$57,*225,*,1$/

$1É/,6('$635235,('$'(636,&20e75,&$6'$
9(56®2%5$6,/(,5$'$(6&$/$7$03$'(&,1(6,2)2%,$
$1$/<6,62)7+(36<&+20(75,&3523(57,(62)7+(%5$=,/,$19(56,212)
7+(7$03$6&$/()25.,1(6,23+2%,$

)$%,$12%27(/+26,48(,5$/8&,)86&$/',7(,;(,5$6$/0(/$/™9,$'(&$67520$*$/+(6

5(6802 6800$5<
2REMHWLYRGHVWHHVWXGRIRLH[DPLQDUDVSURSULHGDGHVSVLFRPpWULFDV 7KHREMHFWLYHRIWKLVVWXG\ZDVWRH[DPLQHSV\FKRPHWULFSURSHUWLHV
GD 7DPSD 6FDOH IRU .LQHVLRSKRELD TXH IRL WUDGX]LGD H DGDSWDGD RI WKH 7DPSD 6FDOH IRU .LQHVLRSKRELD ZKLFK ZDV WUDQVODWHG DQG
VHJXLQGRPHWRGRORJLDUHFRPHQGDGD$YHUVmRDGDSWDGD(VFDOD DGMXVWHGDFFRUGLQJWRUHFRPPHQGHGPHWKRGRORJ\7KHDGMXVWHG
7DPSDSDUD&LQHVLRIRELD(7&IRLDSOLFDGDHPLQGLYtGXRVFRP YHUVLRQWKH(VFDOD7DPSDSDUD&LQHVLRIRELD(7&ZDVDSSOLHGWR
GRUORPEDUFU{QLFD'/&QmRHVSHFtILFD$DQiOLVHGH5DVFKUHYH
ORXXPFRHILFLHQWHGHILGHGLJQLGDGHGHSDUDRVLWHQVGD(7&
LQGLFDQGRH[FHOHQWHYDOLGDGHGHFRQVWUXWR3DUDRVLQGLYtGXRVRFR
HILFLHQWHIRLGHGHPRQVWUDQGRXPSDGUmRHVWiYHOGHUHVSRVWDV
2tQGLFHGHVHSDUDomRGRVLQGLYtGXRVIRLGHHGHSDUDRV
LWHQVGHPRQVWUDQGRTXHSDFLHQWHVIRUDPGLYLGLGRVHPGRLVQtYHLV
GHFLQHVLRIRELDHRVLWHQVHPFLQFRQtYHLV)RUDPGHWHFWDGRVGRLV
LWHQVHUUiWLFRVFXMDSRUFHQWDJHPIRLVXSHULRUDRVSHUPLWLGRVSHOR
PRGHORHVWDWtVWLFR(VVHVUHVXOWDGRVLQGLFDPXPDQHFHVVLGDGHGH
PRGLILFDomR VXEVWLWXLomR RX H[FOXVmR GHVVHV LWHQV SDUD JDUDQWLU
TXH R LQVWUXPHQWR DYDOLH XP FRQVWUXWR XQLGLPHQVLRQDO 3RU RXWUR
ODGRDSUHVHQoDGHLWHQVPXLWRGLItFHLVVXJHUHTXHD(&7SRGHVHU
DGPLQLVWUDGDHPLQGLYtGXRVFRPQtYHLVPDLVDOWRVGHFLQHVLRIRELD
(VVHV DFKDGRV LQGLFDP TXH D (7& DSUHVHQWD SRWHQFLDO GH DSOL
FDELOLGDGHFOtQLFDVLJQLILFDWLYRSDUDLQGLYtGXRVFRP'/&SRUpPp
SUHFLVRWHUFDXWHODQDLQWHUSUHWDomRGRVUHVXOWDGRVSULQFLSDOPHQWH
QDVUHVSRVWDVDRVLWHQVFRQVLGHUDGRVHUUiWLFRV
'HVFULWRUHV 'RU ORPEDU FU{QLFD 0RYLPHQWR 0HGR (VFDOD
$YDOLDomR
&LWDomR6LTXHLUD)%7HL[HLUD6DOPHOD/)0DJDOKmHV/&(VFDODWDPSDGHFLQHVLR
VXEMHFWVZLWKQRQVSHFLILFFKURQLFOXPEDUSDLQ&/37KH5DVFK
DQDO\VLVGLVFORVHGDUHOLDELOLW\FRHIILFLHQWRIIRU(7&LWHPVVXJ
JHVWLQJH[FHOOHQWFRQVWUXFWYDOLGLW\)RUWKHVXEMHFWVWKLVFRHIILFLHQW
ZDVVKRZLQJDVWHDG\DQVZHUSDWWHUQ6XEMHFWVVHSDUDWLRQUDWHV
ZHUHDQGIRUWKHLWHPVVKRZLQJWKDWSDWLHQWVZHUHGLYLGHGLQWR
WZRNLQHVLRSKRELDOHYHOVDQGWKHLWHPVZHUHGLYLGHGLQWRILYHOHYHOV
7ZR HUURQHRXV LWHPV KDYH EHHQ LGHQWLILHG VKRZLQJ SHUFHQWDJHV
DERYHWKHDOORZHGE\VWDWLVWLFDOPRGHO7KHVHUHVXOWVLQGLFDWH
DQHHGIRUPRGLILFDWLRQUHSODFHPHQWRUH[FOXVLRQRIWKRVHLWHPVLQ
RUGHUWRDVVXUHWKDWWKHLQVWUXPHQWDVVHVVHVDVLQJOHGLPHQVLRQDO
FRQVWUXFW2QWKHRWKHUKDQGWKHSUHVHQFHRIYHU\GLIILFXOWLWHPV
VXJJHVWV WKDW (7& FDQ EH DGPLQLVWHUHG WR VXEMHFWV ZLWK KLJKHU
OHYHOVRINLQHVLRSKRELD7KHVHILQGLQJVLQGLFDWHWKDW(&7SUHVHQWV
DVLJQLILFDQWSRWHQWLDOIRUFOLQLFDODSSOLFDELOLW\LQLQGLYLGXDOVZLWK&/3
KRZHYHUDFDUHIXOLQWHUSUHWDWLRQRIWKHUHVXOWVLVUHTXLUHGHVSHFLDOO\
IRUDQVZHUVWRWKHLWHPVUHJDUGHGDVHUURQHRXV
.H\ZRUGV/RZEDFNSDLQ0RYHPHQW)HDU6FDOH(YDOXDWLRQ
&LWDWLRQ6LTXHLUD)%7HL[HLUD6DOPHOD/)0DJDOKmHV/&$QDO\VLVRIWKHSV\FKR
IRELDEUDVLO$FWD2UWRS%UDV>SHULyGLFRQD,QWHUQHW@'LVSRQtYHO PHWULF SURSHUWLHV RI WKH EUD]LOLDQ YHUVLRQ RI WKH WDPSD VFDOH IRU NLQHVLRSKRELD
HP85/KWWSZZZVFLHOREUDRE $FWD 2UWRS %UDV>VHULDO RQ WKH ,QWHUQHW@   $YDLODEOH IURP 85/
KWWSZZZVFLHOREUDRE

,1752'8d®2 GRU'HDFRUGRFRPHVVDDERUGDJHPPXLWRVIDWRUHVDVVRFLDGRV

$GRUORPEDUFU{QLFD'/&pXPDGDVSULQFLSDLVTXHL[DVGHSDFLHQ DLQFDSDFLGDGHIXQFLRQDOWDLVFRPRFRJQLWLYRVDIHWLYRVDPELHQWDLV
WHVFRPGHVRUGHQVPXVFXORHVTXHOpWLFDVHVXDVFRQVHTrQFLDV HVRFLDLVSRGHPLQIOXHQFLDUQDFURQLFLGDGHGDGRU
LQFOXHPGHELOLGDGHItVLFDDEVHQWHtVPRQRWUDEDOKRHSUREOHPDV 3DUDH[SOLFDUQDDERUGDJHPELRSVLFRVRFLDOFRPRHSRUTXHDOJXQV
SVLFROyJLFRV GLYHUVRV $ LGHQWLILFDomR SUHFRFH GH LQGLYtGXRV LQGLYtGXRVFRPGRUPXVFXORHVTXHOpWLFDGHVHQYROYHPDVtQGURPH
FRPGRUORPEDUFRPULVFRGHWRUQDUVHFU{QLFDpQHFHVViULDSDUD GDGRUFU{QLFDR´FRJQLWLYHPRGHORIIHDURIPRYHPHQWUHLQMXU\µ
TXHVHUHDOL]HPLQWHUYHQo}HVDGHTXDGDVRPDLVUiSLGRSRVVtYHO SURSRVWRSRU9ODH\HQHWDOIXQGDPHQWDVHQRPHGRGDGRURX
DILPGHHYLWDUDFURQLFLGDGHHDVVLPUHGX]LUDVFRQVHTrQFLDV VHMD PDLV HVSHFLILFDPHQWH QR PHGR GH TXH D DWLYLGDGH ItVLFD
HFRQ{PLFDVVRFLDLVHSHVVRDLVDVVRFLDGDVDHVVDGLVIXQomR SRVVD FDXVDU GRU HRX UHLQFLGrQFLD GD OHVmR 'XDV UHVSRVWDV
$SHVDUGHYiULRVPRGHORVWHRULDVWHQWDUHPH[SOLFDUDGRUORPEDU FRPSRUWDPHQWDLVRSRVWDVVmRSRVWXODGDVVHQGRTXHRVLQGLYt
SRXFR VH FRQKHFH VREUH R PHFDQLVPR H[DWR H RV IDWRUHV TXH GXRVFRQIURQWDGRUHVHQIUHQWDPDGRUQDWHQWDWLYDGHPHOKRUDH
LQIOXHQFLDP D VXD FURQLFLGDGH 2 PRGHOR EDVHDGR HP VLQDLV H DFUHGLWDPTXHDSUHVHQoDGDGRUQmRMXVWLILFDDOLPLWDomRGHVXDV
VLQWRPDV FOtQLFRV LQGLFD TXH D GRU p SURSRUFLRQDO j H[WHQVmR GD DWLYLGDGHV IXQFLRQDLV H RV LQGLYtGXRV HYLWDGRUHV WrP PHGR GR
OHVmRWHFLGXDO(QWUHWDQWRKiHYLGrQFLDVGHTXHDSHUVLVWrQFLDGRV PRYLPHQWRHDFUHGLWDPTXHDDWLYLGDGHHVWiGLUHWDPHQWHUHODFLR
VLQWRPDVGHGRUQmRSRGHVHUH[SOLFDGDDSHQDVSRUDFKDGRVFOtQLFRV QDGDFRPDSUHVHQoDGDGRU(VVHFRPSRUWDPHQWRHYLWDGRUSRGH
REMHWLYRVHSDUDHVWDFRQGLomRXPDDERUGDJHPEDVHDGDSXUD OHYDUDGLVW~UELRVItVLFRVHSVLFROyJLFRVTXHLUmRFRQWULEXLUSDUDD
PHQWHQRPRGHORFOtQLFRSRGHPRVWUDUVHLQVXILFLHQWH9iULRVDXWRUHV FURQLFLGDGHGDGRU
GHPRQVWUDUDPH[LVWLUIUDFDFRUUHODomRHQWUHDLQWHQVLGDGHGHGRUHR 2 WHUPR FLQHVLRIRELD p XWLOL]DGR SDUD GHILQLU R PHGR H[FHVVLYR
JUDXGHLQFDSDFLGDGHHVXJHULUDPTXHXPDDERUGDJHPELRSVLFR LUUDFLRQDO H GHELOLWDQWH GR PRYLPHQWR H GD DWLYLGDGH ItVLFD TXH
VRFLDOSRGHRIHUHFHUPHOKRUFRPSUHHQVmRVREUHDFURQLFLGDGHGD UHVXOWDHPVHQWLPHQWRVGHYXOQHUDELOLGDGHjGRURXHPPHGRGH

7UDEDOKRUHDOL]DGRQR'HSDUWDPHQWRGH)LVLRWHUDSLD²8QLYHUVLGDGH)HGHUDOGH0LQDV*HUDLV
(QGHUHoRSDUDFRUUHVSRQGrQFLD/XFL)XVFDOGL7HL[HLUD6DOPHOD'HSDUWDPHQWRGH)LVLRWHUDSLD²8QLYHUVLGDGH)HGHUDOGH0LQDV*HUDLV$YHQLGD$QWRQLR&DUORV²&DPSXV3DPSXOKD
&(3%HOR+RUL]RQWH²0LQDV*HUDLV(PDLOOIWV#XIPJEU
0HVWUHHP&LrQFLDVGD5HDELOLWDomR3URIHVVRU$VVLVWHQWHGR'HSDUWDPHQWRGH)LVLRWHUDSLDGR&HQWUR8QLYHUVLWiULRGH%HOR+RUL]RQWH8QL%+
'RXWRUD3URIHVVRUD$VVRFLDGDGR'HSDUWDPHQWRGH)LVLRWHUDSLDGD8QLYHUVLGDGH)HGHUDOGH0LQDV*HUDLV8)0*
'RXWRUD3URIHVVRUD$VVRFLDGDGR'HSDUWDPHQWRGH7HUDSLD2FXSDFLRQDOGD8QLYHUVLGDGH)HGHUDOGH0LQDV*HUDLV8)0*
7UDEDOKRUHFHELGRHPDSURYDGRHP

$&7$25723%5$6 
UHLQFLGrQFLDGDOHVmR1HVVHPRGHORWHyULFRDFDWiVWURIHGDGRU YHUVDRILQDODGDSWDGDGHVLJQDGD´(VFDOD7DPSDSDUD&LQHVLRIRELD
OHYDDRPHGRGRPRYLPHQWRHGDUHLQFLGrQFLDGHOHVmRTXHSRU %UDVLOµ(7&HVWiDSUHVHQWDGDQD7DEHODHDSUHVHQWDFRPR
VXDYH]DXPHQWDRFRPSRUWDPHQWRHYLWDGRUUHVXOWDQGRDRORQJR SRVVLELOLGDGH GH UHVXOWDGR R HVFRUH Pi[LPR GH  SRQWRV H R
GRWHPSRHPGHVXVRHLQFDSDFLGDGHIXQFLRQDO9ODH\HQHWDO
UHODWDUDPTXHHPSDFLHQWHVFRP'/&DLQDWLYLGDGHSRGHOHYDU
DLQGD j GHWHULRUL]DomR PXVFXORHVTXHOpWLFD GLPLQXLomR GD IRUoD
PXVFXODUUHGXomRGDPRELOLGDGHHGLVW~UELRVPHQWDLVWDLVFRPR
VRPDWL]DomRHVLQWRPDVGHSUHVVLYRV
8PGRVLQVWUXPHQWRVPDLVXWLOL]DGRVDWXDOPHQWHSDUDDYDOLDUDFL
HVFRUHPtQLPRGHSRQWRVFRPRQRLQVWUXPHQWRRULJLQDO
3URFHGLPHQWR
$(7&%UDVLOIRLDSOLFDGDHPIRUPDGHHQWUHYLVWDSRUXPH[DPLQD
GRUWUHLQDGRTXHVHJXLXLQVWUXo}HVSDGURQL]DGDV)RLDSUHVHQWDGD
DR SDUWLFLSDQWH XPD HVFDOD YLVXDO QXPHUDGD GH  D  FRP XP
QHVLRIRELDpD7DPSD6FDOHIRU.LQHVLRSKRELD76.(VVDHVFDOD
FRQVLVWHHPXPTXHVWLRQiULRDXWRDSOLFiYHOFRPSRVWRGHTXHV
W}HVTXHDERUGDPDGRUHLQWHQVLGDGHGRVVLQWRPDV2VHVFRUHV
YDULDPGHXPDTXDWURSRQWRVVHQGRTXHDUHVSRVWD´GLVFRUGRWRWDO
PHQWHµHTXLYDOHDXPSRQWR´GLVFRUGRSDUFLDOPHQWHµDGRLVSRQWRV
´FRQFRUGRSDUFLDOPHQWHµDWUrVSRQWRVH´FRQFRUGRWRWDOPHQWHµD
TXDWURSRQWRV3DUDREWHQomRGRHVFRUHWRWDOILQDOpQHFHVViULDD
LQYHUVmRGRVHVFRUHVGDVTXHVW}HVH2HVFRUHILQDOSRGH
HVTXHPDGHFRUHVVLPEROL]DQGRRVQtYHLVGHUHVSRVWDV$SyVOHU
FDGDDILUPDWLYDGRTXHVWLRQiULRRH[DPLQDGRUSHGLXDRSDUWLFLSDQWH
TXHDSRQWDVVHDUHVSRVWDQDHVFDODYLVXDOQXPHUDGDHFRORULGD
&RQFRPLWDQWHPHQWHjDSOLFDomRGRTXHVWLRQiULRIRUDPFROHWDGRV
RVGDGRVGHPRJUiILFRVSDUDFDUDFWHUL]DomRGDDPRVWUDHGDGRV
UHODWLYRVDRWHPSRGHHYROXomRGDGRUGLDJQyVWLFRFOtQLFRXVRGH
PHGLFDomRHSUiWLFDGHDWLYLGDGHItVLFD3DUDFDUDFWHUL]DURJUDXGH
LQFDSDFLGDGHItVLFDGRVLQGLYtGXRVIRLDSOLFDGRDYHUVmRDGDSWDGD
VHUGHQRPtQLPRHQRPi[LPRSRQWRVVHQGRTXHTXDQWR GRTXHVWLRQiULR5RODQG0RUULV%UDVLOXPTXHVWLRQiULRFRPSRVWR
PDLRUDSRQWXDomRPDLRURJUDXGHFLQHVLRIRELD SRUDILUPDWLYDVFRPIRUPDWRGHUHVSRVWDVVLPQmRTXHLQIRUPDP
$76.IRLGHPRQVWUDGDVHUXPLQVWUXPHQWRYiOLGRHFRQILiYHOFRP VREUHDLQFDSDFLGDGHVGHSDFLHQWHVTXHVRIUHPGHGRUORPEDU2
DGHTXDGDFRQVLVWrQFLDLQWHUQDα SDUDLQGLYtGXRVFRP HVFRUHILQDOpGDGRSHODVRPDGDVUHVSRVWDV´VLPµHWHPFRPRSRQWR
'/&6ZLQNHOV0HHZLVVHHWDOGHPRQVWUDUDPTXHD76.WHP GHFRUWHRHVFRUHLQGLFDQGRTXHDFLPDGHVWHHVFRUHRVLQGLYtGXRV
ERDFRQVLVWrQFLDLQWHUQDα HERDFRQILDELOLGDGHWHVWHUHWHVWH DSUHVHQWDPLQFDSDFLGDGHHTXHTXDQWRPDLRURHVFRUHPDLRUD
α WDPEpPHPSDFLHQWHVFRPGRUORPEDUDJXGD8VDQGR LQFDSDFLGDGHGRVPHVPRV$HVFDODTXDOLWDWLYDGHGRUGHVHLV
D 76. 9ODH\HQ HW DO REVHUYDUDP TXH R PHGR GR PRYLPHQWR SRQWRVIRLXWLOL]DGDSDUDDYDOLDUDLQWHQVLGDGHGDGRUFRPHVFRUHV
IRLRPHOKRUSUHGLWRUSDUDRDXWRUHODWRGDLQFDSDFLGDGHTXDQGR YDULDQGRGH]HURVHPGRUDFLQFRGRUTXDVHLQVXSRUWiYHO
FRPSDUDGR FRP RV VLQDLV H VLQWRPDV FOtQLFRV UHODFLRQDGRV j $QiOLVH(VWDWtVWLFD
JUDYLGDGH GD GRU (P XP HVWXGR FRRUWH D 76. IRL XWLOL]DGD HP (VWDWtVWLFDV GHVFULWLYDV WHVWHV GH QRUPDOLGDGH 6KDSLUR:LON H
SURJUDPDV SUHYHQWLYRV H GHPRQVWURX TXH LQGLYtGXRV FRP DOWRV &&,IRUDPFDOFXODGRVXWLOL]DQGRRSDFRWHHVWDWtVWLFR6366YHUVmR
QtYHLVGHFLQHVLRIRELDDSUHVHQWDUDPPDLRUSUHGLVSRVLomRjFURQL 6366,QF
FLGDGHHLQFDSDFLGDGH 2 PRGHOR ´5DVFKµ IRL XWLOL]DGR SDUD LQYHVWLJDU DV SURSULHGDGHV
$SHVDUGRVHXJUDQGHSRWHQFLDOGHDSOLFDELOLGDGHHPSHVTXLVDVH SVLFRPpWULFDV GD HVFDOD SRU WUDQVIRUPDU HVFRUHV RUGLQDLV HP
QDSUiWLFDFOtQLFDD76.QmRSRGHVHUXWLOL]DGRQR%UDVLOVHPXP PHGLGDVLQWHUYDODUHVTXHVmRPDLVDSURSULDGDVjDQiOLVHHVWDWtVWL
SURFHGLPHQWR SDGURQL]DGR GH DGDSWDomR WUDVFXOWXUDO 6HQGR
DVVLPRSUHVHQWHHVWXGRWHYHFRPRREMHWLYRDYDOLDUDVSURSULH
GDGHVSVLFRPpWULFDVGDYHUVmRDGDSWDGDGD76.SDUDLQGLYtGXRV
FRP'/&H[DPLQDQGRDVVLPDVOLPLWDo}HVGDHVFDODSDUDVH
QHFHVViULRSURSRUDUHYLVmRGHDOJXQVLWHQVGHIRUPDDWRUQDUD
FD(OHSHUPLWHXPDDQiOLVHGHWDOKDGDGRVLWHQVFRPSDUkPHWURV
HVSHFtILFRVSDUDGHWHFomRGHUHVSRVWDVLQHVSHUDGDVRXHUUiWLFDV
TXH FRQWULEXHP SDUD LQVWDELOLGDGH QDV PHGLGDV 3RU PHLR GHVVD
DQiOLVHpSRVVtYHOFDOLEUDUDGLILFXOGDGHGRVLWHQVHDFLQHVLRIRELD
GRVLQGLYtGXRVHPXPPHVPRFRQWtQXROLQHDUGLYLGLGRHPLQWHUYDORV
HVFDODFOLQLFDPHQWH~WLOHPQRVVRPHLR
0(72'2/2*,$
3DUWLFLSDQWHV
)RUDP UHFUXWDGRV QD FRPXQLGDGH  LQGLYtGXRV GH DPERV RV
VH[RVFRPLGDGHHQWUHHDQRVFRP'/&QmRHVSHFtILFD
LJXDLVSHORVLWHQVDRORQJRGRTXDORVLQGLYtGXRVVmRGLVWULEXtGRV
,VVRSHUPLWHFRPSDUDURQtYHOGHFLQHVLRIRELDGRVSDUWLFLSDQWHVH
DGLILFXOGDGHGRVLWHQVRTXHpHVVHQFLDOSDUDYHULILFDUVHRLQVWUX
PHQWRGHPHGLGDp~WLOSDUDXPDGDGDDPRVWUDJHP'HYLGRjHVVDV
YDQWDJHQVHjIDFLOLGDGHGHYLVXDOL]DomRGRVUHVXOWDGRVRPRGHOR
´5DVFKµWHPVLGRXPGRVSURFHGLPHQWRVPDLVXVDGRVQDDYDOLDomR
GHLQVWUXPHQWRVGHPHGLGDQDiUHDGDUHDELOLWDomR
FRPTXHL[DVSRUPDLVGHWUrVPHVHV,QGLYtGXRVTXHDSUHVHQWDUDP
2SUHVVXSRVWREiVLFRGD$QiOLVH5DVFKpTXHTXDQWRPDLVFLQH
WXPRUHVWUDXPDVLQIHFo}HVGHVRUGHQVLQIODPDWyULDVHFRPSUR
VLRIRELDWLYHUXPDSHVVRDPDLRUDVXDSUREDELOLGDGHGHUHFHEHU
PHWLPHQWRGHUDt]HVQHUYRVDVIRUDPH[FOXtGRV2HVWXGRREWHYH
HVFRUHV DOWRV HP WRGRV RV LWHQV VHMDP HOHV IiFHLV RX GLItFHLV
DDSURYDomRGR&RPLWrGHeWLFDHP3HVTXLVDGD8)0*3DUHFHU
3RU RXWUR ODGR TXDQWR PDLV IiFLO R LWHP PDLRU D SUREDELOLGDGH
(WLFHSDUDSDUWLFLSDomRQRHVWXGRRVLQGLYtGXRVIRUDP
GHTXDOTXHUSHVVRDUHFHEHUHVFRUHDOWRQHVVHLWHP4XDQGR
HVFODUHFLGRVVREUHRVREMHWLYRVGRPHVPRHDVVLQDUDPRWHUPR
WRGRV RV LWHQV GH XPD HVFDOD DWHQGHP D HVVDV H[SHFWDWLYDV
GHFRQVHQWLPHQWROLYUHHHVFODUHFLGR
LVWRVLJQLILFDTXHRWHVWHVHHQTXDGUDQRPRGHORGHPHGLGDHD
SUREDELOLGDGHpTXHLQGLYtGXRVFRPPDLRUFLQHVLRIRELDREWHQKDP
2,QVWUXPHQWR HVFRUHVPDLVDOWRVTXHDTXHOHVFRPPHQRUFLQHVLRIRELD(VVHV
$ REWHQomR GD YHUVmR WUDGX]LGD GD 76. VHJXLX SURWRFROR UHFR SULQFtSLRVQRHQWDQWRVyVHDSOLFDPVHRFRQMXQWRGHLWHQVPHGLU
PHQGDGR SRU *XLOOHPLP HW DO VHQGR WUDGX]LGD SDUD D OtQJXD
3RUWXJXHVDHUHWURWUDGX]LGDSRUWUrVWUDGXWRUHVFRPGRPtQLRQRV
LGLRPDVSRUWXJXrVHLQJOrV(PVHJXLGDIRLVXEPHWLGDDXPFRPLWr
GHMXt]HVHVSHFLDOLVWDVFRQVWLWXtGRSRUSURILVVLVRQDLVGDiUHDFRP
GRPtQLRGRWHPDHIOXHQWHVQRVGRLVLGLRPDVVHJXLQGRPHWRGRORJLD
XPDKDELOLGDGHXQLGLPHQVLRQDO$XQLGLPHQVLRQDOLGDGHpSRU
WDQWRXPGRVSUHVVXSRVWRVHVVHQFLDLVGRPRGHOR´5DVFKµVHQGR
FULDGRVPDUFDGRUHVSDUDLGHQWLILFDULWHQVTXHQmRVHHQTXDGUDP
QHVVHSULQFLSLR
3URJUDPDVFRPSXWDGRUL]DGRVHVSHFtILFRVSDUDDQiOLVH´5DVFKµ
UHFRPHQGDGD2FRPLWrGLVFXWLXDHTXLYDOrQFLDHQWUHDYHUVmR FRPRR´:,167(36µFDOFXODPWDQWRDFDOLEUDomRGRVLWHQVHDV
WUDGX]LGDHDRULJLQDOHQmRDFKRXQHFHVViULDDPRGLILFDomRRX
HOLPLQDomRGHTXDOTXHULWHP(PIDFHGHXPSRVVtYHOEDL[RQtYHO
HGXFDFLRQDOGRVSDUWLFLSDQWHVRFRPLWrUHFRPHQGRXTXHDHVFDOD
IRVVHDSOLFDGDHPIRUPDGHHQWUHYLVWDSRUSHVTXLVDGRUHVGHYLGD
PHQWHWUHLQDGRVHQmRDXWRDGPLQLVWUDGDFRPRQDYHUVmRRULJLQDO
HTXHIRVVHLQFOXtGDDIUDVHµ3ULPHLURYRFrYDLSHQVDUVHFRQFRUGD
RXGLVFRUGDHDSDUWLUGDtVH´WRWDOPHQWHµRX´SDUFLDOPHQWHµSDUD
PHOKRU HVFODUHFHU DR SDUWLFLSDQWH D LQGLFDomR GD DOWHUQDWLYD $
PHGLGDVGDVSHVVRDVFRPRYDORUHVGH´0Q6TJRRGQHVVRIILWµ
H GH ´Wµ DVVRFLDGR D HVVD HVWLPDWLYD (VVHV YDORUHV LQGLFDP VH
RVSDGU}HVGHUHVSRVWDDWHQGHPDRVSUHVVXSRVWRVGRPRGHOR
([LVWHPYDULDo}HVPDV0Q6T FRPW VmRYDORUHV
FRQVLGHUDGRV UD]RiYHLV SDUD VLQDOL]DU D DGHTXDomR GRV LWHQV
0Q6T!LQGLFDTXHRVHVFRUHVQHVVHLWHPIRUDPLPSUHYLVtYHLV
RXHUUiWLFRV(PRXWUDVSDODYUDVLQHVSHUDGDPHQWHSHVVRDVFRP
PHQRVFLQHVLRIRELDUHFHEHUDPHVFRUHVDOWRVQRVLWHQVGLItFHLVRX

 $&7$25723%5$6
$TXLHVWmRDOJXPDVGDVFRLVDVTXHRXWURVSDFLHQWHVQRVFRQWDUDPVREUHVXDGRU3DUDFDGDDILUPDWLYDSRUIDYRULQGLTXHXPQXPHUR
GHDFDVRYRFrFRQFRUGHRXGLVFRUGHGDDILUPDWLYD3ULPHLURYRFrYDLSHQVDUVHFRQFRUGDRXGLVFRUGDHDSDUWLUGDtVHWRWDOPHQWH
RXSDUFLDOPHQWH
'LVFRUGR 'LVFRUGR &RQFRUGR &RQFRUGR
WRWDOPHQWH SDUFLDOPHQWH SDUFLDOPHQWH WRWDOPHQWH
 7HQKRPHGRGHPHPDFKXFDUVHHXIL]HUH[HUFtFLRV    
 6HHXWHQWDVVHVXSHUDUHVVHPHGRPLQKDGRUDXPHQWDULD    
 0HXFRUSRHVWiGL]HQGRTXHDOJXPDFRLVDPXLWRHUUDGDHVWiDFRQWHFHQGRFRPLJR    
 0LQKDGRUSURYDYHOPHQWHVHULDDOLYLDGDVHHXIL]HVVHH[HUFtFLR    
 $VSHVVRDVQmRHVWmROHYDQGRPLQKDFRQGLomRPpGLFDDVpULR    
 $OHVmRFRORFRXPHXFRUSRHPULVFRSDUDRUHVWRGDPLQKDYLGD    
 $GRUVHPSUHVLJQLILFDTXHRPHXFRUSRHVWiPDFKXFDGR    
 6ySRUTXHDOJXPDFRLVDSLRUDDPLQKDGRUQmRVLJQLILFDTXHHVVDFRLVDpSHULJRVD    
 7HQKRPHGRGHTXHHXSRVVDPHPDFKXFDUDFLGHQWDOPHQWH    
$DWLWXGHPDLVVHJXUDTXHSRVVRWRPDUSDUDSUHYHQLUDSLRUDGDPLQKDGRUp
    
VLPSOHVPHQWHVHUFXLGDGRVRSDUDQmRID]HUQHQKXPPRYLPHQWRGHVQHFHVViULR
(XQmRWHULDWDQWDGRUVHDOJRUHDOPHQWHSHULJRVRQmRHVWLYHVVHDFRQWHFHQGRQR
    
PHXFRUSR
 (PERUDHXVLQWDGRUHVWDULDPHOKRUVHHVWLYHVVHDWLYRILVLFDPHQWH    
 $GRUPHDYLVDTXDQGRGHYRSDUDURH[HUFtFLRSDUDHXQmRPHPDFKXFDU    
1mRpUHDOPHQWHVHJXURSDUDXPDSHVVRDFRPSUREOHPDVLJXDLVDRVPHXVVHU
    
DWLYRILVLFDPHQWH
1mRSRVVRID]HUWRGDVDVFRLVDVTXHDVSHVVRDVQRUPDLVID]HPSRLVPH
    
PDFKXFRIDFLOPHQWH
(PERUDDOJXPDFRLVDPHSURYRTXHPXLWDGRUHXQmRDFKRTXHVHMDGHIDWR
    
SHULJRVR
 1LQJXpPGHYHULDID]HUH[HUFtFLRVTXDQGRHVWiFRPGRU    

7DEHOD(VFDOD7DPSDSDUD&LQHVLRIRELD%UDVLO

YLFHYHUVD,VVRLQGLFDTXHRXRLWHPQmRFRPELQDFRPRVRXWURV
9DULiYHO 0pGLD“'3 0tQLPR 0i[LPR
SDUDGHILQLUXPFRQWtQXRGHKDELOLGDGHRXH[LVWHPSUREOHPDVQDVXD
GHILQLomRVHQGRQHFHVViULRUHYLVmRSDUDTXHRFRUUDHQTXDGUDPHQ ,GDGHDQRV “  
WR(PFRQWUDSDUWLGD0Q6TLQGLFDSRXFDYDULDELOLGDGHGH (YROXomRPHVHV “  
HVFRUHVQDTXHOHLWHPRXVHMDRSDGUmRGHUHVSRVWDIRLSUHYLVtYHO 5RODQG0RUULVHVFRUH “  
RXGHWHUPLQLVWD2SULPHLURUHVXOWDGRUHSUHVHQWDJUDQGHDPH
'RU(4' “  
DoDSDUDDYDOLGDGHGRWHVWHMiRVHJXQGRVLQDOL]DTXHRLWHPQmR
GLVFULPLQDSHVVRDVFRPGLIHUHQWHVQtYHLVIXQFLRQDLVFRQWULEXLQGR (7&HVFRUHWRWDO “  
SRXFRSDUDDGHILQLomRGRFRQVWUXFWR 7DEHOD&DUDFWHUL]DomRGD$PRVWUDQ 
(PERUDYDORUHVEDL[RVGH0Q6TVLQDOL]HPLWHQVTXHQmRGLVFULPLQDP
SHVVRDVFRPQtYHLVGHIXQFLRQDOLGDGHGLIHUHQWHVFRQWULEXLQGRSRXFR $SHQDVGRVLQGLYtGXRVHUDPWDEDJLVWDVHHUDPVHGHQWi
SDUDDGHILQLomRGRFRQVWUXFWRLVVRQmRUHSUHVHQWDDPHDoDSDUD ULRV4XDQWRjDYDOLDomRGDLQFDSDFLGDGHXWLOL]DQGRR4XHVWLRQiULR
DYDOLGDGHGRWHVWHHSRUWDQWRWDLVLWHQVQmRVmRSUREOHPiWLFRV 5RODQG0RUULV%UDVLODDPRVWUDDSUHVHQWRXXPHVFRUHGH
&RPRRHVFRUHHUUiWLFR0Q6TDOWRLQGLFDSUREOHPDVVpULRVQDGH
ILQLomRRXUHGDomRGRLWHPIRUDPDVVLQDODGRVSDUDUHYLVmRRVFRP
YDORUHVGH0Q6T!HPVHXVGRLVIRUPDWRV´LQILWµH´RXWILWµTXH
VLQDOL]DPUHVSHFWLYDPHQWHIOXWXDo}HVQDVSRQWXDo}HVHSUHVHQoD
GH HVFRUHV H[WUHPRV &RQVLGHUDVH TXH TXDQGR PDLV GH  GR
Q~PHURWRWDOGHLWHQVQmRVHHQTXDGUDPQRPRGHOR´5DVFKµRVLWHQV
$PpGLDGDLQWHQVLGDGHGDGRUIRLGH2WHPSRGH
HYROXomRGDGRUYDULRXGHWUrVDPHVHVFRPPpGLDGH
PHVHVVHQGRTXHGRVLQGLYtGXRVDSUHVHQWDYDPGRUSRU
PHVHVRXPDLV'HVVHVSDUWLFLSDQWHVQmRFRPSOHWDUDPRž
JUDXHUHODWDUDPQmRWHUTXDOTXHURXWUDSDWRORJLDDVVRFLDGD
2VUHVXOWDGRVGD$QiOLVH5DVFKVmRDSUHVHQWDGRVQD7DEHODQDTXDO
GRWHVWHQmRFRPELQDPSDUDPHGLUXPFRQFHLWRXQLGLPHQVLRQDOR HVWmRGLVFULPLQDGRVRVYDORUHVGDFDOLEUDomR0Q6THW,QILWH2XWILW
TXHFRPSURPHWHDYDOLGDGHGHFRQVWUXFWRGRLQVWUXPHQWR SDUDFDGDLWHP2VUHVXOWDGRVLQGLFDUDPTXHGRVLWHQVGD(7&
$DQiOLVH5DVFKIRUQHFHDLQGDtQGLFHVGHVHSDUDomRTXHLQGLFDP GRLVQmRVHHQFDL[DUDPQDVH[SHFWDWLYDVGRPRGHOR6mRHOHVRLWHP
HP TXDQWRV QtYHLV GH LQWHQVLGDGH GR PHGR GH PRYLPHQWR D GHQ~PHUR²´6ySRUTXHDOJXPDFRLVDSLRUDPLQKDGRUQmRVLJQLILFD
DPRVWUDVHSDUDRVLWHQVHHPTXDQWRVQtYHLVGHFLQHVLRIRELDRV TXHHVVDFRLVDpSHULJRVDµHRLWHPGHQ~PHUR²´$VSHVVRDVQmR
LWHQVVHSDUDPDDPRVWUDJHP6HJXQGR9HOR]RHWDOHVSHUDVH HVWmROHYDQGRPLQKDFRQGLomRPpGLFDDVpULRµ2EVHUYDVHSHORYDORU
TXHXPWHVWHGLYLGDRVSDUWLFLSDQWHVHPSHORPHQRVWUrVQtYHLV GDPHGLGDGHFDOLEUDomRTXHRVLWHQVGRTXHVWLRQiULRTXHLQGLFDP
GHFLQHVLRIRELDEDL[RPpGLRHDOWRHHVVHWDPEpPIRLXPFULWpULR
XVDGRQRSUHVHQWHHVWXGR
5(68/7$'26
&DUDFWHUL]DomRGDDPRVWUD
$7DEHODDSUHVHQWDRVGDGRVGHVFULWLYRVUHIHUHQWHVDFDUDFWHUL]DoDR
GDDPRVWUD3DUWLFLSDUDPGHVVHHVWXGRLQGLYtGXRVGDFRPXQLGDGH
GH%HOR+RUL]RQWHFRP'/&QmRHVSHFtILFDFRPPpGLDGHLGDGHGH
DQRVGRVTXDLVHUDPKRPHQVHPXOKHUHV
RPDLVEDL[RQtYHOGHFLQHVLRIRELDRXVHMDFRPPDLRUSUREDELOLGDGH
GHUHVSRVWD´GLVFRUGRWRWDOPHQWHµIRUDPRVLWHQVGHQ~PHUR²´$
DWLWXGHPDLVVHJXUDTXHSRVVRWRPDUSDUDSUHYHQLUDSLRUDGDPLQKD
GRUpVLPSOHVPHQWHVHUFXLGDGRVRSDUDQmRID]HUQHQKXPPRYLPHQWR
GHVQHFHVViULRµHRLWHP²´$GRUPHDYLVDTXDQGRSDUDURH[HUFtFLR
SDUDHXQmRPHPDFKXFDUµ2LWHPTXHLQIRUPDVREUHRPDLVDOWR
QtYHOGHFLQHVLRIRELDRXVHMDFRPPDLRUSUREDELOLGDGHGHUHVSRVWD
´&RQFRUGRWRWDOPHQWHµIRLRGHQ~PHUR²´(PERUDHXVLQWDGRU
HVWDULDPHOKRUVHHVWLYHVVHDWLYRILVLFDPHQWHµ
2tQGLFHGHVHSDUDomRGRVLQGLYtGXRVIRLGHLQGLFDQGRTXHRV

$&7$25723%5$6 
 0HGLGD ,QILW 2XWILW
(UUR
&DOLEUDomR 0Q6T W 0Q6T W
0DLRUFLQHVLRIRELD 0i[LPDPHGLGDHVWLPDGD
(PERUDHXVLQWDGRUHVWDULDPHOKRUVHHVWLYHVVHDWLYRILVLFDPHQWH      
0LQKDGRUSURYDYHOPHQWHVHULDDOLYLDGDVHHXIL]HVVHH[HUFtFLR      
1mRpUHDOPHQWHVHJXURSDUDXPDSHVVRDFRPSUREOHPDVLJXDLVDRV
     
PHXVVHUDWLYRILVLFDPHQWH
6HHXWHQWDVVHVXSHUDUHVVHPHGRPLQKDGRUDXPHQWDULD      
$OHVmRFRORFRXPHXFRUSRHPULVFRSDUDRUHVWRGDPLQKDYLGD      
1LQJXpPGHYHULDID]HUH[HUFtFLRVTXDQGRHVWiFRPGRU      
6ySRUTXHDOJXPDFRLVDSLRUDDPLQKDGRUQmRVLJQLILFDTXHHVVDFRLVD
     
pSHULJRVD
(PERUDDOJXPDFRLVDPHSURYRTXHPXLWDGRUHXQmRDFKRTXHVHMDGH
     
IDWRSHULJRVR
7HQKRPHGRGHPHPDFKXFDUVHHXIL]HUH[HUFtFLRV      
1mRSRVVRID]HUWRGDVDVFRLVDVTXHDVSHVVRDVQRUPDLVID]HPSRLVPH
     
PDFKXFRIDFLOPHQWH
$VSHVVRDVQmRHVWmROHYDQGRPLQKDFRQGLomRPpGLFDDVpULR      
(XQmRWHULDWDQWDGRUVHDOJRUHDOPHQWHSHULJRVRQmRHVWLYHVVH
     
DFRQWHFHQGRQRPHXFRUSR
7HQKRPHGRGHTXHHXSRVVDPHPDFKXFDUDFLGHQWDOPHQWH      
0HXFRUSRHVWiGL]HQGRTXHDOJXPDFRLVDPXLWRHUUDGDHVWi
     
DFRQWHFHQGRFRPLJR
$GRUVHPSUHVLJQLILFDTXHRPHXFRUSRHVWiPDFKXFDGR      
$GRUPHDYLVDTXDQGRGHYRSDUDURH[HUFtFLRSDUDHXQmRPHPDFKXFDU      
$DWLWXGHPDLVVHJXUDTXHSRVVRWRPDUSDUDSUHYHQLUDSLRUDGDPLQKD
GRUpVLPSOHVPHQWHVHUFXLGDGRVRSDUDQmRID]HUQHQKXPPRYLPHQWR      
GHVQHFHVViULR
0HQRUFLQHVLRIRELD

7DEHOD&DOLEUDomRGRVLWHQVGD(VFDOD7DPSDSDUD&LQHVLRIRELD

LWHQVGLYLGLUDPDVSHVVRDVHPGRLVQtYHLVGHFLQHVLRIRELD2tQGLFH ,QVWUXPHQWRVYiOLGRVHFRQILiYHLVSDUDDYDOLDURPHGRHVSHFtILFRGD
GHVHSDUDomRGRVLWHQVIRLGHRTXHVLJQLILFDTXHRVLWHQV GRUHGRPRYLPHQWRVmRGHLPSRUWkQFLDSDUDDSUiWLFDFOtQLFDHSDUD
IRUDPGLYLGLGRVHPDSUR[LPDGDPHQWHFLQFRQtYHLVGHLQWHQVLGDGH XPPHOKRUFRQKHFLPHQWRWHyULFRGDGRUHGDLQFDSDFLGDGH([LVWHP
GHFLQHVLRIRELD$FRQVLVWrQFLDLQWHUQDGRVLWHQVIRLGHHD HYLGrQFLDVGHTXHDVFRQGLo}HVGH'/&HLQFDSDFLGDGHVmRPHOKRU
FRQILDELOLGDGHGDVUHVSRVWDVGRVLQGLYtGXRVIRLGH FRPSUHHQGLGDVHWUDWDGDVSRUPHLRGHXPPRGHORELRSVLFRVRFLDO
$)LJXUDPDSDGHLWHQVLOXVWUDRFRQWtQXRGHFLQHVLRIRELDGHILQLGR (PDGLomRDLGHQWLILFDomRSUHFRFHGHLQGLYtGXRVFRPULVFRSR
SHORVLWHQVGRTXHVWLRQiULRHVWDQGRRVLQGLYtGXRVjHVTXHUGDHRJUDX WHQFLDOGHVHWRUQDUHPFU{QLFRVpQHFHVViULDSDUDSURJUDPDUXPD
GHLQWHQVLGDGHGHFLQHVLRIRELDGRVLWHQVjGLUHLWD(VVDpXPDUHSUH LQWHUYHQomRHILFD]HSDUDSUHYHQLUFURQLFLGDGHVUHGX]LQGRDVVLP
VHQWDomRGDUHODomRHQWUHDLQWHQVLGDGHGHFLQHVLRIRELDGRVLQGLYtGXRV DVFRQVHTrQFLDVSHVVRDLVVRFLDLVHHFRQ{PLFDV
H[DPLQDGRV HP UHODomR DRV QtYHLV GH FLQHVLRIRELD GLVFULPLQDGRV $(7&pXPLQVWUXPHQWRTXHWHPVLGRDPSODPHQWHXWLOL]DGRSDUD
SHORVLWHQVGDHVFDOD'HDFRUGRFRPHVVHPDSDGHLWHQVLQGLYtGXRV PHQVXUDURPHGRGHPRYLPHQWRHRPHGRGHUHLQFLGrQFLDGD
REVHUYDVH D SUHVHQoD GH DOJXQV LWHQV QR WRSR VHP DOLQKDPHQWR OHVmR (VWXGRV WrP GHPRQVWUDGR TXH LQGLYtGXRV FRP DOWRV
FRPQHQKXPLQGLYtGXRRTXHVLJQLILFDTXHHVVHVLWHQVPHGHPXP HVFRUHVQD(7&DSUHVHQWDPSLRUGHVHPSHQKRHPWHVWHVItVLFRV
JUDXGHFLQHVLRIRELDPXLWRDOWRHQmRH[LVWLUDPQHVWDDPRVWUDJHP GR TXH LQGLYtGXRV FRP EDL[RV HVFRUHV QD HVFDOD  $OpP
LQGLYtGXRVFRPWDQWRPHGRGHVHPRYLPHQWDU1DSDUWHLQIHULRUGR GLVVRDOWRVHVFRUHVQD(7&WrPPDLRUYDORUSDUDSUHGL]HURQtYHO
FRQWtQXRREVHUYDVHTXHDOJXQVLQGLYtGXRVHVWmRDOLQKDGRVFRPR GHLQFDSDFLGDGHGRLQGLYtGXRGRTXHVLQDLVHVLQWRPDVFOtQLFRV
LWHPTXHPHGHXPQtYHOPXLWREDL[RGHFLQHVLRIRELD(VVHUHVXOWDGR LQWHQVLGDGHGDGRUWHPSRGHGXUDomRGDGRUHDQVLHGDGH
FDUDFWHUL]DRHIHLWRVRORRXIORRUHIIHFWHVLJQLILFDTXHpSRVVtYHOTXHWDLV &DUDFWHUtVWLFDVGRV3DUWLFLSDQWHV
LQGLYtGXRVDSUHVHQWHPQtYHLVDLQGDPDLVEDL[RVRXPHVPRDXVrQFLD 2VLQGLYtGXRVGRSUHVHQWHHVWXGRDSUHVHQWDUDPLGDGHHWHPSRGH
GHPHGRPDVLVVRQmRIRLGHWHFWDGRHPIDFHGDDXVrQFLDGHLWHQV HYROXomRGDGRUPXLWRVLPLODUHVjHVWXGRVSUpYLRVGHSDFLHQWHV
TXHPHGLVVHPQtYHLVDLQGDPDLVEDL[RVGHFLQHVLRIRELD FRPGRUFU{QLFDHDJXGDLQGLFDQGRTXHDGRUORPEDUDFR
PHWHSRUXPSHUtRGRSURORQJDGRLQGLYtGXRVHFRQRPLFDPHQWH
',6&866®2 DWLYRV$PpGLDGRHVFRUHQD(7&GH“YDULDQGRGH
2SUHVHQWHHVWXGRWHYHFRPRREMHWLYRLQYHVWLJDUDVSURSULHGDGHV DIRLHTXLYDOHQWHDRVHVFRUHVGH“HGH“
SVLFRPpWULFDVGDYHUVmREUDVLOHLUDGD(7&HPLQGLYtGXRVFRP'/& UHSRUWDGRVSUHYLDPHQWH
$GHTXDGDFRQILDELOLGDGHWHVWHUHWHVWHIRLREVHUYDGD2VUHVXOWDGRV $ PpGLD GH LQWHQVLGDGH GD GRU REVHUYDGD QR SUHVHQWH HVWXGR
GD$QiOLVH5DVFKLQGLFDUDPTXHGRVLWHQVGD(7&GRLVQmRVH TXHYDULRXGHDIRLGH“LQGLFDQGRTXHRJUDXGH
HQFDL[DUDPQDVH[SHFWDWLYDVGRPRGHORRLWHPGHQ~PHUR´6y LQWHQVLGDGHGDGRUGRVLQGLYtGXRVSRGHVHUFRQVLGHUDGRPRGHUDGR
SRUTXHDOJXPDFRLVDSLRUDPLQKDGRUQmRVLJQLILFDTXHHVVDFRLVDp 9ODH\HQHWDOUHSRUWDUDPDPpGLDGHLQWHQVLGDGHGDGRUGH“
SHULJRVDµHRLWHPGHQ~PHUR´$VSHVVRDVQmRHVWmROHYDQGRPLQKD XWLOL]DQGRD(VFDOD9LVXDO$QiORJD&URPEH]HWDOUHSRUWDUDP
FRQGLomRPpGLFDDVpULRµ$(7&DSUHVHQWRXDGHTXDGDFRQVLVWrQFLD DPpGLDGHLQWHQVLGDGHGDGRUGH“WDPEpPXWLOL]DQGRD
LQWHUQDHFRQILDELOLGDGHGDVUHVSRVWDVGRVLQGLYtGXRV (VFDOD9LVXDO$QiORJD1HQKXPGRVDXWRUHVHQFRQWUDUDPFRUUHODomR

 $&7$25723%5$6
VLJQLILFDWLYDHQWUHDLQWHQVLGDGHGDGRUHRJUDXGHFLQHVLRIRELD '/&WDPEpPHQFRQWUDUDPXPERPtQGLFHGHFRUUHODomRU 1R
,QWHUHVVDQWHREVHUYDUTXHDSHVDUGHRHVFRUHWRWDOQD(7&REWLGRQR SUHVHQWHHVWXGRD(7&IRLDSOLFDGDSRUXP~QLFRH[DPLQDGRUGHYL
SUHVHQWHHVWXGRWHUVLGRVLPLODUDRVYDORUHVREVHUYDGRVHPHVWXGRV GDPHQWHWUHLQDGRGHIRUPDDJDUDQWLUDHVWDELOLGDGHGDVPHGLGDVH
SUpYLRVRJUDXGHLQWHQVLGDGHGDGRUIRLLQIHULRUUHIRUoDQGRD HYLWDULQWHUIHUrQFLDVGHRXWURVIDWRUHVTXHSRGHULDPVHUJHUDGRVFRPD
KLSyWHVHGHTXHDLQWHQVLGDGHGDGRUQmRpXPIDWRUSUHGLWLYRGR LQFOXVmRGHRXWURDSOLFDGRU9iULRVHVWXGRVLQYHVWLJDUDPDYDOLGDGHHD
PHGRGRPRYLPHQWR9ODH\HQHWDOGHPRQVWUDUDPTXHRPHGR FRQVLVWrQFLDLQWHUQDGD(7&TXHHPLQGLYtGXRVFRP'/&GHPRQVWURX
GRPRYLPHQWRRXGHUHLQFLGrQFLDGHOHVmRRFRUUHLQGHSHQGHQWH VHUXPLQVWUXPHQWRFRQILiYHOFRPFRQVLVWrQFLDLQWHUQDYDULDQGR GH
GRJUDXGHLQWHQVLGDGHGDGRU α $VXDYHUVmRKRODQGHVDWDPEpPDSUHVHQWRXYDOLGDGH
2JUDXGHLQFDSDFLGDGHDYDOLDGRDWUDYpVGR5RODQG0RUULV%UDVLO SUHGLWLYDEHPHVWDEHOHFLGDHYDOLGDGHGHFRQVWUXFWRDFHLWiYHO
DSUHVHQWRXXPDPpGLDGH“LQIHULRUDRSRQWRGHFRUWH 6ZLQKHOV0HHZLVVHHWDOLQYHVWLJDUDPDVSURSULHGDGHVSVLFRPp
UHFRPHQGDGRLQGLFDQGRTXHHPPpGLDRVLQGLYtGXRVQmRDSUH WULFDVGD(7&HPLQGLYtGXRVFRPGRUORPEDUDJXGDLQFOXLQGR
VHQWDUDPLQFDSDFLGDGH(QWUHWDQWRRVHVFRUHVLQGLYLGXDLVYDULDUDP D VXD FRQVLVWrQFLD LQWHUQD H D VXD YDOLGDGH FRQFRUUHQWH FRP R
GHDGHPRQVWUDQGRXPDJUDQGHYDULDELOLGDGHGDDPRVWUD )HDU$YRLGDQFH%HOLHIV4XHVWLRQQDLUH)$%4TXHpXPTXHVWLRQi
ULRFRPGXDVVXEGLYLV}HVPHGRUHODFLRQDGRDRWUDEDOKRHPHGR
&RQILDELOLGDGH UHODFLRQDGRDDWLYLGDGHVItVLFDV2VDFKDGRVGHPRQVWUDUDPTXHD
FRQVLVWrQFLDLQWHUQDIRLHTXLYDOHQWHDRVHQFRQWUDGRVHPLQGLYtGXRV
$FRQILDELOLGDGHWHVWHUHWHVWHFRPVHWHGLDVGHLQWHUYDORIRLDGHTXDGD FRP'/&UHSRUWDGDSRURXWURVHVWXGRV$YDOLGDGHFRQFRUUHQWH
&&,!LQGLFDQGRERDFRQVLVWrQFLDHUHSURGXWLELOLGDGHGDVUHV HQWUHD(7&HR)$%4YDULRXGHIUDFDDPRGHUDGDPHQWHIRUWHU 
SRVWDV6ZLQNHOV0HHZLVVHHWDODRDYDOLDUDFRQILDELOLGDGHGDHVFDOD DSDUDRVLWHQVGHPHGRUHODFLRQDGRVDRWUDEDOKRHGH
SRUPHLRGRWHVWHUHWHVWHFRPLQWHUYDORGHKRUDVHPSDFLHQWHVFRP
PRGHUDGDPHQWHIRUWHDIRUWHU DSDUDRVLWHQVGHPHGR
UHODFLRQDGRVDDWLYLGDGHVItVLFDV
2VYDORUHVREWLGRVQRSUHVHQWHHVWXGRIRUDPVXSHULRUHVDRVHVWXGR
SUpYLRVHPTXHDFRQVLVWrQFLDLQWHUQDGRVLWHQVGD(&7IRLGH
H D FRQILDELOLGDGH GH UHVSRVWD GRV LQGLYtGXRV IRL GH  (VVDV
GLIHUHQoDVSRGHPVHUUHVXOWDGRGDVSRVVtYHLVGLILFXOGDGHVHQFRQWUD
GDVSHORVLQGLYtGXRVGRVHVWXGRVSUpYLRVHPLQWHUSUHWDUDHVWUXWXUD
HRFRQWH~GRGRVLWHQVXPDYH]TXHQRVHVWXGRVDFLPDFLWDGRV
RTXHVWLRQiULRIRLDXWRDGPLQLVWUDGR1HVVHHVWXGRRTXHVWLRQiULR
IRLDSOLFDGRHPIRUPDGHHQWUHYLVWDHRLQGLYtGXRSRGHULDHVFODUHFHU
TXDLVTXHUG~YLGDVTXHVXUJLVVHPQRPRPHQWRGDDSOLFDomR
$QiOLVH5DVFK
1R SUHVHQWH HVWXGR DV SURSULHGDGHV SVLFRPpWULFDV GD (7& IRUDP
H[DPLQDGDVDWUDYpVGDDQiOLVHHVWDWtVWLFDGH5DVFKTXHDSUHVHQWRX
XPFRHILFLHQWHGHFRQILDELOLGDGHH[WUHPDPHQWHDOWRSDUDRVLWHQVRTXH
LQGLFDHVWDELOLGDGHGDFDOLEUDomRGRVLWHQV3DUDRVLQGLYtGXRVHVVH
FRHILFLHQWHIRLUHODWLYDPHQWHDOWRVLJQLILFDQGRTXHDVUHVSRVWDVGRV
LQGLYtGXRVWDPEpPIRUDPFRQILiYHLVHSRUWDQWRDVPHGLGDVSRGHP
VHUUHSURGX]LGDVHPDSOLFDo}HVVXEVHTHQWHVGRWHVWH(VVHVDFKDGRV
FRUURERUDPFRPUHVXOWDGRVDQWHULRUHVRQGHHVVDVSURSULHGDGHV
IRUDPDQDOLVDGDVSRUPHLRGRFiOFXORGH$OSKD&URQEDFK·V
$DQiOLVH5DVFKDSRQWRXFRPRLWHQVSUREOHPiWLFRVRGHQ~PHUR
´DVSHVVRDVQmRHVWmROHYDQGRPLQKDFRQGLomRPpGLFDDVpULR´
HRGHQ~PHUR´VySRUTXHDOJXPDFRLVDSLRUDDPLQKDGRUQmR
VLJQLILFDTXHHVVDFRLVDVHMDSHULJRVD´,VWRVLJQLILFDGL]HUTXHDV
)LJXUD²0DSDUHSUHVHQWDWLYRGRGHVHPSHQKRGRVLQGLYtGXRVHPUHODomR
DRVQtYHLVGHFLQHVLRIRELDGDHVFDOD
UHVSRVWDVDHVVHVLWHQVIRUDPLPSUHYLVWDVRXFRQWURYHUVDV
,QHVSHUDGDPHQWHDOJXQVLQGLYtGXRVPHVPRFRPPXLWDFLQHVLRIR
ELDGLVFRUGDUDPGDDILUPDWLYDGRLWHQVHRTXHYDLGHHQFRQWUR
DRXWUDVUHVSRVWDVGDGDVHPRXWURVLWHQVGDHVFDOD
$ YDULDELOLGDGH QDV UHVSRVWDV DR LWHP  ´DV SHVVRDV QmR HVWmR
OHYDQGRPLQKDFRQGLomRPpGLFDDVpULRµRFRUUHXSURYDYHOPHQWH
GHYLGR DR IDWR GH HVWH LWHP VHU LQIOXHQFLDGR SRU FDUDFWHUtVWLFDV
SHVVRDLVWDLVFRPRHVWUXWXUDIDPLOLDUQtYHOVRFLRHFRQ{PLFRHWF
3RUH[HPSORSHVVRDVFRPPXLWDFLQHVLRIRELDHTXHFRQWDPFRP
RDSRLRGDIDPtOLDSRGHPGLVFRUGDUDRUHVSRQGHUHPHVWHLWHPH
SHVVRDVFRPPXLWDFLQHVLRIRELDHTXHQmRFRQWDPFRPRDSRLR
IDPLOLDUSRGHPFRQFRUGDUDRUHVSRQGHUHPHVWHLWHP
2LWHP´VySRUTXHDOJXPDFRLVDSLRUDDPLQKDGRUQmRVLJQLILFD
TXHHVVDFRLVDVHMDSHULJRVDµWDPEpPPRVWURXXPFRPSRUWDPHQWR
SUREOHPiWLFRHQHVVHFDVRDUD]mRSRGHHVWDUQDFRPSUHHQVmR
GRLWHPSRUSDUWHGRVLQGLYtGXRVIDFHjGLItFLOIRUPXODomRHWDPEpP
jVHPHOKDQoDHQWUHRLWHPHRLWHP´HPERUDDOJXPDFRLVD
PHSURYRTXHPXLWDGRUHXQmRDFKRTXHVHMDGHIDWRSHULJRVRµ
'HIDWRQDSUHVHQoDGHTXHVW}HVWmRVLPLODUHVRLQGLYtGXRSRGH
VHQWLUVHREULJDGRDGDUXPDUHVSRVWDGLIHUHQWHSDUDFDGDLWHPR
TXHpSURYiYHOTXHSRVVDWHUDFRQWHFLGR
3DUDRVLWHQVFLWDGRVDFLPDHVVHSDGUmRLQHVSHUDGRGHUHVSRVWDV
RFRUUHXFRPPDLRUH[SUHVVLYLGDGHQDDYDOLDomRGHGRLVLQGLYtGXRV
LGHQWLILFDGRVFRPRVQ~PHURVHVHQGRXPDVHQKRUDGH

$&7$25723%5$6 
DQRVHXPVHQKRUGHDQRVUHVSHFWLYDPHQWH$RUHDYDOLDUDV DPRVWUDLQGLFDUDPRLWHPFRPPHQRUFLQHVLRIRELDFRPR´GLVFRUGR
UHVSRVWDVGDGDVSDUDRXWURVLWHQVGDHVFDODS{GHVHSHUFHEHU WRWDOPHQWHµ(VVHHIHLWRVRORGHPRQVWUDTXHDHVFDODQmRDSUHVHQ
TXH HVWHV LQGLYtGXRV WDOYH] QmR WHQKDP FRPSUHHQGLGR EHP DV
DILUPDWLYDVUHIHUHQWHVDRVLWHQVSUREOHPiWLFRV'HYHVHUHVVDOWDU
TXHHVVHVUHVXOWDGRVUHIOHWHPDFLQHVLRIRELDGHLQGLYtGXRVFRP
LQWHQVLGDGHGHGRUPRGHUDGDHFRPJUDXVGHLQFDSDFLGDGHHQtYHLV
GHFURQLFLGDGHYDULDGRVeSRVVtYHOTXHRVLWHQVSUREOHPiWLFRV
WRXLWHQVTXHPHGLVVHPXPQtYHOPXLWREDL[RGHFLQHVLRIRELD
(QWUHWDQWRFRPRDHVFDODpXWLOL]DGDSDUDPHGLUHLGHQWLILFDURV
LQGLYtGXRVFRPPDLRUFLQHVLRIRELDRIDWRGHODDSUHVHQWDURHIHLWR
VRORQmRLQYDOLGDDVXDXWLOL]DomRQDSUiWLFDFOtQLFD
2VUHVXOWDGRVGD$QiOLVH5DVFKHYLGHQFLDUDPXPEDL[RtQGLFHGH
HQFRQWUDGRVQHVWHHVWXGRDSUHVHQWHPFRPSRUWDPHQWRGLYHUVR VHSDUDomRGRVLQGLYtGXRVRTXHVLJQLILFDTXHRVLQGLYtGXRV
TXDQGRDSOLFDGRVHPGLIHUHQWHVDPRVWUDV GDDPRVWUDIRUDPGLYLGLGRVHPGRLVQtYHLVGHFLQHVLRIRELDSRXFR
2VGRLVLWHQVSUREOHPiWLFRVGHWHFWDGRVSHODDQiOLVH5DVFKUH HPXLWRHQmRHPWUrVRQ~PHURPtQLPRHVSHUDGRSHORPRGH
SUHVHQWDPDSUR[LPDGDPHQWHGRQ~PHURWRWDOGHLWHQVGD
HVFDODYDORUTXHVXSHUDRVSHUPLWLGRVSHORPRGHORHVWDWtVWLFR
3HOR IDWR GH QmR VH ¶HQFDL[DUHP· QR FRQWtQXR GH FLQHVLRIRELD
LVWR p SRU QmR FRPELQDUHP HQWUH VL SDUD PHGLU XP FRQVWUXFWR
XQLGLPHQVLRQDO HOHV FRPSURPHWHP D YDOLGDGH GH FRQVWUXFWR
GDHVFDODLQGLFDQGRDQHFHVVLGDGHGHUHYLVmRVXEVWLWXLomRRX
OR2HVSHUDGRQDDQiOLVHGHWHVWHVFRPRD(7&pTXHKDMD
XPSHTXHQRQ~PHURGHLQGLYtGXRVQDSDUWHVXSHULRUGRFRQWtQXR
RXVHMDSRXFRVLQGLYtGXRVFRPPXLWDFLQHVLRIRELDHWDPEpPXP
SHTXHQRQ~PHURGHLQGLYtGXRVQDSDUWHLQIHULRUGRFRQWtQXRLVWR
pSRXFRVLQGLYtGXRVFRPSRXFDFLQHVLRIRELD$PDLRULDGRVLQGL
YtGXRVGHYHHVWDUFRQFHQWUDGDQRWHUoRPpGLRGRFRQWtQXRFDUDF
H[FOXVmRGHVVHVLWHQVSDUDHVVDDPRVWUD2XWURVHVWXGRV
TXH XWLOL]DUDP DQiOLVH GH IDWRUHV GD (7& WDPEpP HQFRQWUDUDP
SUREOHPDVGHFRQVWUXFWR
&RPUHVSHLWRjDQiOLVHIDWRULDOGD(7&HPTXHRVGDGRVHPStULFRV
IRUDPH[SORUDGRVSDUDGHVFREULUHGHWHFWDUFDUDFWHUtVWLFDVHUHOD
o}HVUHOHYDQWHVVHPLPSRUXPPRGHORGHILQLWLYRGXDVGLIHUHQWHV
HVWUXWXUDVIRUDPUHODWDGDV2IDWRUHVWUXWXUDOGD(7&QDYHUVmR
WHUL]DQGRXPDFLQHVLRIRELDPRGHUDGDFRPSRUWDPHQWRHVVHTXH
FRQIRUPHREVHUYDGRQRPDSDGHLWHQVQmRIRLEHPUHSURGX]LGR
(PVtQWHVHD(&7QmRGLYLGLXRVSDFLHQWHVHPQtYHLVGLIHUHQFLDGRV
GHFLQHVLRIRELDGLVFULPLQDQGRSRXFRRVSDFLHQWHV
$(7&DSUHVHQWDSRWHQFLDOGHDSOLFDELOLGDGHFOtQLFDHPLQGLYtGXRVFRP
'/&SRUpPpSUHFLVRWHUFDXWHODQDLQWHUSUHWDomRGRVUHVXOWDGRVGR
WHVWHHREVHUYDURSDGUmRGDVUHVSRVWDVSULQFLSDOPHQWHQRVGRLV
KRODQGHVDIRLH[DPLQDGDHPLQGLYtGXRVFRP'/&(OHVUH LWHQVFRQVLGHUDGRVSUREOHPiWLFRVeUHFRPHQGiYHOTXHD(&7VHMD
DOL]DUDPXPDDQiOLVHGRVFRPSRQHQWHVSULQFLSDLVHPWRGRVRV DSOLFDGDHPRXWUDVDPRVWUDJHQVHDVVRFLDGDFRPRXWURVLQVWUXPHQWRV
LWHQV&LQFRLWHQVHIRUDPH[FOXtGRVSRUDSUHVHQWDUHP SDGURQL]DGRVSDUDTXHVHSRVVDSHVTXLVDUPHOKRUDVXDYDOLGDGH
SHVRPHQRUTXHQDDQiOLVH 6HHPRXWURVWLSRVGHDPRVWUDVSHUVLVWLUXPQ~PHURVXSHULRUD
&ODUNHWDOWDPEpPH[DPLQDUDPDHVWUXWXUDLQWHUQDGD(7&HP
 LQGLYtGXRV FRP '/& DWUDYpV GD DQiOLVH GRV FRPSRQHQWHV
SULQFLSDLV&RPRUHVXOWDGRTXDWURLWHQVIRUDPH[FOXtGRVSRUDSUH
VHQWDUHPIUDFDDVVRFLDomRFRPRHVFRUHWRWDOGDHVFDOD2VLWHQV
H[FOXtGRVIRUDPDTXHOHVTXHGHYHPWHURHVFRUHLQYHUWLGR
GHLWHQVHUUiWLFRVVXJHUHPVHPRGLILFDo}HVQDHVFDODVHJXLGDVGH
HVWXGRVVXEVHTHQWHVSDUDDDYDOLDomRGDYHUVmRPRGLILFDGD
&21&/86®2
$ (7& DSUHVHQWRX XP SDGUmR HVWiYHO GH UHVSRVWDV H XPD ERD
H6ZLQNHOV0HHZLVVHHWDOWDPEpPREVHUYDUDPTXHRVLWHQV FRQILDELOLGDGHWHVWHUHWHVWHSDUDRVLQGLYtGXRVFRP'/&$$QiOLVH
FRPSRQWXDomRLQYHUWLGDHIRUDPRVTXHDSUHVHQWDUDP
PDLRUHVSUREOHPDVHFRQFOXtUDPTXHWDQWRDFRQVLVWrQFLDLQWHUQD
TXDQWRDFRQILDELOLGDGHGD(7&SRGHULDVHUPHOKRUDGDVHHVVHV
TXDWURLWHQVIRVVHPH[FOXtGRV
1DSDUWHVXSHULRUGRPDSDGHLWHQVGD)LJXUDSRGHPVHURE
VHUYDGRVGRLVLWHQVTXHLQGLFDPPDLRUFLQHVLRIRELDTXHQHQKXP
LQGLYtGXRGDDPRVWUDLQGLFRXFRPR´FRQFRUGRWRWDOPHQWHµRTXH
LQGLFDTXHDHVFDODQmRDSUHVHQWRXHIHLWRWHWR1DSDUWHLQIHULRU
GR PDSD GH LWHQV SRGH VHU REVHUYDGR TXH GRLV LQGLYtGXRV GD
5()(5È1&,$6%,%/,2*5É),&$6
 $O2EDLGL60$O=RDEL%$O6KXZDLH1$O=DDELH11HOVRQ507KHLQIOXHQFHRI
SDLQDQGSDLQUHODWHGIHDUDQGGLVDELOLW\EHOLHIVRQZDONLQJYHORFLW\LQFKURQLFORZEDFN
SDLQ,QW-5HKDELO5HV
 6ZLQNHOV0HHZLVVH (- 6ZLQNHOV 5$ 9HUEHHN $/ 9ODH\HQ -: 2RVWHQGRUS 5$
3V\FKRPHWULFSURSHUWLHVRIWKH7DPSD6FDOHIRUNLQHVLRSKRELDDQGWKHIHDUDYRLGDQFH
EHOLHIVTXHVWLRQQDLUHLQDFXWHORZEDFNSDLQ0DQ7KHU
5DVFKGHWHFWRXXPDSRUFHQWDJHPGHLWHQVHUUiWLFRVVXSHULRUD
RTXHFRPSURPHWHDYDOLGDGHGHFRQVWUXFWRGDHVFDOD2VSDFLHQWHV
IRUDP GLYLGLGRV HP GRLV QtYHLV GH FLQHVLRIRELD QmR DWHQGHQGR j
H[SHFWDWLYDGRPRGHORGH5DVFK1mRIRLGHWHFWDGR´HIHLWRWHWRµSDUD
RVLQGLYtGXRVHPHVWXGRVXJHULQGRTXHD(&7SRGHVHUXWLOL]DGD
HPSHVVRDVFRPQtYHLVPDLVDOWRVGHFLQHVLRIRELD$(7&DSUHVHQWD
SRWHQFLDOGHDSOLFDELOLGDGHFOtQLFDHPLQGLYtGXRVFRP'/&SRUpPp
SUHFLVRWHUFDXWHODQDLQWHUSUHWDomRGRVUHVXOWDGRVSULQFLSDOPHQWH
QDVUHVSRVWDVQRVLWHQVFRQVLGHUDGRVSUREOHPiWLFRV
:ULJKW %' /LQDFUH -0 2EVHUYDWLRQV DUH DOZD\V RUGLQDO PHDVXUHPHQWV KRZHYHU
PXVWEHLQWHUYDO$UFK3K\V0HG5HKDELO
0F$UWKXU'/&RKHQ0-6FKDQGOHU6/5DVFKDQDO\VLVRIIXQFWLRQDODVVHVVPHQWVFD
OHVDQH[DPSOHXVLQJSDLQEHKDYLRUV$UFK3K\V0HG5HKDELO
6LOYHUVWHLQ%)LVKHU:3.LOJRUH.0+DUOH\-3+DUYH\5)$SSO\LQJSV\FKRPHWULFFUL
WHULDWRIXQFWLRQDODVVHVVPHQWLQPHGLFDOUHKDELOLWDWLRQ,,'HILQLQJLQWHUYDOPHDVXUHV
 9ODH\HQ-:&URPEH]*)HDURIPRYHPHQWUHLQMXU\DYRLGDQFHDQGSDLQGLVDELOLW\LQ
FKURQLFORZEDFNSDLQSDWLHQWV0DQ7KHU
 $VPXQGVRQ*-1RUWRQ3-1RUWRQ*5%H\RQGSDLQWKHUROHRIIHDUDQGDYRLGDQFHLQ
FKURQLFLW\&OLQ3V\FKRO5HY
 9ODH\HQ-:/LQWRQ6-)HDUDYRLGDQFHDQGLWVFRQVHTXHQFHVLQFKURQLFPXVFXORVNH
OHWDOSDLQDVWDWHRIWKHDUW3DLQ
$UFK3K\V0HG5HKDELO
&KHUQ-6.LHOKRIQHU*GHODV+HUDV&*0DJDOKDHV/&7KH9ROLWLRQDO4XHVWLRQQDLUH
SV\FKRPHWULFGHYHORSPHQWDQGSUDFWLFDOXVH$P-2FFXS7KHU
/LQDFUH-0$XVHU…VJXLGHWR:LQVWHSV,Q/LQDFUH-00LQLVWHSVUDVFKPRGHOFRP
SXWHUSURJUDPV&KLFDJR:LQVWHSVS
9HOR]R&$0DJDOKDHV/&3DQ$:/HLWHU3)XQFWLRQDOVFDOHGLVFULPLQDWLRQDWDGPLV
 9ODH\HQ-:.ROH6QLMGHUV$0%RHUHQ5*YDQ(+)HDURIPRYHPHQWUHLQMXU\LQFKUR
QLFORZEDFNSDLQDQGLWVUHODWLRQWREHKDYLRUDOSHUIRUPDQFH3DLQ
 3HWHUV0/9ODH\HQ-:.XQQHQ$0,VSDLQUHODWHGIHDUDSUHGLFWRURIVRPDWRVHQVRU\
K\SHUYLJLODQFHLQFKURQLFORZEDFNSDLQSDWLHQWV"%HKDY5HV7KHU
 &ODUN0(.RUL6+%URHFNHO-.LQHVLRSKRELDDQGFKURQLFSDLQSV\FKRPHWULFFKDUDF
WHULVWLFVDQGIDFWRUDQDO\VLVRIWKH7DPSDVFDOH,QWK$QQXDO6FLHQWLILF0HHWLQJRI
WKH$PHULFDQ3DLQ6RFLHW\:DVKLQJWRQ$PHULFDQ3DLQ6RFLHW\S
 3LFDYHW+69ODH\HQ-:6FKRXWHQ-63DLQFDWDVWURSKL]LQJDQGNLQHVLRSKRELDSUH
GLFWRUVRIFKURQLFORZEDFNSDLQ$P-(SLGHPLRO
&URPEH]*9ODH\HQ-:+HXWV3+/\VHQV53DLQUHODWHGIHDULVPRUHGLVDEOLQJWKDQ
SDLQLWVHOIHYLGHQFHRQWKHUROHRISDLQUHODWHGIHDULQFKURQLFEDFNSDLQGLVDELOLW\
3DLQ
*XLOOHPLQ)%RPEDUGLHU&%HDWRQ'&URVVFXOWXUDODGDSWDWLRQRIKHDOWKUHODWHGTXD
OLW\RIOLIHPHDVXUHVOLWHUDWXUHUHYLHZDQGSURSRVHGJXLGHOLQHV-&OLQ(SLGHPLRO

1XVEDXP/1DWRXU-)HUUD]0%*ROGHQEHUJ-7UDQVODWLRQDGDSWDWLRQDQGYDOLGD
WLRQRIWKH5RODQG0RUULVTXHVWLRQQDLUH%UD]LO5RODQG0RUULV %UD]-0HG%LRO5HV

VLRQDQGGLVFKDUJH5DVFKDQDO\VLVRIWKH/HYHORI5HKDELOLWDWLRQ6FDOH,,,$UFK3K\V
0HG5HKDELO
%XUWRQ $. 7LOORWVRQ .0 0DLQ &- +ROOLV 6 3V\FKRVRFLDO SUHGLFWRUV RI RXWFRPH LQ
DFXWHDQGVXEFKURQLFORZEDFNWURXEOH6SLQH
*RXEHUW/&URPEH]*9DQ'69ODH\HQ-:%LMWWHELHU35RHORIV-&RQILUPDWRU\IDF
WRUDQDO\VLVRIWKH7DPSD6FDOHIRU.LQHVLRSKRELDLQYDULDQWWZRIDFWRUPRGHODFURVV
ORZEDFNSDLQSDWLHQWVDQGILEURP\DOJLDSDWLHQWV&OLQ-3DLQ
*HLVVHU0(+DLJ$-:DOOERP$6:LJJHUW($3DLQUHODWHGIHDUOXPEDUIOH[LRQDQG
G\QDPLF (0* DPRQJ SHUVRQV ZLWK FKURQLF PXVFXORVNHOHWDO ORZ EDFN SDLQ &OLQ -
3DLQ
7HL[HLUD6DOPHOD/)0DJDOKDHV/&6RX]D$&/LPD0&/LPD5&*RXODUW)$GDS
WDWLRQRIWKH1RWWLQJKDP+HDOWK3URILOHDVLPSOHPHDVXUHWRDVVHVVTXDOLW\RIOLIH&DG
6DXGH3XEOLFD
9HOR]R &$ .LHOKRIQHU * /DL -6 7KH XVH RI 5DVFK DQDO\VLV WR SURGXFH VFDOHIUHH
PHDVXUHPHQWRIIXQFWLRQDODELOLW\$P-2FFXS7KHU
 +DUYH\5)6LOYHUVWHLQ%9HQ]RQ0$.LOJRUH.0)LVKHU:36WHLQHU0+DUOH\-3$S
SO\LQJSV\FKRPHWULFFULWHULDWRIXQFWLRQDODVVHVVPHQWLQPHGLFDOUHKDELOLWDWLRQ,,,&RQV
WUXFWYDOLGLW\DQGSUHGLFWLQJOHYHORIFDUH$UFK3K\V0HG5HKDELO

 $&7$25723%5$6