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$OpPGLVVRSRGHPVHUHODFLRQDUDOJXQVDVSHFWRVTXHSRUILPQmRFRQGX]HPjPHQRU
WDULIDSRVVtYHOHFRQVHTHQWHPHQWHjUHGXomRGRULVFRSROtWLFRLQVWLWXFLRQDOGRPRGHOR
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GHFXVWRVRSHUDFLRQDLVDRORQJRGRSUD]RGHFRQFHVVmR
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SRXFRRXQHQKXPLQFHQWLYRTXDQGRGDHODERUDomRGRV(GLWDLVjREWHQomRGH
UHFHLWDVFRPSOHPHQWDUHVRXDVVRFLDGDVSHORVFRQFHVVLRQiULRVFRPRRVVHUYLoRV
GHWHOHFRPXQLFDo}HVHPJDOHULDVHFDSURSDJDQGDH[SORUDomRGHiUHDVGHVHUYLoR
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DEUDQJHQWHHFULDWLYDGRVFRQFHVVLRQiULRVQDHODERUDomRGHVXDVSURSRVWDV
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YLDELOL]DGRVSHODDPSOLDomRPHOKRULDGDLQIUDHVWUXWXUDDODYDQTXHPUHFHLWDV
DGLFLRQDLVVHUYLoRVGLYHUVRVKDELWDomRSDUTXHVHWFVHHVWDDomRSRUXPODGR
H[LJHGRSRGHUFRQFHGHQWHXPDDWXDomRDUWLFXODGRUDQHJRFLDGRUDHGHILQLGRUDGR
TXHSRGHVHUH[SORUDGRWLSRGHXVRHHPTXDLViUHDVREVHUYDGDDOHJLVODomRGR
XVRGRVRORSRURXWURHODH[LJHGRFRQFHVVLRQiULRXPDDWXDomRPDLVDEUDQJHQWH
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1RV FDVRV HP TXH D OLFLWDomR p SHOR PDLRU {QXV RX PDLRU TXDQWLGDGH GH VHUYLoRV DGLFLRQDLV R SHGiJLR WHYH D GXSOD
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SURJUHVVLYDPHQWH UHGX]LGDV HP WHUPRV UHDLV $LQGD PDLV DSyV XP SHUtRGR LQLFLDO GH FHUFD GH DQRV TXDQGR Ki
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QmR KDMD QRYRV LQYHVWLPHQWRV VLJQLILFDWLYRV SUHYLVWRV VHULD UD]RiYHO SUHYHU DOJXP QtYHO GH UHGXomR WDULIiULD PDQWHQGR
D WD[D GH UHWRUQR SDUD R FDSLWDO LQYHVWLGR SHORV DFLRQLVWDV GDV FRPSDQKLDV
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DWLYLGDGH H TXDOTXHU FUHVFLPHQWR HFRQ{PLFR SRGH LPSDFWDU SRVLWLYDPHQWH R WUiIHJR VHP UHSDVVH DRV XVXiULRV
e LPSRUWDQWH GHVWDFDU D SRVLomR GD 6HFUHWDULD GH $FRPSDQKDPHQWR (FRQ{PLFR 6($( TXDQWR j LQGH[DomR LQGHVHMDGD
GDV WDULIDV D tQGLFHV LQIODFLRQiULRV H D LQH[LVWrQFLD GH PHFDQLVPRV GH UHSDVVH GH SURGXWLYLGDGHV DR SUHoR GR VHUYLoR
R TXH MXVWLILFD VXD DomR SDUD TXH KDMD UHYLVmR GR HTXLOtEULR HFRQ{PLFR ILQDQFHLUR GR FRQWUDWR QR PRPHQWR GD DQiOLVH
GH DSURYDomR GH UHDMXVWHV FRQWUDWXDLV SRGHQGR DFDUUHWDU VXD SURUURJDomR RX FDQFHODPHQWR
5HFRQKHFHQGRVHHVVHVDVSHFWRVVHJXHPVHDVFRQVLGHUDo}HVDUHVSHLWRGRPRGHOR
7LSRGD/LFLWDomR
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VHUVHPSUHXWLOL]DGR2XWUREHQHItFLRTXHSRGHDGYLUGDVXDXWLOL]DomRpRGR
HVWDEHOHFLPHQWRGDSROtWLFDGHSUHoRVSHORSUySULRFRQFHVVLRQiULRSURSLFLDQGRD
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FRQFHVV}HVURGRYLiULDVGHPHFDQLVPRGHUHDYDOLDomRSHULyGLFDGDHTXDomRGRSURMHWR
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RSHUDFLRQDLV
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SHULyGLFDREMHWLYDGRFRQWUDWRSDUDUHSDVVHPHVPRTXHSDUFLDOGHJDQKRVGH
SURGXWLYLGDGHYLVDQGRjPRGLFLGDGHWDULIiULD
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LQYHVWLPHQWRVDGLFLRQDLVSDUDDXPHQWRGHFDSDFLGDGHGDYLD
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GRVULVFRVGHWUiIHJRHGDGHILQLomRGDTXDQWLGDGHGHREUDVHVHUYLoRVEHPFRPRDJDUDQWLD
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FRQFHLWRGHULVFRGHWUiIHJRPDVPDQWpPFRPRFRQFHVVLRQiULRRGDGHILQLomRGD
TXDQWLGDGHGHREUDVHVHUYLoRVDLQGDTXHQmRFDPLQKHSDUDDPRGLFLGDGHWDULIiULDHP
FDVRVGHFUHVFLPHQWRGDGHPDQGD
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SRUSUD]RSUHGHWHUPLQDGR²SRUH[HPSORGHVHWHHPVHWHDQRVRTXHFRQFRUUHSDUDD
PRGLFLGDGHWDULIiULDHPFDVRVGHFUHVFLPHQWRGDGHPDQGDSRGHULDVHUUHDYDOLDGDD
HTXDomRGRFRQWUDWRVREQHJRFLDomRGDPHVPDIRUPDTXH¶QDSUiWLFD·RFRUUHTXDQGRR
WUiIHJRpPHQRUTXHRSUHYLVWRHVHUHFRUUHjQHJRFLDomRVHQGRQDYHUGDGH
FRPSDUWLOKDGRVRVULVFRVGHWUiIHJRHGHSUHYLVmRGDTXDQWLGDGHGHREUDVHVHUYLoRV
2XVHMDDSUHYLVmRGHXPPHFDQLVPRGHUHDYDOLDomRSHULyGLFDGRVUHVXOWDGRVHTXDomR
GRSURMHWRDRORQJRGRFRQWUDWRGHFRQFHVVmRSRGHVHUXWLOL]DGDSDUDRFDVRGHUHSDVVH
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WUiIHJR(VWHPHFDQLVPRSRGHVHUDDGRomRGHSUD]RYDULiYHOGDFRQFHVVmRDERUGDGRD
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WD[DGHUHPXQHUDomRGRFRQFHVVLRQiULR&DVRKDMDUHGXomRGHWUiIHJRRSUD]RGH
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LQYHVWLPHQWRVSUHYLVWRV
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LQYHVWLPHQWRVDGLFLRQDLVSDUDDXPHQWRGHFDSDFLGDGHGDYLD
1DSULPHLUDKLSyWHVHRQGHQmRKiQHFHVVLGDGHGHLQYHVWLPHQWRVDVROXomRGR
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YHtFXORVHTXLYDOHQWHVQHFHVViULRVDRUHHTXLOtEULRGRFRQWUDWRFRPUHDYDOLDomRGD
HTXDomRGRSURMHWRULVFRGHWUiIHJRFRPSDUWLOKDGR(PDPEDVDVKLSyWHVHVp
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GHVHPSHQKRRSHUDFLRQDOSDFWXDGRQHPJUDQGHVFRPSOH[LGDGHVjJHVWmRGD
FRQFHVVmR$VVLPGHYHPVHUH[DPLQDGRVFRPPDLRUSURIXQGLGDGHSHOD
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GRV FRQWUDWRV GHYH VHU DQDOLVDGD HP SURO GR DSHUIHLoRDPHQWR GR PRGHOR VHULD FRQYHQLHQWH D DGRomR GH LQWHUYDOR
RSHUDFLRQDO HP TXH R SUD]R GH FRQFHVVmR IRVVH YDULiYHO SRU H[HPSOR GH DQRV DR ILQDO GR SUD]R EDVH GH FRQFHVVmR
R TXH UHGX]LULD HYHQWXDLV GLILFXOGDGHV GR FRQFHVVLRQiULR QD WRPDGD GH FUpGLWRV SHOD H[LVWrQFLD GH SUD]R ¶IL[R· HP
TXH HVWDULDP DSRLDGDV DV FRQGLo}HV GD RSHUDomR GH FUpGLWR
6HUYLoRVGH$X[tOLRDR8VXiULR5HVJDWH0pGLFR*XLQFKR6RFRUUR0HFkQLFR
7HOHIRQLDH&RQWUROHGH7UiIHJR
7HPVHOHYDQWDGRDWHVHGDHOLPLQDomRUHGXomRGRVVHUYLoRVGHDX[tOLRDRXVXiULRSDUDD
UHGXomRGRSUHoRGRVSHGiJLRV
(PSULPHLUROXJDUGHYHVHGHVWDFDUDFRQGLomRGLIHUHQFLDGDGDVURGRYLDVFRQFHGLGDVHP
UHODomRjVGHPDLVURGRYLDVQmRSHGDJHDGDVHRHQRUPHSUHMXt]RjLPDJHPGR3URJUDPD
FDVRVHHOLPLQDVVHPWDLVVHUYLoRVHPQRPHGDUHGXomRGDWDULID(PVHJXQGROXJDU
FRPRYLVWRH[LVWHPRXWURVPHFDQLVPRVPDLVHILFLHQWHVVHPQHFHVVLGDGHGHVHUHFRUUHUD
HOLPLQDomRGHVVHVVHUYLoRV
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5HJLVWUDVHDSHVTXLVDUHDOL]DGDSHOR'1(5LQGLFDQGRTXHGRVXVXiULRVQmR
GLVSHQVDPRVVHUYLoRVGHDX[tOLRHDWHQGLPHQWRHPWURFDGDUHGXomRQRSUHoRGR
SHGiJLR
5HFHLWDV&RPSOHPHQWDUHVRX$VVRFLDGDV
2FRQFHVVLRQiULRSRGHDVVXPLUXPDSRVWXUDPDLVDEUDQJHQWHQDFRQFHVVmRGHVGHTXH
GLVSRQLELOL]DGDVSHOD$GPLQLVWUDomRDVFRQGLo}HVSDUDHVVDDWXDomR$GHILQLomRSUpYLD
SRUSDUWHGR3RGHU&RQFHGHQWHGDViUHDVHVHUYLoRVSRVVtYHLVGHVHUHP
XWLOL]DGDVUHDOL]DGRVSHORFRQFHVVLRQiULRSRURFDVLmRGDOLFLWDomRFRQGX]LULDj
PRGLFLGDGHWDULIiULD
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PDQXWHQomRGDLQIUDHVWUXWXUDH[LVWHQWHRDFUpVFLPRHDPRGHUQL]DomRGD
LQIUDHVWUXWXUDYLiULDEUDVLOHLUDGXSOLFDo}HVWUHFKRVQRYRVWHUFHLUDVIDL[DVIDL[DV
DGLFLRQDLVPDUJLQDLVHHQWURQFDPHQWRVTXHHUDXPGRVREMHWLYRVSHUVHJXLGRVSHOR
SURFHVVR6RERSRQWRGHYLVWDGRLQYHVWLPHQWRHVWLPDVHDDSOLFDomRGHPDLVGH5
ELOK}HVDWpQRVSURMHWRVDSRLDGRSHOR%1'(6FRQFHVV}HV
FRQFHQWUDQGRVHQRSHUtRGR
x 5HJLVWUDVHDLQWURGXomRGRVVHUYLoRVGHDX[tOLRDRVXVXiULRVTXHGLIHUHPDVURGRYLDV
FRQFHGLGDVGDVGHPDLVSURSRUFLRQDQGRPDLRUFRQIRUWRHVHJXUDQoDQDRSHUDomR
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FRQVLGHUDQGRRSDSHOSUHGRPLQDQWHGRWUDQVSRUWHURGRYLiULRQRSDtVDFDEDSRU
FRQWHUPDLRULPSRUWkQFLDHFRQ{PLFDSHORDWHQGLPHQWRDRHVFRDPHQWRGHSURGXomR
PHOKRULDGRDFHVVRDRVSRUWRVDWHQGLPHQWRDRFUHVFLPHQWRGDGHPDQGDHWF
x 7RGDYLDRLQVWUXPHQWRGDFRQFHVVmRURGRYLiULDWHPDOFDQFHSDUDFHUFDGHGD
PDOKDSDYLPHQWDGDFRQFHQWUDQGRVHHVSHFLDOPHQWHQDVUHJL}HV6XOH6XGHVWH$
2 UHVJDWH PpGLFR HP DFLGHQWHV SRU H[HPSOR SHUPLWH PHOKRUDU D TXDOLGDGH GR SUpDWHQGLPHQWR DQWHV GD FKHJDGD
GR SDFLHQWH j XQLGDGH KRVSLWDODU R TXH p HVVHQFLDO SDUD D SUHVHUYDomR GD YLGD
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H QmR FRPSRUmR R HVFRSR GH UHFHLWDV GRV FRQFHVVLRQiULRV QmR FRQFRUUHQGR SRLV SDUD D PRGLFLGDGH WDULIiULD
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GRWUDQVSRUWHURGRYLiULRQRFRQWH[WRGRWUDQVSRUWHLQWHUPRGDORQGHDVVXPHSDSHO
DOLPHQWDGRUQRWUDQVSRUWHGHORQJDVGLVWkQFLDVGRVVLVWHPDVPDLVHILFLHQWHVGH
WUDQVSRUWH
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PDLVNPQRV3URJUDPDV)HGHUDOH(VWDGXDLV
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VHJPHQWRGDFRQVWUXomRFLYLOSULQFLSDOPHQWHGHHPSUHVDVFRPFRQFHSo}HVH
HVWUXWXUDVHVSHFtILFDVSDUDDSUHVWDomRGRVHUYLoRGHRIHUWDHRSHUDomRGH
LQIUDHVWUXWXUDYLiULDS~EOLFD$FULDomRGHHVWUXWXUDVGLIHUHQFLDGDVGHFUpGLWRFRPRD
DEHUWXUDGHFDSLWDOGDVFRQFHVVLRQiULDVHRXODQoDPHQWRGHWtWXORVODVWUHDGRVQD
UHFHLWDGRVHPSUHHQGLPHQWRVpXPHOHPHQWRIXWXURGRGHVHQYROYLPHQWRGHVVD
RUJDQL]DomR
x $JHUDomRGHHPSUHJRVpDVSHFWRLPSRUWDQWHGR3URJUDPDWDQWRQDFRQVWUXomR
TXDQWRQDDGPLQLVWUDomRGRHPSUHHQGLPHQWR&HUFDGHHPSUHJRVGLUHWRV
IRUDPJHUDGRV3URJUDPDV)HGHUDOH(VWDGXDLV
x 5HJLVWUDPVHRVLPSDFWRVSRVLWLYRVQDFDGHLDGHLQVXPRVSDUDDSURGXomRGRVHUYLoR
FRPRDFRQVWUXomRGHGHIHQVDVHTXLSDPHQWRVURGRYLiULRVPDWHULDOSDUDVLQDOL]DomR
HTXLSDPHQWRVHOHWU{QLFRVGHFRQWUROHHFRPXQLFDomRHWF
1RHQWDQWRDPRGHODJHPDLQGDQmRFRQVHJXHUHVSRQGHUGHPRGRJHUDOjTXHVWmRGD
PRGLFLGDGHWDULIiULDPDQWLGDDTXDOLGDGHGHVHUYLoRSURSXJQDGD²PDLRUUHFODPDomR
GRVXVXiULRV1RVHQWLGRGRDSULPRUDPHQWRGR3URJUDPDFDPLQKDQGRQDGLUHomRGD
PRGLFLGDGHWDULIiULDHGDUHGXomRGRULVFRLQVWLWXFLRQDOHVWLPXODQGRXPDSROtWLFDGH
FRQFHVVmRFRPYLVmRGHSUHVWDomRSOHQDGHVHUYLoRS~EOLFRDOJXPDVLQFRUSRUDo}HVDR
PRGHORSRGHPVHUSHUVHJXLGDVHQWUHHODVDVDSUHVHQWDGDVDVHJXLU
x XWLOL]DomRGHPRGHORVTXH
L
HPSUHJXHPRFULWpULRGHPHQRUWDULID
LL PDQWHQKDPDSUHYLVmRHDTXDOLGDGHGRVVHUYLoRVGHDX[tOLRDRVXVXiULRVTXHp
XPGRVPpULWRVTXHGmRVXVWHQWDomRjLPDJHPGR3URJUDPDGH&RQFHVV}HVH
WDPEpPDRDSRLRILQDQFHLURGR%1'(6
LLL LQFRUSRUHPDVGHILQLo}HVQHFHVViULDVDRLQFHQWLYRjREWHQomRGHUHFHLWDV
FRPSOHPHQWDUHVQmRWDULIiULDVHVWLPXODQGRDDWXDomRDEUDQJHQWHGR
FRQFHVVLRQiULRQR¶QHJyFLR·FRQFHVVmR
LY LQFRUSRUHPDOJXPPHFDQLVPRREMHWLYRGHUHDYDOLDomRSHULyGLFDGRFRQWUDWRDR
ORQJRGRSUD]RGHFRQFHVVmRTXHLQFOXDWDPEpPRWUiIHJRGHIRUPDDSHUPLWLU
HQWUHRXWURV
² RUHSDVVHDRVXVXiULRVVREDIRUPDGHUHGXomRWDULIiULDGHJDQKRV
SURGXWLYLGDGHGRFRQFHVVLRQiULRH
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H[HPSORGHFUHVFLPHQWRGDDWLYLGDGHHFRQ{PLFDVXJHUHVHDDGRomRGH
DOJXPDGHVVDVDOWHUQDWLYDV
x UHDYDOLDomRREMHWLYDGRVUHVXOWDGRVHPSUD]RSUHGHWHUPLQDGR
x DGRomRGHSUD]RYDULiYHOGHFRQFHVVmRDYDOLDGDVDVLPSOLFDo}HVRSHUDFLRQDLVQR
ILQDQFLDPHQWRGRVFRQFHVVLRQiULRV
2XWUDVTXHVW}HVLQVWLWXFLRQDLVVmRLPSRUWDQWHVSDUDDFRQWLQXLGDGHGR3URJUDPDGH
&RQFHVV}HV
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DGLFLRQDLVSDUDRDWHQGLPHQWRGRVSULQFtSLRVGHGHIHVDGRFRQVXPLGRUGHIRUPDD
FRQIHULUHVWDELOLGDGHGHILQLWLYDDRSURFHVVRHVWDELOLGDGHGHILQLWLYDGRVDWXDLVFRQWUDWRV
GHFRQFHVVmRHYLWDQGRVXDGHVFRQWLQXLGDGH1HVVHVHQWLGRUHVVDOWDVHDLPSRUWkQFLD
GDLPSODQWDomRGHÐUJmR5HJXODGRUGDVFRQFHVV}HVDILPGHPLQLPL]DURULVFR
SROtWLFRVHWRULDO
x GLYXOJDomRDGHTXDGDGRVEHQHItFLRVGR3URJUDPDDRPHVPRWHPSRTXHVHHVWLPXOD
XPDSRVWXUDFUtWLFDSRUSDUWHGDVDJrQFLDVILVFDOL]DGRUDVYLVDQGRjVDWLVIDomRGRV
XVXiULRVSHORQtYHOGDSUHVWDomRGRVVHUYLoRVS~EOLFRVGHVORFDQGRRIRFRGR
DFRPSDQKDPHQWRGDVREUDV
(VVDVDo}HVHPFRQMXQWRSRGHPFRQGX]LUDXPTXDGURPDLVVHJXURHWUDQVSDUHQWHSDUD
HPSUHHQGHGRUHVDFLRQLVWDVILVFDOL]DGRUHVILQDQFLDGRUHVHXVXiULRVHVWDELOL]DQGRR
DPELHQWHGHDWXDomRGRPRGHORHPD[LPL]DQGRRVUHVXOWDGRVj$GPLQLVWUDomRXVXiULRV
²PDQWLGRRHTXLOtEULRGRVLQYHVWLGRUHV²HRVEHQHItFLRVHFRQ{PLFRVSDUDRSDtV