOHLWRUHVMiTXH
H[LVWHJUDQGHGLVWkQFLDHQWUHRTXH³IRLGLWR´SHODLPSUHQVDHR
TXHIRLHQWHQGLGRHDFHLWRSHORS~EOLFR3RUWDQWRpQHFHVViULR Q ] R R R à R Q

E B C D D \ F H S Y F G U D U B S Y B C D G U G D U C D H G ^ F \ D Ç È B Y G U D

R R R m R Q R R Q

^ \ B S C G B S U Y B C F H G Y D Ç È B ¬ \ G E B H È B ^ B U S T G S E B Y B C B

PDVVD DPRUID TXH SRGH VHU ³PROGDGD´ FRQWUD VHXV SUySULRV

LQWHUHVVHVGHIHQGHPRVDLGHLDGHTXHRMRUQDODWLQJHVREUHWXGR
VHXSUySULRJUXSRDVSHVVRDVTXHMiSHQVDPGHIRUPDSDUHFLGD
j GR YHtFXOR 6HULD SRUWDQWR XP UHVSDOGR LPSRUWDQWH SDUD D
FRQ¿UPDomRGDRSLQLmRGRLQGLYtGXR,VVRQmRVLJQL¿FDSRUpP
UHGX]LUDLPSRUWkQFLDHDUHVSRQVDELOLGDGHGRVMRUQDLVSRUDTXLOR
TXHpQRWLFLDGRHSHODIRUPDFRPRHVVDQRWtFLDIRLFRQVWUXtGD
 ± IXQGDGR HP  FRPR
Ê Q 9 5 8 K 6 K L M N O 8 0 P 6

¬ B H D \ I J

O á 6 â ã 4 ä 1 8 K L M N O 8 0 P 6 R Q R R Q Î R

Z H D S Y F H B E D U B ^ \ B S ^ G H Y ^ G B S

SURMHWRVGRSHQVDPHQWROLEHUDO7DOYH]SRULVVRWUD]LDMiHPVHX
QDVFHGRXURXPDYLVmRPDLVHOLWL]DGDGDVRFLHGDGHHYLGHQFLDGD
QDDEHUWDHVLVWHPiWLFDFUtWLFDTXHID]LDDRVPRYLPHQWRVVRFLDLV
QHPWDQWRFRQWUDDSHUWLQrQFLDGHVXDVFDXVDVPDVVREUHWXGR
R Q R R R R Q m R Q R

^ \ D W B C D U D E F D Ç È B U S F S C C p B S V å F D H U B W B G U Y E D U D

R R ® R ] Q i j é ê ë ® ¯ R Q Q

D æ G U F D H Ç D ç D Y G B H D \ è B ¬ ­ Y B H S G U B F _ D p D H U D

>«@ QR FRPEDWH DR EDQGLWLVPR FRPXQLVPR EUDVLOHLUR WXGR

GHYHULDVHUVDFUL¿FDGR´&$3(/$72S$FRQFHVVmR
GH EHQHItFLRV VRFLDLV H WUDEDOKLVWDV QD GpFDGD GH  Vy Q Ê Q R

^ D S S B F D Y B H E D Y B C B D ^ B G B U B B H D \ D ^ É S D Y B H S E D E D Ç È B U

TXHVHULDPLQVWUXPHQWRLPSRUWDQWHQRFRPEDWHDRFRPXQLVPR
(VVHDYDQoRQRHQWDQWRGHYHULDVHUIUXWRGDDomRGR(VWDGRH
QmRXPDFRQTXLVWDGDVOXWDVGRVWUDEDOKDGRUHV
eLQWHUHVVDQWHQRWDUTXHROLEHUDOLVPRQHPVHPSUHIRLSUDWLFDGR
FRPDPHVPDGHVHQYROWXUDSHORMRUQDO6XDVFRQYLFo}HVOLEHUDLV
¿FDUDP SRU H[HPSOR PXLWDV YH]HV UHSUHVDGDV QRV HVWUHLWRV
OLPLWHVGDUHGDomR(YLGHQWHPHQWHHPDOJXQVPRPHQWRVKRXYH
R Q Q R Q R R R Q Î R Q R R

Y E D Y B H E D U G Ç È B H E S S S ^ G H Y ^ G B S \ G p D G S V Y B H ì C G Y B S X

RV³SROtWLFRV´1RSODQRSROtWLFRRMRUQDODFHLWRXDLQWHUYHQomRHP
HR(VWDGR1RYRPDVRDSRLRQmRGXURXPXLWRWHPSR1R

# ß

   
      

          
                  !   "  

LQtFLRGH VRIUHXLQWHUYHQomR-~OLR
9 5 8 K 6 K L M N O 8 0 P 6

I J

GH 0HVTXLWD )LOKR Vy FRQVHJXLX UHFXSHUiOR HP GH]HPEUR GH

,PSRUWDQWHGHVWDFDUTXHPHVPRDQWHVGHVVHHSLVyGLRR
MRUQDOMiGHPRQVWUDYDGHVFRQWHQWDPHQWRFRPRJRYHUQR9DUJDV
FRPVHXGLVFXUVRQDFLRQDOLVWDHSRSXOLVWD2FRQ¿VFRGRMRUQDO
WRUQRXDUHODomRDLQGDPDLVFRQÀLWXRVD3DUD&DSHODWRH3UDGR
IRL³>«@R¿QDOGHXPSHUtRGRHPTXHVHSRGHDVVLVWLUDR
HVERURDUGDVSHUVSHFWLYDVGRSHULyGLFRYtWLPDGHVXDVSUySULDV
FRQWUDGLo}HVDJXoDGDVSHORWHPRUGRFRPXQLVPR´&$3(/$72
35$'2S
$RDVVXPLUDGHIHVDGRJRYHUQRPLOLWDUHP
9 5 8 K 6

I J

K L M N O 8 0 P 6 R R Q R R R Q R Q R

W Æ Y B D B ^ H S D C H E B U T D G D U B S S E B S U D

LPSUHQVDWDOTXDOFRPRHPH³REDQGLWLVPR´GHYHULD
VHU FRPEDWLGR 3DUD HVVHV VHWRUHV D GHIHVD GD ³5HYROXomR
î R R Q R Q R ] Q Q Q R R Q Q

U H E B D X D B Y D C G H q B C D G S S F B ^ D D H Y B H E D D ^ D Æ

VRFLDO H JDUDQWLU RV GLUHLWRV EiVLFRV GR FLGDGmR DPHDoDGRV

QDTXHOH FRQWH[WR SHOR DYDQoR GDV ³DJLWDo}HV FRPXQLVWDV´ QR
R Q Q Q Q R Q m

E G E É G B p D S G \ G B

1HVVHVHQWLGRDSUHVHQWDPRVXPPDSHDPHQWRGHDOJXPDV
H[SUHVV}HV±³JUHYH´³FRPXQLVPR´³UHIRUPDDJUiULD´±XWLOL]DGDV
SHORMRUQDOEHPFRPRXPDDQiOLVHGHSDUWHGDVPDWpULDVHPTXH
HVVDV H[SUHVV}HV DSDUHFHUDP 2SWDPRV SRU VHOHFLRQDU HVVHV
WHUPRV SRLV HVWDYDP GLUHWDPHQWH UHODFLRQDGRV j RUJDQL]DomR
GH WUDEDOKDGRUHV JUHYH GHPDQGDV UHIRUPD DJUiULD RX
R ë R R Q Q Q

V U C B H G Æ D Ç È B X è Y B C F H G S C B ^ B U G D C G H U G Y D D W B C D Y B C B

R R R Q R Q Q R R R R R R R m R

S S ^ G É U G Y B G H E ^ E D T D U G W F H U G D S S S \ C H E B S ­ S S S

GDGRVIRUDPREWLGRVDSDUWLUGHFRQVXOWDVDRDFHUYRGRMRUQDO R Q Q R R Q Q Ê Q m ï Q R

F E G \ G Æ D H U B D W D C H E D U p F S Y D U B ^ É ^ G B B H D \ G C ^ B E D H E

GHVWDFDUTXHHVVHVGDGRVSRGHPDSUHVHQWDUGLYHUJrQFLDVTXDQGR
FRPSDUDGRVDRVREWLGRVFRPRXWUDVIRUPDVGHFROHWDGHTXDOTXHU
IRUPDRVQ~PHURVHQFRQWUDGRVTXHSRGHPVHUDLQGDPDLRUHV
VmRLPSRUWDQWHVSRLVLQGLFDPDJUDQGHSUHRFXSDomRGRMRUQDO R R R m

Y B C S S S E C D S

R ]
9HULILFDPRV GHQWUR GR QRVVR UHFRUWH FURQROyJLFR RV R R Q Q R Q ] Q R R i i Q R R Q R

S F G H E S H ` C B S ^ D D B E C B V T X ð ñ W Ð H Y G D S C

RXWXEUR GH  R PDLRU tQGLFH GHVVH DQR HP QRYHPEUR

# í

   
      

          
                  !   "  

DLQGDGHWHPRVFLWDo}HVRVHJXQGRPDLRUGRDQRH
¿QDOPHQWHHPGH]HPEURHQFRQWUDPRVUHIHUrQFLDV(PMDQHLUR
GHYHUL¿FDPRVUHIHUrQFLDVHPIHYHUHLURHPPDUoR
REVHUYDPRVRPDLRUtQGLFHGRDQRH¿QDOPHQWHHPDEULO
IRUDP&DEHGHVWDFDUTXHRDQRGHDRORQJRGHWRGDD
GpFDGDIRLRTXHPDLVDSUHVHQWRXUHIHUrQFLDVDRWHUPR³JUHYH´
4XDQGR SURFXUDPRV D SDODYUD ³JUHYH´ DVVRFLDGD HP
XPD PHVPD PDWpULD DR WHUPR ³FRPXQLVPR´ HQFRQWUDPRV
HYLGHQWHPHQWHQ~PHURVPHQRUHVPDVDLQGDDVVLPH[SUHVVLYRV
VREUHWXGR QR PrV GH RXWXEUR GH   R PDLRU tQGLFH GR
DQRVHJXLGRSRUQRYHPEUR(PGH]HPEURDRFRUUrQFLDFDLX
SDUDWUrVPHVPRQ~PHURGHMDQHLURGHGHSRLVWHPRVXPD
DPSOLDomRGDVUHIHUrQFLDVYH]HVHPIHYHUHLURHPPDUoRH
HPDEULO1RVPHVHVVHJXLQWHVDRJROSHDVDSDULo}HVGHVVHV
R Q R Ê Î Q R m

E C B S C Y B H F H E B Y D D C p D S E D H E

6LWXDomRVHPHOKDQWHWDPEpPRFRUUHXFRPDVUHIHUrQFLDV
HPFRQMXQWRGRVWHUPRV³UHIRUPDDJUiULD´H³FRPXQLVPR´TXH
WLYHUDPUHGXomRVLJQL¿FDWLYDDSyVRJROSH$QWHVSRUpPHVVD
DVVRFLDomRHUDFRPXP(PRXWXEURGHHQFRQWUDPRV
YH]HV HP QRYHPEUR  YH]HV HP GH]HPEUR R Q~PHUR GH
UHIHUrQFLDVFDLXSDUDGRLV(PMDQHLURGHREVHUYDPRVTXDWUR
RFRUUrQFLDVHPIHYHUHLURVXELXSDUDHPPDUoRSDUDHP
DEULODDVVRFLDomRDSDUHFHXYH]HV
'LDQWHGHVVHDPSORPDWHULDORSWDPRVSRUVHOHFLRQDUDOJXPDV
GDVUHIHUrQFLDVPDLVVLJQL¿FDWLYDVSDUDDSUHVHQWDUDIRUPDFRPR
Ê Q Q R R Q Q R R m Ï R

B B H D \ D ^ S H E B F B S E D p D \ q D U B S S F D S \ F E D S S E D Y D C B S D

FREHUWXUDGRMRUQDOj³*UHYHGRVPLO´RFRUULGDHP6mR3DXOR
QR ¿QDO GH RXWXEUR GH  EHP FRPR D FREHUWXUD VREUH DV
SURSRVWDVGHUHIRUPDDJUiULD(PPXLWRVFDVRVRWHUPR³JUHYH´ R Q Q Q Q Q R ] Q R R

W B G F E G \ G Æ D U B D ^ H D S ^ D D G H W B C D D B Y B Ð H Y G D U F C D T B F

R ¿QDO GHOD VHP JUDQGH DSURIXQGDPHQWR DQDOtWLFR (P RXWURV

PRPHQWRV p FODUDPHQWH SHUFHSWtYHO R WUDEDOKR MRUQDOtVWLFR QD
WHQWDWLYD GH FULPLQDOL]DU R PRYLPHQWR 2 MRUQDO HVIRUoDYDVH
PXLWDV YH]HV SDUD PRVWUDU TXH HVVDV OXWDV ID]LDP SDUWH GH
DPSOD³HVWUDWpJLDFRPXQLVWD´SDUDFULDURFDRV1HVVHVHQWLGRD
QDUUDWLYDGRIDWRHVWDUiVHPSUHSHUPHDGDGHLQWHQFLRQDOLGDGHV R R Q R ¯ R à

Y B C B p C U S E D Y D C ó F Æ G B E B ð

# ò

   
      

          
                  !   "  

õ ö ö ö ÷

Ñ Û Ú ø Ü × Ù Ô Ô Û ù Ö Ò Û Ô Ó Û ú × Ó Ò Ñ Ú Û Ô Ô Û Ü × Ù × Ô Û û Ô Û ù Ö Ò Þ Ö Ò ú Ò Ô ú Ò × Ü û ü Ù Ø Ù Ô

Õ Û Ö Ù ü Þ û Ó ý Û Ö Ñ Ù ü Ø Ù Þ Ö Ù Ñ Ø Ò × Ó Õ Ö Ò Ñ Ô Ù Û û Ö Ò ú × Ô Ú Ù Ô Ò Ó Ù Ñ Ù ü Ñ Û Õ Ò Ö ø Û Ø Û

GD GLWDGXUD VmR DOL GHVORFDGDV H LPHGLDWDPHQWH DUWLFXODGDV j

Õ Ö Û Ø û þ ÿ Û Ø Ò û Ó Ù Ñ Ù Ö Ö Ù Ú × ú Ù Ô Û ù Ö Ò Ü Û Ó Û Û Ü Û Ö Ö × Ù Ó Û Ô Ó Û ú × Ó Ò Ñ Ú Û Ô

QDTXHOHSHUtRGR&58=3(,;272S

$VVLP DR DQDOLVDUPRV R PDWHULDO FROHWDGR GR MRUQDO

I

QRSHUtRGRGHRXWXEURGH±TXDQGRR
9 5 8 K 6 K L M N O 8 0 P 6

SUHVLGHQWH-RmR*RXODUWHQFDPLQKRXSURSRVWDGH³HVWDGRGHVtWLR´ ] Q R R R Q R ] R Q R

D B ó B H S S B ^ D S S B F D S D Y F S D U B U B \ ^ G S E D ^ \ D G C ^ H S D

± DWp DEULO GH  IRL SRVVtYHO DSRQWDUPRV HP TXH PHGLGD
R R R Q Q Q R

S S ^ G É U G Y B Y B H E G p F G F ^ D D D U G S S C G H D Ç È B U B V W D H E D S C D X

R R ] ] R Q

U B Y B C F H G S C B Y B C B \ G E G C B F B B \ ^ Y G T G \ _ C G \ G E D Y B C B ` H G Y D

R Q Q R Q R R m ¯ Q R R Q R

D \ E H D E G T D ^ D D Y B H E S S D D C D Ç D B C G B U W B E D E F D Ç È B

HGLWRULDO HVVH SHULyGLFR YLQFXORX DV PDQLIHVWDo}HV VLQGLFDLV H

DVJUHYHVDXPD³DUGLORVDWUDPDFRPXQLVWD´SDUDFRPRDYDOGR
SUHVLGHQWH-RmR*RXODUWLPSODQWDUXPDUHS~EOLFDVLQGLFDOLVWDQR
%UDVLO7DPEpPSHUFHEHPRVXPSURFHVVRGHFULPLQDOL]DomRGDV
OXWDVGRVWUDEDOKDGRUHV±WDQWRQRFDPSRTXDQWRQDFLGDGH±H
GHGHVFRQVWUXomRGDOHJLWLPLGDGHGHVXDVUHLYLQGLFDo}HV

f » À ¸ Â º ¹ ¹ ¹ Â ¸ ¹

¾ Â  » Ã Â ¾  ¹ ¹ Â À »
¿ ¹ ¼ Â

R Q R i j k é R R Q R

¬ C Ð S U B F E F p B U Y B C Ç B F U W B C D p D S E D H E

R m R Q R R Q ] R

G H E H S D ³ G H U D S B p B G C ^ D Y E B U F C D T B \ E D U S D H E B S Z

RFRUULGD HP VHWHPEUR QD FLGDGH GH %UDVtOLD ± RV OHLWRUHV GR
SXGHUDPOHUHPSULPHLURGHRXWXEUR
Ê Q á 1  0 4 8 K 8   á L 4 9 8

B H D \ 

R Q R R Q Q R Q ] R Q Q

D H E T G S E D Y B H Y U G U D ^ B ó D \ B S æ D Y U D Z B T H D U B U D

HPTXHHOHDWDFDYDR
h Q Ê Q / 6 9 3 4
L P L 9 1  L 9

F D H D p D D Z D B B H D \ 

SUHVLGHQWH-RmR*RXODUWSRUVXDVUHODo}HVFRPRVFRPXQLVWDVH
VHXDSRLRjLQGLVFLSOLQDQDV)RUoDV$UPDGDV¿QDOL]DQGR/DFHUGD Q Q Q R m

Y B p D T D F C D ^ B S G Ç È B C D G S U F D U B S ­  ³ Y B H E D S S D S G E F D Ç È B

1HVVH LQWHULP R MRUQDO

9 5 8 K 6 K L M N O 8 0 P 6 Q

I J p G H U D T D

VHXV OHLWRUHV FRP R HGLWRULDO ³$ 0DUFKD GD &RQYXOVmR´ RQGH

D¿UPDYD TXH ³1mR VH SRGH QHJDU >«@ R r[LWR GD FDPSDQKD

# ô

   
      

          
                  !   "  

R Q R R ¯ Î R Q R ] R Q R

Y B C F H G S E D C ^ H U G U D H B D S ^ \ B S E B E D \ G E Ì G B S C D \

SHORVFRPXQLVWDVHPSDUWLFXODU´2(67$'2'(63$8/2
RXWS2HGLWRULDOVHJXLDD¿UPDQGRTXHRV³WRWDOLWiULRV
GHHVTXHUGD´FRPXPHQWHDFXVDYDPGHIDVFLVWDVWRGRVDTXHOHV
TXHHUDPFRQWUDDVJUHYHVLOHJtWLPDV³>«@QDVXSRVLomRGHTXH
DVPDVVDVLJQRUDPDLOHJDOLGDGHQREROFKHYLVPRGHWRGDVDV
JUHYHVTXHVmRDIRJDGDVHPVDQJXHTXDQGRRRSHUDULDGR>«@
VHUHYROWDFRQWUDRLQIHUQRGRSDUDtVRHPTXHYLYH´ R R Q Q à R Ê Q Ï

ó D p U S E D Y D D ^ B G C G U D U U B B H D \ Y B C D  ç è  H G È B

'HPRFUiWLFD1DFLRQDOSULQFLSDOSDUWLGRGHRSRVLomRDRSUHVLGHQWH
-RmR*RXODUWHFRP&DUORV/DFHUGDSURYiYHOLQGLFDomRGD8'1
SDUDFRQFRUUHUjVHOHLo}HVSUHVLGHQFLDLVGH
Q
'HVVH PRPHQWR H DWp DEULO GH  WHUHPRV LQ~PHUDV
R R Q R R

W Ð H Y G D S D B Y B C F H G S C B S F D T G H Y F \ D Ç È B Y B C C B T G C H E B S

R Q Q R m n R R R R Q

U E D p D \ q D U B S S S B W G Y D D G H U D C D G S T G U H E C B F E B

HGLWRULDOGHVVDPHVPDGDWD³$7iWLFD&RPXQLVWD´3DUDRMRUQDO
H[LVWLULDXPSODQRDUGLORVRHPTXHDV³>«@DJLWDo}HVGDV/LJDV
&DPSRQHVDV RV DVVDOWRV IUHTXHQWHV DRV HQJHQKRV H WHUUDV
DoXFDUHLUDV RV GLVFXUVRV H[SORVLYRV GRV -XOL}HV H GRV$UUDHV
>«@´2(67$'2'(63$8/2RXWSVHUYLULDPSDUD
GHVYLDURIRFRGRHSLFHQWURGRDYDQoRFRPXQLVWDTXHHUDDUHJLmR
&HQWUR6XOGRSDtV$VVLPSURVVHJXLDRMRUQDO

$ JUHYH GRV EDQFiULRV QD *XDQDEDUD H D WiWLFD D TXH HOHV

Ò Ô Ú ÿ Û Ø Ò Ü × Ø × Ø Û Ô Ù Ö Ò Ü Û Ö Ö Ò Ö Õ Ù Ö Ù ü Ò ú Ù Ö Ò Ó Ø Ò ú Ò Ñ Ü × Ø Ù Ñ ÿ Û Ô  Û Ô

HPSUHJDGRUHVPDVDSUySULD-XVWLoDGR7UDEDOKR             

         " #

                  !                  

2(67$'2'(63$8/2RXWSJULIRVQRVVRV
$

 % 

$ FRQFOXVmR GR WH[WR HYLGHQFLDYD D LQpSFLD GR JRYHUQR

D¿UPDQGRTXHHOHVHUHFXVDYDDSURWHJHUD3iWULDFRQWUDDTXHOHV
TXHDTXHULDPHVFUDYL]DGD
'XUDQWHJUDQGHSDUWHGRPrVGHRXWXEURGHRMRUQDO
R R Q Q R R R R Î

U U G Y B F _ S D Y G E G Y D B ^ U G U B U S E D U B U S E G B S B \ G Y G E D U B D B

&RQJUHVVRSHORSUHVLGHQWH-RmR*RXODUW(PJUDQGHSDUWHGHVVH
PDWHULDOREVHUYDPRVDYLQFXODomRGRSHGLGRjWHQWDWLYDGHJROSH



   
      

          
                  !   "  

SDUDHVWDEHOHFHUXPD³UHS~EOLFDVLQGLFDOLVWD´3DUD)HUUHLUD
RVPLQLVWURVPLOLWDUHVLQGLJQDGRVFRPDSRVWXUDGH&DUORV/DFHUGD
QRHSLVyGLRGDHQWUHYLVWDVXJHULUDPTXHRSUHVLGHQWH-RmR*RXODUW
GHYHULDVROLFLWDURHVWDGRGHVtWLRLQVWUXPHQWRQHFHVViULRSDUD
XPDHYHQWXDOLQWHUYHQomRQD*XDQDEDUD1RHQWDQWRIDOWRXOKH
DSRLR GH WRGRV GD GLUHLWD ± FRPR HVSHUDGR ± H PHVPR GRV
VHWRUHVGDHVTXHUGDFRPRSRUH[HPSORGR3&%GRJRYHUQDGRU
0LJXHO$UUDHVGD81(LPSRUWDQWHGHVWDFDUTXH³2JUDQGHUHFHLR
GDVHVTXHUGDVHUDGHTXHDVOHLVGHH[FHomRVHYROWDVVHPFRQWUD
HODVHRPRYLPHQWRVLQGLFDO´)(55(,5$S
1R¿QDOGHRXWXEURGHREVHUYDPRVDPSODFREHUWXUD
] Q R R R R R Q R R Q R R R

[ T U B S V & ' ' C G \ X D E H E D E G T D U D ^ S H E D S S ^ G S É U G B

FRPRPDLVXPHOHPHQWRGRSODQRTXHDYDQoDYDUDSLGDPHQWH
Q R R Q Î m

^ D D U S S E D p G \ G Æ D B ^ D S

$QWHVPHVPRGDHFORVmRGHVVDJUHYHRMRUQDOGHVWDFDYDHP
PDWpULDGHSiJLQDLQWHLUDLQWLWXODGD³'LULJHQWHVLQGLFDOGHQXQFLD
DomR FRPXQLVWD QDV IHUURYLDV´ 2 (67$'2 '( 6 3$8/2
 RXW  S  D LQÀXrQFLD H LQ¿OWUDomR GRV FRPXQLVWDV
QRV VLQGLFDWRV LQGLFDQGR TXH DV JUHYHV HUDP XP LQVWUXPHQWR
SDUD ³DJLWDU D 1DomR´ 1R GLD  GH DEULO GH  R WtWXOR GD
PDWpULD DSUHVHQWDYD WRP VHPHOKDQWH ³6DOiULRV R 3$& 3DFWR
R Ê ë R Q Q Q ] Q R R ] R Q

U ³ Ç È B ó B H F H E D E H E D D Y G D B S Ë H G C B S T G S D H U B D T D \ X

2(67$'2'(63$8/2DEUS2WH[WRD¿UPDYD
TXH RV GLULJHQWHV VLQGLFDLV EXVFDYDP FULDU XP LPSDVVH QDV
QHJRFLDo}HVSDUDMXVWL¿FDUDFRQYRFDomRGHXPDJUDQGHJUHYH
FRPPDLVGHVLQGLFDWRVDJUHJDQGRPLOWUDEDOKDGRUHV2
MRUQDOSHUFHELD±HFULWLFDYD±TXHRJUDQGHULVFRHUDRSULQFtSLR
TXH QRUWHDYD D JUHYH D WHQWDWLYD GH XQL¿FDU DV QHJRFLDo}HV
FRPRLQGLFDYDDPDWpULDDVHJXLU

>«@RVGLUHWRUHVGR6LQGLFDWRSUR¿VVLRQDO>«@HVWmRDGRWDQGRXPD
WiWLFDSURWHODWyULDD¿PGHTXHQmRVHUHDOL]HPGHLPHGLDWRRV
õ ) ÷ õ ) ÷

Ò Ñ Ú Ò Ñ Ø × Ó Ò Ñ Ú Û Ô Ñ Ù ( Ù Ô Ò Ù Ø Ó × Ñ × Ô Ú Ö Ù Ú × ú Ù Û û Ú Ö Û Ô Ó Ò Ó ù Ö Û Ô

Õ Ö Ò ( Ò Ö Ò Ó û Ó Ù Ô Û ü û þ ÿ Û × Ñ ú × Ý ú Ò ü Ò × ü Ò Þ Ù ü * Û Ò Ñ Ú Ò Ñ Ø × Ó Ò Ñ Ú Û Ø × Ö Ò Ú Û Ü Û Ó

D )HGHUDomR GDV ,QG~VWULDV GH 6 3DXOR ),(63 SDVVDQGR SRU

õ ) ÷ ö /

Ü × Ó Ù Ø Ù + Û Ñ Ô Û ü × Ø Ù þ ÿ Û Ø Ù Ô , Ò × Ô Ø Û - Ö Ù ù Ù ü . Û Ö Û Ü û Ö Ù Ó Þ Ù Ñ . Ù Ö

 #

   
      

          
                  !   "  

WHPSRSRLVQRVSUy[LPRVGLDVFRQIRUPHHVVDIROKDMiSXEOLFRX
KDYHUiXPDVpULHGHSURYLGrQFLDVREMHWLYDQGRXPDFLUUDPHQWRGH
kQLPRVTXHFRQGX]DjJUHYHGRPDLRUQ~PHURGHFDWHJRULDV2
(67$'2'(63$8/2DEUS

1HVVDVOLQKDV¿FDYDHYLGHQWHDLGHLDGHIHQGLGDSHORMRUQDO
D VLWXDomR HUD DUWL¿FLDO RV GLUHWRUHV GR ³VLQGLFDWR SUR¿VVLRQDO´ R R Q R R Q Q Q Q R Q

D E F D T D C U \ G p D U D C H E ^ D D D Y G D B S Ë H G C B S Y B H U F Æ G B S

WUDEDOKDGRUHVDXPDJUHYHLOHJDOSRLVFRQWUiULDDRVSULQFtSLRV
EiVLFRV GD &/7 &RQVROLGDomR GDV /HLV GR 7UDEDOKR FRPR R
Q R Q m

D Y B U B G H E S G H U G Y D \

0
õ ) ÷

Ô ü ø Ø Ò Ö Ò Ô Ø Û Ó Û ú × Ó Ò Ñ Ú Û Ò Ô Ú Ù ú Ù Ó Ø Ò Ô Ü Ö Ò Ñ Ú Ò Ô Ò Ó Ö Ò ü Ù þ ÿ Û

DRVHQWHQGLPHQWRVHQWUHD&17,HD)HGHUDomRGDV,QG~VWULDVGR
(VWDGRGH6mR3DXOR)LHVS>«@3DUDHOHVVLQGLFDOLVWDVRUHFHLR
GRVSDWU}HVQmRHVWDYDQRWHRUGDVUHLYLQGLFDo}HVPXLWRPHQRV
QRYDORUGRUHDMXVWHSOHLWHDGRPDVVLPQRSHULJRTXHDPXGDQoD
Ñ Ù ( Û Ö Ó Ù Ø Ò Ñ Ò Þ Û Ü × Ù Ö Û Ô Ø × Ô Ô ø Ø × Û Ô Ü Û ü Ò Ú × ú Û Ô Õ Û Ø Ò Ö × Ù Ö Ò Õ Ö Ò Ô Ò Ñ Ú Ù Ö

0
ö

Ù Û Ô × Ñ Ú Ò Ö Ò Ô Ô Ò Ô Õ Ù Ú Ö Û Ñ Ù × Ô Ô Ò Ó Õ Ö Ò Þ Ù Ø Û Ö Ò Ô Ú × Ñ . Ù Ó Ü Û Ñ Ô Ü × 1 Ñ Ü × Ù

GHTXHVHD&17,SDVVDVVHDUHSUHVHQWDUWRGDVDVFDWHJRULDVGH
WUDEDOKDGRUHVRPRYLPHQWRRSHUiULRJDQKDULDIRUoDHFRHVmR$
PXGDQoDQDVQHJRFLDo}HVFROHWLYDVSRGHULDUHSUHVHQWDUDXQLGDGH
GD FODVVH RSHUiULD H WHULD DV RUJDQL]Do}HV KRUL]RQWDLV FRPR DV
SULQFLSDLV UHSUHVHQWDQWHV GRV WUDEDOKDGRUHV &255Ç$ 
ö 2 2 2 3 2 2 4 5 ö

3DUD &RUUrD HUD XP PRPHQWR H[WUHPDPHQWH GHOLFDGR

H WHQVR SRLV XPD ³>«@ FDPSDQKD OLGHUDGD SHOD RSRVLomR DR
JRYHUQR*RXODUWGLVVHPLQDYDRPHGRGHTXHXPDQRYDµUHS~EOLFD
VLQGLFDOLVWD¶VHLQVWDODVVHQRSDtV'HVGHPHDGRVGHR&*7
R ¯ R R R Q Q

B ³ ó D E F D T D C Y B C B H E G U D U S Y H E D \ G Æ D U B D S U B S S G H U G Y D E B S

>«@´&255Ç$S
(P YiULRV PRPHQWRV YHUL¿FDPRV D WHQWDWLYD GH R MRUQDO
GHVTXDOL¿FDUHVVHVJUXSRV8PDFKDUJHSXEOLFDGDQRLQtFLRGH
RXWXEURDSUHVHQWDYDRSUHVLGHQWH-RmR*RXODUWFDUUHJDGRSRU
³HOHPHQWRVVXVSHLWRV´FRP¿VLRQRPLDVDVVXVWDGRUDVHFDPLVDV

 

   
      

          
                  !   "  

FRPDVVLJODV3$&3DFWRGH$omR&RQMXQWD&*7&RPDQGR

*HUDO GRV 7UDEDOKDGRUHV H )6' )yUXP 6RFLDO GH 'HEDWHV
WHQGRHPYROWDFULDQoDVPXOKHUHVWUDEDOKDGRUHVFRPVHPEODQWHV
DVVXVWDGRV2(67$'2'(63$8/2RXWS(UD
QtWLGDDWHQWDWLYDGHLQGLFDUTXHRSUHVLGHQWHQmRSRVVXtDDSRLR
SRSXODUGRVWUDEDOKDGRUHVUHDLVPDVGHDJLWDGRUHVSUR¿VVLRQDLV
TXHHUDPDVVXVWDGRUHVHSHULJRVRVSDUDR%UDVLO Q R Q R Q ] Q R R

³ U G S Y F S S È B S B p B Y D Ì E U D S T S Y B H E G H F B F ^ D F E D H U B B

MRUQDODWpR¿QDOGHRXWXEUR(PHQWUHYLVWDRJRYHUQDGRUGH6mR
3DXOR$GHPDUGH%DUURVDWULEXtDDSRVVLELOLGDGHGDRFRUUrQFLD
GH XPD JUHYH TXH SRGHULD SDUDOLVDU  PLO WUDEDOKDGRUHV j
R R R Q R Q Q Q R ] R Q R R Q

V W D \ E D U S T G U D U D U C G H G S E D E G T D ^ B ^ D E U B B T H B W U D \ X

2(67$'2'(63$8/2RXWSPDVD¿UPDYDTXH
® ¯ R Q R Q Q R Q R Q R m

È B D F \ B S E D T D ^ ^ D D U B ^ D D T G E D D S U S B U H S ó F H q D

GHVWDFD±QRUHODWyULRGD&RPLVVmR1DFLRQDOGD9HUGDGHQRWH[WR
VREUHYLRODo}HVGHGLUHLWRVKXPDQRVGRVWUDEDOKDGRUHV±TXH

>«@DSRVWXUDUHSUHVVLYDDGRWDGDSHORJRYHUQDGRUGH6mR3DXOR
$GHPDUGH%DUURVFRQWUDVWDYDIRUWHPHQWHFRPRFRPSRUWDPHQWR
QHJRFLDGRUGRJRYHUQRIHGHUDOHGHVHXPLQLVWURGR7UDEDOKR$PDXU\
6LOYDVHQDGRUSHOR37%(PSURQXQFLDPHQWRIHLWRSHODWHOHYLVmRR
Þ Û ú Ò Ö Ñ Ù Ø Û Ö 6 Ø Ò Ó Ù Ö Ø Ò 7 Ù Ö Ö Û Ô 8 Ó × ü × Ú Ù Ö Ò Ò Ü Û Ñ Û Ó × Ü Ù Ó Ò Ñ Ú Ò Ò Ñ Þ Ù ý Ù Ø Û

QDFRQVSLUDomRFRQWUD*RXODUWLQWHUYHLRGLUHWDPHQWHFRQWUDDJUHYH
D¿UPDQGRTXHRPRYLPHQWRKDYLDVXEYHUWLGRDRUGHPS~EOLFDH
FRQFODPDYDRRSHUDULDGRDQmRDGHULU$SHORXD'HXVHjVPmHV
HVSRVDVHQRLYDVH[RUWDQGRDVDQmRGHL[DUHPVHXV¿OKRVPDULGRV
H QRLYRV ID]HUHP JUHYH 6HX VHFUHWiULR GH 6HJXUDQoD JHQHUDO
$OGHYLR%DUERVDGH/HPRVUHSHWLXRVDUJXPHQWRVGRJRYHUQDGRU
GHFODUDQGR j LPSUHQVD TXH D JUHYH HUD SROtWLFD H VXEYHUVLYD
&81+$S

$VVLPDJUHYHIRLDSUHVHQWDGDSHORMRUQDOHSHORVSROtWLFRVGH
RSRVLomRFRPRGHVRUGHPHFDRVSURPRYLGDSHORSUySULRJRYHUQR
IHGHUDO1RGLDVHJXLQWHXPDUWLJRDVVLQDGRSRU3HGUR'DQWDV
LQWLWXODGR³*UHYHV3ROtWLFDV´2(67$'2'(63$8/2RXW
SH[SOLFDYDTXHR³3DUWLGR&RPXQLVWDXWLOL]DDVJUHYHV

 $

   
      

          
                  !   "  

SDUDFKHJDUDRSRGHU4XDQGRHRQGHMiRWHQKDFRQTXLVWDGRQmR
DVDGPLWHPDLVVHMDFRQWUDRTXHIRU´6HJXLDH[SOLFDQGRTXHQDV
GHPRFUDFLDVDVJUHYHVVmRVHPSUHDFHLWDVHWROHUDGDVGHVGH
TXH OHJLWLPDV TXDQGR DSUHVHQWDP UHLYLQGLFDo}HV HFRQ{PLFDV
$V JUHYHV SROtWLFDV SRUpP VHULDP LOHJtWLPDV H SRUWDQWR QmR
R R Q R Q R Q m

U T G D C S E B \ D U D S

R Q
1RGLDVHJXLQWHGHRXWXEURRVWUDEDOKDGRUHVGHFLGLUDP
R Q ] Q R R m Q ] Q Q o n R R Q

U Y E D D T ¬ D H G Æ D U D D ^ D E G U D ó ç è ó B H W U D Ç È B

1DFLRQDOGRV7UDEDOKDGRUHVGD,QG~VWULDRVRSHUiULRVEXVFDYDP
XPUHDMXVWHVDODULDOGHHXPDVpULHGHRXWUDVUHLYLQGLFDo}HV
HFRQ{PLFDV QR HQWDQWR R TXH PDLV DVVXVWDYD DV IRUoDV
FRQVHUYDGRUDVHUDPDVUHLYLQGLFDo}HVSROtWLFDV

>«@RVWUDEDOKDGRUHVSURFXUDYDPWDPEpPLQWHQVL¿FDUDOXWDSHODV
UHIRUPDVGHEDVHVREUHWXGRDUHIRUPDDJUiULD(DLQGDTXHULDP
D HQFDPSDomR GDV UH¿QDULDV D SRVVH LPHGLDWD GRV GHSXWDGRV
Û Õ Ò Ö Ý Ö × Û Ô Ò Ô Ù Ö Þ Ò Ñ Ú Û Ô Ò ü Ò × Ú Û Ô Ò Ñ ÿ Û Ò Ó Õ Û Ô Ô Ù Ø Û Ô Ò Ó ú × Ö Ú û Ø Ò Ø Ù Ô

DFXVDo}HV GH SUiWLFDV FRPXQLVWDV H RXWUDV PHGLGDV FRQWUD D

&DUHVWLD&255Ç$S

2XWUDUHLYLQGLFDomRHUDDFHQWUDOL]DomRGDVQHJRFLDo}HVHP
WRUQRGHXPDFHQWUDOVLQGLFDOLVVRGDULDIRUoDjVFDWHJRULDVPDLV
IUiJHLV H WDPEpP DRV WUDEDOKDGRUHV HP JHUDO TXH SRGHULDP
RUJDQL]DUJUHYHVPXLWRPDLVDPSODVXQLQGRYiULDVFDWHJRULDV
FRPRRIRLDSUySULDJUHYHGRVPLO3DUDD),(63HFRPR
GHPRQVWUDGRDQWHULRUPHQWHSDUDRMRUQDO 
9 5 8 K 6 K L M N O 8 0 P 6

I J

LVVRHUDLOHJDOSRLVFRQWUiULRj&/7DOpPGLVVRHPSUHViULRVHR
MRUQDOQmRYLDPOHJLWLPLGDGHSDUDQHJRFLDomRQD&17,
$SyVWUrVGLDVGHJUHYHR7577ULEXQDO5HJLRQDOGR7UDEDOKR
GHWHUPLQRXTXHRMXOJDPHQWRVHULDSRUFDWHJRULDHQmRXQL¿FDGR Q R R ] Q R Ê R Q à Q R

­ C p B D E H q D C Y B H S F G U B F C D F S E ^ É G C B U B G T G H U G Y D U B

HDQmRSXQLomRGRVJUHYLVWDVIRLQHJDGDDXQL¿FDomRGDV
GDWDVEDVHVSULQFLSDOSRQWRGDSDXWDSROtWLFD$SHVDUGLVVRSDUD
1HJURH6LOYDRTXHRFRUUHXIRLXPDYLWyULDDLQGDTXHSDUFLDO
QHVVDTXHVWmRSRLV³DYROWDjSURGXomRVyDFRQWHFHXTXDQGR R h Q R R R ] Q Q

F C D ó B C G S S È B U T H B Y G B F F C D Y B U B T Ì \ G U B ^ D D & ' '

 ¨

   
      

          
                  !   "  

PLOWUDEDOKDGRUHVLQGHSHQGHQWHPHQWHGRVHQWHQGLPHQWRVWHUHP
RFRUULGRHPSDUWLFXODU´1(*526,/9$SDVVLPSDUD
RVDXWRUHVQDSUiWLFDKRXYHXPDYDQoRQDVUHLYLQGLFDo}HVSRLV Q R m

B D Y B U B W B G Y B \ E G T B

3RURXWURODGRSDUDRMRUQDO DJUHYH
9 5 8 K 6 K L M N O 8 0 P 6

I J

Mi HUD XP IUDFDVVR GHVGH VHX LQtFLR FRPR VH YLD HP DUWLJR Q R Q Q ] Q R R Î ] Q R ® m

G H E G E F \ D U B V 9 G E É G D U B B ^ D G D U B ð D T ^ B \ E G Y D C D \ B D C

3DXOR´TXHD¿UPDYD³>«@GHDFRUGRFRPLQIRUPDo}HVFROKLGDV
MXQWRj),(63HSRVWHULRUPHQWHFRUURERUDGDVSHODVDXWRULGDGHV
SROLFLDLV YHUL¿FDYDVH TXH DSHQDV  GR RSHUDULDGR HQWURX
HPJUHYHSHORTXHVHFRQVLGHUDYDPDORJUDGRRPRYLPHQWR´2
(67$'2 '( 6 3$8/2  RXW  S  2 WH[WR VHJXLD
DSUHVHQWDQGRDVLWXDomRHPDOJXPDVUHJL}HVGRHVWDGRGH6mR
3DXORVHPSUHGHVWDFDQGRDEDL[DDGHVmRHFUtWLFDVGD),(63DR
0LQLVWURGR7UDEDOKR$PDXU\6LOYDTXHWHYHSRXFRFRQWDWRFRP
RVHPSUHJDGRUHVPDVVHPSUHUHFHELDRVJUHYLVWDV2XWURWH[WR
QDPHVPDSiJLQDLQWLWXODGR³$GDXFWRGL]TXH*RXODUWpTXHP
FKH¿D D FRQVSLUDomR´ ID]LD DOXVmR j GHFODUDomR GR GHSXWDGR
IHGHUDO$GDXFWR/XFLR&DUGRVROtGHUGD8'1QD&kPDUDSDUD
TXHP³>«@QHVVHHSLVyGLRGDJUHYHJHUDOGH6mR3DXORWHPRV
DGHPRQVWUDomRGHTXHRVU-RmR*RXODUWpLQFDQViYHOQRVHX
SURSyVLWRGHFRQVSLUDUFRQWUDRVRVVHJRGD1DomR´$VVLPRMRUQDO
EXVFDYDPRVWUDUTXHRPRYLPHQWRQmRUHSUHVHQWDYDRVLQWHUHVVHV
GRVRSHUiULRVQHPRVGDQDomRHSLRUHUDXPPRYLPHQWRLOHJDO
RUTXHVWUDGRSHORSUySULRSUHVLGHQWHGDUHS~EOLFDHSRUVHXPLQLVWUR
Q m

U B E D p D \ q B

Ê ] R ] Q R R R o î o é i R Q

ç B U G D U B F \ D C H E B U D T ^ \ B è U B F E F p B

GHRMRUQDOGHVWDFDYDDVLWXDomRGHFDRVHEDGHUQDQD
FLGDGHGH6mR3DXORSURPRYLGDSHORVJUHYLVWDVHSLTXHWHVTXH
FKHJDUDP LQFOXVLYH D WRPEDU XP FDUUR GH SROtFLD 6HJXQGR
 HVVHV DWRV GH YLROrQFLD SRU VL Vy Mi
9 5 8 K 6 K L M N O 8 0 P 6

I J

MXVWL¿FDYDPDSULVmRGHPDLVGHPLORSHUiULRV
1RVGLDVTXHVHVHJXLUDPDRMXOJDPHQWRGDJUHYHRMRUQDO R Q Q R R Q R Q R R

Y B C C B B F D T G E É G D U D \ G U D B U C Y B H E D D E H E D E G T D U

LPSRU R FDRV SHOD &17, (P PDWpULD LQWLWXODGD ³&RQ¿UPDVH R ] Q ] Q R R o î o Q R Ê R R R o n ® o Ï

C D \ B B U D T ð B G E D D E S U D ó ç X è ¬ ­ ³ ¬

 Í

   
      

          
                  !   "  

'(63$8/2QRYSPRVWUDYDTXHDRUJDQL]DomR
QmRKDYLDFRQVHJXLGRPRELOL]DUDTXHOHVDTXHPVXSRVWDPHQWH
Ê
UHSUHVHQWDYD WHQGR VLGR DIDVWDGD SHOD MXVWLoD GR GHEDWH QR Q m

F U G Y G Ì G B

3DUD &RUUrD ³GH XP ODGR RV WUDEDOKDGRUHV SURFXUDYDP

LQVWLWXLU XPD QRYD IRUPD GH QHJRFLDU FRP RV SDWU}HV GHQWUR H
IRUDGD-XVWLoDGR7UDEDOKR'HRXWURDFODVVHSDWURQDOSURFXUDYD
GHVPRELOL]DURPRYLPHQWR>«@FODVVL¿FDQGRRVFRPRµDJLWDGRUHV¶´
&255Ç$S1HVVHVHQWLGRDFREHUWXUDGDLPSUHQVD
SDXOLVWDQDHPJHUDOHGR HPHVSHFLDOIRL
9 5 8 K 6 K L M N O 8 0 P 6

I J

PXLWRLPSRUWDQWHQHVVDFRQVWUXomRLPDJpWLFDSRLVPRVWUDYDPj
SRSXODomRTXHJUDQGHSDUWHGRVHQYROYLGRVQmRHUD³WUDEDOKDGRUHV
GHYHUGDGH´PDVDUUXDFHLURVLQGLFDYDPGHVVDIRUPDTXHDV
SULV}HVHSXQLo}HVHUDPVLGRMXVWDV R ] Q R ® Q R Q R

ç B G \ T D Y B H W G C D C S S D W B C D U D E F D Ç È B U B S

SDWU}HV HVVD WHQWDWLYD GH GHVOHJLWLPDU DV RUJDQL]Do}HV

RSHUiULDVLQGLFDQGRTXH³SRUPHLRGD),(63RVSDWU}HVDWXDUDP
FROHWLYDPHQWHQDVPHVDVUHGRQGDVPDVVyFRQFRUGDUDPFRP
QHJRFLDo}HVHPVHSDUDGRHQWHQGHUVHGLUHWDPHQWHFRPD&17,
HUDLOHJDODOHJDYDP´1(*526,/9$S
'DPHVPDIRUPDTXH
9 5 8 K 6 K L M N O 8 0 P 6 Q R R

I J D ^ S H E D T D D S

JUHYHVFRPRIUXWRGDDomRGHDJLWDGRUHVSUR¿VVLRQDLVFRPXQLVWDV
HWRGDVRUWHGHHOHPHQWRVQRFLYRVjVRFLHGDGHWDPEpPRID]LD
FRP UHODomR jV PDQLIHVWDo}HV QR FDPSR (YLGHQWHPHQWH TXH
R R R Ê Q R R

S S ^ B S G Y G B H D C H E B U B B H D \ S E D T D C Y B H S B H Ë H Y G D Y B C D

JUDQGHSDUWHGDVHOLWHVQDFLRQDLVSUHRFXSDGDVFRPDVJUHYHVH
DDomRQRFDPSRPDVVREUHWXGRFRPRTXHLVVRUHSUHVHQWDYD
R R Q R Q R m

C E C B S U D T D H Ç B S ^ B ^ F \ D S

(PIHYHUHLURGHDPDWpULDLQWLWXODGD³3URMHWRGHYHFULDU
&3,VREUHDDJLWDomRUXUDOHPWRGDD1DomR´RMRUQDOGHVWDFDYD
DLPSRUWkQFLDGHVVD&3,TXHSRGHULD³>«@YHUL¿FDUµLQORFR¶DV
RULJHQVQDWXUH]DHSURIXQGLGDGHGDDJLWDomRUHLQDQWHQRVPHLRV
UXUDLV>«@´2(67$'2'(63$8/2IHYS$LGHLD
R R à R à Q R R Q

C p F E G U D H B E E B H È B U G D U ` T G U D S S B p D T G S È B U V Y B H S ^ G D Ç È B X

GRMRUQDO$WUDQVFULomRGDHQWUHYLVWDGRGHSXWDGR&XQKD%XHQR
DXWRUGDSURSRVWDFRQWULEXLSDUDUHD¿UPDUHVVDLGHLD

 ß

   
      

          
                  !   "  

- Ò Ó Ü Ö Ò Ô Ü × Ø Û Ô Ò Ñ Ô × ú Ò ü Ó Ò Ñ Ú Ò Ñ Û Ô Ó Ò × Û Ô Ö û Ö Ù × Ô Û Ù Ó ù × Ò Ñ Ú Ò Ø Ò

DJLWDomRTXHGHSRLVGHSHUWXUEDUDYLGDGDVPDLRUHVFRQFHQWUDo}HV
XUEDQDVGR3DtVDWUDYpVGHVXFHVVLYDVJUHYHVDPHDoDFRQWDPLQDU
WDPEpPRVPHLRVDJUtFRODV>«@DOJXQVVHWRUHVJRYHUQDPHQWDLV
Ò Ô Ú ÿ Û × Ñ Ü Ò Ñ Ú × ú Ù Ñ Ø Û Û Ü ü × Ó Ù Ø Ò Ø Ò Ô Û Ö Ø Ò Ó Ò Ù Ú Ò Ñ Ú Ù Ú × ú Ù Ø Ò × Ñ ú Ù Ô ÿ Û

GHWHUUDV>«@2(67$'2'(63$8/2IHYS

2 GHVWDTXH GDGR SHOR MRUQDO D HVVH WLSR GH DUJXPHQWR

FRQWULEXLX SDUD R FOLPD GH LQWUDQTXLOLGDGH UHLQDQWH H HP FHUWD
PHGLGD IRL XWLOL]DGR SDUD MXVWL¿FDU D DomR GRV PLOLWDUHV 1D
PHVPDHGLomRRMRUQDOLQIRUPDYDTXHRVGHEDWHVQROHJLVODWLYR
PLQHLUR LQGLFDYDP TXH ³$ PDLRULD GD$VVHPEOHLD p FRQWUD RV
PpWRGRVHPSUHJDGRVSHOD6835$6XSHULQWHQGrQFLDGH5HIRUPD
$JUiULDUHSXGLDRFRPXQLVPRHGHIHQGHRUHVSHLWRDRGLUHLWRGH
SURSULHGDGH´1DVHTXrQFLDLQIRUPDYDTXHPHVPRXPGHSXWDGR
¯ o : ¯ Q o Q : Q R Q ë R R R

U B è D E G U B D p D \ q G S E D D S G \ G B Z p D S U S F S E H E D Ç È B U B

SUHVLGHQWH-RmR*RXODUW±WHFLDFUtWLFDVDRVH[FHVVRV³$R¿QDO
'DQLHOGH%DUURVQmRGLVFRUGRXGRSUHVLGHQWHGD5HS~EOLFD
PDVQmRS{GHGHL[DUGHFRQGHQDUDLQTXLHWDomRSURPRYLGDSHORV
FRPXQLVWDV´2(67$'2'(63$8/2IHYS Ê Q R R Q R Q

¬ B H D \ H F H Y D S Y B H U F S F D ^ B S G Ç È B S B p D S ^ B ^ B S E D S

GHUHIRUPDDJUiULD-iQRLQtFLRGHHPHGLWRULDOLQWLWXODGR
³,QFRQVWLWXFLRQDORGHFUHWRGHHVSROLDomR´LQGLFDYDTXHRSURMHWR
DSUHVHQWDGR SHOR SUHVLGHQWH -RmR *RXODUW IHULD D &RQVWLWXLomR
HPYiULRVSRQWRVDVVLPFRPRLQGLFDYDTXHSHUFHEHQGRHVVDV
LQFRHUrQFLDVVHXVDUGLORVRVDVVHVVRUHVKDYLDPDOWHUDGRRSODQR
GH DomR EXVFDQGR RXWUD LQWHUSUHWDomR GD &RQVWLWXLomR &DEH
GHVWDFDUWDPEpPRHVIRUoRGRMRUQDOHPYLQFXODURSUHVLGHQWH
-RmR*RXODUWHVHXVSURMHWRVGHUHIRUPDDJUiULDDRFRPXQLVPR
Q R R

Y B H W B C U S E D Y D C B S ð

Ñ Ü Û Ô Ú Ù Ø Û Ô < Õ Ù Ö Ò Ø Ò Ò Ö Ò Ü Û Ñ . Ò Ü Ò Ñ Ø Û Û Ü Ù Ö Ý Ú Ò Ö Ù ù Ô Û ü û Ú Ù Ó Ò Ñ Ú Ò

LQVXVWHQWiYHOGDWHVHTXHYLQKDPVXVWHQWDQGRHQWHQGHUDPDJRUD
GRVU-RmR*RXODUWPXGDUD
 

Û Ô Ù Ô Ô Ò Ô Ô Û Ö Ò Ô

     =           

WiWLFD>«@&RQVWLWXLomRTXHLQYRFDPHPWHQWDWLYDGHGHVHVSHUDGD
SDUDMXVWL¿FDURVVHXVSURSyVLWRVYDQGiOLFRV(VTXHFHHQWUHWDQWR
>«@TXHRDUWLJRpH[SUHVVR
Û >

   ? ? @ A B C D E F G H I J B A I D J F K L B

TXDQGRH[LJH>«@TXHVHUHDOL]HSRUOHL±SRUOHLHQmRSRUGHFUHWR
2(67$'2'(63$8/2MDQSJULIRVQRVVRV

 í

   
      

          
                  !   "  

1RVGLDVVHJXLQWHVHVVHWHPDFRQWLQXRXSDXWDQGRRMRUQDO
(PGHMDQHLURGHRHGLWRULDODSURIXQGDYDHVVDGLVFXVVmRH
YiULDVPDWpULDVPRVWUDYDPDLQFRQVWLWXFLRQDOLGDGHGDVSURSRVWDV
DSUHVHQWDGDVSHORSUHVLGHQWH1RGLDGHMDQHLURGHRMRUQDO
LQGLFDYDTXHRUHFXRQRGHFUHWRGD6835$IRLXPDPDQREUD(
QRGLDVHJXLQWHGLVFXWLDHVVDVLWXDomRHPHGLWRULDO±³2UHFXR
GRVU-DQJR*RXODUW´±GL]HQGRTXHHVVHUHFXRQmRHUDIUXWRGR
ERPVHQVRPDVVLPSDUWHGHXPDDUGLORVDHVWUDWpJLD

>«@QmRVHSRGHVREUHLVVRLOXGLUTXHPFRPRQyVDFRPSDQKDRV
SDVVRVGRSXSLORGRVU*HW~OLR9DUJDVGHVGHTXHRGLWDGRUYROWDQGR
õ ) ÷ ö õ ) ÷

Ù Û Õ Û Ø Ò Ö Ò Ó Õ Ö Ò Ò Ñ Ø Ò û ( Ù M Ò Ö Ø Ò ü Ò N × Ñ × Ô Ú Ö Û Ø Û - Ö Ù ù Ù ü . Û

; õ ) ÷ ö O ö ö

Ô Ú Ù Ó Û Ô Ø × Ù Ñ Ú Ò Ø Ò û Ó Ù Õ Ù û Ô Ù Ò Ô Û ü ú Ò Ô Ò P Ù Ö Ò Ü û Ù Ö Ù Ñ Ú Ò Û Ô

SURWHVWRVFRQWUDRDEVXUGRFRQVWLWXFLRQDOTXHSUHWHQGLDLPSRUDR
3DtVPDVSDUDYROWDUGHQWURGHHPEUHYHjVXDPHVPDOLQKDGH
FRQGXWDLQGHIHFWLYHOPHQWH¿HODRVSURSyVLWRVVXEYHUVLYRV>«@2
(67$'2'(63$8/2MDQS
Ê Q R Q R Q Q R Q Q Q R Q R ] Q R ] Q

¬ B H D \ S C ^ ^ B Y F B F U C B H S E D B Y D Ì E U S D D U B

HVXEYHUVLYRGRJRYHUQR-RmR*RXODUW2HGLWRULDO³$VXEYHUVmR
H D FRQLYrQFLD R¿FLDO´ PRVWUDYD TXH R SUHVLGHQWH QmR HVWDYD
GLVSRVWRDLPSHGLUSRUVXDVDo}HVHRPLVV}HV³>«@DFULPLQRVD
R R ] Q Q R ] R m

E H E D E G T D Y B C F H G S E D U D W B D D ç D Ç È B H F C C D U S D H F X

2 (67$'2 '( 6 3$8/2  IHY  S  2 WH[WR VHJXLD

LQGLFDQGRTXHDV/LJDV&DPSRQHVDVDYDQoDYDPSHODUHJLmRGH
Q ] Q Q ] R Q ] Q R Q R m

³ D D Ç D S Z [ S C D H S U B ³ D F D G D Z S B p T Ì G D S Y G U D U S ³

VXEYHUVmRVHULDFRPSRVWDDOpPGDV/LJDVWDPEpP³>«@SHORV
6LQGLFDWRV 5XUDLV H SHODV XQL}HV HVWXGDQWLV GRPLQDGDV SHORV
FRPXQLVWDV´$RORQJRGHVVHPDWHULDOWHPRVYiULDVUHIHUrQFLDV
Q R R R R ] Q R Q ] R R Q Q

[ S D C D S C ^ B S S U S S S F ^ B S D B D H G Æ D Ç È B U S E F E F D S

GH JXHUULOKD QD UHJLmR 1mR QRV SDUHFH GLItFLO VXSRU TXH XP
R Q R R R Q Q R R m

C D E G D \ Y B C B S S ^ B U G D Y D F S D ^ Ë H G Y B H D S B Y G U D U Y G T G \

1mRSRGHPRVGHVFRQVLGHUDUTXHGHQWURGRFRQWH[WRGD*XHUUD
)ULD±DFLUUDGDFRPD&ULVHGRV0tVVHLVHP±HVVHWLSR
GHGLVFXUVRDQWLFRPXQLVWDGLIXQGLGRSHORMRUQDOHQFRQWUDYDXP
FDPSREDVWDQWHIpUWLOSDUDYLFHMDU

 ò

   
      

          
                  !   "  

$RORQJRGRSHUtRGRDQDOLVDGRYHUL¿FDPRVTXHDVPDWpULDV
DSUHVHQWDUDPXPWRPGHGUDPDWLFLGDGHFUHVFHQWHDWpFXOPLQDU
HPPDUoRGHFRPFRQYRFDo}HVH[SOLFLWDVGHLQWHUYHQomR
PLOLWDU7HQGRFRPRSDQRGHIXQGRR&RPtFLRSHODV5HIRUPDVGH
%DVHRFRUULGRQD*XDQDEDUDHPGHPDUoRGHRMRUQDO
Q R R Q R h Q Î Q m R

D ^ S H E D T D V ¬ U G S Y F S B U B F \ D E H B Y B C Y G B E B E D \ G E Ì G B X ç S S D

PDWpULDRSHULyGLFRWUD]LDRGLVFXUVRGRSUHVLGHQWH-RmR*RXODUW
QDLQWHJUDHGHVWDFDYDTXHD³FRUGRFRPtFLR´HUDYHUPHOKDSHODV
à R Q R ¯ Q R Q R R Q m

W D G D S Y D E D Æ S U B D E G U B ó B C F H G S E D Y B C V U G Æ S S F p T S G T B S X

2(67$'2'(63$8/2PDUS
1HVVDPHVPDGDWDpLPSRUWDQWHGHVWDFDUWDPEpPRWRP
R Q Î

U B U G E B G D \ Z V ¬ Y B C Y G B X ð

1XQFD SRUWDQWR D VLWXDomR IRL WmR FODUD 6RE D EDQGHLUD GDV

³UHIRUPDV´ DV SDODYUDV GH RUGHP GD UHYROXomR VmR OHYDGDV
D WRGRV RV FDQWRV GR SDtV ,VWR VRE D SURWHomR GRV WDQTXHV H
GDV PHWUDOKDGRUDV FRP DV )RUoDV$UPDGDV WUDQVIRUPDGDV HP
0
ö õ ) ÷

× Ñ Ô Ú Ö û Ó Ò Ñ Ú Û Ø Û Ñ Û ú Û Õ Û Ø Ò Ö Ø × Ú Ù Ú Û Ö × Ù ü Õ Û ú Û Ø Ù Q û Ù Ñ Ù ù Ù Ö Ù

¿FRXHPFDVDGHL[DQGRDSUDoD&ULVWLDQR2WRQLHQWUHJXHjVKRUGDV
DUUHJLPHQWDGDVHDRVSHOHJRVGHWRGDDHVSpFLHTXHDOLDFRUUHUDP
( HVVH VLPSOHV IDWR WHP XP JUDQGH VLJQL¿FDGR SDUD WRGRV RV
GHPRFUDWDVEUDVLOHLURVHXPDVpULDDGYHUWrQFLDjGLWDGXUDTXHVH
HVERoD2(67$'2'(63$8/2PDUS

9HUL¿FDPRVDVVLPXPFDPSREDVWDQWHIpUWLOGHDQiOLVHSDUD
Q R R R Q Q R R

Y B C ^ H U C B S D Y B H S E F Ç È B U B V C U B X U B Y B C F H G S C B U B

R Q ] R R Q m R Q

^ G B G C G H H E U D G C ^ \ D H E D Ç È B U D V U G E D U F D S G H U G Y D \ X ¬ U G E B G D \

³2HVWDGRGHUHYROXomRHP3HUQDPEXFR´WDPEpPGHPDUoRGH
WRUQDYDLVVRPXLWRHYLGHQWH
; / 3 ö R 

Ó Ò Ö Ñ Ù Ó ù û Ü Û Ò Ô Ú Ù ù Ò ü Ò Ü Ò û Ô Ò û Ó Ò Ô Õ Ù Ñ Ú Û Ô Û Ü Ù Û Ô

    

 

  S   ?          =                               

   

        T          U                      

 1R LQWHULRU R
    

                           

SDQRUDPDQmRpGLIHUHQWHVHQGRWRWDODSDUDOLVDomRQDiUHDGD
DJURLQG~VWULDFRPRVHQJHQKRVFHUFDGRVSRUSLTXHWHVGHJUHYLVWDV

 ô

   
      

          
                  !   "  

õ ) ÷ / õ ) ÷ ö

Ò Ö Ñ Ù Ó ù û Ü Û Ô Ò Ú Ö Ù Ñ Ô ( Û Ö Ó Û û Ò Ó Ò Ô Ú Ù Ø Û Ô Ò Ó ü Ò × 6 Ô Ô × Ó

SHUJXQWDPRVDWpRQGHYmRDVFRLVDV"(DWpTXDQGRSHUPDQHFHUi
GHEUDoRVFUX]DGRVR([pUFLWR"1mRSRGHPRVpSHUPLWLUTXHVHXV
FKHIHVQmRWHQKDPFRQVFLrQFLDGRVSHULJRVTXHQRVDPHDoDPH
GRVDQJXHTXHDFDEDUiIDWDOPHQWHFRUUHQGRHPWRUUHQWHVVHDV
)RUoDV$UPDGDVFRQWLQXDUHPFRQIXQGLURTXHDLHVWiFRPXPUHJLPH
OHJDO2(67$'2'(63$8/2PDUSJULIRVQRVVRV

Q
$ UHIHUrQFLD DRV ³HOHPHQWRV VXVSHLWRV DUPDGRV H GH
R R Q Q R R Q

^ B Y U Ð H Y G D U F T G U B S D X D Y \ D D E H E D E G T D U T G H Y F \ D D S \ F E D S D B S

LQWHUHVVHVGHDJLWDGRUHVSUR¿VVLRQDLV$OpPGLVVRFRQWULEXtDSDUD
R Q R R R

U G S S C G H D B C U B U B V D T D H Ç B U B Y B C F H G S C B X U F C D S G E F D Ç È B

GHJUDYHFULVHLQVWLWXFLRQDO&ODPDYDSHODXQLGDGHQDFLRQDOSHOD
LQWHUYHQomRGRVPLOLWDUHVTXHTXDQGRRFRUUHXSRGHVHUDVVLP
OHJLWLPDGDEHPFRPRDYLROrQFLDVREUHRVWUDEDOKDGRUHV R R Q Q R m R Q

³ E C ^ D E F D Y B H E G H F D T D D F C H E D H U B ç B U G E B G D \ U B U G D

 GH PDUoR GH  LQWLWXODGR ³(VFRPEURV GD 'HPRFUDFLD´

 D¿UPDYD TXH FDPLQKiYDPRV SDUD XPD
9 5 8 K 6 K L M N O 8 0 P 6

I J

³FXEDQL]DomR GR SDtV´ FRP DOWD LQÀDFLRQiULD H DQDUTXLD QDV

)RUoDV$UPDGDV
3DUD RV PLOLWDUHV DV JUHYHV D TXHEUD GD KLHUDUTXLD QDV
)RUoDV$UPDGDVEHPFRPRD³DPHDoDFRPXQLVWD´MXVWL¿FDULDP
DLQWHUYHQomR3DUD+pOLR0DUTXHV±7HQHQWH&RURQHO,QVWUXWRU
GD(&(0((VFRODGH&RPDQGRH(VWDGR0DLRUGR([pUFLWRHP
±DVLWXDomRHVWDYDLQVXVWHQWiYHOSRLV
3

6 Ü Û Ö Ø Ù ú Ù Ô Ò Ò Ó Ø V ú × Ø Ù Ù Ö Ò Ô Õ Ò × Ú Û Ø Û ( Û Ö Ñ Ò Ü × Ó Ò Ñ Ú Û Ø Ò Ò Ñ Ò Ö Þ × Ù

HOpWULFDHGHJiVGHFR]LQKDVDtDVHGHFDVDQDLQFHUWH]DGHKDYHU
FRQGXomRSDUDLUHYROWDUDWpDVUHIHLo}HVGLiULDVHUDPLQFHUWDV
WDQWRSHODTXHVWmRGDREWHQomRGHDUWLJRVDOLPHQWtFLRVFRPRSHOR
VHXSUHSDUR0277$S

2PLOLWDUVHJXHD¿UPDQGRDLQGDHPVHXGHSRLPHQWRTXHD
VRFLHGDGHFLYLOGDYDVLQDLVLQHTXtYRFRVGHVVHGHVFRQWHQWDPHQWR
QHVVH VHQWLGR DV )RUoDV $UPDGDV IRUDP SUHVVLRQDGDV H
R Q Q R Q R Q R m

V C ^ F D U D S X ^ \ B S Y G T G S ^ D D D G H E T H Ç È B

$

   
      

          
                  !   "  

1mRpIiFLOGH¿QLUDLPSRUWkQFLDHDFRQWULEXLomRGDLPSUHQVD
HPSDUWLFXODU±QHVVH
R ] R Q R Ê Q 9 5 8 K 6 K L M N O 8 0 P 6

C D \ Z U B B H D \ I J

SURFHVVRGHUDGLFDOL]DomRTXHDQWHFHGHXRJROSHFLYLOPLOLWDUPDV
p HYLGHQWH TXH H[LVWLX iUGXR WUDEDOKR MRUQDOtVWLFR QR VHQWLGR GH
GHVHVWDELOL]DU R SUHVLGHQWH -RmR *RXODUW EHP FRPR GHVTXDOL¿FDU
VXDVSURSRVWDVGH5HIRUPDVGH%DVHSDUDFRQWHURVDYDQoRVVRFLDLV
$ IDOD GR7HQHQWH&RURQHO 5XEHQV 0iULR %UXP 1HJUHLURV
HP  PRVWUD D LPSRUWkQFLD GRV MRUQDLV QD OHJLWLPLGDGH
GR SURFHVVR 3DUD HOH *RXODUW HUD XP IUDFR GRPLQDGR SHORV
FRPXQLVWDV H D LQWHUYHQomR IRL QHFHVViULD SDUD HYLWDU TXH RV
VXEYHUVLYRVWRPDVVHPGH¿QLWLYDPHQWHRFRQWUROHGDVLWXDomR

6DELDVH TXHQR3DOiFLR/DUDQMHLUDV
 W  W

       X           

RQGHRSUHVLGHQWH-RmR*RXODUWVHHQFRQWUDYDFRQVWDQWHPHQWHD
VDODGHHVSHUDHUDORFDOGHUHXQLmRGHVLQGLFDOLVWDVRQGHSHOHJRV
UHOD[DGRV FRP RV SpV HP FLPD GDV FDGHLUDV H GDV PHVDV
GHPRQVWUDYDPDLQWLPLGDGHTXHWLQKDPFRPRJRYHUQR0277$
SJULIRVQRVVRV

R
3DUDHVVHPLOLWDURVMRUQDLVVHUYLUDPHPFRPRIRQWH
Q Q R R Q h Q R Ê R

U G H W B C D Ç È B S B p B S Y D C G H q B S S Y B \ q G U B S ^ B B F \ D E q B

R Q R Q Q R Q R Q R R R

S T C ^ D D p F S Y D C B S D V T U D U X S B p B S ^ G S É U G B S U

SRLVSDUDHOHHUDHYLGHQWHDDGHVmRGDVRFLHGDGHFLYLODR
³PRYLPHQWRGHGHPDUoR´TXH³>«@VLJQL¿FRXDUHVSRVWDDRV
DQVHLRVGDVRFLHGDGH>«@4XHPTXLVHUKRMHVDEHUVHpYHUGDGH
RXpPHQWLUDpVyLUjVELEOLRWHFDVH >«@´0277$
¼ ¹
 Y Â
º » ¾

SJULIRVQRVVRV R R Q Q R Q Î ] R R

³ H E S U D T D H Ç D C B S ^ D D B ^ B U B ^ É S _ B \ ^ D T G B \ Ð H Y G D

R ] R Q Q R R R ] R Q R Q Q R

H H U D U D Y B H E D D S B Y G U D U C D \ Z B S E D p D \ q D U B S

HPHVSHFLDO±FUHLRTXHVHMDLPSRUWDQWHDLQGDTXHUDSLGDPHQWH
Q R R Q ] R R Q Q R Q Q R

D ^ S H E D D \ F C D S ^ B S S G p G \ G U D U S G H E ^ E D E G T D S ^ D D B ^ B Y S S B

GH $ RSomR SRU XPD DQiOLVH RX RXWUD WHP LPSOLFDo}HV
GLUHWDV QD LQWHUSUHWDomR GD DomR GD LPSUHQVD 1HVVH VHQWLGR
)LFR  DSUHVHQWD H[FHOHQWH DQiOLVH GH DOJXPDV GHVVDV
LQWHUSUHWDo}HVLQGLFDQGRDVSULQFLSDLVREUDVHFRUUHQWHV3DUD
HOHpLPSRUWDQWHGHVWDFDUDIRUWHDOLDQoDFLYLOPLOLWDU

$ #

   
      

          
                  !   "  

× Ñ Ü Û Ñ Ú Ò Ô Ú Ý ú Ò ü Ù Ù Ú û Ù þ ÿ Û Ø Û Ô Ò Ó Õ Ö Ò Ô Ý Ö × Û Ô Õ Ù Ö Ù Ù Ø Ò Ô Ò Ô Ú Ù ù × ü × M Ù þ ÿ Û

GR JRYHUQR *RXODUW WDQWR TXDQWR IXQGDPHQWDO D DWXDomR

SURSULDPHQWH PLOLWDU TXH VXUJLX GDV FRQVSLUDo}HV GLVSHUVDV QD
ö [ ö \

Ü Ù Ô Ò Ö Ñ Ù ÿ Û Ô ÿ Û ( Ù Ú Û Ö Ò Ô Ü Û Ñ Ú Ö Ù Õ Û Ô Ú Û Ô Ò Ó Ù Ø Ò Ô Ò Ô Ú Ù ù × ü × M Ù þ ÿ Û

SURSDJDQGDLGHROyJLFDPRELOL]DomRGDFODVVHPpGLDHWFRJROSH
VHULD EDVWDQWH GLItFLO VHP D LQLFLDWLYD PLOLWDU LPSRVVtYHO ),&2
S

(P WRP FUtWLFR HP UHODomR j KLVWRULRJUDILD UHYLVLRQLVWD

GHYHPRVGHVWDFDURWUDEDOKRGH7ROHGRTXHLQGLFDXPD
WHQGrQFLDDSDUWLUGHGHDVVRFLDURJROSHDRUDGLFDOLVPR
GDVHVTXHUGDVHVXDIDOWDGHFRPSURPLVVRFRPDGHPRFUDFLD
SDUD HOH QR HQWDQWR HVVD LQWHUSUHWDomR DSUHVHQWD ³>«@ LGHLDV
IDODFLRVDVTXHSDVVDPDWHUVLJQL¿FDGRVSROtWLFRVHLGHROyJLFRV
FODURVHSUHFLVRVQRGHEDWHKLVWRULRJUi¿FRDULJRUHQGRVVDPXPD
YLVmRFRQVHUYDGRUDHUHDFLRQiULDGRJROSHGH´72/('2
S
,PSRUWDQWH LQGLFDU R WUDEDOKR PDLV DWXDO GH 0HOR 
TXH WDPEpP DSUHVHQWD XP SRVLFLRQDPHQWR EDVWDQWH FUtWLFR
QD DQiOLVH GDV LQWHUSUHWDo}HV UHYLVLRQLVWDV ± DOpP GH DQDOLVDU
RXWUDVH[SOLFDo}HVSDUDRJROSH±LQGLFDQGRTXH³>«@SDUWHGD
KLVWRULRJUD¿DDFDGrPLFDEXVFDULDHQGRVVDURTXHVHPSUHIRLD
MXVWL¿FDWLYDGDVGLUHLWDVSDUDDGHUUXEDGDGRJRYHUQR*RXODUW>«@
XPVXSRVWRJROSHGRSUySULR*RXODUWDUTXLWHWDGRFRPDSRLRGRV
FRPXQLVWDVHGDSUySULD8566´0(/2S
3DUD 0HOR R WUDEDOKR TXH IXQGDPHQWD HVVD WHQGrQFLD
SXEOLFDGRDLQGDHPpDREUD³'HPRFUDFLDRXUHIRUPDV"
$OWHUQDWLYDVGHPRFUiWLFDVjFULVHSROtWLFD´GH$UJHOLQD
&KHLEXE)LJXHLUHGR

(PXPDKLVWRULRJUD¿DTXHFRPHoDULDDVHUSURGX]LGDQRLQtFLRRV
DQRV  H TXH JDQKDULD JUDQGH UHSHUFXVVmR QR FRQWH[WR GRV
TXDUHQWDDQRVGRJROSHGH(VWDGRDVWHVHVUHYLVLRQLVWDVGH
$UJHOLQD)LJXHLUHGRHQFRQWUDULDPJXDULGDFRPRSRGHVHUDIHULGR
QRV WUDEDOKRV GR SURIHVVRU -RUJH )HUUHLUD TXH H[SOLFLWDPHQWH D
ö ;

Ú Û Ó Ù Ü Û Ó Û Ö Ò ( Ò Ö 1 Ñ Ü × Ù Ó × Ñ V Ó Ò Ö Û Ô Ù Ö Ú × Þ Û Ô Ò Ó Ö Ò ú × Ô Ú Ù Ô Ù Ü Ù Ø 1 Ó × Ü Ù Ô

$ 

   
      

          
                  !   "  

HGHGLYXOJDomRFLHQWt¿FDHPFDStWXORVGHOLYURVHHPVXDUHFHQWH
ELRJUD¿D GH -RmR *RXODUW D H[SOLFDomR GR JROSH GH (VWDGR GH
-RUJH)HUUHLUDHVWiFHQWUDGDQHVVHVXSRVWR³Gp¿FLWGHPRFUiWLFR´
DWUDYpVGHXPDQDUUDWLYDQDTXDOWDOFRPRHP$UJHOLQD)LJXHLUHGR
ö

Ù ü û Ú Ù Ø Ò Ü ü Ù Ô Ô Ò Ô Ò Ù Õ Ö  Õ Ö × Ù Ü Û Ñ Ô Õ × Ö Ù þ ÿ Û Þ Û ü Õ × Ô Ú Ù Ò Ô Ú ÿ Û Ù û Ô Ò Ñ Ú Ò Ô

0(/2S

Q
(VVD H[SOLFDomR YLQFXODVH j WHVH GH TXH R HSLVyGLR GH
R i j k l Q R ] R Q ] R

D p G \ U W B G S ^ B S E D D B S F ^ B S E B B \ ^ B D H G Æ D U B ^ \ D S

HVTXHUGDV$SHVDUGDFUtWLFDGH0HORDFUHGLWDPRVTXH

HVVDLQWHUSUHWDomRVHMDLPSRUWDQWHSULQFLSDOPHQWHVHGHL[DUPRV
GHODGRR³UHDO´HSHQVDUPRVD³VHQVDomR´H[LVWHQWHQRSHUtRGR
GHTXHHVWDYDRFRUUHQGRXPDYDQoRFRPXQLVWDQR%UDVLO3DUD
HVVHDXWRU³>«@FRPHVVHWLSRGHQDUUDWLYDRJROSHGH(VWDGRp
H[SOLFDGRFRPRVHDVGLUHLWDVWLYHVVHPVLGRTXDVHTXHYtWLPDV
GDUDGLFDOL]DomRGDVHVTXHUGDVHµDVVXVWDGDV¶WHULDPSDUWLGR
SDUDRJROSH´0(/2S R Q R Q R Q R Q R R

³ ^ S D U H È B D Y U G E D C B S H D ^ B S S G p G \ G U D U D \ U F C

³JROSH´ GDV HVTXHUGDV RX GR SUHVLGHQWH -RmR *RXODUW QmR

R ] Q Q R R

^ B U C B S G H B D D D Ç È B U B S C G B S U Y B C F H G Y D Ç È B H D U G W F S È B

GHVVD SRVVLELOLGDGH FRQWULEXLQGR DVVLP SDUD ³DVVXVWDU´ DV

GLUHLWDVTXHWHPHURVDVTXDQWRDRVDYDQoRVGRVWUDEDOKDGRUHV
H DSURYHLWDQGRVH GHVVD KLVWHULD DQWLFRPXQLVWD HQFRQWUDUDP
FDPSRIpUWLOSDUDSURPRYHUDWHVHGHTXHDLQWHUYHQomRPLOLWDU Q R Q m

S D \ T D G D D U C B Y D Y G D

&DEH UHVVDOWDU TXH PHVPR7ROHGR HP VXD FUtWLFD D HVVD

KLVWRULRJUD¿DUHYLVLRQLVWDGHVWDFDTXH³>«@HUDLVVRJROSHRTXH
DGLUHLWDDODUGHDYDSHODLPSUHQVDID]HQGRFODUDDQDORJLDFRP
RJROSHTXHHPLQVWLWXLXR
9 5 8 K 6 ] 6 â 6 m ¯ Q R Q R

J D D B S S E B S

UHDFLRQiULRV*RXODUWQDGDPDLVID]LDGRTXHVHU¿HODRµFDXGLOKR¶
9DUJDV´72/('2S7HPRVSRUWDQWRXPDIRUWHDomR
] Q R Q Q R Q Q R Q Q R R Q R R m

U B S F ^ B S Y B H S T D U B S ^ D D W B Ç D U G S S C G H D S S D G U G D

Q
3DUD'UHLIXVVH%DQGHLUDRJROSHIRLRUHVXOWDGR
] R Q R R Q Q R Q R Q

U D B D H G Æ D Ç È B U B S S E B S Y B H S T D U B S ^ D D Y B H E B S D T D H Ç B S

Q R R R Q Q R R ] Q R

U D S Y D C D U D S ^ B ^ F \ D S ^ S S D G H E ^ E D Ç È B V U F C D D H U

FRQVSLUDomR´±TXHFRQJUHJDYDYiULRVVHWRUHVGDVRFLHGDGHFLYLOH

$ $

   
      

          
                  !   "  

RVPLOLWDUHVDOpPGRV(8$±UHIRUoDDLGHLDGH³JROSHGHFODVVHV´
1mRDFUHGLWDPRVSRUpPTXHVmRLGHLDVH[FOXGHQWHV±GHXPODGR
XP³JROSHGHFODVVHV´DSDUWLUGHXPDJUDQGH³FRQVSLUDomR´H
GHRXWURXPDDomRSUHYHQWLYDFRQWUDXP³JROSHGDVHVTXHUGDV´
(QWHQGHPRVTXHDXQLmRGRVVHWRUHVFRQVHUYDGRUHVFRQWUDXP
VXSRVWRJROSHGH-RmR*RXODUWHGDVHVTXHUGDVFRQWULEXLXSDUD
Q R Q Q R R R ] R R R m

W B Ç D D E S U F C V B \ ^ U Y \ D S S S X

$LQGDQHVVHVHQWLGR&XQKDD¿UPDTXH

5HODWLYDPHQWHjVPRWLYDo}HVTXHFRQGX]LUDPDpFHUWRTXHDV
HOLWHVFLYLVXUEDQDVLGHQWL¿FDUDPQRJROSHHQDGLWDGXUDRFDPLQKR
SDUD LPSODQWDU XP QRYR UHJLPH HFRQ{PLFR TXH SULYLOHJLDVVH R
FDSLWDOQDFLRQDODVVRFLDGRDRPXOWLQDFLRQDO1RFDPSRRVVHQKRUHV
Ø Ò Ú Ò Ö Ö Ù ú × Ô û Ù ü × M Ù Ö Ù Ó Û Þ Û ü Õ Ò Ò Ù Ø × Ú Ù Ø û Ö Ù Ü Û Ó Û Ù Ô Û ü û þ ÿ Û Õ Ù Ö Ù

Ò ú × Ú Ù Ö Ù Ö Ò ( Û Ö Ó Ù Ù Þ Ö Ý Ö × Ù Ò Ù Ò P Ú Ò Ñ Ô ÿ Û Ø Û Ô Ø × Ö Ò × Ú Û Ô Ú Ö Ù ù Ù ü . × Ô Ú Ù Ô <

iUHDUXUDO1DFLGDGHHQRFDPSRDVHOLWHVFLYLVHQWHQGLDPTXH
HUDSUHFLVRUHSULPLUGLVFLSOLQDUVXEPHWHUHWRUQDURVWUDEDOKDGRUHV
PDLVSURGXWLYRVFRPR¿PGHSRVVLELOLWDUXPDPDLRUDFXPXODomR
GHULTXH]DEHPFRPRPDQWHURVSULYLOpJLRVH[LVWHQWHV&81+$
S

R Q R
$DXWRUDVHJXHD¿UPDQGRTXHRFRUUHXJUDQGHFRODERUDomR
R Q R R ] R R R R Q R Q Q

H E C ^ S D S D H E S ^ ` p \ G Y B S H B S H E G U B U ^ G C G D S

PDQLIHVWDo}HVSRSXODUHVGHIRUPDVSUHYHQWLYDHUHDWLYDEXVFDQGR
LPSHGLU³>«@¿OLDomRDRVLQGLFDWRDSDUWLFLSDomRHPDVVHPEOHLDV
DRUJDQL]DomRGHFKDSDVGHRSRVLomRSDUDFRQFRUUHUHPHOHLo}HV
SDUDDGLUHWRULDGRVVLQGLFDWRV>«@GL¿FXOWDQGRDDUWLFXODomRHD
UHWRPDGD GRV VLQGLFDWRV SRU VHWRUHV SURJUHVVLVWDV´ &81+$
S
&DUQHLURH&LRFFDULGHVWDFDPTXHDYLROrQFLDQRSyV
LQGLFDYDHVVDVLWXDomRGH³JROSHGHFODVVHV´

8PDUHSUHVVmRSROtWLFDTXHUHYHODXPDYLROrQFLDGHGXSODIDFH
XPDFRPDQGDGDGLUHWDPHQWHSHOR(VWDGRSHODDomRGDVIRUoDV
SROLFLDLV H GR ([pUFLWR H RXWUD SULYDGD H[SUHVVD SHOD DomR GH
ö _

Ó × ü ø Ü × Ù Ô Ò ý Ù Þ û Ñ þ Û Ô Ù Ó Ù Ñ Ø Û Ø Ò ü Ù Ú × ( û Ñ Ø × Ý Ö × Û Ô Ó × Ó ù Ö × Ü Ù Ó Ò Ñ Ú Û

$ ¨

   
      

          
                  !   "  

TXHDFHQWXDDVLQJXODULGDGHGDUHSUHVVmRSROtWLFDQRFDPSRHTXH
QmRGHL[DG~YLGDGHTXHDUHVLVWrQFLDGRVFDPSRQHVHVQDVXD
OXWDSRUWHUUDHSRUGLUHLWRVWUD]LDHPVLWRGDDHQHUJLDGDOXWDSHODV
WUDQVIRUPDo}HVGHPRFUiWLFDVGRFDPSRHGRSDtV&$51(,52
&,2&&$5,S

$VVLPDSHVDUGHYiULDVSRVVLELOLGDGHVLQWHUSUHWDWLYDVSDUDR
JROSHVXDVUD]}HVHDLPSRUWkQFLDGHFDGDVHWRUpLQHJiYHOTXH
DTXHGDGRSUHVLGHQWH-RmR*RXODUWUHSUHVHQWRXXPGXURJROSH
SDUDRVWUDEDOKDGRUHVHGHIDWRWHYHXPFDUiWHUGHFKRTXHGH
FODVVHV SRVVLELOLWDQGR D XQLmR ± DQWHV H GHSRLV GH  ± GH
LQGXVWULDLV EDQTXHLURV ODWLIXQGLiULRV PHLRV GH FRPXQLFDomR
H PLOLWDUHV SDUD UHYHUWHU RV DYDQoRV VRFLDLV DOFDQoDGRV SHODV
R Q R m

Y \ D S S S ^ B ^ F \ D S

$ GHUUXEDGD GH -RmR *RXODUW SHORV PLOLWDUHV UHSUHVHQWRX D

× Ñ Ú Ò Ö Ö û Õ þ ÿ Û Ø Ò Ô Ú Ò Õ Ö Û Ü Ò Ô Ô Û Ø Ò Ù Ô Ü Ò Ñ Ô ÿ Û Ø Ù Ó Û ù × ü × M Ù þ ÿ Û Ø Ù

Ü ü Ù Ô Ô Ò Ú Ö Ù ù Ù ü . Ù Ø Û Ö Ù ù Ö Ù Ô × ü Ò × Ö Ù 6 Ò ü Ù ù Û Ö Ù þ ÿ Û Ø Ò û Ó Ù Ñ Û ú Ù Õ Û ü ø Ú × Ü Ù

WUDEDOKLVWDHQFHWDGDSHORJRYHUQRGH&DVWHOOR%UDQFR
DSOLFDGDHPFRQMXQWRFRPDVPHGLGDVUHSUHVVRUDVDVVLPFRPRDV
LQWHUYHQo}HVQRVVLQGLFDWRVSRVVLELOLWRXXPDYHUGDGHLUDUHYDQFKH
ö 3

Õ Ù Ú Ö Û Ñ Ù ü 6 Ù ü × Ù Ñ þ Ù Ò Ñ Ú Ö Ò Ò Ó Õ Ö Ò Ô Ý Ö × Û Ô Ò Ù Õ Û ü ø Ü × Ù Ú Û Ö Ñ Û û Ô Ò Ù × Ñ Ø Ù

PDLV VyOLGD H GLVVHPLQDGD 8P FOLPD GH PHGR H SHUVHJXLo}HV

SDVVDULDDGRPLQDURLQWHULRUGDVHPSUHVDV1RFDPSRXPQ~PHUR
Ù × Ñ Ø Ù Ñ ÿ Û Ü Ù ü Ü û ü Ù Ø Û Ø Ò Ú Ö Ù ù Ù ü . Ù Ø Û Ö Ò Ô Ö û Ö Ù × Ô ( Û × Ò P Õ û ü Ô Û Ø Ò Ô û Ù Ô

ö _

Ú Ò Ö Ö Ù Ô Ò Ó û × Ú Û Ô ( Û Ö Ù Ó Ó Û Ö Ú Û Ô Ó Ù Õ Û ü ø Ú × Ü Ù Ò Ü Û Ñ ` Ó × Ü Ù Ù Ñ Ú × Ú Ö Ù ù Ù ü . × Ô Ú Ù

SURLELXJUHYHVFRPSULPLXVDOiULRVDFDERXFRPDHVWDELOLGDGHQR
HPSUHJRIDFLOLWDQGRGHPLVV}HVHDURWDWLYLGDGHGDPmRGHREUD
2GHOLEHUDGRHQIUDTXHFLPHQWRGRVVLQGLFDWRVIDFLOLWRXHPPXLWRD
VXSHUH[SORUDomR GRV WUDEDOKDGRUHV XPD GDV PDUFDV GR UHJLPH
DXWRULWiULRHOHYDQGRRQ~PHURGHDFLGHQWHVHPRUWHVQRVORFDLV
GHWUDEDOKR1(*52S

1RSyVUHDOPHQWHDRUJDQL]DomRHDOXWDGRVRSHUiULRV
WRUQDUDPVH SHOR PHQRV GHQWUR GD OHJDOLGDGH SUDWLFDPHQWH
LPSRVVtYHLV-iHPMXOKRGHRGLUHLWRGHJUHYHIRLUHJXODGR

$ Í

   
      

          
                  !   "  

SHOD /HL  TXH GL¿FXOWDYD VREUHPDQHLUD D SRVVLELOLGDGH

GH JUHYHV SURLELQGR IXQFLRQiULRV S~EOLFRV H WUDEDOKDGRUHV GH
VHUYLoRVHVVHQFLDLVGHTXDOTXHUPDQLIHVWDomRJUHYLVWD2Q~PHUR
GHJUHYHVTXHYLQKDFUHVFHQGRDWpFDLXGHIRUPDDEUXSWD
DSyVDEULOGH1RFDPSRDRUJDQL]DomRHPWRUQRGDV/LJDV
&DPSRQHVDVRXGRV6LQGLFDWRV5XUDLVWDPEpPVRIUHXGXURJROSH R Q R Q m

Y B C D G H E T H Ç È B C G \ G E D

Q Q Q R R R Î Ê Q R Q

³ T G B \ Ð H Y G D Y B H E D B S E D p D \ q D U B S E T G H Y G B Ì H D S ^ G C G D S

KRUDV GD PRYLPHQWDomR JROSLVWD VHPSUH EXVFDQGR FRQWHU H

FRQWURODURVWUDEDOKDGRUHV&XQKDLQGLFDTXHVyQRDQR
GHVLQGLFDWRVHIHGHUDo}HVVRIUHUDPLQWHUYHQomR
GR0LQLVWpULRGR7UDEDOKR Q R Q R Q R Q Q R

ó D H G B ó G B Y Y D G Y q D C D C D D E H Ç È B ^ D D B E D E D C H E B

R Q h Q R ] Q : R R Q Q R Q R Q ]

Y B H W G U B D É G B Æ D Z H B C G C ^ B E D H E H D B D H G Æ D Ç È B

GRVWUDEDOKDGRUHVUXUDLVPLOLWDQWHGR3&%HH[GHSXWDGRIHGHUDO
±QRUDLDUGRQRYRJRYHUQR³1RGLDGHDEULOGHXPDFHQD
SDUDRSDtVQmRHVTXHFHU*UHJyULRDRVDQRVIRLREULJDGR
D GHV¿ODU SHODV UXDV GH 5HFLIH FRP WUrV FRUGDV DPDUUDGDV QR
SHVFRoR SX[DGR SRU XP MLSH HQTXDQWR HUD HVSDQFDGR SRU
PLOLWDUHV>«@´&$51(,52&,2&&$5,S
(P  GH DEULO GH  R HGLWRULDO ³6ROXomR UHYROXFLRQiULD´
RULHQWDYD D SRSXODomR D VH XQLU FRQWUD RV LQLPLJRV QDFLRQDLV
LGHQWL¿FDGRV FRPR DV ³YHOKDV UDSRVDV´ GD SROtWLFD TXH TXHULDP
UHWRPDURFRQWUROHGRSDtV1RGLDVHJXLQWHDSRSXODomREUDVLOHLUD
HUDEULQGDGDFRPXPQRYRHGLWRULDOTXHGHIHQGLDRVPLOLWDUHV(OH R ] R Î n Î R Q Q m

E G H q D B S F G H E E E F \ B ð V H D U C G S S T \ F S F ^ D Ç È B U D T G E É G D X ­ C E B C

GUDPiWLFRHVVHHGLWRULDOH[SXQKDDVGL¿FXOGDGHVHQIUHQWDGDVQD
VHJXQGDIDVHGD³UHYROXomR´HVHPPHLDVSDODYUDVD¿UPDYDTXHR R Q R ] Q R R Q R Q

V a b c C B T G C H E B C G \ G E D D S S F B F E È B S E F ^ H U D T G E É G D U C B Y Ì E G Y D

DRSRYREUDVLOHLUR´1DVHTXrQFLDGHVWDFDYDDQHFHVVLGDGHGH
OHYDU³>«@DYDQWHDWpR¿PRGHVPRQWHGDIRUPLGiYHORUJDQL]DomR
DTXLPRQWDGDSDUDDUUDVWDUR%UDVLOjRUELWDGR,PSpULRFRPXQLVWD´
2(67$'2'(63$8/2DEU
2 MRUQDO EXVFDYD DVVLP PRVWUDU TXH XPD EDWDOKD KDYLD
VLGRYHQFLGDPDVDJXHUUDFRQWUDDDPHDoDFRPXQLVWDDSHQDV
FRPHoDUD (VVH WLSR GH GLVFXUVR IRL XWLOL]DGR SDUD MXVWL¿FDU D
YLROrQFLDTXHVHDEDWHXVREUHRSHUiULRVHFDPSRQHVHV

$ ß

   
      

          
                  !   "  

Ò Ô Ó Ò Ô û Ö Ù Ø Ù Ó Ò Ñ Ú Ò Û Ô Ü Û Ñ Ø û Ú Û Ö Ò Ô Ø Ù Ø × Ú Ù Ø û Ö Ù ü Ù ù û Ú Ù ú Ù Ó Õ Ù Ö Ù

PRVWUDUTXHDVXDQRomRGHRUGHPVRFLDOHUDSURGXWRGRVDQVHLRV
GDPDLRULDGDSRSXODomR1HVWHVWHUPRVRUHJLPHLQVLVWLDHPTXH
HOHSRVVXtDWRGRVRVHOHPHQWRVTXHSHUPLWLDPDVXDLGHQWL¿FDomR
FRPRSRYR$RSUHVVXSRUTXHKDYLDHVWDLGHQWL¿FDomRRVPLOLWDUHV
FLUFXQVFUHYLDP D DomR GH WRGRV j VXD DomR$VVLP WXGR R TXH
Ò Ô Ú Ù ú Ù ( Û Ö Ù Ø Ò Ô Ú Ò ü × Ó × Ú Ò Ø Ò ú Ò Ö × Ù Ô Ò Ö Ø Ò Ü × Ø × Ø Ù Ó Ò Ñ Ú Ò Ö Ò Õ Ò ü × Ø Û Ò e Û û

HOLPLQDGR-XVWL¿FDYDVHDVVLPDUHSUHVVmRDGHWHUPLQDGRVJUXSRV
TXHVHQHJDYDPDLGHQWL¿FDUVHFRPRUHJLPHHPYLJRU3RUWDQWR
WXGRRTXHHVWDYDIRUDGRVOLPLWHVGHVWDUHODomRGHLGHQWL¿FDomR
HPTXDLVTXHUFDPSRVREMHWLYRHRXVXEMHWLYRHVWDYDVXMHLWRDR
FRQWUROHUHFKDoDPHQWRHDWpHOLPLQDomR5(=(1'(S

'HVVDDQiOLVHGH5H]HQGHGHYHPRVGHVWDFDUDFRQVWUXomR
GHXPDLGHLDGHOHJLWLPLGDGHGDDomRPLOLWDUGDYLROrQFLDGDV
WRUWXUDVXPDYH]TXHVHD¿UPDYDFRPRXP³DQVHLRGHWRGRV´
FRQWUD RV ³LQLPLJRV GD QDomR´ (P JUDQGH PHGLGD HVVD YLVmR
IRL FULDGD RX IRUWDOHFLGD SHORV PHLRV GH FRPXQLFDomR TXH VH
Q R R Q R m

D ^ S H E D T D C Y B C B ^ B E D _ T B Æ S U D B ^ G H G È B ^ ` p \ G Y D

&RQVLGHUDo}HV¿QDLV

3RUGLYHUVDVYH]HVFRQIRUPHGHVWDFDPRVDRORQJRGHVVH
WUDEDOKR R MRUQDO WHQWRX LPSXWDU jV RUJDQL]Do}HV VLQGLFDLV H
Q Q R Q R R Q R Q

D B S E D p D \ q D U B S D S ^ B H S D p G \ G U D U ^ B F C D S F ^ B S E D p D U H D

UHLQDQWH QR SDtV LQGLFDQGR TXH VXDV UHLYLQGLFDo}HV H OXWDV ±

JUHYHVQDVFLGDGHVHRFXSDo}HVQRFDPSR±HVWDYDPGLUHWDPHQWH
Q R R à R R m

\ D Y G B H D U D S [ ^ D H S È B U F C D V D C D Ç D Y B C F H G S E D X ­ S S D

FRQVWUXomRLPDJpWLFDGRVWUDEDOKDGRUHVYLQFXODGRVDR³LPSpULR
R Q R R R Î Q ] R R R Q R

T C \ q B X U Y D B S H B ^ D S Z \ D D C H E U G W F H U G U D ^ \ D G C ^ H S D

± FRQWULEXLX SDUD OHJLWLPDU D YLROrQFLD GH ODWLIXQGLiULRV FRQWUD

FDPSRQHVHVLPHGLDWDPHQWHDSyVRJROSHEHPFRPRDYLROrQFLD Q R Q R R R Q Q R m

U B ­ S E D U B H D ^ S S È B D B C B T G C H E B B ^ Ì G B H D S Y G U D U S

&RPRLQGLFDP&DUQHLUR H&LRFFDUL DYLROrQFLD IRLLQWHQVD R R

D C ^ \ D G C U G D E D ð

$ í

   
      

          
                  !   "  

f
ö [

û Ù Ô Ò Ú Û Ø Û Ô Û Ô Ø × Ö × Þ Ò Ñ Ú Ò Ô Ø Ù Ô , × Þ Ù Ô ( Û Ö Ù Ó Õ Ö Ò Ô Û Ô Û û Ó Û Ö Ú Û Ô Û Ø × Ù

GHDEULOGHR g F h i F B J j k j i E I C l D A B QRWLFLDYDTXHDSROtFLD
. Ù ú × Ù Ò Ñ Ü Û Ñ Ú Ö Ù Ø Û Û Ü Û Ö Õ Û Ø Û Õ Ö Ò Ô × Ø Ò Ñ Ú Ò Ø Ù Ô , × Þ Ù Ô + Ù Ó Õ Û Ñ Ò Ô Ù Ô

GH9LWyULDGH6DQWR$QWmR$OEHUWLQR-RVpGD6LOYDHPDGLDQWDGR
HVWDGR GH GHFRPSRVLomR 1HVVDV H[HFXo}HV VXPiULDV ¿FDYDP
HYLGHQWHVRVFRPSURPLVVRVHQWUHRODWLI~QGLRHRSRGHUPLOLWDUTXH
FRPDQGDYDRSDtV&$51(,52&,2&&$5,S

(PPDWpULDLQWLWXODGD³&RQWLQXDPDVSULV}HVHGHYDVVDV´R
LQGLFDYDGHPDQHLUDLPSOtFLWDDTXLOR
Ê Q 9 5 8 K 6 K L M N O 8 0 P 6

B H D \ I J

TXHDFUHGLWDPRVVHUXPDGDVMXVWL¿FDWLYDVSDUDHVVHWLSRYLROrQFLD Q R Ï R Q R R ] ® R m

V ³ S D F E B G U D U S U B ^ D E D C H E B U 9 G G \ Ë H Y G D B Y G D \ U G H D S

HVSHUDPHVFODUHFHUDVDWLYLGDGHVTXHYLQKDPGHVHQYROYHQGRHP
0LQDVDVµ/LJDV&DPSRQHVDV¶>«@RQGHVHSUHSDUDYDDLQYDVmR
R R Q Q R R à R Q Î R R Q Q Q R Q ® o Ï

U E D S E C H G B U U G T S B S ^ B ^ G E Ì G B S X è ¬ ­ ³ ¬

'(63$8/2DEUS$PDWpULDVHJXLDD¿UPDQGR
TXH YiULRV ³DJLWDGRUHV´ KDYLDP VLGR SUHVRV H HVWDYDP VHQGR
LQWHUURJDGRVSDUDTXHLQGLFDVVHPRXWURVQRPHVHQYROYLGRVQR
SURFHVVR'HVVHPRGRRMRUQDODFDEDYDSRUOHJLWLPDUDYLROrQFLD
GRVODWLIXQGLiULRVSRLVVHULDDSHQDVXPDUHDomRGHGHIHVDFRQWUD
D YLROrQFLD GRV FDPSRQHVHV DR GLUHLWR QDWXUDO j SURSULHGDGH
Q R Q Q Q Q R Q m

^ G T D U D [ ^ É ^ G D T G U D U B S ^ B ^ G E Ì G B S

&RQWUDRVRSHUiULRVDUHSUHVVmRHYLROrQFLDQmRIRLGLIHUHQWH R

Y B C B U S E D Y D ó F H q D ð

Ô Ú Ö Ù ù Ù ü . Ù Ø Û Ö Ò Ô Ò Ô Ò û Ó Û ú × Ó Ò Ñ Ú Û Ô × Ñ Ø × Ü Ù ü Ü Û Ñ Ô Ú × Ú û ø Ö Ù Ó Û Ù ü ú Û

SULPRUGLDOGRJROSHGH(VWDGRGHGDVDo}HVDQWHFHGHQWHV
GRV JROSLVWDV H GD GLWDGXUD PLOLWDU (VVD D¿UPDomR HYLGHQFLDVH
SHOD YLROrQFLD DQWHULRU DR JROSH SUDWLFDGD QRV HVWDGRV HP TXH
RV JRYHUQDGRUHV IRUoDV PLOLWDUHV H SROLFLDLV DUWLFXODGRV FRP R
JRYHUQRQRUWHDPHULFDQRMiHVWDYDPFRQVSLUDQGRFRQWUDRJRYHUQR
IHGHUDOEHPFRPRSHORVGXURVDWDTXHVGHVGHDVSULPHLUDVKRUDV
× Ó Õ Û Ô Ú Û Ô Ù Û Ô Ú Ö Ù ù Ù ü . Ù Ø Û Ö Ò Ô Ò Ù Ô Ò û Ô  Ö Þ ÿ Û Ô Ö Ò Õ Ö Ò Ô Ò Ñ Ú Ù Ú × ú Û Ô Ø Ò

FODVVH(YLGHQFLDVHWDPEpPSHODVSROtWLFDVHFRQ{PLFDVHVRFLDLV
Ø Ò Ô Ò Ñ ú Û ü ú × Ø Ù Ô Õ Ò ü Ù Ø × Ú Ù Ø û Ö Ù Ó × ü × Ú Ù Ö Ò Õ Ò ü Û Ñ V Ó Ò Ö Û Ø Ò ú ø Ú × Ó Ù Ô Ø Ù Ô

JUDYHVYLRODo}HVVRIULGDVQDFRPSDUDomRFRPYtWLPDVGHRXWUDV
FODVVHVVRFLDLV&81+$S

$ ò

   
      

          
                  !   "  

DDomRIRLQHFHVViULD
¯ Q Ê Q 9 5 8 K 6 K L M N O 8 0 P 6

D D B B H D \ I J

MXVWDPHQWHSDUDJDUDQWLUDPDQXWHQomRGDGHPRFUDFLD³>«@R
VLJQL¿FDGRGRSULPHLURGHDEULOp>«@XPWULXQIRDOFDQoDGR>«@
¿QDOPHQWHDGHPRFUDFLDEUDVLOHLUDYHQFHXDGLWDGXUDVREUHFXMDV
DV HVWUXWXUDV D 1DomR YHJHWDYD´ 2 (67$'2 '( 6 3$8/2
DEUS
&RPRSRGHPRVYHUL¿FDURMRUQDOEXVFDYDFRQIHULUOHJDOLGDGH
H OHJLWLPLGDGH DR PRYLPHQWR PLOLWDU FRP R VHPSUH LQVXVSHLWR
DUJXPHQWRGHTXHWDLVPHGLGDVHUDPQHFHVViULDVSDUDJDUDQWLUD
PDQXWHQomRGRUHJLPHGHPRFUiWLFRFRQVWDQWHPHQWHDPHDoDGR
SHORJRYHUQR-RmR*RXODUW
2 GHVWDTXH GDGR j IDOD GR JHQHUDO &DVWHOR %UDQFR
DSUHVHQWDGRDVHJXLULQGLFDYDTXHDRUGHPYROWDULDDUHLQDUH
TXHWRGRVDTXHOHVTXHKDYLDPFRORFDGRDQDomRHPULVFRVHULDP
^ F H G U B S ð

'LVVHTXHD5HYROXomRQmRIRLIHLWD>«@SDUDYLQJDQoDDPDOGDGH
RyGLRDYLROrQFLD)RLIHLWDSDUDUHVWDXUDUDFRQ¿DQoDQRWUDEDOKR
QRDPRUQRFDULQKRHQDKRQUD>«@HVWDPRVSUHQGHQGRDTXHOHV
TXHTXHULDPVHURVDVVDVVLQRVGRSRYREUDVLOHLUR>«@2(67$'2
'(63$8/2DEUS

3DUD&XQKDpLPSRUWDQWHGHVWDFDUTXHWLYHPRVXPDDPSOD
DOLDQoDSUpPDVWDPEpPQRSyVSDUDDFRQVROLGDomR
GHVVH QRYR PRGHOR 2EVHUYDPRV DVVLP XPD IRUWH DomR
FRODERUDWLYDHQWUHR(VWDGRGLWDWRULDOHDVHPSUHVDVSULYDGDVRQGH
R R Q ] R R Q R R Q R

S U S E D Y D V a b c D B D H G Æ D Ç È B U F C ^ B U B S B S G S E C D U Y B H E B \

HYLJLOkQFLDHDPLOLWDUL]DomRGDVIiEULFDV´&81+$S
0DLVUHDOLVWDGRTXHRUHLRMRUQDOSXEOLFDULDDLQGDHPGH
DEULOGHHGLWRULDOLQWLWXODGR³$5HYROXomRHD6XSUHPD-XVWLoD´
RQGHD¿UPDYD³TXHRVH[SXUJRVHVWmRPXLWROHQWRVPXLWRVFLYLV
TXHFRQWULEXtUDPSDUDOHYDURSDtVDRFDRVFRQWLQXDPLPSXQHV´
5HIRUoDYDGHVVDIRUPDDQHFHVVLGDGHGHOHYDUDGLDQWHD³FUX]DGD
DQWLFRPXQLVWD´LQGLFDQGRDLPSRUWkQFLDGDUHSUHVVmRjTXHOHVTXH
FRORFDYDPRSDtVHPULVFRMXVWL¿FDQGRDVVLPDH[LVWrQFLDHD R R ] Q m

C D H F E H Ç È B U F C D V F H G È B S D D U D X

$ ô

   
      

          
                  !   "  

0
_ \

Õ Ö Û Ü Ò Ô Ô Û Ø Ò ( Û Ö Ó Ù þ ÿ Û Ø Ù > Ñ × ÿ Û Ù Þ Ö Ù Ø Ù Ü Û Ñ Ú Ö Ù Û Ü Û Ó û Ñ × Ô Ó Û

VHFRQVXPRXUHXQLQGRDVHOLWHVHPSUHVDULDLVPLOLWDUHVSROtWLFRV
UHOLJLRVRV H DV ³FODVVHV PpGLDV´ WRGRV DPHGURQWDGRV DQWH D
SRVVLELOLGDGH GH XPD VXSRVWD UXSWXUD UHYROXFLRQiULD 0277$
S

0DLVXPDYH]FDEHGHVWDFDUTXHR³UHDO´pLUUHOHYDQWHGLDQWH
GHVVD FRQVWUXomR LPDJpWLFD GR DYDQoR FRPXQLVWD H RV ULVFRV
DGYLQGRVGDVPRELOL]Do}HVGRVWUDEDOKDGRUHVQRFDPSRHQDV
FLGDGHV2PHGRQRHQWDQWRHUDGHIDWR³UHDO´HQHVVHVHQWLGR
Ê Q R R Q R R Q R Q ] R R

B B H D \ E T \ T Ë H Y G D H D Y B H S E F Ç È B U D S p D S S ^ D D B B \ ^ U

$LQGDTXHVXDLPSRUWkQFLDWHQKDVLGRPDLVQRVHQWLGRGH
FRQVROLGDUXPDLGHLD±TXHOHJLWLPDYDDLQWHUYHQomRPLOLWDU±GR
TXHSURSULDPHQWHFRQVWUXLUXPDRSLQLmRS~EOLFDQHVVHVHQWLGR
QmR SRGHPRV UHGX]LU DV UHVSRQVDELOLGDGHV GHVVH MRUQDO HP
HVSHFLDOHGDLPSUHQVDHPJHUDOQRJROSHHQDFRQVROLGDomRGR
Q R ] R Q i j k l m

G C C G \ G E D ^ É S _

%LEOLRJUD¿D

$48,120DULD$SDUHFLGDGH n j E G D i I o F C p i j E G I j q G H I J B I D H B i F H h i F B

r s t u v w s t x v y 0

* Û Ò P Ò Ö Ü ø Ü × Û Ü Û Ú × Ø × Ù Ñ Û Ø Ù Ø Û Ó × Ñ Ù þ ÿ Û Ò Ø Ù Ö Ò Ô × Ô Ú 1 Ñ Ü × Ù *

(VWDGRGH6mR3DXORH0RYLPHQWR%DXUX('86&
%$1'(,5$/XL]$0RQL]
Ù Ô ü û Ú Ù Ô Ô Û Ü × Ù × Ô Ñ Û

z { B | j i E B } B ~ B  B D K I i H €

%UDVLOHGUHYLVWDHDPSOLDGD6mR3DXOR(G8QHVS

&$3(/$720+
2 ƒ 3

8  ‚

z G I i I D H B G J B K F l j i I K F G C B € F C p i j E G I p I D K F G H I

6mR3DXOR%UDVLOLHQVH
&$3(/$720+35$'20/
ö \ /

ÿ Û Ù û ü Û * 6 ü ( Ù

z „ i I | B … I H D H F E B

2PHJD
&$51(,52$QD &,2&&$5, 0DUWD † j H i I H B J I i j p i j G G ~ B p B K ‡ H F A I

E %UDVLO%UDVtOLD0LQLVWpULRGR'HVHQYROYLPHQWR
B A I C p B €

$JUiULR
&255Ç$/DULVVD5RVD$³*UHYHGRV0LO´1HJRFLDo}HVHFRQÀLWRV
QD-XVWLoDGR7UDEDOKR6mR3DXOR &DPSLQDVQ ˆ F G H ‰ i F I Š B A F I K

S

¨

   
      

          
                  !   "  

&58=+HORLVDGH)DULD3(,;2720DULDGR5RViULRGD&XQKD1D
R¿FLQD GR KLVWRULDGRU &RQYHUVDV VREUH KLVWyULD H LPSUHQVD k i B ‹ j H B

ˆ 6mR3DXORYSGH]
F G H ‰ i F I

&81+$5RVD0DULD&DUGRVRGD9LRODo}HVGH'LUHLWRV+XPDQRVGRV
0 0 0
ö Œ Œ \ \  [ Œ [ d ; O d d ; ö

- Ö Ù ù Ù ü . Ù Ø Û Ö Ò Ô Ñ * + N 6 + 6 , 6 Ž 6 *

† j K I H ‰ i F B

WH[WRV WHPiWLFRV %UDVtOLD &19 5HODWyULR GD &RPLVVmR 1DFLRQDO GD

9HUGDGHY
'5(,)8665HQp$UPDQG DFRQTXLVWDGR(VWDGR$omRSROtWLFD
s t u 

SRGHUHJROSHGHFODVVH3HWUySROLV9R]HV
)(55(,5$-RUJH } I E { B 8PDELRJUD¿D5LRGH-DQHLUR&LYLOL]DomR
%UDVLOHLUD
),&2&DUORV YHUV}HVHFRQWURYpUVLDVVREUHHD  K ‘ C J B { B K p j

GLWDGXUDPLOLWDU5LRGH-DQHLUR5HFRUG
/8&$7DQLD5HJLQDGH+LVWyULDGRVQRVHSRUPHLRGRVSHULyGLFRV,Q
3,16.<&DUOD%2UJ 6mR3DXOR&RQWH[WR ’ B E H j G L F G H ‰ i F A I G

0(/2'HPLDQ%H]HUUDGH5HYLVmRHUHYLVLRQLVPRKLVWRULRJUi¿FRRV
ö

Ò Ó ù Ù Ú Ò Ô Ô Û ù Ö Ò Û Õ Ù Ô Ô Ù Ø Û Ò Ù Ô Ø × Ô Õ û Ú Ù Ô Õ Û ü ø Ú × Ü Ù Ô Ü Û Ñ Ú Ò Ó Õ Û Ö “ Ñ Ò Ù Ô

… I i ”

j B … I i ” F G C B 1LWHUyLYQSMXOGH]
0277$$ULFLOGHV02UJ
s

* Û Ó Û ú × Ó Ò Ñ Ú Û Ö Ò ú Û ü û Ü × Û Ñ Ý Ö × Û Ò Ù

• J j C I i – B

VXDKLVWyULD7RPR5LRGH-DQHLUR%LEOLRWHFDGR([pUFLWR(GLWRULD
0277$ 5RGULJR 3DWWR 6i
* Û

q C { D I i J I A B E H i I B — p j i F { B | j i C j K L B ˜

DQWLFRPXQLVPRQR%UDVLO6mR3DXOR3HUVSHFWLYD

1(*52$/&255Ç$/5)217(637UDEDOKDGRUHVHDGLWDGXUD
† )ORULDQySROLVYQSMDQMXQ
j | F G H I … D E J B G J B ™ i I l I K L B

1(*52$/6,/9$)77UDEDOKDGRUHVVLQGLFDWRVHSROtWLFD
 ,Q )(55(,5$ - '(/*$'2 / GH 1 RUJ z H j C p B J I

Ø Ù Ø Ò Ó Û Ü Ö Ù Ú × M Ù þ ÿ Û Ø Ò  ‚ › œ Ù Û Q Û ü Õ Ò + × ú × ü

j ” p j i F š E A F I J j C B A i h H F A I €

0LOLWDUGH5LRGH-DQHLUR&LYLOL]DomR%UDVLOHLUD
0 0 0
; \ d d ; \ ö / _ ö \ / ö d ö

- 6 6 , ÿ Û Ù û ü Û × Ô Õ Û Ñ ø ú Ò ü Ò Ó *  . Ú Ú Õ * e e Ù Ü Ò Ö ú Û

ö ö ö

Ò Ô Ú Ù Ø Ù Û Ü Û Ó ù Ö e ž

¨ #

   
      

          
                  !   "  

5(=(1'( 0DULD -RVp GH

Ö Ò Õ Ö Ò Ô Ô ÿ Û Ò

 J F H I J D i I C F K F H I i E B „ i I G F K €

SUHWHQVmRGHOHJLWLPLGDGH/RQGULQD(GXHO
72/('2 &DLR 1  *ROSLVPR H GHPRFUDFLD $V IDOiFLDV GR
&DPSLQDVQSMXO
ö

Ö Ò ú × Ô × Û Ñ × Ô Ó Û

n i ‡ H F A I … I i ” F G H I

O 2 ƒ ö

Ò Ü Ò ù × Ø Û Ò Ó ( Ò ú Ò Ö Ò × Ö Û Ø Ò  Ÿ

2 ƒ ö

6 Õ Ö Û ú Ù Ø Û Ò Ó Ù Þ Û Ô Ú Û Ø Ò 