)XQGDomR0DXUtFLR*UDERLV

'H]DQRVVHP&OyYLV0RXUD$57,*2
$WULWRVHQWUHDKLVWyULDRFRQKHFLPHQWRHR
SRGHU
3RU&OyYLV0RXUD 3XEOLFDGR

)D]HUKLVWyULDQR%UDVLOIRUDGRVPDUFRVRILFLDLVpXPDSURYDGHFRUDJHP6mRPXLWRVRVDVVXQWRV
SURLELGRVHPXLWRVRVKHUyLVVDJUDGRVGDVFODVVHVGRPLQDQWHV'LItFLOpUHVJDWDUDVUDt]HVGRV
YHUGDGHLURVFRQVWUXWRUHVGR3DtV

KWWSJUDERLVRUJEUSRUWDOLPSULPLUHYSKS"LGBVHVVDR  LGBSXEOLFDFDR  LGBLQGLFH  

 )XQGDomR0DXUtFLR*UDERLV

$+LVWyULDQR%UDVLOpXPUDPRSUREOHPiWLFRGDVFLrQFLDVVRFLDLV1mRSRULPSUHFLVmR
FRQFHLWXDORXPHWRGROyJLFDPDVSHODVEDUUDJHQVFXOWXUDLVHSROtWLFDVTXHDSUHVVLRQDPH
GLILFXOWDPDVXDOHJLWLPLGDGH+iXPDGLVWkQFLDLPHQVDHQWUHDYHUGDGHKLVWyULFDTXHFDEHDR
KLVWRULDGRUUHJLVWUDUHDQHFHVVLGDGHHH[LJrQFLDVTXHDVFODVVHVGRPLQDQWHVLPS}HPDRV
KLVWRULDGRUHVRILFLDLVLGHyORJRVGRVYDORUHVLQWHUHVVHVHQHFHVVLGDGHVGRDWXDOWLSRGH
VRFLHGDGH

'XUDQWHDpSRFDGR,PSpULRHVFUDYLVWDTXHYDLGDQRVVD,QGHSHQGrQFLDDWpWHPRVXPD
KLVWRULRJUDILDRUJkQLFDGHVVHPRGRGHSURGXomRRHVFUDYLVPRSURGX]LQGRXPDKLVWyULDTXH
GHIHQGLDHRXMXVWLILFDYDRVSULYLOpJLRVGDFODVVHVHQKRULDODILUPDYDTXHRHVFUDYLVPRHUDXP
PRGRGHSURGXomRHWHUQRLPXWiYHOHGHDFRUGRFRPDVOHLVGLYLQDV$SDUWLUGRVHJXQGR
,PSHUDGRUHVVHVKLVWRULDGRUHVSDVVDPDDXIHULUEHQHVVHVHSULYLOpJLRVGHVVHWLSRGH
VRFLHGDGH(VVDSURGXomRHUDDPXQLomRTXHR,QVWLWXWR+LVWyULFRH*HRJUiILFRGR%UDVLO
GLVWULEXtDFRPRYHUGDGHLQDSHOiYHOVHQGRWRGRVRVVHXVPHPEURVRXSHORVPHQRVRVPDLV
LQIOXHQWHVUHVSDOGDGRVJHQHURVDPHQWHSRU'3HGUR,,
KWWSJUDERLVRUJEUSRUWDOLPSULPLUHYSKS"LGBVHVVDR  LGBSXEOLFDFDR  LGBLQGLFH  
 )XQGDomR0DXUtFLR*UDERLV

3DUDXPDUiSLGDFRPSUHHQVmRGRTXHHVWDPRVDILUPDQGRYHMDPRVRVHJXLQWHTXDGURGR
VWDWXVVRFLDOGRVSULQFLSDLVKLVWRULDGRUHVGDTXHODpSRFD'RPLQJRV*RQoDOYHVGH0DJDOKmHV
HUD9LVFRQGHGH$UDJXDLD0DQXHOGH$UD~MR3RUWR$OHJUHHUDR%DUmRGH6DQWRÆQJHORH
)UDQFLVFR$GROIR9DUQKDJHQRSRQWtILFHGDKLVWRULRJUDILDGDpSRFDHUD9LVFRQGHGH3RUWR
6HJXUR

1mRDSHQDVSHORVWtWXORVGHQREUH]DHVVHVKLVWRULDGRUHVHUDPFKDPDGRVGHRViXOLFRVGD
FRUWHPDVWDPEpPSRUYDQWDJHQVTXHDXIHULDPSDUDSRGHUUHDOL]DUVXDVSHVTXLVDV
SURSRUFLRQDGDVSHORJRYHUQRPRQiUTXLFRHVFUDYLVWD

6HQmRYHMDPRV9DUQKDJHQIRLDGLGRGHSULPHLUDFODVVHGHQRVVDGLSORPDFLDHP/LVERD
QRPHDGRHPGHPDLRGHSRUVXJHVWmRGH9DVFRQFHORVGH'UXPPRQGHLQIOXrQFLDGR
,QVWLWXWR+LVWyULFRH*HRJUiILFR%UDVLOHLURWHQGRGHSRLVYLDMDGRSHOD(XURSDHRXWUDV
UHJL}HVDWUDYpVGHFRPLVV}HVHRXWURVUHFXUVRVGRJRYHUQRLPSHULDO*RQoDOYHV'LDVIRL
LQFXPELGRSHORPHVPRJRYHUQRLPSHULDOHPGHFRSLDUGRFXPHQWRVHPHVWDGRV
EUDVLOHLURVHHPHQFDUUHJDGRGHHVWXGDUDHGXFDomRSULPiULDHVHFXQGiULDQD(XURSD
RQGHSHVTXLVRXHPYiULRVDUTXLYRV-RmR)UDQFLVFR/LVERDHPDVVXPLXD
UHVSRQVDELOLGDGHGHSHVTXLVDURVDUTXLYRVGHGLYHUVRVSDtVHV-RDTXLP&DHWDQRGD6LOYDp
HQFDUUHJDGRGDOHJDomREUDVLOHLUDHP+DLDRQGHIH]SHVTXLVDVHPDUTXLYRVKRODQGHVHV
5DPL]*DOYmRpFRPLVVLRQDGRSHORJRYHUQRLPSHULDOSDUDHVWXGDUDRUJDQL]DomRGDV
ELEOLRWHFDVHXURSpLDV-RVp+LJLQRWDPEpPpHQYLDGRSDUDSHVTXLVDUDUTXLYRVLVWRVHPQRV
UHIHULUPRVDRXWURVFRPR2OLYHLUD/LPDH1RULYDOGH)UHLWDVWRGRVILQDQFLDGRVSHORJRYHUQR
LPSHULDOGHGLYHUVDVPDQHLUDVLQFOXVLYHDWUDYpVGHYHUEDVSDUWLFXODUHVGRSUySULRLPSHUDGRU
TXHDVUHSDVVDYDDR,QVWLWXWR+LVWyULFRH*HRJUiILFR

1XQFDRD[LRPDTXHPWHPRSRGHUGiRVDEHUIRLWmRDMXVWDGRDXPDUHDOLGDGHFRPRQR
%UDVLOLPSHULDOHTXLSDUDQGRVHQRSDUWLFXODUjUHDOLGDGHPRQWDGDSRU)UHGHULFR,,QD
$OHPDQKDH&DWDULQD,,QD5~VVLD2UHLILOyVRIRFRPRHUDFKDPDGRR,PSHUDGRU'3HGUR
,,DWUDYpVGHPHFDQLVPRVDOJXPDVYH]HVVXWLVRXWURVDEHUWDPHQWHLPSRVLWLYRVFRQWURODYDD
LQWHOLJXHQWVLDGDpSRFDHVSHFLDOPHQWHRVKLVWRULDGRUHV(UDXPDYLVmRSROtWLFDQDiUHD
FXOWXUDOTXHGHYHPRVUHFRQKHFHUFRPRPDTXLDYHOLFDPHQWHHILFLHQWHHP'3HGUR,,
6DEHGRUGHTXHRVKLVWRULDGRUHVSODVPDPRHWKRVFXOWXUDOGHXPDQDomRFHQWURXVXD
DWLYLGDGHGHFRQWUROHHGHVHQYROYLPHQWRGHVVDSURGXomRKLVWRULRJUiILFDFRQGLFLRQDQGRDj
LGHRORJLDGR,PSpULRHVFUDYLVWDDWUDYpVGDFRQFHVVmRGHIDFLOLGDGHVDRVVHXVSURGXWRUHV

1RSDUWLFXODURKLVWRULDGRU*HUDOGR0&RHOKRHVFUHYHDFUHGLWRSRGHUVLWXDUGHQWURGHVVD
SHUVSHFWLYDR,QVWLWXWR+LVWyULFRH*HRJUiILFR%UDVLOHLUR,+*%$LQVWLWXLomRHRSDSHOTXH
RFXSRXQDVRFLHGDGHEUDVLOHLUDGRVpFXOR;,;DVVLPFRPRRWLSRGHKLVWyULDTXHHODERURX
RSHURXQRVHQWLGRGHSURGX]LUHUHSURGX]LUXPDIUDomRGDLGHRORJLDGDFODVVHGRPLQDQWH
EUDVLOHLUDHDSDUWLUGRFRQFHLWRGHLGHRORJLDDKLVWyULDLQWHJUDULDXPDIRUPDPDLVDPSODGH
FRPRDFODVVHGRPLQDQWHH[SOLFDYDVXDSRVLomRQRVLVWHPDGHFODVVHV$VVLPRVLQWHOHFWXDLV
TXHVHRUJDQL]DYDPHPWRUQRGR,+*%DWXDQGRHPQtYHOGHVXSHUHVWUXWXUDSURGX]LUDPXP
PRGHORGHKLVWRULRJUDILD±DKLVWyULDRILFLDO±TXHFRQVDJUDYDRVLVWHPDGHGRPLQDomR
H[LVWHQWHQR%UDVLOID]HQGRFRPTXHHVVDSURGXomRLQWHOHFWXDOH[HUFHVVHXPDDomRGH
UHWRUQRVREUHDHVWUXWXUD2,+*%QDFRQGLomRGHDSDUHOKRLGHROyJLFRGR(VWDGR
GHVHQYROYHULDXPDDWLYLGDGHLQWHOHFWXDO±DSURGXomRGDKLVWyULDLQWHJUDGDQDLGHRORJLDGD
FODVVHGRPLQDQWHGRVSURSULHWiULRVUXUDLVGR%UDVLOGRVpFXOR;,;´

$KLVWyULDRILFLDOGHFUHWD&DL[DVFRPRKHUyLH=XPELFRPDQWLKHUyL

3URFODPDGDD5HS~EOLFDHVVHSyOR~QLFRHFHQWUDOL]DGRUGHGRPLQDomRLGHROyJLFDLUiVH
GLYHUVLILFDUPDVGHTXDOTXHUPDQHLUDRVSyORVGHGRPLQDomRGDSURGXomRKLVWRULRJUiILFD
HPERUDKDYHQGRQRYRVHOHPHQWRVTXHLUmRSHUPHDUHVVDGRPLQDomRFRQWLQXDUmRQDVPmRV
KWWSJUDERLVRUJEUSRUWDOLPSULPLUHYSKS"LGBVHVVDR  LGBSXEOLFDFDR  LGBLQGLFH  
 )XQGDomR0DXUtFLR*UDERLV

GR(VWDGRQRIXQGDPHQWDO
2VFDUJRVEXURFUiWLFRVSDVVDPDVHUGLVWULEXtGRVHQWUHR,WDPDUDWLHRXWURVGHSDUWDPHQWRVGR
HVWDPHQWREXURFUiWLFRPDJLVWpULRRXVLQHFXUDVSROtWLFDVRFDVLRQDLV&RPLVWRDSURGXomR
KLVWyULFDVHGLYHUVLILFDFRP-RmR5LEHLUR(XFOLGHVGD&XQKD6tOYLR5RPHURPDVRFDUiWHU
HOLWLVWDFRQWLQXDPHVPRKDYHQGRDOJXPDVYR]HVTXHQmRDFHLWDYDPDFRQGLomRSDVVLYDGH
LQWHOHFWXDLVRUJkQLFRVGRVLVWHPD'DtSRUTXHRMXOJDPHQWRGHYDORUGHTXDVHWRGRVHOHVHP
UHODomRDRVIDWRVHKHUyLVFRQWLQXDUiVHQGRRPHVPRHVWDEHOHFLGRSHORVKLVWRULDGRUHVGR
,PSpULR(VVHVKHUyLV³RILFLDLVFRQWLQXDPVHQGR'XTXHGH&D[LDV'RPLQJRV-RUJH9HOKR
3HGUR,3HGUR,,3ULQFHVD,VDEHO%DUmRGH&RWHJLSH)HLMy%DUmRGR5LR%UDQFRHWDPEpP
'HRGRURGD)RQVHFDHRVGHPDLVSDUWLFLSDQWHVGRJROSHPLOLWDUUHSXEOLFDQR

3RURXWURODGRFRQWLQXDPDVHUDQWLKHUyLV=XPELRVKHUyLVGD5HYROWDGRV$OIDLDWHVQD
%DKLDGH/XtV*RQ]DJDGDV9LUJHQV/XFDV'DQWDV-RmRGH'HXVGR1DVFLPHQWRH
0DQXHO)DXVWLQRGRV6DQWRV/LUDDVVLPFRPRWDPEpPRXWURVKHUyLVSRSXODUHVFRPRIUHL
&DQHFD(OHVEmR'DQGDUi/XtV6DQLP3DFtILFR/LFXWmHRVGHPDLVOtGHUHVGRPRYLPHQWR
LQVXUUHFLRQDOGHHP6DOYDGRUDOpPGH%RUJHVGD)RQVHFD3HGUR,YR3DGUH5RPD
3UHWR&RVPH3DGUH0LJXHOLQKR6yURU-RDQD$QJpOLFDHWRGRVDTXHOHVTXHFRQVWLWXHPR
JUDQGHSDLQHOGHKHUyLVVHPPRQXPHQWRVPDVTXHGHVDUWLFXODUDPDVHVWUXWXUDVGHSRGHUHP
YiULRVPRPHQWRVGDQRVVDKLVWyULD(OHVQmRVmRFRQVLGHUDGRVKHUyLVSRUTXHRVHXKHURtVPR
SDVVDSHODiVSHUDHVWUDGDGRVGHUURWDGRV

$QRVVDKLVWyULDRILFLDOVHOHFLRQDFRPRKHUyLVRVYHQFHGRUHVHQmRDTXHOHVTXHIRUDP
GHUURWDGRVQRVGLYHUVRVPRPHQWRVGHUHEHOLmRUHEHOGLDRXSURMHWRGHPXGDQoDVRFLDO'DtD
KLVWyULDVHUIHLWDDWUDYpVGHXPSURFHVVRVHOHWLYRQRTXDODVFODVVHVGRPLQDQWHVHVWDEHOHFHUDP
RFULWpULRGHTXHPpKHUyLRXDQWLKHUyL&RPLVWRRVSURGXWRUHVGHVVDKLVWRULRJUDILDID]HP
QDWHUXPDYLVmRHOLWLVWDHPDUFLDOGRQRVVRGHVHQYROYLPHQWR

2FRQFHLWRGH3iWULDVHWRUQDXPDILFomRPDQLSXODGDSHORVSRGHURVRV

2FRQFHLWRGH3iWULDpSRULVWRPDQLSXODGRFRQVWDQWHPHQWHSRUHVVHVSURGXWRUHVGDKLVWyULD
0DVSDUDHOHVGHIHQGHUD3iWULDpGHIHQGHURVWDWXVTXRHPWRGDDVXDSOHQLWXGHHDWUDYpVGH
WRGRVRVPHLRV'HIHQGHUD3iWULDpKLVWRULFDPHQWHHVPDJDUD5HS~EOLFDGH3DOPDUHVp
HVPDJDUD5HS~EOLFD3HUQDPEXFDQDGHD,QFRQILGrQFLD%DLDQDD6DELQDGDD
&DEDQDJHPD%DODLDGD&DQXGRVH&RQWHVWDGRRV0XNHUVDVUHYROWDVHVFUDYDVD
5HYROXomR3UDLHLUDRPRYLPHQWRGD$OLDQoD1DFLRQDO/LEHUWDGRUDHRVJXHUULOKHLURVGR
$UDJXDLD

(VWHFRQFHLWRGH3iWULDpSRUWDQWRDEVWUDWRHQmRVHFRQFUHWL]DHPXPDYLVmRSROtWLFDQDV
FDPDGDVSRSXODUHVTXHRGHVFRQKHFHP(PXPSURJUDPDQD79&XOWXUDGH6mR3DXORGR
TXDOSDUWLFLSDPRVRUHSyUWHUGHUXDSHUJXQWRXDXPDFULDQoDRTXHHUD3iWULD(OD
UHVSRQGHX±DSDUDGDGRGLDRVVROGDGRVPDUFKDQGR

2UDGHIDWRSDUDXPDFULDQoDGR%UDVLOFDUHQWHGHHGXFDomRDOLPHQWDomRIDPtOLDHVWiYHO
EHPHVWDUHOD]HUD3iWULDVRPHQWHVHPDWHULDOL]DQRGLDGHVHWHPEURDWUDYpVGHXPD
GHPRQVWUDomRGHIRUoDPLOLWDU3RUTXHHODLQH[LVWHQmRVHPDWHULDOL]DQmRVHFRUSRUDOL]DHVH
PDQLIHVWDSDUDRFLGDGmRHPTXDOTXHURXWURQtYHOeDSHQDVXPDILFomRSRLVRVVHXV
LQGLFDGRUHVFRQFUHWRVVmRFRQFHGLGRVDRVSULYLOHJLDGRVILFDQGRSDUDRVSREUHVDSHQDVXPD
SiWULDVLPEyOLFD

3DUDPDQWHUHVVHFRQFHLWRPDUFLDOGHSiWULDDVFODVVHVGRPLQDQWHVHRVJUXSRVPLOLWDUHV
FRPRHVWDPHQWRVGHVXVWHQWDomRSROtWLFDFULDPiUHDVSURLELGDVGDKLVWyULDFRPOLPLWDo}HV
IURQWHLUDVHVDQo}HVSDUDTXHPDVWUDQVJUHGLU

+iVXEUHSWLFLDPHQWHXPDLQVWLWXFLRQDOL]DomRGDKLVWyULD$SURGXomRGRVKLVWRULDGRUHV
KWWSJUDERLVRUJEUSRUWDOLPSULPLUHYSKS"LGBVHVVDR  LGBSXEOLFDFDR  LGBLQGLFH  
 )XQGDomR0DXUtFLR*UDERLV

GHYHVHUFRQGLFLRQDGDDGLYHUVRVSDGU}HVGHMXOJDPHQWRSDUDVHUDSURYDGD1mRYDPRVQRV
HVWHQGHUDTXLFRPRHVVDSURGXomRpSUHFRQFHLWXRVDHPUHODomRDRVKHUyLVGDWUDQVIRUPDomR
jVPXOKHUHVDRVQHJURVHDRXWUDVFDPDGDVHVHJPHQWRVRXPLQRULDVGDQRVVDVRFLHGDGH
9iULRVWUDEDOKRVMiIRUDPIHLWRVQHVVHVHQWLGRHQmRpHVWHRPRPHQWRSDUDXPDDQiOLVH
H[DXVWLYDGRVPHVPRV2FHUWRpTXHDTXHOHVTXHREHGHFHPDRJUDQGHSURMHWRLQVWLWXFLRQDO
FRQVHJXHPFLUFXODUHQTXDQWRRXWURVTXHWrPDFRUDJHPGHWUDQVSRUDIURQWHLUDGRSURLELGR
VRIUHPDVVDQo}HVGRVFRQWURODGRUHVGRVDEHUKLVWyULFRQR%UDVLO

2VDVVXQWRVSURLELGRVPDLVUHFHQWHVRXDUHYLVmRUDGLFDOSRUSDUWHGRVKLVWRULDGRUHVGRV
KHUyLVGRSDVVDGRHDSDUWLFLSDomRGDSOHEHFRPRDJHQWHGLQkPLFRQRSURFHVVRGHPXGDQoD
HVWUXWXUDOVmRVLVWHPDWLFDPHQWHFRQJHODGRVSHORVGHWHQWRUHVGRSRGHUVDEHUQR%UDVLO

([HPSORVD*XHUUDGR3DUDJXDLDDWXDomRGH&D[LDVQDPHVPD2XWURVH[HPSORVSRGHULDP
VHUDFUHVFHQWDGRVPDVHPXPSHTXHQRDUWLJRHVWHVVmRVXILFLHQWHV4XDQGRRVIDWRVVmRPDLV
SUy[LPRVHVVHFRPSOH[RGHHOHPHQWRVLQLELGRUHVILFDPDLVDWXDQWHHIDWRVFRPRR
PRYLPHQWRFRQVWLWXFLRQDOLVWDHP6mR3DXORGHDFKDPDGDLQWHQWRQDFRPXQLVWDGH
DILUPDo}HVGHWpFQLFRVHVWUDQJHLURVGHTXHQR%UDVLOQmRKDYLDSHWUyOHRHRXWURV
WDPEpPVLJQLILFDWLYRVVmRHVTXHFLGRVRXQHJDGRVSHORVKLVWRULDGRUHVRILFLDLV

([HPSORVGRSRGHUHPOXWDFRQVWDQWHFRQWUDRVDEHUHD+LVWyULDYHUtGLFD

1RSDUWLFXODUTXHUHPRVQRVUHSRUWDUDDOJXQVIDWRVUHODFLRQDGRVFRPDXWRUHVTXHHVFUHYHUDP
IRUDGDELWRODRILFLDOVREUHDOJXQVSUREOHPDVTXHGHYLDPVHUVLOHQFLDGRV8PGHOHVpD
UHYROWDGRVPDULQKHLURVOLGHUDGRVSRU-RmR&kQGLGRHP&RPRVHVDEHHVVHV
PDULQKHLURVOXWDYDPFRQWUDDVFRQGLo}HVLQtTXDVLPSRVWDVDHOHVQDVXDHVPDJDGRUDPDLRULD
FRPSRVWDGHQHJURVOXWDYDPFRQWUDRVFDVWLJRVFRUSRUDLVSRULQGLVFLSOLQDLVWRpVHUHP
FKLEDWHDGRVFRPRQRVWHPSRVGDHVFUDYLGmR1mRYDPRVQDUUDUDTXLDHSRSpLDGHVVHV
PDULQKHLURVPDVDVFRQVHTXrQFLDVSDUDDTXHOHVTXHHVFUHYHUDPVREUHRIDWRQmRDRODGRGD
0DULQKDPDVGRVPDULQKHLURV

9DPRVQRVUHIHULUDWUrVH[HPSORVGRVTXHVHDUULVFDUDPDHVFUHYHUVREUHD5HYROWDGD
&KLEDWD(GPDU0RUHOQDGpFDGDGHSXEOLFRXXPOLYURGRFXPHQWiULRPRVWUDQGRR
FyGLJRGLVFLSOLQDUGHVXPDQRGD0DULQKDGDQGRUD]mRDRVPDUXMRVTXHFRQWUDHOHVH
LQVXUJLUDP2OLYURDOFDQoRXUHSHUFXVVmRLQWHUQDFLRQDOHRDXWRUWHYHRVVHXVGLUHLWRVFLYLV
FDVVDGRVFRPRJROSHPLOLWDUGH

2XWURTXHWHQWRXHVFUHYHUVREUHRPHVPRDVVXQWRIRL$SDUtFLR7RUHOOL%DUmRGH,WDUDUp
SROtWLFRHKXPRULVWDTXHGLULJLDQR5LRGH-DQHLURRMRUQDO$0DQKD2VHXDUWLJRIRL
FRQVLGHUDGRRIHQVLYRjKRQUDGD0DULQKDHDOJXQVGRVVHXVPHPEURVRVHTXHVWUDUDPHR
HVSDQFDUDPEDUEDUDPHQWHVHPTXHKRXYHVVHQHQKXPDSXQLomRSDUDRVFULPLQRVRV1RGLD
VHJXLQWHDRVHTXHVWURHVSDQFDPHQWR$SDUtFLR7RUHOOLDIL[RXXPFDUWD]QRODGRH[WHULRUGD
SRUWDGRVHXHVFULWyULRRQGHVHOLD(QWUHVHPEDWHU

)LQDOPHQWHWHPRVRFDVRGRSRHWDIUDQFrV%HQMDPLQ3HUHW&KHJDQGRDR%UDVLOHQWXVLDVPRX
VHFRPRHSLVyGLRGDUHYROWDGD$UPDGDOLGHUDGDSHORPDULQKHLUR-RmR&kQGLGR(P
FRQVHTXrQFLDOHYRXWHPSRVSHVTXLVDQGRVREUHRDVVXQWRHHVFUHYHXXPOLYURQDUUDQGR
ILHOPHQWHRVDFRQWHFLPHQWRV)RLREDVWDQWHSDUDTXHHOHPHQWRVGD0DULQKDLQYDGLVVHPD
WLSRJUDILDRQGHROLYURHVWDYDVHQGRLPSUHVVRGHVWUXtVVHPRVRULJLQDLVHDFRPSRVLomRHHP
VHJXLGDSUHQGHVVHPRVHXDXWRU3HUHWILFRXHQFDUFHUDGRDWpTXHDLQWHOHFWXDOLGDGHEUDVLOHLUD
SURFXURXLQWHUFHGHUSRUHOHMXQWRDRJRYHUQRGH-XVFHOLQR0HVPRDVVLPIRLH[SXOVRGRSDtV
FRPRVXEYHUVLYRHDJLWDGRU

3RURXWURODGRQDGpFDGDGHRVKLVWRULDGRUHV-RHO5XILQRGRV6DQWRV0DXUtFLR0DUWLQV
GH0HOOR1pOVRQ:HUQHFN6RGUp3HGURGH$OFkQWDUD)LJXHLUD3HGUR&8FKRD&DYDOFDQWL
KWWSJUDERLVRUJEUSRUWDOLPSULPLUHYSKS"LGBVHVVDR  LGBSXEOLFDFDR  LGBLQGLFH  
 )XQGDomR0DXUtFLR*UDERLV

1HWRH5XEHP&HVDU)HUQDQGHVHODERUDUDPHH[HFXWDUDPRSURMHWR+LVWyULD1RYDGR%UDVLO
1mRHUDVHTXHUXPDREUDPDU[LVWDPDVSURFXUDYDLQYHUWHUFHUWRVMXOJDPHQWRVDOLHQDGRVGD
KLVWyULDPDUFLDOGRSRGHU&RPRJROSHPLOLWDUGHQmRVyDREUDIRLUHFROKLGDFRPRRV
VHXVDXWRUHVSUHVRVSRLVWRGRVHOHVHUDPVXEYHUVLYRVQRSHQVDPHQWRGRVPLOLFRVTXH
FRPSXQKDPR,30HQFDUUHJDGRGRSURFHVVR(FRPRVXEYHUVLYRVIRUDPMXOJDGRVeULGtFXOR
RHSLVyGLRVHQmRIRVVHWDPEpPXPDYLROrQFLDDRGLUHLWRGHD,QWHOLJrQFLDFULDUHLQIRUPDU

1DVFLUFXQVWkQFLDVSROtWLFRLQVWLWXFLRQDLVGR%UDVLOID]HURXPHOKRUUHID]HUDKLVWyULD
LPSOLFDWDPEpPXPDWRGHFRUDJHP3RUH[HPSORD+LVWyULD0LOLWDUGR%UDVLOGH1HOVRQ
:HUQHFN6RGUpIRLUHFROKLGDSRUTXHUHJLVWUDYDIDWRVTXHDQRVVDKLVWyULDPDUFLDOQmR
SHUPLWH7DQWRHVVHOLYURFRPRD+LVWyULD1RYDGR%UDVLOHVWmRLQWHUGLWDGRVSDUDWRGRR
WHUULWyULRQDFLRQDO

+iFRPRYHPRVXPDLQVWLWXLomRLQYLVtYHOTXHFHQVXUDFDVWUDUHSULPHRXLQLEHDSXEOLFDomR
GHOLYURVRXDUWLJRVTXHSURFXUDPUHSRUHPSULPHLURSODQRDDomRGRVRSULPLGRVFRPR
DJHQWHVGLQkPLFRVGRSURFHVVRVRFLDO

([HPSORGLVWRIRLDVDQomRVRIULGDGDSDUWHGDVHOLWHVPLOLWDUHVSHORFURQLVWD/RXUHQoR
'LDIpULDSRUKDYHUHVFULWRXPDFU{QLFDOHYHPHQWHLU{QLFDHPUHODomRjHVWiWXDGR'XTXHGH
&D[LDVH[LVWHQWHHP6mR3DXOR)RLFRQGHQDGRjSULVmRVHPTXHRGLUHLWRjOLEHUGDGHGH
LPSUHQVDHGHH[SUHVVmRSXGHVVHGHIHQGrORGDWUXFXOrQFLDSROtWLFRPLOLWDU

7XGRLVWRPRVWUD±GHIRUPDPXLWRVLQWpWLFDPDVDRTXHQRVSDUHFHFRQYLQFHQWH±TXHID]HU
KLVWyULDHSRUH[WHQVmRFLrQFLDVVRFLDLVIRUDGRVTXDGURVLQVWLWXFLRQDLVHGDYLVmRPDUFLDOGR
SRGHUpXPDWRGHFRUDJHPWDPEpP

&OyYLV0RXUDpVRFLyORJRHHVFULWRU3URIHVVRUH[DPLQDGRUGHSyVJUDGXDomRGD
8QLYHUVLGDGHGH6mR3DXOR$XWRUGHYiULRVOLYURVGHVWDFDQGRVH$VRFLRORJLDSRVWDHP
TXHVWmR6RFLRORJLDGHOD3UD[LV,QWURGXomRDRSHQVDPHQWRGH(XFOLGHVGD&XQKDH$V
LQMXVWLoDVGH&OLR

1RWD
&2(/+2*HUDOGR0+LVWyULDHLGHRORJLDR,+*%HD5HS~EOLFD8QLYHUVLGDGH)HGHUDO
GR3DUiS

(',d­2129(0%523È*,1$6

KWWSJUDERLVRUJEUSRUWDOLPSULPLUHYSKS"LGBVHVVDR  LGBSXEOLFDFDR  LGBLQGLFH