)UHVDGRUPHFkQLFR

(L[RFRPFKDYHWDVH
SHUILVTXDGUDGRH
VH[WDYDGR
(L[RFRPFKDYHWDVHSHUILVTXDGUDGRHVH[WDYDGR

(L[RFRPFKDYHWDVHSHUILVTXDGUDGRHVH[WDYDGR

‹6(1$,63
D
 HGLomR

7UDEDOKRHGLWRUDGRSHOD'LYLVmRGH0DWHULDO'LGiWLFRGD'LUHWRULDGH7HFQRORJLD(GXFDFLRQDOGR6(1$,±
63

(ODERUDGRU 5DXO&DOORUL
'LJLWDOL]DomR 81,&207HUFHLUL]DomRGHVHUYLoRV/WGD

6U 6(1$,63'0'(L[RFRPFKDYHWDVHSHUILVTXDGUDGRHVH[WDYDGR
3RU5DXO&DOORULHG6mR3DXOR6pULH0HWyGLFD2FXSDFLRQDO
)UHVDGRU0HFkQLFR

)UHVDGRUPHFkQLFR(L[RVFRPFKDYHWDVHSHUILVVH[WDYDGRV,W
,,V


&'8,%,&7

6(1$, 6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO
'HSDUWDPHQWR5HJLRQDOGH6mR3DXOR
$Y3DXOLVWD&HUTXHLUD&HVDU
6mR3DXOR63
&(3

7HOHIRQH ;;

7HOHID[ ;;
6(1$,RQOLQH 

(PDLO VHQDL#VSVHQDLEU
+RPHSDJH KWWSZZZVSVHQDLEU

6(1$,63,175$1(7
(L[RFRPFKDYHWDVHSHUILVTXDGUDGRHVH[WDYDGR

6XPiULR

,QWURGXomR 
&DEHoRWHGLYLVRUVLPSOHVGLYLVmRGLUHWD 
&RQMXQWRGLYLVRUJHQHUDOLGDGHV 
&KDYHWDV 
&RQMXQWRGLYLVRUGLYLVmRLQGLUHWDHGLYLVmRDQJXODU 
)UHVDUVXSHUItFLHVSODQDVHPkQJXORXVDQGRFDEHoRWHGLYLVRURXPHVDFLUFXODU 
0RQWDUHSUHSDUDURFDEHoRWHGLYLVRUGLYLVmRGLUHWDHLQGLUHWD 
(L[RFRPFKDYHWDVHSHUILVTXDGUDGRHVH[WDYDGR 
3ODQRGHWUDEDOKR 

6(1$,63,175$1(7
(L[RFRPFKDYHWDVHSHUILVTXDGUDGRHVH[WDYDGR

6(1$,63,175$1(7
(L[RFRPFKDYHWDVHSHUILVTXDGUDGRHVH[WDYDGR

,QWURGXomR

(VWXGDQGRHVWDXQLGDGHGHLQVWUXomRYRFrYDLDSUHQGHUDIUHVDUVXSHUItFLHVSODQDVHP
kQJXORXVDQGRFDEHoRWHGLYLVRURXPHVDFLUFXODUHPRQWDUHSUHSDUDURFDEHoRWH
GLYLVRUSDUDGLYLVmRGLUHWDHLQGLUHWD

9RFrWHUiLQIRUPDo}HVVREUH
• &DEHoRWHGLYLVRUVLPSOHVSDUDGLYLVmRGLUHWD
• &RQMXQWRGLYLVRU
• &KDYHWDV
• &RQMXQWRGLYLVRUSDUDGLYLVmRLQGLUHWDHGLYLVmRDQJXODU

3DUDUHDOL]DUDWDUHIDHL[RFRPFKDYHWDVHSHUILVTXDGUDGRHVH[WDYDGRYRFr
H[HFXWDUiDOpPGDVRSHUDo}HVTXHMiFRQKHFHDVVHJXLQWHVRSHUDo}HVQRYDV
• )UHVDUVXSHUItFLHVSODQDVHPkQJXORXVDQGRFDEHoRWHGLYLVRURXPHVDFLUFXODU
• 0RQWDUHSUHSDUDURFDEHoRWHGLYLVRUSDUDGLYLVmRGLUHWDHLQGLUHWD

6(1$,63,175$1(7 
(L[RFRPFKDYHWDVHSHUILVTXDGUDGRHVH[WDYDGR

 6(1$,63,175$1(7
(L[RFRPFKDYHWDVHSHUILVTXDGUDGRHVH[WDYDGR

&DEHoRWHGLYLVRUVLPSOHV
GLYLVmRGLUHWD

&DEHoRWHGLYLVRUVLPSOHV

eXPDFHVVyULRXVDGRQDIUHVDGRUDSDUDID]HUGLYLV}HVTXHQmRQHFHVVLWHPPXLWD
SUHFLVmR6HXDFLRQDPHQWRpGLUHWRHQWUHRHL[RSULQFLSDOTXHPRYHjSHoDHDSODFD
TXHFRQWpPRHQFDL[HGRWULQTXHWHeXVDGRQDIUHVDJHPGHKH[iJRQRVTXDGUDGRV
WDLVFRPRFDEHoDGHSDUDIXVRVHSRUFDV

&RQVWLWXLomR

&RQVLVWHHPXPYRODQWHDFRSODGRGLUHWDPHQWHDRHL[RSULQFLSDOTXHFRQWpPR
FDEHoRWHRTXDOJLUDIRUPDQGRXPVyFRUSR$VGLYLV}HVTXHVHSRGHPREWHUHTXH
VmRSHORPpWRGRGHGLYLVmRGLUHWDHVWmROLPLWDGDVDRQ~PHURGHHQFDL[HVPRVFDVRX
GHQWHVTXHSRVVXLFDGDSODFDGLYLVRUD

$SODFDGLYLVRUDpLQWHUFDPELiYHOFRQWDQGRFDGDGLYLVRUVLPSOHVFRPXPMRJRGH
SODFDVQDVTXDLVRQ~PHURGHGLYLV}HVpGLIHUHQWH

6(1$,63,175$1(7 
(L[RFRPFKDYHWDVHSHUILVTXDGUDGRHVH[WDYDGR

(VWDYDULHGDGHQRQ~PHURGHGLYLV}HVGDVSODFDVSHUPLWHVHOHFLRQDUDDGHTXDGDQR
PRPHQWRGHRSHUDUXPDYH]TXHGHYHWHUXPQ~PHURGHGLYLV}HVP~OWLSORGDV
GLYLV}HVHHIHWXDU

)XQFLRQDPHQWR

3DUDID]HUVHDGLYLVmROHYDQWDVHRWULQTXHWH³7´HPDOJXQVFDVRVSLQRUHWUiWLOHVH
ID]JLUDURHL[RSULQFLSDODFLRQDQGRRYRODQWHGHPDQHLUDTXHGHVORTXHWDQWRV
HQFDL[HVPRVFDVRXGHQWHVTXDQWRVIRUDPGHWHUPLQDGRVQRFiOFXORDULWPpWLFR

'LYLVmRGLUHWD

1HVWHVLVWHPDSDUDREWHUVHRQ~PHURGHGLYLV}HVDGHVORFDUSURFHGHVHDSOLFDQGRD
VHJXLQWHIyUPXOD

'
( 
1

' 1~PHURGHHQFDL[HVGDSODFDGLYLVRUD
1 'LYLV}HVDHIHWXDU
( 1~PHURGHHQFDL[HVDGHVORFDU

2([HPSOR
6REUHXPFLOLQGURVHTXHUIUHVDUXPRFWyJRQRXVDQGRRFDEHoRWHGLYLVRUVLPSOHVHD
SODFDGLYLVRUDHVHOHFLRQDUFRPGLYLV}HV

' 
$SOLFDomR(  (  ( 
1 

TXHVHUiRQ~PHURGHGLYLV}HVDGHVORFDUFDGDYH]TXHVHIUHVDUXPDIDFHQRFLOLQGUR
$RFRPSOHWDUVHXPDYROWDREWHUVHjRRFWyJRQRQRHL[R

'DGRV' H1 FDOFXODU(

' 
$SOLFDomR(  (  ( 
1 

 6(1$,63,175$1(7
(L[RFRPFKDYHWDVHSHUILVTXDGUDGRHVH[WDYDGR

5HVXPR

&DEHoRWHGLYLVRUVLPSOHVpXPDFHVVyULRXWLOL]DGRSDUDIUHVDUGLYLV}HVGLUHWDV

&RQVWLWXLomR
9RODQWHSULQFLSDO
(L[RSULQFLSDO
3ODFDGLYLVRUD

2Q~PHURGHGLYLV}HVQDSODFDGLYLVRUDVHUiP~OWLSORGDVGLYLV}HVDHIHWXDU

1~PHURGHGLYLV}HVGDSODFD
)yUPXOD1~PHURGHGLYLV}HVDGHVORFDU 
1~PHURGHGLYLV}HVDHIHWXDU

6(1$,63,175$1(7 
(L[RFRPFKDYHWDVHSHUILVTXDGUDGRHVH[WDYDGR

 6(1$,63,175$1(7
(L[RFRPFKDYHWDVHSHUILVTXDGUDGRHVH[WDYDGR

&RQMXQWRGLYLVRU
JHQHUDOLGDGHV

eXPFRQMXQWRGHDFHVVyULRVTXHPRQWDGRVVREUHDPHVDGDIUHVDGRUDWHPFRPR
IXQomRSULQFLSDOSURGX]LUGHVORFDPHQWRVJLUDWyULRVFRQWURODGRVQDSHoDFRPRVTXDLV
SRGHPVHREWHUGLYLV}HVH[DWDV

$GLVSRVLomRGHVWHFRQMXQWRGHDFRUGRFRPDVQHFHVVLGDGHVGRWUDEDOKRSHUPLWHIL[DU
HSRVLFLRQDURPDWHULDOHH[HFXWDUUDQKXUDVKHOLFRLGDLVDRORQJRGHXPDVXSHUItFLH
FLOtQGULFD

&RPSRVLomR

2VDFHVVyULRVTXHHPFRQMXQWRGmRFRPSULPHQWRDRVREMHWLYRVDVVLQDODGRVVmR
• &DEHoRWHGLYLVRU
• 0DFDFR
• &RQWUDSRQWD

6(1$,63,175$1(7 
(L[RFRPFKDYHWDVHSHUILVTXDGUDGRHVH[WDYDGR

&DEHoRWHGLYLVRU

eXPGRVDFHVVyULRVPDLVLPSRUWDQWHVSURMHWDGRSDUDVHUXVDGRQDPHVDGD
IUHVDGRUD7HPFRPRREMHWLYRSULQFLSDOID]HUDGLYLVmRGDWUDMHWyULDFLUFXODUGDSHoDH
SUHQGHURPDWHULDODVHUWUDEDOKDGR

'RLVVmRRVWLSRVGHFDEHoRWHVGLYLVRUHVPDLVFRPXPHQWHXVDGRVQDLQG~VWULD
• &DEHoRWHGLYLVRUVLPSOHV
• &DEHoRWHGLYLVRUXQLYHUVDO

3RUVXDLPSRUWkQFLDIXQFLRQDPHQWRHFRQVWLWXLomRLQWHUQDVHUmRWUDWDGRVHPWHPDV
VHSDUDGRV

(VWHVDFHVVyULRVFRPSOHPHQWDPVXDDomRFRPXPFRQMXQWRGHyUJmRVTXHVH
GHVFUHYHPDVHJXLU
• 'LVFRGLYLVRU
• 6XSRUWHGHHQJUHQDJHQV
• 5RGDVGHQWDGDV
• 3RQWRGHFHQWUR
• 3ODFDGHDUUDVWRHDUUDVWDGRU
• 3ODFDXQLYHUVDO

2GLVFRGLYLVRUpXPGLVFRGHDoRSURYLGRGHXPDVpULHGHFLUFXQIHUrQFLDV
FRQFrQWULFDVQDVTXDLVHVWmRRVIXURVGLVWULEXtGRVSURSRUFLRQDOPHQWH(PDOJXQV
FDVRVDPEDVDVIDFHVGRGLVFRFRQWpPFLUFXQIHUrQFLDVFRPGLIHUHQWHVVpULHVGHIXURV

 6(1$,63,175$1(7
(L[RFRPFKDYHWDVHSHUILVTXDGUDGRHVH[WDYDGR

(VWDVFLUFXQIHUrQFLDVYrPQXPHUDGDVLQGLFDQGRDTXDQWLGDGHGHIXURVFRQWLGRVTXH
IDFLOLWDVXDVHOHomRFRPUDSLGH]HVHPHTXtYRFRV

2VXSRUWHGHHQJUHQDJHQVpRFRQMXQWRGHHOHPHQWRVTXHVXVWHQWDHIL[DDV
HQJUHQDJHQV&RPS}HPHVWHFRQMXQWRRVXSRUWHDRVHL[RVGHIL[DomREHDV
EXFKDVFTXHGHDFRUGRFRPDVQHFHVVLGDGHVSHUPLWHPSRVLFLRQDUDVURGDV
GHQWDGDVSDUDFRQVHJXLURHQJUHQDPHQWRHQWUHVLHDWUDQVPLVVmRGHXPPRYLPHQWR
FRPXPDUHODomRGHVHMDGD

$VURGDVGHQWDGDVVmRURGDVTXHGLIHUHPXPDGDVRXWUDVHPGLPHQV}HVHHP
Q~PHURGHGHQWHV(VWDVURGDVIRUPDPRWUHPGHHQJUHQDJHQVTXHPRQWDGRQR
FDEHoRWHGLYLVRUSHUPLWHDPSOLDUDVSRVVLELOLGDGHVGHGLYLV}HVHPRQWDGDVHQWUHR
FDEHoRWHGLYLVRUHRIXVRGDPHVDSHUPLWHPRVPRYLPHQWRVQHFHVViULRVSDUDIUHVDU
KpOLFHVRXHVSLUDLV

6(1$,63,175$1(7 
(L[RFRPFKDYHWDVHSHUILVTXDGUDGRHVH[WDYDGR

2VSRQWRVGHFHQWURFRQVWDPGH
D 8PDSRQWDF{QLFDGHžRQGHVHDSRLDRIXURGHFHQWURIHLWRQRH[WUHPRGDSHoD
E 8PDSDUWHFLOtQGULFDTXHVHDMXVWDDRIXURGDSODFDGHDUUDVWR
F 1RH[WUHPRRSRVWRDSUHVHQWDXPDVXSHUItFLHF{QLFDLJXDOjFRQLFLGDGHGRIXURGR
HL[RSULQFLSDOGRFDEHoRWHGLYLVRU

$SODFDGHDUUDVWRHRDUUDVWDGRUVmRyUJmRVQHFHVViULRVSDUDDPRQWDJHPGDV
SHoDVORQJDVTXHGHYHPVHUIUHVDGDVHQWUHSRQWDV$VVHJXUDPDPRQWDJHPH
WUDQVPLWHPRPRYLPHQWRTXHUHFHEHPGRFDEHoRWHGLYLVRU2VSDUDIXVRVGHVWHV
yUJmRVIL[DPUHVSHFWLYDPHQWHDSHoDQRIXURGRDUUDVWDGRUHHVWHjUDQKXUDGDSODFD
GHDUUDVWR2SURSyVLWRGDVHJXQGDIL[DomRpUHWLUDUDIROJDTXHSRVVDILFDUHQWUHR
PRYLPHQWRGHDUUDQTXHHRPRYLPHQWRGHDUUDVWRGDSHoD

2PDFDFRpXPGLVSRVLWLYRPRQWDGRVREUHDPHVDGDIUHVDGRUDTXHVHUYHGHDSRLR
jVVXSHUItFLHVGDVSHoDVORQJDVHGHOJDGDVRXQDVSHoDVGHPHWDLVOHYHVTXH
DSUHVHQWDPSHULJRGHIOH[mRVRERHVIRUoRGHFRUWHGDIHUUDPHQWDGHWUDEDOKR

 6(1$,63,175$1(7
(L[RFRPFKDYHWDVHSHUILVTXDGUDGRHVH[WDYDGR

(VWiFRQVWLWXtGRSRU
D 3DUDIXVR
E 3RUFD
F &RUSR
G %DVH

&DGDHOHPHQWRFXPSUHIXQo}HVHVSHFtILFDVQDIL[DomRHUHJXODJHPGDDOWXUDGHVHMDGD
GRPDWHULDO

$FRQWUDSRQWDpXVDGDSDUDVXVWHQWDURH[WUHPRGDVSHoDVTXHSRUVXDVGLPHQV}HV
UHTXHUHPXPDSRLR3DUDTXHHVWHUHFXUVRVHMDXWLOL]DGRRVH[WUHPRVGDSHoDGHYHP
OHYDUIXURVGHFHQWUR

(VWiFRQVWLWXtGDSRUXPFRUSRIXQGLGR$HPFXMDEDVHH[LVWHPGXDVFKDYHWDVTXH
VHUYHPSDUDVHXSRVLFLRQDPHQWRQDUDQKXUDGDPHVD6REUHRFRUSRYmRPRQWDGDVDV
EDUUDVGHVOL]DQWHV%H&TXHSHUPLWHPRVGHVORFDPHQWRVORQJLWXGLQDOHYHUWLFDO
VHJXQGRDVQHFHVVLGDGHVGHFHQWUDJHPGDSHoD

$EDUUD&TXHVHGHVORFDORQJLWXGLQDOPHQWHOHYDQRH[WUHPRXPSRQWRGHFHQWUR(

FRPXPUHEDL[R'OLJHLUDPHQWHDFLPDGRHL[RKRUL]RQWDOTXHSHUPLWHDVDtGDGDIUHVD
DRUHDOL]DUVHXWUDEDOKR

6(1$,63,175$1(7 
(L[RFRPFKDYHWDVHSHUILVTXDGUDGRHVH[WDYDGR

$SRUFD)HRYRODQWH*SRVVLELOLWDPRGHVORFDPHQWRHDIL[DomRGDVEDUUDVQDV

SRVLo}HVGHWUDEDOKRGHVHMDGDV

&RQGLo}HVGHXVR

$VSDUWHVPyYHLVGHYHPHVWDUOXEULILFDGDVSDUDIDFLOLWDUVHXPRYLPHQWR

&RQVHUYDomR

7RGRVRVDFHVVyULRVDQWHULRUPHQWHHQXPHUDGRVGHYHPVHUXVDGRVFRPFXLGDGRH
JXDUGDGRVHPOXJDUSUySULRHVHJXUR

5HVXPR

2FRQMXQWRGLYLVRUpGHVWLQDGRD
 2EWHUGLYLV}HV
 )L[DUHSRVLFLRQDURPDWHULDO
 3RVVLELOLWDUDH[HFXomRGHUDQKXUDVKHOLFRLGDLVHFRQWRUQRVHVSHFLDLV

&RQVWLWXLomR
• &DEHoRWHGLYLVRUXQLYHUVDO
• 0DFDFR
• &RQWUD±SRQWD

ÏUJmRVGRFDEHoRWHGLYLVRU
• 'LVFRGLYLVRU
• 6XSRUWHGHHQJUHQDJHQV
• 5RGDVGHQWDGDV
• 3RQWRGHFHQWUR
• 3ODFDGHDUUDVWR
• $UUDVWDGRU
• 3ODFDXQLYHUVDO

 6(1$,63,175$1(7
(L[RFRPFKDYHWDVHSHUILVTXDGUDGRHVH[WDYDGR

&KDYHWDV

$FKDYHWDpXPFRUSRSULVPiWLFRTXHSRGHWHUIDFHVSDUDOHODVHLQFOLQDGDVRTXH
GHSHQGHGDJUDQGH]DGRHVIRUoRHWLSRGHPRYLPHQWRTXHGHYHWUDQVPLWLU6mR
FRQVWUXtGDVGHDoR$XQLmRSRUFKDYHWDpXPWLSRGHXQLmRGHVPRQWiYHOTXHSHUPLWH
DRVHL[RVWUDQVPLWLUHPVHXVPRYLPHQWRVDRXWURVyUJmRVWDLVFRPRHQJUHQDJHQVH
SROLDV

&ODVVLILFDomRHFDUDFWHUtVWLFDV

&KDYHWDVGHFXQKD
$VFKDYHWDVWHPHVWHQRPHTXDQGRXPDRXGXDVIDFHVVmRLQFOLQDGDVSHUPLWLQGRD
XQLmRGRVyUJmRVSRUHIHLWRGHVVDLQFOLQDomR

'LYLGHPVHHPGRLVJUXSRV
• &KDYHWDVORQJLWXGLQDLV
• &KDYHWDVWUDQVYHUVDLV

• &KDYHWDVORQJLWXGLQDLV
(PSUHJDPVHSDUDXQLUHOHPHQWRVGHPiTXLQDVTXHGHYHPJLUDU3RGHPVHUFRP
RXVHPFDEHoDSDUDIDFLOLWDUVXDPRQWDJHPHGHVPRQWDJHP

6(1$,63,175$1(7 
(L[RFRPFKDYHWDVHSHUILVTXDGUDGRHVH[WDYDGR

6XDLQFOLQDomRpGHHVXDVPHGLGDVSULQFLSDLVHVWmRGHILQLGDVSRU
• $DOWXUDK
• 2FRPSULPHQWRO
• $ODUJXUDE

(VVDVFKDYHWDVGLYLGHPVHHP

 &KDYHWDVHQFDL[DGDVeDFKDYHWDPDLVXVDGDHVXDIRUPDFRUUHVSRQGHDR
WLSRPDLVVLPSOHVGHFKDYHWDGHFXQKD3DUDSRVVLELOLWDUVHXHPSUHJRRUDVJR
GRHL[RpVHPSUHPDLVFRPSULGRTXHDFKDYHWD3RGHRXQmROHYDUFDEHoD
6XDVGLPHQV}HVHVWmRGHILQLGDVQDVQRUPDV
',1',1H',1

 &KDYHWDVHPEXWLGDV(VWHWLSRGHFKDYHWDWHPRVH[WUHPRVDUUHGRQGDGRV2
UDVJRSDUDRVHXDORMDPHQWRQRHL[RWHPRPHVPRFRPSULPHQWRGDFKDYHWD
$VFKDYHWDVHPEXWLGDVQXQFDWHPFDEHoD6XDVGLPHQV}HVHVWmRGHILQLGDV
QDVQRUPDV',1

 &KDYHWDVPHLD±FDQD6XDGHVLJQDomRpGHULYDGDGDIRUPDGHVXDEDVHTXH
pF{QFDYD3RGHPRXQmROHYDUFDEHoD3DUDVXDPRQWDJHPQmRpQHFHVViULR
UDVJRQRHL[RSRLVWUDQVPLWHPRPRYLPHQWRSRUHIHLWRGRDWULWRGHPDQHLUDTXH
TXDQGRRHVIRUoRQRyUJmRFRQGX]LGRpPXLWRJUDQGHDFKDYHWDGHVOL]DVREUH
RHL[R6XDVGLPHQV}HVHVWmRGHILQLGDVQDVQRUPDV',1',1H',1


 6(1$,63,175$1(7
(L[RFRPFKDYHWDVHSHUILVTXDGUDGRHVH[WDYDGR

 &KDYHWDVSODQDV(PVXDIRUPDVmRVLPLODUHVjVFKDYHWDVHQFDL[DGDV
SRUpPSDUDVXDPRQWDJHPQmRVHDEUHUDVJRQRHL[RPDVVHID]XPUHEDL[R
SODQR3RGHRXQmROHYDUFDEHoDHDVQRUPDV',1H',1DVVLQDODPDV
GLPHQV}HVFRUUHVSRQGHQWHV

 &KDYHWDVWDQJHQFLDLV$GLIHUHQoDHPUHODomRjVDQWHULRUHVpTXHVmR
IRUPDGDVSRUXPSDUGHFXQKDVHPFDGDUDVJR$OpPGLVVRVmRVHPSUH
XWLOL]DGDVGXDVFKDYHWDVHRVUDVJRVVmRSRVLFLRQDGRVDž6XDGHVLJQDomR
GHWDQJHQFLDOFRUUHVSRQGHDSRVLomRUHODWLYDDRHL[R1XQFDOHYDPFDEHoDH
VXDVGLPHQV}HVHVWmRHVSHFLILFDGDVQDVQRUPDV',1H',1

• &KDYHWDVWUDQVYHUVDLV
(VWHWLSRGHFKDYHWDHPSUHJDVHSDUDXQL}HVGHyUJmRVTXHWUDQVPLWHP
PRYLPHQWRUHWLOtQHRDOWHUQDWLYR6yKiGXDVYDULHGDGHV

 &KDYHWDWUDQVYHUVDOVLPSOHVTXHWHPLQFOLQDomRHPXPGHVHXVODGRVH

 &KDYHWDWUDQVYHUVDOGXSODTXHOHYDLQFOLQDomRHPDPERVRVODGRV

6(1$,63,175$1(7 
(L[RFRPFKDYHWDVHSHUILVTXDGUDGRHVH[WDYDGR

4XDQGRVmRHPSUHJDGDVSDUDXQL}HVSHUPDQHQWHVVXDLQFOLQDomRYDULDHQWUHH
6HDXQLmRQHFHVVLWDGHPRQWDJHQVHGHVPRQWDJHQVIUHTXHQWHVDLQFOLQDomR
SRGHVHUGHDWpQHVWHFDVRHPSUHJDPVHFRQWUDSLQRVSDUDLPSHGLUVXD
VDtGD

&KDYHWDVSDUDOHODV
$VFKDYHWDVVmRGHVLJQDGDVFRPHVWHQRPHTXDQGRVXDVIDFHVVmRSDUDOHODVH
SRUWDQWRQmRWHPLQFOLQDomRDOJXPD$WUDQVPLVVmRGRPRYLPHQWRpIHLWDSHORDMXVWHGH
VXDVIDFHVODWHUDLVFRPDVGRUDVJRGHFKDYHWD$VYDULHGDGHVTXHKiGHSHQGHPGH
D IRUPDGHVHXVH[WUHPRVTXHSRGHPVHUUHWRVRXDUUHGRQGDGRV
E TXDQWLGDGHGHHOHPHQWRVGHIL[DomRGDFKDYHWDDRHL[R

$VFKDYHWDVSDUDOHODVQmROHYDPFDEHoD$VGLPHQV}HVSDUDHVWDVFKDYHWDVHVWmR
HVSHFLILFDGDVQDVQRUPDV',1',1',1H',1

4XDQGRDVFKDYHWDVGHYHPSHUPLWLURGHVOL]DPHQWRD[LDOGRFXERVREUHRHL[R
LGHQWLILFDPVHFRPFKDYHWDGHGHVOL]DPHQWR(PFDVRFRQWUiULRVmRGHVLJQDGDVFRPR
FKDYHWDVGHIL[DomR

&KDYHWDVGHGLVFR
6mRXPDYDULDQWHGDVFKDYHWDVSDUDOHODVSRUpPUHFHEHPHVWHQRPHSRUTXHVXD
IRUPDFRUUHVSRQGHDGHXPVHJPHQWRFLUFXODU

 6(1$,63,175$1(7
(L[RFRPFKDYHWDVHSHUILVTXDGUDGRHVH[WDYDGR

7UDQVPLWHPRPRYLPHQWRSRUDUUDVWRGHVXDVIDFHVODWHUDLV7DPEpPVmRFRQKHFLGDV
SHORQRPHGHFKDYHWDV³:RRGUXII³(PERUDVXDIRUPDQRUPDOL]DGDVHMDDGHXP
VHJPHQWRFLUFXODU7DPEpPVHXVDXPDYDULDQWHGHVHJPHQWRWUXQFDGR6XDV
GLPHQV}HVHVWmRHVSHFLILFDGDVQDVQRUPDV',1H',1

5HVXPR

6(1$,63,175$1(7 
(L[RFRPFKDYHWDVHSHUILVTXDGUDGRHVH[WDYDGR

&KDYHWDV(QFDL[DGDVVHPFDEHoD±',1

=
' E K ] W 7
GH DWp
D       ' 
D       
D       
D       
D       
D       
D       
D       
D       
D       
D       
D       
D       
D       
D       
D       
D       
D       
D       
D       
D       
D       
D       

 6(1$,63,175$1(7
(L[RFRPFKDYHWDVHSHUILVTXDGUDGRHVH[WDYDGR

&KDYHWDV7DQJHQFLDLV±',1

5DVJRGHFKDYHWD &KDYHWD ' 5DVJRGHFKDYHWD &KDYHWD

'
W E U D W E U D
         
         
         
         
         
         
         
         
         
         
         
         
         
         
         
         
         
         
         
         
         
         
         
         
         
         
         
         

6(1$,63,175$1(7 
(L[RFRPFKDYHWDVHSHUILVTXDGUDGRHVH[WDYDGR

(L[R &KDYHWDSDUDOHOD 5DVJRGHFKDYHWD

' E[K E W 7
D [   ' 
D [   
D [   
D [   
D [   
D [   
D [   
D [   
D [   
D [   
D [   
D [   
D [   
D [   
D [   
D [   
D [   
D [   
D [   
D [   
D [   
D [   
D [   

 6(1$,63,175$1(7
(L[RFRPFKDYHWDVHSHUILVTXDGUDGRHVH[WDYDGR

&KDYHWDVGHGLVFR:RRGUXII±',1

5DVJRGH&KDYHWD
' E[K
W W
D [  '
[ 
D '
[ 
[ 
D '
[ 
D [  '
[ 
D [  '
[ 
[ 
D [  '
[ 
[ 
[ 
D '
[ 
[ 
[ 
[ 
D '
[ 
[ 
[ 
[ 
D [  '
[ 
[ 
[ 
[ 
D '
[ 
[ 
[ 
D '
[ 

6(1$,63,175$1(7 
(L[RFRPFKDYHWDVHSHUILVTXDGUDGRHVH[WDYDGR

 6(1$,63,175$1(7
(L[RFRPFKDYHWDVHSHUILVTXDGUDGRHVH[WDYDGR

&RQMXQWRGLYLVRU
GLYLVmRLQGLUHWDHGLYLVmR
DQJXODU

eXPGRVVLVWHPDVGHGLYLVmRTXHSHUPLWHREWHUFRPRFDEHoRWHGLYLVRUXQLYHUVDOXP
GHWHUPLQDGRQ~PHURGHGLYLV}HVRVTXDLVQmRSRGHPVHUIHLWRVFRPDGLYLVmRGLUHWDe
DSOLFiYHOQDIUHVDGRUDHDSUHVHQWDVHHPGRLVFDVRVTXHVmR
, 4XDQGRDGLYLVmRDVHUHIHWXDGDpH[SUHVVDHPQ~PHURGHGLYLV}HVGLYLVmR
LQGLUHWD
,, 4XDQGRYHPH[SUHVVDHPPHGLGDDQJXODUGLYLVmRDQJXODU

(PDPERVRVFDVRVDGLVSRVLomRGR
FDEHoRWHGLYLVRUXQLYHUVDOpDPHVPD
VHRPHVPRGLVS}HGHGLVFRVSDUD
GLYLV}HVDQJXODUHVFDVRFRQWUiULR
HIHWXDPVHFiOFXORVWRPDQGRFRPR
EDVHDUHODomRH[LVWHQWHHQWUHR
SDUDIXVRVHP±ILPHRQ~PHURGH
GHQWHVGDFRURD

&iOFXOR

&DVR,±'LYLVmRLQGLUHWD
$UHJUDSDUDGHWHUPLQDURQ~PHURGHYROWDVRQ~PHURGHIXURVHDVpULHGHIXURVpD
VHJXLQWH
• &RQVLGHUDQGRDUHODomRRXVHMDTXHDFRURDWHPGHQWHVHRSDUDIXVR
VHP±ILPXPDHQWUDGDDRGDUPRVXPDYROWDFRPSOHWDQRSDUDIXVRVHP±ILPD
FRURDWHUiJLUDGRXPHVSDoRFRUUHVSRQGHQWHDXPGHQWHRTXHTXHUGL]HUTXHR
HL[RSULQFLSDORQGHHVWiPRQWDGDDFRURDHFRQVHTXHQWHPHQWHDSHoDWHUiGDGR
GHYROWD

6(1$,63,175$1(7 
(L[RFRPFKDYHWDVHSHUILVTXDGUDGRHVH[WDYDGR

• 6HJLUDUPRVDPDQLYHODYROWDVDFRURDWHUiGHVORFDGRGHQWHVHSRUWDQWRR
HL[RSULQFLSDOGRGLYLVRUWHUiGDGRòYROWDDVVLPVHTXLVHUPRVGHVORFDURHL[R
SULQFLSDOXPDYROWDFRPSOHWDVHUiQHFHVViULRGDUYROWDVQDPDQLYHOD

&RQFOXVmR
3DUDVDEHURQ~PHURGHYROWDVDVHUGDGRQDPDQLYHODFRPRREMHWLYRGHFRQVHJXLUXP
Q~PHURGHWHUPLQDGRGHGLYLV}HVQRHL[RSULQFLSDORSHUDPRVFRPDVHJXLQWHIyUPXOD

&
=)
1

& Q~PHURGHGHQWHVGDFRURD
1 Q~PHURGHGLYLV}HVDHIHWXDU
) Q~PHURGHYROWDVGDPDQLYHOD

([HPSOR
)D]HUGLYLV}HVHTXLGLVWDQWHVHPXPDSHoDPRQWDGDHPXPFDEHoRWHGLYLVRU
XQLYHUVDOFXMDFRURDWHPGHQWHV

'HVHQYROYLPHQWR
& 
=)  = ) 
1 

&RPRYLPRVWHUHPRVTXHGDUYROWDVPDLVGHYROWD$VYROWDVFRPSOHWDVVH
GDUmRSDUWLQGRGHXPIXURTXDOTXHUGRGLVFRGLYLVRUHYROWDQGRDRPHVPRIXURSRUpP
SDUDDIUDomRGHYROWDQHFHVVLWDVHGLVSRUGHXPDFLUFXQIHUrQFLDFXMRQ~PHURGHIXURV
VHMDP~OWLSORGDIUDomRQHVWHFDVR0XOWLSOLFDVHDPERVRVWHUPRVSRUXPQ~PHUR
SDUDFRQVHJXLUTXHRGHQRPLQDGRUFRLQFLGDFRPXPDVpULHGHIXURVGLVSRQtYHLVQR
GLYLVRU

([HPSOR
  
[ =
  

&RPHVWHUHVXOWDGRSRGHVHXWLOL]DUDFLUFXQIHUrQFLDGHIXURVDEULQGRRVHWRUHP
XPDUFRTXHDEUDQMDDUFRVGRVDUFRVHPTXHHVWiGLYLGLGDDFLUFXQIHUrQFLD

&DVR,,±'LYLVmRDQJXODU
&RPHVWHPpWRGRVHID]JLUDURHL[RSULQFLSDOGRFDEHoRWHGLYLVRUXQLYHUVDOXPQ~PHUR
GHWHUPLQDGRGHJUDXVGHWHUPLQDVHRGLVFRHRQ~PHURGHGLYLV}HVRSHUDQGRFRPR
UHVXOWDGRGDGLYLVmRGHžSHORQ~PHURGHGHQWHVGDFRURDRX

 6(1$,63,175$1(7
(L[RFRPFKDYHWDVHSHUILVTXDGUDGRHVH[WDYDGR

 
RX
 

(VWHUHVXOWDGRVHUiRkQJXORGHGHVORFDPHQWRGRHL[RSULQFLSDOHPXPDYROWDGR
SDUDIXVRVHPILP3RUWDQWRVHVHTXHUGHVORFDUXPQ~PHURGHWHUPLQDGRGHJUDXV
DSOLFDUVHiDVHJXLQWHIyUPXOD

*
)=
$

* YDORUDQJXODUGDGLYLVmRDID]HU
$ GHVORFDPHQWRDQJXODUGDFRURDHPXPDYROWDGRVHPILP
) Q~PHURGHYROWDVGDPDQLYHOD

([HPSOR
(PXPDSHoDQHFHVVLWDPVHID]HU
WUrVUDQKXUDVHTXLGLVWDQWHVDžD
FRURDGRGLYLVRUWHPGHQWHV
4XDQWDVYROWDVWHUiTXHGDUD
PDQLYHODSDUDTXHDSHoDJLUHR
kQJXORLQGLFDGR"

'HVHQYROYLPHQWR


$= =$=ž


6(1$,63,175$1(7 
(L[RFRPFKDYHWDVHSHUILVTXDGUDGRHVH[WDYDGR

*  
)= = =
$  

$SOLFDQGRRPHVPRSURFHGLPHQWRGRFDVR,WHUHPRV

  
[ =
  

5HVXOWDGR
YROWDVHIXURVQRGLVFRFRPFLUFXQIHUrQFLDGHIXURV+iFDVRVHPTXHD
GLPHQVmRDQJXODUYHPGDGDHPPLQXWRVRXHPVHJXQGRVTXDQGRLVVRVXFHGHURSHUH
UHGX]LQGRDPLQXWRVRXDVHJXQGRVRGHVORFDPHQWRDQJXODUSRUYROWDGRVHPILP

 6(1$,63,175$1(7
(L[RFRPFKDYHWDVHSHUILVTXDGUDGRHVH[WDYDGR

)UHVDUVXSHUItFLHVSODQDVHP
kQJXORXVDQGRFDEHoRWH
GLYLVRURXPHVDFLUFXODU

eREWHUVXSHUItFLHVSODQDVIRUPDQGRkQJXORHPXPPDWHULDOPRQWDGRQRFDEHoRWHRX
QDPHVDFLUFXODU

8WLOL]DVHHVWDRSHUDomRSDUDIUHVDUDVIDFHVODWHUDLVGHSHoDVFRPIRUPDGHSULVPDV
GHVHFomRSROLJRQDOSRUFDVHFDEHoDVGHSDUDIXVRV

3URFHVVRGHH[HFXomR

žSDVVR±0RQWHRFDEHoRWHGLYLVRUHSUHSDUHRSDUDID]HUDVGLYLV}HV

žSDVVR±0RQWHRPDWHULDO

2EVHUYDomR
6HJXQGRVXDIRUPDHGLPHQV}HVIL[HRQDSODFDXQLYHUVDORXHQWUHSRQWDV

žSDVVR±0RQWHDIUHVD

6(1$,63,175$1(7 
(L[RFRPFKDYHWDVHSHUILVTXDGUDGRHVH[WDYDGR

žSDVVR±&RORTXHDPDQLYHODGRFDEHoRWHGLYLVRUQDSRVLomRLQLFLDO
D ,QWURGX]DDSRQWDGRSLQRUHWUiWLOQRIXURGDFLUFXQIHUrQFLDHVFROKLGD

2EVHUYDo}HV
• $RDSUR[LPDURSLQRUHWUiWLOGRIXUR
IDoDRJLUDQGRDPDQLYHODQR
PHVPRVHQWLGRTXHLUiJLUDUR
PDWHULDO
• $SUR[LPHRVHWRUDWpHQFRVWDUQR
SLQRUHWUiWLOSDUDTXHDPDQLYHOD
SHUFRUUDWRGRDUFRFRPSUHHQGLGR
HQWUHRVEUDoRVGRVHWRUQR
VHQWLGRSUHYLVWR

žSDVVR±)UHVHDSULPHLUDVXSHUItFLH
D 5HJXOHDVYHORFLGDGHVGHDYDQoRHUSP
E 'rDSURIXQGLGDGHGHFRUWH
F 'rRSDVVHFRPDYDQoRDXWRPiWLFR

žSDVVR±)DoDDSULPHLUDGLYLVmR
D 5HWLUHRSLQRUHWUiWLO
E )DoDFRPDPDQLYHODRJLURFDOFXODGR

2EVHUYDomR
$RJLUDUDPDQLYHODFXLGDGRSDUDQmRXOWUDSDVVDURIXURTXHLQGLFDRRXWUREUDoRGR
VHWRU6HLVVRDFRQWHFHUJLUHDPDQLYHODXQVžHPVHQWLGRFRQWUiULRHYROWHDWHQWDU
HQFDL[DURSLQRUHWUiWLO

6HKRXYHUQHFHVVLGDGHGHYROWDUDJLUDURPDWHULDOGHYHVHGHVORFDURVHWRUGH
PDQHLUDTXHREUDoRTXHPDUFDDRULJHPVHDSRLHQRSLQRUHWUiWLO

 6(1$,63,175$1(7
(L[RFRPFKDYHWDVHSHUILVTXDGUDGRHVH[WDYDGR

žSDVVR±)UHVHDVHJXQGDVXSHUItFLH

1RWDV
 'HVHMDQGRIUHVDURXWUDVXSHUItFLHIRUPDQGRRPHVPRkQJXORUHSLWDRžHž
SDVVRV
 'HXPDIRUPDVLPLODUSRGHPVHREWHUVXSHUItFLHVSODQDVHPkQJXORPRQWDQGRR
PDWHULDOVREUHDPHVDFLUFXODU2PDWHULDOSRGHVHUPRQWDGRGLUHWDPHQWHVREUHD
PHVDRXDWUDYpVGDSODFDXQLYHUVDO

6(1$,63,175$1(7 
(L[RFRPFKDYHWDVHSHUILVTXDGUDGRHVH[WDYDGR

 6(1$,63,175$1(7
(L[RFRPFKDYHWDVHSHUILVTXDGUDGRHVH[WDYDGR

0RQWDUHSUHSDUDURFDEHoRWH
GLYLVRUGLYLVmRGLUHWDH
LQGLUHWD

ePRQWDURFDEHoRWHGLYLVRUVREUHDPHVDGDIUHVDGRUDHSUHSDUiORSDUDVXVWHQWDUD
SHoDHID]rODJLUDUGHPDQHLUDFRQWURODGD

1RVFDVRVGHSHoDVFRPSULGDV
XWLOL]DVHDLQGDDFRQWUDSRQWD
FRPRHOHPHQWRDX[LOLDUGHDSRLR

2FDEHoRWHGLYLVRUpHPSUHJDGRQDFRQVWUXomRGHFHUWRVWLSRVGHSHoDVWDLVFRPR
HL[RVHVWULDGRVURGDVGHQWDGDVHSULVPDVGHVHFomRSROLJRQDO

3URFHVVRGHH[HFXomR

žSDVVR±0RQWHRFDEHoRWHGLYLVRUVREUHDPHVDGDIUHVDGRUDGHIRUPDVLPLODUj
PRQWDJHPGDPRUVD

3UHFDXomR
3HoDDMXGDDXPFRPSDQKHLURSRUTXH
VHWUDWDGHDFHVVyULRSHVDGR

6(1$,63,175$1(7 
(L[RFRPFKDYHWDVHSHUILVTXDGUDGRHVH[WDYDGR

žSDVVR±3UHSDUHRFDEHoRWHGLYLVRU

&DVR,±3DUDGLYLGLUGHIRUPDGLUHWD
D 'HVDFRSOHRSDUDIXVRVHPILPGDFRURDSDUDTXHRHL[RSULQFLSDOGRFDEHoRWH
GLYLVRUJLUHOLYUHPHQWH
E 6ROWHRSLQRRXDFXQKDTXHVHSRVVDLQWURGX]LORVQRVIXURVRXUDVJRVTXHGLYLGHP
RGLVFRHPSDUWHVLJXDLV

2EVHUYDomR
(VWHGLVFRTXHVHUYHGHUHIHUrQFLDHPJHUDOHVWiPRQWDGRVREUHRHL[RSULQFLSDOGR
FDEHoRWHDWUiVGDSODFDGRFDEHoRWHGLYLVRU

&DVR,,±3DUDGLYLGLUGHIRUPDLQGLUHWD
D 0RQWHRGLVFRSHUIXUDGRVREUHRHL[RFRPRPRVWUDDILJXUDDFLPD

2EVHUYDomR
2GLVFRGHYHVHURTXHFRQWpPDFLUFXQIHUrQFLDFRPRQ~PHURGHIXURVGHWHUPLQDGR
SHORFiOFXOR

E 0RQWHDPDQLYHODGHPDQHLUDTXHRSLQRUHWUiWLOSRVVDLQWURGX]LUVHQRVIXURVGD
FLUFXQIHUrQFLDVHOHFLRQDGD
F )L[HRVEUDoRVGRVHWRU

2EVHUYDomR
$DEHUWXUDGRVHWRUGHYHFRPSUHHQGHUWDQWRVDUFRVHQWUHIXURVFRPRLQGLFDR
QXPHUDGRUGDIUDomRQRFiOFXOR

žSDVVR±9HULILTXHDLQFOLQDomRGRHL[RSULQFLSDOGRFDEHoRWHGLYLVRU2EVHUYHVHD
GLYLVmRTXHFRUUHVSRQGHDRkQJXOR∝GHVHMDGRQDHVFDODPyYHOFRLQFLGHFRPD
UHIHUrQFLD

 6(1$,63,175$1(7
(L[RFRPFKDYHWDVHSHUILVTXDGUDGRHVH[WDYDGR

2EVHUYDomR
1RUPDOPHQWHRHL[RSULQFLSDOGRFDEHoRWHVHHQFRQWUDDž

žSDVVR±0RQWHDSODFDXQLYHUVDORXDSODFDDUUDVWDGRUDHDSRQWDVHJXQGRRWLSR
GHPRQWDJHPGRPDWHULDO

1DSODFDXQLYHUVDOTXDQGR= ≤ '

(QWUHDSODFDXQLYHUVDOHFRQWUDSRQWDTXDQGR=>'

0RQWDJHPHQWUHSRQWDV3DUDPDWHULDOGHVHFomR
LUUHJXODURXSHoDVTXHGHYHPGHVPRQWDUVHGXUDQWH
RSURFHVVRGHIDEULFDomR

2EVHUYDo}HV
 $VURVFDVGDSODFDHGRHL[RSULQFLSDORVFRQHVGHDMXVWHHDSRQWDGHYHPVHU
EHPOLPSRVDQWHVGDPRQWDJHP
 $PRQWDJHPGDFRQWUDSRQWDpVLPLODUjGRFDEHoRWHGLYLVRU'HSRLVGHFRORFDGDQD
SRVLomRpIL[DGDFRPRVSDUDIXVRVDORMDGRVQDUDQKXUDGDPHVD

6(1$,63,175$1(7 
(L[RFRPFKDYHWDVHSHUILVTXDGUDGRHVH[WDYDGR

 6(1$,63,175$1(7
 5HIHUrQFLD
1ž 2SHUDo}HV1RYDVH7HFQRORJLD
)2 ),7
 )5 0RQWDUHSUHSDUDURFDEHoRWHGLYLVRU'LYLVmRGLUHWDRXLQGLUHWD
 )5 )UHVDUVXSHUItFLHSODQDVHPkQJXORXVDQGRRFDEHoRWHGLYLVRU
  &DEHoRWHGLYLVRU'LYLVmRGLUHWD
  &RQMXQWRGLYLVRU*HQHUDOLGDGHV
  &KDYHWDV
  &RQMXQWRGLYLVRU'LYLVmRLQGLUHWDHGLYLVmRDQJXODU

  (L[R3DUDD)W $oR′′[PP
1ž 4XDQW
'HQRPLQDo}HVHREVHUYDo}HV 0DWHULDOHGLPHQV}HV
3HoD
7$5()$ 7Ë78/2 81,'$'(

(L[RFRPFKDYHWDVH 352-(d­2
PP

SHUILVTXDGUDGRH (6&$/$

VH[WDYDGR '$7$


25,*(0 48$/,),&$d­2 )2/+$

&)3 )5(6$'250(&Æ1,&2 

 1R 7e&1,&$'(75$%$/+2 )(55$0(17$6

$OXQR 1R0DWU 2FXSDomR

7DUHID
4XDOLILFDomR5HWLILFDGRU0HFkQLFR,
3/$12'(75$%$/+2


7UHLQDPHQWR2FXSDFLRQDO(VSHFLDOL]DomR

)UHVDGRUPHFkQLFR
%ORFRIUHVDGR
3ULVPDUHWDQJXODU
&DOoRHP³9´
5pJXDFRPIXURVHUHEDL[RV
&DOoRSDUDOHOR
(L[RFRPFKDYHWDVHSHUILVTXDGUDGRHVH[WDYDGR
%ORFRIUHVDGRFRPUDQKXUDV
'LVFRFRPHVWULDV
%DVHFRPUDQKXUDHUHEDL[R
0DQGULOGHVFHQWUiYHO
&UHPDOKHLUD
/XYDGHDFRSODPHQWR
(VPHULOKDGRUDPDQXDOHQJUHQDJHQV
(QJUHQDJHPGHQWHGHVHUUD
(QJUHQDJHPKHOLFRLGDO
(VPHULOKDGRUDPDQXDO
(L[RH[FrQWULFRFDPH
3DUDIXVRVHPILP
&RURD
(QJUHQDJHPF{QLFD
7DUHIDVGHUHIRUoR