(678'2GR
029,0(172
3HGUR3H]DUDW&RUUHLD
8P&RUSRGH&RQKHFLPHQWRV
)$&8/'$'('(0275,&,'$'(+80$1$
GD81,9(56,'$'(7“&1,&$'(/,6%2$
Ì1',&(
3UHIiFLR
2VWHRORJLDH$UWURORJLD
3HGUR3H]DUDW&RUUHLD0DUJDULGD(VSDQKDH$XJXVWR*LO3DVFRDO
0LRORJLD
3HGUR3H]DUDW&RUUHLDH$XJXVWR*LO3DVFRDO
&RQWURORHFRRUGHQDomRGRPRYLPHQWR
3HGUR3H]DUDW&RUUHLD
)XQGDPHQWRVGHPHFkQLFDSDUDDQiOLVHGRPRYLPHQWR
2UODQGR)HUQDQGHV
$QiOLVHGDSDUWLFLSDomRPXVFXODUQRPRYLPHQWR
3HGUR3H]DUDW&RUUHLD6DQGUR)UHLWDVH5D~O2OLYHLUD
6LVWHPDVGDYLGDRUJkQLFDLQWHUQD
3HGUR3H]DUDW&RUUHLDH0DUJDULGD(VSDQKD
,PDJHQV
35()É&,2
$DWLYLGDGHItVLFDHRPRYLPHQWRQDVVXDVGLIHUHQWHVIRUPDVGHH[SUHVVmRGHVSRUWR
H[HUFtFLRSDUDDVD~GHGDQoDDUWHVFLUFHQVHVVmRIHQyPHQRVTXHLQWHUHVVDPDWXDOPHQWHD
JUDQGHSDUWHGDSRSXODomRTXHQHODVLQWHUYpPQRSDSHOGHSUDWLFDQWHWUHLQDGRUHGXFDGRURX
VLPSOHV HVSHWDGRU 2 GRPtQLR GRV IXQGDPHQWRV ELROyJLFRV VXEMDFHQWHV j DWLYLGDGH ItVLFD H j
SURGXomRGHPRYLPHQWRpXPDFRPSHWrQFLDHVVHQFLDOSDUDTXHPQHOHVTXHULQWHUYLURXSDUD
TXHPSUHWHQGHDSHQDVFRPSUHHQGrORVXPSRXFRPHOKRU
(VWHOLYURIRLFRQFHELGRSDUDGDUDSRLRDRVHVWXGDQWHVGDGLVFLSOLQDGH(VWXGRGR0R
YLPHQWR GR HQVLQR VHFXQGiULR 3URFXUD DERUGDU WHPDV FRP DOJXPD FRPSOH[LGDGH FRPR VmR
RVGRFDPSRGDELRORJLDKXPDQDQRFRQWH[WRGRH[HUFtFLRItVLFRFRPXPDOLQJXDJHPVLPSOHV
PDVULJRURVD1RHQWDQWRpQRVVRHQWHQGLPHQWRTXHHVWDREUDQmRVHHVJRWDQHFHVVDULDPHQWH
QRVHVWXGDQWHVDWUiVUHIHULGRVSRGHQGRFRQVWLWXLUXPHOHPHQWRGHFRQVXOWDHHVWXGRDRXWURV
LQWHUHVVDGRVQHVWHVIHQyPHQRV
2VGRLVSULPHLURVFDStWXORVGROLYURDERUGDPRVDVSHWRVIXQGDPHQWDLVGDHVWUXWXUDH
GRIXQFLRQDPHQWRGRVVLVWHPDVTXHFRQVWLWXHPRDSDUHOKRORFRPRWRURVLVWHPDRVWHRDUWLFXODU
HRVLVWHPDPXVFXODUHVTXHOpWLFR(PVHJXLGDpHVWXGDGRRSULQFLSDOVLVWHPDUHJXODGRUGRPR
YLPHQWRRVLVWHPDQHUYRVRHVmRGHVFULWRVRVSURFHVVRVGHFRRUGHQDomRQHXURPXVFXODUTXH
HVWmRQDEDVHGHTXDOLGDGHVItVLFDVHVVHQFLDLVFRPRDIRUoDDYHORFLGDGHRXDÀH[LELOLGDGH
3DUD XP PDLV FDEDO GRPtQLR GRV IDWRUHV LPSOLFDGRV QD SURGXomR GH PRYLPHQWR p SRVWHULRU
PHQWHDSUHVHQWDGRXPFDStWXORFRPRVIXQGDPHQWRVPHFkQLFRVDSOLFDGRVDRPRYLPHQWRKX
PDQR$SyVRHVWXGRGHVVHVSUpUHTXLVLWRVROHLWRUHVWiHPFRQGLo}HVGHVHLQLFLDUQDDQiOLVH
GHPRYLPHQWRV$VVLPQRSHQ~OWLPRFDStWXORVmRFDUDFWHUL]DGRVRVSDGU}HVQHXURPXVFXODUHV
SUHVHQWHVQDVDo}HVPRWRUDVPDLVIUHTXHQWHVFRPRDSRVWXUDRVH[HUFtFLRVDEGRPLQDLVRV
VDOWRVRVODQoDPHQWRVHRXWUDVDo}HVGRPHPEURVXSHULRU3RU~OWLPRVmRHVWXGDGRVRVVLV
WHPDVRUJkQLFRVLQWHUQRVHpGHVFULWDDIRUPDFRPRVHUHODFLRQDPFRPRDSDUHOKRORFRPRWRUH
FRPRVHDGDSWDPjSUiWLFDGHH[HUFtFLRItVLFR
3DUD FRQVROLGDU RV FRQKHFLPHQWRV GHVHQYROYLGRV HVWH OLYUR SRGH VHU DFRPSDQKDGR
SHOROLYURGHH[HUFtFLRVSUiWLFRV(VWXGRGR0RYLPHQWR([HUFtFLRVH(VWXGRV3UiWLFRV$UHDOL]D
omRGH¿FKDVGLUHFLRQDGDVSDUDRVGLIHUHQWHVDVSHWRVDTXLHVWXGDGRVSDUDDOpPGHSHUPLWLUD
FRQVROLGDomRGRVFRQKHFLPHQWRVHQYROYLGRVVHUiXPDIRUPDGHGHVHQYROYHUDFDSDFLGDGHGH
LQWHUSUHWDURVIHQyPHQRVELROyJLFRVVXEMDFHQWHVDRPRYLPHQWRKXPDQRWUDQVIRUPDQGRHVVHV
FRQKHFLPHQWRVHPIHUUDPHQWDV~WHLVHRSHUDFLRQDLV
3HGUR3H]DUDW&RUUHLD
12d®(6$1$7Ï0,&$6)81'$0(17$,6
1RHVWXGRGDDQDWRPLDKXPDQDDGHVFULomRGHHVWUXWXUDVFRUSRUDLVREULJDDTXHFRQ
VLGHUHPRVXPDSRVLomRGHUHIHUrQFLDHPUHODomRjTXDOVHDVVXPDTXHDGHVFULomRpIHLWD(VWD
GHVLJQDVHSRU3RVLomR'HVFULWLYD$QDWyPLFDHQHVWDRLQGLYtGXRHQFRQWUDVHHPSpFRPRV
SpVSDUDOHORVHRULHQWDGRVSDUDDIUHQWHRVPHPEURVVXSHULRUHVDRORQJRGRWURQFRHDVSDOPDV
GDVPmRVYLUDGDVSDUDDIUHQWHRXVHMDFRPRVDQWHEUDoRVHPVXSLQDomR)LJXUD
(PUHODomRjSRVLomRGHVFULWLYDDQDWyPLFDGH¿QHPVHSODQRVLPDJLQiULRVGHRULHQWDomR
GRFRUSRKXPDQRQRHVSDoRTXHQRVSHUPLWHPLGHQWL¿FDUXPFRQMXQWRGHFRQFHLWRVGHVFULWLYRV
PXLWR~WHLVQRHVWXGRDQDWyPLFRHPRUIROyJLFRGHVWDFDQGRVHRVVHJXLQWHVSODQRVSULQFLSDLV
VDJLWDOPpGLRIURQWDOPpGLRHKRUL]RQWDOPpGLR2SODQRVDJLWDOPpGLRpXPSODQRYHUWLFDOTXH
SDVVDSHORPHLRGDFROXQDYHUWHEUDOGLYLGLQGRRFRUSRHPGXDVPHWDGHVGLUHLWDHHVTXHUGD
4XDQGRFRPSDUDPRVGRLVSRQWRVGRFRUSRRTXHHVWiPDLVSUy[LPRGHVVHSODQRGL]VHLQWHUQRH
RTXHHVWiPDLVDIDVWDGRGHVFUHYHVHFRPRH[WHUQR2SODQRIURQWDOPpGLRRXFRURQDOpWDPEpP
XPSODQRYHUWLFDOTXHGLYLGHRFRUSRQDVSDUWHVDQWHULRUjIUHQWHHSRVWHULRUDWUiV2SODQR
KRUL]RQWDOPpGLRpXPSODQRSDUDOHORDRVRORTXHSDVVDSHODEDVHGRVDFURGLYLGLQGRRFRUSR
QXPDSRUomRVXSHULRUHRXWUDLQIHULRU
3DUDDOpPGRVWHUPRVDWUiVUHIHULGRV±LQWHUQRHH[WHUQRDQWHULRUHSRVWHULRUVXSHULRU
H LQIHULRU ± WDPEpP VH XWLOL]DP QD GHVFULomR DQDWyPLFD RV FRQFHLWRV GH SUR[LPDO DOJR PDLV
SUy[LPRGDFDEHoDHGLVWDOPDLVGLVWDQWHGDFDEHoD
12d­2'(7(&,'2
&RPSDUDWLYDPHQWHDRVRUJDQLVPRVXQLFHOXODUHVDVFpOXODVGRVRUJDQLVPRVPXOWLFHOX
ODUHVFRPRRRUJDQLVPRKXPDQRQmRDSUHVHQWDPFDSDFLGDGHGHFRPXQLFDomRGLUHWDFRPRPHLR
TXHDVURGHLD3RULVVRDRFRQWUiULRGRVVHUHVXQLFHOXODUHVQmRGHSHQGHPGLUHWDPHQWHGRPHLR
HQYROYHQWHSDUDDVWURFDVDVVRFLDGDVFRPRVSURFHVVRVTXHYLVDPDPDQXWHQomRGRHTXLOtEULR
GRRUJDQLVPR(VVDLQFDSDFLGDGHIRLVXEVWLWXtGDQRSURFHVVRHYROXWLYRSRUXPDHVSHFLDOL]D
omRHGLIHUHQFLDomRFHOXODUTXHOHYRXFpOXODVGHFDUDFWHUtVWLFDVVHPHOKDQWHVDDJUXSDUHPVH
6XUJHGHVWDIRUPDDQRomRGHWHFLGRFRQMXQWRGHFpOXODVFRPFDUDFWHUtVWLFDVPRUIROyJLFDVH
¿VLROyJLFDVVHPHOKDQWHVHGDVXEVWkQFLDTXHDVHQYROYHDVXEVWkQFLDLQWHUFHOXODU
&RQVLGHUDPVH TXDWUR WLSRV GH WHFLGRV IXQGDPHQWDLV FDGD XP FRP FDUDFWHUtVWLFDV
DGDSWDGDVSDUDGDUUHVSRVWDDGHWHUPLQDGRWLSRGHIXQo}HVRWHFLGRHSLWHOLDOTXHWHPFRPR
IXQomRSULQFLSDORUHYHVWLPHQWRGHVXSHUItFLHVFRUSRUDLVH[WHULRUHVRXLQWHULRUHVPDVTXHGHVHP
SHQKDWDPEpPIXQo}HVGHUHFHomRGHHVWtPXORVVHQVRULDLVHGHVHFUHomRJODQGXODURWHFLGR
FRQMXQWLYRTXHVHUYHGHVXSRUWHHOLJDomRGHHVWUXWXUDVRWHFLGRQHUYRVRUHVSRQViYHOSHODV
IXQo}HVGHUHJXODomRHFRQWURORHRWHFLGRPXVFXODUTXHUHVSRQGHDHVWtPXORVDWUDYpVGD
FRQWUDomRRXVHMDTXHWHPFDSDFLGDGHGHGHVHQYROYHUIRUoD&XPSULQGRIXQo}HVGLVWLQWDVHVWHV
GLIHUHQWHVWLSRVGHWHFLGRFRPSOHPHQWDPVHQDFRQVWLWXLomRGRVGLIHUHQWHVyUJmRVHDJHPHP
(678'2'2029,0(172267(2/2*,$($5752/2*,$
7LSRVGHDUWLFXODo}HVPyYHLV
-iUHIHULPRVTXHDIRUPDGDVVXSHUItFLHVDUWLFXODUHVFRQGLFLRQDDPHFkQLFDDUWLFXODU
GH¿QLQGRRWLSRGHPRYLPHQWRVTXHDDUWLFXODomRSHUPLWH
$V DUWLFXODo}HV GH PDLRU PRELOLGDGH VmR DV DUWLFXODo}HV HQWUH VXSHUItFLHV GH IRUPD
HVIpULFDTXHSHUPLWHPPRYLPHQWRVQRVWUrVSODQRVGRHVSDoR/RFDOL]DPVHHVWUDWHJLFDPHQWH
QD]RQDGHOLJDomRGHFDGDXPGRVPHPEURVDRWURQFRQDHVFDSXORXPHUDOQRPHPEURVXSH
ULRUHQDFR[RIHPRUDOQRPHPEURLQIHULRU(VWDDGDSWDomRPHFkQLFDpHVVHQFLDOSDUDSRGHUPRV
H[HFXWDUFRPREUDoRHDFR[DTXDOTXHUPRYLPHQWRÀH[mRH[WHQVmRDGXomRDEGXomRURWDomR
LQWHUQDURWDomRH[WHUQDHDVVLPOLEHUWDUDH[WUHPLGDGHUHVSHWLYDPmRHSpDXPHQWDQGRR
PDLVSRVVtYHORVHXUDLRGHDomR
$VDUWLFXODo}HVHQWUHVXSHUItFLHVDUUHGRQGDGDVGHVLJQDGDVSRUF{QGLORVEHPFRPRDV
DUWLFXODo}HVHPVHODDSUHVHQWDPPRELOLGDGHFRQVLGHUiYHOPDVPHQRUGRTXHDVDQWHULRUHV
3HUPLWHPPRYLPHQWRDSHQDVHPGXDVGLUHo}HVUHVXOWDQGRHPTXDWURPRYLPHQWRVSRVVtYHLV
$VDUWLFXODo}HVHPIRUPDGHUROGDQDHVWDEHOHFLGDVSRUVXSHUItFLHVyVVHDVGHVLJQDGDV
SRUWUyFOHDVSHUPLWHPDSHQDVXPDGLUHomRGHPRYLPHQWRVHQGRHVSHFLDOL]DGDVHPPRYLPHQWRV
GHÀH[mRHGHH[WHQVmR(QFRQWUDPRVDUWLFXODo}HVGHVWHWLSRSRUH[HPSORQRMRHOKRHWDPEpP
HQWUHDVIDODQJHV
2XWUR WLSR GH DUWLFXODomR TXH SHUPLWH PRYLPHQWRV DSHQDV QXPD GLUHomR p D TXH VH
HIHWXDHQWUHVXSHUItFLHVFLOtQGULFDVHVSHFLDOL]DGDVHPPRYLPHQWRVGHURWDomRGHXPRVVRHP
WRUQRGHRXWURTXHIXQFLRQDFRPRHL[R¿[R([LVWHPDSHQDVGRLVH[HPSORVQRQRVVRFRUSRPDV
DPERVGHJUDQGHLPSRUWkQFLDIXQFLRQDOTXHHVSHOKDPDHVSHFL¿FLGDGHGHVWHWLSRGHPHFkQLFD
DUWLFXODUDVDUWLFXODo}HVHQWUHRUiGLRHRF~ELWRGHWHUPLQDQWHVQDRULHQWDomRIiFLOHYHUViWLOGD
SDOPDGDPmRWmRLPSRUWDQWHQDSUHHQVmRDDUWLFXODomRHQWUHDVGXDVSULPHLUDVYpUWHEUDVGD
FROXQDRDWODVHRi[LVUHVSRQViYHOSHODURWDomRUiSLGDGDFDEHoDDRVHUYLoRGDRULHQWDomRGR
FDPSRYLVXDO
3RU~OWLPRLPSRUWDFRQVLGHUDUDVDUWLFXODo}HVHQWUHVXSHUItFLHVSODQDVTXHIXQFLRQDP
SRUPRYLPHQWRVGHGHVOL]HTXHSRGHPVHUUHDOL]DGRVHPWRGRVRVVHQWLGRV(PERUDVySHUPLWDP
DPSOLWXGHVUHGX]LGDVGHPRYLPHQWRFRPRHPGHWHUPLQDGDV]RQDVFDUSRHWDUVRSRUH[HPSOR
HQFRQWUDPRV YiULDV DUWLFXODo}HV GHVWH WLSR D IXQFLRQDU HP FRQMXQWR R PRYLPHQWR UHVXOWDQWH
WHPXPDDPSOLWXGHFRQVLGHUiYHOGDGRVHURVRPDWyULRGRVSHTXHQRVGHVOL]HVGDVGLIHUHQWHV
DUWLFXODo}HVHQYROYLGDV
5HODomRHQWUHPRELOLGDGHHHVWDELOLGDGHDUWLFXODU
(VWDELOLGDGHHPRELOLGDGHDUWLFXODUVmRFDUDFWHUtVWLFDVLQGLVVRFLiYHLVPDVGHVLQDOFRQWUiULR
'HSHQGHQGRGDVXDORFDOL]DomRHGRVHXSDSHOIXQFLRQDODHVWUXWXUDGHXPDGHWHUPLQDGDDUWLFX
ODomRIDYRUHFHPDLVXPGHVWHVDVSHWRVHPGHWULPHQWRGRRXWUR$UWLFXODo}HVFRPRDFR[RIHPRUDO
HRMRHOKRSRUTXHVmRDUWLFXODo}HVGHFDUJDSULYLOHJLDPDHVWDELOLGDGHHPFRPSDUDomRFRPDV
(678'2'2029,0(172267(2/2*,$($5752/2*,$
0,2/2*,$
3HGUR3H]DUDW&RUUHLDH$XJXVWR*LO3DVFRDO
25*$1,=$d­20$&526&Ï3,&$
()81d­2*(5$/'20Ò6&8/2(648(/e7,&2
$PDLRUSDUWHGRP~VFXORHVTXHOpWLFRFRQVLVWHHPWHFLGRPXVFXODUHVWULDGRTXHVHHQ
FRQWUDQRYHQWUHPXVFXODUDSDUWHYHUPHOKDHFHQWUDOGRP~VFXOR)LJXUD2WHFLGRPXVFXODU
HVWULDGRpUHVSRQViYHOSHODFDSDFLGDGHGHFRQWUDomRGRP~VFXORHpFRQVWLWXtGRSRUFpOXODV
PXVFXODUHV ± DV ¿EUDV PXVFXODUHV ± TXH HVWmR RUJDQL]DGDV HP IHL[HV$VVXPHP WDPEpP
LPSRUWkQFLDQDFRPSRVLomRGRP~VFXORDVHVWUXWXUDVGRWHFLGRFRQMXQWLYRTXHWrPFRUHVEUDQ
TXLoDGDRVPtVLRVRVWHQG}HVHDVDSRQHYURVHV2VPtVLRVVmRPHPEUDQDVTXHHQYROYHPH
VHSDUDPTXHU¿EUDVPXVFXODUHVTXHUIHL[HVGH¿EUDVPXVFXODUHV2VWHQG}HVHQFRQWUDPVH
QDVH[WUHPLGDGHVGRVP~VFXORVTXHWrPIRUPDDORQJDGDHDVVHJXUDPDWUDQVPLVVmRGDIRUoD
JHUDGDSHORYHQWUHPXVFXODUDRVRVVRV6mRIRUPDGRVSRUWHFLGRFRQMXQWLYRGHQVRPRGHODGR
VHQGRSRUWDQWRPXLWRUHVLVWHQWHVDRDORQJDPHQWR1RVP~VFXORVGHIRUPDODUJDDXQLmRDRV
RVVRVpIHLWDSRUHVWUXWXUDVGHIRUPDSODQDDVDSRQHYURVHVTXHWDPEpPVHUYHPSDUDVHSDUDU
P~VFXORVRXUHJL}HVPXVFXODUHV
$SULQFLSDOSURSULHGDGHGRWHFLGRPXVFXODUpDFDSDFLGDGHGHFRQWUDLULHJHUDUWHQ
VmRQRVHQWLGRGRHQFXUWDPHQWRGRP~VFXOR8PP~VFXORDWUDYHVVDVHPSUHSHORPHQRVXPD
DUWLFXODomRPyYHOLQVHULQGRVHHPVHJPHQWRVyVVHRVDRVTXDLVWUDQVPLWHDIRUoDGHVHQYROYLGD
DWUDYpVGDVDSRQHYURVHVHWHQG}HV$VVLPDIRUoDGHFRQWUDomRWHQGHDHQFXUWDURP~VFXOR
HHPFRQVHTXrQFLDGHVORFDUXPGRVVHJPHQWRVyVVHRVRQGHRP~VFXORVHLQVHUHJHUDQGR
PRYLPHQWR QD DUWLFXODomR 2 PRYLPHQWR HVSHFt¿FR TXH SURGX] QD DUWLFXODomR GHSHQGH GD
SRVLomRTXHDSUHVHQWDHPUHODomRDHODHGDRULHQWDomRGDVXDOLQKDGHWUDomRRXVHMDDOLQKD
LPDJLQiULDTXHXQHDVH[WUHPLGDGHVGRP~VFXOR$SHVDUGHRP~VFXORSRGHUSURGX]LUPRYLPHQWR
HP TXDOTXHU GRV VHJPHQWRV yVVHRV RQGH VH LQVHUH QRUPDOPHQWH TXDQGR VH FRQWUDL XWLOL]D
XPGRVVHJPHQWRVyVVHRVRQGHVHLQVHUHFRPRSRQWR¿[R±2ULJHPGRP~VFXOR±SDUDSRGHU
PRYLPHQWDURRXWURVHJPHQWRHPTXHVHLQVHUHGHVLJQDQGRVHHVVDH[WUHPLGDGHSRU,QVHUomR
GRP~VFXOR(PVLWXDo}HVH[FHFLRQDLVTXDQGRDH[WUHPLGDGHFRUSRUDOHVWi¿[DDFRQWUDomR
GHXPP~VFXORSRGHGHVORFDURVHJPHQWRFRUSRUDORQGHWHPRULJHP1HVVHVFDVRVGL]VHTXH
RP~VFXORWUDEDOKD³FRPRULJHPHLQVHUomRLQYHUWLGDV´
&2167,78,d­2'$),%5$086&8/$5
(352&(662'(&2175$d­2086&8/$5
7RGRRSURFHVVRGHFRQWUDomRGRP~VFXORGHSHQGHGHHVWLPXODomRSUpYLDSHORVLVWHPD
QHUYRVR$OLJDomRHQWUHRVLVWHPDQHUYRVRHRP~VFXORpIHLWDSRUQHXUyQLRVFRPRULJHPQD
PHGXOD RV PRWRQHXUyQLRV TXH WHUPLQDP QDV ¿EUDV PXVFXODUHV )LJXUD $ OLJDomR HQWUH
XPPRWRQHXUyQLRHFDGD¿EUDPXVFXODUGHVLJQDVHSRUSODFDPRWRUDHpQHVVDHQWLGDGHFRP
PXLWDVVHPHOKDQoDVHVWUXWXUDLVHIXQFLRQDLVjVVLQDSVHVGRVLVWHPDQHUYRVRFHQWUDOTXHWHP
RULJHPRSURFHVVRGHDWLYDomRTXHYDLS{UHPDomRRPDWHULDOFRQWUiFWLOGD¿EUDPXVFXODU
2PDWHULDOFRQWUiFWLOH[LVWHHPHVWUXWXUDVFLOtQGULFDVTXHVHHQFRQWUDPQRLQWHULRUGDV
¿EUDVPXVFXODUHV±DVPLR¿EULOKDV±TXHVHGLVS}HPORQJLWXGLQDOPHQWHDRORQJRGD¿EUDPXVFXODU
(678'2'2029,0(1720,2/2*,$
0~VFXORVGRDQWHEUDoR
¬PHGLGDTXHVHFDPLQKDGRWURQFRSDUDDVH[WUHPLGDGHVRVP~VFXORVYmRVHWRUQDQGR
PDLVGHOJDGRVHPDLVQXPHURVRVSHUPLWLQGRPDLRUGLVFULPLQDomRHSUHFLVmRGHPRYLPHQWRV
3RULVVRHPFRPSDUDomRFRPREUDoRRDQWHEUDoRDSUHVHQWDXPQ~PHUREDVWDQWHVXSHULRUGH
P~VFXORVPDVGHPHQRUHVSHVVXUD2VP~VFXORVGRDQWHEUDoRUHSDUWHPVHSRUGRLVFRPSDU
WLPHQWRV±kQWHURLQWHUQRHSyVWHURH[WHUQR
)XQFLRQDOPHQWHRVP~VFXORVGRDQWHEUDoRSRGHPVHUGLYLGLGRVHPWUrVJUXSRVP~V
FXORVTXHVHLQVHUHPQRUiGLRHSURGX]HPPRYLPHQWRVGHSURQDomRHVXSLQDomRQRDQWHEUDoR
P~VFXORVTXHVHLQVHUHPQRVRVVRVGRFDUSRHPHWDFDUSRHLQWHUYrPQRVPRYLPHQWRVGD
PmRHP~VFXORVTXHWHUPLQDPQDVIDODQJHVDWXDQGRSULQFLSDOPHQWHQRVPRYLPHQWRVGRV
GHGRVSULQFLSDOPHQWHQDÀH[mRHQDH[WHQVmR1RFRPSDUWLPHQWRkQWHURLQWHUQRORFDOL]DPVH
RVP~VFXORVTXHSDUWLFLSDPQDSURQDomRQDÀH[mRGDPmRHQDÀH[mRGRVGHGRVHQTXDQWRQR
FRPSDUWLPHQWRSyVWHURH[WHUQRHVWmRRVP~VFXORVTXHID]HPDVXSLQDomRDH[WHQVmRGDPmR
HDH[WHQVmRGRVGHGRV
25*$1,=$d­2*(5$/(&$5$&7(5,=$d­2
'260Ò6&8/26'20(0%52,1)(5,25
0~VFXORVGDEDFLD
1DEDFLDORFDOL]DVHXPDYROXPRVDPDVVDPXVFXODUFRQVWLWXtGDSHORVWUrVJO~WHRVR
*UDQGHR0pGLRHR3HTXHQR*O~WHR(VWHVWUrVP~VFXORVWrPRULJHPQDSDUWHH[WHULRUGDEDFLD
HLQVHUHPVHQDUHJLmRH[WHUQDGDH[WUHPLGDGHVXSHULRUGRIpPXUSURPRYHQGRDDEGXomRGD
FR[D2*UDQGH*O~WHRpRPDLVYROXPRVRHVXSHU¿FLDOGRVWUrVHRFXSDDUHJLmRPDLVSRVWHULRU
GDEDFLD)LJXUD$RSDVVDUSRUWUiVGDDUWLFXODomRFR[RIHPRUDODVXDDomRSULQFLSDOpD
H[WHQVmRGDFR[DeWDPEpPXPLPSRUWDQWHURWDGRUH[WHUQRGDFR[D
0~VFXORVGDFR[D
2VP~VFXORVGDFR[DGLVWULEXHPVHSRUWUrVUHJL}HVDQWHULRULQWHUQDHSRVWHULRU
$PDLRUSDUWHGDPDVVDPXVFXODUTXHHQFRQWUDPRVQDUHJLmRDQWHULRUGDFR[DSHUWHQFHD
XPYROXPRVRP~VFXORR4XDGULFtSLWH&UXUDOTXHpFRQVWLWXtGRSRUTXDWURSRUo}HV5HWR)HPRUDO
9DVWR,QWHUQR9DVWR([WHUQRH&UXUDO)LJXUD(VWDVSRUo}HVFRPRULJHQVGLIHUHQWHVWrP
XPDLQVHUomRFRPXPDWUDYpVGHXPWHQGmRTXHHQYROYHDUyWXOD±WHQGmRURWXOLDQR±DQWHVGH
VHLQVHULUQDWXEHURVLGDGHDQWHULRUGDWtELD$SULQFLSDODomRGR4XDGULFtSLWH&UXUDOFRPHQYROYL
PHQWRGDVVXDVTXDWURSRUo}HVpDH[WHQVmRGDSHUQDRXGRMRHOKR25HWR)HPRUDO~QLFD
SRUomRTXHWHPRULJHPQDEDFLDpELDUWLFXODUSDUWLFLSDQGRWDPEpPQDÀH[mRGDFR[D$VRXWUDV
WUrVSRUo}HVWrPRULJHPQRIpPXU
$UHJLmRSRVWHULRUGDFR[DpWRWDOPHQWHRFXSDGDSHORV,VTXLRWLELDLVWUrVP~VFXORVFRP
RULJHPQRtVTXLRQTXHVHLQVHUHPQDVH[WUHPLGDGHVVXSHULRUHVGRVRVVRVGDSHUQD)LJXUD
(678'2'2029,0(1720,2/2*,$
&21752/2(
&225'(1$d®2
'2029,0(172
3HGUR3H]DUDW&RUUHLD
/RJR DEDL[R GR FyUWH[ HQFRQWUDVH R DQGDU PpGLR RX HQFpIDOR EDL[R 1HVWH DQGDU
ORFDOL]DPVHRVFHQWURVUHJXODGRUHVGHXPDVpULHGHDWLYLGDGHVDXWRPiWLFDVIXQGDPHQWDLVSDUD
DVREUHYLYrQFLDGRLQGLYtGXRFRPRDUHVSLUDomRSUHVVmRDUWHULDOIRPHHVHGHHTXLOtEULRRX
UHJXODomRWyQLFDGRVP~VFXORV
2DQGDULQIHULRUDPHGXODpUHVSRQViYHOSHODUHVROXomRGDVVLWXDo}HVPDLVVLPSOHVH
XUJHQWHVDWUDYpVGHUHVSRVWDVHVWHUHRWLSDGDVPXLWRUiSLGDV
(P TXDOTXHU GRV WUrV DQGDUHV GR 61& SRGHPRV GLVWLQJXLU GRLV WLSRV GH WHFLGR QHU
YRVRVXEVWkQFLDFLQ]HQWDHVXEVWkQFLDEUDQFD$VXEVWkQFLDFLQ]HQWDpFRQVWLWXtGDSRUJUDQGH
FRQFHQWUDomRGHFRUSRVFHOXODUHVHVLQDSVHVFRQWHQGRWDPEpPD[yQLRVQmRPLHOLQL]DGRVTXH
FRQGX]HPLQIRUPDomRDYHORFLGDGHUHGX]LGDeQHVWDVXEVWkQFLDTXHVHYHUL¿FDRSURFHVVDPHQWR
GHLQIRUPDomR$VXEVWkQFLDEUDQFDpDSHQDVFRQVWLWXtGDSRU¿EUDVPLHOLQL]DGDVFRPDXVrQFLD
TXHUGHFRUSRVFHOXODUHVTXHUGHVLQDSVHV'HVVDIRUPDDLQIRUPDomRQDVXEVWkQFLDEUDQFDp
FRQGX]LGDDJUDQGHYHORFLGDGHVHQGRRFDQDOGHFRPXQLFDomRXWLOL]DGRTXDQGRRVLQDOWHPGH
SHUFRUUHUORQJDVGLVWkQFLDVQRLQWHULRUGR61&(PGHWHUPLQDGRVORFDLVGR61&HQFRQWUDPVH
QRPHLRGDVXEVWkQFLDEUDQFD]RQDVGHVXEVWkQFLDFLQ]HQWDFRQVWLWXtGDVSRUDJORPHUDGRVGH
FRUSRVFHOXODUHVUHVSRQViYHLVSRUGHWHUPLQDGDVIXQo}HV±RVQ~FOHRV
0HGXOD
$PHGXODFRUUHVSRQGHDRDQGDULQIHULRUGR61&(QFRQWUDVHDORMDGDHSURWHJLGDQXP
FDQDOyVVHRRFDQDOYHUWHEUDOIRUPDGRSHORFRQMXQWRGRVEXUDFRVGDVYpUWHEUDVTXHFRQVWLWXHP
DFROXQD1DIDFHDQWHULRUGDPHGXODHPHUJHPUDt]HVFRQVWLWXtGDVSRU¿EUDVQHUYRVDVHIHUHQWHV
TXHWUDQVSRUWDPLQIRUPDomRGR61&SDUDRVHIHWRUHV±UDt]HVPRWRUDV3RVWHULRUPHQWHSRGHP
REVHUYDUVHDVUDt]HVSRVWHULRUHVFRQVWLWXtGDVSRU¿EUDVDIHUHQWHVTXHWUD]HPLQIRUPDomRVHQ
VLWLYDGRVUHFHWRUHVSDUDR61&±UDt]HVVHQVLWLYDV$VUDt]HVDQWHULRUHVHSRVWHULRUHVGHFDGD
ODGRYmRXQLUVHIRUPDQGRRQHUYRHVSLQDORXUDTXLGLDQR
$RORQJRGRFRPSULPHQWRGDPHGXODIRUPDPVHSDUHVGHQHUYRVHVSLQDLVTXHDGL
YLGHPHPVHJPHQWRV&DGDXPGHVVHVVHJPHQWRVWHPFRUUHVSRQGrQFLDTXHUVHQVLWLYDTXHU
PRWRUDQDSHULIHULDGRFRUSR2VVHJPHQWRVPHGXODUHVHUHVSHWLYRVQHUYRVHVSLQDLVHVWmR
GLYLGLGRVHPUHJL}HVFRUUHVSRQGHQWHVjVUHJL}HVGDFROXQDYHUWHEUDOUHJLmRFHUYLFDORLWRSDUHV
GHQHUYRVUHJLmRGRUVDOSDUHVGHQHUYRVUHJLmRORPEDUFLQFRSDUHVGHQHUYRVUHJLmR
VDJUDGDFLQFRSDUHVGHQHUYRVHUHJLmRFRFFtJHDXPSDUGHQHUYRV
3HODDQiOLVHGHXPFRUWHVHJPHQWDUGDPHGXODREVHUYDPRVSHULIHULFDPHQWHDVXEVWkQFLD
EUDQFDHDRFHQWURDVXEVWkQFLDFLQ]HQWDTXHDSUHVHQWDDIRUPDGHXP+)LJXUD$VSRUo}HV
DQWHULRUHVGDVXEVWkQFLDFLQ]HQWDWrPIXQo}HVPRWRUDVORFDOL]DQGRVHDtRVFRUSRVFHOXODUHVGRV
PRWRQHXUyQLRVFXMRVD[yQLRVVHGLULJHPDRP~VFXORHVTXHOpWLFRLQHUYDQGRDV¿EUDVPXVFXODUHV
$VSRUo}HVSRVWHULRUHVUHFHEHPDV¿EUDVDIHUHQWHVTXHHQWUDPQDPHGXODSHODUDL]SRVWHULRUH
TXHWUDQVSRUWDPLQIRUPDomRVHQVRULDOGDSHULIHULDTXHGHSRLVpFRQGX]LGDDWUDYpVGHD[yQLRV
DVFHQGHQWHVDRVDQGDUHVVXSHULRUHVGR61&
)$&8/'$'('(0275,&,'$'(+80$1$
9LVmR
2DSDUHOKRYLVXDOpFRQVWLWXtGRSHORJORERRFXODUHSRUyUJmRVDQH[RVFRPRDVSiOSH
EUDVTXHRSURWHJHPRDSDUHOKRODFULPDOTXHROLPSDHOXEUL¿FDHRVP~VFXORVRFXORPRWRUHV
TXHJDUDQWHPRPRYLPHQWRFRQMXJDGRGRVGRLVROKRVGHIRUPDD¿[DUPRVHSHUVHJXLUPRVXP
REMHWRPHVPRTXDQGRHVWHVHGHVORFDDJUDQGHYHORFLGDGH
$SDUHGHGRJORERRFXODUpFRQVWLWXtGDSRUWUrVFDPDGDV)LJXUD$FDPDGDH[WHUQD
±HVFOHUyWLFD±pXPDFDPDGDGHWHFLGRFRQMXQWLYR¿EURVRTXHFRQVWLWXLDSDUWHEUDQFDGRROKR
FREULQGR RV WUrV TXDUWRV SRVWHULRUHV GR JORER RFXODU H FRQWLQXDQGRVH QD UHJLmR DQWHULRU SRU
XPDHVWUXWXUDWUDQVSDUHQWHHFRQYH[DDFyUQHD1DFDPDGDPpGLDHQFRQWUDVHDFRURLGHLDTXH
pSURORQJDGDDQWHULRUPHQWHSHODtULVTXHVHVLWXDDWUiVGDFyUQHDHDSUHVHQWDXPDDEHUWXUDDR
FHQWURDSXSLOD$tULVpFRQVWLWXtGDSRUP~VFXOROLVRHUHJXODRGLkPHWURGDSXSLODFRQGLFLRQDQGR
DTXDQWLGDGHGHOX]TXHHQWUDQRROKRGHDFRUGRFRPDOXPLQRVLGDGHH[WHULRU$FDPDGDLQWHUQDGR
JORERRFXODUDUHWLQDpDFDPDGDQHUYRVDRQGHVHORFDOL]DPDVFpOXODVUHFHWRUDVTXHWUDQVIRUPDP
DOX]HPLQÀX[RQHUYRVR1HODHQFRQWUDVHDIyYHDXPSRQWRGDUHWLQDTXHWHPFDUDFWHUtVWLFDV
TXH OKH SHUPLWHP XP HOHYDGR JUDX GH GLVFULPLQDomR H QLWLGH] GD LQIRUPDomR YLVXDO TXH DOL VH
SURMHWD
,PHGLDWDPHQWHDWUiVGDtULVHQFRQWUDVHRFULVWDOLQRXPDOHQWHELFRQYH[DTXHGHVHP
SHQKDXPSDSHOLPSRUWDQWHQDIRFDJHPDRID]HUFRQYHUJLURVUDLRVOXPLQRVRVGRREMHWRFHQWUDO
GDLPDJHPSDUDDIyYHD2SURFHVVRGHIRFDJHPFRQVLVWHSRUWDQWRQDDOWHUDomRGHIRUPDGR
FULVWDOLQRWRUQDQGRRPDLVFRQYH[RRXPDLVSODQRGHPDQHLUDDSURPRYHUDFRQYHUJrQFLDGRV
UDLRVOXPLQRVRVSDUDDIyYHD6HDFRQYHUJrQFLDQmRpIHLWDH[DWDPHQWHDtQmRVHFRQVHJXHXPD
LPDJHPQtWLGD$FDSDFLGDGHGHDFRPRGDomRGDSRWrQFLDGRFULVWDOLQRDWUDYpVGDDOWHUDomRGD
VXDIRUPDSRVVLELOLWDXPDYLVmRSUHFLVDLQGHSHQGHQWHPHQWHGRWDPDQKRGRREMHWRHGDGLVWkQFLD
DTXHVHHQFRQWUD6HDFRQYHUJrQFLDQmRpIHLWDH[DWDPHQWHQDIyYHDDLPDJHPREWLGDpGHV
IRFDGDRTXHSRGHVHUSURYRFDGRSRUXPDGH¿FLrQFLDGRVLVWHPDGHIRFDJHPFRPRDFRQWHFH
QRVFDVRVGHKLSHUPHWURSLDPLRSLDHDVWLJPDWLVPR
$XGLomR
2RXYLGRGLYLGHVHHPWUrVSRUo}HVRXYLGRH[WHUQRRXYLGRPpGLRHRXYLGRLQWHUQR)LJXUD
2RXYLGRH[WHUQRFRUUHVSRQGHDRSDYLOKmRDXULFXODUYXOJDUPHQWHGHVLJQDGRSRURUHOKDTXH
DSUHVHQWDXPDFRQ¿JXUDomRDSURSULDGDjUHFHomRGHRQGDVVRQRUDVTXHGHSRLVRULHQWDSDUDR
FDQDODXGLWLYRH[WHUQR2FDQDODXGLWLYRH[WHUQRWHUPLQDQDPHPEUDQDGRWtPSDQRTXHVHSDUD
RRXYLGRH[WHUQRGRRXYLGRPpGLR2RXYLGRPpGLRpXPDFDYLGDGHTXHHVWDEHOHFHDOLJDomR
HQWUHRWtPSDQRHRRXYLGRLQWHUQR3DUDDOpPGDIXQomRTXHGHVHPSHQKDQDFRQGXomRGDV
RQGDVVRQRUDVRRXYLGRPpGLRpHVVHQFLDOSDUDDPDQXWHQomRGDLJXDOGDGHGHSUHVV}HVGRV
GRLVODGRVGRWtPSDQR7DOpIHLWRSHODWURPSDGH(XVWiTXLRFDQDOTXHHVWDEHOHFHDFRPXQLFDomR
HQWUHRRXYLGRPpGLRHDULQRIDULQJH(VWDUHJXODomRGHSUHVVmRQRLQWHULRUGRRXYLGRPpGLR
pGHWHUPLQDQWHSDUDHYLWDUDOHVmRGDIUiJLOPHPEUDQDGRWtPSDQR7DOFRPRRRXYLGRPpGLR
)$&8/'$'('(0275,&,'$'(+80$1$
,QLFLDomRGRPRYLPHQWRYROXQWiULR
$SURGXomRGHXPPRYLPHQWRLPSOLFDDHQWUDGDHPDomRSRUXPDGHWHUPLQDGDRUGHP
GH GLIHUHQWHV HVWUXWXUDV GR VLVWHPD PRWRU RUJDQL]DGDV GH IRUPD KLHUiUTXLFD 2 PRYLPHQWR p
JOREDOPHQWHUHSUHVHQWDGRVREDIRUPDGHXPREMHWLYRODQoDUXPDERODSRUH[HPSORQRDQGDU
VXSHULRUGR61&RFyUWH[FHUHEUDO(VVDLGHLDDEVWUDWDVREUHRPRYLPHQWRSUHWHQGLGRWHPTXHVHU
FRQYHUWLGDHPURWLQDVQHXUDLVDVVRFLDGDVFRPRSDGUmRGHDWLYLGDGHPXVFXODUDGHTXDGRRTXH
UHTXHUDHVFROKDGRVSURJUDPDVPRWRUHVTXHPHOKRUVHUYHPRREMHWLYR(PVHJXLGDDVRUGHQV
LQLFLDGRUDVGRPRYLPHQWRUHVSHLWDQWHVjVLQVWUXo}HVPRWRUDVSURJUDPDGDVVmRWUDQVPLWLGDVDRV
PRWRQHXUyQLRVPHGXODUHVDWUDYpVGDV¿EUDVTXHWrPRULJHPQDiUHDFRUWLFDOGDPRWULFLGDGH
YROXQWiULDHTXHFRQGX]HPLQIRUPDomRDJUDQGHYHORFLGDGHSDUDRVPRWRQHXUyQLRVGDPHGXOD
$HVWLPXODomRGHVWDV¿EUDVGHWHUPLQDRLQtFLRH¿PGRVPRYLPHQWRVHDVXDIRUoDHYHORFLGDGH
JHUDLVDVVXPLQGRXPSDSHOIXQGDPHQWDOQRUHFUXWDPHQWRHIUHTXrQFLDGHGHVFDUJDGDVXQL
GDGHVPRWRUDV2FRQWURORTXHRFpUHEURH[HUFHVREUHRVP~VFXORVpWRWDOPHQWHFRQWUDODWHUDO
3RUH[HPSORDV¿EUDVTXHVDHPGRKHPLVIpULRGLUHLWRGRFyUWH[WHUPLQDPQRODGRFRQWUiULRGD
PHGXODVHQGRUHVSRQViYHLVSHODDWLYDomRGDPXVFXODWXUDGRODGRHVTXHUGRGRFRUSR
4XDQGRH[HFXWDPRVGHWHUPLQDGRPRYLPHQWRYROXQWiULRVyQRVSUHRFXSDPRVFRQVFLHQ
WHPHQWH FRP XPD SDUWH PXLWR UHVWULWD GDV Do}HV PXVFXODUHV TXH GHVHQYROYHPRV 3DUD TXH R
PRYLPHQWRVHMDSRVVtYHOWHPTXHVHUDVVHJXUDGRWRGRXPFRQMXQWRGHDVSHWRVFRPRRHTXLOtEULR
D UHJXODomR GR WyQXV PXVFXODU H D HVWDELOLGDGH GDV DUWLFXODo}HV FRUSRUDLV 3DUDOHODPHQWH DR
FRQWURORGRVDVSHWRVYROXQWiULRVGRPRYLPHQWRRFyUWH[FHUHEUDOGHOHJDQRVFHQWURVVXEFRUWLFDLV
DUHJXODomRGHVVHVDVSHWRVLQYROXQWiULRV2FRQMXQWRGHUHVSRVWDVDXWRPiWLFDVFRQWURODGDVSHOD
PHGXODHSHORHQFpIDOREDL[ROLEHUWDRFyUWH[FHUHEUDOTXHVyWHPTXHVHSUHRFXSDUFRPRFRQWUROR
PDLVSUHFLVRGDVH[WUHPLGDGHV
&RQWURORGRPRYLPHQWRSRUUHWURDomRVHQVRULDORXSRUSUpSURJUDPDomR
2VPRYLPHQWRVHVWmRVXMHLWRVDFRUUHo}HVGXUDQWHDH[HFXomRDWUDYpVGHLQIRUPDomR
VHQVRULDO HQWUHWDQWR IRUQHFLGD DR 61&$ XWLOL]DomR GH LQIRUPDomR VHQVRULDO QRV SURFHVVRV
FRUUHWLYRV GR PRYLPHQWR HVWi GHSHQGHQWH GH DVSHWRV GLYHUVRV FRPR D GXUDomR GD DomR D
VXDFRPSOH[LGDGHRXRQtYHOGHDSUHQGL]DJHPGRH[HFXWDQWHHPUHODomRjWDUHIDPRWRUD(P
IXQomRGHVVHVIDWRUHVRVPRYLPHQWRVSRGHPVHUFRQWURODGRVSRUUHWURDomRVHQVRULDORXSRU
SUpSURJUDPDomR
2VPRYLPHQWRVOHQWRVDSUHVHQWDPXPDGXUDomRTXHSHUPLWHXPFRQWURORFRQWtQXRSHOR
LQSXWVHQVRULDOHXPDMXVWDPHQWRSHUPDQHQWHGRVFRPDQGRVPRWRUHVSRUFRPSDUDomRHQWUHD
SRVLomRSUHWHQGLGDHDSRVLomRUHDO(VWHVPRYLPHQWRVSRGHPSRUWDQWRVHUYROXQWDULDPHQWH
DOWHUDGRV GXUDQWH D H[HFXomR 'RV GLIHUHQWHV WLSRV GH LQIRUPDomR VHQVRULDO D YLVmR DVVXPH
IUHTXHQWHPHQWHDPDLRULPSRUWkQFLDQDGHWHomRFRQVFLHQWHGRVHUURVHPUHODomRDRREMHWLYR
SHUVHJXLGRRULJLQDQGRDMXVWDPHQWRVTXHFRQWULEXHPSDUDXPDPDLRUSUHFLVmRGDVDo}HV
)$&8/'$'('(0275,&,'$'(+80$1$
)81'$0(1726
'(0(&Ç1,&$
3$5$$1É/,6(
'2029,0(172
2UODQGR)HUQDQGHV
2 SULQFLSDO REMHWLYR GHVWH PyGXOR FRQVLVWH HP PHOKRUDU D FDSDFLGDGH GH DQiOLVH GR
PRYLPHQWRDWUDYpVGDDGHTXDGDDSOLFDomRGRVFRQFHLWRVEiVLFRVGD)tVLFDHGD0DWHPiWLFD
2PRYLPHQWRpRDWRRXRSURFHVVRGHDOWHUDUD3RVLomRHPUHODomRDXPGHWHUPLQDGR
UHIHUHQFLDOGHXPFRUSRRXGHXPREMHWR$0HFkQLFDpXPDVHFomRGD)tVLFDTXHWHPFRPR
REMHWLYRHVWXGDUDUHODomRHQWUHIRUoDVSURGX]LGDVQXPFRUSRVHPUHDOL]DUPRYLPHQWR(VWiWLFD
GHVFUHYHURPRYLPHQWR&LQHPiWLFDHSHUFHEHUDVFDXVDVGHVVHPRYLPHQWR&LQpWLFDeyEYLD
DLPSRUWkQFLDGRVFRQKHFLPHQWRVIXQGDPHQWDLVGHPHFkQLFDSDUDTXHPWHPGHFRPSUHHQGHUD
SURGXomRGHPRYLPHQWRKXPDQRQDVVXDVGLIHUHQWHVYHUWHQWHV
$%LRPHFkQLFDpXPDiUHDGHHVWXGRTXHVHRFXSDGDVIRUoDVTXHDWXDPIRUDHGHQWUR
GRVLVWHPDELROyJLFRHGRHIHLWRTXHWDLVIRUoDVSURGX]HPQRVLVWHPD3DUDDQiOLVHGRPRYL
PHQWRD%LRPHFkQLFDGHVHPSHQKDXPSDSHOLPSRUWDQWHSRUTXHDSDUWLUGDDSOLFDomRGRVVHXV
FRQKHFLPHQWRVHLQVWUXPHQWRVGHDQiOLVHSHUPLWHGHWHWDUHUURVHID]HUDOWHUDo}HVjIRUPDFRPR
VHUHDOL]DRPRYLPHQWRPHOKRUDQGRDH[HFXomR
&2532$57,&8/$'2(&(1752'(0$66$
3DUDRVGLIHUHQWHVWLSRVGHDQiOLVHpSUHFLVRXPPRGHORDGHTXDGRSDUDVHUSRVVtYHO
DSOLFDURVFRQKHFLPHQWRVGD%LRPHFkQLFDTXHDMXGDPDFRPSUHHQGHUDIRUPDFRPRRVPRYL
PHQWRVVmRSURGX]LGRV$VVLPDSULPHLUDWDUHIDDUHDOL]DUpWUDQVIRUPDURFRUSRQXPFRQMXQWR
GHHOHPHQWRVPDLVVLPSOHVSDUDVHSRGHUDSOLFDUFRPULJRURVFRQKHFLPHQWRVGD)tVLFDHGD
0DWHPiWLFD3DUDDDQiOLVHPHFkQLFDGRPRYLPHQWRRFRUSRSRGHVHUFRQVLGHUDGRFRPRXP
FRQMXQWRGHVHJPHQWRVUtJLGRVDUWLFXODGRVHQWUHVLFRUSRDUWLFXODGRRXFRPRXP~QLFRSRQWR
TXHSRVVDUHSUHVHQWDURFRUSRQDWRWDOLGDGHFHQWURGHPDVVDJUDYLGDGH±&R0
2FRUSRDUWLFXODGRpXPFRQMXQWRGHFRUSRVUtJLGRVTXHUHSUHVHQWDPRVVHJPHQWRVGR
FRUSRDUWLFXODGRVHQWUHVL$UHSUHVHQWDomRGRFRUSRFRPRFRUSRDUWLFXODGRSHUPLWHVLPSOL¿FDUD
REVHUYDomRGRVPRYLPHQWRVUHDOL]DGRVHSHUFHEHUVHSDUDGDPHQWHDDWLYLGDGHPHFkQLFD3RVLomR
9HORFLGDGHH$FHOHUDomRGHFDGDXPGRVVHJPHQWRV2VFRUSRVUtJLGRVVmRDUWLFXODGRVHQWUH
VLGHXPDIRUPDVLPSOHVHPORFDLVTXHUHSUHVHQWDPGHXPDPDQHLUDJHUDODVDUWLFXODo}HVGR
FRUSR1DLOXVWUDomRDEDL[RRFRUSRIRLUHSUHVHQWDGRQRVVHJXLQWHVFRUSRVUtJLGRVFDEHoDWURQFR
EUDoRVDQWHEUDoRVPmRVFR[DVSHUQDVSpV2SpHDFDEHoDDSDUHFHPUHSUHVHQWDGRVFRP
YROXPHSDUDSRGHUPRVWHUXPDUHSUHVHQWDomRPDLV³KXPDQD´
(678'2'2029,0(172
)81'$0(1726'(0(&Æ1,&$
3$5$$1È/,6('2029,0(172
XWLOL]DGDpPHWURVSRUVHJXQGRPVSRUTXHpDXQLGDGHGRVLVWHPDLQWHUQDFLRQDOGHXQLGDGHV6,
SDUD9HORFLGDGH8PFRQFHLWRGLIHUHQWHpRGH9HORFLGDGH,QVWDQWkQHDRXVHMDD9HORFLGDGHQXP
GHWHUPLQDGRLQVWDQWH
1XPDFRUULGDGHPTXDQGRRDWOHWDHVWiQRVEORFRVQDSRVLomRGHSDUWLGDjHVSHUDGR
WLURGHSDUWLGDDVXD9HORFLGDGHp]HUR/RJRDSyVRWLURGHSDUWLGDRDWOHWDSDUWHjPi[LPD9HORFL
GDGHSDUDDPHWD6DEHPRVTXHQRVSULPHLURVFLQFRPHWURVRDWOHWDQmRDWLQJLXDVXD9HORFLGDGH
0i[LPDHTXHSDUDRFRQVHJXLUHOHSUHFLVDGHDFHOHUDURPi[LPRTXHSXGHU2VDWOHWDVPDLVUiSLGRV
FRQVHJXHPDFHOHUDUGXUDQWHPDLVWHPSRGHFRUULGD$$FHOHUDomR0pGLDpDYDULDomRGH9HORFLGDGH
DRORQJRGRWHPSRWRWDOGHFRUULGD'HSRLVTXDQGRRDWOHWDQmRFRQVHJXLUDFHOHUDUWHQWDUiPDQWHU
D9HORFLGDGHFRQVHJXLGDDWpDR¿QDOGDFRUULGD$FDSDFLGDGHGHPDQWHUD$FHOHUDomRGHSHQGHGD
IRUoDPXVFXODUHGDWpFQLFDGRDWOHWD
2XWUDREVHUYDomRLQWHUHVVDQWHpDIRUPDFRPRRDWOHWDH[HFXWDDWpFQLFDSDUDGHVORFDU
RVHX&R0TXHDSUHVHQWDXPPRYLPHQWRHPOLQKDUHWDFRPDOJXPDVRVFLODo}HV2DWOHWD&R0
VREHHGHVFH'HVFHOLJHLUDPHQWHTXDQGRFRQWDFWDRVRORHVREHTXDQGRHPSXUUDRFKmR4XDQWR
PDLVVREHHGHVFHPDLV9HORFLGDGHSHUGH3RGHPHQWmRVHSDUDUVHRVPRYLPHQWRVSDUDFLPD
HSDUDEDL[RPRYLPHQWRVYHUWLFDLVRVPRYLPHQWRVSDUDDIUHQWHPRYLPHQWRVKRUL]RQWDLVHRV
PRYLPHQWRVSDUDRODGRPRYLPHQWRVODWHUDLV
0RYLPHQWR$QJXODU
8PPRYLPHQWRDQJXODUpDYDULDomRGHPRYLPHQWRGHXPFRUSRUtJLGRURGDQGRHPWRUQR
GHXPHL[R1RFDVRGRVVHJPHQWRVFRUSRUDLVRHL[RFRUUHVSRQGHjDUWLFXODomRRQGHRVHJPHQWR
VH GHVORFD 'XUDQWH D FRUULGD R PRYLPHQWR UHDOL]DGR SHORV VHJPHQWRV UHVXOWDGR GDV Do}HV
SURGX]LGDVSHORVP~VFXORVID]YDULDUD3RVLomRGRVVHJPHQWRVFRUSRUDLVHQWUHVLWHQGRFRPR
SRQWR ¿[R DV DUWLFXODo}HV HL[RV GH URWDomR (VWHV PRYLPHQWRV GHVLJQDPVH SRU PRYLPHQWRV
DQJXODUHVSRUTXHRVVHJPHQWRVXVDPFRPRDSRLRDVDUWLFXODo}HVHID]HPYDULDUkQJXORVHQWUH
VHJPHQWRVkQJXORVUHODWLYRVHFRPDYHUWLFDORXFRPDKRUL]RQWDOkQJXORVDEVROXWRV3RGHPRV
GL]HUTXHRPRYLPHQWROLQHDUGDWRWDOLGDGHGRFRUSRpRUHVXOWDGR¿QDOGRVPRYLPHQWRVDQJXODUHV
UHDOL]DGRVSHORVGLIHUHQWHVVHJPHQWRV1DVLPDJHQVDEDL[RHVWmRUHSUHVHQWDGRVRkQJXORUHODWLYR
GRMRHOKR$HRkQJXORDEVROXWRGRMRHOKRHPUHODomRjKRUL]RQWDO%
$
%
(678'2'2029,0(172
)81'$0(1726'(0(&Æ1,&$
3$5$$1È/,6('2029,0(172
$1É/,6('$
3$57,&,3$d®2
086&8/$5
12029,0(172
3HGUR3H]DUDW&RUUHLD6DQGUR)UHLWDVH5D~O2OLYHLUD
$1È/,6()81&,21$/'$086&8/$785$+80$1$
$DomRDQDWyPLFDGHXPP~VFXORFRUUHVSRQGHDRPRYLPHQWRDUWLFXODUTXHDVXDDomR
FRQFrQWULFDSURGX]TXDQGRRFRUSRVHHQFRQWUDHPSRVLomRGHVFULWLYDDQDWyPLFDHVHPFRQVLGH
UDURHIHLWRGDIRUoDGDJUDYLGDGH2FRQKHFLPHQWRGDVDo}HVDQDWyPLFDVGRVGLIHUHQWHVJUXSRV
PXVFXODUHVSHUPLWHXPDEDVHGHWUDEDOKRSDUDDDQiOLVHFLQHVLROyJLFDHSDUDRGRPtQLRGDV
WpFQLFDVHOHPHQWDUHVGHVROLFLWDomRGHXPGHWHUPLQDGRP~VFXOR&RPEDVHQHVVHFRQKHFLPHQWR
QHVWHFDStWXORVHUmRLGHQWL¿FDGRVRVJUXSRVPXVFXODUHVDJRQLVWDVGRVSULQFLSDLVPRYLPHQWRV
FRUSRUDLV
0~VFXORVUHVSRQViYHLVSHORVPRYLPHQWRVGRWURQFR
1RWURQFRGHYHPVHUFRQVLGHUDGRVRVPRYLPHQWRVGHH[WHQVmRÀH[mRÀH[mRODWHUDOH
URWDomR
2VP~VFXORVH[WHQVRUHVGRWURQFRORFDOL]DPVHSRVWHULRUPHQWHjFROXQDYHUWHEUDO2V
DJRQLVWDVSULQFLSDLVVmRRVP~VFXORVGDPDVVDFRPXP)LJXUD'RLVJUDQGHVP~VFXORVTXH
VHORFDOL]DPjVXSHUItFLHGDUHJLmRSRVWHULRUGRWURQFRRWUDSp]LR)LJXUDHRJUDQGHGRUVDO
)LJXUDVmRP~VFXORVDJRQLVWDVDX[LOLDUHV$SUHVHQWDQGRDVXDDomRSULQFLSDOQRPHPEUR
VXSHULRUHPFXMRVRVVRVVHLQVHUHPWrPXPDLQWHUYHQomRLPSRUWDQWHQDH[WHQVmRGDFROXQD
TXDQGRHVWDpUHDOL]DGDDXPDYHORFLGDGHHOHYDGDRXFRQWUDXPDUHVLVWrQFLDFRQVLGHUiYHO
1DÀH[mRGRWURQFRSDUWLFLSDPGRLVJUXSRVGHP~VFXORVRVP~VFXORVGDSDUHGHkQWH
URODWHUDOGRDEGyPHQHRVP~VFXORVÀH[RUHVGDFR[D(VWHV~OWLPRVDWXDPFRPRULJHPHLQVHUomR
LQYHUWLGD$SDUWLFLSDomRPXVFXODUQDÀH[mRGRWURQFRSRGHVHUGLYLGLGDHPWUrVIDVHV1XPDSULPHLUD
IDVHGRPRYLPHQWRRDJRQLVWDSULQFLSDOpRUHWRGRDEGyPHQ)LJXUDHRVREOtTXRVH[WHUQR
)LJXUDHLQWHUQR)LJXUDVmRDJRQLVWDVDX[LOLDUHV$DomRFRQFrQWULFDGHVWHVP~VFXORV
DSUR[LPDDFDL[DWRUiFLFDGDEDFLDSURPRYHQGRDÀH[mRGDFROXQDGRUVDO6HJXHVHDÀH[mRGD
FROXQDORPEDUTXHpSURGX]LGDSRUXPDGDVSRUo}HVGRSVRDVLOtDFRRJUDQGHSVRDV)LJXUD
1XPDIDVH¿QDODÀH[mRGRWURQFRGHYHVHjLQFOLQDomRDQWHULRUGDEDFLDHQYROYHQGRDDUWLFXODomR
FR[RIHPRUDOSURPRYLGDSHORVP~VFXORVTXHWrPRULJHPQDSDUWHDQWHULRUGDEDFLDFRPRRUHWR
IHPRUDO)LJXUD
1DURWDomRGRWURQFRWrPXPSDSHOPXLWRLPSRUWDQWHGRLVP~VFXORVGDSDUHGHkQWH
URODWHUDO GR DEGyPHQ R REOtTXR H[WHUQR HP FRQWUDomR KHWHURODWHUDO H R REOtTXR LQWHUQR HP
FRQWUDomRKRPRODWHUDO2VP~VFXORVGDPDVVDFRPXPWDPEpPSDUWLFLSDPQHVWDDomR
$ÀH[mRODWHUDOGRWURQFRpSURGX]LGDSHODFRQWUDomRKRPRODWHUDOGRVP~VFXORVSVR
DVLOtDFRREOtTXRH[WHUQRREOtTXRLQWHUQRHP~VFXORVGDPDVVDFRPXP
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
&RQWUDomRKHWHURODWHUDO±FRQWUDomRGRP~VFXORGRODGRFRQWUiULRDRVHQWLGRGRPRYLPHQWR
&RQWUDomRKRPRODWHUDO±FRQWUDomRGRP~VFXORGRODGRSDUDRTXDOVHUHDOL]DRPRYLPHQWR
(678'2'2029,0(172
$1È/,6('$3$57,&,3$d­2
086&8/$512029,0(172
0~VFXORVUHVSRQViYHLVSHORVPRYLPHQWRVGDFR[D
$DUWLFXODomRFR[RIHPRUDOpXPDDUWLFXODomRWULD[LDOTXHFRQIHUHjFR[DFDSDFLGDGHSDUD
UHDOL]DUPRYLPHQWRVQRVWUrVSODQRVDQDWyPLFRV
2VP~VFXORVDJRQLVWDVSULQFLSDLVGDÀH[mRGDFR[DSDVVDPjIUHQWHGDDUWLFXODomRFR
[RIHPRUDOGHVWDFDQGRVHRSVRDVLOtDFR)LJXUDHRUHWRIHPRUDO)LJXUD1DH[WHQVmR
GDFR[DRVDJRQLVWDVSULQFLSDLVORFDOL]DPVHSRVWHULRUPHQWHHVmRRJUDQGHJO~WHR)LJXUD
HRVWUrVP~VFXORVSRVWHULRUHVGDFR[D)LJXUDRELFtSLWHIHPRUDORVHPLPHPEUDQRVRHR
VHPLWHQGLQRVR
$DEGXomRGDFR[DpUHDOL]DGDSRUP~VFXORVTXHVHORFDOL]DPH[WHUQDPHQWHjDUWLFXODomR
FR[RIHPRUDOFRPRRJUDQGHJO~WHR2VDJRQLVWDVGDDGXomRGDFR[DVmRRVDGXWRUHVTXHVH
VLWXDPQDUHJLmRLQWHUQDGDFR[DHWrPRULJHPQDS~ELV
1DURWDomRH[WHUQDGDFR[DH[LVWHXPHOHYDGRQ~PHURGHP~VFXORVDJRQLVWDVVHQGR
RJUDQGHJO~WHRHRSVRDVLOtDFRRVPDLVSRGHURVRV
0~VFXORVUHVSRQViYHLVSHORVPRYLPHQWRVGDSHUQD
2VSULQFLSDLVPRYLPHQWRVGDSHUQDVmRRVPRYLPHQWRVUHDOL]DGRVQRSODQRVDJLWDO±
PRYLPHQWRVGHH[WHQVmRHGHÀH[mR$H[WHQVmRGDSHUQDpSURGX]LGDSRUXP~QLFRP~VFXORR
TXDGULFtSLWHFUXUDO)LJXUDTXHWHPXPJUDQGHYROXPHGHPDVVDPXVFXODUHXPDFDSDFLGDGH
GHIRUoDTXHQRUPDOPHQWHVXSHUDDGRVVHXVDQWDJRQLVWDVRVÀH[RUHVGDSHUQDTXHVmRRV
P~VFXORVSRVWHULRUHVGDFR[DRVHPLWHQGLQRVRRVHPLPHPEUDQRVRHRELFtSLWHIHPRUDO
0~VFXORVUHVSRQViYHLVSHORVPRYLPHQWRVGRSp
2VPRYLPHQWRVPDLVLPSRUWDQWHVGRSpVmRDÀH[mRSODQWDUHDÀH[mRGRUVDO2PRPHQWR
GHIRUoDSURGX]LGRQDÀH[mRSODQWDUpFRQVLGHUDYHOPHQWHVXSHULRUDRGHVHQYROYLGRQDÀH[mR
GRUVDOGHYLGRDRPDLRUQ~PHURHYROXPHGHP~VFXORVSUHSDUDGRVSDUDDIXQomRGHSURSXOVmR
GHWRGRRFRUSRFRQWUDDIRUoDJUDYtWLFD2SULQFLSDODJRQLVWDGDÀH[mRSODQWDUpRWULFtSLWHVXUDO
DWUDYpVGDVVXDVWUrVSRUo}HVRVJpPHRVLQWHUQRHH[WHUQRHRVROHDU)LJXUD2VJpPH
RV PDLV ULFRV HP ¿EUDV GR WLSR VmR PDLV LPSRUWDQWHV TXDQGR D ÀH[mR SODQWDU p UHDOL]DGD
DYHORFLGDGHVPDLVHOHYDGDVHHPVLWXDo}HVGLQkPLFDV 2VROHDUPDLVEHPDSHWUHFKDGRGH
¿EUDVUHVLVWHQWHVGRWLSRHVWiPDLVDGDSWDGRDSURGX]LUFRQWUDo}HVSURORQJDGDVVHQGRPDLV
LPSRUWDQWHSDUDDPDQXWHQomRGDSRVLomRGHÀH[mRSODQWDU6mRDJRQLVWDVGDÀH[mRGRUVDORV
P~VFXORVGRFRPSDUWLPHQWRDQWHULRUGDSHUQD
)$&8/'$'('(0275,&,'$'(+80$1$
$o}HVGHVDOWDU
2VDOWRpXPWLSRGHDomRPRWRUDTXHFRQVLVWHQDLPSXOVmRGRFRUSRDSDUWLUGRDSRLR
SHGDOHTXHSRGHDVVXPLUIRUPDVGLVWLQWDVGHH[HFXomRXQLSHGDORXELSHGDOPDLVFHQWUDGRQD
GHVORFDomRKRUL]RQWDORXQDGHVORFDomRYHUWLFDOUHDOL]DGRGHIRUPDLVRODGDRXHPFRPELQDomR
FRPRXWUDVDo}HVPRWRUDV,QGHSHQGHQWHPHQWHGHVWDYDULDELOLGDGHGHH[HFXomRH[LVWHPDVSHWRV
FRPXQVDTXDOTXHUVDOWRHTXHLQWHJUDPDHVWUXWXUDFRRUGHQDWLYDVXEMDFHQWHjVXDH[HFXomR
$RSURFXUDUHPSXUUDURFRUSRGRVRORFRQWUDDIRUoDGDJUDYLGDGHRVDOWRLPSOLFDQD
IDVHGHLPSXOVmRDH[WHQVmRGDVWUrVSULQFLSDLVDUWLFXODo}HVGRPHPEURLQIHULRUFR[RIHPRUDO
MRHOKRHWRUQR]HOR$OLiVHVVHFRPSRUWDPHQWRpFRPXPDWRGDVDVDo}HVGHLPSXOVmRHPTXH
RVPHPEURVLQIHULRUHVGHVORFDPRFRUSRFRQWUDDIRUoDGDJUDYLGDGHFRPRDPDUFKDFRUULGDRX
VXELGDGHHVFDGDV3RUHVVDUD]mRRVP~VFXORVH[WHQVRUHVGHVVDVWUrVDUWLFXODo}HVFRQVWLWXHP
DVPDLVYROXPRVDVPDVVDVPXVFXODUHVFRUSRUDLV
$H[WHQVmRGDFR[RIHPRUDOpSURGX]LGDSRUXPFXUWRPDVSRGHURVRP~VFXORPRQRDUWLFXODU
RJUDQGHJO~WHRHSHORVP~VFXORVSRVWHULRUHVGDFR[DELFtSLWHFUXUDOVHPLWHQGLQRVRHVHPLPHP
EUDQRVR)LJXUD$H[WHQVmRGRMRHOKRpUHDOL]DGDSRUXP~QLFRP~VFXORRTXDGULFtSLWHFUXUDO
$RQtYHOGDH[WHQVmRGRWRUQR]HORYXOJDUPHQWHGHVLJQDGDSRUÀH[mRSODQWDURSULQFLSDOP~VFXOR
HQYROYLGRpRWULFtSLWHVXUDO(PFDGDXPGHVWHVJUXSRVPXVFXODUHVHQFRQWUDPRVP~VFXORVPR
QRDUWLFXODUHVHP~VFXORVELDUWLFXODUHV
$IDVHGHLPSXOVmRGRVDOWRLPSOLFDDH[WHQVmRGHWRGDVDVDUWLFXODo}HVGRPHPEUR
LQIHULRUPDVFRPXPDVHTXrQFLDSUy[LPRGLVWDODH[WHQVmRGDFR[RIHPRUDOFRPHoDDQWHVGD
H[WHQVmRGRMRHOKRTXHSRUVXDYH]DQWHFHGHDÀH[mRSODQWDU(VWDGHVVLQFURQL]DomRHVWiUHOD
FLRQDGDFRPRSDSHOGRVP~VFXORVELDUWLFXODUHV$OpPGHVVDIXQomRDLQWHUYHQomRGRVP~VFXORV
ELDUWLFXODUHVSRWHQFLDDDomRGRVSRGHURVRVP~VFXORVPRQRDUWLFXODUHVSURPRYHQGRSURFHVVRV
GHWUDQVIHUrQFLDGHIRUoDGHVVHVP~VFXORVSDUDDVDUWLFXODo}HVGLVWDLV
8PGRVDVSHWRVIXQGDPHQWDLVTXHFDUDFWHUL]DDVDo}HVGHVDOWDUpTXHDH[WHQVmRGDV
DUWLFXODo}HVGRPHPEURLQIHULRUTXHRFRUUHQDIDVHGHLPSXOVmRpQRUPDOPHQWHSUHFHGLGDGH
XPFRQWUDPRYLPHQWRLHXPPRYLPHQWRGHÀH[mRGDVPHVPDVDUWLFXODo}HV(VVDHVWUXWXUDGH
PRYLPHQWRGHWHUPLQDDVROLFLWDomRGRVP~VFXORVHQYROYLGRVQXPFRPSRUWDPHQWRGRWLSRFLFOR
PXVFXODU DORQJDPHQWRHQFXUWDPHQWR &0$( SDGUmR GH FRPSRUWDPHQWR TXH IRL GHVFULWR QR
&DStWXOR1HVVHSDGUmRRVP~VFXORVH[WHQVRUHVVmRSULPHLURVXMHLWRVDXPDDomRH[FrQWULFD
GXUDQWHDÀH[mRGDVDUWLFXODo}HVRQGHDWXDPTXHUDSLGDPHQWHWUDQVIRUPDPHPDomRFRQFrQWULFD
SRWHQWHQDIDVHGHLPSXOVmR(QWUHDVGXDVIDVHVH[LVWHXPDFXUWtVVLPDIDVHGHDomRLVRPpWULFD
DIDVHGHDPRUWL]DomRTXHFRUUHVSRQGHDRLQWHUYDORGHWHPSRHQWUHR¿PGRDORQJDPHQWRHR
LQtFLRGRHQFXUWDPHQWRGRP~VFXOR0DLVGRTXHXPDVHTXrQFLDGHDo}HVR&0$(FDUDFWHUL]DVH
SHORIDFWRGHRDORQJDPHQWRH[FrQWULFRSUpYLRDTXHRVP~VFXORVVmRVXMHLWRVSRWHQFLDUDIRUoD
GHVHQYROYLGDQDDomRFRQFrQWULFDTXHVHVHJXH(VVDSRWHQFLDomRGHYHVHDYiULRVIDWRUHVD
SUpWHQVmRJHUDGDGXUDQWHDIDVHH[FrQWULFDTXHSHUPLWHXPPDLVUiSLGRGHVHQYROYLPHQWRLQLFLDO
GHIRUoDQDIDVHFRQFrQWULFDDXWLOL]DomRGHHQHUJLDSRWHQFLDOHOiVWLFDDUPD]HQDGDSULQFLSDOPHQWH
QRVWHQG}HVRGHVSROHWDUGRUHÀH[RPLRWiWLFRSRUHVWLPXODomRGRVIXVRVQHXURPXVFXODUHVFXMRV
LPSXOVRVSDUDDPHGXODYmRUHIRUoDUDDWLYDomRGRVPRWRQHXUyQLRVPHGXODUHV2WLSRGHIRUoD
)$&8/'$'('(0275,&,'$'(+80$1$
3HGDODGD
8PRXWURH[HPSORGHH[HUFtFLRFRPJUDQGHVROLFLWDomRGHPXVFXODWXUDH[WHQVRUDGR
PHPEURLQIHULRUpDSHGDODGD6HDQDOLVDUPRVDIDVHGHVFHQGHQWHGRSHGDORVP~VFXORVVR
OLFLWDGRVVmRFODUDPHQWHRVP~VFXORVH[WHQVRUHVSULQFLSDOPHQWHGDFR[RIHPRUDOHGRMRHOKR
HPDomRFRQFrQWULFD1RHQWDQWRDSHGDODGDpUHDOL]DGDHPFDGHLDDEHUWDFRPRVP~VFXORV
H[WHQVRUHVDGHVORFDUHPRVVHJPHQWRVFRUSRUDLVRQGHWrPLQVHUomRHQTXDQWRRVDOWRpXPD
DomRHPFDGHLDIHFKDGDHPTXHRVPHVPRVP~VFXORVH[WHQVRUHVVmRVROLFLWDGRVFRPRULJHP
HLQVHUomRLQYHUWLGDV2XWUDGLIHUHQoDIXQGDPHQWDOHQWUHRVDOWRHDSHGDODGDHVWiUHODFLRQDGD
FRPDDXVrQFLDQDSHGDODGDGHXPDIDVHGHDomRH[FrQWULFDSDUDRVP~VFXORVH[WHQVRUHV
5HSDUHVHTXHDÀH[mRGDFR[RIHPRUDOHGRMRHOKRTXHVHYHUL¿FDQDIDVHDVFHQGHQWHQmR
UHTXHUWUDYDJHP2VP~VFXORVH[WHQVRUHVQmRWUDEDOKDPQHVVDIDVH(PFRQWUDSDUWLGDVHR
SHGDODSUHVHQWDUXPDFLQWDTXHFXEUDRSpVXSHULRUPHQWHFRQIRUPHUHSUHVHQWDGRQD)LJXUD
HVHRULWPRGDSHGDODGDDVVLPRH[LJLURVP~VFXORVÀH[RUHVGHVVDVGXDVDUWLFXODo}HVSRGHP
VHUXWLOL]DGRVHPDomRFRQFrQWULFDSDUDUHWRUQDURSHGDOQDIDVHDVFHQGHQWH
5HPDWHGHIXWHERO
(PERUDH[LVWDPYiULDVIRUPDVGHH[HFXomRGRUHPDWHGHIXWHERORUHPDWHFRPDUHJLmR
GRUVDOGRSppXPGRVPDLVXWLOL]DGRVHXPGRVTXHLPSULPHPDLRUYHORFLGDGHjEROD(VWHWLSR
GHUHPDWHFDUDFWHUL]DVHSRUXPDVHTXrQFLDSUy[LPRGLVWDORTXHVLJQL¿FDTXHFDGDVHJPHQWR
FRUSRUDODWLQJHRVHXSLFRGHYHORFLGDGHDQJXODUDQWHVGRVHJPHQWRGLVWDOVHJXLQWHJHUDQGRXP
SURFHVVRGHWUDQVPLVVmRGHHQHUJLDPHFkQLFDTXHFXOPLQDQDDFHOHUDomRPi[LPDGDH[WUHPLGDGH
$VVLPDHQHUJLDFLQpWLFDGHVHQYROYLGDQRVPRYLPHQWRVGRVVHJPHQWRVORFDOL]DGRVPDLVSUy[LPR
GRWURQFRpWUDQVIHULGDVXFHVVLYDPHQWHDRSpTXHWUDQVPLWHWRGDDLQpUFLDDGTXLULGDjEROD
2PRYLPHQWRGDFR[DpSURGX]LGRSHORVP~VFXORVÀH[RUHVFRPRRSVRDVLOtDFRHRUHWR
IHPRUDOHQTXDQWRRTXDGULFtSLWHFUXUDOpRSULQFLSDODJRQLVWDGDH[WHQVmRGRMRHOKR)LJXUD
$DomRPXVFXODUDRQtYHOGRWRUQR]HORVHUYHIXQGDPHQWDOPHQWHSDUDHVWDELOL]DUHVVDDUWLFXODomR
HPÀH[mRGRUVDOGXUDQWHRLPSDFWRFRPDERODDWUDYpVGDFRQWUDomRGRVP~VFXORVGDUHJLmR
DQWHULRUGDSHUQD2UHWRIHPRUDOSRUomRELDUWLFXODUGRTXDGULFtSLWHDWXDQDIDVHSULQFLSDOGR
UHPDWH GH IXWHERO FRPR DJRQLVWD GDV GXDV DUWLFXODo}HV TXH DWUDYHVVD (P FRQVHTXrQFLD D
VXDYHORFLGDGHGHHQFXUWDPHQWRGXUDQWHDFRQWUDomRpPXLWRHOHYDGDGDGRTXHRPRYLPHQWR
GHDPEDVDVDUWLFXODo}HVTXHRP~VFXORDWUDYHVVDFRQFRUUHSDUDRHQFXUWDPHQWRGRP~VFXOR
WHQGRXPSDSHOLPSRUWDQWHQDYHORFLGDGHGHH[HFXomR
$GHVFULomRDQWHULRULGHQWL¿FDDSRWHQWHDomRGHVHQYROYLGDGXUDQWHRUHPDWHGHIXWHERO
SRUP~VFXORVFRPRULJHPQDFROXQDORPEDUSVRDVLOtDFRHSDUWHDQWHULRUGDEDFLDUHWRIHPRUDO
HQWUHRXWURV3RUHVVDUD]mRHVWDVPDVVDVPXVFXODUHVVmRSDUWLFXODUPHQWHGHVHQYROYLGDVQRV
IXWHEROLVWDVRTXHSURPRYHWHQGrQFLDSDUDXPPDLRUSURQXQFLDPHQWRGDDQWHYHUVmRGDEDFLD
HSDUDKLSHUORUGRVHORPEDU(VVDWHQGrQFLDQmRGHVHMiYHOGHYHVHUFRQWUDEDODQoDGDSRUXP
GHVHQYROYLPHQWRSURSRUFLRQDOGRVP~VFXORVGDSDUHGHkQWHURODWHUDOGRDEGyPHQSULQFLSDOPHQWH
GRVORFDOL]DGRVPDLVSURIXQGDPHQWHRWUDQVYHUVRHRREOtTXRLQWHUQR2UHIRUoRGDPXVFXODWXUD
)$&8/'$'('(0275,&,'$'(+80$1$
6,67(0$6'$9,'$
25*Ç1,&$,17(51$
3HGUR3H]DUDW&RUUHLDH0DUJDULGD(VSDQKD
6,67(0$6'(5(*8/$d­2'$9,'$25*Æ1,&$,17(51$
+RPHRVWDVLD
1RRUJDQLVPRKXPDQRRPHLRTXHHQYROYHDVFpOXODVWHPTXHVHUPDQWLGRGHQWURGH
FHUWRVOLPLWHV¿VLROyJLFRVSDUDDOpPGRVTXDLVDYLGDQmRpSRVVtYHO(VWDFDSDFLGDGHGHDGDSWDomR
GRRUJDQLVPRHPFRQGLo}HVYDULiYHLVHVWiDVVRFLDGDjQRomRGHKRPHRVWDVLDTXHSRGHVHU
GH¿QLGD FRPR D FDSDFLGDGH GH SHUDQWH DOWHUDo}HV GR PXQGR H[WHULRU PDQWHU UHODWLYDPHQWH
HVWiYHLVDVFRQGLo}HVLQWHUQDVGRRUJDQLVPR
2VSURFHVVRVKRPHRVWiWLFRVHRVVLVWHPDVTXHOKHVHVWmRDVVRFLDGRVDVVXPHPXPD
LPSRUWkQFLD SDUWLFXODU QR LQGLYtGXR FXMR RUJDQLVPR p IRUoDGR D WUDEDOKDU SUy[LPR GRV OLPLWHV
FRPRDFRQWHFHIUHTXHQWHPHQWHQDVVLWXDo}HVGHWUHLQRHGHFRPSHWLomRGHVSRUWLYD$SURGXomR
GHWD[DVHOHYDGDVGHFDWDEROLWRVRJUDQGHFRQVXPRGHR[LJpQLR2RJDVWRGHQXWULHQWHVH
GHiJXDRDXPHQWRGHDFLGH]GRPHLRLQWHUQRHRFRQVLGHUiYHOLQFUHPHQWRGDWHPSHUDWXUDVmR
H[HPSORVGHDOWHUDo}HVSURIXQGDVTXHPXLWDVYH]HVDFRPSDQKDPRH[HUFtFLRItVLFRLQWHQVR$
FRQWLQXLGDGHGRWUDEDOKRPXVFXODUQHVWDVFRQGLo}HVDGYHUVDVVHPSHUGDGHUHQGLPHQWRH[LJH
GHVHQYROYLPHQWRGDFDSDFLGDGHGHDGDSWDomRGHWRGRVRVVLVWHPDVRUJkQLFRVHQYROYLGRVQRV
SURFHVVRVKRPHRVWiWLFRV(QWUHRXWURVREMHWLYRVHVVHpRSDSHOGRWUHLQRGHVSRUWLYR
5HJXODomRQHUYRVDHUHJXODomRHQGyFULQD
2VLVWHPDQHUYRVRHRVLVWHPDHQGyFULQRFRQVWLWXHPRVGRLVVLVWHPDVUHJXODGRUHVGD
YLGDRUJkQLFDLQWHUQDHpGDVXDDomRFRQMXJDGDHFRPSOHPHQWDUTXHGHSHQGHPRVSURFHVVRV
KRPHRVWiWLFRVTXHSHUPLWHPTXHRRUJDQLVPRLQWHUQRDGHTXHDVXDDWLYLGDGHjVQHFHVVLGDGHV
GLWDGDVSHORFRPSRUWDPHQWRGRLQGLYtGXRHSHODVDOWHUDo}HVGRPHLRHQYROYHQWH$PXOWLSOLFL
GDGHHJUDQGHGLYHUVLGDGHGHIXQo}HVTXHRRUJDQLVPRKXPDQRWHPDFDSDFLGDGHGHH[HFXWDU
VLPXOWDQHDPHQWHDVVLPFRPRDFDSDFLGDGHGHDGDSWDomRTXHUHYHODPRVQDVVLWXDo}HVPDLV
YDULiYHLVGHSHQGHPGDJUDQGHH¿FiFLDHYHUVDWLOLGDGHGHVWHVVLVWHPDVUHJXODGRUHV
&RPIRUPDVGHDWXDomRGLVWLQWDVDVFDUDFWHUtVWLFDVGHLQWHUYHQomRGRVGRLVVLVWHPDV
UHJXODGRUHV VmR GLIHUHQWHV 2 VLVWHPD QHUYRVR DWXDQGR DWUDYpV GH LPSXOVRV TXH SHUFRUUHP
RVQHXUyQLRVHVHWUDQVPLWHPDWUDYpVGHVLQDSVHVDSUHVHQWDFDSDFLGDGHGHLQWHUYLUGHIRUPD
PXLWRUiSLGDHSUHFLVDYLVWRTXHRVVHXVLPSXOVRVSRGHPVHUGLUHFLRQDGRVSDUDSRQWRVSUHFLVRV
GRQRVVRFRUSR$VJOkQGXODVHQGyFULQDVDWXDPSRUVHFUHomRGHVXEVWkQFLDVTXtPLFDV±KRU
PRQDV±TXHOLEHUWDPQDFRUUHQWHVDQJXtQHD$VXDDomRVyVHID]VHQWLUTXDQGRDUHVSHWLYD
KRUPRQDDWLQJHRyUJmRDOYRHVWHVLVWHPDpSRUWDQWRPDLVOHQWRTXHRVLVWHPDQHUYRVR(P
FRQWUDSDUWLGDDVXDDomRpEDVWDQWHPDLVGXUDGRXUDGDGRTXHSHUPDQHFHHQTXDQWRDKRUPRQD
VHHQFRQWUDUDWLYDQDFRUUHQWHVDQJXtQHD3RURXWURODGRQmRWHQGRFDSDFLGDGHGHDWXDUFRP
DSUHFLVmRHVSDFLDOGRVLVWHPDQHUYRVRRFDPSRGHDomRGRVLVWHPDHQGyFULQRpPXLWRPDLV
YDVWRSRUTXHDVKRUPRQDVSRGHPDWLQJLUWRGRVRVSRQWRVRQGHRVDQJXHDVFRQGX]
3RUTXHSRGHFRQWURODUDLQWHQVLGDGHGHVHFUHomRGHDOJXPDVJOkQGXODVHQGyFULQDVRVLV
WHPDQHUYRVRVLWXDVHKLHUDUTXLFDPHQWHDFLPDGRVLVWHPDHQGyFULQRQDRUJDQL]DomRGRVVLVWHPDV
(678'2'2029,0(172
6,67(0$6'$
9,'$25*Æ1,&$,17(51$
1DUHJXODomRGDDWLYLGDGHHQGyFULQDDKLSy¿VHGHVHPSHQKDXPSDSHOIXQGDPHQWDO/R
FDOL]DGDORJRDEDL[RGRHQFpIDORHVXMHLWDDRFRQWURORGRKLSRWiODPRFHQWURQHUYRVRTXHIXQFLRQD
FRPRDXWrQWLFRFpUHEURYLVFHUDODKLSy¿VHODQoDVHFUHo}HVTXHUHJXODPDDWLYLGDGHGHRXWUDV
JOkQGXODVHQGyFULQDV'HVVDIRUPDDVSHWRVFRPRRHVWDGRHPRFLRQDORXDVLQIRUPDo}HVVHQVR
ULDLVUHFHELGDVSRGHPLQÀXHQFLDUDDWLYLGDGHGDVJOkQGXODVHQGyFULQDVDWUDYpVGDOLJDomRHQWUHR
VLVWHPDQHUYRVRHDKLSy¿VHFRPUHSHUFXVVmRLPHGLDWDQDQRVVDYLGDRUJkQLFDLQWHUQD
$3$5(/+2&,5&8/$7Ï5,2
2UJDQL]DomRJHUDOHIXQo}HV
2 DSDUHOKR FLUFXODWyULR DVVHJXUD DWUDYpV GR VDQJXH R WUDQVSRUWH D WRGR R FRUSR GH
HOHPHQWRVQHFHVViULRVjVIXQo}HVFHOXODUHVeDWUDYpVGDFRUUHQWHVDQJXtQHDTXHDVFpOXODV
VmR DEDVWHFLGDV GH 2 H QXWULHQWHV H TXH H[SXOVDP GLy[LGR GH FDUERQR &2 H PHWDEROLWRV
IRUPDGRVQDVUHDo}HVFHOXODUHVeWDPEpPSHODFRUUHQWHVDQJXtQHDTXHDVKRUPRQDVDWLQJHP
RVyUJmRVDOYR4XDQGRSHQVDPRVPDLVHVSHFL¿FDPHQWHQRP~VFXORHVTXHOpWLFRDLPSRUWkQFLD
GRDSDUHOKRFLUFXODWyULRHGRVDQJXHDVVXPHDLQGDPDLRUSUHSRQGHUkQFLDGHYLGRDRVHXH[LJHQWH
PHWDEROLVPRQRPHDGDPHQWHHPVLWXDomRGHH[HUFtFLRItVLFR
3DUDFXPSULUHVVDVIXQo}HVRDSDUHOKRFLUFXODWyULRpFRQVWLWXtGRSRUXPDFRPSRQHQWH
SHULIpULFDTXHFRQVLVWHQXPVLVWHPDFRQWtQXRGHYDVRVRQGHRVDQJXHFLUFXODHSRUXPDFRPSR
QHQWHFHQWUDORFRUDomRTXHIXQFLRQDFRPRXPDERPEDTXHLPSXOVLRQDRVDQJXHDVVHJXUDQGR
DFLUFXODomRHUHJXODQGRDVXDYHORFLGDGH
'RSRQWRGHYLVWDIXQFLRQDOGHYHPRVGLVWLQJXLUQRDSDUHOKRFLUFXODWyULRGXDVGLYLV}HV
JUDQGHFLUFXODomRHSHTXHQDFLUFXODomR$JUDQGHFLUFXODomRRXFLUFXODomRVLVWpPLFDWHPFRPR
REMHWLYRDGLVWULEXLomRGHVDQJXHULFRHP2DWRGDVDVSDUWHVGRFRUSRHDUHFROKDGRVSURGXWRV
UHVXOWDQWHVGDVUHDo}HVFHOXODUHV$SHTXHQDFLUFXODomRRXFLUFXODomRSXOPRQDUYLVDOHYDUR
VDQJXHDRVSXOP}HVGHIRUPDDUHVWDEHOHFHURVHXWHRUHP 2HH[SXOVDUR &2DWUDYpVGR
SURFHVVRUHVSLUDWyULR2VDQJXHHQFRQWUDVHHQWmRHPFRQGLomRGHSRGHUVHUGHYROYLGRDWRGR
RFRUSRSHODJUDQGHFLUFXODomR
6DQJXH
2VDQJXHpXPOtTXLGRYLVFRVRHPFXMDFRPSRVLomRSRGHPRVGLVWLQJXLUXPDSDUWHOtTXLGD
RSODVPDTXHRFXSDFHUFDGHGRYROXPHVDQJXtQHRHSDUWtFXODVVyOLGDVRVHOHPHQWRV
¿JXUDGRVTXHFRUUHVSRQGHPDFHUFDGHGRYROXPHWRWDOGRVDQJXH2VHOHPHQWRV¿JXUD
GRVRXFpOXODVGRVDQJXHVmRRVJOyEXORVYHUPHOKRVWDPEpPFRQKHFLGRVSRUKHPiFLDVRX
HULWUyFLWRVRVJOyEXORVEUDQFRVRXOHXFyFLWRVHDVSODTXHWDV
2VDQJXHDVVHJXUDIXQo}HVIXQGDPHQWDLVSDUDRSURFHVVRKRPHRVWiWLFR7HPXPSDSHO
SUHSRQGHUDQWHQRWUDQVSRUWHGHHOHPHQWRVHVVHQFLDLVSDUDRPHWDEROLVPRFHOXODUFRPRR2HRV
QXWULHQWHVHGHUHPRomRGHSURGXWRV¿QDLVTXHWrPTXHVHUH[FUHWDGRVFRPRR&21RWUDQV
SRUWHGH2RVJOyEXORVYHUPHOKRVGHVHPSHQKDPXPSDSHOHVVHQFLDODWUDYpVGHXPDSURWHtQD
)$&8/'$'('(0275,&,'$'(+80$1$
,0$*(16
3ODQRIURQWDO
3ODQRKRUL]RQWDO
3ODQRVDJLWDO
)LJXUD3RVLomRGHVFULWLYDDQDWyPLFDHSODQRVDQDWyPLFRV
/LJDPHQWR
0HPEUDQDVLQRYLDO
&iSVXODDUWLFXODU
BBBBBBB
BBBBBBBBBBBBBBBB
BBBBBBBBBB
BBBB
BBBBB
BBBB
2VVR
&DYLGDGHDUWLFXODUOtTXLGRVLQRYLDO
&DUWLODJHPDUWLFXODU
6XSHUItFLHDUWLFXODU
)LJXUD&RQVWLWXLomRWLSRGDDUWLFXODomRPyYHO
(678'2'2029,0(172&21752/2(&225'(1$d­2'2029,0(172
3URQDomR 6XSLQDomR
)LJXUD3RVLomRUHODWLYDGRUiGLRHGRF~ELWR
TXDQGRRDQWHEUDoRVHHQFRQWUDHPSURQDomRHHPVXSLQDomR
,
1
%
&
'
$
(
BBB
BBBBBB
BBBBB
BBBB
BBBBBBBBBB
BBBBBBBBB
BBBBBB
BBB BBB
BB
BBB
B
BBBBBBB
BB
2
)
*
+
BBBBB
BBBBB
BBBB
BBBB
-
.
/
0
)LJXUD 9LVWD DQWHULRU GD PmR H GR SXQKR $ HVFDIRLGH % VHPLOXQDU &
SLUDPLGDO'SLVLIRUPH(WUDSp]LR)WUDSH]RLGH*RVVRJUDQGH+XQFLIRU
PH,SULPHLURPHWDFDUSR-TXLQWRPHWDFDUSR.IDODQJH/IDODQJLQKD0
IDODQJHWDGRTXLQWRGHGR1F~ELWR2UiGLR
)$&8/'$'('(0275,&,'$'(+80$1$
BBBBBBBBBBBBBBBB
(SLHVSLQKRVR
BBBBBBBBBBBB
BBBBBBBBBBB
/RQJR'RUVDO
BBBBBBBBBBB
,OLRFRVWDO
0XOWt¿GRV
)LJXUD0~VFXORVGD0DVVD&RPXP
BBBBBBBBBBB
BB
7UDSp]LR6XSHULRU
BBBB
BBBBBBBBBBBB
BBBBBBBBBBB
BBBBBB
7UDSp]LR0pGLR
7UDSp]LR,QIHULRU
)LJXUD7UDSp]LR
(678'2'2029,0(1720,2/2*,$
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
BBBBBB
BBBBBBBBBBBBBBBBBBBBBBBB
'HOWRLGH3RVWHULRU
'HOWRLGH0pGLR
'HOWRLGH$QWHULRU
BBBBBBBBBBBBBB
)LJXUD'HOWRLGH9LVWDVXSHULRUHPFLPD
YLVWDDQWHULRUHPEDL[RjHVTXHUGDHYLVWDSRVWHULRUHPEDL[RjGLUHLWD
Y
Y
Y
Y
)LJXUD0~VFXORVGDFRLIDGRVURWDGRUHV
6XEHVFDSXODU6XSUDHVSLQKRVR,QIUDHVSLQKRVRH3HTXHQR5HGRQGR
)$&8/'$'('(0275,&,'$'(+80$1$
B
$
%
&
)LJXUD$EGXomRGREUDoRFRPSHVRVOLYUHV'H$SDUD%
RGHOWRLGHIXQFLRQDFRPRDJRQLVWDSULQFLSDOGRPRYLPHQWRHR
WUDSp]LR FRPR HVWDELOL]DGRU GD RPRSODWD 4XDQGR R EUDoR XO
WUDSDVVDRVž%SDUD&YHUL¿FDVHXPDURWDomRVXSHULRUGD
RPRSODWDHPTXHRWUDSp]LRpDJRQLVWD
Y
Y
Y
Y
)LJXUD2H[HUFtFLRUHSUHVHQWDGRQDLPDJHPPRVWUDRH[HPSORGH
XPDDomRGHSX[DUH[HFXWDGDHPFDGHLDDEHUWD2VP~VFXORVLQGLFDGRV
VmR D SRUomR FODYLFXODU GR JUDQGH SHLWRUDO R JUDQGH GRUVDO R
GHOWRLGHSRVWHULRUHRELFtSLWHEUDTXLDO
)$&8/'$'('(0275,&,'$'(+80$1$