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DSDUWLUGDDFHLWDomRGRFULVWLDQLVPRVHYHULILFDQD(XURSDDSUHPLVVDSDUDTXHXPDUHOLJLmRQmREORTXHLHRSHQVDPHQWRSROtWLFRTXHpDVHSDUDomRHQWUHDVHVIHUDV
UHOLJLRVDHSROtWLFDMiSUHVHQWHHPDOJXQVWH[WRVQHRWHVWDPHQWiULRV0LJXHOS+lEHUOHS
$OpPGDLGHLDGHVXSUHPDFLDGDFRQVWLWXLomRRXWUDVJDQKDPIRUoDHJUDGDWLYDPHQWHVHHVWDEHOHFHPQDFXOWXUDFRQVWLWXFLRQDOOLEHUDO$UDFLRQDOLGDGHSUHFRQL]DGDSHOR
FDUWHVLDQLVPRH[LJHTXHDFRQVWLWXLomRVHMDRFyGLJRUDFLRQDORUGHQDGRHVLVWHPiWLFRGDFRPXQLGDGHSROtWLFDUHJXODQGRRVSRGHUHVGR(VWDGRFRPYLVWDVjVXDPRGHUDomR
HOLPLWDomRFRQWHQGRDRPHVPRWHPSRRVSULQFtSLRVSROtWLFRVIXQGDPHQWDLVGDTXHODVRFLHGDGH0LJXHOS$UD]mRLOXPLQLVWDID]VXUJLUDLGHLDGRRUGHQDPHQWR
MXUtGLFRHQTXDQWRVLVWHPDFRPRXPWRGRHDVQRUPDVMXUtGLFDVFRPRHOHPHQWRVGRVLVWHPDSDUWHVGRWRGRVHQGRDFRQVWLWXLomRRIXQGDPHQWRGRVLVWHPDRHOHPHQWR
PDLVLPSRUWDQWHGRWRGRQRHVTXHPDUDFLRQDOLVWD+DEHUPDVS*DOLQGRS6RPHQWHDtWHPVHQWLGRDFRQVWLWXLomRFRPRQRUPDVXSHULRUHPXP
HVTXHPDUDFLRQDOVLVWrPLFR
$SDUWLUGRJRYHUQRUDFLRQDOGRVKRPHQVOLPLWDGRVSHODOHLVXUJHPQRYRVDSRUWHVLGHROyJLFRVTXHLQWHJUDPRSDWULP{QLRFXOWXUDOFRQVWLWXFLRQDOOLEHUDO8PGHOHVpD
WHRULDDULVWRWpOLFRPRQWHVTXLDQDGHVHSDUDomRGHSRGHUHVMiFRPHQWDGDDQWHULRUPHQWHQHVWHWUDEDOKR(VWDUDFLRQDOL]DomRSURFHGLPHQWDOHIXQFLRQDOGRSRGHUSROtWLFR
GR(VWDGRQRHQWDQWRQmRWHPDUHFHSWLYLGDGHHVSHUDGDQD(XURSDKDMDYLVWDTXHDGHVFRQILDQoDSROtWLFDH[LVWHQWHVREUHWXGRHPUHODomRDRSRGHUMXGLFLiULRQmR
SHUPLWHQRLQtFLRXPGHVHQYROYLPHQWRGHLQVWLWXWRVFRPRRFRQWUROHMXGLFLDOGHFRQVWLWXFLRQDOLGDGHGDVOHLVGHVORFDQGRDVXSUHPDFLDHPWHUPRVFRQFUHWRVGD
FRQVWLWXLomRSDUDRSDUODPHQWRFRPRRFRUUHXQD)UDQoDUHYROXFLRQiULDHQR5HLQR8QLGRQHVWHSHUPDQHFHQGRFRPDOJXPDVDWHQXDo}HVDWpRVGLDVDWXDLV*DUFtD
3HOD\RSDVVLP*DOLQGRDS%DUHQGWSDVVLP2V(8$WHUPLQDPSRUVHUHPRVSULQFLSDLVUHVSRQViYHLVSHODFRQVWUXomRGHXPDFXOWXUD
FRQVWLWXFLRQDOGHGLYLVmRGRVSRGHUHVVHGLPHQWDGDQRMXGLFLDOUHYLHZSHORPHQRVDWpRVXUJLPHQWRGDSURSRVWDGH.HOVHQVREUHRGHIHQVRUGDFRQVWLWXLomR.HOVHQ
SDVVLP.HOVHQSVV
2TXHMXVWLILFDHPDOJXQVGHVVHVH[HPSORVFRPRREULWkQLFRHRIUDQFrVDQmRDFHLWDomRHPWHUPRVHVWULWRVGDVHSDUDomRGHSRGHUHVpRXWURIXQGDPHQWRFXOWXUDOPHQWH
LPSRUWDQWHGRFRQVWLWXFLRQDOLVPROLEHUDODGHPRFUDFLD(VWDFRPRGHVGREUDPHQWRGDLGpLDGHYRORQWpJpQpUDOHSDVVDHPDOJXQVFDVRVDVHUPDLVLPSRUWDQWHHPWHUPRV
FRQVWLWXFLRQDLVGRTXHDGLYLVmRGHSRGHUHVSRLVRSRGHUOHJLVODWLYRHOHLWRpSRUWDGRUGDYRQWDGHGRSRYRVHQGRHOHRJXDUGLmRGDFRQVWLWXLomRGHPRFUDWLFDPHQWH
OHJLWLPDGRSDUDHVWHHRXWURVHPSUHHQGLPHQWRVSROtWLFRV'DTXHVWmRGHPRFUiWLFDVXUJHDFRQFHSomRGH6LH\qVDFHUFDGRSRGHUFRQVWLWXLQWHSRGHUDXW{QRPRHVHP
OLPLWHVIRUPDLVPDVOHJLWLPDGRGHPRFUDWLFDPHQWHSDUDDIXQomRGHHODERUDUDFRQVWLWXLomRGR(VWDGR6LH\qVS5RXVVHDXS&DQRWLOKRS
&DQRWLOKRS6DOGDQKDS%RQDYLGHVS%RQDYLGHVSVV'DQWDVS*DUFtD3HOD\RSDVVLP&XQKD
SDVVLP)LRUDYDQWLS%DUDFKRS-XQMLS
2XWURSRQWRTXHVHFRQVDJUDFRPRWtSLFRGDFXOWXUDFRQVWLWXFLRQDOOLEHUDOpRFRQMXQWRGHGLUHLWRVHJDUDQWLDVIXQGDPHQWDLVGRVFLGDGmRVSUHYLVWRVQRWH[WRGD
FRQVWLWXLomR2VUHIHULGRVGLUHLWRVVmRRVGLUHLWRVGHSULPHLUDGLPHQVmRGHFXQKRLQGLYLGXDOTXHVHUYHPWDPEpPFRPROLPLWHVDRSRGHUGR(VWDGRFRQVLVWLQGRHPXPD
GHIHVDGRLQGLYtGXRGLDQWHGROHYLDWm(PYLUWXGHGDDVFHQVmRGDEXUJXHVLDHQTXDQWRFODVVHVRFLDOKHJHP{QLFDRGLUHLWRGHSURSULHGDGHHDOLYUHLQLFLDWLYDHPXPD
HFRQRPLDGHOLYUHPHUFDGRVHFRQVDJUDPFRPRRVSULQFLSDLVGLUHLWRVHJDUDQWLDVLQGLYLGXDLVIUHQWHDR(VWDGR(VVHVGLUHLWRVHJDUDQWLDVSUHVVXS}HPRFDUiWHUUHGX]LGRGR
LQWHUYHQFLRQLVPRHVWDWDOQDHFRQRPLDFRQGX]LQGRjLGHLDGHTXHDVOLEHUGDGHVGHYDPVHUVREUHWXGRHFRQ{PLFDV
5HVXPLGDPHQWHSRGHVHGL]HUTXHVmRDSRUWHVGDFXOWXUDFRQVWLWXFLRQDOOLEHUDOFOiVVLFD
DUDFLRQDOLGDGHQRH[HUFtFLRGRVSRGHUHVSROtWLFRVGR(VWDGRH[SUHVVDQDVOLQKDVPHVWUDVSHODVLGHLDVGHRUJDQL]DomRVLVWrPLFDGRRUGHQDPHQWRMXUtGLFRFRPD
VXSUHPDFLDKLHUiUTXLFDGDFRQVWLWXLomRVREUHWRGDVDVGHPDLVQRUPDVMXUtGLFDVDGLYLVmRGRVSRGHUHVHVWDWDLVHPXPVLVWHPDGHIUHLRVHFRQWUDSHVRV
DOHJLWLPDomRGRVTXHH[HUFHPRSRGHUH[SUHVVDQRFDUiWHUGHPRFUiWLFRGHHVFROKDGRVUHSUHVHQWDQWHVGRSRYRTXHGHWHUPLQDPDGLUHomRSROtWLFDGR(VWDGR
DILQDOLGDGHSDUDDTXDOHVVHVPHFDQLVPRVIXQFLRQDLVHSURFHGLPHQWDLVVmRFULDGRVRXVHMDJDUDQWLURVGLUHLWRVHOLEHUGDGHVIXQGDPHQWDLVLQGLYLGXDLVGHLQVSLUDomR
EXUJXHVDFRPRRGLUHLWRGHSURSULHGDGHHDOLYUHLQLFLDWLYDHFRQ{PLFDLQFRUUHQGRHPXPDQHFHVViULDDXVrQFLDGDLQWHUYHQomRGR(VWDGRQDDWLYLGDGHHFRQ{PLFDID]HQGR
HIHWLYRRGHVHQYROYLPHQWRGDHFRQRPLDGHOLYUHPHUFDGR
0DLVUHFHQWHPHQWHFRQVLGHUDPRVTXHKiRGHVHQYROYLPHQWRGHXPDFXOWXUDFRQVWLWXFLRQDOVRFLDOTXHSRGHPRVDJRUDFRQVLGHUiODWDPEpPFRPRXPDFXOWXUDFOiVVLFD
%HPPDLVUHFHQWHTXHDFXOWXUDFRQVWLWXFLRQDOOLEHUDOTXHLQLFLDVXDVHGLPHQWDomRHPILQVGRVpFXOR;9,,,DFXOWXUDFRQVWLWXFLRQDOVRFLDOFRPHoDDVHUHGLILFDGD
VRPHQWHQRVpFXOR;;(YLGHQWHPHQWHDVUDt]HVWHyULFDVHILORVyILFDVVmRDQWHULRUHV5RXVVHDXH0DU[SUHFRQL]DPXPDUXSWXUDFRPROLEHUDOLVPRTXHWRPDYXOWRQR
VpFXORSDVVDGR1RWDGDPHQWHDWHRULDPDU[LVWDQmRpFRPREHPDVVLQDOD5XL]0LJXHOXPDUXSWXUDFRPRUDFLRQDOLVPRFDUWHVLDQRPDVXPGHVGREUDPHQWROyJLFRGR
PHVPR6HRPXQGRSRVVXLXPDOyJLFDRFRQKHFLPHQWRGHVWDSRGHVHUXWLOL]DGRSDUDWUDQVIRUPDUHVWHPHVPRPXQGR0LJXHOS
$FXOWXUDFRQVWLWXFLRQDOVRFLDOFRPHoDDVHUFRQVWUXtGDDSDUWLUGROHJDGRGDIDPRVD&RQVWLWXLomRDOHPmGH:HLPDUDSHVDUGHRXWUDVFDUWDVDQWHULRUHVDHODMiFRQWHUHP
SUHYLV}HVFRQVWLWXFLRQDLVVRFLDLVFRPRD&DUWDIUDQFHVDGH*DOLQGRS*DUFtD3HOD\RS
'HVGHDVHJXQGDGpFDGDGRVpFXOR;;YHPVHQGRGLVFXWLGRRSDSHOGDFRQVWLWXLomRQDFRQVWUXomRGHXPDVRFLHGDGHPDLVMXVWD$VLGpLDVVRFLDOL]DQWHVSURFXUDP
GHQXQFLDUDFXOWXUDFRQVWLWXFLRQDOOLEHUDOSHODLQVXILFLrQFLDGDPHVPDHPJDUDQWLURVGLUHLWRVHOLEHUGDGHVIXQGDPHQWDLVSDUDDPDLRULDGDSRSXODomRHDFRQVWLWXLomR
SUHFLVDVHUUHGLUHFLRQDGDHQTXDQWRQRUPDIXQGDPHQWDOGR(VWDGR-iQmRVmRVXILFLHQWHVRVGLUHLWRVHOLEHUGDGHVGHDOFDQFHPHUDPHQWHLQGLYLGXDOHDFRQVHTXHQWH
DEVWHQomRHVWDWDOQRUHVSHLWDQWHjSURPRomRGDMXVWLoDVRFLDO
'LDQWHGHVVDVGLILFXOGDGHVDVFRQVWLWXLo}HVSDVVDPDFRQWHURVFKDPDGRVGLUHLWRVVRFLDLVHFRQ{PLFRVHFXOWXUDLVWLGRVFRPRGHVHJXQGDGLPHQVmRHGHVWLQDGRVj
VRFLHGDGHFRPRXPWRGR,VVRLPSOLFDHPXPDPDLRULQWHUYHQomRGR(VWDGRQDHFRQRPLDUHODWLYL]DQGRDLGHLDGROLYUHPHUFDGRHOLPLWDQGRGHWHUPLQDGRVGLUHLWRV
EXUJXHVHVFRPRRGHSURSULHGDGHSDVVDQGRDVHUHVWDJHUDOPHQWHDVVRFLDGDDXPDIXQomRVRFLDO1mRVHWUDWDGHXPDUXSWXUDFRPRFDSLWDOLVPRPDVGHXPD
VRFLDOL]DomRSDUFLDOGDULTXH]DFDUDFWHUL]DGDSHODUHGLVWULEXLomRGDPHVPDSURGX]LGDQDVRFLHGDGHGLPLQXLQGRRIRVVRHQWUHSREUHVHULFRV
$OpPGHFRQWHUSUHYLV}HVGHGLUHLWRVGHVHJXQGDGLPHQVmRHGHPDLRULQWHUYHQomRHVWDWDOQDHFRQRPLDDVFRQVWLWXLo}HVSDVVDPDWHUGLVSRVLWLYRVFRPSURFHGLPHQWRV
SDUDDUHDOL]DomRGDVQRUPDVVRFLDLVPDWHULDLV%RDSDUWHGROHJDGRGDFXOWXUDFRQVWLWXFLRQDOOLEHUDOSHUPDQHFHFRPRDLGpLDGHVXSUHPDFLDKLHUiUTXLFDGDFRQVWLWXLomR
DVHSDUDomRGHSRGHUHVDOHJLWLPDomRGHPRFUiWLFDGHVWHVHPHVPRRVGLUHLWRVHOLEHUGDGHVLQGLYLGXDLVHPERUDPDLVFRQGLFLRQDGRVDRLQWHUHVVHVRFLDO0DVFRPR
VXEVWDQFLDODFUpVFLPRGHQRUPDVFRQVWLWXFLRQDLVVRFLDLVHLQWHUYHQFLRQLVWDVWRUQDVHQHFHVViULDDFULDomRGHLQVWUXPHQWRVTXHSRVVLELOLWHPDVXDHILFiFLD'DtRVXUJLPHQWR
GHFDWHJRULDVQRUPDWLYDVFRPRDVQRUPDVFRQVWLWXFLRQDLVSURJUDPiWLFDVDVQRUPDVFRQVWLWXFLRQDLVGHHILFiFLDOLPLWDGDDFRQVWLWXLomRGLULJHQWHHGHLQVWUXPHQWRV
SURFHGLPHQWDLVEHPWtSLFRVGHVWHWLSRGHFRQVWLWXLomRFRPRDVDo}HVGHLQFRQVWLWXFLRQDOLGDGHSRURPLVVmRHRPDQGDGRGHLQMXQomR&DQRWLOKRSDVVLP6LOYD
SDVVLP
6HQGRRUDXPDFUpVFLPRQRUPDWLYRRUDXPDUHODWLYL]DomRGROHJDGROLEHUDODFXOWXUDFRQVWLWXFLRQDOVRFLDOUHIOHWHQmRDSHQDVHPSDtVHVFRQVDJUDGRUHVGHWDOSHUVSHFWLYD
&XOWXUDVFRQVWLWXFLRQDLVHD7HRULD,QWHUFXOWXUDOGD&RQVWLWXLomR&RQVWLWXFLRQDOPELWR-XUtGLFR
FRQVWLWXFLRQDOFRPR$OHPDQKD,WiOLD)UDQoDH3RUWXJDOPDVDWpPHVPRHP(VWDGRVIRUPDOPHQWHOLEHUDLVHTXHQXQFDGHL[DUDPGHRVHUDRPHQRVHPWHUPRVIRUPDLV
FRPRRV(8$HR5HLQR8QLGREDVWDQGRSDUDLVVRSHUFHEHUSROtWLFDVVRFLDLVFRPRR1HZ'HDOURRVHYHOWLDQRHDVSROtWLFDVHFRQ{PLFDVNH\QHVLDQDVHPVROREULWkQLFRFRPRR
%HYHULGJH5HSRUWGH$EHOOiQS7DPEpPQmRVHSRGHPROYLGDUDVGLVFXVV}HVVREUHMXVWLoDVRFLDOPHVPRGHQWUHRVDXWRUHVOLEHUDLVFI$FNHUPDQ
SVV
(PPDLVXPHVIRUoRGHVtQWHVHSRGHPRVDILUPDUFRPROHJDGRGDFXOWXUDFRQVWLWXFLRQDOVRFLDO
DLQFOXVmRGHGLUHLWRVVRFLDLVHFRQ{PLFRVHFXOWXUDLVQDFRQVWLWXLomRSDUDTXHXPPDLRUQ~PHURGHSHVVRDVWHQKDDFHVVRjVULTXH]DVSURGX]LGDVHVDLDGDVLWXDomRGH
RSUHVVmRHFRQ{PLFDHPTXHVHHQFRQWUD
DSUHYLVmRFRQVWLWXFLRQDOGDLQWHUYHQomRHVWDWDOQDHFRQRPLDFRPRLQVWUXPHQWRGHUHJXODomRHGHSURPRomRGHSROtWLFDVVRFLDLVLQFOXVLYDVHGHUHDOL]DomRGRVGLUHLWRV
GHVHJXQGDGLPHQVmRUHIHULGRVQRQR
DFULDomRGHQRYRVLQVWUXPHQWRVSURFHVVXDLVHGHQRYRVFRQFHLWRVRSHUDFLRQDLVSDUDID]HUHIHWLYRVRVSUHFHLWRVGRVQRVHWDLVFRPRDVDo}HVGH
LQFRQVWLWXFLRQDOLGDGHSRURPLVVmRRGLULJLVPRFRQVWLWXFLRQDOYLQFXODQWHGDVQRUPDVSURJUDPiWLFDVHWF
$VFXOWXUDVFRQVWLWXFLRQDLVOLEHUDOHVRFLDOMiSRGHPVHUFRQVLGHUDGDVFOiVVLFDVPDVRXWUDVHVWmRVHQGRFRQVWUXtGDVFRPRDFXOWXUDQLLOLVWDHDFXOWXUDVXSUDQDFLRQDO
3RUpPDQWHVGHDGHQWUDUPRVQRVQRYRVGHVHQYROYLPHQWRVLGHROyJLFRVGRFRQVWLWXFLRQDOLVPRpLPSUHVFLQGtYHOID]HUXPDOHLWXUDGDVFXOWXUDVFRQVWLWXFLRQDLVFOiVVLFDVD
SDUWLUGRVVLVWHPDVMXUtGLFRVGRRFLGHQWH9HMDVHDVHJXLU
&XOWXUDVFRQVWLWXFLRQDLVFOiVVLFDVHPXPDSHUVSHFWLYDVLVWrPLFDURPDQRJHUPkQLFDURPDQLVWDHDQJORDPHULFDQDFRPPRQODZ
2VPRYLPHQWRVSROtWLFRVOLEHUDLVHVRFLDOL]DQWHVFRQVWURHPVXDVFRQFHSo}HVLGHROyJLFDVHPWRUQRGDVLGHLDVGH(VWDGRHGHFRQVWLWXLomRRULXQGDVGRLOXPLQLVPRHGHVHXV
GHVGREUDPHQWRVMiTXHRSUySULRFRQVWLWXFLRQDOLVPRVRFLDOpHP~OWLPDDQiOLVHXPSURGXWRWDUGLRGD,OXVWUDomR7RGDYLDDQWHVPHVPRGRGHVHQYROYLPHQWRGHFXOWXUDV
FRQVWLWXFLRQDLVLGHRORJLFDPHQWHRULHQWDGDVpSRVVtYHOIDODUGHFXOWXUDVMXUtGLFDVVHGLPHQWDGDVHPWRUQRGHXPDUTXpWLSRVLVWrPLFR$VFXOWXUDVFRQVWLWXFLRQDLVOLEHUDOH
VRFLDOVHGHVHQYROYHPHPVLVWHPDVMXUtGLFRVGLIHUHQWHVHDVFRQVHTXrQFLDVGHVWDGLIHUHQoDVLVWrPLFDVHID]HPSUHVHQWHVQRGHVHQYROYLPHQWRGHXPDWHRULD
FRQVWLWXFLRQDOLQWHUFXOWXUDO(VWHQHFHVVLWDWHUSOHQDFRQVFLrQFLDGDVLPSOLFDo}HVTXHDUHIHULGDGLVWLQomRGHVLVWHPDVSRGHSURYRFDU3RURUDFXPSUHVLWXDUQD
SHUVSHFWLYDLQWHUFXOWXUDORVSULQFLSDLVFDUDFWHUHVGHVVDVFXOWXUDVFRQVWLWXFLRQDLV
3RGHVHDILUPDUTXHDFXOWXUDGRFRQVWLWXFLRQDOLVPRRFLGHQWDOpDOLFHUoDGDHPGRLVVLVWHPDVMXUtGLFRVHVWUXWXUDOPHQWHEHPGLVWLQWRVRVLVWHPDURPDQRJHUPkQLFRRX
URPDQLVWDSUHGRPLQDQWHQD(XURSDFRQWLQHQWDOHQD$PpULFD/DWLQDHRVLVWHPDDQJORDPHULFDQRRXFRPPRQODZSUHGRPLQDQWHQD,QJODWHUUD(8$HSDtVHVGH
LQIOXrQFLDLQJOHVDPDLVDFHQWXDGD,QGHSHQGHQWHPHQWHGDTXHVWmRLGHROyJLFDGLVFXWLGDQRSRQWRDQWHULRUDGLIHUHQFLDomRVLVWrPLFDSURYRFDDIRUPDomRGHSHORPHQRV
GXDVFXOWXUDVFRQVWLWXFLRQDLVLJXDOPHQWHGLVWLQWDVSRVWRTXHVHGLPHQWDGDVHPSDGU}HVMXUtGLFRVGLYHUVRV
&RPHFHPRVSHORVLVWHPDMXUtGLFRURPDQRJHUPkQLFR(VWHVLVWHPDpIRUPDGRDSDUWLUGRTXHVHGHQRPLQDUHQDVFLPHQWRGRGLUHLWRURPDQRQRVpFXOR;,,(VVH
UHQDVFLPHQWRGHYHVHDRSDSHOTXHDVXQLYHUVLGDGHVDVVXPHPQDHODERUDomRHGHVHQYROYLPHQWRGHXPDFLrQFLDGRGLUHLWRQHVVDpSRFD2HVWXGRXQLYHUVLWiULRQmRpR
HVWXGRGDSUiWLFDMXUtGLFDGRVIHXGRVRXGRVUHLQRVPDVRHVWXGRGRGLUHLWRURPDQRQRWDGDPHQWHGRGLUHLWRURPDQRGDpSRFDGDFRGLILFDomRMXVWLQLDQD&RUSXV-XULV
&LYLOLV(VWHHVWXGRFXMRLQtFLRVHGiQD,WiOLDPDLVSUHFLVDPHQWHQD8QLYHUVLGDGHGH%RORJQDFRPRVFKDPDGRVJORVDGRUHVTXHSDVVDPDGDUDRVWH[WRVGH-XVWLQLDQR
XPWUDWDPHQWRPHWyGLFRHUDFLRQDOSUHRFXSDGRVFRPRHVWDEHOHFLPHQWRGHUHJUDVPDLVMXVWDVHDSWDVDRDGHTXDGRGHVHQYROYLPHQWRGDYLGDVRFLDO+iXPDOLJDomRGR
GLUHLWRFRPDILORVRILDDWHRORJLDHDUHOLJLmRVHQGRRVLVWHPDMXUtGLFRHVVHQFLDOPHQWHXPPRGHORGHRUJDQL]DomRVRFLDOHDFLrQFLDMXUtGLFDXPDFLrQFLDGRJPiWLFD'DYLG
S'DQWDVS)HUUD]-US+lEHUOHS/RVDQRS
2GHVHQYROYLPHQWRGHXPGLUHLWRFXMDUDFLRQDOLGDGHVHVREUHS}HjVWUDGLo}HVGRGLUHLWRORFDOQDPDLRULDGDVYH]HVEDVHDGRHPFRVWXPHVWLGRVSRUDWUDVDGRVH
LQVXILFLHQWHVDOpPGHQmRH[SULPLUHPDMXVWLoDSURSLFLDFHUWDXQLGDGHHPWHUPRVGHFRQKHFLPHQWRGRIHQ{PHQRMXUtGLFRHXPDWHQWDWLYDIUHTXHQWHGHDGHTXDomRGR
GLUHLWRSUiWLFRDRGLUHLWRWHyULFRHHUXGLWRGDVXQLYHUVLGDGHV3RUVHUXPGLUHLWRFRGLILFDGRFRPXPDRVPHVWUHVPDLVFRPSOHWRHPDLVHYROXtGRGRTXHRVGLUHLWRVORFDLV
HSHODFHUWH]DHVHJXUDQoDTXHWUD]jVRFLHGDGHSDVVDDWHUFUHVFHQWHSUHVWtJLRHPGHWULPHQWRGRVGLUHLWRVORFDLVSRXFRHYROXtGRV:LHDFNHUS*LOLVVHQ
S>@6RPHQWHFRPRVXUJLPHQWRGDVFRGLILFDo}HVQDFLRQDLVVREUHWXGRSRULQIOXrQFLDGDGHQRPLQDGD(VFRODGR'LUHLWR1DWXUDOpTXHHVWHVGLUHLWRVFRPHoDPD
VHUHPHVWXGDGRVHPXQLYHUVLGDGHVFRPQRWtFLDVGHLPSOHPHQWDomRGRVHXHQVLQRDSDUWLUGRVpFXOR;9,,'DYLGS'DQWDVS%RQDYLGHVS
&RPDVFRGLILFDo}HVQDFLRQDLVSHUGHIRUoDRMXVFRPPXQHGDVXQLYHUVLGDGHVSDUDDVFHQGHURGLUHLWRQDFLRQDOFRGLILFDGRQD(XURSDFRQWLQHQWDOHSRVWHULRUPHQWHQD
$PpULFD/DWLQD$WHQGrQFLDSDUDDSUHSRQGHUkQFLDGDQRUPDOHJLVODGDGDOHLFRPRSULQFLSDOIRQWHGRGLUHLWRILFDQGRFRVWXPHVMXULVSUXGrQFLDGRXWULQDHSULQFtSLRV
JHUDLVFRPRIRQWHVVHFXQGiULDVIDYRUHFHLQLFLDOPHQWHDFHQWUDOL]DomRGRSRGHUQDVPmRVGR(VWDGRPRQiUTXLFRDEVROXWLVWD7RGDYLDFRPDVUHYROXo}HVOLEHUDLVRSRGHU
SROtWLFRGHVORFDVHDRPHQRVHPWHRULDSDUDRSRYRHDVREHUDQLDSDVVDDVHUFRQFHELGDFRPRVREHUDQLDSRSXODUHPWHUPRVSUiWLFRVVREHUDQLDGRyUJmRSDUODPHQWDU
UHSUHVHQWDWLYRGDTXHOHSRYR$OHLIHLWDSRUHVWHSDVVDDVHUFRQVLGHUDGDH[SUHVVmRGDYRQWDGHJHUDOHDSUySULDDWXDomRGRVGHPDLVSRGHUHVSUHFLVDHVWDUVXERUGLQDGDD
HOD*LOLVVHQS
$SUHGRPLQkQFLDGRGLUHLWROHJLVODGRHDVXDFRQVLGHUDGDVXSUHPDFLDIUHQWHDRGLUHLWRMXULVSUXGHQFLDOHDRFRQVXHWXGLQiULRHQVHMDPFRQVHTXrQFLDVUHOHYDQWHVSDUDD
IRUPDomRGDFXOWXUDFRQVWLWXFLRQDOURPDQRJHUPkQLFD1RWDGDPHQWHSRGHVHSHUFHEHUDJUDGDWLYDVHGLPHQWDomRGDLGpLDGHVXSUDOHJDOLGDGHGRWH[WRFRQVWLWXFLRQDOFRP
DFRQVHTXHQWHKLHUDUTXL]DomRGRVLVWHPDQRUPDWLYRHDH[LVWrQFLDGRFRQWUROHGHFRQVWLWXFLRQDOLGDGHDVVLPFRPRGDLGHLDGHTXHDDWXDomRGRSRGHUMXGLFLiULRGHYDVHU
UHVWULWDjLQWHUSUHWDomRHDSOLFDomRGDFRQVWLWXLomRHGDVOHLV'DQWDVS$OLDGRDWDOVHGLPHQWDomRFRQYpPGHVWDFDUDH[LVWrQFLDGHFRQVWLWXLo}HVFRGLILFDGDV
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