'XDVYDULDQWHVGDUHSUHVHQWDomRGRUHDOQDFXOWXUDPLGLiWLFD

'XDVYDULDQWHVGD
UHSUHVHQWDomRGRUHDOQD
FXOWXUDPLGLiWLFD
RH[RUELWDQWH%LJ%URWKHU
%UDVLOHRFLUFXQVSHWR
(GLItFLR0DVWHU
)HUQDQGR$QGDFKW 

2DUWLJRWHPSRUREMHWLYRGHVFUHYHUXPIHQ{PHQRPDUFDQWHQDFXOWXUDPLGLiWLFD
DWXDODUHSUHVHQWDomRGRUHDOQDWHOHYLVmRHQRFLQHPD$WUDYpVGDFRPSDUDomR
HQWUHGRLVJrQHURVDXGLRYLVXDLVTXHVHRFXSDPGRUHDOQDPtGLDQRGRFXPHQWiULR
(GLItFLR0DVWHUGH(GXDUGR&RXWLQKRHQRSURJUDPDWHOHYLVLYR%LJ%URWKHU%UD
VLOSURFXUDVHFRPSUHHQGHUTXDOpDVLJQL¿FDomRFXOWXUDOGHVWDVPDQLIHVWDo}HV
HVWpWLFDVWmRGLIHUHQWHVTXHFRPSDUWLOKDPSRUpPGRXVRKHJHP{QLFRGHVLJQRV
LQGLFLDLVFRPRVXDHVWUDWpJLDHVSHFt¿FD6HPPLQLPL]DUDVQRWyULDVGLIHUHQoDV
HVWpWLFDVHpWLFDVHQWUHRUHDOLW\VKRZGDPXOWLQDFLRQDO(QGHPROHRHORJLDGR¿OPH
EUDVLOHLURRDUWLJRFRQVLGHUDXPDWHQGrQFLDFHQWUDOQDDWXDOFXOWXUDGDVPtGLDV
TXDOVHMDRGHVHQYROYLPHQWRWHFQROyJLFRHDUWtVWLFRGHXPDLOXVyULDLQWLPLGDGHD
GLVWkQFLDFRPRIRUPDGHUHÀHWLUVREUHDLGHQWLGDGH2IXQFLRQDPHQWRGRUHDOLW\
VKRZSURFXUDH[RUELWDUDQRUPDOLGDGHGRVSDUWLFLSDQWHVQXPOXJDUDQ{PDOR
RGRFXPHQWiULRHQWUHWDQWRWHQWDRIHUHFHUXPDYLVmRFLUFXQVSHFWDHPRUDOGR
PXQGRFRWLGLDQROiRQGHDYLGDDFRQWHFH
5HSUHVHQWDomRGRUHDOUHDOLW\VKRZGRFXPHQWiULRtQGLFHV

3URIHVVRUGR3URJUDPDGH3yV*UDGXDomRHP&RPXQLFDomRH,QIRUPDomR8QLYHUVLGDGH
)HGHUDOGR5LR*UDQGHGR6XO 8)5*6 3RUWR$OHJUH DQGDFKW#VXSHULJFRPEU

&RQWHPSRUDQHD9RO‡QR‡S‡MDQHLURMXQKR 
 )HUQDQGR$QGDFKW

7KHWH[WDLPVDWGHVFULELQJDUHPDUNDEOHSKHQRPHQRQLQRXUSUHVHQWGD\PHGLD
FXOWXUHWKHUHSUHVHQWDWLRQRIWKHUHDOLQWHOHYLVLRQDQGFLQHPD7KURXJKWKH
FRPSDULVRQ EHWZHHQ WZR DXGLRYLVXDO JHQUHV ZKLFK GHDO ZLWK WKH UHDO LQ WKH
PHGLD WKH (GLItFLR 0DVWHU GRFXPHQWDU\ GLUHFWHG E\ (GXDUGR &RXWLQKR DQG
WKH%LJ%URWKHU%UDVLOWHOHYLVLRQSURJUDPWKHDLPLVWRXQGHUVWDQGWKHFXOWXUDO
VLJQL¿FDWLRQ RI WZR YHU\ GLIIHUHQW HVWKHWLF SURGXFWV WKDW QHYHUWKHOHVV VKDUH
WKHGRPLQDQWXVHRILQGH[LFDOVLJQVDVWKHLUVSHFL¿FVWUDWHJ\:LWKRXWWU\LQJ
WRPLQLPL]HWKHREYLRXVHVWKHWLFDQGHWKLFGLIIHUHQFHVWKDWH[LVWEHWZHHQWKH
UHDOLW\VKRZRIWKHPXOWLQDWLRQDOFRPSDQ\(QGHPRODQGWKHKLJKO\DFFODLPHG
%UD]LOLDQ¿OPWKHDUWLFOHFRQVLGHUVDIXQGDPHQWDOWHQGHQF\LQSUHVHQWGD\PHGLD
FXOWXUHQDPHO\WKHWHFKQRORJLFDODQGDUWLVWLFSURGXFWLRQRIDQLOOXVRU\LQWLPDF\
DWDGLVWDQFHDVDZD\RIUHÀHFWLQJRQLGHQWLW\7KHIXQFWLRQLQJRIWKHUHDOLW\
VKRZDLPVDWZUHQFKLQJRXWRILWVRUELWWKHQRUPDOLW\RILWVSDUWLFLSDQWVZKR
PXVWGZHOOLQDQDEQRUPDOSODFHWKHGRFXPHQWDU\RQWKHRWKHUKDQGDLPV
DWRIIHULQJDFLUFXPVSHFWDQGPRUDOYLVLRQRIRXUHYHU\GD\ZRUOGWKHUHZKHUH
OLIHWDNHVSODFH
5HSUHVHQWDWLRQRIWKHUHDOUHDOLW\VKRZGRFXPHQWDU\LQGH[HV

/HEXWGHFHWDUWLFOHF¶HVWGHIDLUHODGHVFULSWLRQG¶XQSKHQRPqQHWRXWIUDSSDQW
GHQRWUHDFWXHOOHFXOWXUHPpGLDWLTXHODUHSUpVHQWDWLRQGXUpHOjODWHOHYLVLRQ
HW DX FLQpPD ¬ WUDYHUV OD FRPSDUDLVRQ HQWUH GHX[ JHQUHV DXGLRYLVXHOV TXL
V¶RFFXSHQW GX UpHO DX[ PpGLD OH GRFXPHQWDLUH (GLItFLR 0DVWHU GH (GXDUGR
&RXWLQKRHWOHSURJUDPPHWpOpYLVXHO%LJ%URWKHU%UDVLORQHVVDLHGHFRPSUHQ
GUHODVLJQL¿FDWLRQFXOWXUHOOHGHFHVSURGXFWLRQVHVWKpWLTXHVVLGLIIHUHQWHVTXL
FHSHQGDQWSDUWDJHQWO¶XWLOLVDWLRQKpJpPRQLTXHGHVLJQHVLQGLFLHOVFRPPHOHXU
VWUDWpJLHVSpFL¿TXH6DQVWHQWHUPLQLPLVHUOHVpYLGHQWHVGLIIHUHQFHVHVWKpWLTXHV
HWpWKLTXHVHQWUHOHUHDOLW\VKRZGHO¶HQWHUSULVHPXOWLQDWLRQDO(QGHPROHWOH
WUqVDSSUHFLp¿OPEUpVLOLHQOHWH[WHDERUGHXQHWHQGHQFHIRQGDPHQWDOHGDQV
ODSUHVHQWHFXOWXUHGHVPpGLDVODSURGXFWLRQWHFKQRORJLTXHHWDUWLVWLTXHG¶
XQHLOOXVRLUHLQWLPLWpjGLVWDQFHFRPPHXQHIRUPHGHUHÀHFKLUVXUO¶LGHQWLWp
/HIRQFWLRQQHPHQWGXUHDOLW\VKRZSURFXUHGpIRUPHUDXPD[LPXPODQRUPD
OLWpGHVSDUWLFLSDQWVTXLGRLYHQWKDELWHUGDQVXQHQGURLWDQRUPDOHWSRXWDQW
OH GRFXPHQWDLUH HVVDLH G¶RIIULU XQH YLVLRQ FLUFRQVSHFWH HW PRUDO GX PRQGH
TXRWLGLHQOjRXODYLHVHSDVVH
5HSUHVHQWDWLRQGXUHHOUHDOLW\VKRZGRFXPHQWDLUHLQGLFHV

(ODUWtFXORWLHQHFRPRREMHWLYRGHVFULELUXQIHQyPHQRQRWRULRHQODDFWXDOFXO
WXUDPHGLiWLFDODUHSUHVHQWDFLyQGHORUHDOHQODWHOHYLVLyQ\HOFLQH$WUDYpV
GHODFRPSDUDFLyQHQWUHGRVJpQHURVDXGLRYLVXDOHVTXHVHRFXSDQGHORUHDO
HQORVPHGLRVPDVLYRVGHOGRFXPHQWDO(GLItFLR0DVWHUGH(GXDUGR&RXWLQKR\
GHOSURJUDPDWHOHYLVLYR%LJ%URWKHU%UDVLOVHLQWHQWDUiFRPSUHQGHUFXiOHVOD
VLJQL¿FDFLyQFXOWXUDOGHHVWDVPDQLIHVWDFLRQHVHVWpWLFDVWDQGLIHUHQWHVTXHVLQ
HPEDUJRFRPSDUWHQHOXVRGRPLQDQWHGHVLJQRVLQGLFLDOHVFRPRVXHVWUDWHJLD

&RQWHPSRUDQHD‡5HYLVWDGH&RPXQLFDomRH&XOWXUD-RXUQDORI&RPPXQLFDWLRQDQG&XOWXUH 
 'XDVYDULDQWHVGDUHSUHVHQWDomRGRUHDOQDFXOWXUDPLGLiWLFD

HVSHFt¿FD6LQSUHWHQGHUPLQLPL]DUODVQRWRULDVGLIHUHQFLDVHVWpWLFDV\pWLFDV
HQWUHHOUHDOLW\VKRZGHODHPSUHVDPXOWLQDFLRQDO(QGHPRO\HOHORJLDGR¿OP
EUDVLOHxRHODUWtFXORFRQVLGHUDXQDWHQGHQFLDIXQGDPHQWDOHQODDFWXDOFXOWXUD
GHORVPHGLRVGHFRPXQLFDFLyQDVDEHUODSURGXFFLyQWHFQROyJLFD\DUWtVWLFD
GHXQDLOXVRULDLQWLPLGDGDGLVWDQFLDFRPRXQDIRUPDGHUHÀH[LRQDUVREUHOD
LGHQWLGDG(OIXQFLRQDPHQWRGHOUHDOLW\VKRZEXVFDH[DFHUEDUODQRUPDOLGDGGH
ORVSDUWLFLSDQWHVTXHGHEHQYLYLUHQXQOXJDUDQyPDORHOGRFXPHQWDOSRUVX
SDUWHLQWHQWDRIUHFHUXQDYLVLyQFLUFXQVSHFWD\PRUDOGHOPXQGRFRWLGLDQRDOOt
PLVPRGRQGHODYLGDWLHQHOXJDU
5HSUHVHQWDFLyQGHORUHDOUHDOLW\VKRZGRFXPHQWDOtQGLFHV

&RQWHPSRUDQHD9RO‡QR‡S‡MDQHLURMXQKR 
 )HUQDQGR$QGDFKW

,QWURGXomRXPDDQDORJLDLQXVXDO
$ SURSRVWD GH FRPSDUDU GRLV JrQHURV WmR GLIHUHQWHV FRPR
R UHDOLW\ VKRZ %LJ %URWKHU %UDVLO %%% GH DTXL SRU GLDQWH  H R
GRFXPHQWiULR(GLItFLR0DVWHU %UDVLO(0 GH(&RXWLQKR
SDUHFHXPDKHUHVLD1mRpGLItFLOLPDJLQDUXPDDERUGDJHPTXH
FRQVLGHUHHVWHVGRLVIRUPDWRVDXGLRYLVXDLVFRPRLQFRQFLOLiYHLV
XP p WtSLFR GD SURFXUD LUUHVWULWD GR OXFUR R TXH FRQ¿UPDULD DV
PDLVIXQHVWDVSURIHFLDVGD(VFRODGH)UDQNIXUWHQTXDQWRRRXWURp
XPH[HPSORGDKRQHVWLGDGHHGRHVIRUoRSDUDVHU¿HODVLSUySULR
QXPDFRPSURPHWLGDHVFROKDHVWpWLFDHYLWDO3RUpPRSURSyVLWR
GDFRPSDUDomRQmRpDSURYRFDomR3URFXUDVHFRPSUHHQGHURV
HIHLWRVGHXPDHVWUDWpJLDGHVLJQL¿FDomRFHQWUDOQDDWXDOFXOWXUD
GDV PtGLDV $V GXDV SURGXo}HV VmR YDULDQWHV GD UHSUHVHQWDomR
GRUHDOSRUTXHEDVHLDPVHQRFKDPDPHQWRLQGLFLDORXLQGH[
DSSHDO'LWDQRomRpRUHVXOWDGRGDDQiOLVHFRPSDUDWLYDGRJrQHUR
UHDOLW\VKRZGDPXOWLQDFLRQDO(QGHPROHPGXDVUHJL}HVGH$PpULFD
/DWLQD7HQWDVHDJRUDXVDUHVVHFRQFHLWRSDUDRHVWXGRGHRXWUR
JrQHURD¿PGHDSURIXQGDUDFRPSUHHQVmRGDVHVWUDWpJLDVGH
UHSUHVHQWDomRGRUHDOQDFXOWXUD
1XP WH[WR FKDYH VREUH D VRFLRORJLD GD FXOWXUD :LOOLDPV
 DGYHUWHVREUHGRLVSHULJRVVLPpWULFRVQRHVWXGRGD
FXOWXUDGDPtGLDXPH[FHVVRGHDWHQomRQDVHVWUXWXUDVVRFLDLV
ID]VXUJLUDSHUJXQWD³RQGH¿FDDDUWH"´HVHLJQRUDPRVRVRFLDO
HVTXHFHPRV TXH DV FDWHJRULDV DUWtVWLFDV QmR SRGHP VHU FRP
SUHHQGLGDVIRUDGRVSURFHVVRVFROHWLYRVQRVTXDLVHODVVXUJHP
5HXQLU%%%H(0QHVWHWH[WRSHUPLWHFRPSUHHQGHUPHOKRUXPD
WHQGrQFLDFXOWXUDOLQVHSDUiYHOGDVWHFQRORJLDVGDUHSUHVHQWDomR
DXGLRYLVXDOGRUHDO(VVDWHQGrQFLDVHUHODFLRQDFRPXPDFUHV
FHQWHSUHRFXSDomRFROHWLYDFRPRVHOI±HVVHHIHLWRGHXPDFHQD
FRWLGLDQDTXHGiFHUWR *RIIPDQ ,VVRRFRUUHQXPD
VRFLHGDGHQDTXDODSURGXomRHDJHVWmRGDLPDJHPGHVLSUySULR
pWmRLPSRUWDQWHTXDQWRLUDOpPGDVDSDUrQFLDVSDUDDFKDURVHU
DXWrQWLFR3URFXUDVHDWLQJLUDYHUVmRPRGHUQDGDDOPDDWUDYpV
GRV tQGLFHV JHUDGRV SHOR FRUSR QXPD HVSpFLH GH WUDQVSLUDomR

&RQWHPSRUDQHD‡5HYLVWDGH&RPXQLFDomRH&XOWXUD-RXUQDORI&RPPXQLFDWLRQDQG&XOWXUH 
 'XDVYDULDQWHVGDUHSUHVHQWDomRGRUHDOQDFXOWXUDPLGLiWLFD

VHPLyWLFD TXH QmR p SRVVtYHO FRQWURODU DR PHQRV QmR FRPR R

ID]HPRVFRPQRVVDVSDODYUDV
2LQWXLWRGRDUWLJRQmRpSRUWDQWRLGHQWL¿FDUGXDVSURGXo}HV
PLGLiWLFDV 2 ERP VHQVR QRV LQGLFD TXH VmR GLIHUHQWHV QR VHX
GHVHQKRJHUDOHQRVGHWDOKHVGHVXDUHDOL]DomR$LQGDPHQRVVH
GHIHQGHGRSRQWRGHYLVWDIRUPDOXPDVXSRVWDHTXLYDOrQFLDHVWpWLFD
RXpWLFDHQWUH%%%HR¿OPH(02FKDPDGR³VHQVRFRPXPFUtWLFR´
SURSRVWRSHORVHPLRWLFLVWD3HLUFH &3 FRQVLVWHMXVWDPHQWH
QXP LQWHQWR DQDOtWLFR GH LU DOpP PDV QmR FRQWUD HVVH PRGR GH
SHQVDULQVWLQWLYRTXHRSHUDQDYLGDFRWLGLDQDFRPRXPDOyJLFDQD
WXUDOHSRGHURVDDLQGDTXHQmRH[SOtFLWD3RUWDQWRRVHQVRFRPXP
VHUiDSURYHLWDGRFRPRDEDVHQDWXUDOSDUDFRQVWUXLUXPDDQiOLVH
GDVLJQL¿FDomRGHXPIHQ{PHQRGHJUDQGHUHSHUFXVVmRVRFLDO'H
DFRUGRFRPRHVVDSRVLomRVHUmRGLVFXWLGRVRVHOHPHQWRVFRPXQV
GHVVDV GXDV YDULDQWHV GR UHDO PLGLiWLFR H WDPEpP DV yEYLDV H
PDUFDQWHVGLIHUHQoDVTXHKiHQWUHHODV

2GLVFUHWRFKDUPHGRFKDPDPHQWR
LQGLFLDODVVLPQDWHOHYLVmRFRPRQRFLQHPD
'XDVGLVFXVV}HVFUtWLFDVUHFHQWHVGRJrQHURGRFXPHQWiULRQD
79HQRFLQHPDDSUR[LPDPVHGDTXHVWmRDERUGDGDQHVWHDUWLJR
5LDO  SURS}HXPDDQDORJLDHQWUHDWUDQVPLVVmRWHOHYLVLYDGR
IXWHEROHGRGRFXPHQWiULRH3HQDIULD  UHÀHWHVREUHRVOLPLWHV
GRJrQHURDWUDYpVGRFpOHEUH³¿OPH=DSUXGHU´RTXDOOHYDRQRPHGR
DPDGRUTXHUHJLVWURXSRUDFDVRRDVVDVVLQDWRGH-).HQQHG\HP
HP'DOODV$PERVRVWUDEDOKRVWrPSRUREMHWLYRGHWHUPLQDU
RTXHpSRVVtYHOWHFQROyJLFDHVHPLRWLFDPHQWHQRGRFXPHQWiULRHR
TXHQmRpIDFWtYHOQRTXHGL]UHVSHLWRDRVHXDVVXQWRGLVWLQWLYRRUHDO
'HSRLVGHIRUQHFHUXPHOHQFRGHHOHPHQWRVWtSLFRVGRGRFXPHQWiULR
QRIXWHEROWHOHYLVLYR5LDO  QRVDGYHUWHTXHLVVR³QmRVLJQL¿FD
>TXHQRGRFXPHQWiULRH[LVWD@XPDWUDQVSRVLomRGRUHDO´
3RUVXDYH]3HQDIULD  HVFUHYHVREUHRIUDFDVVRGRSURMHWR
HVWpWLFRHLGHROyJLFRGR³FLQHPDGLUHWR´QRUWHDPHULFDQRHVREUHR
GHVXDSUHWHQVmRGH³DSUHVHQWDUDUHDOLGDGHµWDOTXDO¶´(VVDHVFROD

&RQWHPSRUDQHD9RO‡QR‡S‡MDQHLURMXQKR 
 )HUQDQGR$QGDFKW

WHULDVHXFHUWL¿FDGRR¿FLDOGHIDOHFLPHQWRQR¿OPH=DSUXGHU2PR
WLYRGHWDOLQVXFHVVRpVHJXQGR3HQDIULDTXHR¿OPH³WUDWDVHGH
XPDUHSUHVHQWDomRLQFRQFOXVLYD´TXHQmRIRUQHFH³DVPRWLYDo}HV
HFDXVDVGHVVDVDo}HV ¿OPDGDV ´HSRUWDQWR³HVWiLQ¿QLWDPHQWH
DFHVVtYHODWUDYpVGHLQWHUSUHWDomRHUHFRQWH[WXDOL]DomR´
&RQVLGHURUD]RiYHODSRVLFLRQDPHQWRVREUHRVOLPLWHVQDWXUDLV
GRGRFXPHQWiULRFRPRUHSUHVHQWDomRGRUHDOSRUpPHVVDVUHVWUL
o}HVVmRFRPXQVDWRGRVRVVLJQRVRVTXDLVFRQVHJXHPFDSWXUDU
DSHQDVDVSHFWRVSDUFLDLVGRUHDOHRID]HPGHPRGRIDOtYHO2PR
WLYRpVLPSOHVRVVLJQRVHRUHDOTXHHOHVUHSUHVHQWDPLQVHUHPVH
QR WHPSR QXP SURFHVVR GH PXGDQoD FRQWtQXD 6H VXEVWLWXLUPRV
³WUDQVSRVLomR´ SRU ³UHSUHVHQWDomR´ GR UHDO QR GRFXPHQWiULR GH
YHPRV GLVFRUGDU GD SURSRVWD GH 5LDO   1D WHRULD VHPLyWLFD
WULiGLFDGH3HLUFH &3 DSHUFHSomRpGLUHWDHPHGLDWDSRU
FRQVHJXLQWHRVLJQRHQTXDQWRUHSUHVHQWDomRpFRPSDUiYHODRDUFR
tULV XPD PDQLIHVWDomR GXDO GD iJXD H GD OX] $ DomR GRV VLJQRV
UHFHEHDGHWHUPLQDomRGRUHDOHDGRPHFDQLVPRUHSUHVHQWDFLRQDO
H[D79 2OLPLWHDVVLQDODGRGRGRFXPHQWiULRSHUWHQFHDROLPLWH
GHQRVVDDWLYLGDGHQRUPDOFRPRLQWpUSUHWHVGHVLJQRVTXDLVVHMDP
EDVHDGDQXPDUHODomRGHTXDOLGDGHHVHPHOKDQoD±RtFRQH±ED
VHDGDQXPDUHODomRGHH[LVWrQFLDHFRQWLJLGDGH±RtQGLFH±RX
EDVHDGDQXPDUHODomRJHUDOHFRQYHQFLRQDO±RVtPEROR
(VWDVWUrVUHODo}HVGRVLJQRFRPVHXREMHWRGLQkPLFR±RUHDOQD
VXDIRUoDH[WHUQDDRVLJQR±VmRRVWUrVPRGRVEiVLFRVGHFRQKHFHU
RPXQGRHSRUFRQVHTrQFLDRVWUrVPRGRVQRVTXDLVDFXOWXUD
GDVPtGLDVSURYLGHQFLDXPFRQKHFLPHQWRPHGLDWL]DGRGRPXQGR
1HPR¿OPH=DSUXGHUQHPRVLQ~PHURVOLYURVHVFULWRVGHVGH
VREUHRDVVDVVLQDWRGH'DOODVSRGHUmRH[DXULUDLQWHUSUHWDomRGHVVH
DFRQWHFLPHQWR2TXHWRGRVLJQRWHQWDID]HUFRUUHWDRXHUUDGDPHQWH
pUHYHODUDOJXPDVSHFWRGRUHDOpDVVLPTXHVHDSUR[LPDjYHUGDGH
HPERUDTXHHVVHHQFRQWURSRVVDDFRQWHFHUDORQJRSUD]R3DUDD
VHPLyWLFDSHLUFHDQDSRVWXODUXPDWHQGrQFLDDVVLQWyWLFDHPGLUHomR
jYHUGDGHHQHJDUUDGLFDOPHQWHWDOSRVVLELOLGDGHVmRFRLVDVPXLWR
GLVWLQWDV$FLrQFLDEDVHLDVHQHVWDHVSHUDQoDHSLVWHPROyJLFDRTXH
HQYROYHVHDIDVWDUGRQLLOLVPRUHODWLYLVWD

&RQWHPSRUDQHD‡5HYLVWDGH&RPXQLFDomRH&XOWXUD-RXUQDORI&RPPXQLFDWLRQDQG&XOWXUH 
 'XDVYDULDQWHVGDUHSUHVHQWDomRGRUHDOQDFXOWXUDPLGLiWLFD

6HPQHJDUQHPPLQLPL]DURVOLPLWHVGDUHSUHVHQWDomRGRFX
PHQWiULDpIXQGDPHQWDOOHPEUDUTXHHVWHVH[LVWHPHPTXDOTXHU
WLSRGHUHSUHVHQWDomRQDPtGLDRXIRUDGHOD&DUUROO VV 
QDVXDFUtWLFDGDVSRVLo}HVTXHQHJDPDGH¿QLomRGRGRFXPHQ
WiULRFRPRJrQHURItOPLFRFDSD]GHUHJLVWUDUIDWRVWDOFRPRRID]
DKLVWyULDGHPRQVWUDTXHPXLWDVGDVQRo}HVXVDGDVFRQWUDRGR
FXPHQWiULRFRPRJrQHUREDVHDGRQDHYLGrQFLDIDFWXDOVRIUHPGH
JUDQGHDPELJLGDGHRXGHLQVX¿FLHQWHGH¿QLomR H[LGHROyJLFR
VXEMHWLYR¿FWtFLR 
3DUWLQGRGHXPDSRVLomRVHPHOKDQWHSURSRQKRXPDDQiOLVHGD
UHSUHVHQWDomRWHOHYLVLYD %%% HItOPLFDGRUHDO (0 EDVHDGDQD
KHJHPRQLDGRVtQGLFHVRXVLJQRVGHH[LVWrQFLDTXHFRQFRUGRFRP
3HQDIULD  QmRIRUQHFHPLQWHUSUHWDomRQHQKXPDGHVHXREMHWR
3RUpPVHPRVtQGLFHVRVtPERORHVVHVLJQRTXHVHUYHSDUDLQWHU
SUHWDURPXQGRQmRWHULDXPFRQWH[WRLHDOLJDGXUDIDFWXDOTXH
RDOLFHUoDQXPDVLWXDomRFRQFUHWDQDTXDODLQWHUSUHWDomRpYiOLGD
2XWURSUREOHPDIUHTHQWHQDVFUtWLFDVFRQWUDDYDOLGDGHHSLVWrPLFD
GDVUHSUHVHQWDo}HVGDPtGLDpTXHHODVVHDSRLDPQRPRGHORELQiULR
FDUWHVLDQRVHJXQGRRTXDOGHXPODGRHVWiRPXQGR±PDWpULDFRU
SR±HGRRXWURVHSDUDGRDEVROXWDPHQWHHVWiRHVStULWR±PHQWH
VLJQL¿FDGRDEVWUDWR$VHPLyWLFDWULiGLFDLQWHJUDRXQLYHUVRDWUDYpV
GDGRXWULQDVLQHTXLVWDTXHSURS}HDFRQWLQXLGDGHGHWRGRRTXHp
RTXDOLQFOXLRSRVVtYHORDWXDOHRJHUDO6HpFRUUHWRD¿UPDUTXH
RtQGLFH H[RFDWDYHQWR VyVLJQL¿FDDH[LVWrQFLDGHDOJXPDFRLVD
VXDFDXVDItVLFD H[RYHQWR PDVQmRIRUQHFHQHPQHFHVVLWDVHU
LQWHUSUHWDGRSDUDIXQFLRQDULVWRQmRLPSHGHDDomRGHVWHVLJQRLH
VXDFRQWULEXLomRHSLVWrPLFDSDUDXPDIDVHLQWHUSUHWDWLYDXOWHULRUH
PDLVGHVHQYROYLGD
$DomRGRVVLJQRVHQYROYHVHXFUHVFLPHQWRDLQWHJUDomRGR
tFRQHHGRtQGLFHQRVtPERORFRQVWLWXLQGRVHDVVLPXPDIRUPD
PDLVFRPSOH[D2VtPERORpXPDOHLRXFRQFHLWRJHUDODWUDYpVGR
TXDOFRPSUHHQGHPRVHRUGHQDPRVQRVVRHQWRUQRHFRQVHJXLPRV
QRV DGDSWDU PHOKRU D HOH FRPSDUWLOKDQGR HVVH VDEHU FRQYHQ
FLRQDO 8P H[HPSOR p R FRQFHLWR GH ³GRFXPHQWiULR´ HQTXDQWR
UHJXODULGDGHRXFRQYHQomRTXHJHUDXPDFODVVHGHH[SHFWDWLYDV

&RQWHPSRUDQHD9RO‡QR‡S‡MDQHLURMXQKR 
 )HUQDQGR$QGDFKW

DOpPGDVLQJXODULGDGHGHFDGDSURGXomRHVSHFt¿FD H[RHVWLOR
RUHDOL]DGRUHWF 
1XPDSHVTXLVDDQWHULRU $QGDFKWD RWHUPRLQGH[DSSHDO
RXFKDPDPHQWRLQGLFLDOIRLSURSRVWRSDUDGHVFUHYHUDHVWUXWXUDGH
VLJQL¿FDomRGRUHDOLW\VKRZ%%%6HDHODERUDGDLPDJHPHQFDQWDGR
UDHLUUHDOGDVGLYDVRLUUHVLVWtYHOVH[DSSHDOFRQVWLWXtDDSULQFLSDO
IRQWH GH VHGXomR GR FLQHPD ³GD pSRFD GH RXUR GH +ROO\ZRRG R
SUDWRGHUHVLVWrQFLDGH%%%pVHXLQGH[DSSHDOTXHVHEDVHLDQD
JHUDomRFRQWLQXDGHVLJQRVFXMRSURSyVLWRVLVWrPLFRQmRpRGHVHU
LQWHUSUHWDGRVPDVRGHDSRQWDUGHPRGRFRPSXOVLYRDVHXREMHWR
GLQkPLFR´ $QGDFKW E  7UDWDVH GRV tQGLFHV 3HLUFH &3
 FRPSDUDRHIHLWRHVSHFt¿FRGRtQGLFHFRPDKLSQRVHSRUFDXVD
GRSRGHUItVLFRPDLVGRTXHLQWHOHFWXDOTXHHVWHVLJQRSRVVXLHFRP
RTXDODIHWDQRVVRFRUSR

$FKDPRVDJRUDTXHDOpPGRVFRQFHLWRVJHUDLV VtPERORV GXDVRXWUDVFODV

VHVGHVLJQRVVmRWRWDOPHQWHLQGLVSHQViYHLVHPWRGRUDFLRFtQLR8PDGHVVDV
FODVVHVpRtQGLFH>LQGH[@TXHFRPRXPGHGRTXHDSRQWDH[HUFHXPDUHDO
IRUoDVREUHDDWHQomRFRPRRSRGHUGHXPPHVPHUL]DGRUHDGLULJHSDUDXP
REMHWRHVSHFt¿FRGRVHQWLGR

$IRWRJUD¿DGHXPDFDVDpXVDGDSRU3HLUFHFRPRH[HPSOR
GHtQGLFHPDVQmR³SHODVHPHOKDQoDQDVXDDSDUrQFLD>SRUTXH@
KiGH]PLORXWUDVQRFDPSRTXHVmRLJXDLVDHVWD´ &3 2
~QLFRPRWLYRSDUDD¿UPDUTXHHVVDIRWRpXPtQGLFHGHVVDFDVDp
TXH³RIRWyJUDIRGLVSXVR¿OPHGHWmRPRGRTXHVHJXQGRDVOHLV
GDySWLFDR¿OPHIRLIRUoDGRDUHFHEHUXPDLPDJHPGDFDVD´ &3
 3DUDDQDOLVDUDVUHSUHVHQWDo}HVGRUHDODTXLFRQVLGHUDGDV
SDUWRGRSUHVVXSRVWRGHTXHWRGR³IDWROXWDSRUDEULUVHFDPLQKR
SDUD VXD H[LVWrQFLD´ &3   3RUWDQWR LVVR TXH R IDWR TXH p
WRGR tQGLFH ³WHP YLUWXDOPHQWH TXH ID]HU SDUD LQGLFDU VHX REMHWR
pFDSWXUDURVROKRVGHVHXLQWpUSUHWHHFRPIRUoDRVOHYDUSDUD
RREMHWRVLJQL¿FDGR´WDOFRPRDFRQWHFHQRFDVRGH³XPEDWHUQD
SRUWDXPDODUPHXPVLOYRXPWLURGHFDQKmR´ &3 
$KLSyWHVHFHQWUDOGRDUWLJRpTXHQR%%%HQR(0RVtQGLFHV
SURGX]HPXPDHVSpFLHGHFRQKHFLPHQWRFDUQDOQRHVSHFWDGRU$

&RQWHPSRUDQHD‡5HYLVWDGH&RPXQLFDomRH&XOWXUD-RXUQDORI&RPPXQLFDWLRQDQG&XOWXUH 
 'XDVYDULDQWHVGDUHSUHVHQWDomRGRUHDOQDFXOWXUDPLGLiWLFD

H[SHULrQFLDHVWpWLFDGHVWHVGRLVJrQHURVHQYROYHFHQWUDOPHQWHR
HIHLWRLQGLFLDOGHUHVLVWrQFLDTXHQRVID]FLHQWHVGHQRVVRSUySULR
VHOI RX LGHQWLGDGH 2 HVSHFt¿FR GHVWDV UHSUHVHQWDo}HV GR UHDO p
TXHDUHIHULGDH[SHULrQFLDEDVHLDVHQRHIHLWRTXDVHWiFWLOJHUDGR
SHODWUDQVSLUDomRVHPLyWLFDSHORVLQ~PHURVUDVWRVGRVFRUSRV¿O
PDGRVHH[LELGRVDRYLYRHP97RXQR¿OPHGRFXPHQWiULR1LVVR
SUHFLVDPHQWHFRQVLVWHRFKDPDPHQWRLQGLFLDO0HVPRTXHSDUHoD
FRQWUDLQWXLWLYRUHXQLUQXPDFRPSDUDomRGXDVFULDo}HVGDPtGLD
WmR GLIHUHQWHV Ki XPD YDQWDJHP WHyULFD HP ID]rOR e SRVVtYHO
FRQWULEXLUjFRPSUHHQVmRGHXPDWHQGrQFLDFXOWXUDOPDQLIHVWDGD
DWUDYpVGHIRUPDWRVHJrQHURVGLIHUHQWHVFRPXPPHVPRLQWXLWR
TXDO VHMD D SURFXUD GR FRQWDWR FRP R DXWrQWLFR FRP R UHDO GD
DWXDOLGDGH1RFKDPDPHQWRLQGLFLDORUHDOHQFDUQDVHHPFRUSRV
DQ{QLPRVTXHDJHPVHPURWHLURIUHQWHDFkPDUDVHPLFURIRQHV
(VVD SUHVHQoD HVWi DOL SDUD IRUQHFHU XPD HYLGrQFLD H[LVWHQFLDO
PDLVGRTXHSDUDIDODURXUHÀHWLUVREUHHOD3URSRQKRFRQVLGHUDU
TXHHVVDFODVVHGHUHYHODomRLQGLFLDOWHPVHWUDQVIRUPDGRQR*ULDO
GDFXOWXUDPLGLiWLFDGRVpFXOR;;,

$UHSUHVHQWDomRGRPXQGRFRWLGLDQR
FRPRR~OWLPR*ULDOGDPRGHUQLGDGH
1XP HVWXGR GR FRPHoR GD WHOHYLVmR FRPHUFLDO QRV ((88
+RUWRQH:RKO  GHVFUHYHPXPSRGHURVRHIHLWRGH³LQWLPL
GDGHDGLVWkQFLD´TXHVHULDXPDKHUDQoDGRVGLDVGRUiGLR2V
DSUHVHQWDGRUHVTXHPLJUDUDPGHVVHPHLRSDUDRPXQGRDXGLR
YLVXDOGHVHQYROYHUDPHVWUDWpJLDVSDUDJHUDUXPDLPSUHVVmRGH
JUDQGHIDPLOLDULGDGHFRPVHXS~EOLFR(VVHLOXVyULRYtQFXORIDFH
DIDFHp³DUHODomRSDUDVRFLDO´  XPDGDVHVWUDWpJLDV
TXHJHUDPDIDVFLQDomRQDWHOHYLVmR6H³DSURPHVVDLUUHDOL]iYHO
GDLQVWLWXLomRPLGLiWLFD´ %RXUGRQ pID]HURHVSHFWD
GRUFRPSDUWLOKDUDDWXDOLGDGHQDKRUDPHVPDHPTXHHODVXUJH
DWUDYpV GD WHFQRORJLD GD WUDQVPLVVmR DR YLYR HQWmR SRGHPRV
SHQVDUTXHJUDQGHSDUWHGRVXFHVVRGH,ERSHGR%%%QR%UDVLO
HQRUHVWRGRPXQGRGHYHVHDRHIHLWRGHDWXDOLGDGHQRTXDOVH

&RQWHPSRUDQHD9RO‡QR‡S‡MDQHLURMXQKR 
 )HUQDQGR$QGDFKW

EDVHLDRJrQHUR2UHIHULGROLPLWHWHFQROyJLFRGRDRYLYRWDPEpP
H[LVWHQDSURGXomRGRUHDOLW\VKRZSRUpPQmRLPSHGHRHIHLWR
GHPi[LPDDWXDOLGDGH
2JrQHURKtEULGRGH%%%FRQVLVWHHP³XPDPHORFU{QLFDGRVEDV
WLGRUHVGDLQWHUDomRKXPDQD´ $QGDFKWD SRUTXHFRPELQD
HOHPHQWRVWtSLFRVGRPHORGUDPD±FRQÀLWRVDIHWLYRVHWULOKDVRQRUD
±FRPRUHJLVWURGHWDOKDGRGRVIDWRVTXHDFRQWHFHPGHQWURGDFDVD
3HODSULPHLUDYH]RIHUHFHVHQD79XPWLSRGHWXULVPRGHGLFDGRj
RUGHPGDLQWHUDomR(VVDFU{QLFDWHOHYLVLYDLQFOXLTXDVHWRGRRTXH
DFRQWHFHQXPDiUHDRQGHDVSHVVRDVHVWmRQRUPDOPHQWHSURWHJLGDV
GDH[SRVLomRSRUEDUUHLUDVDXGLRYLVXDLV3RULVVRHODVDFRVWXPDPHQ
VDLDUOiVXDDSUHVHQWDomRGRVHOISHUDQWHRVRXWURVQRVEDVWLGRUHVRX
EDFNVWDJHGDLQWHUDomRVRFLDO *RIIPDQ (PYH]GHDFDUUHWDUR
VRPHDIXULDGRPXQGRH[WHULRUSDUDRkPELWRGRPpVWLFRWDOFRPR
RID]RWHOHMRUQDO%%%WUD]RVSHTXHQRVDFFLGHQWHVHLQFLGHQWHVGR
kPELWRQRTXDO³RLQGLYLGXRHQWUDQDSUHVHQoDGRVRXWURV´ *RIIPDQ
 1mRSDUHFHVHUGLIHUHQWHR¿PSURFXUDGRSHORUHDOL]DGRUGR
(0TXHPQXPDHQWUHYLVWDUHFHQWH  D¿UPDTXHRHVVHQFLDO
GRVHXGRFXPHQWiULRQmRHVWiQRFRQWH~GRGDIDODGRVPRUDGRUHV
GRSUpGLRGH&RSDFDEDQDPDVDRFRUUHQFLDGRGLiORJR³(VWDPRV
VHPSUH¿OPDQGRHQFRQWURV´ S 
8PDUHFHQWHUHÀH[mRGH(DJOHWRQ  VREUHDSRVVtYHORUL
JHPKLVWyULFDGRUHDOLVPROLWHUiULRHP2FLGHQWHFRQWpPHOHPHQWRV
LOXVWUDWLYRVGRGHVHQYROYLPHQWRGHVVDVIRUPDVDUWtVWLFDVDWXDLVGR
UHDOGRGRFXPHQWiULRHGRUHDOLW\VKRZ

$LGpLDGHTXHDYLDFRWLGLDQDpGUDPDWLFDPHQWHFDWLYDQWHTXHHODpIDVFLQDQWH
VLPSOHVPHQWHQRVVHXVLOLPLWDGRVGHWDOKHVURWLQHLURVpXPDGDVJUDQGHVFRQ
FHSo}HVUHYROXFLRQiULDVGDKLVWyULDPRGHUQDTXH&KDUOHV7D\ORUHP6RXUFHV
RIWKH6HOIDSUHVHQWDFRPRGHLQVSLUDomRFULVWm

2³H[SUHVVLYLVPR´VREUHRTXDOHVFUHYH7D\ORU  
QDVXDGHWDOKDGDKLVWyULDGRVHOIPRGHUQRHQYROYHXPDJUDQGH
DWHQomR D XP DVSHFWR GD SHVVRD VREUH R TXDO HVVD WHP SRXFR
FRQWUROHHPFRQWUDVWHFRPRTXHH[HUFHVREUHVXDIDOD2VJHVWRV
DVHPRo}HVTXHSRGHPVHUµOLGDV¶QRURVWRHDFRUHRJUD¿DH[SUHV

&RQWHPSRUDQHD‡5HYLVWDGH&RPXQLFDomRH&XOWXUD-RXUQDORI&RPPXQLFDWLRQDQG&XOWXUH 
 'XDVYDULDQWHVGDUHSUHVHQWDomRGRUHDOQDFXOWXUDPLGLiWLFD

VLYDGRFRUSRWRGRVmRSHUFHELGRVFRPRXPDFHVVRSULYLOHJLDGR
jDOPDPRGHUQDDRTXHKiGHPDLVDXWrQWLFRQDSHVVRD7DQWR
RURPDQFHOLWHUiULRTXDQWRRFLQHPDYHUGDGHGRTXDODREUDGH
&RXWLQKRpXPH[HPSORHRUHDOLW\VKRZGHIHFKDPHQWRREVHUYDGR
SRGHPFRQVLGHUDUVHFRQVHTrQFLDVGRKLVWyULFR³JLURH[SUHVVLYR´
7UDWDVHGHXPDDUWHUDGLFDOPHQWHRSRVWDjpSLFDDRUHODWRGDV
JUDQGHV IDoDQKDV GRV KHUyLVe R PRPHQWR GH JOyULD GD SHVVRD
FRPXPID]HQGRRTXHKiGHPDLVFRPXPYLYHURGLDDGLDH[LVWLU
QDWHPSRUDOLGDGHGDURWLQD$UHSUHVHQWDomRDXGLRYLVXDOGRUHDO
PHUJXOKDQRODJRWUDQTLORGDFRPXQLFDomRIiWLFDXPDQRomRTXH
-DNREVRQ  KHUGRXGRDQWURSyORJR0DOLQRZVNL(ODGHQRWD
DIDODTXHQmRIDODGHQDGDDRPHQRVGHQDGDSUHFLVRRXVpULR
$ FKDPDGD ³FRPXQKmR IiWLFD´ p XP JHVWR VLQJHOR GH DIHWR GR
FRUSRTXHIDFLOLWDRFRQWDWRGDVSHVVRDV8PH[HPSORGLVVRpD
IUDVHIiWLFD³ID]SDUWH´(ODIRLUHSHWLGDFRPHQWXVLDVPRLQ~PHUDV
YH]HVSHORYHQFHGRUGRSULPHLUR%%%.OHEHU%DP%DPGH3DXOD
HPFRPRVHIRVVHRWDOLVPmGDYLWyULD
$OpPGRSUHGRPtQLRGRVtQGLFHV%%%H(0FRPSDUWLOKDPXPD
IRUPDGLVFXUVLYDPXLWRDQWLJDFKDPDGDNHULJPD(ODVHHQFRQWUD
QR1RYR7HVWDPHQWRPDVWDPEpPVHXVDKRMHQDSXEOLFLGDGHH
QDV FDPSDQKDV HOHLWRUDLV 2 WHUPR NHULJPD SURYpP GR YHUER
JUHJR NHULVVHLQ H VLJQL¿FD WHVWHPXQKDU 2 DWR WHVWHPXQKDO GH
FRPXQLFDUµDERDQRWtFLD¶GDVDOYDomRID]LDVHQXPDVLWXDomRGH
FRSUHVHQoDItVLFD6HPUHFRUUHUDDUJXPHQWRVUDFLRQDLVRXHPR
WLYRVRFRUSRGRHYDQJHOLVWDSURFXUDYDFRQWDJLDURLQWHUORFXWRU
FRPVHXHQWXVLDVPRSHODIRUoDHSUR[LPLGDGHGDWHVWHPXQKD2
HVVHQFLDOGRNHULJPDp³TXHRIDODQWHRH[SULPDDJRUDLVVRpR
LQDXGLWR1mRDTXLORTXHpIDODGRPDVRDFRQWHFHUGDSUHGLFDomR
p R GHFLVLYR $JRUD p R WHPSR´ %XOWPDQQ   2 SRQWR
GHFRQWDWRHQWUHHVVDHVSpFLHGHYHUERSHUIRUPDWLYRDXVWLQLDQR
DYDQWODOHWWUH±TXDQGRGL]HUpID]HU±HRTXHDFRQWHFHQR(0
HQR%%%pHYLGHQWH&RXWLQKR  GHVWDFDDHVFDVVDUHOHYkQFLD
GRFRQWH~GRGDVIDODVQRVHXGRFXPHQWiULREHPFRPRDJUDQGH
LPSRUWkQFLDGRIDWRGHHODVDFRQWHFHUHPQRPRPHQWRGRHQFRQWUR
¿OPDGR-ipXPOXJDUFRPXPGDFUtWLFDIHLWDD%%%DVVLQDODUR

&RQWHPSRUDQHD9RO‡QR‡S‡MDQHLURMXQKR 
 )HUQDQGR$QGDFKW

FDUiWHUH[WUHPDPHQWHEDQDOGHVHXVGLiORJRV7DPEpPQHVWHFDVR
RUHOHYDQWHHVWiQDWUDQVPLVVmRGRSXURDFRQWHFHU
4XHPSRUXPDPLVWXUDGRDFDVRERDGLVSRVLomRHQDWXUDO
FRPSHWrQFLDQDUUDWLYDp¿OPDGRQRVHXHQFRQWURFRPRUHDOL]DGRU
GR (0 DSDUHFH SHUDQWH D FkPDUD H DR PLFURIRQH SDUD RIHUHFHU
VHXWHVWHPXQKR$VLWXDomRpTXDVHLGrQWLFDSDUDTXHPHQWUDD
PRUDU QD FDVD GR %%% SHOR GLVFXWLGR PpWRGR GR FDVWLQJ 7RGDV
HVVDVSHVVRDVHVWmROiSDUDWUD]HUVHXFRUSRjFHQDDXGLRYLVXDO
HGHL[DUUHJLVWUDGRVVHXVWUDoRVFRUSRUDLVQRVVHXVGHSRLPHQWRV
MXQWRFRPVXDVSDODYUDV1HVWDVGXDVYDULDQWHVGDUHSUHVHQWDomR
QHRNHULJPiWLFD GR UHDO QD PtGLD DXGLRYLVXDO VH SURGX] R WLSR
GH FRQKHFLPHQWR TXH GHQRPLQR ³FDUQDO´ 2 PLROR GD WUDPD GR
GRFXPHQWiULR (0 H R GR UHDOLW\ VKRZ %%% HVWi FRQVWLWXtGR GRV
tQGLFHVFRUSRUDLVJHUDGRVSHORGLVSRVLWLYRWHFQROyJLFRTXDOVHMDR
FRQKHFLPHQWRFDUQDOGHVWHVJrQHURV

$UHODomRVLPpWULFDHFRPSOHPHQWDU
HQWUHWHFQRORJLDPLGLiWLFDHFXOWXUD
:LOOLDPV  DQDOLVDRVROLOyTXLRLVDEHOLQRHVHXV
XVRVFRPRXPH[HPSORGHSHVTXLVDGDVRFLRORJLDGDVIRUPDV3DUD
FRPSUHHQGHU FDEDOPHQWH R QDVFHQWH LQGLYLGXDOLVPR QR XQLYHUVR
FDSLWDOLVWDGRVpFXORpIXQGDPHQWDODDERUGDJHPIRUPDOGHVVD
FRQYHQomR GUDPDW~UJLFD MXQWR FRP R HVWXGR GDV FRQGLo}HV VR
FLRFXOWXUDLV GH QtYHO PDFURVRFLDO +i XPD FRUUHVSRQGrQFLD HQWUH
RGLVSRVLWLYRWpFQLFRWHDWUDOUHQDVFHQWLVWDHDVWpFQLFDVGHUHJLVWUR
GDVSHVVRDVFRPXQVQR%%%HQR(07DQWRRUHFXUVRDRSRGHURVR
GLVSRVLWLYR DXGLRYLVXDO PRGHUQR TXDQWR D UHQ~QFLD HVWyLFD D HOH
UHYHODPDUHODomRFRPRUHDOIDYRUHFLGDSRUHVWDVUHSUHVHQWDo}HV
LHVXDUHODomRFRPDFXOWXUD2HVSHFWDGRUGRGRFXPHQWiULRSRGH
DFKDUFKDPDWLYDDDXVrQFLDGHLPDJHQVTXHIXQFLRQHPFRPRXPD
HYLGrQFLDFRQ¿UPDWyULDHLOXVWUDWLYDGRTXHpIDODGRSHORVPRUDGR
UHVIUHQWHDXPDFkPDUD¿[D7XGRQR(0LQGLFDTXHRWHVWHPXQKR
SURGX]LGRpQHFHVViULRHVX¿FLHQWHQmRKiQHQKXPLQWHUHVVHHP
RXWURVGRFXPHQWRVQHPOXJDUSDUDRTXHQmRIRLYLVtYHOQRWHPSR

&RQWHPSRUDQHD‡5HYLVWDGH&RPXQLFDomRH&XOWXUD-RXUQDORI&RPPXQLFDWLRQDQG&XOWXUH 
 'XDVYDULDQWHVGDUHSUHVHQWDomRGRUHDOQDFXOWXUDPLGLiWLFD

GD¿OPDJHPGRGRFXPHQWiULRQRSUHFLVRLQVWDQWHGHFRSUHVHQoD
GRUHDOL]DGRUHGRV¿OPDGRV
1RSyORRSRVWRHQFRQWUDVHD³SURPHVVD´ -RVW HQFDU
QDGDSHORJrQHURGH%%%DGHPRVWUDUWXGR$FDVDGRUHDOLW\VKRZ
pXPDPLVWXUDGHVKRSSLQJFHQWHUHPRUDGD1RFHQWURFRPHUFLDO
RLQGLYtGXRMiQmRpSURWHJLGRSHOR(VWDGRPDVSHODHPSUHVDTXH
DGPLQLVWUDHVVHHVSDoRHTXHUHFHEHHPWURFDRWHPSRGHOD]HUH
GHFRQVXPRGDVSHVVRDV+LVWRULFDPHQWHDIXQomREiVLFDGDFDVD
WHPVLGRDGXPUHI~JLRRQGHDOpPGDVIXQo}HVEiVLFDVRVHUKX
PDQRSRGHGHVFDQVDUGRROKDUDOKHLR/iDSHVVRDWDPEpPGLVS}H
GH EDUUHLUDV DXGLRYLVXDLV SDUD HQVDLDU D DSUHVHQWDomR GR VHOI QR
H[WHULRU &kPDUDV GH YLJLOkQFLD LQVRQHV H DWUDo}HV YDULDGDV SDUD
RFRPSUDGRUGRVKRSSLQJOHPEUDPRGLVSRVLWLYRLQVWDODGRQDFDVD
GH%%%7XGRDFRQWHFHFRPRVHQDHQWUDGDGHVVHVGRLVOXJDUHV
KRXYHVVHXPFDUWD]TXHDQXQFLDVVH$%$1'21(72'$(63(5$1d$
'(35,9$&,'$'(48(0$48,(175$5
$UHODomRHQWUHDWHFQRORJLDGHREVHUYDUHUHJLVWUDURPXQGR
H RV DQWDJ{QLFRV UHDOLVPRV DXGLRYLVXDLV FRQVLGHUDGRV QR WH[WR p
VLQWRPiWLFD GH XPD WHQVmR QD DWXDO FXOWXUD GDV PtGLDV 7UDWDVH
GD RSRVLomR HQWUH R GHVHMR GH SURGX]LU D PDLV VHGXWRUD LPDJHP
GHVLSUySULRLPDJLQiYHOHDYRQWDGHGHDFKDURPDLVDXWrQWLFRGR
VHUKXPDQR2DXWrQWLFRpLVVRTXHHVWDULDDOpPGDVDSDUrQFLDVH
GDVSDODYUDVRVtQGLFHVTXHRFRUSRSURGX]VHPQRVVDYRQWDGHRX
FHQVXUD WrP R SRGHU GH UHYHODU D DOPD GD SHVVRD VXD YHUGDGH
1DVVHo}HVVHJXLQWHVSURSRQKRXPDDQiOLVHGHWDOKDGDGHVWDVGXDV
UHODo}HVGLVWLQWDVPDVVLPpWULFDVHFRPSOHPHQWDUHVHQWUHDVWHF
QRORJLDVGDDUWHGRUHDOHDFXOWXUD$SHVTXLVDHQYROYHSRUWDQWR
DOJRLQWHUQRHIRUPDOEHPFRPRDOJRFROHWLYRHVRFLDO

$H[RUELWDQWHUHSUHVHQWDomRGRUHDO
GR%%%RHIHLWR$UFLPEROGR
3DUDFDUDFWHUL]DUDVYDULDQWHVGDUHSUHVHQWDomRGRUHDOQDPtGLD
UHFRUURjREUDGHGRLVDUWLVWDVYLVXDLV1RFDVRGRUHDOLW\VKRZD
UHIHUrQFLDpIHLWDjVLQTXLHWDQWHVFULDo}HVGRSLQWRULWDOLDQRPDQHLULVWD

&RQWHPSRUDQHD9RO‡QR‡S‡MDQHLURMXQKR 
 )HUQDQGR$QGDFKW

$UFLPEROGR  $VUDGLFDLVPHWDPRUIRVHVSLFWyULFDVTXH

VRIUHPSHUVRQDJHQVFRUULTXHLURVFRPRRFR]LQKHLURRXWmRLOXVWUHV
FRPRR,PSHUDGRU5XGROI,,UHSUHVHQWDGRVRED¿JXUDGH9HUWXP
QXVDGHLGDGHURPDQDGDYHJHWDomRQXPUHWUDWRIHLWRGHIUXWDV
YHJHWDLV H ÀRUHV VmR FRPSDUiYHLV jV WUDQVIRUPDo}HV WHOHYLVXDLV
VRIULGDVSHORVSDUWLFLSDQWHVGH%%%1XPIUDJPHQWRGDHQWUHYLVWD
IHLWDDRGLUHWRUGHSURGXomRGRUHDOLW\VKRZR%RQLQKRORJRDSyVD
SULPHLUDHGLomRHPDSDUHFHFRPJUDQGHFODUH]DRTXHFKDPR
GHHIHLWR$UFLPEROGRQHVWHSURJUDPDWHOHYLVLYR

3OD\ER\9RFrSUHWHQGHGHWRQDUDOJXpPQDHGLomRFRPRQRFDVRGRYLGHRFOLSH
GD6WHOODHQ¿DQGRYiULDVYH]HVRGHGRQRQDUL]

%RQLQKR 0DV D 6WHOOD WLQKD PHVPR D PDQLD GR QDUL] H HUD LPSRVVtYHO QmR
EULQFDUFRPDTXLOR6HDSHVVRDWLYHUXPDPDQLDVHPHOKDQWHHHQWUDU
QDFDVDGR%%%YRXGHWRQDUVLP2FDUDVDEHTXHVHHVWiOiGHQWUR
pSDUDLVVRPHVPR 9DOHLNDGH%DUURVJULIRPHX)$

1mRSDUHFHSRVVtYHOHVSHUDUPDLRUVLQFHULGDGHGDPtGLDQHP
XPD PHOKRU GH¿QLomR GD pWLFD H GD HVWpWLFD GR %%% FRPR QRYR
IRUPDWR WHOHYLVLYR 2V SDUWLFLSDQWHV HQWUDP QD FDVD GR 3URMDF GD
*ORERSDUDVHUHPDUFLPEROGL]DGRVVHJXQGRDFRQ¿VVmRGRPi[LPR
UHVSRQViYHOGDWHFQRORJLDGHUHSUHVHQWDomRGHVVHUHDOLW\'RSRQWR
GHYLVWDGDHPSUHVDpSDUDLVVRPHVPRTXHRVFRQFRUUHQWHVGH%%%
SDUWLFLSDPSRUTXHGHVVHHIHLWRGHSHQGHDSRSXODULGDGHRJUDQGH
,ERSHGRSURJUDPD
2GLDPDLVLPSRUWDQWHGDVHPDQDQR%%%pRGLD3HPDOXVmR
DRµSDUHGmR¶RPHFDQLVPRTXHFXOPLQDFRPDH[FOXVmRGHXPSDU
WLFLSDQWH3ULPHLURVmRYRWDGRVHHVFROKLGRVGRLVFDQGLGDWRVSHORV
SUySULRVPRUDGRUHVGDFDVD(VVDGHFLVmRpVXEPHWLGDGHSRLVDR
YRWRGDDXGLrQFLD$VHJXQGDYH]TXHLVVRDFRQWHFHXQDHGLomRGR
%%%QRGHPDLRGHDVVLVWLXVHDWUrVRFRUUrQFLDVGLVWLQWDV
GRHIHLWR$UFLPEROGRDHVWUDWpJLDGLVWLQWLYDGRUHDOLW\VKRZTXHR
GLIHUHQFLDIRUPDOPHQWHGRGRFXPHQWiULR(01DVHPDQDSUpYLDIRL
H[LELGRFRPLQVLVWrQFLDRFRPSRUWDPHQWRH[RUELWDQWHGH7LQDXPD
MRYHPTXHSURQWDPHQWHWUDQVIRUPRXVHQXPDSUHVHQoDKRVWLO'LD
DSyVGLDHODVHGHGLFRXDDQWDJRQL]DUFRPEUXWDOLGDGHVHXVFROHJDV

&RQWHPSRUDQHD‡5HYLVWDGH&RPXQLFDomRH&XOWXUD-RXUQDORI&RPPXQLFDWLRQDQG&XOWXUH 
 'XDVYDULDQWHVGDUHSUHVHQWDomRGRUHDOQDFXOWXUDPLGLiWLFD

7LQD H[SULPLXVXDDWLWXGHFRPVHXDVSHFWRH[DVSHUDGR± R URVWR

PDTXLDGRGHEUX[DRXSLQWDGRFRPDVFRUHVGR%UDVLOQXPGHVHQKR
JURWHVFRTXHID]LDSDUWHGHVXDIDQWDVLDGH³GUDJTXHHQ´2FRPHoR
GDHGLomRHVSHFLDOGDVVHJXQGDVIHLUDVQmRGHL[RXG~YLGDQHQKXPDD
UHVSHLWRGRYDORUHVWUDWpJLFRGDWUDQVPLVVmRHQIiWLFDGHVVDDWLWXGH
³9DPRVUHSHUFXWLUHVVHVDFRQWHFLPHQWRVFRPVHXVSURWDJRQLVWDV´
DQXQFLRXFRPVROHQLGDGHLU{QLFDRDSUHVHQWDGRU3HGUR%LDO
1RJHVWRGHVVHFRQKHFLGRMRUQDOLVWDGD*ORERH[LVWHXPDVSHFWR
FKDYHGRHIHLWR$UFLPEROGR$SURGXomRGH%%%QmRVHFRQWHQWRX
HPUHSHWLUHMXVWDSRULQ~PHURVFORVHXSVGDPHWDPRUIRVHGH7LQD
WUDQVIRUPDGDQXPDJXHUUHLUDWUXFXOHQWDTXHLQFOXVLYHIDODYDVR]LQKD
FRPRVHIRVVHXPDYLOmGHKLVWyULDHPTXDGULQKRVEHUUDQGRHEDWHQ
GRSDQHODVGHPDGUXJDGDSDUDQmRGHL[DUQLQJXpPGRUPLUQDFDVD
¬HVFDEURVDHDEXQGDQWHYLVmRGDHYLGrQFLDFRUSRUDOGDMRYHP%%%
DFUHVFHQWDDUHDomRLPSDFWDGDGRVWHVWHPXQKRV7UDWDVHGHPDLV
XPtQGLFHRVLJQRWDQJtYHOTXHHQYROYHDUHVLVWrQFLDTXHKiHQWUH
QRPtQLPRGXDVFRLVDV$VVLPRLPSDFWRGRFKRTXHFDXVDGRSHOR
FRPSRUWDPHQWRDQ{PDORGDMRYHPpEHPPDLRU&RPRVIUDJPHQWRV
GRUHDOFROHWDGRVQDFDVD%%%SURGX]LXRHIHLWR$UFLPEROGRRWmR
DQXQFLDGRHH[RUELWDQWH³SHU¿O´GRPRUDGRU
2UHIHULGRHSLVyGLRpDSHQDVPDLVHVSHWDFXORVRGRTXHDVRXWUDV
H[RUELWkQFLDVXVXDLVHPTXHVHEDVHLDDVLJQL¿FDomRGRJrQHUR$
LPSUHVVmRFKRFDQWHJHUDGDpPD[LPL]DGDDWUDYpVGRFRQWUDVWHHQWUH
DJURWHVFDLPDJHPDWXDOHRDQWLJRSHU¿OGDSHVVRDUHJLVWUDGRQDVXD
YLGDFLYLOSDUDVXDDSUHVHQWDomRLQLFLDODQWHVGDLPHUVmRQRXQLYHUVR
IHFKDGR GH %%% (VVD LPDJHP Vy p YLVtYHO QHVVH PRPHQWR FUtWLFR
DWUDYpVGDYLVmRGDIDPtOLDTXHDJXDUGDDSURYiYHOVDtGDGH7LQD
QDVDUTXLEDQFDGDVSUy[LPDVjFDVD2HVSHFWDGRUFRQYHUWHVHHP
WHVWHPXQKDGDH[DVSHUDGDWHVWHPXQKDFRUSRUDOGHXPD³NDPLND]H´
%LDO TXHHPWUDQVHUHSHWHPHFDQLFDPHQWHTXHDVVLPHOD³MRJD
[DGUH]´6XDDWLWXGHYLROHQWDSRUpPpDQHJDomRPHVPDGHVVHMRJR
UHÀH[LYR'RSRQWRGHYLVWDGDLQWHUDomRQRUPDOHQWUHSHVVRDVTXH
PRUDPMXQWDVVHXFRPSRUWDPHQWRpVXLFLGD(QWmRDVVLVWLPRVSHU
SOH[RVjVH[SUHVV}HVHQIiWLFDVGRVRXWURVSDUWLFLSDQWHV³DPXOKHU
VXUWRX´³HODSDVVRXRVOLPLWHVYHOKR´

&RQWHPSRUDQHD9RO‡QR‡S‡MDQHLURMXQKR 
 )HUQDQGR$QGDFKW

2FOtPD[GHVVHHSLVyGLRpDWLQJLGRFRPDLPDJHPGD³PDOX
TXLQKD7LQD´ %LDO QRFRQIHVVLRQiULROiHODUHVSLUDFRPGL¿FXOGDGH
(ODWHPRROKDUSHUGLGRGHDOJXpPTXHFKHJRXDVHXOLPLWH$YLVmR
PHUHFHXPDLVXPFRPHQWiULRGH%LDO³9RFrMiYLXTXHD7LQDHVWi
OLWHUDOPHQWHEXIDQGRGHUDLYD´2HVSHFWDGRUDLQGDQmRVDEHTXH
HVVDYLVmRIRLRGHVIHFKRGDVLWXDomRPDLVYLROHQWDWDOYH]GHWRGD
DTXHODHGLomRGH%%%7LQDUHIXJLRXVHQD~QLFDVHPLEDUUHLUDGD
FDVDGHSRLVGHXPDFRQIURQWDomRGHTXDVHER[HPLVWRPDVFXOLQRH
IHPLQLQR(PUHSUHViOLDDVHXDWRYDQGiOLFRGHMRJDUWRGDVDVURXSDV
GRVKRPHQVSHORFKmRGRGRUPLWyULRDVPDODVGH7LQDWHUPLQDUDP
QDSLVFLQD0DVSRXFRDQWHVGLVVRKRXYHXPUXGHFKRTXHIURQWDO
HQWUH)HUQDQGRRER[HDGRUGRJUXSRHDH[RUELWDGDMRYHP
(VWD FODVVH GH UHDOLVPR SDUR[tVWLFR GR %%% FRUUHVSRQGH DR
TXH GH MHLWR VDUFiVWLFR R FUtWLFR GR 1HZ <RUN 7LPHV )UDQN 5LFK
  FKDPD GH ³D WRPDGD GD JUDQD´ WKH PRQH\ VKRW  (VVH
WHUPRpXVDGRQDLQG~VWULDSRUQRJUi¿FDSDUDGHVFUHYHURUHJLVWUR
PLQXFLRVRGDHMDFXODomRDFHQDTXHJDUDQWHDDXWHQWLFLGDGHGHVVH
JrQHUR2H[HPSORIRUQHFLGRSRU5LFKpRFLUFRPLGLiWLFRFULDGRHP
WRUQRGRtGROR0LFKDHO-DFNVRQHPHPUHODomRjDFXVDomR
GHSHGR¿OLD1HVVHFDVRFpOHEUHR³PRQH\VKRW´IRLDIRWRJUD¿D
GRtGRORDOJHPDGRHPLQ~PHUDVFDSDVGHUHYLVWDVHMRUQDLVHP
ERUDRLGHDOSDUDDPtGLDDVVLQDOD5LFKIRVVHGLIXQGLUDVSUySULDV
IRWRJUD¿DVGHVHXVXSRVWRFULPHVH[XDOHPDOJXPVLWHUHF{QGLWR
GDLQWHUQHW
1RFDVRGRUHDOLW\DWRPDGDGDJUDQDFRUUHVSRQGHDRPRPHQWR
GDPi[LPDFULVHGHLGHQWLGDGHLVWRpDRUHJLVWURGHWDOKDGRHUHL
WHUDGRGRGHVFRQWUROHGRFRUSRGRVHOIH[RUELWDGRGDSDUWLFLSDQWH
7RGRPRUDGRUGH%%%HQFRQWUDVHVREDLPHQVDSUHVVmRGDFRQYL
YrQFLDFRPHVWUDQKRVQXPHQWRUQRDLQGDPDLVHVWUDQKRSRUTXH
HVVHpDRPHVPRWHPSRLUUHDOHUHDOFRPRRVURVWRVIDPLOLDUHVH
VLQLVWURVGH$UFLPEROGR2HIHLWRFRQVLVWHQDFULDomRGHXPEL]DUUR
TXHEUDFDEHoDV SLFWyULFR IHLWR FRP DV VLQpGRTXHV H PHWRQtPLDV
GRVHOIFRPRVUDVWRVGRFRUSRFRPRVUDVWRVGHVHXWHVWHPXQKR
SHUDQWHRIpUUHRGLVSRVLWLYRGHFRQWUROHDXGLRYLVXDO$HVWUDWpJLDGH
%%%pH[RUELWDUDLGHQWLGDGHQRUPDOHVVDTXHIRLDSUHVHQWDGDQR

&RQWHPSRUDQHD‡5HYLVWDGH&RPXQLFDomRH&XOWXUD-RXUQDORI&RPPXQLFDWLRQDQG&XOWXUH 
 'XDVYDULDQWHVGDUHSUHVHQWDomRGRUHDOQDFXOWXUDPLGLiWLFD

FRPHoRFRPR³RSHU¿OGRSDUWLFLSDQWH´SDUDTXHRFRQWUDVWHFRP
DFULDWXUDQDTXDOHOHVHWUDQVIRUPDUiVHMDPDLVQRWyULRDLQGD2
HIHLWRSHUFHSWLYRGRUHDOLVPRH[RUELWDGRGH%%%pVHPHOKDQWHDR
SURGX]LGRSRUXPUHWUDWRGH$UFLPEROGRTXDOVHMDSHUFHEHVHXPD
JHVWDOWRVFLODWyULDQHODHQ[HUJDVHDOWHUQDWLYDPHQWHDLPDJHPGD
SHVVRD UHDO PDVWDPEpPDPRQWDJHPGHXPDF~PXORJURWHVFR
GHJHVWRVHGHDWLWXGHVGHVHXFRUSRGHVHXVXRUVHPLyWLFRTXHVH
HPDQFLSRXGHVHXDQWLJRµSURSULHWiULR¶SDUDULGLFXOL]iOR
&RPLQXVXDOIUDQTXH]DDQWHVGHOHURUHVXOWDGRGDYRWDomRGR
S~EOLFR%LDOGLVVHDTXHPVHULDH[SXOVDQRVSUy[LPRVLQVWDQWHV³9RFr
IRLH[FHOHQWHSDUDRSURJUDPDXPDJUDQGHSHUVRQDJHP´1HVVDIDOD
KRXYHXPUHFRQKHFLPHQWRS~EOLFRHH[SOtFLWRGRHIHLWR$UFLPEROGR
GDHVWUDWpJLDH[RUELWDQWHGHVVDUHSUHVHQWDomRQHRNHULJPiWLFDGR
UHDO2WHUPR³SHUVRQDJHP´UHIHUHVHGHIDWRjLPDJHPJURWHVFD
GHVLPHVPRIDEULFDGDSHODUHSHWLomRHRUJDQL]DomRFDULFDWXUDOGRV
tQGLFHVFRUSRUDLVRXVHMDGRWHVWHPXQKRH[DVSHUDGRHLQHJiYHOGH
FRUSRVFRPRYLGRV1mRSDUHFH¿JXUDGRHQWmRRFXPSULPHQWRXVDGR
SRU%LDOQRHVW~GLRTXDQGRHOHHQWUDQDFDVDSHORJUDQGHPRQLWRU
GDVDOD³0HXVJODGLDGRUHV´2VPRUDGRUHVGHVVDSHTXHQDIiEULFDGH
FDGiYHUHVGHVFDUWiYHLVGDLQWHUDomREHPSRGHULDPOKHUHVSRQGHU
6DOYH%LDO$TXHOHVTXHYmRPRUUHUWHFXPSULPHQWDP
1HVVDPHVPDHGLomRGH%%%RS~EOLFRDVVLVWLXDPDLVGXDV
HVWUDWpJLDVH[RUELWDQWHVDLQGDTXHRFRPSRUWDPHQWRSURGX]LGRSRU
HODVQmRSRVVXLRFDUiWHUTXDVHSDWROyJLFRFLWDGRDFLPD7UDWDVHGR
³PHVWUHFXFD´7K\UVRTXHPIDUiDDWXDomRGHVLSUySULRQRSDSHOGH
DSDL[RQDGRREVHVVLYRSHODDWUDWLYDMRYHPFDULRFD0DQRHOD$WUDYpV
GHPXLWRVFDUWD]HVFRPDKRUDH[DWDGRGLD HGDQRLWH HGDHGLomR
UHLWHUDGD GH LPDJHQV PHODQFyOLFDV GHVHVSHUDGDV ODFULPRVDV TXH
PRVWUDPRSDUWLFLSDQWH7K\UVRLQVLVWLQGRWHQWDQGREHLMDUDEUDoDUH
VHDSRGHUDUDWRGDKRUDGRDIHWRGDPDLVRXPHQRVLQGLIHUHQWHPRoD
DSURGXomRGRUHDOLW\FRQVHJXLXXPHIHLWR$UFLPEROGROLJKW(VVHp
PDLVOHYHTXHRTXHIRLSURGX]LGRSDUD7LQDSRUpPRHIHLWRpFHQWUDO
SDUDRERPGHVHQYROYLPHQWRGRSURJUDPD$LQVLVWrQFLDLQWHUPLQiYHO
GH7K\UVRPHUHFHULDQDVVHPDQDVVHJXLQWHVDWpDLQYHQomRGHXPD
SDUyGLFDQRYHOD$OJHPDVGD3DL[mRHGHLQ~PHUDVDQLPDo}HVQDWHOD

&RQWHPSRUDQHD9RO‡QR‡S‡MDQHLURMXQKR 
 )HUQDQGR$QGDFKW

TXHQmRVmRSHUFHELGDVSHORVSURWDJRQLVWDV7RGDHVVDFULDWLYLGDGH
WHPFRPRDOYRULGLFXOL]DUDREVHVVmRDPRURVDGRMRYHP
+RXYHPDLVXPDH[RUELWkQFLDQHVVHHSLVyGLRDTXHHQYROYHX
D~QLFDPXOKHUPDGXUDGDFDVDD&LGD0HVPRGHSRLVGHVDEHUTXH
VXD LUPm PDLV YHOKD HVWDYD DJRQL]DQGR &LGD QmR VDLX GD FDVD
QHPGRSRSXODUSURJUDPD&RQWUDRERPVHQVR&LGD¿FRXOiDWp
VHUH[SXOVD$VVLPRHVSHFWDGRUWHYHGLUHLWRGHUHFHEHUXPHIHLWR
$UFLPEROGR GDUN OLWHUDOPHQWH I~QHEUH PDFDEUR TXDQGR %%%
H[LELXXPDFHQDUHJLVWUDGDQRGLDSUpYLRQRPHVPRGLDGDPRUWH
GDLUPmDQWHVTXH&LGDVRXEHVVHGRIDWRDWUDYpVGDSURGXomR(Q
TXDQWRWRPDYDVROQRMDUGLPHODRXYLXXPFKDPDGRLQDXGtYHOSDUD
DDXGLrQFLDHUHVSRQGHXDHOH6XUJLXHQWmRQDWHODDYLVmRGHXP
GLiORJRHVWUDQKRHQWUHDPXOKHUHRQDGD
7DOFRPRH[SOLFRXRSURGXWRUGH%%%R%RQLQKRQDFLWDomRDQWH
ULRUWRGRVHVVHVFDUDVHQWUDPOiSDUD³LVVRPHVPR´VHMDPHOHVFLHQWHV
GLVVRRXQmR2VSDUWLFLSDQWHVVRIUHUmRXPSURFHVVRPLGLiWLFRH[RUELWDQ
WHGHVHXVHOIKDELWXDOSDUDJHUDUUDVWRVTXHVHOHFLRQDGRVUHSHWLGRV
HPRQWDGRVVHJXQGRDVUHJUDVGRJrQHURSURGX]HPXPDFRODJHP
GHVPHVXUDGDIHLWDGHVLQpGRTXHVFRUSRUDLVRHIHLWR$UFLPEROGR$
PRoDVXLFLGDHYLROHQWDRMRYHPREVHVVRSHORDPRUHDPXOKHUPDGXUD
GHFLGLGDDSHUPDQHFHUDTXDOTXHUSUHoRVmRWUrVSHUVRQDJHQVH[RUEL
WDGRVTXHVmRVDFUL¿FDGRVSDUDXP~QLFRHIHLWRDXGLRYLVXDO(PERUD
WDOHIHLWRVHEDVHLHQXPDGLVWRUomRLVVRQmRFRQYHUWH%%%QXPDREUD
GH¿FomRFRPRXPDQRYHOD2VLQVXPRVEiVLFRVGRJrQHURSURYrPGR
SUySULRUHDOVmRWmRREMHWLYRVTXDQWRpVXEMHWLYDDGHFLVmRFRUSRUDWLYD
GDWHOHYLVmRGHVXEPHWHURVSDUWLFLSDQWHVDHVVDPHWDPRUIRVH0HVPR
TXHH[DVSHUDGRVHOHVYmR¿FDUOiVHPQHQKXPOXJDURQGHVHUHIXJLDU
GRGLVSRVLWLYRWHFQROyJLFRGRUHDOLW\TXHRVREVHUYDHUHJLVWUD

$FLUFXQVSHWDUHSUHVHQWDomRGRUHDOGR
(GLItFLR0DVWHURHIHLWR$XJXVW6DQGHU
6HRSURSyVLWRGH%%%pWXGRPRVWUDUSDUDID]HUDWUDYpVGD
UHSUHVHQWDomR GR UHDO XPD LPDJHP H[RUELWDQWH R GRFXPHQWiULR
(0FDUDFWHUL]DVHSRUVXDYH]SHODVXDSURGXomRH[WUHPDPHQWH

&RQWHPSRUDQHD‡5HYLVWDGH&RPXQLFDomRH&XOWXUD-RXUQDORI&RPPXQLFDWLRQDQG&XOWXUH 
 'XDVYDULDQWHVGDUHSUHVHQWDomRGRUHDOQDFXOWXUDPLGLiWLFD

FLUFXQVSHWD 'H PRGR SUXGHQWH H HFRQ{PLFR R ¿OPH Vy H[LEH R

QHFHVViULRSDUDQmRGLVWRUFHUXPHQFRQWUR~QLFRHWUDQVFHQGHQWH
GHGXDVWHVWHPXQKDVQR¿OPHMiTXHRQHRNHULJPDGR(0GLV
WLQJXHVHSRUHQYROYHUGHPRGRHVVHQFLDODTXHOHTXHp¿OPDGRH
DTXHOH TXH ¿OPD 2 HVSHFWDGRU DGTXLUH XP FRQKHFLPHQWR FDUQDO
GHVVDLQWHUDomRTXDVHWiFWLOHQWUHRVTXHFRQYHUVDPFRPRVHQDGD
PDLVIRVVHLPSRUWDQWHQRPXQGR1DUHIHULGDHQWUHYLVWD&RXWLQKR
GHVFUHYHDVVLPRVSDSpLVGHHVFXWDHGHIDODQR(0

(QWUHYLVWDGRU$LPDJHPSDUDGDHFHQWUDGDQDSHUVRQDJHPVHULDXPDPDQHLUD
GHFRQFHQWUDUWRGDDDWHQomRGRHVSHFWDGRUQRGHSRLPHQWRGDSHUVRQDJHP"

&RXWLQKR3DUDPLPQmRDGLDQWDXPFkPHUDJHQLDOTXHQmRHVFXWD(OHSUHFLVD
VHUWmRGHOLFDGRFRPRRXWURFRPRHXVRX6H>DSHVVRD¿OPDGD@QmRHVWi
EHPQDGDSRGHDFRQWHFHU7RGRQRVVRHVIRUoRHQWmRpGLULJLGRjSURGXomR
GHVVHPRPHQWRGHIDODeGHGLFDGRDSHUPLWLUTXHQDTXHOHLQVWDQWHH
QDTXHOHHVSDoRTXDVHµVDJUDGRV¶VHSURGX]DDOJXPPLODJUHKXPDQRH
TXHQRPLODJUHGHVVHHQFRQWURDSUySULDSHVVRDFRQVWUXDRVHXUHWUDWR
GHXPDIRUPDPDUDYLOKRVDHQWHQGH">rQIDVHDJUHJDGD)$@ 

1HVVHHVIRUoRVREUHKXPDQRSDUDFDSWDUREMHWLYDPHQWHDVXE
MHWLYLGDGHGRRXWURHSDUDH[HUFHUDVXDSHUFHEHVHRTXHGHQRPLQR
RHIHLWR$XJXVW6DQGHU  GHVWDUHSUHVHQWDomRGRUHDO
1XPHQVDLRVREUHRIRWyJUDIRDOHPmR%HUJHU  GHVFUHYHFRP
KXPRUDFODVVHGHUHSUHVHQWDomRGRUHDOTXHHOHID]LD³TXHFRLVD
GL]LD$XJXVW6DQGHUDRVTXHUHWUDWDYDDQWHVGHIRWRJUDIiORVHGH
TXH MHLWR HOH R GL]LD SDUD TXH WRGRV HOHV DFUHGLWDVVHP QLVVR SRU
LJXDO"´&RPRQRGRFXPHQWiULRWDPEpPQRHVSDoRLQWHUVXEMHWLYRGD
DUWHYLVXDOQDVFLDRHQFRQWURVLQJXODUHQWUHIRWyJUDIRHIRWRJUDIDGR
2UHDOTXH6DQGHUSURFXUDYDUHSUHVHQWDUQDVVXDVIRWRJUD¿DVHUDR
SRYRKHWHURJrQHRGRVDOHPmHVWDOFRPRRHQFRQWUDYDQRVFDPLQKRV
DOWRVHEDL[RVGDYLGDFRPDULTXH]DGHVXDVGLIHUHQoDV
2LQWXLWRGH6DQGHUHUDTXHDSRVWHULGDGHFRQVHJXLVVHOHUQD
¿OLJUDQDYLVXDOGHRItFLRVURXSDVDWLWXGHVH¿VLRQRPLDVYDULDGDVGH
VHXVFRPSDWULRWDVDVGLIHUHQoDVGHFODVVHHGHYLVmRGHPXQGRGHOHV
LHXPDLPDJHPGDFXOWXUDFRPRFULDWXUDYLYDHSURWpLFD1mRpj
WRDTXHRUHJLPHQD]LVWDGHFODUDVVHDREUDGRIRWyJUDIRLQFRPSDWtYHO
FRPRLGHDODULDQRHDSURLELVVH1mRKiQDGDPDLVRSRVWRjTXHOD

&RQWHPSRUDQHD9RO‡QR‡S‡MDQHLURMXQKR 
 )HUQDQGR$QGDFKW

LGHRORJLDDQWLKXPDQLVWDGRVXSHUKRPHPTXHRYDVWRSURMHWRTXH
6DQGHUFKDPRXGH2KRPHPQRVpFXOR(VVHFRQVLVWLDHPID]HU
LQ~PHURV³UHWUDWRVQDWXUDLVTXHPRVWUHPRVUHWUDWDGRVHPXPHQ
WRUQRTXHFRUUHVSRQGDDVXDLQGLYLGXDOLGDGH´$FLUFXQVSHomRQR
DWRGHUHSUHVHQWDURUHDOPDQLIHVWDVHDVVLPQXPDVDFUDOL]DomR
GRTXHKiGHPDLVVHFXODURFRWLGLDQRGDVSHVVRDVFRPXQV
0DLVGRTXHDQDOLVDUFRPULJRUFLHQWt¿FRRUHDOLVPRDUHSUHVHQ
WDomROLWHUiULDGRFRWLGLDQRQDREUDGH5DEHODLVGH&HUYDQWHVHGH
'DQWHRVUHQRPDGRVHVSHFLDOLVWDV%DNKWLQH$XHUEDFKWHULDPOXWDGR
HP SURO GH XP KXPDQLVPR SRSXOLVWD VHJXQGR (DJOHWRQ  
3RUWUiVGDUHSUHVHQWDomRGRUHDOGDTXHOHVURPDQFLVWDVHVWDULD³D
5HYHODomRSRUTXHUHVXOWDTXHRTXHVDOYDRXFRQGHQDYRFrVmR
FRLVDVWmRYHUJRQKRVDPHQWHFRUULTXHLUDVFRPRVHYRFrGHXGHFR
PHUDRVIDPLQWRVHYLVLWRXRVGRHQWHV´ (DJOHWRQ 7DQWRQDV
LPDJHQV¿[DVGH6DQGHUTXDQWRQRGRFXPHQWiULRGH&RXWLQKRKi
XPDSURSRVWDpWLFDVHPHOKDQWHTXHHQYROYHRUHVSHLWRDRXWUHP
TXHpFRQVLGHUDGRFRPH[WUHPRFXLGDGRGLVFULomRHSUXGrQFLD$O
JXPDVFHQDVGR¿OPHSHUPLWHPFRPSUHHQGHUHLOXVWUDPEHPFRPR
IXQFLRQDQHOHRQHRNHULJPDFLUFXQVSHFWRGRUHDO
8PPRPHQWRPHPRUiYHOGR(0pRSURWDJRQL]DGRSRU+HQULTXH
XPYL~YRGHXQVDQRVTXHPRUDVR]LQKRQRSUpGLRGHSRLVGHWHU
SDVVDGRTXDVHDYLGDLQWHLUDQRV(8$RQGHDLQGDPRUDPVHXVWUrV
¿OKRV1RFRPHoRGRHQFRQWURHOHRIHUHFHRWHVWHPXQKRWUDQTLOR
GHXPDFLGHQWHTXHSRGHWHUOKHFXVWDGRDYLGD2KRPHPYHOKR
HVFRUUHJRXHFDLXQRVHXDSDUWDPHQWRPDVXPYL]LQKRRHQFRQWURX
HGHVVHMHLWR+HQULTXHVHVDOYRX0DVQmRpHVVHRPRPHQWRHSLIk
QLFRGRNHULJPDWUDQTLORSUySULRGRHIHLWR$6DQGHUTXHHVWUXWXUD
R¿OPHGH&RXWLQKR(PYH]GHH[RUELWDUDLGHQWLGDGHQRUPDOGR
KRPHPFRPTXHPFRQYHUVDRUHDOL]DGRUVHQWDGRGHWUiVGDFkPDUD
pDOJXpPTXHDSHQDVSRGHUVHURXYLGRDRID]HUDOJXPDSHUJXQWD
GHOLFDGDPHQWH0DV&RXWLQKRFRQVHJXHRWHPSRWRGRH[HUFHUXPD
HVFXWDSRGHURVDFRPDTXDOFULDXPD³IiEXODPRUDO´ 3HUHLUDGD6LOYD
 TXHSRUpPWDPEpPpUHDOHXDFUHVFHQWDULD
³&RPRYRFrFRQKHFHX)UDQN6LQDWUD"´OKHSHUJXQWD&RXWLQKR2
HVVHQFLDOSDUDRUHDOL]DGRUTXDQGR¿OPDp³SURYRFDUDIDOD2DWR

&RQWHPSRUDQHD‡5HYLVWDGH&RPXQLFDomRH&XOWXUD-RXUQDORI&RPPXQLFDWLRQDQG&XOWXUH 
 'XDVYDULDQWHVGDUHSUHVHQWDomRGRUHDOQDFXOWXUDPLGLiWLFD

GHIDODUpH[WUDRUGLQiULRSRUTXHpVREUHWXGRXPDWRGHSDODYUDe
HVVDSDODYUDRTXHYDORUL]RpGHVVDSDODYUDTXHVmRSURGX]LGDVDV
LPDJHQV´  7HPRVDTXLDDQWtWHVHSHUIHLWDGRHIHLWR$UFLPEROGR
(PERUDDPERVRVIRUPDWRVDXGLRYLVXDLVWUDWHPGRUHDOQR(0R
LQWXLWRpFDSWXUiORQDVXDSXUH]DQDVXDHPHUJrQFLDQXPLQVWDQWH
TXHQmRYDLVHUHSHWLU1R%%%DSDODYUDRJHVWRRFRUSRWRGRVmR
FRPSRQHQWHVFHQWUDLVPDVQmRVX¿FLHQWHVHOHVQmRWrPYDORUVH
QmRVmRPXOWLSOLFDGRVWXUELQDGRVGHVFRPSRVWRVHUHFRPELQDGRV
DWpSURGX]LURTXHEUDFDEHoDKLSQyWLFRHDWUR]GHQRPLQDGRHIHLWR
$UFLPEROGR
2YHOKRDEUHPmRGHVXDPHODQFROLDFRUDMRVDGHVVHVHQWLPHQWR
TXHQmRH[SULPHTXHL[DQHQKXPDSHORYLYLGRHVHWUDQVIRUPDQDTXHOH
MRYHPTXHXPDYH]IRLFRQYLGDGRSDUDVXELUDRSDOFRSRU)UDQN6LQDWUD
SDUDFDQWDUMXQWRFRPHOH(VVDIRLDUHFRPSHQVDSHODRXVDGLDGH+HQ
ULTXHTXDQGROKHFXPSULPHQWRXFRPHVSRQWDQHLGDGHHJUDoD ³+RZ
GR\RXGR%OXH(\HV´ 2HVSHFWDGRUFRPSUHHQGHTXHGHXPPRGR
PLVWHULRVR+HQULTXHYLYHXDWpHVVHPRPHQWRSDUDGDUHVVHWHVWHPXQKR
PXVLFDOHHPRFLRQDO&RPR~QLFRDSRLRWpFQLFRGHVHXWRFD¿WDVHOH
FDQWDFRPIHUYRUXPDP~VLFDFXMD³OHWUDHPVLpPLQKDYLGD´DFODUDR
KRPHPYHOKR$VVLVWHVHDXPDFRPRYHQWHYHUVmRVHPHQVDLRGH0\
ZD\HQTXDQWR+HQULTXHJHVWLFXODFRPSDL[mRHWRVVH
&RPR RV RXWURV PRUDGRUHV GR (0 HOH ID] XPD DWXDomR GH VL
SUySULR±RYDVWRVHOIHQDFWPHQWQRTXDOFRQVLVWHDWDUHIDGH6tVLIR
GRVPRUDGRUHVGDFDVDGH%%%$SHUIRUPDQFHGR+HQULTXHSRUpP
QmRWLUDEUXWDOPHQWHVHXVHOIGHVXDyUELWDQRUPDOHODQyVSHUPLWHWHU
XPDFHVVRSULYLOHJLDGRjYHUGDGHGHVVDSHVVRD'HVHMRDUJXPHQWDU
TXHLVVRpXPVHOIHQDFWPHQWSRUTXHFRQIRUPH+HQULTXHH[SOLFDD
&RXWLQKRHOHVHPSUHHVFXWDHVVDP~VLFDHRID]FRPDMDQHODEHP
DEHUWDSDUDDVVLPFRPSDUWLOKDU0\ZD\FRPDYL]LQKDQoDQXPDGDWD
¿[DHULWXDO ³GRLVViEDGRVDRPrV´ 2TXHVXUJHDTXLpXPWLSRGH
FRQKHFLPHQWRFDUQDOFRPSOHPHQWDUHUDGLFDOPHQWHRSRVWRDVXDUH
SUHVHQWDomRVLPpWULFDQRUHDOLW\VKRZJOREDOL]DGRGD*ORER(QGHPRO
)RUD GH VHX FRQWH[WR H GH VXD yEYLD LQWHQomR DV VHJXLQWHV
SDODYUDV GH &RXWLQKR   SRGHULDP VHU VXEVFULWDV SHOD HTXLSH
WHOHYLVLYDSURGXWRUDGH%%%

&RQWHPSRUDQHD9RO‡QR‡S‡MDQHLURMXQKR 
 )HUQDQGR$QGDFKW

eRDWRYHUEDOTXHpH[WUDRUGLQiULR8PDWRYHUEDOTXHIRLSURYRFDGRFDWDOLVDGR
SHORPRPHQWRGH¿OPDJHPVHPTXHKRXYHVVHXPDGHOLEHUDomRFRQVFLHQWHQHP
PLQKDQHPGHOD)LOPDUSDUDPLPpSURYRFDUpFDWDOLVDUHVVHPRPHQWR1D
LQWHUDomRTXHVHGiQRSURFHVVRGH¿OPDJHPpTXHQDVFHXPJUDQGH
SHUVRQDJHP>JULIRPHX)$@

2FRPHQWiULRGRUHDOL]DGRUYHPjWRQDGHRXWUDVHTrQFLDSR
GHURVDGH(0DGRVHUHQRFKRURGH$QW{QLR&DUORV(OHpXPKRPHP
PDGXURHPXLWRVpULRTXHPXLWRVDQRVGHSRLVGRHSLVyGLRWHUDFRQWHFL
GRVHHPRFLRQDQRPRPHQWRHPTXHQDUUDFRPRVHXSDWUmRXPDYH]
RGLVSHQVRXGRWUDEDOKRSDUDHOHLUDYLVLWDUVXDPmHPXLWRGRHQWHH
MiSUy[LPDGDPRUWH6HXFKHIHGHQRPH³3LHWURSRUTXHHUDLWDOLDQR´
GLVVHSDUDHOHQHVVDRFDVLmR³YRFrQmRYDLSRUTXHSUHFLVDYRFrYDL
SRUTXHPHUHFH´$QW{QLR&DUORV¿FDGHSpGXUDQWHDFRQYHUVDWRGD
HPERUDTXHHOHHVWHMDQDVXDSUySULDFDVD$WpSDUHFHXPULWXDOQHFHV
ViULRFRPRVHRFRPRYHQWHWHVWHPXQKRGH$QW{QLR&DUORVDOFDQoDVVH
DVVLPRWRPMXVWRTXHHOHDOPHMDYDHPERUDHOHQmRRVRXEHVVHDWp
HVVHLQVWDQWH&RPFHUWH]DHVVHHQFRQWUR¿OPDGRQmRYDLOKHWUD]HU
IDPDPDVHOHIH]SRVVtYHORVXUJLPHQWRGHXPDWRH[WUDRUGLQiULR
HPERUDQmRDFRQWHoDGHIDWRQDGDIRUDGRFRPXP
$UHSUHVHQWDomRGRUHDOJHUDGRUDGRHIHLWR$6DQGHUFRQVLVWH
QXPDHVSpFLHGHµFDWiOLVH¶ItOPLFDHODID]TXHDFRQWHoDDOJXPDFRLVD
TXHGHYLDDFRQWHFHUPDVTXHSRGHULDQmRWHUDFRQWHFLGRQHVVDKRUD
RXTXHDFRQWHoDGHXPPRGRTXHSDUHFHSURGX]LUDIHOLFLGDGHLQH[SOL
FiYHOGDVWHVWHPXQKDVGR(07DOYH]HVVHVPRUDGRUHVRIHUHFHPVHXV
tQGLFHVFRUSRUDLV±RUHDOUHJLVWUDGRSHODHTXLSHGH&RXWLQKR±SRUTXH
HOHVHQFRQWUDPQHVVHDWRVXDSUySULDUHFRPSHQVD7UDWDVHGRSUrPLR
GHSRGHUVHHQ[HUJDUDVLPHVPRVGHXPPRGRQmRKDELWXDOJUDoDV
jSUHVHQoDGLVFUHWDGHXPHVWUDQKRTXHQmRpDOJXpPHVSHFLDOHTXH
ORJRVXPLUiGHVXDVYLGDVVHPTXHQHQKXPDPHWDPRUIRVHPDUDYLOKR
VDQHPVLQLVWUDOKHVDFRQWHoD1RQHRNHULJPDGR(0RVPRUDGRUHV
FRORFDPVHXVFRUSRVFRPRDJDUDQWLDGHVXDIDODDTXDOpLQVHSDUiYHO
GRVHQWLGRGHVXDVYLGDVIRUDGDFkPDUDGRFXPHQWiULD
0DLVXPDGLIHUHQoDGR(0QRTXHGL]UHVSHLWRDRQHRNHULJPDGR
UHDOLW\VKRZ%%%DOpPGDPDQLIHVWDH[RUELWkQFLDGRSURJUDPDWHOHYL
VLYRpTXHQR¿OPHRSUySULRUHDOL]DGRUWDPEpPpXPDWHVWHPXQKD

&RQWHPSRUDQHD‡5HYLVWDGH&RPXQLFDomRH&XOWXUD-RXUQDORI&RPPXQLFDWLRQDQG&XOWXUH 
 'XDVYDULDQWHVGDUHSUHVHQWDomRGRUHDOQDFXOWXUDPLGLiWLFD

IXQGDPHQWDO(GXDUGR&RXWLQKRFRORFDHPMRJRVHXSUySULRFRUSRVXD
SUHVHQoDFRPRYLGDQRLQVWDQWHLUUHSHWtYHO6HXSDSHOQmRSRGHULDVHU
PDLVGLIHUHQWHGRWULFNVWHUWHOHYLVLYRUHSUHVHQWDGRSHORSURYRFDGRU
3HGUR%LDOQR%%%6LWXDGRFRPSOHWDPHQWHIRUDGDFDVDHOHSURFXUD
H[DVSHUDURUHDOGRVSDUWLFLSDQWHVGRUHDOLW\,VVRQRVSHUPLWHFRP
SUHHQGHUPHOKRUDLQVLVWrQFLDGH&RXWLQKRHPLQFOXLUQRVHX¿OPHR
DWRPHVPRGH¿OPDJHPHPSUHVHUYDURPLVWHULRVR QHR NHULJPDGR
GRFXPHQWiULRDWUDYpVGDSUHVHQoDGHWRGRVRVHQYROYLGRV2¿OPH
(0SRUWDQWRpUHDOL]DGRQRLQWHULRUPHVPRGRDFRQWHFHU

&RQFOXVmRDUHSUHVHQWDomRGRUHDOHQWUHR
H[RUELWDQWHHRFLUFXQVSHFWR
1R¿PGRDUWLJRYRXFRQWHVWDUXPDLGpLDGRFULDGRUGH(0
SDUDDVVLPUHVXPLUPHXDUJXPHQWRVREUHRTXHpFRPXPHRTXH
pGLVWLQWRQDVGXDVUHSUHVHQWDo}HVGRUHDOFRQVLGHUDGDV$FLUFXQV
SHomRGRUHDOUHSUHVHQWDGRQRGRFXPHQWiULR(0SURFXUDRH[WUDRU
GLQiULRVHJXQGRDVSDODYUDVGH&RXWLQKRQDSUySULDHPHUJrQFLD
³GHVVHPRPHQWRGHIDOD´  TXHpUHJLVWUDGRUHOLJLRVDPHQWH
³QDTXHOHLQVWDQWHHQDTXHOHHVSDoRTXDVHµVDJUDGRV¶´LHFRPD
PHQRULQWHUYHQomRSRVVtYHOGHDUWLItFLRVFLQHPDWRJUi¿FRV+iXP
FRQFHLWRHVFROiVWLFRXVDGRSRU3HLUFH &3 SDUDGHVFUHYHUR
HOHPHQWRTXHGH¿QHTXDVHTXLPLFDPHQWHRUHDOFRPRWRGRDTXL
ORTXHUHVLVWHTXHVHRS}HDQRVKDFFHLWDVpRFRPSRQHQWHGH
VLQJXODULGDGHPi[LPDGRTXHH[LVWHDTXLHDJRUDREMHWLYDPHQWH
GRUHDOREFHFDGR7DQWRQRVHX¿OPHTXDQWRQDGHVFULomRGHVXD
SRpWLFD&RXWLQKRVDOLHQWDRUHVSHLWRGHYLGRDHVVDVLQJXODULGDGH
jPDQLIHVWDomRGRUHDOHQTXDQWRRRXWURTXHHOHHQFRQWUDOiMXQWR
FRPVXDLQRFXOWiYHOGLIHUHQoD'LVFRUGRSRUWDQWRFRPRDGPLUiYHO
UHDOL]DGRUTXDQGRHOHGH¿QHRJrQHURGRFXPHQWiULRSHOR³TXHVWLR
QDPHQWRGHVVDREMHWLYLGDGHGHVVDSRVVLELOLGDGHGHGDUFRQWDGR
UHDO´  6HQmRKRXYHVVHDSUHVHQoDREMHWLYDLQFRQWHVWiYHO
GHVVH³PLODJUH´GRHQFRQWURFRPRRXWUR¿OPDGRHVHQmRIRVVH
³DSUySULDSHVVRD´TXHPFRQVWUyL³RVHXUHWUDWR´QR(0VHULDR
¿OPHXPGRFXPHQWiULR"

&RQWHPSRUDQHD9RO‡QR‡S‡MDQHLURMXQKR 
 )HUQDQGR$QGDFKW

0HXDUJXPHQWRpTXHDREMHWLYLGDGHQRVJrQHURVLQGLFLDLVQmR
GHVDSDUHFHHPERUDKDMDVHOHomRPRQWDJHPRXrQIDVHHPDOJXP
DVSHFWRGRUHDOUHSUHVHQWDGR1HPPHQWLUDVÀDJUDQWHVQHPGLVWRU
o}HVFRQVHJXLULDPPXGDURJrQHURLQGLFLDOGR(0HGR%%%6HDIDOVL
GDGHGRUHDOUHSUHVHQWDGRIRVVHGHVFREHUWDQHOHVLVVRVLPSOHVPHQWH
IDULDFRPTXHR¿OPHHRSURJUDPDWHOHYLVLYRYLUDVVHPH[HPSORV
SUREOHPiWLFRVGHVHXVUHVSHFWLYRVJrQHURV0DVQmRSRULVVRHOHV
YLUDULDP¿Fo}HV$VIUHTHQWHVG~YLGDVGRS~EOLFRHGDFUtWLFDVREUH
DDXWHQWLFLGDGHGRVJrQHURVGRUHDOVXUJHPVRPHQWHSRUTXHHVVD
pVXDSURPHVVDRTXHGH¿QHRJrQHUR,VVRVHPDQLIHVWDQDVXD
FDWDORJDomRR¿FLDO LQGH[LQJ VHJXQGR&DUUROO  
8PH[HPSORGDUHODomRGLVWLQWLYDGRJrQHURGRFXPHQWiULRFRPR
UHDOVHHQFRQWUDQRFRPHQWiULRGH&RXWLQKRVREUHVXDFRQYHUVDQR(0
FRP0DULD3tDDH[WUHPDPHQWHFRQVHUYDGRUDHPSUHJDGDHVSDQKROD
(OHGL]QmRFRPSDUWLOKDUHPDEVROXWRVXD³SRVWXUDSDWURQDO´  SR
UpPHODID]SDUWHGRHQFRQWURQRTXDOFRQVLVWHR¿OPHHHQWmRHOHQmR
SRGHQmRPRVWUiOD3RGHPRVFRQFOXLUTXHDVXEMHWLYLGDGHGRUHDOL]DGRU
QRGRFXPHQWiULRPDQLIHVWDVHQDEXVFDFXLGDGRVDHQRUHVSHLWRGD
REMHWLYLGDGHDFDUUHWDGDSHODSUHVHQoDGRRXWURSHODLUUXSomRREVWLQDGD
GRUHDOSHORUHJLVWURDPRURVRGDKDFFHLWDVRXVLQJXODULGDGH
2DVSHFWRLQHJDYHOPHQWHVXEMHWLYRGDSURGXomRGH%%%SRUVXD
YH]HVWiQDEXVFDIUHQpWLFDGDREMHWLYLGDGHHQDGLVWRUomRH[RUEL
WDQWH HH[SOtFLWD GHOD$SRpWLFDGRUHDOLW\VKRZFRQVLVWHQRUHJLVWUR
REVHVVLYRGHXPHQRUPHDF~PXORGHtQGLFHVFRUSRUDLVTXHQmRVmR
SURGX]LGRV QHP LQYHQWDGRV SHOR UHDOLW\ SRUTXH HOHV HPHUJHP Oi
2VGRLVFDVRVGHQHRNHULJPDGDDWXDOFXOWXUDGDPtGLDEDVHLDPVH
SRUWDQWRQRHVSHWiFXORDWUDHQWHGRtQGLFHTXHFRPRTXDOTXHUIDWR
H[SOLFD3HLUFH &3 ³OXWDSRUDEULURFDPLQKRSDUDVXDH[LVWrQ
FLD´$SUHVHQoDGRVVLJQRVLQGLFLDLVQR(0IDYRUHFHXPDFXLGDGRVD
LQWHUSUHWDomR GD H[SHULrQFLD ~QLFD H XPD HODERUDomR SHVVRDO GRV
VtPERORVJHUDGRVQRHQFRQWUR(QTXDQWRQR%%%RVDEXQGDQWHV
tQGLFHVHVWmROiSDUDSURYLGHQFLDUXPDH[SHULrQFLDFRPSXOVLYDSDUD
SURYRFDUXPFRQWDWRItVLFRHEUXWDOFRPRVUDVWRVGRRXWUR$LQWHU
SUHWDomRQRUHDOLW\VKRZQmRpQHPGHFLVLYDQHPVHTXHUUHOHYDQWH
SDUDR¿PGLVWLQWLYRHVLVWrPLFRSURFXUDGRSHORSURJUDPD

&RQWHPSRUDQHD‡5HYLVWDGH&RPXQLFDomRH&XOWXUD-RXUQDORI&RPPXQLFDWLRQDQG&XOWXUH 
 'XDVYDULDQWHVGDUHSUHVHQWDomRGRUHDOQDFXOWXUDPLGLiWLFD

7UDWDVHSRUWDQWRGHGRLVIRUPDWRVPLGLiWLFRVRSRVWRVQRTXH
GL] UHVSHLWR D VXD SURSRVWD FXOWXUDO PDV TXH FRPSDUWLOKDP XPD
HVWUDWpJLDGHVHQWLGRIXQGDPHQWDO$PERVUHJLVWUDPHRUGHQDPPL
QXFLRVDPHQWHRVUDVWRVGDYLGDGRVRXWURVSDUDGHSRLVHODERUDUFRP
HOHVXPGLVFXUVRQHRNHULJPiWLFRGRUHDO$WUDYpVGHVVHVIRUPDWRV
DVVLVWHVHjWHVWHPXQKDGHFRUSRVFRPRYLGRVVHMDSRUXPDWiWLFD
H[RUELWDQWH VHMD SRU XPD DERUGDJHP FLUFXQVSHWD TXDVH PtVWLFD
DFDXVDGHVHXPLQLPDOLVPRHVWpWLFR(VVHVGRLVJrQHURVLQGLFLDLV
FULDPXPDSDLVDJHPPLGLiWLFDRQGHEULOKDXPDPXOWLGmRGHVLJQRV
FRUSRUDLV6HXVVLJQRVVmRXPDJHQXtQDWUDQVSLUDomRVHPLyWLFDQD
TXDORS~EOLFRWHOHYLVLYRHFLQHPDWRJUi¿FRFRQWHPSRUkQHRSDUHFH
SURFXUDUDYLGDPHQWHRVYHVWtJLRVGRDXWrQWLFRGDDOPDTXHDDWXDO
FXOWXUDGDVPtGLDVFROHWDHH[LEHVHPSDXVDDPLOK}HV3URSRQKRTXH
QHVVDSUROLIHUDomRGHHYLGrQFLDV¿OPDGDVRXWUDQVPLWLGDVDRYLYRD
DXGLrQFLDFRQWHPSRUkQHDEXVFDXPFRQKHFLPHQWRFDUQDOGRPXQGR
GDYLGDGHFDGDGLDHPDLVGRTXHLVVRXPVDEHUGHVLPHVPRV

1RWDV

(VWHWH[WRIRLSURGX]LGRFRPRDSRLRGR&13THID]SDUWHGDSHVTXLVDHPFXUVRLQWL
WXODGD³$UHSUHVHQWDomRGRUHDOQDpSRFDGHVXDHVSHWDFXODUL]DomRPLGLiWLFD´

2DUWLJRLQVHUHVHQXPDSHVTXLVDHPDQGDPHQWRVREUHDUHSUHVHQWDomRGRUHDO
QDPtGLD9HU$QGDFKW DEDEF 

&LWRD&63HLUFH  GRPRGRKDELWXDO[[[[YROXPHHSDUiJUDIR
&ROOHFWHG3DSHUVRI&63HLUFH

1DVXDDQiOLVHGR/RIW6WRU\DYHUVmRIUDQFHVDGR%LJ%URWKHU-RVW  
H[SOLFDTXHDSRUFHQWDJHPGHWUDQVPLVVmRDRYLYRQDWHOHYLVmRDEHUWDpDSH
QDV

(VWDFLWDomRHWRGDVDVVHJXLQWHVVmRH[WUDtGDVGHXPDHQWUHYLVWDIHLWDSRU$
)LJXHU}DHWDO  

3DUDXPHVWXGRGRNHULJPDQDPtGLDHVSRUWLYDYHU$QGDFKW

$UHIHUrQFLDDTXLpjREUDFOiVVLFDGH-RKQ/$XVWLQ+RZWRGRWKLQJVZLWK
ZRUGV 2[IRUG&ODUHQGRQ3UHVV 

$WDUHIDGHDWXDUVHDVLSUySULRQXPDVLWXDomRDQ{PDODFRPRVHDSHVVRD
HVWLYHVVHQDQRUPDOLGDGHRVHOIHQDFWPHQWpFHQWUDOQDJHUDomRGHDSDUrQFLDV
QRUPDLVVHJXQGRDVGH¿QH*RIIPDQ  TXDOVHMDDQRVVD³DWXDomR
QRUPDO´

$RVSRXFRVGLDVHODPRUUHX

&RQWHPSRUDQHD9RO‡QR‡S‡MDQHLURMXQKR 
 )HUQDQGR$QGDFKW


 $XJXVW 6DQGHU 7KH (QF\FORSHGLD RI 3KRWRJUDSK\   'LVSRQtYHO HP
KWWSZZZPDVWHUVRISKRWRJUDSK\FRP6VDQGHUVDQGHUKWPO DFHVVR
HP

&RPSDUWLOKRRDUJXPHQWRGH&DUURO  GHTXH³$FDWDORJDomR LQGH
[LQJ RULJLQDOpFUXFLDO¿OPHVGHQmR¿FomRLPSUHFLVRVQmRSRGHPVHUUHGHQR
PLQDGRVGH¿Fo}HV´SRUTXHDFDWDORJDomRLQGLFDDUHIHUrQFLDHDVH[SHFWDWLYDV
TXHR¿OPHUHFODPDSDUDVLP

1HVVHHIHLWRFRQVLVWHD³IiEXODPRUDO´GDTXDOHVFUHYH3HUHLUDGD6LOYD  
FRPRDSULQFLSDOGLPHQVmRHVWpWLFDGR(0

%LEOLRJUD¿D
$/9$5$'255HDOLW\VKRZQLUpHOQL¿FWLI/¶LQGpWHUPLQDWLRQG¶XQJHQUHWpOpYLVXHO
,Q(PPDQXHO+RRJ 2UJ /HVWHPSVWpOpYLVXHOV%LJ%URWKHU3DULV/¶+DUPDQWWDQ
SS

$1'$&+7)HUQDQGR.HULJPDI~WERO\SROtWLFD,Q'HVLJQRV\GHVERUGHV6HPLyWLFD
\VRFLHGDG0RQWHYLGHR0RQWHVH[WR

BBBBBBBBBB%LJEURWKHUWHHVWiPLUDQGR/DLUUHVLVWLEOHDWUDFFLyQGHXQUHDOLW\VKRZJOR
EDO,Q53DLYD RUJ eWLFDFLGDGDQLDHLPSUHQVD5LRGH-DQHLUR0DXDGD

BBBBBBBBBB%%LVWRXFKLQJ\RX7KHLUUHVLVWLEOHDSSHDORI%LJ%URWKHU,Q)-RVW RUJ 
3UHPLHU)RUXP,QWHUQDWLRQDOG¶pWpµ/HWHPSVGHPpGLDV¶3DULV,1$E

BBBBBBBBBB(OUHDOLW\VKRZ8QDERUGDMHDQDOtWLFRGHODWHOHYLVLyQ%XHQRV$LUHV
*UXSR1RUPD(GLWRUHVD

BBBBBBBBBB³8PDDSUR[LPDomRDQDOtWLFDGRIRUPDWRWHOHYLVXDOGRUHDOLW\VKRZ%LJ
%URWKHU´*DOi[LD5HYLVWDWUDQVGLVFLSOLQDUGH&RPXQLFDomR6HPLyWLFD&XOWXUD1R
SSE

BBBBBBBBBB(OVLJQRLQGLFLDOHQODUHSUHVHQWDFLyQWHOHYLVLYDGHORUHDO7UDEDOKRDSUHVHQ
WDGRQR;;9,&RQJUHVVR%UDVLOHLURGH&LrQFLDVGD&RPXQLFDomR ,QWHUFRP F

BBBBBBBBBB6REUHQRVVDSDL[mRLQGLFLDOGHFDGDGLDHQWUHRUHDOLW\VKRZHDLPDJHP
GHODWRUD(FR3yV5LRGH-DQHLURYQSG
BBBBBBBBBB'XDVYDULDQWHVGDUHSUHVHQWDomRGRUHDOQDFXOWXUDPLGLiWLFDRH[RUEL
WDQWH%LJ%URWKHU%UDVLOHRFLUFXQVSHWR(GLItFLR0DVWH7UDEDOKRDSUHVHQWDGRQR;,,,
(QFRQWUR$QXDOGD&RPSyV 6mR%HUQDUGRGR&DPSR6mR3DXOR &'5RPD

BBBBBBBBBB)LJKWORYHDQGWHDUVDQDQDO\VLVRIWKHUHFHSWLRQRI%LJ%URWKHULQ/DWLQ
$PHULFD,Q0$7+,-6(UQHVWH-21(6-DQHW 2UJ %LJ%URWKHU,QWHUQDWLRQDO)RUPDWV
FULWLFV 3XEOLFV/RQGRQ:DOOÀRZHU3UHVVES

BBBBBBBBBB'HO¶LUUHVLVWLEOHµLQGLFHDSSHDO¶G¶XQHDWWUDFWLRQPRQGLDOH%LJ
%URWKHUYRXVWRXFKH,Q+22*(PPDQXHO 2UJ /HVWHPSVWpOpYLVXHOV%LJ
%URWKHU3DULV/¶+DUPDWWDQFS

&RQWHPSRUDQHD‡5HYLVWDGH&RPXQLFDomRH&XOWXUD-RXUQDORI&RPPXQLFDWLRQDQG&XOWXUH 
 'XDVYDULDQWHVGDUHSUHVHQWDomRGRUHDOQDFXOWXUDPLGLiWLFD

$8(5%$&+(ULF0LPHVLV7KHUHSUHVHQWDWLRQRIUHDOLW\LQ:HVWHUQOLWHUDWXUH1
+DYHQ3ULQFHWRQ8QLYHUVLW\3UHVV

%(5*(5 -RKQ (O WUDMH \ OD IRWRJUDItD ,QBBBBBBBBBB 0LUDU %XHQRV $LUHV
3DLGyV

%,/7(5(<67 ' %LJ %URWKHU DQG LWV PRUDO JXDUGLDQV UHDSSUDLVLQJ WKH UROH RI
LQWHOOHFWXDOVLQWKH%LJ%URWKHUSDQLF,Q0$7+,-6(UQHVWH-21(6-DQHW 2UJ 
%LJ%URWKHU,QWHUQDWLRQDO)RUPDWVFULWLFV 3XEOLFV/RQGRQ:DOOÀRZHU3UHVV
S

%285'21-HU{PH/HGLUHFWXQHSROLWLTXHGHODYRL[RXODWpOpYLVLRQFRPPH
SURPHVVHLQDFFRPSOLH5pVHDX[1S

%8/70$11.DUO&UHHU\FRPSUHQGHU,0DGULG6WXGLXP

&$552/1RsO)URPUHHOWRUHDO,Q7KHRUL]LQJWKHPRYLQJLPDJH&DPEULGJH
&DPEULGJH8QLYHUVLW\3UHVV

($*/(7217HUU\3RUNFKRSVDQGSLQHDSSOHV/RQGRQ5HYLHZRI%RRNV9RO
1R2XWXEUR'LVSRQtYHOHPKWWSZZZOUEFRXNYQHDJOBKWPO
$FHVVRHP

)(/'0$1,%LJ%URWKHUSUHSDUDDVRFLHGDGHGHFRQWUROH'LVSRQLEOHHPKWWS
SSKSXROFRPEUWURSLFRKWPOWH[WRVVKODFHVVRHP

BBBBBBBBBB$IDEULFDomRGR%LJ%URWKHU(QWUHYLVWDD)HUQDQGD6FDO]RHGLWRUD
FKHIHGH%%'LVSRQtYHOHPKWWSSSKSXROFRPEUWURSLFRKWPOWH[WRV
VKODFHVVRHP

),*8(5®$$OH[DQGUHHWDO2GRFXPHQWiULRFRPRHQFRQWUR(QWUHYLVWDFRPR
FLQHDVWD (GXDUGR &RXWLQKR *DOi[LD 5HYLVWD WUDQVGLVFLSOLQDU GH &RPXQLFDomR
6HPLyWLFD&XOWXUD6mR3DXORQS

*2))0$1(UYLQJ7KHSUHVHQWDWLRQRIVHOILQHYHU\GD\OLIH1HZ<RUN$QFKRU
%RRNV

BBBBBBBBBB5HODWLRQVLQ3XEOLF1HZ<RUN+DUSHU7RUFKERRNV

BBBBBBBBBB(ORUGHQGHODLQWHUDFFLyQ,Q:,1.,1< HG /RVKRPEUHV\VXV

PRPHQWRV%XHQRV$LUHV3DLGyV

+,//$:DWFKLQJ%LJ%URWKHU8.,Q0$7+,-6(UQHVWH-21(6-DQHW 2UJ 
%LJ%URWKHU,QWHUQDWLRQDO)RUPDWVFULWLFV 3XEOLFV/RQGRQ:DOOÀRZHU3UHVV
S

+25721'RQDOGH:2+/5LFKDUG0DVVFRPPXQLFDWLRQDQGSDUDVRFLDOLQWHUDFWLRQ
2EVHUYDWLRQVRQLQWLPDF\DWDGLVWDQFH3V\FKLDWU\1RS

-$.2%6215RPDQ/LQJXLVWLFVDQGSRHWLFV,Q6(%(2.7KRPDV HG 6W\OHLQ

ODQJXDJH&DPEULGJH0,73UHVV

-$1,1(52-RJRGR%HPHGR0DOQR%LJ%URWKHU´  GLVSRQtYHOHP

&RQWHPSRUDQHD9RO‡QR‡S‡MDQHLURMXQKR 
 )HUQDQGR$QGDFKW

$2/ )yUXP KWWSQRWLFLDVDROFRPEUFROXQLVWDV UHQDWRBMDQLQHDGS

DFHVVRHP

BBBBBBBBBB 3RU TXH 'HEDWHU R %LJ %URWKHU"   GLVSRQtYHO HP $2/
)yUXP KWWSQRWLFLDVDROFRPEUFROXQLVWDVUHQDWRBMDQLQHDGS
DFHVVRHP

-267 )UDQoRLV 5HDOWj)LQ]LRQH /¶LPSHULR GHO IDOVR 0LODQR ,O &DVWRUR /H 'LJKH
D

BBBBBBBBBB/¶HPSLUHGX/RIW3DULV/D'LVSXWHE

BBBBBBBBBB /D FRWLGLDQHLGDG FRPR PRGHOR GH OD UHDOLGDG WHOHYLVLYD )LJXUDFLRQHV
1RSF

BBBBBBBBBB6HLV/Lo}HVVREUHWHOHYLVmR3RUWR$OHJUH(GLWRUD6XOLQDD

BBBBBBBBBB9RXVUHJDUGH]%LJ%URWKHU,Q+22*(PPDQXHO 2UJ /HVWHPSV

WpOpYLVXHOV%LJ%URWKHU3DULV/¶+DUPDWWDQES

3(,5&(&KDUOHV6DQGHUV&ROOHFWHG3DSHUVRI&63HLUFH+$576+251(&KDUOHV
:(,66 3DXO H %85.6 $UWKXU HGV  &DPEULGJH 0$ +DUYDUG 8QLYHUVLW\ 3UHVV


3(1$)5,$0DQXHOD2SODQRVHT€HQFLDpDXWRSLD2SDUDGLJPDGR¿OPH=DSUXGHU
7UDEDOKRDSUHVHQWDGRQR;,,(QFRQWUR$QXDOGD$VVRFLDomR1DFLRQDOGH3URJUDPDVGH
3yV*UDGXDomRHP&RPXQLFDomR &RPSyV 

3(5(,5$'$6,/9$+XPEHUWR2(GLItFLR0DVWHU5HYLVWDGH&LQHPD1R'LVSRQtYHO
HPZZZXROFRPEUUHYLVWDGHFLQHPDHGLoDRHPBFDUWD]FULWLFDVKWPODFHVVRHP


5,$/&DUPHQ7HOHYLVmRIXWHEROHQRYRVtFRQHVSODQHWiULRVDOLDQoDFRQVDJUDGDQDV
FRSDVGRPXQGR7UDEDOKRDSUHVHQWDGRQR;,,(QFRQWUR$QXDOGD$VVRFLDomR1DFLRQDO
GH3URJUDPDVGH3yV*UDGXDomRHP&RPXQLFDomR &RPSyV 

5,&+ )UDQN $PHULFD WXQHV LQ IRU WKH PRQH\ VKRW 7KH 1HZ <RUN 7LPHV 
QRY

9$/(,.$ '( %$5526 )HUQDQGR (QWUHYLVWD D -RVp %RQLIiFLR GH 2OLYHLUD %RQLQKR
3OD\ER\0DLRGH

9$1=221(1/'HVLUHDQGUHVLVWDQFH%LJ%URWKHULQWKH'XWFKSXEOLFVSKHUH,Q
0$7+,-6(UQHVWH-21(6-DQHW 2UJ %LJ%URWKHU,QWHUQDWLRQDO)RUPDWVFULWLFV 
3XEOLFV/RQGRQ:DOOÀRZHU3UHVVS

9,/&+(6//HWHPSVGHODIRUPXOH,Q+22*(PPDQXHO 2UJ /HVWHPSVWpOpYLVXHOV

%LJ%URWKHU3DULV/¶+DUPDWWDQS

:,//,$065D\PRQG&XOWXUH/RQGRQ)RQWDQD

=$662856., < %LJ %URWKHU HQ 5XVVLH ,Q +22* (PPDQXHO 2UJ  /HV WHPSV
WpOpYLVXHOV%LJ%URWKHU3DULV/¶+DUPDWWDQS

&RQWHPSRUDQHD‡5HYLVWDGH&RPXQLFDomRH&XOWXUD-RXUQDORI&RPPXQLFDWLRQDQG&XOWXUH