6HUYLoR3~EOLFR)HGHUDO

0,1,67e5,2'2'(6(192/9,0(172,1'675,$(&20e5&,2(;7(5,25
,167,78721$&,21$/'(0(752/2*,$1250$/,=$d2(48$/,'$'(,1'8675,$/,10(752

3RUWDULDQGHGHGH]HPEURGH



2 35(6,'(17( '2 ,167,7872 1$&,21$/ '( 0(752/2*,$ 1250$/,=$d2 (
48$/,'$'(,1'8675,$/,10(752QRXVRGHVXDVDWULEXLo}HVFRQIHULGDVQRGRDUWLJR
GD /HL Q  GH  GH GH]HPEUR GH  QR LQFLVR , GR DUWLJR  GD /HL Q  GH  GH
GH]HPEUR GH  H QR LQFLVR 9 GR DUWLJR  GD (VWUXWXUD 5HJLPHQWDO GD $XWDUTXLD DSURYDGDSHOR
'HFUHWRQGHGHQRYHPEURGH

&RQVLGHUDQGR D DOtQHD I GR VXELWHP  GR 7HUPR GH 5HIHUrQFLD GR 6LVWHPD %UDVLOHLUR GH
$YDOLDomRGD&RQIRUPLGDGHDSURYDGRSHOD5HVROXomR&RQPHWURQGHGHGH]HPEURGH
TXH DWULEXL DR ,QPHWUR D FRPSHWrQFLD SDUD HVWDEHOHFHU DV GLUHWUL]HV H FULWpULRV SDUD D DWLYLGDGH GH
DYDOLDomRGDFRQIRUPLGDGH

&RQVLGHUDQGRDQHFHVVLGDGHGHDWHQGHUDRTXHGLVS}HD/HLQGHGHRXWXEURGH
TXHHVWDEHOHFHD3ROtWLFD1DFLRQDOGH&RQVHUYDomRH8VR5DFLRQDOGH(QHUJLDHR'HFUHWRQ
GHGHGH]HPEURGHTXHDUHJXODPHQWD

&RQVLGHUDQGRDQHFHVVLGDGHGHDWHQGHUDR'HFUHWR3UHVLGHQFLDOQGHGHGH]HPEURGH
 TXH GLVS}H VREUH D UHJXODPHQWDomR HVSHFtILFD GHILQLQGR RV QtYHLV PtQLPRV GH HILFLrQFLD
HQHUJpWLFDGHPRWRUHVHOpWULFRVWULIiVLFRVGHLQGXomRURWRUJDLRODGHHVTXLORGHIDEULFDomRQDFLRQDORX
LPSRUWDGRVSDUDFRPHUFLDOL]DomRRXXVRQR%UDVLO

&RQVLGHUDQGRD3RUWDULD,QPHWURQGHGHVHWHPEURGHSXEOLFDGDQR'LiULR2ILFLDO
GD 8QLmR GH  GH VHWHPEUR GH  VHomR  TXH DSURYD RV 5HTXLVLWRV GH $YDOLDomR GD
&RQIRUPLGDGHSDUD0RWRUHV(OpWULFRVGH,QGXomR7ULIiVLFRV5RWRU*DLRODGH(VTXLOR

&RQVLGHUDQGR D QHFHVVLGDGH GH ]HODU SHOD HILFLrQFLD HQHUJpWLFD SDUD ERPEDV H PRWRERPEDV
FHQWUtIXJDV

&RQVLGHUDQGRDQHFHVVLGDGHGHHVWDEHOHFHUUHTXLVLWRVPtQLPRVGHGHVHPSHQKRHVHJXUDQoDSDUD
WRGDVDVERPEDVHPRWRERPEDVFHQWUtIXJDV

&RQVLGHUDQGRDQHFHVVLGDGHGHHVWDEHOHFHUUHJUDVHTXkQLPHVHGHFRQKHFLPHQWRS~EOLFRSDUDRV
VHJPHQWRV GH IDEULFDomR QDFLRQDO LPSRUWDomR H FRPHUFLDOL]DomR GH ERPEDV H PRWRERPEDV
FHQWUtIXJDVUHVROYHEDL[DUDVVHJXLQWHVGLVSRVLo}HV

$UW  $SURYDU RV 5HTXLVLWRV GH $YDOLDomR GD &RQIRUPLGDGH SDUD %RPEDV H 0RWRERPEDV
&HQWUtIXJDVGLVSRQLELOL]DGRQRVLWLRZZZLQPHWURJRYEURXQRHQGHUHoRDEDL[R

,QVWLWXWR1DFLRQDOGH0HWURORJLD1RUPDOL]DomRH4XDOLGDGH,QGXVWULDO,QPHWUR
'LYLVmRGH3URJUDPDVGH$YDOLDomRGD&RQIRUPLGDGH'LSDF
5XDGD(VWUHODQDQGDU5LR&RPSULGR
5LRGH-DQHLUR5-

$UW&LHQWLILFDUTXHD&RQVXOWD3~EOLFDTXHDFROKHXFRQWULEXLo}HVGDVRFLHGDGHHPJHUDOSDUD
DHODERUDomRGRV5HTXLVLWRVRUDDSURYDGRVIRLGLYXOJDGDSHOD3RUWDULD,QPHWURQGHGHPDLR
GHSXEOLFDGDQR'LiULR2ILFLDOGD8QLmR'28GHGHPDLRGHVHomRSiJLQD

6HUYLoR3~EOLFR)HGHUDO

0,1,67e5,2'2'(6(192/9,0(172,1'675,$(&20e5&,2(;7(5,25
,167,78721$&,21$/'(0(752/2*,$1250$/,=$d2(48$/,'$'(,1'8675,$/,10(752

$UW  ,QVWLWXLU QR kPELWR GR 6LVWHPD %UDVLOHLUR GH $YDOLDomR GD &RQIRUPLGDGH  6%$& D
HWLTXHWDJHPFRPSXOVyULDSDUDERPEDVHPRWRERPEDVFHQWUtIXJDVDTXDOGHYHUiVHUIHLWDFRQVRDQWHR
HVWDEHOHFLGRQRV5HTXLVLWRVRUDDSURYDGRV

$UW'HWHUPLQDUTXHDSDUWLUGRVSUD]RVFRQVWDQWHVQRVTXDGURVHGHVFULWRVDEDL[R
DV ERPEDV H PRWRERPEDV FHQWUtIXJDV GHYHUmR VHU IDEULFDGDV LPSRUWDGDV H FRPHUFLDOL]DGDV SRU
IDEULFDQWHVHLPSRUWDGRUHVVRPHQWHHPFRQIRUPLGDGHFRPRV5HTXLVLWRVRUDDSURYDGRV

4XDGUR
%RPEDVH0RWRERPEDV7ULIiVLFDVDWpFY
$WLYLGDGH
'DWDOLPLWH
)DEULFDomRHLPSRUWDomR
GHMDQHLURGH
&RPHUFLDOL]DomRSRUIDEULFDQWHVHLPSRUWDGRUHV
GHMXOKRGH

4XDGUR
%RPEDVH0RWRERPEDV0RQRIiVLFDVDWpFY
$WLYLGDGH
'DWDOLPLWH
)DEULFDomRHLPSRUWDomR
GHMDQHLURGH
&RPHUFLDOL]DomRSRUIDEULFDQWHVHLPSRUWDGRUHV
GHMXOKRGH

4XDGUR
%RPEDVH0RWRERPEDV0RQRIiVLFDVGHFYDWpFY
$WLYLGDGH
'DWDOLPLWH
)DEULFDomRHLPSRUWDomR
GHMXOKRGH
&RPHUFLDOL]DomRSRUIDEULFDQWHVHLPSRUWDGRUHV
GHMDQHLURGH


$UW  (VWDEHOHFHU TXH D SDUWLU GH  GH MXOKR GH  DV ERPEDV H PRWRERPEDV FHQWUtIXJDV
GHYHUmR VHUFRPHUFLDOL]DGDVQRPHUFDGRQDFLRQDOVRPHQWHHPFRQIRUPLGDGHFRPRV5HTXLVLWRVRUD
DSURYDGRV

3DUiJUDIR QLFR  $ GHWHUPLQDomR FRQWLGD QR FDSXW QmR p DSOLFiYHO DRV IDEULFDQWHV H
LPSRUWDGRUHVTXHGHYHUmRREVHUYDURVSUD]RVIL[DGRVQRDUWLJRDQWHULRU

$UW  'HWHUPLQDU TXH D ILVFDOL]DomR GR FXPSULPHQWR GDV GLVSRVLo}HV FRQWLGDV QHVWD 3RUWDULD
HP WRGR R WHUULWyULR QDFLRQDO HVWDUi D FDUJR GR ,QPHWUR H GDV HQWLGDGHV GH GLUHLWR S~EOLFR D HOH
YLQFXODGDVSRUFRQYrQLRGHGHOHJDomR

3DUiJUDIRQLFR$ILVFDOL]DomRREVHUYDUiRVSUD]RVDVVHQWDGRVQRVDUWLJRVHGHVWD3RUWDULD

$UW(VWD3RUWDULDHQWUDUiHPYLJRUQDGDWDGHVXDSXEOLFDomRQR'LiULR2ILFLDOGD8QLmR



-22$/=,52+(5='$-251$'$

$1(;2'$3257$5,$,10(7521

5(48,6,726'($9$/,$d2'$&21)250,'$'(3$5$%20%$6(
0272%20%$6&(175)8*$6


 2%-(7,92
(VWDEHOHFHU RV FULWpULRVSDUD RSURJUDPDGHDYDOLDomRGDFRQIRUPLGDGHSDUDERPEDVHPRWRERPEDV
FHQWUtIXJDV DWUDYpV GR PHFDQLVPR GD HWLTXHWDJHP SDUD XWLOL]DomR GD (WLTXHWD 1DFLRQDO GH
&RQVHUYDomRGH(QHUJLD(1&(DWHQGHQGRDRVUHTXLVLWRVGR3URJUDPD%UDVLOHLURGH(WLTXHWDJHP
3%( YLVDQGR j HILFLrQFLD HQHUJpWLFD DWUDYpV GD FRPSDUDELOLGDGH HQWUH WRGRV RV SURGXWRV
FRPHUFLDOL]DGRV GH XPD OLQKD GH SURGXWRV DQXDOPHQWH GH IRUPD D VLWXDU R FRQVXPLGRU VREUH R
GHVHPSHQKRGRVSURGXWRVQDVGLYHUVDVIDL[DVGHYD]mRHSUHVVmRDOWXUDPDQRPpWULFDGLVSRQtYHLV
FRPRVVHXVUHVSHFWLYRVFRQVXPRVGHHQHUJLD

2SUHVHQWH5$&DEUDQJHDVERPEDVGHURWRUHVIHFKDGRVVHPLDEHUWRVHDEHUWRVERPEDVFHQWUtIXJDV
DXWRDVSLUDQWHV ERPEDV PXOWLHVWiJLR FRP HL[R KRUL]RQWDO RX YHUWLFDO DWp  &9SDUD DV %RPEDV
&HQWUtIXJDV7ULIiVLFDV0RQREORFRH%RPEDV0DQFDOL]DGDVHDWp&9SDUDDV%RPEDV&HQWUtIXJDV
0RQRIiVLFDV0RQREORFR

$VERPEDVGHQRPLQDGDVLQMHWRUDVHERPEDVFRPLQMHWRULQWHUQRHVWmRH[FOXtGDVGHVWHHVFRSR

 '2&80(1726&203/(0(17$5(6
,625RWRG\QDPLFSXPSV+\GUDXOLFSHUIRUPDQFHDFFHSWDQFHWHVWV*UDGHVDQG

$%171%50iTXLQDVHOpWULFDVJLUDQWHV0RWRUHVGHLQGXomR3DUWH0RQRIiVLFRV

$%171%50iTXLQDV(OpWULFDV*LUDQWHV3DUWH0RWRUHVGH,QGXomR7ULIiVLFRV(QVDLRV

$%171%50iTXLQDV(OpWULFDV*LUDQWHV3DUWH0RWRUHV0RQRIiVLFRV(QVDLRV

3RUWDULD,QWHUPLQLVWHULDO00(0&70',&QGHGHGH]HPEURGH

0LQLPXP UHTXLUHG HIILFLHQF\ RI URWRG\QDPLF ZDWHU SXPSV DQG PHWKRGV RI TXDOLILFDWLRQ DQG
YHULILFDWLRQ  3URSRVDO IRU DQ (1 VWDQGDUG DJUHHG E\ WKH -RLQW :RUNLQJ *URXS RI (8523803 RQ
(QHUJ\8VLQJ3URGXFWV'HFHPEHU

 '(),1,d(6
 (WLTXHWDJHP
$ (WLTXHWDJHP p XP PHFDQLVPR GH $YDOLDomR GD &RQIRUPLGDGH HP TXH DWUDYpV GH HQVDLRV p
GHWHUPLQDGDHLQIRUPDGDDRFRQVXPLGRUXPDFDUDFWHUtVWLFDGRSURGXWRHVSHFLDOPHQWHUHODFLRQDGDDR
VHXGHVHPSHQKR$(WLTXHWDJHPIRUQHFHLPSRUWDQWHVLQIRUPDo}HVSDUDDGHFLVmRGHFRPSUDSRUSDUWH
GR FRQVXPLGRU GHYHQGR VHU FRQVLGHUDGDV MXQWDPHQWH FRP RXWUDV YDULiYHLV FRPR D VHJXUDQoD RV
DVSHFWRVDPELHQWDLVHRSUHoR

 )DPtOLD
2V SURGXWRV VmR DJUXSDGRV HP IDPtOLDV GH PRGHORV FXMRV SULQFtSLRV IXQFLRQDLV H GH FRQVWUXomR
HOpWULFDVHMDPVHPHOKDQWHV

 0RGHOR
1RPHRXFyGLJRTXHLGHQWLILFDRSURGXWR3URGXWRGHGHVLJQDomRRXPDUFDFRPHUFLDO~QLFD

BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB



$1(;2'$3257$5,$,10(7521

 0RGHORVVLPLODUHV
0RGHORVTXHSRVVXHPDPHVPDFRQILJXUDomRKLGUiXOLFDFRPDPHVPDHILFLrQFLDHDPHVPDURWDomR
HVSHFtILFD 0RGHORV VLPLODUHV GHYHP VHU GHFODUDGRV QHFHVVDULDPHQWH QD PHVPD 3ODQLOKD GH
(VSHFLILFDomR7pFQLFD3(7

 )RUQHFHGRU
7RGD SHVVRD ItVLFD RX MXUtGLFD S~EOLFD RX SULYDGD QDFLRQDO RX HVWUDQJHLUD EHP FRPR RV HQWHV
GHVSHUVRQDOL]DGRV TXH GHVHQYROYHP DWLYLGDGH GH SURGXomR PRQWDJHP FULDomR FRQVWUXomR
WUDQVIRUPDomRLPSRUWDomRH[SRUWDomRGLVWULEXLomRRXFRPHUFLDOL]DomRGHSURGXWRVRXSUHVWDomRGH
VHUYLoRV

 /DERUDWyULRDFUHGLWDGRHGHVLJQDGR
/DERUDWyULRVDFUHGLWDGRVSHOR,QPHWURHGHVLJQDGRVSHOR3%(SDUDUHDOL]DomRGHHQVDLRVHQWUHRXWURV
GH YDOLGDomR GRV UHVXOWDGRV SURFHGHQWHV GRV ODERUDWyULRV GH  SDUWH HQVDLRV GH SURGXWRV GH
IRUQHFHGRUHV RX LPSRUWDGRUHV TXH QmR SRVVXDP ODERUDWyULR H GHVHQYROYLPHQWR H DSHUIHLoRDPHQWR
GHPHWRGRORJLDVGHWHVWH

1RWD2ODERUDWyULRGHSDUWHQmRSRGHVHUXWLOL]DGRFRPRODERUDWyULRDFUHGLWDGRHGHVLJQDGR

 /DERUDWyULRGH3DUWH
/DERUDWyULRGRIRUQHFHGRUTXHDWHQGHXDRVUHTXLVLWRVLQWHUODERUDWRULDLVGR3%(HREWHYHDXWRUL]DomR
GR,QPHWURSDUDDUHDOL]DomRGHHQVDLRV

1RWD2ODERUDWyULRGHSDUWHQmRSRGHVHUXWLOL]DGRSDUDDYDOLGDomRGRVGDGRVFRQWLGRVQD3(7

 /DERUDWyULRGHSDUWH
/DERUDWyULRDFUHGLWDGRSHOR,QPHWURTXHDWHQGHXRVUHTXLVLWRVLQWHUODERUDWRULDLVHREWHYHDXWRUL]DomR
SDUDDUHDOL]DomRGHHQVDLRV

1RWD2ODERUDWyULRGHSDUWHVHPDGHVLJQDomRQmRSRGHVHUXWLOL]DGRSDUDDYDOLGDomRGRVGDGRV
FRQWLGRVQD3(7

 &RPpUFLR
/RFDORQGHRVSURGXWRVVmRGLVSRQLELOL]DGRVDRVFRQVXPLGRUHV

6ROLFLWDQWH
)LJXUDMXUtGLFDTXHGHWpPD$XWRUL]DomRSDUD8VRGD(WLTXHWD1DFLRQDOGH&RQVHUYDomRGH(QHUJLD
DWUDYpVGDDVVLQDWXUDGHFRQWUDWRHTXHWHPDUHVSRQVDELOLGDGHSHORSURFHVVRGH(WLTXHWDJHP

 6,*/$6
$%17
$VVRFLDomR%UDVLOHLUDGH1RUPDV7pFQLFDV
&7 
&RPLVVmR7pFQLFD
(1&(
(WLTXHWD1DFLRQDOGH&RQVHUYDomRGH(QHUJLD
,QPHWUR
,QVWLWXWR1DFLRQDOGH0HWURORJLD1RUPDOL]DomRH4XDOLGDGH,QGXVWULDO
,62 
,QWHUQDWLRQDO2UJDQL]DWLRQIRU6WDQGDUGL]DWLRQ
1%5 
1RUPD%UDVLOHLUD
3%( 
3URJUDPD%UDVLOHLURGH(WLTXHWDJHP
3(7 
3ODQLOKDGH(VSHFLILFDo}HV7pFQLFDV
352&(/
3URJUDPD1DFLRQDOGH&RQVHUYDomRGH(QHUJLD(OpWULFD
5$& 
5HTXLVLWRVGH$YDOLDomRGD&RQIRUPLGDGH
5%0/4, 5HGH%UDVLOHLUDGH0HWURORJLD/HJDOH4XDOLGDGH,QGXVWULDO
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB



$1(;2'$3257$5,$,10(7521


 0(&$1,602'($9$/,$d2'$&21)250,'$'(
2PHFDQLVPRGHDYDOLDomRGDFRQIRUPLGDGHXWLOL]DGRQHVWH5$&pRGD(WLTXHWDJHP

 $ (1&( GH ERPEDV H PRWRERPEDV FHQWUtIXJDV WHP FRPR ILQDOLGDGH LQIRUPDU D HILFLrQFLD
HQHUJpWLFD VHJXQGR QRUPDV DSOLFiYHLV EHP FRPR R HVWDEHOHFLGR QR $QH[R ,9 3URFHGLPHQWRV GH
HWLTXHWDJHPGHERPEDVHPRWRERPEDVFHQWUtIXJDVGHVWH5$&

 ,1)250$d(6$',&,21$,6
 2V YDORUHV FRQWLGRV QD (1&( VmR REWLGRV DWUDYpV GH PHGLo}HV UHDOL]DGDV VHJXQGR QRUPDV
DSOLFiYHLVRXSURFHGLPHQWRVGHWHUPLQDGRVQHVWH5$&FXMRVHQVDLRVVmRFRQGX]LGRVSHORIRUQHFHGRU
HRXSRUODERUDWyULRDFUHGLWDGRHGHVLJQDGR$FRRUGHQDomRVXSHUYLVmRUHJXODPHQWDomRDXWRUL]DomR
DFRPSDQKDPHQWRHDGPLQLVWUDomRGRXVRGD(1&(VmRGR,QPHWUR

 2XVRGD(1&(VHUiDXWRUL]DGRSHOR,QPHWURFRQGLFLRQDGRjSUpYLDPDQLIHVWDomRTXDQWRDR
PRGHORGDHWLTXHWD$QH[R,HQYLDGRSHORIRUQHFHGRUDFRPSDQKDGRGD3(7$QH[R,,,GRSURGXWR
DVHUHWLTXHWDGRHDRVFRPSURPLVVRVDVVXPLGRVDWUDYpVGR7HUPRGH&RPSURPLVVR$QH[R9,

 $UHVSRQVDELOLGDGHUHODWLYDjYHUDFLGDGHGRVGDGRVFRQWLGRVQD(1&(IL[DGDQRSURGXWRQmR
SRGHVHUWUDQVIHULGDHPQHQKXPFDVRDR,QPHWUR

 4XDOTXHUPRGLILFDomRQD(1&(GHYHVHUIRUPDOPHQWHDXWRUL]DGDSHOR,QPHWUR

 2IRUPDWRHFRQWH~GRGD(1&(GH%RPEDVFHQWUtIXJDVHVWmRHVWDEHOHFLGRVQR$QH[R,GHVWH
5$&

 (7$3$6'2352&(662'((7,48(7$*(0
2SURFHVVRGHHWLTXHWDJHPGHERPEDVFHQWUtIXJDVRXPRWRERPEDVFRQVWLWXLVHGHTXDWURHWDSDV

 3ULPHLUD(WDSD6ROLFLWDomRGH(WLTXHWDJHPH$QiOLVHGD'RFXPHQWDomR
 $ HPSUHVD GHYH REWHU D (WLTXHWD 1DFLRQDO GH &RQVHUYDomR GH (QHUJLD  (1&( SDUD RV
SURGXWRV GH VXD IDEULFDomR  LPSRUWDomR GH XPD PHVPD XQLGDGH IDEULO GHYHUi LQLFLDOPHQWH
HQFDPLQKDUDR,QPHWURSDUDDQiOLVHRVVHJXLQWHVGRFXPHQWRVGHYLGDPHQWHSUHHQFKLGRV
6ROLFLWDomRGH(WLTXHWDJHP$QH[R,,GHFDGDPRGHORDVHUHWLTXHWDGR
7HUPRGH&RPSURPLVVRDVVLQDGRHFRPUHFRQKHFLPHQWRGHILUPD$QH[R9, 
&ySLDGR&RQWUDWR6RFLDOGD(PSUHVD 

1RWD 'RFXPHQWRVVROLFLWDGRVDSHQDVQRLQJUHVVRDR3%(

1RWD3URGXWRVFRPHVSHFLILFDo}HVWpFQLFDVLGrQWLFDVSRUpPFRPGLIHUHQWHVQRPHQFODWXUDVGHYHUmR
VHULQIRUPDGRVQRPHVPRIRUPXOiULRGH6ROLFLWDomRGH(WLTXHWDJHPHQDPHVPD3(7

1RWD  $OWHUDo}HV QRV GDGRV GH XP SURGXWR Mi HWLTXHWDGR VRPHQWH VHUmR DFHLWDV DSyV
HQFDPLQKDPHQWRGHXPDQRYD6ROLFLWDomRGH(WLTXHWDJHP

 2 ,QPHWUR DQDOLVDUi D 6ROLFLWDomR GH (WLTXHWDJHP UHFHELGD H GDUi FLrQFLD GR UHVXOWDGR DR
IRUQHFHGRU

&DVRRUHVXOWDGRVHMDIDYRUiYHO
D 2 IRUQHFHGRU TXH SRVVXLU ODERUDWyULR SUySULR GHYHUi REVHUYDU LQLFLDOPHQWH DV LQVWUXo}HV
UHODWLYDVjHWDSDGH&RPSDUDomR,QWHUODERUDWRULDO
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB



$1(;2'$3257$5,$,10(7521

E 2 IRUQHFHGRU TXH QmR SRVVXLU ODERUDWyULR SUySULR GHYHUi REVHUYDU DV LQVWUXo}HV UHODWLYDV j
HWDSDGH&RQFHVVmR

 2 ,QPHWUR DQDOLVDUi D 6ROLFLWDomR GH (WLTXHWDJHP UHFHELGD H GDUi FLrQFLD GR UHVXOWDGR DR
IRUQHFHGRU

 2 FRQWUROH GRV SURGXWRV DGPLWLGRV D (1&( p H[HFXWDGR SHOR IRUQHFHGRU VRE VXD LQWHLUD
UHVSRQVDELOLGDGH(VVHFRQWUROHWHPSRUREMHWLYRDVVHJXUDUTXHDPHGLomRQRSURGXWRpIHLWDVHJXQGR
QRUPDHVSHFtILFDHGHDFRUGRFRPHVWH5$&

 2IRUQHFHGRUGHYHHIHWXDURXID]HUHIHWXDURFRQMXQWRGHHQVDLRVHYHULILFDo}HVSUHYLVWRVQDV
QRUPDVHQR$QH[R,9VREUHSURGXWRVLQWHLUDPHQWHDFDEDGRVHUHWLUDGRVSRUDPRVWUDJHPGRSURFHVVR
GHIDEULFDomR

 $ OLVWD D QDWXUH]D H HYHQWXDOPHQWH D IUHTrQFLD GRV FRQWUROHV H HQVDLRV IHLWRV SHOR
IRUQHFHGRUDVVLPFRPRDVFRQGLo}HVGHVXDH[HFXomRHLQWHUSUHWDomRGHYHPID]HUSDUWHGHXPSODQR
GHFRQWUROHHDPRVWUDJHPHVWDEHOHFLGRSHORIRUQHFHGRUHFRORFDGRjGLVSRVLomRGR,QPHWURTXHGHYH
VHULQIRUPDGRVREUHTXDOTXHUPRGLILFDomRUHIHUHQWHQHVWH5$&

 2,QPHWURDFRPSDQKDDUHJXODULGDGHGDVRSHUDo}HVGHFRQWUROHHLQWHUSUHWDomRGRVUHVXOWDGRV
UHDOL]DGRVSHORIRUQHFHGRU

6HJXQGD(WDSD&RPSDUDomR,QWHUODERUDWRULDO
 (VWDHWDSDWHPFRPRREMHWLYRKDUPRQL]DUDVPHGLo}HVGRODERUDWyULRDFUHGLWDGRHGHVLJQDGR
FRPRVODERUDWyULRVGHHQVDLRVGRVIRUQHFHGRUHV
 2 IRUQHFHGRU HQYLDUi DR ODERUDWyULR DFUHGLWDGR H GHVLJQDGR  XP FRQMXQWR PRWRERPED RX
ERPEDV FHQWUtIXJDV FRP WRGRV RV FRPSRQHQWHV XWLOL]DGRV QR HQVDLR FRQIRUPH HVWDEHOHFLGR SHOR
,QPHWUR (VWD DPRVWUD GHYHUi WHU VLGR WHVWDGD H RV UHVXOWDGRV HQFDPLQKDGRV DR ,QPHWUR H DR
ODERUDWyULRDFUHGLWDGRHGHVLJQDGRPHGLDQWHRSUHHQFKLPHQWRGD3(7

 2ODERUDWyULRDFUHGLWDGRHGHVLJQDGRHQVDLDDVERPEDVRXPRWRERPEDVFHQWUtIXJDVGHDFRUGR
FRP$QH[R,9HQRUPDVGHVFULWDVQHVWH5$&

 2VUHVXOWDGRVREWLGRVHPLWLGRVUHVSHFWLYDPHQWHSHORIRUQHFHGRUHSHORODERUDWyULRDFUHGLWDGR
HGHVLJQDGRVHUmRFRPSDUDGRVSHORODERUDWyULRDFUHGLWDGRHGHVLJQDGRFRQIRUPHDQRUPD,62H
DFHLWDUVHmR D WROHUkQFLD Pi[LPD GH PDLV RX PHQRV  WUrV SRU FHQWR QR SRQWR GH UHQGLPHQWR
Pi[LPR HQWUH RV UHVXOWDGRV REWLGRV SHOR IDEULFDQWH H SHOR ODERUDWyULR GH HQVDLRV DFUHGLWDGR H
GHVLJQDGR

1RWD2VUHVXOWDGRVGHVWDFRPSDUDomRLQWHUODERUDWRULDOQmRQHFHVVDULDPHQWHFRQFHGHUmRDRSURGXWR
GLUHLWR GH HWLTXHWDJHP FRP RV YDORUHV REWLGRV QRV HQVDLRV XPD YH] TXHSRGHUi KDYHU FRQWHVWDo}HV
UHODWLYDVDRVYDORUHVGHFODUDGRV

 2ODERUDWyULRDFUHGLWDGRHGHVLJQDGRHQFDPLQKDRVUHVXOWDGRVGDFRPSDUDomRLQWHUODERUDWRULDO
DR,QPHWUR

 (P FDVR GH UHSURYDomR R ,QPHWUR LQIRUPD DR ODERUDWyULR DFUHGLWDGR H GHVLJQDGR H DR
IRUQHFHGRU TXH YHULILFDP HP FRQMXQWR D SRVVLELOLGDGH GH FRUUHomR GDV QmRFRQIRUPLGDGHV FRP D
PHVPD DPRVWUD &DVR VHMD SRVVtYHO ODERUDWyULR DFUHGLWDGR H GHVLJQDGR H IRUQHFHGRU UHYLVDP RV
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB



$1(;2'$3257$5,$,10(7521

HQVDLRV H DFRQWHFHQGR D DSURYDomR R IRUQHFHGRU VHJXH SDUD D HWDSD GH &RQFHVVmR &DVR FRQWUiULR
SURYLGHQFLDRXWUDDPRVWUDHUHLQLFLDDHWDSDGH&RPSDUDomR,QWHUODERUDWRULDO

 2 ,QPHWUR VHPSUH TXH MXOJDU SHUWLQHQWH SRGH LQLFLDU XP LQWHUODERUDWRULDO FRP WRGRV RV
LQWHJUDQWHVGRSURJUDPD

7HUFHLUDHWDSD&RQFHVVmR
 )RUQHFHGRU TXH SRVVXLU ODERUDWyULR SUySULR H DSURYDGR QD (WDSD GH &RPSDUDomR
,QWHUODERUDWRULDO
2 IRUQHFHGRU TXH REWLYHU D DSURYDomR QD HWDSD GH &RPSDUDomR ,QWHUODERUDWRULDO WHUi R GLUHLWR GH
GHFODUDU DV LQIRUPDo}HV WpFQLFDV UHIHUHQWHV DR PRGHOR D VHU HWLTXHWDGR GHYHQGR HQFDPLQKDU DR
,QPHWURD6ROLFLWDomRGH(WLTXHWDJHPD3(7HD(1&(

 )RUQHFHGRUTXHQmRSRVVXLUODERUDWyULRSUySULR
2 IRUQHFHGRU TXH QmR SRVVXLU ODERUDWyULR SUySULR GHYHUi HQFDPLQKDU FDGD PRGHOR D VHU
HWLTXHWDGRDRODERUDWyULRDFUHGLWDGRHGHVLJQDGRSHOR,QPHWURSDUDDUHDOL]DomRGRVHQVDLRVFRQIRUPH
SUHYLVWRQHVWH5$&

2 IRUQHFHGRU HQVDLD  WUrV DPRVWUDV GH WRGRV RV FRQMXQWRV PRWRERPEDV RX ERPEDV
FHQWUtIXJDVSHUWHQFHQWHVjPHVPDIDPtOLDHHQYLDRVGDGRVFRPSOHWRVDR,QPHWURDWUDYpVGD3(7

2,QPHWURGHSRVVHGDV3(7VSURFHGHjVHOHomRGDDPRVWUDJHPTXHVHUiFRPSRVWDGHXP
FRQMXQWRPRWRERPEDRXERPEDFHQWUtIXJDSDUDFDGDFLQFRPRGHORVGHXPDPHVPDIDPtOLD

2,QPHWURFRPXQLFDDRIRUQHFHGRUDVDPRVWUDVVHOHFLRQDGDVHVROLFLWDRHQYLRGDVPHVPDVDR
ODERUDWyULR GH HQVDLRV DFUHGLWDGR H GHVLJQDGR MXQWDPHQWH FRP DV 3(7V FRQWHQGR RV UHVXOWDGRV GRV
HQVDLRVUHDOL]DGRVQRODERUDWyULRSUySULR

2V UHVXOWDGRV VHUmR FRPSDUDGRV FRQIRUPH D QRUPD ,62  H DFHLWDUVHi D WROHUkQFLD
HVSHFLILFDGDQR$QH[R$GDUHIHULGDQRUPDHPUHODomRDRGHFODUDGRSHORIDEULFDQWHHRVUHVXOWDGRV
GRVHQVDLRVUHDOL]DGRVQRODERUDWyULRDFUHGLWDGRHGHVLJQDGR

$VDPRVWUDVGHPRWRERPEDVRXERPEDVFHQWUtIXJDVDYDOLDGDVGHYHUmRHVWDUGHQWURGRVOLPLWHV
LPSRVWRVSHODVQRUPDVFRUUHVSRQGHQWHVHSHORSDGUmRPtQLPRGHDFHLWDomRGHILQLGRHQWUHR,QPHWURH
(OHWUREUDV352&(/

2V UHVXOWDGRV HPLWLGRV UHVSHFWLYDPHQWH SHOR IRUQHFHGRU H SHOR ODERUDWyULR DFUHGLWDGR H
GHVLJQDGR VHUmR FRPSDUDGRV H HP FDVR GH DSURYDomR LQIRUPD DR ,QPHWUR &DVR FRQWUiULR R
IRUQHFHGRUUHLQLFLDDHWDSDGH&RQFHVVmR

 $SURYDomRSDUDRXVRGD(1&(
2V UHODWyULRV GH HQVDLRV GHYHP VHU HQFDPLQKDGRV DR IRUQHFHGRU DR ,QPHWUR H D
(OHWUREUDV352&(/SHORVODERUDWyULRVDFUHGLWDGRVHGHVLJQDGRV

2 ,QPHWUR GH SRVVH GD 6ROLFLWDomR GH (WLTXHWDJHP GD 3(7 H GR UHODWyULR GH HQVDLRV H
FRQVWDWDGD D FRQIRUPLGDGH GR SURGXWR DXWRUL]DUi D DSRVLomR GD (1&( QR SURGXWR 2V GDGRV GR
SURGXWRVHUmRGLYXOJDGRVHPDWpWULQWDGLDVDSyVRUHFHELPHQWRGHVVHVGRFXPHQWRVDWUDYpVGH
7DEHODVGH(ILFLrQFLD(QHUJpWLFDSXEOLFDGDVQDSiJLQDHOHWU{QLFDGR,QPHWUR(VVDVWDEHODVVRIUHUmR
DWXDOL]DomRTXDQGRKRXYHULQFOXVmRPRGLILFDomRRXH[FOXVmRGHPRGHORV

BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB



$1(;2'$3257$5,$,10(7521

2 IRUQHFHGRU GHYHUi VROLFLWDU DR ,QPHWUR D H[FOXVmR GD 7DEHOD GH (ILFLrQFLD (QHUJpWLFD GR
PRGHOR TXH GHL[DU GH VHU IDEULFDGR UHVSHLWDQGR R WHPSR QHFHVViULR SDUD D YHQGD GRV SURGXWRV QR
YDUHMR

'HFRUULGRVVHVVHQWDGLDVGDUHDOL]DomRGRVHQVDLRVILFDIDFXOWDGRDRIRUQHFHGRUjUHWLUDGD
GDVDPRVWUDVGRODERUDWyULRGHHQVDLRV

7UDWDPHQWRV GH QmRFRQIRUPLGDGHV QRV HQVDLRV GR SURFHVVR GH HWLTXHWDJHP QD HWDSD GH
&RQFHVVmR
 2IRUQHFHGRUGHYHUiQRSUD]RPi[LPRGHFLQFRGLDVDSyVDFRQFOXVmRGRVHQVDLRVHQYLDU
DV 3(7V FRUULJLGDV DR ODERUDWyULR DFUHGLWDGR H GHVLJQDGR &DVR DV LQIRUPDo}HV QmR VHMDP HQYLDGDV
GHQWUR GR SUD]R FLWDGR RX DSUHVHQWDUHP QmRFRQIRUPLGDGHV R ODERUDWyULR DFUHGLWDGR H GHVLJQDGR
HPLWLUiRUHODWyULRFRPDUHSURYDomRGRSURGXWR

 &DVR RFRUUD DOJXPD QmRFRQIRUPLGDGH VHUmR HQVDLDGDV PDLV  GXDV DPRVWUDV GR PHVPR
FRQMXQWRPRWRERPEDRXERPEDFHQWUtIXJDTXHQmRSRGHUmRDSUHVHQWDUQmRFRQIRUPLGDGHV

 1RFDVRGHUHLQFLGrQFLDGDQmRFRQIRUPLGDGHRGHVHPSHQKRGHFODUDGRSHORIDEULFDQWHGHYHUi
VHU DOWHUDGR FRQIRUPH RV GDGRV REWLGRV QRV HQVDLRV QR ODERUDWyULR DFUHGLWDGR H GHVLJQDGR RX
UHLQLFLDGRWRGRRSURFHVVRGH(WLTXHWDJHPDSDUWLUGDHWDSDGH&RPSDUDomR,QWHUODERUDWRULDO

 &DVRRFRUUDDUHSURYDomRQRVHQVDLRVRODERUDWyULRDFUHGLWDGRHGHVLJQDGRFRPXQLFDRIDWRDR
,QPHWURj(OHWUREUDV352&(/HDRIRUQHFHGRUTXHHVWDUiUHSURYDGRGHYHQGRLQLFLDUWRGRRSURFHVVR
DSDUWLUGDHWDSDGH&RQFHVVmR

4XDUWDHWDSD$YDOLDomRGD0DQXWHQomRGD&RQIRUPLGDGHGR3URGXWR
 'H IRUPD D YHULILFDU D PDQXWHQomR GDV FDUDFWHUtVWLFDV GRV PRGHORV SURGX]LGRV R ,QPHWUR
GHILQLUiDFDGDDQRRVPRGHORVTXHGHYHUmRVHUVXEPHWLGRVDRVHQVDLRVFRQIRUPHSUHYLVWRQHVWH5$&

 )LFDUi WDPEpP D FULWpULR GR ,QPHWUR D HVFROKD GR ODERUDWyULR UHVSRQViYHO SHODV FROHWDV H
HQVDLRVGDVERPEDVHPRWRERPEDVFHQWUtIXJDVGHFDGDIRUQHFHGRU

 $SyV D GHILQLomR GRV PRGHORV FDEHUi DR ,QPHWUR HVWDEHOHFHU D PHOKRU IRUPD SDUD
FRPSUDFROHWDQRPHUFDGRRXHVWRTXHGRIRUQHFHGRU

 $ GHILQLomR GRV PRGHORV GDV ERPEDV FHQWUtIXJDV TXH VHUmR REMHWR GD DPRVWUDJHP ILFDUi D
FDUJRGR,QPHWURHGD(OHWUREUDV352&(/

 2,QPHWURSURFHGHjFRPSUDFROHWDGDVDPRVWUDVQRPHUFDGRRXHVWRTXHGRIRUQHFHGRU

 $VDPRVWUDVGHYHUmRVHUHPEDODGDVHWUDQVSRUWDGDVFRPRVFXLGDGRVQHFHVViULRVjSUHVHUYDomR
GDVPHVPDV

 4XDQGR RFRUUHU D FROHWDFRPSUD QR PHUFDGR GHYHUi VHU OHYDQWDGR RV GHPDLV PRGHORV
HQFRQWUDGRV HP VXD iUHD GH DWXDomR SDUD VHU HODERUDGR XPD EROVD GH DPRVWUDV TXH SRGHUmR VHU
VXEVWLWXtGDV HP FDVR GH LQVXFHVVR GD FROHWD (VWHV GDGRV GHYHUmR VHU WDEXODGRV QD VHJXLQWH RUGHP
IRUQHFHGRUPRGHORSRWrQFLDWHQVmRSUHoRFLGDGHHORMD

 &DVRQmRVHMDSRVVtYHOFRPSUDUFROHWDUQHQKXPPRGHORGHXPDGHWHUPLQDGDIDPtOLDWDQWRQR
FRPpUFLR TXDQWR QRV FHQWURV GH GLVWULEXLomRHVWRTXH H FDVR R IRUQHFHGRU QmR HIHWXH TXDOTXHU
SURFHVVR GH IDEULFDomR H LPSRUWDomR HP  QRYHQWD GLDV D PHVPD VHUi FDUDFWHUL]DGD FRPR QmR
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB



$1(;2'$3257$5,$,10(7521

FRQIRUPH H IRUD GH OLQKD H GHYHUi VHU H[FOXtGD GDV WDEHODV DWp XPD QRYD FRQFHVVmR H SURLELGD j
LPSRUWDomR

 2ODERUDWyULRDFUHGLWDGRHGHVLJQDGRHQVDLDDVERPEDVFHQWUtIXJDVGHDFRUGRFRPR$QH[R,9
EHPFRPRDVQRUPDVGHVFULWDVQHVWH5$&

 6HUi FROHWDGR  XP FRQMXQWR PRWRERPED SDUD FDGD  FLQFR PRGHORV GH XPD PHVPD
IDPtOLD2IRUQHFHGRUWHUiFLQFRGLDVSDUDHQYLDURSURGXWRDRODERUDWyULRDFUHGLWDGRHGHVLJQDGR
DFRQWDUGDGDWDGHUHFHELPHQWRGRFRPXQLFDGRVHJXQGRGHFODUDomRFRQVWDQWHQDV3(7$QH[R,,,
$HVFROKDGRPRGHORDVHUFROHWDGRpGHUHVSRQVDELOLGDGHGR3%(

 3DUD HVWD IDVH DFHLWDUVHi D WROHUkQFLD HVSHFLILFDGD QD QRUPD ,62   $QH[R $ HP
UHODomRDRGHFODUDGRSHORIDEULFDQWHHRVUHVXOWDGRVGRVHQVDLRVUHDOL]DGRVQRODERUDWyULRDFUHGLWDGRH
GHVLJQDGR

 (P TXDOTXHU PRPHQWR GD UHDOL]DomR GRV HQVDLRV FDVR R ODERUDWyULR DFUHGLWDGR H GHVLJQDGR
FRQVWDWH DOJXPD QmR FRQIRUPLGDGH TXH DFDUUHWDUi D UHSURYDomR GR SURGXWR GHYHUi LQIRUPDU
LPHGLDWDPHQWH DR ,QPHWUR H D (OHWUREUDV352&(/ SDUD TXH SRVVD VHU SURYLGHQFLDGD D UHVSHFWLYD
H[FOXVmRGHVWHPRGHORGRSURJUDPDEHPFRPRRVGDPHVPDIDPtOLD

 2 ,QPHWUR HP FRQMXQWR FRP D (OHWUREUDV352&(/ UHYDOLGD RV PRGHORV DSURYDGRV QHVWD
HWDSDHSURPRYHDGLYXOJDomRDWUDYpVGDWDEHODGHFRQVXPRHILFLrQFLDYHLFXODGDQDSiJLQDHOHWU{QLFD
GR,QPHWUR

 4XDQGR VROLFLWDGR R IRUQHFHGRU GHYHUi LQGLFDU XPD OLVWD FRP SHOR PHQRV  FLQFR ORFDLV
RQGH VXDV ERPEDV FHQWUtIXJDV RX PRWRERPEDV VmR FRPHUFLDOL]DGRV 7DPEpP TXDQGR VROLFLWDGR R
IRUQHFHGRU GHYHUi LQGLFDU R ORFDO GH HVWRTXHFHQWUR GH GLVWULEXLomR GH VHXV SURGXWRV SDUD SRVVtYHO
FROHWD

 2V UHODWyULRV GH HQVDLRV GHYHP VHU HQFDPLQKDGRV DR IRUQHFHGRU DR ,QPHWUR H D
(OHWUREUDV352&(/SHORVODERUDWyULRVDFUHGLWDGRVHGHVLJQDGRV

 'HFRUULGRVVHVVHQWDGLDVGDUHDOL]DomRGRVHQVDLRVILFDIDFXOWDGRDRIRUQHFHGRUjUHWLUDGD
GDVDPRVWUDVGRODERUDWyULRGHHQVDLRV

7UDWDPHQWRV GH QmRFRQIRUPLGDGHV QRV HQVDLRV GR SURFHVVR GH HWLTXHWDJHP QD HWDSD GH
$YDOLDomRGD0DQXWHQomRGD&RQIRUPLGDGHGR3URGXWR
 (P IXQomR GRV UHVXOWDGRV GRV HQVDLRV QD $YDOLDomR GD 0DQXWHQomR GD &RQIRUPLGDGH GR
3URGXWRGHERPEDVFHQWUtIXJDVRXPRWRERPEDVVHJXHDEDL[RRWUDWDPHQWR

D UHVXOWDGR DSURYDGR  R PRGHOR WHP VXD FRQFHVVmR PDQWLGD H FRQWLQXD OLEHUDGR SDUD
FRPHUFLDOL]DomRDVVLPFRPRGRVGHPDLVPRGHORVGDIDPtOLDTXHHOHUHSUHVHQWD

E UHVXOWDGR UHSURYDGR  SDUD HVWD VLWXDomR R IRUQHFHGRU VHUi FRPXQLFDGR SHOR ,QPHWUR H GHYHUi
UHFROKHUWRGRRPRGHORUHSURYDGRGLVSRQtYHOQRPHUFDGRGHQWURGHXPSUD]RPi[LPRGHFHQWRH
YLQWHGLDV2PRGHORUHSURYDGRHVWDUiSURLELGRGHVHUFRPHUFLDOL]DGRDVVLPFRPRDIDPtOLDTXH
HOHUHSUHVHQWD&DVRVHMDGRLQWHUHVVHGRIRUQHFHGRUGHYHUiLQLFLDURSURFHVVRGHFRQFHVVmRGHQRYRV
SURGXWRVFRPQRYRVFyGLJRVPRGHORV


BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB



$1(;2'$3257$5,$,10(7521

 &DVR RFRUUD DOJXPD QmRFRQIRUPLGDGH VHUmR HQVDLDGDV PDLV  GXDV DPRVWUDV GR PHVPR
FRQMXQWRTXHQmRSRGHUmRDSUHVHQWDUQmRFRQIRUPLGDGHV

 1R FDVR GH UHLQFLGrQFLD GD QmRFRQIRUPLGDGH R GHVHPSHQKR GHFODUDGR SHOR IDEULFDQWH QD
(1&( GHYHUi VHU DOWHUDGR FRQIRUPH RV GDGRV REWLGRV QRV HQVDLRV QR ODERUDWyULR DFUHGLWDGR H
GHVLJQDGRFRPVXVSHQVmRLPHGLDWDGRXVRGD(1&(

 1RFDVRGHUHLQFLGrQFLDGHQmRFRQIRUPLGDGHGHYHUiVHUUHLQLFLDGRWRGRRSURFHVVRDSDUWLUGD
HWDSDGH&RPSDUDomR,QWHUODERUDWRULDO

 2QRYRSURFHVVRGHFRQFHVVmRGRVPRGHORVFRPQRYRVFyGLJRVPRGHORVGDIDPtOLDGRPRGHOR
UHSURYDGR VRPHQWH SRGHUi VHU LQLFLDGR DSyV R SUD]R GH  FHQWR H RLWHQWD GLDV D FRQWDU GR
UHFHELPHQWRGRUHODWyULRILQDOGRVHQVDLRVGH$YDOLDomRGD0DQXWHQomRGD&RQIRUPLGDGHGR3URGXWR

 1R FDVR GH UHVXOWDGRV QmRFRQIRUPHV D HVWH 5$& RX D QmR H[HFXomR GRV SURFHGLPHQWRV
SUySULRV GDV HWDSDV UHIHULGDV QR LWHP  GHVWH 5$& R ,QPHWUR GHFLGLUi VH VHUmR RX QmR H[HFXWDGRV
HQVDLRVVXSOHPHQWDUHVFRUUHQGRDVGHVSHVDVSRUFRQWDGRIRUQHFHGRU

 $ 5%0/4, VHUi LQIRUPDGD SHOR ,QPHWUR H LQFOXLUi HVWHV PRGHORV QDV YHULILFDo}HV GH
DYDOLDomRGDFRQIRUPLGDGHQRPHUFDGR


75$7$0(172'(5(&/$0$d(6
 2 IRUQHFHGRU GHYH GLVSRU GH XPD VLVWHPiWLFD SDUD R WUDWDPHQWR GH UHFODPDo}HV GH VHXV
FOLHQWHV FRPSURPHWHQGRVH D FXPSULU H VXMHLWDUVH jV SHQDOLGDGHV SUHYLVWDV QDV OHLV /HL Q
/HLQHWF

 2IRUQHFHGRUVHFRPSURPHWHDUHVSRQGHUDR,QPHWURTXDOTXHUUHFODPDomRTXHRPHVPRWHQKD
UHFHELGR H QR SUD]R SRU HOH HVWDEHOHFLGR DWUDYpV GH XPDSHVVRD RX HTXLSH IRUPDOPHQWH GHVLJQDGD
GHYLGDPHQWHFDSDFLWDGDHFRPOLEHUGDGHSDUDRGHYLGRWUDWDPHQWRjVUHFODPDo}HV

 2IRUQHFHGRUGHYHUiPDQWHURVGHYLGRVUHJLVWURVGHFDGDXPDGDVUHFODPDo}HVDSUHVHQWDGDVH
WUDWDGDV

 2IRUQHFHGRUGHYHUiUHDOL]DUHVWDWtVWLFDVTXHHYLGHQFLHPRQ~PHURGHUHFODPDo}HVIRUPXODGDV
QRV~OWLPRVGH]RLWRPHVHVHRWHPSRPpGLRGHUHVROXomR


5(*,6752'2352'87212,10(752
&RQFHVVmRGR5HJLVWUR
 2 5HJLVWUR GD ERPED H PRWRERPED FHQWUtIXJD LQLFLDUi VHPSUH SRU PHLR GH VROLFLWDomR
HVSHFtILFD H IRUPDO SHOR IRUQHFHGRU DR ,QPHWUR DWUDYpV GR VLVWHPD GLVSRQtYHO QR VtWLR
KWWSZZZ,QPHWURJRYEUTXDOLGDGHUHJREMHWRVDVS

$DXWRUL]DomRSDUDXVRGD(WLTXHWD1DFLRQDOGH&RQVHUYDomRGH(QHUJLD(1&(pGDGDDWUDYpV
GR 5HJLVWUR GD ERPED FHQWUtIXJD H PRWRERPED QR ,QPHWUR VHQGR SUpUHTXLVLWR REULJDWyULR SDUD D
FRPHUFLDOL]DomRGRSURGXWRQRSDtVFRQIRUPHRVUHTXLVLWRVHVWDEHOHFLGRVQD5HVROXomR&RQPHWURQ
GHGHPDLRGHHFRPSOHPHQWDGRVSRUHVWH5$&

$(WLTXHWDJHPGDERPEDHPRWRERPEDFHQWUtIXJDHPFRQIRUPLGDGHFRPRVFULWpULRVGHILQLGRV
QHVVH5$&FRQVWLWXLHWDSDLQGLVSHQViYHOSDUDDFRQFHVVmRGR5HJLVWURGRPHVPR

BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB



$1(;2'$3257$5,$,10(7521

 2V GRFXPHQWRV SDUD D VROLFLWDomR GR 5HJLVWUR GD ERPED FHQWUtIXJD H PRWRERPED GHYHP VHU
DQH[DGRVDRVLVWHPDHVmRRVVHJXLQWHV
D6ROLFLWDomRGH(WLTXHWDJHPHFySLDGR&RQWUDWR(VWDWXWR6RFLDOFRPSURYDQGRTXHRVROLFLWDQWHHVWi
OHJDOPHQWHLQYHVWLGRGHSRGHUHVSDUDUHSUHVHQWiOD
E 7HUPR GH FRPSURPLVVR GD DYDOLDomR GD FRQIRUPLGDGH DVVLQDGR SHOR UHSUHVHQWDQWH OHJDO
UHVSRQViYHOSHODFRPHUFLDOL]DomRGDERPEDFHQWUtIXJDHPRWRERPEDQR3DtV
F 2V UHODWyULRV GH HQVDLRV UHVSHLWDGDV DV GLVSRVLo}HV SUHYLVWDV QHVVH 5$& GHPRQVWUDQGR D
FRQIRUPLGDGHGRREMHWR

 2 ,QPHWUR DYDOLD D VROLFLWDomR H FDVR WRGRV RV GRFXPHQWRV HVWHMDP GH DFRUGR FRP R
HVWDEHOHFLGRQHVVH5$&HPLWHR5HJLVWURFXMRQ~PHURSHUPLWLUiDLGHQWLILFDomRGDERPEDFHQWUtIXJD
H PRWRERPED VHQGR FRPSRVWR SHOD PDUFD GR ,QPHWUR FRQIRUPH $QH[R , (WLTXHWD 1DFLRQDO GH
&RQVHUYDomRGH(QHUJLD(1&(

25HJLVWURWHPVXDYDOLGDGHYLQFXODGDDRSUD]RGHXPDQRGHVXDFRQFHVVmR

0DQXWHQomRGR5HJLVWUR
 $ PDQXWHQomR GR 5HJLVWUR HVWi FRQGLFLRQDGD D LQH[LVWrQFLD GH QmRFRQIRUPLGDGH GXUDQWH D
DYDOLDomRGR$YDOLDomRGD0DQXWHQomRGD&RQIRUPLGDGHGR3URGXWRFRQIRUPHGHILQLGRQRVXELWHP
GHVWH5$&HQD5HVROXomR&RQPHWURQGHGHPDLRGH

$VROLFLWDomRGDPDQXWHQomRGR5HJLVWURGHYHVHUIHLWDDR,QPHWURSHORIRUQHFHGRUDWUDYpVGR
VtWLR KWWSZZZ,QPHWURJRYEUTXDOLGDGHUHJ2EMHWRVDVS FRP DQWHFHGrQFLD PtQLPD GH  YLQWH
GLDVDQWHVGRYHQFLPHQWRGHVXDYDOLGDGHUHVSHLWDGRVRVSURFHGLPHQWRVHVWDEHOHFLGRVQD5HVROXomR
&RQPHWURQGHGHPDLRGH

$(WLTXHWDJHPGDERPEDFHQWUtIXJDHPRWRERPEDHPFRQIRUPLGDGHFRPRVFULWpULRVGHILQLGRV
QHVWH5$&FRQVWLWXHPHWDSDLQGLVSHQViYHOSDUDDPDQXWHQomRGR5HJLVWURGRPHVPR

2IRUQHFHGRUGHWHQWRUGR5HJLVWURGHYHHQFDPLQKDUDR,QPHWURQRDWRGDVROLFLWDomRUHODWyULRV
ILQDLV GR $YDOLDomR GD 0DQXWHQomR GD &RQIRUPLGDGH GR 3URGXWR GHFODUDQGR TXH D PDQXWHQomR GD
(WLTXHWDJHPHVWiPDQWLGD

5HQRYDomRGR5HJLVWUR
 $ UHQRYDomR GR 5HJLVWUR HVWi FRQGLFLRQDGD D LQH[LVWrQFLD GH QmRFRQIRUPLGDGH QRV
SURFHGLPHQWRVHVWDEHOHFLGRVQHVWH5$&HQD5HVROXomR&RQPHWURQGHGHPDLRGH

$VROLFLWDomRGHUHQRYDomRGDDXWRUL]DomRGHYHVHUIHLWDDR,QPHWURSHOR)RUQHFHGRUDWUDYpVGR
VtWLRKWWSZZZ,QPHWURJRYEUTXDOLGDGHUHJ2EMHWRVDVSFRPDQWHFHGrQFLDPtQLPDGHTXDUHQWD
H FLQFR GLDV DQWHV GR YHQFLPHQWR GH VXD YDOLGDGH UHVSHLWDGRV RV SURFHGLPHQWRV HVWDEHOHFLGRV QR
FDStWXOR,9GD5HVROXomR&RQPHWURQGHGHPDLRGH

$OWHUDomRGR(VFRSRGH5HJLVWUR
 2 IRUQHFHGRU GHWHQWRU GR 5HJLVWUR TXH GHVHMDU LQFOXLU RX H[FOXLU PRGHORV GH XPD IDPtOLD Mi
UHJLVWUDGD
GHYH
ID]HU
VROLFLWDomR
IRUPDOPHQWH
DR
,QPHWUR
QR
VtWLR
KWWSZZZLQPHWURJRYEUTXDOLGDGHUHJREMHWRVDVS

 3DUD D LQFOXVmR GH PRGHOR HP XPD IDPtOLD UHJLVWUDGD p QHFHVViULR R ,QPHWUR H R ODERUDWyULR
DFUHGLWDGRHGHVLJQDGRSHOR3URJUDPD%UDVLOHLURGH(WLTXHWDJHP3%(DYDOLDUDFRPSDWLELOLGDGHGR
QRYRPRGHORFRPDVFDUDFWHUtVWLFDVGDIDPtOLDUHJLVWUDGDGHDFRUGRFRPHVWH5$&HDSyVUHDOL]DURV
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB



$1(;2'$3257$5,$,10(7521

HQVDLRVSUHYLVWRVQDVHWDSDVGH&RQFHVVmRH$YDOLDomRGD0DQXWHQomRGD&RQIRUPLGDGHGR3URGXWR
$F3GHVVH5$&

2VPRGHORVTXHFRQVWLWXtUHPQRYDIDPtOLDDLQGDQmRUHJLVWUDGDHQVHMDUmRQRYR5HJLVWURMXQWR
DR,QPHWURGHDFRUGRFRPRHVWDEHOHFLGRQHVWH5$&

6XVSHQVmRRX&DQFHODPHQWRGR5HJLVWUR
$VXVSHQVmRRXFDQFHODPHQWRGR5HJLVWURGHYHRFRUUHUTXDQGRQmRIRUDWHQGLGRTXDOTXHUGRV
UHTXLVLWRVHVWDEHOHFLGRVQHVWH5$&HRXQRFDStWXOR,,,GD5HVROXomR&RQPHWURQGHGHPDLR
GH

 1R FDVR GH VXVSHQVmR RX FDQFHODPHQWR GD (WLTXHWD 1DFLRQDO GH &RQVHUYDomR GH (QHUJLD 
(1&(SRUGHVFXPSULPHQWRGHTXDOTXHUGRVUHTXLVLWRVHVWDEHOHFLGRVQHVWH5$&R5HJLVWURGDERPED
FHQWUtIXJD H PRWRERPED REMHWR GD HWLTXHWDJHP ILFD VRE D PHVPD FRQGLomR 1HVWHV FDVRV R
IRUQHFHGRUGHWHQWRUGR5HJLVWURGHYHFHVVDURXVRGD(WLTXHWD1DFLRQDOGH&RQVHUYDomRGH(QHUJLD
(1&(HWRGDHTXDOTXHUSXEOLFLGDGHTXHWHQKDUHODomRFRPDPHVPD

 (QTXDQWR SHUGXUDU D VXVSHQVmR RX FDQFHODPHQWR GR 5HJLVWUR D IDEULFDomR LPSRUWDomR H
FRPHUFLDOL]DomR GHVWDV ERPEDV H PRWRERPEDV FHQWUtIXJDV FRQVLGHUDGDV QmRFRQIRUPHV GHYHP VHU
LPHGLDWDPHQWHLQWHUURPSLGDV

 2 IRUQHFHGRU GHWHQWRU GR 5HJLVWUR WDPEpP GHYH SURYLGHQFLDU D UHWLUDGD GDV ERPEDV H
PRWRERPEDVFHQWUtIXJDVQmRFRQIRUPHVGRPHUFDGR

$LQWHUUXSomRGDVXVSHQVmRSDUFLDORXLQWHJUDOGR5HJLVWURHVWiFRQGLFLRQDGDjFRPSURYDomR
SRUSDUWHGRIRUQHFHGRUGHWHQWRUGR5HJLVWURGDFRUUHomRGDVQmRFRQIRUPLGDGHVTXHGHUDPRULJHPj
VXVSHQVmR

2IRUQHFHGRUGHWHQWRUGR5HJLVWURTXHWHQKDRVHX5HJLVWURFDQFHODGRVRPHQWHSRGHUHWRUQDUDR
VLVWHPDDSyVDUHDOL]DomRGHXPQRYRSURFHVVRFRPSOHWRGHDYDOLDomRGDFRQIRUPLGDGHHXPDQRYD
VROLFLWDomRGH5HJLVWURQR,QPHWUR


(7,48(7$1$&,21$/'(&216(59$d2'((1(5*,$(1&(
 (VSHFLILFDomR
$ (1&( GHILQLGD QR $QH[R , GHVWH 5$& WHP SRU REMHWLYR LQGLFDU TXH DV ERPEDV H PRWRERPEDV
FHQWUtIXJDVHVWmRHPFRQIRUPLGDGHFRPRHVWDEHOHFLGRQHVWH5$&


$8725,=$d23$5$862'$(1&(
$ FRQFHVVmR GD DXWRUL]DomR SDUD XVR GD (1&( p IHLWD DWUDYpV GR 5HJLVWUR H p UHDOL]DGD TXDQGR DV
ERPEDVHPRWRERPEDVFHQWUtIXJDVHVWmRHPFRQIRUPLGDGHFRPRVFULWpULRVGHILQLGRVQHVWHSURJUDPD
GHDYDOLDomRGDFRQIRUPLGDGHQRkPELWRGR3%(
 $ DXWRUL]DomR SDUD XVR GD (1&( WHUi D VXD YDOLGDGH YLQFXODGD j YDOLGDGH GR UHJLVWUR
FRQFHGLGRTXDQGRDSOLFiYHO


(;7(1623$5$2862'$(1&(
$ H[WHQVmR GD DXWRUL]DomR SDUD R XVR GD (1&( SRVVLELOLWD DR IRUQHFHGRU H VRPHQWH D HVVH TXH
HQFDPLQKRX D 6ROLFLWDomR GH (WLTXHWDJHP LPSRUWDU H FRPHUFLDOL]DU RV VHXV PRGHORV SUHYLDPHQWH
HQVDLDGRVHHWLTXHWDGRVFRPPDUFDVGLIHUHQWHVVHPDQHFHVVLGDGHGHXPDQRYDFRQFHVVmR

BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB



$1(;2'$3257$5,$,10(7521

 1mR VHUi DGPLWLGD D H[WHQVmR GD PDUFD GRV PRGHORV SUHYLDPHQWH DSURYDGRV IRUQHFLGRV SRU
RXWURIRUQHFHGRU1HVWHFDVRGHYHUiVHUUHDOL]DGDXPDQRYDFRQFHVVmR
 1RFDVRGHVROLFLWDomRGHH[WHQVmRGDPDUFDGDDXWRUL]DomRSDUDRXVRGD(1&(DVERPEDVH
PRWRERPEDV FHQWUtIXJDVSHUWLQHQWHV D HVWD VySRGHUmR VHU FRPHUFLDOL]DGRV DSDUWLU GR PRPHQWRHP
TXHRODERUDWyULRDFUHGLWDGRHGHVLJQDGRHR,QPHWURDSURYDUDH[WHQVmR
 4XDQGRRVROLFLWDQWHGHVHMDUHVWHQGHUDDXWRUL]DomRSDUDPRGHORVDGLFLRQDLVGRPHVPRSURMHWR
EiVLFR GH XP SURGXWR DWHQGHQGR jV PHVPDV QRUPDV WpFQLFDV SRGHUi VROLFLWDU DR ODERUDWyULR
DFUHGLWDGRHGHVLJQDGRDH[WHQVmRGDPHVPDPHGLDQWHDFRPSURYDomRGRVGDGRVLQIRUPDGRV
 2 ODERUDWyULR DFUHGLWDGR GHYH YHULILFDU DV LQIRUPDo}HV UHODWDGDV QD 3(7 TXDQWR DR SURMHWR
IXQGDPHQWDO H DV UHVSHFWLYDV IDPtOLDV H DYDOLDU D FRQIRUPLGDGH GR SURFHVVR DRV UHTXLVLWRV
QRUPDWLYRV
 4XDQGR D (PSUHVD DXWRUL]DGD GHVHMDU HVWHQGHU D DXWRUL]DomR SDUD XVR GD (1&( SDUD RXWUDV
PDUFDV LPSRUWDGDV SRU VXD HPSUHVD GH PRGHORV Mi DSURYDGRV HVWD GHYHUi VROLFLWDU SRU HVFULWR DR
,QPHWURHIRUPDOL]DUXPDVROLFLWDomRGHRUoDPHQWRGDDQiOLVHGDV3(7VGRVPRGHORVDRODERUDWyULR
DFUHGLWDGRHGHVLJQDGRTXHUHDOL]RXRHQVDLRSDUDDFRQFHVVmR
 2 ODERUDWyULR DFUHGLWDGR H GHVLJQDGR GHYHUi YHULILFDU VH DV LQIRUPDo}HV FRQVWDQWHV QHVWDV
3(7V HVWmR HP FRQIRUPLGDGH FRP RV UHVXOWDGRV DSUHVHQWDGRV QR HQVDLR GH FRQFHVVmR GR PHVPR
SURGXWR &DEH GHVWDFDU TXH HVWD QRYD ERPED FHQWUtIXJD H PRWRERPEDV GHYHP FRQWHU FyGLJR GH
EDUUDVPRGHORGLIHUHQWH
 -XQWR FRP HVWD VROLFLWDomR GHYHUi VHU HQFDPLQKDGR XPD 'HFODUDomR GH ([WHQVmR GD 0DUFD
FRQIRUPH$QH[R9,,DVVXPLQGRDUHVSRQVDELOLGDGHOHJDOVREUHRSURGXWR
 8PD YH] DSURYDGDV DV 3(7V R ,QPHWUR FRQILUPDUi D DSRVLomR GD HWLTXHWD H LQGLFDUi RV
SURGXWRVFRPDVQRYDVPDUFDVQDVWDEHODVYHLFXODGDVQDSiJLQDHOHWU{QLFDGR,QPHWUR
 'XUDQWHRSURFHVVRGH$YDOLDomRGD0DQXWHQomRGD&RQIRUPLGDGHGR3URGXWRDUHSURYDomR
GHXPSURGXWRGHTXDOTXHUGDVPDUFDVUHODWLYDVDRSURFHVVRGHH[WHQVmRDFDUUHWDUiQDUHSURYDomRGRV
SURGXWRVVLPLODUHVGHWRGDVDVPDUFDV


5(63216$%,/,'$'(6(2%5,*$d(6'2)251(&('25
 $FDWDU DV FRQGLo}HV GHVFULWDV QDV 1RUPDV %UDVLOHLUDV H DV GLVSRVLo}HV UHIHUHQWHV j (1&(
GHWHUPLQDGDVQHVWH5$&

$IL[DUREULJDWRULDPHQWHD(1&(HPWRGRVRVSURGXWRVDXWRUL]DGRVHVRPHQWHQHOHV

&RQWURODUHPDQWHUUHJLVWURVGHPHGLomRGHGDGRVUHIHUHQWHVj(1&(

$FDWDUHIDFLOLWDURVWUDEDOKRVGHVHOHomRHGHFROHWDGHDPRVWUDVHVWDEHOHFLGRVSHOR,QPHWUR

$FDWDUDVGHFLV}HVWRPDGDVSHOR,QPHWURFRQIRUPHDVGLVSRVLo}HVGHVWH5$&

)RUQHFHULQIRUPDomRGRVGDGRVXWLOL]DGRVQD(1&(

'HYHUiWHUFRQKHFLPHQWRSUpYLRGRVFXVWRVGRVHQVDLRVSHUWLQHQWHVDRSURFHVVRGH(WLTXHWDJHPH
GHYHVHUHVSRQVDELOL]DUSRUWRGRVRVFXVWRVLQHUHQWHVDRSURFHVVRGH(WLTXHWDJHP

7UDWDU DV GHQ~QFLDV UHFODPDo}HV H PDQWHU XP UHJLVWUR GH VHUYLoRV GH DWHQGLPHQWR DR
FRQVXPLGRUUHODWLYRVDRVSURGXWRVHWLTXHWDGRVFRPD(1&(HPGLVSRQLELOLGDGHSDUDFRQVXOWDSHOR
,QPHWUR
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB



$1(;2'$3257$5,$,10(7521


'HYHXWLOL]DUD(1&(HPWRGDDOLQKDGHSURGXWRVTXHSDUWLFLSDPGRSURJUDPD


$/7(5$d212352'872
 0RGLILFDo}HVQRVSURGXWRVREMHWRGD(1&(TXHLQIOXHQFLHPQRVYDORUHVREWLGRVHPHQVDLRV
VHUmRWUDWDGRVFRPRVHJXH
D
2 IRUQHFHGRU QmR SRGHUi FRPHUFLDOL]DU R SURGXWR PRGLILFDGR XWLOL]DQGR D (1&( DWp R
UHFHELPHQWRGDDXWRUL]DomRGR,QPHWUR

 $OWHUDo}HV VXEVWDQFLDLV QR VLVWHPD HRX HTXLSDPHQWRV GHYHP VHU LQIRUPDGDV DR ,QPHWUR H
HQFDPLQKDGDVDRODERUDWyULRDFUHGLWDGRHGHVLJQDGRFRPSURYDQGRDOWHUDo}HVTXHFDUDFWHUL]HPQRYR
SURGXWRQRYD&RQFHVVmRGHYHVHUUHDOL]DGD


',98/*$d2
 'HYHP VHU VHJXLGDV DV RULHQWDo}HV SUHYLVWDV QD 3RUWDULD ,QPHWUR Q  GH  GH MXQKR GH


 2VSURGXWRVPDLVHILFLHQWHVHPFDGDFDWHJRULDGHERPEDVFHQWUtIXJDVSRGHUmRXWLOL]DUDWtWXOR
SURPRFLRQDOR6HOR3URFHOGH(FRQRPLDGH(QHUJLDFRQFHGLGRSHOR352&(/3URJUDPD1DFLRQDO
GH&RQVHUYDomRGH(QHUJLD(OpWULFD2VUHTXLVLWRVSDUDREWHQomRGR6HOR352&(/HVWmRGHVFULWRVHP
UHJXODPHQWR SUySULR GR 352&(/ H GLVSRQtYHO QD SiJLQD HOHWU{QLFD GR 352&(/
ZZZHOHWUREUDVFRPSURFHO


862$%86,92'$(1&(
 ,QPHWUR WRPDUi DV SURYLGrQFLDV FDEtYHLV FRP UHODomR D WRGR HPSUHJR DEXVLYR GD (1&(
FRQIRUPHRGLVSRVWRQHVWH5$&

 (QWUHRXWUDVDo}HVVmRFRQVLGHUDGDVDEXVLYDVDVVHJXLQWHVFRQGLo}HV
D XWLOL]DomRGD(1&(DQWHVGDDXWRUL]DomRSHOR,QPHWUR
E XWLOL]DomRGD(1&(DSyVDUHVFLVmRRXWpUPLQRGR7HUPRGH&RPSURPLVVRSDUDXVRGD(1&(
F XWLOL]DomRGD(1&(FRPYDORUHVHPGHVDFRUGRFRPYDORUHVRILFLDOPHQWHDXWRUL]DGRVH
G GLYXOJDomRSURPRFLRQDOHPGHVDFRUGRFRPRLWHPGHVWH5$&


),6&$/,=$d2
2VSURGXWRVTXHXWLOL]DPD(1&(VmRREMHWRGHILVFDOL]DomRGHDFRUGRFRPRHVWDEHOHFLGRQD/HLQ
TXDQWRDRFXPSULPHQWRGRTXHGHWHUPLQDHVWH5$&


5(*,0(),1$1&(,52
$VRSHUDo}HVILQDQFHLUDVUHODWLYDVjDXWRUL]DomRSDUDXVRGD(1&(HVWmRGHILQLGDVDVHJXLU

 $FDGDVROLFLWDomRGHHQVDLRVHUiHPLWLGDSRUSDUWHGRODERUDWyULRDFUHGLWDGRHGHVLJQDGRXPD
SURSRVWDSDUDH[HFXomRGHVHUYLoRV

 2LQWHUHVVDGRGHYHUiHQYLDUDRODERUDWyULRDFUHGLWDGRHGHVLJQDGRDXWRUL]DomRSDUDH[HFXomR
GRVVHUYLoRVUHODFLRQDGRVQDSURSRVWDDSyVRTXHRVHQVDLRVQHODSUHYLVWRVSDVVDUmRDID]HUSDUWHGR
FURQRJUDPDGHHQVDLRVGRODERUDWyULR

 2V SDJDPHQWRV GRV HQVDLRV UHDOL]DGRV QR ODERUDWyULR DFUHGLWDGR H GHVLJQDGR GHYHUmR VHU
UHDOL]DGRVFRQIRUPHSURSRVWDHPLWLGDSRUHVWH

BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB



$1(;2'$3257$5,$,10(7521

 1R FDVR GH QmR DSURYDomR GR RUoDPHQWR H IDOWD GH SDJDPHQWR GR PHVPR SRU SDUWH GR
IRUQHFHGRUGHQWURGHTXLQ]HGLDVRPHVPRVHUiVXVSHQVRGR3%(

 1R FDVR GH LQDGLPSOrQFLD IDOWD GH SDJDPHQWR RX QmR DFHLWH GR RUoDPHQWR D FRRUGHQDomR
GHYHUiVHULQIRUPDGDSHORODERUDWyULRHRIRUQHFHGRUVHUiFRPXQLFDGRTXHVHDSHQGrQFLDILQDQFHLUD
QmR IRU UHVROYLGD GHQWUR GH  TXLQ]H GLDV R PHVPR VHUi UHWLUDGR GR VLWH H SHUGHUi R GLUHLWR GH
LPSRUWDU H FRPHUFLDOL]DU 2 IDWR GH VHU UHWLUDGR GR VLWH FDUDFWHUL]D TXH R PHVPR HVWi XWLOL]DQGR
LQGHYLGDPHQWH D PDUFD GR ,QPHWUR H SRUWDQWR SRGHUi VHU SHQDOL]DGR QHVWH VHQWLGR DWUDYpV GD
ILVFDOL]DomRUHDOL]DGDSHOD5%0/4,


3(1$/,'$'(6
 $ LQREVHUYkQFLD GDV SUHVFULo}HV FRPSUHHQGLGDV QHVWH 5$& DFDUUHWDUi D DSOLFDomR GDV
SHQDOLGDGHVSUHYLVWDVQRDUWLJRGD/HLQGHGHGH]HPEURGH

 2 ,QPHWUR WRPDUi DV SURYLGrQFLDV FDEtYHLV FRP UHODomR D WRGR HPSUHJR DEXVLYR GD (1&(
FRQIRUPHRGLVSRVWRQHVWH5$&

 (QWUHRXWUDVDo}HVVmRFRQVLGHUDGDVDEXVLYDVDVVHJXLQWHVFRQGLo}HV
 8WLOL]DomRGH(1&(QmRH[SHGLGDSHOR,QPHWUR

 8WLOL]DomRGD(1&(FRPYDORUHVHPGHVDFRUGRFRPYDORUHVRILFLDOPHQWHDXWRUL]DGRV

 'LYXOJDomRSURPRFLRQDOHPGHVDFRUGRFRPRLWHPGHVWH5$&H

 6XVSHQVmRSDUDD$XWRUL]DomRGRXVRGD(1&(

 $VXVSHQVmRSDUDRXVRGD(1&(VHUiGHVHLVPHVHVDFRQWDUGDFRPSURYDomRGRVQmR
DWHQGLPHQWRVDRGHVFULWRDEDL[R
D
6H DV QmRFRQIRUPLGDGHV FRQVWDWDGDV QR 7UDWDPHQWR GH 1mR&RQIRUPLGDGHV VXELWHQV  H
QmRIRUHPVDQDGDV
E
(PFDVRGHXVRLQDGHTXDGRGD(1&(
F
$ DXWRUL]DomR WDPEpP SRGHUi VHU VXVSHQVD DSyV DFRUGR P~WXR HQWUH R IRUQHFHGRU H R
,QPHWURSDUDXPSHUtRGRGHQmRSURGXomRRXSRURXWUDVUD]}HVYDOLGDGDVSRUDFRUGRHQWUHDVSDUWHV
G
$ VXVSHQVmR GD DXWRUL]DomR VHUi FRQILUPDGD SHOR ,QPHWUR DWUDYpV GH GRFXPHQWR RILFLDO
LQGLFDQGRHPTXHFRQGLomRHVWDWHUPLQDUi
H
$RILQDOGRSHUtRGRGHVXVSHQVmRR,QPHWURYHULILFDUiVHDVFRQGLo}HVHVWLSXODGDVSDUDQRYD
DXWRUL]DomRIRUDPDWHQGLGDV
x (PFDVRDILUPDWLYRRIRUQHFHGRUDXWRUL]DGRVHUiQRWLILFDGRGHTXHDDXWRUL]DomRQRYDPHQWH
HQWUDUiHPYLJRU

x (PFDVRQHJDWLYRR,QPHWURFDQFHODUiDDXWRUL]DomR


&$1&(/$0(172'$$8725,=$d23$5$2862'$(1&(
2FDQFHODPHQWRGDDXWRUL]DomRSDUDRXVRGD(1&(RFRUUHUiTXDQGR
D
+RXYHUUHLQFLGrQFLDGDVFDXVDVGDVXVSHQVmRGDDXWRUL]DomR
E
+RXYHUDVXVSHQVmRHFDQFHODPHQWRGR5HJLVWUR
F
$(1&(IRUXVDGDHPRXWURSURGXWRTXHQmRRREMHWRGDDXWRUL]DomR
G
1mRFXPSULUDVREULJDo}HVILQDQFHLUDVIL[DGDVQRLWHPGHVWH5$&
H
0HGLGDV LQDGHTXDGDV IRUHP WRPDGDV SHOD HPSUHVD DXWRUL]DGD GXUDQWH D VXVSHQVmR GD
DXWRUL]DomR
I
$HPSUHVDDXWRUL]DGDQmRGHVHMDUSURUURJiODRXVROLFLWDURFDQFHODPHQWRGR5HJLVWUR
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB



$1(;2'$3257$5,$,10(7521



862'(/$%25$75,2'((16$,2
2VHQVDLRVSUHYLVWRVQRVHVTXHPDVGHHWLTXHWDJHPHGHILQLGRVQHVWH5$&GHYHPVHUUHDOL]DGRVHP
ODERUDWyULRVGHSDUWHDFUHGLWDGRVSHOR,QPHWURSDUDRHVFRSRGRVHQVDLRVUHIHUHQFLDGRV
D
1mR VHUmR DFHLWRV RV UHVXOWDGRV GH ODERUDWyULRV GH HQVDLRV DFUHGLWDGRV SRU RUJDQLVPRV GH
DFUHGLWDomRHVWUDQJHLURV
1RWD D UHODomR GRV ODERUDWyULRV DFUHGLWDGRV H GHVLJQDGRVSRGH VHU REWLGD FRQVXOWDQGR RV VtWLRV GR
,QPHWUR
E 2HVFRSRGDDFUHGLWDomRGRODERUDWyULRGHYHLQFOXLURPpWRGRGHHQVDLRDSOLFDGRQRkPELWRGHVWH
5$&


&21)250,'$'(
6RPHQWHRVHTXLSDPHQWRVHPFRQIRUPLGDGHFRPHVWH5$&VmRDXWRUL]DGRVjXWLOL]DomRGD(1&(


'(0$,6',6326,d(6
 (VWH 5$& SDVVDUi D YLJRUDU D SDUWLU GD GDWD GH VXD SXEOLFDomR FDQFHODQGR H VXEVWLWXLQGR
TXDLVTXHURXWURVHPLWLGRVDWpHVWDGDWD

 )XWXUDVHGLo}HVHRXUHYLV}HVGHVWH5$&SRGHUmRVHUHPLWLGDVHVHUmRGLYXOJDGDVIRUPDOPHQWH
DRVLQWHUHVVDGRVDWUDYpVGH3RUWDULDSXEOLFDGDSHOR,QPHWUR

 2,QPHWURUHVHUYDVHRGLUHLWRGHFROKHUDPRVWUDVQRPHUFDGRGXUDQWHRSHUtRGRGHYDOLGDGH
GD FRQFHVVmR SDUD UHDOL]DU HQVDLRV H H[FOXLU SURGXWRV FDVR RV PHVPRV DSUHVHQWHP GHILFLrQFLDV
WpFQLFDVRXGHPRUDGHDVVLVWrQFLDWpFQLFDHFXPSULPHQWRGHJDUDQWLD

 2VPRGHORVRUDHWLTXHWDGRVRXQmRGHYHUmRSDVVDUDFXPSULUDVH[LJrQFLDVFRQVWDQWHVGHVWH
5$&


5(&/$0$d(6
$V UHFODPDo}HV TXDQWR DR SURGXWR GHYHP VHU IHLWDV GLUHWDPHQWH DR IRUQHFHGRU 6H QmR IRUHP
GHYLGDPHQWH WUDWDGRV EHP FRPR QR FDVR GH UHFODPDo}HV RX GHQ~QFLDV UHODWLYDV DR SURFHVVR GH
(WLTXHWDJHPGHYHPVHUOHYDGRVD2XYLGRULDGR,QPHWURDWUDYpVGRWHOHIRQHRXDRH
PDLORXYLGRULD#LQPHWURJRYEU

BBBBBBBBBBBBBBBBBBBBBBBBBBBBB
$1(;26,,,,,,,999,H9,,

BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB



$1(;2'$3257$5,$,10(7521

$1(;2,0RGHORGD(WLTXHWD1DFLRQDOGH&RQVHUYDomRGH(QHUJLD(1&(%20%$6(

0272%20%$6&(175)8*$6

2EMHWLYR
(VWH $QH[R SDGURQL]D D IRUPDWDomR H DSOLFDomR GD (1&( D VHU DSRVWD HP ERPEDV H PRWRERPEDV
FHQWUtIXJDV

&RQGLo}HVHVSHFtILFDV
(WLTXHWD
2 ,QPHWUR LUi HQFDPLQKDU R DUTXLYR GD (WLTXHWD (1&( DR IRUQHFHGRU DSyV R UHFHELPHQWR GRV
UHODWyULRVGHHQVDLRVQDHWDSDGHFRQFHVVmRHGHYHUmRVHULPSUHVVRVSHORSUySULRIRUQHFHGRU

$V IDL[DV GH HILFLrQFLD VHUmR FRORULGDV REHGHFHQGR DR SDGUmR &0<. FLDQR PDJHQWD DPDUHOR H
SUHWRFRQIRUPHDEDL[R


&ODVVHV

&LDQR

0DJHQWD

$PDUHOR

3UHWR

$
%
&
'
(

























 7$0$1+21250$/

(7,48(7$'(%20%$6&(175)8*$6





BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB



$1(;2'$3257$5,$,10(7521

(7,48(7$'(0272%20%$6&(175)8*$6




 7$0$1+25('8=,'2

(7,48(7$'(%20%$6&(175)8*$6


)LJXUD

(7,48(7$'(0272%20%$6&(175)8*$6

)LJXUD


BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB



$1(;2'$3257$5,$,10(7521
127$6
 (7,48(7$ &20 &$5$&7(567,&$6 '( ,1'(/(%,/,'$'( (
3(50$1(1&,$2%('(&(1'2$6',0(16(6$&,0$
 (7,48(7$ '(9( 6(5 $3267$ '( )250$ 9,69(/ 12 352'872
32'(1'2 6(5 3$3(/ $872&2/$17( 28 ,16(5,'$ 1$ 3535,$
3/$&$ '( ,'(17,),&$d2 '$ %20%$ 28 0272%20%$
&(175)8*$ 0$17(1'2 $ 352325&,21$/,'$'( '$6 ',0(16(6
$&,0$
 $ (7,48(7$ '( 3$3(/ $872&2/$17( 32'( 6(5 '2 7,32 $'(6,92
28 7,32 )5$48($0(172 ',6326,7,92 '( '(6758,d2 1$
7(17$7,9$ '( 5(02d2 '$ (7,48(7$ ,19,$%,/,=$1'2 $
5(87,/,=$d2
 0(','$6(00,/0(7526



&ODVVHGHHILFLrQFLDHQHUJpWLFD

9HU$QH[R9

&iOFXORGRVQGLFHVGH(ILFLrQFLD

9HU$QH[R9


BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB



$1(;2'$3257$5,$,10(7521

$1(;2,,02'(/2'$62/,&,7$d2'((7,48(7$*(0







,167,78721$&,21$/'(0(752/2*,$
1250$/,=$d2(48$/,'$'(,1'8675,$/







352*5$0$%5$6,/(,52'((7,48(7$*(0





62/,&,7$d2'((7,48(7$*(0




(7,48(7$*(0
6(3%(
'$7$

25,*(0

$3529$d2




5(9,62

,10(7523%(
'$7$/7,0$5(9,62








120(5$=$262&,$/'$(035(6$






&13-






10(52






(1'(5(d2





&203/(0(172




&(3

%$,552





8)



081,&3,2

7(/()21(



)$;(0$,/

120(('(6&5,d2'$)$0,/,$'(352'87263$5$248$/e62/,&,7$'2$(7,48(7$*(0



778/21($12'$1250$28(63(&,),&$d27e&1,&$'2352'872



120(5(6*,75$'2'2352'872







48$17,'$'(



81,'$'(



$3/,&$d2

287526'$'265(/(9$17(6







'$7$62/,&,7$d2




120('262/,&,7$17(



&$5,0%2($66,1$785$'262/,&,7$17(


e2%5,*$75,2$1(;$5$(67$62/,&,7$d2$3/$1,/+$'((63(&,),&$d27e&1,&$


'LYLVmRGH3URJUDPDVGH$YDOLDomRGD&RQIRUPLGDGH',3$&'48$/

3URJUDPD%UDVLOHLURGH(WLTXHWDJHP3%(
(QGHUHoR5XDGD(VWUHODDQGDU5LR&RPSULGR5LRGH-DQHLUR5-
&(3
7HOHIRQHV)D[
 (PDLOGLSDF#LQPHWURJRYEU

BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB



$1(;2'$3257$5,$,10(7521

,16758d(6'(35((1&+,0(172

$6ROLFLWDomRGH(WLTXHWDJHPGHYHVHUSUHHQFKLGDFRQIRUPHDEDL[R

 FRORFDURQRPHUD]mRVRFLDOGDHPSUHVDTXHHVWiVROLFLWDQGRDHWLTXHWDJHP
 LQIRUPDUR&13-GDHPSUHVD
 LQIRUPDURHQGHUHoRGDHPSUHVDUXDDYHQLGDORJUDGRXURHWF
 LQIRUPDURQGRHQGHUHoR
 LQIRUPDUTXDOTXHUFRPSOHPHQWRDRHQGHUHoR
 LQIRUPDURQRPHGREDLUURRQGHHVWiORFDOL]DGDDHPSUHVD
 LQIRUPDURQRPHGRPXQLFtSLRRQGHHVWiORFDOL]DGDDHPSUHVD
 LQIRUPDURQGR&(3SHUWLQHQWH
 LQGLFDUDVLJODGDXQLGDGHGD)HGHUDomR
LQIRUPDURQGRWHOHIRQH
LQIRUPDURQGRID[HRXFRUUHLRHOHWU{QLFRGDHPSUHVD
LQIRUPDURQRPHHDGHVFULomRGRSURGXWRSDUDRTXDOpVROLFLWDGRDHWLTXHWDJHP
LQIRUPDURWtWXORQ~PHURHDQRGDQRUPDRXUHJXODPHQWRRXHVSHFLILFDomRWpFQLFDGRSURGXWR
REMHWRGDHWLTXHWDJHP
LQIRUPDURQRPHUHJLVWUDGRGRSURGXWR
LQIRUPDUDTXDQWLGDGHGHSHoDVPRGHORVGRSURGXWRDVHUHQVDLDGRHWLTXHWDGR
LQIRUPDUDXQLGDGHXWLOL]DGD
LQGLFDURWLSRGHDSOLFDomRDTXHVHGHVWLQDRSURGXWRVHDSOLFiYHO
LQIRUPDUTXDLVTXHURXWURVGDGRVMXOJDGRVUHOHYDQWHVSDUDDHWLTXHWDJHPGRSURGXWR
LQIRUPDUDGDWDGDVROLFLWDomRGDHWLTXHWDJHP
LQIRUPDURQRPHGRVROLFLWDQWH
FDPSRGHVWLQDGRDUHFHEHURFDULPERGDHPSUHVDHRXGRVROLFLWDQWHHDDVVLQDWXUDGRPHVPR

BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB



7LSRGHURWRUFHQWUtIXJR

7LSRGHPRWRU

3RWrQFLDN:FY

5HQGLPHQWRGR&RQMXQWR

3RWrQFLDGH(L[R&9

5HQGLPHQWRGD%RPED

9D]mR1RPLQDOP K

3UHVVmRPFD

5RWDomRQRPLQDOUSP

'LkPHWURGRURWRUPP

&yGLJRGR3URGXWR

&RQVXPRHQHUJpWLFRN:KK





)DPtOLD &RPHUFLDO

(PDLO

(QGHUHoR

5D]mR6RFLDO

1RPH






'$'26'((7,48(7$*(0

,'(17,),&$d2'2(48,3$0(172

7HOHIRQH

&13-

)D[

5()(7,48(7$*(0
3(7%20
'$7$
25,*(0

,10(752
5(9,62
'$7$ /7,0$



,'(17,),&$d2'2)$%5,&$17(

3/$1,/+$'((63(&,),&$d(67e&1,&$6

BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB

%20%$6&(175)8*$60272%20%$&(175)8*$

352*5$0$%5$6,/(,52'((7,48(7$*(0

$1(;2,,,02'(/2'$3/$1,/+$'((63(&,),&$d(67e&1,&$6




$1(;2'$3257$5,$,10(7521;;;

'LYLVmRGH3URJUDPDVGH$YDOLDomRGD&RQIRUPLGDGH',3$&

'DWD$SURYDomR,QPHWUR


5HVSRQViYHO

5HVSRQViYHO

8VRUHVWULWRDR,10(752'LYXOJDomRSURLELGD

'HSDUWDPHQWR(PSUHVD

'DWD'HFODUDomR

BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB

2EVHUYDo}HV
'DGRVUHIHUHQWHVDRSRQWRyWLPRGHIXQFLRQDPHQWRFRQGLomRQRPLQDO
$QH[RFXUYDVGHSHUIRUPDQFHGDVERPEDVGHPHQRUHPDLRUSRWrQFLDSHUWLQHQWHVDIDPtOLDHVSHFLILFDGDDFLPD
)DPtOLDpXPFRQMXQWRGHERPEDVFRPDVPHVPDVFDUDFWHUtVWLFDVKLGUiXOLFDVLQWHUQDVREWLGDDWUDYpVGDYDULDomRGRGLkPHWURGRURWRUHSRWrQFLDGRPRWRU
GHDFLRQDPHQWRPDQWHQGRVHDPHVPDFRPSRVLomRPHFkQLFDGDERPEDFDUFDoDHL[RPDQFDOHWF



$1(;2'$3257$5,$,10(7521

$1(;2'$3257$5,$,10(7521;;;

5(48,6,726'($9$/,$d2'$&21)250,'$'(3$5$%20%$6
&(175)8*$6(0272%20%$6

$1(;2,93URFHGLPHQWRVGHHQVDLRVSDUD%RPEDV&HQWUtIXJDV


,1752'8d2

(VWH SURFHGLPHQWR DSUHVHQWD D VHTrQFLD GH FiOFXOR SDUD D REWHQomR GDV FXUYDV FDUDFWHUtVWLFDV GH
XPJUXSRPRWRERPEDHGDERPEDFHQWUtIXJDQDURWDomRFRQVWDQWHHLJXDOjQRPLQDO$QRUPDWHP
DILQDOLGDGHGHYHULILFDUDVFRQGLo}HVUHDLVGHIXQFLRQDPHQWRGRFRQMXQWRPRWRERPEDHGDERPED
FRPRSURSyVLWRGHHWLTXHWDJHPGRHTXLSDPHQWR

(VWDQRUPDpEDVHDGDQDQRUPD%UDVLOHLUDSDUDHVWHWLSRGHHQVDLR,625RWRG\QDPLFSXPSV
+\GUDXOLFSHUIRUPDQFHDFFHSWDQFHWHVWV*UDGHVDQG
6HJXH DEDL[R R SURFHGLPHQWR GH PHGLomR H RV SDUkPHWURV SDUD HWLTXHWDJHP GDV %RPEDV
&HQWUtIXJDVREMHWRGHVWH5$&

x $OWXUDHYD]mRGHYHUmRVHUSDUDRSRQWRGHUHQGLPHQWRPi[LPRFRUULJLGRVQDURWDomRQRPLQDO
GHDFRUGRFRPDVHTXDo}HVHVWDEHOHFLGDVQDQRUPD,62
x 2GLkPHWURHIHWLYRGRURWRUPRQWDGRQDERPEDTXHHVWHMDFRPSUHHQGLGRQDIDL[DGHPtQLPRH
Pi[LPR IDPtOLD KRPRORJDGR FRP DV GHYLGDV FDUDFWHUtVWLFDV GH YD]mR H SUHVVmR PtQLPD H
Pi[LPDFRUUHVSRQGHQWHDRFRQMXQWRPRQWDGR
x $ HWLTXHWD GHYHUi FRQWHU DLQGD D HQHUJLD FRQVXPLGD FRUULJLGD FRQIRUPH QRUPD DGRWDGD
FRUUHVSRQGHQWHDRSRQWRGHUHQGLPHQWRPi[LPRGDERPEDHPIXQomRGR5RWRUXWLOL]DGR
x 1DSULPHLUD HWDSD GRSURFHVVR GH HWLTXHWDJHP SUy[LPRV FLQFR DQRV D XWLOL]DomR GRIDWRUGH
VHUYLoRGRPRWRUHOpWULFRVHUiOLYUH


2%-(7,926

D/HYDQWDPHQWR GRV JUiILFRV YD]mR 4 YHUVXV DOWXUD WRWDO GH HOHYDomR + YD]mR 4 YHUVXV
UHQGLPHQWRGRFRQMXQWRPRWRERPEDKFYD]mR4YHUVXVUHQGLPHQWRWRWDOGDERPEDKWYD]mR
4YHUVXVSRWrQFLDHOpWULFDGRPRWRUSHOYD]mR4YHUVXVSRWrQFLDGHHL[RGDERPEDSH
E'HWHUPLQDomR GR UHQGLPHQWR Pi[LPR GR FRQMXQWR PRWRERPED H GR UHQGLPHQWR Pi[LPR GD
ERPED


527(,523$5$2%7(1d2'$6*5$1'(=$6

$VJUDQGH]DVPHGLGDVGHYHUmRHVWDUQRVLVWHPDLQWHUQDFLRQDOGHXQLGDGHV

 9D]mR4

4>PV@YD]mRPHGLGDQRHOHWURPDJQpWLFRDWUDYpVGDDTXLVLomRGHGDGRV

 $OWXUD7RWDOGH(OHYDomR+

1RDQH[RQDILJXUDHVWmRUHSUHVHQWDGDVDVSRVLo}HVGHHQWUDGDHVDtGDGDERPED




S  S Y   Y

+
 ]   ] 




UJ

UJ

J

BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB


$1(;2'$3257$5,$,10(7521;;;



2QGH
+>P@DOWXUDWRWDOGHHOHYDomR
3UJ>P@ SUHVVmRQRPDQ{PHWURWUDQVGXWRUQDVDtGDGDERPED
3UJ>P@
Y>PV@
Y>PV@

SUHVVmRQRPDQRYDFX{PHWURWUDQGXWRUQDHQWUDGDGDERPED
YHORFLGDGHPpGLDGHHVFRDPHQWRQDVDtGDGDERPED
YHORFLGDGHPpGLDGHHVFRDPHQWRQDHQWUDGDGDERPED








Y

4

4

S ' 

S' 

 Y


'>P@ GLkPHWURLQWHUQRQDSRVLomR
'>P@ GLkPHWURLQWHUQRQDSRVLomR
2EVHUYDomRLPSRUWDQWHGXUDQWHRVHQVDLRVDYHORFLGDGHPpGLDGHHVFRDPHQWRQDHQWUDGDGD
ERPEDQmRGHYHUiXOWUDSDVVDUD>PV@FRPDILQDOLGDGHGHJDUDQWLURQmRDSDUHFLPHQWR
GHFDYLWDomR


&XLGDGRVQDVPHGLGDVGDSUHVVmRQDHQWUDGDHVDtGDGDERPED

x
$V SUHVV}HV GHYHUmR VHU PHGLGDV DWUDYpV GD FRQH[mR GRV WUDQVGXWRUHV DRV DQpLV
SLH]RPpWULFRV FRORFDGRV UHVSHFWLYDPHQWH QD SRVLomR GH HQWUDGD  H QD SRVLomR GH VDtGD  GD
ERPED
x
$SRVLomRGHHQWUDGDHDSRVLomRGHVDtGDGHYHUmRHVWDUDGXDVYH]HVRVGLkPHWURVGDV
UHVSHFWLYDVWXEXODo}HVGRVIODQJHVGHHQWUDGDHVDtGDGDERPEDRXQRFDVRGDHQWUDGDGRIODQJHGD
UHGXomRYLGHILJXUD'HSUHIHUrQFLDRGLkPHWURGHHQWUDGDGHYHUiVHURPHVPRGRIODQJHGH
HQWUDGDGDERPED&DVRQmRVHMDSRVVtYHORGLkPHWURGRDQHOSLH]RPpWULFRQDHQWUDGDGHYHUiVHU
LQIRUPDGRDR/DERUDWyULR$FUHGLWDGRHRX'HVLJQDGRSDUDTXHRHQVDLRVHMDUHDOL]DGRQDVPHVPDV
FRQGLo}HVGHVXFomR
x
2DQHOSLH]RPpWULFRGHYHUiVHUFRQVWUXtGRFRQIRUPHGHVHQKRYLGHILJXUD
x
&DGDWUDQVGXWRUGHSUHVVmRGHYHUiSRVVXLUQDVXDFRQH[mRSDUDFDGDSRVLomRGHPHGLGDXP
VLVWHPDGHYiOYXODVFRQWHQGRXPDYiOYXODGHSURWHomRGRPHVPRHXPDYiOYXODSXUJDSDUDVDQJULD
GRDUYLGHILJXUD
x
1D SDUWLGD GD ERPED D YiOYXOD GH SURWHomR GR WUDQVGXWRU GHYHUi HVWDU IHFKDGD VHQGR
VRPHQWHDEHUWDSDUDDVPHGLo}HVGHSUHVVmR

&RWDVGHSRVLo}HV]H]

x
4XDQGRRWUDQVGXWRUHVWLYHULQVWDODGRGHVQLYHODGRGDSRVLomRGHPHGLGDGHYHUiVHUVRPDGR
DRYDORUGH]UHVSHFWLYDPHQWH[SDUD]H\SDUD]YLGHILJXUD
x
2YDORUGH[GHYHUiVHUGHVSUH]DGRTXDQGRDSUHVVmRPDQRPpWULFDQDSRVLomRIRUQHJDWLYD
SRLVKDYHUiDUQRWXERTXHDOLPHQWDRWUDQVGXWRU
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB


$1(;2'$3257$5,$,10(7521;;;


x




4XDQGRRVWUDQVGXWRUHVHVWLYHUHPQLYHODGRVHQWUHVLDGLIHUHQoDGHFRWDV]]VHUiQXOD

3RWrQFLD+LGUiXOLFD3K

3K






3K>N:@
U>NJP@

UJ 4+    



SRWrQFLDKLGUiXOLFD
PDVVDHVSHFtILFDGDiJXD


J>PV@
DFHOHUDomRGDJUDYLGDGH


4>P V@
YD]mR

+>P@ DOWXUDWRWDOGHHOHYDomR

2YDORUGDPDVVDHVSHFtILFDGHYHUiVHUFDOFXODGRSHODVHJXLQWHHTXDomR

U   W  W   


U>NJP@
PDVVDHVSHFtILFDGDiJXD

W>R&@ 
WHPSHUDWXUDGDiJXDDTXLVLWDGDGXUDQWHRHQVDLR




2YDORUGDDFHOHUDomRGDJUDYLGDGHGHYHUiVHUFRQVLGHUDGRJ >PV@

 5HQGLPHQWRV

5HQGLPHQWRGR&RQMXQWRK
KF



KF

3K

3H"



KF>O@ UHQGLPHQWRGRFRQMXQWRPRWRERPED

3K>N:@
SRWrQFLDKLGUiXOLFD

3HO>N:@
SRWrQFLDHOpWULFDDTXLVLWDGDQR:DWWtPHWUR

5HQGLPHQWRWRWDOGDERPEDKW


3H 3HO K HO 

3H>N:@SRWrQFLDGHHL[RGDERPED




3HO>N:@SRWrQFLDHOpWULFD
KHO>@ UHQGLPHQWRHOpWULFRIRUQHFLGRSHORIDEULFDQWHGRPRWRUHOpWULFR





KW

3K

3H



KW>@ 
UHQGLPHQWRWRWDOGDERPED
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB


$1(;2'$3257$5,$,10(7521;;;








3K>N:@
3H>N:@

SRWrQFLDKLGUiXOLFD
SRWrQFLDGHHL[R

&RUUHomRGRV9DORUHVSDUDD5RWDomR&RQVWDQWH



Q
Q
Q
4  4  
+  +  
3H
3H  
Q

3HO

Q
S HO   
Q




2EVRVYDORUHVFRPtQGLFHVmRRVFRUULJLGRVSDUDDURWDomRFRQVWDQWHQ


'(7(50,1$d2'232172'(0;,025(1',0(172

2UHQGLPHQWRPi[LPRGRFRQMXQWRPRWRERPEDHRUHQGLPHQWRGDERPEDVHUmRGHWHUPLQDGRVGD
VHJXLQWHPDQHLUD

x $OpP GD YDUUHGXUDGDYD]mRQXODDWpDPi[LPDGHYHUmRVHUPHGLGRVSUy[LPRDRUHQGLPHQWR
Pi[LPRQRPtQLPRSRQWRVVHQGRFLQFRSRQWRVDFLPDGRUHQGLPHQWRPi[LPRHFLQFR
SRQWRVDEDL[RGRUHQGLPHQWRPi[LPR
R
x 8WLOL]DUVHi SDUD D FRQIHFomR GD FXUYD YD]mR [ UHQGLPHQWR XP SROLQ{PLR GR   JUDX
GHWHUPLQDQGRVHRSRQWRGHPi[LPRUHQGLPHQWRSHODSULPHLUDGHULYDGDLJXDOD]HUR


BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB


$1(;2'$3257$5,$,10(7521;;;



$1(;2),*85$6&5248,6

' 

7UDQGXWRU

$S



'

$S


' 

3HO

=

'
3H
'

'

=

),*85$(QWUDGDHVDtGDGHXPDERPED



















),*85$$QHOSLH]RPpWULFR

BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB


$1(;2'$3257$5,$,10(7521;;;











9iOYXODGH6HJXUDQoD



9iOYXODGH6DQJULDGH$U









7UDQVGXWRUGH3UHVVmR




&DER(OpWULFR








),*85$&RQH[mRGRWUDQVGXWRU

$QHO3LH]RPpWULFR

BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB


$1(;2'$3257$5,$,10(7521;;;


$1(;2 9  0HWRGRORJLD GH &iOFXOR GD &ODVVH GH 5HQGLPHQWR (QHUJpWLFD SDUD %RPEDV H
PRWRERPEDVFHQWUtIXJDV

,'RFXPHQWRVGHUHIHUrQFLD
0LQLPXP UHTXLUHG HIILFLHQF\ RI URWRG\QDPLF ZDWHU SXPSV DQG PHWKRGV RI TXDOLILFDWLRQ DQG
YHULILFDWLRQ3URSRVDOIRUDQ(1VWDQGDUGDJUHHGE\WKH-RLQW:RUNLQJ*URXSRI(8523803RQ
(QHUJ\8VLQJ3URGXFWV'HFHPEHU

(VFRSR
$ SUHVHQWH PHWRGRORJLD DEUDQJH ERPEDV SDUD iJXD OLPSD TXH SRGH VHU XVDGD SDUD GLYHUVDV
DSOLFDo}HVUHVLGHQFLDLVFRPHUFLDLVLQGXVWULDLVDJULFXOWXUDHQWUHRXWUDVDSOLFDo}HV

$ WDEHOD  DSUHVHQWD XPD YLVmR JHUDO VREUH RV WLSRV GH ERPEDV TXH HVWmR GHQWUR GR HVFRSR GHVWH
5$&
7DEHOD7LSRVGH%RPEDV


(62%
%RPEDV0DQFDOL]DGDV


(6&&
%RPEDV0RQRHVWiJLR
(L[R+RUL]RQWDO

(6&&,
%RPED0RQRHVWiJLR
(L[R9HUWLFDO


06
%RPED0XOWLHVWiJLRV
(L[R+RUL]RQWDO

06&&,
%RPEDV0XOWLHVWiJLRV
(L[R9HUWLFDO




$WDEHODGHILQHDVIDL[DVRSHUDFLRQDLVGDVERPEDVTXHHVWmRGHQWURGRHVFRSR


BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB


$1(;2'$3257$5,$,10(7521;;;


7DEHOD)DL[DVRSHUDFLRQDLVGDVERPEDV


d

^K
^ Q PLQ 4%(3PK
^/
^K
^ Q PLQ 4%(3PK
^/


+%(3P

PLQQVPLQ

3N:

+%(3P

PLQQVPLQ

3N:

D^
Q PLQ 4%(3PK
D^/



PLQQVPLQ

3N:

D^
Q PLQ 4%(3PK
D^/



PLQQVPLQ

3N:


&iOFXORGRUHQGLPHQWRPtQLPRSDUDGHWHUPLQDUDFODVVH
&ODVVLILFDomRGDERPED
3ULPHLURSDVVRSDUDDFODVVLILFDomRGDVERPEDVpDVHSDUDomRSRUWLSRVHVSHFtILFRVGHERPEDVPDLV
XWLOL]DGRVQR3DtV7DEHOD

$SyVDVHSDUDomRSRUWLSRVHVSHFtILFRVGHERPEDVpQHFHVViULRGHILQLURUHQGLPHQWRPtQLPRSDUD
FDGDFODVVHGDERPED3DUDHVWDGHILQLomRVHUiXWLOL]DGDFRPRSDUkPHWURGHFRPSDUDomRDURWDomR
HVSHFtILFD1VGHILQLGDSRU




8QLGDGHV






2VYDORUHVGH4%(3H+%(3VmRRVYDORUHVGHILQLGRVQRLWHPGRDQH[R,9

$HTXDomRSDUDRUHQGLPHQWRGDERPEDpGRWLSR




3DUD HQFRQWUDU R UHQGLPHQWR PtQLPR GD ERPED VHUi XVDGD D HTXDomR GHILQLGD QRV HVWXGRV GH
6WRIIHO%H/DXHU-WKHRULFDOO\DWWDLQDEOHHIILFLHQF\RIFHQWULIXJDOSXPSVGHILQLGDSRU






BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB


$1(;2'$3257$5,$,10(7521;;;


&RP
UpRUHQGLPHQWRGHUHIHUrQFLDHP>@
[ OQ1V1VHP>PLQ@
\ OQ4%(34%(3HP>PK@
FFRQVWDQWHHP>@TXHGHILQHDFODVVLILFDomRGDERPED7DEHOD

$HTXDomRFDOFXODRUHQGLPHQWRPtQLPRH[LJLGRSDUDRVUHVSHFWLYRVYDORUHVGH4%(3H1V
2UHVXOWDGRGDHTXDomRGHYHVHUDUUHGRQGDGRSDUDDFDVDGHFLPDO
2LQWHUYDORGHPDWHPiWLFRGHYDOLGDGHGDHTXDomRp

PLQQVPLQ

PK4%(3PK


2YDORUPi[LPRGDHTXDomRp U

$WDEHODDSUHVHQWDRVYDORUHVGDFRQVWDQWHFDVHUXVDGDQDHTXDomR(VWDFRQVWDQWHFHVWi
GHILQLGD SDUD FDGD WLSR GH ERPED GHILQLGR QR HVFRSR H SDUD FDGD FODVVH GH ERPED
UHVSHFWLYDPHQWH2QGHDIDL[DGHFODVVLILFDomRpGHILQLGDSHODUHGXomRGRUHQGLPHQWRHPLQWHUYDORV
GH

2UHVXOWDGRGHVWHFiOFXORGHILQHRUHQGLPHQWRPtQLPRGDERPEDUDVHUXWLOL]DGRFRPRUHIHUrQFLD
SDUD GHWHUPLQDU D FODVVH GD ERPED TXH VHUi UHSUHVHQWDGD SHODV OHWUDV $ % & ' H ( TXH
UHSUHVHQWDUmRDIDL[DGHHILFLrQFLDDVHUDSRVWDQRSURGXWRFRQIRUPH$QH[R,(1&(2QGH&ODVVH
$UHSUHVHQWDDPDLRUFODVVLILFDomRH&ODVVH(UHSUHVHQWDDPHQRUFODVVLILFDomRUHVSHFWLYDPHQWH

3DUDGHILQLUDFODVVHGDERPEDVHUiFRPSDUDQGRRUHQGLPHQWRPtQLPRREWLGRQDHTXDomRFRP
RUHQGLPHQWRREWLGRQRHQVDLRGDERPEDQRLWHPGR$QH[R,9GDVHJXLQWHIRUPD

&ODVVH$%(3U$
&ODVVH%U%%(3!U$
&ODVVH&U&%(3!U%
&ODVVH'U'%(3!U&
&ODVVH(%(3!U'

&RP
UpRUHQGLPHQWRSDUDUHIHUrQFLDFDOFXODGRHTXDomRHP>@
%(3pRUHQGLPHQWRGHFODUDGRSHORIDEULFDQWHHP>@

2QGH U $ p R UHQGLPHQWRGDERPEDFDOFXODGRSHODHTXDomRSDUDRYDORUGDFRQVWDQWHFGD
FROXQD$GDWDEHODSDUDRUHVSHFWLYRWLSRGHERPEDHDVVLPVXFHVVLYDPHQWHSDUDFDGDFODVVHGD
ERPED 2 %(3 p R UHQGLPHQWR GD ERPED GHFODUDGR SHOR IDEULFDQWH TXH p GHILQLGR VHJXQGR DV
HTXDo}HVHRVSURFHGLPHQWRVGR$QH[R,9


BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB


$1(;2'$3257$5,$,10(7521;;;


7DEHOD9DORUHVGDFRQVWDQWHFSDUDRVGLYHUVRVWLSRVGHERPEDVGHILQLGRVQRHVFRSR


&/$66(

(62%

(62%


(6&&


(6&&


(6&&,


(6&&,


06&&,


06&&,


$
%
&
'
(

















































































!

!

!

!

!

!

06 06

! ! ! !


&ODVVLILFDomRGRFRQMXQWRPRWRERPED
'HSRVVHGRUHQGLPHQWRPtQLPRGDERPEDFDOFXODGRQDHTXDomRPXOWLSOLFDGRSHORUHQGLPHQWR
HOpWULFR PtQLPR GR PRWRU WDEHOD  UHVXOWD QRUHQGLPHQWRPtQLPRGRFRQMXQWRTXHVHUiGHILQLGR
SHODHTXDomRHHQWmRVHUiXWLOL]DGRRYDORUREWLGRFRPRUHIHUrQFLDSDUDGHWHUPLQDUDFODVVHGR
FRQMXQWRPRWRERPED





(QWmRSDUDFDGDYDORUGHUREWLGRQDHTXDomRHDSOLFDGRQDHTXDomRUHVXOWDHPXPYDORU
GHUHQGLPHQWRPtQLPRGHFRQMXQWRSDUDFDGDFODVVHGHFRQMXQWRPRWRERPED

3DUD GHILQLU D FODVVH GR FRQMXQWR PRWRERPED VHUi XVDGD D PHVPD PHWRGRORJLD GH FRPSDUDomR
XVDGDSDUDFODVVLILFDUDPRWRERPEDFRPSDUDQGRRUHQGLPHQWRPtQLPRREWLGRQDHTXDomRFRP
RUHQGLPHQWRREWLGRQRHQVDLRGRFRQMXQWRFRQIRUPHRLWHPGR$QH[R,9GDVHJXLQWHIRUPD

&ODVVH$F%(3FU$
&ODVVH%FU%F%(3FU$
&ODVVH&FU&F%(3FU%
&ODVVH'FU'F%(3FU&
&ODVVH(F%(3FU'

2%(3pRUHQGLPHQWRGRFRQMXQWRPRWRERPEDGHFODUDGRSHORIDEULFDQWHTXHpGHILQLGRVHJXQGRDV
HTXDo}HVHRVSURFHGLPHQWRVGR$QH[R,9

2 SURFHGLPHQWR SDUD FODVVLILFDomR GR FRQMXQWR PRWRERPED VH DSOLFD WDQWR SDUD R FRQMXQWR
PRWRERPED FRP PRWRU WULIiVLFR FRPR SDUD PRWRU PRQRIiVLFR RQGH RV UHQGLPHQWRV HOpWULFRV
PtQLPRVGRVPRWRUHVDVHUHPXVDGRQRVFiOFXORVHVWmRGHILQLGRVQD7DEHOD



BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB


$1(;2'$3257$5,$,10(7521;;;


7DEHOD5HQGLPHQWRVHOpWULFRVPtQLPRVSDUDPRWRUHVHOpWULFRVPRQRIiVLFRVHWULIiVLFRV

3271&,$
120,1$/
FYRX
KS
N:





































0212)6,&26 75,)6,&26
3yORV
3yORV


















































































2VUHQGLPHQWRVHOpWULFRVPtQLPRVGRVPRWRUHVPRQRIiVLFRVHVWmRGHVFULWRVQD$%171%5
  0iTXLQDV HOpWULFDV JLUDQWHV  0RWRUHV GH LQGXomR  3DUWH  0RQRIiVLFRV H GRV PRWRUHV
HOpWULFRV GH LQGXomR WULIiVLFRV DFLPD GH FY HVWmR GH DFRUGR FRP D 3RUWDULD ,QWHUPLQLVWHULDO Q


$V WROHUkQFLDV GH HQVDLRV QRV UHQGLPHQWRV PtQLPRV GH PRWRUHV HOpWULFRV PRQRIiVLFRV H WULIiVLFRV
HVWmRFRQWLGDVQDVQRUPDV$%171%50iTXLQDV(OpWULFDV*LUDQWHV3DUWH0RWRUHVGH
,QGXomR 7ULIiVLFRV  (QVDLRV H $%17 1%5   0iTXLQDV (OpWULFDV *LUDQWHV  3DUWH 
0RWRUHV0RQRIiVLFRV(QVDLRV








BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB


$1(;2'$3257$5,$,10(7521;;;



$1(;29,7(502'(&203520,662



0,1,67e5,2'2'(6(192/9,0(172,1'675,$(&20e5&,2(;7(5,25
,167,78721$&,21$/'(0(752/2*,$1250$/,=$d2(48$/,'$'(
,1'8675,$/

352*5$0$%5$6,/(,52'((7,48(7$*(0


7(502'(&203520,662


2 SUHVHQWH 7HUPR GH &RPSURPLVVR FRQVWLWXLVH QR FRPSURPLVVR IRUPDO GR VLJQDWiULR GH UHFRQKHFHU
FRQFRUGDUHDFDWDUHPFDUiWHULUUHYRJiYHOLUUHWUDWiYHOHLQFRQGLFLRQDOQmRDSHQDVDRVFRPDQGRVGD/HLQ
 GH  GH GH]HPEUR GH  H GRV 5HTXLVLWRV GH $YDOLDomR GD &RQIRUPLGDGH SDUD %RPEDV H
0RWRERPEDV&HQWUtIXJDVDSURYDGRSHOD3RUWDULD,QPHWURQGHGHGHPDVWDPEpPVH
FRPSURPHWH D PDQWHU XPD SRVWXUD HPSUHVDULDOSURILVVLRQDO HP VLQWRQLD FRP RV SUHFHLWRV LQIUD
HVWDEHOHFLGRV

$HPSUHVDFRPVHGHQDFLGDGHGHQR(VWDGR
GHVLWXDGDQDUXDQQREDLUURGH
LQVFULWDQR&13-0)VRERQQHVWHDWRUHSUHVHQWDGDSRU
VHX UHSUHVHQWDQWH OHJDO FDUJR &DUWHLUD GH ,GHQWLGDGH
VRE R Q &3) VRE R Q GHFODUD H[SUHVVDPHQWH SHUDQWH R
,QVWLWXWR 1DFLRQDO GH 0HWURORJLD 1RUPDOL]DomR H 4XDOLGDGH ,QGXVWULDO  ,QPHWUR DXWDUTXLD IHGHUDO FULDGD
SHOD/HLQGHGHGH]HPEURGH&13-0)VRERQTXH

D
&RQKHFHFRQFRUGDHDFDWDWRGDVDVGLVSRVLo}HVFRQWLGDVQD3RUWDULDQTXHDSURYDRV
5HTXLVLWRV GH $YDOLDomR GD &RQIRUPLGDGH SDUD %RPEDV H 0RWRERPEDV &HQWUtIXJDV QRV GRFXPHQWRV
QRUPDWLYRV D HODV UHODFLRQDGRV FXPSULQGRLQWHJUDOPHQWHFRPDVVXDVGHWHUPLQDo}HVEHPFRPRFRPDV
HYHQWXDLVDOWHUDo}HVHQRUPDVFRPSOHPHQWDUHVTXHYHQKDPDVHUEDL[DGDVSHOR,QPHWUR

E
0DQWpP H PDQWHUi DV FRQGLo}HV WpFQLFRRUJDQL]DFLRQDLV TXH VHUYLUDP GH EDVH SDUD D REWHQomRGR
UHJLVWURGR7HUPRGH&RPSURPLVVR

F
7HPFRQKHFLPHQWRGHTXHR,QPHWURGLVSRQLELOL]DHPVHXVLWLRWRGRVRVGRFXPHQWRVQRUPDWLYRVH
RULHQWDWLYRVFRQWHQGRUHJXODPHQWRVFULWpULRVUHTXLVLWRVSURFHGLPHQWRVHVSHFtILFRVDVVLPFRPRHYHQWXDLV
UHYLV}HVGHQRUPDVHPLVVmRGHQRYRVGRFXPHQWRVHVXDVUHVSHFWLYDVSRUWDULDV

G
2EULJDVHDDWHQGHUDWRGRVRVUHJXODPHQWRVIRUQHFHQGRSDUDRPHUFDGRFRQVXPLGRURSURGXWRRXR
VHUYLoRGHFODUDGRHUHJLVWUDGRULJRURVDPHQWHHPFRQIRUPLGDGHFRPRVGRFXPHQWRVQRUPDWLYRVHPYLJRU

H
&RQFRUGD H FRPSURPHWHVH D XWLOL]DU D ,GHQWLILFDomR GD &RQIRUPLGDGH DSOLFiYHO DR SURGXWR RX DR
VHUYLoR GHFODUDGR H UHJLVWUDGR HP VLQWRQLD FRP R GHWHUPLQDGR QRV UHTXLVLWRV YLJHQWHV H HP
FRQIRUPLGDGHFRPRSUHYLVWRQD3RUWDULD,QPHWURQGHGHMXQKRGHHQRVDWRVQRUPDWLYRVD
HVWDUHODFLRQDGD

I
&RQFRUGD H FRPSURPHWHVH D LQIRUPDU DR ,QPHWUR PHQVDOPHQWH D TXDQWLGDGH GH SURGXWRV RX GH
VHUYLoRVIRUQHFLGRVXWLOL]DQGRVHPSUHD,GHQWLILFDomRGD&RQIRUPLGDGHDSOLFiYHO

BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB


$1(;2'$3257$5,$,10(7521;;;


J
&RPSURPHWHVH D FRPXQLFDU LPHGLDWDPHQWH DR ,QPHWUR QR FDVR GH FHVVDU GHILQLWLYDPHQWH D
IDEULFDomRHDLPSRUWDomRGHSURGXWRVRXDSUHVWDomRGRVHUYLoRFRPFRQIRUPLGDGHDYDOLDGD

K
7HP FRQKHFLPHQWR GH TXH R SUD]R GH YLJrQFLD GR 7HUPR GH &RPSURPLVVR GR IRUQHFHGRU p GH 
TXDWURDQRVDFRQWDUGDGDWDGHVXDH[SHGLomRGHDFRUGRFRPRGHILQLGRQR5HTXLVLWRGH$YDOLDomRGD
&RQIRUPLGDGH

L
&RQFRUGDFRPWRGRVRVSUHoRVHIRUPDVGHSDJDPHQWRVGHYLGRVDR,QPHWURDVVLPFRPRGHFODUDWHU
FRQKHFLPHQWR GH TXH RV PHVPRV HVWmR H[SOLFLWDGRV HP GRFXPHQWRV QRUPDWLYRV DSOLFiYHLV DR SURFHVVRGH
UHJLVWURGR7HUPRGH&RPSURPLVVR

M
7HP FRQKHFLPHQWR GH TXH HVWH 7HUPR GH &RPSURPLVVR SRGHUi VHU UHVLOLGR XQLODWHUDOPHQWH D
TXDOTXHU WHPSR PHGLDQWH FRPXQLFDomR SRU HVFULWR GD SDUWH LQWHUHVVDGD QR SUD]R PtQLPR GH  GLDV
UHVSHLWDGRVRVFRPSURPLVVRVDVVXPLGRV

N
7HP FRQKHFLPHQWR GH TXH R SURGXWR RX R VHUYLoR GHFODUDGR H UHJLVWUDGR VHUi DFRPSDQKDGR QR
PHUFDGR DWUDYpV GH Do}HV GH ILVFDOL]DomR H YHULILFDomR GD FRQIRUPLGDGH TXDQGR PHGLGDV FDEtYHLV VHUmR
DGRWDGDVQRFDVRGHLGHQWLILFDomRGHLUUHJXODULGDGHV

O
'HFODUD DFHLWDU DFDWDU H VXMHLWDUVH HP FDVR GH LQDGLPSOHPHQWR GDV REULJDo}HV DVVXPLGDV QDV
FOiXVXODVGHVWH7HUPRGH&RPSURPLVVRRXGDLQREVHUYkQFLDDRVFULWpULRVHVWDEHOHFLGRVQRV5HTXLVLWRVjV
VHJXLQWHVSHQDOLGDGHV

$GYHUWrQFLDVLPSOHVFRPDREULJDomRGHHOLPLQDUGHQWURGHXPSUD]RGHWHUPLQDGRDVQmRFRQIRUPLGDGHV
FRQVWDWDGDV
6XVSHQVmRHRXFDQFHODPHQWRGDDXWRUL]DomRGRXVRGD(1&(H5HJLVWUR
5HFDOOHSURLELomRGDLPSRUWDomRHFRPHUFLDOL]DomR

P
'HFODUD WHU FRQKHFLPHQWR GH TXH VHUi QRWLILFDGR TXDQGR GD FRQVWDWDomR GH LQDGLPSOHPHQWR jV
FOiXVXOD LQVHUWDV QHVWH 7HUPR GH &RPSURPLVVR H TXH WHP DVVHJXUDGR R VHX GLUHLWR OHJDO GH DSUHVHQWDU
GHIHVDQRSUD]RGHTXLQ]HGLDVDFRQWDUGDGDWDGRUHFHELPHQWRGDQRWLILFDomR

Q 'HFODUD VDEHU TXH R H[WUDWR GHVWH 7HUPR GH &RPSURPLVVR SRGHUi VHU SXEOLFDGR QR 'LiULR 2ILFLDO GD
8QLmR

  2 UHVSRQViYHO SHOD HPSUHVD VXSUD GHFODUD SRU GHUUDGHLUR TXH DFHLWD H FRQFRUGD HP HOHJHU D -XVWLoD
)HGHUDOQR)RURGDFLGDGHGR5LRGH-DQHLUR6HomR-XGLFLiULDGR(VWDGRGR5LRGH-DQHLURFRPRD~QLFD
SDUD SURFHVVDU H MXOJDU DV TXHVW}HV RULXQGDV GR SUHVHQWH LQVWUXPHQWR TXH QmR SXGHUHP VHU GLULPLGDV
DGPLQLVWUDWLYDPHQWHUHQXQFLDQGRDTXDOTXHURXWURSRUPDLVSULYLOHJLDGRTXHVHMD

BBBBBBBBBBBBBBBBBBBBBBBBBBBGHBBBBBBBBBBBBBBBGH



BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
5HSUHVHQWDQWH/HJDO
5D]mR6RFLDO
$QH[DU FySLD VXPDUL]DGD GR &RQWUDWR 6RFLDO  (QYLDU HVWH 7HUPR GH &RPSURPLVVR SUHHQFKLGR H
DVVLQDGRSDUD


'LYLVmRGH3URJUDPDVGH$YDOLDomRGD&RQIRUPLGDGH',3$&'48$/

3URJUDPD%UDVLOHLURGH(WLTXHWDJHP3%(
(QGHUHoR5XDGD(VWUHODDQGDU5LR&RPSULGR5LRGH-DQHLUR5-
&(3
7HOHIRQHV)D[
(PDLOGLSDF#LQPHWURJRYEU

BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB


$1(;2'$3257$5,$,10(7521;;;



$1(;29,,0RGHORGH6ROLFLWDomRGH([WHQVmRGD0DUFDH7HUPRGH&RPSURPLVVR



0,1,67e5,2'2'(6(192/9,0(172,1'675,$(&20e5&,2(;7(5,25
,167,78721$&,21$/'(0(752/2*,$1250$/,=$d2(48$/,'$'(
,1'8675,$/
352*5$0$%5$6,/(,52'((7,48(7$*(0

62/,&,7$d2'((;7(162'$0$5&$
)251(&('25'(%20%$6&(175)8*$6

BBBBBBBBBBBBBBBBBBBBGHBBBBBBBBBBBBBBBGHBB



$R,QVWLWXWR1DFLRQDOGH0HWURORJLD1RUPDOL]DomRH4XDOLGDGH,QGXVWULDO,QPHWUR
'LYLVmRGH3URJUDPDVGH$YDOLDomRGD&RQIRUPLGDGH',3$&


9LPRV DWUDYpV GHVWD VROLFLWDU D H[WHQVmR GD FRQFHVVmR GD (WLTXHWD 1DFLRQDO GH &RQVHUYDomR GH
(QHUJLD  (1&( GR ,QPHWUR FRQFHGLGR DV ERPEDV FHQWUtIXJDV PDUFD BBBBBBBBBBBBBB DEDL[R
GHVFULPLQDGDV SDUD QRVVD OLQKD GH ERPEDV PDUFD BBBBBBBBBBBBBBBBBBBB TXH DSUHVHQWDP DV
PHVPDV FRQGLo}HV WpFQLFDV $V ERPEDV FHQWUtIXJDV HP TXHVWmR IRUDP DSURYDGDV SHOR ODERUDWyULR
BBBBBBBBBBBBB


&yGLJR5HIHUrQFLDGR &yGLJR5HIHUrQFLD
0RGHORGD%RPED
SURGXWRRULJLQDO
GRQRYRSURGXWR






















&DULPERHDVVLQDWXUDGRUHVSRQViYHOSHODHPSUHVD

BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
&DUJRIXQomR




'LYLVmRGH3URJUDPDVGH$YDOLDomRGD&RQIRUPLGDGH',3$&'48$/
3URJUDPD%UDVLOHLURGH(WLTXHWDJHP3%(
(QGHUHoR5XDGD(VWUHODDQGDU5LR&RPSULGR5LRGH-DQHLUR5-
&(3
7HOHIRQHV)D[
(PDLOGLSDF#LQPHWURJRYEU


BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB


$1(;2'$3257$5,$,10(7521;;;



0,1,67e5,2'2'(6(192/9,0(172,1'675,$(&20e5&,2(;7(5,25
,167,78721$&,21$/'(0(752/2*,$1250$/,=$d2(48$/,'$'(
,1'8675,$/
352*5$0$%5$6,/(,52'((7,48(7$*(0

7(502'(&203520,6623$5$(;7(162
)251(&('25'(%20%$6&(175)8*$6



$ BBBBBBBBBBBBBB SHVVRD MXUtGLFD GH GLUHLWR SULYDGR LQVFULWD QR &13- VRE R QR
BBBBBBBBBBBBBBBB HVWDEHOHFLGD QD 5XD BBBBBBBBBBBBBBB FLGDGH BBBBBBBBBBB HVWDGR
BBBBBBBBBBBBB QHVWH DWR UHSUHVHQWDGD QRV WHUPRV GH VHXV DWRV FRQVWLWXWLYRV H D
BBBBBBBBBBBBBBBB HVWDEHOHFLGD QD 5XD BBBBBBBBBBBBBB FLGDGH BBBBBBBBBBBBB HVWDGR
BBBBBBBBBBBBB LQVFULWD QR &13- VRE R QR BBBBBBBBBBBBBBBBBB YrP SHOD SUHVHQWH LQIRUPDU
TXHGHVGHMiDUHVSRQVDELOLGDGHOHJDOVREUHDVERPEDVFHQWUtIXJDVGDPDUFDBBBBBBBBBBBBBBBB
GLVFULPLQDGDV DEDL[R HVWDQGR FLHQWH GH TXH FRPR DV ERPEDV GD PDUFD BBBBBBBBBBBBBBBBB
FLWDGDV SRVVXHP DV PHVPDV FDUDFWHUtVWLFDV GDV ERPEDV GD PDUFD BBBBBBBBBBBBBB VHQGR
GLIHUHQFLDGDVDSHQDVSHODPDUFDHPFDVRGRSURGXWRGHXPDGDVPDUFDVUHFHEHUXPDUHSURYDomR
SHQDOL]DomRRRXWURVLPLODUDXWRPDWLFDPHQWHILFDUiUHSURYDGRSHQDOL]DGR



&yGLJR5HIHUrQFLDGR
&yGLJR5HIHUrQFLDGRQRYR
0RGHORGD%RPED
SURGXWRRULJLQDO
SURGXWR










&DULPERHDVVLQDWXUDGRUHVSRQViYHOSHODHPSUHVD


BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
(PSUHVD
&DUJR)XQomR




'LYLVmRGH3URJUDPDVGH$YDOLDomRGD&RQIRUPLGDGH',3$&'48$/
3URJUDPD%UDVLOHLURGH(WLTXHWDJHP3%(
(QGHUHoR5XDGD(VWUHODDQGDU5LR&RPSULGR5LRGH-DQHLUR5-
&(3
7HOHIRQHV)D[
(PDLOGLSDF#LQPHWURJRYEU





BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB