(OHWULFLVWDGHPDQXWHQomR

%RELQDJHPGHPRWRU
PRQRIiVLFRGHIDVH
DX[LOLDU
%RELQDJHPGHPRWRUPRQRIiVLFRGHIDVHDX[LOLDU

%RELQDJHPGHPRWRUPRQRIiVLFRGHIDVHDX[LOLDU

‹6(1$,63

7UDEDOKRHODERUDGRHHGLWRUDGRSHOD'LYLVmRGH0DWHULDO'LGiWLFRGD'LUHWRULDGH7HFQRORJLD(GXFDFLRQDO
GR6(1$,63

&RRUGHQDomRJHUDO 0DUFRV$QW{QLR*RQoDOYHV
&RRUGHQDomRGRSURMHWR &pOLD5HJLQD'RPLQJXHV7DODYHUD
(ODERUDomR $QW{QLRGD&RQFHLomR9LHLUD
$QW{QLR0RUHQR1HWR
)UDQFLVFRGH$VVLV&RVWDH6LOYD
+HUQDQL5RVVL&RQWUXFFL
-RVp&DUORVGH6RX]D
5HYLVmRWpFQLFD $QW{QLR0RUHQR1HWR
,UDQGL'XWUD
7H[WRILQDO &pOLD5HJLQD'RPLQJXHV7DODYHUD
5HYLVmR /XL]7KRPD]LILOKR
3ODQHMDPHQWRJUiILFR 0DUFRV/XHVFK5HLV
&RPSRVLomR &OHLGH$SDUHFLGDGD6LOYD9DQ]HOL
3URGXomRJUiILFD 6LOYLD5HJLQDGH2OLYHLUD6LP}HV
,OXVWUDomR -RVp$QW{QLR'DWWL)HUQDQGH
)RWRJUDILD 5HJLQD0DULD*DOOL
&RRUGHQDomRGDLPSUHVVmR 9LFWRU$WDPDQRY
'LJLWDOL]DomR 81,&20±7HUFHLUL]DomRGH6HUYLoRV/WGD

)LFKDFDWDORJUiILFD
(ODERUDGDSHODXQLGDGHGHHGLWRUDomR±6(1$,63

6E 6(1$,63'0'%RELQDJHPGHPRWRUPRQRIiVLFRGHIDVHDX[LOLDU
6mR3DXOR6pULH0HWyGLFD2FXSDFLRQDOGH(OHWULFLVWDGH
0DQXWHQomR

0RWRUHOpWULFR0RWRUPRQRIiVLFR,W,,V

&'8

6(1$, 6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO
'HSDUWDPHQWR5HJLRQDOGH6mR3DXOR
$Y3DXOLVWD±&HUTXHLUD&HVDU
6mR3DXOR±63
&(3

7HOHIRQH ;;±

7HOHID[ ;;±
6(1$,RQOLQH ±

(PDLO 6HQDL#VSVHQDLEU
+RPHSDJH KWWSZZZVSVHQDLFRP

6(1$,63,175$1(7
%RELQDJHPGHPRWRUPRQRIiVLFRGHIDVHDX[LOLDU

6XPiULR

,QWURGXomR 
0RWRUPRQRIiVLFRGHIDVHDX[LOLDU 
5HSDUDULQWHUUXSWRUFHQWUtIXJR 
&DSDFLWRUGHDUUDQTXH 
(QURODPHQWRXWLOL]DGRHPPRWRUHVPRQRIiVLFRVGHIDVHDX[LOLDU 
0RQWDUHQURODPHQWRHPFKLFRWH 
)D]HUDVOLJDo}HVGHHQURODPHQWRSULQFLSDOGHXPPRWRUPRQRIiVLFRGH
LQGXomRFRPSyORVHSDUDXPDVyWHQVmR 
)D]HUDVOLJDo}HVGHHQURODPHQWRSULQFLSDOGHXPPRWRUPRQRIiVLFRFRP
SyORVSDUDGXDVWHQV}HV 
)D]HUDVOLJDo}HVGRHQURODPHQWRDX[LOLDU 
)DVtPHWURV 
3UHSDUDomRHERELQDJHPGHPRWRUPRQRIiVLFRGHIDVHDX[LOLDU 
(QVDLDUPRWRUPRQRIiVLFR 
([HFXomR 
9HULILFDomR 
([HUFtFLRV 

6(1$,63,175$1(7
%RELQDJHPGHPRWRUPRQRIiVLFRGHIDVHDX[LOLDU

6(1$,63,175$1(7
%RELQDJHPGHPRWRUPRQRIiVLFRGHIDVHDX[LOLDU

,QWURGXomR

2PRWRUPRQRIiVLFRGHIDVHDX[LOLDUpDGHTXDGRSDUDXVRGRPpVWLFRFRPRHP
JHODGHLUDVODYDGRUDVGHURXSDHERPEDVG¶iJXD

1HVWDWDUHIDYRFrYDLDSUHQGHUDERELQDURPRWRUPRQRIiVLFRXVDQGRHQURODPHQWRV
WLSRFKLFRWH

%RELQDURPRWRUPRQRIiVLFRpFRORFDURHQURODPHQWRSULQFLSDOGHPRGRTXHRFXSH
FHUFDGHGDVUDQKXUDVGRHVWDWRUSRLVRRXWURWHUoRpRFXSDGRSHORHQURODPHQWR
DX[LOLDU

(VWXGDQGRHVWDWDUHIDYRFrHVWDUiWUHLQDQGRQRYDPHQWHRVHQURODPHQWRVFRQFrQWULFRV
HDPRQWDJHPHGHVPRQWDJHPGHPiTXLQDVURWDWLYDVDOpPGHWHVWDUHUHSDUDU
LQWHUUXSWRUFHQWUtIXJRHFDSDFLWRU

6(1$,63,175$1(7 
%RELQDJHPGHPRWRUPRQRIiVLFRGHIDVHDX[LOLDU

9RFrWHUiLQIRUPDo}HVVREUH
• 0RWRUPRQRIiVLFRGHIDVHDX[LOLDU
• 0DQFDLVGHPRWRUHVHOpWULFRV
• ,QWHUUXSWRUFHQWUtIXJR
• &DSDFLWRUGHDUUDQTXH
• (QURODPHQWRVXWLOL]DGRVHPPRWRUHVPRQRIiVLFRVGHIDVHDX[LOLDU
• )DVtPHWURV
• 0HGLo}HVHOpWULFDV

3DUDUHDOL]DUDWDUHIDYRFrYDLH[HFXWDUDVVHJXLQWHVRSHUDo}HV
• 5HSDUDULQWHUUXSWRUFHQWUtIXJR
• 0RQWDUHQURODPHQWRHPFKLFRWH
• )D]HUDVOLJDo}HVGRHQURODPHQWRSULQFLSDOGHXPPRWRUPRQRIiVLFRGHLQGXomR
FRPSyORVHSDUDXPDVyWHQVmR
• )D]HUDVOLJDo}HVGRHQURODPHQWRSULQFLSDOGHXPPRWRUPRQRIiVLFRFRPSyORVH
SDUDGXDVWHQV}HV
• )D]HUDVOLJDo}HVGRHQURODPHQWRDX[LOLDU

(SDUDILQDOL]DUYRFrUHDOL]DUiRHQVDLRGHPRWRUPRQRIiVLFRGHIDVHDX[LOLDU

 6(1$,63,175$1(7
%RELQDJHPGHPRWRUPRQRIiVLFRGHIDVHDX[LOLDU

0RWRUPRQRIiVLFR
GHIDVHDX[LOLDU

eXPDPiTXLQDGHSHTXHQDSRWrQFLDHTXHpDOLPHQWDGDSRUUHGHPRQRIiVLFD

(VVHWLSRGHPRWRUpXWLOL]DGRFRPPDLVIUHTrQFLDHPUHVLGrQFLDVFRPRSRU
H[HPSORHPJHODGHLUDVHPERPEDVSDUDVXFomRGHiJXD

9HMDDILJXUDDEDL[RDVSDUWHVFRPSRQHQWHVGRPRWRUPRQRIiVLFRGHIDVHDX[LOLDUHP
SRVLomRGHPRQWDJHP

(QURODPHQWRV
1RHVWDWRUKiGRLVHQURODPHQWRV8PGHOHVTXHpRSULQFLSDOpWDPEpPFKDPDGRGH
HQURODPHQWRGHVHUYLoR(VWHHQURODPHQWRORFDOL]DVHQRIXQGRGDVUDQKXUDV

2RXWURpFKDPDGRGHHQURODPHQWRDX[LOLDUHORFDOL]DVHVREUHRHQURODPHQWRSULQFLSDO
RXHPUDQKXUDVSUySULDV

6(1$,63,175$1(7 
%RELQDJHPGHPRWRUPRQRIiVLFRGHIDVHDX[LOLDU

2HQURODPHQWRDX[LOLDUSRGHVHULGHQWLILFDGRSHORILRGHVXDVERELQDVTXH
QRUPDOPHQWHWrPDPHWDGHGDVHomRGRILRGRHQURODPHQWRSULQFLSDO

$IXQomRGRHQURODPHQWRDX[LOLDUpFULDUXPFDPSRPDJQpWLFRHPIDVHGLIHUHQWHGD
SURGX]LGDSHORHQURODPHQWRSULQFLSDOeSRULVVRTXHHVWHPRWRUPRQRIiVLFRUHFHEHR
QRPHGHPRWRUPRQRIiVLFRGHIDVHDX[LOLDU

$ILJXUDVHJXLQWHPRVWUDDVSRVLo}HVGHVVHVGRLVHQURODPHQWRVGHQWURGRHVWDWRU

5RWRU
9DPRVH[DPLQDUDJRUDRURWRUGHVVHWLSRGHPRWRU2URWRUpGRWLSRHPFXUWRFLUFXLWRH
SRVVXLXPGLVSRVLWLYRFHQWUtIXJR(VWHGLVSRVLWLYRVHUYHSDUDGHVOLJDURHQURODPHQWR
DX[LOLDUTXDQGRRURWRUDWLQJHXPDYHORFLGDGHGHDSUR[LPDGDPHQWHGDYHORFLGDGH
QRPLQDO

9HMDRGLVSRVLWLYRFHQWUtIXJRQRURWRUGDILJXUDDEDL[R

 6(1$,63,175$1(7
%RELQDJHPGHPRWRUPRQRIiVLFRGHIDVHDX[LOLDU

7LSRVGHPRWRUHVGHIDVHDX[LOLDU

2VPRWRUHVPRQRIiVLFRVGHIDVHDX[LOLDUSRGHPVHUGHGRLVWLSRV
• 0RWRUHVGHSDUWLGDVHPFDSDFLWRU
• 0RWRUHVGHSDUWLGDDFDSDFLWRU

1RVPRWRUHVGHSDUWLGDVHPFDSDFLWRURHQURODPHQWRDX[LOLDUGXUDQWHDSDUWLGDILFD
OLJDGRHPSDUDOHORFRPRHQURODPHQWRSULQFLSDO4XDQGRRPRWRUDWLQJHXPD
YHORFLGDGHGHDSUR[LPDGDPHQWHGDYHORFLGDGHQRPLQDOXPLQWHUUXSWRUDXWRPiWLFR
GHVOLJDRHQURODPHQWRDX[LOLDU2PRWRUSDVVDHQWmRDIXQFLRQDUDSHQDVFRPR
HQURODPHQWRSULQFLSDO9HMDDEDL[RjHVTXHUGDRPRWRUGHSDUWLGDVHPFDSDFLWRUHj
GLUHLWDRHVTXHPDGHVHXFLUFXLWRLQWHUQR

1RVPRWRUHVGHSDUWLGDDFDSDFLWRURIXQFLRQDPHQWRpSDUHFLGRFRPRDQWHULRU$
~QLFDGLIHUHQoDpTXHKiXPFDSDFLWRUHPVpULHFRPRHQURODPHQWRDX[LOLDU(VWH
FDSDFLWRULQWURGX]LGRQRFLUFXLWRWRUQDDSDUWLGDGRPRWRUPDLVYLJRURVD2VGHPDLV
DVSHFWRVGRIXQFLRQDPHQWRGHVWHPRWRUVmRLGrQWLFRVDRGRPRWRUVHPFDSDFLWRU9HMD
DVHJXLURPRWRUGHSDUWLGDDFDSDFLWRUHRHVTXHPDGHVHXFLUFXLWRLQWHUQR

6(1$,63,175$1(7 
%RELQDJHPGHPRWRUPRQRIiVLFRGHIDVHDX[LOLDU

,QWHUUXSWRUHV
2VLQWHUUXSWRUHVPDLVXWLOL]DGRVSDUDGHVOLJDURHQURODPHQWRDX[LOLDUVmRLQWHUUXSWRUHV
GHDomRFHQWUtIXJD(OHVVmRPRQWDGRVHPGXDVSDUWHVXPDGHODVpSUHVDDRPRWRUH
DRXWUDpSUHVDjWDPSD9HMDDEDL[RRFRUWHGHXPPRWRUPRQRIiVLFRPRVWUDQGRDV
GXDVSDUWHVGRLQWHUUXSWRUFHQWUtIXJR

+iRXWURVWLSRVGHGLVSRVLWLYRVSDUDRGHVOLJDPHQWRGRHQURODPHQWRDX[LOLDU3RU
H[HPSORWHPRVRVTXHIXQFLRQDPSRUDomRWpUPLFDRXPDJQpWLFD(VVHVWLSRVGH
LQWHUUXSWRUHVVmRHQFRQWUDGRVQRVPRWRUHVPRQRIiVLFRVGHJHODGHLUDVHDSDUHOKRVGH
DUFRQGLFLRQDGR9HMDDVHJXLUXPLQWHUUXSWRUFKDPDGRUHOpGHDomRWpUPLFD

 6(1$,63,175$1(7
%RELQDJHPGHPRWRUPRQRIiVLFRGHIDVHDX[LOLDU

+iWDPEpPUHOpVTXHVmRHTXLSDGRVFRPXPGLVSRVLWLYRGHVREUHFRUUHQWHWDPEpP
FKDPDGRGHVDOYDPRWRU(VWHGLVSRVLWLYRVHUYHSDUDSURWHJHUDPiTXLQDHPFDVRGH
H[FHVVRGHFRUUHQWH9HMDDEDL[RGRLVWLSRVGHVVHVUHOpV

5RWDomR

$URWDomRGRVPRWRUHVPRQRIiVLFRVGHSHQGHGRQ~PHURGHSyORVHGDIUHTrQFLDGD
UHGHGHDOLPHQWDomR2VPRWRUHVPRQRIiVLFRVGHIDVHDX[LOLDUVmRHQFRQWUDGRVFRP
HSyORVSDUDIUHTrQFLDVGHHRXFLFORV$VVXDVYHORFLGDGHVDQJXODUHVVmR
DSUR[LPDGDPHQWHDVGDWDEHODDVHJXLU

1~PHUR 9HORFLGDGHDSUR[LPDGDHPUSP
GH FLFORV FLFORV
SyORV (PYD]LR $SOHQDFDUJD (PYD]LR $SOHQDFDUJD
    
    
    

2EVHUYDo}HV
• 3DUDDVYHORFLGDGHVHPYD]LRIRUDPWRPDGDVDVYHORFLGDGHVGHVLQFURQLVPR
HPERUDQDSUiWLFDHVVDYHORFLGDGHVHMDOLJHLUDPHQWHPHQRU
• $YHORFLGDGHPDUFDGDQDSODFDGRVPRWRUHVUHIHUHVHjYHORFLGDGHPHGLGDHP
SOHQDFDUJD

6(1$,63,175$1(7 
%RELQDJHPGHPRWRUPRQRIiVLFRGHIDVHDX[LOLDU

3RWrQFLD
'HSHQGHQGRGDSRWrQFLDGRPRWRUHGRYDORUGDWHQVmRGDUHGHRPRWRUPRQRIiVLFR
VHUiSHUFRUULGRSRUFRUUHQWHVGHLQWHQVLGDGHVGLIHUHQWHV(VWHIDWRYRFrSRGHREVHUYDU
QDWDEHODDVHJXLU

3RWrQFLD ,QWHQVLGDGHPpGLD
HP DEVRUYLGDHPDPSqUHV
&Y 9 9
  
  
  

  

  
  

  

0DQFDLVGHPRWRUHVHOpWULFRV

6mRSHoDVVREUHDVTXDLVVHDSRLDPRVLQGX]LGRVGDVPiTXLQDVJLUDQWHV+iGRLV
WLSRVGHPDQFDLVGHEXFKDHGHURODPHQWRV

2VPDQFDLVGHEXFKDXVDGRVQRVPRWRUHVHOpWULFRVXWLOL]DPEXFKDVGRWLSREXFKD
IL[D1RVPRWRUHVFRPSRWrQFLDVXSHULRUD+3RVPDQFDLVGHEXFKDWrPGHSyVLWRV
GHyOHR$WUDQVPLVVmRGRyOHRGRGHSyVLWRjEXFKDSRGHVHUIHLWDGHGXDVPDQHLUDV
FRPIHOWURRXFRPDQHO

1DVEXFKDVFRPIHOWURRyOHRVREHDWUDYpVGRIHOWURHOXEULILFDDEXFKD,VWRDFRQWHFH
SRUTXHXPDH[WUHPLGDGHGRIHOWURHVWiPHUJXOKDGDQRGHSyVLWRGHyOHRHDRXWUDHVWi
HPFRQWDWRFRPRHL[RGDEXFKD1HVWHWLSRGHEXFKDRyOHROXEULILFDQWHUHFRPHQGDGR
pR6$(9HMDXPDEXFKDFRPIHOWURQDILJXUDDEDL[R

 6(1$,63,175$1(7
%RELQDJHPGHPRWRUPRQRIiVLFRGHIDVHDX[LOLDU

1DVEXFKDVFRPDQHOHVWHILFDPHUJXOKDGRQRyOHRHHPFRQWDWRFRPRHL[R,VVRID]
RDQHOJLUDUOHYDQGRRyOHRSDUDDEXFKD2yOHROXEULILFDQWHUHFRPHQGDGRSDUDHVWH
FDVRpR6$(9HMDXPDEXFKDFRPDQHOQDILJXUDDEDL[R

2EVHUYDomR
2VPRWRUHVFRPPDQFDLVGHEXFKDQmRSRGHPWUDEDOKDULQVWDODGRVQDSRVLomR
YHUWLFDO,VWRSRUTXHQHVWDSRVLomRRyOHRSRGHHVFRUUHUHGHL[DURPDQFDOVHFR
TXDQGRRPRWRUSUHFLVDUVHULQVWDODGRQDSRVLomRYHUWLFDOGHYHVHHVFROKHUXPTXH
WHQKDPDQFDLVGHURODPHQWRTXHYRFrYDLYHUDVHJXLU

2VPDQFDLVGHURODPHQWRVVmRPDLVXVDGRVDWXDOPHQWHSRUTXHQmRUHTXHUHPPXLWRV
FXLGDGRVHWDQWRDVXDOXEULILFDomRFRPRDVXDUHYLVmRSRGHPVHUIHLWDVHPSHUtRGRV
GHWHPSRPDLRUHV9DPRVDJRUDH[DPLQDURVWLSRVGHURODPHQWRVPDLVXVDGRVHP
PRWRUHV

5RODPHQWRIL[RGHXPDFDUUHLUDGHHVIHUDV
(VWHpRURODPHQWRXWLOL]DGRFRPPDLVIUHTrQFLD(OHWHPSLVWDVSURIXQGDVHQmRWHP
RULItFLRSDUDDHQWUDGDGDVHVIHUDVeXPURODPHQWRFRQVWUXtGRSDUDVXSRUWDUJUDQGHV
TXDQWLGDGHVGHFDUJDPHVPRHPYHORFLGDGHVEDVWDQWHHOHYDGDV9HMDQDILJXUDXP
URODPHQWRGHVVHWLSR

6(1$,63,175$1(7 
%RELQDJHPGHPRWRUPRQRIiVLFRGHIDVHDX[LOLDU

$OJXQVGHVVHVURODPHQWRVWrPXPDFDSDSURWHWRUDHPXPRXHPDPERVRVVHXV
ODGRV(VWDFDSDVHUYHSDUDHYLWDUDVDtGDGDJUD[DGRURODPHQWRQRFDVRHPTXHHOH
ILFDH[SRVWR

2VURODPHQWRVIL[RVGHXPDFDUUHLUDGHHVIHUDVVmRLGHQWLILFDGRVSRUXPQ~PHUR
VHJXLGRSHORFyGLJR=RX=2FyGLJR=VLJQLILFDTXHRURODPHQWRSRVVXLVyXPDFDSD
SURWHWRUDHPXPGRVVHXVODGRV2FyGLJR=VLJQLILFDTXHRURODPHQWRSRVVXLGXDV
FDSDVSURWHWRUDVVLWXDGDVXPDGHFDGDODGR

2EVHUYHDJRUDDWDEHODDEDL[R(ODpXWLOL]DGDSHODFRPSDQKLD6.)GR%UDVLO
5RODPHQWRV

9HORFLGDGH &DSDFLGDGH
5RODPHQWR 0LOtPHWURV Pi[LPD EiVLFD
Qž SHUPLWLGD HP
G ' % 5SP NJ
     
       
      
       
       
 = =     
 = =     
 = =     
 = =     
 = =     
 = =     
 = =     
       
 =      
 =      
 = =     
 = =     
 = =     

1DWDEHODDFLPDWHPRVRQ~PHURGRURODPHQWRHVHXFyGLJRRGLkPHWURLQWHUQRR
GLkPHWURH[WHUQRDODUJXUDDYHORFLGDGHDQJXODUPi[LPDHDFDUJDPi[LPDVXSRUWDGD

 6(1$,63,175$1(7
%RELQDJHPGHPRWRUPRQRIiVLFRGHIDVHDX[LOLDU

1HVWDWDEHODHVWmRUHODFLRQDGRVRVURODPHQWRVPDLVXVDGRVHPPRWRUHVGHSRWrQFLD
DWp+3

5RODPHQWRGHURORFLOtQGULFR
eXPURODPHQWRHPSUHJDGRHPPRWRUHVGHJUDQGHSRWrQFLDQRVTXDLVDFDUJDQR
HL[RpUHODWLYDPHQWHJUDQGH(VWHWLSRGHURODPHQWRVXSRUWDDOWDVYHORFLGDGHV(P
SHTXHQDVPRQWDJHQVpSUHIHUtYHOHVWHWLSRGHURODPHQWRVHDFDUJDIRUDFRPSDQKDGD
GHFKRTXHV9HMDXPURODPHQWRFLOtQGULFRQDILJXUDDEDL[R

5RODPHQWRD[LDOGHHVIHUDVVLPSOHV
(VWHWLSRGHURODPHQWRVypXWLOL]DGRHPFDVRVHVSHFLDLVFRPRSRUH[HPSORHP
PRWRUHVTXHWUDEDOKDPHPSRVLomRYHUWLFDO3RGHWDPEpPVHUHPSUHJDGRHP
PiTXLQDVTXHH[LMDPDOWDVYHORFLGDGHVYHMDXPURODPHQWRD[LDOQDILJXUDDEDL[R

&RQVHUYDomRGRVURODPHQWRV

2VURODPHQWRVVmROXEULILFDGRVJHUDOPHQWHFRPJUD[D$JUD[DQmRUHTXHUFXLGDGRV
HVSHFLDLVGHYHGDomR$OXEULILFDomRGRVURODPHQWRVWDPEpPSRGHVHUIHLWDFRPyOHR
1HVWHFDVRHQWUHWDQWRDOXEULILFDomRUHTXHUFXLGDGRVHVSHFLDLVeSRULVVRTXHQmRVH
HPSUHJDyOHRDQmRVHUTXHDYHORFLGDGHVHMDPXLWRHOHYDGD
6(1$,63,175$1(7 
%RELQDJHPGHPRWRUPRQRIiVLFRGHIDVHDX[LOLDU

1RVPRWRUHVHOpWULFRVDOXEULILFDomRGHYHVHUUHQRYDGDXPDRXGXDVYH]HVSRUDQR
6HRPRWRUWUDEDOKDHPVHUYLoRVFRQWtQXRVHVVDUHQRYDomRGHYHVHUIHLWDFRPPDLRU
IUHTrQFLD

'HSHQGHQGRGDVFRQGLo}HVHPTXHRPRWRUYDLRSHUDUHPSUHJDPVHGLIHUHQWHV
TXDOLGDGHVGHJUD[DV(VVHVWLSRVGHJUD[DVYHPHVSHFLILFDGRVQDSUySULDPiTXLQD

$OLPSH]DHDUHYLVmRGRVURODPHQWRVGRVPRWRUHVGHYHPVHUIHLWDVSHULRGLFDPHQWH
*HUDOPHQWHDVUHYLV}HVSRGHPVHUIHLWDVHPLQWHUYDORVGHWHPSRPDLRUHVTXHXP
DQR1HVWHFDVRpFRQYHQLHQWHFRQWURODURVURODPHQWRVGXUDQWHRVHUYLoR(VWH
FRQWUROHpIHLWRREVHUYDQGRVHDFRUHRHVWDGRGROXEULILFDQWHHWDPEpPDXVFXOWDQGRD
PDUFKDGRPRWRURXDWUDYpVGHLQVWUXPHQWRSUySULR9HMDDEDL[RjHVTXHUGDD
DXVFXOWDomRHjGLUHLWDRWHVWHFRPLQVWUXPHQWR

2VURODPHQWRVGHYHPVHUOLPSRVFRPJDVROLQDRXEHQ]LQD$SyVDOLPSH]DHOHV
GHYHPVHUOXEULILFDGRVFRPJUD[DRXyOHRSDUDHYLWDUTXHVHR[LGHP

2EVHUYDo}HV
• $VJUD[DVIDEULFDGDVFRPPDWpULDVSULPDVGHEDL[DTXDOLGDGHQmRVmRDSURSULDGDV
SDUDOXEULILFDomRGHURODPHQWRV
• 'HYHVHWRPDUFXLGDGRDRVHUHDOL]DUDDXVFXOWDomRSDUDQmRHVFDSDUDFKDYHGH
IHQGD
• 6HRWHVWHIRUUHDOL]DGRFRPLQVWUXPHQWRGHYHVHVHJXLUDVRULHQWDo}HVGR
IDEULFDQWHGRPHVPR

 6(1$,63,175$1(7
%RELQDJHPGHPRWRUPRQRIiVLFRGHIDVHDX[LOLDU

)L[DomRGRVURODPHQWRV

2VURODPHQWRVSRGHPVHUIL[DGRVGHWUrVPDQHLUDVGLIHUHQWHV

+iRFDVRHPTXHRURODPHQWRHQWUDQDWDPSDGRPRWRUVRESUHVVmRQmRSRVVXL
SURWHomRQRORFDORQGHHVWiLQVWDODGR,VWRREULJDRURODPHQWRDWHUXPDFDSDSURWHWRUD
FRORFDGDQDSDUWHLQWHUQDGRPRWRURXVHMDVHUGRWLSR=

2URODPHQWRSRGHVHUWDPEpPFRORFDGRHPXPDFDL[DSURWHWRUDDTXDOpIL[DGDj
WDPSDGRPRWRUSRUPHLRGHSDUDIXVRV1HVWHFDVRRURODPHQWRILFDSURWHJLGRGH
LPSXUH]DVSRGHQGRGHUGRWLSRVHPFDSDSURWHWRUD(VWHWLSRGHIL[DomRpXWLOL]DGRHP
PRWRUHVEOLQGDGRVSRUTXHRURODPHQWRILFDFRPSOHWDPHQWHIHFKDGR

+iDLQGDRFDVRHPTXHRURODPHQWRHQWUDQDWDPSDGRPRWRUVRESUHVVmRHQD
SDUWHDQWHULRUUHFHEHXPIODQJHSURWHWRU$SyVRPRWRUVHUIHFKDGRRIODQJHp
SDUDIXVDGRQDWDPSDHGHVWDPDQHLUDSURWHJHRURODPHQWR1RIODQJHKiWDPEpPXP
HQFRVWRTXHIRUoDRURODPHQWRFRQWUDDWDPSD9HMDDVHJXLUDLOXVWUDomRGHXP
URODPHQWRIL[DGRFRPIODQJH

,QWHUUXSWRUFHQWUtIXJR

eXPGLVSRVLWLYRTXHOLJDRERELQDGRGHDUUDQTXHGHXPPRWRUPRQRIiVLFRHWDPEpPR
GHVOLJDTXDQGRRPRWRUDWLQJHDSUR[LPDGDPHQWHGHVXDYHORFLGDGHQRPLQDO2V
GRLVWLSRVPDLVFRPXQVGHLQWHUUXSWRUHVFHQWUtIXJRVVmRRGHFDUUHWHOHR'HOFR

6(1$,63,175$1(7 
%RELQDJHPGHPRWRUPRQRIiVLFRGHIDVHDX[LOLDU

2LQWHUUXSWRUFHQWUtIXJRGHFDUUHWHOpFRPSRVWRGHGXDVSDUWHVXPDIL[DHRXWUD
PyYHO$SDUWHIL[DILFDDORMDGDHPXPDGDVWDPSDVGRPRWRU(ODWHPGRLVFRQWDWRV
DWUDYpVGRVTXDLVSRGHVHOLJDURXGHVOLJDURERELQDGRGHDUUDQTXH9HMDQDILJXUD
DEDL[RDSDUWHIL[D

$DUWHPyYHOILFDORFDOL]DGDQRHL[RGRURWRU(ODpFRPSRVWDSRUXPVXSRUWHGXDV
PDVVDVFHQWUtIXJDVGXDVPRODVHXPFDUUHWHOGHPDWHULDOLVRODQWH2EVHUYHDEDL[RD
SDUWHPyYHOHDVSHoDVTXHRFRPS}HP

9DPRVDJRUDH[DPLQDURIXQFLRQDPHQWRGHVWHWLSRGHLQWHUUXSWRU4XDQGRRPRWRU
HVWiSDUDGRDVPRODVID]HPFRPTXHDVPDVVDVFHQWUtIXJDVHPSXUUHPRFDUUHWHO
VREUHDSDUWHIL[D,VWRSURYRFDRIHFKDPHQWRGRVFRQWDWRVGRERELQDGRGHDUUDQTXH2
PRWRUHVWiHPFRQGLo}HVGHDUUDQFDU9HULILTXHHVWDVLWXDomRQDILJXUDDEDL[R

 6(1$,63,175$1(7
%RELQDJHPGHPRWRUPRQRIiVLFRGHIDVHDX[LOLDU

4XDQGRDYHORFLGDGHGRPRWRUIRUDSUR[LPDGDPHQWHGDYHORFLGDGHQRPLQDOD
IRUoDFHQWUtIXJDGHVORFDDVPDVVDVFHQWUtIXJDV$DomRGDVPDVVDVFHQWUtIXJDV
DUUDVWDRFDUUHWHOHID]DEULURVFRQWDWRV2EVHUYHHVWHIDWRQDILJXUDDEDL[R

1HVWHPRPHQWRRERELQDGRGHDUUDQTXHpGHVOLJDGR$RGHVOLJDURPRWRUR
GLVSRVLWLYRDJHGHIRUPDLQYHUVDGHL[DQGRRPRWRUHPFRQGLo}HVGHXPQRYR
DUUDQTXH

2LQWHUUXSWRUFHQWUtIXJR'HOFRWDPEpPpFRPSRVWRGHXPDSDUWHIL[DHXPDSDUWH
PyYHO

$DUWHIL[DHFRORFDGDHPXPDGDVWDPSDVGRPRWRU(ODSRVVXLXPDSODTXHWDLVRODQWH
FRPGRLVFRQWDWRV+iWDPEpPXPDSHoDPHWiOLFDHPIRUPDGHFROKHUTXHVHUYHGH
SRQWHHQWUHRVFRQWDWRV9HMDDJRUDDLOXVWUDomRGDSDUWHIL[D

6(1$,63,175$1(7 
%RELQDJHPGHPRWRUPRQRIiVLFRGHIDVHDX[LOLDU

$SDUWHPyYHOpDFRSODGDDRURWRUHJLUDMXQWRFRPHOH(ODpFRPSRVWDGHXPVXSRUWH
HXPSHVRFHQWUDGRQXPHL[RJXLD2HL[RJXLDpPRQWDGRSHUSHQGLFXODUPHQWHDRHL[R
GRURWRU2SHVRGHYLGRjIRUoDFHQWUtIXJDGHVOL]DSHORHL[RJXLD2EVHUYHDEDL[RD
SDUWHPyYHO

9DPRVDJRUDYHULILFDURIXQFLRQDPHQWRGHVWHWLSRGHLQWHUUXSWRU4XDQGRRPRWRUHVWi
HPUHSRXVRRSHVRGDSDUWHPyYHOSUHVVLRQDDSDUWHPHWiOLFDHPIRUDPGHFROKHU
(VWDDomRHVWDEHOHFHXPDSRQWHHQWUHRVGRLVFRQWDWRVRERELQDGRGHDUUDQTXHILFD
FRQHFWDGRHRPRWRUHPFRQGLo}HVGHDUUDQFDU

4XDQGRDYHORFLGDGHGRPRWRUDWLQJHDSUR[LPDGDPHQWHGDYHORFLGDGHQRPLQDOR
SHVRSHODDomRGDIRUoDFHQWUtIXJDYHQFHDPRODHVHGHVORFD1HVWHPRPHQWRD
SHoDPHWiOLFDVDLHRFLUFXLWRGHDUUDQTXHVHDEUH

 6(1$,63,175$1(7
%RELQDJHPGHPRWRUPRQRIiVLFRGHIDVHDX[LOLDU

5HSDUDULQWHUUXSWRU
FHQWUtIXJR

 6ROWHRVSDUDIXVRVTXHSUHQGHPDSODFDGHFRQH[}HV

 )DoDXPHVTXHPDGDVOLJDo}HVGRVILRV

 1XPHUHRVORFDLVRQGHYmRVHULQVWDODGRVRVILRV

 &ROHHWLTXHWDVQRVILRVFRPDPHVPDQXPHUDomRGRORFDORQGHFDGDXPYDLVVHU
LQVWDODGRVHJXLQGRRHVTXHPD

2EVHUYDomR
6HIRUQHFHVViULRUHPRYDDVROGDGRVILRVQRVERUQHV

 /LPSHRLQWHUUXSWRUFRPJDVROLQDXWLOL]DQGRSDUDLVVRXPSLQFHO

2EVHUYDomR
eFRQYHQLHQWHMXQWDUjJDVROLQDXPSRXFRGHYDVHOLQDLQGXVWULDORXyOHRSDUDHYLWDU
UHVVHFDPHQWRGDVSDUWHVPyYHLV

6(1$,63,175$1(7 
%RELQDJHPGHPRWRUPRQRIiVLFRGHIDVHDX[LOLDU

 2OKHRVSODWLQDGRVHVHHVWLYHUHPFRUURtGRVUHWLILTXHRV

2EVHUYDo}HV
• 3DUDUHWLILFDUXWLOL]HOLDPSUySULDSDUDSODWLQDGRV
• $VVXSHUItFLHVGHYHPILFDUOLJHLUDPHQWHEROHDGDV

 5HJXOHDDEHUWXUDGRVSODWLQDGRVFRPRDX[tOLRGHXPDOLFDWHGHELFRDWpHVWD
DEHUWXUDDWLQJLUPP

2EVHUYDomR
3DUDYHULILFDUVHDDEHUWXUDHVWiFRPDPHGLGDFHUWDXWLOL]HXPFDOLEUDGRURXXPD
OkPLQDGHHVSHVVXUDPP

 3UHVVLRQHFRPDVPmRVYiULDVYH]HVDH[WUHPLGDGHGRSODWLQDGRPyYHOH
YHULILTXHVHDDEHUWXUDVHPDQWpP

 6(1$,63,175$1(7
%RELQDJHPGHPRWRUPRQRIiVLFRGHIDVHDX[LOLDU

 5HWLUHDPRODFRPRDX[tOLRGHXPJDQFKRGHDUDPHFRPRPRVWUDDILJXUDD
VHJXLU

5HWLUHRFRODU

2EVHUYDo}HV
• 6HRFRODUHVWLYHUSUHVRHPSXUUHRSDUDRQ~FOHRHOLPSHRHL[RFRPHVWRSD
VROYHQWH
• 6HRHL[RHVWLYHUR[LGDGROL[HRFRPOL[DILQDLPSUHJQDGDGHyOHR

6ROWHRVSDUDIXVRVTXHSUHQGHPRVXSRUWHGRGLVSRVLWLYRFHQWUtIXJR

5HWLUHRGLVSRVLWLYRFHQWUtIXJR

/DYHWRGRVRVFRPSRQHQWHVGRGLVSRVLWLYRFHQWUtIXJRFRPVROYHQWHXWLOL]DQGRR
SLQFHO

)L[HRVXSRUWHGRGLVSRVLWLYRFRPRVSDUDIXVRV

6(1$,63,175$1(7 
%RELQDJHPGHPRWRUPRQRIiVLFRGHIDVHDX[LOLDU

,QWURGX]DRFDUUHWHOQRHL[RGRPRWRU

2EVHUYDomR
$VVHJXUHVHGHTXHDVSHVWDQDVGDVPDVVDVFHQWUtIXJDVHQWUDUDPQRUHEDL[RGR
FDUUHWHO

&RORTXHDVPRODVFRPRDX[tOLRGHXPDUDPHHPIRUPDGHJDQFKR

2EVHUYDomR
6HDVPRODVHVWLYHUHPSDUWLGDVRXGLVWHQGLGDVWURTXHDVSRUPRODVQRYDV

/XEULILTXHDVSDUWHVPyYHLVFRPYDVHOLQD

3UHVVLRQHRFDUUHWHOFRPDVPmRVHYHULILTXHVHHOHGHVOL]DVXDYHPHQWH

/LJXHRVILRVQRVSRQWRVFRUUHVSRQGHQWHVjQXPHUDomRGDVHWLTXHWDV

)L[HRLQWHUUXSWRUFRPSDUDIXVRV

 6(1$,63,175$1(7
%RELQDJHPGHPRWRUPRQRIiVLFRGHIDVHDX[LOLDU

,QWURGX]DRHL[RGRURWRUQDWDPSD

3UHVVLRQHHVROWHRGLVSRVLWLYRFHQWUtIXJRHREVHUYHVHRVSODWLQDGRVHVWmRDEULQGR
HIHFKDQGRFRUUHWDPHQWH

2EVHUYDo}HV
• ,QLFLDOPHQWHRVFRQWDWRVGHYHPHVWDUIHFKDGRVDRVHSUHVVLRQDURGLVSRVLWLYR
FHQWUtIXJRRVFRQWDWRVGHYHPVHDELUTXDQGRRFDUUHWHODWLQJLUDSUR[LPDGDPHQWH
GRVHXFXUVRFRPSOHWR
• 6HRVSODWLQDGRVQmRHVWLYHUHPIHFKDQGRRXDEULQGRFRUUHWDPHQWHUHJXOHDKDVWH
GRSODWLQDGRPyYHOVHPDOWHUDUDGLVWkQFLDGHPPHQWUHHOHV

0RQWHRPRWRU

/LJXHRPRWRUjUHGH

0HoDDFRUUHQWHTXHSHUFRUUHRPRWRU

2EVHUYDomR
6HDFRUUHQWHXOWUDSDVVDURGREURGRYDORUGDFRUUHQWHGHSODFDLVWRVLJQLILFDTXHR
LQWHUUXSWRUQmRHVWiDEULQGR1HVWHFDVRYRFrGHYHUHYHURVSDVVRVSDUDGHWHFWDUD
FDXVD

6(1$,63,175$1(7 
%RELQDJHPGHPRWRUPRQRIiVLFRGHIDVHDX[LOLDU

 6(1$,63,175$1(7
%RELQDJHPGHPRWRUPRQRIiVLFRGHIDVHDX[LOLDU

&DSDFLWRUGHDUUDQTXH

eXPGLVSRVLWLYRHOpWULFRXVDGRSDUDFLDUXPDIDVHFRPFDUDFWHUtVWLFDVGLIHUHQWHVGD
IDVHTXHHVWiDOLPHQWDQGRRHQURODPHQWRGHVHUYLoR(VWDEHOHFHVHDVVLPXPFDPSR
JLUDWyULRTXHWRUQDPDLVSRWHQWHRDUUDQTXHGRVPRWRUHVPRQRIiVLFRV9HMDXPPRWRU
PRQRIiVLFRFRPVHXFDSDFLWRULQVWDODGR

2FDSDFLWRUGHDUUDQTXHpFLOtQGULFRHSRVVXLGRLVERUQHVSDUDDVXDFRQH[mR+i
WDPEpPGXDVOkPLQDVGHDOXPtQLRLVRODGDVHQWUHVLSRUXPDRXPDLVFDPDGDVGH
SDSHO'DVOkPLQDVGHDOXPtQLRVDHPSDUDRH[WHULRUGRLVILRVTXHVmROLJDGRVDRV
ERUQHV

6(1$,63,175$1(7 
%RELQDJHPGHPRWRUPRQRIiVLFRGHIDVHDX[LOLDU

$VOkPLQDVGHDOXPtQLRHRSDSHOLVRODQWHVmRHQURODGRVHPHVSLUDOHILFDPGHQWURGH
XPUHFLSLHQWHGHPHWDORXEDTXHOLWH

&DSDFLWRUGHDUUDQTXH

2VFDSDFLWRUHVGHDUUDQTXHVmRIDEULFDGRVFRPGLYHUVRVYDORUHVGHFDSDFLWkQFLD,VWR
SDUDSRGHUHPVHUXVDGRVHPFLUFXLWRVGH&$FRPWHQV}HVGH9HGH9

9HMDDJRUDDVFRQGLo}HVGHXVRGHVWHFDSDFLWRU4XDQGRRPRWRUDOFDQoDVHX
IXQFLRQDPHQWRHPYHORFLGDGHQRPLQDORFDSDFLWRUSRGHVHUGHVOLJDGRSRLVRPRWRU
HPPDUFKDQmRQHFHVVLWDGHFDPSRJLUDWyULRDX[LOLDU

2GHVOLJDPHQWRpIHLWRSHORLQWHUUXSWRUFHQWUtIXJR6HRFDSDFLWRUHVWLYHUFRPGHIHLWR
GHYHVHUVXEVWLWXtGRSRURXWURFRPFDUDFWHUtVWLFDVLJXDLVDRRULJLQDOSDUDVHPDQWHUHP
DVFRQGLo}HVGHDUUDQTXHGRPRWRU4XDQGRQmRIRUSRVVtYHOHQFRQWUDUXPFDSDFLWRU
FRPDFDSDFLWkQFLDQHFHVViULDSRGHVHOLJDUGRLVRXPDLVFDSDFLWRUHVHPSDUDOHOR
FXMDFDSDFLWkQFLDHTXLYDOHQWHWHQKDYDORUFRUUHVSRQGHQWH

$VSUHFDXo}HVTXHGHYHPVHUREVHUYDGDVVmRDVVHJXLQWHV
• $QWHVGHFRPHoDUDWUDEDOKDUFRPRFDSDFLWRUFHUWLILTXHVHGHTXHRPRWRUHVWi
GHVOLJDGRGDOLQKD
• 'HVFDUUHJXHVHPSUHRFDSDFLWRUFRORFDQGRXPDSRQWHPHWiOLFDHQWUHVHXVERUQHV

 6(1$,63,175$1(7
%RELQDJHPGHPRWRUPRQRIiVLFRGHIDVHDX[LOLDU

3DUDVHYHULILFDUHPDVFRQGLo}HVHOpWULFDVGHXPFDSDFLWRUVmRIHLWRVRVVHJXLQWHV
WHVWHVSUiWLFRV
• 7HVWHGHFXUWRFLUFXLWRTXHFRQVLVWHHPGHVFDUUHJDUXPFDSDFLWRUOLJDQGRVHRV
ERUQHVFRPXPSHGDoRGHILRFRPLVRODomR

(PVHJXLGDOLJDVHXPFDSDFLWRUDXPDIRQWHGH&$LQWHUFDODQGRQRFLUFXLWRXP
IXVtYHOGH$SDUDWHQVmRGH9HGH$SDUDWHQVmRGH9

6HRIXVtYHOIXQGLUVHRFDSDFLWRUHVWiHPFXUWRFLUFXLWR(PVHJXLGDGHVFDUUHJDVH
QRYDPHQWHRFDSDFLWRU

6HKRXYHUXPDIRUWHFHQWHOKDRFDSDFLWRUHVWiERP

6(1$,63,175$1(7 
%RELQDJHPGHPRWRUPRQRIiVLFRGHIDVHDX[LOLDU

• 7HVWHGHFRQWDWRjPDVVDTXHFRQVLVWHHPOLJDUXPDGDVSRQWDVGHXPDOkPSDGD
GHSURYDDXPGRVERUQHVHHQFRVWDUDRXWUDSRQWDQDFDSDGRFDSDFLWRU

6HDOkPSDGDDFHQGHURFDSDFLWRUHVWiGHIHLWXRVR

9DPRVDJRUDH[DPLQDURVYDORUHVGDVFDSDFLWkQFLDVGRVFDSDFLWRUHVDVHUHPXVDGRV
(VVDVFDSDFLWkQFLDVGHSHQGHPGDSRWrQFLDGRPRWRU2EVHUYHDWDEHODDEDL[R

3RWrQFLD &DSDFLWkQFLD
FY µ)
 'HDWp
 'HDWp
 'HDWp

 'HDWp
 'HDWp
 'HDWp

$FDSDFLWkQFLDGRFDSDFLWRUWDPEpPSRGHVHUFDOFXODGDFRPDDSOLFDomRGDIyUPXOD
   ,
&=
πI 8

9DPRVLQWHUSUHWDURVVtPERORVGHVWDIyUPXOD
& VLJQLILFDDFDSDFLWkQFLDDVHUFDOFXODGD
, VLJQLILFDRYDORULQVWDQWkQHRGDFRUUHQWHGRERELQDGRGRDUUDQTXH
I VLJQLILFDDIUHTrQFLDGDFRUUHQWHHOpWULFD
8 VLJQLILFDDWHQVmRGHDOLPHQWDomRGRERELQDGRGHDUUDQTXH

 6(1$,63,175$1(7
%RELQDJHPGHPRWRUPRQRIiVLFRGHIDVHDX[LOLDU

$XQLGDGHGHPHGLGDGHFDSDFLWkQFLDpRIDUDGFXMRVtPERORp)SRUVHUVHXXVR
LPSUDWLFiYHOXVDPRVXPVXEP~OWLSORRPLFURIDUDGFXMRVtPERORpµ)

9DPRVDJRUDDFRPSDQKDUXPH[HPSORGHDSOLFDomRGDIyUPXOD

9DPRVFDOFXODUDFDSDFLWkQFLDGHXPFDSDFLWRUFRQKHFHQGRVH
• $FRUUHQWHGRERELQDGRGHDUUDQTXH $
• $IUHTrQFLDGDUHGH +]
• $WHQVmRGHDOLPHQWDomR 9

$IyUPXODp

   ,
&=
πI 8

6XEVWLWXLQGRVHDVOHWUDVSHORVVHXVYDORUHVWHPRV

   
&=
      

(IHWXDQGRDVRSHUDo}HVLQGLFDGDVREWHPRV
µ)
& µ

,VVRVLJQLILFDTXHRYDORUDSUR[LPDGRGDFDSDFLWkQFLDGRFDSDFLWRUGHYHVHUGHµ)

6(1$,63,175$1(7 
%RELQDJHPGHPRWRUPRQRIiVLFRGHIDVHDX[LOLDU

 6(1$,63,175$1(7
%RELQDJHPGHPRWRUPRQRIiVLFRGHIDVHDX[LOLDU

(QURODPHQWRXWLOL]DGRHP
PRWRUHVPRQRIiVLFRVGHIDVH
DX[LOLDU

eDTXHOHHPTXHRHQURODPHQWRSULQFLSDORFXSDGDVUDQKXUDVGRHVWDWRUHRRXWUR
WHUoRpRFXSDGRSHORHQURODPHQWRDX[LOLDU(VWHHQURODPHQWRSRGHVHUGHWUrVWLSRV
FRQFrQWULFRSURJUHVVLYRHHPFKLFRWH

1RHQURODPHQWRFRQFrQWULFRDVERELQDVGHFDGDSyORWrPXPPHVPRFHQWURH
GLIHUHQWHVSDVVRVeRHQURODPHQWRPDLVXVDGRQRVPRWRUHVPRQRIiVLFRV9HMDD
ILJXUDDEDL[R

2HQURODPHQWRSURJUHVVLYRpXPDIRUPDVLPSOLILFDGDGRVHQURODPHQWRVLPEULFDGRV
2EVHUYHRHQURODPHQWRSURJUHVVLYRDEDL[R

6(1$,63,175$1(7 
%RELQDJHPGHPRWRUPRQRIiVLFRGHIDVHDX[LOLDU

2HQURODPHQWRHPFKLFRWHpXVDGRDSHQDVTXDQGRRQ~PHURGHHVSLUDVHSHTXHQRH
RILRUHODWLYDPHQWHILQR(OHpPDLVXVDGRQDVERELQDVGRVHQURODPHQWRVDX[LOLDUHV
9HMDXPHQURODPHQWRHPFKLFRWH

4XDOTXHUXPGHVVHVWLSRVGHHQURODPHQWRSRGHVHUDSOLFDGRQXPPRWRUPRQRIiVLFR
GHIDVHDX[LOLDU(PTXDOTXHUFDVRFDGDSyORWHUiRPHVPRQ~PHURGHHVSLUDVHVHUi
XVDGRRPHVPRWLSRGHILR$HVFROKDGHXPGHVWHVWUrVHQURODPHQWRVpGHFLGLGDSHOD
PDLRUIDFLOLGDGHGHH[HFXomR

2HQURODPHQWRFRQFrQWULFRpRTXHPDLVVHSUHVWDSDUDVHUIHLWRWRWDOPHQWHiPmRe
RHVFROKLGRTXDQGRRHVSDoRHQWUHDVWDPSDVGRPRWRUpSHTXHQR

(QURODQGRVHFRPDPmRHVSLUDSRUHVSLUDQDVUDQKXUDVRHQURODPHQWRILFDPDLV
FRPSDFWR9HMDDVILJXUDVDVHJXLU

 6(1$,63,175$1(7
%RELQDJHPGHPRWRUPRQRIiVLFRGHIDVHDX[LOLDU

3RGHVHWDPEpPH[HFXWDURHQURODPHQWRFRQFrQWULFRFRPERELQDVSUpHQURODGDV
1HVWHFDVRXVDPVHPROGHVHVFDORQDGRVFRPRRVWUDDILJXUD

2HQURODPHQWRSURJUHVVLYRQmRSRGHVHUIHLWRDPmR(OHVySRGHVHUH[HFXWDGRFRP
ERELQDVSUpHQURODGDV,VWRVLJQLILFDTXHHVWHWUDEDOKRGHYHVHUIHLWRFRPERELQDGHLUD
(VVHWLSRGHHQURODPHQWRSURSRUFLRQDXPDHFRQRPLDGHWHPSRGHH[HFXomRHP
UHODomRDRVRXWURVHQURODPHQWRV(PDOJXQVFDVRVFRQVHJXHPGLIHUHQoDVGHDOJXPDV
KRUDVHPFRPSDUDomRFRPRWHPSRGHH[HFXomRSRURXWURVSURFHVVRV

2HQURODPHQWRSURJUHVVLYRDSUHVHQWDRXWUDVYDQWDJHQV
• 7RGDVDVERELQDVVmRLJXDLV
• 3URSRUFLRQDPDLRUYHQWLODomRGRVFRQGXWRUHVRTXHLPSOLFDXPDPHOKRUXWLOL]DomR
GRFREUH

&RPRGHVYDQWDJHQVSRGHPRVFLWDU
• 2FXSDXPHVSDoRPDLRU
• +iPDLRUSUREDELOLGDGHGHFXUWRFLUFXLWRHQWUHDVHVSLUDVRTXHUHTXHUXPPDLR
FXLGDGRDRVHHQFDL[DUHPRVILRVQDVUDQKXUDV
• $OLJDomRGDVERELQDVWRUQDVHPDLVGLItFLOSULQFLSDOPHQWHDUDLQLFLDQWHV

2HQURODPHQWRHPFKLFRWHQmRpDFRQVHOKiYHOQXPPRWRUTXHQHFHVVLWHXWLOL]DUXPILR
JURVVRHERELQDVFRQVWUXtGDVSRUPXLWDVHVSLUDV,VWRSRUTXHVHULDPFRQVLGHUiYHLVDV
GLILFXOGDGHVSDUDVHHQFDL[DUHPDVERELQDVQDVUDQKXUDV

4XDOTXHUTXHVHMDRWLSRGHURODPHQWRHVFROKLGRDVERELQDVGHYHPVHUFRORFDGDV
FRUUHWDPHQWHQDVUDQKXUDVSDUDIRUPDURFDPSRPDJQpWLFRGHVHMiYHO(PTXDOTXHU
FDVRpLPSRUWDQWHTXHRFHQWURGDVERELQDVGRHQURODPHQWRDX[LOLDUILTXHVREUHD
]RQDQHXWUDGRFDPSRIRUPDGRSHODVERELQDVGRHQURODPHQWRSULQFLSDO,VWRTXHUGL]HU
TXHRHQURODPHQWRDX[LOLDUILFDVHPSUHGHVORFDGRGHƒHOpWULFRVGRHQURODPHQWR
SULQFLSDO

6(1$,63,175$1(7 
%RELQDJHPGHPRWRUPRQRIiVLFRGHIDVHDX[LOLDU

2EVHUYHHVWHIDWRQDILJXUD

$QDOLVHPRVDJRUDFRPRVHID]HPRVFiOFXORVHDVOLJDo}HVQHFHVViULDVSDUDXP
HQURODPHQWRDVHULPSOLFDGRHPXPPRWRUPRQRIiVLFR3DUDLVVRYDPRVUHVROYHUXP
H[HPSORFRPXPPRWRUPRQRIiVLFRGHIDVHDX[LOLDUGHUDQKXUDVHSyORV
DSOLFDQGRVHXPHQURODPHQWRFRQFrQWULFR

&iOFXORV

D 1~PHURGHERELQDV
3DUDVHFDOFXODURQ~PHURGHERELQDVGHYHPRVOHPEUDUTXHQRHQURODPHQWR
FRQFrQWULFRFDGDERELQDRFXSDGXDVUDQKXUDV2EVHUYHQRYDPHQWHDILJXUD
DQWHULRU

3RUWDQWR

1U
1E =


1E =


1E = 

(VWHpRQ~PHURWRWDOGHERELQDV

1RHQURODPHQWRGHVHUYLoRWHPRV

  
 1E =   = =  ERELQDV
  

 6(1$,63,175$1(7
%RELQDJHPGHPRWRUPRQRIiVLFRGHIDVHDX[LOLDU

1RHQURODPHQWRDX[LOLDUWHUHPRV

  
 1E =   = =  ERELQDV
  

E 3DVVRSRODU

1U
<S =
S


<S =


<S = 

3RUWDQWRGHQWHVRXUDQKXUDVD

F 3DVVRGDERELQDPDLRU

<E = <S − 

<E =  − 

<E = 

3RUWDQWRGHQWHVRXUDQKXUDVD

G %RELQDVSRUSyORHIDVH

1E
ERE  SHI =
SI
1RHQURODPHQWRGHVHUYLoRWHUHPRV


ERE  SHI =



ERE  SHI =


ERESHI = 

6(1$,63,175$1(7 
%RELQDJHPGHPRWRUPRQRIiVLFRGHIDVHDX[LOLDU

1RHQURODPHQWRDX[LOLDUWHUHPRV


ERE  SHI =



ERE  SHI =


ERESHI = 

H *UDXVHOpWULFRVWRWDLV

*(7 = °(  S

*(7 = °(  

*(7 = °(

I *UDXVHOpWULFRVSRUUDQKXUD

*(7
*(5 =
1U

°(
*(5 =


*(5 =  °(

J 3DVVRGDIDVH

°(
<I =
*(5

°(
<I =
°(

<I = 

3RUWDQWRGHQWHVRXUDQKXUDVD

 6(1$,63,175$1(7
%RELQDJHPGHPRWRUPRQRIiVLFRGHIDVHDX[LOLDU

/LJDo}HV

1RVHQURODPHQWRVFRQFrQWULFRVORJRTXHVHWHUPLQDGHVHHQFDL[DUWRGRVRV
FRQGXWRUHVQDVUDQKXUDVDVERELQDVTXHIRUPDPFDGDSyORMiILFDPOLJDGDVHQWUHVL

5HVWDDSHQDVGLVWULEXLURVHQURODPHQWRVDUDVHIRUPDUHPRVSyORV6SyORVFRQWUiULRV
GHYHPVHVXFHGHUDOWHUQDGDPHQWH9HMDDILJXUDDEDL[R

1HVWDILJXUDVmRPRVWUDGDVDVOLJDo}HVGHXPHQURODPHQWRSULQFLSDOWRWDOPHQWHHP
VpULH2HQURODPHQWRDX[LOLDUQmRpPRVWUDGRQRGHVHQKRPDVRSURFHVVRSDUDVXD
OLJDomRHRPHVPR1RFDVRRPRWRUSHUPLWHOLJDomRDSHQDVSDUDXPYDORUGHWHQVmR

4XDQGRXPPRWRUGHYHIXQFLRQDUSDUDGRLVYDORUHVGHWHQVmRRVHQURODPHQWRVGHYHP
VHUGLYLGLGRVHPGXDVSDUWHVSDUDSHUPLWLUDVOLJDo}HVHPVpULHHHPSDUDOHOR2EVHUYH
DILJXUD

6(1$,63,175$1(7 
%RELQDJHPGHPRWRUPRQRIiVLFRGHIDVHDX[LOLDU

'HSRLVGHIHLWDVDVOLJDo}HVLQWHUQDVRHOHWULFLVWDGHYHGHL[DURVWHUPLQDLVPDUFDGRV
RXOLJDGRVjEDVHGRVWHUPLQDLV4XDQGRRHQURODPHQWRSULQFLSDOVHGHVWLQDDOLJDo}HV
HPVpULHHHPSDUDOHORpGLYLGLGRHPGXDVSDUWHV$SULPHLUDSDUWHpPDUFDGDFRPRV
Q~PHURVH$VHJXQGDSDUWHpPDUFDGDFRPQ~PHURVH2HQURODPHQWRDX[LOLDU
pPDUFDGRFRPRVQ~PHURVH9HMDDEDL[RRVHVTXHPDGHVVDVOLJDo}HV

 6(1$,63,175$1(7
%RELQDJHPGHPRWRUPRQRIiVLFRGHIDVHDX[LOLDU

0RQWDUHQURODPHQWRHP
FKLFRWH

 9HULILTXHRVODGRVGHVDtGDGDVSRQWDVGDVERELQDV

 (QFDL[HRFKLFRWHQDVUDQKXUDVGHVWLQDGDVjERELQDGHPHQRUSDVVR

2EVHUYDomR
1RH[HPSORGDILJXUDWHPRVXPHQURODPHQWRPRQRIiVLFRFRPERELQDVDX[LOLDUHVFXMRV
SDVVRVVmRDHD

 $SOLTXHXPDWRUomRQRFKLFRWH

6(1$,63,175$1(7 
%RELQDJHPGHPRWRUPRQRIiVLFRGHIDVHDX[LOLDU

 (QFDL[HRFKLFRWHQDVUDQKXUDVGHVWLQDGDVjERELQDGHPDLRUSDVVR

 5HSLWDRSDVVRDQWHULRUDWpTXHWRGDVDVUDQKXUDVILTXHPSUHHQFKLGDVFRPDV
ERELQDVUHVWDQWHV

 6(1$,63,175$1(7
%RELQDJHPGHPRWRUPRQRIiVLFRGHIDVHDX[LOLDU

)D]HUDVOLJDo}HVGR
HQURODPHQWRSULQFLSDOGHXP
PRWRUPRQRIiVLFRGH
LQGXomRFRPSyORVHSDUD
XPDVyWHQVmR

 &RORTXHHPFDGDVDtGDGHERELQDXPHVSDJXHWHGHFRPSULPHQWRDGHTXDGR

2EVHUYDo}HV
2HVSDJXHWHGHYHVHULQWURGX]LGRDWpRPHLRGDUDQKXUD

3DUDIDFLOLWDUDLGHQWLILFDomRFRORTXHRVHVSDJXHWHVGHXPDFRUQRHQURODPHQWR
SULQFLSDOHGHRXWUDFRUQRHQURODPHQWRDX[LOLDU

 /LJXHHPVpULHWRGDVDVERELQDV

6(1$,63,175$1(7 
%RELQDJHPGHPRWRUPRQRIiVLFRGHIDVHDX[LOLDU

2EVHUYDomR
1HVWHWLSRGHOLJDomRDVERELQDVVmRSHUFRUULGDVDOWHUQDGDPHQWHSRUFRUUHQWHVGH
VHQWLGRVFRQWUiULRV9HMDILJXUDDVHJXLU

 &ROHXPDHWLTXHWDFRPRQ~PHURQDSRQWDGDHQWUDGD

 &ROHXPDHWLTXHWDFRPRQ~PHURQDSRQWDGDVDtGD

 6(1$,63,175$1(7
%RELQDJHPGHPRWRUPRQRIiVLFRGHIDVHDX[LOLDU

)D]HUDVOLJDo}HVGR
HQURODPHQWRSULQFLSDOGHXP
PRWRUPRQRIiVLFRFRP
SyORVHSDUDGXDVWHQV}HV

 &RORTXHHPFDGDVDtGDGDERELQDXPHVSDJXHWHGHFRPSULPHQWRDGHTXDGR

2EVHUYDo}HV
2HVSDJXHWHGHYHVHULQWURGX]LGRDWpRPHLRGDUDQKXUD
3DUDIDFLOLWDUDLGHQWLILFDomRFRORTXHRVHVSDJXHWHVGHXPDFRUQRHQURODPHQWR
SULQFLSDOHGHRXWUDFRUQRHQURODPHQWRDX[LOLDU

 /LJXHHPVpULHDSULPHLUDHDVHJXQGDERELQDV

2EVHUYDomR
1HVWDOLJDomRRVHQWLGRGDFRUUHQWHGDVHJXQGDERELQDGHYHVHUFRQWUiULRDRVHQWLGR
GDFRUUHQWHGDSULPHLUDERELQD

 &ROHXPDHWLTXHWDFRPRQ~PHURQDSRQWDGHHQWUDGD

 &ROHXPDHWLTXHWDFRPRQ~PHURQDSRQWDGHVDtGD

6(1$,63,175$1(7 
%RELQDJHPGHPRWRUPRQRIiVLFRGHIDVHDX[LOLDU

 /LJXHHPVpULHDWHUFHLUDHDTXDUWDERELQDV

2EVHUYDomR
1HVWDOLJDomRRVHQWLGRGDFRUUHQWHQDTXDUWDERELQDGHYHVHUFRQWUiULRDRVHQWLGRGD
FRUUHQWHQDWHUFHLUDERELQD

 &ROHXPDHWLTXHWDFRPRQ~PHURQDSRQWDGDHQWUDGD

 &ROHXPDHWLTXHWDFRPRQ~PHURQDSRQWDGDVDtGD

 6(1$,63,175$1(7
%RELQDJHPGHPRWRUPRQRIiVLFRGHIDVHDX[LOLDU

)D]HUDVOLJDo}HVGR
HQURODPHQWRDX[LOLDU

 /LJXHHPVpULHWRGDVDVERELQDV

2EVHUYDomR
1HVWHWLSRGHOLJDomRDVERELQDVVmRSHUFRUULGDVDOWHUQDGDPHQWHSRUFRUUHQWHVGH
VHQWLGRVFRQWUiULRV

 &ROHXPDHWLTXHWDFRPQ~PHURQDSRQWDGDHQWUDGD

 &ROHXPDHWLTXHWDFRPRQ~PHURQDSRQWDGHVDtGD

6(1$,63,175$1(7 
%RELQDJHPGHPRWRUPRQRIiVLFRGHIDVHDX[LOLDU

 6(1$,63,175$1(7
%RELQDJHPGHPRWRUPRQRIiVLFRGHIDVHDX[LOLDU

)DVtPHWURV

6mRLQVWUXPHQWRVTXHVHUYHPSDUDPHGLUIDWRUGHSRWrQFLD2IDWRUGHSRWrQFLDpD
UD]mRHQWUHDSRWrQFLDUHDOHDSRWrQFLDDSDUHQWH

$IyUPXODp

SRWrQFLD UHDO
IDWRU GH SRWrQFLD =
SRWrQFLD DSDUHQWH

RXQDVXDIRUPDDEUHYLDGD

3
FRV ϕ =
3D

2VIDVtPHWURVSRGHPPHGLURIDWRUGHSRWrQFLDGHXPFLUFXLWRUHDWLYRLQGXWLYRRX
UHDWLYRFDSDFLWLYR

2IXQFLRQDPHQWRGRVIDVtPHWURVEDVHLDVHQRSULQFtSLRHOHWURGLQkPLFRHQWUHERELQDV
IL[DVHERELQDVFUX]DGDV

6(1$,63,175$1(7 
%RELQDJHPGHPRWRUPRQRIiVLFRGHIDVHDX[LOLDU

9HMDDEDL[RRVtPERORXVDGRSDUDVHLGHQWLILFDUXPIDVtPHWURQXPFLUFXLWR

2IDWRUGHSRWrQFLDUHSUHVHQWDDGHIDVDJHPH[LVWHQWHHQWUHDWHQVmRHDFRUUHQWHGR
FLUFXLWRORJRRIDVtPHWURQRVIRUQHFHHVVDGHIDVDJHP2EVHUYHQDILJXUDVDEDL[RXP
H[HPSORGHGHIDVDJHPQXPFLUFXLWRUHDWLYRLQGXWLYRHRXWURQXPFLUFXLWRUHDWLYR
FDSDFLWLYR

9HMDDJRUDDUHSUHVHQWDomRGDWHODGHOHLWXUDVGHXPIDVtPHWUR

2EVHUYHTXHDPHGLGDGRIDWRUGHSRWrQFLDQXPFLUFXLWRUHDWLYRFDSDFLWLYRpIHLWDGR
FHQWURSDUDDGLUHLWDHPRUGHPGHFUHVFHQWH6HRFLUFXLWRIRUUHDWLYRLQGXWLYRD
PHGLomRpIHLWDGRFHQWURSDUDDHVTXHUGDWDPEpPHPRUGHPGHFUHVFHQWH9HMD
WDPEpPTXHQDILJXUDRIDVtPHWURDSRQWDFRVϕ 

 6(1$,63,175$1(7
%RELQDJHPGHPRWRUPRQRIiVLFRGHIDVHDX[LOLDU

2VIDVtPHWURVSRGHPVHUPRQRIiVLFRVRXWULIiVLFRV9DPRVH[DPLQDUDJRUDDV
FDUDFWHUtVWLFDVGHFDGDXPGHVVHVGRLVWLSRVGHIDVtPHWURV

9HMDDEDL[RRHVTXHPDGDVOLJDo}HVLQWHUQDVGHXPIDVtPHWURPRQRIiVLFR

9DPRVLQWHUSUHWDUDILJXUD

$H$VmRERELQDVDPSHULPpWULFDVIL[DV
%H%VmRERELQDVYROWLPpWULFDVPyYHLV
/ pXPLQGXWRU
5 pXPUHVLVWRU
3 pRSRQWHLUR
( pXPDHVFDODJUDGXDGD

$VERELQDVDPSHULPpWULFDVIL[DV$H$VmROLJDGDVHPVpULHFRPRFLUFXLWR3RUWDQWR
VmRSHUFRUULGDVSHODPHVPDFRUUHQWHGRFLUFXLWR&RPRDFRUUHQWHGRFLUFXLWRp
DOWHUQDGDHODVSURGX]HPXPFDPSRPDJQpWLFRDOWHUQDGR9HMDDILJXUDDEDL[R

6(1$,63,175$1(7 
%RELQDJHPGHPRWRUPRQRIiVLFRGHIDVHDX[LOLDU

$VERELQDYROWLPpWULFDVPyYHLV%H%VmROLJDGDVHPSDUDOHORFRPRFLUFXLWR
3RUWDQWRVmRVXEPHWLGDVjPHVPDWHQVmRDSOLFDGDDRFLUFXLWR2EVHUYHDILJXUD
DEDL[R

9HMDDVHJXLURHVTXHPDGDVOLJDo}HVLQWHUQDVGHXPIDVtPHWURWULIiVLFR

9DPRVLQWHUSUHWDUDILJXUD
99H9VmRERELQDVYROWLPpWULFDVPyYHLV
$pXPDERELQDDPSHULPpWULFDIL[D
55H5VmRUHVLVWRUHVGHDPRUWHFLPHQWR
3pRSRQWHLUR
(pXPDHVFDODJUDGXDGD

 6(1$,63,175$1(7
%RELQDJHPGHPRWRUPRQRIiVLFRGHIDVHDX[LOLDU

9DPRVDJRUDDQDOLVDURIXQFLRQDPHQWRGHVVHIDVtPHWUR9HMDDILJXUDDVHJXLU

$VERELQDVYROWLPpWULFDV99H9VmRHQURODGDVQXPQ~FOHRGHIHUURHOLJDGDVHP
HVWUHODFRPUHVLVWRUHVLJXDLV(VVHVUHVLVWRUHVSRVVXHPUHVLVWrQFLDGHDOWRYDORU$
ERELQDDPSHULPpWULFDIL[D$ILFDVLWXDGDQRLQWHULRUGRQ~FOHRGHIHUUR

$RVHUHPDOLPHQWDGDVSHODWHQVmRGDUHGHDVERELQDVFULDPHPVHXLQWHULRUXP
FDPSRPDJQpWLFRURWDWLYR(QWUHRFDPSRURWDWLYRGRQ~FOHRHDERELQDDPSHULPpWULFD
RFRUUHXPGHVORFDPHQWR(VVHGHVORFDPHQWRID]FRPTXHQ~FOHRGHIHUURDUUDVWHR
SRQWHLUR3TXHHVWiDFRSODGRDRQ~FOHR2SRQWHLURSRGHGHVORFDUVHSDUDDGLUHLWDRX
SDUDDHVTXHUGDGHSHQGHQGRGRWLSRGHFLUFXLWR

0HGLo}HVHOpWULFDV

9DPRVDQDOLVDUDVHJXLUDOJXPDVFDUDFWHUtVWLFDVWpFQLFDVGHLQVWUXPHQWRVGHPHGLomR
HOpWULFD

6(1$,63,175$1(7 
%RELQDJHPGHPRWRUPRQRIiVLFRGHIDVHDX[LOLDU

9HMDDEDL[RRVDVSHFWRVH[WHUQRVGHXPIDVtPHWURGHXPZDWWtPHWURHGHXP
YDUtPHWURPHGLGRUGHYROWDPSqUHVUHDWLYRV9$5

$WDEHODDEDL[RQRVIRUQHFHGDGRVWpFQLFRVVREUHHVVHVWUrVLQVWUXPHQWRV

7HQVmRGHSURYD N9
*DPDGHIUHTrQFLD &LUFXLWRPRQRIiVLFRRX+]
&LUFXLWRWULIiVLFR+]
)RUPDGHRQGD 6HQRLGDO
&ODVVHGHH[DWLGmR 
)DWRUGHDIHULomR (QWUHH
6REUHFDUJDSHUPDQHQWH P8Q
7HQVmRHFRUUHQWHPtQLPD
GHWUDEDOKRSDUDIDVtPHWURV GH8QGH,Q
&RQVXPR :DWWtPHWURHYDUtPHWUR
• &LUFXLWRGHFRUUHQWH9$
• &LUFXLWRGHWHQVmR9$
)DVtPHWUR
• &LUFXLWRGHFRUUHQWH9$
• &LUFXLWRGHWHQVmRPRQRIiVLFR9$WULIiVLFR9$

 6(1$,63,175$1(7
%RELQDJHPGHPRWRUPRQRIiVLFRGHIDVHDX[LOLDU

9HMDDJRUDRVHVTXHPDVGDVOLJDo}HVLQWHUQDV

2EVHUYDomR
2VSyORVHHHHVmRSDUWHVDPSHULPpWULFDV2VSyORVHVmRSDUWHV
YROWLPpWULFDV

2WUDQVIRUPDGRUGHSRWHQFLDORX73VHUYHSDUDGLPLQXLUDWHQVmRDGHTXDQGRDDR
LQVWUXPHQWR9HMDDVHJXLURHVTXHPDGDOLJDomRLQWHUQDGHXP73

2WUDQVIRUPDGRUGHFRUUHQWHRX7&VHUYHSDUDGLPLQXLUDFRUUHQWHDGHTXDQGRDDR
LQVWUXPHQWR9HMDRHVTXHPDGHOLJDomRLQWHUQDGXP7&

6(1$,63,175$1(7 
%RELQDJHPGHPRWRUPRQRIiVLFRGHIDVHDX[LOLDU

$VHJXLUYRFrYDLYHUHVTXHPDVGHFRQH[mRGHIDVtPHWURVGHZDWWtPHWURVHGH
YDUtPHWURV9RFrGHYHDQDOLViORVGHWLGDPHQWHFRPRDX[tOLRGRSURIHVVRU

&LUFXLWRPRQRIiVLFR
: :DWWtPHWUR
9$5 9DUtPHWUR
&26 IDVtPHWUR

 6(1$,63,175$1(7
%RELQDJHPGHPRWRUPRQRIiVLFRGHIDVHDX[LOLDU

&LUFXLWRWULIiVLFRHTXLOLEUDGR &LUFXLWRWULIiVLFRHTXLOLEUDGR
: :DWWtPHWUR 9$5 9DUtPHWUR
&26 )DVtPHWUR

6(1$,63,175$1(7 
%RELQDJHPGHPRWRUPRQRIiVLFRGHIDVHDX[LOLDU

&LUFXLWRWULIiVLFRGHVHTXLOLEUDGR &LUFXLWRWULIiVLFRGHVHTXLOLEUDGR
: :DWWtPHWUR FRPQHXWUR
9$5 9DUtPHWUR : :DWWtPHWUR
9$5 9DUtPHWUR

 6(1$,63,175$1(7
%RELQDJHPGHPRWRUPRQRIiVLFRGHIDVHDX[LOLDU

3UHSDUDomRHERELQDJHP
GHPRWRUPRQRIiVLFR
GHIDVHDX[LOLDU

5HVXPRSDUDH[HFXomR

 'HVPRQWHRPRWRU

2SHUDomR )HUUDPHQWDVLQVWUXPHQWRV 0DWHULDLV

'HVPRQWDUPiTXLQD • ([WUDWRUSDUDSROLD • 3LQFHO
JLUDWyULD • 0DUWHORGHEROD • 6ROYHQWHSDUDJUD[D
• 7DOKDGHLUD • *UD[DSDUDURODPHQWR
• -RJRGHFKDYHGHERFD
IL[D
• -RJRGHFKDYHFDQKmR
• -RJRGHFKDYHDOOHQ
• 6DFDURODPHQWR
• 7DUXJRGHFREUH

 ,QVSHFLRQHRLQWHUUXSWRUFHQWUtIXJR

2SHUDomR )HUUDPHQWDVLQVWUXPHQWRV 0DWHULDLV

5HSDUDULQWHUUXSWRU • &KDYHGHIHQGD • 3LQFHO
FHQWUtIXJR • $OLFDWHGHELFR • 6ROYHQWHSDUDJUD[D
• /LPDSDUDSODWLQDGR • 9DVHOLQDRXyOHR
• )HUURGHVROGDU±: • OL[D
• &DOLEUDGRURXOkPLQDGH
PP

6(1$,63,175$1(7 
%RELQDJHPGHPRWRUPRQRIiVLFRGHIDVHDX[LOLDU

 'HVIDoDRVHQURODPHQWRVHDQRWHRVGDGRV

2SHUDomR )HUUDPHQWDVLQVWUXPHQWRV 0DWHULDLV

'HVID]HUERELQDGRVGH
PiTXLQDVFRPQ~FOHRV
UDQKXUDGRV
• (VWXID • )LFKDDSURSULDGD
• 9DUHWDVPHWiOLFDV • 6ROYHQWHSDUDYHUQL]
• 0DUWHOR
• /kPLQDGHVHUUD
• 7DOKDGHLUD
• (VFDODJUDGXDGD
• 0LFU{PHWURILHLUD$:*

 )DoDRLVRODPHQWRGRVFDQDLV

2SHUDomR )HUUDPHQWDVLQVWUXPHQWRV 0DWHULDLV

,VRODUURWRUHHVWDWRU
• 7HVRXUDSODQWLIRUPH
• 7HVRXUDFRPXP
• (VFDODJUDGXDGD
• 5LVFDGRU
• *DEDULWRV
• 3DSHOLVRODQWHGHPP
• 3DSHOLVRODQWHPP
• )LEUDYHUPHOKDGH¶
• &RUGRQr

 0RQWHERELQDVWLSRFKLFRWH

2SHUDomR )HUUDPHQWDVLQVWUXPHQWRV 0DWHULDLV

0RQWDUHQURODPHQWRHP • %RELQDGHLUDPDQXDOFRP • )LRPDJQpWLFR
FKLFRWH FRQWDJLUR • &RUGRQr
• 0ROGHVSDUDERELQD

 )DoDDVFRQH[}HVGRHQURODPHQWRSULQFLSDO

2SHUDomR )HUUDPHQWDVLQVWUXPHQWRV 0DWHULDLV

)D]HUDVOLJDo}HVGR • )HUURGHVROGDU±: • 6ROGDEHVW
HQURODPHQWRSULQFLSDOGH • $OLFDWHXQLYHUVDO
XPPRWRUPRQRIiVLFR • &DQLYHWH
FRPSyORVSDUDGXDV
WHQV}HV

 6(1$,63,175$1(7
%RELQDJHPGHPRWRUPRQRIiVLFRGHIDVHDX[LOLDU

 )DoDDVFRQH[}HVGRHQURODPHQWRDX[LOLDU

2SHUDomR )HUUDPHQWDVLQVWUXPHQWRV 0DWHULDLV

)D]HUDVOLJDo}HVGR • )HUURGHVROGDU±: • 6ROGDEHVW
HQURODPHQWRDX[LOLDU • $OLFDWHXQLYHUVDO
• &DQLYHWH

 $UUHPDWHRERELQDGR

2SHUDomR )HUUDPHQWDVLQVWUXPHQWRV 0DWHULDLV

$UUHPDWDUERELQDGRGH • (VSDJXHWHGHOLQKRGH
HVWDWRU PPDPP
• (VWDQKR
• &DGDUoRGHDOJRGmRGH

• 3DSHOLVRODQWHGHPP

 )DoDRWHVWHGHFXUWRFLUFXLWRHQWUHDVHVSLUDVHUHVLVWrQFLDGHLVRODPHQWR

2SHUDomR )HUUDPHQWDVLQVWUXPHQWRV
7HVWDUPDVVDHFXUWR • (OHWURtPmGHGLPHQV}HV
FLUFXLWR DSURSULDGDVWDWX
• 0HJ{KPHWUR

0RQWHRPRWRU

2SHUDomR )HUUDPHQWDVLQVWUXPHQWRV 0DWHULDLV

0RQWDUPRWRUHOpWULFR • 0DUWHORGHEROD • *UD[DSDUDURODPHQWR
• 7DUXJRGHFREUHRXODWmR • 6ROYHQWHSDUDJUD[D
• -RJRVGHFKDYHGHERFD
IL[DFDQKmRRXDOOHQ

6(1$,63,175$1(7 
%RELQDJHPGHPRWRUPRQRIiVLFRGHIDVHDX[LOLDU

 6(1$,63,175$1(7
%RELQDJHPGHPRWRUPRQRIiVLFRGHIDVHDX[LOLDU

(QVDLDUPRWRUPRQRIiVLFR

(QVDLR

 0HoDDUHVLVWrQFLDGHLVRODomR

 0HoDDVUHVLVWrQFLDVGRVERELQDGRV

 )DoDDVOLJDo}HVQHFHVViULDVSDUDRPRWRUIXQFLRQDUHP9HHP9

 0RQWHRFLUFXLWRIRUPDGRFRPRPRWRURZDWWtPHWURRIDVtPHWURRDPSHUtPHWURHR
YROWtPHWUR

 &RQILUDRFLUFXLWR

 ,QVWDOHVKXQWVQDVSDUWHVDPSHULPpWULFDVGRZDWWtPHWURGRIDVtPHWURHGR
DPSHUtPHWUR

 /LJXHRFLUFXLWRjUHGHHOpWULFD

 5HWLUHRVVKXQWV

6(1$,63,175$1(7 
%RELQDJHPGHPRWRUPRQRIiVLFRGHIDVHDX[LOLDU

 $QRWHRVYDORUHVGDSRWrQFLDVGRIDWRUGDSRWrQFLDGDFRUUHQWHGDWHQVmRHGD
YHORFLGDGHDQJXODU

'HVOLJXHRFLUFXLWR

$FRSOHRPRWRUDRIUHLRGH3URQ\

)DoDDVOLJDo}HVQHFHVViULDVSDUDRPRWRUIXQFLRQDUFRP9

&RQILUDDVOLJDo}HV

,QVWDOHVKXQWVQDVSDUWHVDPSHULPpWULFDVGRZDWWtPHWURGRIDVtPHWURHGR
DPSHUtPHWUR

/LJXHRFLUFXLWRjUHGHHOpWULFD

5HWLUHRVVKXQWV

2EVHUYDomR
6HKRXYHUQHFHVVLGDGHGHFRUULJLURVHQWLGRGDURWDomRYROWHDRSDVVR

&RORTXHDFDUJDOHQWDPHQWHDWpDFRUUHQWHGRPRWRUDWLQJLURYDORUQRPLQDO

$QRWHRVYDORUHVLQGLFDGRVQRVVHJXLQWHVLQVWUXPHQWRV
• 'LQDP{PHWUR • :DWWtPHWUR
• 9ROWtPHWUR • )DVtPHWUR
• $PSHUtPHWUR • 7DF{PHWUR

5HWLUHOHQWDPHQWHDFDUJDGRPRWRU

&DOFXOHHGRYDORUGDIRUoDOLGDQRGLQDP{PHWUR

5HSLWDRSDVVRSDUDFDGDXPGRVYDORUHVGDIRUoDFDOFXODGRVQRSDVVRDQWHULRU

'HVOLJXHRFLUFXLWR

 6(1$,63,175$1(7
%RELQDJHPGHPRWRUPRQRIiVLFRGHIDVHDX[LOLDU

([HFXomR

 0HoDDUHVLVWrQFLDGHLVRODomR

 0HoDDUHVLVWrQFLDGRVERELQDGRV

 )DoDDVOLJDo}HVQHFHVViULDVSDUDRPRWRUIXQFLRQDUHPH9

 0RQWHRFLUFXLWRFRQIRUPHRGLDJUDPD

 (QHUJL]HRPRWRUDYD]LRHPHoDDYHORFLGDGH

 )DoDDOHLWXUDGRVDSDUHOKRVHDQRWHVXDVLQGLFDo}HV

 $FRSOHRPRWRUDRIUHLR

 (QHUJL]HRPRWRDMXVWHRIUHLRSDUDDFRUUHQWHQRPLQDOHPHoDDYHORFLGDGH

 )DoDDOHLWXUDGRVDSDUHOKRVHDQRWHVXDVLQGLFDo}HV

5HSLWDRVSDVVRDFRPFRQH[mRGRPRWRUHP9

$SDUHOKRV 0DWHULDO
• 0HJ{KPHWUR • &DELQKRVFRPSLQRVEDQDQDQDV
• 3RQWHGH:KHDWVWRQH SRQWDV
• 7DF{PHWUR
• :DWWtPHWUR
• 9ROWtPHWUR$ (TXLSDPHQWRV

• $PSHUtPHWUR • &LUFXLWRFRPSURWHomRGHFXUWRFLUFXLWR

• )DVtPHWUR • )UHLRGH3URQ\

6(1$,63,175$1(7 
%RELQDJHPGHPRWRUPRQRIiVLFRGHIDVHDX[LOLDU

 6(1$,63,175$1(7
%RELQDJHPGHPRWRUPRQRIiVLFRGHIDVHDX[LOLDU

9HULILFDomR

$VVLQDOHFRPXP;DDOWHUQDWLYDFRUUHWD

 2PRWRUPRQRIiVLFRGHIDVHDX[LOLDUpXPDPiTXLQD
D   'HJUDQGHSRWrQFLDHXWLOL]DGDSDUDTXDLVTXHUILQDOLGDGHV
E   'HSHTXHQDSRWrQFLDHPDLVXWLOL]DGDHPUHVLGrQFLDV
F   'HSRWrQFLDPpGLDHXWLOL]DGDHPWRUQRV

 1XPPRWRUPRQRIiVLFRGHSRWrQFLDFYGHYHVHUXVDGRXPFDSDFLWRUGH
D   µ)
E   µ)
F   µ)
G   µ)

 $VXEVWkQFLDTXHPHOKRUVHSUHVWDjOXEULILFDomRGRVURODPHQWRVp
D   2yOHR
E   $YDVHOLQDLQGXVWULDO
F   $JUD[D
G   $EHQ]LQD

 $IXQomRGRHQURODPHQWRDX[LOLDUp
D   &ULDUXPFDPSRPDJQpWLFRFRQWUiULRDRSURGX]LGRSHORHQURODPHQWR
SULQFLSDO
E   &ULDUXPFDPSRPDJQpWLFRGRPHVPRVHQWLGRGRSURGX]LGRSHOR
HQURODPHQWRSULQFLSDO
F   $X[LOLDUDERELQDJHPGRHQURODPHQWRSULQFLSDO

6(1$,63,175$1(7 
%RELQDJHPGHPRWRUPRQRIiVLFRGHIDVHDX[LOLDU

 $IXQomRGRLQWHUUXSWRUFHQWUtIXJRp
D   &ULDUXPFDPSRPDJQpWLFRJLUDWyULR
E   'HVOLJDURHQURODPHQWRSULQFLSDO
F   'HVOLJDURHQURODPHQWRDX[LOLDU
G   'HVOLJDURPRWRU

 (VFUHYDTXDLVVmRRVWLSRVGHPDQFDLVXWLOL]DGRVFRPPDVIUHTrQFLDHPPRWRUHV
HOpWULFRV

 (VFUHYDTXDLVVmRRVWLSRVGHURODPHQWRVXWLOL]DGRVQRVPDQFDLVGRVPRWRUHV
HOpWULFRV

 &RPSOHWHRHVTXHPDGHERELQDGRGRHQURODPHQWRFRQFrQWULFRSDUDFDQDLVH
SyORV

 (VFUHYDTXDLVVmRDVSDUWHVTXHFRQVWLWXHPRIDVtPHWURWULIiVLFR

(VFUHYDTXDLVVmRRVWLSRVGHERELQDGRVXWLOL]DGRVQRVPRWRUHVPRQRIiVLFRV

8PPRWRUPRQRIiVLFRGHIDVHDX[LOLDUWHPUDQKXUDVHSyORVHSRVVXL
HQURODPHQWRFRQFrQWULFR
&DOFXOH
 RQ~PHURGHERELQDVGRHQURODPHQWRGHVHUYLoR
 RQ~PHURGHERELQDVGRHQURODPHQWRDX[LOLDU
 RSDVVRSRODU
 RSDVVRGDERELQD
 RQ~PHURGHERELQDVSRUSyORHIDVHGRHQURODPHQWRGHVHUYLoR
 RQ~PHURGHERELQDVSRUSyORHIDVHGRHQURODPHQWRDX[LOLDU
 RVJUDXVHOpWULFRVSRUUDQKXUD
 RSDVVRGDIDVH

 6(1$,63,175$1(7
%RELQDJHPGHPRWRUPRQRIiVLFRGHIDVHDX[LOLDU

([HUFtFLRV

Ω
 &RPSOHWHDWDEHODDEDL[RFRPRVYDORUHVGDVUHVLVWrQFLDVGHLVRODomRHP0Ω

7HPSDPEGH BBBBBž& 7HPSVHUYLoRž&

H 0Ω 0Ω

H 0Ω 0Ω

H 0Ω 0Ω

 &RPSOHWHDWDEHODDEDL[RFRPRVYDORUHVGDVUHVLVWrQFLDVGDVERELQDV

7HPSDPEGH BBBB ž& 7HPSVHUYLoRž&

  0Ω 0Ω

  0Ω 0Ω

  0Ω 0Ω

 &RPSOHWHDWDEHODDEDL[RFRPRVYDORUHVGDFRUUHQWHHGDYHORFLGDGHDQJXODU

6HQWLGR /LJDomR9 /LJDomR9

GD
URWDomR ( ,Q ,S Q ( ,Q ,S Q

(VTXHUGD

'LUHLWD

6(1$,63,175$1(7 
%RELQDJHPGHPRWRUPRQRIiVLFRGHIDVHDX[LOLDU

 &RPSOHWHDWDEHODDEDL[RFRPRVYDORUHVGDFRUUHQWHGDSRWrQFLDGRDWRUGH
SRWrQFLDHGDURWDomR

9DORUHVPpGLRVVFDUJD 9DORUHVFDOFXODGRV

( ,R :R FRVϕ Q 3D FRVϕ µ 3

9

 (VFUHYDFRPVXDVSUySULDVSDODYUDVSRUTXHKiGLIHUHQoDVHQWUHRVYDORUHV
PHGLGRVHRVYDORUHVFDOFXODGRV

 &DOFXOHDSRWrQFLDUHDODYHORFLGDGHDQJXODUDSRWrQFLDDSDUHQWHRIDWRUGH
SRWrQFLDHRUHQGLPHQWRSDUDFDGDXPGRVYDORUHVFRUUHVSRQGHQWHVD
HGDIRUoDHTXLYDOHQWHD

 &RPSOHWHDWDEHODDVHJXLUXWLOL]DQGRRVYDORUHVFDOFXODGRVQRLWHPDQWHULRU

&DUJD 9DORUHVPpGLRV
)UDomR
 ) ( 3 FRVϕ Q

 

 

 

 

 

 

 6(1$,63,175$1(7
%RELQDJHPGHPRWRUPRQRIiVLFRGHIDVHDX[LOLDU

&DUJD 9DORUHVPpGLRV
)UDomR
 3P 0 3D FRVϕ µ

 

 

 

 

 

 

 )DoDRJUiILFRGDYHORFLGDGHDQJXODUHPIXQomRGRFRQMXJDGR

 )DoDRJUiILFRGHIDWRUGHSRWrQFLDHPIXQomRGDSRWrQFLDPHFkQLFD

6(1$,63,175$1(7 
%RELQDJHPGHPRWRUPRQRIiVLFRGHIDVHDX[LOLDU

 6(1$,63,175$1(7


$SUHQGL]DJHP,QGXVWULDO

(OHWULFLVWDGH0DQXWHQomR
%RELQDGHLUDPDQXDO
0RQWDJHPGHIHUURGHVROGDU
3UHSDUDomRHERELQDJHPGHWUDQVIRUPDGRUPRQRIiVLFR
3RODUL]DomRHHQVDLRGHWUDQVIRUPDGRUWULIiVLFR
%RELQDJHPGHPRWRUWULIiVLFRPHLRLPEULFDGR
%RELQDJHPGHPRWRUWULIiVLFRLPEULFDGR
%RELQDJHPGHPRWRUWULIiVLFRFRPOLJDomR'DKODQGHU
%RELQDJHPGHPRWRUPRQRIiVLFRGHIDVHDX[LOLDU
%RELQDJHPGHURWRUFRPERELQDVSUpPROGDGDV
3UHSDUDomRHERELQDJHPGHURWRUXQLYHUVDO
3UHSDUDomRHERELQDJHPGHDUPDGXUDVGHPiTXLQDVFF