81,9(56,'$'('(%5$6/,$
,167,7872'(&,1&,$6(;$7$6
'(3$57$0(172'(0$7(0{7,&$
352*5$0$'(0(675$'2352),66,21$/(0
0$7(0{7,&$(05('(1$&,21$/
&OFXORQR(QVLQR0¢GLR
XPDSURSRVWDIXQGDPHQWDGD
'DQLHO3HUGLJR1DVV
%UDV¦OLD'$1,(/3(5',*}21$66
&OFXORQR(QVLQR0¢GLR XPDSURSRVWDIXQGDPHQWDGD'LVVHUWD R DSUHVHQWDGD DR 3URJUDPD GH 3¬V*UDGXD R HP 0DWHPWLFD GD 8QLYHUVLGDGH GH %UDV¦OLD REULJDW¬ULD SDUD D REWHQ RGRW¦WXORGH0HVWUH
2ULHQWDGRU3URI'U5DLPXQGR GH $UD³MR
%DVWRV-³QLRU %UDV¦OLD
$XWRUL]RDUHSURGX RHDGLYXOJD RWRWDORXSDUFLDOGHVWHWUDEDOKRSRUTXDOTXHU PHLRFRQYHQFLRQDORXHOHWUQLFRVRPHQWHSDUDILQVGHHVWXGRHSHVTXLVD HVHPILQVOXFUDWLYRVGHVGHTXHFLWDGRVDXWRUHIRQWH )LFKDFDWDORJUILFDJHUDGDSHOR6LVWHPDSDUD*HUD R$XWRPWLFDGH)LFKD &DWDORJUILFDGD%LEOLRWHFD&HQWUDOGD8QLYHUVLGDGHGH%UDV¦OLD (VWHH[HPSODUIRLUHYLVDGRHDOWHUDGRHPUHOD RYHUVR RULJLQDOVREDH[FOXVLYDUHVSRQVDELOLGDGHGRDXWRU %UDV¦OLDGHMXOKRGH 'DQLHO3HUGLJR1DVV Perdigão-Nass, Daniel
Cálculo no Ensino Médio: uma proposta fundamentada / Daniel Perdigão-Nass;
orientador Raimundo de Araújo Bastos Júnior. -- Brasília, 2017.
92 p.
Dissertação (Mestrado Profissional em Matemática) –– Universidade de Brasília. Instituto de Ciências Exatas. Departamento de Matemática, 2017.
1. Cálculo Diferencial e Integral. 2. Interdisciplinaridade. 3. Educação
Matemática. I. Bastos Júnior, Raimundo de Araújo, orient. II. Título.
$RVSRO¦PDWDV
$*5$'(&,0(1726
8PD YH] TXH D PLQKD WUDMHW¬ULD QHVWH FXUVR VH LQLFLRX HP QD 8QLYHUVLGDGH )HGHUDOGR7RFDQWLQV8)7GHGLFRPHXPXLWRREULJDGRDWRGRVRVSURIHVVRUHVHFROHJDVGD PLQKDWXUPDSHODLQWHJUD RDFDG£PLFDSHODVFDURQDVGH*XUXSLD3DOPDVHQILPSRUPH GDURVXSRUWHQHFHVVULRSDUDHXFXUVDURSULPHLURDQRFRPSOHWRGR3URI0DW
1RFRQVHJXLGDUVHJXLPHQWRDRFXUVRQD8)7HPPDVDJUDGH RHVSHFLDOPHQWH DRV SURIHVVRUHV 3HGUR $OH[DQGUH GD &UX] H )UDQFLVFR 6DWXI 5H]HQGH PHXV HQWR FROHJDV GRFHQWHVQD8)7FDPSXVGH*XUXSLUHVSRQVYHLVSHODVGXDVGLVFLSOLQDVGRWHUFHLURVHPHVWUH GRFXUVRSRUWHUHPPHGDGRDSRLRHVSHFLDOQHVVDWHQWDWLYD
1D 8QLYHUVLGDGH GH %UDV¦OLD VRX HVSHFLDOPHQWH JUDWR DR SURI 5XL 6HLPHW] FRRUGHQDGRUORFDOGR3URI0DWGXUDQWHTXDVHWRGRRFXUVR'HVGHRSULPHLURPRPHQWRRSURI 5XLVROXFLRQRXRVHQWUDYHVEXURFUWLFRVUHIHUHQWHVPLQKDWUDQVIHU£QFLDGHSRORDO¢PGHWHU GDGRJUDQGHDWHQ RQRVRPHQWHDPLPPDVDWRGRVRVFROHJDVDRORQJRGHWRGRRFXUVR 8PD SHVVRD GH YLVR HVFODUHFLGD TXH EXVFD ID]HU GHVWD XQLYHUVLGDGH XP OXJDU XP SRXFR PHQRVKRVWLO
0LQKDJUDWLGRWDPE¢PVHHVWHQGHGHIRUPDSDUWLFXODUDRSURI5DLPXQGRGH$UD³MR %DVWRV -³QLRU PHX RULHQWDGRU 1R VRPHQWH SRU WHU GHSRVLWDGR FRQILDQ D HP PLP H GDGR JXDULGDDHVWHWUDEDOKRDSHVDUGHHXOKHDSUHVHQWORGHIRUPDHUUWLFDPDVHVSHFLDOPHQWH SRU WHU VLGR FRPSUHHQVLYR QRV PRPHQWRV PDLV FU¦WLFRV GD PLQKD WUDMHW¬ULD FRPR GRFHQWH RFRUULGRVMXVWDPHQWHQRVPHVHVGHUHGD RGRSUHVHQWHWH[WR2SURI5DLPXQGR¢XPFROHJD GHH[WUHPDFRPSHW£QFLDHJHQHURVLGDGHFRPRTXDOWLYHHWHQKRDVDWLVID RGHWUDEDOKDU 3RUILPDJUDGH RDRSURI&ODXG:DJQHU*RQ DOYHV'LDV-³QLRUWHUFHLURPHPEURGD EDQFDGHGHIHVDEHPFRPRDRVGHPDLVFROHJDVHSURIHVVRUHVGRFXUVRSHODRSRUWXQLGDGHGH DSUHQGHUFRPFDGDXPGHOHV7DPE¢PVRXJUDWRDWRGRVRVDPLJRVTXHPHGRVXSRUWHSDUD FRQTXLVWDV FRPR HVWD SHVVRDV TXH PH LQFHQWLYDP D OLGHUDU D FDUDYDQD QD URWD GR FRQKHFLPHQWRVHPID]HUFDVRGRVUXLGRVRVFHV
'HGLFRXPUHFRQKHFLPHQWRHVSHFLDOTXHQRVHUHVWULQJHDHVWHWUDEDOKRDPHXVDY¬V 0LFKHOOHHDJRUDDR;DYLHU6RDVSHVVRDVFRPTXHPPDLVDSUHQGRQHVWDYLGD
ʅ2REMHWLYRGHWRGRHQVLQR>@ ¢WUDQVPLWLULGHLDVHVWLPXODUR SHQVDPHQWRLQGHSHQGHQWH HDFULDWLYLGDGHʆ *HUDOGR{YLOD
5(6802
3(5',*}21$66 'DQLHO &OFXOR QR (QVLQR 0¢GLR XPD SURSRVWD IXQGDPHQWDGD I'LVVHUWD R0HVWUDGR3URILVVLRQDOHP0DWHPWLFDHP5HGH1DFLRQDO3URJUDPD GH3¬V*UDGXD RHP0DWHPWLFD8QLYHUVLGDGHGH%UDV¦OLD%UDV¦OLD
2 (QVLQR 0¢GLR EUDVLOHLUR REVHUYD EDL[R UHQGLPHQWR GRV DOXQRV HP 0DWHPWLFD FRP UHGX]LGD FRQWH[WXDOL]D R H LQWHJUD R GRV VDEHUHV 1RVVR REMHWLYR ¢ DSUHVHQWDU SURSRVWD GLGWLFD TXH LQWHUUHODFLRQD FRQWH³GRV GR (QVLQR 0¢GLR WHQGR FRPR HL[R GH FRQYHUJ£QFLD HOHPHQWRVDGYLQGRVGR&OFXOR(POLQKDFRPRVSDUPHWURVFXUULFXODUHVQDFLRQDLVHPYLJRU EXVFDPRV FRQWHPSODU QHVWD SURSRVWD XP VHQWLGR SUWLFR SDUD R DOXQR 8PD YH] TXH R &OFXOR'LIHUHQFLDOH,QWHJUDOQR¢FRQWH³GRGH(QVLQR0¢GLRQR%UDVLOOLPLWDPRQRVDID]HU XPDDERUGDJHPDOWHUQDWLYDGR&OFXORPDLVVLPSOHVHLQIRUPDO
3DODYUDVFKDYHHGXFD RPDWHPWLFD(QVLQR0¢GLRFOFXORGLIHUHQFLDOHLQWHJUDO
$%675$&7
3(5',*}21$66'DQLHO&DOFXOXVLQVHFRQGDU\HGXFDWLRQDUHDVRQHGSURSRVDO S 'LVVHUWDWLRQ 0DVWHU LQ 0DWKHPDWLFV LQ 1DWLRQDO 1HWZRUN *UDGXDWH 3URJUDP LQ 0DWKHPDWLFV8QLYHUVLW\RI%UDV¦OLD%UDV¦OLD
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
/,67$'(*5{),&26
*UILFR ʍ 1³PHUR GH SHV IDEULFDGRV HP IXQ R GR WHPSR HP GDGD VLWXD R HODERUDGR SHORDXWRU *UILFRʍ$OWXUDGHXPFRUSRHPIXQ RGRWHPSRHPGDGDVLWXD RHODERUDGRSHORDXWRU *UILFRʍ9DULD RGRSUH RXQLWULRGDD RGHHPSUHVDSHWURO¦IHUDHPIXQ RGRWHPSR HODERUDGRSHORDXWRU *UILFRʍ/RJDULWPRGHFLPDOGRSUH RXQLWULRGDD RHPIXQ RGRWHPSRHODERUDGRSHOR DXWRU *UILFR ʍ 1³PHUR GH SHVVRDV LQIHFWDGDV HP IXQ R GD VHPDQD GHFRUULGD HODERUDGR SHOR
DXWRU *UILFR ʍ 9HORFLGDGH FRQVWDQWH GH XP FHUWR FRUSR HP IXQ R GR WHPSR HODERUDGR SHOR
DXWRU *UILFR ʍ 9HORFLGDGH XQLIRUPHPHQWH YDULDGD GH XP FHUWR FRUSR HP IXQ R GR WHPSR
HODERUDGRSHORDXWRU *UILFR ʍ 9HORFLGDGH TXDGUDWLFDPHQWH YDULDGD GH XP FHUWR FRUSR HP IXQ R GR WHPSR
HODERUDGRSHORDXWRU *UILFRʍ 9HORFLGDGHYDULDGDGHXPFHUWR FRUSRHP IXQ R GRWHPSR FRPUHWQJXORVGH
EDVHHDOWXUDGDGDSHORYDORUGDIXQ RQRLQ¦FLRGRLQWHUYDORHODERUDGRSHORDXWRU *UILFRʍ9HORFLGDGHYDULDGDGHXPFHUWRFRUSRHPIXQ RGRWHPSRFRPUHWQJXORVGH EDVHHDOWXUDGDGDSHORYDORUGDIXQ RQRILPGRLQWHUYDORHODERUDGRSHORDXWRU *UILFRʍ9HORFLGDGHYDULDGDGHXPFHUWRFRUSRHPIXQ RGRWHPSRFRPUHWQJXORVGH EDVHHDOWXUDGDGDSHORYDORUGDIXQ RQRLQ¦FLRGRLQWHUYDORHODERUDGRSHORDXWRU *UILFRʍ9HORFLGDGHYDULDGDGHXPFHUWRFRUSRHPIXQ RGRWHPSRFRPUHWQJXORVGH EDVHHDOWXUDGDGDSHORYDORUGDIXQ RQRLQ¦FLRGRLQWHUYDORFRPJUDGHHODERUDGR SHORDXWRU *UILFRʍ9DULD RGDGHPDQGDGHSHWU¬OHRHPFHUWRSD¦VGDGDHPELOK®HVGHEDUULVSRU DQRHPIXQ RGRWHPSRGDGRHPDQRVHODERUDGRSHORDXWRU *UILFR ʍ 9HORFLGDGH TXDGUDWLFDPHQWH YDULDGD GH XP FHUWR FRUSR HP IXQ R GR WHPSR
FRPUHJLRUHWDQJXODUDX[LOLDULQWHJUD RGH0RQWH&DUORHODERUDGRSHORDXWRU
/,67$'(),*85$6
)LJXUDʍ*UILFRVGHIXQ ®HVʔ*DEULHODʕHʔ5DXO6HL[DVʕDGDSWDGRVGH0DFKDGR )LJXUDʍ *UILFR GD YHORFLGDGHGHXPD FHUWDSDUW¦FXODHP IXQ R GRWHPSR HPH[HPSOR
UHSURGX]LGRGH%UDVLO
/,67$'(6,*/$6
&,(0 &RPLVVR,QWHUQDFLRQDOSDUDR(QVLQRGH0DWHPWLFD (QHP ([DPH1DFLRQDOGR(QVLQR0¢GLR 3&1 2ULHQWD ®HV(GXFDFLRQDLV&RPSOHPHQWDUHVDRV3&1(0 3&1(0 3DUPHWURV&XUULFXODUHV1DFLRQDLVSDUDR(QVLQR0¢GLR 31/' 3URJUDPD1DFLRQDOGR/LYUR'LGWLFR 863 8QLYHUVLGDGHGH6R3DXOR680{5,2
,1752'8}2 $SUHVHQWD RHGHOLPLWD RGRWHPD 2EMHWLYRVGDSHVTXLVD 5()(5(1&,$,67(5,&26 (QVLQRGH&OFXORQDKLVW¬ULD 5XSWXUDVGDGLVFLSOLQDULGDGH ,QWHUGLVFLSOLQDULGDGHSDUDD(GXFD R0DWHPWLFD )81'$0(17$}2(3,67(02/*,&$ 2DWXDOHVWDGRGHFRLVDVQRHQVLQRGH&OFXOR (SLVWHPRORJLDGR&OFXORHGD{OJHEUD )XQGDPHQWD ®HVDGLFLRQDLV '(6(192/9,0(172'$3523267$ 3UROHJPHQRVGHIXQ ®HVHJHRPHWULD -XVWLILFDQGRDSURSRVWD $SUHVHQWDQGRIXQ ®HVGHSULPHLURJUDX $YDQ DQGRHPIXQ ®HVGHSULPHLURJUDX $SUHVHQWDQGRIXQ ®HVGHVHJXQGRJUDX &OFXOR'LIHUHQFLDO -XVWLILFDQGRDSURSRVWD ([SORUDQGRFRQWH[WRVFRPIXQ ®HVGHSULPHLURHVHJXQGRJUDXV $SUHVHQWDQGRHH[SORUDQGRIXQ ®HVH[SRQHQFLDLVHORJDU¦WPLFDV ([SORUDQGRFRQWH[WRVFRPRXWURVWLSRVGHIXQ ®HV {UHDVH&OFXOR,QWHJUDO -XVWLILFDQGRDSURSRVWD 5HYLVLWDQGRRVFRQWH[WRVWUDEDOKDGRVDQWHULRUPHQWH $PSOLDQGRHHQFHUUDQGRRDVVXQWR &21&/86(6 5()(51&,$6
,1752'8}2
$SUHVHQWD RHGHOLPLWD RGRWHPD
2 &OFXOR 'LIHUHQFLDO H ,QWHJUDO ¢ XPD GDV UHDV GH HVWXGR GH PDLRU UHOHYQFLD QR FDPSR GD 0DWHPWLFD HVSHFLDOPHQWH SRU VXDV GLYHUVDV DSOLFD ®HV HP RXWURV FDPSRV GR FRQKHFLPHQWR FRPR DV &L£QFLDV DV (QJHQKDULDV H D (VWDW¦VWLFD 'DGD D LPSRUWQFLD WR DPSODGR&OFXORVHXHQVLQRYHPVHQGRREMHWRGHSHVTXLVDVHPWRGRRPXQGR0XLWDVGHVVDV LQYHVWLJD ®HVDSUHVHQWDPFRPRMXVWLILFDWLYDGHVXDUHDOL]D RRIDWRGHVHUHPREVHUYDGDVV DOWDV WD[DV GH UHSURYD R H EDL[DV P¢GLDV GH DSURYHLWDPHQWR H UHQGLPHQWR DFDG£PLFR QDV GLVFLSOLQDVDFDG£PLFDVGHFXUVRVGHQ¦YHOVXSHULRUTXHW£PR&OFXORHQWUHRVVHXVFRQWH³GRV OHYDQGR D DOWDV WD[DV GH HYDVR QHVVHV FXUVRV (VWD FRQFOXVR ¢ FRUURERUDGD SRU GLYHUVRV HVWXGRV GH WRGR R PXQGR FLWDGRV SRU 3\]GURZVNL H FRODERUDGRUHV 2 SUREOHPD DVVXPHFRQWRUQRVDLQGDPDLVJUDYHVTXDQGRQRVGDPRVFRQWDGDQHFHVVLGDGHGHUHFUXWDPHQWR H GH UHWHQ R GH HVWXGDQWHV HP FXUVRV H SURILVV®HV TXH H[LJHP GRP¦QLR GDV IHUUDPHQWDV PDWHPWLFDV7UDWDVHGHXPDXUJ£QFLDQRDSHQDVEUDVLOHLUDʍKQRSD¦VXPDFDU£QFLDGH SURILVVLRQDLV GH (QJHQKDULD GH &L£QFLDV GH &RPSXWD R %5,72 ʍ PDV PXQGLDO 1$(
3DUD 3\]GURZVNL H FRODERUDGRUHV HP FRQFOXVR FRPSDUWLOKDGD FRP LQ³PHURV HVWXGLRVRV GD UHD H IUHTXHQWHPHQWH HQFRQWUDGD QD OLWHUDWXUD VHP XP ERP GRP¦QLR GDV IHUUDPHQWDVW¦SLFDVGRVFXUVRVVHFXQGULRVGH0DWHPWLFDQR¢SRVV¦YHODYDQ DUQRHVWXGR XQLYHUVLWULR6HJXQGRDTXHOHVDXWRUHV¢HVVDGHILFL£QFLDQDIRUPD REVLFDTXHLPSOLFDHP DOWDVWD[DVGHHYDVRHDXPHQWRGDGXUD RP¢GLDGRVFXUVRVQDHGXFD RVXSHULRU'HVWDFD VHRIDWRGHTXHDTXHOHVDXWRUHVQRHVWRGHIHQGHQGRDLQWURGX RGR&OFXORQDHGXFD R VHFXQGULD PDV VLP TXH DV IHUUDPHQWDV TXH OKH VHUYHP GH DOLFHUFH VHMDP PDLV EHP WUDEDOKDGDVSDUDTXHHIHWLYDPHQWHVLUYDPFRPRSUHSDUD RSDUDHVWXGRVSRVWHULRUHV
1LVWR 3\]GURZVNL H FRODERUDGRUHV GLYHUJHP GH YULRV RXWURV DXWRUHV 2/,9(,5$ %5,72 3(5(,5$ 6$1726 027$ HVWHV ³OWLPRV PXLWRV GHOHV HP GLVVHUWD ®HV GR 0HVWUDGR 3URILVVLRQDO HP 0DWHPWLFD HP 5HGH 1DFLRQDOGHIHQGHPGHIRUPDVGLYHUVDVDDERUGDJHPGR&OFXORQDHGXFD RVHFXQGULD1D SUHVHQWHGLVVHUWD RQ¬VWDPE¢PIDUHPRVXPDGHIHVDGDLQWURGX RGHHOHPHQWRVGR&OFXOR
QR (QVLQR 0¢GLR PDV GH IRUPD TXH FRQWUDVWD FRP RV DXWRUHV FLWDGRV FRPR VH YHU PDLV DGLDQWHHGHIRUPDPDLVFODUD1RVVDSURSRVWDHQFRQWUDDOJXPHFRQDVFRQFHS ®HVGH{YLOD D E SDUD TXHP R &OFXOR ¢ XPD HVS¢FLH GH WHPD LQWHJUDGRU DR SHUPLWLU R GLORJR HQWUH FRQWH³GRV TXH M SHUWHQFHP DR Q¦YHO VHFXQGULR FRPR {OJHEUD H *HRPHWULD $QDO¦WLFD HSRVVLELOLWDQGR D LQWHUGLVFLSOLQDULGDGH ʍ R H[HPSOR GDTXHOH DXWRU ¢ D &LQHPWLFD6SLQDWDPE¢PFLWDDXWRUHVTXHW£PLGHLDVVHPHOKDQWHVVGH{YLODTXDQWR DR SDSHO XQLILFDGRU GR &OFXOR HP UHOD R D YULDV UHDV GD 0DWHPWLFD 3RU RXWUR ODGR QRVVD SURSRVWD WDPE¢P FRQWUDVWD FRP PXLWDV GDV H[LVWHQWHV QD OLWHUDWXUD DR DYDQ DU DR &OFXOR,QWHJUDODOJRTXHQHQKXPOLYURGR(QVLQR0¢GLRDWXDOGHQWUHDTXHOHVTXHDERUGDP &OFXOR'LIHUHQFLDOHQR ®HVGHOLPLWHVID]6$1726
$FUHVFHQWDVH TXH SRU YLVOXPEUDU DLQGD PHQRV IRUPDOLVPRV TXH D DERUGDJHP GH {YLOD DQRVVDSURSRVWD DFDED QR VHJXLQGRDWUDGLFLRQDO VHTX£QFLD GH &DXFK\:HLHUVWUDVV GHʔOLPLWHFRQWLQXLGDGHGHULYDGDLQWHJUDOʕTXHSDUD5H]HQGHSRGHVHUXPDVHTX£QFLD DSURSULDGD SDUD FXUVRV GH $QOLVH PDV QR QHFHVVDULDPHQWH SDUD FXUVRV GH SULQF¦SLRV H DSOLFD ®HVGR &OFXOR 1R FKHJD D VHU WRRXVDGDTXDQWRDGH0DFKDGR GH LQLFLDU SHOD LQWHJUDO PDV FRPR QD SURSRVWD GHVWH HVSHFLDOLVWD HP QRVVD VXJHVWR OLPLWHV H FRQWLQXLGDGHVRSUHWHULGRVHPXPSULPHLURPRPHQWR3RUILPHPFRQFRUGQFLDFRP{YLOD H 'XFORV HQWUH WDQWRV RXWURV WUDWD GH SURSRUFLRQDOLGDGHV H IXQ ®HV DILQV QD VROX RGHSUREOHPDVFRPRVXEV¦GLRDXPHVWXGRPDLVDPSORVREUHIXQ ®HVRXVHMDSDUWLQGR GRSDUWLFXODUHGRFRQFUHWRSDUDRJHUDOHSDUDRDEVWUDWR
8PDYH]TXHR&OFXORSDUDDPDLRULDGRVHVWXGDQWHVVHUYLUGHIHUUDPHQWDHQR GHREMHWRGHHVWXGRHPVLRXGHHVWXGRSURSHG£XWLFRDLQWHUGLVFLSOLQDULGDGHFRPRIRUPDGH DERUGDU R &OFXOR WDO FRPR SDUD {YLOD D E QR QRV SDUHFH PHUD RS R GH FDPLQKR PDV URWD REULJDW¬ULD ( VH FRPR M LQGLFDPRV WDQWRV HVWXGRV LQWHUQDFLRQDLV DSRQWDP TXH R SUREOHPD VH HQFRQWUD QD DERUGDJHP GD 0DWHPWLFD QD HGXFD R VHFXQGULD D UHVSRQVDELOLGDGH UHFDL VREUH SURIHVVRUHV JHVWRUHV OLYURV FXUU¦FXORV IRUPDGRUHV GH SURIHVVRUHV XQLYHUVLGDGHV HQILP VREUH WRGD D QRRVIHUD &+(9$//$5' (PRXWUDVSDODYUDVSHQVDUVROX ®HV¢GHYHUGHWRGRV
5HIRU DPRVSRUWDQWRTXHDUHVSRQVDELOLGDGHDQRVVRYHUQR¢H[FOXVLYDGHFXUVRV FXUU¦FXORV H SURIHVVRUHV GH 0DWHPWLFD $ILQDO VH D LQWHUGLVFLSOLQDULGDGH ¢ FDPLQKR REULJDW¬ULR RXWUDV GLVFLSOLQDV GR (QVLQR 0¢GLR WDPE¢P GHYHULDP LQWHJUDU GH IRUPD DGHTXDGDD0DWHPWLFDHQRRID]HP3RUH[HPSOROLYURVGH4X¦PLFDHGH)¦VLFDGR(QVLQR
0¢GLR EUDVLOHLUR SRVVXHP XPD PDLRULD GH JUILFRV H[SRVLFLRQDLV H QR H[SOLFDWLYRV (P RXWUDV SDODYUDV ¢ IUHTXHQWHTXH RVJUILFRV QRDWHQGDPDRVILQVRX REMHWLYRVTXHGHOHVVH HVSHUDPRGHH[SOLFDUGHIRUPDLQWHJUDGDDRWH[WRDGLQPLFDGHXPIHQPHQRQDWXUDOGH XPD IRUPD TXH VHULD GLI¦FLO RX LPSRVV¦YHO ID]HU VLPSOHVPHQWH SRU SDODYUDV Q³PHURV RX I¬UPXODV1$663(5',*}21$66,32/,72
3RU RXWUR ODGR GRV JUILFRV FRQVWDQWHV GRV FDS¦WXORV GH &LQHPWLFD HP OLYURV VHOHFLRQDGRVGH)¦VLFDGR(QVLQR0¢GLRFUX]DPLQIRUPD ®HVGDGHSHQG£QFLDGDSRVL RFRPR WHPSR H GD YHORFLGDGH FRP R WHPSR 3(5',*}21$66 ,32/,72 (P &LQ¢WLFD 4X¦PLFDWDPE¢PKWDOFRUUHOD RDLQGDTXHHPPHQRUJUDX1$66,GHQWLILFDVHD¦ XP JUDQGH LQG¦FLR GH TXH R HVWXGR GH DPERV RV FRQWH³GRV HQWUH WDQWRV RXWURV SRVVD VHU LQWHJUDGR D HVWXGRV GH 0DWHPWLFD GH (QVLQR 0¢GLR FRPR XPD IRUPD GH IDPLOLDUL]DU R HVWXGDQWH FRP FRQKHFLPHQWRV QHFHVVULRV SDUD XP HQWHQGLPHQWR DGHTXDGR GR &OFXOR 'LIHUHQFLDOH,QWHJUDO
2XWUR LQG¦FLR GH TXH HVWHV HVWXGRV SRGHP VHU LQWHJUDGRV ¢ D WHQWDWLYD WDQWR GRV DXWRUHVGRVOLYURVGH)¦VLFDTXDQWRGHDOJXQVGRVDXWRUHVGHOLYURVGH4X¦PLFDGHXWLOL]DUDV LPSOLFD ®HVJHRP¢WULFDVHPJUILFRVFDUWHVLDQRVGR&OFXOR'LIHUHQFLDOH,QWHJUDOFRPRQDV LQFOLQD ®HVGHWDQJHQWHVHQDVUHDVVREFXUYDV$WHQWDWLYDSDUHFHVHUDGHPRVWUDUDRDOXQR DUHOD RTXHVHHVWDEHOHFHHQWUHRVGRLVJUILFRVPDLVIUHTXHQWHVQRVFDS¦WXORVGH&LQHPWLFD H GH &LQ¢WLFD 4X¦PLFD GHVVDV REUDV SRVL R I¦VLFD RX FRQFHQWUD R TX¦PLFD HP IXQ R GR WHPSRHYHORFLGDGHI¦VLFDRXTX¦PLFDHPIXQ RGRWHPSR1$663(5',*}21$66 ,32/,72
&RPR SURIHVVRU GH XP FHQWUR GH HVWXGRV HVSHFLDOL]DGR HP 0DWHPWLFD )¦VLFD H 4X¦PLFD SDUD R (QVLQR 0¢GLR QD G¢FDGD GH WLYH D RSRUWXQLGDGH GH WUDEDOKDU GH PDQHLUDSU¬[LPDLQGLYLGXDOL]DGDFRPXPH[SUHVVLYRQ³PHURGHDOXQRVWDQWRQRVFRQWH³GRV GH &LQHPWLFD TXDQWR QRV GH &LQ¢WLFD 4X¦PLFD 1HVWH FRQWDWR IRL SRVV¦YHO WHU XPD VLJQLILFDWLYD SHUFHS R GH TXH RV SURIHVVRUHV GR (QVLQR 0¢GLR UHJXODU WDQWR RV GH )¦VLFD TXDQWR RV GH 4X¦PLFD W£P GLILFXOGDGHV QR PRPHQWR GH WUDEDOKDU R FRQWH³GR GH IRUPD LQWHUGLVFLSOLQDUGHIRUPDTXHRVDOXQRVDFDEDPUHIOHWLQGRHVWDIRUPDUHVWULWLYDHHVWDQTXHGH WUDEDOKDUFRPRVFRQKHFLPHQWRVQRID]HQGRDLQWHUUHOD RFRPRVFRQWH³GRVGDVGLYHUVDV GLVFLSOLQDV 3RU RXWUR ODGR WDPE¢P SXGH FRQFOXLU TXH TXDQGR DSUHVHQWDGRV D IRUPDV GH WUDEDOKR TXH HYLWDP D PHPRUL]D R GH I¬UPXODV H TXH W£P QD O¬JLFD H QD
LQWHUGLVFLSOLQDULGDGH RV VHXV DOLFHUFHV RV DOXQRVVH PRVWUDP PDLV DWHQWRV H PDLV UHFHSWLYRV 3(5',*}21$66
'LDQWHGHVWHTXDGUR¢SRVV¦YHOSHQVDUTXHDHODERUD RGHXPDSURSRVWDHGXFDFLRQDO TXHFRQWHPSOHDVGHPDQGDVGHDSUHQGL]DJHPGRVDOXQRVFRPVHTX£QFLDGLGWLFDHVHOH RGH FRQWH³GRVH£QIDVHVSHQVDGDHPFRQFRUGQFLDFRPHVWDVGHPDQGDVUHSUHVHQWDXPDD RTXH SRGH FRQWULEXLU GH IRUPD FRQFUHWD SDUD D PHOKRULD GD (GXFD R 0DWHPWLFD QR %UDVLO 1RVVRVWUDEDOKRVDQWHULRUHVVXJHUHPTXH¢SRVV¦YHOID]HUFRQWULEXL ®HVDHVVHFDPSRYLVDQGR D DOJR TXH VDWLVID D PDLV FRPSOHWDPHQWH V H[SHFWDWLYDV H QHFHVVLGDGHV GRV HVWXGDQWHV VHFXQGDULVWDV &RPR FRQVHTX£QFLDV HVSHUDGDV YHPRVR LPSDFWR SRVLWLYR QR DSURYHLWDPHQWR GDV GLVFLSOLQDV GH &OFXOR QR Q¦YHO VXSHULRU H WDPE¢P QD KDELOLGDGH GH HJUHVVRV GR (QVLQR 0¢GLRQDLQWHUD RFRPJUILFRVVHMDQRWUDEDOKRRXQRFRWLGLDQR
-XVWLILFDVHDVVLPRSUHVHQWHWUDEDOKRDRSURSRUDERUGDJHQVDGLFLRQDLVQRHVWXGRGH {OJHEUDH)XQ ®HVRXPHVPRGH*HRPHWULD3ODQDQR(QVLQR0¢GLRGHIRUPDDIDPLOLDUL]DU RHVWXGDQWHFRPQR ®HVGR&OFXOR'LIHUHQFLDOH,QWHJUDOUHVJDWDQGRGDOLWHUDWXUDWUDEDOKRVH FRQFHLWRV TXH IXQGDPHQWHP D UHIHULGD SURSRVWD $FUHGLWDPRV TXH M KDMD PXLWRV WUDEDOKRV TXHLGHQWLILFDPRSUREOHPDFRPTXDOLGDGHHPERUDSRXFRVVXJLUDPXPDVROX RIDFW¦YHORX VH H[HFXWYHO TXH IRTXH R SURFHVVR GH DSUHQGL]DJHP GHQWUR GD HVFROD EVLFD $R EXVFDU LQWHJUDU DV FRQFOXV®HV GRV GLYHUVRV WUDEDOKRV H DSOLFDU R QRVVR FRQKHFLPHQWR HP HQVLQR GH &L£QFLDVH0DWHPWLFDHQ[HUJDPRVRIHUHFHUDOJRFRPFHUWRJUDXGHLQHGLWLVPRTXHSRGHYLU DVHUXPDOLFHUFHSDUDQRYDVSURSRVWDV3RUILPHVWHWUDEDOKRWDPE¢PVHFRORFDFRPRXPD IRUPD GH DOLPHQWDU D GLVFXVVR VREUH XPD HYHQWXDO UHIRUPD GR HQVLQR GH &OFXOR H GH 0DWHPWLFDQR%UDVLOFRPUHIOH[RVWDQWRQR(QVLQR0¢GLRTXDQWRQR6XSHULRU
1HVWH FDS¦WXOR SRUWDQWR DSUHVHQWDPRV R WHPD MXVWLILFDPRV VXD HVFROKD H ORJR D VHJXLU GHILQLPRV RV REMHWLYRV GR WUDEDOKR 2 FDS¦WXOR ¢ GHGLFDGR DSUHVHQWD R GRV UHIHUHQFLDLV WH¬ULFRV D VXEVLGLDU R WUDEDOKR FRP HVSHFLDO £QIDVH QD LQWHUGLVFLSOLQDULGDGH 2 FDS¦WXORWUD]IXQGDPHQWD ®HVGDSURSRVWDHPVLSULQFLSDOPHQWHGHRUGHPHSLVWHPRO¬JLFD VHQGRDPDLRULDGHVVHVDUJXPHQWRVRULXQGRVGHRXWUDVSHVTXLVDVVREUHRHQVLQRGH&OFXOR QRFDS¦WXORTXHVHFRQFHQWUDDFRQVWUX RGHQRVVDSURSRVWDSHUPHDGDSRUMXVWLILFDWLYDVH IXQGDPHQWD ®HV3DUDRVOHLWRUHVTXHEXVFDPLQIRUPD ®HVSUWLFDVHGLUHWDVVREUHDSURSRVWD TXHDTXLDSUHVHQWDPRVWUDWDVHGRFDS¦WXORSULQFLSDOSDUDOHLWXUD3RUILPKXPDFRQFOXVR SRQGHUDGDQRFDS¦WXOR
2EMHWLYRVGDSHVTXLVD
2REMHWLYRSULQFLSDOGRSUHVHQWHWUDEDOKR¢RGHFRQVWUXLUFRPRQHFHVVULRVXEV¦GLR WH¬ULFRXPDSURSRVWDGHDERUGDJHPGHQR ®HVHSULQF¦SLRVGR&OFXOR'LIHUHQFLDOH,QWHJUDO QR(QVLQR0¢GLREUDVLOHLURYLVDQGRDDWHQGHUWDQWRDVQHFHVVLGDGHVGRHVWXGDQWHTXHHQFHUUD VHXFLFORHGXFDFLRQDOQRVHFXQGULRGLULJLQGRVHGLUHWDPHQWHDRPHUFDGRGHWUDEDOKRTXDQWR DVQHFHVVLGDGHVGRHVWXGDQWHTXHVHJXHVHXVHVWXGRVHPQ¦YHOVXSHULRU5HVVDOWDVHSRUWDQWR TXH HVWH WUDEDOKR QR UHSUHVHQWD XPD GHIHVD GD UHLQWURGX R GR &OFXOR 'LIHUHQFLDO H ,QWHJUDOQD HGXFD R VHFXQGULDEUDVLOHLUD PDVGHLQWHQVLILFDURV HVWXGRV GH Q³PHURVUHDLV IXQ ®HVHJHRPHWULDSODQDH[DWDPHQWHQRFRQWH[WRW¦SLFRGR&OFXORH[LELQGRXPDSURSRVWD GHVHTX£QFLDGLGWLFDHXPDVHOH RGHFRQWH³GRVVHPSUHFRPMXVWLILFDWLYDQDOLWHUDWXUD $ HYLGHQWH SRVVLELOLGDGH GH DSOLFD R GD SHVTXLVD SDUD D PHOKRULD GR SURFHVVR GH HQVLQRDSUHQGL]DJHP GH 0DWHPWLFD HVSHFLDOPHQWH HP VHX DVSHFWR LQWHUGLVFLSOLQDU IRL R SULQFLSDOIDWRUDQRUWHDUDFRPSRVL RGHVWHSURMHWR(VSHUDPRVHQWRTXHFRPHVWDQRVVD SHVTXLVDSRVVDPRV SURSRUFLRQDU DGRFHQWHV GR(QVLQR 0¢GLREUDVLOHLURVHMDPGDGLVFLSOLQD GH0DWHPWLFDRXGHTXDOTXHURXWUDXPDDERUGDJHPGLIHUHQFLDGDVREUHQR ®HVHSULQF¦SLRV GR&OFXOR'LIHUHQFLDOH,QWHJUDOGHIRUPDDID]HUFRPTXHRVDOXQRVSDVVHPDVHUFDSD]HVGH UHVROYHU XPD TXDQWLGDGH PDLV H[SUHVVLYD GH SUREOHPDV HVSHFLDOPHQWH DTXHOHV TXH WHQKDP DSOLFD RQDYLGDFRWLGLDQD7DPE¢PHVSHUDPRVFRQWULEXLUDLQGDTXHQRGHIRUPDH[SO¦FLWD FRP FULW¢ULRV TXH DX[LOLHP RV SURIHVVRUHV QD DGR R GH RXWURV UHFXUVRV GLGWLFRV QD HODERUD R GH XPD DYDOLD R RX HP RXWUD DWLYLGDGH TXDOTXHU HP VDOD GH DXOD 2X VHMD HVSHUDPRVLQIOXHQFLDUSRVLWLYDPHQWHD ®HVGRFHQWHVQRXQLYHUVRGDVDODGHDXOD'D PHVPD IRUPD D SDUWLU GR XVR TXH SURIHVVRUHV SRVVDP ID]HU GH QRVVD SURSRVWD HVSHUDPRV TXH RV HVWXGDQWHV SRVVDP XVXIUXLU GD 0DWHPWLFD GH XPD IRUPD PDLV DPSOD DYDQ DQGR SRU H[HPSOR QD SRVVLELOLGDGH GH ID]HUHP PRGHODJHP PDWHPWLFD GH SUREOHPDV UHDLV GH IRUPD PDLV HILFLHQWH H HILFD] (P RXWUDV SDODYUDV HVSHUDPRV TXH RV HVWXGDQWHV DYDQFHPQDDSURSULD RGD0DWHPWLFDFRPRIHUUDPHQWDHIHWLYDQDVROX RGHSUREOHPDVGR
&21&/86(6
7RGDV DV H[SHUL£QFLDV TXH WLYHPRV FRPR DOXQRV GH &OFXOR 'LIHUHQFLDO H ,QWHJUDO LQFOXVLYHDGHVWHPHVWUDGRSURILVVLRQDOVXJHULDPDQHFHVVLGDGHGHXPWUDEDOKRDTXHVWLRQDU DV EDVHV HP TXH VH DVVHQWD R HQVLQR GH &OFXOR QR %UDVLO H D SURSRU VROX ®HV HILFD]HV 8P OHYDQWDPHQWRELEOLRJUILFRSUHOLPLQDUMIRLVXILFLHQWHSDUDSHUFHEHUXPDHQRUPHTXDQWLGDGH GH GRFXPHQWRV TXH VH SURSXQKDP D HVTXDGULQKDU H EXVFDU VROX ®HV SDUD XP HQVLQR TXH SRVVXLREMHWLYRVPXLWRGLVWDQWHVGRVQHFHVVULRV0DLVHVSHFLILFDPHQWHKLQ³PHUDVVXJHVW®HV GHUHLQWURGX RGR&OFXOR'LIHUHQFLDOH,QWHJUDOQR(QVLQR0¢GLR
(QWUHWDQWR FRPR SXGHPRV PRVWUDU PXLWRV GHVVHV WH[WRV QR PRVWUDP WHU FRPSUHHQGLGR R SUREOHPD GH PRGR TXH MXVWLILFDP PDO D VXD EXVFD H QR SURS®HP VD¦GDV IDFW¦YHLV5DURVVRRVDXWRUHVTXHVHOLPLWDPDID]HUXVRGDIRUPDOL]D RHGRVFRQWH³GRVM SUHVHQWHV QR (QVLQR 0¢GLR $ PDLRULD SHGH PDLV FRQWH³GR GH {OJHEUD SDUD TXH KDMD XP HILFD]DSURYHLWDPHQWRSRUSDUWHGRVDOXQRV$OHJDUTXHRFXUVRGH&OFXORSRVVXLDOWDWD[DGH UHSURYD RHSURSRUDDQWHFLSD RGHHOHPHQWRVGH&OFXORSDUDR(QVLQR0¢GLRVHPXPD UHIOH[R VXEVWDQWLYD VREUH D IXQGDPHQWD R GHVVH HQVLQR WHFQLFLVWD VHMD KLVW¬ULFD VHMD HSLVWHPRO¬JLFDIRLDVLWXD RPDLVFRPXP
&RPR3HUHLUDWDPE¢PDILUPDQDFRQFOXVRGHVHXWUDEDOKRDSUHYDO£QFLDGD W¢FQLFD VREUH R VLJQLILFDGR QR HQVLQR GH 0DWHPWLFD OHYD HTXLYRFDGD FRQFOXVR GH TXH R EDL[RGHVHPSHQKRGRVHJUHVVRVGRQRVVRVHFXQGULRHPWHVWHVQDFLRQDLVHLQWHUQDFLRQDLVEHP FRPR RV DOWRV ¦QGLFHV GH UHSURYD R HP GLVFLSOLQDV PDWHPWLFDV QD HGXFD R VXSHULRU EUDVLOHLUD VH GHYHP KDELOLGDGH UHGX]LGD GRV HVWXGDQWHV HP UHDOL]DU SURFHGLPHQWRV DOJ¢EULFRV6HIRVVHHVVHRSUREOHPDDVGLVFLSOLQDVGH3U¢&OFXORMRWHULDPUHVROYLGRSRLV HPJHUDOD£QIDVHGHVVHVFXUVRV¢H[DWDPHQWHRGHVHQYROYLPHQWRGHWDOKDELOLGDGH
$O¢P GLVVR PXLWDV GDV SURSRVWDV GH UHIRUPDV GR HQVLQR GH &OFXOR D TXH WLYHPRV DFHVVR HP UHDOLGDGH QR R UHIRUPDP SRLV LQVLVWHP HP WHU FRPR IRFR R HQVLQR GDV UHJUDV SDUDREWHQ RGDVIXQ ®HVGHULYDGDVHSULPLWLYDVGHIXQ ®HVFRPXQVFRPRDVSROLQRPLDLVH DVWULJRQRP¢WULFDVPDQWHQGRDVHTX£QFLDGH&DXFK\:HLHUVWUDVV$W¢PHVPRSURSRVWDVTXH LQWURGX]HPDOXGLFLGDGHHRWUDEDOKRFRODERUDWLYRQRHQVLQRGH&OFXORRID]HPVHPPH[HU QRHVVHQFLDO SURS®HPVHMRJRV GHPHPRUL]D RGHUHJUDVGHGHULYD RHLQWHJUD RHQRYDV GLQPLFDVGHFRODERUD R HQWUHDOXQRV PDV QR VH TXHVWLRQDP DV VHTX£QFLDVGLGWLFDV H DV SULRULGDGHVLQDGHTXDGDVIRUPD RGHSURILVVLRQDLVQRPDWHPWLFRVFRPRHQJHQKHLURV
1RVVD SURSRVWD WUDEDOKD FRP FRQWH³GRV TXH M HVWR SUHYLVWRV QR FXUU¦FXOR GD 0DWHPWLFDGH(QVLQR0¢GLR%XVFDPRVLQVHULUQR ®HVHOHPHQWDUHVGH &OFXOR'LIHUHQFLDOH ,QWHJUDO GH IRUPD RUJQLFD DR ORQJR GR HVWXGR GH IXQ ®HV GHL[DQGR D IRUPDOL]D R HP SRVL RVHFXQGULD4XHVWLRQDPRVDSHUWLQ£QFLDGDVSULRULGDGHVGDVVHTX£QFLDVGLGWLFDVPDLV FRPXQV1RHQVLQRVHFXQGULRLQFOXVLYHIXQGDPHQWDGRVHPGRFXPHQWRVRILFLDLVUHMHLWDPRVR ULJRU FRP TXH VH ID]DDSUHVHQWD R GR FRQFHLWR GHIXQ ®HV H D QHFHVVLGDGH GH GHILQL RGH FRQFHLWRV TXH PXLWDV YH]HV QXQFD VR DSOLFDGRV 1D HGXFD R VXSHULRU GHVDSURYDPRV DV SULRULGDGHV DWXDLV QD DERUGDJHP GR &OFXOR FXMR HQVLQR QR %UDVLO WHP UD¦]HV QD $QOLVH 0DWHPWLFD R TXH VLJQLILFD UHMHL R VHTX£QFLD KLVW¬ULFD GH GHVHQYROYLPHQWR GR &OFXOR H SULRUL]D R GH GHILQL ®HVIRUPDLVHP GHWULPHQWRGDDSUHVHQWD RGR&OFXOR FRPR SRGHURVD IHUUDPHQWDSOHQDGHSRVV¦YHLVDSOLFD ®HVQDVPDLVGLYHUVDVUHDV
1RVVD VXJHVWR FRORFD FRPR FHQWUDO D FRQVWUX R GH JUILFRV H D REWHQ R GH LQIRUPD ®HV D SDUWLU GHOHV LQIRUPD ®HV TXH R DOXQR GH (QVLQR 0¢GLR QR WHULD FRPR VDEHU TXHVRIDFLOPHQWHREWLGDVGRJUILFRVHPFRQKHFHURVIXQGDPHQWRVGR&OFXOR'LIHUHQFLDOH ,QWHJUDO'HIDWRRREMHWLYRGR&OFXORQR(QVLQR0¢GLRQXQFDSRGHULDVHURGHDXPHQWDUD TXDQWLGDGHGHPHPRUL]D RGHLQIRUPD ®HVTXHHPJHUDOVRGHDSOLFD RUHVWULWD8PDYH] TXHRSHUILOGRDOXQRGHVVHQ¦YHOGHHQVLQR¢EDVWDQWHGLYHUVR¢SUHFLVRSHQVDUQDVGLYHUVDV DSOLFD ®HVFRWLGLDQDVGD0DWHPWLFDGH(QVLQR0¢GLR(LVVRFRPRHVSHUDPRVWHUPRVWUDGR DVQR ®HVHRVIXQGDPHQWRVGR&OFXOR'LIHUHQFLDOH,QWHJUDOW£PGHVREUD
6DEHPRV R TXDQWR ¢ GLI¦FLO PXGDU XPD FXOWXUD QHJDWLYD WR DUUDLJDGD QR HQVLQR GH 0DWHPWLFDQR%UDVLO7UDWDVHGHXPSHQVDPHQWRUDUDVYH]HVHVFULWRPDVIUHTXHQWHPHQWH YHUEDOL]DGR TXH EXVFD GHVGHQKDU GDV LQWHQ ®HV GH DPSOLDU D LQWHUGLVFLSOLQDULGDGH HP 0DWHPWLFD QR %UDVLO H FULWLFD RV DYDQ RV RFRUULGRV HP SD¦VHV FXMD HGXFD R PDWHPWLFD PRVWUDUHVXOWDGRVVXSHULRUHVQRVVDHPDYDOLD ®HVLQWHUQDFLRQDLV2UHIHULGRSHQVDPHQWRFULD HQWHQGLPHQWRV XQLYHUVDLV D SDUWLU GH OHLWXUDV SHVVRDLV GH PXQGR VHP TXDOTXHU EDVH QD OLWHUDWXUD HVSHFLDOL]DGD HP HVSHFLDO D GD FRPXQLGDGH LQWHUQDFLRQDO GH SHVTXLVDGRUHV HP HGXFD RPDWHPWLFD
$LQGDDVVLPWHPRVDHVSHUDQ DGHTXHRSUHVHQWHWUDEDOKRSRVVDUHSUHVHQWDUPDLVXP SHTXHQRWLMRORQDFRQVWUX RGHXPD0DWHPWLFDPDLV³WLOHPDLVXQLYHUVDOQR(QVLQR0¢GLR $ILQDO V¬ SRGHPRV HVSHUDU TXH D HGXFD R EVLFD VHMD PDLV HILFD] VH UHDGHTXDUPRV VXDV SULRULGDGHV$HGXFD REVLFDSUHFLVDVHUEVLFDRTXHHVWHWUDEDOKREXVFRXPRVWUDU
5()(51&,$6
$/9$5(= 7DQD *LDQQDVL $ 0DWHPWLFD GD UHIRUPD )UDQFLVFR &DPSRV HP D R QR FRWLGLDQR HVFRODU I 'LVVHUWD R 0HVWUDGR HP (GXFD R 0DWHPWLFD 3RQWLI¦FLD8QLYHUVLGDGH&DW¬OLFDGH6R3DXOR6R3DXOR
{9,/$*HUDOGR2HQVLQRGHFOFXORQRwJUDX5HYLVWDGR3URIHVVRUGH0DWHPWLFD QS
BBBBBB,QWURGX RVIXQ ®HVHGHULYDGD6R3DXOR$WXDO
BBBBBB 2 HQVLQR GR &OFXOR H GD $QOLVH 0DWHPWLFD 8QLYHUVLWULD Q S GH]
BBBBBB 6H HX IRVVH SURIHVVRU GH 0DWHPWLFD 5HYLVWD GR 3URIHVVRU GH 0DWHPWLFD QS
BBBBBB /LPLWHV H GHULYDGDV QR HQVLQR P¢GLR" 5HYLVWD GR 3URIHVVRU GH 0DWHPWLFD QSD
BBBBBB 'HULYDGDV H &LQHPWLFD5HYLVWD GR 3URIHVVRU GH 0DWHPWLFD Q S E
%$5%26$ -RQHL &HUTXHLUD 0RGHODJHP QD (GXFD R 0DWHPWLFD FRQWULEXL ®HV SDUD R GHEDWH WH¬ULFR ,Q 5(81,}2 $18$/ '$ $662&,$}2 1$&,21$/ '( 36 *5$'8$}2(3(648,6$(0('8&$}2&D[DPEX0*$QDLV5LRGH -DQHLUR $VVRFLD R 1DFLRQDO GH 3¬V*UDGXD R H 3HVTXLVD HP (GXFD R 'LVSRQ¦YHO HP KWWSZZZXIUJVEUHVSPDWGLVFLSOLQDVIXQFRHVBPRGHODJHPPRGXORB,PRGHODJHPB EDUERVDSGI!$FHVVRHPDEU
%$66$1(=, 5RGQH\ &DUORV 0RGHODJHP PDWHPWLFD WHRULD H SUWLFD 6R 3DXOR &RQWH[WR
%,(0%(1*87 0DULD 6DOOHW +(,1 1HOVRQ 0RGHODJHP PDWHPWLFD QR HQVLQR 6R 3DXOR&RQWH[WR
%252:,.$OH[DQGUH.$7=0LNKDLO*:KRJDYH\RXWKH&DXFK\ʍ:HLHUVWUDVVWDOH"7KH GXDOKLVWRU\RIULJRURXV&DOFXOXV)RXQGDWLRQVRI6FLHQFHYQSDJR %5$6,/0LQLVW¢ULRGD(GXFD R6HFUHWDULDGH(GXFD R0¢GLDH7HFQRO¬JLFD3DUPHWURV &XUULFXODUHV1DFLRQDLVSDUDR(QVLQR0¢GLR&L£QFLDVGD1DWXUH]D0DWHPWLFDH6XDV 7HFQRORJLDV %UDV¦OLD 0(&6HPWHF D 'LVSRQ¦YHO HP KWWSSRUWDOPHFJRYEUVHE DUTXLYRVSGIFLHQFLDQSGI!$FHVVRHPDEU
'HDFRUGRFRP
$662&,$}2 %5$6,/(,5$ '( 1250$6 7&1,&$61%5 LQIRUPD R H GRFXPHQWD R UHIHU£QFLDVHODERUD R5LRGH-DQHLUR
BBBBBB0LQLVW¢ULRGD(GXFD R6HFUHWDULDGH(GXFD R0¢GLDH7HFQRO¬JLFD3DUPHWURV &XUULFXODUHV 1DFLRQDLV SDUD R (QVLQR 0¢GLR %DVHV /HJDLV %UDV¦OLD 0(&6HPWHF E'LVSRQ¦YHOHPKWWSSRUWDOPHFJRYEUVHEDUTXLYRVSGIEOHJDLVSGI!$FHVVRHP DEU
BBBBBB 0LQLVW¢ULR GD (GXFD R 3&1 (QVLQR 0¢GLR RULHQWD ®HV HGXFDFLRQDLV FRPSOHPHQWDUHVDRV3DUPHWURV&XUULFXODUHV1DFLRQDLVʍ&L£QFLDVGD1DWXUH]D0DWHPWLFD H VXDV 7HFQRORJLDV %UDV¦OLD 6HPWHF0(& 'LVSRQ¦YHO HP KWWSSRUWDOPHFJRYEUVHEDUTXLYRVSGI&LHQFLDV1DWXUH]DSGI!$FHVVRHPDEU BBBBBB *XLD GH OLYURV GLGWLFRV 31/' PDWHPWLFD HQVLQR P¢GLR %UDV¦OLD 0LQLVW¢ULRGD(GXFD R
BBBBBB 8QLYHUVLGDGH GH %UDV¦OLD 'HSDUWDPHQWR GH 0DWHPWLFD &OFXOR /LVWD GH $SOLFD ®HVVHPDQD%UDV¦OLD8QLYHUVLGDGHGH%UDV¦OLD
%5,72-DQ\OVRQ&OD\GVRQ6LOYD2&OFXOR 'LIHUHQFLDOH ,QWHJUDOFRPRIHUUDPHQWD LQWHUGLVFLSOLQDU QR (QVLQR 0¢GLR I 'LVVHUWD R 0HVWUDGR 3URILVVLRQDO HP 0DWHPWLFDHP5HGH1DFLRQDO8QLYHUVLGDGH)HGHUDOGR3LDX¦7HUHVLQD
&+$6627 $WWLFR 'R ULJRU FDUWHVLDQR GLVFLSOLQDU LQGLVFLSOLQDULGDGH IH\HUDEHQGLDQD 4X¦PLFD 1RYD QD (VFROD Y Q S PDLR 'LVSRQ¦YHO HP KWWSG[GRLRUJ!$FHVVRHPIHY
&+(9$//$5' <YHV 6REUH D WHRULD GD WUDQVSRVL R GLGWLFD DOJXPDV FRQVLGHUD ®HV LQWURGXW¬ULDV 5HYLVWD GH (GXFD R &L£QFLDV H 0DWHPWLFD Y Q S PDLRDJR 'LVSRQ¦YHO HP KWWSSXEOLFDFRHVXQLJUDQULRHGXEULQGH[SKSUHFP DUWLFOHYLHZ!$FHVVRHPIHY
'ʑ$0%526,2 8ELUDWDQ 6RFLHGDGH FXOWXUD PDWHPWLFD H VHX HQVLQR (GXFD R H 3HVTXLVDYQSMDQDEU
'(/,=2,&29 1HWR 'HP¢WULR &RQFHS R SUREOHPDWL]DGRUD SDUD R HQVLQR GH FL£QFLDVQDHGXFD RIRUPDOUHODWRHDQOLVHGHXPDSUWLFDHGXFDFLRQDOQD*XLQ¢%LVVDX I'LVVHUWD R0HVWUDGRHP(QVLQRGH&L£QFLDV,QVWLWXWRGH)¦VLFDH)DFXOGDGH GH(GXFD RGD8QLYHUVLGDGHGH6R3DXOR6R3DXOR '58&.(53HWHU6RFLHGDGHS¬VFDSLWDOLVWD6R3DXOR3LRQHLUD '8&/265REHUW&RVWDOODW&OFXORGRwJUDX5HYLVWDGR3URIHVVRUGH0DWHPWLFD QS
)$=(1'$ ,YDQL &DWDULQD $UDQWHV 5HIOH[®HV PHWRGRO¬JLFDV VREUH D WHVH ʔ,QWHUGLVFLSOLQDULGDGH ʍ XP SURMHWR HP SDUFHULDʕ ,Q BBBBBB 0HWRGRORJLD GD SHVTXLVD HGXFDFLRQDOHG6R3DXOR&RUWH]
),('/(5)(55$5$1HOVRQ0$7726&ULVWLDQR5RGULJXHVGH6HOH RHRUJDQL]D RGH FRQWH³GRV HVFRODUHV UHFRUWHV QD SDQGLVFLSOLQDULGDGH ,Q (1&21752 '( 3(648,6$ (0 (16,12 '( )6,&$ {JXDV GH /LQG¬LD 63 $WDV {JXDV GH /LQG¬LD 63
6RFLHGDGH %UDVLOHLUD GH )¦VLFD 'LVSRQ¦YHO HP KWWSZZZVEIVEILVLFDRUJEU HYHQWRVHSHIYLLL3')V&2BSGI!$FHVVRHPDEU
)5(,5(3DXOR3HGDJRJLDGRRSULPLGR5LRGH-DQHLUR3D]H7HUUDD
*(50$12 -RV¢ :LOOLQJWRQ $V TXDUHQWD KRUDV GH $QJLFRV (GXFD R 6RFLHGDGH &DPSLQDVYQSDJR
*2'2< (OHQLOWRQ 9LHLUD &XUU¦FXOR FXOWXUD H HGXFD R PDWHPWLFD XPD DSUR[LPD RSRVV¦YHO"&DPSLQDV3DSLUXV
+2))0$11 /DXUHQFH ' %5$'/(< *HUDOG / 62%(&., 'DYLG 35,&( 0LFKDHO $SSOLHG &DOFXOXV IRU %XVLQHVV (FRQRPLFV DQG WKH 6RFLDO DQG /LIH 6FLHQFHV H[SDQGHGHGLWLRQWKHG1HZ<RUN0F*UDZ+LOO
+2))0$11 /DXUHQFH ' 25.,1 0LFKDHO 0DWKHPDWLFV ZLWK DSSOLFDWLRQV 1HZ <RUN0F*UDZ+LOO
.8+17KRPDV67KH6WUXFWXUHRI6FLHQWLILF5HYROXWLRQVWK$QQLYHUVDU\(GLWLRQ &KLFDJR8&3
/$1'$8 'DYLG 3 %,1'(5 .XUW $ JXLGH WR 0RQWH &DUOR VLPXODWLRQV LQ 6WDWLVWLFDO3K\VLFV&DPEULGJH8.&DPEULGJH8QLYHUVLW\3UHVV
/,0$ *DEULHO /RXUHLUR GH 6,/9$ %HQHGLWR $QWRQLR GD ,QLFLDOPHQWH &OFXOR RX GLUHWDPHQWH $QOLVH" 2 FDVR GR FXUVR GH 0DWHPWLFD GD 863 ,Q &RQIHU£QFLD ,QWHUDPHULFDQD GH (GXFD R 0DWHPWLFD 5HFLIH $QDLV 5HFLIH &RPLW£ ,QWHUDPHULFDQR GH (GXFD R 0DWHPWLFD 'LVSRQ¦YHO HP KWWSFLDHP UHGXPDWHRUJRFVLQGH[SKS [LLLBFLDHP[LLLBFLDHPSDSHUYLHZ)LOH! $FHVVR HP DEU
/&. +HOR¦VD 3HGDJRJLD LQWHUGLVFLSOLQDU IXQGDPHQWRV WH¬ULFRPHWRGRO¬JLFRV 3HWU¬SROLV5-9R]HV
0$&+$'2 1¦OVRQ -RV¢ &OFXOR 'LIHUHQFLDO QD (VFROD %VLFD SRVV¦YHO H QHFHVVULR 6HPLQULRV GH (QVLQR GH 0DWHPWLFD S VHP 'LVSRQ¦YHO HP KWWSZZZQLOVRQMRVHPDFKDGRQHWVHPDSGI!$FHVVRHPIHY
BBBBBBB(QVLQRGHPDWHPWLFDGDVFRQFHS ®HVVD ®HVGRFHQWHV,Q$5$17(69DO¢ULD $PRULPRUJ(QVLQRGH0DWHPWLFDSRQWRVHFRQWUDSRQWRV6R3DXOR6XPPXV 0(1(=(6 /X¦V &DUORV GH $SUHQGHU FRP R LPSRQGHUYHO &DQDO 7('[ 7DONV DJR 'LVSRQ¦YHO HP KWWSVZZZ\RXWXEHFRPZDWFK"Y /ESWTJ45V! $FHVVR HP MXQ
0,25,0 0DULD |QJHOD ,QWURGX R KLVW¬ULD GD HGXFD R PDWHPWLFD 6R 3DXOR $WXDO
025$(60DULD &DQGLGD %RUJHVGH2 SDUDGLJPDHGXFDFLRQDOHPHUJHQWH &DPSLQDV 3DSLUXV
027$-DQDLQD2OLYHLUD'HULYDGDVQR(QVLQR0¢GLRUHIOH[®HVHSURSRVWDVI 'LVVHUWD R0HVWUDGR3URILVVLRQDOHP0DWHPWLFDHP5HGH1DFLRQDO8QLYHUVLGDGH)HGHUDO GH6HUJLSH$UDFDMX
1$( 1DWLRQDO $FDGHP\ RI (QJLQHHULQJ (GXFDWLQJ WKH HQJLQHHU RI $GDSWLQJ HQJLQHHULQJHGXFDWLRQWRWKHQHZFHQWXU\:DVKLQJWRQ'&(8$1DWLRQDO$FDGHPLHV3UHVV 'LVSRQ¦YHOHPKWWSVGRLRUJ!$FHVVRHPIHY 1$66'DQLHO3HUGLJR*UILFRVFRPRUHSUHVHQWD ®HVYLVXDLVUHOHYDQWHVQRSURFHVVR HQVLQRDSUHQGL]DJHPXPDDQOLVHGHOLYURVGLGWLFRVGH4X¦PLFDGR(QVLQR0¢GLR I'LVVHUWD R0HVWUDGRHP4X¦PLFD$QDO¦WLFD,QVWLWXWRGH4X¦PLFDGH6R&DUORVGD 8QLYHUVLGDGHGH6R3DXOR6R&DUORV
2/,9(,5$ )HUQDQGR 5RGULJXHV GH 8PD SURSRVWD SDUD R HQVLQR GH QR ®HV GH &OFXORQR(QVLQR0¢GLRI0RQRJUDILD/LFHQFLDWXUDHP0DWHPWLFD,QVWLWXWR GH0DWHPWLFDGD8QLYHUVLGDGH)HGHUDOGR5LR*UDQGHGR6XO3RUWR$OHJUH 3$6626,YDQ&DUOLQ$LQWHUGLVFLSOLQDULGDGHQRHQVLQRHQDSHVTXLVDFRQWELOXP HVWXGRGRPXQLF¦SLRGH6R3DXORI'LVVHUWD R0HVWUDGRHP&L£QFLDV&RQWEHLV )DFXOGDGHGH(FRQRPLD$GPLQLVWUD RH&RQWDELOLGDGHGD8QLYHUVLGDGHGH6R3DXOR6R 3DXOR 3(5',*}21$66'DQLHO8VRGHIDWRUHVGHFRQYHUVRQRHQVLQRGH&OFXORV4X¦PLFRVSDUDR Q¦YHO P¢GLR R GHVHQYROYLPHQWR H D RSLQLR GRV DOXQRV ,Q (QFRQWUR 1DFLRQDO GH (QVLQR GH 4X¦PLFD&XULWLED35$QDLV&XULWLED356RFLHGDGH%UDVLOHLUDGH4X¦PLFD BBBBBB&OFXOR'LIHUHQFLDOH,QWHJUDOQDYLVRGHDWXDLVHIXWXURVSURIHVVRUHVGHH[DWDV,Q 6,036,21$&,21$/'$)250$}2'2352)(6625'(0$7(0{7,&$ %UDV¦OLD')$QDLV5LRGH-DQHLUR6RFLHGDGH%UDVLOHLUDGH0DWHPWLFD
3(5',*}21$66 'DQLHO ,32/,72 0LFKHOOH =DPSLHUL 5HSUHVHQWD ®HV YLVXDLV HP OLYURV GLGWLFRV GH )¦VLFDSDUDR (QVLQR0¢GLRDQDOLVDQGRJUILFRV FDUWHVLDQRVGH&LQHPWLFD,Q 6LPS¬VLR1DFLRQDOGH(QVLQRGH)¦VLFD9LW¬ULD(6$QDLV9LW¬ULD(6(GLWRUD GD8QLYHUVLGDGH)HGHUDOGR(VS¦ULWR6DQWR
3(5(,5$ 9LQLFLXV 0HQGHV &RXWR &OFXOR QR (QVLQR 0¢GLR XPD SURSRVWD SDUD R SUREOHPD GD YDULDELOLGDGH I 'LVVHUWD R 0HVWUDGR HP (QVLQR GH 0DWHPWLFD ,QVWLWXWRGH0DWHPWLFDGD8QLYHUVLGDGH)HGHUDOGR5LRGH-DQHLUR5LRGH-DQHLUR 3(51$0%8&20DUWD0DULD&DVWDQKR$OPHLGD(GXFD RHHVFRODFRPRPRYLPHQWR GR HQVLQR GH FL£QFLDV WUDQVIRUPD R GD HVFROD S³EOLFD I 7HVH 'RXWRUDGR HP (GXFD R)DFXOGDGHGH(GXFD RGD8QLYHUVLGDGHGH6R3DXOR6R3DXOR
3<='52:6., /DXUD - 681 <H &857,6 5HDJDQ 0,//(5 'DYLG :,11 *DU\ +(16(/5RELQ$05HDGLQHVVDQGDWWLWXGHVDVLQGLFDWRUVIRUVXFFHVVLQFROOHJH&DOFXOXV ,QWHUQDWLRQDO-RXUQDORI6FLHQFHDQG0DWKHPDWLFV(GXFDWLRQQS 5$$' 0DUFRV 5LEHLUR +LVW¬ULD GR HQVLQR GH &OFXOR 'LIHUHQFLDO H ,QWHJUDO D H[LVW£QFLD GH XPD FXOWXUD I 'LVVHUWD R 0HVWUDGR HP (GXFD R 0DWHPWLFD ,QVWLWXWRGH&L£QFLDV([DWDV8QLYHUVLGDGH)HGHUDOGH-XL]GH)RUD-XL]GH)RUD
5(,6 -³OLR 3DXOR &DEUDO GRV /$8'$5(6 -RR %RVFR 0,5$1'$ 'LPDV )HOLSH GH $ FULD RGHXPREMHWRGHDSUHQGL]DJHPSDUDUHVROYHUSUREOHPDVGHIHQPHQRVI¦VLFRVFRPWD[DV UHODFLRQDGDV(GXFD R0DWHPWLFD3HVTXLVD6R3DXORYQS
5(=(1'( :DQGHUOH\ 0RXUD 2 HQVLQR GH &OFXOR GLILFXOGDGHV GH QDWXUH]D HSLVWHPRO¬JLFD I 7HVH 'RXWRUDGR HP (GXFD R )DFXOGDGH GH (GXFD R 8QLYHUVLGDGHGH6R3DXOR6R3DXOR
6$17260DUFHORGH6RXVD8PHVWXGRVREUHDLQWURGX RGHFRQFHLWRVGH&OFXOR QR (QVLQR 0¢GLR I 0RQRJUDILD /LFHQFLDWXUD HP 0DWHPWLFD ,QVWLWXWR GH 0DWHPWLFDGD8QLYHUVLGDGH)HGHUDOGR5LR*UDQGHGR6XO3RUWR$OHJUH
62$5(6)OYLDGRV6DQWRV'$66,(%UXQR$OYHV52&+$-RV¢/RXUHQ RGD(QVLQRGH 0DWHPWLFD QR V¢FXOR ;; ʍ GD UHIRUPD )UDQFLVFR &DPSRV 0DWHPWLFD 0RGHUQD +RUL]RQWHV%UDJDQ D3DXOLVWDYQSMDQMXQ
62'5 )HUQDQGD &DYDOLHUH 5LEHLUR 0$7726 &ULVWLDQR 5RGULJXHV GH $ERUGDJHP GH OLYURVGLGWLFRVVREUHDUHOD RHQWUH)¦VLFDH1XWUL R,Q(QFRQWURGH3HVTXLVDHP(QVLQR GH )¦VLFD /RQGULQD $WDV /RQGULQD 35 6RFLHGDGH %UDVLOHLUD GH )¦VLFD 'LVSRQ¦YHO HP KWWSZZZVEIVEILVLFDRUJEUHYHQWRVHSHI[V\VUHVXPRV WSGI! $FHVVRHPDEU
628=$ *LVHOL 0DUWLQV GH )HOL[ .OHLQ H (XFOLGHV 5R[R GHEDWHV VREUH R HQVLQR GD PDWHPWLFD QR FRPH R GR V¢FXOR ;; I 'LVVHUWD R 0HVWUDGR 3URILVVLRQDO HP 0DWHPWLFD ,QVWLWXWR GH 0DWHPWLFD (VWDW¦VWLFD H &RPSXWD R &LHQW¦ILFD 8QLYHUVLGDGH (VWDGXDOGH&DPSLQDV&DPSLQDV
63,1$ &DWKDULQD GH 2OLYHLUD &RUFROO 0RGHODJHP PDWHPWLFD QR SURFHVVR HQVLQR DSUHQGL]DJHPGR&OFXOR'LIHUHQFLDOH,QWHJUDOSDUDR(QVLQR0¢GLRI 'LVVHUWD R 0HVWUDGR HP (GXFD R 0DWHPWLFD ,QVWLWXWR GH *HRFL£QFLDV H &L£QFLDV ([DWDV8QLYHUVLGDGH(VWDGXDO3DXOLVWD5LR&ODUR
7('(6&+,:DQLD$FXULRVLGDGHHSLVWHPRO¬JLFDHDWLYLGDGHGHHQVLQRH[SHUL£QFLDVFRPR &OFXOR QD IRUPD R GH SURIHVVRUHV ,Q (1&21752 1$&,21$/ '( ('8&$}2 0$7(0{7,&$ %HOR +RUL]RQWH $QDLV %UDV¦OLD 6RFLHGDGH %UDVLOHLUD GH (GXFD R 0DWHPWLFD 'LVSRQ¦YHO HP KWWSZZZVEHPFRPEUILOHVL[BHQHP! $FHVVRHPMXO
7(/(6(OL]DEHWK-&DOFXOXV5HIRUPZKDWZDVKDSSHQLQJEHIRUH"3ULPXV3UREOHPV 5HVRXUFHV DQG ,VVXHV LQ 0DWKHPDWLFV 8QGHUJUDGXDWH 6WXGLHV Y Q S 'LVSRQ¦YHOHPKWWSG[GRLRUJ!$FHVVRHPDEU 7+,(6(1 -XDUHV GD 6LOYD $ LQWHUGLVFLSOLQDULGDGH FRPR XP PRYLPHQWR DUWLFXODGRU QR SURFHVVR HQVLQRDSUHQGL]DJHP 5HYLVWD %UDVLOHLUD GH (GXFD R Y Q S VHWGH]
720$6 9DQHVVD 6HQD '$9,' 0DULD 0DQXHOD 0 6 ,QWHUGLVFLSOLQDULGDGH H DSUHQGL]DJHPGD0DWHPWLFDHPVDODGHDXOD%HOR+RUL]RQWH$XW£QWLFD