,QVWLWXWRGH*HRFLrQFLDVH&LrQFLDV([DWDV
68&(662(675$7,*5È),&$(3$/(2$0%,(17(6'26
0,&52%,$/,7263527(52=2,&26'20(0%52
680,'2852)250$d2/$*$0$5*58329$=$17(
1$)$=(1'$680$5e(0/$*$0$50*
-8/,$
)$925(72
2ULHQWDGRU5RVHPDULH5RKQ'DYLHV
³0RQRJUDILDDSUHVHQWDGDj&RPLVVmRGR7UDEDOKRGH&RQFOXVmRGR &XUVRGH*HRORJLDGR,QVWLWXWRGH*HRFLrQFLDVH&LrQFLDV([DWDV ±81(63FDPSXVGH5LR&ODURFRPRSDUWHGDVH[LJrQFLDVSDUDR FXPSULPHQWRGDGLVFLSOLQD7UDEDOKRGH&RQFOXVmRGH&XUVRQRDQR OHWLYRGH´
81(6381,9(56,'$'((67$'8$/3$8/,67$
,QVWLWXWRGH*HRFLrQFLDVH&LrQFLDV([DWDV
&DPSXVGH5LR&ODUR63
68&(662(675$7,*5È),&$(3$/(2$0%,(17(6'26
0,&52%,$/,7263527(52=2,&26'20(0%52
680,'2852)250$d2/$*$0$5*58329$=$17(
1$)$=(1'$680$5e(0/$*$0$50*
-
8/,$
)
$925(72
2ULHQWDGRUD3URI'U5RVHPDULH5RKQ'DYLHV
0RQRJUDILD DSUHVHQWDGD j &RPLVVmR GR 7UDEDOKR GH
&RQFOXVmR GR &XUVR GH *HRORJLD GR ,QVWLWXWR GH
*HRFLrQFLDV H &LrQFLDV ([DWDV ± 81(63 FDPSXV GH 5LR
&ODURFRPRSDUWHGDVH[LJrQFLDVSDUDRFXPSULPHQWRGD
GLVFLSOLQD 7UDEDOKR GH &RQFOXVmR GH &XUVR QR DQR OHWLYR
GH
5LR&ODUR±63
-XOLD)DYRUHWR
68&(662
(675$7,*5È),&$
(
3$/(2$0%,(17(6
'26
0,&52%,$/,726
3527(52=2,&26
'2
0(0%52
680,'2852
)250$d2
/$*$0$5
*5832
9$=$17(
1$
)$=(1'$
680$5e
(0
/$*$0$50*
$*5$'(&,0(1726
1mRKiFRPRQmRH[LVWLUFOLFKrQHVWHPRPHQWRDK $JUDGHoRPHXVJUDQGHVLQFHQWLYDGRUHVILQDQFLDGRUHVHVRQKDGRUHV 0HXVTXHULGRVSDLV6DQGUDH/DXGLU ¬PLQKDFySLD;HUR[PHXDPRU$QD/DXUD $R-RUJHWRGDDFRPSUHHQVmRSDFLrQFLDHGLVSRVLomRHPFDUUHJDURVSHVDGRVHVWURPDWyOLWRV $RVJUDQGHVPHVWUHVGRFRQKHFLPHQWRWRGD$GPLUDomR5HVSHLWRH&DULQKR 3URI'U5RVHPDULH5RKQ'DYLHVPLQKDTXHULGDRULHQWDGRUD 3URI'U3DXOR7LEDQDXPJUDQGH+RPHP H3URI'U7KRPDV5)DLUFKLOGRVFRQVHOKRVFLHQWtILFRVHSLDGDV
$RVLUPmRVGHUHS~EOLFDDJUDQGHYLYrQFLDHDSUHQGL]DGR 7KRQJR/HDQGUR0LQDWHO9LGDOGH1HJUHLURV-~-XOLDQD2NXER-DSD/XFLDQR7DNDNL$OHPmR *XLOKHUPH*/HVVHX[1DW\1DWiOLD5$OPHLGD%i%iUEDUD5REELH0DUOL0DUU\' &RVWD ¬WRGRVRVDPLJRV*HR]HOKLWRVHPHVSHFLDOPHXSDUFHLURGHFDPSR1LFR1LFROiV$QQXQFLDWRH FRPSDQKHLURVGH81(6SHWUR;X[D)HOLSH*RUOD0LOHQD&5RVDH7DPDU&LEHOH0RQWLEHOOHU
¬XPJUDQGHH[HPSORGHJDUUDHVXSHUDomRRDPLJR-LJROLQR7KLDJR'RPLQJXHV*yHV/~FLR ¬*ODXEEHU*OiXFLD)&KDJXULH'LRQ&HOLQH&GH2OLYHLUDDSHVDUGDDXVrQFLDRTXHLPSRUWDp RTXHHVWiQRFRUDomR³pLQYLVtYHODRVROKRV´VHPSUH &RPFHUWH]DXPDSDUWHGHWRGRVYRFrVYLYHHPPLPDJRUD $R6U$QW{QLR%HOFKLRUGRV5HLVSURSULHWiULRGD)D]HQGD6XPDUpSRUDXWRUL]DUDSHVTXLVDHP VXDVWHUUDV $RPRWRULVWD&ULVWLDQR$&RODJUDLTXHDSUHQGHXQDSUiWLFDRKLQRGD*HRORJLD³HGHVFHRPRUUR HWUD]DDPRVWUD´ $R35+WRGDVDVRSRUWXQLGDGHV $RDSRLRILQDQFHLURGD$JrQFLD1DFLRQDOGR3HWUyOHR*iV1DWXUDO H%LRFRPEXVWtYHLV$13)LQDQFLDGRUDGH(VWXGRVH3URMHWRV),1(3H GR0LQLVWpULRGD&LrQFLDH7HFQRORJLD0&7SRUPHLRGR3URJUDPDGH 5HFXUVRV+XPDQRVGD$13SDUDR6HWRU3HWUyOHRH*iV35+$130&7HGR 3URJUDPDGH)RUPDomRGH5HFXUVRV+XPDQRVGD3HWUREUDV
5(6802
$%675$&7
0LFURELDOLWHV LUUHJXODU DJJOXWLQDWHG JUDLQV ODWHUDOO\ FRQWLQXRXV PDWV DQG VWURPDWROLWHV RFFXULQVPDOOQHDUO\FRQWLQXRXVRXWFURSVRYHUDaPWKLFNFDUERQDWHLQWHUYDORIWKH6XPLGRXUR 0HPEHU /DJDPDU )RUPDWLRQ 9D]DQWH *URXS 0HVR1HRSURWHUR]RLF RQ WKH 6XPDUp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
Ë1',&('(),*85$6 )LJXUD±0DSDGHORFDOL]DomRHDFHVVRVjiUHDGHHVWXGR )LJXUD8QLGDGHVWHFW{QLFDVGD)DL[D%UDVtOLDHPDUJHPRHVWHGR&UiWRQGR6mR)UDQFLVFRD OLQKDYHUPHOKDPDUFDXPSHUILOHVTXHPiWLFRPRVWUDGRQDILJXUD )LJXUD 6HomR *HROyJLFD HVTXHPiWLFD PRVWUDQGR DV UHODo}HV HQWUH RV JUXSRV $UD[i ,ELi
&DQDVWUD9D]DQWHH%DPEXt )LJXUD0DSD*HROyJLFR5HJLRQDOFRPHQIRTXHQD)DL[D%UDVtOLD0HULGLRQDO )LJXUD&ROXQDOLWRHVWUDWLJUiILFDVLQWpWLFDGDUHJLmRGH/DJDPDU )LJXUD±&ROXQDOLWRHVWUDWLJUiILFDGR*UXSR9D]DQWHHEDVHGR*UXSR&DQDVWUD )LJXUD'HVHQKRHVTXHPiWLFRGRSURFHGLPHQWRSDUDFRQIHFFLRQDURVSHUILVFROXQDUHVDSDUWLUGH DIORUDPHQWRVGHFDPDGDVLQFOLQDGDVFRPLQGLFDo}HVGDEDVHHWRSRGRSHUILO )LJXUD ([HPSOR GH VHOHomR GH iUHDV HP DPRVWUD SDUD D FRQIHFomR GH OkPLQDV SHWURJUiILFDV YLVDQGR D FDUDFWHUL]DomR GH VHGLPHQWRV HQWUH DV FROXQDV VXD UHODomR FRP R HVWURPDWyOLWR EHP FRPRGHVFULomRGDVOkPLQDVQRVIODQFRVHHL[RV
)LJXUD*XLDSDUDDFODVVLILFDomRGHHVWURPDWyOLWRV
)LJXUD*XLDSDUDDFODVVLILFDomRGHHVWURPDWyOLWRV
)LJXUD*XLDSDUDDFODVVLILFDomRGHHVWURPDWyOLWRV
)LJXUD3HUILOFROXQDUGD)D]HQGD6XPDUpHP/DJDPDU0*&RQWLQXDQDILJXUD )LJXUD&RQWLQXDomR GDILJXUDPRVWUDQGRSHUILOFROXQDUGD )D]HQGD6XPDUpHP /DJDPDU
0*
)LJXUD ± (VWURPDWyOLWRV QmR FROXQDUHV$ % H & UHSUHVHQWDP RV HVWURPDWyOLWRV SODQDUHV KRUL]RQWDLVH'RPRUIRWLSRVXEYHUWLFDOYHUWLFDO )LJXUD7UDoRVGHOkPLQDo}HVGHHVWURPDWyOLWRVFROXQDUHVFRQLIRUPHVHPFRUWHVORQJLWXGLQDLVH HPSODQWD$HVFDODpLJXDOSDUDWRGDVDVILJXUDV$FRUWHORQJLWXGLQDOSDVVDQGRSUDWLFDPHQWHSHOR ]RQDD[LDOGDDPRVWUD/*6%±FROXQDGHLWDGDVHHQFRQWUDDRODGRGHXPDLQVLWX&&RUWH WUDQVYHUVDOGHFROXQDVGDSRUomREDVDOGRSHUILO'&RUWHORQJLWXGLQDOSDVVDQGRSUDWLFDPHQWHSHOR HL[R HP DIORUDPHQWR ( &RUWH ORQJLWXGLQDO PRVWUDQGR SDVVDJHP GD ODPLQDomR F{QLFD SDUD D
SDUDEyOLFDHPDIORUDPHQWR
)LJXUD,PDJHQVGHDPRVWUDVSROLGDVHGHDIORUDPHQWRVGHHVWURPDWyOLWRVFROXQDUHVFRQLIRUPHV GDSRUomREDVDOGRSHUILO$FRUWHORQJLWXGLQDOSDVVDQGRSUDWLFDPHQWHSHORHL[RD[LDOGDDPRVWUD /*6 % FROXQD GHLWDGD VH HQFRQWUD DR ODGR GH XPDLQ VLWX&&RUWH ORQJLWXGLQDO SDVVDQGR SUDWLFDPHQWHSHORHL[RD[LDO'&RUWHORQJLWXGLQDOPRVWUDQGRSDVVDJHPGDODPLQDomRF{QLFDSDUDD SDUDEyOLFDHPDIORUDPHQWR(9LVWDHPSODQWDGRV&RQRSK\WRQ )LJXUD 7UDoRV GH ODPLQDo}HV H FRQWRUQRV GH DPRVWUDV GH HVWURPDWyOLWRV FLOtQGULFRV D VXEFLOtQGULFRVHPFRUWHVORQJLWXGLQDLV$HVFDODpDPHVPDSDUDWRGDVDVILJXUDV$(VWURPDWyOLWRV FRP ODPLQDo}HV RQGXODGDV H FRQYH[DV /*6D % (VWURPDWyOLWR FRP ODPLQDo}HV SDUDEyOLFDVFRQYH[DV/*6E&(VWURPDWyOLWRVSUy[LPRVHQWUHVLFRPODPLQDo}HVSDUDEyOLFDV /*6E'(VWURPDWyOLWRFRPODPLQDo}HVSDUDEyOLFDV/*6F(3RQWHHQWUHFROXQDVDOWXUD GRVaPGRSHUILO)(VWURPDWyOLWRFRPODPLQDomRSRXFRFRQYH[DHFRPRQGXODo}HV/*6G
HYLGHQFLDQGR D PLFURGLVFRUGkQFLD QD ODPLQDomR VHWD ) (VWURPDWyOLWR FRP ODPLQDomR SRXFR
FRQYH[D/*6G
)LJXUD(VWURPDWyOLWRVWXUELQDGRV$1tYHOHQWUHHPGRSHUILOFROXQDUIRUPDLVRODGDGH HVWURPDWyOLWR WXUELQDGR % (VWURPDWyOLWR 7XUELQDGR QD SRUomR EDVDO R TXDO FXOPLQD FRP
UDPLILFDo}HVGLFyWRPDV
)LJXUD ± 7UDoRV GH ODPLQDo}HV GRV HVWURPDWyOLWRV ODWHUDOPHQWH GHVFRQWtQXRV UDPLILFDGRV GLFyWRPRV $ (VWURPDWyOLWR FRP DOJXPDV SURMHo}HV GH SRQWHV ODPLQDo}HV RQGXODGDV FRQYH[DVPXLWR FRQYH[DV % (VWURPDWyOLWR WXUELQDGR QD EDVH FRP UDPLILFDo}HV GLFyWRPDV WHUPLQDLV /kPLQDV RQGXODGDV H DOJXPDV PLFURGLVFRUGkQFLDV & /kPLQDo}HV ORFDOPHQWH RQGXODGDVXQLIRUPHVDFRQVWULWDV'/DPLQDo}HVPXLWRFRQYH[DVFRPJUDXGHVLPHWULDPRGHUDGR
)LJXUD )RWRV GH VHo}HV SROLGDV GH HVWURPDWyOLWRVHVWURPDWyOLWRV ODWHUDOPHQWH GHVFRQWtQXRV UDPLILFDGRV GLFyWRPRV $ 5DPLILFDomR WHUPLQDO D SDUWLU GH HVWURPDWyOLWR WXUELQDGR % 5DPLILFDomR WHUPLQDO OHYHPHQWH GLYHUJHQWH FRP ODPLQDomR ORFDOPHQWH RQGXODGD&/DPLQDomR SDUDEyOLFD SRXFR RQGXODGD ' /DPLQDo}HV SRXFR D PRGHUDGDPHQWH FRQYH[DV UDPLILFDomR WHUPLQDO(/DPLQDomRPXLWRFRQYH[DFRPPpGLRJUDXGHDVVLPHWULD )LJXUD(VWURPDWyOLWRVUDPLILFDGRVFRPSOH[RVHPIRWRGHDIORUDPHQWRHGHVHQKRLQWHUSUHWDWLYR FRUUHVSRQGHQWH$H%ORFDOL]DPVHORJRDEDL[RGRQtYHOGHPGRSHUILOYHU)LJXUDH )LJXUD&ODVVLILFDomRGHURFKDVFDUERQiWLFDVSURSRVWDSRU'XQKDP )LJXUD±0LFURWUDPD$/kPLQD/*6EWH[WXUDWtSLFDJUXPRVD%H&/kPLQD/*6 E' /kPLQD E (/kPLQD /*6F RFRUUH D GHOLPLWDomR GH FDPDGDVPDLV JUXPRVDV H PLFUtWLFDVGDVPDLVFODUDVPLFURHVSiWLFDV$VVHWDVLQGLFDPDSUHVHQoDGHHVWUXWXUDVVHPHOKDQWHVD
YHVLFXODULWHV
)LJXUD0LFURWUDPD$FRUUHVSRQGHDIRWRPLFURJUDILDGDVODPLQDo}HVGDSRUomRPDLVH[WHUQD DR HL[R D[LDO% IRWRPLFURJUDILD FRUUHVSRQGHQWH D SRUomR PDLV LQWHUQD QRWDU D LQIOH[mR GDV ODPLQDo}HVTXDQWRPDLRUDSUR[LPLGDGHFRPHL[R&H'GHWDOKHGRHVWLORGHODPLQDomRGRIODQFR GR HVWURPDWyOLWR ( &RUUHVSRQGH D PLFURIDOKDPHQWRV SRVWHULRUHV DR GHVHQYROYLPHQWR GR HVWURPDWyOLWRFRPIUDWXUDVSUHQFKLGDVSRUTXDU]WR$H%/kPLQD/*6E$&/kPLQD/*6 E&'/kPLQD/*6F(/kPLQD/*6E% )LJXUD0LFURWUDPD$)RWRPRVDLFRPRVWUDQGRRSDGUmRJHUDOGDPLFURWUDPDFRPGHWDOKH SDUDRVELRFODWRVHQWUHDVFROXQDV%H'3DFRWHGHODPLQDomRFRPVXDVUHVSHFWLYDVLQWHUFDODo}HV PLFULWLFDVHPLFURHVSDUtWLFDV&3DGUmRHQFDURoDGRGHPLFULWD(0LFURGLVFRUGkQFLDVQRSDGUmR ODPLQDUVHWDDPDUHOD$/kPLQD/*6E$%/kPLQD/*6D&/kPLQD/*6E'
/kPLQD/*6G%(/kPLQD/*6F
)LJXUD0LFURWUDPD$H%3DGU}HVGHFLFOLFLGDGHQDVXFHVVmRODPLQDU&(VWLOROLWRGH PpGLDDPSOLWXGHVHWDDPDUHOD$H&/kPLQDVD%/kPLQDE )LJXUD±0LFURIiFLHV$H%/kPLQD/*6D&H'/kPLQD/*6D(/kPLQD/*6 E$)/kPLQD/*6E*/kPLQD/*6E%+'HWDOKHQDOkPLQDFRUUHVSRQGHQWHD IRWR * $V IRWRPLFURJUDILDV$%& H* UHSUHVHQWDP RV DJORPHUDGRV FDUERQiWLFRV GH RULJHP PLFURELDO SROLQXFOHDGRV ' H( DSUHVHQWDP RV GH Q~FOHR VLPSOHV) DSUHVHQWD FRUS~VFXORV PLFUtWLFRVGHOLPLWDGRVSRUXPELRILOPHPDLVFRQWUDVWDQWH )LJXUD ±0LFURIiFLHV $%& H( VmRZDFNHVWRQHV FRP FODVWRV GH HVWURPDWyOLWRV'
PXGVWRQH$/kPLQD/*6F%/kPLQD/*6G$&/kPLQD/*6F'/kPLQD/*6
)LJXUD $ &LPHQWDomR ILEURVD HXJHQpWLFD H SROLJRQDO WDUGLD% &LPHQWDomR VLPpWULFD FDUDFWHUtVWLFD GH DPELHQWHV PDLV UDVRV FRP FRQVWDQWH HYDSRUDomR& &LPHQWDomR PLPpWLFD DFDVWDQKDGDQRVDORTXtPLFRVGHVFULWRVFRPRPLFURIiFLHV )LJXUD5HODo}HVGHPRUIRWLSRVGHHVWURPDWyOLWRVFRPDSURIXQGLGDGHGDiJXDSDUDD)RUPDomR 7DOWKHLOHL3DOHRSURWHUR]yLFRGR&DQDGi )LJXUD&LFORGHUDVHDPHQWRHPGHWDOKHQDFROXQDRVHVWURPDWyOLWRVFRQLIRUPHVORFDOL]DPVH VHPSUHQRLQtFLRGRFLFORFDUDFWHUL]DQGRDPELHQWHVPDLVSURIXQGRV )LJXUD(VTXHPDLQWHUSUHWDWLYRGDYDULDomRGDVIRUPDVHVWURPDWROtWLFDVHPDPELHQWHGHUDPSD
QDiUHDHVWXGDGD
680È5,2
,1752'8d2
2EMHWLYRV
ÈUHDGHHVWXGR
*(2/2*,$5(*,21$/
&RQWH[WR*HROyJLFRH7HFW{QLFD
)DL[D%UDVtOLD
)DL[D%UDVtOLD0HULGLRQDO
/LWRHVWUDWLJUDILD
,GDGHGR*UXSR9D]DQWH
(67520$7Ï/,726
&RQFHLWRV*HUDLV
5HJLVWURV%UDVLOHLURV3URWHUR]yLFRV
0e72'26((7$3$6'(75$%$/+2
7UDEDOKRVGHFDPSR
7UDEDOKRVGHODERUDWyULR
$QiOLVHGRVPLFURELDOLWRV
5(68/7$'26
&ROXQD(VWUDWLJUiILFD
&DUDFWHUL]DomRGRVPRUIRWLSRVHVWURPDWROtWLFRV
(VWURPDWyOLWRVODWHUDOPHQWHFRQWtQXRV
(VWURPDWyOLWRVODWHUDOPHQWHGHVFRQWtQXRVVLPSOHV
(VWURPDWyOLWRVODWHUDOPHQWHGHVFRQWtQXRVUDPLILFDGRV
$QiOLVH3HWURJUiILFD
'HVFULomRGDVPLFURIiFLHV
&RQVLGHUDo}HVGLDJHQpWLFDV
',6&8662'265(68/7$'26
&21&/86®(6
5()(5Ç1&,$6%,%/,2*5È),&$6
,1752'8d2
1R%UDVLORVHVWURPDWyOLWRVRFRUUHPHPGLYHUVDVXQLGDGHVSURWHUR]yLFDVSULQFLSDOPHQWHQR &UiWRQGR6mR)UDQFLVFRHQDVIDL[DVDVVRFLDGDVDHOHEHPFRPRQDVIDL[DV3DUDJXDLH5LEHLUD1R &UiWRQGR6mR)UDQFLVFRGHVWDFDPVHDVRFRUUrQFLDVQRVJUXSRV9D]DQWH3DUDQRi8PDH%DPEXt *XLPDUmHV 'DUGHQQH)DLUFKLOGHWDOHQWUHRXWURV
2*UXSR9D]DQWH1HRSURWHUR]yLFRLQIHULRUWHPRFRUUrQFLDVGHPLFURELDOLWRVQRRHVWHGH 0LQDV *HUDLV HVSHFLDOPHQWH QD UHJLmR GH 8QDt 3DUDFDWX 9D]DQWH H /DJDPDU 'DUGHQQH GHVFUHYHX LPSRUWDQWHV HVWURPDWyOLWRV QD )D]HQGD 0DWLQKR HP /DJDPDU DWULEXtGRV DR 0HPEUR 6XPLGRXUR GD )RUPDomR /DJDPDU (VWH SHVTXLVDGRU GHVFREULX UHFHQWHPHQWH XPD VHJXQGD RFRUUrQFLDGHPLFURELDOLWRVGHWDOPHPEURQD)D]HQGD6XPDUpDSRXFRVTXLO{PHWURVGHGLVWkQFLD GDSULPHLUDFRPH[WHQVmRHVWUDWLJUiILFDSRVVLYHOPHQWHPDLRUHUHJLVWURPDLVFRPSOHWR2'U0$ 'DUGHQQH JHQWLOPHQWH FRORFRX WDO RFRUUrQFLD j GLVSRVLomR SDUD FRQVWLWXLU R WHPD GD SUHVHQWH SHVTXLVDGH7&&
2EMHWLYRV
$SHVTXLVDWHYHRVVHJXLQWHVREMHWLYRV
x /HYDQWDPHQWR HVWUDWLJUiILFR GRV PLFURELDOLWRV QD )D]HQGD 6XPDUp HP /DJDPDU 0* LQFOXLQGRDPSODGRFXPHQWDomRIRWRJUiILFDHDPRVWUDJHP
x (VWXGR PDFUR PHVR H PLFURVFySLFR GRV PLFURELDOLWRV LQFOXLQGR REVHUYDo}HV GH IHLo}HV HSLJHQpWLFDV
x &RQIRUPHRVGDGRVREWLGRVHDVLQIRUPDo}HVSUHYLDPHQWHH[LVWHQWHVVREUHRVPLFURELDOLWRVGR *UXSR 9D]DQWH 0HPEUR 6XPLGRXUR LQWHUSUHWDomR GD KLVWyULD GHSRVLFLRQDO GDV URFKDV FDUERQiWLFDVHGRVSRVVtYHLVFRQWUROHVDPELHQWDLVGDVXFHVVmRHVWUDWLJUiILFDOHYDQWDGD
$SHVDUGDSHVTXLVDQmRWHUFRPRREMHWLYRSULQFLSDODGLVFXVVmRGRVSURFHVVRVGLDJHQpWLFRV GRVGRORPLWRVDOJXPDVFRQVLGHUDo}HVIRUDPIHLWDVVREUHWDOWHPD
ÈUHDGHHVWXGR
$iUHDHVWXGDGDORFDOL]DVHQD)D]HQGD6XPDUp0XQLFtSLRGH/DJDPDUQDSRUomRQRURHVWH GR (VWDGR GH 0LQDV *HUDLV 1D ID]HQGD RFRUUHP H[SRVLo}HV GR *UXSR 9D]DQWH )RUPDomR /DJDPDUFRPSRVWDVHVVHQFLDOPHQWHSRUFDOFiULRVGRORPtWLFRVPLFURELDLV7HPVHDFHVVRjID]HQGD DWUDYpVGD%5HPGLUHomRDFLGDGHGH9D]DQWHDRQRUWH1DDOWXUDGRNPHQFRQWUDVHRWUHYR GH HVWUDGD QmR SDYLPHQWDGD j HVTXHUGD GD URGRYLD D TXDO VHJXH SDUD D FDYD GH PLQHUDomR SHUWHQFHQWHD&DOFiULR/DJDPDU,QG &RPpUFLR/WGD$ID]HQGDHQFRQWUDVHDNPGRWUHYRQDV FRRUGHQDGDV 870 ; H < )LJXUD 2V DIORUDPHQWRV DIORUDP DR ODGR GD HVWUDGDHHVWHQGHPVHSDUDVXOSRUDSUR[LPDGDPHQWHP
)LJXUD±0DSDGHORFDOL]DomRHDFHVVRVjiUHDGHHVWXGR
*(2/2*,$5(*,21$/
&RQWH[WR*HROyJLFRH7HFW{QLFD
$ iUHD GH HVWXGR VRE R SRQWR GH YLVWD JHRWHFW{QLFR ID] SDUWH GD SRUomR RULHQWDO GD 3URYtQFLD7RFDQWLQV$OPHLGDHWDOQR'RPtQLR([WHUQRGD)DL[DGH'REUDPHQWR%UDVtOLD 'HVWHPRGRQHVWHFDStWXORpGHVFULWRRFRQWH[WRJHROyJLFRGD)DL[D%UDVtOLDFRPPDLRUHQIRTXHjV URFKDVGR*UXSR9D]DQWH7DLVURFKDVDIORUDPHPXPDIDL[DUHODWLYDPHQWHH[WHQVDHQWUHDVFLGDGHV GH3DUDFDWX8QDt9D]DQWH&RURPDQGHOH/DJDPDU
)DL[D%UDVtOLD
$3URYtQFLD7RFDQWLQVpXPDGDVGH]SURYtQFLDVGHILQLGDVSRU$OPHLGDHWDOeXP RUyJHQRVLWXDGRHQWUHRVFUiWRQV$PD]{QLFRH6mR)UDQFLVFR$3URYtQFLD7RFDQWLQVIRLGLYLGLGD HP WUrV IDL[DV RURJrQLFDV GH HYROXomR GLiFURQDV DV IDL[DV 3DUDJXDL $UDJXDLD H %UDVtOLD 9$/(5,$12HWDO
$)DL[D%UDVtOLDRFXSDDSRUomRRULHQWDOGD3URYtQFLD7RFDQWLQVHpFDUDFWHUL]DGDFRPRXP FRQMXQWRGHWHUUHQRVHHVFDPDVGHHPSXUUmRGHHVFDODFUXVWDOTXHFRQYHUJLUDPSDUDOHVWHFRQWUDR &UiWRQ GH 6mR )UDQFLVFR SRU YROWD GH 0D (VWHQGHVH SRU DSUR[LPDGDPHQWH NP FRP GLUHomR16'$5'(11(9$/(5,$12HWDO
6HJXQGR )XFNHW DO QD )DL[D %UDVtOLD SRGHP VHU UHFRQKHFLGRV FLQFR GLIHUHQWHV FRPSDUWLPHQWRV
x $ =RQD &UDW{QLFD UHSUHVHQWDGD SRU H[SRVLo}HV UHVWULWDV GR HPEDVDPHQWR H H[WHQVDV FREHUWXUDVIDQHUR]RLFDVHSUpFDPEULDQDV*UXSRV3DUDQRiH%DPEXt2OLPLWHGRFUiWRQFRPD IDL[D p EDOL]DGR SRU IDOKDV GH HPSXUUmR HYHQWXDOPHQWH WUXQFDGDV SRU VLVWHPDV GH IDOKDV WUDQVFRUUHQWHVDVTXDLVVHMXVWDS}HPjVXQLGDGHVGD=RQD([WHUQD
x $ =RQD ([WHUQD FRPS}HPVH GH XQLGDGHV PHWDVVHGLPHQWDUHV PHVRQHRSURWHUR]RLFDV *UXSRV3DUDQRiH&DQDVWUD9D]DQWHH,ELiHSRUo}HVGRVHXHPEDVDPHQWRHVWUXWXUDGDVHPXP FLQWXUmRGHGREUDVHHPSXUU}HVWtSLFRVGHEDFLDGHDQWHSDtVIRUHODQGWRGRVPHWDIRUPL]DGRVQD IiFLHV[LVWRYHUGH
x 2 $UFR 0DJPiWLFR GR RHVWH GH *RLiV DUFR PDJPiWLFR MXYHQLO LQWUDRFrDQLFR DFUHVFLGR HQWUHH0DORFDOL]DGRQDSRUomRRHVWHGR&LQWXUmRGH'REUDPHQWRV%UDVtOLD
x 2 0DFLoR PHGLDQR GH *RLiV DEUDQJH WHUUHQRV DUTXHDQRV JUDQLWRJUHHQVWRQHGH *RLiV &UL[iV *XDULQRV 3LODU GH *RLiV H +LGUROLQD H FRPSOH[RV PiILFRXOWUDPiILFRV SDOHRPHVRSURWHUR]yLFRV GH DOWR JUDX PHWDPyUILFR &RPSOH[R 1LTXHOkQGLD %DUUR $OWR H &DQDEUDYD (QWHQGHVH HVVD UHJLmR FRPR VHQGR XP IUDJPHQWR FUXVWDO RX VHMD XP PLFURFRQWLQHQWHHQYROYLGRQRVSURFHVVRVFROLVLRQDLVEUDVLOLDQRVGD3URYtQFLD7RFDQWLQV
$FRPSDUWLPHQWDomRWHFW{QLFDGD)DL[D%UDVtOLDIRLGHILQLGDHPWUDEDOKRVSRVWHULRUHVHP GRLVJUDQGHVGRPtQLRVFRPRULHQWDo}HVHHVWLORVPHWDPyUILFRGHIRUPDFLRQDLVGLYHUJHQWHVD)DL[D %UDVtOLD6HWHQWULRQDO)%6GHRULHQWDomR1(HD)DL[D%UDVtOLD0HULGLRQDO)%0FXMDRULHQWDomR p 1: 1D DOWXUD GR SDUDOHOR RFRUUH XPD IHLomR SHFXOLDU D 0HJDIOH[XUD GRV 3LULQHXV TXH VHSDUD D )DL[D %UDVtOLD HP GRLV GRPtQLRV p PDUFDGD SRU IRUWHV OLQHDPHQWRV GH RULHQWDomR (: )LJXUDV H 7DO HVWUXWXUDomR FRQIHUH j )DL[D %UDVtOLD XPD JHRPHWULD FRP SURQXQFLDGD FRQFDYLGDGH SDUD ( HP FRQIRUPLGDGH FRP D ERUGD RFLGHQWDO GR &UiWRQ 6mR )UDQFLVFR 9$/(5,$12HWDO
)LJXUD8QLGDGHVWHFW{QLFDVGD)DL[D%UDVtOLDHPDUJHPRHVWHGR&UiWRQGR6mR)UDQFLVFRDOLQKDYHUPHOKDPDUFD XPSHUILOHVTXHPiWLFRPRVWUDGRQDILJXUD
)RQWH0RGLILFDGRGH'DUGHQQH
)LJXUD6HomR*HROyJLFDHVTXHPiWLFDPRVWUDQGRDVUHODo}HVHQWUHRVJUXSRV$UD[i,ELi&DQDVWUD9D]DQWHH %DPEXt
)DL[D%UDVtOLD0HULGLRQDO
$)DL[D%UDVtOLD0HULGLRQDO)LJXUDWHPVHXHVWLORWHFW{QLFRPDUFDGRSHORHPSLOKDPHQWR GHH[WHQVDVQDSSHVGHFDYDOJDPHQWRVXEKRUL]RQWDLVIRUPDGDVSUHGRPLQDQWHPHQWHSRUURFKDVGRV *UXSRV &DQDVWUD ,ELi $UD[i H 9D]DQWH GH PDUJHP SDVVLYD DV TXDLV IRUDP GLUHFLRQDGDV SDUD R &UiWRQ6mR)UDQFLVFRSRUYROWDGH0D9$/(5,$12HWDO3RGHVHUGLYLGLGDHPGRLV VHJPHQWRV ,QWHUQR H ([WHUQR 6,0®(6 9$/(5,$12 6$1726 HQWUH RXWURV ,PSRUWDQWHVVXSHUItFLHVGHFDYDOJDPHQWRVVXEKRUL]RQWDLVYHUWLFDOL]DGRVHPDOJXQVSRQWRV GHUDPSDVODWHUDLVVHSDUDPRVGRPtQLRV(VVHVSODQRVGHFDYDOJDPHQWRIRUWHPHQWHFRQYH[RVHP GLUHomRDR&UiWRQ6mR)UDQFLVFRVmRUHVSRQViYHLVSHODVHVWUXWXUDVHPQDSSHVTXHFRPS}HD)%0 /XPLQiULDV3DVVRV7DSLUDH$UD[i*RLkQLD6$1726
$JURVVRPRGRDVXQLGDGHVOLWROyJLFDVLQGLFDPVHQWLGRGHGHIRUPDomRWHFW{QLFDSURJUHVVLYD SDUD RHVWH H JUDX PHWDPyUILFR YDULDQGR GH VHGLPHQWRV DQTXLPHWDPyUILFRV QD ]RQD FUDW{QLFD j IiFLHVDQILEROLWRJUDQXOLWRQD=RQD,QWHUQDLQGLFDGRUHVFLQHPiWLFRVLQGLFDPVHQWLGRGHWUDQVSRUWH WHFW{QLFRFRPLQGLFDomRSDUD(±GLUHomRGR&UiWRQ6mR)UDQFLVFR'$5'(11(
2 'RPtQLR ,QWHUQR FRPS}HPVH GH PHWDVVHGLPHQWRV GH SODWDIRUPD SUR[LPDO H URFKDV GH DVVRDOKR RFHkQLFR *UXSR $UD[i $SUHVHQWDP RV JUDXV PDLV HOHYDGRV GH GHIRUPDomR H PHWDPRUILVPR SRLV HVVD XQLGDGH FDYDOJD DV OLWRORJLDV UHSUHVHQWDQWHV GR 'RPtQLR ([WHUQR REOLWHUDQGR DV IHLo}HV FDUDFWHUtVWLFDV GH URFKDV VHGLPHQWDUHV 6$1726 (VVH GRPtQLR p UHSUHVHQWDGRSHODVQDSSHVGH3DVVRV/XPLQiULDV7DSLUDH$UD[i*RLkQLD
)LJXUD0DSD*HROyJLFR5HJLRQDOFRPHQIRTXHQD)DL[D%UDVtOLD0HULGLRQDO
)RQWH([WUDtGRGH&350
2'RPtQLR([WHUQRHVWiHVWUXWXUDOPHQWHVRWRSRVWRj1DSSHGH3DVVRVRQGHVHGLVWULEXLDR UHGRU GHVVD XQLGDGH WHFW{QLFD FDYDOJDQGR R 'RPtQLR $XWyFWRQH *UXSR %DPEXt H VHX HPEDVDPHQWR9$/(5,$12HWDO
3HUWHQFHQWHDR'RPtQLR([WHUQRDUHJLmRGH/DJDPDUpPDUFDGDSRUXPDJUDQGHHVWUXWXUD HPVLQFOLQyULRFRPGLUHomR16RQGHOHQWHVGHGRORPLWRVPDFLoRVVHGHVWDFDPHPPHLRjVDUGyVLDV HPHWDSHOLWRVLQWHQVDPHQWHGREUDGRVURFKDVSHUWHQFHQWHVDR*UXSR9D]DQWH'HQWUHDVOLWRIiFLHV FDUDFWHUL]DGDVGR*UXSR9D]DQWHHVWmRGRORPLWRVULFRVHPRQFROLWRVGRORPLWRVODPLQDGRVHVWHLUDV PLFURELDQDV PLFUtWLFDV GRORPLWRV UyVHRV FRP HVWURPDWyOLWRV FROXQDUHV H GRORPLWRV ULFRV HP LQWUDFODVWRVGHRULJHPPLFURELDO2VGRORPLWRVPLFURELDQRVRFRUUHPHPXPSDFRWHUHODWLYDPHQWH HVSHVVR a P '$5'(11( &$0326 1(72 /DWHUDOPHQWH HVVHV ELRHUPDV LQWHUGLJLWDPVHFRPPHWDVVLOWLWRVFDUERQiWLFRVHPHWDSHOLWRVDUGRVLDQRVHYHUWLFDOPHQWHLQWHUFDODP VH HQWUH GRORPLWRV FODURV ODPLQDGRV GRORPLWRV FRP RQFyOLWRV EUHFKDV LQWUDIRUPDFLRQDLV H HVWURPDWyOLWRVFROXQDUHV)LJXUD
)LJXUD&ROXQDOLWRHVWUDWLJUiILFDVLQWpWLFDGDUHJLmRGH/DJDPDU
)RQWH'DUGHQQH &DPSRV1HWR
/LWRHVWUDWLJUDILD
2 *UXSR 9D]DQWH RFRUUH FRPR XPD IDL[D FRP a NP GH H[WHQVmR GH PHWDVVHGLPHQWRV RULHQWDGDSUHIHUHQFLDOPHQWHQDGLUHomR16HQWUHDVFLGDGHVGH&RURPDQGHO /DJDPDU9D]DQWH 3DUDFDWXH8QDt&RQVWLWXLVHSRUXPDVHTXrQFLDPDULQKRDUJLORGRORPtWLFDRQGHVmRHQFRQWUDGRV RVPDLVLPSRUWDQWHVGHSyVLWRVGHFKXPERH]LQFRGR%UDVLO9$/(5,$12HWDO2VFRQWDWRV GmRVH SRU PHLR GH IDOKDV WDQWR D RHVWH FRP R *UXSR &DQDVWUD TXDQWR D OHVWH FRP R *UXSR %DPEXt
$V URFKDV GR *UXSR 9D]DQWH FRUUHVSRQGHP D VHGLPHQWRV DVVRFLDGRV D XPD EDFLD GR WLSR
IRUHODQG FDUDFWHUL]DGD SRU XPD UiSLGD VXEVLGrQFLD H HOHYDGD WD[D GH VHGLPHQWDomR GHYLGR VXD HVSHVVXUD 'DUGHQQH LQWHUSUHWRX HVVD RULJHP GHYLGR j GHVFREHUWD GH FODVWRV OtWLFRV PHWDPyUILFRVHtJQHRVQRVPHWDVVHGLPHQWRVGRJUXSR
2PHWDPRUILVPRDWXDQWHQRVPHWDVVHGLPHQWRVGR*UXSR9D]DQWHIRLGHIiFLHV;LVWR9HUGH %DL[R H UHODFLRQDGR jV IDVHV GH GHIRUPDomR 5RVWLUROOD HW DO DVVRFLDGDV j WHFW{QLFD FRQYHUJHQWHGD)DL[DGH'REUDPHQWRV%UDVtOLD
6HJXQGR'DUGHQQHHWDOHWUDEDOKRVDQWHULRUHVRJUXSRSRGHVHUGLYLGLGRHPVHWH IRUPDo}HVGHQRPLQDGDVGDEDVHSDUDRWRSR5HWLUR5RFLQKD/DJDPDU6HUUDGR*DUURWH6HUUDGR 3RoR9HUGH0RUURGR&DOFiULRH/DSD)LJXUD
x )RUPDomR 5HWLUR FRQVWLWXtGD SRU EDQFRV PpWULFRV GH TXDUW]LWR EUDQFR ORFDOPHQWH FRQJORPHUiWLFR LQWHUFDODGR jV YH]HV SRU QtYHLV SHOtWLFRV DUGRVLDQRV 1RV ULRV 6DQWR $QW{QLRGR%RQLWRH6DQWR,QiFLRDIRUPDomRFDUDFWHUL]DVHSRUKRUL]RQWHVGHGLDPLFWLWRV FXMRV VHL[RV VmR GH TXDUW]LWRV FDOFiULRV GRORPLWRV PHWDVVLOWLWRV H JUDQLWyLGHV HP PDWUL] SHOtWLFDSRQWXDOPHQWHIRVIDWDGD
x )RUPDomR 5RFLQKD VXD SRUomR EDVDO p UHSUHVHQWDGD SRU VHTXrQFLD UtWPLFD DUHQRSHOtWLFD UHFREHUWDSRUHVSHVVRSDFRWHGHDUGyVLDVHPHWDVVLOWLWRVUHJXODUPHQWHLQWHUFDODGRV
x )RUPDomR6HUUDGR*DUURWHHVSHVVRSDFRWHGHDUGyVLDVFLQ]DHVFXUDVDFLQ]DHVYHUGHDGDV FRPDVSHFWRUtWPLFR3RGHPVHUFDUERQRVDVDSLULWRVDVHFRPILQDVHUDUDVLQWHUFDODo}HVGH TXDUW]LWRV
x )RUPDomR6HUUDGR3RoR9HUGHGLYLGLGDHPTXDWURPHPEURVVHQGRHOHVGDEDVHSDUDR WRSR0RUURGR3LQKHLUR,QIHULRU0RUURGR3LQKHLUR6XSHULRU3DPSORQD,QIHULRU3DPSORQD 0pGLR&RUUHVSRQGHDXPVHTXrQFLDSUHGRPLQDQWHPHQWHGRORPtWLFD
x )RUPDomR0RUURGR&DOFiULRFDUDFWHUL]DVHSHODSUHVHQoDGHGRORPLWRVUyVHRVPLFURELDQRV HVWURPDWyOLWRVELyVWURPRVRQFROLWRVSRGHQGRFKHJDUDHVSHVVXUDVGHDWpPHWURV
x )RUPDomR 6HUUD GD /DSD VHTrQFLD GH IROKHOKRV FDUERQRVRV PHWDVVLOWLWRV FDUERQiWLFRV OHQWHVGHGRORPLWRVFRPHVWHLUDVPLFURELDLVHQtYHLVGHTXDUW]LWRV-iQDUHJLmRGH8QDt0* DIRUPDomRFRPS}HPVHSRUPHWDDUHQLWRVHPPHWDFRQJORPHUDGRVOtWLFRVLQWHUFDODGRVFRP HVFXUDVDUGyVLDV
,GDGHGR*UXSR9D]DQWH
$ LGDGH GR *UXSR 9D]DQWH DSUHVHQWDVH DLQGD FRQWURYHUVD DSHVDU GH DOJXQV HVWXGRV QD iUHD $ SUHVHQoD GRV HVWURPDWyOLWRV GR WLSR&RQRSK\WRQ FRPR IyVVLOtQGH[LQGLFD LGDGHV GR 3URWHUR]yLFR0pGLRD6XSHULRU'$5'(11(
$QiOLVHV JHRFURQROyJLFDV SHOR PpWRGR 6P1G IRUDP IHLWDV SRU 3LPHQWHOHW DO
VXJHULQGR LGDGHV HQWUH D *D 'DUGHQQH HW DO GDWDUDP RV ]LUF}HV HQFRQWUDGRV QRV PHWDFRQJORPHUDGRVGDEDVHGRJUXSRSHORPpWRGR83EREWHQGRLGDGHVGH0DHPVHL[R JUDQtWLFRH*DHPJUmRVGHWUtWLFRV
$SUHVHQoDGHXPGLTXHGHURFKDPHWDEiVLFDDORMDGDQDVURFKDVGD)RUPDomR6HUUDGR3RoR 9HUGHSRVVLELOLWRXTXH%DELQVNLHWDOUHDOL]DVVHPDQiOLVHVLVRWySLFDVFRQFOXLQGRTXHSHOR PpWRGR 6P1G DV 7'0LQGLFDP LGDGHV HP WRUQR GH *D H D PRUIRORJLD H LGDGHV 83E GRV
]LUF}HVGDWDPGH*DVHQGRLQWHUSUHWDGRVFRPR[HQRFULVWDLVDEVRUYLGRVGDHQFDL[DQWH
5RGULJXHV GDWRX RV PHWDVVHGLPHQWRV GR *UXSR 9D]DQWH FKHJDQGR jV VHJXLQWHV FRQFOXV}HVXWLOL]DQGRRPpWRGR83EHP]LUF}HVLGDGHVYDULDQGRHQWUHH*DQD)RUPDomR 5HWLUR ]LUFmR GHWUtWLFR SULQFLSDLV SLFRV HQWUH H *D SDUD RV TXDUW]LWRV GD )RUPDomR /DJDPDUVHQGRDLGDGHPi[LPDSDUDGHSRVLomR2PpWRGR3E3EHPXPFRQJORPHUDGR
7'0YDULDPHQWUHD*DHQD)RUPDomR6HUUDGR*DUURWHYDULDPHQWUHD*D2V
GDGRVVXJHUHPLGDGHVYDULDQGRHQWUH3DOHRD0HVRSURWHUR]yLFR
)LJXUD±&ROXQDOLWRHVWUDWLJUiILFDGR*UXSR9D]DQWHHEDVHGR*UXSR&DQDVWUD
(67520$7Ï/,726
&RQFHLWRV*HUDLV
(VWURPDWyOLWRV VmR HVWUXWXUDV ELRVVHGLPHQWDUHV UHVXOWDQWHV GD LQWHUDomR GH FRPXQLGDGHV PLFURELDQDV EHQW{QLFDV FRP R PHLR HP TXH YLYHP $VVLP VmR SURGXWRV GH SURFHVVRV VHGLPHQWROyJLFRV H ELROyJLFRV UHJLVWUDGR GHVGH R $UTXHDQR 2V HVWURPDWyOLWRV UHSUHVHQWDP RV PLFURELDOLWRV PHOKRU FRQKHFLGRV FDUDFWHUL]DGRV SRU XPD VXFHVVmR GH OkPLQDV UHODWLYDPHQWH RUJDQL]DGDV ,QFOXHP JUDQGH GLYHUVLGDGH GH IRUPDV ODPLQDo}HV H GLPHQV}HV VHQGR SRVVtYHLV YDULDo}HV FRQVLGHUiYHLV HQWUH D EDVH H R WRSR GRV FRUSRV HVWURPDWROtWLFRV 6XDV FDUDFWHUtVWLFDV GHSHQGHP GDV HVSpFLHV GH FLDQREDFWpULDV HRX EDFWpULDV H HYHQWXDLV DOJDV SUHVHQWHV QDV FRPXQLGDGHV PLFURELDQDV DVVLP FRPR GR VHX DPELHQWH GH YLGD +2)0$11 :$/7(5 %851( 0225(
7DQWRRVHVWURPDWyOLWRVPRGHUQRVTXDQWRRVDQWLJRVLQFOXHPUHSUHVHQWDQWHVGHYiULRVWLSRV GH DPELHQWHV GHVGH PDULQKRV UDVRV DWp DTXiWLFRV FRQWLQHQWDLV GLYHUVDV FRQGLo}HV GH HQHUJLD SURIXQGLGDGHQDiJXDOXPLQRVLGDGHR[LJHQDomRVDOLQLGDGHWHPSHUDWXUDTXDQWLGDGHGHSDUWtFXODV HP VXVSHQVmR H RXWURV SDUkPHWURV ItVLFRTXtPLFRV GD iJXD 1R HQWDQWR RV HVWURPDWyOLWRV IDQHUR]yLFRV FRQILQDUDPVH SUHIHUHQFLDOPHQWH DRV DPELHQWHV TXH VmR HVWUHVVDQWHV SDUD RV LQYHUWHEUDGRV UDVSDGRUHV RV TXDLV VHULDP FRQVXPLGRUHV SRWHQFLDLV GH HVWHLUDV PLFURELDLV 7DLV DPELHQWHV SRU H[HPSOR KLSHUVDOLQRV WDPEpP HYLWDP FRPSHWLomR SRU HVSDoR HFROyJLFR HQWUH DV FRPXQLGDGHVPLFURELDQDVHDOJDVPDFURVFySLFDV$:5$0,.
2VHVWURPDWyOLWRVQRUPDOPHQWHVmRFRPSRVWRVSRUFDUERQDWRGHFiOFLRFDOFLWDRXGRORPLWD FRPOkPLQDVPLFUtWLFDVHYHQWXDOSUHVHQoDGHSHOyLGHVHRXWURVJUmRVFDUERQiWLFRV'(0,&&2 +$5',( RX SRGHP WHU VLGR VXEVWLWXtGRV SRU VtOLFD HP SURFHVVRV HSLJHQpWLFRV 2V HVWURPDWyOLWRVDQWLJRVSRGHPH[LELUIHLo}HVTXHDWHVWDPPRGLILFDo}HVRFRUULGDVQRSUySULRVLVWHPD GHSRVLFLRQDO GH RULJHP HJ GLVVVROXomR SDUFLDO SRU H[SRVLomR VXEDpUHD RX PRGLILFDo}HV GLDJHQpWLFDVDVVLPFRPRDOWHUDo}HVUHVXOWDQWHVGHPHWDPRUILVPRGHEDL[RJUDX
5HJLVWURV%UDVLOHLURV3URWHUR]yLFRV
$V SULQFLSDLV UHIHUrQFLDV VREUH HVWURPDWyOLWRV SURWHUR]yLFRV QR %UDVLO FRQFHQWUDPVH QDV IDL[DV 3DUDJXDL H 5LEHLUD H QR &UiWRQ GR 6mR )UDQFLVFR FRP VXDV UHVSHFWLYDV IDL[DV GREUDGDV DVVRFLDGDV 6$//81 ),/+2 )$,5&+,/' 2V SULPHLURV HVWURPDWyOLWRV HVWXGDGRV QR %UDVLO VmR GD UHJLmR GH ,WDSHYD 63 GD )DL[D 5LEHLUD $/0(,'$ 1HVWD IDL[D RV HVWURPDWyOLWRV HQFRQWUDPVH QR *UXSR ,WDLDFRFD QD )RUPDomR &DSLUX H QR *UXSR 6mR 5RTXH 6$//81 ),/+2 )$,5&+,/' 1R &UiWRQ GR 6mR )UDQFLVFR GHVWDFDPVH DV RFRUUrQFLDVQRVJUXSRV9D]DQWHH3DUDQRi*8,0$5(6 '$5'(11()$,5&+,/'HW DOHQWUHRXWURV
2*UXSR9D]DQWH1HRSURWHUR]yLFRLQIHULRUWHPRFRUUrQFLDVGHPLFURELDOLWRVQRRHVWHGH 0LQDV *HUDLV HVSHFLDOPHQWH QD UHJLmR GH 8QDt 3DUDFDWX 9D]DQWH H /DJDPDU QDV IRUPDo}HV /DJDPDU 6HUUD GR 3RoR 9HUGH H 0RUUR GR &DOFiULR 'DUGHQQH GHVFUHYHX LPSRUWDQWHV HVWURPDWyOLWRVQD)D]HQGD0DWLQKRHP/DJDPDUDWULEXtGRVDR0HPEUR6XPLGRXURGD)RUPDomR /DJDPDU RQGH IRUDP GLIHUHQFLDGRV EDVLFDPHQWH GRLV WLSRV GH HVWURPDWyOLWRV GH DFRUGR FRP D JHRPHWULDGDVODPLQDo}HVF{QLFDVRXFRQYH[DV6mRHVWURPDWyOLWRVFDUDFWHUtVWLFRVGR3URWHUR]yLFR 0pGLRD6XSHULRUHIRUDPGHSRVLWDGRVHPDPELHQWHPDULQKROLWRUkQHRHPFRQGLo}HVGHiJXDVUDVDV HDJLWDGDVDIHWDGDVSRUIRUWHVFRUUHQWHVGHPDUp
(VWH ORFDO FKDPDGR GH ³6XPLGRXUR GR &yUUHJR GR &DUUDSDWR´ GLVWD GD iUHD GR SUHVHQWH HVWXGR FHUFD GH NP DR VXO H FRQVWLWXL XP SRQWR LPSRUWDQWH GH SRVVtYHO FRUUHODomR FRP D )D]HQGD6XPDUpRQGHRUHJLVWURpGHH[WHQVmRHVWUDWLJUiILFDSRVVLYHOPHQWHPDLRUHPDLVFRPSOHWD
0e72'26((7$3$6'(75$%$/+2
7UDEDOKRVGHFDPSR
3DUD D DQiOLVH GRV HVWURPDWyOLWRV HP FDPSR IRL DGRWDGR HP SDUWH R JXLD GH REVHUYDomR SURSRVWR SRU 65,9$67$9$ FRPSOHPHQWDGR FRP D SURSRVWD GR JXLD VXJHULGR SRU )$,5&+,/'$VGHVFULo}HVGHYHPLQFOXLUPHGLGDVGDVGLPHQV}HVGDFDPDGDLQIRUPDo}HV VREUHOLWRORJLDEHPFRPRRVPRGRVGHRFRUUrQFLDGRVFRUSRVHVWURPDWROtWLFRVUHODo}HVYHUWLFDLVH ODWHUDLVUDPLILFDomRHVXDQDWXUH]DRULHQWDomRUHODWLYDGDVFROXQDVYDULDELOLGDGHGDVODPLQDo}HV RUQDPHQWDomRH[WHUQDIRUPDWLSRHKHUDQoDODPLQDUQDWXUH]DGRVVHGLPHQWRVQRVHVSDoRVHQWUHDV FROXQDV
P GD OLQKD GR SHUILO 'H DFRUGR FRP D GLVWULEXLomR GRV DIORUDPHQWRV H FREHUWXUD YHJHWDO QD ID]HQGD RV SHUILV SDUDOHORV IRUDP DGHTXDGDPHQWH LQWHJUDGRV UHVXOWDQGR HP XP SHUILO FRPSRVWR UHSUHVHQWDWLYRGHaPGHHVSHVVXUDGDVXFHVVmRHVWUDWLJUiILFD
)LJXUD'HVHQKRHVTXHPiWLFRGRSURFHGLPHQWRSDUDFRQIHFFLRQDURVSHUILVFROXQDUHVDSDUWLUGHDIORUDPHQWRVGH FDPDGDVLQFOLQDGDVFRPLQGLFDo}HVGDEDVHHWRSRGRSHUILO
5HDOL]RXVHXPDDPSODGRFXPHQWDomRIRWRJUiILFDHFROHWDUHSUHVHQWDWLYDVGHWRGDVDVIiFLHV HFRQWDWRVREVHUYDGRV
7UDEDOKRVGHODERUDWyULR
$SyVRVWUDEDOKRVGHFDPSRLQLFLDUDPVHDVHWDSDVGHODERUDWyULRUHIHUHQWHVjVDPRVWUDV GHPLFURELDOLWRVHGHPHWDVVHGLPHQWRVUHSUHVHQWDWLYDVGDVVXFHVV}HVHVWUDWLJUiILFDVOHYDQWDGDV 6HJXLXVHRVHJXLQWHSURFHGLPHQWR
x /LPSH]DHFDGDVWUDPHQWRGDVDPRVWUDVDWUDYpVGHXPFyGLJRFRPDVLQLFLDLVGDFLGDGHGH /DJDPDU H GD )D]HQGD 6XPDUp GHVVD PDQHLUD DV DPRVWUDV IRUDP FDWDORJDGDV FRPR /*6 D /*6HLQFRUSRUDGDVjFROHomRGR81(63HWUR&HQWURGH&LrQFLDV$SOLFDGDVDR3HWUyOHRGR ,QVWLWXWRGH*HRFLrQFLDVH&LrQFLDV([DWDVGD81(63FDPSXVGH5LR&ODUR
x 3ROLPHQWRGDVIDFHVFRUWDGDVHPPDUPRUDULD
x 2EWHQomRGHLPDJHQVGLJLWDLVGHFDGDIDFHVHUUDGDFRPFkPHUD6RQ\RXVFDQQHU$SDUWLU GD GRFXPHQWDomR IRWRJUiILFD S{GHVH FDUDFWHUL]DU FRP PDLRU FODUH]D RV PRUIRWLSRV GH HVWURPDWyOLWRV H HVERoDU GHVHQKRV GH VLOKXHWD RUQDPHQWDomR H[WHUQD YHWRUHV GH FUHVFLPHQWR H UDPLILFDomRXWLOL]DQGRVHRSURJUDPDHP&RUHO'UDZ;
x &RQIHFomR GH OkPLQDV SHWURJUiILFDV HVFROKLGDV DR ORQJR GR SHUILO GH PRGR D VHUHP UHSUHVHQWDWLYDVGRVWLSRVGHPLFURELDOLWRVSUHVHQWHV$VVLPHPPXLWDVGDVDPRVWUDVIRUDPREWLGDV DWpWUrVOkPLQDVSDUDDQDOLVDUWRGDDUHODomRODPLQDUHQWUHRVIODQFRVRHL[RGRVHVWURPDWyOLWRVHVXD UHODomRFRPRVHGLPHQWRHQWUHFROXQDV)LJXUD$VOkPLQDVIRUDPREVHUYDGDVHPPLFURVFySLR GHOX]SRODUL]DGDQRODERUDWyULRGH0LFURVFRSLDGR'30GR,*&(HQR81(63HWUR$FODVVLILFDomR GDVURFKDVFDUERQiWLFDVREHGHFHPDQRPHQFODWXUDGH'XQKDP
x 3DUDDLGHQWLILFDomRGDGRORPLWDIRLHIHWXDGRRWHVWHGHFRORUDomRFRP$OLVDULQD5HG6HP +&OD
)LJXUD([HPSORGHVHOHomRGHiUHDVHPDPRVWUDSDUDDFRQIHFomRGHOkPLQDVSHWURJUiILFDVYLVDQGRDFDUDFWHUL]DomR GHVHGLPHQWRVHQWUHDVFROXQDVVXDUHODomRFRPRHVWURPDWyOLWREHPFRPRGHVFULomRGDVOkPLQDVQRVIODQFRVHHL[RV
$QiOLVHGRVPLFURELDOLWRV
5HDOL]RXVHXPOHYDQWDPHQWRELEOLRJUiILFRJHUDOHGRVSULQFLSDLVWH[WRVVREUHHVWURPDWyOLWRV SURWHUR]yLFRVEUDVLOHLURV3DUDLVVRKRXYHDXWLOL]DomRGRSURJUDPD*HR5HIGLVSRQtYHOQDUHGHGD 81(63&DPSXV GH 5LR &ODUR H FRQVXOWDV QR DFHUYR GDV ELEOLRWHFDV GD 81(63 H GR ,*F863 DVVLPFRPRQRDFHUYRGR3URI'U7KRPDV5)DLUFKLOG,*F863FRORFDGRjGLVSRVLomRSDUDWDO ILQDOLGDGH
$RVHDQDOLVDURVPLFURELDOLWRVIRLDGRWDGRRJXLDGHGHVFULomRGH75)DLUFKLOGLQpGLWR DSUHVHQWDGR QD WHVH GH PHVWUDGR GH 6DOOXQ )LOKR HODERUDGR SRU FRPSLODomR GH GLYHUVRV RXWURVJXLDVHJ+2)0$11:$/7(5UHSURGX]LGRQDVILJXUDVH
6mR HQIDWL]DGDV REVHUYDo}HV REMHWLYDV HP TXDWUR HVFDODV 0RGR GH RFRUUrQFLD HVWURPDWyOLWRVFRPRFRUSRJHROyJLFRHVXDJHRPHWULDOHQWHVFDPDGDVLQGLYtGXRVGLVSHUVRVHWF 0DFURHVWUXWXUD JHRPHWULD GRV HVWURPDWyOLWRV LQGLYLGXDLV 0HVRHVWUXWXUD SULQFLSDOPHQWH DV IHLo}HVPDLVHYLGHQWHVGDODPLQDomR0LFURHVWUXWXUDDUUDQMRLQWHUQRGDVOkPLQDV
$ FODVVLILFDomR SDUDWD[RQ{PLFD GRV HVWURPDWyOLWRV FRQVWLWXL XP SUREOHPD FUtWLFR SRLV Ki PXLWDV LQFRQVLVWrQFLDV QD OLWHUDWXUD QD XWLOL]DomR GDV GHVLJQDo}HV 65,9$67$9$ 'HVWH PRGRQHVWHWUDEDOKRVmRDSHQDVGHILQLGDVDVPLFURHVWUXWXUDVHPDFURHVWUXWXUDVHQmRDFODVVLILFDomR HPJUXSRVHIRUPDV8PDH[FHomRpIHLWDQRFDVRGRVHVWURPDWyOLWRVF{QLFRV&RQRSK\WRQFXMD JHRPHWULDUHJXODUHDOWRJUDXGHKHUDQoDODPLQDUSHUPLWHPVXDHYLGHQWHLGHQWLILFDomR
)LJXUD*XLDSDUDDFODVVLILFDomRGHHVWURPDWyOLWRV
)RQWHH[WUDtGRGH6DOOXQ)LOKR
)LJXUD*XLDSDUDDFODVVLILFDomRGHHVWURPDWyOLWRV
)RQWHH[WUDtGRGH6DOOXQ)LOKR
)LJXUD*XLDSDUDDFODVVLILFDomRGHHVWURPDWyOLWRV
5(68/7$'26
&ROXQD(VWUDWLJUiILFD
$ FROXQD HVWUDWLJUiILFD REWLGD FRUUHVSRQGH D a P GH PHWDVVHGLPHQWRV GR 0HPEUR 6XPLGRXUR )LJXUDV H 7RGDV DV URFKDV FDUERQiWLFDV VmR GRORPLWtFDV 2V HVWURPDWyOLWRV FROXQDUHVVmRDEXQGDQWHVHPSUDWLFDPHQWHWRGDDFROXQDQDVIiFLHVGROROXWLWRVHGRODUHQLWRVFRP H[FHomR GDV IiFLHV LGHQWLILFDGDV FRPR GRORUUXGLWRV DV TXDLV VH FRQVWLWXHP SULQFLSDOPHQWH GH FRUS~VFXORVFDUERQiWLFRVDJOXWLQDGRV$PDLRUSDUWHGDVXFHVVmRDSUHVHQWDWRQDOLGDGHVFLQ]HQWDV PDVDOJXQVHVWURPDWyOLWRVHVSHFLDOPHQWHQDSDUWHLQIHULRUGRSHUILOWrPFRORUDo}HVDYHUPHOKDGDV SURGXWRGHR[LGDomRGRVVHGLPHQWRV
2VGRODUHQLWRVFRPXPHQWHWrPHVWUDWLILFDo}HVFUX]DGDVGHEDL[RkQJXORFUX]DGDVSRURQGDV DWULEXtGDVDWHPSHVWDGHVjVYH]HVFRPJUDQRGHFUHVFrQFLDDVFHQGHQWHHPFDPDGDVVXFHVVLYDV FPGHHVSHVVXUDHPDLVUDUDPHQWHSHTXHQRVVHWVGHHVWUDWLILFDo}HVFUX]DGDVSRUFRUUHQWHV(VWDV IiFLHVGHPDLRUHQHUJLDQRUPDOPHQWHRFRUUHPDVVRFLDGDVjVIiFLHVFRPRVFRUS~VFXORVDJOXWLQDGRV
2V GROROXWLWRV LQFOXHP RX VmR PDMRULWDULDPHQWH FRQVWLWXtGRV SRU HVWHLUDV ODWHUDOPHQWH FRQWtQXDV D RQGXODGDV DOJR GLIXVDV H LUUHJXODUHV HP VHo}HV SROLGDV 1XP LQWHUYDOR XP SRXFR DEDL[RGRQtYHOGHPQRSHUILODVHVWHLUDVODWHUDOPHQWHFRQWtQXDVDSUHVHQWDPIRUPDVG{PLFDVGR WLSR³FXPXODGR´
,QWUDFODVWRV GHULYDGRV SULQFLSDOPHQWH GH HVWHLUDV PLFURELDQDV VmR PXLWR FRPXQV HQWUH DV FROXQDV HVWURPDWROtWLFDV H HP RXWUDV IiFLHV LQFOXVLYH HP GROROXWLWRV HQWUHWDQWR HP PHQRU SURSRUomRDSUHVHQoDGHJUmRVDJOXWLQDGRV7RGDVDVIiFLHVPRVWUDPUHFULVWDOL]DomRHRXIHLo}HVGH GLVVROXomRFRPRHVWLOROLWRVTXHPDVFDUDPRXDWpREOLWHUDPDVHVWUXWXUDVORFDOPHQWH
2FRUUHP SDVVDJHQV JUDGXDLV HQWUH GLVWLQWRV PRUIRWLSRV GH PLFURELDOLWRV H SDVVDJHQV FRQFRUGDQWHV GH HVWURPDWyOLWRV SDUD GROROXWLWRV DVVLP FRPR SDVVDJHQV DEUXSWDV"HURVLYDV JHUDOPHQWHGHHVWURPDWyOLWRVSDUDGRORDUHQLWRVHYLFHYHUVD
(P SHOR PHQRV GRLV SRQWRV GD )D]HQGD 6XPDUp QtYHLV SRXFR DEDL[R GRV P H SRXFR DEDL[R GRV P RFRUUHP URFKDV FDUERQiWLFDV FRP ODPLQDo}HV RQGXODGDV SURHPLQHQWHV PXLWR LQFOLQDGDVDYHUWLFDLVLQWHUSUHWDGDVFRPRSRUo}HVPDUJLQDLVGHELRHUPDVFHUWDPHQWHYROWDGDVSDUD iJXDV PDLV SURIXQGDV H WDOYH] GH PDLRU HQHUJLD 3RGHP RULJLQDUVH LUUHJXODUPHQWH FRP DOJXPD LQWHUGLJLWDomRDSDUWLUGHGRORUUXGLWRFRPRQFRLGHVHORFDOPHQWHVmRLQWHUURPSLGRVRXVREUHSRVWRV SRUHVWURPDWyOLWRVFROXQDUHV
SHOLWRVFDOFR"DUHQLWRVLQWHUODPLQDGRVTXHDSUHVHQWDPDFDPDPHQWRZDY\HEUHFKDVFRPFODVWRVGH SHOLWRV
&DUDFWHUL]DomRGRVPRUIRWLSRVHVWURPDWROtWLFRV
)RUDP LGHQWLILFDGRV RLWR GLIHUHQWHV IRUPDV GH HVWURPDWyOLWRV RV TXDLV VHJXHP GHVFULWRV VHSDUDGDPHQWHHPWUrVJUDQGHVJUXSRVRV(VWURPDWyOLWRV/DWHUDOPHQWH&RQWtQXRVWUrVIRUPDVRV (VWURPDWyOLWRV/DWHUDOPHQWH'HVFRQWtQXRV6LPSOHVWUrVIRUPDVHRV(VWURPDWyOLWRV/DWHUDOPHQWH 'HVFRQWtQXRV5DPLILFDGRVGXDVIRUPDV
(VWURPDWyOLWRVODWHUDOPHQWHFRQWtQXRV
0RUIRWLSR(VWURPDWyOLWRVHVWUDWLIRUPHVKRUL]RQWDLV)LJXUDV$%H&
6mR EDVWDQWH IUHTXHQWHV QD FROXQD HVWUDWLJUiILFD &RPR R SUySULR QRPH Mi LQGLFD VmR HVWURPDWyOLWRV HVWUDWLIRUPHV KRUL]RQWDLV JHUDOPHQWH SODQDUHV PDV ORFDOPHQWH RX WRWDOPHQWH RQGXODGRV $OFDQoDP DWp P GH HVSHVVXUD RQGH JUDGXDOPHQWH SDVVDP SDUD IRUPDV SVHXGRFROXQDUHV DWp FROXQDUHV 3RU YH]HV HVVH FRQWDWR p DEUXSWR RQGXODGR ([LVWH JUDQGH GLILFXOGDGHQDLGHQWLILFDomRGRTXHpOkPLQDPLFURELDORXQmRVHQGRSRVVtYHODGHQRPLQDomRGH ODPLQLWR
0RUIRWLSR±(VWURPDWyOLWRVHVWUDWLIRUPHVVXEYHUWLFDLVYHUWLFDLV)LJXUD'
$SDUHFHPHVSHFLILFDPHQWHHPGRLVSRQWRVQRSHUILOGHQRWDQGRSRVVtYHLVORFDLVGHERUGDGH UHFLIH 8P SRXFR DEDL[R GRV P GD VXFHVVmR )LJXUD WHPVH DV IRUPDV HVWUDWLIRUPHV KRUL]RQWDLV SDVVDQGR SDUD OHYHPHQWH LQFOLQDGDV DWp ILFDUHP VXEYHUWLFDLV $EDL[R GRV P R PHVPR PRUIRWLSR DSDUHFH GH IRUPD DEUXSWD VREUHSRQGR RV JUmRV DJOXWLQDGRV $VVHPHOKDPVH PXLWR DR PRUIRWLSR HVWUDWLIRUPH KRUL]RQWDO GLIHULQGR DSHQDV SHOD RULHQWDomR YHUWLFDO H PDLRU RQGXODomRQDVODPLQDo}HV
0RUIRWLSR(VWURPDWyOLWRFXPXODGR
2FRUUHP XP SRXFR DEDL[R GRV P GD FROXQD )LJXUD VHQGR D ~QLFD RFRUUrQFLD UHJLVWUDGDGHVWHWLSR
)LJXUD3HUILOFROXQDUGD)D]HQGD6XPDUpHP/DJDPDU0*&RQWLQXDQDILJXUD
)LJXUD&RQWLQXDomRGDILJXUDPRVWUDQGRSHUILOFROXQDUGD)D]HQGD6XPDUpHP/DJDPDU0*
)LJXUD±(VWURPDWyOLWRVQmRFROXQDUHV$%H&UHSUHVHQWDPRVHVWURPDWyOLWRVSODQDUHVKRUL]RQWDLVH'RPRUIRWLSR VXEYHUWLFDOYHUWLFDO
(VWURPDWyOLWRVODWHUDOPHQWHGHVFRQWtQXRVVLPSOHV
0RUIRWLSR(VWURPDWyOLWRV&ROXQDUHV&RQLIRUPHV)LJXUDVH
6mRFRPXQVQDSDUWHLQIHULRUGDFROXQDSRXFRDEDL[RHDFLPDGHPGDFROXQD±ILJXUD HQWUHWDQWRIRUPDVF{QLFDVUHDSDUHFHPQRVQtYHLVaPQRVPHDFLPDGRVP3RVVXHP SHUILO ODPLQDU SRQWLDJXGR FRP ]RQD D[LDO )LJXUDV $ '$ & DOWD KHUDQoD ODPLQDU GLkPHWURVDWpFP1mRDSUHVHQWDPUDPLILFDomR
$V FROXQDV JHUDOPHQWH HVWmR GLVSRVWDV GH PRGR FRQWtJXRV SUy[LPDV HQWUH VL RX jV YH]HV PDLV VHSDUDGDV 6mR QRUPDOPHQWH HUHWDV PDV HYHQWXDOPHQWH HQFRQWUDPVH DOJXPDV FROXQDV KRUL]RQWDLVFDtGDV)LJXUDV%H%3RGHPJUDGDUYHUWLFDOPHQWHSDUDIRUPDVFRPODPLQDomR SDUDEyOLFD )LJXUDV ( H ' 1HVWDV H HP PRUIRWLSRV VLPLODUHV FRP ODPLQDomR OLJHLUDPHQWH F{QLFD QmR SDUHFH H[LVWLU ]RQD D[LDO $ SUHVHQoD GD ]RQD D[LDO VHULD XPD GDV FDUDFWHUtVWLFDV HVVHQFLDLV GR JUXSR &RQRSK\WRQ TXH FRPSUHHQGH XP IHL[H FHQWUDO HVWUHLWR RULJLQDGR SHOR HPSLOKDPHQWRGDVSRQWDVDVTXDLVVmRQRUPDOPHQWHPDLVHVSHVVDVVXFHVVLYDVOkPLQDVF{QLFDV2V FRUWHVYHUWLFDLVGDVFROXQDVREVHUYDGDVQRFDPSRHQDVDPRVWUDVSRVVLYHOPHQWHQmRSDVVDPSHOD ]RQD D[LDO RX RFRUUHP SUREOHPDV GH SUHVHUYDomR HP DOJXQV SRQWRV 3URYLVRULDPHQWH RV HVWURPDWyOLWRVFROXQDUHVFRQLIRUPHVVmRFRQVLGHUDGRVFRPR&RQRSK\WRQOHYDQGRVHHPFRQWDTXH KiLGHQWLILFDomRGHVWHJUXSRWDPEpPQR6XPLGRXURGR&yUUHJRGR&DUUDSDWR'$5'(11(HWDO HPSRVLomRHVWUDWLJUiILFDHTXLYDOHQWH'HVWDPDQHLUDDVIRUPDVTXHJUDGDPSDUDIHLo}HVFRP ODPLQDo}HVPDLVSDUDEyOLFDVVmRSDVVtYHLVGHFODVVLILFDomRHP-DFXWRSK\WRQ
(PFRUWHWUDQVYHUVDODVFROXQDV VmR FLUFXODUHV DHOtSWLFDVDOFDQoDQGRUDLRGHDWpFP DV YH]HVFRPGRLVQ~FOHRVHPFDGDFRUSR)LJXUDV&H(
)LJXUD7UDoRVGHOkPLQDo}HVGHHVWURPDWyOLWRVFROXQDUHVFRQLIRUPHVHPFRUWHVORQJLWXGLQDLVHHPSODQWD$HVFDOD pLJXDOSDUDWRGDVDVILJXUDV$FRUWHORQJLWXGLQDOSDVVDQGRSUDWLFDPHQWHSHOR]RQDD[LDOGDDPRVWUD/*6%± FROXQDGHLWDGDVHHQFRQWUDDRODGRGHXPDLQVLWX&&RUWHWUDQVYHUVDOGHFROXQDVGDSRUomREDVDOGRSHUILO'&RUWH ORQJLWXGLQDOSDVVDQGRSUDWLFDPHQWHSHORHL[RHPDIORUDPHQWR(&RUWHORQJLWXGLQDOPRVWUDQGRSDVVDJHPGDODPLQDomR
F{QLFDSDUDDSDUDEyOLFDHPDIORUDPHQWR
)LJXUD,PDJHQVGHDPRVWUDVSROLGDVHGHDIORUDPHQWRVGHHVWURPDWyOLWRVFROXQDUHVFRQLIRUPHVGDSRUomREDVDOGR SHUILO$FRUWHORQJLWXGLQDOSDVVDQGRSUDWLFDPHQWHSHORHL[RD[LDOGDDPRVWUD/*6%FROXQDGHLWDGDVHHQFRQWUD DRODGRGHXPDLQVLWX&&RUWHORQJLWXGLQDOSDVVDQGRSUDWLFDPHQWHSHORHL[RD[LDO'&RUWHORQJLWXGLQDOPRVWUDQGR
SDVVDJHPGDODPLQDomRF{QLFDSDUDDSDUDEyOLFDHPDIORUDPHQWR(9LVWDHPSODQWDGRV&RQRSK\WRQ
0RUIRWLSR±(VWURPDWyOLWRVFLOtQGULFRVDVXEFLOtQGULFRV)LJXUDVH
(VWHPRUIRWLSRIRLLGHQWLILFDGRQDSRUomREDVDOGRSHUILOPHQRVQtYHLVSUy[LPRVDP P P P D P P P P QDV SUR[LPLGDGHV GR QtYHO P RV HVWURPDWyOLWRV FLOtQGULFRV D VXEFLOtQGULFRV DSDUHFHP DVVRFLDGRV D IRUPDV GLFyWRPDV 6mR GHVWD PDQHLUDRPRUIRWLSRPDLVDEXQGDQWHGHWRGDDFROXQD)LJXUDH
$V FROXQDV VH DSUHVHQWDP JHUDOPHQWH HVWUHLWDV a FP H[FHSFLRQDOPHQWH a FP HVWmR GLVSRVWDVSDUDOHODPHQWHFRQWtJXDVDSUy[LPDVDOFDQoDQGRDOWXUDVGHaFP3RVVXHPDWLWXGHHUHWD )LJXUDV H PDV HP DOJXPDV SRUo}HV SUHYDOHFHP DV IRUPDV LQFOLQDGDV H UDUDPHQWH IRUPDV GHFXPEHQWHVKRUL]RQWDLV DSUR[LPDGDPHQWH QD DOWXUD GRV P H DEDL[R GRV P GD FROXQD &RPXPHQWH JUDGDP SDUD HVWURPDWyOLWRV UDPLILFDGRV GLFyWRPRV $ RUQDPHQWDomR H[WHUQD JHUDOPHQWH QmR SRVVXL SURMHo}HV ODWHUDLV H[FHWR HYHQWXDLV VXDYHV FRVWHODV H UDUDV SRQWHV )LJXUD (
$VOkPLQDVVmRPRGHUDGDPHQWHDSRXFRFRQYH[DV)LJXUD)SRUpPDOJXQVDIORUDPHQWRV PRVWUDPODPLQDo}HVPDLVSDUDEyOLFDV)LJXUDV%')LJXUD'%RXUHWDQJXODUHVRX PDLVUDUDPHQWHOHYHPHQWHRQGXODGDVJUDXGHFXUYDWXUD)LJXUD$(PSDUWHDFRQYH[LGDGH GDV OkPLQDV GHSHQGH GR kQJXOR GH FRUWH GDV FROXQDV SRLV QHP WRGDV DV H[SRVLo}HV VmR SHUIHLWDPHQWH ORQJLWXGLQDLV jV FROXQD $V OkPLQDV PRVWUDPVH HP VXD PDLRULD XQLIRUPHV PDV RVFLODPHQWUHXQLIRUPHVFRQVWULWDV)LJXUD&HPDOJXPDVFROXQDV1RSHUILOODPLQDUREVHUYDP VHUDUDPHQWHPLFURGLVFRUGkQFLDV)LJXUD(2EVHUYDVHDLQGDXPSDGUmRFtFOLFRGHUHSHWLomRQR SDGUmRGDVODPLQDo}HV)LJXUD$H%HPTXHOkPLQDVPDLVHVFXUDVPLFUtWLFDVPDUFDPR WRSRGHFDGDFLFOR$VFROXQDVHVWmRSDUFLDOPHQWHVLOLFLILFDGDV)LJXUD'
2VHVWURPDWyOLWRVFLOtQGULFRVDVXEFLOtQGULFRVWrPJUDXGHKHUDQoDODPLQDUPRGHUDGDDDOWD VLPpWULFDDDVVLPpWULFDHHVWUXWXUDODPLQDUPDUJLQDOLQIOHWLGDVHPVXSHUSRVLomR)LJXUDVH (PSODQWDDSUHVHQWDPVHHPIRUPDWRVFLUFXODUHVDRYDLVSRUYH]HVFRDOHVFLGRV
)LJXUD7UDoRVGHODPLQDo}HVHFRQWRUQRVGHDPRVWUDVGHHVWURPDWyOLWRVFLOtQGULFRVDVXEFLOtQGULFRVHPFRUWHV ORQJLWXGLQDLV$HVFDODpDPHVPDSDUDWRGDVDVILJXUDV$(VWURPDWyOLWRVFRPODPLQDo}HVRQGXODGDVHFRQYH[DV/*6
D%(VWURPDWyOLWRFRPODPLQDo}HVSDUDEyOLFDVFRQYH[DV/*6E&(VWURPDWyOLWRVSUy[LPRVHQWUHVLFRP
ODPLQDo}HVSDUDEyOLFDV/*6E'(VWURPDWyOLWRFRPODPLQDo}HVSDUDEyOLFDV/*6F(3RQWHHQWUHFROXQDV
DOWXUDGRVaPGRSHUILO)(VWURPDWyOLWRFRPODPLQDomRSRXFRFRQYH[DHFRPRQGXODo}HV/*6G
)LJXUD&RUWHVSROLGRVGHHVWURPDWyOLWRVFLOtQGULFRVVXEFLOtQGULFRV$(VWURPDWyOLWRVFRPODPLQDo}HVRQGXODGDVH FRQYH[DV/*6D%(VWURPDWyOLWRFRPODPLQDo}HVSDUDEyOLFDVFRQYH[DV/*6E&(VWURPDWyOLWRVSUy[LPRV
HQWUHVLFRPODPLQDo}HVSDUDEyOLFDV/*6E'(VWURPDWyOLWRFRPODPLQDo}HVSDUDEyOLFDV/*6F(3HTXHQD
FROXQDHYLGHQFLDQGRDPLFURGLVFRUGkQFLDQDODPLQDomRVHWD)(VWURPDWyOLWRFRPODPLQDomRSRXFRFRQYH[D/*6 G
0RUIRWLSR±(VWURPDWyOLWRVWXUELQDGRV)LJXUD
$SDUHFHPDSHQDVGXDVYH]HVQDFROXQDHVWUDWLJUiILFDDRQtYHOGRVPHQDDOWXUDGRV P'HVVDIRUPDVmREDVWDQWHLQFRPXQV
$VFROXQDVDSUHVHQWDP PDUJHPOLVDDWLWXGH HUHWDDLQFOLQDGDH JHUDOPHQWHDSUHVHQWDPVH HPIRUPDVLVRODGDV$OFDQoDPDWpaFPGHDOWXUD2VFRQWRUQRVHPSODQWDQmRIRUDPREVHUYDGRV (P JHUDO VmR DVVRFLDGRV D PRUIRWLSRV ODWHUDOPHQWH GHVFRQWtQXRV UDPLILFDGRV FRPR RV HVWURPDWyOLWRVFLOtQGULFRVGLFyWRPRVSRGHQGRUHSUHVHQWDUDSDUWHEDVDOGDVUDPLILFDo}HV)LJXUD % 2DUUDQMRLQWHUQRGDVOkPLQDVFODVVLILFDVHFRPRPRGHUDGDPHQWHFRQYH[R)LJXUD$H %HVWDVVHH[SDQGHPGHIRUPDDVFHQGHQWHDWpDWLQJLUDPGLkPHWURPi[LPRHPWRUQRGH FP 3RU YH]HV H PXLWR ORFDOPHQWH QRWDVH XP SHUILO ODPLQDU FRP JUDX GH FXUYDWXUD H KHUDQoD ODPLQDUPRGHUDGDPHQWHDOWDHVLPpWULFD)LJXUD%
)LJXUD(VWURPDWyOLWRVWXUELQDGRV$1tYHOHQWUHHPGRSHUILOFROXQDUIRUPDLVRODGDGHHVWURPDWyOLWR
WXUELQDGR%(VWURPDWyOLWR7XUELQDGRQDSRUomREDVDORTXDOFXOPLQDFRPUDPLILFDo}HVGLFyWRPDV
(VWURPDWyOLWRVODWHUDOPHQWHGHVFRQWtQXRVUDPLILFDGRV
0RUIRWLSR±(VWURPDWyOLWRVUDPLILFDGRVGLFyWRPRV)LJXUDVH
6mRDEXQGDQWHVDSDUHFHPGHVGHDSRUomREDVDOGDFROXQDDRVQtYHLVGRVaPaP PHTXDVHQRWRSRGDVXFHVVmR
$VFROXQDVHVWmRRULHQWDGDVSDUDOHODPHQWHXPDVjVRXWUDVRQGHVHREVHUYDTXHRFRUSRGH HVWURPDWyOLWRSULQFLSDOSRVVXLDWLWXGHHUHWDHHVWmRGLVSRVWRVSUy[LPRVHQWUHVL3RVVXHPPRUIRWLSR FLOtQGULFRV D VXEFLOtQGULFRV GH PRGR TXH VH DVVHPHOKDP HP PXLWR FRP R PRUIRWLSR (VWURPDWyOLWRV /DWHUDOPHQWH 'HVFRQWtQXRV 6LPSOHV ± PRUIRWLSR FLOtQGULFRVVXEFLOtQGULFRV )LJXUD$$RUQDPHQWDomRH[WHUQDpOLVDjVYH]HVOHYHPHQWHFRVWHODGD
2EVHUYDPVH RV WLSRV GH UDPLILFDo}HV SDUDOHOD SDGUmR ȕ )LJXUDV % H & H PRGHUDGDPHQWHOHYHPHQWHGLYHUJHQWH)LJXUDV$H'3DUDRSDGUmRȕQRWDVHXPDH[SDQVmR GDFROXQDDQWHVGDUDPLILFDomR±SURYpPGDVIRUPDVWXUELQDGDV±DVTXDLVRULJLQDPGXDVFROXQDV SUDWLFDPHQWHSDUDOHODVHEDVWDQWHSUy[LPDVHQWUHVL)LJXUDV&H%
2 SHUILO ODPLQDU p EDVWDQWH YDULiYHO 'H PRGR JHUDO YDULD GH SRXFR D PXLWR FRQYH[R FKHJDQGRDWpDRSDUDEyOLFR/RFDOPHQWHH[LVWHPPLFURGLVFRUGkQFLDV2JUDXGHKHUDQoDODPLQDU RVFLOD HQWUH PRGHUDGR D DOWR VLPpWULFR RQGH DV OkPLQDV VH GLVWULEXHP GH PRGR JHUDOPHQWH XQLIRUPH RX FRQVWULWR (P JHUDO D HVWUXWXUDomR ODPLQDU PDUJLQDO LQIOHWLGD PRVWUDVH VHP VXSHUSRVLomRHQWUHWDQWRHPDOJXPDVFROXQDVDHVWUXWXUDODPLQDUPDUJLQDODGHQWUDVHQRVHGLPHQWR )LJXUD$
)LJXUD±7UDoRVGHODPLQDo}HVGRVHVWURPDWyOLWRVODWHUDOPHQWHGHVFRQWtQXRVUDPLILFDGRVGLFyWRPRV$ (VWURPDWyOLWRFRPDOJXPDVSURMHo}HVGHSRQWHVODPLQDo}HVRQGXODGDVFRQYH[DVPXLWRFRQYH[DV%(VWURPDWyOLWR
WXUELQDGRQDEDVHFRPUDPLILFDo}HVGLFyWRPDVWHUPLQDLV/kPLQDVRQGXODGDVHDOJXPDVPLFURGLVFRUGkQFLDV& /kPLQDo}HVORFDOPHQWHRQGXODGDVXQLIRUPHVDFRQVWULWDV'/DPLQDo}HVPXLWRFRQYH[DVFRPJUDXGHVLPHWULD
PRGHUDGR
)LJXUD)RWRVGHVHo}HVSROLGDVGHHVWURPDWyOLWRVHVWURPDWyOLWRVODWHUDOPHQWHGHVFRQWtQXRVUDPLILFDGRVGLFyWRPRV
$5DPLILFDomRWHUPLQDODSDUWLUGHHVWURPDWyOLWRWXUELQDGR%5DPLILFDomRWHUPLQDOOHYHPHQWHGLYHUJHQWHFRP ODPLQDomRORFDOPHQWHRQGXODGD&/DPLQDomRSDUDEyOLFDSRXFRRQGXODGD'/DPLQDo}HVSRXFRDPRGHUDGDPHQWH
FRQYH[DVUDPLILFDomRWHUPLQDO(/DPLQDomRPXLWRFRQYH[DFRPPpGLRJUDXGHDVVLPHWULD
0RUIRWLSR±(VWURPDWyOLWRVUDPLILFDGRVFRPSOH[RV)LJXUD
2UHFRQKHFLPHQWRGHHVWURPDWyOLWRVUDPLILFDGRVFRPSOH[RVGHSHQGHGDGLVSRQLELOLGDGHGH FRUWHV DGHTXDGRV H DVVLP IRUDP FRQVWDWDGRV QD SRUomR EDVDO GR SHUILO DVVRFLDGR jV IRUPDV FLOtQGULFDVVXEFLOtQGULFDVVLPSOHVHXPSRXFRDEDL[RGRVP
&RPXPHQWHVXFHGHPRVUDPLILFDGRVGLFyWRPRV$VFROXQDVVmRFLOtQGULFDVVXEFLOtQGULFDVGH RUQDPHQWDomRH[WHUQDJHUDOPHQWHOLVDDSRXFRFRVWHODGD)LJXUDV$H%3RGHPDOFDQoDUDWp FPGHDOWXUD
$V SURMHo}HV VmR WHUPLQDLV P~OWLSODV OHYHPHQWH D PRGHUDGDPHQWH GLYHUJHQWHV IDWR TXH GLILFXOWD D H[SRVLomR GH IRUPD FRQWtQXD QDV VHo}HV 2 SHUILO ODPLQDU YDULD GH PXLWR D PRGHUDGDPHQWHFRQYH[RFRPOkPLQDVXQLIRUPHVRUDFRQVWULWDVUHVSHFWLYDPHQWHRJUDXGHKHUDQoD ODPLQDU YDULD GH PRGHUDGR D EDL[R $ HVWUXWXUD ODPLQDU PDUJLQDO JHUDOPHQWH p LQIOHWLGD VHP VXSHUSRVLomR HQWUHWDQWR REVHUYDPVHDOJXPDVOkPLQDVDGHQWUDQGRVHQR VHGLPHQWR¬VYH]HVDV UDPLILFDo}HVP~OWLSODVVmRSDUDOHODV(PSODQWDDVFROXQDVPRVWUDPVHLVRODGDVRYDODGDV)LJXUD %$SDUHFHPFROXQDVSURVWHUQDGDVDGHFXPEHQWHVFRPUDPLILFDomRGLYHUJHQWH
)LJXUD(VWURPDWyOLWRVUDPLILFDGRVFRPSOH[RVHPIRWRGHDIORUDPHQWRHGHVHQKRLQWHUSUHWDWLYRFRUUHVSRQGHQWH$H
%ORFDOL]DPVHORJRDEDL[RGRQtYHOGHPGRSHUILOYHU)LJXUDH
$QiOLVH3HWURJUiILFD
)RUDP DQDOLVDGDV OkPLQDV SHWURJUiILFDV QDV TXDLV GHILQLUDPVH WUrV GLIHUHQWHV PLFURIiFHLVFDUDFWHUL]DGDVGHDFRUGRFRPRSDGUmRGHODPLQDomRHVWURPDWROtWLFDVHGLPHQWRHQWUH FROXQDVHJUmRVJOREXORVRVUHVXOWDQWHVGHDWLYLGDGHPLFURELDO
'HVVDIRUPDSDUDDGHQRPLQDomRGDVPLFURIiFLHVXWLOL]RXVHDFODVVLILFDomRSURSRVWDSRU 'XQKDPRTXDOVHIXQGDPHQWRXQDWH[WXUDGHSRVLFLRQDOGDURFKDFDUERQiWLFDGHVWDFDQGRVH WUrVFULWpULRVJHUDLVSDUDGLVWLQomRGHFDUERQDWRVFRPRSRGHVHUREVHUYDGRVQD)LJXUD
)LJXUD&ODVVLILFDomRGHURFKDVFDUERQiWLFDVSURSRVWDSRU'XQKDP
)RQWH'XQKDPDSXG)OJHO
'HVFULomRGDVPLFURIiFLHV
2VSDGU}HVODPLQDUHVREVHUYDGRVQRVHVWURPDWyOLWRVHQRVPHWDVVHGLPHQWRVIRUDPGLYLGLGRV HPWUrVPLFURIiFLHV0LFURIiFLHVFRUUHVSRQGHQWHjVODPLQDo}HVHVWURPDWROtWLFDVDVTXDLVIRUDP VXEGLYLGDVHPTXDWURPLFURWUDPDV0LFURIiFLHVJUDQXODUHVH0LFURIiFLHVLQWHUFROXQDU'HVWD IRUPD p GH LPSRUWkQFLD VDOLHQWDU TXH D FODVVLILFDomR HP PLFURWUDPDV p LQGHSHQGHQWH GD FODVVLILFDomRGRVHVWURPDWyOLWRVHPPRUIRWLSRVSRLVPDLVGRTXHXPDPLFURWUDPDSRGHRFRUUHUHP ~QLFRHVWURPDWyOLWRDVVLPFRPRPLFURWUDPDVLJXDLVSRGHPVHUHQFRQWUDGDVHPPRUIRWLSRVGLVWLQWRV GHHVWURPDWyOLWRV
ϭͿ DŝĐƌŽĨĄĐŝĞƐĞƐƚƌŽŵĂƚŽůşƚŝĐĂƐ
0LFURWUDPD±3DGUmRJUXPRVR
7HPVH XPD JUDQGH FRPSOH[LGDGH GDGD SDUD HVVD WUDPD DV FDPDGDV HVFXUDV YDULDP HP WH[WXUDVJUXPRVDVDWp DSUHVHQWDUHP JUmRVVHPHOKDQWHVD9HVLFXODULWHVMiDV FODUDVVHPHVFODP D HVVDWH[WXUDVHQGRSRUYH]HVLPSRVVtYHODVHSDUDomRHPRXWUDVRFRQWUDVWHPDLRUVHGiSHODV ILQDVSHOtFXODVPLFURELDQDVTXHPDUFDPROLPLWHHQWUHHODV)LJXUD(
'HVVDIRUPDRSDGUmRHVWURPDWROtWLFRREVHUYDGRSDUDHVVDPLFURWUDPDGHILQLXVHSRUXPD WH[WXUDFRPSRVWDSRUFRQFHQWUDGRVGHJUXPRVGHPLFULWDHPXPDWUDPDFRPSRVWDHVVHQFLDOPHQWH SRU PLFURHVSDULWD KRPRJrQHD )LJXUD $VVRFLDPVH PXLWDV YH]HV FRP SHOtFXODV PLFURELDQDV EDVWDQWHFRQWUDVWDQWHVHVWDVILQDVFURVWDVGHOLPLWDPIRUPDVDUUHGRQGDGDVRYDODGDVGHDWpPP GHUDLR)LJXUD&H'DVVHPHOKDPVHDRVYHVLFXODULWHV0$6/29DSXG%(575$1' 6$5)$7,GLVFXWLGRVQD0LFURIiFLHVJUDQXODU&ODVVLILFDPVHVHJXQGR'XQKDP FRPRERXQGVWRQH
0LFURWUDPD3DGUmRGR&RQRSK\WRQ
&ODVVLILFDVH FRPR ERXQGVWRQH &DUDFWHULVWLFDPHQWH D ODPLQDomR p EDVWDQWH ILQD FRP SUHGRPLQkQFLDHPJHUDOGDSRUomRFODUDPLFURHVSiWLFDVREUHDPLFUtWLFD$VOkPLQDVPLFUtWLFDV QmR DSUHVHQWDP FRQWLQXLGDGH DR ORQJR GH WRGD D FROXQD VHQGR FRQVWULWDV FRPR DV REVHUYDGDV PDFURVFRSLFDPHQWHORFDOPHQWHPRVWUDPVHRQGXODGDV6XDHVSHVVXUDpYDULiYHOGHQWURGDIDL[DGH DPP
)LJXUD$2SDGUmRPLFULWtFRSRUYH]HVDVVHPHOKDVHDIHLo}HV³HQFDURoDGDV´UHIOHWLQGRXPD FURVWDPLFURELDOPDLVPDUFDQWH)LJXUD&H'
1DVODPLQDo}HVHQFRQWUDPVHDOJXQVJUmRVGHVLOLFLFODVWRHPLQHUDLVRSDFRVLGHQWLILFDGRV UHVSHFWLYDPHQWHFRPRTXDUW]RHSLULWD)LJXUD$%&'H(
2EVHUYDPVH SDGU}HV GH IUDWXUDPHQWR SDUDOHORV j ODPLQDomR PDV D JUDQGH PDLRULD HQFRQWUDVHHPVHQWLGRSHUSHQGLFXODUDHODV$VIUDWXUDVDSUHVHQWDPVHSUHHQFKLGDVSRUTXDU]WRH SVHXGRHVSDULWDVHXVFRQWDWRVVmRUHHQWUDQWHV1RWDPVHWDPEpPPLFURIDOKDPHQWRVHPIHL[HVHVWHV DQWHULRUHVDRIUDWXUDPHQWRSUHHQFKLGR)LJXUD(
0LFURWUDPD±3DGUmRFRPSOH[R
&RQVLVWHHPWDSHWHVPLFUtWLFRVLQWHUFDODGRVIUHTXHQWHPHQWHFRPPLFURHVSDULWDKRPRJrQHD GH HVSHVVXUD YDULDGD 'LVS}HVH HP JUXSRV GH WDSHWHV FRQVLVWHQWHV SRU YH]HV GLVFRUGDQWHV HP UHODomRDRDQWHULRUGHILQHPPLFURGLVFRUGkQFLDVILJXUD(DTXDQWLGDGHGHHVWHLUDVPLFUtWLFDV EHPFRPRDHVSHVVXUDWRWDOYDULDPHPWRGDDFROXQD)LJXUD$%H'(PJHUDODVSRUo}HV PLFUtWLFDV QmR VmR WRWDOPHQWH FRQWtQXDV H QmR UDUR IXQGHPVH HP XPD UHGH GLIXVD GH WDSHWHV PLFURELDLVILJXUD(H%(QFRQWUDPVHJUmRVGHVLOLFLFODVWRVTXDUW]RHQYROYLGRVQDODPLQDomR EHPFRPRPLQHUDLVRSDFRVSLULWD
'HILQHVHSRUXPSDGUmRFRPSOH[RSRLVDVOkPLQDVPLFUtWLFDVSRUYH]HVPRVWUDPVHPDLV ILQDVRUDDEUXSWDPHQWHJURVVDVUHVXOWDQGR³FDURoRV´QyGXORVRXSHOyLGHVPLFURELDLV)LJXUD& 2SDGUmRGHVFULWRFRPRJUXPRVRPLFURWUDPDSRGHLQWHUFDODUVHHQWUHDVOkPLQDVHQWUHWDQWRp SRXFRH[SUHVVLYR
0LFURWUDPD3DGUmRFtFOLFR
8PHVWLORSHFXOLDUGHODPLQDomRREVHUYDGRQDVFROXQDVGRVHVWURPDWyOLWRVGHFHUWDIRUPD UDURpXPSDGUmRFtFOLFRHPUHODomRjGLVSRVLomRHFRPSRVLomRODPLQDU8PFLFORFRPSOHWRFRP HVSHVVXUDGHDWpPPSRVVXLHPRUGHPDVFHQGHQWHDOkPLQDVGHFRPSRVLomRGRORPtWLFDPDLV JURVVDFULVWDLVGHDWpPPEPLFURHVSDULWDKRPRJrQHDFRPSRXFRGHPLFULWDHPXPDIDL[D FRP FRQFHQWUDo}HV PDLRUHV GH PLFULWD F DEUXSWDPHQWH ³E´ SDVVD SDUD SRUo}HV PXLWR PDLV PLFURHVSiWLFDV G UHWRUQDQGR SDUD IDL[D PDLV PLFUtWLFD )LJXUD $ H % &ODVVLILFDVH FRPR
ERXQGVWRQH2SDGUmRFtFOLFRWDPEpPIRLREVHUYDGRHPHVFDODPHVRVFySLFD)LJXUD%
)LJXUD±0LFURWUDPD$/kPLQD/*6EWH[WXUDWtSLFDJUXPRVD%H&/kPLQD/*6E'
/kPLQDE(/kPLQD/*6FRFRUUHDGHOLPLWDomRGHFDPDGDVPDLVJUXPRVDVHPLFUtWLFDVGDVPDLV
FODUDVPLFURHVSiWLFDV$VVHWDVLQGLFDPDSUHVHQoDGHHVWUXWXUDVVHPHOKDQWHVDYHVLFXODULWHV
)LJXUD0LFURWUDPD$FRUUHVSRQGHDIRWRPLFURJUDILDGDVODPLQDo}HVGDSRUomRPDLVH[WHUQDDRHL[R
D[LDO% IRWRPLFURJUDILD FRUUHVSRQGHQWH D SRUomR PDLV LQWHUQD QRWDU D LQIOH[mR GDV ODPLQDo}HV TXDQWR PDLRU D SUR[LPLGDGH FRP HL[R& H' GHWDOKH GR HVWLOR GH ODPLQDomR GR IODQFR GR HVWURPDWyOLWR( &RUUHVSRQGHDPLFURIDOKDPHQWRVSRVWHULRUHVDRGHVHQYROYLPHQWRGRHVWURPDWyOLWRFRPIUDWXUDVSUHQFKLGDV
SRUTXDU]WR$H%/kPLQD/*6E$&/kPLQD/*6E&'/kPLQD/*6F(/kPLQD/*6
E%
)LJXUD0LFURWUDPD$)RWRPRVDLFRPRVWUDQGRRSDGUmRJHUDOGDPLFURWUDPDFRPGHWDOKHSDUDRVELRFODWRV
HQWUH DV FROXQDV% H' 3DFRWH GH ODPLQDomR FRP VXDV UHVSHFWLYDV LQWHUFDODo}HV PLFULWLFDV H PLFURHVSDUtWLFDV&
3DGUmRHQFDURoDGRGHPLFULWD(0LFURGLVFRUGkQFLDVQRSDGUmRODPLQDUVHWDDPDUHOD$/kPLQD/*6E$%
/kPLQD/*6D&/kPLQD/*6E'/kPLQD/*6G%(/kPLQD/*6F
)LJXUD 0LFURWUDPD $ H% 3DGU}HV GH FLFOLFLGDGH QD VXFHVVmR ODPLQDU& (VWLOROLWR GH PpGLD
DPSOLWXGHVHWDDPDUHOD$H&/kPLQDVD%/kPLQDE
ϮͿ DŝĐƌŽĨĄĐŝĞƐŐƌĂŶƵůĂƌ
$ PLFURIiFLHV JUDQXODU FRPS}HPVH GH URFKDV FODVVLILFDGDV FRPRJUDLQVWRQHV 2V JUmRV DJORPHUDGRVSROLQXFOHDGRVHRVJUmRVFDUERQiWLFRVVLPSOHVXPQ~FOHRDSHQDV)LJXUD'H( DSDUHFHPLVRODGRVRXHPFRQWDWRXQVFRPRVRXWURVFDUDFWHUL]DQGRXPDUFDERXoRDEHUWR-XQWRD HVWHVVHHQFRQWUDPPHQRVH[SUHVVLYRVJUmRVWRWDOPHQWHPLFULWL]DGRVFRPWDPDQKRVGHDWpPP FRP IRUPDV JHUDOPHQWH RYDODGDV DORQJDGDV )LJXUD ) $ JUDQGH PDLRULD GRV JUmRV HVWi FLPHQWDGDFRPIUDQMDVLVySDFDV
2EVHUYDPVH IHLo}HV GH JUmRV FDUERQiWLFRV DJOXWLQDGRV FRP OLPLWHV GLYHUVRV FRQWRUQRV LUUHJXODUHV PXLWDV YH]HV HP JHRPHWULD DPHEyLGH RYDODGD DUUHGRQGDGD PDLV DORQJDGD 6HXV WDPDQKRV YDULDP HQWUH D PP $SUHVHQWDPVH GH IRUPD FDyWLFD QD OkPLQD FRP QtYHLV GLIHUHQWHVGHHQYHORSDPHQWR 2 JUDX GH HQYHORSDPHQWR SRGH FKHJDU D VHLV FDPDGDV ILQtVVLPDVGHPLFULWDLQWHUFDODGDVGHOLFDGDPHQWHFRPPLFURHVSDULWDKRPRJrQHDDSHVDUGRFRQWRUQR LUUHJXODUGRJUmRHVVDVFDPDGDVPLFUtWLFDVVmRXQLIRUPHVHUHJXODUHV)LJXUD$%&*H+ (VVH FRQMXQWR GH HQYHORSHV PDLV H[WHULRUHV PDUFDP D ³PHPEUDQD´ GR JUmR (P VHX LQWHULRU H[LVWHPYiULRVJUmRVHQYHORSDGRVDJOXWLQDGRV2VSHTXHQRVQ~FOHRVHVWUXWXUDPVHGDPHVPDIRUPD SRUpPHPPLQLDWXUDHPHQRUTXDQWLGDGHGHHQYHORSHVPLFUtWLFRV2LQWHULRUGHVVHVJUmRVQXFOHDUHV p SUHHQFKLGR SRU PLFURGRORHVSDULWD ([LVWHP IRUPDV GH JUmRV VLPSOHV FRH[LVWLQGR FRP RV JUmRV DJORPHUDGRV
(VVDVIRUPDVVmRPXLWRVHPHOKDQWHVDRV9HVLFXODULWHV0$6/29DSXG%(575$1' 6$5)$7, 6HJXQGR %HUVWUDQG6DUIDWL 9HVLFXODULWHVVmR JUmRV FRQVWLWXtGRV SRU SHTXHQDVYHVtFXODVVXEHVIpULFDVRYDLVRXLUUHJXODUHVTXHSRGHPIRUPDUDJUHJDGRV
(VVHV JUmRV DSDUHFHP DVVRFLDGRV JHUDOPHQWH DRV HVWURPDWyOLWRV HVWUDWLIRUPHV H jV FDPDGDVGHGRODUHQLWRFRPHVWUDWLILFDo}HVFUX]DGDVGHEDL[RkQJXORGHSRVLWDQGRVHSRUWDQWRHP DPELHQWHVPDLVUDVRV$VIRUPDVUHHQWUDQWHVHDPHEyLGHVGRVJUmRVVXJHUHPORFDODVVRFLDGRjEDL[D HQHUJLDRXTXDVHQHQKXPDRTXDOSHUPLWLULDDSUHVHUYDomRGHWRGDVDVUHHQWUkQFLDVGRVPHVPRV 'HVVD PDQHLUD VmR R UHVXOWDGR GH LQFUXVWDomR GH VHGLPHQWRV SRU ELRILOPHV PLFURELDLV HP XP DJORPHUDGRSROLQXFOHDGR±³JUmRV JOREXORVRV´RXDSHQDV HPXPJUmRHQYHORSDGRHP DPELHQWH UHODWLYDPHQWH³SURWHJLGR´
ϯͿ DŝĐƌŽĨĄĐŝĞƐŝŶƚĞƌĐŽůƵŶĂƌ
2V LQWUDFODVWRV PLFURELDLV JHUDOPHQWH SRVVXHP UHVTXtFLRV GD ODPLQDomR HQFRQWUDGD QDV FROXQDV GRV HVWURPDWyOLWRV SRVVXHP IRUPDWRV UHWDQJXODUHV PLFUtWLFRV GD RUGHP GH ± PP GH H[WHQVmR H LJXDLV RX PHQRUHV TXH PP GH HVSHVVXUD 1RUPDOPHQWH GLVS}HPVH GH PDQHLUD FDyWLFD QmR GHQRWDQGR TXDOTXHU RULHQWDomR SRU FRUUHQWH GHVVD PDQHLUD D JUDQGH PDLRULD GRV IUDJPHQWRVPLFURELDLVVmRGHSRVLWDGRVSRUIOX[RVJUDYLWDFLRQDLVVHPGLIHUHQFLDomRHYLGHQWH)LJXUD $%&H(3RUVHWUDWDUHPGHIUDJPHQWRVGHODPLQDomRPLFURELDOPXLWDVYH]HVQRWDVHTXHD RUQDPHQWDomR H[WHUQD GD FROXQD GR TXDO VH RULJLQDUDP DV YH]HV HVWi EDVWDQWH GDQLILFDGD IUDJPHQWDGDHQmRUDURPDUFDGDSRUIHLo}HVGHGLVVROXomR)LJXUD$
)LJXUD±0LFURIiFLHV$H%/kPLQD/*6D&H'/kPLQD/*6D(/kPLQD/*6E$)/kPLQD
/*6E*/kPLQD/*6E%+'HWDOKHQDOkPLQDFRUUHVSRQGHQWHDIRWR*$VIRWRPLFURJUDILDV$%&H*
UHSUHVHQWDPRVDJORPHUDGRVFDUERQiWLFRVGHRULJHPPLFURELDOSROLQXFOHDGRV'H(DSUHVHQWDPRVGHQ~FOHRVLPSOHV
)DSUHVHQWDFRUS~VFXORVPLFUtWLFRVGHOLPLWDGRVSRUXPELRILOPHPDLVFRQWUDVWDQWH
)LJXUD±0LFURIiFLHV$%&H(VmRZDFNHVWRQHVFRPFODVWRVGHHVWURPDWyOLWRV'PXGVWRQH$/kPLQD
/*6F%/kPLQD/*6G$&/kPLQD/*6F'/kPLQD/*6F(/kPLQD/*6D%
&RQVLGHUDo}HVGLDJHQpWLFDV
$FLPHQWDomRpXPGRVSULQFLSDLVSURFHVVRVGLDJHQpWLFRVTXHDIHWDPDVURFKDVFDUERQiWLFDV H RFRUUH D SDUWLU GD SUHFLSLWDomR TXtPLFD HP FDYLGDGHV SUHH[LVWHQWHV QRV VHGLPHQWRV RX URFKD %DWKXUVW$UDJRQLWDFDOFLWDPDJQHVLDQDFDOFLWDFRPEDL[RWHRUGHPDJQpVLRHGRORPLWDVmR RVSULQFLSDLVPLQHUDLVTXHVHGHSRVLWDPFRPRFLPHQWR
$FDUDFWHUL]DomRGRDPELHQWHGLDJHQpWLFRGHVXSHUItFLHIRLEDVHDGDQRHVTXHPDGH/RQJPDQ TXHRVGHILQHFRPRYDGRVRIUHiWLFRGHiJXDGRFHIUHiWLFRPDULQKRPLVWRGHiJXDGRFHH PDULQKR
2 FLPHQWR p SDUWLFXODUPHQWH EHP GHVHQYROYLGR QDV OkPLQDV DQDOLVDGDV 'XDV SULQFLSDLV JHUDo}HV GH FLPHQWR RFRUUHP FLPHQWDomR SUHFRFH ILEURVD GH GRORPLWD H FLPHQWDomR WDUGLD GH GRORPLWDSROLJRQDOHVSiWLFD2FLPHQWRHXJHQpWLFRFDUDFWHUL]DVHSRUIUDQMDVDFLFXODUHVEDVWDQWH ILEURVDVGUXVLIRUPHVLVySDFDVDFDVWDQKDGDVPLPpWLFDVGHFRPSRVLomRGRORPtWLFDYHULILFDGDFRP DOLVDULQD 5HG6 DR UHGRU GRV JUmRV )LJXUDV & H $ $ VHJXQGD WHQGrQFLD GH FLPHQWDomR FRUUHVSRQGH j GRORPLWD HVSiWLFD D TXDO RFRUUH SUHHQFKHQGR RV HVSDoRV UHVWDQWHV FLPHQWDomR SROLJRQDOHPPRVDLFR
$QiOLVHGHOkPLQDFRUUHVSRQGHQWHDRVHVWURPDWyOLWRVHVWUDWLIRUPHVHDDJUHJDGRVGHJUmRV GHQRPLQDGRV GH DJUHJDGRV PLFUtWLFRV FRPSRVWRV SRU JUmRV JOREXORVRV± PLFURIiFLHV FDUDFWHUtVWLFRV GH DPELHQWHV PDLV UDVRV UHIOHWHP XP SDGUmR GH FLPHQWDomR EDVWDQWH VLPpWULFR )LJXUD%/HPEUDQGRFLFORVGHHYDSRUDomRRQGHRFRUUHFLPHQWDomRGUXVLIRUPHFURVWD PLFUtWLFD QD LQWHUUXSomR GD FLPHQWDomR LQWHUFDODQGRVH VLPHWULFDPHQWH H 'H DFRUGR FRP /RQJPDQDVFDUDFWHUtVWLFDVGRVFLPHQWRVOHYDPDXPDPELHQWHIUHiWLFRPDULQKRFRP]RQDV GHSRVVtYHLVODJXQDVFRPDOWDWD[DGHHYDSRUDomR
(QWmR SHUPDQHFH D SHUJXQWD VHULDP DV IHLo}HV SUHVHUYDGDV QD PLFURIiFLHV JUDLQVWRQH SULPiULDV"7XFNHUVXJHUHTXHDVGRORPLWDVGR3Up&DPEULDQRGLIHUHPPDMRULWDULDPHQWHGDV GR )DQHUR]yLFR HP WHUPRV WH[WXUDLV QDV WUDPDV IDEULFV H UDLRV LVyWRSRV 'HVVD IRUPD VXD SHVTXLVDSURS}HTXHQR3Up&DPEULDQRGDUHJLmRRULHQWDOGD&DOLIyUQLD%HFN6SULQJ'RORPLWHD GRORPLWDHUDRSULQFLSDOPLQHUDOGHFDUERQDWRSUHFLSLWDGRHTXHVHXFRPSRUWDPHQWRHUDVLPLODUDR FDUERQDWR GH FiOFLR QRV FDOFiULRV )DQHUR]RLFRV 3RUWDQWR GHIHQGH TXH FRPSRVLomR TXtPLFD GDV iJXDVGRRFHDQR3Up&DPEULDQRGLIHUHGR)DQHUR]RLFRDTXDOSHUPLWLULDDSUHFLSLWDomRGDGRORPLWD FRPR FLPHQWR 4XDQGR FRPSDUDGD D GRORPLWD GH%HFN 6SULQJ FRP D HQFRQWUDGD QHVVD SHVTXLVD REVHUYDVHJUDQGHVVHPHOKDQoDV
=HQJHU HP UpSOLFD D 7XFNHU GHIHQGH TXH D ERD SUHVHUYDomR GHVVDV IHLo}HV SRGHVHUUHVXOWDGRGHXPDVXEVWLWXLomRPXLWRSUHFRFHFRPSUHVHUYDomRHIHWLYDGRVLVyWRSRVHVWiYHLV EHPFRPRGDVHVWUXWXUDVSULPiULDV
'HVVD PDQHLUD H[LVWHP GXDV WHQGrQFLDV SDUD D LQWHUSUHWDomR GRV GRORPLWRV GD )D]HQGD 6XPDUp SRGHP WHU VLGR UHVXOWDGR GH XPD VXEVWLWXLomR WRWDO GRV FDOFiULRV SUpH[LVWHQWHV SRU GRORPLWDGHIRUPDSUHFRFHTXDVHVLQVHGLPHQWDUDIHWDQGRWRGRRFDOFiULRRULJLQDO'HPRGRTXH VXEVWLWXLULDPDVIUDQMDVLVySDFDVSULPiULDVPDQWHQGRDPRUIRORJLDGRFLPHQWRRULJLQDO$VIUDQMDV ILEURVDV VmR IRUPDGDV SRU FULVWDLV GH GRORPLWD TXH SRGHULDP WHU VLGR VXEVWLWXtGDV GH PRGR PLPpWLFRVHQGRSRUWDQWRSVHXGRPRUIRVGRFLPHQWRSULPiULRRTXDOSRGHWHUVLGRDRFRQWUiULRGH FRPSRVLomRDUDJRQtWLFDRXGHFDOFLWDFRPDOWRWHRUGH0JDVGRORPLWDVILEURVDVDFLFXODUHVVmR UHVXOWDGRGHXPDFLPHQWDomRSULPiULDDVVLPFRPRDVGRORPLWDVGHVFULWDVHP%HFN6SULQJ
)LJXUD$&LPHQWDomRILEURVDHXJHQpWLFDHSROLJRQDOWDUGLD%&LPHQWDomRVLPpWULFDFDUDFWHUtVWLFDGH DPELHQWHVPDLVUDVRVFRPFRQVWDQWHHYDSRUDomR&&LPHQWDomRPLPpWLFDDFDVWDQKDGDQRVDORTXtPLFRVGHVFULWRV
FRPRPLFURIiFLHV
',6&8662'265(68/7$'26
$WUDYpV GR HVWXGR GRV HVWURPDWyOLWRV GD )RUPDomR /DJDPDU QD )D]HQGD 6XPDUp SRGHVH LGHQWLILFDURLWRPRUIRWLSRVGLVWLQWRVSRUGLIHUHQoDVGRWLSRGHFROXQDODPLQDomRHSHODH[LVWrQFLD GHUDPLILFDomR
'HVVDIRUPDDVFDUDFWHUtVWLFDVGRVHVWURPDWyOLWRVHVWXGDGRVSHUPLWHPGHVHQYROYHUDOJXPDV LQWHUSUHWDo}HVSDOHRDPELHQWDLV3ULPHLUDPHQWHSRGHVHLQIHULUiJXDVUHODWLYDPHQWHPDLVSURIXQGDV SDUDRVHVWURPDWyOLWRVFRQLIRUPHVGRWLSR&RQRSK\WRQPDLVDEXQGDQWHVQDSRUomREDVDOGDFROXQD HVWUDWLJUiILFDGHYLGRjJHRPHWULDHXQLIRUPLGDGHGHVXDVODPLQDo}HV$VVLPDIRUPDF{QLFDGHULYD GH XPD LQWHQVD FRPSHWLomR HQWUH D DVVHPEOpLD PLFURELDQD SHOR DFHVVR j OX] KDYHQGR XPD FRQFHQWUDomR GH PLFURRUJDQLVPRV PXLWR JUDQGH QD SRQWD GD HVWUXWXUD :$/7(5 8P DPELHQWHPDLVSURIXQGRHQWUHWDQWRQmRXOWUDSDVVDQGRPGHSURIXQGLGDGHpVXJHULGR)LJXUD 1D)D]HQGD6XPDUpIOX[RVUHODFLRQDGRVSURYDYHOPHQWHDWHPSHVWDGHFDXVDUDPRWRPEDPHQWRGH DOJXPDVFROXQDV
¬PHGLGDTXHRDPELHQWHVHWRUQDYDPDLVUDVRSRXFRPHQRVGRTXHPGHSURIXQGLGDGH RV HVWURPDWyOLWRV FRQLIRUPHV SDVVDUDP D DSUHVHQWDU ODPLQDo}HV PDLV SDUDEyOLFDV 'HVVD IRUPD VHJXQGR+RIIPDQR&RQRSK\WRQSDVVDULDSDUD-DFXWRSK\WRQ)LJXUD
(VWURPDWyOLWRVQmRF{QLFRVFROXQDUHVRXQmRFDUDFWHUL]DGRVSRUJUDQGHYDULHGDGHODPLQDUH PRUIROyJLFDIRUPDPVHQRUPDOPHQWHHPFRQGLo}HVPDLVUDVDVPHQRVGHPGHOkPLQDG¶iJXDH PDLV YDULDGDV HP UHODomR j H[SRVLomR VXEDpUHD H DJLWDomR GD iJXD +2))0$1 'HVVD PDQHLUD FRQGLo}HV JUDGXDOPHQWH PDLV UDVDV SDUHFHP VHU LQGLFDGDV SHOD VXFHVVmR HVWURPDWyOLWR FROXQDU FLOtQGULFR D VXEFLOLQGULFR FRP UDPLILFDomR GLFyWRPD SDUDOHOD P~OWLSOD OHYHPHQWH GLYHUJHQWH RX SDUDOHOD WXUELQDGDV HVWUDWLIRUPHV VXEYHUWLFDLV H KRUL]RQWDLV DWp DRV DJOXWLQDGRV PLFURELDQRVVHPHOKDQWHVDYHVLFXODULWHV$VIDVHVGHUDVHDPHQWRIRUDPHYLGHQFLDGDVWDPEpPQD DQiOLVH SHWURJUiILFD FRP D FRQVWDWDomR GH FLPHQWDomR VLPpWULFD QRV FDUERQDWRV )LJXUD % FDUDFWHUL]DQGR XP DPELHQWH FRP DOWDV WD[D GH HYDSRUDomR VHPHOKDQWH D DPELHQWH GH VDOLQD HYDSRUtWLFR
)LJXUD 5HODo}HV GH PRUIRWLSRV GH HVWURPDWyOLWRV FRP D SURIXQGLGDGH GD iJXD SDUD D )RUPDomR 7DOWKHLOHL 3DOHRSURWHUR]yLFRGR&DQDGi
)RQWH+RIIPDQ
9HULILFRXVH HQWmR D UHSHWLomR GH LQWHUYDORV LQLFLDGRV SHODV FROXQDV F{QLFDV H ILQDOL]DGRV SRUGRODUHQLWRVFRPHVWUDWLILFDo}HVFUX]DGDVGRORUUXGLWRVTXHLQFOXHPDJOXWLQDGRVFDUERQiWLFRVGH RULJHPPLFURELDO(VWDVXFHVVmRQHPVHPSUHHVWiFRPSOHWD$SHVDUGDVYDULDo}HVFDGDLQWHUYDOR SRGHVHULQWHUSUHWDGRFRPRXPDVXFHVVmRGHUDVHDPHQWRRXVHMDRVSULPHLURVPLFURELDOLWRVVHULDP GHFRQGLo}HVSDOHRDPELHQWDLVOLJHLUDPHQWHPDLVSURIXQGDVPDVDLQGDVXILFLHQWHPHQWHUDVDVSDUDD LQFLGrQFLDGHOX]UHTXLVLWREiVLFRSDUDRGHVHQYROYLPHQWRGDVHVWHLUDVPLFURELDQDV)LJXUD$V FROXQDVGHFXPEHQWHVSRGHPLQGLFDUFRQGLo}HVPXLWRUDVDVQDVTXDLVDOkPLQDGHiJXDQmRSHUPLWLD R FUHVFLPHQWR YHUWLFDO 'HVVD IRUPD RV PRUIRWLSRV GH HVWURPDWyOLWRV HPSLOKDGRV VXJHUHP XP SUHHQFKLPHQWR YHUWLFDO WtSLFR UHVXOWDQWH GD SURJUDGDomR RQGH HVWURPDWyOLWRV FDUDFWHUtVWLFRV GH DPELHQWH PDLV SURIXQGR FRPR RV HVWURPDWyOLWRV F{QLFRV VmR UHFREHUWRV SRU PRUIRWLSRV GH DPELHQWHVPDLVUDVRVFRQVWLWXLQGRRVFLFORVGHUDVHDPHQWR
)LJXUD&LFORGHUDVHDPHQWRHPGHWDOKHQDFROXQDRVHVWURPDWyOLWRVFRQLIRUPHVORFDOL]DPVHVHPSUHQRLQtFLRGR FLFORFDUDFWHUL]DQGRDPELHQWHVPDLVSURIXQGRV
$VYDULDo}HVODWHUDLVGRVPLFURELDOLWRVGHYHPUHIOHWLUFRQGLo}HVGLVWLQWDVGHWXUEXOrQFLDGD iJXD FRQIRUPHVXDSRVLomRQDVELRHUPDV$VVLPOkPLQDVPLFURELDQDV VXEYHUWLFDLV)LJXUD' SRGHPUHSUHVHQWDUDVPDUJHQVGDVELRHUPDVUHOHYR!P"TXHHUDPLQIOXHQFLDGDVSRUFRQGLo}HV IUHTXHQWHVGHPDLRUHQHUJLD
3RU RXWUR ODGR RV HVWURPDWyOLWRV PXOWLUDPLILFDGRV GLYHUJHQWHV HP FRQWDWR ODWHUDO RX VXSHULRU FRQFRUGDQWH FRP GROROXWLWRV SRGHP LQGLFDU SRUo}HV GD ELRHUPD GHVHQYROYLGDV HP FRQGLo}HV OLJHLUDPHQWH PDLV FDOPDV DLQGD TXH PXLWR UDVDV /DPDV FDUERQiWLFDV FRP HYHQWXDO GHVHQYROYLPHQWR GH HVWHLUDV PLFURELDLV HUDP GHSRVLWDGDV HQWUH DV FROXQDV H SURYDYHOPHQWH HP iUHDV PDLV SURWHJLGDV HQWUH RX SUy[LPR jV ELRHUPDV FRQVWLWXLQGR FRQVWUXo}HV GH ELRHUPDV PDLV LVRODGDV GHQWUR GH XP DPELHQWH GH UDPSD 2V DEXQGDQWHV LQWUDFODVWRV LQFOXVLYH QRV GROROXWLWRV VXJHUHP H[SRVLomR IUHTXHQWH H UHWUDEDOKDPHQWRV HSLVyGLFRV GH HVWHLUDV SRU IOX[RV LQGX]LGRV SRU WHPSHVWDGHV
*URW]LQJHUGHPRQVWURXDYDULDomRGDVIRUPDVPLFURELDQDVHPDPELHQWHGHUDPSD FDUDFWHUtVWLFR GR 3URWHUR]yLFR RQGH PRUIRWLSRV WtSLFRV GH iJXDV SURIXQGDV VmR HVWURPDWyOLWRV F{QLFRVHRVGHiJXDVUDVDVDVHVWHLUDVPLFURELDQDV3URS}HPVHHQWmRXPPRGHORSDOHRDPELHQWDO LGHDOSDUDDiUHDGHHVWXGRGHIRUPDTXHPHOKRUUHSUHVHQWHRVFLFORVGHUDVHDPHQWR)LJXUD
)LJXUD(VTXHPDLQWHUSUHWDWLYRGDYDULDomRGDVIRUPDVHVWURPDWROtWLFDVHPDPELHQWHGHUDPSDQDiUHDHVWXGDGD
&21&/86®(6 $VXFHVVmRFDUERQiWLFDHVWXGDGDDVVHPHOKDVHDVGHVFULo}HVGHHVWURPDWyOLWRVGR6XPLGRXUR GR&yUUHJR&DUUDSDWRUHJLVWUDGDSRU'DUGHQQHHWDOHpSURYiYHOTXHDVGXDVRFRUUrQFLDV VHMDP SDUWH GH XPD PHVPD EDFLD 3RUWDQWR D EDFLD FDUERQiWLFD GH iJXDV UDVDV H UHODWLYDPHQWH DJLWDGDV HVWHQGLDVH QR PtQLPR SRU DOJXQV TXLO{PHWURV 1D )D]HQGD 6XPDUp DR FRQWUiULR GR 6XPLGRXUR QmR IRUDP HQFRQWUDGDV HYLGrQFLDV LUUHIXWiYHLV GH PDUpV HJ FRUSRV DORQJDGRV SDUDOHORVTXDQGRYLVWRVHPSODQWDDSDUHQWHPHQWHKiPDLVHYLGrQFLDVGHRQGDVGHWHPSHVWDGH'H TXDOTXHU PRGR R SDOHRDPELHQWH DSUHVHQWDYD UHODWLYD FRPSOH[LGDGH DPELHQWDO FRP UHJL}HV GLIHUHQFLDGDVHPWHUPRVGHHQHUJLDGDiJXD
$VYDULDo}HVYHUWLFDLVGRVPLFURELDOLWRVDJURVVRPRGRSDUHFHPHYLGHQFLDUSHORPHQRVVHLV FLFORVGHUDVHDPHQWRSDUDVVHTXrQFLDVHPFRQGLo}HVSRVVLYHOPHQWHPDLVSUR[LPDLVDFDGDFLFOR &RQVLGHUDQGRVHDHVFDVVH]GHDIORUDPHQWRVDFLPDGRSHUILOGHVFULWRPDLVIDVHVGHYHPWHURFRUULGR DQWHVGDSURJUDGDomRGHVHGLPHQWRVWHUUtJHQRVVREUHDSODWDIRUPDFDUERQiWLFD
5()(5Ç1&,$6%,%/,2*5È),&$6
$/0(,'$))0&ROOHQLDLWDSHYHQVLVVSQXPIyVVLOSUpFDPEULDQRGR(VWDGRGH 6mR3DXOR%RO)DF)LO&LrQFLDVH/HWUDV8QLY'H6mR3DXOR;/9*HRORJLD1S
$/0(,'$))0+$68,<%5,721(9(6%%)8&.5$3URYtQFLDV HVWUXWXUDLV EUDVLOHLUDV ,Q 6LPSyVLR GH *HRORJLD GR 1RUGHVWH Q &DPSLQD *UDQGH3% $WDV&DPSLQD*UDQGH6%*S±
$:5$0,. 60 $UFKDHDQ DQG 3URWHUR]RLF VWURPDWROLWHV,Q 5LGLQJ 5 HG
&DOFDUHRXV$OJDHDQG6WURPDWROLWHV6SULQJHU9HUODJS
%$%,16.,00217(,52/96)(77(5$+%(77(1&2857-62/,9(,5$ 7),VRWRSHJHRFKHPLVWU\RIWKHPDILFGLNHVIURPWKH9D]DQWHQRQVXOILGH]LQFGHSRVLW%UD]LO -RXUQDORI6RXWK$PHULFDQ(DUWK6FLHQFHV
%$7+85675*&&DUERQDWHVHGLPHQWVDQGWKHLUGLDJHQHVLVHG$PVWHUGDP (OVHYLHUS'HYHORSPHQWVLQ6HGLPHQWRORJ\
%(575$1'6$5)$7, - 6WURPDWROLWHV FROXPQDLUHV 'X 3UHFDPEULHQ VXSHULRU 6DKDUDQRUGRFFLGHQWDO±,QYHQWDLUHPRUSKRORJLHHWPLFURVWUXFWXUHGHVODPLQDWLRQVFRUUHODWLRQV VWUDWLJUDSKLTXHV &HQWUH 1DWLRQDO GH /D 5HFKHUFKH 6FLHQWLILTXH &HQWUH GH 5HFKHUFKHV VXU OHV =RQHV$ULGHV6pU*HRORJLHQS
%851(59 0225(/60LFURELDOLWHVRUJDQRVHGLPHQWDU\GHSRVLWVRIEHQWKLF FRPPXQLWHV3DODLRV
&3506HUYLoR*HROyJLFRGR%UDVLO3URJUDPD*HRORJLDGR%UDVLO)ROKD%HOR+RUL]RQWH 6((VFDOD
'$5'(11(0$7KH%UDVtOLD)ROG%HOW ,Q&25'$1,8*0,/$1,(-7+20$= ),/+2 $ &$0326 ' $ (GV7HFWRQLF (YROXWLRQ RI 6RXWK $PHULFD 5LR GH -DQHLURS
'$5'(11(0$&$03261(720&*HRORJLDGDUHJLmRGH/DJDPDU0LQDV
'$5'(11( 0$ &$0326 1(72 0& &$0326 -(* (VWURPDWyOLWRV &ROXQDUHVQR6XPLGRXURGR&yUUHJR&DUUDSDWR/DJDPDU0*,Q6tWLRV3DOHRQWROyJLFRVGR%UDVLO 6,*(3S'LVSRQtYHOHPKWWSZZZXQEEULJVLJHS!DFHVVRGHPDLRGH
'$5'(11( 0$ 3,0(17(/ 00 $/9$5(1*$ &-6 3URYHQDQFH RI FRQJORPHUDWHVRIWKH%DPEXt-HTXLWDt9D]DQWHDQG,ELi*URXSV,PSOLFDWLRQVIRUWKHHYROXWLRQRI 7KH%UDVtOLD%HOW,Q%ROHWLPGH5HVXPRV,;6LPSyVLR1DFLRQDOGH(VWXGRV7HFW{QLFRVSS
'(0,&&2 59 +$5',( /$ 6HGLPHQWDU\ 6WUXFWXUHV DQG (DUO\ 'LDJHQHWLF )HDWXUHVRI6KDOORZ0DULQH&DUERQDWH'HSRVLWV6(30$WODV6HULHV7XOVD1RS
)$,5&+,/' 75 6&+23) -: 6+(10,//(5 - *8,0$5(6 (0 (':$5'6 0' /$*67(,1 $ ;,$2 /, 3$%67 0 0(/2),/+2 /6 5HFHQW GLVFRYHULHVRI3URWHUR]RLFPLFURIRVVLOVLQVRXWKFHQWUDO%UD]LO3UHFDPEULDQ5HVHDUFK
)8&.5$$)DL[D%UDVtOLDHDFRPSDUWLPHQWDomRWHFW{QLFDQD3URYtQFLD7RFDQWLQV ,Q 6,03Ï6,2 '( *(2/2*,$ '2 &(17522(67( Q %UDVtOLD $QDLV %UDVtOLD 6%*S±
)OJHO(0LFURIDFLHVRI&DUERQDWH5RFNV$QDO\VLV,QWHUSUHWDWLRQDQG$SSOLFDWLRQ 6SULQJHU+HLGHOEHUJS
*8,0$5(6 (0 '$5'(11( 0$ 3URWHUR]RLF VWURPDWROLWHV IURP &DEHFHLUDV*RLiV%UD]LO,Q,QWHUQDWLRQDO6HGLPHQWRORJLFDO&RQJUHVV5HFLIH%UD]LO,QWHUQDW $VVRF6HGLPHQWRO$EVWUDFWVSS**
*527=,1*(5 -3 )DFLHV DQG HYROXWLRQ RI 3UHFDPEULDQ FDUERQDWH GHSRVLFLRQDO V\VWHPV (PHUJHQFH RI WKH PRGHUQ SODWDIRUP DUFKHW\SH ,Q &5(9(/2 3' :,/621 -/ 6$5*-)5($'-)HGV&RQWUROVRQFDUERQDWHSODWDIRUPVDQGEDVLQGHYHORSPHQW6SHFLDO 3XEOLFDWLRQRI6RFLHW\RI(FRQRPLF3DOHRQWRORJLVWVDQG0LQHUDORJLVWV7XOVDS
+2))0$113+(QYLURPHQWDOGLYHUVLW\RIPLGGOH3UHFDPEULDQVWURPDWROLWHV,Q :DOWHU05HG6WURPDWROLWHV(OVHYLHU6FL3XEO&R$PVWHUGDPS
+2)0$11+-$WWULEXWHVRIVWURPDWROLWHV*HRORJLFDO6XUYH\&DQDGLDQ3DSHU ±
/21*0$1 0: &DUERQDWH GLDJHQHWLF WH[WXUHV IURP QHDUVXUIDFH GLDJHQHWLF HQYLURQPHQWV$$3*%XOOHWLQ
3,0(17(/ 00 '$5'(11( 0$ )8&. 5$ 9,$1$ 0* -81*(6 6/ ),6&+(/ '3 6((5 + '$17$6 (/ 1G ,VRWRSHV DQG WKH 3URYHQDQFH RI 'HWULWDO 6HGLPHQWVRIWKH1HRSURWHUR]RLF%UDVtOLD%HOW&HQWUDO%UD]LO-RXU6RXWK$P(DU6FL
52'5,*8(6-%3URYHQLrQFLDGHVHGLPHQWRVGRVJUXSRV&DQDVWUD,ELi9D]DQWHH %DPEXt ± 8P HVWXGR GH ]LUF}HV GHWUtWLFRV H ,GDGHV 0RGHOR 6P1G 7HVH GH GRXWRUDPHQWR 8QLYHUVLGDGHGH%UDVtOLD,QVWLWXWRGH*HRFLrQFLDV1S
6$//81),/+2:$QiOLVHGRVHVWURPDWyOLWRVGR*UXSR,WDLDFRFD3URWHUR]yLFR DR VXO GH ,WDSHYD 633URJUDPD GH 3yVJUDGXDomRHP *HRORJLD 8QLYHUVLGDGH )HGHUDO GH 6mR 3DXOR'LVVHUWDomRGH0HVWUDGRS
6$//81),/+2: )$,5&+,/'75(VWXGR&RPSDUDWLYRHQWUH(VWURPDWyOLWRV GRWLSR&RQRSK\WRQGDV)DL[DV5LEHLUDH%UDVtOLD5HYLVWDGR,QVWLWXWR*HROyJLFR6mR3DXOR
6$17267(66&DUDFWHUL]DomRHVWUXWXUDOGHXPVHJPHQWRGDUDPSDODWHUDOGH &DSLWyOLROLPLWH1RUWHGD1DSSHGH3DVVRV0*I'LVVHUWDomR0HVWUDGRHP*HRORJLD 5HJLRQDO±,QVWLWXWRGH*HRFLrQFLDVH&LrQFLDV([DWDV8QLYHUVLGDGH(VWDGXDO3DXOLVWD5LR&ODUR
6,0®(6/6$ 9$/(5,$12&03RUomR0HULGLRQDOGD)DL[DGH'REUDPHQWRV %UDVtOLDHVWiJLRDWXDOGRFRQKHFLPHQWRHSUREOHPDVGHFRUUHODomRWHFWRQRHVWUDWLJUiILFD&RQJUHVVR %UDVLOHLURGH*HRORJLD$QDLV1DWDO6%*YS±
65,9$67$9$1.(VWURPDWyOLWRV,Q&DUYDOKR,6HG3DOHRQWRORJLD(G (GLWRUD,QWHUFLrQFLD
78&.(50(3UHFDPEULDQGRORPLWHV3HWURJUDSKLFDQGLVRWRSLFHYLGHQFHWKDWWKH\ GLIIHUIURP3KDQHUR]RLFGRORPLWHV*HRORJ\
9$/(5,$12&0$/0(,'$-&+GH6,0®(6/6$'8$57(%352,* +/+(,%5210(YROXomR(VWUXWXUDOGR'RPtQLR([WHUQRGD)DL[D%UDVtOLDQR6XGRHVWH GH0LQDV*HUDLV5HJLVWURGHXPD7HFW{QLFD3Up%UDVLOLDQD5HYLVWD%UDVLOHLUDGH*HRFLrQFLDVY SGH]
:$/7(5 05 6WURPDWROLWHV 'HYHORSPHQWHV LQ 6HGLPHQWRORJ\ (OVHYLHU $PVWHUGDPS
=(1*(5'+&RPHQWVDQG5HSOD\RQ³3UHFDPEULDQGRORPLWHV3HWURJUDSKLFDQG LVRWRSLFHYLGHQFHWKDWWKH\GLIIHUIURP3KDQHUR]RLFGRORPLWHV´'H]*HRORJ\S