38&56
7 75(6(59$7Ï5,26
(0352-(726'(
$50$
',66(57$d2 (1*(1 77((&&1122//22**,,$$''((00$$77((55,,$$,,66
)DFXOGDGHGH(QJHQKDULD )DFXOGDGHGH)tVLFD )DFXOGDGHGH4XtPLFD
38&56
7 75(6(59$7Ï5,26
(0352-(726'(
$50$
25,(17$'25 77((&&1122//22**,,$$''((00$$77((55,,$$,,66
)DFXOGDGHGH(QJHQKDULD )DFXOGDGHGH)tVLFD )DFXOGDGHGH4XtPLFD
6(675$7e*,&26'(&2
3$5$
(5(&83(5$d2$9$1d$'$'(
$=(1$0(172*(2/Ï*,&2'(&
12%5$6,/
-220,*8(/)$,00$57,16 (1*(1+$5,$48Ë0,&$ 5352)'5-220$5&(/20(',1$ 'LVVHUWDomR UHDOL]DGD 3yV*UDGXDomR HP 7HFQRORJLD GH 0DWHUL 3RQWLItFLD 8QLYHUVLGDG *UDQGHGR6XOFRPR SDUD D REWHQomR GR W (QJHQKDULDH7HFQRORJ3RUWR$OHJUH
-XQKR
3*(7(0$
)87852862
(3(75Ï/(2(
&2
$.(7=(5'HVHMR H[SUHVVDU RV PHXV PDLV VLQFHURV DJUDGHFLPHQWRV DR 3URIHVVRU 'RXWRU -RmR 0DUFHOR 0HGLQD .HW]HU SHOD SRVVLELOLGDGH FRQFHGLGD GH UHDOL]DU HVWD GLVVHUWDomREHPFRPRSHORVVHXVHQVLQDPHQWRVHDSRLRFRQVWDQWHTXHVHPSUHPH GLVSHQVRXDRORQJRGDUHDOL]DomRGHVWHWUDEDOKR
$JUDGHoRDR*LDQFDUOR&DUSRUDOH&DUROLQD&HQWHQRH&ODXGLD0DFKDGRSHOR DSRLR QD UHDOL]DomR GRV PDSDV HP VLVWHPD GH LQIRUPDomR JHRJUiILFD H DR .DXm 6RPPHUH(GXDUGR0DLDSHORGHVHQYROYLPHQWRGDVILJXUDV
$JUDGHoRj3URIHVVRUD'RXWRUD=XOHLND&DUUHWWD&RUUHDGD6LOYDHDR'RXWRU 5REHUWR+HHPDQQSHODDPL]DGHHDSRLRQRVDVVXQWRVUHODFLRQDGRVFRPDJHRORJLD 8P DJUDGHFLPHQWR HVSHFLDO DR 3DXOR &XQKD SRU WRGD D DPL]DGH SHORV YDOLRVRV HQVLQDPHQWRV /RXYR R VHX GLQDPLVPR UHFKHDGR GH ERD GLVSRVLomR FRP TXHVHPSUHPHSUHVHQWHRX
$R7HOPR)HUUHLUDH/XtV)LOLSHXPREULJDGRSRUWRGDDDPL]DGHSDFLrQFLDH SHORVERQVPRPHQWRVSDVVDGRV
3RU ILP GHVHMR H[SULPLU D PLQKD HWHUQD JUDWLGmR DRV PHXV SDLV SRU WRGD D DMXGDHHQFRUDMDPHQWR
'(',&$7Ï5,$
$*5$'(&,0(1726
680È5,2
/,67$'(),*85$6
/,67$'(7$%(/$6
5(6802
$%675$&7
,1752'8d2 2%-(7,9262EMHWLYRV(VSHFtILFRV
5(9,62%,%/,2*5È),&$7HFQRORJLDVGHFDSWXUDWUDQVSRUWHDUPD]HQDPHQWRDSULVLRQDPHQWRH
SRVWHULRUUHFXSHUDomRGH&2
&DSWXUDGH&2
7UDQVSRUWHGH&2
$UPD]HQDPHQWRDSULVLRQDPHQWRGH&2HPDTtIHURVVDOLQRV
5HFXSHUDomRGR&2DUPD]HQDGRHPDTtIHURVVDOLQRV
5HFXSHUDomRDYDQoDGDGHSHWUyOHR(25HIHFKDPHQWRGRYHQWLQJ
5HFXSHUDomRDYDQoDGDGHSHWUyOHR±(25
5HLQMHomRGR&2SURGX]LGRRXIHFKDPHQWRGRYHQWLQJ
$SOLFDomRGR&&6'LQkPLFR'&&6QR%UDVLO
/RFDOL]DomRHTXDQWLILFDomRGDVHPLVV}HVHVWDFLRQiULDVGH&2
/RFDOL]DomRGHVLWHVSDUDDUPD]HQDPHQWRHVWUDWpJLFRGH&2HP
DTtIHURVVDOLQRVHUHVSHFWLYDFDSDFLGDGH
3RWHQFLDOGHUHFXSHUDomRDYDQoDGDGHSHWUyOHR(25QR%UDVLO
0$7(5,$,6(0e72'26&ULWpULRVGHDYDOLDomRGDDSOLFDELOLGDGHGHSURMHWRVGH&DSWXUDH
$UPD]HQDPHQWR*HROyJLFR'LQkPLFRGH&2±'&&6QR%UDVLO
4XDQWLGDGHGH&2HPLWLGDDQXDOPHQWHGHIRQWHVHVWDFLRQiULDVSRUHVWDGR
4XDQWLGDGHGH&2HPLWLGDDQXDOPHQWHGHIRQWHVHVWDFLRQiULDVFRP
FRUUHQWHVJDVRVDVGHHOHYDGDFRQFHQWUDomRGH&2!PROSRUHVWDGR
EUDVLOHLUR
4XDQWLGDGHGHSHWUyOHRUHFXSHUiYHODWUDYpVGDLQMHomRGH&2H
UHVSHFWLYDTXDQWLGDGHGH&2QHFHVViULDSRUHVWDGREUDVLOHLUR
5HODomRHQWUHTXDQWLGDGHGH&2QHFHVViULDSDUD(25H&2HPLWLGRGH
IRQWHVHVWDFLRQiULDVDQXDOPHQWHSRUHVWDGREUDVLOHLUR
$SOLFDELOLGDGHGHSURMHWRVGH&DSWXUDH$UPD]HQDPHQWR*HROyJLFR
'LQkPLFRGH&2±'&&6QR%UDVLO
&iOFXORGH&2UHFXSHUiYHOGHDTtIHURVVDOLQRVDSyVDUPD]HQDPHQWRSRU
XPSHUtRGRGHDQRVHWHPSRQHFHVViULRSDUDDFXPXODU&2HP
UHVHUYDWyULRVHVWUDWpJLFRVSDUDVXSULUWRGRVRVSURMHWRVGH(25SRUHVWDGR
EUDVLOHLUR
5(68/7$'26(',6&866®(6'HVHQYROYLPHQWRGRFRQFHLWRGH&DSWXUDH$UPD]HQDPHQWR'LQkPLFRGH
&2'&&6
3RWHQFLDOGHSURVSHFWLYLGDGHGHDSOLFDomRGHSURMHWRVGH&DSWXUDH
$UPD]HQDPHQWR*HROyJLFR'LQkPLFRGH&2±'&&6QR%UDVLO
)RQWHVHVWDFLRQiULDVGH&2
)RQWHVHVWDFLRQiULDVFRPFRUUHQWHVGHHOHYDGDFRQFHQWUDomRGH&2
4XDQWLGDGHGHSHWUyOHRUHFXSHUiYHODWUDYpVGDUHFXSHUDomRDYDQoDGDGH
SHWUyOHR±(25H&2QHFHVViULR
$SOLFDELOLGDGHGHSURMHWRVGH&DSWXUDH$UPD]HQDPHQWR*HROyJLFR
'LQkPLFRGH&2±'&&6QR%UDVLO
&2UHFXSHUiYHOGHDTtIHURVVDOLQRVDSyVDUPD]HQDPHQWRSRUXPSHUtRGR
GHDQRVHWHPSRQHFHVViULRSDUDDFXPXODU&2HPUHVHUYDWyULRV
HVWUDWpJLFRVSDUDVXSULUWRGRVRVSURMHWRVGH(25
&21&/86®(6 3523267$63$5$75$%$/+26)878526 5()(5Ç1&,$6%,%/,2*5È),&$6$1(;26
/,67$'(),*85$6
)LJXUD3URMHo}HVGRPHUFDGRGHHQHUJLDSRUWLSRGHDPRGLILFDGR GH$GPLQLVWUDomRGH,QIRUPDomRGH(QHUJLD
)LJXUD 6LPXODomR GD GLVVROXomRGH &2 QD )RUPDomR 8WVLUDSURMHWR6OHLSQHU
1RUXHJDPRGLILFDGRGH7RUH7RUS
)LJXUD0HFDQLVPRVGHDSULVLRQDPHQWRGH&2DRORQJRGRWHPSRGHLQMHomRH
DSyVHVWDPRGLILFDGDGH,3&&
)LJXUD $UPD]HQDPHQWR JHROyJLFR GH &2 HP DTtIHUR VDOLQR PRGLILFDGD GH
*RUDLHEHWDO
)LJXUD9LVXDOL]DomRGRDF~PXORGH&2QD)RUPDomR8WVLUDDWUDYpVGHGDGRV
VtVPLFRV DR ORQJR GR WHPSR SURMHWR 6OHLSQHU 1RUXHJD VHJXQGR 7RUH
7RUS
)LJXUD 6LPXODomR GD GLVWULEXLomR GH PLOK}HV GH WRQHODGDV GH &2 DSyV
DQRV GD LQMHomR QD )RUPDomR 8WVLUD SURMHWR 6OHLSQHU 1RUXHJD
VHJXQGR7RUH7RUS
)LJXUD 'LDJUDPD PRVWUDQGR UHFXSHUDomR DYDQoDGD GH SHWUyOHR ± (25 SHOR PpWRGRPLVFtYHO PRGLILFDGR GH7KH %5*0 VHULHV ³*HRVFLHQFH ,VVXHV´
)LJXUD0DSDEUDVLOHLURGHIRQWHVHVWDFLRQiULDVGH&2&DUEPDS
)LJXUD 0DSD EUDVLOHLUR GH IRQWHV HVWDFLRQiULDV GH &2 SRU VHWRU LQGXVWULDO
VHJXQGR&DUEPDS
)LJXUD0DSDGDVEDFLDVVHGLPHQWDUHVEUDVLOHLUDVVHJXQGR.HW]HUHWDO
)LJXUD 5HVXOWDGRV GD UHFXSHUDomR DYDQoDGD GH yOHR (25 FRP LQMHomR GH &2QRFDPSRGH%XUDFLFDVHJXQGR5RFKDHWDO
)LJXUD 3ULPHLUD IDVH GR '&&6 HP WHUUD FDSWDomR GR &2 GH YiULDV IRQWHV
HPLVVRUDV SHODV HVWUDWpJLDV H H FRQVWLWXLomR GR UHVHUYDWyULR
HVWUDWpJLFRGH&2
)LJXUD 6HJXQGD IDVH GR '&&6 HP WHUUD UHFXSHUDomR GR &2 GR UHVHUYDWyULR
)LJXUD 3ULPHLUD IDVH GR '&&6 HP PDU FDSWDomR GR &2 GH XPD SODQWD GH
SURFHVVDPHQWRGHJiVQDWXUDOHFRQVWLWXLomRGRUHVHUYDWyULRHVWUDWpJLFR
GH&2
)LJXUD 3ULPHLUDIDVH GR '&&6 HP PDUYLVWD QR SHUILO SRU H[HPSOR GR FDPSR 7XSLFDSWXUDGR&2GHXPDSODQWDGHSURFHVVDPHQWRGHJiVQDWXUDOH
IRUPDomR GR UHVHUYDWyULR HVWUDWpJLFR GH &2 PRGLILFDGR GH 6DQWRV
)LJXUD 6HJXQGD IDVH GR '&&6 HP PDU UHFXSHUDomR GR &2 GR UHVHUYDWyULR
HVWUDWpJLFRGLVWULEXLomRSRUGLIHUHQWHVSURMHWRVGH(25HUHXWLOL]DomRGR &2HQWUHUHVHUYDWyULRVGHSHWUyOHR
)LJXUD6HJXQGDIDVHGR'&&6HPPDUYLVWDQRSHUILOSRUH[HPSORGRFDPSR 7XSL UHFXSHUDomR GR &2 GR UHVHUYDWyULR HVWUDWpJLFR GLVWULEXLomR SRU
GLIHUHQWHV SURMHWRV GH (25 DFLPD GD FDPDGD GH VDO PRGLILFDGR GH
6DQWRV
)LJXUD6HJXQGDIDVHGR'&&6HPPDUYLVWDQRSHUILOSRUH[HPSORGRFDPSR 7XSL UHFXSHUDomR GR &2 GR UHVHUYDWyULR HVWUDWpJLFR GLVWULEXLomR SRU
GLIHUHQWHVSURMHWRVGH(25QDFDPDGDGRSUpVDOPRGLILFDGRGH6DQWRV
)LJXUD0DSDGHHPLVV}HVGH&2GHIRQWHVHVWDFLRQiULDVSRUHVWDGREUDVLOHLUR
)LJXUD 0DSD GH HPLVV}HV GH &2 GH IRQWHV HVWDFLRQiULDV FRP FRUUHQWHV
JDVRVDV GH HOHYDGD FRQFHQWUDomR GH &2 ! PRO SRU HVWDGR
EUDVLOHLUR
)LJXUD0DSDEUDVLOHLURGDTXDQWLGDGHGHSHWUyOHRUHFXSHUiYHOSRUUHFXSHUDomR DYDQoDGDGHSHWUyOHR(25FRPLQMHomRGH&2H&2QHFHVViULRSDUD
RHIHLWRSRUHVWDGR
)LJXUD 0DSD GRV SRWHQFLDLV GH SURVSHFWLYLGDGH GH DSOLFDomR GH '&&6 QR
%UDVLO
7DEHOD 5HVHUYDV WRWDLV H SURYDGDV GHSHWUyOHR HP SHWUyOHR UHFXSHUiYHO SRU(25H&2QHFHVViULRSDUD(25SRUHVWDGREUDVLOHLUR
7DEHOD 3RWHQFLDLV GH SURVSHFWLYLGDGH GRV FULWpULRV GH DYDOLDomR H GD DSOLFDELOLGDGHGR'&&6QR%UDVLO
7DEHOD 4XDQWLGDGH GH &2 GLVSRQtYHO SDUD DQRV GH DUPD]HQDPHQWR
HVWUDWpJLFR YHU FDStWXOR H WHPSR GH DF~PXOR GH &2 QHFHVViULR
SDUD JDUDQWLU WRGR R DEDVWHFLPHQWR GR (25 SDUD WRGR WLSR GH IRQWHV
HVWDFLRQiULDVGH&2
7DEHOD 4XDQWLGDGH GH &2 GLVSRQtYHO SDUD DQRV GH DUPD]HQDPHQWR
HVWUDWpJLFR YHU FDStWXOR H WHPSR GH DF~PXOR GH &2 QHFHVViULR
SDUDJDUDQWLUWRGRRDEDVWHFLPHQWRGR(25SDUDHPLVV}HVGH&2GH
IRQWHVHVWDFLRQiULDVFRPHOHYDGDFRQFHQWUDomRGH&2
7DEHOD$(PLVV}HVGH&2GHIRQWHVHVWDFLRQiULDVEUDVLOHLUDVSRUHVWDGR
0$57,16 -RmR 0LJXHO )DLP5HVHUYDWyULRV HVWUDWpJLFRV GH &2 SDUD IXWXURXVRHPSURMHWRVGHUHFXSHUDomRDYDQoDGDGHSHWUyOHRHDUPD]HQDPHQWR JHROyJLFRGH&2QR%UDVLO3RUWR$OHJUH3URJUDPDGH3yV*UDGXDomRHP
(QJHQKDULD H 7HFQRORJLD GH 0DWHULDLV 3217,)Ë&,$ 81,9(56,'$'( &$7Ï/,&$ '25,2*5$1'('268/
$ VHJXUDQoD HQHUJpWLFD GR SDtV H R FRQWtQXR DXPHQWR GD GHPDQGD GH KLGURFDUERQHWRVQRPXQGRWrPH[LJLGRXPDUiSLGDUHVSRVWDSRUSDUWHGDVLQG~VWULDV SHWUROtIHUDVGHIRUPDDTXHQmRKDMDLQWHUUXSo}HVHPVHXIRUQHFLPHQWR$XWLOL]DomR GR&2FRPRVXEVWkQFLDFDSD]GHDXPHQWDUDUHFXSHUDomRGHKLGURFDUERQHWRVHP
FDPSRVGHSHWUyOHRpXPDDWLYLGDGHFRQKHFLGDHGHHILFLrQFLDFRPSURYDGD$SHVDU GD WHFQRORJLD GH VHSDUDomR H FDSWXUD GH &2 VHU DLQGD UHODWLYDPHQWH FDUD p GH
IXQGDPHQWDO LPSRUWkQFLD TXH DV FRPSDQKLDV SHWUROtIHUDV FRPHFHP D WHU UHVHUYDV HVWUDWpJLFDV GHVWH JiV SDUD TXH WHQKDP FDSDFLGDGH GH VXSULU DXPHQWRV GH GHPDQGDV GH KLGURFDUERQHWRV 'HVWD IRUPD VHUi SRVVtYHO PD[LPL]DU R WHPSR GH YLGD~WLOGRVFDPSRVGHyOHRWRUQDQGRRVPDLVVXVWHQWiYHLVHPWHUPRVDPELHQWDLVH HFRQ{PLFRV $VVLP R SUHVHQWH HVWXGR LQWURGX] R FRQFHLWR LQpGLWR GH FDSWXUD H DUPD]HQDPHQWR JHROyJLFR GLQkPLFR GH &2 '&&6 TXH WHP FRPR REMHWLYR
SULQFLSDO IRUPDU UHVHUYDWyULRV HVWUDWpJLFRV GH &2 DWUDYpV GD FDSWXUD GR &2GH
IRQWHV HPLVVRUDV WUDQVSRUWH H UHVSHFWLYD LQMHomR HP UHVHUYDWyULR TXH SRGHP VHU UiSLGD H IDFLOPHQWH XWLOL]DGRV FRPR IRQWH GH &2 SDUD UHFXSHUDomR DYDQoDGD GH
yOHR(25HPFDPSRVPDGXURVGHSHWUyOHR2'&&6WHPDIXQomRGHJDUDQWLUTXH QmR RFRUUDP IDOKDV QR DEDVWHFLPHQWR GH &2 HP SURMHWRV GH (25 QmR
FRPSURPHWHQGR D YLDELOLGDGH HFRQ{PLFD GHVWHV 2 GHVHQYROYLPHQWR GH XPD PHWRGRORJLD GH VHOHomR GH UHJL}HV FRP SRWHQFLDO SDUD LPSODQWDomR GH SURMHWRV GH '&&6 p WDPEpP IRFR GHVWH WUDEDOKR $ DSOLFDELOLGDGH GR '&&6 QRV HVWDGRV EUDVLOHLURVpDYDOLDGDQDGLVVHUWDomRVHJXQGRHVVHVPHFDQLVPRV
3DODYUDV&KDYHVFDPSRVGHSHWUyOHR&2DUPD]HQDPHQWRJHROyJLFR(25
0$57,16-RmR0LJXHO)DLP&2VWUDWHJLFUHVHUYRLUVIRUIXWXUHXVHLQHQKDQFHG RLO UHFRYHU\ DQG &2 JHRORJLFDOVWRUDJHSURMHFWV LQ %UD]LO 3RUWR $OHJUH
3RVW*UDGXDWLRQ 3URJUDP LQ 0DWHULDOV (QJLQHHULQJ DQG 7HFKQRORJ\ 3217,),&$/ &$7+2/,&81,9(56,7<2)5,2*5$1'('268/
(QHUJ\ VHFXULW\ DQG LQFUHDVLQJ GHPDQG IRU IRVVLO IXHOV LQ WKH ZRUOG DUH FKDOOHQJLQJWKHLQGXVWU\IRUTXLFNVROXWLRQVWRHQVXUHWKDWGLVUXSWLRQVLQK\GURFDUERQV VXSSO\GRQRWKDSSHQLQDQHDUIXWXUH7KHXVHRI&2DVDVXEVWDQFHWRHQKDQFH
K\GURFDUERQV UHFRYHU\ LQ RLO ILHOGV LV D PDWXUH WHFKQRORJ\ WKDW QRZDGD\V EHFRPHV PRUH DQG PRUH XVHIXO 'HVSLWH WKH IDFW WKDW &2 FDSWXUH DQG VHSDUDWLRQ IURP
VWDWLRQDU\ VRXUFHV LV VWLOO DQ H[SHQVLYH RSHUDWLRQ LW LV LPSHUDWLYH WKDW HQHUJ\ FRPSDQLHV VWDUW WR VWRUH WKLV JDV WR HQVXUH SHDN GHPDQGV RIRLO DQG DOVR LQFUHDVH WKHOLIHWLPHRISHWUROHXPILHOGVPDNLQJWKHPPRUHHFRQRPLFDOO\VXVWDLQDEOHLQORQJ WHUP 7KXV WKLV ZRUN LQWURGXFHV WKH QRYHO FRQFHSW RI '\QDPLF &2 &DSWXUH DQG
6WRUDJH '&&6 D WHFKQRORJ\ WKDW DLPV WR FUHDWH VWUDWHJLF DFFXPXODWLRQV RI &2
WKURXJK VHSDUDWLRQ RI WKH JDV IURP VRXUFHV DQG LQMHFWLRQ LQ SUHYLRXVO\ VHOHFWHG JHRORJLFDO UHVHUYRLUV 7KLV ZD\ WKH VWRUHG &2 FRXOG EH HDVLO\ DFFHVVHG IRU TXLFN
DSSOLFDWLRQLQ(QKDQFHG2LO5HFRYHU\(25SURMHFWV'&&6JXDUDQWHHVWKDWIODZVLQ &2 VXSSO\ RI (25 SURMHFWV ZLOO QRW RFFXU ZLWKRXW FRPSURPLVLQJ WKHLU HFRQRPLF
YLDELOLW\ 7KLV ZRUN DOVR LQWHQGV WR GHYHORS VLWH VHOHFWLRQ FULWHULD IRU '&&6 SURMHFWV LPSOHPHQWDWLRQDQGHYDOXDWHWKH'&&6DSSOLFDELOLW\LQ%UD]LOLDQVWDWHV
,1752'8d2
2SHWUyOHRYHPVHQGRXVDGRWDQWRFRPRFRPEXVWtYHORXFRPRPDWpULDSULPD QD LQG~VWULD H UHVSRQGH SHOD PDLRU SDUWH GD HQHUJLD FRQVXPLGD QR PXQGR (VWD IRQWHGHHQHUJLDQmRpUHQRYiYHOHSRULVVRDVVXDVUHVHUYDVVmRILQLWDV2FUHVFHQWH DXPHQWRQDGHPDQGDGHSHWUyOHRILJXUDDVVRFLDGDjVHJXUDQoDHQHUJpWLFDGRV SDtVHVWHPOHYDGRDH[SORUDomRFDGDYH]PDLVDIURQWHLUDVGHGLItFLODFHVVRFRPR SRU H[HPSOR DR PDU HP OkPLQDV GH iJXD SURIXQGDV H XOWUDSURIXQGDV H D DPELHQWHV LQyVSLWRV FRPR R FRQWLQHQWH $QWiUWLFR (VWH HVIRUoR WHP UHVXOWDGR QR DXPHQWR GDV UHVHUYDV LQVXILFLHQWHV SRUpP SDUD FRPSHQVDU R DXPHQWR QR FRQVXPR
)LJXUD3URMHo}HVGRPHUFDGRGHHQHUJLDSRUWLSRGHDPRGLILFDGRGH$GPLQLVWUDomR GH,QIRUPDomRGH(QHUJLD
GRyOHRUHVLGXDOGHL[DGRQRUHVHUYDWyULRDSyVDSURGXomRLQLFLDOHUHFXSHUDomR FRQYHQFLRQDOFRPLQMHomRGHiJXD%OXQWHWDO(VWHPpWRGRpFRQKHFLGRSRU UHFXSHUDomR DYDQoDGD RX WHUFLiULD GH SHWUyOHR (25 GR LQJOrV(QKDQFHG 2LO
5HFRYHU\
2 (25 HOHYD D YLGD ~WLO GH SURMHWRV GH SURGXomR GH yOHR GHSHQGHQGR GDV SURSULHGDGHVGR yOHR FDUDFWHUtVWLFDV GRV UHVHUYDWyULRV H PpWRGRV XWLOL]DGRV (VWHV SDUkPHWURV ID]HP YDULDU D TXDQWLGDGH GH &2 QHFHVViULD SRU EDUULO GH yOHR
UHFXSHUiYHO IDWR LQHUHQWH j HFRQRPLFLGDGH GH XP SURMHWR GH (25 $WXDOPHQWH D HOHYDGDGHPDQGDSRU&2QRV(VWDGRV8QLGRVHQR&DQDGiLPSXOVLRQRXHOHYDGRV
LQYHVWLPHQWRVHPSODQWDVGHSURFHVVDPHQWRGHJiVSDUDFDSWXUDU&2HHPGXWRV
SDUDRUHVSHFWLYRWUDQVSRUWHFRPRLQWXLWRGHVXSULURFUHVFHQWHQ~PHURGHSURMHWRV GH(25QRVUHIHULGRVSDtVHV&OLPDWH&KDQJH%XVLQHVV-RXUQDO
1R %UDVLO D 3HWUREUDV WHP LQYHVWLGR QHVWH WLSR GH SURMHWR GHVGH QD %DFLDGR5HF{QFDYR%DKLD7HQGRKDYLGRSUREOHPDVUHODFLRQDGRVDRIRUQHFLPHQWR FRQWtQXRGH&2
(VWH WUDEDOKR YLVD GHVHQYROYHU R FRQFHLWR LQpGLWR GH FDSWXUD H DUPD]HQDPHQWRJHROyJLFRGLQkPLFRGH&2'&&6VLJODDGDSWDGDGRWHUPRLQJOrV
MiFRQVDJUDGR&2&DSWXUHDQG6WRUDJH±&&6HRFRQFHLWR'LQkPLFR'\QDPLF
TXH WHP FRPR LQWXLWR D IRUPDomR GH UHVHUYDWyULRV HVWUDWpJLFRV GH &2 RX
WHPSRUiULRV VHJXQGR .HW]HU HW DO SDUD SRVWHULRU XWLOL]DomR HP SURMHWRV GH (25'DPHVPDIRUPDSUHWHQGHVHGHPRQVWUDURSRWHQFLDOGHUHGXomRGHHPLVV}HV GH &2 SDUD D DWPRVIHUD SRLV R &2 DUPD]HQDGR GHYHUi SHUPDQHFHU QRV
UHVHUYDWyULRVDSyVDURWDGHLQMHomR2'&&6SRGHUiWHUXPSDSHOLPSRUWDQWHQDV SROtWLFDV GH SURGXomR GH yOHR H JiV GDV FRPSDQKLDV SHWUROtIHUDV SUHSDUDQGRDV SDUD XP IXWXUR HP TXH SURMHWRV GH UHFXSHUDomR DYDQoDGD GH yOHR (25 VHUmR JUDQGHSDUWHGRSHUFHQWXDOGHWHFQRORJLDVFDSD]HVGHVXSULUDVGHPDQGDVGHyOHR
1HVWH WUDEDOKR SUHWHQGHVH GHVHQYROYHU WDPEpP FULWpULRV GH VHOHomR GRV ORFDLVSDUDLPSODQWDomRGHSURMHWRVGH'&&6HDYDOLDUDDSOLFDELOLGDGHGR'&&6QR %UDVLO $ DYDOLDomR GD DSOLFDELOLGDGH GR '&&6 p IHLWD SRU HVWDGR SRLV RV GDGRV GLVSRQtYHLV GDV UHVHUYDV GH SHWUyOHR EUDVLOHLUR HVWDYDP DVVLP GHILQLGRV JHRJUDILFDPHQWH
2%-(7,926
2REMHWLYRSULQFLSDOGHVWHWUDEDOKRpDSUHVHQWDURFRQFHLWRLQpGLWRGHFDSWXUD H DUPD]HQDPHQWR JHROyJLFR GLQkPLFR GH &2 '&&6 H LGHQWLILFDU RV HVWDGRV
%UDVLOHLURV FRP PDLRU SRWHQFLDO SDUD D DSOLFDomR GH SURMHWRV GHVWH JrQHUR 3DUD LVVR p IHLWD D DVVRFLDomR GRV UHVHUYDWyULRV GH SHWUyOHR H IRQWHV HVWDFLRQiULDV GH &2QR%UDVLOHPXPDSHUVSHFWLYDTXDOLWDWLYDQDFLRQDO
$OpP GLVVR HVWH WUDEDOKR WHP SRU REMHWLYR SURPRYHU R GHVHQYROYLPHQWR GH XPDPHWRGRORJLDGHVHOHomRGHUHJL}HVSDUDSURMHWRVGH'&&6
2EMHWLYRV(VSHFtILFRV
'HVHQYROYHU XP PDSD EUDVLOHLUR GH SURVSHFWLYLGDGH SRU HVWDGR XQLGDGH GH IHGHUDomR EUDVLOHLUD FRP UHODomR j PDVVD GH &2 HPLWLGD DQXDOPHQWH SRU IRQWHV
HVWDFLRQiULDVGH&2
'HVHQYROYHU XP PDSD EUDVLOHLUR GH SURVSHFWLYLGDGH SRU HVWDGR XQLGDGH GH IHGHUDomR EUDVLOHLUD FRP UHODomR j PDVVD GH &2 HPLWLGD DQXDOPHQWH SRU IRQWHV
HVWDFLRQiULDV FRP HPLVV}HV GH FRUUHQWHV JDVRVDV FRP HOHYDGD FRQFHQWUDomR GH &2!
'HVHQYROYHU XP PDSD EUDVLOHLUR FRP RV SRWHQFLDLV GH SURVSHFWLYLGDGH GRV HVWDGRV XQLGDGHV GH IHGHUDomR EUDVLOHLURV GH SURGXomR GH SHWUyOHR SRU (25 DWUDYpVGDVUHVSHFWLYDVHVWLPDWLYDVGDWD[DGHUHFXSHUDomRWHUFLiULD±(25DOpPGR &2QHFHVViULRSDUDHVWDUHFXSHUDomR
5(9,62%,%/,2*5È),&$
3DUDRGHVHQYROYLPHQWRGDDWLYLGDGHGHFDSWXUDHDUPD]HQDPHQWRJHROyJLFR GLQkPLFR GH &2 ± '&&6 GLYLGLXVH D UHYLVmR ELEOLRJUiILFD HP SDUWHV 2
GHVHQYROYLPHQWR GR FRQFHLWR TXH WHP FRPR EDVH SDUWHV L DV WHFQRORJLDV GH FDSWXUD WUDQVSRUWH DUPD]HQDPHQWR DSULVLRQDPHQWR H SRVWHULRU UHFXSHUDomR GH &2 H LL D UHFXSHUDomR DYDQoDGD GH SHWUyOHR (25 H IHFKDPHQWR GRYHQWLQJ
UHFLUFXODomR GR &2 LQMHWDGR 2 HVWXGR GD DSOLFDELOLGDGH GR '&&6 QR %UDVLO
FRQVWLWXLD~OWLPDSDUWH
7HFQRORJLDV GH FDSWXUD WUDQVSRUWH DUPD]HQDPHQWR DSULVLRQDPHQWR H
SRVWHULRUUHFXSHUDomRGH&2
&DSWXUDGH&2
(P UHODomR j FDSWXUD GR &2 GH IRQWHV HVWDFLRQiULDV FRPR SRU H[HPSOR
FLPHQWHLUDV WHUPHOpWULFDV VLGHU~UJLFDV p QHFHVViULR TXH H[LVWDP SODQWDV GH VHSDUDomR GR &2 DFRSODGDV 6HJXQGR D SXEOLFDomR GD $JrQFLD ,QWHUQDFLRQDO GH
(QHUJLD D RV SURFHVVRV GH FDSWXUD VXEGLYLGHPVH HP SyVFRPEXVWmR SURFHVVRVLQGXVWULDLVSUpFRPEXVWmRHR[LFRPEXVWmR3DUD)HURQH+HQGULNV QDSyVFRPEXVWmRSDUDRVJDVHVGHFRPEXVWmRHQRVSURFHVVRVLQGXVWULDLVSDUDD UHGXomRGDVTXDQWLGDGHVGH&2GDFRUUHQWHGHJiVQDWXUDOH[WUDtGDGHXPFDPSR
p SRVVtYHO XWLOL]DU HQWUH RXWUDV VROYHQWHV TXH DEVRUYHP R &2 H TXH SRGHP VHU
SRVWHULRUPHQWHUHFXSHUDGRVFRPRSRUH[HPSORDPRQRHWDQRODPLQD0($1DSUp FRPEXVWmR R &2 p VHSDUDGR DQWHV GR SURFHVVR GH SURGXomR HQHUJpWLFD 2
FRPEXVWtYHOSDVVDSRUXPDVpULHGHUHDo}HVGHJDVHLILFDomRHUHIRUPDRQGHR&2
YDLVHQGRSURGX]LGRMXQWDPHQWHFRPJiVGHVtQWHVHFRPSRVWRSRU&2+H&+H
R[LJrQLR HP YH] GH DU SRVVLELOLWDQGR TXH DUHDomRGH FRPEXVWmRVHMD FRPSOHWDH TXHRJiVGHH[DXVWmRVHMDFRQVWLWXtGRHVVHQFLDOPHQWHSRU&2
6HJXQGR%DFLRFFKLH0XVWDIDHWDOH[LVWHPIRQWHVHVWDFLRQiULDV FRP FRUUHQWHV JDVRVDV FRP FRQFHQWUDo}HV GH &2HOHYDGD 2 SURFHVVDPHQWR
! PRO H UHIRUPD ± PRO GH JiV QDWXUDO DV SURGXo}HV GH Do~FDU H HWDQRO ! PRO FDO ! PRO HWLOHQR PRO H DP{QLD ! PRO VmR H[HPSORVHPTXHFRUUHQWHVJDVRVDVSRGHPWHUFRQFHQWUDo}HV!PROGH&2
(VWDVHPLVV}HVGHIRUPDJHUDOSRGHPVHUWUDQVSRUWDGDVHLQMHWDGDVHYHQWXDOPHQWH HP FDPSRV GH SHWUyOHR PDGXURV SDUD UHFXSHUDomR DYDQoDGD GH SHWUyOHR QmR SUHFLVDQGR DVVLP GH SODQWDV GH VHSDUDomR H FDSWXUD WRUQDQGR R HPSUHHQGLPHQWR PDLVYLiYHOHFRQRPLFDPHQWH
7UDQVSRUWHGH&2
8PD HWDSD WDPEpP PXLWR LPSRUWDQWH p D GR WUDQVSRUWH GR &2 HQWUH DV
SODQWDV GH FDSWXUDVHSDUDomR GHVWH JiV H R SRQWR GH LQMHomR QR UHVHUYDWyULR HVWUDWpJLFRHGHVWHDWpRVFDPSRVGHyOHR2UHODWyULRGR3DLQHO,QWHUJRYHUQDPHQWDO VREUH0XGDQoDV&OLPiWLFDV±,3&&LQGLFDYiULDVWHFQRORJLDV
2 WUDQVSRUWH GH &2 SRU GXWRV p DWXDOPHQWH D WHFQRORJLD PDLV PDGXUD QR
PHUFDGR2&2JDVRVRpQRUPDOPHQWHFRPSULPLGRDSUHVV}HVVXSHULRUHVD03D
FRPRLQWXLWRGHHYLWDUUHJLPHVGHIOX[RGHGXDVIDVHVHDXPHQWDUDGHQVLGDGHGR &2WRUQDQGRRPDLVIiFLOHEDUDWRGHWUDQVSRUWDU
2 &2 WDPEpPSRGHVHU WUDQVSRUWDGR HP QDYLRV RX FDPLQK}HV FLVWHUQD QD
IRUPD OtTXLGD HP WDQTXHV D WHPSHUDWXUDV EHP DEDL[R GDV FRQGLo}HV DPELHQWH 0XLWDV YH]HV R WUDQVSRUWH SRU QDYLR SRGH VHU PDLV DWUDWLYR HFRQRPLFDPHQWH SDUWLFXODUPHQWH TXDQGR R &2 WHP TXH VHU WUDQVSRUWDGR D JUDQGHV GLVWkQFLDV RX
SDUDSURMHWRVORFDOL]DGRVQRPDU
2 XVR GH FDPLQK}HV WDPEpP p XPD SRVVLELOLGDGH DSHVDU GH QmR VHU HFRQRPLFDPHQWH YLiYHO SDUD SURMHWRV GH LQMHomR GH &2 HP ODUJD HVFDOD TXDQGR
FRPSDUDGRFRPQDYLRVHGXWRV
2VFXVWRVDVVRFLDGRVDRWUDQVSRUWHGH&2HVWmRGLUHWDPHQWHDVVRFLDGRVj
JHODGDV 7RGRV HVWHV IDWRUHV SRGHP GREUDU R FXVWR SRU XQLGDGH GH FRPSULPHQWR DXPHQWDQGRPDLVDLQGDHPUHJL}HVGHQVDPHQWHSRSXODGDV
$UPD]HQDPHQWRDSULVLRQDPHQWRGH&2HPDTtIHURVVDOLQRV
1D SXEOLFDomR GD $JrQFLD ,QWHUQDFLRQDO GH (QHUJLD E H[SOLFDVH R FRPSRUWDPHQWR GHVWH JiV HP UHVHUYDWyULRV VLOLFLFOiVWLFRV H FDUERQiWLFRV PDLV SURSULDPHQWHHPDTtIHURVVDOLQRVSURIXQGRVTXHSRGHPQDWXUDOPHQWHVHUYLUFRPR EDVH GH HVWXGR QD IRUPDomR GRV UHVHUYDWyULRV HVWUDWpJLFRV GH &2 (VWH JiV p
DSULVLRQDGR HP UHVHUYDWyULRV GH EDFLDV VHGLPHQWDUHV SULQFLSDOPHQWH SRU IRUPD ItVLFD 6HJXQGR .HW]HU R DSULVLRQDPHQWR ItVLFR RX HVWUXWXUDO FRQVLVWH HP DUPD]HQDUR&2HPXPDIDVHVHSDUDGDLPLVFtYHOQRHVWDGRVXSHUFUtWLFRJDVRVR
HRX OtTXLGR GHSHQGHQGR GDV FRQGLo}HV GH WHPSHUDWXUD H SUHVVmR DV TXDLV VmR GLUHWDPHQWH UHODFLRQDGDV FRP D SURIXQGLGDGH JUDGLHQWH WpUPLFR WHPSHUDWXUD GH VXSHUItFLHHGHQVLGDGHGDiJXDVXEWHUUkQHD2&2pUHWLGRSHODH[LVWrQFLDGHXP
VHORGHEDL[DSHUPHDELOLGDGH
([LVWHP RXWURV WLSRV GH DSULVLRQDPHQWR FRPR p R FDVR GD PLQHUDOL]DomR H GLVVROXomRFKDPDGRWDPEpPGHDSULVLRQDPHQWRTXtPLFR%DFKXFRQVLGHUDD PLQHUDOL]DomR XP SURFHVVR PXLWR OHQWR ! DQRV HP FRQGLo}HV JHROyJLFDV QRUPDLV $ GLVVROXomR GR &2 HP iJXD DFRQWHFH WDPEpP SRU ORQJRV SHUtRGRV GH
WHPSR!DQRVFRPRpPRVWUDGRQDILJXUD1HVWD7RUH7RUSPRVWUD TXH VmR QHFHVViULRV DSUR[LPDGDPHQWH DQRV SDUD TXH KDMD GLVVROXomR VLJQLILFDWLYDGR&2QD)RUPDomR8WVLUDQR0DUGR1RUWHRQGHVHLQMHWDDWXDOPHQWH
FHUFDGHPLOKmRGHWRQHODGDVGH&2SRUDQRGHVGH
)LJXUD6LPXODomRGDGLVVROXomRGH&2QD)RUPDomR8WVLUDSURMHWR6OHLSQHU1RUXHJD
$ILJXUDPRVWUDTXHRDSULVLRQDPHQWRGR&2SDUDXPSHUtRGRGHWHPSR
DWp D DSyV D LQMHomR GHVWH HP DTtIHURV VDOLQRV p SULQFLSDOPHQWH ItVLFR HVWUXWXUDO HVWUDWLJUiILFR UHVLGXDO RX KLGURGLQkPLFR H TXH D GLVVROXomR H PLQHUDOL]DomRQmRVmRVLJQLILFDWLYDVQHVWHPHVPRSHUtRGR
)LJXUD0HFDQLVPRVGHDSULVLRQDPHQWRGH&2DRORQJRGRWHPSRGHLQMHomRHDSyVHVWD
PRGLILFDGDGH,3&&
6HJXQGR*RUDLHEHWDODFDSDFLGDGHGHXPUHVHUYDWyULRpGHWHUPLQDGD SHODSURIXQGLGDGHJHRPHWULDHSHORIHFKDPHQWRGDHVWUXWXUDDQWLFOLQDORXVHMDSHOD GLVWkQFLDYHUWLFDOHQWUHRWRSRHDEDVHGDHVWUXWXUDG{PLFD$ILJXUDDSUHVHQWD XPGHVHQKRHVTXHPiWLFRGRDUPD]HQDPHQWRJHROyJLFRGH&2HPDTtIHURVDOLQR
)LJXUD$UPD]HQDPHQWRJHROyJLFRGH&2HPDTtIHURVDOLQRPRGLILFDGDGH*RUDLHEHWDO
5HFXSHUDomRGR&2DUPD]HQDGRHPDTtIHURVVDOLQRV
3DUD HQWHQGHU R FRPSRUWDPHQWR GR &2 LQMHWDGR HP DTtIHURV VDOLQRV
H[LVWHP WpFQLFDV FRQKHFLGDV TXH SRVVLELOLWDP PRQLWRUiOR H DVVLP VDEHU D VXD ORFDOL]DomR H FRQFHQWUDomR TXDQWLGDGH DR ORQJR GR WHPSR 7RUH 7RUS DSUHVHQWDQDVILJXUDVHH[HPSORVGHVWHWLSRGHGDGRVDVVRFLDGRVDRV DQRV GH LQMHomR GH &2 HP XP DTtIHUR VDOLQR SURIXQGR QD )RUPDomR 8WVLUD QD
1RUXHJDSHORSURMHWR6OHLSQHU$ILJXUDPRVWUDDLPDJHPGHXPDVHomRVtVPLFD RQGH p SRVVtYHO YHU R DF~PXOR GH &2 QD )RUPDomR 8WVLUD DR ORQJR GR WHPSR H
DVVLP LGHQWLILFDU RPHOKRU ORFDOSDUDID]HU DSRVVtYHO H[WUDomR GR&2 1HVWH ORFDO
WHP VLGR LQMHWDGR PLOKmR GH WRQHODGDV GH &2 DQXDOPHQWH GHVGH $ ILJXUD
GHPRQVWUDTXHIHUUDPHQWDVGHVLPXODomRSHUPLWHPLGHQWLILFDURSRVLFLRQDPHQWR GR&2QD)RUPDomR8WVLUD
)LJXUD9LVXDOL]DomRGRDF~PXORGH&2QD)RUPDomR8WVLUDDWUDYpVGHGDGRVVtVPLFRVDR
ORQJRGRWHPSRSURMHWR6OHLSQHU1RUXHJDVHJXQGR7RUH7RUS
)LJXUD6LPXODomRGDGLVWULEXLomRGHPLOK}HVGHWRQHODGDVGH&2DSyVDQRVGDLQMHomRQD
)RUPDomR8WVLUDSURMHWR6OHLSQHU1RUXHJDVHJXQGR7RUH7RUS
3DUD HQWHQGHU H DQDOLVDU R SURFHVVR GH UHFXSHUDomR GR &2GHSRLV GH
LQMHWDGR HP XP DTtIHUR VDOLQR p IXQGDPHQWDO ID]HU D DQDORJLD FRP D HVWRFDJHP VXEWHUUkQHD GH JiV QDWXUDO ± (6*1 WHFQRORJLD TXH Mi HVWi PXLWR GHVHQYROYLGD H GLVVHPLQDGD SRU WRGR R PXQGR *RUDLHE HW DO GHPRQVWUDP TXH R DUPD]HQDPHQWR VXEWHUUkQHR GH JiV QDWXUDO SRGH VHU IHLWR HP WLSRV GH UHVHUYDWyULR
$TXtIHURV HP HVWUXWXUDV DQWLFOLQDLV FRQVWLWXtGDV SRU URFKDV GH SRURVLGDGH HOHYDGDFDSHDGDVSRUFDPDGDVSRXFRSHUPHiYHLV
&DYHUQDVDUWLILFLDLVFRQWUXtGDVSRUPHLRGHOL[LYLDomRGHHVSHVVDVFDPDGDV GHURFKDVVDOLQDVH
&DYLGDGHVGHPLQDVVXEWHUUkQHDVDEDQGRQDGDV
$ (6*1 Mi p XWLOL]DGD GHVGH H TXH QD GpFDGD GH H[LVWLDP DSUR[LPDGDPHQWHSURMHWRVGHVWHJrQHURHPDTtIHURVVDOLQRV
$VVLP FRPR R '&&6 R (6*1 FRQVLVWH HP LQMHWDU JUDQGHV TXDQWLGDGHV GH JiV D SUHVV}HV HOHYDGDV HP HVWUXWXUDV JHROyJLFDV H[LVWHQWHV HP DPELHQWHV QDWXUDLVFRQVWLWXtGRVSRUURFKDVVHGLPHQWDUHVSRUXPSHUtRGRGHWHPSRDWpDQRV H SRVWHULRU UHFXSHUDomR *RUDLHE HW DO PRVWDP TXH R YROXPH WRWDO GH JiV FRQWLGRQXPDUPD]HQDPHQWRGHVWHWLSRpFRQVWLWXtGRGHGXDVSDUWHVGLVWLQWDVLJiV GHEDVHHLLJiV~WLOHFDGDXPGHOHVRFXSDDSUR[LPDGDPHQWHGRYROXPHWRWDO GRUHVHUYDWyULR
(P (6*1 R JiV GH EDVH VHUYH SDUD PDQWHU D SUHVVmR GR UHVHUYDWyULR VXILFLHQWHPHQWH DOWD GXUDQWH DV RSHUDo}HV GH UHWLUDGD GR JiV ~WLO 2 JiV GH EDVH SRVVXLXPDSRUomRTXHSRGHVHUUHFXSHUDGDHRXWUDQmR$SUR[LPDGDPHQWHGR YROXPHWRWDOGRUHVHUYDWyULRFRUUHVSRQGHjSRUomRGRJiVGHEDVHTXHQmRSRGHVHU ILVLFDPHQWH UHFXSHUDGD FRP R QtYHO GH SUHVVmR GH VXSHUItFLH SUHVVmR GH DEDQGRQR 6XD UHFXSHUDomR HQYROYHULD FDURV H LQYLiYHLV HTXLSDPHQWRV (P DTtIHURV VDOLQRV FRUUHVSRQGH j SDUWH GR JiV GLVSHUVR HP TXDQWLGDGHV WmR SHTXHQDV TXH SHUPDQHFHP WRWDOPHQWH LPyYHLV (VWD DQDORJLD FRP (6*1 SHUPLWH GHWHUPLQDU RV YDORUHV ILQDLV GH UHFXSHUDomR GH &2 GH DTtIHURV VDOLQRV DOJXP
WHPSR DQRV GHSRLV GH LQMHWDGR DSUHVHQWDGR SRVWHULRUPHQWH QD VHomR 0pWRGRV
$ PDLRULD GRV DUPD]HQDPHQWRV GH &2HP DTtIHURV H[LVWHQWHV QR PXQGR
XWLOL]D UHVHUYDWyULRV HQWUH H PHWURV GH SURIXQGLGDGH FRP SUHVV}HV YDULDQGR GH D EDUV SRURVLGDGHV LJXDLV RX PDLRUHV TXH H SHUPHDELOLGDGHVDFLPDGHP'DUF\SUHIHUHQFLDOPHQWHDSDUWLUGHP'DUF\
$WD[DGHUHWLUDGDPi[LPDGH&2SRGHVHUWDPEpPHVWLPDGDSRUDQDORJLDj
WD[D GH SURGXomR GH JiV QDWXUDO FRPR SRU H[HPSOR QR FDPSR GH JiV GH1RUWK
3HDUFH HW DO FRPSURYDP TXH R &2 p SURGX]LGR DWUDYpV GH WHFQRORJLD
GRPLQDGD H FRP JUDQGH YLDELOLGDGH HFRQ{PLFD $QXDOPHQWH PLOK}HV GH WRQHODGDVGH&2VmRSURGX]LGDVDSDUWLUGHSRoRVQHVWDHVWUXWXUDGHVGH
5HFXSHUDomRDYDQoDGDGHSHWUyOHR(25HIHFKDPHQWRGRYHQWLQJ
5HFXSHUDomRDYDQoDGDGHSHWUyOHR±(25
*R]DOSRXUHWDOH+ROW]HWDOPRVWUDPTXHDLQMHomRGH&2HP
UHVHUYDWyULRV GH SHWUyOHR p XPD WHFQRORJLD FDSD] GH DXPHQWDU D UHFXSHUDomR GH yOHR H FRPSURYDR XWLOL]DQGR GLYHUVRV PpWRGRV UHVHUYDWyULRV H yOHRV FRP FDUDFWHUtVWLFDVSURSULHGDGHVGLIHUHQWHV
2(25SRGHVHUIHLWRSHORPpWRGRPLVFtYHOILJXUDRXDWUDYpVGRPpWRGR LPLVFtYHO3DUDTXHKDMDPLVFLELOLGDGHHQWUHRyOHRHR&2HRFRUUDDUHGXomRGD
YLVFRVLGDGHGRyOHRpQHFHVViULRTXHDVGXDVFRQGLFLRQDQWHVSUHVVmRPtQLPDGH PLVFLELOLGDGH H FRPSRVLomR PtQLPD GH PLVFLELOLGDGH VHMDP HIHWLYDV VHQGR TXH DPEDV YDULDP GH IRUPD GHSHQGHQWH 6HJXQGR %OXQW HW DO p SRVVtYHO UHFXSHUDU SHOR PpWRGR PLVFtYHO DWp GR yOHR UHVLGXDO GHL[DGR QR UHVHUYDWyULR DSyVDSURGXomRLQLFLDOHUHFXSHUDomRFRQYHQFLRQDOFRPLQMHomRGHiJXDLHDSyV UHFXSHUDomRSULPiULDHVHFXQGiULD3DUD%DFKXHVWHPpWRGRpPDLVHILFLHQWH HP yOHRV GR WLSROLJKW FUXGH FRP GHQVLGDGH VXSHULRUHV D R$3, GR LQJOrV
$PHULFDQ 3HWUROHXP ,QVWLWXWH HP SURIXQGLGDGHV HQWUH H P VHJXQGR -HVVHQHWDO
)LJXUD'LDJUDPDPRVWUDQGRUHFXSHUDomRDYDQoDGDGHSHWUyOHR±(25SHORPpWRGRPLVFtYHO PRGLILFDGRGH7KH%5*0VHULHV³*HRVFLHQFH,VVXHV´
4XDQGR QmR VH FRQVHJXH DWLQJLU D SUHVVmR H FRPSRVLomR PtQLPDV GH PLVFLELOLGDGH R PpWRGR p LPLVFtYHO H R &2 DSHQDV GHVORFD R yOHR GRV SRURV GDV
URFKDVGRSRoRLQMHWRUSDUDRSRoRSURGXWRU1HOPVHWDOPRVWUDPTXHHVWH PpWRGRWHPSRWHQFLDOGHUHFXSHUDomRGHSHWUyOHRLQIHULRUDRPpWRGRPLVFtYHO LVVRHTXLYDOHDDSUR[LPDGDPHQWHGRyOHRUHVLGXDO
(P UHODomR j TXDQWLGDGH RULJLQDO GH SHWUyOHR QR UHVHUYDWyULR 22,3 GR LQJOrV2ULJLQDO2LO,Q3ODFHRVYDORUHVGHUHFXSHUDomRGHSHWUyOHRFRPLQMHomRGH &2YDULDPHQWUHHVHJXQGR1REDNKWHWDO
$QDGDHWDOPRVWUDTXHHPPpGLDVmRQHFHVViULDVWRQHODGDVGH &2 SXUR SDUD D UHFXSHUDomR GH P GH yOHR 'HVWD IRUPD VHUmR QHFHVViULDV
JUDQGHVTXDQWLGDGHVGH&2SDUDDUHFXSHUDomRGRVFDPSRVPDGXURVHHPIDVHGH
DPDGXUHFLPHQWRQRPXQGR
5HLQMHomRGR&2SURGX]LGRRXIHFKDPHQWRGRYHQWLQJ
:LOVRQPRVWUDQRVTXHQXPSURMHWRGH(25DPDLRULDGR&2LQMHWDGR
ILFD DUPD]HQDGR FRP VHJXUDQoD QR PHLR JHROyJLFR PDV XPD SDUWH GHVWH p SURGX]LGR MXQWDPHQWH FRP R yOHR UHFXSHUDGR 3DUD TXH R &2 QmR VHMD YHQWDGR
UHVHUYDWyULR HP SURGXomR SHUPLWLQGR TXH R DUPD]HQDPHQWR GR &2 VHMD DVVLP
SHUPDQHQWH
$SOLFDomRGR&&6'LQkPLFR'&&6QR%UDVLO
/RFDOL]DomRHTXDQWLILFDomRGDVHPLVV}HVHVWDFLRQiULDVGH&2
8PDGDVSDUWHVLPSRUWDQWHVGHVWHWUDEDOKRpLGHQWLILFDUHTXDQWLILFDUDVIRQWHV HPLVVRUDV GH &2 QR %UDVLO SRU HVWDGR XQLGDGH GH IHGHUDomR2 &DUEPDS
FRQWDELOL]D IRQWHV HVWDFLRQiULDV GH &2RQVKRUH FRP PDVVD HTXLYDOHQWH GH
PLOK}HV GH WRQHODGDV GH &2 SRU DQR $V ILJ XUDV H DSUHVHQWDP
UHVSHFWLYDPHQWH R PDSD GR %UDVLO FRP D PDVVD GH &2 HPLWLGD SRU IRQWH
HVWDFLRQiULDHDORFDOL]DomRGDVHPLVV}HVGH&2SRUVHWRULQGXVWULDO
)LJXUD0DSDEUDVLOHLURGHIRQWHVHVWDFLRQiULDVGH&2&DUEPDS
)LJXUD0DSDEUDVLOHLURGHIRQWHVHVWDFLRQiULDVGH&2SRUVHWRULQGXVWULDOVHJXQGR&DUEPDS
(P UHODomR jV HPLVV}HV GH &2RIIVKRUH QmR H[LVWHP GDGRV GLVSRQtYHLV
SRUpPSRGHVHFRQFOXLUSHODLQIRUPDomRGH3HWUREUDVDTXHDSURGXomRGR FDPSR JLJDQWH GH 7XSL QD EDFLD GH 6DQWRV HPLWLUi VLJQLILFDWLYDV TXDQWLGDGHV GH &2! YY R TXH DFRQWHFHUi HP RXWURV FDPSRV GH SURGXomR QR SUpVDO H
SRVVLYHOPHQWHDFRQWHFHMiHPDOJXQVDFLPDGDFDPDGDGHVDO
/RFDOL]DomRGHVLWHVSDUDDUPD]HQDPHQWRHVWUDWpJLFRGH&2HP
DTtIHURVVDOLQRVHUHVSHFWLYDFDSDFLGDGH
.HW]HUHWDOPRVWUDPTXHDFDSDFLGDGHWHyULFDGHDUPD]HQDPHQWR GH&2HPDTtIHURVQR%UDVLOpSUDWLFDPHQWHLOLPLWDGDHTXHDFDSDFLGDGHHIHWLYDp
EDFLDV VHGLPHQWDUHV SRU WRGR R %UDVLO p HYLGHQFLDGD SHOD ILJXUD PRVWUDQGR DVVLPTXHRDUPD]HQDPHQWRHVWUDWpJLFRGH&2SRGHVHUIHLWRHPGLYHUVRVORFDLV
)LJXUD0DSDGDVEDFLDVVHGLPHQWDUHVEUDVLOHLUDVVHJXQGR.HW]HUHWDO
3RWHQFLDOGHUHFXSHUDomRDYDQoDGDGHSHWUyOHR(25QR%UDVLO
$13DSUHVHQWDDVUHVHUYDVWRWDLVHSURYDGDVGHSHWUyOHRSDUDRV GLIHUHQWHV HVWDGRV XQLGDGHV GH IHGHUDomR $WUDYpV GD GLIHUHQoD HQWUH DV GXDV p SRVVtYHO REWHU DV TXDQWLGDGHV GH SHWUyOHR TXH QmR VmR SRVVtYHLV H[WUDLU SHORV PpWRGRV FRQYHQFLRQDLV H FRP HOHYDGD FHUWH]D SRGHQGR KDYHU JUDQGH SRWHQFLDO SDUDDXWLOL]DomRGDLQMHomRGH&2SDUDDUHFXSHUDomRGHVWHSHWUyOHR(QWHQGDVH
UHVHUYD WRWDO GH SHWUyOHR FRPR D VRPD GDV UHVHUYDV SURYDGDV SURYiYHLV H SRVVtYHLV VHQGR DV GXDV ~OWLPDV UHVHUYDV GH SHWUyOHR TXH D DQiOLVH GRV GDGRV JHROyJLFRVHGHHQJHQKDULDLQGLFDXPDPDLRULQFHUWH]DQDVXDUHFXSHUDomR
FRPHUFLDOPHQWH GH UHVHUYDWyULRV GHVFREHUWRV H DYDOLDGRV FRP HOHYDGR JUDX GH FHUWH]DHFXMDHVWLPDWLYDFRQVLGHUHDVFRQGLo}HVHFRQ{PLFDVYLJHQWHVRVPpWRGRV RSHUDFLRQDLV XVXDOPHQWH YLiYHLV H RV UHJXODPHQWRV LQVWLWXtGRV SHODV OHJLVODo}HV SHWUROtIHUDVHWULEXWiULDVEUDVLOHLUDVVHJXQGR$13
$GLIHUHQoDHQWUHDVUHVHUYDVWRWDLVHSURYDGDVDVVRFLDGDjVGHQVLGDGHV $3,GDVGLIHUHQWHVFRUUHQWHVGHSHWUyOHREUDVLOHLURHDRVSRWHQFLDLVGHUHFXSHUDomR DYDQoDGDGHSHWUyOHR±(25SHORPpWRGRPLVFtYHOVHJXQGR%OXQWHWDO HSHORLPLVFtYHOVHJXQGR1HOPVHWDOSHUPLWHHVWLPDUDVTXDQWLGDGHV GHSHWUyOHRUHFXSHUiYHOSRULQMHomRGH&2
$WUDYpV GD DOtTXRWD GH UHFXSHUDomR GH SHWUyOHR FRP LQMHomR GH &2
PRVWUDGD SRU 1REDNKW HW DO GR 22,3 H D TXDQWLGDGH RULJLQDO GH SHWUyOHR GRV FDPSRV GR SUpVDO GD %DFLD GH 6DQWRV 7XSL H *XDUi GDGRV SRU 3HWUREUDV E p WDPEpP SRVVtYHO HVWLPDU XPD TXDQWLGDGH GH SHWUyOHR UHFXSHUiYHODSDUWLUGDLQMHomRGH&2QRVUHVSHFWLYRVUHVHUYDWyULRV
0$7(5,$,6(0e72'26
3DUDRGHVHQYROYLPHQWRGRFRQFHLWRGH'&&6IRUDPHVWXGDGDVHDQDOLVDGDV ELEOLRJUDILDV VREUH DV GLIHUHQWHV WHFQRORJLDV H WySLFRV GHVFULWRV QRV FDStWXORV DQWHULRUHVGHVWHWUDEDOKRFRPRLQWXLWRGHPHOKRUXWLOL]DURFRQKHFLPHQWRMiH[LVWHQWH QHVWDQRYDDWLYLGDGH
&ULWpULRV GH DYDOLDomR GD DSOLFDELOLGDGH GH SURMHWRV GH &DSWXUD H
$UPD]HQDPHQWR*HROyJLFR'LQkPLFRGH&2±'&&6QR%UDVLO
&RQVLGHUDQGRDFDSDFLGDGHHIHWLYDGHDUPD]HQDPHQWRJHROyJLFRGH&2GR
%UDVLOGHDSUR[LPDGDPHQWHWULOK}HVGHWRQHODGDV.HW]HUHWDOGLVWULEXtGD SHODV EDFLDV VHGLPHQWDUHV SRU WRGR R SDtV FRQILUPDVH R DOWR SRWHQFLDO GH RFRUUrQFLDGHUHVHUYDWyULRVSDUDFRQVWLWXLomRGHUHVHUYDVHVWUDWpJLFDVGH&2
'H IRUPD GLVWLQWD SDUD WRGRV RV HVWDGRV XQLGDGHV GH IHGHUDomR EUDVLOHLURV IRUDP HVFROKLGRV H GHVHQYROYLGRV FULWpULRV L 4XDQWLGDGH GH &2 HPLWLGD
DQXDOPHQWH LL 4XDQWLGDGH GH &2 HPLWLGD GH FRUUHQWHV JDVRVDV FRP HOHYDGD
FRQFHQWUDomRGRJiV!PROLLL4XDQWLGDGHGHSHWUyOHRUHFXSHUiYHODWUDYpVGD LQMHomRGH&2HUHVSHFWLYDTXDQWLGDGHGH&2QHFHVViULDHLY4XDQWLGDGHGH&2
QHFHVViULD SDUD SURMHWRV GH (25 HP UHODomR DR &2 HPLWLGR DQXDOPHQWH SRU
HVWDGR $ MXVWLILFDWLYD SDUD D HVFROKD GHVWHV FULWpULRV VHUi GHWDOKDGD D VHJXLU TXDQGRGDDSUHVHQWDomRGRVPHVPRV
3DUDRVSULPHLURVFULWpULRVGHDYDOLDomRDVVLPFRPRSDUDDDYDOLDomRILQDO GH DSOLFDomR GR '&&6 QR %UDVLO IRUDP GHVHQYROYLGRV PDSDV FRP R DSRLR GH XP VLVWHPDGHLQIRUPDomRJHRJUiILFD6,*SDUDDPHOKRUYLVXDOL]DomRGRSRWHQFLDOGH SURVSHFWLYLGDGH GRV HVWDGRV XQLGDGHV GH IHGHUDomR H PHOKRU FRPSUHHQVmR GR SDQRUDPDQDFLRQDO
4XDQWLGDGHGH&2HPLWLGDDQXDOPHQWHGHIRQWHVHVWDFLRQiULDVSRU
HVWDGREUDVLOHLUR
$ LGHQWLILFDomR GDV IRQWHV HVWDFLRQiULDV GH &2 p D SULPHLUD HWDSD D VHU
GHVHQYROYLGD HP SURMHWRV GH '&&6 SRU LVVR D TXDQWLGDGH GH &2 HPLWLGD p XPD
LQIRUPDomRHVWUDWpJLFDQDDYDOLDomRGDDSOLFDELOLGDGHGHVWHV
8WLOL]DQGR DEDVH GHGDGRV GR &DUEPDS QXP VLVWHPD GHLQIRUPDomR JHRJUiILFD6,*TXDQWLILFRXVHR&2HPLWLGRSRUHVWDGREUDVLOHLUR
6XEGLYLGLUDPVH DV HPLVV}HV GH &2 GRV HVWDGRV EUDVLOHLURV SRU
SRSXODo}HVDVVRFLDQGRVHSRWHQFLDLVGHSURVSHFWLYLGDGHGLIHUHQWHV SDUDHVWDGRVFRPHPLVV}HVDWpNWSRUDQR
SDUDHVWDGRVFRPHPLVV}HVHQWUHHNWSRUDQR SDUDHVWDGRVFRPHPLVV}HVVXSHULRUHVDNWSRUDQR
'HVHQYROYHXVHXPPDSDGR%UDVLOFRPDVLQIRUPDo}HVDFLPDGHVFULWDV
4XDQWLGDGHGH&2HPLWLGDDQXDOPHQWHGHIRQWHVHVWDFLRQiULDVFRP
FRUUHQWHVJDVRVDVGHHOHYDGDFRQFHQWUDomRGH&2!PROSRU HVWDGREUDVLOHLUR
$V IRQWHV HVWDFLRQiULDV FRP HPLVV}HV GH FRUUHQWHV JDVRVDV FRP HOHYDGDV FRQFHQWUDo}HV GH &2 !PRO QHFHVVLWDP GH PXLWR PHQRV WUDWDPHQWRV TXH
FRUUHQWHV JDVRVDV FRP EDL[D FRQFHQWUDomR GHVWH JiV UHGX]LQGR RV FXVWRV GR HPSUHHQGLPHQWR H SRGHQGR HP PXLWRV FDVRV R &2 VHU WUDQVSRUWDGR H LQMHWDGR
GLUHWDPHQWHHPUHVHUYDWyULRVJHROyJLFRV
(VWH FULWpULR HQWURX DVVLP QR VLVWHPD GH DYDOLDomR SRLV SRGH DXPHQWDU R SRWHQFLDOGHDSOLFDomRGR'&&6HPXPHVWDGR
$SDUWLUGDVHPLVV}HVHVWDFLRQiULDVGH&2SRUVHWRUHVLQGXVWULDLVDGTXLULGDV
GD EDVH GH GDGRV GR &DUEPDS TXDQWLILFRXVH R &2 HPLWLGR SRU HVWDGR
EUDVLOHLUR
2VVHWRUHVLQGXVWULDLVH[LVWHQWHVQR&DUEPDSTXHVHHQTXDGUDPQHVWH WySLFRIRUDPRVGDLQG~VWULDGHDP{QLDHWDQROHHWLOHQR
6XEGLYLGLUDPVHDVHPLVV}HVGH&2GHIRQWHVHVWDFLRQiULDVFRPHPLVV}HV
EUDVLOHLURV SRU SRSXODo}HV DVVRFLDQGRVH SRWHQFLDLV GH SURVSHFWLYLGDGH GLIHUHQWHV
SDUDHVWDGRVTXHQmRSRVVXHPHPLVV}HVGHVWHJrQHUR SDUDHVWDGRVFRPHPLVV}HVDWpNWSRUDQR
SDUDHVWDGRVFRPHPLVV}HVVXSHULRUHVDNWSRUDQR
'HVHQYROYHXVHXPPDSDGR%UDVLOFRPDVLQIRUPDo}HVDFLPDGHVFULWDV
4XDQWLGDGHGHSHWUyOHRUHFXSHUiYHODWUDYpVGDLQMHomRGH&2H
UHVSHFWLYDTXDQWLGDGHGH&2QHFHVViULDSRUHVWDGREUDVLOHLUR
$WUDYpV GRV YDORUHV IRUQHFLGRV SRU $13 GDV UHVHUYDV WRWDLV H SURYDGDV GR DQR GH GH WRGRV RV HVWDGRV EUDVLOHLURV SURGXWRUHV GH SHWUyOHR FDOFXORXVHRyOHRUHVLGXDODWUDYpVGDGLIHUHQoDHQWUHDVGXDV
ÏOHRUHVLGXDO 5HVHUYDWRWDO5HVHUYDSURYDGD (T
3DUD SRGHU FDOFXODU R yOHR UHFXSHUiYHO GH XP FDPSR GH SHWUyOHR PDGXUR FRPDLQMHomRGH&2(25LGHQWLILFRXVHSULPHLUDPHQWHRJUDX$3,GDVFRUUHQWHV
GHSHWUyOHRH[LVWHQWHV6HJXQGR%OXQWHWDOH%DFKXSDUDFRUUHQWHVGH SHWUyOHR FRP JUDX $3, LJXDO RX VXSHULRU D p SRVVtYHO UHFXSHUDU GR yOHR UHVLGXDOGHXPUHVHUYDWyULRHSDUDFRUUHQWHVGHSHWUyOHRFRPJUDX$3,LQIHULRUD FHUFDGHVHJXQGR1HOPVHWDO
2$3,ÏOHRUHFXSHUiYHOSRU(25 ÏOHRUHVLGXDO[ (T 2$3,ÏOHRUHFXSHUiYHOSRU(25 ÏOHRUHVLGXDO[ (T
2FiOFXORGDTXDQWLGDGHGH&2QHFHVViULDSDUDUHFXSHUDURyOHRSRU(25IRL
IHLWDEDVHDGDQRYDORUGHWRQHODGDVGH&2SDUDUHFXSHUDomRGHPGHyOHR
VHJXQGR$QDGDHWDO8WLOL]RXVHSDUDDFRQYHUVmRGHEDUULVGHSHWUyOHRSDUD PHWURVF~ELFRVRYDORUGHVHJXQGR$13
4XDQWLGDGHGH&2QHFHVViULDSDUD(25 ÏOHRUHFXSHUiYHOSRU(25[ (T
6XEGLYLGLUDPVH DV TXDQWLGDGHV GH SHWUyOHR UHFXSHUiYHO SRU (25 H R &2
QHFHVViULRSDUDRHIHLWRGRVHVWDGRVEUDVLOHLURVSRUSRSXODo}HVDVVRFLDQGRVH SRWHQFLDLVGHSURVSHFWLYLGDGHGLIHUHQWHV
SDUDHVWDGRVTXHQmRSRVVXHPUHVHUYDVGHSHWUyOHR
SDUDHVWDGRVFRPUHFXSHUDomRDWpPLOK}HVGHEDUULVGHSHWUyOHRHDWp PLOK}HVGHWRQHODGDVGH&2QHFHVViULRSDUDRHIHLWR
SDUDHVWDGRVFRPUHFXSHUDomRDFLPDPLOK}HVGHEDUULVGHSHWUyOHRH DFLPDPLOK}HVGHWRQHODGDVGH&2QHFHVViULRSDUDRHIHLWR
'HVHQYROYHXVHXPPDSDGR%UDVLOFRPDVLQIRUPDo}HVDFLPDGHVFULWDV
5HODomRHQWUHTXDQWLGDGHGH&2QHFHVViULDSDUD(25H&2
HPLWLGRGHIRQWHVHVWDFLRQiULDVDQXDOPHQWHSRUHVWDGREUDVLOHLUR
$ UHODomR HQWUH RV GRLV SDUkPHWURV L TXDQWLGDGH GH &2 QHFHVViULD SDUD
(25SRUHVWDGREUDVLOHLURHLL&2HPLWLGRDQXDOPHQWHGHIRQWHVHVWDFLRQiULDVSRU
HVWDGREUDVLOHLURIRLFRQVLGHUDGDVHURFULWpULRPDLVLPSRUWDQWH(VWHSHUPLWHDYDOLDU HIHWLYDPHQWHRIXQFLRQDPHQWRGR'&&6HGHILQLUDQHFHVVLGDGHGRDUPD]HQDPHQWR HVWUDWpJLFRGH&2$WUDYpVGDFRPSDUDomRHQWUHRVGRLVSDUkPHWURVHVWLSXORXVH
TXH RV HVWDGRV HP TXH R SULPHLUR L IRU VXSHULRU DR VHJXQGR LL p DWULEXtGR XP SRWHQFLDOGHSURVSHFWLYLGDGH³´FDVRFRQWUiULR³´
0HVPR VDEHQGR TXH R &2 HP SURMHWRV GH (25 p QHFHVViULR DR ORQJR GR
WHPSR H TXH QmR p SRVVtYHO FDSWXUDU WRGR R &2 GDV IRQWHV HVWDFLRQiULDV GH XP
HVWDGRHPXPDQRHVWDpDPHOKRUIRUPDHQFRQWUDGDSDUDDQDOLVDUDQHFHVVLGDGH GHLPSOHPHQWDomRGR'&&6HTXHSHUPLWHHQWHQGHUWDPEpPTXDLVRVHVWDGRVHP TXHDFDSWXUDHLQMHomRGLUHWDGR&2HPFDPSRVPDGXURVGHSHWUyOHRpUHDOPHQWH
DPDLVSURPLVVRUD
$SOLFDELOLGDGH GH SURMHWRV GH &DSWXUD H $UPD]HQDPHQWR *HROyJLFR
'LQkPLFRGH&2±'&&6QR%UDVLO
$DSOLFDELOLGDGHGHSURMHWRVGH'&&6SRUHVWDGREDVHRXVHQRVRPDWyULRGRV SRWHQFLDLV GH SURVSHFWLYLGDGH GRV FULWpULRV GH DYDOLDomR DQWHULRUPHQWH GHVFULWRV GLIHUHQFLDQGRVHHPSRWHQFLDLVGHSURVSHFWLYLGDGHGLIHUHQWHV
HVWDGRV TXH QmR DSUHVHQWDP FDUDFWHUtVWLFDV SDUD DSOLFDomR GR '&&6 VRPDWyULRGRVSRWHQFLDLVGHSURVSHFWLYLGDGHGRVFULWpULRVGHDYDOLDomRIRL
HVWDGRV TXH DSUHVHQWDP SRXFDV FDUDFWHUtVWLFDV SDUD DSOLFDomR GR '&&6 FRP UHVWULo}HV VRPDWyULR GRV SRWHQFLDLV GH SURVSHFWLYLGDGH GRV FULWpULRV GH DYDOLDomRIRLRX
HVWDGRV TXH DSUHVHQWDP DOJXPDV FDUDFWHUtVWLFDV SDUD DSOLFDomR GR '&&6 VRPDWyULRGRVSRWHQFLDLVGHSURVSHFWLYLGDGHGRVFULWpULRVGHDYDOLDomRIRL
HVWDGRV TXH DSUHVHQWDP FDUDFWHUtVWLFDV LGHDLV SDUD DSOLFDomR GR '&&6 GHVWDFDQGRVHHPUHODomRDRVRXWURVVRPDWyULRGRVSRWHQFLDLVGHSURVSHFWLYLGDGH GRVFULWpULRVGHDYDOLDomRIRL!
'HVHQYROYHXVHXPPDSDGR%UDVLOFRPDVLQIRUPDo}HVDFLPDGHVFULWDV
&iOFXORGH&2UHFXSHUiYHOGHDTtIHURVVDOLQRVDSyVDUPD]HQDPHQWRSRU
XP SHUtRGR GH DQRV H WHPSR QHFHVViULR SDUD DFXPXODU &2 HP UHVHUYDWyULRV HVWUDWpJLFRV SDUD VXSULU WRGRV RV SURMHWRV GH (25 SRU HVWDGR EUDVLOHLUR
&DOFXORXVH WDPEpP D TXDQWLGDGH GH &2 GLVSRQtYHO HP XP UHVHUYDWyULR
JHROyJLFRHVWUDWpJLFRHPXPFHQiULRGHDF~PXORGHWRGRR&2HPLWLGRSRUHVWDGR
HGR&2HPLWLGRSRUFRUUHQWHVJDVRVDVFRPHOHYDGDFRQFHQWUDomRGH&2GXUDQWH
DQRV$GXUDomRGHVWHFHQiULREDVHRXVHQDDQDORJLDGRWHPSRGHRSHUDomRGH SURMHWRV GH DUPD]HQDPHQWR WHPSRUiULR GH JiV QDWXUDO VHJXQGR *RUDLHE HW DO
2DUPD]HQDPHQWRHVWUDWpJLFRGH&2pSDUDVHUIHLWRGXUDQWHHPSHUtRGRGH
VLJQLILFDWLYDVGR&2SRLVHVWHVVyDFRQWHFHPSDUDSHUtRGRVPXLWRORQJRVGHWHPSR
!DQRVVHJXQGR,3&&
3DUWLQGR GHVWH SUHVVXSRVWR H ID]HQGR D DQDORJLD FRP R DUPD]HQDPHQWR WHPSRUiULRGHJiVQDWXUDOVHJXQGR*RUDLHEHWDODWD[DGHUHFXSHUDomRGR &2HPDTtIHURVVDOLQRVpGHFHUFDGHGRLQMHWDGRVHQGRDGHQVLGDGHGR&2
LJXDODNJP
4XDQW&2GLVSRQtYHODQRVDF~PXOR [&2HPLWLGR[ (T
2 WHPSR QHFHVViULR SDUD DFXPXODU HP UHVHUYDWyULRV HVWUDWpJLFRV D TXDQWLGDGH GH &2 QHFHVViULD SDUD VXSULU WRGRV RV SURMHWRV GH (25 HP HVWDGRV
5(68/7$'26(',6&866®(6
'HVHQYROYLPHQWR GR FRQFHLWR GH &DSWXUD H $UPD]HQDPHQWR 'LQkPLFR GH
&2'&&6
2 FRQFHLWR GH &DSWXUD H $UPD]HQDPHQWR *HROyJLFR 'LQkPLFR GH &2 ±
'&&6 VLJOD DGDSWDGD GR WHUPR LQJOrV Mi FRQVDJUDGR&2 &DSWXUH DQG 6WRUDJH ±
&&6HRFRQFHLWR'LQkPLFR'\QDPLFFRQVLVWHQDFDSWXUDVHSDUDomRWUDQVSRUWHH DUPD]HQDPHQWR JHROyJLFR GH &2 HP DTtIHURV VDOLQRV GXUDQWH XP GHWHUPLQDGR
SHUtRGRGHWHPSRFRPRLQWXLWRGHIRUPDUUHVHUYDWyULRVHVWUDWpJLFRVGHVWHJiVSDUD VXD SRVWHULRU SURGXomR H UHLQMHomR HP FDPSRV PDGXURV GH SHWUyOHR SHUPLWLQGR R DXPHQWRGDUHFXSHUDomRGHSHWUyOHR
$R FRQWUiULR GR TXH DFRQWHFH QRV (VWDGRV 8QLGRV R %UDVLO QmR SRVVXL UHVHUYDVQDWXUDLVGH&2FRPRJDUDQWLDGHDEDVWHFLPHQWRFRQWtQXRGHSURMHWRVGH
UHFXSHUDomR DYDQoDGD GH SHWUyOHR (25 &RPR H[HPSOR GH (25 QR %UDVLO QD %DFLD GR 5HF{QFDYR %DKLDQR FDPSR RQVKRUH GH %XUDFLFD HP-DQHLUR GH RFRUUHUDPSUREOHPDVQRIRUQHFLPHQWRGH&2RTXHUHIOHWLXQDUHGXomRGDSURGXomR
GHSHWUyOHRGHVVHFDPSRILJXUD
)LJXUD5HVXOWDGRVGDUHFXSHUDomRDYDQoDGDGHyOHR(25FRPLQMHomRGH&2QRFDPSRGH
%XUDFLFDVHJXQGR5RFKDHWDO
2FRQFHLWRGH'&&6VXUJHHVSHFLILFDPHQWHFRPRREMHWLYRGHDVVHJXUDUTXH QmRRFRUUDPHVWDVIDOKDVQRIRUQHFLPHQWRGH&2HPSURMHWRVGH(25MiH[LVWHQWHV
H TXH QRYRV SURMHWRVQmRILTXHPGHSHQGHQWHV GRWHPSR GH FRQVWUXomR GH SODQWDV GH FDSWXUD GH &2 QHP GD TXDQWLGDGH GH &2 SURGX]LGDV SHODV IRQWHV HPLVVRUDV
PDLV SUy[LPDV SRVVLELOLWDQGR TXH SURMHWRV GH LQMHomR GH &2 HP FDPSRV GH
SHWUyOHRVHMDPPDLVIiFLOHUDSLGDPHQWHLPSODQWDGRVVHPSUHMXGLFDUDUHQWDELOLGDGH HVXVWHQWDELOLGDGHGRFDPSRHPSURGXomR
2'&&6SUHYrGXDVHVWUDWpJLDVGLIHUHQWHVHPUHODomRjFDSWDomRGH&2GH
IRQWHVHVWDFLRQiULDV
(VWUDWpJLD ± )RQWHV HPLVVRUDV FRP FRUUHQWHV JDVRVDV FRP HOHYDGD FRQFHQWUDomRGH&2!PROFRPRVmRRVFDVRVGDVLQG~VWULDVSURGXWRUDVGH
HWDQROFDODP{QLDHWLOHQRHSURFHVVDPHQWRGHJiVQDWXUDO
(VWUDWpJLD ± )RQWHV HPLVVRUDV FRP FRUUHQWHV JDVRVDV GH EDL[DV FRQFHQWUDomR GH &2 FRPR VmR RV FDVRV GDV LQG~VWULDV GH SURGXomR GH FLPHQWR
WHUPHOpWULFDVVLGHU~UJLFDVHQWUHRXWUDV
$HVWUDWpJLDSRGHUiVHUDSOLFDGDSULPHLUDPHQWHSRLVR&2SUHFLVDGHPXLWR
$HVWUDWpJLDGHYHVHULPSOHPHQWDGDHPUHJL}HVHPTXHDVTXDQWLGDGHVGH &2 QHFHVViULDV SDUD (25 QR IXWXUR QmR VHMDP VXSULGDV SHODV TXDQWLGDGHV
DFXPXODGDV QRV UHVHUYDWyULRV HVWUDWpJLFRV SHOD HVWUDWpJLD RX UHJL}HV TXH QmR SRVVDPLPSOHPHQWDUDHVWUDWpJLD
2 '&&6 SURSRUFLRQD TXDWUR LPSRUWDQWHV EHQHItFLRV GLUHWRV H XPD VpULH GH RXWURVLQGLUHWRV(QWUHRVGLUHWRVGHVWDFDPVH
$XPHQWRGDVUHVHUYDVHGDSURGXomRGHSHWUyOHR
5HGXomRDEDL[RVFXVWRVGDVHPLVV}HVGHJDVHVSDUDDDWPRVIHUD
,QFHQWLYRDRGHVHQYROYLPHQWRQDFLRQDOSHODLQRYDomRWHFQROyJLFD'&&6 HFRPHUFLDOL]DomRGHQRYRVUHFXUVRV&2H
,QFHQWLYRDRGHVHQYROYLPHQWRUHJLRQDOSHODUHWRPDGDGHLQYHVWLPHQWRVGD LQG~VWULDSHWUROtIHUDHPiUHDVGHGHFOtQLRGHSURGXomR
$V ILJXUDV DSUHVHQWDGDV HP VHJXLGD H[SOLFDP R SURFHVVR GH FDSWXUD H DUPD]HQDPHQWRJHROyJLFRGLQkPLFRGH&2'&&6HVmRDSHQDVLOXVWUDWLYDV
$ILJXUDPRVWUDDSULPHLUDIDVHGR'&&6HPWHUUDTXHFRQVLVWHQDFDSWXUD GR &2 GH YiULDV IRQWHV HPLVVRUDV SHODV HVWUDWpJLDV H H R UHVSHFWLYR
DUPD]HQDPHQWRHPDTXtIHURVDOLQRGXUDQWHXPSHUtRGRGHWHPSRSDUDDF~PXORH FRQVWLWXLUDVVLPXPUHVHUYDWyULRHVWUDWpJLFRGH&2
)LJXUD3ULPHLUDIDVHGR'&&6HPWHUUDFDSWDomRGR&2GHYiULDVIRQWHVHPLVVRUDVSHODV
HVWUDWpJLDVHHFRQVWLWXLomRGRUHVHUYDWyULRHVWUDWpJLFRGH&2
$UHFXSHUDomRGR&2GRUHVHUYDWyULRHVWUDWpJLFRHGLVWULEXLomRSRUGLIHUHQWHV
SURMHWRV GH UHFXSHUDomR DYDQoDGD GH SHWUyOHR (25 HP WHUUD H PDU p PRVWUDGD SHOD ILJXUD (VWD PRVWUD WDPEpP D UHXWLOL]DomR GR &2 HQWUH UHVHUYDWyULRV GH
SHWUyOHR DSyV D H[HFXomR GH SURMHWRV GH (25 HP VXFHVVLYRV UHVHUYDWyULRV DGMDFHQWHV
)LJXUD6HJXQGDIDVHGR'&&6HPWHUUDUHFXSHUDomRGR&2GRUHVHUYDWyULRHVWUDWpJLFRH
GLVWULEXLomRSRUGLIHUHQWHVSURMHWRVGH(25HPWHUUDHPDU
$ ILJXUD PRVWUD D SULPHLUD IDVH GR '&&6 HP PDU TXH FRQVLVWH QD FDSWDomR GR &2 GH XPD SODQWD GH SURFHVVDPHQWR GH JiV QDWXUDO H R UHVSHFWLYR
DUPD]HQDPHQWRHPDTXtIHURVDOLQRGXUDQWHXPSHUtRGRGHWHPSRSDUDDF~PXORH FRQVWLWXLU DVVLP XP UHVHUYDWyULR HVWUDWpJLFR GH &2 (VWD IDVH p DSUHVHQWDGD HP
SHUILO QD ILJXUD FRPR SRU H[HPSOR QD IXWXUD H[SORWDomR GR FDPSR GH 7XSL QD %DFLDGH6DQWRV
)LJXUD3ULPHLUDIDVHGR'&&6HPPDUFDSWDomRGR&2GHXPDSODQWDGHSURFHVVDPHQWRGH
JiVQDWXUDOHFRQVWLWXLomRGRUHVHUYDWyULRHVWUDWpJLFRGH&2
)LJXUD3ULPHLUDIDVHGR'&&6HPPDUYLVWDQRSHUILOSRUH[HPSORGRFDPSR7XSLFDSWXUDGR &2GHXPDSODQWDGHSURFHVVDPHQWRGHJiVQDWXUDOHIRUPDomRGRUHVHUYDWyULRHVWUDWpJLFRGH&2
$VHWDSDVGHUHFXSHUDomRGR&2GRUHVHUYDWyULRHVWUDWpJLFRGLVWULEXLomRSRU
GLIHUHQWHV SURMHWRV GH UHFXSHUDomR DYDQoDGD GH SHWUyOHR ± (25 H UHXWLOL]DomR GR &2HQWUHUHVHUYDWyULRVGHSHWUyOHRHPPDUVmRPRVWUDGDVSHODILJXUD$ILJXUD
HDSUHVHQWDPRPHVPRSURFHVVRPDVHPSHUILOFRPRSRUH[HPSORQDIXWXUD H[SORWDomRGRFDPSRGH7XSLQD%DFLDGH6DQWRVVHQGRTXHQDSULPHLUDR(25p IHLWRDFLPDGDFDPDGDGHVDOHQDVHJXQGDR(25DFRQWHFHQRSUpVDO
)LJXUD6HJXQGDIDVHGR'&&6HPPDUUHFXSHUDomRGR&2GRUHVHUYDWyULRHVWUDWpJLFR
)LJXUD6HJXQGDIDVHGR'&&6HPPDUYLVWDQRSHUILOSRUH[HPSORGRFDPSR7XSLUHFXSHUDomR GR&2GRUHVHUYDWyULRHVWUDWpJLFRGLVWULEXLomRSRUGLIHUHQWHVSURMHWRVGH(25DFLPDGDFDPDGDGH
VDOPRGLILFDGRGH6DQWRV
)LJXUD6HJXQGDIDVHGR'&&6HPPDUYLVWDQRSHUILOSRUH[HPSORGRFDPSR7XSLUHFXSHUDomR GR&2GRUHVHUYDWyULRHVWUDWpJLFRGLVWULEXLomRSRUGLIHUHQWHVSURMHWRVGH(25QDFDPDGDGRSUpVDO
(VWD DWLYLGDGH FRQWULEXL SDUD R DXPHQWR GR Q~PHUR GH ORFDLV GH VXSULPHQWR GH&2DVVLPXPDIRQWHHVWDFLRQiULDGH&2FRPRXVHPSODQWDGHFDSWXUDQmR
WHUiQHFHVVDULDPHQWHTXHSURGX]LUDVTXDQWLGDGHVHTXLYDOHQWHVGH&2QRPRPHQWR
GD LQMHomR QXP SURMHWR GH (25 HVWD SRGHUi WHU TXDOTXHU GLPHQVmR GHVGH TXH R DF~PXORGHVVH&2QRVUHVHUYDWyULRVHVWUDWpJLFRVQRPRPHQWRGHDSOLFDURSURMHWR
GH UHFXSHUDomR DYDQoDGD GH SHWUyOHR VHMD VXILFLHQWH UHGX]LQGR DVVLP D LQYLDELOLGDGHGHXPSURMHWRGH(25SRUIDOWDGH&2
2'&&6pXPDJDUDQWLDSDUDDVHJXUDQoDQDSURGXomRGHSHWUyOHRGHXPD FRPSDQKLD SRLV DV UHVHUYDV VmR ILQLWDV H GHYHP VHU H[DXULGDV XWLOL]DQGR WRGD D WHFQRORJLD H[LVWHQWH 'HVWD IRUPD D YLGD ~WLO GRV FDPSRV GH SHWUyOHR VHUi DXPHQWDGDJDUDQWLQGRDVVLPDPi[LPDSURGXomRGHKLGURFDUERQHWRV
(VWD WHFQRORJLD SHUPLWH WDPEpP TXHD HPSUHVD HPSUHHQGHGRUD UHGX]D DV VXDV HPLVV}HV GH &2 SHOR DUPD]HQDPHQWR JHROyJLFR SHUPDQHQWH GR &2
SRGHQGR HVWD VHU EHQHILFLDGD HFRQRPLFDPHQWH SRU LVVR DOpP GH GHPRQVWUDU XPD SROtWLFD DPELHQWDO SURDWLYD SRGHQGR DWUDLU QRYRV FOLHQWHV TXH SURFXUHP D UHGXomR GHHPLVV}HVGH&2GRFLFORGHYLGDGHVWHVKLGURFDUERQHWRV
3RWHQFLDO GH SURVSHFWLYLGDGH GH DSOLFDomR GH SURMHWRV GH &DSWXUD H
$UPD]HQDPHQWR*HROyJLFR'LQkPLFRGH&2±'&&6QR%UDVLO
3DUWLQGRGRIDWRTXHR%UDVLOWHPXPHQRUPHSRWHQFLDOGHDUPD]HQDPHQWR GH &2 HP DTtIHURV DSUR[LPDGDPHQWH WULOK}HV GH WRQHODGDV H TXH HVWH p
GLVWULEXtGRSRUTXDVHWRGRRSDtVDDYDOLDomRGDDSOLFDELOLGDGHGR'&&6IRLIHLWDD SDUWLUGRVSRWHQFLDLVGHSURVSHFWLYLGDGHGHFULWpULRVL4XDQWLGDGHGH&2HPLWLGD
DQXDOPHQWH LL 4XDQWLGDGH GH &2 HPLWLGD GH FRUUHQWHV JDVRVDV FRP HOHYDGD
FRQFHQWUDomRGRJiV!PROLLL4XDQWLGDGHGHSHWUyOHRUHFXSHUiYHODWUDYpVGD LQMHomRGH&2HUHVSHFWLYDTXDQWLGDGHGH&2QHFHVViULDHLY4XDQWLGDGHGH&2
QHFHVViULD SDUD SURMHWRV GH (25 HP UHODomR DR &2 HPLWLGR DQXDOPHQWH SRU
HVWDGR
)RQWHVHVWDFLRQiULDVGH&2
SRWHQFLDO GH SURVSHFWLYLGDGH (VWDGRV FRP SURGXomR GH SHWUyOHR FRPR 5LR GH -DQHLUR(VStULWR6DQWR%DKLDH6HUJLSHHPLWHPHQWUHHNWDQRGH&2
H UHFHEHUDP R SRWHQFLDO GH SURVSHFWLYLGDGH 'LVWLQJXHVH WDPEpP TXH QRV HVWDGRVGRQRUWHGR%UDVLODVHPLVV}HVGH&2VmRPHQRUHVFRPYDORUHVDEDL[RGH
NWDQR
)LJXUD0DSDGHHPLVV}HVGH&2GHIRQWHVHVWDFLRQiULDVSRUHVWDGREUDVLOHLUR
)RQWHVHVWDFLRQiULDVFRPFRUUHQWHVGHHOHYDGDFRQFHQWUDomRGH
&2
&RQIRUPH D ILJXUD QHVWH FULWpULR GH DYDOLDomR 6mR 3DXOR UHFHEH GH SRWHQFLDOGHSURVSHFWLYLGDGHSHODHPLVVmRGHNWDQRGH&2WDEHOD$HP
DQH[R SULQFLSDOPHQWH GD LQG~VWULD SURGXWRUD GH HWDQRO 'HQWUH RV HVWDGRV FRP SRWHQFLDOGHSURVSHFWLYLGDGHGHVWDFDPVHR5LRGH-DQHLURH5LR*UDQGHGR6XO TXH HPLWHP QD RUGHP GRV NW DQR GH &2 WDEHOD $ HP DQH[R WRGRV RV
)LJXUD0DSDGHHPLVV}HVGH&2GHIRQWHVHVWDFLRQiULDVFRPFRUUHQWHVJDVRVDVGHHOHYDGD
4XDQWLGDGHGHSHWUyOHRUHFXSHUiYHODWUDYpVGDUHFXSHUDomR
DYDQoDGDGHSHWUyOHR±(25H&2QHFHVViULR
1HVWD DYDOLDomR R 5LR GH -DQHLUR FRPSURYRX VHU R HVWDGR TXH WHP PDLRU SRWHQFLDO GH UHFXSHUDomR GH SHWUyOHR SRU (25 FRP LQMHomR GH &2
DSUR[LPDGDPHQWH PLOK}HV GH EDUULV QHFHVVLWDQGR GH DSUR[LPDGDPHQWH PLOK}HVGHWRQHODGDVGH&2VHJXLGRGR(VStULWR6DQWRH%DKLDFRPFHUFDGHH
PLOK}HV GH EDUULV UHVSHFWLYDPHQWH $ WDEHOD PRVWUD DV TXDQWLGDGHV GH SHWUyOHRUHFXSHUiYHOSRU(25HR&2QHFHVViULRSDUDRHIHLWRFDOFXODGRVSDUDRV
HVWDGRVEUDVLOHLURTXHSRVVXHPUHVHUYDVGHSHWUyOHRRQVKRUHHRIIVKRUH
7DEHOD5HVHUYDVWRWDLVHSURYDGDVGHSHWUyOHRHPSHWUyOHRUHFXSHUiYHOSRU(25H&2 QHFHVViULRSDUD(25SRUHVWDGREUDVLOHLUR 8QLGDGHVGH )HGHUDomR 5HVHUYDVWRWDLV GHSHWUyOHRHP PLOK}HVGH EDUULV 5HVHUYDVSURYDGDV GHSHWUyOHRHP PLOK}HVGHEDUULV 'HQVLGDGH R$3, 5HFXSHUDomRGH SHWUyOHRSRU(25 PLOK}HVGHEDUULV
&2QHFHVViULRSDUD (25PLOK}HVGH WRQHODGDV $PD]RQDV 7HUUD &HDUi7HUUD &HDUi0DU 5LR*UDQGHGR
1RUWH7HUUD !
5LR*UDQGHGR
1RUWH0DU
$ODJRDV7HUUD
$ODJRDV0DU
6HUJLSH7HUUD
6HUJLSH0DU !
%DKLD7HUUD !
%DKLD0DU
(VStULWR6DQWR
7HUUD 9iULDV
(VStULWR6DQWR
0DU
5LRGH-DQHLUR
0DU 9iULDV
6mR3DXOR0DU
3DUDQi0DU
6DQWD&DWDULQD
0DU )DOWDGHGDGRV
6XEWRWDO7HUUD 6XEWRWDO0DU 7RWDO 3RUIDOWDGHGDGRVGDVFRUUHQWHVGHSHWUyOHRTXHSHUPLWLVVHPXPDDYDOLDomRSUHFLVDH FXLGRVDGDVUHVHUYDVGHSHWUyOHRDVVXPLXVHXPDSHUVSHFWLYDFRQVHUYDGRUDGHGHQVLGDGH R$3, 1DILJXUDpSRVVtYHOYLVXDOL]DUDVXQLGDGHVGHIHGHUDomRTXHWrPPDLRU SRWHQFLDO GH UHFXSHUDomR GH SHWUyOHR SRU (25 D TXDQWLGDGH GH &2QHFHVViULD
SDUD R HIHLWR H DV UHVSHFWLYDV GLVWULEXLo}HV GRV SRWHQFLDLV GH SURVSHFWLYLGDGH QR %UDVLO
)LJXUD0DSDEUDVLOHLURGDTXDQWLGDGHGHSHWUyOHRUHFXSHUiYHOSRUUHFXSHUDomRDYDQoDGDGH SHWUyOHR(25FRPLQMHomRGH&2H&2QHFHVViULRSDUDRHIHLWRSRUHVWDGR
$SOLFDELOLGDGHGHSURMHWRVGH&DSWXUDH$UPD]HQDPHQWR*HROyJLFR
'LQkPLFRGH&2±'&&6QR%UDVLO
$QDOLVDQGR RV FULWpULRV GH DYDOLDomR SDUD D SURVSHFWLYLGDGH GR '&&6 QRV HVWDGRVEUDVLOHLURVWDEHODGHVWDFDPVHRVHVWDGRVGR5LRGH-DQHLURH%DKLD 2VUHIHULGRVHVWDGRVHPLWHP&2PDVWrPWDPEpPXPSRWHQFLDOSDUD(25PXLWR
HOHYDGR H SRU LVVR QHFHVVLWDP GH JUDQGHV TXDQWLGDGHV GH &2 HVSHFLDOPHQWH QR
5LRGH-DQHLUR
6mR3DXORpXPGRVHVWDGRVEUDVLOHLURVFRPPDLRUSRWHQFLDOGHDSOLFDELOLGDGH GR '&&6 SRLV DSHVDU GH QmR WHU UHVHUYDV VLJQLILFDWLYDV GH SHWUyOHR GHVFRQVLGHUDQGR DV QRYDV GHVFREHUWDV GRV UHVHUYDWyULRV GR LQWHUYDOR ³SUpVDO´ GD %DFLDGH6DQWRVWHPRPDLRUSRWHQFLDOGHSURVSHFWLYLGDGHQDVHPLVV}HVGH&2H
QDVHPLVV}HVGHFRUUHQWHVJDVRVDVFRPHOHYDGDFRQFHQWUDomRGH&2,VWRFRQIHUH
DR HVWDGR ERDV FDUDFWHUtVWLFDV SDUD R DUPD]HQDPHQWR HVWUDWpJLFR GH &2
SHUPLWLQGRTXHHVWHSRVVDVHU³H[SRUWDGRU´GH&2SDUDRXWURVHVWDGRV
(VStULWR 6DQWR 5LR *UDQGH GR 1RUWH H 6HUJLSH DILUPDPVH SHODV FRQVLGHUiYHLV TXDQWLGDGHV GH SHWUyOHR UHFXSHUiYHO SRU (25 H DV UHGX]LGDV HPLVV}HV GH &2 1HVWHV D IRUPDomR GH UHVHUYDWyULRV HVWUDWpJLFRV GH &2 p
IXQGDPHQWDOSDUDXVRHPIXWXURVSURMHWRVGH(25DVVLPFRPRWDPEpPVHSRGHP WRUQDUHVWDGRV³LPSRUWDGRUHV´GH&2
$FUH $PDSi 5RQG{QLD 5RUDLPD 'LVWULWR )HGHUDO 7RFDQWLQV 0DUDQKmR 0DWR *URVVR GR 6XO 3DUi 3DUDtED H 3LDXt QmR DSUHVHQWDP FDUDFWHUtVWLFDV GH DSOLFDELOLGDGHGH'&&6
7DEHOD3RWHQFLDLVGHSURVSHFWLYLGDGHGRVFULWpULRVGHDYDOLDomRHGDDSOLFDELOLGDGHGR'&&6QR %UDVLO 8QLGDGHVGH )HGHUDomR (PLVV}HV GH&2 SRWHQFLDO GH SURVSHFW
(PLVV}HV&2GH
FRUUHQWHVJDVRVDV FRPHOHYDGD FRQFHQWUDomRGH&2 !PRO SRWHQFLDOGH SURVSHFWLYLGDGH 5HFXSHUDomRGH SHWUyOHRSRU(25H
&2QHFHVViULRSDUD
RHIHLWR SRWHQFLDOGH SURVSHFWLYLGDGH 5HODomRHQWUH TXDQWLGDGHGH&2 QHFHVViULDSDUD SURMHWRVGH(25H
&2HPLWLGRGHIRQWHV
HVWDFLRQiULDV DQXDOPHQWHSRWHQFLDO GHSURVSHFWLYLGDGH $SOLFDomR GR'&&6 QR%UDVLO VXPDWyULR SRWHQFLDO GH SURVSHFW
$FUH $
$ODJRDV %
$PD]RQDV '
$PDSi $
%DKLD '
&HDUi &
'LVWULWR)HGHUDO $
(VStULWR6DQWR '
*RLiV %
0DUDQKmR $
0LQDV*HUDLV %
0DWR*URVVR
GR6XO $
0DWR*URVVR %
3DUi $
3DUDtED $
3HUQDQEXFR %
3LDXt $
3DUDQi &
5LRGH-DQHLUR '
5LR*UDQGHGR
1RUWH '
5LR*UDQGHGR
6XO %
5RQG{QLD $
5RUDLPD $
6DQWD&DWDULQD %
6HUJLSH '
6mR3DXOR '
7RFDQWLQV $
1mRLQFOXLDPDVVDGH&2GDSODQWDGHDP{QLDTXHHVWiLQVHULGDQRPDSDGHHVWDGRVEUDVLOHLURVFRPHPLVVmRGH
&2GHHOHYDGDFRQFHQWUDomR $(VWDGRVTXHQmRDSUHVHQWDPFDUDFWHUtVWLFDVSDUDDSOLFDomRGR'&&6 %(VWDGRVTXHDSUHVHQWDPSRXFDVFDUDFWHUtVWLFDVSDUDDSOLFDomRGR'&&6FRPUHVWULo}HV &(VWDGRVTXHDSUHVHQWDPDOJXPDVFDUDFWHUtVWLFDVSDUDDSOLFDomRGR'&&6 '(VWDGRVTXHDSUHVHQWDPFDUDFWHUtVWLFDVLGHDLVSDUDDSOLFDomRGR'&&6GHVWDFDQGRVHHPUHODomRDRVRXWURV
&2UHFXSHUiYHOGHDTtIHURVVDOLQRVDSyVDUPD]HQDPHQWRSRUXPSHUtRGR
GH DQRV H WHPSR QHFHVViULR SDUD DFXPXODU &2 HP UHVHUYDWyULRV HVWUDWpJLFRVSDUDVXSULUWRGRVRVSURMHWRVGH(25
$VVXPLQGR TXH WRGDV DV HPLVV}HV GH &2 GH IRQWHV HVWDFLRQiULDV GH FDGD
HVWDGRVmRFDSWXUDGDVpSRVVtYHOYHULILFDUQDWDEHODTXHPHVPRDVVLPQR5LR GH-DQHLUR5LR*UDQGHGR1RUWHH6HUJLSHVmRQHFHVViULRVDFXPXODUHQWUHH DQRVGH&2HPUHVHUYDWyULRVHVWUDWpJLFRVSDUDJDUDQWLURIRUQHFLPHQWRGH&2GH
WRGRR(25FRQILUPDQGRTXHHVWHVHVWDGRVWrPJUDQGHQHFHVVLGDGHGR'&&6
3HORFRQWUiULR6mR3DXOR6DQWD&DWDULQDH3DUDQiQHFHVVLWDPGHSRXFR&2
TXDQGR FRPSDUDGR FRP DV HPLVV}HV GDV IRQWHV HVWDFLRQiULDV (VWHV GHPRQVWUDP SRWHQFLDO HOHYDGR SDUD FRQVWLWXLomR GH UHVHUYDWyULRV HVWUDWpJLFRV FRP LQWXLWR GH JDUDQWLU&2SDUDRXWURVHVWDGRV
7DEHOD4XDQWLGDGHGH&2GLVSRQtYHOSDUDDQRVGHDUPD]HQDPHQWRHVWUDWpJLFRYHUFDStWXOR
HWHPSRGHDF~PXORGH&2QHFHVViULRSDUDJDUDQWLUWRGRRDEDVWHFLPHQWRGR(25SDUDWRGR
WLSRGHIRQWHVHVWDFLRQiULDVGH&2
8QLGDGHVGH)HGHUDomR
&2GLVSRQtYHOSDUDDQRVGH
DUPD]HQDPHQWRHVWUDWpJLFRHP DTXtIHURVDOLQRNW
7HPSRGHDF~PXORGH&2HPUHVHUYDWyULRV
HVWUDWpJLFRVSDUDJDUDQWLUWRGRRDEDVWHFLPHQWR GR(25DVVXPLQGRTXHWRGDVDVHPLVV}HVVmR DUPD]HQDGDVDQRV $FUH $ODJRDV $PD]RQDV $PDSi %DKLD &HDUi 'LVWULWR)HGHUDO (VStULWR6DQWR *RLiV 0DUDQKmR 0LQDV*HUDLV 0DWR*URVVRGR6XO 0DWR*URVVR 3DUi 3DUDtED 3HUQDQEXFR 3LDXt 3DUDQi 5LRGH-DQHLUR 5LR*UDQGHGR1RUWH 5LR*UDQGHGR6XO 5RQG{QLD 5RUDLPD 6DQWD&DWDULQD 6HUJLSH 6mR3DXOR 7RFDQWLQV
1mRLQFOXLDPDVVDGH&2GDSODQWDGHDP{QLDTXHHVWiLQVHULGDQRPDSDGHHVWDGRVEUDVLOHLURV
FRPHPLVVmRGHFRUUHQWHVJDVRVDVGHHOHYDGDFRQFHQWUDomRGH&2
$VVXPLQGR TXH WRGDV DV HPLVV}HV GH &2 GH IRQWHV HVWDFLRQiULDV FRP
FRUUHQWHV JDVRVDV GH HOHYDGD FRQFHQWUDomR GR JiV GH FDGD HVWDGR VmR FDSWXUDGDVYHULILFDVHQDWDEHODTXHPHVPRDVVLPQR5LRGH-DQHLUR%DKLDH 3DUDQiSUHFLVDPDFXPXODUGHDDQRVGH&2HPUHVHUYDWyULRVHVWUDWpJLFRV
SDUD JDUDQWLU R IRUQHFLPHQWR GH &2 GH WRGR R (25 ,VWR VLJQLILFD TXH SDUD
LPSOHPHQWDUR'&&6QHVWHVDWUDYpVGDHVWUDWpJLDGHVFULWDHPpQHFHVViULR XWLOL]DU &2 SURYHQLHQWH GH RXWURV HVWDGRV FRPR 6mR 3DXOR 5LR *UDQGH GR 6XO
7DEHOD4XDQWLGDGHGH&2GLVSRQtYHOSDUDDQRVGHDUPD]HQDPHQWRHVWUDWpJLFRYHUFDStWXOR
HWHPSRGHDF~PXORGH&2QHFHVViULRSDUDJDUDQWLUWRGRRDEDVWHFLPHQWRGR(25SDUD
HPLVV}HVGH&2GHIRQWHVHVWDFLRQiULDVFRPHOHYDGDFRQFHQWUDomRGH&2
8QLGDGHVGH)HGHUDomR &2DUPD]HQDPHQWRHVWUDWpJLFRHPGLVSRQtYHOSDUDDQRVGH DTXtIHURVDOLQRNW
7HPSRGHDF~PXORGH&2HPUHVHUYDWyULRV
HVWUDWpJLFRVSDUDJDUDQWLUWRGRRDEDVWHFLPHQWRGR (25DVVXPLQGRTXHWRGDVDVHPLVV}HVVmR
DUPD]HQDGDVDQRV
$FUH
$ODJRDV
$PD]RQDV
$PDSi
%DKLD
&HDUi
'LVWULWR)HGHUDO
(VStULWR6DQWR
*RLiV
0DUDQKmR
0LQDV*HUDLV
0DWR*URVVRGR6XO
0DWR*URVVR
3DUi
3DUDtED
3HUQDQEXFR
3LDXt
3DUDQi
5LRGH-DQHLUR
5LR*UDQGHGR1RUWH
5LR*UDQGHGR6XO
5RQG{QLD
5RUDLPD
6DQWD&DWDULQD
6HUJLSH
6mR3DXOR
7RFDQWLQV
1mRLQFOXLDPDVVDGH&2GDSODQWDGHDP{QLDTXHHVWiLQVHULGDQRPDSDGHHVWDGRVEUDVLOHLURVFRPHPLVVmR
&21&/86®(6
(VWHV UHVXOWDGRV SHUPLWHP FRQFOXLU TXH R %UDVLO WHP JUDQGH SRWHQFLDO GH DSOLFDomR GH '&&6 QRWDGDPHQWH HP HVWDGRV RV TXDLV DSRQWDP WHU FDUDFWHUtVWLFDVLGHDLVSDUDHVWHWLSRGHSURMHWR
0HVPRDVVXPLQGRTXHWRGDVDVHPLVV}HVGH&2GHIRQWHVHVWDFLRQiULDVGH
FDGDHVWDGRVmRFDSWXUDGDVQR5LRGH-DQHLUR5LR*UDQGHGR1RUWHH6HUJLSHVmR QHFHVViULRVDFXPXODUHQWUHHDQRVGH&2HPUHVHUYDWyULRVHVWUDWpJLFRVSDUD
JDUDQWLURIRUQHFLPHQWRGH&2GHWRGRR(25LVVRFRQILUPDDJUDQGHLPSRUWkQFLDH
RHOHYDGRSRWHQFLDOGDDSOLFDomRGR'&&6QHVWHVHVWDGRV
&RQFOXLVH TXH HVWDGRV FRPR 6mR 3DXOR WrP XP HQRUPH SRWHQFLDO SDUD DSOLFDomR GR '&&6 TXH DSHVDU GH QmR SRVVXtUHP UHVHUYDV VLJQLILFDWLYDV GH SHWUyOHRHPLWHPJUDQGHVTXDQWLGDGHVGH&2(VWHVWrPXPSDSHOPXLWRLPSRUWDQWH
GH³H[SRUWDGRU´GH&2SDUDHVWDGRVGHIURQWHLUD
$FUH $PDSi 5RQG{QLD 5RUDLPD 'LVWULWR )HGHUDO 7RFDQWLQV 0DUDQKmR 0DWR *URVVR GR 6XO 3DUi 3DUDtED H 3LDXt VmR HVWDGRV TXH QmR DSUHVHQWDP FDUDFWHUtVWLFDVSDUDDSOLFDELOLGDGHGH'&&6HRSRWHQFLDOGHSURVSHFWLYLGDGHpQXOR HPWRGRVRVFULWpULRVGHDYDOLDomR
$ LPSRUWkQFLD GR '&&6 QR %UDVLO UHIOHWHVH IXQGDPHQWDOPHQWH SHOD TXDQWLGDGHUHFXSHUiYHOGHSHWUyOHRSRU(25TXHpDSUR[LPDGDPHQWHPLOK}HV GH EDUULV GH SHWUyOHR GDV UHVHUYDV SURYDGDV GR SDtV HP SHODV PLOK}HV GH WRQHODGDV GH &2 QHFHVViULDV SDUD R HIHLWR DVVRFLDGR jV UHGX]LGDV
HPLVV}HV GH &2 GH IRQWHV HVWDFLRQiULDV HP HVWDGRV FRP JUDQGH SRWHQFLDO SDUD
LPSODQWDomRGHSURMHWRVGH(25
PLOK}HV GH EDUULV GH SHWUyOHR LQMHWDQGR PLOK}HV GH WRQHODGDV GH &2 QHVWHV
FDPSRV 1HVWH FDVR R '&&6 SRGH VHU D ~QLFD RSomR YLiYHO VHMD DWUDYpV GD FRQVWLWXLomRGHUHVHUYDWyULRVHVWUDWpJLFRVQDIXWXUDH[SORUDomRGHVWHVFDSWXUDQGRR &2 HP H[FHVVR QR JiV QDWXUDO SURGX]LGR RX HP WHUUD XWLOL]DQGR DV IRQWHV
HVWDFLRQiULDV H[LVWHQWHV H WUDQVSRUWDQGRSRVWHULRUPHQWH R &2SDUD RV FDPSRVGH
SHWUyOHRQRPDU
2 &2 SXUR TXH DWXDOPHQWH p SURGX]LGR SHODV LQG~VWULDV H OLEHUDGR SDUD
DWPRVIHUD FRPR VmR RV FDVRV GR SURFHVVDPHQWR GH JiV QDWXUDO SURGXomR GH DP{QLDHWLOHQRHHWDQROSRGHUiGHVGHMiVHUDSURYHLWDGRHPSURMHWRVGH'&&6
$ LPSODQWDomR GHVWD DWLYLGDGH SRGHUi VHU EHQHILFLDGD SRU RXWUR WLSR GH LQFHQWLYRV TXH HVWmR GLUHWDPHQWH UHODFLRQDGRV FRP RV SURMHWRV GH UHGXomR GH HPLVV}HVGH&2SDUDDDWPRVIHUD2DUPD]HQDPHQWRJHROyJLFRGLQkPLFRGR&2
HPXPFLFORIHFKDGRRXVHMDVHPTXHKDMDIXJDVLJQLILFDWLYDGRJiVGHVGHRLQtFLR GRDUPD]HQDPHQWRDWpDRILQDOTXDQGRpUHLQMHWDGRSDUD(25FRPIHFKDPHQWRGR
YHQWLQJ SRGHUi JDUDQWLU TXH R &2 ILTXH DSULVLRQDGR GH IRUPD SHUPDQHQWH QRV
UHVHUYDWyULRV JHROyJLFRV SRGHQGR D HPSUHVD FRQWDELOL]DU D UHGXomR GDV VXDV HPLVV}HVHHYHQWXDOPHQWHWHUGLUHLWRDXPFRUUHVSRQGHQWHHPFUpGLWRVGHFDUERQR SRUWRQHODGDGH&2DUPD]HQDGRHVWDSRVVLELOLGDGHSRGHUiVHUDSURYDGDHPEUHYH
SRU SURWRFRORVDFRUGRV LQWHUQDFLRQDLV e LPSRUWDQWH UHIHULU TXH R JDQKR OtTXLGR GH UHGXomR GH HPLVV}HV GH &2 p XP EDODQoR HQWUH R &2 DUPD]HQDGR
JHRORJLFDPHQWH GH IRUPD SHUPDQHQWH H R &2SURYHQLHQWH GD TXHLPD GR SHWUyOHR
UHFXSHUDGRSRU(25
'HVWDIRUPDTXHVW}HVUHODFLRQDGDVFRPVDQo}HVDVVRFLDGDVDIXWXUDVPHWDV GH UHGXomR GH HPLVV}HV GH JDVHV FRP HIHLWR GH HVWXID VHUmR PDLV IDFLOPHQWH VROXFLRQDGDVSHODVFRPSDQKLDV
2YDORUGDWRQHODGDGR&2VHJXQGR)HURQH+HQGULNVpGHFHUFDGH
86 SDUD &2 FDSWXUDGR GH WHUPHOpWULFDV (VWH YDORU p FRQVLGHUDGR
H[FHVVLYDPHQWH DOWR VH PLOKDUHV RX PLOK}HV GH WRQHODGDV GHVWH JiV IRUHP QHFHVViULDVSDUDDSOLFDUQRJUDQGHQ~PHURGHFDPSRVPDGXURVGHyOHRH[LVWHQWHV 3HOR TXH IRL GHVFULWR DQWHULRUPHQWH H SHOD LPSRUWkQFLD TXH R &2 WHP SDUD D
UHFXSHUDomRDYDQoDGD GH yOHR R &2 SRGHUi DGTXLULU XP YDORUDJUHJDGR TXHQmR
WLQKDTXDQGRDUPD]HQDGRHPDTtIHURVVDOLQRVSRGHQGRPHVPRFRPHoDUDKDYHU LQWHUHVVH SRU SDUWH GH LQG~VWULDV HPLVVRUDV GH &2 VHP VHUHP FRPSDQKLDV
FRPHUFLDOL]DomR &RP D DSOLFDomR GR '&&6 R &2 JDQKDUi PDLRU LPSRUWkQFLD
FRPR XPDFRPPRGLW\ RX VHMD p XP SURGXWR SURGX]LGR HP PDVVD SRU GLIHUHQWHV LQG~VWULDVSRGHVHUDUPD]HQDGRHPJUDQGHVTXDQWLGDGHVSRUGHWHUPLQDGRSHUtRGR GHWHPSRVHPSHUGDVLJQLILFDWLYDGHTXDOLGDGHSDVVDQGRDWHUXPDFRWDomRHXPD ³QHJRFLDELOLGDGH´JOREDO
(VWH WUDEDOKR YLVOXPEUD R '&&6 FRPR XPD DWLYLGDGH LPSRUWDQWH SDUD D HFRQRPLD GH FRPSDQKLDV GH SHWUyOHR SHUPLWLQGR HP TXDOTXHU PRPHQWR D UHFXSHUDomR DYDQoDGD GH SHWUyOHR DXPHQWDQGR D VHJXUDQoD HQHUJpWLFD GR SDtV XPD SROtWLFD DPELHQWDO SURDWLYD FRP GHVWDTXH LQWHUQDFLRQDO FRQWULEXLQGR GH IRUPD HILFD] SDUD D PLWLJDomR GDV PXGDQoDV FOLPiWLFDV H PRVWUDQGR TXH D FRPSDQKLD p FDSD] GH VH GHVWDFDU WHFQRORJLFDPHQWH FRP LQRYDo}HV QD SURGXomR GH HQHUJLD FDGDYH]PDLVOLPSDHVXVWHQWiYHODPELHQWDOHHFRQRPLFDPHQWH
2 GRPtQLR GHVWD DWLYLGDGH SRGHUi DXPHQWDU R YROXPH GH QHJyFLRV GD HPSUHVD HPSUHHQGHGRUD DWUDLQGR FOLHQWHV LQWHUHVVDGRV QR DXPHQWR GD SURGXomR GHKLGURFDUERQHWRVDVVRFLDGDjUHGXomRGHHPLVV}HVGH&2QRFLFORGHYLGDGRV
SURGXWRVSHWUROtIHURV
3523267$63$5$75$%$/+26)878526
3RGHULDPVHUGHVHQYROYLGRVHVWXGRVVREUHDYLDELOLGDGHHFRQ{PLFDGR'&&6 DVVRFLDGRVDRVFXVWRVGHLQYHVWLPHQWRSDUDLPSODQWDomRGDWHFQRORJLDjFDSWDomR GH UHFXUVRV SRU LQFHQWLYRV LQWHUQDFLRQDLV SDUD UHGXomR GH HPLVV}HV GH &2 j
YDORUL]DomRGR&2FRPRDPDGXUHFLPHQWRGRVFDPSRVGHSHWUyOHRDVVLPFRPRR
YDORUGRNQRZKRZGDWHFQRORJLDGH'&&6SDUDDHPSUHVDHPSUHHQGHGRUDHTXDOD LQIOXrQFLDGHWXGRLVWRQDVXVWHQWDELOLGDGHGHVWD
$ LQIOXrQFLD QD VXVWHQWDELOLGDGH DPELHQWDO GDV FRPSDQKLDV DVVRFLDGD D HVWXGRV VREUH D UHGXomR GDV HPLVV}HV GH &2 QR FLFOR GH YLGD GRV FRPEXVWtYHLV
IyVVHLV SHOD LPSOHPHQWDomR GR '&&6 VHULD XP WySLFR EDVWDQWH LQWHUHVVDQWH D VHU GHVHQYROYLGR
5()(5Ç1&,$6%,%/,2*5È),&$6
$'0,1,675$d2 '( ,1)250$d2 '( (1(5*,$ 6\VWHP IRU WKH $QDO\VLV RI *OREDO(QHUJ\0DUNHWV'HSDUWDPHQWRGH(QHUJLDGRV(VWDGRV8QLGRV $*Ç1&,$ ,17(51$&,21$/ '( (1(5*,$ &DSWXULQJ &2 ,QWHUQDWLRQDO (QHUJ\
$JHQF\*UHHQKRXVH*DV5 '3URJUDPPHSD
$*Ç1&,$,17(51$&,21$/'((1(5*,$6WRULQJ&28QGHUJURXQG,QWHUQDWLRQDO
(QHUJ\$JHQF\*UHHQKRXVH*DV5 '3URJUDPPHSE
$1$'$(7$/)HDVLELOLW\DQGHFRQRPLFVRIE\SURGXFWV&2VXSSO\IRUHQKDQFHG
RLO UHFRYHU\ )LQDO 5HSRUW 86 'HSDUWPHQW RI (QHUJ\ '($70& 0RUJDWRZQ:HVW9LUJLQLD86$
$13 $QXiULR (VWDWtVWLFR %UDVLOHLUR GR 3HWUyOHR *iV 1DWXUDO H %LRFRPEXVWtYHLV S
%$&+866HTXHVWUDWLRQRI&2LQJHRORJLFDOPHGLDFULWHULDDQGDSSURDFKIRUVLWH
VHOHFWLRQLQUHVSRQVHWRFOLPDWHFKDQJH(QHUJ\&RQYHUVLRQ 0DQDJHPHQW YROS
%$&,2&&+,5&DUERQ&DSWXUH$GYDQFHGWUDLQLQJRQPLQHUDOFDUERQDWLRQ3RUWR $OHJUH%UDVLO
%/8170)D\HUV)-2UU)0&DUERQGLR[LGHLQHQKDQFHGRLOUHFRYHU\(QHUJ\ &RQYHUVLRQDQG0DQDJHPHQWYROS
%5$'6+$:-$VVHVVPHQWRI&26WRUDJHLQ6DOLQH5HVHUYRLUV*UHHQKRXVH*DV
6WRUDJH6ROXWLRQV**66
&$5%0$3 3URMHWR &DUEPDS 0DSD %UDVLOHLUR GH &DSWXUD 7UDQVSRUWH H $UPD]HQDPHQWR *HROyJLFR GH &2 6LVWHPD GH LQIRUPDomR JHRJUiILFD
GHVHQYROYLGR SRU &HQWUR GH 3HVTXLVD VREUH $UPD]HQDPHQWR GH &DUERQR ± &(3$&3RUWR$OHJUH%UDVLO0DUoRGH
&/,0$7(&+$1*(%86,1(66-2851$/YQSS
)(521 3+0 +HQGULNV &$ &2 &DSWXUH SURFHVV SULQFLSOHV DQG FRVWV 2LO
2LO *DV6FLHQFHDQG7HFKQRORJ\5HY,)3YQS *25$,(%&/,\RPPDVD:6$SSL&-(VWRFDJHPVXEWHUUkQHDGHJiVQDWXUDO
HG,37S
+2/7= 0+ 1DQFH 3. )LQOH\ 5- 5HGXFWLRQ RI JUHHQKRXVH JDV HPLVVLRQV WKURXJK &2 (25 LQ 7H[DV (QYLURQPHQWDO *HRVFLHQFHV YRO S
,3&& ,QWHUJRYHUQPHQWDO 3DQHO RQ &OLPDWH &KDQJH &DUERQ 'LR[LGH &DSWXUH DQG 6WRUDJH5HSRUW)RXUWK$VVHVVPHQW5HSRUWS
-(66(1 . .RYVFHN $5 2UU )0 ,QFUHDVLQJ &2 VWRUDJH LQ RLO UHFRYHU\
(QHUJ\&RQYHUVLRQDQG0DQDJHPHQWYROS
.(7=(5 - 0 5HGXomR GDV HPLVV}HV GH JDVHV FDXVDGRUHV GR HIHLWR GH HVWXID DWUDYpV GD FDSWXUD H DUPD]HQDPHQWR JHROyJLFR GH &2 &DUERQR
'HVHQYROYLPHQWR7HFQROyJLFR$SOLFDomRH0HUFDGR*OREDOS .(7=(5-09LOOZRFN-$&DUSRUDOH*5RFKD/+5RFNHWW*%UDXP+
*LUDIID/2SSRUWXQLWLHVIRU&2FDSWXUHDQGJHRORJLFDOVWRUDJHLQ%UD]LO7KH
&$5%0$3 3URMHFW ,Q 6L[WK $QQXDO &RQIHUHQFH RQ &DUERQ &DSWXUH DQG 6HTXHVWUDWLRQ3LWWVEXUJK(8$
0867$)$ *6 %DUERVD $2$ 5RFKD 360 8WLOL]DomR GH HPLVV}HV LQGXVWULDLV JDVRVDV SDUD UHMXYHQHVFLPHQWR GH FDPSRV PDGXURV GH SHWUyOHR (QJHQKDULDVDQLWiULDHDPELHQWDOYROQS2XW'H] 1(/06 5/ %XUNH 5% (YDOXDWLRQ RI 2LO 5HVHUYRLU &KDUDFWHULVWLFV WR $VVHVV
1RUWK'DNRWD&DUERQ'LR[LGH0LVFLEOH)ORRGLQJ3RWHQWLDOWK:LOOLVWRQ%DVLQ +RUL]RQWDO:HOODQG3HWUROHXP&RQIHUHQFHS
12%$.+700RJKDGDPD6*XE<0XWXDOLQWHUDFWLRQVEHWZHHQFUXGHRLODQG &2XQGHUGLIIHUHQWSUHVVXUHV)OXLG3KDVH(TXLOLEULD
3($5&(-+ROORZD\6:DFNHU+1HOLV05RFKHOOH&%DWHPDQ.1DWXUDO RFFXUUHQFHV DV DQDORJXHV IRU WKH JHRORJLFDO GLVSRVDO RI FDUERQ GLR[LGH (QHUJ\&RQYHUVLRQ 0DQDJHPHQWYROS
3(752%5$6 3HWUREUDV YDL UHLQMHWDU &2 WLUDGR GR SUpVDO $EULO GH D
'LVSRQtYHOHPZZZSHWUREUDVFRPEU$FHVVRHP'H]HPEUR
6DQWDURVD& (25 ([SHULHQFH DQG &2 *HRORJLFDO 6WRUDJH 3HUVSHFWLYHV LQ
%UD]LO 6HPLQiULR ,QWHUQDFLRQDO VREUH 6HTHVWUR GH &DUERQR H 0XGDQoDV &OLPiWLFDV%UDVLO
6$1726 + $ & (GLomR GR 3UrPLR 3HWUREUDV GH 7HFQRORJLD ,Q 3DOHVWUD GH GLYXOJDomR GD (GLomR GR 3UrPLR 3HWUREUDV GH 7HFQRORJLD 3RUWR $OHJUH %UDVLO0DLRGH
67(9(166+1DWXUDO&2)LHOGVDV$QDORJVIRU*HRORJLFDO&26WRUDJH&DUERQ
'LR[LGH&DSWXUHIRU6WRUDJHLQ'HHS*HRORJLF)RUPDWLRQV±5HVXOWVIURPWKH &2&DSWXUH3URMHFWYS
7+(%5*06(5,(6³*(26&,(1&(,668(6´&2FDSWXUHDQGJHRORJLFDOVWRUDJH
5HGXFLQJJUHHQKRXVHJDVHPLVVLRQVS
7253 7 \HDUV RI 6OHLSQHU &2 6WRUDJH 6WDWRLO+\GUR $6$ 7KH :RUOG
&RPPLVVLRQRQ(QYLURQPHQWDQG'HYHORSPHQW
:,/621 0 0RQHD 0 HGV ,($ *+* :H\EXUQ &2 PRQLWRULQJ DQG VWRUDJH
SURMHFW VXPPDU\ UHSRUW ,Q &RQIHUrQFLD ,QWHUQDFLRQDO VREUH WHFQRORJLDVGHFRQWURORGHJDVHVGHHIHLWRGHHVWXID9DQFRXYHU&DQDGi GH6HWHPEURGH
$1(;26
7DEHOD$(PLVV}HVGH&2GHIRQWHVHVWDFLRQiULDVEUDVLOHLUDVSRUHVWDGR
8QLGDGHVGH)HGHUDomR (PLVV}HVGH&2NWDQR
(PLVV}HVGHFRUUHQWHVJDVRVDVFRP
HOHYDGDFRQFHQWUDomRGH&2!PRO
NWDQR
$FUH
$ODJRDV
$PD]RQDV
$PDSi
%DKLD
&HDUi
'LVWULWR)HGHUDO
(VStULWR6DQWR
*RLiV
0DUDQKmR
0LQDV*HUDLV
0DWR*URVVRGR6XO
0DWR*URVVR
3DUi
3DUDtED
3HUQDQEXFR
3LDXt
3DUDQi
5LRGH-DQHLUR
5LR*UDQGHGR1RUWH
5LR*UDQGHGR6XO
5RQG{QLD
5RUDLPD
6DQWD&DWDULQD
6HUJLSH
6mR3DXOR
7RFDQWLQV
1mRLQFOXLDPDVVDGH&2GDSODQWDGHDP{QLDTXHHVWiLQVHULGDQRPDSDGHHVWDGRVEUDVLOHLURVFRPHPLVVmRGH&2
GHHOHYDGDFRQFHQWUDomR