TO O
WĞŶĮŐŽŝĚĞ ŐĞƐƚĂĐŝŽŶĂů͗ ƌĞůĂƚŽ ĚĞ ĐĂƐŽ Ğ Ă ŝŵƉŽƌƚąŶĐŝĂ ĚŽ
ĚŝĂŐŶſƐƟĐŽƉƌĞĐŽĐĞ
WĞŵƉŚŝŐŽŝĚ ŐĞƐƚĂƟŽŶŝƐ͗ Ă ĐĂƐĞ ƌĞƉŽƌƚ ĂŶĚ ƚŚĞ ŝŵƉŽƌƚĂŶĐĞ ŽĨ ĞĂƌůLJ
ĚŝĂŐŶŽƐŝƐ
K !" P # $%& ' B &( "'%& 1
. C &' !" B ) B &# & 1
. I) & S !( &# C &#( *
. H" (& +" S, G &!-' 0 "# 3
. M A $ P&!("#
4 .
567 89: ;r< =9 8< >?<8<8<r@ ;?DE Dg 9;8DF< >? rD8<J<r@ ;?DE Dg 9 ;JD >;L 9bâ >9 ;NQD r? ;E < U ;NF<;rV NW r ;=9E XYZ ; ?DEDg 9 =? ;N[\: 9D8D L ;bD r;?\ r9D] rgD =NQD r? ;E < U ;NF< ;rV NWr;=9E X^J< r@ ; ?DEDg 9 =? ;NJ9 r<?D rg< r ;E8DF<>?rD8<J< r@ ;?DE Dg 9;JD >;L 9bâ >9 ; NQD r? ;E <U;N F< ; rV NW r; =9E X_J<r@ ;?DE Dg 9 =?; NJ9 r<?D r ;?7:>9:;8DF< >? rD8<J< r@ ; ?DEDg 9 ;JD >;L 9bâ >9 ; NQD r ?;E < U; NF<;rV NW r;=9E X
`acfhi
2SHQ¿JRLGHJHVWDFLRQDOpXPDUDUDGHUPDWRVHEROKRVDDXWRLPXQHHVSHFt¿FDGDJUDYLGH]$FUHGLWDVHTXHDQWLFRUSRVDWDTXHP DQWtJHQRVHSLGpUPLFRVHVSHFt¿FRVHSURYRTXHPDVHSDUDomRGDMXQomRGHUPRHSLGpUPLFDGDSHOHHDIRUPDomRGHEROKDV2TXDGUR HPJHUDOVHLQLFLDFRPSODFDVHULWHPDWRVDVSUXULJLQRVDVSHULXPELOLFDLVFRPSRVWHULRUGLVVHPLQDomRSHORFRUSRHHYROXomRSDUD OHV}HVEROKRVDV$FRPHWHSULQFLSDOPHQWHSULPtSDUDVQRVHJXQGRRXWHUFHLURWULPHVWUHHFRVWXPDUHVSRQGHUEHPDRWUDWDPHQWRFRP FRUWLFRLGHVLVWrPLFR([DPHKLVWRSDWROyJLFRHLPXQRÀXRUHVFrQFLDGLUHWDVmRIXQGDPHQWDLVSDUDRGLDJQyVWLFR+iULVFRGHHIHLWRV DGYHUVRVIHWDLVFRPREDL[RSHVRDRQDVFHUHSDUWRSUHPDWXUR5HODWDPRVXPFDVRGHXPDSDFLHQWHFRPTXDGURH[XEHUDQWHQR¿QDO GRWHUFHLURWULPHVWUHFRPH[FHOHQWHUHVSRVWDDRWUDWDPHQWRHFRPQDVFLPHQWRGHUHFpPQDVFLGRDWHUPRHVDXGiYHO
jkl kmnkopq s kmt u3HQ¿JRLGHJHVWDFLRQDO'HUPDWRORJLD$XWRLPXQLGDGH&RPSOLFDo}HVQDJUDYLGH]
vwcx`vyx
3HPSKLJRLGJHVWDWLRQLVLVDUDUHDXWRLPPXQHEOLVWHULQJGHUPDWRVLVRISUHJQDQF\,WLVEHOLHYHGWKDWDQWLERGLHVFDXVHWKHVHSDUDWLRQ RIWKHGHUPDOHSLGHUPDOMXQFWLRQRIVNLQDQGEOLVWHUIRUPDWLRQ7KHGLVHDVHXVXDOO\VWDUWVZLWKYHU\LWFK\HU\WKHPDWRXVSODTXHV DURXQGWKHXPELOLFXVZLWKVXEVHTXHQWGLVVHPLQDWLRQWKURXJKRXWWKHERG\,WDIIHFWVPDLQO\SUHJQDQWZRPHQLQWKHVHFRQGRUWKLUG WULPHVWHURIWKHLU¿UVWSUHJQDQF\DQGXVXDOO\UHVSRQGVZHOOWRWUHDWPHQWZLWKV\VWHPLFFRUWLFRVWHURLGV+LVWRSDWKRORJ\DQGGLUHFW LPPXQRÀXRUHVFHQFHDUHHVVHQWLDOIRUGLDJQRVLV7KHUHLVULVNRIDGYHUVHIHWDOHIIHFWVVXFKDVORZZHLJKWDQGSUHPDWXUHELUWK:H UHSRUWDFDVHRIDSDWLHQWZLWKJUHDWVNLQLQYROYHPHQWZKRVHLQMXULHVEHJDQODWHLQWKHWKLUGWULPHVWHUZLWKH[FHOOHQWUHVSRQVHWR WUHDWPHQW6KHGHOLYHUHGDWHUPKHDOWK\FKLOG
zt {|} n~ou3HPSKLJRLGJHVWDWLRQLV'HUPDWRORJ\$XWRLPPXQLW\3UHJQDQF\FRPSOLFDWLRQV
e d de dR ee ed ed d d dded e e 2 ee¡de¢££ £ ££ ¤d ¥de d¦ §d dd¥
&RQÀLWRGHLQWHUHVVHV1mRKiTXDOTXHUFRQÀLWRGHLQWHUHVVHVSRUSDUWHGHTXDOTXHUXPGRVDXWRUHV
©ª5HODWRGHFDVRGHSHQ¿JRLGHJHVWDFLRQDO
¿À ÁÂÃÄÅ ÆÇÃ
$JUDYLGH]pXPSHUtRGRGHJUDQGHVPXGDQoDVSRLVDOWHUDo}HV LPXQROyJLFDV PHWDEyOLFDV HQGyFULQDV H YDVFXODUHV WUD]HP UHSHUFXVV}HV HP WRGR R RUJDQLVPR LQFOXLQGR D SHOH 7DLV DOWHUDo}HV VmR FODVVL¿FDGDV FRPR ¿VLROyJLFDV RX FRPR GHUPDWRVHV HVSHFt¿FDV GD JUDYLGH] VHQGR HVWDV ~OWLPDV DOWHUDo}HV TXH RFRUUHP VRPHQWH QD JHVWDomR H SRU HOD VmR GHVHQFDGHDGDV2SHQ¿JRLGHJHVWDFLRQDO3*pXPH[HPSOR 7UDWDVH GH XPD GHUPDWRVH EROKRVD UDUD H DXWROLPLWDGD GH QDWXUH]DDXWRLPXQHÈ(VWLPDVHXPDLQFLGrQFLDGHD
FDVRVSRUJUDYLGH]ÈÉÊ
$ LQFLGrQFLD GR 3* SDUHFH HVWDU UHODFLRQDGD D XPD PDLRU H[SUHVVmRGH0+&FODVVH,,+/$'5pHQFRQWUDGRHP D GDV SDFLHQWHV +/$'5 HP H D H[SUHVVmR GH DPERVpHQFRQWUDGDHPGDVSDFLHQWHV$FUHGLWDVHTXHD DVVRFLDomRGHVWHIDWRUJHQpWLFRDRIDWRUDPELHQWDOJUDYLGH] HVWHMDHQYROYLGDFRPDSDWRJrQHVHGDGRHQoDË
2 SULQFLSDO DQWtJHQR QR 3* p R FROiJHQR ;9,, WDPEpP FRQKHFLGRFRPR%37UDWDVHGHXPDSURWHtQDSUHVHQWH QDPHPEUDQDEDVDOSODFHQWiULDHQDMXQomRGHUPRHSLGpUPLFD GDSHOH$FUHGLWDVHTXHXPDH[SUHVVmRDQRUPDOGHPROpFXODV 0+&FODVVH,,QDSODFHQWDH[S}HRVLVWHPDLPXQHPDWHUQR DHVWHDQWtJHQRHDFRQVHTXHQWHSURGXomRGHDXWRDQWLFRUSRV
ÌÍÎ ÏÐ ÎÌÑÒ Ó Ô ÏÕ ÔÖ ÑÐÒ Ñ××ÔØ ÙÚÛÜ ××Ô× ÑÏÕ Î ÐÝÍÌÝ× ÑÕ ÎÞ ÑÓÑÞ ÎÑ ÐÒ ß ××ÎÐ Ñ Ö Ý ÐÝÓ ÌÒ ÔÓ ÔÏÕ Ýà×ÔÖ ÔÌÝ×ÎÕ ÑÓ ÏÑ Ó ÔÓ áÍ ÑÏÑáÑ ×ÑÒ
H SURYRFDP DWLYDomR H GHJUDQXODomR GH HRVLQy¿ORVÊÉË ã
SURFHVVR¿QDOUHVXOWDQDVHSDUDomRGDMXQomRGHUPRHSLGpUPLFD HFRQVHTXHQWHIRUPDomRGHEROKDVä
2VDFKDGRVKLVWRSDWROyJLFRVGRSHQ¿JRLGHJHVWDFLRQDOLQFOXHP HVSRQJLRVH DOJXQV FDVRV FRP HVSRQJLRVH HRVLQRItOLFD RX YHVtFXODLQWUDHSLGpUPLFDHGHPDDFHQWXDGRGDGHUPHSDSLODU JHUDOPHQWH FRQWHQGR EROKD VXEHSLGpUPLFD H OLQIyFLWRV SHULYDVFXODUHV FRP HRVLQy¿ORV$ LPXQRÀXRUHVFrQFLD GLUHWD ,)'PRVWUDGHSyVLWRVOLQHDUHVGH,J*HFRPSOHPHQWR& QD ]RQD GH PHPEUDQD EDVDO ,PXQRÀXRUHVFrQFLD LQGLUHWD JHUDOPHQWHpSRVLWLYDSDUDDQWLFRUSRVFLUFXODQWHVQDUHJLmRGD
Ó ÔÓ áÍÑ ÏÑáÑ ×ÑÒ Û
2 TXDGUR FOtQLFR QRUPDOPHQWH VH GHVHQYROYH QR VHJXQGR RX QR WHUFHLUR WULPHVWUH GD JHVWDomR HP SULPtSDUDV PDV WDPEpPKiFDVRVGHVFULWRVGHLQtFLRQRSULPHLURWULPHVWUHH QRSyVSDUWRLPHGLDWRÉåeUDUDDPDQLIHVWDomRFRPOHV}HV Ö Î ××ÔÓ Î ÏÑÖ Ñ ×Û
æÎÖ ÑÖ ÔÓ çÖ ÎÑÖ Ñ×ÌÑÐ Î ÔÏÕ Ô×ÑÐ ÝÓ ÔÕ ÎÖ Ñ×çÖ Ô
DQRVå$GRHQoDWHQGHDUHFRUUHUHPJHVWDo}HVVXEVHTXHQWHV
HQHVVHVFDVRVpPDLVSUHFRFHHPDLVJUDYHeFRPXPKDYHU H[DFHUEDo}HV QR SyVSDUWRË
èÔ×Õ Ô Ñ ÍÕ Î ÙÝà Í ÔÒ ÑÕ ÑÓ Ý× Ý ÐÑ ×Ý
GH XPD SULPtSDUD MRYHP FRP PDQLIHVWDo}HV H[XEHUDQWHV LQLFLDGDVQRWHUFHLURWULPHVWUHGDJHVWDomR
^Z/KK^K
3DFLHQWH IHPLQLQD EUDQFD DQRV SULPLJHVWD QR WULPHVWUHGHJHVWDomRFRPVHPDQDVGHLGDGHJHVWDFLRQDO DFRPSDQKDGD HP SUpQDWDO GH EDL[R ULVFR Ki VHPDQDV YLQKD HYROXLQGR FRP XPD OHVmR HULWHPDWRVD H SUXULJLQRVD LQLFLDOPHQWHHPFR[DGLUHLWDTXHKiVHPDQDVVHGLVVHPLQDUDP
SHORFRUSRHKRXYHDXPHQWRGRSUXULGR3URFXURXDWHQGLPHQWR PpGLFRHIRLLQWHUQDGDSDUDLQYHVWLJDomRGLDJQyVWLFD1HJDYD XVRGHTXDOTXHUPHGLFDomRSUHYLDPHQWHDRDSDUHFLPHQWRGR TXDGUR
æÝ ÔéÑ ÓÔ Ñ ÖÓÎ× ×ÎÝÏ ÑÒ à ÑÌÍÔ×ÔÏ ÕÑÞÑ ×ÎÏ ÑÎ × ÞÎ ÕÑÎ × ÏÝÍ ÓÑÎ ×
H D SUHVHQoD GH SiSXODV H SODFDV XUWLFDULIRUPHV H GHVFDPDWLYDVGLVVHPLQDGDVHPPHPEURVVXSHULRUHVFR[DV PDPDV DEGRPH H FRPR PRVWUD D )LJXUD QR GRUVR +DYLD EROKD WHQVD FRP FRQWH~GR FLWULQR HP DQWHEUDoR GLUHLWR H YHVtFXOD HP Sp HVTXHUGR &KDPDYD D DWHQomR R DFRPHWLPHQWR FRQÀXHQWH GH WRGD D UHJLmR DEGRPLQDO )LJXUD2VH[DPHVODERUDWRULDLVPRVWUDUDPHRVLQR¿OLD DXPHQWRGH3&59'5/QmRUHDJHQWH)$1UHDJHQWH SDGUmR FLWRSODVPiWLFR SRQWLOKDGR UHWLFXODGR VRURORJLDV SDUD DV KHSDWLWHV % H & QmR UHDJHQWHV VRURORJLDV SDUD WR[RSODVPRVH &09 H UXEpROD ,J* UHDJHQWHV H VRURORJLD SDUDKHUSHVVLPSOHVQmRUHDJHQWH
êëìíîïðñ/HV}HVFRQÀXHQWHVQDUHJLmRDEGRPLQDO òóôõöò ÷øöò ù÷õúòôõû óüý
7 5HODWRGHFDVRGHSHQ¿JRLGHJHVWDFLRQDO
)RLUHDOL]DGDELySVLDGDEROKDHPDQWHEUDoRGLUHLWRTXHUHYHORX HSLGHUPH FRP DFDQWRVH OHYH HVSRQJLRVH GLIXVD IRUPDomR GHYHVtFXODVLQWUDHSLGpUPLFDVHIHQGDVXEHSLGpUPLFDULFDHP HRVLQy¿ORVGHUPHFRPLQ¿OWUDGROLQIRFLWiULRHHRVLQRItOLFR$ LPXQRÀXRUHVFrQFLDGLUHWD,)'GDSHOHHYLGHQFLRXSRVLWLYLGDGH IRUWHHOLQHDUSDUD&QD]RQDGDPHPEUDQDEDVDOHSLGpUPLFD IHFKDQGRRGLDJQyVWLFRGHSHQ¿JRLGHJHVWDFLRQDO)LJXUD
3DFLHQWHIRLWUDWDGDFRPSUHGQLVRQDQDGRVHGHPJNJGLD HDQWLKLVWDPtQLFRRUDOFRPUHPLVVmRGRTXDGURGHUPDWROyJLFR HGRSUXULGRVHQGRHQWmRLQLFLDGRGHVPDPHGDFRUWLFRWHUDSLD )LJXUD$SyVRSDUWRSRUpPKRXYHUHFRUUrQFLDGDVOHV}HV FRPFRQWUROHHIHWLYRDSyVLQtFLRGDPHVPDGRVHGHSUHGQLVRQD SUHVFULWRQDJHVWDomR2UHFpPQDVFLGRQmRIRLDFRPHWLGRSHOD GRHQoDQDVFHXDWHUPRSDUWRQRUPDOVHPLQWHUFRUUrQFLDV&LQFR
mss apósoparto,pacintaprsntavaapna shiprcromia
UHVLGXDOQRVORFDLVRQGHDQWHULRUPHQWHKDYLDOHV}HV)LJXUD
D ÃO
(PGHUPDWRORJLDRWHUPR³SHQ¿JRLGH´pXVDGRSDUDGHVFUHYHU
dona s boho sas, ma s, na v rdad, a ma ior ia do s caso s
GH3*QmRpEROKRVDHVHDSUHVHQWDFRPRSODFDVHSiSXODV XUWLFDULIRUPHV H GR WLSR HF]HPD VHP R FRPSURPHWLPHQWR GH PXFRVDV8 $ UHJLmR SHULXPELOLFDO p R SULPHLUR VtWLR
HQYROYLGRHPGRVFDVRV1$VOHV}HVVmRSUXULJLQRVDVH podm pro rdir r ap ida mnt pa ra ab do m , dor so , t óra
H[WUHPLGDGHVDSUHVHQWDQGRVHGHIRUPDSROLFtFOLFDRXDQXODU4
$SDFLHQWHUHODWDGDSRUpPDSUHVHQWRXLQLFLDOPHQWHDVOHV}HV QDFR[DTXHSRVWHULRUPHQWHVHGLVVHPLQDUDPSHORFRUSR$OpP GLVVR HUD PDLV MRYHP TXH D LGDGH PpGLD GH DFRPHWLPHQWR GHVFULWRQDOLWHUDWXUD
2 SUXULGR p XPD DOWHUDomR FXMD HWLRORJLD SRGH VHU WDQWR GHFRUUHQWH GH DOWHUDo}HV ¿VLROyJLFDV RX ID]HU SDUWH GH XP TXDGUR GH GHUPDWRVH HVSHFt¿FD GD JUDYLGH] 2 SUXULGR ¿VLROyJLFRRFRUUHFRPXPHQWHQRDEGRPHGXUDQWHRWHUFHLUR WULPHVWUHHWDPEpPQRkQXVYXOYDHFRXURFDEHOXGR3RURXWUR ODGRRSUXULGRSRGHVHUPDQLIHVWDomRSUHFRFHGHGHUPDWRVHV HVSHFt¿FDVGDJHVWDomRFRPRRSHQ¿JRLGHJHVWDFLRQDO9
9iULDV LQYHVWLJDo}HV ODERUDWRULDLV HVWmR GLVSRQtYHLV SDUD FRQ¿UPDURGLDJQyVWLFRGDGRHQoD2VH[DPHVGHURWLQDLQFOXHP KLVWRSDWRORJLDH,)'TXHGHWHFWDQD]RQDGHPHPEUDQDEDVDO &HPDGRVFDVRVH,J*HPDHpRSDGUmR RXURSDUDRGLDJQyVWLFRGH3*$OpPGLVVRSRGHVHUHDOL]DU LQYHVWLJDo}HVDGLFLRQDLVFRPRLPXQRÀXRUHVFrQFLDLQGLUHWDH (/,6$(PFRQMXQWRRVFULWpULRVFOtQLFRVHODERUDWRULDLVVmR XWLOL]DGRVSDUDRGLDJQyVWLFRGH¿QLWLYRGDGRHQoD
2 SULQFLSDO GLDJQyVWLFR GLIHUHQFLDO p D HUXSomR SROLPRUID GD JUDYLGH] D PDLV FRPXP GDV GHUPDWRVHV JHVWDFLRQDLV FRP SUHYDOrQFLD GH FDVR SDUD FDGD JHVWDo}HV (VVH TXDGURFRVWXPDDFRPHWHUSULPtSDUDVQRWHUFHLURWULPHVWUHGD JHVWDomR ,QLFLDVH FRPR OHV}HV XUWLFDULIRUPHV LQWHQVDPHQWH SUXULJLQRVDVDRUHGRUGDVHVWULDVDEGRPLQDLVFRPSRVWHULRU GLVVHPLQDomR SHOR FRUSR 2 KLVWRSDWROyJLFR p VHPHOKDQWH DRGR3*PDVD,)'pQHJDWLYD(ODpXPDGRHQoDEHQLJQD GHUHVROXomRHVSRQWkQHDHVHPQHQKXPULVFRIHWDO2XWURV
F !"0HOKRUDGDVOHV}HVGXUDQWHRWUDWDPHQWRFRP
#$%&'()*'+-F 5"C ('.*/ %)%)+#0)*#+$2 *3#+.(%'2%+#$%)%'2+6 +
DSHQDV KLSHUFURPLD UHVLGXDO RQGH DQWHULRUPHQWH KDYLD
l%):%)&%
<=5HODWRGHFDVRGHSHQ¿JRLGHJHVWDFLRQDO
GLDJQyVWLFRVGLIHUHQFLDLVVmRRSHQ¿JRLGHEROKRVRDGHUPDWLWH KHUSHWLIRUPHHRHULWHPDPXOWLIRUPHV
WXY ZX[X\ ]^ ]X _] `f g ]Xj[k_]q ZY[guw Y [Xu ]g [w _] X ux jwY[X
SRWHQWHVHDQWLKLVWDPtQLFRV(QWUHWDQWRDPDLRULDGRVFDVRV H[LJH WUDWDPHQWR VLVWrPLFR 2V FRUWLFRVWHURLGHV RUDLV VmR D WHUDSrXWLFDGHSULPHLUDOLQKDHPJHUDOFRPXVRGHSUHGQLVRQD QDGRVHGHPJNJGLD'XUDQWHRSHUtRGRSHULSDUWRDGRVH GR FRUWLFRLGH GHYH VHU HOHYDGD SDUD SUHYHQLU D H[DFHUEDomR FRPXPTXHRFRUUHQRSyVSDUWR
&RUWLFRWHUDSLDpFRQVLGHUDGDWHUDSLDVHJXUDQDJUDYLGH]HQmR FRVWXPDWHUHIHLWRVDGYHUVRVVREUHRUHVXOWDGRGDJUDYLGH]yy
$OJXQVFDVRVHQWUHWDQWRFRQVWLWXHPXPYHUGDGHLURGHVD¿R SRLVDWHUDSLDVLVWrPLFDFRPFRUWLFRLGHSRGHQmRVHUHIHWLYD+i UHODWRVQDOLWHUDWXUDGHRSo}HVWHUDSrXWLFDVFRPWHWUDFLFOLQDV H QLFRWLQDPLGD FLFORIRVIDPLGD FLFORVSRULQD D]DWLRSULQD GDSVRQDLPXQRJOREXOLQDKXPDQDULWX[LPDEHSODVPDIpUHVH (QWUHWDQWR RV GDGRV GH WUDWDPHQWR GH 3* JUDYH XVDQGR PHGLFDo}HVLPXQRVVXSUHVVRUDVVmRHVFDVVRVHGHYHVHUEHP SHVDGR TXDO R ULVFR TXH D PHGLFDomR SRGH SURSRUFLRQDU DR IHWRHPUHODomRDRVEHQHItFLRVDGTXLULGRVSHODPmHyV
1R 3* DSHVDU GH SRXFR IUHTXHQWHV VmR GHVFULWRV SRVVtYHLV HIHLWRV DGYHUVRV UHODFLRQDGRV j JHVWDomR ULVFR DXPHQWDGR GH PRUWH IHWDO GH DERUWR HVSRQWkQHR H GH VXSUHVVmR GR HL[R KLSRWDOkPLFRKLSR¿ViULRyz$OpP GLVVR RXWURV HIHLWRV DGYHUVRV
VmRSUySULRVHFRPXQVDRXVRFU{QLFRGHFRUWLFRLGHVLVWrPLFRFRPR KLSHUWHQVmRVtQGURPHGH&XVKLQJRVWHRSHQLDHRVWHRSRURVHyy
(VWLPDVHTXHDGRVEHErVGHPmHVDFRPHWLGDVSRGHP QDVFHUFRPOHV}HVEROKRVDVGHYLGRDWUDQVIHUrQFLDSODFHQWiULD
GH,J*2TXDGURFRVWXPDVHUHVROYHUHVSRQWDQHDPHQWHHP VHPDQDVHQRUPDOPHQWHQmRUHTXHUWUDWDPHQWRz0XOKHUHVFRP
LQtFLRGDGRHQoDQRSULPHLURRXVHJXQGRWULPHVWUHHDTXHODVHP TXHKiDIRUPDomRGHEROKDVWrPPDLRUULVFRSDUDUHSHUFXVV}HV IHWDLVWDLVFRPREDL[RSHVRDRQDVFHUHGLPLQXLomRGDLGDGH JHVWDFLRQDO QR SDUWR LQFOXVLYH FRP SDUWR SUHPDWXUR 7DLV
{]XuZçõ]X_]^] qX]gY [kXw _]gZ _Z X_]gw XY []\ ]^Z _[]|j[gu Zku[| u ]g
ZY [qjZk}Zq ]ku[ gw{[g[X[~
W ugZ uZq ]ku [Y [q Y [guw Y [w _]
QmRPRVWURXDXPHQWRGRULVFRGHHYHQWRVDGYHUVRVIHWDLVy
É w q j[gu Zku ] [ Y[k}]Y w q ] ku[ ] _w Z{kx XuwY[ jg]Y[Y ] _Z X
GHUPDWRVHVHVSHFt¿FDVGDJUDYLGH]SULQFLSDOPHQWHR3*SRU VHX SRWHQFLDO GH PRUELGDGH PDWHUQD H IHWDO (P HVSHFLDO p LQGLVSHQViYHOVDEHUGLIHUHQFLDUR3*GDHUXSomRSROLPRUIDGD JUDYLGH]DGHUPDWRVHPDLVSUHYDOHQWHGDJHVWDomRSRLVHVWD QmRWUD]HIHLWRVDGYHUVRVSDUDDPmHHSDUDRIHWR
0pWRGRV FRPSOHPHQWDUHV FRPR D ,)' VmR IXQGDPHQWDLV QHVVHV FDVRV SRLV D HYROXomR FOtQLFD H RV DFKDGRV KLVWRSDWROyJLFRV QR 3* SRGHP PLPHWL]DU RXWUDV HUXSo}HV FXWkQHDV &RP R GLDJQyVWLFR SUHFLVR p SRVVtYHO XP DFRPSDQKDPHQWRULJRURVRGDJUDYLGH]GHWHFomRSUHFRFHGH FRPSOLFDo}HV IHWDLV H DFRQVHOKDPHQWR TXDQWR D JHVWDo}HV VXEVHTXHQWHVYLVWRTXHRULVFRGHGHVHQYROYHUDGRHQoDHD JUDYLGDGHGR3*DXPHQWDFRPDSDULGDGHGDPXOKHU
9DOH GHVWDFDU SRU ¿P TXH XPD DERUGDJHP SRU GLIHUHQWHV HVSHFLDOLGDGHV PpGLFDV p IXQGDPHQWDO HP GRHQoDV UDUDV H FRPULVFRGHFRPSOLFDo}HVIHWDLVIDFLOLWDQGRRGLDJQyVWLFR RPDQHMRGRFDVRHRVXFHVVRWHUDSrXWLFRDOpPGHPLQLPL]DU GHVIHFKRVGHVIDYRUiYHLV
$OYHV*)1RJXHLUD/69DUHOOD7&'HUPDWRORJLDHJHVWDomR$Q %UDV'HUPDWRO
/LSR]HQþLü - /MXERMHYLF 6 %XNYLü0RNRV = 3HPSKLJRLG JHVWDWLRQLV&OLQ'HUPDWRO
(QJLQHHU/%KRO.$KPHG$53HPSKLJRLGJHVWDWLRQLVDUHYLHZ $P-2EVWHW*\QHFRO
/DUGHQRLMH &0 YDQ GH :DWHU 0 0HUWHQV +- *RQGULH (7 3HPSKLJRLGJHVWDWLRQLV%0-&DVH5HS
5DSLQL 53 'HUPDWRSDWRORJLD SUiWLFD 5LR GH -DQHLUR 'LOLYURV &DStWXOR'RHQoDVYHVLFXORVDVVXEHSLGpUPLFDVS
&DVWUR /$ /XQGHOO 5% .UDXVH 3. *LEVRQ /( &OLQLFDO H[SHULHQFHLQSHPSKLJRLGJHVWDWLRQLVUHSRUWRIFDVHV-$P$FDG 'HUPDWRO
7DQL1.LPXUD<.RJD+.DZDNDPL72KDWD&,VKLL1HWDO &OLQLFDODQGLPPXQRORJLFDOSUR¿OHVRISDWLHQWVZLWKSHPSKLJRLG JHVWDWLRQLV%U-'HUPDWRO
6RXWRX%$UDFWLQJL66NLQGLVHDVHLQSUHJQDQF\%HVW3UDFW5HV &OLQ2EVWHW*\QDHFRO
)HUQDQGHV /% 0HQGRQoD &5 $PDUDO :1 $OWHUDo}HV GHUPDWROyJLFDV QD JUDYLGH] UHYLVmR GH OLWHUDWXUD )HPLQD
0DUTXHV$50RQWHLUR/0HQHVHV08PFDVRGHSHQ¿JyLGH JHVWDFLRQDO5HY3RUW0HG*HUDO)DP
,QWRQJ /5 0XUUHOO ') 3HPSKLJRLG JHVWDWLRQLV FXUUHQW PDQDJHPHQW'HUPDWRO&OLQ
+XLODMD/0lNLNDOOLR.+DQQXOD-RXSSL.9lNHYl/+||N 1LNDQQH-7DVDQHQ.&\FORVSRULQHWUHDWPHQWLQVHYHUHJHVWDWLRQDO SHPSKLJRLG$FWD'HUP9HQHUHRO
*DQ'&:HOVK%:HEVWHU06XFFHVVIXOWUHDWPHQWRIDVHYHUH SHUVLVWHQW FDVH RI SHPSKLJRLG JHVWDWLRQLV ZLWK DQWHSDUWXP DQG SRVWSDUWXPLQWUDYHQRXVLPPXQRJOREXOLQIROORZHGE\D]DWKLRSULQH $XVWUDODV-'HUPDWRO
&KL && :DQJ 6+ &KDUOHV+ROPHV 5 $PEURV5XGROSK & 3RZHOO--HQNLQV5HWDO3HPSKLJRLGJHVWDWLRQLVHDUO\RQVHWDQG EOLVWHUIRUPDWLRQDUHDVVRFLDWHGZLWKDGYHUVHSUHJQDQF\RXWFRPHV %U-'HUPDWRO
