#$$
%&'
%( $ ) %*% %
%+% *
,$
%*-%&'
+
*#.#)%
#/).#%$ *%
%0* *%
) #12.#%
)#3 $#*%*
% , #.% *
#
%)* *
- 4
5 %
*
). ) %&' 6
% +%.
#%
7# 8-2+#.%
.- % 4
# ) %* 6
14
4
#,
) $
%) #%
%) $
# ) %* 6 -#9
- -$
7%$$
#$$
%&'
%( $ ) %*% %
%+% *
,$
%*-%&'
+
*#.#)%
#/).#%$ *%
%0* *%
) #12.#%
)#3 $#*%*
% , #.% *
#
%)* *
- 4
5 %
*
). ) %&' 6
% +%.
#%
7# 8-2+#.%
.- % 4
( 3%*% + : * 1 3
#
* !""4
7
;
6
4
% #% -.#% 7#%). )# <
=>
?????????????????????????????????????????
4
$+%
@
*
-9% <
>
?????????????????????????????????????????
!"#
!
"
#
$
#
%
& '
#
%
(
)
*
(
+
, & "
#
,
-
.
"
#
!
/
0
!
1
)
$
%
! "
%!
!
)
2
3
" %!
!
"
#
!
1
"
4
!
,
!
, "
(!
5
!
(
"
5HVXPR
$ WXEHUFXORVH SUHYDOHFH FRPR XPD GDV SULQFLSDLV FDXVDV GH PRUWH QR PXQGR RFDVLRQDGDV SRU XP ~QLFR DJHQWH LQIHFFLRVR R 0\FREDFWHULXP WXEHUFXORVLV $ HQ]LPD&KLTXLPDWR4XLQDVH0W6.FRGLILFDGDSHORJHQHDUR.GH0WXEHUFXORVLV TXLQWDHQ]LPDGDYLDGRFKLTXLPDWRFDWDOLVDDWUDQVIHUrQFLDGHXPJUXSRIRVIDWRGR $73 SDUD R FDUERQR GR JUXSR KLGUR[LOD GR FKLTXLPDWR IRUPDQGR FKLTXLPDWR IRVIDWR H $'3 $ LQWHUUXSomR GR JHQHDUR.GHPRQVWURX TXH D HQ]LPD0W6. p HVVHQFLDO SDUD D YLDELOLGDGH GR0 WXEHUFXORVLV 1HVWH WUDEDOKR DSUHVHQWDPRV D SXULILFDomR GD HQ]LPD0W6. DWp D KRPRJHQHLGDGH DQiOLVH SRU HVSHFWURPHWULD GH PDVVD VHTXHQFLDPHQWR GH DPLQRiFLGRV GD SRUomR 17HUPLQDO GHWHUPLQDomR GR HVWDGR ROLJRPpULFR GD HQ]LPD HP VROXomR FLQpWLFD HP HVWDGR HVWDFLRQiULR HVSHFWURVFRSLDGHIOXRUHVFrQFLDHFDORULPHWULDGHWLWXODomRLVRWpUPLFD2VUHVXOWDGRV HQFRQWUDGRVVXJHUHPTXHDUHDomRFDWDOLVDGDSHODHQ]LPDPRQRPpULFD0W6.VHJXH XP PHFDQLVPR HP HTXLOtEULRUiSLGR DOHDWyULR SDUD D DGLomR GRV VXEVWUDWRV H XPD OLEHUDomR RUGHQDGD GRV SURGXWRV RQGH D OLEHUDomR GR FKLTXLPDWRIRVIDWR p VHJXLGD SHOD OLEHUDomR GR $'3 UHVXOWDQGR QD HQ]LPD QD VXD IRUPD OLYUH 2V UHVXOWDGRV GHFDORULPHWULDGHPRQVWUDUDPXPDJUDQGHGLIHUHQoDGHFDORUJHUDGDQD DVVRFLDomRGDHQ]LPDOLYUHDRVVHXVOLJDQWHVUHYHODQGRDVVLQDWXUDVWHUPRGLQkPLFDV GH LQWHUDo}HV QmRFRYDOHQWHV SDUD FDGD SURFHVVR GH OLJDomR (VWHV UHVXOWDGRV DMXGDUDP D FRPSUHHQGHU PHOKRU R PRGR GH DomR GD HQ]LPD0W6. H SRGHP VXEVHTXHQWHPHQWH VHUHP ~WHLV SDUD JXLDU R GHVHQKR UDFLRQDO GH LQLELGRUHV UHODFLRQDGRV D HVWD HQ]LPD H TXH SRVVDP VHU DYDOLDGRV SRVWHULRUPHQWH FRPR GURJDVDQWL7%
L $EVWUDFW
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
LL /LVWDGH$EUHYLDWXUDVH6LJODV
$'3DGHQRVLQD¶GLIRVIDWR
$73DGHQRVLQDWULIRVIDWR
(F6.6.GH(UZLQLDFKU\VDQWKHPLFRGLILFDGDSHORJHQHDUR/ (3'HULWURVHIRVIDWR
(6,06HVSHFWURPHWULDGHPDVVDFRPLRQL]DomRSRUHOHWURVSUD\
+(3(6GRLQJOrV1K\GUR[\HWK\OSLSHUD]\QH1¶HWKDQHVXOIRQLFDFLG
,7&FDORULPHWULDGHWLWXODomRLVRWpUPLFD
/'+/ODFWDWRGHVLGURJHQDVH
0'57%LQIHFomRKXPDQDFDXVDGDSRUFHSDVGH0WXEHUFXORVLVPXOWLUUHVLVWHQWHV
0W6.&KLTXLPDWR4XLQDVHGH0\FREDFWHULXPWXEHUFXORVLV
1$'+QLFRWLQDPLGDDGHQLQDGLQXFOHRWtGHRUHGX]LGR
103QXFOHRWtGHRPRQRIRVIDWR
3(3IRVIRHQROSLUXYDWR
3.SLUXYDWRTXLQDVH
6'63$*(GRLQJOrVVRGLXPGRGHF\OVXOIDWHSRO\DFU\ODPLGHJHOHOHWURSKRUHVLV
6.+FKLTXLPDWR>5ααβ@WULKLGUR[LFLFORKH[DQRiFLGRFDUER[tOLFR
63FKLTXLPDWRIRVIDWR
7%WXEHUFXORVH
7'57%LQIHFomRKXPDQDFDXVDGDSRUFHSDVGH0WXEHUFXORVLVWRWDOPHQWH
UHVLVWHQWHV
7ULVWULVKLGUR[LPHWLODPLQRPHWDQR
;'57%LQIHFomRKXPDQDFDXVDGDSRUFHSDVGH0WXEHUFXORVLVH[WUHPDPHQWH
UHVLVWHQWHV
LLL /LVWDGH,OXVWUDo}HV
)LJXUD(VWiJLRVGHLQIHFomRGR0WXEHUFXORVLV0HFKDQLVPVRIODWHQF\LQ
0\FREDFWHULXPWXEHUFXORVLV1LNNL03DUULVKHWDO
)LJXUD$YLDGRDFLGRFKLTXtPLFR
)LJXUD5HDomRHQ]LPiWLFDFDWDOLVDGDSHODHQ]LPDFKLTXLPDWRTXLQDVH
)LJXUD$QDOLVHHP6'63$*(GDVHWDSDVGHSXULILFDomR
)LJXUD*UiILFRVGHGXSORUHFtSURFRVHPHVWDGRHVWDFLRQiULR
)LJXUD(VSHFWURVFRSLDGHIOXRUHVFrQFLDGDIRUPDomRGRFRPSOH[R
6.+B0W6.
)LJXUD$QDOLVHVGHFDORULPHWULDGHWLWXODomRLVRWpUPLFDUHIHUHQWHVjHQ]LPD
0W6.HRVVXEVWUDWRVSURGXWRV
)LJXUD0HFDQLVPRHQ]LPiWLFRGDSURWHtQD0W6.
LY
680È5,2
,1752'8d2
$7XEHUFXORVH
0\FREDFWHULXPWXEHUFXORVLV
$YLDGRiFLGRFKLTXtPLFR
&KLTXLPDWRTXLQDVH
-867,),&$7,9$
2%-(7,926
2EMHWLYR*HUDO
2EMHWLYRV(VSHFtILFRV
0$7(5,$,6(0e72'26
3XULILFDomRGDHQ]LPD&KLTXLPDWRTXLQDVHGH0WXEHUFXORVLV 0W6.
$QDOLVHSRUHVSHFWURPHWULDGHPDVVDFRPLRQL]DomRSRU HOHWURVSUD\(6,06
6HTXHQFLDPHQWRGRVDPLQRiFLGRVGDSRUomR1WHUPLQDO
'HWHUPLQDomRGRHVWDGRROLJRPpULFR
&LQpWLFDHPHVWDGRHVWDFLRQiULR
(VSHFWURVFRSLDGH)OXRUHVFrQFLDHP(TXLOLEULR
&DORULPHWULDGH7LWXODomR,VRWpUPLFD
5(68/7$'26(',6&8662
3XULILFDomRGDHQ]LPD&KLTXLPDWRTXLQDVHGH0WXEHUFXORVLV 0W6.
$QDOLVHSRUHVSHFWURPHWULDGHPDVVDFRPLRQL]DomRSRU HOHWURVSUD\(6,06
6HTXHQFLDPHQWRGRVDPLQRiFLGRVGDSRUomR1WHUPLQDO
'HWHUPLQDomRGRHVWDGRROLJRPpULFR
&LQpWLFDHPHVWDGRHVWDFLRQiULR
(VSHFWURVFRSLDGH)OXRUHVFHQFLDHP(TXLOLEULR
Y
&21&/862
5()(5Ç1&,$6
$1(;26
$QH[R$ 7KHPRGHRIDFWLRQRIUHFRPELQDQW0\FREDFWHULXP WXEHUFXORVLV6KLNLPDWH.LQDVHNLQHWLFVDQG
WKHUPRG\QDPLFVDQDO\VHV
$QH[R% .LQHWLFPHFKDQLVPGHWHUPLQDWLRQDQGDQDO\VLVRIPHWDO UHTXLUHPHQWRIGHK\GURTXLQDWHV\QWKDVHIURP
0\FREDFWHULXPWXEHUFXORVLV+5YDQHVVHQWLDOVWHSLQ WKHIXQFWLRQEDVHGUDWLRQDOGHVLJQRIDQWL7%GUXJV
$QH[R& 803NLQDVHIURP0\FREDFWHULXPWXEHUFXORVLV0RGHRI DFWLRQDQGDOORVWHULFLQWHUDFWLRQVDQGWKHLUUROHLQ S\ULPLGLQHPHWDEROLVPUHJXODWLRQ
$QH[R' 5HFRPELQDQW(VFKHULFKLDFROL*03UHGXFWDVH.LQHWLF FDWDO\WLFDQGFKHPLFDOPHFKDQLVPVDQGWKHUPRG\QDPLFV RIHQ]\PHOLJDQGELQDU\FRPSOH[IRUPDWLRQ
ÀͲͳ
,1752'8d2
$7XEHUFXORVH
'HQWUH DV GRHQoDV LQIHFWRFRQWDJLRVDV TXH DIOLJHP R KRPHP D WXEHUFXORVH p
XPD GDV PDLV SUHRFXSDQWHV GHYLGR D VXD DOWD WD[D GH LQFLGrQFLD SUHYDOrQFLD H
PRUWDOLGDGH=DKUWVHJXQGRD206 :+2$WXDOPHQWHHSLGHPLRORJLVWDV
HVWLPDP TXH XP WHUoR GD SRSXODomR GR SODQHWD HVWHMD LQIHFWDGD SHOR EDFLOR GD
WXEHUFXORVHFRPXPDWD[DDQXDOGHDSUR[LPDGDPHQWHPLOK}HVGHQRYRVFDVRVH
PLOK}HV GH PRUWHV SRU DQR RFRUUHQGR HP WRGR R PXQGR $ LQIHFomR VH Gi
SUHIHUHQFLDOPHQWHSHODVYLDVDpUHDVHVHGHVHQYROYHGHDFRUGRFRPD)LJXUD
)LJXUD (VWiJLRV GH LQIHFomR GR0WXEHUFXORVLV 0HFKDQLVPV RI ODWHQF\ LQ0\FREDFWHULXP WXEHUFXORVLV 1LNNL03DUULVKHWDO
$SUR[LPDGDPHQWH GHVWHV FDVRV RFRUUHP QDV QDo}HV HP GHVHQYROYLPHQWR
RQGH HVWmR UHODFLRQDGRV DRV SRXFRV UHFXUVRV GLVSRQtYHLV SDUD JDUDQWLU XP WUDWDPHQWR
DGHTXDGRHRQGHDLQIHFomRSHORYtUXVGDLPXQRGHILFLrQFLDKXPDQD+,9pFRPXP2
DXPHQWR GD UHVLVWrQFLD D GURJDV FDXVDGD SHOR VXUJLPHQWR GH QRYDV OLQKDJHQV WHP
OHYDGRDXPDPDLRUQHFHVVLGDGHHPFRPSUHHQGHURVPHFDQLVPRVPROHFXODUHVGHDomR
SDFLHQWHV FRP WXEHUFXORVH UHVLVWHQWH D P~OWLSODV GURJDV SRGH DVVXPLU YDORUHV PXLWR
PDLVDOWRVTXHRGHSDFLHQWHVFRPWXEHUFXORVHVXVFHSWtYHODVGURJDVGHXVRFRPXP
5REHUW .RFK HP LGHQWLILFRX XPD EDFWpULD iOFRROiFLGR UHVLVWHQWH
0\FREDFWHULXPWXEHUFXORVLV07%FRPRRDJHQWHFDXVDGRUGDWXEHUFXORVH(PD YDFLQD%&*IRLXWLOL]DGDSHODSULPHLUDYH]FRPRXPDJHQWHSURILOiWLFRFRQWUDDLQIHFomR
FDXVDGD SHOR 07% H p D YDFLQD XWLOL]DGD QR PXQGR DWXDOPHQWH 2GHVFREULPHQWR GDV
SURSULHGDGHV DQWLEDFWHULDQDV GH DOJXPDV GURJDV GH SULPHLUD OLQKD OHYDUDP D
TXLPLRWHUDSLDV HIHWLYDV TXH GLPLQXtUDP D WD[D GH PRUWDOLGDGH QR PXQGR H D SRVWHULRU
LQWURGXomRGHDOJXPDVRXWUDVDRDUVHQDOXWLOL]DGRSDUDFRPEDWHUDWXEHUFXORVHSDUHFHP
WHU SURYLGR XP Q~PHUR DGHTXDGR GH HIHWLYRV DJHQWHV DQWLPLFURELDQRV *RRGPDQ
*LOPDQHWDO
$ TXLPLRWHUDSLD HIHWLYD FRQWUD WXEHUFXORVH GHYH LQFOXLU XPD DomR SULPiULD
EDFWHULFLGD FRQWUD RUJDQLVPRV HP UiSLGR FUHVFLPHQWR H XPD VXEVHTHQWH HVWHULOL]DomR
GD SRSXODomRGH EDFLORVGRUPHQWHV$VGURJDVGHSULPHLUDOLQKD H[LEHPXPD DWLYLGDGH
EDFWHULFLGD FRQWUD EDFLORV PHWDEROLFDPHQWH DWLYRV H DV GURJDV EDFWHULRVWiWLFDV GH
VHJXQGD OLQKD VmR UHVHUYDGDV SDUD IRUWDOHFHU WUDWDPHQWRV FRP UHVLVWrQFLD SUHVHQWH $
PRGHUQDWHUDSLDSDGUmRGHFXUWDGXUDomRSDUDWXEHUFXORVHHVWiEDVHDGDHPXPUHJLPH
GHTXDWURGURJDVTXHGHYHVHUHVWULWDPHQWHVHJXLGRSDUDSUHYHQLUUHVLVWrQFLDDGURJDVH
UHODSVRHDREVHUYDomRGLUHWDGDFRPSODFrQFLDGRSDFLHQWHpRPHOKRUPHLRGHJDUDQWLU
XPWUDWDPHQWRHIHWLYRHSUHYHQLUD DTXLVLomRGHUHVLVWrQFLD 0LFREDFWpULDVGHPRQVWUDP
XP DOWR JUDX GH UHVLVWrQFLD LQWUtQVHFD j PDLRULD GRV DQWLELyWLFRV H DJHQWHV
TXLPLRWHUiSLFRV GHYLGR j EDL[D SHUPHDELOLGDGH GD SDUHGH FHOXODU &ROHHW DO
(QWUHWDQWR D EDUUHLUD IRUPDGD SHOD SDUHGH FHOXODU VR]LQKD QmR SRGH SURGX]LU QtYHLV
VLJQLILFDWLYRV GH UHVLVWrQFLD D GURJDV 0XWDQWHV GH 07% UHVLVWHQWHV D XPD GURJD
LQGHSHQGHQWHPHQWH D H[SRVLomR D GURJDV $ IUHTrQFLD GH PXWDQWHV UHVLVWHQWHV D
ULIDPSLFLQDHLVRQLD]LGDpUHODWLYDPHQWHDOWDHSRUWDQWRDJUDQGHSRSXODomRH[WUDFHOXODU
GH EDFLORV PHWDEROLFDPHQWH DWLYRV H FRP UiSLGR FUHVFLPHQWR HP OHV}HV FDYLWiULDV
FRQWHUi RUJDQLVPRV UHVLVWHQWHV D SHOR PHQRV XPD GDV GURJDV &RQVHTHQWHPHQWH D
PRQRWHUDSLD RX D WHUDSLD GH GXDV GURJDV LPSURSULDPHQWH DGPLQLVWUDGD VHOHFLRQDUi
PXWDQWHV UHVLVWHQWHV D GURJDV TXH SRGHP FRQIHULU UHVLVWrQFLD D WRGD SRSXODomR GH
EDFLORV(PFDVRVGHFHSDVUHVLVWHQWHVIRUDPUHSRUWDGRVGHPRQVWUDQGR
DVVLPDDWXDOVLWXDomRHDJUDYLGDGHGRSUREOHPD([LVWHPGXDVIRUPDVGHWXEHUFXORVH
DOWDPHQWHSHULJRVDVSDUDDVD~GHKXPDQDD0'5pUHVLVWHQWHDSHORPHQRVLVRQLD]LGD
HULIDPSLFLQDHUHTXHUXPWUDWDPHQWRTXLPLRWHUiSLFRPDLVH[WHQVLYRFRPTXLPLRWHUiSLFRV
GH VHJXQGD OLQKD H D ;'5 VH PRVWUD UHVLVWHQWH DRV TXLPLRWHUiSLFRV WDQWR GH SULPHLUD
TXDQWR GH VHJXQGD OLQKD LQGLFDQGR DVVLP XPD QHFHVVLGDGH GH GHVHQYROYHU QRYRV
TXLPLRWHUiSLFRVFRQWUDDWXEHUFXORVH+DUJUHDYHV
0\FREDFWHULXPWXEHUFXORVLV
20\FREDFWHULXP WXEHUFXORVLV SULQFLSDO DJHQWH FDXVDGRU GD WXEHUFXORVH p XPD EDFWpULD JUDPSRVLWLYD FRP XP DOWR FRQWH~GR JHQ{PLFR GH *& (VWD EDFWpULD VH
DSUHVHQWD HP IRUPD GH EDFLOR PRVWUDQGR GLPHQV}HV TXH YDULDP GH D P GH
ODUJXUD H GH D P GH DOWXUD SRVVXLQGR XPD DOWD FRPSOH[LGDGH HP VHX HQYHORSH
FHOXODUHFUHVFLPHQWROHQWR
$9LDGRDFLGRFKLTXtPLFR
$ YLD GR DFLGR FKLTXtPLFR )LJXUD p FRQVWLWXtGD SRU VHWH SDVVRV HQ]LPiWLFRV
FDGDXPFDWDOLVDGRSRUXPDHQ]LPDGLIHUHQWHHFDGDHQ]LPDpFRGLILFDGDSRUXP~QLFR
(VWD YLD p HVVHQFLDO SDUD D YLGD GH SODQWDV RUJDQLVPRV GR ILOR DSLFRPSOH[D
SDUDVLWDVHEDFWpULDV5%HQWOH\&DPSEHOO5REHUWV5REHUWV
.HHOLQJ 0F&RQNH\ 0F&RQNH\ LQFOXLQGR R 07%3DULVK
SRUHP p DXVHQWH QR KRPHP R TXH D WRUQD XP DOYR DWUDWLYR SDUD R GHVFREULPHQWR GH
QRYRVIiUPDFRVFRQWUDDWXEHUFXORVH1REDFLORFDXVDGRUGDWXEHUFXORVHDYLDGRDFLGR
FKLTXtPLFRWHPFRPRVXEVWUDWRVLQLFLDLVRIRVIRHQROSLUXYDWRH'HULWURVHIRVIDWRWHQGR
FRPR SURGXWR ILQDO R FRULVPDWR TXH p XP LPSRUWDQWH FRPSRQHQWH QD VtQWHVH GDV
YLWDPLQDV(H.IRODWRXELTXLQRQDPHQDTXLQRQDVP\FREDFWLQDVQDIWRTXLQRQDVH GRV
DPLQRiFLGRVDURPiWLFRV+HUPDQQ
&KLTXLPDWRTXLQDVH
$ HQ]LPDFKLTXLPDWR TXLQDVH p FRGLILFDGD SHOR JHQHDUR. FRPSRVWR SRU SE TXHUHVXOWDPHPXPDSURWHtQDGHDDFRPSHVRPROHFXODUWHyULFRGH'D(VWD
HQ]LPD FDWDOLVD D TXLQWD UHDomR GD YLD GR iFLGR FKLTXtPLFR FRQYHUWHQGR DGHQRVLQD
WULIRVIDWR $73 H FKLTXLPDWR HP DGHQRVLQD GLIRVIDWR H FKLTXLPDWRIRVIDWR XWLOL]DQGR
PDJQpVLR FRPR FRIDWRU UHDOL]DQGR XPD WUDQVIHUrQFLD GH XP IRVIDWR GR GRDGRU $73
SDUDRFDUERQRWUrVGRDQHOGRDFLGRFKLTXtPLFR)LJXUD
)LJXUD5HDomRHQ]LPiWLFDFDWDOLVDGDSHODHQ]LPDFKLTXLPDWRTXLQDVH
(VWD HQ]LPD SHUWHQFH j IDPtOLD GH HQ]LPDV 1XFOHRVtGHR 0RQRIRVIDWR 4XLQDVH
IRVIDWR SHUWHQFHQWH D XP QXFOHRVtGHR WULIRVIDWR SDUD XP QXFOHRVtGHR GLIRVIDWR
HVSHFtILFR <DQ 2 SURGXWR GHVWD UHDomR p VXEVHTHQWHPHQWH IRVIRULODGR
UHVXOWDQGR HP SUHFXUVRUHV GRV iFLGRV QXFOpLFRV (VWD IDPtOLD SRVVXL WUrV GRPtQLRV
FRQVHUYDGRVRGRPtQLR&RUHFRQWHQGRFLQFRIROKDVȕSDUDOHODVHR3ORRSTXHIRUPDPR
VtWLRGHOLJDomRGRVQXFOHRWtGHRVRGRPtQLR/,'TXHVHPRYHVREUHRVtWLRDWLYRHSRVVXL
UHVtGXRVHVVrQFLDLVSDUDDOLJDomRGR$73HRVtWLRGHOLJDomR103TXHUHFRQKHFHHVH
OLJDDRQXFOHRVtGHRPRQRIRVIDWR1RFDVRGDFKLTXLPDWRTXLQDVHHVVHVtWLRUHFRQKHFHH
ÀͲʹ
-867,),&$7,9$
$WXEHUFXORVH pXPD GRHQoDTXH GHPRQVWUDtQGLFHV SUHRFXSDQWHV HPUHODomR j
LQFLGrQFLDSUHYDOrQFLDHPRUWDOLGDGHHPWRGRVRVFRQWLQHQWHVGRPXQGRRTXHDWRUQD
XPD SUHRFXSDomR PXQGLDO $ ULIDPSLFLQD H D LVRQLD]LGD GHVFREHUWDV HP H
UHVSHFWLYDPHQWH VmR RV DQWLELyWLFRV PDLV SRGHURVRV XWLOL]DGRV DWXDOPHQWH FRQWUD D
WXEHUFXORVHHQWUHWDQWRRVXUJLPHQWRGHQRYDVFHSDVUHVLVWHQWHVDRWUDWDPHQWRDWXDOH
DVDOWDVWD[DVGHLQFLGrQFLDHVWmRLQGLFDQGRDQHFHVVLGDGHGRGHVHQYROYLPHQWRGHQRYRV
DJHQWHVFRQWUDDWXEHUFXORVHDILPGHLPSHGLUDSUROLIHUDomRGHVWDVFHSDVUHVLVWHQWHVR
TXH WRUQDULD DLQGD PDLV GLItFLO D OXWD FRQWUD HVWD GRHQoD $ HQ]LPD DOYR GHVWH WUDEDOKR
SHUWHQFHjYLDGRiFLGRFKLTXtPLFRTXHpXPDYLDPXLWRLQWHUHVVDQWHSDUDRHVWXGRGH
QRYRV LQLELGRUHV Mi TXH HVWD p LQH[LVWHQWH HP VHX KRVSHGHLUR R KRPHP R TXH QRV
UHPHWHDRSULQFtSLRGDWR[LFLGDGHVHOHWLYD6HRSURGXWRILQDOGHVWDYLDRFRULVPDWRIRU
LPSHGLGR GH VHU SURGX]LGR R EDFLOR GD WXEHUFXORVH QmR FRQVHJXLUi VREUHYLYHU SRLV R
FRULVPDWRpXPGRVSUHFXUVRUHVQDVtQWHVHGRIRODWRXELTXLQRQDVYLWDPLQD(YLWDPLQD.
ÀͲ͵
KďũĞƚŝǀŽƐ
KďũĞƚŝǀŽ'ĞƌĂů
2%-(7,926
2EMHWLYR*HUDO
(VWH WUDEDOKR VH UHIHUH D XPD HWDSD SDUD R GHVHQYROYLPHQWR GH XP SRVVtYHO
LQLELGRU UHODFLRQDGR j HQ]LPD FKLTXLPDWR TXLQDVH D SDUWLU GH HQVDLRV GH DWLYLGDGH H
DILQLGDGH HQWUH DHQ]LPDHRVVHXVVXEVWUDWRVSURGXWRVDILPGH HOXFLGDURPHFDQLVPR
HQ]LPiWLFR DEULQGR R FDPLQKR SDUD R GHVHQYROYLPHQWR UDFLRQDO GH XP SRVVtYHO DJHQWH
FRQWUDREDFLORGDWXEHUFXORVH
2EMHWLYRV(VSHFtILFRV
'H PRGR PDLV FRQFUHWR HVWD SURSRVWD DEUDQJH RV VHJXLQWHV REMHWLYRV
HVSHFtILFRV
• 3XULILFDomRGDHQ]LPDFKLTXLPDWRTXLQDVHGH0WXEHUFXORVLV0W6.
• $QiOLVHSRUHVSHFWURPHWULDGHPDVVDFRPLRQL]DomRSRUHOHWURVSUD\
• 6HTXHQFLDPHQWRGRVDPLQRiFLGRVGDSRUomR1WHUPLQDO
• 'HWHUPLQDomRGRHVWDGRROLJRPpULFR
• &LQpWLFDHPHVWDGRHVWDFLRQiULR
• (VSHFWURVFRSLDGHIOXRUHVFHQFLDHPHTXLOtEULR
• &DORULPHWULDGHWLWXODomRLVRWpUPLFD
ÀͲͶ
0$7(5,$,6(0e72'26
3XULILFDomRGDHQ]LPD&KLTXLPDWRTXLQDVHGH0WXEHUFXORVLV0W6.
$ HQ]LPD UHFRPELQDQWH IRL H[SUHVVD HP FpOXODV KRVSHGHLUDV(VFKHULFKLD FROL %/'(FRPRSUHYLDPHQWHGHVFULWR2OLYHLUD$SUR[LPDGDPHQWHJGHFpOXODV
IRUDPUHVVXVSHQGLGDVHPP/GH7ULV+&OP0S+URPSLGDVSRUVRQLFDomRHD
IUDomRLQVRO~YHOIRLUHPRYLGDSRUFHQWULIXFDomRJIRUPLQ0J&OIRLDGLFLRQDGR DRVREUHQDGDQWHHPXPDFRQFHQWUDomRILQDOGHP0VHJXLGRSHODDGLomRGH'1$VH
PJDJLWDGRGXUDQWHPLQD&HFHQWULIXJDGRJSRUPLQ
$ DGLomR GH 0J&O UHVXOWRX QD SUHFLSLWDomR GD HQ]LPD0W6. PDQWHQGR RXWUDV SURWHtQDVQRVREUHQDGDQWH$XWLOL]DomRGHVWHSDVVRWHYHGRLVSURSyVLWRVQRSURWRFRORGH
SXULILFDomRDOLVHGR'1$SHOD'1$VHHDSUHFLSLWDomRGDHQ]LPD0W6.2SUHFLSLWDGR IRL UHVVXVSHQGLGR HP 7ULV+&O P0 S+ FRQWHQGR .&O P0 H FHQWULIXJDGR
JSRUPLQ(VWDVROXomRIRLFRQFHQWUDGDSDUDYROXPHDSUR[LPDGRGHP/
FRP SRVWHULRU DGLomR GH P/ GH 7ULV+&O P0 S+ FRQWHQGR .&O P0 H
1+62 0 UHVXOWDQGR HP XPD VROXomR FRP FRQFHQWUDomR ILQDO LJXDO D 0
1+62
2 VREUHQDGDQWH IRL LQMHWDGR HP XPD FROXQD 3KHQ\O 6HSKDURVH *(
+HDOWK&DUH SUHYLDPHQWH HTXLOLEUDGD FRP R WDPSmR $ 7ULV+&O P0 .&O P0
1+62 0 S+ H R PDWHULDO TXH LQWHUDJLX FRP D FROXQD IRL HOXtGR HP XP
JUDGLHQWHOLQHDUFRQWHQGRRWDPSmR%7ULV+&OP0.&OP0S+FRPIOX[R
GH P/ PLQ $V IUDo}HV FRQWHQGR D SURWHtQD0W6. IRUDP DJUXSDGDV H LQMHWDGDV HP XPDFROXQD6HSKDFU\O6+5*(+HDOWK&DUHHHOXtGDVHPJUDGLHQWHLVRFUiWLFRGH
WDPSmR % D XP IOX[R GH P/ PLQ $V IUDo}HV FRQWHQGR D SURWHtQD UHFRPELQDQWH
KRPRJrQHD0W6.IRUDPDJUXSDGDVHDUPD]HQDGDVHP1+62$H[SUHVVmRH
DFULODPLGD 6'63$*( FRUDGRFRP &RRPDVVLH%ULOOLDQW%OXH /DHPPOL $
FRQFHQWUDomR GH SURWHtQD IRL GHWHUPLQDGD SHOR PpWRGR GH %UDGIRUGHW DO %UDGIRUG
$QiOLVHSRUHVSHFWURPHWULDGHPDVVDFRPLRQL]DomRSRUHOHWURVSUD\
$ KRPRJHQHLGDGH GD SURWHtQD UHFRPELQDQWH IRL REVHUYDGD XWLOL]DQGR
HVSHFWURPHWULD GH PDVVD FRP LRQL]DomR SRU HOHWURVSUD\ (6,06 HP SURWRFROR DGDSWDGRGH&KDVVDLJQHDQG/RELQVNL&KDVVDLJQH$DPRVWUDIRLDQDOLVDGDHP
XPHVSHFWU{PHWURGHPDVVDWULSORTXDGUXSRORPRGHOR48$7752,,HTXLSDGRFRPXPD
VRQGDGHHOHWURVSUD\SDGUmR(6,0LFURPDVV$OWULQFKDP8QLWHG.LQJGRPHDMXVWDGRD
XPIOX[RGHµ/PLQ$WHPSHUDWXUD&HDYROWDJHPGDDJXOKDN9IRUDP
PDQWLGDVFRQVWDQWHVGXUDQWHDFROHWDGHGDGRVDSOLFDQGRXPJiVVHFDQWHQLWURJrQLRD
XPIOX[RGH/KHXPJiVQHEXOL]DQWHDXPIOX[RGH/K2HVSHFWU{PHWURGH
PDVVD IRL FDOLEUDGR FRP PLRJORELQD GH FRUDomR GH FDYDOR LQWDFWD $ VXEXQLGDGH
PROHFXODU GD SURWHtQD UHFRPELQDQWH0W6. IRL GHWHUPLQDGD SRU (6,06 DMXVWDQGR R HVSHFWU{PHWURGHPDVVDSDUDIRUQHFHUXPSLFRFRPDPHWDGHGDDOWXUDGHXQLGDGHGH
PDVVDHDYROWDJHPGDOHQWHGHWUDQVIHUrQFLDGHtRQVIRLDMXVWDGDSDUD9&HUFDGH
SPRO/GHDPRVWUDIRLLQMHWDGDQRVROYHQWHGHWUDQVSRUWH2HVSHFWURGH(6,IRL
REWLGR QR PRGR GH DTXLVLomR PXOWLFDQDO HVFDQHDQGR HQWUH H P] HP XP LQWHUYDOR GH V 2 HVSHFWU{PHWURGHPDVVDp HTXLSDGR FRP 0DVV/\Q[ DQG7UDQVIRUP
VRIWZDUHSDUDDDTXLVLomRHPDQHMRGRHVSHFWUR
6HTXHQFLDPHQWRGRVDPLQRiFLGRVGDSRUomR1WHUPLQDO
2VDPLQRiFLGRVGDSRUomR1WHUPLQDOGDSURWHtQDUHFRPELQDQWH0W6.KRPRJrQHD
IRUDPLGHQWLILFDGRVSHORPpWRGRGHGHJUDGDomRGH(GPDQ(GPDQXWLOL]DQGRXP
VHTXHQFLDGRU3364$JDVSKDVH6KLPDG]X
'HWHUPLQDomRGRHVWDGRROLJRPpULFR
2 HVWDGR ROLJRPpULFR GD SURWHtQD0W6. KRPRJrQHD IRL GHWHUPLQDGR XWLOL]DQGR FURPDWRJUDILD OtTXLGD GH VHSDUDomR SRU WDPDQKR HP XPD FROXQD 6XSHUGH[ +5
*(+HDOWK&DUH$FROXQDIRLSUpHTXLOLEUDGDFRPP07ULV+&OS+FRQWHQGR
P01D&ODXPIOX[RGHRIP/PLQ&FRPGHWHFomRSRU89DQP$
FXUYD GH FDOLEUDomR IRL FRQVWUXtGD XWLOL]DQGR DV VHJXLQWHV SURWHtQDV FRPR SDGUmR
ULERQXFOHDVH$N'DTXLPRWULSVLQRJHQLRN'DRYDOEXPLQDN'DDOEXPLQD
N'DDOGRODVHN'DFDWDODVHN'DDQGIHUULWLQDN'D2VYROXPHVGH
HOXLomR 9H IRUDP XWLOL]DGRV SDUD FDOFXODU RV UHVSHFWLYRV FRHILFLHQWHV GH SDUWLomR .DY (T%OXHGH[WUDQIRLXWLOL]DGRSDUDGHWHUPLQDURYROXPHSHUFRODGRSHODIDVHPyYHOGD
FROXQD9R9WFRUUHVSRQGHDRYROXPHWRWDOGDFROXQD2YROXPHGH/GDSURWHtQD UHFRPELQDQWHIRLLQMHWDGRQDFROXQDGHJHOILOWUDomRSDUDVHREWHUR9HGDSURWHtQD0W6. 2 YDORU GH .DY SDUD FDGD SURWHtQD IRL SORWDGR FRQWUD D VXD PDVVD PROHFXODU FRUUHVSRQGHQWH
(T
&LQpWLFDHPHVWDGRHVWDFLRQiULR
$ DWLYLGDGH GD SURWHtQD UHFRPELQDQWH 0W6. IRL HQVDLDGD QR VHQWLGR GLUHWR DFRSODQGR R SURGXWR $'3 FRP D HQ]LPD SLUXYDWR TXLQDVH 3. (& H ODFWDWR
2OLYHLUD H 0LOODU $ R[LGDomR FKLTXLPDWR GHSHQGHQWH GR 1$'+ IRL
FRQWLQXDPHQWHPRQLWRUDGDDQPε ×0FP7RGDVDVUHDo}HVIRUDP
UHDOL]DGDVD&HLQLFLDGDVFRPDDGLomRGDSURWHtQDUHFRPELQDQWH0W6.JP/ $ PLVWXUD GH UHDomR HUD FRPSRVWD GH P0 7ULV +&O S+ P0 .&O P0
0J&O P0 3(3 P0 1$'+ 8 P/ 3. H 8 P/ /'+ $V YHORFLGDGHV
LQLFLDLV HP HVWDGR HVWDFLRQiULR IRUDP FDOFXODGDV D SDUWLU GD SRUomR OLQHDU GD FXUYD GH
UHDomRQDVFRQGLo}HVH[SHULPHQWDLVHPTXHPHQRVGHGRVXEVWUDWRIRLFRQVXPLGR
2VSDUkPHWURVFLQpWLFRVYHUGDGHLURVHPHVWDGRHVWDFLRQiULRIRUDPGHWHUPLQDGRVDSDUWLU
GDV PHGLGDV GD YHORFLGDGH LQLFLDO HP FRQFHQWUDo}HV YDULiYHLV GH 6.+ 0
HPSUHVHQoDGHGLIHUHQWHVFRQFHQWUDo}HVGH$730
2VYDORUHVGRVSDUkPHWURVGDFLQpWLFDHPHVWDGRHVWDFLRQiULRHVHXVUHVSHFWLYRV
HUURV IRUDP REWLGRV DGHTXDQGR RV UHVXOWDGRV DV HTXDo}HV DSURSULDGDV XWLOL]DQGR D
IXQomR GH UHJUHVVmR QmR OLQHDU GR VRIWZDUH 6LJPD3ORW 6366 ,QF $V FXUYDV
KLSHUEyOLFDV GH VDWXUDomR FRQVWUXtGDV D SDUWLU GD YHORFLGDGH LQLFLDO HP FRQFHQWUDo}HV
IL[DV GH XP VXEVWUDWR H YDULiYHLV GR RXWUR IRUDP DGHTXDGDV D HTXDomR GH 0LFKDHOLV
0HQWHQ(T6HJHOH&RRN
(T
(VSHFWURVFRSLDGH)OXRUHVFrQFLDHP(TXLOtEULR
2PRQLWRUDPHQWRGDIOXRUHVFrQFLDLQWUtQVHFDGDSURWHtQD0W6.IRLUHDOL]DGRDILP GH GHWHUPLQDU D RUGHP GH DGLomR GRV VXEVWUDWRV GH OLEHUDomR GRV SURGXWRV H VXDV
UHVSHFWLYDV DILQLGDGHV HP UHODomR DR VtWLR FDWDOtWLFR SURSRUFLRQDQGR DVVLP XP PDLRU
HQWHQGLPHQWRGRPHFDQLVPRFLQpWLFRGDUHDomRFDWDOLVDGDSHODHQ]LPD&RPRDSURWHtQD
QD HQ]LPD0W6. SRVVXL UHVtGXRV GH WLURVLQD $V PHGLGDV GH IOXRUHVFrQFLD IRUDP UHDOL]DGDV HP XP (VSHFWURIOXRURIRWRPHWUR 5) 3& 6KLPDG]X D & 2V
FRPSULPHQWRVGHRQGDGH H[FLWDomR HHPLVVmRIRUDPUHVSHFWLYDPHQWHHQP
2V VOLWV GH H[FLWDomR IRUDP QP &RPR DV WLURVLQDV WLSLFDPHQWH SRVVXHP XPD
VHQVLELOLGDGH EDL[D EDL[D DEVRUEkQFLD Pi[LPD H EDL[D HPLVVmR GH IOXRUHVFrQFLD D
FRQFHQWUDomRGDHQ]LPD0W6.QRVH[SHULPHQWRVGHOLJDomRIRLGHµ0$VWLWXODo}HV
SDUD D IRUPDomR GR FRPSOH[R ELQiULR IRUDP UHDOL]DGDV DGLFLRQDQGR PLFUROLWUR GR
VHJXLQWHV FRPSRVWRV HP P/ GH VROXomR FRQWHQGR 00W6. LQ P0 7ULV+&O P0 .&O P0 0J&O S+ P0 6.+ VROXomR HVWRTXH ± 0
FRQFHQWUDomRILQDOP063VROXomRHVWRTXH0FRQFHQWUDomRILQDO
([SHULPHQWRVGHFRQWUROHIRUDPUHDOL]DGRVQDVPHVPDVFRQGLo}HVH[SHULPHQWDLVH[FHWR
SHOD DXVrQFLD GH DGLomR GR OLJDQWH H HVWHV YDORUHV IRUDP VXEWUDtGRV GRV YDORUHV
HQFRQWUDGRVQDSUHVHQoDGROLJDQWH'HYLGRDRJUDQGHHIHLWRGHILOWURLQWHUQRHQFRQWUDGR
DV UHDo}HV GH OLJDomR HQWUH $73 H $'3 QmR SXGHUDP VHU GHWHUPLQDGDV SRU
HVSHFWURVFRSLDGHIOXRUHVFrQFLD
2V YDORUHV HQFRQWUDGRV QRV HQVDLRV GH HVSHFWURVFRSLD GH IOXRUHVFrQFLD IRUDP
DGHTXDGRV D(THPTXH)pDIORUHVFrQFLDHQFRQWUDGD) pDIOXRUHVFrQFLDLQLFLDO ǻ) p D PXGDQoD GH IOXRUHVFrQFLD H.'UHSUHVHQWD D FRQVWDQWH GH GLVVRFLDomR HP HTXLOtEULRHPUHODomRjIRUPDomRGRFRPSOH[RELQiULRSURWHtQDOLJDQWH
(T
&DORULPHWULDGH7LWXODomR,VRWpUPLFD,7&
2VH[SHULPHQWRVGHFDORULPHWULDIRUDPUHDOL]DGRVHPXP0LFURFDORULPHWURL7&
0LFURFDORULPHWHU0LFURFDO,QF1RUWKDPSWRQ0$$VFpOXODVGHUHIHUrQFLDHGHUHDomR
HQVDLRV FDORULPpWULFRV IRUDP UHDOL]DGRV FRP RV VXEVWUDWRV 6.+ H $73 H FRP RV
SURGXWRV63H$'3D&$FpOXODGHUHIHUrQFLDȝ/IRLSUHHQFKLGDFRPiJXD
GXUDQWH WRGRV RV H[SHULPHQWRV H D FpOXOD GH DPRVWUD ȝ/ IRL SUHHQFKLGD FRP D
HQ]LPD0W6.HPXPDFRQFHQWUDomRGHȝ0QRVH[SHULPHQWRVGHOLJDomRFRP$73H $'3Hȝ0QRVHQVDLRVGHOLJDomRFRP6.+H63$VHULQJDGHLQMHomRȝ/IRL
SUHHQFKLGDFRPRVVXEVWUDWRVRXSURGXWRVHPGLIHUHQWHFRQFHQWUDo}HV$73H$'3D
P0H6.+H63DP0'HYLGRDDOWDHQWDOSLDGHLRQL]DomRGRWDPSmR7ULVXVDGR
QRV HQVDLR GH FLQpWLFD HP HVWDGR HVWDFLRQiULR H HVSHFWURVFRSLD GH IOXRUHVFHQFLD
)XNDGDWRGRVRVH[SHULPHQWRVGH,7&IRUDPUHDOL]DGRVHP+(3(6P0.&O
P0H0J&OP0S+$UHDomRGHOLJDomRIRLLQLFLDGDFRPXPDLQMHomRGHȝ/
GR OLJDQWH VHJXLGD GH LQMHo}HV GH ȝ/ HP LQWHUYDORV GH V FKHJDQGR D XP
YROXPHILQDOLQMHWDGRGHȝ/FRPXPDYHORFLGDGHGHDJLWDomRGH530$YDULDomR
GH FDORU IRL PRQLWRUDGD GHQWUR GD FpOXOD SHUPLWLQGR D GHWHUPLQDomR GD HQWDOSLD GH
OLJDomR GR SURFHVVR ǻ+ H D FRQVWDQWH GH DVVRFLDomR HP HTXLOtEULR .D 7RGRV RV YDORUHV GH HQWDOSLD UHODFLRQDGRV j OLJDomR GRV VXEVWUDWRV VH PRVWUDUDP H[RWpUPLFDV
7LWXODo}HVGHFRQWUROHIRUDPUHDOL]DGDVDILPGHVXEWUDLURFDORUGHGLOXLomRHGHPLVWXUD
SDUDFDGDH[SHULPHQWR
2ǻ*(QHUJLDOLYUHGH*LEEVGHOLJDomRIRLFDOFXODGRXVDQGRDUHODomRGHVFULWD
QD(THPTXH5pDFRQVWDQWHGRVJDVHV-.PRO7pDWHPSHUDWXUDHP
.HOYLQ7 &H.DpDFRQVWDQWHGHDVVRFLDomRHPHTXLOtEULR$HQWURSLDGH OLJDomR ǻ6 SRGH WDPEpP VHU GHWHUPLQDGD SRU HVWD IRUPXOD PDWHPiWLFD 2 PRGHOR PDWHPiWLFRHPTXHVHHVSHUDXPJUXSRGHVtWLRVFRPDPHVPDDILQLGDGHHDVVLQDWXUD
WHUPRGLQkPLFDIRLXWLOL]DGRSDUDGHWHUPLQDUDOLJDomRHDVFRQVWDQWHVWHUPRGLQkPLFDV2
SHORPpWRGRGHUHJUHVVmRQmROLQHDUSDGUmRGH0DUTXDUGWIRUQHFLGRSHORVRIWZDUH2ULJLQ
65VRIWZDUH
(T
ÀͲͷ
5(68/7$'26(',6&8662
3XULILFDomRGDHQ]LPD&KLTXLPDWRTXLQDVHGH0WXEHUFXORVLV0W6.
$ SURWHtQD UHFRPELQDQWH0W6. IRL SXULILFDGD DWp VXD KRPRJHQHLGDGH XWLOL]DQGR XP SURWRFROR GH SXULILFDomR FRQWHQGR WUrV SDVVRV VHQGR HOHV SUHFLSLWDomR GRHVWUDWR
EUXWRFURPDWRJUDILDGHWURFDKLGURIyELFD3KHQ\O6HSKDURVHVHJXLGRSRUFURPDWRJUDILD
GH VHSDUDomR SRU WDPDQKR 6HSKDFU\O 6 $ XWLOL]DomR GH 0J&O HP XPD
FRQFHQWUDomRILQDOGHP0IRLH[WUHPDPHQWHHILFLHQWHPDQWHQGRDSURWHtQDQDIUDomR
LQVRO~YHO H RXWUDV SURWHtQDV FRQWDPLQDQWHV QD IUDomR VRO~YHO SHUPLWLQGR DVVLP VXD
VHSDUDomR )LJXUD 7UDEDOKRV QD iUHD ELRTXtPLFD Mi GHPRQVWUDUDP TXH LQWHUDo}HV
tRQPDFURPROpFXODWDLVFRPRLQWHUDomRFRPPROpFXODVGHiJXDGDSULPHLUDFDPDGDGH
KLGUDWDomRUHSUHVHQWDPXPSDSHOIXQGDPHQWDOQRVHIHLWRVGH+RIPHLVWHU=KDQJ
$VVpULHV GH +RIPHLVWHU JUDGXDP D LQIOXrQFLDUHODWLYD GH tRQV QR FRPSRUWDPHQWR ItVLFR
GH XPD JUDQGH YDULHGDGH GH SURFHVVRV DTXRVRV DEUDQJHQGR GHVGH DJUXSDPHQWRV
FRORLGDLV DWp D RUJDQL]DomR HVWUXWXUDO GH SURWHtQDV 8VXDOPHQWH RV HIHLWRV L{QLFRV
HVSHFtILFRVUHODWDGRVSHODVVpULHVGH+RIPHLVWHUVmRPDLVHYLGHQWHVHPUHODomRDkQLRQV
GRTXHFiWLRQV=KDQJ2kQLRQ&OHVWiVLWXDGRQDOLQKDGLYLVyULDHQWUHHVSpFLHV
FRVPRVWUySLFRV ³ZDWHU VWUXFWXUH PDNHUV´ DOWR JUDX GH KLGUDWDomR FRP HIHLWR HVWDELOL]DGRU H GH VROXELOL]DomR VREUH SURWHtQDV ±VDOWLQJRXW H FDRWUySLFRV ³ZDWHU
VWUXFWXUH EUHDNHUV´ HIHLWR GH GHVHVWDELOL]DomR GH SURWHtQDV HQRYHODGDV H VXD SUHFLSLWDomR±VDOWLQJLQ2tRQ0JWHPHIHLWRFDRWUySLFRVDOWLQJLQSRGHQGRH[SOLFDU R HIHLWR GHVDOWLQJRXW GH P0 0J&O QD0W6.(QWUHWDQWR UHFHQWHPHQWH IRL GHVFULWR TXH R WUDQVSRUWH GH FiWLRQV p PDLRU TXH RXWURV FiWLRQV ELROyJLFRV H D YHORFLGDGH GH
WURFDFRPRVROYHQWHpRUGHQVGHPDJQLWXGHPHQRUTXHRXWURVFiWLRQVGHRFRUUrQFLD
FRPXP 0DJXLUH (VWH SDVVR GH SUHFLSLWDomR IRL VHJXLGR SRU GRLV SDVVRV
DSUR[LPDGDPHQWH PJ GH SURWHLQD0W6. KRPRJrQHD H IXQFLRQDO D FDGD / GH FXOWXUDGHFpOXODV$SURWHtQD0W6.UHFRPELQDQWHIRLDUPD]HQDGDHP1+62D &VHPSHUGDGHDWLYLGDGH
)LJXUD$QDOLVHSRU6'63$*(GRVSDVVRVGHSXULILFDomRGDHQ]LPD0W6.&DQDOHWD0DUFDGRU GH SHVR PROHFXODU )HUPHQWDV &DQDOHWD ([WUDWR VRO~YHO GH( FROL %/ '( >S(7DDUR.@
&DQDOHWD 3URWHtQDV VRO~YHLV DSyV D SUHFLSLWDomR FRP P0 0J&O &DQDOHWD (OXLGR GD FROXQD
3KHQ\O6HSKDURVHHFDQDOHWD(OXLGRGDFROXQD6HSKDFU\O6+5
$QiOLVHSRUHVSHFWURPHWULDGHPDVVDFRPLRQL]DomRSRUHOHWURVSUD\
2 YDORU GH 'D SDUD D PDVVD PROHFXODU GD VXEXQLGDGH GD SURWHtQD
UHFRPELQDQWH0W6. IRL GHWHUPLQDGD SRU (6,06 (VWH UHVXOWDGR p FRQVLVWHQWH FRP D UHPRomRSyVWUDGXFLRQDOGDPHWLRQLQDQDSRUomR1WHUPLQDO'DGRWDPDQKRWRWDO
GRSURGXWRGHWUDGXomR'D2UHVXOWDGRQmRHQFRQWURXSLFRVGHPDVVDUHODWLYRV
j HQ]LPD&KLTXLPDWR 4XLQDVH , 'DFRGLILFDGD SHOR JHQHDUR. H SDUD HQ]LPD &KLTXLPDWR 4XLQDVH ,, 'D FRGLILFDGD SHOR JHQHDUR/ GH( FROL 6. :KLSS
IRUQHFHQGRHQWmRVXSRUWHSDUDDLGHQWLILFDomRGDSURWHtQDUHFRPELQDQWH
6HTXHQFLDPHQWRGRVDPLQRiFLGRVGDSRUomR1WHUPLQDO
GHPRQVWURXTXHDSURWHtQDSXULILFDGDFRUUHVSRQGHj0W6.XPDYH]TXHDVHTXrQFLD1
WHUPLQDO GD HQ]LPD &KLTXLPDWR 4XLQDVH , FRGLILFDGD SHOR JHQH DUR. H D HQ]LPD &KLTXLPDWR 4XLQDVH ,, FRGLILFDGD SHOR JHQHDUR/ GH( FROL VmR UHVSHFWLYDPHQWH 0$(.51,)/9H0743/)/,*32VUHVXOWDGRVHQFRQWUDGRVSHORPpWRGRGHGHJUDGDomR
GH(GPDQWDPEpPFRQILUPDUDPDUHWLUDGDGDPHWLRQLQDQDSRUomR1WHUPLQDOHHVWDGH
DFRUGRFRPDHVWUXWXUDFULVWDORJUiILFDGRFRPSOH[RWHUQiULR0W6.0J$'36.+3HUHLUD
$UHWLUDGDGDPHWLRQLQDGDSRUomR1WHUPLQDOpXPDPRGLILFDomRSRVWUDGXFLRQDO
FRPXP TXH RFRUUH HP SURWHtQDV TXH IRUDP VLQWHWL]DGDV QR FLWRSODVPD GH FpOXODV
SURFDULyWLFDV $ FOLYDJHP GD PHWLRQLQD LQLFLDGRUD p XVXDOPHQWH GLUHFLRQDGD SHOR
SHQ~OWLPRUHVtGXRGHDPLQRiFLGRFRPDPHQRUOLEHUGDGHGHURWDomRGDVXDFDGHLDODWHUDO
*OL$OD6HU7KU3UR9DOH&LV+LUHO$UHPRomRGDPHWLRQLQDGDSRUomR1
WHUPLQDOGDFDGHLDSROLSHSWtGLFDGDSURWHtQDUHFRPELQDQWH0W6.HVWiGHDFRUGRFRPHVWD UHJUDMiTXHHQFRQWUDPRVXPDDODQLQDFRPRSHQ~OWLPRUHVtGXRGHDPLQRiFLGR
'HWHUPLQDomRGRHVWDGRROLJRPpULFR
2 YDORU GH N'D HQFRQWUDGR SDUD D PDVVD PROHFXODU GD SURWHtQD
KRPRJrQHD UHFRPELQDQWH0W6. IRL HVWLPDGR SRU FURPDWRJUDILD OtTXLGD GH JHO ILOWUDomR (VWHUHVXOWDGRGHPRQVWURXTXHDHQ]LPD0W6.pXPPRQ{PHURHPVROXomRGHVGHTXH DDQiOLVHSRU(6,06VXJHULXRYDORUGH'DSRUVXEXQLGDGHGHSURWHtQD
&LQpWLFDHPHVWDGRHVWDFLRQiULR
$YHORFLGDGHLQLFLDOKLSHUEyOLFDHPIXQomRGDFRQFHQWUDomRGHVXEVWUDWR$73RX
6.+ IRL SORWDGR HP XPD IXQomR OLQHDU GXSORUHFtSURFD YHORFLGDGH LQLFLDO YV
FRQFHQWUDomRGHVXEVWUDWR±JUiILFRGH/LQHZHDYHU%XUN(VWHVUHVXOWDGRVSHUPLWLUDPD
PHFDQLVPR HQ]LPiWLFR 2V JUiILFRV GH GXSORUHFtSURFRV GHPRQVWUDUDP XPD IDPtOLD GH
UHWDV TXH VH LQWHUVHFWDP D HVTXHUGD GR HL[R \ )LJXUD TXH p FRQVLVWHQWH FRP D
IRUPDomR GR FRPSOH[R WHUQiULR H XP PHFDQLVPR VHTHQFLDO (VWH SDGUmR GH UHWDV
SHUPLWLXDH[FOXVmRGRVPHFDQLVPRVWLSRSLQJSRQJUHWDVSDUDOHODVHVWDGRHVWDFLRQiULR DOHDWyULRJUiILFRVGHGXSORVUHFtSURFRVQmROLQHDUHVHHTXLOtEULRUiSLGRRUGHQDGRXPD
GDVUHWDVGHYHULDFUX]DURHL[R\HPXPYDORU~QLFR
)LJXUD *UDILFR GRV GXSOR UHFLSURFRV UHIHUHQWHV DRV YDORUHV GH FLQpWLFD HP HVWDGR HVWDFLRQiULR GD HQ]LPD 0W6. XWLOL]DQGR $73 $ RX 6.+ % FRPR VXEVWUDWR YDULDYHO &DGD FXUYD UHSUHVHQWD
FRQFHQWUDo}HVYDULDYHLVIL[DVGRVVXEVWUDWRVHPXPLQWHUYDORGHD0SDUD6.+HD0 SDUDR$73
(QWUHWDQWR HVWHV GDGRV VR]LQKRV QmR VmR FDSD]HV GH GLVWLQJXLU HQWUH RV
PHFDQLVPRVHTXLOtEULRUiSLGRDOHDWyULRHHVWDGRHVWDFLRQiULRFRPSXOVyULRRUGHQDGRELEL
2VUHVXOWDGRVHQFRQWUDGRVSHORJUiILFRGXSORUHFLSURFRIRUDPDGHTXDGRVjHTXDomRGH
YHORFLGDGHLQLFLDOVHTHQFLDO(TIRUQHFHQGRRVVHJXLQWHVYDORUHVSDUDDVFRQVWDQWHV
FLQpWLFDVYHUGDGHLUDV7DEHODNFDW V.0J$73 0.6.+
0NFDW.0J$73 [0VDQGNFDW.6.+ [0V(
FROLSRVVXLGXDVHQ]LPDV&KLTXLPDWR4XLQDVH6.,FRGLILFDGDSHORJHQHDUR.H6.,, FRGLILFDGDSHORJHQHDUR/3LWWDUG2VYDORUHVGH.6.+SDUD(FROL6.,P0
7DEHOD(QWUHWDQWRRVHTXHQFLDPHQWRFRPSOHWRGR JHQRPD GH 07%IRLLGHQWLILFDGR
SRU KRPRORJLD GH VHTXrQFLDV QD SUHVHQoD GR JHQHDUR. TXH FRGLILFD D HQ]LPD 6. , &ROH RV SDUkPHWURV FLQpWLFRV HQFRQWUDGRV DTXL H SUHYLDPHQWH GHVFULWRV *X
WDPEpP GHPRQVWUDP TXH D0W6. GHYHULD VHU PDLV DSURSULDGDPHQWH GHVFULWD FRPRXPDHQ]LPDGRWLSR,,FRGLILFDGDSHORJHQHDUR/
(T
7DEHOD ± &RQVWDQWHV FLQpWLFDV HP HVWDGR HVWDFLRQiULR GH HQ]LPDV &KLTXLPDWR TXLQDVHV GH GLIHUHQWHV RUJDQLVPRV
0W6. 0W6. (FROL6., (FROL6.,, (F6.
NFDWV
.0J$730
.6.+0 [
NFDW.0J$730V [ [ [ [
NFDW.6.+0V [ [ [ [
&RQVWDQWHVFLQpWLFDVYHUGDGHLUDVHPHVWDGRHVWDFLRQiULRSURGX]LGRVQHVWHWUDEDOKR
&RQVWDQWHVFLQpWLFDVDSDUHQWHVHPHVWDGRHVWDFLRQiULRDGDSWDGRVGDUHIHUHQFLD*X $GDSWDGRGDUHIHUHQFLD*X
6.GH(UZLQLDFKU\VDQWKHPL
(VSHFWURVFRSLDGH)OXRUHVFrQFLDHP(TXLOtEULR
1RVH[SHULPHQWRVGHIRUPDomRGRFRPSOH[RELQiULRIRLPRQLWRUDGRXPDPXGDQoD
GH HPLVVmR GH IOXRUHVFrQFLD HP UHODomR j OLJDomR GD SURWHtQD FRP R 6.+ H 63 2
SDGUmRGHWLWXODomRHQWUHDHQ]LPD0W6.HR6.+VHPRVWURXKLSHUEyOLFR)LJXUDH IRL DGHTXDGR D(T UHVXOWDQGR HP XP YDORU GH 0 SDUD D FRQVWDQWH GH
GLVVRFLDomR HP HTXLOLEULR GR 6.+ .' 1mR IRL PRQLWRUDGD PXGDQoD QD IOXRUHVFrQFLD LQWULQVLFD GD SURWHtQD TXDQGR IHLWR D WLWXODomR FRP R 63 (QWUHWDQWR QmR SRGHPRV
DVVXPLU TXH QmR RFRUUHX D IRUPDomR GR FRPSOH[R ELQiULR0W6.63 H VLP TXH QmR RFRUUHX PXGDQoD GH IOXRUHVFrQFLD GXUDQWH D WLWXODomR SRGHQGR VHU GHYLGR D QmR
IRUPDomR GR FRPSOH[R ELQiULR RX SHOD DXVrQFLD GH DOWHUDomR QD HPLVVmR GH
)LJXUD ± (VSHFWURVFRSLD GH IOXRUHVFrQFLD HP HTXLOLEULR UHIHUHQWH D OLJDomR HQWUH 6.+ H0W6. PRQLWRUDQGRDGLIHUHQoDQDIOXRUHVFHQFLDLQWULQVLFDGDSURWHLQDHPUHODomRDRDXPHQWRQDFRQFHQWUDomRGH 6.+
&DORULPHWULDGH7LWXODomR,VRWpUPLFD,7&
2VH[SHULPHQWRVGHFDORULPHWULDGHWLWXODomRLVRWpUPLFDIRUDPUHDOL]DGRVDILPGH
GHWHUPLQDU D RUGHP GH DGLomR GRV VXEVWUDWRV H OLEHUDomR GRV SURGXWRV UHVXOWDQGR QD
HQ]LPD OLYUH UHJHQHUDGD DSyV FDGD FLFOR FDWDOtWLFR (P FRQFRUGkQFLD FRP RV
H[SHULPHQWRVGHIOXRUHVFrQFLDQmRIRLREVHUYDGDOLJDomRGR63jHQ]LPDOLYUHSRU,7&
([SHULPHQWRV GH ,7& WDPEpP GHPRQVWUDUDP D LQWHUDomR HQWUH R 6.+ 0J$73 H
0J$'3 H D 0W6. OLYUH )LJXUD H 7DEHOD (VWHV UHVXOWDGRV FRQILUPDP R PHFDQLVPRHPTXHDOLJDomRGRVVXEVWUDWRV6.+H$73QDHQ]LPD0W6.pDOHDWyULRH D OLEHUDomR GR 63 p VHJXLGD SHOD OLEHUDomR GR $'3 UHVXOWDQGR QD UHJHQHUDomR GD
HQ]LPD OLYUH 2 YDORU GD FRQVWDQWH GH HTXLOtEULR HQFRQWUDGR SRU HVSHFWURVFRSLD GH
IOXRUHVFrQFLD0HVWiGHDFRUGRFRPRYDORUGHWHUPLQDGRSRU,7&µ0&RPR
RVUHVXOWDGRV GHFLQpWLFDHPHVWDGRHVWDFLRQiULRQmRIRUDPFDSD]HVLVRODGDPHQWH GH
GLVWLQJXLU R PHFDQLVPR YHUGDGHLUR GD UHDomR FDWDOLVDGD SHOD HQ]LPD RV HQVDLRV GH
GDHQ]LPD0W6.pXPPHFDQLVPRGHHTXLOtEULRUiSLGRRUGHQDGRQDDGLomRGHVXEVWUDWRV %DVHDGR HP XPD VpULH GH HVWUXWXUDV FULVWDORJUiILFDV IRL SURSRVWR TXH D OLJDomR GRV
VXEVWUDWRV p DOHDWyULD +DUWPDQQ HP FRQFRUGkQFLD FRP RV UHVXOWDGRV DTXL
DSUHVHQWDGRV(QWUHWDQWRTXDQGRRPHFDQLVPRGHXPDHQ]LPDpGHHTXLOtEULRUiSLGRRX
HVWDGR HVWDFLRQiULR HOH QmR SRGH VHU GHWHUPLQDGR SRU FULVWDORJUDILD $ HVWUXWXUD
FULVWDORJUiILFD VXJHUH TXH R SURGXWR $'3 p OLEHUDGR VHJXLGR GD OLEHUDomR GR 63
JHUDQGR D HQ]LPD OLYUH +DUWPDQQ 1HVWH SUHVHQWH WUDEDOKR p GHPRQVWUDGR
FODUDPHQWHTXHR63pRSULPHLURSURGXWRGDUHDomROLEHUDGRVHJXLGRSHODGLVVRFLDomR
GR$'3GRFRPSOH[RELQiULR0W6.$'3UHJHQHUDQGRDHQ]LPDOLYUHSDUDRSUy[LPRFLFOR GHFDWiOLVH
)LJXUD$QDOLVHSRUFDORULPHWULDGHWLWXODomRLVRWpUPLFD,7&UHIHUHQWHVDOLJDomRGR6.+$0J$73 %RX0J$'3&QDHQ]LPDOLYUH0W6.2VJUiILFRVVXSHULRUHVUHSUHVHQWDPDVLVRWHUPDVJHUDGDVSHOD GLIHUHQoD GH FDORU UHODWLYDV D LQWHUDomR HQWUH D HQ]LPD H R UHVSHFWLYR OLJDQWH 2V JUiILFRV LQIHULRUHV UHSUHVHQWDP D YDULDomR GH FDORU QRUPDOL]DGD SRU PRO GH LQMHWDQWH HP IXQomR GD UD]mR PRODU OLJDQWHFRQFHQWUDomRGH0W6.
7DEHOD3DUkPHWURVWHUPRGLQkPLFRVUHODWLYRV jIRUPDomRGRFRPSOH[RELQiULRIRUPDGRHQWUHDHQ]LPD
0W6.HRVVXEVWUDWRVSURGXWRV2.'UHSUHVHQWDDFRQVWDQWHGHGLVVRFLDomRHPHTXLOtEULRǻ+pDHQWDOSLD
GHOLJDomRǻ6pDHQWURSLDGHOLJDomRǻ*pDHQHUJLDOLYUHGH*LEEVH±7ǻ6pRQHJDWLYRGDWHPSHUDWXUD HP.HOYLQPXOWLSOLFDQGRDHQWURSLDGHOLJDomR
.'0 ǻ+NFDOPRO ǻ6FDOPROGHJ ǻ*NFDOPRO 7ǻ6FDOPRO
6.+
$73
2VUHVXOWDGRVGH,7&GHPRQVWUDUDPGLIHUHQoDVGHFDORUHPUHODomRDRVOLJDQWHV
6.+$73RX$'3HDHQ]LPD0W6.OLYUHIRUQHFHQGRDVVLQDWXUDVWHUPRGLQkPLFDVGH LQWHUDo}HV QmR FRYDOHQWHV SDUD FDGD SURFHVVR GH OLJDomR $V HQWDOSLDV REVHUYDGDV
DXPHQWDP EDVWDQWH FRPR UHVXOWDGR GH PXGDQoDV QDVLQWHUDo}HVHQWUHRV iWRPRV SRU
H[HPSOR OLJDo}HV GH KLGURJrQLR HRX LQWHUDo}HV GH YDQ GHU :DDOV HP TXH R VLQDO
LQGLFDDIRUPDomRGHXPDUHGHIDYRUiYHOǻ+QHJDWLYRRXGHVIDYRUiYHOǻ+SRVLWLYR QD UHGLVWULEXLomR QD UHGH GH LQWHUDo}HV GDV HVSpFLHV UHDWLYDV LQFOXLQGR VROYHQWH
2¶%ULHQ $V LQWHUDo}HV KLGURIyELFDV VmR UHODFLRQDGDV DR JUDX GH GHVRUGHP HP
VLVWHPDV OLYUHV H HP VLVWHPDV DFRSODGRV H HVWHV HIHLWRV VH UHIOHWHP QDV PXGDQoDV
HQWUySLFDV $ OLEHUDomR GH PROpFXODV GH iJXD GD VXSHUItFLH SDUD R VROYHQWH p
QRUPDOPHQWH WLGR FRPR XP IDWRU UHOHYDQWH HP XPD HQWURSLD IDYRUiYHO ǻ6SRVLWLYR 0XGDQoDVFRQIRUPDFLRQDLVWDQWRQROLJDQWHTXDQWRQDSURWHtQDUHODWLYRVjIRUPDomRGR
FRPSOH[RELQiULRVmRHQWURSLFDPHQWHGHVIDYRUiYHLVǻ6QHJDWLYR2¶%ULHQ 2V UHVXOWDGRV GH ,7& SDUD D OLJDomR HQWUH 0J$'3 H D HQ]LPD0W6. VXJHUHP TXHHVWDIRUPDomRGHFRPSOH[RpDFRPSDQKDGDSRUXPDUHGLVWULEXLomRQDVOLJDo}HVGH
KLGURJrQLR HRX LQWHUDo}HV GH YDQ GHU :DDOV H XPD JUDQGH FRQWULEXLomR HQWUySLFD
GHVIDYRUiYHO UHVXOWDQGR HP XP DOWR YDORU GH FRQVWDQWH GH GLVVRFLDomR HP HTXLOtEULR
7DEHOD (VWHV GDGRV VXJHUHP TXH HVWD JUDQGH PXGDQoD FRQIRUPDFLRQDO RFRUUH QD
HVWUXWXUD GD HQ]LPD GXUDQWH D GLVVRFLDomR GR 0J$'3 GR FRPSOH[R ELQiULR
0W6.0J$'3 &RQFRPLWDQWHPHQWH R DOWR YDORU GH.' SDUD R $'3 SRGH HYLWDU D IRUPDomR GR FRPSOH[R WHUQiULR DERUWLYR0W6.0J$'36.+ TXH SRGHULD GHVDWLYDU R VtWLRHQ]LPiWLFR
2V UHVXOWDGRV GH FDORULPHWULD REWLGRV QD OLJDomR HQWUH R 0J$73 H D HQ]LPD
GHU :DDOV H XPD FRQWULEXLomR HQWUySLFD GHVIDYRUiYHO 7DEHOD SRGHQGR UHIOHWLU HP
XPD PXGDQoD FRQIRUPDFLRQDO &RPR PHQFLRQDGR DQWHULRUPHQWH D HQ]LPD 0W6. SHUWHQFH D IDPtOLD GDV 103 TXLQDVHV TXH VmR FRPSRVWDV GRV GRPtQLRV &25( /,' H
OLJDomR GH103 OLJDomR GR 6.+ 2 GRPtQLR /,'IHFKD R VLWLR DWLYR H SRVVXL UHVtGXRV
TXH VmR HVVHQFLDLV SDUD D OLJDomR GR $73 3HUHLUD 'LDV 'KDOLZDO
*DQ+DWPDQQ&RQVHTXHQWHPHQWHDV103TXLQDVHVVRIUHPXPDJUDQGH
PXGDQoDFRQIRUPDFLRQDOGXUDQWHDFDWiOLVH9RQUKHLQeLPSRUWDQWHVDOLHQWDUTXH
XP TXDUWR GRPtQLR HVWUXWXUDO IRL SURSRVWR QD HQ]LPD0W6. FKDPDGR GRPtQLR 5&
+DUWPDQQ,QWHUHVVDQWHPHQWHRYDORUGDFRQVWDQWHGHGLVVRFLDomRGR$73
µ0pPHQRU GR TXH D GR$'3µ0 (VWDGLIHUHQoDGHYDORUHV SRGHVHUGHYLGRj
LQWHUDomR GLUHWD GR IRVIDWR γ GR $73 H WDPEpP DR UHVtGXR $UJ REVHUYDGR QD
HVWUXWXUD FULVWDORJUiILFD GR FRPSOH[R ELQiULR0W6.$73 RX DR UHVtGXR GH DPLQRiFLGR
/\VTXHID]SDUWHGR3ORRS+DUWPDQQ
$VFRQWULEXLo}HVGHVIDYRUiYHLVUHODFLRQDGDVjOLJDomRGR$73$'3jHQ]LPDOLYUH
SRGHP WHU RFRUULGR GHYLGR jV PXGDQoDV FRQIRUPDFLRQDLV QD HVWUXWXUD GD HQ]LPD 2
GRPtQLRGHOLJDomRGH103RX6%GDHQ]LPD0W6.SRVVXLIXQomRGHUHFRQKHFHUHVH
OLJDUDR6.+3HUHLUD'LDV'KDOLZDO*DQ+DWPDQQ$
LQWHUDomRHQWUHRVXEVWUDWR6.+HDHQ]LPDOLYUHpDVVRFLDGDDLQWHUDo}HVHQWUHiWRPRV
GHKLGURJrQLRHRXLQWHUDo}HVGHYDQGHU:DDOVIDYRUiYHLVHXPDFRQWULEXLomRHQWUySLFD
SRVLWLYD 7DEHOD (VWH HIHLWR SRGH VHU UHIOH[R GD OLEHUDomR GH PROpFXODV GH iJXD
SUHVDV WDQWR DR VtWLR DWLYR GD HQ]LPD TXDQWR j HVWUXWXUD GR VXEVWUDWR $ FRQVWDQWH GH
HTXLOtEULRUHODFLRQDGDFRPDKLGUyOLVHLQWUDPROHFXODUGH$73HP$'3HGRIRVIDWRDPERV
OLJDGRVDRVLWLRDWLYR pFRQVLGHUDGDPDLRUGRTXHDFRQVWDQWH GH HTXLOtEULR HQFRQWUDGD
SDUD D KLGUyOLVH GR $73 HP VROXomR -HQFNV 2V GDGRV GH FDORULPHWULD
ILPGHPLQLPL]DUDKLGUyOLVHGR$73FRUURERUDQGRGDGRVSUHYLDPHQWHGHVFULWRV3HUHLUD
2V GDGRV GH FDORULPHWULD LQGLFDP TXH PXGDQoDV FRQIRUPDFLRQDLV RFRUUHP QD
OLJDomRHQWUHDHQ]LPDHR$73$'3HPROpFXODVGHDJXDVmRH[FOXtGDVGRVtWLRDWLYRQR
PRPHQWRGDOLJDomRGR6.+(VWDFRQFOXVmRHVWiGHDFRUGRFRPGDGRVHVWUXWXUDLVTXH
GHPRQVWUDUDP XPVLJQLILFDWLYRPRYLPHQWRURWDFLRQDOGR GRPtQLR 1%UHODFLRQDGRFRPD
OLJDomR GR $73$'3 FRP DSUR[LPDomR GR GRPtQLR OLJDGRU GH 6.+ +DUWPDQQ
(QWUHWDQWRRVGDGRVGH,7&UHODFLRQDGRVDR6.+QmRHVWmRGHDFRUGRFRPRPRYLPHQWR
URWDFLRQDO GR GRPtQLR (6% H IHFKDPHQWR FDXVDGR SHOR GRPtQLR /,' QR PRPHQWR GD
OLJDomR GR VXEVWUDWR +DUWPDQQ &RPR SRGHPRV UHFRQFLOLDU HVWHV GDGRV GH
FDORULPHWULD H GH FULVWDORJUDILD" 8PD H[SOLFDomR SDUD HVWHV GDGRV DSDUHQWHPHQWH
FRQWUDGLWyULRVSRGHVHUHQFRQWUDGDQDLGpLDGHTXHDFRQWULEXLomRHQWUySLFDGHVIDYRUiYHO
GHYLGR jV PXGDQoDV QD FRQIRUPDomR HQ]LPiWLFD IRL VREUHSRVWD SRU XPD FRQWULEXLomR
HQWiOSLFD IDYRUiYHO HP GHFRUUrQFLD GD OLEHUDomR GH PROpFXODV GH iJXD SUHVDV DR
FRPSOH[R SURWHtQDVXEVWUDWR (QWUHWDQWR D HVWUXWXUD FULVWDORJUiILFD GR FRPSOH[R ELQiULR
0W'.6.+LQGLFDTXHDSDUHQWHPHQWHRFRUUHXPDGLYHUVDJDPDGHFRQIRUPDo}HVHTXH D FRQIRUPDomR PRVWUDGD QmR DSUHVHQWRX R IHFKDPHQWR GR GRPtQLR /,' VREUH R 6.+
OLJDGR +DUWPDQQ R TXH SRGHULD VHU FRQVLVWHQWH FRP D DXVrQFLD GH DOWHUDomR
FRQIRUPDomR GD HQ]LPD HP GHFRUUrQFLD GD OLJDomR GR 6.+ VHQGR HVWD OLJDomR
HQWURSLFDPHQWHGHVIDYRUiYHORQGHDOLEHUDomRGDVPROpFXODVGHiJXDpRSULQFLSDOIDWRU
FRQWULEXLQWHSDUDDHQWURSLDIDYRUiYHO
)RL GHPRQVWUDGR TXH D HQ]LPD 6. GH(UZLQLD FKU\VDQWKHPL (F6. FRGLILFDGD
SHORJHQHDUR/SRVVXLXP.0SDUDRDWS$73µ0DSUR[LPDGDPHQWHTXDWURYH]HV
PHQRU TXH D VXD FRQVWDQWH GH GLVVRFLDomR P0 .UHOO (VWHV UHVXOWDGRV
DVVRFLDGDV D OLJDomR GR SULPHLUR VXEVWUDWR LQGX]LQGR XP DXPHQWR GH DILQLGDGH SHOR
VHJXQGR VXEVWUDWR (QWUHWDQWR EDVHDGR QRV UHVXOWDGRV UHODWLYRV DR 0J$73 QmR VH
WRUQD DSDUHQWH TXH R PHVPR VH SRVVD LQGLFDU SDUD D0W6. SRVWR TXH R YDORU GH.0
µ0HVWiQDPHVPDIDL[DGHFRQFHQWUDomRGRTXHRVYDORUHVGH.'GHWHUPLQDGRV
SRUHVSHFWURVFRSLDGHIOXRUHVFrQFLDµ0H,7&µ0
e GHVFULWR TXH R YDORU GH.0 SDUD XP VXEVWUDWR HP PHFDQLVPRV GH HTXLOtEULR UiSLGRHRUGHQDGRDOHDWyULRpLJXDOjFRQVWDQWHGHGLVVRFLDomRGRVXEVWUDWRGRFRPSOH[R
WHUQiULR (QJHO 2 YDORU GH .0 GR VXEVWUDWR 6.+ 7DEHOD µ0 p
DSUR[LPDGDPHQWH YH]HV PDLRU GR TXH R YDORU GH.' 7DEHOD µ0 (VWH
UHVXOWDGR VXJHUH XPD HQHUJLD OLYUH SRVLWLYD GH DFRSODPHQWR ∆*FRRS N- PRO
UHODWLYRjOLJDomRGR6.+DRFRPSOH[R0W6.0J$73$HQHUJLDOLYUHGHDFRSODPHQWR
SDUD R 0J$73 p DSDUHQWHPHQWH QHJDWLYD ∆*FRRS> :HEHU (VWH DFKDGR p
LQWULJDQWH SRLV SRGHUtDPRV HVSHUDU TXH D OLJDomR GR 0J$73 QD HQ]LPD0W6. OLYUH DXPHQWDULDDDILQLGDGHSHOR6.+,QWHUHVVDQWHPHQWHQHQKXPDLQWHUDomRHQWUHR6.+H
RGRPtQLR/,'IRLREVHUYDGDGXUDQWHVXDOLJDomRFRPRVHJXQGRFRPSRQHQWHGHUHDomR
+DUWPDQQ(VWDUHGXomRSRGHVHUGHYLGRDRYDORUGH.0VHUPDLRUTXHRYDORUGH
ÀͲ
&21&/862
2VHVWXGRVGHFLQpWLFDHPHVWDGRHVWDFLRQiULRHVSHFWURVFRSLDGHIOXRUHVFrQFLDH
FDORULPHWULD GH WLWXODomR LVRWpUPLFD GHPRQVWUDUDP TXH D SURWHtQD0W6. PRQRPpULFD SRVVXL XP PHFDQLVPR HQ]LPiWLFR GH HTXLOtEULR UiSLGR RUGHQDGR SDUD DGLomR GRV
VXEVWUDWRV H XPD OLEHUDomR RUGHQDGD GRV SURGXWRV OLEHUDQGR LQLFLDOPHQWH R 63
VHJXLGRSHODOLEHUDomRGR$'3)LJXUD
)LJXUD 0HFDQLVPR HQ]LPiWLFR GD SURWHtQD 0W6. H RV YDORUHV GDV FRQVWDQWHV GH GLVVRFLDomR HP HTXLOtEULRGROLJDQWHV
$V DVVLQDWXUDV WHUPRGLQkPLFDV GH OLJDo}HV QmR FRYDOHQWHV REWLGDV SRU ,7&
UHODWLYDV j OLJDomR GRV VXEVWUDWRVSURGXWRV QD HQ]LPD OLYUH GHPRQVWUDUDP TXH
PXGDQoDV FRQIRUPDFLRQDLV RFRUUHUDP GHYLGR D OLJDomR QR GRPtQLR GH DVVRFLDomR GH
QXFOHRWtGHRVHSHODOLEHUDomRGHPROpFXODVGHiJXDSUHVDVQR6.+HRXDRVtWLRDWLYR
GDHQ]LPD
2 VHTXHQFLDPHQWR GR JHQRPD GD FHSD GH0 WXEHUFXORVLV +5Y LGHQWLILFRX D HQ]LPD0W6. FRPR XPD HQ]LPD 6. GR WLSR , FRGLILFDGD SHOR JHQHDUR. 6. , &ROH
TXH SRVVXL XP DOWR YDORU GH .6.+ 2V H[SHULPHQWRV SDUD GHWHUPLQDomR GRV
SDUkPHWURVFLQpWLFRVYHUGDGHLURVHPHVWDGRHVWDFLRQiULRDSUHVHQWDGRVDTXLHHPRXWUR
WUDEDOKR*XGHPRQVWUDUDPTXHDHQ]LPD0W6.GHYHULDVHUFODVVLILFDGDFRPR6. GR WLSR ,, FRGLILFDGD SHOR JHQHDUR. 6.,, (VWH UHVXOWDGR VDOLHQWD D UHOHYkQFLD GR HQWHQGLPHQWRGRPRGRGHDomRGHXPDHQ]LPDSDUDGHWHUPLQDomRGDVXDIXQomRDOpP
IRUQHFHQGR LQIRUPDo}HV TXH GH RXWUR PRGR QmR VHULDP DFHVVtYHLV H TXH SHUPLWHP D
GHWHUPLQDomRPDLVFULWHULRVDGHQRYDVIXQo}HVHRUHILQDPHQWRGDVGHILQLo}HVDWXDLVGR
(&$OPRQDFLG
2 UHSHUWyULR DWXDO GH DJHQWHV DQWLPLFREDFWHULDQRV SRVVXL XPD JDPD GH DOYRV
YDOLGDGRV WDLV FRPR 51$ SROLPHUDVH '1$ JLUDVH HQRLO$&3 UHGXWDVH GHSHQGHQWH GH
1$'+ H $73 VLQWDVH %DOJDQHVK 2 VHTXHQFLDPHQWR FRPSOHWR GR JHQRPD GD
FHSDGH0 WXEHUFXORVLV +5YDFHOHURX R HVWXGR HD YDOLGDomR GH DOYRV DX[LOLDQGRR GHVHQYROYLPHQWRGHQRYDVGURJDVDQWL7%&ROH&RQVHTXHQWHPHQWHDQiOLVHVGH
PHFDQLVPRV GH UHDomR GHYHULDP VHU LQFOXtGDV HP SURJUDPDV TXH WHP HQ]LPDV FRPR
DOYRV SDUD R GHVHQYROYLPHQWR UDFLRQDO GH GURJDV $ PHWRGRORJLD GH ,7& YHP VHQGR
XWLOL]DGD FRPR XPD LPSRUWDQWH IHUUDPHQWD SDUD D GHWHUPLQDomR GLUHWD GH SDUkPHWURV
WHUPRGLQkPLFRV H FLQpWLFRV GH UHDo}HV HQ]LPiWLFDV %LDQFRQL 5HFHQWHPHQWH
UHFRQKHFHXVH TXH OLPLWDo}HV LQHUHQWHV j DERUGDJHP GHKLJKWWKURXJKWSXW VFUHHQLQJ WULDJHP HP ODUJD HVFDOD QR SURFHVVR GH GHVFREHUWD GH QRYRV FDQGLGDWRV D GURJDV
SURPRYHUDP D UHWRPDGD GR LQWHUHVVH GD SHVTXLVD IDUPDFrXWLFD QRV PpWRGRV GH
GHVHQYROYLPHQWRUDFLRQDOGHGURJDV/DGEXU\$FRPSUHHQVmRGRPRGRGHDomR
GD0W6. SHUPLWLUi R SODQHMDPHQWR GH LQLELGRUHV HVSHFtILFRV SDUD HVWD HQ]LPD FRP SRWHQFLDO DSOLFDomR QD TXLPLRWHUDSLD GD 7% 2V UHVXOWDGRV DTXL DSUHVHQWDGRV VHUYLUmR
FRPR EDVH SDUD R SODQHMDPHQWR UDFLRQDO GH QRYRV FRPSRVWRV DQWL7% SRGHQGR DLQGD
FRQWULEXLUSDUDDPDLRUFRPSUHHQVmRGDELRORJLDGR0WXEHUFXORVLV
5()(5Ç1&,$6
$- 3LWWDUG LQ )& 1HLGKDUGW (G (VFKHULFKLD FROL DQG 6DOPRQHOOD &HOOXODU DQG 0ROHFXODU%LRORJ\$603UHVV:DVKLQJWRQ'&SS
%'KDOLZDO&(1LFKROV-5HQ0/RFN\HU,&KDUOHV$5+DZNLQV'.6WDPPHUV )(%6/HWW
&9RQUKHLQ*-6FKODXGHUHU*(6FKXO]6WUXFWXUH
& : 5REHUWV ) 5REHUWV 5 ( /\RQV 0 .LULVLWV ( 0XL )LQQHUW\ --RKQVRQ ' - )HUJXVRQ - 5 &RJJLQV 7 .UHOO * + &RRPEV : .0LOKRXV ' ( .\OH 6 7]LSRUL - %DUQZHOO - % 'DPH - &DUOWRQ 50F/HRG - ,QIHFW 'LV 6XSSO6±6
&ROH67HWDO'HFLSKHULQJWKHELRORJ\RI0\FREDFWHULXPWXEHUFXORVLVIURPWKHFRPSOHWH JHQRPHVHTXHQFH1DWXUH
'($OPRQDFLG(5 <HUD-%20LWFKHOO 3&%DEELWW3/R6&RPSXW%LRO H
) 5REHUWV & : 5REHUWV - - -RKQVRQ ' ( .\OH 7 .UHOO - 5 &RJJLQV* + &RRPEV:.0LOKRXV67]LSRUL'-)HUJXVRQ'&KDNUDEDUWL50F/HRG 1DWXUH±
*$0F&RQNH\$QWLPLFURE$JHQWV&KHPRWKHU±
* $ 0F&RQNH\ - : 3LQQH\ ' 5 :HVWKHDG . 3OXHFNKDKQ 7 % )LW]SDWULFN 3 0DFKHURX[%.DSSHV7UHQGV3DUDVLWRO±
*0LOODU$/HZHQGRQ0*+XQWHU-5&RJJLQV%LRFKHP-±
*:HEHU$GY3URWHLQ&KHP
*RRGPDQ *LOPDQ$HWDO$VEDVHVIDUPDFROyJLFDVGDWHUDSrXWLFD5LRGH-DQHLUR(G 0F*UDZ+LOOS
+&KDVVDLJQH5/RELQVNL$QDO\VW±
+)XNDGD.7DNDKDVKL3URWHLQV
+<DQ0'7VDL$GY(Q]\PRO5HODW$UHDV0RO%LRO±
+DUJUHDYHV 6 :+2 UHSRUW KLJKOLJKWV DODUPLQJ ULVH RI UHVLVWDQW WXEHUFXORVLV
-*DQ<*X</L+<DQ;-L%LRFKHPLVWU\
-(/DGEXU\*..OHEH()UHLUH1DW5HY'UXJ'LVFRY
-+3HUHLUD2OLYHLUD-6)&DQGXUL09'LDV063DOPD/$%DVVR'66DQWRV :)-U$]HYHGR$FWD&U\VWDOORJU'%LRO&U\VWDOORJU
-62OLYHLUD&$3LQWR/$%DVVR'66DQWRV3URWHLQ([SU3XULI±
0'+DUWPDQQ*3%RXUHQNRY$2EHUVFKDOO16WUL]KRY+'%DUWXQLN-0RO%LRO
0(0DJXLUH-$&RZDQ%LR0HWDOV
0-:KLSS$-3LWWDUG-%DFWHULRO
0/%LDQFRQL%LRSK\V&KHP
00%UDGIRUG5$0F5RULH:/:LOOLDPV$QDO%LRFKHP±
09 'LDV /0 )DtP ,% 9DVFRQFHORV -6 2OLYHLUD /$ %DVVR '6 6DQWRV:)-U $]HYHGR$FWD&U\VWDOORJU6HFW)6WUXFW%LRO&U\VW&RPPXQ
1LNNL 0 3DUULVK -DPHV ' 'LFN :LOOLDP 5 %LVKDL 0HFKDQLVPV RI ODWHQF\ LQ
0\FREDFWHULXPWXEHUFXORVLV
3(GPDQ$UFK%LRFKHP
3 - .HHOLQJ - ' 3DOPHU 5 * 'RQDOG ' 6 5RRV 5 ) :DOOHU * , 0F)DGGHQ 1DWXUH±
3&(QJHO(Q]\PH.LQHWLFV-RKQ:LOH\ 6RQV,QF1HZ<RUN
3)&RRN::&OHODQG(Q]\PH.LQHWLFVDQG0HFKDQLVP*DUODQG6FLHQFH3XEOLVKLQJ 1HZ<RUN
3+ +LUHO 0- 6FKPLWWHU 3 'HVVHQ * )D\DW 6 %ODQTXHW 3URF 1DWO $FDG 6FL
5%HQWOH\&ULW5HY%LRFKHP0RO%LRO±
5 2¶%ULHQ , +DT LQ -( /DGEXU\ 0/ 'R\OH (GV %LRFDORULPHWU\ $SSOLFDWLRQV RI &DORULPHWU\ LQ WKH %LRORJLFDO 6FLHQFHV -RKQ :LOH\ 6RQV /WG :HVW 6XVVH[ /RQGRQ SS
5*'XFDWL/$%DVVR'66DQWRV&XUUHQWGUXJWDUJHWV
67 &ROH 5 %URVFK - 3DUNKLOO 7 *DUQLHU & &KXUFKHU ' +DUULV 69 *RUGRQ . (LJOPHLHU 6 *DV & ( UG %DUU\ ) 7HNDLD . %DGFRFN ' %DVKDP ' %URZQ 7 &KLOOLQJZRUWK 5 &RQQRU 5 'DYLHV . 'HYOLQ 7 )HOWZHOO 6 *HQWOHV 1 +DPOLQ 6 +ROUR\G7+RUQVE\.-DJHOV$.URJK-0F/HDQ60RXOH/0XUSK\.2OLYHU-2VERUQH0$4XDLO0$5DMDQGUHDP-5RJHUV65XWWHU.6HHJHU-6NHOWRQ5 6TXDUHV 6 6TXDUHV - ( 6XOVWRQ . 7D\ORU 6 :KLWHKHDG %* %DUUHOO 1DWXUH
7.UHOO-0DFOHDQ'-%RDP$&RRSHU05HVPLQL.%URFNOHKXUVW60.HOO\1& 3ULFH$-/DSWKRUQ-5&RJJLQV3URWHLQ6FL±
73DULVK1*6WRNHU0LFURELRORJ\±
76%DOJDQHVK30$O]DUL67&ROH7UHQGV3KDUPDFRO6FL
8. /DHPPOL &OHDYDJH RI VWUXFWXUDO SURWHLQV GXULQJ WKH DVVHPEO\ RI WKH KHDG RI EDFWHULRSKDJH71DWXUH
:3 -HQFNV &DWDO\VLV LQ &KHPLVWU\ DQG (Q]\PRORJ\ 'RYHU 3XEOLFDWLRQV ,QF 1HZ <RUN
:RUOG +HDOWK 2UJDQL]DWLRQ *OREDO 7XEHUFXORVLV &RQWURO D VKRUW XSGDWH WR WKH
UHSRUW
<*X/5HVKHWQLNRYD</L<:X+<DQ66LQJK-L;
<=KDQJ36&UHPHU&XUU2SLQ&KHP%LRO
=DKUW7&
ŶĞdžŽʹ
dŚĞŵŽĚĞŽĨ
ĂĐƚŝŽŶŽĨƌĞĐŽŵďŝŶĂŶƚ
DLJĐŽďĂĐƚĞƌŝƵŵƚƵďĞƌĐƵůŽƐŝƐ
^ŚŝŬŝŵĂƚĞ<ŝŶĂƐĞ͗ŬŝŶĞƚŝĐƐĂŶĚ
ƚŚĞƌŵŽĚLJŶĂŵŝĐƐĂŶĂůLJƐĞƐ
ŶĞdžŽʹ
<ŝŶĞƚŝĐŵĞĐŚĂŶŝƐŵ
ĚĞƚĞƌŵŝŶĂƚŝŽŶĂŶĚĂŶĂůLJƐŝƐŽĨ
ŵĞƚĂůƌĞƋƵŝƌĞŵĞŶƚŽĨ
ĚĞŚLJĚƌŽƋƵŝŶĂƚĞƐLJŶƚŚĂƐĞĨƌŽŵ
DLJĐŽďĂĐƚĞƌŝƵŵƚƵďĞƌĐƵůŽƐŝƐ
,ϯϳZǀ͗ĂŶĞƐƐĞŶƚŝĂůƐƚĞƉŝŶƚŚĞ
ĨƵŶĐƚŝŽŶͲďĂƐĞĚƌĂƚŝŽŶĂůĚĞƐŝŐŶŽĨ
ĂŶƚŝͲdĚƌƵŐƐ
ŶĞdžŽʹ
hDWŬŝŶĂƐĞĨƌŽŵ
DLJĐŽďĂĐƚĞƌŝƵŵƚƵďĞƌĐƵůŽƐŝƐ
͗
DŽĚĞŽĨĂĐƚŝŽŶĂŶĚĂůůŽƐƚĞƌŝĐ
ŝŶƚĞƌĂĐƚŝŽŶƐ͕ĂŶĚƚŚĞŝƌƌŽůĞŝŶ
ƉLJƌŝŵŝĚŝŶĞŵĞƚĂďŽůŝƐŵƌĞŐƵůĂƚŝŽŶ
ŶĞdžŽʹ
ZĞĐŽŵďŝŶĂŶƚ
ƐĐŚĞƌŝĐŚŝĂĐŽůŝ
'DWƌĞĚƵĐƚĂƐĞ͗
<ŝŶĞƚŝĐ͕ĐĂƚĂůLJƚŝĐĂŶĚĐŚĞŵŝĐĂů
ŵĞĐŚĂŶŝƐŵƐ͕ĂŶĚ
ƚŚĞƌŵŽĚLJŶĂŵŝĐƐŽĨĞŶnjLJŵĞͲůŝŐĂŶĚ
ďŝŶĂƌLJĐŽŵƉůĞdžĨŽƌŵĂƚŝŽŶ
dŚĞŵŽĚĞŽĨĂĐƚŝŽŶŽĨ
ƌĞĐŽŵďŝŶĂŶƚDLJĐŽďĂĐƚĞƌŝƵŵ
ƚƵďĞƌĐƵůŽƐŝƐ^ŚŝŬŝŵĂƚĞ<ŝŶĂƐĞ͗
ŬŝŶĞƚŝĐƐĂŶĚ
ƚŚĞƌŵŽĚLJŶĂŵŝĐƐĂŶĂůLJƐĞƐ
>ĞŽŶĂƌĚŽƐƚŽůĨŝZŽƐĂĚŽ͕/ŐŽƌŽƌĚŝŶ sĂƐĐŽŶĐĞůŽƐ͕DĂƌŝŽ^ĠƌŐŝŽWĂůŵĂ͕ ŝſŐĞŶĞƐ^ĂŶƚŝĂŐŽ^ĂŶƚŽƐ͕>Ƶŝnj ƵŐƵƐƚŽĂƐƐŽ
7KHPRGHRIDFWLRQRIUHFRPELQDQW0\FREDFWHULXPWXEHUFXORVLV6KLNLPDWH.LQDVH
NLQHWLFVDQGWKHUPRG\QDPLFVDQDO\VHV
/HRQDUGR$5RVDGR,JRU%9DVFRQFHORV0DULR63DOPD'LyJHQHV66DQWRV
DQG/XL]$%DVVR
&HQWURGH3HVTXLVDVHP%LRORJLD0ROHFXODUH)XQFLRQDO&3%0),QVWLWXWR1DFLRQDOGH
&LrQFLDH7HFQRORJLDHP7XEHUFXORVH,1&77%3RQWLItFLD8QLYHUVLGDGH&DWyOLFDGR5LR
*UDQGHGR6XO38&56$Y,SLUDQJD3RUWR$OHJUH56%UD]LO
3URJUDPDGH3yV*UDGXDomRHP0HGLFLQDH&LrQFLDVGD6D~GH38&56$Y,SLUDQJD
3RUWR$OHJUH56%UD]LO
3URJUDPDGH3yV*UDGXDomRHP%LRORJLD&HOXODUH0ROHFXODU38&56$Y,SLUDQJD
3RUWR$OHJUH56%UD]LO
/DERUDWyULRGH%LRORJLD(VWUXWXUDOH=RRTXtPLFD&HQWURGH(VWXGRVGH,QVHWRV6RFLDLV
'HSDUWDPHQWRGH%LRORJLD,QVWLWXWRGH%LRFLrQFLDVGH5LR&ODUR8QLYHUVLGDGH(VWDGXDO
3DXOLVWD81(635LR&ODUR63%UD]LO
7KLVZRUNZDVVXSSRUWHGE\WKH1DWLRQDO,QVWLWXWHRI6FLHQFHDQG7HFKQRORJ\RQ
7XEHUFXORVLV'(&,76&7,(060&7&13T)1'&7&$3(6DQGWKH0LOOHQQLXP
,QLWLDWLYH3URJUDP&13TWR'66DQG/$%'66&13T/$%
&13TDQG063&13TDUH5HVHDUFK&DUHHU$ZDUGHHV
RIWKH1DWLRQDO5HVHDUFK&RXQFLORI%UD]LO&13T/$5LVUHFLSLHQWRIDQ06FVWXGHQW
VFKRODUVKLSVDZDUGHGE\&$3(6
&RUUHVSRQGLQJDXWKRUV/XL]$%DVVRRU'LyJHQHV66DQWRV
$Y,SLUDQJD±7HFQRSXF±3UpGLR$=,3&2'(3RUWR$OHJUH56
%UD]LO3KRQH)D[(PDLODGGUHVVHVOXL]EDVVR#SXFUVEURU
$EVWUDFW
7XEHUFXORVLV7%VWLOOUHPDLQVDVRQHRIPDLQFDXVHRIPRUWDOLW\ZRUOGZLGHGXHWR
DVLQJOHLQIHFWLRXVDJHQW0\FREDFWHULXPWXEHUFXORVLV7KHDUR.HQFRGHG0WXEHUFXORVLV 6KLNLPDWH.LQDVH0W6.WKHILIWKHQ]\PHRIWKHVKLNLPDWHSDWKZD\FDWDO\]HVSKRVSKDWH WUDQVIHUIURP$73WRWKHFDUERQK\GUR[\OJURXSRIVKLNLPDWH\LHOGLQJVKLNLPDWH
SKRVSKDWHDQG$'3'LVUXSWLRQRIDUR.JHQHKDVGHPRQVWUDWHGWKDW0W6.LVHVVHQWLDOIRU WKHYLDELOLW\RI0WXEHUFXORVLV+HUHZHSUHVHQWSXULILFDWLRQRI0W6.WRKRPRJHQHLW\ PDVVVSHFWURPHWU\DQDO\VLV1WHUPLQDODPLQRDFLGVHTXHQFLQJDQGROLJRPHULFVWDWH
GHWHUPLQDWLRQRIWKHUHFRPELQDQWSURWHLQ6WHDG\VWDWHNLQHWLFVDQGVWXGLHVRQOLJDQG
ELQGLQJE\IOXRUHVFHQFHVSHFWURVFRS\DQGLVRWKHUPDOWLWUDWLRQFDORULPHWU\,7&VXJJHVW
WKDWWKHFKHPLFDOUHDFWLRQFDWDO\]HGE\PRQRPHULF0W6.IROORZVDUDSLGHTXLOLEULXP UDQGRPRUGHURIVXEVWUDWHELQGLQJDQGRUGHUHGSURGXFWUHOHDVHLQZKLFKVKLNLPDWH
SKRVSKDWHUHOHDVHLVIROORZHGE\$'3GLVVRFLDWLRQWR\LHOGIUHHHQ]\PH,7&UHVXOWV
VKRZHGVLJQLILFDQWKHDWFKDQJHVXSRQOLJDQGELQGLQJWRIUHH0W6.HQ]\PHWKHUHE\ SURYLGLQJWKHUPRG\QDPLFVLJQDWXUHVRIQRQFRYDOHQWLQWHUDFWLRQVWRHDFKELQGLQJSURFHVV
7KHVHUHVXOWVSURYLGHDEHWWHUXQGHUVWDQGLQJRIWKHPRGHRIDFWLRQRI0W6.WKDWVKRXOG EHXVHIXOWRJXLGHWKHUDWLRQDOIXQFWLRQEDVHGGHVLJQRILQKLELWRUVRIWKLVHQ]\PHWKDW
FDQEHIXUWKHUEHHYDOXDWHGDVDQWL7%GUXJV
.H\ZRUGVVWHDG\VWDWHNLQHWLFVLVRWKHUPDOWLWUDWLRQFDORULPHWU\IOXRUHVFHQFH
,QWURGXFWLRQ
7XEHUFXORVLV7%RZLQJWR0\FREDFWHULXPWXEHUFXORVLVLQIHFWLRQVWLOOUHPDLQVDV DPDMRUJOREDOKHDOWKSUREOHP$SSUR[LPDWHO\PLOOLRQQHZFDVHVRI7%DUHGHWHFWHG
HDFK\HDUDQGFORVHWRPLOOLRQSHRSOHGLHIURPWKHGLVHDVH>@,QLWKDVEHHQ
HVWLPDWHGWKDW±FDVHVRIPXOWLGUXJUHVLVWDQWWXEHUFXORVLV0'57%LV
GHILQHGDV7%FDXVHGE\VWUDLQVRI0WXEHUFXORVLVWKDWDUHUHVLVWDQWWRDWOHDVWLVRQLD]LG DQGULIDPSLFLQHPHUJHGJOREDOO\>@,Q0'57%FDXVHGDQHVWLPDWHG
GHDWKV,WKDVDOVREHHQUHSRUWHGWKDWRI0'57%FDVHVZHUHIRXQGWRKDYH
H[WHQVLYHO\GUXJUHVLVWDQWWXEHUFXORVLV;'57%LVGHILQHGDV0'57%SOXVUHVLVWDQFHWR
DIOXRURTXLQRORQHDQGDWOHDVWRQHVHFRQGOLQHLQMHFWDEOHDJHQWDPLNDFLQNDQDP\FLQ
DQGRUFDSUHRP\FLQ>@,QDGGLWLRQ7%FDVHVGXHWRLQIHFWLRQZLWKWRWDOO\GUXJUHVLVWDQW
VWUDLQV7'57%KDYHEHHQUHSRUWHG>@7KHHPHUJHQFHRIGUXJUHVLVWDQWVWUDLQVRI0
WXEHUFXORVLVKDVWKXVKLJKOLJKWHGWKHQHHGIRUWKHGHYHORSPHQWRIQHZWKHUDSHXWLF VWUDWHJLHVWRFRPEDW7%
5DWLRQDOLQKLELWRUGHVLJQUHOLHVRQPHFKDQLVWLFDQGVWUXFWXUDOLQIRUPDWLRQRQWKH
WDUJHWHQ]\PH(Q]\PHVRIIHUXQLTXHRSSRUWXQLWLHVIRUGUXJGHVLJQWKDWDUHQRWDYDLODEOH
WRFHOOVXUIDFHUHFHSWRUVQXFOHDUKRUPRQHUHFHSWRUVLRQFKDQQHOWUDQVSRUWHUVDQG'1$
>@,WKDVEHHQSRLQWHGRXWWKDWRQHRIWKHOHVVRQVWREHOHDUQHGIURPPDUNHWHGHQ]\PH
LQKLELWRUVLVWKDWWKHPRVWSRWHQWDQGHIIHFWLYHLQKLELWRUVWDNHDGYDQWDJHRIHQ]\PH
FKHPLVWU\WRDFKLHYHLQKLELWLRQ>@0RUHRYHUWKHUHFRJQLWLRQRIWKHOLPLWDWLRQVRIKLJK
$EEUHYLDWLRQVXVHG$'3DGHQRVLQH¶GLSKRVSKDWH$73DGHQRVLQHWULSKRVSKDWH(F6.DUR/HQFRGHG6.IURP
(UZLQLDFKU\VDQWKHPL(3'HU\WKURVHSKRVSKDWH(6,06HOHFWURVSUD\LRQL]DWLRQPDVVVSHFWURPHWU\+(3(61 K\GUR[\HWK\OSLSHUD]\QH1¶HWKDQHVXOIRQLFDFLG,7&LVRWKHUPDOWLWUDWLRQFDORULPHWU\/'+/ODFWDWH
GHK\GURJHQDVH0'57%KXPDQLQIHFWLRQZLWKWRPXOWLGUXJUHVLVWDQWVWUDLQVRI0WXEHUFXORVLV0W6.
0\FREDFWHULXPWXEHUFXORVLV6KLNLPDWH.LQDVH1$'+QLFRWLQDPLGHDGHQLQHGLQXFOHRWLGH103QXFOHRVLGH PRQRSKRVSKDWH3(3SKRVSKRHQROS\UXYDWH3.S\UXYDWHNLQDVH6'63$*(VRGLXPGRGHF\OVXOIDWH
WKURXJKSXWVFUHHQLQJDSSURDFKHVLQWKHGLVFRYHU\RIFDQGLGDWHGUXJVKDVUHNLQGOHG
LQWHUHVWLQUDWLRQDOGHVLJQPHWKRGV>@$FFRUGLQJO\PHFKDQLVWLFDQDO\VLVVKRXOGDOZD\V
EHDWRSSULRULW\IRUHQ]\PHWDUJHWHGGUXJSURJUDPVDLPLQJDWWKHUDWLRQDOGHVLJQRI
SRWHQWHQ]\PHLQKLELWRUV0RUHRYHUWDUJHWVWKDWDUHERWKHVVHQWLDOWRVXUYLYDORIDQG
H[FOXVLYHWR0WXEHUFXORVLVDUHSDUWLFXODUO\SURPLVLQJDVWKHLULQKLELWLRQFRXOGOHDGWRWKH GHYHORSPHQWRIQRQWR[LFGUXJVWRWKHKXPDQKRVWDQGKDYLQJHIIHFWLYHNLOOLQJHIIHFWRQ
WKHSDWKRJHQ>@
7KHELRV\QWKHVLVRIDURPDWLFULQJVIURPFDUERK\GUDWHSUHFXUVRUVLQYROYHVDUDQJH
RIFKHPLFDOWUDQVIRUPDWLRQVWKDWWRJHWKHUFRQVWLWXWHWKHVKLNLPDWHSDWKZD\WKURXJKVHYHQ
HQ]\PDWLFVWHSV)LJSKRVSKRHQROS\UXYDWH3(3DQG'HU\WKURVHSKRVSKDWH (3DUHFRQGHQVHGWRWKHEUDQFKSRLQWFRPSRXQGFKRULVPDWHHQGSURGXFWZKLFK
OHDGVWRVHYHUDODGGLWLRQDOWHUPLQDOSDWKZD\V>@7KHVKLNLPDWHSDWKZD\LVHVVHQWLDOLQ
DOJDHKLJKHUSODQWVIXQJLEDFWHULDDSLFRPSOH[DQSDUDVLWHVDQGVHDDQHPRQHEXW
DEVHQWIURPKXPDQV>@7KHP\FREDFWHULDOVKLNLPDWHSDWKZD\WKHPDLQWUXQNOHDGV
WRWKHELRV\QWKHVLVRIFKRULVPLFDFLGZKLFKLVFRQYHUWHGE\ILYHGLVWLQFWHQ]\PHVWR
SUHSKHQDWHSUHFXUVRURISKHQ\ODODQLQHDQGW\URVLQHDQWKUDQLODWHSUHFXUVRURI
WU\SWRSKDQDPLQRGHR[\FKRULVPDWHSUHFXUVRURISDUDDPLQREHQ]RLFDFLG3$%$± ZKLFKLQWXUQOHDGVWRWHWUDK\GURIRODWHV\QWKHVLVSDUDK\GUR[\EHQ]RLFDFLGSUHFXUVRU RIXELTXLQRQHRU&RHQ]\PH4DQGLVRFKRULVPDWHFRPPRQSUHFXUVRURI
QDSKWRTXLQRQHVPHQDTXLQRQHVDQGP\FREDFWLQV>@
7KHDUR.HQFRGHG0WXEHUFXORVLV6KLNLPDWH.LQDVH0W6.(&WKHILIWK HQ]\PHRIWKHSDWKZD\FDWDO\]HVDSKRVSKDWHWUDQVIHUIURP$73WRWKHFDUERQ
K\GUR[\OJURXSRIVKLNLPDWH6.+IRUPLQJVKLNLPDWHSKRVSKDWH63)LJ
SUHYLRXVO\UHSRUWHGFORQLQJDQGH[SUHVVLRQLQ(VFKHULFKLDFROLRIUHFRPELQDQW0W6.LQ
IXQFWLRQDOIRUP>@WKHUHE\FRQILUPLQJWKHFRUUHFWLQVLOLFRDVVLJQPHQWWRWKHVWUXFWXUDO JHQHHQFRGLQJWKLVSURWHLQ2XUUHVHDUFKJURXS>@DQGRWKHUV>@KDYHUHSRUWHG
FU\VWDOVWUXFWXUHGHWHUPLQDWLRQVRI0W6.7KUHHIXQFWLRQDOPRWLIVRIQXFOHRWLGHELQGLQJ HQ]\PHVZHUHUHFRJQL]DEOHLQ0W6.LQFOXGLQJD:DONHU$PRWLIWKDWIRUPVWKH
SKRVSKDWHELQGLQJORRS3ORRSD:DONHU%PRWLIDQGDQDGHQLQHELQGLQJORRS0W6. EHORQJVWRWKHIDPLO\RIQXFOHRVLGHPRQRSKRVSKDWH103NLQDVHVZKLFKDUHFRPSRVHG
RIWKUHHGRPDLQVWKH&25(GRPDLQFRQWDLQLQJWKHILYHVWUDQGHGSDUDOOHOȕVKHHWDQG
WKH3ORRSUHVLGXHVZKLFKIRUPVWKHELQGLQJVLWHIRUQXFOHRWLGHVWKH/,'
GRPDLQUHVLGXHVJO\FLQHWRDVSDUWDWHZKLFKFORVHVRYHUWKHDFWLYHVLWHDQGKDV
UHVLGXHVWKDWDUHHVVHQWLDOIRUWKHELQGLQJRI$73DQGWKH103ELQGLQJGRPDLQ
UHVLGXHVWKUHRQLQHWRJOXWDPDWHDOVRNQRZQDV6%GRPDLQLQ0W6.ZKLFK IXQFWLRQVWRUHFRJQL]HDQGELQGVKLNLPDWH>@0RUHUHFHQWO\EDVHGRQDQDQDO\VLVRI
JOREDOPRYHPHQWVXSRQOLJDQGELQGLQJLWKDVEHHQSURSRVHGWKDW0W6.LVFRPSULVHGRI IRXUGRPDLQV>@WKH(6%GRPDLQH[WHQGHG6%UHVLGXHVWKHQXFOHRWLGH
ELQGLQJ1%VLWHWKDWLQFOXGHVWKH3ORRS:DONHU$PRWLIUHVLGXHVWKH$%ORRS
UHVLGXHVDQGWKHVHJPHQWRIWKH/,'GRPDLQUHVLGXHV
DQGWKH5HGXFHG&RUH5&GRPDLQ$FKDUDFWHULVWLFIHDWXUHRI103NLQDVHVLVWKDW
WKH\XQGHUJRODUJHFRQIRUPDWLRQDOFKDQJHVGXULQJFDWDO\VLV>@
%DVHGRQDVHULHVRIKLJKUHVROXWLRQFU\VWDOVWUXFWXUHVRI0W6.LQDSRIRUPDQGDV ELQDU\DQGWHUQDU\FRPSOH[HVLWKDVEHHQSURSRVHGWKDWWKHHQ]\PHPHFKDQLVPLV
UDQGRPVHTXHQWLDOELQGLQJRI6.+DQG$73DQGUHOHDVHRI$'3SURGXFWLVIROORZHGE\
63WRJHQHUDWHIUHHHQ]\PH>@+RZHYHUQRGHVFULSWLRQRI0W6.HQ]\PHPHFKDQLVP LQVROXWLRQKDVWRWKHEHVWRIRXUNQRZOHGJHHYHUEHHQGHVFULEHG+HUHZHSUHVHQW
DPLQRDFLGVHTXHQFLQJDQGROLJRPHULFVWDWHGHWHUPLQDWLRQRIWKHUHFRPELQDQWSURWHLQ
:HDOVRSUHVHQWWUXHVWHDG\VWDWHNLQHWLFSDUDPHWHUVGHWHUPLQDWLRQDQGOLJDQGELQGLQJE\
IOXRUHVFHQFHVSHFWURVFRS\DQGLVRWKHUPDOWLWUDWLRQFDORULPHWU\GDWD7KHVHGDWD
GHPRQVWUDWHWKDWWKHFKHPLFDOUHDFWLRQFDWDO\]HGE\PRQRPHULF0W6.IROORZVDUDQGRP RUGHUPHFKDQLVPRIVXEVWUDWHELQGLQJDQGWKDW63SURGXFWLVUHOHDVHGILUVWIROORZHGE\
$'3GLVVRFLDWLRQWR\LHOGIUHHHQ]\PH8QGHUVWDQGLQJWKHPRGHRIDFWLRQRI0W6.ZLOO LQIRUPXVRQKRZWREHWWHUGHVLJQLQKLELWRUVWDUJHWLQJWKLVHQ]\PHZLWKSRWHQWLDO
WKHUDSHXWLFDSSOLFDWLRQLQ7%FKHPRWKHUDS\7KHUHVXOWVKHUHSUHVHQWHGPD\DOVRKHOS
FKHPLFDOELRORJLVWVWRGHVLJQIXQFWLRQEDVHGFKHPLFDOFRPSRXQGVWRFDUU\RXWHLWKHUORVV
RIIXQFWLRQLQKLELWRUVRUJDLQRIIXQFWLRQDFWLYDWRUVH[SHULPHQWVWRUHYHDOWKHELRORJLFDO
UROHRI0W6.LQWKHFRQWH[WRIZKROH0WXEHUFXORVLVFHOOV$FFRUGLQJO\LWLVKRSHGWKDWWKH UHVXOWVKHUHGHVFULEHGPD\EHXVHIXOWRWKHUDWLRQDOGHVLJQRIDQWL7%DJHQWVDQGWKDW
0DWHULDODQGPHWKRGV
3XULILFDWLRQRI0WXEHUFXORVLV6KLNLPDWH.LQDVH0W6.
7KHUHFRPELQDQWHQ]\PHZDVH[SUHVVHGLQ(VFKHULFKLDFROL%/'(KRVWFHOOV DVSUHYLRXVO\GHVFULEHG>@$SSUR[LPDWHO\JRIFHOOVZHUHVXVSHQGHGLQP/RI7ULV
+&OP0S+GLVUXSWHGE\VRQLFDWLRQDQGWKHFHOOGHEULVUHPRYHGE\FHQWULIXJDWLRQ
JIRUPLQ0J&OZDVDGGHGWRWKHVXSHUQDWDQWWRDILQDOFRQFHQWUDWLRQRI P0IROORZHGE\DGGLWLRQRIPJRI'1$VHVWLUUHGIRUPLQDW&DQGFHQWULIXJHG
JIRUPLQ,QWHUHVWLQJO\DGGLWLRQRI0J&OUHVXOWHGLQSUHFLSLWDWLRQRI0W6. ZKHUHDVDQXPEHURISURWHLQVUHPDLQHGLQWKHVXSHUQDWDQW$FFRUGLQJO\WKLVVWHSVHUYHG
WZRSXUSRVHVLQWKHSXULILFDWLRQSURWRFROO\VLVRI'1$E\'1$VHDQG0W6.SUHFLSLWDWLRQ 7KHSHOOHWZDVVXVSHQGHGLQ7ULV+&OP0S+FRQWDLQLQJ.&OP0DQG
FHQWULIXJHGJIRUPLQ7KLVVROXWLRQZDVFRQFHQWUDWHGGRZQWRDSSUR[LPDWHO\ P/DQGP/RI7ULV+&OP0S+FRQWDLQLQJ.&OP0DQG1+620
UHVXOWLQJLQDVROXWLRQFRQWDLQLQJ01+627KLVVROXWLRQZDVFODULILHGE\
FHQWULIXJDWLRQ7KHVXSHUQDWDQWZDVORDGHGRQD3KHQ\O6HSKDURVHFROXPQ*(
KHDOWKFDUHSUHYLRXVO\HTXLOLEUDWHGZLWKEXIIHU$7ULV+&OP0.&OP01+62
0S+DQGWKHDGVRUEHGPDWHULDOHOXWHGZLWKDOLQHDUJUDGLHQWRIEXIIHU%7ULV+&O
P0.&OP0S+DWP/PLQ7KHSURWHLQIUDFWLRQVFRQWDLQLQJWKH0W6. ZHUHSRROHGDQGORDGHGRQD6HSKDFU\O6+5FROXPQ*(+HDOWKFDUHDQG
LVRFUDWLFDOO\HOXWHGZLWKEXIIHU%DWP/PLQ7KHIUDFWLRQVFRQWDLQLQJKRPRJHQHRXV
SRO\DFU\ODPLGHJHOHOHWURSKRUHVLV6'63$*(VWDLQHGZLWK&RRPDVVLH%ULOOLDQW%OXH
>@3URWHLQFRQFHQWUDWLRQZDVGHWHUPLQHGE\WKHPHWKRGRI%UDGIRUGHWDO>@
(OHFWURVSUD\LRQL]DWLRQPDVVVSHFWURPHWU\(6,06DQDO\VLV
7KHKRPRJHQHLW\RIUHFRPELQDQWSURWHLQSUHSDUDWLRQZDVDVVHVVHGE\
HOHFWURVSUD\LRQL]DWLRQPDVVVSHFWURPHWU\(6,06HPSOR\LQJVRPHDGDSWDWLRQVPDGH
WRWKHV\VWHPGHVFULEHGE\&KDVVDLJQHDQG/RELQVNL>@6DPSOHVZHUHDQDO\]HGRQD
WULSOHTXDGUXSROHPDVVVSHFWURPHWHUPRGHO48$7752,,HTXLSSHGZLWKDVWDQGDUG
HOHFWURVSUD\(6,SUREH0LFURPDVV$OWULQFKDP8QLWHG.LQJGRPDQGDGMXVWHGWRD
IORZUDWHRIFDµ/PLQ7KHVRXUFHWHPSHUDWXUH&DQGQHHGOHYROWDJHN9
ZHUHPDLQWDLQHGFRQVWDQWWKURXJKRXWWKHH[SHULPHQWDOGDWDFROOHFWLRQDSSO\LQJDGU\LQJ
JDVQLWURJHQIORZRI/KDQGDQHEXOL]HUJDVIORZRI/K7KHPDVV
VSHFWURPHWHUZDVFDOLEUDWHGZLWKLQWDFWKRUVHKHDUWP\RJORELQDQGLWVW\SLFDOFRQHYROWDJH
LQGXFHGIUDJPHQWV7KHVXEXQLWPROHFXODUPDVVRIUHFRPELQDQW0W6.SURWHLQZDV GHWHUPLQHGE\(6,06E\DGMXVWLQJWKHPDVVVSHFWURPHWHUWRJLYHDSHDNZLWKDWKDOI
KHLJKWRIPDVVXQLWDQGWKHVDPSOLQJFRQHWRVNLPPHUOHQVYROWDJHFRQWUROOLQJWKH
WUDQVIHURILRQVWRWKHPDVVDQDO\]HUZDVVHWWR9$ERXWSPRO/RIHDFK
VDPSOHZDVLQMHFWHGLQWRWKHHOHFWURVSUD\WUDQVSRUWVROYHQW7KH(6,VSHFWUXPZDV
REWDLQHGLQWKHPXOWLFKDQQHODFTXLVLWLRQPRGHVFDQQLQJIURPWRP]DWDVFDQ WLPHRIV7KHPDVVVSHFWURPHWHULVHTXLSSHGZLWK0DVV/\Q[DQG7UDQVIRUPVRIWZDUH
IRUGDWDDFTXLVLWLRQDQGVSHFWUXPKDQGOLQJ
1WHUPLQDODPLQRDFLGVHTXHQFLQJ
7KH1WHUPLQDODPLQRDFLGUHVLGXHVRIKRPRJHQHRXVUHFRPELQDQW0W6.ZHUH
LGHQWLILHGE\DXWRPDWHG(GPDQGHJUDGDWLRQVHTXHQFLQJPHWKRG>@XVLQJ3364$
JDVSKDVHVHTXHQFHU6KLPDG]X
2OLJRPHULFVWDWHGHWHUPLQDWLRQ
7KHROLJRPHULFVWDWHRIKRPRJHQHRXV0W6.ZDVGHWHUPLQHGE\VL]HH[FOXVLRQ OLTXLGFKURPDWRJUDSK\RQ6XSHUGH[+5FROXPQ*(+HDOWKFDUH7KHFROXPQ
ZDVSUHHTXLOLEUDWHGZLWKP07ULV+&OS+FRQWDLQLQJP01D&ODWDIORZUDWH
RIP/PLQ&ZLWK89GHWHFWLRQDWQP7KHFDOLEUDWLRQFXUYHZDV
FRQVWUXFWHGHPSOR\LQJWKHIROORZLQJSURWHLQVWDQGDUGVULERQXFOHDVH$N'D
TXLPRWULSVLQRJHQN'DRYDOEXPLQHN'DDOEXPLQHN'DDOGRODVHN'D
FDWDODVHN'DDQGIHUULWLQHN'D7KHHOXWLRQYROXPHV9HRIZHUHXVHGWR FDOFXODWHWKHLUFRUUHVSRQGLQJSDUWLWLRQFRHIILFLHQW.DY(T%OXHGH[WUDQZDVXWLOL]HGIRU GHWHUPLQDWLRQRIWKHYRLGYROXPH9R9WLVWKHWRWDOEHDGYROXPHRIWKHFROXPQ$YROXPH RI/RIUHFRPELQDQWSURWHLQZDVORDGHGRQWKHJHOILOWUDWLRQFROXPQWRREWDLQ9H
0W6.7KH.DYYDOXHIRUHDFKSURWHLQZDVSORWWHGDJDLQVWWKHLUFRUUHVSRQGLQJPROHFXODU PDVV
R W
R H DY
9 9
9 9 .
− − =
(T
5HFRPELQDQW0W6.HQ]\PHDFWLYLW\ZDVDVVD\HGLQWKHWKHIRUZDUGGLUHFWLRQE\
FRXSOLQJWKH$'3SURGXFWWRWKHS\UXYDWHNLQDVH3.(&DQGODFWDWH
GHK\GURJHQDVH/'+(&UHDFWLRQVIROORZLQJWKHSURWRFROGHVFULEHGHOVHZKHUH
>@6KLNLPDWHGHSHQGHQWR[LGDWLRQRI1$'+ZDVFRQWLQXRXVO\PRQLWRUHGDWQP
ε ×0FP$OOUHDFWLRQVZHUHFDUULHGRXWDW&DQGLQLWLDWHGZLWKDGGLWLRQ
RIUHFRPELQDQW0W6.JP/7KHDVVD\PL[WXUHFRQWDLQHGP07ULV±+&OEXIIHU
S+P0.&OP00J&OP03(3P01$'+8P/3.DQG8
P//'+,QLWLDOVWHDG\VWDWHUDWHVZHUHFDOFXODWHGIURPWKHOLQHDUSRUWLRQRIWKHUHDFWLRQ
FXUYHXQGHUH[SHULPHQWDOFRQGLWLRQVLQZKLFKOHVVWKDQRIVXEVWUDWHZDVFRQVXPHG
7UXHVWHDG\VWDWHNLQHWLFVSDUDPHWHUVZHUHGHWHUPLQHGIURPLQLWLDOYHORFLW\
PHDVXUHPHQWVDWYDU\LQJFRQFHQWUDWLRQVRI6.+0DWYDULHGIL[HG$73
FRQFHQWUDWLRQV0
9DOXHVRIWKHVWHDG\VWDWHNLQHWLFVSDUDPHWHUVDQGWKHLUUHVSHFWLYHHUURUVZHUH
REWDLQHGE\ILWWLQJWKHGDWDWRWKHDSSURSULDWHHTXDWLRQVXVLQJWKHQRQOLQHDUUHJUHVVLRQ
IXQFWLRQRI6LJPD3ORW6366,QF+\SHUEROLFVDWXUDWLRQFXUYHVRILQLWLDOUDWHGDWDDW
VLQJOHFRQFHQWUDWLRQRIWKHIL[HGVXEVWUDWHDQGYDU\LQJFRQFHQWUDWLRQVRIWKHRWKHUZHUH
ILWWHGWRWKH0LFKDHOLV0HQWHQHTXDWLRQ(T>@
$ .
9$ Y
+ =
(T
7KHIDPLO\RIOLQHVLQWHUVHFWLQJWRWKHOHIWRIWKH\D[LVLQGRXEOHUHFLSURFDOSORWVZDVILWWHG WR(TZKLFKGHVFULEHVDPHFKDQLVPLQYROYLQJWHUQDU\FRPSOH[IRUPDWLRQDQGD
VHTXHQWLDOVXEVWUDWHELQGLQJ>@
$% $ . % . . .
9$% Y
E D E
LD + + +
=
(T
)RU(TDQG(TYLVWKHLQLWLDOYHORFLW\9LVWKHPD[LPDOLQLWLDOYHORFLW\$DQG%DUH WKHFRQFHQWUDWLRQVRIWKHVXEVWUDWHV.DDQG.EDUHWKHLUUHVSHFWLYH0LFKDHOLVFRQVWDQWV DQG.LDLVWKHGLVVRFLDWLRQFRQVWDQWIRUHQ]\PHVXEVWUDWH$ELQDU\FRPSOH[IRUPDWLRQ
(TXLOLEULXPIOXRUHVFHQFHVSHFWURVFRS\
0W6.LQWULQVLFSURWHLQIOXRUHVFHQFHPHDVXUHPHQWVZHUHFDUULHGRXWWRERWK GHWHUPLQHWKHRUGHURIVXEVWUDWHSURGXFWDGGLWLRQGLVVRFLDWLRQRQIURPWKHFDWDO\WLFVLWH
DQGGLVWLQJXLVKWKHHQ]\PHNLQHWLFPHFKDQLVP$V0W6.KDVQRWU\SWRSKDQUHVLGXHV FKDQJHVLQSURWHLQW\URVLQHIOXRUHVFHQFHWKHSRO\SHSWLGHFKDLQRI0W6.KDV7\U
UHVLGXHVXSRQOLJDQGELQGLQJZHUHPRQLWRUHG)OXRUHVFHQFHPHDVXUHPHQWVZHUHFDUULHG
RXWLQD5)3&6SHFWURIOXRURSKRWRPHWHU6KLPDG]XDW&([FLWDWLRQDQG
HPLVVLRQZDYHOHQJWKVZHUHUHVSHFWLYHO\DQGQP([FLWDWLRQDQGHPLVVLRQVOLWV
ZHUHQP$VSURWHLQW\URVLQHW\SLFDOO\KDVDORZVHQVLWLYLW\ORZPD[LPXPDEVRUEDQFH
DQGORZIOXRUHVFHQFHTXDQWXP\LHOG0W6.FRQFHQWUDWLRQIRUELQGLQJH[SHULPHQWVZDV
µ0)OXRUHVFHQFHWLWUDWLRQVRIELQDU\FRPSOH[IRUPDWLRQZHUHFDUULHGRXWE\PDNLQJ
PLFUROLWHUDGGLWLRQVRIWKHIROORZLQJFRPSRXQGVWRP/VROXWLRQFRQWDLQLQJ00W6. LQP07ULV+&OP0.&OP00J&OS+P06.+VWRFNVROXWLRQ±
0ILQDOFRQFHQWUDWLRQP063VWRFNVROXWLRQ0ILQDO
FRQFHQWUDWLRQ&RQWUROH[SHULPHQWVZHUHSHUIRUPHGLQWKHVDPHH[SHULPHQWDOFRQGLWLRQV
REWDLQHGLQWKHSUHVHQFHRIVXEVWUDWH+RZHYHURZLQJWRDODUJHLQQHUILOWHUHIIHFW$73
DQG$'3ELQGLQJWRIUHH0W6.FRXOGQRWEHGHWHUPLQHGE\IOXRUHVFHQFHVSHFWURVFRS\ (TXLOLEULXPIOXRUHVFHQFHVSHFWURVFRS\GDWDZHUHILWWHGWR(TLQZKLFK)LVWKH REVHUYHGIOXRUHVFHQFH)LVWKHLQLWLDOIOXRUHVFHQFHǻ)LVWKHFKDQJHLQIOXRUHVFHQFH DQG.'UHSUHVHQWVWKHHTXLOLEULXPGLVVRFLDWLRQFRQVWDQWIRUSURWHLQOLJDQGELQDU\FRPSOH[ IRUPDWLRQ
@ >
@ >
/,*$1' .
/,*$1' )
) )
'+
∆ +
= (T
,VRWKHUPDOWLWUDWLRQFDORULPHWU\,7&
,7&H[SHULPHQWVZHUHFDUULHGRXWXVLQJDQL7&0LFURFDORULPHWHU0LFURFDO,QF
1RUWKDPSWRQ0$7KHHTXLSPHQW¶VUHIHUHQFHFHOOYROXPHLVȝ/DQGV\ULQJHILQDO
YROXPHLVȝ/&DORULPHWULFH[SHULPHQWVZHUHFDUULHGRXWZLWKVXEVWUDWHV6.+DQG
$73DQGZLWKSURGXFWV63DQG$'3DW&7KHUHIHUHQFHFHOOȝ/ZDVORDGHG
ZLWKZDWHUGXULQJDOOH[SHULPHQWVDQGWKHVDPSOHFHOOȝ/ZDVILOOHGZLWK0W6.DWD FRQFHQWUDWLRQRIȝ0IRU$73DQG$'3ELQGLQJH[SHULPHQWVDQGDWȝ0IRU6.+
DQG63ELQGLQJH[SHULPHQWV7KHLQMHFWLRQV\ULQJHȝ/ZDVILOOHGZLWKVXEVWUDWHVRU
SURGXFWVDWGLIIHUHQWFRQFHQWUDWLRQV$73DQG$'3DWP0DQG6.+DQG63DW
P02ZLQJWRWKHODUJHHQWKDOS\RILRQL]DWLRQRI7ULVEXIIHUXVHGLQVWHDG\VWDWHNLQHWLFV
DQGIOXRUHVFHQFHVSHFWURVFRS\>@DOO,7&PHDVXUHPHQWVZHUHFDUULHGRXWLQ+(3(6
P0.&OP0DQG0J&OP0S+7KHELQGLQJUHDFWLRQVWDUWHGZLWKRQHLQMHFWLRQ
RIȝ/RIOLJDQGIROORZHGE\LQMHFWLRQVRIȝ/DWLQWHUYDOVRIVUHDFKLQJD
ILQDOYROXPHȝ/ZLWKDVWLUULQJVSHHGRI5307KHKHDWYDULDWLRQZDVPRQLWRUHG