-2$48,0$17Ï1,23,172 ³02'(/$d2´ '$*(20(75,$¬6)81d®(6 3$66$1'23(/$(67$7Ë67,&$ &2,0%5$ 9999999 0RGHODomR ± 'D *HRPHWULD jV )XQo}HV SDVVDQGR SHOD (VWDWtVWLFD $7HFQRORJLD*UiILFD 23URJUDPDGH0DWHPiWLFDGR$QR HDV6XDV&RQH[}HV 7UDEDOKRHODERUDGRQRkPELWRGDIRUPDomRTXHRV 3URIHVVRUHV $FRPSDQKDQWHV /RFDLV GR 3URJUDPD $MXVWDGR GH 0DWHPiWLFD GR (QVLQR 6HFXQGiULR WLYHUDPGHUHDOL]DU -RDTXLP 3LQWR 0RGHODomR ± 'D *HRPHWULD jV )XQo}HV SDVVDQGR SHOD (VWDWtVWLFD 1R 3URJUDPD GH 0DWHPiWLFD DFWXDOPHQWH HP YLJRU QR HQVLQR 6HFXQGiULR UHIHUHVH D FHUWD DOWXUD TXH ³«$ XWLOL]DomR REULJDWyULD GD WHFQRORJLDTXHDOpPGHIHUUDPHQWDpIRQWHGHDFWLYLGDGHGHLQYHVWLJDomR H GH DSUHQGL]DJHP SUHWHQGH SUHSDUDU RV DOXQRV SDUD XPD VRFLHGDGH HP TXH RV PHLRV LQIRUPiWLFRV WHUmR XP SDSHO FRQVLGHUiYHO QD UHVROXomR GH SUREOHPDVGHtQGROHFLHQWtILFD« « 1HVWH FRQWH[WR GHVWDFDVH D LPSRUWkQFLD GDV DFWLYLGDGHV D VHOHFFLRQDU DV TXDLV GHYHUmR FRQWULEXLU SDUD R GHVHQYROYLPHQWR GR SHQVDPHQWRFLHQWtILFROHYDQGRRDOXQRDLQWXLUFRQMHFWXUDUH[SHULPHQWDU SURYDU DYDOLDU H DLQGD SDUD R UHIRUoR GDV DWLWXGHV GH DXWRQRPLD H GH FRRSHUDomR« 1HVWH VHQWLGR UHIHUH DLQGD R 3URJUDPD « 3DUWHVH TXDQGR SRVVtYHOGHSUREOHPDVHVLWXDo}HVH[SHULPHQWDLVSDUDTXHFRPRDSRLRQD LQWXLomR R DOXQR DFHGD JUDGXDOPHQWH j IRUPDOL]DomR GRV FRQFHLWRV 6mR LGHQWLILFDGDVVLWXDo}HVSDUDHVWDEHOHFHUFRQH[}HVHQWUHRVGLYHUVRVWHPDV GH IRUPD D SURSRUFLRQDU XPD RSRUWXQLGDGH GH UHODFLRQDU RV YiULRV FRQFHLWRVSURPRYHQGRXPDYLVmRLQWHJUDGDGD0DWHPiWLFD eSRLVWHQGRSUHVHQWHHVWDVRULHQWDo}HVGR3URJUDPDTXHSHQVHLHP WUDEDOKDUSUREOHPDVGH*HRPHWULDGHPRGRDWRFDUHPWRGRVRVWHPDVGR $QRQmRHVTXHFHQGRR³«(VWXGRLQWXLWLYRGHFXUYDVTXHVHDMXVWDPD XPFRQMXQWRGHSRQWRVGDGRV«´TXHDSDUHFHQRSUHVHQWH3URJUDPDFRPR LWHPIDFXOWDWLYR 7UDEDOKDUHPRV FRP XPD FDOFXODGRUD JUiILFD 7, D TXDO WUD] R &DEUL*pRPqWUH ,, H FRP HOH YDPRV PRGHODU DOJXPDV VLWXDo}HV QRWHPRV TXH QmR VHQGR HVWD XPD FDOFXODGRUD DXWRUL]DGD SHOR 0LQLVWpULR GD -RDTXLP 3LQWR 0RGHODomR ± 'D *HRPHWULD jV )XQo}HV SDVVDQGR SHOD (VWDWtVWLFD (GXFDomR WXGR R TXH SUHWHQGHPRV ID]HU SRGH VHU IHLWR j PmR H SRVWHULRUPHQWH WUDEDOKDGR QXPD YXOJDU FDOFXODGRUD JUiILFD TXH FRQVWUXD WDEHODVHIDoDUHJUHVV}HVOLQHDUHVTXDGUiWLFDVF~ELFDVHWF« $HVFROKDGHVWDFDOFXODGRUDSUHQGHVHFRPRIDFWRGHVHUIDFLOPHQWH WUDQVSRUWDGD SDUD GHQWUR GH XPD VDOD GH DXOD H FRQHFWDGD D XP 7, 9LHZ 6FUHHQ &RP LVWR p SRVVtYHO WHU D WXUPD WRGD D UDFLRFLQDU VREUH D WDUHID SURSRVWD 6DOLHQWDPRV SRU ILP TXH QmR SUHWHQGHPRV FRP HVWH WUDEDOKR TXH TXHP QmR FRQKHFH R &DEUL*pRPqWUH ,, RX RXWUR $PELHQWH *HRPpWULFR 'LQkPLFRFRPRSRUH[HPSORR *HRPHWHU¶V 6NHWFKSDGILTXHDVDEHUXVi ORPDVVLPFKDPDUDDWHQomRSDUDDVXDH[LVWrQFLDHSDUDRIDFWRGHSRGHU VHUIDFLOPHQWHXWLOL]DGRGHQWURGDVDODGHDXOD 3DUD LOXVWUDU R TXH DFDEDPRV GH GL]HU YDPRV UHVROYHU XPD WDUHID XWLOL]DQGR XP $PELHQWH *HRPpWULFR 'LQkPLFR SRQGR HP HYLGrQFLD SUHFLVDPHQWH WRGDV HVWDV FRQH[}HV TXH VH SRGHP ID]HU FRP R SUHVHQWH 3URJUDPDGH0DWHPiWLFDGR(QVLQR6HFXQGiULR -RDTXLP 3LQWR 0RGHODomR ± 'D *HRPHWULD jV )XQo}HV SDVVDQGR SHOD (VWDWtVWLFD 7DUHID 'DGRXPTXDGUDGRGHODGR NFRQVLGHUHVHXPSRQWR4TXHVHGHVORFDDR ORQJRGHXPGRVODGRVHTXHYDLJHUDQGRTXDGUDGRVLQVFULWRVQRTXDGUDGR GDGR k k Q k Q k Q Q (QWUHTXHYDORUHVSRGHYDULDURGHVORFDPHQWR" 2EVHUYDQGRDVILJXUDVHVHPID]HUFiOFXORVID]XPHVERoRGHXPJUiILFR TXHWUDGX]DDYDULDomRGDiUHDHPIXQomRGRGHVORFDPHQWRGH4 'HILQHDQDOLWLFDPHQWHDIXQomRHFRQILUPDRJUiILFRTXHHVERoDVWH 4XDQGR p TXH D iUHD p PtQLPD" 4XDQGR p TXH p Pi[LPD" 4XDO p R FRQWUDGRPtQLR" +i GHVORFDPHQWRV GLIHUHQWHV TXH GrHP RULJHP D TXDGUDGRV FRP iUHDV LJXDLV" LQ %URFKXUD GH *HRPHWULD SDUD R $QR GH 0DWHPiWLFD '(6 3URSRVWDGHUHVROXomR 3HQVHPRVQDTXHVWmR x(QWUHTXHYDORUHVSRGHYDULDURGHVORFDPHQWR" 3RGHPRVUHVSRQGHUREVHUYDQGRDILJXUDDQWHULRUHDWHQGHQGRDTXHD PHGLGDGRODGRGR TXDGUDGR PDLRU p N H TXH VHR SRQWR 4 VHGHVORFD DR ORQJR GH XP GRV ODGRV R GHVORFDPHQWR TXH SDVVDPRV D GHVLJQDU SRU [ YDULDUiHQWUH]HURHN ,VWRSRGHVHUIDFLOPHQWHFRQVWDWDGRFRPR&DEULQD7,9HMDPRV -RDTXLP 3LQWR 0RGHODomR ± 'D *HRPHWULD jV )XQo}HV SDVVDQGR SHOD (VWDWtVWLFD RVHJPHQWRGHUHFWD>$%@VHUYHSDUDGHILQLURODGRGRTXDGUDGRPDLRURX VHMD N R SRQWR 4 YDLVH GHVORFDQGR DRORQJRGHVVH VHJPHQWR H [ VHUi D GLVWkQFLD GH $ D 4 3RGHPRV YHU TXH QmR SHUGHPRV QDGD HP WHUPRV GH IXWXUDVJHQHUDOL]Do}HVGDGRTXHSRGHPRVYDULDUVHPSUHRYDORUGH N )D]HQGRFRLQFLGLURSRQWR4FRPRSRQWR$HSRVWHULRUPHQWHFRPR SRQWR%YHUHPRVTXHRGHVORFDPHQWR[YDULDHQWUH]HURHN &RQVLGHUDQGRDJRUDDTXHVWmR x 2EVHUYDQGR DV ILJXUDV H VHP ID]HU FiOFXORV ID] XP HVERoR GH XP JUiILFRTXHWUDGX]DDYDULDomRGDiUHDHPIXQomRGRGHVORFDPHQWRGH4 3DUD ID]HU XP HVERoR GR JUiILFR TXH WUDGX] D YDULDomR GD iUHD HP IXQomR GR GHVORFDPHQWR GH 4 YDPRV SHQVDU H[SHULPHQWDOPHQWH GR VHJXLQWH PRGR FRP UpJXD H FRPSDVVR GHVHQKDPRV VXFHVVLYRV TXDGUDGRV FRUUHVSRQGHQWHV D GHVORFDPHQWRV GLIHUHQWHV GR SRQWR 4 PHGLPRV R GHVORFDPHQWRHFDOFXODPRVDUHVSHFWLYDiUHDFRPSLODPRVRVGDGRVDVVLP UHFROKLGRV H DUPD]HQDPRORV HP GXDV OLVWDV QXPD TXDOTXHU FDOFXODGRUD -RDTXLP 3LQWR 0RGHODomR ± 'D *HRPHWULD jV )XQo}HV SDVVDQGR SHOD (VWDWtVWLFD JUiILFD GHSRLV SHGLPRV D QXYHP GH SRQWRV FRUUHVSRQGHQWH jV OLVWDV TXH DFDEiPRVGHFRQVWUXLU &RP D 7, SRGHPRV SHQVDU GD PHVPD PDQHLUD PDV DXWRPDWL]DU WRGDDVLWXDomR2XVHMDSDUWLQGRGRVpFUDQVDQWHULRUHVYDPRVSHGLUSDUDD PiTXLQD QRV FDOFXODU D iUHD GH FDGD XP GRV TXDGUDGRV GH VHJXLGD GHILQLPRVDVHQWUDGDVGHYDORUHVSDUDDFRQVWUXomRGHXPDWDEHODHPTXHD SULPHLUD HQWUDGD VHUi R GHVORFDPHQWR [ H D VHJXQGD D iUHD GR TXDGUDGR >4356@ 8WLOL]DQGRDSRVVLELOLGDGHGHGDUDQLPDomRDHVWDFRQVWUXomRYDPRV UHFROKHUGDGRVDXWRPDWLFDPHQWHHFRQVWUXLUDWDEHOD 7HPRVHQWmRDVHJXLQWHWDEHOD -RDTXLP 3LQWR 0RGHODomR ± 'D *HRPHWULD jV )XQo}HV SDVVDQGR SHOD (VWDWtVWLFD 3RGHPRVDJRUDWUDEDOKDUHVWDWLVWLFDPHQWHRVGDGRVUHFROKLGRVHID]HU DQXYHPGHSRQWRV²³XPHVERoR´²FRUUHVSRQGHQWHDHVWHVGDGRV &RPR IDFLOPHQWH FRQVWDWDPRV R JUiILFR TXH WUDGX] D YDULDomR GD iUHDHPIXQomRGRGHVORFDPHQWRGH4SDUHFHVHUXPDSDUiEROD 2XWURSURFHVVRVHULDXWLOL]DUDVSRWHQFLDOLGDGHVGR&DEULSDUDID]HUR ³HVERoR´GRJUiILFRGDIXQomR 3DUD LVVR YDPRV SURFHGHU GR VHJXLQWH PRGR LQVHULPRV XP VLVWHPD GH HL[RV FRRUGHQDGRV H DWULEXtPRV DR HL[R GDV DEFLVVDV R YDORU GR GHVORFDPHQWRGRSRQWR4HDRHL[RGDVRUGHQDGDVRYDORUGDiUHD $QDOLVHPRVDJRUDTXDOpROXJDUJHRPpWULFRTXHRSRQWR7SHUFRUUH TXDQGRRSRQWR4VHGHVORFDDRORQJRGRVHJPHQWR>$%@ -RDTXLP 3LQWR 0RGHODomR ± 'D *HRPHWULD jV )XQo}HV SDVVDQGR SHOD (VWDWtVWLFD 7DPEpP DTXL FRPR HUD GH HVSHUDURSRQWR7YDL³SHUFRUUHUXPD SDUiEROD´ 5HODWLYDPHQWHjTXHVWmR x'HILQHDQDOLWLFDPHQWHDIXQomRHFRQILUPDRJUiILFRTXHHVERoDVWH 3RGHPRV GHILQLU DQDOLWLFDPHQWH D IXQomR VH DWHQGHUPRV j ILJXUD VHJXLQWHSDUDFDOFXODUPRVDiUHDGRTXDGUDGR>4356@pVXILFLHQWHXVDUPRV R 7HRUHPD GH 3LWiJRUDV HP UHODomR DR k D C R WULkQJXORUHFWkQJXOR>$46@6HQGRDVVLP 46 S 46 P k-x A [ N [ [ N [N [ RXVHMD D iUHD HP IXQomR GH [ TXH SDVVR D GHVLJQDUSRU $[ pGDGDSRU x Q B $ [ [ [N N &RP D 7, RX RXWUD FDOFXODGRUD JUiILFD H XWLOL]DQ GR D WDEHOD REWLGD DQWHULRUPHQWH SRGHPRV SHGLU XPD UHJUHVVmR TXDGUiWLFD H WHQWDU HQFRQWUDU DVVLP D FXUYD TXH PHOKRU VH DGDSWD j QXYHP GH SRQWRV TXH FRQVWUXtPRV'RQGH -RDTXLP 3LQWR 0RGHODomR ± 'D *HRPHWULD jV )XQo}HV SDVVDQGR SHOD (VWDWtVWLFD 3DUDDUHJUHVVmRTXDGUiWLFD \ D[ E[ F REWLYHPRV D F E H RX VHMD \ [ [ R TXH ³FRQILUPD´ R UHVXOWDGR REWLGR DQDOLWLFDPHQWHSRLVQRQRVVRFDVR N HVXEVWLWXLQGR NSRUHP $[ REWHPRV SUHFLVDPHQWH HVWD H[SUHVVmR LVWR p $[ [ [ $ [ [ [ (VSUHLWHPRVQDFDOFXODGRUDRJUiILFRGH $[ SDUD N 9HMDPRV QRYDPHQWH DQXYHP GH SRQWRV QR pFUDQGD HVTXHUGD H QR pFUDQGDGLUHLWDRVGRLVJUiILFRVVREUHSRVWRV &RPRHUDGHHVSHUDUDQXYHPGHSRQWRVHRJUiILFRGDIXQomR $[ SDUD N YmR FRLQFLGLU RX VHMD SRU XP ODGR FRQILUPDPRV R ³HVERoR´ DQWHULRUPHQWHREWLGRSRURXWURHQFRQWUiPRVGHGRLVPRGRVGLIHUHQWHV² XPDQDOtWLFRHRXWURHVWDWtVWLFR²DH[SUHVVmRTXHGHILQHDIXQomR 4XDQWRjTXHVWmR x 4XDQGR p TXH D iUHD p PtQLPD" 4XDQGR p TXH p Pi[LPD" 4XDO p R FRQWUDGRPtQLR" -RDTXLP 3LQWR 0RGHODomR ± 'D *HRPHWULD jV )XQo}HV SDVVDQGR SHOD (VWDWtVWLFD $ iUHD VHUi PtQLPD SDUD [ N N N &RP HIHLWR $[ §¨ [ ·¸ ¹ © H[SUHVVmR DQDOtWLFD TXH QRV H[LEH DV FRRUGHQDGDV GR YpUWLFH GD SDUiEROD 9 § N N ¨¨ © · ¸¸ H GDGR TXH D SDUiEROD WHP FRQFDYLGDGH YROWDGD SDUD FLPD D ¹ DEFLVVD GR YpUWLFH VHUi R PLQLPL]DQWH GD IXQomR H D RUGHQDGD VHUi R PtQLPRJUDILFDPHQWHWHUHPRVSDUD N 2TXHYHP³UHIRUoDU´RTXHREWLYHPRVDQDOLWLFDPHQWH 3RURXWURODGRDiUHDVHUiPi[LPDTXDQGRRGHVORFDPHQWRIRUQXOR RXIRULJXDODNHHQWmRREWHUHPRVQRVGRLVFDVRVDiUHDLJXDOD N *UDILFDPHQWHXWLOL]DQGRR&DEULFRQVWDWDPRVRTXHDFDEDPRVGHDILUPDU ªN º N » ¬ ¼ 'DTXLUHVXOWDTXHRFRQWUDGRPtQLRYDLVHURLQWHUYDOR « 3RUILPDTXHVWmR x+iGHVORFDPHQWRVGLIHUHQWHVTXHGrHPRULJHPDTXDGUDGRVFRPiUHDV LJXDLV" -RDTXLP 3LQWR 0RGHODomR ± 'D *HRPHWULD jV )XQo}HV SDVVDQGR SHOD (VWDWtVWLFD 5HVSRQGHPRVTXHVLPSRLVEDVWDUHFRUGDUTXHDSDUiERODpVLPpWULFD HPUHODomRjUHFWDYHUWLFDOTXHSDVVDSHORYpUWLFHHHQWmRDGHVORFDPHQWRV LJXDOPHQWHDIDVWDGRVGDDEFLVVDGRYpUWLFHYmRFRUUHVSRQGHUiUHDVLJXDLV( DWHQGHQGRjUHVSRVWDGDGDQDTXHVWmRDQWHULRUWDPEpPSRGHPRVFRQILUPDU TXHKiGHVORFDPHQWRVGLIHUHQWHVTXHGmRRULJHPDiUHDVLJXDLV(PWHUPRV GH&DEULSRGHPRVYHU )DFLOPHQWH UHSDUDPRV TXH SDUD [ H SDUD [ PHVPD iUHD FRPR D DEFLVVD GR YpUWLFH p FRP N H REWHPRV D YHP HQWmR TXH RX VHMD R DIDVWDPHQWR HP UHODomR j DEFLVVD GRYpUWLFHpRPHVPR -RDTXLP 3LQWR 0RGHODomR ± 'D *HRPHWULD jV )XQo}HV SDVVDQGR SHOD (VWDWtVWLFD 'HSRLV GR SDVVHLR SHOD UHVROXomR ³LQWHUDFWLYD´ GD 7DUHID VXJHULPRV RXWUDV WDUHIDV TXH SRGHP VHU UHVROYLGDV UHFRUUHQGR D XP $PELHQWH *HRPpWULFR 'LQkPLFR H LJXDOPHQWH DSURYHLWiYHLV SDUD PRVWUDU DV SRVVtYHLV FRQH[}HV HQWUH RV GLIHUHQWHV FRQWH~GRV GHVWH 3URJUDPD GH 0DWHPiWLFD 7DUHID 4XDO p R UHFWkQJXOR GH PDLRU iUHD TXH VH SRGH LQVFUHYHU QXP WULkQJXOR UHFWkQJXOR" L GDGDVDVPHGLGDVGRVGRLVFDWHWRV LL GDGDVDVPHGLGDVGHXPFDWHWRHGHXPkQJXORDJXGR LQ %URFKXUD GH *HRPHWULD SDUD R $QR GH 0DWHPiWLFD '(6 7DUHID (VWXGDU D YDULDomR GD iUHD GH XP UHFWkQJXOR LQVFULWR QXP FtUFXOR HP IXQomRGDDOWXUD LQ %URFKXUD GH *HRPHWULD SDUD R $QR GH 0DWHPiWLFD '(6 -RDTXLP 3LQWR 0RGHODomR ± 'D *HRPHWULD jV )XQo}HV SDVVDQGR SHOD (VWDWtVWLFD 7DUHID 202,1+2 2 6U 6LOYD FRPSURX UHFHQWHPHQWH XP PRLQKR TXH SUHWHQGH UHPRGHODU H XWLOL]DUFRPRFDVDGHIpULDV $ SDUWH LQIHULRU GR PRLQKR FLOtQGULFD YDL PDQWrOD VHP DOWHUDomR PDV SUHWHQGH DSURYHLWDU R VyWmR FULDQGR XPD ]RQD FRP IRUPD LGrQWLFD j GD SDUWHLQIHULRUGDFDVD P P P 2EVHUYDDVGLPHQV}HVGRPRLQKRHGHWHUPLQDTXDOGHYHUiVHUDDOWXUDGR QRYRVyWmRSRUIRUPDDTXHVHWUDGX]DQXPPDLRUDSURYHLWDPHQWRGR HVSDoR 7DUHID JHQWLOPHQWH FHGLGD SHOD 'U )iWLPD 'HOJDGR (VF 6HF GD 6REUHGD -RDTXLP 3LQWR 0RGHODomR ± 'D *HRPHWULD jV )XQo}HV SDVVDQGR SHOD (VWDWtVWLFD 2XYLQGR DV SDODYUDV GH 0LJXHO GH *X]PiQ HP 7HQGHQFLDV ,QQRYDGRUDVHQ(GXFDFLyQ0DWHPiWLFD³«2DSDUHFLPHQWRGHIHUUDPHQWDV WmRSRGHURVDVFRPRDFDOFXODGRUDHRFRPSXWDGRUHVWiDFRPHoDUDWHU XPD IRUWH LQIOXrQFLD QR PRGR GH RULHQWDU DGHTXDGDPHQWH D HGXFDomR PDWHPiWLFDEiVLFDHVHFXQGiULD«´GRQGH³«MiVHSUHVVHQWHTXHDQRVVD IRUPD GH HQVLQDU H RV FRQWH~GRV WrP GH VRIUHU UHIRUPDV GUiVWLFDV«´ FRPR RV FRQWH~GRV Mi IRUDP UHIRUPXODGRV ³«7HUi GH VH DFHQWXDU TXH WDPEpP SRU HVWD UD]mR D H[HFXomR GH FHUWDV URWLQDV GD QRVVD SUiWLFD DFWXDO PDLV TXH D FRPSUHHQVmR GRV SURFHVVRV PDWHPiWLFRV RFXSDP JUDQGH SDUWH GD HQHUJLD GRV QRVVRV DOXQRV SURYRFDQGR QHVWHV XP VHQWLPHQWR GH HVWHULOLGDGH UHODWLYDPHQWH DR WHPSR TXH JDVWDP 2 PDLV LPSRUWDQWHYHPDVHUDVXDSUHSDUDomRSDUDRGLiORJRLQWHOLJHQWHFRPDV IHUUDPHQWDVTXHMiH[LVWHPGHTXHDOJXQVMiGLVS}HPHRXWURVYmRGLVSRU QXPIXWXURPXLWRSUy[LPR« 3RU RXWUR ODGR FRPR GL] DLQGD 0LJXHO GH *X]PiQ QXPD UHFHQWH HQWUHYLVWD³«3HQVRTXHpQHFHVViULRTXHRVQRVVRVDOXQRVUHDOL]HPFRP IDPLOLDULGDGH H VHP WLWXEHDomR DOJXPDV URWLQDV VHP DV TXDLV QmR VH SRGHP UHDOL]DU RV PDLV HOHPHQWDUHV SURJUHVVRV QDV PDLV HVVHQFLDLV WDUHIDVPDWHPiWLFDV FRQWXGR QmR WUDWHPRV GH ID]HU GHOHV FRPSHWLGRUHV GDVPiTXLQDVTXHSUHSDUDPRVSDUDID]HUHILFD]PHQWHWDLVWDUHIDVeERP TXH FRUUDPRV PDV QLQJXpP VH OHPEUDUi GH FRORFDU D FRUUHU XP KRPHP FRPXPFDUUR1DYLGDTXRWLGLDQDGRDGXOWRGHKRMHH[LVWHPPiTXLQDVTXH UHDOL]DP FRP UDSLGH] H VHJXUDQoD D PDLRU SDUWH GDV WDUHIDV GR FiOFXOR URWLQHLUR2TXHDVPiTXLQDVQmRSRGHPID]HUEHPpSHQVDU«´ 4XDQWR j DFWXDOLGDGH H LPSRUWkQFLD GR HQVLQR GD *HRPHWULD GL] 0LJXHO GH *X]PiQ QD PHVPD HQWUHYLVWD ³«3DUHFHPH TXH R TXH GHYH JXLDU DV DFWLYLGDGHV GR QRVVR HQVLQR GD *HRPHWULD p R HPSHQKR HP FRQVHJXLU FRP TXH RV DOXQRV VH HQULTXHoDP FRP RV SURIXQGRV YDORUHV IRUPDWLYRVQmRVRPHQWHGRSRQWRGHYLVWDPDWHPiWLFRPDVWDPEpPQXPD -RDTXLP 3LQWR 0RGHODomR ± 'D *HRPHWULD jV )XQo}HV SDVVDQGR SHOD (VWDWtVWLFD SHUVSHFWLYD PDLV JHUDO GD IRUPDomR DGHTXDGD GH XP FLGDGmR PpGLR D TXDO p RIHUHFLGD SHOD *HRPHWULD WDLV FRPR R HVWtPXOR GD LQWXLomR HVSDFLDO R VHQWLGR GD XWLOLGDGH H EHOH]D LQHUHQWH j *HRPHWULD D UDFLRQDOLGDGH R HQFRQWUR FRP D GHPRQVWUDomR QXP FDPSR LQWHOHFWXDO DWUDFWLYR TXH WDQWR HQWXVLDVPRX LQLFLDOPHQWH R PXQGR JUHJR DQWLJR H WHPHQWXVLDVPDGRGHVGHHQWmRTXHPH[SORUDD*HRPHWULD«´ 6DOLHQWRHPMHLWRGHFRQFOXVmRTXHTXDQGRVHROKDSDUDR3URJUDPD GH 0DWHPiWLFD GR (QVLQR 6HFXQGiULR FRPR XP WRGR H SHQVDUPRV SUHFLVDPHQWH QHVWDV FRQH[}HV TXH SRGHPRV HVWDEHOHFHU FKHJDPRV j FRQFOXVmR GH TXH DILQDO HVWH 3URJUDPD QmR WRFD QDV ³FRLVDV´ SHOD UDPD PDVVLPSHUPLWHLUPXLWRPDLVORQJHGRTXHDWpDTXLMiTXHDRSRVVLELOLWDU WUDEDOKDU FRP HVWDV QRYD IHUUDPHQWDV SRVVLELOLWD TXH VH Gr VHQWLGR j 0DWHPiWLFDHTXHDSHUJXQWDWDQWDVYH]HVUHSHWLGDSHORVQRVVRVDOXQRVÏ 6¶7{U SDUD TXH p TXH LVVR VHUYH" GHL[H GH DSDUHFHU QDV QRVVDV VDODV GH DXOD -RDTXLP 3LQWR 0RGHODomR ± 'D *HRPHWULD jV )XQo}HV SDVVDQGR SHOD (VWDWtVWLFD %,%/,2*5$),$ $OVLQD & ± 7ULOODV ( /HFFLRQHV GH $OJHEUD \ *HRPHWUtD %DUFHORQD(GLWRULDO*XVWDYR*LOL6$ *X]PiQ 0 G 0LJXHO GH *X]PiQ H D DSUHQGL]DJHP GD 0DWHPiWLFDQRVGLDVGHKRMH(QWUHYLVWDGDGDj3RUWR(GLWRUDHGLVSRQtYHO QRHQGHUHoRZZZSRUWRHGLWRUDSWQHWSURIPDWHPDWLFD *X]PiQ0G7HQGHQFLDV,QQRYDGRUDVHQ(GXFDFLyQ0DWHPiWLFD 2UJDQL]DFLyQGH(VWDGRV,EHURDPHULFDQRVSDUDOD(GXFDFLyQOD&LHQFLD\ OD&XOWXUD(GLWRULDO3RSXODU /RXUHLUR&2OLYHLUD$)5DOKD(%DVWRV5 %URFKXUD GH*HRPHWULDSDUDR$QRGH0DWHPiWLFD /LVERD'(6 3URJUDPD GH 0DWHPiWLFD GR (QVLQR 6HFXQGiULR /LVERD (GLWRULDO GR0LQLVWpULRGD(GXFDomR 5DOKD 0 (OIULGD 'LGiFWLFD GD 0DWHPiWLFD ± SHUVSHFWLYDV JHUDLV VREUHHGXFDomRPDWHPiWLFD/LVERD8QLYHUVLGDGH$EHUWD -RDTXLP 3LQWR