(675$7e*,$6&2167587,9,67$6(,19(67,*$7,9$612(16,12 '$6&,Ç1&,$6 -RUJH9DODGDUHV8QLYHUVLGDGH$EHUWD MYDODG#XQLYDESW 5HVXPR (VWDFRPXQLFDomRLQFLGHVREUHRHQVLQRGDVFLrQFLDVQDVHVFRODVVHFXQGiULDV9LYHVHDJRUDHP 3RUWXJDOXPDDOWHUDomRGRVFXUUtFXORVGHFLrQFLDV)tVLFD4XtPLFD%LRORJLDH*HRORJLDWHQGR HPYLVWDXPDPHOKRULDGRVHXHQVLQRFRPXPDFRPSRQHQWHH[SHULPHQWDOREULJDWyULD 3RUpPRVQRYRVSURJUDPDVVySRUVLQmRWUDUmRTXDOTXHUEHQHItFLRSDUDRHQVLQRVHDV HVWUDWpJLDVGRVSURIHVVRUHVQmRIRUHPFRQVLGHUDYHOPHQWHPRGLILFDGDV(DUHLQWURGXomRGDV DFWLYLGDGHVH[SHULPHQWDLVQRVPROGHVHPTXHVHUHDOL]DYDPDQWLJDPHQWHWDPEpPSRXFRVRX QHQKXQVEHQHItFLRVWUDUi,QYHVWLJDo}HVUHIHULGDVQHVWHWUDEDOKRWrPPRVWUDGRTXHDV H[SHFWDWLYDVUHODWLYDPHQWHjVDFWLYLGDGHVH[SHULPHQWDLVQmRWrPVLGRVDWLVIHLWDV,QWHUHVVD UHIOHFWLUQHVWHIDFWRHGDtXPDGDVUD]}HVGHVWHDUWLJR1HOHVHGHIHQGHPHVWUDWpJLDV FRQVWUXWLYLVWDVHLQYHVWLJDWLYDVSDUDGLYHUVDVDFWLYLGDGHVFRPHVSHFLDOrQIDVHQDVDFWLYLGDGHV H[SHULPHQWDLV$SyVXPDGHILQLomRGRTXHVHHQWHQGHSRUHVWUDWpJLDVFRQVWUXWLYLVWDVH LQYHVWLJDWLYDVTXHSDVVDPSHODFULDomRGHDPELHQWHVTXHDTXLVHUmRFDUDFWHUL]DGRVpGHIHQGLGR RUHFXUVRDPHWRGRORJLDVHLQVWUXPHQWRVJXLDGRVSHODWHRULDGDDSUHQGL]DJHPVLJQLILFDWLYDXPD WHRULDFRQVWUXWLYLVWDHPTXHHFRPDTXDOKiYiULRVDQRVYLPRVWUDEDOKDQGR 7HUPLQDVHDSUHVHQWDQGRDOJXQVH[HPSORVGH9rVGRFRQKHFLPHQWRFRQVWUXtGRVHVSHFLDOPHQWH SDUDDSRLDUHVWUDWpJLDVFRQVWUXWLYLVWDVHLQYHVWLJDWLYDVGHDERUGDJHPGHDFWLYLGDGHV H[SHULPHQWDLVGRVQRYRVSURJUDPDVGRHQVLQRVHFXQGiULRSRUWXJXrV (VWHGRFXPHQWRFRUUHVSRQGHDRWH[WRLQWHJUDOGHXPDFRQIHUrQFLDSURIHULGDQR(QFRQWUR©2(QVLQRGDV&LrQFLDV QRkPELWRGRV1RYRV3URJUDPDVªQRGLDGH0DLRQD)DFXOGDGHGH(QJHQKDULDGD8QLYHUVLGDGHGR3RUWR ,QWURGXomR $RREVHUYDURGHVGREUiYHOGR(QFRQWUTXHDTXLQRVUHXQH©2(QVLQRGDV&LrQFLDVQRkPELWR GRV1RYRV3URJUDPDVªIXLSDUWLFXODUPHQWHVHQVLELOL]DGRSHODILJXUDHPTXHDSDUHFHDTXHVWmR ©4XHFDPLQKRV"ª 7UDWDVHGHXPDTXHVWmRGHFLVLYD'HIDFWRKiTXHHQFRQWUDUQRYRVFDPLQKRVTXHFRQGX]DPD XPHQVLQRGDVFLrQFLDVPDLVDOLFLDQWHPRWLYDGRUHIUXWXRVRSRUTXHPDLVDGHTXDGRjQDWXUH]DGD FLrQFLDDRVSULQFtSLRVSVLFROyJLFRVGRGHVHQYROYLPHQWRHGDDSUHQGL]DJHQVGRVDOXQRVHDR PXQGRGDLQIRUPDomRGRFRQKHFLPHQWRHGDPXGDQoDHPTXHYLYHPRV 'HYHPRVHVWDUFRQVFLHQWHVGHTXHRHQVLQRGDVFLrQFLDVQDVHVFRODVVHFXQGiULDVpFRQGLFLRQDGR SRUGLYHUVRVIDFWRUHVTXHHPJUDQGHSDUWHQRVHVFDSDPTXHSRUH[HPSORDVFRQGLo}HVGH WUDEDOKRGHTXHGLVSRPRVUDUDPHQWHVmRDVTXHJRVWDUtDPRVGHWHUSDUDGHVHQYROYHUXPWUDEDOKR PDLVLQGLYLGXDOL]DGRFRPFDGDDOXQRHOHYDUDFDERGDPHOKRUIRUPDDVHVWUDWpJLDVGHHQVLQRH DYDOLDomRTXHYDPRVFRQFHEHQGR$OpPGLVVR³RIDFWRUPDLRVLPSRUWDQWHGHTXHGHSHQGHD DSUHQGL]DJHPGRVDOXQRVpDTXLORTXHHOHVMiVDEHP´$XVXEHOHWDOHpXPIDFWRTXHRV DOXQRVVDEHPSRUYH]HVPXLWRSRXFRTXDQGRLQLFLDPDVDXODVQRDQRGHHVFRODULGDGH FRPHoDUSHORVSUySULRVFXUULFXODTXHQHPVHPSUHVmRDTXHOHVTXHJRVWDUtDPRVTXHFRPDV FRQGLo}HVGHWUDEDOKRQDVHVFRODVFRPRVHTXLSDPHQWRVODERUDWRULDLVGLVSRQtYHLVFRPRPDLRU RXPHQRUDPHLRVVyFLRHFRQyPLFRVHPTXHVHLQWHJUDPFRPDIRUPDomRGRVSURIHVVRUHVHWF 0DVRQmRFRQWURORGHPXLWRVIDFWRUHVGH©JRYHUQDQoDª*RZLQGRSURFHVVRHGXFDWLYR GRVQRVVRVHVWXGDQWHVQmRQRVOLEHUWDDFRQVFLrQFLDGHGDUPRVRQRVVRPHOKRUFRQWULEXWR SHVVRDOSDUDTXHDHGXFDomRGRVQRVVRVDOXQRVHHPSDUWLFXODUDVXDHGXFDomRFLHQWtILFDVH SURFHVVHGDPHOKRUIRUPDSRVVtYHOQRFRQWH[WRHPTXHHODGHFRUUH 8PGRVIDFWRUHVGHr[LWRGDDFWLYLGDGHGRSURIHVVRUGHFLrQFLDVSDVVDSHORUHFXUVRDHVWUDWpJLDV YDULDGDVHDGHTXDGDV0DVDGHTXDGDVDTXrHRXDTXHP"6HPG~YLGDDRVDOXQRVHSDUDWDO QHFHVVDULDPHQWHDGHTXDGDVjQDWXUH]DGDTXLORTXHVHSUHWHQGHTXHDSUHQGDPDFLrQFLDHDRV SULQFtSLRVSVLFROyJLFRVPDLVFRQVHQVXDLVTXHIRLSRVVtYHODWLQJLU$VHVWUDWpJLDVFRQVWUXWLYLVWDVH LQYHVWLJDWLYDVVREUHTXHYHUVDHVWDFRQIHUrQFLDSURFXUDPHVVHGXSORVXSRUWHVHUHPDGHTXDGDVj QDWXUH]DGDFLrQFLDHDRVSULQFtSLRVSVLFROyJLFRVUHIHUHQWHVDRGHVHQYROYLPHQWRHDSUHQGL]DJHP GDVFULDQoDV2VGRLVDGMHFWLYRV©FRQVWUXWLYLVWDVªH©LQYHVWLJDWLYDVªHVWmRORQJHGHVHUFODURVH FRQVHQVXDLV7RUQDVHSRLVQHFHVViULRFODULILFDUDTXLORTXHVLJQLILFDP ¬SURFXUDGHXPDGHILQLomRGHHVWUDWpJLDFRQVWUXWLYLVWD (VWUDWpJLDVFRQVWUXWLYLVWDVVmRHVWUDWpJLDVEDVHDGDVQRFRQVWUXWLYLVPR0DVRTXHpLVVRGR FRQVWUXWLYLVPR" 1mRKiXPDUHVSRVWDXQkQLPHSDUDHVWDTXHVWmRHPXLWRPHQRVXPDDFHLWDomRXQLYHUVDOGR FRQVWUXWLYLVPRSHORPHQRVQDVVXDVIRUPDVPDLVUDGLFDLV 3RGHPRVVHJXLQGRXPDOLQKDSUy[LPDGRTXHIH]0DUWLQ'RXJLDPDVGLVWLQJXLU FRQVWUXWLYLVPRUDGLFDOHWULYLDOFRQVWUXWLYLVPRVRFLDOFRQVWUXWLYLVPRFXOWXUDOHFRQVWUXWLYLVPR FUtWLFR('RXJLDPDVQHVWHVHXDUWLJRSXEOLFDGRQD,QWHUQHWGHVFRQKHFHRXWUDVIRUPDVGH FRQVWUXWLYLVPRFRPRSRUH[HPSORRFRQVWUXWLYLVPRKXPDQR1RYDN0LQW]HVHWDO 7DPEpPSRGHPRVID]HURXWUDDERUGDJHPHHQFDUDURFRQVWUXWLYLVPRFRPRXPSDUDGLJPD FRPUHSHUFXVV}HVQDILORVRILDGDFLrQFLDQDSVLFRORJLDHGXFDFLRQDOHQDHGXFDomRFLHQWtILFD 9DODGDUHVSSD 8PDDQiOLVHGDHYROXomRKLVWyULFDGHGLYHUVDVLGHLDVFLHQWtILFDVFRPRSRUH[HPSORDVTXH FRQGX]LUDPDRHVWDEHOHFLPHQWRGD7HRULDGD5HODWLYLGDGH5HVWULWD9DODGDUHVXPDORQJD UHIOH[mRVREUHRVSUREOHPDVILORVyILFRVGRFRQKHFLPHQWRFLHQWtILFREDVHDGDQDOHLWXUDGH GLYHUVDVREUDVHQWUHDVTXDLVROLYURPDUFDQWH(UNHQQWQLVWKHRULHGRILOyVRIRDOHPmR-RKDQQHV +HVVHQSURIHVVRUGDXQLYHUVLGDGHGH&ROyQLDSXEOLFDGRHPHWUDGX]LGRSDUD3RUWXJDOHP HRFRQKHFLPHQWRTXHQRVSURSRUFLRQRXDLQFXUVmRQRGRPtQLRGD3VLFRORJLDGD(GXFDomR FRPSDUWLFXODUUHOHYRSDUDD3VLFRORJLDGH$XVXEHOFRQGX]LUDPQRVDXPDSRVLomR GLDOHFWLFDPHQWHVXSHUDGRUDGDVJUDQGHVDQWtWHVHVGRJPDWLVPRFHSWLFLVPRHPSLULVPR UDFLRQDOLVPRHUHDOLVPRLGHDOLVPR9DODGDUHVH$QRVVDYLVmRGRFRQVWUXWLYLVPR KXPDQRSRGHVHUWUDGX]LGDQDVHJXLQWHIUDVH 2FRQKHFLPHQWRFLHQWtILFRTXDOTXHUTXHHOHVHMDpXPDFRQVWUXomRKXPDQDUHVXOWDQWHGH LQWHUDFo}HV FRPSOH[DV HQYROYHQGR VXMHLWRV H REMHFWRV HP TXH QHP XQV QHP RXWURV WrP D KHJHPRQLD9DODGDUHV 1RTXDGURVHJXLQWHRFRQVWUXWLYLVPRVXUJHQXPFRQWH[WRKLVWyULFRFRPRVXSHUDomRGDVJUDQGHV DQWtWHVHVILORVyILFDVTXHSURFXUDUDPUHVSRQGHUDRVJUDQGHVSUREOHPDVDFHUFDGRFRQKHFLPHQWR 6mRUHIHULGDVSRUVLPSOLFLGDGHDSHQDVDVILORVRILDVPDLVLPSRUWDQWHVSDUDDVFLrQFLDVHDOJXQV GRVSULPLWLYRVGHIHQVRUHVGDVPHVPDV,GHP $17Ë7(6(6+,67Ï5,&$6 352%/(0$6 3UREOHPDGD SRVVLELOLGDGHGR FRQKHFLPHQWR L 'RJPDWLVPR 3UREOHPDGD RULJHPGR FRQKHFLPHQWR L 5DFLRQDOLVPR 'RJPDWLVPRLQJpQXRSUpVRFUiWLFRV 'RJPDWLVPRWHyULFRGLYHUVRVSHQVDGRUHV &ULWLFLVPRFXMR LL &HSWLFLVPR IXQGDGRUIRL.DQW &HSWLFUDGLFDORXDEVROXWR3LUUyQGH(OLV &HSWLFLQWHUPpGLR$UFHVLODRH&DUQHDGHV 3RVLWLYLVPR$XJXVWR&RPWH 1HRSRVLWLYLVPR 6XEMHFWLYLVPRVRILVWDV &RQVWUXWLYLVPR 5HODWLYLVPR2VZDOGR6SHQJOHU 3UDJPDWLVPR:LOOLDP-DPHV6FKLOOHU 5DFLRQDOLVPRWUDQVFHQGHQWH3ODWmR 5DFLRQWHROyJLFR6WR$JRVWLQKRH 0DOHEUDQFKH 5DFLRQDOLVPRLPDQHQWH'HVFDUWHV /HLEQLW] 5DFLRQDOLVPROyJLFRVpFXORV;,;H;; LL (PSLULVPR (PSLULVPRLQJOrVGRVpFXOR;9,,,/RFNH 6HQVXDOLVPR&RQGLOODF 3UREOHPDGD HVVrQFLDGR FRQKHFLPHQWR 683(5$d®(6 L5HDOLVPR 5HDOLVPRLQJpQXRSUpVRFUiWLFRV 5HDOLVPRQDWXUDO$ULVWyWHOHV 5HDOLVPRFUtWLFR'HPyFULWR*DOLOHXHWF 5HDOLVPRYROLWLYR0DLQHGH%LUDX *XLOKHUPH'LOWKH\0D[6FKHOHU LL,GHDOLVPR ,GHDOLVPRVXEMHFWLYRRXSVLFROyJLFR %HUNHOH\ (PSLULRFULWLFLVPR$YHQDULXV0DFK ,GHDOLVPRREMHFWLYRRXOyJLFRQHRNDQWLVPR GD(VFRODGH0DUEXUJR ,QWHOHFWXDOLVPR FXMRIXQGDGRUIRL $ULVWyWHOHV $SULRULVPRFXMR IXQGDGRUIRL.DQW &RQVWUXWLYLVPR )HQRPHQDOLVPR IXQGDGRSRU.DQW &RQVWUXWLYLVPR 6HUILORVRILFDPHQWHFRQVWUXWLYLVWDpSRLVQmRVHUGRJPiWLFRQHPFpSWLFRQmRVHUHPSLULVWDQHP UDFLRQDOLVWDQmRVHUQHPUHDOLVWDQHPLGHDOLVWDPDVDFHLWDUHVXSHUDUDUJXPHQWRVGHWRGDVHVWDV ILORVRILDV 7DOFRPRDILUPDRILOyVRIRDFWXDO.XQR/RUHQ]S ³WRGDDGLVSXWDPRGHUQDTXHQRSULQFtSLRVHGHVHQURORXHQWUHRUDFLRQDOLVPRFOiVVLFRH RHPSLULVPR±LQFOXLQGRRVVHXVFRJQDWRVDQDOtWLFRVQRVpFXOR;;RUDFLRQDOLVPROyJLFR HRHPSLULVPROyJLFRHSUHVHQWHPHQWHRPHQWDOLVPRHREHKDYLRXULVPRRXDVUHFHQWHV IXV}HVGHHVWUXWXUDOLVPRHIXQFLRQDOLVPR³GHFLPDSDUDEDL[R´RX³GHEDL[RSDUDFLPD´ QRTXHGL]UHVSHLWRjIXQGDomRGRFRQKHFLPHQWRFLHQWtILFR±WRGDHVVDPRGHUQDGLVSXWD SRGHEDVLFDPHQWHVHUFRPSUHHQGLGDFRPRXPDGLVSXWDVREUHRTXHpTXHYHPSULPHLURD IRUPDRXDPDWpULDRVSRGHUHVGDPHQWHRXRVSRGHUHVGDQDWXUH]DGLVSXWDHVVDQDTXDO DV GXDV SDUWHV VH HQFRQWUDP HP UHJUD FRPSOHWDPHQWH F{QVFLDV GR IDFWR TXH D PHQWH SHUWHQFHjQDWXUH]DHTXHIDODUGDQDWXUH]DpXPDSDUWLFXODUUHDOL]DomRGDPHQWH´ 6HP R UHFXUVR DR FRQWH~GR GD PHQWH VHULD LPSRVVtYHO LQWHUURJDU D QDWXUH]D H VHP RV GDGRV IRUQHFLGRVSHODQDWXUH]DQmRKDYHULDPDLVFRQKHFLPHQWRFLHQWtILFRQDPDLVULFDGDVPHQWHV e SRLV GHVFDELGR GHIHQGHUVH XP PpWRGR VHMD HOH HPStULFRLQGXWLYLVWD RX UDFLRQDOLVWD FRQIRUPHVHPRVWUDDWUDYpVGDVUHVSHFWLYDVVLPXODo}HVTXHVHVHJXHP 6LPXODQGRXPPRGHORGHPpWRGRFLHQWtILFRHPSLULVWD« 2EVHUYDomR DSOLFDU DWHQWDPHQWH RVVHQWLGRVID]HUDVPHGLo}HVFRPWRGRRFXLGDGRSDUDUHFROKHU GDGRVFLHQWtILFRVRPDLVH[DFWDPHQWHSRVVtYHO +LSyWHVHID]HUXPDVXSRVLomRDFHUFDGDOHLTXHH[SOLFDRIHQyPHQR ([SHULPHQWDomRUHFULDURIHQyPHQRQRODERUDWyULRXVDQGRRVDSDUHOKRVH[SHULPHQWDLVHDVUHJUDVGH )UDQFLV %DFRQ SUHHQFKHQGR XPD ©WiEXD GH SUHVHQoDVª RXWUD ©GH DXVrQFLDVª H ©RXWUD GH JUDXVª RX TXHUHQGRVHUPDLVDFWXDODPHWRGRORJLDGH6WXDUW0LOOXPUHILQDPHQWRGDGH%DFRQRXTXHUHQGRVHU DLQGDPDLVPRGHUQRUHFRUUHQGRjVDFWXDLVWDEHODVGHGXSODRXWULSODHQWUDGDHVWDWtVWLFDVHWF ,QGXomR JHQHUDOL]DU DV UHJXODULGDGHV HQFRQWUDGDV FRP DV WUDQVIRUPDo}HV GRV GDGRV REWLGRV H[SHULPHQWDOPHQWHSDUDWRGRVRVIHQyPHQRVDQiORJRVDRIHQyPHQRHPFDXVD (WFHWF &UtWLFD 1RSRQWRKiTXHDSOLFDUDWHQWDPHQWHRVVHQWLGRV3DUDREVHUYDURTXr"$RDFDVR"(VWDPRVj HVSHUD TXH D QDWXUH]D VH HQFDUUHJXHGHQRVGDUGHEDQGHMDRVGDGRVGHTXHQyVQHFHVVLWDPRV" )DOWDXPDUHIOH[mRSURIXQGDSDUDVDEHUPRVRTXHYDPRVREVHUYDUHFRPRYDPRVREVHUYDU)DOWD XPSDVVRFKDPDGRUHIOH[mRXVRGDPHQWH 3DVVHPRV DR SRQWR WUrV &RPR XVDU RV DSDUHOKRV VHP WHU SRU WUiV XP FRQKHFLPHQWR WHyULFR DFHUFDGRVHXIXQFLRQDPHQWRGDWHRULDGRVHUURVFRPHWLGRVHWF" 6LPXODomRGHXPPRGHORGHPpWRGRFLHQWtILFRUDFLRQDOLVWD« $[LRPDVIRUPXODPVHXPGRLVRXWUrVSULQFtSLRVFRPFDUiFWHUD[LRPiWLFRRPtQLPRQHFHVViULR SDUDVHFRQVWUXLUDWHRULDGRIHQyPHQR 'HGXomRSRUPHLRGRUDFLRFtQLRKLSRWpWLFRGHGXWLYRFRPWRGRRULJRUOyJLFRSURSRUFLRQDGRSHOD 0DWHPiWLFDGHVHQYROYHPRVXPDWHRULDEDVHDGDQRVD[LRPDV /HLVVHFXQGiULDVFRPEDVHQDWHRULDGHGX]LPRVUDFLRQDOPHQWHOHLVYiOLGDVSDUDRIHQyPHQR (WFHWF &UtWLFD 1RSRQWRXPVmRIRUPXODGRVSULQFtSLRVEiVLFRV0DVSRUTXrHVVHVHQmRRXWURV"&RPSULQFtSLRV GLIHUHQWHVSRGHPRVFKHJDUDFRQFOXV}HVVHPHOKDQWHVDFHUFDGRVPHVPRVIHQyPHQRV9HMDVHRV SULQFtSLRV GD ItVLFD QHZWRQLDQD GLIHUHQWHV GRV GD ItVLFD HLQVWHLQLDQD H FKHJDQGR D SUHYLV}HV VHPHOKDQWHVSDUDRVIHQyPHQRVGHPRYLPHQWRDEDL[DVYHORFLGDGHV 2 TXH QRV JDUDQWH TXH HVVHV SULQFtSLRV VmR RV FRUUHFWRV H QmR RXWURV" 1mR WHPRV TXDOTXHU JDUDQWLDDEVROXWD2LQGtFLRGHTXDLVVmRRVFRUUHFWRVpIRUQHFLGRSHODH[SHULrQFLD3RUWDQWRHVWi HVFRQGLGRXPSRQWRTXHpH[SHULrQFLDVYLYLGDVTXHLQGLFLDPRVSULQFtSLRVDGRSWDGRV 2 FRQKHFLPHQWR GH FRPR D FLrQFLD VH FRQVWUyL FRQGX]QRV DR FRQVWUXWLYLVPR PDV QmR DR FRQVWUXWLYLVPR UDGLFDO TXH FRQVLGHUDPRV GHPDVLDGR VXEMHFWLYR H FpSWLFR GDQGRQRV XPD LPDJHPGLVWRUFLGDGDKLVWyULDHGRVVXFHVVRVGDFLrQFLDWDOFRPRPXLWREHPPRVWUD5REHUW1ROD S DR FRORFDU REMHFo}HV D HVVH FRQVWUXWLYLVPR 1D LPSRVVLELOLGDGH GH QRV GHEUXoDUPRV DTXL VREUH HVVDV H RXWUDVREMHFo}HVDRFRQVWUXWLYLVPRUDGLFDOUHPHWHPRVROHLWRU LQWHUHVVDGRSDUDHVWHDUWLJRGH1ROD (VWDYLVmRILORVyILFDGRFRQVWUXWLYLVPRpDFRPSDQKDGDGHXPDYLVmRSVLFROyJLFD SUHGRPLQDQWHPHQWHFRJQLWLYLVWD$VVLPQXPDSHUVSHFWLYDSVLFROyJLFDRFRQVWUXWLYLVPRTXH GHIHQGHPRVWHPDVVHJXLQWHVFDUDFWHUtVWLFDV9DODGDUHVH*UDoDSDGDSWDGR • 1mRFRQVLGHUDDPHQWHFRPRXPD©FDL[DQHJUDªFRJQRVFtYHODWUDYpVDSHQDVGDV UHVSRVWDVDHVWtPXORV • 6XSHUDRREMHFWLYLVPRHRVXEMHFWLYLVPRGDVSHUFHSo}HVQmRFRQVLGHUDQGRHVWDVQHP GHSHQGHQWHVDSHQDVGRVREMHFWRVH[WHULRUHVQHPGHSHQGHQWHVDSHQDVGDVLGHLDVSUpYLDV GRVXMHLWR • &RQVLGHUDTXHDSDVVDJHPGRVLJQLILFDGROyJLFRGRFRQKHFLPHQWRDVLJQLILFDGR SVLFROyJLFRSRUFDGDPHQWHpLQIOXHQFLDGDSRUIDFWRUHVHQGyJHQRVTXHDFWXDPGHPRGR FRPSOH[RTXHRSHQVDPHQWRVHQWLPHQWRVHPRo}HVHSDL[}HVSRUXPODGRHDDFomRSRU RXWURHVWmRHQYROYLGRVGHXPPRGRFRPSOH[RQRSURFHVVRLQGLYLGXDOGHFRQVWUXomRGR FRQKHFLPHQWR eFRPHVWDEDVHHSLVWHPROyJLFDHSVLFROyJLFDTXHFKHJDPRVDXPDQRYDYLVmRSHGDJyJLFD VHJXQGRDTXDODDSUHQGL]DJHPGHFDGDDOXQRpXPSURFHVVRDFWLYRSHVVRDOHLGLRVVLQFUiWLFRGH FRQVWUXomRGRVHXFRQKHFLPHQWR1HVVHSURFHVVRRFRQKHFLPHQWRSUpYLRGRDOXQRHDIRUPD FRPRHVWiHVWUXWXUDGRQDVXDPHQWHHVWUXWXUDFRJQLWLYDGRDOXQRpGHFLVLYR$VXDPHQWHQmR SRGHGHPRGRDOJXPVHUFRQVLGHUDGDXPD©WiEXDUDVDªTXHUHFHEHJUDWXLWDPHQWHGDGRVGR H[WHULRUHTXHRVDFHLWDSDVVLYDPHQWHDWULEXLQGROKHVREMHFWLYDPHQWHVHPSUHRPHVPR VLJQLILFDGR 7DOFRPRDILUPD6FRWWFRQVWUXWLYLVWDVHUiDTXHOHTXH³HQWHQGHRVHVWXGDQWHVFRPR DSUHQGL]HVDFWLYRVTXHYrPSDUDDVDXODVGHFLrQFLDVMiFRPLGHLDVDFHUFDGRVIHQyPHQRV QDWXUDLVHTXHHOHVXVDPSDUDGDUVHQWLGRjVH[SHULrQFLDVGLiULDV´LQ&URZWKHU $PHQWHGRDOXQRpDGDSWDWLYDYDLFRQVWUXLQGRHUHFRQVWUXLQGRDVLGHLDVTXHSRVVXLjPHGLGD TXHYDLYLYHQGRDVPDLVGLYHUVDVH[SHULrQFLDVGHPRGRDDGDSWDUVHDHVWDVHDWULEXLUOKHV VLJQLILFDGR$DSUHQGL]DJHPFRPRPXGDQoDGRVLJQLILFDGRGDVH[SHULrQFLDVFRQVLVWHHP PHFDQLVPRVGHPXGDQoDPDLVRXPHQRVDFHQWXDGDGDUHGHFRQFHSWXDOSUHYLDPHQWHGLVSRQtYHO QDPHPyULDGHPRGRDTXHRVQRYRVFRQFHLWRVILTXHPLQWHJUDGRVGHPRGRPDLVRXPHQRV VXEVWDQWLYRQHVVDUHGHFRQFHSWXDOPRGLILFDGD 6HDLQWHJUDomRGRVFRQKHFLPHQWRVQRYRVIRUVXEVWDQWLYDVHDPHQWHDVVLPLODUPDLVRXPHQRV SURIXQGDPHQWHRVVLJQLILFDGRVGRVQRYRVFRQFHLWRVDDSUHQGL]DJHPVHUiVLJQLILFDWLYD6HRV QRYRVFRQKHFLPHQWRVIRUHPLQFRUSRUDGRVVHPVHLQWHJUDUHPQDHVWUXWXUDFRJQLWLYDSUpYLDVHP PRGLILFDUHPRVVXEVXQoRUHVRXFRQFHLWRVLQWHJUDGRUHV$XVXEHOHWDOVHIRUHP VLPSOHVPHQWHPHPRUL]DGRVHQWmRRVVHXVVLJQLILFDGRVQmRVHUmRDVVLPLODGRVHDDSUHQGL]DJHP VHUiPHFkQLFDRXPHPRUtVWLFD+iWRGDXPDYDULDomRFRQWtQXDGDDSUHQGL]DJHPDOWDPHQWH VLJQLILFDWLYDjDSUHQGL]DJHPPHFkQLFD ,Q©$SUHQGHUDDSUHQGHUªSRU -1RYDNH'*RZLQ/LVERD3OiWDQR(GLo}HV7pFQLFDVS (VWDPRVDJRUDILQDOPHQWHHPFRQGLo}HVGHDSUHVHQWDUXPDSULPHLUDGHILQLomRGRTXHpXPD HVWUDWpJLDGHDSUHQGL]DJHPFRQVWUXWLYLVWDpDTXHODTXHWHPHPOLQKDGHFRQWDR FRQVWUXWLYLVPRWDOFRPRRDFDEiPRVGHFDUDFWHUL]DU ¬SURFXUDGHXPDGHILQLomRGHHVWUDWpJLDFRQVWUXWLYLVWDHLQYHVWLJDWLYD $FHLWDPRVFRPRXPIDFWRTXHDDSUHQGL]DJHPSRUUHFHSomRSRGHVHUVLJQLILFDWLYDGHVGHTXHD PHQWHFRQVWUXDHUHFRQVWUXDDFWLYDPHQWHRVHXSUySULRFRQKHFLPHQWRDSDUWLUGHPDWHULDO SRWHQFLDOPHQWHVLJQLILFDWLYRTXHOKHpDSUHVHQWDGRQXPDIRUPDDFDEDGDYHUTXDGURGDVHFomR DQWHULRU(pSUHFLVRGL]rORJUDQGHSDUWHGRVFRQKHFLPHQWRVTXHDSUHQGHPRVDRORQJRGDYLGD VmRDSUHQGLGRVGHVVHPRGR 1DHVFRODRSDSHOGRSURIHVVRUSDVVDWDPEpPSRUDSUHVHQWDUDRVDOXQRVXPPDLRURXPHQRU YROXPHGHLQIRUPDomRFRPDHVWUXWXUDILQDOTXHVHSUHWHQGHTXHRDOXQRDSUHQGD0DVJUDQGH Q~PHURGHFDSDFLGDGHVTXHVmRIXQGDPHQWDLVQRPXQGRGHKRMHQmRVHUmRHVWLPXODGDVH GHVHQYROYLGDVQRVDOXQRVVHRSURIHVVRUQmRDGRSWDUHVWUDWpJLDVHPTXHHOHVWHUmRGHLQYHVWLJDU FRPREMHFWRVHIHQyPHQRVTXHVW}HVGHFRPSOH[LGDGHDGHTXDGDjSURFXUDGHUHVSRVWDVDHVVDV TXHVW}HV6mRRVDOXQRVTXHPDLVRXPHQRVJXLDGRVSHORSURIHVVRUHQFRQWUDUmRDVUHVSRVWDVjV TXHVW}HVHGHVWHPRGRFRQVWUXLUmRQRYRVFRQKHFLPHQWRV(pGHVWDIRUPDTXHGHVHQYROYHUmR FDSDFLGDGHVIXQGDPHQWDLVSDUDRVHXIXWXURFRPRPHPEURVGHXPDVRFLHGDGHHPPXGDQoD SHUPDQHQWH (VWDVHVWUDWpJLDVFRQVWUXWLYLVWDVHLQYHVWLJDWLYDVVmRSDUWLFXODUPHQWHUHFRPHQGiYHLVQDV DFWLYLGDGHVH[SHULPHQWDLVPDVWDPEpPSRGHUmRVHUXWLOL]DGDVQDUHVROXomRGHSUREOHPDVGH SDSHOHOiSLVRXQR©GHVHPSDFRWDPHQWRªGDLQIRUPDomRFRQWLGDQXPDIRQWHGHFRQKHFLPHQWR HVFULWRXPSDSHUSRUH[HPSORGHPRGRDDSUHQGHUVLJQLILFDWLYDPHQWHRVHXFRQWH~GR YHUHPRVQRILQDOXPH[HPSOR 0DVFRPRQHVWHPRPHQWRKiSRUSDUWHGRVUHVSRQViYHLVGDHGXFDomRRGHVHMRGHTXHKDMDXP IRUWDOHFLPHQWRGRHQVLQRH[SHULPHQWDOGDVFLrQFLDVGHVHMRHVVHTXHVHHVSHUDYHQKDDVHU FRPSDUWLOKDGRSHODJUDQGHPDLRULDGRVSURIHVVRUHVpQRGRPtQLRGDVDFWLYLGDGHVH[SHULPHQWDLV TXHDJRUDQRVLUHPRVFHQWUDU1HVWHGRPtQLRDVHVWUDWpJLDVFRQVWUXWLYLVWDVHLQYHVWLJDWLYDVVmR UHDOPHQWHIXQGDPHQWDLV /HVOLH7URZEULGJHH5RGJHU%\EHHID]HPXPDFODVVLILFDomREDVWDQWHH[DXVWLYDGDVFDSDFLGDGHV TXHVHSRGHUmRDGTXLULUFRPDVDFWLYLGDGHVH[SHULPHQWDLVSH9RXPHOLPLWDU DTXLDUHSURGX]LUDVFDWHJRULDVGHVVDVFDSDFLGDGHVHDOJXQVH[HPSORVFRPOLJHLUtVVLPDV DGDSWDo}HVQXPFDVRRXQRXWUR $&DSDFLGDGHVDTXLVLWLYDV 2XYLU±VHUDWHQWRHVWDUDOHUWDTXHVWLRQDU 2EVHUYDU±VHUSUHFLVRDWHQWRVLVWHPiWLFR 3HVTXLVDU±ORFDOL]DUIRQWHVXWLOL]DUYDULDGDVIRQWHVVHUDXWRFRQILDQWHDGTXLULU FDSDFLGDGHVGHFRQVXOWDELEOLRJUiILFD ,QTXLULU±SHUJXQWDULQWHUYLUFRUUHVSRQGHU (WF %±&DSDFLGDGHVRUJDQL]DFLRQDLV 5HJLVWDU±FRQVWUXLUWiEXDVHPDSDVWUDEDOKDUFRPUHJXODULGDGHVHIHFWXDUUHJLVWRV FRPSOHWRV &RPSDUDU±QRWDUHPTXHDVFRLVDVVHDVVHPHOKDPSURFXUDUVLPLODULGDGHVQRWDU DVSHFWRVLGrQWLFRV &RQWUDVWDUQRWDUHPTXHDVFRLVDVGLIHUHPSURFXUDUGLIHUHQoDVQRWDUDVSHFWRVGLVWLQWRV &ODVVLILFDU±HWF &&DSDFLGDGHVFULDWLYDV 3ODQLILFDU±YHUVDtGDVSRVVtYHLVPRGRVGHDWDTXHHVWDEHOHFHUKLSyWHVHV $UTXLWHFWDUFRQFHEHUQRYRVSUREOHPDVQRYDVDERUGDJHQVQRYRVXWHQVtOLRVRX VLVWHPDV ,QYHQWDU±FULDUXPPpWRGRXWHQVtOLRRXVLVWHPD (WF« '±&DSDFLGDGHVPDQLSXODWLYDV 0DQLSXODUXVDUXPLQVWUXPHQWRHWF« (±&DSDFLGDGHVFRPXQLFDWLYDV 4XHVWLRQDUIRUPXODUTXHVW}HVHWF« 7HPKDYLGRPXLWDLQYHVWLJDomRQRVHQWLGRGHFRPSDUDUPpWRGRVGHHQVLQREDVHDGRVHP DFWLYLGDGHVH[SHULPHQWDLVFRPPpWRGRVEDVHDGRVHPDFWLYLGDGHVQmRH[SHULPHQWDLVHRV UHVXOWDGRVHVWmRPXLWRDTXpPGDVH[SHFWDWLYDV1RTXHUHVSHLWDSRUH[HPSORDFRQKHFLPHQWR FRQFHSWXDOFRPSUHHQVmRHDSOLFDomRGRVSURFHVVRVGHFLrQFLDHDTXLVLomRGHDWLWXGHVSRVLWLYDV IDFHjFLrQFLDQmRWrPVLGRUHYHODGDVGLIHUHQoDVVLJQLILFDWLYDV&RXOWHU6LHJDO5DYHQ +RIVWHLQ/XQHWWD$UD~MR*ODVVRQFLWSRU)UDGHS 'HIDFWRVHFRQWLQXDUPRVDHQFDUDUDVDFWLYLGDGHVH[SHULPHQWDLVQXPDSHUVSHFWLYDIHFKDGD HPSLULVWDFRQGXWLVWDQDEDVHGHJXL}HVWLSRUHFHLWDFRQWLQXDUHPRVDGHVSUH]DUDVHQRUPHV SRWHQFLDOLGDGHVGHVVHWLSRGHDFWLYLGDGHV7HUHPRVGHDGRSWDUHVWUDWpJLDVFRQVWUXWLYLVWDVH LQYHVWLJDWLYDVVHSUHWHQGHUPRVH[SORUDUHVVDVDFWLYLGDGHVSDUDXPDDSUHQGL]DJHPPDLV VLJQLILFDWLYDGDFLrQFLDHSDUDRGHVHQYROYLPHQWRGDVHQRUPHVHIXQGDPHQWDLVFDSDFLGDGHVTXH 7URZEULGJHH%\EHHUHIHUHP $FULDomRGHDPELHQWHVDGHTXDGRVDXPDERDDSUHQGL]DJHP 8PDERDDSUHQGL]DJHPH[LJHDFULDomRGHXPERPDPELHQWHGHDSUHQGL]DJHP9iULRVDXWRUHV UHIHUHPVHDHVVHVDPELHQWHVFRPRDPELHQWHVFRQVWUXWLYLVWDV&XQQLQJKDP'XII\DQG.QXWK -RQDVVHQ6DYHU\'XII\ %DVHDQGRQRVQRVWUDEDOKRVGHVWHVHVWXGLRVRVHQRQRVVRSUySULRWUDEDOKRYDPRVLQGLFDU DOJXPDVFDUDFWHUtVWLFDVGHVVHVDPELHQWHVFRQVWUXWLYLVWDV 3}HPDrQIDVHQDFRQVWUXomRGRFRQKHFLPHQWRHQmRQDVXDUHSURGXomRGHPHPyULD 3ULYLOHJLDPDVWDUHIDVGRVDOXQRVHPFRQWH[WRVVLJQLILFDWLYRVHPYH]GDVSUHOHFo}HV DEVWUDFWDVGRSURIHVVRUIRUDGRVFRQWH[WRVDGHTXDGRV 3ULYLOHJLDPDVVLWXDo}HVGRPXQGRUHDOHGRGLDDGLDHPYH]GDVVHTXrQFLDVGHHQVLQR UtJLGDVHSUpGHWHUPLQDGDV 3URSLFLDPP~OWLSODVUHSUHVHQWDo}HVGDPHVPDUHDOLGDGHHQmRXPDVyUHSUHVHQWDo}HV LFyQLFDVYHUEDLVIRUPDLVTXDOLWDWLYDVVHPLTXDQWLWDWLYDVTXDQWLWDWLYDVHWF (QFRUDMDPDUHIOH[mRFUtWLFDFRQVWDQWHGRVDOXQRVGXUDQWHDVVXDVDFWLYLGDGHV 3URSLFLDPDFWLYLGDGHVGHSHQGHQWHVGRFRQWH[WRHGRFRQWH~GRHWrPHPFRQWDRVHVWLORVGH DSUHQGL]DJHPGRVDOXQRV (VWLPXODPDFRQVWUXomRFRODERUDWLYDGRFRQKHFLPHQWRDWUDYpVGDQHJRFLDomRVRFLDOHQmRD FRPSHWLomRLQGLYLGXDOSHODFODVVLILFDomR 3ULYLOHJLDPDDYDOLDomRIRUPDGRUDTXHWDOFRPRDHQFDUDPRVGHYHHVWDUYROWDGDQmRVySDUD DUHJXODomRGDDSUHQGL]DJHPGHFDGDDOXQRFRPRWDPEpPSDUDDUHIOH[mRDXWRDYDOLDomRH DXWRFRUUHFomRGDSUySULDDSUHQGL]DJHP 6mRDJUDGiYHLVHSURSLFLDGRUHVGHERDVUHODo}HVLQWHUSHVVRDLVGHQWURHIRUDGDVDXODV 6mRPRWLYDGRUHVHUHVSRQVDELOL]DGRUHVGRVDOXQRVSHODVVXDVSUySULDVDSUHQGL]DJHQV $DSUHQGL]DJHPFRRSHUDWLYDTXHHVWHVDPELHQWHVHVWLPXODPGHYHVHUOHYDGDDFDERWHQGRHP OLQKDGHFRQWDRVHVWXGRVTXHWrPVLGRHIHFWXDGRVVREUHHVVHWLSRGHDSUHQGL]DJHP+RMHMi GLVSRPRVGHERDVREUDVVREUHHVVHWHPDSRUH[HPSORDGH-RKQVRQH-RKQVRQ $ILUPRXVHTXHRVDPELHQWHVFRQVWUXWLYLVWDVGHYHUmRWHUHPOLQKDGHFRQWDRVHVWLORVGH DSUHQGL]DJHPGRVDOXQRV$OJXQVSHVTXLVDGRUHVFODVVLILFDUDPPHVPRRVDOXQRVGHDFRUGRFRPR HVWLORGHDSUHQGL]DJHP)HUQDQGH]H3ODFLQJUHIHUHPDVHJXLQWHFODVVLILFDomR RVYLVXDOLVDGRUHV±UHFRUUHPLPHQVRDRVDVSHFWRVLFyQLFRVSDUDDSUHQGHUHP RVYHUEDOL]DGRUHV±DSUHQGHPH[SOLFDQGRSDUDVLPHVPRVHSDUDRVRXWURV RVSHUJXQWDGRUHV±UHFRUUHPLPHQVRDSHUJXQWDVDRVRXWURV RVVRFLDOL]DGRUHV±DSUHQGHPGLVFXWLQGRFRPRVRXWURV RVRXYLQWHV±JRVWDPGHDSUHQGHURXYLQGRRVRXWURV ,QGHSHQGHQWHPHQWHGRVHVWLORVGHDSUHQGL]DJHPTXHGHYHUmRVHUWDQWRTXDQWRSRVVtYHO UHVSHLWDGRVDVHVWUDWpJLDVFRQVWUXWLYLVWDVHLQYHVWLJDWLYDVGHYHUmRID]HUFRPTXHRVDOXQRV -RQDVVHQDQG7HVVPHUVHMDP $FWLYRV±SDUDLQWHUDFWXDUHPFRPRDPELHQWHHRVPDWHULDLVGHDSUHQGL]DJHPTXHOKHVmR SURSRUFLRQDGRV 3HVTXLVDGRUHV±SDUDH[SORUDUHPRVPDWHULDLVHRDPELHQWHGHDSUHQGL]DJHPTXHOKHVVmR SURSRUFLRQDGRV ,QWHQFLRQDLVSURFXUDQGRHVSRQWDQHDPHQWHHGHERDYRQWDGHDWLQJLURVREMHFWLYRVFRJQLWLYRV 'LDORJDQWHV±HQYROYLGRVHPGLiORJRVXQVFRPRVRXWURVHFRPRSURIHVVRU 5HIOH[LYRV±DUWLFXODQGRRTXHDSUHQGHUDPHUHIOHFWLQGRQRVSURFHVVRVHQDVGHFLV}HVWRPDGDV $PSOLDWLYRV±JHUDQGRMXt]RVRXDVVHUo}HVDWULEXWRVHLPSOLFDo}HVFRPEDVHQRTXHDSUHQGHUDP 'RLVDXWRUHVEDVWDQWHFLWDGRVSHORVHVWXGLRVRVGRFRQVWUXWLYLVPRSDUWLFXODUPHQWHGDV LPSOLFDo}HVGHVWHQDVDODGHDXODVmR%URRNVH%URRNVH(VWHVDXWRUHVFRQVLGHUDP HEHPTXHDDSUHQGL]DJHPHVWiORQJHGHVHUXPSURFHVVROLQHDUH ³DTXDOLGDGHGRDPELHQWHGHDSUHQGL]DJHPQmRpDSHQDVIXQomRGHDRQGHRVDOXQRV©YmR WHUPLQDUªQRVSHUtRGRVGHWHVWHVRXGHTXDQWRVHVWXGDQWHV©WHUPLQDPDtª$QDWXUH]D GLQkPLFDGDDSUHQGL]DJHPWRUQDGLItFLOFLUFXQVFUHYHUQRVLQVWUXPHQWRVGHDYDOLDomRRV OLPLWHVGRFRQKHFLPHQWRHGDH[SUHVVmR´ 4XHVWLRQDQGRRVDPELHQWHVWUDGLFLRQDLVGDVDODGHDXODHGDVXD©IRELDªSDUDDSUHSDUDomRSDUD RVWHVWHVHVWHVDXWRUHVDFDEDPSRUFRQVLGHUDUTXH ³QXPDVDODGHDXODFRQVWUXWLYLVWDRSURIHVVRUSURFXUDFRQKHFHURVHQWHQGLPHQWRVGRV HVWXGDQWHVDFHUFDGRVFRQFHLWRVHDVHJXLUHVWUXWXUDRSRUWXQLGDGHVSDUDRVHVWXGDQWHV UHILQDUHPRXUHYHUHPHVWHVHQWHQGLPHQWRVFRORFDQGRRVHPFRQWUDGLo}HVDSUHVHQWDQGR OKHVQRYDVLQIRUPDo}HVFRORFDQGROKHVTXHVW}HVHQFRUDMDQGRRVjSHVTXLVDHRX HQYROYHQGRRVHVWXGDQWHVHPLQTXpULWRVFRQFHELGRVSDUDGHVDILDUDVVXDVFRQFHSo}HV DFWXDLV´ $LQGDVHJXQGRHVWHVDXWRUHVVmRRVSULQFtSLRVTXHGHYHUmRHVWDUVHPSUHSUHVHQWHVQXPDVDOD GHDXODFRQVWUXWLYLVWD 2VSURIHVVRUHVGHYHUmRSURFXUDUFRQKHFHUHYDORUL]DURVSRQWRVGHYLVWDGRVDOXQRV $VDFWLYLGDGHVGDVDODGHDXODGHYHUmRGHVDILDUDVVXSRVLo}HVGRVDOXQRV 2VSURIHVVRUHVGHYHUmRFRORFDUSUREOHPDVFXMDUHOHYkQFLDHPHUJHGRDOXQR 2VSURIHVVRUHVGHYHUmRFRQFHEHUDVVXDVDXODVHPWRUQRGHFRQFHLWRVSULPiULRVH ³JUDQGHV´LGHLDVQRVHQWLGRGDVXDDEUDQJrQFLDHJHQHUDOLGDGH 2VSURIHVVRUHVGHYHUmRDYDOLDUDDSUHQGL]DJHPGRVHVWXGDQWHVQRFRQWH[WRGRHQVLQRGR GLDDGLD 7HUPLQDVHHVWDVHFomRGHGLFDGDDRDPELHQWHTXHGHYHSUHVLGLUjVDFWLYLGDGHVFRQVWUXWLYLVWDVH LQYHVWLJDWLYDVDILUPDQGRTXHQRIXQGRRTXHHVWiVXEMDFHQWHDHVWHDPELHQWHpRIDFWRGHD DSUHQGL]DJHPVHUGHILQLWLYDPHQWHDFHLWHFRPRXPDDFWLYLGDGHSHVVRDOHLGLRVVLQFUiWLFDGHFDGD DOXQRHTXHOKHGHYHVHUGDGDDOLEHUGDGHFRQWURODGDHDUHVSRQVDELOLGDGHFRPSDUWLOKDGDSDUD DSUHQGHUQXPDPELHQWHHVWLPXODGRUGHGLiORJRHFRRSHUDomRHPTXHRSURIHVVRUpXPDSRLDQWHH IDFLOLWDGRUXPPHGLDGRUIXQGDPHQWDO 2UHFXUVRDPHWRGRORJLDVHLQVWUXPHQWRVJXLDGRVSHODWHRULDFRQVWUXWLYLVWDGD DSUHQGL]DJHPVLJQLILFDWLYD )HOL]PHQWHGLVSRPRVKRMHGHDOJXQVLQVWUXPHQWRVJXLDGRVSHODWHRULDGDDSUHQGL]DJHP VLJQLILFDWLYDHTXHVHHQFDL[DPSHUIHLWDPHQWHQRVDPELHQWHVFRQVWUXWLYLVWDVHQDVHVWUDWpJLDV FRQVWUXWLYLVWDVHLQYHVWLJDWLYDV,UHPRVWHUPLQDUHVWDFRQIHUrQFLDIDODQGRSULQFLSDOPHQWHGHGRLV GHVVHVLQVWUXPHQWRVTXHVmRFDGDYH]PDLVFRQKHFLGRVPDVFXMDVSRWHQFLDOLGDGHVHVWmRDLQGD PXLWRSRUH[SORUDURVPDSDVFRQFHSWXDLVHRV9rVGRFRQKHFLPHQWR 1mRGHL[DPRVSRUpPGHGHVSHUWDUDDWHQomRGRVSUHVHQWHVSDUDRXWURVLQVWUXPHQWRVTXHDLQGD VmRSRXFRFRQKHFLGRVHSRXFRWUDEDOKDGRVHLQYHVWLJDGRVPDVHPTXHWDOYH]YDOKDDSHQD FRPHoDUDDSRVWDUFRPRUHSUHVHQWDo}HVHPHVSLQKDGHSHL[HJUiILFRV.:/HWF0LQW]HVHW DOSD 2VPDSDVFRQFHSWXDLVGH1RYDN 0DSDVFRQFHSWXDLVVmRGLDJUDPDVHPTXHFRQFHLWRVHVWmRKLHUDUTXLFDPHQWHGLVSRVWRVHOLJDGRV HQWUHVLQDIRUPDGHSURSRVLo}HVDWUDYpVGRUHFXUVRDSDODYUDVGHOLJDomR4XDQGRXPPDSD FRQFHSWXDOpFRQVWUXtGRSRUXPDOXQRHOHGHFHUWRPRGR©H[WHUQDOL]DªDVXDHVWUXWXUDFRJQLWLYD UHYHODQGRGHILFLrQFLDVFRQFHSWXDLVQHVWDHPSDUWLFXODUDVWmRYXOJDUHV©PLVFRQFHSWLRQVª 4XDQGRXPPDSDFRQFHSWXDOpFRQVWUXtGRFRPEDVHQDDQiOLVHGHXPWH[WRHOHUHYHODRPRGR FRPRRDXWRUGRPDSD©YrPHQWDOPHQWHªDHVWUXWXUDFRQFHSWXDOGRWH[WRFRPRHOHHQFDUDD RUJDQL]DomRGRVFRQFHLWRVTXDLVRVTXHGHVWDFDFRPRPDLVJHUDLVHPDLVLPSRUWDQWHVHFRPR HVWHVHVWmRGLIHUHQFLDGRVDRORQJRGRWH[WR &RPRXPPDSDHVWiFRQGLFLRQDGRSHORQ~PHURGHGLPHQV}HVTXHSRVVXLTXDVHVHPSUHDVGXDV GLPHQV}HVGRSODQRRQGHHOHpFRQVWUXtGRHSHORQ~PHURGHFRQFHLWRVHUHODo}HVFRQFHSWXDLV TXHSRGHSRVVXLUHOHFRQVWLWXLVHPSUHXPDYLVmRJURVVHLUDGDRUJDQL]DomRGDHVWUXWXUD FRQFHSWXDOTXHSUHWHQGHUHWUDWDU+iSRUpPVHPSUHDSRVVLELOLGDGHGHFRQVWUXLUPDSDVGHPDOKD FDGDYH]PDLVDSHUWDGDHSRUWDQWRPDLVPLQXFLRVRVGRPHVPRPRGRTXHKiFDUWDVJHRJUiILFDV RXPDSDVGHHVWUDGDVGHPDOKDODUJDSDUDWRGRXPSDtVHGHPDOKDHVWUHLWDSDUDXPDSHTXHQD UHJLmRGHVVHSDtV 4XDQGRDOJXpPFRQVWUyLXPPDSDFRQFHSWXDOWHQWDQGRLQWHUSUHWDUDHVWUXWXUDGHXPDVVXQWRHOH GHYHVHUHQFDUDGRFRPRDSHQDVXPPDSDUHYHODGRUGRPRGRFRPRRDXWRUFDSWRXDUHIHULGD HVWUXWXUDHQXQFDFRPRRPDSDFRUUHFWRUHIHUHQWHDHVVHDVVXQWR 1mRKiXPSURFHVVRFRUUHFWR~QLFRGHFRQVWUXLUPDSDVFRQFHSWXDLVSRUTXHQmRKiXPSURFHVVR ~QLFRGHUHDOoDURFRQFHLWRSULQFLSDOHRPRGRFRPRHOHHVWiGLIHUHQFLDGRPXLWDVYH]HVGHFLPD SDUDEDL[RPDVWDPEpPRSRGHVHUGRFHQWURSDUDDSHULIHULD2TXHpLPSRUWDQWHpTXHXP PDSDUHYHOHXPDKLHUDUTXLDGHFRQFHLWRVFRHUHQWHFRPDHVWUXWXUDGRDVVXQWRHFRPRFRQWH[WR HPTXHGHFRUUHXDDSUHHQVmRGRVHXVLJQLILFDGR2TXHpLJXDOPHQWHLPSRUWDQWHpTXHRPDSD UHYHOHUHODo}HVVLJQLILFDWLYDVHQWUHFRQFHLWRVQDIRUPDGHSURSRVLo}HVFLHQWLILFDPHQWHFRUUHFWDV RTXHH[LJHXPDHVFROKDFXLGDGRVDGDVSDODYUDVGHOLJDomR +iTXHQmRHQFDUDURVPDSDVFRQFHSWXDLVQDOyJLFDGRVRUJDQLJUDPDVGRVIOX[RVGHFRQFHLWRV RXGRVPDSDVURGRYLiULRV$IXQGDPHQWDomRGRVPDSDVFRQFHSWXDLVDVVHQWDQDWHRULDGD DSUHQGL]DJHPVLJQLILFDWLYDGH$XVXEHOQDVXDYHUVmRDFWXDO2VPDSDVPXLWROLQHDUHVVmR JHUDOPHQWHIUDFRVSRLVUHYHODPXPDIUDFDGLIHUHQFLDomRHUHFRQFLOLDomRLQWHJUDWLYDGRV FRQFHLWRVGRLVGRVPHFDQLVPRVDXVXEHOLDQRVGHSURGXomRGRFRQKHFLPHQWR2VERQVPDSDVVmR JHUDOPHQWHEDVWDQWHUDPLILFDGRVFRPOLJDo}HVFUX]DGDVGHUDPRSDUDUDPR $OJXQVGRVDVSHFWRVTXHPDLVVHGHYHUmRYDORUL]DUQRVPDSDVFRQFHSWXDLVVmRRVVHJXLQWHV • RDVSHFWRGHQGUtWLFRRXVHMDDH[LVWrQFLDGHUDPLILFDo}HVFRPRQXPDiUYRUH • DYDOLGDGHGRVQtYHLVGHKLHUDUTXLD • DFRUUHFomRGDVUHODo}HVHQWUHRVFRQFHLWRV • DVOLJDo}HVWUDQVYHUVDLVHQWUHFRQFHLWRVGHUDPRVGLVWLQWRV • DFRUUHFomRGRVH[HPSORV 2V9rVGR&RQKHFLPHQWR eVDELGRTXHRFRQKHFLPHQWRFRQVWUXtGRSRUFDGDVHUKXPDQRRXSHODFRPXQLGDGHFLHQWtILFDWHP XPDHVWUXWXUDQmRpFDyWLFR$DQiOLVHGDHVWUXWXUDGHXPDGHWHUPLQDGDIRQWHGHFRQKHFLPHQWRp IXQGDPHQWDO SDUD SRGHUPRV DSUHQGHU VLJQLILFDWLYDPHQWH R PHVPR 2 9r GR FRQKHFLPHQWR 9r KHXUtVWLFR9rHSLVWHPROyJLFRRX9rGH*RZLQpXPLQVWUXPHQWRTXHSHUPLWHDQDOLVDUDHVWUXWXUD GH XP GDGR FRQKHFLPHQWR LGHQWLILFDU DV VXDV FRPSRQHQWHV H FODULILFDU DV UHODo}HV HQWUH HVVDV FRPSRQHQWHV (VWDPRV D GHIHQGHU HVWUDWpJLDV FRQVWUXWLYLVWDV H LQYHVWLJDWLYDV QR HQVLQR H HP SDUWLFXODU QR HQVLQR H[SHULPHQWDO 3RLV EHP R 9r GR FRQKHFLPHQWR WHPVH UHYHODGR XP LQVWUXPHQWR H[FHOHQWH SDUD VHUYLU GH RULHQWDomR D DFWLYLGDGHV H[SHULPHQWDLV QXPD ySWLFD FRQVWUXWLYLVWD H LQYHVWLJDWLYD $ VXD IRUPD p H[DFWDPHQWH D GD OHWUD ©9rª DSRQWDQGR SDUD RV DFRQWHFLPHQWRV HRX REMHFWRV VREUH RV TXDLV LQFLGH D LQYHVWLJDomR TXH FRQGX]LUi DR FRQKHFLPHQWR 1D SDUWH VXSHULRU DR FHQWURILJXUDDTXHVWmRIXOFUDORXVHMDRSUREOHPDDLQYHVWLJDU7RGDDLQYHVWLJDomRPXLWDGD DSUHQGL]DJHPVLJQLILFDWLYDGHXPDOXQRUHVXOWDGHXPDDFWLYLGDGHGHSHVTXLVDSHVVRDOVHFHQWUD QRV REMHFWRVDFRQWHFLPHQWRV H QD TXHVWmR IXOFUDO RX TXHVWmRFKDYH IRUPXODGD D UHVSHLWR GRV PHVPRV $RFRQWUiULRGRTXHVXSXQKDPRVSRVLWLYLVWDVDSHVTXLVDQXQFDpQHXWUDpVHPSUHLQIOXHQFLDGD SHOD ©LGHRORJLDª GR SHVTXLVDGRU 3RU LVVR p H[WUHPDPHQWH LPSRUWDQWH R ODGR HVTXHUGR GR 9r RQGH R DOXQR LQYHVWLJDGRU YDL DVVXPLU D VXD ©ILORVRILDª DV WHRULDV H RV SULQFtSLRV HP TXH VH EDVHLDRVFRQFHLWRVTXHSRVVXLQDVXDHVWUXWXUDFRJQLWLYDXPPDSDFRQFHSWXDOHPYH]GHXPD VLPSOHV GHILQLomR GRV FRQFHLWRV p DLQGD PDLV HVFODUHFHGRU 7RGD HVWD ©LGHRORJLDª LUi LQIOXHQFLDURPRGRFRPRRDOXQRREVHUYDRVIHQyPHQRVREMHFWRVDVLQWHUURJDo}HVTXHYDLWHUDV LQWHUSUHWDo}HVGDVREVHUYDo}HVRVMXt]RVFRJQLWLYRVFRPRUHVSRVWDVjTXHVWmRIXOFUDOHRVMXt]RV GH YDORU DFHUFD GRV UHVXOWDGRV REWLGRV H GDV VXDV UHSHUFXVV}HV GD PHWRGRORJLD XWLOL]DGD HWF 7XGR LVWR ID] SDUWH LQWHJUDQWH GR ODGR GLUHLWR GR 9r D TXH *RZLQ FKDPD D FRPSRQHQWH PHWRGROyJLFD GD SURGXomR GR FRQKHFLPHQWR $ LQWHUDFomR HQWUH DV FRPSRQHQWHV FRQFHSWXDO ODGRHVTXHUGRHPHWRGROyJLFDODGRGLUHLWRHVWiQDEDVHGDSURGXomRGRFRQKHFLPHQWR 2V9rVKHXUtVWLFRVFRQVWUXtGRVSRUXPDOXQRSDUDDOpPGHVHUYLUHPGHRULHQWDomRjSURGXomRGR VHX FRQKHFLPHQWR VmR LQVWUXPHQWRV TXH UHYHODP R PRGR FRPR R DOXQR YDL FRQVWUXLQGR R VHX FRQKHFLPHQWRQDVPDLVYDULDGDVH[SHULrQFLDVHGXFDWLYDVUHDOoDQGRDVGLILFXOGDGHVFRQFHSWXDLVH PHWRGROyJLFDV 'Dt R VHX LQWHUHVVH FRPR IHUUDPHQWD GH DYDOLDomR IRUPDWLYD H PDLV GR TXH IRUPDWLYDIRUPDGRUD $OJXQV GRV DVSHFWRV TXH PDLV VH GHYHUmR YDORUL]DU QXPD LQYHVWLJDomR EDVHDGD QXP 9r GR FRQKHFLPHQWRVmRRVVHJXLQWHV • FODUH]DGDH[SOLFDomRGDVWHRULDVDVVXPLGDV • FODUH]DGDHQXQFLDomRGRVSULQFtSLRV • ULJRUGDGHILQLomRGRVFRQFHLWRV • ULJRUGRVUHJLVWRVIRUPXODGRV • ULJRUGDVWUDQVIRUPDo}HVGRVGDGRV • DGHTXDomRGRVMXt]RVFRJQLWLYRV • DGHTXDomRGRVMXt]RVGHYDORU &RQFOXVmR $DGRSomRGHHVWUDWpJLDVFRQVWUXWLYLVWDVHLQYHVWLJDWLYDVREULJDDTXHVHMDPUHVSHLWDGRV GHWHUPLQDGRVSUHVVXSRVWRVHSLVWHPROyJLFRVHSVLFROyJLFRVTXHDTXLVHSURFXUDUDPGHXPPRGR QHFHVVDULDPHQWHVLQWpWLFRIRUPXODU1DVXDHVVrQFLDHVVHVSUHVVXSRVWRVFRQGX]HPDXPDOXQR QHFHVVDULDPHQWHDFWLYRHSDUWLFLSDWLYRFXMDDSUHQGL]DJHPGDFLrQFLDpXPDFRQVWUXomRSHVVRDOH LGLRVVLQFUiWLFDDLQGDTXHPHGLDWL]DGDSRUGLYHUVRVIDFWRUHVDOWDPHQWHLQIOXHQWHVHQWUHRVTXDLV VHGHVWDFDRSDSHOHVVHQFLDOGRSURIHVVRU(VWHGHYHUiFULDUXPDPELHQWHFRQVWUXWLYLVWDTXH WDPEpPVHSURFXURXFDUDFWHUL]DU2UHFXUVRDRWUDEDOKRFRRSHUDWLYRHPSHTXHQRVJUXSRVHQR JUXSRWXUPDEHPFRQFHELGRHRULHQWDGRDXPDDYDOLDomRIRUPDGRUDFODUDPHQWHYROWDGDSDUDD PHWDFRJQLomRDDFWLYLGDGHVH[SHULPHQWDLVRULHQWDGDVSHORV9rVGH*RZLQHSHORVPDSDV FRQFHSWXDLVRXQRPtQLPRSHORHVStULWRFRQVWUXWLYLVWDVXEMDFHQWHDHOHVVmRIRUWHPHQWH UHFRPHQGDGRV %LEOLRJUDILD $EUHFKW5$DYDOLDomRIRUPDWLYD5LR7LQWR(GLo}HV$VD $OODO/(VWUDWpJLDVGHDYDOLDomRIRUPDWLYD&RQFHSo}HVSVLFRSHGDJyJLFDVHPRGDOLGDGHV GHDSOLFDomR,Q/$OODO-&DUGLQHW33HUUHQRXG2UJV$DYDOLDomRQXPHQVLQRGLIHUHQFLDGR &RLPEUD$OPHGLQD $QGHUVRQ26RPH,QWHUUHODWLRQVKLSVEHWZHHQ&RQVWUXFWLYLVW0RGHOVRI/HDUQLQJDQG&XUUHQW 1HXURELRORJLFDO 7KHRU\ ZLWK ,PSOLFDWLRQV IRU 6FLHQFH (GXFDWLRQ -RXUQDO RI 5HVHDUFK LQ 6FLHQFH 7HDFKLQJSS $XVXEHO'1RYDN-+DQHVLDQ+3VLFRORJLD(GXFDFLRQDO5LR'H-DQHLUR(G ,QWHUDPHULFDQD %URRNV-%URRNV0,Q6HDUFKRI8QGHUVWDQGLQJ±7KH&DVHIRU&RQVWUXFWLYLVW&ODVVURPV UHYLVHGHGLWLRQKWWSZZZDVFGRUJUHDGLQJURRPERRNVEURRNVERRNKWPO &DUGLQHW-$YDOLDUpPHGLU"/LVERD$VD &URZWKHU'(GLWRULDO7KH&RQVWUXFWYLVW=RQH(OHFWUQLF-RXUQDORI6LHQFH(XFDWLRQ9RO1 KWWSXQUHGXKRPHSDJHMFDQQRQHMVHHMVHYQHGKWPO 'DPiVLR $ 2 (UUR GH 'HVFDUWHV (PRomR UD]mR H FpUHEUR KXPDQR /LVERD 3XEOLFDo}HV (XURSD$PpULFD 'RXJLDPDV0$MRXUQH\LQWR&RQVWUXFWLYLVPPDUWLQ#GRXJLDPDVFRP 'XUDQW:VG+LVWyULDGD)LORVRILD/LVERD(GLo}HV/LYURVGR%UDVLO )HUQDQGHV'$YDOLDomRQDHVFRODEiVLFDREULJDWyULDIXQGDPHQWRVSDUDXPDPXGDQoDGH SUiWLFDV,Q3HGURGD&XQKD2UJ(GXFDomRHP'HEDWH/LVERD8& )HUQDQGH]$3ODFLQJ.8QL6HUYH6FLHQFH6WDJHZHEEDVHGUHIHUHQFHVDQGUHVRXFHV KWWSVFLHQFHXQLVHUYHHGXDX *DOVHUVIHOG(9RQ5DGLFDOFRQVWUXFWLYLVPDQG3LDJHW¶VFRQFHSWRINQRZOHGJH0855$<)% (G7KH,PSDFWRI3LDJHWLDQ7KHRU\%DOWLPRUH8QLYHUVLW\3DUN3UHVV *DOVHUVIHOG ( 9RQ &RQVWUXWLYLVPR 5DGLFDO XPD IRUPD GH FRQKHFHU H DSUHQGHU &ROHFomR (SLJpQHVHHGHVHQYROYLPHQWR/LVERD,QVWLWXWR3LDJHW *DOVHUVIHOG ( 9RQ &RQVWUXWLYLVPR 5HFRQVWUXFWHG $ UHSO\ WR 6FKXWLQJ ,Q &RQVWUXFWLYLVP LQ 6FLHQFH(GXFDWLRQ±D3KLORVRSKLFDO([DPLQDWLRQ(G0LFKDHO0DWWKHZV'RUGUHFKW%RVWRQ/RQGRQ .OXZHU$FDGHPLF3XEOLVKHUV *LO)$FLrQFLDWDOTXDOVHID]3UHIiFLR/LVERD(GLo}HV-RmR6iGD&RVWD *ROHPDQ',QWHOLJrQFLD(PRFLRQDO/LVERD7HPDVH'HEDWHV *RZLQ'%(GXFDWLQJ,WKDFD&RUQHOO8QLYHUVLW\3UHVV +DUSHU % +HGEHUJ - &UHDWLQJ 0RWLYDWLQJ ,QWHUDFWLYH /HDUQLQJ (QYLURQPHQWV D &RQVWUXFWLYLVW9LHZKWWSZZZDVFLOLWHRUJDXFRQIHUHQFHVSHUWKSDSHUV+DUSHU+DUSHUKWPO +HVVHQ-7HRULDGR&RQKHFLPHQWR&RLPEUD$UPpQLR$PDGR(GLWRUD .DQW,&UtWLFDGDUD]mR3XUD/LVERD)XQGDomR&DORXVWH*XOEHQNLDQ /DGULqUH-$LQWHUSUHWDomRQDFLrQFLD,Q$FLrQFLDWDOTXDOVHID]FRRUGHQDomRHDSUHVHQWDomR GH)HUQDQGR*LO/LVERD(GLo}HV-RmR6iGD&RVWD /HDO / $YDOLDomR GD DSUHQGL]DJHP QXP FRQWH[WR GH LQRYDomR FXUULFXODU 7HVH GH 0HVWUDGR/LVERD$30 /RUHQ] . ,QWXLomR H )RUPDOLVP ,Q $ FLrQFLD WDO TXDO VH ID] FRRUGHQDomR H DSUHVHQWDomR GH )HUQDQGR*LO/LVERD(GLo}HV-RmR6iGD&RVWD /\QFK0H0F1DOO\5$SULVLRQDQGRXPPRQVWURDSURGXomRGHUHSUHVHQWDo}HVQXPFDPSR LPSXUR,Q$FLrQFLDWDOTXDOVHID]FRRUGHQDomRHDSUHVHQWDomRGH)HUQDQGR*LO/LVERD(GLo}HV-RmR 6iGD&RVWD 0DWWKHZV0&RQVWUXFWLYLVP,Q6FLHQFH(GXFDWLRQ±$3KLORVRSKLFDO([DPLQDWLRQ'RUGUHFKW .OXZHU$FDGHPLF3XEOLVKHUV 0LQW]HV - H :DQGHUVHH - 5HIRUP DQG ,QQRYDWLRQ LQ 6FLHQFH 7HDFKLQJ $ +XPDQ &RQVWUXFWLYLVW 9LHZ 0,17=(6 :$1'(56(( ( 129$. (G 7HDFKLQJ 6FLHQFH IRU 8QGHUVWDQGLQJ 6DQ'LHJR/RQGRQ%RVWRQ$FDGHPLF3UHVV 0LQW]HV - :DQGHUVHH - ( 1RYDN - (QVLQDQGR $ &LrQFLD 3DUD $ &RPSUHHQVmR /LVERD 3OiWDQR(GLo}HV7pFQLFDV&ROHFomR3OiWDQR8QLYHUVLWiULD 0RUHLUD0(%XFKZHLW]%1RYDV(VWUDWpJLDV'H(QVLQR($SUHQGL]DJHP/LVERD3OiWDQR (GLo}HV7pFQLFDV&ROHFomR$XOD3UiWLFD 1ROD 5 &RQVWUXFWLYLVP LQ 6FLHQFH DQG 6FLHQFH (GXFDWLRQ $ 3KLORVRSKLFDO &ULWLTXH ,Q &RQVWUXFWLYLVPLQ6FLHQFH(GXFDWLRQ±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iWDQR(GLo}HV7pFQLFDV&ROHFomR 3OiWDQR8QLYHUVLWiULD 3HWLWRW - (P GLUHFomR D XPD ItVLFD GDV FLrQFLDV KXPDQDV ,Q $ FLrQFLD WDO TXDO VH ID] FRRUGHQDomRHDSUHVHQWDomRGH)HUQDQGR*LO/LVERD(GLo}HV-RmR6iGD&RVWD 3LDJHW-H*DUFLD53VLFRJpQHVHH+LVWyULDGDV&LrQFLDV/LVERD3XEOLFDo}HV'RP4XL[RWH 3LQWR-7HRULDHSUiWLFDVGHDYDOLDomRHQWUHRSDVVDGRHRSUHVHQWHTXHSHUVSHFWLYDV SDUD R IXWXUR" $GDSWDomR OLYUH GH XP WH[WR GH -HDQ &DUGLQHW &RUULJHU /HV &RSLHV 3DULV +DFKHWWH 6FKXUPDQQ3+LVWyULDGHOD)tVLFDHYROXPHV%XHQRV$LUHVHGLWRULDO1RYD 6FKZDE-3UREOHPV7RSLFVDQG,VVXHV,Q6(ODP(GXFDWLRQDQGWKH6WUXFWXUHRI.QRZOHGJH &KLFDJR,/5DQG0F1DOO\ 6FKZDE-7KH3UDFWLFDO7UDQVODWLRQ,QWR&XUULFXOXP6FKRRO5HYLHZ 7URZEULGJH - H :DQGHUVHH - 7KHRU\'ULYHQ 2UJDQL]HUV ,Q 0LQW]HV - HW DO 7HDFKLQJ 6FLHQFHIRU8QGHUVWDQGLQJ±D+XPDQ&RQVWUXFWLYLVW9LHZ6DQ'LHJR$FDGHPLF3UHVV 9DODGDUHV - $YDOLDomR HGXFDWLYD SHUVSHFWLYD KLVWyULFD H SHUVSHFWLYD DFWXDO 3DOHVWUD 3URPRYLGDQR)RUXP3LFRDV 9DODGDUHV-&RQFHSo}HV$OWHUQDWLYDVQRHQVLQRGD)tVLFDjOX]GD)LORVRILDGD&LrQFLD9ROV H7HVHGH'RXWRUDPHQWR/LVERD8QLYHUVLGDGH$EHUWD 9DODGDUHV-29rGH*RZLQXPLQVWUXPHQWRSRGHURVRGHFRQVWUXomRFRQFHSWXDO&RPXQLFDomR DR 9,, (QFRQWUR 1DFLRQDO (GXFDomR HP &LrQFLDV TXH GHFRUUHX QD 8QLYHUVLDGH GR $OJDUYH HP SXEOLFDomR 9DODGDUHV-3HUHLUD''LGiFWLFDGD)tVLFDHGD4XtPLFD/LVERD8QLYHUVLGDGH$EHUWD 9DODGDUHV-*UDoD0$YDOLDQGRSDUDPHOKRUDUDDSUHQGL]DJHP/LVERD3OiWDQR(GLo}HV 7pFQLFDV&ROHFomR3OiWDQR8QLYHUVLWiULD 9rUHIHUHQWHDXPDH[SHULrQFLDGH%LRORJLD ,Q$SUHQGHUD$SUHQGHUGH-RVHSK1RYDNH'%RE*RZLQ 3OiWDQR(GLo}HV7pFQLFDVS