%58127$.$25($/.$5,$
$1È/,6('$(;35(662'($17Ë*(126
&Æ1&(57(67Ë&8/2&7V(03$&,(17(6&200,(/20$
0Ò/7,3/2
2ULHQWDGRU3URI'U$QGUp/XL]9HWWRUH
&R2ULHQWDGRU3URID'UD*LVHOH:%&ROOHRQL
6XSHUYLVRU3URI'U'DQLOR0RUHWWL)HUUHLUD
%RWXFDWX
%UXQR7DNDR5HDO.DULD
$1È/,6('$(;35(662'($17Ë*(126
&Æ1&(57(67Ë&8/2&7V(03$&,(17(6&200,(/20$
0Ò/7,3/2
%RWXFDWX
),&+$&$7$/2*5È),&$(/$%25$'$3(/$6(d27e&1,&$'($48,6,d2(75$7$0(172 '$,1)250$d2
',9,62'(%,%/,27(&$('2&80(17$d2&$0386'(%278&$7881(63
%,%/,27(&È5,$5(63216È9(/6(/0$0$5,$'(-(686
.DULD%UXQR7DNDR5HDO
$QiOLVHGDH[SUHVVmRGHDQWtJHQRVFkQFHUWHVWtWXOR&7VHPSDFLHQWHVFRP PLHORPDP~OWLSOR%UXQR7DNDR5HDO.DULD%RWXFDWX>VQ@
7UDEDOKRGHFRQFOXVmREDFKDUHODGR±&LrQFLDV%LROyJLFDV±0RGDOLGDGH 0pGLFD±8QLYHUVLGDGH(VWDGXDO3DXOLVWD,QVWLWXWRGH%LRFLrQFLDVGH %RWXFDWX
2ULHQWDGRU$QGUp/XL]9HWWRUH &RRULHQWDGRU*LVHOH:%&ROHRQL
7HVWtFXOR&kQFHU([SUHVVmRJrQLFD$QWtJHQRV
3DODYUDVFKDYH$QWtJHQRVFkQFHUWHVWtFXOR([SUHVVmRJrQLFD0LHORPD P~OWLSOR
'HGLFDWyULD
$RVPHXVSDLVHDPLQKDLUPm SRUWRGRDPRUFRQILDQoD SDFLrQFLDHLQFHQWLYR
$JUDGHFLPHQWRV
¬ 8QLYHUVLGDGH (VWDGXDO 3DXOLVWD -~OLR GH 0HVTXLWD )LOKR DWUDYpV GR ,QVWLWXWRGH%LRFLrQFLDVGH%RWXFDWX
¬8QLYHUVLGDGH)HGHUDOGH6mR3DXORSHODRSRUWXQLGDGHFHGLGD
¬)XQGDomR GH $PSDUR j 3HVTXLVD GR (VWDGR GH 6mR 3DXOR )$3(63 SHORV UHFXUVRV FRQFHGLGRV SDUD D UHDOL]DomR GHVVH WUDEDOKR 3URFHVVR
$R3URI'U$QGUp/XL]9HWWRUHGH2OLYHLUDSHODRULHQWDomRHQVLQDPHQWRV SDUDUHDOL]DomRGHVWHWUDEDOKRHSHODRSRUWXQLGDGHGHPHMXQWDUDR/DERUDWyULR GH%LRORJLD0ROHFXODUGR&kQFHU
¬3URID'UD*LVHOH:%&ROOHRQLSHORVFRQKHFLPHQWRVHFRRULHQWDomRQD UHDOL]DomRGHVWHWUDEDOKR
$R3URI'U'DQLOR0RUHWWL)HUUHLUDSHODVXSHUYLVmR
¬ 'UD 9DOpULD &ULVWLQD GD &RVWD $QGUDGH SRU WRGD DMXGD SDFLrQFLD DPL]DGH
$R )DEUtFLR GH &DUYDOKR SHOD DMXGD HQVLQDPHQWRV H FRODERUDomR QDV DQiOLVHVODERUDWRULDLV
$R 3URI 'U 'DQLHO 0RXUD SHOD LQGLFDomR DR /DERUDWyULR GH %LRORJLD 0ROHFXODUGR&kQFHU
$RV PHXV WLRV 6DQGUD 0DULD 5HDO 6DNDPRWR H /XL] +HQULTXH 0LQRU 6DNDPRWRSRUPHDFROKHUHPHP6mR3DXOR
$RVSURIHVVRUHVGD8QLYHUVLGDGH(VWDGXDO3DXOLVWD-~OLRGH0HVTXLWD)LOKR SHORVHQVLQDPHQWRVHFRQWULEXLomRSDUDPLQKDIRUPDomRDFDGrPLFD
¬PLQKDIDPtOLDSRUWRGRFDULQKRDPRUHDSRLRLQFRQGLFLRQDO
$RV PHXV FROHJDV GH ODERUDWyULR$OLQH $NHPL 1DJDGR $QD &DUROLQD GH &DUYDOKR $QD /XL]D %RQILP /RQJR 'DQLHOOH 0DLD )HUQDQGD &RUEL )HUQDQGR7DGHX=DPXQpU0DULDQQD5HWWRUL5LJXHO,QDRND9HUXVND)RRN :DOWHU0RLVpV%UDJDSHODDMXGDDPL]DGHHPRPHQWRVGHGHVFRQWUDomR
$RV PHXV DPLJRV GD 81(63 %UXQR %LDJJLR )HOLSH $XJXVWR $UD~MR *DEULHO&DSHOOD0DFKDGR-RmR$XJXVWR5LEHLUR-XOLDQD7DNLWDQH.DUHQ $NLQD .RJD /DULVVD &DPDUJR 0DUFRV /HLWH 6DQWRUR 1DUD\DQH 6DOHV 5DIDHO-XQTXHLUD%RUJHV5DSKDHO6DQFKHV3HUHV5HQDQ3DGURQ$OPHLGD 5REHUWR .RGDPD 9LQtFLXV 'DHO 2OLR &HVDULQR SHOD DPL]DGH FRQYtYLR H WRGRVRVPRPHQWRVPDUFDQWHVGXUDQWHRWHPSRTXHHVWLYHHP%RWXFDWX
$RV PHXV DPLJRV GD 8QLYHUVLGDGH )HGHUDO GH 6mR 3DXOR3DXOR +HQULTXH 0ROLQH5DIDHO)HUUHLUDTXHPHDMXGDUDPDDWXUDUHVWDFLGDGHIULD
5HVXPR
2 PLHORPD P~OWLSOR 00 p XPD QHRSODVLD PDOLJQD VHFXQGiULD j H[SDQVmR FORQDO GH FpOXODV SODVPiWLFDV FDUDFWHUL]DGD SHOD SUHVHQoD GH LPXQRJOREXOLQD PRQRFORQDO QR VDQJXH HRX QD XULQD OHV}HV OtWLFDV yVVHDV H LQILOWUDomRGHSODVPyFLWRVPRQRFORQDLVQDPHGXODyVVHD$FDUDFWHUL]DomRGRV PHFDQLVPRVUHVSRQViYHLVSHODH[SDQVmRGDVFpOXODVWXPRUDLVGR00pGLItFLO HHQYROYHXPDVpULHGHDOWHUDo}HVJHQpWLFDVHPXGDQoDVQRPLFURDPELHQWHGD PHGXODyVVHDIDYRUHFHQGRRFUHVFLPHQWRGRWXPRUHDIDOKDGRVLVWHPDLPXQH HPUHFRQKHFrOR200pXPDGRHQoDLQFXUiYHOVHQGRDVREUHYLGDPHGLDQD GRV SDFLHQWHV HP WRUQR GH DQRV 7HUDSLDV DWXDLV FRPR TXLPLRWHUDSLD H WUDQVSODQWHDXWyORJRGHFpOXODVWURQFRSRGHPLQGX]LUUHPLVVmRGDGRHQoDPDV DUHFDtGDHDPRUWHVmRLQHYLWiYHLV
2V DQWtJHQRV HVSHFtILFRV FkQFHUWHVWtFXOR &7V IRUDP RULJLQDOPHQWH GHVFULWRV HP SDFLHQWHV FRPPHODQRPDH VmR DVVLP GHQRPLQDGRV SRLV VXDV SURWHtQDVIRUDPLGHQWLILFDGDVHPHVSHUPDWRJ{QLDVFpOXODVFRQKHFLGDVSRUQmR H[SUHVVDUHP DQWtJHQRV GH KLVWRFRPSDWLELOLGDGH +/$ R TXH DV LPSRVVLELOLWD GH GHVHQFDGHDU XPD UHVSRVWD LPXQH HVSHFtILFD (VVHV DQWtJHQRV IRUDP LGHQWLILFDGRV SRVWHULRUPHQWH HP YiULRV WLSRV GH WXPRUHV KXPDQRV FRPR PHODQRPD FDUFLQRPD SXOPRQDU FkQFHU UHQDO HQWUH RXWURV $Wp R PRPHQWR H[LVWHP SRXFDV LQIRUPDo}HV D UHVSHLWR GH VXD LPSRUWkQFLD FRPR IDWRUHV GH SURJQyVWLFR FOtQLFR RX UHODFLRQDGR j SUROLIHUDomR DEHUUDQWH GDV FpOXODV SODVPiWLFDV $VVLP R REMHWLYR GHVWH HVWXGR p DYDOLDU R QtYHO GH H[SUHVVmR JrQLFD GRV DQWtJHQRV FkQFHUWHVWtFXOR0$*(&&70$*($/$*( 1<(62 H *$*( HP DPRVWUDV GH DVSLUDGR GH PHGXOD yVVHD WRWDO GH SDFLHQWHV FRP PLHORPD P~OWLSOR $ DQiOLVH GH H[SUHVVmR SRU 573&5 GRV &7VGHLQWHUHVVHUHDOL]DGDHPDPRVWUDVGHPHGXODWRWDOGHSDFLHQWHVFRP 00 GHPRQVWURX DV VHJXLQWHV IUHTrQFLDV&7 /$*(
0$*($*$*(H1<(62LQGLFDQGRTXHSRGHPVHU
ERQVFDQGLGDWRVjLPXQRWHUDSLD
ËQGLFH
,QWURGXomR
2PLHORPDP~OWLSOR 2VDQWtJHQRVFkQFHUWHVWtFXOR&7 ,PXQRJHQLFLGDGHGRVDQWtJHQRVFkQFHUWHVWtFXOR
-XVWLILFDWLYD
2EMHWLYRV
0DWHULDLVH0pWRGRV
3DFLHQWHV $YDOLDomRGLDJQyVWLFDGRVSDFLHQWHVFRPVXVSHLWDGH00 &ULWpULRVGLDJQyVWLFRVXWLOL]DGRV (VWDGLDPHQWRFOtQLFR ([WUDomRGH51$HVtQWHVHHF'1$ $QiOLVHGD([SUHVVmRGRV&7V 'HWHFomRGDUHVSRVWDKXPRUDOHVSRQWkQHDDQWL0$*(&&7 'HWHFomRGDUHVSRVWDFUX]DGDHQWUHRVDQWtJHQRV1<(62H/$*(
5HVXOWDGRV
([WUDomRGH51$HVtQWHVHHF'1$ $QiOLVHGD([SUHVVmRGRV&7V 'HWHFomRGDUHVSRVWDKXPRUDOHVSRQWkQHDDQWL0$*(&&7 'HWHFomRGDUHVSRVWDFUX]DGDHQWUHRVDQWtJHQRV1<(62H/$*(
&RQFOXV}HV
5HIHUrQFLDV%LEOLRJUiILFDV
$EUHYLDWXUDVH6LJODV
SRUFHQWDJHP &JUDX&HOVLXV
F'1$'1$FRPSOHPHQWDU
&(3&RPLWrGHeWLFDHP3HVTXLVD FP&HQWtPHWURV
&70$*(&*HQH&kQFHUWHVWtFXOR &7$QWtJHQR&kQFHU7HVWtFXOR
'1$ÈFLGRGHVR[LUULERQXFOpLFR G173V'HR[LQXFOHRWtGHRV HWDOHRXWURVGHHWDOOL *$*(*HQH$QWtJHQR*
*$3'+*HQHJOLFHUDOGHtGRIRVIDWRGHVLGURJHQDVH *06,*DPRSDWLDPRQRFORQDOGHVLJQLILFDGRLQGHWHUPLQDGR +/$$QWtJHQROHXFRFLWiULRKXPDQR
,J$,PXQRJOREXOLQD$ ,J*,PXQRJOREXOLQD*
,666LVWHPDGH(VWDGLDPHQWR,QWHUQDFLRQDO /$*(*HQH$QWtJHQR/
0$*($*HQH$QWtJHQRHVSHFtILFRGHPHODQRPD 0J&O&ORUHWRGHPDJQpVLR
PLQ0LQXWRV P/PLOLOLWURV /PLFUROLWURV
000LHORPDP~OWLSOR P00LOLPRODU
020HGXODyVVHD
1<(62*HQH&DUFLQRPDHVSLQRFHOXODUGHHV{IDJRGH1RYD,RUTXH SE3DUHVGHEDVHV
3%63KRVSKDWHEXIIHUHGVDOLQH SPRO3LFRPRO
51$ÈFLGRULERQXFOpLFR
V6HJXQGRV
,QWURGXomR
2PLHORPDP~OWLSOR
2 PLHORPD P~OWLSOR 00 p XPD QHRSODVLD PDOLJQD VHFXQGiULD j H[SDQVmR FORQDO GH FpOXODV SODVPiWLFDV FDUDFWHUL]DGD SHOD SUHVHQoD GH LPXQRJOREXOLQD,JPRQRFORQDOQRVDQJXHHRXQDXULQDOHV}HVOtWLFDVyVVHDV H LQILOWUDomR GH SODVPyFLWRV PRQRFORQDLV QD PHGXOD yVVHD -XQJEOXWK HW DO 1DGDYHWDO
200FRUUHVSRQGHDGHWRGDVDVQHRSODVLDVHDSUR[LPDGDPHQWH GDV QHRSODVLDV KHPDWROyJLFDV VHQGR R VHJXQGR WLSR GH FkQFHU KHPDWROyJLFR PDLV FRPXP -XQJEOXWKHWDO /L HW DO :KLWH HW DO $LQFLGrQFLDPpGLDDQXDODMXVWDGDSRULGDGHpHPWRUQRGHSRU SDUDSRSXODomRPDVFXOLQDHSRUSDUDSRSXODomRIHPLQLQD:KLWHHW DO 1RV (VWDGRV 8QLGRV VmR GLDJQRVWLFDGRV DSUR[LPDGDPHQWH QRYRVFDVRVGH00SRUDQR$WDQDFNRYLFHWDO
2 GLDJQyVWLFR GH 00 p EDVHDGR QD SUHVHQoD GH SURWHtQD PRQRFORQDO SURWHtQD0 QR VRUR HRX XULQD LQILOWUDomR GD PHGXOD yVVHD SRU SHOR PHQRV GH SODVPyFLWRV FORQDLV H OHVmR GH XP RX PDLV yUJmRVDOYR >&5$% KLSHUFDOFHPLD LQVXILFLrQFLD UHQDO DQHPLD OHV}HV yVVHDV ERQH OHVLRQV@ 2V LQGLYtGXRV FRP PLHORPD GHYHP VHU GLVWLQJXLGRV GDTXHOHV FRP JDPRSDWLD PRQRFORQDOGHVLJQLILFDGRLQGHWHUPLQDGR*06,>GHFpOXODVSODVPiWLFDV QD PHGXOD yVVHD EDL[R QtYHO GD SURWHtQD 0 JGO H QHQKXPD OHVmR RVWHROtWLFD@ DPLORLGRVH RX GH RXWUDV GRHQoDV OLQIRSUROLIHUDWLYDV FRP SDUDSURWHLQHPLD $WXDOPHQWH UHFRPHQGDVH D GLIHUHQFLDomR HQWUH 00 VLQWRPiWLFR H DVVLQWRPiWLFR 3DFLHQWHV VLQWRPiWLFRV VmR DTXHOHV FRP XP RX PDLVGRVFULWpULRV&5$%HSRULVVRQHFHVVLWDPGHWUDWDPHQWR-iRVSDFLHQWHV DVVLQWRPiWLFRVGHYHPVHUDSHQDVDFRPSDQKDGRVFOLQLFDPHQWH/XGZLJ
$ FDUDFWHUL]DomR GRV PHFDQLVPRV UHVSRQViYHLV SHOD H[SDQVmR GDV FpOXODVWXPRUDLVGR00pGLItFLOHHQYROYHXPDVpULHGHDOWHUDo}HVJHQpWLFDVH PXGDQoDVQRPLFURDPELHQWHGDPHGXODyVVHDIDYRUHFHQGRRFUHVFLPHQWRGR WXPRUHDIDOKDGRVLVWHPDLPXQHHPUHFRQKHFrOR1DGDYHWDO/XGZLJ
2PLFURDPELHQWHGR00FRQVLVWHGHSODVPyFLWRVFORQDLVSURWHtQDVGD PDWUL] H[WUDFHOXODU FpOXODV HVWURPDLV GD PHGXOD yVVHD RVWHREODVWRV H RVWHRFODVWRV $ LQWHUDomR HQWUH DV FpOXODV GR 00 DV FpOXODV HVWURPDLV GD PHGXOD yVVHD YLD PROpFXODV GH DGHVmR H FLWRTXLQDV p XP IDWRU FUXFLDO QD SDWRJrQHVHGRPLHORPD$LQWHUOHXFLQD,/pXPDFLWRTXLQDTXHWHPFRPR IXQomR DWXDU QD GLIHUHQFLDomR GDV FpOXODV % $ ,/ p FRQVLGHUDGD XPD GDV PDLV LPSRUWDQWHV FLWRTXLQDV QD ELRORJLD GR 00 SRLV OHYD j SUROLIHUDomR H D LQLELomRGDPRUWHFHOXODUDSRSWRVHQDVFpOXODVWXPRUDLV&KQJHWDO
1RYDV HYLGrQFLDV VXJHUHP TXH SHTXHQDV IUDo}HV GH FpOXODV GR 00 HVFDSDPGDDomRGRVTXLPLRWHUiSLFRVHSHUPDQHFHPHPQtYHLVLQGHWHFWiYHLV SRU PpWRGRV FRQYHQFLRQDLV (VVDV SHTXHQDV IUDo}HV GH FpOXODV GR PLHORPD VmRFRQVLGHUDGDVDOYRVSRWHQFLDLVSDUDLPXQRWHUDSLDVHMDHODSDVVLYDRXDWLYD GHYLGRDGRLVIDWRUHVSULQFLSDLVSHTXHQDVIUDo}HVFHOXODUHVGH00SRGHP VHU GHVWUXtGDV SRU OLQIyFLWRV 7 FLWRWy[LFRV QRV WUDQVSODQWHV DORJrQLFRV D LQIXVmRGHFpOXODV7GRGRDGRUSRGHPFRPHILFLrQFLDHOLPLQDU DVSHTXHQDV IUDo}HV GH FpOXODV GR 00 UHVLGXDLV HP DOJXQV SDFLHQWHV IDYRUHFHQGR D IRUPDomRGHXPDUHVSRVWDLPXQHPDLVHILFLHQWH&RQGRPLQHVHWDO
$V LPXQRJOREXOLQDV ,J FORQDLV TXH VmR SURGX]LGDV SHODV SHTXHQDV IUDo}HVGHFpOXODVUHVLGXDLVGR00SDUHFHPVHUDOYRVLGHDLVHHVSHFtILFRVSDUD FRQVWUXomRGHYDFLQDVDQWLLGLRWLSR3RUpPYiULRVWULDOVGHYDFLQDVXWLOL]DQGRR LGLRWLSRGD,JFRPRDOYRIDOKDUDPHPGHPRQVWUDUEHQHILFLRFOtQLFRHPSDFLHQWHV FRP00&RQGRPLQHVHWDO-iDVYDFLQDVIRUPXODGDVFRPDQWtJHQRV DVVRFLDGRV DR 00 SRGHP ³LQVWUXLU´ R VLVWHPD LPXQH D HOLPLQDU DV FpOXODV PDOLJQDV 0DV SDUD LVVR UHTXHUHP DQWtJHQRV TXH VHMDP HVSHFtILFRV GDV FpOXODVGRPLHORPD-XQJEOXWKHWDO
2VDQWtJHQRVFkQFHUWHVWtFXOR&7
$QWtJHQRV TXH HVWmR DVVRFLDGRV D WXPRU IRUDP GHVFREHUWRV RULJLQDOPHQWH HP SDFLHQWHV FRP PHODQRPD PDOLJQR (VVHV DQWtJHQRV IRUDP LGHQWLILFDGRVSRVWHULRUPHQWHHP YiULRV WLSRV GHWXPRUHVKXPDQRV (P WHFLGR QRUPDOIRUDPLQLFLDOPHQWHGHVFULWRVHPOLQKDJHPJHUPLQDWLYDGHWHVWtFXOR3RU LVVR RV JHQHV TXH H[SUHVVDP HVVDV SURWHtQDV UHFHEHUDP R QRPH GH DQWtJHQRVµFDQFHUWHVWLV¶&78WVXQRPL\DHWDO
$VVLPRV&7VFRQVWLWXHPXPDSURPLVVRUDFODVVHGHDQWtJHQRVWXPRUDLV GHYLGRjVXDOLPLWDGDH[SUHVVmRHPWHFLGRVVRPiWLFRVFpOXODVJHUPLQDWLYDVGR WHVWtFXOR RYiULR IHWDO H FpOXODV SODFHQWiULDV WURIREODVWRV &KR HW DO &RVWD HW DO $OJXQV &7V SRGHP VHU H[SUHVVRV HP RXWURV WHFLGRV QRUPDLVFRPRSkQFUHDVItJDGRHEDoRPDVRQtYHOHQFRQWUDGRGHH[SUHVVmRp EHP PDLV EDL[R GR TXH DTXHOH YLVWR HP FpOXODV JHUPLQDWLYDV &RVWD HW DO
2 GHVHQYROYLPHQWR GH YDFLQDV SDUD DQWtJHQRV HVSHFtILFRV GH WXPRU GHSHQGH HP SDUWH GD LGHQWLILFDomR GH XP DPSOR HVSHFWUR GH SURWHtQDV LPXQRJrQLFDVH[SUHVVDVSUHGRPLQDQWHPHQWHHPFkQFHUKXPDQR$WpFQLFDGH FORQDJHPGHHStWRSRVGHFpOXODV7GHVHQYROYLGDHSXEOLFDGDHPOHYRXj GHVFREHUWD GRV DQWtJHQRV &7V KXPDQRV 0$*($ %$*( H *$*( )RL GHPRQVWUDGRTXHRVSURGXWRVGRV51$VPHQVDJHLURVWUDQVFULWRVHWUDGX]LGRV GHVVHV JHQHV HVWDYDP SUHVHQWHV H[FOXVLYDPHQWH HP WHVWtFXOR QRUPDO H HP YiULRV WLSRV GH WXPRUHV (PIRL XWLOL]DGDD WpFQLFD 6(5(; µ6HURORJLFDO ([SUHVVLRQ&ORQLQJ¶QDEXVFDGHQRYRVDQWtJHQRVWXPRUDLVUHFRQKHFLGRVSHOD ,J* GH SDFLHQWHV FRP FkQFHU (QWUH RV JHQHV LGHQWLILFDGRV HP WXPRUHV KXPDQRVSRUHVWDWpFQLFDHVWmRR66;1<(62H6<&3TXHFRPRRV JHQHV0$*(%$*(H*$*(WDPEpPVmRH[SUHVVRVSUHGRPLQDQWHPHQWHHP WHVWtFXORQRUPDOHHPFkQFHU6FDQODQHWDO
PHFDQLVPRVHSLJHQpWLFRVFRPRKLSHUPHWLODomRGRSURPRWRUJrQLFRPHWLODomR GR'1$HDFHWLODomRGHKLVWRQDV6LPSVRQHWDO&KRHWDO&RVWD HW DO 8PD DQRWDomR FXLGDGRVD GRV JHQHV TXH HVWmR SUHVHQWHV QR FURPRVVRPR ; GHPRQVWURX TXH DSUR[LPDGDPHQWH GHOHV FRUUHVSRQGHP DRV &7V H HVVHV VmR IUHTHQWHPHQWH FRH[SUHVVRV HP FpOXODV WXPRUDLV 6LPSVRQHWDO&KRHWDO6WHYHQVRQHWDO-iRV&7VTXH QmRHVWmRQRFURPRVVRPR;SRUH[HPSORR%$*(HQFRQWUDPVHGLVWULEXtGRV DOHDWRULDPHQWHQRJHQRPD6LPSVRQHWDO
1RWHVWtFXORRV&7VVmRQRUPDOPHQWHH[SUHVVRVQRVHVSHUPDWyFLWRVH DWXDPQDPHLRVH$VVLPDH[SUHVVmR³DEHUUDQWH´GH&7VHPFpOXODVWXPRUDLV SRGHOHYDUjVHJUHJDomRFURPRVV{PLFDDQRUPDOHDQHXSORGLDMXVWLILFDQGRVXD LPSRUWkQFLDQDWXPRULJrQHVH6LPSVRQHWDO
&RPR RV &7V QmR VmR H[SUHVVRV RX WrP XPD EDL[D H[SUHVVmR HP WHFLGRVVRPiWLFRVGLIHUHQFLDGRVDOJXQVDXWRUHVVXJHUHPTXHDH[SUHVVmRGRV &7VHPWHFLGRWXPRUDOSRGHVHUUHVWULWDjVFpOXODVTXHUHWrPSURSULHGDGHVGH FpOXODVWURQFR 3DUPLJLDQL HW DO &RVWD HWDO 1D PDVVD WXPRUDO XPDSRSXODomRUHVWULWDFRPSURSULHGDGHVGHFpOXODWURQFRµFDQFHUVWHPFHOO¶ SRGH VHU PDQWLGD IDYRUHFHQGR D PDQXWHQomR GR WXPRU SUROLIHUDomR H PHWiVWDVHV&RVWDHWDO
$VVLPWRGRVRV&7VVmRHPSULQFtSLRDOYRVDWUDWLYRVSDUDLPXQRWHUDSLD HPFkQFHUGHYLGRjVJ{QDGDVVHUHPyUJmRVLPXQRSULYLOHJLDGRVHDUHVSRVWD LPXQH DQWL&7 VHU DOYR WXPRUDO HVSHFtILFR 9DFLQDV XWLOL]DQGR SHSWtGHRV GHULYDGRV GRV &7V 1<(62 &7$*% H 0$*($ WrP GHPRQVWUDGR EHQHItFLRVFOtQLFRVHPSDFLHQWHVFRPPHODQRPD6WHYHQVRQHWDO
2V &7V WrP VLGR GHWHFWDGRV HP PXLWDV OLQKDJHQV FHOXODUHV H HP DPRVWUDV GH WXPRU SULPiULR GRV SDFLHQWHV FRP 00 SRU 573&5 H LPXQRLVWRTXtPLFD$WpRPRPHQWRH[LVWHPSRXFDVLQIRUPDo}HVDUHVSHLWRGH VXD LPSRUWkQFLD FRPR IDWRUHV GH SURJQyVWLFR FOtQLFR RX UHODFLRQDGR j SUROLIHUDomRDEHUUDQWHGDVFpOXODVSODVPiWLFDV-XQJEOXWKHWDO
GRPLHORPDGHYLGRjDOWDH[SUHVVmRGHVVHJHQHQDVDPRVWUDVFRPHVWiGLR,,, GH00TXDQGRFRPSDUDGRFRPLQGLYtGXRVFRP*06,
8PHVWXGRUHFHQWHGHVHQYROYLGRQRODERUDWyULRGH%LRORJLD0ROHFXODUGR &kQFHUGD8QLIHVSPRVWURXHOHYDGDIUHTrQFLD!GHH[SUHVVmRGRJHQH 0$*(&&7 HP SDFLHQWHV FRP PLHORPD P~OWLSOR HP HVWiGLR DYDQoDGR H SRVVtYHO LPSDFWR SURJQyVWLFR GHVIDYRUiYHO UHODFLRQDGR j H[SUHVVmR GHVVH JHQH(VVHHVWXGRVXJHUHTXHRJHQH0$*(&&7WHQKDLPSRUWDQWHSDSHO ELROyJLFR QR GHVHQYROYLPHQWR H SURJQyVWLFR GR 00 SRGHQGR DLQGD VHU FRQVLGHUDGR XP SRVVtYHO DOYR WHUDSrXWLFR (VWH HVWXGR WDPEpP GHPRQVWURX TXHRXWURVDQWtJHQRV&7HVWmRIUHTHQWHPHQWHH[SUHVVRVHPSDFLHQWHVFRP
00 /$*( 0$*($ 1<(62 H *$*(
$QGUDGHHWDO
,PXQRJHQLFLGDGHGRVDQWtJHQRVFkQFHUWHVWtFXOR
$ GLVIXQomR LPXQH p XPD LPSRUWDQWH FDUDFWHUtVWLFD GR 00 H OHYD D LQIHFo}HV EDFWHULDQDV I~QJLFDV H YLUDLV TXH VmR DV PDLRUHV FDXVDV GH PRUELGDGHHPRUWDOLGDGHQHVVDGRHQoD5HGX]LGRVQtYHLVGHLPXQRJOREXOLQDV SROLFORQDLV p XPD FDUDFWHUtVWLFD FRQVLVWHQWH GD DWLYLGDGH GR 00 (VWD ³KLSRJDPDJOREXOLQHPLD´ UHIOHWH D VXSUHVVmR GRV OLQIyFLWRV % &' TXH p LQYHUVDPHQWHSURSRUFLRQDODRHVWiJLRGDGRHQoD5DZVWURQHWDO$OpP GLVVRH[LVWHDSUHVHQoDGHXPSLFRPRQRFORQDOGHLPXQRJOREXOLQDVHFUHWDGR SHODVFpOXODVWXPRUDLVPDVTXHQmRDSUHVHQWDIXQomRLPXQHHVSHFtILFD
$GLVIXQomRLPXQHGR00WDPEpPSDUHFHFRQWULEXLUSDUDRFUHVFLPHQWR WXPRUDOHUHVLVWrQFLDjTXLPLRWHUDSLD3RULVVRpSURYiYHOTXHRVLVWHPDLPXQH WHQKDSDSHOHPSUHYHQLURXFRQWURODURFUHVFLPHQWRGRVSODVPyFLWRVWXPRUDLV QHVVDGRHQoD3UDWWHWDO
$WDQDFNRYLFHWDOGHVFUHYHUDPUHVSRVWDKXPRUDOFRQWUD&7VDSyV WUDQVSODQWHDORJrQLFRVXJHULQGRTXHH[LVWHEDL[DLPXQRJHQLFLGDGHHVSRQWkQHD FRQWUDHVVHVDQWtJHQRVQR00
-XVWLILFDWLYD
2 PLHORPD P~OWLSOR SHUPDQHFH FRPR GRHQoD LQFXUiYHO WHQGR FRPR VREUHYLGDPpGLDGHWUrVDFLQFRDQRV$UHFDtGDGDGRHQoDRFRUUHQDPDLRULD GRVSDFLHQWHVLQGHSHQGHQWHPHQWHGRUHJLPHGHWUDWDPHQWRDSOLFDGR(PERUD VHMD SRVVtYHO REWHU UHPLVVmR FRPSOHWD GD GRHQoD HP DSUR[LPDGDPHQWH GRVSDFLHQWHVFRPGLDJQyVWLFRLQLFLDOTXDVHWRGRVLUmRUHFLGLYDUHP DQRV
&RPR RV &7V QmR VmR H[SUHVVRV RX WrP XPD EDL[D H[SUHVVmR HP WHFLGRVVRPiWLFRVGLIHUHQFLDGRVVmRDOYRVDWUDWLYRVSDUDLPXQRWHUDSLDSRLVDV FpOXODVWHVWLFXODUHVHSODFHQWiULDVQmRH[SUHVVDPGH0+&GHFODVVH,SRUWDQWR RV&7VQmRVmRUHFRQKHFLGRVSRUOLQIyFLWRV7FLWRWy[LFRV&'
2 GHVHQYROYLPHQWR GH YDFLQDV SDUD DQWtJHQRV HVSHFtILFRV GH WXPRU GHSHQGH HP SDUWH GD LGHQWLILFDomR GH XP DPSOR HVSHFWUR GH SURWHtQDV LPXQRJrQLFDV H[SUHVVDV SUHGRPLQDQWHPHQWH HP FkQFHU KXPDQR 6HQGR DVVLP HVWH SURMHWR VH SURS}H D DYDOLDU D H[SUHVVmR JrQLFD GRV &7V HP DPRVWUDVGH00DXPHQWDQGRDFDVXtVWLFDWHVWDGDSRU$QGUDGHHWDO $OpP GLVWR SUHWHQGHVH DYDOLDU D UHVSRVWD KXPRUDO GRV SDFLHQWHV FRP 00 FRQWUD HVWHV DQWtJHQRV (VWDV DQiOLVHV SRGHUmR FRQWULEXLU FRP LQIRUPDo}HV ~WHLVSDUDRGHVHQYROYLPHQWRGHQRYRVVXEVtGLRVSDUDRXVRGDLPXQRWHUDSLD QRWUDWDPHQWRGHVWHVSDFLHQWHVFRQWULEXLQGRSDUDXPDDERUGDJHPWHUDSrXWLFD PDLVLQGLYLGXDOL]DGDSDUDRVSDFLHQWHVFRP00
2EMHWLYRV
([WUDLU51$DSDUWLUGHDPRVWUDVGHDVSLUDGRGHPHGXODyVVHDWRWDOGH SDFLHQWHVFRP00
6LQWHWL]DUF'1$DSDUWLUGDVDPRVWUDVGH51$H[WUDtGDV
$YDOLDU R QtYHO GH H[SUHVVmR JrQLFD GRV DQWtJHQRV FkQFHUWHVWtFXOR
0$*(&&7 0$*($ /$*( 1<(62 H *$*( QHVWDV
DPRVWUDV
2EMHWLYRV([WUDV
$YDOLDUDSUHVHQoDGHLPXQLGDGHKXPRUDOHVSRQWkQHDFRQWUDRDQWtJHQR 0$*(&&7QRVRURGHSDFLHQWHVFRP00DRGLDJQyVWLFR
9HULILFDUDSRVVLELOLGDGHGHUHVSRVWDLPXQHFUX]DGDHQWUHRVDQWtJHQRV 1<(62H/$*(SRU:HVWHUQ%ORW
0DWHULDLVH0pWRGRV
3DFLHQWHV
3DUD DYDOLDU R QtYHO GH H[SUHVVmR GRV JHQHV 0$*(&&7
0$*($1<(62 /$*( H *$*(Mi IRUDP FROHWDGDV DPRVWUDV GH
PHGXOD yVVHD GH SDFLHQWHV FRP 00 7RGDV HVWDV DPRVWUDV IRUDP FROHWDGDVDRGLDJQyVWLFRQRkPELWRGR3URMHWR*HQRPD&OtQLFRGR&kQFHUHP 0LHORPD0~OWLSOR00
7DPEpP IRUDP FROHWDGDV DPRVWUDV GH VRUR GHVVHV SDFLHQWHV SDUD VH DYDOLDUDSUHVHQoDGHLPXQLGDGHKXPRUDOHVSRQWkQHDFRQWUDHVVHVDQWtJHQRV QHVWDVDPRVWUDVGH00DRGLDJQyVWLFR
'HVWDIRUPDDFDVXtVWLFDDVHUDQDOLVDGDQRSUHVHQWHHVWXGRWRWDOL]D FDVRV GH 00 H HVWH JUXSR VH VRPD DRV FDVRV GH 00 DQDOLVDGRV DQWHULRUPHQWH$QH[R
2XVRGHVVDVDPRVWUDVGHDVSLUDGRGHPHGXODyVVHDSDUDHVWXGRVGH ELRORJLDPROHFXODUKDYLDVLGRDSURYDGRHPSHOR&RPLWrGHeWLFDHP 3HVTXLVD &(3 GD 8QLYHUVLGDGH )HGHUDO GH 6mR 3DXOR+RVSLWDO 6mR 3DXOR &(32XVRGHVWDVDPRVWUDVQRHVWXGRTXHYLVDDYDOLDUDLPXQLGDGH KXPRUDO HVSRQWkQHD FRQWUD DQWtJHQRV FkQFHUWHVWtFXOR IRL DSURYDGR HP SHOR&RPLWrGHeWLFDHP3HVTXLVD&(3GD8QLYHUVLGDGH)HGHUDOGH 6mR3DXOR+RVSLWDO6mR3DXOR&(3
7RGRV RV SDFLHQWHV FRP 00 FRQFRUGDUDP HP SDUWLFLSDU GR HVWXGR H DVVLQDUDPRWHUPRGHFRQVHQWLPHQWROLYUHHHVFODUHFLGR7&/(DSURYDGRSHOR &(3$QH[R
$YDOLDomRGLDJQyVWLFDGRVSDFLHQWHVFRPVXVSHLWDGH00
$DYDOLDomRLQLFLDOGRVSDFLHQWHVFRPVXVSHLWDGH00LQFOXLXRVH[DPHV QHFHVViULRVSDUDGLDJQyVWLFRHHVWDGLDPHQWR
$YDOLDomRUDGLROyJLFDGRHVTXHOHWRLQFOXLQGRUDLRV;VLPSOHVGHFUkQLR FROXQD YHUWHEUDO EDFLD H PHPEURV ELODWHUDOPHQWH 3DFLHQWHV FRP VXVSHLWD GH FRPSUHVVmR GD PHGXOD HVSLQKDO IRUDP DYDOLDGRV FRP UHVVRQkQFLDQXFOHDUPDJQpWLFD510GHFROXQDYHUWHEUDO
(OHWURIRUHVHGHSURWHtQDV()3VpULFD
4XDQWLILFDomR GDV LPXQRJOREXOLQDV VpULFDV SRU PpWRGR LPXQRQHIHORPpWULFR
,PXQRIL[DomRGHSURWHtQDVGRVRUR
,PXQRIL[DomR GH SURWHtQDV GD XULQD 3DUD D GHPRQVWUDomR GD SURWHtQD PRQRFORQDO SURWHtQD0 QD XULQD SURWHLQ~ULD GH %HQFH-RQHV D HOHWURIRUHVHGHSURWHtQDVHDLPXQRFDUDFWHUL]DomRIRUDPUHDOL]DGDVHP DOtTXRWDDGHTXDGDPHQWHFRQFHQWUDGDGDXULQDGHKRUDV
0LHORJUDPD2PDWHULDOREWLGRSRUDVSLUDomRGDPHGXODyVVHDIRLFRUDGR FRP0D\*UQZDOG*LHPVDSDUDDYDOLDomRPRUIROyJLFDHGHWHUPLQDomR GRSHUFHQWXDOGHSODVPyFLWRV
%LySVLD GH PHGXOD yVVHD $V ELySVLDV GH PHGXOD yVVHD REWLGDV DR GLDJQyVWLFRIRUDPIL[DGDVHP%$6(HHPIRUPDOLQDGHVFDOFLILFDGDV HPEORFDGDV HP SDUDILQD H FRUDGDV FRP KHPDWR[LOLQD H HRVLQD 3$6 *LHPVD H UHWLFXOLQD GH *RPRUL SDUD DYDOLDomR KLVWROyJLFD 5HDo}HV LPXQRKLVWRTXtPLFDV FRP DQWLFRUSRV PRQRFORQDLV DQWLN H DQWLO IRUDP UHDOL]DGDVSDUDGHILQLomRGHFORQDOLGDGH
&ULWpULRVGLDJQyVWLFRVXWLOL]DGRV
2V SDFLHQWHV IRUDP GLDJQRVWLFDGRV VHJXQGR FULWpULRV SURSRVWRV SHOR
,QWHUQDWLRQDO0\HORPD:RUNLQJ*URXS
4XDGUR&ULWpULRVGLDJQyVWLFRVQR00.\OHHWDO
0LHORPDP~OWLSORVLQWRPiWLFR 3URWHtQD0QRVRURHRXXULQD
WHFLGR
/HV}HVHPyUJmRVDOYRDVVRFLDGDVDRPLHORPDXPRXPDLV
&5$%DFU{QLPRGR,QJOrV&DOFLXP5HQDOLQVXILFLHQF\$QHPLD%RQHOHVLRQV
xxxx +LSHUFDOFHPLDFiOFLRVpULFR!PPRO/RX!PJG/
xxxx ,QVXILFLrQFLDUHQDOFUHDWLQLQDVpULFD!PJG/RXȝPRO/
xxxx $QHPLDKHPRJORELQDJG/RXPJDEDL[RGROLPLWHQRUPDO
xxxx /HV}HVyVVHDVOHV}HVOtWLFDVRXRVWHRSHQLD
(VWDGLDPHQWRFOtQLFR
2 HVWDGLDPHQWR REHGHFHX DR VLVWHPD SURSRVWR SRU 'XULH 6DOPRQ 4XDGURHDR,QWHUQDWLRQDO6WDJLQJ6\VWHP,66
4XDGUR6LVWHPDGHHVWDGLDPHQWRGH'XULH 6DOPRQ
0LHORPD0~OWLSOR
(VWiGLR &ULWpULR 0DVVD &HOXODU $ [P
, 3UHVHQoDGDVFDUDFWHUtVWLFDV
+E!J'O
&iOFLRQRUPDO EDL[D
$XVrQFLD GH OHVmR yVVHD HVFDOD %RX DSHQDV SODVPRFLWRPD
,J* JG/ ,*$ JG/ FDGHLD OHYH XULQD JKV
,, 1mRVHHQFDL[DHP,H,,, ±
LQWHUPHGLiULD
,,, 8PDRXPDLVFDUDFWHUtVWLFDV
+EJ'O
&iOFLRDFLPDGRQRUPDO !DOWD
/HV}HVyVVHDVOtWLFDVDYDQoDGDVHVFDOD% ,J* ! JG/ ,*$ ! JG/ FDGHLD OHYH XULQD !
JKV
6XEFODVVLILFDomR$&UHDWLQLQDPJG/ %&UHDWLQLQD! PJG/
$ FpOXODV DSUR[LPDGDPHQWH.J
% HVFDODGHOHV}HVyVVHDV1RUPDO2VWHRSRURVH/HV}HVOtWLFDV'HVWUXLomRHVTXHOpWLFDH[WHQVDH IUDWXUDV
([WUDomRGH51$HVtQWHVHHF'1$
TXDQWLILFDGR HP HVSHFWURIRW{PHWUR H VXD LQWHJULGDGH IRL DYDOLDGD DWUDYpV GH HOHWURIRUHVHHPJHOGHDJDURVH
$VtQWHVHGHF'1$IRLUHDOL]DGDXWLOL]DQGRVHD6XSHU6FULSW,,,QYLWURJHQ FRQIRUPH DV FRQGLo}HV IRUQHFLGDV SHOR IDEULFDQWH %DVLFDPHQWH IRUDP PLVWXUDGRV J GH 51$ WRWDO J GHSULPHU ROLJRG7 / GH G173V
P0HiJXD51$VHIUHHDWp/$PLVWXUDIRLLQFXEDGDD&GXUDQWH PLQXWRVHDUPD]HQDGDHPJHOR(PVHJXLGDIRUDPDGLFLRQDGRV/GH;
)LUVW6WUDQG%XIIHU/GH'7708GH51$VHRXWH8GDHQ]LPD
6XSHU6FULSW,, ,QYLWURJHQ $ UHDomR SURVVHJXLX FRP LQFXEDomR D & SRU KRUDHGHSRLVD&SRUPLQXWRV$SyVDVtQWHVHRVF'1$VREWLGRVIRUDP GLOXtGRVYH]HVFRPiJXD
$QiOLVHGD([SUHVVmRGRV&7V
$ H[SUHVVmR GRV &7V 0$*(&0$*($/$*(1<(62 H *$*(IRLDYDOLDGDSRU573&5HHOHWURIRUHVHHPJHOGHDJDURVHFRUDGR FRP6\EU*UHHQ2FRQWUROHSRVLWLYRIRLDOLQKDJHPFHOXODUGHPLHORPDP~OWLSOR 87,%$7&&0DQDVVDV86$
$V UHDo}HV GH 3&5 IRUDP UHDOL]DGDV HP WXERV GH P/ FRP XP YROXPH WRWDO GH / FRQWHQGR ȝ/ GH F'1$ [ 3&5 EXIIHU P0 0J&,
ȝ0G173VSPROGHFDGDSULPHUWDQWRRGLUHWRFRPRRUHYHUVRH8 GH 7DT 3ODWLQXP '1$ 3ROLPHUDVH ,QYLWURJHQ $V VHTrQFLDV GRVSULPHUV XWLOL]DGRVHDVFRQGLo}HVGD3&5HVWmRDSUHVHQWDGDVQR4XDGUR
'HWHFomRGDUHVSRVWDKXPRUDOHVSRQWkQHDDQWL0$*(&&7
3DUD GHWHFWDU D SUHVHQoD GH UHVSRVWD KXPRUDO HVSRQWkQHD GRV SDFLHQWHVFRP00UHFpPGLDJQRVWLFDGRVFRQWUDRDQWtJHQR&7IRLXWLOL]DGRR H[WUDWR SURWpLFR WRWDO GD OLQKDJHP FHOXODU 8 TXH H[SUHVVD R 51$P GRV FLQFRJHQHVHPHQVDLRVGH:HVWHUQ%ORW&XULRQL)RQWHFHGURHWDO
$OLQKDJHPFHOXODU8IRLPDQWLGDD&QDSUHVHQoDGHGH&2
/DERUDWRULHV@ H JHQWDPLFLQD (P XPSHOOHW GH FpOXODV GD OLQKDJHP FHOXODU8IRLDGLFLRQDGR/GHWDPSmRGHOLVH;P07ULV&OS+
6'6*O\FHURO %URPRSKHQRO %OXH $SyV D UHVVXVSHQVmR GDV
FpOXODVROLVDGRIRLFRORFDGRQRJHORSRUPLQXWRV6HQGRDVVLPDVSURWHtQDV IRUDP VHSDUDGDV DWUDYpV GH HOHWURIRUHVH HP JHO GH SROLDFULODPLGD FRQWHQGR GRGHFLO VXOIDWR GH VyGLR 6'63$*( (P FDGD FDQDOHWD GR JHO IRL DSOLFDGR /GROLVDGRSURWpLFR1RJHOWDPEpPIRLDSOLFDGR/GRSDGUmRGHSHVR PROHFXODU3UHFLVLRQ 3OXV 3URWHLQ 6WDQGDUGV ± .DOHLGRVFRSH &DWDORJ
%,25$'FRPRPDUFDGRU
$SyV R 6'63$*( DV SURWHtQDV IRUDP WUDQVIHULGDV SDUD XPD PHPEUDQDGH39')+\ERQG3$PHUVKDP%LRFLHQFHVPLQXWRVD9H P$
)RUDP DGLFLRQDGRV RV VRURV GRV SDFLHQWHV FRP 00 HP GXSOLFDWD FRPRDQWLFRUSRSULPiULRQDVGLOXLo}HVHQDDPRVWUDFRQWUROH IRL DGLFLRQDGR R DQWLFRUSR SULPiULR &7 PRXVH PRQRFORQDO QD FRQFHQWUDomRILQDOGHJPO
(PVHJXLGDDPHPEUDQDIRLLQFXEDGDFRPRDQWLFRUSRVHFXQGiULRDQWL ,J* KXPDQD QD GLOXLomR R YROXPH ILQDO IRL GH / SDUD FDGD DPRVWUD >QD DPRVWUD FRQWUROH IRL XVDGR R DQWLFRUSR VHFXQGiULRĮPRXVH ,J* +RUVHUDGLVK3HUR[LGDVH&RQMXJDWHG±DQWLPRXVH$PHUVKDP%LRFLHQFHV@
3DUD HYLGHQFLDU D SURWHtQD &7 QD PHPEUDQD IRL XWLOL]DGR R NLW(&/
:HVWHUQ%ORWWLQJ'HWHFWLRQ5HDJHQWV$PHUVKDPQDSURSRUomRVHQGRDV
VROXo}HVGR(&/RVXEVWUDWRGDSHUR[LGDVHSUHVHQWHQRDQWLFRUSRVHFXQGiULR (P VHJXLGD D PHPEUDQD IRL H[SRVWD D XP ILOPH UDGLRJUiILFR+\SHUILOP (&/
$PHUVKDP%LRFLHQFHVSRUUHVSHFWLYDPHQWHPLQXWRVPLQXWRVPLQXWRH
V ,PHGLDWDPHQWH DSyV R WHPSR GH H[SRVLomR RV ILOPHV IRUDP UHYHODGRV UHYHODGRU.RGDNODYDGRVHPiJXDFRUUHQWHHIL[DGRVIL[DGRU.RGDN
3DUD FHUWLILFDUVH GH TXH HP WRGDV DV FDQDOHWDV IRUDP DGLFLRQDGRV RV VRURGRVSDFLHQWHVIRLUHDOL]DGRIRLUHDOL]DGRXP:HVWHUQ%ORWSDUDDSURWHtQD Įȕ7XEXOLQD.'D)RUDPXWLOL]DGRVRDQWLFRUSRSULPiULRĮȕ7XEXOLQD
.'D5DEELW3RO\FORQDO&HOO6LJQDOLQJQDGLOXLomRGHYROXPH
ILQDOGHPOHRDQWLFRUSRVHFXQGiULR$QWL5DEELWQDGLOXLomRYROXPH ILQDOGHPO
'HWHFomRGDUHVSRVWDFUX]DGDHQWUHRVDQWtJHQRV1<(62H/$*(
3DUDDYDOLDUDSRVVLELOLGDGHGHUHVSRVWDFUX]DGDHQWUHRVDQWtJHQRV1< (62H/$*(RXVHMDYHULILFDUVHRDQWLFRUSRDQWL1<(62VHULDFDSD] GH UHFRQKHFHU WDPEpP D SURWHtQD /$*( IRUDP XWLOL]DGRV HP HQVDLRV GH :HVWHUQEORWRVH[WUDWRVSURWpLFRVGHOLQKDJHQVWXPRUDLVSRVLWLYDVSDUD/$*( HQHJDWLYDVSDUD1<(62DYDOLDGRVSRU573&5HRDQWLFRUSR(DQWL 1<(62
3DUD LGHQWLILFDU DV OLQKDJHQV FHOXODUHV GH 00 TXH H[SUHVVDVVHP /$*( HRX R 1<(62 IRUDP UHDOL]DGRV H[SHULPHQWRV GH 573&5 FRP SULPHUVHVSHFtILFRVSDUDHVWHVDQWtJHQRVTXDGUR(PWXERVGHP/IRUDP DGLFLRQDGRVȝ/GHF'1$[3&5EXIIHUP00J&,ȝ0G173VSPRO
GHFDGDSULPHUWDQWRRGLUHWRFRPRRUHYHUVRH8GH7DT3ODWLQXP'1$ 3ROLPHUDVH,QYLWURJHQ2YROXPHILQDOGHUHDomRIRLGH/
2:HVWHUQEORWIRLUHDOL]DGRXWLOL]DQGRVHRVH[WUDWRVSURWpLFRVWRWDLVGDV OLQKDJHQVFHOXODUHV6.%5++D&DWH8(PXPSHOOHWGH FpOXODVGDVOLQKDJHQVFHOXODUHV6.%5++D&DWH8IRLDGLFLRQDGR / GH WDPSmR GH OLVH ; P0 7ULV&O S+ 6'6 *O\FHURO %URPRSKHQRO %OXH $SyV D UHVVXVSHQVmR GDV FpOXODV R OLVDGR IRL FRORFDGR QR JHOR SRU PLQXWRV (VWHV IRUDP VXEPHWLGRV D XPD HOHWURIRUHVH HPJHOGHSROLDFULODPLGDFRQWHQGRGRGHFLOVXOIDWRGHVyGLR6'63$*((P FDGDFDQDOHWDGRJHOIRLDSOLFDGR/GROLVDGRSURWpLFR1RJHOWDPEpPIRL DSOLFDGR/GRSDGUmRGHSHVRPROHFXODU3UHFLVLRQ3OXV3URWHLQ6WDQGDUGV± .DOHLGRVFRSH%,25$'FRPRPDUFDGRU
$SyV R 6'63$*( DV SURWHtQDV IRUDP WUDQVIHULGDV SDUD XPD PHPEUDQD GH 39') +\ERQG3 $PHUVKDP %LRFLHQFHV IRL DGLFLRQDGR R DQWLFRUSRSULPiULRDQWL1<(62QDFRQFHQWUDomRILQDOGHJPO
(PVHJXLGDDPHPEUDQDIRLLQFXEDGDFRPRDQWLFRUSRVHFXQGiULRDQWL ,J* KXPDQD QD GLOXLomR R YROXPH ILQDO IRL GH / SDUD FDGD DPRVWUD >QD DPRVWUD FRQWUROH IRL XVDGR R DQWLFRUSR VHFXQGiULRĮPRXVH ,J* +RUVHUDGLVK3HUR[LGDVH&RQMXJDWHG±DQWLPRXVH$PHUVKDP%LRFLHQFHV@
VHQGR DV VROXo}HV GR(&/ R VXEVWUDWR GD SHUR[LGDVH SUHVHQWH QR DQWLFRUSR VHFXQGiULR (P VHJXLGD D PHPEUDQD IRL H[SRVWD D XP ILOPH UDGLRJUiILFR +\SHUILOP(&/$PHUVKDP%LRFLHQFHVSRUPLQXWRV5DSLGDPHQWHRVILOPHV IRUDPUHYHODGRVUHYHODGRU.RGDNODYDGRVHPiJXDFRUUHQWHHIL[DGRVIL[DGRU .RGDN
3DUD FHUWLILFDUVH GH TXH HP WRGDV DV FDQDOHWDV IRUDP DGLFLRQDGRV H[WUDWRVSURWpLFRVIRLUHDOL]DGRIRLUHDOL]DGRXP:HVWHUQ%ORWSDUDDSURWHtQD Įȕ7XEXOLQD.'D)RUDPXWLOL]DGRVRDQWLFRUSRSULPiULRĮȕ7XEXOLQD
.'D5DEELW3RO\FORQDO&HOO6LJQDOLQJQDGLOXLomRGHYROXPH
ILQDOGHPOHRDQWLFRUSRVHFXQGiULR$QWL5DEELWQDGLOXLomRYROXPH ILQDOGHPO
4XDGURVHTrQFLDGHSULPHUVHFLFORVGD573&5
*(1( 6(4hÇ1&,$'(35,0(5 )5$*0(1723% 5()(5Ç1&,$ &,&/26'$573&5
'HVQDWXUDomR&PLQXWRV
*$*() ¶7$7*&**&&&*$*&$*77¶ $QGUDGHHWDO &VHJXQGRV
*$*(5 ¶&&7*&&&$7&$**$&&$7&¶ &VHJXQGRV FLFORV
&PLQXWR
([WHQVmRPLQXWRV
'HVQDWXUDomR&PLQXWRV
0$*($) ¶*$$*&&**&&&$**&7&*¶ -XQJEOXWKHWDO &VHJXQGRV
0$*($5 ¶**$*7&&7&$7$**$77**&7¶ &VHJXQGRV FLFORV
&PLQXWR
([WHQVmRPLQXWRV
'HVQDWXUDomR&PLQXWRV
1<(62) ¶&&&&$&&*&77&&&*7*¶ YDQ%DUHQ &VHJXQGRV
1<(625 ¶&7**&&$&7&*7*&7***$¶ &VHJXQGRV FLFORV
&PLQXWR
([WHQVmRPLQXWRV
'HVQDWXUDomR&PLQXWRV
0$*(&&7) ¶*$&*$**$7&*7&7&$**7&$*&¶ -XQJEOXWKHWDO &VHJXQGRV
0$*(&&75 ¶$&$7&&7&$&&&7&$**$***¶ &VHJXQGRV FLFORV
&PLQXWR
([WHQVmRPLQXWRV
'HVQDWXUDomR&PLQXWRV
/$*() ¶&7*&*&$**$7**$$**7*&&&&¶ &VHJXQGRV
/$*(5 ¶*&*&&7&7*&&&7*$***$*&¶ :DQJHWDO &VHJXQGRV FLFORV
&PLQXWR
5HVXOWDGRVH'LVFXVVmR
([WUDomRGH51$HVtQWHVHHF'1$
$H[WUDomRGRV51$VGDVDPRVWUDVGHPHGXODyVVHDHDVtQWHVHGH F'1$VIRUDPEHPVXFHGLGDV
$V TXDQWLGDGHV GH 51$ REWLGDV YDULDUDP GH D J $SyV D HOHWURIRUHVH HP JHO GH DJDURVHIRUDP FRQVLGHUDGRV 51$VGHERD TXDOLGDGH DTXHOHV TXH DSUHVHQWDUDP EDQGDV QtWLGDV FRUUHVSRQGHQWHV DRV 51$V ULERVV{PLFRV6H6)LJXUD7RGDVDVDPRVWUDVDSUHVHQWDUDP51$ GHERDTXDOLGDGHHSURVVHJXLUDPQRHVWXGR
6
6
6
6 6
6
)LJXUD*HOGHDJDURVHFRUDGRFRPEURPHWRGHHWtGHRFRQWHQGRXJGH51$REWLGRGH FDVRVLQFOXtGRVQRHVWXGR
&HUFDGHȝJGHFDGD51$IRUDPXWLOL]DGRVSDUDDVtQWHVHGHPROpFXODV GHF'1$HDTXDOLGDGHGRVSURGXWRVREWLGRVIRLDYDOLDGDSRUPHLRGH573&5 XWLOL]DQGRSULPHUV SDUD R JHQH*$3'+ 3DUD WRGDV DV DPRVWUDV XWLOL]DGDV QR HVWXGR IRL REWLGD D DPSOLILFDomR R TXH GHPRQVWUD TXH SDUD WRGDV HODV IRL SRVVtYHOFRQVHJXLUXPDERDHILFLrQFLDQDVtQWHVHGRF'1$)LJXUD
)LJXUD &KHFDJHP GD VtQWHVH GH F'1$ $PSOLILFDomR GR IUDJPHQWR GH SE GR JHQH
*$3'+ *HO GH SROLDFULODPLGD FRUDGR FRP QLWUDWR GH SUDWD 1D FDQDOHWD 0 HVWi UHSUHVHQWDGRRPDUFDGRUGHSHVRPROHFXODUSE'1$/DGGHU,QYLWURJHQQDVFDQDOHWDV GH D HVWmR SUHVHQWHV DV DPRVWUDV GH F'1$V DYDOLDGDV DSUHVHQWDQGR DPSOLILFDomR HILFLHQWHGHPRQVWUDGRSHODSUHVHQoDGDVEDQGDVGHSE&FRQWUROHSRVLWLYRGDUHDomR OLQKDJHPFHOXODU8H&FRQWUROHQHJDWLYRVHPF'1$
0 & &
$QiOLVHGD([SUHVVmRGRV&7V
$DQiOLVHGHH[SUHVVmRSRU573&5GRV&7VGHLQWHUHVVHUHDOL]DGD HP DPRVWUDV GH PHGXOD WRWDO GH SDFLHQWHV FRP 00 GHPRQVWURX DV
VHJXLQWHV IUHTrQFLDV &7 /$*( 0$*($
*$*(H1<(62
$SUHVHQoDGHEDQGDQDFDQDOHWD³&´FRQWUROHSRVLWLYRGHPRQVWUDTXH D 573&5 GHX FHUWR H D DXVrQFLD GH EDQGD QD FDQDOHWD ³1R´ FRQWUROH QHJDWLYR PRVWUD TXHQmRKRXYH FRQWDPLQDomR FRP RXWUR '1$QD UHDomR $ SUHVHQoD RX DXVrQFLD GH EDQGDV QDV GHPDLV FDQDOHWDV PRVWUD D H[SUHVVmR SRVLWLYD RX QHJDWLYD UHVSHFWLYDPHQWH GDV DPRVWUDV SDUD RV JHQHV GH LQWHUHVVHFRPRSRGHVHUYHULILFDGRQDVILJXUDVGHD
)LJXUD$PSOLILFDomRGRIUDJPHQWRGHSEGRJHQH&7*HOGHDJDURVHFRUDGRFRP
6\EU*UHHQ/P/1DFDQDOHWD0HVWiUHSUHVHQWDGRRPDUFDGRUGHSHVRPROHFXODU SE'1$/DGGHU,QYLWURJHQQDVFDQDOHWDVGHDHVWmRSUHVHQWHVDVDPRVWUDVGHF'1$V DYDOLDGDV&FRQWUROHSRVLWLYRGDUHDomROLQKDJHPFHOXODU8H&FRQWUROHQHJDWLYRVHP F'1$
)LJXUD$PSOLILFDomRGRVIUDJPHQWRVGHSEHSEGRJHQH/$*(*HOGHDJDURVH
FRUDGRFRP6\EU*UHHQ/P/1DFDQDOHWD0HVWiUHSUHVHQWDGRRPDUFDGRUGHSHVR PROHFXODU SE '1$ /DGGHU ,QYLWURJHQ QDV FDQDOHWDV GH D HVWmR SUHVHQWHV DV DPRVWUDVGHF'1$VDYDOLDGDV&FRQWUROHSRVLWLYRGDUHDomROLQKDJHPFHOXODU8H& FRQWUROHQHJDWLYRVHPF'1$
0 &
1R
0 &
1R
SE SE
SE
)LJXUD$PSOLILFDomRGRIUDJPHQWRGHSEGRJHQH*$*(*HOGHDJDURVHFRUDGR FRP6\EU*UHHQ/P/1DFDQDOHWD0HVWiUHSUHVHQWDGRRPDUFDGRUGHSHVRPROHFXODU SE '1$ /DGGHU ,QYLWURJHQ QDV FDQDOHWDV GH D HVWmR SUHVHQWHV DV DPRVWUDV GH F'1$V DYDOLDGDV & FRQWUROH SRVLWLYR GD UHDomR OLQKDJHP FHOXODU 8 H & FRQWUROH QHJDWLYRVHPF'1$
)LJXUD $PSOLILFDomR GR IUDJPHQWR GH SE GR JHQH0$*($ *HO GH DJDURVH
FRUDGR FRP6\EU *UHHQ /P/ 1D FDQDOHWD 0 HVWi UHSUHVHQWDGR R PDUFDGRU GH SHVR PROHFXODU SE '1$ /DGGHU ,QYLWURJHQ QDV FDQDOHWDV GH D HVWmR SUHVHQWHV DV DPRVWUDVGHF'1$VDYDOLDGDV&FRQWUROHSRVLWLYRGDUHDomROLQKDJHPFHOXODU8H& FRQWUROHQHJDWLYRVHPF'1$
)LJXUD$PSOLILFDomRGRIUDJPHQWRGHSEGRJHQH1<(62*HOGHDJDURVHFRUDGR FRP6\EU*UHHQ/P/1DFDQDOHWD0HVWiUHSUHVHQWDGRRPDUFDGRUGHSHVRPROHFXODU SE '1$ /DGGHU ,QYLWURJHQ QDV FDQDOHWDV GH D HVWmR SUHVHQWHV DV DPRVWUDV GH F'1$V DYDOLDGDV & FRQWUROH SRVLWLYR GD UHDomR OLQKDJHP FHOXODU 8 H & FRQWUROH QHJDWLYRVHPF'1$
(VWD DQiOLVH GD H[SUHVVmR SRU 573&5 GRV FLQFR &7V GH LQWHUHVVH UHDOL]DGDHPDPRVWUDVGHPHGXODWRWDOGHSDFLHQWHVFRP00VRPDGDFRP
0 & 1R
SE
SE
SE
0 &
1R
0 &
1R
SE
SE SE
DIUHTrQFLDGHH[SUHVVmRGHVWHVPHVPRV&7VDYDOLDGDDQWHULRUPHQWHDQiOLVH WRWDO GRV FDVRV GH 00 GHPRQVWURX TXH HVWHV &7V HQFRQWUDPVH IUHTHQWHPHQWH H[SUHVVRV QRV FDVRV GH 00 &7 /$*(
0$*($*$*(H1<(62
1RHVWXGRGH-XQJEOXWKHWDOWDPEpPIRLDYDOLDGDDH[SUHVVmR GHDOJXQV&7VHPSDFLHQWHVFRP00HQWUHHOHVR&7SDUDRTXDOHQFRQWURX
H[SUHVVmRGHRV&7VGDIDPtOLD0$*($H[SUHVVRHP
HRJHQH1<(62IRLDYDOLDGRVHQGRSRVLWLYRHPGDVDPRVWUDV 9DQ%DUHQHWDOWDPEpPDYDOLDUDPDH[SUHVVmRGHDQWtJHQRVFkQFHUWHVWtFXOR HP SDFLHQWHV FRP 00 H HQFRQWUDUDP RV VHJXLQWHV UHVXOWDGRV/$*(
*$*( 1<(62 0$*($ 0$*($ (VWHV
HVWXGRV DSUHVHQWDUDP UHVXOWDGRV GLIHUHQWHV SURYDYHOPHQWH SRU XWLOL]DUHP FDVXtVWLFDVPHQRUHV
'HTXDOTXHUIRUPDHVWHVUHVXOWDGRVVRPDGRVDRVQRVVRVGHPRQVWUDP TXH RV DQWtJHQRV FkQFHUWHVWtFXOR&7/$*(0$*($*$*( H1< (62VmRIUHTHQWHPHQWHH[SUHVVRVHP00HSRGHPVHUERQVFDQGLGDWRVj LPXQRWHUDSLD
'HWHFomRGDUHVSRVWDKXPRUDOHVSRQWkQHDDQWL0$*(&&7
2 SDVVR VHJXLQWH GR HVWXGR IRL DYDOLDU VH H[LVWH UHVSRVWD KXPRUDO HVSRQWkQHD FRQWUD R DQWtJHQR &7 QRV SDFLHQWHV FRP 00 3DUD LVWR D FDSDFLGDGHGRVVRURVGRVSDFLHQWHVFRP00DRGLDJQyVWLFRXWLOL]DGRVFRPR DQWLFRUSRSULPiULRHPUHFRQKHFHUDSURWHtQD&7SUHVHQWHQRH[WUDWRSURWpLFR WRWDOGDOLQKDJHPFHOXODU8TXHH[SUHVVDRJHQH&7IRLDYDOLDGDDWUDYpV GHHQVDLRVGH:HVWHUQ%ORW
)LJXUD:HVWHUQ%ORWSDUDSURWHtQD&7.'D&DPRVWUDFRQWUROHDQWLFRUSRSULPiULR &7PRXVH PRQRFORQDO QDV GHPDLV FDQDOHWDV HVWmR SUHVHQWHV RV H[WUDWRV SURWpLFRV GD OLQKDJHPFHOXODU8KLEULGL]DGRVFRPRVVRURVGRVSDFLHQWHVDQWLFRUSRSULPiULRHDQWLFRUSR DQWL,J* KXPDQD DQWLFRUSR VHFXQGiULR *06, *DPRSDWLD 0RQRFORQDO GH 6LJQLILFDGR ,QGHWHUPLQDGR 3/6 3ODVPRFLWRPD 6ROLWiULR 00 0LHORPD 0~OWLSOR 7HPSR GH H[SRVLomR PLQ
3DUD WHQWDU PLQLPL]DU R UHFRQKHFLPHQWR GHVWDV RXWUDV SURWHtQDV SUHVHQWHV QR H[WUDWR SURWpLFR WRWDO SRU GLIHUHQWHV DQWLFRUSRV SUHVHQWHV QRV VRURVGRVSDFLHQWHVWHQWRXVHXWLOL]DUGLIHUHQWHVGLOXLo}HVGRVVRURVGHH SDUD H 3RUpP R PHVPR SDGUmR IRL YHULILFDGR RX VHMD UDVWURVDRLQYpVGHEDQGDVQDVFDQDOHWDVTXHFRQWLQKDPDVDPRVWUDVGHVRUR ILJXUD 2:HVWHUQ %ORW UHDOL]DGR SDUD D SURWHtQDDȕ7XEXOLQD PRVWURX EDQGDVGHWDPDQKRHVSHUDGRHPWRGDVDVFDQDOHWDVILJXUD
1RUPDO *06, 3/6 00 00
&
)LJXUD:HVWHUQ%ORWSDUDSURWHtQD&7.'D&DPRVWUDFRQWUROHDQWLFRUSRSULPiULR &7PRXVH PRQRFORQDO QDV GHPDLV FDQDOHWDV HVWmR SUHVHQWHV RV H[WUDWRV SURWpLFRV GD OLQKDJHPFHOXODU8KLEULGL]DGRVFRPRVVRURVGRVSDFLHQWHVDQWLFRUSRSULPiULRHDQWLFRUSR DQWL,J*KXPDQDDQWLFRUSRVHFXQGiULR*06,*DPRSDWLDGH6LJQLILFDGR,QGHWHUPLQDGR3/6 3ODVPRFLWRPD 6ROLWiULR 00 0LHORPD 0~OWLSOR 3URWHtQD Dȕ7XEXOLQD .'D 1DV FDQDOHWDVDHVWmRSUHVHQWHVRVH[WUDWRVSURWpLFRVGDOLQKDJHPFHOXODU8KLEULGL]DGRV FRPDSURWHtQDDȕ7XEXOLQDDQWLFRUSRSULPiULRHDQWLFRUSR$QWL5DEELWDQWLFRUSRVHFXQGiULR 7HPSRGHH[SRVLomRPLQ
)LJXUD :HVWHUQ %ORW SDUD SURWHtQDDȕ7XEXOLQD .'D 1DV FDQDOHWDV D HVWmR SUHVHQWHV RV H[WUDWRV SURWpLFRV GD OLQKDJHP FHOXODU 8 KLEULGL]DGRV FRP D SURWHtQDDȕ 7XEXOLQD DQWLFRUSR SULPiULR H DQWLFRUSR $QWL5DEELW DQWLFRUSR VHFXQGiULR 7HPSR GH H[SRVLomRPLQ
'HWHFomRGDUHVSRVWDFUX]DGDHQWUHRVDQWtJHQRV1<(62H/$*(
$WXDOPHQWH HVWXGRV FOtQLFRV HP GLIHUHQWHV WLSRV WXPRUDLV HVWmR HP DQGDPHQWR XWLOL]DQGR YDFLQD DQWL1<(62 0RUJDQ HW DO (P 00 1<(62HVWiH[SUHVVRHPFHUFDGHGRVFDVRVHQTXDQWR/$*(SRGH VHU GHWHFWDGR HP GRV SDFLHQWHV $V SURWHtQDV 1<(62 H /$*( DSUHVHQWDP GH VLPLODULGDGH HP VXDV VHTrQFLDV GH DPLQRiFLGRV 3RUWDQWRXPDYDFLQDTXHUHFRQKHFHVVHHVWHVDQWtJHQRVSRGHULDVHUXWLOL]DGD HP FHUFD GH GRV SRUWDGRUHV GH 00 'LDQWH GLVWR QRV SURSXVHPRV D YHULILFDUDSRVVLELOLGDGHGHRDQWLFRUSRDQWL1<(62(QRTXDODYDFLQD HVWD EDVHDGD WDPEpP UHFRQKHFHU D SURWHtQD /$*( 3DUD LVWR IRUDP UHDOL]DGRV HQVDLRVGH:HVWHUQ EORWXWLOL]DQGRH[WUDWRV SURWpLFRVGH OLQKDJHQV FHOXODUHVSRVLWLYDVSDUD/$*(HQHJDWLYDVSDUD1<(62HRDQWLFRUSRDQWL 1<(62
2 SULPHLUR SDVVR GHVWD DQiOLVH IRL LGHQWLILFDU OLQKDJHQV FHOXODUHV SRVLWLYDVSDUD/$*(HRXSDUD1<(62$DQiOLVHGHH[SUHVVmRGRVJHQHV /$*( H 1<(62 IRL UHDOL]DGD DWUDYpV GH 573&5 HP OLQKDJHQV FHOXODUHV 3&D 2 +&7 + 0'$ 2 +/ . 6.%5 '/' 7+' +7% $ H +D&DW (VWD DQiOLVH PRVWURX TXH 6.%5 H[SUHVVD VRPHQWH/$*( + H 7+' H[SUHVVDP VRPHQWH1<(62 H +D&DW 3&D2+&7+0'$2+/.6.%5'/'H $ QmR H[SUHVVDPQHQKXPGRVJHQHVILJXUD
)LJXUD$PSOLILFDomRGRVIUDJPHQWRVGHSEHSEGRVJHQHV1<(62H/$*( UHVSHFWLYDPHQWH*HOGHDJDURVHFRUDGRFRP6\EU*UHHQ/P/1DFDQDOHWD0HVWi UHSUHVHQWDGRRPDUFDGRUGHSHVRPROHFXODUSE'1$/DGGHU,QYLWURJHQQDVFDQDOHWDV GHDHVWmRSUHVHQWHVDVDPRVWUDVGHF'1$VGDVOLQKDJHQVWXPRUDLV3&D2+&7
1R 0
0 & 1R
&
SE
SE
SE
SE
SE
1<(62
+0'$2+/.6.%5'/'7+'+7%$+D&DWUHVSHFWLYDPHQWH &FRQWUROHSRVLWLYRGDUHDomROLQKDJHPFHOXODU8H&FRQWUROHQHJDWLYRVHPF'1$
6HQGR DVVLP DV OLQKDJHQV 6.%5 + +D&DW H 8 IRUDP HVFROKLGDV SDUD R SURVVHJXLPHQWR GR HVWXGR 2 :HVWHUQ EORW UHDOL]DGR XWLOL]DQGRVH RV H[WUDWRV SURWpLFRV WRWDLV GHVWDV OLQKDJHQV FHOXODUHV WXPRUDLV PRVWURX TXH R DQWLFRUSR ( DQWL1<(62 Vy IRL FDSD] GH UHFRQKHFHU R DQWtJHQR1<(62QmRGHWHFWDQGRDSUHVHQoDGH/$*(ILJXUD
)LJXUD :HVWHUQ %ORW SDUD D SURWHtQD 1<(62 .'D 1DV FDQDOHWDV GH D HVWmR SUHVHQWHV RV H[WUDWRV SURWpLFRV GDV OLQKDJHQV FHOXODUHV 8 6.%5 + H +D&DW UHVSHFWLYDPHQWHKLEULGL]DGRVFRPRDQWLFRUSRSULPiULR(DQWL1<(62HDQWLFRUSRDQWL ,J* KXPDQD DQWLFRUSR VHFXQGiULR 3URWHtQDDȕ7XEXOLQD .'D 1DV FDQDOHWDV D HVWmR SUHVHQWHV RV H[WUDWRV SURWpLFRV GDV OLQKDJHQV FHOXODUHV 8 SRVLWLYD SDUD RV GRLV JHQHV 6.%5 SRVLWLYD VRPHQWH SDUD/$*( + SRVLWLYD VRPHQWH SDUD1<(62 H +D&DW QHJDWLYD SDUD RV GRLV JHQHV UHVSHFWLYDPHQWH KLEULGL]DGRV FRP R DQWLFRUSR KLEULGL]DGRVFRPDSURWHtQDDȕ7XEXOLQDDQWLFRUSRSULPiULRHDQWLFRUSR$QWL5DEELWDQWLFRUSR VHFXQGiULR7HPSRGHH[SRVLomRPLQ
3RUWDQWRRXWUR:HVWHUQ%ORWIRLUHDOL]DGRSDUDH[SORUDUDSRVVLELOLGDGH GH UHVSRVWD FUX]DGD HQWUH RV DQWtJHQRV /$*( H 1<(62 XVDQGR R DQWLFRUSR ( DQWL1<(62 H DV OLQKDJHQV FHOXODUHV 6.%5 H[SUHVVmR SRVLWLYDVRPHQWHSDUD/$*(+H[SUHVVmRSRVLWLYDVRPHQWHSDUD1< (62 +D&DW H[SUHVVmR QHJDWLYD SDUD RV GRLV DQWtJHQRV H 8 H[SUHVVmRSRVLWLYDSDUDRVGRLVDQWtJHQRV
1<(62
Dȕ7XEXOLQD N'D
$LQGDTXHDVSURWHtQDV/$*(H1<(62DSUHVHQWHPVHTrQFLDVGH DPLQRiFLGRV H GH 51$P PXLWR SDUHFLGDV R DQWLFRUSR ( DQWL1<(62 QmRIRL FDSD] GH UHFRQKHFHU DSURWHtQD /$*( LQGLFDQGR TXHRV SDFLHQWHV FRP00TXHH[SUHVVHPVRPHQWH/$*(QmRSRGHULDPVHEHQHILFLDUFRPR XVRGHVWDYDFLQD
&RQFOXV}HV
&RPEDVHQRVUHVXOWDGRVREWLGRVSRGHVHFRQFOXLUTXH
x 2V DQWtJHQRV FkQFHUWHVWtFXOR &7V DYDOLDGRV HQFRQWUDPVH IUHTHQWHPHQWH H[SUHVVRV QRV FDVRV GH PLHORPD P~OWLSOR VHQGR DV SRUFHQWDJHQV ILQDLV HQFRQWUDGDV VRPDQGRVH RV UHVXOWDGRV GHVWH HVWXGR H RV REWLGRV SRU $QGUDGH HW DO GH&7/$*(
0$*($*$*(H1<(62
x $PHWRGRORJLDXWLOL]DGDQmRIRLFDSD]LGHQWLILFDUUHVSRVWDLPXQHKXPRUDO HVSRQWkQHD FRQWUD DQWtJHQR &7 QDV DPRVWUDV GRV SDFLHQWHV FRP PLHORPDP~OWLSORDRGLDJQyVWLFR
x 2 DQWLFRUSR DQWL1<(62 QmR IRL FDSD] GH UHFRQKHFHU R DQWtJHQR /$*(H[SUHVVRQDVOLQKDJHQV6.%5H8LQGLFDQGRTXHDSHVDU GR DOWR JUDX GH VLPLODULGDGH HQWUH DV SURWHtQDV /$*( H 1<(62 QmRKiUHVSRVWDFUX]DGDPHGLDGDSRUHVWHDQWLFRUSR
8WVXQRPL\D7,QRXH+7DQDND)<DPDJXFKL+2KWD02NDPRWR00LPRUL .0RUL0([SUHVVLRQRIFDQFHUWHVWLVDQWLJHQ&7$JHQHVLQLQWUDKHSDWLF FKRODQJLRFDUFLQRPD$QQDOVRI6XUJLFDO2QFRORJ\
YDQ%DUHQ1%UDVVHXU)*RGHODLQH'+DPHV*)HUUDQW$/HKPDQQ) $QGUp05DYRHW&'R\HQ&6SDJQROL*&%DNNXV07KLHOHPDQV.%RRQ7 *HQHVHQFRGLQJWXPRUVSHFLILFDQWLJHQVDUHH[SUHVVHGLQKXPDQP\HORPD FHOOV%ORRG
:DQJ<:X;-=KDR$/<XDQ<+&KHQ<7-XQJEOXWK$$HWDO
&DQFHUWHVWLVDQWLJHQH[SUHVVLRQDQGDXWRORJRXVKXPRUDOLPPXQLW\WR1<(62 LQJDVWULFFDQFHU&DQFHU,PPXQ
:KLWH'-3DXO10DFGRQDOG'$0H\HU506KHSKHUG/($GGLWLRQRI OHQDOLGRPLGHWRPHOSKDODQLQWKHWUHDWPHQWRIQHZO\GLDJQRVHGPXOWLSOH P\HORPDWKHQDWLRQDOFDQFHULQVWLWXWHRI&DQDGDFOLQLFDOWULDOVJURXS0< WULDO&XUUHQW2QFRORJ\
$QH[R&RRUWHGHSDFLHQWHVFRP00HTXHDSUHVHQWDPDPRVWUDVGHVRURH51$
3DFLHQWH ,QLFLDLV 5HJLVWUR
+RVSLWDODU 6H[R ,GDGH ,VRWLSR &DGHLD/HYH FHOWXPRU (VWiGLR 6LWXDomR 6HJXLPHQWR0HVHV 702 %0* $OE ,66 0$*($ 0$*(&&7 *$*(IDPtOLD /$*( 1<(62
()9 0 ,J* ț ,,,$ YLYR
)7$ ) ,J$ Ȝ ,,,$ YLYR
06; ) ,J* Ȝ ,,,% YLYR
0*$ ) ,J$ Ȝ ,,,% yELWR
$$% 0 ,J* ț ,,,% yELWR
7$-6 ) ,J* ț ,,,$ yELWR
($6 ) ț ,,,% yELWR
-&$9 0 ,J* ț ,,,$ YLYR VLP
$%6 0 ,J$ ț ,,,% YLYR
101 ) ,J* Ȝ ,,,$ yELWR VLP
&) 0 ț ,,,$ YLYR VLP
5*) 0 ,J* ț ,,$ YLYR
0/% ) ,J* ț ,,,$ yELWR
'606 ) ,J* ț ,,,$ YLYR
/06 ) ț ,,,% yELWR
/36 ) ,J$ Ȝ ,,,% yELWR
$*6 0 ,J* ț ,,,$ yELWR
-$3 0 ,J* ț ,,,$ yELWR
$6 0 ,J$ Ȝ ,,,$ yELWR
$/5 0 ,J$ ț ,,,$ yELWR
00/6 0 Ȝ ,,,$ YLYR VLP
-66 0 ,J* ț ,,,$ YLYR
/$0 0 Ȝ ,,,$ yELWR
02 0 ,J* ț ,,,$ YLYR VLP
17 0 ,J* Ȝ ,,,$ yELWR
%%6 0 ,J* ț ,,,% yELWR
0)$ 0 ,J* Ȝ ,,,% yELWR
)3) ) ,J* ț ,,,$ yELWR 1$ 1$
0&$5 ) ,J* ț ,,,$ yELWR
0$0) ) ,J$ ,,,% yELWR 1$ 1$ 1$
-%/ ) ,J* ț ,,,% YLYR
56$ 0 ,J* ț ,,,$ YLYR VLP 1$ 1$
-1 0 ,J* ț ,,,% yELWR
6*% ) ,J$ ț ,,,$ YLYR
093/ ) Ȝ ,,,$ YLYR
-&) ) ț ,,$ DEDQGRQRX
,& 0 ,J* Ȝ ,,,$ yELWR
-6 ) ,J* ț ,,,$ yELWR
&06 ) ,J* ț ,,,$ DEDQGRQRX
*00 0 ,J* ț ,,,$ yELWR
25' 0 ,J$ Ȝ ,,,% yELWR
0/2 ) ,J$ ț ,,,% DEDQGRQRX
-3& 0 ,J$ ț ,,,% yELWR
-71 0 ,J* Ȝ ,,,$ YLYR 1$ 1$
(00 ) ,J$ ț ,,,$ yELWR
$$& ) Ȝ ,,,% yELWR
$& 0 ,J$ ț ,,,$ YLYR
05% ) ,J$ Ȝ ,$ DEDQGRQRX
$* 0 Ȝ ,,,% YLYR
0%2 0 ,J* ț ,$ YLYR
$/33( ) ,J* Ȝ ,,,$ YLYR VLP
*00 ) ,J* Ȝ ,,,$ DEDQGRQRX
-56 0 ,J* ț ,,,$ YLYR VLP
+6 0 ,J* ț ,,,$ YLYR VLP
0)$ 0 ,J* ț ,,,$ YLYR
)1 ) Ȝ ,,,% yELWR
$30 ) ț ,,,$ YLYR
0/%$ ) ,J$ Ȝ ,,,$ yELWR
0+3 0 ,J* ț ,,,% yELWR
*)6 0 ,J$ ț ,,,$ YLYR
3RVLWLYR 1HJDWLYR
$QH[R7HUPRGHFRQVHQWLPHQWRSyVLQIRUPDGR0LHORPD0~OWLSOR