PORTUGUÊS PARA ANALISTA - STJ - Aula 10

Prévia do material em texto

WŽƌƚƵŐƵġƐ Ɖͬ ^d:
�ŶĂůŝƐƚĂ Ğ dĠĐŶŝĐŽ :ƵĚŝĐŝĄƌŝŽ
dĞŽƌŝĂ Ğ YƵĞƐƚƁĞƐ �ŽŵĞŶƚĂĚĂƐ
WƌŽĨǐ ZĂĨĂĞůĂ &ƌĞŝƚĂƐ ʹ �ƵůĂ ϭϬ
WƌŽĨǐ ZĂĨĂĞůĂ &ƌĞŝƚĂƐ ǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌ ϭ ĚĞ Ϯϯ
$XOD ��
5HYLVmR ILQDO
�&RPSOHPHQWR GD DXOD ���
&RPR YmR� DPLJRV" $QVLRVRV"
(VWDPRV ILQDOL]DQGR FRP HVWD DXOD R PHX FXUVR� )RL XP LPHQVR SUD]HU H
JUDQGH FUHVFLPHQWR HVWDU FRP YRFrV GXUDQWH D SUHSDUDomR SDUD R FHUWDPH GR
67-�
6HOHFLRQHL DOJXPDV TXHVW}HV EHP LQWHUHVVDQWHV GR &HVSH�8Q% SDUD
FRPSOHPHQWDU D DXOD �� DQWHULRU� $VVXQWRV UHFRUUHQWHV H TXH DSDUHFHUDP HP
SURYDV GHVWH DQR� ����� $OpP GH TXHVW}HV GR ~OWLPR FRQFXUVR GR 67-� RFRUULGR
HP �����
(VSHUR TXH JRVWHP��
1DGD p LPSRVVtYHO SDUD DTXHOHV TXH ID]HP GD GLILFXOGDGH XPD
RSRUWXQLGDGH��
WŽƌƚƵŐƵġƐ Ɖͬ ^d:
�ŶĂůŝƐƚĂ Ğ dĠĐŶŝĐŽ :ƵĚŝĐŝĄƌŝŽ
dĞŽƌŝĂ Ğ YƵĞƐƚƁĞƐ �ŽŵĞŶƚĂĚĂƐ
WƌŽĨǐ ZĂĨĂĞůĂ &ƌĞŝƚĂƐ ʹ �ƵůĂ ϭϬ
WƌŽĨǐ ZĂĨĂĞůĂ &ƌĞŝƚĂƐ ǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌ Ϯ ĚĞ Ϯϯ
0DLV XPD YH] HX SURSRQKR D YHULILFDomR GR FRQKHFLPHQWR VHP
FRPHQWiULRV H JDEDULWR� 1R ILQDO� FRPHQWDUHL FDGD TXHVWmR SDUD TXH YRFrV
SRVVDP FRQIHULU�
8Q% LQYHVWH HP LGHLDV H SURMHWRV FRPSURPHWLGRV FRP D FUtWLFD VRFLDO H D
UHIOH[mR� 0XLWDV GHVVDV H[SHULrQFLDV WrP IRPHQWDGR R GHEDWH QDFLRQDO GH
WHPDV SROrPLFRV GD UHDOLGDGH EUDVLOHLUD� GDV TXDLV XPD IRL D FULDomR� HP �����
GH FRWDV QR YHVWLEXODU SDUD LQVHULU QHJURV H LQGtJHQDV QD XQLYHUVLGDGH H DMXGDU
D FRUULJLU VpFXORV GH H[FOXVmR UDFLDO�
$ PHGLGD IRL SROrPLFD� PDV D 8Q% ² D SULPHLUD XQLYHUVLGDGH IHGHUDO D
DGRWDU R VLVWHPD ² EXVFRX DVVXPLU VHX SDSHO QD OXWD SRU XP SURMHWR GH
FRPEDWH DR UDFLVPR H j H[FOXVmR�
2XWUD LQRYDomR p R 3URJUDPD GH $YDOLDomR 6HULDGD �3$6�� FULDGR FRPR
DOWHUQDWLYD DR YHVWLEXODU� HP TXH FDQGLGDWRV VmR DYDOLDGRV HP SURYDV
DSOLFDGDV DR WpUPLQR GH FDGD XPD GDV VpULHV GR HQVLQR PpGLR� $ LQWHQomR p D
GH HVWLPXODU DV HVFRODV D SUHSDUDU PHOKRU R DOXQR� FRP FRQWH~GRV PDLV GHQVRV
GHVGH R SULPHLUR DQR GR HQVLQR PpGLR�
(P WUH]H DQRV GH FULDomR� PDLV GH RLWHQWD PLO HVWXGDQWHV SDUWLFLSDUDP
GHVVH SURFHVVR VHOHWLYR� GRV TXDLV ������ WRUQDUDP�VH FDORXURV GD 8Q%�
,QWHUQHW� � ZZZ�XQE�EU! �FRP DGDSWDo}HV��
-XOJXH RV LWHQV TXH VH VHJXHP FRP UHODomR jV LGHLDV H HVWUXWXUDV
OLQJXtVWLFDV GR WH[WR ,,,�
��� �)8% ± ���� ± $GPLQLVWUDGRU ± &HVSH�8Q%� ,QIHUH�VH GR WH[WR
TXH� DWp D GDWD GH FULDomR GR 3$6� ������ DOXQRV IRUDP DSURYDGRV QR
YHVWLEXODU GD 8Q%�
WŽƌƚƵŐƵġƐ Ɖͬ ^d:
�ŶĂůŝƐƚĂ Ğ dĠĐŶŝĐŽ :ƵĚŝĐŝĄƌŝŽ
dĞŽƌŝĂ Ğ YƵĞƐƚƁĞƐ �ŽŵĞŶƚĂĚĂƐ
WƌŽĨǐ ZĂĨĂĞůĂ &ƌĞŝƚĂƐ ʹ �ƵůĂ ϭϬ
WƌŽĨǐ ZĂĨĂĞůĂ &ƌĞŝƚĂƐ ǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌ ϯ ĚĞ Ϯϯ
��� �)8% ± ���� ± $GPLQLVWUDGRU ± &HVSH�8Q%� 1D OLQKD ��� R
SURQRPH UHODWLYR ³TXH´ UHIHUH�VH D ³YHVWLEXODU´�
��� �)8% ± ���� ± $GPLQLVWUDGRU ± &HVSH�8Q%� $ PHGLGD SROrPLFD
DERUGDGD QR SULPHLUR SDUiJUDIR SURPRYHX R GHEDWH QDFLRQDO D UHVSHLWR GD
TXHVWmR GRV QHJURV H GRV LQGtJHQDV QD UHDOLGDGH EUDVLOHLUD�
��� �)8% ± ���� ± $GPLQLVWUDGRU ± &HVSH�8Q%� 6HP SUHMXt]R SDUD D
FRUUHomR JUDPDWLFDO H RV VHQWLGRV RULJLQDLV GR WH[WR� R SHUtRGR ³$ 8Q% ����� H D
UHIOH[mR´ �O� � H �� SRGHULD VHU DVVLP UHHVFULWR� $ 8Q%� FRPSURPHWLGD FRP D
FUtWLFD VRFLDO H D UHIOH[mR� LQYHVWH HP LGHLDV H SURMHWRV�
��� �)8% ± ���� ± $GPLQLVWUDGRU ± &HVSH�8Q%� ,QIHUH�VH GR WUHFKR
³2XWUD LQRYDomR´ �O��� TXH D DGRomR GR VLVWHPD GH FRWDV IRL XPD LQRYDomR�
��� �)8% ± ���� ± $GPLQLVWUDGRU ± &HVSH�8Q%� 2 WH[WR p
HVVHQFLDOPHQWH DUJXPHQWDWLYR� KDMD YLVWD D TXDQWLGDGH GH DGMHWLYDo}HV TXH
IRUDP XWLOL]DGDV SDUD FRQYHQFHU R OHLWRU GH TXH RV SURMHWRV GD 8Q% VmR
SRVLWLYRV�
)XQGDGD SRU 3WRORPHX )LODGHOIR� QR LQtFLR GR VpFXOR ,,, D�&�� D ELEOLRWHFD
GH $OH[DQGULD UHSUHVHQWD XPD HStJUDIH SHUIHLWD SDUD D GLVFXVVmR VREUH D
PDWHULDOLGDGH GD FRPXQLFDomR� $V HVFDYDo}HV SDUD D ORFDOL]DomR GD ELEOLRWHFD�
VHP G~YLGD XP GRV PDLRUHV WHVRXURV GD $QWLJXLGDGH� DWUDtUDP LQ~PHUDV
JHUDo}HV GH DUTXHyORJRV� ,QXWLOPHQWH� 7UDWDYD�VH HQWmR GH XPD ELEOLRWHFD
LPDJLQiULD� FXMRV OLYURV WDOYH] QXQFD WLYHVVHP H[LVWLGR" 3HUVLVWLDP� FRQWXGR�
QXPHURVDV IRQWHV FOiVVLFDV TXH GHVFUHYLDP R OXJDU HP TXH VH HQFRQWUDYDP
FHQWHQDV GH PLOKDUHV GH URORV� ( HLV D VROXomR GR HQLJPD� 2 DFHUYR GD
ELEOLRWHFD GH $OH[DQGULD HUD FRPSRVWR SRU URORV H QmR SRU OLYURV ²
SUHVVXSRVLomR SRU FHUWR LQJrQXD� RX VHMD� DWULEXLomR DQDFU{QLFD GH QRVVD
PDWHULDOLGDGH SDUD pSRFDV GLYHUVDV� (P YH] GH XP FRQMXQWR GH VDODV FRP
WŽƌƚƵŐƵġƐ Ɖͬ ^d:
�ŶĂůŝƐƚĂ Ğ dĠĐŶŝĐŽ :ƵĚŝĐŝĄƌŝŽ
dĞŽƌŝĂ Ğ YƵĞƐƚƁĞƐ �ŽŵĞŶƚĂĚĂƐ
WƌŽĨǐ ZĂĨĂĞůĂ &ƌĞŝƚĂƐ ʹ �ƵůĂ ϭϬ
WƌŽĨǐ ZĂĨĂĞůĂ &ƌĞŝƚĂƐ ǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌ ϰ ĚĞ Ϯϯ
HVWDQWHV GLVSRVWDV SDUDOHODPHQWH H HQIHL[DGDV HP XP HGLItFLR SUySULR� D
ELEOLRWHFD GH $OH[DQGULD FRQVLVWLD HP XPD VpULH LQILQLWD GH HVWDQWHV HVFDYDGDV
QDV SDUHGHV GD WXPED GH 5DPVpV� 2UD� PDV QmR HUD HVVD D PHOKRU IRUPD GH
FROHFLRQDU URORV� SUHVHUYDQGR�RV FRQWUD DV LQWHPSpULHV" 2V DUTXHyORJRV TXH
SDVVDUDP DQRV VHP HQFRQWUDU D ELEOLRWHFD GH $OH[DQGULD VHPSUH D WLYHUDP
GLDQWH GRV ROKRV� PHVPR DR DOFDQFH GDV PmRV� 1R HQWDQWR� MDPDLV SRGHULDP
ORFDOL]i�OD� Mi TXH QmR OHYDUDP HP FRQVLGHUDomR D PDWHULDOLGDGH GRV PHLRV GH
FRPXQLFDomR GRPLQDQWH QD pSRFD� HOHV� QD YHUGDGH� SURFXUDYDP XPD
ELEOLRWHFD HVWUXWXUDGD SDUD FROHFLRQDU OLYURV H QmR URORV� 4XDQWDV ELEOLRWHFDV GH
$OH[DQGULD SHUPDQHFHP LJQRUDGDV GHYLGR j QHJOLJrQFLD FRP D PDWHULDOLGDGH
GRV PHLRV GH FRPXQLFDomR"
2 FRQFHLWR GH PDWHULDOLGDGH GD FRPXQLFDomR VXS}H D UHFRQVWUXomR GD
PDWHULDOLGDGH HVSHFtILFD PHGLDQWH D TXDO RV YDORUHV GH XPD FXOWXUD VmR� GH XP
ODGR� SURGX]LGRV H� GH RXWUR� WUDQVPLWLGRV� 7DO PDWHULDOLGDGH HQYROYH WDQWR R
PHLR GH FRPXQLFDomR TXDQWR DV LQVWLWXLo}HV UHVSRQViYHLV SHOD UHSURGXomR GD
FXOWXUD H� HP XP VHQWLGR DPSOR� LQFOXL DV UHODo}HV HQWUH PHLR GH FRPXQLFDomR�
LQVWLWXLo}HV H KiELWRV PHQWDLV GH XPD pSRFD GHWHUPLQDGD� 9HMDPRV� SDUD R
HQWHQGLPHQWR GH XPD IRUPD SDUWLFXODU GH FRPXQLFDomR ² SRU H[HPSOR� R
WHDWUR QD *UpFLD FOiVVLFD RX QD ,QJODWHUUD HOL]DEHWDQD� R URPDQFH QRV VpFXORV
;9,,, H ;,;� R FLQHPD H D WHOHYLVmR QR VpFXOR ;;� R FRPSXWDGRU HP QRVVRV
GLDV ²� R HVWXGLRVR GHYH UHFRQVWUXLU WDQWR DV FRQGLo}HV KLVWyULFDV TXDQWR D
PDWHULDOLGDGH GR PHLR GH FRPXQLFDomR� $VVLP� QR WHDWUR� D YR] H R FRUSR GR
DWRU FRQVWLWXHP XPD PDWHULDOLGDGH PXLWR GLIHUHQWH GD TXH VHUi FULDGD SHOR
DGYHQWR H GLIXVmR GD LPSUHQVD� SRLV RV WLSRV LPSUHVVRV WHQGHP� DR FRQWUiULR�
D H[FOXLU R FRUSR GR FLUFXLWR FRPXQLFDWLYR� -i RV PHLRV DXGLRYLVXDLV H
LQIRUPiWLFRV SURPRYHP XP FHUWR UHWRUQR GR FRUSR� PDV VRE R VLJQR GD
YLUWXDOLGDGH� &RPSUHHQGHU� SRUWDQWR� FRPR WDLV PDWHULDOLGDGHV LQIOXHP QD
HODERUDomR GR DWR FRPXQLFDWLYR p IXQGDPHQWDO SDUD VH HQWHQGHU FRPR FKHJDP
D LQWHUIHULU QD SUySULD RUGHQDomR GD VRFLHGDGH�
WŽƌƚƵŐƵġƐ Ɖͬ ^d:
�ŶĂůŝƐƚĂ Ğ dĠĐŶŝĐŽ :ƵĚŝĐŝĄƌŝŽ
dĞŽƌŝĂ Ğ YƵĞƐƚƁĞƐ �ŽŵĞŶƚĂĚĂƐ
WƌŽĨǐ ZĂĨĂĞůĂ &ƌĞŝƚĂƐ ʹ �ƵůĂ ϭϬ
WƌŽĨǐ ZĂĨĂĞůĂ &ƌĞŝƚĂƐ ǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌ ϱ ĚĞ Ϯϯ
-RmR &� GH &� 5RFKD� $ PDWpULD GD PDWHULDOLGDGH� FRPR ORFDOL]DU D ELEOLRWHFD GH
$OH[DQGULD" ,Q� -RmR &� GH &� 5RFKD �2UJ��� ,QWHUVHo}HV� D PDWHULDOLGDGH GD
FRPXQLFDomR� 5LR GH -DQHLUR� ,PDJR� ('8(5-� ����� S� ��� ����� �FRP DGDSWDo}HV��
&RP UHODomR jV LGHLDV H HVWUXWXUDV OLQJXtVWLFDV GR WH[WR� MXOJXH RV LWHQV D
VHJXLU�
��� �67- ± ���� ± $QDOLVWD -XGLFLiULR ± &HVSH�8Q%� 'HSUHHQGH�VH GR
WH[WR TXH D SHVTXLVD DUTXHROyJLFD GHYH SUHVFLQGLU GH IRQWHV GRFXPHQWDLV H
FRQFHQWUDU�VH QD DYDOLDomR GH DFKDGRV PDWHULDLV�
��� �67- ± ���� ± $QDOLVWD -XGLFLiULR ± &HVSH�8Q%� 1D OLQKD ��� R
SRQWR ILQDO DSyV ³URORV´ SRGHULD VHU VXEVWLWXtGR SRU SRQWR H YtUJXOD� GHVGH TXH
R WHUPR ³4XDQWDV´ IRVVH JUDIDGR FRP PLQ~VFXOD� TXDQWDV�
��� �67- ± ���� ± $QDOLVWD -XGLFLiULR ± &HVSH�8Q%� 1D OLQKD ��
³FXMRV´ H[SUHVVD XPD UHODomR GH SRVVH�
��� �67- ± ���� ± $QDOLVWD -XGLFLiULR ± &HVSH�8Q%� $ SDUWtFXOD ³VH´�
HP ³7UDWDYD�VH´ �O��� H HP ³VH HQFRQWUDYDP´ �O���� FODVVLILFD�VH FRPR SURQRPH
UHIOH[LYR H UHWRPD� UHVSHFWLYDPHQWH� ³XPD ELEOLRWHFD LPDJLQiULD´�
��� �67- ± ���� ± $QDOLVWD -XGLFLiULR ± &HVSH�8Q%� 2 WUHFKR ³MDPDLV
SRGHULDP ORFDOL]i�OD´ SRGHULD VHU FRUUHWDPHQWH UHHVFULWR GD VHJXLQWH IRUPD�
MDPDLV D SRGHULDP ORFDOL]DU���� �67- ± ���� ± $QDOLVWD -XGLFLiULR ± &HVSH�8Q%� $ SUHSRVLomR
³SDUD´� HP ³SDUD D GLVFXVVmR´ H HP ³SDUD FROHFLRQDU OLYURV�� LQWURGX]
H[SUHVVmR TXH H[SULPH ILQDOLGDGH�
��� �67- ± ���� ± $QDOLVWD -XGLFLiULR ± &HVSH�8Q%� 'H DFRUGR FRP R
WH[WR� DSyV PXLWRV DQRV GH SHVTXLVD IUXVWUDGD� EDVHDGD HP SUHVVXSRVWRV
WŽƌƚƵŐƵġƐ Ɖͬ ^d:
�ŶĂůŝƐƚĂ Ğ dĠĐŶŝĐŽ :ƵĚŝĐŝĄƌŝŽ
dĞŽƌŝĂ Ğ YƵĞƐƚƁĞƐ �ŽŵĞŶƚĂĚĂƐ
WƌŽĨǐ ZĂĨĂĞůĂ &ƌĞŝƚĂƐ ʹ �ƵůĂ ϭϬ
WƌŽĨǐ ZĂĨĂĞůĂ &ƌĞŝƚĂƐ ǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌ ϲ ĚĞ Ϯϯ
FXOWXUDLV HTXLYRFDGRV� RV DUTXHyORJRV HQFRQWUDUDP DV UXtQDV GD ELEOLRWHFD GH
$OH[DQGULD H RV URORV TXH FRQVWLWXtDP VHX DFHUYR�
��� �67- ± ���� ± $QDOLVWD -XGLFLiULR ± &HVSH�8Q%�
$ XP FRURQHO TXH VH TXHL[DYD GD YLGD GH TXDUWHO� XP MRUQDOLVWD GLVVH�
² ( R VHQKRU QmR VDEH FRPR p FKDWR PLOLWDU QD LPSUHQVD�
6tULR 3RVVHQWL� 2V KXPRUHV GD OtQJXD� 6mR 3DXOR� 0HUFDGR GH /HWUDV� ����� S� ���
1D FRQVWUXomR GR VHQWLGR GR WH[WR� GHVWDFD�VH D DPELJXLGDGH GR YRFiEXOR
³PLOLWDU´� TXH� QR FRQWH[WR HP TXH DSDUHFH� SRGH VHU FODVVLILFDGR RUD FRPR
VXEVWDQWLYR� RUD FRPR YHUER�
��� �67- ± ���� ± $QDOLVWD -XGLFLiULR ± &HVSH�8Q%� 2 SRQWR ILQDO
HPSUHJDGR ORJR DSyV ³LPSUHQVD´ SRGHULD VHU FRUUHWDPHQWH VXEVWLWXtGR SRU
UHWLFrQFLDV�
��� �67- ± ���� ± $QDOLVWD -XGLFLiULR ± &HVSH�8Q%� 2 HPSUHJR GD
YtUJXOD DSyV ³TXDUWHO´ p IDFXOWDWLYR�
&RQVLGHUDQGR RV DVSHFWRV HVWUXWXUDLV H OLQJXtVWLFRV GDV FRUUHVSRQGrQFLDV
RILFLDLV� MXOJXH R LWHP TXH VH VHJXH GH DFRUGR FRP R 0DQXDO GH 5HGDomR GD
3UHVLGrQFLD GD 5HS~EOLFD�
��� �'(3(1 ± ���� � (VSHFLDOLVWD HP $VVLVWrQFLD 3HQLWHQFLiULD ±
&HVSH�8Q%� 2 XVR GD YDULHGDGH SDGUmR GD OtQJXD QD UHGDomR GRV
H[SHGLHQWHV RILFLDLV WHP SRU EDVH XP SDGUmR RILFLDO GH OLQJXDJHP� LVWR p� XPD
IRUPD GH OLQJXDJHP FRPXP QD HVFULWD GH GRFXPHQWRV RILFLDLV H TXH VH
FDUDFWHUL]D SHOD VHOHomR GH GHWHUPLQDGDV H[SUHVV}HV OLQJXtVWLFDV H SHOD
XWLOL]DomR GH HVWUXWXUDV VLQWiWLFDV WUDGLFLRQDLV�
WŽƌƚƵŐƵġƐ Ɖͬ ^d:
�ŶĂůŝƐƚĂ Ğ dĠĐŶŝĐŽ :ƵĚŝĐŝĄƌŝŽ
dĞŽƌŝĂ Ğ YƵĞƐƚƁĞƐ �ŽŵĞŶƚĂĚĂƐ
WƌŽĨǐ ZĂĨĂĞůĂ &ƌĞŝƚĂƐ ʹ �ƵůĂ ϭϬ
WƌŽĨǐ ZĂĨĂĞůĂ &ƌĞŝƚĂƐ ǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌ ϳ ĚĞ Ϯϯ
1D RUJDQL]DomR GR SRGHU SROtWLFR QR (VWDGR PRGHUQR� j OX] GD WUDGLomR
LOXPLQLVWD� R GLUHLWR WHP SRU IXQomR D SUHVHUYDomR GD OLEHUGDGH KXPDQD� GH
PDQHLUD D FRLELU D GHVRUGHP GR HVWDGR GH QDWXUH]D� TXH� HP YLUWXGH GR ULVFR
GD GRPLQDomR GRV PDLV IUDFRV SHORV PDLV IRUWHV� H[LJH D H[LVWrQFLD GH XP
SRGHU LQVWLWXFLRQDO� 0DV D FRQTXLVWD GD OLEHUGDGH KXPDQD WDPEpP UHFODPD D
GLVWULEXLomR GR SRGHU HP UDPRV GLYHUVRV� FRP D GLVSRVLomR GH PHLRV TXH
DVVHJXUHP R FRQWUROH UHFtSURFR HQWUH HOHV SDUD R DGYHQWR GH XP FHQiULR GH
HTXLOtEULR H KDUPRQLD QDV VRFLHGDGHV HVWDWDLV� $ FRQFHQWUDomR GR SRGHU HP XP
Vy yUJmR RX SHVVRD YLULD VHPSUH HP GHWULPHQWR GR H[HUFtFLR GD OLEHUGDGH� e
TXH� FRPR REVHUYRX 0RQWHVTXLHX� ³WRGR KRPHP TXH WHP SRGHU WHQGH D DEXVDU
GHOH� HOH YDL DWp RQGH HQFRQWUD OLPLWHV� 3DUD TXH QmR VH SRVVD DEXVDU GR
SRGHU� p SUHFLVR TXH� SHOD GLVSRVLomR GDV FRLVDV� R SRGHU OLPLWH R SRGHU´�
$Wp 0RQWHVTXLHX� QmR HUDP LGHQWLILFDGDV FRP FODUH]D DV HVIHUDV GH
DEUDQJrQFLD GRV SRGHUHV SROtWLFRV� ³Vy VH FRQFHELD VXD XQLmR QDV PmRV GH XP
Vy RX� HQWmR� VXD VHSDUDomR� QLQJXpP VH DUULVFDYD D DSUHVHQWDU� VRE D IRUPD
GH VLVWHPD FRHUHQWH� DV FRQVHTXrQFLDV GH FRQFHLWRV GLYHUVRV´� 3HQVDGRU
IUDQFrV GR VpFXOR ;9,,,� 0RQWHVTXLHX VLWXD�VH HQWUH R UDFLRQDOLVPR FDUWHVLDQR
H R HPSLULVPR GH RULJHP EDFRQLDQD� QmR DEDQGRQDQGR R ULJRU GDV FHUWH]DV
PDWHPiWLFDV HP VXDV FHUWH]DV PRUDLV� 3RUpP� UHIXJLQGR jV HVSHFXODo}HV
PHWDItVLFDV TXH� QR SODQR GD LGHDOLGDGH� VHUYLUDP DRV ILOyVRIRV GR SDFWR VRFLDO
SDUD D H[SOLFDomR GRV IXQGDPHQWRV GR (VWDGR RX GD VRFLHGDGH FLYLO� HOH
SURFXURX LQJUHVVDU QR WHUUHQR GRV IDWRV�
)HUQDQGD /HmR GH $OPHLGD� $ JDUDQWLD LQVWLWXFLRQDO GR 0LQLVWpULR 3~EOLFR HP
IXQomR GD SURWHomR GRV GLUHLWRV KXPDQRV� 7HVH GH GRXWRUDGR� 6mR 3DXOR� 863� ����� S�
����� ,QWHUQHW� �ZZZ�WHVHV�XVS�EU! �FRP DGDSWDo}HV��
-XOJXH R LWHP VXEVHTXHQWH� UHODWLYR jV HVWUXWXUDV OLQJXtVWLFDV GR WH[WR�
WŽƌƚƵŐƵġƐ Ɖͬ ^d:
�ŶĂůŝƐƚĂ Ğ dĠĐŶŝĐŽ :ƵĚŝĐŝĄƌŝŽ
dĞŽƌŝĂ Ğ YƵĞƐƚƁĞƐ �ŽŵĞŶƚĂĚĂƐ
WƌŽĨǐ ZĂĨĂĞůĂ &ƌĞŝƚĂƐ ʹ �ƵůĂ ϭϬ
WƌŽĨǐ ZĂĨĂĞůĂ &ƌĞŝƚĂƐ ǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌ ϴ ĚĞ Ϯϯ
��� �038 ± ���� � $QDOLVWD GR 0LQLVWpULR 3~EOLFR GD 8QLmR ±
&(63(� $ IOH[mR SOXUDO HP ³HUDP LGHQWLILFDGDV´ GHFRUUH GD FRQFRUGkQFLD FRP R
VXMHLWR GHVVD IRUPD YHUEDO� ³DV HVIHUDV GH DEUDQJrQFLD GRV SRGHUHV SROtWLFRV´�
��� �038 ± ���� � $QDOLVWD GR 0LQLVWpULR 3~EOLFR GD 8QLmR ±
&(63(� $ RUDomR ³TXH� GRWDGR ����� SUDJDV YLUWXDLV´ p GH QDWXUH]D UHVWULWLYD�
$ SHUVHFXomR SHQDO VH GHVHQYROYH HP GXDV IDVHV� XPD IDVH
DGPLQLVWUDWLYD� GH LQTXpULWR SROLFLDO� H XPD IDVH MXULVGLFLRQDO� GH DomR SHQDO�
$VVLP� QDGD PDLV p R LQTXpULWR SROLFLDO TXH XP SURFHGLPHQWR DGPLQLVWUDWLYR
GHVWLQDGR D UHXQLU HOHPHQWRV QHFHVViULRV j DSXUDomR GD SUiWLFD GH XPD
LQIUDomR SHQDO H GH VXD DXWRULD� (P RXWUDV SDODYUDV� R LQTXpULWR SROLFLDO p XP
SURFHGLPHQWR SROLFLDO TXH WHP SRU ILQDOLGDGH FRQVWUXLU XP ODVWUR SUREDWyULR
PtQLPR� HQVHMDQGR MXVWD FDXVD SDUD TXH R WLWXODU GD DomR SHQDO SRVVD IRUPDU
VHX FRQYHQFLPHQWR� D RSLQLR GHOLFWL� H� DVVLP� LQVWDXUDU D DomR SHQDO FDEtYHO�
1HVVD OLQKD� SHUFHEH�VH TXH R GHVWLQDWiULR LPHGLDWR GR LQTXpULWR SROLFLDO p R
0LQLVWpULR 3~EOLFR� QRV FDVRV GH DomR SHQDO S~EOLFD� H R RIHQGLGR� QRV FDVRV GH
DomR SHQDO SULYDGD�
'H DFRUGR FRP R FRQFHLWR RUD DSUHVHQWDGR� SDUD TXH R WLWXODU GD DomR
SHQDO SRVVD� HQILP� DMXL]i�OD� p QHFHVViULR TXH KDMD MXVWD FDXVD� $ MXVWD FDXVD�
LGHQWLILFDGD SRU SDUWH GD GRXWULQD FRPR XPD FRQGLomR GD DomR DXW{QRPD�
FRQVLVWH QD REULJDWRULHGDGH GH TXH H[LVWDP SURYD DFHUFD GD PDWHULDOLGDGH
GHOLWLYD H� DR PHQRV� LQGtFLRV GH DXWRULD� GH PRGR D H[LVWLU IXQGDGD VXVSHLWD
DFHUFD GD SUiWLFD GH XP IDWR GH QDWXUH]D SHQDO� 'HVVD IRUPD� p LPSUHVFLQGtYHO
TXH KDMD SURYDV DFHUFD GD SRVVtYHO H[LVWrQFLD GH XP IDWR FULPLQRVR H
LQGLFDo}HV UD]RiYHLV GR VXMHLWR TXH WHQKD VLGR R DXWRU GHVVH IDWR�
(YLGHQFLD�VH� SRUWDQWR� TXH p MXVWDPHQWH QD IDVH GR LQTXpULWR SROLFLDO TXH
VHUmR FROHWDGDV DV LQIRUPDo}HV H DV SURYDV TXH LUmR IRUPDU R FRQYHQFLPHQWR
GR WLWXODU GD DomR SHQDO� LVWR p� D RSLQLR GHOLFWL� e FRP EDVH QRV HOHPHQWRV
DSXUDGRV QR LQTXpULWR TXH R SURPRWRU GH MXVWLoD� FRQYHQFLGR GD H[LVWrQFLD GH
WŽƌƚƵŐƵġƐ Ɖͬ ^d:
�ŶĂůŝƐƚĂ Ğ dĠĐŶŝĐŽ :ƵĚŝĐŝĄƌŝŽ
dĞŽƌŝĂ Ğ YƵĞƐƚƁĞƐ �ŽŵĞŶƚĂĚĂƐ
WƌŽĨǐ ZĂĨĂĞůĂ &ƌĞŝƚĂƐ ʹ �ƵůĂ ϭϬ
WƌŽĨǐ ZĂĨĂĞůĂ &ƌĞŝƚĂƐ ǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌ ϵ ĚĞ Ϯϯ
MXVWD FDXVD SDUD D DomR SHQDO� RIHUHFH D GHQ~QFLD� HQFHUUDQGR D IDVH
DGPLQLVWUDWLYD GD SHUVHFXomR SHQDO�
+iOLQQD 5HJLQD GH /LUD 5ROLP� $ SRVVLELOLGDGH GH LQYHVWLJDomR GR 0LQLVWpULR 3~EOLFR
QD IDVH SUp�SURFHVVXDO SHQDO� $UWLJR FLHQWtILFR� 5LR GH -DQHLUR� (VFROD GH 0DJLVWUDWXUD GR
(VWDGR GR 5LR GH -DQHLUR� ����� S� �� ,QWHUQHW � �ZZZ�HPHUM�WMUM�MXV�EU!� �&RP DGDSWDo}HV��
��� �038 ± ���� � $QDOLVWD GR 0LQLVWpULR 3~EOLFR GD 8QLmR ±
&(63(� (P ³(YLGHQFLD�VH´� R SURQRPH ³VH´ SRGH� IDFXOWDWLYD H FRUUHWDPHQWH�
VHU WDQWR SRVSRVWR ² FRPR Dt IRL HPSUHJDGR ² TXDQWR DQWHSRVWR j IRUPD
YHUEDO ² 6H HYLGHQFLD�
+25$ '( &21)(5,5��
8Q% LQYHVWH HP LGHLDV H SURMHWRV FRPSURPHWLGRV FRP D FUtWLFD VRFLDO H D
UHIOH[mR� 0XLWDV GHVVDV H[SHULrQFLDV WrP IRPHQWDGR R GHEDWH QDFLRQDO GH
WHPDV SROrPLFRV GD UHDOLGDGH EUDVLOHLUD� GDV TXDLV XPD IRL D FULDomR� HP �����
GH FRWDV QR YHVWLEXODU SDUD LQVHULU QHJURV H LQGtJHQDV QD XQLYHUVLGDGH H DMXGDU
D FRUULJLU VpFXORV GH H[FOXVmR UDFLDO�
$ PHGLGD IRL SROrPLFD� PDV D 8Q% ² D SULPHLUD XQLYHUVLGDGH IHGHUDO D
DGRWDU R VLVWHPD ² EXVFRX DVVXPLU VHX SDSHO QD OXWD SRU XP SURMHWR GH
FRPEDWH DR UDFLVPR H j H[FOXVmR�
2XWUD LQRYDomR p R 3URJUDPD GH $YDOLDomR 6HULDGD �3$6�� FULDGR FRPR
DOWHUQDWLYD DR YHVWLEXODU� HP TXH FDQGLGDWRV VmR DYDOLDGRV HP SURYDV
DSOLFDGDV DR WpUPLQR GH FDGD XPD GDV VpULHV GR HQVLQR PpGLR� $ LQWHQomR p D
GH HVWLPXODU DV HVFRODV D SUHSDUDU PHOKRU R DOXQR� FRP FRQWH~GRV PDLV GHQVRV
GHVGH R SULPHLUR DQR GR HQVLQR PpGLR�
(P WUH]H DQRV GH FULDomR� PDLV GH RLWHQWD PLO HVWXGDQWHV SDUWLFLSDUDP
GHVVH SURFHVVR VHOHWLYR� GRV TXDLV ������ WRUQDUDP�VHFDORXURV GD 8Q%�
,QWHUQHW� � ZZZ�XQE�EU! �FRP DGDSWDo}HV��
WŽƌƚƵŐƵġƐ Ɖͬ ^d:
�ŶĂůŝƐƚĂ Ğ dĠĐŶŝĐŽ :ƵĚŝĐŝĄƌŝŽ
dĞŽƌŝĂ Ğ YƵĞƐƚƁĞƐ �ŽŵĞŶƚĂĚĂƐ
WƌŽĨǐ ZĂĨĂĞůĂ &ƌĞŝƚĂƐ ʹ �ƵůĂ ϭϬ
WƌŽĨǐ ZĂĨĂĞůĂ &ƌĞŝƚĂƐ ǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌ ϭϬ ĚĞ Ϯϯ
-XOJXH RV LWHQV TXH VH VHJXHP FRP UHODomR jV LGHLDV H HVWUXWXUDV
OLQJXtVWLFDV GR WH[WR ,,,�
��� �)8% ± ���� ± $GPLQLVWUDGRU ± &HVSH�8Q%� ,QIHUH�VH GR WH[WR
TXH� DWp D GDWD GH FULDomR GR 3$6� ������ DOXQRV IRUDP DSURYDGRV QR
YHVWLEXODU GD 8Q%�
&RPHQWiULR� D LQIRUPDomR HVWi HUUDGD� (P �� DQRV GH 3$6� ������
DOXQRV IRUDP DSURYDGRV QR YHVWLEXODU GD 81%� R TXH VH FRPSURYD QR VHJXLQWH
WUHFKR� ³(P WUH]H DQRV GH FULDomR� PDLV GH RLWHQWD PLO HVWXGDQWHV SDUWLFLSDUDP
GHVVH SURFHVVR VHOHWLYR� GRV TXDLV ������ WRUQDUDP�VH FDORXURV GD 8Q%´
*$%$5,72� (55$'2
��� �)8% ± ���� ± $GPLQLVWUDGRU ± &HVSH�8Q%� 1D OLQKD ��� R
SURQRPH UHODWLYR ³TXH´ UHIHUH�VH D ³YHVWLEXODU´�
&RPHQWiULR� D DILUPDomR HVWi HUUDGD� 1R WUHFKR ³2XWUD LQRYDomR p R
3URJUDPD GH $YDOLDomR 6HULDGD �3$6�� ����� HP TXH FDQGLGDWRV VmR
DYDOLDGRV���´� R ³TXH´ UHIHUH�VH j ³3URJUDPD GH $YDOLDomR 6HULDGD´�
*$%$5,72� (55$'2�
��� �)8% ± ���� ± $GPLQLVWUDGRU ± &HVSH�8Q%� $ PHGLGD SROrPLFD
DERUGDGD QR SULPHLUR SDUiJUDIR SURPRYHX R GHEDWH QDFLRQDO D UHVSHLWR GD
TXHVWmR GRV QHJURV H GRV LQGtJHQDV QD UHDOLGDGH EUDVLOHLUD�
&RPHQWiULR� D PHGLFD SROrPLFD GH TXH VH WUDWD p D FULDomR GH FRWDV SDUD
QHJURV H tQGLRV LQJUHVVDUHP QD XQLYHUVLGDGH� (QWUH RXWUDV� HVVD IRL XPD
PHGLGD TXH SURPRYHX VLP R GHEDWH D UHVSHLWR GD UHDOLGDGH GHOHV QR %UDVLO�
*$%$5,72� &(572�
WŽƌƚƵŐƵġƐ Ɖͬ ^d:
�ŶĂůŝƐƚĂ Ğ dĠĐŶŝĐŽ :ƵĚŝĐŝĄƌŝŽ
dĞŽƌŝĂ Ğ YƵĞƐƚƁĞƐ �ŽŵĞŶƚĂĚĂƐ
WƌŽĨǐ ZĂĨĂĞůĂ &ƌĞŝƚĂƐ ʹ �ƵůĂ ϭϬ
WƌŽĨǐ ZĂĨĂĞůĂ &ƌĞŝƚĂƐ ǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌ ϭϭ ĚĞ Ϯϯ
��� �)8% ± ���� ± $GPLQLVWUDGRU ± &HVSH�8Q%� 6HP SUHMXt]R SDUD D
FRUUHomR JUDPDWLFDO H RV VHQWLGRV RULJLQDLV GR WH[WR� R SHUtRGR ³$ 8Q% ����� H D
UHIOH[mR´ �O� � H �� SRGHULD VHU DVVLP UHHVFULWR� $ 8Q%� FRPSURPHWLGD FRP D
FUtWLFD VRFLDO H D UHIOH[mR� LQYHVWH HP LGHLDV H SURMHWRV�
&RPHQWiULR� UHHVFUHYHQGR R SHUtRGR ³$ 8Q% LQYHVWH HP LGHLDV H SURMHWRV
FRPSURPHWLGRV FRP D FUtWLFD VRFLDO H D UHIOH[mR´ GD PDQHLUD SURSRVWD� $ 8Q%�
FRPSURPHWLGD FRP D FUtWLFD VRFLDO H D UHIOH[mR� LQYHVWH HP LGHLDV H SURMHWRV�
FDXVDULD PXGDQoD GH VHQWLGR� XPD YH] TXH VHULD D 8Q% FRPSURPHWLGD FRP D
FUtWLFD VRFLDO H D UHIOH[mR� QmR RV SURMHWRV� $ FRUUHomR JUDPDWLFDO QmR VHULD
DOWHUDGD�
*$%$5,72� (55$'2�
��� �)8% ± ���� ± $GPLQLVWUDGRU ± &HVSH�8Q%� ,QIHUH�VH GR WUHFKR
³2XWUD LQRYDomR´ �O��� TXH D DGRomR GR VLVWHPD GH FRWDV IRL XPD LQRYDomR�
&RPHQWiULR� DILUPDWLYD FRUUHWD� SRLV R WH[WR QRV PRVWUD FRP ³RXWUD
LQRYDomR´ TXH R 3$6 H R VLVWHPD GH FRWDV IRUDP LQRYDGRUHV�
*$%$5,72� &(572
��� �)8% ± ���� ± $GPLQLVWUDGRU ± &HVSH�8Q%� 2 WH[WR p
HVVHQFLDOPHQWH DUJXPHQWDWLYR� KDMD YLVWD D TXDQWLGDGH GH DGMHWLYDo}HV TXH
IRUDP XWLOL]DGDV SDUD FRQYHQFHU R OHLWRU GH TXH RV SURMHWRV GD 8Q% VmR
SRVLWLYRV�
&RPHQWiULR� R WH[WR WHP FDUiWHU LQIRUPDWLYR� SRLV WUD] LQIRUPDo}HV VREUH
DV LQRYDo}HV GD 8Q%� VHP GHIHQGHU WHVH FRP DUJXPHQWRV�
*$%$5,72� (55$'2�
)XQGDGD SRU 3WRORPHX )LODGHOIR� QR LQtFLR GR VpFXOR ,,, D�&�� D ELEOLRWHFD
GH $OH[DQGULD UHSUHVHQWD XPD HStJUDIH SHUIHLWD SDUD D GLVFXVVmR VREUH D
WŽƌƚƵŐƵġƐ Ɖͬ ^d:
�ŶĂůŝƐƚĂ Ğ dĠĐŶŝĐŽ :ƵĚŝĐŝĄƌŝŽ
dĞŽƌŝĂ Ğ YƵĞƐƚƁĞƐ �ŽŵĞŶƚĂĚĂƐ
WƌŽĨǐ ZĂĨĂĞůĂ &ƌĞŝƚĂƐ ʹ �ƵůĂ ϭϬ
WƌŽĨǐ ZĂĨĂĞůĂ &ƌĞŝƚĂƐ ǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌ ϭϮ ĚĞ Ϯϯ
PDWHULDOLGDGH GD FRPXQLFDomR� $V HVFDYDo}HV SDUD D ORFDOL]DomR GD ELEOLRWHFD�
VHP G~YLGD XP GRV PDLRUHV WHVRXURV GD $QWLJXLGDGH� DWUDtUDP LQ~PHUDV
JHUDo}HV GH DUTXHyORJRV� ,QXWLOPHQWH� 7UDWDYD�VH HQWmR GH XPD ELEOLRWHFD
LPDJLQiULD� FXMRV OLYURV WDOYH] QXQFD WLYHVVHP H[LVWLGR" 3HUVLVWLDP� FRQWXGR�
QXPHURVDV IRQWHV FOiVVLFDV TXH GHVFUHYLDP R OXJDU HP TXH VH HQFRQWUDYDP
FHQWHQDV GH PLOKDUHV GH URORV� ( HLV D VROXomR GR HQLJPD� 2 DFHUYR GD
ELEOLRWHFD GH $OH[DQGULD HUD FRPSRVWR SRU URORV H QmR SRU OLYURV ²
SUHVVXSRVLomR SRU FHUWR LQJrQXD� RX VHMD� DWULEXLomR DQDFU{QLFD GH QRVVD
PDWHULDOLGDGH SDUD pSRFDV GLYHUVDV� (P YH] GH XP FRQMXQWR GH VDODV FRP
HVWDQWHV GLVSRVWDV SDUDOHODPHQWH H HQIHL[DGDV HP XP HGLItFLR SUySULR� D
ELEOLRWHFD GH $OH[DQGULD FRQVLVWLD HP XPD VpULH LQILQLWD GH HVWDQWHV HVFDYDGDV
QDV SDUHGHV GD WXPED GH 5DPVpV� 2UD� PDV QmR HUD HVVD D PHOKRU IRUPD GH
FROHFLRQDU URORV� SUHVHUYDQGR�RV FRQWUD DV LQWHPSpULHV" 2V DUTXHyORJRV TXH
SDVVDUDP DQRV VHP HQFRQWUDU D ELEOLRWHFD GH $OH[DQGULD VHPSUH D WLYHUDP
GLDQWH GRV ROKRV� PHVPR DR DOFDQFH GDV PmRV� 1R HQWDQWR� MDPDLV SRGHULDP
ORFDOL]i�OD� Mi TXH QmR OHYDUDP HP FRQVLGHUDomR D PDWHULDOLGDGH GRV PHLRV GH
FRPXQLFDomR GRPLQDQWH QD pSRFD� HOHV� QD YHUGDGH� SURFXUDYDP XPD
ELEOLRWHFD HVWUXWXUDGD SDUD FROHFLRQDU OLYURV H QmR URORV� 4XDQWDV ELEOLRWHFDV GH
$OH[DQGULD SHUPDQHFHP LJQRUDGDV GHYLGR j QHJOLJrQFLD FRP D PDWHULDOLGDGH
GRV PHLRV GH FRPXQLFDomR"
2 FRQFHLWR GH PDWHULDOLGDGH GD FRPXQLFDomR VXS}H D UHFRQVWUXomR GD
PDWHULDOLGDGH HVSHFtILFD PHGLDQWH D TXDO RV YDORUHV GH XPD FXOWXUD VmR� GH XP
ODGR� SURGX]LGRV H� GH RXWUR� WUDQVPLWLGRV� 7DO PDWHULDOLGDGH HQYROYH WDQWR R
PHLR GH FRPXQLFDomR TXDQWR DV LQVWLWXLo}HV UHVSRQViYHLV SHOD UHSURGXomR GD
FXOWXUD H� HP XP VHQWLGR DPSOR� LQFOXL DV UHODo}HV HQWUH PHLR GH FRPXQLFDomR�
LQVWLWXLo}HV H KiELWRV PHQWDLV GH XPD pSRFD GHWHUPLQDGD� 9HMDPRV� SDUD R
HQWHQGLPHQWR GH XPD IRUPD SDUWLFXODU GH FRPXQLFDomR ² SRU H[HPSOR� R
WHDWUR QD *UpFLD FOiVVLFD RX QD ,QJODWHUUD HOL]DEHWDQD� R URPDQFH QRV VpFXORV
;9,,, H ;,;� R FLQHPD H D WHOHYLVmR QR VpFXOR ;;� R FRPSXWDGRU HP QRVVRV
GLDV ²� R HVWXGLRVR GHYH UHFRQVWUXLU WDQWR DV FRQGLo}HV KLVWyULFDV TXDQWR D
PDWHULDOLGDGH GR PHLR GH FRPXQLFDomR� $VVLP� QR WHDWUR� D YR] H R FRUSR GR
WŽƌƚƵŐƵġƐ Ɖͬ ^d:
�ŶĂůŝƐƚĂ Ğ dĠĐŶŝĐŽ :ƵĚŝĐŝĄƌŝŽ
dĞŽƌŝĂ Ğ YƵĞƐƚƁĞƐ �ŽŵĞŶƚĂĚĂƐ
WƌŽĨǐ ZĂĨĂĞůĂ &ƌĞŝƚĂƐ ʹ �ƵůĂ ϭϬ
WƌŽĨǐ ZĂĨĂĞůĂ &ƌĞŝƚĂƐ ǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌ ϭϯ ĚĞ Ϯϯ
DWRU FRQVWLWXHP XPD PDWHULDOLGDGH PXLWR GLIHUHQWH GD TXH VHUi FULDGD SHOR
DGYHQWR H GLIXVmR GD LPSUHQVD� SRLV RV WLSRV LPSUHVVRV WHQGHP� DR FRQWUiULR�
D H[FOXLU R FRUSR GR FLUFXLWR FRPXQLFDWLYR� -i RV PHLRV DXGLRYLVXDLV H
LQIRUPiWLFRV SURPRYHP XP FHUWR UHWRUQR GR FRUSR� PDV VRE R VLJQR GD
YLUWXDOLGDGH� &RPSUHHQGHU� SRUWDQWR� FRPR WDLV PDWHULDOLGDGHV LQIOXHP QD
HODERUDomR GR DWR FRPXQLFDWLYR p IXQGDPHQWDO SDUD VH HQWHQGHU FRPR FKHJDP
D LQWHUIHULU QD SUySULD RUGHQDomR GD VRFLHGDGH�
-RmR &� GH &� 5RFKD� $ PDWpULD GD PDWHULDOLGDGH� FRPR ORFDOL]DU D ELEOLRWHFD GH
$OH[DQGULD" ,Q� -RmR &� GH &� 5RFKD �2UJ��� ,QWHUVHo}HV� D PDWHULDOLGDGH GD
FRPXQLFDomR� 5LR GH -DQHLUR� ,PDJR� ('8(5-� ����� S� ��� ����� �FRP DGDSWDo}HV��
&RP UHODomR jV LGHLDV H HVWUXWXUDV OLQJXtVWLFDV GR WH[WR� MXOJXH RV LWHQV D
VHJXLU�
��� �67- ± ���� ± $QDOLVWD -XGLFLiULR ± &HVSH�8Q%� 'HSUHHQGH�VH GR
WH[WR TXH D SHVTXLVD DUTXHROyJLFD GHYH SUHVFLQGLU GH IRQWHV GRFXPHQWDLV H
FRQFHQWUDU�VH QD DYDOLDomR GH DFKDGRV PDWHULDLV�
&RPHQWiULR� R WH[WR UHVVDOWD D LPSRUWDQWH GD PDWHULDOLGDGH GRV PHLRV GH
FRPXQLFDomR GD pSRFD GRV YHVWtJLRV TXH VH SUHWHQGH HQFRQWUDU SRU PHLR GDV
LQYHVWLJDo}HV DUTXHROyJLFDV�
*$%$5,72� (55$'2�
��� �67- ± ���� ± $QDOLVWD -XGLFLiULR ± &HVSH�8Q%� 1D OLQKD ��� R
SRQWR ILQDO DSyV ³URORV´ SRGHULD VHU VXEVWLWXtGR SRU SRQWR H YtUJXOD� GHVGH TXH
R WHUPR ³4XDQWDV´ IRVVH JUDIDGR FRP PLQ~VFXOD� TXDQWDV�
&RPHQWiULR� D RUDomR TXH HVWi DSyV R SRQWR ILQDO QmR DSUHVHQWD QHQKXPD
UHODomR VLQWiWLFD RX VHPkQWLFD FRP D DQWHULRU� SRUWDQWR� Vy FDEHULD SRQWR ILQDO�
*$%$5,72� (55$'2�
WŽƌƚƵŐƵġƐ Ɖͬ ^d:
�ŶĂůŝƐƚĂ Ğ dĠĐŶŝĐŽ :ƵĚŝĐŝĄƌŝŽ
dĞŽƌŝĂ Ğ YƵĞƐƚƁĞƐ �ŽŵĞŶƚĂĚĂƐ
WƌŽĨǐ ZĂĨĂĞůĂ &ƌĞŝƚĂƐ ʹ �ƵůĂ ϭϬ
WƌŽĨǐ ZĂĨĂĞůĂ &ƌĞŝƚĂƐ ǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌ ϭϰ ĚĞ Ϯϯ
��� �67- ± ���� ± $QDOLVWD -XGLFLiULR ± &HVSH�8Q%� 1D OLQKD ��
³FXMRV´ H[SUHVVD XPD UHODomR GH SRVVH�
&RPHQWiULR� QR WUHFKR ³7UDWDYD�VH HQWmR GH XPD ELEOLRWHFD LPDJLQiULD�
FXMRV OLYURV WDOYH] QXQFD WLYHVVHP H[LVWLGR"´ R WHUPR ³FXMRV´ SRVVXL LGHLD GH
SRVVH� SRLV RV OLYURV SHUWHQFHP j ELEOLRWHFD� VmR GD ELEOLRWHFD�*$%$5,72� &(572
��� �67- ± ���� ± $QDOLVWD -XGLFLiULR ± &HVSH�8Q%� $ SDUWtFXOD ³VH´�
HP ³7UDWDYD�VH´ �O��� H HP ³VH HQFRQWUDYDP´ �O���� FODVVLILFD�VH FRPR SURQRPH
UHIOH[LYR H UHWRPD� UHVSHFWLYDPHQWH� ³XPD ELEOLRWHFD LPDJLQiULD´�
&RPHQWiULR� D DILUPDomR HVWi HUUDGD� XPD YH] TXH� HP ³WUDWDYD�VH´� R ³H´
p tQGLFH GH LQGHWHUPLQDomR GR VXMHLWR� SRLV HVWi OLJDGR D XPD YHUER WUDQVLWLYR
LQGLUHWR� H� HP ³VH HQFRQWUDYDP´� R ³VH´ p SURQRPH DSDVVLYDGRU� SRLV HVWi
OLJDGR D XP YHUER WUDQVLWLYR GLUHWR�
*$1$5,72� (55$'2�
��� �67- ± ���� ± $QDOLVWD -XGLFLiULR ± &HVSH�8Q%� 2 WUHFKR ³MDPDLV
SRGHULDP ORFDOL]i�OD´ SRGHULD VHU FRUUHWDPHQWH UHHVFULWR GD VHJXLQWH IRUPD�
MDPDLV D SRGHULDP ORFDOL]DU�
&RPHQWiULR� D TXHVWmR WUD] R WHPD FRORFDomR SURQRPLQDO QD ORFXomR
YHUEDO �IRUPDGD SHOR YHUER DX[LOLDU � YHUER SULQFLSDO QR LQILQLWLYR SRGHULDP
ORFDOL]DU�� &RPR D RUDomR WUD] D SDODYUD DWUDWLYD ³MDPDLV´� R SURQRPH SRGHUi
YLU DQWHV �MDPDLV D SRGHULDP ORFDOL]DU� RX GHSRLV GD ORFXomR �MDPDLV SRGHULDP
ORFDOL]i�OD´��
*$%$5,72� &(572
WŽƌƚƵŐƵġƐ Ɖͬ ^d:
�ŶĂůŝƐƚĂ Ğ dĠĐŶŝĐŽ :ƵĚŝĐŝĄƌŝŽ
dĞŽƌŝĂ Ğ YƵĞƐƚƁĞƐ �ŽŵĞŶƚĂĚĂƐ
WƌŽĨǐ ZĂĨĂĞůĂ &ƌĞŝƚĂƐ ʹ �ƵůĂ ϭϬ
WƌŽĨǐ ZĂĨĂĞůĂ &ƌĞŝƚĂƐ ǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌ ϭϱ ĚĞ Ϯϯ
��� �67- ± ���� ± $QDOLVWD -XGLFLiULR ± &HVSH�8Q%� $ SUHSRVLomR
³SDUD´� HP ³SDUD D GLVFXVVmR´ H HP ³SDUD FROHFLRQDU OLYURV�� LQWURGX]
H[SUHVVmR TXH H[SULPH ILQDOLGDGH�
&RPHQWiULR� QR WUHFKR ³SDUD D GLVFXVVmR´� R ³SDUD´ LQGLFD D ILQDOLGDGH GD
ELEOLRWHFD GH $OH[DQGULD� (P ³SDUD FROHFLRQDU OLYURV�� R ³SDUD´ LQGLFD D
ILQDOLGDGH GD ELEOLRWHFD�
*$%$5,72� &(572
��� �67- ± ���� ± $QDOLVWD -XGLFLiULR ± &HVSH�8Q%� 'H DFRUGR FRP R
WH[WR� DSyV PXLWRV DQRV GH SHVTXLVD IUXVWUDGD� EDVHDGD HP SUHVVXSRVWRV
FXOWXUDLV HTXLYRFDGRV� RV DUTXHyORJRV HQFRQWUDUDP DV UXtQDV GD ELEOLRWHFD GH
$OH[DQGULD H RV URORV TXH FRQVWLWXtDP VHX DFHUYR�
&RPHQWiULR� WHPRV XP FDVR GH HUUR SRU H[WUDSRODomR� FXLGDGR� 2 WH[WR
QmR WUD] D LQIRUPDo}HV GH TXH RV URORV TXH FRQVWLWXtDP R DFHUYR GD ELEOLRWHFD
GH $OH[DQGULD IRL HQFRQWUDGR� 'HYHPRV QRV DWHU DR TXH R DXWRU QRV RIHUHFH QR
WH[WR� QmR LU DOpP QD LQWHUSUHWDomR GRV IDWRV�
*$%$5,72� (55$'2�
��� �67- ± ���� ± $QDOLVWD -XGLFLiULR ± &HVSH�8Q%�
$ XP FRURQHO TXH VH TXHL[DYD GD YLGD GH TXDUWHO� XP MRUQDOLVWD GLVVH�
² ( R VHQKRU QmR VDEH FRPR p FKDWR PLOLWDU QD LPSUHQVD�
6tULR 3RVVHQWL� 2V KXPRUHV GD OtQJXD� 6mR 3DXOR� 0HUFDGR GH /HWUDV� ����� S� ���
1D FRQVWUXomR GR VHQWLGR GR WH[WR� GHVWDFD�VH D DPELJXLGDGH GR YRFiEXOR
³PLOLWDU´� TXH� QR FRQWH[WR HP TXH DSDUHFH� SRGH VHU FODVVLILFDGR RUD FRPR
VXEVWDQWLYR� RUD FRPR YHUER�
WŽƌƚƵŐƵġƐ Ɖͬ ^d:
�ŶĂůŝƐƚĂ Ğ dĠĐŶŝĐŽ :ƵĚŝĐŝĄƌŝŽ
dĞŽƌŝĂ Ğ YƵĞƐƚƁĞƐ �ŽŵĞŶƚĂĚĂƐ
WƌŽĨǐ ZĂĨĂĞůĂ &ƌĞŝƚĂƐ ʹ �ƵůĂ ϭϬ
WƌŽĨǐ ZĂĨĂĞůĂ &ƌĞŝƚĂƐ ǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌ ϭϲ ĚĞ Ϯϯ
&RPHQWiULR� FRPR VXEVWDQWLYR� ³PLOLWDU´ p DTXHOH TXH LQWHJUD DV IRUoDV
DUPDGDV� HQTXDQWR� FRPR YHUER� VLJQLILFD WUDEDOKDU�
*$%$5,72� &(572
��� �67- ± ���� ± $QDOLVWD -XGLFLiULR ± &HVSH�8Q%� 2 SRQWR ILQDO
HPSUHJDGR ORJR DSyV ³LPSUHQVD´ SRGHULD VHU FRUUHWDPHQWH VXEVWLWXtGR SRU
UHWLFrQFLDV�
&RPHQWiULR� R XVR GD UHWLFrQFLD VHULD MXVWLILFiYHO SDUD VLJQLILFDU TXH DOJR
DLQGD HVWi SRU IDODU� R TXH IDULD VHQWLGR QR WH[WR�
*$%$5,72� &(572
��� �67- ± ���� ± $QDOLVWD -XGLFLiULR ± &HVSH�8Q%� 2 HPSUHJR GD
YtUJXOD DSyV ³TXDUWHO´ p IDFXOWDWLYR�
&RPHQWiULR� TXDQGR XP FRPSOHPHQWR GLUHWR RX LQGLUHWR YLHU GHVORFDGR
SDUD R LQtFLR GD IUDVH� FRPR RFRUUHX QR FDVR HP TXHVWmR� D YtUJXOD VHUi
IDFXOWDWLYD� $QDOLVDQGR D IUDVH ³$ XP FRURQHO TXH VH TXHL[DYD GD YLGD GH
TXDUWHO� XP MRUQDOLVWD GLVVH´� WHPRV R VHJXLQWH�
³8P MRUQDOLVWD´ VXMHLWR GD RUDomR�
³'LVVH´ YHUER WUDQVLWLYR GLUHWR H LQGLUHWR�
³$ XP FRURQHO TXH VH TXHL[DYD GD YLGD GH TXDUWHO´ FRPSOHPHQWR
LQGLUHWR�
*$%$5,72� &(572
&RQVLGHUDQGR RV DVSHFWRV HVWUXWXUDLV H OLQJXtVWLFRV GDV FRUUHVSRQGrQFLDV
RILFLDLV� MXOJXH R LWHP TXH VH VHJXH GH DFRUGR FRP R 0DQXDO GH 5HGDomR GD
3UHVLGrQFLD GD 5HS~EOLFD�
��� �'(3(1 ± ���� � (VSHFLDOLVWD HP $VVLVWrQFLD 3HQLWHQFLiULD ±
&HVSH�8Q%� 2 XVR GD YDULHGDGH SDGUmR GD OtQJXD QD UHGDomR GRV
H[SHGLHQWHV RILFLDLV WHP SRU EDVH XP SDGUmR RILFLDO GH OLQJXDJHP� LVWR p� XPD
WŽƌƚƵŐƵġƐ Ɖͬ ^d:
�ŶĂůŝƐƚĂ Ğ dĠĐŶŝĐŽ :ƵĚŝĐŝĄƌŝŽ
dĞŽƌŝĂ Ğ YƵĞƐƚƁĞƐ �ŽŵĞŶƚĂĚĂƐ
WƌŽĨǐ ZĂĨĂĞůĂ &ƌĞŝƚĂƐ ʹ �ƵůĂ ϭϬ
WƌŽĨǐ ZĂĨĂĞůĂ &ƌĞŝƚĂƐ ǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌ ϭϳ ĚĞ Ϯϯ
IRUPD GH OLQJXDJHP FRPXP QD HVFULWD GH GRFXPHQWRV RILFLDLV H TXH VH
FDUDFWHUL]D SHOD VHOHomR GH GHWHUPLQDGDV H[SUHVV}HV OLQJXtVWLFDV H SHOD
XWLOL]DomR GH HVWUXWXUDV VLQWiWLFDV WUDGLFLRQDLV�
&RPHQWiULR� RV H[SHGLHQWHV S~EOLFRV WrP FRPR SDGUmR GH OLQJXDJHP DV
QRUPDV GD JUDPiWLFD WUDGLFLRQDO� RX VHMD� R XVR SDGUmR GD OtQJXD� QmR
HVSHFLILFDPHQWH GDV FRPXQLFDo}HV RILFLDLV QmR H[LVWH XP SDGUmR OLQJXtVWLFR Vy
SDUD HODV��
*$%$5,72� (55$'2
1D RUJDQL]DomR GR SRGHU SROtWLFR QR (VWDGR PRGHUQR� j OX] GD WUDGLomR
LOXPLQLVWD� R GLUHLWR WHP SRU IXQomR D SUHVHUYDomR GD OLEHUGDGH KXPDQD� GH
PDQHLUD D FRLELU D GHVRUGHP GR HVWDGR GH QDWXUH]D� TXH� HP YLUWXGH GR ULVFR
GD GRPLQDomR GRV PDLV IUDFRV SHORV PDLV IRUWHV� H[LJH D H[LVWrQFLD GH XP
SRGHU LQVWLWXFLRQDO� 0DV D FRQTXLVWD GD OLEHUGDGH KXPDQD WDPEpP UHFODPD D
GLVWULEXLomR GR SRGHU HP UDPRV GLYHUVRV� FRP D GLVSRVLomR GH PHLRV TXH
DVVHJXUHP R FRQWUROH UHFtSURFR HQWUH HOHV SDUD R DGYHQWR GH XP FHQiULR GH
HTXLOtEULR H KDUPRQLD QDV VRFLHGDGHV HVWDWDLV� $ FRQFHQWUDomR GR SRGHU HP XP
Vy yUJmR RX SHVVRD YLULD VHPSUH HP GHWULPHQWR GR H[HUFtFLR GD OLEHUGDGH� e
TXH� FRPR REVHUYRX 0RQWHVTXLHX� ³WRGR KRPHP TXH WHP SRGHU WHQGH D DEXVDU
GHOH� HOH YDL DWp RQGH HQFRQWUD OLPLWHV� 3DUD TXH QmR VH SRVVD DEXVDU GR
SRGHU� p SUHFLVR TXH� SHOD GLVSRVLomR GDV FRLVDV� R SRGHU OLPLWH R SRGHU´�
$Wp 0RQWHVTXLHX� QmR HUDP LGHQWLILFDGDV FRP FODUH]D DV HVIHUDV GH
DEUDQJrQFLD GRV SRGHUHV SROtWLFRV� ³Vy VH FRQFHELD VXD XQLmR QDV PmRV GH XP
Vy RX� HQWmR� VXD VHSDUDomR� QLQJXpP VH DUULVFDYD D DSUHVHQWDU� VRE D IRUPD
GH VLVWHPD FRHUHQWH� DV FRQVHTXrQFLDV GH FRQFHLWRV GLYHUVRV´� 3HQVDGRU
IUDQFrV GR VpFXOR ;9,,,� 0RQWHVTXLHX VLWXD�VH HQWUH R UDFLRQDOLVPR FDUWHVLDQR
H R HPSLULVPR GH RULJHP EDFRQLDQD� QmR DEDQGRQDQGR R ULJRU GDV FHUWH]DV
PDWHPiWLFDV HP VXDV FHUWH]DV PRUDLV� 3RUpP� UHIXJLQGR jV HVSHFXODo}HV
PHWDItVLFDV TXH� QR SODQR GD LGHDOLGDGH� VHUYLUDP DRV ILOyVRIRV GR SDFWR VRFLDO
WŽƌƚƵŐƵġƐ Ɖͬ ^d:
�ŶĂůŝƐƚĂ Ğ dĠĐŶŝĐŽ :ƵĚŝĐŝĄƌŝŽ
dĞŽƌŝĂ Ğ YƵĞƐƚƁĞƐ �ŽŵĞŶƚĂĚĂƐ
WƌŽĨǐ ZĂĨĂĞůĂ &ƌĞŝƚĂƐ ʹ �ƵůĂ ϭϬ
WƌŽĨǐ ZĂĨĂĞůĂ &ƌĞŝƚĂƐ ǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌ ϭϴ ĚĞ Ϯϯ
SDUD D H[SOLFDomR GRV IXQGDPHQWRV GR (VWDGR RX GD VRFLHGDGH FLYLO� HOH
SURFXURX LQJUHVVDU QR WHUUHQR GRV IDWRV�
)HUQDQGD /HmR GH $OPHLGD� $ JDUDQWLD LQVWLWXFLRQDO GR 0LQLVWpULR 3~EOLFR HP
IXQomR GD SURWHomR GRV GLUHLWRV KXPDQRV� 7HVH GH GRXWRUDGR� 6mR 3DXOR� 863� ����� S�
����� ,QWHUQHW� �ZZZ�WHVHV�XVS�EU! �FRP DGDSWDo}HV��
-XOJXH R LWHP VXEVHTXHQWH� UHODWLYR jV HVWUXWXUDV OLQJXtVWLFDV GR WH[WR�
��� �038 ± ���� � $QDOLVWD GR 0LQLVWpULR 3~EOLFR GD 8QLmR ±
&(63(� $ IOH[mR SOXUDO HP ³HUDP LGHQWLILFDGDV´ GHFRUUH GD FRQFRUGkQFLD FRP R
VXMHLWR GHVVD IRUPD YHUEDO� ³DV HVIHUDV GH DEUDQJrQFLD GRV SRGHUHV SROtWLFRV´�
&RPHQWiULR� R VXMHLWR ILFRX SRVSRVWR DR YHUER SRU XPD LQYHUVmR GD IUDVH�
SRUpP R Q~FOHR GR VXMHLWR p R VXEVWDQWLYR ³HVIHUDV´� TXH HVWi QR SOXUDO� $
FRQFRUGkQFLD FRP R VXMHLWR IRL PDQWLGD�
*$%$5,72�� &(572
2 VXUJLPHQWR GD ,QWHUQHW UHPRQWD j GpFDGD GH �� GR VpFXOR SDVVDGR� HP
XP SURMHWR GR JRYHUQR QRUWH�DPHULFDQR QR FRPEDWH j JXHUUD� SHOR TXDO DV
FRPXQLFDo}HV LQWUDJRYHUQDPHQWDLV SDVVDUDP D VHU LQWHUQDOL]DGDV� SDUD HYLWDU
D SXEOLFDomR GH GDGRV UHOHYDQWHV j VHJXUDQoD QDFLRQDO�
3RVWHULRUPHQWH� QD GpFDGD GH ��� IRL FULDGR R SURWRFROR ,QWHUQHW� TXH
SHUPLWLX D FRPXQLFDomR HQWUH RV VHXV SRXFRV XVXiULRV DWp HQWmR� XPD YH] TXH
HOD DLQGD HVWDYD UHVWULWD DRV FHQWURV GH SHVTXLVD GRV (VWDGRV 8QLGRV GD
$PpULFD�
1D GpFDGD GH ��� IRL DPSOLDGR R XVR GD ,QWHUQHW SDUD D IRUPD FRPHUFLDO H�
ILQDOPHQWH� QD GpFDGD GH ��� D ,QWHUQHW DOFDQoRX R VHX DXJH� SRLV DWLQJLX
SUDWLFDPHQWH WRGRV RV PHLRV GHFRPXQLFDomR� 2 KLVWyULFR GRV FULPHV
FLEHUQpWLFRV� SRU VXD YH]� UHPRQWD j GpFDGD GH ��� TXDQGR� SHOD SULPHLUD YH]�
IRL GHILQLGR R WHUPR KDFNHU� FRPR VHQGR DTXHOH LQGLYtGXR TXH� GRWDGR GH
WŽƌƚƵŐƵġƐ Ɖͬ ^d:
�ŶĂůŝƐƚĂ Ğ dĠĐŶŝĐŽ :ƵĚŝĐŝĄƌŝŽ
dĞŽƌŝĂ Ğ YƵĞƐƚƁĞƐ �ŽŵĞŶƚĂĚĂƐ
WƌŽĨǐ ZĂĨĂĞůĂ &ƌĞŝƚĂƐ ʹ �ƵůĂ ϭϬ
WƌŽĨǐ ZĂĨĂĞůĂ &ƌĞŝƚĂƐ ǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌ ϭϵ ĚĞ Ϯϯ
FRQKHFLPHQWRV WpFQLFRV� SURPRYH D LQYDVmR GH VLVWHPDV RSHUDFLRQDLV SULYDGRV
H D GLIXVmR GH SUDJDV YLUWXDLV�
$UWXU %DUERVD GD 6LOYHLUD� 2V FULPHV FLEHUQpWLFRV H D /HL Q�R ������������ ,Q�
,QWHUQHW� �ZZZ�FRQWHXGRMXULGLFR�FRP�EU! �FRP DGDSWDo}HV��
��� �038 ± ���� � $QDOLVWD GR 0LQLVWpULR 3~EOLFR GD 8QLmR ±
&(63(� $ RUDomR ³TXH� GRWDGR ����� SUDJDV YLUWXDLV´ p GH QDWXUH]D UHVWULWLYD�
&RPHQWiULR� D RUDomR ³TXH� GRWDGR GH FRQKHFLPHQWRV WpFQLFRV� SURPRYH D
LQYDVmR GH VLVWHPDV RSHUDFLRQDLV SULYDGRV H D GLIXVmR GH SUDJDV YLUWXDLV´
UHVWULQJH R ³LQGLYtGXR´ HP TXHVWmR� /HPEUH�VH� DV RUDo}HV UHVWULWLYDV
DSDUHFHP 6(0 YtUJXOD� HQTXDQWR DV H[SOLFDWLYDV HVWDUmR VHPSUH LVRODGDV SRU
HODV�
*$%$5,72� &(572
$ SHUVHFXomR SHQDO VH GHVHQYROYH HP GXDV IDVHV� XPD IDVH
DGPLQLVWUDWLYD� GH LQTXpULWR SROLFLDO� H XPD IDVH MXULVGLFLRQDO� GH DomR SHQDO�
$VVLP� QDGD PDLV p R LQTXpULWR SROLFLDO TXH XP SURFHGLPHQWR DGPLQLVWUDWLYR
GHVWLQDGR D UHXQLU HOHPHQWRV QHFHVViULRV j DSXUDomR GD SUiWLFD GH XPD
LQIUDomR SHQDO H GH VXD DXWRULD� (P RXWUDV SDODYUDV� R LQTXpULWR SROLFLDO p XP
SURFHGLPHQWR SROLFLDO TXH WHP SRU ILQDOLGDGH FRQVWUXLU XP ODVWUR SUREDWyULR
PtQLPR� HQVHMDQGR MXVWD FDXVD SDUD TXH R WLWXODU GD DomR SHQDO SRVVD IRUPDU
VHX FRQYHQFLPHQWR� D RSLQLR GHOLFWL� H� DVVLP� LQVWDXUDU D DomR SHQDO FDEtYHO�
1HVVD OLQKD� SHUFHEH�VH TXH R GHVWLQDWiULR LPHGLDWR GR LQTXpULWR SROLFLDO p R
0LQLVWpULR 3~EOLFR� QRV FDVRV GH DomR SHQDO S~EOLFD� H R RIHQGLGR� QRV FDVRV GH
DomR SHQDO SULYDGD�
'H DFRUGR FRP R FRQFHLWR RUD DSUHVHQWDGR� SDUD TXH R WLWXODU GD DomR
SHQDO SRVVD� HQILP� DMXL]i�OD� p QHFHVViULR TXH KDMD MXVWD FDXVD� $ MXVWD FDXVD�
LGHQWLILFDGD SRU SDUWH GD GRXWULQD FRPR XPD FRQGLomR GD DomR DXW{QRPD�
FRQVLVWH QD REULJDWRULHGDGH GH TXH H[LVWDP SURYD DFHUFD GD PDWHULDOLGDGH
GHOLWLYD H� DR PHQRV� LQGtFLRV GH DXWRULD� GH PRGR D H[LVWLU IXQGDGD VXVSHLWD
WŽƌƚƵŐƵġƐ Ɖͬ ^d:
�ŶĂůŝƐƚĂ Ğ dĠĐŶŝĐŽ :ƵĚŝĐŝĄƌŝŽ
dĞŽƌŝĂ Ğ YƵĞƐƚƁĞƐ �ŽŵĞŶƚĂĚĂƐ
WƌŽĨǐ ZĂĨĂĞůĂ &ƌĞŝƚĂƐ ʹ �ƵůĂ ϭϬ
WƌŽĨǐ ZĂĨĂĞůĂ &ƌĞŝƚĂƐ ǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌ ϮϬ ĚĞ Ϯϯ
DFHUFD GD SUiWLFD GH XP IDWR GH QDWXUH]D SHQDO� 'HVVD IRUPD� p LPSUHVFLQGtYHO
TXH KDMD SURYDV DFHUFD GD SRVVtYHO H[LVWrQFLD GH XP IDWR FULPLQRVR H
LQGLFDo}HV UD]RiYHLV GR VXMHLWR TXH WHQKD VLGR R DXWRU GHVVH IDWR�
(YLGHQFLD�VH� SRUWDQWR� TXH p MXVWDPHQWH QD IDVH GR LQTXpULWR SROLFLDO TXH
VHUmR FROHWDGDV DV LQIRUPDo}HV H DV SURYDV TXH LUmR IRUPDU R FRQYHQFLPHQWR
GR WLWXODU GD DomR SHQDO� LVWR p� D RSLQLR GHOLFWL� e FRP EDVH QRV HOHPHQWRV
DSXUDGRV QR LQTXpULWR TXH R SURPRWRU GH MXVWLoD� FRQYHQFLGR GD H[LVWrQFLD GH
MXVWD FDXVD SDUD D DomR SHQDO� RIHUHFH D GHQ~QFLD� HQFHUUDQGR D IDVH
DGPLQLVWUDWLYD GD SHUVHFXomR SHQDO�
+iOLQQD 5HJLQD GH /LUD 5ROLP� $ SRVVLELOLGDGH GH LQYHVWLJDomR GR 0LQLVWpULR 3~EOLFR
QD IDVH SUp�SURFHVVXDO SHQDO� $UWLJR FLHQWtILFR� 5LR GH -DQHLUR� (VFROD GH 0DJLVWUDWXUD GR
(VWDGR GR 5LR GH -DQHLUR� ����� S� �� ,QWHUQHW � �ZZZ�HPHUM�WMUM�MXV�EU!� �&RP DGDSWDo}HV��
��� �038 ± ���� � $QDOLVWD GR 0LQLVWpULR 3~EOLFR GD 8QLmR ±
&(63(� (P ³(YLGHQFLD�VH´� R SURQRPH ³VH´ SRGH� IDFXOWDWLYD H FRUUHWDPHQWH�
VHU WDQWR SRVSRVWR ² FRPR Dt IRL HPSUHJDGR ² TXDQWR DQWHSRVWR j IRUPD
YHUEDO ² 6H HYLGHQFLD�
&RPHQWiULR� MDPDLV GHYHPRV FRPHoDU IUDVH FRP SURQRPH REOtTXR FRPR
³VH´� LVVR IHUH D QRUPD JUDPDWLFDO GD FRORFDomR SURQRPLQDO�
*$%$5,72� (55$'2
�� (55$'2
�� (55$'2
�� &(572
�� (55$'2
�� &(572
�� (55$'2
�� (55$'2
�� &(572
�� &(572
��� &(572
��� &(572
��� &(572
WŽƌƚƵŐƵġƐ Ɖͬ ^d:
�ŶĂůŝƐƚĂ Ğ dĠĐŶŝĐŽ :ƵĚŝĐŝĄƌŝŽ
dĞŽƌŝĂ Ğ YƵĞƐƚƁĞƐ �ŽŵĞŶƚĂĚĂƐ
WƌŽĨǐ ZĂĨĂĞůĂ &ƌĞŝƚĂƐ ʹ �ƵůĂ ϭϬ
WƌŽĨǐ ZĂĨĂĞůĂ &ƌĞŝƚĂƐ ǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌ Ϯϭ ĚĞ Ϯϯ
��� (55$'2
��� &(572
��� &(572
��� &(572
��� (55$'2
��� &(572
��� &(572
��� (55$'2
3DUD ILQDOL]DU� DOJXPDV FRQVLGHUDo}HV VREUH D EDQFD�
0DLV GR TXH VLPSOHVPHQWH UHVROYHU PXLWDV TXHVW}HV GD EDQFD
RUJDQL]DGRUD� VDEHU R TXH H FRPR HVWXGDU SDUD DV SURYDV TXH HOD HODERUD SRGH
VHU D JUDQGH FKDYH SDUD R VXFHVVR GDTXHOHV TXH VRQKDP HP LQJUHVVDU HP
XPD FDUUHLUD S~EOLFD� 0LQKD SURSRVWD DTXL p IRUPXODU LWHQV TXH LUmR DMXGDU
YRFrV D ILQDOL]DUHP R HVWXGR H HVWDUHP SUHSDUDGRV SDUD D SURYD�
( R TXH SRVVR IDODU GR WmR WHPLGR &(63("
%DQFD GD 8QLYHUVLGDGH GH %UDVtOLD� R &HQWUR GH 6HOHomR H GH 3URPRomR GH
(YHQWRV ± &(63( p D EDQFD PDLV SRSXODU GR %UDVLO� WHP D Pi IDPD GH VHU XPD
GDV SLRUHV EDQFDV GH FRQFXUVR� 0DV SDUD TXHP HVWXGD Ki PDLV WHPSR� R
&(63( DFDED SRU VH WRUQDU XPD GDV EDQFDV IDYRULWDV� VLP� p LVVR PHVPR�
9DPRV DQDOLVDU DV FDUDFWHUtVWLFDV HVSHFtILFDV GD EDQFD SDUD HQWHQGHUPRV
PHOKRU LVVR�
�� 0RGHOR GH TXHVW}HV ³&HUWR RX (UUDGR´ �QD PDLRULD GDV YH]HV�� 2 ODGR
ERP p TXH TXHVW}HV DVVLP GHL[DP PHQRV PDUJHP SDUD FKXWH WpFQLFR� &RPR
QmR Ki FULWpULRV FRPSDUDWLYRV HQWUH DOWHUQDWLYDV� PXLWRV FDQGLGDWRV DFDEDP
ILFDQGR LQGHFLVRV H QHUYRVRV� 8PD GLFD SUD DSUHQGHU D OLGDU FRP LVVR� XPD
WŽƌƚƵŐƵġƐ Ɖͬ ^d:
�ŶĂůŝƐƚĂ Ğ dĠĐŶŝĐŽ :ƵĚŝĐŝĄƌŝŽ
dĞŽƌŝĂ Ğ YƵĞƐƚƁĞƐ �ŽŵĞŶƚĂĚĂƐ
WƌŽĨǐ ZĂĨĂĞůĂ &ƌĞŝƚĂƐ ʹ �ƵůĂ ϭϬ
WƌŽĨǐ ZĂĨĂĞůĂ &ƌĞŝƚĂƐ ǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌ ϮϮ ĚĞ Ϯϯ
TXHVWmR ³PHLR FHUWD´ RX ³PHLR HUUDGD´ p XPD TXHVWmR (55$'$� SRLV QmR H[LVWH
WDLV WHUPRV� 0HVPR TXH ��� GD TXHVWmR HVWHMD FHUWD� H DSHQDV �� HUUDGD�
VDLED� HOD HVWi HUUDGD�
�� 0XLWDV GDV SURYDV GR &(63( �PDV QHP WRGDV� 3UHVWH DWHQomR QR HGLWDO�
VHPSUH�� FRVWXPDP WHU IDWRU GH FRUUHomR� e R IDPRVR ³8PD HUUDGD DQXOD
XPD FHUWD´� 2 FDQGLGDWR TXH QmR Or HGLWDO� RX TXH WHP R KiELWR GH PDUFDU
UHVSRVWDV QR JDEDULWR VHP WHU FHUWH]D GR TXH HVWi ID]HQGR DFDED WHQGR
JUDQGHV FKDQFHV GH VHU HOLPLQDGR� $WHQomR� 'LFDV� , ! DR HVWXGDU� SURFXUH
ID]HU DOJXPD PDUFDomR SDUD GLIHUHQFLDU DV UHVSRVWDV TXH YRFr QmR WLQKD
FHUWH]D DEVROXWD� $R FRUULJLU D SURYD� LGHQWLILTXH DV PDWpULDV TXH YRFr QmR WHP
XP ERP tQGLFH GH DFHUWRV DR ³FKXWDU´ H DTXHODV HP TXH YRFr SRGH FRQILDU QRV
VHXV LQVWLQWRV� ,, ! 'r PDLV rQIDVH QRV VHXV HVWXGRV SDUD DV PDWpULDV HP TXH
YRFr WHP XP PDLRU tQGLFH GH HUURV� H QD KRUD GD SURYD OHPEUH�VH GH 1­2
0$5&$5 $2 $&$62 QHVVDV PDWpULDV�
�� &XLGDGR FRP DV 3(*$',1+$6��� 2 &(63( JRVWD GH HOLPLQDU FDQGLGDWRV
GHVDWHQWRV� QmR VHMD XP GHOHV� e PXLWR FRPXP YHU TXHVW}HV SUDWLFDPHQWH
FRUUHWDV� FRP DSHQDV XPD SDODYUD TXH DOWHUD WRGR R VHQWLGR� 8P ³QmR´ RX
³6HPSUH´ RX ³H[FOXVLYDPHQWH´« WRGDV HVVDV SDODYUDV PHUHFHP D DWHQomR GR
FDQGLGDWR� 'HVFRQILH�
�� $ EDQFD GD &HVSH H[LJH PDLV GR TXH PHPRUL]DomR GR FDQGLGDWR� e
SUHFLVR WHU FDSDFLGDGH GH LQWHUSUHWDomR H GH HQWHQGLPHQWR LQWHUGLVFLSOLQDU�
�� YRFrV GHYHP WHU SHUFHELGR TXH R &(63( FRVWXPD FREUDU VHPSUH RV
PHVPRV FRQWH~GRV� QRUPDOPHQWH� QmR FREUD WRGRV RV LWHQV GR HGLWDO� &RP
LVVR� p IXQGDPHQWDO TXH R FDQGLGDWR UHVROYD R PDLRU Q~PHUR GH TXHVW}HV GH
SURYDV DQWHULRUHV SDUD VH IDPLOLDUL]DU FRP RV FRQWH~GRV H DERUGDJHQV PDLV
IUHTXHQWHV�
WŽƌƚƵŐƵġƐ Ɖͬ ^d:
�ŶĂůŝƐƚĂ Ğ dĠĐŶŝĐŽ :ƵĚŝĐŝĄƌŝŽ
dĞŽƌŝĂ Ğ YƵĞƐƚƁĞƐ �ŽŵĞŶƚĂĚĂƐ
WƌŽĨǐ ZĂĨĂĞůĂ &ƌĞŝƚĂƐ ʹ �ƵůĂ ϭϬ
WƌŽĨǐ ZĂĨĂĞůĂ &ƌĞŝƚĂƐ ǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌ Ϯϯ ĚĞ Ϯϯ
1R PDLV� DOXQRV TXHULGRV� HVWDUHL DTXL WRUFHQGR SHOR VXFHVVR GH FDGD XP
GH YRFrV� (VSHUR TXH PLQKDV DXODV WHQKDP IHLWR GLIHUHQoD QR HVWXGR GH YRFrV�
$SDL[RQDGD TXH VRX SHOR JUDQGH )HUQDQGR 3HVVRD� GHL[R XP SRHPD
OLQGtVVLPR GR KHWHU{QLPR 5LFDUGR 5HLV� GR JHQLDO SRHWD�
(QWUHJXH�VH LQWHLUR D VHX REMHWLYR� QmR SHOD PHWDGH� QmR GHVDQLPDGR�
PDV 72'2� YLYD DOWR FRPR D OXD QR FpX H YHMD TXmR LPHQVR H OLQGR p R UHIOH[R
TXH YRFr SURGX]�
*UDQGH DEUDoR D WRGRV�
)DoDP XPD yWLPD SURYD�
(QWUHP HP FRQWDWR VHPSUH TXH TXLVHUHP H�RX SUHFLVDUHP�
)RUWH DEUDoR�
5DIDHOD )UHLWDV�
&RQWDWR� SURIHVVRUDUDIDHODIUHLWDV#JPDLO�FRP