Buscar

APOSTILA FUNDACAO BRADESCO DE COMUNICAÇÃO ESCRITA

Faça como milhares de estudantes: teste grátis o Passei Direto

Esse e outros conteúdos desbloqueados

16 milhões de materiais de várias disciplinas

Impressão de materiais

Agora você pode testar o

Passei Direto grátis

Você também pode ser Premium ajudando estudantes

Faça como milhares de estudantes: teste grátis o Passei Direto

Esse e outros conteúdos desbloqueados

16 milhões de materiais de várias disciplinas

Impressão de materiais

Agora você pode testar o

Passei Direto grátis

Você também pode ser Premium ajudando estudantes

Faça como milhares de estudantes: teste grátis o Passei Direto

Esse e outros conteúdos desbloqueados

16 milhões de materiais de várias disciplinas

Impressão de materiais

Agora você pode testar o

Passei Direto grátis

Você também pode ser Premium ajudando estudantes
Você viu 3, do total de 64 páginas

Faça como milhares de estudantes: teste grátis o Passei Direto

Esse e outros conteúdos desbloqueados

16 milhões de materiais de várias disciplinas

Impressão de materiais

Agora você pode testar o

Passei Direto grátis

Você também pode ser Premium ajudando estudantes

Faça como milhares de estudantes: teste grátis o Passei Direto

Esse e outros conteúdos desbloqueados

16 milhões de materiais de várias disciplinas

Impressão de materiais

Agora você pode testar o

Passei Direto grátis

Você também pode ser Premium ajudando estudantes

Faça como milhares de estudantes: teste grátis o Passei Direto

Esse e outros conteúdos desbloqueados

16 milhões de materiais de várias disciplinas

Impressão de materiais

Agora você pode testar o

Passei Direto grátis

Você também pode ser Premium ajudando estudantes
Você viu 6, do total de 64 páginas

Faça como milhares de estudantes: teste grátis o Passei Direto

Esse e outros conteúdos desbloqueados

16 milhões de materiais de várias disciplinas

Impressão de materiais

Agora você pode testar o

Passei Direto grátis

Você também pode ser Premium ajudando estudantes

Faça como milhares de estudantes: teste grátis o Passei Direto

Esse e outros conteúdos desbloqueados

16 milhões de materiais de várias disciplinas

Impressão de materiais

Agora você pode testar o

Passei Direto grátis

Você também pode ser Premium ajudando estudantes

Faça como milhares de estudantes: teste grátis o Passei Direto

Esse e outros conteúdos desbloqueados

16 milhões de materiais de várias disciplinas

Impressão de materiais

Agora você pode testar o

Passei Direto grátis

Você também pode ser Premium ajudando estudantes
Você viu 9, do total de 64 páginas

Faça como milhares de estudantes: teste grátis o Passei Direto

Esse e outros conteúdos desbloqueados

16 milhões de materiais de várias disciplinas

Impressão de materiais

Agora você pode testar o

Passei Direto grátis

Você também pode ser Premium ajudando estudantes

Prévia do material em texto

&RPXQLFDomR
(VFULWD
6XPiULR
5HODWyULR��������������������������������������������������������������������������������������������������������� �
4XDOLGDGHV�GR�7H[WR�������������������������������������������������������������������������������������� �
2UGHP�1DWXUDO������������������������������������������������������������������������������������������������ �
3RQWXDomR������������������������������������������������������������������������������������������������������ ��
2UGHP�1DWXUDO�± 9R]�$WLYD�H�9R]�3DVVLYD����������������������������������������������������� ��
&RQFRUGkQFLD�9HUEDO�������������������������������������������������������������������������������������� ��
&RHVmR�GR�7H[WR�������������������������������������������������������������������������������������������� ��
(PSUHJR�GR�3URQRPH�5HODWLYR���������������������������������������������������������������������� ��
3RUTXH��3RU�TXH��3RUTXr��3RU�TXr����������������������������������������������������������������� ��
)DOVRV�&RQHFWRUHV������������������������������������������������������������������������������������������ ��
(PSUHJR�GH�µ¶HX¶¶�H�GH�µ¶PLP¶¶������������������������������������������������������������������������ ��
(PSUHJR�GH�µ¶GHOH¶¶�H�µ¶GH�(OH¶¶���������������������������������������������������������������������� ��
5HJrQFLD�������������������������������������������������������������������������������������������������������� ��
9HUERV�3URQRPLQDLV��������������������������������������������������������������������������������������� ��
5HJrQFLD�1RPLQDO������������������������������������������������������������������������������������������ ��
3DUDOHOLVPR�6LQWiWLFR�������������������������������������������������������������������������������������� ��
&UDVH�������������������������������������������������������������������������������������������������������������� ��
)OH[mR�GR�,QILQLWLYR������������������������������������������������������������������������������������������ ��
&RORFDomR�3URQRPLQDO����������������������������������������������������������������������������������� ��
(PSUHJR�GR�3DUWLFtSLR�3DVVDGR��������������������������������������������������������������������� ��
(PSUHJR�GR�3URQRPH�'HPRQVWUDWLYR������������������������������������������������������������ ��
2UWRJUDILD�������������������������������������������������������������������������������������������������������� ��
$FHQWXDomR����������������������������������������������������������������������������������������������������� ��
3URQ~QFLD��&RUUHomR�H�&ODUH]D���������������������������������������������������������������������� ��
(PSUHJR�GH�$EUHYLDWXUDV������������������������������������������������������������������������������� ��
(PSUHJR�GH�6tPERORV������������������������������������������������������������������������������������ ��
(PSUHJR�GH�6LJODV����������������������������������������������������������������������������������������� ��
3OXUDOL]DomR�GRV�1RPHV�&RPSRVWRV�������������������������������������������������������������� ��
(PSUHJR�GRV�1XPHUDLV���������������������������������������������������������������������������������� ��
(PSUHJR�GR�+tIHQ������������������������������������������������������������������������������������������ ��
%LEOLRJUDILD������������������������������������������������������������������������������������������������������ ��
0DWHULDO�GHVHQYROYLGR�SHOD�3URIHVVRUD�0DULD�/~FLD�9DVFRQFHOORV �
5HODWyULR
���5HODWyULR�± FRQFHLWR
2� UHODWyULR� p� XP� WH[WR�GLDJQyVWLFR�� HODERUDGR� DSyV� D� SHVTXLVD� RX� D FROHWD� GH� GDGRV�
VHOHFLRQDGRV�
3URVSHFomR�GH�GDGRV���������������$QiOLVH
6HOHomR�GH�GDGRV������������������,GHQWLILFDomR�GH�IDOKDV
2UJDQL]DomR�GH�GDGRV������������'HILQLomR�GH�VROXomR
(ODERUDomR�GR�UHODWyULR�GH�SHVTXLVD
2�UHODWyULR�p�R�YHtFXOR�GR�GLDJQyVWLFR��R�WHPSR��XP�IDWRU�YLWDO��SRLV�YLDELOL]D�D�WRPDGD�GH�
GHFLV}HV���2�TXDGUR��DEDL[R��VLQWHWL]D�R�SURFHVVR�GH�HODERUDomR�GR�UHODWyULR�
2UJDQL]DomR�����$QiOLVH
6HOHomR�������������,GHQWLILFDomR�GDV�IDOKDV�����������������������������������������������
5HODWyULR
3URVSHFomR���� 'HILQLomR�GH�6ROXomR
‘������������������������������������������������(,;2�'(�7(032
2EMHWLYRV�
UHSRUWDU�XP�IDWR�
UHSRUWDU�XP�IDWR�H�MXVWLILFDU�DV�GHFLV}HV�DVVXPLGDV�
UHSRUWDU�XP�IDWR�H�IRUQHFHU�DV�LQIRUPDo}HV�HVVHQFLDLV�j�WRPDGD�GH�GHFLV}HV�
+LVWyULFR�
$�QDWXUH]D�GRFXPHQWDO�GR�UHODWyULR�GHILQH�D�OLQJXDJHP�H�D�VHTXrQFLD�GH�DSUHVHQWDomR�GDV�
LQIRUPDo}HV���$Wp�Ki�SRXFR�WHPSR��DGRWDYD�VH�D�VHJXLQWH�HVWUXWXUDomR�
&DSD
0DWHULDO�GHVHQYROYLGR�SHOD�3URIHVVRUD�0DULD�/~FLD�9DVFRQFHOORV �
3iJLQD�GH�URVWR
0DWHULDO�GHVHQYROYLGR�SHOD�3URIHVVRUD�0DULD�/~FLD�9DVFRQFHOORV �
6XPiULR
/LVWD�GH�WDEHODV�H�GH�ILJXUDV
1~FOHR�GR�WUDEDOKR�
,QWURGXomR
'HVHQYROYLPHQWR
&RQFOXVmR
$SrQGLFHV�H�DQH[RV
%LEOLRJUDILD
&DSD�ILQDO��WDPEpP�FKDPDGD�TXDUWD�FDSD
$� DJLOLGDGH� FRP� TXH� RV� DGPLQLVWUDGRUHV� GHYHP� SURFHGHU� jV� FRUUHo}HV� GH� GHVYLRV�
RSHUDFLRQDLV� H� D� PXWDELOLGDGH� GR� PHUFDGR� ILQDQFHLUR� GHILQLUDP� XP� FRQFHLWR� QRYR� GH�
UHODWyULR�² R� UHODWyULR�FRQFLVR��(OH�VLQWHWL]D��HP�JUiILFRV��GDGRV�H[SUHVVRV��QR�SDVVDGR��
HP�ORQJRV�SDUiJUDIRV�
� 5HODWyULR�± QDWXUH]D
2�REMHWLYR�GHWHUPLQD�D�QDWXUH]D�GR�UHODWyULR�
UHODWyULR�LQIRUPDWLYR��OLPLWD�VH�D��LQIRUPDU�
UHODWyULR�DQDOtWLFR��DSUHVHQWD�LQIRUPDo}HV��DQiOLVH�H�UHFRPHQGDo}HV�
� 5HODWyULR�± QRPHQFODWXUD
GH�LQVSHomR��DYDOLDomR�GH�FRQGXWD�DGPLQLVWUDWLYD�H�RSHUDFLRQDO�
GH�YLDJHP��DYDOLDomR�GH�YLDJHP�GH�QHJyFLRV�
GH�DYDOLDomR�HVWUDWpJLFD��DYDOLDomR�GH�PpWRGRV��HQWUH�RXWURV�DVVXQWRV�
� 5HODWyULR�± HVWUXWXUD
&RPR� WH[WR�GLDJQyVWLFR�� R� UHODWyULR� GHVHQYROYH� XP� HQXQFLDGR� OyJLFR�� FRQVWLWXtGR� GH�
WUrV�SDUWHV��
R�SDUHFHU�� SUHPLVVD��TXH�HQFDEHoD�R�UHODWyULR��
D�DUJXPHQWDomR�� EDVH�TXH�VXVWHQWD�R�SDUHFHU�
D�FRQFOXVmR�� UHWRUQR�DR�SDUHFHU�
0DWHULDO�GHVHQYROYLGR�SHOD�3URIHVVRUD�0DULD�/~FLD�9DVFRQFHOORV �
� 5HODWyULR�� IDVHV�GH�HODERUDomR
3URVSHFomR�GH�GDGRV � FRQVWLWXL�D�IDVH�SULPiULD�GD�HODERUDomR�GR�WH[WR�
2EMHWLYR�� DUURODU� DV� LQIRUPDo}HV� H� FRQVLGHUDU� DV� SRVVLELOLGDGHV� H� DV� IRQWHV�����������������
SDUD� D� IXQGDPHQWDomR� GRV� DUJXPHQWRV�� 2� UHODWRU� UHFROKH� RV� GDGRV� TXH� IRUPDUmR� R�
XQLYHUVR�D�VHU�DQDOLVDGR�H�TXH�GHULYDP�GH��
6HOHomR�GH�GDGRV � FRQVWLWXL�D�VHJXQGD�IDVH�
2EMHWLYR�� VHOHFLRQDU RV� GDGRV� UHOHYDQWHV�� 8P� FULWpULR� ULJRURVR� GHYH� EDOL]DU� HVVD�
HVFROKD��SRLV�D�SUHFLVmR�GRV�UHVXOWDGRV�GHSHQGH�GHVVH�UHFRUWH�GD�UHDOLGDGH��3RU�HVVD�
UD]mR��R�UHODWRU�GHYH�GHILQLU�DV�EDVHV�VREUH�DV�TXDLV�IXQGDPHQWDUi�VHX�SDUHFHU�
2UJDQL]DomR�GH�GDGRV � FRQVWLWXL�D�WHUFHLUD IDVH�
2EMHWLYR��RUGHQDU�DV�LQIRUPDo}HV�GH�DFRUGR�FRP�R�SULQFtSLR�GH�SULRULGDGH�
� 5HODWyULR�� WH[WXUD�DUJXPHQWDWLYD�
&DUDFWHUtVWLFD�
$� HVWUXWXUD� GR� UHODWyULR� GHWHUPLQDGD� SRU� VHX� FDUiWHU� VLORJtVWLFR� SDUWH� GH� XPD�
SUHPLVVD��R�3DUHFHU���VXVWHQWD�HVVD�SRVLomR��D�$UJXPHQWDomR��H�UHWRPD�VHX�SDUHFHU�
�D� &RQFOXVmR��� 7UDWD�VH� GH� XPD� WUDPD� DUJXPHQWDWLYD�� WXGR� TXH� VH� DILUPD� GHYH� VHU�
IXQGDPHQWDGR�
� 5HODWyULR�� PpWRGRV
6HTXHQFLDO � DGHTXDGR�D�PDQXDLV�
3URFHVVR� SRU� HVVH�PpWRGR�HVWDEHOHFHP�VH�DV� HWDSDV� GHVFUHYH�VH� FDGD�SDVVR��GH�
PRGR�TXH�R�OHLWRU��DR�OHU��SRVVD�FXPSULU�DV�LQVWUXo}HV�
&URQROyJLFR � DGHTXDGR�D�UHODWyULRV�GH�YLDJHP��D�EROHWLQV�GH�RFRUUrQFLD��D��PLQXWDV�GH�
UHXQLmR�H�D�DJHQGDV�GH�WUDEDOKR�
LQIRUPDo}HV�HVVHQFLDLV
LQIRUPDo}HV�FRPSOHPHQWDUHV
LQIRUPDo}HV�DFHVVyULDV��
0DWHULDO�GHVHQYROYLGR�SHOD�3URIHVVRUD�0DULD�/~FLD�9DVFRQFHOORV �
3URFHVVR�� SRU HVVH� PpWRGR�� UHODFLRQDP�VH� RV� GDGRV� GH� DFRUGR� FRP� D� RUGHP�
FURQROyJLFD�H�MXVWLILFD�VH�D�SUHVHQoD�GH�IDWRV�VLQJXODUHV��
(VSDFLDO� � DGHTXDGR�D�PDQXDLV��D�UHODWyULRV�GH�H[SRVLomR�HP�IHLUDV��D�GHVFULo}HV�GH�
SODQWDV�WpFQLFDV��D�GHVFULo}HV�DQDW{PLFDV�
3URFHVVR� SRU�HVVH�PpWRGR� GHILQH�VH�R�SRQWR�TXH�VHUYLUi�GH�UHIHUrQFLD�HVSDFLDO�H��D�
VHJXLU��DV�GLUHo}HV�
� )DWR��TXHVW}HV�IXQGDPHQWDLV
2� UHODWR� GH� XP� IDWR� FRUUHVSRQGH� D� XPD� VtQWHVH�� D� XPD� VHTXrQFLD� GH� UHVSRVWDV� jV�
TXHVW}HV
�
44XXHHPP""
44XXDDQQGGRR""
22QQGGHH""
&&RRPPRR""
33RRUU TTXXrr""
44XXDDQQWWRR""
�
��(P�LQJOrV��HVVD�VHTXrQFLD�p�FRQKHFLGD�FRPR�D�GH�³ZK�DQG�K TXHVWLRQV´��
3DUD�XP�UHODWyULR�REMHWLYR�p�LPSRUWDQWH�
LQLFLDU�R�UHODWyULR�SRU�RUGHP�GH�JUDYLGDGH�GRV�DVVXQWRV��LQGHSHQGHQWHPHQWH�
GD�iUHD�
FRPHQWDU�VLWXDo}HV�DQWHULRUHV�OHYDGDV�DR�FRQKHFLPHQWR�VXSHULRU�H�FXMD�
RULHQWDomR�QmR�HVWHMD�VHQGR�FXPSULGD�
UHYLVDU�R�UHODWyULR��DQWHV�GH�FROKHU�D�DVVLQDWXUD�ItVLFD�RX�HOHWU{QLFD�GD�
$GPLQLVWUDomR���
0DWHULDO�GHVHQYROYLGR�SHOD�3URIHVVRUD�0DULD�/~FLD�9DVFRQFHOORV �
4XDOLGDGHV�GR�7H[WR�
���&RQFLVmR
3URFHGLPHQWRV�SDUD�VH�UHGLJLU�XP�WH[WR�FRQFLVR�
(PSUHJDU�IRUPDV�YHUEDLV�VLPSOHV�HP�OXJDU�GH�FRPSRVWDV�
*RVWDUtDPRV�GH�HVWDU�LQIRUPDQGR�RV�VHQKRUHV�GH�TXH��QR�SUy[LPR�PrV�GH�DEULO��YDPRV�
HVWDU�DPSOLDQGR R�HVWDFLRQDPHQWR��
,QIRUPDPRV�TXH��HP�DEULO��DPSOLDUHPRV�R�HVWDFLRQDPHQWR�
$PDQKm��R�6U��6LODV�YDL�HVWDU�YLDMDQGR SDUD�D�$OHPDQKD���LQFRUUHWR�
$PDQKm��R�6U��6LODV�YDL�YLDMDU�SDUD�D�$OHPDQKD���FRUUHWR�
$PDQKm��R�6U��6LODV�LUi�YLDMDU�SDUD�D�$OHPDQKD���FRUUHWR�
$PDQKm��R�6U��6LODV�YLDMDUi�SDUD�D�$OHPDQKD���FRUUHWR�
$PDQKm��R�6U��6LODV�LUi�j�$OHPDQKD���FRUUHWR�
(PSUHJDU�DGMHWLYRV�HP�OXJDU�GH�RUDo}HV�DGMHWLYDV�
$V�PHGLGDV��TXH�IRUDP�DQXQFLDGDV SHOR�0LQLVWUR�GD�(FRQRPLD��IRUDP�EHP�UHFHELGDV�
SHORV�PLFURHPSUHViULRV��
$V� PHGLGDV�� DQXQFLDGDV SHOR� 0LQLVWUR� GD� (FRQRPLD�� IRUDP� EHP� UHFHELGDV� SHORV�
PLFURHPSUHViULRV�
'H� DFRUGR� FRP� R� 'U�� -DLPH� )HUUDUL�� RV� EHQV� TXH� QmR� SRGHP� VHU� DOLHQDGRV QmR�
VHUYHP�FRPR�JDUDQWLD�SDWULPRQLDO��
'H�DFRUGR�FRP�R�'U��-DLPH�)HUUDUL��RV�EHQV� LQDOLHQiYHLV QmR�VHUYHP�FRPR�JDUDQWLD�
SDWULPRQLDO�
(OLPLQDU�WHUPRV�LPSOtFLWRV�H�UHGXQGkQFLDV�
$VVLQDODPRV�DV�FOiXVXODV��SDUD�TXH�VHMDP DYDOLDGDV�
$VVLQDODPRV�DV�FOiXVXODV��SDUD DYDOLDomR�
6ROLFLWDPRV�TXH�QRV�VHMDP HQYLDGRV RV�FRQWUDWRV�TXH�IRUDP DVVLQDGRV�DWp�R�GLD ���
GR PrV GH�PDLR��SDUD�TXH�SRVVDPRV�UHUUDWLILFDU�DOJXPDV�FOiXVXODV�
6ROLFLWDPRV�RV�FRQWUDWRV�DVVLQDGRV�DWp����GH�PDLR��SDUD�UHUUDWLILFDomR�
7UDWD�VH�GH�FRQGXWD�LOtFLWD�TXH�IHUH�DV�QRUPDV��
7UDWD�VH GH�FRQGXWD�LOtFLWD�
$�RSHUDomR�FDXVRX�GpILFLW�QHJDWLYR��
$�RSHUDomR�FDXVRX�GpILFLW�
0DWHULDO�GHVHQYROYLGR�SHOD�3URIHVVRUD�0DULD�/~FLD�9DVFRQFHOORV �
(OLPLQDU�FKDY}HV�
9LPRV�� DWUDYpV� GHVWD�� DJUDGHFHU� RV� HORJLRV� DR� WUDEDOKR� GHVHQYROYLGR� SRU� QRVVD�
HTXLSH���IRUPD�SUROL[D�
$JUDGHFHPRV�RV�HORJLRV�DR�WUDEDOKR�GH QRVVD�HTXLSH�
$JUDGHFHPRV�RV�HORJLRV�j�D��QRVVD�HTXLSH�
6HP�PDLV� SDUD� R�PRPHQWR� SUHVHQWH�� UHLWHUDPRV� QRVVRV� SURWHVWRV� GH� HOHYDGD� HVWLPD� H��
FRQVLGHUDomR���FKDYmR�
$WHQFLRVDPHQWH���IRUPD�FRQFLVD�
����&ODUH]D
3DUD�UHGLJLU�XP�WH[WR�FODUR��GHYH�VH�
3UHIHULU�D�YR]�DWLYD�j�YR]�SDVVLYD�
'H�DFRUGR�FRP�R�&OLHQWH��HOH�IRL�LQGX]LGR�D�DGTXLULU�R�6HJXUR�;�SHOR�6U��9DVFR�
'H�DFRUGR�FRP�R�&OLHQWH��R�*HUHQWH�LQGX]LX�R�D�DGTXLULU�R�6HJXUR�;�
(OLPLQDU�H[SUHVV}HV�LPSUHFLVDV�
9HULILFDPRV� TXH� Ki� XP� Q~PHUR� H[SUHVVLYR GH FRQWUDWRV� TXH� QmR� DSUHVHQWDP��
DVVLQDWXUD�
9HULILFDPRV�TXH�Ki�;�FRQWUDWRV�VHP�DVVLQDWXUD���DIHULU�R�Q~PHUR�GH�FRQFHVV}HV��
2V�WHUPRV�DEUDQJHQWHV�GHYHP�FRUUHVSRQGHU�D�XP�GDGR�HVSHFtILFR�
9HULILFDPRV�TXH�Ki��XP�Q~PHUR�H[SUHVVLYR�GH�FRQWUDWRV�VHP�DVVLQDWXUD�
$Wp�; H[SUHVVLYR $EDL[R�GH�; LQH[SUHVVLYR
(OLPLQDU�R�SURQRPH�SRVVHVVLYR��TXDQGR�FULDU�DPELJXLGDGH�
2� *HUHQWH� LQIRUPRX� DR� 6XEJHUHQWH� TXH� DTXHOH� FRQWUDWR� HVWDYD� VRE� VXD��
UHVSRQVDELOLGDGH�
�5HVSRQVDELOLGDGH�GR�*HUHQWH�RX�GR�6XEJHUHQWH"�
2XYLPRV� R� UHODWR� GR *HUHQWH� HP� UHODomR� DR� FRQWUDWR� GD� /RQGRQ� /WGD�� H� YHULILFDPRV�
VXDV�IDOKDV�
�)DOKDV�GR�*HUHQWH"�)DOKDV�GR�FRQWUDWR"�)DOKDV�GD�/RQGRQ�/WGD�"�
(OLPLQDU�R�SURQRPH�UHODWLYR��TXDQGR�FULDU�DPELJXLGDGH�
(VVH�GpELWR�UHIHUH�VH�DR�FRQWUDWR�GD�)ORUD�/WGD�� HPSUHVD�GR�ILOKR�GR�6U��2WiYLR�/DJRV��
TXH�SHGLX�FRQFRUGDWD�RQWHP�
�4XHP�SHGLX�FRQFRUGDWD"�
(OLPLQDU�JHU~QGLR��TXDQGR�FULDU�DPELJXLGDGH�
(X�R�YL��VDLQGR�GD�$JrQFLD�1RYD�&HQWUDO�GR�%UDGHVFR�
�IRUPDV�FRQFLVDV�
0DWHULDO�GHVHQYROYLGR�SHOD�3URIHVVRUD�0DULD�/~FLD�9DVFRQFHOORV �
�4XHP�VDtD�GD�$JrQFLD"�
0DWHULDO�GHVHQYROYLGR�SHOD�3URIHVVRUD�0DULD�/~FLD�9DVFRQFHOORV �
0DQWHU�R�SDUDOHOLVPR�
6HJXH�SODQLOKD�GH�KRUDV�H[WUDV�GR�&KHIH�GR�([SHGLHQWH�H�6XEJHUHQWH�
�+i�XP�SURILVVLRQDO�TXH�DFXPXOD�GXSOD�IXQomR��
6HJXH�SODQLOKD�GH�KRUDV�H[WUDV�GR�&KHIH�GR�([SHGLHQWH�H�GR�6XEJHUHQWH��
�+i�GRLV�SURILVVLRQDLV��FDGD�XP�H[HUFH�XPD�IXQomR��
(OLPLQDU�MDUJ}HV�H�YRFiEXORV�SRXFR�FRQKHFLGRV�
'H�DFRUGR�FRP�R�6U��2WiYLR��R�FRUH�EXVLQHVV GD�)ORUD�/WGD��p�R�VHWRU�GH�IHUWLOL]DQWHV�
����2EMHWLYLGDGH
3DUD�UHGLJLU�XP�WH[WR�REMHWLYR��GHYH�VH�
RUJDQL]DU�RV�GDGRV�GH�DFRUGR�FRP�R�SULQFtSLR�GH�SULRULGDGH�
HOLPLQDU�R�TXHtVPR�
$SyV�PHWLFXORVD� DYDOLDomR� GH� VXD� UHFODPDomR�� TXH p� GDWDGD� GR� GLD� ��� GR�PrV� GH�
MXQKR��H� QD�TXDO�R�VHQKRU�GLVFULPLQD�FRP�SUHFLVmR�RV�PRWLYRV�SRU�TXH R�VHQKRU�VHQWH�
VH� OHVDGR�� FRQVLGHUDPRV� TXH p� HVVHQFLDO�TXH MXVWLILTXHPRV� QRVVD� FRQGXWD� TXH�� GH�
DFRUGR�FRP�R�VHQKRU��FRPSURPHWHX�VXD�LPDJHP�TXH FRQVWLWXL�D�EDVH�GH�VHX�WUDEDOKR��
TXH p�YROWDGR�SDUD�D�iUHD�GH�YHQGDV��R�TXH SUHVVXS}H�FRQILDELOLGDGH�
(OLPLQDU�LQVHUo}HV�ORQJDV�TXH�WRUQDP�R�WH[WR�DUUDVWDGR�
$� )ORUD� 	� )ORUD� (QJHQKDULD� HP� 5HIORUHVWDPHQWR� 6�$�� IXQGDGD�� HP� ������ SHOR�
HPSUHViULR�2WiYLR�1DEXFR�H��KRMH��VRE�D�GLUHomR�GH�XP�JUXSR�HVWUDQJHLUR��D�0��)LVFKHU�
&RQVXOWRULD�� R� PDLRU� JUXSR� GR� PHUFDGR� QRUWH�DPHULFDQR�� GHYHUi� SDUWLFLSDU��
SURYDYHOPHQWH�QR�SUy[LPR�DQR��GR�OHLOmR�GD�$WOkQWLV�
$�)ORUD�	�)ORUD�(QJHQKDULD�HP�5HIORUHVWDPHQWR�6�$�GHYHUi�SDUWLFLSDU��SURYDYHOPHQWH�
QR�SUy[LPR�DQR�� GR� OHLOmR� GD�$WOkQWLV��$�)ORUD�� IXQGDGD�SRU�2WiYLR�1DEXFR�HP�������
HVWi� VRE� D� GLUHomR� GR� PDLRU� JUXSR� GR� PHUFDGR� QRUWH�DPHULFDQR�� D� 0�� )LVFKHU�
&RQVXOWRULD�
(YLWDU�HVWUXWXUDV�IUDJPHQWDGDV�
$�IXVmR�GD�$OID�6HJXURV�FRP�D�QRUWH�DPHULFDQD�7H[�&R��� GHFLGLGD�HP�PDLR�GH�������
VHODGD��DSyV�XPD�VHTXrQFLD�GH�HQWUDYHV�MXGLFLDLV�H�GH�TXHVWLRQDPHQWRV�OHJDLV��HQWUH�D�
$OID�6HJXURV�H�D�7H[�&R���YLDELOL]RX�XP�DSRUWH�GH�FDSLWDO�GH���PLOK}HV�GH�GyODUHV�
$�IXVmR�HQWUH�D $OID�H�D�QRUWH�DPHULFDQD�7H[�&R��� GHFLGLGD�HP�PDLR�GH�������DSyV�
XPD�VHTXrQFLD�GH�DGLDPHQWRV�H�GH�TXHVWLRQDPHQWRV� OHJDLV� YLDELOL]RX�XP�DSRUWH�GH�
FDSLWDO�GH���PLOK}HV�GH�GyODUHV�
0DWHULDO�GHVHQYROYLGR�SHOD�3URIHVVRUD�0DULD�/~FLD�9DVFRQFHOORV ��
����&RHVmR
3DUD�UHGLJLU�XP�WH[WR�FRQH[R��R�UHGDWRU�GHYH�
DWHQWDU�SDUD IUDVHV�WUXQFDGDV�
HOLPLQDU�IUDVHV�TXH�WHUPLQHP�DEUXSWDPHQWH��VHP�TXH�VH�FRQFOXD�R�SHQVDPHQWR�
����(OHJkQFLD
3DUD�UHGLJLU�FRP�HOHJkQFLD��R�UHGDWRU�GHYH�
HYLWDU�R�HPSUHJR�DEXVLYR�GR�YHUER�WHU�
'XUDQWH�D�VHPDQD�GR�VHPLQiULR�4XDOLGDGH�H�6HJXUDQoD��TXH�WHYH LQtFLR�HP����GH�DEULO�
H�WHYH OXJDU�HP�&XULWLED�� WLYHPRV j�GLVSRVLomR�XP�PRWRULVWD�TXH� WHYH D�JHQWLOH]D�GH�
PRVWUDU�D�FLGDGH�DRV�SDUWLFLSDQWHV��
HOLPLQDU� DV� H[SUHVV}HV� HP� GHVDFRUGR� FRP� R� SDGUmR� GH� IRUPDOLGDGH� GR� WH[WR�����������������������������������
HPSUHVDULDO�
2� HOHPHQWR DSUHVHQWRX�VH� FRPR� IXQFLRQiULR�� 2� PHVPR SRUWDYD� XP� FUDFKi� GD������
HPSUHVD�
HYLWDU�R�HFR�
2�*HUHQWH�GLVVH�TXH�QmR�HVWDYD�FLHQWH�GH�TXH�R�FOLHQWH�KDYLD�DSUHVHQWDGR�RV�GDGRV�
IDOVRV�FRP�HYLGHQWH�SURSyVLWR�GH�OHVDU�R�%DQFR�
����&RUUHomR�JUDPDWLFDO
$� FRUUHomR� JUDPDWLFDO� HVSHOKD� R� GRPtQLR� GR� UHGDWRU� HP� UHODomR�j� QRUPD� FXOWD��1mR� VH�
WUDWD�GH�JUDPiWLFD�SUHVFULWLYD�H�EXURFUiWLFD��PDV�GH�OyJLFD��3RU�HVVD�UD]mR��R�UHGDWRU�GHYH�
UHOHU�R�WH[WR�H�YHULILFDU�
D�FRQFRUGkQFLD�YHUEDO�H�D�QRPLQDO�
D�UHJrQFLD�YHUEDO�H�D�QRPLQDO�
D�FRORFDomR�SURQRPLQDO�
D�SRQWXDomR�GH�DFRUGR�FRP�D�OyJLFD�
RV�SULQFtSLRV�RUWRJUiILFRV�
DV�QRUPDV�GD�$%17�UHIHUHQWHV�D�DVSHFWRV�GR�WH[WR��
0DWHULDO�GHVHQYROYLGR�SHOD�3URIHVVRUD�0DULD�/~FLD�9DVFRQFHOORV ��
2UGHP�1DWXUDO
$�RUGHP�QDWXUDO�GD�IUDVH�HVWi�IXQGDPHQWDGD�QR�HQXQFLDGR�OyJLFR� R�ELQ{PLR�VXMHLWR�H�
SUHGLFDGR��2�VXMHLWR�p�R�WHUPR�D�UHVSHLWR�GH�TXHP�VH�GL]�DOJR�
2�SUHGLFDGR�p�R�TXH�VH�GL]�GR�VXMHLWR�
2�*HUHQWH������������������������������FUpGLWRV�DRV�FOLHQWHV�
VXMHLWR�����������
YHUER�
SUHGLFDGR
DWHQomR�DRV�FOLHQWHV�
�QyV�
VXMHLWR�RFXOWR��������YHUER���������������������
SUHGLFDGR
"���������������������������������������������XP�UHFDGR�
6XM��LQGHWHUPLQDGR����������������
YHUER
SUHGLFDGR
2 UHVWULo}HV�DR�FUpGLWR�
1mR�Ki�VXMHLWR�
YHUER
SUHGLFDGR
FRQFHGHX
'HPRV
'HL[DUDP
"������������������������������������ �VH�GH�GLJLWDGRUHV�
6XM��LQGHWHUPLQDGR
YHUER
SUHGLFDGR
3UHFLVD
+i
0DWHULDO�GHVHQYROYLGR�SHOD�3URIHVVRUD�0DULD�/~FLD�9DVFRQFHOORV ��
3RVLomR�GR�VXMHLWR
$QWHSRVWR
3RVSRVWR
$V�YR]HV�GR�YHUER
$WLYD�
3DVVLYD�DQDOtWLFD
3DVVLYD�VLQWpWLFD
'HVVD�HVWUXWXUD�HPDQDP�DV�VHJXLQWHV�FRQVLGHUDo}HV�
LQGHSHQGHQWHPHQWH�GD�SRVLomR�TXH�RFXSH�QD�IUDVH��R�YHUER�FRQFRUGD�FRP�R�VXMHLWR�±
QD�YR]�DWLYD�H�QD�YR]�SDVVLYD�
LQGHSHQGHQWHPHQWH�GD�H[WHQVmR�GR�VXMHLWR��HVWH�QmR�p�VHSDUDGR�GR�YHUER�SRU�YtUJXOD�
3RQWXDomR
(PSUHJR�GD�YtUJXOD
$�YtUJXOD�LQGLFD�
DGLomR�GH�LQIRUPDo}HV�
2�,QVSHWRU YHULILFRX�WUrV�LUUHJXODULGDGHV�QR�FRQWUDWR��
9HULILFRX�R�,QVSHWRU WUrV�LUUHJXODULGDGHV�QR�FRQWUDWR�
2�,QVSHWRU�YHULILFRX�WUrV�LUUHJXODULGDGHV�QR�FRQWUDWR�
7UrV�LUUHJXODULGDGHV IRUDP�YHULILFDGDV�QR�FRQWUDWR�SHOR�
,QVSHWRU�
9HULILFDUDP�VH�WUrV�LUUHJXODULGDGHV�QR�FRQWUDWR��
0DWHULDO�GHVHQYROYLGR�SHOD�3URIHVVRUD�0DULD�/~FLD�9DVFRQFHOORV ��
1RVVRV�SURGXWRV�VmR�FRQKHFLGRV�HP�SDtVHV�FRPR��$OHPDQKD� ,WiOLD� (VSDQKD�H�3RUWXJDO�
LQWHUFDODomR�GH�LQIRUPDomR�
2�FRQVXPR�PXQGLDO�GH�FHOXORVH�FUHVFHX� HQWUH������H����� D�XPD�WD[D�DQXDO�GH�����
DOWHUDomR�QD�RUGHP�QDWXUDO�GDV�RUDo}HV�
&RQFOXtGD�D�SHVTXLVD��HODERUDUHPRV�R�UHODWyULR�
(QWUH������H�������R�FRQVXPR�PXQGLDO�GH�FHOXORVH�FUHVFHX�D�XPD�WD[D�DQXDO�GH����
1mR� VH� HPSUHJD� YtUJXOD� HQWUH� R� VXMHLWR� H� VHX� SUHGLFDGR��
LQGHSHQGHQWHPHQWH�GH�R�VXMHLWR�VHU�H[WHQVR�
2� YLFH�SUHVLGHQWH� GD� 2OLYHLUD� 	� 2OLYHLUD� $VVHVVRULD� HP�
5HIORUHVWDPHQWR� /WGD�� DILUPRX� TXH� D� HPSUHVD� LQYHVWLUi� XP�
PLOKmR�GH�GyODUHV�HP�SHVTXLVDV�
1mR�VH�HPSUHJD�YtUJXOD�HQWUH�R�YHUER�H�VHXV�FRPSOHPHQWRV�
$�2OLYHLUD�	�2OLYHLUD�$VVHVVRULD�HP�5HIORUHVWDPHQWR�/WGD��LQYHVWLUi���������
XP�PLOKmR�GH�GyODUHV�
(PSUHJD�VH�YtUJXOD��DQWHV�GD�FRQMXQomR�H��TXDQGR�
D�FRQMXQomR�H VHSDUDU�RUDo}HV��FXMRV�VXMHLWRV�VmR�GLIHUHQWHV��
2�*HUHQWH�VDLX��H R�&KHIH�GH�6HUYLoR�FKHJRX��
D�FRQMXQomR�H�VXEVWLWXLU�PDV�
2�FOLHQWH�DILUPRX�TXH�FRQILUPDULD�RV�GDGRV��H QmR�FRQILUPRX�
2FRUUH�D�YtUJXOD�DSyV�R�H��VH�KRXYHU�XPD�LQVHUomR�
2� *HUHQWH� VDLX�� H�� DSyV� GH]� PLQXWRV�� R� &KHIH� GH� 6HUYLoR�
FKHJRX�
9HULILFDPRV�TXH RV�SURFHGLPHQWRV�FRQWUDULDP�DV�QRUPDV
GH�VHJXUDQoD���1mR�Ki�YtUJXOD��
9HULILFDPRV� TXH�� DSHVDU� GDV� MXVWLILFDWLYDV� GR� *HUHQWH�� RV������������������
SURFHGLPHQWRV�FRQWUDULDP�DV�QRUPDV�GH�VHJXUDQoD��
1R�FDVR�GH RFRUUHU�XPD�LQVHUomR��HPSUHJD�VH�D�YtUJXOD�
0DWHULDO�GHVHQYROYLGR�SHOD�3URIHVVRUD�0DULD�/~FLD�9DVFRQFHOORV ��
3RQWR H YtUJXOD
2�SRQWR�H�YtUJXOD LQGLFD�
D�VHSDUDomR�GH�RUDo}HV�YLUJXODGDV�
RV� SHVVLPLVWDV�DJXDUGDP�R� IUDFDVVR� RV� RWLPLVWDV�� D� YLWyULD�� RV� UHDOLVWDV�� R� TXH�TXHU����������
TXH�DFRQWHoD�
D�VHSDUDomR�GH�FRQVLGHUDQGRV��SUHkPEXORV�GH�GHFUHWR��GH�SRUWDULDV��GH�VHQWHQoDV��GH�
DFyUGmRV�RX�GH�GRFXPHQWRV�DQiORJRV��
$UW�� ����� 2� MXL]� SRGH� RUGHQDU�� D� UHTXHULPHQWR� GD� SDUWH�� D� H[LELomR� LQWHJUDO� GRV� OLYURV�
FRPHUFLDLV�H�GRV�GRFXPHQWRV�GH�DUTXLYR�
,�± 1D�OLTXLGDomR�GD�VRFLHGDGH�
,, ± 1D�VXFHVVmR�SRU�PRUWH�GH�VyFLR�
,,, ± 4XDQGR�H�FRPR�GHWHUPLQDU�D�OHL�
D�VHSDUDomR�GH�LWHQV�HP�HQXPHUDo}HV�
$GPLWLPRV�DWHQGHQWHV�GH�WHOHPDUNHWLQJ��5HTXLVLWRV�GR�FDQGLGDWR�
VHU�PDLRU�GH�LGDGH�
HVWDU�TXLWH�FRP�R�VHUYLoR�PLOLWDU�
HVWDU�FXUVDQGR�D�XQLYHUVLGDGH�RX�WHU�FXUVR�VXSHULRU�
3RQWR�ILQDO
6LQDOL]D�R�ILP�GH�XPD�IUDVH�GHFODUDWLYD�
$�OHLWXUD�DPSOLD�R�YRFDEXOiULR�GR�OHLWRU�
'RLV�SRQWRV
2V�GRLV�SRQWRV�LQGLFDP�
LQtFLR�GH�XPD�FLWDomR�RX�GH�XPD�IDOD�
¬V�PDUJHQV�GR�,SLUDQJD��'��3HGUR�EUDGRX� ³,QGHSHQGrQFLD�RX�0RUWH�´�
LQtFLR�GH�XPD�VHTXrQFLD�TXH�GLVFULPLQD��GHVHQYROYH�RX�H[SOLFD�XPD�LGHLD�DQWHULRU�
,WHQV�HP�IDOWD� SDSHO��WLQWD�SDUD�LPSUHVVRUD��SDVWDV�SDUD�DUTXLYR�
$VSDV
,QGLFDP�
XPD�FLWDomR�LQWHJUDO�H��QHVVH�FDVR��DEUDQJHP�R�SRQWR�ILQDO�
³1DGD�p�PDLV�HOHJDQWH�TXH�D�PHQWH�DEHUWD�´
0DWHULDO�GHVHQYROYLGR�SHOD�3URIHVVRUD�0DULD�/~FLD�9DVFRQFHOORV ��
XPD� FLWDomR� TXH� p� SDUWH� GH� XP� SHUtRGR� H�� QHVVH� FDVR�� R� SRQWR� ILQDO� FRQFOXL� R�
SHQVDPHQWR�
³9HQWR�DOJXP�DX[LOLD�R�YHOHMDGRU�TXH�QmR�VDEH�SDUD�RQGH�YDL´��GL]�R�GLWDGR�
XP�QHRORJLVPR��XP�WHUPR�HVWUDQJHLUR��XPD�JtULD�
2�WHUPR�µWROOLQJ¶ GHVLJQD�D�LQGXVWULDOL]DomR�SRU�HQFRPHQGD�
WHUPRV�TXH�VH�TXHU�GHVWDFDU�
'H�DFRUGR�FRP�R�UpX��R�HQFRQWUR�IRL�µFDVXDO¶�
(PSUHJDP�VH�DVSDV�VLPSOHV��HP�FDVR�GH�FLWDomR�QR�LQWHULRU�GH�RXWUD�WDPEpP�HQWUH�DVSDV�
�$�ILORVRILD�GH�
OHYDU�YDQWDJHP�HP�WXGR
 VLQWHWL]D�R�HJRtVPR���DILUPRX�R�SURIHVVRU�
2UGHP�1DWXUDO�� 9R]�$WLYD�H�9R]�3DVVLYD
$�EDVH�GR�HQXQFLDGR�OyJLFR�p�XP�ELQ{PLR�² VXMHLWR�H�SUHGLFDGR���2�VXMHLWR�p�R�WHUPR�D��
UHVSHLWR�GH�TXHP�VH�GL]�DOJR��2�SUHGLFDGR�p�R�TXH�VH�GL]�GR�VXMHLWR�
9R]�$WLYD�H�9R]�3DVVLYD�� D�YR]�GHILQH�R�IRFR�GD�DomR�GR�SRQWR�GH�YLVWD�GR�VXMHLWR�
9R]�$WLYD DWULEXL�DR�VXMHLWR�DJHQWH�D�UHVSRQVDELOLGDGH�SHOD�DomR�YHUEDO�
2�*HUHQWH�YHULILFRX RV�FDGDVWURV�
9R]�3DVVLYD DWULEXL�DR�VXMHLWR�SDFLHQWH�D�DomR�YHUEDO��+i�GXDV�IRUPDV�
�DQDOtWLFD��2V�FDGDVWURV�IRUDP�YHULILFDGRV SHOR�*HUHQWH�
�VLQWpWLFD���9HULILFDUDP�VH RV�FDGDVWURV�
2�UHGDWRU�GH�UHODWyULR�GHYH�SULYLOHJLDU�D�YR]�DWLYD��SRUTXH�
D�DWULEXLomR�GH�UHVSRQVDELOLGDGH�p�IXQGDPHQWDO�
D�OHLWXUD�IOXL�
D�FRPSUHHQVmR�p�PDLV�UiSLGD�
6XMHLWR 3UHGLFDGR
0DWHULDO�GHVHQYROYLGR�SHOD�3URIHVVRUD�0DULD�/~FLD�9DVFRQFHOORV ��
&RQFRUGkQFLD�9HUEDO
2�SULQFtSLR�GH�FRQFRUGkQFLD�GHWHUPLQD�TXH�DV�UHODo}HV�HQWUH�SDODYUDV�VHMDP�PDUFDGDV�
SHOD KDUPRQLD�GR�SRQWR�GH�YLVWD�GH�Q~PHUR�H�GH�JrQHUR��+i�D�FRQFRUGkQFLD�YHUEDO�H�D�
QRPLQDO�
&RQFRUGkQFLD�9HUEDO 2FRUUHUDP�IDOKDV�QR�HTXLSDPHQWR��
&RQFRUGkQFLD�1RPLQDO 5HYLVHP�RV�PDQXDLV�DQH[RV��
3ULQFtSLR� R�YHUER�FRQFRUGD�FRP�R�VXMHLWR�
2�'HS��-XUtGLFR�DQDOLVRX�R�FRQWUDWR�
VXMHLWR�������������YHUER
$QDOtWLFD
2�FRQWUDWR�IRL�DQDOLVDGR�SHOR�'HS��-XUtGLFR��
VXMHLWR��������������YHUER
6LQWpWLFD
$QDOLVRX�VH�R�FRQWUDWR�
YHUER�����������VXMHLWR
1HFHVVLWD�VH�GH FLQFR�WHUPLQDLV�GH�$XWRDWHQGLPHQWR�
&DVRV�HVSHFLDLV
&RQFRUGkQFLD�FRP�R�VXMHLWR�FRPSRVWR�SRU�Q~PHUR�IUDFLRQiULR
1HVVH�FDVR��R�VXMHLWR�FRQFRUGD�FRP�R�QXPHUDGRU�
8P TXLQWR�EDVWD��
7UrV TXLQWRV�EDVWDP SDUD�D�DSURYDomR�GD�HPHQGD�
0DWHULDO�GHVHQYROYLGR�SHOD�3URIHVVRUD�0DULD�/~FLD�9DVFRQFHOORV ��
&RQFRUGkQFLD�FRP�R�VXMHLWR�FRPSRVWR�SRU�Q~PHUR�SHUFHQWXDO
2�YHUER�FRQFRUGD�FRP�R�SDUWLWLYR�
7ULQWD�SRU�FHQWR�GRV�LQYHVWLGRUHV GLUHFLRQDUDP VHXV�LQYHVWLPHQWRV�SDUD�SRXSDQoD�
SDUWLWLYR
7ULQWD�SRU�FHQWR�GD�FOLHQWHOD GLUHFLRQRX VHXV�LQYHVWLPHQWRV�SDUD�SRXSDQoD�
SDUWLWLYR
2EV�� 1R� FDVR� GH�KDYHU� XP�GHWHUPLQDQWH� GR� SHUFHQWXDO�� R� YHUER� FRQFRUGDUi� FRP�HVVH������������������������
GHWHUPLQDQWH�
(VVHV VHWHQWD�SRU�FHQWR�GD�FOLHQWHOD�FRQILDP HP�QRVVRV�SURGXWRV�
$WHQomR�
$WXDOPHQWH�� Ki� XPD� WHQGrQFLD� SDUD� TXH� VH� DGRWH� D� FRQFRUGkQFLD� FRP� R� Q~PHUR�
SHUFHQWXDO�
'RLV�SRU�FHQWR�FRQFRUGDP�FRP�R�SURMHWR�
$QRWH�DV�IRUPDV�GLFLRQDUL]DGDV�
SHUFHQWDJHP���GR�ODWLP�
SHU��FHQWXP
�
SRUFHQWDJHP���GD�ORFXomR�
SRU�FHQWR
���DJHP�
SHUFHQWXDO���VXEVWDQWLYR�RX�DGMHWLYR�UHODWLYRV�D��
SHUFHQWDJHP�
SRUFHQWXDO���VXEVWDQWLYR�RX�DGMHWLYR�UHODWLYRV�D�
SHUFHQWDJHP��IRUPD�UHJLVWUDGD�QR GLFLRQiULR��0LFKDHOLV�
SRU�FHQWR���ORFXomR�FRUUHVSRQGHQWH�D�
SHU�FHQWXP
�
&RQFRUGkQFLD�FRP�R�YHUER�ID]HU
2� YHUER� ID]HU� SHUPDQHFH� QD� �� SHVVRD� GR� VLQJXODU�� TXDQGR� VH� UHIHUH� D� WHPSR�����
GHFRUULGR�
)D] YLQWH�PLQXWRV�TXH�R�HTXLSDPHQWR�HVWi�LQRSHUDQWH�
1DV�GHPDLV�DFHSo}HV��R�YHUER�ID]HU�p�SHVVRDO�H�FRQFRUGD�FRP�R�VXMHLWR�(OHV�IL]HUDP XPD�ULID�
)D]�XPD�KRUD�TXH�HX�R�DJXDUGR�
0DWHULDO�GHVHQYROYLGR�SHOD�3URIHVVRUD�0DULD�/~FLD�9DVFRQFHOORV ��
)D]�VHVVHQWD�PLQXWRV�TXH�HX�R DJXDUGR�
0DWHULDO�GHVHQYROYLGR�SHOD�3URIHVVRUD�0DULD�/~FLD�9DVFRQFHOORV ��
&RQFRUGkQFLD�FRP�R�YHUER�KDYHU
2�YHUER�KDYHU�SHUPDQHFH�QD���SHVVRD�GR�VLQJXODU��QD�DFHSomR�GH�
H[LVWLU�
ID]HU��WHPSR�GHFRUULGR��
RFRUUHU�
+DYLD FRQWUDWRV�HP�UHQHJRFLDomR���H[LVWLU�
&RPR�DX[LOLDU��R�YHUER�KDYHU�p�UHJXODU�H�FRQFRUGD�FRP�R�VXMHLWR�
2V�DWOHWDV�KDYLDP WUHLQDGR VHLV�PHVHV�
*UDYH�HVWD�VHTXrQFLD�
7UDEDOKR�QR�%UDGHVFR�Ki RLWR�DQRV�
WHPSR�GHFRUULGR
'DTXL�D RLWR�DQRV�HX�PH�DSRVHQWDUHL�
WHPSR�IXWXUR��GLVWkQFLD
7UDEDOKR�Ki�FHUFD�GH RLWR�DQRV�QR�
%UDGHVFR�
+i�FHUFD�GH YLQWH�FOLHQWHV�QD�$JrQFLD�
&RQYHUVDPRV�DFHUFD GH WUDEDOKR�
0DWHULDO�GHVHQYROYLGR�SHOD�3URIHVVRUD�0DULD�/~FLD�9DVFRQFHOORV ��
+DMD�YLVWD�
$WXDOPHQWH��D�H[SUHVVmR�p�FRQVLGHUDGD�LQYDULiYHO��
2�QRYR�VHJXUR�p�XP�VXFHVVR��KDMD�YLVWD RV�FRQWUDWRV�IHFKDGRV�
$OWHUQDWLYDV�
FRQFRUGkQFLD�FRP�R�WHUPR�VHJXLQWH�
2�QRYR�VHJXUR�p�XP�VXFHVVR��KDMDP�YLVWDV RV�FRQWUDWRV�IHFKDGRV�
IRUPD�LQYDULiYHO���SUHS��D�
2�QRYR�VHJXUR�p�XP�VXFHVVR��KDMD YLVWD DR DXPHQWR�QDV�YHQGDV�
$WHQomR�
$�IRUPD�KDMD YLVWR VLJQLILFD�WHQKD�YLVWR��
7DOYH]��YRFr�KDMD�YLVWR�R�VXVSHLWR�SHODV�UHGRQGH]DV�
2�YHUER�H[LVWLU�p�UHJXODU�
([LVWHP�FLQFR�FRQWLQHQWHV���RX��+i�FLQFR�FRQWLQHQWHV�
&RQFRUGkQFLD�FRP�R�VXMHLWR�FRPSRVWR�SRU�FROHWLYR�
2�YHUER�FRQFRUGD�FRP�R�Q~PHUR�GR�FROHWLYR�
$�HTXLSH�GH�ILOPDJHP�HVWi SURQWD�
$V�HTXLSHV�HVWmR SURQWDV�
&RQFRUGkQFLD�FRP�R�VXMHLWR�FRPSRVWR�SRU�FROHWLYR�SDUWLWLYR�VHJXLGR�GH�XP�SOXUDO�
GH�HVSHFLILFDomR
2�YHUER�DGPLWH�GXSOD�FRQFRUGkQFLD�
*UDQGH�SDUWH�GDV�FOLHQWHV�PDQLIHVWDP DSURYDomR�DR�QRYR�VLVWHPD�
*UDQGH�SDUWH�GD�FOLHQWHOD�PDQLIHVWD DSURYDomR�DR�QRYR�VLVWHPD�
&RQFRUGkQFLD�FRP�R�SURQRPH�SHVVRDO��FDVR�UHWR����TXH
2�YHUER�FRQFRUGD�FRP�R�SURQRPH�SHVVRDO��
)RPRV QyV TXH�VROLFLWDPRV D�DOWHUDomR�GH�VHQKD�
&RQFRUGkQFLD�FRP�R�SURQRPH�SHVVRDO��FDVR�UHWR����TXHP
2�YHUER�FRQFRUGD�FRP�R�SURQRPH�SHVVRDO�RX�FRP�R�SURQRPH�UHODWLYR�
)RPRV�QyV TXHP�VXJHULPRV D�DGRomR�GHVVH�VLVWHPD�
)RPRV�QyV�TXHP�VXJHULX�D�DGRomR�GHVVH�VLVWHPD�
&RQFRUGkQFLD�FRP�RV�YHUERV��EDVWDU��FRPHoDU��IDOWDU��RFRUUHU��UHVWDU��VXUJLU���������������
WHUPLQDU��HQWUH�RXWURV��
(VVHV�YHUERV�VmR�SHVVRDLV�H�FRQFRUGDP�FRP�R�VXMHLWR��QRUPDOPHQWH�SRVSRVWR�
0DWHULDO�GHVHQYROYLGR�SHOD�3URIHVVRUD�0DULD�/~FLD�9DVFRQFHOORV ��
%DVWD XPD�DYDOLDomR�GR�FDGDVWUR�
%DVWDP GXDV�UHIHUrQFLDV�
5HVWD XPD�G~YLGD�
5HVWDP YiULDV�G~YLGDV�
&RPHoRX R�FXUVR�
&RPHoDUDP DV�DXODV�
6XUJLX XPD�RSRUWXQLGDGH�
6XUJLUDP DOJXPDV�RSRUWXQLGDGHV�
)DOWD XP�LWHP�
)DOWDP GRLV�LWHQV�
7HUPLQRX D�LQVSHomR�
7HUPLQDUDP DV�UHQHJRFLDo}HV�
2ULJHP�GRV�HUURV�GH�FRQFRUGkQFLD�
$�TXHEUD�GD�RUGHP�QDWXUDO� VXMHLWR�H�YHUER� SRGH�JHUDU�XP�HTXtYRFR�JUDYH��2�UHGDWRU�RX�
R�IDODQWH�DFDEDP�SRU�LQWHUSUHWDU�HUURQHDPHQWH�D�LQYHUVmR� YHUER�H�VXMHLWR��$SDUHQWHPHQWH��
FULD�VH� D� LPSUHVVmR� GH� TXH� QmR� Ki� VXMHLWR�� 2V� HUURV� QDVFHP� GHVVD� LQWHUSUHWDomR�
HTXLYRFDGD�
6XMHLWR�&RPSRVWR�3RVSRVWR�DR�9HUER
2�VXMHLWR�SRVSRVWR�FRQFRUGD�FRP�R�Q~FOHR�PDLV�SUy[LPR�RX�YDL�SDUD�R�SOXUDO��
&KHJRX R�&KHIH�GR�H[SHGLHQWH��R�*HUHQWH�H�R�6XEJHUHQWH��
&KHJDUDP�
2�YHUER�ILFDUi�QR�SOXUDO��TXDQGR�LQGLFDU��
2UGHP�LQYHUWLGD����)DOWDP WUrV�FRQWUDWRV�SDUD�VHU�DVVLQDGRV�
VXMHLWR
(TXtYRFR ‘ )DOWD�WUrV�FRQWUDWRV�SDUD�VHU�DVVLQDGRV���LQFRUUHWR�
(TXtYRFR��LPDJLQD�VH�TXH�QmR�Ki�VXMHLWR�
2UGHP�QDWXUDO 7UrV�FRQWUDWRV�IDOWDP SDUD�VHU�DVVLQDGRV�
VXMHLWR
RX
0DWHULDO�GHVHQYROYLGR�SHOD�3URIHVVRUD�0DULD�/~FLD�9DVFRQFHOORV ��
UHIOH[LELOLGDGH�RX�UHFLSURFLGDGH�
&XPSULPHQWDUDP�VH FOLHQWH�H�JHUHQWH�
&RQFRUGkQFLD�FRP�R�YHUER�VHU
R� YHUER� VHU� FRQFRUGD� FRP� R� VXMHLWR�� TXDQGR� UHSUHVHQWDGR� SRU� XP� VXEVWDQWLYR� TXH�
GHVLJQD�XPD�SHVVRD�RX�SRU�XP SURQRPH�
0DGUH�7HUH]D�IRL�VRQKRV�H�HVSHUDQoD�GRV�SREUHV�GD�ËQGLD�
(OHV IRUDP D�UD]mR�GH�WXGR�
9RVVDV�([FHOrQFLDV�GHYHP�RXYLU R�SRYR�
R� YHUER� VHU� SHUPDQHFH� QR� VLQJXODU�� TXDQGR� VH� UHIHUH� jV� H[SUHVV}HV� TXH� LQGLFDP�
PHGLGD��SRUomR��TXDQWLGDGH�HWF�
&HP�UHDLV�p VXILFLHQWH�SDUD�HQFKHU�R�WDQTXH�GH�FRPEXVWtYHO�
6HVVHQWD�TXLO{PHWURV�p PXLWR�SDUD�FDPLQKDUPRV�
1RV�GHPDLV�FDVRV��R�YHUER�VHU�FRQFRUGD�FRP�R�SUHGLFDWLYR�
+RMH�p �ž�GH�PDLR�
e�XPD�H�PHLD�
6mR�GXDV�KRUDV�
(P�TXH�SHVH�P�
(P� TXH� SHVHP� RV� SUHVViJLRV QHJDWLYRV� GRV� HFRQRPLVWDV�� R� PHUFDGR� UHDJLX�
IDYRUDYHOPHQWH�
 �$SHVDU�GRV�SUHVViJLRV�QHJDWLYRV GRV�HFRQRPLVWDV��R�PHUFDGR�UHDJLX�IDYRUDYHOPHQWH�
(P�TXH�SHVHP�DRV�PRWRULVWDV��SDUD�RV�PRWRULVWDV���R�URGt]LR�SHUPDQHFH�
&RQFRUGkQFLD�1RPLQDO
3ULQFtSLR�� 2� DGMHWLYR� H� RV� GHWHUPLQDQWHV� �DUWLJRV�� QXPHUDLV�� SURQRPHV� DGMHWLYRV� H�
SDUWLFtSLRV�� FRQFRUGDP�� HP� JrQHUR� H� Q~PHUR�� FRP� R� QRPH� �VXEVWDQWLYR� RX� SURQRPH�
VXEVWDQWLYR��D�TXH�VH�UHIHUHP�
$V��������GXDV������FOiXVXODV���UHWLILFDGDV�����IRUDP�DFHLWDV�SHOR�FOLHQWH�
$UWLJR��QXPHUDO�������VXEVWDQWLYR�������DGMHWLYR�����������������SDUWLFtSLR�DGMHWLYR
$GMHWLYR�SRVSRVWR�UHODFLRQDGR�D�PDLV�GH�XP�VXEVWDQWLYR
2�DGMHWLYR�SRVSRVWR�VHJXH�RV�SULQFtSLRV�
PDVFXOLQR���PDVFXOLQR� �PDVFXOLQR��FRQWUDWRV�H�GRFXPHQWRV�DUTXLYDGRV
IHPLQLQR���IHPLQLQR� �IHPLQLQR��SODQLOKDV�H�IROKDV�GH�SDJDPHQWR�DUTXLYDGDV
PDVFXOLQR���IHPLQLQR� �PDVFXOLQR��QHXWUR���FRQWUDWRV�H�SODQLOKDV�DUTXLYDGRV
IHPLQLQR���PDVFXOLQR� �PDVFXOLQR��QHXWUR���SODQLOKDV�H�FRQWUDWRV�DUTXLYDGRV
0DWHULDO�GHVHQYROYLGR�SHOD�3URIHVVRUD�0DULD�/~FLD�9DVFRQFHOORV ��
$GMHWLYR�DQWHSRVWR�UHODFLRQDGR�D�PDLV�GH�XP�VXEVWDQWLYR
1HVVH�FDVR��D�FRQFRUGkQFLD�p�FRP�R�WHUPR�PDLV�SUy[LPR�
'LVFULPLQDGRV QRPHV�H�GDWDV
'LVFULPLQDGDV GDWDV�H�QRPHV
2EV���6H�RV�VXEVWDQWLYRV� IRUHP�QRPHV�SUySULRV�RX�QRPHV�GH�SDUHQWHVFR��R�DGMHWLYR�YDL�
VHPSUH�SDUD�R�SOXUDO�
&KHJDUDP�RV�DPDGRV WLR�9DVFR�H�WLD�&DUROLQD�
$QH[R�� LQFOXVR�� OHVR�� PHVPR�� SUySULR� GH� DFRUGR� FRP� HVVH�
SULQFtSLR� FRQFRUGDP� HP� JrQHUR� H� Q~PHUR� FRP� R� VXEVWDQWLYR� RX�
SURQRPH�D�TXH�VH�UHIHUHP�
DQH[R $QH[RV�LQFOXVRV��RV�FHUWLILFDGRV�
$QH[DV�LQFOXVDV��DV�SODQLOKDV�GH�FXVWR�
OHVD 2�VROGDGR�IRL�DFXVDGR�GH�FULPH�GH�OHVR�SDWULRWLVPR�
2�VROGDGR�IRL�DFXVDGR�GH�WUDLomR�OHVD�SiWULD�
PHVPR 2�6XEJHUHQWH�DOHJRX�TXH�HOH��PHVPR��FRQIHULX�RV�GDGRV�
$�6XEJHUHQWH�DOHJRX�TXH�HOD��PHVPD��FRQIHULX RV�GDGRV�
�H[SUHVVmR�H[SOHWLYD�
&DVRV�HVSHFLDLV
&RQFRUGkQFLD�GH�PDLV�GH�XP�DGMHWLYR�UHODFLRQDGR�D�XP�VXEVWDQWLYR
1HVVH�FDVR��Ki�GXDV�FRQVWUXo}HV�
�9HULILTXHL�DV WHRULDV�SROtWLFD�H�VRFLRHFRQ{PLFD�
�9HULILTXHL�D WHRULD�SROtWLFD�H�D��WHRULD� VRFLRHFRQ{PLFD�
&RQFRUGkQFLD�FRP�DV�H[SUHVV}HV���p�SURLELGR��p�QHFHVViULR��p�SUHFLVR�HWF�
(VVDV�H[SUHVV}HV�ILFDP�LQYDULiYHLV��VH�R�VXEVWDQWLYR�D�TXH�VH�UHIHUHP�QmR�YLHU���
SUHFHGLGR�GH�DUWLJR�
e�SHUPLWLGR�HQWUDU���QHXWUR�
e�SHUPLWLGR�HQWUDGD���QHXWUR�
e�SHUPLWLGD�D HQWUDGD�GH�IXQFLRQiULRV�FUHGHQFLDGRV���IHPLQLQR�
&RQFRUGkQFLD�FRP�RV�REMHWLYRV�Vy�H�TXLWH�
6y�H TXLWH��DGMHWLYRV��FRQFRUGDP�HP�Q~PHUR�FRP�R�VXEVWDQWLYR�RX�R�SURQRPH�D�TXH�
VH�UHIHUHP�
2V�FOLHQWHV�HVWmR�TXLWHV FRP�R�%DQFR�
(ODV�HVWmR�VyV���VR]LQKDV�
0DWHULDO�GHVHQYROYLGR�SHOD�3URIHVVRUD�0DULD�/~FLD�9DVFRQFHOORV ��
6y �DGYpUELR��HTXLYDOH�D�VRPHQWH��e��SRUWDQWR��LQYDULiYHO�
(OHV�Vy DGPLWHP�D�SDUWLFLSDomR�FRPR�FRODERUDGRUHV�
$�VyV p�H[SUHVVmR�LQYDULiYHO�
*RVWD�GH�HVWDU�D�VyV�
&RQFRUGkQFLD�FRP�R�DGMHWLYR�REULJDGR�
0XLWR�REULJDGR��GLVVH�R�FOLHQWH�
0XLWD�REULJDGD��GLVVH�D�FOLHQWH�
&RQFRUGkQFLD� FRP� RV� SURQRPHV� GH� WUDWDPHQWR�� 9RVVD� 6HQKRULD�� 9RVVD��������
([FHOrQFLD�
9RVVD�([FHOrQFLD�VHUi�KRPHQDJHDGR���UHIHULQGR�VH�D�KRPHP��
KRPHQDJHDGD���UHIHULQGR�VH�D�PXOKHU��
&RQFRUGkQFLD�FRP��EDVWDQWH
(OH�Or�EDVWDQWH��(OHV�OrHP�EDVWDQWH�
(OH�Or�EDVWDQWH DOWR��(OHV�OrHP�EDVWDQWH DOWR��
(OD�Or�EDVWDQWH EHP��(ODV�OrHP�EDVWDQWH EHP�
(OH�H[S{V�EDVWDQWHV DUJXPHQWRV���VXILFLHQWHV�RX�PXLWRV�
1RPHHL�PHX�ILOKR�PHX�EDVWDQWH SURFXUDGRU�
1RPHHL�2WiYLR�$XJXVWR�H�&HFtOLD�3UDGR�PHXV�EDVWDQWHV SURFXUDGRUHV�
&RQFRUGkQFLD�FRP��PHLR�(LV�XPD�TXHVWmR�PHLR G~ELD���XP�WDQWR�
3UHFLVR�GH�PHLD�G~]LD�GH�OLP}HV�H�PHLR TXLOR�GH�Do~FDU���PHWDGH�
0HLDV GH�Q\ORQ�GHVILDP�IDFLOPHQWH���SHoD�GH�YHVWLPHQWD�
$�VROHQLGDGH�HVWDYD�PDUFDGD�SDUD�PHLR�GLD�H�PHLD �KRUD��
'DGR�R���'DGD�D
2�SDUWLFtSLR�GR�YHUER GDU�² QD�DFHSomR�GH�
YHULILFDU��DGPLWLU�² FRQFRUGD�FRP�R�
VXEVWDQWLYR�RX�FRP�D�ORFXomR��FRP�TXH�
FRPS}H�D�RUDomR�UHGX]LGD�GH�SDUWLFtSLR�
'DGDV�DV FRQGLo}HV��DGLDUHPRV�D�UHXQLmR�
'DGRV�RV FRQWUDWHPSRV��DGLDUHPRV��D�
'HYLGR�D�
'HYLGR�jV FRQGLo}HV��DGLDUHPRV�D�UHXQLmR�
'HYLGR�DRV FRQWUDWHPSRV��DGLDUHPRV��D�
UHXQLmR�
0DWHULDO�GHVHQYROYLGR�SHOD�3URIHVVRUD�0DULD�/~FLD�9DVFRQFHOORV ��
UHXQLmR�
(P�UD]mR�GR���(P�UD]mR�GD
(P�UD]mR�GDV FRQGLo}HV��DGLDUHPRV�D�
UHXQLmR�
(P�UD]mR�GRV FRQWUDWHPSRV��
DGLDUHPRV��D�UHXQLmR�
(P�YLUWXGH�GR��(P�YLUWXGH�GD�
(P�YLUWXGH�GDV H[FHOHQWHV�FRQGLo}HV��
IHFKDUHPRV�R�FRQWUDWR�
(P�YLUWXGH�GRV H[FHSFLRQDLV�
UHVXOWDGRV��IHFKDUHPRV�R�FRQWUDWR�
$WHQomR�
(VVD�H[SUHVVmR�QmR�SRGH�HVWDU�
DWUHODGD�D�XPD�FDXVD�GH�QDWXUH]D�
QHJDWLYD�
(P�YLUWXGH�GR IDOHFLPHQWR�GR�6U��
$OYHV��QmR�KDYHUi�H[SHGLHQWH��
�LQFRUUHWR�
(P�UD]mR�GR IDOHFLPHQWR�GR�6U��$OYHV��
QmR�KDYHUi�H[SHGLHQWH���FRUUHWR�
&RHVmR�GR�7H[WR
2�WH[WR�p�XP�HQFDGHDPHQWR�GH�LGHLDV�DUWLFXODGDV�
2�DUWLFXODGRUHV�VmR�SDODYUDV�H�H[SUHVV}HV�TXH�FRQHFWDP�DV�LGHLDV�H�DVVLQDODP�
DGLomR���H��DOpP�GLVVR��WDPEpP��DOpP�GH��GH�LJXDO�PRGR�
H[HPSOR�RX�XPD�LOXVWUDomR��SRU�H[HPSOR��DVVLP��RX�VHMD�
FRQWUDVWH� RX� DOWHUQDWLYD�� PDV�� FRQWXGR�� QR� HQWDQWR�� SRUpP�� SHOR� FRQWUiULR��
FRQWUDULDPHQWH��DSHVDU�GLVVR�
SULRULGDGH�� UHOHYkQFLD�� HP� SULPHLUR� OXJDU�� SULPHLUDPHQWH�� DFLPD� GH� WXGR��
SULQFLSDOPHQWH��SULPRUGLDOPHQWH��VREUHWXGR�
IUHTXrQFLD���FRQVWDQWHPHQWH��jV�YH]HV��HYHQWXDOPHQWH��RFDVLRQDOPHQWH�
RUGHP��D�SULQFtSLR��SRU�ILP��HQILP��HP�VHJXLGD�
VLPXOWDQHLGDGH��DR�PHVPR�WHPSR��VLPXOWDQHDPHQWH��HQTXDQWR�LVVR�
0DWHULDO�GHVHQYROYLGR�SHOD�3URIHVVRUD�0DULD�/~FLD�9DVFRQFHOORV ��
VHPHOKDQoD�� FRPSDUDomR�� LJXDOPHQWH�� GD� PHVPD� IRUPD�� VLPLODUPHQWH��
DQDORJDPHQWH��SRU�DQDORJLD�
FRQIRUPLGDGH��GH�FRQIRUPLGDGH�FRP��GH�DFRUGR�FRP��VHJXQGR��FRQIRUPH�
FHUWH]D�� rQIDVH�� GH� FHUWR�� SRU� FHUWR�� FHUWDPHQWH�� VHP� G~YLGD�� LQGXELWDYHOPHQWH��
LQTXHVWLRQDYHOPHQWH��LQHJDYHOPHQWH�
SURSyVLWR��LQWHQomR��ILQDOLGDGH��FRP�R�ILP�GH��D�ILP�GH��FRP�R�SURSyVLWR�GH�
DVVLQDODU� UHVXPR�� FRQFOXVmR�� HP� VXPD�� HP� VtQWHVH�� HP� FRQFOXVmR�� HQILP�� HP�
UHVXPR��SRUWDQWR��ORJR��
(PSUHJR�GR�SURQRPH�UHODWLYR
2V SURQRPHV�UHODWLYRV�UHIHUHP�VH�D�XP�WHUPR�DQWHULRU�H�GHSHQGHP�GD�UHODomR�HQWUH�
DV�SDODYUDV�
2�*HUHQWH�D�TXHP�VROLFLWHL�D�GRFXPHQWDomR�DVVXPLX�R�FDUJR�Ki�VHLV�PHVHV�
3URQRPHV�5HODWLYRV
,QYDULiYHO 9DULiYHLV
TXH R�TXDO��D�TXDO��RV�TXDLV��DV�TXDLV
TXHP R�TXDO��D�TXDO��RV�TXDLV��DV�TXDLV
FXMR��FXMD��FXMRV��FXMDV
RQGH
2QGH GHYH�WHU�FRPR�DQWHFHGHQWH�XP�OXJDU��XP�HVSDoR�ItVLFR�
$�VDOD�RQGH WUDEDOKR�ILFD�QR��R DQGDU�
2QGH QmR�HTXLYDOH�D�UD]mR SHOD�TXDO��
(P�TXH DGPLWH�FRPR�DQWHFHGHQWH�XP�IDWR��XPD�FLUFXQVWkQFLD�
'H�DFRUGR�FRP�R�*HUHQWH��DJRVWR�IRL�R�SHUtRGR�HP�TXH KRXYH�
XPD�UHWUDomR�QDV�YHQGDV�GRV�SURGXWRV��
0DWHULDO�GHVHQYROYLGR�SHOD�3URIHVVRUD�0DULD�/~FLD�9DVFRQFHOORV ��
1mR�H[LVWHP�DV�IRUPDV�FXMR�R��FXMD�D�
0DWHULDO�GHVHQYROYLGR�SHOD�3URIHVVRUD�0DULD�/~FLD�9DVFRQFHOORV ��
3RUTXH���3RU�TXH���3RUTXr���3RU��TXr���
3RUTXH SRLV��YLVWR�TXH��XPD�YH]�TXH
2� *HUHQWH� DOHJRX� TXH� QmR� YHULILFRX� DFRPSDQKDYD� DV�
UHQHJRFLDo}HV�GD�/RJRV�/WGD���SRUTXH LQFXPELUD�R�6XEJHUHQWH�GH�
ID]r�OR�
3RU�TXH SRU�TXDO�PRWLYR��D�UD]mR�SHOD�TXDO
2�&KHIH�GR�([SHGLHQWH�GL]�TXH�QmR�VDEH�SRU�TXH IRL�HQYROYLGR�QR�
HSLVyGLR�
$� H[SHULrQFLD� SRU� TXH SDVVRX� QD� *HUrQFLD� DX[LOLRX�R� D� DWXDU�
FRPR�,QVSHWRU��
3RUTXr� PRWLYR��UD]mR��VXEVWDQWLYRV�
2� UHODWyULR� GLVFULPLQD� RV� SRUTXrV GD� TXHGD� GH� GHVHPSHQKR� GR�
VHWRU�GH�YHQGDV�
3RU�TXr GLDQWH�GH�SDXVD�IRUWH
2�FRQWUDWR�QmR�IRL�DVVLQDGR��3RU�TXr"
2�*HUHQWH�QmR�SURFHGHX�jV�UHQHJRFLDo}HV��SRU�TXr"������������
)XL�DGPRHVWDGR�H�QmR�VHL�SRU�TXr�
0DWHULDO�GHVHQYROYLGR�SHOD�3URIHVVRUD�0DULD�/~FLD�9DVFRQFHOORV ��
)DOVRV�FRQHFWRUHV
$�QtYHO�GH�
$�QtYHO�GH�p� IRUPD� LOHJtWLPD��HPSUHJDGD�DOHDWRULDPHQWH��HP�VXEVWLWXLomR�D�TXDOTXHU���
H[SUHVVmR��'H�DFRUGR�FRP�R�VHQWLGR�GD�IUDVH��GHYH�VHU�VXEVWLWXtGD�
3DUD GHILQLU�D�DEUDQJrQFLD�GH�XP�IDWR��RX�GH�XP�SURFHVVR��VXEVWLWXLU�SRU�
HP�kPELWR�GH��7UDWD�VH�GH�XP�SURMHWR�GHVHQYROYLGR��HP�kPELWR�QDFLRQDO�
HP��(P 6mR�3DXOR��D�SURPRomR�IRL�XP�VXFHVVR�
DGYpUELR����VXIL[R��� PHQWH��1LHPH\HU�p�UHFRQKHFLGR�LQWHUQDFLRQDOPHQWH�
3DUD HVSHFLILFDU�R�kQJXOR�GH�DERUGDJHP�GH�XP�IDWR��VXEVWLWXLU�SRU�
GR�SRQWR�GH�YLVWD�GH��'R�SRQWR�GH�YLVWD GR�DWHQGLPHQWR��D�HPSUHVD�p�LPSHFiYHO�
HP�UHODomR�D��(P�UHODomR DR�DWHQGLPHQWR��D�HPSUHVD�p�LPSHFiYHO�
TXDQWR�D��4XDQWR�DR�DWHQGLPHQWR��D�HPSUHVD�p�LPSHFiYHO�
3DUD LGHQWLILFDU�R�DJHQWH�GD�YR]�SDVVLYD��VXEVWLWXLU�SRU�
3RU�SHOR�V��SHOD�V�� $�SURSRVWD�VHUi�DQDOLVDGD�SHOR�'HS��GH�0DUNHWLQJ�
(VVD�TXHVWmR�GHYH�VHU�UHVROYLGD�SHOR 'HS��GH�0DUNHWLQJ�
3DUD UHVWULQJLU�XP VXEVWDQWLYR��TXDOLILFi�OR��REVHUYDU�D�SRVVLELOLGDGH�GH�
VXSULPLU�D�H[SUHVVmR�LQFRUUHWD�RX�GH�VXEVWLWXt�OD�
‘� 7UDWD�VH�GH�XPD�UHXQLmR�GH�JHUrQFLD�
DR�QtYHO�GR�PDU
7LSR�DVVLP��WLSR�
(VVDV�H[SUHVV}HV�VmR�HPSUHJDGDV�LQFRUUHWDPHQWH�HP�VXEVWLWXLomR�D��
FRPR��*RVWDPRV�GH�DVVLVWLU�D�ILOPHV�FRPR &HQWUDO�GR�%UDVLO��
DSUR[LPDGDPHQWH��SRU�YROWD�GH��2�6U��$XJXVWR�UHWRUQDUi�SRU�YROWD�GDV ��K���
GD�HVSpFLH��GR�WLSR��7UDWD�VH�GH�PDWHULDO�GR�WLSR�GHVFDUWiYHO��
2EV�� 1HVVH�~OWLPR�FDVR��IUHTXHQWHPHQWH�p�SRVVtYHO�HOLPLQDU�VH�D�H[SUHVVmR��
7UDWD�VH�GH�PDWHULDO�GHVFDUWiYHO��
9LVWR��QD�DFHSomR�FDXVDO��
0DWHULDO�GHVHQYROYLGR�SHOD�3URIHVVRUD�0DULD�/~FLD�9DVFRQFHOORV ��
6XEVWLWXLo}HV�SRVVtYHLV�
YLVWR�TXH� 9LVWR�TXH QmR�KDYLD�QLQJXpP��UHVROYL�YROWDU�SRVWHULRUPHQWH�
Mi�TXH��-i�TXH�QmR�KDYLD�QLQJXpP��UHVROYL�YROWDU�SRVWHULRUPHQWH�
XPD�YH]�TXH��8PD�YH]�TXH�QmR�KDYLD�QLQJXpP��UHVROYL�YROWDU�SRVWHULRUPHQWH�
3RUTXH��3RUTXH�QmR�KDYLD�QLQJXpP��UHVROYL�YROWDU�SRVWHULRUPHQWH�
WHQGR� HP� YLVWD�� 7HQGR� HP� YLVWD� TXH� QmR� KDYLD� QLQJXpP�� UHVROYL� YROWDU�
SRVWHULRUPHQWH�
,VRODGR�� R� YRFiEXOR� UHIHUH�VH� DR� VLQDO� GH�
YDOLGDomR�� GH� UHFRQKHFLPHQWR�� GH� FRQILUPDomR� GH� XP�
SURFHGLPHQWR��
)DFH�D�
)DFH�D�QmR�p��XPD�H[SUHVVmR�UHFRQKHFLGD�SHOD�QRUPD�FXOWD��$�IRUPD�FRUUHWD�p�
(P� IDFH� GDV IDOKDV� GH� SURFHGLPHQWR�� UHRULHQWDPRV� R� *HUHQWH� H� R� &KHIH� GR������
([SHGLHQWH�
4XH�QHP��QD�DFHSomR�FRPSDUDWLYD��
6XEVWLWXLU�SRU�
FRPR� )DoD�FRPR HOD�
2FRUUHX FRPR�QyV�KDYtDPRV�DQWHFLSDGR�
(LV�TXH��QD�DFHSomR�FDXVDO��
6XEVWLWXLU�SRU�
XPD� YH]� TXH�� Mi� TXH�� SRLV� ,QLFLDUHPRV� D� UHXQLmR�� XPD� YH]� TXH WRGRV� HVWmR�
SUHVHQWHV�
6RE�R�SRQWR�GH�YLVWD�
6XEVWLWXLU�SRU�
GR� SRQWR� GH� YLVWD� GH�� 'R� SRQWR� GH� YLVWD GD� DGPLQLVWUDomR� GDV� SHQGrQFLDV�� R�
*HUHQWH�REHGHFH�jV�QRUPDV��
3RU�FDXVD�TXH�
6XEVWLWXLU�SRU�
SRUTXH��2�&KHIH�GR�([SHGLHQWH�IRL�SURPRYLGR� SRUTXH�HUD�FRPSHWHQWH��
0DWHULDO�GHVHQYROYLGR�SHOD�3URIHVVRUD�0DULD�/~FLD�9DVFRQFHOORV ��
2EV���2XWUDV�SRVVLELOLGDGHV�H[LJLUmR�DOWHUDo}HV�TXDQWR�DR�WHPSR�YHUEDO��
)RL�SURPRYLGD�SRU�VHU�FRPSHWHQWH�
$R�PHX�YHU�
6XEVWLWXLU�SRU�
D�PHX�YHU��$�PHX�YHU��HOH�PHUHFLD�R�2VFDU��
(PSUHJR�GH��HX��H�GH��PLP�
(X
([HUFH�D�IXQomR�GH�VXMHLWR�
6H�HX R�YLU��SHGLUHL�R�OLYUR�
(X HVFUHYL�XP�UHODWyULR�
0LP
([HUFH�D�IXQomR�GH�FRPSOHPHQWR�
)RUPDV�
ÈWRQD��PH 7{QLFD��PLP��FRPLJR
$YLVH�PH LPHGLDWDPHQWH�
(QWUHJXH�D�PLP R�UHODWyULR�
&RQWH�FRPLJR�
'HYH�VH� REVHUYDU� TXH� HX p� DJHQWH� GH� XPD� DomR�� 1LQJXpP� YDL�� VHP� HX� DXWRUL]DU� $�
VXUSUHVD�p�SRU�HX�WHU�DGRWDGR HVVD�HVWUDWpJLD��
&RPSDUH�
1mR�Yi�VHP�PLP� (OH�IRL�HVFROKLGR�SRU�PLP��3HQVH�HP�PLP��(QWUHJXH�R�UHODWyULR�SDUD�
PLP� 2�VHJUHGR�SHUPDQHFHUi�HQWUH�YRFr�H�PLP��3HQVH HP�HX�VHU�FRQYRFDGR SDUD�D�
2OLPStDGD��(QWUHJXH�R� UHODWyULR�SDUD�HX UHYLVDU��(QWUH� HX HVWXGDU� DOHPmR�RX�HVSDQKRO��
RSWHL�SRU�HVSDQKRO�
(PSUHJR�GH��GHOH��H�GH��GH�HOH��'HOH�V���GHOD�V�
&RQWUDomR�GD�SUHS��GH FRP�RV�
SURQRPHV�SHVVRDLV��HOH��HOD��HOHV��HODV�
7UDWD�VH�GH�XPD�GHFLVmR�GHOH�
'H�HOH
$�SUHSRVLomR�GH UHJH�R�SURQ��SHVVRDO�
�VXMHLWR�GR�LQILQLWLYR�SHVVRDO��
$QWHV�GH�HOH�HPLWLU XP�SDUHFHU��
DQDOLVRX�SURIXQGDPHQWH�D�TXHVWmR�
$�KLSyWHVH�GH�HX�YHQFHU LQFHQWLYRX�PH�
$�KLSyWHVH�GH�QyV�YHQFHUPRV LQFHQWLYRX�QRV�
$�KLSyWHVH�GH�HOH�YHQFHU LQFHQWLYRX�R�
0DWHULDO�GHVHQYROYLGR�SHOD�3URIHVVRUD�0DULD�/~FLD�9DVFRQFHOORV ��
7HUPR�UHJLGR
$�KLSyWHVH�GH�HOHV�YHQFHUHP LQFHQWLYRX�RV�
$QWHV�GH�R�FOLHQWH�DVVLQDU��HOH�GHYH�OHU�R�FRQWUDWR�
$QWHV�GH�RV�FOLHQWHV�DVVLQDUHP��HOHV�GHYHP�OHU�R�FRQWUDWR�
$QWHV�GH�QyV�DVVLQDUPRV��QyV�GHYHPRV�OHU�R�FRQWUDWR�
2� IDWR� GH� HVVD� $JrQFLD� WHU� VLGR� DVVDOWDGD GH]RLWR� YH]HV�� H[LJH� XPD� DQiOLVH� GRV�
SURFHGLPHQWRV�GH�VHJXUDQoD�
$�VHJXUDQoD�GHVVD�$JrQFLD WDOYH]�VHMD�IDOKD�
5HJrQFLD�������
3UHSRVLo}HV
D��DQWH��DSyV��DWp��FRP��FRQWUD��GH��GHVGH��GLDQWH��HP� HQWUH��
SDUD��SHU��SHUDQWH��SRU��VHJXQGR��VHP��VRE��VREUH��WUiV
2�TXH�D�JUDPiWLFD�GHQRPLQD�UHJrQFLD�p��QD�YHUGDGH��D�UHODomR�GH�GHSHQGrQFLD�HQWUH�DV�
SDODYUDV��'R�SRQWR�GH�YLVWD�GD�UHODomR�FRP�FRPSOHPHQWRV��R�YHUER�SRGH�VHU�
,QWUDQVLWLYR�² H[SUHVVD�LGHLD FRPSOHWD�
2�SUD]R�SDUD�UHQHJRFLDomR�H[SLURX�
2�DYLmR�GHFRORX�
7UDQVLWLYR�² H[SUHVVD� LGHLD� TXH� VH� FRPSOHWD� FRP� XP� REMHWR� GLUHWR� �QmR�UHJLGR� GH�
SUHSRVLomR��
7UDQVLWLYR� GLUHWR�² 2� FRPSOHPHQWR� �REM�� GLUHWR�� UHVSRQGH� jV� SHUJXQWDV�� R� TXr" RX�
TXHP�"� IRUPXODGDV�DR�YHUER�
(VFUHYHPRV�R�UHODWyULR��(VFUHYHPR�OR�
2�*HUHQWH�MXVWLILFRX�DV�FRQFHVV}HV�GH�FUpGLWR�
7UDQVLWLYR�LQGLUHWR² 2�FRPSOHPHQWR�p�FRQHFWDGR�DR�YHUER�SRU�SUHSRVLomR��
5HVSRQGH�jV��SHUJXQWDV��D�TXHP"���D�TXr"��SDUD�TXHP"��SDUD�TXr"��FRP�TXHP"��FRP�
TXr"��HP�TXHP"��HP�TXr"��VREUH�TXHP"��VREUH�R�TXr"��GH�TXHP"��GH�TXr"��D�UHVSHLWR�
GH�TXHP"��D�UHVSHLWR�GH�TXr"��HQWUH�RXWUDV�SUHSRVLo}HV�
&RQYHUVDPRV�FRP�R�6XEJHUHQWH�
7HUPR�UHJHQWH 3UHS
0DWHULDO�GHVHQYROYLGR�SHOD�3URIHVVRUD�0DULD�/~FLD�9DVFRQFHOORV ��
7UDQVLWLYR�GLUHWR�H�LQGLUHWR�² H[SUHVVD�LGHLD�TXH�VH�FRPSOHWD�FRP�XP�REMHWR�GLUHWR�
�QmR�UHJLGR GH�SUHSRVLomR��H�REMHWR�LQGLUHWR��UHJLGR�SRU�SUHSRVLomR���
(VVD� UHJrQFLD� p� YiOLGD� SDUD� RV� YHUERV�� GDU�� HQWUHJDU�� UHSRUWDU�� LQGDJDU�� SHUJXQWDU��
VROLFLWDU��SHUGRDU�HWF�
3DJDPRV�D�~OWLPD�SDUFHOD�GR�VHJXUR�GR�FDUUR�DR�%DQFR�%UDGHVFR�
9HUERV�TXH�UHJHP�D�SUHSRVLomR�D �
FKHJDU D���LU D������������ 2�PpGLFR�FKHJRX�DR�FRQVXOWyULR�jV��K���
�GHV�REHGHFHU�D������� 2�*HUHQWH�REHGHFH�DRV�UHJXODPHQWRV�
SUHIHULU�D � 3UHILUR�WHDWUR�D FLQHPD�
3UHILUR�R�WHDWUR�DR�FLQHPD���D���R�
3UHILUR�D�4XtPLFD�j %LRORJLD��
UHIHULU�VH�D � 5HIHULPR�QRV�DRV�IXQGRV�GH�LQYHVWLPHQWR�
UHVSRQGHU D � 2V�FOLHQWHV�UHVSRQGHUDP�DR�TXHVWLRQiULR�
5HJrQFLD�GXSOD�RX�GXSOD�SRVVLELOLGDGH�GH�
UHJrQFLD�
y LQIRUPDU�DOJR�D�DOJXpP�
,QIRUPDPRV�OKHV�TXH D�DOWHUDomR�IRL�HIHWXDGD�
y LQIRUPDU�DOJXpP�GH DOJR��
,QIRUPDPR�ORV�GH�TXH D�DOWHUDomR�IRL�HIHWXDGD�
(VVD�UHJrQFLD�p�YiOLGD�SDUD��FRPXQLFDU��DYLVDU�
2�V ILQDO�p�PDQWLGR�QD��D SHVVRD�GR�SOXUDO��VHJXLGD�SHOR�SURQRPH�
OKH�V��
6ROLFLWDPRV�OKH
,QIRUPDPRV�OKHV
9HUERV�FRP�P~OWLSODV�UHJrQFLDV�
DVVLVWLU
0DWHULDO�GHVHQYROYLGR�SHOD�3URIHVVRUD�0DULD�/~FLD�9DVFRQFHOORV ��
DVVLVWLU� � $�6XEJHUHQWH�DVVLVWLX�R�FOLHQWH���SUHVWDU�DX[tOLR�
DVVLVWLU � $VVLVWH�DR�FOLHQWH�R�GLUHLWR�GH�UHFODPDU���FRPSHWLU�
DVVLVWLU�D � $VVLVWLPRV�DR�ILOPH��&RQTXLVWDQGR�R�&OLHQWH����YHU�
DVVLVWLU�HP � 2�VHJXUDGR�DVVLVWH�HP�*RLkQLD���UHVLGLU�
SUHFLVDU
SUHFLVDU � $� LQVSHomR� SUHFLVRX� RV� SURFHGLPHQWRV� SDUD� D� UHFXSHUDomR� GRV�
FUpGLWRV���GHILQLU�FRP�H[DWLGmR�
SUHFLVDU�GH � 2�FOLHQWH�SUHFLVD��GH�ODVWUR�SDWULPRQLDO�SDUD�D�FRQFHVVmR���QHFHVVLWDU��
SURFHGHU
SURFHGHU� � $�MXVWLILFDWLYD�GR�IXQFLRQiULR�QmR�SURFHGH���WHU�IXQGDPHQWR�
SURFHGHU� � $�SDODYUD�MXUR�SURFHGH�GR�ODWLP���RULJLQDU�VH�
SURFHGHU�D � $�SROtFLD�SURFHGHUi�j�DYHULJXDomR�GRV�IDWRV���GDU�LQtFLR��HIHWXDU�
SURFHGHU� FRQWUD� � $� 5HFHLWD� )HGHUDO� SURFHGHUi� FRQWUD� RV� IUDXGDGRUHV�� �LQVWDXUDU��
LQTXpULWR�
LPSOLFDU
LPSOLFDU � $�FRQFHVVmR�GH�FUpGLWR�LPSOLFD�ODVWUR�SDWULPRQLDO���DFDUUHWDU�
LPSOLFDU HP� � $SDUHQWHPHQWH��R�HPSUHViULR�HVWi�LPSOLFDGR�QR�FDVR�GH�VXERUQR�����
�HQYROYHU�
YLVDU
YLVDU� � 2�*HUHQWH�YLVRX�R�FRQWUDWR���SDVVDU�R�YLVWR�
YLVDU���������������� � &RP�D�FDUDELQD��R�DWOHWD�YLVRX�R�DOYR���PLUDU�FRP�DUPD�
YLVDU�D � 2�FXUVR�YLVD�DR�DSHUIHLoRDPHQWR�GD�UHGDomR�GH�UHODWyULRV���DOPHMDU�
$V�RULHQWDo}HV�YLVDP�j�FRUUHomR�GRV�SURFHGLPHQWRV�
$V�RULHQWDo}HV�YLVDP�D�JDUDQWLU�D�VHJXUDQoD�
$WHQomR��
FRQYLGDU � &RQYLGR�R�SDUD�LQDXJXUDomR�GD�*DOHULD�%R�%DUGL�
SLVDU � 1mR�SLVH�R�JUDPDGR�
FXVWDU� � &XVWRX�PH�HOLPLQDU�D�UHGXQGkQFLD���VHU�GLItFLO�
HQWUHJDU � (QWUHJDPRV�PHGLFDPHQWRV�HP�GRPLFtOLR�
9HUERV�SURQRPLQDLV�
0DWHULDO�GHVHQYROYLGR�SHOD�3URIHVVRUD�0DULD�/~FLD�9DVFRQFHOORV ��
HVTXHFHU�VH� � (VTXHFHPR�QRV�GR�YDORU�GD�DSyOLFH�
OHPEUDU�VH � /HPEUR�PH�GH XP�HSLVyGLR�DQiORJR�
2EV�� 4XDQGR�QmR SURQRPLQDLV��RV�YHUERV�HVTXHFHU H�OHPEUDU VmR�WUDQVLWLYRV GLUHWRV�
HVTXHFHU�� (VTXHFL�R�HQGHUHoR�GHOD��
OHPEUDU�� /HPEUHL�R�QRPH�GHOD�
$R�HQFRQWUR�
2V�UHVXOWDGRV�GD�SHVTXLVD
IRUDP�DR�HQFRQWUR GH�QRVVDV
H[SHFWDWLYDV�
'H��HQFRQWUR
2V�UHVXOWDGRV�GD�SHVTXLVD
IRUDP�GH�HQFRQWUR D�QRVVDV
H[SHFWDWLYDV�
$R�SDU�
2V�UHVXOWDGRV�GD�SHVTXLVD�GH�DEULO�HVWmR
DR�SDU�GRV�UHVXOWDGRV�GH�PDLR�
$�SDU
(VWDPRV�D�SDU GD�SHVTXLVD�VREUH�D�
UHFHSWLYLGDGH�GR�6HJXUR�9LWD�
(P�PmR
2 FRQYLWH�IRL�HQWUHJXH�HP�PmR�
(P�GRPLFtOLR
(QWUHJD�HP�GRPLFtOLR�
5HJrQFLD�QRPLQDO
DFHVVR�D 2�DFHVVR�j�VDtGD�GH�HPHUJrQFLD�GHYH�HVWDU�VHPSUH�OLYUH�
DSWR�D 2�6XEJHUHQWH�HVWi�DSWR�DR�FDUJR�GH�*HUHQWH��
DWHQWR�D 2�*HUHQWH�DVVHJXURX�TXH�HVWDUi�DWHQWR�DRV�SURFHGLPHQWRV��
GHGLFDGR�D� 2�SRHPD��2V�/XVtDGDV��IRL�GHGLFDGR�D�'��6HEDVWLmR�
GHYLGR�D 'HYLGR�jV�IRUWHV�FKXYDV��KRXYH�HQFKHQWHV�
0DWHULDO�GHVHQYROYLGR�SHOD�3URIHVVRUD�0DULD�/~FLD�9DVFRQFHOORV ��
HP�UHODomR D (P�UHODomR�DR�VHX�SHGLGR��HQYLDPRV�QRVVR�FDWiORJR�GH�SURGXWRV�
HP�UHVSRVWD�D (P�UHVSRVWD�j�FRQVXOWD��VHJXH�XP�ID[�
LJXDO�D 2�tQGLFH�LQIODFLRQiULR�GH�PDLR�IRL�LJXDO�DR�GH�DEULO�
LQIHULRU�D 2�tQGLFH�LQIODFLRQiULR�GH�PDLR�IRL�LQIHULRU�DR�GH�DEULO�
REHGLHQWH�D 6RPRV�REHGLHQWHV�DRV�UHJXODPHQWRV�
TXDQWR D 4XDQWR�DR�HTXLSDPHQWR��KRXYH�DSURYDomR�GR�S~EOLFR�
UHIHUHQWH�D 2�UHODWyULR��p�UHIHUHQWH�j�LQVSHomR�GH�DEULO�GH������
UHODWLYR D 7UDWD�VH�GH�XPD�SHVTXLVD�UHODWLYD�DR�OD\RXW�GD�HPEDODJHP�
UHVLGHQWH�HP��VLWR�HP $�6HJXUDGRUD�HVWi�VLWXDGD�QD�$Y��3DXOLVWD�
3DUDOHOLVPR�6LQWiWLFR
$�HVWUXWXUD�GR�WH[WR�HQFHUUD�XPD�PDOKD�WHFLGD�FRP�OyJLFD� +i�XP�SULQFtSLR�TXH�QmR�GHYH�
VHU�QHJOLJHQFLDGR�SHOR�UHGDWRU� D�TXHVWmR�GR�SDUDOHOLVPR��$�UHSHWLomR�GH�UHODo}HV�LPSOLFD�
D�UHSHWLomR�GDV�HVWUXWXUDV�
$WHQomR�DR�FRQIOLWR�GH�UHJrQFLDV�
2�FOLHQWH�DOHJD�TXH�HQWURX H�VDLX�GD DJrQFLD�HP�TXLQ]H�PLQXWRV���LQFRUUHWR�
HQWUDU�HP� VDLU�GH�
2�FOLHQWH�DOHJD�TXH�HQWURX�QD $JrQFLD�H�VDLX�GD $JrQFLD�HP�TXLQ]H�PLQXWRV���FRUUHWR�
8PD�IDOKD�GR�HL[R�GR�SDUDOHOLVPR�SRGH�FDXVDU�DQILERORJLD��
2�DGYRJDGR�FRPSURYRX�DV�KRUDV�H[WUDV�GR &KHIH�GR ([SHGLHQWH�H�*HUHQWH�
�1HVVH�FDVR��Ki�XP�SURILVVLRQDO�TXH�H[HUFH�GXDV�IXQo}HV��
2�DGYRJDGR�FRPSURYRX�DV�DOHJDo}HV�GR &KHIH�GR ([SHGLHQWH�H��GR *HUHQWH�
�1HVVH�FDVR��WUDWD�VH�GH�GRLV�SURILVVLRQDLV�TXH�H[HUFHP�GLIHUHQWHV�IXQo}HV��
$WHQomR�jV�FRQH[}HV�
0DWHULDO�GHVHQYROYLGR�SHOD�3URIHVVRUD�0DULD�/~FLD�9DVFRQFHOORV ��
'H����������D�
'H ���D ���RFRUUrQFLDV�VHPDQDLV�
����(QWUH�������������H�
(QWUH ���H ���RFRUUrQFLDV�VHPDQDLV�
$WHQomR�DR�SDUDOHOLVPR�QD�GLVFULPLQDomR�GH�LWHQV�
0DWHULDO�GHVHQYROYLGR�SHOD�3URIHVVRUD�0DULD�/~FLD�9DVFRQFHOORV ��
8PD�YH]�PDLV�D� OyJLFD� IXQGDPHQWD�XP�DVSHFWR�JUDPDWLFDO��$� GLVFULPLQDomR�GH�GDGRV�p�
FRQVWLWXtGD�SRU��
XP�WURQFR�� R�HQXQFLDGR�GD�GLVFULPLQDomR�
XPD�VHTXrQFLD�GH�UDPRV�� RV�LWHQV�GD�GLVFULPLQDomR�
&DGD� LWHP�GHYH�GDU�FRQWLQXLGDGH�DR�HQXQFLDGR��3RUWDQWR��D�QDWXUH]D�GRV� LWHQV�GHYH�VHU�LGrQWLFD��
2V�FDQGLGDWRV�GHYHP�
HVWDU�FXUVDQGR &LrQFLDV�&RQWiEHLV��(FRQRPLD�RX�$GPLQLVWUDomR�GH�(PSUHVDV�
HVWDU TXLWHV�FRP�R�VHUYLoR�PLOLWDU�
GRPLQDU XPD�OtQJXD�HVWUDQJHLUD�
2V�FDQGLGDWRV�GHYHP�VHU��
HVWXGDQWHV GD�iUHD�GH�&LrQFLDV�&RQWiEHLV��(FRQRPLD�H�$GPLQLVWUDomR�GH�(PSUHVDV�
OLEHUDGRV GR�VHUYLoR�PLOLWDU�
IOXHQWHV HP�XPD�OtQJXD�HVWUDQJHLUD�
&RQVWLWXL�TXHEUD�GR�SDUDOHOLVPR�D�GLVFULPLQDomR�TXH�QmR�
REHGHFH�j�HVWUXWXUD�VLQWiWLFD�GR�HQXQFLDGR�
(VSHUDPRV�GRV�FDQGLGDWRV�VHOHFLRQDGRV�
TXH�HVWHMDP�FXUVDQGR�&LrQFLDV�&RQWiEHLV�
TXH�HVWHMDP�TXLWHV�FRP�R�VHUYLoR�PLOLWDU�
IOXrQFLD HP�XPD�OtQJXD�HVWUDQJHLUD��
$WHQomR�DR�HL[R�GH�FRPSDUDomR�
$�FRPSDUDomR�HQWUH�IDWRV�H�GDGRV�p�HVWUXWXUDGD�HP�WRUQR�GH�XP�HL[R��([HPSOR�
$�WD[D GH�LQIODomR�GHVWH�ELPHVWUH�p�VXSHULRU�D ��D�WD[D GR�ELPHVWUH�SDVVDGR�
$�WD[D�GH�LQIODomR�GHVWH�ELPHVWUH�p�VXSHULRU�D ��D��WD[D��GR�ELPHVWUH�SDVVDGR�
$�WD[D�GH�LQIODomR�GHVWH�ELPHVWUH�p�VXSHULRU�D ��D�GR�ELPHVWUH�SDVVDGR�
$�WD[D��GH�LQIODomR��GHVWH��ELPHVWUH�p�VXSHULRU�j GR�ELPHVWUH�SDVVDGR��
0DWHULDO�GHVHQYROYLGR�SHOD�3URIHVVRUD�0DULD�/~FLD�9DVFRQFHOORV ��
&UDVH
$�FUDVH��GR�JUHJR�NUiVLV��PLVWXUD���RFRUUH�TXDQGR�Ki�D�IXVmR�GH�GXDV�YRJDLV�LGrQWLFDV��(P�
SRUWXJXrV�PRGHUQR��Gi�VH�VRPHQWH�HQWUH�D���D��2�DFHQWR�JUDYH�DVVLQDOD�HVVH�IHQ{PHQR�
3ULQFtSLRV�
2FRUUH�D�FUDVH�TXDQGR�Ki�D�IXVmR�GD�SUHSRVLomR�D�FRP�R�
DUWLJR�GHILQLGR�IHPLQLQR�D�V��
5HIHULPR�QRV�jV�PHGLGDV�GH�VHJXUDQoD�
5HIHULPR�QRV�D��DV�PHGLGDV�GH�VHJXUDQoD�
SURQRPH�GHPRQVWUDWLYR�DTXHOH�V���DTXHOD�V���DTXLOR�
,QGLFRX�jTXHOD�FOLHQWH�R�EDOFmR�GH�DWHQGLPHQWR�
,QGLFRX�D���DTXHOD�FOLHQWH�R�EDOFmR�GH�DWHQGLPHQWR�
D TXH�DFRPSDQKD�RV�SURQRPHV�UHODWLYRV�D�TXDO��DV�TXDLV�
$�WD[D�j�TXDO�QRV�UHIHULPRV�p�GHGXWtYHO�
SURQRPH�GHPRQVWUDWLYR�D�V�� �DTXHOD�V��
$�WD[D�p�LQIHULRU�j��WD[D��TXH�HUD�HVSHUDGD�
$�WD[D�p�LJXDO�j��WD[D��GH�QRYHPEUR�GH������
$WHQomR��1mR�Ki�FUDVH�GLDQWH�GH�
SDODYUDV�PDVFXOLQDV��$�URXSD�IRL�ODYDGD�D�VHFR�
YHUERV�QR�LQILQLWLYR��(VVD�p�XPD�SHQGrQFLD�D�VHU UHQHJRFLDGD��
ORFXo}HV�IRUPDGDV�SRU�SDODYUDV�UHSHWLGDV��)LQDOPHQWH��HVWDPRV�IUHQWH�D�IUHQWH�
SDODYUDV�QR�SOXUDO��SUHFHGLGDV�GH�XP�D�QR�VLQJXODU��SRLV�LVVR�HYLGHQFLD�D�SUHVHQoD����������������
DSHQDV�GD�SUHSRVLomR��2�UHODWyULR�UHIHUH�VH�D�IDOKDV RSHUDFLRQDLV�
SURQRPHV�SHVVRDLV��SRUTXH�QmR�VmR�SUHFHGLGRV�GH�DUWLJR�GHILQLGR��(QWUHJDPRV�D�HOD R�
FRQWUDWR�
SURQRPHV�GH�WUDWDPHQWR�QHXWURV��H[FHWR�VHQKRUD��VHQKRULWD H�GRQD��SRLV�VmR�IRUPDV�
IHPLQLQDV�TXH�DGPLWHP�R�DUWLJR��2�PLQLVWUR�HQWUHJDUi�D�9RVVD�([FHOrQFLD R�SURMHWR�
DSURYDGR�
SURQRPHV�LQGHILQLGRV��SRLV�QmR�VmR�SUHFHGLGRV�GR�DUWLJR�GHILQLGR�
FOLHQWH�UHIHULX�VH�D�HVVD FOiXVXOD�
(VVH�SURGXWR�GHVWLQD�VH�D�TXDOTXHU FOLHQWH�
VXEVWDQWLYRV�HPSUHJDGRV�HP�VHQWLGR�LQGHWHUPLQDGR��SRUWDQWR�VHP�R�DUWLJR�GHILQLGR��
&DUUR�PRYLGR�D�JDVROLQD�
&DVRV�)DFXOWDWLYRV
e�IDFXOWDWLYR�R�HPSUHJR�GH�FUDVH�GLDQWH�
0DWHULDO�GHVHQYROYLGR�SHOD�3URIHVVRUD�0DULD�/~FLD�9DVFRQFHOORV ��
GH�SURQRPHV�SRVVHVVLYRV�
5HFRPHQGRX�j�PLQKD�PmH���RX��5HFRPHQGRX�D PLQKD�PmH��
e�LPSRUWDQWH�REVHUYDUPRV�TXH��QD�VHJXQGD�IUDVH��Ki�DPELJXLGDGH�RX�DQILERORJLD��
5HFRPHQGDPRV�SDUD�HOD�RX�HOD�p�D�SHVVRD�UHFRPHQGDGD"
GH�QRPHV�SUySULRV�IHPLQLQRV�
2�SUrPLR�IRL�HQWUHJXH�j (OLVD��
2�SUrPLR�IRL�HQWUHJXH�D (OLVD�
GD�SUHSRVLomR�DWp�
'LULMD�VH�DWp�D ORMD�PDLV�SUy[LPD�
'LULMD�VH�DWp�j ORMD�PDLV�SUy[LPD�
$WHQomR�DR�SDUDOHOLVPR�
'H����������D�
(OH�WUDEDOKD�GH���D����KRUDV�
�Q~PHUR�LQGHWHUPLQDGR�GH�KRUDV�
'R��GD������������D
(OH�WUDEDOKD�GDV���K��PLQ jV�
��K��PLQ� �Q~PHUR�GHWHUPLQDGR�GH�KRUDV�
,U��D��������������9ROWDU�GH�
9RX D�6DQWD�&DWDULQD��
9ROWHL�GH�6DQWD�&DWDULQD�
,U��j�������������9ROWDU�GD
9RX�j %DKLD� 9ROWHL�GD %DKLD�
3DUD� IDFLOLWDU� D� LGHQWLILFDomR� GR� IHQ{PHQR� GD� FUDVH�� R� UHGDWRU� SRGH� VXEVWLWXLU� R� YHUER� LU
SHOR�YHUER�YROWDU��
$WHQomR�jV�ORFXo}HV�
$V� ORFXo}HV� SUHSRVLWLYDV�� FRQMXQWLYDV� H� DGYHUELDLV� IHPLQLQDV�� QRUPDOPHQWH��
OHYDP��R�DFHQWR�LQGLFDGRU�GH�FUDVH��j�PRGD�GH��j�PHGLGD�TXH��j�GLUHLWD�HWF�
+i�JUDPiWLFRV�TXH�QmR�DGPLWHP�D�FUDVH�GLDQWH�GH�H[SUHVV}HV�DGYHUELDLV�GH�LQVWUXPHQWR��
D�PmR��D�PiTXLQD��HQWUH�RXWUDV��
'HYH�VH�REVHUYDU�� QR�HQWDQWR�� TXH�R�HPSUHJR�GD�FUDVH�SRGH�HYLWDU�D�DQILERORJLD� �GXSOD�
LQWHUSUHWDomR��
'HVHQKRX�D�FDQHWD���D�FDQHWD�IRL�D�ILJXUD�GHVHQKDGD�
'HVHQKRX�j�FDQHWD���D�FDQHWD�IRL�R�LQVWUXPHQWR�
$WHQomR�jV�SDODYUDV�FDVD��GLVWkQFLD�H�WHUUD�
0DWHULDO�GHVHQYROYLGR�SHOD�3URIHVVRUD�0DULD�/~FLD�9DVFRQFHOORV ��
2FRUUHUi�FUDVH��VH�DV�SDODYUDV�FDVD H�GLVWkQFLD HVWLYHUHP�GHWHUPLQDGDV�
&KHJRX�D�FDVD H[DXVWR���9ROWRX�GH�FDVD�H[DXVWR��
&KHJRX�j�FDVD�GH�FkPELR���9ROWRX�GD�FDVD�GH�FkPELR��
9LX�DV�D�GLVWkQFLD� �GLVWkQFLD�LQGHILQLGD�
9LX�DV�j�GLVWkQFLD�GH�GH]�PHWURV���GLVWkQFLD�GHWHUPLQDGD�
2V�PDULQKHLURV�YROWDUDP�D�WHUUD GHSRLV�GH�VHLV�PHVHV�D�ERUGR�
2V�UHWLUDQWHV�FKHJDUDP�j�WHUUD�SURPHWLGD���WHUUD�GHWHUPLQDGD�
)OH[mR GR�,QILQLWLYR
2 LQILQLWLYR�SHVVRDO IOH[LRQD�VH�TXDQGR�
WHP�VXMHLWR�SUySULR��GLVWLQWR�GR�VXMHLWR�GD�RUDomR�SULQFLSDO�
'LVFXWLPRV��D�LPSRUWkQFLD�GH�RV�IXQFLRQiULRV DFRPSDQKDUHP�
DV�SHQGrQFLDV�
VXMHLWR�p�LQGHWHUPLQDGR����SHVVRD�GR�SOXUDO��
9L��FRORFDUHP�R�GLQKHLUR�HP�GXDV�VDFRODV��GLVVH�D�WHVWHPXQKD��
2�LQILQLWLYR�QmR�VH�IOH[LRQD�TXDQGR�
FRPSOHWD�XP�GRV�YHUERV �GHL[DU��PDQGDU��ID]HU��YHU��RXYLU��
VHQWLU���H�R�VXMHLWR�GHVVH�LQILQLWLYR�p�XP�SURQRPH�iWRQR��R��RV��D��
DV��PH��WH��QRV��YRV��
2XYL�R�SHGLU�GHVFXOSDV�
0DQGRX�QRV�DJXDUGDU�
2�LQVSHWRU�GHL[RX�R�MXVWLILFDU�VH�
)DoD�RV�HQWUDU��GLVVH�D�'UD��(GQD�
2�LQILQLWLYR�WDPEpP�QmR�VH�IOH[LRQDUi�
HP�ORFXomR�YHUEDO�
2V�SURGXWRV�HVWmR�FRP�D�YDOLGDGH�YHQFLGD��GHYHQGR�VHU WURFDGRV�
/DPHQWDPRV�QmR�SRGHU DGLDU�D�UHXQLmR�
DQWHFHGLGR�GH�SUHSRVLomR��1HVVH�FDVR��R�LQILQLWLYR�IXQFLRQD�FRPR���
FRPSOHPHQWR�GH�VXEVWDQWLYR���GH�DGMHWLYR�RX�GR�SUySULR�YHUER�
0DWHULDO�GHVHQYROYLGR�SHOD�3URIHVVRUD�0DULD�/~FLD�9DVFRQFHOORV ��
SULQFLSDO�
2V�FRQVXPLGRUHV�EUDVLOHLURV�FRQTXLVWDUDP�R�GLUHLWR�GH H[LJLU ERP��������������
DWHQGLPHQWR��
&RQWLQXDPRV�GLVSRVWRV�D UHQHJRFLDU RV�FRQWUDWRV�SHQGHQWHV�
DQWHFHGLGR�GH�SUHSRVLomR��DSyV�XP�YHUER�QD�YR]�SDVVLYD�
2V�*HUHQWHV�VmR�REULJDGRV D YHULILFDU D�JDUDQWLD�GRV�EHQV�GD��
HPSUHVD�
&RORFDomR�SURQRPLQDO
3URQRPHV�2EOtTXRV�ÈWRQRV�
R��D��RV��DV��PH��WH��VH��OKH��RV��DV��OKHV��QRV��YRV�
$QRWH�RV�SULQFtSLRV�TXH�EDOL]DP�D�WRSRORJLD�SURQRPLQDO�
LQLFLDU�RUDomR�FRP�SURQRPHV�REOtTXRV�iWRQRV
(QYLDPRV�OKH�D�PLQXWD�GH�FRQWUDWR��
UHLQLFLDU�RUDomR�FRP�SURQRPHV�REOtTXRV�iWRQRV�
&RPR�FRPELQDGR��HQYLDPRV�OKH�D�PLQXWD�GH�FRQWUDWR�
HPSUHJDU� R� SURQRPH� REOtTXR� iWRQR� DSyV� R� SDUWLFtSLR����������
SDVVDGR�
(P�DJRVWR��D�:=.�WLQKD�QRV HQYLDGR�D�PLQXWD�GH�FRQWUDWR�
$WHQomR�DRV�DMXVWHV�GHULYDGRV�GD�rQFOLVH�
QR�FDVR�GH�SURQRPHV�REOtTXRV�OKH��OKHV�
$V� IRUPDV� YHUEDLV� ² VHJXLGDV� GRV� SURQRPHV� OKH�OKHV� ² QmR� VH���
DOWHUDP��6ROLFLWDPRV�OKH�V���HQFDPLQKDPRV�OKH�V��
QR�FDVR�GH�SURQRPHV�REOtTXRV�R��D��RV� DV�
9 $V� IRUPDV� YHUEDLV� WHUPLQDGDV� HP�� � �U�� �V�� �]� SHUGHP� HVVDV�
FRQVRDQWHV� H� JDQKDP� XP� � HXI{QLFR�� YHULILFi�ODV�� RULHQWDPR�OD��
UHIr�OD�
9 DV� IRUPDV� YHUEDLV� WHUPLQDGDV� HP� �P�� �mR�� �m� UHFHEHP� XP� Q
HXI{QLFR��GmR�QR��S}H�QDV��LQVSHFLRQDUDP� QDV�
9 D� IRUPD�YHUEDO� WHUPLQDGD�HP�± PRV SHUGH�R�± V�� FXPSULPHQWDPR�
QRV�
0DWHULDO�GHVHQYROYLGR�SHOD�3URIHVVRUD�0DULD�/~FLD�9DVFRQFHOORV ��
0DWHULDO�GHVHQYROYLGR�SHOD�3URIHVVRUD�0DULD�/~FLD�9DVFRQFHOORV ��
ÇQFOLVH
2FRUUH�D�SRVSRVLomR�GR�SURQRPH�REOtTXR�FRP�
JHU~QGLR�
7UDWDQGR�VH GH� DFRPSDQKDPHQWR� GDV� SHQGrQFLDV�� R� *HUHQWH� p�
ULJRURVR�
2EVHUYDomR�
$�SUHVHQoD�GD�SUHS��HP GHWHUPLQD�R�GHVORFDPHQWR�GR�SURQRPH�
(P VH�WUDWDQGR�GH�DFRPSDQKDPHQWR�GDV�SHQGrQFLDV��R�DXGLWRU�p���
ULJRURVR�
3UyFOLVH
2FRUUH�D�DQWHSRVLomR�GR�SURQRPH�REOtTXR�FRP�
SDODYUDV�QHJDWLYDV�
1LQJXpP�D YLX��1DGD�R GHWpP�
SURQRPHV�UHODWLYRV�
$QDOLVDPRV�RV�FRQWUDWRV�TXH�QRV HQYLDUDP�
SURQRPHV�LQGHILQLGRV�
$OJXpP�QRV LQIRUPRX��VHP�LGHQWLILFDU�VH�
FRQMXQo}HV�VXERUGLQDWLYDV�(PERUD�R RULHQWiVVHPRV��HOH�QmR�REHGHFHX�jV�QRUPDV�
SDODYUDV�LQWHUURJDWLYDV�
4XHP�R DXWRUL]RX"
SURQRPHV�H[FODPDWLYRV�
4XDQWR�R DGYHUWLPRV�
DGYpUELRV�H�ORFXo}HV�DGYHUELDLV�
$JRUD�PH RULHQWDUDP��$JRUD��RULHQWDUDP�PH�
SUHSRVLomR�HP��VHJXLGD�GH�JHU~QGLR�
(P�VH WUDWDQGR�GH�DWHQGLPHQWR��D�$JrQFLD�p�H[HPSODU�
FRQMXQo}HV� FRRUGHQDWLYDV�� QmR� Vy���PDV� WDPEpP����������
QHP���QHP�
1mR�Vy�R DFRQVHOKHL�FRPR�WDPEpP�R DSRLHL�
0DWHULDO�GHVHQYROYLGR�SHOD�3URIHVVRUD�0DULD�/~FLD�9DVFRQFHOORV ��
0HVyFOLVH
2FRUUH�D�LQWHUFDODomR�GR�SURQRPH�REOtTXR�FRP�
IXWXUR�GR�SUHVHQWH��
$���HQWUHJD�GRV�SUrPLRV�UHDOL]DU�VH�i�jV�YLQWH�KRUDV�
IXWXUR�GR�SUHWpULWR��
$�HQWUHJD�GRV�SUrPLRV�UHDOL]DU�VH�LD�jV�YLQWH�KRUDV�
$�FHULP{QLD�UHDOL]DU�VH�i jV�YLQWH�KRUDV�
$�FHULP{QLD�LUi�UHDOL]DU�VH jV�YLQWH�KRUDV�
$�FHULP{QLD�YDL�UHDOL]DU�VH jV�YLQWH�KRUDV�
2EVHUYDomR�
$� SUHVHQoD� GH� XPD� SDUWtFXOD� TXH� GHWHUPLQH� D� SUyFOLVH� DOWHUDUi� D�
FRQGXWD�GR�UHGDWRU�
$�FHULP{QLD�QmR�VH UHDOL]DUi�jV�YLQWH�KRUDV�
(PSUHJR�GR�3DUWLFtSLR�3DVVDGR
(PSUHJR�GRV�3DUWLFtStRV�
QRUPDOPHQWH��HPSUHJD�VH�R�SDUWLFtSLR�UHJXODU�FRP�RV�YHUERV�DX[LOLDUHV�WHU H�KDYHU�
2�*HUHQWH�KDYLD�DQH[DGR RV�GRFXPHQWRV�DR�UHODWyULR�
HPSUHJD�VH�R�SDUWLFtSLR�LUUHJXODU�FRP�RV�YHUERV�VHU H�HVWDU� �YR]�SDVVLYD�
2V�GRFXPHQWRV�IRUDP�DQH[RV DR�UHODWyULR�
9HUERV�DEXQGDQWHV
7UDWD�VH�GH�YHUERV�TXH�DSUHVHQWDP�PDLV�GH�XPD�IRUPD�QR�SDUWLFtSLR�SDVVDGR�
6HJXH�D�OLVWD�GH�DOJXQV�GHVVHV�YHUERV�
0DWHULDO�GHVHQYROYLGR�SHOD�3URIHVVRUD�0DULD�/~FLD�9DVFRQFHOORV ��
��FRQMXJDomR�
,QILQLWR 3DUWLFtSLR�UHJXODU 3DUWLFtSLR�LUUHJXODU
DFHLWDU DFHLWDGR DFHLWR
DIHWDU DIHWDGR DIHWR
DQH[DU DQH[DGR DQH[R
GLVSHUVDU GLVSHUVDGR GLVSHUVR
HQWUHJDU HQWUHJDGR HQWUHJXH
HQ[XJDU HQ[XJDGR HQ[XWR
H[SUHVVDU H[SUHVVDGR H[SUHVVR
H[SXOVDU H[SXOVDGR H[SXOVR
ILQGDU ILQGDGR ILQGR
IL[DU IL[DGR IL[R
IULWDU IULWDGR IULWR
JDQKDU���� JDQKDGR JDQKR
JDVWDU���� JDVWDGR JDVWR
MXQWDU MXQWDGR MXQWR
OLPSDU OLPSDGR OLPSR
PDWDU PDWDGR PRUWR
RFXOWDU RFXOWDGR RFXOWR
SDJDU���� SDJDGR SDJR
SHJDU SHJDGR SHJR
VDOYDU VDOYDGR VDOYR
VHFDU VHFDGR VHFR
VHJXUDU VHJXUDGR VHJXUR
VROWDU VROWDGR VROWR
VXMHLWDU VXMHLWDGR VXMHLWR
��FRQMXJDomR�
,QILQLWLYR 3DUWLFtSLR�UHJXODU 3DUWLFtSLR�LUUHJXODU
DFHQGHU DFHQGLGR DFHVR
GHIHQGHU���� GHIHQGLGR GHIHVR
HOHJHU HOHJLGR HOHLWR
HQFKHU HQFKLGR FKHLR
HQYROYHU HQYROYLGR HQYROWR
HVFUHYHU���� HVFUHYLGR HVFULWR
ID]HU���� ID]LGR IHLWR
PRUUHU PRUULGR PRUWR
SUHQGHU SUHQGLGR SUHVR
VXVSHQGHU VXVSHQGLGR VXVSHQVR
0DWHULDO�GHVHQYROYLGR�SHOD�3URIHVVRUD�0DULD�/~FLD�9DVFRQFHOORV ��
��FRQMXJDomR�
,QILQLWLYR 3DUWLFtSLR�UHJXODU 3DUWLFtSLR�LUUHJXODU
DEULU���� DEULGR DEHUWR
FREULU���� FREULGR FREHUWR
HPHUJLU HPHUJLGR HPHUVR
HULJLU HULJLGR HUHWR
H[DXULU H[DXULGR H[DXVWR
H[SHOLU H[SHOLGR H[SXOVR
H[SULPLU H[SULPLGR H[SUHVVR
H[WLQJXLU H[WLQJXLGR H[WLQWR
LPHUJLU LPHUJLGR LPHUVR
LQVHULU LQVHULGR LQVHUWR
2V�YHUERV� DEULU��FREULU��GL]HU��HVFUHYHU��ID]HU��S{U��YHU��YLU� DSUHVHQWDP�
DSHQDV�D�IRUPD�LUUHJXODU��FULVWDOL]DGD�FRP�R�SDVVDU�GRV�WHPSRV�
��� (VWi�FULVWDOL]DGD�D�IRUPD�JDQKR��3HUGHX�VH�D�QRomR�GH�JDQKDGR�
��� *DVWR p�D�IRUPD�XVXDO�
��� $�IRUPD�UHJXODU�IRL�HVTXHFLGD��(PSUHJD�VH��DWXDOPHQWH��SDJR�
��� 'HIHVR Vy�p�XVDGR�QD�DFHSomR�GH�SURLELU�
��� &DLX�HP�GHVXVR�D�IRUPD�DEULGR��(PSUHJD�VH�DEHUWR QD�YR]�DWLYD�H�SDVVLYD�
��� (VFULWR�p�D�IRUPD�XVXDO�
��� $�IRUPD�ID]LGR�FDLX�HP�GHVXVR�
��� $�IRUPD�UHJXODU�IRL�HVTXHFLGD��(PSUHJD�VH�FREHUWR QD�YR]�DWLYD�H�QD�SDVVLYD�
(PSUHJR�GR�3URQRPH�'HPRQVWUDWLYR
2�SURQRPH�GHPRQVWUDWLYR�RULHQWD�R�LQWHUORFXWRU�H�R�OHLWRU�HP�UHODomR�j�SRVLomR�GH�XP�GDGR�
QR�WHPSR�H�QR�HVSDoR�
0DWHULDO�GHVHQYROYLGR�SHOD�3URIHVVRUD�0DULD�/~FLD�9DVFRQFHOORV ��
5HIHUH�VH�
5HIHUH�VH�
¾ DR�TXH�VHUi�PHQFLRQDGR�
2�tQGLFH�GH�DSURYDomR�IRL�HVWH������
¾ DR�PRPHQWR�SUHVHQWH�
2�SURMHWR�VHUi�LPSODQWDGR�QHVWH DQR���DQR�FRUUHQWH�
¾ j�SRVLomR�HVSDFLDO�FRUUHVSRQGHQWH�D�µDTXL¶�
2�IDWR�RFRUUHX�QHVWH ORFDO�
¾ j�SRVLomR�TXH�IDOD�RX�DR�UHPHWHQWH�
(VWH UHODWyULR�p�REMHWLYR�
��2�UHODWyULR�GHYH�HVWDU�QDV�PmRV�GH�TXHP�GL]�D�IUDVH�RX�SUy[LPR�GH�TXHP�
GL]�D�IUDVH��
¾ DR�TXH�IRL�PHQFLRQDGR�
$�IXQGDomR�*HW~OLR�9DUJDV�GLYXOJRX�R�tQGLFH�GH�LQIODomR�GR�ELPHVWUH�DQWHULRU��
������(VVH tQGLFH�HVWi�GH�DFRUGR�FRP�D�H[SHFWDWLYD�GR�JRYHUQR�
(P�������D�HPSUHVD�EDWHX�R�UHFRUGH�GH�YHQGDV��2�SURMHWR�$OID�IRL�
LPSODQWDGR�QHVVH DQR�
(P�MDQHLUR��FKRYH�PXLWR��1HVVH SHUtRGR��DV�LQXQGDo}HV�VmR�IUHTXHQWHV�
¾ j�QRomR�GH�WHPSR��SDVVDGR�RX�IXWXUR�
2�SURMHWR�IRL�LPSODQWDGR�QHVVH DQR����$QWHULRUPHQWH��R�UHGDWRU�GHYH�WHU�
PHQFLRQDGR�XPD�GDWD�SDVVDGD�H�ID]�UHIHUrQFLD�D�HOD��
2�SURMHWR�VHUi�LPSODQWDGR�QHVVH DQR����$QWHULRUPHQWH��R�UHGDWRU�GHYH�WHU�
PHQFLRQDGR�XPD�GDWD�IXWXUD�H�ID]�UHIHUrQFLD�D�HOD��
¾ DR�LQWHUORFXWRU�RX�DR�GHVWLQDWiULR�
(VVH UHODWyULR�p�REMHWLYR���2�UHODWyULR HVWi�FRP�R�GHVWLQDWiULR���RX�R�UHODWyULR�
0DWHULDO�GHVHQYROYLGR�SHOD�3URIHVVRUD�0DULD�/~FLD�9DVFRQFHOORV ��
HVWi�FRP�D�SHVVRD�FRP�TXHP�R�LQWHUORFXWRU�IDOD��
(VVH GHSDUWDPHQWR�VROLFLWRX�D�HVWD iUHD�R�UHODWyULR�GH�DEULO�
�2�SURQRPH�µHVVH¶ ID]�UHIHUrQFLD DR�GHSDUWDPHQWR�GR�GHVWLQDWiULR��R�
SURQRPH�µHVWD¶ UHIHUH�VH�j�iUHD�GR�UHPHWHQWH��
0DWHULDO�GHVHQYROYLGR�SHOD�3URIHVVRUD�0DULD�/~FLD�9DVFRQFHOORV ��
2UWRJUDILD
1RUPDOPHQWH��VH�R�DGMHWLYR�WHUPLQD�HP�HWR��R�VXEVWDQWLYR�VHUi����
JUDIDGR�FRP�d�
FRUUHomR� GH�FRUUHWR����������������������������������H[FHomR GH�H[FHWR�
GLUHomR� GH�GLUHWR������������������������������������ VHOHomR� GH�VHOHWR
1RUPDOPHQWH�� DV� SDODYUDV� FRQVHUYDP� R� V HWLPROyJLFR�� $���
WHUPLQDomR��LVDU GRV�YHUERV�VHUi�JUDIDGD�FRP�6��TXDQGR�R�YHUER�
GHULYDU�GH�SDODYUD�TXH�DSUHVHQWDU��L�V QD�SDUWH�ILQDO�
DQDOLVDU� DQiOLVH��
SDUDOLVDU� SDUDOLVLD��SDUDOLVDU��
SHVTXLVD� SHVTXLVDU
2V� VXEVWDQWLYRV� GHULYDGRV� GH� YHUERV� WHUPLQDGRV� HP� �LGLU VmR�
JUDIDGRV�FRP�6�
GHFLGLU GHFLVmR��������������
FROLGLU FROLVmR�
HOLGLU HOLVmR
2V�VXEVWDQWLYRV�GHULYDGRV�GH�YHUERV�TXH�DSUHVHQWDP�DV�
WHUPLQDo}HV��GHU���GLU� �JLU��WLU���SUHFHGLGDV�GH�Q RX�U��VmR�JUDIDGRV�
FRP�6�
FRQYHUWHU� FRQYHUVmR������������������
FRPSUHHQGHU� FRPSUHHQVmR�
GLIXQGLU� GLIXVmR���
VXEPHUJLU VXEPHUVmR
*UDIDP�VH�FRP�66 RV�VXEVWDQWLYRV�GHULYDGRV�GH�YHUERV�WHUPLQDGRV��
HP���GHU���GLU���WHU���WLU H��PLU�
FHGHU� FHVVmR����
H[FHGHU� H[FHVVR
0DWHULDO�GHVHQYROYLGR�SHOD�3URIHVVRUD�0DULD�/~FLD�9DVFRQFHOORV ��
(VFUHYHP�VH�FRP�]
RV�VXIL[RV�±H] H�±H]D HP�VXEVWDQWLYRV�IHPLQLQRV�DEVWUDWRV
��DGMHWLYRV�� �HVWDGR��TXDOLGDGH���O~FLGR��iFLGR�
YHUERV�HP�±L]DU��TXDQGR�R�UDGLFDO�GR�QRPH�QmR�FRQWpP��V�
DOIDEHWR�� DOIDEHWL]DU��
SROrPLFR�� SROHPL]DU����
$oDt��� &DMX
'H� DFRUGR� FRP� D� UHIRUPD� RUWRJUiILFD�� GH� ������ SDODYUDV� GH�
RULJHP�LQGtJHQD�RX�DV�GH�RULJHP�DIULFDQD�GHYHP�VHU�JUDIDGDV�
FRP�M H�o�
$FHQWXDomR
$R�FRQWUiULR�GR�TXH�PXLWRV�LPDJLQDP��QmR�Ki�H[FHomR�HQWUH�RV�SULQFtSLRV�TXH�QRUWHLDP�D�
DFHQWXDomR��'HYH�VH�FRPSUHHQGHU��HVVH�IHQ{PHQR�GH�QRVVR�LGLRPD��'HFRUDU�p�SHUGD�GH�
WHPSR�
$FHQWXDP�VH�RV�R[tWRQRV�WHUPLQDGRV�HP�
YDWDSi�V���DFDUDMp�V���EREy�V�
UHIpP��UHIpQV
1mR� VmR� DFHQWXDGRV� RV� R[tWRQRV� WHUPLQDGRV� HP� �L H� HP� �X��
SUHFHGLGRV�GH�FRQVRDQWHV��
3DFDHPEX�� ,WX�� -DUL�� ;LQJX
0DWHULDO�GHVHQYROYLGR�SHOD�3URIHVVRUD�0DULD�/~FLD�9DVFRQFHOORV ��
$FHQWXDP�VH�RV�SDUR[tWRQRV�WHUPLQDGRV�HP�
Wi[L�V���YtUXV������������������������������iOEXP��iOEXQV
IrPXU��WyUD[��SyOHQ��QtYHO�������������yUIm�V���yUImR�V�
DJrQFLD��IXQFLRQiULR���������������������EtFHSV�
$FHQWXDP�VH�RV�SURSDUR[tWRQRV��
([HPSORV��iOLEL��tQWHULP� yFXORV�
2�1RYR�$FRUGR�2UWRJUiILFR�HOLPLQRX�R�DFHQWR�FLUFXQIOH[R�GDV�IRUPDV�YHUEDLV�YHHP���
FUHHP��OHHP�H�GHHP�
7HU 9LU 9HU /HU &UHU 'DU
WHP YHP Yr Or FUr Gr
WrP YrP YHHP OHHP FUHHP GHHP
1mR�FRQIXQGLU�
S{U SRU S{GH SRGH
YHUER SUHS� SUHW�
SHUIHLWR
SUHVHQWH
0DWHULDO�GHVHQYROYLGR�SHOD�3URIHVVRUD�0DULD�/~FLD�9DVFRQFHOORV ��
2V� YHUERV� WHUPLQDGRV� HP� � XLU DSUHVHQWDP� �XL� QD� ��
SHVVRD�GR�VLQJXODU�GR�SUHVHQWH�GR�LQGLFDWLYR�DWULEXLU�� DWULEXL
LQFOXLU��� LQFOXL
LQIOXLU���� LQIOXL
SRVVXLU� SRVVXL
UHWULEXLU� UHWULEXL
0DWHULDO�GHVHQYROYLGR�SHOD�3URIHVVRUD�0DULD�/~FLD�9DVFRQFHOORV ��
3URQ~QFLD��&RUUHomR�H�&ODUH]D
$�IUHTXrQFLD�FRP�TXH�RXYLPRV�SDODYUDV�LQFRUUHWDPHQWH�SURQXQFLDGDV�DFDED�SRU�IL[DU�DV�
IRUPDV�LQFRUUHWDV��7UDWD�VH��SRUWDQWR��GH�XPD�DUPDGLOKD�
DGLYLQKDU PHQGLJR
DGYRJDGR PHULWtVVLPR
DSURSULDU SULYLOpJLR
DVWHULVFR SURVWUDGR
EHQHILFHQWH UHLYLQGLFDU
FRPSDQKLD UHTXLVLWR
GHVSHQGHU UHWUyJUDGR
GLVFULomR VXSpUIOXR
HPSHFLOKR XVXIUXLU
LQIULQJLU
2EVHUYH�D�SURQ~QFLD�
FLUFXLWR UXEULFD DGTXLULU VXEVtGLR
JUDWXLWR tQWHULP H[WLQJXLU Wy[LFR
LQWXLWR UHFRUGH LQTXLULU LQH[RUiYHO
IOXLGR 1REHO LQTXpULWR H[HTXtYHO
GHVFXLGR LEHUR HTXtYRFR
(PSUHJR�GH�$EUHYLDWXUDV
$EUHYLDWXUDV
$� DEUHYLDWXUD� p� XP� UHFXUVR� JUiILFR� TXH� YLVD� j� UHGXomR� GH�
XPD� SDODYUD� RX� GH� XPD� ORFXomR�� 2� SRQWR� DEUHYLDWLYR�
DVVLQDOD� R� FRUWH� H� LGHQWLILFD� D� DEUHYLDWXUD�� ([HPSORV�� $W�
SDUD�$WHQomR��&LD� RX�&LD SDUD�&RPSDQKLD���'HS� RX�'HSDUW�
SDUD��'HSDUWDPHQWR��HWF� SDUD�HW�FDHWHUD�
0DWHULDO�GHVHQYROYLGR�SHOD�3URIHVVRUD�0DULD�/~FLD�9DVFRQFHOORV ��
(PSUHJR�GH�6tPERORV
6tPERORV
$V� QRWDo}HV� FLHQWtILFDV� �VtPERORV�� QmR� VmR� VHJXLGDV� GH�
SRQWR� DEUHYLDWLYR�� &XPSUH� REVHUYDU� WDPEpP�� TXH� VmR�
LQYDULiYHLV�
1%5�����
$�QRUPD�Qž�����GD�$%17��GH�DJRVWR�GH������� �SUHVFUHYH�
TXH�� SDUD� GDWDomR�� D� JUDILD� GH� KRUDV� p� D� VHJXLQWH��
��K��PLQ��V�� 2� SRQWR�DEUHYLDWLYR� SRGH� FRLQFLGLU� FRP� R�
SRQWR�ILQDO�GD�RUDomR�
'H�DFRUGR�FRP�D�QRUPD�QRUWH�DPHULFDQD��VHSDUDP�VH��SRU�
GRLV�SRQWRV�� DV� IUDo}HV� GH� KRUDV�� (VVD� UHJUD�� HQWUHWDQWR��
QmR�YDOH�QR %UDVLO���$VVLP��D�JUDILD���K��PLQ�FRUUHVSRQGH�
D�GH]�KRUDV�H�YLQWH�PLQXWRV�
(PSUHJR�GH�6LJODV
6LJODV
7UDWD�VH� GH� XPD� IRUPD� HVSHFLDO� GH� UHGXomR� GH� SDODYUDV��
GHWHUPLQDGD� SHOD� VHTXrQFLD� GH� OHWUDV� LQLFLDLV� RX� GH� VtODEDV�
LQLFLDLV�GH�XP�YRFiEXOR�
&/7 �&RQVROLGDomR� GDV� /HLV� GR� 7UDEDOKR���&90 �&RPLVVmR�
GH�9DORUHV�0RELOLiULRV��
$QRWH�
DV�VLJODV�FRPSRVWDV�GH�PDLV�GH�TXDWUR� OHWUDV�VmR�JUDIDGDV�
DSHQDV�FRP�D�SULPHLUD�HP�PDL~VFXOD��%RYHVSD�
SOXUDO�p�HVWDEHOHFLGR�FRP�R�DFUpVFLPR�GH�V �PLQ~VFXOR���
&(3V��'2&V��3$%V�
1RWD� 'H�DFRUGR�FRP�R�ILOyORJR�$QW{QLR�+RXDLVV�H�D�PDLRULD�
GRV�JUDPiWLFRV��DV�VLJODV�GHYHP�VHU��SOXUDOL]DGDV�
0DWHULDO�GHVHQYROYLGR�SHOD�3URIHVVRUD�0DULD�/~FLD�9DVFRQFHOORV ��
1mR�VH�HVWDEHOHFH�R�SOXUDO�FRP�DSyVWURIR�H V PLQ~VFXOR�
&'
V���3$%
V��%'1
V�
2�DSyVWURIR��VHJXLGR�GH�V PLQ~VFXOR��LGHQWLILFD�R�JHQWLYH�FDVH�
7UDWD�VH��GH�XP�UHFXUVR�GD�OtQJXD�LQJOHVD���SDUD�GHILQLU�R������������
SRVVXLGRU�H�R�REMHWR�SRVVXtGR��9LGH���7KH�.LQJ
V�&URZQ�
3OXUDOL]DomR�GRV�1RPHV�&RPSRVWRV
3OXUDO�GRV�VXEVWDQWLYRV�FRPSRVWRV
$SHQDV�R�SULPHLUR�WHUPR�VHUi�SOXUDOL]DGR��TXDQGR�VH�WUDWDU�GH�
WHUPRV�OLJDGRV�SRU�SUHSRVLomR��iJXDV GH�FRFR�
WHUPRV�TXH�SUHVVXS}HP�D�H[LVWrQFLD�GD�SUHSRVLomR�SDUD RX�GD�
H[SUHVVmR�GD���HVSpFLH��HQWUH�HOHV��VDOiULRV�IDPtOLD��HVFRODV�SDGUmR��
YDOHV�WUDQVSRUWH�
2EV�� HP� UHODomR� DR� VHJXQGR� LWHP�� Ki� WHQGrQFLD� j� SOXUDOL]DomR� GRV�
GRLV�WHUPRV�
$SHQDV�R�VHJXQGR�WHUPR�VHUi�SOXUDOL]DGR��TXDQGR�VH�WUDWDU�GH�
YHUER���VXEVWDQWLYR� JXDUGD�VyLV�
DGMHWLYR���DGMHWLYR��QLSR�EUDVLOHLURV�
SDODYUD�LQYDULiYHO���SDODYUD�YDULiYHO��YLFH�SUHVLGHQWHV�
SDODYUDV�UHSHWLGDV��WLFR�WLFRV�
FRPSRVWRV�TXH�QmR�HVWHMDP�VHSDUDGRV�SRU�KtIHQ��JLUDVVyLV�
2V�GRLV�WHUPRV�VmR�SOXUDOL]DGRV��TXDQGR�VH�WUDWDU�GH�
VXEVWDQWLYR���VXEVWDQWLYR��GHFUHWRV�OHLV�
VXEVWDQWLYR���DGMHWLYR��FDUURV�IRUWHV��FRQWDV�FRUUHQWHV�
DGMHWLYR���VXEVWDQWLYR��FXUWRV�FLUFXLWRV�
QXPHUDO���VXEVWDQWLYR��VHJXQGDV�IHLUDV�
1HQKXP�GRV�WHUPRV�LUi�SDUD�R�SOXUDO��TXDQGR�VH�WUDWDU�GH��
SDODYUDV�HP�TXH�R�VHJXQGR�WHUPR�HPSUHVWD�VXD�WRQDOLGDGH�j FRU�GR�
DGMHWLYR��WHFLGRV D]XO�WXUTXHVD�
SDODYUDV�HP�TXH�R�WHUPR�FRU HVWi�LPSOtFLWR��H�R�VXEVWDQWLYR�H[SULPH�D�
FRU�RX�R�PDWL]��WHUQRV FLQ]D�
SDODYUDV�LQYDULiYHLV��RV EDWHX�OHYRX�
0DWHULDO�GHVHQYROYLGR�SHOD�3URIHVVRUD�0DULD�/~FLD�9DVFRQFHOORV ��
$WHQomR�
$V�SDODYUDV�HP�TXH�R�VHJXQGR�WHUPR�HVWi�QR�SOXUDO�Vy�IOH[LRQDP�RV��
GHWHUPLQDQWHV��RV JXDUGD�FRVWDV�
(PSUHJR�GRV�1XPHUDLV
2V�QXPHUDLV�HQFHUUDP�LGHLD�GH�Q~PHUR�H�FODVVLILFDP�VH�HP�
FDUGLQDLV�� LQGLFDP�TXDQWLGDGH�
RUGLQDLV�� LQGLFDP�VHTXrQFLD��SRVLomR�
PXOWLSOLFDWLYRV�� GHWHUPLQDP�R�Q~PHUR�GH�YH]HV�
IUDFLRQiULRV�� LQGLFDP�SDUWHV��GLYLV}HV�GH�XQLGDGHV�
/HLWXUD�GRV�FDUGLQDLV�
��� QRYHQWD�H FLQFR�
���� QRYHFHQWRV�H FLQTXHQWD�H FLQFR�
����� WUrV�PLO��TXLQKHQWRV�H TXDUHQWD�H WUrV�
��������� TXDWUR�PLOK}HV��GX]HQWRV�H VHWHQWD�H VHLV�PLO��RLWRFHQWRV�H QRYHQWD�H VHLV�
����� PLO�H TXLQKHQWRV�
$WHQomR�
%UDVLO (VWDGRV�8QLGRV
�������������������������������������������������������
����������KDELWDQWHV��������������������������������LQKDELWDQWV
FDUGLQDLV RUGLQDLV
DSyV�R�VXEVWDQWLYR�
SiJLQD�YLQWH�H�XP
DQWHV�GR�VXEVWDQWLYR
YLJpVLPD�SULPHLUD�SiJLQD
VXFHVVmR�GH�UHLV��SDSDV��VpFXORV
�GH����HP�GLDQWH�
3DSD�-RmR�;;,,, �YLQWH�H�WUrV�
VXFHVVmR�GH�UHLV��SDSDV��VpFXORV
�GH���D�����
3DSD�3DXOR�9,��VH[WR�
VpULH�GH�SRUWDULDV��GHFUHWRV��DUWLJRV��OHLV��
DOtQHDV��FOiXVXODV��SRUWDULDV��SDUiJUDIRV�
H�LQFLVRV��GH����HP�GLDQWH��
&OiXVXOD�GH]
VpULH�GH�SRUWDULDV��GHFUHWRV��DUWLJRV��OHLV��
DOtQHDV��FOiXVXODV��SRUWDULDV��SDUiJUDIRV�
H�LQFLVRV��GH���D����
&OiXVXOD�QRQD
0DWHULDO�GHVHQYROYLGR�SHOD�3URIHVVRUD�0DULD�/~FLD�9DVFRQFHOORV ��
2�SULPHLUR�GLD�GR�PrV�p�UHSUHVHQWDGR�SRU�RUGLQDO�
2��ž�GH�PDLR�IHVWHMD�R�'LD�GR�7UDEDOKR�
�ž����������
$WHQomR�j�FRQFRUGkQFLD�
����PLOKmR GH�GyODUHV
����PLOK}HV
5HSUHVHQWDomR�JUiILFD�GH�ELOKmR
$�$%17�QmR�FRQVLJQD�XPD�DEUHYLDWXUD�RX�XP�VtPEROR�SDUD�PLOKmR�H�ELOKmR�
1R�%UDVLO��D�LPSUHQVD�DGRWD�FRQGXWD�FRQIOLWDQWH�HP�UHODomR�D�PLOKmR�H�D�ELOKmR��R�0DQXDO�
GD�)ROKD�GH�6mR�3DXOR�FULRX�DV�IRUPDV�PL H�EL��HVSHFLDOPHQWH�SDUD�WtWXORV��R�0DQXDO�GH�
5HGDomR�H�(VWLOR�GH�(VWDGR�GH�6mR�3DXOR�YHWD�UHGXo}HV�GHVVHV�QXPHUDLV�
0DWHULDO�GHVHQYROYLGR�SHOD�3URIHVVRUD�0DULD�/~FLD�9DVFRQFHOORV ��
(PSUHJR�GR�+tIHQ
2�KtIHQ��DOpP�GH�VHU�XVDGR�QD�VHSDUDomR�GH�VtODEDV�H�QD�OLJDomR�GH�SURQRPHV�DR�YHUER�
�SHGH�VH��GDU�OKH�LD���WDPEpP�FRPS}H�QRYDV�SDODYUDV�
&DVRV�EiVLFRV�GH�HPSUHJR�GH�KtIHQ�QD�FRPSRVLomR�GH�SDODYUDV�
EŽ�ĐĂƐŽ�ĚĞ�ƉĂůĂǀƌĂƐ�ĐŽŵƵŶƐ EŽ�ĐĂƐŽ�ĚĞ�ƉƌĞĨŝdžŽƐ͗��
ƒ ĚĞƐĚĞ�ƋƵĞ�ŶĆŽ� ŚĂũĂ�Ƶŵ�ƚĞƌŵŽ�ĚĞ�
ůŝŐĂĕĆŽ�ĞŶƚƌĞ�ĞůĂƐ͘
ĚĞĐƌĞƚŽͲůĞŝ
ƉĂůĂǀƌĂͲĐŚĂǀĞ
ĚĂƚĂͲůŝŵŝƚĞ
ƐĞŐƵŶĚĂͲĨĞŝƌĂ
ĐƀŶƐƵůͲŐĞƌĂů
ďŽĂͲĨĠ
ŐƵĂƌĚĂͲĐŚƵǀĂ
ƒ ƋƵĂŶĚŽ Ă�ůĞƚƌĂ�ĨŝŶĂů�ĚŽ�ƉƌŝŵĞŝƌŽ�ĞůĞŵĞŶƚŽ ĨŽƌ
ŝŐƵĂů�ă ůĞƚƌĂ�ŝŶŝĐŝĂů ĚŽ�ƐĞŐƵŶĚŽ�ĞůĞŵĞŶƚŽ͗
ĂƵƚŽͲŽďƐĞƌǀĂĕĆŽ
ĂŶƚŝͲŝŶĨůĂĐŝŽŶĄƌŝŽ
ŚŝƉĞƌͲƌĞƐŝƐƚĞŶƚĞ
ĂĚͲĚŝŐŝƚĂů
ƐƵďͲďůŽĐŽ
ƒ ƋƵĂŶĚŽ�Ž�ƐĞŐƵŶĚŽ�ĞůĞŵĞŶƚŽ�ŝŶŝĐŝĂƌ ƉĞůĂ��ůĞƚƌĂ�Ś͗
ĂŶƚŝͲŚŽƌĄƌŝŽ
ĂƵƚŽͲŚĞŵŽĚŝĄůŝƐĞ
EĆŽ�ŚĂǀĞƌĄ�ŚşĨĞŶ͗
EŽ�ĐĂƐŽ�ĚĞ�ƉĂůĂǀƌĂƐ�ĐŽŵƵŶƐ EŽ�ĐĂƐŽ�ĚĞ�ƉƌĞĨŝdžŽƐ͗��
ƒ ƋƵĂŶĚŽ��ŚŽƵǀĞƌ�Ƶŵ�ƚĞƌŵŽ�ĚĞ�ůŝŐĂĕĆŽ�
ĞŶƚƌĞ�ĞůĂƐ͗
ŽďƌĂ�ĚĞ�ĂƌƚĞ
Ĩŝŵ�ĚĞ�ƐĞŵĂŶĂ
ƐĂůĂ�ĚĞ�ǀŝƐŝƚĂ
ƉĠ�ĚĞ�ŵŽůĞƋƵĞ
ƒ ƋƵĂŶĚŽ�Ă�ůĞƚƌĂ�ĨŝŶĂů�ĚŽ�ƉƌŝŵĞŝƌŽ�ĞůĞŵĞŶƚŽ�ĨŽƌ�
ĚŝĨĞƌĞŶƚĞ�ĚĂ�ůĞƚƌĂ�ŝŶŝĐŝĂů�ĚŽ�ƐĞŐƵŶĚŽ�
ĞůĞŵĞŶƚŽ͘
ĂƵƚŽĂƚĞŶĚŝŵĞŶƚŽ
ŝŶĨƌĂĞƐƚƌƵƚƵƌĂ
ŝŶƚĞƌĨſƌƵŵ
ĂŶƚŝĠƚŝĐŽ
ĞdžƚƌĂũƵĚŝĐŝĂů
ĂŶƚŝĚĞŵŽĐƌĄƚŝĐŽ
0DWHULDO�GHVHQYROYLGR�SHOD�3URIHVVRUD�0DULD�/~FLD�9DVFRQFHOORV ��
KďƐ͗͘�ĂůŐƵŵĂƐ�ƉĂůĂǀƌĂƐ�ĐŽŶƐƚŝƚƵĞŵ�
ĞdžĐĞĕƁĞƐ͗
ĐŽƌͲĚĞͲƌŽƐĂ
ĄŐƵĂͲĚĞͲĐŽůƀŶŝĂ
ŵĂŝƐͲƋƵĞ�ͲƉĞƌĨĞŝƚŽ
KďƐ͗͘�ƋƵĂŶĚŽ�Ž�ƐĞŐƵŶĚŽ�ĞůĞŵĞŶƚŽ�ĐŽŵĞĕĂƌ�ƉĞůĂ�
ůĞƚƌĂ�ƌ�ŽƵ�ƉĞůĂ�ůĞƚƌĂ�Ɛ͕��ĞƐƐĂ�ĐŽŶƐŽĂŶƚĞ�ƐĞƌĄ�
ĚƵƉůŝĐĂĚĂ͗
ŵŝĐƌŽƌƌĞŐŝĆŽ
ŵƵůƚŝƐƐĞŐŵĞŶƚĂĚŽ
ĂƵƚŽƚŽƌƌĞƚƌĂƚŽ
ĂƵƚŽƐƐƵĨŝĐŝġŶĐŝĂ
ĂŶƚŝƌƌŽƵďŽ
ĂŶƚŝƐƐĞŵŝƚĂ
&DVRV�HVSHFLDLV�
+DYHUi�KtIHQ�
ƒ QD�FRPSRVLomR�GH�YRFiEXORV�TXH�GHVLJQHP�HVSpFLHV�DQLPDLV�RX�YHJHWDLV��([HPSORV��
PLFR�OHmR�GRXUDGR��EDQDQD�SUDWD�
ƒ HP�FRPSRVLo}HV�FLUFXQVWDQFLDLV��([HPSOR��SRQWH�5LR�1LWHUyL�
ƒ HP�FRPSRVLo}HV�IRUPDGDV�SHOD�GXSOLFDomR�GH�SDODYUDV��]XP�]XP�]XP�
ƒ HP�FRPSRVLo}HV�GH�YRFiEXORV��IRUPDGRV�FRP�D�SDODYUD�PDO��QD�DFHSomR�GH�GRHQoD��
GHVGH�TXH�QmR�KDMD�XP�WHUPR�GH�OLJDomR��([HPSOR��PDO�FDGXFR��HSLOHSVLD��
ƒ HP�FRPSRVLo}HV�FRP�RV�VXIL[RV�WXSL�JXDUDQL�DoX H�PLULP��TXDQGR�R�SULPHLUR�HOHPHQWR�GHWHUPLQDU�HP�YRJDO�DFHQWXDGD�RX�TXDQGR�D�SURQ~QFLD�DVVLP�H[LJLU��([HPSORV��DQDMi�
�PLULP�� FDSLP�DoX�
1mR�KDYHUi�KtIHQ�
ƒ 1D�FRPSRVLomR�GH��YRFiEXORV�IRUPDGRV�FRP�RV�SUHIL[RV��FR���UH���SUH���SUR���([HPSORV�
FRRFXSDQWH��FRHUGHLUR��FRDELWDU��UHHPLVVmR��SUHH[LVWHQWH��SURyWLFR�
ƒ QD�FRPSRVLomR�GH�YRFiEXORV�IRUPDGRV�SHOD�GXSOLFDomR�GH�SDODYUDV�TXH�UHSURGX]DP�D�
OLQJXDJHP�LQIDQWLO��([HPSORV��EXPEXP��YRY{�
0DWHULDO�GHVHQYROYLGR�SHOD�3URIHVVRUD�0DULD�/~FLD�9DVFRQFHOORV ��
7DEHOD�GH�HPSUHJR�GR�KtIHQ
DDHHUURR
DDJJUURR
DDOOIIDD
DDQQWWHH
DDQQWWLL
DDUUTTXXLL
DDXXWWRR
EEHHWWDD
EELL
EELLRR
FFRRQQWWUUDD
GGLL
HHOOHHWWUURR
HH[[WWUUDD
IIRRWWRR
JJDDPPDD
JJHHRR
JJLLJJDD
KKHHWWHHUURR
KKHH[[DD
KKLLGGUURR
KKLLSSRR
KKRRPPRR
LLOOLL��LLOOLLRR
LLQQIIUUDD
LLQQWWUUDD
LLVVRR
PPDDFFUURR
PPHHJJDD
PPHHVVRR
PPLLFFUURR
PPLLQQLL
PPRRQQRR
PPRRUUIIRR
PPXXOOWWLL
QQHHIIUURR
QQHHRR
QQHHXXUURR
SSDDOOHHRR
SSHHQQWWDD
SSHHUULL
SSOOXXUULL
SSRROOLL
SSUURRWWRR
SSVVHHXXGGRR
SSVVLLFFRR
UUHHWWUURR
VVHHPPLL
VVRREEUUHH
VVXXSSUUDD
WWHHOOHH
WWHHWWUUDD
WWUULL
XXOOWWUUDD
XXUUHHWWUURR
������
33UUHHIILL[[RRVV 88VVDD��VVHH RR KKttIIHHQQ TTXXDDQQGGRR��ƒƒ RR VVHHJJXXQQGGRR HHOOHHPPHHQQWWRR
FFRRPPHHooDDUU SSRRUU KK��
ƒƒ DD OOHHWWUUDD IILLQQDDOO GGRR SSUULLPPHHLLUURR
HHOOHHPPHHQQWWRR IIRRUU LLJJXXDDOO jj
OOHHWWUUDD LLQQLLFFLLDDOO GGRR
VVHHJJXXQQGGRR HHOOHHPPHHQQWWRR��
0DWHULDO�GHVHQYROYLGR�SHOD�3URIHVVRUD�0DULD�/~FLD�9DVFRQFHOORV ��
%LEOLRJUDILD
$/0(,'$� 1DSROHmR��0HQGHV�GH��*UDPiWLFD�PHWyGLFD�GD�OtQJXD�SRUWXJXHVD� ����HG��6mR�3DXOR��6DUDLYD��
�����
BBBBBBBB������HG��������
$1'5e�� +LOGHEUDQGR�$��GH��&XUVR�GH�UHGDomR� ���HG��6mR�3DXOR��0DUFR�(GLWRULDO�������
%(&+$5$� (YDQLOGR��0RGHUQD�JUDPiWLFD�SRUWXJXHVD� ����HG��6mR�3DXOR��1DFLRQDO�������
%/,.67(,1� ,]LGRUR��7pFQLFDV�GH�FRPXQLFDomR�HVFULWD��6mR�3DXOR��ÈWLFD�������
%8(12� )UDQFLVFR�GD�6LOYHLUD��$�DUWH�GH�HVFUHYHU� ���HG��6mR�3DXOR��6DUDLYD�������
&Æ0$5$�-U���-RDTXLP�0DWWRVR��0DQXDO�GH�H[SUHVVmR�RUDO�H�HVFULWD� ���HG��3HWUySROLV��9R]HV�������
BBBBBBBB��'LFLRQiULR�GH�OLQJXtVWLFD�H�JUDPiWLFD��3HWUySROLV��9R]HV�������
BBBBBBBB��(VWUXWXUD�GD�OtQJXD SRUWXJXHVD� 3HWUySROLV��9R]HV�������
BBBBBBBB��&RQWULEXLomR�j�HVWLOtVWLFD�SRUWXJXHVD� ���HG��5LR�GH�-DQHLUR��$R�/LYUR�7pFQLFR�������
&(*$//$� 'RPLQJRV�3DVFKRDO��1RYtVVLPD�JUDPiWLFD�GD�OtQJXD�SRUWXJXHVD� ����HG��6mR�3DXOR��1DFLRQDO��
�����
&81+$� &HOVR�)HUUHLUD��*UDPiWLFD�GD�OtQJXD�SRUWXJXHVD� ���HG��5LR�GH�-DQHLUR��)HQDPH�������
*$5&,$� 2WKRQ�0��&RPXQLFDomR�HP�SURVD�PRGHUQD� ���HG��5LR�GH�-DQHLUR��)*9�������
BBBBBBBB�����HG��5LR�GH�-DQHLUR��)*9�������
+8*+(6��.DWKU\QH�H�9,1$/ -RDQ��&RPR�5HGLJLU�8P�5HODWyULR��3RUWXJDO��(GLo}HV�&HWRS
,1)$17(� 8OLVVHV��'R�7H[WR�DR�7H[WR��6mR�3DXOR��(GLWRUD�6FLSLRQH
BBBBBBBB��*UDPiWLFD�&RQWHPSRUkQHD�GD�/tQJXD�3RUWXJXHVD 6mR�3DXOR��(GLWRUD�6FLSLRQH�
/$3$� 0��5RGULJXHV��(VWLOtVWLFD�GD�OtQJXD�SRUWXJXHVD�����HG��&RLPEUD� &RLPEUD�(GLWRUD�������
/,0$� 5RFKD��*UDPiWLFD�QRUPDWLYD�GD�OtQJXD�SRUWXJXHVD� ����HG��5LR�GH�-DQHLUR��-RVp�2O\PSLR�������
/8)7� &HOVR�3HGUR��/tQJXD�H�OLEHUGDGH�����HG��3RUWR�$OHJUH���/	30�������
BBBBBBBB��0RGHUQD�JUDPiWLFD�EUDVLOHLUD�����HG��3RUWR�$OJUH��*ORER�������
0(6(5$1,� 6DPLU�&XUL��5HGDomR�HVFRODU� FULDWLYLGDGH�����HG��6mR�3DXOR��'LVFXEUD��������Y���
BBBBBBBB�����HG��6mR�3DXOR��6DUDLYD��������Y����
02,6e6� 0DVVDXG��*XLD�SUiWLFR�GH�UHGDomR� ��HG��6mR�3DXOR��&XOWUL[�������
6$,'�$/,� 0DQXHO��*UDPiWLFD�VHFXQGiULD�H�*UDPiWLFD�KLVWyULFD�GD�OtQJXD�SRUWXJXHVD� %UDVtOLD��8QLYHUVLGDGH�
GH�%UDVLO�������
$SRVWLOD�DWXDOL]DGD�HP���B��B���

Continue navegando