%HWLP0*%UDVLO $TXHFHGRUHV6RODUHVHP&RQMXQWRV +DELWDFLRQDLVGH%DL[D5HQGD(FRQRPLD GH(QHUJLDH)LQDQFHLUDHP%HWLP0* 2&5(5%HWLP&HQWURGH5HIHUrQFLDHP(QHUJLDV5HQRYiYHLVH(¿FLrQFLD(QHUJpWLFDUHDOL]RXXPD SHVTXLVDVREUHRXVRGHDTXHFHGRUHVVRODUHVHPTXDWURFRQMXQWRVKDELWDFLRQDLVGHEDL[DUHQGDGR 0XQLFtSLR$OpPGRVEHQHItFLRVSDUDRPHLRDPELHQWHRVUHVXOWDGRVGDSHVTXLVDPRVWUDUDPRXWURV JDQKRVGRXVRGHVVHWLSRGHHQHUJLDUHQRYiYHOUHGXomRGHDWpQRFRQVXPRGHHQHUJLDHUHGXomR GHDWpQDFRQWDRTXHWHPSRVVLELOLWDGRXPDXPHQWRVLJQL¿FDWLYRQDUHQGDIDPLOLDUGRVPRUDGRUHV (VWXGRVGH&DVR,&/(, -XOKR 5HVXPR $DomRFRQMXQWDHQWUHD3UHIHLWXUD0XQLFLSDOGH%HWLPD&HPLJ&RPSDQKLD (QHUJpWLFD GH 0LQDV *HUDLV H D &RKDE &RPSDQKLD GH +DELWDomR GH 0LQDV *HUDLV UHVXOWRX QD LQVWDODomR GH DTXHFHGRUHV VRODUHV HP FRQMXQWRV KDELWDFLRQDLVSDUDIDPtOLDVGHEDL[DUHQGDQR0XQLFtSLRQRSHUtRGRGHD $SHVTXLVDSHUPLWLXFRQKHFHUPHOKRURSHU¿OGRFRQVXPRGHHQHUJLDQHVVHV FRQMXQWRV KDELWDFLRQDLV$ SDUWLU GRV UHVXOWDGRV REWLGRV VXUJLUDP DOJXPDV SURSRVWDVLPSRUWDQWHVGHDo}HVPDLVHIHWLYDVHDSURSULDGDV $,PSRUWkQFLDGH(FRQRPL]DU(QHUJLDH3HVTXLVDVGH $FRPSDQKDPHQWR &RQVLGHUDQGRTXHPDLVGHGHWRGDDHQHUJLDpFRQVXPLGDHPFLGDGHVDViUHDV XUEDQDVJHUDPFHUFDGHGRLVWHUoRVGDVHPLVV}HVPXQGLDLVGH&2FRPWHQGrQFLD DDXPHQWDUeHVWLPDGRTXHGHDGDVHPLVV}HVGH*((GDVFLGDGHVYrP GRXVRGHFRPEXVWtYHLVIyVVHLVSDUDJHUDomRGHHQHUJLDHWUDQVSRUWH3RURXWUR ODGRDo}HVFRPRDLQVWDODomRGHDTXHFHGRUHVVRODUHVWDPEpPFRQWULEXHPSDUD TXHDVFLGDGHVVHUHD¿UPHPFRPRSDUWHGDVROXomRDRSUREOHPDGDVPXGDQoDV FOLPiWLFDVSURPRYHQGRPHGLGDVTXHDIHWDPRGLDDGLDGRVFLGDGmRVHSHUPLWLQGR R LQWHUFkPELR GH LQIRUPDo}HV D SDUWLFLSDomR S~EOLFD H R HQYROYLPHQWR GRV SULQFLSDLVDWRUHVVRFLDLV $OpPGLVVRRVFXVWRVGRFRQVXPRHQHUJpWLFRSDUDSRSXODo}HVGHEDL[DUHQGD UHSUHVHQWDPSDUFHODFRQVLGHUiYHOGRRUoDPHQWRIDPLOLDU $HFRQRPLD¿QDQFHLUDJHUDGDSHODLQVWDODomRGHSDLQpLVVRODUHVSDUDHVWHVHJPHQWR SRSXODFLRQDOUHSUHVHQWDXPDPHOKRULDVLJQL¿FDWLYDHPVXDTXDOLGDGHGHYLGDDR $SUR[NP 2UoDPHQWR0XQLFLSDO 5ELOKmR ¼PLOK}HV (FRQRPLD/RFDO ,QG~VWULDVDXWRPRWLYDH SHWURTXtPLFD 3DSHOGD&LGDGHQD5HJLmR &LGDGH FRP WD[D DFHOHUDGD GH FUHVFLPHQWRQDUHJLmRPHWURSROLWDQD GDFDSLWDO AL 2XVRGRVDTXHFHGRUHVVRODUHVUHVXOWRXHPXPDHFRQRPLDGHDWpQRFRQVXPR GHHQHUJLDHDWpQDFRQWDGHHOHWULFLGDGHSDUDDVIDPtOLDVFRPHPPpGLDGH PHPEURV 3RSXODomRÈUHD WABLES NE RE LO C 2&HQWURGH5HIHUrQFLDHP(QHUJLDV5HQRYiYHLVH(¿FLrQFLD(QHUJpWLFDGH%HWLP &5(5%HWLPUHDOL]RXXPDSHVTXLVDQHVVHVFRQMXQWRVKDELWDFLRQDLVHP FRPRVREMHWLYRVGHFRPSDUDURFRQVXPRGHHQHUJLDDQWHVHDSyVDLQVWDODomRGRV DTXHFHGRUHVVRODUHVHDYDOLDURJUDXGHVDWLVIDomRGRVXVXiULRVGRVDTXHFHGRUHV VRODUHV %HWLP An Initiative 2,&/(,DSRLDHIRUWDOHFHJRYHUQRV ORFDLVTXHSURPRYHPDJHUDomR HIRUQHFLPHQWRGHHQHUJLDV UHQRYiYHLVHHILFLrQFLDHQHUJpWLFD QRDPELHQWHXUEDQR ZZZLFOHLRUJ GLVSRQLELOL]DUPDLRUSDUFHODGHVHXRUoDPHQWRSDUDJDVWRVFRPRDOLPHQWDomRH WUDQVSRUWH 3DUDJDUDQWLUTXHERQVUHVXOWDGRVVHMDPDWLQJLGRVHPDQWLGRVpHVVHQFLDOTXH KDMDXPDFRPSDQKDPHQWRGRVUHVXOWDGRVDWUDYpVGHSHVTXLVDVFRPDVIDPtOLDV UHFHSWRUDVGREHQHItFLR$WUDYpVGHVWDVSHVTXLVDVpSRVVtYHOTXDQWL¿FDURVJDQKRV UHDLVDGYLQGRVGDDomRLQFHQWLYDQGRVXDUHSOLFDomRDOpPGHLGHQWL¿FDUSRVVtYHLV SUREOHPDVHRSRUWXQLGDGHVGHPHOKRULDGRSURJUDPD 2&RQWH[WRGH%HWLP /RFDOL]DGR D NP GD &DSLWDO GR (VWDGR %HOR +RUL]RQWH R 0XQLFtSLR GH %HWLPID]SDUWHGDUHJLmRPHWURSROLWDQDGDFDSLWDOGR(VWDGRGH0LQDV*HUDLV 6XD ORFDOL]DomR HVWUDWpJLFD H IDFLOPHQWH DFHVVtYHO RIHUHFHP IRUWHV DWUDWLYRV SDUDHPSUHVDVHLQG~VWULDVGHVHWRUHVFRPRDXWRPRELOtVWLFRHSHWURTXtPLFRTXH EXVFDPEDL[RVFXVWRVGHWUDQVSRUWHHLQFHQWLYRV¿VFDLV %HWLPSRVVXLRVHJXQGRPDLRURUoDPHQWRPXQLFLSDOGH0LQDV*HUDLVDWUiVDSHQDV GH%HOR+RUL]RQWHHHVWiHQWUHDVPDLRUHVHFRQRPLDVGR%UDVLO6XDQRWiYHO SURVSHULGDGHHFRQ{PLFDHDLQWHQVL¿FDomRGRSDUTXHLQGXVWULDOGDFLGDGHWrP UHÀHWLGRXPJUDQGHFUHVFLPHQWRSRSXODFLRQDOGHYLGRjPLJUDomRGDTXHOHVTXH VDHPHPEXVFDGHFRQGLo}HVGHYLGDPDLVSURPLVVRUDV &RPR FRQVHTXrQFLD R PHLR DPELHQWH ORFDO WDPEpP YHP VHQWLQGR IRUWHV LPSDFWRV$VQRYDVLQG~VWULDVHRHOHYDGRFUHVFLPHQWRSRSXODFLRQDOWrPVLGR UHVSRQViYHLVSHODPDLRUSDUWHGDVHPLVV}HVGH*((*DVHVGH(IHLWR(VWXIDQD UHJLmRFRQIRUPHPRVWURXRLQYHQWiULRUHDOL]DGRHPDOpPGHFRQWULEXtUHP SDUDDFUHVFHQWHFRQWDPLQDomRGRULRTXHSDVVDSHODFLGDGHHSDUDRDXPHQWRGD SURGXomRGHOL[R 'HYLGRDRDXPHQWRQDSRSXODomRHLQG~VWULDVRFRQVXPRGHHQHUJLDHP%HWLPp EDVWDQWHDOWR*:KDQR'HVVDIRUPDRGHVHQYROYLPHQWRGRVHJPHQWRGH HQHUJLDVVXVWHQWiYHLVpFHQWUDOSDUDTXHR0XQLFtSLRFRQWLQXHDFUHVFHUSRUpPGH PDQHLUDPDLVVXVWHQWiYHO )RWR3UHIHLWXUD0XQLFLSDOGH%HWLP (PDFLGDGHGH%HWLPDGHULXj&DPSDQKD&LGDGHVSHOD3URWHomRGR&OLPD &&370GR,&/(,QRkPELWRGDTXDOGHVHQYROYHXVHXLQYHQWiULRGHJDVHV $TXHFHGRUHVVRODUHVIRUDPLQVWDODGRVHPFDVDVGRFRQMXQWRKDELWDFLRQDO'LFDOLQR&DEUDOHP%HWLP (VWXGRGH&DVR,&/(,%HWLP%UDVLO FDXVDGRUHVGRHIHLWRHVWXIDHVHFRPSURPHWHXDHVWDELOL]DUHUHGX]LUVHXQtYHOGH HPLVV}HV'HQWURGDFDPSDQKDpQDiUHDGHHQHUJLDVUHQRYiYHLVTXHDDWXDomR GDFLGDGHWHPWLGRPDLRUGHVWDTXHVREUHWXGRQRTXHVHUHIHUHDRSURJUHVVLYRXVR GDHQHUJLDVRODUFRPRIRQWHGHHQHUJLDSDUDFRPXQLGDGHVGHEDL[DUHQGD(VWH SURWDJRQLVPROHYRXDHTXLSHGR,&/(,%UDVLODHVFROKHUR0XQLFtSLRGHQWUHDV GHPDLVFLGDGHVTXHSDUWLFLSDUDPGRSURFHVVRVHOHWLYRSDUDDWXDUFRPRDSULPHLUD &RPXQLGDGH0RGHORGD5HGH(ORQR%UDVLOHP (VWXGRGHFDVR $TXHFHGRUHV6RODUHVHP&RQMXQWRV+DELWDFLRQDLVGH %DL[D5HQGD(FRQRPLDGH(QHUJLDH)LQDQFHLUDHP %HWLP0* 8PDGDVSROtWLFDVKDELWDFLRQDLVGRJRYHUQRPXQLFLSDOGH%HWLPpDEXVFDGH VROXo}HV KDELWDFLRQDLV SDUD IDPtOLDV GH EDL[D UHQGD$ 3UHIHLWXUD 0XQLFLSDO GHVHQYROYHX XP SURJUDPD HVSHFt¿FR DWUDYpV GR TXDO DGTXLUH RV WHUUHQRV H H[HFXWDDLQIUDHVWUXWXUDQHFHVViULDFRPRREMHWLYRGHYHQGHUXQLGDGHVDXPSUHoR YLiYHOSDUDIDPtOLDVGHEDL[DUHQGD1RLQWXLWRGHUHGX]LURFRQVXPRGHHQHUJLD HOpWULFDHFRQVHTHQWHPHQWHRVJDVWRVGRVPRUDGRUHVGHVVHVFRQMXQWRVFRPR SDJDPHQWRGDVWD[DVGHHQHUJLD%HWLPEXVFRXHVWDEHOHFHUXPDSDUFHULDFRPD &HPLJ&RPSDQKLD(QHUJpWLFDGH0LQDV*HUDLV $VHPSUHVDVFRQFHVVLRQiULDVGRVHWRUGHHQHUJLDHOpWULFDQR%UDVLOGHDFRUGRFRP D/HL)HGHUDOQVmRREULJDGDVDLQYHVWLUGDVXDUHFHLWDOtTXLGD HPSHVTXLVDHGHVHQYROYLPHQWRHPH¿FLrQFLDHQHUJpWLFDRXVHMDHPDo}HVTXH WHQKDPSRUREMHWLYRRFRPEDWHDRGHVSHUGtFLRGHHQHUJLDHOpWULFDQRkPELWRGR 3URJUDPDGH(¿FLrQFLD(QHUJpWLFD±3(( 3HOR 3(( IRL LQLFLDGD D SDUFHULD HQWUH D &HPLJ D &RKDE &RPSDQKLD GH +DELWDomRGH0LQDV*HUDLVHD3UHIHLWXUD0XQLFLSDOGH%HWLP$DomRFRQMXQWD UHVXOWRXQDLQVWDODomRGHDTXHFHGRUHVVRODUHVHPFRQMXQWRVKDELWDFLRQDLV SDUDSRSXODomRGHEDL[DUHQGDQRSHUtRGRGHD &5(5UHDOL]DSHVTXLVDVREUHDTXHFHGRUHVVRODUHV &RPR FRPXQLGDGHPRGHOR GD 5HGH (OR %HWLP FULRX R &5(5 &HQWUR GH 5HIHUrQFLD HP (QHUJLDV 5HQRYiYHLV HP FRP D PLVVmR GH LQFRUSRUDU VHUYLoRVGHHQHUJLDUHQRYiYHO(5HH¿FLrQFLDHQHUJpWLFD((QRGHVHQYROYLPHQWR ORFDOHVHUXPFHQWURGHLQIRUPDo}HVHGLYXOJDomRGHWHFQRORJLDVHSURMHWRVHP HQHUJLDVXVWHQWiYHOSDUDLQVSLUDUSROtWLFDVS~EOLFDVHDo}HVWDPEpPHPRXWUDV FLGDGHVGDUHJLmR (PDHTXLSHGR&5(5%HWLPUHDOL]RXXPDSHVTXLVDQHVVHVFRQMXQWRV KDELWDFLRQDLVFRPRVREMHWLYRVGH z &RPSDUDURFRQVXPRGHHQHUJLDDQWHVHDSyVDLQVWDODomRGRVDTXHFHGRUHV VRODUHV z $YDOLDURJUDXGHVDWLVIDomRGRVXVXiULRVGRVDTXHFHGRUHVVRODUHV z $YDOLDURHVWDGRGHFRQVHUYDomRGRVDTXHFHGRUHVVRODUHV 3DUD D UHDOL]DomR GD SHVTXLVD D HTXLSH GH WpFQLFRV GR &5(5 HODERURX XP TXHVWLRQiULRIHFKDGRTXHIRLDSOLFDGRDRVPRUDGRUHVGRVFRQMXQWRVKDELWDFLRQDLV GHFDVDHPFDVDFRPDSRLRGD(TXLSHGH0RELOL]DomRGD'LYLVmRGH(GXFDomR $PELHQWDOGD6HFUHWDULDGH0HLR$PELHQWHGH%HWLP (VWXGRGH&DVR,&/(,%HWLP%UDVLO 27UDEDOKRGR&5(5 HP%HWLP 2&HQWURGH5HIHUrQFLDHP (QHUJLDV5HQRYiYHLVH(¿FLrQ FLD(QHUJpWLFD&5(5HP %HWLPIRLHVWDEHOHFLGRFRPD PLVVmRGHLQFRUSRUDUVHUYLoRV HQHUJpWLFRVUHQRYiYHLVQR GHVHQYROYLPHQWRORFDOHGH VHUXPFHQWURGHLQIRUPDo}HV HGLVVHPLQDomRGHWHFQROR JLDVHSURMHWRVHPHQHUJLDV UHQRYiYHLVSDUDLQVSLUDUDo}HV HSROtWLFDVS~EOLFDVHPRXWUDV FLGDGHV2&5(5pXPHO HPHQWRFKDYHGRHQYROYLPHQWR GH%HWLPQRSURMHWR5HGH(OR 3DUDPDLVLQIRUPDo}HVVREUHR HVWDEHOHFLPHQWRGR&5(5HP %HWLPSRUIDYRUYHMDR(VWXGR GH&DVR,&/(, 1RWRWDOGRVPRUDGRUHVGRV&RQMXQWRV+DELWDFLRQDLV'LFDOLQR&DEUDO &HOVR3HGURVD,WDFRORPLH9DUJHPGDV)ORUHVIRUDPHQWUHYLVWDGRVSHODHTXLSH GR&5(5HGD0RELOL]DomRHQWUHRVPHVHVGHMXOKRHDJRVWRGH )RWR3UHIHLWXUD0XQLFLSDOGH%HWLP $VVLPTXHRWUDEDOKRHPFDPSRIRLFRQFOXtGRDHTXLSHGR&5(5WUDEDOKRXFRP IXQFLRQiULRVGD6HFUHWDULDGH0HLR$PELHQWHSDUDDQDOLVDURVGDGRV'XUDQWH HVWHSURFHVVRRVSHVTXLVDGRUHVHQFRQWUDUDPDOJXPDVGL¿FXOGDGHV3RUH[HPSOR HPXPGRVFRQMXQWRVRVSDLQpLVVRODUHVMiHVWDYDPLQVWDODGRVTXDQGRDVIDPtOLDV VHPXGDUDPSRUWDQWRLQIRUPDo}HVVREUHDVFRQWDVGHHQHUJLDDQWHULRUHVDR XVRGHHQHUJLDVRODUQmRHVWDYDPGLVSRQtYHLV$OpPGLVVRXPDERDSDUWHGRV HQWUHYLVWDGRVQmRWLQKDPJXDUGDGDVDVFRQWDVDQWLJDV1HVWHVFDVRVDLQIRUPDomR IRLIRUQHFLGDDRVSHVTXLVDGRUHVGHPHPyULD'LDQWHGHVWDVGL¿FXOGDGHVR&5(5 WHPDSUHQGLGRFRPRRWUDEDOKRGHFDPSRSRGHVHUPHOKRUDGRQRIXWXURSDUDTXH DVLQIRUPDo}HVTXDQWLWDWLYDVREWLGDVVHMDPPDLVUHDOLVWDV'HTXDOTXHUPDQHLUD DSHVTXLVDGR&5(5LQGLFDTXHDQWHVGDLQVWDODomRGRVDTXHFHGRUHVVRODUHVR FRQVXPRGHHQHUJLDSDUDXPDIDPtOLDGHDSHVVRDVHUDGHHPPpGLD.:K PrV&RPDLQVWDODomRGHOHVRFRQVXPRFDLXSDUD.:KPrVUHSUHVHQWDQGR 0RUDGRUDGR&RQMXQWR+DELWDFLRQDO'LFDOLQR&DEUDO VHQGRHQWUHYLVWDGDVREUHVHXDTXHFHGRUVRODU XPDHFRQRPLDGH.:K±(PWHUPRV¿QDQFHLURVDFRQWDTXHFXVWDYD 5 (85 SDVVRX SDUD DSHQDV 5 (85 R TXH UHSUHVHQWD XPD HFRQRPLDGH5(85SDUDFDGDIDPtOLDSRUPrV6HQGRTXHKiLVHQomRGH LPSRVWRVTXDQGRRFRQVXPRUHVLGHQFLDOpPHQRUTXHN:KPrVFRPRpRFDVR GDVIDPtOLDVTXHFRPHoDUDPDXVDUHQHUJLDVRODUHP%HWLPDPDLRUSDUWHGHODV WHYHXPDHFRQRPLD¿QDQFHLUDPDLRUJHUDQGRDDOWDHFRQRPLDGH $SHVDU GDV GLIHUHQoDV QXPpULFDV D SHVTXLVD GR &5(5 HVWi DOLQKDGD DRV UHVXOWDGRVGHHVWXGRVUHDOL]DGRVHPRXWUDVFLGDGHVSRULQVWLWXLo}HVGHSHVRFRPR D$%5$9$±$VVRFLDomR%UDVLOHLUDGH5HIULJHUDomR$U&RQGLFLRQDGR9HQWLODomR H$TXHFLPHQWRH*UHHQ6RODU±JUXSRGHHVWXGRHPHQHUJLDVRODUGD3RQWLItFLD 8QLYHUVLGDGH&DWyOLFDGH0LQDV*HUDLVTXHDSRQWDPXPDWUHPHQGDHFRQRPLD 2VGDGRVTXDQWLWDWLYRVDSHVDUGHQmRVHUHPEDVHDGRVHPIRQWHVSUHFLVDV WDPEpP IRUDP FRQ¿UPDGRV SHOD SHVTXLVD TXDOLWDWLYD IHLWD HP FDPSR )RL OHYDQWDGRTXHGRVPRUDGRUHVHVWDYDPVDWLVIHLWRV8PDSRUFHQWDJHPDOWD FRPRHVWDQmRVHULDSRVVtYHOVHRVPRUDGRUHVQmRHVWLYHVVHPVHEHQH¿FLDQGRGH XPDHFRQRPLD¿QDQFHLUD (VWXGRGH&DVR,&/(,%HWLP%UDVLO 5HVXOWDGRVH,PSDFWRVGR3URMHWRQD&RPXQLGDGH $SHVTXLVDUHDOL]DGDSHOR&5(5%HWLPSHUPLWLXFRQKHFHURVUHVXOWDGRVGRXVR GRVDTXHFHGRUHVVRODUHVQHVVDVXQLGDGHV$SHVTXLVDPRVWURXTXH 2DTXHFHGRUVRODUGLPLQXLXRFRQVXPRGHHQHUJLDHPDWpQDPDLRULDGRV FDVRVPDQWHQGRDPpGLDGHFRQVXPRHPN:KPrVSDUDIDPtOLDVFRP PHPEURV )RWR3UHIHLWXUD0XQLFLSDOGH%HWLP z 0RUDGRUDVHQGRHQWUHYLVWDGDHP%HWLP z z z z 1RVFDVRVHPTXHRFRQVXPRpLQIHULRUD.:KPrVQmRpFREUDGDDDOtTXRWD GHSHOR,&06,PSRVWRVREUH&LUFXODomRGH0HUFDGRULDVH3UHVWDomRGH 6HUYLoRVRXVHMDDHFRQRPLD¿QDQFHLUDpDLQGDPDLRUMiTXHGHPDQHLUDJHUDO DVFRQWDVGHHQHUJLDIRUDPUHGX]LGDVSHODTXHGDHPFRQVXPRHWDPEpPQRV LPSRVWRV (PWHUPRVJHUDLVDFRQWDGHHQHUJLDGLPLQXLHPDWp &RPHVVDHFRQRPLDQDFRQWDGHHQHUJLDRXVRGRDTXHFHGRUVRODUSRVVLELOLWD XPDXPHQWRVLJQL¿FDWLYRQDUHQGDIDPLOLDU 3DUDGRVHQWUHYLVWDGRVDiJXDTXHQWHpVX¿FLHQWHSDUDWRGDDIDPtOLD GXUDQWHWRGRRGLD z $DFHLWDomRGRDTXHFHGRUVRODUpGHHQWUHRVHQWUHYLVWDGRV z GRVHQWUHYLVWDGRVPDQWHULDPRDTXHFHGRUVRODUHPRXWUDUHVLGrQFLD $OpPGDVLQIRUPDo}HVVREUHRVDTXHFHGRUHVDSHVTXLVDWDPEpPPRVWURXTXH z z z $SHVDUGDVLJQL¿FDWLYDUHGXomRGRFRQVXPRGHHQHUJLDDSyVDLQVWDODomRGRV DTXHFHGRUHV VRODUHV GLYHUVDV SHVVRDV GHVFRQKHFHP D PHOKRU PDQHLUD GH XWLOL]DURVHOHWURGRPpVWLFRVRXVHMDQmRSRVVXHPXPSDGUmRGHFRQVXPR VXVWHQWiYHORTXHSRGHULDUHVXOWDUHPUHGXomRDLQGDPDLRUGRFRQVXPRHGRV JDVWRVGHHQHUJLD $XWLOL]DomRGHOkPSDGDVLQFDQGHVFHQWHVTXHFRQVRPHPPDLVHQHUJLDTXH DVÀRUHVFHQWHVDLQGDpDOWRQHVVHVFRQMXQWRVKDELWDFLRQDLV3RUH[HPSORQR &RQMXQWR,WDFRORPLVHXXVRFRUUHVSRQGHD e QHFHVViULR XP PRQLWRUDPHQWR PDLV HILFD] QDV UHVLGrQFLDV SDUD R DFRPSDQKDPHQWRGRXVRGRVDTXHFHGRUHVVRODUHV 3URSRVWDVGH3Uy[LPRV3DVVRV 2XWURSRQWRSRVLWLYRGDSHVTXLVDIRLTXHDSDUWLUGDDQiOLVHGRVVHXVUHVXOWDGRV R&5(5GHWHUPLQRXDOJXPDVSURSRVWDVGHDomRHWHPWUDEDOKDGRFRPDOJXQV (VWXGRGH&DVR,&/(,%HWLP%UDVLO SDUFHLURVSDUDYLDELOL]DUDLPSOHPHQWDomRGDVVHJXLQWHVLQLFLDWLYDV z z z z 23URMHWR5HGH(OR $ 5HGH GH &RPXQLGDGHV 0 R G H O R H P ( Q H U J L D V 5HQRYiYHLV/RFDLVRX3URMHWR 5HGH (OR EXVFD DSRLDU H IRUWDOHFHU JRYHUQRV ORFDLV QD SURPRomR GH HQHUJLDV VXVWHQWiYHLVHHPVHWRUQDUHP FRPXQLGDGHV PRGHOR QR FRQWH[WR QDFLRQDO H UHJLRQDO (VWH SURMHWR LQWHUQDFLRQDO FRQHFWD FLGDGHV OtGHUHV SDUD FRRSHUDomR H F R P S D U W L O K D P H Q W R G H FRQKHFLPHQWR H H[SHULrQFLDV QRV FDPSRV GH HQHUJLDV UHQRYiYHLV (5 H HILFLrQFLD HQHUJpWLFD (( $VVLP R SURMHWR p XP FRPSRQHQWH FKDYH GD ,QLFLDWLYD ,&/(, GH 5HQRYiYHLV/RFDLV 8P DSRLR HVSHFLDO SDUD FRPXQLGDGHV PRGHOR QD ,QGLD %KXEDQHVZDU 1DJSXU H &RPEDLWRUH H QR %UDVLO %HWLP H 3RUWR $OHJUH IRL SRVVtYHO JUDoDV DR JHQHURVR DXVStFLR GR 0LQLVWpULR$OHPmR GH &RRSHUDomR (FRQ{PLFD H 'HVHQYROYLPHQWR%0=DWUDYpV GD 'HXWVFKH *HVHOOVFKDIW IU 7HFKQLVFKH =XVDPPHQDUEHLW *7=*PE+ $V&RPXQLGDGHVGH5HFXUVRV (XURSHLDV %RQQ )UHLEXUJ 0LOmR 9l[M| H 0DOP| FRQWDP FRP HVWUDWpJLDV HP HQHUJLDV U H Q R Y i Y H L V D O W D P H Q W H GHVHQYROYLGDV DV TXDLV WHP VDWLVIDomRHPFRPSDUWLOKDU 2VHVFULWyULRVGR,&/(,QR6XO GD ÈVLD 'HOKL %UDVLO 6mR 3DXOR H (XURSD )UHLEXUJ UHFHEHUDP FRQWLQXDPHQWH GLUHFLRQDPHQWR H RUJDQL]DUDP LQWHUFkPELRVHQWUHDVFLGDGHV ZZZLFOHLRUJORFDOUHQHZDEOHV 0DQWHUDSROtWLFDGRVDTXHFHGRUHVVRODUHVQRVFRQMXQWRVKDELWDFLRQDLVGHEDL[D UHQGDHPSDUHFHULDFRPD&HPLJ &ULDUXPGHFUHWRTXHH[LMDRXVRGHDTXHFHGRUHVVRODUHVHPWRGRVRVQRYRV HGLItFLRV ([LJLU R XVR GRV DTXHFHGRUHV VRODUHV HP WRGDV DV PRUDGLDV GR 3URJUDPD ³0LQKD&DVD0LQKD9LGD´GR*RYHUQR)HGHUDOHP%HWLP 5HDOL]DU D R¿FLQD Mi H[LVWHQWH QR &5(5%HWLP GH (FRQRPLD GH (QHUJLD SDUDRVPRUDGRUHVGRVFRQMXQWRVKDELWDFLRQDLVFRPRREMHWLYRGHHVWLPXODUR FRQVXPRVXVWHQWiYHOGHHQHUJLD $WXDOPHQWHR&5(5HVWiDWXDQGRMXQWRj&HPLJFRPRREMHWLYRGHUHVROYHURV SUREOHPDVFRPRVDTXHFHGRUHVDSRQWDGRVSHORVPRUDGRUHVQDSHVTXLVDFRPR YD]DPHQWRVHQWXSLPHQWRVSHoDVGDQL¿FDGDVHRXWURV /Lo}HV$SUHQGLGDV 8PD GDV OLo}HV PDLV LPSRUWDQWHV VH QmR D PDLV LPSRUWDQWH IRL HQWHQGHU D LPSRUWkQFLD GH PRQLWRUDU UHVXOWDGRV H EDVHDU Do}HV IXWXUDV HP GDGRV FRPSURYDGRVDRLQYpVGHGHGXo}HV3RGHVHGL]HUTXHPRQLWRUDUQmRID]SDUWH GD FXOWXUD EUDVLOHLUD HVSHFLDOPHQWH HP JRYHUQRV ORFDLV TXH WUDEDOKDP FRP UHFXUVRV OLPLWDGRV 'H TXDOTXHU PDQHLUD PHVPR HQIUHQWDQGR GLILFXOGDGHV H VHP H[SHULrQFLD D HTXLSH GR &5(5 FRPHoRX D PRQLWRUDU VXDV Do}HV 2 PRQLWRUDPHQWREHPIHLWRGHYHVHUSODQHMDGRDQWHVGRLQtFLRGDVDo}HVDRLQYpV GHQDIDVHGHPRQLWRUDPHQWR6HRVLQGLFDGRUHVVyIRUHPGHWHUPLQDGRVTXDQGR DV Do}HV HVWLYHUHP VHQGR ¿QDOL]DGDV QHP VHPSUH RV LPSOHPHQWDGRUHV WHUmR UHFROKLGRHRXPHGLGRRQHFHVViULR,VWRFULRXXPGHVD¿RSDUDR&5(5TXH QmRWLQKDSODQHMDGRFRPSOHWDPHQWHRPRQLWRUDPHQWRGHVXDVDo}HVDQWHVGH LPSOHPHQWiODV0DVDHTXLSHGR&5(5ORJRFRPHoRXDHQWHQGHUDLPSRUWkQFLD GDLQIRUPDomRREWLGDSRUPRQLWRUDPHQWRSDUDDMXGiORVDGHVHQYROYHUDo}HV IXWXUDVRXREWHUDSRLRGDOLGHUDQoDHDWRUHVH[WHUQRV3RUH[HPSORSRUPXLWRV DQRVRS~EOLFRHPJHUDOGXYLGRXGRVLPSDFWRVSRVLWLYRVGHSURMHWRVGHHQHUJLD WHUPDOVRODUMiTXHHUDFRPXPYHURHTXLSDPHQWRVHQGRYHQGLGRVHPHVTXLQDV SHODVIDPtOLDVEHQH¿FLDGDV$SHVTXLVDFRQGX]LGDHPFDGDFRPXQLGDGHUHYHORX TXHQRLQLFLRDOJXPDVIDPtOLDVYHQGHUDPVHXVSDLQpLVVRODUHVSRUTXHQmRWLQKDP VLGRLQIRUPDGDVGRVEHQHItFLRV3RUpPSRGHVHFRPSUHHQGHUTXHVHQGRTXH QHPD3UHIHLWXUDQHPD&HPLJWLQKDPGHVHQYROYLGRFDPSDQKDVLQIRUPDQGRRV EHQHItFLRVGDHQHUJLDVRODURVPRUDGRUHVYHQGLDPRVHTXLSDPHQWRVSDUDREWHU XPDUHQGDLPHGLDWDDRLQYpVGDHFRQRPLDGHORQJRSUD]R e LPSRUWDQWH HVWUXWXUDU EHP D SHVTXLVD DQWHV GH UHDOL]iOD SDUD LVVR p QHFHVViULRHVWDEHOHFHUFODUDPHQWHRVVHXVREMHWLYRVRXVHMDRTXHVHSUHWHQGH FRQKHFHUFRPHVVDSHVTXLVD7DPEpPpLPSRUWDQWHFDOFXODUULVFRVRXSUREOHPDV TXHSRGHPRFRUUHUFRPRIRLRFDVRTXDQGRQHPWRGRVRVPRUDGRUHVWLQKDPDV FRQWDVDQWLJDVFRPSURPHWHQGRSDUWHGRVUHVXOWDGRV$VSHUJXQWDVGHYHPVHUEHP IRUPXODGDVQmRGHL[DQGRPDUJHPSDUDG~YLGDVQRPRPHQWRGHUHVSRQGrODV3RU H[HPSORXPDGDVSHUJXQWDVGRTXHVWLRQiULRDSOLFDGRHP%HWLPHUDVHRDTXHFHGRU VRODUMiWLQKDQHFHVVLWDGRGHPDQXWHQomRRXFRQVHUWR(PFDVRD¿UPDWLYRVHULD LPSRUWDQWHDQRWDURPRWLYRGDPDQXWHQomRPDVFRPRQmRKDYLDHVVDSHUJXQWD HPDOJXPDVHQWUHYLVWDVRVPRUDGRUHVQmRIRUDPTXHVWLRQDGRVVREUHLVVR eLPSRUWDQWHWHUXPDHTXLSHFRPH[SHULrQFLDHPUHDOL]DUHVWHWLSRGHSHVTXLVD 6HHVWHQmRIRURFDVRpLPSRUWDQWHTXHRVPHPEURVGDHTXLSHVHMDPWUHLQDGRV (VWXGRGH&DVR,&/(,%HWLP%UDVLO UHFHEHQGRLQVWUXo}HVHUHFRPHQGDo}HVVREUHFRPRSUHHQFKHURVTXHVWLRQiULRV HVWUDWpJLDHWFeLPSRUWDQWHHVWDEHOHFHUQRFURQRJUDPDGHWDOSURMHWRWHPSR KiELOSDUDVHUHDOL]DUXPDDQiOLVHSUpYLDGRVUHVXOWDGRVREWLGRVHPFDPSR3RU H[HPSORLQFOXLUQRSURMHWRWHPSRSDUDHVWXGDUXPDDPRVWUDGRVTXHVWLRQiULRV HWHUGLYHUVDVUHXQL}HVFRPRSHVVRDOGHFDPSRSDUDHQWHQGHUDVGL¿FXOGDGHV TXHHVWmRHQIUHQWDQGR7DPEpPpHVVHQFLDOGHWHUPLQDURWDPDQKRGDHTXLSHTXH SRGHVHUJHUHQFLDGD7HUXPDPXOWLGmRHQYROYLGDDSHQDVSDUDVHREWHUUHVXOWDGRV UiSLGRVSRGHFDXVDUGL¿FXOGDGHVHFRPSURPHWHUDTXDOLGDGHGDSHVTXLVD eLPSRUWDQWHDQRWDUDVUHVSRVWDVGHIRUPDFODUDSDUDSRVWHULRUFRPSLODomR VHPEUHFKDVSDUDG~YLGDV3RUH[HPSORTXDQGRRHQWUHYLVWDGRFRQFHGHPDLV LQIRUPDo}HV TXH R VROLFLWDGR SRUpP LJXDOPHQWH LPSRUWDQWHV p QHFHVViULR DQRWiODVDRPi[LPRGDQGRDWHQomRjVGDWDVQ~PHURVFRQVXPRHWF 2SODQHMDPHQWRSDUDXPDSHVTXLVDGHFDPSRSUHFLVDVHUIHLWRFRQVLGHUDQGRWRGDV DVIDVHVGHXPDSHVTXLVDLQFOXVLYHDFRQVWUXomRGHUHODFLRQDPHQWRFRPRV PRUDGRUHVRTXHQR%UDVLOpGHJUDQGHYDORU&RQVLGHUDQGRTXHDFRPXQLGDGH QmRWLQKDQHQKXPUHODFLRQDPHQWRSUpYLRFRPR&5(5WHULDVLGRLPSRUWDQWH FDOFXODUXPWHPSRSDUDRVPRUDGRUHVFRQKHFHUHPR&HQWURVHXVREMHWLYRVH FRPRSRGHVHUYLUGHDSRLRSDUDRVHQWUHYLVWDGRV,VWRSRGHVHUIHLWRSRUPHLRGH HYHQWRVHFDPSDQKDVGHHGXFDomRHQHUJpWLFDHDPELHQWDOQDSUySULDFRPXQLGDGH (VWHIDVHVHUYHSDUDLQIRUPDUDFRPXQLGDGHUHPRYHUIDOVRVHVWLJPDVVREUHRV REMHWLYRVGDSHVTXLVDHSUHSDUiORVSDUDIRUQHFHULQIRUPDo}HVPDLVSUHFLVDVH FRQ¿iYHLV-iVHVDEHRVIXWXURVEDLUURVTXHGHYHPUHFHEHUSDLQpLVVRODUHVHP %HWLP3RUWDQWRpDOWDPHQWHUHFRPHQGiYHOTXHR&5(5MiFRPHFHXPWUDEDOKR GHHGXFDomRQHVWDVFRPXQLGDGHVFRPDWiXPDQRGHDQWHFHGrQFLD'HVWDPDQHLUD RVPRUDGRUHVWHUmRPDLVHPSHQKRHPDSRLDUDSHVTXLVDIXWXUDVHMiUHFHEHUDP DSRLRGR&5(5 'LDQWH GDV GL¿FXOGDGHV TXH R &5(5 WHYH FRP HVWD SULPHLUD H[SHULrQFLD GH SHVTXLVDGHFDPSRpLPSRUWDQWHVHUHXQLUFRPRVHQYROYLGRVSDUDHVWDEHOHFHU RTXHGHYHVHUPXGDGRQDPHWRGRORJLD8PDUHFRPHQGDomRPXLWRDOLQKDGD DRSRQWRDQWHULRUVHULDID]HUXPWUDEDOKRFRQWtQXRFRPDVFRPXQLGDGHVHQmR 0DWHULDLVGR3URMHWR5HGH(OR ËQGLD 5HODWyULRV)LQDLVGDV&LGDGHVGH%KXEDQHVZDU1DJSXUH&RLPEDWRUH (VWXGRGH&DVR3LRQHLULVPRQDDSOLFDomRGHHQHUJLDVUHQRYiYHLVHH¿FLrQFLDHQHUJpWLFDQRVHWRUGDVD~GHQRPXQLFtSLR GH%KXEDQHVZDU (VWXGRGH&DVR,QVWDODomRGHLOXPLQDomRH¿FLHQWHQR7HPSOR/RUG/LQJDUDMHP%KXEDQHVZDU (VWXGRGH&DVR$XGLWRULDGRVHWRUGHUHFXUVRVKtGULFRVSRVVLELOLWDRXVRH¿FLHQWHGHiJXDHHQHUJLDHP1DJSXU (VWXGRGH&DVR5HGX]LQGRHPLVV}HVGHFDUERQRFRPPHOKRULDVQRVVHUYLoRVS~EOLFRVPXQLFLSDLVHP&RLPEDWRUH %UDVLO 5HODWyULRV)LQDLVGDV&LGDGHVGH%HWLPH3RUWR$OHJUH (VWXGRGH&DVR(QYROYLPHQWRGHJUXSRVGHDWRUHVLQWHUHVVDGRVSDUDUHQRYiYHLVORFDLVHP%HWLPH3RUWR$OHJUH (VWXGRGH&DVR3RUWXJXrV(QHUJLD6RODUp,QFHQWLYDGDHP/HLVREUH&RPSHQVDomR9HJHWDOHP3RUWR$OHJUH (VWXGRGH&DVR3RUWXJXrV&HPLJOHYD(QHUJLD(OpWULFDHOpWULFDFKHJDDFRPXQLGDGHGHEDL[DUHQGDFRPDSRLRGR&5(5 %HWLP *OREDO (VWXGRGH&DVR)UHLEXUJ$OHPDQKD(VWUDWpJLDVGHORQJRSUD]RSDUDSURWHomRFOLPiWLFDQD&LGDGH9HUGHGH)UHLEXUJ (VWXGRGH&DVR9l[M|6XpFLD$WLJLQGRDLQGHSHQGrQFLDGHFRPEXVWtYHLVIyVVHLVFRPSDUWLFLSDomRFLGDGmHGHDWRUHV LQWHUHVVDGRV (VWXGRGH&DVR0LODQ,WiOLD0HOKRUDQGRVLVWHPDGHDTXHFLPHQWRGRGLVWULWRFRP(5H(( 2XWURVHVWXGRVGHFDVRVREUHH¿FLrQFLDHQHUJpWLFDHHQHUJLDVUHQRYiYHLVQDËQGLD%UDVLOH&RPXQLGDGHVGH5HFXUVR(XURSHLDV EHPFRPRUHODWyULRV¿QDLVGHFLGDGHVSDUDR3URMHWR5HGH(ORHVWmRGLVSRQtYHOVQRVLWHGRSURMHWR ZZZLFOHLRUJORFDOUHQHZDEOHV (VWXGRGH&DVR,&/(,%HWLP%UDVLO DSHQDVSRQWXDO6HQGRTXHMiVHVDEHTXHpUDURTXHRVPRUDGRUHVJXDUGHP VXDVFRQWDVGHHQHUJLDVHULDLPSRUWDQWHPDQWHUFRQWDWRFRQWtQXRFRPXPDJHQWH TXHYLVLWDULDDFRPXQLGDGHDFDGDPrVPHVHV±RXXPSHUtRGRGHWHUPLQDGR SDUDGRFXPHQWDURFRQVXPRYDORUGDFRQWDHRXWUDVPXGDQoDVFRPRQ~PHURGH KDELWDQWHVSRUXQLGDGH7HURDFRPSDQKDPHQWRGHVWHVGDGRVGXUDQWHXPSHUtRGR GHSHORPHQRVXPDQRJDUDQWLUiGDGRVTXDQWLWDWLYRVGHPHOKRUTXDOLGDGH1HVWD SULPHLUDSHVTXLVDDDQDOLVHIRLIHLWDVRPHQWHFRPRVGDGRVGRPrV;GHHR PHVPRPrV;GHHQmRGHIRUPDFRQWtQXD 2VUHVXOWDGRVGDSHVTXLVDGHYHPVHUSXEOLFDGRVGHXPDPDQHLUDFODUDH WUDQVSDUHQWHeLPSRUWDQWHGHVWDFDUDVGL¿FXOGDGHVQDVGLYHUVDVIDVHVGRSURMHWR SDUDH[SOLFDURVUHVXOWDGRV3RUH[HPSORQmRpVX¿FLHQWHIDODUTXHGDGRVQmR IRUDPREWLGRVHPXPGHWHUPLQDGRFRQMXQWR2OHLWRUSUHFLVDVDEHURSRUTXr)RL SRUIDOWDGHSHVTXLVDGRUHV")RLSRUH[WUDYLR"1RFDVRGHVWDSHVTXLVDDOJXQV GDGRVVREUHRFRQVXPRDQWHVGRXVRGHHQHUJLDVRODUQmRH[LVWLDPSRUTXHRV PRUDGRUHV VH PXGDUDP SDUD DV FDVDV TXDQGR HODV Mi WLQKDP R HTXLSDPHQWR 6HUHVXOWDGRVQmRIRUHPEHPH[SOLFDGRVSRUPHLRGDPHWRGRORJLDHFiOFXORV G~YLGDVVXUJLUmRSDUDROHLWRUSRGHQGRFRPSURPHWHUDFRQ¿DELOLGDGHGRHVWXGR 7UDQVSDUrQFLDQmRVyDXPHQWDDFRQ¿DELOLGDGHGDVLQIRUPDo}HVPDVWDPEpP DMXGDRXWURVDHYLWDUHPSUREOHPDVQRIXWXURSRUPHLRGHOLo}HVDSUHQGLGDV ,QIRUPDo}HVVXUSUHHQGHQWHVIRUDPOHYDQWDGDV$OJXQVGDGRVOHYDQWDGRVSHOD SHVTXLVDIRUDPHQFDPLQKDGRVj&HPLJSRLVKRXYHGL¿FXOGDGHGHLQWHUSUHWDomR SRUH[HPSORFDVRVHPTXHDOJXPDVFDVDVTXHWLQKDPFRQVXPRGHN:KPrV SDJDYDPXPDFRQWDGH5HQTXDQWRXPDFDVDFRPFRQVXPRGHN:K PrVSDJDYD5>YDORUHVLOXVWUDWLYRV@$&HPLJH[SOLFRXTXHGHDFRUGRFRPD /HLQWRGRVRVFRQVXPLGRUHVFRPFRQVXPRLQIHULRUDN:KPrV RXHQWUHHN:KPrVLQVFULWRVQR&DGDVWURÒQLFRGH3URJUDPDV6RFLDLVGR *RYHUQR)HGHUDOID]HPMXVDREHQHItFLRGHVXEVtGLRGDVXEFODVVH%DL[D5HQGD (VVHEHQHItFLRGHYHVHUVROLFLWDGRSRUpPQHPWRGRVWrPFRQKHFLPHQWRGHOH$VVLP R&5(5WHPDLQWHQomRGHLQIRUPDURVPRUDGRUHVGRVFRQMXQWRVVREUHLVVR 5HSOLFDELOLGDGH $SHVTXLVDUHDOL]DGDSHOR&5(5%HWLPSHUPLWLXj&LGDGHFRQKHFHUPHOKRUR SHU¿OGRFRQVXPRGHHQHUJLDQHVVHVFRQMXQWRVKDELWDFLRQDLV $ SDUWLU GD SHVTXLVD VXUJLUDP DOJXPDV SURSRVWDV LPSRUWDQWHV GH DomR 2 FRQKHFLPHQWRGHVVDUHDOLGDGHSRVVLELOLWRXDSURSRVLomRGHDo}HVPDLVHIHWLYDVH DSURSULDGDV &RPHVVHSODQRGHDo}HVUHVXOWDQWHGDSHVTXLVDpSRVVtYHODUWLFXODUFRPSDUFHLURV GR0XQLFtSLRHRXWURVSDUDJDUDQWLUVXDLPSOHPHQWDomR $ SHVTXLVD IRL EDVWDQWH HORJLDGD SHOD &HPLJ HVSHFLDOPHQWH HP UHODomR DRV UHVXOWDGRVTXDOLWDWLYRVTXHD¿UPRXQmRWHUFRQGLo}HVGHUHDOL]DUXPDSHVTXLVD FRPHVVHJUDXGHGHWDOKDPHQWRSRLVDWHQGHDPXLWRVPXQLFtSLRVWRUQDQGRVH LQYLiYHO3RUPHLRGHVWDSHVTXLVDRXWUDVRSRUWXQLGDGHVSDUDFRQVWUXLUSDUFHULDV WrPVLGRHVWDEHOHFLGDV 2XWURV GD DFDGHPLD PXQLFtSLRV H VHWRU SULYDGR WrP PRVWUDGR LQWHUHVVH HP WUDEDOKDU FRP R &5(5 QR IXWXUR 3RU H[HPSOR D &(0,* H XP HVWXGDQWH GH GRXWRUDGRWrPVHPDQLIHVWDGRSDUDDMXGDUR&5(5DHODERUDURXWUDVSHVTXLVDV FRPEDVHFLHQWt¿FDHODERUDGDSRUSUR¿VVLRQDLV3DUFHULDVFRPRHVWDQmRDSHQDV UHVXOWDUmRHPPHOKRUHVDQiOLVHVPDVWDPEpPFDSDFLWDUmRRVWpFQLFRVGR&5(5 DUHSOLFDUHPHPFDPSRQRIXWXUR (VWXGRGH&DVR,&/(,%HWLP%UDVLO $ SHVTXLVD SRGH VHU UHSOLFDGD HP RXWURV FRQMXQWRV KDELWDFLRQDLV TXH XWLOL]HP DTXHFHGRUHVVRODUHVLQGHSHQGHQWHGRWLSRGHUHQGDGRVPRUDGRUHVSHUPLWLQGR WUDoDURSHU¿OGHFRQVXPRGHHQHUJLDHSRVWHULRUPHQWHXPSODQRGHDomRSDUD HVWLPXODURFRQVXPRVXVWHQWiYHO2VUHVXOWDGRVGDSHVTXLVDVREUHHFRQRPLDGH HQHUJLDH¿QDQFHLUDFRPR XVR GHDTXHFHGRUHV VRODUHV GHYHP VHU DPSODPHQWH GLYXOJDGRVHPRXWURVPXQLFtSLRVSRLVpXPDH[SHULrQFLDTXHSRGHVHUUHSOLFDGD FRPJDUDQWLDGHEHQHItFLRV $OpPGLVVRRVEHQHItFLRVHFRQ{PLFRVGRXVRGHHQHUJLDVRODUWpUPLFDVmRSRXFR GLYXOJDGRV8PDPDQHLUDGHLQFHQWLYDURXVRGHVVHWLSRGHHQHUJLDUHQRYiYHOp PRVWUDQGRVHXVEHQHItFLRV 2UoDPHQWRH)LQDQoDV 1HVVH FDVR QmR KRXYH JDVWRV SRLV RV SHVTXLVDGRUHV HUDP IXQFLRQiULRV GD 3UHIHLWXUDHUHDOL]DUDPDSHVTXLVDGXUDQWHRVHXKRUiULRGHWUDEDOKR 'HDFRUGRFRPD&(0,*RVFXVWRVGHDTXLVLomRHLQVWDODomRGRVDTXHFHGRUHV VRODUHVGRDGRVSHOD(PSUHVDVmRHPPpGLD5PLOSRUDTXHFHGRU )RQWHV z (QWUHYLVWDVUHDOL]DGDVQRV&RQMXQWRVKDELWDFLRQDLVHPMXOKRDJRVWRGH z 3HVTXLVD$TXHFHGRUHV6RODUHVQRV&RQMXQWRV+DELWDFLRQDLVGH%HWLP0*%UDVLO UHDOL]DGRSRU*DEULHOD0DLDH6LOYD z (QWUHYLVWDVUHDOL]DGDVFRPD&HPLJ z (QWUHYLVWDVUHDOL]DGDVFRPRVPHPEURVGR&5(5%HWLP 5HFRQKHFLPHQWR *RVWDUtDPRVGHDJUDGHFHU $R&5(5H&(0,*SHORDSRLR z z $R0LQLVWpULR$OHPmRGH&RRSHUDomR(FRQ{PLFDH'HVHQYROYLPHQWR%0=DWUDYpV GD'HXWVFKH*HVHOOVFKDIWIU7HFKQLVFKH=XVDPPHQDUEHLW*7=*PE+ $XWRULD)DELDQD%DUELH3DXOD*DEULHOD)UHLWDV(GLomR3DXOD*DEULHOD)UHLWDV 'LDJUDPDomR*LRUJLD5DPEHOOL &RQWDWRV &5(5±&HQWURGH 5HIHUrQFLDHP(QHUJLDV 5HQRYiYHLVH(¿FLrQFLD (QHUJpWFLD 6HFUHWDULDGH0HLR$PELHQWH 3UHIHLWXUD0XQLFLSDOGH%HWLP 5XD3DUiGH0LQDV%UD]LO %HWLP0*%UD]LO 7HO (PDLOFUHUEHWLP#JPDLOFRP ZZZEHWLPPJJRYEU ,&/(,6HFUHWDULDGRSDUD $PpULFD/DWLQDH&DULEH (VFULWyULRGH3URMHWR $YHQLGD4XDUWR&HQWHQiULR 6DOD 3RUWmR$GR3DUTXH ,ELUDSXHUD 6mR3DXOR63 %UD]LO 7HO )D[ (PDLOLFOHLODFVEUDVLO#LFOHLRUJ ZZZLFOHLRUJODFVSRUWXJXHV ,&/(,6HFUHWDULDGR0XQGLDO &HQWURGH&DSDFLGDGH .DLVHU)ULHGULFK6WUDVVH '%RQQ$OHPDQKLD 7HO )D[ (PDLO ORFDOUHQHZDEOHV#LFOHLRUJ ZZZLFOHLRUJORFDOUHQHZDEOHV 2 ,&/(, *RYHUQRV /RFDLV SHOD 6XVWHQWDELOLGDGH p XPD DVVRFLDomR LQWHUQDFLRQDO GH JRYHUQRV ORFDLV FRPSURPHWLGRVFRPRGHVHQYROYLPHQWRVXVWHQWiYHO$PLVVmRGR,&/(,pFRQVWUXLUHVHUYLUXPPRYLPHQWRJOREDOGH JRYHUQRVORFDLVSRUPHOKRULDVWDQJtYHLVQDVXVWHQWDELOLGDGHJOREDODWUDYpVGHDo}HVFXPXODWLYDVFRPIRFRSULQFLSDO HPFRQGLo}HVDPELHQWDLV (VWHHVWXGRGHFDVRpSDUWHGHXPDVpULHIRFDGDQDVDWLYLGDGHVGRVPHPEURV,&/(,DRUHGRUGR PXQGR,&/(,6HFUHWDULDGR0XQGLDO(PDLOSXEOLFDWLRQV#LFOHLRUJ SRU,&/(,*RYHUQRV/RFDLVSHOD6XVWHQWDELOLGDGH7RGRVRVGLUHLWRVUHVHUYDGRV -XOKR ZZZLFOHLRUJ