$%+2

UHYLVWD 5(9,67$$%+2'(+,*,(1(2&83$&,21$/$QR1287'(=

2$&,'(17((0
0$5,$1$_0*

&8/785$'(6(*85$1d$($&,'(17(6
(0$,6 48,=+2$9$/,$d2'$(;326,d22&83$&,21$/$9,%5$d(6'(&2532,17(,52

$57,*27e&1,&2()(,72'(',)(5(17(67,326'(3527(d29,68$/1$3(5'$
'(58'2325,16(5d2'(3527(725(6$8',7,926'(&21&+$
 25,(17$d(63$5$38%/,&$d(6'(75$%$/+263(/$$%+2
5(9,67$$%+2(6,7(,167,78&,21$/

$GLUHWRULDDSURYDSDUDSXEOLFDo}HVGHWUDEDOKRVSHOD$%+2RVSURFHGLPHQWRVDVHJXLU

D7RGRVRVDUWLJRVRXSXEOLFDo}HVVHUmRVXEPHWLGRVjDQiOLVHSHOR&RPLWr(GLWRULDOGD$%+2
ER&RPLWr(GLWRULDODSURYDHHQFDPLQKDSDUHFHUGHSXEOLFDomRUHYLVWDRXVLWH
FRFDPLQKRQRUPDOSDUDDUWLJRVWpFQLFRVVHUiSULPHLURSDUDDUHYLVWDHFDVRKDMDLQWHUHVVHGHDPEDVDV
SDUWHVKDYHUiVHXSRVWHULRUHQFDPLQKDPHQWRSDUDRVLWHVHPQHFHVVLGDGHGHQRYDIRUPDWDomR

([LJrQFLDVSDUDSXEOLFDomR

2VDUWLJRVGHYHPVHUDSUHVHQWDGRVHPOtQJXDSRUWXJXHVD
$QWHVGDSXEOLFDomRVHUmRHQFDPLQKDGRVSDUDUHYLVmRGHSRUWXJXrV
2QRPHGRDXWRUVHUiSXEOLFDGRMXQWRDRWUDEDOKR
1mRVHUiSHUPLWLGDDXWRULDGHHPSUHVDV
1mRVHUiSHUPLWLGRQHQKXPWLSRGHSURSDJDQGDDWUHODGDDRWUDEDOKR
$VSXEOLFDo}HVQmRVHUmRSDJDVQmRKDYHQGRQHQKXPDFRUGRGRWLSRFRPHUFLDO
2VWUDEDOKRVHQFDPLQKDGRVSRGHUmRVHUSXEOLFDGRVQDUHYLVWDRXQRVLWHGHSHQGHQGRGHSDUHFHUGR
&RPLWr(GLWRULDOHGHDFRUGRHQWUHDVSDUWHVVHJXLQGRRVSDGU}HVGHHGLWRUDomRGD$%+2

$%+2
ZZZDEKRRUJEU
$662&,$d2%5$6,/(,5$
'(+,*,(1,67$62&83$&,21$,6
$GPLVVmROLYURVDQXLGDGHVDOWHUDo}HVFDGDVWUDLVSXEOLFLGDGH

VHFUHWDULD#DEKRRUJEU
 5(9,67$$%+2'(+,*,(1(2&83$&,21$/
$QRQ
2VDUWLJRVDVVLQDGRVVmRGHUHVSRQVDELOLGDGHGRVDXWRUHVHRFRQWH~GRGDV
PDWpULDVSXEOLFLWiULDVGHVHXVDQXQFLDQWHV5HSURGXomRFRPDXWRUL]DomRGD
$%+2

5(632169(/3(/$(',d2
&RRUGHQDomR
5DTXHO3DL[mR

5HYLVmR $662&,$d2%5$6,/(,5$'(+,*,(1,67$62&83$&,21$,6
/pD$PDUDO7DUFKDSRUWXJXrV
&5,$'$(0
&RQVHOKR(GLWRULDO
'LUHWRULD([HFXWLYDH&RQVHOKR7pFQLFR

&RODERUDGRUHV

$QQD/XL]D0DUTXHV$\UHVGD6LOYD$QWRQLR9ODGLPLU9LHLUD
(GXDUGR*LDPSDROL-DQDLQD3HVVRD2OLYHLUD0DULD&OHLGH6DQFKHV2VKLUR
5(9,67$


0DULD0DUJDULGD70RUHLUD/LPD0DULR/XL])DQWD]]LQL
1HOVRQ%HXWHU-~QLRU2VQ\)HUUHLUDGH&DPDUJR
5DTXHO3DL[mR5REHUWR-DTXHV6pUJLR$&DSRUDOL)LOKR
6pUJLR0pGLFLGH(VWRQ6pUJLR7yWROL9DOGHQLVH$SDUHFLGDGH6RX]D
:LOVRQ1+ROLJXWL:LOVRQ6LJXHPDVD,UDPLQD

'LDJUDPDomR$UWHVH3URGXomR
$'*HUDLV&RPXQLFDomRH'HVLJQ
IDELDQD#DGJHUDLVFRPEU

3HULRGLFLGDGH7ULPHVWUDO
7LUDJHPH[HPSODUHV
'LVWULEXtGDJUDWXLWDPHQWHDRVPHPEURVGD

$%+2HFRODERUDGRUHVGDHGLomR
3DUDDVVLQDUDUHYLVWDDFHVVHZZZDEKRRUJEU

$%+2$662&,$d2%5$6,/(,5$'(+,*,(1,67$62&83$&,21$,6

$$%+2pPHPEURRUJDQL]DFLRQDOGD,QWHUQDWLRQDO2FFXSDWLRQDO
+\JLHQH$VVRFLDWLRQ,2+$HGD$PHULFDQ&RQIHUHQFH

RI*RYHUQPHQWDO,QGXVWULDO+\JLHQLVWV$&*,+ 

ZZZDEKRRUJEU


5XD&DUGRVRGH$OPHLGDFM&(3
6mR3DXOR637HOH

&RPXQLFDomRFRPD3UHVLGrQFLDDEKR#DEKRRUJEU

$GPLVVmROLYURVDQXLGDGHVDOWHUDo}HVFDGDVWUDLVSXEOLFLGDGH

VHFUHWDULD#DEKRRUJEU

5HYLVWD$%+2PDWpULDVSDUDSXEOLFDomRRSLQLmRGROHLWRU
VXJHVW}HV$%+2UHVSRQGHUHYLVWD#DEKRRUJEU

&HUWLILFDomRFHUWLILFDFDR#DEKRRUJEU

(YHQWRVHYHQWRV#DEKRRUJEU

',5(d275,1,2
',5(725,$(;(&87,9$

3UHVLGHQWH
2VQ\)HUUHLUDGH&DPDUJR

9LFHSUHVLGHQWHGH$GPLQLVWUDomR (',725,$/  23,1,2'2/(,725

&ODULVPXQGR/HSUH 
9LFHSUHVLGHQWHGH(GXFDomRH)RUPDomR3URILVVLRQDO $%+25(6321'(  $%+2

5REHUWR-DTXHV 
 1RYRVPHPEURV
9LFHSUHVLGHQWHGH(VWXGRVH3HVTXLVDV
-DQDLQD3HVVRD2OLYHLUD
 48,=+2 0DQXWHQomRGRVWtWXORV
9LFHSUHVLGHQWHGH5HODo}HV3~EOLFDV
 GHFHUWLILFDomR
$QWRQLR9ODGLPLU9LHLUD  0$5,$1$0* &HUWLILFDomRGH+2H7+2
9LFHSUHVLGHQWHGH5HODo}HV,QWHUQDFLRQDLV
 &XOWXUDGHVHJXUDQoD &RPHQGDGH+RQUD
9DOGHQLVH$SDUHFLGDGH6RX]D HDFLGHQWHV DR0pULWRHP667
&216(/+27e&1,&2
0iULR/XL])DQWD]]LQL0DULD&OHLGH6DQFKHV2VKLUR $57,*27e&1,&2  (9(1726
-RVp/XL]/RSHV:LOVRQ1RUL\XNL+ROLJXWL 
(IHLWRGHVHLVGLIHUHQWHVWLSRVGH  $%+25(*,21$,6
&216(/+2),6&$/ SURWHomRYLVXDOQDSHUGDGHUXtGR  
$QD0DUFHOLQD-XOLDQL0DUFRV$SDUHFLGR%H]HUUD0DUWLQV
3DXOR5REHUWRGH2OLYHLUD SRULQVHUomRGHWUrVSURWHWRUHV  5(6(1+$%,%/,2*5),&$
DXGLWLYRVGHFRQFKD 
5(35(6(17$17(65(*,21$,6
0LOWRQ0DUFRV0LUDQGD9LOOD%$H6(3DXOR5REHUWRGH2OLYHLUD35H6&  &+$0$'$3$5$
-DQGLUD'DQWDV3(H3%&HOVR)HOLSH'H[KHLPHU56
-RVp*DPDGH&KULVWR(6*HUDOGR6pUJLRGH6RX]D0*
75$%$/+267e&1,&26
&ULVWLDQR&RVWD6LOYD5-

&$3$
$'*HUDLV&RPXQLFDomRH'HVLJQ
)RWRV)RWR0RQWDJHPDSDUWLUGHLPDJHQVGDLQWHUQHW
 ( ',725,$/

e FRP PXLWD VDWLVIDomR TXH HVWDPRV HQWUHJDQGR D HGLomR  GD 5HYLVWD$%+2 3RU HOD YRFr YDL WHU D
RSRUWXQLGDGHGHVDEHUGDVQRYLGDGHVGDDVVRFLDomRHDLQGDOHUDUWLJRVWpFQLFRVH[FOXVLYRV

1HVWD HGLomR WHPRV WDPEpP XPD UHSRUWDJHP GH FDSD VREUH R DFLGHQWH GD EDUUDJHP GD 6DPDUFR HP
0DULDQD0LQDV*HUDLV1RVVRVFROHJDVGD8QLYHUVLGDGHGH6mR3DXORGD)DFXOGDGHGH0LQDVH(QHUJLD
SURIHVVRUHV6pUJLR0pGLFLGH(VWRQ:LOVRQ6LJXHPDVD,UDPLQDH$QQD/XL]D0DUTXHV$\UHVGD6LOYDID]HP
XPDDYDOLDomRGLGiWLFDFRPPXLWDSURSULHGDGHVREUHHVVHGHVDVWUHTXHFKRFRXDFRPXQLGDGHWpFQLFDH
DPELHQWDOLVWDGRPXQGRWRGR$VLQIRUPDo}HVGLVSRQtYHLVQDPtGLDVREUHHVVHDFLGHQWHHVWmRIRFDGDVHP
LGHQWLILFDUUHVSRQViYHLVHQmRHPHOXFLGDURVIDWRVSDUDSUHYHQLUQRYDVFDWiVWURIHVQRIXWXUR1DPDWpULD
HVFULWDSRUQRVVRVLOXVWUHVFROHJDVRIRFRpHQWHQGHUTXHIDOKDVIRUDPHQFRQWUDGDVQRVLVWHPDGHJHVWmRGD
HPSUHVDDVTXDLVSRGHPWHUOHYDGRDHVVHWHUUtYHODFLGHQWH$JUDGHFLPHQWRHVSHFLDODQRVVRVFROHJDV
SURIHVVRUHVGD(VFROD3ROLWpFQLFDGD863

7HPRVUHFHELGRTXHVWLRQDPHQWRVVREUHFRPRD$%+2VHSRVLFLRQDHPUHODomRDREDQLPHQWRGRDPLDQWR
WHPD GLVFXWLGR SRU DJHQWHV GR JRYHUQR UHSUHVHQWDQWHV GD LQG~VWULD H SHOD FRPXQLGDGH FLHQWtILFD 2V
SULQFtSLRVTXHUHJHPDVDWLYLGDGHVGRKLJLHQLVWDDQWHFLSDomRUHFRQKHFLPHQWRDYDOLDomRHFRQWUROHGH
DJHQWHVDPELHQWDLVSUHVHQWHVQRVDPELHQWHVGHWUDEDOKRSUHYHHPDVXEVWLWXLomRGHPDWHULDLVWy[LFRVSRU
VXEVWkQFLDVPHQRVWy[LFDV2REMHWLYRpFODURFRQVLVWHHPSUHYHQLUDRFRUUrQFLDGHGRHQoDVRFXSDFLRQDLV
&RPEDVHQHVVHVSULQFtSLRVWRGDVDVYH]HVHPTXHRKLJLHQLVWDRFXSDFLRQDOUHFRQKHFHRDPLDQWRRXRXWUD
VXEVWkQFLD LJXDOPHQWH Wy[LFD FRP SRWHQFLDO GH FDXVDU GRHQoDV RFXSDFLRQDLV JUDYHV YDL SURSRU FRPR
SULPHLUDDomRDVXEVWLWXLomRGHVVHHOHPHQWR$VXEVWLWXLomRGHYHVHUUHFRPHQGDGDQDIDVHGHDQWHFLSDomR
HTXDQGRLVVRQmRDFRQWHFHXPDVHJXQGDWHQWDWLYDGHYHVHUOHYDGDDHIHLWRQDIDVHGHUHFRQKHFLPHQWR
TXDOLWDWLYRGRULVFRPHVPRVHPDQHFHVVLGDGHGHDYDOLDomRHGHSHQGHQDPDLRULDGDVYH]HVGHIDWRUHV
H[WHUQRVjVDWLYLGDGHVGRKLJLHQLVWDSRULVVRHOHGHYHDSUHVHQWDURXWURVPHLRVGHFRQWUROHGDH[SRVLomR$
$&*,+UHFRQKHFHRSRWHQFLDOFDUFLQRJrQLFRGRDVEHVWRRXDPLDQWRHHVWDEHOHFHXXPYDORUGH/LPLWHGH
([SRVLomR 2FXSDFLRQDO SDUD HOH 1D IDVH GH DYDOLDomR R YDORU GR OLPLWH GH H[SRVLomR RFXSDFLRQDO p D
UHIHUrQFLDXWLOL]DGDSDUDGHILQLURULVFRRFXSDFLRQDOHVSHFLILFR8PDYH]FDUDFWHUL]DGRRULVFRSDVVDSDUDD
IDVHGHFRQWUROHFRPRREMHWLYRGHSUHYHQLUGRHQoDVRFXSDFLRQDLVHDWHQGHUDRVUHTXLVLWRVOHJDLVDSOLFDGRV

0HQFLRQDGRD$&*,+LQIRUPRTXHHVWDPRVILQDOL]DQGRXPDFRUGRSDUDREWHUDDXWRUL]DomRSDUDWUDGXomRH
SXEOLFDomRGDHGLomR1RVVDLQWHQomRpHGLWDUHVVHOLYURDWXDOL]DGRRPDLVEUHYHSRVVtYHOOHYDQGRHP
FRQWDDVH[LJrQFLDVGHTXDOLGDGHHFXLGDGRTXHWHPRVFRPHVVDVLQIRUPDo}HV&RPRMipGHFRQKHFLPHQWR
GHYRFrVQmRREWLYHPRVDDXWRUL]DomRGD$&*,+QRDQRSDVVDGRSRLVSURSXVHUDPRSDJDPHQWRGHGLYHUVDV
WD[DV TXH QRV UHFXVDPRV D SDJDU LVVR  LQYLDELOL]RX D HGLomR IDWR TXH QHVWH DQR HVWDPRV WHQWDQGR
DUGXDPHQWHPLQLPL]DU6DEHPRVTXHPXLWRVPHPEURVGD$%+2ILFDUDPIUXVWUDGRVSHORQmRUHFHELPHQWRGR
OLYUHWRGXUDQWHRDQRGH&RPRIRUPDGHFRPSHQViORVSRUHVVDSHUGDHQYLDUHPRVGXDVHGLo}HVGD
SXEOLFDomRGHSDUDFDGDPHPEURDWLYRGD$%+2 3RUILP LQLFLDPRVRVWUDEDOKRVGHSUHSDUDomRGR
QRVVR(QFRQWUR$QXDOTXHVHUiUHDOL]DGRHP6mR3DXORQRSHUtRGRHQWUHHGHDJRVWRHWHUiFRPRWHPD
2SDSHOGR+LJLHQLVWDQD3UHYHQomRH$WHQGLPHQWRD/HJLVODomR$WXDO'HVVDIRUPD&RQWDPRVFRPD
SUHVHQoDGHWRGRVSURILVVLRQDLV+LJLHQLVWDVEUDVLOHLURVEHPFRPRGRVFROHJDVGD0HGLFLQDGR7UDEDOKRHSRU
FRQWDGRQRVVRWHPDWDPEpPGRVSURILVVLRQDLVGH5+ $FKDPDGDSDUDRVWUDEDOKRV
WpFQLFRVVHJXHSXEOLFDGDQHVVDHGLomR3URJUDPHVHDQWHFLSDGDPHQWHSDUDSDUWLFLSDU
GRHYHQWRHTXHPVDEHDSUHVHQWDUVHXWUDEDOKR
2VQ\)HUUHLUDGH&DPDUJR
%RDOHLWXUDHXPERPHSURGXWLYRDQRSDUDWRGRV
3UHVLGHQWH

5HYLVWD$%+2(GLomR 
 $%+25(6321'(

5HDOL]HLRFXUVR([SRVLomR2FXSDFLRQDOD3RHLUDV0LQHUDLVQR~OWLPR&RQJUHVVRGD$%+2HREVHUYHLTXHKDYLD
PXLWDVVLWXDo}HVGHH[SRVLomRDSRHLUDPLQHUDOQR1RUWHGRSDtVFRPWUDEDOKDGRUHVH[SRVWRVjVtOLFDDFLPDGR
/7FDOFXODGR

3RULVVRVROLFLWRDDQiOLVHGRVUHVXOWDGRVDSUHVHQWDGRVHPXP/7&$7GHIRUPDDRULHQWDURVHVWXGRVSDUDXPD
SURWHomRHIHWLYDWRPDQGRFRPRH[HPSORDDPRVWUDJHPGHVtOLFDHGDSRHLUDUHVSLUiYHOGHXPDSHGUHLUDHP
UHJLmRGR3DUi

$WHQFLRVDPHQWH6pUJLR7yWROL
(QJHQKHLURGHVHJXUDQoDGRWUDEDOKR0HPEUR$%+2

'(67$48('2/7&$732(,5$

$3RHLUD,QDOiYHO

D3DUDDSXUDomRGDH[SRVLomRjSRHLUDLQDOiYHOUHVSLUiYHOiUHDH[WHUQDGRULVFRTXtPLFR15$QH[R
FRQIRUPH1+2

)XQomR 7HPSRGH 9ROXPH &RQFHQWUDomR 1$ /LPLWHGH 6tOLFD

DYDOLDGD )LOWUR FROHWD DPRVWUDGR PJP PJP WROHUkQFLD PJP
PLQ OLWURV FDOFXODGR
PJP

$MXGDQWH
*HUDO 39&     

D3DUDDSXUDomRGDH[SRVLomRjSRHLUDLQDOiYHOWRWDOiUHDH[WHUQDGRULVFRTXtPLFR15
$QH[RFRQIRUPH1+2

)XQomR 7HPSRGH 9ROXPH &RQFHQWUDomR 1$ /LPLWHGH 6tOLFD

DYDOLDGD )LOWUR FROHWD DPRVWUDGR PJP PJP WROHUkQFLD PJP
PLQ OLWURV FDOFXODGR
PJP

$MXGDQWH
*HUDO 39&     

 5HYLVWD$%+2(GLomR
 $%+25(6321'(

1DDQiOLVHGRVGDGRVWDEHODGRVpSUHFLVRGHLQtFLRDGHTXDUDLQIRUPDomRFRQFHLWXDOPHQWH

3HODVGHILQLo}HVXVXDLVGDVIUDo}HVGHPDWHULDOSDUWLFXODGR03HPVXVSHQVmRQRDUWHPRVSDUWLFXODGRLQDOiYHO
SDUWLFXODGR UHVSLUiYHO H SDUWLFXODGR WRUiFLFR3RHLUD LQDOiYHO UHVSLUiYHO p XPD GHVFULomR LQFRUUHWD
WHFQLFDPHQWHSDUDGHILQLUDIUDomRGHSRHLUDDPRVWUDGDDVVLPFRPRSRHLUDLQDOiYHOWRWDOWHUPRVXVDGRVQD
LQGLFDomRGRVUHVXOWDGRV

3DUDDH[SRVLomRjVtOLFDFULVWDOLQDVDEHVHTXHRFULWpULRPDLVDGHTXDGRSDUDFDUDFWHUL]DomRGRULVFRGHVLOLFRVH
pDDYDOLDomRGDVFRQFHQWUDo}HVGHSRHLUDUHVSLUiYHOQRVORFDLVGHWUDEDOKR

3HORFULWpULROHJDOHOLPLWHVGHWROHUkQFLD/7QR%UDVLOVHSHUPLWHDDYDOLDomRGDIUDomRUHVSLUiYHOHGDIUDomR
WRWDOLQDOiYHOWRUiFLFDHUHVSLUiYHO

'HILQLGRTXHRVUHVXOWDGRVDSUHVHQWDGRVVHUHIHUHPDSRHLUDUHVSLUiYHODHDSRHLUDWRWDODFRQWHQGR

VtOLFDFULVWDOLQDSRGHPVHUIHLWDVDVVHJXLQWHVREVHUYDo}HVVREUHRVUHVXOWDGRVWDEHODGRVPHVPRQmRWHQGRR
ODXGRGDVDQiOLVHVGRODERUDWyULR

2VGDGRVGHYROXPHHGHWHPSRGHFROHWDQRVLQGLFDPTXHDYD]mRGDERPEDGHDPRVWUDJHPXVDGDSDUDD
REWHQomRGDVGXDVDPRVWUDVGHSRHLUDIRLGHOPLQ'HVVDIRUPDVHIRLXVDGRRVHOHWRUGHSDUWtFXODV
SUHFRQL]DGRSHOD1+2DPHWRGRORJLDSDUDDSRHLUDUHVSLUiYHOHVWiFRUUHWD3DUDDPRVWUDJHPGDSRHLUD
WRWDOFRPRQmRpXVDGRQHQKXPVHOHWRUGHSDUWtFXODVDYD]mRGDERPEDGHILQLGDQmRLQWHUIHUHQRUHVXOWDGRGD
FROHWDVHREVHUYDGRDQmRVDWXUDomRGRILOWURGHPHPEUDQDHPIXQomRGDFRQFHQWUDomRGDSRHLUDHGRWHPSR
QHFHVViULRGHDPRVWUDJHP

3HORVGDGRVGHFRQFHQWUDomRPJPHYROXPHGHDUDPRVWUDGRPGHWHUPLQDVHTXHDPDVVDGHSRHLUD

FROHWDGDHGHWHUPLQDGDSHORODERUDWyULRTXHUHDOL]RXDDQiOLVHJUDYLPpWULFDIRLGHPJGH03UHVSLUiYHO
HPJGH03WRWDO

3HODFRQFHQWUDomRGHVtOLFDFULVWDOLQDGHWHUPLQDGDVDEHVHTXHDPDVVDGHVtOLFDHQFRQWUDGDQDVDPRVWUDV
SHORODERUDWyULRIRLGHPJQDSRHLUDUHVSLUiYHOHGHPJQDSRHLUDWRWDO(VVDUHODomRHVWiFRHUHQWHFRP
RVHVWXGRVDSUHVHQWDGRVQDOLWHUDWXUD

&RPRVGDGRVGHPDVVDGHTXDUW]RHPDVVDGHSRHLUDHPFDGDDPRVWUDVHFDOFXODDGHVtOLFDDVHUDSOLFDGDQR
FiOFXORGR/7GHILQLGRSDUDFDGDXPDGDVIUDo}HVGHSRHLUDFROHWDGDVVHJXQGRR$QH[RGD15

2VYDORUHVHQFRQWUDGRVGHGH6L2SRHLUDUHVSLUiYHOHGH6L2SRHLUDWRWDOVmRRVHVSHUDGRVQDSRHLUD

HPDWLYLGDGHVGHSHGUHLUDV

)HLWDHVVDDQiOLVHSRGHVHGL]HUTXHDDPRVWUDJHPIRLUHDOL]DGDGHDFRUGRFRPRREMHWLYRGHXPHVWXGR
SUHOLPLQDUSDUDFDUDFWHUL]DomRGRULVFRHDLQGLFDomRGDQHFHVVLGDGHGHPHGLGDVGHFRQWUROH1RHQWDQWRWHPGH
VHU DPSOLDGD HP Q~PHUR GH DPRVWUDV H WHPSR GH FROHWD SDUD D DGHTXDGD FDUDFWHUL]DomR GD H[SRVLomR
RFXSDFLRQDOQDMRUQDGDVHPDQDOGHWUDEDOKRGRDMXGDQWHJHUDOSHUDQWHRVOLPLWHVGHWROHUkQFLDGDOHJLVODomR

2VUHVXOWDGRVGDDYDOLDomRMiLQGLFDPDQHFHVVLGDGHGHPHGLGDVGHFRQWUROHGDSRHLUDSDUDRH[HUFtFLRGD
IXQomRGHDMXGDQWHJHUDO

  7HFQLFDPHQWH RV UHVXOWDGRV GD DYDOLDomR GHYHP FRQVLGHUDU WDPEpP VXD FRPSDUDomR FRP R OLPLWH GH
H[SRVLomRRFXSDFLRQDOUHFRPHQGDGRSHOD$&*,+SDUDDVtOLFDFULVWDOLQDUHVSLUiYHOPJPDGHTXDGRj
MRUQDGDGHWUDEDOKRGDQRVVDOHJLVODomR

&RODERUDGRUD+LJLHQLVWDRFXSDFLRQDO0DULD0DUJDULGD70RUHLUD/LPD+2&

5HYLVWD$%+2(GLomR 
 48,=+2

$9$/,$d2'$(;326,d22&83$&,21$/
$9,%5$d(6'(&2532,17(,52

4XDQGRRIRFRGRHVWXGRFRQVLVWHQRULVFRGHGDQRjVD~GHFDXVDGRSRUYLEUDo}HVXPDG~YLGDTXHWHPVLGR
OHYDQWDGD UHIHUHVH DR FULWpULR H SURFHGLPHQWR SDUD DYDOLDomR GD H[SRVLomR RFXSDFLRQDO D YLEUDo}HV SDUD
WUDEDOKDGRUHVH[SRVWRVQDSRVLomRHPSpDGRWDGRVSHOD1+21RUPDGH+LJLHQH2FXSDFLRQDOSXEOLFDGDSHOD
)81'$&(1752

(VVHTXHVWLRQDPHQWRWHPVLGRHPEDVDGRFRPRDUJXPHQWRGHTXHRVXELWHP$SSOLFDWLRQGRLWHP+HDOWK
GD,62GHLQIRUPDTXHDDSOLFDomRGDUHIHULGDQRUPDGHVWLQDVHDSHVVRDVVHQWDGDVSRUTXHRVHIHLWRV
jVD~GHGHSHVVRDVHPSpUHFOLQDGDVRXGHLWDGDVQmRVmRFRQKHFLGRV$OpPGLVVRPHQFLRQDVHTXHDPHVPD
QRUPD,62DSHQDVHVWDEHOHFHSDUkPHWURVSDUDDH[SRVLomRQDSRVLomRHPSpTXDQGRVHUHIHUHDFRQIRUWRHPVHX
VXELWHP&RPIRUW

(PSULPHLUROXJDUGHYHVHUGHVWDFDGRTXHRIRFRGD1+2FRQIRUPHGHQLGRHPVHXLWHP2EMHWLYRpD
DYDOLDomRGDH[SRVLomRRFXSDFLRQDODYLEUDo}HVGHFRUSRLQWHLUR9&,TXHLPSOLTXHSRVVLELOLGDGHGHRFRUUrQFLD
GHSUREOHPDVGLYHUVRVjVD~GHGRWUDEDOKDGRUQmRVHDSOLFDQGRQHVWHFDVRRVFULWpULRVSDUDFRQIRUWR
HVWDEHOHFLGRVSHOD,62GH

(PVHJXQGRFRQIRUPHHVWDEHOHFLGRHPVHXLWHP$SOLFDomR$1RUPDDSOLFDVHjH[SRVLomRRFXSDFLRQDOD
YLEUDo}HVGHFRUSRLQWHLURHPTXDLVTXHUVLWXDo}HVGHWUDEDOKRQDVTXDLVDYLEUDomRpWUDQVPLWLGDDRFRUSRVHMD
QDSRVLomRHPSpRXVHQWDGD$VVLPRVFULWpULRVHSURFHGLPHQWRVHVWDEHOHFLGRVQD1+2VHDSOLFDPDHVVDV
GXDVSRVLo}HV

'HVWDFDVHTXHHPERUDDYHUVmRYLJHQWHGDQRUPD,62DLQGDVHMDD,62GHYHVHUHVVDOWDUTXHHP
IRLSXEOLFDGRXPD$PHQGPHQWSDUDD,62FRQIRUPHFRQVWDQRLWHP%LEOLRJUDDGD1+2
WUDQVFULWRDVHJXLU

,17(51$7,21$/25*$1,=$7,21)2567$1'$5',=$7,21
,62PHFKDQLFDOYLEUDWLRQDQGVKRFNHYDOXDWLRQRIKXPDQH[SRVXUHWRZKROH
ERG\ YLEUDWLRQ 3DUW  JHQHUDO UHTXLUHPHQWV *HQHYD  $PHQGPHQW 

(VVD$PHQGPHQWID]GLYHUVRVDMXVWHVHFRUUHo}HVQRWH[WRRULJLQDOGD,62FRQVWDQGR HQWUHHOHVD
LQFOXVmRGHXPDQRWDDSyVRSULPHLURSDUiJUDIRGRVXELWHPFRQIRUPHRWH[WRRULJLQDOHPLQJOrVWUDQVFULWRD
VHJXLU

+HDOWK
$SSOLFDWLRQ
7KLVFODXVHFRQFHUQVWKHHHFWVRISHULRGLFUDQGRPDQGWUDQVLHQWYLEUDWLRQRQWKH
KHDOWKRISHUVRQVLQQRUPDOKHDOWKH[SRVHGWRZKROHERG\YLEUDWLRQGXULQJWUDYHODW
ZRUNDQGGXULQJOHLVXUHDFWLYLWLHV,WDSSOLHVSULPDULO\WRVHDWHGSHUVRQVVLQFHWKH
HHFWVRIYLEUDWLRQRQWKHKHDOWKRISHUVRQVVWDQGLQJUHFOLQLQJRUUHFXPEHQWDUHQRW
NQRZQ
127($VVHVVPHQWRIWKHHHFWVRIYLEUDWLRQRQWKHKHDOWKRIWKRVHH[SRVHGZKLOH

 5HYLVWD$%+2(GLomR
 48,=+2

&RQVWDWDVHSRUWDQWRTXHDQRUPD,62FRORFDTXHRPpWRGRVHDSOLFDSULQFLSDOPHQWHPDVQmRH[FOXVLYDPHQWH
DSHVVRDVVHQWDGDVPDVUHFRQKHFHTXHDDYDOLDomRGDVSHVVRDVH[SRVWDVHPSpSRGHVHUUHDOL]DGDXVDQGRR
PHVPRPpWRGRGHDYDOLDomRDGRWDGRSDUDSHVVRDVVHQWDGDV

2IDWRGHRVHIHLWRVjVD~GHGHH[SRVLomRQDSRVLomRHPSpDLQGDQmRVHUHPFRQKHFLGRVQmRVLJQLFDTXH
LQH[LVWDP 1D SRVLomR HP Sp D YLEUDomR WDPEpP p WUDQVPLWLGD DR FRUSR GR WUDEDOKDGRU H D H[SRVLomR
HIHWLYDPHQWHRFRUUHPHVPRTXHVHXVHIHLWRVSRVVDPWHUFDUDFWHUtVWLFDVGLIHUHQFLDGDVGDTXHOHVREVHUYDGRVSDUD
DSRVLomRVHQWDGD$VVLPHPH[SRVLo}HVQDSRVLomRHPSpWDPEpPKiDSRVVLELOLGDGHGHRFRUUrQFLDGHSUREOHPDV
jVD~GHGRWUDEDOKDGRU

1D SUiWLFD GD +LJLHQH 2FXSDFLRQDO GHYHPVH SURPRYHU D SUHYHQomR H R FRQWUROH GD H[SRVLomR DRV ULVFRV
DPELHQWDLV YLVDQGR j SUHVHUYDomR GD VD~GH GRV WUDEDOKDGRUHV H[SRVWRV$VVLP FRP EDVH QDV FRQVLGHUDo}HV
DSUHVHQWDGDVTXDQGRKiDSRVVLELOLGDGHGHRFRUUrQFLDGHSUREOHPDVjVD~GHGRWUDEDOKDGRUGHFRUUHQWHVGD
H[SRVLomRRFXSDFLRQDODYLEUDo}HVDWXDOPHQWHYHPVHQGRLQGLFDGRRPHVPRFULWpULRGHDYDOLDomRWDQWRSDUD
SHVVRDVH[SRVWDVHPSpTXDQWRSDUDSHVVRDVVHQWDGDVQmRVyQR%UDVLOPDVWDPEpPHPRXWURVSDtVHV

$GLUHWLYD(&GR3DUODPHQWR(XURSHXHGR&RQVHOKRGHGHMXQKRGHTXHWUDWDGDH[SRVLomRD
YLEUDo}HVWDPEpPDGRWDDDYDOLDomRGDH[SRVLomRWUDQVPLWLGDDRFRUSRLQWHLURSDUDWUDEDOKDGRUVHQWDGRRXHP
SpWHQGRSRUEDVHRVFULWpULRVHVWDEHOHFLGRVSHOD,62

e SRVVtYHO TXH HVWXGRV IXWXURV HYHQWXDOPHQWH LQGLTXHP D QHFHVVLGDGH GH HVWDEHOHFHU FULWpULRV H OLPLWHV
GLIHUHQFLDGRV SDUD H[SRVLo}HV QD SRVLomR VHQWDGD H HP Sp PDV DWXDOPHQWH QmR Ki GDGRV SDUD HVVD
GLIHUHQFLDomR

$FRQGXWDDGRWDGDKRMHQmRIHUHDEVROXWDPHQWHQHQKXPFULWpULRWpFQLFRHVWDEHOHFLGRSHOD,62XPDYH]TXH
FRQIRUPHMiUHIHULGRDQWHULRUPHQWHDQRWDGRSULPHLURSDUiJUDIRGRVXELWHPGD,62UHFRQKHFH
TXHDDYDOLDomRGHYLEUDomRHPSHVVRDVH[SRVWDVHPSpSRGHVHUUHDOL]DGDFRPRPHVPRPpWRGRGHDYDOLDomR
DGRWDGRSDUDSHVVRDVVHQWDGDV

&RODERUDGRU(GXDUGR*LDPSDROL

$%+2
ZZZDEKRRUJEU
$662&,$d2%5$6,/(,5$
'(+,*,(1,67$62&83$&,21$,6
$GPLVVmROLYURVDQXLGDGHVDOWHUDo}HVFDGDVWUDLVSXEOLFLGDGH

VHFUHWDULD#DEKRRUJEU

BBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
 
+LJLHQLVWD2FXSDFLRQDO&HUWLFDGR+2&

5HYLVWD$%+2(GLomR 
 0$5,$1$0*

&8/785$'(
6(*85$1d$($&,'(17(6

6pUJLR0pGLFLGH(VWRQ :LOVRQ6LJXHPDVD
,UDPLQD $QQD/XL]D0DUTXHV$\UHVGD6LOYD 
6pUJLR0pGLFLGH(VWRQ :LOVRQ6LJXHPDVD $QQD/XL]D0DUTXHV
,UDPLQD $\UHVGD6LOYD

6805,2
2TXHpVHJXUDQoDHRTXHpULVFR
2TXHpXPDFXOWXUDGHVHJXUDQoDGHQWURGHXPDHPSUHVD
)HUUDPHQWDVGHDQiOLVHGHULVFRHVXDLPSRUWkQFLDQRJHUHQFLDPHQWRGHULVFR
&RQWUROHVVXDLPSODQWDomRHHIHWLYLGDGH
2LQFLGHQWHGH0DULDQDVHWUDQVIRUPDQXPDFLGHQWHFRPIDWDOLGDGHVFRPHIHLWRVQD+LJLHQH2FXSDFLRQDOHQR
PHLRDPELHQWH
$SRVWXUDGDHPSUHVDHDFLRQLVWDV
$IDOWDGHSUHSDUDomRGDGHIHVDFLYLO
$RPLVVmRGRVyUJmRVILVFDOL]DGRUHVHQRUPDWLYRV
$DWLWXGHGDSRSXODomR
(RIXWXUR"

248(e6(*85$1d$(248(e5,6&2 FRQFHLWRGHGRVH1mRKDYHQGRH[SRVLomRQmRH[LVWH
GRVH
3DUDDQDOLVDURLQFLGHQWHGDEDUUDJHPGHUHMHLWRVGH
0DULDQD XPD YLVmR PDLRU UHODWLYD j FXOWXUD GH
VHJXUDQoDPRVWUDDVSHFWRVLQWHUHVVDQWHV0DVSDUD
LVVR ID]VH QHFHVViULR LQWURGX]LU DOJXQV FRQFHLWRV
EiVLFRVHXPDWHUPLQRORJLDFRQFLVD
1D iUHD FLHQWt ILF D p LPSRUWDQWH  WH U XPD
QRPHQFODWXUD FRHUHQWH H XWLOL]DGD GH PRGR
FRQVLVWHQWH $VVLP YDPRV GHILQLU DOJXQV WHUPRV
EiVLFRV FRPR FRQGLomR SHULJRVD SHULJR GDQR
'DQRGDPDJHVHUHIHUHDDOJXPWLSRGHSHUGD
VHMD HOD IDFLOPHQWH TXDQWLILFiYHO RX QmR $OJXQV
GDQRV VmR PDLV IDFLOPHQWH TXDQWLILFiYHLV FRPR
SHUGDV GH SURGXomR SHUGDV GH HTXLSDPHQWRV RX
SHUGDVDXGLWLYDVHQTXDQWRRXWURVVmRPDLVGLItFHLV
GHHVWLPDUFRPRSHUGDVGHLPDJHPGHPmRGHREUD
HVSHFLDOL]DGD RX GH SURGXWLYLGDGH DVVRFLDGD D
DJHQWHVHUJRQ{PLFRV
LQFLGHQWHDFLGHQWHULVFRHVHJXUDQoD(PVHJXLGD
DQDOLVDUHPRVDVSHFWRVGHXPDFXOWXUDGHVHJXUDQoD
&RQGLomR SHULJRVD VH UHIHUH DR WHUPR LQJOrV
KD]DUG VHQGR VHPSUH GHILQLGD WDQWR HP
,QFLGHQWH LQFLGHQW p TXDOTXHU HYHQWR QmR
GHVHMDGR H QmR SODQHMDGR TXH LQWHUIHUH FRP RV
REMHWLYRVGDDomRGRSURFHVVRRXGDRUJDQL]DomR
JHUDQGRDOJXPGDQR
SRUWXJXrVFRPRHPLQJOrVFRPRXPDFRQGLomRTXH 2 WHUPR DFLGHQWH DFFLGHQW VH UHIHUH D XP
WHPRSRWHQFLDOGHFDXVDUDOJXPGDQRGDPDJHRX LQFLGHQWH TXH FDXVRX DOJXPD OHVmR ItVLFD DOJXPD
SHUGDORVV GRHQoDRFXSDFLRQDORXDOJXPDSROXLomRDPELHQWDO

8PSHULJRGDQJHUVHUHIHUHjH[SRVLomRDXPD 5LVFR ULVN VH UHIHUH D XP SDU LQGLVVRFLiYHO
FRQGLomR SHULJRVD RX FRQWDWR FRP HOD 1mR HQYROYHQGR D SUREDELOLGDGH GH RFRUUrQFLD GH XP
KDYHQGR H[SRVLomR QmR Ki SHULJR DSHVDU GH HVVD GDGR HYHQWR H VXD FRQVHTXrQFLD 1RUPDOPHQWH p
FRQGLomR SHULJRVD FRQWLQXDU D H[LVWLU SRLV VXD FDOFXODGR QXPHULFDPHQWH SHOR SURGXWR GD
H[LVWrQFLDLQGHSHQGHGHKDYHURXQmRH[SRVLomRRX SUREDELOLGDGHSHORYDORUHFRQ{PLFRGRGDQRSDUDR
FRQWDWR 2 FRQFHLWR GH SHULJR HVWi LQWLPDPHQWH SHUtRGRGHXPDQR
DVVRFLDGR j +LJLHQH 2FXSDFLRQDO SRU PHLR GR
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBB

3URIHVVRUWLWXODU'HSDUWDPHQWRGH(QJHQKDULDGH0LQDVH3HWUyOHR(3863

3URIHVVRU/LYUH'RFHQWH'HSDUWGH(QJGH0LQDVH3HWUyOHR(3863

3URIHVVRUD'RXWRUD'HSDUWDPHQWRGH(QJGH0LQDVH3HWUyOHR(3863

 5HYLVWD$%+2(GLomR
 0$5,$1$0*

6HJXUDQoD VDIHW\ VH UHIHUH D XP HVWDGR GH
FRQVFLrQFLDTXDQWRDFRQGLo}HVSHULJRVDVSHULJRVH
ULVFRVVREUHRVTXDLVWHPRVXPUHODWLYRFRQWUROHDWp
XPQtYHOGHULVFRTXHMXOJDPRVDFHLWiYHO3RUWDQWR
VHJXUDQoDLPSOLFDSHUFHEHUDVFRQGLo}HVSHULJRVDV
RVSHULJRVHULVFRVQRORFDOGHWUDEDOKRDJLQGRVREUH
HOHV FRP FRQWUROHV RX EDUUHLUDV DWp XP QtYHO TXH
MXOJDPRVVDWLVIDWyULR
3RU H[HPSOR QXP DPELHQWH GH WUDEDOKR UXLGRVR
PXLWDVQRUPDVVXJHUHPTXHDH[SRVLomRVHMDGH
KRUDVSDUDXPPi[LPRGHG%$$FLPDGLVVRWHPRV
DH[SRVLomRHPXPDFRQGLomRSHULJRVDHRRXYLGR
KXPDQRFRUUHRSHULJRGHVRIUHUGDQRV3DUDHYLWi
ORVGHYHPVHXVDUFRQWUROHVSDUDLPSHGLUXPDGRVH
VXSHULRUD
3RUWDQWRVHJXUDQoDQmRVHUHIHUHDULVFR]HURPDV
VLPDULVFRDFHLWiYHO&ODURTXHRVLJQLILFDGRGH
DFHLWiYHOHVWiDVVRFLDGRDDFHLWiYHOSDUDTXHP"
$VLWXDomRGDEDUUDJHPGH0DULDQDHUDXPDFRQGLomR
SHULJRVDFRPDVFRPXQLGDGHVDMXVDQWHHPSHULJR
4XDQGRRIDWRUGHVHJXUDQoDFDLXDEDL[RGHXPD
SRVVLELOLGDGH GH URPSLPHQWR VH PDWHULDOL]RX
JHUDQGR XP LQFLGHQWH FRP LQ~PHURV DFLGHQWHV
HQYROYHQGR PRUWHV GRHQoDV SROXLomR DPELHQWDO
GDQRVDHTXLSDPHQWRVHLQVWDODo}HVHWF
248(e80$&8/785$'(6(*85$1d$'(1752
'(80$(035(6$
$WXDOPHQWHRJHUHQFLDPHQWRGHULVFRQXPDHPSUHVD
HQYROYH R GLDJQyVWLFR VREUH R HVWiJLR HP TXH D
PDWXULGDGH QR PHUFDGR PDV D FKDYH SDUD D
VHJXUDQoD HQFRQWUDVH QXP WUHLQDPHQWR HIHWXDGR
SRUWRGRVRVLQWHJUDQWHVGDHPSUHVDHQmRDSHQDV
SRU XPD SDUFHOD GRV IXQFLRQiULRV 4XDQGR D
VHJXUDQoDGHL[DGHVHUXPDSULRULGDGHHVHWRUQDXP
YDORUHQWmRDHPSUHVDHVWiFDPLQKDQGRQDGLUHomR
GHVHWUDQVIRUPDUHPXPDHPSUHVDVHJXUD
6H D VHJXUDQoD p XPD SULRULGDGH HTXLSDUDVH D
RXWUDVFRPRDSURGXomRRXRSUD]RGHHQWUHJD2
FHUQH GH TXHVWmR p TXH SULRULGDGHV PXGDP FRP
WHPSR HQTXDQWR XP YDORU QmR PXGD 1HVVH
FRQWH[WRDYLGDKXPDQDGHYHVHUXPYDORUHQmR
XPDSULRULGDGH
1R %UDVLO D PDLRULD GDV HPSUHVDV QmR WHP XPD
FXOWXUDGHVHJXUDQoDQmRWHPDVD~GHFRPRYDORU
DSHVDU GH DSUHVHQWDU FHUWLILFDGRV H GL]HU TXH VH
SUHRFXSDFRPHVVHVWHPDV,VVRpIDOVRR%UDVLOFRPR
SDtV QmR WHP XPD FXOWXUD GH VHJXUDQoD 6H QmR
KRXYHU QHQKXP HTXtYRFR PRUUHP FHUFD GH 
PRWRER\VSRUDQRVyQDFLGDGHGH6mR3DXORHFHUFD
GHQR%UDVLO3RUTXr"3RUTXHVHWUDWDGHXP
SDtVQRTXDOVHSHUPLWHTXHPRWRVDQGHPHQWUHRV
FDUURVFRPSOHWDPHQWHIRUDGRVSDGU}HVGHTXDOTXHU
SDLVHYROXtGR3RUTXr"3RUTXHRWHPSRGHHQWUHJDp
DSULRULGDGHHDYLGDKXPDQDQmRpXPYDORU
1R FDVR GH 0DULDQD LQIRUPDo}HV LQGLFDYDP TXH D
6DPDUFR WLQKD XP DOWR SDGUmR WpFQLFR H HUD
FRQVLGHUDGD XP H[HPSOR D VHU VHJXLGR PDV D
VHJXUDQoDQmRXPYDORUHRVDFRQWHFLPHQWRVSURYDP
LVVRGHIRUPDLQHTXtYRFD2VFRQWUROHVGHSUHYHQomR
HPSUHVD HVWi QXPD HVFDOD QRUPDOPHQWH FRP  H RV FRQWUROHV GH PLWLJDomR DSyV R URPSLPHQWR
QtYHLV(PVHJXLGDGHYHVHUHODERUDGRXPSODQRGH VLPSOHVPHQWHLQH[LVWLDP
PHOKRUDHPJHUDOSDUDXPKRUL]RQWHGHXPDQR1R
&RP UHIHUrQFLD j PDWXULGDGH FXOWXUDO GD 6DPDUFR
GLDJQyVWLFR H SODQR GH PHOKRUD QXPHURVRV
TXDQWRjVHJXUDQoDKLJLHQHHPHLRDPELHQWHFRP
HOHPHQWRV VmR DERUGDGRV LQFOXLQGR HOHPHQWRV
FHUWH]DHVWDYDDEDL[RGRQtYHOGHFXPSULGRUSRUTXH
SHVVRDVHHOHPHQWRVGHVLVWHPDV(VVHVSURJUDPDV
PXLWDVQRUPDVHSURFHGLPHQWRVEiVLFRVHOHJDLVGH
SURFXUDPPHOKRUDUDFXOWXUDGHVHJXUDQoDGHQWURGD
SUHYHQomR H PLWLJDomR HUDP LQH[LVWHQWHV ILJXUD
HPSUHVDGHPRGRSDXODWLQRHVHJXUR
$SHQDVXPGLDJQyVWLFRFRPSOHWRGRPRGHORGH
8P GHVVHV SURJUDPDV GH HYROXomR GH FXOWXUD IRL MRUQDGD SRGHULD GL]HU TXH HOHPHQWRV HVWDULDP QR
GHVHQYROYLGRSHOD8QLYHUVLGDGHGH4XHHQVODQGSDUD EiVLFRRXQRUHDWLYR
HPSUHVDV GH PLQHUDomR VHQGR GHQRPLQDGR GH *
0,50*OREDO0LQHUDOV,QGXVWU\5LVN0DQDJHPHQW
([LVWHP RXWURV SURJUDPDV GH HYROXomR GH

5HYLVWD$%+2(GLomR 
 0$5,$1$0*

)LJXUD&DUDFWHUtVWLFDVGHMRUQDGDGHHYROXomRFXOWXUDOHPVHJXUDQoD

  )(55$0(17$6 '( $1/,6( '( 5,6&2 ( 68$ *UXSR   SDUD DQiOLVH GH WDUHIDV URWLQHLUDV H QmR
,032571&,$12*(5(1&,$0(172'(5,6&2 U R W L Q H L U D V   J H U D Q G R  3 2 3 V   S U R F H G L P H Q W R V
RSHUDFLRQDLVSDGUmRKiIHUUDPHQWDVVLPLODUHVWDLV
4XDQGRXPDHPSUHVDWHPXPDFXOWXUDGHVHJXUDQoD
FRPR -6$ MRE VDIHW\ DQDO\VLV -5$ MRE ULVN
GRHVWiJLRFXPSULGRURXDFLPDYLGH)LJXUDD
VHJXUDQoDpJHUHQFLDGDSRUPHLRGHIHUUDPHQWDVGH
DQiOLVHGHULVFR$)LJXUDDSUHVHQWDRSURFHVVR
GHJHUHQFLDPHQWRGHULVFRGHDFRUGRFRPD,62

$V IHUUDPHQWDV GH DQiOLVH GH ULVFR SRGHP VHU
DJUXSDGDVHPJUXSRV
DQDO\VLV$35DQiOLVHSUHOLPLQDUGHULVFRVHWF
*UXSRSDUDDQiOLVHLQGLYLGXDOGLUHWDHFRQWtQXD
H[HFXWDGD TXDQGR GR LQtFLR GH FDGD WDUHID 6mR
IHUUDPHQWDVVLPSOHVHUiSLGDVTXHIXQFLRQDPFRPR
XPD~OWLPDYHULILFDomRDQWHVGHRRSHUDGRULQLFLDU
VXDWDUHID&RPRH[HPSORFLWDPRV7DNHILYHSDUH
FLQFRPLQXWRVHH[DPLQHDVFRQGLo}HVSHULJRVDVGD
*UXSRSDUDDQiOLVHGHLQFLGHQWHVPDLRUHVFRP WDUHID 6/$0 VWRS ORRN DVVHVV DQG PDQDJH 3
SHUGDVJUDQGHVGHSHVVRDVRXHTXLSDPHQWRVFRPR SDUHSHQVHSODQHMHHSURVVLJDVHVHJXURHWF
:5$&%RZ7LH+$=23)0(&$$QiOLVHGHiUYRUHGH
IDOKDVHWF

)LJXUD3URFHVVRGH*HUHQFLDPHQWRGH5LVFRVQD,QG~VWULD0LQHUDOFRPEDVHQD,62

 5HYLVWD$%+2(GLomR
 0$5,$1$0*

1RFDVRGDEDUUDJHPGD6DPDUFRTXHUXLXGHYHPRV 1HVVD)LJXUDKiYiULRVQtYHLVVHQGRRVPDLVDOWRVRV
SHUJXQWDU IHUUDPHQWDV GR JUXSR  IRUDP PDLV HIHWLYRV &RQWUROHV DGPLQLVWUDWLYRV FRPR
HIHWLYDPHQWH XWLOL]DGDV QR SURMHWR H FRQVWUXomR" WUHLQDPHQWRV FDUWD]HV DYLVRV EHP FRPR R
4XH FRQWUROHV D 6DPDUFR HIHWLYDPHQWH LQVWDORX" IRUQHFLPHQWR GH (3,V HTXLSDPHQWRV GH SURWHomR
&RPRIRUDPDFRPSDQKDGRVHVVHVFRQWUROHVDRORQJR LQGLYLGXDOVmRRVPHQRVHIHWLYRVVHQGRXWLOL]DGRV
GRWHPSRSDUDVDEHUVXDHIHWLYLGDGH" HPDGLomRDSHORPHQRVGRLVFRQWUROHVGHQtYHO
VXSHULRU
'RSRQWRGHYLVWDGHFXOWXUDGHVHJXUDQoDDHPSUHVD
WHP UHVSRQGLGR j VRFLHGDGH FRPR VH HVWLYHVVH QR e FRPXP HPSUHVDV LQYHVWLUHP HP FRQWUROHV
QtYHO EiVLFR )LJXUD  QmR IRUQHFHQGR DGPLQLVWUDWLYRV H (3,V H FRQVLGHUDUHP TXH HVWmR
LPHGLDWDPHQWHUHVSRVWDVWUDQVSDUHQWHVHREMHWLYDV FRP DV FRQGLo}HV SHULJRVDV H SHULJRV FRQWURODGRV
,VVRUHIOHWHXPEDL[RQtYHOGHPDWXULGDGHQDFXOWXUD
&RPRH[HPSORGHVVHQtYHOEiVLFRYDPRVDQDOLVDUD
GHVHJXUDQoD
FRQWDPLQDomR SRU PHWDLV SHVDGRV $ HPSUHVD
GHYHULDWHULPHGLDWDPHQWHIRUQHFLGRGDGRVGHVXD 1RFDVRGDVEDUUDJHQVGHUHMHLWRTXHFRQWUROHVGH
RSHUDomR GH IORWDomR FRP R XVR GH GHSUHVVRUHV DOWR QtYHO D 6DPDUFR XWLOL]DYD" &RPR HUDP
DPLQDHDPLGRQmRKDYHQGRQHQKXPPHWDOSHVDGR PRQLWRUDGRV"
$IDOWDGHWUDQVSDUrQFLDGD6DPDUFRIH]FRPTXHVH
&RQWUROHV GH HOLPLQDomR VmR DTXHOHV HP TXH D
L Q L F L D V V H P  H V S H F X O D o } H V  G H  T X H  K D Y H U L D
FRQGLomR SHULJRVD p HOLPLQDGD 1R FDVR GH
FRQWDPLQDomR SRU PHWDLV FRPR FiGPLR FKXPER
EDUUDJHPLVVRpDSOLFiYHOSRLVH[LVWHPWHFQRORJLDV
PHUF~ULR RX PHVPR FLDQHWR TXH p XVDGR HP
PHGLDQWHDVTXDLVVHUHWLUDDiJXDGDODPDGHL[DQGR
RSHUDo}HV GH WUDWDPHQWR GH PLQDV GH RXUR
RPDWHULDOFRPQRPi[LPRGHXPLGDGH1HVVD
'HYHULDPVHUIRUQHFLGRVRVUHODWyULRVGHFRPSRVLomR
VLWXDomRpSRVVtYHOFRQVWUXLUSLOKDVGHUHMHLWRHQmR
GD ODPD FRP DPRVWUDJHP QR PtQLPR VHPDQDO
PDLVEDUUDJHQV
LQGLFDQGRVXDQHXWUDOLGDGHTXDQWRDPHWDLVSHVDGRV
HSRVVtYHLVGRHQoDVRFXSDFLRQDLV &RQWUROHV GH VXEVWLWXLomR RX WDPEpP GH UHGXomR
DSRLDPVHQDVXEVWLWXLomRGHXPDFRQGLomRSHULJRVD
$ FDGD PXGDQoD p SUHFLVR HIHWXDU XPD QRYD
FRP DOWD PDJQLWXGH GH HQHUJLD HQYROYLGD RX FRP
DYDOLDomRGHULVFR$EDUUDJHPHVWDYDVHQGRDOWHDGD
DOWRSRWHQFLDOGHGDQR3RUH[HPSORXPDEDUUDJHP
H KDYLD D WHQGrQFLD D VHU XQLGD D RXWUD (VVD
SRGHULD VHU VXEVWLWXtGD SRU XP FRQMXQWR GH
PXGDQoD VRIUHX ULJRURVD DYDOLDomR GH ULVFR" 4XH
EDUUDJHQVPHQRUHV
IHUUDPHQWDVGHDQiOLVHGHULVFRIRUDPXVDGDV"4XH
FRQWUROHV IRUDP GHILQLGRV" (VWDYDP LQVWDODGRV H &RQWUROHVGHVHSDUDomRFRQVLVWLULDPSRUH[HPSOR
PRQLWRUDGRV"$HVVDVTXHVW}HVDHPSUHVDGHYHULDWHU HP VHSDUDU RV SRVVtYHLV DIHWDGRV GR HYHQWR TXH
GDGRLQIRUPDo}HVLPHGLDWDVPDVQDGDIRLIRUQHFLGR WDOYH] RFRUUHVVH $ FRORFDomR GH EDUUHLUDV p XP
S~EOLFDHUDSLGDPHQWH H[HPSORPDVWDPEpPDUHFRORFDomRGDVUHVLGrQFLDV
HPQtYHLVXPSRXFRPDLVDOWRVGHSRXFRVPHWURVH
1DVRSHUDo}HVURWLQHLUDVGRGLDDGLDQDVEDUUDJHQV
IRUD GD URWD GH IOX[R GH ODPD VHSDUDULD FDVDV GR
RVHPSUHJDGRVXVDYDPTXHIHUUDPHQWDVGHDQiOLVH
IOX[RGHODPD
GH ULVFR" &RPR TXDLVTXHU DQRUPDOLGDGHV HUDP
UHSRUWDGDV H DQDOLVDGDV SHORV QtYHLV KLHUiUTXLFRV
VXSHULRUHV"

&21752/(668$,03/$17$d2(()(7,9,'$'(

2PRGRPDLVHILFLHQWHGHWUDWDUULVFRVFRQVLVWHHP
XVDU FRQWUROHV ([LVWHP PXLWDV FODVVLILFDo}HV GH
FRQWUROHVHXPDGHODVpDSUHVHQWDGDQD)LJXUD

5HYLVWD$%+2(GLomR 
 0$5,$1$0*

)LJXUD+LHUDUTXLDGHFRQWUROHV
$326785$'$(035(6$($&,21,67$6

$ U X S W X U D  G H  E D U U D J H Q V  G H  U H M H L W R   R V
HVFRUUHJDPHQWRVGHWDOXGHVGHFDYDDFpXDEHUWR
DOpP GH H[SORV}HV GH JiV RX SRHLUD HP PLQDV
VXEWHUUkQHDVVmRH[HPSORVGHHYHQWRVVLJQLILFDWLYRV
TXH UHTXHUHP JHUHQFLDPHQWR GH ULVFR FRP PXLWR
FXLGDGRHULJRU

3DUD HYHQWRV VLJQLILFDWLYRV GHFRUUHQWHV GH

FRQGLo}HV SHULJRVDV PDLRUHV H[LVWHP FRQWUROHV
DQWHV GR HYHQWR SUHYHQomR H PRQLWRUDPHQWR H
FRQWUROHV SyVHYHQWR  UHVSRVWD H UHVSRVWD j
&RQWUROHV DGPLQLVWUDWLYRV LQFOXLULDP VLUHQHV GH
DODUPHGHURPSLPHQWRWUHLQDPHQWRVTXHGHYHULDP
WHU VLGR UHDOL]DGRV FRP D SRSXODomR FULDomR GH
EULJDGDVGHHPHUJrQFLDHPFRQMXQWRFRPDGHIHVD
FLYLOHWF1DGDGLVVRIRLIHLWR
2,1&,'(17('(0$5,$1$6(75$16)250$180
$&,'(17(&200257(6&20()(,7261$+,*,(1(
2&83$&,21$/(120(,2$0%,(17(
,QIHOL]PHQWH D EDL[D FXOWXUD GH VHJXUDQoD GD
HPSUHVD OHYRX XP LQFLGHQWH TXH SRGHULD WHU VLGR
SUHYLVWR FRQWURODGR H PLWLJDGR D XP DFLGHQWH
FDWDVWUyILFR
'RSRQWRGHYLVWDGDVHJXUDQoDRFRUUHUDPPRUWHV
SHUGDVPDWHULDLVHQRUPHVHSDUDOL]DomRGDHPSUHVD
'RSRQWRGHYLVWDGDKLJLHQHDIDOWDGHiJXDSRWiYHO
H GH FRQGLo}HV GH DORMDPHQWR GRV VREUHYLYHQWHV
GHYHJHUDUVpULRVSUREOHPDVGHVD~GHRFXSDFLRQDO
'RSRQWRGHYLVWDDPELHQWDODSROXLomRGRVULRVHGR
PDUEHPFRPRDODPDQDVYHJHWDo}HVULEHLULQKDV
WHUiHIHLWRVGHFXUWRPpGLRHORQJRSUD]RV(VWHV
GHYHPVHPDQLIHVWDUSRUGpFDGDV

HPHUJrQFLD$)LJXUDLOXVWUDHVVDHVWUXWXUDGH
FRQWUROHV
)LJXUD(VWUXWXUDGHFRQWUROHSDUDFRQGLo}HV
SHULJRVDVPDLRUHVHHYHQWRVVLJQLFDWLYRV
(VWUXWXUDGHWUDEDOKRGH
FRQWUROHGRVULVFRVVLJQLFDWLYRV
&RQWUROHVGH &RQWUROHVGH &RQWUROHVGH 5HVSRVWDH
SUHYHQomR PRQLWRUDPHQWR UHVSRVWD UHFXSHUDomRGH
HPHUJrQFLDV
3HODV LQIRUPDo}HV GLYXOJDGDV DWp R PRPHQWR D
6DPDUFR QmR WLQKD QHQKXP GHVVHV FRQWUROHV
LQVWDODGRV GH PRGR HILFLHQWH 1DGD IRL GLYXOJDGR
VREUHTXDLVHUDPRVFRQWUROHVGHSUHYHQomRRXGH
PRQLWRUDPHQWR2PRQLWRUDPHQWRGDFRQYHUJrQFLD
WHWRSLVRQDFRQVWUXomRGRVW~QHLVGDIHUURYLDGRDoR
HP 0LQDV *HUDLV p XP H[HPSOR GH FRQWUROH GH
PRQLWRUDPHQWR TXH IXQFLRQRX 8P GRV W~QHLV IRL
HYDFXDGRKDQWHVGHFDLUHYLWDQGRSHUGDVGHYLGDV
H GH HTXLSDPHQWRV 0DV R TXH HUD PRQLWRUDGR QD
EDUUDJHP TXH UXLX" 4XH DOHUWDV SRGHULDP WHU VLGR
GDGRV DQWHV GR URPSLPHQWR GH PRGR TXH
SURYLGrQFLDVSXGHVVHPVHUWRPDGDV"
1RTXHWDQJHDFRQWUROHVGHSULPHLUDUHVSRVWDRTXH
YLPRVIRLRFDRVWDQWRGHQWURGDHPSUHVDFRPRIRUD
GHOD ( RV SURFHGLPHQWRV GH FRPXQLFDomR GD
HPSUHVDFRQVWLWXtUDPXPGHVDVWUH$DOWDGLUHomRGD
HPSUHVD SDUHFH QXQFD WHU VLGR WUHLQDGD SDUD
HQIUHQWDUXPDVLWXDomRFRPRDRFRUULGD
5HYLVWD$%+2(GLomR

$SRVWXUDGRVDFLRQLVWDVWDPEpPVHJXLXDOLQKDGD
EDL[DFXOWXUDGHVHJXUDQoD$9DOHSULPHLURWHQWRXVH
H[LPLUGHSRLVVHVRXEHTXHGHSRVLWDYDGRUHMHLWR
QDEDUUDJHPHLQIRUPDo}HVPDLVUHFHQWHVIDODPHP
$IDOWDGHWUDQVSDUrQFLDHGHLQWHJULGDGHVREUH
RVIDWRVOHYDDXPDRQGDGHHVSHFXODo}HV
8PGRVDXWRUHVGHVWHDUWLJRIRLFRQWDWDGRSRU-LP
-R\FULDGRUGRSURJUDPD*0,50QD$XVWUiOLDTXH
DRSHUJXQWDUVREUHFRPRXPDWUDJpGLDGHVVDVSRGH
RFRUUHU VH D %+3 WLQKD XP SURWRFROR GH ULVFR
UHODFLRQDGRDEDUUDJHQVGHUHMHLWRPXLWRFRPSOHWRH
UtJLGRUHFHEHXDUHVSRVWDVLQFHUDGHTXHQR%UDVLO
H[LVWHDFXOWXUD-,3MHLWLQKRLPSXQLGDGHHSURSLQD
TXHVRODSDTXDOTXHUFXOWXUDGHVHJXUDQoD
$)$/7$'(35(3$5$d2'$'()(6$&,9,/
'RLV GRV DXWRUHV WrP ODUJD H[SHULrQFLD HP
PRQLWRUDPHQWR VLVPRJUiILFR GH LPSORV}HV GH
HGLItFLRV 3DUD FDGD HYHQWR GHVVHV H[LVWH XPD
LQWHQVD H GHWDOKDGD SUHSDUDomR GD GHIHVD FLYLO
HQYROYHQGRSROLFLDLVERPEHLURVHPSUHVDVGHiJXD
GHHQHUJLDHOpWULFDGHFRQWUROHGHWUkQVLWRGHJiV
GHUXDHWF
0DVRTXHVHYLXQRFDVRGH%HQWR5RGULJXHVHRXWUDV
FLGDGHV" 8PD WRWDO IDOWD GH WUHLQDPHQWR GD
SRSXODomR H GRV DJHQWHV PXQLFLSDLV H HVWDGXDLV
IDOWDGHSUHSDUDomRHFRPDQGRGHFLVyULRGHSULPHLUD
UHVSRVWD DXVrQFLD GH XP GHWDOKDGR SODQR GH
HPHUJrQFLDIHLWRHWHVWDGRDQWHVGRHYHQWRHWF
  $ 20,662 '26 5*26 ),6&$/,=$'25(6 (
1250$7,926
2VyUJmRVS~EOLFRVVHMDPHOHVGHFDUiWHUIHGHUDO
HVWDGXDORXPXQLFLSDOIDOKDUDPHPVXDVDWULEXLo}HV
0$5,$1$0*
$DSOLFDomRGHPXOWDVQmRJHUDQR%UDVLOQHQKXPD
HYROXomRGDVHPSUHVDVHPGLUHomRDXPDFXOWXUDGH
VHJXUDQoD 7RGDYLD LQWHUGLo}HV SDUDGDV GD
SURGXomRRXPHVPRUHVSRQVDELOL]DomRFLYLOGRVDOWRV
GLULJHQWHVQRUPDOPHQWHJHUDPXPDUiSLGDUHVSRVWD
HXPDDWXDomRVREUHDVFRQGLo}HVSHULJRVDV
$PRQWDJHPGHHTXLSHVILVFDOL]DGRUDVFRPSHWHQWHV
H[SHULHQWHVHDWXDQWHVUHTXHUWHPSRLQYHVWLPHQWRV
H YRQWDGH SROtWLFD 1mR p LQIHOL]PHQWH D SUiWLFD
FRUUHQWHQR%UDVLO
$$7,78'('$3238/$d2
2 EUDVLOHLUR p GH PRGR JHUDO PXLWR SDUFHLUR GR
SUy[LPR TXDQGR RFRUUHP HYHQWRV FDWDVWUyILFRV $
UHVSRVWD LPHGLDWD GD SRSXODomR SDUD FRP RV
DWLQJLGRVPRVWUDPDLRUHILFLrQFLDTXHDUHVSRVWDGRV
UHVSRQViYHLV SHOR LQFLGHQWH (VVD DWLWXGH WHP VHX
ODGRSRVLWLYRPDVWDPEpPWHPVHXODGRQHJDWLYR
SRLV GH FHUWD SHUVSHFWLYD DMXGD D PDVFDUDU D
UHVSRVWD LQDGHTXDGD GRV TXH GHYHULDP WHU XPD
DWXDomR PDLV DSURSULDGD ,VVR HQYROYH QmR Vy D
HPSUHVD PDV WDPEpP RV yUJmRV ILVFDOL]DGRUHV
PXQLFLSDLVHVWDGXDLVHIHGHUDLV
(2)87852"
$ WUDJpGLD GH 0DULDQD IRL WmR DEUDQJHQWH
H Q Y ROYH Q G R WD Q WD V ID F H WD V  UH T X H UH Q G R  D
SDUWLFLSDomR GDV iUHDV FLHQWtILFDV ELROyJLFDV H
VRFLDLVDOpPGHWRGRVRVQtYHLVS~EOLFRVTXHWDOYH]R
%UDVLOHYROXDXPSRXFRPDLVFRPUHODomRjDYDOLDomR
GH ULVFR j VHJXUDQoD GR WUDEDOKR j KLJLHQH
RFXSDFLRQDOjPHGLFLQDRFXSDFLRQDOHjSRVWXUDGRV
yUJmRVILVFDOL]DGRUHV
([LVWH XPD WHQGrQFLD SDUD TXHP VH HQFRQWUD QRV
HVWiJLRVLQLFLDLVGDMRUQDGDGHVHJXUDQoDHVWiJLRV
PDLVEiVLFDV2'130SRUH[HPSORQmRWHPXPD
SROtWLFD ILVFDOL]DGRUD HILFLHQWH VREUH DV FRQGLo}HV
SRWHQFLDLVTXHOHYHPDHYHQWRVPDLRUHV&RQGLo}HV
SHULJRVDV GH DOWR SRWHQFLDO GHYHULDP VHU
VLVWHPDWLFDPHQWH ILVFDOL]DGDV SRU HTXLSHV
FRPSHWHQWHV H HVSHFLDOL]DGDV 1RV ~OWLPRV DQRV
RFRUUHUDP YiULDV UXSWXUDV GH EDUUDJHQV PDV FRP
GDQRV PXLWR PHQRUHV TXH RV GD EDUUDJHP GH
0DULDQD $VVLP QmR VH YHULILFRX XP DXPHQWR GH
ILVFDOL]DomRHLQWHUGLo}HVFDVRIRVVHPQHFHVViULDV
5HYLVWD$%+2(GLomR
EiVLFR H UHDWLYR )LJXUD  GH DJLU FRPR VH DV
VROXo}HVSXGHVVHPVHUUiSLGDVLPHGLDWDVHIHWLYDVH
H[HFXWDGDVVHPWUHLQDPHQWRHPDWXUDomR
&DEHOHPEUDUHQWmRXPDIUDVHGH*%6KDZ3DUD
WRGR SUREOHPD FRPSOH[R H[LVWH VHPSUH XPD
VROXomRVLPSOHVEDUDWDHHUUDGD

 $57,*27e&1,&2

()(,72'(6(,6',)(5(17(67,326'(
3527(d29,68$/1$3(5'$'(58'2325,16(5d2
'(7563527(725(6$8',7,926'(&21&+$

6HUJLR$&DSRUDOL)LOKR

6HUJLR$&DSRUDOL)LOKR

5HVXPR FRPELQDo}HVGHSURWHomRDXGLWLYDHYLVXDOTXHDOpP
GH HVWDUHP HQWUH DV SUHIHULGDV GRV SDUWLFLSDQWHV
2 WUDEDOKR QD LQG~VWULD GD FRQVWUXomR UHTXHU
WLYHUDPXPERPGHVHPSHQKRQRWRFDQWHjSURWHomR
QRUPDOPHQWHRXVRFRPELQDGRGHSURWHomRDXGLWLYD
FRQWUD R UXtGR (VWH HVWXGR IRL UHDOL]DGR FRP
FRP SURWHomR YLVXDO GHQWUH RXWURV (3,V  1HVVH
ILQDQFLDPHQWR GR &HQWUR SDUD D 3HVTXLVD H
VHQWLGRDVHVSHFLILFDo}HVGRVSURWHWRUHVDXGLWLYRV
7UHLQDPHQWR QD &RQVWUXomR &3:5 VXD VLJOD HP
WLSR FRQFKD QmR DERUGDP R LPSDFWR TXH R XVR
LQJOrV
F R Q F R P L W D Q W H  G H  S U R W H o m R  Y L V X D O  W H P  Q R
GHVHPSHQKR GR SURWHWRU DXGLWLYR (VWH HVWXGR ,QWURGXomR
XWLOL]RXDSHUGDGHUXtGRSRULQVHUomRH35,VXDVLJOD
$SUR[LPDGDPHQWHPLOK}HVGHSHVVRDVQRV(VWDGRV
H P  S R U W X J X r V   H  X P  t Q G L F H  V X E M H W L Y R  G H
8QLGRV VmR RFXSDFLRQDOPHQWH H[SRVWDV D QtYHLV
LQFRPRGLGDGH FRP YDULiYHO GH UHVSRVWD SDUD
SHULJRVRVGHUXtGR26+$ $PDLRUSDUWHGR
LQYHVWLJDURLPSDFWRGHVHLVWLSRVGHSURWHomRYLVXDO
WUDEDOKRIHLWRQDLQG~VWULDGDFRQVWUXomRUHTXHUR
QRGHVHPSHQKRGHWUrVSURWHWRUHVDXGLWLYRVGHWLSR
XVRFRQWLQXRGHSURWHomRYLVXDOSDUDWDUHIDVTXHVmR
FRQFKD HQTXDQWR TXLQ]H SDUWLFLSDQWHV HUDP
IUHTXHQWHPHQWHDVVRFLDGDVDDOWRVQtYHLVGHUXtGR
H [SRVWRV DR UX t GR SURYHQL HQ WH GH T XDWUR
$SHVDU GH PXLWDV YH]HV D SURWHomR DXGLWLYD WLSR
IHUUDPHQWDV HOpWULFDV DGRWDQGR FLQFR GLYHUVDV
FRQFKD VHU XVDGD HP FRPELQDomR FRP SURWHomR
SRVWXUDVGHSHVFRoR2WLSRGHSURWHWRUGHFRQFKD
YLVXDODWpKRMHQHQKXPDGDVDYDOLDo}HVLQFOXLGDVQR
GHSURWHomRYLVXDOHDSRVWXUDGHSHVFRoRWLYHUDP
SURFHVVR GH YHULILFDomR GH FRQIRUPLGDGH SDUD RV
HIHLWR HVWDWLVWLFDPHQWH VLJQLILFDWLYR QD 35, 
HTXLSDPHQWRVGHSURWHomRDXGLWLYD(3$VXDVLJOD
HQTXDQWR VRPHQWH RV GRLV SULPHLURV SURGX]LUDP
HP3RUWXJXrVDEUDQJHXPDDYDOLDomRHVSHFtILFDGR
HIHLWR VLJQLILFDWLYR  QR tQGLFH VXEMHWLYR GH
LPSDFWRGRXVRGHSURWHomRYLVXDOQRGHVHPSHQKRGH
LQFRPRGLGDGH
SURWHWRUHV DXGLWLYRV WLSR FRQFKD &RKHQ HW DO
'HQWUR GRV OLPLWHV GHVWH HVWXGR IRL SRVVtYHO D 
LGHQWLILFDomR GR SURWHWRU YLVXDO TXH PHQRV
3RU RXWUR ODGR D $GPLQLVWUDomR GH 6HJXUDQoD H
LPSDFWRX R GHVHPSHQKR GRV SURWHWRUHV DXGLWLYRV
6D~GH 2FXSDFLRQDO GRV (VWDGRV 8QLGRV 26+$ VXD
HVWXGDGRVGRSURWHWRUDXGLWLYRWLSRFRQFKDFRPR
VLJOD HP LQJOrV GHWHUPLQD TXH R HPSUHJDGR
PHOKRU GHVHPSHQKR TXDQGR XVDGR FRP SURWHomR
VHOHFLRQH(3$VFRPEDVHHPVHXVYDORUHVGH7D[DGH
YLVXDO GDV FRPELQDo}HV PHQRV DIHWDGDV SHODV
5HGXomRGH5XtGR155VXDVLJODHPLQJOrVTXDQGR
SRVWXUDV GH SHVFRoR GH XP FRQMXQWR GH FLQFR
BBBBBBBBBBBBBBBBBBBBBBBBBBBBB
3K'&63&,+8QLYHUVLGDGHGH3RUWR5LFR&DPSXVGH&LrQFLDV0pGLFDV(VFRODGH3yVJUDGXDomRHP6D~GH3~EOLFD'HSDUWDPHQWRGH
6D~GH$PELHQWDO3URJUDPDGH+LJLHQH,QGXVWULDO

4XDQGRD26+$SURPXOJRXD(PHQGDGH&RQVHUYDomRGH$XGLomRHPjVXDQRUPDGHUXtGRRFXSDFLRQDOLQFRUSRURXRVUHTXHULPHQWRVGH
HWLTXHWDGR SDUD RV (3$V 1RUPD$PHULFDQD  &)5  TXH REULJDYDP RV IDEULFDQWHV GHVWHV D LGHQWLFDU QR SDFRWH GR SURGXWR VXD
FDSDFLGDGHGHUHGXomRGHUXtGR(VVDPHGLGDGHFDSDFLGDGHGHUHGXomRGHUXtGRpFRQKHFLGDFRPRDWD[DGHUHGXomRGHUXtGR155VXDVLJOD
HP,QJOrV155VHUHIHUHDXPFiOFXORQXPpULFRTXHpGHULYDGRHPODERUDWyULRHUHSUHVHQWDDDWHQXDomRGHUXLGRQDHVFDODOLQHDUGR(3$
3DUDFDOFXODUDSURWHomRDRUXtGRTXHXP(3$WHyULFDPHQWHRIHUHFHQDSRQGHUDomR$DXPWUDEDOKDGRUXVDQGRRDGHTXDGDPHQWHD26+$
UHTXHUDVXEWUDomRGHG%GR155SXEOLFDGRQRSDFRWHGRSURGXWR
 5HYLVWD$%+2(GLomR
 $57,*27e&1,&2

VHXV WUDEDOKDGRUHV VmR H[SRVWRV SRU  KRUDV D XP
QtYHO PpGLR GH UXtGR VXSHULRU RX LJXDO D  G%$ H
H[LJHRXVRGH(3$VSDUDWUDEDOKDGRUHVTXHWHQKDP
GHVHQYROYLGRSHUGDDXGLWLYDLQGX]LGDSRUUXtGRHVmR
H[SRVWRV SRU  KRUDV D XP QtYHO PpGLR GH UXtGR
HILFiFLD H E R HIHLWR TXDQWLWDWLYR TXH D SURWHomR
YLVXDO WHYH QD SHUGD GH UXtGR SRU LQVHUomR GRV
SURWHWRUHV DXGLWLYRV DYDOLDGRV 35,$ PHWRGRORJLD
XWLOL]DGD QHVWH HVWXGR UHSUHVHQWD XPD SURSRVWD
LQRYDGRUDSDUDFROHWDULQIRUPDo}HVGHGHVHPSHQKR
VXSHULRURXLJXDODG%$&)50HVPR
DVVLP D 26+$ DWXDOPHQWH H[LJH TXH D 155 VHMD
UHGX]LGD HP  G% SDUD HVWLPDU VHX YDORU
FRUUHVSRQGHQWH QD SRQGHUDomR $ GH UXtGR
$GHPDLV D SURILVVmR GH +LJLHQH 2FXSDFLRQDO
UHVSDOGDGDHQWUHRXWUDVDJrQFLDVSHOD26+$$,+$
$&*,+H1,26+UHFRPHQGDRXVRGHXPIDWRUGH
GHJUDGDomR GH  SDUD OHYDU HP FRQVLGHUDomR R
DMXVWH JHUDOPHQWH SUHFiULR HQWUH R SURWHWRU GH
FRQFKDHDFDEHoDGRWUDEDOKDGRU(PERUDHVWXGRV
DQWHULRUHVWHQKDPUHODWDGRTXHRXVRGHSURWHomR
YLVXDOHVWiDVVRFLDGRDXPHIHLWRQHJDWLYRGHDG%
QRGHVHPSHQKRGHSURWHWRUHVDXGLWLYRVWLSRFRQFKD
GRVSURWHWRUHVGHFRQFKDHVSHFLILFDPHQWHTXDQGR
G H V H M D P R V  W H V W i  O R V  H P  V L W X D o } H V  P D L V
UHSUHVHQWDWLYDV GR DPELHQWH QRUPDO GH WUDEDOKR
WDLVFRPRTXDQGRVmRXVDGRVSRUSHVVRDVH[SRVWDVD
DOWRVQtYHLVGHSUHVVmRVRQRUDDGRWDQGRGLIHUHQWHV
SRVWXUDVGRSHVFRoR
2EMHWLYRV
2HVWXGRWHYHRVVHJXLQWHVREMHWLYRV
 ,GHQWLILFDU GHQWUR GR KRUL]RQWH GH PDUFDV H
PRGHORVGHSURWHomRDXGLWLYDHYLVXDODYDOLDGRV
QHVWD LQYHVWLJDomR R SURWHWRU YLVXDO FRP R
%HUJHUDWpKRMHQmRVHSURS{VUHTXHULPHQWR PHQRU LPSDFWR QHJDWLYR QR GHVHPSHQKR GRV
DOJXP SDUD UHGX]LU D 155 GRV (3$V D ILP GH SURWHWRUHVDXGLWLYRVWLSRFRQFKDHVWXGDGRV
FRQVLGHUDURHIHLWRGRXVRGHSURWHomRYLVXDOHPVHX
 ,GHQWLILFDU GHQWUR GR KRUL]RQWH GH PDUFDV H
GHVHPSHQKR
PRGHORV GH SURWHomR DXGLWLYD H YLVXDO
$OpP GLVVR R &RPLWr SDUD D &HUWLILFDomR GH H[DPLQDGRV QR SUHVHQWH WUDEDOKR R SURWHWRU
7HFQRORJLDV GH 3URWHomR ,QGLYLGXDO &RKHQ HW DO DXGLWLYRWLSRFRQFKDPHQRVDIHWDGRSHORXVRGD
UHFRPHQGDTXHDH[HFXomRGRDMXVWHGR(3$V
DR WUDEDOKDGRU TXH R XWLOL]DUi FRPR (3, VHMD
H Q F D U D G D  F R P R  X P  F R P S R Q H Q W H  G H  V X P D
LPSRUWkQFLD SDUD PD[LPL]DU D HILFiFLD GRV
SURWHWRUHV DXGLWLYRV (PERUD R PHQFLRQDGR
SURFHVVR GH DMXVWH SRVVD GH IDWR PHOKRUDU D
DYDOLDomR GR GHVHPSHQKR GRV (3$V SDUD XP GDGR
WUDEDOKDGRU QmR OHYD HP FRQWD R XVR GH SURWHomR
YLVXDO FRPR IRQWH SRWHQFLDO GH YDULDELOLGDGH QR
GHVHPSHQKRGR(3$V
(VWH SHTXHQR HVWXGR SURS{V XPD HVWUDWpJLD
DSOLFDGDTXDQWLWDWLYDHPDLVUHDOLVWDSDUDDYDOLDUR
LPSDFWRGRXVRGHSURWHomRYLVXDOQRGHVHPSHQKRGH
SURWHWRUHV DXGLWLYRV GR WLSR FRQFKD $YDOLRXVH R
HIHLWRGHGRLVWLSRVGHSURWHomRYLVXDOWUrVyFXORVGH
VHJXUDQoDFRQYHQFLRQDOHWUrVyFXORVGHVHJXUDQoD
SURWHomRYLVXDODYDOLDGDQRHVWXGR
 ,GHQWLILFDU GHQWUR GR KRUL]RQWH GH PDUFDV H
PRGHORV DTXL VHOHFLRQDGRV D FRPELQDomR GH
SURWHWRU WLSR FRQFKD [ SURWHWRU YLVXDO PHQRV
DIHWDGDSHODSRVWXUDGHSHVFRoRGRXVXiULR
 ,GHQWLILFDU TXDOLWDWLYDPHQWH DV FRPELQDo}HV
PDLV FRQIRUWiYHLV GH SURWHWRU WLSR FRQFKD [
SURWHWRUYLVXDOHVWXGDGDVTXHDRPHVPRWHPSR
SURSRUFLRQDYDP XPD SURWHomR VDWLVIDWyULD
FRQWUDUXtGR
0pWRGRV
(VWD SHTXHQD SHVTXLVD XWLOL]RX XPD HVWUDWpJLD
DSOLFDGDHTXDQWLWDWLYDSDUDDYDOLDURLPSDFWRGRXVR
GH SURWHomR YLVXDO QR GHVHPSHQKR GD SURWHomR
FRP FRUUHLD HOiVWLFD VREUH R GHVHPSHQKR GH WUrV DXGLWLYDGRWLSRFRQFKD 1HODFDGDSDUWLFLSDQWHGH
SURWHWRUHVDXGLWLYRVGLYHUVRVGRWLSRFRQFKDFRPD XPWRWDOGHIRLH[SRVWRDUXtGRSURYHQLHQWHGH
PHVPDWD[DGHUHGXomRGHUXtGR155 G%SRU TXDWURIHUUDPHQWDVHOpWULFDVXVDGDVQDLQG~VWULDGD
PHLRGHGRLVSDUkPHWURVDXPtQGLFHTXDOLWDWLYRGH FRQVWUXomROL[DGRUDGHFRUUHLDPDUWHOHWHVHUUDGH

5HYLVWD$%+2(GLomR 
 $57,*27e&1,&2

GLVFR SRUWiWLO H HVPHULO GH PmR  $V TXDWUR
IHUUDPHQWDV IRUDP RSHUDGDV VLPXOWkQHD H
DXWRPDWLFDPHQWHVHQGRORFDOL]DGDVDPHWURV
GH GLVWkQFLD DR UHGRU GD SRVLomR DVVXPLGD SHORV
SDUWLFLSDQWHVGXUDQWHRH[SHULPHQWRFRPRVHYrQD
)LJXUD  3DUD R H[SHULPHQWR FRQVWUXLXVH XPD
)LJXUD/RFDOL]DomRGDVIHUUDPHQWDVHOpWULFDVDRUHGRUGDSRVLomRGRSDUWLFLSDQWH
0DUWHOHWH
/L[DGRUD
7UrVPRGHORVGRSURWHWRUWLSRFRQFKDFRP155GH
DUPDomR GH PDGHLUD SURYLGD GH JDQFKRV H WLUDV
HOiVWLFDV SDUD SHUPLWLU D ORFDOL]DomR GH FDGD
IHUUDPHQWD QD DOWXUD DSUR[LPDGD HP TXH
QRUPDOPHQWHVmRXVDGDVVHPTXHVXDYLEUDomRIRVVH
WUDQVPLWLGDjHVWUXWXUD
(VPHULO
6HUUDGH'LVFR
FRQYHQFLRQDOHWUrVyFXORVGHVHJXUDQoDFRPFRUUHLD
G% GHVFULWRV QD 7DEHOD  H GRLV WLSRV GH SURWHomR HOiVWLFDIRUDPHVWXGDGRV
YLVXDOGHVFULWRVQD7DEHODWUrVyFXORVGHVHJXUDQoD

7DEHOD3URWHWRUHVDXGLWLYRVWLSRFRQFKDDYDOLDGRV
&yGLJRGR
SURWHWRUDXGLWLYR 0DUFD 0RGHOR )RWRGR3URWHWRU$XGLWLYR
QRH[SHULPHQWR

3HOWRU2SWLPH
 0 2YHUWKH+HDG
&RQFKD

 +RZDUG/HLJKW 404XLHW0X

 (OYH[ 9DOXH0X+%

 5HYLVWD$%+2(GLomR
 $57,*27e&1,&2

7DEHOD3URWHomRYLVXDODYDOLDGD

&yGLJRGR
SURWHWRUYLVXDO 0DUFD 0RGHOR )RWRGRSURWHWRUYLVXDO
QRH[SHULPHQWR

*R6SHFV,,yFXORVIRUUDGR
 (OYH[ FRPHVSXPDOHQWHV
WUDQVSDUHQWHVFRPVLVWHPD
GHFRUUHLDHOiVWLFD
*R6SHFV,,yFXORVIRUUDGR
 (OYH[ FRPHVSXPDOHQWHV
WUDQVSDUHQWHVFRPKDVWHV

*RJJOH*HDU6DIHW\
 0 *RJJOHVOHQWHV
WUDQVSDUHQWHVKDVWHV
30*
*RJJOH*HDU6DIHW\
*RJJOHVOHQWHV
 0 WUDQVSDUHQWHVFRUUHLD
HOiVWLFD30*

,)RUFH6%6'7
 3\UDPH[
yFXORVFRPKDVWHV

,)RUFH6%6'7
 3\UDPH[
yFXORVFRPFRUUHLDHOiVWLFD

(P FDGD XPD GDV  FRPELQDo}HV HQWUH SURWHWRU $ SRVWXUD GR SHVFRoR IRL LQFOXtGD FRPR YDULiYHO
DXGLWLYR H SURWHWRU YLVXDO D SHUGD GH UXtGR SRU LQGHSHQGHQWHQHVWHHVWXGRSDUDDYDOLDUDUREXVWH]
LQVHUomR 35, IRL PHGLGD FRP H VHP SURWHomR GR GHVHPSHQKR GH FDGD FRPELQDomR GH SURWHWRU
YLVXDO HQTXDQWRRVSDUWLFLSDQWHVSHUPDQHFLDP GH DXGLWLYR[SURWHWRUYLVXDOHPIXQomRGHGLIHUHQWHV
Sp SRVLFLRQDQGR D FDEHoD HP FLQFR SRVWXUDV GH SRVWXUDVGDFDEHoD
SHVFRoRFRPRVHYrQD)LJXUD
)LJXUD3RVWXUDVGHSHVFRoRDYDOLDGDV
4XLQ]HSDUWLFLSDQWHVRLWRPXOKHUHVHVHWHKRPHQV
IRUDP UHFUXWDGRV QD FRPXQLGDGH XQLYHUVLWiULD
LQFOXLQGR SURIHVVRUHV DOXQRV HPSUHJDGRV GH
PDQXWHQomR H IXQFLRQiULRV DGPLQLVWUDWLYRV 7RGRV
DFHLWDUDP  VHU YROXQWiULRV QR H[SHULPHQWR H
DVVLQDUDP R IRUPXOiULR GH FRQVHQWLPHQWR
LQIRUPDWLYR TXH IRL DSURYDGR SDUD HVWH HVWXGR
'HSRLVGLVVRFDGDSDUWLFLSDQWHIRLWUHLQDGRDSDUD
FRORFDUDSURSULDGDPHQWHFDGDPRGHORGHSURWHomR
DXGLWLYD H FDGD PRGHOR GH SURWHomR YLVXDO DV
PHGLGDV DQWURSRPpWULFDV GH VXD FDEHoD IRUDP
)OH[mR ([WHQVmR *LURJUDXV *LURJUDXV
JUDXV JUDXV JUDXV GLUHLWD HVTXHUGD WLUDGDVHRDSDUWLFLSDQWHIRLH[SRVWRDDWRGDVDV
 FRPELQDo}HV GH SURWHomR YLVXDO H DXGLWLYD

5HYLVWD$%+2(GLomR 
 $57,*27e&1,&2

PHQVXUDGDV QR HVWXGR 3RVWHULRUPHQWH RD PDLV LQGLFRXVH D HOHV TXH VH WUDWDYD DSHQDV GH
SDUWLFLSDQWHIRLWUHLQDGRDSDUDDVVXPLUFDGDXPD XPDDYDOLDomRSUHOLPLQDUDILPGHVHUXVDGDFRPR
GDVFLQFRSRVWXUDVGHSHVFRoRDYDOLDGDVHSRUILP UHIHUrQFLDSDUDVXDDYDOLDomRTXDOLWDWLYDFRPSOHWD
QRVSURFHGLPHQWRVFROHWDGHGDGRVTXDQWLWDWLYRVH D VHU IHLWD QR ILQDO GD SDUWLFLSDomR QR HVWXGR $
TXDOLWDWLYRV FDUDFWHUtVWLFRV GXUDQWH D VHVVmR GH VHVVmR GH FROHWD GH GDGRV TXDQWLWDWLYRV GXURX
FROHWD GH GDGRV GR H[SHULPHQWR 2 WHPSR PpGLR
RFXSDGR SRU FDGD YROXQWiULR QD VHVVmR GH
WUHLQDPHQWRIRLGHPLQXWRV
$ V H V V m R  G H  F R O H W D  G H  G D G R V  F R P H o D Y D
LPHGLDWDPHQWH DSyV D VHVVmR GH WUHLQDPHQWR H
GXUDYDDSUR[LPDGDPHQWHXPDKRUDHPHLDSDUDFDGD
SDUWLFLSDQWH7RGRVRVYROXQWiULRVIRUDPH[SRVWRVD
FDGDXPDGDVFRPELQDo}HVGHSURWHomRYLVXDOH
DXGLWLYDWUrVSURWHWRUHVDXGLWLYRVHVHLVSURWHWRUHV
DSUR[LPDGDPHQWH  PLQXWRV XPD KRUD H PHLD
SDUD FDGD SDUWLFLSDQWH 'XUDQWH D WRWDOLGDGH GR
HVWXGR FDGD XPD GDV  FRPELQDo}HV HQWUH
SURWHomRYLVXDOHDXGLWLYDIRLJXDUGDGDHPXPDFDL[D
VHSDUDGD H QXPHUDGD VHQGR TXH WRGDV DV
LQIRUPDo}HVUHODFLRQDGDVDPDUFDVHPRGHORVWDQWR
GRVSURWHWRUHVDXGLWLYRVFRPRGRVSURWHWRUHVYLVXDLV
IRUDPFREHUWDVFRPILWDDGHVLYDRSDFD
3DUD FDGD XPD GDV  FRQGLo}HV H[SHULPHQWDLV D
YLVXDLVHPFDGDXPDGDVFLQFRSRVWXUDVGHSHVFRoR
GHVFULWDV QD )LJXUD  WRWDOL]DQGR  FRQGLo}HV
H[SHULPHQWDLVSDUDFDGDSHVVRD$VFRPELQDo}HV
GHSURWHomRDXGLWLYDHYLVXDOIRUDPDSUHVHQWDGDVD
FDGD SDUWLFLSDQWH DOHDWRULDPHQWH 3DUD FDGD XPD
GDVFRPELQDo}HVDH[SRVLomRDUXtGRIRLPHGLGD
HPFDGDXPDGDVFLQFRSRVWXUDVGHSHVFRoRGHIRUPD
DOHDWyULDSRURLWRVHJXQGRVHPWUrVFRQILJXUDo}HV
SHUGD GH UXtGR SRU LQVHUomR SDUD FDGD SURWHWRU
DXGLWLYRWLSRFRQFKDIRLFDOFXODGDGDVHJXLQWHIRUPD
VXEWUDLXVHDPpGLDGDH[SRVLomRGHUXtGRGHDPERV
RV RXYLGRV PHGLGD TXDQGR RV SDUWLFLSDQWHV
XWLOL]DYDP Vy R SURWHWRU DXGLWLYR GD PpGLD GD
H[SRVLomR GH UXtGR GH DPERV RV RXYLGRV PHGLGD
TXDQGRXVDYDPDSHQDVDSURWHomRYLVXDO'HPRGR
DQiORJR D SHUGD GH UXtGR SRU LQVHUomR SDUD FDGD
D SDUWLFLSDQWH XVDQGR Vy SURWHomR YLVXDO FRPELQDomR HQWUH SURWHomR DXGLWLYD H SURWHomR
E SDUWLFLSDQWH XVDQGR SURWHomR YLVXDO H SURWHomR
YLVXDO IRL DVVLP FDOFXODGD VXEWUDLXVH D PpGLD GD
DXGLWLYD H F SDUWLFLSDQWH XVDQGR Vy SURWHomR
H[SRVLomR GH UXtGR GH DPERV RV RXYLGRV PHGLGD
DXGLWLYD $PHGLomRGHUXtGRSDUDFDGDXPDGHVVDV
TXDQGRRVYROXQWiULRVXVDYDPFDGDFRPELQDomRGD
FRPELQDo}HVFRQVLGHUDQGRDVFLQFRSRVWXUDVGR
PpGLD GD H[SRVLomR GH UXtGR GH DPERV RV RXYLGRV
SHVFRoRDYDOLDGDVGHPRURXDSUR[LPDGDPHQWHWUrV
PHGLGD TXDQGR XWLOL]DYDP VRPHQWH D SURWHomR
PLQXWRV (QWUH DV PHGLo}HV GH GXDV FRPELQDo}HV
YLVXDOGDFRPELQDomRFRUUHVSRQGHQWH
FRQVHFXWLYDV KRXYH XP LQWHUYDOR GH GRLV PLQXWRV
SDUD TXH RV YROXQWiULRV GHVFDQVDVVHP H IL]HVVHP )L]HUDPVHDVPHGLo}HVGHH[SRVLomRDRUXtGRFRP
DQRWDo}HV TXDOLWDWLYDV SUHOLPLQDUHV TXDQWR j XPD WHFQRORJLD GHVHQYROYLGD H DSOLFDGD HP GRLV
F R P E L Q D o m R  Q D  T X D O  D F D E D Y D P  G H  V H U RXWURVHVWXGRVUHDOL]DGRVSHORDXWRU DTXDOXWLOL]D
TXDOLILFDGRVDVDWULEXLQGRXPQ~PHURFRQWtQXRGH
]HURD3DUDHVVDDYDOLDomRSUHOLPLQDUSHGLXVHD
HOHV TXH MXOJDVVHP TXDOLWDWLYDPHQWH FDGD
FRPELQDomRGHSURWHomRYLVXDOHSURWHomRDXGLWLYD
FRPR XP WRGR YLVDQGR D TXDQWLILFDU R JUDX GH
LQFRPRGLGDGH  H SURWHomR D UXtGR GH FDGD
FRPELQDomR 1HVVH VHQWLGR FRPXQLFRXVH DRV
YROXQWiULRV TXH XP FRQFHLWR GH  HVWDULD
UHODFLRQDGRDXPDFRPELQDomRPXLWRLQF{PRGD H
SRXFRSURWHWRUDDUXtGR3RURXWURODGRXPDQRWD
GLULDUHVSHLWRDXPDFRPELQDomRSRXFRRXQDGD
LQF{PRGD H EDVWDQWH SURWHWRUD D UXtGR $OpP GR

XPPLFURIRQHORFDOL]DGRQDHQWUDGDGHFDGDFDQDO
DXGLWLYRGRSDUWLFLSDQWH $PERVRVPLFURIRQHVVmR
FRQHFWDGRVDXPJUDYDGRUGLJLWDOTXHDUPD]HQDRV
GDGRV FRPSOHWRV GH iXGLR D VHUHP SURFHVVDGRV
SRVWHULRUPHQWH SRU XP SURJUDPD HP /DE9LHZ
GHVHQYROYLGR HVSHFLILFDPHQWH SDUD HVVH ILP 2V
PLFURIRQHVVmRFRQHFWDGRVDRJUDYDGRUGLJLWDOSRU
ILRV PXLWR ILQRV GHVWLQDGRV D PLQLPL]DU D
LQWHUIHUrQFLD QD YHGDomR HQWUH D DOPRIDGD GR
SURWHWRU DXGLWLYR WLSR FRQFKD H R URVWR GR
SDUWLFLSDQWH 3HGLXVH TXH FDGD SDUWLFLSDQWH
DMXVWDVVHHVVHVSURWHWRUHVDXGLWLYRVDQWHVGHFDGD
5HYLVWD$%+2(GLomR
 $57,*27e&1,&2

PHGLomR D ILP GH PD[LPL]DU D YHGDomR HQWUH VHX
URVWRHDDOPRIDGDGRSURWHWRUDXGLWLYR
8PD YH] WHUPLQDGD D VHVVmR GH FROHWD GH GDGRV
TXDQWLWDWLYRV FDGD SDUWLFLSDQWH GLVSXQKD GH
DSUR[LPDGDPHQWH  PLQXWRV SDUD FDWHJRUL]DU
TXDOLWDWLYDPHQWHDVFRPELQDo}HVHQWUHSURWHWRU
DXGLWLYR H YLVXDO FDGD XPD GHQWUR GH VXD FDL[D
YLVXDO ORFDOL]DGD GHQWUR GH VXD UHVSHFWLYD FDL[D
QXPHUDGD VHQGR TXH DV  FDL[DV HVWDYDP
RUJDQL]DGDV OLQHDUPHQWH VREUH D PHVD HP RUGHP
QXPpULFD DVFHQGHQWH 1R ILQDO GD DYDOLDomR FDGD
XPDGDVFRPELQDo}HVH[SHULPHQWDLVFRQWLQXDYD
HPVXDUHVSHFWLYDFDL[DQXPHUDGDPDVHVWDVFRP
VXDV UHVSHFWLYDV FRPELQDo}HV H[SHULPHQWDLV
KDYLDP VLGR UHORFDOL]DGDV OLQHDUPHQWH SHOR
QXPHUDGDHPRUGHPGHVFHQGHQWHGHLQFRPRGLGDGH
SDUWLFLSDQWHVHJXQGRVXDSHUFHSomRHPUHODomRDR
HDVFHQGHQWHGHSURWHomRFRQWUDUXtGR'XUDQWHHVVD
QtYHO GH LQFRPRGLGDGH H SURWHomR FRQWUD UXtGR
VHVVmR GH FROHWD GH GDGRV TXDOLWDWLYRV SDUD TXH
4XDQWRPDLVjHVTXHUGDDFDL[DQXPHUDGDHVWDYD
WLYHVVHPFRQGLo}HVGHFDWHJRUL]DUFDGDFRPELQDomR
PDLVLQF{PRGDHPHQRVSURWHWRUDHUDDSHUFHSomR
H[SHULPHQWDO VHJXQGR DV LQVWUXo}HV GDGDV RV
GD UHVSHFWLYD FRPELQDomR H[SHULPHQWDO  4XDQWR
SDUWLFLSDQWHVIRUDPH[SRVWRVjVPHVPDVIRQWHVGH
PDLVjGLUHLWDDFDL[DQXPHUDGDVHVLWXDYDPHQRV
UXtGRXWLOL]DGDVQDVHVVmRGHGDGRVTXDQWLWDWLYRVH
LQF{PRGD H PDLV SURWHWRUD HUD D SHUFHSomR GHVVD
SXGHUDP QD SUHVHQoD GR SHVTXLVDGRU H VRE D
FRPELQDomR
VXSHUYLVmRGHVWHSURYDUQRYDPHQWHTXDQWDVYH]HV
T X L V H V V H P  F D G D  X P D  G D V     F R P E L Q D o } H V 5HVXOWDGRV
H[SHULPHQWDLV
2V GDGRV FROHWDGRV GHVWH SHTXHQR HVWXGR IRUDP
1HVVD HWDSD GR HVWXGR FRP D XWLOL]DomR GDV DQDOLVDGRVGHYiULDVIRUPDVXWLOL]DQGR0LQLWDESDUD
DQRWDo}HV TXDOLWDWLYDV SUHOLPLQDUHV SDUD FDGD FRUULJLULQIRUPDo}HVTXHSHUPLWLVVHPDRSHVTXLVDGRU
FRPELQDomRRVYROXQWiULRVUHFRUUHUDPDXPDPHVD VDWLVID]HURVREMHWLYRVHVWDEHOHFLGRVSDUDRSURMHWR
FRPSULGD SDUD ORFDOL]DU OLQHDUPHQWH HP RUGHP
'DGRV 4XDQWLWDWLYRV GH 3HUGD GH 5XtGR SRU
GHVFHQGHQWH GH LQFRPRGLGDGH H DVFHQGHQWH GH
,QVHUomR
SURWHomR FRQWUD UXtGR DV  FRPELQDo}HV
H[SHULPHQWDLV3DUDRVFDVRVHPTXHLGHQWLILFDVVHP 1RTXHGL]UHVSHLWRjSHUGDGHUXtGRSRULQVHUomR
GXDV RX PDLV FRPELQDo}HV H[SHULPHQWDLV FRP R WDQWR R WLSR GH SURWHomR DXGLWLYD FRPR R WLSR GH
PHVPRQtYHOGHSURWHomRHLQFRPRGLGDGHHUDOKHV SURWHomR YLVXDO H D SRVWXUD WLYHUDP XP LPSDFWR
SHUPLWLGR ORFDOL]DU DWp GXDV FRPELQDo}HV
H[SHULPHQWDLV QD PHVPD SRVLomR HP UHODomR jV
GHPDLVFRPELQDo}HV (PRXWUDVSDODYUDVQRLQtFLR
GDDYDOLDomRTXDOLWDWLYDDSHVVRDHQFRQWUDYDFDGD
XPDGDVFRPELQDo}HVHQWUHSURWHomRDXGLWLYDH
HVWDWLVWLFDPHQWHVLJQLILFDWLYRQDGHWHUPLQDomR
GDH[SRVLomRDRUXtGRGRVSDUWLFLSDQWHV$7DEHOD
PRVWUD D SHUGD PpGLD GH UXtGR SRU LQVHUomR SDUD
FDGD SURWHWRU DXGLWLYR WLSR FRQFKD DYDOLDGR QHVVH
WUDEDOKRTXDQGRXVDGRVHPSURWHomRYLVXDO

0DUFDH0RGHORGR 3HUGD0pGLDGH5XtGR
3URWHWRU$XGLWLYR 'HVYLR3DGUmR>G%$@
Q SDUDFDGDSURWHWRU SRU,QVHUomR>G%$@

03HOWRU2SWLPH  

+RZDUG/HLJKW404XLHW0X  

(OYH[9DOXH0X+%  

5HYLVWD$%+2(GLomR 
 $57,*27e&1,&2

'H DFRUGR FRP D 7DEHOD  RV WUrV SURWHWRUHV SURWHomRYLVXDO2VFyGLJRVGHLGHQWLILFDomRSDUDRV

DXGLWLYRVWLSRFRQFKDWLYHUDP3HUGD0pGLDGH5XtGR SURWHWRUHV DXGLWLYRV H YLVXDLV QD )LJXUD  VmR
SRU,QVHUomRHVWLPDGDDFLPDGRYDORUHVSHUDGRGH GHVFULWRVQDV7DEHODVHUHVSHFWLYDPHQWH
G%$  G%   G%   G%$ HQTXDQWR RV WUrV
&RPRSRGHPRVREVHUYDUQD)LJXUDGRVWUrVWLSRV
SURWHWRUHVDXGLWLYRVDYDOLDGRVWrPHVSHFLILFDomRGH
GHSURWHWRUHVDXGLWLYRVFRPSDUDGRVRV~QLFRVTXH
7D[DGH5HGXomRGH5XtGR155VLJODHPLQJOrVGH
DSUHVHQWDUDPXPGHVHPSHQKRPHGLGRSHORPHQRV
G%$RVHUHPXVDGRVFRPRVVHLVWLSRVGLIHUHQWHV
GHSURWHomRYLVXDODTXLXWLOL]DGRVFRPRVHREVHUYD
QD7DEHODRGHVHPSHQKRPpGLRGRVWUrVSURWHWRUHV
DXGLWLYRV IRL UHGX]LGR PDV DLQGD ILFRX DFLPD GR
YDORUHVSHUDGRGHG%$
$V 7DEHODV  H  LQGLFDP TXH RV WUrV SURWHWRUHV
 GDV YH]HV DFLPD GR HVSHUDGR   G%$
IRUDP R 0 3HOWRU 2SWLPH  H R (OYH[
9DOXH0XII +%  $OpP GLVVR R SURWHWRU 0
3HOWRU 2SWLPH  WHYH FODUDPHQWH R PHOKRU
GHVHPSHQKR GRV WUrV $ )LJXUD  WDPEpP PRVWUD
TXHRVSURWHWRUHVYLVXDLVFRPIL[DomRSRUHOiVWLFR
DXGLWLYRV WLSR FRQFKD HVWXGDGRV 155  G%
WLYHUDPXPGHVHPSHQKRPpGLRPHGLGRFRPRSHUGD
GH UXtGR SRU LQVHUomR VXSHULRU DR GHVHPSHQKR
QRPLQDOHVSHUDGRGHG%$
1R HQWDQWR TXDQGR YLVXDOL]DPRV RV GDGRV
LQGLYLGXDLVGHSHUGDGHUXtGRSRULQVHUomRGHFDGD
FRPELQDomRHQWUHSURWHWRUDXGLWLYRHYLVXDOFRPR
QRFDVRGR*UiILFRGH&DL[DPRVWUDGRQD)LJXUD
ILFDFODURTXHDSHVDUGRVWUrVSURWHWRUHVDXGLWLYRV
WHUHPRPHVPR155VHXGHVHPSHQKRVHGiGHIRUPD
GLIHUHQWH TXDQGR XWLOL]DGRV HP FRQMXQWR FRP
DTXHOHV GR WLSR JRJJOH TXDQGR XVDGRV HP
FRPELQDomR FRP SURWHomR DXGLWLYD IRUDP
DVVRFLDGRV D XP PHOKRU GHVHPSHQKR GR SURWHWRU
DXGLWLYR LQGHSHQGHQWHPHQWH GD PDUFD 3RU RXWUR
ODGRQD)LJXUDWDPEpPVHSRGHREVHUYDUTXHGRV
VHLV WLSRV GH SURWHomR YLVXDO DQDOLVDGRV  R 0
*RJJOH*HDU6DIHW\*RJJOHVFRPFRUUHLDHOiVWLFDIRL
R ~QLFR TXH TXDQGR FRPELQDGR DRV SURWHWRUHV
DXGLWLYRVH[DPLQDGRVWHYHTXDVHWRGRVRVGDGRVGH
GHVHPSHQKRGHSURWHomRFRQWUDUXtGRVXSHULRUHVDR
GHVHPSHQKRHVSHUDGRGHG%$

3URWHWRU$XGLWLYRWLSR&RQFKD

+RZDUG/HLJKW (OYH[9DOXH0X
3URWHomR9LVXDO 03HOWRU2SWLPH
404XLHW0X +%
'HVYLR 'HVYLR 'HVYLR
0pGLD 0pGLD 0pGLD
3DGUmR 3DGUmR 3DGUmR
35, 35, 35,
35, 35, 35,
(OYH[*R6SHFV,,ZLWK
     
(ODVWLF)DEULF6WUDS6\VWHP

(OYH[*R6SHFV,,
     
ZLWK7HPSOHV

0*RJJOH*HDU6DIHW\
     
*RJJOHVZLWK7HPSOHV

0*RJJOH*HDU6DIHW\
     
*RJJOHVZLWK+HDGEDQG

3\UDPH[,)RUFH6%6'7
     
(\HZHDUZLWK7HPSOHV

3\UDPH[,)RUFH6%6'7
     
(\HZHDUZLWK(ODVWLF6WUDS
1RWDQ SDUDFDGDSURWHWRUWLSRFRQFKD[FRPELQDomRGHSURWHomRYLVXDO
35,3HUGDGH5XtGRSRU,QVHUomR
 5HYLVWD$%+2(GLomR
 $57,*27e&1,&2

)LJXUD*UiFRGH&DL[DSDUD3HUGD0pGLDGH
5XtGR SRU ,QVHUomR SDUD FDGD &RPELQDomR GH
3URWHomR$XGLWLYDH9LVXDO
DVVRFLDGRGDVYH]HVRXPDLVDXPGHVHPSHQKR
GH SURWHomR FRQWUD UXtGR GD FRPELQDomR SURWHWRU
DXGLWLYR H YLVXDO VXSHULRU DR QtYHO HVSHUDGR GH 
G%$ )LQDOPHQWH QD )LJXUD  SRGHPRV REVHUYDU
TXHGHWRGRVRVWLSRVGHSURWHomRYLVXDODYDOLDGRV
QHVVH HVWXGR R 3\UDPH[ ,)RUFH 6%6'7
(\HZHDUFRPKDVWHVHVWHYHDVVRFLDGRDRPDLVEDL[R
GHVHPSHQKR GD FRPELQDomR SURWHWRU YLVXDO H
DXGLWLYR LQGHSHQGHQWHPHQWH GR WLSR GH SURWHWRU
DXGLWLYRH[DPLQDGR

$7DEHODPRVWUDDPpGLDHGHVYLRSDGUmRGD3HUGD
GH 5XtGR SRU ,QVHUomR SDUD FDGD SRVWXUD DYDOLDGD
F R P  F D G D  X P  G R V  S U R W H W R U H V  D X G L W L Y R V 
LQGHSHQGHQWHPHQWH GR SURWHWRU YLVXDO XWLOL]DGR
$OpPGRPDLVD)LJXUDPRVWUDRV*UiFRVGH&DL[D
SDUD D 3HUGD GH 5XtGR SRU ,QVHUomR PHGLGD SDUD
$OpPGLVVRQD)LJXUDWDPEpPSRGHPRVREVHUYDU
FDGDSRVWXUDGRSHVFRoRHFDWHJRUL]DGDSRUWLSRGH
TXH R SURWHWRU YLVXDO 0 *RJJOH*HDU 6DIHW\
SURWHWRUDXGLWLYRXVDGR
*RJJOHVFRPKDVWHVTXDQGRXVDGRHPFRPELQDomR
FRP RV SURWHWRUHV DXGLWLYRV YHULFDGRV HVWHYH

3URWHWRU$XGLWLYR 3URWHWRU$XGLWLYR 3URWHWRU$XGLWLYR

3RVWXUD 1 0pGLD 'HVYSDGUmR 0pGLD 'HVYSDGUmR 0pGLD 'HVYSDGUmR

([WHQVmR       

)OH[mR       

*LURHVTXHUGD       

1HXWUD       

*LUR'LUHLWD       

&RPDREVHUYDomRGD7DEHODHGD)LJXUDQRWDVH )LJXUD*UiFRGH&DL[DSDUDRVGDGRVGH3HUGD
TXH Ki XP SHTXHQR HIHLWR GD SRVWXUD GR SHVFRoR GH5XtGRSRU,QVHUomRSRU3URWHWRU$XGLWLYRSDUD
VREUH D 3HUGD 0pGLD GH 5XtGR SRU ,QVHUomR1R FDGD3RVWXUDGH3HVFRoRDYDOLDGD
HQWDQWRHVVHHIHLWRpFRQVLGHUDYHOPHQWHPHQRUTXH
DTXHOHVJHUDGRVSHORWLSRGHSURWHWRUDXGLWLYRHSHOR
WLSR GH SURWHomR YLVXDO &RP EDVH QRV GDGRV
FROHWDGRV QHVWH HVWXGR R HIHLWR GD SRVWXUD GR
SHVFRoR VREUH R GHVHPSHQKR GRV SURWHWRUHV
DXGLWLYRVWLSRFRQFKDDQDOLVDGRVIRLFRQVLGHUDGRGH
SRXFD RX QHQKXPD LPSRUWkQFLD SDUD HIHLWRV
SUiWLFRV

2EVHUYDomR2VFyGLJRVSDUDRVSURWHWRUHVDXGLWLYRVWLSRFRQFKDHVWmR
GHVFULWRVQD7DEHOD
5HYLVWD$%+2(GLomR 
 $57,*27e&1,&2

'DGRV4XDOLWDWLYRVGH,QFRPRGLGDGH )LJXUD  *UiILFR GH &DL[D SDUD R QGLFH GH

,QFRPRGLGDGHDJUXSDGRSRU3URWHWRU9LVXDO
2VtQGLFHVTXDOLWDWLYRVGH,QFRPRGLGDGHDWULEXtGRV
SRU FDGD SDUWLFLSDQWH D FDGD XPD GDV 
FRPELQDo}HVDYDOLDGDVIRUDPSDGURQL]DGRVDILPGH
YLDELOL]DUDFRPSDUDomRGHVVDYDULiYHOGHUHVSRVWD
GDGDSHORVSDUWLFLSDQWHVGRHVWXGR $)LJXUD
PRVWUD XP *UiILFR GH &DL[D SDUD R QGLFH GH
,QFRPRGLGDGH Mi SDGURQL]DGR SDUD FDGD XPD GDV
FRPELQDo}HV DYDOLDGDV DJUXSDGRV SHOR WLSR GH
SURWHWRUDXGLWLYR

&RPRVHSRGHREVHUYDUQD)LJXUDDVFRPELQDo}HV
FRPRSURWHWRUDXGLWLYR03HOWRU2SWLPH
IRUDPDVVRFLDGDVDRVtQGLFHVGHLQFRPRGLGDGHPDLV
EDL[RVREWLGRVQHVWHHVWXGRHQTXDQWRDTXHODVFRPR &RPDFRPSDUDomRGRVGDGRVTXDQWLWDWLYRVGH3HUGD
SURWHWRU DXGLWLYR  +RZDUG /HLJKW 40 4XLHW GH 5XtGR SRU ,QVHUomR QD )LJXUD  DRV GDGRV
0XII IRUDP DVVRFLDGDV DRV tQGLFHV PDLV DOWRV GH
LQFRPRGLGDGH(PERUDRVGDGRVJUiILFRVQD)LJXUD
GHQRWHPXPDYDULDELOLGDGHVLJQLILFDWLYDQRVtQGLFHV
SDUD TXDVH WRGDV DV FRPELQDo}HV FRPSDUDGDV
TXDQGRREVHUYDPRVLQGLYLGXDOPHQWHDVPHGLDQDVGH
FDGD FRPELQDomR SRGHPRV LGHQWLILFDU XPD
WHQGrQFLD GLIHUHQWH SDUD FDGD SURWHWRU DXGLWLYR
1HVVH VHQWLGR DV FRPELQDo}HV FRP R SURWHWRU
DXGLWLYR  DSUHVHQWDP HP JHUDO XP tQGLFH
PHGLDQRGHLQFRPRGLGDGHPDLVEDL[R
3RURXWURODGRTXDQGRRVQGLFHVGH,QFRPRGLGDGH
VmRYLVXDOL]DGRVHPXP*UiILFRGH&DL[DVDJUXSDGR
SRUSURWHWRUYLVXDOFRPRVHREVHUYDQD)LJXUDDV
FRPELQDo}HVFRPRSURWHWRUYLVXDO3\UDPH[,
TXDOLWDWLYRVGHQGLFHGH,QFRPRGLGDGHQD)LJXUDp
SRVVtYHOYHULILFDUTXHRVSDUWLFLSDQWHVFRQVHJXLUDP
LGHQWLILFDU FODUDPHQWH R PHOKRU SURWHWRU DXGLWLYR
XWLOL]DQGRDVLQVWUXo}HVGHQGLFHGH,QFRPRGLGDGH
1RHQWDQWRRSURWHWRUYLVXDOFRPRPDLRUHIHLWR
QHJDWLYR VREUH R GHVHPSHQKR GRV SURWHWRUHV
DXGLWLYRVREWHYHtQGLFHVGHLQFRPRGLGDGHHPJHUDO
EDL[RVFRPRVHREVHUYDSHORYDORUGR4XDUWLOSDUD
HVVHSURWHWRUHPFDGDXPDGHVXDVFRPELQDo}HVQD
)LJXUD
(PERUD WRGRV RV SDUWLFLSDQWHV WHQKDP VLGR
LQVWUXtGRVDTXDOLILFDUDVFRPELQDo}HVGHSURWHWRUHV
DXGLWLYRHYLVXDOFRPEDVHQRJUDXGHLQFRPRGLGDGH
HQRJUDXGHSURWHomRFRQWUDRUXtGRWXGRLQGLFDTXH
)RUFH 6%6'7 (\HZHDU FRP KDVWHV IRUDP RSULPHLURWHYHLPSRUWkQFLDHSHVRPDLRUHVHPVXDV
DVVRFLDGDVDRVtQGLFHVGHLQFRPRGLGDGHPDLVEDL[RV UHVSRVWDV VXEMHWLYDV  'Dt VH SRGH FRQFOXLU TXH p
YDORUHV FRUUHVSRQGHQWHV DR R 4XDUWLO TXDQGR VH
FRPSDUDP jV FRPELQDo}HV FRP RXWURV SURWHWRUHV
YLVXDLV
)LJXUD  *UiILFR GH &DL[D SDUD R QGLFH GH
,QFRPRGLGDGHDJUXSDGRSRU3URWHWRU$XGLWLYR

PXLWR LPSRUWDQWH FRQVLGHUDU D SHUFHSomR GH
LQFRPRGLGDGH SRU SDUWH GRV WUDEDOKDGRUHV TXDQGR
VHOHFLRQDPRVHTXLSDPHQWRVGHSURWHomRLQGLYLGXDO
SRLV HTXLSDPHQWRV LQF{PRGRV QRUPDOPHQWH VmR
GHL[DGRV GH ODGR RX XWLOL]DGRV FRP PHQRV
IUHTXrQFLD LQGHSHQGHQWHPHQWH GD QHFHVVLGDGH
HYLGHQWHGHVHXXVR3RUHVVDUD]mRLGHQWLILFDPRVQD
)LJXUD  QD TXDO VH FRPSDUDP RV UHVXOWDGRV
TXDQWLWDWLYRV H RV UHVXOWDGRV TXDOLWDWLYRV GHVWH
HVWXGRXPJUXSRGHFRPELQDo}HVTXHDRPHVPR
WHPSRHPTXHGHPRQVWUDUDPXPGHVHPSHQKRERP
HP SURWHomR FRQWUD UXtGR WLYHUDP tQGLFHV GH
LQFRPRGLGDGHEDL[RVDWULEXtGRVSHORVLQWHJUDQWHVGR
HVWXGR
5HYLVWD$%+2(GLomR
 $57,*27e&1,&2

)LJXUD&RPELQDo}HVHQWUH3URWHomR$XGLWLYDH9LVXDOTXHWLYHUDPERPGHVHPSHQKRQDSURWHomRFRQWUDUXtGRHXP
tQGLFHGHLQFRPRGLGDGHEDL[RDWULEXtGRSHORVSDUWLFLSDQWHV

)LQDOPHQWH D 7DEHOD  LGHQWLILFD DV FLQFR tQGLFHV GH GHVFRQIRUWR UHODWLYDPHQWH EDL[RV H
FRPELQDo}HVPDUFDGDVQD)LJXUDFRPXPD3HUGD LQIHULRUHVDRtQGLFHPpGLRGHLQFRPRGLGDGH
0pGLDGH5XtGRSRU,QVHUomRVXSHULRUDG%$HFRP

3URWHomR9LVXDO (OYH[*R6SHFV,,
(OYH[*R6SHFV,,)RDP 3\UDPH[,)RUFH
)RDP/LQHG6SHFWDFOH
/LQHG6SHFWDFOHZLWK 6%6'7(\HZHDU
ZLWK(ODVWLF)DEULF
7HPSOHV ZLWK(ODVWLF6WUDS
6WUDS6\VWHP
3URWHomR$XGLWLYD
03HOWRU2SWLPH
&RPELQDomR &RPELQDomR &RPELQDomR
2YHUWKH+HDGHDUPX
(OYH[9DOXH0X+% &RPELQDomR &RPELQDomR

&RQFOXV}HV GHVHPSHQKRGHSURWHWRUHVDXGLWLYRVWLSRFRQFKDHP
VLWXDo}HV GD YLGD UHDO FRP QtYHLV GH UXtGR
$SHVDUGHHVWHSURMHWRWHUUHSUHVHQWDGRXPHVWXGR
UHSUHVHQWDWLYRV GR GLD D GLD GD LQG~VWULD FRP
SLORWRHFRPRWDORVSULPHLURVSDVVRVGHQWURGHXPD
LQWHUDo}HVUHDLVH[LVWHQWHVHQWUHDSURWHomRDXGLWLYD
LQLFLDWLYDGHSHVTXLVDPDLVDPSODRVUHVXOWDGRVQHOH
H RXWURV WLSRV GH HTXLSDPHQWR GH SURWHomR
REWLGRV GHPRVWUDUDP TXH R PpWRGR SURSRVWR GH
LQGLYLGXDO DVVLP FRPR HP VLWXDo}HV QDV TXDLV R
SHUGDGHUXtGRSRULQVHUomRSRGHVHUXWLOL]DGRSDUD
WUDEDOKDGRUXWLOL]DIHUUDPHQWDVTXHHPLWHPUXtGRH
UHDOL]DUDYDOLDo}HVGHFRQIRUPLGDGHDRVSURWHWRUHV
YLEUDPGHIRUPDVLJQLILFDWLYD
DXGLWLYRV WLSR FRQFKD LQGLYLGXDOPHQWH RX HP
LQWHUDomRFRPSURWHWRUHVYLVXDLV (VSHFLILFDPHQWH FRP DV PDUFDV H PRGHORV GH
SURWHomRDXGLWLYDHSURWHomRYLVXDODQDOLVDGDVQHVWH
2PpWRGRSURSRVWRGH3HUGDGH5XtGRSRU,QVHUomR
HVWXGRFRQVHJXLPRV
SDUD D DYDOLDomR GH GHVHPSHQKR GH SURWHomR
DXGLWLYDFRPSOHPHQWDGHPXLWDVIRUPDVRVPpWRGRV ,GHQWLILFDURSURWHWRUYLVXDO0*RJJOH*HDU
Mi H[LVWHQWHV H GHVFULWRV QD OLWHUDWXUD FLHQWtILFD 6DIHW\ *RJJOHV OHQWHV WUDQVSDUHQWHV FRUUHLD
(VVH PpWRGR SHUPLWH TXH RV XVXiULRV DYDOLHP R HOiVWLFDFRPRDTXHOHTXHSURGX]RPHQRULPSDFWR

5HYLVWD$%+2(GLomR 
 $57,*27e&1,&2

QHJDWLYR DR GHVHPSHQKR GRV SURWHWRUHV DXGLWLYRV %LEOLRJUDILD

DYDOLDGRV
%HUJHUHWDO7KH1RLVH0DQXDO$PHULFDQ
 ,GHQWLILFDU R SURWHWRU DXGLWLYR  0 3HOWRU ,QGXVWULDO+\JLHQH$VVRFLDWLRQSS)DLUID[9$
2SWLPH  2YHUWKH+HDG (DUPXII FRPR DTXHOH
&RKHQHWDO&HUWLI\LQJ3HUVRQDO3URWHFWLYH
F R P  R  P D L R U  G H V H P S H Q K R  F R Q W U D  U X t G R
7HFKQRORJLHV,PSURYLQJ:RUNHU6DIHW\,QVWLWXWHRI
LQGHSHQGHQWHPHQWHGDSURWHomRYLVXDOXWLOL]DGD
0HGLFLQHSS:DVKLQJWRQ'&
,GHQWLILFDUDVFRPELQDo}HVHQWUHSURWHomRDXGLWLYD
HYLVXDOTXHIRUDPPHQRVDIHWDGDVSHODVSRVWXUDVGH
SHVFRoRDYDOLDGDV
 ,GHQWLILFDU TXDOLWDWLYDPHQWH XP JUXSR GH
)OHWFKHU - DQG 0 /RHE  (YDOXDWLRQ RI
:LOVRQDQG$PHULFDQ2SWLFDO8QGHU7KH+HOPHW7\SH
(DU3URWHFWLYH'HYLFHV86$05//HWWHU5HSRUW
3V\FKRORJ\'LYLVLRQ)W.QR[.HQWXFN\
FRPELQDo}HVHYHU)LJXUDHQWUH
1,26+3RZHU7RRO'DWDEDVH
SURWHomRDXGLWLYDHYLVXDOTXHDRPHVPRWHPSRHP
KWWSZZZQFGFJRYQLRVKVRXQG
TXH WLYHUDP PHOKRU DFHLWDomR SHORV SDUWLFLSDQWHV YLEUDWLRQ'HIDXOWDVS[
TXDQWR j VXD FRPRGLGDGH GH XVR WDPEpP
DSUHVHQWDUDP ERP GHVHPSHQKR QR WRFDQWH j
SURWHomRFRQWUDUXtGR
$YDOLDUHQWHQGHUHSURYDUDYLDELOLGDGHGHXWLOL]DUR
PpWRGR GH 3HUGD GH 5XtGR SRU ,QVHUomR QR
GHVHQYROYLPHQWR GH XP SURWRFROR GH DYDOLDomR GH
FRQIRUPLGDGH SDUD D SURYD GH GHVHPSHQKR GH
SURWHWRUHV DXGLWLYRV WLSR FRQFKD TXDQGR XVDGRV
LQGLYLGXDOPHQWH RX HP FRPELQDomR FRP SURWHomR
1L[RQ&:DQG.QREODFK:&+HDULQJ
3URWHFWLRQ RI (DUPXIIV :RUQ 2YHU (\HJODVVHV
$HURVSDFH0HGLFDO5HVHDUFK/DERUDWRU\5HSRUW1R
$05/75:ULJWK3DWWHUVRQ$)%2+
2FFXSDWLRQDO 6DIHW\ DQG +HDOWK $GPLQLVWUDWLRQ
2FFXSDWLRQDO1RLVH([SRVXUH
KWWSVZZZRVKDJRY6/7&QRLVHKHDULQJFRQVHUYD
WLRQ
:HEVWHU - & DQG ( 5 5XELQ  1RLVH
YLVXDO
$WWHQXDWLRQRI(DU3URWHFWLYH'HYLFHV6RXQG9RO
1R6HSWHPEHU2FWREHU

&2035(-
1HVWH0DQXDORVDVVXQWRVVmRDSUHVHQWDGRVHPOLQJXDJHP
VLPSOHV H GLGiWLFD FRP FDVRV H H[HUFtFLRV SUiWLFRV
UHVROYLGRV TXH LOXVWUDP D DSOLFDomR GD WHRULD H DMXGDP RV
SURVVLRQDLVQDVROXomRGHSUREOHPDVGRGLDDGLD

2IHUHFHVXEVtGLRVWpFQLFRVSDUDXPDPHOKRUFRPSUHHQVmRGR
3URJUDPD GH 3URWHomR 5HVSLUDWyULD SXEOLFDGR SHOD
)XQGDFHQWUR

ORMDDEKRRUJEU

 5HYLVWD$%+2(GLomR
 23,1,2'2/(,725

5HFHELR7/9$&*,+MXQWRFRPD5HYLVWDGD$%+2$SURYHLWRDRSRUWXQLGDGHSDUDSDUDEHQL]DUD
$VVRFLDomRSHODH[FHOrQFLDQRPDWHULDO

3DXOD$QGUHD9LROHWD6WlJHU1DUDQMR
(QJHQKHLUDGH6HJXUDQoDGR7UDEDOKR0DQDXV$0
0HPEUR$%+2

$
9(1'

$'48,5$12
6,7('$$%+2
ZZZDEKRRUJEU

 5HYLVWD$%+2(GLomR
 $%+2

129260(0%526
$$%+2SRUPHLRGR&RPLWrGH$GPLVVmRDSURYRXPDLVYLQWHHXPQRYRVSURFHVVRV
GHOLDomR2VQRPHVGRVQRYRVPHPEURVVXDFDWHJRULDGHOLDomRHVHXV
UHVSHFWLYRVQ~PHURVVmRDSUHVHQWDGRVQRTXDGURDEDL[R

$$%+2GiDVERDVYLQGDVDRVFROHJDVHVSHUDQGRFRQWDUFRPDSDUWLFLSDomRGRV
QRYRVOLDGRVQDVDWLYLGDGHVGDDVVRFLDomR

0(0%521 120( 0(0%52 &,'$'( (67$'2

 ('6210,76822*$., ()(7,92 /21'5,1$ 35

 6e5*,2-21$6)(55(,5$-1,25 7e&1,&2 &85,7,%$ 35

 /(21$5'27+200(1',$6&$0326 ()(7,92 *2,1,$ *2

 ('081'235,1&( ()(7,92 623$8/2 63

 ('8$5'2,60$(/&5,672)2/,1, $),/,$'2 7,0% 6&

 :$1'(5621)(55(,5$'251(/$6 7e&1,&2 6(7(/$*2$6 0*

 )$%,26,/9$5,%(,52'(628=$ 7e&1,&2 %$58(5, 63
 05,205&,2'266$1726 7e&1,&2 *8$5$ 63

 58%(163(5(,5$'(628=$-81,25 7e&1,&2 %$58(5, 63

 (&2168/7,1*352-(726(&2168/725,$
$0%,(17$/66/7'$ ,167,78&,21$/ 9,$02 56
 3('52',(*20277$'(6$17,$*2 $),/,$'2 0$1$86 $0
 3('520217, 7e&1,&2 /25(1$ 63

 /8,=&/8',2'$6,/9$ $),/,$'2 &21*21+$6 0*

 $1'5e181(6'(&+,$5$ $),/,$'2 623$8/2 63

 3$75&,$12*8(,5$'(&$6752 $),/,$'2 %$55$0$16$ 5-
 $/,662152%(572'266$17262/,9(,5$ ()(7,92 -$&$5( 63
 /9,$'(0$57,1/$==$5, $),/,$'2 9,/$9(/+$

 )(51$1'2/8,='()$5,$;$9,(5 7e&1,&2 %5$6/,$ ')

 /(20,5%25*+$5'7 7e&1,&2 3,1+$/=,1+2 6&
 /($1'52/866,/9$'266$1726 ()(7,92 &$12$6 56

 /$85(1%5$*$'$9,/$'25,1, ()(7,92 9,/$9(/+$ (6

 5HYLVWD$%+2(GLomR
 $%+2

0$187(1d2'26778/26'(&(57,),&$d2'(+,*,(1,67$62&83$&,21$,6
(7e&1,&26+,*,(1,67$62&83$&,21$,6
5HVXOWDGRGR3URFHVVRGH0DQXWHQomRGD&HUWLFDomR

$ FHUWLFDomR GH SURVVLRQDLV GH +LJLHQH SURPRYLGD SHOD $%+2 p KRMH UHFRQKHFLGD H YDORUL]DGD SHORV
SURVVLRQDLVTXHFRQWUDWDPVHUYLoRVRXSURVVLRQDLVHVSHFLDOL]DGRVFRPRXPPHLRGHDWHVWDUDTXDOLFDomRHR
FRQKHFLPHQWRGRVKLJLHQLVWDVHWpFQLFRVKLJLHQLVWDVRFXSDFLRQDLV&RPRIRUPDGHYDORUL]DUDLQGDPDLVHVVD
FHUWLFDomRXPSURFHVVRGHPDQXWHQomRIRLHVWDEHOHFLGR2SURVVLRQDOSUHFLVDGHPRQVWUDUTXHFRQWLQXDDVH
DSHUIHLoRDUHDVHDWXDOL]DUSDUDTXHVXDFHUWLFDomRVHMDPDQWLGD$VVLPDFDGDFLQFRDQRVGHYHHOHFRPSURYDU
SHUDQWHR&RPLWr3HUPDQHQWHGH&HUWLFDomRTXHDWHQGHXDWRGRVRVUHTXLVLWRVH[LJLGRVSDUDDPDQXWHQomR
GHVVHVHXWLWXOR2&RPLWr3HUPDQHQWHGH&HUWLFDomR&3&DYDOLRXDGRFXPHQWDomRGRVGLYHUVRVSURFHVVRV
HQYLDGRVHGHDFRUGRFRPD5HJXODPHQWDomRGD0DQXWHQomRGD&HUWLFDomRDSURYRXDUHQRYDomRGHVHLV
WtWXORVGH+LJLHQLVWDV2FXSDFLRQDLV&HUWLFDGRV+2&HGHGRLVWtWXORVGH7pFQLFRV+LJLHQLVWDV2FXSDFLRQDLV
&HUWLFDGRV7+2&eFRPVDWLVIDomRTXHD$%+2DSUHVHQWDHSDUDEHQL]DRVVHJXLQWHVSURVVLRQDLVFHUWLFDGRV
TXHREWLYHUDPDUHQRYDomRGHVHXV7tWXORVDWpRPrVGHGH]HPEURGH

+,*,(1,67$2&83$&,21$/&(57,),&$'2+2&

778/2 120( $12'$&(57,),&$d2

+2& 05,26e5*,2&$0$5*2%,$1&+, 
+2& 0$852'$9,'=,:,$1 
+2& $/(;$%5(80$5,16 
+2& 0$5&26$3$5(&,'2%(=(55$0$57,16 

+2& 0$5&26-25*(*$0$181(6 

+2& 9$/'(1,6($3$5(&,'$628=$ 

7e&1,&2+,*,(1,67$2&83$&,21$/&(57,),&$'27+2&

778/2 120( $12'$&(57,),&$d2

7+2& ,1*5,'7$9$5(6726$ 
7+2& -2$48,09$*1(5027$ 

5HYLVWD$%+2(GLomR 
 $%+2

&(57,),&$d2'(+,*,(1,67$62&83$&,21$,6(7e&1,&26+,*,(1,67$62&83$&,21$,6

$ $%+2 SRU PHLR GH VXD 'LUHWRULD ([HFXWLYD DSUHVHQWD RV SURVVLRQDLV GH +LJLHQH 2FXSDFLRQDO TXH
REWLYHUDPR7tWXORGH+LJLHQLVWD2FXSDFLRQDO&HUWLFDGRH7pFQLFR+LJLHQLVWD2FXSDFLRQDO&HUWLFDGRHVH
FRQJUDWXODFRPWRGRVSRUVHPDQWHUHPFRPDFHUWLFDomRDWXDOL]DGD
3DUDWHUDFHVVRDPDLVLQIRUPDo}HVVREUHRSURFHVVRGHFHUWLFDomRDFHVVHZZZDEKRRUJEU

$12'($48,6,d2 9$/,'$'(
+2& 120( '2778/2 '2778/2 &,'$'( (67$'2

 ,5(1()(55(,5$'(628=$'8$57(6$$'   623$8/2 63

 ('8$5'2*,$03$2/,   623$8/2 63
 6e5*,2&2/$&,2332   623$8/2 63
 -26e0$18(/2*$1$6272   623$8/2 63
 0$5,2/8,=)$17$==,1,   623$8/2 63
 ,5/21'($1*(/2'$&81+$   623$8/2 63
 0$5,$0$5*$5,'$7(,;(,5$0/,0$   623$8/2 63

 %(5(1,&(,6$%(/)(55$5,*2(/=(5   32572$/(*5( 56

 -26e3266(%21   623$8/2 63

 261<)(55(,5$'(&$0$5*2   680$5e 63

 *(55,7*58(1=1(5   623$8/2 63

 /8,=&$5/26'(0,5$1'$-81,25   /,0(,5$ 63
 $1721,29/$',0,59,(,5$   26$6&2 63
 -$,5)(/,&,2   623$8/2 63
 -$1',5$'$17$60$&+$'2   5(&,)( 3(
 -26e(51(672'$&267$&$59$/+2'(-(686   5,%(,5235(72 63

 -26e3('52',$6-81,25   -81',$ 63

 -8$1)(/,;&2&$52'5,*2   623$8/2 63

 $171,2%$7,67$+25$),/+2   02*,'$6&58=(6 63
 :$/'20,52)(51$1'(6),/+2   6$1726 63
 6$(('3(59$,=   0$&(, $/

 5(*,1$1$,7212+$0$%2(5(//,   6-26e'26&$0326 63

 -26e*$0$'(&+5,672   9,75,$ (6
 526(0$5<6$1$(,6+,,=$0$7$52   623$8/2 63
 &(/62)(/,3('(;+(,0(5   32572$/(*5( 56
 &/9,6%$5%26$6,48(,5$   3(/27$6 56

 5HYLVWD$%+2(GLomR
 $%+2

$12'($48,6,d2 9$/,'$'(
+2& 120( '2778/2 '2778/2 &,'$'( (67$'2

 52=,/'$),*/,82/2%5$1'2   6$/9$'25 %$

 +(/9e&,2'2&$502   %(/2+25,=217( 0*

 0$5,$0$'$/(1$&$51(,526$1726   %(/2+25,=217( 0*
 05,26e5*,2&$0$5*2%,$1&+,   $38&$5$1$ 35
 0$852'$9,'=,:,$1   623$8/2 63
 3$8/252%(572'(2/,9(,5$   -2,19,//( 6&
 '$1,//2/258662-81,25   &85,7,%$ 35

 &$50(1/',$9$=48(=   623$8/2 63

 $1721,2.(+&+8$1&+28   623$8/2 63
 (1(7(628=$'(0('(,526   6$/9$'25 %$
 (0/,$0$5,$)(55(,5$'266$1726   6$/9$'25 %$
 $1'5e5,1$/',   -2,19,//( 6&
 $1721,2&$5/26181(6-$48(6   6$/9$'25 %$
 /(21$5'2/$03(57   32572$/(*5( 56
 52%(572-$48(6   5,2'(-$1(,52 5-
 3$8/26e5*,2'(025$(6   5,2'(-$1(,52 5-
 $1$*$%5,(/$/23(65$0260$,$   5,2'(-$1(,52 5-
 521$/'2+(15,48(61(772   6-26e'26&$0326 63
 :,/621125,<8.,+2/,*87,   680$5e 63
 &$5/26('8$5'2'(628=$5,%(,52   3,1'$021+$1*$%$ 63
 $/(;$%5(80$5,16   6-& 63
 )$%,$1$9,(,5$3(5(,5$   5,2'(-$1(,52 5-
 0$5&26$3$5(&,'2%(=(55$0$57,16   6%(51$5'2
63
'2&$032
 0$5&26-25*(*$0$181(6   5,2'(-$1(,52 5-
 7$<5$*8,6&$)5e=$&$52   5,2'(-$1(,52 5-

 9$/'(1,6($3$5(&,'$628=$   623$8/2 63

 &(&/,$3(5(,5$'266$1726   6$172$1'5e 63
 *8,'29$/3$172-$*,5$5'   0$5$% 3$
 *867$92+(15,48(9,(,5$'$6,/9$   9,1+('2 63
 52*e5,2%8(12'(3$,9$   6$3,5$1*$ 56
 -$1$,1$3(662$2/,9(,5$   623$8/2 63
 &$5/2652%(572'$6,/9$   68=$12 63

5HYLVWD$%+2(GLomR 
 $%+2

$12'($48,6,d2 9$/,'$'(
+2& 120( '2778/2 '2778/2 &,'$'( (67$'2

 *(5$/'20$*(/$7(,;(,5$&$9$/&$17(   %(/2+25,=217( 0*

 7,$*2)5$1&,6&20$57,16*21d$/9(6   $5&26 0*
 9$/$&,0217(,52'$6,/9$   5,%(,523,5(6 63

 *$%5,(//(,7('(6,48(,5$),/+2   02*,'$6&58=(6 63

 &5,67,$12&267$6,/9$   5,2'(-$1(,52 5-

 $171,2'(&$03266$1726-81,25   5,23,5$&,&$%$ 0*

 3('52&1&,21(72   1$7$/ 51

 -26e&$5/26/$0(,5$277(52   6$172$1'5e 63

 $/0,552*e5,2'(2/,9(,5$   623$8/2 63
 /285,9$/'$&81+$628=$   62/86 0$
 '28*/$652'5,*8(6+233(   6$172$1'5e 63

$12'($48,6,d2 9$/,'$'(
7+2& 120( '2778/2 '2778/2 &,'$'( (67$'2

 0$5,$&/(,'(6$1&+(626+,52   6$172$1'5e 63

 -26e/8,=/23(6   -$8 63

 *(5$/'26e5*,2'(628=$   -8,='()25$ 0*
 5,&$5'2%$5%,(5,   5,2'(-$1(,52 5-
 0$12(/025(,5$'$6,/9$   623$8/2 63
 /8&$6',1,='$6,/9$   %(/2+25,=217( 0*
 ('0$5)(55(,5$'$6,/9$   -22021/(9$'( 0*
 35,026e5*,23$8/,$1*+,121,   6(55$1(*5$ 63
 +(/,21%$5%26$3('526$   026625 51
 6$1'5$5(*,1$'(0$&('2*20(6   $5$8&5,$ 35
 $/$1&$5/26'(&$6752&$59$/+2   629,&(17( 63
 ,1*5,'7$9$5(6726$   6(55$ (6
 -2$48,09$*1(5027$   629,&(17( 63

 /8&,$12&$6752'($*8,$5   $5$&58= (6

 *,/9$1'(628=$5$026   623$8/2 63
 )$%,$12%,1'(5*,/9$1'(628=$5$026   6-26e'26&$0326 63
 7,$*2)(55(,5$*21d$/9(6   %/80(1$8 6&
 0$,&21,0,$126.,   %/80(1$8 6&
 -21$6025(,5$6$/(6   %580$',1+2 0*

 5HYLVWD$%+2(GLomR
 $%+2

$12'($48,6,d2 9$/,'$'(
7+2& 120( '2778/2 '2778/2 &,'$'( (67$'2

 9$/',1(<&$0$5*26'(6286$   &217$*(0 0*

 '28*/$61$6&,0(172*20(6'(628=$   $66 51

 ('*$5''2&$502   8%(5$%$ 0*

 e9(5721$/0(,'$025(,5$',$6   -22021/(9$'( 0*

 5(1$72)(55$=0$&+$'2   68=$12 63

 $171,$68(/(052'5,*8(6'(628=$   )257$/(=$ &(

 *(5621)(55(,5$6,/9$   5,2'(-$1(,52 5-

 &5,67,$12$3$5(&,'2'8$57(   /21'5,1$ 35

+,*,(1,67$2&83$&,21$/e$*5$&,$'2&20
$&20(1'$'(+215$$20e5,72(0667

3RU LQLFLDWLYD GD $1,0$6(*  $VVRFLDomR 1DFLRQDO GD ,QG~VWULD GH

0DWHULDOGH6HJXUDQoDH3URWHomRDR7UDEDOKRPDLVXPDYH]DFDWHJRULD
GRVSURVVLRQDLVGH+LJLHQH2FXSDFLRQDOIRLDJUDFLDGDFRPD&RPHQGD
GH+RQUDDR0pULWRGH6HJXUDQoDH6D~GHQR7UDEDOKR(PR
KRPHQDJHDGRIRLRKLJLHQLVWDRFXSDFLRQDO0LOWRQ0DUFRV0LUDQGD9LOOD
PHPEURHFRODERUDGRUDWLYRGD$%+2TXHUHFHEHXDFRPHQGDGDVPmRV
GR 3UHVLGHQWH GD HQWLGDGH 2VQ\ )HUUHLUD GH &DPDUJR FRPR
FRPHQGDGRUKLJLHQLVWDHPVROHQLGDGHSURPRYLGDHP6mR3DXOR

0LOWRQ0DUFRV0LUDQGD9LOOD+LJLHQLVWD2FXSDFLRQDO

7UDEDOKRXFRPRDXWRGLGDWDQD(QJHVDDWpFRQFOXLUHPRFXUVRGH
VXSHUYLVRU GH VHJXUDQoD GR WUDEDOKR QD )XQGDFHQWUR GHVGH DTXHOD
pSRFDWUDEDOKDQD0

)RL SURIHVVRU HP GLYHUVDV FDGHLUDV QD (VFROD GH (QJHQKDULD

(OHWURPHFkQLFDGD%DKLDQRFXUVRGHIRUPDomRHPWpFQLFRGHVHJXUDQoD
GR WUDEDOKR LQFOXVLYH QR FXUVR GH +LJLHQH 2FXSDFLRQDO QD (VFROD
3ROLWpFQLFDGD8QLYHUVLGDGH)HGHUDOGD%DKLD
0LOWRQ0DUFRV0LUDQGD9LOOD0HPEUR$%+2

eSURIHVVRUGD&DGHLUDGH3URWHomR5HVSLUDWyULDQRFXUVRGH+LJLHQH2FXSDFLRQDOGD8)%$

$WXDFRPRSURIHVVRUFRQYLGDGRHPGLYHUVRVFXUVRVGHIRUPDomRHPHQJHQKDULDGHVHJXUDQoDGRWUDEDOKRQRV
(VWDGRVGD%DKLD6HUJLSH$ODJRDV5LR*UDQGHGR1RUWHH)RUWDOH]D

ePHPEURIXQGDGRUGD$%+2PHPEURGR&RQVHOKR7pFQLFRHUHSUHVHQWDQWHUHJLRQDOSDUDRVHVWDGRVGD%DKLDH
6HUJLSH

3DUWLFLSRXGDUHYLVmRGR335GD)XQGDFHQWURGR&%HP3URWHomRUHVSLUDWyULD

5HYLVWD$%+2(GLomR 
 $%+2

e DXWRU GH YiULRV DUWLJRV GH +LJLHQH 2FXSDFLRQDO SXEOLFDGRV SHODV

UHYLVWDVGD$%+2HSHORMRUQDO3URWHJHGD0GR%UDVLO

$ 'LUHWRULD GD $%+2 VH VHQWH WDPEpP PXLWR KRQUDGD FRP HVVD
LQGLFDomR SRU WHU R DPLJR H KLJLHQLVWD 9LOOD FRPR PHPEUR GD
$VVRFLDomR%UDVLOHLUDGH+LJLHQLVWDV2FXSDFLRQDLV

$$%+2DSURYHLWDDRSRUWXQLGDGHSDUDSDUDEHQL]DURVGHPDLVLQGLFDGRV
HPQDVRXWUDVFDWHJRULDVGDiUHDGH667SHODFRQWULEXLomRSDUDD
$QWRQLR9ODGLPLU9LHLUD0LOWRQ0DUFRV0LUDQGD9LOOD
SUHYHQomRGRVDFLGHQWHVHGDVGRHQoDVRFXSDFLRQDLVHPQRVVRSDtVQRV H2VQ\)HUUHLUDGH&DPDUJR
~OWLPRVWULQWDDQRV

$HQWUHJDGDVFRPHQGDVIRLUHDOL]DGDQRGLDGHQRYHPEUR~OWLPR
FRP D SUHVHQoD GH LOXVWUHV SURVVLRQDLV GDV iUHDV GH VHJXUDQoD
PHGLFLQDHQIHUPDJHPVLRWHUDSLDSVLFRORJLDHKLJLHQHGRWUDEDOKR
2VQRPHVGRVQRYRVFRPHQGDGRUHVSRGHPVHUFRQKHFLGRVQRVLWHGD
$1,0$6(*

$$%+2VHIH]SUHVHQWHQDVROHQLGDGHSRUPHLRGHVHXSUHVLGHQWH2VQ\
)HUUHLUD GH &DPDUJR H GR YLFHSUHVLGHQWH GH 5HODo}HV 3~EOLFDV &RPHQGDGRUHV
$QWRQLR 9ODGLPLU 9LHLUD$ FDWHJRULD GH KLJLHQLVWDV RFXSDFLRQDLV WHP FRPR LQGLFDGRV GHVGH D RXWRUJD GD
KRPHQDJHPHPRVKLJLHQLVWDV%HUHQLFH,VDEHO)HUUDUL*RHO]HU&ODULVPXQGR/HSUH(GXDUGR*LDPSDROL
*HUULW*UXHQ]QHU,UHQH)HUUHLUDGH6RX]D'XDUWH6DDG-DLU)HOLFLR -DQGLUD'DQWDV0DFKDGR-yOR0RUHLUD
/LPD-XQLRU-RVp0DQXHO*DQD6RWR0DUFRV'RPLQJRVGD6LOYD0DULD&OHLGH6DQFKHV2VKLUR0DULD0DUJDULGD
7HL[HLUD0RUHLUD/LPD0DULR/XL])DQWD]]LQL0DXULFLR7RUORQL2VQ\)HUUHLUDGH&DPDUJR6DWRVKL.LWDPXUDH
6pUJLR&RODFFLRSSRSRUVXDUHFRQKHFLGDDWXDomRHGLYHUVDVFRQWULEXLo}HVFRPDiUHDGDSUHYHQomRGDVGRHQoDV
RFXSDFLRQDLVHPPDLVGHWULQWDDQRVGHDWXDomRSURVVLRQDO

 5HYLVWD$%+2(GLomR
 (9(1726

35;,026(9(1726'(+,*,(1(2&83$&,21$/

y 1DQ2(+_WK,QWHUQDWLRQDO6\PSRVLXP y $,+FH  $PHULFDQ ,QGXVWULDO +\JLHQH

RQ 1DQRWHFKQRORJ\ 2FFXSDWLRQDO DQG &RQIHUHQFH ([SRVLWLRQ
(QYLURQPHQWDO+HDOWK DGHPDLRGH%DOWLPRUH0DU\ODQG
 D  GH RXWXEUR GH   /LPSRSR (8$
KWWSDLKFHRUJ
3URYLQFH6287+$)5,&$
KWWSZZZQDQRHKFR]D y ;&%+2 ;;,,,(%+2H)HLUDGH3URGXWRVH
6HUYLoRVGH+LJLHQH2FXSDFLRQDO
y    - R U Q D G D  $ U J H Q W L Q D  G H  + L J L H Q H DGHDJRVWRGH+RWHO+ROO\GD\,QQ
2FXSDFLRQDO 3DUTXH$QKHPEL
ZZZDEKRRUJEU
GHQRYHPEURGH6DQ7HOPR%XHQRV
$LUHV$5*(17,1$ y &XUVR%iVLFRGH+LJLHQH2FXSDFLRQDOHVHXV
ZZZDKUDFRPDU 5HIOH[RV SDUD R 333 H $SRVHQWDGRULD
(VSHFLDO
y &RQJUHVVR1DFLRQDO$1$07 HGHDEULOGH&DUJD+RUiULDK
6HGHGD$%+26mR3DXOR63
DGHPDLRGH)R]GR,JXDoX35
3URIHVVRUHV 5REHUWR -DTXHV  +LJLHQLVWD
KWWSZZZDQDPWRUJEUVLWHHYHQWRVDVS[ &HUWLILFDGR SHOD $%+2 H 'HQLVH 1LFiFLR 
3URILVVLRQDOGR5+&RUSRUDWLYRGD3HWUREUiV
y 6+2 ,QWHUQDWLRQDO 6\PSRVLXP RQ ,QIRUPDo}HVLQVFULo}HVHYHQWRV#DEKRRUJEU
2FFXSDWLRQDO6DIHW\DQG+\JLHQH
HGHPDUoRGH3RUWR32578*$/
ZZZVSRVKRSWVKR

$66,1($5(9,67$$%+2

3DUDILFDUSRUGHQWURGHWRGRVRVDVVXQWRVH
QRWtFLDV UHODFLRQDGRV j +LJLHQH
2FXSDFLRQDOHQWUHHPFRQWDWR

ZZZDEKRRUJEU

 5HYLVWD$%+2(GLomR
 $%+25(*,21$,6

5(35(6(17$d25(*,21$/0,1$6*(5$,6
$$%+2HVWHYHPDLVXPDYH]UHSUHVHQWDGDQDDEHUWXUDGRFXUVR($'GH
+LJLHQH2FXSDFLRQDOGD)DFXOGDGHGH&LrQFLDV0pGLFDVGH0LQDV*HUDLVGD
)(/80$ (P RXWXEUR IRL LQLFLDGD D  WXUPD FRP DV SULPHLUDV DXODV
SUHVHQFLDLV QRV GLDV  H  GHVVH PrV 1R GLD  D KLJLHQLVWD
HQJHQKHLUD0DULD0DUJDULGD70/LPDUHDOL]RXDVSDOHVWUDVDXODVREUHD
EXVFDGDH[FHOrQFLDHP+2HVREUHRSHUILOGRKLJLHQLVWDRFXSDFLRQDOD
FRQYLWHGRFRRUGHQDGRUGRFXUVRRPpGLFRGRWUDEDOKR$LUWRQ0DULQKR$
WXUPD WHP SURILVVLRQDLV GH YiULRV HVWDGRV EUDVLOHLURV VHQGR IRUPDGD
SUHGRPLQDQWHPHQWH SRU HQJHQKHLURV DPELHQWDLV H GH VHJXUDQoD GR
WUDEDOKRPDVFRQWDWDPEpPFRPDOXQRVFRPRXPPpGLFRHXPDHQIHUPHLUDGRWUDEDOKRDOpPGHGRLVELyORJRVH
XPDDGYRJDGDDJRUDHVWXGDQWHGHHQJHQKDULDGHSURGXomRTXHEXVFDPQDTXDOLILFDomRXPGLIHUHQFLDOSDUDVXD
DWXDomRQDiUHDGH667&RPHVVHFXUVRPDLVGHSURILVVLRQDLVSURFXUDUDPDHVSHFLDOL]DomRGHVGHRSULPHLUR
FXUVRHPVHQGRKRMHYiULRVGHOHVPHPEURVGD$%+2

&XUVRGH+2)HOXPD WXUPDGH+2GD)&00*FRPRFRRUGHQDGRU3URI$LUWRQ0DULQKRHD3URI0DUJDULGD
DRFHQWUR

5(35(6(17$d25(*,21$/5,2*5$1'('268/

*58327e&1,&2'(+,*,(1(2&83$&,21$/'25,2*5$1'('268/*7+256
80)580'(1(7:25.,1*352),66,21$/($&$'0,&2

1HOVRQ%HXWHU-~QLRU

1DQRLWHGHGHQRYHPEURGHQRDXGLWyULRGD)XQGDomR(VFROD7pFQLFD/LEHUDWR
6DO]DQR9LHLUDGD&XQKDHP1RYR+DPEXUJR56RILFLDOPHQWHLQLFLDUDPVHDVDWLYLGDGHVGR
*UXSR7pFQLFRGH+LJLHQH2FXSDFLRQDOGR5LR*UDQGHGR6XO*7+256

2 *7+256 QDVFH D SDUWLU GDV DVSLUDo}HV GH SURILVVLRQDLV SUHYHQFLRQLVWDV UHVLGHQWHV QR
1HOVRQ%HXWHU-~QLRU HVWDGRSHVVRDVHPEXVFDGHXPIyUXPTXHIRPHQWDVVHDWURFDGHLQIRUPDo}HVTXDOLILFDGDV
HP+LJLHQH2FXSDFLRQDOEHPFRPRGHQHWZRUNLQJSURILVVLRQDOHQWUHVHXVSDUWLFLSDQWHV
&RPRSURSRVWDGHWUDEDOKRRJUXSRREMHWLYDDWLQJLUSURILVVLRQDLVDWXDQWHVQRPHUFDGREHPFRPRHVWXGDQWHVH
VLPSDWL]DQWHVGD+LJLHQH2FXSDFLRQDO2*7+256DEUHDVSRUWDVSDUDRS~EOLFRFRPIRUPDomRDFDGrPLFDDVPDLV

BBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
0HPEUR$%+2

5HYLVWD$%+2(GLomR 
 $%+25(*,21$,6

GLYHUVDVHRSURSyVLWRWDQWRGHXQLYHUVDOL]DURFRQKHFLPHQWRGD+LJLHQHFRPRGHIRPHQWDUDGLVFXVVmRGHG~YLGDV
FRWLGLDQDVGRSURILVVLRQDOVHMDPHODVUHODFLRQDGDVDPpWRGRVGHWUDEDOKRPHGLGDVGHFRQWUROHRXDVSHFWRV
OHJDLV

23URJUDPDGH3UHYHQomRGH5LVFRV$PELHQWDLV335$TXDOLILFDGRLGHQWLILFDRVULVFRVDPELHQWDLVH[LVWHQWHVQR
DPELHQWHODERUDOTXDOLILFDRVFRQIRUPHDFULWLFLGDGHSHUPLWLQGRTXHXPSODQRGHDo}HVVHMDHODERUDGRSDUD
LQYHVWLJDomR PDLV SURIXQGD GHVVHV ULVFRV PRQLWRUDPHQWRV TXDQWLWDWLYRV TXH VROXo}HV GH FRQWUROH VHMDP
DGRWDGRV SDUD D VXD HOLPLQDomR RX FRPR PtQLPR TXH VHX JHUHQFLDPHQWR VHMD IHLWR SDUD UHGXomR GH VHX
SRWHQFLDO&RPEDVHQRVULVFRVUHDLVHYLGHQFLDGRVQR335$R3URJUDPDGH&RQWUROH0pGLFRHP6D~GH2FXSDFLRQDO
3&062SRGHVHUHODERUDGRSHOR0pGLFRGR7UDEDOKRGHIRUPDLJXDOPHQWHTXDOLILFDGD$DQiOLVHFUtWLFDGR3&062
DFRPSDQKDPHQWRSHULyGLFRHUHODWyULRDQXDOpIXQGDPHQWDOFRPRDQiOLVHGHHILFiFLDGRJHUHQFLDPHQWRGRV
ULVFRVGR335$2XVHMDWUDWDVHGHXPDUHWURDOLPHQWDomRGHLQIRUPDo}HVTXHSHUPLWHPUHDYDOLDUHVWUDWpJLDVGH
FRQWUROHDILPGHJDUDQWLUDVD~GHGRVWUDEDOKDGRUHV

1RHQWDQWRpWULVWHVDEHUTXHHPYiULRVFDVRVQRVGHSDUDPRVFRPDPDQHLUDLQDGHTXDGDSHODTXDOVmRFRQGX]LGRV
RVGRLVGRFXPHQWRV335$H3&062

2GHVDILRTXHSUHFLVDVHUFRQVLGHUDGRQR%UDVLOpRIDWRGHQmRKDYHUJUDGXDomRHP+LJLHQH2FXSDFLRQDORTXH
GLILFXOWDDSDGURQL]DomRHRFRQKHFLPHQWRGDVLQIRUPDo}HVSRUDTXHOHVGHVHMRVRVGHDWXDUQHVVDiUHD
$QWHVTXHDVDWLYLGDGHVGR*7+256VHLQLFLDVVHPIRLHODERUDGRXPHVWXGRGLDJQyVWLFRQRSHUtRGRGHGRLVPHVHV
RXWXEURHQRYHPEURGHSRUPHLRGHTXHVWLRQiULRVRQOLQHGLUHFLRQDGRVDSURILVVLRQDLVGH667DWXDQWHV
QRHVWDGRGR5LR*UDQGHGR6XO

2SURSyVLWRGHVVHWUDEDOKRFRQVLVWLXHPPRQWDUXPGLDJQyVWLFRSDUDRWUDEDOKRGR*7+256FRPSUHHQGHQGRRV
WHPDVGD+LJLHQH2FXSDFLRQDOTXHWrPPDLRUDSOLFDELOLGDGHQRFRWLGLDQRODERUDOGHVVHVSURILVVLRQDLVEHPFRPR
DTXHOHVTXHVXVFLWDPPDLVG~YLGDVQDVXDFRQGXomR+RXYHUHWRUQRGHUHVSRVWDVGHSDUWLFLSDomR

'RS~EOLFRUHVSRQGHQWHIRUDPGH7pFQLFRVGH6HJXUDQoDGH(QJHQKHLURVGH6HJXUDQoDGH+LJLHQLVWDV
2FXSDFLRQDLVGH7HFQyORJRVGH6HJXUDQoDGH(QIHUPHLURVGR7UDEDOKR(UJRQRPLVWDVGH0pGLFRVGR
7UDEDOKRHGHRXWUDVHVSHFLDOLGDGHV

2V UHVSRQGHQWHV DWXDP HP  GLIHUHQWHV QLFKRV GH PHUFDGR ODERUDO HQWUH RV TXDLV VH GHVWDFDP LQG~VWULD
PHWDOPHFkQLFDUHILQRHSHWURTXtPLFDDOLPHQWtFLDVLGHUXUJLDPLQHUDomRFRXUHLURFDOoDGLVWDSUHVWDomRGH
VHUYLoRV H FRQVXOWRULD H WUHLQDPHQWRV $OpP GLVVR DOJXQV GRV SURILVVLRQDLV UHVSRQGHQWHV DWXDP HP yUJmRV
ILVFDOL]DGRUHVJRYHUQDPHQWDLVHPHVIHUDVHVWDGXDOHIHGHUDO

2 TXHVWLRQiULR RQOLQH XWLOL]DQGR D IHUUDPHQWD *RRJOH )RUPDV IRL FRQVWLWXtGR GH  EORFRV GH SHUJXQWDV R
SULPHLURGHOHVFRQVWRXGHSHUJXQWDVGHP~OWLSODHVFROKDHGHVWLQRXVHDLGHQWLILFDURVWHPDVGHLQWHUHVVHGRV
SURILVVLRQDLVHP+LJLHQH2FXSDFLRQDOFRQVLGHUDQGRVXDUHDOLGDGHODERUDOHDQiOLVHSHVVRDOGHQHFHVVLGDGHGH
IRUPDomRFRPSOHPHQWDU2VHJXQGREORFRGHTXHVW}HVFRPS{HVHGHSHUJXQWDVREMHWLYDV6,0RX12VREUHD
SUHVHQoDGHDJHQWHVGHDPELHQWDLVTXtPLFRVItVLFRVHELROyJLFRVQRUHVSHFWLYRDPELHQWHODERUDO3DUDRFDVRGH
UHVSRVWDVDILUPDWLYDVVROLFLWDYDVHHPXPFDPSRDEHUWRDGHVFULomRGHWDOKDGDGRDJHQWHGHULVFRSUHVHQWHSRU
H[HPSOR 1R VHX ORFDO GH WUDEDOKR H[LVWH ULVFR GH H[SRVLomR D DJHQWHV TXtPLFRV FDUFLQRJrQLFRV" 6H VLP
HVSHFLILTXH3RUILPRWHUFHLUREORFRREMHWLYRXFDUDFWHUL]DURUHVSRQGHQWHGRIRUPXOiULRHPTXHVW}HVGHFDPSR
DEHUWR1HQKXPDGDVTXHVW}HVGHFDPSRDEHUWRHUDGHUHVSRVWDREULJDWyULD6RPHQWHDVTXHVW}HVGHP~OWLSOD
HVFROKDHDVREMHWLYDV

1RSULPHLUREORFRFRQIRUPHRS~EOLFRUHVSRQGHQWHRDVVXQWRGH+LJLHQH2FXSDFLRQDOGHPDLRUUHOHYkQFLDQDYLGD
ODERUDO GR SURILVVLRQDO GH 667 VmR QRUPDV H OHJLVODomR  VHJXLGR GH DJHQWHV TXtPLFRV 

5HYLVWD$%+2(GLomR

 $%+25(*,21$,6

LQVWUXPHQWDomR H PRQLWRUDPHQWR  DJHQWHV ItVLFRV  H DJHQWHV ELROyJLFRV  4XDQGR R

TXHVWLRQDPHQWR IRL GLUHFLRQDGR DR SURILVVLRQDO SDUD HVFROKHU R DVVXQWR QR TXDO UHTXHUHULD D EXVFD GH
DSURIXQGDPHQWRWpFQLFRRSHUILOGHUHVSRVWDVPRVWURXVHVLPLODUQRUPDVHOHJLVODomRVHJXLGRGH
DJHQWHV TXtPLFRV  LQVWUXPHQWDomR H PRQLWRUDPHQWR  DJHQWHV ItVLFRV  H DJHQWHV
ELROyJLFRV

2EVHUYDVHQHVVHEORFRDSULPHLUDFRQFOXVmRRVWHPDVPDLVUHOHYDQWHVGH+LJLHQHQRVORFDLVGHWUDEDOKRGRV
SURILVVLRQDLVGH667VmRH[DWDPHQWHDTXHOHVHPTXHRVUHVSRQGHQWHVDGPLWHPWHUPDLVGLILFXOGDGHHQHFHVVLWDU
GHPDLVFRQKHFLPHQWR3RUVLVyHVVHEORFRMiMXVWLILFDULDDLPSRUWkQFLDGDFULDomRGR*7+256FRPRXPD
SRVVLELOLGDGHGHGLVFXVVmRGHG~YLGDVHDSHUIHLoRDPHQWRWpFQLFRDSDUWLUGDLQWHUDomRFRPRXWURVSURILVVLRQDLVGR
UDPR

$DQiOLVHFUtWLFDGDVUHVSRVWDVUHYHORXFRQFOXV}HVFRPSOHPHQWDUHVTXHFRUURERUDPDQHFHVVLGDGHGHFULDUJUXSRV
QRVTXDLVRVDVVXQWRVGH+LJLHQH2FXSDFLRQDOSRVVDPVHUPDLVEHPGLVFXWLGRVGHYLGRjIDOWDGHLQIRUPDomRGH
SURILVVLRQDLVGD6D~GHH6HJXUDQoDGR7UDEDOKR667TXDQWRDRVWHPDVGD+LJLHQH2FXSDFLRQDO

2 VHJXQGR EORFR GH TXHVW}HV D DQiOLVH GDV UHVSRVWDV UHIHUHQWHV j FDUDFWHUL]DomR GRV ULVFRV DPELHQWDLV GR
DPELHQWHODERUDOGHFDGDSURILVVLRQDOUHVSRQGHQWHWURX[HXPGDGRDODUPDQWHHPXPUHVXOWDGRJOREDODSHQDV
GRVSHVTXLVDGRVUHVSRQGHXDGHTXDGDPHQWH2VRXWURVGRLVWHUoRVUHVSRQGHUDPGHIRUPDHTXLYRFDGDRXQmR
VRXEHUDPUHVSRQGHU

1HVVDDQiOLVHIRLFRQVLGHUDGRRVHJXLQWHFULWpULRVHSDUDXPDSHUJXQWDDUHVSRVWDREMHWLYDIRVVH6,0UHSHWLQGRR
H[HPSORMiGDGR1RVHXORFDOGHWUDEDOKRH[LVWHULVFRGHH[SRVLomRDDJHQWHVTXtPLFRVFDUFLQRJrQLFRV"6HVLP
HVSHFLILTXHVHULDHVSHUDGRSDUDXPDUHVSRVWDDGHTXDGDTXHQRFDPSRDEHUWRIRVVHGLVFULPLQDGRRUHVSHFWLYR
DJHQWH SRU H[HPSOR EHQ]HQR 5HVSRVWDV HTXLYRFDGDV IRUDP FRQVLGHUDGDV DTXHODV HP TXH R SURILVVLRQDO
UHVSRQGHX6,0PDVQRFDPSRDEHUWRGHVFUHYHXXPDJHQWHTXHQmRFRUUHVSRQGHDRTXHVWLRQDPHQWRUHDOL]DGR
1RVFDVRVHPTXHKRXYHRPLVV}HVRXVHMDRSHVTXLVDGRUHVSRQGHX6,0PDVQmRSUHHQFKHXRFDPSRDEHUWRIRL
FRQVLGHUDGRTXHRSURILVVLRQDOQmRVRXEHUHVSRQGHUDRTXHVWLRQDPHQWR

(PFDUiWHUHOXFLGDWLYRRVSHUILVGHUHVSRVWDVSDUDDOJXQVTXHVWLRQDPHQWRVGHYHPVHUDSUHVHQWDGRV

6REUH D SUHVHQoD GH DJHQWHV FDUFLQRJrQLFRV  GRV SHVTXLVDGRV DILUPDP WUDEDOKDU FRP DJHQWHV FRP HVVD
FDUDFWHUtVWLFD 'HVWHV  UHVSRQGHUDP DGHTXDGDPHQWH  GH PDQHLUD HTXLYRFDGD H  QmR VRXEHUDP
UHVSRQGHU

$UHVSHLWRGDSUHVHQoDGHIXPRVPHWiOLFRVQRVORFDLVGHWUDEDOKRGRVSHVTXLVDGRVDILUPDPTXHWUDEDOKDP
FRPHVVHVDJHQWHV'HVWHVUHVSRQGHUDPDGHTXDGDPHQWHGHPDQHLUDHTXLYRFDGDHQmRVRXEHUDP
UHVSRQGHU

4XDQWR j SUHVHQoD GH YDSRUHV RUJkQLFRV QR DPELHQWH  DILUPDP TXH Ki YDSRUHV RUJkQLFRV GLVSHUVRV QR
DPELHQWH'HVWHVUHVSRQGHUDPDGHTXDGDPHQWHGHPDQHLUDHTXLYRFDGDHQmRVRXEHUDPUHVSRQGHU

&RP HVVHV H[HPSORV VLVWHPiWLFRV XPD VHJXQGD FRQFOXVmR VH HVWDEHOHFH RV FRQFHLWRV WpFQLFRV GD +LJLHQH
2FXSDFLRQDOTXHSHUPHLDPDURWLQDODERUDOGRVSURILVVLRQDLVGH667VmRGHILFLHQWHV$FDUrQFLDGHTXDOLILFDomR
WHyULFDpQRWyULD

2XWURSRQWRUHOHYDQWHIRLLGHQWLILFDGRQDDQiOLVHFUtWLFDVREUHRDJHQWHItVLFRUXtGR

4XDVHGRVUHVSRQGHQWHVDVVXPLUDPFRQYLYHUFRPFHQiULRVHPTXHRUXtGRH[FHGHRQtYHOGHDomRFRQIRUPHD
15!G%(VVHpXPFHQiULRFUtWLFRHPTXHPHGLGDVGHFRQWUROHGHYHPVHUREULJDWRULDPHQWHDGRWDGDV

5HYLVWD$%+2(GLomR 
 $%+25(*,21$,6

1RHQWDQWRFRQIRUPHMiUHODWDGRHPTXHVWLRQDPHQWRUHDOL]DGRQRSULPHLUREORFRGHSHUJXQWDVRUXtGRHGHPDLV
DJHQWHVItVLFRVQmRIRUDPFRQVLGHUDGRVFRPRXPIDWRUUHOHYDQWHQRFHQiULRODERUDOGHVXDVDWLYLGDGHVGRV
SHVTXLVDGRV7DPSRXFRRWHPDDJHQWHItVLFRVVXUJHFRPRXPDPDWpULDTXHUHTXHLUDPDLRUDSHUIHLoRDPHQWR
WpFQLFRGRVSHVTXLVDGRV

2IDWRpLQWHUHVVDQWHDLQGDPDLVSRUTXHD3HUGD$XGLWLYD,QGX]LGDSHOR1tYHOGH3UHVVmR6RQRUD(OHYDGRpXPD
GDVGRHQoDVRFXSDFLRQDLVGHPDLRURFRUUrQFLDQDSRSXODomRODERUDOEUDVLOHLUD

)LQDOL]DQGRKiXPDGHILFLrQFLDFODUDQDDSOLFDomRSUiWLFDGD+LJLHQH2FXSDFLRQDO1mRUHVWDG~YLGDGHTXHHVVHV
UHVXOWDGRVVmRSUHRFXSDQWHV0RVWUDPTXHpGHILFLWiULDDTXDOLGDGHGDVLQIRUPDo}HVTXHRVSURILVVLRQDLVGH667
WrPDUHVSHLWRGRVWHPDVGD+LJLHQH2FXSDFLRQDO$SHVDUGHHVWHHVWXGRWHUVLGRFRQGX]LGRQR5LR*UDQGHGR6XOp
SUHVXPtYHOTXHQDVRXWUDVXQLGDGHVIHGHUDWLYDVGR%UDVLORFHQiULRVHMDVLPLODU(VVHGLDJQyVWLFRQmRWHPD
SUHWHQVmRGHVHUFRQVLGHUDGRXPHVWXGRGHILQLWLYRVREUHDDSOLFDomRGD+LJLHQH2FXSDFLRQDOPDVWUD]jWRQD
LPSRUWDQWHVSRQWRVGHDWHQomRTXHQRUWHDUmRDVGLVFXVV}HVGR*7+256

1mRKiFRPRWHUXPDH[SHFWDWLYDGHPHOKRUDQDTXDOLGDGHGRV335$VSHOR%UDVLOVHQmRKRXYHUDH[SDQVmRGRV
FXUVRVGHIRUPDomRHVSHFtILFDHP+LJLHQH2FXSDFLRQDOEHPFRPRGDGLVVHPLQDomRGHIyUXQVGHQHWZRUNLQJFRP
SURSRVWDVVLPLODUHVjGR*7+256VHPILQVOXFUDWLYRVTXHWRUQHPDFHVVtYHLVHXQLYHUVDOL]HPRFRQKHFLPHQWRHD
SUiWLFDGD+LJLHQHDRVSURILVVLRQDLVGH667GRSDtV

$ HYROXomR GR *7+256 VHUi UHODWDGD SHULRGLFDPHQWH D WRGRV RV FROHJDV +LJLHQLVWDV GD $%+2 H GHPDLV
LQWHUHVVDGRFRPRIRUPDGHLQFHQWLYRDRIRUWDOHFLPHQWRHUHSURGXomRGHVVDSURSRVWDHPRXWURVORFDLV

'D PHVPD PDQHLUD R *7+256 HVWi GH SRUWDV DEHUWDV D WRGRV RV SURILVVLRQDLV H HVWXGDQWHV GD iUHD GH 667
LQWHUHVVDGRVHPSDUWLFLSDUGRVHQFRQWURVHHYHQWRVSURPRYLGRV2VLQWHUHVVDGRVSRGHPHQWUDUHPFRQWDWDUSHOR
HQGHUHoRHOHWU{QLFRJWKLJLHQHUV#JPDLOFRPSDUDUHFHEHUDVDWXDOL]Do}HVGDVLQIRUPDo}HVGR*UXSR7pFQLFR

2DQRGHSDUDR*7+256VHUiGHDILUPDomR'HHVWDEHOHFLPHQWRGHXPPRGXVRSHUDQGLTXHJDUDQWDVXD
SHUSHWXLGDGHGHQWURGRVSURSyVLWRVHGXFDWLYRVSRUHOHHVWDEHOHFLGRV(RSRUWXQDPHQWHFLWDQGR3DXOR)UHLUH
VHDHGXFDomRVR]LQKDQmRWUDQVIRUPDDVRFLHGDGHVHPHODWDPSRXFRDVRFLHGDGHPXGD

1HOVRQ%HXWHU-~QLRU%UDVNHP3DXOR5REHUWR0DWLHOR/HPRV,QQRYD9LGHRODU'DYL/LPD)HUUHLUD
-~QLRU%UDVNHP-XDUH]-HVXVGD6LOYD3URVVLRQDO$XW{QRPR$OH[DQGHU&RVWD0DUWLQV)XQGDomR
/LEHUDWR'DQLHO (UQHVW5()$33HWUREUDV-RVp(GXDUGR6WRHO6(6,)XQGDomR/LEHUDWR6pUJLR
&REHUOOLQL)XQGDomR/LEHUDWR&OHEHU9RJHV%UDVNHP2GLORQ3DVFRDO-DUGLP6(1$,)D]HPSDUWH
DLQGDGDFRPLVVmR$GULDQR0DWRV6RX]D&UX])iELR0DFKDGRGH%RUED,QQRYD9LGHRODU0iUFLR$OH[
.XELF]HZVNL5RFKD%UDVNHP5RGULJR&HFRQHOR5()$33HWUREUDV

5HYLVWD$%+2(GLomR

 5(6(1+$

,396,0(',$7$0(17(3(5,*2629,'$286$'(
,'/+,PPHGLDWHO\'DQJHURXVWR/LIHRU+HDOWK
2ULJHPH(YROXomRGHXPDIHUUDPHQWD
FLHQWLFDPHQWHIXQGDPHQWDGD
0DULR/XL])DQWD]]LQL 

+iSRXFRPDLVGHXPDQRR1,26+1DWLRQDO,QVWLWXWHRI2FFXSDWLRQDO6DIHW\DQG+HDOWKGRV(VWDGRV8QLGRV
ODQoRXXP%ROHWLPTXHUH~QHRFRQKHFLPHQWRHRSURJUHVVRDWXDLVVREUHXPDVVXQWRPDLVRXPHQRVRTXHVH
FKDPDULDGH(VWDGRGD$UWHFKDPDGR&XUUHQW,QWHOOLJHQFH%XOOHWLQGHQ~PHURVREUHRSURFHVVRGH
GHWHUPLQDomRGRV,'/+

2REMHWLYRGRGRFXPHQWRDOpPGHWUDoDUDRULJHPKLVWyULFDGHVVHSDUkPHWURpPRVWUDUFRPRHOHVHUHODFLRQDD
RXWURV SDUkPHWURV FRP IXQomR VHPHOKDQWH QmR LGrQWLFD H FRPR R GHVHQYROYLPHQWR GHVWH HYROXLX SDUD
LQFOXLUDVPHOKRUHVSUiWLFDVFLHQWtILFDVQHFHVViULDVSDUD
SURGX]LUXPDUHIHUrQFLDGHWDPDQKDLPSRUWkQFLDSDUDDYLGD
GDVSHVVRDVQRVDPELHQWHVGHWUDEDOKR

eLPSRUWDQWHREVHUYDUTXHR,396GHVFULWRQRV3URJUDPDVGH
3URWHomR 5HVSLUDWyULD p H[DWDPHQWH R ,'/+ FRQIRUPH
REWLGRQDVSXEOLFDo}HVGR1,26+

8PDFRQGLomRp,'/+VHJXQGRDGHILQLomRDWXDOL]DGD
GH  TXDQGR UHSUHVHQWD XPD VLWXDomR GH
H[SRVLomR D FRQWDPLQDQWHV DPELHQWDLV TXH DPHDFH
FDXVDU D PRUWH RX HIHLWRV WDUGLRV SHUPDQHQWHV GH
GDQR j VD~GH RX DLQGD TXH LPSHoD SHORV VHXV
HIHLWRVRHVFDSHDXWRUUHVJDWHGHWDODPELHQWH

$GHPDLV VHJXQGR VHX REMHWLYR RULJLQDO XPD

FRQFHQWUDomR,'/+pRPi[LPRYDORUDFLPDGRTXDO
Vy VHUi SHUPLWLGR HTXLSDPHQWR UHVSLUDWyULR GH
DOWD FRQILDELOLGDGH H Pi[LPD SURWHomR DR
WUDEDOKDGRU 2V YDORUHV ,'/+ EDVHLDPVH HP
H[SRVLo}HVGHPLQXWRV

2GHVHQYROYLPHQWRGR,'/+FRPHoRXHPSDUD
XVRQD/yJLFDGH6HOHomRGH5HVSLUDGRUHVGR1,26+HVHXREMHWLYRHUD
MXVWDPHQWHDVVHJXUDUTXHXPWUDEDOKDGRUFRQVHJXLVVHHVFDSDUHIHWXDUVHXDXWRUUHVJDWHGH
XPDDWPRVIHUDGHULVFRVHVHXUHVSLUDGRUIDOKDVVHDOpPGHLQGLFDUYDORUHVDFLPDGRVTXDLVXPDDWPRVIHUD
SRGHULDVHUDGHQWUDGDDSHQDVFRPHTXLSDPHQWRVGHUHVSLUDomRDOWDPHQWHFRQILiYHLV

(QWUHWDQWRRVSURILVVLRQDLVRFXSDFLRQDLVSDVVDUDPDXVDURSDUkPHWURSDUDREMHWLYRVDOpPGRVLQLFLDOPHQWH
SURSRVWRV SHOR LQVWLWXWR FRPR R GHVHQYROYLPHQWR GH 3ODQRV GH *HUHQFLDPHQWR GH 5LVFRV SDUD Do}HV QmR
URWLQHLUDVHPDPELHQWHVGHDOWRULVFRFRPRHVSDoRVFRQILQDGRVHRGHVHQYROYLPHQWRGH3ODQRVGH5HVSRVWDD
(PHUJrQFLDV

BBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
 
+LJLHQLVWD2FXSDFLRQDO&HUWLFDGR+2&
5HYLVWD$%+2(GLomR 
 5(6(1+$

'HVGHVXDFULDomRR1,26+UHYLVRXFRQWLQXDPHQWHRVGDGRVFLHQWtILFRVGLVSRQtYHLVGHIRUPDDPHOKRUDUVHXSURWRFRORGH
GHWHUPLQDomR GRV YDORUHV GH ,'/+ 3RU LVVR D SXEOLFDomR SRGH VHU GHVLJQDGD FRPR R (VWDGR GD$UWH QR DVVXQWR
2GRFXPHQWRWDPEpPWHPRREMHWLYRGHDSUHVHQWDUDPHWRGRORJLDDWXDOL]DGDSDUDHVVDGHWHUPLQDomRGDUWUDQVSDUrQFLDD
HVVH SURFHVVR SDUD R S~EOLFR H GHPRQVWUDU R TXmR FLHQWLILFDPHQWH IXQGDPHQWDGRV H FUtYHLV SRGHP VHU HVVHV YDORUHV
SURGX]LGRVDSDUWLUGRVUHFXUVRVGLVSRQtYHLVGRVGDGRVGHEDVH

$PHWRGRORJLDLQFRUSRUDSURWRFRORVGHJXLDHSURFHGLPHQWRVXWLOL]DGRVSDUDDFULDomRGHOLPLWHVHVSHFLDLVSDUDDSURWHomR
GDFRPXQLGDGHFKDPDGRV$(*/$FXWH([SRVXUH*XLGHOLQH/HYHOVRVTXDLVHVWmRYLQFXODGRVDyUJmRVFLHQWtILFRVQDFLRQDLV
GRV(VWDGRV8QLGRVHSRGHPVHUREWLGRVQRVLWHGD(3$(QYLURQPHQW3URWHFLRQW$JHQF\

$PHWRGRORJLD,'/+EDVHLDVHQRFRQFHLWRDERUGDJHPGHSHVRGHHYLGrQFLDTXHDSOLFDMXOJDPHQWRFLHQWtILFRjDYDOLDomR
FUtWLFDGDTXDOLGDGHHGDFRQVLVWrQFLDGHGDGRVFLHQWtILFRVHjH[WUDSRODomRGRVGDGRVGLVSRQtYHLVGRSDUkPHWURGHVHMDGR2
GRFXPHQWRDSUHVHQWDHLOXVWUDRVSDVVRVTXHGmRDFRQILDELOLGDGHDHVVHSURFHGLPHQWR

([LVWHWDPEpPDSUHRFXSDomRGHTXHR,'/+QmRH[FHGDRXWURVSDUkPHWURVGHULVFRTXHSRGHPVHRULJLQDUGRPHVPR
DJHQWHFRPRDVFRQFHQWUDo}HVH[SORVLYDVGHYDSRUHVHSRHLUDVHDOLPLWDomRGHR[LJrQLR

$OpPGLVVRXPDSrQGLFHDSUHVHQWDRSURFHVVRFRPSOHWRGDGHWHUPLQDoDRGR,'/+SDUDR&ORURH[HPSOLILFDQGRRSURFHVVR

2VSULQFLSDLVSDUkPHWURVSULPRVGR,'/+VmRDSUHVHQWDGRVH[SOLFDGRVHFRPSDUDGRV

$(*/$FXWH([SRVXUH*XLGHOLQH/HYHOVMiFLWDGR

(53*(PHUJHQF\5HVSRQVH3ODQQLQJ*XLGHVFRQFHLWRGD$,+$$PHULFDQ,QGXVWULDO+\JLHQH$VVRFLDWLRQ

2FFXSDWLRQDO([SRVXUH/LPLWV6mRRVOLPLWHVGHH[SRVLomRRFXSDFLRQDOFRPRGLYXOJDGRVSHORSUySULR1,26+SHOD$&*,+
$PHULFDQ&RQIHUHQFHRI*RYHUQPHQWDO,QGXVWULDO+\JLHQLVWVSHOD26+$2FFXSDWLRQDO6DIHW\DQG+HDOWK$GPLQLVWUDWLRQ
HSHODSUySULD$,+$MiFLWDGD

7DPEpPVmRFLWDGRVRXWURVSDUkPHWURVGHRXWUDVDJrQFLDVJRYHUQDPHQWDLVTXHWrPREMHWLYRVVLPLODUHVIHGHUDLVHVWDGXDLV
HGDSUySULD1$6$

&RQKHFHU PHOKRU R ,396,'/+ p LPSRUWDQWH SDUD VHX XVR FRUUHWR (VVD SXEOLFDomR p XPD UHIHUrQFLD LPSRUWDQWH SDUD
KLJLHQLVWDV RFXSDFLRQDLV SURILVVLRQDLV GH SODQHMDPHQWR H FRPEDWH D HPHUJrQFLDV DJrQFLDV DPELHQWDLV GR JRYHUQR H
GHIHVDFLYLO

$%+2
5HIHUrQFLD1,26+&XUUHQW,QWHOOLJHQFH%XOOHWLQ'HULYDWLRQRI,PPHGLDWHO\'DQJHURXVWR/LIHRU+HDOWK9DOXHV
'LVSRQtYHOHPZZZFGFJRYQLRVK

 5HYLVWD$%+2(GLomR
 ;&21*5(662%5$6,/(,52'(+,*,(1(2&83$&,21$/
;;,,,(1&21752%5$6,/(,52'(+,*,(1,67$62&83$&,21$,6(
)(,5$'(352'8726(6(59,d26'(+,*,(1(2&83$&,21$/

&+$0$'$3$5$75$%$/+267e&1,&26
'XUDQWH D UHDOL]DomR GR ; &RQJUHVVR %UDVLOHLUR GH +LJLHQH 2FXSDFLRQDO GR ;;,,, (QFRQWUR %UDVLOHLUR GH
+LJLHQLVWDV2FXSDFLRQDLVHGD)HLUDGH3URGXWRVH6HUYLoRVGH+LJLHQH2FXSDFLRQDOD$%+2RIHUHFHUiXPD
JUDQGH RSRUWXQLGDGH SDUD D GLYXOJDomR GH H[SHULrQFLDV QD iUHD GH +LJLHQH 2FXSDFLRQDO $VVLP VHQGR
HQFRQWUDPVHDEHUWDVDVLQVFULo}HVSDUDRVWUDEDOKRVWpFQLFRVTXHGHYHUmRHVWDUUHODFLRQDGDVDRVVHJXLQWHV
WHPDV

7HPDGR&RQJUHVVR23DSHOGR+LJLHQLVWDQD3UHYHQomRH$WHQGLPHQWRj/HJLVODomR$WXDO
$SRVHQWDGRULD(VSHFLDO/DXGR7pFQLFRGDV&RQGLo}HV$PELHQWDLVGH7UDEDOKR3HUILO3URILVVLRJUiILFR
3UHYLGHQFLiULRH6RFLDO$o}HV5HJUHVVLYDVGR,166
*HVWmRGHULVFRVDPELHQWDLV
&RQWUROHGRVULVFRVDPELHQWDLV
3UiWLFDVEHPVXFHGLGDVHPSUHYHQomR
8VRVGHQRYDVWHFQRORJLDVGHDYDOLDomR
,QIRUPiWLFDDSOLFDGDj+LJLHQHH6D~GH2FXSDFLRQDO
(VWXGRVGHFDVRV
7HPDVOLYUHV

$VDSUHVHQWDo}HVRFRUUHUmRQRSHUtRGRGHDGHDJRVWRGHHP6mR3DXOR63QR+RWHO+ROLGD\,QQ
3DUTXH$QKHPELORFDOL]DGRQD5XD3URIHVVRU0LOWRQ5RGULJXHVQ6mR3DXOR63

1HVVH HYHQWR D DSUHVHQWDomR GRV WUDEDOKRV OLYUHV YDL VHU DJUXSDGD SHORV SUySULRV SURFHVVRV GD +LJLHQH
2FXSDFLRQDODQWHFLSDomRUHFRQKHFLPHQWRDYDOLDomRHFRQWUROHGRVULVFRVDPELHQWDLV6HUiGDGDSUHIHUrQFLDD
WUDEDOKRV TXH WHQKDP LQWHUIDFH FRP R WHPD FHQWUDO GR FRQJUHVVR 2 SDSHO GR +LJLHQLVWD QD 3UHYHQomR H
$WHQGLPHQWRj/HJLVODomR$WXDO

2ULHQWDomR*HUDO

3DUDDDSUHVHQWDomRGHWUDEDOKRVWpFQLFRVGHYHVHREVHUYDURVHJXLQWH

y 3DUDRERPDQGDPHQWRHFXPSULPHQWRGDDJHQGDGR&RQJUHVVRpLPSUHVFLQGtYHOTXHRSDOHVWUDQWHUHVSHLWHR
WHPSRPi[LPRFRQFHGLGRSDUDVXDDSUHVHQWDomR&RPRUHJUDJHUDOSDUDXPDDSUHVHQWDomRGHPLQXWRV
UHFRPHQGDVHXP3RZHU3RLQWTXHWHQKDHQWUHHVOLGHV
y 2FRQWH~GRGRWUDEDOKRGHYHVHUHIHULUj+LJLHQH2FXSDFLRQDO
y $V DSUHVHQWDo}HV GHYHP HVWDU DVVRFLDGDV j DSOLFDomR GH QRUPDV WpFQLFDV H OHJDLV D LQGLFDGRUHV GH
GHVHPSHQKRSURJUDPDVGHJHVWmRHGHTXDOLGDGHPHWRGRORJLDVGHDQWHFLSDomRUHFRQKHFLPHQWRDYDOLDomR
HFRQWUROHHVWUDWpJLDVGHDPRVWUDJHPHGHPDLVDVSHFWRVTXHHQYROYDPDSUHYHQomRGRVULVFRVDPELHQWDLV
QRVORFDLVGHWUDEDOKRDOpPGHYDORUL]DomRGDDWXDomRGRVKLJLHQLVWDVRFXSDFLRQDLV
y 2VWUDEDOKRVVHUmRVHOHFLRQDGRVSDUDDSUHVHQWDomRRUDO
y 7UDEDOKRVTXHQmRHVWHMDPUHODFLRQDGRVDRWHPDRILFLDOGR&RQJUHVVRSRGHUmRVHULQFOXtGRVHPWHPDVOLYUHV
DEHUWRVSDUDDVVXQWRVJHUDLVGH+LJLHQH2FXSDFLRQDO
y 1mRVHUmRDFHLWRVWUDEDOKRVTXHWHQKDPDSHORVFRPHUFLDLVRXLQVWLWXFLRQDLVRXTXHYLVHPjGLYXOJDomRGH
SURGXWRVRXVHUYLoRV
y 2VWUDEDOKRVDSURYDGRVGHYHPVHJXLURVFULWpULRVGHDSUHVHQWDomRFRQIRUPHRULHQWDomRTXHDVHFUHWDULDGD
$%+2GHUHGHSRLVGHHQWUHJXHVQmRGHYHPVRIUHUQHQKXPDDOWHUDomRSRUSDUWHGRVDXWRUHV

5HYLVWD$%+2(GLomR 
 2ULHQWDomRGHHQYLRSDUD$YDOLDomR7pFQLFD

2VLQWHUHVVDGRVHPDSUHVHQWDUVHXVWUDEDOKRVGXUDQWHR;&RQJUHVVR%UDVLOHLURGH+LJLHQH2FXSDFLRQDOHR;;,,,
(QFRQWUR%UDVLOHLURGH+LJLHQLVWDV2FXSDFLRQDLVHD)HLUDGH3URGXWRVH6HUYLoRVGH+LJLHQH2FXSDFLRQDOGHYHUmR
HQFDPLQKDUXPUHVXPRGRWUDEDOKRSDUDVHFUHWDULD#DEKRRUJEUWHQGRFRPRDVVXQWR5HVXPRGH7UDEDOKR;
&%+2H;;,,,(%+2

2VWUDEDOKRVDSURYDGRVHDSUHVHQWDGRVGXUDQWHR;&%+2H;;,,,(%+2VHUmRDYDOLDGRVSHORVFRQJUHVVLVWDVSRU
PHLRGRTXHVWLRQiULRHVSHFLILFDPHQWHHODERUDGRSDUDHVVHILP2UHVXOWDGRGHVWDDYDOLDomRGHPRQVWUDUiTXDLV
IRUDPRVPHOKRUHVWUDEDOKRVDSUHVHQWDGRVHD5HYLVWD$%+2SXEOLFDUiHVWHVWUDEDOKRVHRQRPHGRVUHVSHFWLYRV
DXWRUHVQDLQWHJUDHPIRUPDWRGHDUWLJRWpFQLFR

2VUHVXPRVGHYHUmRVHJXLURSDGUmROLVWDGRDEDL[R

y WtWXOR
y QRPHFRPSOHWRGRVDXWRUHVGHVWDFDQGRRDSUHVHQWDGRU
y HQGHUHoRFRPSOHWRSDUDFRQWDWRSRUFRUUHLRWUDGLFLRQDOHHOHWU{QLFRDOpPGHQ~PHURVGHWHOHIRQHV
y WH[WRFRUULGRHQmRVOLGHVHPSiJLQDWDPDQKR$QR06:RUGIRQWH$ULDOFRPDSDODYUDV
y LQGLFDomR QRURGDSpGDSiJLQD GRSURFHVVRGD+LJLHQH2FXSDFLRQDO HPTXHRWUDEDOKRPHOKRUVHLQVHUH
DQWHFLSDomRUHFRQKHFLPHQWRDYDOLDomRRXFRQWUROH
y 2VWUDEDOKRVVHOHFLRQDGRVSDUDH[SRVLomRRUDOGHYHPVHUSUHSDUDGRVSDUDDSUHVHQWDo}HVGHPLQXWRVQR
Pi[LPR

2SUD]RSDUDUHFHELPHQWRGRVUHVXPRVpGHPDLRGHDWpjVK

2UHVXPRpD~QLFDIRQWHGHGDGRVSDUDDFRPLVVmRMXOJDGRUDGRVWUDEDOKRVSRUWDQWRRWH[WRGHYHVHUHODERUDGR
FRP DV LQIRUPDo}HV H RV FXLGDGRV QHFHVViULRV SDUD DQiOLVH H VXEVHTXHQWH SXEOLFDomR 2XWUDV LQIRUPDo}HV
SRGHUmRVHUVROLFLWDGDVSRVWHULRUPHQWHVHQHFHVViULDV

,1)250$d(6,03257$17(6

6RPHQWHSURILVVLRQDLVUHJXODUPHQWHLQVFULWRVQR&RQJUHVVRSRGHUmRID]HUDSUHVHQWDo}HVWpFQLFDV
2VWUDEDOKRVVHOHFLRQDGRVSHUPLWLUmRTXHRDSUHVHQWDGRUSDUWLFLSHGR&RQJUHVVRFRPWD[DGHLQVFULomRHVSHFLDO

y 3DUWLFLSDomRGXUDQWHRVGLDVH 5
y 3DUWLFLSDomRVRPHQWHGXUDQWHRGLDGDDSUHVHQWDomR LQVFULomRLVHQWD

1mRHVWiSUHYLVWDFREHUWXUDGHGHVSHVDVUHODFLRQDGDVjKRVSHGDJHPQHPDGHVORFDPHQWRV

$%+2

 5HYLVWD$%+2(GLomR