&(1752'($48,&8/785$'$81(63
&$0386'(-$%27,&$%$/
$VSHFWRVHVWUXWXUDLVGRKHSDWRSkQFUHDVGRFDPDUmRGHiJXDGRFH
0DFUREUDFKLXPDPD]RQLFXP
+HOOHU
$ 'HXV H D WRGDV DV PLQKDV SURWHo}HV SRU PH GDUHP D IRUoD QHFHVViULD SDUD HQIUHQWDURVREVWiFXORVGRGLDDGLD $RVPHPEURVGD%DQFDH[DPLQDGRUD3URI'U/DXUD6DWLNR2NDGD1DNDJXLH3URID 'UD0DtUD$SDUHFLGD6WHIDQLQLSHODVSUHFLRVDVFRQWULEXLo}HVSDUDPHOKRUDVHVWH WUDEDOKR ÉPLQKDRULHQWDGRUD3URID'UD,UHQH%DVWRV)UDQFHVFKLQL9LFHQWLQLSHODFRQILDQoD HDX[LOtRQDUHDOL]DomRGHVWHWUDEDOKR
$R 3URI :DJQHU &RWURQL 9DOHQWL SRU PH SURSRUFLRQDU R HVWiJLR QR 6HWRU GH &DUFLQLFXOWXUD &RP TXHP VHPSUH SXGH FRQWDU H SRU FRQILDU QD UHDOL]DomR GHVWH WUDEDOKR
$R3URI'U/XL](GYDOGR3H]]DWRSHORSUHFLRVRDX[tOLRQDIRUPXODomRGDV5Do}HV $RVDPLJRVTXHPHDX[LOLDUDPQDPRQWDJHPHFRQGXomRGRH[SHULPHQWRHPXLWRPH HQVLQDUDP 9DOGHFLU )HUQDQGHV GH /LPD -RVp 5REHUWR 3RODFKLQL H )iELR .LRKDUD 0XLWRREULJDGRSHODSUHFLRVDDMXGD $RVDPLJRVTXHPHDX[LOLDUDPQRSURFHVVDPHQWRGRPDWHULDOKLVWROyJLFR/XFLHQH3 3DSD.DULQD5LEHLUR$OHVVDQGUD*XHUUD0HVVLDVSHODEULOKDQWHDMXGD $RVHPSUHDPLJR0DUFR$QW{QLR0DUTXHVSHORLPSUHVFLQGtYHODX[tOLRQDPRQWDJHP GHPHXV3ODWHV $RV3URIHVVRUHVGR/DERUDWyULRGH0RUIRORJLDGH2UJDQLVPRV$TXiWLFRVGD 81(63&DPSXVGH%DXUX3URI'U&DUORV$OEHUWR9LFHQWLQLSRUVHUDOpPGHXP HWHUQRPHVWUHXPH[HPSORGHGLJQLGDGHHD3URID'UD0DULD7HUH]LQKD6LTXHLUD %RPERQDWR SRU HVWDU VHPSUH FRQRVFR GHPRQVWUDQGR FRPSHWrQFLD H FRPSDQKHLULVPR
5HVXPR L
$EVWUDFW LL
,QWURGXomR
/LWHUDWXUD
+HSDWRSkQFUHDV
6HTrQFLDGHGLIHUHQFLDomRFHOXODU
)XQomRGR+HSDWRSkQFUHDV
,QIOXrQFLDGDDOLPHQWDomR
,QIOXrQFLDGDLQDQLomR
,QIOXrQFLDGDPXGD
2EMHWLYR
0DWHULDOH0pWRGRV
5HVXOWDGRV
'LVFXVVmR
&RQFOXVmR
'RFXPHQWDomR)RWRJUiILFD
5HIHUrQFLD%LEOLRJUiILFD
2KHSDWRSkQFUHDVHVWiDVVRFLDGRDRLQWHVWLQRPpGLRHDSUHVHQWDGLIHUHQWHVQtYHLV
GH FRPSOH[LGDGH GHQWUH DV HVSpFLHV GH GHFiSRGDV 2 REMHWLYR GHVWH HVWXGR IRL
GHVFUHYHU D HVWUXWXUD KLVWROyJLFD GR KHSDWRSkQFUHDV GH0DFUREUDFKLXP DPD]RQLFXP
GHVFUHYHQGRFDUDFWHUtVWLFDVPDFURVFySLFDVHPLFURVFySLFDVWDLVFRPRRVWLSRVFHOXODUHV
TXHRFRPS}HHDRUJDQL]DomRGHVHXVW~EXORVVHFUHWRUHV$GXOWRVGHDPERVRVVH[RV
GH 0 DPD]RQLFXP IRUDP FROHWDGRV H R KHSDWRSkQFUHDV IRL HVWXGDGR XVDQGRVH
WpFQLFDVKLVWROyJLFDV2KHSDWRSkQFUHDVpXPyUJmRGHFRORUDomRDPDUHORDFDVWDQKDGD
RUJDQL]DGRHPGRLVORERVODWHUDLV$HVWUXWXUDpIRUPDGDSRUXPDPDVVDGHW~EXORVGH
IXQGR FHJR FRP HVSDoR LQWHUWXEXODU HVFDVVR &DGD W~EXOR VHFUHWRU FRQVLVWH GH XP
HSLWpOLRFLUFXQGDGRSRUOkPLQDEDVDOHFpOXODVPLRHSLWHOLDLV&LQFRWLSRVFHOXODUHVIRUDP
REVHUYDGRVFpOXOD(LQGLIHUHQFLDGDFpOXOD)ILEULODUFpOXOD5UHDEVRUWLYDFpOXOD%
YHVLFXODU H FpOXOD 0 EDVDO $V FpOXODV ( IRUDP REVHUYDGDV QD SRUomR GLVWDO GRV
W~EXORVHVmRUHVSRQViYHLVSHODUHSRVLomRPLWyWLFDGDVFpOXODVGRHSLWpOLR$VFpOXODV)
IRUDPREVHUYDGDVSULQFLSDOPHQWHSUy[LPDVjVFpOXODV(QDUHJLmRGLVWDO&pOXODV5IRUDP
REVHUYDGDVDRORQJRGHWRGRRW~EXORVHFUHWRUSULQFLSDOPHQWHQDVUHJL}HVSUR[LPDOH
PHGLDO$VFpOXODV%VmRDEXQGDQWHVQDVUHJL}HVPHGLDOHGLVWDOGRW~EXORGLPLQXLQGR
VXD IUHTrQFLD QD UHJLmR SUR[LPDO )RUDP REVHUYDGDV FpOXODV 0 DR ORQJR GH WRGR R
W~EXORVHFUHWRUDVVRFLDGDVjVFpOXODV5
7KH DLP RI WKLV VWXG\ LV WR GHVFULEH WKH KLVWRORJLFDO VWUXFWXUH RI WKH
KHSDWRSDQFUHDV RI 0DFUREUDFKLXP DPD]RQLFXP GHVFULELQJ PDFURVFRSLF DQG
PLFURVFRSLFFKDUDFWHULVWLFVFHOOXODUW\SHVDQGWKHRUJDQL]DWLRQVRIWKHVHFUHWRU\WXEXOHV
$GXOWV RI ERWK VH[HV RI0 DPD]RQLFXPZHUH FROOHFWHG DQG WKH KHSDWRSDQFUHDV ZDV
VWXGLHG E\ XVLQJ KLVWRORJLFDO WHFKQLTXHV 7KH KHSDWRSDQFUHDV LV D ELODWHUDOO\ ELOREHG
EURZQ\HOORZLVKRUJDQ7KHVWUXFWXUHLVIRUPHGE\DPDVVRIEOLQGWXEXOHVZLWKVFDUFH
LQWHUWXEXODUVSDFH(DFKWXEXOHFRQVLVWRIDF\OLQGULFDOHSLWKHOLDOOD\HUVVXUURXQGHGE\D
EDVDO ODPLQD DQG P\RHSLWKHOLDO FHOOV )LYH FHOOXODU W\SHV ZHUH UHFRJQL]HG (FHOOV
HPEU\RQLF )FHOOV ILEULODU %FHOOV EOLVWHUOLNH 5FHOOV UHVRUSWLYH DQG 0FHOOV
PLGJHW(FHOOVZHUHREVHUYHGLQWKHGLVWDOHQGRIWKHVHFUHWRU\WXEXOHVDQGDUHWKH
PLWRWLFFHOOVWKDWUHSOHQLVKWKHFHOOVRIWKHHSLWKHOLXP7KH)FHOOVZHUHREVHUYHGDORQJ
DOOWKHWXEXOHPDLQO\LQWKHGLVWDOUHJLRQQH[WWKH(FHOOV5FHOOVZHUHREVHUYHGLQWKH
SUR[LPDODQGPHGLDOUHJLRQV7KH%FHOOVZHUHDEXQGDQWLQWKHPHGLDODQGGLVWDOUHJLRQV
RIWKHWXEXOH0FHOOVZHUHREVHUYHGDORQJDOOWKHWXEXOHDVVRFLDWHGWRWKH5FHOOV
,1752'8d2
$FDUFLQLFXOWXUDGHiJXDGRFHpUHFRQKHFLGDFRPRXPDIRUPDSDUDDSURGXomRGH
FUXVWiFHRVFRPEDL[RLPSDFWRDPELHQWDO1HZHWDOVHQGRHVWHXPGRVVHWRUHV
TXH PDLV FUHVFH QR PXQGR 9DOHQWL 2V GDGRV GD )$2 LQGLFDP TXH R
YROXPH GH0DFUREUDFKLXP URVHQEHUJLLFXOWLYDGR DXPHQWRX GH SDUD
WRQHODGDVQRSHUtRGRGHD$SURGXomRGH0QLSSRQHQVHDOFDQoRX
WRQHODGDV QD &KLQD HP 0LDR *H (VWHV GDGRV LQGLFDP TXH R VHWRU
FUHVFHX PDLV GH QD ~OWLPD GpFDGD GR PLOrQLR 9DOHQWL (P D
SURGXomR PXQGLDO GH FDPDU}HV GH iJXD GRFH XOWUDSDVVRX WRQHODGDV
PRYLPHQWDQGRPDLVGH86ELOKmR9DOHQWL-iHPVRPHQWHDSURGXomR
PXQGLDO GH 0 URVHQEHUJLL IRL HVWLPDGD HP WRQHODGDV H PRYLPHQWRX
DSUR[LPDGDPHQWH86PLOK}HV)$2
(PERUDRVHWRUSURGXWLYRGHFDPDU}HVGHiJXDGRFHDLQGDRFXSHSRVLomRLQIHULRU
DR GH PDULQKRV DSUHVHQWD YiULDV YDQWDJHQV WDLV FRPR PDLRU UHVLVWrQFLD D GRHQoDV
PDWXUDomR H ODUYLFXOWXUD PDLV VLPSOHV LQGHSHQGrQFLD GD iJXD VDOJDGD QD IDVH GH
FUHVFLPHQWRHQJRUGDVLVWHPDGHSURGXomRFRPSDWtYHOFRPSHTXHQDVSURSULHGDGHVH
PHQRU LPSDFWR DPELHQWDO 1HZ 9DOHQWL 1HZ $OpP GLVVR WHP
FDUDFWHUtVWLFDVTXHIDYRUHFHPRFXOWLYRVXVWHQWiYHOHPHPSUHVDVTXHXVDPPmRGHREUD
$Wp R SUHVHQWH0 URVHQEHUJLL p D ~QLFD HVSpFLH FXOWLYDGD QR %UDVLO HP HVFDOD
FRPHUFLDO2FXOWLYRpUHDOL]DGRHPSHTXHQDVSURSULHGDGHVGLVWULEXtGDVHPHVWDGRV
EUDVLOHLURV WHQGR R (VStULWR 6DQWR FRPR R SULQFLSDO SURGXWRU GHWHQGR GH WRGD D
SURGXomR0RUDHV5LRGDGHV$WXDOPHQWHHVVDSURGXomRHQFRQWUDVHHVWDELOL]DGD
HPWRQHODGDVDQXDLV9DOHQWL
&RPR D FDUFLQLFXOWXUD GH iJXD GRFH QR %UDVLO HVWi HPEDVDGD HP XPD ~QLFD
HVSpFLHH[yWLFD0URVHQEHUJLLHODFRUUHULVFRVSLRVRVXUJLPHQWRGHSUREOHPDVFRPD
PHVPDSRGHFDXVDUFRODSVRQDDWLYLGDGHSURGXWLYD$OpPGLVVR0URVHQEHUJLLpXPD
HVSpFLHGHRULJHPDVLiWLFDHQmRKiHVWXGRVUHIHUHQWHVDRLPSDFWRGHVXDOLEHUDomRHP
DPELHQWHV QDWXUDLV EUDVLOHLURV 2 HVFDSH GH HVSpFLHV H[yWLFDV FXOWLYDGDV WHP VLGR
UHVSRQViYHO SRU YiULRV SUREOHPDV DPELHQWDLV WDLV FRPR D FRPSHWLomR HRX SUHGDomR
HP UHODomR jV HVSpFLHV QDWLYDV DOWHUDo}HV GH KDELWDWV H GLVVHPLQDomR GH SDWyJHQRV
%ULGJHU *DUEHU0\ULFN
2 JUDQGH GHVHQYROYLPHQWR GD SURGXomR GH0 QLSSRQHQVH QD &KLQD PRVWUD D
LPSRUWkQFLD H D YLDELOLGDGH GR XVR GDV HVSpFLHV QDWLYDV SDUD R FXOWLYR 2FRUUHP
QDWXUDOPHQWHQR%UDVLOWUrVHVSpFLHVGHFDPDU}HVGHiJXDGRFHFRPJUDQGHSRWHQFLDO
SDUD FXOWLYR0 DFDQWKXUXV 0 DPD]RQLFXP H 0 FDUFLQXV9DOHQWL (PERUD
DOJXQVDVSHFWRVGDELRORJLDGHVVDVHVSpFLHVMiWHQKDPVLGRHVWXGDGRVIDOWDPSHVTXLVDV
GLUHFLRQDGDVSDUDRGHVHQYROYLPHQWRGHWHFQRORJLDGHSURGXomR
'HQWUHDVHVSpFLHVQDWLYDVD0DPD]RQLFXPPHUHFHGHVWDTXHVHQGRFRQKHFLGD
FRPR FDPDUmR UHJLRQDO QR HVWDGR GR 3DUi 0RUDHV5LRGDGHVHW DO FDPDUmR
FDQHOD H FDPDUmR VRVVHJR 9DOHQWL H DWXDOPHQWH p FKDPDGR GH FDPDUmRGD
DPD]{QLD$SUHVHQWDDPSODGLVWULEXLomRJHRJUiILFDRFRUUHQGRGHVGHD9HQH]XHODDWpR
HVWDGR GR 3DUDQi +DELWDP DV EDFLDV $PD]{QLFD GR 2UHQRFR GR 6mR )UDQFLVFR GR
3DUDQiULRVGR1RUGHVWHHGR&HQWUR2HVWH+ROWKXLV'DYDQW%LDOHW]NLHW
DO 6XS}HVH TXH WHQKD VLGR LQWURGX]LGR HP DOJXPDV GHVVDV UHJL}HV HVWDQGR
WRWDOPHQWH DGDSWDGR *XUJHO 0DWRV 0DJDOKmHV 20 DPD]RQLFXP p
ODUJDPHQWHH[SORUDGRSHODSHVFDDUWHVDQDOQDUHJLmR1RUGHVWH*XUJHO 0DWRVH
QRVHVWDGRVGR3DUiH$PDSi2GLQHW]&ROODUW2GLQHW]&ROODUW 0RUHLUD
$OJXQVWHVWHVGHODUYLFXOWXUDHHQJRUGDGHVVDHVSpFLHIRUDPUHDOL]DGRVQRVHVWDGRVGR
3DUiHP0RUDHV5LRGDGHVHWDOPDVQmRWLYHUDPFRQWLQXLGDGHGHYLGRj
IDOWDGHWHFQRORJLDDGHTXDGD
2 0 DPD]RQLFXP DSUHVHQWD JUDQGH SRWHQFLDO SDUD DTLFXOWXUD e XP
FDPDUmRSHTXHQRTXHSRGHDOFDQoDUDWpFPHJ9DOHQWLHWDOVXDFDUQH
DSUHVHQWDWH[WXUDPDLVILUPHHVDERUPDLVDFHQWXDGRHPUHODomRDR0URVHQEHUJLLH
SRULVVRpPDLVEHPDFHLWDQRPHUFDGR0RUDHV5LRGDGHVHWDOeDPSODPHQWH
FRQVXPLGRSHODVSRSXODo}HVGHEDL[DPpGLDHDOWDUHQGDQDUHJLmRDPD]{QLFD0RUDHV
5LRGDGHV 9DOHQWLHSRSXODomRUXUDOGDUHJLmR1RUGHVWH*XUJHO 0DWRV
2FRUUHHPTXDVHWRGRRWHUULWyULRQDFLRQDOHSRUWDQWRVHXFXOWLYRQmRRIHUHFHULVFRV
GHFRUUHQWHVGDLQWURGXomRGHHVSpFLHVH[yWLFDVQDQDWXUH]DSRUHVFDSHGHYLYHLURVGH
DTLFXOWXUD
(P XP SURJUDPD PXOWLLQVWLWXFLRQDO H PXOWLGLVFLSOLQDU IRL LQLFLDGR VRE D
OLGHUDQoD GR &HQWUR GH $TLFXOWXUD GD 81(63 ± &$81(63 YLVDQGR GHVHQYROYHU
WHFQRORJLD GH SURGXomR VXVWHQWiYHO GH0 DPD]RQLFXP 9DOHQWLHW DO 9DOHQWL
(VWH SURMHWR LQVHUHVH QHVVH SURJUDPD FRP R REMHWLYR GH FDUDFWHUL]DU D
HVWUXWXUDPRUIROyJLFDGRLQWHVWLQRPpGLRHPHVSHFLDOGRKHSDWRSkQFUHDVXPDYH]TXH
HVWHyUJmRDSUHVHQWDLPSRUWDQWHSDSHOGXUDQWHWRGRRFLFORGHYLGDGRDQLPDO
/,7(5$785$
$SULQFLSDOIXQomRGRVLVWHPDGLJHVWyULRGRVGHFiSRGDVpSURPRYHURSURFHVVR
GLJHVWLYRGRDOLPHQWRLQJHULGR&DGDFLFORGLJHVWLYRHQYROYHSURFHVVRVGHGLJHVWmRH[WUD
HLQWUDFHOXODUDEVRUomRHHVWRFDJHPGHQXWULHQWHVHDH[FUHomRHGHIHFDomRGH
SURGXWRVUHVLGXDLVGDGLJHVWmR2WXERGLJHVWLYRHPGHFiSRGDVDSUHVHQWDXPD
HVWUXWXUDFRPSOH[DFRPYDULDo}HVLQWHUHVSHFtILFDV,FHO\ 1RWW
2 VLVWHPD GLJHVWyULR GH GHFiSRGDV FDUDFWHUL]DVH SRU XP WXER LQWHUQR FRP
DEHUWXUDVDQWHULRUERFDHSRVWHULRUkQXV(VWHVLVWHPDFRQVLVWHGHLQWHVWLQRDQWHULRU
LQWHVWLQR PpGLR H LQWHVWLQR SRVWHULRU 2 LQWHVWLQR DQWHULRU H SRVWHULRU VmR GH RULJHP
HFWRGpUPLFD H HVWmR UHYHVWLGRV LQWHUQDPHQWH SRU FXWtFXOD -i R LQWHVWLQR PpGLR p
GHULYDGRGRHQGRGHUPDHHVWiUHYHVWLGRSRUHSLWpOLRVLPSOHVVHPDSUHVHQoDGHFXWtFXOD
,FHO\ 1RWW
2LQWHVWLQRDQWHULRUQRUPDOPHQWHRFXSDDPHWDGHDQWHULRUGRFHIDORWyUD[HHVWi
GLYLGLGR HP HV{IDJR H HVW{PDJR VHQGR HVWH VXEGLYLGLGR HP UHJLmR FiUGLFD H UHJLmR
SLOyULFD2LQWHVWLQRPpGLRHVWiJHUDOPHQWHXQLGRjUHJLmRSRVWHULRUGDSRUomRSLOyULFD
GR HVW{PDJR H VH HVWHQGH FRPR XP WXER LQWHVWLQDO D SDUWLU GD PHWDGH SRVWHULRU GR
(P WRGRV RV GHFiSRGDV R LQWHVWLQR PpGLR DSUHVHQWD XPD GLODWDomR
GHQRPLQDGD GH KHSDWRSkQFUHDV (VWH yUJmR QRUPDOPHQWH OLJDVH j SRUomR YHQWUDO GD
UHJLmR SLOyULFD GR HVW{PDJR H RFXSD D PDLRU SDUWH GD FDYLGDGH FHIDORWRUiFLFD H VH
HVWHQGH DWp R DEG{PHQ HP DOJXPDV HVSpFLHV ,FHO\ 1RWW (P PXLWRV
GHFiSRGDV R LQWHVWLQR PpGLR p GLODWDGR QDV H[WUHPLGDGHV DQWHULRU H SRVWHULRU
$QWHULRUPHQWHREVHUYDVHXPSDUGHFHFRVWXEXODUHVDGMDFHQWHVjVODWHUDLVGRLQWHVWLQR
DQWHULRURXDLQGDXPFHFROREXODUGRUVDODRLQWHVWLQRDQWHULRU3RVWHULRUPHQWHREVHUYD
VH XP FHFR WXEXODU GH FRPSULPHQWR H RULHQWDomR YDULiYHLV $OJXQV GHFiSRGDV SRGHP
DSUHVHQWDUYHVWtJLRVRXQHQKXPGHVWHVFHFRVQRLQWHVWLQRPpGLR2LQWHVWLQRSRVWHULRU
QRUPDOPHQWHVHORFDOL]DDSHQDVQDUHJLmRILQDOGRDEG{PHQ,FHO\ 1RWW
&RPR R LQWHVWLQR DQWHULRU H R LQWHVWLQR SRVWHULRU HVWmR UHYHVWLGRVSRU HSLWpOLR H
FXWtFXOD RV SURFHVVRV GLJHVWLYRV VHFUHomR GH HQ]LPDV H DEVRUomR GH QXWULHQWHV
RFRUUHPQRLQWHVWLQRPpGLR%UXQHWHWDO$VVLPRLQWHVWLQRPpGLRpUHVSRQViYHO
SRU DOJXPDV IDVHV GR FLFOR GLJHVWLYR WDLV FRPR FRPSOHWDU D TXHEUD GH SURGXWRV
GLJHVWtYHLV RULXQGRV GR LQWHVWLQR DQWHULRU SURGX]LU HQ]LPDV GLJHVWLYDV DVVLP FRPR
SURYrODV DR LQWHVWLQR DQWHULRU DEVRUYHU H SURFHVVDU SURGXWRV GH GLJHVWmR WDQWR SRU
WUDQVSRUWH SDUD D KHPROLQID FRPR SRU HVWRFDJHP QR LQWHVWLQR PpGLR H UHPRYHU
PDWHULDO UHVLGXDO 2 LQWHVWLQR PpGLR DLQGD HVWi HQYROYLGR HP RXWURV SURFHVVRV WDLV
FRPR PDQXWHQomR GR EDODQoR L{QLFR YLWHORJrQHVH GHVHPSHQKDSDSHO LPXQROyJLFR j
PHGLGDTXHUHPRYHFRUSRVHVWUDQKRVGRVLVWHPDKHPROLQIiWLFRH[FUHomRGHSURGXWRV
,FHO\ 1RWW2KHSDWRSkQFUHDVRXJOkQGXODGRLQWHVWLQRPpGLRGRVFUXVWiFHRV
GHFiSRGDV p R yUJmR RQGH RFRUUH D PDLRULD GDV IXQo}HV GLJHVWLYDV *LEVRQ %DUNHU
'DOO 0RULDUW\
• +HSDWRSkQFUHDV
2 KHSDWRSkQFUHDV UHFHEH GLIHUHQWHV GHQRPLQDo}HV FRPR ItJDGR SkQFUHDV
JOkQGXOD GR LQWHVWLQR PpGLR JOkQGXOD JiVWULFD JOkQGXOD GLJHVWLYD FHFRV DQWHULRUHV
GLYHUWtFXOR GLJHVWLYR yUJmR GLJHVWLYR JOkQGXOD LQWHVWLQDO PpGLD H KHSDWRSkQFUHDV
*LEVRQ %DUNHU (VWH yUJmR QD PDLRULD GRV FUXVWiFHRV HVWi DVVRFLDGR DR
LQWHVWLQR PpGLR H DSUHVHQWD GLIHUHQWHV QtYHLV GH FRPSOH[LGDGH HVWUXWXUDO GHQWUH DV
HVSpFLHV HVWXGDGDV 'HQWUH RV GHFiSRGDV R KHSDWRSkQFUHDV p SDUWLFXODUPHQWH EHP
GHVHQYROYLGR H IRUPD XPD UHGH FRPSOH[D GH GXFWRV H W~EXORV HP IXQGR FHJR TXH
RFXSDDPDLRUSDUWHGDFDYLGDGHFHIDORWRUiFLFD*LEVRQ %DUNHU
(VWD JOkQGXOD FRQVLVWH GH GXDV PHWDGHV TXH VH GLVS}HP XPD GH FDGD ODGR GD
OLQKD PpGLD GR DQLPDO &DGD PHWDGH DSUHVHQWD WUrV ORERV TXH VmR FRQHFWDGRV
VHSDUDGDPHQWHDRHVW{PDJRHLQWHVWLQRPpGLRSRUXPGXFWRSULPiULRTXHVHGLYLGHHP
GXFWRV VHFXQGiULRV HP FDGD OyEXOR 2V GXFWRV VHFXQGiULRV VH UDPLILFDP DPSODPHQWH
HPG~FWXORVVHQGRTXHFDGDXPWHUPLQDHPXPFRPSOH[RGHW~EXORVHPIXQGRFHJR
)DFWRU2KHSDWRSkQFUHDVpPRUIRORJLFDPHQWHVLPLODUQDPDLRULDGRVGHFiSRGDV
HVSpFLHV ,FHO\ 1RWW 3HQDHXVVVS 9RJW /RYHWW )HOGHU H
&DULGLQD ODHYLV 3LOODL DSUHVHQWDP DSHQDV XP ORER HP FDGD PHWDGH GR
KHSDWRSkQFUHDV (QWUHWDQWR R KHSDWRSkQFUHDV GR$VWDFXV DVWDFXV QmR p XP yUJmR
FRPSDFWRFRPRQRVGHPDLVGHFiSRGDV(VWHyUJmRHVWiGLYLGLGRHPGXDVPHWDGHVTXH
QmRVHFRQHFWDP9RJWHWDO
2V W~EXORV GLJHVWLYRV HVWmR LPHUVRV H VXSRUWDGRV SRU WHFLGR FRQMXQWLYR
FRQVWLWXtGR GH ILEUDV FROiJHQDV EHP GHILQLGDV H DSUHVHQWD YDULHGDGH GH HVWUXWXUDV
FDUDFWHUtVWLFDVTXHLQFOXHPVLQXVyLGHVKHPROLQIiWLFRVFpOXODVFLUFXODQWHVGDKHPROLQIDH
ILEUREODVWRV )DFWRU 1DDU &pOXODV FRQWUiWHLV FRQWHQGR IHL[HV GH
PLRILODPHQWRVRFXSDPRHVSDoRHQWUHDPHPEUDQDEDVDOHDOkPLQDSUySULDGRW~EXOR
KHSDWRSDQFUHiWLFR (VVDV FpOXODV DSUHVHQWDP SURFHVVRV TXH VH GLVS}HP FLUFXODU H
ORQJLWXGLQDOPHQWH DR W~EXOR IRUPDQGR XPD PDOKD GH WHFLGR FRQWUiFWLO DR UHGRU GD
OkPLQDEDVDOGRPHVPR)DFWRU 1DDU,FHO\ 1RWW
2V W~EXORV KHSDWRSDQFUHiWLFRV HP IXQGR FHJR SRGHP HVWDU GLYLGLGRV HP
UHJL}HVGLVWDOPpGLDHSUR[LPDOUHODWLYDVDRWUDWRGLJHVWyULRSULQFLSDO9RJWHWDO
,QWHUQDPHQWHHVVHVW~EXORVHVWmRUHYHVWLGRVSRUXPHSLWpOLRFROXQDUVLPSOHV)DFWRU
1DDU,FHO\ 1RWW%UXQHWHWDO&RUUrD-UHWDO4XDWURWLSRV
FHOXODUHVIRUDPLGHQWLILFDGRVQRHSLWpOLRGHUHYHVWLPHQWRGRVW~EXORVGRKHSDWRSkQFUHDV
HPGHFiSRGDV2VWLSRVFHOXODUHVVmRFODVVLILFDGRVHP(HPEULRQiULD5UHDEVRUWLYD
GHDFRUGRFRPRHVTXHPDSURSRVWRSRU-DFREVH+LUVFK -DFREV
$ORFDOL]DomRGHVWHVWLSRVFHOXODUHVYDULDDRORQJRGRFRPSULPHQWRGRW~EXOR
KHSDWRSDQFUHiWLFR ,FHO\ 1RWW &RUUrD -U HW DO $V FpOXODV ( HVWmR
UHVWULWDV j UHJLmR GLVWDO HP IXQGR FHJR -i DV FpOXODV 5 RFRUUHP DR ORQJR GH WRGR R
FRPSULPHQWR GR WXER DV FpOXODV ) SULQFLSDOPHQWH QD UHJLmR GLVWDO H DV FpOXODV % VH
ORFDOL]DPQDUHJLmRSUR[LPDOGRW~EXORKHSDWRSDQFUHiWLFR$SHQDVDVFpOXODV5UHYHVWHP
RVG~FWXORVHRVGXFWRVVHFXQGiULRVGRKHSDWRSkQFUHDV,FHO\ 1RWW(PDOJXQV
GHFiSRGDVIRLLGHQWLILFDGRXPTXLQWRWLSRFHOXODUGHQRPLQDGRGHFpOXODV0EDVDO$O
0RKDQQD HW DO E (VWH WLSR FHOXODU HVWi GLVSHUVR HP WRGR R FRPSULPHQWR GR
W~EXOR H VH DSRLD QD PHPEUDQD EDVDO GR HSLWpOLR SRUpP QmR PDQWpP FRQWDWR FRP R
O~PHQGRKHSDWRSkQFUHDV,FHO\ 1RWW
$V FpOXODV ( VmR LQGLIHUHQFLDGDV H DSUHVHQWDP Q~FOHR JUDQGH TXH RFXSD D
PDLRUSDUWHGRYROXPHFLWRSODVPiWLFR$O0RKDQQDHWDOE,FHO\ 1RWW2
FLWRSODVPD DSUHVHQWD SRXFR UHWtFXOR HQGRSODVPiWLFR UXJRVR H OLVR PLWRF{QGULDV
YHVtFXODV OLPLWDGDV SRU PHPEUDQDV H PXLWR FRPSOH[R GH *ROJL ,FHO\ 1RWW
(VVH WLSR FHOXODU p UHVSRQViYHO SHOD UHQRYDomR FHOXODU GR HSLWpOLR GRV W~EXORV
KHSDWRSDQFUHiWLFRV,FHO\ 1RWW'XUDQWHRVHVWiJLRVGHSyVPXGDRQ~FOHRp
SURHPLQHQWHHQmRDSUHVHQWDVLQDLVGHGLYLVmRPLWyWLFD3RUpPQRHVWiJLRGHLQWHUPXGD
HVWDVFpOXODVDSUHVHQWDPDOWDDWLYLGDGHPLWyWLFDDSyVDDOLPHQWDomR$O0RKDQQDHWDO
HVWiJLRV LQLFLDLV GD SUpPXGD DV FpOXODV ( DSUHVHQWDP PLWRVH VHQGR HVWD D SULQFLSDO
FDUDFWHUtVWLFD GHVVDV FpOXODV QHVVH SHUtRGR $ DWLYLGDGH PLWyWLFD GLPLQXL
SURJUHVVLYDPHQWH H FHVVD DQWHV GD HFGLVH $O0RKDQQD 1RWW $ GLYLVmR
FRQWtQXDGDFpOXOD(SDUHFHHVWDUUHODFLRQDGDFRPDH[WUXVmRGDFpOXOD%GRHSLWpOLRGH
UHYHVWLPHQWR GR W~EXOR KHSDWRSDQFUHiWLFR H GHVWD IRUPD SURYDYHOPHQWH SRGHULD
SURYHU FpOXODV DGLFLRQDLV XPD YH] TXH RV W~EXORV FUHVFHP HP FRPSULPHQWR D FDGD
PXGD$O0RKDQQD 1RWW
$V FpOXODV ) DSUHVHQWDP Q~FOHR ORFDOL]DGR SUy[LPR j UHJLmR EDVDO GR
FLWRSODVPD TXH SRVVXL UHWtFXOR HQGRSODVPiWLFR UXJRVR H[WHQVR FRP QXPHURVRV
ULERVVRPRV WDQWR DGHULGRV j PHPEUDQD TXDQWR GLVSHUVRV H QXPHURVDV PLWRF{QGULDV
GLVWULEXtGDV SRU WRGD D FpOXOD 2V FRPSOH[RV GH *ROJL VmR IUHTHQWHV H JHUDOPHQWH
DSUHVHQWDPFLVWHUQDVGLODWDGDV,FHO\ 1RWW9RJW$SDUWHOXPLQDOGHVVDV
FpOXODV DSUHVHQWD PLFURYLORV TXH HVWmR UHYHVWLGRV SRU XPD FDPDGD HQWpULFD (VWDV
FpOXODV VmR HVSHFLDOL]DGDV HP VLQWHWL]DU H VHFUHWDU HQ]LPDV GLJHVWLYDV GXUDQWH R FLFOR
DOLPHQWDU,FHO\ 1RWW$SyVDLQJHVWmR GHDOLPHQWRHVWDVFpOXODVDSUHVHQWDP
QXPHURVRVJUkQXORVGH]LPRJrQLR(VVHVJUkQXORVHVWmRORFDOL]DGRVQDUHJLmRDSLFDOGR
FLWRSODVPD H VmR DSDUHQWHPHQWH VLQWHWL]DGRV SHOR UHWtFXOR HQGRSODVPiWLFR UXJRVR H
HPSDFRWDGRV SHOR FRPSOH[R GH *ROJL $O0RKDQQD HW DO D 'HVWD IRUPD DV
FpOXODV ) VLQWHWL]DP H VHFUHWDP ]LPRJrQLR SDUD D GLJHVWmR H[WUDFHOXODU
6XEVHTHQWHPHQWH HVWDV FpOXODV FDSWDP PDWHULDO SDUD D GLJHVWmR LQWUDFHOXODU H VH
$V FpOXODV ) DSUHVHQWDP DLQGD XP JUDQGH YDF~ROR VXSUDQXFOHDU SRGHQGR
IRUPDUXPUHVHUYDWyULRGHDWLYLGDGHGLJHVWLYDODWHQWHDQWHVGDDOLPHQWDomR$O0RKDQQD
HW DO D 4XDQGR VH LQLFLD R HVWiJLR GH LQWHUPXGD D IUHTrQFLD GDV FpOXODV ) p
PDUFDGDPHQWH UHGX]LGD SDUWLFXODUPHQWH QDV UHJL}HV PpGLD H SUR[LPDO GRV W~EXORV
KHSDWRSDQFUHiWLFRV,VVRRFRUUHGHYLGRjGLIHUHQFLDomRGDVFpOXODV)HP%$O0RKDQQD
1RWW$IUHTrQFLDGDVFpOXODV)SHUPDQHFHUHGX]LGDDRORQJRGRSHUtRGRGH
LQWHUPXGDHSUHVXPLYHOPHQWHFRQWLQXDUmRDVHGLIHUHQFLDUHPFpOXODV%$OpPGLVVRQR
LQtFLR GR HVWiJLR GH SUpPXGD HVVDV FpOXODV DSUHVHQWDP IUHTrQFLD PtQLPD GHQWUH DV
FpOXODV HSLWHOLDLV H HVWmR UHVWULWDV j UHJLmR LPHGLDWDPHQWH SUR[LPDO j ]RQD GH GLYLVmR
FHOXODU$O0RKDQQD 1RWW
$VFpOXODV%VmRGLIHUHQFLDGDVDSDUWLUGDVFpOXODV)HHVWmRHQYROYLGDVFRPD
GLJHVWmR LQWUDFHOXODU $O0RKDQQD 1RWW E 6mR RV PDLRUHV WLSRV FHOXODUHV GR
KHSDWRSkQFUHDV H DSUHVHQWDP XP JUDQGH YDF~ROR HQYROWR SRU XPD ILQD FDPDGD GH
FLWRSODVPD 2 Q~FOHR HVWi UHVWULWR j UHJLmR EDVDO GD FpOXOD 2 FLWRSODVPD DSUHVHQWD
UHWtFXORHQGRSODVPiWLFRUXJRVRPLWRF{QGULDVHFRPSOH[RGH*ROJL,FHO\ 1RWW
/RJR DSyV D DOLPHQWDomR D SRUomR DSLFDO GD PHPEUDQD GDV FpOXODV % GHVHQYROYH
LQYDJLQDo}HV TXH VH HVWHQGHP FRPR FDQDLV SDUD GHQWUR GDV FpOXODV SURGX]LQGR DV
YHVtFXODV SLQRFtWLFDV 3Uy[LPR D HVWH FRPSOH[R SLQRFLWyWLFR HVWi ORFDOL]DGR XP VLVWHPD
GH YDF~RORV VXEDSLFDLV TXH DSUHVHQWDP PDWHULDO JUDQXODU (VVHV YDF~RORV FRDOHVFHP
FRPRVFRUSRVGLJHVWLYRVVHQGRTXHHVWHVRFXSDPTXDVHWRGRRYROXPHFHOXODU&RPR
FRQVStFXDHRFLWRSODVPDpUHGX]LGRDXPDILQDFDPDGDPDUJLQDOQDFpOXOD2Q~FOHR
HVWiFRPSULPLGRHORFDOL]DGREDVDORXODWHUDOPHQWHMXQWRFRPRUHWtFXORHQGRSODVPiWLFR
UXJRVRHSRXFDVPLWRF{QGULDV$O0RKDQQD 1RWWE
&RP R DYDQoR GR SURFHVVR GH GLJHVWmR LQWUDFHOXODU SHTXHQDV UHJL}HV
WUDQVO~FLGDV DSDUHFHP QD PDWUL] GRV FRUSRV GLJHVWLYRV (VVDV UHJL}HV DXPHQWDP HP
YROXPH H VmR FRPSOHWDPHQWH VXEVWLWXtGDV SRU XP PDWHULDO FRQGHQVDGR QDV LQFOXV}HV
GLJHVWLYDV(VVDVLQFOXV}HVIRUPDPJUDQGHVYDF~RORVFRQWHQGRPDWHULDODPRUIRHQYROWR
SRU FRUSRV FLUFXODUHV H HVWUXWXUDV PHPEUDQRVDV $V UHJL}HV WUDQVOXFHQWHV IXQGHPVH
SDUDIRUPDUJUDQGHVYDF~RORVGLJHVWLYRV1RILQDOGRSURFHVVRGHGLJHVWmRLQWUDFHOXODU
DVFpOXODV%HVWmRFDUDFWHUL]DGDVSRUXPDH[WHQVDYDFXROL]DomR+iXPDWHQGrQFLDGRV
YDF~RORV DXPHQWDUHP SURJUHVVLYDPHQWH GH WDPDQKR H VH PRYHUHP EDVDOPHQWH
(YHQWXDOPHQWH Ki XP ~QLFR YDF~ROR JUDQGH FRQWHQGR HVIHUDV GHQVDV $O0RKDQQD
1RWWE
$SyVDGLJHVWmRFHOXODUDVFpOXODV%LQLFLDPDIDVHGHH[WUXVmR1HVVDIDVHDV
PLFURYLORVLGDGHV VmR UHGX]LGDV HP Q~PHUR H R FLWRSODVPD DSLFDO HVWi PXLWR UHGX]LGR
8P ~QLFR YDF~ROR p IRUPDGR RFXSDQGR JUDQGH SDUWH GR YROXPHFHOXODU 2 FLWRSODVPD
PDUJLQDOFRQWpPEDVDOPHQWHSRXFDVPLWRF{QGULDVHQYROWDVSRUUHWtFXORHQGRSODVPiWLFR
UXJRVRHQ~FOHRDFKDWDGR$O0RKDQQD 1RWWE
$V FpOXODV 5 VmR DV PDLV DEXQGDQWHV QRV W~EXORV KHSDWRSDQFUHiWLFRV GRV
GHFiSRGDV2Q~FOHRGHVVDVFpOXODVORFDOL]DVHQDUHJLmREDVDOWHQGHQGRDVHUSHTXHQR
H FRQWHU PHQRV FURPDWLQD TXH RV Q~FOHRV GRV GHPDLV WLSRV FHOXODUHV 2 FLWRSODVPD
DSUHVHQWD UHWtFXOR HQGRSODVPiWLFR OLVR DVVRFLDGR jV LQYDJLQDo}HV GD PHPEUDQD EDVDO
FHOXODU PDV WDPEpP SRGH RFRUUHU QR FLWRSODVPD DSLFDO HP XP HVWiJLR HVSHFtILFR GR
FLFORGLJHVWLYR$SUHVHQWDDLQGDSRXFRUHWtFXORHQGRSODVPiWLFRUXJRVRULERVVRPRVOLYUHV
HQXPHURVDVPLWRF{QGULDVORFDOL]DGDVSULQFLSDOPHQWHQDUHJLmRDSLFDOGRFLWRSODVPD2
FRPSOH[R GH *ROJL HVWi DWLYR QD UHJLmR PHGLDO GD FpOXOD H DSUHVHQWDVH DVVRFLDGR DR
UHWtFXOR HQGRSODVPiWLFR OLVR QD UHJLmR EDVDO GD FpOXOD (VVH FRPSOH[R DSUHVHQWD
FLVWHUQDV DFKDWDGDV H SURGX] YHVtFXODV HOpWURQGHQVD DV TXDLV FRDOHVFHP HP FRUSRV
PXOWLYHVLFXODUHVHVmRDFXPXODGDVHPYDF~RORVVXSUDQXFOHDUHV,FHO\ 1RWW
$V FpOXODV 5 DEVRUYHP QXWULHQWHVVRO~YHLV GR O~PHQ GRLQWHVWLQR HHVWRFDP
OLStGLRVHJOLFRJrQLR$O0RKDQQD 1RWW'HVWDIRUPDDVFpOXODV5FRQVWLWXHPR
SULQFLSDO ORFDO GH HVWRFDJHP GH OLStGLRV H JOLFRJrQLR ,FHO\ 1RWW
(VVHQFLDOPHQWH D IXQomR GDV FpOXODV 5 p DEVRUYHU PHWDEyOLWRV GLIXVtYHLV GR O~PHQ
FRPR WDPEpP SHTXHQDV SDUWtFXODV GD KHPROLQID (VVHV PHWDEyOLWRV H SDUWtFXODV VmR
HVWRFDGRVFRPROLStGLRHJOLFRJrQLRQRFLWRSODVPD$O0RKDQQD 1RWWD
$V FpOXODV 0 VmR FRQKHFLGDV SHOD DFXPXODomR FRQWtQXD GH PDWHULDO RUJkQLFR
GHQVR R TXDO RFXSD WRGR R YROXPH FHOXODU 2V SUHFXUVRUHV GD VtQWHVH GHVVH PDWHULDO
FpOXODV % H 5 YL]LQKDV XPD YH] TXH QmR Ki DVVRFLDomR GLUHWD GDV FpOXODV 0 FRP R
O~PHQ'HVWDIRUPDQmRKiHYLGrQFLDVGHDWLYLGDGHSLQRFtWLFDQDPHPEUDQDFHOXODUHR
WUDQVSRUWH GHYH RFRUUHU SRU GLIXVmR $O0RKDQQD HW DO E (VVDV FpOXODV DLQGD
QmRDSUHVHQWDPERUGDHPPLFURYLORV$O0RKDQQD 1RWWE
$V FpOXODV 0 WDPEpP VmR UHVSRQViYHLV SHOR PDWHULDO GH RULJHP SURWpLFD
HVWRFDGR QR KHSDWRSkQFUHDV $O0RKDQQD HW DO E (VVDV FpOXODV VRIUHP
PXGDQoDVQDIUHTrQFLDHQDHVWUXWXUDGXUDQWHRFLFORGHPXGDGRDQLPDO$O0RKDQQD
1RWWD&DGDFpOXODDFXPXODPDWHULDOGHRULJHPSURWpLFDGHQWURGHXPYDF~ROR
PDFLoR GXUDQWH R SHUtRGR GH LQWHUPXGD VHQGR HVVH PDWHULDO XWLOL]DGR GXUDQWH R
SHUtRGR GH SUp H SyVPXGD $O0RKDQQD 1RWW (VVH FRUSR GHQVR DFXPXODGR
QmRpGHULYDGRGHXPVLVWHPDGHGLJHVWmRLQWUDFHOXODUXPDYH]TXHQmRKiHYLGrQFLDV
GH PDWHULDO PHPEUDQRVR RX SDUWLFXODGR UHPDQHVFHQWH GH XP SURFHVVR GLJHVWLYR $O
0RKDQQDHWDOE
$V FpOXODV 0 WHQGHP D VHU DUUHGRQGDGDV SHUPDQHFHQGR HP FRQWDWR FRP D
OkPLQD EDVDO H RFDVLRQDOPHQWH SRGHP SURGX]LU H[WHQV}HV FLWRSODVPiWLFDV FRP
UDPLILFDo}HVHQWUHDVFpOXODVYL]LQKDV$O0RKDQQDHWDOE$VFpOXODVORFDOL]DGDV
QD UHJLmR GLVWDO H[LEHP FDUDFWHUtVWLFDV GH FpOXODV HP HVWiJLRV LQLFLDV GH DWLYLGDGH
FHOXODU 1HVVDV FpOXODV MRYHQV R Q~FOHR HVWi URGHDGR SRU XPD ILQD FDPDGD GH
FLWRSODVPD TXH DSUHVHQWD UHWtFXOR HQGRSODVPiWLFR UHGX]LGR H FRPSOH[R GH *ROJL FRP
MXQWDPHQWHFRPDOJXQVULERVVRPRVPLWRF{QGULDVHSDUWtFXODVVHPHOKDQWHVjJOLFRJrQLR
$O0RKDQQDHWDOE
$V FpOXODV ORFDOL]DGDV QD UHJLmR PHGLDOGLVWDO GRV W~EXORV
KHSDWRSDQFUHiWLFRV DSUHVHQWDP FRPSOH[R GH *ROJL SURHPLQHQWH H EHP GHVHQYROYLGR
FRP QXPHURVDV YHVtFXODV TXH HVWmR DGHULGDV GLUHWDPHQWH DRV FRUSRV HOpWURQGHQVRV
LPDWXURV (VVDV YHVtFXODV DSDUHQWHPHQWH UHSUHVHQWDP HVWiJLRV SDUD D IRUPDomR GH
JUkQXORV JUDQGHV H GHQVRV FRP DF~PXOR SURJUHVVLYR H IRUPDomR GH XP DVSHFWR
GLIHUHQFLDGRGDVFpOXODVQHVVHHVWiJLRGHGHVHQYROYLPHQWR2VJUkQXORVGHQVRVWDPEpP
SDUHFHPHPHUJLUHQYROWRVGHPHPEUDQDFRPLQFOXV}HVVHPLGHQVDVFRQWHQGRPDWHULDO
JUDQXODU (VVHV JUkQXORV SDUHFHP HVWDU HP HVWiJLR LQWHUPHGLiULR SDUD D IRUPDomR GH
JUDQGHV H LPDWXURV FRUSRV GHQVRV 2 UHWtFXOR HQGRSODVPiWLFR UXJRVR WRUQDVH PDLV
FRQVStFXRTXHQRVHVWiJLRVLQLFLDVGHDWLYLGDGHGDVFpOXODV05LERVVRPRVOLYUHVHVWmR
SUHVHQWHVQRFLWRSODVPDRFRUUHQGRVR]LQKRVRXFRPRSROLUULERVVRPRVMXQWDPHQWHFRP
PLWRF{QGULDV $O0RKDQQD HW DO E (VVHV DVSHFWRV SDUHFHP VHU XP SURFHVVR
FRQWtQXRGHDPDOJDPDomRGHWRGDVDVLQFOXV}HVSDUDIRUPDUXP~QLFRFRUSRGHQVRQR
FLWRSODVPDGXUDQWHDPLJUDomRGDFpOXOD0DWUDYpVGRVW~EXORVKHSDWRSDQFUHiWLFRV$O
0RKDQQDHWDOE&RPRDXPHQWRGRWDPDQKRGRFRUSRGHQVRRFLWRSODVPDILFD
UHGX]LGR D XPD ILQD FDPDGD H R Q~FOHR YDL WRUQDQGRVH FRPSULPLGR HP XP ODGR GD
FpOXOD $R PHVPR WHPSR ORQJDV ODPHODV GH UHWtFXOR HQGRSODVPiWLFR UXJRVR
GHVHQYROYHPVHHVHWRUQDPPDLVFRQVStFXRV$O0RKDQQDHWDOE
&pOXODV 0 PDGXUDV FRP XP ~QLFR H PDWXUR FRUSR GHQVR VmR VHPSUH
HQFRQWUDGDVQDUHJLmRSUR[LPDOGRW~EXORKHSDWRSDQFUHiWLFR(VVHVFRUSRVGHQVRVHVWmR
HQYROWRV SRU PHPEUDQD H FRQWpP PDWUL] KRPRJrQHD FRP DOWD HOpWURQGHQVLGDGH 2
FLWRSODVPD FLUFXQGDQWH FRQWpP UHWtFXOR HQGRSODVPiWLFR UXJRVR H XP ~QLFR H
SURHPLQHQWH FRPSOH[R GH *ROJL MXQWDPHQWH FRP SRXFDV PLWRF{QGULDV H SDUWtFXODV
VHPHOKDQWHV D JOLFRJrQLR 2 FRPSOH[R GH *ROJL DSUHVHQWD FLVWHUQDV DFKDWDGDV TXH
FRQWpPPDWHULDOGHEDL[DHOpWURQGHQVLGDGH$O0RKDQQDHWDOE
• 6HTrQFLDGHGLIHUHQFLDomRFHOXODU
*XLH\VVHSURS{VXPGRVSULPHLURVPRGHORVSDUDGLIHUHQFLDomRVHTHQFLDO
QRKHSDWRSkQFUHDVGHGHFiSRGDVHDWpRPRPHQWRPDLVQRYHRXWURVPRGHORVIRUDP
VXJHULGRV ,FHO\ 1RWW $ SDUWLU GH *XLH\VVH WRGRV RV RXWURV WUDEDOKRV
LGHQWLILFDUDP DV FpOXODV ( FRPR IRQWH GDV FpOXODV GLIHUHQFLDGDV SUHVHQWHV QRV W~EXORV
KHSDWRSDQFUHiWLFRV,FHO\ 1RWW$VFpOXODV(VmRUHODWLYDPHQWHLQGLIHUHQFLDGDV
TXDQGR FRPSDUDGDV FRP RV RXWURV WLSRV FHOXODUHV H VmR DV ~QLFDV FpOXODV
KHSDWRSDQFUHiWLFDVTXHUHDOL]DPPLWRVH$O0RKDQQDHWDOD9RJW,FHO\
1RWW(PJHUDOHVWXGRVUHFHQWHVDEUDQJHQGRDFLWRORJLDGRKHSDWRSkQFUHDVGH
GHFiSRGDVHVWmRHPFRQFRUGkQFLDFRPRPRGHORSURSRVWRSRU+LUVFK -DFREV
,FHO\ 1RWW&RUUrD-UHWDO(VVHPRGHORSURS}HTXHDVFpOXODV5H)
VmRGHULYDGDVVHSDUDGDPHQWHGDVFpOXODV(HDVFpOXODV%VHGHVHQYROYHPDSDUWLUGDV
FpOXODV)(VVHPRGHORHQFRQWUDVXSRUWHHP
REVHUYDo}HVFRPR&pOXODV5H)HVWmRORFDOL]DGDVDGMDFHQWHVjVFpOXODV(DVTXDLV
SURGX]DXPDIRQWHGHGLYLVmRFHOXODU/RL]]LDXOWUDHVWUXWXUDGDVFpOXODV%
PRVWUDP PDLV DVSHFWRV FRPXQV FRP DV FpOXODV ) GR TXH FRP DV FpOXODV 5 /RL]]L
REVHUYDVHFpOXODVFRPHVWiJLRVGHGHVHQYROYLPHQWRLQWHUPHGLiULRVHQWUHDV
FpOXODV)H%$O0RKDQQDHWDODRQ~PHURGHFpOXODV%DRORQJRGRW~EXOR
SDUHFHPHVWDULQYHUVDPHQWHSURSRUFLRQDODRQ~PHURGHFpOXODV)$O0RKDQQD 1RWW
HDGHJHQHUDomRGDVFpOXODV5H%pHYLGHQFLDGDQDVUHJL}HVPDLVSUR[LPDLV
GRV W~EXORV KHSDWRSDQFUHiWLFRV /RL]]L HQTXDQWR VRPHQWH SRXFRV HVWXGRV
HQIDWL]DPDGHJHQHUDomRGDVFpOXODV)+RSNLQ 1RWWHDPDLRULDVXJHUHPTXH
DVFpOXODV)FRQVWLWXHPXPHVWiJLRGHGHVHQYROYLPHQWRGDVFpOXODV%*LEVRQ %DUNHU
$SHVDU GDV REVHUYDo}HV DQWHULRUHV 9RJW UDWLILFD R PRGHOR SURSRVWR SRU
2JXUD QR TXDO FDGD WLSR FHOXODU GHULYD LQGHSHQGHQWHPHQWH GD FpOXOD ( 9RJW
FRPXQLFDomR SHVVRDO REVHUYRX HP 3HQDHXV PRQRGRQ TXH DV FpOXODV % MRYHQV TXH
DLQGD QmR DSUHVHQWDP YDF~RORV GHVHQYROYLGRV SRGHP VHU GLVWLQJXLGDV GH FpOXODV )
MRYHQVHGHFpOXODV5DWUDYpVGDHOpWURQGHQVLGDGHGRFLWRSODVPDHGDXOWUDHVWUXWXUDGR
UHWtFXORHQGRSODVPiWLFRUXJRVRDVVLPFRPRGRFRPSOH[RGH*ROJL,FHO\ 1RWW
$LQGDHQIDWL]RXTXHDVHYLGrQFLDVGHHVWiJLRVLQWHUPHGLiULRVHQWUHDVFpOXODV)H%QmR
VmR FODUDV H TXH R GHVHQYROYLPHQWR LQLFLDO GR FRPSOH[R DSLFDO IRL QHJOLJHQFLDGR HP
DOJXQVHVWXGRV,FHO\ 1RWW(QWUHWDQWR$O0RKDQQDHWDODHVWXGDQGR
DSUHVHQWDP YDF~RORV HQ]LPiWLFRV UHVLGXDLV DVVLP FRPR YHVtFXODV SLQRFtWLFDV (VVDV
YHVtFXODVSLQRFtWLFDVSDUHFHPID]HUSDUWHGRGHVHQYROYLPHQWRGRFRPSOH[RDSLFDO,FHO\
1RWW
(P FRQWUDVWH D HVVDV WHRULDV &DFHFL HW DO FRQFRUGDP FRP D WHRULD GH
-DFREV VREUH R GHVHQYROYLPHQWR VHTHQFLDO GDV FpOXODV ( 5 ) H % QR
KHSDWRSkQFUHDV GH 3HQDHXV YDQQDPHL (VVHV DXWRUHV HYLGHQFLDUDP DWUDYpV GH
PLFURVFRSLD GH OX] FpOXODV LQWHUPHGLiULDV HQWUH WRGRV RV WLSRV FHOXODUHV (QWUHWDQWR
HVVDV REVHUYDo}HV GLYHUJHP GDV TXH HYLGHQFLDP WUrV GLVWLQWDV VHTrQFLDV GH
GLIHUHQFLDomRFHOXODUHPFDPDU}HVSHQHtGHRV,FHO\ 1RWW9RJWFRPXQLFDomR
SHVVRDOVXJHUHTXHHVVDVFRQWUDGLo}HVSRGHPVHUUHVROYLGDVHVWXGDQGRDXOWUDHVWUXWXUD
GRFRPSOH[RGH*ROJLGXUDQWHRVHVWiJLRVLQLFLDLVGHGHVHQYROYLPHQWRFHOXODUXPDYH]
TXHHVVHFRPSOH[RDSUHVHQWDFDUDFWHUtVWLFDV~QLFDVSDUDFDGDWLSRFHOXODU,FHO\ 1RWW
• )XQomRGR+HSDWRSkQFUHDV
2 KHSDWRSkQFUHDV p UHVSRQViYHO SHOD SURGXomR GH HQ]LPDV GLJHVWLYDV H
DVVLPLODomRGHQXWULHQWHV+RSSH6H\OHU2SDSHOHVSHFtILFRGRVGLIHUHQWHVWLSRV
FHOXODUHV QR KHSDWRSkQFUHDV p LQIHULGR DWUDYpV GDV REVHUYDo}HV PRUIROyJLFDV GD
ORFDOL]DomRKLVWRTXtPLFDGHHQ]LPDVGLJHVWLYDVHGDDVVLPLODomR GHQXWULHQWHV,FHO\
1RWW2EVHUYDo}HVQRHSLWpOLRGRKHSDWRSkQFUHDVSRGHPUHODWDURFLFORGLJHVWLYR
SDSHO GR KHSDWRSkQFUHDV QR VLVWHPD GLJHVWyULR GH GHFiSRGDV $VVLP DV HQ]LPDV
GLJHVWLYDVVmRSURGX]LGDVQDVFpOXODV)HVHTHVWUDGDVHPYDF~RORVVXSUDQXFOHDUHVRV
TXDLVVHH[SDQGHPSDUDIRUPDUXPJUDQGHYDF~RORSUHVHQWHQDVFpOXODV%$VHQ]LPDV
GR YDF~ROR VmR OLEHUDGDV SHULRGLFDPHQWH DSyV D LQJHVWmR DOLPHQWDU SRU VHFUHomR
DSyFULQD PHUyFULQD RX KROyFULQD GHSHQGHQGR GD HVSpFLH H GD FRQGLomR DOLPHQWDU GR
DQLPDO
$OJXQV QXWULHQWHV H IOXtGRV VmR DEVRUYLGRV QDV FpOXODV ) H % DWUDYpV GH
SLQRFLWRVHHRXWURVVmRDVVLPLODGRVSHODVFpOXODV5DWUDYpVGDGLJHVWmRGHFRQWDWRQRV
PLFURYLORVHVXEVHTHQWHWUDQVSRUWHPROHFXODUSDUDGHQWURGDFpOXOD%DUNHU *LEVRQ
VXJHULUDP TXH XPD GLJHVWmR DGLFLRQDO RFRUUD GHQWUR GDV FpOXODV 5 2V
SURGXWRVILQDLVGDGLJHVWmRVmRWDQWRWUDQVIHULGRVSDUDDKHPROLQIDTXDQWRHVWRFDGRVQD
IRUPDGHOLStGLRVHJOLFRJrQLRVQDVFpOXODV5
$ GHJHQHUDomR GR UHYHVWLPHQWR HSLWHOLDO OLEHUD PDWHULDO UHVLGXDO H WDOYH]
FRQWULEXD FRP HQ]LPDV GLJHVWLYDV SDUD R SURFHVVR GH GLJHVWmR QR O~PHQ GRV W~EXORV
KHSDWRSDQFUHiWLFRV $VSHFWRV GHVVH PRGHOR IRUDP PRGLILFDGRV XPD YH] TXH D
DOLPHQWDomR D LQDQLomR H R FLFOR GH PXGDV LQIOXHQFLDP GLUHWDPHQWH QDV FpOXODV GR
KHSDWRSkQFUHDV,FHO\ 1RWW
• ,QIOXrQFLDGDDOLPHQWDomR
(VWXGRV UHDOL]DGRV HP 3HQDHXV VHPLVXOFDWXV GHPRQVWUDUDP TXH DSyV
PLQXWRV DWp KRUD GD DOLPHQWDomR DV FpOXODV ) DSUHVHQWDP QXPHURVRV H GHQVRV
JUkQXORV GH ]LPRJrQLR (VVHV JUkQXORV IRUDP SURYDYHOPHQWH VLQWHWL]DGRV QR UHWtFXOR
HQGRSODVPiWLFRUXJRVRWUDQVIHULGRVSDUDRFRPSOH[RGH*ROJLSDUDVHUHPHPSDFRWDGRV
H ILQDOPHQWH OLEHUDGRV QR O~PHQ GRV W~EXORV KHSDWRSDQFUHiWLFRV SRU H[RFLWRVH (P
3HQDHXVPRQRGRQRVYDF~RORVVmRREVHUYDGRVQDUHJLmRDSLFDOGRFLWRSODVPDGDFpOXOD
)9RJW(VWXGRVLPXQRKLVWRTXtPLFRVHP$VWDFXVDVWDFXVPRVWUDUDPTXHHVVHV
YDF~RORVDSUHVHQWDYDPSURWHDVHV$VWDFXV$VtQWHVHGHVVDSURWHDVHpHVWLPXODGDSHOD
UHPRomR GR IOXtGR JiVWULFR GR HVW{PDJR R TXDO p SUHHQFKLGR QRYDPHQWH FRP PDLV
IOXtGRV HP KRUDV 0DUFDGRUHV UDGLRDWLYRV GR VXFR JiVWULFR UHFpP VLQWHWL]DGR HP
FRPELQDomR FRP D LPXQRIOXRUHVFrQFLD GHPRQVWUDUDP TXH D SURWHDVH HP $VWDFXV p
VHFUHWDGD SHODV FpOXODV ) H WUDQVSRUWDGD SDUD R HVW{PDJR SDUD HVSHUDU D SUy[LPD
DOLPHQWDomR1mRIRUDPHQFRQWUDGDVHYLGrQFLDVGHVVDSURWHDVHQDVFpOXODV%H59RJW
HW DO $ WD[D Pi[LPD GH H[RFLWRVH RFRUUHX KRUD DSyV D DOLPHQWDomR H D
GHVFDUJD GDV VHFUHo}HV GXURX HQWUH H KRUDV SRUpP QXPD WD[D UHGX]LGD $O
0RKDQQD HW DO D H QmR IRL PDLV REVHUYDGR HP QHQKXP RXWUR HVWiJLR GR FLFOR
GLJHVWLYR 9RJW 'XUDQWH HVVH SHUtRGR DV FpOXODV ) QmR UHDOL]DP DEVRUomR
7HUPLQDQGR R SURFHVVR VHFUHWyULR UHDOL]DGR SHODV FpOXODV ) RFRUUH GLIHUHQFLDomR GDV
PHVPDV HP FpOXODV % )HQ{PHQR FDUDFWHUL]DGR SHOR DSDUHFLPHQWR GH QXPHURVDV
SHTXHQDVHGHQVDVYHVtFXODVSLQRFtWLFDV$O0RKDQQDHWDOD'HVWDIRUPDHVVD
GLIHUHQFLDomRFHOXODUFRUUHVSRQGHDRILQDOGDDWLYLGDGHVHFUHWRUDHRLQtFLRGDDEVRUomR
$ DEVRUomR GH PDWHULDO SHODV FpOXODV % FRPHoD FHUFD GH PLQXWRV DSyV D
LQJHVWmRGHDOLPHQWRHVHFRQWLQXDDWpRILQDOGDWHUFHLUDKRUDHP3HQDHXVVHPLVXOFDWXV
$O0RKDQQD 1RWWE3RUpPHP&DUFLQXVPDHQDVDDEVRUomRGHPDWHULDOSRU
HVVDV FpOXODV SHUGXUD SRU XP ORQJR SHUtRGR +RSNLQ 1RWW $SyV D IDVH GH
DOLPHQWDomRYHVtFXODVSLQRFtWLFDVVHFRDOHVFHPHPYDF~RORV(VVHVYDF~RORVVHIXQGHP
FRPDVYHVtFXODVRULXQGDVGRFRPSOH[RGH*ROJLSDUDIRUPDUGHQVRVFRUSRVGLJHVWLYRV
RV TXDLV HYHQWXDOPHQWH RFXSDP D PDLRU SDUWH GR YROXPH FHOXODU FRUUHVSRQGHQGR DR
DSDUDWR YDFXRODU &LVWHUQDV GR UHWtFXOR HQGRSODVPiWLFR UXJRVR H QXPHURVRV
GLFWLRVVRPRV VmR REVHUYDGRV SUy[LPR DR Q~FOHR $ SUHVHQoD GHVVDV FLVWHUQDV HVWi
SURYDYHOPHQWH UHODFLRQDGD j VtQWHVH GH HQ]LPDV OLVRVVRPDLV $O0RKDQQD 1RWW
E $V FpOXODV % WDPEpP DEVRUYHP RXWUDV HQ]LPDV GR O~PHQ WXEXODU
KHSDWRSDQFUHiWLFR MXQWDPHQWH FRP RV QXWULHQWHV SRU HQGRFLWRVH QR FRPSOH[R DSLFDO
$O0RKDQQD 1RWWE
$SyV KRUDV GD DOLPHQWDomR D LQWHQVLGDGH SLQRFtWLFD GLPLQXL 5HJL}HV
WUDQVO~FLGDV DSDUHFHP QRV FRUSRV GLJHVWLYRV GHQVRV H JUDGDWLYDPHQWH DXPHQWDP GH
WDPDQKRDWpWRPDUWRGRRPDWHULDOGHQVR$O0RKDQQD 1RWWE3RVVLYHOPHQWH
XP LQGLFDWLYR GH SURFHVVR GH GLJHVWmR LQWUDFHOXODU GR FRQWH~GR GR FRUSR GLJHVWLYR
'HVWD IRUPD R DSDUDWR YDFXRODU SURYDYHOPHQWH FRUUHVSRQGD D XP JUDQGH VLVWHPD
OLVRVVRPDO %UXQHW HW DO 2V SURGXWRV GD GLJHVWmR LQWUDFHOXODU VmR WUDQVIHULGRV
SDUDDKHPROLQIDDWUDYpVGDOkPLQDEDVDORXSDUDFpOXODV5DGMDFHQWHV$O0RKDQQD
'R]HKRUDVDSyVDDOLPHQWDomRDGLJHVWmRLQWUDFHOXODUWHUPLQDHDVFpOXODV%
VmR FDUDFWHUL]DGDV SRU XPD H[WUHPD YDFXROL]DomR $ PDLRULD GHVVHV YDF~RORV FRQWpP
QXPHURVDVHVIHUDVGHQVDVULFDVHPHQ[RIUH$O0RKDQQD 1RWWD(GHFRUULGDV
KRUDV XP ~QLFR H HQRUPH YDF~ROR RFXSD D PDLRU SDUWH GR YROXPH FHOXODU WHQGR
LQtFLR D IDVH GH H[WUXVmR 'XUDQWH HVVH SURFHVVR DV FpOXODV % VDHP GR HSLWpOLR H VH
VHSDUDPGDOkPLQDEDVDO0XLWDVFpOXODV%VROWDVVmRREVHUYDGDVQRO~PHQWXEXODUHQRV
SpOHWHVIHFDLV(ODVVmRWURFDGDVSRUFpOXODV)DWUDYpVGDGLYLVmRPLWyWLFD$O0RKDQQD
1RWW E 'HVWD IRUPD DV FpOXODV % GHVHPSHQKDP SDSHO WDQWR QD GLJHVWmR
LQWUDFHOXODU FRPR QD H[FUHomR GH SURGXWRV UHVLGXDLV GR PHWDEROLVPR GLJHVWLYR $V
FpOXODV%QmRDSUHVHQWDPIXQomRVHFUHWRUDVHQGRTXHHVVDIXQomRpH[FOXVLYDGDFpOXOD
) (P FRQWUDVWH FRP RXWURV WLSRV FHOXODUHV HVSHFLDOL]DGRV HP VHFUHomR HQ]LPiWLFD D
VtQWHVHHDVHFUHomRGHSURGXWRVGDFpOXOD)QmRDSUHVHQWDPHOHPHQWRVHPSURFHVVRV
FtFOLFRVXPDYH]TXHHODVVmRHQFRQWUDGDVVRPHQWHHPXPDIDVHGRSHUtRGRYLWDOGHVVH
WLSRFHOXODU%UXQHWHWDO
(QWUHWDQWRHPFRQWUDVWHDRVDFKDGRVSDUD3HQDHXVVHPLVXOFDWXV$O0RKDQQD
1RWW D QHQKXPD SDUWtFXOD LQHUWH GD GLHWD IRL REVHUYDGD QDV FpOXODV % HP
&DUFLQXV PDHQDV +RSNLQ 1RWW 1HVWD ~OWLPD HVSpFLH DV SDUWtFXODV LQHUWHV
UHVXOWDQWHV GD GLJHVWmR LQWUDFHOXODU IRUDP REVHUYDGDV UHWLGDV SRU XPD PHPEUDQD
SHULWUyILFD D TXDO p UHPRYLGD GH D KRUDV DSyV D DOLPHQWDomR (VVD PHPEUDQD
SHULWUyILFDQmRpFRPXPQRKHSDWRSkQFUHDVGD
PDLRULD GRV GHFiSRGDV PDV D IRUPDomR GHVVD PHPEUDQD SRGH VHU LQGX]LGD SHOD
DEVRUomRGHSDUWtFXODVILQDVRXSRULQIHFomRYLUDO$O0RKDQQD
(P FRPXP FRP DV FpOXODV % DV FpOXODV 5 WDPEpP PRGLILFDP VXD
XOWUDHVWUXWXUD GXUDQWH R FLFOR GLJHVWLYR $V FpOXODV 5 PDGXUDV HP 3HQDHXV
VHPLVXOFDWXV VmR FDUDFWHUL]DGDV SHOR DF~PXOR GH JRWDV GH OLStGLR H JOLFRJrQLR $O
0RKDQQD 1RWWD(HP3HQDHXVPRQRGRQHVWRFDPDSHQDVOLStGLRV9RJWHWDO
(VVDGLIHUHQoDGHLQFOXVmRFHOXODUSRGHHVWDUUHODFLRQDGDDRWLSRGHDOLPHQWDomR
RIHUHFLGDDRVDQLPDLV%UXQHWHWDO
(P 3HQDHXV VHPLVXOFDWXV DV FpOXODV 5 DSUHVHQWDP XP YDF~ROR GH HVWRFDJHP
VXSUDQXFOHDU$SyVDKRUDVGDDOLPHQWDomRLQFOXV}HVGHQVDVVmRREVHUYDGDVGHQWUR
GD PHPEUDQD FHOXODU VHP TXH KDMD SLQRFLWRVH $ UHJLmR DSLFDO DSUHVHQWD XPD
SUROLIHUDomRGHUHWtFXORHQGRSODVPiWLFROLVRHPFRQWLQXLGDGHFRPRUXJRVR2YDF~ROR
VXSUDQXFOHDUVHGHVHQYROYHSUy[LPRDRUHWtFXORHQGRSODVPiWLFRUXJRVRHHVWiURGHDGR
SRUQXPHURVRVYDF~RORVSHTXHQRVHGLFWLRVVRPRVDWLYRV9HVtFXODVGH*ROJLFRQWULEXHP
FRPDIRUPDomRGRVFRUSRVPXOWLYHVLFXODUHVTXHVHIXQGHPFRPRYDF~ROR7RGDVHVVDV
RUJDQHODV SDUHFHP WUDQVIHULU PHWDEyOLWRV VRO~YHLV GLIXVtYHLV DWUDYpV GD PHPEUDQD
FHOXODUSDUDRYDF~ROR2JOLFRJrQLRHROLStGLRVmRHVWRFDGRVQRFLWRSODVPD$O0RKDQQD
1RWWE
9LQWHHTXDWURKRUDVDSyVDDOLPHQWDomRDPDLRULDGRVUHWtFXORVHQGRSODVPiWLFR
UXJRVRHOLVRIRLUHPRYLGDGDSDUWHDSLFDOGDFpOXOD5SRUpP
REVHUYDVH UHWtFXOR HQGRSODVPiWLFR OLVR EHP GHVHQYROYLGR QD SRUomR EDVDO GD
FpOXOD$VYHVtFXODVSLQRFtWLFDVDSUHVHQWDPVHQDEDVHGDFpOXODRTXHLQGLFDD~OWLPD
SRUomR GH PDWHULDO UHVXOWDQWH GD GLJHVWmR LQWUDFHOXODU GD FpOXOD % VHQGR TXH VmR
UHPRYLGDVGDKHPROLQIDDWUDYpVGDDEVRUomRGDVFpOXODV5$O0RKDQQD 1RWWE
$VVLPDVFpOXODV5DEVRUYHPPHWDEyOLWRVVRO~YHLVGRO~PHQGRW~EXORVHJXLGR
SRU PHWDEyOLWRV VRO~YHLV H SHTXHQDV SDUWtFXODV GD KHPROLQID $V SHTXHQDV PROpFXODV
VmRHVWRFDGDVFRPROLStGLRVHJOLFRJrQLRVHQTXDQWRPHWDLVVmRDFXPXODGRVQRYDF~ROR
VXSUDQXFOHDU %UXQHW HW DO 'HVWD IRUPD DV FpOXODV 5 DSUHVHQWDP IXQomR GH
GHWR[LILFDomR DWUDYpV GD HVWRFDJHP GH PHWDLV VRE IRUPD LQVRO~YHO GHQWUR GR YDF~ROR
+RSNLQ 1RWW
$VXWLOL]Do}HVVXEVHTHQWHVGDPDLRULDGDVVXEVWkQFLDVHVWRFDGDVQDVFpOXODV5
HVWmR SULQFLSDOPHQWH OLJDGDV DR FLFOR GH PXGD $O0RKDQQD 1RWW $OJXQV
HOHPHQWRVTXtPLFRVHVDLVPLQHUDLVWDPEpPIRUDPGHWHFWDGRVHPFpOXODV5GHDOJXQV
GHFiSRGDV%UXQHWHWDO(VVHVPDWHULDLVVmRSURYDYHOPHQWHXWLOL]DGRVGXUDQWHR
SHUtRGR GH SyVPXGD TXDQGR D TXDQWLGDGH GH IyVIRUR GLPLQXL GHYLGR j IRUPDomR GR
H[RHVTXHOHWR %UXQHW HW DO $V IXQo}HV GHVFULWDV SDUD D FpOXOD 5 GH 3HQDHXV
VHPLVXOFDWXVHVWmRGHDFRUGRFRPRVPRGHORVFOiVVLFRVTXHGHVFUHYHUDPRSDSHOGHVVD
FpOXODQRKHSDWRSkQFUHDVGHGHFiSRGDV/RL]]L*LEVRQ %DUNHU
$V FpOXODV 0 DSUHVHQWDP GHVHQYROYLPHQWR H HYROXomR WRWDOPHQWH OLJDGRV DR FLFOR
GHPXGD$O0RKDQQD 1RWWE'XUDQWHRSHUtRGRGHDOLPHQWDomRRQ~PHURGH
FpOXODV0DXPHQWDVHQGRTXHDHVWRFDJHPGH
JOLFRJrQLRHPDWHULDOSURWpLFRRFRUUHHPXPJUDQGHYDF~ROR4XDQGRRDQLPDOSiUDGH
VHDOLPHQWDUDQWHVHDSyVDPXGDHVVHPDWHULDOpXVDGR SDUDDPDQXWHQomRFHOXODU
%UXQHWHWDO3DUWtFXODVLQHUWHVGHRXURFRORLGDOHGLy[LGRGHWyULRORFDOL]DGRVQD
GLHWD QmR IRUDP DEVRUYLGRV SHODV FpOXODV 0 HPERUD D IHUULWLQD SRVVD HQWUDU QHVVDV
FpOXODVHVHDFXPXODUQRVFRUSRV GHQVRV,FHO\ 1RWW$VHQ]LPDVKLGUROtWLFDV
PRVWUDUDPVHDVVRFLDGDVFRPRFRPSOH[RGH*ROJLHFRPJUkQXORV3RUpPVRPHQWHD
IRVIDWDVH iFLGD WHP VLGR LGHQWLILFDGD DR UHGRU GR JUDQGH FRUSR GHQVR $O0RKDQQD
1RWWE3UHVXPLYHOPHQWHHVVDVHQ]LPDVHVWmRHQYROYLGDVFRPDFRQGHQVDomRGR
PDWHULDODEVRUYLGRHVXDVXEVHTHQWHPRELOL]DomR,FHO\ 1RWW
• ,QIOXrQFLDGDLQDQLomR
9iULRV DXWRUHV REVHUYDUDP RV HIHLWRV GD LQDQLomR QD XOWUDHVWUXWXUD GR
KHSDWRSkQFUHDV HP GHFiSRGDV 6WRUFK :HOVFK 6WRUFK HW DO 6WRUFK
$QJHU3DSDWKDQDVVLRX .LQJ9RJWHWDO(VVHVDXWRUHVGHVFUHYHP
YiULDV PXGDQoDV HP FRPXP FRPR D UHGXomR GR WDPDQKR FHOXODU D FRQGHQVDomR GD
FURPDWLQD QXFOHDU D GHVFRQWLQXLGDGH GD ERUGD HP PLFURYLORV R DXPHQWR GD OkPLQD
EDVDO D UHGXomR GR Q~PHUR GH PLWRF{QGULDV WDQWR D H[SDQVmR FRPR D FRQGHQVDomR
GDVPLWRF{QGULDVDUHGXomRGRVHVWRTXHVGHOLStGLRHJOLFRJrQLRDGHVFRQWLQXLGDGHGR
UHWtFXOR HQGRSODVPiWLFR H DXPHQWR QR Q~PHUR GH FRUSRV UHVLGXDLV $ LQIOXrQFLD GD
LQDQLomRpPDLVHYLGHQWHQDVFpOXODV5,FHO\ 1RWW
$ ODUYD GH +\DV DUDQHXV 6WRUFK $QJHU H D SyV ODUYD GH 3HQDHXV PRQRGRQ
9RJWHWDOSRGHPVREUHYLYHUPDLVTXHGLDVVHPDOLPHQWDomRVHQGRTXHR
KHSDWRSkQFUHDV QmR IRL WRWDOPHQWH UHVWDEHOHFLGR PHVPR DSyV FLQFR GLDV GH
DOLPHQWDomR (QWUHWDQWR R KHSDWRSkQFUHDV GH &DHQRELWD UXJRVXV 6WRUFK :HOVFK
HGH%LUJXVODWUR6WRUFKHWDOSRGHPUHHVWDEHOHFHUWRWDOPHQWHDVIXQo}HV
KHSDWRSDQFUHiWLFDVPHVPRDSyVDLQDQLomRSRUDOJXQVPHVHV
• ,QIOXrQFLDGD0XGD
$V PXGDQoDV GDV FpOXODV KHSDWRSDQFUHiWLFDV GH 3HQDHXV VHPLVXOFDWXV WDPEpP
IRUDPREVHUYDGDVXPDYH]TXHRVDQLPDLVQmRVHDOLPHQWDPGXUDQWHRSHUtRGRLQLFLDO
GHSUpPXGD1HVVHSHUtRGRDVFpOXODV)HVWmRHPVXDIUHTrQFLDPtQLPDHDVFpOXODV
%HVWmRHPVXDIUHTrQFLDPi[LPD$O0RKDQQD 1RWW1DH[WUHPLGDGHGLVWDO
GRW~EXORDVFpOXODV%DEVRUYHPPDWHULDOOXPLQDORTXDOpGHULYDGRSUHVXPLYHOPHQWH
GDVGHVFDUJDVUHDOL]DGDVSHODVFpOXODV5XPDYH]TXHQmRKiVXSOHPHQWRHQHUJpWLFRGR
FLFOR DOLPHQWDU 1 SRUomR PHGLDO GR W~EXOR DV FpOXODV % HVWmR HQYROYLGDV FRP D
DVVLPLODomR H GLJHVWmR LQWUDFHOXODU ,FHO\ 1RWW (P FRQWUDVWH DR HVWiJLR GH
DOLPHQWDomRHVWXGRVUHDOL]DGRVFRPDX[tOLRGHUDLR;REVHUYDUDPPHWDLVQRVUHVtGXRV
GHQVRV GHQWUR GRV YDF~RORV GLJHVWLYRV (VVHV UHVtGXRV VmR H[WUXVDGRV QR YDF~ROR GD
UHJLmRSUR[LPDOGRW~EXORKHSDWRSDQFUHiWLFRGXUDQWHRVHVWiJLRVLQLFLDVGHSUpPXGD
1R LQtFLR GD SUpPXGD QDV FpOXODV 5 RFRUUH XPD PDLRV FRQFHQWUDomR GH OLStGHRV H
JOLFRJrQLR (VVD IRUPDomR p HVWRFDGD SULPDULDPHQWH QD UHJLmR SUR[LPDO GR W~EXOR H
SRVWHULRUPHQWH QD UHJLmR GLVWDO $OpP GLVVR Ki JUDQGHV LQFOXV}HV DSLFDLV TXH FRQWpP
PHWDLV&RPRSURJUHVVRGDSUpPXGDDVFpOXODV5QDUHJLmRSUR[LPDOSDUWLFXODUPHQWH
DTXHODV DGMDFHQWHV jV FpOXODV % H[SHOHP VHX FRQWH~GR QR O~PHQ WXEXODU 2
UHVWDEHOHFLPHQWR FHOXODU GR HSLWpOLR p UHDOL]DGR D SDUWLU GD PLWRVH GDV FpOXODV ( QD
SRUomR GLVWDO HP IXQGR FHJR GRV W~EXORV KHSDWRSDQFUHiWLFR 1HQKXPD PLWRVH RFRUUH
DWpRUHFRPHoRGRSUy[LPRFLFORDOLPHQWDU$O0RKDQQD
$VFpOXODV)MXQWDPHQWHFRPDVFpOXODV5GRPLQDPRHSLWpOLRWXEXODUGXUDQWHRV
HVWiJLRV LQLFLDLV GH SyVPXGD $V FpOXODV ) PDLV SUR[LPDLV DSUHVHQWDP XP YDF~ROR
VXSUDQXFOHDU EHP GHVHQYROYLGR H XP H[WHQVR UHWtFXOR HQGRSODVPiWLFR UXJRVR SRUpP
QmRH[LVWHPHQ]LPDVQRYDF~ROR,FHO\ 1RWW(PFRQWUDVWHDVFpOXODV%HVWmR
FRQILQDGDV QD UHJLmR SUR[LPDO GLVWDO GR W~EXOR H VmR FDUDFWHUL]DGDV SRU XP JUDQGH
YDF~RORRTXDOQmR pH[WUXVDGRQRO~PHQHSUHVXPLYHOPHQWHUHIOHWHQDFRQGLomRGH
LQDQLomRGRVHVWiJLRVGHSyVPXGD
$V FpOXODV 5 GXUDQWH RV HVWiJLRV GH SyVPXGD DSUHVHQWDP XP H[WHQVR
VLVWHPDHQGRSODVPiWLFRUXJRVRR TXDOHVWiHPFRQWLQXLGDGHFRPXPJUDQGHYDF~ROR
QDUHJLmRDSLFDOGRFLWRSODVPDFHOXODU(VVHYDF~RORSDUHFHDFXPXODUXPDYDULHGDGHGH
PDWHULDLVUHVLGXDLVLQFOXLQGROLStGLRJOLFRJrQLRHFREUH$UHGXomRGHPDWHULDOHVWRFDGR
GRV FRUSRV GHQVRV QDV FpOXODV 0 $O0RKDQQD (VVH IDWR SDUHFH HVWDU OLJDGR
FRPDPRELOL]DomRGRPDWHULDOHVWRFDGRGXUDQWHRSHUtRGRGHSUpHSyVPXGDVSDUD
VXVWHQWDU RV GHFiSRGDV GXUDQWH R HVWiJLR QmR DOLPHQWDU GR FLFOR $OpP GLVVR HVVDV
PXGDQoDV FLWROyJLFDV SURPRYHP XP PHFDQLVPR SDUD VDOYDU HOHPHQWRV HVVHQFLDLV H
H[FUHWDU HOHPHQWRV QmR HVVHQFLDLV 0XGDQoDV FLWROyJLFDV VLPLODUHV SURYDYHOPHQWH
RFRUUDPQRKHSDWRSkQFUHDVGHRXWURVGHFiSRGDVGXUDQWHRFLFORGHPXGD,FHO\ 1RWW
(P JHUDO RV SHVRV WRWDLV GR KHSDWRSkQFUHDV H GDV UHVHUYDV RUJkQLFDV H
LQRUJkQLFDVHVWmRUHGX]LGRVGXUDQWHRSHUtRGRGHPXGDHDXPHQWDVXEVHTHQWHPHQWH
DSyV R SHUtRGR GH LQWHUPXGD $O0RKDQQD 1RWW ([LVWHP GLIHUHQWHV WLSRV GH
UHVHUYDV LQRUJkQLFDV HP GHFiSRGDV FRPR PHWDLV DVVRFLDGRV jV LQFOXV}HV OLVRVVRPDLV
HP FpOXODV 5 FRQWHQGR VXOIDWRV $O0RKDQQD H HVWUXWXUDV JUDQXODUHV
FRQFrQWULFDV TXH DSDUHFHP QRV HVWiJLRV LQLFLDLV GH SUpPXGD H FRQWpP IRVIDWRV $O
0RKDQQD 1RWWD
2%-(7,92
2 REMHWLYR GHVWH WUDEDOKR IRL FDUDFWHUL]DU D JOkQGXOD GR LQWHVWLQR PpGLR
KHSDWRSkQFUHDV GHVFUHYHQGR FDUDFWHUtVWLFDV PDFURVFySLFDV H PLFURVFySLFDV WDLV
FRPRVHXVRVWLSRVFHOXODUHVHDRUJDQL]DomRGHVHXVGXFWRVHW~EXORV
0$7(5,$/(0e72'26
3DUDRSUHVHQWHHVWXGRIRUDPXWLOL]DGRVH[HPSODUHVDGXOWRVGRFDPDUmRGH
iJXDGRFH0DFUREUDFKLXPDPD]RQLFXP2VDQLPDLVIRUDPWUDQVIHULGRVGRVYLYHLURVGH
UHSURGXWRUHVGR6HWRUGH&DUFLQLFXOWXUDGR&HQWURGH$TLFXOWXUDGD81(63&$81(63
&DPSXV GH -DERWLFDEDO ± 63 SDUD XQLGDGHV H[SHULPHQWDLV (VWDV DSUHVHQWDYDP
FDSDFLGDGHSDUD/ILOWURELROyJLFRFHQWUDODHUDomRHWHUPRVWDWRVFDUDFWHUL]DQGR
XPVLVWHPDIHFKDGR
2V DQLPDLV IRUDP PDQWLGRV QDV XQLGDGHV H[SHULPHQWDLV VHP UHFHEHU
DOLPHQWDomRSRUXPSHUtRGRGHKRUDV$SyVHVVHSHUtRGRDQLPDLVIRUDPPRUWRV
SRU KLSRWHUPLD H GLVVHFDGRV SDUD REVHUYDo}HV PDFURVFySLFDV H KLVWROyJLFDV GR
KHSDWRSkQFUHDV 3DUD WDQWR R yUJmR IRL FROHWDGR H IL[DGR SRU KRUDV HP VROXomR
.DUQRYVN\.DUQRYVN\$SyVIL[DomRDVDPRVWUDVIRUDPODYDGDVHPVROXomRGH
WDPSmR IRVIDWR H PDQWLGDV HP iOFRRO SDUD LQFOXVmR HP +LVWRUHVLQD +LVWRUHVLQ ±
/HLFD$OHPDQKD 5HDOL]DUDPVH FRUWHV VHULDGRV GH µP TXH IRUDP FRUDGRV FRP
+HPDWR[LOLQDH(RVLQD+(2KHSDWRSkQFUHDVIRLGHVFULWRDVVLPFRPRVXDOLJDomRFRP
RLQWHVWLQRPpGLR3DUDFDUDFWHUL]DomRGDVFpOXODVKHSDWRSDQFUHiWLFDVUHDOL]RXVHUHDomR
GH$]XOGH7ROXLGLQD
3DUD GHVFULomR GDV UDPLILFDo}HV GRV W~EXORV GR KHSDWRSkQFUHDV DQLPDLV IRUDP
VXEPHWLGRVDLQMHo}HVGHQDQTXLP3DUDWDQWRRVDQLPDLVIRUDP
VDFULILFDGRVSRUKLSRWHUPLDHDFDUDSDoDGRFHIDORWyUD[IRLUHWLUDGDFXLGDGRVDPHQWHD
ILP GH VH H[SRU RV yUJmRV LQWHUQRV &RP DX[tOLR GH VHULQJD H DJXOKD GH LQVXOLQD IRL
LQMHWDGR QDQTXLP D SDUWLU GR HVW{PDJR H REVHUYRXVH VXD GLVSHUVmR SHOR
KHSDWRSkQFUHDV H LQWHVWLQR &DEH GHVWDFDU TXH DSyV LQMHomR HVW{PDJR H LQWHVWLQR
IRUDPDPDUUDGRVHYLWDQGRSRVVtYHOSHUGDGHQDQTXLP)LJ3RVWHULRUPHQWHRyUJmR
GRDQLPDOIRLUHWLUDGRHIL[DGRHPVROXomRGH%RXLQSRUKRUDV$SyVHVVHSHUtRGRR
PDWHULDOIRLVXEPHWLGRjURWLQDKLVWROyJLFDHLQFOXVmRHP3DUDSODVW)RUDPREWLGRVFRUWHV
VHULDGRVDµPHFRUDGRVHP+HPDWR[LOLQDH(RVLQD+(
$ DQiOLVH H D IRWRGRFXPHQWDomR GRV FRUWHV IRUDP UHDOL]DGDV HP
IRWRPLFURVFySLR 2O\PSXV %; DFRSODGR D XP VLVWHPD GH FkPHUD GLJLWDO 2O\PSXV
'3
5(68/7$'26
2 KHSDWRSkQFUHDV )LJ H p XP yUJmR PDFLoR IULiYHO GH FRORUDomR
DPDUHORDFDVWDQKDGDHHVWiUHYHVWLGRSRUXPDFiSVXODGHWHFLGRFRQMXQWLYR)LJV
H(VWHyUJmRRFXSDJUDQGHSDUWHGDFDYLGDGHFHIDORWRUiFLFDHHVWiRUJDQL]DGRHP
GXDVPHWDGHVORERVGLUHLWDHHVTXHUGDDVTXDLVHQYROYHPRWXERGLJHVWLYRQDDOWXUD
GD WUDQVLomR GR HVW{PDJR FRP LQWHVWLQR &DGD PHWDGH HVWi VXEGLYLGLGD HP TXDWUR
UHJL}HVFUDQLDOFDXGDOGRUVDOHYHQWUDO&DGDUHJLmRHVWiFRQVWLWXtGDSRUXPDVpULHGH
W~EXORVVHFUHWRUHVRXOyEXORVKHSDWRSDQFUHiWLFRVTXHVHLQLFLDPHPIXQGRFHJRFXMRV
O~PHQVFRUUHPHPGLUHomRjDEHUWXUDGRKHSDWRSkQFUHDVQRHVW{PDJR)LJVH
$SDUWLUGDMXQomRGRKHSDWRSkQFUHDVFRPRHVW{PDJR)LJVHLGHQWLILFDVH XP JUDQGH W~EXOR SULQFLSDO GLUHLWR H XP HVTXHUGR )LJ GRV TXDLV SDUWHP RV
W~EXORVVHFXQGiULRVHPGLUHomRDFDGDUHJLmROREDUGRKHSDWRSkQFUHDV)LJ2WHWRH
RDVVRDOKRGHVWHW~EXORSULQFLSDOQmRFRQVWLWXHPXPDSDUHGHDOX]GRW~EXORSULQFLSDO
GLPLQXLSURJUHVVLYDPHQWHHDPERVWHWRHDVVRDOKRWHUPLQDPHPIXQGRFHJRFRPRXP
W~EXORVHFUHWRU)LJ2W~EXORVHFUHWRUVHFXQGiULRGRUVDOTXHVHGLULJHSDUDRORER
GRUVDOHVWiVLWXDGRQDUHJLmRPHGLDQDGRW~EXORSULQFLSDO)LJ/RJRHPVHJXLGDQD
UHJLmR PHGLDQD GR W~EXOR SULQFLSDO VLWXDVH R W~EXOR VHFUHWRU VHFXQGiULR YHQWUDO TXH
GLULJHVH DR ORER YHQWUDO )LJ 1D UHJLmR FUDQLDO GR W~EXOR SULQFLSDO LGHQWLILFDVH R
W~EXORVHFUHWRUVHFXQGiULRTXHVHGLULJHDRORER
FUDQLDOHHPVHQWLGRFRQWUiULRRXVHMDQDUHJLmRFDXGDOGRW~EXORSULQFLSDOLGHQWLILFD
VHRW~EXORVHFUHWRUVHFXQGiULRFDXGDOTXHVHGLULJHDRORERFDXGDO)LJ
2VW~EXORVVHFUHWRUHVVHFXQGiULRVjPHGLGDTXHDGHQWUDPDVUHVSHFWLYDVUHJL}HV
GRKHSDWRSkQFUHDVVHUDPLILFDPHFRQVWLWXHPRVW~EXORVVHFUHWRUHVSURSULDPHQWHGLWRV
)LJ(VVHVW~EXORVVHFUHWRUHVFRUUHPSDUDOHODPHQWHHQWUHVLHPGLUHomRjSHULIHULD
GRyUJmRRQGHWHUPLQDPHPIXQGRFHJR)LJVH(YHQWXDOPHQWHDQWHVGRVW~EXORV
VHFUHWRUHVWHUPLQDUHPHPIXQGRFHJRSRGHH[LVWLUXPDUDPLILFDomRGLVWDO)LJVH
&DGDW~EXORVHFUHWRUHVWiUHYHVWLGRSRUXPHSLWpOLRSVHXGRHVWUDWLILFDGRTXHVHDSyLDQD
PHPEUDQDEDVDOUHVSHFWLYD)LJH'RLVW~EXORVVHFUHWRUHVDGMDFHQWHVDSUHVHQWDP
HQWUHVLXPGLVFUHWRWHFLGRFRQMXQWLYRIURX[RFRPFpOXODVPLRHSLWHOLDLVTXHGHOLPLWDR
HVSDoR KHPROLQIiWLFR SRU RQGH FRUUH KHPROLQID )LJ H 'HVWD IRUPD D
XQLGDGHPRUIROyJLFDHIXQFLRQDOGRKHSDWRSkQFUHDVFRQVLVWHGHW~EXORVVHFUHWRUHVHP
IXQGRFHJR
2 HSLWpOLR GH UHYHVWLPHQWR GRV W~EXORV VHFUHWRUHV DSUHVHQWD GLIHUHQWHV WLSRV
FHOXODUHV )LJV H &DGD W~EXOR SRGH VHU GLIHUHQFLDGR HP WUrV UHJL}HV
SUR[LPDOSUy[LPDGRW~EXORSULQFLSDOPHGLDOHGLVWDOUHJLmRGRIXQGRFHJR)LJVH
2 HSLWpOLR GRV W~EXORV KHSDWRSDQFUHiWLFRV FRQVLVWH GH FLQFR WLSRV FHOXODUHV VHQGR
HOHV FpOXODV ( LQGLIHUHQFLDGD )LJ FpOXODV ) ILEULODU )LJV H FpOXODV 5
UHDEVRUWLYD)LJFpOXODV%YHVLFXODU)LJVHFpOXODV0EDVDO)LJVH
$V FpOXODV ( VmR FXEyLGHV H LQGLIHUHQFLDGDV )LJ (VVDV FpOXODV DSUHVHQWDP
Q~FOHRDUUHGRQGDGRHSURHPLQHQWHFRPYiULRVQXFOpRORVHFLWRSODVPDEDVyILOR(VVHWLSR
FHOXODUDSUHVHQWDUHJLmRGHERUGDHPHVFRYDHHVWiORFDOL]DGRQDUHJLmRGLVWDOGRW~EXOR
KHSDWRSDQFUHiWLFR)LJV3RUVHWUDWDUGHXPDFpOXODLQGLIHUHQFLDGDHODpUHVSRQViYHO
SHODGLYLVmRPLWyWLFDSDUDUHQRYDomRGRHSLWpOLRWXEXODU)LJ
$V FpOXODV ) VmR FLOtQGULFDV RX HP IRUPDWR WULDQJXODU FRP iSLFH DUUHGRQGDGR
)LJVH(VWDFpOXODDSUHVHQWDUHJLmRFRQVStFXDGHERUGDHPHVFRYDFRPQ~FOHR
JUDQGH H DUUHGRQGDGR H FLWRSODVPD FRP LQWHQVD EDVRILOLD TXDQGR FRPSDUDGR DRV
GHPDLVWLSRVFHOXODUHV)LJVH
$VFpOXODV5VmRFLOtQGULFDVHDSUHVHQWDPXPDFRQVStFXDERUGDHPHVFRYD)LJ
(VVDVFpOXODVDSUHVHQWDPQ~FOHRDUUHGRQGDGRSUHGRPLQDQWHPHQWHEDVDO)LJV
H2FLWRSODVPDGHVVDVFpOXODVDSUHVHQWDYDF~RORVVXEDSLFDLVFDUDFWHUtVWLFRV)LJ
(VVHWLSRFHOXODUpRPDLVQXPHURVRHHVWiORFDOL]DGRQDVUHJL}HVSUR[LPDOHPHGLDO
GRVW~EXORVKHSDWRSDQFUHiWLFRV)LJVH
$VFpOXODV%DSUHVHQWDPIRUPDWRJOREXODUFRPQ~FOHREDVDODFKDWDGR)LJV
H6HXFLWRSODVPDDSUHVHQWDYiULRVYDF~RORVDSLFDLVSLQRFtWLFRVHXPJUDQGH
YDF~RORVXEDSLFDO)LJ2YDF~RORVXEDSLFDORFXSDDPDLRUSDUWHGRFLWRSODVPD$V
GLVWDO GRV W~EXORV GLPLQXLQGR VXD IUHTrQFLD j PHGLGD TXH R W~EXOR VHFUHWRU VH
DSUR[LPDGRW~EXORSULQFLSDO)LJ
$VFpOXODV0DSUHVHQWDPIRUPDWRWULDQJXODUGHiSLFHDUUHGRQGDGRQ~FOHREDVDO
DUUHGRQGDGR FRP YiULRV QXFOpRORV )LJV H H R FLWRSODVPD DSUHVHQWD LQWHQVD
EDVRILOLD(VVDFpOXODDSUHVHQWDVXDEDVHDSRLDGDQDPHPEUDQDEDVDOHVHXiSLFHQmR
DOFDQoDRO~PHQGRW~EXORKHSDWRSDQFUHiWLFRHSRUWDQWRQmRDSUHVHQWDUHJLmRGHERUGD
HPHVFRYD)LJ
'LVFXVVmR
2KHSDWRSkQFUHDVpXPyUJmRVLPLODUQDPDLRULDGRVGHFiSRGDV*LEVRQ %DUNHU
VHQGR XP yUJmR PDFLoR H FRPSDFWR ,VVR WDPEpP S{GH VHU YHULILFDGR HP
0DFUREUDFKLXPDPD]RQLFXP$OpPGLVVRRKHSDWRSkQFUHDVGHVVDHVSpFLHDSUHVHQWRX
VH IULiYHO GH FRORUDomR DPDUHORDFDVWDQKDGD H UHYHVWLGR SRU XPD FiSVXOD GH WHFLGR
FRQMXQWLYRRTXHHVWiGHDFRUGRFRPDHVWUXWXUDSURSRVWDSDUDRKHSDWRSkQFUHDVQD
PDLRULDGDVHVSpFLHVGHGHFiSRGDVHVWXGDGDV*LEVRQ %DUNHU
(P 0 DPD]RQLFXP R KHSDWRSkQFUHDV DSUHVHQWRXVH GLYLGR HP GXDV PHWDGHV
ORERVXPDGLUHLWDHXPDHVTXHUGDDVTXDLVHQYROYHPRWXERGLJHVWLYRQDDOWXUDGD
WUDQVLomR HVW{PDJR FRP LQWHVWLQR (VVHV GRLV ORERV QmR DSUHVHQWDP FRQH[mR GLUHWD
HQWUHVLHQWUHWDQWRHVWmRUHYHVWLGRVSHODPHVPDFiSVXODGHWHFLGRFRQMXQWLYRWRUQDQGR
RKHSDWRSkQFUHDVXPyUJmRPDFLoR,VVRFRQIURQWDFRPRVUHVXOWDGRVREWLGRVSRU9RJW
HW DO TXH UHDOL]RX HVWXGRV VREUH R KHSDWRSkQFUHDV GH$VWDFXV DVWDFXV TXH
DSUHVHQWRXGRLVORERVGLVSRVWRVVHSDUDGDPHQWHGHFDGDXPGRVODGRVGRWXERGLJHVWLYR
VHPQHQKXPWLSRGHFRQH[mR
&DGD XP GRV ORERV GR KHSDWRSkQFUHDV GH0 DPD]RQLFXP HVWDYD VXEGLYLGR HP
GD MXQomR GR KHSDWRSkQFUHDV FRP R HVW{PDJR LGHQWLILFRXVH XP JUDQGH W~EXOR
SULQFLSDOVHQGRXPORFDOL]DGRQRORERGLUHLWRHXPQRORERHVTXHUGRGRLQWHVWLQR'HVWH
W~EXORSULQFLSDOSDUWHPRVW~EXORVVHFUHWRUHVVHFXQGiULRVTXHVHGLULJHPHPGLUHomRD
FDGD XPD GDV UHJL}HV GR KHSDWRSkQFUHDV 'LIHUHQWH GR TXH RFRUUH HP +RPDUXV
DPHULFDQXV)DFWRU RQGH FDGD XP GRV ORERV PHWDGHV GR KHSDWRSkQFUHDV
DSUHVHQWRXVH VXEGLYLGLGR HP WUrV OyEXORV (P0 DPD]RQLFXP D FDUDFWHUL]DomR GR
OyEXORKHSDWRSDQFUHiWLFRHVWiEDVHDGDQDGHVFULomRGRItJDGRGHPDPtIHURV-XQTXHLUD
&DUQHLUR *HQHVHU QHVWH FDVR FDGD OyEXOR KHSiWLFR FRQVWLWXL XPD
XQLGDGH PRUIRIXQFLRQDO GR ItJDGR VHSDUDGRV SRU WHFLGR FRQMXQWLYR 2 OyEXOR
KHSDWRSDQFUHiWLFR HP 0 DPD]RQLFXP UHSUHVHQWD XPD XQLGDGH PRUIRIXQFLRQDO
FRQVWLWXtGD SRU W~EXOR VHFUHWRU FRP HVSDoR KHPROLQIiWLFR DGMDFHQWH 'HVWD IRUPD R
OyEXOR KHSDWRSDQFUHiWLFR QmR FRQVWLWXL XPD UHJLmR GR yUJmR H VLP XP FRQMXQWR GH
OyEXORV KHSDWRSDQFUHiWLFRV GHILQH R HVSDoR RFXSDGR SRU XPD UHJLmR GR
KHSDWRSkQFUHDV
(P 0 DPD]RQLFXP D GHQRPLQDomR ³W~EXOR VHFUHWRU´ DR LQYpV GH GXFWR p
EDVHDGD QDV FDUDFWHUtVWLFDV PRUIROyJLFDV GRV W~EXORV VHFUHWRUHV SULQFLSDLV H
VHFXQGiULRV 6HJXQGR D OLWHUDWXUD HVSHFLDOL]DGD -XQTXHLUD &DUQHLUR *HQHVHU
XPDJOkQGXODH[yFULQDSRVVXLXPDUHJLmRVHFUHWRUDHRXWUDFRQGXWRUD$SRUomR
VHFUHWRUD GLIHUH GD SRUomR FRQGXWRUD SRUTXH HVWD ~OWLPD DSUHVHQWD XP HSLWpOLR GH
UHYHVWLPHQWR H QmR JODQGXODU 1R KHSDWRSkQFUHDV0 DPD]RQLFXP QmR IRL SRVVtYHO D
ORFDOL]DomR GH XPD SRUomR FRQGXWRUD SURSULDPHQWH GLWD VHQGR HQFRQWUDGD FpOXODV
PHGLDOHGLVWDOGRW~EXORKHSDWRSDQFUHiWLFR2HSLWpOLRVHFUHWRUpFRQVWLWXtGRSRUFLQFR
WLSRVFHOXODUHVRVTXDLVVHGLIHUHQFLDPDRORQJRGRFRPSULPHQWRGRVW~EXORVFRPRR
TXHMiIRLGHVFULWRSDUDRVGHPDLVGHFiSRGDV$O0RKDQQDHWDOD$O0RKDQQD
1RWW6RX]D 3HWULHOOD&RUUHDHWDO
$VFpOXODV(IRUDPREVHUYDGDVVRPHQWHQDSRUomRGLVWDOGHFDGDW~EXORVHQGRDV
FpOXODVTXHIRUPDPRIXQGRFHJRGHFDGDXPGHVVHVW~EXORV,VVRHVWiGHDFRUGRFRP
RTXHpGHVFULWRSDUDWRGRVRVGHFiSRGDV*LEVRQ %DUNHU
-i D FpOXOD ) IRL REVHUYDGD DR ORQJR GH WRGR RV W~EXORV GR KHSDWRSkQFUHDV
HQWUHWDQWR p PDLV IDFLOPHQWH LGHQWLILFDGD QD SRUomR GLVWDO SUy[LPDV jV FpOXODV ( $O
0RKDQQD 1RWWREVHUYDUDPDVFpOXODV)SUHVHQWHVDSHQDVQDVUHJL}HVSUR[LPDO
HPHGLDOGRVW~EXORVHP3HQDHXVVHPLVXOFDWXV2PHVPRIRLUHODWDGRSRU&DFHFLHWDO
HP3HQDHXVYDQDPHL
(P0DPD]RQLFXPDVFpOXODV%IRUDPREVHUYDGDVSULQFLSDOPHQWHQDUHJLmRPHGLDO
H GLVWDO GRV W~EXORV GLPLQXLQGR VXD IUHTrQFLD j PHGLGD TXH R W~EXOR VHFUHWRU VH
DSUR[LPD GR W~EXOR SULQFLSDO (QWUHWDQWR $O0RKDQQD 1RWW YHULILFDUDP D
SUHVHQoD GHVWDV FpOXODV QD UHJLmR PHGLDOSUR[LPDO GRV W~EXORV HP 3HQDHXV
VHPLVXOFDWXV
$ FpOXOD 5 IRL R WLSR FHOXODU REVHUYDGR PDLV DEXQGDQWH QRV W~EXORV
KHSDWRSDQFUHiWLFRVGH0DPD]RQLFXPVHQGRPXLWRIUHTHQWHQDVUHJL}HVSUR[LPDOH
PHGLDOGRVW~EXORV(P3HQDHXVVHPLVXOFDWXV$O0RKDQQD 1RWWREVHUYDUDPD
SUHVHQoD GH FpOXODV 5 DR ORQJR GH WRGR R W~EXOR VHQGR TXH QD UHJLmR GLVWDO HVWDV
FpOXODV DSUHVHQWDUDP FDUDFWHUtVWLFDV GH FpOXODV MRYHQV ¬ PHGLGD TXH ³FDPLQKDP´ QD
SDUHGHGRW~EXORGHYLGRjLQWHQVDPLWRVHHGLIHUHQFLDomRGDVFpOXODV(YmRDGTXLULQGR
FDUDFWHUtVWLFDV GH FpOXODV FRP LQWHQVD DWLYLGDGH GH DEVRUomR RX VHMD FpOXODV FRP
PXLWRV JUkQXORV QR FLWRSODVPD 2 PHVPR IRL GHVFULWR SRU &DFHFLHW DO HP
3HQDHXVYDQDPHL
2 TXLQWR WLSR FHOXODU D FpOXOD 0 IRL REVHUYDGR DR ORQJR GH WRGR R W~EXOR
VHFUHWRU GR KHSDWRSkQFUHDV GH 0 DPD]RQLFXP VHQGR TXH HVWD DSUHVHQWRX
FDUDFWHUtVWLFDVGHFpOXODVMRYHQVQDUHJLmRGLVWDOGHYLGRDRIDWRGHVHUHPSURYHQLHQWHV
GDGLIHUHQFLDomRGDVFpOXODV(jVHPHOKDQoDGRTXHDFRQWHFHSDUDDVFpOXODV5XPD
YH] TXH D IXQomR GH FpOXOD 0 HVWi DVVRFLDGD D IXQomR GD FpOXOD 5 (VWH WLSR FHOXODU
WDPEpPIRLREVHUYDGRDRORQJRGHWRGRRW~EXORHP3HQDHXVVHPLVXOFDWXV$O0RKDQQD
HWDO$O0RKDQQD 1RWWHHP+RPDUXVDPHULFDQXV,FHO\ 1RWW
PDV QmR IRL REVHUYDGR HP$VWDFXV DVWDFXV9RJWHW DO H3DODHPRQHWHV
DUJHQWLQXV6RXVD 3HWULHOOD
'HVWDIRUPDDHVWUXWXUDPRUIROyJLFDGH0DPD]RQLFXPVHDVVHPHOKDDRGHVFULWR
SRUGLIHUHQWHVDXWRUHV$O0RKDQQDHWDO$O0RKDQQD 1RWW-RKQVWRQHW
DO 6RX]D 3HWULHOOD &RUUHDHW DO SDUD GHFiSRGDV 1R HQWDQWR
&RQFOXVmR
2 FDPDUmR GH iJXD GRFH 0 DPD]RQLFXP DSUHVHQWRX DOJXPDV FDUDFWHUtVWLFDV
SUySULDVGDHVSpFLHTXDQGRFRPSDUDGRDRXWURVGHFiSRGDV
2 KHSDWRSkQFUHDV DSUHVHQWRX GRLV ORERV VHQGR HVTXHUGR H GLUHLWR SRUpP
QmRSRGHPVHUYLVXDOL]DGRVVHSDUDGDPHQWH
$FDUDFWHUL]DomRGROyEXORKHSDWRSDQFUHiWLFRLGHQWLILFDDXQLGDGHPRUIRIXQFLRQDO
GRyUJmRTXHHVWiFRPSRVWDSHORW~EXORVHFUHWRUHHVSDoRKHPROLQIiWLFRDGMDFHQWH
2 W~EXOR VHFUHWRU RX W~EXOR KHSDWRSDQFUHiWLFR DSUHVHQWD FpOXODV VHFUHWRUDV HP
WRGR R FRPSULPHQWR WXEXODU QmR VHQGR SRVVtYHO D FDUDFWHUL]DomR GH XPD SRUomR
FRQGXWRUDSURSULDPHQWHGLWD'HVWDIRUPDRWHUPRGXFWRQmRVHDSOLFDDHVVDHVSpFLH
2 HSLWpOLR JODQGXODU GRV W~EXORV VHFUHWRUHV HVWi FRQVWLWXtGR SRU FLQFR WLSRV
FHOXODUHVFpOXOD()%5H±0
&pOXODV%PHUHFHPGHVWDTXHXPDYH]TXHVHDSUHVHQWDPHPWRGRRFRPSULPHQWR
GRW~EXORSRUpPpPDLVDEXQGDQWHQDUHJLmRPHGLDOHGLVWDOGRW~EXORHGLPLQXHPVXD
IUHTrQFLDHPGLUHomRjUHJLmRSUR[LPDO
5()(5Ç1&,$6%,%/,2*5È),&$6
$O0RKDQQD6<7KHVWUXFWXUHDQGIXQFWLRQRI3HQDHXVVHPLVXOFDWXV'H+DQQ &UXVWDFHD'HFDSRGDGXULQJWKHGLJHVWLYHDQGPRXOWF\FOHV3K'WKHVLV8QLYHUVLW\RI :DOVSS,Q,FHO\-'DQG1RWW-$'LJHVWLRQDQG$EVRUSWLRQGLJHVWLYHV\VWHP DQG DVVRFLDWHG RUJDQV 0LFURVFRSLF $QDWRP\ RI ,QWHUWHEUDWHV 9ROXPH 'HFDSRG &UXVWDFHDS
$O0RKDQQD 6 < DQG 1RWW - ' D 7KH DFFXPXODWLRQ RI PHWDOV LQ WKH KHSDWRSDQFUHDV RI WKH VKULPS 3HQDHXV VHPLVXOFDWXV 'H +DQQ &UXVWDFHD'HFDSRGD GXULQJWKHPRXOWFLFOH,Q,FHO\-'DQG1RWW-$'LJHVWLRQDQG$EVRUSWLRQGLJHVWLYH V\VWHP DQG DVVRFLDWHG RUJDQV 0LFURVFRSLF $QDWRP\ RI ,QWHUWHEUDWHV 9ROXPH 'HFDSRG&UXVWDFHDS
$O0RKDQQD6<DQG1RWW-'E%FHOOVDQGLQJHVWLRQLQWKHKHSDWRSDQFUHDVRI 3HQDHXVVHPLVXOFDWXV&UXVWDFHD'HFDSRGD-RXUQDORI0DULQH%LRORJLFDO$VVRFLDWLRQRI WKH8QLWHG.LQJGRQ
$O0RKDQQD 6 < DQG 1RWW - ' D 5FHOOV DQG WKH GLJHVWLRQ F\FOH LQ 3HQDHXV VHPLVXOFDWXV&UXVWDFHD'HFDSRGD0DULQH%LRORJLFDO
$O0RKDQQD 6 < DQG 1RWW - ' E 0³PLGJHW´ FHOOV DQG WKH PRXOW F\FOH LQ 3HQDHXVVHPLVXOFDWXV&UXVWDFHD'HFDSRGD-RXUQDORI0DULQH%LRORJLFDO$VVRFLDWLRQRI WKH8QLWHG.LQJGRQ
$O0RKDQQD6<1RWW-$/DQH'-:D0LWRWLF(DQGVHFUHWRU\)FHOOVLQ WKHKHSDWRSDQFUHDVRIWKHVKULPS3HQDHXVVHPLVXOFDWXV&UXVWDFHD'HFDSRGD-RXUQDO RI0DULQH%LRORJLFDO$VVRFLDWLRQRIWKH8QLWHG.LQJGRQ
$O0RKDQQD 6 < 1RWW - $ /DQH ' - : E 0³PLGJHW´ FHOOV LQ WKH KHSDWRSDQFUHDV RI WKH VKULPS 3HQDHXV VHPLVXOFDWXV GH +DDQ &UXVWDFHD1DWDQWLD&UXVWDFHDQD
%LDOHW]NL $ 1DNDWDQL . %DXPJDUWQHU * %RQG%XFNXS 2FFXUUHQFH RI 0 DPD]RQLFXP +HOOHU 'HFDSRGD 3DOHPRQLGDH ,Q /HRSROGR¶V LQOHW 5HVVDFR GR /HRSROGRXSSHU3DUDQiULYHU3RUWR5LFR3DUDQi%UD]LO5HYLVWDEUDVLOHLUDGH=RRORJLD &XULWLED
%DUNHU3/DQG*LEVRQ52EVHUYDWLRQVRQWKHIHHGLQJPHFKDQLVPVWUXFWXUH RI WKH JXW DQG GLJHVWLYH SK\VLRORJ\ RI WKH (XURSHDQ OREVWHU +RPDUXV JDPPDUXV /'HFDSRGD1HSKRSLGDH ,Q ,FHO\ -' DQG 1RWW -$ 'LJHVWLRQ DQG $EVRUSWLRQ GLJHVWLYHV\VWHPDQGDVVRFLDWHGRUJDQV0LFURVFRSLF$QDWRP\RI,QWHUWHEUDWHV9ROXPH 'HFDSRG&UXVWDFHDS
%DUNHU 3 / DQG *LEVRQ 5 2EVHUYDWLRQV RQ WKH VWUXFWXUH RI WKH PRXWKSDUWV KLVWRORJ\RIWKHDOLPHQWDU\WUDFWDQGGLJHVWLYHSK\VLRORJ\RIWKHPXGFUDE6F\OODVHUUDWD )RUVNDO'HFDSRGD3RUWXQLGDH,Q,FHO\-'DQG1RWW-$'LJHVWLRQDQG$EVRUSWLRQ GLJHVWLYHV\VWHPDQGDVVRFLDWHGRUJDQV0LFURVFRSLF$QDWRP\RI,QWHUWHEUDWHV9ROXPH 'HFDSRG&UXVWDFHDS
%UXQHW0$UQDXG-0D]]D-*XWVWUXFWXUHDQGGLJHVWLYHFHOOXODUSURFHVVHVLQ PDULQHFUXVWDFHD2FHDQRJUDSK\DQG0DULQH%LRORJ\
&DFHFL 7 1HFN . ) /HZLV ' + 6LV 5 ) 8OWUDVWUXFWXUH RI WKH KHSDWRSDQFUHDV RI WKH SDFLILF ZKLWH VKULPS3HQDHXV YDQQDPHL&UXVWDFHD'HFDSRGD -RXUQDORIWKH0DULQH%LRORJLFDO$VVRFLDWLRQRIWKH8QLWHG.LQJGRP
&RUUrD -U - ' )DULQD 0 $OORGL 6 &\WRDUFKLWHFWXUDO IHDWXUHV RI8FLGHV FRUGDWXV&UXVWDFHD'HFDSRGDKHSDWRSDQFUHDVVWUXFWXUHDQGHOHPHQWDOFRPSRVLWLRQRI HOHFWURQGHQVHJUDQXOHV7LVVXH &HOO
'DOO:DQG0RULDUW\'-:)XQFWLRQDODVSHFWVRIQXWULWLRQDQGGLJHVWLRQ,Q 7KHELRORJ\RI&UXVWDFHD9ROXPH/+0DQWHOHG1HZ<RUN$FDGHPLF3UHVVSS
'DYDQW 3 &ODYH SDUD OD LGHQWLILFDFLyQ GH ORV FDPDURQHV PDULQRV \ GH UtR FRQ LPSRUWDQFLD HFRQyPLFD HQ HO RULHQWH GH 9DQH]XHOD &XPDQD ,QVWLWXWR 2FHDQRJUDILFR8QLYHUVLGDGHGH2ULHQWHS
)DFWRU-5'HYHORSPHQWDQGPHWDPRUSKRVLVRIWKHGLJHVWLYHV\VWHPRIODUYDO OREVWHUV+RPDUXVDPHULFDQXV'HFDSRGD1HSKURSLGDH-RXUQDORI0RUSKRORJ\ )DFWRU-5DQG1DDU07KHGLJHVWLYHV\VWHPRIWKHOREVWHUV+RPDUXVDPHULFDQXV&RQQHFWLYHWLVVXHRIWKHGLJHVWLYHJODQG-RXUQDORI0RUSKRORJ\
)DFWRU-5DQG1DDU07KHGLJHVWLYHV\VWHPRIWKHOREVWHUV+RPDUXV DPHULFDQXV7HUPLQDODUWHULROHVRIWKHGLJHVWLYHJODQG-RXUQDORI0RUSKRORJ\
)$2 )RRG DQG $JULFXOWXUH 2UJDQL]DWLRQ RI WKH 8QLWHG 1DWLRQV <HDUERRN RI ILVKHU\ VWDWLVWLFV VXPPDU\ WDEOHV )$2 5RPD REWDLQHG E\ LQWHUQHW
KWWSZZZIDRRUJ
)$2 )RRG DQG $JULFXOWXUH 2UJDQL]DWLRQ RI WKH 8QLWHG 1DWLRQV <HDUERRN RI ILVKHU\ VWDWLVWLFV VXPPDU\ WDEOHV )$2 5RPD REWDLQHG E\ LQWHUQHW
KWWSZZZIDRRUJ
*HQHVHU)+LVWRORJLD(GLWRULDO0pGLFD3DQDPHULFDQD6$&)H(G*XDQDEDUD.RRJDQHGS
*LEVRQ5DQG%DUNHU3/7KHGHFDSRGKHSDWRSDQFUHDV2FHDQRJUDILF0DULQH %LRORJ\$QQXDO5HYLVLRQ
*XLH\VVH$eWXGHGXV\VWqPHGLJHVWLIGHODODQJRXVWH,Q,FHO\-'DQG1RWW -$'LJHVWLRQDQG$EVRUSWLRQGLJHVWLYHV\VWHPDQGDVVRFLDWHGRUJDQV0LFURVFRSLF $QDWRP\RI,QWHUWHEUDWHV9ROXPH'HFDSRG&UXVWDFHDS
*XUJHO--6DQG0DWRV0206REUHDFULDomRH[WHQVLYDGRFDPDUmRFDQHOD 0 DPD]RQLFXP +(//(5 QRV DoXGHV S~EOLFRV GR 1RUGHVWH EUDVLOHLUR ,Q 6,03Ï6,2%5$6,/(,52'($48,&8/785$6mR&DUORV$QDLVS
0LFURVFRSLF$QDWRP\RI,QYHUWHEUDWHV9ROXPH'HFDSRG&UXVWDFHDS
+LUVFK*&DQG-DFREV:'HU$UEHLWVUK\WKPXVGHU0LWWHOGDUPGUVHYRQ $VWDFXVOHSWRGDFW\OXV,,7HLO:DFKVWXPDOVSULPlUHU)DNWRUGHV5K\WKPXVHLQHV SRO\SKDVLVFKHQRUJDQLJHQ6HNUWLRQVV\VWHPV=9HUJO3K\VLRO
+RSNLQ63DQG1RWW-$6RPHREVHUYDWLRQVRQFRQFHQWULFDOO\LQWUDFHOOXODU JUDQXOHVLQWKHKHSDWRSDQFUHDVRIWKHVKRUHFUDE&DUFLQXVPDHQDV/,Q,FHO\-' DQG1RWW-$'LJHVWLRQDQG$EVRUSWLRQGLJHVWLYHV\VWHPDQGDVVRFLDWHGRUJDQV 0LFURVFRSLF$QDWRP\RI,QYHUWHEUDWHV9ROXPH'HFDSRG&UXVWDFHDS
+RSNLQ63DQG1RWW-$6WXGLHVRIWKHGLJHVWLYHF\FOHRIWKHFUDE&DUFLQXV PDHQDV/ZLWKVSHFLDOUHIHUHQFHWRWKH%FHOOVLQWKHKHSDWRSDQFUHDV,Q,FHO\-' DQG1RWW-$'LJHVWLRQDQG$EVRUSWLRQGLJHVWLYHV\VWHPDQGDVVRFLDWHGRUJDQV 0LFURVFRSLF$QDWRP\RI,QYHUWHEUDWHV9ROXPH'HFDSRG&UXVWDFHDS
+RSSH6H\OHU)8HEHU8QWHUVFKLHGHLPFKHPLVFKHQEDXXQGLQGHUYHUGDXXQJ K|KHUHUXQGQLHGHUHU7LHUH,Q,FHO\-'DQG1RWW-$'LJHVWLRQDQG$EVRUSWLRQ GLJHVWLYHV\VWHPDQGDVVRFLDWHGRUJDQV0LFURVFRSLF$QDWRP\RI,QYHUWHEUDWHV9ROXPH 'HFDSRG&UXVWDFHDS
+ROWKXLV / % $ JHQHUDO UHYLVLRQ RI WKH 3DOHPRQLGDH &UXVWDFHD 'HFDSRGD 1DWDQWLD RI WKH $PHULFD ,, 7KH VXEIDPLO\ SDOHPRQLGDH 2FFDVLRQDO 3DSHUV $OODQ +DQFRFN)RXQGDWLRQ
-DFREV:8QWHUVXFKXQJHQEHUGLH&\WRORJLHGHU6HUHWELOGXQJLQGHU
PLWWHOGDUPGUVHYRQ$VWDFXVOHSWRGDFW\OXV,Q,FHO\-'DQG1RWW-$'LJHVWLRQDQG $EVRUSWLRQGLJHVWLYHV\VWHPDQGDVVRFLDWHGRUJDQV0LFURVFRSLF$QDWRP\RI
,QYHUWHEUDWHV9ROXPH'HFDSRG&UXVWDFHDS
-XQTXHLUD/&&DUQHLUR-+LVWRORJLD%iVLFD(G*XDQDEDUD.RRJDQHG S
.DUQRYVN\0-$IRUPDOGHK\GHJOXWDUDOGH\GHIL[LDWLYHRIKLJKRVPRODULW\IRUXVHLQ HOHFWURQPLFURVFRS\-&HOO%LROYS
/RL]]L5),QWHUSUHWDWLRQRIFUD\ILVKKHSDWRSDQFUHDWLFIXQFWLRQEDVHGRQILQH VWUXFWXUDODQDO\VLVRIHSLWKHOLDOFHOOOLQHVDQGPXVFOHQHWZRUNV,Q,FHO\-'DQG1RWW -$'LJHVWLRQDQG$EVRUSWLRQGLJHVWLYHV\VWHPDQGDVVRFLDWHGRUJDQV0LFURVFRSLF $QDWRP\RI,QYHUWHEUDWHV9ROXPH'HFDSRG&UXVWDFHDS
/RYHWW'/DQG)HOGHU'/2QWRJHQ\RIJXWPRUSKRORJ\LQWKHZKLWHVKULPS 3HQDHXVVHWLIHUXV'HFDSRGD3HQDHLGDH-RXUQDORI0RUSKRORJ\
0DJDOKmHV&)LOR$UWKURSRGD6XEILOR&UXVWDFHD2UGHP'HFDSRGD,Q,60$(/ '9$/(17,:&52&+$2 0$768085$781',6,7HG,QYHUWHEUDGRV 'XOFLDTXtFRODV6mR3DXOR)$3(63YROXPHGDFROHomR³%LRGLYHUVLGDGHGR(VWDGRGH 6mR3DXOR%UDVLO6tQWHVHGRFRQKHFLPHQWRDRILQDOGRVpFXOR;;´RUJDQL]DGDSRU-RO\ &$ %LFXGR&(0S
0LDR:DQG*H;)UHVKZDWHUSUDZQFXOWXUHLQ&KLQDDQRYHUYLHZ$TXDFXOWXUH $VLD
0RUDHV5LRGDGHV 3 0 & DQG 9DOHQWL : & )UHVKZDWHU 3UDZQ )DUPLQJ LQ %UD]LOLDQ $PD]RQLD 6KRZV 3RWHQWLDO IRU (FRQRPLF DQG 6RFLDO 'HYHORSPHQW *OREDO $TXDFXOWXUH$GYRFDWH6DLQW/RXLV
0RUDHV5LRGDGHV30&6LWXDomRDWXDOGDFULDomRGH0DPD]RQLFXPQR%UDVLO ,Q , &21*5(662 '$ 62&,('$'( %5$6,/(,5$ '( $48,&8/785$ ( %,2/2*,$ $48È7,&$9LWyULD$QDLVS
0RUDHV5LRGDGHV 3 0 & 9DOHQWL : & 3HUDOWD $ 6 $PRULP 0 ' / &DUFLQLFXOWXUD GH iJXD GRFH QR HVWDGR GR 3DUi VLWXDomR DWXDO H SHUVSHFWLYDV ,Q &21*5(662 %5$6,/(,52 '( (1*(1+$5,$ '( 3(6&$ H &21*5(662 /$7,12 $0(5,&$12'((1*(1+$5,$'(3(6&$5HFLIH$QDLV5HFLIH$(33()$(3%5 S
0\ULFN & $ (FRORJLFDO LPSDFW RI HVFDSHG RUJDQLVPV ,Q 720$62 - 5 HG $TXDFXOWXUHDQGWKH(QYLURQPHQWLQWKH8QLWHG6WDWHV%DWRQ5RXJH86$TXDFXOWXUH 6RFLHW\$&KDSWHURIWKH:RUOG$TXDFXOWXUH6RFLHW\S
1HZ0%6WDWXVRIIUHVKZDWHUSUDZQIDUPLQJDUHYLHZ$TXDFXOWXUH5HVHDUFK 2[IRUG
1HZ0%+LVWRU\DQGJOREDOVWDWXVRIIUHVKZDWHUSUDZQIDUPLQJ,Q1HZ0% DQG 9DOHQWL : & HG )UHVKZDWHU 3UDZQ )DUPLQJ 7KH )DUPLQJ RI0 URVHQEHUJLL /RQGUHV%ODFNZHOOVS
2GLQHW]&ROODUW 2 H 0RUHLUD / & 3RWHQFLDO SHVTXHLUR GR FDPDUmR 0 DPD]RQLFXPQD$PD]{QLD&HQWUDO,OKDGR&DUHLUR$PD]RQLDQD0DQDXV
2GLQHW]&ROODUW2/DSrFKHFUHYHWWLqUHGH0DPD]RQLFXP3DOHPRQLGDHGDQVOH %DV7RFDQWLQV DSUqV OD IHUPHWXUH GX EDUUDJH GH 7XFXUXL 5HY +\GURELRO7URS
2JXUD.0LGJXWJODQGFHOOVDFFPXODWLRQVLURQRUFRSSHULQWKHFUD\ILVK3URFDPEDUXVFODUNLL,Q,FHO\-'DQG1RWW-$'LJHVWLRQDQG$EVRUSWLRQGLJHVWLYH V\VWHPDQGDVVRFLDWHGRUJDQV0LFURVFRSLF$QDWRP\RI,QYHUWHEUDWHV9ROXPH 'HFDSRG&UXVWDFHDS
3DSDWKDQDVVLRX(DQG.LQJ3((IIHFWVRIVWDUYDWLRQRQWKHILQHVWUXFWXUHRI WKHKHSDWRSDQFUHDVLQWKHFRPPRQSUDZQ3DODHPRQVHUUDWXV3HQQDQW&RPSHQGLXP RI%LRFKHPLVWU\DQG3K\VLRORJ\$
3LOODL 5 6 6WXGLHV RQ WKH VKULPS&DULGLQD ODHYLV +HOOHU 7KH GLJHVWLYH V\VWHP,Q,FHO\-'DQG1RWW-$'LJHVWLRQDQG$EVRUSWLRQGLJHVWLYHV\VWHPDQG DVVRFLDWHG RUJDQV 0LFURVFRSLF $QDWRP\ RI ,QYHUWHEUDWHV 9ROXPH 'HFDSRG &UXVWDFHDS
6RXVD/*3HWULHOOD$0+LVWRORJ\RIWKHKHSDWRSDQFUHDVRIWKHIUHVKZDWHU SUDZQ3DOHRPRQHWHVDUJHQWLQXV&UXVWDFHD&DULGHD
KHSDWRSDQFUHDVRIODUYDO+\DVDUDQHXV'HFDSRGD0DMLGDH,Q,FHO\-'DQG1RWW -$'LJHVWLRQDQG$EVRUSWLRQGLJHVWLYHV\VWHPDQGDVVRFLDWHGRUJDQV0LFURVFRSLF $QDWRP\RI,QYHUWHEUDWHV9ROXPH'HFDSRG&UXVWDFHDS
6WRUFK9-DQVVHQ++&DVHV(WKHHIIHFWVRIVWDUYDWLRQRQWKH
KHSDWRSDQFUHDVRIWKHFRFRQXWFUDE%LUJXVODWUR&UXVWDFHD'HFDSRGD,Q,FHO\-' DQG1RWW-$'LJHVWLRQDQG$EVRUSWLRQGLJHVWLYHV\VWHPDQGDVVRFLDWHGRUJDQV 0LFURVFRSLF$QDWRP\RI,QYHUWHEUDWHV9ROXPH'HFDSRG&UXVWDFHDS
9DOHQWL:&&XOWLYRGH&DPDU}HVHPÈJXD'RFH6mR3DXOR1REHOS
9DOHQWL : & )UHVKZDWHU SUDZQ FXOWXUH LQ %UD]LO :RUOG $TXDFXOWXUH %DWRQ 5RXJH
9DOHQWL:&&ULDomRGH&DPDU}HVHPÈJXDV,QWHULRUHV6mR3DXOR)81(3S
9DOHQWL : & &DUFLQLFXOWXUD GH iJXD GRFH QR %UDVLO PLWRV UHDOLGDGH H SHUVSHFWLYDV ,Q &21*5(662 68/$0(5,&$12 '( $48,&8/785$ 6,03Ï6,2 %5$6,/(,52 '( $48,&8/785$ 6,03Ï6,2 %5$6,/(,52 62%5( &8/7,92 '( &$0$525HFLIH5HFLIH$%5$4$QDLVS
9DOHQWL:&6LWXDomRDWXDOSHUVSHFWLYDVHQRYDVWHFQRORJLDVSDUDDSURGXomR GHFDPDU}HVGHiJXDGRFH,Q;,,6LPSyVLR%UDVLOHLURGH$TLFXOWXUD*RLkQLD$QDLV *RLkQLD$VVRFLDomR%UDVLOHLUDGH$TLFXOWXUDS
9DOHQWL:&&DUFLQLFXOWXUDGHiJXDGRFHFRPRDJURQHJyFLR,Q,&21*5(662 '$62&,('$'(%5$6,/(,5$'($48,&8/785$(%,2/2*,$$48È7,&$9LWyULD$QDLV S
9DOHQWL : & )UDQFHVFKLQL9LFHQWLQL , % 3H]]DWR / ( 7KH SRWHQWLDO IRU0 DPD]RQLFXPFXOWXUH,Q:25/'$48$&8/785(6$/9$'25%5$=,/³5($/,=,1* 7+(327(17,$/5(63216$%/($48$&8/785()25$6(&85()8785(´UHDOL]DGRQR SHUtRGRGHDGHPDLRGHQDFLGDGH6DOYDGRU%DKLD$QDLVS
9RJW * 7UDQVIRUPDWLRQ RI WKH DQWHULRU PLGJXW DQG KHSDWRSDQFUHDV FHOOV E\ 0RQRGRQ EDFXORYLUXV 0%9 LQ3HQDHXV PRQRGRQSRVWODUYDH$TXDFXOWXUH
9RJW*+LVWRORJLHXQG&\WRORJLHGHU0LWWLHOGDUPUVHYRQ3HQDHXVPRQRGRQ 'HFDSRGD,Q,FHO\-'DQG1RWW-$'LJHVWLRQDQG$EVRUSWLRQGLJHVWLYHV\VWHP DQGDVVRFLDWHGRUJDQV0LFURVFRSLF$QDWRP\RI,QYHUWHEUDWHV9ROXPH'HFDSRG &UXVWDFHDS
9RJW*6WRFNHU:4XLQWLR(73DVFXDO)30LGJXWJODQGDVPRQLWRURUJDQ IRUQXWULFLRQDOYDOXHRIGLHWVLQ3HQDHXVPRQRGRQ'HFDSRGD$TXDFXOWXUH
9RJW*6WRFNHU:=ZLOOLQJ5%LRV\QWKHVLVRI$VWDFXVSURWHDVHVDGLJHVWLYH HQ]\PHIURPFUD\ILVK+LVWRFKHPLVWU\
