3217(6(9,$'8726

(09,*$60,67$6
6pULH³ 0DQXDOGH&RQVWUXomRHP$oR´

• *DOS}HVSDUD8VRV*HUDLV
• /LJDo}HVHP(VWUXWXUDV0HWiOLFDV
• (GLItFLRVGH3HTXHQR3RUWH(VWUXWXUDGRVHP$oR
• $OYHQDULDV
• 3DLQpLVGH9HGDomR
• 5HVLVWrQFLDDR)RJRGDV(VWUXWXUDVGH$oR
• 7UDWDPHQWRGH6XSHUItFLHH3LQWXUD
• 7UDQVSRUWHH0RQWDJHP
• 6WHHO)UDPLQJ$UTXLWHWXUD
• ,QWHUIDFHV$oR&RQFUHWR
• 6WHHO)UDPLQJ(QJHQKDULD
• 3RQWHVH9LDGXWRVHP9LJDV0LVWDV
 )(51$1'22772%21,3,1+2
,/'21<+e/,2%(//(,

3217(6(9,$'8726
(09,*$60,67$6

,167,7872%5$6,/(,52'(6,'(585*,$
&(1752%5$6,/(,52'$&216758d­2(0$d2

5,2'(-$1(,52

© ,167,7872%5$6,/(,52'(6,'(585*,$&(1752%5$6,/(,52'$&216758d­2
(0$d2

1HQKXPDSDUWHGHVWDSXEOLFDomRSRGHVHUUHSURGX]LGDSRUTXDLVTXHUPHLRVHPDSUpYLDDXWRUL]DomRGHVWD
(QWLGDGH

)LFKDFDWDORJUiILFDSUHSDUDGDSHOR&HQWURGH,QIRUPDo}HVGR,%6&%&$

2S 3LQKR)HUQDQGR2WWRERQL
3RQWHVHYLDGXWRVHPYLJDVPLVWDV)HUQDQGR2WWRERQL3LQKR,OGRQ\+pOLR%HOOHL5LR
GH-DQHLUR,%6&%&$

SFP²6pULH0DQXDOGH&RQVWUXomRHP$oR

%LEOLRJUDILD
,6%1

3RQWHV9LDGXWRV7UHOLoDV&LVDOKDPHQWR7HQV}HV&DUJDVSHUPDQHQWHV
&DUJDVPRYHLV/LJDo}HV0RQWDJHPGHSRQWHV,7tWXORVVpULH,,%HOOHL,OGRQ\+HOLR

&'8

,QVWLWXWR%UDVLOHLURGH6LGHUXUJLD&HQWUR%UDVLOHLURGD&RQVWUXomRHP$oR
$Y5LR%UDQFRR $QGDU
5LRGH-DQHLUR5-
HPDLO FEFD#LEVRUJEU
VLWHZZZFEFDLEVRUJEU
 680È5,2

&DStWXOR
(YROXomRKLVWyULFDGRVSURMHWRVGHSRQWHV 
 ,QWURGXomR 
 +LVWyULFRGDVSRQWHV 
 5HVXPRGDVSULQFLSDLVSRQWHVHYLDGXWRVHPDoRFRPSURMHWRV
QDFLRQDLVDOpPGRVMiPRVWUDGRV 
 (VWiJLRDWXDOHIXWXURGDVSRQWHVHYLDGXWRV 

&DStWXOR
7LSRVGHVXSHUHVWUXWXUDVGHSRQWHVHYLDGXWRV 
 ,QWURGXomR 
 TLSRVGHVXSHUHVWUXWXUDV 
 9LJDVGHDOPDFKHLD 
 7UHOLoDV 
 9LJDVHPFDL[mR 
 3yUWLFRV 
 $UFRV 
 6XVSHQVDVSRUFDERV 
 7LSRVGHWDEXOHLURV 
 3RQWH0LVWD 
 *DEDULWRV 

&DStWXOR
0DWHULDLVXVDGRVHVXDVIXQo}HVQDFRQVWUXomRGHSRQWHVHPDoR 
,QWURGXomR 
$oRSDUDYLJDVSLODUHVHOLJDo}HV 
&RUULPmRV 
*XDUGDURGDV 
 &RQHFWRUHV 
3DUDIXVRV 
(OHWURGRVSDUDVROGD 
&RQFUHWR 
$SDUHOKRVGHDSRLR 
-XQWDVGHGLODWDomR 
5HYHVWLPHQWR 
'UHQDJHP 
3LQWXUD 

&DStWXOR
1RUPDVHVWUXWXUDLV 
 1RUPDVEUDVLOHLUDV 
 1RUPDVHVWUDQJHLUDV 
 $$6+72±6WDQGDUGVSHFLILFDWLRQVIRUKLJKZD\EULGJHV 
 $SOLFDomR 
 0DWHULDLV 
 *HQHUDOLGDGHV 
 $oRVHVWUXWXUDLV 
 $oRVSDUDSLQRVHUROHWHV 
 3DUDIXVRVHUHELWHV 
 &DUUHJDPHQWRUHSHWLWLYRHIDGLJD 
 )DL[DGHWHQVmRDGPLVVtYHO 
 &LFORVGHFDUUHJDPHQWRV 
 5HTXLVLWRVGHLPSDFWR&KDUS\9 
 &RPSULPHQWRHIHWLYRGRYmR 
 5HODo}HVSDUDDVDOWXUDV 
 'HIRUPDo}HV 
 (VEHOWH]OLPLWHSDUDRVHOHPHQWRV 
 (VSHVVXUDVPtQLPDV 
 ÈUHDHIHWLYDGHFDQWRQHLUDVHVHo}HV7WUDFLRQDGDV 
 $EDVHPSURMHomRGHFDQWRQHLUDV 
 ([SDQVmRHFRQWUDomR 
 (OHPHQWRVIOHWLGRV 
 &KDSDVGHUHIRUoR&RYHUSODWHV 
 &RQWUDIOHFKD 
 9LJDVODPLQDGDVFXUYDGDVDTXHQWHHYLJDVVROGDGDV 
 7UHOLoDV 
 *HQHUDOLGDGHV 
 (OHPHQWRVGHWUHOLoD 
 'LDIUDJPDVHHVWUXWXUDVWUDQVYHUVDLV 
 *HQHUDOLGDGHV 
 3URMHWRSHODVWHQV}HVDGPLVVtYHLV 
 7HQV}HVDGPLVVtYHLV 
 9LJDVODPLQDGDV 
 9LJDVFRPSRVWDV 
0HVDV 
(VSHVVXUDVGDFKDSDGHDOPD 
(QULMHFHGRUHVWUDQVYHUVDLVLQWHUPHGLiULRV 
(QULMHFHGRUHVORQJLWXGLQDLV 
(QULMHFHGRUHVGHDSRLR 
 7UHOLoDV 
&KDSDVSHUIXUDGDVHEDUUDVWUHOLoDGDV 
%DUUDVFRPSULPLGDV±HVSHVVXUDGRPDWHULDO 
 7HQV}HVFRPELQDGDV 
 9LJDVPLVWDV 
*HQHUDOLGDGHV 
&RQHFWRUHVGHFLVDOKDPHQWR 
/DUJXUDHIHWLYDGHFRQFUHWR 
7HQV}HV 
&LVDOKDPHQWR 
'HIRUPDo}HV 

&DStWXOR
&DUJDVHPSRQWHVHYLDGXWRV 
 &DUJDVSHUPDQHQWHV 
 &RPSRVLomRGDFDUJDSHUPDQHQWH 
 3HVRHVSHFtILFRGRVPDWHULDLV 
 &DUJDVPyYHLV 
 &RQVWLWXLomRGDVFDUJDVPyYHLV 
 &DUJDVURGRYLiULDVGHFiOFXOR±1%5 
 (IHLWRVGLQkPLFRVGRVYHtFXORV 
 ,PSDFWRYHUWLFDO 
 (IHLWRVGHIUHQDJHPHDFHOHUDomR 
 )RUoDFHQWUtIXJD 
 $omRGRVYHQWRV 
 &RPELQDo}HVGHFDUJDV 
 'LVWULEXLomRWUDQVYHUVDOGDVFDUJDV 

&DStWXOR
/LJDo}HV 
 ,QWURGXomR 
 6ROGDV 
 3DUDIXVRV 
 ([HPSORV 

&DStWXOR
6LVWHPDVGHPRQWDJHP 
 ,QWURGXomR 
 0RQWDJHPSRUODQoDPHQWR 

5HIHUrQFLDV%LEOLRJUiILFDV 

$QH[R$7DEHODV 

$QH[R%±([HPSORV 
 $SUHVHQWDomR

2VHWRUVLGHU~UJLFRDWUDYpVGR &HQWUR%UDVLOHLURGD&RQVWUXomRHP$oR±&%&$WHPDVDWLVID
omRGHWRUQDUGLVSRQtYHOSDUDRXQLYHUVRGHSURILVVLRQDLVHQYROYLGRVFRPRHPSUHJRGRDoRQDFRQV
WUXomRFLYLOHVWHPDQXDORGpFLPRVHJXQGRGHXPDVpULHUHODFLRQDGDjFRQVWUXomRHPDoR

$FRQVWUXomRGHSRQWHVHYLDGXWRVXWLOL]DYiULRVWLSRVGHPDWHULDLVQDVXDFRQFHSomR$HVFROKDGR
PDWHULDODGHTXDGRSDUDFDGDLWHPGDFRQVWUXomRpDPDLRUUHVSRQVDELOLGDGHGRHQJHQKHLURSURMH
WLVWDGHSRQWHVTXHGHYHID]rODEDVHDQGRVHQRPDLRUQ~PHURSRVVtYHOGHLQIRUPDo}HVFRPRSRU
H[HPSORDDGHTXDomRGRVLVWHPDHVWUXWXUDODRUHOHYRGRWHUUHQRHFDUDFWHUtVWLFDVGRVRORFRQKHFL
PHQWRVGRSURFHVVRGHIDEULFDomRHPRQWDJHPHQWUHRXWUDV1mRSRGHVHUH[FOXtGDGHVVDJDPDGH
FRQKHFLPHQWRVDSUHVHQoDGHXPDVHQVLELOLGDGHHVWpWLFDSRUVHUDSRQWHRXYLDGXWRXPDREUDGH
JUDQGHLQIOXrQFLDQDSDLVDJHPHPTXHVHORFDOL]D

([LVWHPYiULDVFRQFHSo}HVFRQVDJUDGDVSDUDDVHVWUXWXUDVGDVSRQWHVHYLDGXWRVFDGDXPDFRP
DVVXDVFDUDFWHUtVWLFDVTXHUHVSRQGHPGLIHUHQWHPHQWHDRVYmRVOLYUHVPDLVDGHTXDGRVIDFLOLGDGHV
GHIDEULFDomRHPRQWDJHPDOpPGHDSUHVHQWDUGLIHUHQWHVDVSHFWRVHVWpWLFRV'HWRGDVDVFRQFHS
o}HVDPDLVVLPSOHVHTXHXWLOL]DRPHOKRUGRVGRLVPDWHULDLVDoRHFRQFUHWRpDSRQWHHRYLDGXWR
HPYLJDPLVWDREMHWRGRSUHVHQWHPDQXDO

1HVWHPDQXDOpDSUHVHQWDGDDHYROXomRKLVWyULFDGRVSURMHWRVWLSRVGHVXSHUHVWUXWXUDVPDWHULDLVH
DVQRUPDVPDLVXWLOL]DGDVFDUJDVHVSHFLILFDGDVWLSRVGHOLJDo}HVHVLVWHPDVGHPRQWDJHPXWLOL]D
GRV

&RPSOHPHQWDQGRDSDUWHWHyULFDRPDQXDODERUGDGHIRUPDSUiWLFDQR$QH[R%RSURMHWRFRPSOHWR
GHXPDSRQWHPHWiOLFDPLVWDGHPGHYmROLYUHHGHXPDSRQWHYLFLQDOPHWiOLFDPLVWDGHPGH
YmROLYUHGHDFRUGRFRPDVFDUJDVLQGLFDGDVQDQRUPD$%171%53DUDRGLPHQVLRQDPHQWR
GDVYLJDVGHDoRHOLJDo}HVQDDXVrQFLDGHXPDQRUPDEUDVLOHLUDIRLXWLOL]DGDDQRUPD$$6+72±
±PpWRGRGDVWHQV}HVDGPLVVtYHLV±$6')RUDPLQFOXtGRVGRLViEDFRVTXHSHUPLWLUmR
DRXVXiULRID]HUXPDDYDOLDomRUiSLGDGRSHVRSUHOLPLQDUGDVYLJDVTXHLUmRFRPSRUDSRQWHRX
YLDGXWR

&HQWURGLQkPLFRGHVHUYLoRVFRPIRFRH[FOXVLYDPHQWHWpFQLFRHFDSDFLWDGRSDUDFRQGX]LUXPDSR
OtWLFDGHSURPRomRGRXVRGRDoRQDFRQVWUXomRR &%&$ HVWiVHJXURGHTXHHVWHPDQXDOHQTXDGUD
VHQRREMHWLYRGHFRQWULEXLUSDUDDGLIXVmRGHFRPSHWrQFLDWpFQLFDHHPSUHVDULDOQR3DtV
&DStWXOR
(YROXomRKLVWyULFDGRV
SURMHWRVGHSRQWHV


 (YROXomRKLVWyULFDGRVSURMHWRVGHSRQWHV 

,QWURGXomR 'XUDQWHDUHQDVFHQoDQRVpFXOR;9,R$UTXLWHWR
3DOODGLRXVDQGRWUHOLoDVWULDQJXODUHVHODERUDGDV
'HVGHDUHPRWDDQWLJXLGDGHTXDQGRDVSRSX SRUHOHFRQVWUXLXYmRVGHPHWURV
ODo}HVFRPHoDUDPDVHDJUXSDUHPFRPXQLGD
GHVDOGHLDVYLODVHFLGDGHVHDSDUHFHUDPDV &RPR H[HPSOR SRGHPRV FLWDU DV SRQWHV
SULPHLUDVSUHRFXSDo}HVSDUDWUDYHVVLDVGHULRV *UXEHUQPDQQ QD 6XtoDFRQVWUXtGD HP 
ULDFKRVHYDOHVHQWmRVXUJLUDPDV3217(6H VREUHRULR5HQRFRPGRLVYmRVGHH
PDLVWDUGHRV9LDGXWRV(VWDVWrPVLGRVHP
SUHPRWLYRGHIDVFtQLRHRUJXOKRGHVHXVXVXiUL
RVSURMHWLVWDVHFRQVWUXWRUHVHSURYDGRGHVHQ
YROYLPHQWRGHXPSRYR
0RVWUDUHPRVDVHJXLUXPSRXFRGDKLVWyULDGDV
SRQWHV RV UHFXUVRV DWXDLV H WHQGrQFLDV GD
WHFQRORJLDGHFRQVWUXomRGHSRQWHV
PDSRQWHVREUHRULR(OEDHP:LWWHPEHUJQD
$OHPDQKD WHQGR  YmRV GH P HP WUHOLoD
+RZHFRQVWUXtGDHPHDSRQWH&DVFDGH
QRV(VWDGRV8QLGRVFRPPGHYmRHP
GHFRPSULPHQWR

±+LVWyULFRGDVSRQWHV

2V SULPHLURV PDWHULDLV D VHUHP XVDGRV HP

FRQVWUXomRGHSRQWHVIRUDPDSHGUDHSRVWHUL
RUPHQWHDPDGHLUD
$V PDLV DQWLJDV SRQWHV GH SHGUD IRUDP
FRQVWUXtGDVHP5RPDHPSUHJDQGRDWpFQLFD
GRVDUFRVDSUHQGLGDFRPRVHWUXVFRV([LVWHP
LQ~PHUDV SRQWHV HP WRGD D (XURSD PDV DV
PDLVDQWLJDVHVWmRVLWXDGDVHP5RPDHGHQWUH )LJXUD  ± 3RQWH GH PDGHLUD
HVWDVSRGHPRVFLWDUWUrVSRQWHVDLQGDKRMHVHU
YLQGRDSRSXODomRORFDOTXHVmR)DEUtFLR 3RU YROWD GH  FRPHoRX R SHUtRGR GH
D&6mRÆQJHORG&HDGH&pVWLR WUDQVLomRHQWUHSRQWHVGHPDGHLUDHGHIHUUR
G& TXH GXURX DSUR[LPDGDPHQWH  DQRV
FRPHoDQGRHWHUPLQDQGRHPXPDJHUDomR

$ SULPHLUD SRQWH D XVDU IHUUR IXQGLGR IRL

FRQVWUXtGD SHOR H[pUFLWR DOHPmR VREUH R ULR
2GHUQD3U~VVLDHP
$ SULPHLUD SRQWH WRGD HP IHUUR IXQGLGR IRL D
3RQWHVREUHR5LR6HYHUQFRQVWUXtGDHP
QD,QJODWHUUDSDUDXPYmRGHPFRPP
)LJXUD±3RQWHGHSHGUD
GHODUJXUDHFRPSULPHQWRWRWDOGHP)LJ

&RPUHODomRjV S RQWHVGHPDGHLUD KiQRWtFLDV
GHTXHRVURPDQRVDVXVDUDPSDUDYHQFHUD
WUDYHVVLD GH ULRV ODUJRV FRPR R 5HQR H R
'DQ~ELR


 )LJXUD±3RQWHGH3DUDtEDGR6XO

$SULPHLUDWUHOLoDFRPSOHWDPHQWHHPDoRIRL
IHLWDQRV(VWDGRV8QLGRVHPHVWHPHVPR
WLSR  GH FRQVWUXomR IRL XVDGR HP SRQWHV QD
,QJODWHUUDHPQD$OHPDQKDHPH
QD5~VVLDHP
1R%UDVLODVSULPHLUDVSRQWHVURGRYLiULDVHP
WUHOLoD WRWDOPHQWH HP DoR IRUDP FRQVWUXtGDV
HQWUHH([HPSORVVmRDSRQWH%RD
9LVWDHP5HFLIHGHHD3RQWHGH6DQW¶$QD
)LJVREUHR5LR3LDEDQKDFRPXPYmRGH
)LJXUD±3RQWH6HYHUQ
 P QD (VWUDGD 8QLmR ,QG~VWULD DQWLJD
(PIRLFRQVWUXtGDRTXHDFUHGLWDPRVVHMD 3HWUySROLV-XL]GH)RUDFRQVWUXtGDHP
D SRQWH PDLV DQWLJD GR %UDVLO IHLWD HP IHUUR FRQVLGHUDGDXPDGDVPDLVERQLWDVQDpSRFD
SXGODGRIHUURIXQGLGRPHOKRUDGRTXHpDSRQWH
VREUHRULR3DUDtEDGR6XO)LJQDFLGDGH
GRPHVPRQRPHFRPYmRVGHPHPWUHOLoD
DUTXHDGDFRPODUJXUDGHP(VWDREUDGHDUWH
IRLFRQVWUXtGDSHOR%DUmRGH0DXiVHQGRIXQGLGD
HPVHXVHVWDOHLURVQD3RQWDGD$UHLDHP1LWHUyL
VREDVXSHUYLVmRGRHQJHQKHLURLQJOrV'DGJVRQ
6XD FRQVWUXomR IRL IHLWD HP SDUWHV VHQGR
WUDQVSRUWDGDDWpRORFDOHPORPERGHEXUUR
eFXULRVRQRWDUTXHIRLHVWDSRQWHDSULPHLUDQR
SDtVDFREUDUSHGiJLRGDVHJXLQWHIRUPD )LJXUD±3RQWH6DQW¶$QD
UHLVSRUFDYDOHLURHUHLVSRUFDEHoDGH
JDGR RX FDYDOR (VWD SRQWH GHSRLV GH XPD 9DOHFLWDUWDPEpPDSRQWH%HQMDPLQ&RQVWDQW
UHIRUPDHPHQFRQWUDVHHPVHUYLoRDWp HP0DQDXVFRPYmRFHQWUDOGHPHYmRV
KRMHVHUYLQGRDSHQDVSDUDFDUURGHSDVVHLRH GHPHPWUHOLoD*HUEHUWLSR3UDWWFRPODUJXUD
{QLEXV GH SLVWD GH  P H WRWDO GH  P FXMD
FRQVWUXomRGDWDGH)LJ


 (YROXomRKLVWyULFDGRVSURMHWRVGHSRQWHV 
)LJXUD±3RQWH%HQMDPLQ&RQVWDQW
3RUHVWDPHVPDpSRFDVXUJLUDPDVSRQWHVFRP
WUHOLoDHPEDODQoRVHQGRDPDLVLPSRUWDQWHD
$FLGHQWHV
'XUDQWH D GpFDGD GH  QRV (VWDGRV
8QLGRV PDLV GH SRQWHV FDtUDP VHQGR D
GHPDLRUUHSHUFXVVmRDVREUHR5LR2KLRHP
 TXDQGR R ([SUHVVR GR 3DFtILFR
PHUJXOKRXQRULR8PGHVDVWUHVLPLODURFRUUHX
QD(VFyFLDHPTXDQGRJUDQGHV
YLJDVGDSRQWHGREUDoRGRPDUGH7D\IRUDP
GHUUXEDGDVQXPYHQGDYDOTXDQGRXPWUHPGH
SDVVDJHLURVHVWDYDDWUDYHVVDQGRD
9DOHDTXLUHVVDOWDUDVSRQWHVSrQVHLVTXHSRUVL
VyMiVmRXPDKLVWyULDFXMDVSULPHLUDVSRQWHV
DSDUHFHUDPSRUYROWDGHVHQGRDPDLV
LPSRUWDQWHDVREUHR(VWUHLWRGH0HQDLIHLWDSRU
)LUWK RI )RUWK HP (GLPEXUJK )LJ 
FRQVWUXtGDHPFRPYmROLYUHGHPH
DOWXUDGHPFRPWGHDoRHVWDQGR
HPXVRDWpRVGLDVGHKRMH&DEHVDOLHQWDUTXH
HVWD SRQWH Mi IRL IDEULFDGD XVDQGR R DoR
6LHPHQV0DUWLQFXMDTXDOLGDGHHUDVXSHULRUDR
GRDoRSXGODGRXVDGRDQWHULRUPHQWH$LQWURGX
omRGRSURFHVVR6LHPHQV0DUWLQHPSHU
PLWLXXPFRQWUROHGHTXDOLGDGHPDLRUFRPHP
SUHJR GH DoRV OLJDGRV $ SRQWH GH (DGV
FRQVWUXtGDHP6W/RXLVQRV(VWDGRV8QLGRV
HQWUHMiXVRXDoRGHDOWDUHVLVWrQFLD
FRPUHVLVWrQFLDDWUDomRGHN1FPDoRFRP
7 7HOIRUG HQWUH  FRP  P GH YmR
FHQWUDODSRQWHVREUHR5LR1HYDHPQD
5~VVLDFRPGRLVYmRVGHPPDVDHUDGDV
SRQWHVSrQVHLVFRPHoRXPHVPRHPFRP
DSRQWHGR%URRNO\QFXMRYmRSULQFLSDOPHGH
P 2XWUD SRQWH SrQVLO HP XVR DWp KRMH p D
9HUUD]DQR1DUURZVHP1RYD<RUNIHLWDHP
FRPYmROLYUHGHPHGR]HSLVWDVGHWUDIHJR
$SRQWHFRPRPDLRUYmROLYUHGRPXQGRHVWi
VLWXDGDQR-DSmRFRPYmROLYUHGHP
1R%UDVLOUHJLVWUDPRVDFRQVWUXomRGDSRQWH
SrQVLOGH6mR9LFHQWHHPFRPPGH
GHFURPR YmROLYUH)LJHDGH)ORULDQySROLVHP
FRPYmROLYUHGHP

)LJXUD±3RQWH)LUWKRI)RUWK )LJXUD±3RQWHSrQVLOGH6mR9LFHQWH


5HJLVWUDPRV DTXL D FRQVWUXomR HP  QR
FHQWURGH6mR3DXORGR9LDGXWR6DQWD(ILJrQLD
HPDUFR(HPDSRQWHURGRIHUURYLiULD
GH%DUUDGR3LUDLHPWUHOLoDVDUTXHDGDVFRP
YmRVGHPHODUJXUDGHSLVWDGHP)LJ
$SDUWLUGHHLQFUHPHQWDGRDSyVDDJXHUUD
PXQGLDOWLYHUDPLQtFLRDVSRQWHVPLVWDVDoR
FRQFUHWRRQGHRWDEXOHLURpGHFRQFUHWRHDYLJD
p GH DoR SRGHQGR VHU HP SHUILO ODPLQDGR
VROGDGRRXFDL[mR

1HVWHWLSRGHSRQWHRDoRWUDEDOKDMXQWRFRPR
FRQFUHWRFDGDTXDOQDVXDPHOKRUIXQomR3DUD
TXHLVWRDFRQWHoDpQHFHVViULRVROGDUjPHVD
VXSHULRUGDVYLJDVFRQHFWRUHVTXHSRGHPVHU
GRWLSR8/HVSLUDLVRXSLQRV6WXGVTXHVmR
VROGDGRVSRUPHLRGHPiTXLQDVDXWRPiWLFDV
TXHGmRXPJUDQGHUHQGLPHQWREDUDWHDQGRD
)LJXUD±3RQWHGH%DUUDGR3LUDL
7HUPLQDGDDIDVHGDVYLJDVHPDUFRHWUHOLoD
FRPHoDUDPDVXUJLUDVSRQWHVHPYLJDVFDL[mR
HVWDLDGDVHPLVWDV2JUDQGHGHVHQYROYLPHQWR
GHVWHWLSRGHSRQWHYHLRDSDUWLUGHDSyV
DVHJXQGDJXHUUDPXQGLDO
$VSRQWHVHPFDL[mRFRPSLVRGHFRQFUHWRVmR
XVDGDVSDUDPpGLRVYmRVHRFDL[mRFRPSLVR
RUWRWUySLFR  SDUD JUDQGHV YmRV (VWH WLSR p
DGRWDGR PDLV SRU TXHVW}HV HVWpWLFDV HP
PpGLRVYmRVGRTXHHFRQ{PLFDV
$VSRQWHVHVWDLDGDVVmRHFRQ{PLFDVFRPSLVR
HPFDL[mRRUWRWUySLFRSDUDYmRVHPWRUQRGH
FRQVWUXomR)LJ
)LJXUD3RQWHHPYLJDVPLVWDV
8PH[HPSORGHFRQVWUXomRURGRYLiULDWLSRPLVWD
VmR RV HOHYDGRV GD 3HULPHWUDO  H /LQKD
9HUPHOKDQDFLGDGHGR5LRGH-DQHLUR
2HOHYDGRGD3HULPHWUDOFRQVWUXtGRGH
WHPPGHFRPSULPHQWRFRPYmRVYDULDQGR
GHDPHODUJXUDGHSLVWDGHPSDUD
IDL[DVGHWUiIHJRWRGRHPYLJDVELDSRLDGDV
IRUPDGR SRU ORQJDULQDV H WUDQVYHUVLQDV
IRUPDQGRJUHOKDV1HVWHHOHYDGRRFRQVXPRGH
P VHQGR D GH PDLRU VXFHVVR D 3RQWH DoRDOWDUHVLVWrQFLDjFRUURVmRDWPRVIpULFDIRL
6HYHULQ HP &RO{QLD QD $OHPDQKD FXMD GDRUGHPGHWHRGHFRQFUHWRGH
FRQVWUXomRGDWDGH)LJ
)LJXUD±3RQWH6HYHULQ
P
2HOHYDGRGD/LQKD9HUPHOKDIRLFRQVWUXtGRHP
GXDVHWDSDVVHQGRDD GHHDD GH
$DHWDSDFRPPYmRVYDULDQGR
GHDPODUJXUDGHSLVWDYDULiYHOVHQGR
HPDOJXQVWUHFKRVGHSLVWDVGHWUiIHJRHHP
RXWUDV  SLVWDV VHQGR SDUWH HP YLJD FDL[mR
FRQWtQXDHSDUWHHPJUHOKDVFRQVXPLQGR
WRQHODGDVGHDoRHP GHFRQFUHWR$D

 (YROXomRKLVWyULFDGRVSURMHWRVGHSRQWHV 

HWDSDFRPPYmRVYDULDQGRGHDP
ODUJXUD GH SLVWD GH P FRQVXPLQGR 
WRQHODGDVGHDoRHP GHFRQFUHWR
)LJ

)LJXUD± (OHYDGRGD3HULPHWUDO

)LJXUD  ± 3RQWH URGRIHUURYLiULD VREUH R 5LR 3DUDQi ±

6mR3DXOR±0DWR*URVVRGR6XOP

)LJXUD ±(OHYDGR GD/LQKD 9HUPHOKD D HWDSD

1HVWH UHVXPR PXLWRV GHWDOKHV KLVWyULFRV

LQWHUHVVDQWHV WLYHUDP TXH VHU RPLWLGRV PDV )LJXUD  ± 3RQWH 5RGRIHUURYLiULD VREUH R 5LR 7RFDQWLQV
SRGHPRV GL]HU TXH DV SRQWHV PHWiOLFDV VmR ±0DUDEi35±P
WmRRXPDLVDQWLJDVTXH DVGHFRQFUHWRFXMD
SULPHLUD SRQWH IRL FRQVWUXtGD QD )UDQoD HP
 SDUD XP YmR GH  P ILFDQGR VHX
LQFUHPHQWR SDUD R LQtFLR GR VpFXOR $ PDLV
UHFHQWHWpFQLFDGRFRQFUHWRRSURWHQGLGRGDWD
GH

±5HVXPRGDVSULQFLSDLVSRQWHVH
YLDGXWRVHPDoRFRPSURMHWRVQDFLR )LJXUD±9LDGXWRVREUHDSUDoD*HQHUDO'DOOH&RXWLQKR
±2VDVFR±63±P
QDLVDOpPGRVMiPRVWUDGRV 


)LJXUD±3RQWH9LWyULD±9LOD9HOKD(6±P
)LJXUD±9LDGXWRGD/LQKD9HUPHOKDVREUHD$Y%UDVLO±
)LJXUD±9LDGXWRVREUHDYLD'XWUDHQWUDGDGH9ROWD
5HGRQGD  P
±(VWiJLRDWXDOHIXWXURGDVSRQWHV
HYLDGXWRV
(PERUDRS~EOLFRHDOJXQVDUTXLWHWRVHHQJH
QKHLURVGHFDGDpSRFDDFUHGLWDVVHPWHUDOFDQ
oDGRROLPLWH~OWLPRSDUDSURMHWRHFRQVWUXomR
GHSRQWHVHYLDGXWRVHDVVLPWHUFKHJDGRQR
ILPGDHVWUDGDGRVQRYRVGHVHQYROYLPHQWRVD
+LVWyULDWHPLQGLFDGRXPDRXWUDUHDOLGDGH
+RMHRHQJHQKHLURHVWUXWXUDOWHPDVXDGLVSR
5LRGH-DQHLURPD HWDSD
)LJXUD±9LDGXWRGD/LQKD9HUPHOKD±&DPSRGH6mR
VLomRXPJUDQGHSRGHUGHDQiOLVHFRPRXVR
GH SURJUDPDV FRPSXWDFLRQDLV QXQFD DQWHV
LPDJLQDGR(VWDIHUUDPHQWDSRGHGHVHQYROYHU
HPPLQXWRVRTXHDQWHVOHYDULDPHVHVRXDQRV
&RP HVWH JDQKR GH WHPSR PXLWRV WLSRV GH
SRQWHV WrP VLGR LQYHVWLJDGDV H RXWUDV HVWmR
DWLQJLQGRRVHXGLPHQVLRQDPHQWRyWLPR
)LJXUD±3RQWH-.±%UDVtOLD
&ULVWyYmR  D HWDSD  5LR GH -DQHLUR

 (YROXomRKLVWyULFDGRVSURMHWRVGHSRQWHV 

1RYRVPDWHULDLVVHPG~YLGDDSDUHFHUmRWRU
QDQGRSRVVtYHOSRQWHVHYLDGXWRVPDLVOHYHVH
ERQLWRV2GHVDILRH[LVWHHVRPHQWHRVHQJH
QKHLURVTXDOLILFDGRVWHUmRVXFHVVRQRVQRYRV
WHPSRV

)LJXUD  ± 3RQWH 6ROIpULQR )RRWEULGJH HP 3DULV  )UDQoD

)LJXUD  ± 3RQWH SDVVDUHOD HP 0DQFKHVWHU,QJODWHUUD

)LJXUD±3RQWH'DPHQ$YHQXHHP&KLFDJR(8$

)LJXUD ±3RQWH$QWUHQDVHP 0DUYHMROV )UDQoD


&DStWXOR
7LSRVGHVXSHUHVWUXWXUDV
GHSRQWHVHYLDGXWRV


 7LSRVGHVXSHUHVWUXWXUDVGHSRQWHVHYLDGXWRV 
±,QWURGXomR
$HVFROKDGDVXSHUHVWUXWXUDGHXPDSRQWHRX
YLDGXWRGHSHQGHGHYiULRVIDWRUHVTXHGHYHP
VHUOHYDGRVHPFRQVLGHUDomRWDLVFRPR
 )XQomR
 7RSRJUDILDORFDO
 1DWXUH]DGRVROR
 ([WHQVmRHYmROLYUHQHFHVViULR
 *DEDULWRVDVHUHPREHGHFLGRV
 (VWpWLFD
RTXHQRSDVVDGRHUDEHPPDLVFRPSOLFDGR
SRLVHUDQHFHVViULRDFRPSRVLomRFRPUHELWHV
(PJHUDODDOWXUDyWLPDGDVYLJDVILFDHQWUH
DGRYmRHVmRXVDGRVRVVHJXLQWHV
WLSRVGHSHUILV
3HUILOODPLQDGRRVSHUILVODPLQDGRVQR%UDVLO
VmRHQFRQWUDGRVFRPDOWXUDDWpPPHSHU
PLWHPD FRQVWUXomRGH SRQWHVFRP YmRV DWp
PPDVFRPRXVRGHXPDFKDSDGHUH
IRUoRQDPHVDLQIHULRUHQRVLVWHPDPLVWRWD
EXOHLUR GH FRQFUHWR WUDEDOKDQGR MXQWR FRP D
 $FHVVRV
 /RFDOL]DomR
 7HPSRGHH[HFXomRSUHYLVWR
 &XVWRVGLVSRQtYHLVSDUDDREUD
(P REUDV GH PDLRU H[SUHVVmR p QRUPDO D
FRQWUDWDomR GH XP HVFULWyULR GH HQJHQKDULD
HVSHFLDOL]DGRQRDVVXQWRSDUDID]HUXPHVWX
GRGHYLDELOLGDGHWpFQLFDHHFRQ{PLFDDQWHV
GHVHUHDOL]DUDFRQFRUUrQFLD
±7LSRVGH6XSHUHVWUXWXUDV
([LVWHXPDVpULHGHFRQFHSo}HVHVWUXWXUDLVSDUD
VHUHPXVDGRVFRPRVXSHUHVWUXWXUDVQRSURMHWR
GHXPDSRQWHRXYLDGXWRGHQWUHHODVSRGHPRV
FLWDU
9LJDVGHDOPDFKHLD
7UHOLoDV
9LJDVHPFDL[mR
3yUWLFRV
$UFRV
9LJDVPLVWDV
PHVD VXSHULRU GD YLJD SHUPLWHP YmRV DWp
 P 2 DoR HPSUHJDGR p HP JHUDO WLSR
$670$FRP)\ N1FP
3HUILOVROGDGRRVSHUILVVROGDGRVQmRWrPOL
PLWHVGHDOWXUDSDUDVXDIDEULFDomRHSRGHP
VHUFRPSRVWRVGHYiULDVPDQHLUDVSDUDSRGH
UHPVHURVPDLVHFRQ{PLFRVQDFRQVWUXomRGD
VXSHUHVWUXWXUDGDVSRQWHVHYLDGXWRV
3DUD YmRV DWp  P XVDVH HP JHUDO XPD
PHVPDHVSHVVXUDHODUJXUDSDUDDVFKDSDVGH
PHVDSDUDHVWUXWXUDVQmRPLVWDVPDVVHRVLV
WHPD IRU PLVWR GHYHVH XVDU XPD FKDSD GH
PHVPDODUJXUDHHVSHVVXUDVGLIHUHQWHSDUDDV
PHVDVVHQGRDPDLVILQDSDUDDPHVDFRPSUL
PLGD
3DUDYmRVDFLPDGHPRUHFRPHQGiYHOH
RPDLVHFRQ{PLFRpRXVRGHYLJDVPLVWDVFRP
YDULDomR GH HVSHVVXUDGDV PHVDV RX YDULD
omRGHODUJXUDGDVPHVPDV$VVLPXPYmRGH
PSRGHWHUDSDUWHFHQWUDOGHPFRP
PHVDVPDLVODUJDVHDVSDUWHVODWHUDLVGH
PFRPODUJXUDVPHQRUHVRXPHVPDODUJXUDH
6XVSHQVDVSRUFDERVHVWDLDGDVHSrQVHLV HVSHVVXUDVPHQRUHV

±9LJDVGH$OPD&KHLD 2DVVXQWRGHVWHFDStWXORVHUHVWULQJHjVYLJDV
GHXPDVyDOPD(ODVSRGHPVHUVLPSOHVPHQ
,QWURGXomR WHDSRLDGDVRXFRQWtQXDVDVVRFLDGDVDODMHRX
QmR
&RP R DGYHQWR GRV SHUILV ODPLQDGRV DWp
PPHSRVWHULRUPHQWHFRPDGLIXVmRGRV
SHUILVVROGDGRVDWpDDOWXUDGHVHMDGDpSRVVt
YHODFRQVWUXomRGHSRQWHVGHWDEXOHLURVLPSOHV


 1RV(VWDGRV8QLGRVRVDOWRVFXVWRVGHPmRGH
REUDWrPMXVWLILFDGRRHPSUHJRGHDOPDVPDLV
HVSHVVDV VLPSOHV 1D (XURSD YHULILFDVH R
FRQWUiULR1RHQWDQWRKiXPDWHQGrQFLDXQLYHUVDO
SHORXVRGHDOPDVPDLVHVEHOWDV

$SHVDUGDSUHVHQoDGHHQULMHFHGRUHVRSURMHWR
FRPDOPDHVEHOWDSURYDYHOPHQWHFRQGX]LUiD
)LJXUD±6Ho}HVWUDQVYHUVDLV WtSLFDVGHYLJDVGHDOPD XPDUHGXomRGHSHVRHGHFXVWRGRPDWHULDO
FKHLD 8PD YLJD FRP DOPD HVEHOWD p PDLV HILFLHQWH
&DUDFWHUtVWLFDVLPSRUWDQWHV HQULMHFLGD SRU XPD VpULH GH HQULMHFHGRUHV
ORQJLWXGLQDLVHVWHQGHQGRVHHQWUHHVWUXWXUDV
D$SULQFLSDOYDQWDJHPGHXPDYLJDGHDOPD
FKHLD p D VLPSOLFLGDGH GH VXD JHRPHWULD
FRPSDUDGDFRPRXWUDVDOWHUQDWLYDVWDLVFRPR
WUHOLoDV(VWDYDQWDJHPSURSLFLDFXVWRVEDL[RV
GHIDEULFDomReLPSRUWDQWHFRQVHUYiODDWUDYpV
GHXPGHWDOKDPHQWRFXLGDGRVRSRUH[HPSOR
HP FRQVWUXo}HV VROGDGDV R SURMHWR GHYH
SHUPLWLUDR Pi[LPRRHPSUHJR GHSURFHVVRV
DXWRPiWLFRVHVHPLDXWRPiWLFRVGHVROGD
WUDQVYHUVDLV &RP HVVH SURMHWR p SRVVtYHO
HYLWDUWRGDV DVVROGDVGH ILOHWHVWUDQVYHUVDLV
QR PDWHULDO SULQFLSDO DR PHQRV QDV UHJL}HV
RQGHKDMDWHQV}HVLPSRUWDQWHVGHWUDomRFRP
FRQVHTHQWHPHOKRUDPHQWRSDUDRWUDEDOKRGD
HVWUXWXUDHPUHODomRjIDGLJDHjUXSWXUDEUXVFD

E$VLPSOLFLGDGHGDVHomRWUDQVYHUVDOWDPEpP
FRQWULEXLSDUDFXVWRVGHPDQXWHQomRUD]RiYHLV
HPERUDQmRVHSRVVDHVSHUDUTXHVHMDPWmR
EDL[RVFRPRHPXPDHVWUXWXUDHPFDL[mR )LJXUD±(QULMHFHGRUHVGHDOPD

F$PDLRULDGDVSRQWHVHPYLJDVGHDOPDFKHLD
WHP RWDEXOHLUR QR QtYHO GDPHVD VXSHULRU R
TXDOSRGHVHULQWHJUDGRjVYLJDVSDUDWUDEDOKDU
FRPRSDUWHGDVPHVPDV
I1DPDLRULDGDVSRQWHVHPYLJDVGHYHVHU
IHLWDXPDHVFROKDHQWUH
² 8VDU GXDV YLJDV SULQFLSDLV FRP JUDQGH
HVSDoDPHQWR FRP XP VLVWHPD DX[LOLDU
VXSRUWDQGRRWDEXOHLURRX
G +i XPD WHQGrQFLD SDUD R XVR GH PHVDV
ODUJDVHILQDVeSRVVtYHODMXVWDUDiUHDGDPHVD
SRU XPD YDULDomR GD ODUJXUD HP OXJDU GD
HVSHVVXUD e WDPEpP H[HTtYHO SUHYHU
HQULMHFHGRUHV ORQJLWXGLQDLV SDUD FRQWURODU R
FRPSRUWDPHQWRGDPHVDODUJDjIODPEDJHP
² 3UHYHU YLJDV SULQFLSDLV P~OWLSODV FRP
HVSDoDPHQWR VXILFLHQWHPHQWH SHTXHQR SDUD
VHUYHQFLGRSHORWDEXOHLUR
1R SULPHLUR FDVR R VLVWHPD VHFXQGiULR GH
YLJDV SRGH FRQVLVWLU  VRPHQWH  GH YLJDV
WUDQVYHUVDLV FRP SHTXHQR HVSDoDPHQWR RX
YLJDV WUDQVYHUVDLV DSRLDQGR XP VLVWHPD GH
H$RVHSURMHWDUDDOPDGHXPDYLJDKiXPD
HVFROKD D ID]HU HQWUH R XVR GH XPD DOPD
HVSHVVDVHPRXFRPSRXFRVHQULMHFHGRUHVH
XPD HVEHOWD FRP XP Q~PHUR PDLRU GH
HQULMHFHGRUHV$HVFROKDHVWiUHODFLRQDGDQR
FRQIURQWRGHFXVWRVGHPDWHULDOHPmRGHREUD
ORQJDULQDV
2SURMHWRGHGXDVYLJDVFRQGX]DPDLRUDOWXUD
QDV YLJDV SULQFLSDLV ,VWR GHYH OHYDU D XPD
UHGXomRGDiUHDWRWDOGDPHVDHGHYHWHQGHU
SDUD XPD UHGXomR GR FXVWR WRWDO GDV YLJDV

 7LSRVGHVXSHUHVWUXWXUDVGHSRQWHVHYLDGXWRV 

SULQFLSDLVRTXHGHYHVHUFRPSDUDGRFRPFXVWR
GDVYLJDVGRWDEXOHLUR
2EV$VYLJDVGHDOPDFKHLDSDUDVHUHPXVDGDV
HPSRQWHVRXYLDGXWRVGHYHPVDWLVID]HUDVVXDV
)LJXUD±7DEXOHLURIRUPDGRSRUWUDQVYHUVLQDVH
FRPSUHVVmR D VHJXQGD SHUPLWLU DOWXUDV
PDLRUHVFRPPHQRUSHVRHUHGXomRGHIOHFKD
$ GHVYDQWDJHP HFRQ{PLFD GDV SRQWHV HP
WUHOLoDpRFXVWRPDLRUGHIDEULFDomRSLQWXUDH
PDQXWHQomRHjVYH]HVRIDWRUHVWpWLFRSHOR
FUX]DPHQWRYLVXDOGRVHOHPHQWRV
8PDSRQWHFRPSOHWDHPWUHOLoDFRQYHQFLRQDO
SRGHWHUWDEXOHLURVXSHULRULQIHULRURXRVGRLV
ORQJDULQDV
UHODo}HVGHODUJXUDHVSHVVXUDGHDFRUGRFRP
D1RUPDDVHUXVDGD
±7UHOLoDV
,QWURGXomR
$WUHOLoDSRGHVHUGHVFULWDFRPRXPFRQMXQWR
GH WULkQJXORV IRUPDGRV SRU SHoDV UHWDV H
DUWLFXODGDVHQWUHVL4XDQGRDGHTXDGDPHQWH
SURMHWDGDFRPSURSRUo}HVQRUPDLVXPDWUHOLoD
WHPDVVHJXLQWHVFDUDFWHUtVWLFDV
WHQGRRVVHJXLQWHVFRPSRQHQWHV)LJ
XPDODMHGHWDEXOHLUR
ORQJDULQDVDSRLDGDVQDVWUDQVYHUVLQDV
WUDQVYHUVLQDVDSRLDGDVQRVQyVGDV
WUHOLoDV
FRQWUDYHQWDPHQWRVKRUL]RQWDLV
FRQWUDYHQWDPHQWRVYHUWLFDLV
FRUGDVVXSHULRUHLQIHULRU
GLDJRQDLVHPRQWDQWHV
D2VHL[RVGHWRGRVRVHOHPHQWRVVmRUHWRVH
FRQFRUUHQWHVQRVQyVRXMXQWDV
E $ WUHOLoD SURSULDPHQWH GLWD p FDUUHJDGD
VRPHQWHQRVQyV

8PDWUHOLoDSODQDSRGHVHUFRQVLGHUDGDFRPR
XPDYLJDDOWDFRPPHVDVVXEVWLWXtGDVSHORV
EDQ]RVGDWUHOLoDHDFKDSDGHDOPDVXEVWLWXtGD
SRUXPVLVWHPDDEHUWRGHHOHPHQWRVIRUPDGR )LJXUD±3HoDVTXHFRPS}HPXPDWUHOLoD

SRUGLDJRQDLVHPRQWDQWHV8PDWUHOLoDSRGH
VHU XVDGD SDUD VXEVWLWXLU XPD YLJD GH DOPD
FKHLDHPFHUWRVFDVRVSRUH[HPSORXPDYLJD
UHWD VLPSOHVPHQWH DSRLDGD RX FRQWtQXD QR
WDEXOHLUR GH XPD SRQWH SrQVLO HQULMHFLGD RX
XPDSRQWHFRPYLJDDWLUDQWDGDRXDLQGDXP
DUFR
2 VLVWHPD GH WUHOLoDV WHP GXDV JUDQGHV
YDQWDJHQV D SULPHLUD p D GRV HOHPHQWRV Vy
VHUHPVROLFLWDGRVSRUFDUJDVD[LDLVWUDomRRX
$VWUHOLoDVVmRHFRQ{PLFDVFRPDOWXUDYDULDQGR
GHDGRYmR
6mRXVDGDVSDUDYmRVDFLPDGHPDWp
PTXDQGRLVRVWiWLFDVHFRPRFRQWtQXDVDWp
P ,VWR QmR LPSHGH D FRQVWUXomR GH YmRV
PDLRUHVFRPRDGD3RQWHHPEDODQoR*UHDWHU
1HZ2UOHDQVFRPPFRQVWUXtGDHP
7LSRVGH7UHOLoDV
2V WLSRV GH WUHOLoDV SODQDV PDLV XVXDLV VmR
PRVWUDGDVQDILJ


$WUHOLoD3UDWWLVRVWiWLFDpDPDLVYDQWDMRVDHP
HVWUXWXUDV PHWiOLFDV )LJ D GHYLGR DRV
PRQWDQWHVTXHVmRRVHOHPHQWRVPDLVFXUWRV
HVWDUHPHPFRPSUHVVmRHDVGLDJRQDLVFRPR
HOHPHQWRV PDLV ORQJRV HVWDUHP VXMHLWRV D
WUDomR HPERUD HVWD YDQWDJHP p HP SDUWH
DQXODGDSHORIDWRGREDQ]RFHQWUDOFRPSULPLGR
VHUPDLV IRUWHPHQWHFDUUHJDGR TXHR FHQWUDO
WUDFLRQDGR
$WUHOLoD+RZHpRLQYHUVRGD3UDWWLGHDOSDUD
PDGHLUD
$WUHOLoD:DUUHQPRVWUDGDQD)LJESRGH
VHUPRGLILFDGDSHODDGLomRGHPRQWDQWHV)LJ
F(VWHVSRGHPVHUFRORFDGRVHPWRGRV
RVSDLQpLVFRPRPRVWUDGRHPSRQWLOKDGRRX
VRPHQWHDSDUWLUGRWDEXOHLURSDUDDVGLDJRQDLV
RSRVWDV

2 VLVWHPD FRQWUDYHQWDGR . GD )LJ G p

LQGLFDGRTXDQGRDDOWXUDGRSDLQHOpGDRUGHP
GHGXDVDWUrVYH]HVRVHXFRPSULPHQWR
2VLVWHPDHPORVDQJRVPRVWUDGRQD)LJH
WHPVLGRXVDGRFRPRWUHOLoDSULPiULD(QWUHWDQWR
p PDLV FRPXPHQWH XVDGR FRPR FRQWUD
YHQWDPHQWRKRUL]RQWDO(VVHDUUDQMRSURSRUFLRQD
GLDJRQDLVPDLVFXUWDVFRPOLJDomRDRVEDQ]RV
HPSRQWRVLQWHUPHGLiULRVjVMXQWDVSULQFLSDLV
(OHSRGHFDXVDUWHQV}HVVHFXQGiULDVHOHYDGDV
QRVEDQ]RV3DUDKDYHUHVWDELOLGDGHXPGRV
ORVDQJRVGHYHWHUXPHOHPHQWRHPVXDGLDJRQDO
$:DUUHQFRPSRVWD)LJIpXVDGDTXDQGR
WHPVHGLDJRQDLVPXLWRJUDQGHVHQHFHVVLWDVH
GLPLQXLU R FRPSULPHQWR GH IODPEDJHP GD
GLDJRQDO
$ : KRSSOH p PDLV XVDGD SRU TXHVW}HV
HVWpWLFDV)LJJ
3RUHFRQRPLDDDOWXUDGDWUHOLoDpXVXDOPHQWH
IL[DGDFRPRXPDIUDomRGRYmR¬PHGLGDTXH
RYmRDXPHQWHDDOWXUDGDWUHOLoDFUHVFHHFRP
)LJXUD±7LSRVGHWUHOLoDV
HOD R FRPSULPHQWR GR SDLQHO 3DUD VH REWHU
DSRLR DGHTXDGR DR WDEXOHLUR SRGH VHU
QHFHVViULRVXEGLYLGLURSDLQHOFRPRPRVWUDGR
QD)LJ3DUDWDEXOHLURQRQtYHOGREDQ]R
VXSHULRU R DUUDQMR GRV HOHPHQWRV DGLFLRQDLV
VHUiRLQYHUVRGRVLQGLFDGRV


 7LSRVGHVXSHUHVWUXWXUDVGHSRQWHVHYLDGXWRV 

(OHPHQWRVDGLFLRQDLV

)LJXUD±(OHPHQWRVDGLFLRQDLV

&DUDFWHUtVWLFDVLPSRUWDQWHV

D$OHYH]DUHODWLYDGHXPDSRQWHRXYLDGXWR
HPWUHOLoDpXPDYDQWDJHPQDFRQVWUXomR3RGH
VHUPRQWDGDHOHPHQWRSRUHOHPHQWRXVDQGRVH
HTXLSDPHQWRGHLoDPHQWRGHSHTXHQDFDSDFL
GDGH
$OWHUQDWLYDPHQWH R Q~PHUR GH OLJDo}HV QR
FDPSRSRGHVHUUHGX]LGRSHODIDEULFDomRHLoD
PHQWRGHSDLQHOSRUSDLQHODRLQYpVGHXPHOH
PHQWRGHFDGDYH]

E&RPRHPWRGDVDVHVWUXWXUDVGHSRQWHVRX
YLDGXWRVpLPSRUWDQWHTXHRWDEXOHLURHDHV
WUXWXUDSULQFLSDOVHMDPFRPSDWtYHLV,VWRpFRQ
VHJXLGRID]HQGRVHFRPTXHRWDEXOHLURWUDED
OKHFRPRVEDQ]RVGDWUHOLoDSDUDUHFHEHUDV
FDUJDVD[LDLV3RURXWURODGRRWDEXOHLURSRGH
VHULVRODGRGRVEDQ]RVSRUPHLRGHMXQWDVGH
GLODWDomR

±9LJDVHPFDL[mR )LJXUD ±6Ho}HVWUDQVYHUVDLVHP YLJD&DL[mR

,QWURGXomR
$VYLJDVFDL[mRFRPRRSUySULRQRPHLQGLFD
VmRYLJDVIRUPDGDVSRUGXDVRXPDLVDOPDVH
SRU XPD PHVD LQIHULRU ~QLFD H XPD RX PDLV
PHVDVXSHULRUIRUPDQGRQDVXDFRQILJXUDomR
XPFDL[mR([LVWHPYiULRVPRGHORVFRPRRV
DSUHVHQWDGRVQD)LJ
$VVHo}HVWUDQVYHUVDLVHPFDL[mRVmRDOWDPHQ
WHHILFLHQWHVSDUDHVWUXWXUDVHPFXUYDGHYLGR
DVXDJUDQGHUHVLVWrQFLDDWRUomRHQDVSRQ
WHVFRP JUDQGHVYmRV SDUDHYLWDU SUREOHPDV
GHLQVWDELOLGDGHDHURGLQkPLFD
$OpP GRV HOHPHQWRV ORQJLWXGLQDLV XPD YLJD
FDL[mRWHPWDPEpPXPVLVWHPDGHGLDIUDJPDV
WUDQVYHUVDLVRXWUDQVYHUVLQDV


8PDGDVYDQWDJHQVPDLVLPSRUWDQWHVGDYLJD D$VDOPDVGDVYLJDVGHYHPDSRLDUDGHTXD
FDL[mRHPSRQWHRXYLDGXWRpDSRVVLELOLGDGH GDPHQWHRWDEXOHLUR
GHVHXVDUDPHVDVXSHULRUFRPRODMHGRWDEX
OHLUR E$ VHomR WUDQVYHUVDO GHYH VHU UHODFLRQDGD
FRPRVLVWHPDGHPRQWDJHP
(PJHUDODUHODomRDOWXUDYmRILFDHPWRUQR
GHD F2XVRGHSDUHGHVILQDVVHMDPKRUL]RQWDLV
RXYHUWLFDLVREULJDRXVRGHHQULMHFHGRUHV
&DUDFWHUtVWLFDV 6HDPmRGHREUDpFDUDDVROGDJHPGHVWHV
WHUiXPFXVWRDSUHFLiYHOQRFXVWRWRWDO
D*UDQGHUHVLVWrQFLDHULJLGH]jWRUomR
G4XDOTXHUYDULDomRGHDOWXUDGDVFKDSDVH[L
E0HVDVGHJUDQGHODUJXUD JHXPGLDIUDJPD

F0DLRULQpUFLDFRPDOWXUDVPHQRUHVQRHQWDQ
WRDUHODomRODUJXUDHVSHVVXUDOHYDDSUREOH
PDVGHIODPEDJHPTXHVmRFRPEDWLGRVSRUXP
VLVWHPDGHHQULMHFHGRUHVTXHHQFDUHFHPDVXD
FRQVWUXomR
±3yUWLFRV
,QWURGXomR
2VLVWHPDGHSyUWLFRVpDTXHOHHPTXHDVYL
JDVGRWDEXOHLURVmRFRQWtQXDVFRPDHVWUXWXUD
G(VSDoROLYUH~WLOSDUDSDVVDJHPGHWXEX GRVSLODUHV(VWDVROXomRpXWLOL]DGDSDUDGLPL
ODo}HVHHTXLSDPHQWRV QXLURVYmRVGDYLJDUHWD)LJ
3RGHVHULQWHUSUHWDGRFRPRXPDDOWHUDomRGRV
H0DQXWHQomR±GDQGRDFHVVRGLUHWRVHPHV
WUXWXUDVDX[LOLDUHV
6HKHUPHWLFDPHQWHIHFKDGRRDUVHFRWRUQDD
DWPRVIHUDPHQRVFRUURVLYD
DUFRVLQIHULRUHV
1RUPDOPHQWHRVSLODUHVVmRLQFOLQDGRVHGHQ
WURGHVWHTXDGURIRUPDGRSHORVSLODUHVHYLJDV
LQVHULPRVRVJDEDULWRVH[LJLGRV
3HORSLODULQFOLQDGRGHVFHXPDJUDQGHFDUJD
I0RQWDJHP±RODQoDPHQWRpIDFLOLWDGRHVXD GHFRPSUHVVmRTXHWHUiTXHVHUDEVRUYLGDSRU
LQpUFLDjWRUomRPDQWpPDHVWUXWXUDDOLQKDGD IXQGDo}HVLQFOLQDGDV,VWRID]FRPTXHHVWDVR
OXomRVHMDUHFRPHQGDGDSDUDWHUUHQRVGHERP
J (VWpWLFR ± (VEHOWH] H UHJXODULGDGH GD VX VXSRUWHGHFDUJDV
SHUItFLHLQIHULRUSURSRUFLRQDQGRDYLVmRGHXPD 1DLQWHUVHomRHQWUHYLJDHSLODUJHRPHWULFDPHQ
ILWDODQoDGDQRHVSDoR WHRFRUUHJUDQGHHVEHOWH]QDVFKDSDVVREUHDO
WDV WHQV}HV R TXH REULJD XP HVWXGR PDLV
K0HQRUFRQVXPRGHWLQWDQDVXDSLQWXUD
3URMHWR
$PDLVLPSRUWDQWHGHFLVmRQRSURMHWRpDHVFR
OKDGDVHomRWUDQVYHUVDOHHVWiUHODFLRQDGDFRP
FXVWRVGHPDWHULDOFXVWRVGHOLJDo}HVFDSDFL
GDGHGRVHTXLSDPHQWRVGLVSRQtYHLVDFHVVRV
ODUJXUDGHSLVWDHJDEDULWRV
$RVHGHFLGLUSHODJHRPHWULDGDVHomRWUDQV
YHUVDOFRQVLGHUDUTXH
DFXUDGRGRVHQULMHFHGRUHVGHVWDUHJLmR
$HILFLrQFLDGRVSLODUHVLQFOLQDGRVpGLUHWDPHQ
WHSURSRUFLRQDODRkQJXORGHLQFOLQDomR4XDQ
WRPHQRURkQJXORPDLRUDHILFLrQFLD
&RPRKiLQYHUVmRQRVHQWLGRGRVYDORUHVGRV
PRPHQWRVIOHWRUHVVXUJHPPRPHQWRVQHJDWL
YRVMXQWRDRVSLODUHVID]HQGRFRPTXHDVYL
JDV QmR SRVVDP  VHU PLVWDV HP WRGR R VHX
FRPSULPHQWR

 7LSRVGHVXSHUHVWUXWXUDVGHSRQWHVHYLDGXWRV 

$HVEHOWH]HDHVWpWLFDGHVWDVROXomRpPXLWR
DJUDGiYHOHSRGHPRVDSOLFiODTXDQGRDWRSR
JUDILDDMXGDUFRPRpRFDVRGHYDOHV
2DUFRLQIHULRUVHKDUPRQL]DEHPHPYDOHVVH
FRPSRQGRFRPDQDWXUH]D
2DUFRVXSHULRUpPXLWRDGRWDGRTXDQGRH[LVWHP
UHVWULo}HVGRJDEDULWRQDSDUWHLQIHULRU
2DUFRFRPWDEXOHLURLQWHUPHGLiULRVHKDUPRQL]D
FRPDVGXDVVLWXDo}HV

)LJXUD±7LSRGH3yUWLFR
±$UFRV
,QWURGXomR
(VWHWLSRGHVXSHUHVWUXWXUDGHSRQWHpXPGRV
PDLVDQWLJRVSRLVRVURPDQRVIL]HUDPYiULDV
GHODVHPSHGUDKiDQRV
$VSULPHLUDVSRQWHVHPDUFRXVDQGRVHIHUUR
IXQGLGR IRUDP FRQVWUXtGDV QD ,QJODWHUUD HP
 TXH VmR DV SRQWHV GH 6HYHUQ H
&RDOEURRNHGDOH TXH HVWmR HP XVR DWp KRMH
VHUYLQGRFRPRSDVVDUHODSDUDSHGHVWUH
6RERSRQWRGHYLVWDGHFiOFXORRVDUFRVSRGHP
VHUGHILQLGRVFRPRHQJDVWDGRVELURWXODGRVH
WULURWXODGRV FDEHQGR DR FDOFXOLVWD GHILQLU R
PHOKRUSDUDRORFDOOHYDQGRHPFRQVLGHUDomR
DV FRQGLo}HV GR VROR SDUD DV IXQGDo}HV
VLVWHPD GHPRQWDJHP YmRH VHWUHOLoDGR RX
VyOLGRVHPGHL[DUGHOHYDUHPFRQVLGHUDomRD
EHOH]DHVWpWLFDGDREUD
2DUFRSDUDVHUHILFLHQWHHGDUXPDERDHVWpWLFD
GHYHWHUXPDUHODomRIOHFKDYmRGDRUGHPGH
D

2JUDQGHXVRYHLRDSDUWLUGHTXDQGRHP
 IRL FRQVWUXtGD D %D\RQQH %ULGJH QRV
(VWDGRV 8QLGRV FRP  P GH YmR OLYUH
3RVWHULRUPHQWH HP  IRL FRQVWUXtGD D
/HZLVWRQ4XHHQVWRQ%ULGJHVREUHR5LR1LDJDUD
QRV(VWDGRV8QLGRVFRPYmROLYUHGHP

2VDUFRVVmRHFRQ{PLFRVQDIDL[DGHD
)LJXUD±7LSRVGHDUFR
P
±6XVSHQVDVSRUFDERV
7LSRVGHDUFRV (VWDLDGDVH3rQVHLV

6mR XVDGRV RV VHJXLQWHV WLSRV GH DUFR  QD ,QWURGXomR

VXSHUHVWUXWXUDGHSRQWHVRXYLDGXWRV $VWUDYHVVLDVVXVSHQVDVIHLWDVGHFLSyIRUDP
²$UFRLQIHULRUFRPWDEXOHLURVXSHULRU XVDGDVQD$PpULFDGR6XOSHORV$VWHFDVHSHORV
)LJD ,QFDVHIRUDPWDPEpPXVDGDVQD&KLQD-DSmR
²$UFRVXSHULRUFRPWDEXOHLURLQIHULRU ËQGLDH7LEHW
)LJE $V SULPHLUDV SRQWHV VXVSHQVDV IRUDP IHLWDV
²$UFRFRPWDEXOHLURLQWHUPHGLiULR SHORVHQJHQKHLURVPLOLWDUHVHQWUHRVVpFXORV
)LJF H  (P  IRUDP IHLWDV DV SULPHLUDV
WHQWDWLYDVSHORH[pUFLWRVD[{QLFRXVDQGRIHUUR
2XVRGRWLSRGHDUFRGHSHQGHGDVFRQGLo}HV IXQGLGRHPXPDSRQWHVREUHR5LR2GHU
ORFDLVHGDHVWpWLFD ([LVWHPLQGLFDo}HVTXHRV&KLQHVHVXVDUDP
HVWHPHVPRSURFHVVRPDLVFHGR

$ SULPHLUD SRQWH VXVSHQVD XVDQGR DoR QD D2VLQWHLUDPHQWHHPDoRIRUPDQGRXPDSODFD
$PpULFDGR1RUWHIRLD-DFREV&UHHN%ULGJH
QD3HQVLOYkQLDHPFRPYmRGHP
$VSRQWHVVXVSHQVDVFRPRXVRGHFDERVGH
DoR GRPLQDUDP DSyV HVWD GDWD H HP 
RUWRWUySLFD SODFD HQULMHFLGD GH DoR H[LJHP
FRQVXPRHOHYDGRGHDoRWRUQDQGRVHSRXFR
HFRQ{PLFRVSDUDYmRVSHTXHQRVHPpGLRVPDV
PXLWRXVDGRVSDUDSRQWHVGHJUDQGHVYmRVR
TXHpYDQWDMRVRGHYLGRDRSHTXHQRSHVRGR
7KRPDV7HOIRUGFRQVWUXLXDSRQWHGRHVWUHLWRGH WDEXOHLUR)LJD
0HQDLFRPXPYmRGHP/RJRDSyVYLHUDP
DVSRQWHVVREUHR5LR2KLRHPFRP
PGHYmRHDSRQWHGR%URRNO\QHPFRP
P
$VSRQWHVHVWDLDGDVDSDUHFHUDPSRUYROWDGH
QD$OHPDQKDFRPR XPDGHULYDomRGDV
E2VWDEXOHLURVHPFRQFUHWRVXEVWLWXtUDPFRP
YDQWDJHPRVPHWiOLFRVSDUDSHTXHQRVHPpGLRV
YmRV IXQFLRQDQGR VROLGDULDPHQWH iV YLJDV
PHWiOLFDV FKHJDQGRVH HQWmR j VROXomR
DGRWDGDQDJUDQGHPDLRULDGDVSRQWHVGHVWH
WLSR GHQRPLQDGDV GH 3RQWHV 0LVWDV )LJ
VXVSHQVDV 6HQGR XPD GDV PDLV IDPRVDV D E
DGRWDUHVWHVLVWHPDDSRQWH6HYHULQHP&RO{QLD
QD$OHPDQKDHPFRPXPYmRGHP $GLVSRVLomRGDVORQJDULQDVHWUDQVYHUVLQDVTXH
(PJHUDOHVWHWLSRGHSRQWHpHILFLHQWHSDUDYmRV YmR GDU VXSRUWH DR WDEXOHLUR SRGHP VHU
DFLPDGHP UHWDQJXODUHVHVFRQVDVRXFXUYDV)LJ

)LJXUD±3RQWHV(VWDLDGDV

)LJXUD±7LSRVGH7DEXOHLUR

)LJXUD±3RQWHV3rQVHLV

)LJXUD±3RQWHV(VWDLDGDVH3rQVHLV
)LJXUD±7LSRVGHJUHOKDV
±7LSRVGHWDEXOHLURV

7RGRVRVWLSRVGHVXSHUHVWUXWXUDDSUHVHQWDGRV
DQWHULRUPHQWH SRGHP XVDU XP GRV WLSRV GH
WDEXOHLURGDGRVDVHJXLUSDUDDSLVWDGHURODJHP
GRVYHtFXORV

 7LSRVGHVXSHUHVWUXWXUDVGHSRQWHVHYLDGXWRV 

±3RQWH0LVWD D+RUL]RQWDLV

$SRQWHPLVWDpDMXQomRGDVYLJDVPHWiOLFDV 3LVWD~QLFD±ODUJXUDLQWHUQDPHWRWDOP
FRPRWDEXOHLURGHFRQFUHWRPDVSDUDTXHLVWR VHPSDVVHLR)LJ
DFRQWHoDpQHFHVViULRDVROLGDUL]DomRGRVGRLV 3LVWDGXSOD±ODUJXUDLQWHUQDPHWRWDO
PDWHULDLV,VWRpJDUDQWLGRSRUHOHPHQWRVGHOL PVHPSDVVHLR)LJ
JDomR GHQRPLQDGRV &RQHFWRUHV GH
&LVDOKDPHQWR

(VVHV HOHPHQWRV SRGHP VHU GH YiULRV WLSRV

VHQGRTXHRVPDLVXVDGRVVmRRVSLQRVWLSR   
³6WXG´HRVSHUILVODPLQDGRVWLSR8TXHGHYH
UmRVHUGLVWULEXtGRVDRORQJRGDYLJD 
6mRHFRQ{PLFDVSDUDYmRVHQWUHHP
)LJ± *DEDULWR URGRYLiULRSLVWD VLPSOHV

2SUREOHPDSULQFLSDODVHUUHVROYLGRQDVSRQ
WHVPLVWDVUHVXPHVHQDGHWHUPLQDomRGDGLV
WULEXLomRGHHVIRUoRVQRFRQFUHWRHQRDoROH
YDQGRVHHPFRQWDDOLJDomRVROLGiULDGRWDEX
OHLURHDVYLJDVPHWiOLFDV2GLPHQVLRQDPHQWR
GDVYLJDVPLVWDVGHYHPVHUIHLWRVOHYDQWRVH )LJ±*DEDULWRURGRYLiULRSLVWDGXSOD
HP FRQWD VH D YLJDYDL VHU HVFRUDGD RX QmR
GXUDQWHDFRQFUHWDJHP E9HUWLFDLV

(P JHUDO DV YLJDV VmR FDOFXODGDV FRPR QmR $DOWXUDOLYUHGDSLVWDLQIHULRUDPHVDLQIHULRUGD

HVFRUDGDV GDQGR XP FXVWR GH FRQVWUXomR
PHQRU1HVWHFDVRp QHFHVViULRGLVWULEXLURV
YiULRVWLSRVGHFDUJDQDVHWDSDVGRSURFHVVR
$VVLP R SHVR SUySULR GD YLJD H GR FRQFUHWR
VHUiVXSRUWDGRVRPHQWHSHODYLJDGHDoRHDV
RXWUDVFDUJDVSHORFRQMXQWRYLJDFRQFUHWR
$UHVLVWrQFLDGRFRQFUHWRWHPLQIOXrQFLDQRSUR
FHVVRGHGLPHQVLRQDPHQWR
YLJDQmRGHYHVHULQIHULRUDP)LJ
SDUDDVURGRYLDVIHGHUDLVVHQGRTXHGHQWURGRV
PXQLFtSLRVSRGHVHXVDUXPYDORUPHQRUHP
WRUQRGHP

)LJ ± *DEDULWR URGRYLiULR YHUWLFDO

2SURFHVVRGHGLPHQVLRQDPHQWRGHXPDYLJD
PLVWDVHUiGHVHQYROYLGRQR&DSLWXORHQRV
H[HPSORVGR$QH[R%

*DEDULWRV

2'1,7±'HSDUWDPHQWR1DFLRQDOGH,QIUD(V
WUXWXUD7HUUHVWUHHVWDEHOHFHXSDUDSRQWHVHYL
DGXWRVRVVHJXLQWHVYDORUHV


&DStWXOR
0DWHULDLVXVDGRVHVXDV
IXQo}HVQDFRQVWUXomR
GHSRQWHVHPDoR


 0DWHULDLVXVDGRVHVXDVIXQo}HVQDFRQVWUXomRGHSRQWHVHPDoR 

±,QWURGXomR WDPEpPYHULILFDUDGLVSRQLELOLGDGHQDUHJLmR

$FRQVWUXomRPRGHUQDGHSRQWHVHYLDGXWRVXWL 2VDoRVHVWUXWXUDLVSRGHPVHUFODVVLILFDGRVHP
OL]DYiULRVWLSRVGHPDWHULDLVQDVXDFRQFHSomR WUrV FDWHJRULDV H VHUHP HPSUHJDGRV FRPR
ILQDO$HVFROKDGRPHOKRUPDWHULDOSDUDFDGD FKDSDVSHUILVODPLQDGRVRXSHUILVVROGDGRV
LWHPGDFRQVWUXomRpDPDLRUUHVSRQVDELOLGDGH
GRHQJHQKHLURGHSRQWHVTXHGHYHID]rORED D$oRVFDUERQRRXGH0pGLDUHVLVWrQFLD
VHDQGRVHQRPDLRUQ~PHURSRVVtYHOGHLQIRU $SUHVHQWDPPRGHUDGRWHRUGHFDUERQRSRVVX
PDo}HV HPERDVROGDELOLGDGHDRVSURFHVVRVXVXDLVGH
VROGDHOpWULFDHWHQVmRGHHVFRDPHQWR)\ 
2$oRHR&RQFUHWRVmRRVGRLVPDWHULDLVPDLV
LPSRUWDQWHVXVDGRVQDFRQVWUXomRGHSRQWHV
HYLDGXWRV$PDLRULDGRVRXWURVPDWHULDLVVmR
XVDGRVHPLWHQVHVSHFtILFRVFRPRDSRLRVMXQ
WDVGHGLODWDomRUHYHVWLPHQWRVSURWHo}HVGUH
QDJHPHFRUULPmRV
N1FP03D
2VDoRVGHVVHJUXSRVmR
05GD1RUPD%UDVLOHLUD
$670$GD1RUPD$PHULFDQD
6WGD1RUPD$OHPm

2FRQFUHWRSUHGRPLQDQRVWDEXOHLURVFRQWXGR E$oRVGH$OWD5HVLVWrQFLDH%DL[D/LJD
SDUDSRQWHVGHJUDQGHVYmRVRWDEXOHLURHP 2VDoRVGHDOWDUHVLVWrQFLDVmRDTXHOHVTXH
SODFD RUWRWUySLFD GH DoR FRP UHYHVWLPHQWR WrPOLPLWHGHHVFRDPHQWRDFLPDGHN1FP
DVIiOWLFRHVSHFLDOpXVDGRFRPYDQWDJHQVGH 03DSRGHPWHUDOWDUHVLVWrQFLDDFRUUR
YLGRDRVHXPHQRUSHVR VmRDWPRVIpULFDDSUR[DYH]HVPDLRUTXH
±$oRSDUD9LJDV3LODUHVH
/LJDo}HV
2SULPHLURXVRGHPDWHULDOIHUURVRQDFRQVWUX
omRGHSRQWHVHPODUJDHVFDODYHLRFRPRIHUUR
IXQGLGR3HODVXDEDL[DUHVLVWrQFLDHIUDJLOLGD
GHRVHXXVRVHWRUQRXLQDGHTXDGR
2IHUURIRUMDGRIRLRVHXVXEVWLWXWRDSyV
&RP R SURMHWR GH PXLWDV SRQWHV IHUURYLiULDV
RVDoRVFDUERQRSHODDGLomRGHHOHPHQWRVGH
OLJDFRPRFURPRYDQiGLRFREUHQLyELRHWLWkQLR
QDVXDFRPSRVLomR$PDLRULDGDVSRQWHVHYLD
GXWRVFRQVWUXtGRVKRMHQR%UDVLOXWLOL]DPHVWHWLSR
GHDoRTXHHPPXLWRVFDVRVQmRQHFHVVLWDGH
SLQWXUDEDUDWHDQGRDFRQVWUXomR
2VDoRVGHVVHJUXSRVmR
$670$±$OWDUHVLVWrQFLDPHFkQLFD
$670$86,6$&&26$&25&61&RU
QHVWDpSRFDVXUJLXDQHFHVVLGDGHGHXPPD H*HUGDX&RUGHDOWDUHVLVWrQFLDPHFkQL
WHULDOPHOKRUSDUDDFRQVWUXomR FDHjFRUURVmRDWPRVIpULFD9HU&DSLWXOR
2 GHVHQYROYLPHQWRGRDoR%HVVHPHUQDSULPHL
UDPHWDGHGRVpFXORGH]HQRYHHDSURGXomR
HPHVFDODSRVVLELOLWRXDVHXXVRQDFRQVWUXomR
GHSRQWHVDXPFXVWRUD]RiYHO
LWHP
2HPSUHJRGRVGLYHUVRVWLSRVGHDoRGHSHQGH
GDDQiOLVHGDUHVLVWrQFLDHVWUXWXUDOQHFHVViULD
HGRVFXVWRVUHODWLYRVSDUDXPDDQiOLVHHFR
Q{PLFD$WDEHODDVHJXLUPRVWUDDUHODomR
$WXDOPHQWHH[LVWHXPDVpULHGHDoRVHVWUXWX GHFXVWRV&HVXDUHVLVWrQFLD5
UDLVGLVSRQtYHLVQRPHUFDGRSDUDDFRQVWUXomR
GH SRQWHV2 SURMHWLVWD FDOFXOLVWDSUHFLVD FR
QKHFHUVXDVSURSULHGDGHVItVLFDVHPHFkQLFDV
SDUDID]HUDHVFROKDPDLVDSURSULDGDHGHYHUi


7DEHOD±&XVWR5HODWLYRHQWUHRVYiULRVWL 3DUDIXVRV
SRVGHDoRHPIXQomRGROLPLWHGHHVFRDPHQWR
(PJHUDORVSDUDIXVRVXVDGRVQDVOLJDo}HVVmR
$oR )\N1FP & 5 &5
GH$670$RX$VHQGRR7LSR,,,GHDoR
&KDSDV
GHDOWDUHVLVWrQFLDDFRUURVmR
$    
$*     ±(OHWURGRVSDUDVROGD
$    
86,     2V HOHWURGRV GHYHP VHU FRPSDWtYHLV FRP R
&26$&25     PDWHULDODVROGDU3DUDDVSDUWHVGDSRQWHRX
3HUILV YLDGXWRTXHWHQKDPDoRVGHDOWDUHVLVWrQFLDj
$*     FRUURVmRRHOHWURGRPDLVUHFRPHQGDGRpRGD
FODVVH(*RX(*±$:6
&RUULPmRV
&RQFUHWR
(PJHUDORVFRUULPmRVVmRIHLWRVGHWXERVVHQ
GRRVDoRVPDLVHPSUHJDGRVR$670$ 2FRQFUHWRpHPSUHJDGRQDVVHJXLQWHVSDUWHV
*UDX%HR$FRPOLPLWHVGHHVFRDPHQWR GDVSRQWHV
GH03DH03DUHVSHFWLYDPHQWH 7DEXOHLUR
3LODUHV
±*XDUGDURGDV )XQGDo}HV
*XDUGDURGDVHSDUDSHLWRV
(PJHUDORVJXDUGDURGDVVmRIHLWRVWHQGRXP
SRVWH HP SHUILO WLSR , RX + H XP EDWHQWH GH 2 FRQFUHWR SRGH VHU PROGDGR HP TXDOTXHU
IRUPDWUDSH]RLGDOHPSHUILOGHFKDSDGREUDGD IRUPDHSRGHVHUIHLWRQXPDJDPDPXLWRJUDQGH
JDOYDQL]DGRGDQGRXPyWLPRDPRUWHFLPHQWR GHUHVLVWrQFLDVGHSHQGHQGRGDTXDQWLGDGHGR
)LJ
±&RQHFWRUHV
2VFRQHFWRUHVXVDGRVQDOLJDomRGDYLJDGHDoR
FRPDODMHGHFRQFUHWRSRGHPVHUGHSLQRV8
ODPLQDGRV RX FRPSRVLomR GH FKDSD FRP
YHUJDOKmR2VSLQRVHPJHUDOVmRGHDoR6$(
FRPN1FPHRV8ODPLQDGRVGH$
)LJ± *XDUGDURGD PHWiOLFR
IDWRU iJXD ± FLPHQWR YDULDQGR QRUPDOPHQWH
HQWUHH03D
2FRQFUHWRpRPDWHULDOLGHDOSDUDDPHVRHLQIUD
HVWUXWXUDGDVSRQWHVGHYLGRDVXDUHVLVWrQFLDj
DomRGRVVRORVHjVXDPDVVDSRUTXHHPDO
JXQVFDVRVDVEDVHVRVSLODUHVHRVHQFRQWURV
VmRSURMHWDGRVPXLWRPDLVSHODHVWDELOLGDGHGR
TXHSHODVWHQV}HV
2FRQFUHWRWHPVLGRRLGHDOSDUDRWDEXOHLURIRU
PDQGRMXQWRFRPDVYLJDVGHDoRXPVLVWHPD
PLVWRDOWDPHQWHHILFLHQWHHHFRQ{PLFR

 0DWHULDLVXVDGRVHVXDVIXQo}HVQDFRQVWUXomRGHSRQWHVHPDoR 
2FRQFUHWRFRPRWRGRHTXDOTXHUPDWHULDOSUH
FLVDWDPEpPGHPDQXWHQomRVHQGRTXHXPGRV
SRQWRVTXHPDLVDJUDYDDVLWXDomRpDHVSHV
VXUDQRVUHYHVWLPHQWRVTXHGHYHVHUFRPSDWt
YHOFRPDGDDJUHVVLYLGDGHGRPHLR
$ILJXUDPRVWUDXPJXDUGDURGDGHFRQFUHWR
WLSR³1HZ-HUVH\´
±$SDUHOKRVGHDSRLR
2VDSDUHOKRVGHDSRLRPDLVXVDGRVKRMHHP
WRGRRPXQGRVmRGH1HRSUHQHIUHWDGRTXH
VmRFRPSRVWRVSRUFDPDGDVGHQHRSUHQHGH
 PP GH HVSHVVXUD H FKDSDV GH DoR IRU
PDQGRXPFRQMXQWRFRPHVSHVVXUDGHD
PPHPIRUPDWRUHWDQJXODURXFLUFXODU FRPFD
SDFLGDGHGHFDUJDYHUWLFDOGHDN1
HURWDomRGHD 9HU7DE$

±-XQWDVGHGLODWDomR

([LVWHP QR PHUFDGR XPD VpULH GH MXQWDV GH

GLODWDomRTXHTXDQGRQHFHVViULRGHYHPVHU
LQVWDODGDVSDUDSHUPLWLUDOLYUHPRYLPHQWDomR
GRYmRDRORQJRGRVHXFRPSULPHQWR2FRHIL
FLHQWH GH GLODWDomR WpUPLFD GR DoR p LJXDO D
[ SRUR&3DUDGLVWkQFLDHQWUHMXQWDVHP
JHUDOVHFRQVLGHUDXPYDULDomRGHWHPSHUDWXUD
GH ± R &SDUDHVWUXWXUDVSURWHJLGDVHGHR&
SDUDDVQmRSURWHJLGDVGRVUDLRVVRODUHV
3RQWHVGHDoRFRPFRPSULPHQWRVDWpPSR
GHPVHUFRQVWUXtGDVFRPMXQWDVGHGLODWDomRIDO
VDVHPEXWLGDVQRFRQFUHWR$)LJDPRV
WUDXPDGHVVDVVROXo}HVHD)LJEXPDMXQWD
GHQHRSUHQH9HU7DE$

)LJ±*XDUGDURGDGHFRQFUHWR

D±([HPSORGHXPDMXQWDIDOVD


 3LQWXUD

([LVWHPYiULRVVLVWHPDVGHSLQWXUDTXHSRGHP
VHU DGRWDGRV GHSHQGHQGR GR JUDX GH
DJUHVVLYLGDGHGRPHLRDPELHQWH
(P JHUDO TXDQGR VH XVD DoRV UHVLVWHQWHV j
FRUURVmR DWPRVIpULFD GR WLSR &25 H HP
DPELHQWHVGHSRXFDDJUHVVLYLGDGHFRPRUXUDO
RX PHVPR PDULQKR SRXFR VDOLQR QmR Ki
E±-XQWDFRQYHQFLRQDO QHFHVVLGDGHGHTXDOTXHUVLVWHPDGHSLQWXUDD
QmRVHUSRUTXHVW}HVHVWpWLFDVPDVQHVVHFDVR
)LJ  ± ([HPSORV GH MXQWDV GH GLODWDomR SRGHVHXVDUXPHVTXHPDPDLVVLPSOHVHPDLV
EDUDWR20DQXDO&%&$VREUH7UDWDPHQWRGH
5HYHVWLPHQWR 6XSHUItFLH H 3LQWXUD ±  p XPD ERD
(PJHUDORWDEXOHLURpUHYHVWLGRSRUXPDFD
PDGDGHDVIDOWRGHDFPRXSRUXPDFD
PDGDDGLFLRQDOGHFRQFUHWRGHDOWDUHVLVWrQFLD
GHDSUR[LPDGDPHQWHFPFRPRPHGLGDSDUD
HYLWDURGHVJDVWHSURSULDPHQWHGLWRGRWDEXOHL
UR
'UHQDJHP
2VLVWHPDGHGUHQDJHPGDSLVWDGHURODPHQWR
pIHLWDSRUPHLRGHWXERVGHGHVFLGDHP39&
RXPHWiOLFRVFRORFDGRVDHVSDoDPHQWRVSUHYL
DPHQWHFDOFXODGRV1RFDVRGRVYLDGXWRVSRGH
VHUQHFHVViULRDFRORFDomRGHFDOKDVPHWiOL
FDVSDUDDFROHWDGDiJXDHYLWDQGRTXHDPHV
PD VHMD MRJDGD GLUHWDPHQWH QD SLVWD LQIHULRU
UHIHUrQFLD
8P H[HPSOR GR XVR GHVWH WLSR GH DoR VHP
SLQWXUDVmRRVHOHYDGRVGD3HULPHWUDOH/LQKD
9HUPHOKD QD FLGDGH GR 5LR GH -DQHLUR
0HGLo}HVUHDOL]DGDVDSyVDQRVLQGLFDUDP
XPDSHUGDGHHVSHVVXUDGHPPHTXLYDOHQWH
DXPSHUtRGRGHDQRV
$FLGDGHGR5LRGH-DQHLURIDYRUHFHDFULDomR
GDSiWLQDSURWHWRUDQHVWHWLSRGHDoRYLVWRVHU
XPDUHJLmRTXHWHPERPtQGLFHSOXYLRPpWULFR
FRPPXLWDDHUDomR
-iQRSURORQJDPHQWRGD/LQKD9HUPHOKDFRP
WUHFKRVHPTXHDPHVDLQIHULRUGDVYLJDVHVWmR
DDSUR[LPDGDPHQWHPGRQtYHOGRPDUWRGR
)LJ R DoR GDV YLJDV IRL MDWHDGR DR PHWDO TXDVH
EUDQFRHWUDWDGRSRUXPVLVWHPDGHSLQWXUDWLSR
(SR[LPDVWLF

)LJ  ± ([HPSORV GH 'UHQDJHP


&DStWXOR
1RUPDVHVWUXWXUDLV


 1RUPDVHVWUXWXUDLV 
$ILPGHUHVJXDUGDUDVHJXUDQoDGRS~EOLFR
DVDXWRULGDGHVHVWDEHOHFHPFyGLJRVGHFRQV
WUXomRPHGLDQWHRVTXDLVVmRFRQWURODGDVDV
FRQVWUXo}HV (VWHV FyGLJRV SUHVFUHYHP DV
FDUJDV PtQLPDV DV WHQV}HV Pi[LPDV GRV
PDWHULDLVDTXDOLGDGHGRVPDWHULDLVRVSUR
FHGLPHQWRVGHIDEULFDomRHPXLWRVRXWURVID
WRUHVLPSRUWDQWHV
2VFyGLJRVGHFRQVWUXomRRXQRUPDVVmRGH
VHQYROYLGDVFRPRDX[tOLRGHWpFQLFRVH[SHUL
HQWHVHPXLWRVUHVXOWDGRVGHHQVDLRV2SURMH
WLVWDGHYHVHKDELWXDUjLGpLDGHTXHDVQRU
PDV QmR IRUDP IHLWDV SDUD WROKHU VXD
FULDWLYLGDGHHVROXo}HVPDVVLPSDUDVHUHP
XPDYDOLRVDDMXGDHJXLDGHWUDEDOKR
1RUPDV%UDVLOHLUDV
1RSUHVHQWHWUDEDOKRVHUmRVHJXLGDVDV1RU
PDV%UDVLOHLUDVGD$%17HTXDQGRDVQRUPDV
EUDVLOHLUDVVmRRPLVVDVRXLQH[LVWHQWHVDGR
WDUHPRV 1RUPDV HVWUDQJHLUDV UHFRQKHFLGDV
LQWHUQDFLRQDOPHQWH
1RUPDV%UDVLOHLUDVXVDGDVQHVWHPDQXDO
1%53URMHWRHH[HFXomRGH
SRQWHVGHFRQFUHWRDUPDGRHSURWHQGLGR
1%5&DUJDPyYHOHPSRQWH
URGRYLiULDHSDVVDUHODGHSHGHVWUH
1%5&DUJDVSDUDRFiOFXORGH
HVWUXWXUDVGHHGLILFDo}HV
1%5)RUoDVGHYLGDVDRVYHQ
WRVHPHGLILFDo}HV
1RUPDVHVWUDQJHLUDV
&RPRDLQGDQmRH[LVWHQRUPDEUDVLOHLUDSDUD
SRQWHVPHWiOLFDVWHUHPRVTXHXVDUQRUPDVHV
WUDQJHLUDV

6mRUHFRQKHFLGDVLQWHUQDFLRQDOPHQWHDVVHJXLQ
WHVQRUPDVHVWUDQJHLUDVSDUDSRQWHVPHWiOLFDV
1RUPDV$PHULFDQDV
$$6+726WDQGDUG6SHFLILFDWLRQV
IRU+LJKZD\%ULGJHV
2XWUDVQRUPDVHVWUDQJHLUDV
&DQDGHQVH,QJOHVDH$OHPm
&RPR DV QRUPDV EUDVLOHLUDV SDUD HVWUXWXUDV
PHWiOLFDVVHPSUHIRUDPGHVHQYROYLGDVWHQGR
FRPREDVHQRUPDVDPHULFDQDVSDUDPDQWHUD
FRUUHODomRXVDUHPRVFRPREDVHSDUDRVSUR
MHWRV GDV SRQWHV URGRYLiULDV PHWiOLFDV DV
HVSHFLILFDo}HVDPHULFDQDVGD$$6+72
$$6+726WDQGDUG6SHFLILFDWLRQV
IRU+LJKZD\%ULGJHV±WK(GLWLRQ
±$SOLFDomR
(VWHUHVXPRGDQRUPDVHDSOLFDDDOJXQVWLSRV
LQGLFDGRVGHSRQWHVURGRYLiULDV
0DWHULDLV
*HQHUDOLGDGHV
(VWDHVSHFLILFDomRUHFRQKHFHRVDoRVOLVWDGRV
QRVVXESDUiJUDIRVVHJXLQWHV2XWURVDoRVSR
GHPVHUXVDGRV&RQWXGRVXDVSURSULHGDGHV
UHVLVWrQFLD WHQV}HV DGPLVVtYHLV H
WUDEDOKDELOLGDGH GHYHP VHU HVWDEHOHFLGDV H
HVSHFLILFDGDV
$oRVHVWUXWXUDLV
2V DoRV HVWUXWXUDLV GHYHUmR VHU FRQIRUPH D
7DEHOD
2 (D 0yGXOR GH HODVWLFLGDGH SDUD WRGRV RV
JUDXVGHDoRVVHUiFRQVLGHUDGRLJXDOD 
N1FP H R &RHILFLHQWH GH H[SDQVmR OLQHDU
LJXDOD [R&
7DEHOD3URSULHGDGHVPtQLPDVSDUDDoRVHVWUXWXUDLVN1FP
$oR$OWD
$oR(VWUXWXUDO $oR$OWD5HVLVWrQFLD
7LSRGH$oR 5HVLVWrQFLD
&RPXP 0HFkQLFDHj&RUURVmR
0HFkQLFD

'HVLJQDomR$670 $ $* $

(VSHVVXUDGDV&KDSDV DWpPP DWpPP DWpPP

/LPLWHGH5XSWXUD)X   

/LPLWHGH(VFRDPHQWR)\   

$oRVSDUDSLQRVHUROHWHV
2VDoRVSDUDSLQRVHUROHWHVGHYHUmRVHUFRQIRUPHXPGRVDoRVGHVLJQDGRVQD7DEHODDOpP
GRVDoRVGHVLJQDGRVQD7DEHOD

7DEHOD3URSULHGDGHVPtQLPDVSDUDSLQRVHUROHWHVN1FP

$
'HVLJQDomR$670
*UDXVj

/LPLWDomRGLPHQVLRQDO PPGHGLkPHWURRXPHQRV

/LPLWHGH(VFRDPHQWR0tQLPR)\ D
D

D6RPHQWHSDUDXVRQRFiOFXORQmRID]SDUWHGD$670$
3DUDIXVRVHUHELWHV
'HYHPVHUGHDoRFDUERQR$670$5HELWHV$670$JUDXVH3DUDIXVRVGH$OWD5HVLV
WrQFLD$670$RX$670$

0HWDOGHVROGD
'HDFRUGRFRPDVUHFRPHQGDo}HVGD$:6'

±&DUUHJDPHQWRUHSHWLWLYRHIDGLJD

)DL[DGHWHQVmRDGPLVVtYHO
(OHPHQWRVHOLJDo}HVVXMHLWDVDUHSHWLGDVYDULDo}HVRXUHYHUV}HVGHWHQVmRGHYHUmRVHUSURMHWDGDV
GHIRUPDTXHDWHQVmRPi[LPDQmRH[FHGDDWHQVmREiVLFDDGPLVVtYHOGDGDQRLWHPHTXHD
IDL[DDWXDOGHWHQVmRQmRH[FHGDD )DL[DDGPLVVtYHOGHWHQVmR GDGDQD7DEHODSDUDRVWLSRVH
ORFDOL]Do}HVDSURSULDGRVGDGRVQD7DEHODHPRVWUDGRVQD)LJXUD

&LFORVGH&DUUHJDPHQWRV
2Q~PHURGHFLFORVGDYDULDomRPi[LPDGHWHQVmRDVHUFRQVLGHUDGRQRSURMHWRGHYHUiVHUVHOHFL
RQDGRGD7DEHODDPHQRVTXHPHGLo}HVGHWUiIHJRRXRXWUDVFRQVLGHUDo}HVLQGLTXHPGHRXWUD
IRUPD

 1RUPDVHVWUXWXUDLV


7DEHOD3DUkPHWURVGH)DGLJD




 1RUPDVHVWUXWXUDLV 




)LJ([HPSORV,OXVWUDWLYRV


 1RUPDVHVWUXWXUDLV 
5HTXLVLWRVGH,PSDFWR&KDUS\9
&RPSRQHQWHVGHHOHPHQWRVTXHFDU
UHJDPFDUJDVSULQFLSDLVVXMHLWRVjWHQVmRGH
WUDomRQHFHVVLWDPGHSURSULHGDGHVVXSOHPHQ
WDUHV GH ,PSDFWR FRPR GHVFULWR QDV
HVSHFLILFDo}HVGRPDWHULDO
(VWHVUHTXLVLWRVGH,PSDFWRYDULDP
GHSHQGHQGRGRWLSRGH DoRWLSRGHFRQVWUX
omROLJDo}HVVROGDGDVRXSDUDIXVDGDVHWHP
SHUDWXUDPpGLDGHVHUYLoRDTXDODHVWUXWXUD
SRGHVHUVXEPHWLGD
&RPSULPHQWRHIHWLYRGRYmR
3DUDRFiOFXORGDVWHQV}HVGHYHUiVHUFRQVL
GHUDGRSDUDRFRPSULPHQWRGRYmRDGLVWkQFLD
HQWUHFHQWURGRVDSDUHOKRVGHDSRLRRXRXWURV
SRQWRVGHDSRLR
±5HODo}HVSDUDDVDOWXUDV
3DUDDVYLJDVODPLQDGDVRXVROGDGDV
DUHODomRDOWXUDGDYLJDFRPSULPHQWRGRYmR
GHYHUiVHUSUHIHUHQFLDOPHQWHQmRPHQRUTXH

  3DUD DV YLJDV PLVWDV D UHODomR GD
omRGHYLGDjVFDUJDVPyYHLVPDLVLPSDFWRSUH
IHUHQFLDOPHQWH QmR H[FHGD D  GR YmR
H[FHWRHPSRQWHVHPiUHDVXUEDQDVXVDGDVSRU
SHGHVWUHVRQGHDUHODomRSUHIHUHQFLDOPHQWH
QmRGHYHUiH[FHGHUD 
$GHIRUPDomRGHWUHFKRVHPEDODQoR
GHYLGDjVFDUJDVPyYHLVPDLVLPSDFWRSUHIH
UHQFLDOPHQWHGHYHPVHUOLPLWDGDVHP  GR
FRPSULPHQWR GR EDODQoR H[FHWR QR FDVR GH
XVRSRUSHGHVWUHVRQGHROLPLWHSUHIHUHQFLDO
PHQWHGHYHVHU 
4XDQGRRYmRWHPFRQWUDYHQWDPHQWRV
WUDQVYHUVDLVHGLDIUDJPDVVXILFLHQWHVHPDOWX
UDHUHVLVWrQFLDSDUDJDUDQWLUDGLVWULEXLomROD
WHUDOGDVFDUJDVDGHIRUPDomRSRGHVHUFDO
FXODGDSDUDRWUHPWLSRGHFiOFXORFRQVLGHUDQ
GRWRGDVDVYLJDVRXORQJDULQDVFRPRDWXDQGR
MXQWDVHWHQGRGHIRUPDo}HVLJXDLV
3DUDRFiFXORGDGHIRUPDomRGHYLJDV
ODPLQDGDVHVROGDGDVGHYHVHUXVDGRRPR
PHQWRGHLQpUFLDGDiUHDGDVHomRWUDQVYHU
VDO4XDQGRDYLJDpSDUWHGHXPDVHomRPLV
WDDFDUJDGHYHVHUFRQVLGHUDGDFRPRDJLQGR
QDVHomRFRPSRVWD
DOWXUDWRWDOYLJDGHDoRODMHFRPSULPHQWRGR
YmRGHYHUiVHUSUHIHUHQFLDOPHQWHQmRPHQRU
TXHHDUHODomRSDUDDDOWXUDGDYLJDGH
DoR LVRODGDFRPSULPHQWR GR YmR GHYHUi VHU
SUHIHUHQFLDOPHQWHQmRPHQRUTXH 
3DUDDVWUHOLoDVDUHODomRGDDOWXUD
FRPSULPHQWRGRYmRGHYHUiVHUSUHIHUHQFLDO
PHQWHQmRPHQRUTXH 
±'HIRUPDo}HV
$³GHIRUPDomR´GHYHVHUFDOFXODGDGH
DFRUGR FRP RV PHVPRV FULWpULRV GH FDUJDV
DGRWDGRVSDUDRFiOFXORGDVWHQV}HV
(OHPHQWRVGHYmRVVLPSOHVRXFRQWtQX
RVGHYHPVHUSURMHWDGRVSDUDTXHDGHIRUPD

$iUHDEUXWDGHFDGDHOHPHQWRGHWUH
OLoDGHYHUiVHUXVDGDQRFiOFXORGDVGHIRUPD
o}HV6HIRUXVDGRFKDSDVSHUIXUDGDVDiUHD
HIHWLYDGHYHUiVHURYROXPHOtTXLGRGLYLGLGRSHOR
FRPSULPHQWRGHFHQWURjFHQWURGHSHUIXUDo}HV
2VUHTXHULPHQWRVDFLPDSRGHPVHU
H[FHGLGRVjFULWpULRGRSURMHWLVWD
±(VEHOWH]OLPLWHSDUDRVHOHPHQWRV
3DUD RV HOHPHQWRV FRPSULPLGRV D HVEHOWH]
./UQmRGHYHUiH[FHGHUD SDUDHOHPHQ
WRVSULQFLSDLVRXSDUDDTXHOHVRQGHDVWHQV}HV
Pi[LPDVVmRRUHVXOWDGRGHFDUJDVSHUPDQHQ
WHVRXFDUJDVPyYHLVHQmRGHYHUiH[FHGHUD
 SDUDHOHPHQWRVVHFXQGiULRVRXSDUDDTXH
OHV TXH WrP FRPR ILQDOLGDGH SULQFLSDO R
FRQWUDYHQWDPHQWRSDUDFDUJDVODWHUDLVRXDUH
GXomRGRFRPSULPHQWRGHIODPEDJHPGHRXWURV
HOHPHQWRVSULQFLSDLVRXVHFXQGiULRV
3DUDRVHOHPHQWRVWUDFLRQDGRVH[FHWRWLUDQ
WHVEDUUDVFRPROKDLVFDERVHFKDSDVDUHOD
omR/U QmRGHYHUi H[FHGHUD SDUD HOH
PHQWRV SULQFLSDLV H  SDUD HOHPHQWRV GH
FRQWUDYHQWDPHQWRH  SDUDHOHPHQWRVSULQ
FLSDLVVXMHLWRVjUHYHUVmRGHWHQV}HV
±(VSHVVXUDVPtQLPDV
$HVSHVVXUDPtQLPDGRDoRHVWUXWXUDOLQFOXVLYH
FRQWUDYHQWDPHQWRVGLDIUDJPDVHWRGRVRVWLSRV
HPGXSODFDQWRQHLUDFRQHFWDGDVDEDDDEDQR
PHVPRODGRGHXPDFKDSDGHOLJDomRGHYHUmR
FRQVLGHUDUFRPRiUHDHIHWLYDDiUHDOtTXLGDGD
DEDFRQHFWDGDRXDPHVDPDLVDPHWDGHGD
iUHDGDDEDHPSURMHomR
 6H R HOHPHQWR WUDFLRQDGR HP GXSOD
FDQWRQHLUD RX VHomR 7 p FRQHFWDGR FRP DV
FDQWRQHLUDVRXPHVDVDEDjDEDGHODGRVRSRV
WRVGDFKDSDGHOLJDomRDiUHDHIHWLYDGHYHUi
VHUDiUHDOtTXLGDWRWDOGRVSHUILV
$EDVHPSURMHomRGHFDQWRQHLUDV
$ODUJXUDGDVDEDVHPSURMHomRGHFDQWRQHLUDV
GHFKDSDVGHOLJDomR H[FHWRSDUDDOPDVGH FRPSULPLGDVH[FHWRRQGHUHIRUoDGDSRUFKD
FHUWRVSHUILVODPLQDGRVHUHIRUoRIHFKDGRVGH
SODFDVRUWRWUySLFDVGHWDEXOHLURGHYHUiVHUGH
PP$HVSHVVXUDGDDOPD GHSHUILV,RX8
ODPLQDGRVQmRGHYHUiVHUPHQRUTXH PP$
HVSHVVXUD GH UHIRUoRV IHFKDGRV GH SODFDV
RUWRWUySLFDVQmRGHYHUiVHUPHQRUTXH PP
2QGHRPHWDOILFDUiH[SRVWRDDo}HVFRUURVL
YDVHOHGHYHUiWHUVXDHVSHVVXUDDXPHQWDGD
RXHVSHFLDOPHQWHSURWHJLGRFRQWUDDFRUURVmR
'HYHUiVHUREVHUYDGRTXHH[LVWHPRXWUDVSUR
YLV}HVQHVWDVHomRSDUDHVSHVVXUDVGHFKDSDV
GHHQFKLPHQWRVHJPHQWRVGHHOHPHQWRVFRP
SULPLGRVFKDSDVGHOLJDomRHWF&RPRHVWD
EHOHFLGRDFLPDDVFKDSDVGHHQFKLPHQWRQmR
SUHFLVDPDWHQGHURPtQLPRGHPP
3DUDHOHPHQWRVFRPSULPLGRVYHU³7UHOLoDV´
SDVQmRGHYHUiH[FHGHURVHJXLQWH
(PHOHPHQWRVSULQFLSDLVVXMHLWRVjWHQV}HV
D[LDLVYH]HVDHVSHVVXUD
 (P FRQWUDYHQWDPHQWRV H RXWURV HOHPHQWRV
VHFXQGiULRV  YH]HVDHVSHVVXUD
3DUDRXWUDVOLPLWDo}HVYHULWHP
([SDQVmRHFRQWUDomR
(PWRGDVDVSRQWHVRSURMHWRGHYHID]HUSUHYL
V}HVSDUDUHVLVWLUjVWHQV}HVWpUPLFDVLQGX]LGDV
RXPHLRVSDUDOLEHUDURVPRYLPHQWRVFDXVDGRV
SHODVPXGDQoDVGHWHPSHUDWXUD'HYHPVHUIHL
WDVSUHYLV}HVSDUDPXGDQoDVQRFRPSULPHQWR
GRYmRGHYLGRjVWHQV}HVRULXQGDVGDVFDUJDV
PyYHLV(PYmRVPDLRUHVTXH PGHYHPSHU
PLWLUDH[SDQVmRHDFRQWUDomRQRVSLVRV$V
H[WUHPLGDGHVGHYHPHVWDUFRQWLGDVFRQWUDPR
LWHP YLPHQWRVODWHUDLV
3DUDHQULMHFHGRUHVHRXWUDVFKDSDVYHU³9L
JDV&RPSRVWDV´LWHP (OHPHQWRVIOHWLGRV
 3DUD HQULMHFHGRUHV H DEDV HP SURMHomR GH (OHPHQWRVIOHWLGRVGHYHPVHUSURMHWDGRVXVDQ
FDQWRQHLUDVHWFYHULWHP GRRPyGXORGHVHomRHOiVWLFR

±ÈUHDHIHWLYDGHFDQWRQHLUDVHVHo}HV7 &KDSDVGHUHIRUoR
WUDFLRQDGDV &RYHU3ODWHV

(OHPHQWRVWUDFLRQDGRVGHFDQWRQHLUD 2FRPSULPHQWRGHTXDOTXHUFKDSDGHUHIRUoR
VLPSOHVVHomR7RXFDGDFDQWRQHLUDGHVHomR DGLFLRQDGDDXPDYLJDODPLQDGDQmRGHYHUiVHU


 1RUPDVHVWUXWXUDLV 

PHQRUTXH GPHWURRQGH³G´pDDOWXUDGD
YLJDHPPHWURV
&KDSDGHUHIRUoRGHFRPSULPHQWRSDUFLDOQmR
GHYHVHUXVDGDHPPHVDVFRPPDLVGH PP
GHHVSHVVXUDSDUDHOHPHQWRVTXHSRGHPSUR
YRFDURFRODSVRGDSRQWHVXMHLWDVDFDUUHJD
PHQWRV UHSHWLWLYRV TXH SURGX]HP WUDomR RX
UHYHUVmRGHWHQVmRQRHOHPHQWR
$HVSHVVXUDPi[LPDSDUDXPDFKDSDGHUHIRU
oR VLPSOHV SDUD XPD PHVD QmR GHYHUi VHU
PDLRUTXH  YH]HVDHVSHVVXUDGDPHVDjTXDO
DFKDSDGHUHIRUoRHVWiOLJDGD$HVSHVVXUDWR
WDOGHWRGDVDVFKDSDVGHUHIRUoRQmRGHYHUi
VHUPDLRUTXH  YH]HVDHVSHVVXUDGDPHVD
&RQWUDIOHFKD
$VYLJDVVROGDGDVGHYHPWHUFRQWUDIOHFKDSDUD
FRPSHQVDUDVGHIRUPDo}HVGHYLGDVjVFDUJDV
SHUPDQHQWHVHjFXUYDWXUDYHUWLFDOFRQIRUPHR
SHUILOGR³JUHLGH´
9LJDVODPLQDGDVFXUYDGDVDTXHQWHH
YLJDVVROGDGDV
(VWDVHomRWUDWDGHYLJDVODPLQDGDVHVROGD
GDVFXUYDGDVDTXHQWHSDUDREWHUXPDFXUYDWX
UDKRUL]RQWDO$oRVFRPOLPLWHVGHHVFRDPHQWR
PtQLPRPDLRUTXHN1FP QmRGHYHUmRVHU
FXUYDGRVDTXHQWH
7UHOLoDV
*HQHUDOLGDGHV
3DUWHVFRPSRQHQWHVGHXPHOHPHQWRLQGLYLGX
DOGHWUHOLoDGHYHPVHUFRQHFWDGDVSRUVROGDV
UHELWHVRXSDUDIXVRVGHDOWDUHVLVWrQFLD
'HYHVHUGDGDSUHIHUrQFLDDWUHOLoDVFRPVLVWH
PDVGHLQWHUVHomRGHDOPDVLPSOHV2VHOHPHQ
WRVGHYHPVHUVLPpWULFRVHPUHODomRDRSODQR
GDWUHOLoD
$VWUHOLoDVGHYHPSUHIHUHQFLDOPHQWHWHUSRVWHV

GHH[WUHPLGDGHVLQFOLQDGRV
7UHOLoDVSULQFLSDLVGHYHPHVWDUHVSDoDGDVVX
ILFLHQWHPHQWHGHFHQWURDFHQWURSDUDVHUVH
JXUDFRQWUDRWRPEDPHQWRGHYLGRjVFDUJDVOD
WHUDLV
3DUDRFiFXORGDVWHQV}HVDVVHJXLQWHVDOWX
UDVHIHWLYDVGHYHPVHUDGRWDGDV
7UHOLoDVVROGDGDV
DGLVWkQFLDHQWUHRVFHQWURVGHJUDYLGDGHGDV
FRUGDV
7UHOLoDVFRQHFWDGDVSRUSLQRV
DGLVWkQFLDHQWUHRVFHQWURVGRVSLQRVGDVFRU
GDV
(OHPHQWRVGHWUHOLoD
(OHPHQWRV GH WUHOLoD FRPR FRUGDV H DOPDV
GHYHP XVXDOPHQWH VHU IHLWRV GDV VHJXLQWHV
VHo}HV
6Ho}HV+
6Ho}HV8
&DL[mRVLPSOHV
&DL[mRGXSOR
6HDIRUPDGDWUHOLoDSHUPLWLUDVFRUGDVFRP
SULPLGDVGHYHPVHUFRQWtQXDV
'LDIUDJPDVHHVWUXWXUDVWUDQVYHUVDLV
*HQHUDOLGDGHV
9mRV GH YLJDV ODPLQDGDV H VROGDGDV GHYHP
WHUHVWUXWXUDVWUDQVYHUVDLVRXGLDIUDJPDVHP
FDGDDSRLRHHVWUXWXUDVWUDQVYHUVDLVRXGLDIUDJ
PDVLQWHUPHGLiULRVFRORFDGRVHPWRGDVDVDODV
HHVSDoDGDVHPLQWHUYDORVTXHQmRH[FHGDP
P
'LDIUDJPDVSDUDYLJDVODPLQDGDVGHYHPWHUQR
PtQLPR  HSUHIHUHQFLDOPHQWHòGDDOWXUDGD
YLJDHSDUDSHUILVVROGDGRVQRPtQLPRòHSUH
IHUHQFLDOPHQWHôGDDOWXUDGRSHUILO

'LDIUDJPDVWUDQVYHUVDLVLQWHUPHGLiULRVGHYHUmRSUHIHUHQFLDOPHQWHVHUGRWLSR;RX92VGLDIUDJ
PDVRXHVWUXWXUDVWUDQVYHUVDLVGHH[WUHPLGDGHGHYHPVHUGLPHQVLRQDGRVSDUDWUDQVPLWLUDGHTXD
GDPHQWHWRGDVDVFDUJDVODWHUDLVSDUDRVDSRLRV

3URMHWRSHODVWHQV}HVDGPLVVtYHLV

3URMHWRSHODVWHQV}HVDGPLVVtYHLVpXPPpWRGRSDUDRGLPHQVLRQDPHQWRGRVHOHPHQWRVHVWUXWX
UDLVXVDQGRFDUJDVHIRUoDVWHQV}HVDGPLVVtYHLVHOLPLWHVGHSURMHWRSDUDRVPDWHULDLVDSURSULD
GRVVREFRQGLo}HVGHVHUYLoR

 7HQV}HVDGPLVVtYHLV

$oRDVWHQV}HVDGPLVVtYHLVSDUDRDoRGHYHUmRVHUFRPRHVSHFLILFDGRQD7DEHOD


 1RUPDVHVWUXWXUDLV 




0HWDOGH6ROGD
$PHQRV TXHHVSHFLILFDGR GHRXWUD IRUPDR
OLPLWHGHHVFRDPHQWRHROLPLWH~OWLPRGRPHWDO
GHVROGDGHYHUiVHULJXDORXPDLRUGRTXHR
YDORUPtQLPRHVSHFLILFDGRSDUDRPHWDOEDVH
$VWHQV}HVDGPLVVtYHLVQDiUHDHIHWLYDGRPHWDO
GHVROGDGHYHPVHUFRPRDVHJXLU
6ROGDVGHSHQHWUDomRFRPHQWDOKH
2PHVPRGRPHWDOEDVHOLJDGRH[FHWRQRFDVR
GHDoRVFRPGLIHUHQWHVOLPLWHVGHHVFRDPHQWR
RQGHRPHQRUYDORUFRPDQGDUi
6ROGDVGHILOHWH
)Y )X
RQGH
)Y WHQVmRDGPLVVtYHOEiVLFDGHFLVDOKDPHQWR
±9LJDVODPLQDGDV
9LJDVODPLQDGDVLQFOXVLYHFRPUHIRUoRGHFKD
WH3DUDPHPEURVVXMHLWRVjIOH[mRVLPSOHVD
VHomREUXWDGHYHUiVHUXVDGDSDUDRFiOFXORGDV
WHQV}HVGHWUDomRHFRPSUHVVmR)XURVSDUD
SDUDIXVRVGH DOWDUHVLVWrQFLD RXUHELWHV HRX
DEHUWXUDVTXHQmRH[FHGDPDPPSRGHP
VHUGHVSUH]DGDVGHVGHTXHDiUHDUHPRYLGD
GH FDGD PHVD QmR H[FHGD  GD iUHD GD
PHVD$iUHDTXHH[FHGHUDGHYHUiVHU
GHGX]LGDGDiUHDEUXWD
$PHVDFRPSULPLGDGHYLJDVFRPSRVWDVTXH
VXSRUWDSLVRVGHPDGHLUDQmRGHYHVHUFRQVL
GHUDGD FRQWLGD ODWHUDOPHQWH SHOR VLVWHPD GH
SLVR D PHQRV TXH HVSHFLDOPHQWH SURMHWDGD
SDUDSURYHURVXSRUWHODWHUDODGHTXDGR
0HVDV
&DGDPHVDSRGHVHUFRPSRVWDGHXPVpULHGH
FKDSDVVROGDGDVGHWRSRSRUVROGDVGHSHQH
WUDomRWRWDO
0XGDQoDVGHiUHDSRGHPVHUIHLWDVYDULDQGR
VH D HVSHVVXUD HRX D ODUJXUD GD FKDSD GD
SDVFRYHUSODWHVGHYHUmRVHUFDOFXODGDVSHOR PHVD RX SHOD DGLomR GH FKDSDV GH UHIRUoR
PpWRGRGRPRPHQWRGHLQpUFLDHODVWLFDPHQ FRYHUSODWHV
WH
$ PHVD FRPSULPLGD GH YLJDV ODPLQDGDV TXH $UHODomRODUJXUDHVSHVVXUDGDFKDSDGDPHVD
VXSRUWDSLVRVGHPDGHLUDQmRGHYHVHUFRQVL FRPSULPLGDQmRGHYHUiH[FHGHURYDORUGHWHU
GHUDGD FRQWLGD ODWHUDOPHQWH SHOR VLVWHPD GH PLQDGRSHODIyUPXOD
SLVR D PHQRV TXH HVSHFLDOPHQWH SURMHWDGD
SDUDSURYHURVXSRUWHODWHUDODGHTXDGR

(QULMHFHGRUHVGHDSRLR PDVHPQHQKXPFDVREWH[FHGHUi

'HYHP VHU FRORFDGRV HQULMHFHGRUHV SDUD 1RFDVRGHYLJDPLVWDDUHODomREWGDPHVD

HQULMHFHUDDOPDGHYLJDVODPLQDGDVQRVDSRL FRPSULPLGD VXSHULRU QmR GHYHUi H[FHGHU R
RVTXDQGRRFLVDOKDPHQWRQDDOPDDGMDFHQWH YDORUGHWHUPLQDGRSHODIyUPXOD
DRV DSRLRV H[FHGHU  GD WHQVmR GH
FLVDOKDPHQWRDGPLVVtYHOSDUDDDOPDGDYLJD
YHULWHP
RQGH
±9LJDVFRPSRVWDV IGO DWHQVmRGHFRPSUHVVmRGDPHVDVXSHUL
3HUILV6ROGDGRV RUGHYLGRDFDUJDSHUPDQHQWHLQLFLDO

9LJDVFRPSRVWDVGHYHUmRVHUFDOFXODGDVSHOR
PpWRGRGRPRPHQWRGHLQpUFLDHODVWLFDPHQ


 1RUPDVHVWUXWXUDLV 

(VSHVVXUDGDFKDSDGHDOPD RQGH
K DOWXUDGDDOPDVHPFRQWHQomRHQWUH
9LJDVVHPHQULMHFHGRUHVORQJLWXGLQDLV PHVDV
$ HVSHVVXUDGD DOPDGH XPDYLJD FRPSRVWD WZ HVSHVVXUDGDDOPDHPFHQWtPHWURV
VHPHQULMHFHGRUHVORQJLWXGLQDLVQmRSRGHUiVHU )Y WHQVmRDGPLVVtYHODRFLVDOKDPHQWRHP
PHQRUTXHRYDORUGHWHUPLQDGRSHODIyUPXOD N1FP

2QGHRVHQULMHFHGRUHVWUDQVYHUVDLVVmRQHFHV
ViULRV R HVSDoDPHQWR HQWUH HQULMHFHGRUHV
WUDQVYHUVDLVLQWHUPHGLiULRVGRGHYHVHUWDOTXH

PDVHPQHQKXPFDVR DHVSHVVXUDSRGHVHU DWHQVmRGHFLVDOKDPHQWRFDOFXODGDQmRH[FH
PHQRUTXHK GDRYDORUGDGRSHODVHJXLQWHHTXDomR
RHVSDoDPHQWRPi[LPRpOLPLWDGRHP K

9LJDVFRPHQULMHFHGRUHVORQJLWXGLQDLV
$HVSHVVXUDGDDOPDGHXPDYLJDFRPSRVWD
HTXLSDGDFRPHQULMHFHGRUHVORQJLWXGLQDLVQmR
SRGHUiVHUPHQRUTXHRYDORUGHWHUPLQDGRSHOD
IyUPXOD

K IE
WZ = RQGH

K  N
SDUD < & =
PDVHPQHQKXPFDVR DHVSHVVXUDSRGHVHU WZ )\
PHQRUTXHK
 N K  N
SDUD ≤ ≤
(QULMHFHGRUHVWUDQVYHUVDLV )\ WZ )\
LQWHUPHGLiULRV
 N
& =
⎛ K ⎞ )
2V HQULMHFHGRUHV WUDQVYHUVDLV SRGHUmR VHU ⎜ W ⎟ \
⎝ Z ⎠
RPLWLGRVVHDWHQVmR PpGLDGHFLVDOKDPHQWR
QD VHomR EUXWD GD VHomR GD DOPD QR SRQWR K  N
FRQVLGHUDGRIYIRUPHQRUTXHRYDORUGDGRSHOD

SDUD W > )
Z \
VHJXLQWHHTXDomR
N
& = 
 )\ ⎛ K ⎞ )
)Y = ≤ ⎜ W ⎟ \
 ⎝ Z ⎠
⎛ K ⎞ 
⎜ W ⎟ RQGH
⎝ Z ⎠

N = + 
⎛ G ⎞
⎜ K ⎟
⎝ ⎠


G HVSDoDPHQWRGRHQULMHFHGRULQWHUPHGLi HQULMHFHGRUWUDQVYHUVDOSDUDDFKDSDGHDOPD
ULR
G HVSDoDPHQWRHQWUHHQULMHFHGRUHVHP FHQ
)\ OLPLWHGHHVFRDPHQWRGDFKDSDGDDOPD WtPHWURV

2VHQULMHFHGRUHVWUDQVYHUVDLVVHUmRQHFHVVi $iUHDGDVHomRWUDQVYHUVDOGRVHQULMHFHGRUHV
ULRVVH KWZ! WUDQVYHUVDLVLQWHUPHGLiULRVQmRGHYHVHUPH
QRUTXH
2HVSDoDPHQWRGHVWHVHQULMHFHGRUHVQmRGH
YHUiH[FHGHUD K>KWZ@
⎡ K ⎛ I ⎞ ⎤ )
$ = ⎢% (− &)⎜⎜ Y ⎟⎟ − ⎥ \ WZ
2HVSDoDPHQWRGRSULPHLURHQULMHFHGRULQWHU ⎣ WZ ⎝ )Y ⎠ ⎦ )FU
PHGLiULRDSDUWLUGDH[WUHPLGDGHVLPSOHVPHQWH

DSRLDGDGHXPDYLJDGHYHVHUWDOTXHDWHQVmR )FU = ≤ )\HQULMHFHGRU
GHFLVDOKDPHQWRQRSDLQHOGHH[WUHPLGDGHQmR (EVWV)


H[FHGDRYDORUGDGRSHODVHJXLQWHHTXDomR
RQGH
RHVSDoDPHQWRPi[LPRpOLPLWDGRHP K
) )
)Y = & \ ≤ \
 
2V HQULMHFHGRUHV WUDQVYHUVDLV LQWHUPHGLiULRV
GHYHPSUHIHUHQFLDOPHQWHVHUIHLWRVGHFKDSDV
SDUD RV SHUILV VROGDGRV (OHV SRGHP VHU HP
SDUHVXPHQULMHFHGRUGHFDGDODGRGDDOPDGD
YLJDFRPOLJDomRFRPDPHVDFRPSULPLGD(OHV
SRGHP FRQWXGR VHU IHLWRV GH XP HQULMHFHGRU
VLPSOHVGHXPODGRGDFKDSDGHDOPD
2 PRPHQWR GH LQpUFLD GH TXDOTXHU WLSR GH
HQULMHFHGRU WUDQVYHUVDO HP UHODomR DR SODQR
PpGLRGDDOPDQmRGHYHVHUPHQRUTXH
, = G WZ-
RQGH

- =⎛⎜ K ⎞⎟ − PDVQmRPHQRUTXH
⎝ G ⎠
, 0RPHQWRGHLQpUFLDPtQLPRSHUPLWLGRSDUD
TXDOTXHUWLSRGHHQULMHFHGRUWUDQVYHUVDOHP FP 
-  5HODomR GH ULJLGH] QHFHVViULD SDUD XP
EV ODUJXUDGRHQULMHFHGRU
WV HVSHVVXUDGRHQULMHFHGRU
% SDUDHQULMHFHGRUHVHPSDUHV
% SDUDFDQWRQHLUDVVLPSOHV
% SDUDFKDSDVVLPSOHV
& FDOFXODGRQRLWHP
1RWD4XDQGRDiUHD³$´ VHDSUR[LPDUGH]HUR
RX IRU QHJDWLYD RV HQULMHGRUHV WUDQVYHUVDLV
GHYHPDWHQGHUDSHQDVDRPRPHQWRGHLQpUFLD
PtQLPR
4XDQGRRVHQULMHFHGRUHVVmRHPSDUHVRPR
PHQWRGHLQpUFLDGHYHVHUWRPDGRHPUHODomR
D OLQKD GH FHQWUR GD DOPD 4XDQGR RV
HQULMHFHGRUHVVmRGHFKDSDVLPSOHVRPRPHQ
WR GH LQpUFLD GHYH VHU WRPDGR HP UHODomR j
IDFHHPFRQWDWRFRPDFKDSDGDDOPD
2VHQULMHFHGRUHVWUDVYHUVDLVLQWHUPHGLiULRVQmR
SUHFLVDPDSRLDUQDPHVDWUDFLRQDGD$GLVWkQ
FLDHQWUHDH[WUHPLGDGHGDVROGDGRHQULMHFHGRU
HDH[WUHPLGDGHPDLVSUy[LPDGRILOHWHGHVRO
GDGDPHVDFRPDDOPDQmRGHYHVHUPHQRU
TXHWZ RXPDLRU TXHWZ 2V HQULMHFHGRUHV
QRVSRQWRVGHFDUJDVFRQFHQWUDGDVGHYHPVHU
FRORFDGRV HP SDUHV H FDOFXODGRV GH DFRUGR
FRPRLWHP

 1RUPDVHVWUXWXUDLV 
$ODUJXUDGDFKDSDRXDDEDHPSURMHomRGH
XPDFDQWRQHLUDGHXPHQULMHFHGRULQWHUPHGLi
ULRQmRGHYHVHUPHQRUTXHPPPDLV
GDDOWXUDGDDOPDGDYLJDHHOHGHYHSUHIHUHQFL
DOPHQWHQmRVHUPHQRUTXHóGDODUJXUDWRWDO
GDPHVDGDYLJD$HVSHVVXUDGDFKDSDRXGD
DED HP SURMHomR GH FDQWRQHLUDV GH XP
HQULMHFHGRUQmRGHYHVHUPHQRUTXHGD
VXDODUJXUD(QULMHFHGRUHVWUDQVYHUVDLVLQWHU
PHGLiULRVSRGHPVHUGHDoR$
(QULMHFHGRUHVORQJLWXGLQDLV
$ GLVWkQFLD yWLPD HQWUH D OLQKD GH FHQWUR GD
FKDSDGHXPHQULMHFHGRUORQJLWXGLQDOHDIDFH
LQWHUQDGDPHVDFRPSULPLGD³GV´pGH K SDUD
SHUILVVLPpWULFRV3DUDXPSHUILODVVLPpWULFRD
GLVWkQFLD³GV´GHYHVHUGHWHUPLQDGDSHODHTXD
omRDEDL[R
KFV
GV =
IEV
+ 
IFS
RQGH
GV GLVWkQFLDGRHQULMHFHGRUORQJLWXGLQDOjIDFH
LQIHULRUGDPHVDFRPSULPLGD
KFV  DOWXUD GD DOPD HP FRPSUHVVmR SDUD D
VHomRGHDoRQmRPLVWD
2HQULMHFHGRUORQJLWXGLQDOGHYHVHUSURSRUFLR
QDGRSDUDTXH
⎛ 
G ⎞ FKDSDVPDLVXPDSDUWHFHQWUDGDGDFKDSDGD
, =KWZ ⎜   − ⎟⎟

⎜ DOPDFXMDODUJXUDQmRVHMDPDLRUTXH  YH]HV
⎝ K ⎠ DHVSHVVXUDGDDOPD3DUDHQULMHFHGRUHVFRP
RQGH
,  0RPHQWR GH LQpUFLD  PtQLPR SDUD R
HQULMHFHGRUORQJLWXGLQDOHPUHODomRjVXDH[
WUHPLGDGHHPFRQWDFWRFRPDFKDSDGDDOPD
HPFP
$ HVSHVVXUD GR HQULMHFHGRU ORQJLWXGLQDO QmR
GHYHVHUPHQRUTXH
EV )\
WV ≥


RQGH
WV HVSHVVXUDGRHQULMHFHGRU
EV ODUJXUDGRHQULMHFHGRU
)\ WHQVmRGHHVFRDPHQWRGRHQULMHFHGRU
$WHQVmRQRHQULMHFHGRUQmRGHYHVHUPDLRUTXH
DWHQVmRDGPLVVtYHOEiVLFDSDUDRPDWHULDOXVD
GRQRHQULMHFHGRU
2VHQULMHFHGRUHVORQJLWXGLQDLVVmRXVXDOPHQ
WHFRORFDGRVGHXPODGRVRPHQWHGDFKDSDGD
DOPD(OHVQmRQHFHVVLWDPVHUFRQWtQXRVHSR
GHP VHU FRUWDGRV QDV VXDV LQWHUFHo}HV FRP
RVHQULMHFHGRUHVWUDQVYHUVDLVLQWHUPHGLiULRV
(QULMHFHGRUHVGHDSRLR
3HUILV6ROGDGRV
1RVDSRLRVGHH[WUHPLGDGHGHYLJDVVROGDGDV
HQRVDSRLRVLQWHUPHGLiULRVGHYLJDVVROGDGDV
FRQWtQXDVGHYHPVHUFRORFDGRVHQULMHFHGRUHV
(OHV GHYHP VH HVWHQGHU DWp R PDLV SUy[LPR
SRVVtYHOGDERUGDVGDFKDSDGDVPHVDV'H
YHPVHUIHLWRVGHFKDSDVFRORFDGDVHPDPERV
RVODGRVGDFKDSDGDDOPD2VHQULMHFHGRUHV
GHDSRLRGHYHPVHUFDOFXODGRVFRPRFROXQDV
HVXDOLJDomRFRPDDOPDGHYHVHUSURMHWDGD
SDUD WUDQVPLWLU D UHDomR WRWDO SDUD RV DSDUH
OKRVGHDSRLR
3DUDHQULMHFHGRUHVFRPSRVWRVGHGXDVFKDSDV
DVHomRGDFROXQDGHYHVHUFRPSRVWDGDVGXDV
SRVWRVGHTXDWURRXPDLVFKDSDVDVHomRGD
FROXQDGHYHLQFOXLUDVFKDSDVHDSDUWHGDDOPD
IHFKDGDSHODVTXDWURRXPDLVFKDSDVPDLVXPD
ODUJXUDGDDOPDQmRPDLRUTXH  YH]HVDVXD
HVSHVVXUD
2UDLRGHJLUDomRGHYHVHUFDOFXODGRHPUHOD
omRDRHL[RTXHSDVVDSHODOLQKDGHFHQWURGD
DOPD2VHQULMHFHGRUHVGHYHPVHUXVLQDGRVMXQ
WRjPHVDGDTXDOUHFHEHPDUHDomRRXVROGD
GRVSRUVROGDGHSHQHWUDomRWRWDO6RPHQWHD
SDUWHGRHQULMHFHGRUIRUDGDVROGDGDPHVDFRP
DDOPDGHYHVHUFRQVLGHUDGDHIHWLYDPHQWHDSRL
DGD
$ HVSHVVXUD GDV FKDSDV GR HQULMHFHGRU GH
DSRLRQmRGHYHVHUPHQRUTXH
E′ )\
W≥ 
 
$WHQVmRDGPLVVtYHOjFRPSUHVVmRHDSUHV
VmRGHHVPDJDPHQWRQRHQULMHFHGRUQmRGHYHP
H[FHGHU RV YDORUHV HVSHFLILFDGRV QR LWHP

7UHOLoDV
   &KDSDV SHUIXUDGDV H EDUUDV
WUHOLoDGDV
$IRUoDGHFLVDOKDPHQWRQRUPDOjVEDUUDVQRSOD
QRGHFRQWUDYHQWDPHQWRVRXFKDSDVSHUIXUDGDV
GHYHUiVHUFRQVLGHUDGDGLYLGLGDLJXDOPHQWHHQ
WUHWDLVSODQRVSDUDOHORV$IRUoDGHFLVDOKDPHQWR
GHYHUi LQFOXLU Do}HV GHYLGR DR SHVR SUySULR
PDLVTXDOTXHURXWUDIRUoDH[WHUQD3DUDHOHPHQ
SURMHWDGDVGHIRUPDTXHRVVHXVHOHPHQWRVSULQ
FLSDLVGHVXDVHomRVHMDPFRQHFWDGRVGLUHWD
PHQWHjVFKDSDVGHOLJDomRSLQRVRXRXWURVHOH
PHQWRV
2 FHQWURGHJUDYLGDGHGDXPDVHomRFRPSRVWD
GHYHUiFRLQFLGLURPDLVSUy[LPRSRVVtYHOFRPR
FHQWURJHRPpWULFRGDVHomR3UHIHUHQFLDOPHQ
WHRVVHJPHQWRVGDVHomRGHYHPVHUOLJDGRV
HPDOPDVRXFKDSDVSHUIXUDGDV
3DUDSODFDVDSRLDGDVHPXPODGRDEDVHPSUR
MHomRGHFDQWRQHLUDVRXFKDSDVSHUIXUDGDVD
HVEHOWH]EW GD FKDSD RX DED GD FDQWRQHLUD
TXDQGRXVDGDHPHOHPHQWRVFRPSULPLGRVQmR
SRGHUiVHUVXSHULRUD
E 
=
W ID
PDVHPQHQKXPFDVREWSRGHUiVHUVXSHULRU
D SDUDEDUUDV SULQFLSDLVH SDUD EDUUDV
VHFXQGiULDV
1RWDEpDGLVWkQFLDHQWUHDH[WUHPLGDGHGD
FKDSDRXH[WUHPLGDGHGDSHUIXUDomRHRSRQWR
WRVFRPSULPLGRVXPDIRUoDDGLFLRQDOGHYHUiVHU GHDSRLR
DGLFLRQDGDFRPRREWLGRSHODVHJXLQWHIyUPXOD
4XDQGRDWHQVmRGHFRPSUHVVmRpLJXDODR
YDORUOLPLWHGH)\DUHODomREWGRVVHJ
3 ⎡  (OU))\ ⎤ PHQWRVLQGLFDGRVDFLPDQmRSRGHUiVHUPDLRU
9 = +
⎣ OU+   ⎥⎦
⎢
TXHRVYDORUHVPRVWUDGRVDEDL[RSDUDRVVH
JXLQWHVJUDXVGHDoRV
RQGH
9 IRUoDFRUWDQWHQRUPDOHP N1 
3 FRPSUHVVmRQRUPDODGPLVVtYHOHP N1  7HQVmRGHHVFRDPHQWR
O FRPSULPHQWRGDEDUUDHP FP EW
PtQLPDN1FP
U UDLRGHJLUDomRGRHL[RHPUHODomRDRSODQR
GHIODPEDJHPHP FP
 
)\ WHQVmRGHHVFRDPHQWRPtQLPDGRWLSRGH
DoRXVDGRHP N1FP
 
%DUUDVFRPSULPLGDV(VSHVVXUD
GRPDWHULDO
%DUUDV FRPSULPLGDV SULQFLSDLV GHYHUmR VHU


 1RUPDVHVWUXWXUDLV 
3DUDFKDSDVDSRLDGDVQDVGXDVH[WUHPLGD
GHVRXDOPDVGHVHJPHQWRVGHHOHPHQWRVSULQ
FLSDLVSDUDHOHPHQWRVGHVHomRFDL[mRIRUPD
GRVSRUFKDSDVVHo}HVODPLQDGDVRXVHJPHQ
WRVGHFRPSRQHQWHVFRPFRYHUSODWHVUHODomR
EWGHFKDSDVSULQFLSDLVRXDOPDVGHVHJPHQ
WRVFRPSULPLGRVQmRGHYHUiXOWUDSDVVDURYD
4XDQGRDWHQVmRGHFRPSUHVVmRpLJXDODR
YDORUOLPLWHGH)\DUHODomREWGRVVHJ
PHQWRVLQGLFDGRVDFLPDQmRSRGHUiVHUPDLRU
TXHRVYDORUHVPRVWUDGRVDEDL[RSDUDRVVH
JXLQWHVJUDXVGHDoRV
7HQVmRG HHVFRDPHQWR
EW
ORUREWLGRSHODIyUPXOD PtQLPDN1FP

E 
=  
W ID
PDVHPQHQKXPFDVR EW GHYHUiVHUPDLRUTXH
  
1RWD E pDGLVWkQFLDHQWUHSRQWRVGHDSRLRGD
FKDSD H HQWUH UDL] GH PHVDV SDUD DOPDV GH 3DUDFKDSDVSHUIXUDGDVDSRLDGDVQDVGXDV
VHJPHQWRVODPLQDGRV
4XDQGRDWHQVmRGHFRPSUHVVmRpLJXDODR
YDORUOLPLWHGH)\DUHODomREWGRVVHJ
PHQWRVLQGLFDGRVDFLPDQmRSRGHUiVHUPDLRU
TXHRVYDORUHVPRVWUDGRVDEDL[RSDUDRVVH
JXLQWHVJUDXVGHDoRV
7HQVmRG HHVFRDPHQWR
EW
H[WUHPLGDGHVSDUDHOHPHQWRVGHVHomRFDL
[mRIRUPDGRVGHFKDSDVSHUIXUDGDVOLJDQGRHOH
PHQWRVSULQFLSDLVRXVHJPHQWRVDUHODomR EW
GHFKDSDVSHUIXUDGDVTXDQGRFRPSULPLGDVQmR
GHYHUiXOWUDSDVVDURYDORUREWLGRSHODIyUPXOD
E 
=
W ID
PDVHPQHQKXPFDVR EW GHYHUiVHUPDLRUTXH
PtQLPDN1FP 

  1RWD E pDGLVWDQFLDOLYUHHQWUHSRQWRVGH

DSRLR$DWHQomRpGLULJLGDDRVUHTXLVLWRVSDUD
DHVSHVVXUDGDFKDSDQDVSHUIXUDo}HVFKDPD
  GDGHDSRLDGDHPXPODGRTXHWDPEpPGHYH
UiVHUVDWLVIHLWD
3DUDFKDSDVGHUHIRUoRFRYHUSODWHVVyOLGDV
HDSRLDGDVHPGXDVH[WUHPLGDGHVRXDOPDVGH
VHJPHQWRVGHHOHPHQWRVSULQFLSDLVSDUDHOH
PHQWRVGHVHomR+RXFDL[mRIRUPDGRVSRUFKD
4XDQGRDWHQVmRGHFRPSUHVVmRpLJXDODR
YDORUOLPLWHGH )\DUHODomR

EW GDVFKDSDV
SHUIXUDGDVQmRSRGHUiVHUPDLRUTXHRVYDOR
SDVGHUHIRUoRVFRYHUSODWHVRXDOPDVOLJDQGR UHVPRVWUDGRVDEDL[RSDUDRVVHJXLQWHVJUDXV
FKDSDVSULQFLSDLVRXVHJPHQWRVDUHODomREW GHDoRV
GH FKDSDV GH FRYHU SODWHV VyOLGDV RX DOPDV
TXDQGRFRPSULPLGDVQmRGHYHUiXOWUDSDVDUR 7HQVmRG HHVFRDPHQWR
EW
YDORUREWLGRSHODIyUPXOD PtQLPDN1FP

E 
=  
W ID
PDVHPQHQKXPFDVR EW GHYHUiVHUPDLRUTXH
  
1RWD E pDGLVWkQFLDOLYUHHQWUHDSRLRV


RQGH )D WHQVmRD[LDOTXHVHULDSHUPLWLGDVHD
ID WHQVmRGHFRPSUHVVmRFDOFXODGD IRUoDD[LDOH[LVWLVVHVR]LQKD
E ODUJXUDFRPRLQGLFDGDSDUDFDGD
H[SUHVVmR
W HVSHVVXUDGDFKDSDRXDOPD
2SRQWRGHDSRLRFRQVLGHUDGRQHVWHVDUWLJRV
VHUHIHUHDGLVWkQFLDLQWHUQDGDOLQKDGHSDUDIX
VRVRXUHELWHVRXGRILOHWHGHVROGDTXHOLJD
VHJPHQWRVSULQFLSDLV3DUDFKDSDVVROGDGDV
SRUSHQHWUDomRWRWDOjVH[WUHPLGDGHVGHPH
VDVGHVHJPHQWRVODPLQDGRVRSRQWRGHDSRLR
SRGHUiVHUWRPDGRFRPRDGLVWkQFLDHQWUHRV
SRQWRVGHVROGDGHVGHTXHDUHODomRHQWUHD
ODUJXUDGDPHVDHPSURMHomRHDHVSHVVXUDGD
)E[ )E\ WHQVmRGHIOH[mRTXHVHULDSHUPLWLGD
VHRPRPHQWRIOHWRUH[LVWLVVHVR]LQKRHPUH
ODomRDRVHL[RV;H<HGHDFRUGRFRPDWDEH
OD
)¶H WHQVmRGHIODPEDJHPGH(XOHUGLYLGD
SHORIDWRUGHVHJXUDQoD
.E IDWRUGHFRPSULPHQWRHIHWLYRQRSODQR
GHIOH[mR
/E GLVWkQFLDVHPFRQWHQomRODWHUDOQRSODQR
PHVDEWVHMDLQIHULRUjVHWH2DFDEDPHQWR GHIOH[mR
GDV VROGDV GHSHQHWUDomR GHYHUi VHU HVPH
ULOKDGRFRPDVXSHUItFLHOLVD UE UDLRGHJLUDomRQRSODQRGHIOH[mR

±7HQV}HVFRPELQDGDV &P[ &P\ FRHILFLHQWHHPUHODomRDRVHL[RV;

H<
7RGRVRVHOHPHQWRVVXMHLWRV jDomRVLPXOWk
QHDGHWHQV}HVGHFRPSUHVVmRD[LDOHIOH[mR )6 IDWRUGHVHJXUDQoDLJXDOD
GHYHUmRVHUGLPHQVLRQDGRVSDUDDWHQGHUDRV
VHJXLQWHVUHTXLVLWRV 9LJDVPLVWDV

*HQHUDOLGDGHV

ID &P[IE[ &P\IE\ (VWDVHomRWUDWDGDVHVWUXWXUDVFRPSRVWDVGH

+ + ≤ 
)D ⎛ ID ⎞ ⎛ ID ⎞ YLJDVPHWiOLFDVHODMHVGHFRQFUHWRXQLGDVSRU
⎜ −
 ⎟ ⎜⎜ −
 ⎟⎟ FRQHFWRUHVGHFLVDOKDPHQWR
⎝ )H[ ⎠ ⎝ )H\ ⎠
H (VSHFLILFDo}HVJHUDLVSDUDSURMHWRVGHHVWUX
WXUDVHVSHFtILFDVGHFRQFUHWRHDoRVHUmRDSOL
ID IE[ IE\
+ + ≤  FDGDVDHVWUXWXUDVFRQVWLWXtGDVSRUYLJDVPLV
 )\
 )E[ )E\ WDVRQGHWDLVHVSHFLILFDo}HVIRUHPDSOLFiYHLV
QRVSRQWRVGHDSRLR $VYLJDVPLVWDVHODMHVGHYHUmRVHUSURMHWDGDV
HDVWHQV}HVFDOFXODGDVSHORPpWRGRGRPR
RQGH PHQWRGHLQpUFLDFRPSRVWRHFRQVLVWHQWHFRP
DVSURSULHGDGHVSUpGHWHUPLQDGDVGRVYiULRV
π( PDWHULDLVXVDGRV
)H =



)6( .E/E  UE)



$UHODomRHQWUHRPyGXORGHHODVWLFLGDGHGR
ID WHQVmRD[LDOFDOFXODGD DoR(D N1FPHRFRQFUHWRGHSHVR
IE[ RXIE\ WHQVmRGHIOH[mRFDOFXODGDHP QRUPDOGHQVLGDGH NJPGHYiULDVUH
UHODomRDRVHL[RV;H<UHVSHFWLYDPHQWH VLVWrQFLDVGHYHUmRVHUDVVHJXLQWHV


 1RUPDVHVWUXWXUDLV 

IFN N1FP Q (D(F
a 
a 
a  WUDFLRQDGRGRHL[RQHXWURSRGHVHUFRQVLGHUD
a 
a 
DFLPDGH 
RQGH
IFN  5HVLVWrQFLD GR FRQFUHWR j FRPSUHVVmR
GHWHUPLQDGRSRUWHVWHFRPFRUSRGHSURYDFL
OtQGULFRFRPDLGDGHGHGLDV
Q 5HODomRHQWUHRPyGXORGHHODVWLFLGDGHGR
DoRSDUDRGRFRQFUHWR
2HIHLWRGDGHIRUPDomROHQWDSDUDFDUJDVGH
ORQJDGXUDomRGHYHVHUFRQVLGHUDGRQRSURMH
WRGDVYLJDVPLVWDVTXHWrPFDUJDVSHUPDQHQ
WHVDJLQGRVREUHDVHomRPLVWD1HVWDVHVWUXWX
UDVDVWHQV}HVHRFLVDOKDPHQWRKRUL]RQWDOSUR
GX]LGR SHODV FDUJDV SHUPDQHQWHV TXH DJHP
VREUH D VHomR PLVWD GHYHUmR VHU FDOFXODGDV
SDUDRYDORUGH³Q´GDGRSHODWDEHODDFLPDRX
SHORVHXYDORUPXOWLSOLFDGRSRU RTXHIRUQHFHU
DVWHQV}HVGHFLVDOKDPHQWRPDLVDOWDV
 6H IRU XVDGR FRQFUHWR FRP FDUDFWHUtVWLFDV
H[SDQVLYDVRSURMHWRGDYLJDPLVWDGHYHVHU
XVDGRFRPFXLGDGRHGHYHPVHUIHLWDVSUHYL
V}HVQRSURMHWRSDUDDFRPRGDUDH[SDQVmR
$VVHo}HVPLVWDVGHYLJDVELDSRLDGDVRXHP
UHJL}HVGHPRPHQWRSRVLWLYRGHYLJDVFRQWtQX
DVGHYHPVHUGHSUHIHUrQFLDSURSRUFLRQDGDV
GHIRUPDTXHRHL[RQHXWURILTXHDEDL[RGDVX
SHUItFLHVXSHULRUGRSHUILOGHDoR2FRQFUHWR
QDSDUWHWUDFLRQDGDQmRGHYHVHUFRQVLGHUDGR
QDUHVLVWrQFLDDRVPRPHQWRV1DVUHJL}HVGH
PRPHQWRQHJDWLYRGHYLJDVFRQWtQXDVVRPHQWH
DVDUPDGXUDVGDODMHSRGHPVHUFRQVLGHUDGDV
DJLQGRMXQWRFRPDYLJDGHDoRQDUHVLVWrQFLD
DRVPRPHQWRV

'HYHPVHUSUHYLVWDVDQFRUDJHQVPHFkQLFDVQDV
UHJL}HVGHVHo}HVFRPSRVWDVGHIRUPDDWUDQV
IHULUDVWHQV}HVGHVHQYROYLGDVQDLQWHUIDFHHQ
WUH R DoR H R FRQFUHWR 2 FRQFUHWR GR ODGR
GRQRFiOFXORGRPRPHQWRGHLQpUFLDSDUDYHUL
ILFDomRGDVGHIRUPDo}HVHQDGHWHUPLQDomR
GDULJLGH]SDUDRFiOFXORGRVPRPHQWRVHFRU
WDQWHV
 $V YLJDV PHWiOLFDV HVSHFLDOPHQWH VH QmR
HVFRUDGDV SRU HVFRUDPHQWRV LQWHUPHGLiULRV
GHYHPVHUYHULILFDGDVSDUDHVWDELOLGDGHHUH
VLVWrQFLDQRSHUtRGRGHWHPSRHPTXHRFRQ
FUHWRpODQoDGRHDQWHVGDVXDFXUD
&RQHFWRUHVGHFLVDOKDPHQWR
2VPHLRVPHFkQLFRVXVDGRVQDMXQomRGDYLJD
GH DoR FRP R FRQFUHWR FRP D ILQDOLGDGH GH
GHVHQYROYHUDUHVLVWrQFLDDRFLVDOKDPHQWRQH
FHVViULDSDUDSURGX]LUDDomRPLVWDGHYHUmR
HVWDUGHDFRUGRFRPDVHVSHFLILFDo}HVGRVUHV
SHFWLYRVPDWHULDLV
2VFRQHFWRUHVGHFLVDOKDPHQWRGHYHPVHUGH
WLSRVTXHSHUPLWDPDFRPSOHWDFRPSDFWDomRGR
FRQFUHWRGHIRUPDDJDUDQWLUTXHWRGDDVXSHU
ItFLHHVWDUiHPFRQWDWRFRPRFRQFUHWR(OHVGH
YHPVHUFDSD]HVGHUHVLVWLUDDPERVPRYLPHQ
WRVHQWUHRFRQFUHWRHRDoRKRUL]RQWDLVHYHU
WLFDLV
$VFDSDFLGDGHVGHUHVLVWrQFLDGRVFRQHFWRUHV
GHFLVDOKDPHQWRWLSR 6WXG H 9LJD8VmRGDGDV
QRLWHP2VFRQHFWRUHVWLSR9LJD8
GHYHPWHUXPILOHWHPtQLPRGH PP DRORQ
JRGDEDVHGRSHUILO8
2VFRQHFWRUHVGHYHUmRSHQHWUDUQRFRQFUHWR
QRPtQLPR PP DFLPDGDIDFHLQIHULRUGDODMH
HGHYHPWHUDFLPDGRVHXWRSRXPFREULPHQWR
GHFRQFUHWRQmRPHQRUGRTXH PP
$GLVWkQFLDOLYUHHQWUHDH[WUHPLGDGHGDPHVD
GD YLJD H D H[WUHPLGDGH GRV FRQHFWRUHV GH
FLVDOKDPHQWRQmRGHYHVHUPHQRUTXH PP
$GLVWkQFLDPtQLPDHQWUHFRQHFWRUHVWLSRVWXGV
DGMDFHQWHVpGHGLkPHWURVGHFHQWURDFHQ
WUR
/DUJXUDHIHWLYDGHFRQFUHWR
1DFRQVWUXomRGDVYLJDVPLVWDVDODUJXUDHIH
WLYDGHFiOFXORGDODMHTXHFRPS}HDPHVDGD
YLJD7QmRGHYHUiH[FHGHURVHJXLQWH
HYLWDUFRORFDUFRQHFWRUHVHPUHJL}HVGDPHVD
FRPWHQV}HVDOWDVGHWUDomR
$UHVLVWrQFLDDRFLVDOKDPHQWRKRUL]RQWDOGHYH
VHUIHLWDSRUFRQHFWRUHVGHFLVDOKDPHQWRPH
FkQLFRVFRORFDGRVQDLQWHUIDFHHQWUHRFRQFUH
WR H D YLJD GH DoR 2V FRQHFWRUHV GH
FLVDOKDPHQWRGHYHPVHUGLVSRVLWLYRVPHFkQL
FRVFRORFDGRVWUDQVYHUVDOPHQWHjPHVDGDYLJD
D LQWHUYDORV UHJXODUHV RX YDULiYHLV 2V
FRQHFWRUHVGHFLVDOKDPHQWRGHYHPVHUFDOFX
GRFRPSULPHQWRGRYmRGDYLJD ODGRVSDUDD IDGLJD HYHULILFDGRVSHOD UHVLVWrQ
$GLVWkQFLDFHQWURDFHQWURGHYLJDV FLD~OWLPD
YH]HVDPHQRUHVSHVVXUDGDODMH
)DGLJD
3DUDYLJDVTXHWrPPHVDGHODMHGHXPODGR
VRPHQWHDODUJXUDHIHWLYDGDPHVDQmRGHYH $IDL[DGHYDULDomRGRFLVDOKDPHQWRKRUL]RQWDO
UiH[FHGHU GRFRPSULPHQWRGRYmRGDYLJD GHYHVHUFDOFXODGDSHODIyUPXOD
RXYH]HVDHVSHVVXUDGDODMHRXòGDGLV
WkQFLDGHFHQWURDFHQWURSDUDDSUy[LPDYLJD 9U4
6U =
,
7HQV}HV
RQGH
$VWHQV}HVPi[LPDVGHFRPSUHVVmRHWUDomR
6U  )DL[D GH YDULDomR GR FLVDOKDPHQWR
HPYLJDVQmRHVFRUDGDVGXUDQWHDFRORFDomR
KRUL]RQWDO QD MXQomR GD ODMH FRP D YLJD QR
GDV FDUJDV SHUPDQHQWHV GHYHP VHU D VRPD
SRQWRGRYmRHPFRQVLGHUDomR
GDVWHQV}HVSURGX]LGDVSHODVFDUJDVSHUPD
QHQWHVDJLQGRVREUHDVYLJDVGHDoRLVRODGDV
9U )DL[DGHYDULDomRGDIRUoDFRUWDQWHGHYLGR
H DV WHQV}HV SURGX]LGDV SHODV VREUHFDUJDV
j FDUJD PyYHO PDLV LPSDFWR SDUD TXDOTXHU
DJLQGRVREUHDVHomRPLVWD4XDQGRDVYLJDV
VHomR$IDL[DGDIRUoDFRUWDQWHGHYHVHUWRPDGD
VmRHVFRUDGDVFRPDSRLRVLQWHUPHGLiULRVGX
FRPRDGLIHUHQoDHQWUHRVYDORUHVPtQLPRVH
UDQWHDFRQFUHWDJHPTXHSHUPDQHFHPDWpTXH
Pi[LPRVGDHQYROWyULDGHFRUWDQWHLQFOXLQGR
RFRQFUHWRDWLQMDGDVXDUHVLVWrQFLDSUHYLV
FDUJDVSHUPDQHQWHV
WDSDUDGLDVDVWHQV}HVGHYLGDVjVFDUJDV
SHUPDQHQWHVHjVFDUJDVPyYHLVGHYHUmRVHU
4 0RPHQWRHVWiWLFRGDiUHDGHFRPSUHVVmR
FDOFXODGDVFRPEDVHQDVSURSULHGDGHVGDVH
GH FRQFUHWR WUDQVIRUPDGD RX GD iUHD  GD
omRPLVWD
DUPDGXUDORQJLWXGLQDOGRFRQFUHWRHPUHJL}HV
GH PRPHQWR QHJDWLYR HP UHODomR DR HL[R
&LVDOKDPHQWR
QHXWURGDYLJDPLVWD
&LVDOKDPHQWRKRUL]RQWDO
,  0RPHQWR GH ,QpUFLD GD VHomR PLVWD QDV
UHJL}HVGHPRPHQWRSRVLWLYRRXRPRPHQWRGH
$GLVWkQFLDPi[LPDHQWUHFRQHFWRUHVQmRGH
LQpUFLDGDYLJDGHDoRLQFOXLQGRRXH[FOXLQGRD
YHUiH[FHGHUDFPH[FHWRVREUHDSRLRVLQ
iUHDGDVDUPDGXUDVGRFRQFUHWRQDVUHJL}HV
WHUPHGLiULRV GH YLJDV FRQWtQXDV RQGH
GHPRPHQWRQHJDWLYR
HVSDoDPHQWRVPDLRUHVGHYHPVHUXVDGRVSDUD


 1RUPDVHVWUXWXUDLV 

SDUDRVFiOFXORVDFLPDDiUHDGHFRPSUHVVmR 5HVLVWrQFLD~OWLPD
GHFRQFUHWRpWUDQVIRUPDGDHPHTXLYDOHQWHGH
DoRSHODGLYLVmRGDODUJXUDGDPHVDHIHWLYDGH 2Q~PHURGHFRQHFWRUHVFDOFXODGRSDUDDIDGL
FRQFUHWRSHODUHODomRPRGXODU³Q´ JD GHYHUi VHU YHULILFDGR SDUD JDUDQWLU VH RV
FRQHFWRUHVVmRDGHTXDGRVSDUDDUHVLVWrQFLD
$ IDL[D  GH YDULDomR DGPLVVtYHO SDUD R ~OWLPD
FLVDOKDPHQWR KRUL]RQWDO =U HP WI SDUD XP
FRQHFWRULQGLYLGXDOpDVHJXLQWH 2Q~PHURGHFRQHFWRUHVGHFLVDOKDPHQWRQH
FHVViULRGHYHUiVHUPDLRURXLJXDODRQ~PHUR
3DUDFRQHFWRUHVGHYLJD8 GDGRSHODIyUPXOD
3
=U EZ 1 =
φ 6X
3DUD6WXGVVROGDGRV SDUD KVGV! 
=U α GV
RQGH
Z FRPSULPHQWR GDYLJD 8 HPFP PHGLGD
WUDQVYHUVDOPHQWHDGLUHomRGDPHVDGDYLJD
GV GLkPHWURGRVWXGFP
KV DOWXUDGRVWXGFP
α SDUDFLFORV
SDUDFLFORV
SDUDFLFORV
SDUDPDLVGHFLFORV
E SDUDFLFORV
SDUDFLFORV
SDUDFLFORV
SDUDPDLVGHFLFORV
RQGH
1 1~PHUR GH FRQHFWRUHV HQWUH SRQWRV GH
PRPHQWR SRVLWLYR Pi[LPR H R DSRLR PDLV
SUy[LPR
6X  5HVLVWrQFLD ÒOWLPD GR FRQHFWRU GH
FLVDOKDPHQWRFRPRGDGRDEDL[R
φ )DWRUGHUHGXomR 
3 )RUoDQDODMHFRPRGHILQLGDDVHJXLUFRPR
3RX3
1RV SRQWRV GH PRPHQWR SRVLWLYR Pi[LPR D
IRUoDQDODMHVHUiRPHQRUYDORUGDVIyUPXODV
3 = $V)\ RX 3  = IFNEFWF
RQGH
$V ÈUHDWRWDOGDVHomRGHDoRLQFOXLQGR
2HVSDoDPHQWRQHFHVViULR HQWUHFRQHFWRUHV
p GHWHUPLQDGR GLYLGLQGRVH D IDL[D GH
FLVDOKDPHQWRDGPLVVtYHOSDUDRFLVDOKDPHQWR
KRUL]RQWDOGHWRGRVRVFRQHFWRUHVGHXPDGH
FKDSDVGHUHIRUoRFRYHUSODWHV
)\ /LPLWHGHHVFRDPHQWRPtQLPRGRDoR
XVDGR
WHUPLQDGDVHomRWUDQVYHUVDOn=USHODIDL[D
 IFN 5HVLVWrQFLDjFRPSUHVVmRGRFRQFUHWRD
GH FLVDOKDPHQWR KRUL]RQWDO 6U 6REUH DSRLRV
GLDV
LQWHUQRV GH YLJDV FRQWtQXDV R HVSDoDPHQWR
SRGH VHU PRGLILFDGRSDUD HYLWDU D FRORFDomR EF /DUJXUDHIHWLYDGDPHVDGHFRQFUHWR
GHFRQHFWRUHVHPORFDLVGHDOWDWHQVmRQDPHVD GDGRQRLWHP
WUDFLRQDGD PDQWHQGR R Q~PHUR WRWDO GH
FRQHFWRUHVLQDOWHUDGR WF (VSHVVXUDGDODMHGHFRQFUHWR


2Q~PHURGHFRQHFWRUHV1QHFHVViULRHQWUH
RVSRQWRVGHPRPHQWRSRVLWLYRPi[LPRHSRQ
WRVDGMDFHQWHVGHPRPHQWRQHJDWLYRPi[LPR
GHYHUiVHULJXDORXPDLRUGRTXHRQ~PHURGDGR
SHODIyUPXOD
IFN UHVLVWrQFLDjFRPSUHVVmRGRFRQFUHWRD
GLDVN1FP
GV GLkPHWURGRVWXGFP
&LVDOKDPHQWRYHUWLFDO

3+ 3 $WHQVmRGHFLVDOKDPHQWRQDYLJDPLVWDGHYH

1 = VHUGHWHUPLQDGDVXSRQGRTXHDDOWXUDGDDOPD
φ 6X
GDYLJDGHDoRUHFHEHDWRWDOLGDGHGRHVIRUoR
1RVSRQWRVGHPRPHQWR QHJDWLYRPi[LPRD FRUWDQWHGHVSUH]DQGRVHDVPHVDVGDYLJDH
IRUoDQDODMHpGDGRSRU RFRQFUHWRGDODMH2FLVDOKDPHQWRpVXSRVWR
XQLIRUPHPHQWH GLVWULEXtGR DR ORQJR GD iUHD
U U∗
3 = $V )\ EUXWDGDDOPD

'HIRUPDo}HV
RQGH
$VU ÈUHDWRWDOGDVDUPDGXUDVGRFRQFUHWRQR $VSURYLV}HVGRLWHPHPUHODomRDGH
DSRLRLQWHUPHGLiULRGHQWURGDODUJXUDHIHWLYD
IRUPDo}HVGHYLGDVjFDUJDPyYHOPDLVLPSDF
WRWDPEpPVmRDSOLFiYHLVjVYLJDVPLVWDV
)\U  /LPLWHGHHVFRDPHQWRHVSHFLILFDGRSDUD
RDoRGDVDUPDGXUDV
4XDQGRDVYLJDVQmRVmRHVFRUDGDVFRPDSRL
RV LQWHUPHGLiULRV GXUDQWH D FRQFUHWDJHP GD
$UHVLVWrQFLD~OWLPDGRVFRQHFWRUHVGH
ODMH D GHIRUPDomR GHYLGR DR SHVR GD ODMH H
FLVDOKDPHQWRpGDGRSRU
RXWUDVFDUJDVFRORFDGDVDQWHVTXHRFRQFUHWR
DWLQMD  GDVXDUHVLVWrQFLDHVSHFLILFDGDSDUD
3DUD9LJDV8 GLDVGHYHVHUFDOFXODGDFRPEDVHQDVH
⎛ WZX ⎞ omRVHPDDomRFRPSRVWD
6X= ⎜ WIX +
⎟Z IFN(F
⎝  ⎠
3DUD6WXGVSDUDKVGV!

6X = $VF IFN(F ≤ $VF

RQGH

(F PRGXORGHHODVWLFLGDGHGRFRQFUHWRHP
N1FP


SRGHVHUWRPDGRFRPR
(F =  IFN FRPIFN HP03D
6X UHVLVWrQFLD~OWLPDGHXPFRQHFWRU
LQGLYLGXDO N1
$VF iUHDGDVHomRGRVWXGFP
WIX HVSHVVXUDPpGLDGDPHVDGDYLJD8FP
WZX HVSHVVXUDGDDOPDGDYLJD8FP
Z FRPSULPHQWRGRFRQHFWRUGHYLJD8HP
FP

&DStWXOR
&DUJDVHPSRQWHVH
YLDGXWRV


 &DUJDVHPSRQWHVHYLDGXWRV 

&DUJDVSHUPDQHQWHV TXDQGRDJHPFRQWLQXDPHQWHVmRWDPEpPLQFRU
SRUDGRVQDFDWHJRULDGHFDUJDSHUPDQHQWH
&RPSRVLomRGDFDUJDSHUPDQHQWH

$ FDUJD SHUPDQHQWHp FRQVWLWXtGD SHOR SHVR 3HVRHVSHFtILFRGRVPDWHULDLV

SUySULRGRVHOHPHQWRVSRUWDQWHVHVWUXWXUDH
GHRXWURVPDWHULDLVFRORFDGRV VREUHDSRQWH 3DUDHIHLWRGRSURMHWRSRGHPVHUDGRWDGRVRV
VREUHFDUJDVIL[DVWDLVFRPR SHVRVHVSHFtILFRVDSDUHQWHVGRTXDGURDEDL[R
SDUDRVPDWHULDLVGHFRQVWUXomREDVHDGRVQD
/DMHGHFRQFUHWR 1%5
(VWUXWXUDGHDoR
3DYLPHQWDomR
*XDUGD&RUSR 3HVRHVSHFtILFR
0DWHULDO
N1P
3RVWHV
$oR 
6LQDOL]Do}HV
&DQDOL]Do}HVHWF &RQFUHWRDUPDGR 
&RQFUHWRVLPSOHV 
/DMHGHFRQFUHWR $UJDPDVVDGHFLPHQWRHDUHLD 
$GHWHUPLQDomRGDHVSHVVXUDGDODMHVHUiIHLWD &RQFUHWRDVIDOWLFR 
HP IXQomR GR YmR GD ODMH TXH QRUPDOPHQWH
0DGHLUDWLSRSHURED 
HTXLYDOHDRHVSDoDPHQWRHQWUHDVORQJDULQDV
)HUURIXQGLGR 
8VXDOPHQWHSDUDSRQWHVFRPORQJDULQDVP~O
WLSODVRHVSDoDPHQWRYDULDHQWUHHP $OXPtQLRHOLJDV 
SDUD SRQWHV FRP GXDV YLJDV R HVSDoDPHQWR
SRGHVHUGHDWpP 3RGHVHGLVSHQVDUQRYRFiOFXORGDVVROLFLWD
3DUDXPGLPHQVLRQDPHQWRSUHOLPLQDUSRGHP o}HV TXDQGR R SHVR SUySULR REWLGR GR
VHUXVDGRVRVVHJXLQWHVYDORUHVSDUDDHVSHV GLPHQVLRQDPHQWRGHILQLWLYRGDHVWUXWXUDQmRGL
VXUDGDVODMHVQRPHLRGRYmR IHULUPDLVGRTXHGRSHVRSUySULRLQLFLDOPHQ
WHDGPLWLGRSDUDRFiOFXOR
9mRGDODMHP (VSHVVXUDGDODMHFP
&DUJDVPyYHLV
 
 
&RQVWLWXLomRGDVFDUJDVPyYHLV
 
  $VFDUJDVPyYHLVGHFiOFXORIL[DGDVQDVQRU
PDVQmRFRLQFLGHPFRPDVFDUJDVUHDLVTXH
 
FLUFXODPQDVHVWUDGDV1DVSRQWHVURGRYLiUL
(VWUXWXUDGHDoR
2SHVRSUySULRGDVHVWUXWXUDVGHDoRYDULDFRP
RYmROLYUHWLSRGHHVWUXWXUDHFODVVHGHFDUJD
&RPRUHIHUrQFLDSRGHPVHUXVDGDVDVWDEHODV
$H$GHSUpGLPHQVLRQDPHQWRGR$QH[R$
(PSX[RV GH WHUUD H D VXESUHVVmR GD iJXD

DVDVFDUJDVURGRYLiULDVGHFiOFXOR1%5
XWLOL]DPYHtFXORVGHGLPHQV}HVHVSHFLDLVHQ
TXDQWRDVFDUJDVUHDLVVmRFDPLQK}HVHFDU
UHWDVFRPGLPHQV}HVHSHVRVIL[DGRVSRUXPD
UHJXODPHQWDomRHVSHFtILFDGHQRPLQDGD/HLGD
%DODQoD3RUYH]HVDVURGRYLDVUHFHEHPFDU
JDVH[FHSFLRQDLVFRPRFDUUHWDVHVSHFLDLVSDUD
WUDQVSRUWHGHSHoDVGHXVLQDVKLGURHOpWULFDVRX
QXFOHDUHV 9HU 0DQXDO &%&$ ±7UDQVSRUWH H 2VWUHQVWLSRVmRIRUPDGRVGHXPYHtFXORWLSR
0RQWDJHP GHPGHODUJXUDSRUPGHFRPSULPHQWRHGH
FDUJDVXQLIRUPHPHQWHGLVWULEXtGDVGHLQWHQVL
 &DUJDV 5RGRYLiULDV GH FiOFXOR  1%5 GDGHV³S´SDUDDSLVWDH³S¶³SDUDRVSDVVHLRV
 FRQIRUPHDWDEHODDEDL[R
&DUJDVGRVYHtFXORVWLSR±1%5
(VWDQRUPDIL[DDVFDUJDVPyYHLVDVHUHPFRQ
3HVR
VLGHUDGDVQRFiOFXORGHSRQWHVURGRYLiULDVH &ODVVH
7RWDOGR
&DUJD &DUJD 'LVSRVL
SDVVDUHODV GH SHGHVWUHV$V FDUJDV SDUD DV G D 8Q LIRUPH 8Q LIRUPH omRGDV
9HtFXOR
3RQWH SN1P S
N1P &DUJDV
3RQWHV5RGRYLiULDVGHQRPLQDGDV7UHQV7LSR N1
VmRGLYLGLGDVHPWUrVFODVVHVEDVHDGDVQRV SHP
SHVRVHPWRQHODGDVGRVYHtFXORVWLSREDVHGH     WRGDD
SLVWDH
FDGDVLVWHPDHDXWLOL]DomRGDVGLIHUHQWHVFODV
VHVGHFDUJDVSDUDRFiOFXORGDVSRQWHVILFDD SHP
    WRGDD
FULWpULR GRV yUJmRV FRP MXULVGLomR VREUH DV SLVWDH
PHVPDV'1,7HWF
S
QRV
   
SDVVHLRV
&ODVVHEDVHDGDQRYHtFXORWLSRGH
N1WIGHSHVRWRWDOVHQGRN1SRUURGD 7LSR
WHQGRXPDODUJXUDGHURGDGHFPHFRPSUL
PHQWRGHFRQWDFWRGHFP

&ODVVHEDVHDGDQRYHtFXORWLSRGH
N1WIGHSHVRWRWDOVHQGRN1SRUURGD
WHQGRXPDODUJXUDGHURGDGHFPHFRPSUL
PHQWRGHFRQWDFWRGHFP

&ODVVHEDVHDGDQRYHtFXORWLSRGH
N1WIGHSHVRWRWDOVHQGRN1SDUDDV
URGDVGLDQWHLUDVHN1SDUDDVWUDVHLUDVWHQ
GRXPDODUJXUDGHURGDGLDQWHLUDGHFPH
WUDVHLUDGHFPHFRPSULPHQWRGHFRQWDWR
GHFP

)LJXUD

)LJXUD


 &DUJDVHPSRQWHVHYLDGXWRV 
7LSRVGHH
)LJXUD
(IHLWRVGLQkPLFRVGRVYHtFXORV
,PSDFWRYHUWLFDO
'HQRPLQDVH,PSDFWR9HUWLFDORDFUpVFLPRGDV
FDUJDVGRVYHtFXORVSURYRFDGRSHORPRYLPHQ
WRGRVYHtFXORVVREUHDSRQWH
3DUDR,PSDFWR9HUWLFDODQRUPDSHUPLWHWUDQV
IRUPDUSDUDHIHLWRGHFiOFXORDVDo}HVGLQkPL
FDVGRVYHtFXORVHPFDUJDVHVWiWLFDVDWUDYpV
GDPXOWLSOLFDomR GDVFDUJDVGD WDEHODDFLPD
SHORFRHILFLHQWHGHLPSDFWRGHILQLGRDVHJXLU
3DUD3RQWHV5RGRYLiULDV
ϕ = − /
VHQGR/RFRPSULPHQWRHPPHWURVGHFDGD
YmRWHyULFRGRHOHPHQWRFDUUHJDGRTXDOTXHU
TXHVHMDRVLVWHPDHVWUXWXUDO1RFDVRGHYmRV
GHVLJXDLVHPTXHRPHQRUYmRVHMDLJXDORX
VXSHULRUDGRPDLRUSHUPLWHVHFRQVLGH
UDUXPYmRLGHDOHTXLYDOHQWHjPpGLDDULWPpWL
FD GRV YmRV WHyULFRV 1R FDVR GH YLJDV HP
EDODQoR/pWRPDGRLJXDODGXDVYH]HVRVHX
FRPSULPHQWR

(IHLWRVGHIUHQDJHPHDFHOHUDomR
$VIRUoDVORQJLWXGLQDLVGHIUHQDJHPHDFHOHUD
omR VmR FDOFXODGDV VHP HIHLWR GH LPSDFWR H
DSOLFDGDVQRQtYHOGDVXSHUItFLHGHURODPHQWR
GDSRQWH
1DVSRQWHVURGRYLiULDVDIRUoDORQJLWXGLQDOGH
YLGRjIUHQDJHPRXDFHOHUDomRGHYHVHUWRPD
GDLJXDODRPDLRUDRVVHJXLQWHVYDORUHV
GRSHVRGRFDUUHJDPHQWRGRHVWUDGRFRP
DV FDUJDV PyYHLV GLVWULEXtGDV H[FOXtGRV RV
SDVVHLRVRX
GRSHVRGRYHtFXORWLSR
)RUoDFHQWUtIXJD
1DVSRQWHVHPFXUYDDVFDUJDVHPPRYLPHQ
WRSURGX]HPIRUoDVFHQWUtIXJDVTXHFRQVWLWX
HPVROLFLWDo}HVWUDQVYHUVDLVjVREUDV
1DVSRQWHVURGRYLiULDVDIRUoDFHQWUtIXJDQRU
PDODRVHXHL[RGHYHVHUFRQVLGHUDGDDWXDQGR
QDVXSHUItFLHGHURODPHQWRVHQGRRVHXYDORU
FDUDFWHUtVWLFR GHWHUPLQDGR FRPR XPD IUDomR
³&´GRSHVRGRYHtFXORWLSRFRQIRUPHDWDEHOD
DEDL[R
5DLR P& 
5DLR!P& 5VHQGR5RUDLR
GDFXUYDHPPHWURV
$omRGRVYHQWRV
$VFDUJDVGHYLGDVjVDo}HVGRVYHQWRVGHYHP
DWHQGHUDRGLVSRVWRQD1%5
$VDo}HVGHYLGDVDRVYHQWRVVmRFDUJDVKRUL
]RQWDLVHPGLUHomRQRUPDODRHL[RGDSRQWHH
SRGHPVHUQDIDOWDGHXPDDQiOLVHPDLVGHWD
OKDGDUHSUHVHQWDGDVSRUXPDSUHVVmRPpGLD
WRPDGDLJXDOD
3RQWHGHVFDUUHJDGDN1P
3RQWHFDUUHJDGDN1P
3DVVDUHODGH3HGHVWUHN1P
$VVXSHUItFLHVGHLQFLGrQFLDGDSUHVVmRODWHUDO
GRYHQWRSDUDRFDVRGHYLJDVGHDOPDFKHLD DWpP~OWLSODVYLJDVSULQFLSDLV$VYLJDVSULQFL
VmRPRVWUDGDVQDILJXUDDEDL[R SDLV VmR QRUPDOPHQWH FRQVWLWXtGDV GH SHUILV
DEHUWRV SRGHQGR WDPEpP VHU HPSUHJDGRV
VHo}HVIHFKDGDVFDL[mRFRPPDLRUUHVLVWrQ
FLDjWRUomR

2 Q~PHUR GH WUDQVYHUVLQDV p YDULiYHO PDV

GHYHVH PDQWHU R HVSDoDPHQWR Pi[LPR VH
JXQGRD$$6+72HPP
2VLVWHPDIRUPDGRSRUORQJDULQDVP~OWLSODVp
XPD JUHOKD IRUPDGD SHODV YLJDV SULQFLSDLV
WUDQVYHUVLQDVHDSUySULDODMHGRWDEXOHLUR

$ DQiOLVH HVWUXWXUDO GRV VLVWHPDV HP JUHOKD

SRGHVHU IHLWDGH PDQHLUDDSUR[LPDGD RXGH
PDQHLUDH[DWD
)LJXUD   3UHVVmR ODWHUDO GRV YHQWRV HP SRQWHV GH YLJD
GHDOPD FKHLD
(PpSRFDDQWHULRUDRVFRPSXWDGRUHVVXUJLX
YDVWDOLWHUDWXUDREMHWLYDQGRXPFiOFXORWmRH[DWR
TXDQWR SRVVtYHOGD GLVWULEXLomRGRV HVIRUoRV
&RPELQDo}HVGHFDUJDV QDVHVWUXWXUDVHPJUHOKD(PYLUWXGHGDVGLIL
FXOGDGHVUHLQDQWHVSURFXUDYDVHSRUPHLRGH
$VFRPELQDo}HVGH FDUJDVPHQRVSURYiYHLV GLYHUVRVDUWLItFLRVDOJXQVDOWDPHQWHHQJHQKR
SRGHPWHUFRHILFLHQWHVGHVHJXUDQoDPHQRUHV VRVFKHJDUDUHVXOWDGRVUD]RiYHLVjVH[SHQVDV
TXHDVFRPELQDo}HVPDLVSURYiYHLV GHXPWUDEDOKRQXPpULFRDLQGDDFHLWiYHO
$WXDOPHQWHFRPRHPSUHJRGRVFRPSXWDGR
6mRGHQRPLQDGDVFDUJDVSULQFLSDLV UHVSRGHPRVFDOFXODUFRPH[DWLGmRTXDOTXHU
&DUJDVSHUPDQHQWHV HVWUXWXUDHPJUHOKDHPSRXFRWHPSR
&DUJDV0yYHLV
(IHLWRVGHUHFDOTXHVSURYiYHLVQDVIXQGDo}HV $QRUPDGD$$6+72HPYLVWDDLQGDGDFRP
SOH[LGDGHGDDQiOLVHWHyULFDHQYROYLGDQDGLV
6mRGHQRPLQDGDVFDUJDVVXSOHPHQWDUHV WULEXLomRGDVFDUJDVGDVURGDVHQWUHDVGLYHU
$o}HVGRVYHQWRV VDVORQJDULQDVSHUPLWHTXHVHDGRWHXPPp
9DULDo}HVGHWHPSHUDWXUD WRGR HPStULFR SDUD R FiOFXOR GRV PRPHQWRV
)UHQDJHPH$FHOHUDomR GHYLGRjFDUJDPyYHOEDVHDGRHPWHVWHUHDLV
$WULWRQRVDSRLRVHWF FRQIRUPHPRVWUDGRDEDL[R

'LVWULEXLomRWUDQVYHUVDOGDV 3DUDDV/RQJDULQDV,QWHUQDV
FDUJDV 3DUDDV/RQJDULQDV,QWHUQDVGHSRQWHVFRPR
WDEXOHLURHPFRQFUHWRHSURMHWDGDVSDUDXPD
$V SRQWHV PHWiOLFDV HP YLJD UHWD VmR IDL[DGHWUiIHJRSRGHPVHUFDOFXODGDVSHODIUD
SURMHWDGDVQRUPDOPHQWHHPVHomRDEHUWDYL omRGDFDUJDSRUURGD6VHQGR³6´D
JDVGHDOPDFKHLDRXHPVHomRFHOXODUYLJDV GLVWkQFLD HQWUH ORQJDULQDV DGMDFHQWHV HP
FDL[mR PHWURV6H6!PDUHDomRVREUHDORQJDULQD
pREWLGDSHODVXSRVLomRGHTXHDODMHHVWiVLP
$VSRQWHVGHVHomRDEHUWDSRGHPWHUGHGXDV SOHVPHQWHDSRLDGDHQWUHDVORQJDULQDV


 &DUJDVHPSRQWHVHYLDGXWRV

3DUDDV/RQJDULQDV,QWHUQDVGHSRQWHVFRPR
WDEXOHLURGHFRQFUHWRHSURMHWDGDVSDUDGXDV
RXPDLVIDL[DVGHWUiIHJRSRGHPVHUFDOFXOD
GDVSHODIUDomRGDFDUJDSRUURGD6
VHQGR³6´DGLVWkQFLDHQWUHORQJDULQDVDGMDFHQ
WHVHPPHWURV6H6!PDUHDomRVREUHD
ORQJDULQDpREWLGDSHODVXSRVLomRGHTXHDODMH
HVWiVLPSOHVPHQWHDSRLDGDHQWUHDVORQJDULQDV

2EV&RPRRWUHPWLSRGD$$67+2pFRPSRV
WRGHIDL[DVGHWUiIHJRTXHRFXSDPXPDODUJXUD
GH³IHHW´PSDUDDXWLOL]DomRGRPp
WRGRHPStULFRGHGLVWULEXLomRWUDQVYHUVDOGDV
FDUJDVDSOLFDUHPRVRVFRHILFLHQWHVGHGLVWUL
EXLomRDXPDIDL[DGHWUiIHJRFRPPGHODU
JXUDHTXLYDOHQWHDODUJXUDGRYHtFXORWLSRGD
1%5HFDUJDVGLVWULEXtGDVGHPGH
ODUJXUDjIUHQWHHDWUiVGRYHtFXOR

3DUDDV/RQJDULQDV([WHUQDV
3DUDDV/RQJDULQDV([WHUQDVDUHDomRVREUHD
ORQJDULQDpREWLGDSHODVXSRVLomRGHTXHDODMH
HVWiVLPSOHVPHQWHDSRLDGDHQWUHDVORQJDULQDV

$V/RQJDULQDV([WHUQDVQmRGHYHPWHUFDSD
FLGDGHGHFDUJDPHQRUTXHDV/RQJDULQDV,Q
WHUQDV


&DStWXOR
/LJDo}HV


 /LJDo}HV 
±,QWURGXomR
$VOLJDo}HVVROGDGDVHSDUDIXVDGDVVmRUHJX
ODPHQWDGDV SHOD$$6+72 D   LWHQV
 D  H $$6+72  $:6 '0
'&
([FHWR TXDQGR D GLPHQVmR QHFHVViULD GD
VROGDQmRH[FHGHUDHVSHVVXUDGDSDUWHPDLV
ILQD
7DEHOD ± 5HVLVWrQFLD PtQLPD j WUDomR GR
PHWDOGHVROGD

6ROGDV 0HWDOGHVROGD )Z N1FP

(;;);(;;;
7DEHOD±'LPHQVmRPtQLPDGHXPD 
(;;(56;
VROGDGHILOHWHIHLWDSRUXPVySDVVHPP
(;;);(;; 
0DLRUHVSHVGRPHWDO (VSHVPtQLPDGD
EDVHQDMXQWD VROGDGHILOHWH
7DEHOD±5HVLVWrQFLDDGPLVVtYHOGRILOHWHGH
W 
VROGDD&LVDOKDPHQWR5VN1FPGHDFRUGR
!
W  FRPRWLSRGHHOHWURGR

KV D (OHWURGR
1RWDV DPP
FP
'LPHQV}HV GR ILOHWHGH VROGD PHQRUHV SR ( (
GHPVHUXVDGDVGHVGHTXHDSURYDGRSHOR(Q
   
JHQKHLUREDVHDGRQRQtYHOGDVWHQV}HVHRXVR
DSURSULDGRGHSUpDTXHFLPHQWR    

± ([FHWRTXDQGRD GLPHQVmRGR ILOHWHQmR    

XOWUDSDVVDUDHVSHVVXUDPDLVILQDGDMXQWD3DUD
   
HVWDFRQGLomRSDUWLFXODU GHYHPVHUWRPDGRV
FXLGDGRVHVSHFLDLVXVDQGRVHSUpDTXHFLPHQ    
WR
   
7DEHOD  ± (VSHVVXUD PtQLPD GD JDUJDQWD
   
HIHWLYDGHXPDVROGDGHHQWDOKHGHSHQHWUDomR
SDUFLDOPP
1RWDV
0DLRUHVSHVGRPHWDO (VSHVPtQLPDGD
EDVHQDMXQWD JDUJDQWDHIHWLYD
5V KV)Y O VHQGR O FP
)Y [)X
W  3DUDVROGDPDQXDOKV D
D SHUQDGRILOHWHGHVROGD
!
W  )X 7HQVmRGHUXWXUDGRHOHWURGRHPN1
FP
1RWDV
'LPHQV}HVPHQRUHVGDHVSHVVXUDGDVROGD $UHVLVWrQFLDGRILOHWHGHVROGDDVHUFRQVLGH
SRGHPVHUXVDGDVGHVGHTXHDSURYDGRSHOR UDGDQmRGHYHVHUVXSHULRUjGRPHWDOEDVH
(QJHQKHLUREDVHDGRQRQtYHOGDVWHQV}HVHR
XVRDSURSULDGRGHSUpDTXHFLPHQWR


 3DUDIXVRV 7DEHOD±'LPHQV}HVGRVWLSRVGHIXURV
HPPP
(PSRQWHVHYLDGXWRVGHYHVHHPSUHJDUSDUD
GS
IXVRVGHDOWDUHVLVWrQFLDWLSR$670$H$ 3 $ $& $/
PP SRO
7LSRVGHOLJDo}HV     [ [
 
   [ [
 $V OLJDo}HV D FLVDOKDPHQWR GHYHUmR VHU
SURMHWDGDVSDUDIXQFLRQDUHPSRUDWULWRRXHV     [ [
PDJDPHQWR/LJDo}HVSRUDWULWRVmRGHILQLGDV     [ [
SDUDMXQWDVVXMHLWDVDHVIRUoRUHYHUVRDOWRLP
    [ [
SDFWRGDVFDUJDVVXMHLWDVDYLEUDo}HVRXRQGH
DUHVLVWrQFLDjVWHQV}HVGHYLGRDMXQWDVSRUDWULWR     [ [
VmRIXQGDPHQWDLVSDUDDVFRQGLo}HVGDYLGD~WLO     [ [
GDHVWUXWXUD(ODVLQFOXHP     [ [

D-XQWDVVXMHLWDVDIDGLJD $UUXHODV
E-XQWDV FRP SDUDIXVRV LQVWDODGRV HP IXURV
DODUJDGRV 2SURMHWRGHYHUiLQGLFDURXVRGHDUUXHODVHP
F-XQWDVVXMHLWDVDFDUJDVUHYHUVDVVLJQLILFDWL SDUDIXVRV GH DOWD UHVLVWrQFLD QDV VHJXLQWHV
YDV FRQGLo}HV
G-XQWDVHPTXHVROGDVHSDUDIXVRVWUDQVPL 4XDQGRXPDGDVIDFHVH[WHUQDVGDVSDUWHV
WHPFDUJDVHPXPDVXSHUItFLHFRPXP SDUDIXVDGDVWLYHUPDLVGHGHLQFOLQDomRHP
H-XQWDVHPTXHDFULWpULRGR(QJHQKHLURUHV UHODomRDRSODQRQRUPDOGRHL[RGRSDUDIXVR
SRQViYHORDWULWRVHUiFUtWLFRSDUDDUHVLVWrQFLD 1mRVmRQHFHVViULDVSDUDOLJDo}HVXVDQGR
GDMXQWD SDUDIXVRV$670$H$H[FHWRVRER
HOHPHQWRTXHJLUDSRUFDRXFDEHoDGRSDUDIX
/LJDo}HVFRPSDUDIXVRVGHDOWDUHVLVWrQFLD
VXMHLWDVDWUDomRRXFRPELQDomRGHWUDomRFRP
FLVDOKDPHQWR GHYHUmR VH IHLWDV SRU PHLR GH
SDUDIXVRVSRUDWULWR
2VSDUDIXVRVGHDOWDUHVLVWrQFLDWUDEDOKDQGR
HPFRQH[}HVDHVPDJDPHQWRHVWmROLPLWDGRV
DPHPEURVVXMHLWRVDFRPSUHVVmRHPHPEURV
VHFXQGiULRV
7LSRVGHIXURV
2VWLSRVGHIXURVDFHLWRVSHOD$$6+72SDUD
SDUDIXVRV GH DOWD UHVLVWrQFLD VmR IXURV SD
VRDSHUWDGRVFRPFKDYHFDOLEUDGD
6RERHOHPHQWRTXHJLUDGXUDQWHRDSHUWRQR
FDVRGHSDUDIXVRV$TXDQGRHVVHHOHPHQ
WRDVVHQWDVREUHXPDoRFRPOLPLWHGHHVFRD
PHQWRLQIHULRUDN1FP
$RORQJRGRVIXURVDORQJDGRVGHWDOPDQHLUD
TXHFXEUDWRGRRIXURFRPHVSHVVXUDQmRLQIH
ULRUDPP
'LkPHWURGRVSDUDIXVRV
2VGLkPHWURVGRVSDUDIXVRVGHYHUmRVHULQGL
FDGRVQRVGHVHQKRVJHUDOPHQWHVmRGHPP
GU}HV 3 IXURVDODUJDGRV $ IXURV DORQJD HPP3DUDIXVRVGHPP
GRV FXUWRV $& H IXURV DORQJDGRV ORQJR QmRVHUmRXVDGRVHPPHPEURVFRPVR
$/2VYDORUHVHVWmRLQGLFDGRVQD7DE OLFLWDomRGHFDUJDVRPHQWHHPHOHPHQWRVVH
FXQGiULRV
2VGLkPHWURVGRVSDUDIXVRVHPFDQWRQHLUDV
FDUUHJDGDVQmRGHYHPH[FHGHUGDODUJXUD


 /LJDo}HV 

GDDEDHPTXHVHUiIL[DGR 3DUDXPDVLPSOHVOLQKDGHSDUDIXVRVQmRGHYH
H[FHGHUDW1RFDVRGHPDLVGHXPDOLQKD
±(VSDoDPHQWRPtQLPRHQWUHSDUDIXVRV DGMDFHQWHDGLVWkQFLDGRHVSDoDPHQWRHQWUH
HODVQmRGHYHH[FHGHUDWDW±JOLPLWD
$GLVWkQFLD6HQWUHFHQWURVGHIXURVSDGUmR GRDW
QmRGHYHUiVHUPHQRUGRTXHGSPDVSUHIH
UHQFLDOPHQWHQmRVHUPHQRUGRTXH PHPEURVDWUDomR
3DUDXPDOLQKDGHSDUDIXVRVDGLVWkQFLDQmR
GS 6PP GHYHH[FHGHUDW3DUDDGLVWkQFLDHQWUHGXDV
OLQKDV LGHPFRPR SDUD PHPEURVD FRPSUHV
  VmR
 
±'LVWkQFLDPtQLPDGRFHQWURGHXPIXURj
  ERUGD

  D$GLVWkQFLDPtQLPD6GRFHQWURGHXPIXUR

SDGUmRDERUGDFRUWDGDDWHVRXUDRXPDoDULFR
'LVWkQFLDPtQLPDOLYUHHQWUHIXURV QmRGHYHVHULQIHULRUD

4XDQGRVmRXVDGRVIXURVDODUJDGRVRXDORQJD GS 6PP
GRVDPtQLPDGLVWkQFLDOLYUHHQWUHDVH[WUHPL
GDGHVGRVIXURVQmRGHYHVHUPHQRUGRTXH  
GXDVYH]HVRGLkPHWURGRSDUDIXVRGS
 
 ± (VSDoDPHQWR Pi[LPR HQWUH IXURV H IXUR  
H[WUHPLGDGH
 
D$GLVWkQFLDPi[LPDHQWUHRFHQWURGRIXURHD
ERUGDPDLVSUy[LPDQmRGHYHH[FHGHUDYH E$GLVWkQFLDPtQLPD6GRFHQWURGHXPIXUR
]HVDHVSHVVXUDPDLVILQDFRQVLGHUDGDQDMXQ SDGUmRSDUDjERUGDODPLQDGDRXDSODLQDGD
omROLPLWDGDDPP H[FHWRPHVDVGHSHUILV,+RX8

E2HVSDoDPHQWRPi[LPRHQWUHIXURVHPXPD
GS 6PP
PHVPDOLQKDQmRGHYHUiH[FHGHUDPPW
OLPLWDGRDPP1RFDVRGHKDYHUOLQKDVDG  
MDFHQWHVRHVSDoDPHQWRHQWUHHODVQmRGHYHH[
FHGHUDPPW±JOLPLWDGRDPP  

 
W HVSHVVXUDPDLVILQD
J GLVWkQFLDHQWUHSDUDIXVRV  

F2HVSDoDPHQWRPi[LPRHQWUHSUHVLOKDVRX F,GHPSDUDPHVDVGHSHUILV,+RX8
HVSDoDGRUHVHQWUHFKDSDVRXFDQWRQHLUDV
QmRGHYHVHUVXSHULRUD

PHPEURVDFRPSUHVVmR


 MDWHDGDVFRP&ODVVH%GHSLQWXUD μ 
GS 6PP

  &±6XSHUItFLHVJDOYDQL]DGDVDTXHQWHH

iVSHUDV μ 
 

  (VPDJDPHQWRDWHQVmRDGPLVVtYHOQRPDWHUL

 
$Pi[LPDGLVWkQFLDHQWUHRFHQWURGHXPSDUD
IXVRHDH[WUHPLGDGHQmRGHYHUiVHUVXSHULRUD
YH]HVDHVSHVVXUDGDDEDHPSURMHomROLPLWD
GDDPP
&KXPEDGRUHV
2Q~PHURPtQLPRRGLkPHWURHRFRPSULPHQWR
GHDQFRUDJHPGRVFKXPEDGRUHVHPFDGDH[
WUHPLGDGHGHYHVHU
3DUDSRQWHVIRUPDGDVSRUYLJDVODPLQDGDV
GRLVGLkPHWURVGHPPHFRPSULPHQWRGHDQ
FRUDJHPGHPP
3DUDSRQWHVHPYLJDVVROGDGDVHWUHOLoDV
VHJXQGRRVYmRV
DOFRQHFWDGRHPIXURSDGUmRDODUJDGRHDORQ
JDGRFXUWRFDUUHJDGRVQDVXDGLUHomRRXIX
URVDORQJDGRV ORQJRSDUDOHORj DSOLFDomRGD
FDUJDGHHVPDJDPHQWRVHUi
/F)XGS ≤ )X
(VPDJDPHQWRDWHQVmRDGPLVVtYHOQRPDWH
ULDO FRQHFWDGR FRP IXURV DORQJDGRV ORQJRV
SHUSHQGLFXODUjFDUJDGHHVPDJDPHQWRVHUi
/F)XGS ≤ )X
)X WHQVmRGHUXWXUDGRPDWHULDOFRQHFWDGR
/F GLVWkQFLDOLYUHHQWUHRIXURRXHQWUHRIXUR
HDH[WUHPLGDGHGRPDWHULDOQDGLUHomRGDIRU
oDDSOLFDGDHPFPH GSRGLkPHWURQRPLQDO
GRSDUDIXVRHPFP

/ ≤ P Φ PPFRPPP ±&RPELQDomRGHWUDomRFRP

 ≤ /P Φ FRPPP
 ≤ /P± Φ FRPPP
±5HVLVWrQFLDDGPLVVtYHOGRVSDUDIXVRV
$UHVLVWrQFLDDGPLVVtYHOGRVSDUDIXVRVHVWi
LQGLFDGDQD7DEHVHXVYDORUHVIRUDPFDO
FXODGRVGHDFRUGRFRPRVLQGLFDGRVQRURGDSp
GDWDEHOD
FLVDOKDPHQWR
$FRPELQDomRGHFLVDOKDPHQWRHWUDomRHP
MXQWDVSRUDWULWRXVDQGRSDUDIXVRVGHDOWDUHVLV
WrQFLD RQGH DSOLFDGR UHGX] D IRUoD WRWDO GH
DSHUWRQRSODQRGHDWULWR$UHVLVWrQFLDDRDWULWR
SRUiUHDXQLWiULDGRSDUDIXVRIYQmRGHYHUiH[
FHGHURYDORUGDVHJXLQWHHTXDomR
IY )YIW)X
 $ UHVLVWrQFLD DGPLVVtYHO GRV SDUDIXVRV D
FLVDOKDPHQWRSRUDWULWRFDOFXODGRVDWHQGHPDV IY WHQVmRGHFLVDOKDPHQWRGRSDUDIXVR
&ODVVH$ H & WHQGR XP FRHILFLHQWH GH DWULWR IW WHQVmRGHWUDomRQRSDUDIXVRHPN1FP
μ 3DUDD&ODVVH%PXOWLSOLFDURVYDOR )Y UHVLVWrQFLDQRPLQDOGHDWULWRSRUiUHD
UHVSRU XQLWiULDGRSDUDIXVR±7DEN1FP
)X N1FP ±$670$
'HILQLomRGDV&ODVVHV )X N1FP ±$670$
$±6XSHUItFLHVVHPHVFDPDVGHODPLQDomRH
VXSHUItFLHVMDWHDGDVFRP&ODVVH$GHSLQWXUD
μ 
%±6XSHUItFLHVMDWHDGDVHVXSHUItFLHV


 /LJDo}HV 
2QGHSDUDIXVRVGHDOWDUHVLVWrQFLDHVWmRVX
MHLWRVDDPEDVFDUJDVGHFLVDOKDPHQWRHWUD
omRDWHQVmRGHWUDomRQmRGHYHUiH[FHGHUR
YDORUGDVHJXLQWHHTXDomR
VHIY)Y ≤ )¶W )W
VHIY)Y!)¶W )W
)Y  WHQVmR DGPLVVtYHO GH FLVDOKDPHQWR QR
SDUDIXVR7DE
)W WHQVmRDGPLVVtYHOGHWUDomRQRSDUDIXVR
7DE
)¶W WHQVmRDGPLVVtYHOGHWUDomRUHGX]LGDQR
SDUDIXVRGHYLGRDWHQVmRGHFLVDOKDPHQWRN1
FP
'HDFRUGRFRPD$$6+72WHPRVSDUDDV
WHQV}HVDGPLVVtYHLV
7UDomRiUHDEUXWD
)WE )\ [ N1FP
7UDomRiUHDOtTXLGD
)WO )X [ N1FP
&RPSUHVVmR
)F )\ [ N1FP
&RUWDQWH
)Y )\ [ N1FP
9mRGDYLJDPFRPSRVWDSRUVHJPHQWRV

$YLJDHVWiVXMHLWDDRVVHJXLQWHVHVIRUoRVQR
±)DGLJD
$VWHQV}HVGHWUDomRjIDGLJDQRVSDUDIXVRV
QmRGHYHPH[FHGHURVVHJXLQWHVYDORUHVGH
DFRUGRFRPRQ~PHURGHFLFORV
SRQWRGHHPHQGD6([$QH[R%SJ
&RUWDQWH9 N1
0RPHQWRYHUWLFDO0Y N1FP
0DWHULDOGDYLJDSRUWUHFKR

$ $ ([WUHPLGDGH &HQWUDO

1XPHURGHFLFORV 36[ 36[
N1FP N1FP

   $OPD  

!H  
0HVDVXS [ [
!  
0HVDLQI [ [

±([HPSORV
2V H[HPSORV D VHJXLU VH UHIHUHP D HPHQGD
GDVYLJDVGR([HPSORGR$QH[R%
([HPSOR±'HWHUPLQDURVWLSRVGHVROXo}HV
SDUDDVHPHQGDVGDVYLJDVQD VHomR6 HQWUH
3DUDHIHLWRGLGiWLFRYDPRVDSUHVHQWDUHVTXH
PDGDOLJDomRVROGDGDFRPLQGLFDomRGRVHQ
VDLRVQmRGHVWUXWLYRVDVHUHPIHLWRVHRFiOFX
OR GD HPHQGD SDUDIXVDGD GH DFRUGR FRP D
$$6+72QRPpWRGRGDVWHQV}HVDGPLVVtYHLV
$6'
RV36[ H[GLPHQVLRQDGDV
QRSURMHWR GR([HPSOR $QH[R %HP DoR$
*WHQGR)\ N1FP H)X 
N1FP

D(PHQGDVROGDGD
$HPHQGDVROGDGDXVDQGRVROGDGHSHQHWUD
omRWRWDOUHTXHUDSHQDVLQGLFDomRGRVGHWD
OKHVHWLSRVGHVROGD1RFDVRDILJXUDPRV
WUDFRPRID]HUHVWDLQGLFDomR
 0HVDVXSHULRU±&K[PP

IYPpGLR  N1FP
[ 2.

)RUoDWUDQVPLWLGDSHODPHVD 
[[ N1

3DUDIXVRV
9DPRVFRQVLGHUDUOLQKDVGHSDUDIXVRVQXP
WRWDOGHDFLVDOKDPHQWRGXSORYHU)LJ

IY  N12.

±7DODV
7DODH[WHUQD&K[PP
7DODVLQWHUQDV&K[PP

$QHF [ FP

$WDODV [[[ FP

)LJXUD±(PHQGDVROGDGD
!2.
E(PHQGDSDUDIXVDGD
0HVDLQIHULRU±&K[PP

IYPpGLR  N1FP

![ 2.



)RUoDWUDQVPLWLGDSHODPHVD 



)YW [[ N1

)LJXUD±7HQV}HVQDHPHQGDGDYLJD
3DUDIXVRV
9DPRVFRQVLGHUDUOLQKDVGHSDUDIXVRVQXP
8VDUHPRVQDHPHQGDGDVPHVDVHDOPDSDUD WRWDOGHDFLVDOKDPHQWRGXSORYHU)LJ
IXVRV$670$) Φ 6XDUHVLVWrQ
FLDDFLVDOKDPHQWRGHDFRUGRFRPD7DE 
3p)Y N1FXMDGLVWULEXLomRQDVHomR IY  N12.
HVWiQDILJXUD


 /LJDo}HV 

7DODV 3DUDIXVRV

7DODH[WHUQD&K[PP 9DPRVFRQVLGHUDUOLQKDVGHSDUDIXVRVQXP
7DODVLQWHUQDV&K[PP WRWDOGHDFLVDOKDPHQWRGXSOR±9HU)LJ

$QHF [ FP EUXWD (VIRUoRQDOLJDomRGDDOPD

9 N1
$WDODV [[[ FP
0  N1FP
!2.
&iOFXORGD,QpUFLDSRODUGRJUXSR
9HULILFDomRGDPHVDE PP
)XURV[IXUR PP ∑ G  [  

5HGXomRSHUPLWLGD [ PP  FP
5HGXomRDVHUDSOLFDGD ±  'HWHUPLQDomRGDIRUoDGHFLVDOKDPHQWRQR
/DUJXUDHIHWLYD ± PP SDUDIXVR
&DSDFLGDGHPi[LPDGDPHVDOtTXLGDjWUDomR 
)X[[ IK  [ N1

[[[ N1
!2.  
IY [ N1

$OPD±&K[PP 
I    
 2.
(VIRUoRVDWXDQWHV
7DODV
9 N1)Y )X N1FP
&K[[PP

IY  N1FP 2. $OWXUDGDDOPD  FP
$OWXUDGDWDOD  FP

IYPpGLR  [ 
$DOPD [ FP
9DOPD [[ N1!2. $WDODV [[ FP !2.

0RPHQWRWUDQVPLWLGRSHODDOPDGHDFRUGRFRP ([HPSOR±'HWHUPLQDUD HPHQGD6 QRPHLR

DILJXUD GRYmRHQWUHSHUILV36[GR([HPSOR
GR$QH[R%RQGHRVHVIRUoRVHQFRQWUDGRV
0  [[ IRUDP9 N1H0Y N1PSJ

[
 [[ N1FP 3DUDHVWHVYDORUHVQDOLJDomRSDUDIXVDGDFRP
φ GHIRUDPHQFRQWUDGRVDVVHJXLQWHVGLV
WULEXLo}HV


0HVDVXSIYPpGLR N1FP !!SDUDIILODVGH

0HVDLQIIYPpGLR N1FP !!SDUDIILODVGH

$OPDIY N1FP !!SDUDIOLQKDVGH

)LJXUD  ± 'HWDOKH HPHQGD SDUDIXVDGD HP 6

3DUDIXVRV φ $)


 /LJDo}HV 

7$%(/$±&DUJDVDGPLVVtYHLVQRVSDUDIXVRVHPN1$$6+72

,62

5W $S[)WURVFDQRSODQRGHFLVDO

5Y $S[)YURVFDQRSODQRGHFLVDO

 7LSRV GH IXURV

3 SDGUmR$ DODUJDGR
$&  DORQJDGR FXUWR ± WUDQVYHUVDO j IRUoD DSOLFDGD
$/  DORQJDGR ORQJR ± WUDQVYHUVDO j IRUoD DSOLFDGD
$/3  DORQJDGR ORQJR ± SDUDOHOR j IRUoD DSOLFDGD

 &LVDOKDPHQWR VLPSOHV FRP URVFD QR SODQR GH

FLVDOKDPHQWR SDUD OLJDomR D HVPDJDPHQWR SDUD FRHILFLHQWH
GH DWULWR μ  FODVVH $ GH GHVOL]DPHQWR 3DUD
FLVDOKDPHQWR VLPSOHV FRP URVFD IRUD GR SODQR PXOWLSOLFDU
RV YDORUHV DFLPD SRU 

 &DUJDV DGPLVVtYHLV QRV SDUDIXVRV

)W )X)Y3 [[)X
)Y )X)Y$$& [[)X )X
)Y$/ [[)X )X
)Y$/3 [[)X )X


&DStWXOR
6LVWHPDVGHPRQWDJHP


 6LVWHPDVGH0RQWDJHP 
±,QWURGXomR
(P JHUDO D PRQWDJHP GH SRQWHV p IHLWD SRU
ODQoDPHQWRSDUDYLJDVUHWDVGHXPYmRRXPDLV
YmRV FRQWtQXRV FRPR XP VLVWHPD PDLV
HFRQ{PLFR HPERUD UHTXHLUD FRPR HP WRGD
PRQWDJHPXPHVWXGRPLQXFLRVRSDUDVHHYLWDU
DFLGHQWHV
2V YLDGXWRV FRPR HVWmR HP WHUUD ILUPH VmR
PRQWDGRVHPJHUDOSRUPHLRGHJXLQGDVWHV
±0RQWDJHPSRUODQoDPHQWR
(PJHUDOSDUDPRQWDJHPGHXPYmRLVRODGRKi
QHFHVVLGDGH GH FRORFDomR GH XP ELFR GH
PRQWDJHPHXPSHTXHQRFRQWUDSHVR
3DUD D PRQWDJHP GH GRLV RX PDLV YmRV
FRQWtQXRVSRGHVHXQtORVGXUDQWHDPRQWDJHP
RTXHIDFLOLWDVHXODQoDPHQWRQHFHVVLWDQGRGH
XPELFRPHQRURXDWpGHVSUH]iORQRFDVRGH
WUrVYmRVFRQWtQXRV
$ PRQWDJHP GH SRQWHV SRU ODQoDPHQWR
FRQVLVWHHPSUpPRQWDUDVORQJDULQDVGDSRQWH
VREUHRWHUUHQRHPXPDGDVPDUJHQVHID]HU
DVYLJDVLQWHLUDTXHYmRFRQVWLWXLUDSRQWHVH
GHVORFDU VREUH DSRLRV GHVOL]DQWHV DWp VXD
SRVLomRILQDOVREUHRULR
1RUPDOPHQWH p QHFHVViULR XP ELFR GH
ODQoDPHQWRTXHpXVDGRFRPRSURORQJDPHQWR
SURYLVyULR GD SRQWH HP FRQMXQWR FRP XP
FRQWUDSHVR SDUD HYLWDU R WRPEDPHQWR GD
8PRXWURSRQWRTXHGHYHVHUDQDOLVDGRFRP
FDULQKRSHORUHVSRQViYHOSHODPRQWDJHPpR
VRORRQGHYDLVHUIHLWRRWUDEDOKRSDUDVHHYLWDU
SUREOHPDVQRODQoDPHQWR
(PJHUDOSDUDPDLRUVHJXUDQoDGDPRQWDJHP
RODQoDPHQWRpIHLWRSRUXPSDUGHORQJDULQDV
WUDYDGDV XPD QD RXWUD SHORV SUySULRV
WUDYHMDPHQWRV H QD ODUJXUD GHILQLWLYD
3RVWHULRUPHQWHID]VHRODQoDPHQWRGRRXWURSDU
DSURYHLWDQGR WRGRV RV HTXLSDPHQWRV GH
PRQWDJHP
8P RXWUR DVSHFWR TXH GHYH VHU OHYDGR HP
FRQVLGHUDomRpTXDQWRDRQtYHOGHODQoDPHQWR
SRLV VH R PHVPR IRU IHLWR QR QtYHO GR DSRLR
GHILQLWLYR D GHVFLGD GDV YLJDV p IHLWD VREUH
PDFDFRVVHPPDLRUHVSUREOHPDV6HRQtYHO
ILQDOIRURGDYLDDGHVFLGDpPDLVFRPSOLFDGD
UHTXHUHQGRXPHVWXGRPDLVGHWDOKDGRSRGHQGR
KDYHU QHFHVVLGDGH GH H[HFXomR GH XPD
HVWUXWXUDTXHSHUPLWDDGHVFLGDGDVYLJDVFRP
VHJXUDQoD
(P  J HU DO  W R G D PR QW DJ HP  G H S R QW HV  H
YLDGXWRVUHTXHUXPHVWXGRPDLVGHWDOKDGR
R QG H V H G HI LQ D SDV V R  D S DV V R  W R G R  R
SURFHVVRDVHUXVDGRDRORQJRGDPHVPD
$ ILJXUD  LQGLFD HVTXHPDWLFDPHQWH XPD
VHTrQFLDGHPRQWDJHPGDSRQWHSURMHWDGDQR
([HPSORGR$QH[R%
3DUDPDV GHWDOKHVYHU0DQXDO &%&$VREUH
PHVPD VREUH D iJXD 3RGHVH XVDU DV ODMHV 7UDQVSRUWHH0RQWDJHP
SUpIDEULFDGDVFRPRHOHPHQWRVSDUDFRPSRUR
FRQWUDSHVR

(P JHUDO R ELFR GH ODQoDPHQWR WHP XP

FRPSULPHQWRHPWRUQRGHGRYmRDYHQFHU

2 GHVOL]DPHQWR GDV ORQJDULQDV GD SRQWH HP

JHUDOpIHLWDVREUHODUJDWDVFRORFDGDVHPSRQWRV
SUpIL[DGRVTXHSHUPLWHPXPGHVOL]DPHQWRPDLV
VXDYH



 )LJXUD 


 5HIHUrQFLDV
%LEOLRJUiILFDV


 5HIHUrQFLDV%LEOLRJUiILFDV 

±$%171%5 ± &DUJDPyYHOHPSRQWH
URGRYLiULDHSDVVDUHODGHSHGHVWUH

±$%171%5±)RUoDVGHYLGRDRYHQWR
HPHGLILFDo}HV

±$$6+72±6WDQGDUG6SHFLILFDWLRQV
IRU+LJKZD\%ULGJHV±'LYLVLRQ,±'HVLJQ
D 

±$:6±$PHULFDQ:HOGLQJ6RFLHW\±
%ULGJH:HOGLQJ&RGH

±%URFNHQEURXJK5RJHU/DQG0HUULW
)UHGHULFN6±6WUXFWXUDO6WHHO'HVLJQHU¶V
+DQGERRN±D 

±0H\HU.DUO)ULW]±3RQWHV5RGRYLiULDV
H)HUURYLiULDV±(VWUXWXUDV0HWiOLFDV
9ROXPH,±3URMHWR

±86,0,1$6±2$oRQD&RQVWUXomR
3RQWHV5RGRYLiULDV0HWiOLFDV±3DUWH,
H,,

±86,0,1$60(&Æ1,&$)RWRVGH3RQWHVH
9LDGXWRV0HWiOLFRV

±50*±(QJHQKDULD)RWRVGHSRQWHV
PHWiOLFDV

±)(06$±)RWRVGHSRQWHVHYLDGXWRV

3LQKR)HUQDQGR±$SRVWLODGR&XUVRGH
3RQWHV0HWiOLFDV±8QL)2$

±&3+HLQVH'$)LUPDJH'HVLJQRI
0RGHUQ6WHHO+LJKZD\%ULGJHV


$QH[R$
7DEHODV


 $QH[R$7DEHODV



 $QH[R$7DEHODV 



 $QH[R$7DEHODV



 $QH[R$7DEHODV




$QH[R%
([HPSORV


 $QH[R%([HPSORV


a


 $QH[R%([HPSORV 



 $QH[R%([HPSORV



 $QH[R%([HPSORV



 $QH[R%([HPSORV



 $QH[R%([HPSORV



 $QH[R%([HPSORV



 $QH[R%([HPSORV



 $QH[R%([HPSORV



 $QH[R%([HPSORV



 $QH[R%([HPSORV



 $QH[R%([HPSORV



 $QH[R%([HPSORV



 $QH[R%([HPSORV



 $QH[R%([HPSORV



 $QH[R%([HPSORV 


a


 $QH[R%([HPSORV



 $QH[R%([HPSORV



 $QH[R%([HPSORV



 $QH[R%([HPSORV



 $QH[R%([HPSORV



 $QH[R%([HPSORV



 $QH[R%([HPSORV


 &RQHFWRUHV


 $QH[R%([HPSORV