2

&$378/2 

SODQH MDP H QWR SURMHWR SURGXomR XVR

5 H F X UVRV 1 D WX U DLV

&216758d2 ( '(6(192/9,0(172
6867(179(/

/L[R

)LJXUD  0RGHOR GH SURGXomR OLQHDU D SDUWLU GH &85:(// &223(5  H &5$9(1 HW DO 

 2 3$5$',*0$ (&2/ *,&2  '(6(192/9,0(172 '(6%5$9$'25

1D RULJHP GD VRFLHGDGH LQGXVWULDO R GHVHQYROYLPHQWR HFRQ{PLFR WHP VLJQLILFDGR D WUDQVIRUPDomR GD QDWXUH]D GH PDQHLUD D PHOKRUDU D TXDOLGDGH GH YLGD GD SDUFHOD GD SRSXODomR EHQHILFLDGD 'HQWUR GHVWD VRFLHGDGH D IXQomR GD FRQVWUXomR FLYLO p D WUDQVIRUPDomR GR DPELHQWH QDWXUDO QR DPELHQWH FRQVWUXtGR DGHTXDGR DR GHVHQYROYLPHQWR GDV PDLV GLYHUVDV DWLYLGDGHV (VWD VRFLHGDGH p RULHQWDGD SHOR SDUDGLJPD GHVEUDYDGRU /,''/(  VHJXQGR R TXDO H[LVWH XPD FRQWUDSRVLomR HQWUH R PHLR DPELHQWH H R GHVHQYROYLPHQWR $ GHIHVD GR PHLR DPELHQWH p YLVWD FRPR DQWLGHVHQYROYLPHQWLVWD (VWD FXOWXUD GHVEUDYDGRUD HVWD DVVRFLDGD D XP PRGHOR GH SURGXomR PRGHOR OLQHDU &85:(// &223(5  EHQV VmR FRQFHELGRV SURMHWDGRV FRQVWUXtGRV XWLOL]DGRV H DSyV VXD YLGD ~WLO VmR DFXPXODGRV QR PHLR DPELHQWH DU iJXD RX GHSyVLWRV GH OL[R MXQWDPHQWH FRP RV UHVtGXRV GR SURFHVVR GH SURGXomR ,VWR p YiOLGR WDQWR SDUD EHQV GH FRQVXPR QmR GXUiYHO H SURGXWRV GHVFDUWiYHLV TXDQWR SDUD HGLItFLRV H HVWUDGDV $ OyJLFD LPSOtFLWD QHVWD FXOWXUD LQGXVWULDO p TXH D TXDQWLGDGH GH UHFXUVRV QDWXUDLV GLVSRQtYHLV p HP WHUPRV SUiWLFRV LQILQLWD H TXH D QDWXUH]D p FDSD] GH DEVRUYHU LOLPLWDGDV TXDQWLGDGHV GH UHVtGXRV /,''/(  $ )LJXUD  UHVXPH JUDILFDPHQWH HVWH PRGHOR 1HVWH SDUDGLJPD D SUHVHUYDomR GR DPELHQWH HVWHYH DVVRFLDGD j FULDomR GH UHVHUYDV GH SURWHomR OLPLWDomR GD FDoD FRPHUFLR FRPR HVWDEHOHFLGR QD &RQYHQomR SDUD D 3UHVHUYDomR GD )DXQD H )ORUD HP VHX (VWDGR 1DWXUDO GH  7+( )/(7&+(5 6&+22/  $ SHUFHSomR GDV LPSOLFDo}HV DPELHQWDLV GR SDUDGLJPD GHVEUDYDGRU p JHUDOPHQWH DVVRFLDGD FRP D SXEOLFDomR GR OLYUR 6LOHQW 6SULQJ GH 5DFKHO &DUVRQ TXH GHVWDFD RV HIHLWRV DGYHUVRV GDV DOWHUDo}HV GHVFRQWURODGDV GR PHLR DPELHQWH VREUH D YLGD KXPDQD /,''/(  1R HQWDQWR RXWURV DXWRUHV FRPR +,// H %2:(1  DSRQWDP RXWUDV IRQWHV FRPR RV OLYURV GH /(232/'  H R GH &$5621  $ SDUWLU GD SHUFHSomR GRV HIHLWRV GDV DOWHUDo}HV GR PHLR DPELHQWH VREUH R KRPHP H D QDWXUH]D HP JHUDO GHVHQYROYHVH R TXH /,''/( FKDPD GH SDUDGLJPD HFROyJLFR H +,// H %2:(1  FKDPDP GH SUHVHUYDFLRQLVWD 1HVWH QRYR SDUDGLJPD D QDWXUH]D p YLVWD FRPR WHQGR YDORU HP VL H HVWDEHOHFHPVH OLPLWHV SDUD D SROXLomR JHUDGD QR SURFHVVR GH SURGXomR $ SUHVHUYDomR DPELHQWDO p YLVWD SULQFLSDOPHQWH FRPR D SURWHomR GR PHLR DPELHQWH IORUD H IDXQD QDWXUDO 2 GHVHQYROYLPHQWR DLQGD p YLVWR HP JUDQGH PHGLGD FRPR DOJR FRQWUDGLWyULR D SUHVHUYDomR DPELHQWDO /,''/(  R TXH SRGHULD VH FKDPDU GH XP PDO QHFHVViULR $ FRQVROLGDomR GHVWH SDUDGLJPD QD VRFLHGDGH OHYRX D XPD FUHVFHQWH UHJXODPHQWDomR DPELHQWDO YLVDQGR R FRQWUROH GH SROXLomR H D Do}HV PDLV DPSODV GH SURWHomR GD QDWXUH]D $ SUHRFXSDomR FRP GHSRVLomR GH UHVtGXRV LQGXVWULDLV RX GH SyVFRQVXPR FRQFHQWUDVH SULQFLSDOPHQWH QR GHVHQYROYLPHQWR GH WpFQLFDV GH GHSRVLomR DGHTXDGDV H GH UHPHGLDomR GH ORFDLV H FXUVRV GH iJXD FRQWDPLQDGD SRU SROXHQWHV 7UDWDVH GH XPD YLVmR GH PHOKRULD GD TXDOLGDGH DPELHQWDO FRPR UHVXOWDGR GR FRQWUROH )XQGDPHQWDOPHQWH D IRUPD GH SURGXomR OLQHDU QmR p TXHVWLRQDGD 3UDWLFDPHQWH WRGRV RV SURFHVVRV LQGXVWULDLV VmR FRQVLGHUDGRV DFHLWiYHLV GHVGH TXH RV tQGLFHV GH SROXLomR HVWHMDP GHQWUR GRV OLPLWHV HVWDEHOHFLGRV (VWHV OLPLWHV OHYDUDP DR VXUJLPHQWR GD HQJHQKDULD HQGRISLSH /,1'6(< &$03%(//  HVSHFLDOL]DGD QR WUDWDPHQWR GRV UHVtGXRV e LQWHUHVVDQWH QRWDU TXH QHVWD DERUGDJHP DV DWLYLGDGHV GH FDQWHLUR GD FRQVWUXomR FLYLO QmR VRIUHP FRQWUROH H[FHWR QR TXH WRFD DR UXtGR 2 UHVtGXR GH FRQVWUXomR FLYLO p FRQVLGHUDGR LQHUWH SRU XPD H[FHomR DR SURFHGLPHQWR JHUDO GD QRUPD EUDVLOHLUD GH

1R RULJLQDO FRPR IURQWLHULVP GHULYDGR GH IURQWHLUD

1R RULJLQDO FRPR HQYLURQPHQWDOLVP

UHVtGXRV 1%5  $VVLP SDUD D FRQVWUXomR FLYLO HVWD QRYD IRUPD GH YHU R PXQGR VLJQLILFRX RSRUWXQLGDGHV GH QHJyFLRV FRPR D FRQVWUXomR GH DWHUURV VDQLWiULRV H HVWDo}HV GH WUDWDPHQWR /,''/(  2 LQtFLR GD SUHRFXSDomR DPELHQWDO FRPR UHVXOWDGR GDV DWLYLGDGHV GH FRQVWUXomR FLYLO IRL UHVXOWDGR GD FULVH GH HQHUJLD GD GpFDGD GH  TXH OHYRX RV SDtVHV GH FOLPD IULR D UHJXODPHQWDU DV WHFQRORJLDV FRQVWUXWLYDV GH IRUPD D SHUPLWLU XPD UHGXomR QR FRQVXPR HQHUJpWLFR QD IDVH GH XVR GRV HGLItFLRV .,/%(57 

 &RQVXPR GH HQHUJLD

2 HIHLWR GR FRQVXPR GH HQHUJLD QR DTXHFLPHQWR JOREDO p XP GRV PRWLYRV PDLV LPSRUWDQWHV SDUD DV SROtWLFDV GH UHGXomR GR FRQVXPR GH HQHUJLD ,($  GHYLGR D XWLOL]DomR GH WHUPRHOpWULFDV FRPR SULQFLSDO IRQWH JHUDGRUD GH HQHUJLD 6HJXQGR GDGRV GR :5,  HP   GD HQHUJLD HOpWULFD PXQGLDO HUD JHUDGD SRU XVLQDV WHUPRHOpWULFDV 1R %UDVLO D HQHUJLD HOpWULFD p REWLGD HP VXD JUDQGH PDLRULD DWUDYpV GH WHFQRORJLD KLGURHOpWULFD SRUWDQWR VHP D JHUDomR LPHGLDWD GH &2 1R HQWDQWR HVWH WLSR GH WHFQRORJLD JHUD RXWURV WLSRV GH LPSDFWR DPELHQWDO FRPR D WUDQVIRUPDomR GH JUDQGHV UHJL}HV GH IORUHVWDV HP ODJRV DUWLILFLDLV LQIOXHQFLDQGR QR FLFOR JOREDO GR FDUERQR
8000 6000 4000 2000 0 1800 1850 1900 1950 2000 375 350 325 300 275 1800 1850 1900 1950 2000

 2 '(6(192/9,0(17 2 ,16867(179(/

1R HQWDQWR R FUHVFLPHQWR GD HFRQRPLD PXQGLDO FXMR WDPDQKR TXLQWXSOLFRX HQWUH  H  DOLDGR DR FUHVFLPHQWR GD SRSXODomR TXH SDVVRX GH SRXFR PDLV GH  ELOK}HV HP  SDUD TXDVH  ELOK}HV HP  81(3  H DRV DYDQoRV QD FRPSUHHQVmR FLHQWtILFD GR IXQFLRQDPHQWR GR SODQHWD WRUQDUDP HYLGHQWH D QmR VXVWHQWDELOLGDGH GR PRGHOR OLQHDU GH SURGXomR H GR SDUDGLJPD HFROyJLFR

&2 0WRQ

 $TXHFLPHQWR JOREDO

2 DTXHFLPHQWR JOREDO WDPEpP FRQKHFLGR FRPR HIHLWR HVWXID p UHVXOWDGR GR DF~PXOR GH JDVHV FDSD]HV GH DEVRUYHU UDGLDomR LQIUDYHUPHOKD QD DWPRVIHUD 81(3 E 2 &2 p FRQVLGHUDGR R SULQFLSDO JiV GR HIHLWR HVWXID PDV RXWURV JDVHV FRPR R PHWDQR &)&V R]{QLR H RV DHURVVyLV WDPEpP FRQWULEXHP SDUD R DTXHFLPHQWR $ SURGXomR GR &2 H R FUHVFLPHQWR GD VXD FRQFHQWUDomR QD DWPRVIHUD p SURGXWR SULQFLSDOPHQWH GD TXHLPD GH FRPEXVWtYHLV IyVVHLV YHP FUHVFHQGR GH IRUPD H[SRQHQFLDO DOLDGD FRP D UHGXomR GD DpUHD GH IORUHVWDV 'DGRV GR &DUERQ 'LR[LGH ,QIRUPDWLRQ $QDO\VLV &HQWHU &',$&  PRVWUDP TXH DWXDOPHQWH VmR JHUDGRV FHUFD GH  ELOK}HV GH WRQHODGDV GH &2 SRU DQR )LJXUD  $ FRQFHQWUDomR GH &2QD DWPRVIHUD YHP FUHVFHQGR H[SRQHQFLDOPHQWH VHQGR TXH HVWXGRV GH JiV DSULVLRQDGR HP JHOHLUDV LQGLFDP TXH SRU YROWD GH  D FRQFHQWUDomR HUD GH DSUR[LPDGDPHQWH  SSP H TXH DWXDOPHQWH HP 0DXQD /HRD +DYDt D FRQFHQWUDomR HQFRQWUDVH DFLPD GH  SSP 2 TXH p PDLV VLJQLILFDWLYR p TXH PDLV GD PHWDGH GHVWH FUHVFLPHQWR RFRUUHX QRV ~OWLPRV  DQRV (PERUD QmR H[LVWD FRQVHQVR VREUH D JUDYLGDGH GDV FRQVHTrQFLDV GR HIHLWR HVWXID H[LVWHP SRXFDV G~YLGDV GH TXH HOH HVWHMD RFRUUHQGR 'HQWUH RV SURYiYHLV HIHLWRV GR DTXHFLPHQWR JOREDO GRLV WHP LQWHUHVVH PDLV SUy[LPR GD FRQVWUXomR FLYLO D GLVVROXomR GD FDORWD SRODU TXH OHYDUi DR DXPHQWR GR QtYHO GRV RFHDQRV H R DXPHQWR GD YHORFLGDGH Pi[LPD GRV YHQWRV +$<$6+, 

&2 SSP

$QR

$QR

)LJXUD  &2 QD DWPRVIHUD D HYROXomR GD JHUDomR GH &2 GHYLGR j TXHLPD GH FRPEXVWtYHLV IRVVHLV H SURGXomR GH FLPHQWR E YDULDomR GD FRQFHQWUDomR DWPRVIpULFD GH &2 &',$& 

 'HVWUXLomR GD FDPDG D GH R]{QLR

$ GHVWUXLomR GD FDPDGD GH R]{QLR QD HVWUDWRVIHUD SURYRFD R DXPHQWR GD UDGLDomR 89% H[SRQGR DV SHVVRDV DR FkQFHU GH SHOH (VWD GHVWUXLomR RFRUUH SRU XP FRQMXQWR GH JDVHV GHQRPLQDGRV JHQHULFDPHQWH FDUERQRKDORJHQDGRV FRQWHQGR FDUERQR FORUR H IO~RU 2 H[HPSOR PDLV FRQKHFLGR VmR RV &)&V FORURIOXRUFDUERQR JDVHV XWLOL]DGRV HP UHIULJHUDGRUHV H FRPR SURSHOHQWHV GH DHURVVyLV (11,6 

 3ROXLomR SRU QXWULHQW HV 

2 XVR LQWHQVLYR GH IHUWLOL]DQWHV H D TXHLPD GH FRPEXVWtYHLV IyVVHLV WrP OHYDGR D SROXLomR SRU QXWULHQWHV D HOHYDomR GHVFRQWURODGD GR YROXPH GH QXWULHQWHV TXH GREURX GHYLGR jV DWLYLGDGHV KXPDQDV 2 DXPHQWR GD FRQFHQWUDomR GH QXWULHQWHV FRPR R QLWURJrQLR

(P LQJOrV QXWULILFDWLRQ RX DV YH]HV QLWULILFDWLRQ GHYLGR D LPSRUWkQFLD GR QLWURJrQLR QR SURFHVVR

IyVIRUR H SRWiVVLR WHP LQ~PHURV HIHLWRV (VWHV FRPSRVWRV SRGHP IDFLOLWDU R FUHVFLPHQWR GHVFRQWURODGR GH DOJXPDV HVSpFLHV URPSHQGR R HTXLOtEULR GR HFRVVLVWHPD 2 FUHVFLPHQWR GH DOJDV SRGH DGLFLRQDOPHQWH OHYDU D FRQWDPLQDomR GH FXUVRV GH iJXD 2 QLWURJrQLR WDPEpP HVWi DVVRFLDGR j FKXYD iFLGD H FRQWULEXL SDUD D JHUDomR GR R]{QLR GH EDL[D DOWLWXGH XP GRV SULQFLSDLV SUREOHPDV DPELHQWDLV QDV JUDQGHV FLGDGHV 81(3  /,3,$77, 

DWXDOPHQWH GHPDUFDGDV GHYHUmR GXUDU DSHQDV  HQTXDQWR TXH DV GH ]LQFR FHUFD GH  DQRV '=,28%,16., &+,30$1  $OpP GR ULVFR GH VHUHP HVJRWDGDV DV UHVHUYDV PDLV FRQYHQLHQWHV GH UHFXUVRV QDWXUDLV D DWLYLGDGH H[WUDWLYD GHVWUyL D SDLVDJHP SUHMXGLFD IORUD H IDXQD

 *HUDomR GH UHVtGXRV

2 YROXPH GH UHVtGXRV JHUDGR p RXWUR SUREOHPD (VWDWtVWLFDV GH UHVtGXRV VmR PDLV OLPLWDGDV H D DXVrQFLD GH FODVVLILFDomR SDGURQL]DGD GLILFXOWD FRPSDUDo}HV PDLV SUHFLVDV 1D (XURSD D JHUDomR GH OL[R GRPpVWLFR RX OL[R VyOLGR PXQLFLSDO YDULD HQWUH  D  NJKDEDQR )5$1*,3$1( HW DO  1R %UDVLO D &(7(6% HVWLPD TXH R YROXPH GH UHVtGXRV VyOLGRV GRPLFLOLDUHV HP FLGDGHV GH PDLV GH  PLO KDELWDQWHV p GH  NJKDEGLD RX GH  NJKDEDQR &(7(6%  1R &DQDGi R UHVtGXR VyOLGR PXQLFLSDO p HVWLPDGR HP NJKDEDQR HP  67$7,67,&6 &$1$'$  1RV (8$ D (3$  DYDOLD TXH QR DQR  IRUDP SURGX]LGRV HP  PLOK}HV GH WRQHODGDV GH OL[R VyOLGR PXQLFLSDO FHUFD GH  YH]HV PDLV TXH HP  DWLQJLQGR  NJKDE DQR 1R HQWDQWR DSHVDU GH VHU FHUWDPHQWH R PDLV YLVtYHO R UHVtGXR VyOLGR PXQLFLSDO p D PHQRU SDUWH GR YROXPH GH UHVtGXRV JHUDGRV (VWDWtVWLFDV VREUH R WRWDO GH UHVtGXRV JHUDGRV VmR UDUDV H GH FHUWR DLQGD PHQRV SUHFLVDV $//(1 H 5266(/27  D SDUWLU GH IRQWHV GLYHUVDV HVWLPDP TXH RV (8$ JHUDUDP HP   ELOK}HV GH WRQHODGDV EDVH ~PLGD GH UHVtGXRV QmR DJUtFRODV HQTXDQWR &25621  HVWLPRX HP  ELOK}HV GH WRQHODGDV $GPLWLQGR XPD SRSXODomR GH  PLOK}HV GH KDELWDQWHV D SULPHLUD HVWLPDWLYD UHVXOWD HP  WRQKDEDQR FHUFD GH  YH]HV R FRQVXPR DQXDO HVWLPDGR GH PDWHULDLV 1D +RODQGD D JHUDomR WRWDO GH UHVtGXRV HP  IRL HVWLPDGD HP  PLOK}HV GH WRQHODGDV FHUFD GH WRQKDEDQR H DSHQDV NJ   GHVWH WRWDO IRL GH OL[R VyOLGR PXQLFLSDO '(/6(0$1  e LPSRUWDQWH REVHUYDU TXH D VRPD GDV HVWLPDWLYDV GH UHVtGXRV FRP D GH PDWHULDLV FRQVXPLGRV p FRPSDWtYHO FRP R GH FRQVXPR GH PDWHULDLV QDWXUDLV GR :5,  1R HQWDQWR D GLVFUHSkQFLD HQWUH R YROXPH SHU FDSLWD JHUDGR QD +RODQGD H (VWDGRV 8QLGRV SDtVHV GHVHQYROYLGRV SRGH WHU GLYHUVDV UD]}HV FRPR D GLIHUHQoD QD HVWUXWXUDomR GD HFRQRPLD 3RU H[HPSOR GR WRWDO GH UHVtGXRV HVWLPDGR SRU $//(1 H 5266(/(7  FHUFD GH   ELOK}HV GH WRQHODGDV FRUUHVSRQGHP D UHVtGXRV GH PLQHUDomR H H[WUDomR GH SHWUyOHR DWLYLGDGHV TXH VmR PHQRV GHVHQYROYLGDV QD +RODQGD R TXH MXVWLILFD SHOR PHQRV HP SDUWH R PHQRU tQGLFH SHU FDSLWD GR ~OWLPR

 3ROXLomR GR DU H FKXY D iFLGD

2XWURV SROXHQWHV GR DU FRPR 62 12 2 &2 H PDWHULDO SDUWLFXODGR WUD]HP SUREOHPDV GH VD~GH HVSHFLDOPHQWH QR VLVWHPD UHVSLUDWyULR Mi TXDQWLILFDGRV HP HVWXGRV HSLGHPLROyJLFRV 67('0$1 HW DO  2 62 SRU H[HPSOR HVWi WDPEpP DVVRFLDGR j FKXYD iFLGD TXH SURYRFD GDQRV HP IORUHVWDV HQWUH RXWURV 6RPHPVH D HVWHV D SURGXomR GH HOHPHQWRV UDGLRDWLYRV SDUD ILQDOLGDGHV GLYHUVDV D FULDomR LQYROXQWiULD GH VXEVWkQFLDV RUJkQLFDV SHULJRVDV H ELRSHUVLVWHQWHV FRPR D GLR[LQD 5,77(5 HW DO  TXH UHSUHVHQWDP DPHDoD SDUD D SRSXODomR

 &RQVXPR GH PDWpULDV SULPDV QmR UHQRYiYHLV

2 FRQVXPR GH PDWHULDLV QDWXUDLV FUHVFH QD PHVPD PHGLGD GR FUHVFLPHQWR GD HFRQRPLD H GD SRSXODomR 2 -DSmR HVWLPRX VHX FRQVXPR GH PDWHULDLV SURQWRV SDUD PDQXIDWXUD HP  ELOK}HV GH WRQHODGDV GH PDWHULDLV HP  .$6$,  FHUFD GH  WRQKDEDQR 1RV (VWDGRV 8QLGRV R FRQVXPR GH WRWDO GH PDWHULDLV FUHVFHX PDLV  YH]HV HQWUH  H  DWLQJLQGR  ELOK}HV GH WRQHODGDV FHUFD GH  WRQHODGDVKDEDQR 0$726 :$*1(5  1HVWH PHVPR SHUtRGR D SDUWLFLSDomR GH PDWpULDV SULPDV UHQRYiYHLV IRL UHGX]LGR GH  SDUD  GR WRWDO 0$726 :$*1(5  6HJXQGR HVWHV DXWRUHV VRPHQWH HQWUH RV DQRV GH  H  R FRQVXPR GH PDWHULDLV QR PXQGR FUHVFHX GH  ELOK}HV GH WRQHODGDV SDUD  ELOK}HV GH WRQHODGDV XP SRXFR PDLV  WRQKDEDQR $ SURGXomR GHVWHV YROXPHV LPHQVRV GH PDWHULDLV H[LJH XPD H[WUDomR PXLWR PDLRU GH PDWpULDV SULPDV QDWXUDLV GDGD jV SHUGDV H UHVtGXRV GRV SURFHVVRV 2 :5,  FLWD HVWXGR UHDOL]DGR SRU $'5,$$16( HW DO  TXH HVWLPD TXH SDtVHV LQGXVWULDOL]DGRV FRPR $OHPDQKD -DSmR H (VWDGRV 8QLGRV FRQVRPHP HQWUH  D  WRQKDEDQR GH PDWpULDV SULPDLV QDWXUDLV VHP LQFOXLU iJXD H DU $V UHVHUYDV GH PXLWRV PDWHULDLV Mi FRPHoDP D ILFDU HVFDVVDV HVSHFLDOPHQWH MXQWR DRV JUDQGHV FHQWURV $V UHVHUYDV SRWHQFLDLV GH FREUH SRU H[HPSOR GHYHP GXUDU DSUR[LPDGDPHQWH  DQRV H DV GH ]LQFR HQWUH  H  DQRV -i DV UHVHUYDV GH FREUH

:5, :RUOG 5HVRXUFHV ,QVWLWXWH

(VWLPDGD D SDUWLU GRV GDGRV GD SRSXODomR GH   PLOK}HV H GR LQFUHPHQWR PpGLR DQXDO QD SRSXODomR HQWUH   PLOK}HV H   PLOK}HV FRQIRUPH GDGRV GR :5,  S




3RXFRV GDGRV HVWmR GLVSRQtYHLV VREUH R YROXPH GH UHVtGXRV JHUDGRV QR %UDVLO GHVWDFDQGRVH R LQYHQWiULR GH UHVtGXRV HODERUDGR SHOD &(7(6% QR (VWDGR GH 6mR 3DXOR TXH HVWLPRX XPD JHUDomR GH  PLOK}HV GH WRQHODGDV DQXDLV GH UHVtGXRV QmR LQHUWHV H SHULJRVRV 2V UHVtGXRV FRQVLGHUDGRV SHULJRVRV SHODV GLIHUHQWHV OHJLVODo}HV QDFLRQDLV WDPEpP DSUHVHQWDP HVWDWtVWLFDV PDLV IUHTHQWHV PDV DV HVWLPDWLYDV VmR LJXDOPHQWH YDULiYHLV LQFOXVLYH SRUTXH D FODVVLILFDomR YDULD 6HJXQGR D (3$  RV (8$ SURGX]LUDP HP  FHUFD GH  PLOK}HV GH WRQHODGDV GH UHVtGXRV FODVVLILFDGRV FRPR SHULJRVRV 3DUD $//(1 H 5266(/27  RV UHVtGXRV SHULJRVRV UHSUHVHQWDP PHQRV GH  GR WRWDO JHUDGR TXH HOH HVWLPD HP  PLOK}HV EHP DFLPD GD HVWLPDWLYD GD (3$ GH  PLOK}HV GH WRQHODGDV HP  1R &DQDGi RV UHVtGXRV SHULJRVRV IRUDP FHUFD GH  GRV UHVtGXRV WUDWDGRV HP  8P GRV SUREOHPDV TXH DJUDYD D TXHVWmR GR YROXPH GH UHVtGXRV p R HQFDUHFLPHQWR GRV SURFHVVRV GH WUDWDPHQWR H GHSRVLomR 7+( (&2120,67  HVSHFLDOPHQWH GRV UHVtGXRV FODVVLILFDGRV FRPR SHULJRVRV (VWH HQFDUHFLPHQWR p GHYLGR D GRLV IDWRUHV D FRQFHQWUDomR HP WRUQR GH JUDQGHV FLGDGHV RQGH DV iUHDV SDUD GHSRVLomR VmR HVFDVVDV H D UHFXVD GD SRSXODomR HP DFHLWDU XP GHSyVLWR GH OL[R HP VXD YL]LQKDQoD WHP DLQGD DV WRUQDGR PDLV UDUDV E DV FUHVFHQWHV H[LJrQFLDV WpFQLFDV SDUD WUDWDPHQWR H GHSRVLomR -2+1 

 '(6(192/9,0(172 6867(179(/

$ IRUPXODomR GR FRQFHLWR GH GHVHQYROYLPHQWR VXVWHQWiYHO p JHUDOPHQWH DWULEXtGD D %UXQWODQG &RPLVVLRQ GD 2UJDQL]DomR GDV 1Do}HV 8QLGDV TXH SURGX]LX R UHODWyULR GHQRPLQDGR 1RVVR IXWXUR FRPXP '(6,021( 3232))  .,/%(57  +,// HW DO  +,// %2:(1  1R HQWDQWR HVWH GRFXPHQWR p UHVXOWDGR HYROXWLYR GH XPD VpULH GH WUDEDOKRV LQWHUQDFLRQDLV DQWHULRUHV FRPR D &RQIHUrQFLD GH (VWRFROPR GD 218 HP  H GR &OXEH GH 5RPD TXH SXEOLFRX HP  R WH[WR /LPLWHV GR &UHVFLPHQWR +,// HW DO  $ &RQIHUrQFLD VREUH 'HVHQYROYLPHQWR H 0HLR $PELHQWH GDV 1Do}HV 8QLGDV 5LR  FRQVROLGD DWUDYpV GD $*(1'$  D YLVmR GH TXH GHVHQYROYLPHQWR VXVWHQWiYHO QmR DSHQDV GHPDQGD D SUHVHUYDomR GRV UHFXUVRV QDWXUDLV GH PDQHLUD D JDUDQWLU SDUD DV JHUDo}HV IXWXUDV LJXDLV FRQGLo}HV GH GHVHQYROYLPHQWR D LJXDOGDGH HQWUH JHUDo}HV  PDV WDPEpP XPD PDLRU HTXLGDGH QR DFHVVR DRV EHQHItFLRV GR GHVHQYROYLPHQWR D LJXDOGDGH LQWUDJHUDomR /,''/(  218  $VVLP GHVHQYROYLPHQWR VXVWHQWiYHO SRGH VHU GHILQLGR FRPR DTXHOH TXH SHUPLWH DWHQGHU jV QHFHVVLGDGHV EiVLFDV GH WRGD D SRSXODomR H JDUDQWH D WRGRV D RSRUWXQLGDGH GH VDWLVID]HU VXDV DVSLUDo}HV SDUD XPD YLGD PHOKRU VHP QR HQWDQWR FRPSURPHWHU D KDELOLGDGH GDV JHUDo}HV IXWXUDV DWHQGHUHP VXDV SUySULDV QHFHVVLGDGHV &+(1 &+$0%(56  2X DLQGD R GHVHQYROYLPHQWR TXH JDUDQWH XPD PHOKRU TXDOLGDGH GH YLGD SDUD WRGRV WDQWR KRMH TXDQWR SDUD DV JHUDo}HV IXWXUDV '(3$570(17 2) 7+( (19,5210(17 75$163257 $1' 7+( 5(*,216  2 TXH R FRQFHLWR VLJQLILFD HP WHUPRV SUiWLFRV p DVVXQWR SROrPLFR SRU GLYHUVDV UD]}HV (P SULPHLUR OXJDU H[LVWH XPD FRQWUDGLomR VHPkQWLFD VXVWHQWiYHO LPSOLFD HP DOJR TXH SRVVD VHU PDQWLGR LQGHILQLGDPHQWH R TXH FRQWUDGL] R FRQFHLWR GH GHVHQYROYLPHQWR TXH LPSOLFD HP WUDQVIRUPDomR +,// HW DO  HVSHFLDOPHQWH TXDQWR WUDQVIRUPDPRV UHFXUVRV QmR UHQRYiYHLV +,// %2:(1  'HYHVH REVHUYDU QR HQWDQWR TXH HVWD FRQWUDGLomR QmR SRGH VHU FRQVLGHUDGD DEVROXWD XPD YH] TXH WUDQVIRUPDo}HV WDPEpP VmR LQHUHQWHV DR PXQGR QDWXUDO FRPR GHPRQVWUDP RV FLFORV FOLPiWLFRV FRP DV HUDV JODFLDLV H D HYROXomR GDV HVSpFLHV (VWDV WUDQVIRUPDo}HV QDWXUDLV SRGHP VHU PDLV OHQWDV TXH DV LPSULPLGDV SHOD DomR KXPDQD (P VHJXQGR OXJDU QmR VH FRQKHFHP DV UHDLV QHFHVVLGDGHV GDV JHUDo}HV IXWXUDV HPERUD SRVVDPRV DVVXPLU TXH QHFHVVLWDUmR GH UHFXUVRV QDWXUDLV HP JHUDO

 ([FOXVmR VRFLDO

2 DWXDO PRGHOR GH GHVHQYROYLPHQWR p PDLV VXVWHQWiYHO GHYLGR j H[FOXVmR VRFLDO %RD SDUWH GD SRSXODomR HVWi H[FOXtGD GHVWH FUHVFLPHQWR SRLV FHUFD GH  GD SRSXODomR VREUHYLYH FRP YLYHQGR FRP PHQRV GH 86 DQR 81(3  SDUD XPD UHQGD SHU FDSLWD PpGLD VXSHULRU DRV 86  DQXDLV  YH]HV D GH  HP WHUPRV UHDLV 2 SDGUmR GH FRQVXPR GRV (8$ p FHUWDPHQWH DVSLUDomR GH ERD SDUWH GD KXPDQLGDGH H SRGH VHU WRPDGR FRPR UHIHUrQFLD GR TXH DFRQWHFHULD VH R PRGHOR GHVWH SDtV IRVVH JHQHUDOL]DGR $SHVDU GH FRQWDU FRP DSHQDV  GD SRSXODomR PXQGLDO :5,  RV (8$ FRQVRPHP FHUFD GH  GRV UHFXUVRV QDWXUDLV H[WUDtGRV 0$726 :$*1(5   GD HQHUJLD :5,  H VmR UHVSRQViYHLV SRU  GD HPLVVmR GH &2 &',$&  $GPLWLQGRVH RV Q~PHURV DFLPD D JHQHUDOL]DomR GHVWH PRGHOR SDUD RV GHPDLV KDELWDQWHV GR SODQHWD LPSOLFDULD HP XP DXPHQWR GH  YH]HV QR YROXPH GH H[WUDomR GH PDWpULDV SULPDV  YH]HV R FRQVXPR GH HQHUJLD H  YH]HV D OLEHUDomR GH &2 6H FRP RV DWXDLV QtYHLV GH FRQVXPR RV HIHLWRV QR SODQHWD FRPHoDP D VHU PHQVXUiYHLV p HYLGHQWH TXH D JHQHUDOL]DomR GHVWH SDGUmR GH GHVHQYROYLPHQWR SDUD WRGR R PXQGR QmR p VXVWHQWiYHO PHVPR DGRWDQGRVH XPD YHUVmR UtJLGD GR SDUDGLJPD HFRORJLVWD





,QGHSHQGHQWH GH VHX VLJQLILFDGR SUHFLVR RX GH VXD H[HTLELOLGDGH WRWDO R SDUDGLJPD GH GHVHQYROYLPHQWR VXVWHQWiYHO FHUWDPHQWH YDL LPSOLFDU QD SURGXomR GH XPD PDLRU TXDQWLGDGH GH EHQV FRP XPD PHQRU TXDQWLGDGH GH UHFXUVRV QDWXUDLV H PHQRU SROXLomR 'R SRQWR GH YLVWD ItVLFR R GHVHQYROYLPHQWR VXVWHQWiYHO YDL H[LJLU D GHVYLQFXODomR HQWUH R GHVHQYROYLPHQWR RX FUHVFLPHQWR H D JHUDomR GH LPSDFWRV DPELHQWDLV -$166(1 9$1 '(5 %(5*+  (VWD GHVYLQFXODomR HQWUH D JHUDomR GH ULTXH]DV H D SURGXomR GH EHQV PDWHULDLV GHYH LQFOXLU VLPXOWDQHDPHQWH YiULDV Do}HV $ GHVPDWHULDOL]DomR GD SURGXomR RX VHMD UHGXomR GR FRQVXPR GH PDWHULDLV H PDWpULDVSULPDV QDWXUDLV SDUD D SURGXomR GH XP PHVPR EHP (VWH REMHWLYR SRGH VHU DWLQJLGR SHOD UHGXomR H UHFLFODJHP GRV UHVtGXRV DSHUIHLoRDPHQWRV GRV SURMHWRV VXEVWLWXLomR GRV PDWHULDLV WUDGLFLRQDLV SRU RXWURV PDLV HILFLHQWHV H DWp SHOR DXPHQWR GD GXUDELOLGDGH GRV SURGXWRV %52:1 HW DO  $OpP GHVWD DomR VmR WDPEpP FRQGLo}HV SDUD R GHVHQYROYLPHQWR VXVWHQWiYHO UHGXomR GR FRQVXPR GH HQHUJLD HVSHFLDOPHQWH D SURGX]LGD SHOD TXHLPD GH FRPEXVWtYHLV QmR UHQRYiYHLV H D UHGXomR JOREDO GD SROXLomR JHUDGD LQFOXLQGR UHVtGXRV 7XGR LVWR FRPELQDGR D XPD GLVWULEXLomR PDLV LJXDOLWiULD GRV EHQHItFLRV GR GHVHQYROYLPHQWR $ PHWD GH GHVHQYROYLPHQWR VXVWHQWiYHO H[LJLUi Do}HV FRRUGHQDGDV WDQWR QR QtYHO PDFUR JOREDO UHJLRQDO QDFLRQDO ORFDO VHWRUHV HPSUHVDULDLV FRPR QR QtYHO PLFUR  HPSUHVDV H FRQVXPLGRUHV LQGLYLGXDLV (OD FHUWDPHQWH LPSOLFD QmR DSHQDV HP PXGDQoDV WHFQROyJLFDV PDV WDPEpP QDV IRUPDV GH UHODomR HQWUH QDo}HV H QD FXOWXUD SRLV RV SDGU}HV GH FRQVXPR FHUWDPHQWH GHYHUmR PXGDU 3RU HVWD UD]mR D QHFHVVLGDGH GH DPSOD SDUWLFLSDomR VRFLDO QR SURFHVVR DOLDGD D HGXFDomR DPELHQWDO IRL HQIDWL]DGD QD $JHQGD  218  $ LPSODQWDomR GHVWH QRYR SDUDGLJPD GH SURGXomR HVWi SURSLFLDQGR R GHVHQYROYLPHQWR GH YiULDV IHUUDPHQWDV GH DomR $ FRQVWUXomR GH LQGLFDGRUHV GH VXVWHQWDELOLGDGH D QtYHO ORFDO UHJLRQDO QDFLRQDO H JOREDO 2(&'  FRPR HPLVV}HV WRWDLV GH &2 p IXQGDPHQWDO &RQFHLWRV FRPR R GD DQiOLVH GR FLFOR GH YLGD $&9 HVWXGRV GR IOX[R GH PDWHULDLV DQiOLVHV GH PHWDEROLVPR LQGXVWULDO DQiOLVH LQSXWRXWSXW HQWUH RXWURV $//(1 5266(/27  /($&+ HW DO  +(1'5,&.621 +$592$7+  HVWmR JDQKDQGR SRSXODULGDGH (VWDV IHUUDPHQWDV VmR HP ~OWLPD LQVWkQFLD XPD DQiOLVH VLVWrPLFD GRV SURFHVVRV H VHXV LPSDFWRV DPELHQWDLV /($&+ HW DO 

$VVLP RV GHVDILRV GHVWD QRYD YLVmR GH GHVHQYROYLPHQWR VmR VLPXOWDQHDPHQWH R FUHVFLPHQWR HFRQ{PLFR FRP SUHVHUYDomR GD QDWXUH]D H MXVWLoD VRFLDO (VWH QRYR SDUDGLJPD TXHVWLRQD SDGU}HV GH SURGXomR H FRQVXPR &RQVHTXHQWHPHQWH R PRGHOR GH OLQHDU GH SURGXomR GHYH VHU VXEVWLWXtGR SRU XP PRGHOR PDLV HILFLHQWH QR DSURYHLWDPHQWR GRV UHFXUVRV LQYHVWLGRV (VWH PRGHOR p GHILQLGR FRPR GH FLFOR IHFKDGR &85:(// &223(5  RX PRGHOR FtFOLFR GH SURGXomR H FRQVXPR &5$9(1 HW DO  1HVWH PRGHOR D XWLOL]DomR GH WRGRV RV UHFXUVRV HPSUHJDGRV p RWLPL]DGD H D JHUDomR GH UHVtGXRV UHGX]LGD D XP PtQLPR UHFLFOiYHO $ )LJXUD  DSUHVHQWD XPD DGDSWDomR GR PRGHOR GH FLFOR IHFKDGR DR FDVR GD FRQVWUXomR FLYLO 1HVWH QRYR PRGHOR RV SURGXWRV DOpP DSUHVHQWDUHP GHVHPSHQKR DPELHQWDO DGHTXDGR GXUDQWH D VXD YLGD ~WLO QmR VmR PDLV SURMHWDGRV SDUD VHUHP GHVWLQDGRV D DWHUURV DR ILQDO GH VXDV YLGDV ~WHLV (OHV GHYHUmR VHU SURMHWDGRV H FRQVWUXtGRV GH IRUPD D IDFLOLWDU RSHUDo}HV GH UHDELOLWDomR RX UHIRUPDV H DWp PHVPR GHVPRQWDJHP FRP UHXWLOL]DomR GRV FRPSRQHQWHV HP RXWURV SURGXWRV 6RPHQWH TXDQGR HVWDV QmR IRUHP PDLV SRVVtYHLV DSyV D GHVPRQWDJHP RV FRPSRQHQWHV VHUmR GHVWLQDGRV D RSHUDo}HV GH UHFLFODJHP PLQLPL]DQGR D GHSRVLomR HP DWHUURV H R FRQVXPR GH UHFXUVRV QDWXUDLV 2 SURFHVVR YDL H[LJLU XPD DPSOLDomR GD YLGD ~WLO GRV FRPSRQHQWHV Mi TXH HVWmR SUHYLVWDV YiULDV UHXWLOL]Do}HV (PERUD SRVVD SDUHFHU VXUSUHHQGHQWH HVWD DERUGDJHP Mi HVWD VHQGR HPSUHJDGD SHODV JUDQGHV LQG~VWULDV FRPR ;HUR[ &85:(// &223(5 

resduos de outras indstrias

SODQHMDPHQWR SURMHWR SURGXomR

materiais

Recursos Naturais

5HFLFODJHP
UHVtGXRV

Deposio

XVRH PDQXWHQomR UHDELOLWDo}HV

5HXWLOL]DomR

Reciclagem em outras indstrias

'HVPRQWDJHP

)LJXUD  &LFOR GH SURGXomR IHFKDGR DGDSWDGR D SDUWLU GH &85:(// &223(5  &5$9(1 HW DO 

 $OJXPDV IRUPXODo}HV FRPR SURGX]LU R GREUR GH EHQHItFLRV VRFLDLV XWLOL]DQGR PHWDGH GH PDWHULDLV H HQHUJLD WHP VLGR SURSRVWDV PDV FRQVWLWXHPVH SURYDYHOPHQWH HP ERP PRWR GH SURSDJDQGD -$166(1 9$1 '(5 %(5*+ >@

3URYDYHOPHQWH R FLFOR QXQFD FKHJDUi D VHU WRWDOPHQWH IHFKDGR SRLV SHUGDV QRV SURFHVVRV VmR LQHYLWiYHLV $OpP GLVVR R Q~PHUR GH UHFLFODJHQV TXH XP SURGXWR SRGH

e LQWHUHVVDQWH QRWDU TXH DSHVDU GR FUHVFLPHQWR HFRQ{PLFR HVWDU EDVHDGR DWXDOPHQWH  QR TXH VH SRGHULD FKDPDU GH SURGXomR YLUWXDO QR VHWRU GH VHUYLoRV R VHX SURGXWR Vy p ~WLO QD PHGLGD TXH H[LVWD XPD TXDQWLGDGH PtQLPD GH EHQV PDWHULDLV FRPR HVWUDGDV DOLPHQWRV WUDQVSRUWH KDELWDo}HV H HVFULWyULRV 2X VHMD D iUHD GH VHUYLoRV SRGH VHU D PDLV LPSRUWDQWH GD HFRQRPLD PDV SHU VL HOD QXQFD VHUi VXILFLHQWH


 

(P LQJOrV FORVHG ORRS $OJXPDV YH]HV WDPEpP FKDPDGRV GH UHWURILW





VRIUHU FRP DOJXPDV H[FHo}HV FRPR DV GRV PHWDLV QmR SRGHUi VHU LQILQLWD SRLV H[LVWH VHPSUH XPD GHJUDGDomR HIHWLYD QD PDLRULD GRV SURFHVVRV 1R HQWDQWR HVWH PRGHOR SHUPLWLUi DYDQoRV VLJQLILFDWLYRV QD EXVFD GR GHVHQYROYLPHQWR VXVWHQWiYHO

 ,03$&72 $0%,(17$ / '$ &$'(,$ 352'87,9$ '$ &216758d2

&,9,/
$ FDGHLD SURGXWLYD GD FRQVWUXomR FLYLO R GLWR FRQVWUXEXVLQHVV p XP VXSHULRU D  GR 3,% EUDVLOHLUR ),(63  (VWH WDPDQKR UHIOHWH R SDSHO JLJDQWHVFR TXH R VHWRU WHP HP SURSRUFLRQDU XP DPELHQWH FRQVWUXtGR DGHTXDGR SDUD WRGD D UDoD KXPDQD H VXDV FRPSOH[DV DWLYLGDGHV HFRQ{PLFDV e IiFLO REVHUYDU TXH SUDWLFDPHQWH QHQKXPD DWLYLGDGH KXPDQD SUHVFLQGH GH XP DPELHQWH FRQVWUXtGR DGHTXDGR FRP PDLRU RX PHQRU VRILVWLFDomR WRGRV RV HGLItFLRV H VXDV FRQH[}HV YLiULDV KLGUiXOLFDV H HOpWULFDV VmR HP PDLRU RX PHQRU JUDX XP SURGXWR GD FRQVWUXomR FLYLO $ FRQVWUXomR FLYLO HVWi SUHVHQWH HP WRGDV DV UHJL}HV GR SODQHWD RFXSDGDV SHOR KRPHP QD FLGDGH RX QR FDPSR H DWp PHVPR HQWUH SRYRV GD IORUHVWD 'H PDQHLUD JHUDO R LPSDFWR DPELHQWDO GD FRQVWUXomR FLYLO p SURSRUFLRQDO D VXD WDUHID VRFLDO

1R %UDVLO FRPR VHPSUH DV HVWDWtVWLFDV VmR HVFDVVDV &RQVLGHUDQGR TXH QR %UDVLO VmR SURGX]LGDV DSUR[LPDGDPHQWH  PLOK}HV GH WRQHODGDV GH FLPHQWR 3RUWODQG SRU DQR $VVXPLQGR TXH HVWH FLPHQWR p PLVWXUDGR FRP DJUHJDGRV D XP WUDoR PpGLR GH  HP PDVVD SRGHVH HVWLPDU XP FRQVXPR DQXDO GH  PLOK}HV GH WRQHODGDV GH DJUHJDGRV VRPHQWH QD SURGXomR GH FRQFUHWRV H DUJDPDVVDV $ HVWH YDORU p QHFHVViULR VRPDU R YROXPH GH DJUHJDGRV XWLOL]DGRV HP SDYLPHQWDomR H DV SHUGDV 1R FDVR GD PDGHLUD HVWLPDVH TXH HQWUH  :5, E H  &216758&7,21 (19,5210(17  GD PDGHLUD H[WUDtGD QR PXQGR VHMD FRQVXPLGD FRPR PDWHULDO GH FRQVWUXomR H  VHMD XWLOL]DGD FRPR FRPEXVWtYHO (PERUD VH WUDWH GH XP GRV SRXFRV PDWHULDLV UHQRYiYHLV D PDLRU SDUWH GD H[WUDomR GD PDGHLUD p IHLWD GH PDQHLUD QmR VXVWHQWiYHO &216758&7,21 (19,5210(17  2 JUDQGH YROXPH GH PDWHULDLV SURGX]LGRV WHP WDPEpP RXWUDV LPSOLFDo}HV 1D ,QJODWHUUD SRU H[HPSOR DSHQDV R WUDQVSRUWH H D SURGXomR GRV PDWHULDLV GH FRQVWUXomR FRQVRPHP FHUFD GH  GD HQHUJLD '(75  (VWH YROXPH GH PDWHULDLV FRPSUHHQGH VRPHQWH RV PDWHULDLV TXH FKHJDP QR FDQWHLUR $ LQFOXVmR GRV UHVtGXRV JHUDGRV QDV LQG~VWULDV H H[WUDomR GH PDWpULDV SULPDV GHVWLQDGDV j IDEULFDomR GRV PDWHULDLV H FRPSRQHQWHV SDUD FRQVWUXomR FLYLO DXPHQWDULD HP PXLWR HVWH YROXPH $ PHOKRULD H DPSOLDomR GR DPELHQWH FRQVWUXtGR FRP R HPSUHJR GH XP YROXPH SURSRUFLRQDOPHQWH LQIHULRU GH UHFXUVRV QDWXUDLV p FHUWDPHQWH R PDLRU GHVDILR GD FRQVWUXomR FLYLO (VWH GHVDILR p PDLRU QRV SDtVHV QmR GHVHQYROYLGRV RQGH p QHFHVViULR FRQVWUXLU XPD TXDQWLGDGH PDLRU GH EHQV &+(1&+$0%(56 

 &RQVXPR GH UHFXUVRV QDWXUDLV

$OpP GR PDFURVHWRU VHU XP GRV PDLRUHV GD HFRQRPLD HOH SURGX] RV EHQV GH PDLRUHV GLPHQV}HV ItVLFDV GR SODQHWD VHQGR FRQVHTXHQWHPHQWH R PDLRU FRQVXPLGRU GH UHFXUVRV QDWXUDLV GH TXDOTXHU HFRQRPLD 2 FRQVXPR GH UHFXUVRV QDWXUDLV QD FRQVWUXomR FLYLO HP GHWHUPLQDGD UHJLmR GHSHQGH GH IDWRUHV FRPR D WD[D GH UHVtGXRV JHUDGRV E YLGD ~WLO RX WD[D GH UHSRVLomR GDV HVWUXWXUDV FRQVWUXtGDV F QHFHVVLGDGHV GH PDQXWHQomR LQFOXVLYH DV PDQXWHQo}HV TXH YLVDP FRUULJLU IDOKDV FRQVWUXWLYDV G SHUGDV LQFRUSRUDGRV QRV HGLItFLRV H GD WHFQRORJLD HPSUHJDGD (VWLPDWLYDV SUHFLVDV VmR GLItFHLV GH VHUHP UHDOL]DGDV 3DUD 6-g675g0  D FRQVWUXomR FLYLO FRQVRPH HQWUH  H  GRV UHFXUVRV QDWXUDLV H[WUDtGRV QR SODQHWD 1R -DSmR HVWLPRXVH TXH D FRQVWUXomR FLYLO FRQVXPLX HP  FHUFD GH  GRV PDWHULDLV TXH FLUFXODP QD HFRQRPLD .$6$,  (VWH YDORU SHUPLWH HVWLPDU XP FRQVXPR GH  WRQKDEDQR GH PDWHULDLV GH FRQVWUXomR 2 '(75  HVWLPD TXH D FRQVWUXomR GR 5HLQR 8QLGR FRQVRPH FHUFD GH  WRQKDEDQR H  D  PLOK}HV GH WRQHODGDVDQR GH DJUHJDGRV -i SDUD 0$726 H :$*1(5  R FRQVXPR GH DJUHJDGRV SDUD FRQVWUXomR FLYLO QRV (8$ p GH FHUFD GH  WRQKDEDQR 2 FRQVXPR DQXDO GH PDLV GH  ELOK}HV GH WRQHODGDV UHSUHVHQWD FHUFD GH  GRV PDWHULDLV FRQVXPLGRV QD HFRQRPLD QRUWHDPHULFDQD 

 *HUDomR GH UHVtGXRV

2 PDFURFRPSOH[R GD FRQVWUXomR JHUD UHVtGXRV QD SURGXomR GH PDWHULDLV H FRPSRQHQWHV QD DWLYLGDGH GH FDQWHLUR GXUDQWH D PDQXWHQomR PRGHUQL]DomR H ILQDOPHQWH QD GHPROLomR $V DWLYLGDGHV GH PDQXWHQomR WrP FRPR FDXVD WDQWR D FRUUHomR GH IDOKDV GH H[HFXomR FRQKHFLGDV FRPR SDWRORJLDV TXDQWR j QHFHVVLGDGH GH UHSRVLomR GRV FRPSRQHQWHV TXH DWLQJLUDP R ILP GD VXD YLGD ~WLO -2+1  1HVWH LWHP VHUmR WUDWDGRV DSHQDV RV UHVtGXRV JHUDGRV SRU DWLYLGDGHV GH FRQVWUXomR H GH PDQXWHQomR H GHPROLomR FRQKHFLGRV SRU UHVtGXRV GH FRQVWUXomR H GHPROLomR 5&' RX HQWXOKR GH REUD (VWXGR GH 3,172  HVWLPRX TXH QDV JUDQGHV FLGDGHV EUDVLOHLUDV DV DWLYLGDGHV GH FDQWHLUR GH REUDV VmR UHVSRQViYHLV SRU DSUR[LPDGDPHQWH  GRV UHVtGXRV GH FRQVWUXomR H GHPROLomR 5&' HQTXDQWR TXH D DWLYLGDGH GH GHPROLomR H PDQXWHQomR VmR UHVSRQViYHLV SHOD RXWUD PHWDGH %266,1& HW DO  DSUHVHQWDP HVWLPDWLYDV GH SDtVHV GD $OHPDQKD H (XURSD 2ULHQWDO GHPRQVWUDQGR TXH DSUR[LPDGDPHQWH  GRV UHVtGXRV VmR SURYHQLHQWHV GH PDQXWHQomR H GHPROLo}HV H R UHVWDQWH GH DWLYLGDGHV GH 

FRQVWUXomR 1RV (8$ D (3$  HVWLPD TXH DSHQDV  GRV UHVtGXRV GH FRQVWUXomR VHMDP SURYHQLHQWHV GDV DWLYLGDGHV GH FRQVWUXomR H TXH  SURYrP GH GHPROLo}HV QmR UHVLGHQFLDLV 1DWXUDOPHQWH DV GLIHUHQoDV QD SDUWLFLSDomR GH FDGD IRQWH UHIOHWHP D LPSRUWkQFLD UHODWLYD GDV DWLYLGDGHV GH FRQVWUXomR PDQXWHQomR H GHPROLo}HV HP FDGD HFRQRPLD H WDPEpP GD WD[D GH SHUGD GH PDWHULDLV HP DPEDV DWLYLGDGHV GH FRQVWUXomR $ 7DEHOD  UHVXPH RV SULQFLSDLV HVWLPDWLYDV GH SURGXomR GH 5&' HQFRQWUDGRV QD ELEOLRJUDILD 2 YDORU GH JHUDomR GH UHVtGXR GHSHQGH GD LQWHQVLGDGH GD DWLYLGDGH GH FRQVWUXomR HP FDGD SDtV GD WHFQRORJLD HPSUHJDGD WD[DV GH GHVSHUGtFLRV H PDQXWHQomR (VWH YROXPH SRGH FUHVFHU VLJQLILFDWLYDPHQWH HP IXQomR GH GHVDVWUHV QDWXUDLV RX JXHUUD /$85,7=(1  'H PDQHLUD JHUDO R YROXPH GH 5&' JHUDGR QDV FLGDGHV p HTXLYDOHQWH RX VXSHULRU DR GRV UHVtGXRV VyOLGRV PXQLFLSDLV (8  1D (XURSD D HVWLPDWLYD PpGLD GH JHUDomR GH HQWXOKR YDULD GH  H  NJKDEDQR VXSHULRU D HVWLPDWLYD GH  NJKDEDQR GH UHVtGXR VyOLGR PXQLFLSDO /$85,7=(1  1R %UDVLO R WUDEDOKR VLVWHPiWLFR DSHQDV VH LQLFLD H RV GDGRV GLVSRQtYHLV VmR RV GH 3,172  'DGD D LQH[LVWrQFLD GH GDGRV HVWDWtVWLFRV HVWH DXWRU SURS{V XPD PHWRGRORJLD SDUD HVWLPDU D JHUDomR GH 5&' HP FHQWURV XUEDQRV 1DV  FLGDGHV HVWXGDGDV SRU HVWH DXWRU D JHUDomR GH 5&' YDULRX GH  D NJKDEDQR UHSUHVHQWDQGR HQWUH  H  GR UHVtGXR VyOLGR PXQLFLSDO HP DGHUrQFLD 8PD H[FHomR SDUHFH VHU RV (VWDGRV 8QLGRV RQGH D JHUDomR HVWLPDGD GH UHVtGXR GH FRQVWUXomR p LQIHULRU j GR UHVtGXR PXQLFLSDO  NJKDEDQR GH 5&' (3$  FRQWUD  NJKDEDQR (3$  (VWD GLVSDULGDGH GD WD[D GH JHUDomR GH UHVtGXRV SHU FDSLWD QD HFRQRPLD QRUWHDPHULFDQD SRGH VHU DWULEXtGD D XPD PHQRU JHUDomR GH UHVtGXRV QDV DWLYLGDGHV GH FRQVWUXomR RX PHVPR DR PHQRU SHVR GD FRQVWUXomR QD HFRQRPLD QRUWHDPHULFDQD FHUFD GH  GR 3,% +(1'5,&.621 +$592$7+  3URGXWRV GH GLIHUHQWHV RULJHQV H QDWXUH]D SRGHP VHU LGHQWLILFDGRV GHQWUR GR WHUPR JHQpULFR UHVtGXR GH FRQVWUXomR H GHPROLomR 3DUD FLWDU H[HPSORV 3,172  SRGHP VHU LGHQWLILFDGRV D VRORV E URFKDV F FRQFUHWR DUPDGR RX QmR G DUJDPDVVDV D EDVH GH FLPHQWR H FDO H PHWDLV I PDGHLUD J SOiVWLFRV GLYHUVRV K PDWHULDLV EHWXPLQRVRV L YLGUR M JHVVR SDVWD H SODFD N WLQWDV H DGHVLYRV O UHVWRV GH HPEDODJHQV P UHVtGXRV GH FHUkPLFD YHUPHOKD FRPR WLMRORV H WHOKDV Q FHUkPLFD EUDQFD HVSHFLDOPHQWH D GH UHYHVWLPHQWR R FLPHQWRDPLDQWR S SURGXWRV GH OLPSH]D GH WHUUHQRV HQWUH RXWURV HP SURSRUo}HV YDULiYHLV GH DFRUGR FRP D RULJHP

7DEHOD  (VWLPDWLYDV GD JHUDomR GH UHVtGXRV GD FRQVWUXomR FLYLO HP GLIHUHQWHV SDtVHV

3DtV 6XpFLD +RODQGD (8$ 8. %pOJLFD 'LQDPDUFD ,WiOLD $OHPDQKD -DSmR 3RUWXJDO %UDVLO

4XDQWLGDGH $QXDO 0WRQDQR                   QD .JKDE        D          

)RQWH
72/672< %g5./81' &$5/621(8 /$85,7=(1  %5266,1. %528:(56 9$1 .(66(/ (8 (3$  3(1* *5266.23) .,%(57 '(75/$85,7=(1

2EVHUYDo}HV
""

  "

/$85,7=(1(8 " .$6$, (8 3,172  ([FOXLVRORV $OJXPDVFLGDGHVDSHQDV

$ )LJXUD  DSUHVHQWD D FRPSRVLomR PpGLD GR 5&' GHSRVLWDGR QR DWHUUR GH ,WDWLQJD QD FLGDGH GH 6mR 3DXOR %5,72 ),/+2  2 5&' WHP FRQVWLWXLomR YDULiYHO GHSHQGH GD IRQWH JHUDGRUD FRQVWUXomR RX UHIRUPDGHPROLomR IDVH GD REUD WHFQRORJLD FRQVWUXWLYD QDWXUH]D GD REUD HWF 9iULRV GDGRV HVWmR GLVSRQtYHLV PDV DLQGD QmR VH GLVS}H GH XP HVWXGR QDFLRQDO PDLV DEUDQJHQWH 1R HQWDQWR RV YDORUHV PHGLGRV QR %UDVLO VmR VLPLODUHV j VLWXDomR GD (XURSD 3,172  PDV PXLWR GLIHUHQWHV GD VLWXDomR QRUWHDPHULFDQD 1RV (8$ R WHRU GH PDGHLUD QD PDVVD HQWXOKR RULXQGR GH FRQVWUXo}HV GH HGLItFLRV IRL HVWLPDGR HP  (3$  6HJXQGR D PHVPD IRQWH EORFRV GH DOYHQDULD H FRQFUHWR UHSUHVHQWDP HQWUH  D  GD PDVVD GH HQWXOKR HP FRQVWUXo}HV UHVLGHQFLDLV H  D  QDV FRQVWUXo}HV FRPHUFLDLV 1D PDLRULD GDV QRUPDOL]Do}HV LQWHUQDFLRQDLV RV UHVtGXRV GH FRQVWUXomR H GHPROLomR VmR FRQVLGHUDGRV LQHUWHV DSHQDV GHYLGR D XPD H[FHomR j UHJUD GH FODVVLILFDomR GH UHVtGXRV 1%5  (3$  1R HQWDQWR GHYLGR D VXD FRPSRVLomR YDULDGD RV UHVtGXRV GH FRQVWUXomR H GHPROLomR SRGHP FRQWHU UHVtGXRV SHULJRVRV FRPR DGHVLYRV WLQWDV yOHR EDWHULDV ELRFLGDV LQFRUSRUDGRV HP PDGHLUDV WUDWDGDV WHQGR VLGR HQFRQWUDGR QRV OL[LYLDGRV GRV DWHUURV TXDQWLGDGHV GH VXEVWkQFLDV Wy[LFDV DFLPD GRV OLPLWHV (3$  R TXH SHUPLWH OHYDQWDU D VXVSHLWD TXH HVWD H[FHomR D UHJUD SRGH VHU UHYLVWD HP PpGLR SUD]R 1mR VH FRQKHFH LQYHVWLJDomR VLPLODU QR %UDVLO $ GHSRVLomR LUUHJXODU GR 5&' p XP IHQ{PHQR LQWHUQDFLRQDO H QR %UDVLO WHP LPSRUWDQWHV HIHLWRV QD TXDOLGDGH DPELHQWDO XUEDQD H QRV FXVWRV GDV SUHIHLWXUDV 3,172  $ GHSRVLomR LUUHJXODU GR 5&' QD PDOKD XUEDQD WHP VLGR UHODFLRQDGD FRP HQFKHQWHV FDXVDGDV SRU DVVRUHDPHQWR GRV FyUUHJRV SRU 5&' FRP SUHMXt]RV j SDLVDJHP REVWUXomR





GH YLDV GH WUiIHJR H FRP D SUROLIHUDomR GH GRHQoDV $ FROHWD H R WUDQVSRUWH GR 5&' SDUD iUHDV GH GHSyVLWR FDGD YH] PDLV DIDVWDGDV GDV UHJL}HV FHQWUDLV FRQJHVWLRQDP R WUiIHJR $OpP GLVWR R UHFROKLPHQWR GR 5&' GHSRVLWDGR LOHJDOPHQWH UHSUHVHQWD XP FXVWR VLJQLILFDWLYR SDUD RV PXQtFLSHV $V HVWLPDWLYDV GH 3,172  YDULDUDP HQWUH 86 WRQ H 86 WRQ GH 5&' UHFROKLGR SDUD GLIHUHQWHV FLGDGHV H WpFQLFDV GH UHFROKLPHQWR $ 3UHIHLWXUD 0XQLFLSDO GH 6mR 3DXOR UHFROKH GLDULDPHQWH  PLO WRQHODGDV GH HQWXOKR D XP FXVWR PHQVDO GH  PLOK}HV GH UHDLV %5,72 ),/+2  (P FHUFD GH GH] DQRV D DQWLJD SHGUHLUD GH ,WDWLQJD HP 6mR 3DXOR RULJLQDOPHQWH XP EXUDFR GH  P GH GLkPHWUR H P GH SURIXQGLGDGH IRL FRQYHUWLGD HP XPD PRQWDQKD GH  PHWURV GH DOWXUD UHGX]LQGR DLQGD PDLV D Mi OLPLWDGD iUHD SDUD GHSRVLomR GH UHVtGXRV
RUJkQ LFRV 

$ IDVH GH H[HFXomR p FHUWDPHQWH JHUDGRUD GD SDUFHOD PDLV YLVtYHO GDV SHUGDV LQFOXVLYH SRUTXH p VRPHQWH QHVWD IDVH TXH DV GHFLV}HV DQWHULRUHV JDQKDP GLPHQVmR ItVLFD FRQVXPLQGR UHFXUVRV QDWXUDLV 7DOYH] D PDLV LPSRUWDQWH SHVTXLVD VREUH SHUGDV QD FRQVWUXomR IRL UHDOL]DGD QR %UDVLO ILQDQFLDGD SHOR 3URJUDPD +$%,7$5( TXH FRQWRX FRP D SDUWLFLSDomR GH  8QLYHUVLGDGHV H  HPSUHVDV $*23<$1 HW DO  $ 7DEHOD  UHVXPH DOJXQV GRV UHVXOWDGRV REWLGRV SHOD SHVTXLVD $ SULQFLSDO UHYHODomR SULQFLSDO WDOYH] VHMD JUDQGH YDULDomR QDV SHUGDV HQWUH DV GLIHUHQWHV HPSUHVDV H FDQWHLURV GH XPD PHVPD HPSUHVD GXUDQWH D IDVH GH H[HFXomR DOJXPDV YH]HV GD RUGHP GH  YH]HV (VWD YDULDomR UHYHOD R SRWHQFLDO SDUD D UHGXomR GDV SHUGDV VHP PXGDQoD GD EDVH WHFQROyJLFD $GPLWLQGR TXH  GR FLPHQWR EUDVLOHLUR p XWLOL]DGR HP DWLYLGDGHV GH FRQVWUXomR GH HGLILFDo}HV H TXH HVWDV DWLYLGDGHV SRVVXHP SHUGDV PpGLDV LJXDO  PHGLDQD GD DPRVWUD SRGHVH HVWLPDU TXH VH DV SHUGDV IRVVHP UHGX]LGDV SDUD  YDORU PtQLPR HQFRQWUDGR QD DPRVWUD VHULD SRVVtYHO DXPHQWDU HP  D SURGXomR GH HGLILFDo}HV PDQWHQGRVH FRQVWDQWH D SURGXomR GH FLPHQWR
7DEHOD  3HUGDV GH DOJXQV PDWHULDLV GH FRQVWUXomR FLYLO HP FDQWHLURV EUDVLOHLURV  

FHUkPLFRV 

V ROR 

RX WURV  DUJDPDVVDV  FRQ FUHWR 

&LPHQWR 0LQ 0D[ 0HGLDQD   

$oR   

%ORFRV H WLMRORV   

$UHLD   

&RQFUHWR XVLQDGR   

)LJXUD  &RPSRVLomR PpGLD GRV HQWXOKRV GHSRVLWDGRV QR DWHUUR GH ,WDWLQJD 6mR 3DXOR %5,72 ),/+2 

 3HUGDV H GHVSHUGtFLR QD FRQVWUXomR FLYLO

$V SHUGDV GH PDWHULDLV GXUDQWH R SURFHVVR GH FRQVWUXomR DXPHQWDP R LPSDFWR DPELHQWDO SRLV FRQVLVWHP HP XP FRQVXPR GH PDWHULDLV DOpP GR QHFHVViULR j SURGXomR RX PDQXWHQomR GH XP EHP $1'5$'(  628=$ HW DO  (P TXDOTXHU SURFHVVR GHYLGR j YDULDELOLGDGH QDWXUDO p LQHYLWiYHO TXH RFRUUD XP GHWHUPLQDGR YROXPH GH SHUGDV $ IUDomR GDV SHUGDV TXH H[FHGH D HVWH OLPLWH PtQLPR FDUDFWHUtVWLFR GD WHFQRORJLD p FRQVLGHUDGD GHVSHUGtFLR 2V OLPLWHV HQWUH SHUGD LQHYLWiYHO H R GHVSHUGtFLR VmR GLItFHLV GH HVWDEHOHFHU H SDUD XPD PHVPD WHFQRORJLD YDULDP FRP FDUDFWHUtVWLFDV UHJLRQDLV H QR WHPSR 3DUWH GDV SHUGDV SHUPDQHFHP LQFRUSRUDGDV DR HGLItFLR QD IRUPD GH HVSHVVXUDV H[FHVVLYDV H RXWUD SDUFHOD p UHWLUDGD QD IRUPD GH UHVtGXR GH FRQVWUXomR $1'5$'(  $V SHUGDV WHP RULJHP QDV GLIHUHQWHV HWDSDV GR FLFOR GH YLGD GR HGLItFLR $ IDVH GH SODQHMDPHQWR SRU H[HPSOR SRGH VHU UHVSRQViYHO SRU GHVSHUGtFLR DR GHFLGLU D FRQVWUXomR GH XPD HVWUXWXUD QmR QHFHVViULD 1D IDVH GH SURMHWR D VHOHomR GH XPD WHFQRORJLD LQDGHTXDGD RX R VXSHUGLPHQVLRQDPHQWR GD VROXomR FRQVWUXWLYD WDPEpP SRGHP FDXVDU GHVSHUGtFLR RX QHFHVVLGDGHV GH UHWUDEDOKR -$48(6  

 &RQVXPR GH HQHUJLD

2 PDFURFRPSOH[R GD FRQVWUXomR FLYLO H RV VHXV SURGXWRV SDUWLFXODUPHQWH RV HGLItFLRV FRQVRPHP JUDQGHV TXDQWLGDGHV GH HQHUJLD GHVGH D FRQVWUXomR DWp H SULQFLSDOPHQWH QD VXD IDVH GH XVR $ SURGXomR GH PDWHULDLV FRQVRPH FRQVLGHUiYHO TXDQWLGDGH GH HQHUJLD HVSHFLDOPHQWH TXDQGR VH OHYD HP FRQWD R YROXPH GH SURGXomR 3RXFRV GDGRV HVWmR GLVSRQtYHLV QR %UDVLO H RV DSUHVHQWDGRV QD 7DEHOD  VmR UHIHUHQWHV DR PHUFDGR GRV (8$ 2XWURV IDWRUHV LPSRUWDQWHV TXH YmR LQIOXHQFLDU QD HQHUJLD LQFRUSRUDGD QRV PDWHULDLV p D GLVWkQFLD H R PHLR GH WUDQVSRUWH 1D ,QJODWHUUD R FRQVXPR GH HQHUJLD DVVRFLDGR j SURGXomR H WUDQVSRUWH GH PDWHULDLV GH FRQVWUXomR FLYLO p GH FHUFD GH  GR FRQVXPR WRWDO GH HQHUJLD



3URJUDPD GH IRPHQWR j SHVTXLVD QD iUHD GH KDELWDomR FRRUGHQDGR SHOD ),1(3 H TXH FRQWD FRP UHFXUVRV GR &13T %ROVDV 5+$( &DL[D 6(%5$( HQWUH RXWURV



7DEHOD  &RQVXPR GH HQHUJLD HVWLPDGR SDUD D SURGXomR GH GLIHUHQWHV PDWHULDLV GH FRQVWUXomR &2/( 52866($8  0-WRQ

3URGXWR &LPHQWR YLD VHFD  &LPHQWR YLD ~PLGD 0DGHLUD 1DWXUDO &RPSHQVDGR 7LMROR FHUkPLFR *HVVR 9LGUR SODQR 7LQWDV OiWH[ EDVH VHFD 3ROLHVWLUHQR $oR $OXPtQLR
2V

0LQ           

0D[          

PDLV HILFLHQWHV FRPELQDGD FRP SURMHWR DGHTXDGR GD IDFKDGD SRGH UHVXOWDU HP UHGXo}HV QR FRQVXPR GH HQHUJLD GH DWp  (/(752%56 

 3ROXLomR DPELHQWDO

2 PDFURFRPSOH[R GD FRQVWUXomR FLYLO WDPEpP p XP JHUDGRU GH SROXLomR DPELHQWDO $V DWLYLGDGHV GH FDQWHLUR JHUDP HQWUH RXWURV SROXLomR VRQRUD H PDWHULDO SDUWLFXODGR UHVSLUiYHO HVWD ~OWLPD XPD IRQWH VpULD GH SROXLomR GR DU HP 6mR 3DXOR &(7(6%  0DWHULDO SDUWLFXODGR WDPEpP p JHUDGR QR SURFHVVR GH H[WUDomR GH DJUHJDGRV H PRDJHP GH PDWpULDV SULPDV FRPR R FLPHQWR H D FDO $ SURGXomR GRV PDWHULDLV GH FRQVWUXomR VH FRQVWLWXL WDOYH] HP XPD PDLV LPSRUWDQWH IRQWH GH SROXLomR $ IDEULFDomR GH FLPHQWR 3RUWODQG H FDO SRU H[HPSOR LPSOLFDP QD FDOFLQDomR GR FDOFiULR RX GRORPLWR OLEHUDQGR JUDQGHV TXDQWLGDGHV GH &2 &D2&2  NJ  (QHUJLD &D2 NJ  &2  NJ

FRQVXPRV HQHUJpWLFRV GD LQG~VWULD FLPHQWHLUD %UDVLOHLUD VmR PXLWR LQIHULRUHV VHMD SHOD VXSHULRU HILFLrQFLD HQHUJpWLFD GR SURFHVVR VHMD HOHYDGR tQGLFH GH UHFLFODJHP

2 VLPSOHV FRQWH~GR GH HQHUJLD SRU XQLGDGH GH PDVVD GRV PDWHULDLV QmR FRQVWLWXL HP VL XP LQGLFDGRU GR VHX LPSDFWR DPELHQWDO SRUTXH H[LVWH VLJQLILFDWLYD GLIHUHQoD GH HILFLrQFLD HQWUH RV GLIHUHQWHV PDWHULDLV SDUD XPD PHVPD IXQomR $VVLP R LPSRUWDQWH p D TXDQWLGDGH GH HQHUJLD RX PDWHULDO QHFHVViULD SDUD FXPSULU GHWHUPLQDGD IXQomR 2XWUR DVSHFWR TXH WDPEpP GHYH VHU FRQVLGHUDGR p TXH GLIHUHQWHV PDWHULDLV YmR DSUHVHQWDU GLIHUHQWHV GXUDELOLGDGHV RX YLGDV ~WHLV HP DPELHQWHV GLIHUHQWHV 'HVWD IRUPD XPD GXUDELOLGDGH HOHYDGD SRGH FRPSHQVDU XP HOHYDGR FRQVXPR GH HQHUJLD H YLFHYHUVD 2 FRQVXPR GH HQHUJLD GXUDQWH D IDVH GH XVR GDV HGLILFDo}HV HP LOXPLQDomR RSHUDomR GH HTXLSDPHQWRV H FRQGLFLRQDPHQWR DPELHQWDO SRGH VHU DWp PDLV LPSRUWDQWH TXH R FRQVXPR GD IDVH GH FRQVWUXomR 1D ,QJODWHUUD RV HGLItFLRV FRQVRPHP HQWUH  D  GD HQHUJLD XWLOL]DGD QR SDtV VHQGR TXH PHWDGH GHVWH YDORU p XVDGR HP KDELWDo}HV '(75 E 1R %UDVLO R 352&(/ (/(752%56  HVWLPD TXH DV HGLILFDo}HV VmR UHVSRQViYHLV SRU  GR FRQVXPR GH HQHUJLD HOpWULFD VHQGR TXH FHUFD GH  GHVWLQDVH j LOXPLQDomR LQFOXLQGR D S~EOLFD 0HVPR HP KDELWDo}HV SRSXODUHV R FXVWR GD HQHUJLD GXUDQWH D YLGD ~WLO GH  DQRV SRGH VHU PDLRU TXH R SUHoR SDJR SHOD XQLGDGH KDELWDFLRQDO H[FOXLQGR R WHUUHQR $GPLWLQGR VH XP FRQVXPR PHQVDO GH 5  GH HQHUJLD HOpWULFD R WRWDO JDVWR HP  DQRV p GH 5  VXSHULRU DR SUHoR PpGLR GDV KDELWDo}HV SRSXODUHV (P HGLItFLRV FRPHUFLDLV HVSHFLDOPHQWH DTXHOHV FRP DU FRQGLFLRQDGR FHQWUDO D VLPSOHV DGRomR GH HTXLSDPHQWRV

$ SURGXomR GH XPD WRQHODGD GH FDO KLGUDWDGD FiOFLFD &D2+2 OLEHUD DSUR[LPDGDPHQWH  NJ GH &2 SDUD D DWPRVIHUD VHP FRQWDU R &2 OLEHUDGR SHOD TXHLPD GH FRPEXVWtYHO $ SURGXomR GH XPD WRQHODGD GH FOtQTXHU SHOR PpWRGR GD YLD VHFD OLEHUD DSUR[LPDGDPHQWH HQWUH  H  NJ GH &2 SDUD D DWPRVIHUD GHSHQGHQGR GR FRPEXVWtYHO H GD HILFLrQFLD GR SURFHVVR <$0$0272 HW DO  'HVWH WRWDO  p SURYHQLHQWH GD GHVFDUERQDWDomR GR FDOFiULR 8PD SDUWH GHVWH &2 YDL VHU DEVRUYLGR QRYDPHQWH QD FDUERQDWDomR GH FRQFUHWRV H DUJDPDVVDV $SHVDU GH VHU PXLWR LQIHULRU TXH R YROXPH GH &2 JHUDGR SHORV DXWRPyYHLV H FDPLQK}HV D PDVVD GH &2 JHUDGR SHOD LQG~VWULD FLPHQWHLUD p VLJQLILFDWLYD HVSHFLDOPHQWH QR %UDVLO RQGH D SURGXomR GH FLPHQWR FRQWULEXL DWXDOPHQWH HQWUH  H  GR &2HPLWLGR &',$&  )LJXUD  0HVPR DVSHFWRV FRQVLGHUDGRV PHQRUHV GR SRQWR GH YLVWD GR SURFHVVR FRQVWUXWLYR FRPR D FRQWDPLQDomR GH iJXD SHOD OLPSH]D GH FDPLQK}HV EHWRQHLUDV DR ILQDO GR GLD GH WUDEDOKR WHP UHFHELGR DWHQomR GH SHVTXLVDGRUHV &+,1, 0%:$0%2  H GH GLVFXVV}HV QD &kPDUD $PELHQWD GD &RQVWUXomR &LYLO QD &(7(6% $ SHUGD GH &)& IOXtGR UHIULJHUDQWH DLQGD XWLOL]DGR QD PDLRULD GRV DSDUHOKRV GH DU FRQGLFLRQDGR p XP RXWUR H[HPSOR GH SROXLomR JHUDGD SHORV SURGXWRV GD FRQVWUXomR



&RQWDWR SHVVRDO FRP 3URI 5REHUWR /DPEHUWV 8)6&





10,0

&2 &LPHQWR  

8,0 Brasil 6,0 4,0 Global 2,0 0,0 1920 1940 1960 1980 2000

HIHLWRV GHVWHV SROXHQWHV GHSHQGHP GD QDWXUH]D LQWHQVLGDGH H SHUtRGR GH WHPSR GH H[SRVLomR 3RGHP YDULDU GH VLPSOHV GRUHV GH FDEHoD TXH DIHWDP D SURGXWLYLGDGH DWp FkQFHU RX RXWURV GDQRV DR VLVWHPD UHVSLUDWyULR (3$ F 0LFURUJDQLVPRV SDWRJrQLFRV VmR DVVRFLDGRV QRUPDOPHQWH FRP D SUHVHQoD GH iJXD SURGX]LGD SRU LQILOWUDo}HV RX HYDSRUDomR GH iJXD GXUDQWH R XVR DVVRFLDGD D EDL[DV YHQWLODo}HV &DXVDP DOHUJLDV RX DIHWDP R VLVWHPD UHVSLUDWyULR 8P FDVR HVSHFtILFR p D GRHQoD GR OHJLRQiULR XPD GRHQoD PXLWR VLPLODU j SQHXPRQLD H SRU LVWR GH GLDJQyVWLFR GLItFLO (OD HVWD DVVRFLDGD j FRQWDPLQDomR GRV VLVWHPDV GH GLVWULEXLomR GH iJXD (3$ F $WLYLGDGHV GH SURGXomR SRGHP JHUDU SROXLomR GR DPELHQWH GH WUDEDOKR FRPR D DSOLFDomR GH DVIDOWR %8567<1 HW DO  DSOLFDomR GH WLQWDV FRQWHQGR GH FKXPER HWF

$QR
)LJXUD  (YROXomR KLVWyULFD GD SDUWLFLSDomR GD LQG~VWULD GH FLPHQWR QD JHUDomR GH PXQGLDO GH &2 'DGRV REWLGRV SHOR DXWRU QR &',$& 

 2XWURV
$OpP GRV LPSDFWRV DQWHV OLVWDGRV D FDGHLD SURGXWLYD GD FRQVWUXomR FLYLO WHP LPSDFWRV 'HVWHV RV PDLV GLVFXWLGRV VmR RV HIHLWRV GDV REUDV GH FRQVWUXomR H GH H[WUDomR GH PDWpULDV SULPDV QD GHVWUXLomR GD IORUD IDXQD SDLVDJHP $ iJXD HPERUD DEXQGDQWH QR SODQHWD p SUHGRPLQDQWH QmR SRWiYHO FRQFHQWUDGD HP RFHDQRV H PDUHV RX HQFRQWUDVH QDV FDORWDV SRODUHV 0HQRV GH  GR WRWDO GD iJXD p SRWiYHO H DFHVVtYHO DR FRQVXPR KXPDQR VHQGR TXH HP JUDQGHV FLGDGHV PHVPR IRUD GH UHJL}HV GHVpUWLFDV RX VHPLGHVpUWLFDV D iJXD SRWiYHO p SURGXWR HVFDVVR H FDUR

 3ROXLomR GR DU GR LQWH ULRU GRV HGLItFLRV

$OpP GD SROXLomR GR DU H[WHUQR D FRQVWUXomR FLYLO p UHVSRQViYHO SHOD FULDomR GH DPELHQWHV LQWHULRUHV SROXtGRV 2V SROXHQWHV GR DU GR LQWHULRU GRV HGLItFLRV VmR D FRPSRVWRV RUJkQLFRV YROiWHLV E PLFURUJDQLVPRV SDWRJrQLFRV F SRHLUDV G SDUWtFXODV H ILEUDV H UDG{QLR (3$ F (VWHV SURGXWRV VmR OLEHUDGRV SHORV PDWHULDLV SHOR VROR RX SHODV DWLYLGDGHV UHODFLRQDGDV DR XVR H RSHUDomR GH HTXLSDPHQWRV IRJ}HV PiTXLQDV GH [HUR[ LPSUHVVRUDV ODVHU HWF H GH SURGXWRV GH OLPSH]D 2 QtYHO GH SROXLomR LQWHUQR p FRQWURODGR SHOD VHOHomR GH PDWHULDLV SHODV WD[DV GH YHQWLODomR H SHODV DWLYLGDGHV GH OLPSH]D H DVVHSVLD SDUWLFXODUPHQWH GRV VLVWHPDV GH DU FRQGLFLRQDGR H YHQWLODomR $ Pi[LPD WD[D GH YHQWLODomR p GHILQLGD HP SURMHWR PDV p R XVR TXH GHWHUPLQD D WD[D UHDO GH UHQRYDomR GH DU GXUDQWH D IDVH GH XVR 2 WHPD p FUtWLFR HP HGLItFLRV FRQGLFLRQDGRV (P SDtVHV IULRV FRPR &DQDGi 6XpFLD H (8$ R SUREOHPD UHFHEH DWHQomR GRV RUJDQLVPRV GH VD~GH S~EOLFD D FHUFD GH  DQRV (P HGLItFLRV QmR FRQGLFLRQDGRV HP FOLPDV DPHQRV FRPR RV REVHUYDGRV QR %UDVLO D LPSRUWkQFLD GR WHPD p GLVFXWtYHO H[FHWR SHODV SRVVLELOLGDGHV GH FRQWDPLQDomR GRV DPELHQWHV SRU PLFURUJDQLVPRV $ VHOHomR GRV PDWHULDLV HVWDEHOHFH D TXDQWLGDGH GH FRPSRVWRV RUJkQLFRV YROiWHLV OLEHUDGRV SHORV PDWHULDLV H WDPEpP SHODV DWLYLGDGHV GH OLPSH]D TXH FDGD PDWHULDO UHTXHU 'HQWUH RV FRPSRVWRV RUJkQLFRV YROiWHLV PDLV LPSRUWDQWHV HQFRQWUDPVH RV IRUPDOGHtGRV VROYHQWHV RUJkQLFRV RULXQGRV GH FRODV WLQWDV SOiVWLFRV H RXWURV UHYHVWLPHQWRV RUJkQLFRV <8 &5803  $V ILEUDV UHVSLUiYHLV SRGHP VHU RULXQGDV GH UHYHVWLPHQWRV WHFLGRV FRPR RV FDUSHWHV LVRODQWHV WpUPLFRV ILEURVRV H PHVPR GD DEUDVmR GH SHoDV FRQWHQGR ILEUDV SHULJRVDV FRPR XPD GDV IRUPDV GH DPLDQWR 2V 

 3ROXLomR DPELHQWDO H GXUDELOLGDGH GH PDWHULDLV GH FRQVWUXomR FLYLO

(VWi SURYDGR TXH D FRQFHQWUDomR DWPRVIpULFD GH SROXHQWHV FRPR R 62 2 12 GHWHUPLQDP HP JUDQGH SDUWH D YHORFLGDGH GH GHJUDGDomR GRV PDWHULDLV GH FRQVWUXomR PHWiOLFRV RX QmR PHWiOLFRV +$$*(158'  2 EXUDFR QD FDPDGD GH R]{QLR DR DXPHQWDU D WD[D GD UDGLDomR XOWUDYLROHWD QR VROR WHP HIHLWRV QD YHORFLGDGH GH GHJUDGDomR GRV SOiVWLFRV 6+,5$.$:$ HW DO  GHPRQVWUDP TXH PLFURUJDQLVPRV DOLPHQWDGRV SHOR yOHR GLHVHO TXH FRQWDPLQDYD R OHQoRO IUHiWLFR FDXVDUDP VLJQLILFDWLYRV GDQRV D XP W~QHO GR 0HWUR GH 6mR 3DXOR 7,/)25'HW DO  HVWXGDUDP GLYHUVRV WLSRV GH REUDV QRUWHDPHULFDQDV TXH HQIUHQWDUDP SUREOHPDV FRP VRORV FRQWDPLQDGRV H FRQFOXtUDP TXH R DFUpVFLPR QR FXVWR GD FRQVWUXomR YDULRX HQWUH  D   FRP PHGLDQD GH   WHQGR FDXVDGR DWUDVRV VLJQLILFDWLYRV HP DOJXPDV REUDV



 &21&/862
([LVWHP VLQDLV EDVWDQWH FODURV GH TXH R DWXDO PRGHOR GH GHVHQYROYLPHQWR EDVHDGR QD H[WUDomR PDFLoD GH UHFXUVRV QDWXUDLV H JHUDomR GH UHVtGXRV QmR p VXVWHQWiYHO HP ORQJR SUD]R
3

&$378/2 

(P VXEVWLWXLomR D HVWH PRGHOR HVWi VHQGR SURSRVWR R PRGHOR GH GHVHQYROYLPHQWR VXVWHQWiYHO TXH DLQGD QHFHVVLWD VHU GHILQLGR GH PDQHLUD PDLV REMHWLYD $SHVDU GH VHU XP FRQFHLWR DLQGD GLIXVR R VHX LPSDFWR QD FXOWXUD SHVTXLVD FRPpUFLR H DWLYLGDGHV SURGXWLYDV Mi p XPD UHDOLGDGH $ FDGHLD SURGXWLYD GD FRQVWUXomR FLYLO p SURYDYHOPHQWH XPD GDV PDLRUHV GD HFRQRPLD H FRQVHTXHQWHPHQWH SRVVXL HQRUPH LPSDFWR DPELHQWDO e D SULQFLSDO FRQVXPLGRUD GH PDWpULDV SULPDV GD HFRQRPLD XPD GDV PDLRUHV JHUDGRUDV GH UHVtGXR HQHUJLD H WDPEpP FRODERUD VLJQLILFDWLYDPHQWH QD SROXLomR DPELHQWDO LQFOXtGR R HIHLWR HVWXID $VVLP QmR VHUi SRVVtYHO XP GHVHQYROYLPHQWR VXVWHQWiYHO VHP TXH WRGD D FDGHLD SURGXWLYD GD FRQVWUXomR FLYLO VRIUD WUDQVIRUPDo}HV VLJQLILFDWLYDV 3URYDYHOPHQWH HVWDV PXGDQoDV VHUmR PXLWR PDLV SURIXQGDV TXH DV FDXVDGDV UHFHQWHPHQWH SHOD DGRomR GR SDUDGLJPD GH JHVWmR GD TXDOLGDGH

5(&,&/$*(0 &216758d2 &,9,/ (

'(6(192/9,0(172 6867(179(/

 &/$66,),&$d(6 '( 5(6'826

2V UHVtGXRV SRGHP HP XPD SULPHLUD DYDOLDomR VHUHP FODVVLILFDGRV FRPR D SHULJRVRV HP GLIHUHQWHV JUDXV E QmR SHULJRVRV $ (3$  GHILQH FRPR SHULJRVR XP UHVtGXR TXH SRVVXD SURSULHGDGHV TXH R WRUQH SHULJRVR RX FDSD] GH FDXVDU XP HIHLWR GDQRVR j VD~GH KXPDQD RX DR PHLR DPELHQWH (P WHUPRV JHQpULFRV D FODVVLILFDomR REMHWLYD p UHDOL]DGD HP IXQomR GD D WR[LFLGDGH E IODPDELOLGDGH F FRUURVLYLGDGH G UHDWLYLGDGH H SDWRJHQLFLGDGH I UDGLRDWLYLGDGH 1%5  (3$  $ 1%5  GHILQH WUrV FDWHJRULDV GH UHVtGXRV VyOLGRV D 5HVtGXRV 3HULJRVRV  &ODVVH , FDWHJRULD GD TXDO H[FOXL H[SUHVVDPHQWH RV UHVtGXRV GRV WUDWDPHQWRV GH HVJRWRV UHVtGXRV VyOLGRV GRPLFLOLDUHV H RV UHVtGXRV GD FRQVWUXomR FLYLO E UHVtGXRV QmR LQHUWHV RX GH &ODVVH ,, F UHVtGXRV LQHUWHV GH &ODVVH ,,, GHILQLGRV FRPR DTXHOHV TXH HP HQVDLR GH VROXELOL]DomR GRV UHVtGXRV DSyV  GLDV D iJXD VROXELOL]DGD DSUHVHQWD FRQGLo}HV GH SRWDELOLGDGH H[FHWR SHOD FRU $ QRUPD DSUHVHQWD XPD OLVWD GH UHVtGXRV VyOLGRV UHFRQKHFLGRV FRPR SHULJRVRV H XPD PHWRGRORJLD SURMHWDGD SDUD DYDOLDU RV ULVFRV GH FRQWDPLQDomR SHOD GHSRVLomR GHVWHV UHVtGXRV HP DWHUURV 1R TXH WRFD j WR[LFLGDGH D KLSyWHVH FHQWUDO p TXH D SHUFRODomR GD iJXD GH FKXYD SHOR DWHUUR FDXVDULD D VROXELOL]DomR H OL[LYLDomR GH SDUFHODV GRV UHVtGXRV FRQWDPLQDQGR R OHQoRO IUHiWLFR 8PD RXWUD IRUPD GH FODVVLILFDU RV UHVtGXRV p VHJXQGR D VXD RULJHP 2V UHVtGXRV SyV FRQVXPR VmR RV UHVtGXRV UHVXOWDQWHV GR FRQVXPR GH XP EHP &RPR FDUDFWHUtVWLFD WtSLFD HOHV VmR JHUDGRV GH PDQHLUD GLIXVD QR DPELHQWH FRQVWUXtGR (OH p JHUDOPHQWH FRQIXQGLGR FRP R UHVtGXR VyOLGR PXQLFLSDO (YHQWXDLV WUDWDPHQWRV GHVVHV UHVtGXRV GHSHQGHP GR VLVWHPD GH FROHWD TXH SRGH VHU GLVSHQGLRVR $VVLP D UHFLFODJHP GH UHVtGXRV SyV FRQVXPR p YLiYHO TXDQGR R YDORU DJUHJDGR DR SURGXWR p HOHYDGR ,VWR H[SOLFD R VXFHVVR GD UHFLFODJHP GDV ODWDV GH DOXPtQLR H R SRXFR VXFHVVR GD UHFLFODJHP GDV HPEDODJHQV GH





7HWUDSDFN -i RV UHVtGXRV LQGXVWULDLV VmR DTXHOHV JHUDGRV HP XPD DWLYLGDGH SURGXWLYD 9LD GH UHJUD HVVHV UHVtGXRV WrP VXD JHUDomR FRQFHQWUDGD VHQGR PDLV IiFLO D VXD UHFXSHUDomR

 /,0,7(6 '$ 32/7,& $ +,(5548,&$ '( *(672 '( 5(6'826

1D JHVWmR GH UHVtGXRV YLJRUD XPD KLHUDUTXLD /($&+ HW DO  *5h%/ 5h+/  (8  GH REMHWLYRV 5HGX]LU D JHUDomR GR UHVtGXR QD IRQWH 5HXWLOL]DU R UHVtGXR 5HFLFODU ,QFLQHUDU UHFXSHUDQGR D HQHUJLD 'HSRVLWDU HP DWHUURV VDQLWiULRV

PDLV HP DOJXP PRPHQWR HOHV LQHYLWDYHOPHQWH WUDQVIRUPDUVHmR HP SyVFRQVXPR 2XWUR IDWRU p D YDULDELOLGDGH LQWUtQVHFD GRV SURFHVVRV H PDWpULDVSULPDV TXH ID] FRP TXH DOJXQV SURGXWRV VHMDP SURGX]LGRV HP QmR FRQIRUPLGDGH FRP R HVSHFLILFDGR H DFDEHP VH WRUQDQGR UHVtGXRV $VVLP D UHFLFODJHP p FRQGLomR SDUD R GHVHQYROYLPHQWR VXVWHQWiYHO SRLV p HOD TXH SHUPLWH IHFKDU R FLFOR $VVLP p SURYiYHO TXH D KLHUDUTXLD WUDGLFLRQDO GRV UHVtGXRV SUHFLVH VHU UHLQWHUSUHWDGD FRPR XP FRQMXQWR GH RSo}HV GH DomR VHQGR HP FDGD VLWXDomR XWLOL]DGDVH D GH PHOKRU GHVHPSHQKR DPELHQWDO GR EHUoR DR W~PXOR (VWD DGHTXDomR SRGH VHU MXOJDGD DWUDYpV GH DQiOLVHV GR FLFOR GH YLGD (VWD PXGDQoD GH DERUGDJHP Mi p SROtWLFD JRYHUQDPHQWDO QD 'LQDPDUFD */$9,1' +$8*$$5'  H HVWD HP GLVFXVVmR QR 5HLQR 8QLGR HPERUD VRE IRUWH RSRVLomR '(75  7DPEpP QmR VH SRGH FRQVLGHUDU DV TXDWUR DOWHUQDWLYDV FRPR PXWXDPHQWH H[FOXGHQWHV &RPR XP UHVtGXR p DOJR EDVWDQWH KHWHURJrQHR HP IXQomR WDQWR GH VXD RULJHP TXDQWR HP IXQomR GDV FRQWDPLQDo}HV QR SURFHVVR GH JHUDomR H PDQXVHLR p PXLWDV YH]HV PXLWR PDLV OyJLFR DGRWDU SDUD GLIHUHQWHV IUDo}HV GLIHUHQWHV REMHWLYRV UHXWLOL]DU DV tQWHJUDV UHFLFODU DV SDUFLDOPHQWH GDQLILFDGDV H LQFLQHUDU RX GHSRVLWDU HP DWHUUR DV PXLWR FRQWDPLQDGDV 3RU H[HPSOR QR FDVR GH FDOFLQDomR GH FLQ]D GH FDVFD GH DUUR] HP XP IRUQR GH FOtQTXHU 3RUWODQG WDQWR D UHFLFODJHP GDV FLQ]DV TXDQWR j UHFXSHUDomR GH HQHUJLD RFRUUHP VLPXOWDQHDPHQWH

(VWD KLHUDUTXLD HVWi SUHVHQWH QDV SULQFLSDLV OHJLVODo}HV UHODWLYDV D UHVtGXRV H YHP VHQGR DFHLWD VHP PDLRUHV TXHVWLRQDPHQWRV /($&+ HW DO  (3$  72/672< HW DO  9$1 '(5 =:$1  (VWD IRUPXODomR IRL SURYDYHOPHQWH HODERUDGD D SDUWLU GD H[SHULrQFLD FRP RV UHVtGXRV VyOLGRV PXQLFLSDLV RQGH GR SRQWR GH YLVWD GR PXQLFtSLR D UHGXomR GR YROXPH GR UHVtGXR LPSOLFD HP XPD UHGXomR GLUHWD QR FXVWR H LPSDFWR DPELHQWDO GR VLVWHPD (VWD KLHUDUTXLD HP WHVH p TXHVWLRQiYHO XPD YH] TXH D PHOKRU DOWHUQDWLYD p SRU GHILQLomR DTXHOD GH PHQRU LPSDFWR DPELHQWDO JOREDO 78..(5 *,(/'(1  H p SHUIHLWDPHQWH SRVVtYHO LPDJLQDU TXH H[LVWDP VLWXDo}HV RQGH D UHGXomR GR YROXPH GH UHVtGXRV SRGH UHVXOWDU HP XP LPSDFWR DPELHQWDO PDLRU GR TXH R EHQHItFLR REWLGR 3RU H[HPSOR $//(1 H 5266(/27  DILUPDP TXH PXLWDV YH]HV WpFQLFDV GH UHFLFODJHP UHTXHUHP XP YROXPH PtQLPR GH UHVtGXR GLVSRQtYHO HP GHWHUPLQDGD UHJLmR H XPD FRQFHQWUDomR PtQLPD GD IDVH D VHU UHFLFODGD QR UHVtGXR WRWDO 1HVWD VLWXDomR SRGH VHU GHVHMiYHO XP DXPHQWR QD SURGXomR GR UHVtGXR RX GD FRQFHQWUDomR GD IDVH D VHU UHFLFODGD GH PDQHLUD D WRUQDU HFRQRPLFDPHQWH YLiYHO D VXD UHFLFODJHP H DVVLP HYLWDU D GHSRVLomR GR UHVtGXR HP DWHUUR /($&+ HW DO  GHPRQVWUDUDP TXH DWUDYpV GH XPD DQiOLVH GR FLFOR GH YLGD D LQFLQHUDomR GH SDSHO p SURYDYHOPHQWH D DOWHUQDWLYD GH PHQRU LPSDFWR DPELHQWDO TXH D UHFLFODJHP SDUD R FDVR GD ,QJODWHUUD $LQGD PDLV D JHUDomR GH UHVtGXRV p LQHYLWiYHO SRU YiULDV UD]}HV (P SULPHLUR OXJDU SRUTXH D YLGD ~WLO GH XP SURGXWR p VHPSUH OLPLWDGD DSyV D TXDO R SURGXWR VH WUDQVIRUPD HP UHVtGXR (VWD YLGD ~WLO ILQLWD p XPD FDUDFWHUtVWLFD PHVPR GRV SURGXWRV GXUiYHLV SRUTXH DV DWLYLGDGHV GH PDQXIDWXUD QRUPDOPHQWH LQFRUSRUDP GH JUDQGHV TXDQWLGDGHV GH HQHUJLD QRV PDWHULDLV H D OHL GD 7HUPRGLQkPLFD DILUPD TXH WRGRV RV SURGXWRV WHQGHP DR VHX PDLV EDL[R QtYHO GH HQHUJLD -2+1  $VVLP SRU PDLV TXH R SDUDGLJPD GH REVROHVFrQFLD SODQHMDGD VHMD DEDQGRQDGR TXH RV SURGXWRV VHMDP SURMHWDGRV SDUD GXUDU 

 9$17$*(16 327(1& , $,6 '$ 5(&,&/$*(0

$OpP GH VHU XPD RSomR HP UHODomR jV GHPDLV D UHFLFODJHP GH UHVtGXRV DSUHVHQWD YiULDV YDQWDJHQV SRWHQFLDLV GR SRQWR GH YLVWD GD VXVWHQWDELOLGDGH 1R HQWDQWR D YDQWDJHP DPELHQWDO GH XP SURFHVVR GH UHFLFODJHP VRPHQWH SRGH VHU GDGD FRPR FHUWD DSyV DQiOLVH HVSHFtILFD DWUDYpV GH IHUUDPHQWDV FRPR D GD DQiOLVH GR FLFOR GH YLGD 8P GRV JUDYHV ULVFRV TXDQGR VH SURGX]HP QRYRV PDWHULDLV D SDUWLU GH UHVtGXRV p D FRQWDPLQDomR DPELHQWDO LQWHUQD H H[WHUQD GDV FRQVWUXo}HV TXH XVDP HVWHV UHVtGXRV VHMD SHOD FRQWDPLQDomR GD iJXD UDGLDomR RX SHOD YRODWLOL]DomR GH IUDo}HV RUJkQLFDV 9$1 '(5 =:$1  $ SULPHLUD H D PDLV YLVtYHO GDV FRQWULEXLo}HV DPELHQWDLV GD UHFLFODJHP p D SUHVHUYDomR GH UHFXUVRV QDWXUDLV VXEVWLWXtGRV SRU UHVtGXRV SURORQJDQGR D YLGD ~WLO GDV UHVHUYDV QDWXUDLV H UHGX]LQGR D GHVWUXLomR GD SDLVDJHP IORUD H IDXQD (VWD FRQWULEXLomR p LPSRUWDQWH PHVPR QRV FDVRV RQGH RV UHFXUVRV QDWXUDLV VmR DEXQGDQWHV FRPR p R FDVR GR FDOFiULR RX DUJLOD SRUTXH D H[WUDomR GH PDWpULDV SULPDV SUHMXGLFD D SDLVDJHP H SRGH DIHWDU HFRVVLVWHPDV (3$ D -2+1  (P  D VXEVWLWXLomR GR FOtQTXHU SRU FLQ]DV YRODQWHV H HVFyULDV UHVXOWRX HP XPD UHGXomR QR FRQVXPR GH FRPEXVWtYHO GH  QD LQG~VWULD FLPHQWHLUD QDFLRQDO <$0$0272 HW DO  

$ UHGXomR GR YROXPH GH DWHUURV H LQFLQHUDomR (3$ E -2+1  QHP VHPSUH VmR FRQVLGHUDGDV TXDQGR VH DQDOLVD R LPSDFWR DPELHQWDO GD UHFLFODJHP $WHUURV HVSHFLDOPHQWH DTXHOHV FRP UHVtGXRV SHULJRVRV RX QmR LQHUWHV FRQFHQWUDP VXEVWkQFLDV TXtPLFDV HP QtYHLV TXH VH WRUQDP SHULJRVRV H SRGHP FRQWDPLQDU R OHQoRO IUHiWLFR 0XLWRV UHVtGXRV VmR HVWiYHLV H DV HVWUXWXUDV H R ULVFR UHSUHVHQWDGR SHORV DWHUURV VDQLWiULRV SHUPDQHFHUmR DWLYRV SRU FHQWHQDV GH DQRV $ UHFLFODJHP GH UHVtGXRV QD PDLRU SDUWH GRV FDVRV SHUPLWH D UHGXomR GR FRQVXPR HQHUJpWLFR (3$ E -2+1  SDUD D SURGXomR GH XP GHWHUPLQDGR EHP SRUTXH PXLWDV YH]HV RV PDWHULDLV Mi LQFRUSRUDP HQHUJLD (VWH p R FDVR GD UHFLFODJHP GR DoR DOXPtQLR H PHVPR GD UHFLFODJHP GD HVFyULD GH DOWR IRUQR H GD FLQ]D YRODQWH FRPR DJORPHUDQWH 7DEHOD  1D LQG~VWULD FLPHQWHLUD HVWH IDWR Mi p FRQKHFLGR SHOR PHQRV GHVGH  '87521  &$//(-$  $*8$1(// HW DO 2XWUDV YH]HV UHVtGXRV GH FRPSRVLomR SDUFLDOPHQWH RUJkQLFD VHUYHP GH IRQWH GH HQHUJLD DOpP GH DFUHVFHQWDU PDVVD DR SURGXWR ILQDO FRPR p R FDVR GD FDVFD GH DUUR] TXH FRQWHP FHUFD GH  GH FLQ]D GH FRPSRVLomR SUHGRPLQDQWH VLOLFRVD 0(7+$  0$5&,$12 H .+,$5$  HVWLPDP TXH D LQG~VWULD FLPHQWHLUD HFRQRPL]RX HQWUH  H  FHUFD GH  PLO WRQHODGDV GH yOHR FRPEXVWtYHO TXHLPDQGR UHVtGXRV FRPR FDVFD GH DUUR] VHUUDJHP H SHGDoRV GH PDGHLUD Sy GH FDUYmR YHJHWDO SHGDoRV GH SQHXV H ERUUDFKDV FDVFDV GH EDEDoX HQWUH RXWURV e WDPEpP QHFHVViULR OHPEUDU TXH D GHSRVLomR GH XP UHVtGXR HP XP DWHUUR WDPEpP HQYROYH FRQVXPR GH HQHUJLD FRP R WUDQVSRUWH H JHVWmR GR DWHUUR $ GLVWkQFLD GH WUDQVSRUWH D HQHUJLD QHFHVViULD SDUD OLPSH]D H FODVVLILFDomR GH XP UHVtGXR GH IRUPD D YLDELOL]DU D UHFLFODJHP H DWp PHVPR D WHFQRORJLD HQYROYLGD QD UHFLFODJHP SRGHP WRUQiOD DPELHQWDOPHQWH LQGHVHMiYHO
7DEHOD  5HGXomR GR LPSDFWR DPELHQWDO HP  GD UHFLFODJHP GH UHVtGXRV QD SURGXomR HP DOJXQV PDWHULDLV GH FRQVWUXomR FLYLO H[FHWR WUDQVSRUWH

(OD PXLWDV YH]HV SHUPLWH WDPEpP D UHGXomR GD SROXLomR HPLWLGD SDUD D IDEULFDomR GH XP PHVPR SURGXWR (3$ E -2+1  <$0$0272 HW DO  HVWLPDP TXH HP  D LQG~VWULD FLPHQWHLUD EUDVLOHLUD DR DGRWDU D UHFLFODJHP PDFLoD GH FLQ]DV YRODQWHV H HVFyULDV JUDQXODGDV GH DOWR IRUQR EiVLFDV DOpP GD FDOFLQDomR GH DUJLODV H DGLomR GH ILOOHU FDOFiULR UHGX]LX D JHUDomR GH &2 HP   $ UHFLFODJHP WDPEpP SHUPLWH D JHUDomR GH HPSUHJRV H DXPHQWD D FRPSHWLWLYLGDGH GD HFRQRPLD (3$  (VWXGR UHDOL]DGR QD &DUROLQD GR 1RUWH (8$ GHPRQVWURX TXH SDUD FDGD  HPSUHJRV FULDGRV QD UHFLFODJHP VmR SHUGLGRV DSHQDV  QD LQG~VWULD GR OL[R H TXH D UHFLFODJHP p KRMH XP QHJyFLR GH YiULRV ELOK}HV GH GyODUHV (3$ E 0XLWDV YH]HV D LQFRUSRUDomR GH UHVtGXRV SHUPLWH XP DXPHQWR GD GXUDELOLGDGH GD FRQVWUXomR HP GHWHUPLQDGDV VLWXDo}HV FRPR Mi HVWi FRPSURYDGR SRU LQ~PHURV HVWXGRV QD iUHD GH DGLo}HV HVFyULD GH DOWR IRUQR H SR]RODQDV DR FLPHQWR -2+1  $ UHFLFODJHP HYHQWXDOPHQWH SRGH UHGX]LU RV FXVWRV GD SURWHomR DPELHQWDO RX DWp PHVPR YLDELOL]DU JUDX GH SURWHomR DPELHQWDO VXSHULRU SRLV SHUPLWH JHUDU YDORU D SDUWLU GH XP SURGXWR TXH DQWHV VH FRQVWLWXtD HP GHVSHVDV 95,-/,1*  8PD ~OWLPD YDQWDJHP SRWHQFLDO FLWDGD SHOD 6&,(1&( 5(6($5&+ &281&,/ LQJOHVD .,1*721  TXH SDUHFH DWXDO SDUD R %UDVLO GH KRMH p D HFRQRPLD GH GLYLVDV QD HYHQWXDOLGDGH GD LPSRUWDomR GH DOJXPD GDV PDWpULDVSULPDV UHFLFODGDV

 32/7,&$6 '( ,1&(1 7 ,92 5(&,&/$*(0

$ SHUFHSomR GD LPSRUWkQFLD GD UHFLFODJHP SDUD D VXVWHQWDELOLGDGH WHP OHYDGR GLIHUHQWHV SDtVHV D DGRWDUHP SROtWLFDV HVSHFtILFDV YLVDQGR FULDU FRQGLo}HV SDUD TXH HOD DFRQWHoD 1RV (8$ R JRYHUQR IHGHUDO HVWDEHOHFHX FULWpULR GH FRPSUD RUGHP H[HFXWLYD   2XW  SHULRGLFDPHQWH DWXDOL]DGD H DSHUIHLoRDGD SRU H[HPSOR 2UGHP ([HFXWLYD  GH  6HW  XPD SROtWLFD QDFLRQDO SDUD D FRPSUD GH SURGXWRV H VHUYLoRV DPELHQWDOPHQWH SUHIHUtYHLV  GHILQLGRV FRPR DTXHOHV TXH SRVVXHP PHQRU HIHLWR QRFLYR DR DPELHQWH RX j VD~GH TXDQGR FRPSDUDGRV FRP VHXV FRPSHWLGRUHV H GXUDQWH WRGR R FLFOR GH YLGD &/,1721  &RHUHQWHPHQWH JUDQGH GHVWDTXH p GDGR SDUD SURGXWRV FRQWHQGR UHVtGXRV RX TXH SUHYLQDP D JHUDomR UHVtGXRV $ (3$ (QYLURQPHQWDO 3URWHFWLRQ $JHQF\ HVWDEHOHFHX PHWDV GH FRQWH~GR PtQLPR GH UHVtGXRV SDUD LWHQV FRPR FLPHQWR 3RUWODQG  GH FLQ]DV YRODQWHV H  GH HVFyULD GH DOWRIRUQR FDUSHWHV LVRODQWHV WpUPLFRV WLQWDV OiWH[ GH  D   GHSHQGHQGR GD FRU SDSHO HWF (3$ E

,PSDFWR $PELHQWDO (QHUJLD 0DWpULDSULPD JXD 3ROXLomR GR DU 5HVtGXRV HP JHUDO 5HVtGXRV PLQHUDLV


$OXPtQLR 

$oR      

9LGUR      

$GLomR GH HVFyULD DR &LPHQWR               

.,1*721   8'$(7$ ( .$1$<$0$  '87521  &RQVLGHUDVH DSHQDV D UHGXomR GH SROXHQWHV QR SURFHVVR GH FOLQTXHUL]DomR FRPR &2  





2 JRYHUQR LQJOrV ODQoRX HP  D VXD GLUHWLYD 0DNLQJ :DVWH :RUN XPD HVWUDWpJLD SDUD R JHUHQFLDPHQWR VXVWHQWiYHO GH UHVtGXRV TXH WHP FRPR XP GRV REMHWLYRV D ID]HU R PHOKRU XVR GR OL[R TXH QRVVD VRFLHGDGH SURGX] E UHGX]LU D TXDQWLGDGH GH UHVtGXRV F UHGX]LU R ULVFR GH SROXLomR LPHGLDWD RX IXWXUD SHOD GHSRVLomR GRV UHVtGXRV '(6$,  $WXDOPHQWH HVWi HP GLVFXVVmR R DSHUIHLoRDPHQWR GHVVD SROtWLFD DWUDYpV GR GRFXPHQWR $ ZD\ ZLWK ZDVWH '(75 E RQGH HQIDWL]D PDLV FODUDPHQWH TXH UHFLFODJHP p FUtWLFR SDUD PHOKRUDU R GHVHPSHQKR DPELHQWDO GR SURFHVVR GH JHVWmR GH UHVtGXRV H HVWi FRPSURPHWLGR HP EXVFDU PHLRV SDUD R FUHVFLPHQWR GD UHFLFODJHP 1HVWD OLQKD R JRYHUQR HVWi LQYHVWLJDQGR QD SRVVLELOLGDGH GH UHPRYHU EDUUHLUDV SDUD D UHFLFODJHP FRPR YLDELOL]DQGR FRQWUDWRV GH ORQJR SUD]R SDUD D UHFLFODJHP GH UHVtGXRV H[LJrQFLD GH YDORUHV PtQLPRV GH UHVtGXRV HP GHWHUPLQDGRV PDWHULDLV H SDUD PHOKRULD GR PHUFDGR GH SURGXWRV FRQWHQGR UHVtGXRV 'HQWUH DV SROtWLFDV DGRWDGDV QD ,QJODWHUUD HVWi D LPSRVLomR GH XPD WD[D VREUH WRGR R PDWHULDO HQYLDGR SDUD DWHUUR '(6$,  1R PXQGR LQGXVWULDO HVWi VHQGR GHILQLGR R FRQFHLWR GH VLQHUJLD HQWUH GLYHUVDV LQG~VWULDV DJULFXOWXUD H FRPXQLGDGHV GH PDQHLUD D PD[LPL]DU D UHFLFODJHP GH UHVtGXRV H SURPRYHU R GHVHQYROYLPHQWR VXVWHQWiYHO :%6&*0  1HVWH FRQFHLWR H[LVWH XPD LQWHJUDomR HQWUH GLIHUHQWHV LQG~VWULDV RQGH XPD XWLOL]D R UHVtGXR GD RXWUD FRPR PDWpULD SULPD 2 FRQFHLWR UHFHEH GLIHUHQWHV GHQRPLQDo}HV FRPR VLQHUJLD DWUDYpV GH UHVtGXRV VLPELRVH LQGXVWULDO UHVtGXRV ]HUR HPLVV}HV ]HUR  SURGXWR H VLPELRVH YHUGH

UHFLFODJHP GH UHVtGXRV (P WHUPRV QDFLRQDLV H[LVWH XPD GLVFXVVmR QR &RQVHOKR 1DFLRQDO GH 0HLR $PELHQWH H YiULRV SURMHWRV GH OHL HP WUDPLWDomR QR &RQJUHVVR 1DFLRQDO $VVLP HP ODUJD PHGLGD D TXHVWmR DPELHQWDO QR %UDVLO DLQGD p WUDWDGD FRPR VHQGR XP SUREOHPD GH SUHVHUYDomR GD QDWXUH]D SDUWLFXODUPHQWH IORUHVWDV H DQLPDLV HP H[WLQomR GHSRVLomR HP DWHUURV DGHTXDGDPHQWH FRQWURODGRV H FRQWUROH GD SROXLomR GR DU FRP R HVWDGR H[HUFHQGR R SDSHO GH SROtFLD $ UHFHQWH OHL IHGHUDO GH FULPHV DPELHQWDLV Q  )HY  UHYHOD XP HVWDGR DLQGD PDLV YROWDGR j SXQLomR GDV WUDQVJUHVV}HV j OHJLVODomR DPELHQWDO YLJHQWH GR TXH HP DUWLFXODU RV GLIHUHQWHV DJHQWHV VRFLDLV QD UHGXomR GR LPSDFWR DPELHQWDO GDV DWLYLGDGHV PHVPR TXH OHJDLV GR GHVHQYROYLPHQWR HFRQ{PLFR 8P FRQWUDSRQWR D HVWD DomR SUHGRPLQDQWHPHQWH SROLFLDO IRL j LQLFLDWLYD SHOR *RYHUQR GR (VWDGR GH 6mR 3DXOR DWUDYpV GD &(7(6% GH LPSODQWDomR GH  &kPDUDV $PELHQWDLV VHWRULDLV LQFOXVLYH FRQVWUXomR FLYLO 2 JRYHUQR IHGHUDO FULRX DWUDYpV GD SRUWDULD Q  $JR  GR DQWLJR 0LQLVWpULR GD ,QG~VWULD &RPpUFLR H 7XULVPR XP JUXSR GH WUDEDOKR LQWHUPLQLVWHULDO FRP R REMHWLYR GH HODERUDU D SURSRVWD GR 3URJUDPD %UDVLOHLUR GH 5HFLFODJHP D SDUWLU GH XP GRFXPHQWR EDVH Mi SURGX]LGR (VWH SURJUDPD GHYHUi GHVHQYROYHU PHFDQLVPRV TXH SHUPLWHP LQFUHPHQWDU H YDORUL]DU D XWLOL]DomR FRPR PDWpULDVSULPDV GH UHVtGXRV LQGXVWULDLV PLQHUDLV H DJURSHFXiULRV EHP FRPR R GHVHQYROYLPHQWR GR SDUTXH LQGXVWULDO QDFLRQDO UHFLFODGRU 0,1,67e5,2 '$ ,1'675,$ &20e5&,2 ( 785,602  (PERUD D SRUWDULD WHQKD HVWDEHOHFLGR XP SUD]R GH  GLDV SDUD R HQFHUUDPHQWR GRV WUDEDOKRV DWp R PRPHQWR HVWHV WUDEDOKRV DLQGD QmR IRUDP LQLFLDGRV ,QH[LVWHP QR PHUFDGR %UDVLOHLUR GH HQWLGDGHV HPLWLQGR FHUWLILFDGRV RX GH FHUWLILFDomR DPELHQWDO DOJXPDV YH]HV FKDPDGRV GH VHORV YHUGHV WDQWR SDUD SURGXWRV GH FRQVXPR LPHGLDWR TXDQWR SDUD HGLItFLRV 1R FDVR GH HGLItFLRV SURJUDPDV GH FHUWLILFDomR FRPR R LQJOrV %5(($0 %$/':,1 HW DO  H R DPHULFDQR /((' 86 *5((1 %8,/',1* &281&,/  LQFOXHP UHTXLVLWRV GH FRQWH~GR PtQLPR GH SURGXWRV UHFLFODGRV 3DUD XP HGLItFLR UHFHEHU R VHOR DPHULFDQR XPD GDV H[LJrQFLDV p TXH SURGXWRV TXH UHSUHVHQWHP  GR FXVWR GRV PDWHULDLV VHMDP FRQVWLWXtGRV FRP XP PtQLPR  GH UHVtGXRV SyVFRQVXPR RX  GH UHVtGXRV LQGXVWULDLV $ DXVrQFLD GHVWH VHOR QR PHUFDGR EUDVLOHLUR p DR PHVPR WHPSR XP LQGLFDGRU GR DWUDVR GH XPD DJHQGD DPELHQWDO PDLV SUyDWLYD H PDLV XPD GLILFXOGDGH QD LQWURGXomR GH SURGXWRV FRQWHQGR UHFLFODJHP 8PD PHGLGD SRVLWLYD IRL j SURPXOJDomR QR GLD  GH 0DLR GH  GD /HL Q GR (VWDGR GH 6mR 3DXOR TXH FULD R 6HOR 9HUGH XP FHUWLILFDGR GH TXDOLGDGH DPELHQWDO D VHU FRQIHULGR SHOD &(7(6% D HVWDEHOHFLPHQWRV VHGLDGRV QR (VWDGR GH 6mR 3DXOR TXH H[HFXWHP SURJUDPDV GH SURWHomR H SUHVHUYDomR GR PHLR DPELHQWH FRP HIHWLYR

 $ 5(&,&/$*(0 '( 5 ( 6'826 12 %5$6,/

&RPSDUDWLYDPHQWH D SDtVHV GR SULPHLUR PXQGR D UHFLFODJHP GH UHVtGXRV QR %UDVLO FRPR PDWHULDLV GH FRQVWUXomR p DLQGD WtPLGD FRP D SRVVtYHO H[FHomR GD LQWHQVD UHFLFODJHP SUDWLFDGD SHODV LQG~VWULDV GH FLPHQWR H GH DoR (VWH DWUDVR WHP YiULRV FRPSRQHQWHV (QWUH HOHV RV UHSHWLGRV SUREOHPDV HFRQ{PLFRV H RV SUHPHQWHV SUREOHPDV VRFLDLV RFXSDP D DJHQGD GH GLVFXVV}HV SROtWLFDV GHL[DQGR SRXFR HVSDoR SDUD GLVFXVV}HV PDLV GH ORQJR SUD]R FRPR D TXHVWmR GR GHVHQYROYLPHQWR VXVWHQWiYHO 0HVPR D GLVFXVVmR PDLV VLVWHPiWLFD VREUH UHVtGXRV VyOLGRV p UHFHQWH 1R (VWDGR GH 6mR 3DXOR Vy UHFHQWHPHQWH IRL LQLFLDGD D GLVFXVVmR GH XPD 3ROtWLFD (VWDGXDO GH 5HVtGXRV 6yOLGRV (VWH SURMHWR GH /HL DSURYDGR SHOR &RQVHOKR (VWDGXDO GR 0HLR $PELHQWH SURS}H XPD SROtWLFD DEUDQJHQWH GH UHVtGXRV LQFOXLQGR IHUUDPHQWDV SDUD PLQLPL]DomR H

 

1R RULJLQDO ZKLWH SDSHU SURGXFW RSHUDWLRQ H JUHHQ



1R RULJLQDO %\SURGXFW VLQHUJ\LQGXVWULDO V\PELRVLV ]HURZDVWH]HUR HPLVVLRQV WZLQQLQJ

&RQWDWR SHVVRDO FRP D 'UD /~FLD 6HQD 6HFUHWDULD GR 0HLR $PELHQWH GH 6mR 3DXOR (P  GH 0DLR GH 





FXPSULPHQWR GDV QRUPDV DPELHQWDLV 6(&5(7$5,$ '2 0(,2 $0%,(17( '2 (67$'2 '( 62 3$8/2  $SHVDU GH QmR VHU YROWDGD SDUD D FHUWLILFDomR GH SURGXWRV WUDWDVH GH XP DYDQoR VLJQLILFDWLYR $ LQH[LVWrQFLD GHVWDV PDUFDV GH TXDOLGDGH DPELHQWDO GH SURGXWRV GHPRQVWUD TXH GLIHUHQWH GH RXWURV SDtVHV DV HPSUHVDV EUDVLOHLUDV TXH HYHQWXDOPHQWH UHFLFOHP QmR XWLOL]DP VXD FRQWULEXLomR DPELHQWDO FRPR IHUUDPHQWD GH PDUNHWLQJ DSHVDU GR FRQVXPLGRU PDQWLGR R SUHoR H D TXDOLGDGH SUHIHULU SURGXWRV FRP PHQRU LPSDFWR DPELHQWDO 025(12  8PD GDV FDXVDV SRVVtYHLV SDUD HVWH DSDUHQWH GHVLQWHUHVVH p XP HYHQWXDO UHFHLR GH TXH R S~EOLFR FRQVXPLGRU OHLJR DVVRFLH R SURGXWR UHFLFODGR D SURGXWR GH EDL[D TXDOLGDGH (VWD G~YLGD VRPHQWH SRGH VHU UHVROYLGD DWUDYpV GH SHVTXLVD GH PHUFDGR $V H[SHULrQFLDV GH PDLRU VXFHVVR QD UHFLFODJHP EUDVLOHLUD VH GHYHP HP VXD JUDQGH PDLRULD D EHQHItFLRV HFRQ{PLFRV HYLGHQWHV DOLDGR D DOJXPD LQIOXrQFLD GH SUHVV}HV GRV VHUYLoRV GH FROHWD GH OL[R XUEDQR (VWH p R FDVR GDV ODWDV GH DOXPtQLR RQGH R EHQHItFLR HOHYDGR GD UHFLFODJHP GR DOXPtQLR UHVXOWDGR GR HOHYDGR SUHoR GD PDWpULDSULPD QR PHUFDGR H GR DOWR FRQVXPR GH HQHUJLD SDUD D SURGXomR GR DOXPtQLR D SDUWLU GD EDX[LWD IH] FRP TXH RV SURGXWRUHV GD ODWD GHVHQYROYHVVHP HVWUDWpJLD RULJLQDO GH UHFLFODJHP GH VXFHVVR LQTXHVWLRQiYHO 3DSHO VXFDWD GH DoR HVFyULD GH DOWRIRUQR HQWUH RXWURV DSUHVHQWDP WDPEpP YDQWDJHQV HFRQ{PLFDV EDVWDQWH HYLGHQWHV

GR DoR GHVWLQDGR D UHIRUoR GH FRQFUHWR DUPDGR SURGX]LGR QR SDtV p SURYHQLHQWH GR SURFHVVR GH DUFR HOpWULFR TXH XWLOL]D FRPR PDWpULDSULPD SULQFLSDO D VXFDWD GH DoR $ UHFLFODJHP GHVWD VXFDWD SHUPLWLX HFRQRPL]DU HP  FHUFD GH  PLOK}HV GH WRQHODGDV GH PLQpULR GH IHUUR HYLWRX D JHUDomR GH FHUFD GH  PLOK}HV GH WRQHODGDV GH UHVtGXRV H GH FHUFD GH  PLOK}HV GH WRQHODGDV GH &2

 )DFLOLWDGRUHV GD UHFLF ODJHP QD FDGHLD SURGXWLYD GD FRQVWUXomR FLYLO

$ FDSDFLGDGH GD FDGHLD SURGXWLYD GD FRQVWUXomR FLYLO GH UHFLFODU UHVtGXRV VH GHYH D YiULRV IDWRUHV (VWD FDSDFLGDGH VH HVWHQGH D UHVtGXRV GH RXWURV SURFHVVRV H FDGHLDV SURGXWLYDV (P SULPHLUR OXJDU D FRQVWUXomR FLYLO p D PDLRU FRQVXPLGRUD GH PDWHULDLV QD HFRQRPLD H SRUWDQWR WHP PDLRUHV SRVVLELOLGDGHV GH UHFLFODU 0$7726 :$*1(5  6-g675g0  (P VHJXQGR OXJDU RV GLIHUHQWHV UDPRV GD FDGHLD SURGXWLYD HVWmR SUHVHQWHV HP WRGDV DV UHJL}HV R TXH IDFLOLWD SURMHWRV GH VLPELRVH LQGXVWULDO SHUPLWH XPD UHFLFODJHP ORFDO Mi TXH D TXHVWmR JHRJUiILFD p FULWLFD QHVWH WLSR GH WUDEDOKR :6%&*0  e LQWHUHVVDQWH REVHUYDU TXH XPD SDUFHOD VLJQLILFDWLYD GRV PDWHULDLV TXH D FRQVWUXomR FRQVRPH VmR DJUHJDGRV 0$7726 :$*1(5  SDUD SDYLPHQWRV FRQFUHWRV H DUJDPDVVDV H HOHPHQWRV GH DOYHQDULD FXMD SURGXomR p HPLQHQWHPHQWH UHJLRQDO $ 7DEHOD  PRVWUD D TXDQWLGDGH GH HVWDEHOHFLPHQWRV GH IDEULFDomR GH GLIHUHQWHV PDWHULDLV QRV (8$ $ SURGXomR GH DJUHJDGRV MXQWDPHQWH FRP D GH FRPSRQHQWHV DJORPHUDGRV FRP FLPHQWR H JHVVR p D TXH DSUHVHQWD PDLRU Q~PHUR GH HVWDEHOHFLPHQWRV FRP RV GDGRV UHYHODQGR D VXD GLVSHUVmR SHOR SDtV
7DEHOD  1~PHUR GH HVWDEHOHFLPHQWRV TXH SURGX]HP GLYHUVRV WLSRV GH PDWHULDLV $ PDLRULD GRV GDGRV p RULXQGR GR FHQVR GRV (8$ GH 

 5(&,&/$*(0 1$ &$' ( ,$ 352'87,9$ '$ &216758d2 &,9,/

$ FDGHLD SURGXWLYD GD FRQVWUXomR FLYLO DSUHVHQWD PXLWDV YDQWDJHQV TXH D FUHGHQFLDP D VHU XPD JUDQGH UHFLFODGRUD 3RU RXWUR ODGR HQTXDQWR VHWRU D RSRUWXQLGDGH GH UHGX]LU R VLJQLILFDWLYR LPSDFWR DPELHQWDO DWUDYpV GD UHFLFODJHP p H[WUHPDPHQWH LQWHUHVVDQWH 1R PRPHQWR HOD VH FRQVWLWXL HP XPD DERUGDJHP SUyDWLYD DWp SRUTXH R VHWRU p XP GRV SULQFLSDLV JHUDGRUHV GH UHVtGXR GD HFRQRPLD 'DGD D JUDQGH GLPHQVmR HFRQ{PLFD H DPELHQWDO GR SUREOHPD GRV 5&' UHVtGXRV GH FRQVWUXomR H GHPROLomR p SURYiYHO TXH QRV JUDQGHV FHQWURV XUEDQRV EUDVLOHLURV DV PXQLFLSDOLGDGHV HP EUHYH HVWDUmR WRPDQGR PHGLGDV TXH IRUFHP D FRQVWUXomR FLYLO QR VHQWLGR GD UHFLFODJHP GH VHXV SUySULRV UHVtGXRV e VLQWRPiWLFR TXH FLGDGHV GH JUDQGH H PpGLR SRUWH FRPR %HOR +RUL]RQWH 5LEHLUmR 3UHWR H 6DOYDGRU D PXQLFLSDOLGDGH Mi HVWHMD DJLQGR DWLYDPHQWH QD UHFLFODJHP GH UHVtGXRV 3,172  $ LQG~VWULD FLPHQWHLUD UHFLFOD DSUR[LPDGDPHQWH PDLV GH  PLOK}HV GH WRQHODGDV SRU DQR GH HVFyULD GH DOWRIRUQR FLQ]DV YRODQWHV SQHXV HWF 2 VHWRU VLGHU~UJLFR p WDPEpP XP JUDQGH UHFLFODGRU FRP SHOR PHQRV  PLOK}HV GH VXFDWD UHFLFODGD DQXDOPHQWH %RD SDUWH

7LSR GH SURGXWR 9LGUR SODQR &LPHQWR &HUkPLFD YHUPHOKD 3URGXWRV GH JHVVR H FLPHQWR 3URGXomR GH DJUHJDGRV DUHLD H EULWD 3URGXWRV SOiVWLFRV !  HPSUHJDGRV

Q      

)RQWH (3$ D (3$ D (3$ D (3$ D (3$ E (3$ F

$ FRQVWUXomR FLYLO FRQVRPH XPD HQRUPH YDULHGDGH GH PDWHULDLV VHMDP PLQHUDLVVLOLFRVRV SROLPpULFRV RX PHWiOLFRV  H HVWH Q~PHUR GH PDWHULDLV YHP DXPHQWDQGR 60,7+  $*23<$1  HP GLIHUHQWHV JUDXV GH LQGXVWULDOL]DomR SDUD GLIHUHQWHV DSOLFDo}HV WLSRV GH REUD TXH FRQVHTXHQWHPHQWH DSUHVHQWDP H[LJrQFLDV WpFQLFDV HVSHFtILFDV HPERUD



3DOHVWUD GH 0DULD &ULVWLQD <XDQ ,%6 QR 3&& 863 HP 

(VWLPDWLYD GD OLEHUDomR GH &2 FRQVLGHUDQGR TXH D SURGXomR GH  WRQ IHUUR JXVD OLEHUD  WRQ &2 0$5&,$12 .+,$5$ 






DWXDOPHQWH HVWDV GLIHUHQWHV VLWXDo}HV VHMDP DWHQGLGDV SRU XP PDWHULDO SDGUmR FRPR R FLPHQWR HWF ,VWR DFUHVFHQWD XPD JUDQGH IOH[LELOLGDGH SDUD EXVFDU RSRUWXQLGDGHV SDUD GHVHQYROYHU PDWHULDLV HVSHFLDOL]DGRV 2 VHWRU p R PDLRU FRQVXPLGRU GH PDWHULDLV VLOLFRVRV H D VtOLFD p D HVSpFLH DW{PLFD PDLV FRPXP QR SODQHWD 3RU HVWD UD]mR PXLWRV UHVtGXRV GH SURFHVVRV WpUPLFRV FLQ]DV PHWDO~UJLFRV H GH WUDWDPHQWR DPELHQWDO SRVVXHP VtOLFD 0DV R VHWRU WDPEpP FRQVRPH SOiVWLFR SURGXWRV GH RULJHP YHJHWDO PHWDLV GLYHUVRV H HVWi GHVHQYROYHQGR XPD OLQKD PXLWR LQWHUHVVDQWH SDUD FRPSyVLWRV %RD SDUWH GRV FRPSRQHQWHV GH FRQVWUXomR p GH SURGXomR VLPSOHV FRPR RV FRPSRQHQWHV SURGX]LGRV FRP DJUHJDGRV H DJORPHUDQWHV LQRUJkQLFRV 5HTXLVLWRV FRPR HVWHULOLGDGH SXUH]DV HOHYDGDV HWF VmR GLVSHQViYHLV QD PDLRULD GDV DSOLFDo}HV FRPXQV GD FRQVWUXomR FLYLO VLPSOLILFDQGR RV SURFHVVRV $ UHFLFODJHP GH YLGUR QD SURGXomR GH YLGUR SRU H[HPSOR UHTXHU FODVVLILFDomR GH FRU HQTXDQWR TXH VXD UHFLFODJHP FRPR DJUHJDGR SDUD FRQFUHWR DVIiOWLFR QmR H[LJH TXDOTXHU FODVVLILFDomR 2V DJUHJDGRV SRU H[HPSOR VmR PDWHULDLV JUDQXODUHV FRPSDWtYHLV FRP R DJORPHUDQWH HP TXH HVWmR HPEHELGRV H FRP UHVLVWrQFLD H GHQVLGDGH DSURSULDGDV D DSOLFDomR e SRVVtYHO SURGX]LU JUkQXORV FRP PXLWRV PDWHULDLV GLIHUHQWHV DWUDYpV GH WpFQLFDV VLPSOHV FRPR D SHORWL]DomR RX PHVPR WULWXUDomR $JUHJDGRV PXLWR GLIHUHQWHV GRV WUDGLFLRQDLV SRGHP VHU DGHTXDGRV D DSOLFDo}HV HVSHFLDOL]DGDV FRPR FRQFUHWRV OHYHV FRQFUHWRV SHVDGRV EDVH GH URGRYLDV HWF (VWD SURGXomR PDLV VLPSOHV SRGH VLJQLILFDU TXH D TXDQWLGDGH GH FDSLWDO SDUD D LPSODQWDomR GD XQLGDGH GH UHFLFODJHP VHMD UHGX]LGD ([LVWH JUDQGH SRVVLELOLGDGH GH XWLOL]DomR JUDQGHV YROXPHV GH SURGXWRV FRP UHVLVWrQFLD PHFkQLFD EDL[D VH FRPSDUDGD FRP RXWURV VHWRUHV GH HQJHQKDULD R TXH WRUQD SRVVtYHO D FRQYLYrQFLD FRP PDWHULDLV FRP JUDQGH TXDQWLGDGH GH GHIHLWRV PLFURHVWUXWXUDLV H LPSXUH]DV $V UHVLVWrQFLDV PHFkQLFDV GRV DoRV SDUD D LQG~VWULD PHFkQLFD VmR PXLWDV YH]HV VXSHULRUHV DRV  D 03D QHFHVViULRV D XP HOHPHQWR GH DOYHQDULD GH YHGDomR SRU H[HPSOR RX D FDSDFLGDGH GH VXSRUWH GH XPD EDVH GH SDYLPHQWDomR 'R SRQWR GH YLVWD GD FRQVWUXomR FLYLO D UHFLFODJHP GH UHVtGXRV YDL UHVXOWDU QR RIHUHFLPHQWR GH XPD PDLRU TXDQWLGDGH GH SURGXWRV DOWHUQDWLYRV SDUD XPD PHVPD IXQomR H SRVVLYHOPHQWH GH VROXo}HV PDLV DGHTXDGDV SDUD VLWXDo}HV HVSHFtILFDV FRP JDQKRV GH HILFLrQFLD JHUDO GR SURFHVVR 'R SRQWR GH YLVWD HVWUDWpJLFR p SULRULWiULR TXH R PDFURFRPSOH[R GHVHQYROYD FDSDFLGDGH GH UHFLFODU VHXV SUySULRV UHVtGXRV R UHVtGXR GH FRQVWUXomR H GHPROLomR FXMR YROXPH H IRUPD GH GHSRVLomR DWXDOPHQWH DSUHVHQWD JUDQGHV FRQVHTrQFLDV DPELHQWDLV 1mR p SRU DFDVR TXH R UHODWyULR WpFQLFR TXH HPEDVD R 3URJUDPD %UDVLOHLUR GH 5HFLFODJHP HVWDEHOHFH HVWH UHVtGXR FRPR XPD GDV VXDV SULRULGDGHV 0,1,67e5,2 '2 '(6(192/9,0(172 ,1'675,$ &20e5&,2 

 %DUUHLUDV GD UHFLFODJH P QD FRQVWUXomR FLYLO

([LVWHP YiULDV EDUUHLUDV D VHUHP YHQFLGDV SDUD D LQWURGXomR GH QRYRV SURGXWRV FRQWHQGR UHVtGXRV OHJDLV UHJXODPHQWDUHV HGXFDomR H LQIRUPDomR WHFQROyJLFDV HFRQ{PLFDV H JHRJUiILFDV %&6'*0  /$85,7=(1  $ VHJXLU VHUmR GLVFXWLGDV DV PDLV LPSRUWDQWHV SDUD D FRQVWUXomR FLYLO DOpP GH DOJXPDV HVSHFLILFLGDGHV GR VHWRU MXQWDPHQWH FRP SURSRVWDV SDUD VXSHUDomR GHVWHV SUREOHPDV (P SULPHLUR OXJDU p QHFHVViULD D VXSHUDomR GRV OLPLWDGRUHV OHJDLV UHJXODPHQWDUHV H GH HGXFDomR 6HJXQGR /$85,7=(1  D VXSHUDomR GHVWH SUREOHPD GHSHQGH GD H[LVWrQFLD GH SROtWLFDV GH ORQJR SUD]R FRPR QR FDVR GD +RODQGD H (8$ (VWD FRQGLomR LPSOLFD HP XPD FRQWLQXLGDGH GD SROtWLFD HQWUH YiULRV JRYHUQRV IHLWR TXH SURYDYHOPHQWH SRGH VHU REWLGR QDV FRQGLo}HV EUDVLOHLUDV FRP XP JUDQGH HQYROYLPHQWR GD VRFLHGDGH $V &kPDUDV $PELHQWDLV 6HWRULDV GH 6mR 3DXOR R &21$0$ H SRVVLYHOPHQWH R 3URJUDPD %UDVLOHLUR GH 5HFLFODJHP SDUHFHP VHU ERQV HPEUL}HV GHVWD DUWLFXODomR (VWDGR6RFLHGDGH 8PD OLPLWDomR GD FRQVWUXomR FLYLO PXLWR GLVFXWLGD p D GLILFXOGDGH GH LQWURGXomR GH QRYDV WHFQRORJLDV QD FRQVWUXomR FLYLO 9iULDV UD]}HV WrP VLGR DSRQWDGDV FRPR D R EDL[R LPSDFWR GD LQRYDomR WHFQROyJLFD QRV FXVWRV GR HPSUHHQGLPHQWR LPRELOLiULR HVSHFLDOPHQWH GHYLGR DR SUHoR GD WHUUD XPD UD]mR HFRQ{PLFD E GRLV IDWRUHV WpFQLFRV D H[LVWrQFLD GH QRUPDV SUHVFULWLYDV TXH HVSHFLILFDP D DGRomR GH XPD GHWHUPLQDGD VROXomR HVSHFtILFD H QmR GH XP GHVHPSHQKR 35,(6 85,-7+2))  +(6(*8(5  -2+1  H R KLVWyULFR %UDVLOHLUR UHFHQWH GH QRYDV WHFQRORJLDV TXH UHVXOWDUDP HP GHVHPSHQKRV LQVDWLVIDWyULRV -2+1  $ FDXVD HFRQ{PLFD SRGH VHU VXSHUDGD WDQWR WHFQRORJLFDPHQWH SHOR GHVHQYROYLPHQWR GH SURGXWRV TXH DSUHVHQWHP RXWUDV YDQWDJHQV FRPSHWLWLYDV IUHQWH DRV WUDGLFLRQDLV -2+1 E TXDQWR SRU Do}HV GR SRGHU S~EOLFR 'HQWUH HVWDV Do}HV SRGHVH GHVWDFDU D D FULDomR GH PHUFDGRV XVDQGR R SRGHU GH FRPSUD GR HVWDGR &/,1721  RX R HVWDEHOHFLPHQWR GD REULJDomR GH XP FRQWH~GR PtQLPR GH PDWHULDLV UHFLFODGRV HP XP GHWHUPLQDGR SURGXWR '(75 F E R HQFDUHFLPHQWR GD GHSRVLomR GR UHVtGXR FRPR SRU H[HPSOR DWUDYpV GR HVWDEHOHFLPHQWR GH WD[DV SDUD GHSRVLomR GR UHVtGXR FRPR QD ,QJODWHUUD '(6$,  H 'LQDPDUFD /$85,7=(1  F SHOD UHGXomR GR FXVWR GRV SURGXWRV UHFLFODGRV FRPR DWUDYpV GH LVHQo}HV ILVFDLV SDUD SURGXWRV FRQWHQGR UHVtGXRV 3,172  G RXWURV LQFHQWLYRV RX FRPSDUWLOKDPHQWR GH ULVFRV 95,-/,1*  8P GRV SUREOHPDV TXH SUHFLVD VHU HQIUHQWDGR p D HYHQWXDO FRQFHSomR GH FRQVXPLGRUHV H DWp WpFQLFRV GD iUHD GH TXH XP SURGXWR FRQWHQGR UHVtGXR SRVVXL TXDOLGDGH LQIHULRU /$85,7=(1  1R HQWDQWR SHVTXLVD UHDOL]DGD QD ,QJODWHUUD GHPRQVWURX TXH DSHQDV  GRV FRQVXPLGRUHV GHVLVWLULDP GH XPD FRPSUD VH VRXEHVVHP TXH R SURGXWR p UHFLFODGR '(75 F HQTXDQWR  VHULDP DIHWDGRV IDYRUDYHOPHQWH SHOR FRQWH~GR UHFLFODGR 1mR H[LVWHP SHVTXLVDV HVSHFtILFDV VREUH HVWH IDWR QR %UDVLO PDV GDGRV GH 



025(12  UHYHODP TXH PDQWLGR R SUHoR H D TXDOLGDGH R FRQVXPLGRU SUHIHUH SURGXWRV FRP PHQRU LPSDFWR DPELHQWDO 1R UHVWULWR FtUFXOR GH HQJHQKHLURV H DUTXLWHWRV EUDVLOHLURV VmR IUHTHQWHV RV TXHVWLRQDPHQWRV VREUH D EDL[D TXDOLGDGH GR FLPHQWR FRQWHQGR HVFyULD H SR]RODQD HPERUD QmR VHMD REVHUYDGD TXDOTXHU UHDomR FRQWUD DV ODWDV GH DOXPtQLR H PHVPR R DoR 7DOYH] HVWD SHUFHSomR WHQKD LPSHGLGR TXH RV PDLRUHV UHFLFODGRUHV QDFLRQDLV D LQG~VWULD VLGHU~UJLFD H D FLPHQWHLUD QmR WHQKDP GLYXOJDGR RV EHQHItFLRV DPELHQWDLV TXH WUD]HP $V EDUUHLUDV WpFQLFDV WDQWR GHYLGR j H[LVWrQFLD GH QRUPDOL]DomR SUHVFULWLYD TXDQWR j VHQVDomR GH ULVFR GH EDL[R GHVHPSHQKR FRP UHODomR GH QRYDV WHFQRORJLDV 95,-/,1*  GLVFXWLQGR UHFLFODJHP GH UHVtGXRV VXJHUH TXH DV UHVLVWrQFLDV WpFQLFDV SRGHP VHU YHQFLGDV SHOD GHPRQVWUDomR DWUDYpV GD FRQGXomR GH SHVTXLVD GHVHQYROYLGD SRU HQWLGDGH GH WHUFHLUD SDUWH GH TXH R PDWHULDO DSUHVHQWD GHVHPSHQKR WpFQLFR H DPELHQWDO LJXDO RX VXSHULRU j DOWHUQDWLYD WUDGLFLRQDO $OpP GR HQYROYLPHQWR GH XPD WHUFHLUD HQWLGDGH QD SHVTXLVD H GHVHQYROYLPHQWR H[LVWH D RSomR GRV GRFXPHQWRV GH $SURYDo}HV 7pFQLFDV VLVWHPDV GH FHUWLILFDomR TXH WHP SRU EDVH D WHRULD GH GHVHPSHQKR +(://(7  -2+1 E H DV FHUWLILFDo}HV GH SURGXWRV /$85,7=(1  7DPEpP SRGHP VHU WRPDGDV PHGLGDV SDUD WRUQDU D UHFLFODJHP IiFLO H PDLV EDUDWD 3URMHWDU SDUD D UHFLFODJHP /$85,7=(1  RX SDUD D GHVPRQWDJHP RX GHVFRQVWUXomR :<$77  H GHPROLomR SDUD D UHFLFODJHP /$85,7=(1  H XPD JHVWmR GH UHVtGXRV DGHTXDGD GH IRUPD D VLPSOLILFDU R SURFHVVR GH UHFLFODJHP VmR XP ERP H[HPSOR GHVVDV PHGLGDV

LQGXVWULDO GHVHQYROYHX WDPEpP VHXV FRQFHLWRV FRPR R GD VLPELRVH LQGXVWULDO RQGH XPD LQG~VWULD XWLOL]D R UHVtGXR GD RXWUD FRPR PDWpULDSULPD 1R %UDVLO DV SROtWLFDV GH LQFHQWLYR j UHFLFODJHP HVWmR VH LQLFLDQGR H H[LVWH XP ORQJR FDPLQKR D SHUFRUUHU $ FDGHLD SURGXWLYD GD FRQVWUXomR FLYLO Mi p D PDLRU UHFLFODGRUD GD HFRQRPLD PDV SRVVXL HQRUPH SRWHQFLDO SDUD DXPHQWDU R YROXPH GH PDWHULDLV TXH UHFLFOD GDGD D PDVVD GH PDWHULDLV GH FRQVRPH VXD FDSLODULGDGH UHJLRQDO H DV FDUDFWHUtVWLFDV GRV VHXV PDWHULDLV 1HVWH VHQWLGR D UHFLFODJHP GRV UHVtGXRV GH FRQVWUXomR H GHPROLomR p XP GHVDILR LPSRUWDQWH D VHU HQIUHQWDGR

 &21&/86(6
$ UHFLFODJHP p HVVHQFLDO SDUD R GHVHQYROYLPHQWR VXVWHQWiYHO XPD YH] TXH p LPSRVVtYHO SHQVDU HP XPD VRFLHGDGH TXH QmR JHUH UHVtGXRV $ UHFLFODJHP DSUHVHQWD PXLWDV YDQWDJHQV SRWHQFLDLV FRPR UHGXomR GR FRQVXPR GH HQHUJLD UHGXomR GD SROXLomR H DWHUURV  PDV HP FDGD VLWXDomR HVSHFtILFD GHYHUi VHU REMHWR GH DQiOLVH VLVWrPLFD GD VLWXDomR FRQFUHWD FRP D DQiOLVH GR FLFOR GH YLGD EXVFDQGR YHULILFDU DV PHOKRUHV RSo}HV 'DGD D LPSRUWkQFLD GD UHFLFODJHP SDUD R GHVHQYROYLPHQWR VXVWHQWiYHO YiULRV SDtVHV GHVHQYROYHUDP SROtWLFDV GH LQFHQWLYR j UHFLFODJHP FRP UHVXOWDGRV LPSRUWDQWHV 2 VHWRU
 ([SHULrQFLD SHVVRDO GR DXWRU 8PD GHPRQVWUDomR GHVWH SUHFRQFHLWR IRL D UHVSRVWD GH XP IDEULFDQWH GH EORFRV GH FRQFUHWR EUDVLOHLUR DR FRQYLWH IRUPXODGR SHOR DXWRU SDUD SDUWLFLSDomR GH XPD SHVTXLVD VREUH SURGXomR GH EORFRV GH FRQFUHWR FRP DJUHJDGRV GH 5&' 1RVVD HPSUHVD Vy WUDEDOKD FRP PDWHULDLV GH SULPHLUD TXDOLGDGH 

(P LQJOrV GHFRQVWUXFWLRQ