6LPXODGR
%LRORJLD*HRJUDILD
+LVWyULD0DWHPiWLFD
(6
%LRORJLD
8)35&RPEDVHQRGHVHQKRDEDL[RTXHUHSUHVHQWDXPDFpOXODYHJHWDO
IRUDPIHLWDVVHLVDILUPDo}HV
$HVWUXWXUDHVWiSUHVHQWHDSHQDVQDVFpOXODVGHRUJDQLVPRV
HXFDULRQWHV
$VHVWUXWXUDVHFRUUHVSRQGHPUHVSHFWLYDPHQWHDFORURSODVWR
PLWRF{QGULDHUHWtFXORHQGRSODVPiWLFRUXJRVR
$HVWUXWXUDGiRULJHPDRVULERVVRPRV
$HVWUXWXUDWHPDIXQomRGHDUPD]HQDPHQWRGHVXEVWkQFLDVH
UHJXODomRGDSUHVVmRRVPyWLFD
$HVWUXWXUDHVWiSUHVHQWHWDPEpPQDVFpOXODVDQLPDLV
(VWDFpOXODDRVHUWUDQVIHULGDSDUDXPPHLRKLSHUW{QLFRDEVRUYHUi
iJXDSRURVPRVHDWpILFDUW~UJLGD
(VWmRFRUUHWDVDVDILUPDo}HV
D
E
F
G
H
*9&RQVLGHUHRWH[WRDEDL[R
1DVXSHUItFLHOLYUHGDVFpOXODVHSLWHOLDLVGDWUDTXpLDH[LVWHXPDJUDQGH
TXDQWLGDGHGHHVWUXWXUDVPyYHLVFKDPDGDV,(VVDVHVWUXWXUDV
RULJLQDPVHDSDUWLUGRV,,HSDUDVHXVPRYLPHQWRVXWLOL]DP
HQHUJLDIRUQHFLGD,,,
3DUDTXHRWH[WRILTXHFRUUHWR,,,H,,,GHYHPVHUSUHHQFKLGRV
UHVSHFWLYDPHQWHSRU
DFtOLRVFHQWUtRORVHSHODVPLWRF{QGULDV
EFtOLRVFRUS~VFXORVEDVDLVHSHORVULERVVRPRV
FIODJHORVFHQWUtRORVHSHODVPLWRF{QGULDV
GPLFURYLORVLGDGHVFRUS~VFXORVEDVDLVHSHORVULERVVRPRV
HPLFURYLORVLGDGHVFHQWUtRORVHSHORVULERVVRPRV
8))5-&RQVLGHUHTXHRHVTXHPDDEDL[RUHSUHVHQWDXPDEDFWpULDRQGH
HVWmRHVSHFLILFDGRVFRPSRQHQWHVUHODFLRQDGRVFRPDVtQWHVHSURWpLFD
$VVLQDOHDRSomRHPTXHDVSRVVLELOLGDGHVHVWmRFRUUHWDV
(VWiRFRUUHQGRGXSOLFDomRGR'1$SRLVHVWHVHHQFRQWUDIHFKDGR
(VWiRFRUUHQGRWUDQVFULomRSRUWDQWRKiIRUPDomRGH51$
(VWiRFRUUHQGRWUDGXomRSRUWDQWRKiIRUPDomRGHSURWHtQD
DDSHQDV
EH
FH
GH
HH
&HVJUDQULR5-6REUHDVtQWHVHGHSURWHtQDVVmRIHLWDVDVVHJXLQWHV
DILUPDo}HV
,8P51$W51$WUDQVSRUWDGRUWUDQVSRUWDVHPSUHXPGHWHUPLQDGR
DPLQRiFLGR(VVHDPLQRiFLGRSRUpPSRGHVHUWUDQVSRUWDGRSRU
YiULRV51$W
,,$WUDGXomRGRFyGLJRTXtPLFRGR51$P51$PHQVDJHLURRFRUUH
QRVULERVVRPRVORFDOL]DGRVQRUHWtFXORHQGRSODVPiWLFRUXJRVR
,,,$VPROpFXODVGH51$WDSUHVHQWDPQXPDGHWHUPLQDGDUHJLmRGDVXD
PROpFXODXPDWULQFDGHEDVHVGHQRPLQDGDDQWLFyGRQ
6mRFRUUHWDV
DDSHQDV,,
EDSHQDV,,,
FDSHQDV,H,,
GDSHQDV,,H,,,
H,,,H,,,
8QLIRU&(&RQVLGHUHDVDILUPDo}HVDEDL[RUHODWLYDVDHQ]LPDV
,6mRSURWHtQDVFRPIXQomRFDWDOLVDGRUD
,,&DGDHQ]LPDSRGHDWXDUTXLPLFDPHQWHHPGLIHUHQWHVVXEVWUDWRV
,,,&RQWLQXDPTXLPLFDPHQWHLQWDFWDVDSyVDUHDomR
,91mRVHDOWHUDPFRPDVPRGLILFDo}HVGDWHPSHUDWXUDHS+GRPHLR
6mRYHUGDGHLUDV
D,H,,,DSHQDV
E,,H,9DSHQDV
F,,,,H,9DSHQDV
G,,,,,H,9DSHQDV
H,,,,,,H,9
)89(678PFURPRVVRPRpIRUPDGRSRUXPDORQJDPROpFXODGH
'1$DVVRFLDGDDSURWHtQDV,VVRSHUPLWHDILUPDUTXHRQ~FOHRGHXPD
FpOXODVRPiWLFDKXPDQDHP$SRVVXL%PROpFXODV
GH'1$4XDOGDVDOWHUQDWLYDVLQGLFDRVWHUPRVTXHVXEVWLWXHP
FRUUHWDPHQWHDVOHWUDV$H%"
D$
E$
F$
G$
H$
LQtFLRGHLQWpUIDVH*% ILPGHLQWpUIDVH*% LQtFLRGHPLWRVHSUyIDVH% ILPGHPLWRVHWHOyIDVH% TXDOTXHUIDVHGRFLFORFHOXODU% 5HODFLRQHDVIDVHVGDPLWRVHFROXQD,FRPRVUHVSHFWLYRVIHQ{PHQRV
FROXQD,,
&ROXQD,
IDVHVGDPLWRVH
&ROXQD,,
IHQ{PHQRV
3UyIDVH
0HWiIDVH
$QiIDVH
7HOyIDVH
FLWRFLQHVH
FRQGHQVDomRGRVFURPRQHPDV
VHSDUDomRGDVFURPiWLGHVLUPmV
Pi[LPDFRQGHQVDomRGRVFURPRVVRPRV
$VHTrQFLDFRUUHWDGHFLPDSDUDEDL[RQDFROXQD,,p
D
E
F
G
H
38&63&HUWDHVSpFLHDQLPDOWHPQ~PHURGLSOyLGHGHFURPRVVRPRV
LJXDODQ 8PDFpOXODGHXPLQGLYtGXRGHVVDHVSpFLHHQFRQWUDVHHPGLYLVmRH
DSUHVHQWDFURPRVVRPRVVLPSOHVVHQGRSX[DGRVSDUDFDGDSyOR
$SDUWLUGHVVDLQIRUPDomRSRGHVHDILUPDUTXHDUHIHULGDFpOXODVH
HQFRQWUD
DQDPHWiIDVHGDPLWRVH
EQDDQiIDVHGDPLWRVH
FQDPHWiIDVHGDDGLYLVmRGDPHLRVH
GQDDQiIDVHGDDGLYLVmRGDPHLRVH
HQDDQiIDVHGDDGLYLVmRGDPHLRVH
&pOXODVVRPiWLFDVHPPHWiIDVHGHXPRUJDQLVPRTXHVHUHSURGX]
VH[XDOPHQWHDSUHVHQWDPRVHJXLQWHFDULyWLSR
$QDOLVDQGRVHHVWHFDULyWLSRpSRVVtYHOFRQFOXLUTXHVHWUDWDGHXP
RUJDQLVPR
D'LSOyLGHFRPQ
WpWUDGHV
E+DSOyLGHFRPQ
WpWUDGHV
F'LSOyLGHFRPQ
WpWUDGHV
G'LSOyLGHFRPQ
WpWUDGHV
H'LSOyLGHFRPQ
WpWUDGHV
HTXHQDSUyIDVH,GDPHLRVHDSUHVHQWDFLQFR
HTXHQDSUyIDVH,GDPHLRVHDSUHVHQWDFLQFR
HTXHQDSUyIDVH,GDPHLRVHDSUHVHQWDFLQFR
HTXHQDSUyIDVH,GDPHLRVHDSUHVHQWDGH]
HTXHQDSUyIDVH,GDPHLRVHDSUHVHQWDGH]
$QDOLVDQGRRSURFHVVRGHJDPHWRJrQHVHHPPDPtIHURVDVVLQDOHD
DOWHUQDWLYDLQFRUUHWD
D2JDPHWDIHPLQLQRpXPDFpOXODJUDQGHHLPyYHOFXMRFLWRSODVPD
DXPHQWDPXLWRGXUDQWHRSURFHVVRGHIRUPDomR
E1DIRUPDomRGRVHVSHUPDWR]yLGHVRFRUUHXPDHWDSDGHGLIHUHQFLDomR
FHOXODUDSyVDGLYLVmRPHLyWLFD
F$SyVDGLYLVmRPHLyWLFDGHFDGDRYRJ{QLDRULJLQDPVHTXDWURRYyFLWRV
LGrQWLFRV
G2SURFHVVRGHRYXORJrQHVHRFRUUHHPHWDSDVSHUPDQHFHQGRRV
RYyFLWRVHPDOJXPHVWiJLRGDPHLRVHGXUDQWHJUDQGHSDUWHGDYLGDGD
PXOKHU
H'HFDGDHVSHUPDWRJ{QLDTXHLQLFLDRSURFHVVRGHHVSHUPDWRJrQHVH
IRUPDPVHTXDWURHVSHUPDWR]yLGHV
&HVJUDQULR5-$VVLQDOHDDOWHUQDWLYDFRUUHWDFRPUHODomRjUHSURGXomR
GRVVHUHVYLYRV
DHPGHWHUPLQDGDVVLWXDo}HVpSRVVtYHOREVHUYDUVHRGHVHQYROYLPHQWR
GHRYRVFRPDSDUWLFLSDomRGHXPVyJDPHWDIHQ{PHQRTXHp
GHQRPLQDGRSDUWHQRJrQHVHHTXHVyRFRUUHHPYHJHWDLVQmR
H[LVWLQGRH[HPSORVGHVXDRFRUUrQFLDHQWUHDQLPDLV
EDSDUWHQRJrQHVHVyRFRUUHHPFRQGLo}HVH[SHULPHQWDLVQmRVH
YHULILFDQGRQRUPDOPHQWHHPDQLPDLVHYHJHWDLV
FDSDUWHQRJrQHVHSRGHRFRUUHUHPDOJXQVLQYHUWHEUDGRVFRPRSRU
H[HPSORDVDEHOKDVFRQVWLWXLQGRDSDUWHQRJrQHVHQDWXUDO
GQDVDYHVDSDUWHQRJrQHVHpRSURFHVVRKDELWXDOGHGHVHQYROYLPHQWRH
VyHODSHUPLWHH[SOLFDUDHYROXomRGHRYRVTXHHQYROYLGRVSHODFDVFD
QmRWrPSRVVLELOLGDGHGHSHUPLWLUDSHQHWUDomRGHHVSHUPDWR]yLGHV
HRVJrPHRVIUDWHUQRVVmRVHPSUHH[SOLFDGRVSHORGHVHQYROYLPHQWR
SDUWHQRJHQpWLFR
)89(67PRG(PXPDJUDYLGH]JHPHODURSDUGHJrPHRVpGRVH[R
PDVFXOLQR(QWmRpFRUUHWRDILUPDU
DHVWHVJrPHRVVySRGHPVHUPRQR]LJyWLFRV
EHVWHJrPHRVVySRGHPVHUGL]LJyWLFRV
FHVWHVJrPHRVSRGHPVHUPRQR]LJyWLFRVRXGL]LJyWLFRV2V
PRQR]LJyWLFRVSRVVXHPRPHVPRVH[RWDOTXDODSROLHPEULRQLDGR
WDWX
GHVWHVJrPHRVSRGHPVHUPRQR]LJyWLFRVRXGL]LJyWLFRV2VGL]LJyWLFRV
SRVVXHPRPHVPRVH[RWDOTXDODSROLHPEULRQLDGRVFmHV
HJrPHRVGL]LJyWLFRVRULJLQDPVHGHXPRYyFLWR,,HXPFRUS~VFXOR
SRODUFDGDXPIHFXQGDGRSRUXPHVSHUPDWR]yLGHGLIHUHQWH
&RQVLGHUHDVFDUDFWHUtVWLFDVGDVFpOXODV$%&H'LQGLFDGDVQDWDEHOD
DEDL[RUHODFLRQDGDVjSUHVHQoDRXDXVrQFLD²GHDOJXQV
FRPSRQHQWHV
FpOXOD
$
%
&
'
FRPSOH[R FORURSODV FORURILOD
GH*ROJL WR
²
²
²
²
²
²
SDUHGH
FHXODU
²
YDF~ROR
FHQWUDO
²
²
²
$VVLQDOHDDOWHUQDWLYDTXHDSUHVHQWDH[HPSORVGHRUJDQLVPRVTXH
SRVVXHPFpOXODVGRWLSR$%&H'UHVSHFWLYDPHQWH
DSURWR]RiULRSLQKHLURFKDPSLJQRQFDVFDYHO
EFLDQREDFWpULDODUDQMHLUDSURWR]RiULRPLQKRFD
FSURWR]RiULRPXVJRERORUGHSmRUDWR
GFLDQREDFWpULDVDPDPEDLDFRJXPHORSURWR]RiULR
HEDFWpULDOtTXHQERORUGHIUXWDORERJXDUi
+iXPFXLGDGRTXHGHYHVHUWRPDGRTXDQGRVHFRPSUDXPDOLPHQWR
HQODWDGR'HYHPRVREVHUYDUQmRVyDGDWDGHIDEULFDomRHRSUD]RGH
YHQFLPHQWRGRSURGXWRPDVWDPEpPRDVSHFWRGDODWDTXHQmRGHYHVH
DSUHVHQWDUFRPDWDPSDHVWXIDGD6HDWDPSDHVWLYHUHVWXIDGDSRGH
WHUVHGHVHQYROYLGRGHQWUHRXWUDVEDFWpULDVDFDXVDGRUDGRERWXOLVPR
XPDGRHQoDIUHTHQWHPHQWHIDWDO)RLRTXHRFRUUHXFRPDOJXPDV
SHVVRDVTXHFRQVXPLUDPXPDPDUFDGHSDOPLWRVQRDQRSDVVDGR
$VVLQDOHDDOWHUQDWLYDTXHUHVSRQGHDVTXHVW}HVHQHVVDRUGHP
$TXHUHLQRSHUWHQFHDVEDFWpULDV"
4XDORWLSRGHUHVSLUDomRHVVDEDFWpULDPDQWpPQRLQWHULRUGDODWD
IHFKDGD"
2TXHGHL[DDODWDHVWXIDGD"
&LWHXPDGRHQoDFDXVDGDSRUEDFWpULDV
D0RQHUDIHUPHQWDomR&2WpWDQR
E3URWLVWDIHUPHQWDomR&2OHSUD
F0RQHUDUHVSLUDomRDQDHUyELFD2FD[XPED
G0RQHUDIRWRVVtQWHVH2VtILOLV
H3URWLVWDUHVSLUDomRDQDHUyELFD&2WXEHUFXORVH
&RPEDVHQDLOXVWUDomRDEDL[RIORUHPFRUWHORQJLWXGLQDOUHVSRQGD
TXDLVRVQ~PHURVGDVHVWUXWXUDVTXHIRUPDUmRUHVSHFWLYDPHQWHDSyVD
IHFXQGDomRDFDVFDGRIUXWRFDVFDGDVHPHQWHHPEULmRH
HQGRVSHUPD&RQVLGHUDQGRTXHDIORUHPTXHVWmRDSUHVHQWDVpSDODVH
SpWDODVDTXDOJUXSRGHSODQWDVHODSHUWHQFH"
D
JLPQRVSHUPDV
EGLFRWLOHG{QHDV
F
PRQRFRWLOHG{QHDV
GDQJLRVSHUPDV
H
GLFRWLOHG{QHDV
$QDOLVHDVFDUDFWHUtVWLFDVDEDL[RQXPHUDGDVGHD
3UHVHQoDGHWHFLGRVGHFRQGXomR
3UHVHQoDGHUDL]FDXOHHIROKDVGLIHUHQFLDGRV
3UHVHQoDGHJUmRVGHSyOHQ
3UHVHQoDGHWHFLGRVYHUGDGHLURV
+HWHUyWURIRV
5HSURGXomRVH[XDGDSRUPHWDJrQHVH
,VRVSRUDGDVRXUDUDPHQWHKHWHURVSRUDGDV
*DPHWyILWRpDIDVHGXUDGRXUD
0HLRVHJDPpWLFD
6RURVFRQWHQGRVHPHQWHV
$VVLQDOHDDOWHUQDWLYDTXHFRQWpPDSHQDVDVFDUDFWHUtVWLFDVDXVHQWHVQDV
SWHULGyILWDV
D
E
F
G
H
)89(67$IHQLOFHWRQ~ULDpXPDGRHQoDFRPKHUDQoDDXWRVV{PLFD
UHFHVVLYD(PFHUWDFRPXQLGDGHHXURSpLDXPDHPFDGDSHVVRDVFRP
IHQyWLSRQRUPDOpKHWHUR]LJyWLFDTXDQWRDRJHQHTXHGHWHUPLQDD
IHQLOFHWRQ~ULD(PFDVDPHQWRVRFRUULGRVHQWUHPHPEURVVDGLRVGHVVD
FRPXQLGDGHTXDORQ~PHURHVSHUDGRGHFDVDPHQWRVFRPULVFRGHJHUDU
FULDQoDVIHQLOFHWRQ~ULFDV"
D
E
F
G
H
)$7(&1DHVSpFLHKXPDQDRDOELQLVPRpFDXVDGRSRUXPJHQH
DXWRVV{PLFRUHFHVVLYR$SUREDELOLGDGHGRSULPHLURILOKRGHXPKRPHP
DOELQRFDVDGRFRPXPDPXOKHUQRUPDOPDVKHWHUR]LJRWDVHUDOELQRHGR
VH[RPDVFXOLQRp
DQXOD
E
F
G
H
981(632HVTXHPDPRVWUDDJHQHDORJLDGHXPDIDPtOLD2V
VtPERORVHVFXURVUHSUHVHQWDPRVLQGLYtGXRVPtRSHVHRVFODURVRV
LQGLYtGXRVGHYLVmRQRUPDO
$SUREDELOLGDGHGRFDVDO,H,,WHUXPDFULDQoDPtRSHp
DLPSUHYLVtYHOSRUTXHDPXOKHUWDQWRSRGHVHUKRPR]LJRWDFRPR
KHWHUR]LJRWD
EQXODSRUTXHDPXOKHUWHPRJHQHGRPLQDQWHHPKRPR]LJRVH
FSRUTXHGRVJDPHWDVGDPXOKHUWUDQVSRUWDPRJHQHUHFHVVLYR
GSRUTXHRFDVDOMiWHPWUrVILOKRVFRPYLVmRQRUPDO
HSRUTXHRJHQHSDUDDPLRSLDpUHFHVVLYR
81$(53632HVTXHPDDVHJXLUUHSUHVHQWDRVSULQFLSDLVFRPSRQHQWHV
GRYtUXVGD$,'6R+,9(VFROKDDDOWHUQDWLYDFRUUHWDHPUHODomRDHVVD
GRHQoD
D$LQIRUPDomRJHQpWLFDGHVVHVYtUXVHQFRQWUDVHORFDOL]DGDQR'1$TXH
VHGXSOLFDQXPDYHORFLGDGHPXLWRJUDQGHQmRGDQGRWHPSRSDUDD
FpOXODSURGX]LUDQWLFRUSRV
E251$GHVVHVYtUXVpLQFDSD]GHVHGXSOLFDUSRUpPDVVRFLDGRj
WUDQVFULSWDVHUHYHUVDHOHSURGX]XPPROGHGH'1$TXHIDEULFDYiULRV
51$
F2YtUXVGD$,'6pFRQVLGHUDGRXPUHWURYtUXVSRLVR'1$VRIUH
UHSOLFDomRGXUDQWHDLQVWDODomRGDGRHQoD
G$$,'6pFDXVDGDSRUXPYtUXVTXHVHLQVWDODHPSHVVRDVFRPEDL[D
UHVLVWrQFLDRUJkQLFDSURYRFDQGRDPRUWH
H2YtUXVGD$,'6SRVVXL'1$H51$FRQIHULQGROKHJUDQGHSRGHUGH
PXOWLSOLFDomR
*HRJUDILD
2EVHUYHRFDUWRJUDPDDEDL[RFRPDWHQomRHDVVLQDOHDDOWHUQDWLYD
FRUUHVSRQGHQWHjiUHDHPGHVWDTXH
D7UDWDVHGD3DOHVWLQDWHUULWyULRGLVSXWDGRSRUiUDEHVHMXGHXVGHVGH
TXDQGRIRLFULDGRR(VWDGRGH,VUDHO
E7UDWDVHGDUHJLmRRQGHORFDOL]DPVHDVSULQFLSDLVUHVHUYDVGHSHWUyOHR
UHJLRQDLVFXMDSURGXomRpFRQWURODGDSHORFDUWHOGD23(3
F7UDWDVHGDSODQtFLHGD0HVRSRWkPLDEDQKDGDSHORVULRV7LJUHH
(XIUDWHVFRPVRORVGHDOWDIHUWLOLGDGHHPWHUULWyULRLUDQLDQR
G7UDWDVHGRWHUULWyULRRQGHYLYHDQDomRGRVFXUGRVTXHUHLYLQGLFDR
GLUHLWRjDXWRGHWHUPLQDomRHVHFRQIURQWDFRPRUHJLPHLUDTXLDQRGH
6DGGDP+XVVHLQ
H7UDWDVHGDSULQFLSDOUHJLmRLQGXVWULDOGR2ULHQWH0pGLRFRPJUDQGH
FRQFHQWUDomRGHLQG~VWULDVSHWURTXtPLFDVFRQWURODGDVSHOR,Um,UDTXH
H7XUTXLD
$VVLQDOHDDOWHUQDWLYDTXHH[SOLFDRVIOX[RVGHVWDFDGRVQRFDUWRJUDPD
DFLPD
D$ÉVLD0HULGLRQDOpRPDLVSRSXORVRGRVJUDQGHVEROV}HVGHSREUH]D
FRQWHPSRUkQHRVRTXHJHUDJUDQGHVIOX[RVPLJUDWyULRVHPEXVFDGH
WUDEDOKRHQWUHVXDVSULQFLSDLViUHDVDJUtFRODV
E2PHFDQLVPRGDVPRQo}HVIDYRUHFHDDJULFXOWXUDQDÉVLD0HULGLRQDOH
SRURXWURODGRSURYRFDHQFKHQWHVFDWDVWUyILFDVQDVSULQFLSDLVFLGDGHV
GRVYDOHVGRVULRV,QGRH*DQJHV
F2SURFHVVRGHLQGHSHQGrQFLDTXHOHYRXjFULDomRGDÌQGLDHGR
3DTXLVWmRSURYRFRXXPr[RGRUHOLJLRVRGHPDLVGHPLOK}HVGH
SHVVRDVHQWUHHVVHVGRLVSDtVHVHSURGX]LXXPDULYDOLGDGHTXH
SHUPDQHFHQDDWXDOLGDGH
G$DEHUWXUDHFRQ{PLFDGDÉVLD0HULGLRQDOOHYDDXPDFRQFHQWUDomR
LQGXVWULDOQRVSULQFLSDLVFHQWURVXUEDQRVHHVWLPXODDVPLJUDo}HVGH
RUGHPHFRQ{PLFDMiTXHSRVVLELOLWDPDVXSHUDomRGHXPHVWDGRGH
SREUH]DFU{QLFDGDVSRSXODo}HVUXUDLV
H$UHOLJLRVLGDGHGDVSRSXODo}HVGDÉVLD0HULGLRQDOSURGX]JUDQGHV
SHUHJULQDo}HVQDGLUHomRGRVSULQFLSDLVVDQWXiULRVKLQGXtVWDVH
PXoXOPDQRVRTXHLQWHUIHUHQDSURGXomRDJUtFRODHQRVSULQFLSDLV
IOX[RVGHFRPpUFLRUHJLRQDLV
,QGLFDGRU
3RSXODomR
3RSXODomR8UEDQD
3,%
7RWDOGDVH[SRUWDo}HV
2XUR
0LQHUDLVH0HWDLV
3URGXWRV$JUtFRODV
8QLGDGH
PLOKmRGHKDELWDQWHV
8ELOKmR
8ELOKmR
)RQWH20XQGR+RMH$QXiULR(FRQ{PLFRH*HRSROtWLFR0XQGLDO
6mR3DXOR(GLWRUD(QVDLR
$WDEHODDFLPDGHPRQVWUD
DDPRGHUQL]DomRHFRQ{PLFDDUJHQWLQDTXHDSUHVHQWRXXPDUHGXomR
QDVH[SRUWDo}HVGHSURGXWRVSULPiULRVSDUDOHODDRFUHVFLPHQWRGDV
H[SRUWDo}HVGHLQGXVWULDOL]DGRV
EDPRGHUQL]DomRHFRQ{PLFDVXOFRUHDQDTXHGHYLGRDXPDUHIRUPD
DJUiULDEHPVXFHGLGDQmRIRLDFRPSDQKDGDSRUXPLQWHQVRSURFHVVR
GHXUEDQL]DomR
FDPRGHUQL]DomRHFRQ{PLFDGD1LJpULDRPDLVSRSXORVRGRVSDtVHV
DIULFDQRVTXHDSHVDUGHWHUDPSOLDGRDVH[SRUWDo}HVGH
LQGXVWULDOL]DGRVDLQGDGHVWDFDVHFRPRH[SRUWDGRUGHPLQpULRV
GDPRGHUQL]DomRHFRQ{PLFDGD,QGRQpVLDTXHFRQWDFRPDV
H[SRUWDo}HVGHPHWDLVSUHFLRVRVSDUDQHXWUDOL]DUDFULVHHFRQ{PLFDTXH
DIHWRXRVPHUFDGRVGRVXGHVWHDVLiWLFRDSDUWLUGRILQDOGH
HDPRGHUQL]DomRHFRQ{PLFDVXODIULFDQDTXHDXPHQWRXDVH[SRUWDo}HV
GHSURGXWRVLQGXVWULDOL]DGRVHGHYLGRDRUHJLPHGR$SDUWKHLGHj
H[LVWrQFLDGRVEDQWXVWmRVQmRIRLDFRPSDQKDGDGHXPSURFHVVRGH
DFHOHUDGDXUEDQL]DomR
4XDQGRDFULVHGREORFRVRYLpWLFRFKHJRXDRVHXDXJHHRSDtVGHL[RXGH
UHFHEHURVVXEVtGLRVGDSRWrQFLDDOLDGDPXOWLSOLFDUDPVHRVHVWtPXORV
RILFLDLVDRWXULVPRTXHGHYLGRDRVSULYLOpJLRVFRQFHGLGRVDRVHVWUDQJHLURV
WRUQRXVHXPHOHPHQWRGHSHUWXUEDomRVyFLRSROtWLFD3DVVRXDFLUFXODU
HQWUHRVMRYHQVXPDSLDGDDPDUJDVHJXQGRDTXDORSDtV
WUDQVIRUPDUDVHHPXPDVRFLHGDGHGLYLGLGDHPWUrVFODVVHVVRFLDLVD
LQIHULRUIRUPDGDSHORSRYRDLQWHUPHGLiULDFRQVWLWXtGDSHODEXURFUDFLD
FRPXQLVWDHDVXSHULRUGDTXDOIDULDPSDUWHDSHQDVRVWXULVWDV
HVWUDQJHLURV
7H[WRDGDSWDGR$5$Ô-25H0$*12/,'$1RYD*HRJUDILD
6mR3DXOR0RGHUQD
2WH[WRDFLPDUHWUDWD
DDFULVHGRVRFLDOLVPRQD,XJRVOiYLDTXHFXOPLQRXFRPXPDJXHUUDFLYLO
HFRPDLQGHSHQGrQFLDGD(VORYrQLD&URiFLD0DFHG{QLDH
%yVQLD+HU]HJRYLQD
EDH[SDQVmRGRWXULVPRHP&XEDTXHDSHVDUGREORTXHLRHFRQ{PLFR
LPSRVWRSHORV(VWDGRV8QLGRVUHDILUPDRPRGHORSROtWLFRHFRQ{PLFR
VRFLDOLVWD
FDH[SDQVmRGRWXULVPRHP&XEDTXHFRQWULEXLXSDUDDDEHUWXUD
HFRQ{PLFDHSRGHDSUHVVDURILPGRUHJLPHVRFLDOLVWDOLGHUDGRSRU
)LGHO&DVWUR
GDFULVHGRVRFLDOLVPRQD,XJRVOiYLDHDH[SDQVmRGRWXULVPRQROLWRUDO
GR0DU$GULiWLFRTXHDSyVRWpUPLQRGDJXHUUDFLYLOWUDQVIRUPRXVH
QDSULQFLSDOIRQWHGHUHQGDGHVVHSDtV
HDFULVHGRVRFLDOLVPRQD8FUkQLDHDH[SDQVmRGRWXULVPRQROLWRUDOGR
0DU1HJURTXHDSHVDUGDWUDGLFLRQDOLQIUDHVWUXWXUDGHSDUDVHFRPRV
LQWHUHVVHVUXVVRVQDEDVHQDYDOGDSHQtQVXODGD&ULPpLD
$SHQDVRWHPSRGLUiVHRQRYRSUHVLGHQWHGD&RUpLDGR6XOSRGHUi
UHDOL]DUDTXLORTXHSURPHWHXHPVHXGLVFXUVRGHSRVVHFRQFLOLDU
GHPRFUDFLDHHFRQRPLDGHPHUFDGR3DUDRVVXOFRUHDQRVHVVD
FRQFLOLDomRpXPDQRYLGDGHSRLVXPGRVJUDQGHVSUREOHPDVGRIDPRVR
PRGHORDVLiWLFRGHGHVHQYROYLPHQWRWHPVLGRRDXWRULWDULVPRTXHWHP
LPSHGLGRDRSRVLomRGHFRQWHVWDURDSRLRGRJRYHUQRDEDQFRVH
HPSUHVDVILQDQFHLUDPHQWHGHWHULRUDGDVRTXHFXOPLQRXQDYLROHQWDFULVH
HFRQ{PLFDLQLFLDGDHP
7H[WRDGDSWDGR$1RYDIDVHTXHVHDEUHQD&RUpLD2(VWDGRGH6mR
3DXORGHIHYHUHLURGH
2WH[WRUHPHWHDRPRGHORGHLQGXVWULDOL]DomRGRV7LJUHV$VLiWLFRV
UHODFLRQDGRjFULVHLQWHUQDFLRQDOTXHUHFHQWHPHQWHWHYHRULJHPQHVVD
UHJLmR$VVLQDOHDDOWHUQDWLYDTXHPHOKRUFDUDFWHUL]DRPRGHORHFRQ{PLFR
DGRWDGRSRUHVVHVSDtVHV
D,QGXVWULDOL]DomRUHFHQWHDSRLDGDQDH[SDQVmRGRPHUFDGRFRQVXPLGRU
LQWHUQRHQXPDSROtWLFDGHMXVWLoDVRFLDOFRPMXVWDGLVWULEXLomRGD
UHQGD
E,QGXVWULDOL]DomRUHFHQWHYROWDGDSDUDRPHUFDGRH[WHUQRDSRLDGDHP
PmRGHREUDEDUDWDHQXPVLVWHPDHGXFDFLRQDOGHTXDOLGDGHFRP
IDUWRVLQYHVWLPHQWRVGHFDSLWDLVMDSRQHVHV
F,QGXVWULDOL]DomRUHFHQWHDSRLDGDQDDWUDomRGHFDSLWDLVHVWUDQJHLURV
LQWHUHVVDGRVQRVUHFXUVRVQDWXUDLVDEXQGDQWHVQDUHJLmR
G,QGXVWULDOL]DomRUHFHQWHHVWLPXODGDSHORVLQWHUHVVHVVRYLpWLFRVQD
UHJLmRHFRPSOHPHQWDGDSRUDEXQGDQWHIOX[RGHFDSLWDLVMDSRQHVHV
H,QGXVWULDOL]DomRWDUGLDYROWDGDSDUDRPHUFDGRH[WHUQRFRPIRUWHV
HVWtPXORVDRFRQVXPRHIDUWRVLQYHVWLPHQWRVGHFDSLWDLVGRV(VWDGRV
8QLGRVGD$PpULFD
([DPLQHRJUiILFRHRWH[WRDEDL[RHDVVLQDOHDDOWHUQDWLYDIDOVD
2(&8pXPHPEULmRGHXPDPRHGD~QLFD1DYHUGDGH
WUDWDVHGHXPDSURWRPRHGDLVWRpGHXPDXQLGDGHGHYDORUTXHVHUYH
SDUDRFiOFXORPDVQmRFLUFXODFRPRPHLRGHWURFD
0$*12/,'HPpWULR8QLmR(XURSpLD+LVWyULDH*HRSROtWLFD6mR3DXOR
0RGHUQDDHGSiJ
D2JUiILFRDSUHVHQWDDSDUWLFLSDomRGHFDGDPRHGDQDFLRQDOQD
FRPSRVLomRGR(&8HPIXQomRGDVXDLPSRUWkQFLDUHODWLYD$VVLPD
VRPDGRVSHUFHQWXDLVGRVSDtVHVPHPEURVGR*pVXSHULRUD
E$FRQVWLWXLomRGHXPDPRHGD~QLFDpSDUWHGDVGHFLV}HVGRV7UDWDGRV
GH0DDVWULFKWQRHQWDQWRDWpRSUD]RSUHYLVWRRVPHPEURV
GHYHPDWLQJLUWD[DVGHLQIODomRSUy[LPDjVPHQRUHVGD8QLmRGtYLGD
S~EOLFDOLPLWDGDHWD[DVGHMXURVSUy[LPDVjGRVSDtVHVPHPEURVFRP
PHQRULQIODomR
F$VRPDGRVSHUFHQWXDLVGRVRLWRSDtVHVPHQRVULFRVGD8(pLQIHULRUj
SDUWLFLSDomRGR0DUFRRTXHGHPRQVWUDTXHD$OHPDQKDpD
HFRQRPLDPDLVIRUWHHWHPPDLRUSRGHUGHGHFLVmRQDVTXHVW}HV
HFRQ{PLFDV
G2VYDORUHVGDVPRHGDVQDFLRQDLVHVWmRVHPLIL[DGDVGHPRGRTXHRV
JRYHUQRVQDFLRQDLVHEDQFRVFHQWUDLVVmRREULJDGRVDLQWHUYLUQR
PHUFDGRDILPGHHYLWDUIOXWXDo}HVPRQHWiULDVVXSHULRUHVDRVOLPLWHV
SHUPLWLGRV
H2JUiILFRDSUHVHQWDDUHODWLYDLPSRUWkQFLDGDHFRQRPLDLQGXVWULDOH
WHFQROyJLFDGHFDGDSDtVDVVLPRVSDtVHVGR%(1(/8;SRVVXHPPHQRV
GHGHSDUWLFLSDomRSRUTXHVmRDJUiULRV
2PDSDDEDL[RDSUHVHQWDRVFLQWXU}HVDJURSHFXiULRVGRV(8$$VVLQDOHD
VHTrQFLDFRUUHWDGHDFRUGRFRPDVOHWUDV$%&'(
/8&&,(OLDQ$*HRJUDILD2+RPHPQRHVSDoRJOREDO6mR3DXOR
6DUDLYDSiJ
D:KHDWEHOW&RUQEHOW'DLU\EHOW)UXLWEHOW'U\IDUPLQJ
E&RUQEHOW'U\IDUPLQJ)UXLWEHOW:KHDWEHOW6XQEHOW
F:KHDWEHOW'DLU\EHOW&RUQEHOW&RWWRQEHOW'U\DUPLQJ
G:KHDWEHOW'DLU\EHOW&RWWRQEHOW6XQEHOW'U\IDUPLQJ
H&RUQEHOW'DLU\EHOW:KHDWEHOW&RWWRQEHOW6XQEHOW
2V(8$UHFHEHUDPVHPSUHPXLWRVHVWUDQJHLURVVHQGRDWXDOPHQWHXP
SDtVGHLPLJUDQWHVFDUDFWHUL]DGRSRUFRPSRVLomRpWQLFDGLYHUVLILFDGD
$SHVDUGDOHLHVWDEHOHFHUFRWDVUtJLGDVGHLPLJUDomRKiPXLWRVLPLJUDQWHV
LOHJDLVQHVVHSDtV$QDOLVHDVLQIRUPDo}HVJUiILFDVVREUHRVLPLJUDQWHV
OHJDLVHDVVLQDOHDDOWHUQDWLYDYHUGDGHLUD
D'HDFRUGRFRPRVJUiILFRVKRXYHDXPHQWRGHWRGRVRVJUXSRVGH
LPLJUDQWHVOHJDLVSDUDRV(8$HQWUHH
E20p[LFRpUHVSRQViYHOSRUHQRUPHTXDQWLGDGHGHLPLJUDQWHV
FODQGHVWLQRVSRULVVRQRJUiILFRHVVHSDtVDSUHVHQWDRPHQRU
DXPHQWRGHLPLJUDQWHVOHJDOL]DGRVSDUDRV(8$
F20p[LFRIRLRSDtVTXHPDLVLPLJUDQWHVIRUQHFHXDRV(8$HPH
HPRVSDtVHVODWLQRDPHULFDQRVQRWRWDOHVWDYDPHPSULPHLUR
OXJDU
G$ÉIULFDpDUHJLmRTXHPHQRUDXPHQWRSHUFHQWXDODSUHVHQWRXHQWUH
H
H2JUDQGHQ~PHURGHDVLiWLFRVLPLJUDQWHVGHPRQVWUDTXHDSHVDUGH
KDYHUEDUUHLUDVOLQJXtVWLFDVHFXOWXUDLVHQWUHHVVHVSRYRVHOHV
FRQVWLWXHPSDUDRV(8$PmRGHREUDTXDOLILFDGDSDUDDLQG~VWULDGH
WHFQRORJLDGHSRQWD
2&RPLWr&HQWUDOGR3DUWLGR&RPXQLVWDFKLQrVDSURYRXRQWHPXPSODQR
SDUDUHRUJDQL]DURJRYHUQRPHGLDQWHPXGDQoDVGHFDUJRVHUHGXomRGR
WDPDQKRGRVPLQLVWpULRVRSODQRLQFOXLDIXVmRHDGLVVROXomRGH
DOJXQVPLQLVWpULRVHDXQLmRGHDOJXPDVSDVWDVFRPHPSUHVDVTXH
HVWHMDPHPPHOKRUHVFRQGLo}HVTXHRJRYHUQRGHVDWLVID]HUDV
QHFHVVLGDGHVGHXPDHFRQRPLDRULHQWDGDDRPHUFDGR
2GLVVLGHQWH/LQ;LQVKXFXPSUHSULVmRGRPLFLOLDUGHVGH
VHJXQGDIHLUDTXDQGRHQYLRXXPDFDUWDDEHUWDj$VVHPEOpLD1DFLRQDOGR
3RYRPDQLIHVWDQGRVXDRSRVLomRjQRPHDomRGH/L3HQJFRPRSUHVLGHQWH
GDLQVWLWXLomRSRUHOHWHUDSRLDGRDUHSUHVVmRPLOLWDUGHFRQWUDD
PDQLIHVWDomRSUyGHPRFUDFLD
H[WUDtGRGH2(VWDGRGH63DXORSiJ$
2WH[WRDFLPDUHWUDWD
D$IDVHGHDEHUWXUDSHODTXDOSDVVDR3DUWLGR&RPXQLVWD&KLQrVTXH
EXVFDDWUDYpVGDVUHIRUPDVDGPLQLVWUDWLYDVFRORFDUVHHPPHOKRU
SRVLomRGLDQWHGDHFRQRPLDGHPHUFDGRHFRPRVmRWUDWDGRVRV
RSRVLWRUHVGRSURJUHVVRSROtWLFR
E$VQHFHVVLGDGHVGHPXGDQoDVDGPLQLVWUDWLYDVQD&KLQDTXHYLVDPD
GLPLQXLomRGHJDVWRVHDPDQHLUDFRPRDMXVWLoDDJHVREUHDTXHOHV
TXHVHRS}HPDHVVDVPHOKRULDVGRJRYHUQRVRFLDOLVWD
F2HVWLORGHWUDEDOKRFROHWLYRGRVSDtVHVVRFLDOLVWDVFRPRD&KLQDTXH
QHFHVVLWDPGHSURFHVVRVEXURFUiWLFRVHGHPRUDGRVSDUDUHDOL]DUHP
PXGDQoDVDGPLQLVWUDWLYDVHDPDQHLUDFRPRRVRSRVLWRUHVDRVDYDQoRV
SROtWLFRVHHFRQ{PLFRVVmRWUDWDGRVSHODMXVWLoD
G$IDVHGHPXGDQoDVSROtWLFDVHHFRQ{PLFDVSHODTXDOD&KLQDDWUDYHVVD
FDUDFWHUL]DGDSHODRSRVLomRGDEXVFDGDDEHUWXUDHFRQ{PLFDHD
PDQXWHQomRGRUHJLPHSROtWLFRVRFLDOLVWDGLWDWRULDO
H$IDVHGHDEHUWXUDSROtWLFDHHFRQ{PLFDDWUDYHVVDGDDWXDOPHQWHSHOD
&KLQDTXHHQIUHQWDDLQGDQRLQWHULRUGHVXDVLQVWLWXLo}HVXPD
RSRVLomRHQWUHRVDYDQoRVSROtWLFRVHDLQVHJXUDQoDGDHFRQRPLDGH
PHUFDGRGHYLGRDFDXWHODGRFRQWUROHHFRQ{PLFRVRFLDOLVWD
2EVHUYHRPDSDDEDL[RHMXOJXHDVDILUPDo}HVDHOHUHODFLRQDGDV
,9iULDVFDSLWDLVQRUGHVWLQDVWrPKRUiULRRILFLDODGLDQWDGRHPUHODomRD
KRUDGH%UDVtOLD
,,$3RQWDGR6HL[DVHD6HUUD&RQWDPDQDSRQWRVH[WUHPRVGR%UDVLO
VLWXDPVHUHVSHFWLYDPHQWHGHQWURGRžHžIXVRV
,,,$VYDULDo}HVPi[LPDVGHORQJLWXGHHODWLWXGHGRWHUULWyULREUDVLOHLUR
VmRVHPHOKDQWHVDOJRHPWRUQRGHž
,9([LVWHXPDGLIHUHQoDHQWUHROLPLWHWHyULFRHROLPLWHSUiWLFRGRVIXVRV
KRUiULRV25LR*UDQGHGR6XOSRUH[HPSORH[WUDSRODRVOLPLWHVGRž
IXVREUDVLOHLURPDVDWRWDOLGDGHGHVHXWHUULWyULRDSUHVHQWDRPHVPR
KRUiULRGH%UDVtOLD
6mRFRUUHWDV
DWRGDV
E,,,H,,,
F,,,,H,9
G,,,,,H,9
HDSHQDVGXDVGDVDILUPDo}HV
2VPDSDVDEDL[RUHSUHVHQWDPGXDVWUDGLFLRQDLVFODVVLILFDo}HVGRUHOHYR
EUDVLOHLUR
6REUHHODVpLQFRUUHWRDILUPDUTXH
D$SULPHLUDIRLHODERUDGDSRU$UROGRGH$]HYHGRHVHEDVHLDPDLVQD
DOWLWXGHQDPRUIRORJLDRXILVLRQRPLDGDSDLVDJHP
E$VHJXQGDHODERUDGDSRU$]L]$E·6DEHUYDORUL]DPDLVDJrQHVHGDV
IRUPDVGHUHOHYRHVXEGLYLGHRSODQDOWREUDVLOHLURFRPEDVHWDQWRQD
DOWLWXGHFRPRQRVDVSHFWRVJHROyJLFRVGRVWHUUHQRV
F0DLVUHFHQWHPHQWHDDGRomRGDGHVLJQDomRSODQtFLH$PD]{QLFDIRL
TXHVWLRQDGDSHORJHyJUDIR-XUDQG\U5RVVTXHFRQFHLWXDFRPR
GHSUHVV}HVGLYHUVDViUHDVDQWHULRUPHQWHDSUHVHQWDGDVFRPRSODQtFLHV
G23ODQDOWR&HQWUDOJHRORJLFDPHQWHFRUUHVSRQGHLQWHJUDOPHQWHDXP
HVFXGRFULVWDOLQR
H1mRKiGLYHUJrQFLDVLJQLILFDWLYDHQWUHRVGRLVDXWRUHVQDFDUDFWHUL]DomR
GRUHOHYRGDUHJLmRPDLVVHWHQWULRQDOGRWHUULWyULREUDVLOHLUR
38&632EVHUYHRHVTXHPDDEDL[RHDSRQWHTXHDOWHUQDWLYDVVmR
LQFRUUHWDV
,2Q~PHUR,FRUUHVSRQGHDRSODQDOWR&HQWUDOHR,9DRSODQDOWRGDV
*XLDQDV
,,$ViUHD,,H,,,UHFHEHPWUDGLFLRQDOPHQWHDGHQRPLQDomRGH3ODQtFLH
$PD]{QLFD(QWUHWDQWRKiDWXDOPHQWHJHyJUDIRVTXHDILUPDPTXHD
SODQtFLHFRUUHVSRQGHDSHQDVDRWUHFKRGHVHGLPHQWDomRPDLVSUy[LPR
GRVULRV
,,,1DiUHD,H[LVWHPLPSRUWDQWHVMD]LGDVGHPLQHUDLVPHWiOLFRVHQTXDQWR
TXHQDiUHD,,pSRVVtYHODRFRUUrQFLDGHFDUYmRPLQHUDO
,9$HVWUXWXUDJHROyJLFDPDLVUHFHQWHHVWiSUHVHQWHQDiUHD,,,
D,H,9
E,,H,,,
F,,,H,9
G,H,,,
HDSHQDVXPDGDVDILUPDo}HV
$VVLQDOHDDOWHUQDWLYDTXHQmRDVVRFLDFRUUHWDPHQWHHVWUXWXUDVJHROyJLFDV
FRPSRWHQFLDOLGDGHVHFRQ{PLFDVQR%UDVLO
DÉUHDVVHGLPHQWDUHVPXLWRUHFHQWHVFRPRR3DQWDQDOHDVYiU]HDVGR
5LR$PD]RQDVQmRVmRIDYRUiYHLVSDUDDRFRUUrQFLDGHSHWUyOHR
E2VHVFXGRVFULVWDOLQRVIRUPDGRVQDHUD$UTXHR]yLFDWrPSRXFD
LPSRUWkQFLDHFRQ{PLFDSRUTXHGDGDDLGDGHGRVWHUUHQRVMiIRUDP
LQWHQVDPHQWHHURGLGRV
F$ViUHDVRQGHKRXYHGHUUDPHEDViOWLFRVmRPDLVLPSRUWDQWHVGRSRQWR
GHYLVWDDJUtFRODGRTXHGDDWLYLGDGHGHPLQHUDomR
G2SHWUyOHREUDVLOHLURRFRUUHSULQFLSDOPHQWHHPEDFLDVVHGLPHQWDUHVGD
SODWDIRUPDFRQWLQHQWDOGRQRVVROLWRUDO
H1RVWHUUHQRVSURWHUR]yLFRVRFRUUHPDVSULQFLSDLVEDFLDVGHFDUYmR
SDUWLFXODUPHQWHQRVXOGRSDtV
2EVHUYHDILJXUDDEDL[RHDVVLQDOHDDOWHUQDWLYDLQFRUUHWD
D$VSUHVV}HVGHQDWXUH]DYXOFkQLFDHWHFW{QLFDVRER2FHDQR$WOkQWLFR
HPSXUUDPDSODFDVXODPHULFDQDSDUDRHVWH
E$SHQDVROLWRUDOEUDVLOHLURVLWXDGRQDERUGDGDSODFDWHFW{QLFDSRGH
VHUDOYRGHDEDORVVtVPLFRV
F1RWDVHTXHRVHSLFHQWURVGRVSULQFLSDLVPRYLPHQWRVWHFW{QLFRV
FRLQFLGHPFRPDVH[WUHPLGDGHVGDVSODFDVWHFW{QLFDV
G$ORFDOL]DomRGRWHUULWyULREUDVLOHLURGHQWURGDSODFDVXODPHULFDQDWHP
UHODomRFRPDVDOWLWXGHVPRGHVWDVGRUHOHYRGRSDtV
H3HODGLVSRVLomRGDVSODFDVQRWDVHTXHDSRUomRPDLVRFLGHQWDOGD
$PpULFDGR6XOIRLPDLVVXMHLWDDRVSURFHVVRVRURJHQpWLFRVGDHUD
&HQR]yLFD
8)35PRGLILFDGD&RPEDVHQRFDUWRJUDPDFRQVLGHUHDVVHJXLQWHV
DILUPDo}HV
,2VUDLRVVRODUHVQXQFDLQFLGHPSHUSHQGLFXODUPHQWHQRVHVWDGRVGH
6DQWD&DWDULQDH5LR*UDQGHGR6XO
,,2SRQWRH[WUHPRRHVWHGRHVWDGRGR5LR*UDQGHGR6XOHVWiPDLV
SUy[LPRGRPHULGLDQRGH*UHHQZLFKGRTXHRSRQWRH[WUHPROHVWHGR
HVWDGRGR3DUDQi
,,,2HVWDGRGR3DUDQiWHPWHUUDVWDQWRQD]RQDWURSLFDOFRPRQD]RQD
WHPSHUDGD
,9$FLGDGHGH&XULWLEDWHPPHQRUODWLWXGHGRTXHDFLGDGHGH3RUWR
$OHJUH
9)ORULDQySROLVpDFLGDGHGHPDLRUORQJLWXGH
6mRLQFRUUHWDV
D,,,,H9
E,H,,,
F,,H9
G,,,H,9
HDSHQDVXPDHQWUHDVDILUPDo}HV
(QWHQGDDFULVHDVLiWLFD
$FULVHDVLiWLFDFRPHoRXTXDQGRXPDWDTXHHVSHFXODWLYR
FRQWUDDPRHGDGD7DLOkQGLDREDKWOHYRXDXPDDEUXSWDGHVYDORUL]DomR
HPMXOKRGH
1HVVHVDWDTXHVHVSHFXODGRUHVDSRVWDPTXHRJRYHUQRGH
XPGHWHUPLQDGRSDtVQmRFRQVHJXLUiPDQWHUDFRWDomRGHVXDPRHGDH
SDVVDPDFRPSUDURXWUDVGLYLVDVPDLVIRUWHVFRPRRGyODU
&RPLVVRDSHUFHSomRGHTXHDPRHGDORFDOGHYHULDFDLU
WRUQDVHUHDOLGDGH2JRYHUQRYrVHREULJDGRDGHL[DUDFRWDomRGHVXD
PRHGDIOXWXDUEDL[R
2DWDTXHDVPRHGDVHVSDOKRXVHSHOR6XGHVWH$VLiWLFRH
DWLQJLXRVWLJUHVPDLVULFRVSURYRFDQGRXPHIHLWRFDVFDWDHPWRGRR
PXQGR
$FULVHFRUHDQDFRPHoRXFRPDTXHEUDGHGRLVGHVHXV
JUDQGHVFKDHEROVFRQJORPHUDGRVRJUXSRVLGHU~UJLFR+DQERHR
DXWRPRELOtVWLFR.LD
2SDtVDRFRQWUiULRGD7DLOkQGLDH,QGRQpVLDYtWLPDV
DQWHULRUHVGDFULVHpPXLWRLPSRUWDQWHHFRQRPLFDPHQWHSDUDDÉVLD
FRQVWLWXLQGRDVHJXQGDIRUoDGDUHJLmRDWUiVGR-DSmR
3UHVVLRQDGDD&RUpLDSHGLXDMXGDH[WHUQDHDFHUWRXXP
SDFRWHGHFHUFDGH86ELOK}HVFRPR)0,RPDLRUVRFRUURMi
FRQFHGLGRDXPSDtVVXSHUDQGRDDMXGDLQWHUQDFLRQDOGH86ELOK}HV
HQYLDGDDR0p[LFRHP2%UDVLOIRLREULJDGRDDGRWDUPHGLGDV
UHFHVVLYDVGHYLGRjFULVH
5HGDomR)ROKDGH6mR3DXOR
/HQGRDWHQWDPHQWHDPDWpULDMRUQDOtVWLFDHOHYDQGRHPFRQVLGHUDomRRV
VHXVFRQKHFLPHQWRVUHVSRQGDRWHVWH
2WH[WRUHIHUHVHHPXPGHWHUPLQDGRSRQWRDRVWLJUHVDVLiWLFRVPDLV
ULFRV$VVLQDOHDEDL[RDDOWHUQDWLYDTXHFRQWHQKDDSHQDVRVSDtVHV
DGHTXDGRVDHVWDGHQRPLQDomR
D&RUpLDGR6XO&LQJDSXUD+RQJ.RQJH7DLOkQGLD
E&RUpLDGR1RUWH7DLZDP+RQJ.RQJH,QGRQpVLD
F+RQJ.RQJ&LQJDSXUD7DLZDPH&RUpLDGR6XO
G,QGRQpVLD7DLOkQGLD)LOLSLQDVH0DOiVLD
H&KLQD&RUpLDGR6XO+RQJ.RQJH7DLZDP
1RILQDOGD6HJXQGD*XHUUDIRUDPFULDGRVPHFDQLVPRVSDUDFRQWURODUD
HFRQRPLDPXQGLDOTXHHYLGHQWHPHQWHQRVGLDVDWXDLVFRPRSURFHVVR
GHJOREDOL]DomRQmRVmRHILFD]HV3URYDGLVWRpDFULVHFLWDGDQRWH[WR
DOJXQVGHVWHVPHFDQLVPRVMiIRUDPH[WLQWRVHRXWURVPXGDUDP
WRWDOPHQWHVXDIXQomRFRPRpRFDVRGHXPGHOHVFLWDGRQDPDWpULD
MRUQDOtVWLFD,GHQWLILTXHTXDLVVmRHVWHVPHFDQLVPRVHDVVLQDOHDDOWHUQDWLYD
TXHRVFRQWHQKD
D2*$77D20&HR)0,
E2)0,D20&HR%,5'
F$20&R%,5'HR*$77
G2)0,R*$77HR%,5'
H$218R*$77HD20&
$JHyJUDID$QD)DQL$&DUORVDILUPDHPXPWH[WRSXEOLFDGRQD5HYLVWD
GR'HSDUWDPHQWRGH*HRJUDILDGD8631R1mRKiGHVHQYROYLPHQWR
FDSLWDOLVWDVHPDJORPHUDo}HVQXPSULPHLURPRPHQWRHVHPUHGHQXP
VHJXQGR3RGHKDYHUDJORPHUDo}HVVHPFDSLWDOLVPRPDVQmRKi
FDSLWDOLVPRVHPDJORPHUDo}HV7HQGRSRUEDVHHVWDDILUPDomRHOHYDQGR
HPFRQVLGHUDomRRVSULQFtSLRVGHXUEDQL]DomRDVVLQDOHDDOWHUQDWLYD
LQFRUUHWD
D2SURFHVVRGHXUEDQL]DomRpXPIDWRPXQGLDOFRQGLFLRQDGRSHOD
GLVVHPLQDomRGRFDSLWDOLVPRHGDGLYLVmRGRWUDEDOKR
E1RVSDtVHVGHDQWLJDLQGXVWULDOL]DomRGD(XURSDDXUEDQL]DomR
SURGX]LXKiPDLVGHXPVpFXORXPSHTXHQRQ~PHURGH
DJORPHUDo}HVPHWURSROLWDQDVDVVHQWDGDVVREUHXPDYDVWDUHGHGH
FLGDGHVPpGLDVHSHTXHQDV
F1DPDLRUSDUWHGRVSDtVHVFDSLWDOLVWDVRFRUUHDFRQFHQWUDomRGD
SURGXomRGDIRUoDGHWUDEDOKRHGRPHUFDGRHPGHWHUPLQDGRV
SRQWRVVHOHFLRQDGRVGRWHUULWyULR
G$FRQFHQWUDomRHFRQ{PLFDFDUDFWHUtVWLFDGRFDSLWDOLVPRGHWHUPLQRXD
DJORPHUDomRHVSDFLDO
H2VRFLDOLVPRWDPEpPFULRXHVSDoRVGHWHUPLQDGRVH[FOXVLYDPHQWHSHOD
FRQFHQWUDomRHFRQ{PLFDJHUDQGRJUDQGHVDJORPHUDo}HVHLQWHQVDV
UHGHVXUEDQDV
)*96REUHDTXHVWmRDPELHQWDOQRSODQHWDpFRUUHWRDILUPDUTXH
DRVSDtVHVTXHVHLQGXVWULDOL]DUDPDLQGDQRVpFXOR;,;MiFRQVHJXLUDP
VXSHUDUVHXVSUREOHPDVGHPHLRDPELHQWH
EDLQWURGXomRGDHFRQRPLDGHPHUFDGRQRVDQWLJRVSDtVHVGHHFRQRPLD
VRFLDOLVWDWHPSHUPLWLGRUHRUJDQL]DURHVSDoRHFRQVHUYDURPHLR
DPELHQWH
FDSREUH]DRFUHVFLPHQWRGDSRSXODomRHDGHJUDGDomRGRPHLR
DPELHQWHHVWmRLQWLPDPHQWHOLJDGRVHSRGHPH[SOLFDUYiULRV
SUREOHPDVHFROyJLFRV
GFDVRVHFRQILUPHRDTXHFLPHQWRFOLPiWLFRJOREDOSHORHIHLWRHVWXIDDV
SODQtFLHVOLWRUkQHDVVHUmRDViUHDVPHQRVDIHWDGDV
HDHPLVVmRGHJDVHVSUHMXGLFLDLVjFDPDGDGHR]{QLRSRUSDtVHV
GHVHQYROYLGRVHVXEGHVHQYROYLGRVHPERUDGHQDWXUH]DGLYHUVDp
HTXLYDOHQWH
38&0*4XDQWRDRSURFHVVRGHFUHVFLPHQWRGHPRJUiILFRPXQGLDOp
FRUUHWRDILUPDUH[FHWR
D2FUHVFLPHQWRGHPRJUiILFRSURFHGHGHIRUPDGHVLJXDOQRHVSDoR
PXQGLDO
E$TXHGDQDVWD[DVGHQDWDOLGDGHSUHFHGHXDTXHGDQDVWD[DVGH
PRUWDOLGDGH
F$XUEDQL]DomRGR7HUFHLUR0XQGRFRQWULEXLXSDUDDTXHGDQDVWD[DVGH
PRUWDOLGDGH
G2HQYHOKHFLPHQWRGDSRSXODomRHPDOJXQVSDtVHVHXURSHXVWHP
SURYRFDGRXPOLJHLURDFUpVFLPRHPVXDVWD[DVGHPRUWDOLGDGH
H$TXHGDQDVWD[DVGHPRUWDOLGDGHLQIDQWLOFRQVWLWXLXPLQGLFDGRUGH
PHOKRULDGHFRQGLo}HVGHYLGDGDSRSXODomR
+LVWyULD
38&2WHVWHDSUHVHQWDXPDSURSRVLomRHXPDUD]mRVHSDUDGDV
SHODSDODYUDSRUTXH$QDOLVHDTXHVWmRHDVVLQDOHDDOWHUQDWLYDFRUUHWD
$VFRQTXLVWDVURPDQDVFRQFRUUHUDPSDUDDGHVDJUHJDomRGDVSHTXHQDV
SURSULHGDGHVHRVXUJLPHQWRGHXPDSOHEHXUEDQDHP5RPD
SRUTXH
PXLWRVSURSULHWiULRVSHUGHUDPVXDVWHUUDVHPUD]mRGDPRELOL]DomR
FRQVWDQWHHSURORQJDGDHPXLWRVFDPSRQHVHVVHHPSREUHFHUDPSHOD
FRQFRUUrQFLDGRVJrQHURVUHFHELGRVHPWULEXWR
DDSURSRVLomRHDUD]mRVmRYHUGDGHLUDVHDUD]mRpFDXVDGDSURSRVLomR
EDSURSRVLomRpYHUGDGHLUDPDVDUD]mRpIDOVD
FDSURSRVLomRpIDOVDPDVDUD]mRpYHUGDGHLUD
GDSURSRVLomRHDUD]mRVmRYHUGDGHLUDVPDVQmRH[LVWHUHODomRHQWUH
HODV
HDSURSRVLomRHDUD]mRVmRIDOVDV
/HLDDVDILUPDo}HVVREUHDV,GDGHV$QWLJDH0pGLD
,&RPRDGYHQWRGDGHPRFUDFLDQDSROLVJUHJDIRUDPSUHVHUYDGRVRV
DQWLJRVLGHDLVGHDXWDUTXLDGDJXHUUDHGDSURSULHGDGHGDWHUUDFRPR
YDORUHVSRVLWLYRV
,,2RVWUDFLVPRTXHQD$QWLJD*UpFLDFRQVLVWLDQDVXVSHQVmRGRV
GLUHLWRVSROtWLFRVGRVFLGDGmRVFRQVLGHUDGRVQRFLYRVDR(VWDGRIRL
XPDLQVWLWXLomRGDGLDUTXLDHVSDUWDQD
,,,$FULVHGR,PSpULR5RPDQRHQWUHRVVpFXORV,,,H9IRLGHWHUPLQDGD
HPSDUWHSHODGLPLQXLomRGDSURGXomRGRVODWLI~QGLRVHPGHFRUUrQFLD
GDHVFDVVH]GHPmRGHREUDHVFUDYD
,91RVVpFXORV;,9;9DVRFLHGDGHIHXGDOH[SHULPHQWRXXPDJUDYHFULVH
JHUDOTXHDEDORXSURIXQGDPHQWHDVHVWUXWXUDVTXHVXVWHQWDYDPQD
DEULQGRHVSDoRVSDUDDVUHODo}HVFDSLWDOLVWDVQRLQWHULRUGDVVRFLHGDGHV
HXURSpLDV
$VVLQDOHDDOWHUQDWLYDFRUUHWD
D7RGDVDVDILUPDWLYDVHVWmRFRUUHWDV
E$SHQDVDVDILUPDWLYDV,,,,H,9HVWmRFRUUHWDV
F$SHQDVDVDILUPDWLYDV,,H,,,HVWmRFRUUHWDV
G$SHQDVDVDILUPDWLYDV,,,,,H,9HVWmRFRUUHWDV
H$SHQDVDVDILUPDWLYDV,,,H,9HVWmRFRUUHWDV
)89(672VPRYLPHQWRVIXQGDPHQWDOLVWDVTXHWXGRTXHUHP
VXERUGLQDUjOHLLVOkPLFD6KDULDVmRKRMHPXLWRDWLYRVHPYiULRVSDtVHV
GDÉIULFDGR2ULHQWH0pGLRHGDÉVLD(OHVWLYHUDPVXDRULJHPKLVWyULFD
DQRGHVHQYROYLPHQWRGR,VODPLVPRGXUDQWHD$QWLJLGDGHQD3HQtQVXOD
$UiELFD
EQDH[SDQVmRGDFLYLOL]DomRiUDEHGXUDQWHD,GDGH0pGLDWDQWRD
2FLGHQWHTXDQWRD2ULHQWH
FQDGHUURFDGDGRVRFLDOLVPRGHSRLVGRILPGD8QLmR6RYLpWLFDQRLQtFLR
GRVDQRVQRYHQWD
GQRHVWDEHOHFLPHQWRGR,PSpULRWXUFRRWRPDQRFRPEDVHHP,VWDPEXO
GXUDQWHD,GDGH0RGHUQD
HQDRFXSDomRGRPXQGRiUDEHSHORVHXURSHXVHQWUHDVHJXQGDPHWDGH
GRVpFXOR;,;HDSULPHLUDGR;;
/HLDDVDILUPDo}HVVREUHRIHXGDOLVPR
,$SULQFLSDOXQLGDGHHFRQ{PLFDHUDRVHQKRULRUXUDORQGHVH
GHVHQYROYLDXPDHFRQRPLDGHVXEVLVWrQFLDHQDWXUDOTXHWHQGLDj
DXWRVXILFLrQFLD
,,$VUHODo}HVGHSURGXomREDVHDYDPVHQDVHUYLGmRGHYHQGRR
FDPSRQrVXPDVpULHGHREULJDo}HVHPSURGXWRVHWUDEDOKRDRVHQKRU
,,,$VRFLHGDGHHUDHVWDPHQWDOHDRUJDQL]DomRSROtWLFDEDVHDGDQDV
UHODo}HVGHVXVHUDQLDHYDVVDODJHPIRUWDOHFHQGRRSRGHUUHDO
$VVLQDOHDDOWHUQDWLYDFRUUHWD
D6RPHQWHDVDILUPDo}HV,H,,VmRYHUGDGHLUDV
E6RPHQWHDVDILUPDo}HV,H,,,VmRYHUGDGHLUDV
F6RPHQWHDVDILUPDo}HV,,H,,,VmRYHUGDGHLUDV
G6RPHQWHXPDGDVDILUPDo}HVpYHUGDGHLUD
H7RGDVDVDILUPDo}HVVmRYHUGDGHLUDV
81,&,'$WpRVpFXOR;DYLGDQRRFLGHQWHHXURSHXIRLPDUFDGD
GHQWUHRXWUDVFRLVDVSHORHVYD]LDPHQWRGDVFLGDGHVHSHODUXUDOL]DomRGD
VRFLHGDGH7RGDYLDQRVpFXORVHJXLQWHWHYHLQtFLRXPSURFHVVRJUDGDWLYR
GHXUEDQL]DomRVHQGRYiULDVFLGDGHVUHSRYRDGDVHRXWUDVIXQGDGDV
6REUHHVVHPRYLPHQWRKLVWyULFRpSRVVtYHODILUPDUH[FHWR
D$VFLGDGHVWDPEpPRUJDQL]DUDPDVXDSUySULDSURGXomRDUWHVDQDO
EDVHDGDQDFRPSOHWDOLEHUGDGHGRVDUWHVmRVTXHWUDEDOKDYDPVHP
QHQKXPDIRUPDGHOLPLWDomRUHJXODomRRXDVVRFLDomR
E$WUDYpVGDFRPSUDHjVYH]HVGHOXWDDUPDGDRVKDELWDQWHVGRV
EXUJRVFRQVHJXLUDPDVFDUWDVGHIUDQTXLDSHODVTXDLVREWLQKDPD
OLEHUGDGHIUHQWHDRVHQKRUGDORFDOLGDGH
F(VVHIHQ{PHQRGHXUEDQL]DomRHQFRQWUDYDVHGLUHWDPHQWHUHODFLRQDGR
FRPDH[SDQVmRFRPHUFLDOSURPRYHQGRXPDFUHVFHQWHHVSHFLDOL]DomR
FDPSRFLGDGH
G2GHVHQYROYLPHQWRGHDWLYLGDGHVHFRQ{PLFDVWLSLFDPHQWHXUEDQDV
SRVVLELOLWRXXPDPDLRUGLIHUHQFLDomRVRFLDOID]HQGRVXUJLUQRYRV
VHJPHQWRVVRFLDLVFRPRDEXUJXHVLD
H2GLUHLWRGHDXWRJRYHUQRGHGLVSRUGHVXDVSUySULDVIRUoDVPLOLWDUHVH
GHDUUHFDGDUWULEXWRVHPEHQHItFLRSUySULRDVVHJXUDYDPJUDQGH
DXWRQRPLDjVFLGDGHV
981(632LQtFLRGDeSRFD0RGHUQDHVWiOLJDGRDXPSURFHVVRJHUDO
GHWUDQVIRUPDo}HVKXPDQtVWLFDDUWtVWLFDFXOWXUDOHSROtWLFD$
FRQFHQWUDomRGRSRGHUSURPRYHXXPWLSRGH(VWDGR3DUDDOJXQV
SHQVDGRUHVGDpSRFDTXHSURFXUDYDPIXQGDPHQWDUR$EVROXWLVPR
DDIXQomRGR(VWDGRpDJLUGHDFRUGRFRPDYRQWDGHGDPDLRULD
ED+LVWyULDVHH[SOLFDSHORYDORUGDUDoDGHXPSRYR
FDILGHOLGDGHDRSRGHUDEVROXWRUHVLGHQDVHSDUDomRGRVWUrVSRGHUHV
GRUHLUHLQDSRUYRQWDGHGH'HXVVHQGRDVVLPFRQVLGHUDGRRVHX
UHSUHVHQWDQWHQD7HUUD
HDVREHUDQLDPi[LPDUHVLGHQRSUySULRSRYR
0DFN5LYDLVGLJQRVGRVSUtQFLSHVRVVREHUDQRVSRQWtILFHVRV
FDUGHDLVHRVELVSRV
+RMHRVELVSRVDSHQDVVHSUHRFXSDPHPDSDVFHQWDUVHDVL
SUySULRVGHL[DPRFXLGDGRGRUHEDQKRD&ULVWRHVTXHFHPTXHDSDODYUD
ELVSRVLJQLILFDWUDEDOKRYLJLOkQFLDVROLFLWXGH6HUYHPVHDSHQDVGHWDLV
TXDOLGDGHVTXDQGRSUHWHQGHPUHFROKHUGLQKHLUR
6HRVVXPRSRQWtILFHVTXHHVWmRQROXJDUGH&ULVWRVH
HVIRUoDVVHPSRULPLWiORQDSREUH]DQRVWUDEDOKRVQDVDEHGRULDQR
VRIULPHQWRHQRGHVSUH]RSHODVFRLVDVWHUUHQDVQmRVHULDPHOHVRVPDLV
LQIHOL]HVGHWRGRVRVKRPHQV"
4XDQWDVFRPRGLGDGHVSHUGHULDPVHXPGLDDVDEHGRULDRV
SHQHWUDVVH2UDWXGRGHYHULDVHUVXEVWLWXtGRSHORVMHMXQVYLJtOLDV
OiJULPDVRUDo}HVVHUP}HVHVWXGRVHSHQLWrQFLDVHPLORXWURVLQF{PRGRV
HQIDGRQKRV
5277(5'$0(UDVPRGH2(ORJLRGD/RXFXUD
$UHDomRGD,JUHMDFRQWUDHVVDVFUtWLFDVUHFHELGDVGHVHQFDGHRXR
PRYLPHQWRFRQKHFLGRFRPR&RQWUD5HIRUPDTXHVHFDUDFWHUL]RXSHOD
DDGHVmRjVLGpLDVOXWHUDQDVHFDOYLQLVWDV
EHOLPLQDomRGDVXQWXRVLGDGHHGHFLVmRGHUHDOL]DUVHXVULWRVDSHQDVQDV
FDWDFXPEDV
FFULDomRGHQRYDVRUGHQVUHOLJLRVDVRUJDQL]DomRGR,QGH[HUHDWLYDomR
GR7ULEXQDOGR6DQWR2ItFLRGD,QTXLVLomR
GH[SXOVmRGRVMHVXtWDVSRUWHUHPVLGRUHVSRQVDELOL]DGRVSHODPi
LPDJHPGD,JUHMDMXQWRDRVILpLV
HLPSODQWDomRGRFRPpUFLRGHLQGXOJrQFLDVFRPDSRLRLQFOXVLYHGHVHXV
FRQWHVWDGRUHVTXHRFRQVLGHUDYDPEHQpILFR
4XDOGRVSURFHVVRVPHQFLRQDGRVQmRHVWiUHODFLRQDGRFRPD5HYROXomR
,QGXVWULDO,QJOHVDGDDPHWDGHGRVpFXOR;9,,,"
D2GHVHQYROYLPHQWRGRFDSLWDOLVPRFRPHUFLDOHDFULDomRGHEDQFRV
E$SDVVDJHPSDUDRWUDEDOKRDVVDODULDGRHRHQIUDTXHFLPHQWRGDV
FRUSRUDo}HV
F2FHUFDPHQWRGRVFDPSRVHRILPGRVGLUHLWRVIHXGDLVGRVFDPSRQHVHV
G2GHVHQYROYLPHQWRGRVWUDQVSRUWHVIHUURYLiULRVHIOXYLDLV
H$DGRomRGRVLVWHPDDEVROXWLVWDTXHDWHQGLDDRVLQWHUHVVHVGDEXUJXHVLD
38&&636DEHVHTXHRVILOyVRIRVLOXPLQLVWDVFRPVXDVLGpLDVDEULUDP
FDPLQKRSDUDD5HYROXomR)UDQFHVD(VWHVSHQVDGRUHVQRJHUDO
DSUHJDYDPDQHFHVVLGDGHGHXPDH[SOLFDomRGHFDUiWHUPtVWLFRH
HVSLULWXDOLVWDSDUDDH[LVWrQFLDKXPDQD
EDSHVDUGHFRQVLGHUDUHPTXHDVGHVLJXDOGDGHVHUDPSURYRFDGDVSHOD
VRFLHGDGHHTXHRVKRPHQVHUDPLJXDLVSHUDQWHDQDWXUH]DQmR
FRQVHJXLUDPFRQWULEXLUSDUDTXHRVSULYLOpJLRVH[LVWHQWHVQDVRFLHGDGH
IUDQFHVDIRVVHPFULWLFDGRV
FFRQIXQGLDPVHHPPXLWRVFDVRVFRPRVGpVSRWDVHVFODUHFLGRVFRPR
&DWDULQD,,GD5~VVLDH-RVp,,GDÉXVWULD
GGHVWDFDYDPVHSRUEXVFDUXPDH[SOLFDomRUDFLRQDOSDUDWRGDVDVFRLVDV
FRQVLGHUDQGRWDPEpPTXHDVGHVLJXDOGDGHVHUDPSURYRFDGDVSHOD
VRFLHGDGHHTXHRVKRPHQVHUDPLJXDLVSHUDQWHDQDWXUH]D
HHUDPFRQWUDRVSULYLOpJLRVGDQREUH]DSRUpPMXVWLILFDYDPFRPR
QHFHVViULRRVSULYLOpJLRVYLYHQFLDGRVSHORFOHUR
38&63DUHYROXomRTXHQmRVHUDGLFDOL]DPRUUHPHODQFROLFDPHQWH
FRPRDEXUJXHVD$ULJRUXPDVyUHYROXomRH[LVWHDTXHVHGHIODJURX
HPHQTXDQWRYLYHXHODTXLVH[SDQGLUVHHDVVLPD5HS~EOLFD
)UDQFHVDVHFRQVLGHURXHVHWHQWRXXQLYHUVDODWpRPRPHQWRHPTXHD
SUHWHQVmRGHOLEHUWDURPXQGRVHFRQYHUWHXQDGHDQH[iORHPTXHRV
LGHDLVUHSXEOLFDQRVVHUHGX]LUDPDRLPSHULDOLVPRERQDSDUWLVWD
5,%(,525HQDWR-DQLQH$~OWLPDUD]mRGRVUHLV6mR3DXOR&LDGDV
/HWUDV
2PRWLYRSHORTXDORFRQMXQWRGHPXGDQoDVSROtWLFDVTXHUHVXOWRXQD
LPSODQWDomRGRUHJLPHUHSXEOLFDQRQD)UDQoDQRVpFXOR;9,,,SRGH
JHQHULFDPHQWHVHUFODVVLILFDGRFRPRXPDUHYROXomREXUJXHVDpRIDWR
GHTXHQHVVHSURFHVVR
DDHVWUXWXUDVRFLDOIUDQFHVDYLXVHUHGX]LGDDXPDSRODUL]DomRHQWUHR
EORFRGHDSRLRDR$QWLJR5HJLPHQRTXDOVHHQFRQWUDYDPD
DULVWRFUDFLDRVFDPSRQHVHVHRVWUDEDOKDGRUHVXUEDQRVGHXPODGRH
REORFRGHDSRLRj5HS~EOLFDRSHUiULREXUJXHVDGHRXWUR
EDEXUJXHVLDFRQVHJXLXDDGHVmRLGHROyJLFDGDDULVWRFUDFLD
HVSHFLDOPHQWHQRTXHUHVSHLWDjDEHUWXUDGDVFDUUHLUDVS~EOLFDVDRV
WDOHQWRVLQGLYLGXDLVRTXHSRVVLELOLWRXDDVFHQVmRGHVHXV
UHSUHVHQWDQWHVDRSRGHUGH(VWDGR
FRFRPDQGRGDEXUJXHVLDGHVGHRLQtFLRVHUHYHORXFRPRLUUHIXWiYHO
XPDYH]TXHHODFRORFRXDVHUYLoRGHVHXVREMHWLYRVUHYROXFLRQiULRVRV
PDLVYDULDGRVVHWRUHVGDSRSXODomROLGHUDQGRDVVLPXPDUHVWDXUDomR
GH$QWLJR5HJLPH
GDVYDQJXDUGDVRSHUiULRFDPSRQHVDVFRORFDUDPVHDRODGRGD
EXUJXHVLDSRLVWLQKDPFODURTXHVXDVUHLYLQGLFDo}HVVRPHQWH
DOFDQoDULDPXPSDWDPDUGHFRQVHTrQFLDQXPDVRFLHGDGHHPTXHDV
UHODo}HVEXUJXHVDVGHSURGXomRMiHVWLYHVVHPGHVHQYROYLGDV
HRVUHVXOWDGRVSROtWLFRVGDVVXFHVVLYDVFRQYXOV}HVVRFLDLVJHUDGDVQRV
TXDGURVGDFULVHGR(VWDGRPRQiUTXLFRIUDQFrVIRUDPDRILQDO
FDSLWDOL]DGRVSHODEXUJXHVLDTXHS{GHDVVLPGDULQtFLRjYLDELOL]DomR
GHVHXVLQWHUHVVHVSROtWLFRVHHFRQ{PLFRV
8)3,1R&RQJUHVVRGH9LHQDDVGHFLV}HVIRUDPWRPDGDVSHODV
JUDQGHVSRWrQFLDV5~VVLDÉXVWULD,QJODWHUUDH3U~VVLDWHQGRFRPRXP
GHVHXVSULQFLSDLVUHVXOWDGRV
DDGLIXVmRGDVLGpLDVUHYROXFLRQiULDVUHDOL]DGDSULQFLSDOPHQWHSHOD
PDoRQDULD
EDUHVWDXUDomRGDVIURQWHLUDVDQWHULRUHVj5HYROXomR)UDQFHVD
FDUHVWDXUDomRGDVDQWLJDVPRQDUTXLDVSDUODPHQWDUHVFRPRSRU
H[HPSORDGH3RUWXJDO
GDLQWHUYHQomRGRSDSDGRHPGRPtQLRVWHUULWRULDLVGR6DFUR,PSpULR
5RPDQR*HUPkQLFR
HRDX[tOLRSUHVWDGRDPRYLPHQWRVUHYROXFLRQiULRVHPEDVDGRVQRV
SULQFtSLRVLOXPLQLVWDV
981(63$VWUDQVIRUPDo}HVQD(XURSD2FLGHQWDOGRVpFXOR;9,,,
SURGX]LUDPHSURSDJDUDPQRYDVLGpLDVHFRQ{PLFDVVRFLDLVSROtWLFDVH
FXOWXUDLV(VVHFRQWH[WRVHUYLXGHSDQRGHIXQGRSDUDDFULVHGRDQWLJR
VLVWHPDFRORQLDO2SURFHVVRGHOLEHUWDomRGDV7UH]H&RO{QLDV,QJOHVDV
UHSHUFXWLXFRPRVRSURUHYROXFLRQiULR(QRGHFXUVRGDGHVDJUHJDomRGR
3DFWR&RORQLDOQD$PpULFD/DWLQDDVHOLWHVFRORQLDLVUHEHODUDPVHFRQWUD
DDVULYDOLGDGHVIUDQFRLQJOHVDV
EDLGHRORJLDQDFLRQDOLVWDDVVXPLGDSHODEXUJXHVLDHXURSpLD
FROLEHUDOLVPRHFRQ{PLFR
GDLJXDOGDGHGHWRGRVSHUDQWHDOHL
HDVUHVWULo}HVPHUFDQWLOLVWDV
$5HYROXomRGH$YLVSRVVLELOLWRXD3RUWXJDO
DRPDLRUFRQWUROHGDQREUH]DSULQFLSDOIRQWHGDVWHQV}HVVRFLDLVGRILP
GD,GDGH0pGLDXPDYH]TXHDFULVHGRVLVWHPDIHXGDOIUDJLOL]RXRV
VHQKRUHVOHLJRVHUHOLJLRVRV
EDDVVRFLDomRFRPD(VSDQKDDILPGHHPSUHHQGHUDH[SXOVmRGRV
iUDEHVGD3HQtQVXOD,EpULFDJDUDQWLQGRRVXFHVVRGRHVStULWRFUX]DGLVWD
QHVWD*XHUUDGH5HFRQTXLVWD
FDVXSHUDomRGRVSUREOHPDVTXHD*XHUUDGRV&HP$QRV
WURX[HSDUDD(XURSDSRLVRFRQIOLWRHQWUHIUDQFHVHVHLQJOHVHVDIHWRX
DVUHODo}HVLQWHUQDFLRQDLV
GDFRQVWLWXLomRGHXP(VWDGRQDFLRQDOPRGHUQRQRFRQWH[WRGDFULVH
IHXGDOGRVpFXOR;,9FRPDDOLDQoDHQWUHRUHLHDEXUJXHVLDPHUFDQWLO
DQWHVGRVGHPDLVSDtVHVHXURSHXV
HID]HUIDFHjH[SDQVmRSROtWLFDGD,QJODWHUUDFRPDIRUPDomRGDGLQDVWLD
7XGRUTXHHPSUHHQGHXFRQTXLVWDVQRFRQWLQHQWHHXURSHXHQDVWHUUDV
UHFpPGHVFREHUWDV
$LQVHUomRGR%UDVLOQRVTXDGURVGRDQWLJR6LVWHPD&RORQLDOGHXVHVRED
pJLGHGRPHUFDQWLOLVPRTXHSUHYLDHQWUHVHXVSULQFtSLRVDLGpLDGHTXH
DDDPSOLDomRGRVPHLRVGHSDJDPHQWRSHORDF~PXORGHPHWDLV
SUHFLRVRVQRVFRIUHVFRORQLDLVHVWLPXODULDRGHVHQYROYLPHQWRGD
PHWUySROH
EDVFRO{QLDVGHYHULDPGLYHUVLILFDUDRPi[LPRVXDVDWLYLGDGHVHFRQ{PLFDV
SDUDDPSOLDUVHXFRPpUFLRFRPDPHWUySROH
FDVFRO{QLDVGHYHULDPRSHUDUHPGLYHUVRVPHUFDGRVPXQGLDLVSDUD
IRUoDUHPSHODFRPSHWLomRDEDL[DJHUDOGRVSUHoRV
GDVFRO{QLDVGHYHULDPFRPSOHPHQWDUDHFRQRPLDGDPHWUySROH
DEDVWHFHQGRDGHPDWpULDVSULPDVHRXWURVSURGXWRVSULPiULRVH
LPSRUWDQGRPDQXIDWXUDGRV
HDSURVSHULGDGHHFRQ{PLFDGDPHWUySROHHGDVFRO{QLDVHVWDULD
DVVHJXUDGDVHDSURGXomRGHEHQVIRVVHUHJXODGDSHODOHLGDRIHUWDH
GDSURFXUD
2VVLVWHPDVDGPLQLVWUDWLYRVLPSODQWDGRVSRU3RUWXJDOQR%UDVLO&RORQLDO
HVWDYDPUHODFLRQDGRVFRPVXDH[SORUDomRHFRQ{PLFDDWUDYpVGDTXDOD
PHWUySROHSUHWHQGLDDOFDQoDUVHXVREMHWLYRVPHUFDQWLOLVWDV$VVLQDOHD
DOWHUQDWLYDFRUUHWDDHVWHUHVSHLWR
D2VLVWHPDGH&DSLWDQLDV+HUHGLWiULDVHUDR~QLFRPHLRFDSD]GH
JDUDQWLUDFRORQL]DomRGR%UDVLOWHQGRVLGREHPVXFHGLGR
E$LPSODQWDomRGR*RYHUQR*HUDOVLJQLILFRXDSUHVHQoDGR(VWDGR
3RUWXJXrVQDHVIHUDGDDGPLQLVWUDomRFRORQLDO
F2GRQDWiULRDVVXPLXGLUHWDPHQWHWRGRRSURFHVVRSURGXWLYRQD
FDSLWDQLDLQYHVWLQGRFDSLWDLVSUySULRVQDFRORQL]DomRGHVXDLPHQVD
WHUUD
G&RPRHVWDEHOHFLPHQWRGDV&kPDUDV0XQLFLSDLV3RUWXJDOSUHWHQGLD
FRQWURODUPHOKRUDVFDSLWDQLDVHSURPRYHUDFRORQL]DomR
H$FRORQL]DomRHIHWLYDGDVWHUUDVGHXVHFRPRHVWDEHOHFLPHQWRGH
IHLWRULDVQROLWRUDORQGHVHGHVHQYROYLDPDVDWLYLGDGHVSURGXWLYDV
2VHUVHQKRUGHHQJHQKRpWtWXORDTXHPXLWRVDVSLUDPSRUTXHWUD]
FRQVLJRRVHUVHUYLGRREHGHFLGRHUHVSHLWDGRGHPXLWRV
$SDUWLUGRWH[WRpSRVVtYHOFRQFOXLUTXH
DRUHVSHLWRHDREHGLrQFLDHUDPKRQUDULDVSUHVWDGDVDRVSRUWXJXHVHV
TXHFRPRRVRXWURVHXURSHXVJXDUGDYDPDLQGDDPHQWDOLGDGHIHXGDO
WHRFrQWULFD
EDRUJDQL]DomRGDVRFLHGDGHHVWDYDLQWLPDPHQWHOLJDGDjWHUUDHj
ULTXH]DQHODJHUDGDVHQGRLPSRUWDQWHRFRQWUROHGHPXLWRVHVFUDYRV
FDRUJDQL]DomRHFRQ{PLFDSHUPLWLDUD]RiYHOPRELOLGDGHVRFLDOFRPR
RFRUUHXQDVID]HQGDVGHJDGRMiTXHKDYLDFRQGLo}HVGH
HQULTXHFLPHQWR
GDSURSULHGDGHGDWHUUDGDYDGLUHLWRjH[SORUDomRGDPmRGHREUD
LQGtJHQDFRPRRFRUUHXQD$PpULFD(VSDQKRODVREDHQFRPLHQGD
HDFRQFHVVmRGRWtWXORGHVHQKRUGHHQJHQKRSHUPLWLXR
GHVHQYROYLPHQWRGHXPDQREUH]DQDFLRQDOEDVWDQWHSDUHFLGDFRPD
HXURSpLD
)89(67)RUDPUHVSHFWLYDPHQWHIDWRUHVLPSRUWDQWHVQDRFXSDomR
KRODQGHVDGR1RUGHVWHGR%UDVLOHQDVXDSRVWHULRUH[SXOVmR
DRHQYROYLPHQWRGD+RODQGDQRWUiILFRGHHVFUDYRVHRV
GHVHQWHQGLPHQWRVHQWUH0DXUtFLRGH1DVVDXHD&RPSDQKLDGDVÌQGLDV
2FLGHQWDLV
EDSDUWLFLSDomRGD+RODQGDQDHFRQRPLDGRDo~FDUHRHQGLYLGDPHQWR
GRVVHQKRUHVGHHQJHQKRFRPD&RPSDQKLDGDVÌQGLDV2FLGHQWDLV
FRLQWHUHVVHGD+RODQGDQDHFRQRPLDGRRXURHDUHVLVWrQFLDHQmR
DFHLWDomRGRGRPtQLRHVWUDQJHLURSHODSRSXODomR
GDWHQWDWLYDGD+RODQGDHPPRQRSROL]DURFRPpUFLRFRORQLDOHRILPGD
GRPLQDomRHVSDQKRODHP3RUWXJDO
HDH[FOXVmRGD+RODQGDGDHFRQRPLDDoXFDUHLUDHDPXGDQoDGH
LQWHUHVVHVGD&RPSDQKLDGDVÌQGLDV2FLGHQWDLV
0DFNMXOKR1RLQtFLRGRVpFXOR;9,,DYLODGH6mR3DXORHUDTXDVH
PLVHUiYHOUHGX]LGDSRSXODomRFDVDVGHWDLSDSUHVHQoDGHHOHPHQWRV
SHUVHJXLGRVHPRXWUDVFDSLWDQLDVHPHQRUFRQWUROHGDVDXWRULGDGHV
SRUWXJXHVDVVREUHDUHJLmR7DLVIDWRVIRUDPSURYRFDGRV
DSHORGHFOtQLRGDHFRQRPLDFDIHHLUDULTXH]DWtSLFDGRSODQDOWRQHVWD
pSRFD
ESHORVFRQVWDQWHVDWDTXHVHVWUDQJHLURVjUHJLmRJHUDQGRXPDIRUPDomR
PLOLWDUL]DGDHPVHXVKDELWDQWHV
FSHODDXVrQFLDGHXPDHFRQRPLDH[SRUWDGRUDHSHORLVRODPHQWRGDYLOD
OHYDQGRRSDXOLVWDDVREUHYLYHUDWUDYpVGREDQGHLULVPR
GSHORVFRQIOLWRVHQWUHSDGUHVHEDQGHLUDQWHVTXHGLVSXWDYDPRFRQWUROH
GDPmRGHREUDLQGtJHQD
HSHODGHFDGrQFLDGRFLFORGDFDQDGHDo~FDUHPIXQomRGDFRQFRUUrQFLD
KRODQGHVDQDV$QWLOKDV
$LQWHULRUL]DomRGRSRYRDPHQWREUDVLOHLURQRVVpFXORV;9,,H;9,,,
GHFRUUHX
DGRr[LWRGDHPSUHVDDJUtFRODTXHOLEHURXPmRGHREUDOLYUHHHVFUDYD
SDUDDRFXSDomRGRLQWHULRUGRQRUGHVWHHGRVXO
EGRLQWHUHVVHGD&RURDSRUWXJXHVDHPRFXSDURLQWHULRUGDFRO{QLDFRP
DSURGXomRGHDo~FDUHRH[WUDWLYLVPRYHJHWDO
FGRHVWDEHOHFLPHQWRGHPLVV}HVMHVXtWLFDVQDUHJLmRFHQWUDOGR%UDVLOH
QDHFRQRPLDH[FOXVLYDPHQWHGRH[WUDWLYLVPR
GGDDPSOLDomRGRTXDGURDGPLQLVWUDWLYRGDPHWUySROHHGDDomRGRV
SDXOLVWDVTXHIXQGDYDPYLODVQRLQWHULRU
HGDH[SDQVmRGDVDWLYLGDGHVHFRQ{PLFDVHPSDUWLFXODUDPLQHUDomRQD
iUHDFHQWUDOHDSHFXiULDQRQRUGHVWHHVXO
&RPSDUDQGRVHRFLFORGRDo~FDUFRPRFLFORGDPLQHUDomRQRSHUtRGR
FRORQLDOWHPRVTXH
DDSURFXUDGHRXURHSHGUDVSUHFLRVDVH[LJLXPDLRUYROXPHGHFDSLWDLV
JHUDQGRXPDVRFLHGDGHPHQRVSHUPHiYHOTXHDGRDo~FDU
EKRXYHDIRUPDomRGHXPDVRFLHGDGHGHPRFUiWLFDQDUHJLmR
PLQHUDGRUDSRLVDDWLYLGDGHJHURXPDLRUFRQFHQWUDomRGHUHQGD
FDHFRQRPLDDoXFDUHLUDHVWHYHYROWDGDHVVHQFLDOPHQWHDRPHUFDGR
H[WHUQRHQTXDQWRDPLQHUDomRSURPRYHXRFRPpUFLRLQWHUQR
GDVHFRQRPLDVGHVHQYROYLGDVQRQRUGHVWHHQDUHJLmRFHQWUDOJHUDUDP
HVWUXWXUDVVRFLDLVPHQRVUtJLGDVQRHQJHQKRHUXUDLVQDiUHDGDVPLQDV
HDPERVGHVHQYROYHUDPVHVHJXQGRDVUHJUDVGR3DFWR&RORQLDOHQmR
DSUHVHQWDUDPTXDLVTXHUGLIHUHQoDVQRVFDPSRVHFRQ{PLFRHVRFLDO
0DWHPiWLFD
6H$ −−% −−H& −−HQWmR&$%p
LJXDOD
D−
E−
F
G
H
A =žH
1DILJXUDWHPRV$% √
 FP$' √
 FP%$&
A =ž
$%&
$FKDUDPHGLGDGH'&
DFP
E√
 FP
F√
 FP
G√

 FP
HFP

([−)
 &DOFXOH
&RQVLGHUHDIXQomRGDGDSRUI([)=√
I(+√
 )+I(−√
 )
D
E√

F
G

H+√
1DILJXUDDEDL[RWHPVHRSODQRαGHILQLGRSHODVUHWDVFHG
SHUSHQGLFXODUHVHQWUHVLDUHWDESHUSHQGLFXODUDαHP$FRP$∈FR
SRQWR%LQWHUVHFomRGHFHG
6H;pXPSRQWRGHE;∉ αHQWmRDUHWDVGHILQLGDSRU;H%
DpSDUDOHODjUHWDF
EpSDUDOHODjUHWDE
FHVWiFRQWLGDQRSODQRα
GpSHUSHQGLFXODUjUHWDG
HpSHUSHQGLFXODUjUHWDE
2VFmHVH[LVWHQWHVHPXPFDQLOVmRDSHQDVGHWUrVUDoDVSRRGOH
GiOPDWDHER[HU6DEHVHTXHRWRWDOGHFmHVGDUDoDSRRGOHHGiOPDWD
H[FHGHRQ~PHURGHFmHVGDUDoDER[HUHPXQLGDGHVHQTXDQWRTXHR
WRWDOGHFmHVGDVUDoDVGiOPDWDHER[HUpRGREURGRQ~PHURGRVGHUDoD
SRRGOH1HVVDVFRQGLo}HVHVFROKHQGRVHDRDFDVRXPFmRGHVVHFDQLOD
SUREDELOLGDGHGHHOHVHUGDUDoDSRRGOHp
D
E
F
G
H

π
$HTXDomRWJ[ FRV[WHPSDUD[QRLQWHUYDOR XPDUDL]θ


VREUHDTXDOSRGHPRVGL]HU
Dθ=
π
GFRVθ=
EVHQθ=
FVHQθ=
√

Hθ=
π
−+√



2FRHILFLHQWHGH[QDH[SDQVmRGH[+  p
[ 

D
E
F
G
H
2VYpUWLFHVGDEDVHGHXPWULkQJXORLVyVFHOHVVmRRVSRQWRV−H
−GHXPVLVWHPDGHFRRUGHQDGDVFDUWHVLDQDV4XDODRUGHQDGDGR
WHUFHLURYpUWLFHVHHOHSHUWHQFHDRHL[RGDVRUGHQDGDV"
D
E
F
G
H
'XUDQWHGRLVDQRVFRQVHFXWLYRVXPFRPHUFLDQWHREVHUYRXTXHDRILQDO
GHFDGDDQRRVHXFDSLWDOHUDDFUHVFLGRGHGHVHXYDORUSHODV
UHFHLWDVHGLPLQXtGRGHGHVHXYDORUSHODVGHVSHVDV6HDRWpUPLQR
GRVGRLVDQRVHOHOXFURX5RVHXFDSLWDOQRLQtFLRGR
SULPHLURDQRHUD
D5
E5
F5
G5
H5
1DILJXUDDFLPDRVDUFRV403H074PHGHPUHVSHFWLYDPHQWHžH
ž(QWmRRDUFR061PHGH
Dž
Ež
Fž
Gž
Hž
2Q~PHURGHVROXo}HVLQWHLUDVGDLQHTXDomR
([+)([−[+)
≤p
_[−_
D
E
F
G
H
&RQVLGHUHDVDILUPDo}HVVREUHSROtJRQRVFRQYH[RV
,([LVWHDSHQDVXPSROtJRQRFXMRQ~PHURGHGLDJRQDLVFRLQFLGHFRPR
Q~PHURGHODGRV
,,1mRH[LVWHSROtJRQRFXMRQ~PHURGHGLDJRQDLVVHMDRTXiGUXSORGR
Q~PHURGHODGRV
,,,6HDUD]mRHQWUHRQ~PHURGHGLDJRQDLVHRGHODGRVGHXPSROtJRQRp
XPQ~PHURQDWXUDOHQWmRRQ~PHURGHODGRVGRSROtJRQRptPSDU
(QWmR
D7RGDVDVDILUPDo}HVVmRYHUGDGHLUDV
E$SHQDV,H,,,VmRYHUGDGHLUDV
F$SHQDV,pYHUGDGHLUD
G$SHQDV,,,pYHUGDGHLUD
H$SHQDV,,H,,,VmRYHUGDGHLUDV
$HTXDomR([+N\−)+(\−[+S)=QDVLQFyJQLWDV[H\
FRPNHSQ~PHURVUHDLVDGPLWHLQ~PHUDVVROXo}HV(QWmRNSYDOH
D−
E−
F−
G−
H−
6XSRQKDTXHRUDLRHDDOWXUDGHXPUHFLSLHQWHFLOtQGULFRPHoDP
UHVSHFWLYDPHQWHUFPHKFP9DPRVVXSRUDLQGDTXHPDQWHQGRUIL[RH
DXPHQWDQGRKGHFPRYROXPHGRUHFLSLHQWHGREUHHTXHPDQWHQGR
KIL[RHDXPHQWDQGRUGHFPRYROXPHGRUHFLSLHQWHTXDGUXSOLTXH2
YDORUGHUp
DFP
EFP
FFP
GFP
HFP
2YDORUGH\∈,5TXHVDWLVID]DLJXDOGDGHORJ =ORJ +ORJ p
\
D
E
F
G
\
\
H
&RQVLGHUHXPTXDGUDGR$%&'FXMDPHGLGDGRVODGRVpGP6HMD3XP
SRQWRLQWHULRUDRTXDGUDGRHHTLGLVWDQWHGRVYpUWLFHV%H&HVHMD4R
SRQWRPpGLRGRODGR'$
6HDiUHDGRTXDGULOiWHUR$%34pRGREURGDiUHDGRWULkQJXOR%&3D
GLVWkQFLDGRSRQWR3DRODGR%&p
E GP
D GP
F GP
G GP
H GP
  [ −[\ =

6HMDP[H\Q~PHURVUHDLVWDLVTXH  [ \−\=

(QWmRRQ~PHURFRPSOH[R] [L\pWDOTXH]H_]_YDOHP
UHVSHFWLYDPHQWH

D−LH√
G−LH
ELH√

FLH
HLH√

2EV0yGXORGH] _]_ √

[+\ &RQVLGHUHRSDUDOHORJUDPR$%&'RQGH$ % −H
& −−2VkQJXORVLQWHUQRVGLVWLQWRVHRYpUWLFH'GHVWH
SDUDOHORJUDPRVmRUHVSHFWLYDPHQWH
π
π
D H'=(−−)
π
π
E H'=(−−)
π
π
F H'=(−−)
π
π
G H'=(−−)
π
π
H H'=(−−)
6DEHQGRTXHHVmRWHUPRVGHXPDSURJUHVVmRDULWPpWLFD
FUHVFHQWHHQWmRRVSRVVtYHLVYDORUHVQDWXUDLVGDUD]mRUGDSURJUHVVmRVmR
HPQ~PHURGH
D
E
F
G
H
 π

π

,VHQ −[+VHQ +[=∀[∈,5
 


,,2PDLRUYDORUUHDOTXHVHQ[FRV[SRGHDVVXPLUp
,,,1RWULkQJXORDRODGRQmRUHWkQJXOR
WJα+WJβ+WJγ=WJαWJβWJγ
'HQWUHDVDILUPDo}HVDFLPD
DWRGDVVmRYHUGDGHLUDV
EWRGDVVmRIDOVDV
FVRPHQWHD,,,pIDOVD
GVRPHQWHD,,pIDOVD
HVRPHQWHD,pIDOVD
Download

Simulado 8