Intervenção na família na obesidade pediátrica : trabalho de investigação : Intervention on Pediatric Obesity Family

  ,QWURGXomR



 $REHVLGDGHpXPGRVPDLRUHVGHVDILRVGRVpFXOR;;,eXPDGRHQoDHP TXH R H[FHVVR GH JRUGXUD FRUSRUDO DFXPXODGD SURYRFD JUDYHV FRQVHTXrQFLDV SDUDDVD~GHFRPPRUELOLGDGHHPRUWDOLGDGHLPSRUWDQWH

 (P  D 2UJDQL]DomR 0XQGLDO GD 6D~GH UHFRQKHFHX D REHVLGDGH FRPRVHQGRDPDLRUHSLGHPLDQRVSDtVHVGHVHQYROYLGRVPDVWDPEpPQRVSDtVHV PHQRVGHVHQYROYLGRV  $VXDSUHYDOrQFLDWULSOLFRXHPPXLWRVSDtVHVGD(XURSDGHVGHRVDQRV HDQ~PHURGDTXHOHVTXHDIHFWDpFDGDYH]PDLRUVXUJLQGRFDGDYH]PDLVHP LGDGHV SUHFRFHV   VHQGR TXH  D  GRV FXVWRV FRP D VD~GH VmR GD UHVSRQVDELOLGDGHGDREHVLGDGH_   1DV ~OWLPDV GpFDGDV WHPVH YHULILFDGR XP FRQWLQXDGR DXPHQWR GH REHVLGDGHHH[FHVVRGHSHVRQDVFULDQoDVHDGROHVFHQWHVWRUQDQGRVHD REHVLGDGH SHGLiWULFD XP LPSRUWDQWH H DODUPDQWH SUREOHPD GH VD~GH S~EOLFD GHYLGRDRVHXUiSLGRDXPHQWRHjVFRQVHTXrQFLDVPpGLFDVHVRFLDLVTXHHVWmR DVVRFLDGDVDHVWDGRHQoD

 

 'H IDFWR DV FULDQoDV REHVDV VmR HVWHUHRWLSDGDV FRP PHQRU VXFHVVR HVFRODU VRFLDOPHQWH LQDGDSWDGDV H SUHJXLoRVDV_{ 6mR PXLWDV YH]HV DOYR GH}

GLVFULPLQDomR FRQWULEXLQGR LVWR SDUD R GHVHQYROYLPHQWR GH XPD DXWRLPDJHP QHJDWLYDIDOWDGHDXWRFRQILDQoDHGHSUHVVmRTXHPXLWDVYH]HVSHUVLVWHQDLGDGH DGXOWD  $OpPGLVVRRGHVHQYROYLPHQWRGHFRPSOLFDo}HVPHWDEyOLFDVDVVRFLDGDVj REHVLGDGHGXUDQWHDLQIkQFLDHDGROHVFrQFLD_{DXPHQWDPRULVFRGHPRUELOLGDGH} HGDPRUWDOLGDGHQDLGDGHDGXOWDLQGHSHQGHQWHPHQWHGHMiQmRH[LVWLUREHVLGDGH _   (VWXGRVHSLGHPLROyJLFRVPRVWUDPTXHXPDXPHQWRGDHQHUJLDFRQVXPLGD MXQWDPHQWHFRPXPGHFUpVFLPRGDDFWLYLGDGHItVLFDVmRDVSULQFLSDLVFDXVDVGR UiSLGRDXPHQWRGDREHVLGDGHSHGLiWULFD

 $V FULDQoDV QRV GLDV GH KRMH WHP DR VHX GLVSRU XPD GLYHUVLGDGH GH SURGXWRVDOLPHQWDUHVTXHQmRIL]HUDPSDUWHGRLPDJLQiULRGRVVHXVSDLVRXDYyV

_{ RQGH JUDQGH SDUWH GHVWHV SURGXWRV VmR GHVDFRQVHOKDGRV SDUD R FRQVXPR}

UHJXODUGDVFULDQoDVHDGROHVFHQWHVGHYLGRDRVHXHOHYDGRYDORUHQHUJpWLFR   2VGHVDILRVUHODFLRQDGRVFRPDREHVLGDGHLQIDQWLOQmRHVWmRVyOLPLWDGRVD XP SDtV TXDVH WRGDV DV QDo}HV GR PXQGR HVWmR FRQIURQWDGDV FRP HVWH SUREOHPD  2VHVIRUoRVGLUHFFLRQDGRVQHVWHVHQWLGRSDUDSUHYHQLUHWUDWDUDREHVLGDGH LQIDQWLOHQYROYHPHGXFDomRSHVTXLVDHLQWHUYHQomR([LVWHPDOJXQVIDFWRUHV LPSRUWDQWHV TXH SRGHP VHU HQYROYLGRV QD SUHYHQomR H QR WUDWDPHQWR GD REHVLGDGH SHGLiWULFD QRPHDGDPHQWH IDPtOLD HVFROD FXLGDGRV GH VD~GH

  JRYHUQR LQG~VWULD H RV PHGLD &RQMXQWDPHQWH HVVHV QtYHLV GH DFomR SRGHP SURPRYHUDREHVLGDGHLQIDQWLOFRPRSULRULGDGHGHLQYHVWLJDomRHFRORFiODFRPRR SULPHLURSRQWRGHGLVFXVVmRGDDJHQGDS~EOLFDLQWHUQDFLRQDO

 $ $PHULFDQ 'LHWHWLF $VVRFLDWLRQ GHIHQGH WDPEpP TXH RV SURJUDPDV GH LQWHUYHQomR GD REHVLGDGH SHGLiWULFD UHTXHUHP D FRPELQDomR GD IDPtOLD H GD HVFRODHTXHHVWHVGHYHPLQFOXLUDSURPRomRGDDFWLYLGDGHItVLFDPRGLILFDomRGR FRPSRUWDPHQWR GRV SDLV H HGXFDGRUHV HGXFDomR QXWULFLRQDO H DFRQVHOKDPHQWR FRPSRUWDPHQWDO

 $SURPRomRGDDFWLYLGDGHItVLFDFRQWLQXDDVHUXPFRPSRQHQWHHVVHQFLDO UHFRPHQGDGR QDV LQWHUYHQo}HV GH WUDWDPHQWR H GH SUHYHQomR GD REHVLGDGH LQIDQWLO

 

 $ IDPtOLD FRPR VHQGR R PHLR GH FRQWH[WXDOL]DomR GDV FULDQoDV H DGROHVFHQWHV GHYH VHU FRQVLGHUDGD FRPR R DJHQWH FKDYH HP SURJUDPDV GH LQWHUYHQomR TXH YLVDP SUHYHQLU RX WUDWDU RV SUREOHPDV UHODFLRQDGRV FRP R H[FHVVR GH SHVR_{ e QRUPDOPHQWH R IRFR GH LQWHUYHQo}HV GH VD~GH S~EOLFD}

 

 $VGLHWDVGDVFULDQoDVHDGROHVFHQWHVGHYHPIRUQHFHUHQHUJLDDGHTXDGD SDUD SURPRYHU R FUHVFLPHQWR H GHVHQYROYLPHQWR ySWLPR VHP FDXVDU JDQKR H[FHVVLYR GH SHVR (PERUD DV PXGDQoDV QRV DQRV HQWUH D LQIkQFLD H D DGROHVFrQFLDVHMDPPDLVOHQWDVHHVWiYHLVGRTXHDVTXHRFRUUHPDQWHVHGHSRLV HVWHV DQRV GH FUHVFLPHQWR DGLFLRQDP GHVHQYROYLPHQWR FRJQLWLYRItVLFR H VyFLR HPRFLRQDOLPSRUWDQWH

 2VSDLVLQIOXHQFLDPRVKiELWRVGRVILOKRVHGHVGHDVLGDGHVPDLVSUHFRFHV _{ $V DWLWXGHV GRV SDLV SRGHP VHU LQIOXHQWHV QDV SUHIHUrQFLDV H DYHUV}HV}

DOLPHQWDUHVDVVLPFRPRDFRPSOH[LGDGHGDGLHWDQDVFULDQoDVGHLGDGHHVFRODU

_

 2 HVWLOR H RV KiELWRV DOLPHQWDUHV GRV SDLV VmR IDFWRUHV FUXFLDLV SDUD D DGRSomRGHXPHVWLORGHYLGDVDXGiYHOHGHXPDPDLRUFRQVFLrQFLDVREUHHVWD TXHVWmR

 2 HQYROYLPHQWR GRV SDLV QRV SURMHFWRV GH HGXFDomR QXWULFLRQDO SRGHP SURGX]LU UHVXOWDGRV SRVLWLYRV TXH SRGHUmR WDPEpP VHU EHQpILFRV SDUD WRGD D IDPtOLD

 2V PHOKRUHV UHVXOWDGRV VmR VHQWLGRV SHODV FULDQoDV TXH SDUWLFLSDP HP SURJUDPDVFRPEDVHQDIDPtOLDHLQFOXHPXPDFRPSRQHQWHGHDFWLYLGDGHItVLFD XPD YH] TXH RV UHVXOWDGRV D ORQJR SUD]R QDV FULDQoDV VmR PHOKRUHV GR TXH DTXHOHVREWLGRVHPSURJUDPDVVLPLODUHVSDUDDGXOWRV_

 $ HGXFDomR QXWULFLRQDO H RV UHFXUVRV RULHQWDGRV SDUD DV IDPtOLDV SRGHP DMXGDUDVFULDQoDVDGHVHQYROYHUXPDDOLPHQWDomRVDXGiYHOHSRVLWLYDEHPFRPR SDGU}HVGHPDWXULGDGHTXHSRGHPDMXGiODVQDDGROHVFrQFLDHPDWXULGDGH

   eYHUGDGHTXHRVSDLVFRPERDFRQVFLrQFLDFRQKHFLPHQWRHERQVKiELWRV DOLPHQWDUHV RX FRQKHFLPHQWR QXWULFLRQDO QRUPDOPHQWH ID]HP HVFROKDV PDLV VDXGiYHLVSDUDDDOLPHQWDomRGRVILOKRV



 $V SHVTXLVDV H LQYHVWLJDo}HV FRQWLQXDP D DQDOLVDU R SDSHO GRV SDLV QR GHVHQYROYLPHQWR GR H[FHVVR GH SHVR H GD REHVLGDGH QDV FULDQoDV H QRV DGROHVFHQWHV (VWXGRV GH QXWULomR H FUHVFLPHQWR SDUD FULDQoDV WHP WHQWDGR GHVFREULUFRPRRVSDLVSRGHPDIHFWDURGHVHQYROYLPHQWRGRFRPSRUWDPHQWRGDV FULDQoDVHPUHODomRjDOLPHQWDomRHjDFWLYLGDGHItVLFD_

 'H IDFWR /LQGVD\ HW DO DUJXPHQWDP TXH DV LQWHUYHQo}HV GHVWLQDGDV j SUHYHQomRGRH[FHVVRGHSHVRHREHVLGDGHSHGLiWULFDGHYHPHQYROYHURVSDLV FRPRLQFHQWLYRSDUDPXGDURVFRPSRUWDPHQWRVGDVFULDQoDVHDGROHVFHQWHV_

&RQFOXHP DLQGD TXH D SUHYHQomR H R FRQWUROR GD REHVLGDGH LQIDQWLO UHTXHU SURJUDPDV H SROLWLFDV PXOWLIDFHWDGDV SDUD D FRPXQLGDGH HP TXH RV SDLV GHVHPSHQKDPXPSDSHOFUtWLFR

  

 

2EMHFWLYRV 

  $YDOLDU R LPSDFWR H RV UHVXOWDGRV GH XPD LQWHUYHQomR HP HGXFDomR DOLPHQWDU QD IDPtOLD GH FULDQoDV H DGROHVFHQWHV FRP REHVLGDGH HQYLDGDV j FRQVXOWD GH *DVWUHQWHURORJLD +HSDWRORJLD H 1XWULomR 3HGLiWULFD GR +RVSLWDO GH 6mR0DUFRV%UDJD   &RPSDUDURVUHVXOWDGRVGHVWDLQWHUYHQomRFRPRVGDGRVGHFULDQoDVH DGROHVFHQWHVHPTXHQmRKRXYHLQWHUYHQomR                 

  0DWHULDOH0pWRGRV



3DUWLFLSDQWHV

 (VWH HVWXGR FDVR ± FRQWUROR LQFOXLX FULDQoDV H DGROHVFHQWHV H DV UHVSHFWLYDV IDPtOLDV SDLV TXH DSUHVHQWDYDP GLDJQyVWLFR GH REHVLGDGH 3• XWLOL]DQGRSDUDLVVRRFiOFXORGRËQGLFHGH0DVVD&RUSRUDO,0&HFRPSDUDQGRR SDUD D LGDGH H VH[R GH DFRUGR FRP DV WDEHODV GH FODVVLILFDomR GR &HQWHUV IRU

'LVHDVHV&RQWURODQG3UHYHQWLRQ&'&

 $V FULDQoDVDGROHVFHQWHVIRUDP HVFROKLGDVDOHDWRULDPHQWHH GLYLGLGDV HP GRLVJUXSRVVHQGRXPGRVJUXSRVRTXDOVHIRFRXDQRVVDLQWHUYHQomRHRXWURR JUXSRFRQWUROR

 )RUDP FULWpULRV GH H[FOXVmR FULDQoDV FRP PHQRV GH  DQRV GH LGDGH FULDQoDV TXH QmR WLYHVVHP GLDJQyVWLFR GH REHVLGDGH H TXH QmR YLHVVHP DFRPSDQKDGDVSRUXPGRVSDLV

 ¬VIDPtOLDVjVTXDLVTXHVHUHDOL]RXDLQWHUYHQomRIRLHQWUHJXHXPSHGLGR GHFRQVHQWLPHQWRLQIRUPDGRSDUDDXWRUL]DomRGRHVWXGRSDUDVHUDVVLQDGRQRGLD GDSULPHLUDFRQVXOWDSHORUHVSHFWLYRSURJHQLWRUSUHVHQWH

 

3URFHGLPHQWR

 $PERV RV JUXSRV IRUDP DOYR GH XPD SULPHLUD FRQVXOWD GH 1XWULomR 3HGLiWULFD HIHFWXDGD SHOD PHVPD 1XWULFLRQLVWD (VWD FRQVXOWD VHJXH R VHJXLQWH SURWRFRORGHDYDOLDomRDQH[RDTXHRVJUXSRVIRUDPVXMHLWRV

 ,GHQWLILFDomRHFDUDFWHUL]DomRGRXWHQWHQRPHLGDGHVH[R

 +LVWyULD FOtQLFD GLDJQyVWLFR PRWLYR GD VROLFLWDomR DQWHFHGHQWHV SHVVRDLV H IDPLOLDUHV KLVWyULD PHGLFDPHQWRVD DOHLWDPHQWR PDWHUQR KiELWRV GH VHGHQWDULVPRHSUiWLFDGHH[HUFtFLRItVLFR

 $YDOLDomR DQWURSRPpWULFD HVWDWXUD SHVR SHUtPHWURV GD FLQWXUD DQFD H

EUDTXLDO

 &DOFXOR GR ËQGLFH GH 0DVVD &RUSRUDO ,0& 2 ,0& p FDOFXODGR DWUDYpV GR

TXRFLHQWHHQWUHRSHVRDFWXDO.JSHORTXDGUDGRGDHVWDWXUDPSHUFHQWLODGR GH DFRUGR FRP DV WDEHODV GH FODVVLILFDomR GR &HQWHUV IRU 'LVHDVHV &RQWURO

DQG3UHYHQWLRQ&'&

 ([DPHItVLFRHVWiGLRSXEHUWiULRHDOWHUDo}HVFXWkQHDV

 ([DPHV FRPSOHPHQWDUHV GH GLDJQyVWLFR KHPRJUDPD KHPRJORELQD

JOLFRVLODGDLQVXOLQDSHSWtGHR&JOLFRVHHPMHMXPGRVHDPHQWRKRUPRQDO7 OLYUH 7 OLYUH 76+ $67 7*2 $/7 7*3 SHUILO OLStGLFR FROHVWHURO WRWDO FROHVWHURO+'/WULJOLFHUtGHRV3HGHVHWDPEpPXPDHFRJUDILDDEGRPLQDOSDUD SHVTXLVDGHHVWHDWRVHKHSiWLFD

 (PVHJXLGDSURFHGHVHiUHFROKDGDKLVWyULDDOLPHQWDUQ~PHURHKRUiULR GDV UHIHLo}HV DOLPHQWRV KDELWXDOPHQWH LQJHULGRV DOHUJLDV HRX LQWROHUkQFLDV DOLPHQWDUHVeWDPEpPUHFROKLGDLQIRUPDomRVRFLRHFRQyPLFDXPDYH]TXHHVWD SRGHDIHFWDURHVWDGRQXWULFLRQDO

   ( SRU ILP HODERUDomR GH XP SODQR DOLPHQWDU LQGLYLGXDOL]DGR 2 SODQR DOLPHQWDU p HVFULWR H[SOLFDGR H HQWUHJXH D WRGRV DV FULDQoDV H DGROHVFHQWHV 'HVWH SODQR FRQVWD R Q~PHUR H KRUiULR GDV UHIHLo}HV DVVLP FRPR RV PpWRGRV FXOLQiULRV H DOLPHQWRV SULYLOHJLDGRV )RUDP WDPEpP LQGLFDGRV RV DOLPHQWRV ³PHQRV FRQYHQLHQWHV GH LQJHULU´ H IRL GLWR TXH VH SRGH LQJHULU XP GHVWHV SRU VHPDQD $ SDU GLVWR IDODVH WDPEpP GD LPSRUWkQFLD H EHQHItFLRV GD SUiWLFD GH H[HUFtFLRItVLFR

 $RILPGDFRQVXOWDHUDSURSRVWDDLQWHUYHQomRHH[SOLFDGRHPTXHpTXH HVWD FRQVLVWLD $R JUXSR GD LQWHUYHQomR IRL HQWUHJXH R SHGLGR GH DXWRUL]DomR DQH[R  H IRL UHDOL]DGR XP TXHVWLRQiULR j FULDQoDDGROHVFHQWH DQH[R  H DR UHVSHFWLYRSDLTXHRDFRPSDQKD0DUFRXVHXPGLDHXPDKRUDQDFDVDGHFDGD IDPtOLDSDUDXPDVHVVmRGHHGXFDomRDOLPHQWDUGHVWLQDGDDRVSDLVVDOLHQWDQGR VHDLPSRUWkQFLDGHHVWDUHPRVGRLVSDLVSUHVHQWHVQHVWD

 'HFRUULGRV WUrV PHVHV RV GRLV JUXSRV YLHUDP D XPD VHJXQGD FRQVXOWD RQGHIRL DYDOLDGD DHYROXomR GHVWHV UHDYDOLDomR HVWDWXURSRQGHUDO H FiOFXOR GR ,0&DYDOLDomRGRVSDUkPHWURVELRTXtPLFRVVLWXDomRFOtQLFDHDGHVmRDRSODQR DOLPHQWDUSURSRVWRHHYHQWXDLVG~YLGDVRXGLILFXOGDGHVHQFRQWUDGDV2JUXSRGD LQWHUYHQomRYROWRXDSUHHQFKHURPHVPRTXHVWLRQiULRLJXDODRLQLFLDO

 

$VHVVmRSDUDDIDPtOLD

 $VVHVV}HVSDUDDIDPtOLDIRUDPUHDOL]DGDVQDVHPDQDVHJXLQWHjSULPHLUD FRQVXOWDHPFDVDGRVSUySULRVFRPDSUHVHQoDGHDPERVRVSDLVHFRPGXUDomR GH  D  PLQXWRV 3DUD D UHVSHFWLYD VHVVmR IRL HODERUDGR XP SDQIOHWR LQIRUPDWLYR HQWUHJXH DRV SDLV H TXH WDPEpP VHUYLULD GH JXLmR GRV SRQWRV D VHUHPFRQYHUVDGRVHH[SOLFDGRV

 (P SULPHLUR OXJDU IRL H[SOLFDGR DRV SDLV R TXH HUD D REHVLGDGH D REHVLGDGH LQIDQWLO H RV Q~PHURV GHVWD DVVLP FRPR DV GRHQoDV DVVRFLDGDV j REHVLGDGH

 1XPD VHJXQGD SDUWH IDORXVH GD LPSRUWkQFLD GH IDPtOLD H GD LPSRUWkQFLD GR SRUTXr GH XPD LQWHUYHQomR QD IDPtOLD IRFDQGR TXH RV SDLV GHYHP WHQWDU TXHUHUHVHUXPERPH[HPSORSDUDRVILOKRVHTXHLVWRWDPEpPGHYHSDVVDUSRU XPHVWLORGHYLGDVDXGiYHOFRPFRPSRUWDPHQWRVDGHTXDGRVIDFHjDOLPHQWDomRH DRH[HUFtFLRItVLFR

 (PVHJXLGDUHIHULXVHRTXHHUDXPHVWLORGHYLGDVDXGiYHODLPSRUWkQFLD GH XPD DOLPHQWDomR VDXGiYHO XWLOL]DQGR H UHFRUUHQGR j URGD GRV DOLPHQWRV MXQWDPHQWHFRPRVEHQHItFLRVGDSUiWLFDGHH[HUFtFLRItVLFR

 7XGRLVWRIRLUHIHULGRFRPH[HPSORVGRTXHRVSDLVGHYHPID]HUSDUDDVXD DOLPHQWDomR H RV GRV VHXV ILOKRV GH PRGR D VH SURPRYHU XPD PRGLILFDomR GH FRPSRUWDPHQWRV     

  $QiOLVHHVWDWtVWLFD

 2VGDGRVIRUDPLQIRUPDWL]DGRVXWLOL]DQGRRVRIWZDUH6WDWLVWLFDO3DFNDJHIRU

WKH6RFLDO6FLHQFHV6366ŠYHUVmRSDUD0LFURVRIW:LQGRZV)RLHIHFWXDGD

XPD DQiOLVH H[SORUDWyULDGHVFULWLYD GDV YDULiYHLV DWUDYpV GDV IUHTXrQFLDV DEVROXWDV H UHODWLYDV QR FDVR GDV YDULiYHLV FDWHJyULFDV TXDOLWDWLYDV H GDV HVWDWtVWLFDVGHVFULWLYDVPpGLDHGHVYLRSDGUmRPHGLDQDPtQLPRHPi[LPRSDUD DVYDULiYHLVTXDQWLWDWLYDV

 8WLOL]RXVHDSURYDGH.ROPRJRURY±6PLUQRYSDUDLGHQWLILFDUDVYDULiYHLV TXH VHJXLDP XPD GLVWULEXLomR QRUPDO 3DUD DQDOLVDU DV TXHVW}HV UHODWLYDV DRV KiELWRV DOLPHQWDUHV H D LGHQWLILFDomR GRV SUREOHPDV UHODFLRQDGRV FRP D REHVLGDGHDQWHVHGHSRLVGDLQWHUYHQomRIRLUHDOL]DGRRWHVWHGH0F1HPDUHR WHVWHGH0F1HPDU%RZNHU)RLUHDOL]DGRRWHVWHHPSDUHOKDGRQmRSDUDPpWULFR GH :LOFR[RQ SDUD YDULiYHLV TXDQWLWDWLYDV &DOFXODUDPVH RV FRHILFLHQWHV GH FRUUHODomR GH 6SHDUPDQ 2 QtYHO GH VLJQLILFkQFLD IRL HVWDEHOHFLGR SDUD XP S 

  

 

5HVXOWDGRV

 2 HVWXGR IRL FRQVWLWXtGR SRU  FULDQoDVDGROHVFHQWHV H FDGD JUXSR LQWHUYHQomRHFRQWURORIRLFRQVWLWXtGRSRUHOHPHQWRV

 $PERVRVJUXSRVIRUDPFRQVWLWXtGRVSRUFULDQoDVDGROHVFHQWHVGRVH[R PDVFXOLQRHVHWHGRVH[RIHPLQLQR

 $ PpGLD GH LGDGHV GR JUXSR GH LQWHUYHQomR IRL GH “ DQRV H D PpGLDGHLGDGHVGRJUXSRGHFRQWURORIRL“QRLQtFLRGDLQWHUYHQomR S 

 1R ILP GD LQWHUYHQomR QR JUXSR FRQWUROR IRUDP UHREVHUYDGRV  HOHPHQWRV VHQGR HVWH FRQVWLWXtGR SRU  FULDQoDV DGROHVFHQWHV GR VH[R PDVFXOLQR H  GR VH[R IHPLQLQR 'RLV QmR IRUDP REVHUYDGRV D DOWXUD GH WHUPLQDURHVWiJLR

 )RUDP REVHUYDGRV  PHVHV DSyV D SULPHLUD FRQVXOWD RV FDVRV H RV FRQWURORV  *, *&  ,0& .JP_ $QWHV  ,0& .JP_ 'HSRLV  S  .JP,0&_ $QWHV ,0& .JP_ 'HSRLV  S  Q     0pGLD     'HVYLR 3DGUmR        7HVWHGH:LOFR[RQSVLJQLILFDWLYR   7DEHOD±9DULDomRGR,0&.JPHQWUHDSULPHLUDHDVHJXQGDFRQVXOWD PRPHQWRLQLFLDOHILQDOSRUJUXSRV

  

9HULILFDVH XPD GLPLQXLomRGR YDORU GH ,0& DSyV D LQWHUYHQomR WDQWRQR JUXSR GRVFDVRVFRPRQRJUXSRGRFRQWURORPDVDPEDVVHPVLJQLILFDGRHVWDWtVWLFR    ,0& *UXSR&DVR                    DQWHV GHSRLV   ,0& *UXSR&RQWUROH    DQWHV GHSRLV  ,0& *UXSR&RQWUROR

 

 

 7HVWHGH:LOFR[RQSVLJQLILFDWLYR 

 7DEHOD  ± 9DULDomR GR 3HUtPHWUR GD &LQWXUD FP HQWUH D SULPHLUD H D VHJXQGDFRQVXOWDPRPHQWRLQLFLDOHILQDOSRUJUXSRV    2VUHVXOWDGRVPRVWUDPTXHKRXYHXPDGLPLQXLomRQR3HUtPHWURGD&LQWXUD 3&DSyVDLQWHUYHQomRHPDPERVRVJUXSRV(VWDGLPLQXLomRGR3&QmRIRL HVWDWLVWLFDPHQWHVLJQLILFDWLYD            *, *&  3HUtPHWUR GD&LQWXUD FP $QWHV 3HUtPHWUR GD&LQWXUD FP 'HSRLV S  3HUtPHWUR GD&LQWXUD FP $QWHV 3HUtPHWUR GD&LQWXUD FP 'HSRLV S  1     0pGLD     'HVYLR 3DGUmR      

  3HUtPHWURGD&LQWXUD *UXSR&DVR                      DQWHV GHSRLV    3HUtPHWURGD&LQWXUD *UXSR&RQWUROH                      DQWHV GHSRLV    3HUtPHWURGDFLQWXUD *UXSR&RQWUROR

  2EMHFWLYR 5HVSRVWD ,QtFLR_{Q Q})LP S  &RVWXPDVWRPDURSHTXHQRDOPRoR"  6HPSUH ¬VYH]HV 1XQFD          &RVWXPDVODQFKDUDPHLRGD PDQKm"      6HPSUH ¬VYH]HV 1XQFD         &RVWXPDVODQFKDUDPHLRGDWDUGH"  6HPSUH ¬VYH]HV 1XQFD         &RVWXPDVFRPHUVRSDGHOHJXPHV DQWHVGDVUHIHLo}HV"  6HPSUH ¬VYH]HV 1XQFD          7HVWHGH0F1HPDU7HVWHGH0F1HPDU%RZNHUSVLJQLILFDWLYR    7DEHOD±$YDOLDomRGRVREMHFWLYRVSURSRVWRVSDUDRJUXSRGHLQWHUYHQomR   9HULILFRXVHTXHGHSRLVGDLQWHUYHQomRKRXYHXPDFULDQoDDGROHVFHQWHTXH SDVVRX D WRPDU R SHTXHQRDOPRoR VHPSUH TXDQGR DQWHV WRPDYD jV YH]HV 4XDQWRDRODQFKHGRPHLRGDPDQKmGRVHOHPHQWRVTXHQXQFDODQFKDYDP SDVVRX D ODQFKDU VHPSUH H  SDVVDUDP D ODQFKDU jV YH]HV 5HODWLYDPHQWH DR ODQFKH GD WDUGH  TXH ODQFKDYD jV YH]HV SDVVRX D ODQFKDU VHPSUH 4XDQWR D FRPHU VRSD DQWHV GDV UHIHLo}HV RV  HOHPHQWRV TXH QXQFD FRPLDP VRSD SDVVDUDPDFRPHUVHPSUHHGRVTXHFRPLDPjVYH]HVSDVVDUDPDFRPHU

  VHPSUH $ PXGDQoD QD DWLWXGH GHSRLV GD LQWHUYHQomR QmR IRL HVWDWLVWLFDPHQWH VLJQLILFDWLYD  3HTXHQRDOPRoR  'LDULDPHQWH Q DYH]HVSRU VHPDQD Q YH]SRUPrVRX QmRFRPH Q ,QLFLR    /HLWHVLPSOHV )LP    ,QLFLR    /HLWHFRPDo~FDU )LP    ,QLFLR    /HLWHFRPFKRFRODWH )LP    ,QLFLR    ,RJXUWH )LP    ,QLFLR     6XPRGHIUXWD _{)LP   } ,QLFLR    5HIULJHUDQWHV )LP    ,QLFLR    3mRVLPSOHVFRPILDPEUH RXTXHLMRRXPLVWR _{)LP   } ,QLFLR    3mRFRPFKRFRODWH )LP    ,QLFLR     7RUUDGDV _{)LP   } ,QLFLR    &HUHDLVFRPOHLWH )LP    ,QLFLR    )UXWD )LP    ,QLFLR    %RORVFURLVVDQWV« )LP    ,QLFLR    2XWUR  _{)LP   }  

  0HLRGD0DQKm  'LDULDPHQWH Q DYH]HVSRU VHPDQD Q 9H]SRUPrVRX QmRFRPH Q ,QLFLR    /HLWHVLPSOHV )LP    ,QLFLR    /HLWHFRPFKRFRODWH )LP    ,QLFLR    ,RJXUWH )LP    ,QLFLR    5HIULJHUDQWHV )LP    ,QLFLR     ÈJXD _{)LP   } ,QLFLR    3mRVLPSOHVFRP ILDPEUHRXTXHLMR _{)LP   } ,QLFLR    3mRPLVWR )LP    ,QLFLR    %RODFKDV0DULDRXiJXDH VDO _{)LP   } ,QLFLR     2XWUDV%RODFKDV _{)LP   } ,QLFLR    %DUUDVGHFHUHDLV )LP    ,QLFLR    7RUUDGDV )LP    ,QLFLR    3mRGHOHLWH )LP    ,QLFLR    &URLVVDQWV )LP    ,QLFLR    2XWURV%RORVERORGH DUUR]TXHTXHV« _{)LP   } ,QLFLR    &KRFRODWHV )LP    ,QLFLR    )UXWD )LP    ,QLFLR    2XWURV )LP     

 7DEHOD  ± 'LIHUHQoDV HQWUH RV DOLPHQWRV FRQVXPLGRV SHOR JUXSR GH LQWHUYHQomRQRLQtFLRHQRILPDRPHLRGDPDQKm

   

  0HLRGD7DUGH  'LDULDPHQWH Q DYH]HVSRU VHPDQD Q YH]SRUPrVRX QmRFRPH Q ,QLFLR    /HLWHVLPSOHV )LP    ,QLFLR    /HLWHFRPFKRFRODWH )LP    ,QLFLR    ,RJXUWH )LP    ,QLFLR    5HIULJHUDQWHV )LP    ,QLFLR    ÈJXD )LP    ,QLFLR    3mRVLPSOHVFRP ILDPEUHRXTXHLMR _{)LP   } ,QLFLR    3mRPLVWR )LP    ,QLFLR    %RODFKDV0DULDRXiJXD HVDO _{)LP   } ,QLFLR     2XWUDV%RODFKDV _{)LP   } ,QLFLR    %DUUDVGHFHUHDLV )LP    ,QLFLR    7RUUDGDV )LP    ,QLFLR    3mRGHOHLWH )LP    ,QLFLR    &URLVVDQWV )LP    ,QLFLR    2XWURV%RORVERORGH DUUR]TXHTXHV« _{)LP   } ,QLFLR    &KRFRODWHV )LP    ,QLFLR    )UXWD )LP    ,QLFLR    2XWURV )LP    

  2EMHFWLYR 5HVSRVWD ,QtFLR )LP S  7RPDPRSHTXHQRDOPRoRHP IDPtOLD"  6HPSUH ¬VYH]HV 1XQFD         6HQWDPVHDWRPDURSHTXHQR DOPRoR" 1mR6LP    &RVWXPDID]HUPHUHQGDGDPDQKD"  6HPSUH ¬VYH]HV 1XQFD         &RVWXPDID]HUPHUHQGDGDWDUGH"  6HPSUH ¬VYH]HV 1XQFD         )D]HPRDOPRoRRXMDQWDUHP IDPtOLD"  6HPSUH ¬VYH]HV 1XQFD         &RVWXPDLQLFLDUDUHIHLomRFRP VRSDGHOHJXPHV"  6HPSUH ¬VYH]HV 1XQFD         4XDQWDVUHIHLo}HVID]SRUGLD"  0HQRV GH D D D D 0DLVGH                3UDWLFDH[HUFtFLRItVLFR" _1mR6LP          &RQKHFHPRVSUREOHPDV UHODFLRQDGRVFRPDREHVLGDGH SHGLiWULFD" 6LP 1mR      

  $FKDTXHWHPXPDDOLPHQWDomRH XPHVWLORGHYLGDVDXGiYHO" 6LP 1mR        7HVWHGH0F1HPDU7HVWHGH0F1HPDU%RZNHUSVLJQLILFDWLYR   7DEHOD±$YDOLDomRGRVREMHFWLYRVSURSRVWRVSDUDDIDPtOLD   'RVHOHPHQWRVTXHWRPDYDPjVYH]HVRSHTXHQRDOPRoRSDVVDUDPD WRPiORVHPSUHHSDVVDUDPDQXQFDWRPDU'RVHOHPHQWRVTXHVHVHQWDYDP SDUDWRPDURSHTXHQRDOPRoRSDVVDUDPDQmRVHVHQWDU'RVHOHPHQWRVTXH ID]LDPVHPSUHDPHUHQGDGDPDQKmSDVVRXDID]rORjVYH]HVHSDVVDUDPD QXQFDGRVTXHID]LDPPHUHQGDjVYH]HVGRLVSDVVDUDPDID]HUVHPSUHH SDVVDUDPDQXQFD4XDQWRjPHUHQGDGDWDUGHSDVVRXDID]rODVHPSUHGRV HOHPHQWRVTXHID]LDPjVYH]HVSDVVDUDPQXQFDID]HU(PUHODomRDRDOPRoR RXMDQWDUHPIDPtOLDGRVTXHRID]LDPjVYH]HVSDVVDUDPDID]rORVHPSUH  'RVHOHPHQWRVTXHFRPLDPjVYH]HVVRSDDQWHVGDUHIHLomRSDVVDUDP DFRPHUVHPSUHHGRVTXHQXQFDFRPLDPSDVVRXDFRPHUVHPSUH4XDQWR DRQ~PHURWRWDOGHUHIHLo}HVRVTXHFRPLDPPHQRVGHUHIHLo}HVRXHQWUHGXDV D WUrV UHIHLo}HV SDVVDUDP D FRPHU HQWUH  D  UHIHLo}HV 7UrV HOHPHQWRV TXH FRPLDP HQWUH  D  UHIHLo}HV GLPLQXtUDP SDUD  D  UHIHLo}HV SRU GLD 8P

  3UREOHPDVDVVRFLDGRVjREHVLGDGH LQIDQWLO ,QtFLR )LP S    1mRLGHQWLILFD  ,GHQWLILFDSUREOHPD  ,GHQWLILFDSUREOHPDV  ,GHQWLILFDSUREOHPDV                   7HVWHGH0F1HPDU%RZNHUSVLJQLILFDWLYR   7DEHOD±$YDOLDomRGRVSUREOHPDVUHODFLRQDGRVFRPDREHVLGDGH 

4XDQWR j LGHQWLILFDomR GRV SUREOHPDV DVVRFLDGRV j REHVLGDGH LQIDQWLO GHSRLV GD LQWHUYHQomR RV HOHPHQWRV GD DPRVWUD FRQVHJXLUDP LGHQWLILFDU PDLV SUREOHPDV 2V TXH QmR LGHQWLILFDYDP TXDOTXHU SUREOHPD DQWHV GD LQWHUYHQomR IRUDPFDSD]HVGHLGHQWLILFDUSUREOHPDVFDVRHSUREOHPDVFDVRVGHSRLV GDLQWHUYHQomRQRHQWDQWRQmRH[LVWHPGLIHUHQoDVVLJQLILFDWLYDV    7RWDOGHUHIHLo}HVGLiULDV 3HVRDRVPHVHVGRILOKR &RHILFLHQWHGH FRUUHODomRGH 6SHDUPDQ  S         7DEHOD±$VVRFLDomRHQWUHRSHVRGDVFULDQoDVGRJUXSRGHLQWHUYHQomR FRPRQ~PHURGHUHIHLo}HVGRVSDLV

 



 3DUD DYDOLDU D UHODomR HQWUH GXDV YDULiYHLV TXDOLWDWLYDV RUGLQDLV WRWDO GH UHIHLo}HVGLiULDVHSHVRDRVPHVHVGRILOKRIRLUHDOL]DGRRWHVWHGHFRUUHODomR GH6SHDUPDQ$FRUUHODomRIRLIUDFDHQHJDWLYDRXVHMDjPHGLGDTXHRQ~PHUR GHUHIHLo}HVQDIDPtOLDDXPHQWDGLPLQXLRSHVRGRILOKR(VWDFRUUHODomRQmRIRL HVWDWLVWLFDPHQWHVLJQLILFDWLYD            

  'LVFXVVmR  (VWHHVWXGRWHQWDYHULILFDUVHXPDLQWHUYHQomRWHQGRDIDPtOLDFRPRSRQWR FKDYHFRQVHJXHERQVUHVXOWDGRVQDREHVLGDGHSHGLiWULFD  ,QLFLDOPHQWHHVWDYDPSUHYLVWRVFULDQoDVDGROHVFHQWHVSDUDFDGDJUXSR QR HQWDQWR GHYLGR D SUREOHPDV GH HVSDoR ItVLFR QD FRQVXOWD H[WHUQD SDUD FRQYRFDU GRHQWHV D 'LUHFWRUD GH 6HUYLoR QmR FRQVHJXLX DJHQGDPHQWR SDUD  SULPHLUDV FRQVXOWDV PDLV H WLYHPRV TXH ID]HU FRP RV SULPHLURV  'DGD D GLVWULEXLomR WHU VLGR DOHDWyULD QR PRPHQWR GH SDUDUPRV QmR FROLGLX FRP D TXDOLGDGHGDFRPSDUDomRDSHQDVFRPRQ~PHURWRWDOGHFULDQoDVHDGROHVFHQWHV &RPR IRL VHTXHQFLDO D GLVWULEXLomR SRU LGDGH IRL WDPEpP DOHDWyULD R TXH PHWRGRORJLFDPHQWH HVWi FRUUHFWR PDV QD SUiWLFD GHWHUPLQRX TXH R *, GD LQWHUYHQomRWLYHVVHXPDLGDGHVLJQLILFDWLYDPHQWHVXSHULRUTXHR*&

 $OJXQVDXWRUHVDILUPDPTXHKiPHQRVDGHUrQFLDHERQVUHVXOWDGRVHP LGDGHV VXSHULRUHV SHGLiWULFDV GR TXH QD LQIkQFLD H HVWD GLIHUHQoD VLJQLILFDWLYD SUHMXGLFDRJUXSRLQWHUYHQomR

 'RWRWDOGDDPRVWUDKRXYHGRLVDEDQGRQRVGRHVWXGRQRJUXSRGHFRQWUROR GHYLGR j IDOWD GH FRPSDUrQFLD QR PRPHQWR ILQDO GR HVWXGR  FRQVXOWD DJHQGDGD

 

 4XDQGR VH SURFHGHX j DQiOLVH GD YDULDomR GR ËQGLFH GH 0DVVD &RUSRUDO ,0&HQWUHRVGRLVPRPHQWRVHPTXHHVWHIRLDYDOLDGRHPHVHVYHULILFRXVH TXHHPDPERVRVJUXSRVLQWHUYHQomRHFRQWURORKRXYHXPDGLPLQXLomRGR,0& 'D PHVPD IRUPD TXDQGR VH DYDOLRX R SHUtPHWUR GD FLQWXUD GRV JUXSRV QRV PRPHQWRVLQLFLDOHILQDOWDPEpPH[LVWHXPDGLPLQXLomRGRYDORUGHVWH

   $DVVRFLDomRHQWUHDVYDULiYHLV,0&H3&DQWHVHGHSRLVGDLQWHUYHQomR HP DPERV RV JUXSRV PRVWUD TXH DV GLIHUHQoDV HQFRQWUDGDV QmR VmR VLJQLILFDWLYDVWDOYH]SHORVJUXSRVHVWXGDGRVVHUHPSHTXHQRV  $VVLPDSDUWLUGHVWHVGDGRVGH,0&H3&HFRPHVWDDPRVWUDQmRVHSRGH DILUPDUTXHDLQWHUYHQomRIRLEHPVXFHGLGDSRLVDPERVRVJUXSRVFRQVHJXLUDP XPDGLPLQXLomRGHVWHVYDORUHVQRPHVPRHVSDoRGHWHPSRHHVWDGLPLQXLomRIRL DWpPDLRUQRJUXSRVHPLQWHUYHQomR'HIDFWRVHPKDYHUVLJQLILFDGRHVWDWtVWLFRR JUXSRFRQWURORFRQVHJXLXREWHUPHOKRUHVUHVXOWDGRVTXHRVFDVRVWDQWRQRYDORU GH,0&FRPRQRYDORUGR3&,VWRSDUHFHOHYDUjLGHLDTXHDFRQVXOWDFRPWRGDD HPSDWLD TXH p JHUDGD FRP D HODERUDomR H H[SOLFDomR GR UHVSHFWLYR SODQR SRGHUiVHUVXILFLHQWHSDUDDREWHQomRGHERQVUHVXOWDGRVQDREHVLGDGHSHGLiWULFD DFXUWRSUD]R



 $ SDUWLU GD DQiOLVH GRV REMHFWLYRV SURSRVWRV SDUD R JUXSR GH LQWHUYHQomR HP WHUPRV DOLPHQWDUHV QRWDVH TXH KRXYH XPD PXGDQoD GH DWLWXGH H TXH VH FRQVHJXLXTXHHVWHVFRPHoDVVHPDID]HUPDLVUHIHLo}HVDRORQJRGRGLD

 2 FRQVXPR GH VRSD GH OHJXPHV DQWHV GDV UHIHLo}HV WDPEpP HUD GRV REMHFWLYRV SUHWHQGLGRV H TXH VH YHULILFRX XP DXPHQWR GH LQGLYtGXRV TXH R

 

FULDQoDV H DGROHVFHQWHV GLPLQXtVVHP R FRQVXPR GH DOLPHQWRV TXH WLYHVVHP HOHYDGR YDORU HQHUJpWLFR HRX SRU VHUHP QXWULFLRQDOPHQWH GHVDFRQVHOKDGRV H TXH SRU RXWUR ODGR HVWHV IRVVHP VXEVWLWXtGRV SRU DOLPHQWRV UHFRPHQGDGRV H HVVHQFLDLVSDUDRFUHVFLPHQWRHGHVHQYROYLPHQWRHTXHIRVVHPQXWULFLRQDOPHQWH HTXLOLEUDGRV

 'HXPPRGRJHUDOLVWRIRLFRQVHJXLGRHPTXDVHWRGRVRVDOLPHQWRVHHP TXDVH WRGDV DV UHIHLo}HV DQDOLVDGDV QR HQWDQWR RV UHVXOWDGRV QmR VmR VLJQLILFDWLYRVRTXHVHSRGHWDPEpPGHYHUVHDRWDPDQKRUHGX]LGRGDDPRVWUD  $RHVWXGDUVHDIDPtOLDHDVVXDVDWLWXGHVHFRPSRUWDPHQWRVDOLPHQWDUHVH GHHVWLORGHYLGDQRWRXVHTXHHPDOJXQVSRQWRVFRQVHJXLXVHXPDPXGDQoDGH DWLWXGH SRVLWLYD QR HQWDQWR RV UHVXOWDGRV QmR IRUDP RV HVSHUDGRV LVWR SRGH GHYHUVHDRIDFWRGRVSDLVQmRWHUHPVLGRFRPSOHWDPHQWHYHUGDGHLURVDTXDQGR GRSULPHLURTXHVWLRQiULRQRLQtFLRGDLQWHUYHQomRRXDLQWHUYHQomRQmRVHUHILFD]  1DV SHUJXQWDV UHODWLYDV DRV SUREOHPDV UHODFLRQDGRV FRP D REHVLGDGH SHGLiWULFD YHULILFDVH TXH QR ILQDO GD LQWHUYHQomR DSHQDV  QmR WLQKD FRQKHFLPHQWR GRV SUREOHPDV UHODFLRQDGRV FRP D REHVLGDGH SHGLiWULFD H TXH TXDQGR VH SHUJXQWD SDUD LGHQWLILFDU RV SUREOHPDV YHULILFRXVH TXH KRXYH XP DXPHQWRQDVUHVSRVWDVGRVSDLVTXHFRQVHJXHPLGHQWLILFDUWUrVSUREOHPDVHQRV SDLV TXH FRQVHJXHP LGHQWLILFDU GRLV SUREOHPDV ,VWR p XP ERP UHVXOWDGR SRLV VDEHVH TXH RV SDLV FRP XP PDLRU FRQKHFLPHQWR QXWULFLRQDO H XPD PDLRU FRQVFLrQFLDFRQVHJXHPID]HUPHOKRUHVHVFROKDVDOLPHQWDUHVSDUDRVILOKRV  +iTXHVDOLHQWDUTXHQRLQtFLRGDLQWHUYHQomRDPDLRUSDUWHGRVSDLVHP DFKDYDTXHWLQKDXPDDOLPHQWDomRHXPHVWLORGHYLGDVDXGiYHOHQTXDQWRTXH QRILPDPDLRUSDUWHGRVSDLVUHVSRQGHTXHQmR&RPLVWRWDOYH]VHSRVVDLQIHULU TXHRFRQKHFLPHQWRUHODWLYDPHQWHDRTXHpXPDDOLPHQWDomRHXPHVWLORGHYLGD

  VDXGiYHOQRLQtFLRHVWLYHVVHDGXOWHUDGRHTXHQRILQDOHVWLYHVVHPDLVSUy[LPRGD UHDOLGDGH2VSDLVJDQKDUDPXPDPHOKRUFRQVFLrQFLDDOLPHQWDUGRTXHpSUHFLVR SDUD XP HVWLOR GH YLGD VDXGiYHO H TXH DXPHQWDUDP R VHX FRQKHFLPHQWR UHODWLYDPHQWH j VXDV DWLWXGHV H FRPSRUWDPHQWRV DOLPHQWDUHV 2 TXH SRGH GHWHUPLQDU TXH D PDLV ORQJR SUD]R TXDQGR R LPSDFWR GD SULPHLUD FRQVXOWD VH SHUGHHVWDVFULDQoDVHDGROHVFHQWHVFRPSDLVPDLVEHPLQIRUPDGRVSRGHUmRWHU XPDYDQWDJHPQRVUHVXOWDGRVDPDLVORQJRSUD]RPDVHVWHQmRIRLRGHVHQKRGR HVWXGRSRULVVRQmRRSRGHPRVFRQFOXLU



 2 WHPSR TXH LQYHVWLPRV QR JUXSR GH LQWHUYHQomR FRP ,0& PHOKRU QR JUXSR FRQWUROR SRGH VHU SRU D FRQVXOWD VHU VXILFLHQWH PDV QmR SRGHPRV GHVFDUWDUTXHDSHVDUGDPDLRULQIRUPDomRGRVSDLVHVWHVIRUDPPDLVSHUWXUEDGRV QDVXDYLGDHSRULVVRPHQRVFRODERUDQWHVHPPRGLILFDUDVVXDVUHDLVDWLWXGHVQD SUiWLFDHHVWDpRXWUDH[SOLFDomRSDUDHVWHVQ~PHURV  $GLIHUHQoDGHLGDGHVFRPLGDGHVPDLVMRYHQVQRJUXSRFRQWURORSRGHULD VHURXWUDH[SOLFDomRGDGRDGLVWULEXLomRDOHDWyULDIRLGDPDUFDomRGDFRQVXOWDH QmRGRVH[RHGDLGDGHFRPRUHIHULPRV 

 

 $ PXGDQoD QRV SDLV SRGH VHU D PHOKRU IRUPD GH VH PXGDU R FRPSRUWDPHQWRDOLPHQWDUGRVILOKRVOHYDQGRDGLPLQXLomRGRSHVR



 $ PXGDQoD GH DWLWXGHV H FRPSRUWDPHQWRV GRV SDLV QmR p SRVVtYHO VHU DYDOLDGDGHYLGRjUHGX]LGDDPRVWUD2VSDLVWDPEpPWrPDOJXPDUHOXWkQFLDHP UHODomRDRVTXHVWLRQiULRVHPXLWDVYH]HVQmRQRVSDUHFLDTXHGDYDPDUHVSRVWD YHUGDGHLUD

 $SHVDU GLVWR H GH DOJXQV UHVXOWDGRV QmR VHUHP PXLWR YLVtYHLV KRXYH UHDOPHQWH XPD PXGDQoD GH DWLWXGHV H FRPSRUWDPHQWRV DOLPHQWDUHV HP DOJXQV GRVREMHFWLYRVSUHWHQGLGRV  0DVWDPEpPFRPRMiIRLUHIHULGRDQWHULRUPHQWHDGLPLQXLomRGDREHVLGDGH SHGLiWULFDIRLSRVVtYHOFRPDFRQVXOWDGHQXWULomRHTXHHVWDSRUVLVyFRQVHJXH REWHUERQVUHVXOWDGRVDFXUWRSUD]RQRHQWDQWRQmRVHVDEHVHDORQJRSUD]RR PHVPRDFRQWHFHULD  eQHFHVViULRSUHYHQLUHWUDWDUDREHVLGDGHSHGLiWULFDHTXHpDSDUWLUGH XPDPXGDQoDQRVSDLVHQRVUHVSHFWLYRVILOKRVHGDWRPDGDGHFRQVFLrQFLDSRU SDUWHGHVWHVTXHVHFRQVHJXHLVVRPDVFRPHVWHHVWXGRRSURWRFRORFOiVVLFRGD FRQVXOWDpVXILFLHQWHQRLPSDFWRDFXUWRSUD]R       

  &RQFOXV}HV

 $ GLPLQXLomR GR ,0& H 3& IRL SRVVtYHO FRP D FRQVXOWD GH QXWULomR SURWRFRODGDHHVWDSRUVLVyFRQVHJXHREWHUERQVUHVXOWDGRVDFXUWRSUD]R 1mRVDEHPRV  VHDORQJRSUD]RDPHOKRULDGRFRQKHFLPHQWRGRVSDLVWHULDUHSHUFXVV}HV EHQpILFDVXPDYH]TXHHVWDYHUWHQWHQmRHUDSRVVtYHOVHUHVWXGDGDQHVWHFXUWR HVSDoRGHWHPSR TXDORUHDOLPSDFWRGDGLIHUHQoDHWiULDVLJQLILFDWLYDHQWUHRVJUXSRVTXH SUHMXGLFRXRJUXSRLQWHUYHQomR

&RP HVWH HVWXGR H[SORUDWyULR SURYRXVH TXH D 1XWULFLRQLVWD VDEH LQWHUYLU GLPLQXLQGR R ,0& QRV VHXV GRHQWHV H TXH SRU DJRUD QmR VHUi QHFHVViULR R HPSHQKR HP UHFXUVRV SDUD XPD YLVLWD GRPLFLOLiULD SDUD PDLRU DGHUrQFLD DR SURJUDPD     

 

%LEOLRJUDILD 

 :RUOG +HDOWK 2UJDQL]DWLRQ FLWDGR HP GH )HE  'LVSRQtYHO HP KWWSZZZZKRLQWHQ

 3DGH] & )HUQDQGHV 7 0RXUmR , 0RUHLUD 3 5RVDGR 9 3UHYDOHQFH RI 2YHUZHLJKW DQG 2EHVLW\ LQ <HDU2OG 3RUWXJXHVH &KLOGUHQ 7UHQGV LQ %RG\ 0DVV ,QGH[ )URP  $P - +XP %LRO  1RY

'HF

 'RDN &0 9LVVFKHU 7/ 5HQGHUV &0 6HLGHOO -& 7KH SUHYHQWLRQ RI RYHUZHLJKW DQG REHVLW\ LQ FKLOGUHQ DQG DGROHVFHQWV D UHYLHZ RI LQWHUYHQWLRQVDQGSURJUDPPHV2EHV5HY)HE

 )RZOHU%URZQ $ .DKZDWL /& 3UHYHQWLRQ DQG WUHDWPHQW RI RYHUZHLJKW LQ FKLOGUHQDQGDGROHVFHQWV$P)DP3K\VLFLDQ-XQ  1RZLFND 3 )ORGPDUN &( )DPLO\ LQ SHGLDWULF REHVLW\ PDQDJHPHQW D

OLWHUDWXUHUHYLHZ,QW-3HGLDWU2EHV6XSSO

 /XFDV %.UDXVH¶V )RRG 1XWULWLRQ DQG 'LHW 7KHUDS\ WK HG6DXQGHUV 

 3LHWUREHOOL $ (VSLQR]D 0& 'H &ULVWRIDUR 3 &KLOGKRRG REHVLW\ ORRNLQJ LQWRWKHIXWXUH$QJLRORJ\$SU0D\6XSSO66

 *RQ]DOH] -/ *LOPHU / 2EHVLW\ SUHYHQWLRQ LQ SHGLDWULFV $ SLORW SHGLDWULF UHVLGHQW FXUULFXOXP LQWHUYHQWLRQ RQ QXWULWLRQ DQG REHVLW\ HGXFDWLRQ DQG FRXQVHOLQJ-1DWO0HG$VVRF6HS

 1DWKDQ%00RUDQ$0HWDEROLF&RPSOLFDWLRQVRI2EHVLW\LQ&KLOGKRRGDQG DGROHVFHQFH PRUH WKDQ MXVW GLDEHWHV &XUU 2SLQ (QGRFULQRO 'LDEHWHV 2EHV)HE

  5RFKD$7HQGrQFLDVGRVKiELWRVDOLPHQWDUHVQRVpFXOR;;,5HYLVWDGRV

$QWLJRV$OXQRVGD8QLYHUVLGDGHGR3RUWR

$PHULFDQ 'LHWHWLF $VVRFLDWLRQ $'$ 3RVLWLRQ RI WKH $PHULFDQ 'LHWHWLF

$VVRFLDWLRQ LQGLYLGXDO IDPLO\ VFKRRO DQG FRPPXQLW\EDVHG LQWHUYHQWLRQVIRUSHGLDWULFRYHUZHLJKW-$P'LHW$VVRF-XQ  )ORULDQL9.HQQHG\&3URPRWLRQRISK\VLFDODFWLYLW\LQFKLOGUHQ&XUU2SLQ 3HGLDWU)HE5HYLHZ *RODQ0&URZ63DUHQWVDUHNH\SOD\HUVLQWKHSUHYHQWLRQDQGWUHDWPHQW RIZHLJKWUHODWHGSUREOHPV1XWU5HY-DQ

&ODUN +5 *R\GHU ( %LVVHOO 3 %ODQN / 3HWHUV - +RZ GR SDUHQWV¶ FKLOG IHHGLQJ EHKDYLRXUV LQIOXHQFH FKLOG ZHLJKW" ,PSOLFDWLRQV IRU FKLOGKRRG REHVLW\SROLF\-3XEOLF+HDOWK$SU

*RODQ03DUHQWVDVDJHQWVRIFKDQJHLQFKLOGKRRGREHVLW\IURPUHVHDUFK WRSUDWLFH,QW-3HGLDWU2EHV

/LQGVD\ $& 6XVVQHU .0 .LP - *RUWPDNHU 6 7KH UROH RI SDUHQWV LQ SUHYHQWLQJFKLOGKRRGREHVLW\)XWXUH&KLOG6SULQJ 6SHDU%$.UDXVH¶V)RRG1XWULWLRQDQG'LHW7KHUDS\WK_HG