81(63
81,9(56,'$'((67$'8$/3$8/,67$
³-Ò/,2'(0(648,7$),/+2´
&$0386'(*8$5$7,1*8(7È('621*21d$/9(6
(678'2&203$5$7,92'2'(6*$67('()(55$0(17$6
&(5Æ0,&$6'($O
2
(05(/$d2¬6'(%
&7L%
('621*21d$/9(6
(678'2&203$5$7,92'2'(6*$67('()(55$0(17$6
&(5Æ0,&$6'($O
2
(05(/$d2¬6'(%
&7L%
7UDEDOKR GH *UDGXDomR DSUHVHQWDGR
DR &RQVHOKR GH &XUVR GH *UDGXDomR
HP (QJHQKDULD
0HFkQLFD GD
)DFXOGDGHGH(QJHQKDULDGR&DPSXV
GH *XDUDWLQJXHWi 8QLYHUVLGDGH
(VWDGXDO 3DXOLVWD FRPR SDUWH GRV
UHTXLVLWRV SDUD REWHQomR GR GLSORPD
GH *UDGXDomR HP (QJHQKDULD
0HFkQLFD
2ULHQWDGRU3URI'U0DUFRV9DOpULR5LEHLUR
*XDUDWLQJXHWi
*H
*RQoDOYHV(GVRQGRV6DQWRV
(VWXGRFRPSDUDWLYRGRGHVJDVWHGHIHUUDPHQWDVFHUkPLFDV GH $O HP UHODomR DV GH %& 7L% (GVRQ GRV 6DQWRV *RQoDOYHV*XDUDWLQJXHWi>VQ@
ILO
%LEOLRJUDILDI
7UDEDOKR GH *UDGXDomR HP (QJHQKDULD 0HFkQLFD ± 8QLYHUVLGDGH (VWDGXDO 3DXOLVWD )DFXOGDGH GH (QJHQKDULD GH *XDUDWLQJXHWi
2ULHQWDGRU3URI'U0DUFRV9DOpULR5LEHLUR &RRULHQWDGRU3URI'U'DYL1HYHV
8VLQDJHP)HUURIXQGLGR,7tWXOR
'$'26&855,&8/$5(6
('621'266$1726*21d$/9(6
1$6&,0(172 ±%(/e03$
),/,$d2
(GLOVRQ3HUHLUD*RQoDOYHV
0DULDGH1D]DUpGRV6DQWRV*RQoDOYHV
&XUVRGH)RUPDomRGH6DUJHQWRVGD$HURQiXWLFD
(VFRODGH(VSHFLDOLVWDVGH$HURQiXWLFD
&XUVRGH7pFQLFRHP0HWDOXUJLD
(VFRODGH(VSHFLDOLVWDVGH$HURQiXWLFD
&XUVRGH(QJHQKDULD0HFkQLFD
)DFXOGDGH GH (QJHQKDULD GR &DPSXV GH *XDUDWLQJXHWi GD
8QLYHUVLGDGH(VWDGXDO3DXOLVWD
$*5$'(&,0(1726
3URI 'U 0DUFRV 9DOpULR 5LEHLUR H DR PHX FRRULHQWDGRU 'U (QJ 'DYL 1HYHV SHOD RULHQWDomRUHDOL]DGDFRPGHGLFDomRDPL]DGHHVREUHWXGRSHUVHYHUDQoD6HPRVHXDX[tOLRH SDFLrQFLDGHDPERVHVWDREUDQmRH[LVWLULD
$R,QVWLWXWRGH(VWXGRV$YDQoDGRV,($YSHORIRUQHFLPHQWRGRVWXERVGHIHUURIXQGLGR SDUD TXH KRXYHVVH RV HQVDLRV DR 'U *HWXOLR GD 'LYLVmR GH )tVLFD $SOLFDGD GR ()2 SRU IRUQHFHURWRUQR1G1RGXVGDPDUFD1DUGLQLDR'U2OLYHULRSRUIRUQHFHUDVSDVWLOKDVGH FHUkPLFDHDRV0VF&OHEHUHVWHHDTXHOHWUDEDOKDPQR$05$JUDGHoRDR'&7$,($YSHOR DSRLRORJtVWLFRHVXSRUWHWpFQLFRDRWUDEDOKRUHDOL]DGR
$RVPHXVIDPLOLDUHVHPHVSHFLDOPHXVDYRV$OD\GH$UPDQGRHPHXVWLRV0DULDGR &DUPRH-HDQ&DUORV
$RV FROHJDV $QGHUVRQ 6DWRVKL (YHUWRQ 'XDUWH GH 6RX]D )HUQDQGR $UDQWHV 'DQLHO 5RRV5RGULJR5RGULJXHV$QGHUVRQ'LRJHQHV%UXQR.OH\WRQHD7HOPD6RDUHVSHORDX[LOtR LQHVWLPiYHOQDFRQFOXVmRGHVWHFXUVRGHHQJHQKDULD
$RVPHXVFKHIHVGR,QVWLWXWRGH(VWXGRV$YDQoDGRV7HQHQWH)iELR+HQULTXH9DOpULD 6HUUDQR'DYL1HYHV6XERILFLDO/RSHVH&RURQHO9LOVRQ
$RVFROHJDVGHWUDEDOKR0DUFHOR*RORE*XLPDUmHV9DOpULR0DXUR2VpDV$QWRQLR &DUORV6XERILFLDO+pOFLR)HUQDQGR.DYDVKLPD&DYDOFD)DELDQRH0LUDQGD
$RVSURIHVVRUHVGR&XUVRGH(QJHQKDULD0HFkQLFDGD81(63GH*XDUDWLQJXHWiSHOR SURILVVLRQDOLVPRHFRPSHWrQFLDFRPTXHWUDQVPLWLUDPVHXVFRQKHFLPHQWRVDPLPDRORQJR GHVVHVDQRVGHFRQYtYLR
¬PLQKDQDPRUDGD$GULDQD6LOYD&DUGRVRSRUHVWDUDRPHXODGRQRVPRPHQWRVGHOXWD HVXSHUDomRGHPLQKDYLGD
$RDPLJRHLUPmR6HUJLR9LFWRUSRUVHPSUHPHLQFHQWLYDUQRVPHXVREMHWLYRVPHWDVH VHPSUHERDDPL]DGHQHVWDMRUQDGDGDYLGD
$RERP'HXVSHORGRPGDYLGDSHODVGiGLYDVHSHODVErQomRVHXOKHDJUDGHoR6HQKRU
$WpFRUWDVRVSUySULRVGHIHLWRVSRGHVHUSHULJRVR1XQFDVHVDEHTXDOpRGHIHLWRTXH VXVWHQWDQRVVRHGLItFLRLQWHLUR &ODULFH/LVSHFWRU
³$PHQWHTXHVHDEUHDXPDQRYDLGHLDMDPDLVYROWDUiDRVHXWDPDQKRRULJLQDO
*21d$/9(6((VWXGRFRPSDUDWLYRGRGHVJDVWHGHIHUUDPHQWDVFHUkPLFDVGH$O2
HPUHODomRjVGH%&7L%0RQRJUDILDGH*UDGXDomR*UDGXDomRHP(QJHQKDULD
0HFkQLFD±)DFXOGDGHGH(QJHQKDULDGR&DPSXVGH*XDUDWLQJXHWi8QLYHUVLGDGH(VWDGXDO 3DXOLVWD*XDUDWLQJXHWi
5(6802
$QHFHVVLGDGHGHFUHVFLPHQWRH GHVHQYROYLPHQWRPXQGLDOWRUQRXVHLPSUHVFLQGtYHO D EXVFD SRU GHWHUPLQDGRV WLSRV GH IHUUDPHQWDV GH XVLQDJHP PHFkQLFD TXHU VHMD R WLSR GH IHUUDPHQWDGHDoRUiSLGRUHYHVWLGDVFRPQLWUHWRGHWLWkQLRIHUUDPHQWDVGHFHUkPLFDEUDQFDRX FLQ]D 2 REMHWLYR GHVWH WUDEDOKR YLVD PRVWUDU DV PDLV YDULDGDV SRVVLELOLGDGHV GH XVLQDJHP SDUD R WUDEDOKR HP TXHVWmR XVLQDJHP GH IHUUR IXQGLGR FRP FHUkPLFDV WHQGR FRPR PHWD DOFDQoDUPHOKRUHVUHVXOWDGRVHPWHUPRVGHGHVJDVWHDSDUWLUGRVSDUkPHWURVHVFROKLGRVEHP FRPR DWHQWDQGR SDUD WRGR R FULWpULR GH VHJXUDQoD DERUGDGR SHODV QRUPDV H XVR GH HTXLSDPHQWRV LQGLYLGXDLV GH VHJXUDQoD YLVDQGR j LQWHJULGDGH GH VHX RSHUDGRU (VWHV UHTXLVLWRV DWHQGHP GH PDQHLUD DGHTXDGD DV QRYDV QHFHVVLGDGHV H SRU HVVH PRWLYR WrP GHVHPSHQKDGR XP SDSHO PDLV DWLYR QD LQG~VWULD GH XVLQDJHP PHFkQLFD $ IHUUDPHQWD HP HVWXGRQRSUHVHQWHWUDEDOKRIRLDFHUkPLFDEUDQFD$O2HDFLQ]D7L%SRUVHXVIDWRUHVGH UHVLVWrQFLD DV PDLV DOWDV WHPSHUDWXUDV H R ERP QtYHO GH GHVJDVWH SDUD FRP FHUWRV WLSRV GH VXSHUItFLHV $ VXSHUItFLH HP HVWXGR IRL D GR IHUUR IXQGLGR $SyV IHLWRV RV HQVDLRV SRGHVH FRQFOXLUTXHDVIHUUDPHQWDVFHUkPLFDVEUDQFDV$O2REWLYHUDPXPPHOKRUGHVHPSHQKRHP UHODomR jV IHUUDPHQWD GH 7L% TXH DSUHVHQWDUDP XPD PDLRU WD[D GH GHVJDVWH QD DYDOLDomR FRPSDUDWLYD
3$/$95$6&+$9(8VLQDJHPIHUUDPHQWDFHUkPLFDIHUURIXQGLGRUXJRVLGDGHGHVJDVWH
*21d$/9(6(&RPSDUDWLYHVWXG\RIWKHZHDURI$O2FHUDPLFWRROVLQUHODWLRQWR
WKH %& 7L% *UDGXDWLRQ 0RQRJUDSK\ 0HFKDQLFDO (QJLQHHULQJ *UDGXDWLRQ ±
)DFXOGDGHGH(QJHQKDULDGH*XDUDWLQJXHWi8QLY(VWDGXDO3DXOLVWD81(63*XDUDWLQJXHWi
$%675$&7
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
.(<:25'6PDFKLQLQJFHUDPLFWRROFDVWLURQURXJKQHVVZHDU
/,67$'(),*85$6
)LJXUD(OHWURHURVmRD)LRPDUFD$JLH&KDUPLOOHV )LJXUD&RPDQGRSDUD(OHWURHURVmRD)LR )LJXUD3HoDXVLQDGDSRU(OHWURHURVmRD)LR )LJXUD5HWLILFDGRUD3ODQDGDPDUFD)HUGLPDW )LJXUD&RUSRVGHSURYDUHWLILFDGRV )LJXUD&DYDFRVHPODVFDVGDFDUHSDUHWLUDGDGRWXERGH)R)R )LJXUD&DYDFRVTXHEUDGLoRVGR)R)R )LJXUD&DYDFRVKHOLFRLGDLV,QR[LGiYHO )LJXUD&DYDFRVHPODVFDV,QR[LGiYHO )LJXUD)HUUR)XQGLGR&LQ]HQWRFRPYHLRVUHODWLYDPHQWHJUDQGH;&ROSDHUW )LJXUD)RUPDVGH)HUUDPHQWDV&HUkPLFD6,/9$HWDO )LJXUD7RUQR+%;GDPDUFD5RPLSUHSDUDGRSDUDUHDOL]DUDSUHSDUDomRGRFRUSRGHSURYD )LJXUD7RUQR1'1RGXVGDPDUFD1DUGLQLSUHSDUDGRSDUDUHDOL]DomRGRHQVDLR )LJXUD7XERGHIHUURIXQGLGRDQWHVGRHQVDLRFRPFDUHSDGHR[LGDomR )LJXUD7XERGHIHUURIXQGLGRSUHSDUDGRSDUDVHUHQVDLDGR )LJXUD&RPSDUDomRHQWUHRVWXERVSDUDRHQVDLR )LJXUD3DVWLOKDVFHUkPLFD%&7L%
)LJXUD7XERGHIHUURIXQGLGRSDUDRLQtFLRGRVHQVDLRV )LJXUD3DVWLOKDFHUkPLFDDUHVWDVH )LJXUD3DVWLOKDFHUkPLFDDUHVWDVH )LJXUD'HVJDVWHHPUHODomRDRWHPSRGHFRUWHSDUD$O2
)LJXUD,PDJHPGDDUHVWDGD$O2HP0(9FRPDLQGLFDomRGRSRQWRGHDQiOLVHHP('6 )LJXUD(VSHFWURGHDQiOLVHSRU('6QRSRQWRGDDUHVWDGDIHUUDPHQWD$O2 )LJXUD,PDJHPGDDUHVWDGR%&7L%HP0(9FRPDLQGLFDomRGRSRQWRGHDQiOLVHHP('6 )LJXUD(VSHFWURGHDQiOLVHSRU('6QRSRQWRGDDUHVWDGDIHUUDPHQWD%&7L% )LJXUD,PDJHPGDDUHVWDGR%&7L%HP0(9FRPDLQGLFDomRGRSRQWRGHDQiOLVHHP('6 )LJXUD(VSHFWURGHDQiOLVHSRU('6QRSRQWRGDDUHVWDGDIHUUDPHQWD%&7L%
/,67$'(7$%(/$6
7DEHOD±'DGRVGDUHDOL]DomRGRVHQVDLRVSDUD$O2
7DEHOD±'DGRVGDUHDOL]DomRGRVHQVDLRVSDUD%&7L%
/,67$'($%5(9,$785$6(6,*/$6
DH SHQHWUDomRGHWUDEDOKRPP DI SHQHWUDomRGHDYDQoRPP
DS SURIXQGLGDGHRXODUJXUDGHXVLQDJHPPP $ iUHDGDVHomRWUDQVYHUVDOGHFRUWHPPð
$5 iUHDGHFRQWDWRUHDOHQWUHGXDVVXSHUItFLHVHPFRQWDWR
EODUJXUDGHFRUWHPP
F FDORUHVSHFtILFRGRVPDWHULDLV-.J. G GLkPHWURGDSHoDPP
GV GLkPHWURGRUHEROR
GZ GLkPHWURGDSHoDVHQGRUHWLILFDGDPP 9% GHVJDVWHGHIODQFRPP
0(9 0LFURVFySLRHOHWU{QLFRGHYDUUHGXUD 'F GLkPHWURGRFRUWDGRUHPIUHVDPHQWRPP HQ H[WHQVmRGDSDUWHSODQDGRTXHEUDFDYDFRVPP $16, $PHULFDQ1DWLRQDO6WDQGDUGV,QVWLWXWH
(1 (XURSHDQ1RUP
$670 $PHULFDQ6RFLHW\IRU7HVWLQJDQG0DWHULDOV $::$ $PHULFDQ:DWHU:RUNV$VVRFLDWLRQ
,62 ,QWHUQDWLRQDO2UJDQL]DWLRQIRU6WDQGDUGL]DWLRQ %6 %ULWLVK6WDQGDUGV
('6 (QHUJ\'LVSHUVLYH[UD\'HWHFWRU
1%5 'HQRPLQDomRGHQRUPDGD$VVRFLDomR%UDVLOHLUDGH1RUPDV7pFQLFDV$%17 )R)R IHUURIXQGLGR
I DYDQoRPPUHY IF DYDQoRGHFRUWHPP IH DYDQoRHIHWLYRPP
I] DYDQoRSRUGHQWHPPGHQWH
) IRUoDWDQJHQFLDOVREUHXPDVXSHUItFLHHPDWULWR1 '&7$ 'HSDUWDPHQWRGH&LrQFLDH7HFQRORJLD$HURHVSDFLDO ,($Y ,QVWLWXWRGH(VWXGRV$YDQoDGRV
('0 (OHWULFDO'LVFKDUJH0DFKLQLQJ
) IRUoDWDQJHQFLDOVREUHXPDVXSHUItFLHHPDWULWR1 )DS IRUoDGHDSRLR1
680È5,2
,1752'8d2
0RWLYDomR
2EMHWLYRVGHVWH7UDEDOKR
5(9,62%,%/,2*5È),&$
2SHUDo}HVGH8VLQDJHP
7RUQHDPHQWR
)UHVDPHQWR
(OHWURHURVmR
5HWLILFDomR
&DYDFRV
8VLQDJHPD6HFR
)HUUR)XQGLGR&LQ]HQWR
)HUUDPHQWDVGH&RUWH
&RPSRVLomRGD)HUUDPHQWDGH&RUWH
352&(',0(1726(;3(5,0(17$,6
0DWHULDOH(TXLSDPHQWRV
(QVDLRV
5(68/7$'26(',6&8662
$QiOLVH0LFURVFySLFD
$QiOLVHVGDV$UHVWDV5HDOL]DGDVQR0(9
&21&/862(&216,'(5$d®(6),1$,6
5()(5Ç1&,$6
,1752'8d2
2SUHVHQWHWUDEDOKRWHPDILQDOLGDGHGHYHULILFDUHFRPSDUDUGXDVSDVWLOKDVGHFHUkPLFD XPD XVDGD QR PHUFDGR DWXDO H RXWUD GHVHQYROYLGD SHOR '&7$ 2 WUDEDOKR IRL IHLWR XPD FRPSDUDomRGHGHVJDVWHFRPDPEDVDVSDVWLOKDVVHQGRXVLQDGDVFRPRWRUQRPHFkQLFR+%; GDPDUFD5RPLSDUDUHWLUDGDGDFDUHSDHHPVHJXLGDXPDRSHUDomRGHWRUQHDPHQWRIHLWDSDUD DV FRPSDUDo}HV GRV GHVJDVWHV QRV IODQFRV GDV IHUUDPHQWDV FRP R WRUQR PHFkQLFR 1G 1RGXVGDPDUFD1DUGLQLDXVLQDELOLGDGHFRQVLVWLUiQDDSOLFDomRGHFRQFHLWRVHKDELOLGDGHV DGTXLULGDVGXUDQWHRFXUVRHDGTXLULGDVQRHVWiJLRVXSHUYLVLRQDGR
0RWLYDomR
$LQRYDomRHPHQJHQKDULDPXLWDVYH]HVVLJQLILFDDXWLOL]DomRLQWHOLJHQWHGHXPQRYR PDWHULDOQRYRSDUDXPDGHWHUPLQDGDDSOLFDomRSRUpPQmRQHFHVVDULDPHQWHQRYRHPERUDjV YH]HVRVHMDQRVHQWLGRGHGHVHQYROYLPHQWRUHFHQWH&OLSHVGHSOiVWLFRVSDUDSDSHLVHSiVGH WXUELQDVGHFHUkPLFDUHSUHVHQWDPWHQWDWLYDVSDUDID]HURPHOKRUFRPRSROtPHURVHPDWHULDLV FHUkPLFRV R TXH DQWHV HUD EHP IHLWR FRP PHWDLV $OpP GLVVR RV GHVDVWUHV GH HQJHQKDULD FRVWXPDPVHUFDXVDGRVSHODPiXWLOL]DomRGHPDWHULDLV$6+%<
(VWDSRUVXDYH]pXPDGDVWHQGrQFLDVDVHUHPWUDEDOKDGDVSHODVHPSUHVDVFRPRLQWXLWR GHDSHUIHLoRDUDHYROXomRGRVPDWHULDLV$XVLQDJHPFRPGHWHUPLQDGRVPDWHULDLVpREMHWRGH HVWXGRVSRUPXLWRSURILVVLRQDLVGHVGHPXLWRWHPSRSURFXUDVVHDFRPSRVLomRDGHTXDGDSDUD GHWHUPLQDGDVILQDOLGDGHVHVWDVPHVPDVILQDOLGDGHVDWpHQWmRVHUYHPGHSHVTXLVDVGHYiULRV HQJHQKHLURVGHGHWHUPLQDGDViUHDVFRPRLQWXLWRGHPHOKRUDUFDGDYH]PDLVDXWLOLGDGHGHVVHV PDWHULDLV
2V PDWHULDLV EHP FRPR VXDV FRPSRVLo}HV VmR PXLWR LPSRUWDQWHV SDUD VH WHU XPD GHWHUPLQDGD UHVLVWrQFLD DR GHVJDVWH D UHVLVWrQFLD PHFkQLFD HQWUH RXWUDV SURSULHGDGHV $ GLVFXVVmRDTXLVHUiHQWUHXPDQRYDSDVWLOKDTXHHVWiHPGHVHQYROYLPHQWRSHOR'HSDUWDPHQWR GH &LrQFLD H 7HFQRORJLD $HURHVSDFLDO '&7$ SDUD XVLQDJHP FRP PDWHULDO FHUkPLFR TXH R $05 GLYLVmR GH PDWHULDLV TXH ID] SDUWH GR PHVPR GHSDUWDPHQWR WHFQROyJLFR DPERV GHVHQYROYHPYiULRVH[SHULPHQWRVFRPGHWHUPLQDGRVPDWHULDLV
+i XP LQWHUHVVH PXLWR JUDQGH SRU SDUWH GR GHSDUWDPHQWR QR GHVHQYROYLPHQWR GHVVDV SDVWLOKDVFHUkPLFDVSDUDGHWHUPLQDGRVWLSRVGHWUDEDOKRDVHUHPH[HFXWDGRVVHPFRQWDUFRPD HFRQRPLDTXHRVLQVWLWXWRVWHULDPSRUVXDDSURYDomRQRVUHTXLVLWRVDEUDQJHQWHV
2EMHWLYRVGHVWH7UDEDOKR
2 SUHVHQWH WUDEDOKR WHP D ILQDOLGDGH GH DFUHVFHQWDU XP QRYR WLSR GH IHUUDPHQWD GH FHUkPLFDTXHHVWiVHQGRGHVHQYROYLGDSHOR$05TXHID]SDUWHGR'&7$SDUDIDFLOLWDUQR YDVWR FDPSR GH WUDEDOKR R TXDO p R FDPSR GD XVLQDJHP PHFkQLFD H D QRYD GHVFREHUWD GH FRPSRVLo}HVGHPDWHULDLVTXHVHUYLUmRSDUDRVPDLVHGLYHUVRVWLSRVGHWUDEDOKRQRFDPSR DHURQiXWLFRQDYDOHDWpPHVPRFRPREOLQGDJHP(VWHWUDEDOKRFRQVLVWLXHPWRUQHDUTXDWUR WXERVGHIHUURIXQGLGRGHPPFDGDFRPRDYDQoRGHPPUHYHFRPYHORFLGDGHFRUWH GHDSUR[LPDGDPHQWHPPLQ
$V SDVWLOKDV IRUDP OHYDGDV SDUD R ODERUDWyULR IRUDP IHLWDV DV DQiOLVHV QDV PHVPDV IRUDP WLUDGDV IRWRV FRP R DX[LOLR GH PLFURVFySLR HOHWU{QLFD GH YDUUHGXUD $WUDYpV GHVWDV IRUDPIHLWDVDVDQDOLVHVQHFHVViULDVHPUHODomRjVSDVWLOKDVGHFHUkPLFD2SUHVHQWHWUDEDOKR YLVDHQWHQGHURVGHVJDVWHVDYDOLDGRVQDSDVWLOKDFHUkPLFDRQGHHVWDpFRPHUFLDOPHQWHPDLV HPFRQWDGRTXHDVRXWUDVYHQGLGDVQRPHUFDGR$FDSDFLGDGHGHDEVRUomRGHFDORUHQWUHDV SDVWLOKDVFHUkPLFDVWHPXPPHOKRUGHVHPSHQKRHPUHODomRjVRXWUDVSDVWLOKDVSRUWHUXP EDL[RFRHILFLHQWHGHFDORUHQWUHDVVXSHUItFLHVHPFRQWDWRFRPDVSHoDVDVHUHPXVLQDGDV
$ XVLQDJHP GHVWHV WXERV GH IHUUR IXQGLGR H[LVWH XPD FDUHSD GH DSUR[LPDGDPHQWH PPHPVHXGLkPHWURHIRLUHWLUDGRGHPDQHLUDTXHRWRUQHDPHQWRIRVVHPDLVSUHFLVRRQGH IRLXVDGDXPDIHUUDPHQWDGHFRUWHGLIHUHQWHGDXVDGDQRVHQVDLRV$SUHRFXSDomRGHUHWLUDUD FDUHSDpWHUXPDERDSUHSDUDomRSDUDRFRUSRGHSURYDQRPRPHQWRGDUHWLUDGDGDFDUHSD +RXYHDQHFHVVLGDGHGHVHXVDUXPDURWDomRPDLRUSDUDDSUHSDUDomRGR&3'GHPRGRHP TXHRFRUUHVVHXPDEDL[DUXJRVLGDGHHPVXDVXSHUItFLH
5(9,62%,%/,2*5È),&$
2SHUDo}HVGH8VLQDJHP
6HUi GHVFULWR DOJXPDV RSHUDo}HV GH XVLQDJHQV XVDGDV QD WHFQRORJLD GH XVLQDJHP GH PDWHULDLV
7RUQHDPHQWR
eRSURFHVVRPHFkQLFRGHXVLQDJHPGHVWLQDGRjREWHQVmRGHVXSHUItFLHVGHUHYROXomR FRPRDX[tOLRGHXPDRXPDLVIHUUDPHQWDVPRQRFRUWDQWHV3DUDWDQWRDSHoDJLUDHPWRUQRGR HL[RSULQFLSDOGHURWDomRGDPiTXLQDHDIHUUDPHQWDVHGHVORFDVLPXOWDQHDPHQWHVHJXQGRXPD WUDMHWyULDFRSODQDUFRPRUHIHULGRHL[R)(55$5(6,
x 7RUQHDPHQWR5HWLOtQHR
eRSURFHVVRGHWRUQHDPHQWRQRTXDODIHUUDPHQWDVHGHVORFDVHJXQGRXPDWUDMHWyULD UHWLOtQHD2WRUQHDPHQWRUHWLOtQHRSRGHVHU
x 7RUQHDPHQWR&LOtQGULFR
eRSURFHVVRGHWRUQHDPHQWRQRTXDODIHUUDPHQWDVHGHVORFDVHJXQGRXPDWUDMHWyULD SDUDOHODDRHL[RSULQFLSDOGHURWDomRGDPiTXLQD3RGHVHUH[WHUQRRXLQWHUQR
4XDQGR R WRUQHDPHQWR FLOtQGULFR YLVD REWHU QD SHoD XP HQWDOKH FLUFXODU QD SDUWH SHUSHQGLFXODUDRHL[RSHUSHQGLFXODUDRHL[RSULQFLSDOGHURWDomRGDPiTXLQDRWRUQHDPHQWRp GHQRPLQDGRVDQJUDPHQWRD[LDO
x 7RUQHDPHQWR&{QLFR
eRSURFHVVRGHWRUQHDPHQWRQRTXDODIHUUDPHQWDVHGHVORFDVHJXQGRXPDWUDMHWyULD UHWLOtQHDLQFOLQDGDHPUHODomRDRHL[RSULQFLSDOGHURWDomRGDPiTXLQD3RGHVHUH[WHUQRRX LQWHUQR)(55$5(6,
x 7RUQHDPHQWR5DGLDO
eRSURFHVVRGHWRUQHDPHQWRQRTXDODIHUUDPHQWDVHGHVORFDVHJXQGRXPDWUDMHWyULD UHWLOtQHDSHUSHQGLFXODUDRHL[RSULQFLSDOGHURWDomRGDPiTXLQD
4XDQGRRWRUQHDPHQWRUDGLDOYLVDjREWHQVmRGHXPDVXSHUItFLHSODQDRWRUQHDPHQWRp GHQRPLQDGRWRUQHDPHQWRGHIDFHDPHQWR4XDQGRRWRUQHDPHQWRUDGLDOYLVDjREWHQVmRGHXP HQWDOKHFLUFXODURWRUQHDPHQWRpGHQRPLQDGRVDQJUDPHQWRUDGLDO)(55$5(6,
x 3HUILODPHQWR
eRSURFHVVRGHWRUQHDPHQWRQRTXDODIHUUDPHQWDVHGHVORFDVHJXQGRXPDWUDMHWyULD UHWLOtQHDUDGLDORXD[LDOYLVDQGRjREWHQVmRGHXPDIRUPDGHILQLGDGHWHUPLQDGDSHORSHUILOGD IHUUDPHQWD
x 7RUQHDPHQWR&XUYLOtQHR
eRSURFHVVRGHWRUQHDPHQWRQRTXDODIHUUDPHQWDVHGHVORFDVHJXQGRXPDWUDMHWyULD FXUYLOtQHD
)UHVDPHQWR
eRSURFHVVRPHFkQLFRGHXVLQDJHPGHVWLQDGRjREWHQVmRGHVXSHUItFLHVTXDOTXHUFRPR DX[LOLRGHIHUUDPHQWDVJHUDOPHQWHPXOWLFRUWDQWHV3DUDWDQWRDIHUUDPHQWDJLUDHDSHoDRXD IHUUDPHQWDVHGHVORFDPVHJXQGRXPDWUDMHWyULDTXDOTXHU'LVWLQJXHVHGRLVWLSRVEiVLFRVGH IUHVDPHQWR)(55$5(6,
x )UHVDPHQWR&LOtQGULFR7DQJHQFLDO
eRSURFHVVRGHIUHVDPHQWRGHVWLQDGRjREWHQVmRGHVXSHUItFLHVSODQDSDUDOHODDRHL[R GH URWDomR GD IHUUDPHQWD 4XDQGR D VXSHUItFLH QmR IRU SODQD RX R HL[R GH URWDomR GD IHUUDPHQWD IRU LQFOLQDGR HP UHODomR j VXSHUItFLH RULJLQDGD QD SHoD VHUi FRQVLGHUDGR XP SURFHVVRHVSHFLDOGHIUHVDPHQWRWDQJHQFLDO)(55$5(6,
x )UHVDPHQWR)URQWDO
eRSURFHVVRGHIUHVDPHQWRGHVWLQDGRjREWHQVmRGHVXSHUItFLHVSODQDSHUSHQGLFXODUDR HL[RGHURWDomRGDIHUUDPHQWD)(55$5(6,
(OHWURHURVmR
$ HOHWURHURVmR EDVHLDVH QD GHVWUXLomR GH SDUWtFXODV PHWiOLFDV SRU PHLR GH GHVFDUJDV HOpWULFDV(VWHpXPSURFHVVRWpUPLFRGHIDEULFDomRFDUDFWHUL]DGRSHODUHPRomRGHPDWHULDOH VXFHVV}HVGHGHVFDUJDVHOpWULFDVTXHRFRUUHPHQWUHXPHOHWURGRHXPDSHoDDWUDYpVGHXP OtTXLGRGLHOpWULFRFKDPDGRSRU('0 (OHWULFDO'LVFKDUJH0DFKLQLQJ
(VWHSURFHVVRFRQVLVWHQDIDEULFDomRGHSHoDVLVRODGDVRXVHMDQmRpHPSURGXomRHP VpULH
x (OHWURHURVmRDILR
2 SULQFtSLR EiVLFR GHVWD XVLQDJHP p TXH QHVWH SURFHVVR XP ILR GH ODWmR LRQL]DGR p HOHWULFDPHQWHFDUUHJDGRHRPHVPRDWUDYHVVDXPDSHoDVXEPHUVDHPXPIOXLGRQmRLRQL]DGR FRQIRUPH $ )LJXUD QRV PRVWUD XPD PiTXLQD IHUUDPHQWD GH HOHWURHURVmR D ILR HP PRYLPHQWRVFRQVWDQWHVGRILRTXHpHQURODGRHPXPFDUUHWHODGDSWDGRDXPPRWRUTXHJLUD QRVHQWLGRKRUiULRHDQWLKRUiULRHQURODQGRHVWHILRGHPDQHLUDHPTXHKRUDRILRVREHHKRUD RILRGHVFHSURYRFDQGRDVVLPDGHVFDUJDHOpWULFDHQWUHRILRHDSHoDXVLQDGDDVTXDLVFRUWDP R PDWHULDO 3DUD SHUPLWLU D SDVVDJHP GR ILR p IHLWR SUHYLDPHQWH XPD SHTXHQD IXUDomR QR PDWHULDODVHUXVLQDGR2FRUWHDILRpSURJUDPDGRSRUFRPSXWDGRUFRQIRUPH)LJXUD2 TXDO SHUPLWLUi R FRUWH GH SHUILV GHQWUH RV PDLV YDULDGRV H FRP H[DWLGmR DWUDYpV GH SURJUDPDo}HVIHLWDVSHORRSHUDGRU
)LJXUD(OHWURHURVmRD)LRPDUFD$JLH&KDUPLOOHV
)LJXUD&RPDQGRSDUD(OHWURHURVmRD)LR
5HWLILFDomR
$UHWLILFDomRpXPSURFHVVRGHXVLQDJHPSRUDEUDVmRTXHUHWLILFDDVXSHUItFLHGHXPD SHoD7HPSRUREMHWLYRFRUULJLUDVLUUHJXODULGDGHVGHVXSHUItFLHVGDVSHoDVXVLQDGDV$VVLPD UHWLILFDomR WHP SRU REMHWLYR UHGX]LU DV UXJRVLGDGHV VDOLrQFLDV H UHEDUEDV GD VXSHUItFLH XVLQDGDFRPPDTXLQDIHUUDPHQWD
$ PiTXLQD IHUUDPHQWD XVDGD SDUD D UHWLILFDomR p D UHWLILFDGRUD GD )LJXUD p XPD PDTXLQDHPSUHJDGDQDXVLQDJHPGHSHoDVSDUDGDUDVVXDVVXSHUItFLHVXPDH[DWLGmRPDLRUH XPPHOKRUDFDEDPHQWRGRTXHRVIHLWRVWUDEDOKDGRVHPPiTXLQDVIHUUDPHQWDVFRQYHQFLRQDLV
)LJXUD5HWLILFDGRUD3ODQDGDPDUFD)HUGLPDW
x 5HWLILFDGRUD3ODQD
eXPWLSRGHPDTXLQDIHUUDPHQWDTXHUHWLILFDWRGRVRVWLSRVGHVXSHUItFLHVSODQDV 1DUHWLILFDGRUDSODQDDSHoDDVHUWUDEDOKDGDVHUiSUHVDDXPDSODFDPDJQpWLFDIL[DGDjPHVD GDUHWLILFDGRUDHFRQVHTXHQWHGXUDQWHDXVLQDJHPDPHVDGHVORFDUVHiHPXPPRYLPHQWR UHWLOtQHRGDHVTXHUGDSDUDDGLUHLWDHYLFHYHUVDID]HQGRFRPTXHDSHoDPDQWHQKDFRQWDWR FRPRUHERORHPVHXVPRYLPHQWRV6HQGRDVVLPRFRUUHUiXPGHVORFDPHQWRWUDQVYHUVDOGD PHVD
)LJXUD&RUSRVGHSURYDUHWLILFDGRV
x 5HEROR
$IHUUDPHQWDGHFRUWHHPSUHJDGDQDUHWLILFDomRGRUHERORpFRQVWLWXtGDGHDEUDVLYRVH GHPDWHULDOOLJDQWHHVWHFKDPDGRGHDJORPHUDQWHRUHERORGHVVHVHUUHODWLYDPHQWHSRURVRGH PRGRDSHUPLWLURDORMDPHQWRGRIOXLGRGHFRUWHHGHFDYDFRVSULQFLSDOPHQWHHPRSHUDo}HV QDVTXDLVRFRPSULPHQWRGHFRQWDWRUHERORSHoDpPDLVH[WHQVR0$&+$'2
&DYDFRV
$EDVHSDUDXPPHOKRUHQWHQGLPHQWRGHWRGRVRVSURFHVVRVGHXVLQDJHPHVWiQRHVWXGR FLHQWLILFR GH IRUPDomR GH FDYDFRV (VVH HVWXGR WHP SURSRUFLRQDGR JUDQGHV DYDQoRV QRV SURFHVVRV GH XVLQDJHP H FRQWULEXtGR SDUD R DSHUIHLoRDPHQWR GDV DUHVWDV GH FRUWH FRP TXHEUDFDYDFRVFDGDYH]PDLVHILFLHQWHVDOpPGHQRYRVPDWHULDLVHILFD]HVSDUDIDEULFDo}HV GH QRYDV IHUUDPHQWDV H D SRVVLELOLGDGH GH XVLQDU RV PDLV YDULDGRV WLSRV GH PDWHULDLV H GHWHUPLQDGDVGXUH]DV6DEHPRVTXHRFDYDFRpIRUPDGRHPDOWDVYHORFLGDGHVGHGHIRUPDomR VHJXLGDGHUXSWXUDGRPDWHULDOGDSHoD0$&+$'2
'XUDQWHDXVLQDJHPGHYLGRjSHQHWUDomRGDIHUUDPHQWDQDSHoDXPDSHTXHQDSRUomR GHPDWHULDOpUHFDOFDGDFRQWUDDVXSHUItFLHGHVDtGDGDIHUUDPHQWD
2 PDWHULDO UHFDOFDGR VRIUH XPD GHIRUPDomR SOiVWLFD D TXDO DXPHQWD SURJUHVVLYDPHQWH DWpTXHDVWHQV}HVGHFLVDOKDPHQWRVHWRUQHPVXILFLHQWHPHQWHJUDQGHVGHPRGRDVHLQLFLDUR GHVOL]DPHQWR HQWUH D SRUomR GH PDWHULDO UHFDOFDGR H D SHoD (VWH GHVOL]DPHQWR VH UHDOL]D VHJXQGR RV SODQRV GH FLVDOKDPHQWR GRV FULVWDLV GD SRUomR GH PDWHULDO UHFDOFDGR )(55$5(6,
x )RUPDVGH&DYDFRV
2VFDYDFRVSRGHPVHUGHTXDWURIRUPDVFDYDFRHPILWDFDYDFRV KHOLFRLGDLVFDYDFR HVSLUDOHFDYDFRHPODVFDVRXSHGDoRV
)LJXUD&DYDFRVHPODVFDVGDFDUHSDUHWLUDGDGRWXERGH)R)R
)LJXUD&DYDFRVTXHEUDGLoRVGR)R)R
)LJXUD±&DYDFRVKHOLFRLGDLVDoRLQR[LGiYHO
8VLQDJHPD6HFR
2TXHRFRUUHFRPDQmRXWLOL]DomRGHOXEULILFDQWHVQDXQLGDGHGHFRUWHGHXPDPiTXLQD IHUUDPHQWDWHPYiULDVYDQWDJHQVHGHVYDQWDJHQVXPDYDQWDJHPpRDXPHQWRQDHILFLrQFLDH UHGXomR GH FXVWRV $OpP GR PDLV DV FRQGLo}HV DPELHQWDLV GDV HPSUHVDV H D TXDOLGDGH GR ORFDOGHWUDEDOKRPHOKRUDPDRORQJRGRWHPSR
(VWDXVLQDJHPIRUDIHLWDQRHQVDLRUHDOL]DGRFRPHVWHH[SHULPHQWRGHFRPSDUDomRGH GXDVIHUUDPHQWDVFHUkPLFDVFRPDILQDOLGDGHGHQmRGDQLILFDURXDWUDSDOKDURH[SHULPHQWRH VHPFRQWDUTXHQmRpDSURSULDGDDXVLQDJHPFRPPDWHULDOGHIHUURIXQGLGRSRLVRPHVPR VROWDFDYDFRVQDIRUPDGHSyRTXDORFDVLRQDPXLWDVXMHLUDQDPiTXLQDIHUUDPHQWD
$PDQHLUDGHVHGLPLQXLURVHIHLWRVGRVWHPSRVLPSURGXWLYRVFDXVDGRVSHORVGHVJDVWHV GDV IHUUDPHQWDV SRGH VHU DOFDQoDGR FRP D LQWURGXomR GH VLVWHPDV GH OXEULILFDomR H UHIULJHUDomR HILFLHQWHV QR SURFHVVR 3RUpP QRV ~OWLPRV DQRV DV SHVTXLVDV REWLYHUDP FRPR PHWDDUHVWULomRDRPi[LPRGRXVRGHIOXLGRVUHIULJHUDQWHVHOXEULILFDQWHVQDSURGXomRPHWDO PHFkQLFD 2V IDWRUHV LPSRUWDQWHV TXH MXVWLILFDUDP D HVVH SURFHGLPHQWR LQFOXHP RV FXVWRV RSHUDFLRQDLV GD SURGXomR DV TXHVW}HV HFROyJLFDV DV H[LJrQFLDV OHJDLV GH FRQVHUYDomR GR PHLRDPELHQWHHDSUHVHUYDomRGDVD~GHGRVHUKXPDQR0$&+$'2
)HUUR)XQGLGRFLQ]HQWR
$IRUPDomRGDPDLRUSDUWHGDJUDILWDVHGiQRUPDOPHQWHQDVROLGLILFDomRGRHXWpWLFRH GHSRLV GR PHWDO VROLGLILFDGR HQTXDQWR HVWLYHU DFLPD GH & (P VHomR SROLGD HOD VH DSUHVHQWD DR PLFURVFySLR VRE D IRUPD GH YHLRV RX HQWmR SDUWtFXODV YHUPLIRUPHV DJUXSDGDV )LJXUD4XDQGRWRGRRFDUERQRHVWiVREDIRUPDGHJUDILWDRDVSHFWRGDIUDWXUDpHVFXUR RTXHGHXRULJHPjGHVLJQDomRGHIHUURIXQGLGRFLQ]HQWR
)LJXUD)HUURIXQGLGRFLQ]HQWRFRPYHLRVUHODWLYDPHQWHJUDQGH;&2/3$(57
$JUDILWDUDUDPHQWHVHIRUPDHQWUHDVOLQKDV³/LTXLGXV´H³6ROLGXV´QRVIHUURVIXQGLGRV KLSRHXWpWLFRV H VLOtFLR 6HX DSDUHFLPHQWR QHVVH LQWHUYDOR p PDLV IUHTXHQWH QRV IHUURV KLSHUHXWpWLFRVDSUHVHQWDQGRVHDJUDILWDHPJUDQGHVSDOKHWDVTXHHPVHomRSROLGDDSDUHFHP FRPRYHLRVHPJHUDOEHPPDLRUHVGRTXHRVGRIHUURIXQGLGREUDQFR&2/3$(57
$JUDILWDQRUPDOPHQWHVHVHSDUDQRPRPHQWRGHVROLGLILFDomRGROtTXLGRPDVWDPEpP SRGHUHVXOWDUGDGHFRPSRVLomRGDFHPHQWLWD
)H& ĺ )H &JUDILWD
'RLVVmRRVIDWRVPDLVLPSRUWDQWHVTXHGHFLGHPVHRIHUURIXQGLGRDRVHVROLGLILFDUVH WRUQDUiEUDQFRRXFLQ]HQWR
$FRPSRVLomRTXtPLFD $YHORFLGDGHGHHVIULDPHQWR
x &RPSRVLomR4XtPLFD
2FDUERQRQRVSURGXWRVLQGXVWULDLVHVWiFRPSUHHQGLGRJHUDOPHQWHHQWUHD &RPWHRUHVEDL[RVKiWHQGrQFLDSDUDIRUPDUVHRWLSREUDQFRjPHGLGDSRUpPTXHRWHRUGH FDUERQRFUHVFHPHOKRUDPDVFRQGLo}HVSDUDRPDWHULDOVHWRUQDUFLQ]HQWR
1RVIHUURVIXQGLGRVEUDQFRDGXUH]DVHHOHYDFRPRWHRUGHFDUERQRGHYLGRRDXPHQWR GDTXDQWLGDGHGHFHPHQWLWD
2 VLOtFLR p GHSRLV GR FDUERQR R HOHPHQWR PDLV LPSRUWDQWH QR IHUUR IXQGLGR (OH IDYRUHFHDGHFRPSRVLomRGDFHPHQWLWDHPIHUULWDHJUDILWDHSRULVVRDHOHVHUHFRUUHTXDQGR VHTXHUTXHRSURGXWRVHMDFLQ]HQWR&RPSRXFRRXQHQKXPVLOtFLRRIHUURIXQGLGRDSUHVHQWD HPJHUDOIUDWXUDEUDQFD&2/3$(57
3DUDREWHUIHUURIXQGLGRFLQ]HQWRFRPPHOKRUUHVLVWrQFLDFRQYpPTXHDTXDQWLGDGHGH VLOtFLRVHMDVXILFLHQWHSDUDSURPRYHUDJUDILWL]DomRDWpDWHPSHUDWXUDGDIRUPDomRGDSHUOLWD & PDV LQVXILFLHQWH SDUD GHFRPSRU D FHPHQWLWD GD SHUOLWD 6H HVWD VH GHFRPSXVHU WDPEpPUHVXOWDUiXPIHUURIXQGLGRPHQRVUHVLVWHQWHHPDLVPROH&2/3$(57
x &RQVWLWXLomRGRVIHUURVIXQGLGRVFLQ]HQWRV
1HVWHV PDWHULDLV R WHRU GH VLOtFLR HVWi HP JHUDO DFLPD GH H GDGDV jV SURIXQGDV DOWHUDo}HV TXH DV OLJDV IHUURFDUERQR VRIUHP FRP D VXD SUHVHQoD QmR VH SRGH GHL[DU GH FRQVLGHUiODV FRPR OLJDV IHUURVFDUERQRVLOtFLR $ HVWDV QmR p DSOLFiYHO R GLDJUDPD )H& KDELWXDO SRUTXH VXDV OLQKDV VH GHVORFDP PXGDP GH IRUPD H DOJXPDV DWp VH GHVGREUDP j PHGLGD TXH R WHRU GH VLOtFLR FUHVFH PHVPR GHQWUR GRV OLPLWHV GRV SURGXWRV LQGXVWULDLV FRPXQV&2/3$(57
8PDGDVDOWHUDo}HVpRGHVORFDPHQWRGRHXWpWLFRSDUDDHVTXHUGDQDSURSRUomRGH GHFDUERQRSDUDFDGDGHVLOtFLR$VVLPXPIHUURIXQGLGRFRPGHFDUERQRHGH VLOtFLRVROLGLILFDDSUR[LPDGDPHQWHFRP GHFDUERQRSHORGLDJUDPD)H &&2/3$(57
)HUUDPHQWDVGH&RUWH
GHVJDVWHHPpGLDWHQDFLGDGH$GXUH]DVXSHUILFLDOQDFRQGLomRWHPSHUDGDHUHYHQLGDSRGH DOFDQoDU+5F
$SOLFDo}HV(VWHDoRpGHVWLQDGRjIDEULFDomRGHIHUUDPHQWDVGHFRUWHIHUUDPHQWDVSDUD WUDEDOKR HP PDGHLUDV IHUUDPHQWDV SDUD FRQIRUPDomR GH DoRV H PHWDLV QmR IHUURVRV HWF e XWLOL]DGR WDPEpP QD IDEULFDomR GH LQVWUXPHQWRV GH PHGLomR RQGH Ki QHFHVVLGDGH GH HVWDELOLGDGHGLPHQVLRQDOWDLVFRPRUpJXDVFDOLEUHVSDGU}HVHWF2/,9(,5$
$VFRQGLo}HVGHIRUQHFLPHQWRVmRDVVHJXLQWHVEDUUDVODPLQDGDVUHGRQGDVTXDGUDGDVH UHWDQJXODUHVFRPRVIRUPDWRVDEDL[RFRQIRUPH)LJXUD
)LJXUDIRUPDVGHIHUUDPHQWDV&HUkPLFDDUWLJR6,/9$HWDO
&RPSRVLomRGD)HUUDPHQWDGH&RUWH
&RPSRVLomR%&7L%VHQGRHPSHVR
'HQVLGDGHJFP
0LFURGXUH]D9LFNHUV&RPFDUJDGHNJIPPRX*3D
7HPSHUDWXUDGHVLQWHUL]DomR7 &FRPIRUPDomRGHIDVHOtTXLGD2/,9(,5$
352&(',0(172(;3(5,0(17$/
2H[SHULPHQWRIRLUHDOL]DGRGDVHJXLQWHIRUPDSULPHLUDPHQWHIRUDPFRUWDGRVRVTXDWUR WXERVGHIHUURIXQGLGRFLQ]HQWRFRPGLkPHWURVGHPPHVHXVUHVSHFWLYRVFRPSULPHQWRV GHPPIHLWRLVWRDJRUDRFRUUHUiDSUHSDUDomRGRVFRUSRVGHSURYD
1DVXSHUItFLHGDSHoDH[LVWHXPDFDUHSDTXHVHIRUPRXDWUDYpVGDR[LGDomRHPUHODomR DR WHPSR HVWD FDUHSD WHP DSUR[LPDGDPHQWH PP GH HVSHVVXUD R TXH LULD DOWHUDU RV UHVXOWDGRVGRHQVDLR(VWHSURFHGLPHQWRIRLUHDOL]DGRQR,QVWLWXWRGH(VWXGRV$YDQoDGRVQR WRUQRPHFkQLFR+%;GDPDUFD5RPLFRPRVVHJXLQWHVSDUkPHWURVYHORFLGDGHGHFRUWHGH DSUR[LPDGDPHQWH9F PPLQDYDQoRGHPPUHYHSURIXQGLGDGHGHPP$XPD URWDomRGHUSPFRPSDVWLOKDVGHPHWDOGXUR
4XDQGRWHUPLQDGRGHUHWLUDUDFDUHSDGRVTXDWURWXERVRVWXERVRVPHVPRVHVWDULDP SURQWRVSDUDVHUHPHQVDLDGRVSRUpPDIHUUDPHQWDGHFHUkPLFDpEDVWDQWHIUiJLODLPSDFWRVH SDUDTXHQmRKRXYHVVHQHQKXPWLSRGHHPSHFLOKRQRHQVDLRIRLIHLWRXPFKDQIURGHGD HVTXHUGD SDUD D GLUHLWD GHYLGR j IHUUDPHQWD IRUQHFLGD SDUD R HQVDLR VHU HVTXHUGD SRUpP R HQVDLR GH XVLQDELOLGDGH IRL IHLWR GD HVTXHUGD SDUD D GLUHLWD H WDPEpP IRL HQVDLDGR HP XP RXWURWLSRGHWRUQRPHFkQLFRSRLVRWRUQR1G1RGXVGDPDUFD1DUGLQLDOpPGHWHUSRXFR XVRWHPVHXFRQWUROHHPDODYDQFDVTXHPDQWpPPDLVFRQILDELOLGDGHQRHQVDLRGLIHUHQWHGR WRUQR DQWHULRU +%; GD PDUFD 5RPL TXH VHX FRQWUROH HUD DWUDYpV GH DODYDQFDV PyYHLV HP FRQWUROHGHYHORFLGDGHSRUHVWHIDWRUIRLIHLWRDWURFDGHWRUQRPHFkQLFRSDUDTXHVHREWLYHVVH RPHQRUWLSRGHYDULDomRHVHREWLYHVVHXPFRQWUROHFRQWtQXRGHYHORFLGDGHDYDQoRHURWDomR FRQVHTXHQWHPHQWH
2VFKDQIURVFLWDGRVWLQKDPXPDSURIXQGLGDGHGHPPFRPDQJXODomRGHSDUDTXH QmRKRXYHVVHLPSDFWRVQRPRPHQWRGRWRUQHDPHQWRDVHUIHLWRFRPDIHUUDPHQWDFHUkPLFDH RIHUURIXQGLGR
&XLGDGRVIRUDPWRPDGRVSDUDTXHQmRKRXYHVVHXPDUHWLUDGDH[FHVVLYDQRPDWHULDOGH IHUURIXQGLGRSRLVORJRQDSDUWHLQWHUQDGRVWXERVH[LVWHXPDFDPDGDGHFLPHQWRHFDVRD IHUUDPHQWDXOWUDSDVVDVVHDFDPDGDGHIHUURIXQGLGRRFRUUHULDDOWHUDomRQRVUHVXOWDGRVSRLV HVWDVFDPDGDVGHFLPHQWRVmRPDLVDEUDVLYDV
0DWHULDOH(TXLSDPHQWRV
2V HTXLSDPHQWRV HP XWLOL]DomR IRUDP RV VHJXLQWHV 7RUQR PHFkQLFR +%; GD PDUFD 5RPL)LJXUDSDUDDSUHSDUDomRGRFRUSRGHSURYDSDUDTXHVHUHWLUHDFDUHSDGRVWXERV SDUDRHQVDLRWRUQR1DUGLQL1G1RGXV)LJXUDSDUDDUHDOL]DomRGRVHQVDLRVTXDWUR WXERVGHIHUURIXQGLGR)LJXUD
)LJXUD7RUQR+%;GDPDUFD5RPLSUHSDUDGRSDUDUHDOL]DUDSUHSDUDomRGRFRUSRGH SURYD
)LJXUD7RUQR1G1RGXVGDPDUFD1DUGLQLSUHSDUDGRSDUDUHDOL]DomRGRVHQVDLRV
)LJXUD7XERGHIHUURIXQGLGRDQWHVGRHQVDLRFRPFDUHSDGHR[LGDomR
)LJXUD7XERGHIHUURIXQGLGRSUHSDUDGRSDUDVHUHQVDLDGR
)LJXUD&RPSDUDomRHQWUHRVWXERVSDUDRHQVDLR
)HUUDPHQWDV FHUkPLFD GR WLSR EUDQFD IHLWD D EDVH GH DOXPLQD H IHUUDPHQWD FHUkPLFD FLQ]D)LJXUDIHLWDFRP%&7L%
)LJXUD3DVWLOKDVFHUkPLFD%&7L%
(QVDLRV
2 HQVDLR SDUD D YHULILFDomR GRV GHVJDVWHV GDV SDVWLOKDV PHQFLRQDGDV GH FHUkPLFD IRL IHLWRGDPDQHLUDTXHIRUDPDQDOLVDGRVRVPDLVYDULDGRVQtYHLVGHGHVJDVWHVGDVSDVWLOKDVGH FHUkPLFDGRWLSREUDQFDHGRWLSRFLQ]DFRPGHWHUPLQDGDYHORFLGDGHGHFRUWHSUpGHWHUPLQDGD GHDSUR[LPDGDPHQWH9F§PPLQ(FRPDYDQoRGHPPUHY
(VVHV HQVDLRV IRUDP UHDOL]DGRV GD IRUPD HP TXH IRUDP XWLOL]DGDV TXDWUR SDVWLOKDV FHUkPLFDV VHQGR GXDV SDVWLOKDV GH $OXPLQD $O2 H GXDV SDVWLOKDV GH &DUERQDWR GH %RUR VRPDGRD'LERUHWRGH7LWkQLR%&7L%
)RUDP GHWHUPLQDGRV DOJXQV SDUkPHWURV FRPR YHORFLGDGH GH FRUWH DYDQoR H SURIXQGLGDGHFRQVHTXHQWHPHQWHLQLFLRXVHRHQVDLRFRQIRUPHPRVWUDGRQD)LJXUD
)LJXUD7XERGHIHUURIXQGLGRSDUDR,QtFLRGRVHQVDLRV
&RQIRUPH IDODGR DQWHULRUPHQWH D IHUUDPHQWD GH FRUWH VHJXLULD GD HVTXHUGD SDUD D GLUHLWD 2 HVWXGR DTXL PHQFLRQDGR IDUi XPD FRPSDUDomR HQWUH IHUUDPHQWD FHUkPLFD GH XVR LQGXVWULDOHXPDIHUUDPHQWDHPGHVHQYROYLPHQWRSHOR'&7$
2WXERGHIHUURIXQGLGRIRLSUHVRjSODFDTXHFRQWpPFDVWDQKDVHORJRHPVHJXLGD DGDSWDGRDXPGLVSRVLWLYRGHDOXPtQLRFRQIRUPH)LJXUDTXHSRUVXDYH]VHUiDGDSWDGRD XP FRQWUD SRQWD SDUD DVVHJXUDU D VHJXUDQoD GR RSHUDGRU FRQVHTXHQWHPHQWH XP PHOKRU GHVHPSHQKRQRVHQVDLRVGHXVLQDJHPGHWRUQHDPHQWR
WRWDO GH PP GH SURIXQGLGDGH DOFDQoDGR QD SULPHLUD DUHVWD GH FRUWH /RJR REWHPRV XP GHWHUPLQDGRGHVJDVWHQHVWDDUHVWD
2HQVDLRGDVHJXQGDDUHVWDIRLIHLWRXPDMXVWHRTXDOIRLQHFHVViULRYLUDUDSDVWLOKDHP SDUDTXHQmRRFRUUHVVHQHQKXPDLQWHUIHUrQFLDGDSULPHLUDSDVVDGDHPUHODomRDVHJXQGD VHJXLQGR DJRUD XP WRWDO GH TXDWUR SDVVDGDV GH PP VHQGR XP WRWDO GH PP GH SHUFXUVRGHFRUWHFRPSURIXQGLGDGHDOFDQoDGDGHPPDRORQJRGRVWXERVHQVDLDGRV
$JRUDIRLIHLWRDXVLQDJHPHPXPDWHUFHLUDDUHVWDSRUpPIRLXVDGDXPDQRYDSDVWLOKD FHUkPLFDEUDQFDSDUDTXHQmRRFRUUDPHUURVQDKRUDGRHQVDLR$QRYDSDVWLOKDDLQGDQmRIRL XVLQDGDHSRULVVRHQFRQWUDVHLQWDFWDVHUiIHLWDDXVLQDJHPGHWRUQHDPHQWRFRPHVWDDUHVWD HPSDVVDGDVGHPPOHPEUDQGRTXHFDGDSDVVDGDRFRUUHXPDXVLQDJHPGHWRUQHDPHQWR FRP SURIXQGLGDGH GH PP VHQGR XP WRWDO GH SHUFXUVR GH FRUWH GH PP FRP SURIXQGLGDGHWRWDODOFDQoDGDGHPP
)LQDOPHQWHDDUHVWDIRLIHLWRXPJLURGHHORJRHPVHJXLGDIRLXVLQDGDHPRLWR SDVVDGDV GH PP GH SURIXQGLGDGH FRP PP GH FRPSULPHQWR FDGD SDVVDGD WRWDOL]DQGRPPGHSHUFXUVRGHFRUWHHPPGHSURIXQGLGDGHREWLGRVRVGHVJDVWHVGH FDGDDUHVWDHQVDLDGDQRWRUQRPHFkQLFRORJRHPVHJXLGDIRUDPUHDOL]DGDVDOJXPDVIRWRVFRP PLFURVFySLRIRUDPOHYDGDVDVSDVWLOKDVSDUDR0(9SDUDTXHKRXYHVVHXPPHOKRUSDUkPHWUR GHFRPSDUDomRSRLVDROKRQXQmRpSRVVtYHOWDOFRPSDUDomRGHQtYHOGHGHVJDVWHFRPDV PHVPDV1DV)LJXUDVHVmRPRVWUDGDVDVSDVWLOKDVDQWHVGRVHQVDLRVGHWRUQHDPHQWR
)LJXUD3DVWLOKDFHUkPLFDDUHVWDH )LJXUD3DVWLOKDFHUkPLFDDUHVWDH
2V HQVDLRV IRUDP UHDOL]DGRV SDVVR D SDVVR FRP DV SDVWLOKDV FHUkPLFDV TXH HVWi HP GHVHQYROYLPHQWRSHOR'&7$GH%&7L%VHQGRGHVQHFHVViULDWDOGHVFULomRSRLVWRGRVRV SDVVRVGHVFULWRVSHODSDVWLOKDDQWHULRUIRUDPIHLWRVSDUDDSDVWLOKD%&7L%
5(68/7$'26(',6&8662 2VUHVXOWDGRVGDRSHUDomRGHXVLQDJHPGHWRUQHDPHQWRGRVFRUSRVGHSURYDGHIHUUR IXQGLGRHVWmRGHVFULWRVDVHJXLUDVVLPVHQGRSRGHVHREVHUYDUDSURJUHVVmRGRVGHVJDVWHVD IRUPDILQDOGRVPHVPRVEHPFRPRRVUHVXOWDGRVGDVDQiOLVHVSRU('6GHDOJXPDVUHJL}HV GDVDUHVWDV3DUDFDGDSDVVHIRLQHFHVViULRXPWHPSRGHFRUWHGHPLQXWRVRSHUFXUVRGH DYDQoRGDVDPRVWUDVHUDGHPPFDGDDUHVWDIRLHQVDLDGDSRUGRLVSDVVHVRXVHMDSDUDXP SHUFXUVR GH DYDQoR GH PP Mi D SURIXQGLGDGH GH XVLQDJHP IRL VHQGR DXPHQWDGD SDUD FDGD QRYD DUHVWD DVVLP FDGD YH] R HQVDLR IRL ILFDQGR PDLV VHYHUR FRQIRUPH PRVWUDGR QD 7DEHOD
7DEHOD'DGRVGDUHDOL]DomRGRHQVDLRSDUDR$O2
3HUFXUVRGH DYDQoROIPP 3URIXQGLGDGH GHFRUWH DSPP $YDQoR IPPURW 7HPSRGH FRUWHPLQ 'HVJDVWHGH IODQFR9%PP
2V UHVXOWDGRV REWLGRV SDUD D IHUUDPHQWD FHUkPLFD %& 7L% IRUDP RV PDLV FRQVLVWHQWHV SRUpP WHQGR XP GHVJDVWH PDLRU HP UHODomR j RXWUD IHUUDPHQWD GH IDWR D VHJXQGDSDVWLOKDFHUkPLFDREWHYHXPSLRUDSURYHLWDPHQWRHPUHODomRDSULPHLUD7DEHOD &RQWXGRYDOHUHVVDOWDUTXHHVWDIHUUDPHQWDHVWiHPGHVHQYROYLPHQWR
7DEHOD'DGRVGDUHDOL]DomRGRHQVDLRSDUDR%&7L%
$QiOLVH0LFURVFySLFD
$ DQiOLVH PLFURVFySLFD PRVWUD DOJXQV SDUkPHWURV TXH D ROKR QX QmR VHUi SRVVtYHO LGHQWLILFDUHVVHVQtYHLVGHGHVJDVWHGDVSDVWLOKDVFHUkPLFDVGHDOXPLQD³%UDQFD´QDSULPHLUD DUHVWDDVHUWUDEDOKDGDIRLREWLGRXPGHVJDVWHGHPPMiQDVHJXQGDDUHVWDIRLREWLGRXP GHVJDVWHGHPPQDWHUFHLUDDUHVWDIRLREWLGRXPGHVJDVWHGHPPHQDTXDUWDDUHVWD RGHVJDVWHIRLGHPPVHQGRPHQRUTXHRGDWHUFHLUDDUHVWDPHVPRSDUDXPWHPSRGH FRUWHPDLRU
)LJXUD'HVJDVWHQDDUHVWDIHUUDPHQWD$OXPLQDGHPP
)LJXUD'HVJDVWHQDDUHVWDIHUUDPHQWD$OXPLQDGHPP
)LJXUD'HVJDVWHQDDUHVWDIHUUDPHQWD$OXPLQDGHPP
)LJXUD'HVJDVWHQDDUHVWDIHUUDPHQWD$OXPLQDGHPP
3HODV PLFURJUDILDV SRGHVH REVHUYDU D SUHGRPLQkQFLD GD RFRUUrQFLD GR GHVJDVWH GH IODQFRQDVIHUUDPHQWDVGH$OXPLQDFXMDLQWHQVLGDGHIRLSURSRUFLRQDODRDXPHQWRGRWHPSRGH FRUWH 'HYLGR DR FDUiWHU DOHDWyULR GD RFRUUrQFLD GRV GHVJDVWHV REVHUYRXVH XP GHVJDVWH PHQRU SDUD D DUHVWD GR TXH SDUD D DUHVWD PHVPR D SULPHLUD WHQGR VLGR XVDGD SRU XP WHPSRPHQRUFRQIRUPHD)LJXUD
)LJXUD'HVJDVWHQDDUHVWDIHUUDPHQWD%&7L%GHPP
)LJXUD'HVJDVWHQDDUHVWDIHUUDPHQWD%&7L%GHPP
)LJXUD'HVJDVWHQDDUHVWDIHUUDPHQWD%&7L%GHPP
$QiOLVHVGDVDUHVWDV5HDOL]DGDVQR0(9
2V UHVXOWDGRV GRV GHVJDVWHV SURGX]LGRV QD DUHVWD GD IHUUDPHQWD GH $O2 HVWmR GLVSRQtYHLV QDV )LJXUDV D DV PHVPDV SRGHP VHU YLVXDOL]DGDV FRP GLIHUHQWHV DPSOLDo}HVQRWDVVHRGHVJDVWHGHIODQFRGHSHTXHQDLQWHQVLGDGHQDDUHVWD
)LJXUD0LFURJUDILDGR$O2 $UHVWDDPSOLDomR
)LJXUD±0LFURJUDILDGR$O2 $UHVWDDPSOLDomR
)LJXUD0LFURJUDILDGR$O2$UHVWDDPSOLDomR
2V UHVXOWDGRV GRV GHVJDVWHV SURGX]LGRV QD DUHVWD GD IHUUDPHQWD GH $O2 HVWmR GLVSRQtYHLV QDV )LJXUDV D DV PHVPDV SRGHP VHU YLVXDOL]DGDV FRP GLIHUHQWHV DPSOLDo}HVQRWDVVHXPGHVJDVWHGHIODQFRGHPDLRULQWHQVLGDGHQDDUHVWD
)LJXUD0LFURJUDILDGR$O2$UHVWD DPSOLDomR
)LJXUD0LFURJUDILDGR$O2$UHVWD DPSOLDomR
)LJXUD0LFURJUDILDGR$O2$UHVWDDPSOLDomR
2VUHVXOWDGRVGRVGHVJDVWHVSURGX]LGRVQDDUHVWDGDIHUUDPHQWDGH%&7L%HVWmR GLVSRQtYHLVQDV)LJXUDVHMiQDV)LJXUDVHHVWmRDVPLFURJUDILDVGDDUHVWDSDUD GXDVDPSOLDo}HVGLIHUHQWHV3RGHVHQRWDUXPDPDLRULQWHQVLGDGHQRVGHVJDVWHVDSUHVHQWDGRV TXDQGRFRPSDUDGRVFRPRVGDVIHUUDPHQWDVGH$O2
)LJXUD0LFURJUDILDGR%&7L% $UHVWDDPSOLDomR
)LJXUD0LFURJUDILDGR%&7L%$UHVWD DPSOLDomR
)LJXUD0LFURJUDILDGR%&7L% $UHVWDDPSOLDomR
)LJXUD±0LFURJUDILDGR%&7L%DUHVWD DPSOLDomR
1D)LJXUDSRGHVHYLVXDOL]DUDLPDJHPREWLGDSRU0(9GDDUHVWDGDIHUUDPHQWDGH $O2FRPDORFDOL]DomRGRSRQWRGHDSOLFDomRGH('6DORFDOL]DomRGRSRQWRHVWi LQGLFDGDQD)LJXUD
3HODDQiOLVHGH('6QRSULPHLURSRQWR)LJXUDSRGHVHREVHUYDUXPGHSyVLWRGH PDWHULDO GD SHoD )H QD VXSHUItFLH GD IHUUDPHQWD GH DUHVWD -i QR VHJXQGR SRQWR HVWH GHSyVLWRpEHPPHQRUFRPRSRGHVHUREVHUYDGRSHORHVSHFWURGH('6)LJXUD
)LJXUD,PDJHPGDDUHVWDGD$O2HP0(9FRPDLQGLFDomRGRSRQWRGH DQiOLVHHP('6
)LJXUD,PDJHPGDDUHVWDGD$O2HP0(9FRPDLQGLFDomRGRSRQWRGH DQiOLVHHP('6
)LJXUD±(VSHFWURGHDQiOLVHSRU('6QRSRQWRGDDUHVWDGDIHUUDPHQWD$O2
1D)LJXUDSRGHVHYLVXDOL]DUDLPDJHPREWLGDSRU0(9GDDUHVWDGDIHUUDPHQWDGH $O2FRPDORFDOL]DomRGRSRQWRGHDSOLFDomRGH('6DORFDOL]DomRGRSRQWRHVWi LQGLFDGDQD)LJXUD
3RGHVHREVHUYDUSHODDQiOLVHGH('6)LJXUDTXHQRSULPHLURSRQWRGHDYDOLDomR GDDUHVWDH[LVWHPDWHULDOGDSHoDGHSRVLWDGR)HH&-iQRVHJXQGRSRQWRQmRVHREVHUYDD PHVPDTXDQWLGDGHGHGHSyVLWRVGHPDWHULDOGDSHoDQDIHUUDPHQWD)LJXUD
)LJXUD,PDJHPGDDUHVWDGD$O2HP0(9FRPDLQGLFDomRGRSRQWRGH DQiOLVHHP('6
)LJXUD,PDJHPGDDUHVWDGD$O2HP0(9FRPDLQGLFDomRGRSRQWRGH DQiOLVHHP('6
)LJXUD±(VSHFWURGHDQiOLVHSRU('6QRSRQWRGDDUHVWDGDIHUUDPHQWD$O2
1D)LJXUDSRGHVHYLVXDOL]DUDLPDJHPREWLGDSRU0(9GDDUHVWDGDIHUUDPHQWDGH %&7L%FRPDORFDOL]DomRGRSRQWRGHDSOLFDomRGH('6DORFDOL]DomRGRSRQWR HVWiLQGLFDGDQD)LJXUDeSRVVtYHOYLVXDOL]DUSHORHVSHFWURGHDQiOLVHSRU('6GRSULPHLUR SRQWR )LJXUD D SRXFD TXDQWLGDGH GH PDWHULDO GHSRVLWDGD QD VXSHUItFLH GD IHUUDPHQWD GHVWDFDQGRVHDSUHVHQoDGRVHOHPHQWRVIRUPDGRUHVGDIHUUDPHQWD%&H7L
-iQDDQiOLVHGRVHJXQGRSRQWR)LJXUDREVHUYDVHDSUHVHQoDGHPDWHULDOGDSHoD GHSRVLWDGRQDIHUUDPHQWD)H&H6L
)LJXUD,PDJHPGDDUHVWDGR%&7L%HP0(9FRPDLQGLFDomRGRSRQWRGH DQiOLVHHP('6
)LJXUD,PDJHPGDDUHVWDGR%&7L%HP0(9FRPDLQGLFDomRGRSRQWRGH DQiOLVHHP('6
)LJXUD±(VSHFWURGHDQiOLVHSRU('6QRSRQWRGDDUHVWDGDIHUUDPHQWD%& 7L%
&21&/862(&216,'(5$d®(6),1$,6
(VWH WUDEDOKR DSUHVHQWRX XPD FRPSDUDomR HQWUH GXDV IHUUDPHQWDV FHUkPLFDV HVWD FRPSDUDomR LQFRUUH HP XPD SDVWLOKD GH DOXPLQD $O2 H RXWUD GH FDUERQDWR GH ERUR DGLFLRQDGD D GLERUHWR GH WLWkQLR %& 7L% IRL FRQVWDWDGR TXH D FHUkPLFD GH DOXPLQD UHVLVWLXPHOKRUDRVGHVJDVWHVWHQGRXPDPHOKRUHILFLrQFLDQRVQtYHLVGHXVLQDELOLGDGHFRP TXHIRLUHODFLRQDGD
2VQtYHLVGHGHVJDVWHSDUDDVGXDVIHUUDPHQWDVIRUDPIRWRJUDIDGRVFRPPLFURVFySLRH IHLWD D DQiOLVH ('6 DWUDYpV GR 0(9 GHWDOKDGD SDUD FDGD DUHVWD WUDEDOKDGD IDWR HVWH FRP ILJXUDVLOXVWUDWLYDVMiPRVWUDGDVDQWHULRUPHQWH
&RQFOXLVH TXH D IHUUDPHQWD FHUkPLFD GH DOXPLQD UHVLVWLX PHOKRU DRV HQVDLRV GH XVLQDELOLGDGHGHWRUQHDPHQWRFRPDVPHVPDVFDUDFWHUtVWLFDVGHXVLQDJHPIHLWDVSDUDDVGXDV SRUpP D SDVWLOKD GH DOXPLQD UHVLVWLX H REWHYH XP PHOKRU QtYHO GH GHVJDVWH HP UHODomR j SDVWLOKD GH GLERUHWR GH WLWkQLR IDWR HVWH TXH QmR VHULD XP VXUSUHHQGHQWH UHVXOWDGR SRLV D IHUUDPHQWD FHUkPLFD GH FDUERQDWR GH ERUR DGLFLRQDGD DR GLERUHWR GH WLWkQLR HVWi HP GHVHQYROYLPHQWR H DLQGD SUHFLVD GH XP DSULPRUDPHQWR QR VHX GHVHQYROYLPHQWR SDUD TXH RFRUUDXPDPHOKRUDHPVHXGHVHPSHQKR
5()(5Ç1&,$6
$6+%<0)(QJHQKDULDGH0DWHULDLV9RO,(OVHYLHU(GLWRUD
&$//,67(5-U:'&LrQFLDH(QJHQKDULDGH0DWHULDLVHGLomR(GLWRUD/7&
&23$(57+ 0HWDORJUDILD GRV 3URGXWRV 6LGHU~UJLFRV &RPXQV (GLWRUD (GJDU %OFKHU /7'$S
',1,=$(&233,1,1/(0$5&21'(6)&7HFQRORJLDGDXVLQDJHPGRVPDWHULDLV HGLomR$UWOLEHU(GLWRUD/7'$6mR3DXOR
'2</(/(3URFHVVRVGHIDEULFDomRHPDWHULDLVSDUDHQJHQKHLURV6mR3DXOR(GJDUG %OFKHUS
(OHWURHURVmR$JLH&KDUPLOOHVGR%UDVLO'LVSRQtYHO
HPKWWSZZZJIDFFRPEUSURGXWRVHOHWURHURVDRSRUSHQHWUDFDRLQGH[SWKWPOFRQVXOWDGR HP
)(55$5(6,')XQGDPHQWRVGDXVLQDJHPGRVPHWDLV6mR3DXOR(GJDUG%OFKHU/7'$
*8,0$5(6$6&RQWULEXLomRDRHVWXGRGDOLJDomRPHWDOFHUkPLFRSRUEUDVDJHPGLUHWDD YiFXRFRPOLJDVUHDWLYDV'LVVHUWDomRGRXWRUDGR8QLYHUVLGDGH)HGHUDOGR5LRGH-DQHLUR
02'(1(6,3-6ROGDJHPGDVOLJDVPHWiOLFDV(G%HOR+RUL]RQWH8)0*
125721)+,QWURGXomRj7HFQRORJLD&HUkPLFD6mR3DXOR(GLWRUD(GJDUG%OFKHU
86,1$*(0$6(&2'LVSRQtYHO
HPKWWSZZZVNIFRPSRUWDOVNIBOXEKRPHLQGXVWULHV"FRQWHQW,G FRQVXOWDGR HP
9/$&.9/DZUHQFH+3URSULHGDGHVGRV0DWHULDLV&HUkPLFRV6mR3DXOR(GLWRUD(GJDUG %OFKHU