&DOLIDGR2PtDGD:LNLSpGLDDHQFLFORSpGLDOLYUH

&DOLIDGR2PtDGD
2ULJHP:LNLSpGLDDHQFLFORSpGLDOLYUH

2&DOLIDGR2PtDGDHPiUDEHWUDQVOUmawiyyHPSHUVDWUDQVOOmaviynHPWXUFR
(PHYLIRLRVHJXQGRGRVTXDWURSULQFLSDLVFDOLIDGRVLVOkPLFRVHVWDEHOHFLGRVDSyVDPRUWHGH0DRPp2FDOLIDGRHUD
FHQWUDGRQDGLQDVWLD2PtDGD>QRWD@RULJLQiULRVGH0HFD$IDPtOLDRPtDGDKDYLDFKHJDGRDRSRGHUGXUDQWHRJRYHUQR
GRWHUFHLURFDOLID2WPDQUPDVRUHJLPHRPtDGDIRLIXQGDGRSRU0XDZL\D,JRYHUQDGRUGHORQJDGDWDGD
6tULDDSyVRILPGD3ULPHLUD*XHUUD&LYLO,VOkPLFDHP$QQR+HJLUDH3RUFRQVHJXLQWHD6tULDSHUPDQHFHX
FRPRDSULQFLSDOEDVHGHSRGHUGRV2PtDGDVFRP'DPDVFRFRPRVXDFDSLWDO2V2PtDGDVFRQWLQXDUDPDVFRQTXLVWDV
PXoXOPDQDVLQFRUSRUDQGRQRPXQGRPXoXOPDQRR&iXFDVRD7UDQVR[LDQD6LQGH0DJUHEHHDSHQtQVXOD,EpULFD
FKDPDGDSHORVLVOkPLFRVGHDO$QGDOXV(PVXDPDLRUH[WHQVmRR&DOLIDGR2PtDGDFREULDNPID]HQGR
GHOHRPDLRULPSpULRTXHRPXQGRWLQKDYLVWRDWpHQWmRHRTXLQWRPDLRUTXHMiH[LVWLX


%DQX8PD\\DK

&DOLIDGR2PtDGD
&DOLIDGR




1DpSRFDRLPSRVWRHDomRDGPLQLVWUDWLYD2PtDGDHUDFRQVLGHUDGDFRPRLQMXVWDSRUDOJXQVPXoXOPDQRV(QTXDQWRD
SRSXODomRQmRPXoXOPDQDWLQKDDXWRQRPLDDVVXDVTXHVW}HVMXGLFLDLVIRUDPWUDWDGDVGHDFRUGRFRPVXDVSUySULDVOHLVH
SRUVHXVSUySULRVFKHIHVUHOLJLRVRVRXVHXVQRPHDGRV>@3DJDYDPDRJRYHUQRFHQWUDOWD[DSDUDRSROLFLDPHQWR>@
0DRPpWLQKDDILUPDGRH[SOLFLWDPHQWHHQTXDQWRHUDYLYRTXHWRGDVDVPLQRULDVUHOLJLRVDVGHYLDPVHUDXWRUL]DGDVD
SUDWLFDUDVXDUHOLJLmRHWHUHPDVVXDVSUySULDVLQVWLWXLo}HVJRYHUQDPHQWDLVHMXUtGLFDVHHPWHUPRVJHUDLVHVVDSROtWLFD
WLQKDFRQWLQXDGR>@$VPHGLGDVGHDVVLVWrQFLDVRFLDOWDQWRSDUDPXoXOPDQRVFRPRSDUDQmRPXoXOPDQRVLQLFLDGDVSRU
2PDUWDPEpPWLQKDPVLGRPDQWLGDV>@$HVSRVDGH0XDZL\D0D\VXPPmHGH<D]LGWDPEpPHUDFULVWm$VUHODo}HV
HQWUHRVPXoXOPDQRVHRVFULVWmRVQRHVWDGRHUDPERDV2VRPtDGDVHVWDYDPHQYROYLGRVHPEDWDOKDVIUHTXHQWHVFRPRV
FULVWmRVEL]DQWLQRVVHPVHSUHRFXSDUFRPDSURWHomRGHVXDUHWDJXDUGDQD6tULDTXHKDYLDSHUPDQHFLGRHPJUDQGH
SDUWHFULVWmFRPRPXLWDVRXWUDVSDUWHVGRLPSpULR3RVLo}HVGHGHVWDTXHIRUDPPDQWLGDVSHORVFULVWmRVDOJXQVGRVTXDLV
SHUWHQFLDPDIDPtOLDVTXHVHUYLUDPQRVJRYHUQRVEL]DQWLQRV2WUDEDOKRGRVFULVWmRVHUDSDUWHGHXPDSROtWLFDPDLV
DPSODGHWROHUkQFLDUHOLJLRVDTXHIRLQHFHVViULDHPYLUWXGHGDSUHVHQoDGHJUDQGHVSRSXODo}HVFULVWmVQDVSURYtQFLDV
FRQTXLVWDGDVHVSHFLDOPHQWHQD6tULD(VWDSROtWLFDWDPEpPLPSXOVLRQRXVXDSRSXODULGDGHHVROLGLILFRXD6tULDFRPRVXD
EDVHGHSRGHU
$VULYDOLGDGHVHQWUHDVWULERViUDEHVFDXVRXDJLWDomRQDVSURYtQFLDVIRUDGD6tULDSULQFLSDOPHQWHQD6HJXQGD*XHUUD
&LYLO0XoXOPDQDGHDWpGD(UDFRPXP(&HDUHYROWDEHUEHUHGHDWp(&'XUDQWHD6HJXQGD*XHUUD
&LYLODOLGHUDQoDGRFOm2PtDGDSDVVRXGRUDPR6XI\DQLGGDIDPtOLDSDUDRUDPR0DUZDQLGDPHGLGDTXHD
FDPSDQKDFRQVWDQWHHVJRWRXRVUHFXUVRVPDWHULDLVHKXPDQRVGR(VWDGRRVRPtDGDVHQIUDTXHFLGRVSHOD7HUFHLUD
*XHUUD&LYLO0XoXOPDQDGH(&IRUDPILQDOPHQWHGHUUXEDGRVSHODUHYROXomRDEiVVLGDHP(&$+
8PUDPRGDIDPtOLDIXJLXSDUDR1RUWHGDIULFDSDUD$O$QGDOXVRQGHVHHVWDEHOHFHXR&DOLIDGRGH&yUGRYDTXH
GXURXDWpDQWHVGHFDLUGHYLGRD)LWQDGH$O$QGDOXV

QGLFH
+LVWyULD
2ULJHQV
'LQDVWLD2PtDGD
3ROtWLFDHJRYHUQR
$GPLQLVWUDomR2PtDGD
3URYtQFLDV
)XQFLRQiULRVS~EOLFRV
0RHGD
2UJDQL]DomRVRFLDO
1mRPXoXOPDQRV
/HJDGR
9HUWDPEpP
1RWDV
5HIHUrQFLDV
%LEOLRJUDILD
)RQWHVHVSHFtILFDV
/HLWXUDDGLFLRQDO
/LJDo}HVH[WHUQDV

%DQGHLUD

 ([SDQVmRDWpjPRUWHGH0DRPp
 ([SDQVmRGXUDQWHR&DOLIDGR5DVKLGXQ
 ([SDQVmRGXUDQWHR&DOLIDGR2PtDGD
1RWDRVSDtVHVHVXDVIURQWHLUDVQmRVmRRVGDpSRFDPDVRVDWXDLV

&RQWLQHQWH(XUDIUiVLD
&DSLWDO

'DPDVFR

/tQJXD
RILFLDO

iUDEH

5HOLJLmR

,VOmR

*RYHUQR
&DOLID

1mRHVSHFLILFDGR



0XDZL\D,

3HUtRGR ,GDGH0pGLD
KLVWyULFR

0RUWHGH,]GHJHUGHV,,,

'HUUXEHGRVRPtDGDVSHORVDEiVVLGDV
UHD
VpF
9,,

NP

3RSXODomR
VpF

9,,HVW
'HQV
NP
SRS

+LVWyULD
2ULJHQV
6HJXQGRDWUDGLomRDIDPtOLD2PtDGDWDPEpPFRQKHFLGDFRPR%DQX$EG6KDPVH0DRPpVmRGHVFHQGHQWHVGHXPDQFHVWUDOHPFRPXP$EG0DQDILEQ4XVDLH
DPERVYLHUDPRULJLQDOPHQWHGDFLGDGHGH0HFD>@0DRPpGHVFHQGHGH$EG0DQIDWUDYpVGHVHXILOKR+DVKLPHQTXDQWRRVRPtDGDVGHVFHQGHPGH$EG0DQDI
DWUDYpVGHXPILOKRGLIHUHQWH$EG6KDPVFXMRILOKRHUD8PD\\D$VGXDVIDPtOLDVVmRSRUWDQWRFRQVLGHUDGDVGLIHUHQWHVFOmVRVGH+DVKLPHGH8PD\\D
UHVSHFWLYDPHQWHGDPHVPDWULERDGR&RUDL[LWDV1RHQWDQWRRVKLVWRULDGRUHVPXoXOPDQRV[LLWDVDSRQWDPTXH8PD\\DHUDXPILOKRDGRWLYRGH$EG6KDPVSRUTXH
HOHQmRHUDXPSDUHQWHGHVDQJXHGH$EG0DQDILEQ4XVDL8PD\\DIRLSRVWHULRUPHQWHGHVFDUWDGRGDIDPtOLDQREUH(P0XDZL\D,IRLDSRQWDGRFRPRR
JRYHUQDGRUGD6tULDDSyVRJRYHUQDQWHDQWHULRU$EX8EDLGDKLEQDO-DUUDKPRUUHUGHYLGRDXPDSUDJDMXQWDPHQWHFRPRXWUDVPLOSHVVRDV>@3DUDSDUDUD
SHUVHJXLomREL]DQWLQDQRPDUGXUDQWHDVJXHUUDVEL]DQWLQRiUDEHVHP0XDZL\DKPRQWRXXPDPDULQKDWULSXODGDSRUFULVWmRVPRQRILVLWDVFRSWDVHPDULQKHLURV
FULVWmRVMDFRELWDVGD6tULDHWURSDVPXoXOPDQDV,VVRUHVXOWRXQDGHUURWDGDPDULQKDEL]DQWLQDQDEDWDOKDGRV0DVWURVHPQDDEHUWXUDGR0HGLWHUUkQHR>@
0XDZL\D,HUDXPJRYHUQDGRUPXLWREHPVXFHGLGRHFRQVWUXLXXPH[pUFLWRPXLWROHDOHGLVFLSOLQDGRGRDQWLJRH[pUFLWRVtULRURPDQR(OHWDPEpPIH]DPL]DGHFRP
$PULEQDO$VTXHKDYLDFRQTXLVWDGRR(JLWRPDVIRLGHSRVWRSRU2WPDQ>@
2$OFRUmRH0DRPpIDODVREUHLJXDOGDGHUDFLDOHMXVWLoDFRPRQR6HUPmRGH'HVSHGLGD>@'LIHUHQoDVWULEDLVHQDFLRQDOLVWDVIRUDPGHVHQFRUDMDGDV0DVDSyVDVXD
PRUWHDVDQWLJDVGLIHUHQoDVWULEDLVHQWUHRViUDEHVFRPHoDUDPDUHVVXUJLU$SyVDV*XHUUDVURPDQRSHUVDVHDV*XHUUDVEL]DQWLQRVDVVkQLGDVUDt]HVSURIXQGDVH
GLIHUHQoDVHQWUHR,UDTXHIRUPDOPHQWHVRER,PSpULR3HUVD6DVVkQLGDHD6tULDIRUPDOPHQWHVRER,PSpULR%L]DQWLQRWDPEpPVXUJLUDP&DGDXPTXHULDTXHDFDSLWDO
GRUHFpPFULDGR(VWDGR,VOkPLFRIRVVHHPVXDiUHD>@$QWHULRUPHQWHRVHJXQGRFDOLID2PDUIRLPXLWRILUPHFRPUHODomRDRVJRYHUQDQWHVHVHXVHVSL}HVPDQWHQGRXP
ROKRVREUHRVJRYHUQDGRUHV6HHOHDFKDVVHTXHXPJRYHUQDGRURXRFRPDQGDQWHHVWDYDILFDQGRDWUDtGRSHODULTXH]DHOHOKHUHPRYLDGHVXDSRVLomR>@,QLFLDOPHQWH
KWWSVSWZLNLSHGLDRUJZLNL&DOLIDGRB2P&$'DGD





&DOLIDGR2PtDGD:LNLSpGLDDHQFLFORSpGLDOLYUH

H[pUFLWRVPXoXOPDQRVVHKRVSHGDUDPHPDFDPSDPHQWRVIRUDGDVFLGDGHVSRUTXH2PDUWHPLDTXHHOHVSRGHULDPILFDUDWUDtGRVSHODULTXH]DHOX[R1RSURFHVVRHOHV
SRGHULDPIXJLUGDDGRUDomRGH'HXVHWRUQDUHPVHDWUDtGRVSHODRSXOrQFLDHFRPHoDUDDFXPXODUIRUWXQDVHHVWDEHOHFHUHPGLQDVWLDV>@>@&RPR2WPDQWRUQRXVHPXLWR
YHOKR0DUZDQ,SDUHQWHGH0XDZL\D,ILFRXQRYD]LRHWRUQRXVHVHXVHFUHWiULRHOHQWDPHQWHDVVXPLXRFRQWUROHHUHOD[RXDOJXPDVGHVVDVUHVWULo}HV0DUZDQ,Mi
WLQKDVLGRH[FOXtGRGDVSRVLo}HVGHUHVSRQVDELOLGDGH(P0XKDPPDGLEQ$EL%DNURILOKRGH$EX%DNUHRILOKRDGRWLYRGH$OLRELVDY{GH-D
IDUDO6DGLT
PRVWUDUDPDDOJXQVHJtSFLRVDFDVDGH2WPDQ0DLVWDUGHRVHJtSFLRVDFDEDUDPRPDWDQGR
$OLIRLDVVDVVLQDGRHPSRUXPSDUWLGiULRGRVFDULMLWDV6HLVPHVHVPDLVWDUGHQRPHVPRDQRQRLQWHUHVVHGDSD]+DVDQLEQ
$OLFRQVLGHUDGRDOWDPHQWHSRUVXDVDEHGRULDHFRPRXPSDFLILFDGRUHR6HJXQGD,PDPHGRV;LLWDVHQHWRGH0DRPpIH]XP
WUDWDGRGHSD]FRP0XDZL\D,1RWUDWDGR+DVDQ0XDZL\D+DVDQLEQ$OLHQWUHJRXRSRGHUD0XDZL\DQDFRQGLomRGHTXHHOH
VHULDDSHQDVSDUDDVSHVVRDVHPDQWrORVVHJXURVHSURWHJLGRVHGHSRLVGHVXDPRUWHHOHQmRHVWDEHOHFHVVHXPDGLQDVWLD>@>@
,VVRS{VILPjHUDGRVFDOLIDVEHPJXLDGRVDRVVXQLWDVH+DVDQLEQ$OLWDPEpPIRLR~OWLPR,PDPHDRV;LLWDVSDUDVHUXP
FDOLID$SyVLVVR0XDZL\DTXHEURXDVFRQGLo}HVGRDFRUGRHIXQGRXDGLQDVWLD2PtDGDFRPVXDFDSLWDOHP'DPDVFR>@

2GRPRGD5RFKDHP-HUXVDOpP

$SyVDPRUWHGH0XDZL\DHPRFRQIOLWRSHODVXFHVVmRHFORGLXQRYDPHQWHHPXPDJXHUUDFLYLOFRQKHFLGDFRPRD
6HJXQGD)LWQD'HSRLVGHID]HUWRGRVOXWDUHPPDLVDGLQDVWLD2PtDGDPDLVWDUGHFDLXQDVPmRVGH0DUZDQ,TXHWDPEpPHUD
XP2PtDGD>@

'LQDVWLD2PtDGD
$GLQDVWLDSHVVRDOGH0XDZL\DKRV6XILDQLGDVGHVFHQGHQWHVGH$EX6XI\DQ>@UHLQDUDPGHDWpDWp
VHXQHWR0XDZL\D,,2UHLQDGRGH0XDZL\DK,IRLPDUFDGRSHODVHJXUDQoDLQWHUQDHH[SDQVmRH[WHUQD1RSODQR
LQWHUQRDSHQDVXPDJUDQGHUHEHOLmRpUHJLVWUDGDDGH+XMULEQ$GLHP.XID+XMULEQ$GLDSRLRXDVUHLYLQGLFDo}HV
GRVGHVFHQGHQWHVGH$OLDRFDOLIDGRPDVVHXPRYLPHQWRIRLIDFLOPHQWHUHSULPLGRSHORJRYHUQDGRUGR,UDTXH
=L\DGLEQ$EL6XI\DQ
0XDZL\DKWDPEpPLQFHQWLYRXDFRQYLYrQFLDSDFtILFDFRPDVFRPXQLGDGHVFULVWmVGD6tULDFRQFHGHQGRRVHX
UHLQDGRFRPDSD]HSURVSHULGDGHFRPRVFULVWmRVHiUDEHVLJXDLV>@HXPGHVHXVFRQVHOKHLURVPDLVSUy[LPRV
IRL6DUMXQRSDLGH-RmRGH'DPDVFR$RPHVPRWHPSRHOHWUDYRXXPDJXHUUDLQFHVVDQWHFRQWUDR,PSpULR
5RPDQR%L]DQWLQR'XUDQWHRVHXUHLQDGR5RGHVH&UHWDIRUDPRFXSDGDVHYiULRVDVVDOWRVIRUDPODQoDGRVFRQWUD
&RQVWDQWLQRSOD'HSRLVGHVHXIUDFDVVRHFRQIURQWDGRFRPXPDUHYROWDFULVWmHPJUDQGHHVFDODQDILJXUDGRV
0DUGDtWDV0XDZL\DKFRQFOXLXDSD]FRP%L]kQFLR(OHWDPEpPVXSHUYLVLRQRXDH[SDQVmRPLOLWDUQDIULFDGR
1RUWHDIXQGDomRGH&DLUXmRHQDVLD&HQWUDODFRQTXLVWDGH&DEXO%XFDUDH6DPDUFDQGD

&DOLIDGR2PtDGDYHUGHQRVHXDXJHFD

$SyVDPRUWHGH0XDZL\DKHPIRLVXFHGLGRSRUVHXILOKR<D]LG,>@$DGHVmRKHUHGLWiULDGH<D]LGIRLFRQWHVWDGDSRUXPQ~PHURSURHPLQHQWHGHPXoXOPDQRV
SULQFLSDOPHQWH$EGXOODKLEQDO=XEDLUILOKRGHXPGRVFRPSDQKHLURVGH0DRPpH+XVD\QLEQ$OLQHWRGH0DRPpHILOKRPDLVQRYRGH$OL2FRQIOLWRUHVXOWDQWHp
FRQKHFLGRFRPRD6HJXQGD)LWQD

3ROtWLFDHJRYHUQR
2SULPHLURJRYHUQRGR,PSpULR,VOkPLFRHUDFHQWUDGRQRFDOLIDTXHHUDFRQVLGHUDGRRVXFHVVRUGH0DRPp2FDOLIDHUD
LJXDOPHQWHROtGHUHVSLULWXDOHSROtWLFRGRLPSpULR6XDDXWRULGDGHFRPROtGHUVXSUHPRGDXPPDDQDomRQmRHUDTXHVWLRQDGD
2JRYHUQRHUDXPDWHRFUDFLDLVOkPLFDXPJRYHUQRHPTXHRVOtGHUHVUHOLJLRVRVJRYHUQDYDPHPQRPHGH'HXV1mRKDYLD
VHSDUDomRHQWUHUHOLJLmRHJRYHUQR$VOHLVGRLPSpULRHUDPEDVHDGDVQR$OFRUmRRH[HPSORGDGRSRU0DRPpHDVGHFLV}HVGR
SUySULRFDOLID>@
0XDZL\D,RSULPHLURGRVFDOLIDVRPtDGDVIH]VXDGLQDVWLDFRPRXPUHLQRDWUDYpVGRHVWDEHOHFLPHQWRGHXPDOLQKDJHPGH
VXFHVVmRHHOHYDQGRRFDOLIDHVXDFRUWHDXPDFODVVHVXSHULRUQDHVWUXWXUDVRFLDOGRLPSpULR>@(PERUDLQLFLDOPHQWHRFLGDGmR
FRPXPSXGHVVHVHDSUR[LPDUHIDODUFRPRSULPHLURFDOLID0XDZL\DFRPHoRXDDJLUGHXPDIRUPDPDLVUHDO1RPHRXXP
SRUWHLURSDUDGHFLGLUTXHPSRGLDHTXHPQmRSRGLDYrOR2VRPtDGDVIRUDPRVSULPHLURVFDOLIDVTXHWLYHUDPTXHOLGDUFRPXP
LPSpULRUHFpPH[SDQGLGRHHPVHJXLGDVRER,PSpULR,VOkPLFRYrORFUHVFHUDRVHXWDPDQKRPi[LPR>@

$VOHLVRPtDGDVHUDPFULDGDVSHOR
FDOLIDFRPEDVHQR$OFRUmR

,QLFLDOPHQWHJRYHUQDGRUHVHUDPFRQFHGLGRVDSDUHQWHVGRFDOLIDRXiUDEHVGHRXWUDFODVVHVXSHULRU3RVWHULRUPHQWHIRUDP
HQWUHJXHVDFRPDQGDQWHVGRH[pUFLWRHRXWURVOtGHUHVTXHWLQKDPGHPRQVWUDGRDOJXPDFDSDFLGDGH(PDOJXQVFDVRVJRYHUQDGRUHVHUDPQRPHDGRVSDUDDYLGDRX
DXWRUL]DGRVDWUDQVPLWLUVXDSRVLomRSDUDVHXVSDUHQWHV1DPDLRULDGDVFDXVDVQRHQWDQWRRFDOLIDHVFROKLDWURFDURVJRYHUQDGRUHV>@

$GPLQLVWUDomR2PtDGD
8PDGDVSULPHLUDVWDUHIDVGH0XDZL\DIRLFULDUXPJRYHUQRHVWiYHOSDUDR,PSpULR(OHVHJXLDDVLGHLDVSULQFLSDLVGR,PSpULR%L]DQWLQRTXHWLQKDJRYHUQDGRDPHVPD
UHJLmRDQWHULRUPHQWHHWHYHWUrVSULQFLSDLVUDPRVJRYHUQDPHQWDLVDVVXQWRVSROtWLFRVHPLOLWDUHVFREUDQoDGHLPSRVWRVHDGPLQLVWUDomRUHOLJLRVD>@&DGDXPGHOHVIRL
VXEGLYLGLGRHPPDLVILOLDLVHVFULWyULRVHGHSDUWDPHQWRV

3URYtQFLDV
*HRJUDILFDPHQWHRLPSpULRIRLGLYLGLGRHPYiULDVSURYtQFLDVDVIURQWHLUDVPXGDUDPLQ~PHUDVYH]HVGXUDQWHRUHLQDGRGRV2PtDGDV&DGDSURYtQFLDWLQKDXP
JRYHUQDGRUQRPHDGRSHOR&DOLID2JRYHUQDGRUHVWDYDQRFRPDQGRGRVIXQFLRQiULRVUHOLJLRVRVOtGHUHVPLOLWDUHVSROLFLDLVHDGPLQLVWUDGRUHVS~EOLFRVHPVXDSURYtQFLD
'HVSHVDVORFDLVIRUDPSDJDVSHORVLPSRVWRVSURYHQLHQWHVGDTXHODSURYtQFLDFRPRUHVWDQWHDFDGDDQRVHQGRHQYLDGRSDUDRJRYHUQRFHQWUDOHP'DPDVFRPHGLGD
TXHRSRGHUFHQWUDOGRVJRYHUQDQWHV2PtDGDVGLPLQXLXQRV~OWLPRVDQRVGDGLQDVWLDDOJXQVJRYHUQDGRUHVHVTXHFHUDPHQYLDUXPDUHFHLWDILVFDOH[WUDSDUD'DPDVFRH
FULDUDPJUDQGHVIRUWXQDVSHVVRDLV>@

)XQFLRQiULRVS~EOLFRV
PHGLGDTXHRLPSpULRFUHVFLDRQ~PHURGHWUDEDOKDGRUHViUDEHVTXDOLILFDGRVHUDPXLWRSHTXHQRSDUDPDQWHUVHFRPDUiSLGDH[SDQVmRGRLPSpULR3RUWDQWR
0XDZL\DSHUPLWLXTXHPXLWRVGRVWUDEDOKDGRUHVGRJRYHUQRORFDOHPSURYtQFLDVFRQTXLVWDGDVPDQWLYHVVHPVHXVHPSUHJRVVRERQRYRJRYHUQR2PtDGD$VVLPJUDQGH
SDUWHGRWUDEDOKRGRJRYHUQRORFDOIRLJUDYDGRHPJUHJRFRSWDHSHUVD)RLVRPHQWHGXUDQWHRUHLQDGRGH$EGHO0HOHNTXHRVWUDEDOKDGRUHVGRJRYHUQRFRPHoDUDP
DVHUUHJXODUPHQWHUHJLVWUDGRVHPiUDEH>@

0RHGD
2V,PSpULRV%L]DQWLQRH6DVVkQLGDFRQWDYDPFRPHFRQRPLDVHPGLQKHLURDQWHVGDFRQTXLVWDPXoXOPDQDHTXHRVLVWHPDSHUPDQHFHXHPYLJRUGXUDQWHRSHUtRGRGRV
2PtDGDV0RHGDVSUpH[LVWHQWHVSHUPDQHFHUDPHPXVRPDVFRPIUDVHVGR$OFRUmRFDULPEDGDV$OpPGLVVRRJRYHUQR2PtDGDFRPHoRXDFXQKDUVXDSUySULDPRHGD
HP'DPDVFRTXHHUDPVLPLODUHVjVPRHGDVSUpH[LVWHQWHVDVSULPHLUDVPRHGDVFXQKDGDVSRUXPJRYHUQRPXoXOPDQRQDKLVWyULD$VPRHGDVGHRXURIRUDP
KWWSVSWZLNLSHGLDRUJZLNL&DOLIDGRB2P&$'DGD

>@





&DOLIDGR2PtDGD:LNLSpGLDDHQFLFORSpGLDOLYUH

FKDPDGDVGLQDUHVHQTXDQWRPRHGDVGHSUDWDIRUDPFKDPDGDVGLUKDPV>@
0RHGDV2PtDGDV

0RHGDGR&DOLIDGR2PtDGDFRP
EDVHHPXPSURWyWLSRVDVVkQLGD


8PSHVRGHPRHGDGDGLQDVWLD
2PtDGDGHIHLWRGHYLGUR
8PGRVPDLVDQWLJRVREMHWRV
LVOkPLFRVHPXPPXVHX
DPHULFDQRR0XVHXGH$UWH
:DOWHUV

2UJDQL]DomRVRFLDO
2&DOLIDGR2PtDGDH[LELDTXDWURSULQFLSDLVFODVVHVVRFLDLV>@>@
 UDEHVPXoXOPDQRV
 0XoXOPDQRQmRiUDEHVFOLHQWHVGRViUDEHVPXoXOPDQRV
 3HVVRDVOLYUHVQmRPXoXOPDQDVFULVWmRVMXGHXVH]RURDVWULVWDV
 (VFUDYRV
2ViUDEHVPXoXOPDQRVHVWDYDPQRWRSRGDVRFLHGDGHHYLDPFRPRVHXRGHYHUGHJRYHUQDUVREUHDViUHDVFRQTXLVWDGDV$SHVDUGRIDWRGHTXHR,VOmHQVLQDD
LJXDOGDGHGHWRGRVRVPXoXOPDQRVRVPXoXOPDQRViUDEHVVHUHDOL]DUDPHPPDLRUHVWLPDGRTXHPXoXOPDQRVQmRiUDEHVHJHUDOPHQWHQmRVHPLVWXUDYDPFRPRXWURV
PXoXOPDQRV
$GHVLJXDOGDGHGHPXoXOPDQRVQRLPSpULROHYRXDDJLWDomRVRFLDO&RPRR,VOmVHHVSDOKRXFDGDYH]PDLVHPDLVDSRSXODomRPXoXOPDQDIRLFRQVWLWXtGDGHQmR
iUDEHV,VVRFDXVRXWHQVmRFRPRRVQRYRVFRQYHUWLGRVQmRUHFHEHUDPRVPHVPRVGLUHLWRVTXHRViUDEHVPXoXOPDQRV$OpPGLVVRFRPRFRQYHUV}HVDXPHQWDUDPDV
UHFHLWDVILVFDLVIRUDGRVQmRPXoXOPDQRVGLPLQXLXSDUDQtYHLVSHULJRVRV(VWDVTXHVW}HVFRQWLQXDUDPDFUHVFHUDWpHOHVDMXGDUHPDFDXVDUD5HYROWDDEiVVLGDQDGpFDGD
GH>@

1mRPXoXOPDQRV
*UXSRVQmRPXoXOPDQRVQR&DOLIDGR2PtDGDTXHLQFOXtDPFULVWmRVMXGHXV]RURDVWULVWDVHSDJmRVEHUEHUHVIRUDPFKDPDGRVGKLPPLV(OHVUHFHEHUDPXPHVWDWXWR
MXULGLFDPHQWHSURWHJLGRFRPRFLGDGmRVGHVHJXQGDFODVVHGHVGHTXHDFHLWDVVHPHUHFRQKHFHPDVXSUHPDFLDSROtWLFDGRVPXoXOPDQRVQRSRGHU)RUDPDXWRUL]DGRVD
WHUVHXVSUySULRVWULEXQDLVHIRLGDGDDOLEHUGDGHGHVXDUHOLJLmRGHQWURGRLPSpULR(PERUDHOHVQmRSRGLDPPDQWHURVPDLVDOWRVFDUJRVS~EOLFRVQRLPSpULRWLQKDP
PXLWRVFDUJRVEXURFUiWLFRVGHQWURGRJRYHUQR&ULVWmRVHMXGHXVDLQGDFRQWLQXDUDPDSURGX]LUJUDQGHVSHQVDGRUHVWHROyJLFRVGHQWURGHVXDVFRPXQLGDGHVPDV
FRQIRUPHRWHPSRIRLSDVVDQGRPXLWRVGRVLQWHOHFWXDLVIRUDPFRQYHUWLGRVDR,VOmRTXHOHYDDXPDIDOWDGHJUDQGHVSHQVDGRUHVQDVFRPXQLGDGHVQmRPXoXOPDQDV>@
$VUHODo}HVHQWUHRVPXoXOPDQRVHRVFULVWmRVQRHVWDGRHUDPERDV2VRPtDGDVHVWDYDPHQYROYLGRVHPEDWDOKDVIUHTXHQWHVFRPRVFULVWmRVEL]DQWLQRVVHPVH
SUHRFXSDUFRPDSURWHomRGHVXDUHWDJXDUGDQD6tULD>@TXHKDYLDSHUPDQHFLGRHPJUDQGHSDUWHFULVWmFRPRPXLWDVRXWUDVSDUWHVGRLPSpULR>@3RVLo}HVGHGHVWDTXH
IRUDPPDQWLGDVSHORVFULVWmRVDOJXQVGRVTXDLVSHUWHQFLDPDIDPtOLDVTXHVHUYLUDPQRVJRYHUQRVEL]DQWLQRV2WUDEDOKRGRVFULVWmRVHUDSDUWHGHXPDSROtWLFDPDLV
DPSODGHWROHUkQFLDUHOLJLRVDTXHIRLQHFHVViULDHPYLUWXGHGDSUHVHQoDGHJUDQGHVSRSXODo}HVFULVWmVQDVSURYtQFLDVFRQTXLVWDGDVHVSHFLDOPHQWHQD6tULD(VWDSROtWLFD
WDPEpPLPSXOVLRQRXVXDSRSXODULGDGHHVROLGLILFRXD6tULDFRPRVXDEDVHGHSRGHU>@>@

/HJDGR
2&DOLIDGR2PtDGDIRLPDUFDGRWDQWRSHODH[SDQVmRWHUULWRULDOHSHORVSUREOHPDVGHRUGHPDGPLQLVWUDWLYDHFXOWXUDOTXH
HVVDH[SDQVmRFULRX(PVXDPDLRUH[WHQVmRR&DOLIDGR2PtDGDFREULDNPID]HQGRGHOHRPDLRULPSpULR
TXHRPXQGRWLQKDYLVWRDWpHQWmRHRTXLQWRPDLRUTXHMiH[LVWLX>@$SHVDUGHDOJXPDVH[FHo}HVQRWiYHLV
RVRPtDGDV

WHQGHPDIDYRUHFHURVGLUHLWRVGDVYHOKDVIDPtOLDViUDEHVHHPHVSHFLDODVXDSUySULDVREUHRVGHPXoXOPDQRVUHFpP
FRQYHUWLGRV0DZDOL3RUWDQWRHOHVWLQKDPXPDFRQFHSomRPHQRVXQLYHUVDOLVWDGR,VOmGRTXHPXLWRVGHVHXVULYDLV
&RPR*5+DZWLQJWHPHVFULWR2,VOmIRLGHIDFWRFRQVLGHUDGRFRPRDSURSULHGDGHGDFRQTXLVWDGRUDDULVWRFUDFLD
>@

'XUDQWHRSHUtRGRGRV2PtDGDVRiUDEHWRUQRXVHDOLQJXDJHPDGPLQLVWUDWLYD'RFXPHQWRVGR(VWDGRHPRHGDVIRUDP
HPLWLGDVQDOtQJXD&RQYHUV}HVHPPDVVDWURX[HUDPXPJUDQGHDIOX[RGHPXoXOPDQRVGRFDOLIDGR2VRPtDGDVWDPEpP
FRQVWUXtUDPHGLItFLRVIDPRVRVFRPRR'RPRGD5RFKDHP-HUXVDOpPHD0HVTXLWDGRV2PtDGDVHP'DPDVFR>@
3iWLRGD0HVTXLWDGRV2PtDGDVHP'DPDVFR
XPGRVJUDQGHVOHJDGRVDUTXLWHWyQLFRVGRV
2PtDGDV

'HDFRUGRFRPXPDYLVmRFRPXPRVRPtDGDVWUDQVIRUPDUDPRFDOLIDGRGHXPDLQVWLWXLomRUHOLJLRVDGXUDQWHR
UDVKLGXQSDUDXPDGLQDVWLD~QLFD>@1RHQWDQWRRVFDOLIDV2PtDGDQmRSDUHFHPWHUVHHQWHQGLGRFRPRUHSUHVHQWDQWHV
GR'HXVQDWHUUDHGHWHUVLGRRUHVSRQViYHOSHODGHILQLomRHHODERUDomRGDVRUGHQDQoDVGH'HXVRXHPRXWUDV
SDODYUDVDGHILQLomRRXHODERUDomRGDOHLLVOkPLFD>@

2VRPtDGDVUHXQLUDPVHFRPXPDUHFHSomRHPJUDQGHSDUWHQHJDWLYDGRVKLVWRULDGRUHVLVOkPLFRVSRVWHULRUHVTXHRVDFXVRXGHSURPRYHUDUHDOH]DPXONXPWHUPR
FRPFRQRWDo}HVGHWLUDQLDHPYH]GHXPYHUGDGHLURFDOLIDGRNKLODID$HVWHUHVSHLWRpGHQRWDUTXHRVFDOLIDVRPtDGDVUHIHUHDVLPHVPRVQmRFRPRNKDOLIDWUDVXO
$OODKVXFHVVRUGRPHQVDJHLURGH'HXVRWtWXORSUHIHULGRSRUWUDGLomRPDVVLPFRPRNKDOLIDW$OODKYLFHGH'HXV$GLVWLQomRSDUHFHLQGLFDUTXHRVRPtDGDV
FRQVLGHUDYDPVHUHSUHVHQWDQWHVGH'HXVQDFDEHoDGDFRPXQLGDGHHQmRYLDPQHFHVVLGDGHGHSDUWLOKDURVHXSRGHUUHOLJLRVRFRPRXGHOHJiODSDUDDFODVVH
HPHUJHQWHGHHVWXGLRVRVUHOLJLRVRV>@1DYHUGDGHIRLSUHFLVDPHQWHHVWDFODVVHGHHVWXGLRVRVEDVHDGDSULQFLSDOPHQWHQR,UDTXHTXHIRLUHVSRQViYHOSRUFROHWDUH
UHJLVWUDUDVWUDGLo}HVTXHIRUPDPRPDWHULDOGHIRQWHSULPiULDSDUDDKLVWyULDGRSHUtRGRGRVRPtDGDV$RUHFRQVWUXLUHVVDKLVWyULDSRULVVRpQHFHVViULRFRQILDU
SULQFLSDOPHQWHHPIRQWHVFRPRDVKLVWyULDVGH$O7DEDULH%DODGKXULTXHHVWDYDPHVFULWDVQRWULEXQDODEiVVLGDHP%DJGi

9HUWDPEpP
&URQRORJLDGD5HFRQTXLVWD
$O$QGDOXV
&DOLIDGRGH&yUGRYD
+LVWyULDGR,VOmR
KWWSVSWZLNLSHGLDRUJZLNL&DOLIDGRB2P&$'DGD





&DOLIDGR2PtDGD:LNLSpGLDDHQFLFORSpGLDOLYUH

1RWDV
 2PtDGDHPiUDEHDO8PDZL\\QRX@%DQ8PD\\D)LOKRVGH8PD\\D

5HIHUrQFLDV


































5DKPDQSS
5LFKDUG%DNHU
0DGHOXQJSS
9HMD
5RVV/HZLVSS
.UROOSS
*UHJRU\SS
:HVWRQSS
%UDGEXU\SS
0LNDEHULG]HSS
,]]DWLSS
$O=XEDLGL 06$O=XEDLGLS
$UDE6RFLDOLVP>DO,VKWLUDNL\DK$O"$UDEL\DK@$'RFXPHQWDU\6XUYH\%\6DPL$+DQQD*HRUJH+*DUGQHU3iJLQD>@KWWSERRNVJRRJOHFRXNERRNV"
LG ]VR8$$$$,$$- SJ 3$ GT 8PDUZHDOWKDQGOX[XU\ KO HQ VD ; HL 2%4<8F;62<:0Z:DM,+4&J YHG &&4$(Z$$Y RQHSDJH T 8PDUZHDOWKDQGO
9HMD
.KOLGSS
+ROWSS
0XKDPPDG$OL
0DGHOXQJSS
6DKLK$O%XNKDUL9ROXPH/LYUR3HDFHPDNLQJ1~PHURKWWSZZZVDKLKEXNKDULFRP3DJHV%XNKDULBBSKS
+ROWSS
$NKWHUSS
+XPSKUH\VSS
5+2'(6 %U\DQ-RKQ'DPDVFHQHLQ&RQWH[W$Q([DPLQDWLRQRI7KH+HUHV\RIWKH,VKPDHOLWHVZLWKVSHFLDOFRQVLGHUDWLRQJLYHQWRWKH5HOLJLRXV3ROLWLFDODQG6RFLDO&RQWH[WV
GXULQJWKH6HYHQWKDQG(LJKWK&HQWXU\$UDE&RQTXHVWVKWWSZZZVWIUDQFLVPDJD]LQHLQIRMDLPDJHVVWRULHV%U\DQ5KRGHV6)0$SULOSGI3')HP
LQJOrVSS6W)UDQFLV0DJD]LQH9LVLWDGRHPGHQRYHPEURGH
6WDQWRQSS
'RDNSS
'RDNSS
'DUOLQJSS
2FKVHQZDOGSS
$PDGRXQ\SS
7XUQHUSS
2FKVHQZDOGSS
2FKVHQZDOGSS
$OGRVDULSS
+DDJ
%ODQNLQVKLSSS
+DZWLQJSS
3UHYLWp2UWRQSS
&URQH +LQGVSS
+DZWLQJSS

%LEOLRJUDILD
)RQWHVHVSHFtILFDV
$.+7(56KDPLP)DLWKDQG3KLORVRSK\RI,VODPHPLQJOrV'DU\DJDQM1RYD'HOL*\DQ3XEOLVKLQJ+RXVH,6%1
$/'26$5,$OL0LGGOH(DVW:HVWHUQ$VLDDQG1RUWKHUQ$IULFDHPLQJOrV7DUU\WRZQ1,0DUVKDOO&DYHQGLVKS,6%1
$/=8%$,',.DULP06$O=XEDLGL.DULP,UDTD&RPSOLFDWHG6WDWH,UDT
V)UHHGRP:DUHPLQJOrV%ORRPLQJWRQ,1$XWKRU+RXVH,6%1


$0$'281<9DUWDQ0-RUGDQHPLQJOrVHG6DQWD%iUEDUD&$&OLR,6%1

%/$1.,16+,3.KDOLG<DK\D7KH(QGRIWKH-LKDG6WDWHWKH5HLJQRI+LVKDP,EQ
$EGDO0DOLNDQGWKHFROODSVHRIWKH8PD\\DGVHPLQJOrV$OEDQ\1RYD
,RUTXH6WDWH8QLYHUVLW\RI1HZ<RUN3UHVV,6%1
%5$'%85<-LP7KH0HGLHYDO6LHJHKWWSERRNVJRRJOHFRXNERRNV"LG I.)5Y8L/(4<& GT 0XDZL\DK%DWWOHRIWKH0DVWV VRXUFH JEVBQDYOLQNVBV
HPLQJOrV6XIIRON58%R\GHOO %UHZHUS,6%1
&521(3DWULFLD+LQGV0DUWLQ*RG
VFDOLSKUHOLJLRXVDXWKRULW\LQWKHILUVWFHQWXULHVRI,VODP&DPEULGJH&DPEULGJH8QLYHUVLW\3UHVV
'$5/,1*/LQGD7$+LVWRU\RI6RFLDO-XVWLFHDQG3ROLWLFDO3RZHULQWKH0LGGOH(DVW7KH&LUFOHRI-XVWLFH)URP0HVRSRWDPLDWR*OREDOL]DWLRQHPLQJOrV
/RQGUHV5RXWOHGJHS,6%1
'2$.5RELQ(PSLUHRIWKH,VODPLF:RUOGHPLQJOrV1RYD,RUTXH,QIREDVH3XEOLVKLQJ,6%1
*5(*25<7LPRWK\($+LVWRU\RI%\]DQWLXPKWWSERRNVJRRJOHFRXNERRNV"
LG .,)-L2&6<F& GT 0XDZL\DK%DWWOHRIWKH0DVWV VRXUFH JEVBQDYOLQNVBVHPLQJOrVHG+RERNHQ1--RKQ:LOH\ 6RQVS,6%1


+$$*0LFKDHO7KH7UDJHG\RIWKH7HPSODUV7KH5LVHDQG)DOORIWKH&UXVDGHU6WDWHVKWWSERRNVJRRJOHFRXNERRNV"
LG K73&;R.V& GT 0XDZL\DKV\ULDSRZHUEDVH VRXUFH JEVBQDYOLQNVBVHPLQJOrV/RQGUHV3URILOH%RRNV&DStWXOR,6%1
+$:7,1**57KHILUVWG\QDVW\RI,VODPWKH8PD\\DGFDOLSKDWH$'HPLQJOrVHG/RQGUHV5RXWOHGJH
+$:7,1**57KH)LUVW'\QDVW\RI,VODP7KH8PD\\DG&DOLSKDWH$'HPLQJOrVHG/RQGUHV7D\ORU )UDQFLV,6%1
+2/7300DOFROP+ROW3HWHU6/DPEWRQ$QQ./HZLV%HUQDUG7KH&DPEULGJH+LVWRU\RI,VODP9ROXPHKWWSERRNVJRRJOHFRXNERRNV"
LG 8I4:7BHVFF& GT 8PDUZHDOWKDQGOX[XU\ VRXUFH JEVBQDYOLQNVBVHPLQJOrVLOXVWUDGDHG&DPEULGJH58&DPEULGJH8QLYHUVLW\3UHVV
,6%1

+803+5(<656WHSKHQ0XDZL\DLEQDEL6XI\DQIURP$UDELDWR(PSLUHHPLQJOrV/RQGUHV2QHZRUOGS,6%1

,==$7,$EXDO)D]O7KH6SUHDGRI,VODP7KH&RQWULEXWLQJ)DFWRUVHPLQJOrVHG/RQGUHV6DTL%RRNV,6%1
.+/,'.KOLG0XDPPDG.KDOLG0XKDPPDG.KDOL0HQ$URXQGWKH0HVVHQJHUHPLQJOrV1RYD,RUTXH7KH2WKHU3UHVV,6%1
.52///HRQDUG0LFKDHO+LVWRU\RIWKH-LKDG,VODP9HUVXV&LYLOL]DWLRQKWWSERRNVJRRJOHFRXNERRNV"
LG D$3FP<Z=S,& GT 0XDZL\DK%DWWOHRIWKH0DVWV VRXUFH JEVBQDYOLQNVBVHPLQJOrV>6O@$XWKRU+RXVH,6%1
0$'(/81*:LOIHUG7KH6XFFHVVLRQWR0XKDPPDG$6WXG\RIWKH(DUO\&DOLSKDWHKWWSERRNVJRRJOHFRXNERRNV"
LG 4.%8Z%8::N& SULQWVHF IURQWFRYHU GT GHDWKRIPXKDPPDGDQGWKHEHJLQQLQJRILVODP KO HQ VD ; HL -;
80\V&<4:2V,&,'4 YHG &'N4$(Z$4Y RQHSDJH T GHDWKRIPXKDPPDGDQGWKHEHJLQQLQJRILVODP I IDOVHHP
KWWSVSWZLNLSHGLDRUJZLNL&DOLIDGRB2P&$'DGD





&DOLIDGR2PtDGD:LNLSpGLDDHQFLFORSpGLDOLYUH

LQJOrV&DPEULGJH58&DPEULGJH8QLYHUVLW\3UHVVS,6%1
0,.$%(5,'=($OH[DQGHU&RQIOLFWDQG&RQTXHVWLQWKH,VODPLF:RUOG$+LVWRULFDO(QF\FORSHGLD$+LVWRULFDO(QF\FORSHGLDHPLQJOrV6DQWD%iUEDUD
&$$%&&/,2,6%1
08+$00$'$/,0DXODQD7KH(DUO\&DOLSKDWHHPLQJOrV>6O@H%RRN,WFRPS,6%1;
2&+6(1:$/':LOOLDP7KH0LGGOH(DVW$+LVWRU\HPLQJOrV1RYD,RUTXH1,0F*UDZ+LOO,6%1
5$+0$1+8$&KURQRORJ\2I,VODPLF+LVWRU\&(HPLQJOrV/RQGUHV7D+D3XEOLVKHUV/WGS,6%1
5,&+$5'%$.(5:LOOLDP$'HDGO\5HOLJLRQHPLQJOrV>6O@/XOX
5266/(:,6$UFKLEDOG(XURSHDQ1DYDODQG0DULWLPH+LVWRU\KWWSERRNVJRRJOHFRXNERRNV"
LG 2],5'E$5\:,& SJ 3$ GT 0XDZL\DKVHWXSQDY\ KO HQ VD ; HL 2MV-8G\*F664;9
<&Z&Z YHG &'4$(Z$4Y RQHSDJH T 0XDZL\DKVHWXSQDY\ I IDOVHHPLQJOrVHG>6O@,QGLDQD8QLYHUVLW\3UHVV,6%1


67$1721$QGUHD/5DPVDP\(GZDUG6H\EROW3HWHU-&XOWXUDO6RFLRORJ\RIWKH0LGGOH(DVW$VLDDQG$IULFD$Q(QF\FORSHGLDHPLQJOrV>6O@6$*(

S,6%1;
7851(5%U\DQ6:HEHUDQG,VODP9ROXPHHPLQJOrVUHLPSUHVVmRHG>6O@3V\FKRORJ\3UHVV,6%1
:(67210DUN)RZOHU-U:\FKH3URSKHWVDQG3ULQFHV6DXGL$UDELDIURP0XKDPPDGWRWKH3UHVHQWHPLQJOrVLOXVWUDGDHG+RERNHQ1--RKQ:LOH\
6RQV,6%1

/HLWXUDDGLFLRQDO
$%(:/(<0X
DZL\D5HVWRUHURIWKH0XVOLP)DLWK/RQGUHV
3&521(6ODYHVRQKRUVHV&DPEULGJH
3&521(H0$&22.+DJDULVP&DPEULGJH
)0'211(57KHHDUO\,VODPLFFRQTXHVWV3ULQFHWRQ
*5+$:7,1*7KHILUVWG\QDVW\RI,VODPWKH8PD\\DGFDOLSKDWH$'5XWOHGJH(GV/RQGUHV@
+.(11('<7KH3URSKHWDQGWKHDJHRIWKHFDOLSKDWHVWKH,VODPLF1HDU(DVWIURPWKHVL[WKWRWKHHOHYHQWKFHQWXU\/RQGUHV
35(9,7e25721&:7KH6KRUWHU&DPEULGJH0HGLHYDO+LVWRU\HPLQJOrV&DPEULGJH&DPEULGJH8QLYHUVLW\3UHVV
-:(//+$86(17KH$UDE.LQJGRPDQGLWVIDOO/RQGUHV

/LJDo}HVH[WHUQDV
8PD\\DGVKWWSZZZSULQFHWRQHGXaEDWNHLWOGHQLVHXPD\\DGVKWP

2EWLGDGHKWWSVSWZLNLSHGLDRUJZLQGH[SKS"WLWOH &DOLIDGRB2PtDGD ROGLG 

&DWHJRULD &DOLIDGR2PtDGD
(VWDSiJLQDIRLPRGLILFDGDSHOD~OWLPDYH]jVKPLQGHGHMXQKRGH
(VWHWH[WRpGLVSRQLELOL]DGRQRVWHUPRVGDOLFHQoD&UHDWLYH&RPPRQV$WULEXLomR&RPSDUWLOKD,JXDO1mR$GDSWDGD&&%<6$SRGHHVWDUVXMHLWRD
FRQGLo}HVDGLFLRQDLV3DUDPDLVGHWDOKHVFRQVXOWHDV&RQGLo}HVGH8VR

KWWSVSWZLNLSHGLDRUJZLNL&DOLIDGRB2P&$'DGD