$YDOLDomRGHULVFRGH~OFHUDSRUSUHVVmRSURSULHGDGHVGH
PHGLGDGDYHUVmRHPSRUWXJXrVGDHVFDODGH:DWHUORZ
3UHVVXUHXOFHUULVNDVVHVVPHQWVHQVLWLYLW\DQGVSHFLILFLW\SURSHUWLHVRIWKHSRUWXJXHVHYHUVLRQRI :DWHUORZ VFDOH
(YDOXDFLyQGHULHVJRGH~OFHUDSRUGHF~ELWRSURSLHGDGHVGHPHGLGDGHODHVFDODGH:DWHUORZHQHO LGLRPD SRUWXJXpV
$OHVVDQGUD %RQJLRYDQL /LPD 5RFKD
6RQLD 0DULD 2OLYHLUD GH
%DUURV
5(6802
2EMHWLYR(VWDSHVTXLVDWHYHFRPRREMHWLYRFRQKHFHURVtQGLFHVGHHVSHFLILFLGDGHHVHQVLELOLGDGHGDYHUVmRDGDSWDGDjOtQJXDSRUWXJXHVDGD HVFDODGH:DWHUORZ0pWRGRV$SOLFDomRFOtQLFDGDHVFDODDGDSWDGDSDUDDYDOLDUSURVSHFWLYDPHQWHSDFLHQWHVSRUGLDVFRQVHFXWLYRVHP XQLGDGHVFOtQLFDVGHXPKRVSLWDOXQLYHUVLWiULRGHSRUWHH[WUD5HVXOWDGRV2VSDFLHQWHVTXHGHVHQYROYHUDP~OFHUDSRUSUHVVmRDSUHVHQWDUDP HVFRUHV PDLRUHV GR TXH DTXHOHV VHP D OHVmR H S UHVSHFWLYDPHQWH 3RU LQWHUPpGLR GD UHJUHVVmR ORJtVWLFD R PpWRGR6WHSZLVHGHPRQVWURXTXHRVHVFRUHVSDUDWLSRGHSHOHHDSHWLWHIRUDPVLJQLILFDQWHVSDUDSUHGL]HURGHVHQYROYLPHQWRGH~OFHUDSRU SUHVVmR $ DQiOLVH GD FXUYD 52& PRVWURX TXH R HVFRUH REWHYH RV PHOKRUHV tQGLFHV GH VHQVLELOLGDGH H HVSHFLILFLGDGH H UHVSHFWLYDPHQWH&RQFOXVmR2V UHVXOWDGRV GHPRQVWUDUDP TXH D HVFDOD GH :DWHUORZ DGDSWDGD j OtQJXD SRUWXJXHVD IRL XP LQVWUXPHQWR SUHFLVRHHILFD]SDUDSUHGL]HURGHVHQYROYLPHQWRGH~OFHUDVSRUSUHVVmRQDSRSXODomRGRHVWXGR
'HVFULWRUHVÓOFHUDGHSUHVVmR0HGLomRGHULVFR$YDOLDomRHPHQIHUPDJHPPpWRGRV
$%675$&7
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
NH\ZRUGV3UHVVXUHXOFHU5LVNDVVHVVPHQW1XUVLQJDVVHVVPHQWPHWKRGV
5(680(1
2EMHWLYR(VWD LQYHVWLJDFLyQ WXYR FRPR REMHWLYR FRQRFHU ORV tQGLFHV GH HVSHFLILFLGDG \ VHQVLELOLGDG GH OD YHUVLyQ DGDSWDGD DO LGLRPD SRUWXJXpVGHODHVFDODGH:DWHUORZ0pWRGRV$SOLFDFLyQFOtQLFDGHODHVFDODDGDSWDGDSDUDHYDOXDUSURVSHFWLYDPHQWHDSDFLHQWHVSRU GtDVFRQVHFXWLYRVHQXQLGDGHVFOtQLFDVGHXQKRVSLWDOXQLYHUVLWDULRGHH[WUDSRUWH5HVXOWDGRV/RVSDFLHQWHVTXHGHVDUUROODURQ~OFHUDSRU GHF~ELWR SUHVHQWDURQ HVFRUHV PD\RUHV TXH DTXHOORV VLQ OD OHVLyQ \ S UHVSHFWLYDPHQWH 3RU LQWHUPHGLR GH OD UHJUHVLyQORJtVWLFDHOPpWRGR6WHSZLVHGHPRVWUyTXHORVHVFRUHVSDUDHOWLSRGHSLHO\DSHWLWRIXHURQVLJQLILFDWLYRVSDUDSUHGHFLUHOGHVDUUROOR GH~OFHUDSRUGHF~ELWR(ODQiOLVLVGHODFXUYD52&PRVWUyTXHHOHVFRUHREWXYRORVPHMRUHVtQGLFHVGHVHQVLELOLGDG\HVSHFLILFLGDGHO \UHVSHFWLYDPHQWH&RQFOXVLyQ/RVUHVXOWDGRVGHPRVWUDURQTXHODHVFDODGH:DWHUORZDGDSWDGDDOLGLRPDSRUWXJXpVIXHXQLQVWUXPHQWR SUHFLVR\HILFD]SDUDSUHGHFLUHOGHVDUUROORGH~OFHUDVSRUGHF~ELWRHQODSREODFLyQGHOHVWXGLR
'HVFULSWRUHVÓOFHUDSRUGHF~ELWR0HGLGDGHOULHVJR(YDOXDFLyQHQHQIHUPHUtDPpWRGRV
$XWRU &RUUHVSRQGHQWH $OHVVDQGUD %RQJLRYDQL /LPD 5RFKD
51RVVD6HQKRUDGH/RXUGHV$SWR&DPEXFL6mR3DXOR 63 $UWLJR UHFHELGR HP H DSURYDGR HP 7UDEDOKRH[WUDtGRGDGLVVHUWDomRGHPHVWUDGRDSUHVHQWDGDj8QLYHUVLGDGH)HGHUDOGH6mR3DXOR²81,)(63²6mR3DXOR63%UDVLO
'RFHQWHGR&XUVRGH*UDGXDomRHP(QIHUPDJHPGRV&HQWURV8QLYHUVLWiULRV6mR&DPLOR&86&H1RYHGH-XOKR81,129(6mR3DXOR63%UDVLO /LYUH'RFHQWHQD6D~GHGD0XOKHU3URIHVVRUD$VVRFLDGRGR'HSDUWDPHQWRGH(QIHUPDJHPGD8QLYHUVLGDGH)HGHUDOGH6mR3DXOR81,)(63²6mR3DXOR
,1752'8d®2
2 GHVHQYROYLPHQWR GH ~OFHUDV SRU SUHVVmR 83 p XP JUDYH SUREOHPD GH HQIHUPDJHP SRLV IUHTHQWHPHQWHpDVVRFLDGRjPiTXDOLGDGHGDDVVLVWrQFLD HH[LJHXPDJUDQGHGHPDQGDGHWHPSRHGLQKHLURSDUD WUDWDPHQWR GDV OHV}HV VREUHWXGR TXDQGR D SUHYHQomR UHFHEHPHQRVDWHQomRTXDQGRQmRH[LVWHPSURJUDPDV HVSHFtILFRVYROWDGRVSDUDHVVHSUREOHPD
1DHVFROKDGHXPPpWRGRGHDYDOLDomRGHULVFRSDUD R GHVHQYROYLPHQWR GH 83 D HILFiFLD H D IDFLOLGDGH GH DSOLFDomRGRLQVWUXPHQWRGHPHGLGDVmRFRQVLGHUDGDV 2VGRLVLWHQVGHYHPVHUOHYDGRVHPFRQWDSDUDTXHD HTXLSHGHHQIHUPDJHPLGHQWLILTXHFRUUHWDPHQWHTXDLV SDFLHQWHVHVWmRHPSHULJRGHGHVHQYROYHUDOHVmRHYLWDQGR RXVRLQDGHTXDGRGHPHGLGDVSUHYHQWLYDV
9iULRVPpWRGRVGHDYDOLDomRGHULVFRSDUD83WrP VLGR GHVHQYROYLGRV VHJXLQGR R SLRQHLUR HVWXGR TXH DSUHVHQWRXDHVFDODGH1RUWRQHPTXHSRUPHLR GD DQiOLVH H SRQWXDomR GRV IDWRUHV GH ULVFR SUHGLVSRQHQWHVDRGHVHQYROYLPHQWRGD~OFHUDREWpPXP HVFRUH FRP R REMHWLYR GH LPSOHPHQWDU PHGLGDV SUHYHQWLYDVSUHFLVDVFRQIRUPHRJUDXGHULVFRGHFDGD SDFLHQWH
$WXDOPHQWHKiHPWRUQRGHHVFDODVGHDYDOLDomR GHULVFRHVHXVHVWXGRVQDPDLRULDUHYLV}HVGDOLWHUDWXUD VmR RSLQL}HV GH HVSHFLDOLVWDV RX DGDSWDo}HV GH LQVWUXPHQWRVMiH[LVWHQWHV(QWUHWDQWRHOHVQmRUHODWDPD LGHQWLILFDomRGRVSHVRVDWULEXtGRVDRVIDWRUHVGHULVFR QHP R HPSUHJR GH WpFQLFDV HVWDWtVWLFDV DGHTXDGDV $V ~QLFDVHVFDODVFRPYDORUSUHGLWLYRWHVWDGRIRUDPDVGH 1RUWRQ:DWHUORZH%UDGHQ
$ OLWHUDWXUD VXVWHQWD TXH D DYDOLDomR GH ULVFR GHYH VHPSUH HVWDU DFRPSDQKDGD GR MXOJDPHQWR FOtQLFR GR HQIHUPHLURPDVVHHVWHIRUDSOLFDGRLVRODGDPHQWHFRP H[FHomRGRMXOJDPHQWRGHHQIHUPHLURVHVWRPDWHUDSHXWDV SDGUmRRXURVHUiPHQRVHILFD]GRTXHDDSOLFDomRGRV LQVWUXPHQWRVGHDYDOLDomR
$(XURSHDQ3UHVVXUH8OFHU$GYLVRU\3DQHO(38$3 yUJmR TXH VH RULJLQRX HP /RQGUHV HP TXH SHULRGLFDPHQWH VH UH~QH H DSUHVHQWD GLUHWUL]HV GH SUHYHQomR H WUDWDPHQWR EDVHDGDV HP HYLGrQFLDV UHFRPHQGD TXH XP LQVWUXPHQWR GH DYDOLDomR GH ULVFR GHYH LQFOXLU FRQGLomR JHUDO H DYDOLDomR GD SHOH PRELOLGDGH XPLGDGH LQFRQWLQrQFLD QXWULomR H GRU 'DVHVFDODVPDLVXWLOL]DGDVQRPXQGR1RUWRQ%UDGHQH :DWHUORZD~QLFDTXHDSUHVHQWDDDYDOLDomRGDSHOHFRPR IDWRUGHULVFRpDGH:DWHUORZ
$ HVFDOD GH :DWHUORZ IRL EDVHDGD QD GH 1RUWRQ SRUpP FRP DYDOLDomR GH XP PDLRU Q~PHUR GH LWHQV TXHIRUDPREWLGRVDSyVORQJDLQYHVWLJDomRGRVIDWRUHV HWLROyJLFRVGDV83
$SDWRJrQHVHGDV~OFHUDVSRUSUHVVmRpXPSUREOHPD FRPSOH[R H WUrV IDWRUHV SULQFLSDLV VmR GH JUDQGH
LPSRUWkQFLDQHVVHSURFHVVRDSUHVVmRGLUHWDDVIRUoDV GHFLVDOKDPHQWRHIULFomR8PSDFLHQWHTXHVRIUHXPD FRPELQDomRGHIDWRUHVSUHGLVSRQHQWHVpPDLVVXVFHWtYHO DRGHVHQYROYLPHQWRGH~OFHUD7DLVIDWRUHVSRGHPVHU GLYLGLGRVHPGRLVJUXSRV,QWUtQVHFRVVmRRVDVSHFWRV GRWLSRGHFRPSOHLomRFRUSRUDOGRSDFLHQWHPRELOLGDGH HVWDGRQXWULFLRQDOLQFRQWLQrQFLDLQIHFomRHFRQGLo}HV FOtQLFDVSRUH[HPSORGRHQoDVPDOLJQDVQHXUROyJLFDVH DQHPLD)DWRUHVH[WUtQVHFRVLQFOXHPRVHIHLWRVH[WHUQRV GHGURJDVGLVWULEXLomRGHSHVRUHJLPHGHWUDWDPHQWR FOtQLFRRXFLU~UJLFRFXLGDGRVLQWHQVLYRVFXLGDGRVGH KLJLHQHHWpFQLFDVGHPDQXVHLRGRSDFLHQWH
'HVWDIRUPDHVWHHVWXGRWHYHFRPRREMHWLYRDSOLFDU FOLQLFDPHQWHDHVFDODGH:DWHUORZMiDGDSWDGDjOtQJXD SRUWXJXHVD D ILP GH FRQKHFHU RV tQGLFHV GH VHQVLELOLGDGH H HVSHFLILFLGDGH SDUD SUHGL]HU R GHVHQYROYLPHQWRGH~OFHUDVSRUSUHVVmR
0e72'26
7UDWDVH GH XP HVWXGR DQDOtWLFR GHVFULWLYR H SURVSHFWLYRUHDOL]DGRHPXP+RVSLWDO8QLYHUVLWiULRGH SRUWHH[WUDORFDOL]DGRQR0XQLFtSLRGH6mR3DXORQDV XQLGDGHV GH 2UWRSHGLD &OtQLFD 0pGLFD H 5HWDJXDUGD GR 3URQWR6RFRUUR 2 SURMHWR GH SHVTXLVD IRL SUHYLDPHQWH DSURYDGR SHOR &RPLWr GH eWLFD HP 3HVTXLVDGD8QLYHUVLGDGH)HGHUDOGH6mR3DXOR(VWDV XQLGDGHVIRUDPHVFROKLGDVSRUDSUHVHQWDUHPSDFLHQWHV FOLQLFDPHQWHVXVFHWtYHLVDRGHVHQYROYLPHQWRGH~OFHUDV SRUSUHVVmRHPUD]mRGDFURQLFLGDGHGDVGRHQoDVGD JUDYLGDGH GD PpGLD HOHYDGD GR WHPSR GH LQWHUQDomR H VREUHWXGR SHOR HOHYDGR JUDX GH GHSHQGrQFLD GRV PHVPRV
1HVWDV XQLGDGHV D VLVWHPDWL]DomR GD DVVLVWrQFLD GH HQIHUPDJHP HUD UHDOL]DGD H R HQIHUPHLUR DYDOLDYD RV ULVFRV SDUD GHVHQYROYLPHQWR GH ~OFHUDV SRU SUHVVmR LPSOHPHQWDYDDVLQWHUYHQo}HVQHFHVViULDVSDUDSUHYHQomR GHIRUPDHPStULFDQmRVHQGRSRUWDQWRXWLOL]DGRQHQKXP LQVWUXPHQWR SDGURQL]DGR 1D pSRFD GR HVWXGR RV PDWHULDLV SDGURQL]DGRV QR KRVSLWDO SDUD SUHYHQomR FRQVLVWLDPHPFROFKmRGHHVSXPDSLUDPLGDOHSODFDVGH VXEVWkQFLD KLGURFROyLGH TXH HUDP DSOLFDGDV QDV iUHDV FRQVLGHUDGDV PDLV VXVFHWtYHLV DR GHVHQYROYLPHQWR GH ~OFHUDVSRUSUHVVmR$PXGDQoDGHGHF~ELWRDFDGDGXDV KRUDVID]LDSDUWHGDSUHVFULomRGHHQIHUPDJHPGHWRGRV RVSDFLHQWHVDFDPDGRV
2VFULWpULRVGHLQFOXVmRDGRWDGRVIRUDPVHUDGXOWR DQRV QmR DSUHVHQWDU ~OFHUD SRU SUHVVmR QR PRPHQWRGDFROHWDGHGDGRVHWHUSHUVSHFWLYDGHWHPSR GHLQWHUQDomRLJXDORXVXSHULRUDGLDV
&ROHWDGH'DGRV
DGDSWDGD GD HVFDOD DQH[R GDGRV GH LGHQWLILFDomR GR SDFLHQWHHGDGRVGHPRJUiILFRV
$DYDOLDomRIRLUHDOL]DGDXPDYH]DRGLDGXUDQWH GLDV FRQVHFXWLYRV HP WRGRV RV SDFLHQWHV SHOD SUySULD SHVTXLVDGRUD HVSHFLDOLVWD HP 87, H FDSDFLWDGD SDUD XWLOL]DomRGRVLQVWUXPHQWRVGHDYDOLDomRGHULVFRSRUPHLR GHSUiWLFDFOtQLFDDILPGHLGHQWLILFDURDSDUHFLPHQWRGH OHV}HV QHVVH SHUtRGR DSyV REWHQomR GD DVVLQDWXUD GR 7HUPRGH&RQVHQWLPHQWR/LYUHH(VFODUHFLGR$FROHWD GRVGDGRVIRLUHDOL]DGDHPGLDVHIXQGDPHQWRXVHHP HVWXGRDQWHULRUTXHGHPRQVWURXTXHRSHUtRGRFUtWLFRGH GHVHQYROYLPHQWRGHOHV}HVSRUSUHVVmRHUDGHDWpGLDV DSyVDDGPLVVmR
2V SDFLHQWHV TXH GHVHQYROYHUDP 83 WLYHUDP UHJLVWUDGRVRGLDGHDSDUHFLPHQWRRORFDOHRHVWiJLRGD ~OFHUDHFRQWLQXDUDPVHQGRDYDOLDGRVDWpRILQDOGRV GLDVSDUDLGHQWLILFDomRGHQRYDVOHV}HVHDFRPSDQKDPHQWR GRGHVIHFKRGHVXDLQWHUQDomRDOWDyELWRRXWUDQVIHUrQFLD SDUDILQVHVWDWtVWLFRV
2HVWDGLDPHQWRGDV~OFHUDVIRLFODVVLILFDGRFRQIRUPH DVGLUHWUL]HVGHSUHYHQomRHWUDWDPHQWRGD(38$3
$RILQDOGDFROHWDGHGDGRVWRGRVRVSDFLHQWHVTXH DWHQGHUDPDRVFULWpULRVGHLQFOXVmRWLYHUDPDYDOLDo}HV QRWRWDO
$QiOLVHHVWDWtVWLFD
$DVVRFLDomRHQWUHDYDULiYHOSUHVHQoDGH~OFHUDSRU SUHVVmRHDVGHPDLVYDULiYHLVTXDOLWDWLYDVIRUDPDYDOLDGDV SHOR WHVWH GR 4XLTXDGUDGR $ FRPSDUDomR HQWUH RV JUXSRV FRP H VHP ~OFHUD SRU SUHVVmR HP UHODomR DRV HVFRUHV IRL IHLWD SHOD SURYD QmRSDUDPpWULFD 0DQQ :KLWQH\ SDUD DPRVWUDV LQGHSHQGHQWHV HP UD]mR GD QDWXUH]DGDVYDULiYHLVHWDPEpPGHQWURGHFDGDJUXSR RV YDORUHV GR HVFRUH WRWDO IRUDP FRPSDUDGRV QDV DYDOLDo}HV SHOD SURYD QmRSDUDPpWULFD GH )ULHGPDQ D ILPGHHQFRQWUDUGLIHUHQoDHVWDWtVWLFDHQWUHRVHVFRUHVGRV SDFLHQWHVGRVJUXSRVFRPHVHPOHVmR
$ DQiOLVH GH UHJUHVVmR ORJtVWLFD FRP R PpWRGR 6WHSZLVHSDUDVHOHomRHDQiOLVHGRJUDXGHLPSRUWkQFLD GHYDULiYHLVIRLDSOLFDGDHQWUHRVIDWRUHVFRQWHPSODGRV QDHVFDODSDUDHQFRQWUDUTXDLVWLYHUDPPDLRUDVVRFLDomR FRPDRFRUUrQFLDGH~OFHUDVSRUSUHVVmR
(VFDODGH:DWHUORZ
2REMHWLYRGDHVFDODGH:DWHUORZpFULDUFRQVFLrQFLD VREUH RV IDWRUHV FDXVDLV H RIHUHFHU XP PpWRGR GH DYDOLDomR GH ULVFR JUDX GH OHVmR H SUHYHQomR RX WUDWDPHQWR DWLYR QHFHVViULR $ DYDOLDomR GR SDFLHQWH FRQWpP VHWH WySLFRV SULQFLSDLV UHODomR SHVRDOWXUD ,0&DYDOLDomRYLVXDOGDSHOHHPiUHDVGHULVFRVH[R LGDGH FRQWLQrQFLD PRELOLGDGH DSHWLWH H PHGLFDo}HV DOpP GH TXDWUR LWHQV TXH SRQWXDP IDWRUHV GH ULVFR HVSHFLDLV VXEQXWULomR GR WHFLGR FHOXODU GpILFLW QHXUROyJLFRWHPSRGHFLUXUJLDDFLPDGHGXDVKRUDVH
WUDXPD DEDL[R GD PHGXOD ORPEDU 4XDQWR PDLV DOWR R HVFRUH PDLRU VHUi R ULVFR GH GHVHQYROYHU D OHVmR 2V SDFLHQWHVVmRHVWUDWLILFDGRVHPWUrVJUXSRVFRQIRUPHD SRQWXDomR HP ULVFR HVFRUH GH D DOWR ULVFR HVFRUHGHDHDOWtVVLPRULVFRGHGHVHQYROYLPHQWR GH 83 HVFRUH ! 6H R SDFLHQWH HQWUDU HP XPD FDWHJRULDGHULVFRHQWmRVHUiSRVVtYHODFHVVDUXPDOLVWD GHVXJHVW}HVGHPHGLGDVSUHYHQWLYDV
5(68/7$'26
'XUDQWH R SHUtRGR GH FROHWD GH GDGRV VHWHPEUR D QRYHPEURGHSDFLHQWHVDWHQGHUDPDRVFULWpULRV GHLQFOXVmRSUHYLDPHQWHPHQFLRQDGRVHUDP GRVH[RIHPLQLQRHGRVH[RPDVFXOLQR9LQWH WUrVSDFLHQWHVGHVHQYROYHUDP~OFHUDVSRUSUHVVmR DPDLRULDGHVWHVHQFRQWUDYDVHLQWHUQDGRQDXQLGDGH GHUHWDJXDUGDGR3URQWR6RFRUUR
$LGDGHGRVSDFLHQWHVYDULRXGHDDQRV DQRV'RVSDFLHQWHVTXHGHVHQYROYHUDP83WLQKDP LGDGHLJXDORXVXSHULRUDDQRVHSRXFRPDLVGH GRVSDFLHQWHVVHPDOHVmRDSUHVHQWDYDPLGDGHQmRVXSHULRU DDQRVS
4XDQWRjORFDOL]DomRGDV~OFHUDVIRUDPHQFRQWUDGDV GDV OHV}HV QD UHJLmR VDFUD H HP FDOFkQHRV VHQGR D PDLRULD HP HVWiJLRV , H ,, H UHVSHFWLYDPHQWH VHJXQGR D FODVVLILFDomR GD (38$3 $V ~OFHUDV DSDUHFHUDP HQWUH RV H GLDV GLDVQRVFLQFRSDFLHQWHVTXHDSUHVHQWDUDPXPD VHJXQGD OHVmR HOD VH GHVHQYROYHX HQWUH RV H GLDVGHDYDOLDomR
8PDHOHYDGDGLYHUVLGDGHGHGLDJQyVWLFRVPpGLFRVQ IRLHQFRQWUDGDHDPDLRUSDUWHGRVSDFLHQWHVSRVVXtD PDLV GH XP GLDJQyVWLFR SRU HVVH PRWLYR QmR IRL VXEPHWLGRDQHQKXPWHVWHHVWDWtVWLFR2GLDJQyVWLFRPDLV IUHTHQWH IRL QHRSODVLD VHJXLGR GH GRHQoDV QHXUROyJLFDVHSXOPRQDUHVFDGD
'H WRGRV RV LWHQV DYDOLDGRV QD HVFDOD GH :DWHUORZ VHLVGHOHVIRUDPHVWDWLVWLFDPHQWHVLJQLILFDQWHVQDSRSXODomR TXHGHVHQYROYHX83WLSRGHSHOHFODVVLILFDGDFRPRQmR VDXGiYHO VH[R IHPLQLQR LGDGH VXSHULRU D DQRV LQFRQWLQrQFLDIHFDOUHVWULomRDROHLWRRXLQpUFLDHDOWHUDomR GRDSHWLWH7DEHOD
1DDQiOLVHGHUHJUHVVmRORJtVWLFDGHPRQVWURXVHTXH DHTXDomRGRPRGHORILQDOIRUPDGDSRUXPDFRQVWDQWH HSHORVHVFRUHVGHWLSRGHSHOHHDSHWLWHIRUDPIDWRUHV SUHGLWRUHV VLJQLILFDQWHV GH RFRUUrQFLD GH 83 7DEHOD
GR TXH R JUXSR FRP ~OFHUD $ FRPSDUDomR HQWUH RV HVFRUHVQDVDSOLFDo}HVGHQWURGHFDGDJUXSRPRVWURX TXH D YDULDomR HQFRQWUDGD HQWUH DV DSOLFDo}HV QmR VH PRVWURXHVWDWLVWLFDPHQWHVLJQLILFDQWHQRVGRLVJUXSRVS SDUD R JUXSR VHP ~OFHUD H S SDUD R JUXSRFRP~OFHUD
7DEHOD 'LVWULEXLomR GRV SDFLHQWHV TXH GHVHQYROYHUDP 83 VHJXQGR RV LWHQV GD (VFDOD GH :DWHUORZ FRP VLJQLILFkQFLD HVWDWtVWLFD Q SRSXODomR GH HVWXGR6mR3DXOR
HVFDODGH:DWHUORZ)LJXUD'LIHUHQoDHVWDWLVWLFDPHQWH VLJQLILFDQWH IRL YHULILFDGD HQWUH RV GRLV JUXSRV HP UHODomRDRHVFRUHWRWDOGDHVFDODYV
S2HVFRUHGHPRQVWURXVHURPHOKRUSDUD SUHGL]HURGHVHQYROYLPHQWRGH~OFHUDVSRUSUHVVmRFRP VHQVLELOLGDGH H HVSHFLILFLGDGH GH H UHVSHFWLYDPHQWH
7DEHOD²0HGLGDVGHVFULWLYDVGRHVFRUHWRWDOGDHVFDOD GH :DWHUORZ GRV SDFLHQWHV VHP H FRP 83 QDV DSOLFDo}HVHDVUHVSHFWLYDVFRPSDUDo}HV6mR3DXOR
,WHQVDYDOLDGRVQD HVFDODGH: DWHUORZ
3DFLHQWHV VHP 83
1
3DFLHQWHV FRP 83
1
S
7LSRGH3HOH
1 mRVDXGiYHO
6H[RIHP LQLQR
,GDGHDQRV
&RQWLQrQFLD
LQFRQWLQrQFLDIHFDO
0 RELOLGDGH 5HVWULWR&RQWLGR
DROHLWR
$SHWLWHDEDL[RGR QRUP DOVRP HQWH OtTXLGRV61 (SDUD JDYDJHP
DQRUpWLFR
6HJXQGR D FODVVLILFDomR GH ULVFR GD HVFDOD GH :DWHUORZ HQFRQWURXVH GLIHUHQoD HVWDWLVWLFDPHQWH VLJQLILFDQWH HQWUH RV SDFLHQWHV FRP H VHP ~OFHUD SRU SUHVVmR 1D DYDOLDomR GRV HVFRUHV QR SULPHLUR GLD GH DSOLFDomR GD HVFDOD GRV SDFLHQWHV TXH GHVHQYROYHUDP D OHVmR IRUDP FODVVLILFDGRV HP DOWR RX DOWtVVLPRULVFRSDUDFDGDJUXSRHGRVSDFLHQWHV VHP83IRUDPFODVVLILFDGRVVHPULVFRH HPULVFR)LJXUD
'LDQWHGRVUHVXOWDGRVGHLJXDOGDGHHQWUHRVHVFRUHV WRWDLV QR GHFRUUHU GDV DSOLFDo}HV GD HVFDOD IRUDP HVFROKLGRV RV HVFRUHV WRWDLV GDV ~OWLPDV DSOLFDo}HV GD HVFDOD DR JUXSR VHP ~OFHUD H GD DSOLFDomR DQWHULRU DR GLDGRDSDUHFLPHQWRGDOHVmRDRJUXSRFRP~OFHUDSDUD DSUHYLVmRGHXPSRQWRGHFRUWHSDUDRHVFRUHWRWDOGD
3URYDGH0DQQ:KLWQH\
$SOLFDomR
GDHVFDOD 6HP83 &RP83
3URYDGH 0DQQ :KLWQH\
0pGLDGS 0HGLDQD0LQ 0D[
0pGLD GS
0HGLDQD 0LQ
0D[
S
S
S
S
S
S
S
S
S
S
S
S
S
S
S
3URYDGH
)ULHGPDQ S S
9DULiYHO &RHILFLHQWHβ (UURSDGUmRβ S 25 ,&25
7LSRGHSHOH >@
$SHWLWH >@
&RQVWDQWH
7DEHOD²5HVXOWDGRVGDUHJUHVVmRORJtVWLFDSHORPpWRGRGH6WHSZLVHGRVIDWRUHVWLSRGHSHOHHDSHWLWH6mR3DXOR
VH TXH GRV SDFLHQWHV TXH GHVHQYROYHUDP 83 DSUHVHQWDYDPSHOHQmRVDXGiYHORXVHMDPXLWRILQDVHFD FRPHGHPD~PLGDHSHJDMRVDHPDOWDVWHPSHUDWXUDV GHVFRUDGD TXHEUDGLoD RX PDUFDGD YDORUHV HVWHV VHPHOKDQWHVDRVDSUHVHQWDGRVQHVWHHVWXGR
(PHVWXGRVQRVTXDLVDHVFDODGH:DWHUORZIRLWHVWDGD FOLQLFDPHQWHRLWHPDSHWLWHDSDUHFHUHODFLRQDGRDRHVWDGR QXWULFLRQDOGRSDFLHQWHRXVHMDFRPSDUDQGRDTXDQWLGDGH H R PRGR FRPR R SDFLHQWH VH DOLPHQWD H VHX HVWDGR QXWULFLRQDO$OJXQVGHVVHVHVWXGRVGHPRQVWUDUDPTXH RV SDFLHQWHV HP HVWDGR QXWULFLRQDO DEDL[R GR QRUPDO DSUHVHQWDPPDLRUULVFRGHGHVHQYROYLPHQWRGH83 DVVLPGHYHVHUUHDOL]DGRXPDFRPSDQKDPHQWRQXWULFLRQDO DGHTXDGRQRVSDFLHQWHVHPULVFR(PQRVVRHVWXGR HVWHLWHPIRLVLJQLILFDQWHSDUDSUHGL]HURGHVHQYROYLPHQWR GH83'RVSDFLHQWHVTXHQmRGHVHQYROYHUDPDOHVmRD PDLRULDQmRWLQKDDOWHUDo}HVQRSDGUmRGHDOLPHQWDomRMi SDUDRVSDFLHQWHVTXHGHVHQYROYHUDPD~OFHUDDSHQDVWUrV QmRDSUHVHQWDUDPDOWHUDo}HVQRDSHWLWH
3DUD R GHVHQYROYLPHQWR GD ~OFHUD SRU SUHVVmR QD SRSXODomRGRHVWXGRRXWURVIDWRUHVIRUDPUHOHYDQWHVHP UHODomRDRVH[RHGHVHQYROYLPHQWRGH83(QFRQWURXVH HP DOJXQV HVWXGRV XPD LQFLGrQFLD PDLRU 1R VH[R IHPLQLQRGHDWpYDORUHVHVWHVVHPHOKDQWHVDRV REWLGRVQRSUHVHQWHHVWXGR
1D HVFDOD GH :DWHUORZ TXDQWR PDLRU D LGDGH GR SDFLHQWHPDLRUVHUiDSRQWXDomRYHULILFRXVHQHVWHHVWXGR HPTXDVHPHWDGHGRVSDFLHQWHVTXHGHVHQYROYHUDPDOHVmR LGDGHDFLPDGRVDQRV$OLWHUDWXUDGHPRQVWUDTXHHVWD LGDGHTXDQGRDVVRFLDGDDXPRXPDLVIDWRUHVGHULVFR SURYRFDXPDXPHQWRVLJQLILFDWLYRQDSUREDELOLGDGHGH GHVHQYROYLPHQWRGH83HWDPEpPDVVRFLDD~OFHUD SRU SUHVVmR FRPR XPD FRPSOLFDomR LPSRUWDQWH SDUD SUHGL]HUDPRUWDOLGDGHGHSDFLHQWHVLGRVRV
2LWHPFRQWLQrQFLDHPHVSHFLDODLQFRQWLQrQFLDIHFDO GHPRQVWURX VHU XP GRV PDLV UHOHYDQWHV SDUD R GHVHQYROYLPHQWRGH~OFHUDSRUSUHVVmRFKHJDQGRDHVWDU UHODFLRQDGRDXPDXPHQWRGHFHUFDGHYH]HVRULVFR GH GHVHQYROYLPHQWR GH 83 TXDQGR DVVRFLDGR j LQFRQWLQrQFLDXULQiULD2FXLGDGRFRPDSHOHGDVUHJL}HV SUy[LPDV jV iUHDV GH LQFRQWLQrQFLD GHYHULD VHU SDGURQL]DGRFRPRPHGLGDSUHYHQWLYDSRUH[HPSORFRP RXVRGHFUHPHVFRPREDUUHLUDGHSURWHomRGHVVDViUHDV MiTXHDLQFRQWLQrQFLDpXPIDWRUGHULVFRSRWHQFLDOSDUD SUHMXt]R GD LQWHJULGDGH GD SHOH 6HQGR DVVLP DOpP GD HVFDOD GH :DWHUORZ HVWH LWHP HVWi LQFOXVR HP GLYHUVDV HVFDODV GH DYDOLDomR GH ULVFR SDUD 83 H FRPSURYDGDPHQWH WHP XP DOWR SRGHU SUHGLWLYR SDUD HVWDOHVmRLQFOXVLYHTXDQGRDQDOLVDGRLVRODGDPHQWH
&RPR PHQFLRQDGR DQWHULRUPHQWH RV IDWRUHV PDLV LPSRUWDQWHVSDUDGHVHQYROYLPHQWRGD83VmRDSUHVVmR GLUHWDHDVIRUoDVGHFLVDOKDPHQWRHIULFomRIDWRUHVHVWHV SUHVHQWHVHPSDFLHQWHVFRPDOJXPJUDXGHLPRELOLGDGH QR OHLWR RX HP FDGHLUD 1RV HVWXGRV TXH WUDWDP GDV
VHP83 FRP83
VHPULVFR HPULVFR DOWRULVFR DOWtVVLPRULVFR
! ! ! !
! !
! !
! ! ! !
! ! ! ! !
!
(VSHFLILFLGDGH
6H
QV
LE
LOLG
DG
H
',6&866®2
$HVFDODGH :DWHUORZDGDSWDGDjOtQJXDSRUWXJXHVD GHPRQVWURXVHUXPLQVWUXPHQWRHILFD]SDUDSUHGL]HUR GHVHQYROYLPHQWR GH ~OFHUDV SRU SUHVVmR QD SRSXODomR GRHVWXGRTXDQGRIRUDPVHOHFLRQDGRVRVSDFLHQWHVTXH HVWDYDPHPULVFRSDUDGHVHQYROYLPHQWRGHVWDVOHV}HV
$ DQiOLVH GH FRQILDELOLGDGH GD HVFDOD DGDSWDGD GHPRQVWURXTXHRVHVFRUHVSDUDWLSRGHSHOHHDSHWLWH IRUDP RV PDLV VLJQLILFDQWHV SDUD SUHGL]HU R GHVHQYROYLPHQWRGDV~OFHUDVSRUSUHVVmRQDSRSXODomR GR HVWXGR $ LQWHUSUHWDomR GRV GDGRV PRVWURX TXH R DFUpVFLPRGHXPSRQWRQRHVFRUHSDUDDSHWLWHDFDUUHWD XPDXPHQWRGHFLQFRYH]HVQDSUREDELOLGDGHGHRFRUUHU ~OFHUDSRUSUHVVmRHRDFUpVFLPRGHXPSRQWRQRHVFRUH SDUDWLSRGHSHOHSURYRFDXPDXPHQWRGHTXDWURYH]HV HPRFRUUHUDOHVmR
$ DYDOLDomR GR WLSR GH SHOH DSUHVHQWD H[WUHPD LPSRUWkQFLD QD FDUDFWHUL]DomR GR ULVFR GH GHVHQYROYLPHQWRGH83(PXPHVWXGRHPTXHIRUDP FRPSDUDGDVWUrVHVFDODVGHDYDOLDomRGHULVFRHQFRQWURX )LJXUD²'LVWULEXLomRGRVSDFLHQWHVFRPHVHP83 VHJXQGRDFODVVLILFDomRGHULVFRGDHVFDODGH:DWHUORZQD SULPHLUDDSOLFDomR
FRPSOLFDo}HVPpGLFDVHPSRUWDGRUHVGHOHV}HVPHGXODUHV REVHUYRXVHTXHD~OFHUDSRUSUHVVmRIRLXPDGDVPDLV IUHTHQWHVHPERUDRXVRGHPHGLGDVSUHYHQWLYDVVLPSOHV SRUSDUWHGDHTXLSHGHHQIHUPDJHPFRPRSRUH[HPSOR D UHDOL]DomR GH PXGDQoDV GH GHF~ELWR H PRELOL]Do}HV IUHTHQWHVQROHLWRWHQKDPGLPLQXtGRVHQVLYHOPHQWHD LQFLGrQFLDGDOHVmRQHVVHVFDVRV
1HVWH HVWXGR QmR IRL XVDGD D OLVWD GH PHGLGDV SUHYHQWLYDV FRQWLGDV QD YHUVmR RULJLQDO GD HVFDOD GH :DWHUORZSRLVQmRID]LDSDUWHGRVREMHWLYRVDOWHUDUDV URWLQDVGDVXQLGDGHVTXDQWRjSUHYHQomRHWUDWDPHQWR GDV~OFHUDVSRUSUHVVmRHFRPRFLWDGRDQWHULRUPHQWH QHVWDURWLQDLQFOXLVHDPXGDQoDGHGHF~ELWRGRVSDFLHQWHV GHDFRUGRFRPRMXOJDPHQWRFOtQLFRGRHQIHUPHLURGD XQLGDGH
$R DQDOLVDU DV iUHDV DWLQJLGDV SHOD OHVmR IRUDP HQFRQWUDGDVDSHQDVOHV}HVHPFDOFkQHRVHUHJLmR VDFUD (VWD ~OWLPD p FRQVLGHUDGD XPD GDV PDLV VXVFHWtYHLVSDUDGHVHQYROYLPHQWRGHXOFHUDVSRUSUHVVmR HPUD]mRGDVSURHPLQrQFLDVyVVHDVHSUR[LPLGDGHFRP iUHDV GH LQFRQWLQrQFLDH SRU LVWR GHYH VHU FRQVWDQWHPHQWHDYDOLDGD(PUHODomRDRWLSRGHSHOHHP TXDVH WRGRV RV SDFLHQWHV TXH GHVHQYROYHUDP D OHVmR YHULILFRXVHTXHDSHOHQmRHUDVDXGiYHO$OLWHUDWXUDDSRQWD TXHDOpPGDUHJLmRVDFUDDOWDPHQWHVXVFHWtYHOGHYHP VHUREVHUYDGDVWDPEpPDVUHJL}HVGRTXDGULOFDOFkQHRV WRUQR]HORV FRWRYHORV H RFFLSWR D ILP GH LGHQWLILFDU SUHFRFHPHQWHVLQDLVGHVVHWLSRGHOHVmRHFRQGLo}HVGH ULVFR FRPR SHOH VHFD TXHEUDGLoD FRP HULWHPD PDFHUDomR IUDJLOLGDGH WHPSHUDWXUD HOHYDGD RX HQGXUHFLPHQWR
1HVWHHVWXGRDVOHV}HVHVWDYDPHPJUDQGHSDUWHQR HVWiJLR,TXHpGHILQLGRFRPRXPHULWHPDQmR EUDQTXHiYHOQDSHOHLQWDFWD$OLWHUDWXUDGHPRQVWUDTXH DSUHYDOrQFLDGH~OFHUDVSRUSUHVVmRQRHVWiJLR,pDOWD 1RHQWDQWRHVWDIDVHpGHGLItFLOLGHQWLILFDomRWDOYH]SHOR IDWRGHQmRDSUHVHQWDUOHV}HVHIHWLYDVFRQVLGHUDGDVFRPR SUp~OFHUD RX QmR ID]HQGR SDUWH GD FDVXtVWLFD HP HVWXGRV VREUH LQFLGrQFLD HP UD]mR GD SRVVtYHO VXEQRWLILFDomRGHVWDIDVHGD~OFHUDSRUSUHVVmR
(PJHUDORVHVWXGRVSDUDDYDOLDomRGHULVFRGH~OFHUDV SRU SUHVVmR VmR UHDOL]DGRV SDXWDGRV HP XPD FOLHQWHOD HVSHFtILFD HP VXD PDLRULD QDV XQLGDGHV GH WHUDSLD LQWHQVLYDHPSDFLHQWHVJHULiWULFRVHSRUWDGRUHVGHOHV}HV PHGXODUHVFDGDXPFRPIDWRUHVGHULVFRHVSHFtILFRV ,VWR SRGH H[SOLFDU RV UHVXOWDGRV FRQWUDVWDQWHV DSUHVHQWDGRVQRYDORUSUHGLWLYRGDVGLYHUVDVHVFDODVGH DYDOLDomRGHULVFR1HVWHHVWXGRSHODDQiOLVHGDFXUYD 52&RHVFRUHIRLHQFRQWUDGRVHQGRRTXHDSUHVHQWRX YDORUHVPDLVDGHTXDGRVGHVHQVLELOLGDGHHHVSHFLILFLGDGH H UHVSHFWLYDPHQWH (P HVWXGRV FOtQLFRV R HVFRUHpDSRQWDGRFRPRSRQWRGHFRUWHUHFRPHQGDGR SDUDSDFLHQWHVHPULVFR
(P XP HVWXGR SURVSHFWLYRUHDOL]DGR QD +RODQGD
VREUHDURWLQDGRXVRGHHVFDODVGHDYDOLDomRGHULVFR SDUD SUHGL]HU ~OFHUDV SRU SUHVVmR HP SDFLHQWHV QHXUROyJLFRVJHULiWULFRVHGHFOtQLFDPpGLFRFLU~UJLFD IRUDPDYDOLDGDVDVHVFDODVGH1RUWRQ:DWHUORZH%UDGHQ XVDQGR RV HVFRUHV PpGLRV UHFRPHQGDGRV VHQGR HQFRQWUDGRVYDORUHVSUHGLWLYRVSRVLWLYRVEDVWDQWHEDL[RV SDUDWRGDVHVFDODVHUHVSHFWLYDPHQWH $VVLPFRPRRVYDORUHVGHVHQVLELOLGDGHHHVSHFLILFLGDGH WDQWR SDUD D HVFDOD GH %UDGHQ H FRPR 1RUWRQ H H :DWHUORZ H UHVSHFWLYDPHQWH
&DEH UHVVDOWDU TXH DV HVFDODV GH DYDOLDomR GH ULVFR GHYHPVHUDSOLFDGDVRPDLVSUHFRFHPHQWHSRVVtYHOHGH SUHIHUrQFLDQDDGPLVVmRGRSDFLHQWHSRGHQGRLQFOXVLYH HVWDU LPSUHVVD QR KLVWyULFR GH HQIHUPDJHP R TXH DJLOL]DULD D LPSOHPHQWDomR GDV PHGLGDV SUHYHQWLYDV DGHTXDGDVUHGX]LQGRDLQFLGrQFLDGHVWDVOHV}HV8P SURJUDPDGHSUHYHQomRHWUDWDPHQWRGHYHVHUDGRWDGR SDUD DVVHJXUDU TXH WRGRV RV SDFLHQWHV SRWHQFLDOPHQWH VXVFHWtYHLV GH DFRUGR FRP R MXOJDPHQWR FOtQLFR GR HQIHUPHLURVHMDPDYDOLDGRVDSDUWLUGDDGPLVVmRHHP LQWHUYDORVDSURSULDGRV'HVVHPRGRGHSHQGHQGRGHVHX HVFRUH GH ULVFR WHU XPD OLVWD GH PHGLGDV SUHYHQWLYDV GLVSRQtYHLV TXH SHUPLWD TXH HVWHV FXLGDGRV VHMDP GLVSRVWRV RQGH KRXYHU PDLRU QHFHVVLGDGH HYROXLU D HIHWLYLGDGHGDVPHGLGDVSUHYHQWLYDVSHODUHDYDOLDomRGR SDFLHQWH TXDQWR jV iUHDV GH SUHVVmR UHFLFODU D HTXLSH TXDQWRDRXVRGHVWDVPHGLGDVHDYDOLDUDVQHFHVVLGDGHV GH HQIHUPDJHP QD XQLGDGH SDUD DSHUIHLoRDU RV FXLGDGRV
&21&/86®2
$ DYDOLDomR GH ULVFR p XPD IHUUDPHQWD HILFD] QD SUHYHQomRGDV~OFHUDVSRUSUHVVmRHDOLWHUDWXUDUHVVDOWDD LPSRUWkQFLDGHVVHWLSRGHLQVWUXPHQWRSDUDQRUWHDUDV Do}HV GH HQIHUPDJHP QR TXH GL] UHVSHLWR DR XVR DGHTXDGR H UDFLRQDO GDV PHGLGDV SUHYHQWLYDV SDUD UHGXomRGRWHPSRGHLQWHUQDomRKRVSLWDODUGRVFXVWRV FRPRWUDWDPHQWRHVREUHWXGRGLPLQXLURVRIULPHQWRH GRUGRVSDFLHQWHVPHOKRUDQGRDTXDOLGDGHGRFXLGDGR GHHQIHUPDJHP2XVRGHVVHVLQVWUXPHQWRVGHYHVHPSUH HVWDUDVVRFLDGRDRMXOJDPHQWRFOtQLFRGRHQIHUPHLURSDUD QRUWHiOR QD LPSOHPHQWDomR GH Do}HV GH HQIHUPDJHP FRQGL]HQWHVFRPRULVFRGHFDGDSDFLHQWH
)RL SRVVtYHO FRQFOXLU TXH GLIHUHQWH GH RXWUDV LQYHVWLJDo}HVGHDSOLFDomRFOtQLFDGDHVFDODGH:DWHUORZ TXHHVWDEHOHFLDPRHVFRUHFRPRSRQWRGHFRUWHSDUD GHWHFWDUSDFLHQWHVHPULVFRQHVWHHVWXGRIRLHQFRQWUDGR R HVFRUH FRPR R PHOKRU SDUD SUHGL]HU R GHVHQYROYLPHQWRGH~OFHUDVSRUSUHVVmRTXHDSUHVHQWRX RVPHOKRUHVtQGLFHVGHVHQVLELOLGDGHHHVSHFLILFLGDGH HUHVSHFWLYDPHQWH
FRPRRQ~PHURUHGX]LGRGHSDFLHQWHVHDGLYHUVLILFDomR QR TXH GL] UHVSHLWR j XQLGDGH GH LQWHUQDomR H DR GLDJQyVWLFRLQLFLDOIRLFDSD]GHGHPRQVWUDUDDSOLFDELOLGDGH GD HVFDOD GH :DWHUORZ DGDSWDGD HP SDFLHQWHV FRQVLGHUDGRVJUDYHVHQmRJUDYHVFRPGLIHUHQWHVIDWRUHV GH ULVFR SDUD GHVHQYROYLPHQWR GH ~OFHUD SRU SUHVVmR LQWHUQDGRVIRUDGDXQLGDGHGHWHUDSLDLQWHQVLYD
'HVWDIRUPDXWLOL]DQGRDHVFDODGH:DWHUORZDGDSWDGD jOtQJXDSRUWXJXHVDDSUHVHQWDGDRXWURVHVWXGRVFOtQLFRV SRGHUmRVHUUHDOL]DGRVHPQRVVRPHLRDILPGHFRQILUPDU D DSOLFDELOLGDGH H D XWLOLGDGH GD PHVPD HP GLIHUHQWHV SRSXODo}HV
5()(5È1&,$6
*ROGVWRQH/$*ROGVWRQH-7KH1RUWRQVFRUHDQHDUO\ ZDUQLQJRISUHVVXUHVRUHV"-$GY1XUV 6FKRRQKRYHQ/+DDOERRP-5%RXVHPD07 $OJUD $ *UREEHH'(*U\SGRQFN0+%XVNHQV(SUH3856(VWXG\ JURXS7KHSUHYHQWLRQDQGSUHVVXUHXOFHUULVNVFRUHHYDOXDWLRQ VWXG\ 3URVSHFWLYH FRKRUW VWXG\ RI URXWLQH XVH RI ULVN DVVHVVPHQWVFDOHVIRUSUHGLFWLRQRI
'HIORRU7*U\SGRQFN0)3UHVVXUHXOFHUVYDOLGDWLRQRI WZRULVNDVVHVVPHQWVFDOHV-&OLQ1XUV .ZRQJ(3DQJ6:RQJ7+R-6KDROLQJ;/LMXQ7 3UHGLFWLQJSUHVVXUHXOFHUULVNZLWKWKHPRGLILHG%UDGHQ %UDGHQDQG1RUWRQVFDOHVLQDFXWHFDUHKRVSLWDOVLQ0DLQODQG &KLQD$SSO1XUV5HV
%URZQ 6- 7KH %UDGHQ 6FDOH $ UHYLHZ RI WKH UHVHDUFK HYLGHQFH2UWKRS1XUV
7KRPSVRQ'$QHYDOXDWLRQRI WKH:DWHUORZSUHVVXUHXOFHU ULVNDVVHVVPHQWWRRO%U-1XUV (38$3>KRPHSDJHRQWKH,QWHUQHW@2[IRUG(XURSHDQ
3UHVVXUH8OFHU$GYLVRU\3DQHO3UHVVXUH8OFHU3UHYHQWLRQ
DQG7UHDWPHQW*XLGHOLQHVF>XSGDWHG6HS FLWHG 2FW @ $YDLODEOH IURP 85/ KWWS ZZZHSXDSRUJJOWUHDWPHQWKWPO
3DQJ60:RQJ7.3UHGLFWLQJSUHVVXUHVRUHULVNZLWKWKH 1RUWRQ %UDGHQ DQG :DWHUORZ VFDOHV LQ D +RQJ .RQJ UHKDELOLWDWLRQKRVSLWDO1XUV5HV :DWHUORZ-3UHVVXUHVRUHVDULVNDVVHVVPHQWFDUG1XUV
7LPHV
:DWHUORZ-7LVVXHYLDELOLW\3UHYHQWLRQLVFKHDSHUWKDQFXUH 1XUV7LPHV
5RFKD$%/7UDGXomRSDUDDOtQJXDSRUWXJXHVDDGDSWDomR WUDQVFXOWXUDOHDSOLFDomRFOtQLFDGDHVFDODGH:DWHUORZSDUD DYDOLDomRGHULVFRGHGHVHQYROYLPHQWRGH~OFHUDGHGHF~ELWR >WHVH@6mR3DXOR8QLYHUVLGDGH)HGHUDOGH6mR3DXOR(VFROD 3DXOLVWDGH0HGLFLQD
5RJHQVNL10%6DQWRV9/&*(VWXGRVREUHDLQFLGrQFLD GH~OFHUDVSRUSUHVVmRHPXPKRVSLWDOXQLYHUVLWiULR5HY /DWLQRDP(QIHUPDJHP
&DVLPLUR&*DUFLDGH/RUHQ]R$8VDQ/3UHYDOHQFHRI GHFXELWXV XOFHU DQG DVVRFLDWHG ULVN IDFWRUV LQ DQ LQVWLWXWLRQDOL]HG 6SDQLVK HOGHUO\ SRSXODWLRQ 1XWULWLRQ
/LQGJUHQ08QRVVRQ0.UDQW]$0(N$&3UHVVXUH XOFHUULVNIDFWRUVLQSDWLHQWVXQGHUJRLQJVXUJHU\-$GY1XUV
%HUORZLW] '5 %H]HUUD +4 %UDQGHLV *+ .DGHU % $QGHUVRQ--$UHZHLPSURYLQJWKHTXDOLW\RIQXUVLQJKRPH FDUHWKHFDVHRISUHVVXUHXOFHUV-$P*HULDWU6RF
6LTXHLUD$%&RUGHLUR5&3HUUDFLQL055DPRV/5,PSDFWR IXQFLRQDOGDLQWHUQDomRKRVSLWDODUGHSDFLHQWHVLGRVRV5HY 6D~GH3~EOLFD -3XEOLF+HDOWK 0DNOHEXVW-,QWHUUXSWLQJWKHSUHVVXUHXOFHUF\FOH1XUV&OLQ
1RUWK$PYL
(6&$/$'(:$7(5/2:$'$37$'$/Ì1*8$32578*8(6$
,WHQV 3RQWRV ,WHQV 3RQWRV
,0& 68%1875,d®2'27(&,'2&(/8/$5
0pGLD &DTXH[LD
$FLPDGDPpGLD ,QVXILFLrQFLD&DUGtDFD
2EHVR 'RHQoD9DVFXODU3HULIpULFD
$EDL[RGDPpGLD $QHPLD
7,32'(3(/(HPiUHDVGHULVFR )XPDQWH
6DXGiYHO '(),&,È1&,$1(852/Ð*,&$
0XLWRILQD 'LDEHWHV
6HFD 3DUDSOHJLD0RWRUDRX6HQVLWLYD
&RPHGHPD &,585*,$*5$1'(3257(75$80$
ÓPLGDHSHJDMRVDHPDOWDWHPSHUDWXUD $EDL[RGDPHGXODORPEDU
'HVFRUDGD $FLPDGHGXDVKRUDV
4XHEUDGLoDPDUFDGD $3(7,7(
6(;2,'$'( 1RUPDO
0DVFXOLQR 3RXFR
)HPLQLQR
² 6RPHQWHOtTXLGR61*(
² $QRUpWLFR
² 0(',&$d®2
²
&217,1È1&,$
8VRGH69'RXFRQWLQHQWH
$OWDGRVDJHP (VWHUyLGHV &LWRWy[LFRV $QWLLQIODPDWyULR
2FDVLRQDOPHQWHLQFRQWLQHQWH
8VRGH69'HLQFRQWLQHQWHIHFDO
'XSODPHQWHLQFRQWLQHQWH
02%,/,'$'(
7RWDO
,QTXLHWR$JLWDGR
$SiWLFR 727$/
5HVWULWR&RQWLGR (05,6&2
,QHUWH $/725,6&2
'HSHQGHQWHGHFDGHLUDGHURGDV $/7Ì66,025,6&2
$GDSWDGR GH 5RFKD $%/ 7UDGXomR SDUD D OtQJXD SRUWXJXHVD DGDSWDomR WUDQVFXOWXUDO H DSOLFDomR FOtQLFD GD HVFDOD GH :DWHUORZSDUDDYDOLDomRGHULVFRGHGHVHQYROYLPHQWRGH~OFHUDGHGHF~ELWR>WHVH@6mR3DXOR8QLYHUVLGDGH)HGHUDOGH6mR 3DXOR'HSDUWDPHQWRGH(QIHUPDJHP
