Você está na página 1de 157



&DPSXVGH,OKD6ROWHLUD 


352*5$0$'(3Ï6*5$'8$d­2(0(1*(1+$5,$&,9,/






/LJDo}HVHP(VWUXWXUDV0HWiOLFDV
FRPrQIDVHHPSHUItVIRUPDGRVDIULR





6e5*,2$3$5(&,'2/(66$9(5*Ë/,2






2ULHQWDGRU3URI'U5HQDWR%HUWROLQR-~QLRU

    

'LVVHUWDomRDSUHVHQWDGDj)DFXOGDGHGH(QJHQKDULD 
81(63±&DPSXVGH,OKD6ROWHLUDSDUDREWHQomR
GRWtWXORGH0HVWUHHP(QJHQKDULD&LYLO
ÈUHDGH&RQKHFLPHQWR(VWUXWXUDV



 

,OKD6ROWHLUD±63
GH]HPEUR
FICHA CATALOGRÁFICA

Elaborada pela Seção Técnica de Aquisição e Tratamento da Informação


Serviço Técnico de Biblioteca e Documentação da UNESP - Ilha Solteira.

Vergílio, Sérgio Aparecido Lessa.


V497l Ligações em estruturas metálicas com ênfase em perfis formados a frio / Sérgio
Aparecido Lessa Vergílio. -- Ilha Solteira : [s.n.], 2011
156 f. : il.

Dissertação (mestrado) – Universidade Estadual Paulista. Faculdade de Engenharia


de Ilha Solteira. Área de Conhecimento: Estruturas, 2011

Orientador: Renato Bertolino Júnior


Inclui bibliografia

1. Ligações metálicas. 2. Parafusos. 3. Solda e soldagem. 4. Perfis formados a


frio. 5. Placas (Engenharias).













$*5$'(&,0(1726

$'HXVSHODVJHQHURVDVErQomRVFRPTXHVHPSUHPHDJUDFLRX
$RV3URIHVVRUHVGR3URJUDPDGH3yVJUDGXDomRHP(QJHQKDULD&LYLOGD
81(63GH,OKD6ROWHLUDHPHVSHFLDODR3URI'U5HQDWR%HUWROLQR-~QLRUSHODRSRUWX
QLGDGHGHFUHVFLPHQWRTXHPHSURSRUFLRQDUDP
 ¬PLQKDIDPtOLDSHODFRPSUHHQVmRHDSRLR

 












































5(6802

 (VWHWUDEDOKRWUDWDGDDQiOLVHGRVWLSRVGHOLJDo}HVXVXDOPHQWHHPSUHJDGDVHP
WUHOLoDVGHFREHUWXUDFRQVWLWXtGDVSRUSHUItVGHDoRIRUPDGRVDIULR2HVFRSRGDDQiOL
VHHQJOREDVHXFRPSRUWDPHQWRHVWUXWXUDOHPRGHORVGHFiOFXOR$OpPGLVVRDSUHVHQWD
H FRPHQWD RV SURFHGLPHQWRV LQGLFDGRV QD QRUPD EUDVLOHLUD 1%5 
³'LPHQVLRQDPHQWRGHHVWUXWXUDVGHDoRFRQVWLWXtGDVSRUSHUItVIRUPDGRVDIULR´ $%17
$662&,$d­2%5$6,/(,5$'(1250$67e&1,&$6 SHOD1%5³3URMHWR
GHHVWUXWXUDVGHDoRHGHHVWUXWXUDVPLVWDVGHDoRHFRQFUHWRGHHGLItFLRV´TXDQGRUH
IHULGRVSHODSULPHLUDHWDPEpPSRUUHFRQKHFLGDVQRUPDVHVWUDQJHLUDV2VPHLRVGH
OLJDomRHVWXGDGRVVmRSDUDIXVRVHVROGDVRVHOHPHQWRVGDOLJDomRVmRDVEDUUDVFR
EUHMXQWDV FKDSDV GH JXVVHW HQWUH RXWURV $V EDUUDV SHUWHQFHQWHV jV WUHOLoDV VmR GH
SHUItV³8´RX³/´HVXDVFRPELQDo}HV&DGDWLSRGHOLJDomRGHEDUUDHVWXGDGDDSUHVHQ
WDDVUHVSHFWLYDVSODQLOKDVHOHWU{QLFDVGHFiOFXORGDVOLJDo}HVFRPDILQDOLGDGHGHVLV
WHPDWL]DUHDJLOL]DUVHXGLPHQVLRQDPHQWREHPFRPRSHUPLWLUFODUDYLVmRGHFRPRFDGD
IDWRULQWHUYHQLHQWHFRQWULEXLSDUDRGHVHPSHQKRGDOLJDomR$GLFLRQDOPHQWHIRLLQFOXtGR
HVWXGRGHSODFDVGHEDVHHFKXPEDGRUHVSDUDRVTXDLVWDPEpPIRUDPHODERUDGDVSOD
QLOKDVGHGLPHQVLRQDPHQWR

 3DODYUDVFKDYH/LJDo}HV3DUDIXVRV6ROGDV3HUItVIRUPDGRVDIULR3ODFDV

























     $%675$&7

7KLVZRUNGHDOVZLWKWKHDQDO\VLVRIFRQQHFWLRQVW\SHVFRPPRQO\XVHGLQURRI
WUXVVHVFRQVLVWLQJRIVWHHOFROGIRUPHGSURILOHV7KHVFRSHRIUHYLHZLQFOXGHVLWVVWUXF
WXUDO EHKDYLRU DQG FDOFXODWLRQ PRGHOV ,W DOVR SUHVHQWV DQG GLVFXVVHV WKH SURFHGXUHV
VSHFLILHGE\UHFRJQL]HGIRUHLJQVWDQGDUGVWKH%UD]LOLDQ6WDQGDUGIRUFROGIRUPHGVWHHO
1%5DQG1%5DVUHIHUHQFHGE\WKHILUVW7KHPHDQVRIEROWHG
DQGZHOGHGFRQQHFWLRQVDUHVWXGLHGWKHFRQQHFWLRQHOHPHQWVDUHWKHEDUVMRLQWVKHHW
LQJDQGJXVVHWSODWHVDPRQJRWKHUV7KHEDUVEHORQJLQJWRWKHWUXVVHVDUHSURILOHVRI
8RU/DQGFRPELQDWLRQVWKHUHRI(DFKHOHPHQWFRQQHFWLRQW\SHVWXGLHGLVSUHVHQWHG
LQVSUHDGVKHHWFDOFXODWLRQRIWKHFRQQHFWLRQLQRUGHUWRV\VWHPDWL]HDQGVWUHDPOLQHWKHLU
GHVLJQ$OVRDOORZVDFOHDUYLHZRIWKHYDOXHWKDWHDFKHIIHFWUHSUHVHQWVDQGLQWHUYHQLQJ
IDFWRUVLQWKHSHUIRUPDQFHRIWKHFRQQHFWLRQ)XUWKHUPRUHDUHLQFOXGHGWKHDQDO\VLVRI
EDVHSODWHVDQGDQFKRUEROWVWKDWVSUHDGVKHHWVDUHPDGHIRUZLFK

.H\ZRUGV&RQQHFWLRQV%ROWV:HOGV&ROGIRUPHGSURILOHV3ODWHV



 






























/,67$'(),*85$6


)LJXUD ([HPSORVGHOLJDo}HVIOH[tYHLV  
)LJXUD 5HSUHVHQWDomRGRFRPSRUWDPHQWRGHOLJDomRUtJLGD 
)LJXUD ([HPSORVGHOLJDo}HVUtJLGDV 
)LJXUD 3yUWLFRWUDQVYHUVDOWtSLFR 
)LJXUD 1yGHWUHOLoDFRPSRVWRSRUEDQ]RGLDJRQDOHPRQWDQWHGHSHUILO8 
 IRUPDGRDIULRSDUDIXVDGRVHPFKDSDVGHJXVVHWVROGDGDVODWH
 UDOPHQWHDRVEDQ]RV 
)LJXUD 1yGHWUHOLoDFRPSRVWRSRUEDQ]RGLDJRQDOHPRQWDQWHGHSHUILO8
 IRUPDGRDIULRSDUDIXVDGRVHPFKDSDVGHJXVVHWVROGDGDVVREUH
 DVIODQJHVGREDQ]R 
)LJXUD 1yGHWUHOLoDFRPSRVWRSRUEDQ]RGHSHUILO³8´IRUPDGRDIULRFRP
 GLDJRQDOHPRQWDQWHGHSHUILOGXSOR/´SDUDIXVDGRVHPFKDSDVGH
 JXVVHWVROGDGDVODWHUDOPHQWHDRVEDQ]RV  
)LJXUD 1yGHWUHOLoDFRPSRVWRSRUEDQ]RGHSHUILO³8´IRUPDGRDIULRFRP
 GLDJRQDOHPRQWDQWHGHSHUILOGXSOR/´SDUDIXVDGRVHPFKDSDVGH
JXVVHWVROGDGDVVREUHDVIODQJHVGREDQ]R  
)LJXUD 1yGHWUHOLoDFRPSRVWRSRUEDQ]RVGLDJRQDLVHPRQWDQWHVGHSHUItO
 GXSOR/  
)LJXUD1yGHWUHOLoDFRPSRVWRSRUEDQ]RHGLDJRQDLVHP³/VLPSOHV´  
)LJXUD (PHQGDGHEDQ]RVFRPFREUHMXQWDV ³WDODV´ SDUDIXVDGDV  
)LJXUD ([WUHPLGDGHVGHWUHOLoD  
)LJXUD 1yGHWUHOLoD%DQ]RVGLDJRQDLVHPRQWDQWHVHP8FRPFKDSDGH
 JXVVHW  
)LJXUD 1yGHWUHOLoD%DQ]RVGHSHUILO³8´GLDJRQDLVHPRQWDQWHVHP³8´
 FRPFKDSDGHJXVVHW  
)LJXUD 1yGHWUHOLoD%DQ]RV'LDJRQDLVHPRQWDQWHVGHSHUILO³/´FRP
FKDSDGHJXVVHW  
)LJXUD 1yVGHWUHOLoDFRQVWLWXtGRVSRUOLJDo}HVGHGLDJRQDLVHPRQWDQWHV
 VROGDGRVGLUHWDPHQWHDREDQ]R  
)LJXUD 5HSUHVHQWDomRGHOLJDomRSRUPHLRGHVROGDHPHPHQGDVGH
 EDQ]RV[FROXQDHSLODU[SODFDGHEDVH  
)LJXUD ([HPSORGHUXSWXUDSRUUDVJDPHQWRIXURERUGD  
)LJXUD 5HSUHVHQWDomRGHUXSWXUDSRUHVPDJDPHQWRGRIXUR  
)LJXUD &RPSDUDomRHQWUHUXSWXUDVGHSDUDIXVRVRFDVLRQDGDVSRUWRUTXH
 H[FHVVLYRHSRUWUDomRGLUHWD  
)LJXUD 5HSUHVHQWDomRGHUXSWXUDSRUFLVDOKDPHQWRGRSDUDIXVR  



)LJXUD &RODSVRSRUUDVJDPHQWRGDSDUWHFRQHFWDGD  


)LJXUD (YROXomRGHUXSWXUDGHVHomROtTXLGDGHOLJDomRSDUDIXVDGD  
)LJXUD 'HWHUPLQDomRGRFRHILFLHQWH&WHPOLJDo}HVFRPXP~QLFRSDUDIXVR 
)LJXUD/LJDomRSDUDIXVDGDHPSHUItV  
)LJXUD ,OXVWUDomRGRFDVRGHSHUItO8FRQHFWDGRSRUSDUDIXVRVQDVPHVDV  
)LJXUD 6ROGDGHILOHWHHPVXSHUItFLHVSODQDV  
)LJXUD 6ROGDGHILOHWHHPVXSHUItFLHVFXUYDV  
)LJXUD *UDQGH]DVSDUDRFiOFXORGH&W  
)LJXUD*UXSRGHVROGDVVREFDUUHJDPHQWRH[FrQWULFRPpWRGRGRFHQWUR
 LQVWDQWkQHRGHURWDomR  
)LJXUD ([HPSORGHOLJDomRGHSHUILO/FRPDQiOLVHSHORPpWRGRYHWRULDO
 HOiVWLFR  
)LJXUD 0RGHORGHFKDSDGHJXVVHWHPSUHJDGRSRU:KLWPRUH  
)LJXUD 'LVSHUVmRGDVWHQV}HVQRUPDLVSDUDREWHQomRGDVHomRHIHWLYD  
)LJXUD 'LVWULEXLomRGDVWHQV}HVQRUPDLVQDVHomRFUtWLFD&&GDILJ  
)LJXUD 9DORUHVGRFRHILFLHQWHGHFRPSULPHQWRHIHWLYR.SDUDFKDSDV
 VXEPHWLGDVjFRPSUHVVmR  
)LJXUD 'LVWkQFLDV³/J´DVHUHPFRQVLGHUDGDVSDUDHYLWDULQVWDELOLGDGHSRU  
FRPSUHVVmRGDFKDSD  
)LJXUD )ODPEDJHPGHFKDSDGHJXVVHWHPRGHORGHFiOFXOR  
)LJXUD &KDSDSODQDFRPIRUoDGHWUDomRWUDQVPLWLGDSRUVROGDORQJLWXGLQDO  
)LJXUD ([HPSORVGHUDVJDPHQWRGHEORFRHPOLJDo}HVVROGDGDHSDUDIXVDGD 
)LJXUD *HRPHWULDGHFKDSDGHEDVH  
)LJXUD 3ODFDGHEDVHVXMHLWDjIOH[RFRPSUHVVmRFRPJUDQGH
 H[FHQWULFLGDGH   
)LJXUD 3ODFDVXMHLWDjIOH[RWUDomRFRPSHTXHQDH[FHWULFLGDGH  
)LJXUD 3ODFDGHEDVHVXEPHWLGDjIOH[RWUDomRFRPJUDQGHH[FHQWULFLGDGH 
)LJXUD ([HPSORVGHFKXPEDGRUHVPROGDGRVLQORFR  
)LJXUD ([HPSORVGHFKXPEDGRUHVSyVLQVWDODGRV  
)LJXUD ³&RQH´GHFRQFUHWRFRPSOHWRHPUXSWXUDSRUWUDomR  
)LJXUD 0RGRVGHIDOKDGHFKXPEDGRUHV  
)LJXUD &iOFXORGH$1R D HiUHDVSURMHWDGDVSDUDFKXPEDGRULVRODGR
 HJUXSRVGHFKXPEDGRUHVFRPFiOFXORGH$1 E   
)LJXUD -XVWLILFDWLYDSDUDOLPLWDomRGHKHIDQRPi[LPRFPD[  
)LJXUD 'HILQLomRGHH¶1SDUDJUXSRGHFKXPEDGRUHV  
)LJXUD ,PSOHPHQWDomRGHDUUXHODSDUDDXPHQWDUDVXSHUItFLHGHUXSWXUD  
)LJXUD 0RGRVGHUXSWXUDGHFRQHGHFRQFUHWRVREIRUoDFRUWDQWHHP
 FKXPEDGRUHV  



)LJXUD 'HILQLomRGDGLPHQVmRH¶Y ([WUDtGRGH$&,   


)LJXUD 3HGHVWDOGHVXSRUWHGHSLODUPHWiOLFR  
)LJXUD $UPDGXUDDRUHGRUGDFDEHoDGRVFKXPEDGRUHVSDUDHYLWDUUXSWXUD
 ODWHUDOGRFRQFUHWR  
)LJXUD 'LPHQV}HVDVHUHPFRQVLGHUDGDVSDUDGHWHUPLQDomRGRWUDQVSDVVH
 QHFHVViULR   
)LJXUD %LHODVGHFRQFUHWRVXMHLWDVjFRPSUHVVmRHHVWULERVWUDFLRQDGRV
 SDUDWUDQVIHUrQFLDGHIRUoDVFRUWDQWHVDSDUWLUGRVFKXPEDGRUHV  
)LJXUD 0RGHORELHODWLUDQWHVHPJUDPSRV   
)LJXUD 'LUHo}HVDOWHUQDGDVGRJDQFKRVHJUDPSRVQDVGXDVFDPDGDV
 VXSHULRUHVGHHVWULERV   
)LJXUD 9DULiYHLVGLPHQVLRQDLVHIRUoDSDUDFiOFXORGHOLJDomRGHSHUILO³/´
 SDUDIXVDGR  
)LJXUD 5HSURGXomRGDDED³1RWDV´GDSODQLOKDGHGLPHQVLRQDPHQWRGH
 OLJDo}HVSDUDIXVDGDVGHSHUILO³/´IRUPDGRDIULR  
)LJXUD ([HPSORGHSODQLOKDSDUDGLPHQVLRQDPHQWRGHOLJDomRGHSHUILO³/´
 SDUDIXVDGR  
)LJXUD 9DULiYHLVGLPHQVLRQDLVHIRUoDVSDUDFiOFXORGHOLJDomRGHSHUILO³8´
 SDUDIXVDGRSHODVIODQJHV  
)LJXUD ([HPSORGHSODQLOKDSDUDGLPHQVLRQDPHQWRGHOLJDomRGHSHUILO³8´
 SDUDIXVDGR  
)LJXUD 9DULiYHLVGLPHQVLRQDLVSDUDFiOFXORGHOLJDomRGHSHUILO³8´SDUDIX
 VDGRSHODVIODQJHV  
)LJXUD 5HSURGXomRGDDED³1RWDV´GDSODQLOKDGHGLPHQVLRQDPHQWRGH
 OLJDo}HVSDUDIXVDGDVGHSHUILO³8HQULMHFLGR´IRUPDGRDIULR  
)LJXUD ([HPSORGHSODQLOKDSDUDGLPHQVLRQDPHQWRGHOLJDomRGHSHUILO³8 
 HQULMHFLGR´SDUDIXVDGR  
)LJXUD 9DULiYHLVGLPHQVLRQDLVSDUDFiOFXORGHHPHQGDGHSHUILO³8´
 SDUDIXVDGR  
)LJXUD3ODQLOKDSDUDGLPHQVLRQDPHQWRGHHPHQGDVGHSHUItV³8´SDUDIXVD
 GRVSHODVIODQJHV  
)LJXUD 3ODQLOKDSDUDGLPHQVLRQDPHQWRGHOLJDomRVROGDGDGHSHUItO³/´
 IRUPDGRDIULR  
)LJXUD 5HSURGXomRGDDED³1RWDV´GDSODQLOKDGHFiOFXORGHOLJDomRGH
 SHUILO³/´VROGDGR  
)LJXUD 3ODQLOKDSDUDGLPHQVLRQDPHQWRGHOLJDomRVROGDGDGHSHUItO³8´
 IRUPDGRDIULR  
)LJXUD 3ODQLOKDSDUDGLPHQVLRQDPHQWRGHOLJDomRVROGDGDGHSHUItO³8H´
 IRUPDGRDIULR  
)LJXUD 3ODQLOKDGHFiOFXORGHSODFDGHEDVHGHSLODUVXMHLWRjIOH[R
 FRPSUHVVmR  
)LJXUD 3ODQLOKDGHFiOFXORGHSODFDGHEDVHGHSLODUVXMHLWRjIOH[RWUDomR  



)LJXUD 3ODQLOKDGHFiOFXORGHFKXPEDGRULVRODGRFRPFDEHoD  


  
)LJXUD 3ODQLOKDGHGLPHQVLRQDPHQWRGHFKXPEDGRULVRODGRFRPJDQFKR  
)LJXUD 3ODQLOKDGHGLPHQVLRQDPHQWRGHFKXPEDGRUHVFRPFDEHoD  
)LJXUD 3ODQLOKDGHGLPHQVLRQDPHQWRGHFKXPEDGRUHVFRPJDQFKR  
)LJXUD 3ODQLOKDGHGLPHQVLRQDPHQWRGHFKXPEDGRUHVFRPFDEHoD  
)LJXUD3ODQLOKDGHGLPHQVLRQDPHQWRGHFKXPEDGRUHVFRPJDQFKR  
)LJXUD3ODQLOKDGHGLPHQVLRQDPHQWRGHFKXPEDGRUHVFRPFDEHoD±
 DQFRUDJHPSRUWUDQVSDVVH  
)LJXUD3ODQLOKDGHGLPHQVLRQDPHQWRGHFKXPEDGRUHVFRPJDQFKRV± 
 DQFRUDJHPSRUWUDQVSDVVH  




























/,67$'(6Ë0%2/26

/(75$6520$1$60$,Ò6&8/$6

$ iUHDEUXWDGDVHomRWUDQVYHUVDOGDEDUUD
 iUHDHVWDEHOHFLGDSDUDFiOFXORGHHQULMHFHGRUHVWUDQVYHUVDLV
$HI iUHDHIHWLYDGDVHomRWUDQVYHUVDOGDEDUUD
$JY iUHDEUXWDVXMHLWDDFLVDOKDPHQWRQDYHULILFDomRGRFRODSVRSRUUDVJDPHQWR
$Q iUHDOtTXLGDGDVHomRWUDQVYHUVDOGDEDUUDQDUHJLmRGDOLJDomR
$Q iUHDOtTXLGDGDVHomRWUDQVYHUVDOGDEDUUDIRUDGDUHJLmRGDOLJDomR
$QW iUHDOtTXLGDVXMHLWDjWUDomRQDYHULILFDomRGRFRODSVRSRUUDVJDPHQWR
$QY iUHDOtTXLGDVXMHLWDDFLVDOKDPHQWRQDYHULILFDomRGRFRODSVRSRUUDVJDPHQWR
$E iUHDEUXWDGDVHomRWUDQVYHUVDOGRSDUDIXVR
$V iUHDGDVHomRWUDQVYHUVDOGRHQULMHFHGRUGHDOPD
&W FRHILFLHQWHGHUHGXomRXVDGRQRFiOFXORGDiUHDOtTXLGDHIHWLYD
' ODUJXUDQRPLQDOGRHQULMHFHGRUGHERUGD
( PyGXORGHHODVWLFLGDGHGRDoRDGRWDGRLJXDOD03D
) IRUoDYDORUGHDomRHPJHUDO
)5G IRUoDUHVLVWHQWHGHFiOFXORHPJHUDO
)6G IRUoDVROLFLWDQWHGHFiOFXORHPJHUDO
* PyGXORGHHODVWLFLGDGHWUDQVYHUVDODGRWDGRLJXDOD03D
05G PRPHQWRIOHWRUUHVLVWHQWHGHFiOFXOR
06G PRPHQWRIOHWRUVROLFLWDQWHGHFiOFXOR
1F5GIRUoDD[LDOGHFRPSUHVVmRUHVLVWHQWHGHFiOFXOR
1F6G IRUoDD[LDOGHFRPSUHVVmRVROLFLWDQWHGHFiOFXOR
5G YDORUGHFiOFXORGRVHVIRUoRVUHVLVWHQWHVHPJHUDO
6G YDORUGHFiOFXORGRVHVIRUoRVVROLFLWDQWHVHPJHUDO
95G IRUoDFRUWDQWHUHVLVWHQWHGHFiOFXOR
96G IRUoDFRUWDQWHVROLFLWDQWHGHFiOFXOR
: PyGXORGHUHVLVWrQFLDHOiVWLFRGDVHomREUXWDHPUHODomRjILEUDH[WUHPDTXHD
 WLQJHRHVFRDPHQWR








/(75$6520$1$60,1Ò6&8/$6

E ODUJXUDGRHOHPHQWRpDGLPHQVmRSODQDGRHOHPHQWRVHPLQFOXLUGREUDV
EI ODUJXUDQRPLQDOGDPHVD
G ODUJXUDGRHQULMHFHGRUGHERUGD
H GLVWkQFLDQDGLUHomRGDIRUoDGRFHQWURGRIXURSDGUmRjERUGDPDLVSUy[LPDGR
 IXURDGMDFHQWHRXjH[WUHPLGDGHGRHOHPHQWRFRQHFWDGR
HHGLVWkQFLDVGRFHQWURGRVIXURVGHH[WUHPLGDGHjVUHVSHFWLYDVERUGDVQDGLUHomR
 SHUSHQGLFXODUjVROLFLWDomR
IX UHVLVWrQFLDjUXSWXUDGRDoRQDWUDomR
IXE UHVLVWrQFLDjUXSWXUDGRSDUDIXVRQDWUDomR
IZ UHVLVWrQFLDjUXSWXUDGDVROGD
I\ UHVLVWrQFLDDRHVFRDPHQWRGRDoR
J HVSDoDPHQWRGRVSDUDIXVRVQDGLUHomRSHUSHQGLFXODUjVROLFLWDomR
 GLVWkQFLDHQWUHRVSDUDIXVRVRXVROGDVQDGLUHomRSHUSHQGLFXODUDRHL[RGDEDUUD
K ODUJXUDGDDOPD DOWXUDGDSDUWHSODQDGDDOPD 
V HVSDoDPHQWRGRVSDUDIXVRVQDGLUHomRGDVROLFLWDomR
W HVSHVVXUDGDFKDSDRXGRHOHPHQWR
 PHQRUHVSHVVXUDGDSDUWHFRQHFWDGD
WHI GLPHQVmRHIHWLYD JDUJDQWDHIHWLYD GDVROGDGHSHQHWUDomRRXGHILOHWH

ZZSHUQDVGRILOHWHGHVROGDHPVXSHUItFLHVSODQDV

[ GLVWkQFLDGRFHQWURGHWRUomRDRFHQWUyLGHQDGLUHomRGRHL[R[

\ GLVWkQFLDGRFHQWURGHWRUomRDRFHQWUyLGHQDGLUHomRGRHL[R\

/(75$6*5(*$60,1Ò6&8/$6

DH FRHILFLHQWH HPSUHJDGR QR FiOFXOR GD IRUoD UHVLVWHQWH DR HVPDJDPHQWR HP OLJD
 o}HVSDUDIXVDGDV

J FRHILFLHQWHGHSRQGHUDomRGDVDo}HVRXGDVUHVLVWrQFLDVHPJHUDO

V WHQVmR1RUPDOHPJHUDO

\ IDWRUGHUHGXomRGDVDo}HVIDWRUGHFRPELQDomRGHDo}HV

2XWUDV1RWDo}HV$VLPERORJLDGHELEOLRJUDILDH1RUPDVHVWUDQJHLUDVHVWmRLQGLFDGDV
QRFRUSRGRWH[WR





680È5,2
 ,1752'8d­2 
 2%-(7,926(-867,),&$7,9$ 
 5(9,6­2'267,326'(/,*$d®(6868$,6 
 *(1(5$/,'$'(6 
 5(6,67Ç1&,$0Ë1,0$'$6/,*$d®(6 
 %$55$6&20/,*$d®(6)/(;Ë9(,6 
 %$55$6&20/,*$d®(65Ë*,'$6 
 %$55$6&20/,*$d®(66(0,5Ë*,'$6 
 /,*$d®(67Ë3,&$6'(75(/,d$6 1Ï6((0(1'$6  
 /,*$d®(63250(,2'(3$5$)8626 
 %DQ]RVGLDJRQDLVHPRQWDQWHVGHSHUILO³8´FKDSDVGH*XVVHW
 VROGDGDVODWHUDOPHQWHDREDQ]R 
 %DQ]RVGLDJRQDLVHPRQWDQWHVGHSHUILO³8´FKDSDVGH*XVVHW
 VROGDGDVVREUHDVIODQJHVGREDQ]R 
 %DQ]RVGHSHUILO³8´GLDJRQDLVHPRQWDQWHVGHSHUILO³GXSOR/´
 FKDSDVGH*XVVHWVROGDGDVODWHUDOPHQWHDREDQ]R 
 %DQ]RVGHSHUILO³8´GLDJRQDLVHPRQWDQWHVGHSHUILO³GXSOR/´
 FKDSDVGH*XVVHWVROGDGDVVREUHDVIODQJHVGREDQ]R 
 %DQ]RVGLDJRQDLVHPRQWDQWHVGHSHUILO³GXSOR/´FKDSDGH
 *XVVHWSDUDIXVDGDRXVROGDGDDREDQ]R 
 %DQ]RVGLDJRQDLVHPRQWDQWHVGHSHUILO³/VLPSOHV´FKDSDGH
 *XVVHWVROGDGDDREDQ]R 
 (PHQGDVGHEDQ]RV 
 ([WUHPLGDGHGDWUHOLoD 
 /,*$d®(63250(,2'(62/'$6 
 %DQ]RVGLDJRQDLVHPRQWDQWHVGHSHUILO³8´FKDSDVGH*XVVHW
 VROGDGDVDREDQ]R 
 %DQ]RVGHSHUILO³8´GLDJRQDLVHPRQWDQWHVGHSHUILO³GXSOR/´
 FKDSDVGH*XVVHWVROGDGDVDREDQ]R 
 %DQ]RVGLDJRQDLVHPRQWDQWHVGHSHUILO³/´VLPSOHVRXGXSOR
 FRPFKDSDGH*XVVHWVROGDGRVDREDQ]R 
 'LDJRQDLVHPRQWDQWHVFRQVWLWXtGRVSRUSHUItV³/´RX³8´
 VROGDGRVGLUHWDPHQWHDRVEDQ]RV ³8´ VHPFKDSDGH*XVVHW 
 (PHQGDVGHEDQ]RVOLJDo}HVGHWHVRXUD[SLODUOLJDo}HVGH
 SLODU[SODFDGHEDVHFRPVROGD 
 (67$'26/,0,7(6'$6/,*$d®(6 
 /,*$d®(6'(%$55$63250(,2'(3$5$)8626 
 /,*$d®(6'(%$55$63250(,2'(62/'$ 
 (VWDGRVOLPLWHVXVXDLV 
 (IHLWRVGHJUXSRGHVROGDV 
 &+$3$6'(*866(7 
 3/$&$6'(%$6('(3,/$5(6 
 3ODFDVGHEDVHVXEPHWLGDVjIOH[RFRPSUHVVmR 
 3ODFDVGHEDVHVXEPHWLGDVjIOH[RWUDomR 
 &+80%$'25(6 
 &RQVLGHUDo}HV 
 &RQFHLWRVHSUHPLVVDV 



 3URFHGLPHQWRVGHFiOFXORSDUDHVIRUoRVGHWUDomR 


 3URFHGLPHQWRVGHFiOFXORSDUDHVIRUoRVFRUWDQWHV 
 ,QWHUDomRHQWUHHVIRUoRVGHWUDomRHGHFRUWDQWHV 
 'LVWkQFLDVFKXPEDGRUERUGDHVSDoDPHQWRVHVSHVVXUDVPtQLPDV 
 'LPHQVLRQDPHQWRGHFKXPEDGRUHVWUDFLRQDGRVDQFRUDJHPSRU
 WUDQVSDVVHFRPDDUPDGXUDGRFRQFUHWR 
 'LPHQVLRQDPHQWRGHDUPDGXUDWUDQVYHUVDOSDUDWUDQVIHUrQFLDGH
 IRUoDVFRUWDQWHVGHFKXPEDGRUHV 
3/$1,/+$6(/(75Ð1,&$63$5$',0(16,21$0(172'(/,*$d®(6 
 /,*$d­23$5$)86$'$'(3(5),/³/´)250$'2$)5,2 
 3UHPLVVDVEiVLFDV 
 ,QWURGXomRGRVGDGRVHUHVXOWDGRV 
 /,*$d­23$5$)86$'$'(3(5),/³8´)250$'2$)5,2 
 3UHPLVVDVEiVLFDV 
 ,QWURGXomRGRVGDGRVHUHVXOWDGRV 
 /,*$d­23$5$)86$'$'(3(5),/³8(15,-(&,'2´)250$'2
 $)5,2 
 3UHPLVVDVEiVLFDV 
 ,QWURGXomRGRVGDGRVHUHVXOWDGRV 
 /,*$d­23$5$)86$'$'((0(1'$'(3(5)Ë6³8´)250$'26
$)5,2 
 3UHPLVVDVEiVLFDV 
 ,QWURGXomRGRVGDGRVHUHVXOWDGRV 
 /,*$d­262/'$'$'(3(5),/³/´)250$'2$)5,2 
 3UHPLVVDVEiVLFDVGHFiOFXOR 
 ,QWURGXomRGRVGDGRVHUHVXOWDGRV 
 /,*$d­262/'$'$'(3(5),/³8´)250$'2$)5,2 
3UHPLVVDVEiVLFDVGHFiOFXOR 
 ,QWURGXomRGRVGDGRVHUHVXOWDGRV 
 /,*$d­262/'$'$'(3(5),/³8(15,-(&,'2´)250$'2$)5,2 
 3UHPLVVDVEiVLFDVGHFiOFXOR 
 ,QWURGXomRGRVGDGRVHUHVXOWDGRV 
 3/$&$'(%$6('(3,/$5(6 
 ',0(16,21$0(172'(&+80%$'25(6 
 &216,'(5$d®(6),1$,6 
 /,*$d®(63$5$)86$'$6'(3(5)Ë6³/´³8´H³8HQULMHFLGRV´ 
 /,*$d®(662/'$'$6'(3(5)Ë6³/´³8´H³8HQULMHFLGRV´ 
 3/$&$6'(%$6( 
 &+80%$'25(6 
 &+$3$6'(*866(7 
5()(5Ç1&,$6 
$3Ç1',&($7UHOLoDVFRPSRVWDVSRUSHUItV/VLPSOHV 



ϭϰ


,1752'8d­2


 (PHGLItFLRVLQGXVWULDLVWtSLFRV JDOS}HV DVOLJDo}HVUHVSRQGHPSRUPHQRVGH
GRFRQVXPRGHDoRHPHVPRDVVLPUHSUHVHQWDPDSUR[LPDGDPHQWHGRFXV
WRWRWDOVHJXQGR7KH6WHHO&RQVWUXFWLRQDO,QVWLWXWH%ULWLVK&RQVWUXFWLRQDO6WHHOZRUN$V
VRFLDWLRQ/WG 6&,%6&$ LQ³-RLQWVLQ6WHHO&RQVWUXFWLRQ±6LPSOH&RQQHFWLRQ´  

 1DDQiOLVHHVWUXWXUDOGLDJUDPDVXQLILODUHVUHSUHVHQWDPYLJDVHSLODUHVHQTXDQWR
DUWLFXODo}HVDSRLRVIL[RVHHQJDVWDPHQWRVFDUDFWHUL]DPDVOLJDo}HV(QWUHWDQWRHVWUX
WXUDVUHDLVVmRFRPSRVWDVGHEDUUDVYLJDVSLODUHVHWFWRGRVXQLGRVSRUFKDSDVFDQ
WRQHLUDVRXRXWURSHUILOSDUDIXVRVHRXVROGDV

 ,QYHVWLJDo}HV GH FRODSVRVHVWUXWXUDLVIUHTXHQWHPHQWH GHPRQVWUDP TXH DV OLJD
o}HV RX GHWDOKHV  HP YH] GH EDUUDV  IRUDP D RULJHP RX FDXVD GR FRODSVR *$
</25'&*$</25'(67$//0(<(5 

 7RUQDVH QHFHVViULR FRQKHFHU R FRPSRUWDPHQWR H D GLVWULEXLomR GRV HVIRUoRV
QDVOLJDo}HVSDUDTXHRVPRGHORVPDWHPiWLFRVHPSUHJDGRVQRSURMHWRHGLPHQVLRQD
PHQWRGDVPHVPDVVHMDPRPDLVSUy[LPRSRVVtYHOGDHVWUXWXUDUHDO'RPHVPRPR
GRpGHJUDQGHLPSRUWkQFLDDGLVSRQLELOLGDGHGHIHUUDPHQWDVGHFiOFXORTXHDJLOL]HP
HVWDDQiOLVH































ϭϱ


2%-(7,926(-867,),&$7,9$


 (VWHWUDEDOKRYLVDDSUHVHQWDUPHWRGRORJLDHLQVWUXPHQWRSDUDDQiOLVHSUiWLFDGRV
WLSRVGHOLJDo}HVPDLVXVXDLVGHHOHPHQWRVHVWUXWXUDLVGHDoRIRUPDGRVDIULRHPHGLIt
FLRVFRPHUFLDLVHLQGXVWULDLV3DUDHVWDVILQDOLGDGHVVmRSURSRVWDVSODQLOKDVGHFiOFXOR
SDUD YHULILFDomRGLPHQVLRQDPHQWR GHVWDV OLJDo}HV ± DOJXPDV GDV TXDLV VmR FRPXQV
WDQWRDSHUItVIRUPDGRVDIULRTXDQWRDODPLQDGRVRXVROGDGRV
 $DXWRPDWL]DomRGHFiOFXORVDWUDYpVGHSODQLOKDVHOHWU{QLFDVDOLDGDjDSUHVHQWD
omRGRVGLVSRVLWLYRVGHQRUPDTXHGHYHPVHUDWHQGLGRVEXVFDVLPSOLILFDUHDJLOL]DUD
DQiOLVH$RPHVPRWHPSRSHUPLWHYLVLELOLGDGHHFRQWUROHGRVSDUkPHWURVTXHLQIOXHP
QRGLPHQVLRQDPHQWRGDVOLJDo}HV
 3UHWHQGHVH FRP HVWH HQIRTXH DX[LOLDU RV SURILVVLRQDLV H SHVTXLVDGRUHV GHVWH
DVVXQWRQDFRPSUHHQVmRSRQGHUDomRHREWHQomRGHUHVXOWDGRVQRSURMHWRGHOLJDo}HV
 3DUDVHFRQVHJXLUHILFLrQFLDHHFRQRPLDQRSURMHWRGHOLJDo}HVHVWDVGHYHPVHU
GHIiFLOGHWDOKDPHQWRIDEULFDomRHPRQWDJHPHQmRQHFHVVDULDPHQWHVHUHPOHYHV

 2SURMHWRGDVOLJDo}HVpPXLWDVYH]HVGHL[DGRSRUFRQWDGRIDEULFDQWHGDHVWUX
WXUDHVHXSURMHWLVWDQHPVHPSUHWHPFRQGLo}HVGHGHGLFDUDDWHQomRTXHHVWDVUHTXH
UHP
 &RQGLFLRQDPHQWR GH WHPSR H SULRULGDGH GHVWLQDGD DRXWURVDVVXQWRV WHQGHP D
LQLELUXPWUDWDPHQWRDGHTXDGRGRSURMHWRGHOLJDo}HV
 $OpP GDV GLILFXOGDGHV DFLPD PHQFLRQDGDV VRPDVH R IDWR GH QR %UDVLO VHUHP
SRXFDVDVSXEOLFDo}HVQDFLRQDLVGHGLFDGDVH[FOXVLYDPHQWHjVOLJDo}HVGDVHVWUXWXUDV
PHWiOLFDV

























ϭϲ


5(9,6­2'267,326'(/,*$d®(6868$,6


*(1(5$/,'$'(6


 $1%5 3URMHWRGHHVWUXWXUDVGHDoRHGHHVWUXWXUDVPLVWDVGHDoRH
FRQFUHWRGHHGLItFLRV QRtWHPGHILQHTXH³DVOLJDo}HVPHWiOLFDVFRQVLVWHPHP
HOHPHQWRVGHOLJDomRFRPRHQULMHFHGRUHVFKDSDVGHOLJDomRFDQWRQHLUDVHFRQVRORV
HPHLRVGHOLJDomRFRPRVROGDVSDUDIXVRVEDUUDVUHGRQGDVURVTXHDGDVHSLQRV´(V
WDEHOHFHDLQGDTXHHVVHVFRPSRQHQWHVGHYHPVHUGLPHQVLRQDGRVGHIRUPDTXHVXD
UHVLVWrQFLDGHFiOFXORQRVHVWDGRVOLPLWHVDSOLFiYHLVVHMDVHPSUHPDLRURXLJXDOjVVR
OLFLWDo}HVGHFiOFXORGHWHUPLQDGDV

3HODDQiOLVHGDHVWUXWXUDVXMHLWDjVFRPELQDo}HVGHFiOFXORGDVDo}HVFRQIRUPHR
tWHPGHVWDQRUPD

±&RPRXPDSRUFHQWDJHPHVSHFLILFDGDGDUHVLVWrQFLDGDEDUUDOLJDGD(PDOJXPDV
VLWXDo}HVHVSHFtILFDVRGLPHQVLRQDPHQWRSRGHWDPEpPWHUFRPREDVHXPHVWDGROLPL
WHGHVHUYLoR


5(6,67Ç1&,$0Ë1,0$'$6/,*$d®(6

 1R TXH VH UHIHUH jV OLJDo}HV DV QRUPDV EUDVLOHLUDV HVWDEHOHFHP YDORUHV PtQL
PRV SDUD D UHVLVWrQFLD GDV PHVPDV VHMD HP YDORUHV DEVROXWRV  N1 QD GLUHomR H
VHQWLGR GD IRUoD DWXDQWH QD EDUUD FRQHFWDGD  1%5  tWHP   VHMD UHODWLYR
GDFDSDFLGDGHUHVLVWHQWHD[LDOGDEDUUD1%5H1%5'LPHQ
VLRQDPHQWRGHHVWUXWXUDVGHDoRFRQVWLWXtGDVSRUSHUILVIRUPDGRVDIULR $OpPGLVVR
DV OLJDo}HV GHYHUmR VHU FDOFXODGDV SDUD VXSRUWDU WRGDV DV FRPELQDo}HV GH FiOFXOR D
TXHHVWmRVXMHLWDV


%$55$6&20/,*$d®(6)/(;Ë9(,6

 (VWDV VmR GHILQLGDV FRPR DV OLJDo}HV TXH WUDQVPLWHP DSHQDV HVIRUoR GH FLVD
OKDPHQWRHQRUPDOWrPXPDUHVLVWrQFLDjURWDomRGHVSUH]tYHOHSRUWDQWRQmRWUDQVIH
UHP PRPHQWRV VLJQLILFDWLYRV QRV (VWDGRV /LPLWHV ÒOWLPRV (VWD GHILQLomR GHWHUPLQD R
FiOFXORJOREDOHVWUXWXUDQRTXDODVYLJDVVmRFDOFXODGDVFRPRVLPSOHVPHQWHDSRLDGDV
RVHQFRQWURVGHEDUUDVGHWUHOLoDVVmRFRQVLGHUDGRVOLYUHVjURWDomRHTXDQGRVHWUDWDU
GH EDVH GH SLODUHV VmR FDOFXODGDV SDUD RV HVIRUoRV D[LDO H WUDQVYHUVDO DWXDQWHV 1R
HQWDQWRQDSUiWLFDDVOLJDo}HVGHYHPWHUXPJUDXGHIL[DomRRTXDOHPERUDQmROHYD
GRHPFRQWDQRFiOFXORpQRUPDOPHQWHVXILFLHQWHSDUDSHUPLWLUDPRQWDJHPVHPDQH
FHVVLGDGHGHFRQWUDYHQWDPHQWRVWHPSRUiULRV

 $VIRUPDVDSUHVHQWDGDVQDILJXUDVmRFRQVLGHUDGDVFRPROLJDomRGRWLSRIOH
[tYHO RX³VLPSOHV´ 
'XSODFDQWRQHLUDGHDOPD HPH[WUHPLGDGHVGHYLJDV 
3ODFDVGHH[WUHPLGDGHIOH[tYHLV
&KDSDVGH1y RXJXVVHW 
/LJDomRGHEDUUDVGHWUHOLoDXQLGDVGLUHWDPHQWHXPDVjVRXWUDV

ϭϳ


)LJXUD([HPSORVGHOLJDo}HVIOH[tYHLV











D 'XSODFDQWRQHLUDGHDOPDE 3ODFDGHH[WUHPLGDGHQDODWHUDOGDDOPD














F 3ODFDGHH[WUHPLGDGHQRWRSRGDDOPD









G &KDSDVGH*XVVHW







H (QFRQWURVGHEDUUDVGHWUHOLoDXQLGDVGLUHWDPHQWHXPDVjVRXWUDV

)RQWH)LJXUDVDEHF,QVWLWXWR%UDVLOHLURGH6LGHUXUJLD  )LJXUDVGHH6WHHO&RQVWUXFWL
RQDO,QVWLWXWH  


ϭϴ


%$55$6&20/,*$d®(65Ë*,'$6

 1D DQiOLVH HOiVWLFD D 1%5  QR tWHP  HVWDEHOHFH TXH XPD OLJDomR
YLJDSLODUSRGHVHUFRQVLGHUDGDURWXODGDVH6L”(,Y /Y HSRGHVHUFRQVLGHUDGDUt
JLGDVH6L•(,Y /Y 1HVWDIRUPXODomR6LpDULJLGH]GDOLJDomRFRUUHVSRQGHQWH
jGRPRPHQWRUHVLVWHQWHGHFiOFXORGDOLJDomRVLPSOLILFDGDPHQWHGHQRPLQDGDGH
ULJLGH]LQLFLDOH,YH/YVmRRPRPHQWRGHLQpUFLDGDVHomRWUDQVYHUVDOQRSODQRGDHV
WUXWXUDHRFRPSULPHQWRGDYLJDFRQHFWDGDjOLJDomRUHVSHFWLYDPHQWH

 $ULJLGH]6LSRGHVHUGHWHUPLQDGDGHDFRUGRFRPR(XURFRGH'HVLJQRI
VWHHOVWUXFWXUHV3DUW*HQHUDO±'HVLJQRIMRLQWVRXFRPEDVHHPUHVXOWDGRVH[SH
ULPHQWDLV

 1DVHTXrQFLDGRtWHPVmRHVWDEHOHFLGDVDVFRQGLo}HVGDDSOLFDELOLGDGH
GDVFRQVLGHUDo}HVGHULJLGH]

 2PpWRGRLQGLFDGR±GHVFULWRQR(XURFRGH3DUWQRtWHP5RWDWLRQDO6WLI
IHQHVVpWUDEDOKRVRHVyVHWRUQDSUiWLFRVHDSOLFDGRDWUDYpVGHVRIWZDUHDSURSULDGR
(QWUHWDQWRD1%5QRtWHPSHUPLWHTXHDFULWpULRGRUHVSRQViYHOWpFQLFR
SHORSURMHWRDVOLJDo}HVXVXDLVWUDGLFLRQDOPHQWHFRQVLGHUDGDVFRPRURWXODGDVRXUtJL
GDVSRGHPVHUVLPXODGDVFRPHVVHVWLSRVGHYLQFXODomRQDDQiOLVHHVWUXWXUDO

 $HVSHFLILFDomR$,6&±$PHULFDQ,QVWLWXWHRI6WHHO&RQVWUXFWLRQ6SHFLIL
FDWLRQIRUVWUXFWXUDOVWHHOEXLOGLQJVDSHQDVFLWDQDSDUWH&±*(1(5$/67$%,/,7<
5(48,5(0(176  TXH D HVWDELOLGDGH GDV HVWUXWXUDV H HOHPHQWRV LQGLYLGXDLV GHYHP
VHUFRQVLGHUDGRVVRESRQWRGHYLVWDGDHVWUXWXUDJOREDOLQFOXLQGRQmRDSHQDVHOHPHQ
WRVFRPSULPLGRVPDVWDPEpPYLJDVHVWUXWXUDVGHFRQWUDYHQWRVHOLJDo}HV

$ HVSHFLILFDomR SDUD SHUItV IRUPDGRV D IULR QRUWHDPHULFDQD $PHULFDQ ,URQ DQG
6WHHO,QVWLWXWH$,6, HDEUDVLOHLUD 1%5 QmRHVWDEHOHFHPOLPLWHVSDUDRVYDOR
UHVGDULJLGH]GDVOLJDo}HVSDUDTXHVHMDFRQVLGHUDGDURWXODGDRXHQJDVWDGD±RXDLQ
GDVHPLUtJLGD

 3DUDDVOLJDo}HVUtJLGDVQRSUHVHQWHWUDEDOKRVyVHUiDERUGDGRRFDVRGHEDVHV
GHSLODUHVPHWiOLFRV$VILJXUDVHLOXVWUDPVLWXDo}HVHPTXHDVOLJDo}HVVmRFRQVL
GHUDGDVFRPRUtJLGDV

)LJXUD±5HSUHVHQWDomRGRFRPSRUWDPHQWRGHOLJDomRUtJLGD












)RQWH,QVWLWXWR%UDVLOHLURGH6LGHUXUJLD  



ϭϵ


)LJXUD([HPSORVGHOLJDo}HVUtJLGDV






&KDSDIODQJHGHYLJD

SDUDIXVDGDHPSLODU





 9LJDFRPOLJDomRUtJLGD
 SRUFKDSDGHH[WUHPLGD
 GHSDUDIXVDGDDRSLODU


 9LJDFRPOLJDomRUtJLGDSRU
 PHLRGHVROGDQRSLODU




 (PHQGDVSRUFKDSDVFR
 EUHMXQWDVSDUDIXVDGDV





&KDSDGHEDVHGHSLODU



)RQWH6WHHO&RQVWUXFWLRQDO,QVWLWXWH  


%$55$6&20/,*$d®(66(0,5Ë*,'$6
 
 2HPSUHJRGHOLJDo}HVFRPHVWHWLSRGHOLJDomRLPSOLFDQDQHFHVVLGDGHGHDQi
OLVHGDFDSDFLGDGHURWDFLRQDOGDPHVPDRQGHDVOLJDo}HVGRVHOHPHQWRVVmRPRGHOD
GDV FRPR PRODV URWDFLRQDLV SDUD DQiOLVH HOiVWLFD &RQIRUPH PHQFLRQDGR QR tWHP
DQWHULRUD1%5SHUPLWHRSURFHGLPHQWRLQGLFDGRQR(XURFRGH3DUWRXFRP
EDVHHPUHVXOWDGRVH[SHULPHQWDLV

 (VWHWLSRGHFRQH[mRQmRpDERUGDGRQRSUHVHQWHWUDEDOKR






ϮϬ



/,*$d®(67Ë3,&$6'(75(/,d$6 1Ï6((0(1'$6 


 3DUDVHDOFDQoDUHFRQRPLDQRSURMHWRGHHVWUXWXUDVPHWiOLFDVGHVGHDFRQFHS
omRLQLFLDOpLPSRUWDQWHSODQHMDURVWLSRVGHOLJDo}HVTXHVHUmRHPSUHJDGRV(PVH
WUDWDQGRGHWUHOLoDVLVWRpHVVHQFLDO&RQIRUPHMiIRLPHQFLRQDGRXPDOWRSHUFHQWXDO
GRFXVWRVHGHYHjVOLJDo}HV±HSRGHVHUXPHTXtYRFRHVFROKHUHOHPHQWRV EDUUDV 
TXHVHMDPHILFLHQWHVLVRODGDPHQWHVHHVWDVQmRSHUPLWLUHPOLJDo}HVHILFLHQWHVHHFR
Q{PLFDV
 
 %DVHDGRQHVWHFRQFHLWRDSUHVHQWDVHDVHJXLUWLSRVGHOLJDo}HVDPSODPHQWH
XWLOL]DGRVHPWUHOLoDVOHYHVVHJXLGRGHFRPHQWiULRVHGRVDVSHFWRVUHODWLYRVDRVHX
HPSUHJR

 1DILJXUDpDSUHVHQWDGRXPSyUWLFRWUDQVYHUVDOFRPLQGLFDo}HVGHSRVLo}HV
GHOLJDo}HVWtSLFDV

D 1yGDWUHOLoDXQLmRGHGLDJRQDOPRQWDQWHHEDQ]R±LQIHULRURXVXSHULRU

E (PHQGDGHEDQ]RDSOLFDVHWDQWRSDUDRLQIHULRUFRPRSDUDRVXSHULRU

F ([WUHPLGDGHVGREDQ]RVXSHULRU FDQWRV KiSRVVLELOLGDGHGHRFRUUHUQHVWDSRVLomR
GXDVVLWXDo}HVGLVWLQWDVDSULPHLUDQRFDVRGDWHVRXUDVHUDSRLDGDVREUHSLODU SRVLomR
³G´ HDVHJXQGDQRFDVRGDWHVRXUDVHUHQJDVWDGDQDSLODU QHVWHFDVRRSLODUVHHVWHQ
GHGDSRVLomR³H´DWpDSRVLomR³F´ 

G ([WUHPLGDGHVGREDQ]RLQIHULRUGRPHVPRPRGRTXHQRtWHPDQWHULRUDVGXDVVL
WXDo}HVSRGHPRFRUUHU

H %DVHGRSLODU/LJDomRDRDSRLR1HVWHWUDEDOKRVHUiHVWXGDGDHVWHWLSRGHOLJDomR
SRUHQJDVWH OLJDomRUtJLGD HPSLODUHVFRQVWLWXtGRVGHSHUILO³,´

 1RFDVRGRSyUWLFRGDILJXUDDVOLJDo}HVGDWUHOLoDVHUmRGLYLGLGDVHPGRLV
JUXSRVDVOLJDo}HVSRUPHLRGHSDUDIXVRVHDVOLJDo}HVSRUPHLRGHVROGD

 3DUD FDGD JUXSR VHUmR DQDOLVDGDV OLJDo}HV SDUD EDUUDV FRQVWLWXtGDV GH SHUItV
IRUPDGRVDIULR³8´HSDUDSHUItV³/´















Ϯϭ


)LJXUD3yUWLFRWUDQVYHUVDOO WtSLFR



















DXWRU
)RQWH3URGXomRGRSUySULRD


/,*$d®(63250(,2 2'(3$5$)8626

 $VHJXLUVmRDSUHVHQQWDGRVRVWLSRVPDLVFRPXQVGHOLJDo}HV VHPSUHJDGRVHP
QyVSDUDIXVDGRVGHWUHOLoDVVFRPSHUItVIRUPDGRVDIULR


%DQ]RV'LDJRQDLVHPRQWDQWHVGHSHUILO³8´&KDSDVGH*XVV VHW
VROGDGDVODWHUDOPHQWWHDREDQ]R

 $SUHVHQWDVHQDILJX
XUDDOLJDomRWtSLFDHQWUHRVEDQ]RVGLD
DJRQDLVHPRQWDQWHV
GHXPDWHVRXUD

)LJXUD1yGHWUHOLoDFRPS
SRVWRSRUEDQ]RGLDJRQDOHPRQWDQWHGHSH
HUILO8IRUPDGRDIULR
SDUDIXVDGRVHPFKDSDVGHJX XVVHWVROGDGDVODWHUDOPHQWHDRVEDQ]RV















DXWRU
)RQWH3URGXomRGRSUySULRD

ϮϮ


±$63(&726326,7,926

D 3HUPLWHH[HFXomRGHWUHOLoDVFRPJUDQGHVGLPHQV}HV±FRPRpRFDVRGHFREHUWX
UDV FRP JUDQGH GHFOLYLGDGH HRX FXMDV WUHOLoDV GHYHP WHU FRUGD LQIHULRU SODQD HP Qt
YHO 2VHOHPHQWRVSRGHPVHUWUDQVSRUWDGRVGHVPRQWDGRVHIDFLOPHQWHPRQWDGRVHP
REUD±RTXHpLQYLiYHOQHVWHFDVRSDUDFRQH[mRVROGDGD

E 3RVVLELOLWDERDSURWHomRFRQWUDFRUURVmRSULQFLSDOPHQWHVHDVVROGDVGDVFKDSDVGH
JXVVHWIRUHPFRPSOHWDV'HVVHPRGRQmRUHVWDPQLFKRVQRSURFHVVRGHSUHSDUR±OL
[DPHQWRGHVHQJUD[HMDWHDPHQWRHWF±HDSLQWXUDRXJDOYDQL]DomRVmRFRPSOHWDV

F &RQIHUHjWUHOLoDJUDQGHULJLGH]ODWHUDORIHUHFLGDSHORVSHUItV8QHVWDSRVLomR

G 6ROXomRHVWHWLFDPHQWHDJUDGiYHO

H $GPLWHRHPSUHJRGHSHUItVSDGURQL]DGRVWDQWRSDUDRVEDQ]RVTXDQWRSDUDRWUHOL
oDPHQWR PHVPDGLPHQVmREZ 

±$63(&7261(*$7,926

D ([LJHIDEULFDomRFXLGDGRVDGHYHVHJDUDQWLURDOLQKDPHQWRGRVIXURVGDVGXDVFKD
SDVLGrQWLFDVHPFDGDQy

E 7RUQDVHQHFHVViULRYLDGHUHJUDSUpPRQWDJHPGHSHORPHQRVXPDWUHOLoDGHFD
GDWLSRHPIiEULFDSDUDVHJDUDQWLUDMXVWHDGHTXDGR

F  ,PSRVVLELOLWD TXH D IXUDomR GDV GLDJRQDLV H PRQWDQWHV VHMDP IHLWRV SRU SXQFLRQD
PHQWRH[LJLQGRWUDEDOKRGHSHUIXUDomRURWDWLYD PDLVWUDEDOKRVD 

G *UDQGHFRQVXPRGHSDUDIXVRVYLVWRTXHDVFKDSDVGHJXVVHWVmRVHSDUDGDV

H 5HTXHUFRQVLGHUiYHOPmRGHREUDGHIDEULFDomRGHFRUUHQWHGRHPSUHJRGHFKDSDV
GHJXVVHWGXSODV



















Ϯϯ


%DQ]RVGLDJRQDLVHPRQWDQWHVGHSHUILO³8´FKDSDVGH 
*XVVHWVROGDGDVVREUHDVIODQJHVGREDQ]R

 $SUHVHQWDVHQDILJXUDDOLJDomRWtSLFDHQWUHRVEDQ]RVGLDJRQDLVHPRQWDQWHV
GHXPDWHVRXUD

)LJXUD1yGHWUHOLoDFRPSRVWRSRUEDQ]RGLDJRQDOHPRQWDQWHGHSHUILO8IRUPDGRDIULR
 SDUDIXVDGRVHPFKDSDVGHJXVVHWVROGDGDVVREUHDVIODQJHVGREDQ]R


















)RQWH3URGXomRGRSUySULRDXWRU


±$63(&726326,7,926

D 3HUPLWHH[HFXomRGHWUHOLoDVFRPJUDQGHVGLPHQV}HV±FRPRpRFDVRGHFREHUWX
UDV FRP JUDQGH GHFOLYLGDGH HRX FXMDV WUHOLoDV GHYHP WHU FRUGD LQIHULRU SODQD HP Qt
YHO 2VHOHPHQWRVSRGHPVHUWUDQVSRUWDGRVGHVPRQWDGRVHIDFLOPHQWHPRQWDGRVHP
REUD±RTXHpLQYLiYHOQHVWHFDVRSDUDFRQH[mRVROGDGD
E 3RVVLELOLWDERDSURWHomRFRQWUDFRUURVmRYLVWRTXHQmRKiQLFKRVGHVVHPRGRSLQ
WXUDRXJDOYDQL]DomRVmRFRPSOHWDV
F &RQIHUHjWUHOLoDJUDQGHULJLGH]ODWHUDORIHUHFLGDSHORVSHUItV8QHVWDSRVLomR
G 6ROXomRHVWHWLFDPHQWHDJUDGiYHO
H 5HTXHUSRXFRWUDEDOKRGHVROGDMiTXHDVFKDSDVGHJXVVHWVyUHFHEHPXPFRUGmR
HPFDGDXPD VROGDGHSHQHWUDomR $OpPGLVVRDVFKDSDVSRGHPVHUEHPPHQRUHV
TXHQRFDVRDQWHULRU
±$63(&7261(*$7,926

D ([LJHIDEULFDomRFXLGDGRVDGHYHVHJDUDQWLURDOLQKDPHQWRGRVIXURVGDVGXDVFKD
SDVJrPHDVHPFDGDQy
E 7RUQDVHQHFHVViULRYLDGHUHJUDSUpPRQWDJHPGHSHORPHQRVXPDWUHOLoDGHFD
GDWLSRHPIiEULFDSDUDVHJDUDQWLUDMXVWHDGHTXDGR


Ϯϰ


F  ,PSRVVLELOLWD TXH D IXUDoomR GDV GLDJRQDLV H PRQWDQWHV VHMDP IHLWRV


I SRU SXQFLRQD
PHQWRH[LJLQGRWUDEDOKRGH HSHUIXUDomRURWDWLYD PDLVWUDEDOKRVD 

G *UDQGHFRQVXPRGHSDUD DIXVRVYLVWRTXHDVFKDSDVGHJXVVHWVmRVHSDUDGDV

H 5HTXHUFRQVLGHUiYHOPm mRGHREUDGHIDEULFDomRGHFRUUHQWHGR HPSUHJRGHFKDSDV
GHJXVVHWGXSODV

I 5HTXHUHPSUHJRGHSHUIItVQmRSDGURQL]DGRVSDUDEDQ]RVRXGLD DJRQDLVHPRQWDQWHV
YLVWR TXH SDUDHVWHVGRLV ~OWLPRV GHYH KDYHU GHVFRQWR GD HVSHVVXUD GDV FKDSDV GH
JXVVHWRXGREDQ]RSDUDGH HWHUPLQDUDODUJXUD³EZ´


%DQ]RVGHSHUILO³8´GLDJRQDLVHPRQWDQWHVGHSHUILO³GXSOR
/´FKDSDVGH*XVVHWVROGDGDVODWHUDOPHQWHDREDQ]R

 1DILJXUDpDSUHVHQWDGRDOLJDomRFRPEDQ]RVHPSHUILO³8´´GLDJRQDLVHPRQ
WDQWHVHP³GXSOR/´SDUDIXVVDGRVHPFKDSDVGHJXVVHWODWHUDLV

)LJXUD1yGHWUHOLoDFRPSSRVWRSRUEDQ]RGHSHUILO³8´IRUPDGRDIULRFR
RPGLDJRQDOHPRQ
WDQWHGHSHUILOGXSOR/´SDUDIIXVDGRVHPFKDSDVGHJXVVHWVROGDGDVODWHUUDOPHQWHDRVEDQ]RV















DXWRU
)RQWH3URGXomRGRSUySULRD

±$63(&726326,7,926 6

D 3HUPLWHH[HFXomRGHWUH HOLoDVFRPJUDQGHVGLPHQV}HV±FRPRp pRFDVRGHFREHUWX
UDV FRP JUDQGH GHFOLYLGDGH HRX FXMDV WUHOLoDV GHYHP WHU FRUGD LQ
QIHULRU SODQD HP Qt
YHO   2V HOHPHQWRV SRGHP
P VHU WUDQVSRUWDGRV GHVPRQWDGRV IDFLOP PHQWH PRQWDGRV HP
REUD±RTXHpLQYLiYHOQHVVWHFDVRSDUDFRQH[mRVROGDGD

E 3RVVLELOLWDERDSURWHomRRFRQWUDFRUURVmRSULQFLSDOPHQWHVHDVVR ROGDVGDVFKDSDVGH
JXVVHWIRUHPFRPSOHWDV'H HVVHPRGRQmRUHVWDPQLFKRVQRSURFH HVVRGHSUHSDUR±OL
[DPHQWRGHVHQJUD[HMDWHD DPHQWRHWF±HDSLQWXUDRXJDOYDQL]DomR RVmRFRPSOHWDV

F &RQIHUHjWUHOLoDJUDQGHULJLGH]ODWHUDORIHUHFLGDSHORVSHUItV8Q QHVWDSRVLomR



Ϯϱ


G  $GPLWH R HPSUHJRGH JUDQGH YDULHGDGHGH SHUItV ³/´ QDV GLDJRQDLV HPRQWDQJHV 


SDUDGLIHUHQWHVSRVLo}HVSRGHPWHUDEDVHRXHVSHVVXUDVGLIHUHQWHVRXPHVPRVHUHP
GHSHUItVODPLQDGRV
H  'HSHQGHQGR GDV GLPHQV}HV ODUJXUD GDV DEDV  DV GLDJRQDLV H PRQWDQWHV SRGHP
WHURVIXURVSXQFLRQDGRV PDLRUSURGXWLYLGDGH 

±$63(&7261(*$7,926

D ([LJHIDEULFDomRFXLGDGRVDGHYHVHJDUDQWLURDOLQKDPHQWRGRVIXURVGDVGXDVFKD
SDVJrPHDVHPFDGDQy
E 7RUQDVHQHFHVViULRYLDGHUHJUDSUpPRQWDJHPGHSHORPHQRVXPDWUHOLoDGHFD
GDWLSRHPIiEULFDSDUDVHJDUDQWLUDMXVWHDGHTXDGR
F  ([LJH FDVR R GLPHQVLRQDPHQWR GDV GLDJRQDLV H PRQWDQWHV VHMD IHLWR FRPR ³SHUItV
FRQMXJDGRV´ TXH VHMDP VROGDGDV FKDSDV GH SUHVLOKDV   DFUHVFHQWDQGR PDWHULDO H
FRQVLGHUiYHOPmRGHREUD
G *UDQGHFRQVXPRGHSDUDIXVRVYLVWRTXHDVFKDSDVGHJXVVHWVmRVHSDUDGDV
H 5HTXHUFRQVLGHUiYHOPmRGHREUDGHIDEULFDomRGHFRUUHQWHGRHPSUHJRGHFKDSDV
GHJXVVHWGXSODV

%DQ]RVGHSHUILO³8´GLDJRQDLVHPRQWDQWHVGHSHUILO³GXSOR 
/´FKDSDVGH*XVVHWVROGDGDVVREUHDVIODQJHVGREDQ]R

 $SUHVHQWDVHQDILJXUDRWLSRGHOLJDomRFRPGLDJRQDLVSDUDIXVDGDVHPFKD
SDVGHJXVVHWVROGDGDVVREUHREDQ]RGHSHUILO³8´

)LJXUD1yGHWUHOLoDFRPSRVWRSRUEDQ]RGHSHUILO³8´IRUPDGRDIULRFRPGLDJRQDOHPRQ
WDQWHGHSHUILOGXSOR/´SDUDIXVDGRVHPFKDSDVGHJXVVHWVROGDGDVVREUHDVIODQJHVGREDQ
]R












)RQWH3URGXomRGRSUySULRDXWRU
 
ϭ
ƐŶŽƌŵĂƐĚĂEd;EZϭϰϳϲϮĞEZϴϴϬϬͿ͕ĂƐƐŝŵĐŽŵŽĂ/^/Ğ/^͕ŶĆŽĂďƌĂŶŐĞŵĞƐƚĞƚŝƉŽĚĞĐŽŵƉŽƐŝĕĆŽ
ĚĞƉĞƌĨşƐ͘ĂƐŽŽĚŝŵĞŶƐŝŽŶĂŵĞŶƚŽƐĞũĂĨĞŝƚŽĐŽŵŽƉĞƌĨşƐŝƐŽůĂĚŽƐ͕ĂĞdžĐĞŶƚƌŝĐŝĚĂĚĞĚŽĞŝdžŽĚĞĐĂĚĂƉĞƌĨŝůĞŵƌĞůĂͲ
ĕĆŽăƐĐŚĂƉĂƐĚĞŐƵƐƐĞƚĚĞǀĞŵƐĞƌĐŽŶƐŝĚĞƌĂĚĂƐŶŽĚŝŵĞŶƐŝŽŶĂŵĞŶƚŽĚŽƐŵĞƐŵŽƐ͘EZϴϴϬϬĂƉƌĞƐĞŶƚĂŶŽşͲ
ƚĞŵ͘ϭ͘ϰ͘ϭƵŵĂĂďŽƌĚĂŐĞŵŽŶĚĞĂĞdžĐĞŶƚƌŝĐŝĚĂĚĞʹƋƵĂŶĚŽĂďĂƌƌĂĠƐƵďŵĞƚŝĚĂăĐŽŵƉƌĞƐƐĆŽ͕ƋƵĞŐĞƌĂůŵĞŶƚĞĠ
ŽĐĂƐŽŵĂŝƐĐƌşƚŝĐŽʹĠƐƵďƐƚŝƚƵşĚĂƉŽƌƵŵĐŽŵƉƌŝŵĞŶƚŽĚĞĨůĂŵďĂŐĞŵĞƋƵŝǀĂůĞŶƚĞ͘
KşƚĞŵϵ͘ϳ͘ϱĚĂEZϭϰϳϲϮĂĚŵŝƚĞŽĞŵƉƌĞŐŽĚŽƵƌŽĐŽĚĞϯWĂƌƚϭͲϭƉĂƌĂĚŝŵĞŶƐŝŽŶĂŵĞŶƚŽĚĞƉĞƌĨşƐĐŽŵƉŽƐͲ
ƚŽƐĐŽŵƉƌŝŵŝĚŽƐĐŽŵƚƌĂǀĞũĂŵĞŶƚŽƉŽƌĐŚĂƉĂƐĞŵƋƵĂĚƌŽƐ͘

Ϯϲ




± $63(&726 326,7,926   ËGHP FDVR DQWHULRU DFUHVFHQWDQGR TXH QHVWH FDVR Ki
PHQRUWUDEDOKRGHVROGDHQmRKiQLFKRVSUHMXGLFLDLVjSLQWXUDRXJDOYDQL]DomR

±$63(&7261(*$7,926ËGHPFDVRDQWHULRU

%DQ]RVGLDJRQDLVHPRQWDQWHVGHSHUILO³GXSOR/´FKDSDGH
*XVVHWSDUDIXVDGDRXVROGDGDDREDQ]R

 1DILJXUDpDSUHVHQWDGDDOLJDomRFRPEDQ]RVGLDJRQDLVHPRQWDQWHVHP
³GXSOR/´SDUDIXVDGRVHPFKDSDGHJXVVHW

)LJXUD1yGHWUHOLoDFRPSRVWRSRUEDQ]RVGLDJRQDLVHPRQWDQWHVGHSHUItO³GXSOR/´
















)RQWH3URGXomRGRSUySULRDXWRU



±$63(&726326,7,926

D 3HUPLWHH[HFXomRGHWUHOLoDVFRPJUDQGHVGLPHQV}HV±FRPRpRFDVRGHFREHUWX
UDV FRP JUDQGH GHFOLYLGDGH HRX FXMDV WUHOLoDV GHYHP WHU FRUGD LQIHULRU SODQD HP Qt
YHO   2V HOHPHQWRV SRGHP VHU WUDQVSRUWDGRV GHVPRQWDGRV IDFLOPHQWH PRQWDGRV HP
REUD±RTXHpLQYLiYHOQHVWHFDVRSDUDFRQH[mRVROGDGD
E   3RVVLELOLWD ERD SURWHomR FRQWUD FRUURVmR SULQFLSDOPHQWH VH D FKDSD GH JXVVHW IRU
SDUDIXVDGDWDPEpPDREDQ]R
F 7RGRVRVIXURV±HPSHUItVHFKDSDV±SRGHPVHUIHLWRVSRUSXQFLRQDPHQWRRTXH
HFRQRPL]DQDPmRGHREUDGHIDEULFDomR
G 8WLOL]DFKDSDVGHJXVVHWVLPSOHV±LPSOLFDQGRHPHFRQRPLDGHSDUDIXVRVHPmRGH
REUDGHIXUDomR
H $GPLWHRHPSUHJRGHSHUItVGHYDULDGDVGLPHQV}HV±WDQWRDEDVTXDQWRHVSHVVXUDV
±DRORQJRGDWUHOLoDSHUPLWLQGRHFRQRPLDGHPDWHULDO





Ϯϳ


±$63(&7261(*$7,926

D ([LJHIDEULFDomRFXLGDGRVDHWUDEDOKRVDGHYHVHJDUDQWLURDOLQKDPHQWRGRVIXURV
GHWRGRVSHUItVFRQMXJDGRV
E 7RUQDVHQHFHVViULRYLDGHUHJUDSUpPRQWDJHPGHSHORPHQRVXPDWUHOLoDGHFD
GDWLSRHPIiEULFDSDUDVHJDUDQWLUDMXVWHDGHTXDGR

F +iQHFHVVLGDGHGRHPSUHJRGHSUHVLOKDVROGDGDVRXSDUDIXVDGDV±RTXHVLJQLILFD
FRQVLGHUiYHOFRQVXPRDGLFLRQDOGHPmRGHREUD

G 5HTXHUPDLRUTXDQWLGDGHGHFRQWUDYHQWDPHQWRIRUDGRSODQRGDWUHOLoDWHQGRHPYLV
WDVXDEDL[DULJLGH]ODWHUDODOpPGHFXLGDGRVHVSHFLDLVGHPRQWDJHPGHYLGRjVXDFRQ
VLGHUiYHOIOH[LELOLGDGH


%DQ]RVGLDJRQDLVHPRQWDQWHVGHSHUILO³/VLPSOHV´FKDSDGH
*XVVHWVROGDGDDREDQ]R

 2WLSRGHOLJDomRTXHHPSUHJDEDQ]RVGLDJRQDLVHPRQWDQWHVHP³/VLPSOHV´p
PRVWUDGRQDILJXUD

)LJXUD1yGHWUHOLoDFRPSRVWRSRUEDQ]RHGLDJRQDLVHP³/VLPSOHV´














)RQWH3URGXomRGRSUySULRDXWRU

±$63(&726326,7,926

D 3HUPLWHH[HFXomRGHWUHOLoDVOHYHVHHFRQ{PLFDV
E 3RVVLELOLWDERDSURWHomRFRQWUDFRUURVmR
F 7RGRVRVIXURV±HPSHUItVHFKDSDV±SRGHPVHUIHLWRVSRUSXQFLRQDPHQWRRTXH
HFRQRPL]DQDPmRGHREUDGHIDEULFDomR
G 8WLOL]DFKDSDVGHJXVVHWHSHUItVVLPSOHV±LPSOLFDQGRHPHFRQRPLDGHSDUDIXVRVH
PmRGHREUDGHIXUDomR
H $GPLWHRHPSUHJRGHSHUItVGHYDULDGDVGLPHQV}HV±WDQWRDEDVTXDQWRHVSHVVXUDV
±DRORQJRGDWUHOLoDSHUPLWLQGRHFRQRPLDGHPDWHULDO


Ϯϴ


±$63(&7261(*$7,926

D $VGLDJRQDLVHPRQWDQWHVGHYHPVHUGLPHQVLRQDGRVOHYDQGRHPFRQWDDH[FHQWULFL
GDGHHQWUHRHL[RVGRVPHVPRVHDVFKDSDVGHJXVVHW±RTXHDXPHQWDRFRPSULPHQ
WR WHyULFR GH IODPEDJHP H FRQVHTXHQWHPHQWH D VHomR QHFHVViULD SDUD UHVLVWLU DRV
HVIRUoRVGHFiOFXOR

E *HUDOPHQWHQmRpDGHTXDGDSDUDVXSRUWDUDo}HVGHYDORUHOHYDGR±RTXHDWRUQD
YLiYHOVRPHQWHSDUDYmRVSHTXHQRVHDo}HVUHGX]LGDV

F 2EDQ]RVXSHULRU SRVLFLRQDGRHP³9´ pSURStFLRDRDF~PXORGHVXMHLUDFRPSUR
PHWHQGRWDPEpPDGXUDELOLGDGH DXPHQWDDSRVVLELOLGDGHGHFRUURVmR 

G 5HTXHUPDLRUTXDQWLGDGHGHFRQWUDYHQWDPHQWRIRUDGRSODQRGDWUHOLoDWHQGRHPYLV
WD VXD EDL[D ULJLGH] ODWHUDO ± DOpP GH FXLGDGRV HVSHFLDLV GH PRQWDJHP GHYLGR j VXD
FRQVLGHUiYHOIOH[LELOLGDGH


(PHQGDVGHEDQ]RV

 $ILJXUDLOXVWUDDOLJDomRGHHPHQGDGHEDQ]RVGHSHUILO³8´FRPFKDSDVFR
EUHMXQWDVSDUDIXVDGDV

)LJXUD±(PHQGDGHEDQ]RVFRPFREUHMXQWDV ³WDODV´ SDUDIXVDGDV















)RQWH3URGXomRGRSUySULRDXWRU
 
 2 HPSUHJR GH FREUHMXQWDV SDUDIXVDGDV FRQIHUH SUHFLVmR H DJLOLGDGH j PRQWD
JHP&RQWXGRGHYHWHUVXDORFDOL]DomRFXLGDGRVDPHQWHSODQHMDGDHPIXQomRQmRVy
GD FRQYHQLrQFLD GR WDPDQKR GDV SHoDV D VHUHP GLYLGLGDV PDV WDPEpP GRV HVIRUoRV
GHFiOFXOR$SHUGDFRQVLGHUiYHOGHVHomROtTXLGDQDUHJLmRGRVIXURVUHGX]VHQVLYHO
PHQWHDFDSDFLGDGHjWUDomRGRSHUILO

 'HSHQGHQGRGRVHVIRUoRVHGDVGLPHQV}HVGRSHUILODVFREUHMXQWDVSRGHPVHU
GXSODVRXVLPSOHV DSHQDVQRODGRH[WHUQRRXQRLQWHUQR 




Ϯϵ


([WUHPLGDGHGDWUHOLoD


 'HSHQGHQGRGRWLSRGHDSRLRHVFROKLGRSDUDDWUHOLoDKiYiULDVRSo}HVGHDU
UDQMRVHVWUXWXUDLVSDUDDSRLRGDPHVPD$ILJXUDLOXVWUDDOJXPDVSRVVLELOLGDGHV

)LJXUD±([WUHPLGDGHVGHWUHOLoD


      
 

       





            
   E (QJDVWHHPSLODUGHFRQFUHWR













D $SRLRVLPSOHVHPSLODU
GHFRQFUHWRDUPDGR
       
       F (QJDVWHHPSLODUPpWiOLFRWLSR³,´
       
)RQWH3URGXomRGRSUySULRDXWRU


 $VVLWXDo}HVPRVWUDGDVQDILJXUDIRUDPHQTXDGUDGDVQDFDWHJRULDGHOLJD
o}HVSDUDIXVDGDVYLVWRTXHRVHOHPHQWRVSULQFLSDLVFRQVWLWXLQWHVVmRXQLGRVSRUSDUD
IXVRV±HPERUDVHWHQKDHOHPHQWRVVHFXQGiULRV QHUYXUDVIODQJHV TXHVmRXQLGRV
SRUVROGD









ϯϬ


/,*$d®(63250(,2'(62/'$

 $VHJXLUVmRDSUHVHQWDGRVRVWLSRVPDLVFRPXQVGHOLJDo}HVVROGDGDVHPSUH
JDGRVHPQyVGHWUHOLoDVFRPSHUItVIRUPDGRVDIULR

%DQ]RVGLDJRQDLVHPRQWDQWHVGHSHUILO³8´FKDSDVGH*XVVHWVROGDGDVDR
 EDQ]R

 $SUHVHQWDVHQDILJXUDDOLJDomRWtSLFDHPSUHJDQGREDQ]RVHGLDJRQDLVHP
SHUILO³8´HFKDSDVGHJXVVHWVROGDGDV

)LJXUD±1yGHWUHOLoD%DQ]RVGLDJRQDLVHPRQWDQWHVHP³8´FRPFKDSDGH*XVVHW













D &KDSDGHJXVVHWVROGDGDODWHUDOPHQWHE &KDSDGHJXVVHWVROGDGDVREUHR%DQ]R

)RQWH3URGXomRGRSUySULRDXWRU


±$63(&726326,7,926

D &RQIHUHjWUHOLoDJUDQGHULJLGH]ODWHUDORIHUHFLGDSHORVSHUItV8QHVWDSRVLomR
E 6ROXomRHVWHWLFDPHQWHDJUDGiYHO
F 3HUPLWHIDEULFDomRIiFLOQmRUHTXHUPmRGHREUDGHDOWDTXDOLILFDomRRXHTXLSDPHQ
WRVGHSUHFLVmRXPDYH]TXHWHPPDLRUWROHUkQFLDGLPHQVLRQDOTXHHVWUXWXUDVSDUDIX
VDGDV
G 6LPSOLILFDRWUDEDOKRHPREUD DHVWUXWXUDFKHJD³SURQWD´QRFDQWHLUR 
H 1RFDVRGDILJXUDDSHUPLWHRHPSUHJRGHSHUItVSDGURQL]DGRV PHVPRYDORUGH
EZ 
H 1RFDVRGDILJXUDEKiVLPSOLILFDomRQDVROGDGDFKDSDGH*XVVHW

±$63(&7261(*$7,926

D ,QYLDELOL]DDH[HFXomRGHWHVRXUDVFRPDOWXUDFRQVLGHUiYHOSHODGLILFXOGDGHGHWUDQV
SRUWHGDIiEULFDDRFDQWHLURGHREUDV
E 3HUPLWHDFULDomRGHQLFKRVRQGHVHWRUQDGLItFLO±iVYH]HVLQYLiYHO±DH[HFXomRGH
SURWHomRDQWLFRUURVLYD SLQWXUDRXJDOYDQL]DomR 

ϯϭ


F &RQVLGHUiYHOSUREDELOLGDGHGHRFRUUHUHPGHIRUPDo}HVQRVSHUItVGHYLGRjVWHQV}HV
LQWURGX]LGDVQRVILOHWHVGHVROGD HQFXUYDPHQWRGDVEDUUDV 
G 5HTXHUFRQVLGHUiYHOPmRGHREUDGHIDEULFDomRGHFRUUHQWHGRHPSUHJRGHFKDSDV
GHJXVVHWGXSODV

%DQ]RVGHSHUILO³8´GLDJRQDLVHPRQWDQWHVGHSHUILO³GXSOR/´
FKDSDVGH*XVVHWVROGDGDVDREDQ]R

 $SUHVHQWDVHQDILJXUDOLJDomRWtSLFDHPSUHJDQGREDQ]RGHSHUILO³8´HGLD
JRQDLVGHSHUILO³GXSOR/´VROGDGRVHPFKDSDGHJXVVHW

)LJXUD±1yGHWUHOLoD%DQ]RVGHSHUILO³8´GLDJRQDLVHPRQWDQWHVHP³8´FRPFKDSDGH
JXVVHW












D &KDSDGHJXVVHWVROGDGDODWHUDOPHQWHE &KDSDGHJXVVHWVROGDGDVREUHR%DQ]R

)RQWH3URGXomRGRSUySULRDXWRU


±$63(&726326,7,926

D &RQIHUHjWUHOLoDJUDQGHULJLGH]ODWHUDORIHUHFLGDSHORVSHUItV8GRVEDQ]RV

E $GPLWHRHPSUHJRGHSHUItVSDGURQL]DGRVWDQWRSDUDRVEDQ]RVTXDQWRSDUDRWUHOL
oDPHQWR

G 3HUPLWHIDEULFDomRIiFLOQmRUHTXHUPmRGHREUDGHDOWDTXDOLILFDomRRXHTXLSDPHQ
WRVGHSUHFLVmRXPDYH]TXHWHPPDLRUWROHUkQFLDGLPHQVLRQDOTXHHVWUXWXUDVSDUDIX
VDGDV

G 6LPSOLILFDRWUDEDOKRHPREUDDHVWUXWXUDFKHJDSUDWLFDPHQWHSURQWDQRFDQWHLUR

H $GPLWHRHPSUHJRGHJUDQGHYDULHGDGHGHSHUItV³/´QDVGLDJRQDLVHPRQWDQWHVSD
UDGLIHUHQWHVSRVLo}HVSRGHPWHUDEDVHRXHVSHVVXUDVGLIHUHQWHVRXPHVPRVHUHPGH
SHUItVODPLQDGRV






ϯϮ


±$63(&7261(*$7,926

D ,QYLDELOL]DDH[HFXomRGHWHVRXUDVFRPDOWXUDFRQVLGHUiYHOSHODGLILFXOGDGHGHWUDQV
SRUWHGDIiEULFDDRFDQWHLURGHREUDV

E 3HUPLWHDFULDomRGHQLFKRVRQGHVHWRUQDGLItFLO±iVYH]HVLQYLiYHO±DH[HFXomRGH
SURWHomRDQWLFRUURVLYD SLQWXUDRXJDOYDQL]DomR 

F &RQVLGHUiYHOSUREDELOLGDGHGHRFRUUHUHPGHIRUPDo}HVQRVSHUItVGHYLGRjVWHQV}HV
LQWURGX]LGDVQRVILOHWHVGHVROGD HQFXUYDPHQWRGDVEDUUDV 

G 5HTXHUFRQVLGHUiYHOPmRGHREUDGHIDEULFDomRGHFRUUHQWHGRHPSUHJRGHFKDSDV
GHJXVVHWGXSODVHSUHVLOKDVGHOLJDomRHQWUHGLDJRQDLVSDUHV


%DQ]RVGLDJRQDLVHPRQWDQWHVGHSHUILO³/±VLPSOHVRXGXSORVFRPFKDSDGH
*XVVHWVROGDGRVDREDQ]R

 $SUHVHQWDVHQDILJXUDOLJDomRWtSLFDHPSUHJDQGREDQ]RHGLDJRQDLVGHSHUILO
³/´VROGDGRVHPFKDSDGHJXVVHW

)LJXUD±1yGHWUHOLoD%DQ]RV'LDJRQDLVHPRQWDQWHVGHSHUILO³/´FRPFKDSDGHJXVVHW













D %DQ]RVGLDJRQDLVHPRQWDQWHVLPSOHVE %DQ]RVGLDJRQDLVHPRQWDQWHVGXSORV

)RQWH3URGXomRGRSUySULRDXWRU

±$63(&726326,7,926

D 1RFDVRGDILJXUDDSHUPLWHH[HFXomRGHWUHOLoDVOHYHVHHFRQ{PLFDV

E   3HUPLWH IDEULFDomR IiFLO QmR UHTXHU PmRGHREUD GH DOWD TXDOLILFDomR RX HTXLSD
PHQWRVGHSUHFLVmRXPDYH]TXHWHPPDLRUWROHUkQFLDGLPHQVLRQDOTXHHVWUXWXUDVSD
UDIXVDGDV

F 6LPSOLILFDRWUDEDOKRHPREUDDHVWUXWXUDFKHJDSUDWLFDPHQWHSURQWDQRFDQWHLUR

G $GPLWHRHPSUHJRGHSHUItVGHYDULDGDVGLPHQV}HV±WDQWRDEDVTXDQWRHVSHVVXUDV
±DRORQJRGDWUHOLoDSHUPLWLQGRHFRQRPLDGHPDWHULDO


ϯϯ


±$63(&7261(*$7,926

D 1RWDGDPHQWHQRFDVRGDILJXUDDKiDFHQWXDGDH[FHQWULFLGDGH IRUDGRSODQRGD
WUHOLoD GDIRUoDD[LDOQDVGLDJRQDLV(VWDVGHYHPVHUGLPHQVLRQDGRVOHYDQGRHPFRQWD
HVWD H[FHQWULFLGDGH ± R TXH DXPHQWD R FRPSULPHQWR WHyULFR GH IODPEDJHP H FRQVH
TXHQWHPHQWHDVHomRQHFHVViULDSDUDUHVLVWLUDRVHVIRUoRVGHFiOFXOR

E *HUDOPHQWHQmRpDGHTXDGDSDUDVXSRUWDUDo}HVGHYDORUHOHYDGR±RTXHDWRUQD
YLiYHOVRPHQWHSDUDYmRVSHTXHQRVHDo}HVUHGX]LGDV

F 2FDVRGREDQ]RVXSHULRU~QLFR SRVLFLRQDGRHP³9´ pSURStFLRDRDF~PXORGHVX
MHLUDFRPSURPHWHQGRWDPEpPDGXUDELOLGDGH DXPHQWDDSRVVLELOLGDGHGHFRUURVmR 

G 5HTXHUPDLRUTXDQWLGDGHGHFRQWUDYHQWDPHQWRIRUDGRSODQRGDWUHOLoDWHQGRHPYLV
WD VXD EDL[D ULJLGH] ODWHUDO ± DOpP GH FXLGDGRV HVSHFLDLV GH PRQWDJHP GHYLGR j VXD
FRQVLGHUiYHOIOH[LELOLGDGH

'LDJRQDLVHPRQWDQWHV±FRQVWLWXtGDVSRUSHUItV³/´RX³8´±VROGDGRVGLUHWD
PHQWHDRVEDQ]RV ³8´ VHPFKDSDGH*XVVHW

 $SUHVHQWDVHQDILJXUDOLJDomRWtSLFDXWLOL]DQGRGLDJRQDLVHPRQWDQWHVVROGD
GRVGLUHWDPHQWHVREUHREDQ]RVHPHPSUHJRGHFKDSDGHJXVVHW

)LJXUD±1yVGHWUHOLoDFRQVWLWXtGRVSRUOLJDo}HVGHGLDJRQDLVHPRQWDQWHVVROGDGRVGLUHWD
PHQWHDREDQ]R











)RQWH3URGXomRGRSUySULRDXWRU

±$63(&726326,7,926

D 6mRHVWUXWXUDVEHPVLPSOHVRFRQVXPRGHPDWHULDLVpUHODWLYDPHQWHUHGX]LGRSHOD
LQH[LVWrQFLDGHFKDSDGHJXVVHW

E &RQIHUHPDLVDJLOLGDGHjIDEULFDomRSRUH[LJLUPHQRUQ~PHURGHRSHUDo}HVHPIi
EULFD

±$63(&7261(*$7,926

D ,QWURGX]VLJQLILFDWLYDH[FHQWULFLGDGHGDVIRUoDVD[LDLVGDVGLDJRQDLVQRVQyV±RTXH
REULJD DR GLPHQVLRQDPHQWR GRV EDQ]RV FRPR EDUUDV VXMHLWDV i IOH[RWUDomR RX IOH[R
FRPSUHVVmR


ϯϰ


E 'HFRUUHQWHGDH[FHQWULFLGDGH±RGLPHQVLRQDPHQWRSRGHFRQGX]LUDVHo}HVPDLRUHV
SDUDRVEDQ]RVLPSOLFDQGRHPPDLRUFRQVXPRGHDoR

F 'LVSRQLELOL]DSHTXHQRFRPSULPHQWRGHWUDQVSDVVHGDVGLDJRQDLVVREUHRVEDQ]RV±
R TXH GLILFXOWD REWHU D UHVLVWrQFLD DGHTXDGD GR FRQMXQWR GDV VROGDV H LQYLDELOL]D HVWH
VLVWHPDTXDQGRKiSUHVHQoDGHDo}HVUHODWLYDPHQWHHOHYDGDV

G )UHTXHQWHPHQWHKiRFRUUrQFLDGHPRUGHGXUDVGDVROGDQDERUGDGREDQ]R±RTXHp
QRWDGDPHQWHSUHMXGLFLDOVHKRXYHUSRVVLELOLGDGHGHHVIRUoRVFtFOLFRVIDGLJD

H &RQGX]PDLVIDFLOPHQWHDGHIRUPDo}HVGDVEDUUDVFRQVWLWXLQWHVGDFRQH[mR HQFXU
YDPHQWR GHYLGRjWHQV}HVJHUDGDVQRSURFHVVRGHVROGDJHP


(PHQGDVGHEDQ]RVOLJDo}HVGHWHVRXUD[SLODUOLJDo}HVGH
SLODU[SODFDGHEDVHFRPVROGD

 $SUHVHQWDVHQDILJXUDOLJDo}HVVROGDGDVGHHPHQGDVGHEDQ]ROLJDomRWH
VRXUD;SLODUSLODU;SODFDGHEDVH

)LJXUD±5HSUHVHQWDomRGHOLJDo}HVSRUPHLRGHVROGDHPHPHQGDVGHEDQ]RV GHWRSR 
OLJDomREDQ]RV;3LODUH3LODU;3ODFDGHEDVH























)RQWH3URGXomRGRSUySULRDXWRU







ϯϱ


±$63(&726326,7,926

D 6LPSOLFLGDGHGHH[HFXomR

E )DFLOLGDGHGHDMXVWHVGLPHQVLRQDLVHPREUD

F 1mRKiSHUGDGHVHomRQRFDVRGDVHPHQGDVGHEDQ]RSRUPHLRGHVROGDGHWRSR
LVWRpVHomROtTXLGD VHomREUXWD


±$63(&7261(*$7,926

D ([LJHPDLRUWHPSRGHPRQWDJHPYLVWRTXHQHFHVVLWDFRUG}HVH[WHQVRVGHVROGD

E 'LItFLOFRQWUROHGHTXDOLGDGHGDVROGD±TXHHPJUDQGHSDUWHGDVYH]HVpIHLWDVHP
DVFRQGLo}HVIDYRUiYHLVTXHVHREWpPHPIiEULFD

F 'LILFXOGDGHGHDFDEDPHQWRHSLQWXUDGDUHJLmRDIHWDGDSHODVROGD±FULDQGRDPELHQ
WHDOWDPHQWHIDYRUiYHOjFRUURVmR

G ,PSOLFDQRUPDOPHQWHHPDXPHQWRGHFXVWRGHORFDomRGHJXLQGDVWHVMiTXHRWHP
SRUHTXHULGRSDUDVXVWHQWDUSLODUHVRXWHVRXUDVHQTXDQWRVHSURFHVVDDVROGDpYLDGH
UHJUDVLJQLILFDWLYDPHQWHPDLRUTXHSDUDXQLUHVWHVHOHPHQWRVFRPSDUDIXVRV

H 3UHMXGLFDRXLQYLDELOL]DGHVPRQWDJHQVFRPUHDSURYHLWDPHQWRGDHVWUXWXUD




























ϯϲ


(67$'26/,0,7(6'$6/,*$d®(6

/,*$d®(6'(%$55$63250(,2'(3$5$)8626

 $  PHWRGRORJLD GH FiOFXOR p EDVHDGD QD QRUPD 1%5  
'LPHQVLRQDPHQWRGHHVWUXWXUDVGHDoRFRQVWLWXtGDVSRUSHUItVIRUPDGRVDIULR1RFDVR
GH PDWHULDLV FRP HVSHVVXUD VXSHULRU D PP VmR VHJXLGDV DV HVSHFLILFDo}HV GD
1%53URMHWRGHHVWUXWXUDVGHDoRHGHHVWUXWXUDVPLVWDVGHDoRHFRQFUHWR
GHHGLItFLRV±FRQIRUPHLQGLFDGRSHODSULPHLUD3HORIDWRGD1%5WHUVLGR
UHYLVDGDUHFHQWHPHQWHVmRDGLFLRQDGDVQRWDVFRPSDUDWLYDVHQWUHGLVSRVLWLYRVGHVWDH
GDUHYLVmRDQWHULRU  

 $VHJXLUVmRWUDQVFULWRVRVGLVSRVLWLYRVGD1%5

ËWHP5DVJDPHQWRHQWUHIXURVRXHQWUHIXURHERUGD

 $ILJXUDLOXVWUDRFDVRGHUXSWXUDIXURERUGD

)LJXUD([HPSORGHUXSWXUDSRUUDVJDPHQWRIXURERUGD










)RQWH$GDSWDGRGH6DOPRQH-RKQVRQ  

$IRUoDUHVLVWHQWHGHFiOFXORDRUDVJDPHQWR)5GGHYHVHUFDOFXODGDSRU

)5G WHIXJJ JJ  RQGH

IXpDUHVLVWrQFLDjUXSWXUDGRDoR PHWDOEDVH 
WpDHVSHVVXUDGRFRPSRQHQWHHOHPHQWRDQDOLVDGR
HpDGLVWkQFLDWRPDGDQDGLUHomRGDIRUoDGRFHQWURGRIXURSDGUmRjERUGDPDLV
SUy[LPDGRIXURDGMDFHQWHRXjH[WUHPLGDGHGRHOHPHQWRFRQHFWDGR YLGHILJXUDVH
 


ËWHP3UHVVmRGHFRQWDWR HVPDJDPHQWR 

 $ILJXUDLOXVWUDVLWXDomRGHHVPDJDPHQWRGDUHJLmRGRIXURHLPLQrQFLDGH
UDVJDPHQWRHQWUHIXURVHIXURERUGD



 
2FRHILFLHQWHGHSRQGHUDomRGDVUHVLVWrQFLDV³J ´±QD1%5pLJXDOD+RXYH


SRUWDQWRXPDUHGXomRGHQDIRUoDUHVLVWHQWHGHFiOFXOR³)5G´QD1%56DOLHQWDVHQR
HQWDQWRTXHRVFRHILFLHQWHVGHSRQGHUDomRGDVDo}HVJJHJTWDPEpPVRIUHUDPPRGLILFDo}HV

ϯϳ


)LJXUD±5HSUHVHQWDomRGHUXSWXUDSRUHVPDJDPHQWRGRIXUR











)RQWH$GDSWDGRGH6DOPRQH-RKQVRQ  


 $IRUoDUHVLVWHQWHGHFiOFXORjWUDomR)5GGHYHVHUFDOFXODGDSRU

DHGWIXJJ JJ  RQGH
)5G D

IXpDUHVLVWrQFLDjUXSWXUDGRDoR PHWDOEDVH 
GpRGLkPHWURQRPLQDOGRSDUDIXVR
WpDHVSHVVXUDGRHOHPHQWRFRQHFWDGRDQDOLVDGR
DHpXPIDWRULJXDOD W FRPWHPPLOtPHWURV WPP 

ËWHP)RUoDGHWUDomRUHVLVWHQWHGHFiOFXORGRSDUDIXVR

 $ILJXUDUHSURGX]DPRVWUDVGHSDUDIXVRVURPSLGRVSRUHQVDLRGHWUDomR

)LJXUD±&RPSDUDomRHQWUHUXSWXUDVGHSDUDIXVRVRFDVLRQDGDVSRUWRUTXHH[FHVVLYRHSRU
WUDomRGLUHWD















)RQWH.XODN)LVKHUH6WUXLN  

 

1D1%5DH[SUHVVmRGH)5GDSUHVHQWDXPPXOWLSOLFDGRUIL[RLVWRpDH SDUDTXDOTXHU
HVSHVVXUD$OpPGLVVRRYDORUGHJpLJXDOD$WtWXORGHFRPSDUDomRSDUDDHVSHVVXUDPi[LPD
DOFDQoDGDSHOD1%5LJXDODPP±RYDORUGH)5GREWLGRpPHQRUTXHRQD1%5
 )D]HQGRDPHVPDFRPSDUDomRSDUDW PPRYDORUGH)5GREWLGRpPHQRUQD
1%5TXHQD1%5±RTXHGHPRQVWUDVHUXPDFRUUHomRLPSRUWDQWH

ϯϴ


$IRUoDUHVLVWHQWHGHFiOFXORjWUDomR)W5GGHYHVHUFDOFXODGDSRU
J J  RQGH
J J
)W5G $EIXEJ

$EpDiUHDEUXWDGDVHomRWUDQVYHUVDOGRSDUDIXVR
IXEpDUHVLVWrQFLDjUXSWXUDGRSDUDIXVRjWUDomRFRQIRUPH7DEHODRXRGLVSRVWRHP
GD1%5


ËWHP)RUoDGHFLVDOKDPHQWRUHVLVWHQWHGHFiOFXORGRSDUDIXVR


 $ILJXUDLOXVWUDH[HPSORGHUXSWXUDSHODXOWUDSDVVDJHPGHVWHHVWDGROLPLWH~O
WLPR

 $IRUoDGHFLVDOKDPHQWRUHVLVWHQWHGHFiOFXORGRSDUDIXVR)Y5GSRUSODQRGH
FRUWHGHYHVHUFDOFXODGDSRU


D TXDQGRSODQRGHFRUWHSDVVDSHODURVFD
)Y5G $EIXEJJ JJ  

E TXDQGRSODQRGHFRUWHQmRSDVVDSHODURVFD
)Y5G $EIXEJJ JJ  RQGH

$EIXEFRQIRUPHGHILQLGRVQRtWHP



)LJXUD±5HSUHVHQWDomRGHUXSWXUDSRUFLVDOKDPHQWRGRSDUDIXVR









)RQWH6DOPRQH-RKQVRQ  



ËWHP7UDomRHFLVDOKDPHQWRFRPELQDGRV

 
ϰ
1D1%5SDUDIXVRVFRPXQVHVHPTXDOLILFDomRHVWUXWXUDOWHPJ HRVGHDOWDUHVLV
WrQFLDJ 'HVVHPRGRSDUDRFDVRGHSDUDIXVRVFRPXQVHVHPTXDOLILFDomRKRXYHUHGXomRGH
GDIRUoDUHVLVWHQWHGHFiOFXORQD1%5
ϱ
1D1%5J SDUDSDUDIXVRVGHDOWDUHVLVWrQFLDHSDUDSDUDIXVRVFRPXQVHVHP
TXDOLILFDomRRPXOWLSOLFDGRU³´GDIyUPXODGH)Y5Gp
ϲ
1D1%5J SDUDSDUDIXVRVGHDOWDUHVLVWrQFLDHSDUDSDUDIXVRVFRPXQVHVHP
TXDOLILFDomRRPXOWLSOLFDGRU³´GDIyUPXOD)Y5Gp


ϯϵ


4XDQGRRFRUUHUDomRVLPXOWkQHDGHWUDomRHFLVDOKDPHQWRGHYHPVHUDWHQGLGDVDV
VHJXLQWHVFRQGLo}HV

D SDUDIXVRVGHDoRFRPTXDOLILFDomRHVWUXWXUDO FRPXQVRXGHDOWDUHVLVWrQFLD 

)W6G)W5G  )Y6G)Y5G 

E SDUDIXVRVGHDoRVHPTXDOLILFDomRHVWUXWXUDOFRQIRUPHtWHP

)W6G)W5G  )Y6G)Y5G 

RQGH

)W6GpDIRUoDGHWUDomRVROLFLWDQWHGHFiOFXORQRSDUDIXVR
)Y6GpDIRUoDGHFLVDOKDPHQWRVROLFLWDQWHGHFiOFXORQRSDUDIXVRQRSODQRGHFRUWH
DQDOLVDGR
)W5GpDIRUoDGHWUDomRUHVLVWHQWHGHFiOFXORGRSDUDIXVRFRQIRUPH
)Y5GpDIRUoDGHFLVDOKDPHQWRUHVLVWHQWHGHFiOFXORGRSDUDIXVRFRQIRUPH


ËWHP&RODSVRSRUUDVJDPHQWR


1DVOLJDo}HVGHH[WUHPLGDGHGHYLJDVRQGHDSHQDVXPDRXDVGXDVPHVDVVmRUHFRU
WDGDV YHUILJXUDD HPFDQWRQHLUDVWUDFLRQDGDV YHUILJXUDE RXHPRXWURVFDVRV
GHOLJDo}HVRQGHKRXYHUDSRVVLELOLGDGHGHFRODSVRSRUUDVJDPHQWRGDSDUWHFRQHFWD
GDDIRUoDUHVLVWHQWHGHFiOFXOR)5GpRPHQRUYDORUHQWUH

)5G  $JYI\$QWIX JJ JJ  

J
J J
)5G  $QYIX$QWIX J J  

RQGH

$JYpiUHDEUXWDVXMHLWDDRFLVDOKDPHQWRGDSDUWHVXVFHSWtYHODRFRODSVRSRUUDVJD
PHQWR
$QYpDiUHDOtTXLGDVXMHLWDDRFLVDOKDPHQWRGDSDUWHVXVFHSWtYHODRFRODSVRSRUUDV
JDPHQWR
$QWpDiUHDOtTXLGDVXMHLWDjWUDomRGDSDUWHVXVFHSWtYHODRFRODSVRSRUUDVJDPHQWR





 
ϳ
1D1%5DH[SUHVVmRGH)5GGRtWHP³D´pDPHVPDGRtWHP³E´SRUpPFRPOLPLWDQWHPi[L
PR HPYH]
ϴ
1D1%5IRLPRGLILFDGRHVLPSOLILFDGRRSURFHGLPHQWRHPUHODomRj1%51HV
WDDVVHJXLQWHVYHULILFDo}HVSUHFLVDPVHUIHLWDV
6H$QWIX!$QYIXĺ)5G  $JYI\$QWIX JJ 
6H$QYIX!$QWIXĺ)5G  $QYIX$JWI\ JJ 
$IRUoDUHVLVWHQWHGHFiOFXORIRLUHGX]LGDQDUHYLVmRGHHPDSUR[LPDGDPHQWH
HPUHODomRjGH




ϰϬ



)LJXUD&RODSVRSRUUDVJDPHQWRGDSDUWHFRQHFWDGD














)RQWH1%5ILJXUD


5XSWXUDGDVHomROtTXLGDQDUHJLmRGDOLJDomR

 7UDWDVHGHXPHVWDGROLPLWHWtSLFRGHHOHPHQWRVWUDFLRQDGRV±WDQWRpTXHD
1%5QmRRLQFOXLQRHVWXGRGDVOLJDo}HVHVLPQRtWHP³%DUUDVVXEPHWLGDV
jIRUoDD[LDOGHWUDomR´±MXQWDPHQWHFRPRHVWXGRGHUXSWXUDGDVHomROtTXLGDIRUDGD
UHJLmRGDOLJDomRHGRHVFRDPHQWRGDVHomREUXWD

 2tWHPDFLPDPHQFLRQDGRDSUHVHQWDRVSURFHGLPHQWRVGHFiOFXORSDUDGHWHUPL
QDUHVWHHVWDGROLPLWHSDUDOLJDo}HVSDUDIXVDGDVHSDUDOLJDo}HVVROGDGDVHPIXQomR
GDJHRPHWULDHGRVPDWHULDLVHPSUHJDGRV$ILJXUDLOXVWUDHVWHWLSRGHUXSWXUD

)LJXUD±(YROXomRGHUXSWXUDGHVHomROtTXLGDGHOLJDomRSDUDIXVDGD













)RQWH$GDSWDGRGH6DOPRQH-RKQVRQ  

 &RQIRUPHD1%5D³IRUoDD[LDOGHWUDomRUHVLVWHQWHGHFiOFXOR1W5G
p R PHQRU GRV YDORUHV FRQVLGHUDQGRVH RV HVWDGRVOLPLWHV ~OWLPRV GH HVFRDPHQWR GD

 
ϵ
2YDORUGRFRHILFLHQWH³J´±TXHQD1%5pLJXDODQD1%5WHPYDORULJXDO
D+RXYHSRUWDQWRXPDUHGXomRGDRUGHPGHGDIRUoDUHVLVWHQWHGHFiOFXORSDUDHVWHHVWDGR
OLPLWH

ϰϭ


VHomREUXWDUXSWXUDGDVHomROtTXLGDIRUDGDUHJLmRGDOLJDomRH UXSWXUDGDVHomROt
TXLGDQDUHJLmRGDOLJDomRGHDFRUGRFRPDVH[SUHVV}HVDVHJXLU´

D SDUDHVFRDPHQWRGDVHomREUXWD

1W5G $I\JJ JJ  

E SDUDUXSWXUDQDVHomROtTXLGDIRUDGDUHJLmRGDOLJDomR

1W5G $QRIXJJ JJ  

F SDUDUXSWXUDGDVHomROtTXLGDQDUHJLmRGDOLJDomR

J
1W5G &W$QIXJ J  RQGH
J J

$pDiUHDEUXWDGDVHomRWUDQVYHUVDOGDEDUUD

$QRpDiUHDOtTXLGDGDVHomRWUDQVYHUVDOGDEDUUDIRUDGDUHJLmRGDOLJDomR SRUH[HP
SORGHFRUUHQWHGHIXURVRXUHFRUWHVTXHQmRHVWHMDPDVVRFLDGRVjOLJDomRGDEDUUD 

$QpDiUHDOtTXLGDGDVHomRWUDQVYHUVDOGDEDUUDQDUHJLmRGDOLJDomR3DUDFKDSDV
FRPOLJDo}HVSDUDIXVDGDVHP]LJ]DJGHYHPVHUDQDOLVDGDVDVSURYiYHLVOLQKDVGH
UXSWXUDVHQGRDVHomRFUtWLFDDTXHODFRUUHVSRQGHQWHDRPHQRUYDORUGDiUHDOLTXLGD
QHVWHFDVRDiUHDOLTXLGDGDVHomRGHUXSWXUDDQDOLVDGDGHYHVHUFDOFXODGDSRU

$Q  $±QIGIW:WVJ 
GIpDGLPHQVmRGRIXURQDGLUHomRSHUSHQGLFXODUDVROLFLWDomR
QIpDTXDQWLGDGHGHIXURVFRQWLGRVQDOLQKDGHUXSWXUDDQDOLVDGD
VpRHVSDoDPHQWRGRVIXURVQDGLUHomRGDVROLFLWDomR
JpRHVSDoDPHQWRGRVIXURVQDGLUHomRSHUSHQGLFXODUjVROLFLWDomR
WpDHVSHVVXUDGDSDUWHFRQHFWDGDDQDOLVDGD

&WpRFRHILFLHQWHGHUHGXomRGDiUHDOtTXLGDHPOLJDo}HVSDUDIXVDGDVpGDGRSRU

 WRGRV RVHOHPHQWRVFRQHFWDGRV FRPGRLV RXPDLVSDUDIXVRV QD GLUHomR GD VROLFLWD
omR
&W 
WRGRVRVSDUDIXVRVFRQWLGRVHPXPD~QLFDVHomRWUDQVYHUVDOLQFOXLQGRRFDVRSDUWL
FXODUGHXP~QLFRSDUDIXVRQDOLJDomRLOXVWUDGRQDILJXUDRSHUILOGHYHVHUWUDWDGR
FRPRFKDSDHTXLYDOHQWHFRP&WGDGRSRU
&W  GJ ”
 
ϭϬ
2YDORUJ  QD1%5 pLJXDODQD1%5SRUWDQWRKRXYHUH
GXomRGHQDUHVLVWrQFLDGHFiOFXOR
ϭϭ
1RVFDVRVHPTXHRHVSDoDPHQWRHQWUHIXURVJIRULQIHULRUjVRPDGDVGLVWkQFLDVHQWUHRV
FHQWURVGRVIXURVHDVH[WUHPLGDGHVGDjVUHVSHFWLYDVERUGDVQDGLUHomRSHUSHQGLFXODUjVROL
FLWDomR HH &WGHYHVHUFDOFXODGRVXEVWLWXLQGRJSRUHH
 +DYHQGRXP~QLFRSDUDIXVRQDVHomRDQDOLVDGD&WGHYHVHUFDOFXODGRWRPDQGRVHJ
LJXDODRPDLRUYDORUHQWUHGHDVRPDHH




ϰϮ


)LJXUD±'HWHUPLQDomRGRFRHILFLHQWH&WHPOLJDo}HVFRPXP~QLFRSDUDIXVR









)RQWH1%5ILJXUDE

FDQWRQHLUDVHSHUItV8FRPGRLVRXPDLVSDUDIXVRVQDGLUHomRGDVROLFLWDomRVHQGR
TXHQHPWRGRVRVHOHPHQWRVHVWHMDPFRQHFWDGRV ILJXUD 

&W ± [/  GHYHQGRQRHQWDQWRVHUXVDGRFRPROLPLWHVXSHULRUHQmR
VHSHUPLWLQGRRXVRGHOLJDo}HVTXHUHVXOWHPHPXPYDORULQIHULRUD 

RQGH

GpRGLkPHWURGRSDUDIXVR

/pRFRPSULPHQWRGDOLJDomRSDUDIXVDGDFRQIRUPHLOXVWUDGRQDILJXUD

[pDH[FHQWULFLGDGHGDOLJDomRWRPDGDFRPRDGLVWkQFLDHQWUHRFHQWUyLGHGDVHomR
GD EDUUD H R SODQR GH FLVDOKDPHQWR GD OLJDomR 1R FDVR GH SHUILO 8 FRQHFWDGR SHODV
PHVDVSRUPHLRGHSDUDIXVRVDH[FHQWULFLGDGHGDOLJDomRGHYHVHUGHWHUPLQDGDVXEV
WLWXLQGRRSHUILO8SRUGXDVFDQWRQHLUDVILFWtFLDVREWLGDVGLYLGLQGRVHRSHUILO8SRUXP
SODQRSDUDOHORjVPHVDVQDDOWXUDGRVHXFHQWUyLGH YLGHILJXUD 

)LJXUD±/LJDomRSDUDIXVDGDHPSHUItV


















)RQWH1%5ILJXUDF



ϰϯ


)LJXUD±,OXVWUDomRGRFDVRGHSHUItO8FRQHFWDGRSRUSDUDIXVRVQDVPHVDV











)RQWH0DLROD  


/,*$d®(6'(%$55$63250(,2'(62/'$

 $QDORJDPHQWHjVOLJDo}HVSDUDIXVDGDVWDPEpPQHVWHFDVRDPHWRGRORJLDGH
FiOFXORpYLDGHUHJUDDDGRWDGDSHOD1%5'LPHQVLRQDPHQWRGHHVWUXWX
UDVGHDoRFRQVWLWXtGDVSRUSHUItVIRUPDGRVDIULRDTXDOUHYLVDD1%5
1RFDVRGHPDWHULDLVFRPHVSHVVXUDVXSHULRUDPPVmRVHJXLGDVDVHVSHFLILFD
o}HVGD1%53URMHWRGH(VWUXWXUDVGHDoRHGHHVWUXWXUDVPLVWDVGHDoRH
FRQFUHWRGHHGLItFLRV±FRQIRUPHLQGLFDGRSHODSULPHLUD

(VWDGRVOLPLWHVXVXDLV

 $ VHJXLU  VmR UHSURGX]LGDV DV SUHVFULo}HV GD 1%5  HP VHXV tWHQV
D

ËWHP6ROGDVGHSHQHWUDomRHPMXQWDVGHWRSR

$IRUoDUHVLVWHQWHGHFiOFXORGHXPDVROGDGHSHQHWUDomRHPMXQWDGHWRSR)5GGHYH
VHUFDOFXODGDSRU

D WUDomRRXFRPSUHVVmR1RUPDOjVHomRHIHWLYDRXSDUDOHODDRHL[RGDVROGD

J J
J J  
)5G /WHII\J

E FLVDOKDPHQWRQDVHomRHIHWLYD

J
J J
)5G /WHI IZ J J  H)5G /WHI I\ J
J J
J J  

RQGH

IZpDUHVLVWrQFLDjUXSWXUDGDVROGD
I\pDUHVLVWrQFLDDRHVFRDPHQWRGRDoR PHWDOEDVH 
/pRFRPSULPHQWRGRFRUGmRGHVROGD
WHIpDGLPHQVmRHIHWLYD JDUJDQWDHIHWLYD GDVROGDGHSHQHWUDomR3DUDRFDVRGHSH
QHWUDomRWRWDOWHIpDPHQRUHVSHVVXUDGRPHWDOEDVHQDMXQWD




ϰϰ


ËWHP6ROGDVGHILOHWHHPVXSHUItFLHVSODQDV

$IRUoDUHVLVWHQWHGHFiOFXORGHXPDVROGDGHILOHWHHPVXSHUItFLHSODQD)5GGHYHVHU
FDOFXODGDSRU

D HVWDGROLPLWH~OWLPRGHUXSWXUDGRPHWDOEDVHVROLFLWDomRSDUDOHODDRHL[RGDVROGD

SDUD/WSDUD/W!

)5G >/W@W/IXJJ JJ  )5G W/IXJJ JJ  


E HVWDGROLPLWH~OWLPRGHUXSWXUDGRPHWDOEDVHVROLFLWDomR1RUPDODRHL[RGDVROGD

 J  
)5G W/IXJJ J

F HVWDGROLPLWH~OWLPRGHUXSWXUDGDVROGD

 $OpPGDVIRUoDVUHVLVWHQWHVGHFiOFXORREWLGDVHPD HE DQWHULRUHVSDUDHV
SHVVXUDW!PPDIRUoDUHVLVWHQWHGHFiOFXOR)5GQmRGHYHH[FHGHURVHJXLQWHYDORU

)5G WHI/IZJJ JJ  


RQGH

IZpDUHVLVWrQFLDjUXSWXUDGDVROGD
IXpDUHVLVWrQFLDjUXSWXUDGRDoR PHWDOEDVH 
/pRFRPSULPHQWRGRILOHWHGHVROGD
WpRPHQRUYDORUHQWUHWHWFRQIRUPH)LJXUD
WHIpDGLPHQVmRHIHWLYD JDUJDQWDHIHWLYD GDVROGDGHILOHWHFRQVLGHUDGDFRPRRPH
QRUYDORUHQWUHZRXZ
ZZVmRDVSHUQDVGRILOHWHFRQIRUPH)LJXUD
1DVMXQWDVSRUVREUHSRVLomRZW







 
ϭϮ
3DUD/W!D1%5DSUHVHQWDJ +iSRUWDQWRXPDUHGXomRGDIRUoDUH
VLVWHQWHGHFiOFXORGDRUGHPGHQD1%5HPUHODomRjTXHOD6DOLHQWDVHQR
HQWDQWRTXHRVFRHILFLHQWHVGHSRQGHUDomRGDVDo}HVJJHJTWDPEpPVRIUHUDPPRGLILFD
o}HV

ϭϯ
$1%5HVSHFLILFDJ ,VWRVLJQLILFDTXHQD1%5KiXPDXPHQ
WRGHDSUR[LPDGDPHQWHQDIRUoDUHVLVWHQWHGHFiOFXORHPUHODomRj1%5
ϭϰ
1D1%5DHVSHVVXUDDSDUWLUGDTXDOGHYHVHUYHULILFDGRRYDORUPi[LPRGH)5G
pPPQD1%5SDVVDDVHUPP


ϰϱ



)LJXUD±6ROGDGHILOHWHHPVXSHUItFLHVSODQDV









)RQWH1%5ILJXUD


ËWHP6ROGDVGHILOHWHHPVXSHUItFLHVFXUYDV

 $IRUoDUHVLVWHQWHGHFiOFXORGHXPDVROGDGHILOHWHHPVXSHUItFLHVFXUYDV)5G
GHYHVHUFDOFXODGDSRU

D HVWDGROLPLWH~OWLPRGHUXSWXUDGRPHWDOEDVHVROLFLWDomR1RUPDODRHL[RGDVROGD
FRQIRUPHLOXVWUDGRQDILJXUDD

)5G W/IXJJ JJ  

E HVWDGROLPLWH~OWLPRGHUXSWXUDGRPHWDOEDVHVROLFLWDomRSDUDOHODDRHL[RGDVROGD
)LJXUDVEDJ 

SDUDWHI!WHVHDGLPHQVmRKGRHQULMHFHGRUpPDLRURXLJXDODRFRPSULPHQWRGD
VROGD/ )LJXUDG 

)5G W/IXJJ JJ  

SDUDWWHIWRXVHDGLPHQVmRKGRHQULMHFHGRUpPHQRUTXHRFRPSULPHQWRGD
VROGD/ )LJXUDH 

)5G W/IXJJ JJ  

F HVWDGROLPLWH~OWLPRGHUXSWXUDGDVROGD

$OpPGDVIRUoDVUHVLVWHQWHVGHFiOFXORREWLGDVHPD HE DQWHULRUHVSDUDHVSHVVXUDW
!PPDIRUoDUHVLVWHQWHGHFiOFXOR)5GQmRGHYHH[FHGHURVHJXLQWHYDORU

)5G WHI/IZJJ J
 J  

RQGH

IZpDUHVLVWrQFLDjUXSWXUDGDVROGD
IXpDUHVLVWrQFLDjUXSWXUDGRDoR PHWDOEDVH 
KpDDOWXUDGRHQULMHFHGRU

 
ϭϱ
1D1%5RYDORUGH³J´p±HQTXDQWRTXHQD1%5HVVHYDORUp,VWR
UHSUHVHQWDXPDXPHQWRGHQDIRUoDUHVLVWHQWHGHFiOFXORGHVWDHPUHODomRj1%5


ϰϲ


/pRFRPSULPHQWRGRILOHWHGHVROGD
WpHVSHVVXUDGRPHWDOEDVHFRQIRUPH)LJXUDVDDJ
UHpRUDLRH[WHUQRGHGREUDPHQWRFRQIRUPH)LJXUDVGDJ
WHIpDGLPHQVmRHIHWLYD JDUJDQWDHIHWLYD GDVROGDGHILOHWHGDGDSRU
IDFHH[WHUQDGRILOHWHUHQWHDRPHWDOEDVH )LJXUDVGHH 
VROGDHPDSHQDVXPDVXSHUItFLHFXUYDWHI UH
VROGDHPGXDVVXSHUItFLHVFXUYDVWHI UH SDUDUH!PPWHI UH 
IDFHH[WHUQDGRILOHWHVDOLHQWHDRPHWDOEDVH )LJXUDVIHJ 
ZRXZ RPHQRUYDORU 
9DORUHVGHWHIPDLRUHVTXHRVHVWDEHOHFLGRVDQWHULRUPHQWHSRGHPVHUDGRWDGRVGHVGH
TXHFRPSURYDGRVSRUPHGLo}HV
ZZVmRDVSHUQDVGRILOHWHFRQIRUPH)LJXUDVGDJ

)LJXUD6ROGDGHILOHWHHPVXSHUItFLHVFXUYDV


































)RQWH1%5


ϰϳ


5XSWXUDGRSHUILO±VHomROtTXLGD

 $VVLPFRPRHPOLJDo}HVSDUDIXVDGDVDVOLJDo}HVVROGDGDVHVWmRVXMHLWDVjUXS
WXUD GD VHomR OtTXLGD QD UHJLmR GD OLJDomR 'H PDQHLUD DQiORJD j DGRWDGD SDUD OLJD
o}HVSDUDIXVDGDVD1%5QmRLQFOXLHVWDVLWXDomRQRHVWXGRGDVOLJDo}HVH
VLPQRtWHP³%DUUDVVXEPHWLGDVjIRUoDD[LDOGHWUDomR´

 4XDQGRDSHQDVDOJXQVGRVHOHPHQWRVTXHFRQVWLWXHPXPSHUILOVmRVROGDGRVQD
FRQH[mRSRUH[HPSORDSHQDVXPDGDVGXDVDEDVTXHFRQVWLWXHPXPSHUILO³/´DUH
VLVWrQFLDGDOLJDomRpUHGX]LGD2FiOFXORGDIRUoDD[LDOGHWUDomRUHVLVWHQWHGHFiOFXOR
1W5GQDUHJLmRGDOLJDomRpGDGDSRU


 J J
J
1W5G &W$QIXJ J  RQGH

$pDiUHDEUXWDGDVHomRWUDQVYHUVDOGDEDUUD

$QpDiUHDOtTXLGDGDVHomRWUDQVYHUVDOGDEDUUDQDUHJLmRGDOLJDomRVHQGRTXHQRV
FDVRVHPTXHKRXYHUDSHQDVVROGDVWUDQVYHUVDLV VROGDVGHWRSR $QGHYHVHUFRQVL
GHUDGDLJXDOjiUHDEUXWDGD V SDUWH V FRQHFWDGD V DSHQDV

2YDORUGH&W FRHILFLHQWHGHUHGXomRGDiUHDOtTXLGD HPOLJDo}HVVROGDGDVpGDGRSRU

DSHQDVVROGDVWUDQVYHUVDLV

&W 

 WRGRV RV HOHPHQWRVFRQHFWDGRV SRU VROGDV ORQJLWXGLQDLV RX SRU XPD FRPELQDomR GH
VROGDVORQJLWXGLQDLVHWUDQVYHUVDLV

&W 

FDQWRQHLUDVFRPVROGDVORQJLWXGLQDLV ILJXUD 

&W ± [/  GHYHQGRQRHQWDQWRVHUXVDGRFRPROLPLWHVXSHULRUHQmR
VHSHUPLWLQGRRXVRGHOLJDo}HVTXHUHVXOWHPHPXPYDORULQIHULRUD 

SHUItV8FRPVROGDVORQJLWXGLQDLV ILJXUD 

&W ± [/  GHYHQGRQRHQWDQWRVHUXVDGRFRPROLPLWHVXSHULRUHQmR
VHSHUPLWLQGRRXVRGHOLJDo}HVTXHUHVXOWHPHPXPYDORULQIHULRUD 











ϰϴ


)LJXUD±*UDQGH]DVSDUDRFiOFXORGH&W












)RQWH1%5


5DVJDPHQWRGDSDUWHFRQHFWDGD$YHULILFDomRGHVWHHVWDGRpIHLWDGRPHVPRPRGR
FRPRYLVWRDQWHULRUPHQWHSDUDOLJDo}HVSDUDIXVDGDV tWHPGD1%5 


(IHLWRGHJUXSRGHVROGDV

 $1%5HD1%5QmRPHQFLRQDPRHIHLWRGHDo}HVH[
FrQWULFDVDRFHQWURJHRPpWULFRGHXPDJUXSDPHQWRGHVROGDV

 $1%5DSUHVHQWDIRUPXODomRSDUDFiOFXORGHJUXSRGHVROGDVFRP
IRUoDUHVXOWDQWHSDVVDQGRSHORVHXFHQWURJHRPpWULFRHSDUDRFDVRRQGHDIRUoDUHVXO
WDQWHQmRFRLQFLGHFRPRFHQWURJHRPpWULFRGRJUXSRGHVROGDV1HVWH~OWLPRFDVRD
1%5DSUHVHQWDQRtWHPE±WUDQVFULWRDVHJXLUSURFHGLPHQWRGHDQiOLVH
SHORPpWRGRGRFHQWURLQVWDQWkQHRGHURWDomR³3DUDXPJUXSRGHILOHWHVGHVROGDVLWX
DGRVHPXPPHVPRSODQRHVXMHLWRVDDo}HVQHVVHSODQRFRPDUHVXOWDQWHGDVDo}HV
QmRSDVVDQGRSHORFHQWURJHRPpWULFRGRJUXSRGHILOHWHVDQDOLVDGRVSHORPpWRGRGR
FHQWURLQVWDQWkQHRGHURWDomRRVFRPSRQHQWHVGDIRUoDUHVLVWHQWHGHFiOFXORVmR
)5GZ[H)5GZ\FRP
)Z[5G 6)ZL[5G)Z\5G 6)ZL\5G
)ZL5G IZJJZ6L$ZL VHQTL I S I S  >S ±S @
RQGH
)5GZLpDIRUoDUHVLVWHQWHGHFiOFXORGRILOHWHGHQ~PHURL
)5GZL[pDIRUoDUHVLVWHQWHGHFiOFXORQDGLUHomR[
)5GZL\pDIRUoDUHVLVWHQWHGHFiOFXORQDGLUHomR\
Sp'L'PRXVHMDDUHODomRHQWUHDGHIRUPDomRGRILOHWHLVREQtYHLVLQWHUPHGLiULRVGH
'
WHQVmROLQHDUPHQWHSURSRUFLRQDOjGHIRUPDomRFUtWLFDEDVHDGDQDGLVWkQFLDDRFHQWUR
LQVWDQWkQHRGHURWDomRULLJXDODUL''XUFULWHVXDGHIRUPDomRQROLPLWHGHUHVLVWrQFLD
TL GZL”GZL
LJXDOD T
GZLpRWDPDQKRGDSHUQDGRILOHWHL
'XULPtQLPD
UFULWpDGLVWkQFLDGRFHQWURLQVWDQWkQHRGHURWDomRGRILOHWHFRPUHODomR'
 $ILJXUDDSUHVHQWDH[HPSORJUXSRGHVROGDDQDOLVDGDSRUHVWHPpWRGR


ϰϵ


)LJXUD*UXSRGHVROGDVVREFDUUHJDPHQWRH[FrQWULFRPpWRGRGRFHQWURLQVWDQWkQHRGH
URWDomR






 







)RQWH9DOHQFLDQL  

 2XWURPpWRGRGLVSRQtYHOSDUDDDQiOLVHGHJUXSRGHVROGDpRYHWRULDOHOiVWLFR±
WDPEpPGHQRPLQDGRGH³PpWRGRFOiVVLFR´6HJXQGR6DOPRQH-RKQVRQ  DIRUoD
H[FrQWULFDpVXEVWLWXtGDSRUXPDIRUoDFHQWUDGDHXPFRUUHVSRQGHQWHPRPHQWRGHWRU
omR RQGH D IRUoD  FRUWDQWH p HTXLOLEUDGD  SRU WHQV}HV XQLIRUPHPHQWH GLVWULEXtGDV DR
ORQJRGDVROGDHRPRPHQWRGHWRUomRHTXLOLEUDGRSRUWHQV}HVSURSRUFLRQDLVjGLVWkQ
FLDHPUHODomRDRFHQWURGHJUDYLGDGHGRJUXSRGHVROGDVHFRPGLUHomRSHUSHQGLFX
ODUDRFRUUHVSRQGHQWHUDLRYHWRU$WHQVmRUHVXOWDQWHQXPGHWHUPLQDGRSRQWRpGDGD
SHODVRPDYHWRULDOGHVWDVGXDVSDUFHODV(VWHPpWRGRFRQGX]DUHVXOWDGRVFRQVHUYD
GRUHV  FRQIRUPH GHPRQVWUD 9DOHQFLDQL   FRPSDUDQGR FRP R 0pWRGR GR &HQWUR
,QVWDQWkQHRGH5RWDomR &,5 
 (QWUHWDQWR JUXSRV GH VROGDVQRUPDOPHQWHHPSUHJDGRVHP OLJDo}HV GH EDUUDV
GHWUHOLoDVUHVXOWDPHPIRUoDUHVXOWDQWHOLJHLUDPHQWHH[FrQWULFDQmRMXVWLILFDQGRRHP
SUHJRGRSULPHLURPpWRGR±GHDSOLFDomRH[FHVVLYDPHQWHFRPSOH[DVHFRPSDUDGDFRP
RVHJXQGR±YLVWRTXHRHIHLWRGDH[FHQWULFLGDGHQmRpVLJQLILFDWLYR$ILJXUDDSUH
VHQWDOLJDomRGHSHUILO³/´IRUPDGRDIULRFRPJUXSRGHVROGDHJUDQGH]DVQHFHVViULDV
SDUD DQiOLVH SHOR PpWRGR YHWRULDO HOiVWLFR 'HYHVH UHVVDOWDU TXH R XVR GH JUXSR GH
FRUG}HVGHVROGDWDOFRPRRGHVWDILJXUDSRGHPLQGX]LUDH[FHQWULFLGDGHGRHVIRUoRD
[LDOQDEDUUD±RTXHGHYHVHUDQDOLVDGR

)LJXUD±([HPSORGHOLJDomRGHSHUILO/FRPDQiOLVHSHORPpWRGRYHWRULDOHOiVWLFR













)RQWH3URGXomRGRSUySULRDXWRU


ϱϬ


1DILJXUDDVWHQV}HVI[HI\QDH[WUHPLGDGH³$´GDVROGD/VmRGDGDVSRU
I[ 1G$Z0G\$ ,[,\ \$ /\R
I\ 0G[$ ,[,\ [$ /[R
IY$  I[I\ 6G5G”

RQGH5GpDPHQRUUHVLVWrQFLDGHFiOFXORREWLGDFRQIRUPHtWHP 6ROGDVGHILOHWH
HPVXSHUItFLHVFXUYDV GD1%5SDUDYDORUHVXQLWiULRVGH³W´H³/´HPSUH
JDQGRVHDVPHVPDVXQLGDGHVGRFiOFXORGHIY$2H[HPSORDFLPDWUDWDGDVROGDQD
DUHVWDGHGREUDGRSHUILOHDIRUoDpSUHSRQGHUDQWHPHQWHSDUDOHODDRHL[RGRILOHWHGH
VROGDVHQGRXVDGRSDUDFiOFXORGH5GDVH[SUHVV}HVGRVVXEtWHQV³E´H³F´

 $VWHQV}HVQDRXWUDH[WUHPLGDGHGRILOHWH/pFDOFXODGDGHIRUPDDQiORJD2V
YDORUHVGH5GSDUDRVGHPDLVILOHWHVVmRFDOFXODGRVVHJXQGRRtWHP 6ROGDVGH
ILOHWHHPVXSHUItFLHVSODQDV VHQGRTXHRILOHWH/WHPVROLFLWDomRSUHSRQGHUDQWHSHU
SHQGLFXODUDRHL[RGRILOHWHGHVROGD VXEtWHP³E´ 

 2ILOHWH/SRGHDSUHVHQWDUDSDUWLFXODULGDGHGHQmRKDYHUSUHSRQGHUkQFLDGH
IRUoDSDUDOHODRXSHUSHQGLFXODUDRHL[RGRILOHWHGHVROGD$1%5SUHYrVLWXD
o}HVGHIRUoDUHVXOWDQWHSDUDOHODDRHL[RGHVROGDHSHUSHQGLFXODUDRHL[RGHVROGD
1mRpPHQFLRQDGRSURFHGLPHQWRSDUDVLWXDo}HVLQWHUPHGLiULDV IRUoDUHVXOWDQWHREOt
TXDDRHL[RGRILOHWHGHVROGD 

 3DUDJUXSRVGHILOHWHVFXMDIRUoDUHVXOWDQWHFRLQFLGHFRPRFHQWURJHRPpWULFRGR
PHVPRRtWHPDGD1%5±DVVLPFRPRR$,6&±DSUHVHQWDFRPR
DOWHUQDWLYDXPDIRUPXODomRRQGHDUHVLVWrQFLDGRILOHWHGHVROGDYDULDGHDFRUGRFRPR
kQJXOR HQWUH R HL[R GHVWD H D GLUHomR GD IRUoD UHVXOWDQWH (VWD YDULDomR p VHQRLGDO ±
FRPRSRGHVHREVHUYDUSHODH[SUHVVmRDVHJXLUWUDQVFULWDGD1%5

)5G $ZIZJ  VHQT AFRPJ T kQJXORHQWUHRYHWRUGDIRUoDHRHL[RGR
ILOHWHGHVROGD

 (PJUXSRVGHVROGDGHEDUUDVGHWUHOLoDDH[FHQWULFLGDGHGDIRUoDUHVXOWDQWHHP
UHODomRDRFHQWURJHRPpWULFRGRJUXSRGHVROGDGHPDQHLUDJHUDOpSHTXHQD'DtTXH
DDSOLFDomRGRSURFHGLPHQWRSUHVFULWRSHOD1%5SDUDHOHPHQWRVFRPHVSHVVXUD
PDLRUTXHPPUHVXOWDHPERDDSUR[LPDomR

 1RFDVRGHHOHPHQWRVFRPHVSHVVXUDPHQRURXLJXDODPPHPJUXSRGH
VROGDFRPSHTXHQDH[FHQWULFLGDGHGDDSOLFDomRGDIRUoDHPUHODomRDRFHQWURJHRPp
WULFRGHVWHHGLUHomRREOtTXDHPUHODomRDXPGDGRILOHWHDUHVLVWrQFLDGHVWHSRGHVHU
DYDOLDGDLQWHUSRODQGRYDORUGHUHVLVWrQFLDSDUDXPGDGRkQJXOR´T´SDUDDVH[SUHVV}HV
GD1%5LVWRpHPSUHJDULQWHUSRODomROLQHDUGH)5GSDUDGHWHUPLQDGRYDORUGHT
HQWUHRVYDORUHVGH)5GSDUDT žHž

 'RPHVPRPRGRTXHHPOLJDo}HVSDUDIXVDGDVRVHL[RVEDULFrQWULFRVGDVEDU
UDVTXHFRPS}HPDFRQH[mRGHYHPVHHQFRQWUDUH[DWDPHQWHQXPPHVPRSRQWR&D
VRLVVRQmRRFRUUDXPDIRUPDXVXDOpID]HUDGLVWULEXLomRGRPRPHQWRIOHWRUGHFRUUHQ
WHGDH[FHQWULFLGDGHSURSRUFLRQDOPHQWHjULJLGH]GHFDGDHOHPHQWRHQYROYLGRHRV
PHVPRVVHUHPGLPHQVLRQDGRVjIOH[mRFRPSRVWDFRQIRUPH2ZHQVH&KHDO  



ϱϭ



&+$3$6'(*866(7

 4XDQGRGXDVRXPDLVEDUUDVSUHFLVDPVHUXQLGDVHRHL[RGHFDGDXPDQmRp
FROLQHDUFRPRVGHPDLVQRUPDOPHQWHQmRpSRVVtYHOSDUDIXVDURXVROGDUXPHOHPHQWR
GLUHWDPHQWHDRRXWUR1HVWHVFDVRVFKDSDVGHOLJDomR±GHQRPLQDGDVGH³JXVVHW´
VmRHPSUHJDGDVSDUDWUDQVIHUrQFLDGHHVIRUoRVHQWUHHVWHVHOHPHQWRV$ILJXUD
LXVWUDHVWDFRQH[mR

)LJXUD±0RGHORGHFKDSDGHJXVVHWHPSUHJDGRSRU:KLWPRUH IRUoDVHPNLORSRXQGV 


























)RQWH.XODN)LVKHUH6WUXLN  

 $V FKDSDV GH JXVVHW SRGHP HVWDU SUHVHQWHV WDQWR QDV OLJDo}HV SDUDIXVDGDV
TXDQWRQDV VROGDGDV6HXHVWXGRWDPEpPpIHLWR GHIRUPD VHPHOKDQWH HPDPERV RV
FDVRV

 (PERUDVHMDXVXDOFRQVLGHUDUTXHHPXPDWUHOLoDDXQLmRGDVEDUUDVFXMRVHL[RV
VHHQFRQWUDPQXPSRQWRWUDQVPLWDDSHQDVIRUoDVQRUPDLVDWUDQVIHUrQFLDGHVWDVIRU
oDVSURYRFDUmRHVIRUoRVQRUPDLVGHIOH[mRHGHFLVDOKDPHQWRHPXPDVHomRDUELWUi
ULDQDFKDSDGHJXVVHW

 )OH[mR IRUD GR SODQR HP FKDSDV GH JXVVHW JHUDOPHQWH VmR LQVLJQLILFDQWHV VH
JXQGR.XODN)LVKHUH6WUXLN  (PPXLWRVFDVRVDIRUoDpDSOLFDGDVLPHWULFDPHQ
WH HP UHODomR DR SODQR GD FKDSD RX VXD JHRPHWULD HYLWD RX PLQLPL]D WHQV}HV
VHFXQGiULDV GHIOH[mR IRUD GR SODQR 'HYLGR D HVWHVIDWRUHVDDQiOLVH GHVWDV FKDSDV


ϱϮ


JHUDOPHQWHpWUDWDGDFRPRSUREOHPDGHHVWDGRELGLPHQVLRQDOGHWHQV}HVHHIHLWRVVH
FXQGiULRVGHIOH[mRIRUDGRSODQRVmRLJQRUDGRV
 2SURFHGLPHQWRFRPXPHQWHHPSUHJDGRSDUDGHWHUPLQDUDVWHQV}HVHPFKDSDV
GH JXVVHW p LGHQWLILFDU RV HVIRUoRV WUDQVPLWLGRV SHORV FRPSRQHQWHV GD OLJDomR H HP
VHo}HVFUtWLFDVFDOFXODUDVIRUoDVQRUPDLVFRUWDQWHVHPRPHQWRVIOHWRUHV(PVHJXLGD
DVWHQV}HVVmRFDOFXODGDVHPSUHJDQGRDVIyUPXODVHOHPHQWDUHVSDUDYLJDV
 (QWUHWDQWRpUHFRQKHFLGRTXHDDVVRFLDomRDRFRPSRUWDPHQWRGHYLJDQmRp
YiOLGR$LQGDVHJXQGR.XODN)LVKHUH6WUXLN  HVWXGRVHIHWXDGRVHPPRGHORGH
FRQH[mRGDFRUGDLQIHULRUGHWUHOLoD³:DUUHQ´LQGLFDUDPTXHDVXSRVLomRGRFRPSRUWD
PHQWR GH YLJD FRQGX] D UHVXOWDGRV HTXLYRFDGRV 7DLV HVWXGRV IRUDP OLPLWDGRV D WHQ
V}HVGHQWURGRFRPSRUWDPHQWRHOiVWLFR
 1HVWHVHQWLGRXPGRVHVWXGRVSLRQHLURVIRLRGH:KLWPRUH DSXG.XODNHW
DO 3DUDH[DPLQDUDYDOLGDGHGRXVRGHIyUPXODVGHYLJDVSDUDHVVHSUREOHPD
:KLWPRUHLQYHVWLJRXDGLVWULEXLomRGHWHQV}HVHPXPDFKDSDGHDOXPtQLRVLPXODQGRD
FRQH[mRDFLPDFLWDGD&RQVWDWRXVHTXHDSRVLomRGRVYDORUHVPi[LPRVGHWHQV}HVGH
WUDomRHFRPSUHVVmRVLWXDUDPVHSUy[LPRVGDVGLDJRQDLVWUDFLRQDGDVHFRPSULPLGDV
UHVSHFWLYDPHQWH$VXSRVLomRGHTXHDVWHQV}HVQDFKDSDGHJXVVHWVHGLVWULEXHPGH
DFRUGRFRPDKLSyWHVHGHYLJDPRVWURXVHLPSUHFLVD
 :KLWPRUHFRQFOXLXTXHDWHQVmRPi[LPDTXHRFRUUHQDFKDSDGHJXVVHWQDUHJL
mRSUy[LPDjH[WUHPLGDGHGDGLDJRQDOSRGHVHUHVWLPDGDDGHTXDGDPHQWHDVVXPLQGR
TXHDIRUoDDWXDQWHQDPHVPDpGLVWULEXtGDXQLIRUPHPHQWHVREUHXPDiUHDHIHWLYDGR
PDWHULDOGDFKDSD(VVDiUHDpREWLGDPXOWLSOLFDQGRDHVSHVVXUDGDFKDSDSRUXPDODU
JXUDHIHWLYD(VWDSRGHVHUHVWLPDGDFRQVWUXLQGROLQKDVFRPLQFOLQDomRGHžHPUH
ODomRDRHL[RGRFRPSRQHQWHDSDUWLUGDSULPHLUDOLQKDGHSDUDIXVRVLQWHUFHSWDQGRFRP
XPDOLQKDSHUSHQGLFXODUDRFLWDGRHL[RSDVVDQGRSHOD~OWLPDOLQKDGHSDUDIXVRVFRQ
IRUPHPRVWUDGRQDILJXUD

)LJXUD±'LVSHUVmRGDVWHQV}HVQRUPDLVSDUDREWHQomRGDVHomRHIHWLYD ³:KLWPRUH6HFWL
RQ´ 







 






)RQWH.XODN)LVKHUH6WUXLN  

 
 (P HVWXGRV SRVWHULRUHV IHLWRV SRU 9DVDUKHO\L   DWUDYpV GR PpWRGRGHHOH
PHQWRV ILQLWRV IRUDP DQDOLVDGRV WDQWR R FRPSRUWDPHQWR HP UHJLPH HOiVWLFR FRPR QR
LQHOiVWLFR$VDQiOLVHVHOiVWLFDVFRQILUPDUDPDVFRQFOXV}HVGH:KLWPRUH

ϱϯ


 6LJQLILFDWLYDVGLIHUHQoDVHQWUHDVWHQV}HVREWLGDVSHODDQiOLVHDWUDYpVGRPpWR
GRGRVHOHPHQWRVILQLWRVHDWHRULDGHYLJDIRUDPHQFRQWUDGRV(QWUHWDQWRDVGLIHUHQ
oDV QmR VmR QHFHVVDULDPHQWH FRQWUD D VHJXUDQoD 1HQKXP YDORU GH WHQVmR DYDOLDGR
SHORFLWDGRPpWRGRH[FHGHXRVYDORUHVPi[LPRVSUHGLWRVSHODWHRULDGHYLJDDORFDOL
]DomRHGLVWULEXLomRGRVYDORUHVPi[LPRVpTXHPRVWUDUDPGLIHUHQoDVVXEVWDQFLDLV
 (P VXDV LQYHVWLJDo}HV VREUH R DVVXQWR 9DVDUKHO\L FRQFOXLX TXH  DV WHQV}HV
Pi[LPDVQXPDFKDSDGHJXVVHWHQFRQWUDGDVSRUYiULRVPpWRGRVVLPSOLILFDGRVVmRD
SHQDVOLJHLUDPHQWHGLIHUHQWHVRVPDLRUHVGHVYLRVHVWmRQDORFDOL]DomRGHVWHVSRQWRV
Pi[LPRV 'HVVH PRGR D YHULILFDomR GDV WHQV}HV HP VHo}HV FUtWLFDV GD FKDSD GHYH
VHUPDQWLGD
 $ILJXUDDSUHVHQWDDGLVWULEXLomRGHWHQV}HVREWLGDVSHORPpWRGRGDWHRULDGH
YLJDHPFRPSDUDomRFRPRUHVXOWDGRH[SHULPHQWDOGH:KLWPRUH

)LJXUD±'LVWULEXLomRGDVWHQV}HVQRUPDLVQDVHomRFUtWLFD&&GDILJ


















)RQWH.XODN)LVKHUH6WUXLN  

 .XODN)LVKHUH6WUXLN  WDPEpPFRQFOXtUDPTXHGHYLGRjFRPSOH[LGDGHGH
VLWXDo}HVSRVVtYHLVHPOLJDo}HVFRPFKDSDVGHJXVVHWHDYDULHGDGHGHFRPSRQHQWHV
IL[DGRUHVHJHRPHWULDGDFKDSDPXLWDVSHVTXLVDVDLQGDVHID]HPQHFHVViULDV
 'HVVHPRGRQDVFRQVLGHUDo}HVGHFiOFXORGHYHPVHUYHULILFDGRV
UXSWXUDSHORPpWRGRGDVHomRHIHWLYD
UDVJDPHQWRGDSDUWHFRQHFWDGD
SRVVLELOLGDGHGHHVPDJDPHQWRGDUHJLmRGRVIXURV
UDVJDPHQWRHQWUHIXURVHIXURERUGD
WHQV}HVGHYLGRDHVIRUoRVQRUPDLVHGHIOH[mRHWHQV}HVGHFLVDOKDPHQWRHPVHo}HV
FUtWLFDVGDFKDSD ³FRPSRUWDPHQWRGHYLJD´ 
HVWDELOLGDGHGDFKDSDVREDomRGHIRUoDQRUPDOGHFRPSUHVVmR

 (P FKDSDV ±RX UHJL}HV GH FKDSDV ± VXMHLWDV j FRPSUHVVmR RX IOH[R
FRPSUHVVmR D HVWDELOLGDGH SRGH VHU YHULILFDGD VLPXODQGR R FRPSRUWDPHQWR GH XPD
EDUUDFRPSULPLGDFRQIRUPH0XLUH7KRUQWRQ  


ϱϰ



 &RPRHPXPDEDUUDDVUHVWULo}HVGHH[WUHPLGDGHVmRLPSRUWDQWHVSDUDGHWHU
PLQDURFRHILFLHQWHGHFRPSULPHQWRHIHWLYR.$OJXPDVFRQGLo}HVTXHSRGHPRFRUUHU
VmRLOXVWUDGDVQDILJXUDFRPEDVHQHVWDIRQWH

)LJXUD±9DORUHVGRFRHILFLHQWHGHFRPSULPHQWRHIHWLYR.SDUDFKDSDVVXEPHWLGDVjFRP
SUHVVmR


)RQWH$GDSWDGRGH0XLUH7KRUQWRQ   


 3DUDXPDFKDSDGHJXVVHWFRQHFWDGDDXPPHPEURGHVXSRUWH EDQ]RQRFDVR
SUHVHQWH  H OLJDGD DSHQDV D XPD GLDJRQDO DVVXPHVH .   2 PHVPR YDOH SDUD R
FDVRRQGHH[LVWHPGXDVGLDJRQDLVFRQHFWDGDVHDPEDVVmRFRPSULPLGDVVLPXOWDQHD
PHQWH

 6HKRXYHUGXDVGLDJRQDLVFRQHFWDGDVHXPDGHODVpWUDFLRQDGDHQWmRDGRWDVH
.  3DUD WDO FRQVLGHUDomR D RUGHP GH JUDQGH]D GD IRUoD GH WUDomR GHYH VHU D
PHVPDGDIRUoDGHFRPSUHVVmRGDRXWUDGLDJRQDO

 $VHomRWUDQVYHUVDODVHUFRQVLGHUDGDSDUDYHULILFDomRGDUHVLVWrQFLDpDVHomR
HIHWLYD HVSHVVXUDGDFKDSDPXOWLSOLFDGDSHODODUJXUDHIHWLYDPRVWUDGDQDILJXUD 

 'HYHVHHQIDWL]DUTXHDVVLWXDo}HVJHQpULFDVDFLPDDERUGDGDVQmRVmRSDVVt
YHLVGHDSOLFDomRGLUHWDHPFHUWRVFDVRVSRGHRFRUUHUGDVHomRHIHWLYDLQYDGLUSDUWH
GHXPHOHPHQWRDGMDFHQWHSHUWHQFHQWHjFRQH[mRRXPHVPRVHUWUXQFDGDSHODUHGX]L
GDODUJXUDGLVSRQtYHOGDFKDSD(VWHVHRXWURVFDVRVSRVVtYHLVUHTXHUHPWUDWDPHQWR
PDLVHODERUDGR±FRPRSRGHVHUREVHUYDGRHPHVWXGRVHIHWXDGRVSRU&KDPEHUVH
%DUWOH\  H$VWDQHK$VL  


(67$'26/,0,7(67Ë3,&26

 $1%5±HWDPEpPD1%5±QmRWUDWDHVSHFLILFDPHQWHGRGLPHQVLR
QDPHQWRGHVWHWLSRGHHOHPHQWRHVWUXWXUDO(QWUHWDQWRHVWD~OWLPDQRtWHP(OH
PHQWRVGHOLJDomR´WUDWDGHPDQHLUDJHUDOGRGLPHQVLRQDPHQWRGHHOHPHQWRVGHOLJD
omR$VHVSHFLILFDo}HVGHVWHtWHPGD1%5VmRREVHUYDGDVQRVSURFHGLPHQWRVD
VHJXLUVRPDGDVDRVSURFHGLPHQWRVLQGLFDGRVQDELEOLRJUDILDFRQVXOWDGDDGDSWDQGRj

ϱϱ


IRUPXODomRGHVWDQRUPD$IRUPXODomRIRLDGDSWDGDGH$$6+72  VHQGRTXHRV


UHTXLVLWRVUHODWLYRVDHIHLWRVVtVPLFRVQmRIRUDPLQFOXVRV
(VFRUUHJDPHQWRGRVSDUDIXVRVHPOLJDo}HVSDUDIXVDGDVGLPHQVLRQDGDVSDUDWUDED
OKDUSRUDWULWR HVWDGROLPLWHGHVHUYLoR QmRDEUDQJLGDVQRSUHVHQWHWUDEDOKR

(VFRDPHQWRGDVHomREUXWD&RQVLGHUDUD³VHomRHIHWLYD´ ODUJXUDHIHWLYD[HVSHVVXUD
GDFKDSD±FRQIRUPHILJXUD
)W5G I\$JJDGEWIXJD 1%5tWHP±D 
$J 6HomREUXWDHIHWLYD

(VPDJDPHQWRGDUHJLmRGRVIXURV FRPFRQVLGHUDomRGHUDVJDPHQWRHQWUHIXURVHIX
URERUGD HPOLJDo}HVSDUDIXVDGDVSDUDIXUDomR³SDGUmR´

)F5G OIWIXJD 1%5tWHPVHJXQGDVLWXDomRGRtWHP³D´ 
OI GLVWkQFLDHQWUHERUGDGRIXURHDERUGDGRIXURDGMDFHQWHRXHQWUHERUGDGRIXURHD
ERUGDOLYUHGDFKDSD
W HVSHVVXUDGDFKDSD
IX UHVLVWrQFLDjUXSWXUDGRDoRGDSDUHGHGRIXUR
GE GLkPHWURGRSDUDIXVR
,QVWDELOLGDGHGDFKDSDSRUIRUoDGHFRPSUHVVmR
1DVERUGDVOLYUHVSDUDHYLWDULQVWDELOLGDGHGHVWDVERUGDV YLGHILJXUD 
)LJXUD±'LVWkQFLDV³/J´DVHUHPFRQVLGHUDGDVSDUDHYLWDULQVWDELOLGDGHSRUFRPSUHVVmRGD
FKDSD


)RQWH3URGXomRGRSUySULRDXWRU
 
 6HJXQGR³6WDQGDUG6SHFLILFDWLRQVIRU+LJKZD\%ULGJHV´HG  H³3UR
SRVHG $$6+72*XLGH6SHFLILFDWLRQVIRU/5)'6HLVPLF%ULGJH'HVLJQ´  DGLV
WkQFLDOLYUHQDVERUGDVVXMHLWDVjFRPSUHVVmRGHYHVHUOLPLWDGDSRU

/JW (I\ 


/J GLVWkQFLDOLYUH FRQIRUPHILJXUD 
W HVSHVVXUDGDFKDSD

ϱϲ



1DVHomRFUtWLFD'HYLGRjFRPSUHVVmRDFKDSDGHJXVVHWSRGHVHWRUQDULQVWiYHOD
SDUWLUGDVHomRFUtWLFDFRQIRUPHLOXVWUDGRQDILJXUD3DUDDYDOLDUDFDSDFLGDGHGD
FKDSDjFRPSUHVVmRVHOHoLRQDVHDIDL[DPDLVORQJDFRPODUJXUDHVWDEHOHFLGDDSULRUL
FPVXEPHWLGDjWHQVmRGH1G:WHFDOFXODVHFRPRXPDEDUUDHTXLYDOHQWH

)LJXUD±)ODPEDJHPGHFKDSDGHJXVVHWHPRGHORGHFiOFXOR


)RQWH$VWDQHK$VL  

$GRWDQGRHVWHPRGHORHGHDFRUGRFRPD1%5tWHPWHPVHTXH
D 3DUDRHVWDGROLPLWH~OWLPRGHHVFRDPHQWRDSOLFiYHOTXDQGRNOU
)5G I\$JJD

E 3DUDRHVWDGROLPLWH~OWLPRGHIODPEDJHPDSOLFiYHOTXDQGRNOU!

1F5G J$JI\JDSV

6HSR !J   

6HSR! !J SR

SR  $JI\1H

1H W (, N/ 
, PRPHQWRGHLQpUFLDIRUDGRSODQRGDFKDSD
N FRHILFLHQWHGHIODPEDJHP RX±YLGHILJXUD 
/ FRPSULPHQWRGDIDL[DFRPSULPLGDPDLVORQJD YLGHILJXUD 

5XSWXUDGDiUHDOtTXLGDGDFKDSDSRUWUDomR
)W5G IX$HJD
$H &W$Q

FRHILFLHQWHGHUHGXomRGDiUHDOtTXLGD&W tWHPG±1%5 



ϱϳ


1DVOLJDo}HVVROGDGDV
TXDQGRDIRUoDGHWUDomRIRUWUDQVPLWLGDVRPHQWHSRUVROGDVORQJLWXGLQDLVDRORQJRGH
DPEDVDVVXDVERUGDVFRQIRUPHD)LJXUD
&W SDUDOZ!E
&W SDUDE!OZ!E
&W SDUDE!OZ!E
$Q iUHDOtTXLGDQDVHomRHIHWLYD :W VHQmRKRXYHUIXURVQHVWDUHJLmR 
OZ FRPSULPHQWRGRVFRUG}HVGHVROGD
EpDODUJXUDGDFKDSD GLVWkQFLDHQWUHDVVROGDVVLWXDGDVQDVGXDVERUGDV 
)LJXUD±&KDSDSODQDFRPIRUoDGHWUDomRWUDQVPLWLGDSRUVROGDORQJLWXGLQDO

)RQWH1%5

1DVOLJDo}HVSDUDIXVDGDV
&W 
$H $Q :±GIQE W$J FRQI1%5tWHPE 
GI GLkPHWURGRVIXURV
QE Q~PHURGHSDUDIXVRVQDVHomRHIHWLYD
: ODUJXUDHIHWLYD FRQIILJXUD 
W HVSHVVXUDGDFKDSD
$J VHomREUXWDHIHWLYD :W

5XSWXUDSRUUDVJDPHQWRGH³EORFR´ 9LGHILJXUD 
)5G ND IX$QY&WVIX$QW  I\$JY&WVIX$QW 
$JY iUHDEUXWDVXMHLWDDFLVDOKDPHQWR
$QY iUHDOtTXLGDVXMHLWDDFLVDOKDPHQWR
&WV 








ϱϴ


)LJXUD±([HPSORVGHUDVJDPHQWRGHEORFRHPOLJDo}HVVROGDGDHSDUDIXVDGD


)RQWH3URGXomRGRSUySULRDXWRU

(VWDGRVOLPLWHVGHIOH[mR
05G :I\ND

05G =I\ND
2QGH: PyGXORGHUHVLVWrQFLDHOiVWLFRH= PyGXORGHUHVLVWrQFLDSOiVWLFR

(VWDGROLPLWHGHHVIRUoRFRUWDQWH
95G $JI\ND

,QWHUDomRGHHVIRUoRFRUWDQWHIOH[mRIRUoDD[LDO

D &RQGLomRGHLQtFLRGHHVFRDPHQWR

1VG15G0VG05G 05GFDOFXODGRSDUDRHVWDGROLPLWHGHIOH[mR 

1VG15G 9VG95G 

E &RQGLomRGHHVFRDPHQWRWRWDO
  
0VG05G 1VG15G  9VG95G > 1VG15G @

5XSWXUDGRVSDUDIXVRV FLVDOKDPHQWR RXVROGDV


D OLJDo}HVVROGDGDV

)5GZ  Z/ IZN


NZ
)5GZ Z/I\N
ND


 
ϭϲ
&ŽƌŵƵůĂĕĆŽĚĞ͞WƌŽƉŽƐĞĚ^,dK'ƵŝĚĞ^ƉĞĐŝĨŝĐĂƚŝŽŶƐĨŽƌ>Z&^ĞŝƐŵŝĐƌŝĚŐĞĞƐŝŐŶʹƐƵďĐŽŵŵŝƚĞĞĨŽƌƐĞŝƐͲ
ŵŝĐĞĨĨĞĐƚƐŽŶƌŝĚŐĞƐ͟;ϮϬϬϳͿĂĚĂƉƚĂĚĂăŶŽŵĞŶĐůĂƚƵƌĂĚĂEZϴϴϬϬ͘

ϱϵ


RQGH
Z DOWXUDGRILOHWHGHVROGD
/ FRPSULPHQWRWRWDOGRVILOHWHVGHVROGD
IZ UHVLVWrQFLDGRPHWDOGHVROGD
NZ N
ND 
E OLJDo}HVSDUDIXVDGDV
i&RPSDUDIXVRVGHDOWDUHVLVWrQFLDTXDQGRRSODQRGHFRUWHSDVVDSHODURVFDH
SDUDSDUDIXVRVFRPXQVHPTXDOTXHUVLWXDomR
)Y5G $EIXEN
ND[1E
&RPSDUDIXVRVGHDOWDUHVLVWrQFLDTXDQGRRSODQRGHFRUWHQmRSDVVDSHODURVFD
)Y5G $EIXEN
ND[1E
RQGH
$EpDiUHDEUXWDGRSDUDIXVR
1E Q~PHURGHSDUDIXVRV RXGHVHo}HVVXEPHWLGDVDFRUWHVLPSOHV QDOLJDomR

3/$&$6'(%$6('(3,/$5(6

 eSUiWLFDFRPXPSURMHWDUSLODUHVPHWiOLFRVFRPHQJDVWDPHQWRHPVXDEDVH
'HVVHPRGRDVSODFDVGHEDVHHRVFKXPEDGRUHVGHYHPWHUFDSDFLGDGHGHWUDQVIHULU
DGHTXDGDPHQWHDVFDUJDVQRUPDLVFRUWDQWHVHPRPHQWRVIOHWRUHVjVIXQGDo}HVRX
HVWUXWXUDGHVXSRUWH FRQFUHWRDUPDGR±VHIRURFDVR 

 2FRPSRUWDPHQWRHGLVWULEXLomRGRVHVIRUoRVQDEDVHGHXPSLODULOXVWUDGRQD
ILJXUDEVHUiHOiVWLFRDWpTXHVHIRUPHUyWXODSOiVWLFDQDEDVHGDFROXQD  RXQD
SODFDGHEDVH RX SHORHVPDJDPHQWRGRFRQFUHWR  SHORHVFRDPHQWRGRV
FKXPEDGRUHVWUDFLRQDGRV  RXRHVJRWDPHQWRGDFDSDFLGDGHGHDQFRUDJHPGR
FKXPEDGRUVHMDDOFDQoDGD  HVWHVQ~PHURVVHUHIHUHPjVSRVLo}HVLQGLFDGDVQDIL
JXUDE6HDFDSDFLGDGHGHDQFRUDJHPIRUPDLRUTXHRVSULPHLURVFDVRVJHUDOPHQWH
RFRPSRUWDPHQWRGDFRQH[mRVHUiG~FWLOVHJXQGR)LVKHUH.ORLEHU  (PERUDLV
VRVHMDGHVHMiYHOQHPVHPSUHpSRVVtYHORXQHFHVViULRSURMHWDUSDUDHVWDVLWXDomR
 
 7UDGLFLRQDOPHQWH R GLPHQVLRQDPHQWR GH FKDSD GH EDVH GH SLODUHV p IHLWR WR
PDQGRFRPROLPLWHVRLQtFLRGHHVFRDPHQWRGRFKXPEDGRURXDSRVLomRPDLVFRPSUL
PLGDDWLQJHDFDSDFLGDGHPi[LPDGRFRQFUHWRjFRPSUHVVmR6HJXQGRHVWDKLSyWHVH
RGLDJUDPDGHWHQV}HVGHFRPSUHVVmRQRFRQFUHWRWHPDIRUPDWULDQJXODUSDUWLQGRGR
]HURHFKHJDQGRQRYDORUPi[LPRPHQFLRQDGR

 2 PpWRGR HPSUHJDGR QHVWH WUDEDOKR IRL LQLFLDOPHQWH SURSRVWR 'UDNH H (ONLQ
  PRGLILFDGR SRU 'R\OH  H )LVKHU   H HPSUHJDGR SRU )LVKHU H .ORLEHU QR
6WHHO'HVLJQ*XLGH  (OHVHEDVHLDQDKLSyWHVHGHHTXLOtEULRHPTXHWRGDD
iUHDFRPSULPLGDGRFRQFUHWRVREDFKDSDSRVVDDOFDQoDUVHXHVWDGROLPLWH~OWLPR±H
QmRDSHQDVQDUHJLmRPDLVFRPSULPLGD
 (VWDDSUR[LPDomRSDUHFHVHUPDLVFRHUHQWHFRPRPpWRGRGRVHVWDGRVOLPLWHV
SRLV R PpWRGR WUDGLFLRQDO  DGPLWH TXH TXDQGR D GLVWULEXLomR WULDQJXODU GH WHQV}HV QR


ϲϬ


FRQFUHWRDOFDQoDVHXYDORUPi[LPRIRLDWLQJLGDDFDSDFLGDGHPi[LPDGDOLJDomR±HQ
TXDQWRTXHQHVWHRGLDJUDPDGHWHQV}HVQRFRQFUHWRpUHWDQJXODULVWRpDGPLWHTXH
WRGDDUHJLmRFRPSULPLGDSRVVDDOFDQoDUDWHQVmRPi[LPD

3ODFDVGHEDVHVXEPHWLGDVjIOH[RFRPSUHVVmR

 $PHWRGRORJLDGHFiOFXORDVHJXLUpDHPSUHJDGDSRU)LVKHUH.ORLEHUQR³6WHHO
'HVLJQ *XLGH ´   DGDSWDGD jV QRUPDV EUDVLOHLUDV  1%5  H 1%5
TXDQGRIRUSHUWLQHQWH$QRPHQFODWXUDIRLSDUFLDOPHQWHDGRWDGDGRFLWDGR
PDQXDOHGDV1RUPDVEUDVLOHLUDVFLWDGDV±DOpPGHRXWUDVLQWURGX]LGDV

 $ILJXUDLOXVWUDRPRGHORHPHVWXGRMXQWDPHQWHFRPDVYDULiYHLVJHRPpWULFDV
HHVIRUoRVFRQVLGHUDGRVSDUDRFDVRGRIOH[RFRPSUHVVmR

)LJXUD*HRPHWULDGHFKDSDGHEDVH D HHVWDGRVOLPLWHVGHVWDOLJDomR E 
$IRUoD3GLQGLFDGDGHVORFDGDGH³H´GRHL[RUHSUHVHQWDDVRPDGHHIHLWRVGH3GH0G























)LJXUDE




)LJXUDD

)RQWH3URGXomRGRSUySULRDXWRU






ϲϭ


P ³YmRWHyULFR´GDFKDSDHPEDODQoR±FRQIRUPH6'*  1G 



Q ³YmRWHyULFRODWHUDOGDFKDSDHPEDODQoRFRQI$,6&6'*Q  %±EI 

Q¶ GLVWkQFLD ³EDODQoR´ GDOLQKDWHyULFDGHHVFRDPDSDUWLUGDIODQJHRXDOPDGRSLODU

Q¶  GEI 


3G )RUoDQRUPDOGHFiOFXOR FRPSUHVVmR 

T FDUJDOLQHDUGLVWULEXtGDDRORQJRGRWUHFKRFRPSULPLGR³<´GDFKDSDGHEDVH

7G IRUoDGHWUDomRGHFiOFXORQRVFKXPEDGRUHV

WS HVSHVVXUDGDSODFDGHEDVH

WI HVSHVVXUDGDIODQJHGRSLODU

WZ HVSHVVXUDGDDOPDGRSLODU

9G )RUoDFRUWDQWHGHFiOFXOR

ZD DOWXUDGRILOHWHGHVROGDQDDOPDGRSLODU

ZI DOWXUDGRILOHWHGHVROGDQDIODQJHGRSLODU

[ GLVWkQFLDHQWUHRFHQWURGRFKXPEDGRUWUDFLRQDGRHDOLQKDWHyULFDGHWHUPLQDQWHGR
PRPHQWRPi[LPRSURYRFDGRSHODIRUoDGHWUDomRGRVFKXPEDGRUHV

[ I±GWI

< &RPSULPHQWRGRWUHFKRFRPSULPLGRGDFKDSD

H GLVWkQFLDGDIRUoDUHVLVWHQWHGHFRPSUHVVmRQRFRQFUHWRDWpRFHQWURGRSLODU

 4XDQWRjVVLWXDo}HVGHHVIRUoRVQDVEDVHVR6'*VXEGLYLGHQRVVHJXLQWHVt
WHQV

ËWHP)RUoDGHFRPSUHVVmR³FHQWUDGD´
ËWHP)RUoDGHWUDomR³FHQWUDGD´
ËWHP3ODFDVGHEDVHFRPSULPLGDFRPSHTXHQDIOH[mR
ËWHP3ODFDVGHEDVHFRPSULPLGDVFRPJUDQGHIOH[mR
ËWHP)RUoDFRUWDQWH

 1mRVHUiHVWXGDGRRtWHPHVWDVROLFLWDomRSRGHVHUUHVLVWLGDSRUGLYHUVRV
PRGRVSRUH[HPSORDWULWRFKDSDGHFLVDOKDPHQWRFKXPEDGRUHVUHVLVWLQGRjFRUWDQ
WH




ϲϮ


 1HVWHHVWXGRDGLYLVmRDGRWDGDIRLDVHJXLQWH

D 3ODFDVVXEPHWLGDVjFRPSUHVVmR
 D&RPSHTXHQDH[FHQWULFLGDGH
 D&RPJUDQGHH[FHQWULFLGDGH

E 3ODFDVVXEPHWLGDVjWUDomR
 E&RPSHTXHQDH[FHQWULFLGDGH
 E&RPJUDQGHH[FHQWULFLGDGH

 'HVWHPRGRWRGRVRVFDVRVFLWDGRV±GHDVmRDEUDQJLGRVXPDYH]TXH
DVVLWXDo}HVYLVWDVHPHVmRFDVRVSDUWLFXODUHVGHDHE$OpPGLVVRpLQ
WURGX]LGRRHVWXGRGHSODFDVVXEPHWLGDVjIOH[RWUDomR


x 3ODFDVFRPSHTXHQDH[FHQWULFLGDGH2FRUUHTXDQGRRHTXLOtEULRpDOFDQoDGR
VHPTXHKDMDWUDomRQRVFKXPEDGRUHV

$UHVXOWDQWHGDVIRUoDVGHFRPSUHVVmRUHVLVWHQWH YLGHILJXUDD pLJXDODT<RQGH

T IS[%IS WHQVmRGHFRPSUHVVmRQRFRQFUHWR
   % ODUJXUDGDFKDSDGHEDVH

H 1±<

$VVLPVHQGRTXDQGR³<´DXPHQWD³H´GLPLQXL³<´DOFDQoDUiVHXYDORUPtQLPRTXDQGR
³T´DOFDQoDVHXYDORUPi[LPR

<PLQ 3GTPD[T IS PD[ ;%IS PD[  V5G 
IFN $$ IFN

HPD[ 1±<PLQ 1±3GTPD[

 3DUDRFRUUHUHTXLOtEULRDVOLQKDVGHDomRGH3GHGDUHVXOWDQWHT<GHYHPVHU
FRLQFLGHQWHVLVWRpH H

 6HDH[FHQWULFLGDGHH 0G3GH[FHGHURYDORUPi[LPRTXHHSRGHDOFDQoDU
RVHVIRUoRVDSOLFDGRVQmRSRGHPVHUUHVLVWLGRVVR]LQKRVHRVFKXPEDGRUHVVHUmRWUD
FLRQDGRV5HVXPLQGRSDUDYDORUHVGH³H´PHQRUHVTXHHPD[<pPDLRUTXH<PLQH³T´
pPHQRUTXHTPD[&RQVHTXHQWHPHQWHISpPHQRUTXHIS PD[ 3DUDYDORUHVGH³H´
PDLRUHVTXHHPD[T TPD['HVVHPRGRXPYDORUFUtWLFRGDH[FHQWULFLGDGHGDIRUoD
DSOLFDGD3GpGDGDSRU

 HFULW HPD[ 1±3GTPD[

 
V5G$H$±FRQItWHP±1%5&RPRQmRVHFRQKHFHDSULRULRVYDORUHV
ϭϳ

GH$H$SRGHVHWRPDUFRQVHUYDWLYDPHQWHDUHODomRFRPRVHQGRGHYDORU

ϲϯ


 1RVFDVRVHPTXHHHFULWQmRKDYHUiWHQGrQFLDGHWRPEDPHQWRRVFKXP
EDGRUHVQmRVmRQHFHVViULRVSDUDRHTXLOtEULRGRPRPHQWRIOHWRUHVHJXQGRR6'*
SRGHVHGL]HUTXHDFRQH[mRpVXMHLWDD³SHTXHQRVPRPHQWRVIOHWRUHV´1RSUHVHQWH
WUDEDOKRHVWDVLWXDomRIRLGHQRPLQDGDGH³SHTXHQDH[FHQWULFLGDGH´3RURXWURODGRVH
H!HFULWRHTXLOtEULRQmRSRGHUiVHUDOFDQoDGRVHPDSDUWLFLSDomRGRVFKXPEDGRUHV
1HVWHFDVRR6'*GL]TXHDFRQH[mRHVWiVXMHLWDD³JUDQGHVPRPHQWRVIOHWRUHV´±VL
WXDomRDTXLGHQRPLQDGDGH³JUDQGHH[FHQWULFLGDGH´

7(16®(612&21&5(72$VWHQV}HVVmRDVVXPLGDVFRPRXQLIRUPHPHQWHGLVWULEX
tGDVQDiUHD<[%1DVLWXDomRHPTXHH HWHPVHTXH

1±< Hĺ< 1±H

$VWHQV}HVVmRGHWHUPLQDGDVSRUT 3G<HIS 3G%<
3DUDSHTXHQDVH[FHQWULFLGDGHVHHFULWTTPD[ISIS PD[ 

1DFRQGLomRGHH HFULWGDVGXDVHTXDo}HVDFLPDGHVWDFDGDVREWpPVH
< 1±>1±3GTPD[@


(67$'2/,0,7('((6&2$0(172'(9,'2¬)/(;­2'$3/$&$'(%$6(±
5(*,­2'(&2035(66­2'2&21&5(72

 $FRPSUHVVmRGRFRQFUHWRSURYRFDIOH[mRQDSDUWHHPEDODQoRGDFKDSDHPVHX
FRPSULPHQWR³P´ IOH[mRVHJXQGRRHL[RPDLVUHVLVWHQWH H³Q´ VHJXQGRRHL[RGHPH
QRUUHVLVWrQFLD 3DUDRSULPHLURDVWHQV}HVISVmRFDOFXODGDVSRU

IS 3G%< 3G
  % 1H 

 3DUD<!PRPRPHQWRPi[LPRQDSDUWHFRPSULPLGDGDFKDSDVHUi0FRPS 

IS O  RQGH³O´pRPDLRUYDORUHQWUHPQH³OQ¶³2YDORUGHO IDWRUPXOWLSOL
FDGRUGHQ¶ WHPVXDIRUPXODomRLQGLFDGDQR$,6&6'*GHPRGRFRQVHUYDGRUSRGH
VHUDGRWDGR 

$UHVLVWrQFLDQHFHVViULDGDFKDSDGHEDVHSRGHVHUGHWHUPLQDGDSRU


6H<!P05G!IS>P @
SDUD<P05G!IS<>P±<@

RQGH05G UHVLVWrQFLDjIOH[mRGDFKDSDSRUXQLGDGHGHODUJXUD

05G =I\JD 1%5*  WS I\JD

 3DUDYDOLGDUDQiOLVHHOiVWLFDD1%5QRtWHPHVWDEHOHFHDLQGD
TXH05GQmRGHYHVHUWRPDGRPDLRUTXH:I\JD


: PyGXORGHUHVLVWrQFLDHOiVWLFRGDVHomR FRPODUJXUDXQLWQHVWHFDVR  WS 

ϲϰ


= PyGXORGHUHVLVWrQFLDSOiVWLFRGDVHomR FRPODUJXUDXQLWQHVWHFDVR  WS 
WS HVSHVVXUDGDSODFDGHEDVH

3DUDGHWHUPLQDUDHVSHVVXUDPtQLPDUHTXHULGD WS UHT LJXDODVHDVHTXDo}HVGH05G
DQWHULRUHV

 
SDUD<!PIS>P @ WS I\ JD JD 

 ò 
WS UHT ^>IS P  @I\`  P ISI\


SDUD<PIS<>P±<@ WS I\ JD JD 

ò
WS UHT  >IS< P±< I\@

1RWDTXDQGRQIRUPDLRUTXHPDHVSHVVXUDPtQLPDUHTXHULGDGHYHUiVHUGHWHUPLQD
GDHPSUHJDQGRVHRYDORUGHQ

x 3ODFDVFRPJUDQGHH[FHQWULFLGDGH2FRUUHTXDQGRRHTXLOtEULRQmRSRGHVHUDO
FDQoDGRVHPTXHKDMDWUDomRQRVFKXPEDGRUHV±YLGHILJXUD

)LJXUD±&KDSDGHEDVHVXMHLWDjIOH[RFRPSUHVVmRFRPJUDQGHH[FHQWULFLGDGH


 













)RQWH3URGXomRGRSUySULRDXWRU

 &RQIRUPHPHQFLRQDGRDQWHULRUPHQWHHVWDVLWXDomRRFRUUHTXDQGR
H!HFULW 1±3GTPD[










ϲϱ


7(16®(612&21&5(72(75$d­2126&+80%$'25(6

 1HVWHFDVRDSUHVVmRGHFRQWDWR³T´pLJXDODRYDORUPi[LPR³TPD[´3DUDFDO
FXODUDVIRUoDVGHFRPSUHVVmRQRFRQFUHWRHWUDomRQRVFKXPEDGRUHVFRQVLGHUDUD
ILJXUD

 2HTXLOtEULRGHIRUoDVYHUWLFDLVUHTXHUTXH

6)Y ĺ7G TPD[<±3G

 'RPHVPRPRGRRHTXLOtEULRGHPRPHQWRVWRPDGRVREUHRSRQWR%QHVWHFD
VRGHYHVHUREWLGR
TPD[< 1±<I ±3G HI  

$SyVUHRUGHQDUWrPVHDHTXDomRTXDGUiWLFD


< ± 1±I <3G HI TPD[ FXMDVROXomRpGDGDSRU

 
<  I1 > I1 ±3G HI TPD[@

 3DUDFHUWDVFRPELQDo}HVGHIRUoD3GPRPHQWR0GHJHRPHWULDGDFKDSDVR
OXo}HVUHDLVQmRSRGHPVHUHQFRQWUDWDGDV ³GHOWD´GDHTXDomR]HUR 1HVWHFDVRp
QHFHVViULRDXPHQWDUDVGLPHQV}HVGDFKDSD


(67$'2/,0,7('((6&2$0(172'(9,'2¬)/(;­2'$3/$&$'(%$6(±
5(*,­2'(&2035(66­2'2&21&5(72

 3DUDJUDQGHVYDORUHVGHH[FHQWULFLGDGHVHRXPRPHQWRVIOHWRUHVDWHQVmROLPLWH
VHUiIS IS PD[ 

 $HVSHVVXUDUHTXHULGDGDFKDSDGHEDVHSRGHVHUGHWHUPLQDGDSHODVH[SUHV
V}HVGHGX]LGDVSDUDSHTXHQDVH[FHQWULFLGDGHVVXEVWLWXLQGRISSRUIS PD[ 


SDUD<!PWS UHT  P ISPD[I\



SDUD<PWS UHT  >ISPD[< P±< I\@ 

1RWDTXDQGRQIRUPDLRUTXHPDHVSHVVXUDPtQLPDUHTXHULGDGHYHUiVHUGHWHUPLQD
GDHPSUHJDQGRVHRYDORUGHQ









ϲϲ


(67$'2/,0,7('((6&2$0(172'(9,'2È)/(;­2'$3/$&$'(%$6(±
5(*,­2'(75$d­2'2&+80%$'25

 $IRUoDGHWUDomR7GQRVFKXPEDGRUHVSURYRFDPIOH[mRQDSODFDGHEDVH2
FRPSULPHQWRHPEDODQoRpWRPDGRGHPRGRFRQVHUYDGRUFRPRDGLVWkQFLDGRFHQWUR
GRFKXPEDGRUDWpRFHQWURGDIODQJHGRSLODU³[´±ILJXUD3RUXQLGDGHGHODUJXUDGD
FKDSDDUHVLVWrQFLDUHTXHULGDGDFKDSDSRGHVHUGHWHUPLQDGDSRU

05G 7G[%  [ I±GWI

 $FDSDFLGDGHUHVLVWHQWHSRUXQLGDGHGHODUJXUD±FRQIRUPHYLVWRHP±p

GDGDSRU05G =I\JD WS I\JD

 
7G[% WS I\JDĺWS UHT   7G[%I\ 

 $HVSHVVXUDDVHUDGRWDGDSDUDDFKDSDGHEDVHGHYHVDWLVID]HUDDPERVRVHV
WDGRVOLPLWHVLVWRpGHYHVHUQRPtQLPRLJXDODRPDLRUGRVYDORUHVREWLGR


3ODFDVGHEDVHVXEPHWLGDVjIOH[RWUDomR

 2$,6&6'*QmRDEUDQJHRFDVRGHSODFDVGHEDVHVXMHLWDVjIOH[RWUDomR
(QWUHWDQWRpFRPXPRFRUUHUVLWXDo}HVHPTXHLVWRDFRQWHoD)RUoDVGHYLGDVDRYHQWR
HPJDOS}HVSRUH[HPSORFRPELQDGDVjVDo}HVSHUPDQHQWHVIUHTXHQWHPHQWHLPSOL
FDPHPIRUoDQRUPDOUHVXOWDQWHGHWUDomRQDEDVHGRVSLODUHV±RTXHQmRRFRUUHLVR
ODGDPHQWHLVWRpHVWiDVVRFLDGDjHVIRUoRGHIOH[mR

 $VHJXLUpSURSRVWRSURFHGLPHQWRGHFiOFXORSDUDHVWDFRQGLomRGHSURMHWRXWLOL
]DQGRRVPHVPRVFRQFHLWRVHVWXGDGRVSDUDSODFDVVXEPHWLGDViIOH[RFRPSUHVVmR

x 3ODFDVFRPSHTXHQDH[FHQWULFLGDGH2FRUUHTXDQGRRHTXLOtEULRpDOFDQoDGR
VHPTXHKDMDFRPSUHVVmRQRFRQFUHWR$ILJXUDLOXVWUDHVWHFDVR

3UHPLVVDHI

(TXLOtEULRGHIRUoDV3G 77

(TXLOtEULRGHPRPHQWRIOHWRUHP³%´3G HI  7I

7 3G HI I7 3G±7










ϲϳ



)LJXUD±3ODFDVXMHLWDjIOH[RWUDomRFRPSHTXHQDH[FHQWULFLGDGH

























)RQWH3URGXomRGRSUySULRDXWRU
 
 &RPRDVGXDVERUGDVHPEDODQoRGDHVWUXWXUDHVWmRHPEDODQoRVXMHLUDVjIOH
[mRDPHVPDH[SUHVVmRREWLGDSDUDWS UHT GDFKDSDQRODGRWUDFLRQDGRtWHP
VHDSOLFDDTXL


WS UHT   7[%I\ 

1RWD1mRKiFRPSUHVVmRQRFRQFUHWRWRGRVRVFKXPEDGRUHVVmRWUDFLRQDGRV


x 3ODFDVFRPJUDQGHH[FHQWULFLGDGH2FRUUHTXDQGRRHTXLOtEULRpDOFDQoDGR
TXDQGRKiWUDomRQRVFKXPEDGRUHV±YLGHILJXUD±GHXPODGRHQRODGRRSRVWRKi
FRPSUHVVmRQRFRQFUHWR











ϲϴ



)LJXUD±3ODFDGHEDVHVXEPHWLGDjIOH[RWUDomRFRPJUDQGHH[FHQWULFLGDGH










 
 


 








)RQWH3URGXomRGRSUySULRDXWRU

3UHPLVVDVT TPD[H!I

(TXLOtEULRGHPRPHQWRQRSRQWR$


3G H±I  T< I1±< ĺ3G H±I  T<IT<1±T< 


T< ±T I1 <3G H±I  


 
<  I1 > I1 3G H±I TPD[@ 

 
<  I1 ±> I1 ±3G H±I TPD[@ 

6H¨!ĺ I1 !3G H±I TPD[H[LVWHUDL]UHDO
    
6H¨ĺDSODFDGHYHWHUVXDVGLPHQV}HVDXPHQWDGDV

 
(TXLOtEULRGHIRUoDV

7 3GTPD[<


ϲϵ



(67$'2/,0,7('((6&2$0(172'(9,'2¬)/(;­2'$3/$&$'(%$6(
5(*,­2'(&2035(66­2'2&21&5(72

$VH[SUHVV}HVSDUDGHWHUPLQDomRWS UHT VmRDVPHVPDVHPSUHJDGDVHP


SDUD<!PWS UHT  P ISPD[I\



SDUD<PWS UHT  >ISPD[< P±< I\@ 

1RWDTXDQGRQIRUPDLRUTXHPDHVSHVVXUDPtQLPDUHTXHULGDGHYHUiVHUGHWHUPLQD
GDHPSUHJDQGRVHRYDORUGHQ

(67$'2/,0,7('((6&2$0(172'(9,'2È)/(;­2'$3/$&$'(%$6(±
5(*,­2'(75$d­2'2&+80%$'25

 7DPEpPQHVWHFDVRDH[SUHVVmRSDUDGHWHUPLQDURYDORUGHWS UHT pDPHVPD
REWLGDHP


WS UHT   7G[%I\ 

 $HVSHVVXUDDVHUDGRWDGDSDUDDSODFDGHEDVHGHYHVDWLVID]HUDDPERVRVHV
WDGRVOLPLWHVLVWRpGHYHVHUQRPtQLPRLJXDODRPDLRUGRVYDORUHVREWLGR

 &DEHREVHUYDUTXHHQTXDQWRQDIOH[RFRPSUHVVmRROLPLWDQWHYLDGHUHJUDpD
HVSHVVXUDPtQLPDGDSDUWHFRPSULPLGDGDFKDSDQHVWHFDVRDSDUWHWUDFLRQDGDpD
SULQFtSLRDPDLVFUtWLFD


&+80%$'25(6

&RQVLGHUDo}HV

 &KXPEDGRUHVVmRRVHOHPHQWRVFRPXPHQWHXWLOL]DGRVSDUDLQWHUOLJDUDHVWUXWXUD
PHWiOLFDFRPDIXQGDomRRXHVWUXWXUDGHVXSRUWHHPFRQFUHWRDUPDGR

 $UHVSRVWDHVSHUDGDGHWRGDDHVWUXWXUDIUHQWHDRVHVIRUoRVVROLFLWDQWHVGHSHQ
GHHQWUHRXWURVGDFRUUHWDDGRomRGHPRGHORHVWUXWXUDOHUHVSHFWLYRSURMHWRFRQGL]HQ
WH FRP RPRGHORDGRWDGR± GDt D LPSRUWkQFLD GH TXHDIL[DomR GD HVWUXWXUD HP VXDV
EDVHVVHMDFRQYHQLHQWHPHQWHWUDWDGD

 1mRKiSRUHQTXDQWRQDVQRUPDVWpFQLFDVEUDVLOHLUDVDVVXQWRHVSHFtILFRUHODWLYR
DRGLPHQVLRQDPHQWRGHFKXPEDGRUHV$1RUPD1RUWH$PHULFDQD´$PHULFDQ&RQFUHWH
,QVWLWXWH  %XLOGLQJ&RGH5HTXLUHPHQWVIRU6WUXFWXUDO&RQFUHWH´ $&, D
SUHVHQWDHPVHXDSrQGLFH'DVEDVHVSDUDSURMHWRHFiOFXORGHFKXPEDGRUHVFRQVWLWX
tGRV SRU EDUUDV UHGRQGDV 1HVWD RV FKXPEDGRUHV VmR VHSDUDGRV HP GRLV JUXSRV
SULQFLSDLV±RVPROGDGRVLQORFRHRV³SyVLQVWDODGRV´$ILJXUDPRVWUDH[HPSORVGH
FKXPEDGRUHVPROGDGRVLQORFR


ϳϬ


)LJXUD±([HPSORVGHFKXPEDGRUHVPROGDGRVLQORFR









)RQWH$&,  
 
 1RVHJXQGRJUXSRVHHQTXDGUDPSULQFLSDOPHQWHRVFKXPEDGRUHVPHFkQLFRV
HRVTXtPLFRV1RUPDOPHQWHVmRIRUQHFLGRVSRUIDEULFDQWHVTXHGLVS}HPWDPEpPDV
SUHPLVVDVSDUDVXDXWLOL]DomR$ILJXUDTXHPRVWUDDOJXQVWLSRVGHVWHVFKXPEDGR
UHV

)LJXUD±([HPSORVGHFKXPEDGRUHVSyVLQVWDODGRV


)RQWH$&,  

 2 JUXSR  DQDOLVDGR QHVWH WUDEDOKR p R GRV FKXPEDGRUHV PROGDGRV LQORFR
FRQVWLWXtGRV GH EDUUDV FRP JDQFKR RX ³FDEHoD´ HP VXD H[WUHPLGDGH LQIHULRU ± R TXH
SURSRUFLRQDDDQFRUDJHPGHVHMDGD

 $ HGLomRGH  GR$&,  %XLOGLQJ &RGH 5HTXLUHPHQWV IRU6WUXFWXUDO &RQ
FUHWH GHQRPLQDGD$&,LQWURGX]LXQHVWDHVSHFLILFDomRDVPXGDQoDVQRPRGH
OR GH FiOFXOR GRV FKXPEDGRUHV  GH PRGR DQiORJR j HVSHFLILFDomR $&,  &RGH
5HTXLUHPHQWVIRU1XFOHDU6DIHW\5HODWHG&RQFUHWH6WUXFWXUHV±)DUPLQJWRQ+LOOV±0,
 

 (PDPEDVDV1RUPDVDFLPDFLWDGDVRPpWRGRGHQRPLQDGR³&RQFUHWH&DSDFLW\
'HVLJQ´ &&' WHYHUHWLILFDo}HVGHVWDFDQGRVHDPRGLILFDomRGRkQJXORGHDEHUWXUDGR
FRQHGHDUUDQFDPHQWRGRFRQFUHWRMXQWRDRFKXPEDGRU±TXHDQWHULRUPHQWHHUDFRQVL
GHUDGRGHžHPUHODomRDRSODQRSHUSHQGLFXODUDHVWHHIRLUHYLVDGRSDUDDSUR[L
PDGDPHQWHžRXVLPSOHVPHQWHGHFOLYLGDGHGH

 (GLo}HVSRVWHULRUHVH±GR$&,DGLFLRQDUDPQRYDVVLWXDo}HVH
PRGLILFDUDPQRPHQFODWXUDV±VHPFRQWXGRPRGLILFDURTXHIRLHVWDEHOHFLGRQDHGLomR
GH2GHVHQYROYLPHQWRGHVWDDQiOLVHEDVHLDVHSULQFLSDOPHQWHQHVWDHGLomRWHQ
GR HP YLVWD VXD QRPHQFODWXUD VLPSOHVH R LQWHUUHODFLRQDPHQWR FRP ELEOLRJUDILD FRP
SOHPHQWDU ± )LVKHU    LQ 6WHHO 'HVLJQ *XLGH  6'*   ,QGXVWULDO %XLOGLQJV ±


ϳϭ


5RRIVWR$QFKRU5RGV±HG)LVKHUH.ORLEHU  LQ6WHHO'HVLJQ*XLGH 6'*


 %DVH3ODWHDQG$QFKRU5RG'HVLJQ±DPERVHGLWDGRVSHOR$,6&

&RQFHLWRVHSUHPLVVDV

 6HJXQGR )LVKHU   WHVWHV WHP GHPRQVWUDGR TXH FDEHoDV GH SDUDIXVRV RX
SRUFDVSHVDGDVGHVHQYROYHPFDSDFLGDGHWRWDOjWUDomRGRFKXPEDGRUTXDQGRDVEDU
UDVVmRGHYLGDPHQWHHPEXWLGDVHFRQILQDGDVQRFRQFUHWR$XWLOL]DomRGHJDQFKRVHP
OXJDU GH SRUFDV WDPEpP VH DSUHVHQWD FRPR DOWHUQDWLYD HQWUHWDQWR DLQGD VHJXQGR R
PHVPRDXWRUHVWHVLVWHPDpGHVDFRQVHOKiYHOQRVFDVRVGHYDORUHVUHODWLYDPHQWHDOWRV
GHWUDomR,VWRSRUTXHDIDOKDpSUHPDWXUDLPHGLDWDPHQWHDFLPDGRJDQFKRSUHFLSLWD
GDSHORHQGLUHLWDPHQWRGDEDUUDRXDUUDQFDPHQWRGRFRQFUHWR SXOORXW 

 2PpWRGR³&&'´FRQVLGHUDTXHRFKXPEDGRUFRPFDEHoD±EDUUDUHGRQGDFRQV
WLWXtGDSRUSRUFDRXFDEHoDGHSDUDIXVRHPVXDH[WUHPLGDGHLQIHULRU KHDGHGDQFKRU 
TXDQGRVXEPHWLGRjWUDomRWHQGHDFULDUXPDVXSHUItFLHGHUXSWXUDHPIRUPDGHFRQH
FRP kQJXOR GH DSUR[LPDGDPHQWH ž FRPR SODQRSHUSHQGLFXODU DR FKXPEDGRU FRQ
IRUPHMiPHQFLRQDGR3RUVLPSOLILFDomRRHVWXGRpIHLWRFRPRVHIRUPDVVHXPDSLUk
PLGHLQYHUWLGDQDTXDORFRQHHVWiLQVFULWR YLGHILJXUD 

)LJXUD±³&RQH´GHFRQFUHWRFRPSOHWRHPUXSWXUDSRUWUDomR FRQIRUPH$&, 



)RQWH)LVKHU  


ϳϮ


 $VWHQV}HVGHWUDomRQDVXSHUItFLHGRFRQHGLPLQXHPFRQIRUPHDXPHQWDDVX
SHUItFLH GH UXSWXUD $VVLP R DFUpVFLPRGH UHVLVWrQFLDp SURSRUFLRQDO DR FRPSULPHQWR
GHHPEXWLPHQWRHOHYDGRjSRWrQFLDGH RXHPHPEXWLPHQWRVGHFKXPEDGRUHV
FRPFDEHoDPDLVSURIXQGRVTXHPP (VWHPpWRGRpDSOLFiYHOSDUDFKXPEDGRUHV
FRPGLkPHWURPi[LPRGHPPHHPEXWLPHQWRPi[LPRGHPP(VWDVOLPLWDo}HV
VmRFRQGL]HQWHVFRPRkPELWRGRVWHVWHVHIHWXDGRV

 &RQIRUPHIRLPHQFLRQDGRR$&,GHGLFDRDSrQGLFH' $QFKRULQJWR
&RQFUHWH DRHVWXGRHHVSHFLILFDo}HVGRVFKXPEDGRUHV(VWHSHUPLWHRGLPHQVLRQD
PHQWRSDUDUHJLPHGHUXSWXUDIUiJLO±RX³QmRG~FWLO´±H[FHWRSDUDUHJL}HVGHULVFR
VtVPLFRPRGHUDGRRXDOWRHQTXDQWRTXHR$&,HVWDEHOHFHFRPRFRQGLo}HVSDUD
GLPHQVLRQDPHQWRWUrVDOWHUQDWLYDV

±$UHVLVWrQFLDjUXSWXUDGRFRQHGHFRQFUHWRWUDFLRQDGRUXSWXUDODWHUDOGRFRQFUHWR
SRUWUDomRGRFKXPEDGRURXDRHVFRUUHJDPHQWRGRFKXPEDGRUHGDUHVLVWrQFLD
jUXSWXUDGRFRQFUHWRSRUIRUoDFRUWDQWHGHYHH[FHGHUDUHVLVWrQFLD GRDoR)5G GR
FKXPEDGRU

±$UHVLVWrQFLDGHFiOFXORGRFRQFUHWRGHYHH[FHGHUDUHVLVWrQFLDGHHVFRDPHQWRGR
DoRGRFKXPEDGRUHP

±'LPHQVLRQDPHQWRGHFKXPEDGRUSDUDUXSWXUDQmRG~FWLOpSHUPLWLGDGHVGHTXHD
UHVLVWrQFLDGRFRQFUHWRVHMDOLPLWDGDDGDUHVLVWrQFLDGHFiOFXOR

 2$,6&QRFDStWXOR- $,6& LQGLFDRGLPHQVLRQDPHQWRGHFKXPEDGR
UHVVHJXQGRHVSHFLILFDomRGR$&,RX$&,2$&,HPVHXtWHP
  HVWDEHOHFH TXH FKXPEDGRUHV H OLJDo}HV PHFkQLFDV DOFDQFHP VXD UHVLVWrQFLD
GHFiOFXORDQWHVTXHKDMDUXSWXUDGHDQFRUDJHPRXUXSWXUDGRFRQFUHWRQDUHJLmRSUy
[LPD )LVKHU   VXJHUH TXH VH DGRWH D VHJXQGD RX D WHUFHLUD DERUGDJHP FLWDGDV
SHOR$&,

 2$&,HPVHXtWHP'SHUPLWHTXHHPUHJL}HVGHULVFRPRGHUDGR
RXDOWRQmRVHMDREULJDWRULDPHQWHG~FWLORPRGRGHUXSWXUDGRFKXPEDGRUGHVGHTXHR
HOHPHQWRDRTXDOHVWHHVWiIL[DGR FKDSDGHEDVHGHSLODUSRUH[HPSOR FKHJXHDR
PRGRG~FWLOGHHVFRDPHQWRHPXPQtYHOGHFDUUHJDPHQWRQmRPDLRUTXHDUHVLVWrQFLD
GHFiOFXORGRVFKXPEDGRUHV

 1RFDVRGRFKXPEDGRUVHUSURMHWDGRSDUDDQFRUDJHPSRUWUDQVSDVVHFRPDDU
PDGXUDGRFRQFUHWRHVWDGHYHWHUFDSDFLGDGHLJXDOD$VHI\JDSDUDJDUDQWLUFRPSRU
WDPHQWRG~FWLO $VH iUHDHIHWLYDSDUDEDUUDURVFDGD 2tWHPFLWDGRGR$&,QmR
PHQFLRQDTXDODUHVLVWrQFLDTXHDDQFRUDJHPGHYHDOFDQoDUSDUDJDUDQWLUTXHQmRKDMD
UXSWXUDIUiJLO)LVKHU  SURS}HXPFRHILFLHQWHGHSDUDHVWHILPRXVHMDDUH
VLVWrQFLDGDDQFRUDJHPGHYHVHUQRPtQLPRLJXDOD $VHI\JD ,VWRpEDVHDGR
QRtWHPGR$&,TXHLQGLFDTXHHPHQGDVSRUMXQWDVPHFkQLFDVGHYHP
WHUUHVLVWLUDI\

 2XWUDDOWHUQDWLYDVXJHULGDSRU)LVKHU  pTXHSDUDVLWXDo}HVGHDQFRUDJHP


FRPUXSWXUDQmRG~FWLODFDSDFLGDGHFDOFXODGDVHMDUHGX]LGDSDUDRTXHpPH
QRVUHVWULWLYRTXHRVLQGLFDGRVQR$&,


ϳϯ


 $OJXQVPRGRVGHIDOKDFRPXQVGRVFKXPEDGRUHVHVWmRLQGLFDGRVQDILJXUD

)LJXUD±0RGRVGHIDOKDGHFKXPEDGRUHV

)RQWH$GDSWDomRGR$&,  

3URFHGLPHQWRVGHFiOFXORSDUDHVIRUoRVGHWUDomR

 2GHVHQYROYLPHQWRGHVWHHVWXGRUHSURGX]RLWHP'±'HVLJQUHTXLUHPHQWVIRU
WHQVLOHORDGLQJ$SrQGLFH'GR$&,)RUDPFRQVLGHUDGRVWDPEpPVLWXDo}HVD
FUHVFHQWDGDVQDVHGLo}HVGHHGHGRUHIHULGRFyGLJR±DOpPGHRXWUDVVXJH
ULGDVHPELEOLRJUDILDFLWDGD


ϳϰ


$QRPHQFODWXUDDGRWDGDQmRVHJXHFRPSOHWDPHQWHDGR$&,SRUTXHSURFXURXVHDGDS
WiODVjV1RUPDVEUDVLOHLUDV±RQGHSRVVtYHORXDGHTXDGR$QXPHUDomRGDVHTXDo}HV
XWLOL]DGDVSRUVXDYH]IRLPDQWLGDSDUDIDFLOLWDUUHIHUrQFLDQDFLWDomR
x 5HVLVWrQFLDGRFKXPEDGRUVROLFLWDGRjWUDomR
D $UHVLVWrQFLDGHFiOFXOR)W5GGHXPFKXPEDGRUWUDFLRQDGRTXDQGRGHWHUPLQDGD
SHODUHVLVWrQFLDGRDoRSRGHVHUFDOFXODGDFRPEDVHQDVSURSULHGDGHVGHVHXPDWHULDO
HHPVXDVGLPHQV}HV
E $UHVLVWrQFLDGHFiOFXORGHXPFKXPEDGRURXXPJUXSRGHFKXPEDGRUHVWUDFLRQD
GRVQmRGHYHH[FHGHUD 
 )W5G Q$EHIXEJD ' 
JD 
$EH $ESDUDFKXPEDGRUHVFRPURVFD
$EH $ESDUDFKXPDEDGRUHVVHPURVFD

$E SGE 
GE GLkPHWURGRFKXPEDGRU
Q TXDQWLGDGHGHFKXPEDGRUHV
IXE UHVLWrQFLDjUXSWXUDGRSDUDIXVRRXEDUUDURVTXHDGDjWUDomR
1RWDIXEQmRGHYHVHUWRPDGRPDLRUTXHI\RX03D

x 5HVLVWrQFLDDRDUUDQFDPHQWRFRQHGHFRQFUHWRHPXPFKXPEDGRUWUDFLRQDGR
$UHVLVWrQFLDGHFiOFXORGHDUUDQFDPHQWRGHFRQHWUDFLRQDGRGHFRQFUHWRQmRGHYHH[
FHGHU

D 3DUDFKXPEDGRULVRODGR1FE5G 1FEJ

 1FE $1$1R \\1E ' 

E 3DUDXPJUXSRGHFKXPEDGRUHV1FEJ5G 1FEJJ

 1FEJ $1$1R \\\1E ' 

J TXDQGRKRXYHUDUPDGXUDHPPDOKDFUX]DQGRDUHJLmRGDEDVHGRFRQH

J TXDQGRQmRKRXYHUDUPDGXUDHPPDOKDFUX]DQGRDUHJLmRGDEDVHGRFRQH
\\\IDWRUHVGHPRGLILFDomR±GHVFULWRVQRVtWHQVGDRJVHJXLQWHV

 $1pDiUHDSURMHWDGDGDVXSHUItFLHGHUXSWXUDGRFKXPEDGRULVRODGRRXGRJUX
SRGHFKXPEDGRUHVDTXDOGHYHVHUFDOFXODGDFRPRXPDILJXUDJHRPpWULFDUHWDQJX
ODUFRPODGRVDIDVWDGRVGHKHIGRHL[RGRFKXPEDGRURXQRFDVRGHJUXSRGH
FKXPEDGRUHVDIDVWDGRVGDVOLQKDVTXHOLJDPRVHL[RVGHFKXPEDGRUHVDGMDFHQWHV
$1QmRGHYHH[FHGHUQ$1RRQGHQpDTXDQWLGDGHGHFKXPEDGRUHVWUDFLRQDGRVQR
JUXSR$1RpDiUHDGHUXSWXUDSURMHWDGDGHXPFKXPEDGRULVRODGRGLVWDQWHGHTXDO
TXHUERUGDGRFRQFUHWR9LGHILJXUDTXHLOXVWUDGLIHUHQWHVVLWXDo}HV


ϳϱ


)LJXUD&iOFXORGH$1R D HiUHDVSURMHWDGDVSDUDFKXPEDGRULVRODGRHJUXSRVGHFKXP
EDGRUHVFRPFiOFXORGH$1 E 


  $1R KHI 

 ' 

)RQWH$&,  

F $UHVLVWrQFLDEiVLFD1EGHDUUDQFDPHQWRGHFRQHGHXPFKXPEDGRULVRODGRWUDFLR
QDGRHPFRQFUHWRILVVXUDGRQmRGHYHH[FHGHU
 
 1E N IFN KHI    ' 
RQGH

N SDUDFKXPEDGRUHVPROGDGRVLQORFR

N SDUDFKXPEDGRUHVSyVLQVWDODGRV 

QmRHVWXGDGRVQHVWHWUDEDOKR1RWDXQLGDGHV6,

ϳϲ


3DUDFKXPEDGRUHV³FRPFDEHoD´PROGDGRVLQORFRRQGHPPKHIPPDUH
VLVWrQFLDEiVLFDGHDUUDQFDPHQWRGHFRQHGHXPFKXPEDGRULVRODGRWUDFLRQDGRHP
FRQFUHWRILVVXUDGRQmRGHYHUiH[FHGHU
 
 1E  IFN KHI   ' 

G 3DUDFDVRVHVSHFLDLVGHFKXPEDGRUHVHPORFDORQGHWUrVRXTXDWURERUGDVFXMD
PDLRUGLVWkQFLDFPD[KHIRHPEXWLPHQWRKHIXWLOL]DGRQDVHTXDo}HV'D'
GHYHUiVHUOLPLWDGRDFPD[

$ILJXUD±DGDSWDGDGDILJXUD5'±7HQVLRQLQQDUURZPHPEHUV±GR$&,
LOXVWUDHVWDFRQGLomR
)LJXUD±-XVWLILFDWLYDSDUDOLPLWDomRGHKHIDQRPi[LPRFPD[


)RQWH$&,  

 2IDWRUGHPRGLILFDomRSDUDJUXSRGHFKXPEDGRUHVVXEPHWLGRVjWUDomRH[FrQ
WULFDp

 \ > H¶1KHI @   ' 



ϳϳ


$HTXDomR ' pYiOLGDSDUDH¶1V



H 6HRFDUUHJDPHQWRDSOLFDGRHPXPJUXSRGHFKXPEDGRUHVpWDOTXHDSHQDVDOJXQV
GHOHVVmRWUDFLRQDGRVDSHQDVHVWHV~OWLPRVGHYHPVHUFRQVLGHUDGRVSDUDGHWHUPLQDU
DH[FHQWULFLGDGHH¶1DVHUDSOLFDGDQDHTXDomR ' ±FRPRSRGHVHUYLVWRQDILJXUD
REWLGDGR$&,
)LJXUD±'HILQLomRGHH¶1SDUDJUXSRGHFKXPEDGRUHV



)RQWH$&,  

I 1RFDVRHPTXHDIRUoDWHPH[FHQWULFLGDGHVREUHGRLVHL[RVRIDWRUGHPRGLILFD
omR\GHYHVHUFRPSXWDGRLQGLYLGXDOPHQWHSDUDFDGDHL[RHRSURGXWRGHVVHVGRLVID
WRUHVVHUWRPDGRFRPR\QDHTXDomR ' 



ϳϴ


 2IDWRUGHPRGLILFDomRSDUDHIHLWRVGHERUGDp

 \ ĺVHFPLQ!KHI  ' 

 \  FPLQKHI VHFPLQKHI  ' 

J 4XDQGRXPFKXPEDGRUHVWiORFDOL]DGRHPXPDUHJLmRGRFRQFUHWRFXMDDQiOLVHLQ
GLFDFRPRVHQGRQmRILVVXUDGD IWIU WHQV}HVGHWUDomRDWXDQWHVVmRPHQRUHVTXHD
UHVLVWrQFLDGHFiOFXORjWUDomR VREHVIRUoRVGHVHUYLoRRVHJXLQWHIDWRUGHPRGLILFD
omRpSHUPLWLGR

\ SDUDFKXPEDGRUHVPROGDGRVLQORFR

\ SDUDFKXPEDGRUHVSyVLQVWDODGRV

 4XDQGRDVDQiOLVHVLQGLFDUHPILVVXUDomRHPUHJLPHGHVHUYLoR\GHYHVHUWR
PDGRLJXDODSDUDDPERVRVWLSRVGHFKXPEDGRUHV

1RWD2$&,LQGLFDTXHRVFKXPEDGRUHVGRWLSRSyVLQVWDODGRVGHYHPVHUTXD
OLILFDGRVSDUDXVRHPFRQFUHWRILVVXUDGRFRQIRUPHHVSHFLILFDomR$&,$VILVVX
UDVQRFRQFUHWRGHYHPVHUFRQWURODGDVSRUDUPDGXUDGHIOH[mRGHDFRUGRFRPRtWHP
GHVWDHVSHFLILFDomRRXFRQWUROHHTXLYDOHQWHDQWLILVVXUDomRGHYHVHUSURYLGHQ
FLDGRSRUDUPDGXUDGHFRQILQDPHQWR

K 4XDQGRXPDFKDSDDGLFLRQDORXDUUXHODpDGLFLRQDGDj³FDEHoD´GRFKXPEDGRUp
SHUPLWLGRFDOFXODUDiUHDSURMHWDGDGHUXSWXUDSURMHWDQGRRFRQHFRPDIDVWDPHQWRGH
KHIDSDUWLUGRSHUtPHWURHIHWLYRGDFKDSDRXDUUXHOD(VWHSHUtPHWURQmRGHYHH[
FHGHUYDORUPDLRUTXHWDSDUWLUGDERUGDGDFDEHoDGRSDUDIXVRRXSRUFDRQGHWpD
HVSHVVXUDGDFKDSDRXDUUXHOD9LGHILJXUDTXHH[HPSOLILFDHVWDVLWXDomR
)LJXUD±,PSOHPHQWDomRGHDUUXHODSDUDDXPHQWDUDVXSHUItFLHGHUXSWXUD













)RQWH3URGXomRGRSUySULRDXWRU








ϳϵ


x 5HVLVWrQFLDDRHVFRUUHJDPHQWRGHFKXPEDGRUWUDFLRQDGR
SXOORXWVWUHQJWK 


D $UHVLVWrQFLDGHFiOFXOR1S5GGHXPFKXPEDGRUWUDFLRQDGRQmRGHYHH[FHGHUD

 1S5G \1SJJ   ' 


E 3DUDFKXPEDGRUHVSyVLQVWDODGRVGRWLSRH[SDQVmRH³VXEFRUWH´ RVYDORUHVGH1S
GHYHPVHEDVHDUHPUHVXOWDGRVGHWHVWHVHIHWXDGRVVHJXQGRR$&,1mRpSHU
PLWLGR R FiOFXOR GH UHVLVWrQFLD DR HVFRUUHJDPHQWR VRE WUDomR SDUD HVWHV WLSRV GH
FKXPEDGRUHV

1DILJXUDDSULPHLUDLOXVWUDomRDSDUWLUGDHVTXHUGDPRVWUDHVWHWLSRGHFKXPEDGRU
XQGHUFXWDQFKRU ±RTXDOQmRpXVXDOQR%UDVLO

F 3DUDFKXPEDGRUHVLVRODGRVWLSR³FRPFDEHoD´pSHUPLWLGRDYDOLDUDUHVLVWrQFLDDR
HVFRUUHJDPHQWRVREWUDomRFRQIRUPHRtWHP³G´DVHJXLU3DUDFKXPEDGRUHVLVRODGRV
FRPJDQFKR FKXPEDGRUHV³-´RX³/´ HVWDUHVLVWrQFLDGHYHVHUFDOFXODGDFRQIRUPHt
WHP³H´ DEDL[R $OWHUQDWLYDPHQWHR$&,SHUPLWHRXVRGHYDORUHVGH1SEDVHDGRV
HPWHVWHVIHLWRVGHDFRUGRFRPR$&,VHPHQWUHWDQWRFRQVLGHUDUDDomRIDYR
UiYHOGRDWULWR

G $UHVLVWrQFLDDRHVFRUUHJDPHQWR SXOORXWVWUHQJWK GHXPFKXPEDGRU³FRPFDEHoD´
LVRODGR1SDVHUXVDGRQDHTXDomR ' QmRGHYHH[FHGHUD

 1S $EUJIFN   ' 

$EUJ iUHDGHFRQWDWRGD³FDEHoD´GRFKXPEDGRUFRPRFRQFUHWRFRPSULPLGR

H  $ UHVLVWrQFLD DRHVFRUUHJDPHQWRGH XP FKXPEDGRU FRP JDQFKR LVRODGR 1SD VHU
XVDGRQDHTXDomR ' QmRGHYHH[FHGHUD

 1S IFNHKGR   ' 

RQGH
GRHKGR

HK GLVWkQFLDOLYUHHQWUHDIDFHGDKDVWHGRFKXPEDGRUDWpDH[WUHPLGDGHGRJDQFKR
GR GLkPHWURGRFKXPEDGRU GE 

I 3DUDXPFKXPEDGRUORFDOL]DGRHPUHJLmRGRFRQFUHWRRQGHDQiOLVHVLQGLFDPQmRVHU
ILVVXUDGD IWIU VREHVIRUoRVGHVHUYLoRRVHJXLQWHIDWRUGHPRGLILFDomRSRGHVHUHP
SUHJDGR
 \ 

 &DVRRFRQFUHWRVHMDILVVXUDGRHPSUHJDU\ 


ϴϬ


x 5HVLVWrQFLDjUXSWXUDODWHUDOGRFRQFUHWRHPXPFKXPEDGRU³FRPFDEHoD´WUD
FLRQDGR VLGHIDFHEORZRXWVWUHQJKW 


D 3DUDXPFKXPEDGRUGRWLSR³FRPFDEHoD´FRPHPEXWLPHQWRSUy[LPRDXPDERU
GD FKHI DUHVLVWrQFLDGHFiOFXORjUXSWXUDODWHUDOGRFRQFUHWR1VE5GQmRGHYH
H[FHGHU

 
1VE5G F $EUJ  IFN J   ' 

J 

 6HXPFKXPEDGRULVRODGRHVWiDXPDGLVWkQFLDSHUSHQGLFXODUFPHQRUTXHF
GHXPDERUGDRYDORUGH1VEGHYHVHUPXOWLSOLFDGRSRUXPIDWRULJXDOD FF 
RQGHFF

E 3DUDP~OWLSORVFKXPEDGRUHVFRPFDEHoDVSUy[LPRDXPDERUGDFRPHPEXWLPHQWR
FKHI HHVSDoDPHQWRHQWUHFKXPEDGRUHVPHQRUTXHFDUHVLVWrQFLDQRPLQDO
GRJUXSRGHFKXPEDGRUHVjUXSWXUDODWHUDOGRFRQFUHWRSRUWUDomRQRFKXPEDGRU1VEJ
QmRGHYHH[FHGHU

 1VEJ  VRF 1VEJ   ' 

RQGHVR HVSDoDPHQWRGRVFKXPEDGRUHVPDLVH[WHUQRVGRJUXSRDRORQJRGDERUGDH
1VEpREWLGRSHODHTXDomR ' VHPRIDWRUGHPRGLILFDomRGHGLVWkQFLDSHUSHQGLFXODU
DWpDERUGD





















 

ϴϭ


3URFHGLPHQWRVGHFiOFXORSDUDHVIRUoRVFRUWDQWHV

x 5HVLVWrQFLDDRFLVDOKDPHQWRGRFKXPEDGRU

D $UHVLVWrQFLDGHFiOFXORGHXPFKXPEDGRUjIRUoDFRUWDQWHTXDQGRGHWHUPLQDGD
SHORVHXPDWHULDO95GGHYHVHUFDOFXODGDFRPEDVHQDVSURSULHGDGHVGRDoRHQDV
GLPHQV}HVItVLFDVGRFKXPEDGRU

E $UHVLVWrQFLDGHFiOFXOR95GGHXPFKXPEDGRURXJUXSRGHFKXPEDGRUHVVXMHLWRVj
IRUoDFRUWDQWHQmRGHYHH[FHGHU

E3DUDFKXPEDGRUHVVHPURVFD HFRPFDEHoDPROGDGRVLQORFR

 95G Q$EIXEJ  ' 
 J 

&KXPEDGRUHVFXMDURVFDFRPHoDSHORPHQRVDXPDGLVWkQFLD³GE´DFLPDGDFKDSDGH
DSRLRSRGHPVHUHQTXDGUDGRVQHVWDFDWHJRULD

E3DUDFKXPEDGRUHVPROGDGRVLQORFRFRPFDEHoDVRXJDQFKRHURVFDQDUHJLmR
GHFRUWH

 95G Q$EIXEJ  ' 
 J 

E3DUDFKXPEDGRUHVSyVLQVWDODGRV

95G Q $EHIXE$VOIXWVO J   ' 
 J 

$VO 6HomRWUDQVYHUVDOHIHWLYDGHOXYDGRFKXPEDGRUGHH[SDQVmRRXWLSR³VXEFRUWH´
QRSODQRGHFRUWH

IXWVO 5HVLVWrQFLD~OWLPDjWUDomRGDOXYDGRFKXPEDGRU

RQGHIXEQRVFDVRVDEHFQmRGHYHVHUWRPDGRPDLRUTXHI\RX03D

F 2QGHFKXPEDGRUHVVmRXVDGRVFRP3ODFDVVREUHFDPDGDGHJUDXWHRVYDORUHVRE
WLGRVQRtWHPEGHYHPVHUPXOWLSOLFDGRVSRU


x 5HVLVWrQFLDjUXSWXUDGR³FRQH´GHFRQFUHWRGHXPFKXPEDGRUVREIRUoDFRUWDQ
WH EUHDNRXWVWUHQJWKLQVKHDU 

 $ILJXUD±DGDSWDGDGR$&,±LOXVWUDDVSRVVtYHLVVLWXDo}HVGH³UXSWXUD
GHGHFRQHGHFRQFUHWR´HPFKXPEDGRUHVVREHIHLWRGHIRUoDFRUWDQWH

ϴϮ



)LJXUD±0RGRVGHUXSWXUDGHFRQHGHFRQFUHWRVREIRUoDFRUWDQWHHPFKXPEDGRUHV



)RQWH$GDSWDGRGH$&,  

D $UHVLVWrQFLDGHFiOFXORjUXSWXUDGR³FRQH´GHFRQFUHWRVREIRUoDFRUWDQWH9FE5G
RX9FEJ5GGHXPFKXPEDGRURXGHXPJUXSRGHFKXPEDGRUHVQmRGHYHH[FHGHU








ϴϯ


D 3DUDIRUoDFRUWDQWHSHUSHQGLFXODUjERUGDHPXPFKXPEDGRULVRODGR

  9FE5G  $Y$YR\\9E J  ' 

J VHKRXYHUDUPDGXUDHPPDOKDFUX]DQGRR³FRQH´GHFRQFUHWR
J VHQmRKRXYHUDUPDGXUDHPPDOKDFUX]DQGRR³FRQH´GHFRQFUHWR 

D 3DUDIRUoDFRUWDQWHSHUSHQGLFXODUjERUGDHPXPJUXSRGHFKXPEDGRUHV

  9FEJ5G  $Y$YR\\\9E J  ' 


\\\IDWRUHVGHPRGLILFDomRGHVFULWRVQRVtWHQV³HDR´J´DGLDQWH
D 3DUDIRUoDFRUWDQWHSDUDOHODjXPDERUGD9FE5GRX9FEJ5GSRGHVHUWRPDGR
FRPRRGREURGRFDOFXODGRSHODVHTXDo}HV ' H ' UHVSHFWLYDPHQWHWRPDQGR
RIDWRU\FRPR

D 3DUDFKXPEDGRUHVORFDOL]DGRVSUy[LPRVDXPFDQWRRFiOFXORGHYHVHUIHLWRVHSD
UDGDPHQWHSDUDFDGDERUGDHDGRWDGRRPHQRUYDORUREWLGR


9EpDUHVLVWrQFLDEiVLFDGRFRQHGHFRQFUHWRjUXSWXUDSDUDXPFKXPEDGRULVRODGR$Y
pDiUHDSURMHWDGDQDIDFHODWHUDOGRFRQFUHWRHPVXDERUGDSDUDXPFKXPEDGRULVROD
GRRXSDUDXPJUXSRGHFKXPEDGRUHVeSHUPLWLGRVXEVWLWXLUHVWH³PHLRFRQH´SRUXPD
³PHLDSLUkPLGH´RQGHRYpUWLFHGHVWDpWRPDGRFRPRRHL[RGDOLQKDGHFKXPEDGRUHV
FRQVLGHUDGRFRPRFUtWLFRQDIDFHGRFRQFUHWRRQGHHVWHHVWiLQVHULGR$GLVWmQFLDF
GHYHVHUWRPDGDFRPRDTXHODHQWUHDERUGDHPHVWXGRHRHL[RGRVFKXPEDGRUHV$Y
QmRGHYHH[FHGHUQ$YRRQGHQpDTXDQWLGDGHGHFKXPEDGRUHVGRJUXSR

$YRpDiUHDSURMHWDGDSDUDXPFKXPEDGRULVRODGRHPEXWLGRHPXPHOHPHQWRGH
FRQFUHWRHDIDVWDGRGDVERUGDVSHUSHQGLFXODUHVjHVWXGDGDGHPRGRTXHDTXHODVQmR
LQWHUILUDPQDIRUPDomRGRFRQHeSHUPLWLGRFDOFXODUHVWDiUHDFRPRDiUHDGDEDVHGD
³PHLDSLUkPLGH´FRPODUJXUDSDUDOHODjERUGDLJXDODFHDOWXUDLJXDODF


  $YR  F    ' 
 
 4XDQGRRVFKXPEDGRUHVHVWmRORFDOL]DGRVHPGLVWkQFLDVYDULDGDVDSDUWLUGH
XPDERUGDHRVFKXPEDGRUHVVmRVROGDGRVjFKDSDGHEDVHGHPRGRDGLVWULEXLUDIRU
oDFRUWDQWHSDUDWRGRVRVFKXPEDGRUHVpSHUPLWLGRFDOFXODUDUHVLVWrQFLDEDVHDGRQD
OLQKDGHFKXPEDGRUHVPDLVGLVWDQWH1HVWHFDVRSHUPLWHVHRFiOFXORGHFFRPRD
GLVWkQFLDjERUGDGDOLQKDGHFKXPEDGRUHVPDLVGLVWDQWHWRPDGDFRPRFUtWLFDHDIRUoD
FRUWDQWHWRWDODSOLFDGDDHVWDOLQKD
E $UHVLVWrQFLDEiVLFDGH³FRQH´GHFRQFUHWRjUXSWXUDSRUFRUWDQWH9EGHXPFKXPED
GRUHPUHJLmRILVVXUDGDQmRGHYHH[FHGHU
   
  9E  OGE  GE  IFN  F  ' 


ϴϰ


F 3DUDFKXPEDGRUHVPROGDGRVLQORFR³FRPFDEHoD´RXFRPJDQFKRVTXHVmROLJDGRV
SRUFKDSDGHEDVHVROGDGDDRVPHVPRVWHQGRHVSHVVXUDPtQLPDGHPPRXòGR
GLkPHWURGRFKXPEDGRUDUHVLVWrQFLDEiVLFD9EGR³FRQH´GHFRQFUHWRGHXPFKXP
EDGRULVRODGRHPFRQFUHWRILVVXUDGRQmRGHYHH[FHGHU
   
  9E  OGE  GE  IFN  F   ' 
RQGHO FRPSULPHQWRGRFKXPEDGRUSDUDDSOLFDomRGDIRUoDFRUWDQWH OGE 
GHVGHTXH
F 3DUDJUXSRVGHFKXPEDGRUHVDUHVLVWrQFLDVHMDGHWHUPLQDGDEDVHDGDQDUHVLV
WrQFLDGDOLQKDGHFKXPEDGRUHVPDLVDIDVWDGDGDERUGD
F 2HVSDoDPHQWRHQWUHFHQWURGHFKXPEDGRUHVQmRVHMDPHQRUTXHPPH
F $UPDGXUDVXSOHPHQWDUGHYHVHUHPSUHJDGDQRVFDQWRVVHFKHI
G 3DUDFDVRVHVSHFLDLVGHFKXPEDGRUHVVRELQIOXrQFLDGHWUrVRXPDLVERUGDVDGLV
WkQFLDjERUGD³F´XVDGDQDVHTXDo}HV ' D ' GHYHVHUOLPLWDGDDQRPi[L
PRKRQGHK HVSHVVXUDGRHOHPHQWRGHFRQFUHWR YLGHILJXUD 
H RIDWRUGHPRGLILFDomRSDUDFDUJDVH[FrQWULFDVHPXPJUXSRGHFKXPEDGRUHVpGD
GRSRU
 \  HY¶F    ' 

$HTXDomRDFLPDpYiOLGDSDUDHY¶V$ILJXUDLOXVWUDDGLPHQVmR³H¶Y´

)LJXUD'HILQLomRGDGLPHQVmRH¶Y
















)RQWH$&,  

I 2IDWRUGHPRGLILFDomRGHHIHLWRGHERUGDp
 \ ĺVHF!F  ' 
 \ FFĺVHFF  ' 

ϴϱ



J 3DUDFKXPEDGRUHVORFDOL]DGRVHPXPDUHJLmRGRFRQFUHWRRQGHDQiOLVHVLQGLFDP
FRPRQmRILVVXUDGDVREHVIRUoRVGHVHUYLoR IWIU RVHJXLQWHIDWRUGHPRGLILFDomRp
SHUPLWLGR
 \ 

 3DUDFKXPEDGRUHVHPUHJL}HVGRFRQFUHWRRQGHDQiOLVHVLQGLFDPFRQFUHWRILV
VXUDGRVREHVIRUoRVGHVHUYLoRRVVHJXLQWHVIDWRUHVGHPRGLILFDomRSRGHPVHUHP
SUHJDGRV

\ SDUDFKXPEDGRUHVHPFRQFUHWRILVVXUDGRVHPDUPDGXUDVXSOHPHQWDURXFRP
DUPDGXUDGHUHIRUoRGHERUGDFRPGLkPHWURPHQRUTXHPP

\ SDUDFKXPEDGRUHVHPFRQFUHWRILVVXUDGRFRPDUPDGXUDVXSOHPHQWDUFRP
GLkPHWURPDLRURXLJXDODPPHQWUHRFKXPEDGRUHDERUGDGRFRQFUHWR

\ SDUDFKXPEDGRUHVHPFRQFUHWRILVVXUDGRFRPDUPDGXUDVXSOHPHQWDUFRPGL
kPHWURPDLRURXLJXDODPPHQWUHRFKXPEDGRUHDERUGDGRFRQFUHWRHHFRPDU
PDGXUDVXSOHPHQWDUGHQWURGHHVWULERVFXMRHVSDoDPHQWRQmRH[FHGDPP

x 5HVLVWrQFLDjUXSWXUDGH³FXQKD´GHFRQFUHWR FRQFUHWHSU\RXWVWUHQJWK 

D $UHVLVWrQFLDGHFiOFXOR9FS5GjUXSWXUDGHFXQKDGHFRQFUHWRQmRGHYHH[FHGHU

  9FS5G NFS1FEJ   ' 

J VHKRXYHUDUPDGXUDHPPDOKDFUX]DQGRR³FRQH´GHFRQFUHWR
J VHQmRKRXYHUDUPDGXUDHPPDOKDFUX]DQGRR³FRQH´GHFRQFUHWR 
RQGH
NFS SDUDKHIPP
NFS SDUDKHI!PP
1FEGHYHVHUGHWHUPLQDGRFRQIRUPHHTXDomR ' 

,QWHUDomRHQWUHHVIRUoRVGHWUDomRHGHFRUWDQWHV
 $PHQRVTXHKDMDUHVLVWrQFLDGHWHUPLQDGDFRPEDVHHPHQVDLRVUHDOL]DGRVD
UHVLVWrQFLDGHFiOFXORjWUDomR)W5GGHYHVHURPHQRUYDORUREWLGRHPHDUHVLV
WrQFLDGHFiOFXORjIRUoDFRUWDQWH95GGHYHVHURPHQRUYDORUREWLGRHP DPERV
RVtWHQVGR$&, 

x 6H9G95GHQWmRRWRWDODSURYHLWDPHQWRGDUHVLVWrQFLD)W5GpSHUPLWLGR

 )W5G!1G


ϴϲ


x 6H1G)W5GHQWmRRWRWDODSURYHLWDPHQWRGDUHVLVWrQFLD95GpSHUPLWLGR
 95G!9G

x 6H9G!95GH1G!)W5GHQWmR

 1G)W5G9G95G    ' 

'LVWkQFLDVFKXPEDGRUERUGDHVSDoDPHQWRVHVSHVVXUDVPtQLPDV
x $GLVWkQFLDHQWUHFHQWURVGHFKXPEDGRUHVGHYHVHUQRPtQLPRGESDUDFKXP
EDGRUHVPROGDGRVLQORFRQmRWRUTXHDGRVHGESDUDFKXPEDGRUHVPROGDGRV
LQORFRWRUTXHDGRVHFKXPEDGRUHVSyVLQVWDODGRV

x &KXPEDGRUHV³FRPFDEHoD´PROGDGRVLQORFRTXHQmRVHMDPWRUTXHDGRVSR
GHPWHUVHXHVSDoDPHQWRDWpDERUGDGHWHUPLQDGRSHORFREULPHQWRQHFHVViULR
WDOFRPRGHILQLGRSDUDDDUPDGXUDGRFRQFUHWR3DUDFKXPEDGRUHV³FRPFDEH
oD´WRUTXHDGRVDGLVWkQFLDPtQLPDFHQWURERUGDQmRGHYHHVFHGHUGE


x &KXPEDGRUHVSyVLQVWDODGRVGHYHPWHUVXDGLVWkQFLDFHQWURERUGDGHILQLGRV
HPIXQomRGRFREULPHQWRPtQLPRRXGDGLVWkQFLDPtQLPDHVWDEHOHFLGDSHORID
EULFDQWHFRQIRUPHR$&,7DPEpPQmRGHYHVHUPHQRUTXHYH]HVRWD
PDQKRGRPDLRUDJUHJDGR1DDXVrQFLDGHLQIRUPDo}HVGRIDEULFDQWHRXGH
HQVDLRVDGLVWkQFLDPtQLPDFHQWURERUGDWDPEpPGHYHREHGHFHU
&KXPEDGRUHVWLSR³VXEFRUWH´«««««««««GE
&KXPEDGRUHVFRPWRUTXHFRQWURODGR««««««GE
&KXPEDGRUHVFRPGHVORFDPHQWRFRQWURODGR«««GE
x 3DUDFKXPEDGRUHVRQGHVXDLQVWDODomRQmRSURGX]DIRUoDVTXHLQGX]DDILVVX
UDomRHTXHSHUPDQHoDPVHPWRUTXHVHDGLVWkQFLDFHQWURERUGDRXHVSDoD
PHQWRFHQWURDFHQWURGHFKXPEDGRUHVIRUPHQRUTXHDTXHOHVHVSHFLILFDGRV
DQWHULRUPHQWHGHYHVHUHIHWXDGRFiOFXORVXEVWLWXLQGRGESRUXPYDORUPHQRUGE¶
TXHDWHQGDDRVUHTXLVLWRVGRGLPHQVLRQDPHQWR&DVRGE¶DWHQGDjVUHVLVWrQFLDV
GHFiOFXORHDRVHVSDoDPHQWRVPtQLPRVHQWmRSRGHVHUHPSUHJDGRFKXPEDGRU
FRPGLkPHWURGE


x 2YDORUGHKHISDUDXPFKXPEDGRUGHH[SDQVmRRX³VXEFRUWH´SyVLQVWDODGR
QmRGHYHVHUPDLRUTXHGDHVSHVVXUDGRHOHPHQWRGHFRQFUHWRQHPDHV
SHVVXUDGHVWHHOHPHQWRVHUPHQRUTXHPP


x 2VGHVHQKRVGHSURMHWRHDVHVSHFLILFDo}HVGHSURMHWRGHYHPLQGLFDUDVGLVWkQ
FLDVPtQLPDVGHFHQWURERUGDHFHQWURDFHQWURGRVFKXPEDGRUHVDVVXPLGDVQR
FiOFXOR
'LPHQVLRQDPHQWRGHFKXPEDGRUHVWUDFLRQDGRVDQFRUDJHPSRUWUDQVSDVVHFRP
DDUPDGXUDGRFRQFUHWR
 &RQIRUPHYLVWRQRtWHPDUXSWXUDGDDQFRUDJHPGHXPFKXPEDGRURX
JUXSRGHFKXPEDGRUHVVHGiTXDQGRDVWHQV}HVGHWUDomRDRORQJRGDVXSHUItFLHGR
 
ϭϴ
ůŐƵŶƐƚŝƉŽƐĚĞĐŚƵŵďĂĚŽƌĞƐƉſƐͲŝŶƐƚĂůĂĚŽƐŶĆŽƐĆŽĚĞƵƐŽĐŽƌƌĞŶƚĞŶŽƌĂƐŝůŶĞŵƉŽƐƐƵĞŵŶŽŵĞŶĐůĂƚƵƌĂĞͲ
ƋƵŝǀĂůĞŶƚĞŶĂůşŶŐƵĂƉŽƌƚƵŐƵĞƐĂ͘

ϴϳ


FRQHDRUHGRUGHVWHVH[FHGHDUHVLVWrQFLDjWUDomRGRFRQFUHWR$H[WHQVmRGHVWHFR
QHGHWHQV}HVpIXQomRGRHPEXWLPHQWRGDHVSHVVXUDGRFRQFUHWRGRHVSDoDPHQWR
HQWUHFKXPEDGRUHVDGMDFHQWHVHGDORFDOL]DomRGDVERUGDVOLYUHVGRFRQFUHWR
 (QWUHWDQWRHPFHUWRVFDVRVDiUHDGHUXSWXUDSURMHWDGDpH[WUHPDPHQWHOLPLWD
GDSHODVGLVWkQFLDVUHGX]LGDVGRVFKXPEDGRUHVjVERUGDVGRFRQFUHWR'HVVHPRGRD
FDSDFLGDGHjWUDomRGRVFKXPEDGRUHVQmRSRGHVHGHVHQYROYHUVDWLVIDWRULDPHQWH,V
WRRFRUUHIUHTXHQWHPHQWHTXDQGRHVWHVVmRDSOLFDGRVVREUHSLODUHVRXSHGHVWDLVGH
VDSDWDV±YLGHILJXUD
 1HVWHVFDVRVDDUPDGXUDGRHOHPHQWRGHFRQFUHWRSRGHVHUXVDGDSDUDWUDQV
IHULURVHVIRUoRVGRVFKXPEDGRUHVjHVWUXWXUDGHDSRLR$VVHJXLQWHVSUHPLVVDVVmR
DGRWDGDVVHJXQGR:LGLDQWR3DWHOH2ZHQ  
±$FRQWULEXLomRGRFRQFUHWRjDQFRUDJHPpGHVSUH]DGDTXDQGRVHGLPHQVLRQDD
DUPDGXUDQHFHVViULD
±4XDQGRRFRPSRUWDPHQWRQmRG~FWLOpDGPLWLGRDDUPDGXUDSRGHVHUGLPHQVLRQD
GDSDUDUHVLVWLUDRVHVIRUoRVGHFiOFXOR
±4XDQGRRFRPSRUWDPHQWRG~FWLOpH[LJLGRDDUPDGXUDGHYHWHUDOpPGRTXHIRL
PHQFLRQDGRDFLPDGHVHQYROYHUFDSDFLGDGHGHDQFRUDJHPLJXDORXVXSHULRUjUHVLV
WrQFLDjWUDomRGRFKXPEDGRU6HRFKXPEDGRUpGLPHQVLRQDGRSDUDVXSRUWDUYH
]HVRHVIRUoRGHFiOFXORHQWmRSRGHVHFRQVLGHUDUVDWLVIHLWRHVWHUHTXLVLWR
±4XDQGRDDUPDGXUDpHPSUHJDGDSDUDHYLWDUDUXSWXUDGRFRQHGHFRQFUHWRWRGRV
RVFiOFXORVGHYHPJDUDQWLUTXHKiVXILFLHQWHUHVLVWrQFLDFRUUHVSRQGHQWHDRVRXWURVWUrV
PRGRVGHIDOKDHVFRUUHJDPHQWRUXSWXUDGHFRQHODWHUDOGHYLGRjWUDomRUXSWXUDGH
³FXQKDGHFRQFUHWR´(VWHVWUrVPRGRVUHFHEHPDVHJXLQWHDERUGDJHP

D (VFRUUHJDPHQWRGRFKXPEDGRU&RQIRUPH$&,±YLVWRQRtWHP
E 5XSWXUDODWHUDOGRFRQFUHWRVREHIHLWRGHWUDomRQRFKXPEDGRU&RQIRUPHYLVWRHP
RQGHpLQGLFDGDDYHULILFDomRDHVWHHVWDGROLPLWHQRFDVRGHFKHI 

 8PDYH]TXHRGLPHQVLRQDPHQWRGHFKXPEDGRUHVHPSLODUHVHSHGHVWDLVpX
VXDOPHQWHJRYHUQDGRSHODH[LJrQFLDGHFRPSULPHQWRVXILFLHQWHSDUDGHVHQYROYHUDDQ
FRUDJHPSRUWUDQVSDVVH±TXHSRGHVHUFRQVLGHUDYHOPHQWHPDLRUTXHYH]HVGED
PtQLPDGLVWkQFLDDWpDERUGDSDUDHYLWDUWDOHIHLWRVHUi [GE GE(QWUHWDQ
WRVHRFKXPEDGRUIRUUHFHEHUWRUTXHDGLVWkQFLDPtQLPDGHGEpUHTXHULGD
 4XDQGRpLQYLiYHOJDUDQWLUGLVWkQFLDVPDLRUHVTXHGEHQWUHFHQWURERUGDGR
FKXPEDGRUDUHVLVWrQFLDjUXSWXUDODWHUDOGHYHVHUFDOFXODGDHQRUPDOPHQWHVHWRUQD
XPIDWRUOLPLWDQWH'HYULHVHWDO DSXG:,',$172 HVWXGDUDPDFRQWULEXL
omRGHHVWULERVSDUDFRPEDWHUHVWHWLSRGHUXSWXUDHFRQFOXtUDPTXHHVWHVQmRDXPHQ
WDPDFDSDFLGDGHGRFRQFUHWRSDUDUHVLVWLUDRVHVIRUoRVGHWUDomRODWHUDO&DQQRQHWDO
DSXG:,',$172 FLWDTXHDVIRUoDVTXHFDXVDPUXSWXUDGHFRQHODWHUDO
HPFKXPEDGRUHVGHFDEHoDFRQYHQFLRQDLVSRGHPVHUFRQVHUYDGRUDPHQWHHVWLPDGDV
HPóGDFDSDFLGDGHjWUDomRGRFKXPEDGRUHTXHGLVSRUDUPDGXUDDRUHGRUGDFDEH
oDGHVWHVFKXPEDGRUHVGLPHQVLRQDGDSDUDUHVLVWLUDHVWHHVIRUoRFRPEDWHHVWHHIHLWR
1DILJXUDSRGHVHUYLVWDHVWDGLVSRVLomRGHDUPDGXUD




ϴϴ


)LJXUD±3HGHVWDOGHVXSRUWHGHSLODUPHWiOLFR)LJXUD$UPDGXUDDRUHGRUGD
        FDEHoDGRVFKXPEDGRUHVSDUDHYLWDU
        UXSWXUDODWHUDOGRFRQFUHWR






















      )RQWH:LGLDQWR3DWHOH2ZHQ
           

)RQWH:LGLDQWR3DWHOH2ZHQ  

F $UXSWXUDGRFRQFUHWRSRUIRUPDomRGH³FXQKD´VypFUtWLFDSDUDFKXPEDGRUHVFXU
WRVHFRPJUDQGHULJLGH]eUD]RiYHOVXSRUTXHHPFKXPEDGRUHVPROGDGRVLQORFR
FRPKHIPLQ GEHVWHHIHLWRQmRVHUiSUHSRQGHUDQWH

x 'LPHQVLRQDPHQWRGHDUPDGXUDSDUDDQFRUDUHVIRUoRGHWUDomRGRVFKXPEDGR
UHV
 6HJXQGR:LGLDQWRHWDO  DGLVWkQFLDPi[LPDOLYUHHQWUHRFKXPEDGRUHD
DUPDGXUDQmRGHYHVHUPDLRUTXHGHKHI-iR$&,QRFRPHQWiULRGRtWHP
'LQGLFDDGLVWkQFLDPi[LPDGHKHIHQWUHFHQWURVGHDUPDGXUDFKXPEDGRU
 $ILJXUDHVTXHPDWL]DRDUUDQMRHVWUXWXUDOSURSRVWR




ϴϵ


)LJXUD±'LPHQV}HVDVHUHPFRQVLGHUDGDVSDUDGHWHUPLQDomRGRWUDQVSDVVHQHFHVViULR















D $UPDGXUDORQJLWXGLQDOUHWD  E $UPDGXUDORQJLWXGLQDOFRPJDQFKR

)RQWH3URGXomRGRSUySULRDXWRU


$UPDGXUDQHFHVViULD
3DUDFRPSRUWDPHQWRQmRG~FWLO$VO!7GJI\J 
3DUDFRPSRUWDPHQWRG~FWLO$VO!$EHIXEI\
7G IRUoDGHWUDomRGHFiOFXORDWXDQWHQRFKXPEDGRU

'LPHQVLRQDPHQWRGHDUPDGXUDWUDQVYHUVDOSDUDWUDQVIHUrQFLDGHIRUoDVFRUWDQ
WHVGHFKXPEDGRUHV

$VVLPFRPRIRLGHVFULWRSDUDWUDQVIHUrQFLDGHHVIRUoRVGHWUDomRGRVFKXPEDGRUHVSD
UDDHVWUXWXUDGHVXSRUWHWDPEpPQRFDVRGHHVIRUoRVFRUWDQWHVpYDQWDMRVRHPFHUWDV
VLWXDo}HVGLPHQVLRQDUDUPDGXUDHYHULILFDUDFDSDFLGDGHGRFRQFUHWRSDUDWUDQVIHULU
HVWDVIRUoDV

 'HDFRUGRFRP:LGLDQWRH2ZHQ  RHPSUHJRGRPpWRGR³ELHODWLUDQWH´


SDUDGLPHQVLRQDPHQWRGDTXDQWLGDGHQHFHVViULDGHDUPDGXUDHDQiOLVHGDVIRUoDVGH
FRPSUHVVmRQRFRQFUHWRpPXLWR~WLOXPDYH]TXHSHUPLWHYLVXDOL]DomRGRIOX[RGHWHQ
V}HVQDHVWUXWXUD

 2PpWRGR³ELHODWLUDQWH´VWUXWDQGWLHPRGHO 670 pEDVHDGRHPHVWDGROLPL


WH~OWLPRRQGHKiIRUPDomRGHXPDWUHOLoDKLSRWpWLFDTXHWUDQVPLWHRVHVIRUoRVDSDUWLU
GRVHXVSRQWRVGHDSOLFDomRSDUDDHVWUXWXUDGHVXSRUWH(VWHPRGHORXWLOL]DDVELHODV
FRQFUHWRSDUDUHVLVWLUjFRPSUHVVmRHRVHVWULERVSDUDUHVLVWLURVHVIRUoRVGHWUDomR

 $VSUHPLVVDVPDLVLPSRUWDQWHVQHVWHPRGHORVmR

±$UXSWXUDVHGHYHjIRUPDomRGHXPPHFDQLVPRUHVXOWDQWHGRHVFRDPHQWRGHXP
RXPDLVHVWULERV

ϵϬ


±2HVPDJDPHQWRGDVELHODVGHFRQFUHWRQmRGHYHRFRUUHUDQWHVGRHVFRDPHQWRGRV
HVWULERV

±$SHQDVIRUoDVXQLD[LDLVHVWmRSUHVHQWHVQDVELHODVHQRVHVWULERV
±$DUPDGXUDORQJLWXGLQDOGHYHVHUDGHTXDGDPHQWHGHWDOKDGDGHPRGRDHYLWDUUXS
WXUDSRUHVFRUUHJDPHQWRRXIDOKDORFDOL]DGDGHDQFRUDJHP

 $RPHVPRWHPSRTXHRPpWRGRELHODWLUDQWHpXPDIHUUDPHQWDVLPSOHVUHTXHUD
DVVRFLDomRGHYDORUHVSDUDRVVHJXLQWHVSDUkPHWURV
&DSDFLGDGHGDVELHODVHQyV
*HRPHWULDGDVELHODVHUHJLmRGRVQyV
$QFRUDJHPGRVHVWULERV

 $VVHJXLQWHVSUHPLVVDVVmRDGRWDGDVSRU:LGLDQWRH2ZHQ  ±HPREVHU


YkQFLDjVSUHVFULo}HVGRDSrQGLFH$GR$&,

±5HVLVWrQFLDGRFRQFUHWRGDVELHODVHUHJL}HVGH³DSRLR´IFX IFN

±$IRUPDomRGDVELHODVDSDUWLUGRVFKXPEDGRUHVHPGLUHomRjEDUUDVYHUWLFDLVGH
DUPDGXUDORQJLWXGLQDOPRVWUDGDVQDILJXUD±LQGLFDPTXHRFRPSULPHQWRPi[LPR
GHDSOLFDomRGHIRUoDVWUDQVYHUVDLVSHORVFKXPEDGRUHVpGHG±VHJXQGRR$&,
tWHP''HVVHPRGRDiUHDGHFRQWDWRGRFKXPEDGRUpFDOFXODGDFRPR

G G G $GHFOLYLGDGHGDGLIXVmRGDIRUoDGHFRPSUHVVmRpDVVXPLGDFRPR
4XDQGRHVWULERVLQWHUQRV JUDPSRV QmRVmRXWLOL]DGRVRXQmRVmRQHFHVViULRV
SHORFiOFXORHPIXQomRGDVIRUoDVD[LDLVRPRGHORLOXVWUDGRQDILJXUDSRGHVHUHP
SUHJDGR3DUDXPDIRUoDFRUWDQWH9DIRUoDGHWUDomR7QDILJXUDpPDLRUTXH7
QDILJXUD

±3DUDDDUPDGXUDWUDQVYHUVDOGHDWLUDQWDPHQWR HVWULERV VmRVXJHULGDVDVVHJXLQWHV
SUHPLVVDV
D 6RPHQWHDVGXDVFDPDGDVVXSHULRUHVGHHVWULERV SUHYHUEDUUDVG QDIDL[D
GHPPDSDUWLUGRWRSRGRSHGHVWDO±FRQIRUPHUHTXLVLWRGR$&,tWHP
 VmRHIHWLYDV±FRQIRUPHLOXVWUDGRQDILJXUD
E 6HIRUQHFHVViULRHPSUHJRGHHVWULERVLQWHUQRV JUDPSRV SRGHUiVHUXVDGRFRPR
DOWHUQDWLYDHVWULERORVDQJXODU
F $SRVLomRGRVJDQFKRVGRVHVWULERVGHYHPVHUDOWHUQDGDV±FRQIRUPHLQGLFDGRQD
ILJXUD
G 6HRFRPSULPHQWRGLVSRQtYHOGRHVWULERLQWHUQRODK ILJ IRUPHQRUTXHRWUHFKR
UHWRUHTXHULGROGSDUDWRWDOGHVHQYROYLPHQWRGDUHVLVWrQFLDDUHVLVWrQFLDPi[LPDGR
HVWULERLQWHUQRVHUiI\[ODKOGVHODKIRUPHQRUTXHPPJUDPSRVWDOFRPR
LOXVWUDGRVQDILJXUDQmRGHYHPVHUHPSUHJDGRV
H 1RVQyVDIDVWDGRVGRJDQFKRpDVVXPLGDWRWDOFDSDFLGDGHSDUDRHVWULERLVWRpR
WLUDQWHQDFDPDGD$SRGHGHVHQYROYHUVXDFDSDFLGDGHI\QRVQyVH ILJXUD 



ϵϭ


)LJXUD±%LHODVGHFRQFUHWRVXMHLWDVjFRPSUHVVmRHHVWULERVWUDFLRQDGRVSDUDWUDQVIHUrQFLD
GHIRUoDVFRUWDQWHVDSDUWLUGRVFKXPEDGRUHV

)RQWH:LGLDQWR3DWHOH2ZHQ  


ϵϮ


)LJXUD0RGHORELHODWLUDQWHVHPJUDPSRV

)RQWH:LGLDQWR3DWHOH2ZHQ 

)LJXUD±'LUHo}HVDOWHUQDGDVGRJDQFKRVHJUDPSRVQDVGXDVFDPDGDVVXSHULRUHVGHHVWUL
ERV

)RQWH:LGLDQWR3DWHOH2ZHQ  

I 1RVQyVRQGHHVWmRORFDOL]DGRVRVJDQFKRVRWLUDQWHQmRSRGHGHVHQYROYHUDFDSD
FLGDGHWRWDOI\7HVWHVLQGLFDPTXHSRGHRFRUUHUHVFRUUHJDPHQWRQDUHJLmRGRJDQFKR
GRHVWULERTXDQGRDWHQVmRXOWUDSDVVD03D'HVVHPRGRDFRQWULEXLomRGRVWLUDQ
WHVFRPJDQFKRVQDUHJLmRGDDSOLFDomRGDIRUoDSHODVELHODVFRPSULPLGDVGHYHVHU
WRPDGRFRPRRPHQRUGRVVHJXLQWHVYDORUHV

7 $WLH[IVH7 IFNHKGWLH

RQGH

ϵϯ


$WLH VHomRWUDQVYHUVDOGRHVWULERIV WHQVmRQRHVWULER a03D HK FRPSUL


PHQWRGRWUHFKRUHWRGRJDQFKRGWLH GLkPHWURGRHVWULER


3/$1,/+$6(/(75Ð1,&$63$5$',0(16,21$0(172'(/,*$d®(6


/,*$d­23$5$)86$'$'(3(5),/³/´)250$'2$)5,2

 $ILJXUDDSUHVHQWDDVLQIRUPDo}HVJHRPpWULFDVEiVLFDVTXHFRPS}HPHVWDOL
JDomRHHVIRUoRVROLFLWDQWHGHFiOFXOR1HVWHFDVRVyVHUiHVWXGDGRRFRPSRUWDPHQWR
GRSHUILOQmRpDQDOLVDGRRFRPSRUWDPHQWRGDFKDSDGHJXVVHW

)LJXUD±9DULiYHLVGLPHQVLRQDLVHIRUoDSDUDFiOFXORGHOLJDomRGHSHUILO³/´SDUDIXVDGR











)RQWH3URGXomRGRSUySULRDXWRU


3UHPLVVDVEiVLFDV

D $SODQLOKDHODERUDGDSDUDHVWHGLPHQVLRQDPHQWRVHDSOLFDDIXURVWLSRSDGUmRLVWR
pFRPGLkPHWUR³GI´ GLkPHWURGRIXUR LJXDOGEPP GE GLkPHWURGRSDUDIXVR H
OLPLWDGDSDUDGE!3DUDGEDIROJDGRIXURSDGUmRpPPHQmRIRLFRQVLGH
UDGR

E $QRPHQFODWXUDGHWLSRVGHSDUDIXVRVXWLOL]DGD 1;1; QmRVmRSDGU}HV
GHQRUPD$VLQGLFDo}HVWLSR1 URVFDL1FOXVD H; URVFDH;FOXVD VmRFRQWXGR
XVXDLV

F 2GLPHQVLRQDPHQWRREHGHFHDVSUHVFULo}HVGRSURMHWRGHUHYLVmRGD1%5
HGD1%5

G &RQVLGHUDVHRHVIRUoRD[LDOGHFiOFXOR1GDSOLFDGRQRFHQWUyLGHGDEDUUD2HIHLWR
GDH[FHQWULFLGDGHGHVWHHPUHODomRDRSODQRGHFRUWHGRVSDUDIXVRVpGHVSUH]DGR

H 'HPDLVSUHVFULo}HVHSUHPLVVDVVmRLQGLFDGDVQDDED³127$6´GDSODQLOKD±PRV
WUDGDQDILJXUD





ϵϰ


,QWURGXomRGRVGDGRVHUHVXOWDGRV

 $ILJXUDUHSURGX]DSODQLOKDFRPGDGRVLQWURGX]LGRV H[HPSOR HRVUHVXOWD
GRVREWLGRV1RWDUTXHRVUHVXOWDGRVTXHQmRVmRVDWLVIDWyULRVUHFHEHPWDUMDYHUPHOKD
SDUDDOHUWDUTXHDOLJDomRGHYHVHUUHGLPHQVLRQDGD

 2JUiILFRGDVUHODo}HV6G5GSDUDRVHVWDGRVOLPLWHVDSOLFiYHLVLOXVWUDTXDLVFD
VRVVmRPDLVFUtWLFRVHTXDLVVmRDPHQRVSHUPLWLQGRGHVVHPRGRDOWHUDUDVYDULiYHLV
TXHLQIOXHQFLDP±VHIRUGHVHMiYHO
$³HILFLrQFLDGDOLJDomR´±UHODomRHQWUHDUHVLVWrQFLDGDFRQH[mRHDUHVLVWrQFLD
GRSHUILODRHVFRDPHQWRGDVHomREUXWDTXHQRUPDOPHQWHpPHQRUTXHSHUPLWH
DQDOLVDURTXDQWRRSHUILOQHFHVVLWDVHU³VXSHUGLPHQVLRQDGR´±QRFDVRGHHVIRUoRGH
WUDomRFRQVLGHUDQGRFDSDFLGDGHGDOLJDomRHPUHODomRjGRSHUILO
 
)LJXUD±5HSURGXomRGDDED³1RWDV´GDSODQLOKDGHGLPHQVLRQDPHQWRGHOLJDo}HVSDUDIXVD
GDVGHSHUILO³/´IRUPDGRDIULR




)RQWH3URGXomRGRSUySULRDXWRU




ϵϱ


)LJXUD±([HPSORGHSODQLOKDSDUDGLPHQVLRQDPHQWRGHOLJDomRGHSHUILO³/´SDUDIXVDGR

)RQWH3URGXomRGRSUySULRDXWRU


ϵϲ


/,*$d­23$5$)86$'$'(3(5),/³8´)250$'2$)5,2

 $ILJXUDDSUHVHQWDDVLQIRUPDo}HVJHRPpWULFDVEiVLFDVTXHFRPS}HP
HVWDOLJDomR1HVWHFDVRRSHUILO³8´pOLJDGRSHODVIODQJHV

 'RPHVPRPRGRTXHSDUDSHUItV³/´DRXWUDSDUWHFRQHFWDGD±FKDSDGHJXVVHW
QmRpYHULILFDGDQHVWDSODQLOKD

)LJXUD±9DULiYHLVGLPHQVLRQDLVHIRUoDVSDUDFiOFXORGHOLJDomRGHSHUILO³8´SDUDIXVDGRSH
ODVIODQJHV










)RQWH3URGXomRGRSUySULRDXWRU


3UHPLVVDVEiVLFDV
$VPHVPDVGRSHUILO³/´ tWHP 

,QWURGXomRGRVGDGRVHUHVXOWDGRV

  $ILJXUDUHSURGX]DSODQLOKDFRPGDGRVLQWURGX]LGRV H[HPSOR HRVUH
VXOWDGRVREWLGRV'RPHVPRPRGRTXHQDSODQLOKDGHOLJDo}HVFRPSHUItV³/´RVUHVXO
WDGRVTXHWHPUHODomR6G5GPDLRUTXHUHFHEHPWDUMDYHUPHOKDSDUDDOHUWDUTXHD
OLJDomRGHYHVHUUHGLPHQVLRQDGD

 7DPEpPDQiORJDPHQWHjSODQLOKDGHGLPHQVLRQDPHQWRGHOLJDomRGHSHUItV³/´
RJUiILFRGDVUHODo}HV6G5GSDUDRVHVWDGRVOLPLWHVGDOLJDomRGHSHUILO³8´IRUPDGRD
IULRLOXVWUDTXDLVFDVRVVmRPDLVFUtWLFRVHTXDLVVmRDPHQRV
















ϵϳ



)LJXUD±([HPSORGHSODQLOKDSDUDGLPHQVLRQDPHQWRGHOLJDomRGHSHUILO³8´SDUDIXVDGR



)RQWH3URGXomRGRSUySULRDXWRU

ϵϴ



/,*$d­23$5$)86$'$'(3(5),/³8(15,-(&,'2´)250$'2$)5,2

 $ILJXUDDSUHVHQWDDIRUoDHLQIRUPDo}HVJHRPpWULFDVEiVLFDVTXHFRPS}HP
HVWDOLJDomR2SHUILO³8H´ 8HQULMHFLGR pOLJDGRSHODVIODQJHV

 'RPHVPRPRGRTXHSDUDSHUItV³/´DRXWUDSDUWHFRQHFWDGD±FKDSDGHJXVVHW
QmRpHVWXGDGD

)LJXUD±9DULiYHLVGLPHQVLRQDLVSDUDFiOFXORGHOLJDomRGHSHUILO³8´SDUDIXVDGRSHODVIODQ
JHV











)RQWH3URGXomRGRSUySULRDXWRU


3UHPLVVDVEiVLFDV

$VPHVPDVGRSHUILO³/´ tWHP HDDED³1RWDV´GDSODQLOKDDSUHVHQWDGDQDILJXUD


,QWURGXomRGRVGDGRVHUHVXOWDGRV

  $ILJXUDUHSURGX]DSODQLOKDGHGLPHQVLRQDPHQWRGDOLJDomRGHSHUItV
³8HQULMHFLGRV´SDUDIXVDGRVFRPGDGRVLQWURGX]LGRV H[HPSOR HRVUHVXOWDGRVREWLGRV
'RPHVPRPRGRTXHQDSODQLOKDGHOLJDo}HVFRPSHUItV³/´RVUHVXOWDGRVTXHWHPUH
ODomR6G5GPDLRUTXHUHFHEHPWDUMDYHUPHOKDSDUDDOHUWDUTXHDOLJDomRGHYHVHU
UHGLPHQVLRQDGD

 7DPEpPDQDORJDPHQWHjSODQLOKDGHGLPHQVLRQDPHQWRGHOLJDomRGHSHUItV³/´
RJUiILFRGDVUHODo}HV6G5GSDUDRVHVWDGRVOLPLWHVGDOLJDomRGHSHUILO³8HQULMHFLGR´
IRUPDGRDIULRLOXVWUDTXDLVFDVRVVmRPDLVFUtWLFRVHTXDLVVmRPDLVDPHQRV












ϵϵ


)LJXUD±5HSURGXomRGDDED³1RWDV´GDSODQLOKDGHGLPHQVLRQDPHQWRGHOLJDo}HVSDUDIXVD
GDVGHSHUILO³8HQULMHFLGR´IRUPDGRDIULR





)RQWH3URGXomRGRSUySULRDXWRU






















ϭϬϬ


)LJXUD±([HPSORGHSODQLOKDSDUDGLPHQVLRQDPHQWRGHOLJDomRGHSHUILO³8HQULMHFLGR´SD
UDIXVDGR


)RQWH3URGXomRGRSUySULRDXWRU


ϭϬϭ



/,*$d­23$5$)86$ $'$'((0(1'$'(3(5)Ë6³8´)25 50$'2$)5,2

 $ILJXUDDSUHVHQWWDDVLQIRUPDo}HVJHRPpWULFDVEiVLFDVT
TXHFRPS}HP
HVWDOLJDomR

)LJXUD±9DULiYHLVGLPHQVVLRQDLVSDUDFiOFXORGHHPHQGDGHSHUILO³8´S
SDUDIXVDGR


 















)RQWH3URGXomRGRSUySULRD
DXWRU

3UHPLVVDVEiVLFDV

D $SODQLOKDHODERUDGDSDUUDHVWHGLPHQVLRQDPHQWRVHDSOLFDDIXURVWLSRSDGUmRLVWR
pFRPGLkPHWUR³GI´LJXDOGGEPP GE GLkPHWURGRSDUDIXVR H HOLPLWDGDSDUDGE! 
3DUDGEDIROJDGRIXURSDGUmRpPPHQmRIRLFRQVLGHUDGR

E $QRPHQFODWXUDGHWLSRVGHSDUDIXVRVXWLOL]DGD 1;1; QmRVmRSDGU}HV
GHQRUPD$VLQGLFDo}HVWLS SR1 URVFDL1FOXVD H; URVFDH;FOX
XVD VmRFRQWXGR
XVXDLV

F 2GLPHQVLRQDPHQWRREH HGHFHDVSUHVFULo}HVGRSURMHWRGHUHYLVmmRGD1%5
HGD1%5 

G $SODQLOKDVHGHVWLQDjHPHQGDVTXHFRQWHQKDPDSHQDVXPDOLQK KDGHSDUDIXVRVHP
FDGDIODQJHHGXDVOLQKDVD DRORQJRGDDOPD$TXDQWLGDGHPtQLPDG GHSDUDIXVRVQDDO
PDHPFDGDODGRGDHPHQG GDpXQHRPi[LPRpXQ(PFDGDIODQJHSRGHPH[LV
WLUGHDSDUDIXVRV HPFFDGDODGRGDHPHQGD 

H 'HPDLVSUHVFULo}HVVmR RLQGLFDGDVQDDED³127$6´GDSODQLOKD

,QWURGXomRGRVGDGRVVHUHVXOWDGRV

 GX]DSULPHLUDSDUWHGHXPDSODQLOKDFRP
$ILJXUDDUHSURG PRVGDGRVLQWURGX
]LGRVHRJUiILFR1DILJXUD
DEVmRPRVWUDGRVRVUHVXOWDGRVGDDQ QiOLVHGHFDGDHVWD
GROLPLWHDTXHpVXEPHWLGD DHVWDOLJDomR

ϭϬϮ


)LJXUDD3ODQLOKDSDUDGLPHQVLRQDPHQWRGHHPHQGDVGHSHUItV³8´SDUDIXVDGRVSHODVIODQ
JHV±(QWUDGDGHGDGRVHJUiILFR6G5G



)RQWH3URGXomRGRSUySULRDXWRU

ϭϬϯ


)LJXUDE±5HVXOWDGRGHDQiOLVHGHHPHQGDGHSHUILO³8´



)RQWH3URGXomRGRSUySULRDXWRU










ϭϬϰ


/,*$d­262/'$'$'(3(5),/³/´)250$'2$)5,2

3UHPLVVDVEiVLFDVGHFiOFXOR

D 2PpWRGRHPSUHJDGRSDUDDQiOLVHGRJUXSRGHVROGDpRYHUWRULDOHOiVWLFR(VWH
PpWRGRFRQGX]DUHVXOWDGRVFRQVHUYDGRUHVFRQIRUPHGHPRQVWUD9DOHQFLDQL  HP
FRPSDUDomRFRPR0pWRGRGR&HQWUR,QVWDQWkQHRGH5RWDomR &,5 (QWUHWDQWRQR
SUHVHQWH FDVR R HIHLWR GD H[FHQWULFLGDGH p GH SRXFD UHOHYkQFLD VHQGR DSURSULDGR R
HPSUHJRGHDQiOLVHFOiVVLFD

E 3UHIHUHQFLDOPHQWHRVHL[RVEDULFrQWULFRVGDGLDJRQDOHPRQWDQWHVHHQFRQWUDPH[D
WDPHQWHVREUHRHL[REDULFrQWULFRGREDQ]R&DVRLVVRQmRRFRUUDXPDIRUPDXVXDOp
ID]HUDGLVWULEXLomRGRPRPHQWRIOHWRUGHFRUUHQWHGDH[FHQWULFLGDGHSURSRUFLRQDOPHQWH
j ULJLGH] GH FDGD HOHPHQWR HQYROYLGR H RV PHVPRV VHUHP GLPHQVLRQDGRV j IOH[mR
FRPSRVWD 2:(16&+($/S 7DPEpPSRGHRFRUUHUGRFHQWURGHJUDYL
GDGHGDVROGDQmRFRLQFLGLUFRPRHL[REDULFrQWULFRGDGLDJRQDORTXHLQGX]LUiDHVIRU
oRVGHIOH[mRQDEDUUD(VWHHIHLWRVRPDGRjIRUoDQRUPDOGHYHVHUDQDOLVDGR

F $OLJDomRDOpPGHVXSRUWDURHVIRUoRGHFiOFXOR1GGHYHUiWHUUHVLVWrQFLDGHXPD
FDUJDD[LDOPtQLPDGHGDFDSDFLGDGHGDEDUUD±UHODWLYRDRHVIRUoRTXHFRPDQGD
DOLJDomR WUDomRRXFRPSUHVVmR 

G 2XWUDVSUHPLVVDVFRQVWDPGDDED³127$6´GDSODQLOKD


,QWURGXomRGRVGDGRVHUHVXOWDGRV

 $ILJXUDDUHSURGX]DSODQLOKDFRPGDGRVLQWURGX]LGRVHDILJXUDERVUH
VXOWDGRVREWLGRVQDDQiOLVH

 2JUiILFRGDVUHODo}HV6G5GSDUDRVHVWDGRVOLPLWHVDSOLFiYHLVLOXVWUDTXDLVFD
VRVVmRPDLVFUtWLFRVHTXDLVVmRPDLVDPHQRVSHUPLWLQGRGHVVHPRGRDOWHUDUDVYDUL
iYHLVTXHLQIOXHQFLDP±VHIRUGHVHMiYHO

$³HILFLrQFLDGDOLJDomR´±UHODomRHQWUHDUHVLVWrQFLDGDFRQH[mRHDUHVLVWrQFLD
GRSHUILODRHVFRDPHQWRGDVHomREUXWDTXHQRUPDOPHQWHpPHQRUTXHSHUPLWH
DQDOLVDURTXDQWRRSHUILOQHFHVVLWDVHU³VXSHUGLPHQVLRQDGR´±QRFDVRGHHVIRUoRGH
WUDomRWHQGRHPFRQWDDPHQRUFDSDFLGDGHGDOLJDomRHPUHODomRjGHVXDVHomR
EUXWD

$DED³127$6´±UHSURGX]LGDQDILJXUD±FRQWpPLQIRUPDo}HVVREUHOLPLWD
o}HVHDVSUHPLVVDVDGRWDGDVQDSODQLOKDGHFiOFXOR











ϭϬϱ


)LJXUDD3ODQLOKDSDUDGLPHQVLRQDPHQWRGHOLJDomRVROGDGDGHSHUItO³/´IRUPDGRDIULR
(QWUDGDGHGDGRVJUiILFR6G5GHSDUWHGDDQiOLVH


)RQWH3URGXomRGRSUySULRDXWRU


ϭϬϲ


)LJXUDE3ODQLOKDSDUDGLPHQVLRQDPHQWRGHOLJDomRVROGDGDHPXPDDEDGHSHUItV³/´IRU
PDGRVDIULR UHVXOWDGRVGDDQiOLVH 




)RQWH3URGXomRGRSUySULRDXWRU











ϭϬϳ


)LJXUD±5HSURGXomRGDDED³1RWDV´GDSODQLOKDGHFiOFXORGHOLJDomRGHSHUILO³/´VROGDGR



)RQWH3URGXomRGRSUySULRDXWRU





/,*$d­262/'$'$'(3(5),/³8´)250$'2$)5,2

3UHPLVVDVEiVLFDVGHFiOFXOR
$SOLFDVHQHVWHFDVRRPHVPRTXHQRGLPHQVLRQDPHQWRGHOLJDomRVROGDGDGHSHUILO
³/´

,QWURGXomRGRVGDGRVHUHVXOWDGRV
$VILJXUDVDHEUHSURGX]HPDSODQLOKDFRPGDGRVLQWURGX]LGRVHRVUHVXOWDGRV
REWLGRV$VGHPDLVFRQVLGHUDo}HVHQXQFLDGDVHPWDPEpPVmRYiOLGDVQHVWHFD
VR















ϭϬϴ


)LJXUDD3ODQLOKDSDUDGLPHQVLRQDPHQWRGHOLJDomRVROGDGDGHSHUItO³8´IRUPDGRDIULR
(QWUDGDGHGDGRVJUiILFR6G5GHSDUWHGDDQiOLVH



)RQWH3URGXomRGRSUySULRDXWRU







ϭϬϵ


)LJXUDE3ODQLOKDSDUDGLPHQVLRQDPHQWRGHOLJDomRVROGDGDHPXPDDEDGHSHUItV³8´
IRUPDGRVDIULR UHVXOWDGRVGDDQiOLVH 




)RQWH3URGXomRGRSUySULRDXWRU


/,*$d­262/'$'$'(3(5),/³8(15,-(&,'2´)250$'2$)5,2

3UHPLVVDVEiVLFDVGHFiOFXOR
$SOLFDVHQHVWHFDVRRPHVPRTXHQRGLPHQVLRQDPHQWRGHOLJDomRVROGDGDGHSHUILO
³8H´

,QWURGXomRGRVGDGRVHUHVXOWDGRV
$VILJXUDVDHEUHSURGX]HPDSODQLOKDFRPGDGRVLQWURGX]LGRVHRVUHVXOWDGRV
REWLGRV$VGHPDLVFRQVLGHUDo}HVHQXQFLDGDVHPWDPEpPVmRYiOLGDVQHVWHFD
VR




ϭϭϬ


)LJXUDD3ODQLOKDSDUDGLPHQVLRQDPHQWRGHOLJDomRVROGDGDGHSHUItO³8H´IRUPDGRDIULR
 (QWUDGDGHGDGRVJUiILFR6G5GHSDUWHGDDQiOLVH

)RQWH3URGXomRGRSUySULRDXWRU

ϭϭϭ



)LJXUDE3ODQLOKDSDUDGLPHQVLRQDPHQWRGHOLJDomRVROGDGDHPXPDDEDGHSHUItV³8H´
IRUPDGRVDIULR UHVXOWDGRVGDDQiOLVH 



)RQWH3URGXomRGRSUySULRDXWRU


3/$&$'(%$6('(3,/$5(6

 &RPRREMHWLYRGHDX[LOLDURGLPHQVLRQDPHQWRGHSODFDVGHEDVHSDUDRVSLODUHV
GHSHUILO³,´IRUDPFULDGDVGXDVSODQLOKDV$ILJXUDLOXVWUDRGLPHQVLRQDPHQWRGHFKD
SDVXEPHWLGDjIOH[RFRPSUHVVmRHDILJXUDRGLPHQVLRQDPHQWRGHFKDSDVXMHLWDi
IOH[RWUDomR




ϭϭϮ


)LJXUD±3ODQLOKDGHFiOFXORGHSODFDGHEDVHGHSLODUVXMHLWRjIOH[RFRPSUHVVmR



)RQWH3URGXomRGRSUySULRDXWRU


ϭϭϯ


)LJXUD±3ODQLOKDGHFiOFXORGHSODFDGHEDVHGHSLODUVXMHLWRjIOH[RWUDomR


)RQWH3URGXomRGRSUySULRDXWRU


ϭϭϰ


',0(16,21$0(172'(&+80%$'25(6

 6mRDSUHVHQWDGDVSODQLOKDVGHFiOFXORSDUDDVVHJXLQWHVFRQILJXUDo}HVGH
FKXPEDGRUHVPROGDGRVLQORFR PROGDGRVLQORFR 

D &KXPEDGRULVRODGR³FRPFDEHoD´YLGHILJXUDVDDH
)LJXUDD±5HSURGXomRGDDED³1RWDV´GDSODQLOKDGHFiOFXORGHFKXPEDGRULVRODGRFRP
FDEHoD SDUWH 


)RQWH3URGXomRGRSUySULRDXWRU


ϭϭϱ


)LJXUDE±5HSURGXomRGDDED³1RWDV´GDSODQLOKDGHFiOFXORGHFKXPEDGRULVRODGRFRP
FDEHoD SDUWH 



)RQWH3URGXomRGRSUySULRDXWRU
































ϭϭϲ


)LJXUDF±3ODQLOKDGHFiOFXORGHFKXPEDGRULVRODGRFRPFDEHoD SDUWH 



)RQWH3URGXomRGRSUySULRDXWRU



ϭϭϳ


)LJXUDG±3ODQLOKDGHFiOFXORGHFKXPEDGRULVRODGRFRPFDEHoD SDUWH 


)RQWH3URGXomRGRSUySULRDXWRU

ϭϭϴ


)LJXUDH±3ODQLOKDGHFiOFXORGHFKXPEDGRULVRODGRFRPFDEHoD SDUWH 


)RQWH3URGXomRGRSUySULRDXWRU


ϭϭϵ


E &KXPEDGRULVRODGR³FRPJDQFKR´YLGHILJXUDVDDF

)LJXUDD±3ODQLOKDGHGLPHQVLRQDPHQWRGHFKXPEDGRULVRODGRFRPJDQFKR SDUWH 


)RQWH3URGXomRGRSUySULRDXWRU


ϭϮϬ


)LJXUDE±3ODQLOKDGHGLPHQVLRQDPHQWRGHFKXPEDGRULVRODGRFRPJDQFKR SDUWH 



)RQWH3URGXomRGRSUySULRDXWRU




ϭϮϭ


)LJXUDF±3ODQLOKDGHGLPHQVLRQDPHQWRGHFKXPEDGRULVRODGRFRPJDQFKR SDUWH 


)RQWH3URGXomRGRSUySULRDXWRU



ϭϮϮ


F &KXPEDGRUGXSOR³FRPFDEHoD´YLGHILJXUDVDDG

)LJXUDD±3ODQLOKDGHGLPHQVLRQDPHQWRGHFKXPEDGRUHVFRPFDEHoD SDUWH 



)RQWH3URGXomRGRSUySULRDXWRU


ϭϮϯ


)LJXUDE±3ODQLOKDGHGLPHQVLRQDPHQWRGHFKXPEDGRUHVFRPFDEHoD SDUWH 



)RQWH3URGXomRGRSUySULRDXWRU



ϭϮϰ


)LJXUDF±3ODQLOKDGHGLPHQVLRQDPHQWRGHFKXPEDGRUHVFRPFDEHoD SDUWH 



)RQWH3URGXomRGRSUySULRDXWRU


ϭϮϱ


)LJXUDG±3ODQLOKDGHGLPHQVLRQDPHQWRGHFKXPEDGRUHVFRPFDEHoD SDUWH 





)RQWH3URGXomRGRSUySULRDXWRU





G &KXPEDGRUHVGXSORV³FRPJDQFKR´YLGHILJXUDVDDG





ϭϮϲ



)LJXUDD±3ODQLOKDGHGLPHQVLRQDPHQWRGHFKXPEDGRUHVFRPJDQFKR SDUWH 



)RQWH3URGXomRGRSUySULRDXWRU


ϭϮϳ


)LJXUDE±3ODQLOKDGHGLPHQVLRQDPHQWRGHFKXPEDGRUHVFRPJDQFKR SDUWH 





)RQWH3URGXomRGRSUySULRDXWRU







ϭϮϴ


)LJXUDF±3ODQLOKDGHGLPHQVLRQDPHQWRGHFKXPEDGRUHVFRPJDQFKR SDUWH 



)RQWH3URGXomRGRSUySULRDXWRU


ϭϮϵ


)LJXUDG±3ODQLOKDGHGLPHQVLRQDPHQWRGHFKXPEDGRUHVFRPJDQFKR SDUWH 





)RQWH3URGXomRGRSUySULRDXWRU




H &KXPEDGRUHVTXiGUXSORV³FRPFDEHoD´YLGHILJXUDVDDG








ϭϯϬ


)LJXUDD±3ODQLOKDGHGLPHQVLRQDPHQWRGHFKXPEDGRUHVFRPFDEHoD SDUWH 



)RQWH3URGXomRGRSUySULRDXWRU


ϭϯϭ



)LJXUDE±3ODQLOKDGHGLPHQVLRQDPHQWRGHFKXPEDGRUHVFRPFDEHoD SDUWH 



)RQWH3URGXomRGRSUySULRDXWRU


ϭϯϮ



)LJXUDF±3ODQLOKDGHGLPHQVLRQDPHQWRGHFKXPEDGRUHVFRPFDEHoD SDUWH 



)RQWH3URGXomRGRSUySULRDXWRU


ϭϯϯ



)LJXUDG±3ODQLOKDGHGLPHQVLRQDPHQWRGHFKXPEDGRUHVFRPFDEHoD SDUWH 



)RQWH3URGXomRGRSUySULRDXWRU

ϭϯϰ



I &KXPEDGRUHVTXiGUXSORV³FRPJDQFKR´YLGHILJXUDVDDG

)LJXUDD±3ODQLOKDGHGLPHQVLRQDPHQWRGHFKXPEDGRUHVFRPJDQFKR SDUWH 


)RQWH3URGXomRGRSUySULRDXWRU

ϭϯϱ


)LJXUDE±3ODQLOKDGHGLPHQVLRQDPHQWRGHFKXPEDGRUHVFRPJDQFKR SDUWH 




)RQWH3URGXomRGRSUySULRDXWRU


ϭϯϲ


)LJXUDF±3ODQLOKDGHGLPHQVLRQDPHQWRGHFKXPEDGRUHVFRPJDQFKR SDUWH 



)RQWH3URGXomRGRSUySULRDXWRU


ϭϯϳ


)LJXUDG±3ODQLOKDGHGLPHQVLRQDPHQWRGHFKXPEDGRUHVFRPJDQFKR SDUWH 



)RQWH3URGXomRGRSUySULRDXWRU

J &KXPEDGRUHVTXiGUXSORVFRPFDEHoD±DQFRUDGRVSRUWUDQVSDVVH±YLGHIL
JXUDVDDI


ϭϯϴ


)LJXUDD±3ODQLOKDGHGLPHQVLRQDPHQWRGHFKXPEDGRUHVFRPFDEHoD±DQFRUDJHPSRU
WUDQVSDVVH SDUWH 


)RQWH3URGXomRGRSUySULRDXWRU


ϭϯϵ


)LJXUDE±3ODQLOKDGHGLPHQVLRQDPHQWRGHFKXPEDGRUHVFRPFDEHoD±DQFRUDJHPSRU
WUDQVSDVVH SDUWH 


)RQWH3URGXomRGRSUySULRDXWRU


ϭϰϬ


)LJXUDF±3ODQLOKDGHGLPHQVLRQDPHQWRGHFKXPEDGRUHVFRPFDEHoD±DQFRUDJHPSRU
WUDQVSDVVH SDUWH 



)RQWH3URGXomRGRSUySULRDXWRU

ϭϰϭ


)LJXUDG±3ODQLOKDGHGLPHQVLRQDPHQWRGHFKXPEDGRUHVFRPFDEHoD±DQFRUDJHPSRU
WUDQVSDVVH SDUWH 


)RQWH3URGXomRGRSUySULRDXWRU


ϭϰϮ


)LJXUDH±3ODQLOKDGHGLPHQVLRQDPHQWRGHFKXPEDGRUHVFRPFDEHoD±DQFRUDJHPSRU
WUDQVSDVVH SDUWH 


)RQWH3URGXomRGRSUySULRDXWRU


ϭϰϯ


)LJXUDI±3ODQLOKDGHGLPHQVLRQDPHQWRGHFKXPEDGRUHVFRPFDEHoD±DQFRUDJHPSRU
WUDQVSDVVH SDUWH 


)RQWH3URGXomRGRSUySULRDXWRU

K &KXPEDGRUHVTXiGUXSORVFRPJDQFKR±DQFRUDGRVSRUWUDQVSDVVH±YLGHIL
JXUDVDDI

ϭϰϰ


)LJXUDD±3ODQLOKDGHGLPHQVLRQDPHQWRGHFKXPEDGRUHVFRPJDQFKRD±DQFRUDJHPSRU
WUDQVSDVVH SDUWH 


)RQWH3URGXomRGRSUySULRDXWRU


ϭϰϱ


)LJXUDE±3ODQLOKDGHGLPHQVLRQDPHQWRGHFKXPEDGRUHVFRPJDQFKR±DQFRUDJHPSRU
WUDQVSDVVH SDUWH 


)RQWH3URGXomRGRSUySULRDXWRU


ϭϰϲ


)LJXUDF±3ODQLOKDGHGLPHQVLRQDPHQWRGHFKXPEDGRUHVFRPJDQFKR±DQFRUDJHPSRU
WUDQVSDVVH SDUWH 


)RQWH3URGXomRGRSUySULRDXWRU


ϭϰϳ


)LJXUDG±3ODQLOKDGHGLPHQVLRQDPHQWRGHFKXPEDGRUHVFRPJDQFKR±DQFRUDJHPSRU
WUDQVSDVVH SDUWH 



)RQWH3URGXomRGRSUySULRDXWRU


ϭϰϴ


)LJXUDH±3ODQLOKDGHGLPHQVLRQDPHQWRGHFKXPEDGRUHVFRPJDQFKR±DQFRUDJHPSRU
WUDQVSDVVH SDUWH 



)RQWH3URGXomRGRSUySULRDXWRU

ϭϰϵ


)LJXUDI±3ODQLOKDGHGLPHQVLRQDPHQWRGHFKXPEDGRUHVFRPJDQFKR±DQFRUDJHPSRU
WUDQVSDVVH SDUWH 


)RQWH3URGXomRGRSUySULRDXWRU


ϭϱϬ



&216,'(5$d®(6),1$,6

/,*$d®(63$5$)86$'$6'(3(5)Ë6³/´³8´H³8HQULMHFLGRV´

 (PSUHJDQGR R FRQFHLWR GH ³HILFLrQFLD´ GD OLJDomR SRGH VH REVHUYDU TXH HP
JUDQGHSDUWHGRVFDVRVGHGLPHQVLRQDPHQWRGHVWHVHOHPHQWRVjWUDomRQmRpSRVVt
YHO  HPSUHJDQGRVH ³JHRPHWULD HFRQ{PLFD´  DOFDQoDU D PHVPD UHVLVWrQFLD GR SHUILO
TXDQGRHVWHpVXEPHWLGRjWUDomR$RWHUPR³JHRPHWULDHFRQ{PLFD´DFLPDHPSUHJDGR
HQWHQGDVH FRPR TXDQWLGDGHV GH SDUDIXVRV HVSDoDPHQWRV HWF ± TXH DWHQGDP QmR
VRPHQWHDRVUHTXLVLWRVGHUHVLVWrQFLDPDVWDPEpPGHSUDWLFLGDGHHFXVWR

 $UHGXomRGDHILFLrQFLDRFRUUHSRUTXHJHUDOPHQWHDVHomROtTXLGDpRIDWRUFRQ
GLFLRQDQWHGDUHVLVWrQFLDGDOLJDomR'HVVHPRGRGHYHVHWRPDURFXLGDGR±GXUDQWHR
SURFHVVRGHFiOFXORGDVEDUUDV±GHGLPHQVLRQDUHVWDVVLPXOWDQHDPHQWHFRPDVOLJD
o}HVSULQFLSDOPHQWHTXDQGRHVWDVEDUUDVVmRVROLFLWDGDVDXPDOWRIDWRU6G5G$SOL
FDQGRVH jV SODQLOKDV YDULDGDV JHRPHWULDV GH HPSUHJR FRUUHQWH HP EDUUDV GH SHUILO
IRUPDGRDIULRREVHUYRXVHXPDWHQGrQFLDGHTXHDHILFLrQFLDGDVOLJDo}HVVHVLWXHHP
WRUQRGHQRPi[LPRSDUDRVFDVRVDQDOLVDGRV

 &DEH OHPEUDU WDPEpP TXH KRXYH HP FHUWRV FDVRV FRQVLGHUiYHO PRGLILFDomR
GRV YDORUHV GDV UHVLVWrQFLDV GH FiOFXOR VH IRU FRPSDUDGD D 1%5  FRP D
DQWHULRU1%5

 2HPSUHJRGHSODQLOKDVHOHWU{QLFDVSDUDRGLPHQVLRQDPHQWRRXYHULILFDomRGHV
WHV WLSRV GH OLJDomR VH PRVWUD EDVWDQWH SUiWLFR XPD YH] TXH DJLOL]D R SURFHGLPHQWR
VHPSHUGHUGHYLVWDRVIHQ{PHQRVItVLFRVTXHRFRUUHPEHPFRPRVXDHILFLrQFLDSDUD
RVGLYHUVRVHVWDGRVOLPLWHV,VWRIDFLOLWDDWRPDGDGHGHFLVmRTXDQWRjVPHGLGDVTXHVH
SRGHWRPDUSDUDDPHQL]DUXPRXRXWURHIHLWR

 $YLVXDOL]DomRLQVWDQWkQHDGRVHIHLWRVTXHRFRUUHPQDOLJDomRDWUDYpVGHPRGL
ILFDo}HV QDV SODQLOKDV GDV YDULiYHLV HQYROYLGDV SHUPLWH VLPXODU UDSLGDPHQWH GLYHUVDV
VLWXDo}HVHJHRPHWULDVHHVFROKHUDPDLVDGHTXDGD

/,*$d®(662/'$'$6'(3(5)Ë6³/´³8´H³8HQULMHFLGRV´

 'R PHVPRPRGR TXHIRL PHQFLRQDGRHP  WDPEpPDV OLJDo}HV VROGDGDVD
SUHVHQWDP ± SDUD VLWXDo}HV WtStFDV  HILFLrQFLD PDLV EDL[D TXH DGRV SHUItV 7DPEpP
QHVWHWLSRGHOLJDomRDVHomROtTXLGDFRVWXPDVHURIDWRUOLPLWDQWH$PHVPDREVHUYD
omRIHLWDQRtWHPDQWHULRUQRTXHVHUHIHUHjUHYLVmRGD1%5pSHUWLQHQWH

 $V SODQLOKDV HOHWU{QLFDV WDPEpP VH PRVWUDP QHVWH FDVR XPD LPSRUWDQWH IHUUD
PHQWDQRDX[tOLRGDYHULILFDomRGRVHVWDGRVOLPLWHVDTXHHVWmRVXMHLWDVDVOLJDo}HV
 
3/$&$6'(%$6(

$DERUGDJHPDGRWDGDRQGHVHH[SORUDWRGDDFDSDFLGDGHUHVLVWHQWHGRFRQFUHWR
jFRPSUHVVmR±FRQIRUPHMiPHQFLRQDGR±pPDLVFRHUHQWHFRPRPpWRGRGRVHVWDGRV
OLPLWHV


ϭϱϭ


 $OpPGLVVRVHPRVWUDEDVWDQWHSUiWLFRGHVHUXVDGRHVSHFLDOPHQWHVREIRUPD
GH SODQLOKD HOHWU{QLFD RQGH VH SRGH VLPXODU GLIHUHQWHV JHRPHWULDV H Do}HV GH IRUPD
EDVWDQWHUiSLGD


&+80%$'25(6

 $ DXVrQFLD GH 1RUPD 7pFQLFD EUDVLOHLUD H D HVFDVVH] GH ELEOLRJUDILD QDFLRQDO
VREUHHVWHDVVXQWRFRQGX]jEXVFDGHELEOLRJUDILDHHVSHFLILFDo}HVHVWUDQJHLUDVSDUD
GLPHQVLRQDPHQWRGHFKXPEDGRUHV3RUVHWUDWDUGHHOHPHQWRHVWUXWXUDOGHIXQGDPHQ
WDOLPSRUWkQFLDRHVWXGRGRVHVWDGRVOLPLWHVDTXHHVWmRVXMHLWRVHGRVHXFRPSRUWD
PHQWRIUHQWHDHVWHVUHTXHUDWHQomR

 $VHVSHFLILFDo}HVQRUWHDPHULFDQDVFRVWXPDPVHUHPSUHJDGDVQR%UDVLOTXDQ
GRLQH[LVWHDTXL1RUPDWpFQLFDTXHDWHQGDDGHWHUPLQDGRDVVXQWRGHHVWUXWXUDV

 $WUDYpVGRHPSUHJRGDVSODQLOKDVHOHWU{QLFDVDWHQGHQGRjVHVSHFLILFDo}HVGR
$&,S{GHVHSHUFHEHUTXHHPJUDQGHSDUWHGRVFDVRVQmRpDUHVLVWrQFLDGRDoR
RIDWRUOLPLWDQWHGRGLPHQVLRQDPHQWRHVLPDJHRPHWULDGDFRQH[mR

 2XWURDVSHFWRDVHUHQIDWL]DGRpRIDWRGHTXHFKXPEDGRUHVFRPJDQFKRWUDGL
FLRQDOPHQWHHPSUHJDGRVQR%UDVLOPRVWUDPVHPHQRVHILFLHQWHVTXHFKXPEDGRUHV
FRP³FDEHoD´ RXSRUFDLQWURGX]LGDQDH[WUHPLGDGHLQIHULRU 

 2PpWRGR³ELHODWLUDQWH´TXHFRQVLGHUDDLQWHUDomRGDVSDUWHVHQYROYLGDVQD
WUDQVIHUrQFLDGRVHVIRUoRVSHORVFKXPEDGRUHVjHVWUXWXUDGHFRQFUHWR±VHDSUHVHQWD
FRPRXPDDOWHUQDWLYDHILFLHQWHTXDQGRVHWUDQVPLWHJUDQGHVHVIRUoRVHPSHTXHQDVi
UHDVGHFRQFUHWRFRPRFRVWXPDVHURFDVRGHWRSRGHSLODUHVHSHGHVWDLV

&+$3$6'(*866(7

 (PERUDQmRWHQKDVLGRDSUHVHQWDGRSODQLOKDVGHDYDOLDomRGHVWHHOHPHQWRGH
OLJDomRRGHVHQYROYLPHQWRWHyULFRFRPSLODGRQHVWHWUDEDOKRSRGHVHUXPDFRQWULEXLomR
DVHUFRQVLGHUDGDHPHYHQWXDLVIHUUDPHQWDVGHFiOFXORSODQLOKDVHOHWU{QLFDVRXRXWUDV
TXHVHTXHLUDLPSOHPHQWDU


















ϭϱϮ


5()(5Ç1&,$6


$0(5,&$1&21&5(7(,167,787($&,FRGHUHTXLUHPHQWVIRUQXFOHDUVDIH
W\UHODWHGFRQFUHWHVWUXFWXUHV)DUPLQJWRQ+LOOV

$0(5,&$1&21&5(7(,167,787($&,EXLOGLQJFRGHUHTXLUHPHQWVIRU
VWUXFWXUDOFRQFUHWHDQGFRPPHQWDU\)DUPLQJWRQ+LOOV

$0(5,&$1&21&5(7(,167,787($&,EXLOGLQJFRGHUHTXLUHPHQWVIRU
VWUXFWXUDOFRQFUHWHDQGFRPPHQWDU\)DUPLQJWRQ+LOOV

$0(5,&$1&21&5(7(,167,787($&,EXLOGLQJFRGHUHTXLUHPHQWVIRU
VWUXFWXUDOFRQFUHWHDQGFRPPHQWDU\)DUPLQJWRQ+LOOV

$0(5,&$1&21&5(7(,167,787($&,TXDOLILFDWLRQRISRVWLQVWDOOHGPH
FKDQLFDODQFKRUVLQFRQFUHWH)DUPLQJWRQ+LOOV

$0(5,&$1$662&,$7,212)67$7(+,*+:$<$1'75$163257$7,212)),
&,$/66WDQGDUGVSHFLILFDWLRQIRUKLJKZD\EULGJHVHG:DVKLQJWRQ

$0(5,&$1$662&,$7,212)67$7(+,*+:$<$1'75$163257$7,212)),
&,$/6*XLGHVSHFLILFDWLRQVIRU/5)'VHLVPLFEULGJHGHVLJQSURSRVHG:DVKLQJWRQ


$0(5,&$1,167,787(2)67((/&216758&7,21$,6&VSHFLILFDWLRQIRU
VWUXFWXUDOVWHHOEXLOGLQJV&KLFDJR

$0(5,&$1,167,787(2)67((/&216758&7,21$,6&VSHFLILFDWLRQIRU
VWUXFWXUDOVWHHOEXLOGLQJV&KLFDJR

$0(5,&$1,521$1'67((/,167,787(1RUWKDPHULFDQVSHFLILFDWLRQIRUWKHGHVLJQ
RIFROGIRUPHGVWHHOVWUXFWXUDOPHPEHUV:DVKLQJWRQ

$662&,$d­2%5$6,/(,5$'(1250$67e&1,&$61%5GLPHQVLRQDPHQWR
GHHVWUXWXUDVGHDoRFRQVWLWXtGDVSRUSHUILVIRUPDGRVDIULR5LRGH-DQHLUR

$662&,$d­2%5$6,/(,5$'(1250$67e&1,&$61%5GLPHQVLRQDPHQWR
GHHVWUXWXUDVGHDoRFRQVWLWXtGDVSRUSHUILVIRUPDGRVDIULR5LRGH-DQHLUR

$662&,$d­2%5$6,/(,5$'(1250$67e&1,&$63URMHWRGHUHYLVmRGD1%5
±PLQXWDSHUItVHVWUXWXUDLVGHDoRIRUPDGRVDIULR±SDGURQL]DomR5LRGH-D
QHLUR

$662&,$d­2%5$6,/(,5$'(1250$67e&1,&$61%5SURMHWRGHHVWUXWX
UDVGHFRQFUHWR±SURFHGLPHQWR5LRGH-DQHLUR

$662&,$d­2%5$6,/(,5$'(1250$67e&1,&$61%5SURMHWRGHHVWUXWX
UDVGHDoRHGHHVWUXWXUDVPLVWDVGHDoRHFRQFUHWRGHHGLItFLRV5LRGH-DQHLUR



ϭϱϯ


$67$1(+$6,$6HLVPLFEHKDYLRUDQGGHVLJQRIJXVVHWSODWHV%HUNHOH\7HFKQLFDO
,QIRUPDWLRQDQG3URGXFW6HUYLFH

&+$0%(56--%$57/(<7&*HRPHWULFIRUPXODVIRUJXVVHWSODWHGHVLJQ(QJL
QHHULQJ-RXUQDO6DOW/DNH&LW\QS

'5$.(50(/.,16-%HDPFROXPQEDVHSODWHGHVLJQ±/5)'PHWKRG(QJL
QHHULQJ-RXUQDO6DOW/DNH&LW\QS

(8523($1&200,77(()2567$1'$5',6$7,21(852&2'(GHVLJQRIVWHHO
VWUXFWXUHVSDUW±JHQHUDOUXOHVVXSSOHPHQWDU\UXOHVIRUFROGIRUPHGWKLQJDXJH
PHPEHUVDQGVKHHWLQJ%UXVVHOV

(8523($1&200,77(()2567$1'$5',6$7,21(852&2'(GHVLJQRIVWHHO
VWUXFWXUHVSDUWGHVLJQRIMRLQWV%UXVVHOV

),6+(5-0./2,%(5/$6WHHOGHVLJQJXLGHEDVHSODWHDQGDQFKRUURGGHVLJQ
HG&KLFDJR$,6&

),6+(5-06WHHOGHVLJQJXLGHLQGXVWULDOEXLOGLQJV±URRIVWRDQFKRUURGVHG
&KLFDJR$,6&

*$</25'+(*$</25'&167$//0(<(5-('HVLJQRIVWHHOVWUXFWXUHV
HG1HZ<RUN0F*UDZ+LOO

.8/$.*/),6+(5-:6758,.-+$*XLGHWRGHVLJQFULWHULDIRUEROWHGDQG
ULYHWHGMRLQWVHG&KLFDJR$,6&

*5((1366387279(/75,3$WHDFKLQJJXLGHIRUVWUXFWXUDOVWHHOFRQQHF
WLRQV&KLFDJR$,6&

,167,7872%5$6,/(,52'(6,'(585*,$/LJDo}HVHPHVWUXWXUDVPHWiOLFDVHG
5LRGH-DQHLUR&%&$

0$,2/$&+/LJDo}HVSDUDIXVDGDVHPFKDSDVILQDVHSHUItVGHDoRIRUPDGRVDIULR
7HVH 'RXWRUDGR (VFRODGH(QJHQKDULDGH6mR&DUORV8QLYHUVLGDGHGH6mR
3DXOR6mR&DUORV

08,5/67+251721:$&KDSWHUFRQQHFWLRQV,Q6758&785$/VWHHOGH
VLJQHU¶VKDQGERRNHG1HZ<RUN0F*UDZ+LOO

2:(16*:&+($/%'6WUXFWXUDOVWHHOZRUNFRQQHFWLRQV/RQGRQ%XWWHUZRUWKV


6$/021&*-2+1621-(6WHHOVWUXFWXUHVGHVLJQDQGEHKDYLRUHG1HZ
<RUN+DUSHUDQG5RZ

67((/&216758&7,21$/,167,787(+DQGERRNRIVWUXFWXUDOVWHHOZRUNHG
/RQGRQ%&6$



ϭϱϰ


67((/&216758&7,21$/,167,787(-RLQWVLQ6WHHO&RQVWUXFWLRQ±PRPHQWFRQ
QHFWLRQ/RQGRQ%&6$

67((/&216758&7,21$/,167,787(-RLQWVLQ6WHHO&RQVWUXFWLRQ±VLPSOHFRQQHF
WLRQ/RQGRQ%&6$

9$/(1&,$1,9&/LJDo}HVHPHVWUXWXUDVGHDoR'LVVHUWDomR 0HVWUDGR 
(VFRODGH(QJHQKDULDGH6mR&DUORV8QLYHUVLGDGHGH6mR3DXOR6mR&DUORV

9$6$5+(/<,''7HVWVRIJXVVHWSODWHPRGHOV-RXUQDORIWKH6WUXFWXUDO'LYLVLRQ
5HVWRQYQ67S)HE

:,',$172:3$7(/&2:(1-'HVLJQRIDQFKRUUHLQIRUFHPHQWLQFRQFUHWHSH
GHVWDOV&6$7RGD\7RURQWRYQS

:+,7025(5(([SHULPHQWDOLQYHVWLJDWLRQRIVWUHVVHVLQJXVVHWSODWHV7HVH
'RXWRUDGR 8QLYHUVLW\RI7HQQHVVHHNQR[YLOOH




































ϭϱϱ


$3Ç1',&($7UHOLoDVFRPSRVWDVSRUSHUItV/VLPSOHV


 7UHOLoDV FRPSRVWDV GH GLDJRQDLV H PRQWDQWHV HP / VLPSOHV VmR GH VLPSOHV
H[HFXomR SRGHQGR VHU ERD DOWHUQDWLYD SDUD SHoDV HVWUXWXUDLV OHYHV &RPR RV HL[RV
GRVHOHPHQWRVGRWUHOLoDPHQWRQmRHVWmRQRPHVPRSODQRGRVHL[RVGRVEDQ]RVGHYH
VHFRQVLGHUDUQRFiOFXORWDLVH[FHQWULFLGDGHVeFRPXPQDVGLYHUVDVQRUPDVHVWDH[
FHQWULFLGDGH VHU FRQVLGHUDGD QR GLPHQVLRQDPHQWR GRV HOHPHQWRV DWUDYpV GD GHWHUPL
QDomR GH XP FRPSULPHQWR GH IODPEDJHP HTXLYDOHQWH ± TXDQGR D VROLFLWDomR IRU GH
FRPSUHVVmR±RTXHIUHTXHQWHPHQWHpRPDLVFUtWLFR

 $1%5 ( HPSUHJDHVWHWLSRGHDERUGDJHPGHVGHTXH

D VHMDFDUUHJDGDQDVH[WUHPLGDGHVDWUDYpVGDPHVPDDED

E VHMDFRQHFWDGDSRUVROGDRXSRUSHORPHQRVGRLVSDUDIXVRVQDGLUHomRGDVROLFLWDomR
H

F QmRHVWHMDVROLFLWDGDSRUDo}HVWUDQVYHUVDLVLQWHUPHGLiULDV
1HVWHFDVRDIRUoDD[LDOGHIODPEDJHPHOiVWLFDGDFDQWRQHLUD1HpGDGDSRU
   
ߨ ଶ ‫ܫܧ‬௫ଵ
ܰ௘௫ ൌ
ሺ‫ͳݔܮͳݔܭ‬ሻଶ 

RQGH
 ,[ pRPRPHQWRGHLQpUFLDGDVHomRWUDQVYHUVDOHPUHODomRDRHL[RTXHSDVVD
SHORFHQWURJHRPpWULFRHpSDUDOHORjDEDFRQHFWDGD

 .[/[pRFRPSULPHQWRGHIODPEDJHPHTXLYDOHQWHGDGRHP(RX(
RTXHIRUDSOLFiYHO


  
(3DUDFDQWRQHLUDVGHDEDVLJXDLVRXGHDEDVGHVLJXDLVFRQHFWDGDVSHODDEDGH
PDLRUODUJXUDTXHVmREDUUDVLQGLYLGXDLVRXGLDJRQDLVRXPRQWDQWHVGHWUHOLoDVSODQDV
FRPDVEDUUDVDGMDFHQWHVFRQHFWDGDVGRPHVPRODGRGDVFKDSDVGHQyRXGDVFRUGDV

D TXDQGR”/[ U[”.[/[ U[/[

E TXDQGR/[ U[!.[/[ U[/[”U[

RQGH

 /[pRFRPSULPHQWRGDFDQWRQHLUDWRPDGRHQWUHRVSRQWRVGHWUDEDOKR
 VLWXDGRVQRVHL[RVORQJLWXGLQDLVGDVFRUGDVGDWUHOLoD

 U[pRUDLRGHJLUDomRGDVHomRWUDQVYHUVDOHPUHODomRDRHL[RTXHSDVVD
 SHORFHQWURJHRPpWULFRHpSDUDOHORjDEDFRQHFWDGD



ϭϱϲ


 1DVFDQWRQHLUDVGHDEDVGHVLJXDLVFRPUHODomRHQWUHDVODUJXUDVGDVDEDVGH
DWpHFRQHFWDGDVQDPHQRUDEDRSURGXWR.[/[QmRSRGHVHUWRPDGRLQIHULRUDR
YDORU
/[ U[UPLQ 

GDGRQDVDOtQHDVD HE DQWHULRUHVDXPHQWDQGRGHሾ EHEV ሿU[

RQGH
UPLQpRUDLRGHJLUDomRPtQLPRGDFDQWRQHLUD
EHpDODUJXUDGDPDLRUDEDGDFDQWRQHLUD
EVpDODUJXUDGDPHQRUDEDGDFDQWRQHLUD


(3DUDFDQWRQHLUDVGHDEDVLJXDLVRXGHDEDVGHVLJXDLVFRQHFWDGDVSHODDEDGH
PDLRUODUJXUDTXHVmRGLDJRQDLVRXPRQWDQWHVGHWUHOLoDVHVSDFLDLVFRPDVEDUUDVDG
MDFHQWHVFRQHFWDGDVGRPHVPRODGRGDVFKDSDVGHQyRXGDVFRUGDV

D TXDQGR”/[ U[”.[/[ U[/[

E TXDQGR/[ U[!.[/[ U[/[”U[

1DVFDQWRQHLUDVGHDEDVGHVLJXDLVFRPUHODomRHQWUHDVODUJXUDVGDVDEDVGHDWpH
FRQHFWDGDVQDPHQRUDEDRSURGXWR.[/[QmRSRGHVHUWRPDGRLQIHULRUDRYDORU

/[ U[UPLQ 

GDGRQDVDOtQHDVD HE DQWHULRUHVDXPHQWDQGRGHሾ EHEV ሿU[

( &DQWRQHLUDV VLPSOHV FRP OLJDo}HV GLIHUHQWHV GDV GHVFULWDV HP ( H
(FRPUHODomRHQWUHDVODUJXUDVGDVDEDVPDLRUTXHRXFRPIRUoDVWUDQVYHU
VDLV GHYHP VHU WUDWDGDV FRPREDUUDV VXEPHWLGDVj FRPELQDomRGHIRUoD D[LDO HPR
PHQWRVIOHWRUHV






Você também pode gostar