WKX_PT
WKX_PT
WKX_PT
:.;:.;+:.;9,3:.;+9,30DQXDOGHLQVWDODomR 0LFURSURFHVVDGD
6LQDOHLUD/X]GHJDUDJHP &RPXP ILRDPDUHOR 6(1625+$//
)) &0 &0 )$
6DtGDSDUD3ODFD)HFKDGXUD )LRVGRDXWRPDWL]DGRU
1HJDWLYR 7;GDIRWRFpOXOD)6
,PmVHQVRUKDOO
(QWUDGD)RWRFpOXOD5;
*1' &DSDFLWRUGH3DUWLGD
%RWRHLUD (QWUDGD
$QWHQD )DVH
1HXWUR 9aDF
89:)LRVGR0RWRU 1)(QWUDGD9aDF )LPGHFXUVR6(1625+$// )LQVGHFXUVR )5(,2DWLYDUQtYHOGHIUHLR
2PRWRUSRVVXLILRV )RQWHDXWRPiWLFD 2VHQVRUKDOOLGHQWLILFDDSRODULGDGHGRVLPmVQRUWHHVXO$QWHVGH &0(VFROKDDOHDWRULDPHQWHXPDSRQWDGHILRGHFDGDVHQVRUGH $FHQWUDOSRVVXLQtYHLVGHIUHLRHQWUH0$;H0,1
2FRPXP FRQIHULUHWLTXHWDQRPRWRU QRUPDOPHQWHRGHFRU (QWUDGDGHWHQVmRMiLQWHUFHSWDGDSRU IL[DURVLPmVLGHQWLILTXHR)$HR))SDUDLVVRPRYLPHQWHRLPm ILPGHFXUVR UHHG HXQDIRUPDQGRRFRPXP 3UHVVLRQHRERWmR)5(,2SDUDDMXVWDUHQWUHRVQtYHLV
DPDUHODGHYHVHUFRQHFWDGRQDVDtGD8 XP GLVMXQWRU ELSRODU GH $ H VREUHDFUHPDOKHLUDDWpSDVVDUHPIUHQWHDRVHQVRUKDOOTXHLUi $VRXWUDVGXDVTXHVHUmR)) IHFKDGR H)$ DEHUWR &RQHFWHRV 0$; H 0,1 H VDOYH SUHVVLRQDGR QR ERWmR $7,9$ GH
)) $VVDtGDV9H:GHWHUPLQDPRVHQWLGRGHURWDomRGRPRWRU SURYLGHQFLDU R DWHUUDPHQWR GR DFHQGHUROHGYHUGH)$RXYHUPHOKR)) &DVRRVGRLVLPmV ILRVQRVERUQHVLQGLFDGRV)))$H&0 FRPXP DFRUGRFRPRQtYHOGHVHMDGR
&0 GLUHLWDHVTXHUGD HTXLSDPHQWR FDVR VHMD H[LJLGR QR DFHQGD R PHVPR OHG HVFROKD XP GRV LPmV SDUD LQYHUWHU D ³2EVHUYDUDSRVLomRGRVILQVGHFXUVRQRDFLRQDGRU 2IUHLRVHUiDFLRQDGRVHPSUHTXHHQFRQWUDUXPLPmGH
)$ 2EVHUYDUTXHRFRPDQGRGDFHQWUDOGHYHDEULURSRUWmR ILPGHFXUVR
PDQXDOGRSURGXWR SRODULGDGH GHPDQHLUDTXHDRSRUWmRIHFKDGRDFHQGHROHG))YHUPHOKRH
6HQVRU+DOO &DVRRFRPDQGRIHFKHRSRUWmRLQYHUWDRVILRV9H:
%RWmR$MXVWH 2%6/HPEUDQGRTXHHVWHFRPDQGRpXPSDGUmRGH &DOLEUDomRGR+$//&DVRXPGRVOHGV)$RX))ILFDUDFHVR TXDQGRDEHUWRROHGYHUGH)$DFHVR´
/HG9HUPHOKR67 3DUDGD6XDYH/HYH
WHVWHGDIiEULFDFDVRHVWDFHQWUDOMiWHQKDVLGROLJDGDYDL &$3&DSDFLWRUGH3DUWLGD HVWDQGR FRP R SRUWmR QR PHLR GR SHUFXUVR R +DOO GHYH VHU 2%6$RWpUPLQRGHFDGDDMXVWHVDOYHSUHVVLRQDGRQR
3DUDGD6XDYH3HVDGD &DSDFLWRUGHDFRUGRFRPDSRWrQFLDGR FDOLEUDGR 5HWLUHDHQHUJLDGDFHQWUDODSHUWHRERWmR$35(1'(5
%RWmR$SUHQGHU$SDJDU 6PDUW&ORVH
ILFDUDUPD]HQDGDR~OWLPRILPGHFXUVRDFLRQDGR DEHUWRRX ERWmR$7,9$RXDJXDUGHROHGSDUDUGHSLVFDU
IHFKDGR PRWRURVILRVQmRSRVVXHPSRODULGDGH HFRPRGHGRSUHVVLRQDGROLJXHDHQHUJLDQRYDPHQWHHPVHJXLGD 2EVRV%RUQHUV)))$H&0QmRHVWmRGLVSRQtYHLVQRPRGHOR
)HFKDGXUD
/HG9HUGH)$ )LPGH&XUVR$EHUWR 3DXVD 3DUDID]HUHVWHWHVWHGHL[HRSRUWmRDEHUWRSHODPHWDGHH VROWHRERWmRROHG67SLVFDHDSDJDFRQILUPDQGRDFDOLEUDomR :.;+
/HG9HUPHOKR)) )LPGH&XUVR)HFKDGR 3UHGLDO DFLRQHDFHQWUDO
)DLO6DIH
$MXVWHGH)UHLR
%RWmR$WLYD $FHVVyULRVY*1' %RWRHLUD6LQDOHLUDH/X]GH*DUDJHP $MXVWHGH(PEUHDJHP $QWHQD *UDYDUFRQWUROHUHPRWR
&DERFRD[LDO
FP
,QGXVWULDV5RVVL(OHWURPHFDQLFD(LUHOL 6DtGD6,1/X]GHJDUDJHP FRQWUROH DR ILQDO GD JUDYDomR R PHVPR SLVFDUi
RX0
$'(&RQM/WV SDUDLQWHUOLJDUSODFDDFHVVyULR/8=GH
$JXDV&ODUDV')&(3 LQGLFDQGRTXHDSURJUDPDomRIRLDFHLWD
*DUDJHPXWLOL]HRVERUQHV
&13- 5HSHWLURSURFHVVRSDUDJUDYDURXWURVERW}HV
6,1*1'H9FF
&DUDFWHUtVWLFDV ZZZURVVLSRUWRHVFRPEU
6DtGD*1'9 2EV QmR GLVSRQtYHO QD :.;+%
(0%$MXVWHGHHPEUHDJHP %27®2$35(1'(5
)RQWHDXWRPiWLFD99aDF 6LVWHPDGHUHFHSomR+&6DQWLFORQDJHP 3DUWLGDVXDYH $SDJDFKDYHGHDFHVVRLQGLYLGXDO (QWUDGDSDUDIRWRFpOXOD FRPSDWtYHOFRP 6iLGD SDUD DOLPHQWDomR GDV SODFDV :.;% *1'$17
3UHVVLRQH R ERWmR (0% SDUD DMXVWDU $SDJDUERW}HVLQGLYLGXDLV
3DUDGDVXDYHSURJUDPiYHO 6DtGDSDUDVLQDOHLUD
HQWUH RV QtYHLV 0$; H 0,1 H VDOYH $QWHQD GH UHFHSomR GH IUHTrQFLDV FRQHFWH D SDUWH
)LPGHFXUVR5HHG6ZLWFK:.; )UHTXrQFLDGHUHFHSomR0K] IRWRFpOXOD;3:)$$& DFHVVyULRV5266,SODFDOX]GHJDUDJHP (VWH UHFXUVR SHUPLWH DSDJDU GD PHPyULD GD FHQWUDO D FRGLILFDomR GH PDQHLUD
)LPGHFXUVRKDOO:.;+ )XQomRUHVLGHQFLDOHSUHGLDO )XQomR60$57&/26( :.;+H9,3 6DtGDSDUDOX]GHJDUDJHP $MXVWHGHIUHLRSURJUDPiYHO SODFDGULYHUSODFDIHFKDGXUD)RWRFpOXOD SUHVVLRQDGRQRERWmR$7,9$ GHFDSDGDGRILRGHFPQRERUQHU$17 LQGHSHQGHQWHDGRFyGLJRGRFRQWUROHVHPTXHRVGHPDLVVHMDPDIHWDGRV3DUDLVVR
0HPyULDLQWHUQDSDUDERW}HV )HFKDPHQWRDXWRPiWLFRUHJXOiYHO 3DXVD %RWRHLUD )XQomR)$,/6$)( 6HWXS$XWRPDWLFR %27*1' &DVRQHFHVVLWHGHXPDOFDQFHPDLRUFRQHFWHXPFDER
6,$)6 R FRQWUROH GHYH HVWi HP PmRV SDUD H[HFXWDU HVVH SURFHGLPHQWR 0DQWHQKD
(PEUHDJHPHOHWU{QLFDUHJXOiYHO 6DtGDIHFKDGXUD )+& (QWUDGDSDUDPyGXOR:LIL $ %RWRHLUD FRQVLVWH HP LQVWDODU XP ERWmR GH SXOVR WLSR 5HJXOH JUDGDWLYDPHQWH D IRUoD GR FRD[LDOGHRXPQDHQWUDGDGDDQWHQD
2EVHUYDomR 6DtGD)&+)HFKDGXUD DFLRQDGRUDWpTXHPRYDRSRUWmR SUHVVLRQDGRR$35(1'(5HQTXDQWRDSHUWDRERWmRGRFRQWUROHTXHGHVHMDDSDJDU
FDPSDLQKD QRERUQH %27 GDFHQWUDORXLQWHUOLJDUXPD5HFHSWRUD 1DSDUWHVXSHULRUGRFDERYRFrGHYHGHVFREULURQ~FOHR 2EV2WHPSRGHVWDDomRGHYHVHUPHQRUTXHVHJ
SDUDLQWHUOLJDUSODFDDFHVVyULRIHFKDGXUD
$VFDUDFWHUtVWLFDVFRPRVtPERORGHDVWHULVWLFRQDIUHQWH QmRHVWmRGLVSRQtYHLVQRPRGHOR'=$772H%983HQDVVXDVFHQWUDLVGHFRPDQGRµ¶:.;+%¶¶H:.;% ³$ %RWRHLUD p XWLOL]DGD SDUD DFLRQDPHQWR PDQXDO HP JXDULWDV 2EV $R WpUPLQR GH FDGD DMXVWH VDOYH HPFP $SDJDUDPHPyULD3UHVVLRQHRERWmR$35(1'(5HPDQWHQKDSUHVVLRQDGRDWpR
3DUDGDVXDYHSHUPDQHQWHQDFHQWUDOGHFRPDQGRQDOLQKD9,3µ¶:.;% DSHQDVQRIHFKDPHQWR ¶¶GRPRGHOR%983Hµ¶:.;+%¶¶GRPRGHOR'=$772SRGHQGRDMXVWDU p R E U L J D W y U L R $7 , 9$ 5 D I X Q o m R SUHVVLRQDGRQRERWmR$7,9$RXDJXDUGH
DFLRQDPHQWR SRU LQWHUIRQH RX HYHQWXDO QHFHVVLGDGH GH ROHGSDUDUGHSLVFDU 1DSDUWHGHFRQH[mRFRPDFHQWUDOYRFrGHYHFRORFDUR /('67DSDJDUFRPHVVHSURFHGLPHQWRYRFrDSDJDWRGRVRVFyGLJRVJUDYDGRV
HQWUHSRUWmR/(9(RX3(6$'2 )(&+$'85$QRERWmR$-867(
26HWXSDXWRPiWLFRDSHUWDQGRVHJXQGRVRERWmR$-867(pGLVSRQtYHODSHQDVSDUDD/,1+$9,3 2EVQmRGLVSRQtYHOQRPRGHOR:.;+%
DFLRQDPHQWRiGLVWkQFLDSRUERWmRH[WHUQR´ 1mR GLVSRQtYHO QD :.;+% H Q~FOHR QR ERUQH $17 H D PDOKD QR *1' FRPR QR
:.;% GHVHQKRGDFHQWUDO
2PRGHOR:.;+9,3H:.;9,3HVWiGLVSRQtYHODSHQDVSDUDDXWRPDWL]DGRUHVGDOLQKD'=9,3H%99,3
3URJUDPDomRGRERWmR$-867( :.;+%H:.;% /LJDomRIRWRFpOXOD)$,/6$)( :.;:.;+:.;9,3:.;+9,3
7(502'(*$5$17,$
3DUDDWLYDUDVIXQo}HVSUHVVLRQHR )RWRFpOXOD IXQomR )$,/ 6$)( DWLYDU R )DLO 6DIH QR ERWmR (VWHSURGXWRIRLSURMHWDGRHIDEULFDGRSDUDDWHQGHUSOHQDPHQWHDVHVSHFLILFDo}HVWpFQLFDVGHVFULWDVQR
ERWmR$-867(DWpROHGLQGLFDWLYRGD $-867( DFDGDFLFORGHIXQFLRQDPHQWRDIRWRFpOXODpFKHFDGD HQFDUWHTXHRDFRPSDQKD
7; Y
IXQomRDFHQGHUHPVHJXLGDDSHUWHR $IRWRFpOXODGHYHVHUOLJDGDHPPRGR1RUPDOPHQWH)HFKDGR e,03257$17(TXHHVWHWHUPRVHMDOLGREHPFRPRWRGRR0DQXDOGR8VXiULRHDVHVSHFLILFDo}HV
ERWmR$7,9$ 1) /LJDU R *1' GR 7; GD IRWRFpOXOD QR ERUQHU µ¶7; ¶¶ GD WpFQLFDVGRSURGXWRHLQVWUXo}HVSDUDVXDFRUUHWDLQVWDODomR