2JROSHGHDUtHWHHPWXEXODo}HVGHUHFDOTXH

$QiOLVHVLPSOLILFDGD
(QJ/XL]$&DPDUJR

7UDEDOKRDSUHVHQWDGRQR;9(QFRQWURGH(QJHQKHLURVGH$VVLVWrQFLD7pFQLFD
78%26(&21(;(67,*5(6$
-RLQYLOOH6&D GH2XWXEURGH

1',&(

,QWURGXomR
(TXDo}HVGRJROSHGHDUtHWH
5HSUHVHQWDomRJUiILFD
7HPSRGHSDUDGDW
$SOLFDo}HV
3UREOHPDV
5HSUHVHQWDomRJUiILFDGRSUREOHPD
&RQGXWRVFRPSUHVVmRQHJDWLYD
&RQGXWRVFRPFDUDFWHUtVWLFDVYDULiYHLV
'LVSRVLWLYRVGHSURWHomR
9RODQWHVGHLQpUFLD
([HPSOR
/LPLWHSUiWLFRGHXWLOL]DomRGHYRODQWHV
9HQWRVDV
5HVHUYDWyULRVXQLGLUHFLRQDLV
%\SDVV
&KDPLQpVGHHTXLOtEULR
([HPSOR
2XWURVFRPHQWiULRV
5HVHUYDWyULRVKLGURSQHXPiWLFRV
([HPSOR
&RPHQWiULRVVREUHRUHVHUYDWyULRKLGURSQHXPiWLFR
9iOYXODVGHDOtYLR
9iOYXODVGHUHWHQomR
([HPSOR
2XWURVPHLRVGHSURWHomR
&RPHQWiULRVILQDLV
$SrQGLFH
0RPHQWRSRODUGHLQpUFLD
5HODo}HV~WHLV
'LPHQV}HVGHDOJXQVWXERVGH39&
5HIHUrQFLDVELEOLRJUiILFDV


































,1752'8d2

(PKLGUiXOLFDQDDQiOLVHGRVYiULRVDVSHFWRVTXHDFRPSUHHQGHXPWHPDGRVPDLVFRPSOH[RVHTXHQRV
~OWLPRVWHPSRVWHPWLGRQRWiYHLVSURJUHVVRVGHYLGRDVXDJUDQGHLPSRUWkQFLDHPSURMHWRVGHVLVWHPDV
KLGUiXOLFRVpRTXHVHUHIHUHDRVIHQ{PHQRVWUDQVLWyULRV'HQWUHHVVHVRPDLVFRPXPHXPGRVPDLV
LQWHUHVVDQWHVpRTXHVHFRQKHFHFRPRJROSHGHDUtHWH

3RUJROSHGHDUtHWHFRPXPHQWHVHGHQRPLQDPDVYDULDo}HVGHSUHVVmRUHVXOWDQWHVGHYDULDo}HVGDYD]mR
FDXVDGDVSRUDOJXPDSHUWXUEDomRYROXQWiULDRXLQYROXQWiULDTXHVHLPS}HDRIOX[RGHOtTXLGRVQRLQWHULRUGH
FRQGXWRVWDLVFRPRRSHUDo}HVGHDEHUWXUDRXIHFKDPHQWRGHYiOYXODVIDOKDVPHFkQLFDVGHGLVSRVLWLYRVGH
SURWHomRRXFRQWUROHSDUDGDGHERPEDVFDXVDGDVSRULQWHUUXSomRGDHQHUJLDHOpWULFDIRUQHFLGDDRPRWRU
HPERUDKDMDRXWURVWLSRVGHFDXVD

$DQiOLVHGRIHQ{PHQRSRVVLELOLWDTXDQWLILFDURVVHXVHIHLWRVHFRPLVWRVHDGRWDUDVPHGLGDVSUHYHQWLYDV
FDEtYHLVTXHSRVVDPHYLWDUSRUH[HPSORUXSWXUDGHWXEXODo}HVSRUVREUHSUHVVmRDYDULDVHPERPEDVFRODSVR
GHWXERVHWF$OpPGRPDLVHVWDDQiOLVHVHFRQVLGHUDQHFHVViULDWDPEpPSRUTXHRGHVFRQKHFLPHQWRGRV
HIHLWRVGRJROSHGHDUtHWHFRPRVHVDEHSRGHRFDVLRQDUSURMHWRVGHWXEXODo}HVFRPHVSHVVXUDVGHSDUHGH
SHULJRVDPHQWHUHGX]LGDVRXHFRQRPLFDPHQWHHOHYDGDV

2VFiOFXORVUHODWLYRVDRJROSHGHDUtHWHSRGHPVHUUHDOL]DGRVGHYiULDVPDQHLUDV2REMHWLYRGRSUHVHQWH
WUDEDOKRpDSUHVHQWDUHOHPHQWRVSDUDFiOFXORGRJROSHGHDUtHWHTXHSRVVLELOLWHPDVXDGHWHUPLQDomRFRPEDVH
QDVHTXDo}HVGH$OOLHYL0LFKDXGH5RVLFKDSOLFiYHLVDFDVRVVLPSOHVGHHVFRDPHQWRVWUDQVLWyULRVTXHRFRUUHP
HPWXEXODo}HVGHUHFDOTXH1mRWHPSRUWDQWRHVWHWUDEDOKRRREMHWLYRGHDSUHVHQWDUWHRULDGHWUDQVLHQWHV
KLGUiXOLFRVQHPPRGHODo}HVSDUDUHVROXomRGRIHQ{PHQRHPVLWXDo}HVPDLVFRPSOH[DV3UHWHQGHVHDSUHVHQWDU
XPPHLRVLPSOHVGHFiOFXORH[SHGLWRHGHIiFLOFRPSUHHQVmR'HVWDPDQHLUDQRVFDVRVGHPDLRUFRPSOH[LGDGH
RXWURVPpWRGRVGHFiOFXORWDLVFRPRRPpWRGRGDVFDUDFWHUtVWLFDVTXHRDXWRUPRVWUDHPRXWURWUDEDOKRRXR
PpWRGRJUiILFRGH6FKQ\GHU%HUJHURQGHYHUmRVHUH[DPLQDGRV
6HGHDOJXPDIRUPDHVWHWUDEDOKRSXGHUVHU~WLOVHULDXPDPRGHVWDFRQWULEXLomRTXHVHID]DRGHVHQYROYLPHQWR
HjGLYXOJDomRGRWHPDFRPXPWH[WRTXHUH~QHHUHVXPHDOJXQVSRQWRVEiVLFRVVREUHRDVVXQWR
(48$d(6'2*2/3('($5(7(

3RGHVHGHVFUHYHURIHQ{PHQRGRJROSHGHDUtHWHHH[SOLFDUVLPSOLILFDGDPHQWHDVXDRFRUUrQFLDPHGLDQWHD
DQiOLVHGRHVFRDPHQWRGHXPOtTXLGRFRPYHORFLGDGHYDWUDYpVGHXPDWXEXODomRKRUL]RQWDOGHGLkPHWURH
HVSHVVXUDGHSDUHGHFRQVWDQWHVFRPiUHDLQWHUQDGDVHomRWUDQVYHUVDO$2IHFKDPHQWRUHSHQWLQRGHXPD
YiOYXODFRORFDGDQDWXEXODomRLQWHUURPSHRPRYLPHQWRGDFDPDGDOtTXLGDLPHGLDWDPHQWHDPRQWDQWHGDYiOYXOD
WUDQVIRUPDQGRDHQHUJLDFLQpWLFDHPHQHUJLDSRWHQFLDOTXHUHVXOWDQXPDXPHQWRGDSUHVVmR&RQVLGHUDQGRVHU
ROtTXLGRFRPSUHVVtYHOLPSOLFDHPTXHDSDUDGDGHWRGDDPDVVDOtTXLGDQDWXEXODomRQmRRFRUUHUi
LQVWDQWDQHDPHQWHHVLPQXPWHPSRW
2YROXPHTXHFRQWpPROtTXLGRSDUDGRWHUiRVHXOLPLWHH[SDQGLQGRVHQDIRUPDGHXPDRQGDGHSUHVVmRDR
ORQJRGDWXEXODomRFRPFHUWDYHORFLGDGHF GHQRPLQDGDYHORFLGDGHGHSURSDJDomRGDRQGDGHSUHVVmRRX
FHOHULGDGH

1DILJXUDSRGHVHUH[DPLQDGDDSDUWHGRYROXPH$G[ $FGW GHOtTXLGROLPtWURIHjYiOYXOD1RWHPSRGWHVWH

YROXPHGHWHQGRVHSHUGHDTXDQWLGDGHGHPRYLPHQWRU$G[Y

)LJ9ROXPHGHOtTXLGROLPtWURIHjYiOYXOD

6HDSUHVVmRDWXDQWHQDYiOYXODDQWHVGHODIHFKDUVHIRUGHVLJQDGDSRUSHD SUHVVmRTXHRFRUUHGHSRLVGD
SDUDGDIRUGHVLJQDGDSRUS'SHQWmRHPSUHJDQGRVHRWHRUHPDGDTXDQWLGDGHGHPRYLPHQWRSRGHVH
GHWHUPLQDUDGLIHUHQoDGHSUHVV}HV'S&RPLVWRQRWHPSRGWRLPSXOVRGDIRUoDDWXDQWHpLJXDOD'S$GW
,JXDODQGRRLPSXOVRjYDULDomRGDTXDQWLGDGHGHPRYLPHQWRQHVVHWHPSRREWHPVH

$RVHUHVROYHUSUREOHPDVGHWXEXODo}HVpFRQYHQLHQWHWUDEDOKDUFRPDFDUJDSLH]RPpWULFD+ DRLQYpVGHS
'HVWDPDQHLUDFRPR'S UJ'+HFRQVLGHUDQGRTXHG[GW FYHP

'Dt

$HTXDomRpGHYLGDD$OOLHYLFRVWXPDWDPEpPVHUDWULEXtGDD-RXNRZVN\RX$OOLHYL-RXNRZVN\TXHD

DSUHVHQWRXSRUYROWDGHHUHSUHVHQWDRYDORUPi[LPRGDYDULDomRGDSUHVVmRQDVVLWXDo}HVHPTXHVH
WHPW7 PDQREUDUiSLGDRQGH7 /F pR SHUtRGRGDWXEXODomRH/ RVHXFRPSULPHQWR

3DUDXWLOL]DUDHTXDomRQRFiOFXORGDVREUHSUHVVmR'+RXGHSUHVVmR'+pSUHFLVRFRQKHFHUDFHOHULGDGH

F3DUDFDOFXOiOD$OOLHYLGHGX]LXDVHJXLQWHH[SUHVVmR

RQGH' pR GLkPHWURLQWHUQRGRWXERHHDHVSHVVXUDGDSDUHGH2VYDORUHVGHNDGLPHQVLRQDLVSDUDF HP
PVVmRRVDEDL[R>@ 

&DEHDTXLXPSDUrQWHVHSDUDUHVVDOWDUTXHH[SHULPHQWRVUHDOL]DGRVSRU:DWWHUVHWDO>@UHODWLYRVj
GHWHUPLQDomRGDFHOHULGDGHHPWXERVGH39&HWDPEpPGHSOiVWLFRUHIRUoDGRPRVWUDPTXHHQWHUUDQGRRWXER
PHVPRFRPUHFREULPHQWREHPFRPSDFWDGRKiXPDFUpVFLPRPpGLRPi[LPRTXHVHYHULILFDQRYDORUGD
FHOHULGDGHGHYLGRDRHIHLWRGHDQFRUDJHPGRVRORTXHpGDRUGHPGH

+iQRHQWDQWRVLWXDo}HVTXHVHFDUDFWHUL]DPSRUDSUHVHQWDUHPXPWHPSRGHIHFKDPHQWRVXSHULRUD/FRX
VHMDVXSHULRUDXPDLGDHYROWDGDRQGD1HVWDVFLUFXQVWkQFLDVVHY pD YHORFLGDGHQRWHPSR]HURGHSRLVGHXP
WHPSR/F HODSDVVDUiDYL(PFRQVHTrQFLDRYDORUGDYDULDomRGDSUHVVmRFRQIRUPHDHTXDomRVHUi
 RVQ~PHURVHQWUHFROFKHWHVUHIHUHPVHjVUHIHUrQFLDVELEOLRJUiILFDVFLWDGDVQRILQDOGHVWHWUDEDOKR


6XSRQGRTXHRWHPSRGHIHFKDPHQWRRXSDUDGDVHMDW Q/FRQGHQ pXPQ~PHURUHDOPDLRUTXHHTXH
GXUDQWHHVVHWHPSRDYHORFLGDGHYDULHOLQHDUPHQWHWHPVHTXHYYL YQ
$VVRFLDQGRHVVDVGXDV~OWLPDVHTXDo}HVYHP

6XEVWLWXLQGRDHTXDomRQDHTXDomRWHPVH

$HTXDomRpGHYLGDD0LFKDXGTXHDDSUHVHQWRXQDVHJXQGDPHWDGHGRVpFXOR;,;HUHSUHVHQWDR

YDORUPi[LPRGDYDULDomRGDSUHVVmRQDVVLWXDo}HVHPTXHW7 PDQREUDOHQWD
1DHTXDomRSRGHVHYHULILFDURTXHRFRUUHULDVHW FRLQFLGLVVHFRP/FLVWRpVHW /F

,VWRVLJQLILFDTXHjXPDGLVWkQFLDGDH[WUHPLGDGHDMXVDQWH/F FW FRLQFLGHPRVYDORUHVGRJROSHREWLGRV

WDQWRFRPDHTXDomRGH0LFKDXGTXDQWRFRPDGH$OOLHYL1HVVHSRQWRDSDUWLUGRUHVHUYDWyULRDOLQKDGH
VREUHSUHVV}HVFUHVFHQWHVVHFRQYHUWHHPKRUL]RQWDOFRPRVHSRGHYHUQD)LJLVWRpDMXVDQWHGRSRQWRGH
FRLQFLGrQFLDDSOLFDVHDHTXDomRGH0LFKDXGHDPRQWDQWHDHTXDomRGH$OOLHYL

(PVXPDROLPLWHPi[LPRGRVYDORUHVGRJROSHGHDUtHWHTXDQGRW t 7pR REWLGRFRPDHTXDomRGH0LFKDXGH

HVWDHTXDomRVHDSOLFDVHPSUHSHORPHQRVHPXPWUHFKRGDWXEXODomRHQTXDQWRTXHDGH$OOLHYLVRPHQWHVH
DSOLFDQRVFDVRVHPTXHW 7

5(35(6(17$d2*5),&$

3RGHVHYHULILFDUTXHGHDFRUGRFRPRTXHIRLDQWHULRUPHQWHDSUHVHQWDGRFRPXPJUiILFRDSHQDVpSRVVtYHO
UHSUHVHQWDUDVSUHVV}HVHDVVREUHSUHVV}HVHGHSUHVV}HVPi[LPDVTXHSRGHUmRRFRUUHUDRORQJRGHWRGDD
WXEXODomR

1D)LJDSyVHQFRQWUDGRRYDORUGRJROSHVREUHDDOWXUDJHRPpWULFDHP%VLWXDVHRSRQWR0 TXHUHSUHVHQWD
ROLPLWHGHSUHVVmRPi[LPD+0$; QDWXEXODomR6LPHWULFDPHQWHDRSRQWR0HPUHODomRjOLQKD35RSRQWR1
UHSUHVHQWDROLPLWHGDSUHVVmRPtQLPD+0,1

)LJ5HSUHVHQWDomRJUiILFDGRJROSHGHDUtHWHHPPDQREUDOHQWDW 7

1HVWDUHSUHVHQWDomRDVJUDQGH]DVVmRDVVHJXLQWHV
+0$; + '+
+0,1 + '+
+ DOWXUDHVWiWLFDRXJHRPpWULFD
KI SHUGDGHFDUJD
+P DOWXUDPDQRPpWULFD
'+ JROSHGHDUtHWH
/ FRPSULPHQWRGDWXEXODomR
7 /F SHUtRGRGDWXEXODomR

8QLQGRRVSRQWRV0 FRP5 H1 FRP5 WHPVHDVOLQKDVGHFDUJDTXHSRVVLELOLWDPGHWHUPLQDUDVSUHVV}HV

UHVSHFWLYDPHQWHPi[LPDHPtQLPDHPFDGDSRQWRGDWXEXODomR&RPHVWDVSUHVV}HVHQWmRpTXHVH
SURFHGHUiDRGLPHQVLRQDPHQWRGDFODVVHGHSUHVVmRGDWXEXODomR
1D)LJWRPDQGRRFRPSULPHQWR/F DSDUWLUGRUHVHUYDWyULR5ORFDOL]DVHRSRQWR&QRTXDORYDORUGD
VREUHSUHVVmRp

)LJ5HSUHVHQWDomRJUiILFDGRJROSHGHDUtHWHHPPDQREUDUiSLGDW7
(VWDVREUHSUHVVmRUHSUHVHQWDGDSHORVHJPHQWR03VHPDQWHUiFRQVWDQWHDWp03VHQGRTXHFRPDGLVWkQFLD

DWpRUHVHUYDWyULR5 WHUiXPDYDULDomROLQHDUDWpDQXODUVH3HORFULWpULRGDVLPHWULDFRPRQRFDVRDQWHULRU
GHWHUPLQDVHDSUHVVmRPtQLPD
'HVWDIRUPDFRPRVHYrXPDYH]GHWHUPLQDGRRYDORUGRJROSHGHDUtHWHHPXPSRQWRSDVVDVHj
UHSUHVHQWDomRJUiILFDFRQIRUPHPRVWUDGRHGHWHUPLQDVHDVSUHVV}HVDRORQJRGHWRGDDOLQKDTXHVH
XWLOL]DUmRSDUDRVHXGLPHQVLRQDPHQWR

,VWRSRVWRHVWiGHILQLGRXPPpWRGRVLPSOHVHSUiWLFRDVHXWLOL]DUSDUDRFiOFXORGRJROSHGHDUtHWH+iQR
HQWDQWRXPSRQWRRQGHSRGHULDKDYHUDOJXPDGLILFXOGDGHTXHpH[DWDPHQWHDGHWHUPLQDomRGRWHPSRW(P
LQVWDODo}HVGHUHFDOTXHHVWDYDULiYHOFKDPDGDWHPSRGHSDUDGDYHPLPSRVWDSHODVFDUDFWHUtVWLFDVGD
WXEXODomRGRJUXSRPRWRERPEDHWDPEpPGRHVFRDPHQWR(VWHDVVXQWRpWUDWDGRQRSUy[LPRWySLFR

7(032'(3$5$'$W

2WHPSRW FRQVLGHUDGRQDDQiOLVHGRJROSHGHDUtHWHpRGHFRUULGRHQWUHRFRPHoRHRILPGDPDQREUDVHMDHOD
UiSLGDRXOHQWDGHDEHUWXUDRXIHFKDPHQWRWRWDORXSDUFLDOYLVWRVHUHVWHRLQWHUYDORGHWHPSRGXUDQWHRTXDOR
UHJLPHGRPRYLPHQWRpWUDQVLWyULR,VWRpYiOLGRWDQWRSDUDFRQGXWRVSRUJUDYLGDGHTXDQWRSRUERPEHDPHQWR

(POLQKDVGHUHFDOTXHQRFDVRGHLQWHUUXSomRGDHQHUJLDHOpWULFDIRUQHFLGDDRPRWRUWUDQVFRUUHUiXPWHPSRW
HQWUHRFRUWHGDFRUUHQWHHDDQXODomRGDYHORFLGDGHGHHVFRDPHQWR1RLQVWDQWHGDDQXODomRHPTXHY QDV
SUR[LPLGDGHVGDERPEDDSUHVVmRVHUi+0,1 + '+HDYiOYXODGHUHWHQomRVXSRVWDLQVWDODGDLPHGLDWDPHQWH
DMXVDQWHGDERPEDVHIHFKDUi(PDWRFRQWtQXRKDYHUiLQYHUVmRQRVHQWLGRGRHVFRDPHQWRTXHHQFRQWUDUiD
YiOYXODGHUHWHQomRIHFKDGDUHVXOWDQGRQXPDHOHYDomRGDSUHVVmRDWpDWLQJLURYDORU+0$; + '+
5RVLFK>@DQDOLVDQGRHVWDTXHVWmRFRQFOXLXKDYHUQDPHVPDLQWHUYHQLrQFLDGHHQHUJLDVFLQpWLFDLQHUFLDOGH
JUDYLGDGHHGHDWULWR'REDODQoRGHVVDVHQHUJLDVDQDOLWLFDPHQWHFKHJRXjVHJXLQWHH[SUHVVmR


TXHFRP/+ HKI HPPHWURVY HPPVJ HPPV Z HPUDGVK UHQGLPHQWRGRJUXSRHP*' IDWRUGH

LQpUFLDGDVSDUWHVJLUDQWHVYHUDSrQGLFHHP.JIP H4 HPOVIRUQHFHW HPVHJXQGRV


(PSRVWHULRUHVH[SHULPHQWRVFRPHVWDHTXDomRVHXDXWRUYHULILFRXTXHDOpPGDVHQHUJLDVSULQFLSDLVFLWDGDV
RXWUDVHQHUJLDVWDLVFRPRHQHUJLDFLQpWLFDGDiJXDGHDVSLUDomRHQHUJLDGHGHVFRPSUHVVmRGDiJXDHWF
LQWHUIHUHPQRWHPSRGHSDUDGDHTXHLQWURGX]LGDVQDHTXDomRHPWHUPRVGH[\] SURGX]


(PVXDDQiOLVHQmRGHWHUPLQRXDQDOLWLFDPHQWHHVWHVDFUpVFLPRVHVLPHQJORERXRVQXPFRHILFLHQWHHPStULFR
UHSUHVHQWDGRSHODVHJXLQWHH[SUHVVmR

(VWHFRHILFLHQWHOHYDGRQD(TUHVXOWDHP


2FRHILFLHQWH& pREWLGRH[SHULPHQWDOPHQWHHPIXQomRGDGHFOLYLGDGH+P /HVHXVYDORUHVHPVHJXQGRVVmR

RVVHJXLQWHV>@

3RUWDQWRVHFRQKHFLGRVRIDWRUGHLQpUFLD*' GRJUXSRHVHXUHQGLPHQWRKEHPFRPRDYHORFLGDGHDQJXODUZ
RWHPSRGHSDUDGDSRGHUiVHUGHWHUPLQDGRFRPDHTXDomR&RQWXGRPXLWDVYH]HVHVWHVGDGRVQmRVmR
FRQKHFLGRVSUHYLDPHQWHRTXHQHVWHFDVRLPSHGLULDDUHVROXomRGDHTXDomRIDWRHVWHTXHOHYRXVHXDXWRUD
ID]HU


HVLPSOLILFDQGR+KI| +PDHTXDomRSDVVDD


RQGHRFRHILFLHQWH. UHSUHVHQWDSULQFLSDOPHQWHRHIHLWRGDLQpUFLDGDVSDUWHVURWDWLYDVGRJUXSRHOHWURERPEDH
VHXVYDORUHVREWLGRVH[SHULPHQWDOPHQWHSDUDFRQMXQWRVQmRDFUHVFLGRVGHYRODQWHVGHLQpUFLDRXRXWURV
VLVWHPDVVmRRVVHJXLQWHV>@

$HTXDomRGH5RVLFKpXWLOL]DGDSDUDFiOFXORGRWHPSRGHSDUDGDRTXDOVHUiFRPSDUDGRFRP7 /F SDUD

LGHQWLILFDomRGDPDQREUD6HOHQWDRJROSHpFDOFXODGROHYDQGRVHW jHTXDomRGH0LFKDXG6HUiSLGDEDVWD
XVDUDHTXDomRGH$OOLHYL
(VWDHTXDomRVHJXQGRVHXDXWRUpYiOLGDSDUDY PVHSDUDGHFOLYLGDGHVDFLPDGHUHFRPHQGDD
HTXDomRGH$OOLHYLMiTXHQHVWHVFDVRVDSDUDGDpPXLWRUiSLGD

$3/,&$d(6

(678'2'(&$62

(PXPDHVWDomRGHWUDWDPHQWRGHiJXDXPDLQVWDODomRHOHYDWyULDGH39&FRPGLkPHWURQRPLQDOGHH
FRPSULPHQWRGHPHWURVWHPRFRQMXQWRHOHWURERPEDVLWXDGRDPHWURVDEDL[RGDVXSHUItFLHOLYUHGR
UHVHUYDWyULRDOLPHQWDGRSHODWXEXODomR$SDUWLUGDERPEDDWXEXODomRVREHGHIRUPDUHJXODUDWpRUHVHUYDWyULR
WUDQVSRUWDQGROV'HWHUPLQDUDFODVVHGHSUHVVmRGDWXEXODomRWHQGRHPYLVWDVXSRUWDURJROSHGHDUtHWH
GHFRUUHQWHGRFRUWHV~ELWRGDHQHUJLDHOpWULFDGRPRWRU
'DGRVGRSUREOHPD
'
4
/
+


OV
P
P

'HWHUPLQDU

2JROSHGHDUtHWH'+HDFODVVHGHSUHVVmRGDWXEXODomR

6ROXomR

1HVWDELWRODSDUDHVWHILPFRPDPSDURHPQRUPD$%17KiTXDWURWLSRVGHWXERVGH39&TXHSRGHPVHU
H[DPLQDGRV(FRQRPLFDPHQWHHPWHUPRVGHFXVWRGLUHWRQDRUGHPFUHVFHQWHWHPVH3%$&ODVVH
'()2)23%$&ODVVHH3%$&ODVVH

D3%$&ODVVH

'DUHVSHFWLYDWDEHODGHYD]mRYHORFLGDGHHSHUGDVGHFDUJDHID]HQGRRSHUDo}HVYHP
Y PV
KI P
+P P
F PV
7 V

'DHTXDomRFRP. H& YHP

W V

&RPRW 7DPDQREUDpUiSLGDHRJROSHpFDOFXODGRFRPDHTXDomRGH$OOLHYL
'+ FYJ PFD
'Dt

+0$; PFD
+0,1 PFD

&RPRVHYrHVWHWXERQmRSRGHULDVHUXWLOL]DGRXPDYH]TXHVXDFODVVHGHSUHVVmRPFDpLQIHULRUjFDUJD
Pi[LPDPFDDTXDODWXEXODomRHVWDULDVXEPHWLGD
E'()2)2

'DPHVPDIRUPDTXHDVHTrQFLDDQWHULRUWHPVH
Y PV
KI P
+P P
F PV
7 V
W VPDQREUDUiSLGD
'DtYHP

'+ PFD$OOLHYL

+0$; PFD
+0,1 PFD

(VWHWXERFRPRYLVWRSRGHULDVHUXWLOL]DGRXPDYH]TXHDVXDFODVVHGHSUHVVmRPFDpVXSHULRUjFDUJD
Pi[LPDPFDDTXDODWXEXODomRHVWDULDVXEPHWLGD

2VGHPDLVWXERVQHPSUHFLVDPVHUH[DPLQDGRVYLVWRTXHVHXVFXVWRVVmRPDLVHOHYDGRV&RQWXGRSDUDPHOKRU
FRPSUHHQVmRVHJXHDGLDQWHDQiOLVHGDXWLOL]DomRGRWXER3%$&ODVVH
F3%$&ODVVH

'DPHVPDPDQHLUDTXHRVDQWHULRUHVWHPVH
Y PV
YI P
+P P
F PV
7 V
W VPDQREUDOHQWD
'DtYHP



'+ PFD
+0$; PFD
+0,1 PFD

&RQIRUPHGHPRQVWUDGRDFLPDHVWHWXERWDPEpPQmRSRGHULDVHUXWLOL]DGRXPDYH]TXHDFDUJDPi[LPDQR
PHVPRPFDVHULDVXSHULRUjVXDSUHVVmRGHVHUYLoRTXHpPFD2PHVPRRFRUUHULDFRPR3%$
&ODVVH
&RQFOXLQGRDVHFRQVLGHUDURFRQGXWRXQLIRUPHRWXERPDLVDGHTXDGRWpFQLFDHHFRQRPLFDPHQWHSDUDR
SUHVHQWHFDVRVHULDR'()2)2

5(35(6(17$d2*5),&$'2352%/(0$

1RJUiILFRGD)LJSDUDPHOKRUHVFODUHFHUHVWmRUHSUHVHQWDGRVRVYDORUHVPi[LPRVHPtQLPRVGDVSUHVV}HV
QDVVLWXDo}HVGHXWLOL]DomRGRVWXERV'()2)2H3%$&ODVVH

)LJ5HSUHVHQWDomRJUiILFDGRJROSHGHDUtHWHHPWXERV'()2)2[3%$&/$66(UHODWLYDDRSUREO
1RWHVHTXHRJUiILFRSRVVLELOLWDDYLVXDOL]DomRVLPXOWkQHDGHGLYHUVDVDOWHUQDWLYDVGHVLWXDo}HV1RFDVRGRWXER
'()2)2VLWXDomRTXHUHVXOWDHPPDQREUDUiSLGDRFRPSULPHQWR/F FW  P
&DEHDLQGDUHVVDOWDUTXHDTXLFRPRREMHWLYRGHIDFLOLWDUDH[SRVLomRGRDVVXQWREHPFRPRDVXD
FRPSUHHQVmRRFRQGXWRIRLFRQVLGHUDGRXQLIRUPHLVWRpFRPDVPHVPDVFDUDFWHUtVWLFDVDRORQJRGHWRGDDVXD
H[WHQVmR&RQWXGRDWXEXODomRSRGHUiWHUHPVXDH[WHQVmRFDUDFWHUtVWLFDVGLIHUHQFLDGDVWDLVFRPRFODVVHGH
SUHVVmRGLkPHWURHWFFRQIRUPHVHYHUiQRWySLFRPDLVDGLDQWH

&21'8726&2035(6621(*$7,9$

$WpRPRPHQWRQRVFDVRVDTXLYLVWRVRYDORUGRJROSHGHDUtHWHWHPVLGRPHQRUTXHD SUHVVmRHVWiWLFDRTXH
ID]FRPTXHQRPRPHQWRGDPi[LPDGHSUHVVmRGHFRUUHQWHGDSDUDGDGRVPRWRUHVDSUHVVmRQDWXEXODomR
FRQWLQXHVHQGRSRVLWLYD

3RUpPDVFDUDFWHUtVWLFDVGDLQVWDODomRSRGHUmRUHXQLUFRQGLo}HVWDLVTXHR JROSHGHDUtHWHHPDOJXPDSDUWHGD
LQVWDODomRSRVVDDWLQJLUXPYDORUVXSHULRUjSUHVVmRHVWiWLFDHHPFRQVHTrQFLDSURGX]LUXPDGHSUHVVmRQD
WXEXODomRDEDL[RGDSUHVVmRDWPRVIpULFD
(VWDSUHVVmRQHJDWLYDWDPEpPFKDPDGDYiFXRGHSHQGHQGRGRYDORUTXHDWLQJLUFDVRQmRVHWRPHP



SUHFDXo}HVSRGHUiWUD]HUGDQRVjLQVWDODomR

$)LJLOXVWUDXPDVLWXDomRGHLQVWDODomRRQGHKDYHULDQDWXEXODomRRFRUUrQFLDGHSUHVV}HVLQIHULRUHVj
SUHVVmRDWPRVIpULFD1RWHVHTXHRYiFXRRFRUUHQRWUHFKR%5

)LJ2FRUUrQFLDGHYiFXR
1HVWDVFLUFXQVWkQFLDVVHRWXERQmRWLYHUHVSHVVXUDGHSDUHGHTXHOKHGrUHVLVWrQFLDPHFkQLFDVXILFLHQWHSDUD
VXSRUWDUDVVROLFLWDo}HVRXVHQmRKRXYHUQDLQVWDODomRFRQIRUPHH[SRVWRQRWySLFRDGLDQWHGLVSRVLWLYRVGH
SURWHomRSRGHUiKDYHUDWpFRODSVRLPSORVmRGHWXERV

$SDUWLUGRLQVWDQWHHPTXHVHLQWHUURPSHDHQHUJLDGRJUXSRPRWRERPEDDSUHVVmRFRPHoDHQWmRDUHGX]LUVH
6HDDOWXUDHVWiWLFDIRUVXILFLHQWHPHQWHSHTXHQDHVWDUHGXomRDVXSHUDUiLQLFLDQGRVHDSUHVVmRQHJDWLYDFXMR
FUHVFLPHQWRVHJXQGR5RVLFK>@QmRpOLQHDUFRPRQDVSUHVV}HVSRVLWLYDVPDVVLPH[SRQHQFLDOHTXHSRU
LVWRRYiFXRTXHVHSURGX]HPXPDSDUDGDGHERPEDVHPUHFDOTXHpVHPSUHXPYDORUGLVFUHWR(VWHPHVPR
DXWRUSURS}HSDUDGLVFXVVmRDVHJXLQWHH[SUHVVmRSDUDUHODFLRQDUSUHVV}HVQHJDWLYDVFRPYiFXR

VHQGR9 RYiFXRHPFHQWtPHWURVGHFROXQDGHPHUF~ULRFPGH+JH3 DSUHVVmRQHJDWLYDH[SUHVVDHPPHWURV
GHFROXQDGHiJXDPFD'HDFRUGRFRPHVWDSURSRVLomRSRUH[HPSORQXPDLQVWDODomRHPTXHKRXYHVVHXPD
GHSUHVVmRGHPFDQHJDWLYRVRYiFXRVHULDSRXFRPDLVTXHFPGH+JRTXHQmRFKHJDQHPDGR
YiFXRWRWDOFPGH+J

&RQWXGRVHQHFHVViULDPDLRUFRPSUHHQVmRGRVIHQ{PHQRVUHODFLRQDGRVDSUHVV}HVQHJDWLYDVWDLVFRPR
FDYLWDomRHVHSDUDomRGHFROXQDRDVVXQWRSRGHUiVHUYLVWRHPSURIXQGLGDGHQDVUHIHUrQFLDV>@>@>@H>@
$VVLPHPWHUPRVJHUDLVQRGLPHQVLRQDPHQWRGDVWXEXODo}HVGHUHFDOTXHGHYHPVHUOHYDGDVHPFRQVLGHUDomR
QmRVyDVFDUJDVPi[LPDVFRQIRUPHPRVWUDGRHPPDVWDPEpPDVFDUJDVPtQLPDV

&21'8726&20&$5$&7(567,&$69$5,9(,6

1DVVLWXDo}HVDQDOLVDGDVDWpRPRPHQWRDVFRQVLGHUDo}HVWrPVLGRFRQGX]LGDVSDUDWXEXODo}HVFRP
FDUDFWHUtVWLFDVFRQVWDQWHVGLkPHWURHVSHVVXUDGHSDUHGHHQDWXUH]DGRPDWHULDO&RQWXGRSRGHUmRRFRUUHU
VLWXDo}HVHPTXHDVFDUDFWHUtVWLFDVYDULHPDRORQJRGRFRPSULPHQWRGDWXEXODomRFRQIRUPHLOXVWUDomRGD)LJ




)LJ&RQGXWRFRPFDUDFWHUtVWLFDVYDULiYHLV
6HJXQGR&DVWLOOR>@QHVWDVFRQGLo}HVSRGHVHGHWHUPLQDUDPDJQLWXGHGDFDUJDSLH]RPpWULFDDRORQJRGHWRGR
RFRQGXWRPHGLDQWHKLSyWHVHVVLPSOLILFDGRUDVQDVTXDLVVHVXEVWLWXLRFRQGXWRUHDOSRURXWURHTXLYDOHQWHWHQGR
FRPREDVHTXHDHQHUJLDFLQpWLFDGDiJXDSDUDRIOX[RSHUPDQHQWHpDPHVPDQRVFRQGXWRVUHDOHHTXLYDOHQWH
HTXHRWHPSRGHWUDQVODomRGDRQGDGHSUHVVmRSDUDRIOX[RWUDQVLWyULRpRPHVPRSDUDRVFRQGXWRVUHDOH
HTXLYDOHQWH
$VVLPWHUVHiXPDFHOHULGDGHHTXLYDOHQWHGDGDSHODVHJXLQWHH[SUHVVmR



2SHUtRGRHTXLYDOHQWHFRUUHVSRQGHQWHVHUiGDGRSRU


,VWRSRVWRRWHPSRGHSDUDGDW GDHTXDomRGH5RVLFKVHUiHQWmRFRPSDUDGRFRPRSHUtRGRHTXLYDOHQWH7H
SDUDLGHQWLILFDomRGDPDQREUDVHOHQWDRXUiSLGD
6HDPDQREUDIRUUiSLGDQRFiOFXORGRJROSHFRPDHTXDomRGH$OOLHYLDFHOHULGDGHF VHUiVXEVWLWXtGDSHOD
FHOHULGDGHHTXLYDOHQWHFHHD YHORFLGDGHY VHUiVXEVWLWXtGDSHODYHORFLGDGHHTXLYDOHQWHGDGDSRU



6HDPDQREUDIRUOHQWDQRFiOFXORGRJROSHFRPDHTXDomRGH0LFKDXGDYHORFLGDGHY VHUiVXEVWLWXtGDSHOD
YHORFLGDGHYL GHTXDOTXHUWUHFKRL FRPGLkPHWUR'LHRFRPSULPHQWR/ VHUiVXEVWLWXtGRSHOR
FRPSULPHQWRHTXLYDOHQWH/HREWLGRFRPUHIHUrQFLDDRWUHFKRLGDGRSRU


FRPYLVWDVDPDQWHUFRQVWDQWHRSURGXWR/HYLSDUDTXDOTXHUTXHVHMDRWUHFKRL XWLOL]DGRFRPRUHIHUrQFLD
&DEHFRQWXGRUHVVDOWDUTXHDPHWRGRORJLDGHDQiOLVHGHFRQGXWRVFRPFDUDFWHUtVWLFDVYDULiYHLVDTXL



DSUHVHQWDGDSURGX]UHVXOWDGRVWmRVRPHQWHDSUR[LPDGRVHTXHRGHVYLRHPUHODomRDRVYHUGDGHLURVVHUiWDQWR
PDLRUTXDQWRPDLVFDUDFWHUtVWLFDVGLIHUHQWHVFRQWLYHURFRQGXWR$VVLPFRQIRUPHMiUHIHULGRDQWHULRUPHQWH
KDYHQGRQHFHVVLGDGHPpWRGRVPDLVSRWHQWHVGHFiOFXORGHYHUmRVHUH[DPLQDGRV

',6326,7,926'(3527(d2

8PSURMHWRFXLGDGRVRGHWXEXODomRGHUHFDOTXHGHYHLQFOXLUXPDDGHTXDGDLQYHVWLJDomRHHVSHFLILFDomRGH
HTXLSDPHQWRVHGLVSRVLWLYRVFRPYLVWDVDVHHYLWDUWUDQVLHQWHVLQGHVHMiYHLV

(PDOJXQVFDVRVVmRHVSHFLILFDGDVWXEXODo}HVFRPFODVVHVGHSUHVVmRFDSD]HVGHVXSRUWDUDVVREUHSUHVV}HVH
GHSUHVV}HVSUHYLVWDV3RUpPHVWDVYDULDo}HVGHSUHVVmRQDWXEXODomRVXEPHWHPRPDWHULDOFRQVWLWXWLYRGRWXER
DYDULDo}HVGHWHQV}HVTXHSRGHPOHYiORjIDGLJD RTXHQmRpUHFRPHQGiYHOSDUDVXDERDFRQVHUYDomR
3RUWDQWRXPERPSURFHGLPHQWRVHULDYDOHUVHGHDOJXPWLSRGHSURWHomRFDSD]GHPLQLPL]DUHVWDVYDULDo}HVGH
SUHVVmR
$VVLPXPDYH]FDOFXODGRRJROSHGHDUtHWHFDXVDGRSHODSDUDGDGRJUXSRHOHWURERPEDMiVHSRGHDQDOLVDUD
FRQYHQLrQFLDHRVPHLRVGHPLQLPL]iOR
$VHOHomRGHXPRXYiULRVGLVSRVLWLYRVGHSURWHomRGHYHUiUHVXOWDUGDDQiOLVHGHXPQ~PHURFRQYHQLHQWHGH
DOWHUQDWLYDVTXHSRVVLELOLWHPHOHJHUDTXHODGHPHOKRUUHVSRVWDFRQVLGHUDQGRDHILFLrQFLDDHFRQRPLDD
QDWXUH]DDIUHTrQFLDGHPDQXWHQomRHWF
2VGLVSRVLWLYRVGHSURWHomRFRQWUDRJROSHGHDUtHWHGHYHPSRUWDQWRWHUSRUHIHLWROLPLWDURVYDORUHVGD
VREUHSUHVVmRHGDGHSUHVVmR$OJXQVGLVSRVLWLYRVXWLOL]DGRVSDUDHVWHILPVmRGHVFULWRVQRVWySLFRVTXHVH
VHJXHP

92/$17(6'(,1e5&,$

2VYRODQWHVGHLQpUFLDVmRGLVSRVLWLYRVTXHDWXDPQDSURWHomRFRQWUDDVGHSUHVV}HVGHYLGRjLQIOXrQFLDGR
WHPSRGHSDUDGDQRJROSHGHDUtHWH$RVHLQFRUSRUDUXPYRODQWHDRJUXSRPRWRERPEDVXDLQpUFLDUHWDUGDUiD
SHUGDGHURWDo}HVDXPHQWDQGRRWHPSRGHSDUDGDGRFRQMXQWRHFRQVHTHQWHPHQWHGLPLQXLUiDLQWHQVLGDGHGR
JROSH'HYLGRjGLPLQXLomRGDGHSUHVVmRPi[LPDVRPHQWHGHIRUPDLQGLUHWDDVVREUHSUHVV}HVVHUmRDWHQXDGDV
FRPHVWHVGLVSRVLWLYRV
$VVLPFRPDLQFRUSRUDomRDGHTXDGDGHYRODQWHVTXDOTXHULQVWDODomRSRGHUiUHVXOWDUHPPDQREUDOHQWD&RP
LVWRDUELWUDVHRYDORUDGPLVVtYHOSDUDRJROSHHFDOFXODVHRWHPSRQHFHVViULRSDUDFRQVHJXLORFRPDHTXDomR
GH0LFKDXGFRQIRUPHVHJXH

8PDYH]GHWHUPLQDGRRWHPSRWRPHVPRpOHYDGRjHTXDomRGH5RVLFKTXHSURGX]


 )DGLJDpDGLPLQXLomRJUDGXDOGDUHVLVWrQFLDGHXPPDWHULDOSRUHIHLWRGHVROLFLWDo}HVUHSHWLGDV&RUSRVVXEPHWLGRVDFDUJDVUHSHWLGDV
IDOKDPVREWHQV}HVLQIHULRUHVDRVHXOLPLWH(VWHWLSRGHIDOKDpFRQKHFLGRSRUUXSWXUDSRUIDGLJD



&RPHVWDHTXDomRVHJXQGRVHXDXWRUSRGHVHGHWHUPLQDUDQDOLWLFDPHQWHRIDWRU*' GRYRODQWHH
FRQVHTHQWHPHQWHVXDVGLPHQV}HVHSHVR


(678'2'(&$62

D'HWHUPLQDURYDORUGRJROSHGHDUtHWHEHPFRPRDVFDUJDVPi[LPDHPtQLPDSDUDRVGDGRVDVHJXLU
+
/
4
'

P
P
OV
PPILEURFLPHQWRFODVVH

'HVHQYROYHQGRYHP

Y PV
KI P
+P P
F PV
7 V
W VPDQREUDUiSLGD
'DtWHPVH

'+ PFD
+0$; PFDRNSDUDDFODVVH
+0,1 PFDRFRUUHUiYiFXR

E1RSUREOHPDDQWHULRUGHWHUPLQDUR*' HDVGLPHQV}HVPtQLPDVGHXPYRODQWHGHLQpUFLDFDSD]GHHYLWDUD
RFRUUrQFLDGRYiFXR


6HVHIL]HU'+ + PUHVXOWDUiHP+0,1 HQmRRFRUUHUiYiFXR/RJR

W VHJ

8PDERPEDSDUDHVWDYD]mRHDOWXUDPDQRPpWULFDFRPUSPVHJXQGRRVFDWiORJRVGHIDEULFDQWHVWHULD
XPUHQGLPHQWRGDRUGHPGHXQV'DGRTXHZ S1  [[ UDGVGDHTXDomR


VHREWHP*' .JIP 
'HDFRUGRFRPRH[SRVWRQR$SrQGLFH

, .JIPV

.JP

6HQGRRYRODQWHGHDoRU .JP WHQGRDIRUPDGHXPFLOLQGURDQXODUFRQIRUPH)LJHFRP





5 5HQWmRWHPVH

)LJ6HomRGRYRODQWH

0DVDPDVVDGRYRODQWHpGDGDSRU

3RUWDQWR

)D]HQGRVHl PTXHpXPYDORUUD]RiYHOWHPVH
5 P
5 P
0 .J

/,0,7(357,&2'(87,/,=$d2'(92/$17(6

4XDQWRjXWLOL]DomRGHVWHGLVSRVLWLYRGHSURWHomRpLPSRUWDQWHUHVVDOWDUTXHRDFRSODPHQWRGHYRODQWHVDJUXSRV
PRWRERPEDDSHVDUGDDSDUHQWHVLPSOLFLGDGHLQWURGX]XPDTXHVWmRGHRUGHPHOHWURPHFkQLFDSRLVTXDQWR
PDLVVHXSHVRDXPHQWDPDLVSRWHQWHGHYHUiVHURPRWRUSDUDYHQFHUDLQpUFLDGRYRODQWHQDSDUWLGDHPDLRU
VHUiDLQWHQVLGDGHGHFRUUHQWHHOpWULFDHOHYDQGRRVFXVWRVGHLQYHVWLPHQWRHRSHUDomR3RUWDQWRHVWHWLSRGH
SURWHomRILFDEDVWDQWHOLPLWDGRQDSUiWLFDSRGHQGRHYHQWXDOPHQWHRXVRGHYHQWRVDVSRUH[HPSORHOLPLQDUR
YiFXRFRPXPFXVWRVLJQLILFDWLYDPHQWHLQIHULRU

9(1726$6

$VYHQWRVDVVmRWDPEpPGLVSRVLWLYRVTXHDWXDPQDSURWHomRFRQWUDDVGHSUHVV}HVXPDYH]TXHSHUPLWHPD



HQWUDGDGHDUQDWXEXODomROLPLWDQGRRYDORUGDGHSUHVVmRDRGDSUHVVmRDWPRVIpULFD(QWUHRVYiULRVPRGHORV
H[LVWHQWHVXPWLSRFRPXPpDYHQWRVDFRPIOXWXDGRUHVIpULFRFRQIRUPHPRVWUDGRQD)LJ

&RPDSUHVVXUL]DomRGDOLQKDDiJXDGHVORFDUiRIOXWXDGRUSDUDFLPDHPGLUHomRDRRULItFLRGHSDVVDJHPGRDU
PDQWHQGRRIHFKDGR4XDQGRGHFRUUHQWHGRJROSHGHDUtHWHQDVHomRRQGHVHHQFRQWUDLQVWDODGDDYHQWRVDD
SUHVVmRFDLURQtYHOGDiJXDGHVFHUiPRYLPHQWDQGRRIOXWXDGRUSDUDEDL[RDEULQGRRRULItFLRHSHUPLWLQGRD
HQWUDGDGHXPDTXDQWLGDGHGHDUSDUDDWXEXODomRTXHHYLWDUiDIRUPDomRGHYiFXRLPSHGLQGRRFRODSVRGR
FRQGXWR4XDQGRQRYDPHQWHDSUHVVmRDXPHQWDUHVWDQGRDYHQWRVDLQVWDODGDHPSRQWRFRQYHQLHQWHGDOLQKD
HVWDSRVVLELOLWDUiWDPEpPDVDtGDGRDUFRQWLGRQDWXEXODomRTXHGHYHUiVHUGHPDQHLUDFRQWURODGDSDUDHYLWDU
VREUHSUHVVmR

)LJ9HQWRVDFRPIOXWXDGRU

&RPRH[HPSORYHMDVHRJUiILFRGD)LJTXHLOXVWUDXPDVLWXDomRGHYiFXR$RQGDGHGHSUHVVmRVHRULJLQDQD
YiOYXODGHUHWHQomRHFDPLQKDQRVHQWLGRGRUHVHUYDWyULR$RDWLQJLURSRQWR%WHULDLQtFLRDIRUPDomRGRYiFXR
8PDYHQWRVDLQVWDODGDQHVWHSRQWRSHUPLWHHQWUDGDGHDUSURWHJHQGRRWUHFKRDMXVDQWH

5(6(59$75,2681,',5(&,21$,6

2VUHVHUYDWyULRVXQLGLUHFLRQDLVWDPEpPVmRGLVSRVLWLYRVTXHDWXDPQDSURWHomRFRQWUDDVGHSUHVV}HVSRLV
DOLPHQWDPDOLQKDGHUHFDOTXHTXDQGRDFDUJDSLH]RPpWULFDQHVWDDWLQJLUYDORUHVLQIHULRUHVDRGRQtYHOGDiJXD
QHVWHUHVHUYDWyULRHYLWDQGRGHVWDIRUPDTXHDOLQKDSLH]RPpWULFDFDXVHYiFXRQDOLQKDFRQIRUPHLOXVWUDGRQD
)LJ

)LJ5HVHUYDWyULRXQLGLUHFLRQDO

$LQWHUOLJDomRGRUHVHUYDWyULRXQLGLUHFLRQDOjWXEXODomRGHUHFDOTXHGHYHUiFRQWHUYiOYXODGHUHWHQomRSDUD
HYLWDURUHWRUQRGRHVFRDPHQWRHDUHFDUJDpIHLWDDWUDYpVGHXPVLVWHPDGRWLSRWRUQHLUDGHEyLDFRPRPRVWUD
D)LJ



)LJ9iOYXODGHUHWHQomRHWRUQHLUDGHEyLDQRUHVHUYDWyULRXQLGLUHFLRQDO
'HDFRUGRFRP$OPHLGD>@H/HQFDVWUH>@RVUHVHUYDWyULRVXQLGLUHFLRQDLVSRGHPVHUGLPHQVLRQDGRVFRPD
XWLOL]DomRGRVJUiILFRVGH6WHSKHQVRQPRVWUDGRVQDV)LJVHDGLDQWH

)LJ5HVHUYDWyULRXQLGLUHFLRQDOLQWHUOLJDGRjOLQKDGHUHFDOTXHFRQWHQGRYiOYXODGHUHWHQomRLPHGLDWDPHQWHD
PRQWDQWHGRSRQWRGHLQWHUOLJDomR
(VWHVJUiILFRVSRVVLELOLWDPDGHWHUPLQDomRGRYROXPHGRUHVHUYDWyULRRQGHK pRGHVQtYHOHQWUHDVXSHUItFLHGR
UHVHUYDWyULRDMXVDQWHHDVXSHUItFLHGRUHVHUYDWyULRXQLGLUHFLRQDO/ pRFRPSULPHQWRWRWDOGDOLQKDGHUHFDOTXH
/ RVHXFRPSULPHQWRDMXVDQWHGRUHVHUYDWyULRXQLGLUHFLRQDOH6 DiUHDGHVXDVHomRWUDQVYHUVDOLQWHUQDYR pD
YHORFLGDGHGDiJXDQDOLQKDGHUHFDOTXHUHODWLYDDRUHJLPHSHUPDQHQWHLQLFLDOF pD FHOHULGDGHH pRYROXPH
~WLOPtQLPRQHFHVViULRGRUHVHUYDWyULRXQLGLUHFLRQDO



)LJ5HVHUYDWyULRXQLGLUHFLRQDOLQWHUOLJDGRjOLQKDGHUHFDOTXHVHPYiOYXODGHUHWHQomR
'HDFRUGRFRP$OPHLGD>@RQ~PHURGHOLQKDVGHLQWHUOLJDomRGRUHVHUYDWyULRXQLGLUHFLRQDOjWXEXODomRGH
UHFDOTXHQmRGHYHVHULQIHULRUD GRLVHRGLkPHWURGHFDGDXPDGHODVQmRGHYHUiVHUPHQRUTXHGR
GLkPHWURGDOLQKDGHUHFDOTXH'HYHUmRWDPEpPVHUFXUWDVHWHUPHQRUSHUGDSRVVtYHO

(678'2'(&$62

'HWHUPLQDURYROXPHPtQLPRGHXPUHVHUYDWyULRXQLGLUHFLRQDOSDUDRVVHJXLQWHVGDGRV
/
K
6
YR
F

P
P

P 3%$&ODVVHELW
PV
PV

&RQVLGHUDQGRDLQWHUOLJDomRSUy[LPDGDYiOYXODGHUHWHQomRHWHQGRHPFRQWDTXH

GD)LJWHPVHTXH

TXHUHVROYHQGRREWHPVH
 P 




%<3$66

2E\SDVVWDPEpPpXPGLVSRVLWLYRTXHDWXDQDSURWHomRFRQWUDDVGHSUHVV}HV6HXIXQFLRQDPHQWRpLGrQWLFR
DRGRUHVHUYDWyULRXQLGLUHFLRQDOFRPDGLIHUHQoDDSHQDVGHTXHDUHIHUrQFLDVHUiRQtYHOGDiJXDGRUHVHUYDWyULR
GHDOLPHQWDomRGDERPEDLVWRpDWXDUiTXDQGRDFDUJDSLH]RPpWULFDQDWXEXODomRGHUHFDOTXHDWLQJLUYDORUHV
LQIHULRUHVDRGRQtYHOGRUHVHUYDWyULRGHDOLPHQWDomRGDERPED

)LJ%\SDVV
$)LJLOXVWUDHVWHGLVSRVLWLYR1RWHVHTXHFRPRQRUHVHUYDWyULRXQLGLUHFLRQDOHVWHWDPEpPSRVVXLYiOYXODGH
UHWHQomRSDUDHYLWDURUHWRUQRGDiJXD

&+$0,1e6'((48,/%5,2

$VFKDPLQpVGHHTXLOtEULRVmRGLVSRVLWLYRVTXHDWXDPDRPHVPRWHPSRQDSURWHomRFRQWUDDVGHSUHVV}HVH
FRQWUDDVVREUHSUHVV}HVYLVWRTXHSRVVLELOLWDPDRVFLODomRHPPDVVDGDiJXDHQWUHDFKDPLQpHRUHVHUYDWyULR
FRQIRUPHPRVWUDD)LJHYLWDQGRVHQHVWHWUHFKRDRFRUUrQFLDGHYDULDo}HVHOHYDGDVGHSUHVV}HV

)LJ&KDPLQpGHHTXLOtEULR
&RPDSDUDGDGRJUXSRPRWRERPEDHFRQVHTHQWHUHGXomRGDSUHVVmRQDWXEXODomRRQtYHOGDiJXDQD
FKDPLQpGHVFHDOLPHQWDQGRDOLQKDGHUHFDOTXHUHGX]LQGRDYDULDomRGDYD]mRHFRPLVWRUHGX]LQGRRYDORU
GDGHSUHVVmR(PVHJXLGDFRPDLQYHUVmRGRIOX[RHIHFKDPHQWRGDYiOYXODGHUHWHQomRRQtYHOGDiJXDVREH
WUDQVIRUPDQGRDHQHUJLDFLQpWLFDHPSRWHQFLDOHDVVLPUHGX]LQGRRYDORUGDVREUHSUHVVmR

'HVWDIRUPDFRPRDIOX[RHRVFLODomRGDiJXDQDFKDPLQpRVHIHLWRVGRJROSHGHDUtHWHHQWUHHVWDHR
UHVHUYDWyULRVmRHYLWDGRV3RUWDQWRDFKDPLQpGHHTXLOtEULRGHYHUiHVWDUWmRSUy[LPDTXDQWRSRVVtYHOGDYiOYXOD
GHUHWHQomR'HYHUiWDPEpPWHUWDPDQKRDGHTXDGRSDUDQmRH[WUDYDVDUDQmRVHUTXHFRQWHFRPYHUWHGRXURH
QHPHVYD]LDUSDUDQmRSHUPLWLUDHQWUDGDGHDUQDWXEXODomR
$VFKDPLQpVVLPSOHVVmRXQLGDVHPVXDSDUWHLQIHULRUVHPHVWUHLWDPHQWRVjWXEXODomRGHUHFDOTXH$V
FKDPLQpVFRPRULItFLRSRVVXHPHPVXDSDUWHLQIHULRUHVWUHLWDPHQWRVHVWUDQJXODPHQWRVTXHLQWURGX]HPSHUGDV
GHFDUJDQDSDVVDJHPGDiJXDFRQWULEXLQGRSDUDTXHDFDUJDHPH[FHVVRVHMDGLVVLSDGDVHQGRSRULVWRPDLV



YDQWDMRVDVTXHDVVLPSOHV(YHQWXDOPHQWHDOpPGRRULItFLRSRGHULDKDYHUXPDWXEXODomRGHXQLmRHQWUHD
FKDPLQpHDWXEXODomRGHUHFDOTXH$FKDPLQpGLIHUHQFLDOpXPDDVVRFLDomRGDVGXDVDQWHULRUHVFLWDGDV

)LJ0i[LPDHOHYDomRGRQtYHOGDiJXDQDFKDPLQpGHHTXLOtEULRGHYLGRDRDUUDQTXHWRWDOLQVWDQWkQHRGDV
ERPEDV

)LJ0i[LPDGHVFLGDGRQtYHOGDiJXDQDFKDPLQpGHHTXLOtEULRGHYLGRjSDUDGDWRWDOLQVWDQWkQHDGDV
ERPEDV

&RPRVJUiILFRVGH&DVWLOOR>@PRVWUDGRVQDV)LJVHSRGHVHDYDOLDUDHOHYDomR=0 HD GHVFLGD=P

Pi[LPDVGRQtYHOGDiJXDQDFKDPLQpHPUHODomRDRQtYHOHVWiWLFRGHFRUUHQWHVUHVSHFWLYDPHQWHGR
HVWDEHOHFLPHQWRLQVWDQWkQHRGDYD]mR4 DUUDQTXHWRWDOLQVWDQWkQHRGDVERPEDVHGD LQWHUUXSomRLQVWDQWkQHD
GDYD]mR4 SDUDGDWRWDOLQVWDQWkQHDGDVERPEDVHPTXH+I pDSHUGDGHFDUJDQDWXEXODomRGHUHFDOTXHH
+I pDSHUGDGHFDUJDQRHVWUDQJXODPHQWRFRP





H


RQGH/ pRFRPSULPHQWRGDWXEXODomRGHUHFDOTXH$ pD iUHDGHVXDVHomRWUDQVYHUVDOH) pD iUHDGDVHomR

WUDQVYHUVDOGDFKDPLQp
3DUDSURMHWRVHTXLOLEUDGRVDVOLQKDVWUDFHMDGDVDFUHVFHQWDGDVDRVJUiILFRVFRUUHVSRQGHPDRYDORUyWLPRGR
HVWUDQJXODPHQWRHPTXHD RVFLODomRPi[LPD=0 RX=P pLJXDOjSHUGDQRHVWUDQJXODPHQWR+I

(678'2'(&$62

'HWHUPLQDUDVPi[LPDVGHVFLGDHHOHYDomRGRQtYHOGDiJXDHPXPDFKDPLQpGHHTXLOtEULRFDXVDGDV
UHVSHFWLYDPHQWHSRUXPDSDUDGDHSRUXPDUUDQTXHWRWDOLQVWDQWkQHRGHXPJUXSRPRWRERPEDFRPRV
VHJXLQWHVGDGRV
/ P


4 P VP K

$ P '()2)2'1

) P FKDPLQpFRPVHomRFLUFXODUGHI P
+I P
+I P

'DHTXDomRWHPVHTXH=R PTXHOHYDD=R+I 

'DHTXDomRREWHPVHTXHUI 

(QWUDQGRFRPHVWHVGRLV~OWLPRVYDORUHVQRJUiILFRGD)LJREWHPVH=P+I 
/RJRDGHVFLGDPi[LPDVHUi
=P [ P

'HPRGRDQiORJRFRPRJUiILFRGD)LJDHOHYDomRPi[LPDVHULD
=0 P

287526&20(175,26

7DOFRPRRVUHVHUYDWyULRVXQLGLUHFLRQDLVDVFKDPLQpVGHHTXLOtEULRS}HPDiJXDHPFRQWDWRFRPDDWPRVIHUD
3RUWDQWRHPVHWUDWDQGRGHiJXDSRWiYHOFXLGDGRVGHYHPVHUWRPDGRVSDUDHYLWDUFRQWDPLQDomR
$GHPDLVIRUDDVFRQVLGHUDo}HVGHQDWXUH]DFRQVWUXWLYDHHFRQ{PLFDDVFKDPLQpVGHHTXLOtEULRFRQVWLWXHP
GLVSRVLWLYRVGHHOHYDGDHILFiFLDQDSURWHomRFRQWUDRJROSHGHDUtHWH



5(6(59$75,26+,'5231(807,&26

2VUHVHUYDWyULRVKLGURSQHXPiWLFRVFRPRDVFKDPLQpVGHHTXLOtEULRVmRWDPEpPGLVSRVLWLYRVTXHDWXDPDR
PHVPRWHPSRQDSURWHomRFRQWUDDVGHSUHVV}HVHFRQWUDDVVREUHSUHVV}HVSRLVVmRUHFLSLHQWHVIHFKDGRVTXH
FRQWrPDURXJiVHiJXDHSRULVWRFRQIRUPHPRVWUDGRQD)LJSRVVLELOLWDPDRVFLODomRGDPDVVDGHiJXD
HQWUHHVWHUHFLSLHQWHHRUHVHUYDWyULRFRPDPRUWHFLPHQWRGHYLGRDRDURXJiVHYLWDQGRTXHRFRUUDQHVWH
WUHFKRYDULDo}HVHOHYDGDVGHSUHVV}HV

)LJ5HVHUYDWyULRKLGURSQHXPiWLFR

$VHWDSDVGHIXQFLRQDPHQWRGRUHVHUYDWyULRKLGURSQHXPiWLFRQDVTXDLVRFRUUHYDULDomRGRYROXPHGHDUSRGHP
VHUPHOKRUFRPSUHHQGLGDVQDLOXVWUDomRPRVWUDGDQD)LJ

)LJ9DULDomRGRYROXPHGHDUQRUHVHUYDWyULRKLGURSQHXPiWLFR

1D)LJDUHJLPHQRUPDOGHIXQFLRQDPHQWRRYROXPHGHDUp8RPHGLGRHPP HDSUHVVmRDEVROXWDp=R
H[SUHVVDHPPFDDOWXUDHVWiWLFDHPPHWURVPDLVPHWURV


1D)LJEILQDOGDGHSUHVVmRRDURFXSDXPYROXPHPi[LPR8PD[VHQGRSRLVVXDSUHVVmRDEVROXWD
PtQLPD=PLQ

1D)LJFILQDOGDVREUHSUHVVmRRDURFXSDXPYROXPHPtQLPR8PLQPHQRUTXHR GRUHJLPHQRUPDOVHQGR
SRUWDQWRVXDSUHVVmRDEVROXWDPi[LPD=PD[

6HJXQGR'XSRQW>@SDUDLQVWDODo}HVPRGHVWDVDWpFHUFDGHPHWURVGHFRPSULPHQWRHPDLVRXPHQRV
OVRFiOFXORGRUHVHUYDWyULRKLGURSQHXPiWLFRSRGHVHUIHLWRGHIRUPDVLPSOLILFDGDFRPDXWLOL]DomRGRiEDFRGH
9,%(57PRVWUDGRQRTXDGURGD)LJRQGHVHGHWHUPLQDRYROXPH8R GHDUFRQWLGRQRUHFLSLHQWHVREXPD
YHORFLGDGHYR HPPV



)LJEDFRGH9LEHUW
(VWHiEDFRHVWiDVVRFLDGRjVVHJXLQWHVH[SUHVV}HV


FRP


RQGH



(678'2'(&$62

D'HWHUPLQDURYDORUGRJROSHGHDUtHWHEHPFRPRDVFDUJDVPi[LPDHPtQLPDSDUDRVGDGRVDVHJXLU
/
+
4
'

P
P
OV
PP39&3%$&ODVVH

'HVHQYROYLPHQWR

Y PV
KI P
+P P
F PV
7 V
W V
'+ P
+0$; PVXSHULRUjFDSDFLGDGHGRWXER
+0,1 PRFRUUHUiYiFXR

E3DUDRSUREOHPDDQWHULRUGHWHUPLQDURYROXPHPtQLPRGHXPUHVHUYDWyULRKLGURSQHXPiWLFRTXHLQVHULGRQR
VLVWHPDSRVVLELOLWHDRPHVPRRSHUDUGHQWURGRVOLPLWHVGHVHJXUDQoDGDWXEXODomRLVWRpFRP+0$; d PFDH
+0,1 t PFD
'HVHQYROYLPHQWR

=R +   P

=PD[ +0$;   P
=PD[ =R 

KR YR J P

KR =R 

1RiEDFRGR9LEHUWRSRQWRQDHVFDOD=PD[ =R XQLGRDRSRQWR GDHVFDODKR =RDWUDYpVGHXPD


UHWDLQWHUFHSWDDHVFDOD8R /6QRSRQWR HDHVFDODI==RHPVHXSRQWR=PLQ =R 


$VVLPFRP/6 S  P H8R /6  WHPVHTXH8R P 





&RPLVWRGDHTXDomRWHPVH
8PD[ P RXOLWURV


3DUDTXHRUHVHUYDWyULRKLGURSQHXPiWLFRQmRVHHVYD]LHTXDQGR8 DWLQJLURVHXYDORUPi[LPRRPHVPRSRGHUi
VHUSURMHWDGRSDUDXPDFDSDFLGDGHGHFHUFDGHOLWURV
&RPRYDORUGH=PLQ =R HQFRQWUDGRGHWHUPLQDVHRYDORUGDGHSUHVVmR
=PLQ [ PDEVROXWD
+0,1 =PLQ  PFD2N

&20(175,262%5(25(6(59$75,2+,'5231(807,&2

(VWHWLSRGHGLVSRVLWLYRWHPDGHVYDQWDJHPGHVRIUHUSHUGDVGHDUSRUIXJDVRXGLVVROXomRQDiJXD$VVLPSDUD
UHSRUDTXDQWLGDGHGHDUSHUGLGDDILPGHPDQWHURYROXPHGHDUUHTXHULGRWRUQDVHQHFHVViULDDXWLOL]DomRGH
FRPSUHVVRUHVGHDUFXMDIUHTrQFLDGHXVRGHSHQGHQGRGRSRUWHGDLQVWDODomRLPSOLFDUiHPFXVWRVTXH



SRGHUmRVHUGHFLVLYRVQDHVFROKDGHVWHVGLVSRVLWLYRV2DUSRGHVHUVHSDUDGRSRUXPDPHPEUDQDIOH[tYHORXSRU
XPSLVWmRUHVXOWDQGRHPFXVWRVTXHGDPHVPDIRUPDLUmRLQIOXHQFLDUQDGHFLVmR

9/98/$6'($/9,2

$VYiOYXODVGHDOtYLRVmRGLVSRVLWLYRVTXHDWXDPQDSURWHomRFRQWUDDVVREUHSUHVV}HVSRLVDWUDYpVGH
PHFDQLVPRVGHUHJXODJHPDEUHPVHTXDQGRDSUHVVmRH[FHGHDYDORUHVSUpIL[DGRVSHUPLWLQGRDVDtGDGH
XPDTXDQWLGDGHGHiJXDDWpTXHDSUHVVmRFDLDDEDL[RGRYDORUHVWDEHOHFLGRTXDQGRHQWmRIHFKDPVH
LPHGLDWDPHQWH'HVWDIRUPDFRQWURODPRH[FHVVRGHSUHVVmRPDQWHQGRDSUHVVmRHVWDELOL]DGD

'DGRjSHTXHQDFRPSUHVVLELOLGDGHGDiJXDHDRFXUWRWHPSRGHRFRUUrQFLDGRJROSHpGHVHHVSHUDUTXHSDUD
HVWDELOL]DUDSUHVVmRDTXDQWLGDGHGHiJXDH[WUDYD]DGDQmRVHMDLPSRUWDQWH
2IXQFLRQDPHQWRGHVWDVYiOYXODVpSRUPHLRGHPRODVTXHDFLRQDPXPWDPSmRFRQIRUPHPRVWUDGRQD)LJ
RXDWUDYpVGHPHFDQLVPRVPDLVDSHUIHLoRDGRVYiOYXODVFRPSHQVDGDVTXHFRQIHUHPjVPHVPDVPDLRU
SUHFLVmRHHILFiFLD

)LJ9iOYXODGHDOtYLR

(VWHVGLVSRVLWLYRVTXHGHYHPVHULQVWDODGRVQRWUHFKRTXHVHGHVHMDSURWHJHUFRQWUDRVHIHLWRVGD
VREUHSUHVVmRGHYHPDEULUVHDXPDSUHVVmRSUpIL[DGDQDRUGHPGHDSUR[LPDGDPHQWHDFLPDGDSUHVVmR
PDQRPpWULFD(VWHQ~PHURpXPOLPLWHSUiWLFRPpGLRUHFRPHQGDGRSRUGLYHUVRVHVSHFLDOLVWDV

2VJUiILFRVGD)LJLOXVWUDPDVLPXODomRGHXPDPHVPDLQVWDODomRFRPHVHPYiOYXODGHDOtYLR1RWHVHTXH
RVSLFRVGHVREUHSUHVVmRVmRIRUWHPHQWHUHGX]LGRVFRPDXWLOL]DomRGHYiOYXODGHDOtYLRILFDQGRRVPHVPRV
OLPLWDGRVjSUHVVmRUHJXODGD
8PDFDUDFWHUtVWLFDLPSRUWDQWHUHTXHULGDSDUDHVWDVYiOYXODVpTXHWHQKDPXPDEDL[DLQpUFLDGHIRUPDTXH
SRVVDPDEULUDQWHVTXHDSUHVVmRHVWDEHOHFLGDSUpIL[DGDSRVVDVHUHPPXLWRH[FHGLGD(VWDFDUDFWHUtVWLFD
DVVRFLDGDDXPIHFKDPHQWRDPRUWHFLGRGDUiXPDJUDQGHHILFiFLDjYiOYXODGHDOtYLR

)LJ5HGXomRGDVREUHSUHVVmRFRPXWLOL]DomRGHYiOYXODGHDOtYLR



&DEHDLQGDUHVVDOWDUTXHD XWLOL]DomRGHVWDVYiOYXODVUHTXHUXPSURJUDPDGHPDQXWHQomRFXLGDGRVRHFRQWtQXR
HDVVLPVHQGRDVYiOYXODVGHDOtYLRSRGHPYLUDVHUXPDVROXomRYLiYHOHEHPHFRQ{PLFD

9/98/$6'(5(7(1d2

$VYiOYXODVGHUHWHQomRVmRGLVSRVLWLYRVTXHSRUVHUYLUHPSDUDLPSHGLUDLQYHUVmRGRIOX[RQXPFRQGXWRDWXDP
QDSURWHomRFRQWUDDVVREUHSUHVV}HV
8PWLSRPXLWRFRPXPGHYiOYXODGHUHWHQomRpRGHSRUWLQKRODDTXDOVHPRYHSRUXPPHFDQLVPRGHURWDomR
HPWRUQRGHXPHL[RKRUL]RQWDOVLWXDGRHPVXDSDUWHVXSHULRUFRQIRUPHPRVWUDDLOXVWUDomRGD)LJ

)LJ9iOYXODGHUHWHQomRFRPSRUWLQKROD
+iQRHQWDQWRRXWURVWLSRVGHYiOYXODVGHUHWHQomRRQGHVHLQFOXHPDVGHDOWDWHFQRORJLDFXMDFRQFHSomR
SHUPLWHTXHRIHFKDPHQWRVHMDOHQWRHDFDEHXPSRXFRDQWHVGDLQYHUVmRFRPRSURSyVLWRGHPLQRUDUD
VREUHSUHVVmR

$SRUWLQKRODDEUHVHFRPRSUySULRPRYLPHQWRGDiJXDHIHFKDVHTXDQGRFHVVDRPRYLPHQWRGHPRGRD
LPSHGLURUHWRUQRGDFROXQDGHiJXD$VVLPVHLQVWDODGDVFRQYHQLHQWHPHQWHHPXPDOLQKDGHUHFDOTXHLVRODP
HQWUHVLWUHFKRVGDWXEXODomRSRVVLELOLWDQGRTXHWUHFKRVVLWXDGRVHPQtYHLVLQIHULRUHVILTXHPDOLYLDGRVGDV
FDUJDVGRVWUHFKRVGHQtYHLVVXSHULRUHV&RPEDVHQHVWHSULQFtSLRpTXHVHLQVWDODPYiOYXODVGHUHWHQomRQDV
VDtGDVGDVERPEDVLVRODQGRDVGDOLQKDGHUHFDOTXHSRLVDVREUHSUHVVmRDWXDHWHPRVHXYDORUPi[LPR
H[DWDPHQWHDWpDYiOYXODILFDQGRSRUFRQVHJXLQWHDERPEDSURWHJLGD,VWRSRGHVHUDSOLFDGRHPRXWURVWUHFKRV
GDWXEXODomRRQGHVHTXHLUDSURWHJHUFRQWUDDVVREUHSUHVV}HV
2VJUiILFRVGD)LJVLPXODPRVHIHLWRVGHXPDYiOYXODGHUHWHQomRQDUHGXomRGDVVREUHSUHVV}HVWDQWRQD
PDQREUDUiSLGDFRPRQDOHQWD

)LJ8WLOL]DomRGHYiOYXODVGHUHWHQomRQDUHGXomRGDVVREUHSUHVV}HV



1RWHVHTXHVHKRXYHVVHDSHQDVDYiOYXOD95 DDOWXUDSLH]RPpWULFDVHULDDUHSUHVHQWDGDSHODOLQKDTXHXQHRV
SRQWRV$%&'&RPDLQWHUSRVLomRGDYiOYXOD95VHSDUDQGRLVRODQGRGRLVWUHFKRVGDWXEXODomRDDOWXUD
SLH]RPpWULFDDVVXPHDSRVLomRUHSUHVHQWDGDSHODOLQKDTXHXQHRVSRQWRV$()&'EHQHILFLDQGRDWXEXODomRQR
WUHFKRGHLQWHUHVVHFRPGLPLQXLomRGDFDUJD

$MXVDQWHGDYiOYXOD95RFUHVFLPHQWRGDVREUHSUHVVmRFRQIRUPHDHTXDomRGH0LFKDXGYDULDOLQHDUPHQWH
FRPRFRPSULPHQWRGDWXEXODomRGHVGHRUHVHUYDWyULR)LJEHVHDPDQREUDIRUVXILFLHQWHPHQWHUiSLGDR
YDORUPi[LPRGDVREUHSUHVVmRVHUiREWLGRSHODHTXDomRGH$OOLHYL)LJD$MXVDQWHGDYiOYXOD95RFRUUHUi
RPHVPRVHQGRTXHDYiOYXODGHUHWHQomR95 DWXDUiFRPRILQDOGHOLQKD,VWRVHUHSHWLUiHPTXDQWRVWUHFKRV
KRXYHU
'HVWDIRUPDFRPUHODomRjVREUHSUHVVmRDDOWXUDTXHGHYHUiVHUXWLOL]DGDFRPREDVHSDUDRGLPHQVLRQDPHQWR
GDFODVVHGHSUHVVmRGDWXEXODomRVHUiDDOWXUDGHFDUJDPi[LPDTXHYLHUDRFRUUHUQRWUHFKRHPDQiOLVH2
H[HPSORGDGRHPLOXVWUDHVWDTXHVWmR
&RPRQmRSRGHULDGHL[DUGHVHUDXWLOL]DomRGHVWDVYiOYXODVWDPEpPUHTXHUXPDPDQXWHQomRFXLGDGRVDH
FRQWtQXDSRLVFRPRPRVWUDGRIRUDDVFRQVLGHUDo}HVGHQDWXUH]DHFRQ{PLFDSRGHPYLUDVHUXPDVROXomR
VDWLVIDWyULDHPPXLWRVSUREOHPDVGHWUDQVLHQWHVLQGHVHMiYHLV

(678'2'(&$62

1RSUREOHPDDSRVLFLRQDUQDWXEXODomRXPDYiOYXODGHUHWHQomRGHWDOIRUPDTXHLQVWDODGDWRUQHSRVVtYHO
DXWLOL]DomRGRVWXERVGH39&3%$&ODVVH
'HVHQYROYLPHQWR

&RPRIRLYLVWRQHVWHSUREOHPDFKHJRXVHD+0$; PFDTXHpVXSHULRUjFODVVHGHSUHVVmRGRWXERTXHp
PFD

)LJ*UiILFRGRH[HPSOR
&RQWXGRLQWHUSRQGRVHXPDYiOYXODGHUHWHQomRQDWXEXODomRFRPRVHYrQD)LJDPGHGLVWkQFLDGD
ERPEDRFRPSULPHQWRWRWDOGDWXEXODomRpPLVWRpDXPDFRWDGHPDDOWXUDHVWiWLFDpPD
VREUHSUHVVmRFKHJDULDD
' [[[ P

6RPDQGRHVWHYDORUREWLGRFRP+ PYHP
+0$; + '+ PFD

(QWmRQRVSULPHLURVPGHWXEXODomRDFDUJDPi[LPDVHULDDDOWXUDPDQRPpWULFD+P FXMRYDORUVHULD
PHWURV1RVPHWURVUHVWDQWHVDFDUJDPi[LPDVHULDPHWURV1HVWDVFRQGLo}HVSRUWDQWRRVWXERV3%$
&ODVVHSRGHULDPVHUXWLOL]DGRVDRORQJRGHWRGDDHOHYDWyULDeLPSRUWDQWHIULVDUQRHQWDQWRTXHRFXVWRGD
YiOYXODQmRSRGHUiVHUVXSHULRUDRTXHVHHFRQRPL]DFRPDUHGXomRGDFODVVHGHSUHVVmRGRVWXERV



2875260(,26'(3527(d2

2JROSHGHDUtHWHpVHPSUHSURSRUFLRQDOjYDULDomRGDYHORFLGDGHDTXDOYDULDFRPRLQYHUVRGRTXDGUDGRGR
GLkPHWUR'HVWDIRUPDDXPHQWRVQRGLkPHWURGDWXEXODomRWUD]HPVLJQLILFDWLYDVUHGXo}HVQRJROSHGHDUtHWH
5HGXomRGRJROSHWDPEpPSRGHVHUREWLGDUHGX]LQGRVHDFHOHULGDGH(QWmRWXEXODo}HVFRPPHQRUHV
FHOHULGDGHVSURGX]LUmRJROSHVGHDUtHWHFRPPHQRUPDJQLWXGH2VWXERVSOiVWLFRVSURSLFLDPFHOHULGDGHVEHP
PHQRUHVTXHRVWXERVPHWiOLFRVHGH ILEURFLPHQWRSDUDXPDPHVPDELWRODHFODVVHGHSUHVVmR1RH[HPSOR
FRPDXWLOL]DomRGHWXERVGHILEURFLPHQWRFODVVH'1FHOHULGDGHF PVRJROSH
XOWUDSDVVDDPDUFDGRVPFDHQTXDQWRTXHVHVHXWLOL]DVVHSRUH[HPSORWXERV39&'()2)2'1
FHOHULGDGHF PVRYDORUGRJROSHQmRFKHJDULDDPFDLVWRpXPWHUoRGRYDORULQLFLDOFRPD
YDQWDJHPDLQGDQHVWHFDVRGDQmRRFRUUrQFLDGHYiFXRHFRQVHTHQWHGLVSHQVDGRYRODQWHGHLQpUFLD
2XWURVDVSHFWRVWDLVFRPRFRPSULPHQWRGDWXEXODomRURWDomRGDVERPEDVHWFGHYHPVHUDQDOLVDGRV

&20(175,26),1$,6

$DGRomRGHGLVSRVLWLYRVGHSURWHomRFRPRRVDTXLFRPHQWDGRVRXRXWURVGLVSRVLWLYRVFRQWURODGRUHVGHIOX[RH
SUHVVmRMXQWDPHQWHFRPRVSURFHGLPHQWRVRSHUDFLRQDLVJHUDOPHQWHSRGHPFRQVWLWXLUPHLRVGHPDQWHURV
HIHLWRVGRVWUDQVLHQWHVGHQWURGHOLPLWHVVDWLVIDWyULRV(PDOJXPDVVLWXDo}HVSRGHWDPEpPVHWRUQDULQWHUHVVDQWH
DFRPELQDomRGHVVHVGLVSRVLWLYRV3RUH[HPSORVHDDGRomRGHXPDFKDPLQpGHHTXLOtEULRRXXPUHVHUYDWyULR
KLGURSQHXPiWLFRYLHUDVHUXPDVROXomRLQYLiYHODDVVRFLDomRGHYHQWRVDVFRPYiOYXODVGHDOtYLRSRGHUiYLUD
VHUXPDRSomRIDYRUiYHOYLVWRTXHMXQWDVDWXDPQDSURWHomRFRQWUDDVVREUHSUHVV}HVHGHSUHVV}HV



$3 1',&(
020(17232/$5'(,1e5&,$

2PRPHQWRSRODUGHLQpUFLDGDVPDVVDVJLUDQWHVpGHILQLGRSRU

RQGHU pD GLVWkQFLDGRHL[RGHURWDomRjPDVVDHOHPHQWDUGP

&RQWXGRpXVXDOVHDGRWDUHPYH]GH,DJUDQGH]D3' WDPEpPUHSUHVHQWDGDSRU:' RX*' jVYH]HV

FKDPDGDGHIDWRUGHLQpUFLDTXHVHGHILQH>@SRU


3RUWDQWR


HUHSUHVHQWDROLPLWHGRVRPDWyULRGRVSURGXWRVGRVSHVRVHOHPHQWDUHVGS GDVSDUWHVJLUDQWHVGRJUXSRSHOR
TXDGUDGRGRGLkPHWURG GDFLUFXQIHUrQFLDFRQFrQWULFDFRPRHL[RHTXHSDVVDSHORVUHVSHFWLYRVFHQWURVGH
JUDYLGDGH
8VDVHWDPEpP:5 RX


$VVLPWHPVH


8QLGDGHV

>*' @ >:5 @ .JIP 1P OEIW




>,@ .JP .JIPV 1PV




5(/$d(67(,6

D, .JP  [, .JIPV 



E, .JP  [, .JP, .JP 



F*' .JIP  [*' OEIW 



G0RPHQWRVGHLQpUFLDXVXDLV
&LOLQGURPDFLoRRXGLVFR

&LOLQGURDQXODURXRFR

H*' GRJUXSR *' GRPRWRU*' GDERPED*' GRYRODQWH



I$WDEHODDVHJXLUDSUHVHQWDYDORUHVGH, HP.JP GHPRWRUHVHOpWULFRVGHGLYHUVDVSRWrQFLDVGRIDEULFDQWH

:(*


J$WDEHODDEDL[RLQGLFDYDORUHVGH, HP.JP GHERPEDVGHGLYHUVRVWDPDQKRVGLkPHWURVQRPLQDLVGDERFD

GHUHFDOTXHHGRURWRUGRIDEULFDQWH.6%UHIHUHQWHVDRPRGHOR(7$1250




',0(16(6'($/*81678%26'(39&


78%2&/$66('15()',0(752',0(752(63(6685$5($6(d2
SRO(;7(512,17(5123$5('(,17(51$
PPPPP
















3%$




O














'()2)203D




O
31






,55,*$31




31




31






5()(51&,$6%,%/,2*5),&$6

>@$EHFDVLV)0(VFRDPHQWRHP3UHVVmRHP5HJLPH9DULiYHO&KDPLQpVGH(TXLOtEULR6HPLQiULR
/1(&/LVERD
>@$OPHLGD$%0DQXDOGH3URWHFomR&RQWUDR*ROSHGH$UtHWH/1(&/LVERD

>@&DVWLOOR807HRUtDGHO*ROSHGH$ULHWH\VXV$SOLFDFLRQHVHQ,QJHQLHULD+LGUiXOLFD/LPXVD0p[LFR

>@&KDXGKU\0+$SSOLHG+\GUDXOLF7UDQVLHQWV9DQ1RVWUDQG5HLQKROG1HZ<RUN
>@'XSRQW$+\GUDXOLTXH8UEDLQH7RPH,,(\UROOHV3DULV
>@/HQFDVWUH$+LGUiXOLFD*HUDO+LGURSURMHWR/LVERD

>@0DUWLQV50&XUVR7UDQVLHQWHV+LGUiXOLFRV1RWDVGH$XOD$%(6)ORULDQySROLV
>@3DUPDNLDQ-:DWHUKDPPHU$QDO\VLV'RYHU1HZ<RUN

>@4XLQWHOD$&,QVWDODo}HVFRP&KDPLQpGH(TXLOtEULRGH3HTXHQD6HomRRX'RWDGDVGH(VWUDQJXODPHQWR
QD%DVH6HPLQiULR/1(&/LVERD
>@4XLQWHOD$&+LGUiXOLFD)XQGDomR&DORXVWH*XOEHQNLDQ/LVERD
>@5DELQyYLFK(=+LGUiXOLFD0LU0RVFRX

>@5RVLFK(0(O*ROSHGH$ULHWHHQ,PSXOVLRQHV%HOOLVFR0DGULG
>@6WUHHWHU9/:\OLH(%)OXLG7UDQVLHQWV)HE3UHVV$QQ$UERU

>@:DWWHUV*=-HSSVRQ5:)ODPPHU*+:DWHU+DPPHULQ39&DQG5HLQIRUFHG3ODVWLF3LSH-RXUQDO
RI+\GUDXOLF'LYLVLRQ9RO$6&(

&$7/2*26(0$18$,6

.6%0DQXDO7pFQLFR%RPEDV&HQWUtIXJDV(WDQRUP9iU]HD3DXOLVWD
7,*5(&DWiORJR*HUDOGH7XERVH&RQH[}HVGH39&-RLQYLOOH

:(*0DQXDOGH0RWRUHV(OpWULFRV&DWiORJR3(-DUDJXiGR6XO