,,&LFOR)RUPDWLYR1(0

8QLGDGH&XUULFXODU±žDQR±,6HPHVWUH

)JTU±SJBT
FN
2VBESJOIPT
F
$JFOUJSJOIBT

%)&')4'2'641.+0#
2IDVFtQLRGDVKLVWyULDVHPTXDGULQKRVPXOWLOHWUDPHQWRHPXOWLVVHPLRVH

2
"
VOJEBEF
DVSSJDVMBS
QSPQ³F

 WUDEDOKDUFRPRVHVWXGDQWHVDVP~OWLSODVOLQJXDJHQVH
RV PXOWLOHWUDPHQWRV GHIHQGLGRV SHORV GRFXPHQWRV RILFLDLV 
%1&& H &XUUtFXOR GH 3HUQDPEXFR FRP R LQWXLWR GH DPSOLDU D
FDSDFLGDGH GRV HVWXGDQWHV GH LQYHVWLJDU D UHDOLGDGH
FRPSUHHQGHU YDORUL]DU H DSOLFDU R FRQKHFLPHQWR
VLVWHPDWL]DGRPDVWDPEpP³XWLOL]DUHVVHVFRQKHFLPHQWRVH
KDELOLGDGHVHPSURFHVVRVGHFULDomRHSURGXomRYROWDGRVj
H[SUHVVmR FULDWLYD HRX j FRQVWUXomR GH VROXo}HV
LQRYDGRUDV SDUD SUREOHPDV LGHQWLILFDGRV QD VRFLHGDGH´
'&(,)
0CKFUJWPT
EB
6$

5HFRQKHFHURJrQHUR+4HQTXDQWRSURFHVVRFULDWLYRGHIUXLomRH
UHIOH[mRFUtWLFD

 ,QYHVWLJDU RV HIHLWRV GH VHQWLGR UHSUHVHQWDGRV SRU LPDJHQV

HVWiWLFDVHHPPRYLPHQWR

 3URGX]LU +4V HP IRUPDWRV GLYHUVRV 0DQJi WLUD )DQ]LQH

UHYLVWDHPTXDGULQKRVQRYHODVJUiILFDV:HEFRPLFVHQWUHRXWURV
SRUPHLRGHUHFXUVRVPXOWLVVHPLyWLFRV
$POUFYUVBMJ[B¥¡P

$POUFYUVBMJ[B¥¡P

KWWSVUHSRVLWRULRXIUQEUELWVWUHDP$V0&$'GLDV6HJXQGR0DIDOGD&$%5HYLVWD8QLYHUVLW&$ULDGR$XGLRYLVXDOSGI

$SUHVHQWDomRGRVSHUVRQDJHQVFRQWH[WXDOL]DomRKLVWyULFDDQiOLVHGDVLPDJHQVUHFXUVRVOLQJXtVWLFRV
$POUFYUVBMJ[B¥¡P

-kIgIZ hI IhdgIOkQF<g kZ

d]kE]‹
1JMBSFT
EB
VOJEBEF
DVSSJDVMBS
0
RVF
FV
KŸ
TFJ
TPCSF
BT
)2T

&XPSULPHQWRGH'LUHLWRVHGHYHUHV
OHJDOPHQWHHVWDEHOHFLGRV
(VWUXWXUDFRPSRVLFLRQDOGRVTXDGULQKRV
$*&/5*3*/)"4

&RQWH~GRGHGLYXOJDomRFLHQWtILFDHP+4

/XFLDQR4XHLUR]
&LHQWLVWDELyORJRHGRXWRUDGRHP0LFURELRORJLD
SHOD8QLYHUVLGDGHGH6mR3DXOR863
3RUWDOGRV'UDJ}HVGD*DUDJHP
KWWSGUDJRHVGHJDUDJHPFRP

0DUFR0HUOLQSXEOLFLWiULRHFDUWXQLVWD
(GLWRUGRVLWH4XDGULQKRUDPD
KWWSVZZZTXDGULQKRUDPDFRPEU

3DUFHULDPXOWLGLVFLSOLQDU
&MFNFOUPT
FTUSVUVSBJT

6mRUHFXUVRV
JUiILFRVTXHWRUQDP 6LQDOL]DPDROHLWRUDRUGHP
VRQVHIDODVYLVtYHLV GHOHLWXUDHDSDVVDJHPGR
WHPSR
&MFNFOUPT
FTUSVUVSBJT

POPNBUPQFJB

8VDGD SDUD UHSUHVHQWDU VRQV

GLYHUVRV FRPR GD QDWXUH]D GH
REMHWRV GH SHVVRDV  7DLV FRPR
UXtGRV JULWRV FDQWRV GH SiVVDURV
VRQV GH DQLPDLV EDUXOKR GH
PiTXLQDV WLPEUH GH YR] KXPDQD
HQWUHRXWURV

KWWSVZZZWRGDPDWHULDFRPEURQRPDWRSHLD
&MFNFOUPT
FTUSVUVSBJT

KWWSVZZZUHGGLWFRPU+8(VWDWLRQFRPPHQWVMXZS\UWLWXORBIRLBFRPHUBSL]]D
&MFNFOUPT
FTUSVUVSBJT

/DSVRVGHWHPSR

(P TXDO WLULQKD Ki XP ODSVR

WHPSRUDO"

(PTXDOYLQKHWD"

KWWSVFLHQFLDQDUXDQHWTXDGULQKRV KWWSVFLHQFLDQDUXDQHWTXDGULQKRV
&MFNFOUPT
FTUSVUVSBJT

0HWiIRUDVYLVXDLV

³2FRUUrQFLD  GH  XPD  LPDJHP  TXH

VH  DVVRFLD  D  RXWUR FRQFHLWR
GLIHUHQWH GR VHX VLJQLILFDGR RULJLQDO
SDUD TXH RFRUUD D SURGXomR GR
VHQWLGR SUHWHQGLGR´ 5,26
.$5/2*20(6
'LVSRQtYHO HP
KWWSVUHYLVWDVDQFKLHWDEULQGH[SKS
5HYLVWD,QWHUVHFFRHVDUWLFOHYLHZ

KWWSVZZZHVWXGDYHVWFRPEUTXHVWRHV"LG 
"T
UJSBT

6HJXQGR5DPRVTXDGULQKRVJR]DPGHXPDOLQJXDJHPDXW{QRPD

‡ OLQJXDJHP SHUPHDGD GH UHFXUVRV

VHPLyWLFRVSUySULRV
‡ ‡  LPDJHQV GHVHQKDGDV RX IRWRJUDILDV
SDUDFRPSRUDVKLVWyULDVGDVSHUVRQDJHQV
 ‡ UHFXUVRV H[SUHVVLYRV UHSUHVHQWDGRUHV
GR GLiORJR H GR SHQVDPHQWR LQWLWXODGRV
EDO}HV

KWWSVFLHQFLDQDUXDQHWTXDGULQKRV
2VFN
§
RVFN

KWWSVEUDLQO\FRPEUWDUHID
‡$FKDUJHVHJXQGR5RPXDOGRDSUHVHQWD
DERUGDJHQV GH IDWRV RX WHPDV OLJDGRV DR
QRWLFLiULR FRUUHVSRQGHQGR D XPD UHFULDomR GR
IDWR GH IRUPD ILFFLRQDO HVWDEHOHFHQGR FRP D
QRWtFLDXPDUHODomRLQWHUWH[WXDOHYDOHQGRVHGR
KXPRU SDUD D SURGXomR GH FUtWLFDV GH
SHUVRQDJHQV S~EOLFRV JHUDOPHQWH FDULFDWXUDGRV
SROtWLFRVSRUH[HPSOR
‡ 2 FDUWXP FXMD GLIHUHQoD EiVLFD HP
FRPSDUDomRjFKDUJHVHJXQGRLGHLDGHSUHHQGLGD
GH 5DPRV  S  p VXD FDUDFWHUL]DomR
GHVYLQFXODUVHGHIDWRVGRQRWLFLiULRHSHUPLWLU
LQWHQVD FRQGHQVDomR GDV LQIRUPDo}HV H GDV
Do}HVHPXPTXDGURDSHQDVH

KWWSZZZOHPVHHGSUJRYEUPRGXOHVJDOHULDGHWDOKHSKS"IRWR  HYHQWR 

.BOHŸ

+LVWyULDVHPTXDGULQKRVMDSRQHVDV

&DUDFWHUtVWLFDV PDUFDQWHV IRUPD GH

OHLWXUD SXEOLFDomR GLDJUDPDomR H
WUDoRV QRV GHVHQKRV GRV
SHUVRQDJHQV

$QLPHVHPDQLPDomR

$OJXQV GHOHV VmR 2QH 3LHFH 'UDJRQ

KWWSVRYLFLRFRPEUDVUHIHUHQFLDVGHGUDJRQEDOOHPQDUXWR
%DOO H 1DUXWR IDPRVRV WDPEpP QR
%UDVLO
.BOHŸ
F
TVBT
DBSBDUFS«TUJDBT

‫[(ם‬SUHVV}HVIDFLDLVH[DJHUDGDVROKRVJUDQGHVH
H[SUHVVLYRV
‫(ם‬OHPHQWRV PHWDOLQJXtVWLFRV FRPR OLQKDV GH
YHORFLGDGHHQWUHRXWUDV
‫ם‬$SXEOLFDomRpIHLWDHPUHYLVWDVSHULyGLFDVSRU
FDStWXORVSRGHQGRWHUPDLVGHSiJLQDV
‫ ם‬3UHWR H EUDQFR QRV PDQJiV 4XDQGR XP
TXDGULQKRWLYHUIXQGRSUHWRHOHJHUDOPHQWHLQGLFD
TXH RV HYHQWRV FRQWLGRV QDTXHOH HVSDoR
DFRQWHFHUDP HP DOJXP PRPHQWR DQWHULRU j
KLVWyULDTXHHVWiVHSDVVDQGRQRPDQJi

KWWSVEUDVLOHVFRODXROFRPEUDUWHVRTXHHPDQJDKWP
7BNPT
DPNQPS
VN
GJMNF
4JM¨ODJP
(SBWBOEPǫ
QSPQPTUB
EF
DJOFNB
OB
FTDPMB

KWWSVHQVLQDUKRMHFRPSURGXFDRGHWH[WRKLVWRULD
HPTXDGULQKRVFKLFREHQWR
KWWSSHGULQKRVFEORJVSRWFRPKLVWRULDHPTXDGULQKRVKWPO
 0'*$*/"

&JYP
*OWFTUJHB¥¡P
DJFOU«GJDB

*OWFTUJHB¥¡P
$JFOU«GJDB

4PDJBMJ[B¥¡P
0'*$*/"

&JYP
1SPDFTTPT
$SJBUJWPT

"VUPBWBMJB¥¡P