'(635(1',0(172'(5()5,*(5$17((0(6&2$0(172'(Ï/(2
(078%25(72+25,=217$/'(',Æ0(752&2167$17(
9tWRU7/DFHUGD±YLWRU#QUYDXIVFEU
ÈOYDUR73UDWD±SUDWD#QUYDXIVFEU
8QLYHUVLGDGH)HGHUDOGH6DQWD&DWDULQD'HSDUWDPHQWRGH(QJHQKDULD0HFkQLFD
±)ORULDQySROLV6&%UDVLO
)DELDQ)DJRWWL
(PSUHVD%UDVLOHLUDGH&RPSUHVVRUHV±(0%5$&2
±-RLQYLOOH6&%UDVLO
5HVXPR 1R SUHVHQWH HVWXGR R HVFRDPHQWR GH yOHR OXEULILFDQWH SDUD UHIULJHUDomR FRP
GHVSUHQGLPHQWR GH UHIULJHUDQWH p H[SORUDGR H[SHULPHQWDOPHQWH 8PD PLVWXUD GH yOHR
VDWXUDGR FRP UHIULJHUDQWH p IRUoDGD D HVFRDU HP GRLV WXERV UHWRV KRUL]RQWDLV GH GLkPHWUR
FRQVWDQWH8PWXERpXVDGRSDUDYLVXDOL]DomRGRHVFRDPHQWRHRRXWURpLQVWUXPHQWDGRSDUD
PHGLomRGHSUHVVmRHWHPSHUDWXUD1DHQWUDGDGRVWXERVRHVWDGROtTXLGRSUHYDOHFHHFRPR
SURVVHJXLPHQWRGRHVFRDPHQWRDTXHGDGHSUHVVmRUHGX]DVROXELOLGDGHGRJiVQRyOHRHR
GHVSUHQGLPHQWR GH UHIULJHUDQWH RFRUUH ,QLFLDOPHQWH SHTXHQDV EROKDV VmR REVHUYDGDV H
HYHQWXDOPHQWHDSRSXODomRGHEROKDVDOFDQoDXPHVWiJLRQRTXDOHVFRDPHQWRHPHVSXPDp
REVHUYDGR$YLVXDOL]DomRGRHVFRDPHQWRSHUPLWHDLGHQWLILFDomRGRVUHJLPHVGHHVFRDPHQWR
ELIiVLFRH[SHULPHQWDGRVSHODPLVWXUD$VGLVWULEXLo}HVGHSUHVVmRHWHPSHUDWXUDVmRPHGLGDV
DR ORQJR GR HVFRDPHQWR H D SDUWLU GHODV D IUDomR GH YD]LR p HVWLPDGD $VSHFWRV JHUDLV GR
HVFRDPHQWR GD PLVWXUD VmR OHYDQWDGRV QR FRQWH[WR GH PRGHORV GH OXEULILFDomR SDUD VHUHP
XVDGRVHPDQiOLVHHVLPXODomRGRVSURFHVVRVGHOXEULILFDomRTXHRFRUUHPQRFRPSUHVVRU
3DODYUDVFKDYH/XEULILFDomR,WHUDomRyOHRUHIULJHUDQWH'HVSUHQGLPHQWRGHUHIULJHUDQWHGR
yOHR
,1752'8d­2
&RP D VXEVWLWXLomR GRV UHIULJHUDQWHV &)&V H +&)&V GHYLGR D SUREOHPDV DPELHQWDLV
$6+5$( *UROO D VROXELOLGDGH H D PLVFLELOLGDGH HQWUH IOXLGRV UHIULJHUDQWHV H
yOHRVOXEULILFDQWHVVHWRUQDUDPXPSRQWRGHGLVFXVVmRGHFUXFLDOLPSRUWkQFLDQDLQG~VWULD,VWR
RFRUUHXSRUTXHDPDLRULDGDV DSOLFDo}HVGHVWHV UHIULJHUDQWHV HUD SURMHWDGD FRP EDVH HP VXD
PLVFLELOLGDGH FRP RV yOHRV PLQHUDLV XWLOL]DGRV H RV VHXV SULQFLSDLV VXEVWLWXWRV RV
UHIULJHUDQWHV+)&VVmRLPLVFtYHLVFRPHVWHVyOHRV7KRPDVHWDO6KRUWHWDO
$VVLPRVOXEULILFDQWHV XWLOL]DGRV DWp HQWmR HVWmR VHQGR VXEVWLWXtGRV SRU OXEULILFDQWHV D EDVH
GHpVWHUSROLRO32(RXGHJOLFROSROLDOTXLOrQLFR3$*/LOMHHWDO6XQGDUHVDQHWDO
PRWLYDQGR D UHDOL]DomR GH PXLWRV WUDEDOKRV VREUH DV SURSULHGDGHV WHUPRItVLFDV GDV
PLVWXUDVyOHROXEULILFDQWHHIOXLGRUHIULJHUDQWHHVREUHDVSURSULHGDGHVGHDEVRUomRHOLEHUDomR
GR UHIULJHUDQWH SHOR yOHR /HXQJ HW DO $VSHFWRV DVVRFLDGRV j IRUPDomR GH HVSXPD
WDPEpPVHWRUQDUDPGHJUDQGHLQWHUHVVH*RVZDPLHWDO
$ PLVFLELOLGDGH HQWUH UHIULJHUDQWH H OXEULILFDQWH DSUHVHQWD YDQWDJHQV H GHVYDQWDJHQV $
PLVWXUDIRUPDGDSRUDPERVSRVVXLSURSULHGDGHVLQWHUPHGLiULDVHPUHODomRjVGRUHIULJHUDQWHH
GRyOHRSXURV$YLVFRVLGDGHGRyOHRJHUDOPHQWHpUHGX]LGDGHYLGRjSUHVHQoDGRUHIULJHUDQWH
HDOXEULILFDomRILFDSUHMXGLFDGD2GHVHPSHQKRJOREDOGRVLVWHPDGHUHIULJHUDomRGLPLQXLSRU
FDXVDGROXEULILFDQWHTXHpDUUDVWDGRSDUDRVLVWHPD*UHEQHUHWDO$SUHVHQoDGHyOHR
QR UHIULJHUDQWH WDPEpP DIHWD DV WURFDV GH FDORU H D TXHGD GH SUHVVmR QR HYDSRUDGRU H QR
FRQGHQVDGRU(FNHOVHWDO6FKODJHUHWDO+DPEUDHXV
4XDQGR R FRPSUHVVRU HVWi SDUDGR D VROXELOLGDGH GR UHIULJHUDQWH QR yOHR SURYRFD XPD
UHGXomRGDSUHVVmRGHHTXDOL]DomRHPDSOLFDo}HVTXHXWLOL]DPWXERFDSLODUFRPRGLVSRVLWLYR
GHH[SDQVmR,VWRUHGX]DGHQVLGDGHGRJiVWRUQDQGRRIOX[RGHPDVVDQDSDUWLGDPHQRUSDUD
FRPSUHVVRUHV FRP YD]mR YROXPpWULFD FRQVWDQWH &RQVHTHQWHPHQWH RFRUUH XPD UHGXomR GR
WRUTXH H GD SRWrQFLD QHVWH PRPHQWR FUtWLFR GR IXQFLRQDPHQWR GR FRPSUHVVRU $VVLP D
TXDQWLGDGH GH FREUH SUHVHQWH QR PRWRU HOpWULFR TXH p XPD GDV SDUWHV PDLV FDUDV SRGH VHU
UHGX]LGDGLPLQXLQGRRFXVWRHWRUQDQGRRFRPSUHVVRUPDLVFRPSHWLWLYR
(PERUDDGLPLQXLomRGDYLVFRVLGDGHGRyOHRGHYLGRjSUHVHQoDGHUHIULJHUDQWHGLVVROYLGR
VHMDXPDVSHFWRQHJDWLYRSDUDDOXEULILFDomRH[LVWHWDPEpPVHXODGREHQpILFR$FLUFXODomR
GRyOHRQRVWURFDGRUHVGHFDORUILFDIDFLOLWDGDDMXGDQGRRUHWRUQRGRPHVPRDRFRPSUHVVRUH
HYLWDQGRDUHWHQomRGRyOHRSULQFLSDOPHQWHQRHYDSRUDGRURQGHDEDL[DWHPSHUDWXUDOHYDULDR
yOHRDXPDYLVFRVLGDGHPi[LPD$6+5$($UHWHQomRGHyOHRQRHYDSRUDGRUUHGX]D
FDSDFLGDGHGHUHVIULDPHQWRHDXPHQWDDSHUGDGHFDUJDGRUHIULJHUDQWH
$OpP GD LQIOXrQFLD QDV SURSULHGDGHV WHUPRItVLFDV H WHUPRGLQkPLFDV D SUHVHQoD GH JiV
WDPEpPDOWHUDDFRQILJXUDomRGRHVFRDPHQWRGRyOHR$VROXELOLGDGHGRUHIULJHUDQWHQRyOHRp
GLUHWDPHQWHSURSRUFLRQDOjSUHVVmRHLQYHUVDPHQWHjWHPSHUDWXUDFRPRDSUHVHQWDGRQD)LJ
SDUDXPDPLVWXUDGHUHIULJHUDQWH5FRPyOHRPLQHUDO681,62*6/RJRRUHIULJHUDQWHVH
VHSDUDGDPLVWXUDHPHVFRDPHQWRVRQGHH[LVWHTXHGDGHSUHVVmRRXDXPHQWRGHWHPSHUDWXUD
(VWDOLEHUDomRGHJiVSRGHFDXVDUDIRUPDomRGHEROKDVTXHSRGHVHUWmRLQWHQVDDSRQWRGH
JHUDU HVFRDPHQWR HP HVSXPD ,VWR SRGH RFRUUHU HP YiULRV SRQWRV HP XP VLVWHPD GH
UHIULJHUDomRHPSDUWLFXODUGHQWURGRFRPSUHVVRU([HPSORVLQFOXHPPDQFDLVDIROJDSLVWmR
FLOLQGURHPFRPSUHVVRUHVDOWHUQDWLYRVHDIROJDUDGLDOHPFRPSUHVVRUHVURWDWLYRV
ž&
ž&
ž&
6ROXELOLGDGH
3UHVVmR EDU
)LJXUD6ROXELOLGDGHGR5HPyOHRPLQHUDO681,62*6
*UDQGH SDUWH GRV WUDEDOKRV H[LVWHQWHV QD OLWHUDWXUD UHODFLRQDGRV j PLVWXUD yOHR H
UHIULJHUDQWH WUDWD GH FRQGLo}HV GH HTXLOtEULR 1R HVFRDPHQWR GD PLVWXUD DV DOWHUDo}HV VH
SURFHVVDP UDSLGDPHQWH UHVWULQJLQGR R XVR GD KLSyWHVH GH HTXLOtEULR 'HQWUH DV SRXFDV
H[FHo}HV'URVWPHGLXWD[DVGHDEVRUomRHOLEHUDomRGHUHIULJHUDQWHHPPLVWXUDVyOHRH
UHIULJHUDQWHH/HXQJHWDOH)XNXWDHWDOPHGLUDPDWD[DGHDEVRUomR1HVWHV
WUDEDOKRVDPLVWXUDOtTXLGDHVWDYDHPUHSRXVR
$PDLRULDGDVSXEOLFDo}HVLQYHVWLJDDFRQWDPLQDomRGRUHIULJHUDQWHFRPDFRQFHQWUDomR
GHyOHRQRUPDOPHQWHQmRH[FHGHQGR,VWRSRUTXHJHUDOPHQWHRVHXREMHWLYRpRHIHLWRGH
SHTXHQDV TXDQWLGDGHV GH yOHR QDV WURFDV GH FDORU H TXHGD GH SUHVVmR QR HYDSRUDGRU H
FRQGHQVDGRU2SUHVHQWHWUDEDOKRWUDWDGDFRQWDPLQDomRGRyOHRSHORUHIULJHUDQWHWHQGRFRPR
HQIRTXHDLQYHVWLJDomRH[SHULPHQWDOGRHVFRDPHQWRGHXPDPLVWXUDyOHRHUHIULJHUDQWHFRP
GHVSUHQGLPHQWR GH JiV GHYLGR j UHGXomR GD VROXELOLGDGH 8PD EDQFDGD IRL SURMHWDGD H
FRQVWUXtGD SDUD SURPRYHU R HVFRDPHQWR GD PLVWXUD HP GRLV WXERV KRUL]RQWDLV GH GLkPHWUR
FRQVWDQWH8PGRVWXERVpWUDQVSDUHQWHHpXWLOL]DGRSDUDDYLVXDOL]DomRGRHVFRDPHQWRHR
RXWUR p LQVWUXPHQWDGR SDUD PHGLo}HV GH SUHVVmR H WHPSHUDWXUD $ VHJXLU R DSDUDWR
H[SHULPHQWDO H R SURFHGLPHQWR DGRWDGR VmR GHVFULWRV H DOJXQV UHVXOWDGRV VmR H[SORUDGRV $
SULQFLSDO PRWLYDomR GHVWH WUDEDOKR p D FRPSUHHQVmR GHVWH FRPSOH[R HVFRDPHQWR SDUD VH
FRQVWUXLU PRGHORV ItVLFRV H PDWHPiWLFRV SDUD H[SORUDU D PHFkQLFD GH IOXLGRV QR LQWHULRU GH
FRPSRQHQWHVGRFRPSUHVVRU
%$1&$'$(;3(5,0(17$/
8PD EDQFDGD H[SHULPHQWDO IRL FRQVWUXtGD SDUD JHUDU XP HVFRDPHQWR HP UHJLPH
SHUPDQHQWHGHPLVWXUDyOHRHUHIULJHUDQWHRQGHDTXHGDGHSUHVVmRVHMDVXILFLHQWHSDUDUHGX]LU
D VROXELOLGDGH GR UHIULJHUDQWH QR yOHR UHVXOWDQGR HP GLYHUVRV SDGU}HV GH HVFRDPHQWR
ELIiVLFR $ EDQFDGD p DSUHVHQWDGD QD )LJ H FRQVLVWH GH TXDWUR FRPSRQHQWHV SULQFLSDLV
UHVHUYDWyULRVVHomRGHWHVWHVHTXLSDPHQWRVDX[LOLDUHVHLQVWUXPHQWDomR
)LJXUD'HVHQKRHVTXHPiWLFRGDEDQFDGDH[SHULPHQWDO
$EDQFDGDSRVVXLTXDWURUHVHUYDWyULRVGRLVSDUDDOWDSUHVVmRHGRLVSDUDEDL[DSUHVVmR2
YDVR GH DOWD SUHVVmR 9$3 p UHVSRQViYHO SHOD SURGXomR GD PLVWXUD OtTXLGD GH yOHR H
UHIULJHUDQWH HP HTXLOtEULR H SRU IRUoDU D PLVWXUD SHOD VHomR GH WHVWHV 3DUD WDQWR R 9$3 p
SUHHQFKLGRFRPyOHRHUHIULJHUDQWHHQRHTXLOtEULRDSDUWHLQIHULRUGRYDVRVHUiRFXSDGDSHOD
PLVWXUD OtTXLGD H R UHVWDQWH VHUi SUHHQFKLGR SHOR UHIULJHUDQWH QD IDVH YDSRU 'XUDQWH D
RSHUDomRDPLVWXUDOtTXLGDpUHWLUDGDGDSDUWHLQIHULRUGR9$3HFRQGX]LGDjVHomRGHWHVWHV
FRQIRUPH PRVWUDGR QD )LJ 'HSRLV GD PLVWXUD WHU HVFRDGR SHOD VHomR GH WHVWHV R YDVR GH
EDL[D SUHVVmR 9%3 UHFHEH H DUPD]HQD D PLVWXUD $ EDQFDGD QmR SRGH IXQFLRQDU GH IRUPD
FRQWtQXD SRLV R UHWRUQR GD PLVWXUD OtTXLGD DR 9$3 DOWHUDULD D FRQGLomR GH HTXLOtEULR QHVWH
YDVR$PERVRVYDVRV9$3H9%3WrPFDSDFLGDGHSDUDDSUR[LPDGDPHQWHOLWURVHIRUDP
SURMHWDGRVSDUDXPDSUHVVmRGHWUDEDOKRGHEDU
'XUDQWH WRGD D GXUDomR GRV HQVDLRV D GLIHUHQoD GH SUHVVmR HQWUH R 9$3 H R 9%3 p
PDQWLGDFRQVWDQWH&RPRyOHRHUHIULJHUDQWHVmRFRQWLQXDPHQWHUHWLUDGRVGR9$3HUHFHELGRV
SHOR 9%3 GRLV UHVHUYDWyULRV VHFXQGiULRV VmR XWLOL]DGRV SDUD PDQWHU D SUHVVmR HP YDORUHV
FRQVWDQWHV R UHVHUYDWyULR GH DOWD SUHVVmR 5$3 H R UHVHUYDWyULR GH EDL[D SUHVVmR 5%3 2
5$3VHPSUHpPDQWLGRHPXPDSUHVVmRPDLRUTXHDGR9$3HR5%3HPXPDSUHVVmRPHQRU
TXHDGR9%32VUHVHUYDWyULRVVmROLJDGRVDRVYDVRVSRUPHLRGHYiOYXODVDXWRPiWLFDVFRP
DEHUWXUDSRUVROHQyLGH9$H9$1R9$3jPHGLGDTXHRYROXPHGHOtTXLGRGLPLQXLD
SUHVVmR GLPLQXL DEULQGR 9$ H SHUPLWLQGR TXH R UHIULJHUDQWH HVFRH GR 5$3 DR 9$3
HOHYDQGR VXD SUHVVmR DWp TXH D YiOYXOD 9$ VH IHFKH $QDORJDPHQWH D SUHVVmR GR 9%3
DXPHQWDGHYLGRjPLVWXUDOtTXLGDHDRJiVTXHFKHJDPDWpHOHFDXVDQGRDDEHUWXUDGH9$H
SHUPLWLQGR TXH R UHIULJHUDQWH HVFRH SDUD R 5%3 GLPLQXLQGR VXD SUHVVmR DWp TXH D YiOYXOD
9$VHMDIHFKDGD25$3HR5%3WrPFDSDFLGDGHGHOLWURV
1R9$3HQR9%3HVWmRLQVWDODGRVWUDQVGXWRUHVGHSUHVVmRHVRQGDVFRPWHUPRSDUWLSR
³7´ SDUD PRQLWRUDU R HVWDGR WHUPRGLQkPLFR GDV IDVHV OtTXLGD H JDVRVD 2 9$3 SRVVXL XP
WUDQVGXWRU GH QtYHO XWLOL]DGR SDUD LQGLFDU D YD]mR GXUDQWH RV HQVDLRV $ YD]mR PiVVLFD
WDPEpP p PHGLGD SHOR WUDQVGXWRU GH IOX[R GH PDVVD WLSR FRULROLV )/8; LQVWDODGR HQWUH R
9$3HDVHomRGHWHVWHV$OpPGDYD]mRPiVVLFDHVWHWUDQVGXWRUPHGHWDPEpPDGHQVLGDGHHD
WHPSHUDWXUDHIRLXVDGRSDUDYDOLGDURVUHVXOWDGRVGRWUDQVGXWRUGHQtYHO
'RLV WXERV UHWRV KRUL]RQWDLV PRQWDGRV HP SDUDOHOR FRP DSUR[LPDGDPHQWH P GH
FRPSULPHQWR VmR DV SDUWHV SULQFLSDLV GD VHomR GH WHVWHV 8P GRV WXERV p GH YLGUR
ERURVVLOLFDWR WHPSHUDGR FRP PP GH GLkPHWUR LQWHUQR XWLOL]DGR SDUD YLVXDOL]DomR GR
HVFRDPHQWR2RXWURIRLIDEULFDGRSHORSURFHVVR%XQG\ŠFRPGLkPHWURLQWHUQRGHPPH
SRVVXLGR]HWRPDGDVGHSUHVVmRLQWHUFDODGDVFRPGR]HWHUPRSDUHVWLSR³7´GHPPGH
GLkPHWUR7DQWRDVWRPDGDVGHSUHVVmRTXDQWRRVWHUPRSDUHVIRUDPDGHTXDGDPHQWHLQVWDODGRV
QDSDUHGHGRWXERGHIRUPDTXHHOHVIRVVHPQmRLQWUXVLYRVDRHVFRDPHQWRELIiVLFR
2VHTXLSDPHQWRVDX[LOLDUHVSUHVHQWHVQDEDQFDGDFRQVLVWHPHPXPFRPSUHVVRU&203
XPD ERPED GH yOHR %2 H GRLV WURFDGRUHV GH FDORU 7& H 7& 2 FRPSUHVVRU p XWLOL]DGR
SDUD HVWDEHOHFHU DV SUHVV}HV QHFHVViULDV SDUD FDGD HQVDLR QRV YDVRV H UHVHUYDWyULRV H SDUD
DFHOHUDU R SURFHVVR GH VDWXUDomR GD PLVWXUD QR 9$3 'XUDQWH RV HQVDLRV R FRPSUHVVRU
WDPEpPpXWLOL]DGRSDUDPDQWHUDSUHVVmRGRUHVHUYDWyULR5%3VHPSUHPHQRUTXHDGR9%3H
DSUHVVmRGRUHVHUYDWyULR5$3VHPSUHPDLRUTXHDGR9$33DUDWDQWRRFRPSUHVVRUVXFFLRQD
FRQWLQXDPHQWH R JiV GR 5%3 H R GHVFDUUHJD QR 5$3 $ ERPED GH yOHR p XWLOL]DGD SDUD
UHWRUQDUDPLVWXUDOtTXLGDGRYDVR9%3DR9$3DSyVDUHDOL]DomRGRVWHVWHV2VWURFDGRUHVGH
FDORU VmR XWLOL]DGRV SDUD UHVIULDU R JiV 7& H D PLVWXUD OtTXLGD 7& 2XWUR LPSRUWDQWH
SDSHOGRVWURFDGRUHVGHFDORUpUHVIULDURIOXLGRUHIULJHUDQWHGXUDQWHRSURFHVVRGHVDWXUDomR
7RGRV RV HTXLSDPHQWRV H LQVWUXPHQWRV VmR FRQWURODGRV SRU XP PLFURFRPSXWDGRU 2
VRIWZDUHFRPHUFLDO/DE9LHZpXWLOL]DGRSDUDDTXLVLomRGHGDGRVFRQWUROHHPRQLWRUDPHQWR
7RGRVRVLQVWUXPHQWRVIRUDPFDOLEUDGRVQRORFDOXWLOL]DQGRRVLVWHPDGHDTXLVLomRGHGDGRV
352&(',0(172(;3(5,0(17$/
$QWHV GR IOXLGR UHIULJHUDQWH H GR yOHR OXEULILFDQWH VHUHP LQWURGX]LGRV QD EDQFDGD WRGD
HOD IRL OLPSD FRP IOXLGR UHIULJHUDQWH 5 SDUD UHPRYHU WRGD H TXDOTXHU LPSXUH]D $SyV D
OLPSH]DOGHyOHR681,62*6IRUDP LQWURGX]LGRV QR YDVR 9$3 FRP WRGD D EDQFDGD
HPYiFXRGHPEDU$WHPSHUDWXUDGRyOHRIRLHOHYDGDDWpDSUR[LPDGDPHQWHž&SDUD
DMXGDU D UHPRYHU D XPLGDGH H DV LPSXUH]DV GLVVROYLGDV QR yOHR HQTXDQWR R YDVR HUD
QRYDPHQWHHYDFXDGR(PVHJXLGDNJGHUHIULJHUDQWH5IRUDPDFUHVFHQWDGRVjEDQFDGD
8P HQVDLR WtSLFR VH LQLFLD SHOD VDWXUDomR GD PLVWXUD OtTXLGD QR 9$3 QD WHPSHUDWXUD
SURJUDPDGD SDUD R WHVWH H PEDU DFLPD GD SUHVVmR QD TXDO R WHVWH VHUi UHDOL]DGR $
VDWXUDomR p IDFLOLWDGD SURPRYHQGRVH D FLUFXODomR GH UHIULJHUDQWH QR 9$3 ,VWR p IHLWR
XWLOL]DQGRRFRPSUHVVRUSDUDVXFFLRQDURJiVGDSDUWHVXSHULRUGRYDVRHGHVFDUUHJDUQDSDUWH
LQIHULRUSDUDTXHRFRUUDFRQWDWRGLUHWRFRPDPLVWXUDOtTXLGD2JiVLQMHWDGRQDSDUWHLQIHULRU
GR 9$3 WDPEpP SURPRYH XPD PRYLPHQWDomR QD PLVWXUD OtTXLGD IDFLOLWDQGR VXD
KRPRJHQHL]DomR 'XUDQWH HVWH SURFHVVR R UHIULJHUDQWH SDVVD SHORV GRLV WURFDGRUHV GH FDORU
SDUD UHWLUDU D HQHUJLD UHFHELGD QR FRPSUHVVRU H GXUDQWH D DEVRUomR &RQIRUPH D PLVWXUD
OtTXLGD DEVRUYH R JiV D SUHVVmR GR 9$3 WHQGH D FDLU DWLYDQGR D YiOYXOD DXWRPiWLFD 9$
IRUQHFHQGR JiV GR 5$3 SDUD R 9$3 (VWH SURFHVVR p FRQWLQXDGR DWp TXH D VDWXUDomR VHMD
DWLQJLGD'HSHQGHQGRGDGLIHUHQoDGRHVWDGRLQLFLDOSDUDRGHVHMDGRQDVDWXUDomRRSURFHVVR
SRGH OHYDU GH XPD D VHLV KRUDV &RPR D DEVRUomR p PDLV OHQWD TXH D OLEHUDomR GH JiV SHOR
OtTXLGR GHSRLV TXH D VDWXUDomR p DWLQJLGD D SUHVVmR p UDSLGDPHQWH UHGX]LGD HP PEDU
SURPRYHQGRRGHVSUHQGLPHQWRGHJiVHJDUDQWLQGRTXHDVDWXUDomRIRLUHDOPHQWHHVWDEHOHFLGD
(VWH QRYR HVWDGR GH VDWXUDomR p REVHUYDGR TXDQGR D SUHVVmR SDUD GH VH HOHYDU GHYLGR DR
GHVSUHQGLPHQWRGHJiVRTXHJHUDOPHQWHOHYDGHDPLQXWRVPDVDEDQFDGDpGHL[DGD
HPUHSRXVRVHPSUHGHXPDDGXDVKRUDVSDUDJDUDQWLUHTXLOtEULRFRPSOHWR$WHPSHUDWXUDGD
VDODpPDQWLGDFRQVWDQWHHPYDORUHVVHPSUHSUy[LPRVjWHPSHUDWXUDGHVHMDGDSDUDRHQVDLRR
TXHVHPSUHIRLHPWRUQRGHž&
8PDYH]TXHDPLVWXUDHVWHMDHPHTXLOtEULRDVYiOYXODVGDVHomRGHWHVWHVVmRDUUDQMDGDV
SDUDSHUPLWLUTXHDPLVWXUDHVFRHSHORWXER%XQG\RXSHORWXERGHYLGUR2FRPSUHVVRUILFD
OLJDGR VXFFLRQDQGR GR UHVHUYDWyULR 5%3 H GHVFDUUHJDQGR QR 5$3 $ DTXLVLomR GH GDGRV p
LQLFLDGDFLQFRPLQXWRVGHSRLVGDDEHUWXUDGDVYiOYXODVWHPSRVXILFLHQWHSDUDTXHDVSUHVV}HV
HWHPSHUDWXUDVGDVHomRGHWHVWHVHHVWDELOL]HP
5(68/7$'26(',6&866­2
)RUDPUHDOL]DGRVPDLVGHFHPHQVDLRVFRPSUHVVmRGHVDWXUDomRYDULDQGRGHDEDU
H WHPSHUDWXUD VHPSUH HP WRUQR GH ž& 3DUD WRGRV RV HQVDLRV XWLOL]RXVH yOHR PLQHUDO
681,62*6HUHIULJHUDQWH5
'LVWULEXLo}HV WtSLFDV GH SUHVVmR H GH WHPSHUDWXUD VmR PRVWUDGDV QD )LJ SDUD WUrV
HQVDLRVGLIHUHQWHV1HVWHV HQVDLRV D GLIHUHQoD GH SUHVVmR HQWUH R 9$3 H R 9%3 IRL PDQWLGD
FRQVWDQWH HP EDU HQTXDQWR D SUHVVmR QR 9$3 IRL YDULDGD SDUD TXH HVFRDPHQWRV FRP
PLVWXUDVFRPGLIHUHQWHVIUDo}HVPiVVLFDVIRVVHPREWLGDVGHIRUPDDDQDOLVDUDVXDLQIOXrQFLD
QR HVFRDPHQWR $V IUDo}HVPiVVLFDVGHUHIULJHUDQWHQD PLVWXUD OtTXLGD QR 9$3 SDUD HVWHV
HQVDLRV IRUDP GH H PDVVD GH UHIULJHUDQWHPDVVD GH PLVWXUD UHVXOWDQGR
HPYD]}HVDWUDYpVGRWXERGHHNJKRTXH FRUUHVSRQGHPDQ~PHURVGH
5H\QROGVGHHUHVSHFWLYDPHQWH$GXUDomRGHVWHVHQVDLRVIRLGHPLQXWRVH
RVGDGRVDSUHVHQWDGRVQDVILJXUDVVmRXPDPpGLDQRWHPSRGHWRGRVRVGDGRVFROHWDGRV$V
EDUUDVKRUL]RQWDLVHPFDGDSRQWRLQGLFDPRVYDORUHVPi[LPRVHPtQLPRVPHGLGRV
&RPRSRGHVHUREVHUYDGRQD)LJD DV GLVWULEXLo}HV GH SUHVVmR DSUHVHQWDP XPD SDUWH
DSUR[LPDGDPHQWH OLQHDU DWp R WHUFHLUR SRQWR GH PHGLomR LQGLFDQGR TXH R HVFRDPHQWR
PRQRIiVLFRSUHYDOHFHSDUDHVWHWUHFKRLQLFLDOHTXHDTXHGDGHSUHVVmRpUHVXOWDGRDSHQDVGR
DWULWR$SUHVHQoDGHXPDSHTXHQDTXDQWLGDGHGHUHIULJHUDQWHQDIDVHJDVRVDQmRpVXILFLHQWH
SDUD GLVWDQFLDU R HVFRDPHQWR GR PRGHOR PRQRIiVLFR QHVWH WUHFKR 'R WHUFHLUR SRQWR GH
PHGLomRHPGLDQWHRJUDGLHQWHGHSUHVVmRQmRSHUPDQHFHFRQVWDQWHHFRPHoDDFUHVFHU,VWR
RFRUUHSRUTXHDOLEHUDomRGH JiVGD IDVH OtTXLGD GLPLQXL FRQVLGHUDYHOPHQWH D GHQVLGDGH HP
FDGDVHomRWUDQVYHUVDORTXHSRUVXDYH]DFHOHUDRHVFRDPHQWRSDUDPDQWHUDYD]mRPiVVLFD
FRQVWDQWH$VVLPDTXHGDGHSUHVVmRSDVVDDVHUSURYRFDGDQmRVySHORDWULWRFRPRWDPEpP
SHODDFHOHUDomRGRIOXLGR9HULILFDVHTXHDGLVWULEXLomRGHSUHVVmRDSUHVHQWDSHUILVEDVWDQWH
VHPHOKDQWHVSDUDDVWUrVIUDo}HVPiVVLFDVDSUHVHQWDGDV$VGLIHUHQoDVQDVYD]}HVPiVVLFDVVH
GHYHPSULQFLSDOPHQWHDJUDQGHLQIOXrQFLDGDIUDomRPiVVLFDGHUHIULJHUDQWHQDYLVFRVLGDGHGD
PLVWXUDOtTXLGD
7HPSHUDWXUD ž&
3UHVVmR EDU
Z
Z
Z
Z
Z
Z
3RVLomR P
D
3RVLomR P
E
)LJXUD'LVWULEXLomRGHSUHVVmRDHWHPSHUDWXUDEDRORQJRGRWXER
&RQIRUPHDSUHVVmRGLPLQXLHRJiVpOLEHUDGRGDPLVWXUDOtTXLGDDWHPSHUDWXUDWDPEpP
GHFUHVFHFRPRPRVWUDGRQD)LJESDUDSURYHURFDORUODWHQWHQHFHVViULRSDUDHYDSRUDomR
$ VHomR GH WHVWHV QmR p LVRODGD PDV R FDORU UHFHELGR GR DPELHQWH SRU FRQYHFomR QDWXUDO p
GHVSUH]tYHOTXDQGRFRPSDUDGRDRFDORUUHWLUDGRGRJiVHGDPLVWXUDOtTXLGDSDUDDHYDSRUDomR
GRUHIULJHUDQWH4XDQWRPDLRUDIUDomRPiVVLFDGHUHIULJHUDQWHQDHQWUDGDPDLRURJUDGLHQWHGH
WHPSHUDWXUDUHVXOWDQGRHPPHQRUWHPSHUDWXUDQDVDtGDFRQIRUPHVHYrQDILJXUD
$PLVWXUDOtTXLGDIRLFRQVLGHUDGDVDWXUDGDSDUDWRGRVRVSRQWRVDRORQJRGRHVFRDPHQWR
HDSDUWLUGRVYDORUHVGHSUHVVmRHWHPSHUDWXUDDIUDomRPiVVLFDGHUHIULJHUDQWHQDIDVHOtTXLGD
S{GHVHUGHWHUPLQDGD$VGLVWULEXLo}HVGDIUDomRPiVVLFDDRORQJRGRWXERSDUDDVFXUYDVGH
SUHVVmR H WHPSHUDWXUD GD )LJ VmR DSUHVHQWDGDV QD )LJ $ KLSyWHVH GH HTXLOtEULR SDUD D
PLVWXUD OtTXLGD p PXLWR UD]RiYHO SRUTXH D OLEHUDomR GH JiV RFRUUH TXDVH LQVWDQWDQHDPHQWH
XPDYH]TXHH[LVWDPVtWLRVGHQXFOHDomRHHQHUJLDGHDWLYDomRGLVSRQtYHLV
$UHGXomRQmRXQLIRUPHGDIUDomRPiVVLFD DRORQJRGRHVFRDPHQWRPRVWUDGRQD )LJ
HVWiDVVRFLDGDDRDXPHQWRGDVTXHGDVGHSUHVVmRHWHPSHUDWXUDREVHUYDGDVQD)LJ4XDQGR
R JiV p OLEHUDGR SHOR OtTXLGR R IOXLGR p DFHOHUDGR SDUD PDQWHU D YD]mR PiVVLFD FRQVWDQWH
UHVXOWDQGRHPXPDXPHQWRGRJUDGLHQWHGHSUHVVmR3RUVXDYH]DVROXELOLGDGHpUHGX]LGDHP
WD[DVFUHVFHQWHVHXPDTXDQWLGDGHFDGDYH]PDLRUGHJiVpOLEHUDGDGDPLVWXUDOtTXLGD
2 WtWXOR [ UHODomR HQWUH D PDVVD GH JiV H D PDVVD WRWDO HP XPD VHomR SRGH VHU
GHWHUPLQDGRDSDUWLUGRVYDORUHVFRQKHFLGRVGDIUDomRPiVVLFDORFDOZHGDIUDomRPiVVLFD
QDVDtGDGRYDVR9$3ZSHODVHJXLQWHHTXDomR
[
Z Z
Z
Z
Z
[
Z
Z
Z
Z
Z
3RVLomR P
)LJXUD'LVWULEXLomRGDIUDomRPiVVLFD
DRORQJRGRWXER
3RVLomR P
)LJXUD'LVWULEXLomRGRWtWXOR
DRORQJRGRWXER
2 WtWXOR HP IXQomR GD SRVLomR FDOFXODGR SHOD (T D SDUWLU GRV YDORUHV GD )LJ p
DSUHVHQWDGR QD )LJ &RQFRUGDQGR FRP DV FXUYDV GD IUDomR PiVVLFD GD )LJ R WtWXOR
DSUHVHQWDXPFRPSRUWDPHQWRQmROLQHDUFRPJUDGLHQWHVFUHVFHQWHVDRORQJRGRHVFRDPHQWR
VLJQLILFDQGRTXHDTXDQWLGDGHGHJiVOLEHUDGDWDPEpPpFUHVFHQWH2WtWXORQDVDtGDDSUHVHQWD
VH OLJHLUDPHQWH PDLRU SDUD PDLRUHV IUDo}HV PiVVLFDV GH UHIULJHUDQWH 2 YDORU QmR QXOR GR
WtWXORQDHQWUDGDHVXDSHTXHQDYDULDomRSDUDRVWUrVHQVDLRVVHGHYHPDRGHVSUHQGLPHQWRGH
JiVGHYLGRjTXHGDGHSUHVVmRHQWUHDVDtGDGR9$3RQGHDPLVWXUDHVWiVDWXUDGDHDHQWUDGD
GD VHomR GH WHVWHV (VWD TXHGD GH SUHVVmR GHSHQGH EDVLFDPHQWH GD YD]mR PiVVLFD H GD
YLVFRVLGDGH'HVWDIRUPDRWtWXORQDHQWUDGDGDPLVWXUDFRPIUDomRPiVVLFDGHpPHQRU
GR TXH R GD PLVWXUD FRP IUDomR PiVVLFD GH SRUTXH R HIHLWR GD GLPLQXLomR GD
YLVFRVLGDGHGHYLGRDPDLRUIUDomRGHUHIULJHUDQWHpPDLRUTXHRHIHLWRGRDXPHQWRGDYD]mR
QDTXHGDGHSUHVVmR
$IUDomRGHYD]LR,UHODomRHQWUHYROXPHGHJiVHYROXPHWRWDOHPXPDVHomRWDPEpPp
GH LQWHUHVVH SDUD D FDUDFWHUL]DomR GR HVFRDPHQWR &RQKHFHQGRVH R WtWXOR ORFDO [ H DV
GHQVLGDGHVGDIDVHJDVRVD7JHGDIDVHOtTXLGD7ODIUDomRGHYD]LRSRGHVHUREWLGDGH
,
§ [ · 7J
¨
¸˜
© [ ¹ 7O
$ IDVH JDVRVD p VXSHUDTXHFLGD H VXD GHQVLGDGH IRL GHWHUPLQDGD D SDUWLU GRV YDORUHV GH
WHPSHUDWXUD H SUHVVmR 'HYLGR D QmRLGHDOLGDGH D GHQVLGDGH GD IDVH OtTXLGD QmR SRGH VHU
REWLGDDSHQDVSHODPpGLDGDVGHQVLGDGHVGRUHIULJHUDQWH HGRyOHRSRQGHUDGDVSHODV IUDo}HV
PiVVLFDV ID]HQGRVH QHFHVViULR D XWLOL]DomR GH XP IDWRU GH FRUUHomR REWLGR GH $6+5$(
$IUDomRGHYD]LRFDOFXODGDSHOD(TDRORQJRGRHVFRDPHQWRpDSUHVHQWDGDQD)LJ
SDUD RV WUrV HQVDLRV DSUHVHQWDGRV QDV RXWUDV ILJXUDV 1RYDPHQWH QRWDVH TXH QD HQWUDGD GR
WXERDIDVHJDVRVDMiHVWiSUHVHQWHQRHVFRDPHQWR&RPRHUDGHVHHVSHUDUDIUDomRGHYD]LRp
FUHVFHQWH H p LQWHUHVVDQWH QRWDU TXH HOD DWLQJH YDORUHV H[WUHPDPHQWH HOHYDGRV FKHJDQGR D
VXSHUDU R OLPLWH D SDUWLU GR TXDO R HVFRDPHQWR p FRQVLGHUDGR HP HVSXPD QRUPDOPHQWH
WRPDGRFRPR'HIDWRFRPRVHUiH[SORUDGRQDVHTrQFLDSDGU}HVGHHVFRDPHQWRWtSLFRV
GHHVFRDPHQWRVHPHVSXPDVmRREVHUYDGRVHPORFDLVSUy[LPRVjVDtGDGRWXER(PERUDQD
HQWUDGDDIUDomRGHYD]LRDSUHVHQWHGLIHUHQoDVDFHQWXDGDVGHYLGRDRWtWXORQDHQWUDGDQRILQDO
GDVHomRGHWHVWHVDVIUDo}HVGHYD]LRVHPRVWUDPEDVWDQWHHOHYDGRVHFRPSHTXHQDGLIHUHQoD
HQWUHVLLQGLFDQGRSHTXHQDGHSHQGrQFLDGDIUDomRPiVVLFDQDHQWUDGDVHQGRPDLVLPSRUWDQWH
DRORQJRGRHVFRDPHQWRRWtWXORQDHQWUDGD
D
Z
Z
Z
3RVLomR P
)LJXUD'LVWULEXLomRGDIUDomRGHYD]LRDRORQJRGRWXER
3DUDVHH[SORUDUDYLVXDOL]DomRGRHVFRDPHQWRVmRDSUHVHQWDGDVVHWHIRWRJUDILDVQD)LJ
WLUDGDVHPWUrVSRVLo}HVD[LDLVDRORQJRGRWXER H FP (VWDV IRWRV IRUDP
IHLWDV HP XP HQVDLR FRP SUHVVmR QR 9$3 GH EDU SUHVVmR QR 9%3 GH EDU H
WHPSHUDWXUDGDIDVHOtTXLGDQR9$3GHž&UHVXOWDQGRHP5H $IUDomRPiVVLFD
GHUHIULJHUDQWHQR9$3IRLGH2VHQWLGRGRHVFRDPHQWRpGDGLUHLWDSDUDDHVTXHUGD
D
F
E
)LJXUD)RWRVGRHVFRDPHQWRQDVSRVLo}HVDFPEFPHFFP
$V SULPHLUDV GXDV IRWRV PRVWUDGDV QD )LJ D VmR GD SDUWH LQLFLDO GR WXER QD SRVLomR
FP$SHQDVEROKDVLVRODGDVGHJUDQGHGLkPHWURRXSHTXHQRVDJUXSDPHQWRVGHEROKDVGH
PHQRU GLkPHWUR VmR REVHUYDGRV $V EROKDV HVWmR FRQFHQWUDGDV QD SDUWH VXSHULRU GR WXER
GHYLGRjJUDYLGDGH1RWDVHQDSULPHLUDILJXUDTXHDVEROKDVQmRVmRHVIpULFDVHSRVVXHPXP
DORQJDPHQWRQDSDUWHSRVWHULRUVXSHULRU,VWRSRGHLQGLFDUDH[LVWrQFLDGHYHORFLGDGHUHODWLYD
HQWUHEROKDVHPLVWXUDOtTXLGD
$ )LJ E PRVWUD WUrV IRWRJUDILDV SDUD D SRVLomR FP 1HODV VmR LGHQWLILFDGDV
JUDQGHVSRSXODo}HVGHEROKDV GH SHTXHQR GLkPHWUR LQGLFDQGR TXH VHX GLkPHWUR GLPLQXLX H
HPJHUDOQmRRFRUUHXFRDOHVFLPHQWR2Q~PHURGHEROKDVDXPHQWRXDRORQJRGRHVFRDPHQWR
RTXHpUHODFLRQDGRDRDSDUHFLPHQWRGHQRYRVVtWLRVGHQXFOHDomR2HIHLWRGDJUDYLGDGHQmRp
PDLV LGHQWLILFDGR H DV EROKDV VH GLVWULEXHP TXDVH KRPRJHQHDPHQWH QR LQWHULRU GR WXER $V
WUrV IRWRV PRVWUDP TXH XP HVFRDPHQWR HP UHJLPH SHUPDQHQWH YHUGDGHLUR QmR p REVHUYDGR
XPDYH]TXHH[LVWHPGLIHUHQoDVQRVSDGU}HVGHEROKDVRFRUUHQGRQDPHVPDSRVLomRD[LDO
$V GXDV ~OWLPDV IRWRV DSUHVHQWDGDV QD )LJ F VmR GD SDUWH ILQDO GR WXER QD SRVLomR
FP1HODVDVEROKDVQmRVmRPDLVLGHQWLILFDGDV8PDHVWUXWXUDFRQWtQXDHKRPRJrQHDp
REVHUYDGDSULQFLSDOPHQWHQD~OWLPDILJXUDLQGLFDQGRHVFRDPHQWRHPHVSXPD
&RQWUiULRDRTXHpREVHUYDGRHPHVFRDPHQWRGHUHIULJHUDQWHFRPSHTXHQDTXDQWLGDGHGH
yOHR RQGH YiULRV SDGU}HV VmR HQFRQWUDGRV FRPR HVWUDWLILFDGR DQXODU H VOXJ R HVFRDPHQWR
DSUHVHQWDGRDTXLDSUHVHQWRXVRPHQWHGRLVSDGU}HVHVFRDPHQWRHPEROKDVHHPHVSXPD
&21&/86­2
8PD EDQFDGD H[SHULPHQWDO IRL SURMHWDGD H FRQVWUXtGD SDUD LQYHVWLJDU R GHVSUHQGLPHQWR
GH UHIULJHUDQWH GR yOHR TXH p IRUoDGR D HVFRDU HP GRLV WXERV UHWRV KRUL]RQWDLV GH SHTXHQR
GLkPHWUR $ SULQFLSDO PRWLYDomR GHVWH WUDEDOKR p PHOKRUDU D FRPSUHHQVmR GHVWH WLSR GH
HVFRDPHQWR GH PLVWXUD SDUD GHVHQYROYHU PRGHORV ItVLFRV SDUD VHUHP XVDGRV HP DQiOLVH H
VLPXODomRGHSURFHVVRVGHOXEULILFDomRTXHRFRUUHPGHQWURGRFRPSUHVVRU
$ TXHGD GH SUHVVmR DR ORQJR GR HVFRDPHQWR SURYRFD D OLEHUDomR GH UHIULJHUDQWH SHOD
PLVWXUDOtTXLGDGHYLGRjUHGXomRGDVROXELOLGDGHGRUHIULJHUDQWHQRyOHR$HQHUJLDQHFHVViULD
SDUDPDQWHUDHYDSRUDomRGHUHIULJHUDQWHpSURYLGDSHODPLVWXUDOtTXLGDTXHSRUVXDYH]WHP
VXD WHPSHUDWXUD GLPLQXtGD 2 GHVSUHQGLPHQWR GH JiV HYHQWXDOPHQWH DWLQJH XP HVWiJLR QR
TXDOHVFRDPHQWRHPHVSXPDpREVHUYDGR
3DUDDPDLRULDGDVUHJL}HVGHHVFRDPHQWRELIiVLFRDPLVWXUDyOHRHUHIULJHUDQWHDSUHVHQWD
DSHQDV R SDGUmR GH HVFRDPHQWR HP EROKDV QR TXDO FRP R DXPHQWR GD IUDomR GH YD]LR D
SRSXODomRGHEROKDVDXPHQWDHRGLkPHWURGDVEROKDVGLPLQXL
5()(5Ç1&,$6
$6+5$(5HIULJHUDQWVLQ$6+5$(+DQGERRN±)XQGDPHQWDOV$PHULFDQ6RFLHW\RI
+HDWLQJ 5HIULJHUDWLRQ DQG $LUFRQGLWLRQLQJ (QJLQHHUV ,QF $WODQWD FKDSWHU SS
$6+5$( /XEULFDQWV LQ UHIULJHUDQW V\VWHPV LQ $6+5$( +DQGERRN ± 5HIULJHUDWLRQ
$PHULFDQ 6RFLHW\ RI +HDWLQJ 5HIULJHUDWLRQ DQG $LUFRQGLWLRQLQJ (QJLQHHUV ,QF
$WODQWDFKDSWHUSS
'URVW572XWJDVVLQJDQGDEVRUSWLRQUDWHVRIRLOUHIULJHUDQWPL[WXUHV3URFHHGLQJVRI
WKH,QWHUQDWLRQDO&RPSUHVVRU(QJLQHHULQJ&RQIHUHQFHDW3XUGXH:HVW/DID\HWWHYRO
SS
(FNHOV 6 - DQG 0 % 3DWH ,QWXEH HYDSRUDWLRQ DQG FRQGHQVDWLRQ RI UHIULJHUDQW
OXEULFDQW PL[WXUHV RI +)&D DQG &)& $6+5$( 7UDQVDFWLRQV YRO SDUW SS
)XNXWD 0 7 <DQDJLVDZD 7 6KLPL]X DQG + 1LVKLMLPD 7UDQVLHQW PL[LQJ
FKDUDFWHULVWLFV RI UHIULJHUDQW ZLWK UHIULJHUDWLRQ RLO 3URFHHGLQJV RI WKH ,QWHUQDWLRQDO
&RQJUHVVRI5HIULJHUDWLRQYROSS
*RVZDPL'<'26KDK&.-RWVKL6%KDJZDW0/HXQJDQG$6*UHJRU\
)RDPLQJFKDUDFWHULVWLFVRI+)&UHIULJHUDQWV$6+5$(-RXUQDO-XQHSS
*UHEQHU--DQG55&UDZIRUG7KHHIIHFWVRIOXEULFDQWRQHYDSRUDWRUFDSDFLW\IRU
V\VWHPV XVLQJ PL[WXUHV RI 5PLQHUDO RLO DQG 5DV\QWKHWLF RLO $6+5$(
7UDQVDFWLRQVYROSDUWSS
*UROO($8SGDWHRQ&)&VXEVWLWXWHVLQWKH86$ZLWKUHVSHFWWRYDSRUFRPSUHVVLRQ
WHFKQRORJ\ 3URFHHGLQJV RI WKH ,QWHUQDWLRQDO &RPSUHVVRU (QJLQHHULQJ &RQIHUHQFH DW
3XUGXH:HVW/DID\HWWHYROSS
+DPEUDHXV.+HDWWUDQVIHURIRLOFRQWDPLQDWHG+)&DLQDKRUL]RQWDOHYDSRUDWRU
,QWHUQDWLRQDO-RXUQDORI5HIULJHUDWLRQYROQSS
/HXQJ0&.-RWVKLDQG'<*RVZDPL0HDVXUHPHQWVRIDEVRUSWLRQUDWHVRI+)&
VLQJOH DQG EOHQGHG UHIULJHUDQWV LQ 32( RLOV +9$&5 5HVHDUFK YRO Q $SULO
SS
/LOMH . & 0 6DEDKL DQG 6 +DPLG 3RO\EDVLF HVWHUV QRYHO V\QWKHWLF OXEULFDQWV
GHVLJQHG IRU XVH LQ +)& FRPSUHVVRUV $6+5$( 7UDQVDFWLRQV YRO SDUW SS
6FKODJHU/00%3DWHDQG$(%HUJOHV$VXUYH\RIUHIULJHUDQWKHDWWUDQVIHUDQG
SUHVVXUHGURSHPSKDVL]LQJRLOHIIHFWVDQGLQWXEHDXJPHQWDWLRQ$6+5$(7UDQVDFWLRQV
YROSDUWSS
6KRUW * ' DQG 5 & &DYHVWUL +LJKYLVFRVLW\ HVWHU OXEULFDQWV IRU DOWHUQDWLYH
UHIULJHUDQWV$6+5$(7UDQVDFWLRQVYROSDUWSS
6XQGDUHVDQ6*DQG:5)LQNHQVWDGW3RO\DON\OHQHJO\FRODQGSRO\ROHVWHUOXEULFDQW
FDQGLGDWHVIRUXVHZLWK+)&DLQUHIULJHUDWLRQFRPSUHVVRUV$6+5$(7UDQVDFWLRQV
YROSDUWSS
7KRPDV5+3DQG+73KDP6ROXELOLW\DQGPLVFLELOLW\RIHQYLURQPHQWDOO\VDIHU
UHIULJHUDQWOXEULFDQWPL[WXUHV$6+5$(7UDQVDFWLRQVYROSDUWSS
5()5,*(5$17287*$66,1*)5202,/)/2:,1675$,*+7
+25,=217$/&2167$17',$0(7(578%(
$EVWUDFW,QWKHSUHVHQWLQYHVWLJDWLRQWKHUHIULJHUDWLRQRLOIORZZLWKUHIULJHUDQWRXWJDVVLQJLV
H[SORUHGH[SHULPHQWDOO\$PL[WXUHRIRLOVDWXUDWHGZLWKUHIULJHUDQWLVIRUFHGWRIORZLQWZR
VWUDLJKWKRUL]RQWDOWXEHVRIFRQVWDQWGLDPHWHU2QHWXEHLVXVHGIRUIORZYLVXDOL]DWLRQDQGWKH
RWKHU LV LQVWUXPHQWHG IRU SUHVVXUH DQG WHPSHUDWXUH PHDVXUHPHQWV $W WKH WXEHV LQOHW OLTXLG
VWDWHSUHYDLOVDQGDVIORZSURFHHGVWKHSUHVVXUHGURSUHGXFHVWKHJDVVROXELOLW\LQWKHRLODQG
RXWJDVVLQJRFFXUV,QLWLDOO\VPDOOEXEEOHVDUHREVHUYHGDQGHYHQWXDOO\WKHEXEEOHSRSXODWLRQ
UHDFKHVDVWDJHZKHUHIRDPLQJIORZLVREVHUYHG7KHIORZYLVXDOL]DWLRQDOORZHGLGHQWLILFDWLRQ
RI WKH WZRSKDVHV IORZ UHJLPHV H[SHULPHQWHG E\ WKH PL[WXUH 3UHVVXUH DQG WHPSHUDWXUH
GLVWULEXWLRQV DUH PHDVXUHG DORQJ WKH IORZ DQG IURP WKDW WKH PL[WXUH YRLG IUDFWLRQ LV
HVWLPDWHG *HQHUDO DVSHFWV RI WKH PL[WXUH IORZ DUH DGGUHVVHG LQ WKH FRQWH[W RI OXEULFDWLRQ
PRGHOV WR EH XVHG LQ DQDO\VLV DQG VLPXODWLRQ RI OXEULFDWLQJ SURFHVV RFFXUULQJ LQVLGH WKH
FRPSUHVVRU
.H\ZRUGV/XEULFDWLRQ2LOUHIULJHUDQWLWHUDWLRQ5HIULJHUDQWRXWJDVVLQJIURPRLO