Buscar

Aula 05 Tecnologia da Informação Parte I

Prévia do material em texto

dĞĐŶŽůŽŐŝĂ�ĚĂ�/ŶĨŽƌŵĂĕĆŽ�;ƉĂƌƚĞ�/Ϳ�ƉĂƌĂ�d��ͬ^��
�ƵĚŝƚŽƌ�ʹ�/ŶĨŽƌŵĄƚŝĐĂ��
WƌŽĨ�sŝĐƚŽƌ��ĂůƚŽŶ�ʹ��ƵůĂ�Ϭϱ�
 
WƌŽĨ͘�sŝĐƚŽƌ��ĂůƚŽŶ�
�������������������ǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌ���������������������������ϭ�ĚĞ�ϰϬ�
$8/$�����036�%5��
�
680È5,2� 3È*,1$�
���036�%5� ��
������'HILQLomR� ��
������1tYHLV�GH�PDWXULGDGH�H�FDSDFLGDGH�GH�SURFHVVRV� ��
������2V�SURFHVVRV�GR�036�%5� ��
([HUFtFLRV�&RPHQWDGRV� ��
&RQVLGHUDo}HV�)LQDLV� ���
/LVWD�GH�([HUFtFLRV� ���
*DEDULWR� ���
�
� 2Oi�DPLJRV�H�DPLJDV��4XH�ERP�HVWDU�DTXL��
(VWD� DXOD� YHUVD� VREUH� R� 036�%5�� 3DUWLFXODUPHQWH�� DFKR� TXH� p� XP� GRV�
IUDPHZRUNV�GH�7,�PDLV�IiFHLV�GH�VHUHP�FRPSUHHQGLGRV��WDOYH]�SHUGHQGR�DSHQDV�
SDUD�R�&00,��IUDPHZRUN�³LUPmR´��TXH�QmR�IRL�FREUDGR�SDUD�YRFrV���9RFr�YHUi��H�
FRQFRUGDUi�FRPLJR��RX�QmR���
(VWH� 3')� QmR� WHP� SRU� REMHWLYR� VXEVWLWXLU� D� OHLWXUD� GR� IUDPHZRUN��
7RGD�D�EDVH�SDUD�D�FRPSUHHQVmR�GR�IUDPHZRUN�VHUi�SDVVDGD�DTXL��HQWUHWDQWR��
D� UHVROXomR� GH� TXHVW}HV� TXH� HQYROYDP� R� VLPSOHV� ³GHFRUHED´� YLUi� DSHQDV� GR�
SUySULR� IUDPHZRUN�� ,VVR� ILFDUi� FODUR� QD� OHLWXUD� GR� 3')� H� QD� UHDOL]DomR� GRV�
H[HUFtFLRV��
�
9DPRV�Oi"�
�
�
�
dĞĐŶŽůŽŐŝĂ�ĚĂ�/ŶĨŽƌŵĂĕĆŽ�;ƉĂƌƚĞ�/Ϳ�ƉĂƌĂ�d��ͬ^��
�ƵĚŝƚŽƌ�ʹ�/ŶĨŽƌŵĄƚŝĐĂ��
WƌŽĨ�sŝĐƚŽƌ��ĂůƚŽŶ�ʹ��ƵůĂ�Ϭϱ�
WƌŽĨ͘�sŝĐƚŽƌ��ĂůƚŽŶ�
�������������������ǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌ���������������������������Ϯ�ĚĞ�ϰϬ�
036�%5�
�
�� 036�%5�
�
�
����'HILQLomR�
�
�
2�036�%5� p� XP� SURJUDPD�PRELOL]DGRU�� GH� ORQJR� SUD]R�� FULDGR� HP�
GH]HPEUR� GH� ������ FRRUGHQDGR� SHOD� $VVRFLDomR� SDUD� 3URPRomR� GD�
([FHOrQFLD� GR�6RIWZDUH�%UDVLOHLUR� �62)7(;��� FRP�DSRLR� GR�0LQLVWpULR� GD�
&LrQFLD�� 7HFQRORJLD� H� ,QRYDomR� �0&7,��� )LQDQFLDGRUD� GH� (VWXGRV� H�
3URMHWRV� �),1(3��� 6HUYLoR� %UDVLOHLUR� GH� $SRLR� jV� 0LFUR� H� 3HTXHQDV�
(PSUHVDV� �6(%5$(�� H� %DQFR� ,QWHUDPHULFDQR� GH� 'HVHQYROYLPHQWR�
�%,'�)80,1�����
�
�
2�036�%5�WHP�FRPR�PHWD�GH�QHJyFLR�GLVVHPLQDU�VH�WDQWR�HP�PLFUR��
SHTXHQDV�H�PpGLDV�HPSUHVDV�TXDQWR�HP�JUDQGHV�RUJDQL]Do}HV�SULYDGDV�H�
JRYHUQDPHQWDLV��
�
'H� PDQHLUD� DQiORJD� DR� &00,�� EDVHLD�VH� QRV� FRQFHLWRV� GH�
PDWXULGDGH�H�FDSDFLGDGH�GH�SURFHVVR�SDUD�D�DYDOLDomR�H�PHOKRULD�
GD�TXDOLGDGH�H�SURGXWLYLGDGH�GH�SURGXWRV�GH�VRIWZDUH�H�VHUYLoRV�
FRUUHODWRV��
�
e� FRPSDWtYHO� FRP� RV� SDGU}HV� GH� TXDOLGDGH� DFHLWRV�
LQWHUQDFLRQDOPHQWH�H�WHP�FRPR�SUHVVXSRVWR�R�DSURYHLWDPHQWR�GH�WRGD�D�
FRPSHWrQFLD�H[LVWHQWH�QRV�SDGU}HV�H�PRGHORV�GH�PHOKRULD�GH�SURFHVVRV�
Mi�H[LVWHQWHV��
�
3RU� ILP�� GLYLGH�VH� HP� TXDWUR� FRPSRQHQWHV�� D� VDEHU�� 0RGHOR� GH�
5HIHUrQFLD�036�SDUD�6RIWZDUH��05�036�6:���0RGHOR�GH�5HIHUrQFLD�036�
SDUD�6HUYLoRV��05�036�69���0pWRGR�GH�$YDOLDomR��0$�036��H�0RGHOR�GH�
1HJyFLR�SDUD�0HOKRULD�GH�3URFHVVR�GH�6RIWZDUH�H�6HUYLoRV���
�
&RQWXGR��VXD�GRFXPHQWDomR�p�DSUHVHQWDGD�SRU�PHLR�GH�*XLDV��6mR�
HOHV��
�
*XLD� *HUDO� 036� GH� 6RIZDUH� ±� FRQWpP� D� GHVFULomR� GHWDOKDGD� GR�
0RGHOR�GH�5HIHUrQFLD�SDUD�6RIWZDUH��05±036±6:��H�IRUQHFH�XPD�YLVmR�
26072658512
dĞĐŶŽůŽŐŝĂ�ĚĂ�/ŶĨŽƌŵĂĕĆŽ�;ƉĂƌƚĞ�/Ϳ�ƉĂƌĂ�d��ͬ^��
�ƵĚŝƚŽƌ�ʹ�/ŶĨŽƌŵĄƚŝĐĂ��
WƌŽĨ�sŝĐƚŽƌ��ĂůƚŽŶ�ʹ��ƵůĂ�Ϭϱ�
WƌŽĨ͘�sŝĐƚŽƌ��ĂůƚŽŶ�
�������������������ǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌ���������������������������ϯ�ĚĞ�ϰϬ�
JHUDO� GREUH�RV�GHPDLV� JXLDV�TXH�DSRLDP�D� LPSOHPHQWDomR�GRV�GLYHUVRV�
QtYHLV�GR�0RGHOR�GH�5HIHUrQFLD��
�
*XLD�*HUDO�036�GH�6HUYLoRV�±�FRQWpP�D�GHVFULomR�JHUDO�GR�PRGHOR�
GH� UHIHUrQFLD� SDUD� 6HUYLoRV� �05�036�69��� EHP� FRPR� DV� GHILQLo}HV�
FRPXQV� QHFHVViULDV� SDUD� VHX� HQWHQGLPHQWR� H� DSOLFDomR�� 1D� YHUVmR�
DQWHULRU� GR� 036�%5�� HVWHV� GRLV� SULPHLURV� JXLDV� FRPSXQKDP� XP� ~QLFR�
JXLD��FKDPDGR�*XLD�*HUDO��
�
*XLD�GH�$TXLVLomR���GHVFUHYH�XP�SURFHVVR�GH�DTXLVLomR�GH�VRIWZDUH�
H�VHUYLoRV�FRUUHODWRV��e�GHVFULWR�FRPR�IRUPD�GH�DSRLDU�DV�LQVWLWXLo}HV�TXH�
TXHLUDP�DGTXLULU�SURGXWRV�GH�VRIWZDUH�H�VHUYLoRV�FRUUHODWRV�DSRLDQGR�VH�
QR�05�036�6:���
�
*XLD�GH�$YDOLDomR���GHVFUHYH�R�SURFHVVR�H�R�PpWRGR�GH�DYDOLDomR�
0$�036�� RV� UHTXLVLWRV� SDUD� DYDOLDGRUHV� OtGHUHV�� DYDOLDGRUHV� DGMXQWRV� H�
,QVWLWXLo}HV�$YDOLDGRUDV��H�
�
*XLDV� GH� ,PSOHPHQWDomR� �� VpULH� GH� GRFXPHQWRV� TXH� IRUQHFHP�
RULHQWDo}HV�SDUD� LPSOHPHQWDU�QDV�RUJDQL]Do}HV�RV�QtYHLV�GH�PDWXULGDGH�
GHVFULWRV�QR�0RGHOR�GH�5HIHUrQFLD�05�036�6:��
�
2� UHODFLRQDPHQWR� HQWUH� RV� FRPSRQHQWHV� H� VHXV� UHVSHFWLYRV�
GRFXPHQWRV�SRGH�VHU�YLVWR�QD�ILJXUD�DEDL[R��
�
036�%5�H�VHXV�FRPSRQHQWHV�
26072658512
dĞĐŶŽůŽŐŝĂ�ĚĂ�/ŶĨŽƌŵĂĕĆŽ�;ƉĂƌƚĞ�/Ϳ�ƉĂƌĂ�d��ͬ^��
�ƵĚŝƚŽƌ�ʹ�/ŶĨŽƌŵĄƚŝĐĂ��
WƌŽĨ�sŝĐƚŽƌ��ĂůƚŽŶ�ʹ��ƵůĂ�Ϭϱ�
WƌŽĨ͘�sŝĐƚŽƌ��ĂůƚŽŶ�
�������������������ǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌ���������������������������ϰ�ĚĞ�ϰϬ�
2� 036�%5� HQFRQWUD�VH� GLVSRQtYHO� HP�
KWWS���ZZZ�VRIWH[�EU�PSVEU�JXLDV���
�
�
����1tYHLV�GH�PDWXULGDGH�H�FDSDFLGDGH�GH�SURFHVVRV�
�
�
'H� PDQHLUD� DQiORJD� DR� &00,�� RV� QtYHLV� GH� PDWXULGDGH�
HVWDEHOHFHP� SDWDPDUHV� GH� HYROXomR� GH� SURFHVVRV�� FDUDFWHUL]DQGR�
HVWiJLRV�GH�PHOKRULD�GD� LPSOHPHQWDomR�GH�SURFHVVRV�QD�RUJDQL]DomR��2�
QtYHO�GH�PDWXULGDGH�HP�TXH�VH�HQFRQWUD�XPD�RUJDQL]DomR�SHUPLWH�SUHYHU�
R�VHX�GHVHPSHQKR�IXWXUR�DR�H[HFXWDU�XP�RX�PDLV�SURFHVVRV��2�05�036�
6:�GHILQH�VHWH�QtYHLV�GH�PDWXULGDGH���
�
x $��(P�2WLPL]DomR����
x %��*HUHQFLDGR�4XDQWLWDWLYDPHQWH����
x &��'HILQLGR���
x '��/DUJDPHQWH�'HILQLGR����
x (��3DUFLDOPHQWH�'HILQLGR����
x )��*HUHQFLDGR���H�
x *��3DUFLDOPHQWH�*HUHQFLDGR����
�
�
$�HVFDOD�GH�PDWXULGDGH�VH�LQLFLD�QR�QtYHO�*�H�SURJULGH�DWp�R�QtYHO�$��
3DUD�FDGD�XP�GHVWHV�VHWH�QtYHLV�GH�PDWXULGDGH�p�DWULEXtGR�XP�SHUILO�GH�
SURFHVVRV� TXH� LQGLFDP� RQGH� D� RUJDQL]DomR� GHYH� FRORFDU� R� HVIRUoR� GH�
PHOKRULD�� 2� SURJUHVVR� H� R� DOFDQFH� GH� XP� GHWHUPLQDGR� QtYHO� GH�
PDWXULGDGH�GR�05�036�6:�VH�REWrP�TXDQGR�VmR�DWHQGLGRV�RV�SURSyVLWRV�
H�WRGRV�RV�UHVXOWDGRV�HVSHUDGRV�GRV�UHVSHFWLYRV�SURFHVVRV�H�RV�UHVXOWDGRV�
HVSHUDGRV�GRV�DWULEXWRV�GH�SURFHVVR�HVWDEHOHFLGRV�SDUD�DTXHOH�QtYHO���
�
$� GLYLVmR� HP� �� HVWiJLRV� WHP� R� REMHWLYR� GH� SRVVLELOLWDU� XPD�
LPSOHPHQWDomR� H� DYDOLDomR� DGHTXDGD� jV� PLFURV�� SHTXHQDV� H� PpGLDV�
HPSUHVDV�� $� SRVVLELOLGDGH� GH� VH� UHDOL]DU� DYDOLDo}HV� FRQVLGHUDQGR� PDLV�
QtYHLV� WDPEpP� SHUPLWH� XPD� YLVLELOLGDGH� GRV� UHVXOWDGRV� GH� PHOKRULD� GH�
SURFHVVRV em prazos mais curtos. 
�
�
3RU� RXWUR� ODGR�� R�036�%5�QmR�SRVVXL� XPD�DERUGDJHP�FRQWtQXD�� QD�
TXDO� RV� SURFHVVRV� VmR� DYDOLDGRV� LQGLYLGXDOPHQWH� VHJXQGR� XP� QtYHO� GH�
FDSDFLGDGH�� 1R� HQWDQWR�� D� YLVmR� VHJXQGR� FDSDFLGDGHV� SHUPDQHFH�
SUHVHQWH��QD�TXDO�D�FDSDFLGDGH�GR�SURFHVVR�p�UHSUHVHQWDGD�VHJXQGR�XP�
26072658512
dĞĐŶŽůŽŐŝĂ�ĚĂ�/ŶĨŽƌŵĂĕĆŽ�;ƉĂƌƚĞ�/Ϳ�ƉĂƌĂ�d��ͬ^��
�ƵĚŝƚŽƌ�ʹ�/ŶĨŽƌŵĄƚŝĐĂ��
WƌŽĨ�sŝĐƚŽƌ��ĂůƚŽŶ�ʹ��ƵůĂ�Ϭϱ�
WƌŽĨ͘�sŝĐƚŽƌ��ĂůƚŽŶ�
�������������������ǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌ���������������������������ϱ�ĚĞ�ϰϬ�
FRQMXQWR�GH�DWULEXWRV�GH�SURFHVVR��GHVFULWRV�HP�WHUPRV�GH�UHVXOWDGRV�
HVSHUDGRV���3DUD�DOJXQV�SURFHVVRV��j�PHGLGD�TXH�D�RUJDQL]DomR�HYROXLU�
SHORV�QtYHLV� GH�PDWXULGDGH�� D� FDSDFLGDGH�GH�DOJXQV�SURFHVVRV�SUHFLVDUi�
DXPHQWDU��SRU�PHLR�GR�DOFDQFH�GH�PDLV�DWULEXWRV�GH�SURFHVVRV��1R� ILQDO�
GDV�FRQWDV��YRFr�YHUi�TXH�R�036�%5�p�EHP�PDLV�VLPSOHV��
�
�
����2V�SURFHVVRV�GR�036�%5�
�
�
$VVLP�FRPR�R�&00,��R�036�%5�SRVVXL�XP�JUXSR�GH�SURFHVVRV�D�VHU�
H[HFXWDGR� HP� FDGD� QtYHO� GH� PDWXULGDGH�� FXPXODWLYDPHQWH� FRP� RV�
SURFHVVRV� Mi� H[HFXWDGRV� QR� QtYHO� DQWHULRU�� $� VXWLO� GLIHUHQoD� p� TXH�� QR�
&00,�� FKDPiYDPRV� GH� iUHDV� GH� SURFHVVR�� H� QR� 036�%5� FKDPDPRV�
DSHQDV�GH�SURFHVVRV��9HMD�DEDL[R��
�
�
�
�
�
�
�
�
�
�
�
�
�
�
�
�
�
�
�
�
�
26072658512
dĞĐŶŽůŽŐŝĂ�ĚĂ�/ŶĨŽƌŵĂĕĆŽ�;ƉĂƌƚĞ�/Ϳ�ƉĂƌĂ�d��ͬ^��
�ƵĚŝƚŽƌ�ʹ�/ŶĨŽƌŵĄƚŝĐĂ��
WƌŽĨ�sŝĐƚŽƌ��ĂůƚŽŶ�ʹ��ƵůĂ�Ϭϱ�
WƌŽĨ͘�sŝĐƚŽƌ��ĂůƚŽŶ�
�������������������ǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌ���������������������������ϲ�ĚĞ�ϰϬ�
�
�
�
�
6mR� ��� JUXSRV� GH� SURFHVVRV�� GLYLGLGRV� HP� �� QtYHLV� GH�
PDWXULGDGH�HPERUD�RFXSHP�DSHQDV�����FDGD�XP�FRP�VXD�IXQGDPHQWDomR�WHyULFD�H�VHXV�VHXV�UHVXOWDGRV�HVSHUDGRV���
�
$�HYROXomR�HQWUH�RV�QtYHLV�GH�PDWXULGDGH�RFRUUH�GH�PDQHLUD�VLPLODU�
DR�&00,��FXPSULQGR�RV�DWULEXWRV�GH�SURFHVVRV�H[LJLGRV�QR�UHIHULGR�QtYHO�
GH�PDWXULGDGH��SUHVHUYDQGR�DV�FRQTXLVWDV�QRV�QtYHLV�LQIHULRUHV��
�
'RV�VHWH�QtYHLV�GH�PDWXULGDGH��SRGH�VH�SHUFHEHU�TXH�RV�QtYHLV�%�H�$�
QmR� SRVVXHP� SURFHVVRV� QRYRV�� 2� QtYHO� %� DSHQDV� DFUHVFHQWD� PDLV�
UHVXOWDGRV�HVSHUDGRV�DR�SURFHVVR�*HUrQFLD�GH�3URMHWR��LQLFLDGR�QR�QtYHO�*�
H�HYROXtGR�QR�QtYHO�(��-i�D�GLVWLQomR�SULQFLSDO�HQWUH�R�QtYHO�%�H�R�QtYHO�$�GR�
05�036� p� TXH�� QR� QtYHO� $�� R� FRQMXQWR� GH� SURFHVVRV� SDGUmR� GD�
RUJDQL]DomR�VHOHFLRQDGR�QR�QtYHO�%�SDUD�VHU�REMHWR�GH�FRQWUROH�HVWDWtVWLFR�
GHYH� DJRUD� VHU� RWLPL]DGR� SRU� PHLR� GH� DOWHUDo}HV� H� DGDSWDo}HV�
LQFUHPHQWDLV� H� LQRYDGRUDV� SDUD� HIHWLYDPHQWH� DWHQGHU� DRV� REMHWLYRV� GH�
QHJyFLR�DWXDLV�H�SURMHWDGRV��
�
26072658512
dĞĐŶŽůŽŐŝĂ�ĚĂ�/ŶĨŽƌŵĂĕĆŽ�;ƉĂƌƚĞ�/Ϳ�ƉĂƌĂ�d��ͬ^��
�ƵĚŝƚŽƌ�ʹ�/ŶĨŽƌŵĄƚŝĐĂ��
WƌŽĨ�sŝĐƚŽƌ��ĂůƚŽŶ�ʹ��ƵůĂ�Ϭϱ�
WƌŽĨ͘�sŝĐƚŽƌ��ĂůƚŽŶ�
�������������������ǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌ���������������������������ϳ�ĚĞ�ϰϬ�
8P� HVWXGR� PDLV� DSURIXQGDGR� GR� 036�%5� HQYROYHULD� D� OHLWXUD� GRV�
VHWH�*XLDV�GH�,PSOHPHQWDomR��GLVSRQtYHLV�HP��
�
KWWS���ZZZ�VRIWH[�EU�ZS�
FRQWHQW�XSORDGV���������036�%5B*XLDBGHB,PSOHPHQWDFDRB3DUWHB�B���
��SGI�
KWWS���ZZZ�VRIWH[�EU�ZS�
FRQWHQW�XSORDGV���������036�%5B*XLDBGHB,PSOHPHQWDFDRB3DUWHB�B���
��SGI�
KWWS���ZZZ�VRIWH[�EU�ZS�
FRQWHQW�XSORDGV���������036�%5B*XLDBGHB,PSOHPHQWDFDRB3DUWHB�B���
��SGI�
KWWS���ZZZ�VRIWH[�EU�ZS�
FRQWHQW�XSORDGV���������036�%5B*XLDBGHB,PSOHPHQWDFDRB3DUWHB�B���
��SGI�
KWWS���ZZZ�VRIWH[�EU�ZS�
FRQWHQW�XSORDGV���������036�%5B*XLDBGHB,PSOHPHQWDFDRB3DUWHB�B���
��SGI�
KWWS���ZZZ�VRIWH[�EU�ZS�
FRQWHQW�XSORDGV���������036�%5B*XLDBGHB,PSOHPHQWDFDRB3DUWHB�B���
��SGI�
KWWS���ZZZ�VRIWH[�EU�ZS�
FRQWHQW�XSORDGV���������036�%5B*XLDBGHB,PSOHPHQWDFDRB3DUWHB�B���
��SGI�
�
(VWDV���DSRVWLODV�FRQWpP�RV�JUXSRV�GH�SURFHVVRV��D� IXQGDPHQWDomR�
WHyULFD��RV�DWULEXWRV�GH�SURFHVVRV�H�RV� UHVXOWDGRV�HVSHUDGRV�SDUD�JUXSR�
GH�SURFHVVR��9DOH�D�SHQD� OHU� LVVR� WXGR"�9DOH�D�SHQD�PRQWDU�XPD�WDEHOD�
DSHQDV� FRP� RV� SURFHVVRV� H� VHXV� UHVSHFWLYRV� UHVXOWDGRV� HVSHUDGRV�� H�
WHQWDU�GHFRUDU"�e�YHUGDGHLUDPHQWH�FRPSOLFDGR��(QWUHWDQWR��R�*XLD�*HUDO�
GH� 6RIWZDUH� SRVVXL�� GH� PDQHLUD� UHVXPLGD�� DV� GHVFULo}HV� GH� WRGRV� RV�
SURFHVVRV�� VHXV� DWULEXWRV� GH� SURFHVVRV� H� UHVXOWDGRV� HVSHUDGRV��
'HILQLWLYDPHQWH�YDOH�D�SHQD�OHU��D�SDUWLU�GD�SiJLQD����DWp�D�SiJLQD����GR�
UHIHULGR� *XLD�� GLVSRQtYHO� HP� KWWS���ZZZ�VRIWH[�EU�ZS�
FRQWHQW�XSORDGV���������036�%5B*XLDB*HUDOB6RIWZDUHB������SGI�� e�
OHLWXUD�REULJDWyULD�DQWHV�GD�UHDOL]DomR�GRV�H[HUFtFLRV��
�
�
�
�
�
26072658512
dĞĐŶŽůŽŐŝĂ�ĚĂ�/ŶĨŽƌŵĂĕĆŽ�;ƉĂƌƚĞ�/Ϳ�ƉĂƌĂ�d��ͬ^��
�ƵĚŝƚŽƌ�ʹ�/ŶĨŽƌŵĄƚŝĐĂ��
WƌŽĨ�sŝĐƚŽƌ��ĂůƚŽŶ�ʹ��ƵůĂ�Ϭϱ�
WƌŽĨ͘�sŝĐƚŽƌ��ĂůƚŽŶ�
�������������������ǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌ���������������������������ϴ�ĚĞ�ϰϬ�
0DV�9LFWRU��SRU�TXH�YRFr�QmR�GHVFUHYHX�RV�SURFHVVRV�DTXL�QR�3')"�
3RUTXH�� FDUR� DOXQR� GH� 7,��QRVVR� DSUHQGL]DGR�GH� IUDPHZRUNV� SDVVD�
REULJDWRULDPHQWH�SHOR�PDQXVHLR�GR�PHVPR��
�
&RQKHoD�R�VLWH�GD�62)7(;��PDQXVHLH�R�IUDPHZRUN���
�
$RV�H[HUFtFLRV��
�
�
�
�
�
�
�
�
�
�
�
�
�
�
�
�
�
26072658512
dĞĐŶŽůŽŐŝĂ�ĚĂ�/ŶĨŽƌŵĂĕĆŽ�;ƉĂƌƚĞ�/Ϳ�ƉĂƌĂ�d��ͬ^��
�ƵĚŝƚŽƌ�ʹ�/ŶĨŽƌŵĄƚŝĐĂ��
WƌŽĨ�sŝĐƚŽƌ��ĂůƚŽŶ�ʹ��ƵůĂ�Ϭϱ�
WƌŽĨ͘�sŝĐƚŽƌ��ĂůƚŽŶ�
�������������������ǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌ���������������������������ϵ�ĚĞ�ϰϬ�
(;(5&Ë&,26�&20(17$'26�
�
�����
�
�� 4XHVWmR�� �(6$)� ±� $QDOLVWD� GH� )LQDQoDV� H� &RQWUROH� ±�
'HVHQYROYLPHQWR� GH� 6LVWHPDV� GH� ,QIRUPDomR� ±� ������ 2� 036�%5�
WHP� FRPR� XPD� GDV�PHWDV� GHILQLU� H� DSULPRUDU� R�PRGHOR� GH�PHOKRULD� H�
DYDOLDomR� GH� SURFHVVR� GH� VRIWZDUH�� YLVDQGR� SUHIHUHQFLDOPHQWH� DV�PLFUR��
SHTXHQDV�H�PpGLDV�HPSUHVDV��GH�IRUPD�D�DWHQGHU�jV�VXDV�QHFHVVLGDGHV�
GH� QHJyFLR� H� VHU� UHFRQKHFLGR� QDFLRQDO� H� LQWHUQDFLRQDOPHQWH� FRPR� XP�
PRGHOR� DSOLFiYHO� j� LQG~VWULD� GH� VRIWZDUH�� 2V� FRPSRQHQWHV� HP� TXH� R�
036�%5�HVWi�GLYLGLGR�VmR��
D��,62�,(&��������&00,�'(9��,62�,(&��������
E�� PRGHOR� GH� UHIHUrQFLD�� JXLD� JHUDO�� JXLD� GH� DTXLVLomR�� JXLD� GH�
LPSOHPHQWDomR��
F�� JXLD� JHUDO�� JXLD� GH� DTXLVLomR�� JXLD� GH� LPSOHPHQWDomR�� JXLD� GH�
DYDOLDomR��
G��PRGHOR�GH�UHIHUrQFLD��PpWRGR�GH�DYDOLDomR��PRGHOR�GH�QHJyFLR��
H��JXLD�JHUDO��JXLD�GH�DYDOLDomR�H�GRFXPHQWRV�GR�SURJUDPD��
�
�
9DPRV�HQWUDU�HP�036�%5�FRP�XPD�TXHVWmR�PDOGRVD��&XLGDGR��
�
$�GHILQLomR�GR�TXH�p�R�036�%5�HQFRQWUD�VH�QR�HQXQFLDGR�GD�TXHVWmR��
HQWmR� QmR� FDEH� UHSHWLomR�� 6HXV� FRPSRQHQWHV� VmR� RV� PRGHORV� GH�
UHIHUrQFLD�05��� GH� VHUYLoRV� H� GH� VRIWZDUH�� R� PpWRGR� GH�
DYDOLDomR�0$�� H�R�PRGHOR�GH�QHJyFLR� SDUD�0HOKRULD� GH�3URFHVVR�GH�
6RIWZDUH� H� 6HUYLoRV� �01��� (VWH� PRGHOR� HVWi� GHVFULWR� SRU� PHLR� GH�
GRFXPHQWRV�HP�IRUPDWR�GH�JXLDV��D�VDEHU��
�
*XLD� *HUDO� 036� GH� 6RIZDUH� ±� FRQWpP� D� GHVFULomR� GHWDOKDGD� GR�
0RGHOR�GH�5HIHUrQFLD�SDUD�6RIWZDUH��05±036±6:��H�IRUQHFH�XPD�YLVmR�
JHUDO� GREUH�RV�GHPDLV� JXLDV�TXH�DSRLDP�D� LPSOHPHQWDomR�GRV�GLYHUVRV�
QtYHLV�GR�0RGHOR�GH�5HIHUrQFLD��
�
*XLD�*HUDO�036�GH�6HUYLoRV�±�FRQWpP�D�GHVFULomR�JHUDO�GR�PRGHOR�
GH� UHIHUrQFLD� SDUD� 6HUYLoRV� �05�036�69��� EHP� FRPR� DV� GHILQLo}HV�
FRPXQV� QHFHVViULDV� SDUD� VHX� HQWHQGLPHQWR� H� DSOLFDomR�� 1D� YHUVmR�
26072658512
dĞĐŶŽůŽŐŝĂ�ĚĂ�/ŶĨŽƌŵĂĕĆŽ�;ƉĂƌƚĞ�/Ϳ�ƉĂƌĂ�d��ͬ^��
�ƵĚŝƚŽƌ�ʹ�/ŶĨŽƌŵĄƚŝĐĂ��
WƌŽĨ�sŝĐƚŽƌ��ĂůƚŽŶ�ʹ��ƵůĂ�Ϭϱ�
WƌŽĨ͘�sŝĐƚŽƌ��ĂůƚŽŶ�
�������������������ǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌ���������������������������ϭϬ�ĚĞ�ϰϬ�
DQWHULRU� GR� 036�%5�� HVWHV� GRLV� SULPHLURV� JXLDV� FRPSXQKDP� XP� ~QLFR�
JXLD��FKDPDGR�*XLD�*HUDO��
�
*XLD�GH�$TXLVLomR���GHVFUHYH�XP�SURFHVVR�GH�DTXLVLomR�GH�VRIWZDUH�
H�VHUYLoRV�FRUUHODWRV��e�GHVFULWR�FRPR�IRUPD�GH�DSRLDU�DV�LQVWLWXLo}HV�TXH�
TXHLUDP�DGTXLULU�SURGXWRV�GH�VRIWZDUH�H�VHUYLoRV�FRUUHODWRV�DSRLDQGR�VH�
QR�05�036�6:���
�
*XLD�GH�$YDOLDomR���GHVFUHYH�R�SURFHVVR�H�R�PpWRGR�GH�DYDOLDomR�
0$�036�� RV� UHTXLVLWRV� SDUD� DYDOLDGRUHV� OtGHUHV�� DYDOLDGRUHV� DGMXQWRV� H�
,QVWLWXLo}HV�$YDOLDGRUDV��H�
�
*XLDV� GH� ,PSOHPHQWDomR� �� VpULH� GH� GRFXPHQWRV� TXH� IRUQHFHP�
RULHQWDo}HV�SDUD� LPSOHPHQWDU�QDV�RUJDQL]Do}HV�RV�QtYHLV�GH�PDWXULGDGH�
GHVFULWRV�QR�0RGHOR�GH�5HIHUrQFLD�05�036�6:��
�
2� UHODFLRQDPHQWR� HQWUH� RV� FRPSRQHQWHV� H� VHXV� UHVSHFWLYRV�
GRFXPHQWRV�SRGH�VHU�YLVWR�QD�ILJXUD�DEDL[R��
�
036�%5�H�VHXV�FRPSRQHQWHV�
�
2� 036�%5� HQFRQWUD�VH� GLVSRQtYHO� HP�
KWWS���ZZZ�VRIWH[�EU�PSVEU�JXLDV���
��
9ROWDQGR�j�TXHVWmR�GD�SHJDGLQKD��YLUDP�D�PDOGDGH�QDV�DOWHUQDWLYDV"�
$� OHWUD� F�� RIHUHFH�� ³GH� EDQGHMD´�� DV� TXDWUR� JXLDV� GR�036�%5�� H� R� OHLWRU�
PDLV�DSUHVVDGR�SRGH�VHU�LQGX]LGR�D�PDUFi�OD��0DV�D�SHUJXQWD�p�VREUH�RV�
FRPSRQHQWHV�GR�036�%5��H�RV�FRPSRQHQWHV�VmR�RV�PRGHORV�H�R�PpWRGR��
&XLGDGR��
26072658512
dĞĐŶŽůŽŐŝĂ�ĚĂ�/ŶĨŽƌŵĂĕĆŽ�;ƉĂƌƚĞ�/Ϳ�ƉĂƌĂ�d��ͬ^��
�ƵĚŝƚŽƌ�ʹ�/ŶĨŽƌŵĄƚŝĐĂ��
WƌŽĨ�sŝĐƚŽƌ��ĂůƚŽŶ�ʹ��ƵůĂ�Ϭϱ�
WƌŽĨ͘�sŝĐƚŽƌ��ĂůƚŽŶ�
�������������������ǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌ���������������������������ϭϭ�ĚĞ�ϰϬ�
�
$OWHUQDWLYD�FRUUHWD��OHWUD�G���
�
�
�� 4XHVWmR�� �(6$)� ±� $QDOLVWD� GH� )LQDQoDV� H� &RQWUROH� ±�
'HVHQYROYLPHQWR� GH� 6LVWHPDV� GH� ,QIRUPDomR�±� ������1R�036�%5�
VmR� GHILQLGRV� QtYHLV� GH� PDWXULGDGH� TXH� VmR� XPD� FRPELQDomR� HQWUH�
SURFHVVRV� H� VXD� FDSDFLGDGH�� 2V� QtYHLV� GH� PDWXULGDGH� HVWDEHOHFHP�
SDWDPDUHV�GH�HYROXomR�GH�SURFHVVRV��FDUDFWHUL]DQGR�HVWiJLRV�GH�PHOKRULD�
GD� LPSOHPHQWDomR� GH� SURFHVVRV� QD� RUJDQL]DomR�� $VVLQDOH� D� RSomR� TXH�
LGHQWLILFD�WRGRV�RV�QtYHLV�GH�PDWXULGDGH�GR�036�%5��
D��$��2WLPL]DGR���%��*HUHQFLDGR�4XDQWLWDWLYDPHQWH���&��'HILQLGR���'�
�/DUJDPHQWH� 'HILQLGR��� (� �3DUFLDOPHQWH� 'HILQLGR��� )� �*HUHQFLDGR��� *�
�,QLFLDO���
E�� $� �2WLPL]DGR��� %� �3DUFLDOPHQWH� 2WLPL]DGR��� &� �'HILQLGR��� '�
�/DUJDPHQWH� 'HILQLGR��� (� �3DUFLDOPHQWH� 'HILQLGR���)� �*HUHQFLDGR��� *�
�3DUFLDOPHQWH�*HUHQFLDGR���
F�� $� �(P� 2WLPL]DomR��� %� �*HUHQFLDGR� 4XDQWLWDWLYDPHQWH��� &�
�'HILQLGR��� '� �/DUJDPHQWH� 'HILQLGR��� (� �3DUFLDOPHQWH� 'HILQLGR��� )�
�*HUHQFLDGR���*��3DUFLDOPHQWH�*HUHQFLDGR���
G�� $� �(P�2WLPL]DomR��� %� �3DUFLDOPHQWH�2WLPL]DGR��� &� �'HILQLGR���'�
�/DUJDPHQWH� 'HILQLGR��� (� �3DUFLDOPHQWH� 'HILQLGR��� )� �*HUHQFLDGR��� *�
�,QLFLDO���
H�� $� �2WLPL]DGR��� %� �([HFXWDGR��� &� �'HILQLGR��� '� �/DUJDPHQWH�
'HILQLGR��� (� �3DUFLDOPHQWH� 'HILQLGR��� )� �*HUHQFLDGR��� *� �3DUFLDOPHQWH�
*HUHQFLDGR���
�
&RPR�ERQV�EUDVLOHLURV��QyV� WHPRV�TXH�GDU�R�QRVVR�³WRTXH´�HVSHFLDO�
QR� PRGHOR�� SDUD� QmR� ILFDU� XPD� FySLD� GR� &00,�� (QWmR�� GHL[DPRV� PDLV�
FRPSOLFDGR��3DUDIUDVHDQGR�R�036�%5��
�
2V� QtYHLV� GH� PDWXULGDGH� HVWDEHOHFHP� SDWDPDUHV� GH� HYROXomR� GH�
SURFHVVRV�� FDUDFWHUL]DQGR� HVWiJLRV� GH� PHOKRULD� GD� LPSOHPHQWDomR� GH�
SURFHVVRV� QD� RUJDQL]DomR�� 2� QtYHO� GH� PDWXULGDGH� HP� TXH� VH� HQFRQWUD�
XPD� RUJDQL]DomR� SHUPLWH� SUHYHU� R� VHX� GHVHPSHQKR� IXWXUR� DR� H[HFXWDU�
XP�RX�PDLV�SURFHVVRV��2�05�036�6:�GHILQH�VHWH�QtYHLV�GH�PDWXULGDGH��$�
�(P� 2WLPL]DomR��� %� �*HUHQFLDGR� 4XDQWLWDWLYDPHQWH��� &� �'HILQLGR��� '�
�/DUJDPHQWH� 'HILQLGR��� (� �3DUFLDOPHQWH� 'HILQLGR��� )� �*HUHQFLDGR�� H� *�
�3DUFLDOPHQWH�*HUHQFLDGR���$�HVFDOD�GH�PDWXULGDGH�VH�LQLFLD�QR�QtYHO�*�H�
SURJULGH�DWp�R�QtYHO�$��3DUD�FDGD�XP�GHVWHV�VHWH�QtYHLV�GH�PDWXULGDGH�p�
DWULEXtGR� XP� SHUILO� GH� SURFHVVRV� TXH� LQGLFDP� RQGH� D� RUJDQL]DomR� GHYH�
26072658512
dĞĐŶŽůŽŐŝĂ�ĚĂ�/ŶĨŽƌŵĂĕĆŽ�;ƉĂƌƚĞ�/Ϳ�ƉĂƌĂ�d��ͬ^��
�ƵĚŝƚŽƌ�ʹ�/ŶĨŽƌŵĄƚŝĐĂ��
WƌŽĨ�sŝĐƚŽƌ��ĂůƚŽŶ�ʹ��ƵůĂ�Ϭϱ�
WƌŽĨ͘�sŝĐƚŽƌ��ĂůƚŽŶ�
�������������������ǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌ���������������������������ϭϮ�ĚĞ�ϰϬ�
FRORFDU� R� HVIRUoR� GH� PHOKRULD�� 2� SURJUHVVR� H� R� DOFDQFH� GH� XP�
GHWHUPLQDGR� QtYHO� GH�PDWXULGDGH� GR�05�036�6:� VH� REWrP�TXDQGR� VmR�
DWHQGLGRV�RV�SURSyVLWRV�H�WRGRV�RV�UHVXOWDGRV�HVSHUDGRV�GRV�UHVSHFWLYRV�
SURFHVVRV� H� RV� UHVXOWDGRV� HVSHUDGRV� GRV� DWULEXWRV� GH� SURFHVVR�
HVWDEHOHFLGRV�SDUD�DTXHOH�QtYHO���
$� GLYLVmR� HP� �� HVWiJLRV� WHP� R� REMHWLYR� GH� SRVVLELOLWDU� XPD�
LPSOHPHQWDomR� H� DYDOLDomR� DGHTXDGD� jV� PLFURV�� SHTXHQDV� H� PpGLDV�
HPSUHVDV�� $� SRVVLELOLGDGH� GH� VH� UHDOL]DU� DYDOLDo}HV� FRQVLGHUDQGR� PDLV�
QtYHLV� WDPEpP� SHUPLWH� XPD� YLVLELOLGDGH� GRV� UHVXOWDGRV� GH� PHOKRULD� GH�
SURFHVVRV em prazos mais curtos. 
1R�036�%5��R�$�p�R�PHOKRU�QtYHO�� H�R�*�p�R�SLRU��$JRUD�VLP�� ILFRX�
EDVWDQWH� RULJLQDO�� 1R� &00,�� R� QtYHO� GH�PDWXULGDGH�PDLV� DOWR� p� R� �� H� R�
PDLV� EDL[R� p� R� ��� 5HDOPHQWH�� VmR� PRGHORV� FRPSOHWDPHQWH� GLIHUHQWHV�
�VDUFDVPR���
�
5HVSRVWD�FHUWD��OHWUD�F����
�
�
�� 4XHVWmR�� �8(/� ±� &078� ±� $QDOLVWD� $GPLQLVWUDWLYR� ���
7HFQRORJLD�GD�,QIRUPDomR�±��������DGDSWDGD��6REUH�R�PRGHOR�036�
%5��UHODFLRQH�DV�FROXQDV��
�
�
�
�
$VVLQDOH�D�DOWHUQDWLYD�TXH�FRQWpP�D�DVVRFLDomR�FRUUHWD��
D��,�&��,,�*��,,,�%��,9�(��9�)��9,�$��9,,�'��
E��,�&��,,�%��,,,�)��,9�$��9�(��9,�*��9,,�'��
F��,�&��,,�)��,,,�%��,9�(��9�*��9,�$��9,,�'��
G��,�$��,,�(��,,,�%��,9�'��9�)��9,�*��9,,�&��
H��,�$��,,�(��,,,�)��,9�'��9�%��9,�&��9,,�*��
�
26072658512
dĞĐŶŽůŽŐŝĂ�ĚĂ�/ŶĨŽƌŵĂĕĆŽ�;ƉĂƌƚĞ�/Ϳ�ƉĂƌĂ�d��ͬ^��
�ƵĚŝƚŽƌ�ʹ�/ŶĨŽƌŵĄƚŝĐĂ��
WƌŽĨ�sŝĐƚŽƌ��ĂůƚŽŶ�ʹ��ƵůĂ�Ϭϱ�
WƌŽĨ͘�sŝĐƚŽƌ��ĂůƚŽŶ�
�������������������ǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌ���������������������������ϭϯ�ĚĞ�ϰϬ�
$VVLP�FRPR�R�&00,��R�036�%5�SRVVXL�XP�JUXSR�GH�SURFHVVRV�D�VHU�
H[HFXWDGR� HP� FDGD� QtYHO� GH� PDWXULGDGH�� FXPXODWLYDPHQWH� FRP� RV�
SURFHVVRV�Mi�H[HFXWDGRV�QR�QtYHO�DQWHULRU��9HMD�DEDL[R��
�
�
�
6DEHU� RV� SURFHVVRV� SDUD� FDGD� JUXSR� p� XP� GHFRUHED� FKDWR�� QmR� p�
PHVPR"� 4XHP� GHUD� VH� LVVR� IRVVH� R� QtYHO� PDLV� SURIXQGR� GH� FREUDQoD�
SRVVtYHO�SDUD�R�036�%5�����
1HVVDV�KRUDV��HX�GHL[R�D�VHX�HQFDUJR�D�PHOKRU�IRUPD�GH�PHPRUL]DU���
�
5HVSRVWD�FHUWD��OHWUD�F���
�
�
�� 4XHVWmR�� �(6$)� ±� $QDOLVWD� GH� )LQDQoDV� H� &RQWUROH� ±�
'HVHQYROYLPHQWR�GH�6LVWHPDV�GH�,QIRUPDomR�±� ������2�SURSyVLWR�
26072658512
dĞĐŶŽůŽŐŝĂ�ĚĂ�/ŶĨŽƌŵĂĕĆŽ�;ƉĂƌƚĞ�/Ϳ�ƉĂƌĂ�d��ͬ^��
�ƵĚŝƚŽƌ�ʹ�/ŶĨŽƌŵĄƚŝĐĂ��
WƌŽĨ�sŝĐƚŽƌ��ĂůƚŽŶ�ʹ��ƵůĂ�Ϭϱ�
WƌŽĨ͘�sŝĐƚŽƌ��ĂůƚŽŶ�
�������������������ǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌ���������������������������ϭϰ�ĚĞ�ϰϬ�
GR�SURFHVVR�GH�*HUrQFLD�GH�5HTXLVLWRV� ��*5(�GR�036�%5�p�JHUHQFLDU�RV�
UHTXLVLWRV� GRV� SURGXWRV� H� FRPSRQHQWHV� GR� SURMHWR� H� LGHQWLILFDU�
LQFRQVLVWrQFLDV�HQWUH�RV�UHTXLVLWRV��RV�SODQRV�GR�SURMHWR�H�RV�SURGXWRV�GH�
WUDEDOKR� GR� SURMHWR�� $VVLQDOH� D� RSomR� TXH� LGHQWLILFD� XP� GRV� UHVXOWDGRV�
HVSHUDGRV�GR�SURFHVVR�GH�*HUrQFLD�GH�5HTXLVLWRV��
D�� $V� QHFHVVLGDGHV�� H[SHFWDWLYDV� H� UHVWULo}HV� GR� FOLHQWH�� WDQWR� GR�
SURGXWR�TXDQWR�GH�VXDV�LQWHUIDFHV��VmR�LGHQWLILFDGDV��
E��0XGDQoDV�QRV�UHTXLVLWRV�VmR�JHUHQFLDGDV�DR�ORQJR�GR�SURMHWR��
F��2V�UHTXLVLWRV�VmR�YDOLGDGRV��
G��2V�UHTXLVLWRV�IXQFLRQDLV�H�QmR�IXQFLRQDLV�GH�FDGD�FRPSRQHQWH�GR�
SURGXWR�VmR�UHILQDGRV��HODERUDGRV�H�DORFDGRV��
H��,QWHUIDFHV�LQWHUQDV�H�H[WHUQDV�GR�SURGXWR�H�GH�FDGD�FRPSRQHQWH�
GR�SURGXWR�VmR�GHILQLGDV��
�
3RLV�p��DJRUD�D�EULQFDGHLUD�FRPHoD�D�ILFDU�VHP�JUDoD��
�
6mR� ��� JUXSRV� GH� SURFHVVRV�� GLYLGLGRV� HP� �� QtYHLV� GH�
PDWXULGDGH�HPERUD�RFXSHP�DSHQDV�����FDGD�XP�FRP�VXD�IXQGDPHQWDomR�
WHyULFD� H� VHXV� VHXV� UHVXOWDGRV� HVSHUDGRV�� 1R� *XLD� *HUDO� GH� 6RIWZDUH��
YRFr� SRGHUi� OHU� WRGRV� RV� SURFHVVRV� H� RV� VHXV� UHVSHFWLYRV� UHVXOWDGRV�
HVSHUDGRV��
�
$� UHVSRVWD� SDUD� HVWD� TXHVWmR� p� D� OHWUD� E��� TXH� p� R� �ž� UHVXOWDGR�
HVSHUDGR� GRV� �� SHUWHQFHQWHV� DR� *HUrQFLD� GH� 5HTXLVLWRV�� 3DUD� YRFr� WHU�
XPD� LGHLD�� QHVWD� PHVPD� SURYD� GD� &*8� IL]HUDP� LGrQWLFD� SHUJXQWD� D�
UHVSHLWR� GH� *HUrQFLD� GH� 3URMHWRV�� TXH� SRVVXL� '(=(129(� UHVXOWDGRV�
HVSHUDGRV��3RGH�LVVR�$UQDOGR"�
�
�
��4XHVWmR���&HVJUDQULR�±�$QDOLVWD�GD�&DVD�GD�0RHGD�GR�%UDVLO�
±�*HVWmR�HP�7,�±� ������'HQWUH� RV���QtYHLV� GH�PDWXULGDGH�� GHILQLGRV�
SHOR� PRGHOR� 036�%5�� WRGRV� RV� OLVWDGRV� D� VHJXLU� SRVVXHP� SURFHVVRV�
HVSHFtILFRV��(;&(72�
D��)�H�*�
E��'�H�(�
F��&�H�'�
G��%�H�&�
H��$�H�%��
�
�
26072658512
dĞĐŶŽůŽŐŝĂ�ĚĂ�/ŶĨŽƌŵĂĕĆŽ�;ƉĂƌƚĞ�/Ϳ�ƉĂƌĂ�d��ͬ^��
�ƵĚŝƚŽƌ�ʹ�/ŶĨŽƌŵĄƚŝĐĂ��
WƌŽĨ�sŝĐƚŽƌ��ĂůƚŽŶ�ʹ��ƵůĂ�Ϭϱ�
WƌŽĨ͘�sŝĐƚŽƌ��ĂůƚŽŶ�
�������������������ǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌ���������������������������ϭϱ�ĚĞ�ϰϬ�
9RFr� PDO� OHX� D� WDEHOD� GH� SURFHVVRV� H� Mi� ILFRX� HP� G~YLGD� SDUD�
UHVSRQGHU�HVWD�TXHVWmR��3RLV�p��FRQFXUVR�p�DVVLP�PHVPR����
�
'HFRUDU� UHVXOWDGRV� HVSHUDGRV� p� GHVXPDQR�� PDV� FRPSUHHQGHU� D�
QRUPD�FRPR�XP�WRGR�p�SRVVtYHO��
�
'RV�VHWH�QtYHLV�GH�PDWXULGDGH��SRGH�VH�SHUFHEHU�TXH�RV�QtYHLV�%�H�$�
QmR� SRVVXHP� SURFHVVRV� QRYRV�� 2� QtYHO� %� DSHQDV� DFUHVFHQWD� PDLV�
UHVXOWDGRV�HVSHUDGRV�DR�SURFHVVR�*HUrQFLD�GH�3URMHWR��LQLFLDGR�QR�QtYHO�*�
H�HYROXtGR�QR�QtYHO�(��-i�D�GLVWLQomR�SULQFLSDO�HQWUH�R�QtYHO�%�H�R�QtYHO�$�GR�
05�036�6:� p� TXH� QR� QtYHO� $� R� FRQMXQWR� GH� SURFHVVRV� SDGUmR� GD�
RUJDQL]DomR�VHOHFLRQDGR�QR�QtYHO�%�SDUD�VHU�REMHWR�GH�FRQWUROH�HVWDWtVWLFR�
GHYH� DJRUD� VHU� RWLPL]DGR� SRU� PHLR� GH� DOWHUDo}HV� H� DGDSWDo}HV�
LQFUHPHQWDLV� H� LQRYDGRUDV� SDUD� HIHWLYDPHQWH� DWHQGHU� DRV� REMHWLYRV� GH�
QHJyFLR�DWXDLV�H�SURMHWDGRV��
�
3RUWDQWR��QRVVD�UHVSRVWD�FRUUHWD�p�D�DOWHUQDWLYD�H���
�
�
�� 4XHVWmR�� �)&&� ±� ,1)5$(52� ±� $QDOLVWD� GH� 6LVWHPDV� ±�
$UTXLWHWXUD�GH�6RIWZDUH���������&RQVLGHUH��
�
,��$V�GHVFULo}HV�GRV�PRGHORV�GH�FLFOR�GH�YLGD�D�VHUHP�XWLOL]DGRV�QRV�
SURMHWRV�GD�RUJDQL]DomR�VmR�HVWDEHOHFLGDV�H�PDQWLGDV��
�
,,�� $V� LQIRUPDo}HV� H� RV� GDGRV� UHODFLRQDGRV� DR� XVR� GRV� SURFHVVRV�
SDGUmR�SDUD�SURMHWRV�HVSHFtILFRV�H[LVWHP�H�VmR�PDQWLGRV��
�
1R� 036�%U�� ,� H� ,,� VmR� UHVXOWDGRV� HVSHUDGRV�� UHVSHFWLYDPHQWH�� QRV�
SURFHVVRV��
�
D�� *HUrQFLD� GH� SURMHWRV�� $YDOLDomR� H� PHOKRULD� GR� SURFHVVR�
RUJDQL]DFLRQDO��
E��'HVHQYROYLPHQWR�SDUD�UHXWLOL]DomR��*DUDQWLD�GD�TXDOLGDGH��
F��'HVHQYROYLPHQWR�GH�UHTXLVLWRV��3URMHWR�H�FRQVWUXomR�GR�SURGXWR��
G��$QiOLVH� GH� FDXVDV� GH� SUREOHPDV� H� UHVROXomR�� *DUDQWLD� GD�
TXDOLGDGH��
H�� 'HILQLomR� GR� SURFHVVR� RUJDQL]DFLRQDO�� $YDOLDomR� H� 0HOKRULD� GR�
SURFHVVR�RUJDQL]DFLRQDO��
�
26072658512
dĞĐŶŽůŽŐŝĂ�ĚĂ�/ŶĨŽƌŵĂĕĆŽ�;ƉĂƌƚĞ�/Ϳ�ƉĂƌĂ�d��ͬ^��
�ƵĚŝƚŽƌ�ʹ�/ŶĨŽƌŵĄƚŝĐĂ��
WƌŽĨ�sŝĐƚŽƌ��ĂůƚŽŶ�ʹ��ƵůĂ�Ϭϱ�
WƌŽĨ͘�sŝĐƚŽƌ��ĂůƚŽŶ�
�������������������ǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌ���������������������������ϭϲ�ĚĞ�ϰϬ�
0DLV� XP� H[HPSOR� GH� FRPR� DV� EDQFDV� SRGHP� VHU� SURIXQGDPHQWH�
PDOGRVDV��1HVWH�FDVR��p�DLQGD�SLRU��D�)&&�TXHU�TXH�YRFr�VHMD�FDSD]�GH�
DVVRFLDU� D� GHVFULomR� GH� �� UHVXOWDGRV� HVSHUDGRV� DRV� VHXV� UHVSHFWLYRV�
SURFHVVRV�� 2� SLRU� p� TXH� HVWi� Oi� QD� QRUPD�� HP� QHJULWR�� HPERUD� HX�
FRQVLGHUH�KXPDQDPHQWH�LPSRVVtYHO�GHFRUDU��
�
5HVSRVWD�FHUWD��DOWHUQDWLYD�H���
�
�
�
��4XHVWmR���&(6*5$15,2�±�%1'(6�±�$QDOLVWD�GH�6LVWHPDV�±
������ 'H� DFRUGR� FRP� R�*XLD�*HUDO�036�%5� ��0HOKRULD� GH� 3URFHVVR� GR�
6RIWZDUH� %UDVLOHLUR�� R� QtYHO� GH� PDWXULGDGH� )� �*HUHQFLDGR�� p� FRPSRVWR�
SHORV� SURFHVVRV� GR� QtYHO� GH� PDWXULGDGH� *� �3DUFLDOPHQWH� *HUHQFLDGR���
DFUHVFLGRV� GH� RXWURV� SURFHVVRV�� GHQWUH� RV� TXDLV� VH� LQFOXL� R� SURFHVVR�
$TXLVLomR�� FXMR� SURSyVLWR� p� JHUHQFLDU� D� DTXLVLomR� GH� SURGXWRV� TXH�
VDWLVIDoDP�jV�QHFHVVLGDGHV�H[SUHVVDV�SHOR�DGTXLUHQWH��
�
e�XP�UHVXOWDGR�HVSHUDGR�QHVVH�SURFHVVR��
�
D��D�UDVWUHDELOLGDGH�ELGLUHFLRQDO�HQWUH�RV�UHTXLVLWRV�H�RV�SURGXWRV�GH�
WUDEDOKR�p�HVWDEHOHFLGD�H�PDQWLGD��
E��R�RUoDPHQWR�H�R�FURQRJUDPD�GR�SURMHWR�� LQFOXLQGR�D�GHILQLomR�GH�
PDUFRV�H�SRQWRV�GH�FRQWUROH��VmR�HVWDEHOHFLGRV�H�PDQWLGRV��
F�� R� SURGXWR� p� HQWUHJXH� H� DYDOLDGR� HP� UHODomR� DR� DFRUGDGR� H� RV�
UHVXOWDGRV�VmR�GRFXPHQWDGRV���
G��RV�UHTXLVLWRV�VmR�DYDOLDGRV�FRP�EDVH�HP�FULWpULRV�REMHWLYRV�H�XP�
FRPSURPHWLPHQWR�GD�HTXLSH�WpFQLFD�FRP�HVVHV�UHTXLVLWRV�p�REWLGR��
H��RV�UHFXUVRV�H�R�DPELHQWH�GH�WUDEDOKR�QHFHVViULRV�SDUD�H[HFXWDU�R�
SURMHWR�VmR�SODQHMDGRV��
�
�
3RU� VHU� XP�PRGHOR�PDLV� VLPSOHV�TXH� R�&00,�� FUHLR� TXH�DV�EDQFDV�
SUHIHUHP� SHJDU� PDLV� SHVDGR�� LQGR� QRV� UHVXOWDGRV� HVSHUDGRV� GRV�
SURFHVVRV��
�
2� SURFHVVR� $TXLVLomR� �$48��� SRVVXL� RLWR� UHVXOWDGRV� HVSHUDGRV�� D�
VDEHU��
�
$48�� ±� $V� QHFHVVLGDGHV� GH� DTXLVLomR�� DV� PHWDV�� RV� FULWpULRV� GH�
DFHLWDomR�GR�SURGXWR��RV�WLSRV�H�D�HVWUDWpJLD�GH�DTXLVLomR�VmR�GHILQLGRV��
26072658512
dĞĐŶŽůŽŐŝĂ�ĚĂ�/ŶĨŽƌŵĂĕĆŽ�;ƉĂƌƚĞ�/Ϳ�ƉĂƌĂ�d��ͬ^��
�ƵĚŝƚŽƌ�ʹ�/ŶĨŽƌŵĄƚŝĐĂ��
WƌŽĨ�sŝĐƚŽƌ��ĂůƚŽŶ�ʹ��ƵůĂ�Ϭϱ�
WƌŽĨ͘�sŝĐƚŽƌ��ĂůƚŽŶ�
�������������������ǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌ���������������������������ϭϳ�ĚĞ�ϰϬ�
�
$48�� ±� 2V� FULWpULRV� GH� VHOHomR� GR� IRUQHFHGRU� VmR� HVWDEHOHFLGRV� H�
XVDGRV�SDUD�DYDOLDU�RV�SRWHQFLDLV�IRUQHFHGRUHV���
�
$48�� ±� 2� IRUQHFHGRU� p� VHOHFLRQDGR� FRP� EDVH� QD� DYDOLDomR� GDV�
SURSRVWDV�H�GRV�FULWpULRV�HVWDEHOHFLGRV���
�
$48�� �� 8P� DFRUGR� TXH� H[SUHVVH� FODUDPHQWH� DV� H[SHFWDWLYDV��
UHVSRQVDELOLGDGHV�H�REULJDo}HV�GH�DPEDV�DV�SDUWHV��FOLHQWH�H�IRUQHFHGRU��
p�HVWDEHOHFLGR�H�QHJRFLDGR�HQWUH�HODV���
�
$48�� ±� 8P� SURGXWR� TXH� VDWLVIDoD� D� QHFHVVLGDGH� H[SUHVVD� SHOR�
FOLHQWH�p�DGTXLULGR�EDVHDGR�QD�DQiOLVH�GRV�SRWHQFLDLV�FDQGLGDWRV���
�
$48�� ±� $� DTXLVLomR� p� PRQLWRUDGD� GH� IRUPD� TXH� DV� FRQGLo}HV�
HVSHFLILFDGDV�VHMDP�DWHQGLGDV��WDLV�FRPR�FXVWR��FURQRJUDPD�H�TXDOLGDGH��
JHUDQGR�Do}HV�FRUUHWLYDV�TXDQGR�QHFHVViULR���
�
$48�� ±� 2� SURGXWR� p� HQWUHJXH� H� DYDOLDGR� HP� UHODomR� DR�
DFRUGDGR�H�RV�UHVXOWDGRV�VmR�GRFXPHQWDGRV�
��
�
$48�� ±� 2� SURGXWR� DGTXLULGR� p� LQFRUSRUDGR� DR� SURMHWR�� FDVR�
SHUWLQHQWH���
�
�
3RUWDQWR��YLPRV�TXH�D�DOWHUQDWLYD�F��p�D�FRUUHWD��4XDQWR�jV�GHPDLV�
DOWHUQDWLYDV��
�
D�� *5(�� �� $� UDVWUHDELOLGDGH� ELGLUHFLRQDO� HQWUH� RV� UHTXLVLWRV� H� RV�
SURGXWRV�GH�WUDEDOKR�p�HVWDEHOHFLGD�H�PDQWLGD��QtYHO�*���
E�� *35�� �� 2� RUoDPHQWR� H� R� FURQRJUDPD� GR� SURMHWR�� LQFOXLQGR� D�
GHILQLomR�GH�PDUFRV�H�SRQWRV�GH�FRQWUROH��VmR�HVWDEHOHFLGRV�H�PDQWLGRV�
�QtYHO�*����
�������G�� *5(�� �� 2V� UHTXLVLWRV� VmR� DYDOLDGRV� FRP� EDVH� HP� FULWpULRV�
REMHWLYRV�H�XP�FRPSURPHWLPHQWR�GD�HTXLSH�WpFQLFD�FRP�HVWHV�UHTXLVLWRV�
p�REWLGR�QtYHO�*���
H�� *35�� �� �$Wp� R� QtYHO� )�� 2V� UHFXUVRV� H� R� DPELHQWH� GH� WUDEDOKR�
QHFHVViULRV�SDUD�H[HFXWDU�R�SURMHWR�VmR�SODQHMDGRV�QtYHO�*���
�
�&RPSOLFDGR��QmR�p�PHVPR"�3HOR�PHQRV�XPD�YH]��YRFr�SUHFLVDUi�OHU�
WRGRV�RV�SURFHVVRV�H�RV�VHXV�UHVSHFWLYRV�UHVXOWDGRV�HVSHUDGRV��
26072658512
dĞĐŶŽůŽŐŝĂ�ĚĂ�/ŶĨŽƌŵĂĕĆŽ�;ƉĂƌƚĞ�/Ϳ�ƉĂƌĂ�d��ͬ^��
�ƵĚŝƚŽƌ�ʹ�/ŶĨŽƌŵĄƚŝĐĂ��
WƌŽĨ�sŝĐƚŽƌ��ĂůƚŽŶ�ʹ��ƵůĂ�Ϭϱ�
WƌŽĨ͘�sŝĐƚŽƌ��ĂůƚŽŶ�
�������������������ǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌ���������������������������ϭϴ�ĚĞ�ϰϬ�
�
�
��4XHVWmR���&(63(�±�%DQFR�GR�%UDVLO�±�ÈUHD�����7HFQRORJLD�GD�
,QIRUPDomR�±������$�HVFDOD�GH�PDWXULGDGH�GR�036�EU��FXMR�PRGHOR�GH�
PDWXULGDGH� GH� VRIWZDUH� HTXLYDOH� DR� &00,�� p� GLYLGLGD� HP� �� QtYHLV��
FODVVLILFDGRV�GH�$�D�*��4XDQGR�RV�SURFHVVRV�GH�XPD�HPSUHVD�VH�LQFOXHP�
QR�GHQRPLQDGR�VWDWXV�ODUJDPHQWH�GHILQLGRV��R�QtYHO�GH�PDWXULGDGH�GHVVD�
HPSUHVD�QD�HVFDOD�036�EU�p�FODVVLILFDGR�FRPR�
�
D��%��
E��'���
F��(��
G��)��
H��*��
�
�
5HOHPEUDQGR�D�HVFDOD��
�
�
1tYHLV�GH�0DWXULGDGH�GR�036�%5�
1tYHO�*��3DUFLDOPHQWH�*HUHQFLDGR��
1tYHO�)��*HUHQFLDGR�
1tYHO�(��3DUFLDOPHQWH�'HILQLGR�
1tYHO�'��/DUJDPHQWH�'HILQLGR�
1tYHO�&��'HILQLGR�
1tYHO�%��*HUHQFLDGR�4XDQWLWDWLYDPHQWH��
1tYHO�$��(P�RWLPL]DomR��
�
�
5HVSRVWD�FHUWD��DOWHUQDWLYD�E���
�
�
��4XHVWmR���)&&�±�'3(�63�±�$JHQWH�GH�'HIHQVRULD�3~EOLFD�±�
$QDOLVWD� GH� 6LVWHPDV� �� ������ 2� 036�%5� �0HOKRULD� GH� 3URFHVVR� GR�
6RIWZDUH� %UDVLOHLUR�� GHILQH� �� QtYHLV� GH� PDWXULGDGH� SDUD� R�
GHVHQYROYLPHQWR�GH�VRIWZDUH��
�
(VVHV� QtYHLV� VmR� QRPHDGRV� FRP� DV� OHWUDV� GH� $� D� *�� 2V� QtYHLV�
FRUUHVSRQGHQWHV�jV�OHWUDV�%�H�'�VmR��UHVSHFWLYDPHQWH��
�
D��1RPHDGR�H�3DUFLDOPHQWH�1RPHDGR��
E��(P�2WLPL]DomR�H�'HILQLGR��
F��/DUJDPHQWH�'HILQLGR�H�3DUFLDOPHQWH�'HILQLGR��
26072658512
dĞĐŶŽůŽŐŝĂ�ĚĂ�/ŶĨŽƌŵĂĕĆŽ�;ƉĂƌƚĞ�/Ϳ�ƉĂƌĂ�d��ͬ^��
�ƵĚŝƚŽƌ�ʹ�/ŶĨŽƌŵĄƚŝĐĂ��
WƌŽĨ�sŝĐƚŽƌ��ĂůƚŽŶ�ʹ��ƵůĂ�Ϭϱ�
WƌŽĨ͘�sŝĐƚŽƌ��ĂůƚŽŶ�
�������������������ǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌ���������������������������ϭϵ�ĚĞ�ϰϬ�
G��3DUFLDOPHQWH�*HUHQFLDGR�H�(P�3UHSDUDomR��
H��*HUHQFLDGR�4XDQWLWDWLYDPHQWH�H�/DUJDPHQWH�'HILQLGR���
�
�
$OWHUQDWLYD�H���
�
�
��� 4XHVWmR�� �)&&� ±� 757���� 5HJLmR� ±� $QDOLVWD� -XGLFLiULR� ±�
7HFQRORJLD� GD� ,QIRUPDomR� �� ������ 2� 036�%5� p� XP� PRGHOR� GH�
DYDOLDomR�GH�HPSUHVDV�SURGXWRUDV�GH�VRIWZDUH�EUDVLOHLUR�FULDGR�DWUDYpV�GH�
XPD� SDUFHULD� HQWUH� D� 62)7(;�� R� JRYHUQR� IHGHUDO� H� D� DFDGHPLD�
�SHVTXLVDGRUHV�HP�JHUDO���$SUHVHQWD���QtYHLV�GH�PDWXULGDGH��
�
$�í�(P�RWLPL]DomR��
%�í�*HUHQFLDGR�TXDQWLWDWLYDPHQWH��
&�í�'HILQLGR��
'�í�/DUJDPHQWH�GHILQLGR��
(�í�3DUFLDOPHQWH�GHILQLGR��
)�í�*HUHQFLDGR��
*�í�3DUFLDOPHQWH�JHUHQFLDGR��
�
6mR�SURFHVVRV�GR�QtYHO�&��
�
D��*5(�í�*HUrQFLD�GH�5HTXLVLWRV��*35�í�*HUrQFLD�GH�3URMHWRV��*'(�
í�*HUrQFLD�GH�'HFLV}HV�H�*5,�í�*HUrQFLD�GH�5LVFRV��
E��*5(�í�*HUrQFLD�GH�5HTXLVLWRV��*58�í�*HUrQFLD�GH�5HXWLOL]DomR��
*5+� í� *HUrQFLD� GH� 5HFXUVRV� +XPDQRV�� ')3� í� 'HILQLomR� GR� 3URFHVVR�
2UJDQL]DFLRQDO�H�$03�í�$YDOLDomR�H�0HOKRULD�GR�3URFHVVR�2UJDQL]DFLRQDO��
F�� *5,� í� *HUrQFLD� GH� 5LVFRV�� '58� í� 'HVHQYROYLPHQWR� SDUD�
5HXWLOL]DomR�H�*'(�í�*HUrQFLD�GH�'HFLV}HV���
G��*53�í�*HUrQFLD�GH�3URMHWRV��*5(�í�*HUrQFLD�GH�5HTXLVLWRV�H�'5(�
í�'HVHQYROYLPHQWR�GH�5HTXLVLWRV��
H��0('�í�0HGLomR��*4$�í�*DUDQWLD�GD�4XDOLGDGH��*33�í�*HUrQFLD�GH�
3RUWIyOLR�GH�3URMHWRV�H�*&2�í�*HUrQFLD�GH�&RQILJXUDomR��
�
�
5HOHPEUDQGR��
�
�
26072658512
dĞĐŶŽůŽŐŝĂ�ĚĂ�/ŶĨŽƌŵĂĕĆŽ�;ƉĂƌƚĞ�/Ϳ�ƉĂƌĂ�d��ͬ^��
�ƵĚŝƚŽƌ�ʹ�/ŶĨŽƌŵĄƚŝĐĂ��
WƌŽĨ�sŝĐƚŽƌ��ĂůƚŽŶ�ʹ��ƵůĂ�Ϭϱ�
WƌŽĨ͘�sŝĐƚŽƌ��ĂůƚŽŶ�
�������������������ǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌ���������������������������ϮϬ�ĚĞ�ϰϬ�
�
�
�
�
$OWHUQDWLYD�F���
�
�
���4XHVWmR���)&&�±�03(�6(�±�$QDOLVWD�±�*HVWmR�H�$QiOLVH�GH�
3URMHWR�GH�6LVWHPDV���������2�PRGHOR�036�%5�
�
D�� GHYH�VHU� XWLOL]DGR� DSHQDV� HP� PLFUR�� SHTXHQDV� H� PpGLDV�
HPSUHVDV��
E��EDVHLD�VH�QRV�FRQFHLWRV�GH�PDWXULGDGH�H�FDSDFLGDGH�GH�SURFHVVR�
SDUD�D�DYDOLDomR�H�PHOKRULD�GD�TXDOLGDGH�H�SURGXWLYLGDGH�GH�SURGXWRV�GH�
VRIWZDUH�H�VHUYLoRV�FRUUHODWRV���
F�� QmR� p� FRPSDWtYHO� FRP� RV� SDGU}HV� GH� TXDOLGDGH� H� PRGHORV� GH�
PHOKRULD�GH�SURFHVVR�Mi�GLVSRQtYHLV��
26072658512
dĞĐŶŽůŽŐŝĂ�ĚĂ�/ŶĨŽƌŵĂĕĆŽ�;ƉĂƌƚĞ�/Ϳ�ƉĂƌĂ�d��ͬ^��
�ƵĚŝƚŽƌ�ʹ�/ŶĨŽƌŵĄƚŝĐĂ��
WƌŽĨ�sŝĐƚŽƌ��ĂůƚŽŶ�ʹ��ƵůĂ�Ϭϱ�
WƌŽĨ͘�sŝĐƚŽƌ��ĂůƚŽŶ�
�������������������ǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌ���������������������������Ϯϭ�ĚĞ�ϰϬ�
G�� p� XP�PRGHOR� GH� PHOKRULD� GH� SURFHVVR� GR� VRIWZDUH� FULDGR� SHOR�
0LQLVWpULR�GD�&LrQFLD�H�7HFQRORJLD�SDUD�DWHQGHU�DV�HPSUHVDV�S~EOLFDV��
H�� HVWi� GLYLGLGR� HP� WUrV� FRPSRQHQWHV�� 0RGHOR� GH� 5HIHUrQFLD� �05�
036���0pWRGR�GH�$YDOLDomR��0$�036��H�0RGHOR�GH�*RYHUQDQoD��0*�036���
�
�
�2� 036�%5� WHP� FRPR� PHWD� GH� QHJyFLR� GLVVHPLQDU�VH� WDQWR� HP�
PLFUR�� SHTXHQDV� H� PpGLDV� HPSUHVDV� TXDQWR� HP� JUDQGHV� RUJDQL]Do}HV�
SULYDGDV�H�JRYHUQDPHQWDLV��
�
'H� PDQHLUD� DQiORJD� DR� &00,�� EDVHLD�VH� QRV� FRQFHLWRV� GH�
PDWXULGDGH�H�FDSDFLGDGH�GH�SURFHVVR�SDUD�D�DYDOLDomR�H�PHOKRULD�
GD�TXDOLGDGH�H�SURGXWLYLGDGH�GH�SURGXWRV�GH�VRIWZDUH�H�VHUYLoRV�
FRUUHODWRV��
�
e� FRPSDWtYHO� FRP� RV� SDGU}HV� GH� TXDOLGDGH� DFHLWRV�
LQWHUQDFLRQDOPHQWH�H�WHP�FRPR�SUHVVXSRVWR�R�DSURYHLWDPHQWR�GH�WRGD�D�
FRPSHWrQFLD�H[LVWHQWH�QRV�SDGU}HV�H�PRGHORV�GH�PHOKRULD�GH�SURFHVVRV�
Mi�H[LVWHQWHV��
�
3RU� ILP�� GLYLGH�VH� HP� TXDWUR� FRPSRQHQWHV�� D� VDEHU�� 0RGHOR� GH�
5HIHUrQFLD�036�SDUD�6RIWZDUH��05�036�6:���0RGHOR�GH�5HIHUrQFLD�036�
SDUD�6HUYLoRV��05�036�69���0pWRGR�GH�$YDOLDomR��0$�036��H�0RGHOR�GH�
1HJyFLR�SDUD�0HOKRULD�GH�3URFHVVR�GH�6RWZDUH�H�6HUYLoRV���
�
$OWHUQDWLYD�E���
�
�
��� 4XHVWmR�� �)&&� ±� 757� �� 5HJLmR� ±� 7pFQLFR� -XGLFLiULR� ±�
7HFQRORJLD� GD� ,QIRUPDomR� �� ������ 2� 036�%5� SRVVXL� �� QtYHLV� GH�
PDWXULGDGH� TXH� HVWDEHOHFHP� SDWDPDUHV� GH� HYROXomR� GRV� SURFHVVRV� GH�
VRIWZDUH�H�UHSUHVHQWDP�HVWiJLRV�GH�PHOKRULD�SDUD�LPSOHPHQWDomR�GHVVHV�
SURFHVVRV�HP�XPD�RUJDQL]DomR��1R�QtYHO�*�GH�PDWXULGDGH�
�
D�� QmR� Ki� SURFHVVRV� HVSHFtILFRV�� 1HVVH� QtYHO�� WRGRV� RV� SURFHVVRV�
VHOHFLRQDGRV�SDUD� DQiOLVH�GH�GHVHPSHQKR�GHYHP�VDWLVID]HU�RV� DWULEXWRV�
GH�SURFHVVR�UHODFLRQDGRV�j�PHGLomR�H�FRQWUROH�H�SHOR�PHQRV�XP�SURFHVVR�
GHYH�VHU�REMHWR�GH�PHOKRULDV�H�LQRYDo}HV�FRQWtQXDV��
E�� HVWmR� RV� SURFHVVRV� GH� *HUrQFLD� GH� 3URMHWRV� �TXH� HVWDEHOHFH� H�
PDQWpP� SODQRV� TXH� GHILQHP� DV� DWLYLGDGHV�� RV� UHFXUVRV� H� DV�
UHVSRQVDELOLGDGHV�GR�SURMHWR��H�*HUrQFLD�GH�5HTXLVLWRV� �TXH�JHUrQFLD�RV�
26072658512
dĞĐŶŽůŽŐŝĂ�ĚĂ�/ŶĨŽƌŵĂĕĆŽ�;ƉĂƌƚĞ�/Ϳ�ƉĂƌĂ�d��ͬ^��
�ƵĚŝƚŽƌ�ʹ�/ŶĨŽƌŵĄƚŝĐĂ��
WƌŽĨ�sŝĐƚŽƌ��ĂůƚŽŶ�ʹ��ƵůĂ�Ϭϱ�
WƌŽĨ͘�sŝĐƚŽƌ��ĂůƚŽŶ�
�������������������ǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌ���������������������������ϮϮ�ĚĞ�ϰϬ�
UHTXLVLWRV� GR� SURGXWR� H� GRV� FRPSRQHQWHV� GR� SURGXWR�� LGHQWLILFDQGR�
LQFRQVLVWrQFLDV����
F�� HVWmR� RV� SURFHVVRV� GH� *HUrQFLD� GH� 'HFLV}HV� �TXH� DQDOLVD�
IRUPDOPHQWH� SRVVtYHLV� GHFLV}HV� FUtWLFDV��� 'HVHQYROYLPHQWR� SDUD�
5HXWLOL]DomR� �TXH� LGHQWLILFD� RSRUWXQLGDGHV� SDUD� UHXWLOL]DomR� GH� DWLYRV� GD�
RUJDQL]DomR�� H� *HUrQFLD� GH� 5LVFRV� �TXH� LGHQWLILFD�� DQDOLVD�� WUDWD� H�
PRQLWRUD�ULVFRV���
G�� HVWmR� RV� SURFHVVRV� GH� $TXLVLomR�� *HUrQFLD� GH� &RQILJXUDomR��
*HUrQFLD� GH� 3RUWIyOLR� GH� 3URMHWRV�� *DUDQWLD� GD� 4XDOLGDGH�� 0HGLomR��
$YDOLDomR�H�0HOKRULD�GR�3URFHVVR�2UJDQL]DFLRQDO�H�'HILQLomR�GR�3URFHVVR�
2UJDQL]DFLRQDO��
H��QmR�Ki�SURFHVVRV�HVSHFtILFRV��1HVVH�QtYHO�D�*HUrQFLD�GH�3URMHWRV�
SDVVD�D�WHU�XP�HQIRTXH�TXDQWLWDWLYR�UHIOHWLQGR�D�DOWD�PDWXULGDGH�TXH�VH�
HVSHUD�GD�RUJDQL]DomR�H�WRGRV�RV�SURFHVVRV�GHYHP�VDWLVID]HU�RV�DWULEXWRV�
GH�SURFHVVR�UHODFLRQDGRV�j�PHGLomR�H�FRQWUROH��
�
�
-i�FRQVHJXH�DVVRFLDU�DV�DOWHUQDWLYDV�DRV�UHVSHFWLYRV�QtYHLV"�
�
D��1tYHO�$��
E��1tYHO�*��
F��1tYHO�&��
G�PLVWR�GH�SURFHVVRV�GRV�QtYHLV�)�H�(��
H��1tYHO�%��
�
�
�&(63(�±�,13,���$QDOLVWD�±�'HVHQYROYLPHQWR�H�0DQXWHQomR�GH�
6LVWHPDV� ±� ������ -XOJXH� RV� SUy[LPRV� LWHQV� D� UHVSHLWR� GR� JXLD�
JHUDO� GR� 036�%5�� TXH� GHILQH� RV� QtYHLV� GH� PDWXULGDGH� GH�
SURFHVVRV���
�
��� 2� QtYHO� *� LQGLFD� TXH� R� SURFHVVR� HVWi� HP� RWLPL]DomR� H��
HQJORED�RV�SURFHVVRV�GRV�QtYHLV�GH�PDWXULGDGH�GH�$�D�)���
�
�
(UUDGD���(VVH�p�R�QtYHO�$��TXH�HQJORED�WRGRV�RV�SURFHVVRV�GRV�QtYHLV�
GH�PDWXULGDGH�GH�%�D�*��DOpP�GH�PHOKRULDV�HP�DWULEXWRV�GH�SURFHVVR��
�
�
���6HJXQGR�R�JXLD��R�PRGHOR�036�EDVHLD�VH�QRV�FRQFHLWRV�GH�
PDWXULGDGH�H�FDSDFLGDGH�GH�SURFHVVR�SDUD�D�DYDOLDomR�H�PHOKRULD�
26072658512
dĞĐŶŽůŽŐŝĂ�ĚĂ�/ŶĨŽƌŵĂĕĆŽ�;ƉĂƌƚĞ�/Ϳ�ƉĂƌĂ�d��ͬ^��
�ƵĚŝƚŽƌ�ʹ�/ŶĨŽƌŵĄƚŝĐĂ��
WƌŽĨ�sŝĐƚŽƌ��ĂůƚŽŶ�ʹ��ƵůĂ�Ϭϱ�
WƌŽĨ͘�sŝĐƚŽƌ��ĂůƚŽŶ�
�������������������ǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌ���������������������������Ϯϯ�ĚĞ�ϰϬ�
GD�TXDOLGDGH�H�GD�SURGXWLYLGDGH�GH�VRIWZDUH�H�VHUYLoRV�FRUUHODWRV�
HQYROYLGRV���
�
�
&RUUHWD��7UDQVFULomR�GR�*XLD��
�
�&(63(�±�$177�±�$QDOLVWD�$GPLQLVWUDWLYR�±�'HVHQYROYLPHQWR�
GH� 6LVWHPDV� GH� ,QIRUPDomR� �� ������ -XOJXH� RV� SUy[LPRV� LWHQV�� D�
UHVSHLWR�GR�036�%5��YHUVmR�������
�
�
���2�JXLD�JHUDO�036�%5�GH�VRIWZDUH�GHVFUHYH�VHWH�QtYHLV�GH�
PDWXULGDGH� DFXPXODWLYRV�� TXH� HVWDEHOHFHP� SDWDPDUHV� GH�
HYROXomR�GH�SURFHVVRV��(VVD�HVFDOD�VH�LQLFLD�QR�QtYHO�*�H�SURJULGH�
DWp� R� QtYHO�$�� QmR�KDYHQGR�� QHVVH�JXLD�� DERUGDJHP�GH�QtYHLV� GH�
FDSDFLGDGH�GRV�SURFHVVRV��
�
�
(UUDGD�� � (PERUD� R�036�%5� QmR� SRVVXD� XPD� DERUGDJHP� FRQWtQXD��
DRV�PROGHV�GR�&00,��H[LVWH�XPD�DERUGDJHP�GH�QtYHLV�GH�FDSDFLGDGH�QR�
036�%5�� GHVFULWRV� SHORV� QRYH� DWULEXWRV� GH� SURFHVVR�� ,QFOXVLYH�� SDUD�
HYROXLU�GHWHUPLQDGRV�QtYHLV�GH�PDWXULGDGH��³EDVWD´�j�RUJDQL]DomR�HYROXLU�
FDSDFLGDGHV�HP�GHWHUPLQDGRV�SURFHVVRV��
�
�
���2�PRGHOR� GH� UHIHUrQFLD�036�%5� SDUD� VHUYLoRV�� TXH� p� XP�
GRV�TXDWUR�FRPSRQHQWHV�GR�036�%5��HVWi�HP�FRQVRQkQFLD�FRP�D�
,62�,(&� Q�ž� ������������� H� VHX� QtYHO� GH� PDWXULGDGH� *� p�
FRPSRVWR�� HQWUH� RXWURV� IDWRUHV�� SHORV� SURFHVVRV� HQWUHJD� GH�
VHUYLoRV��JHUrQFLD�GH�LQFLGHQWHV�H�JHUrQFLD�GH�QtYHO�GH�VHUYLoRV��
�
�
&RUUHWD�� 1HVWD� TXHVWmR�� R� &(63(� IXJLX� j� FREUDQoD� WUDGLFLRQDO� GR�
*XLD�*HUDO� GH� 6RIWZDUH� H� UHVROYHU� DERUGDU� R�*XLD�*HUDO� GH� 6HUYLoRV�� $�
EDVH� WpFQLFD�SDUD�HVVH�PRGHOR�GH� UHIHUrQFLD��DOpP�GD� ,662�,(&��������
WDPEpP�HQFRQWUD� FRQVRQkQFLD� FRP�DV�QRUPDV� ,662�,(&���������������
&00,�'(9�H�&00,�69&��
�
�
��� 2� SURSyVLWR� GR� SURFHVVR� JHUrQFLD� GH� SURMHWRV� HYROXL� j�
PHGLGD� TXH� D� RUJDQL]DomR� FUHVFH� HP� PDWXULGDGH�� e� LQLFLDGR� QR�
26072658512
dĞĐŶŽůŽŐŝĂ�ĚĂ�/ŶĨŽƌŵĂĕĆŽ�;ƉĂƌƚĞ�/Ϳ�ƉĂƌĂ�d��ͬ^��
�ƵĚŝƚŽƌ�ʹ�/ŶĨŽƌŵĄƚŝĐĂ��
WƌŽĨ�sŝĐƚŽƌ��ĂůƚŽŶ�ʹ��ƵůĂ�Ϭϱ�
WƌŽĨ͘�sŝĐƚŽƌ��ĂůƚŽŶ�
�������������������ǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌ���������������������������Ϯϰ�ĚĞ�ϰϬ�
QtYHO�*��QR�TXDO�R�HVFRSR�GR�SURMHWR�p�GHILQLGR��D�SDUWLU�GR�QtYHO�(��
R�HVIRUoR�H�R�FXVWR�VmR�LQFRUSRUDGRV�QD�JHVWmR��H�D�SDUWLU�GR�QtYHO�
%��Ki�SODQHMDPHQWR�FRP�EDVH�HP�HVWLPDWLYDV�TXDQWLWDWLYDV��
�
�
(UUDGD�� � 2� HVIRUoR� H� R� FXVWR� VmR� LQFRUSRUDGRV� DWp� R� QtYHO� )��
3HJDGLQKD��
�
�
�&(63(�±�7&(�52�±�$QDOLVWD�GH�,QIRUPiWLFD���������$FHUFD�GR�
036�%5��MXOJXH�RV�LWHQV�VXEVHTXHQWHV��
�
���2�QtYHO�(�GR�036�%5�FRQWHPSOD�XP�SURFHVVR�TXH�UHVXOWD�QR�
UHJLVWUR�GRV�GDGRV�GH�XWLOL]DomR�GRV�DWLYRV�UHXWLOL]iYHLV��
�
�
&RUUHWD��*58��±�2V�GDGRV�GH�XWLOL]DomR�GRV�DWLYRV�UHXWLOL]iYHLV�VmR�
UHJLVWUDGRV� �� p� XP� UHVXOWDGR� HVSHUDGR� GR� SURFHVVR� *HUrQFLD� GH�
5HXWLOL]DomR��
�
�
���2�SURFHVVR�GH�JHUHQFLDPHQWR�GH�ULVFRV�p�FRQWHPSODGR��QR�
036�%5��D�SDUWLU�GR�QtYHO�)��FRQKHFLGR�FRPR�QtYHO�JHUHQFLDGR��
�
�
(UUDGD�� � *5,�±� *HUrQFLD� GH� 5LVFRV� SHUWHQFH� DR� QtYHO� &�� FRQKHFLGR�
FRPR�'HILQLGR��
�
�
�
��� 4XHVWmR�� �)&&� ±� 757��� 5HJLmR� ±� $QDOLVWD� -XGLFLiULR� ±�
7HFQRORJLD� GD� ,QIRUPDomR� �� � ������ 2� QtYHO� GH� PDWXULGDGH� %� GR� 036�%5�
�*HUHQFLDGR� 4XDQWLWDWLYDPHQWH���p� FRPSRVWR� SHORV� SURFHVVRV� GRV� QtYHLV� GH�
PDWXULGDGH�DQWHULRUHV��*�DR�&���(VWH�QtYHO�GH�PDWXULGDGH�
�
D��GHYH�VDWLVID]HU� LQWHJUDOPHQWH�RV�DWULEXWRV�GH�SURFHVVR�$3������$3������
$3�����H�$3������
E��SRVVXL��GHQWUH�VHXV�SURFHVVRV�HVSHFtILFRV��*HUHQFLDPHQWR�GH�'HFLV}HV�H�
*HUrQFLD�GH�5LVFRV��
F��QmR�SRVVXL�SURFHVVRV�HVSHFtILFRV��
G�� SRVVXL�� GHQWUH� VHXV� SURFHVVRV� HVSHFtILFRV�� 'HVHQYROYLPHQWR� GH�
5HTXLVLWRV�H�9DOLGDomR�H�9HULILFDomR��
26072658512
dĞĐŶŽůŽŐŝĂ�ĚĂ�/ŶĨŽƌŵĂĕĆŽ�;ƉĂƌƚĞ�/Ϳ�ƉĂƌĂ�d��ͬ^��
�ƵĚŝƚŽƌ�ʹ�/ŶĨŽƌŵĄƚŝĐĂ��
WƌŽĨ�sŝĐƚŽƌ��ĂůƚŽŶ�ʹ��ƵůĂ�Ϭϱ�
WƌŽĨ͘�sŝĐƚŽƌ��ĂůƚŽŶ�
�������������������ǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌ���������������������������Ϯϱ�ĚĞ�ϰϬ�
H�� SRVVXL�� GHQWUH� VHXV� SURFHVVRV� HVSHFtILFRV�� *HUrQFLD� GH� 5HTXLVLWRV� H�
*HUrQFLD�GH�3URMHWRV���
�
2�QtYHO�GH�PDWXULGDGH�%�LQFRUSRUD�WRGRV�RV�UHVXOWDGRV�REWLGRV�FRP�D�
DSURSULDGD� LPSOHPHQWDomR� GRV� SURFHVVRV� GRV� QtYHLV� *� D� &�� (OH� QmR�
SRVVXL�SURFHVVRV�HVSHFtILFRV��DSHQDV�DFUHVFHQWDQGR�QRYRV�UHVXOWDGRV�
DR� SURFHVVR� *HUrQFLD� GH� 3URMHWRV�� SDUD� DWHQGHU� DRV� REMHWLYRV� GH�
JHUHQFLDPHQWR�TXDQWLWDWLYR��
$OWHUQDWLYD�F���
��
�&(63(�±�68)5$0$�±�$QDOLVWD�±�6LVWHPDV����������
��� $o}HV� SDUD� GLPLQXLU� RX� HYLWDU� R� LPSDFWR� GH� ULVFRV�
LGHQWLILFDGRV�VmR�QHFHVViULDV�SDUD�DWHQGHU�H�GHILQLU�R�SURFHVVR�GH�
JHUrQFLD�GH�ULVFRV�GR�036�%5���
�
&RUUHWD�� *HUrQFLD� GH� 5LVFRV� �*5,��� GR� QtYHO� &� GR� 036�%5�� p�
UHVSRQViYHO�SRU�WDLV�Do}HV��
�
���(VWDEHOHFHU�H�PDQWHU�SDGU}HV�GR�DPELHQWH�GH�WUDEDOKR�TXH�
VH�DSOLFDP�jV�QHFHVVLGDGHV�GR�QHJyFLR� ID]HP�SDUWH�GR�SURSyVLWR�
GH�SURFHVVRV�GR�QtYHO�)�GR�036�%5���
�
(UUDGD�� � 'HILQLomR� GR� 3URFHVVR� 2UJDQL]DFLRQDO� �'33�� SHUWHQFH� DR�
QtYHO�(�GR�036�%5��
�
�&(63(�±�$1$7(/�±�7pFQLFR�HP�5HJXODomR���������-XOJXH�RV�
VHJXLQWHV�LWHQV��FRP�UHODomR�DR�036�%5��
���'HILQLU�R�HVFRSR�GD�JHUrQFLD�GH�ULVFRV�FRP�DV�HVWUDWpJLDV�
DSURSULDGDV�ID]�SDUWH�GR�SURFHVVR�GH�JHUrQFLD�GH�SURMHWRV���
�
(UUDGD���)D]�SDUWH�GR�SURFHVVR�*HUrQFLD�GH�5LVFRV��*5,���
26072658512
dĞĐŶŽůŽŐŝĂ�ĚĂ�/ŶĨŽƌŵĂĕĆŽ�;ƉĂƌƚĞ�/Ϳ�ƉĂƌĂ�d��ͬ^��
�ƵĚŝƚŽƌ�ʹ�/ŶĨŽƌŵĄƚŝĐĂ��
WƌŽĨ�sŝĐƚŽƌ��ĂůƚŽŶ�ʹ��ƵůĂ�Ϭϱ�
WƌŽĨ͘�sŝĐƚŽƌ��ĂůƚŽŶ�
�������������������ǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌ���������������������������Ϯϲ�ĚĞ�ϰϬ�
�
��� 1R� 036�%5�� R� QtYHO� &�� FRQKHFLGR� FRPR� JHUHQFLDGR�
TXDQWLWDWLYDPHQWH��p�FRPSRVWR�SRU�SURFHVVRV�GRV�QtYHLV�*�DR�'���
�
(UUDGD�� � 2� QtYHO� &� p� FRQKHFLGR� FRPR� 'HILQLGR�� (� p� FRPSRVWR� SRU�
SURFHVVRV�GR�QtYHO�*�DR�&��LQFOXVLYH��
�
���2�HVWDEHOHFLPHQWR�GH�FULWpULRV�SDUD�VHOHomR�H�DYDOLDomR�GH�
IRUQHFHGRUHV�ID]�SDUWH�GR�SURFHVVR�GH�DTXLVLomR���
�
&RUUHWD��$TXLVLomR��$48���LQFOXVLYH��p�SURFHVVR�GR�QtYHO�)��
�
��� 2� SURJUDPD� GH� UHXWLOL]DomR� p� LPSODQWDGR�� PRQLWRUDGR� H�
DYDOLDGR�QR�QtYHO�'�GR�036�%5���
�
(UUDGD���*HUrQFLD�GH�5HXWLOL]DomR��*58��p�SURFHVVR�GR�QtYHO�(��
�
��� $OWHUQDWLYDV� GH� VROXomR� DFHLWiYHLV� SDUD� XP� SUREOHPD�� DR�
VHUHP� LGHQWLILFDGDV��GHYHUmR�FRPSRU�RV� UHVXOWDGRV�HVSHUDGRV�GR�
SURFHVVR�GH�JHUrQFLD�GH�GHFLV}HV���
�
&RUUHWD��*'(�SHUWHQFH�DR�QtYHO�&��
�
�&(63(� ±� $1$7(/� ±� $QDOLVWD� $GPLQLVWUDWLYR� ±�
'HVHQYROYLPHQWR� GH� 6LVWHPDV� �� ������ 7HQGR� FRPR� UHIHUrQFLD� R�
PRGHOR�&00,��FDSDELOLW\�PDWXULW\�PRGHO�LQWHJUDWLRQ���YHUVmR������
H�R�JXLD�JHUDO�GH�VHUYLoRV�GH�PHOKRULD�GH�SURFHVVRV�GR�VRIWZDUH�
EUDVLOHLUR��036�%5���YHUVmR�������MXOJXH�RV�LWHQV�VHJXLQWHV��
�
26072658512
dĞĐŶŽůŽŐŝĂ�ĚĂ�/ŶĨŽƌŵĂĕĆŽ�;ƉĂƌƚĞ�/Ϳ�ƉĂƌĂ�d��ͬ^��
�ƵĚŝƚŽƌ�ʹ�/ŶĨŽƌŵĄƚŝĐĂ��
WƌŽĨ�sŝĐƚŽƌ��ĂůƚŽŶ�ʹ��ƵůĂ�Ϭϱ�
WƌŽĨ͘�sŝĐƚŽƌ��ĂůƚŽŶ�
�������������������ǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌ���������������������������Ϯϳ�ĚĞ�ϰϬ�
��� 1D� DQiOLVH� GH� GHVHPSHQKR�� SDUD� TXH� D� XQLGDGH�
RUJDQL]DFLRQDO� VH� PDQWHQKD� QR� QtYHO� GH� PDWXULGDGH� $� �HP�
RWLPL]DomR�� GR� 036�%5�� XPD� GDV� H[LJrQFLDV� p� GH� TXH�� HP� SHOR�
PHQRV�XP�GRV� SURFHVVRV� VHOHFLRQDGRV�� VHMDP� LPSOHPHQWDGRV�RV�
DWULEXWRV�GH�SURFHVVR�H[HFXWDGR�H�JHUHQFLDGR���
�
(UUDGD���'HYHP�VHU�LPSOHPHQWDGRV�HP�72'26�RV�SURFHVVRV��
�
����&(63(�±�&*(�3,�±�$XGLWRU�±�7HFQRORJLD�GD�,QIRUPDomR���
������2�SURSyVLWR�GR�SURFHVVR�JHUrQFLD�GH�SRUWIyOLR�GH�SURMHWRV�p�
LQLFLDU�H�PDQWHU�SURMHWRV�QHFHVViULRV�SDUD�TXH�VHMDP�DWHQGLGRV�RV�
REMHWLYRV�HVWUDWpJLFRV�GD�RUJDQL]DomR��(VVH�SURFHVVR�p�DOFDQoDGR�
HP� WHUPRV� GH� HYROXomR� GH� PDWXULGDGH� LQLFLDOPHQWH� QR� QtYHO� (�
3DUFLDOPHQWH�'HILQLGR�QR�036�%5���������
�
(UUDGD���*33�HVWi�QR�QtYHO�)�GR�036�%5��
�
�
��� �&(63(� ±� 7&8� ±� $XGLWRU� ±� 7HFQRORJLD� GD� ,QIRUPDomR� ��
������ 2� SURFHVVR� JHUrQFLD� GH� UHXWLOL]DomR� �*58�� ID]� SDUWH� GR�
JUXSR� GH� SURFHVVRV� TXH� FRPS}HP� R� QtYHO� )� ²� JHUHQFLDGR�� GH�
DFRUGR�FRP�R�PRGHOR�036�%5��
�
(UUDGD�� � $� *HUrQFLD� GH� 5HXWLOL]DomR� �*58�� SHUWHQFH� DR� QtYHO�(�GR�
036�%5��
�
����&(63(�±�7-')7�±�$QDOLVWD�-XGLFLiULR�±�$QiOLVH�GH�6LVWHPDV�
�� ������ $� LPSOHPHQWDomR� GRV� SURFHVVRV� GH� GHVHQYROYLPHQWR� GH�
UHTXLVLWRV� �'5(�� H� GD� JHUrQFLD� GH� UHXWLOL]DomR� �*58�� GHYH� VHU�
UHDOL]DGD� D� ILP� GH� VH� DOFDQoDU� RV�QtYHLV� GH�PDWXULGDGH� )� H� (� GR�
036�%5��
�
26072658512
dĞĐŶŽůŽŐŝĂ�ĚĂ�/ŶĨŽƌŵĂĕĆŽ�;ƉĂƌƚĞ�/Ϳ�ƉĂƌĂ�d��ͬ^��
�ƵĚŝƚŽƌ�ʹ�/ŶĨŽƌŵĄƚŝĐĂ��
WƌŽĨ�sŝĐƚŽƌ��ĂůƚŽŶ�ʹ��ƵůĂ�Ϭϱ�
WƌŽĨ͘�sŝĐƚŽƌ��ĂůƚŽŶ�
�������������������ǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌ���������������������������Ϯϴ�ĚĞ�ϰϬ�
(UUDGD�� �'5(�p�SURFHVVR�GR�QtYHO�'�GR�036�%5��HUUDGR���HQTXDQWR�
*58�UHDOPHQWH�p�SURFHVVR�GR�QtYHO�(��FHUWR���
�
����&(63(�±�7-')7�±�$QDOLVWD�-XGLFLiULR�±�$QiOLVH�GH�6LVWHPDV�
��������3DUD�FDGD�QtYHO�GH�PDWXULGDGH�GR�036�%5�H[LVWH�DSHQDV�
XP�QtYHO�GH�FDSDFLGDGH��
�
(UUDGD�� �2V�QtYHLV�GH�FDSDFLGDGH�HP�FDGD�QtYHO�GH�PDWXULGDGH�VmR�
YiULRV��VHJXQGR�XP�FRQMXQWR�GH�DWULEXWRV�GH�SURFHVVRV��
�
����&(63(�±�7-')7�±�$QDOLVWD�-XGLFLiULR�±�$QiOLVH�GH�6LVWHPDV�
��������2�SURJUDPD�036�%5�YLVD�PHOKRUDU�R�SURFHVVR�GH�VRIWZDUH�
H�VHUYLoRV�SRU�PHLR�GD�GLVVHPLQDomR�H�DGRomR�GR�PRGHOR�036�HP�
WRGDV� DV� UHJL}HV� GR� %UDVLO�� (VVH� SURJUDPD� p� GHVWLQDGR� SDUD�
HPSUHVDV� GH� TXDOTXHU� SRUWH�� EHP� FRPR� JUDQGHV� RUJDQL]Do}HV�
SULYDGDV�H�JRYHUQDPHQWDLV��
�
&RUUHWD�� ,QFOXVLYH�� R� 036�%5� p� PDLV� ³YLiYHO´� SDUD� HPSUHVDV� GH�
SHTXHQR�SRUWH�GR�TXH�R�&00,��SRU�H[HPSOR��TXH�p�PXLWR�PDLV�H[LJHQWH��
�
����&(63(�±�7-')7�±�$QDOLVWD�-XGLFLiULR�±�$QiOLVH�GH�6LVWHPDV�
�� ������ 2V� QtYHLV� GH� PDWXULGDGH� GR� 036�%5� HVWmR� GLUHWDPHQWH�
UHODFLRQDGRV� DRV� DWULEXWRV� GH� SURFHVVR� �$3��� TXH� GHVFUHYHP� RV�
QtYHLV� GH� FDSDFLGDGH� GRV� SURFHVVRV�� 3DUD� VH� DOFDQoDU� R� QtYHO� *�
�SDUFLDOPHQWH� JHUHQFLDGR��� p� QHFHVViULR� LPSOHPHQWDU� R� $3� �����
HP�TXH�RV�SURGXWRV�GH�WUDEDOKR�GR�SURFHVVR�VmR�JHUHQFLDGRV��
�
(UUDGD���1R�QtYHO�*��DSHQDV�RV�$3�����H�����VmR�QHFHVViULRV���
�
�
�
�
26072658512
dĞĐŶŽůŽŐŝĂ�ĚĂ�/ŶĨŽƌŵĂĕĆŽ�;ƉĂƌƚĞ�/Ϳ�ƉĂƌĂ�d��ͬ^��
�ƵĚŝƚŽƌ�ʹ�/ŶĨŽƌŵĄƚŝĐĂ��
WƌŽĨ�sŝĐƚŽƌ��ĂůƚŽŶ�ʹ��ƵůĂ�Ϭϱ�
WƌŽĨ͘�sŝĐƚŽƌ��ĂůƚŽŶ�
�������������������ǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌ���������������������������Ϯϵ�ĚĞ�ϰϬ�
&216,'(5$d®(6�),1$,6�
�
(�PDLV�XPD�DXOD�IRL�YHQFLGD���
�
036�%5� p� XP� IUDPHZRUN�� D� PHX� YHU�� UHODWLYDPHQWH� GH� VLPSOHV�
FRPSUHHQVmR�� VH� FRPSDUDGR� D� XP� &2%,7�� SRU� H[HPSOR�� 2� SUREOHPD� p�
TXH� DV� EDQFDV� SRGHP� VHU�� YDPRV� DVVLP� GL]HU�� ³GHWDOKLVWDV´� GHPDLV� QD�
FREUDQoD��R�TXH�WRUQD�R�QRVVR�HVWXGR�PDLV�SX[DGR��
(P�PLQKD� RSLQLmR�� FRPSHQVD� UHDOL]DU�� XPD� ~QLFD� YH]�� XPD� OHLWXUD�
FRPSOHWD� GHVVH� IUDPHZRUN�� 1D� VHTXrQFLD�� YRFr� Vy� SUHFLVD� YROWDU� QHVVD�
DSRVWLOD�H�UHYLVDU�H[HUFtFLRV��SDUD�UHDTXHFHU�R�FpUHEUR��XPD�YH]�TXH�YRFr�
Mi�VDEH�FRPR�R�IUDPHZRUN�IXQFLRQD��
0DV�QmR� VH�HVTXHoD��D� UHFRPSHQVD�YLUi�SDUD�RV�PDLV� SHUVLVWHQWHV��
)RFR��IRUoD�H�Ip��
�
$Wp�D�SUy[LPD�DXOD���
�
9LFWRU�'DOWRQ�
�
�
�
�
�
�
�
�
�
�
�
26072658512
dĞĐŶŽůŽŐŝĂ�ĚĂ�/ŶĨŽƌŵĂĕĆŽ�;ƉĂƌƚĞ�/Ϳ�ƉĂƌĂ�d��ͬ^��
�ƵĚŝƚŽƌ�ʹ�/ŶĨŽƌŵĄƚŝĐĂ��
WƌŽĨ�sŝĐƚŽƌ��ĂůƚŽŶ�ʹ��ƵůĂ�Ϭϱ�
WƌŽĨ͘�sŝĐƚŽƌ��ĂůƚŽŶ�
�������������������ǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌ���������������������������ϯϬ�ĚĞ�ϰϬ�/,67$�'(�(;(5&Ë&,26�
�
�
�� 4XHVWmR�� �(6$)� ±� $QDOLVWD� GH� )LQDQoDV� H� &RQWUROH� ±�
'HVHQYROYLPHQWR� GH� 6LVWHPDV� GH� ,QIRUPDomR� ±� ������ 2� 036�%5�
WHP� FRPR� XPD� GDV�PHWDV� GHILQLU� H� DSULPRUDU� R�PRGHOR� GH�PHOKRULD� H�
DYDOLDomR� GH� SURFHVVR� GH� VRIWZDUH�� YLVDQGR� SUHIHUHQFLDOPHQWH� DV�PLFUR��
SHTXHQDV�H�PpGLDV�HPSUHVDV��GH�IRUPD�D�DWHQGHU�jV�VXDV�QHFHVVLGDGHV�
GH� QHJyFLR� H� VHU� UHFRQKHFLGR� QDFLRQDO� H� LQWHUQDFLRQDOPHQWH� FRPR� XP�
PRGHOR� DSOLFiYHO� j� LQG~VWULD� GH� VRIWZDUH�� 2V� FRPSRQHQWHV� HP� TXH� R�
036�%5�HVWi�GLYLGLGR�VmR��
D��,62�,(&��������&00,�'(9��,62�,(&��������
E�� PRGHOR� GH� UHIHUrQFLD�� JXLD� JHUDO�� JXLD� GH� DTXLVLomR�� JXLD� GH�
LPSOHPHQWDomR��
F�� JXLD� JHUDO�� JXLD� GH� DTXLVLomR�� JXLD� GH� LPSOHPHQWDomR�� JXLD� GH�
DYDOLDomR��
G��PRGHOR�GH�UHIHUrQFLD��PpWRGR�GH�DYDOLDomR��PRGHOR�GH�QHJyFLR��
H��JXLD�JHUDO��JXLD�GH�DYDOLDomR�H�GRFXPHQWRV�GR�SURJUDPD��
�
�
�
�� 4XHVWmR�� �(6$)� ±� $QDOLVWD� GH� )LQDQoDV� H� &RQWUROH� ±�
'HVHQYROYLPHQWR� GH� 6LVWHPDV� GH� ,QIRUPDomR�±� ������1R�036�%5�
VmR� GHILQLGRV� QtYHLV� GH� PDWXULGDGH� TXH� VmR� XPD� FRPELQDomR� HQWUH�
SURFHVVRV� H� VXD� FDSDFLGDGH�� 2V� QtYHLV� GH� PDWXULGDGH� HVWDEHOHFHP�
SDWDPDUHV�GH�HYROXomR�GH�SURFHVVRV��FDUDFWHUL]DQGR�HVWiJLRV�GH�PHOKRULD�
GD� LPSOHPHQWDomR� GH� SURFHVVRV� QD� RUJDQL]DomR�� $VVLQDOH� D� RSomR� TXH�
LGHQWLILFD�WRGRV�RV�QtYHLV�GH�PDWXULGDGH�GR�036�%5��
D��$��2WLPL]DGR���%��*HUHQFLDGR�4XDQWLWDWLYDPHQWH���&��'HILQLGR���'�
�/DUJDPHQWH� 'HILQLGR��� (� �3DUFLDOPHQWH� 'HILQLGR��� )� �*HUHQFLDGR��� *�
�,QLFLDO���
E�� $� �2WLPL]DGR��� %� �3DUFLDOPHQWH� 2WLPL]DGR��� &� �'HILQLGR��� '�
�/DUJDPHQWH� 'HILQLGR��� (� �3DUFLDOPHQWH� 'HILQLGR��� )� �*HUHQFLDGR��� *�
�3DUFLDOPHQWH�*HUHQFLDGR���
F�� $� �(P� 2WLPL]DomR��� %� �*HUHQFLDGR� 4XDQWLWDWLYDPHQWH��� &�
�'HILQLGR��� '� �/DUJDPHQWH� 'HILQLGR��� (� �3DUFLDOPHQWH� 'HILQLGR��� )�
�*HUHQFLDGR���*��3DUFLDOPHQWH�*HUHQFLDGR���
G�� $� �(P�2WLPL]DomR��� %� �3DUFLDOPHQWH�2WLPL]DGR��� &� �'HILQLGR���'�
�/DUJDPHQWH� 'HILQLGR��� (� �3DUFLDOPHQWH� 'HILQLGR��� )� �*HUHQFLDGR��� *�
�,QLFLDO���
26072658512
dĞĐŶŽůŽŐŝĂ�ĚĂ�/ŶĨŽƌŵĂĕĆŽ�;ƉĂƌƚĞ�/Ϳ�ƉĂƌĂ�d��ͬ^��
�ƵĚŝƚŽƌ�ʹ�/ŶĨŽƌŵĄƚŝĐĂ��
WƌŽĨ�sŝĐƚŽƌ��ĂůƚŽŶ�ʹ��ƵůĂ�Ϭϱ�
WƌŽĨ͘�sŝĐƚŽƌ��ĂůƚŽŶ�
�������������������ǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌ���������������������������ϯϭ�ĚĞ�ϰϬ�
H�� $� �2WLPL]DGR��� %� �([HFXWDGR��� &� �'HILQLGR��� '� �/DUJDPHQWH�
'HILQLGR��� (� �3DUFLDOPHQWH� 'HILQLGR��� )� �*HUHQFLDGR��� *� �3DUFLDOPHQWH�
*HUHQFLDGR���
�
�
�
�� 4XHVWmR�� �8(/� ±� &078� ±� $QDOLVWD� $GPLQLVWUDWLYR� ���
7HFQRORJLD�GD�,QIRUPDomR�±��������DGDSWDGD��6REUH�R�PRGHOR�036�
%5��UHODFLRQH�DV�FROXQDV��
�
�
�
�
$VVLQDOH�D�DOWHUQDWLYD�TXH�FRQWpP�D�DVVRFLDomR�FRUUHWD��
D��,�&��,,�*��,,,�%��,9�(��9�)��9,�$��9,,�'��
E��,�&��,,�%��,,,�)��,9�$��9�(��9,�*��9,,�'��
F��,�&��,,�)��,,,�%��,9�(��9�*��9,�$��9,,�'��
G��,�$��,,�(��,,,�%��,9�'��9�)��9,�*��9,,�&��
H��,�$��,,�(��,,,�)��,9�'��9�%��9,�&��9,,�*��
�
�
�
�� 4XHVWmR�� �(6$)� ±� $QDOLVWD� GH� )LQDQoDV� H� &RQWUROH� ±�
'HVHQYROYLPHQWR�GH�6LVWHPDV�GH�,QIRUPDomR�±� ������2�SURSyVLWR�
GR�SURFHVVR�GH�*HUrQFLD�GH�5HTXLVLWRV� ��*5(�GR�036�%5�p�JHUHQFLDU�RV�
UHTXLVLWRV� GRV� SURGXWRV� H� FRPSRQHQWHV� GR� SURMHWR� H� LGHQWLILFDU�
LQFRQVLVWrQFLDV�HQWUH�RV�UHTXLVLWRV��RV�SODQRV�GR�SURMHWR�H�RV�SURGXWRV�GH�
WUDEDOKR� GR� SURMHWR�� $VVLQDOH� D� RSomR� TXH� LGHQWLILFD� XP� GRV� UHVXOWDGRV�
HVSHUDGRV�GR�SURFHVVR�GH�*HUrQFLD�GH�5HTXLVLWRV��
D�� $V� QHFHVVLGDGHV�� H[SHFWDWLYDV� H� UHVWULo}HV� GR� FOLHQWH�� WDQWR� GR�
SURGXWR�TXDQWR�GH�VXDV�LQWHUIDFHV��VmR�LGHQWLILFDGDV��
E��0XGDQoDV�QRV�UHTXLVLWRV�VmR�JHUHQFLDGDV�DR�ORQJR�GR�SURMHWR��
F��2V�UHTXLVLWRV�VmR�YDOLGDGRV��
26072658512
dĞĐŶŽůŽŐŝĂ�ĚĂ�/ŶĨŽƌŵĂĕĆŽ�;ƉĂƌƚĞ�/Ϳ�ƉĂƌĂ�d��ͬ^��
�ƵĚŝƚŽƌ�ʹ�/ŶĨŽƌŵĄƚŝĐĂ��
WƌŽĨ�sŝĐƚŽƌ��ĂůƚŽŶ�ʹ��ƵůĂ�Ϭϱ�
WƌŽĨ͘�sŝĐƚŽƌ��ĂůƚŽŶ�
�������������������ǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌ���������������������������ϯϮ�ĚĞ�ϰϬ�
G��2V�UHTXLVLWRV�IXQFLRQDLV�H�QmR�IXQFLRQDLV�GH�FDGD�FRPSRQHQWH�GR�
SURGXWR�VmR�UHILQDGRV��HODERUDGRV�H�DORFDGRV��
H��,QWHUIDFHV�LQWHUQDV�H�H[WHUQDV�GR�SURGXWR�H�GH�FDGD�FRPSRQHQWH�
GR�SURGXWR�VmR�GHILQLGDV��
�
�
�
��4XHVWmR���&HVJUDQULR�±�$QDOLVWD�GD�&DVD�GD�0RHGD�GR�%UDVLO�
±�*HVWmR�HP�7,�±� ������'HQWUH� RV���QtYHLV� GH�PDWXULGDGH�� GHILQLGRV�
SHOR� PRGHOR� 036�%5�� WRGRV� RV� OLVWDGRV� D� VHJXLU� SRVVXHP� SURFHVVRV�
HVSHFtILFRV��(;&(72�
D��)�H�*�
E��'�H�(�
F��&�H�'�
G��%�H�&�
H��$�H�%��
�
�
�
�� 4XHVWmR�� �)&&� ±� ,1)5$(52� ±� $QDOLVWD� GH� 6LVWHPDV� ±�
$UTXLWHWXUD�GH�6RIWZDUH���������&RQVLGHUH��
�
,��$V�GHVFULo}HV�GRV�PRGHORV�GH�FLFOR�GH�YLGD�D�VHUHP�XWLOL]DGRV�QRV�
SURMHWRV�GD�RUJDQL]DomR�VmR�HVWDEHOHFLGDV�H�PDQWLGDV��
�
,,�� $V� LQIRUPDo}HV� H� RV� GDGRV� UHODFLRQDGRV� DR� XVR� GRV� SURFHVVRV�
SDGUmR�SDUD�SURMHWRV�HVSHFtILFRV�H[LVWHP�H�VmR�PDQWLGRV��
�
1R� 036�%U�� ,� H� ,,� VmR� UHVXOWDGRV� HVSHUDGRV�� UHVSHFWLYDPHQWH�� QRV�
SURFHVVRV��
�
D�� *HUrQFLD� GH� SURMHWRV�� $YDOLDomR� H� PHOKRULD� GR� SURFHVVR�
RUJDQL]DFLRQDO��
E��'HVHQYROYLPHQWR�SDUD�UHXWLOL]DomR��*DUDQWLD�GD�TXDOLGDGH��
F��'HVHQYROYLPHQWR�GH�UHTXLVLWRV��3URMHWR�H�FRQVWUXomR�GR�SURGXWR��
G�� $QiOLVH� GH� FDXVDV� GH� SUREOHPDV� H� UHVROXomR�� *DUDQWLD� GD�
TXDOLGDGH��
H�� 'HILQLomR� GR� SURFHVVR� RUJDQL]DFLRQDO�� $YDOLDomR� H� 0HOKRULD� GR�
SURFHVVR�RUJDQL]DFLRQDO��
�
�
26072658512
dĞĐŶŽůŽŐŝĂ�ĚĂ�/ŶĨŽƌŵĂĕĆŽ�;ƉĂƌƚĞ�/Ϳ�ƉĂƌĂ�d��ͬ^��
�ƵĚŝƚŽƌ�ʹ�/ŶĨŽƌŵĄƚŝĐĂ��
WƌŽĨ�sŝĐƚŽƌ��ĂůƚŽŶ�ʹ��ƵůĂ�Ϭϱ�
WƌŽĨ͘�sŝĐƚŽƌ��ĂůƚŽŶ�
�������������������ǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌ���������������������������ϯϯ�ĚĞ�ϰϬ�
�
��4XHVWmR���&(6*5$15,2�±�%1'(6�±�$QDOLVWD�GH�6LVWHPDV�±
������ 'H� DFRUGR� FRP� R�*XLD�*HUDO�036�%5� ��0HOKRULD� GH� 3URFHVVR� GR�
6RIWZDUH� %UDVLOHLUR�� R� QtYHO� GH� PDWXULGDGH� )� �*HUHQFLDGR�� p� FRPSRVWR�
SHORV� SURFHVVRV� GR� QtYHO� GH� PDWXULGDGH� *� �3DUFLDOPHQWH� *HUHQFLDGR���
DFUHVFLGRV� GH� RXWURV� SURFHVVRV�� GHQWUH� RV� TXDLV� VH� LQFOXL� R� SURFHVVR�
$TXLVLomR�� FXMR� SURSyVLWR� p� JHUHQFLDU� D� DTXLVLomR� GH� SURGXWRV� TXH�
VDWLVIDoDP�jV�QHFHVVLGDGHV�H[SUHVVDV�SHOR�DGTXLUHQWH��
�
e�XP�UHVXOWDGR�HVSHUDGR�QHVVH�SURFHVVR��
�
D��D�UDVWUHDELOLGDGH�ELGLUHFLRQDO�HQWUH�RV�UHTXLVLWRV�H�RV�SURGXWRV�GH�
WUDEDOKR�p�HVWDEHOHFLGD�H�PDQWLGD��
E��R�RUoDPHQWR�H�R�FURQRJUDPD�GR�SURMHWR�� LQFOXLQGR�D�GHILQLomR�GH�
PDUFRV�H�SRQWRV�GH�FRQWUROH��VmR�HVWDEHOHFLGRV�H�PDQWLGRV��
F�� R� SURGXWR� p� HQWUHJXH� H� DYDOLDGR� HP� UHODomR� DR� DFRUGDGR� H� RV�
UHVXOWDGRV�VmR�GRFXPHQWDGRV���
G��RV�UHTXLVLWRV�VmR�DYDOLDGRV�FRP�EDVH�HP�FULWpULRV�REMHWLYRV�H�XP�
FRPSURPHWLPHQWR�GD�HTXLSH�WpFQLFD�FRP�HVVHV�UHTXLVLWRV�p�REWLGR��
H��RV�UHFXUVRV�H�R�DPELHQWH�GH�WUDEDOKR�QHFHVViULRV�SDUD�H[HFXWDU�R�
SURMHWR�VmR�SODQHMDGRV��
�
�
�
��4XHVWmR���&(63(�±�%DQFR�GR�%UDVLO�±�ÈUHD�����7HFQRORJLD�GD�
,QIRUPDomR�±������$�HVFDOD�GH�PDWXULGDGH�GR�036�EU��FXMR�PRGHOR�GH�
PDWXULGDGH� GH� VRIWZDUH� HTXLYDOH� DR� &00,�� p� GLYLGLGD� HP� �� QtYHLV��
FODVVLILFDGRV�GH�$�D�*��4XDQGR�RV�SURFHVVRV�GH�XPD�HPSUHVD�VH�LQFOXHP�
QR�GHQRPLQDGR�VWDWXV�ODUJDPHQWH�GHILQLGRV��R�QtYHO�GH�PDWXULGDGH�GHVVD�
HPSUHVD�QD�HVFDOD�036�EU�p�FODVVLILFDGR�FRPR�
�
D��%��
E��'���
F��(��
G��)��
H��*��
�
�
�
��4XHVWmR���)&&�±�'3(�63�±�$JHQWH�GH�'HIHQVRULD�3~EOLFD�±�
$QDOLVWD� GH� 6LVWHPDV� �� ������ 2� 036�%5� �0HOKRULD� GH� 3URFHVVR� GR�
26072658512
dĞĐŶŽůŽŐŝĂ�ĚĂ�/ŶĨŽƌŵĂĕĆŽ�;ƉĂƌƚĞ�/Ϳ�ƉĂƌĂ�d��ͬ^��
�ƵĚŝƚŽƌ�ʹ�/ŶĨŽƌŵĄƚŝĐĂ��
WƌŽĨ�sŝĐƚŽƌ��ĂůƚŽŶ�ʹ��ƵůĂ�Ϭϱ�
WƌŽĨ͘�sŝĐƚŽƌ��ĂůƚŽŶ�
�������������������ǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌ���������������������������ϯϰ�ĚĞ�ϰϬ�
6RIWZDUH� %UDVLOHLUR�� GHILQH� �� QtYHLV� GH� PDWXULGDGH� SDUD� R�
GHVHQYROYLPHQWR�GH�VRIWZDUH��
�
(VVHV� QtYHLV� VmR� QRPHDGRV� FRP� DV� OHWUDV� GH� $� D� *�� 2V� QtYHLV�
FRUUHVSRQGHQWHV�jV�OHWUDV�%�H�'�VmR��UHVSHFWLYDPHQWH��
�
D��1RPHDGR�H�3DUFLDOPHQWH�1RPHDGR��
E��(P�2WLPL]DomR�H�'HILQLGR��
F��/DUJDPHQWH�'HILQLGR�H�3DUFLDOPHQWH�'HILQLGR��
G��3DUFLDOPHQWH�*HUHQFLDGR�H�(P�3UHSDUDomR��H��*HUHQFLDGR�4XDQWLWDWLYDPHQWH�H�/DUJDPHQWH�'HILQLGR���
�
�
��� 4XHVWmR�� �)&&� ±� 757���� 5HJLmR� ±� $QDOLVWD� -XGLFLiULR� ±�
7HFQRORJLD� GD� ,QIRUPDomR� �� ������ 2� 036�%5� p� XP� PRGHOR� GH�
DYDOLDomR�GH�HPSUHVDV�SURGXWRUDV�GH�VRIWZDUH�EUDVLOHLUR�FULDGR�DWUDYpV�GH�
XPD� SDUFHULD� HQWUH� D� 62)7(;�� R� JRYHUQR� IHGHUDO� H� D� DFDGHPLD�
�SHVTXLVDGRUHV�HP�JHUDO���$SUHVHQWD���QtYHLV�GH�PDWXULGDGH��
�
$�í�(P�RWLPL]DomR��
%�í�*HUHQFLDGR�TXDQWLWDWLYDPHQWH��
&�í�'HILQLGR��
'�í�/DUJDPHQWH�GHILQLGR��
(�í�3DUFLDOPHQWH�GHILQLGR��
)�í�*HUHQFLDGR��
*�í�3DUFLDOPHQWH�JHUHQFLDGR��
�
6mR�SURFHVVRV�GR�QtYHO�&��
�
D��*5(�í�*HUrQFLD�GH�5HTXLVLWRV��*35�í�*HUrQFLD�GH�3URMHWRV��*'(�
í�*HUrQFLD�GH�'HFLV}HV�H�*5,�í�*HUrQFLD�GH�5LVFRV��
E��*5(�í�*HUrQFLD�GH�5HTXLVLWRV��*58�í�*HUrQFLD�GH�5HXWLOL]DomR��
*5+� í� *HUrQFLD� GH� 5HFXUVRV� +XPDQRV�� ')3� í� 'HILQLomR� GR� 3URFHVVR�
2UJDQL]DFLRQDO�H�$03�í�$YDOLDomR�H�0HOKRULD�GR�3URFHVVR�2UJDQL]DFLRQDO��
F�� *5,� í� *HUrQFLD� GH� 5LVFRV�� '58� í� 'HVHQYROYLPHQWR� SDUD�
5HXWLOL]DomR�H�*'(�í�*HUrQFLD�GH�'HFLV}HV���
G��*53�í�*HUrQFLD�GH�3URMHWRV��*5(�í�*HUrQFLD�GH�5HTXLVLWRV�H�'5(�
í�'HVHQYROYLPHQWR�GH�5HTXLVLWRV��
H��0('�í�0HGLomR��*4$�í�*DUDQWLD�GD�4XDOLGDGH��*33�í�*HUrQFLD�GH�
3RUWIyOLR�GH�3URMHWRV�H�*&2�í�*HUrQFLD�GH�&RQILJXUDomR��
�
�
�
���4XHVWmR���)&&�±�03(�6(�±�$QDOLVWD�±�*HVWmR�H�$QiOLVH�GH�
3URMHWR�GH�6LVWHPDV���������2�PRGHOR�036�%5�
�
26072658512
dĞĐŶŽůŽŐŝĂ�ĚĂ�/ŶĨŽƌŵĂĕĆŽ�;ƉĂƌƚĞ�/Ϳ�ƉĂƌĂ�d��ͬ^��
�ƵĚŝƚŽƌ�ʹ�/ŶĨŽƌŵĄƚŝĐĂ��
WƌŽĨ�sŝĐƚŽƌ��ĂůƚŽŶ�ʹ��ƵůĂ�Ϭϱ�
WƌŽĨ͘�sŝĐƚŽƌ��ĂůƚŽŶ�
�������������������ǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌ���������������������������ϯϱ�ĚĞ�ϰϬ�
D�� GHYH� VHU� XWLOL]DGR� DSHQDV� HP� PLFUR�� SHTXHQDV� H� PpGLDV�
HPSUHVDV��
E��EDVHLD�VH�QRV�FRQFHLWRV�GH�PDWXULGDGH�H�FDSDFLGDGH�GH�SURFHVVR�
SDUD�D�DYDOLDomR�H�PHOKRULD�GD�TXDOLGDGH�H�SURGXWLYLGDGH�GH�SURGXWRV�GH�
VRIWZDUH�H�VHUYLoRV�FRUUHODWRV���
F�� QmR� p� FRPSDWtYHO� FRP� RV� SDGU}HV� GH� TXDOLGDGH� H� PRGHORV� GH�
PHOKRULD�GH�SURFHVVR�Mi�GLVSRQtYHLV��
G�� p� XP� PRGHOR� GH� PHOKRULD� GH� SURFHVVR� GR� VRIWZDUH� FULDGR� SHOR�
0LQLVWpULR�GD�&LrQFLD�H�7HFQRORJLD�SDUD�DWHQGHU�DV�HPSUHVDV�S~EOLFDV��
H�� HVWi� GLYLGLGR� HP� WUrV� FRPSRQHQWHV�� 0RGHOR� GH� 5HIHUrQFLD� �05�
036���0pWRGR�GH�$YDOLDomR��0$�036��H�0RGHOR�GH�*RYHUQDQoD��0*�036���
�
�
�
��� 4XHVWmR�� �)&&� ±� 757� �� 5HJLmR� ±� 7pFQLFR� -XGLFLiULR� ±�
7HFQRORJLD� GD� ,QIRUPDomR� �� ������ 2� 036�%5� SRVVXL� �� QtYHLV� GH�
PDWXULGDGH� TXH� HVWDEHOHFHP� SDWDPDUHV� GH� HYROXomR� GRV� SURFHVVRV� GH�
VRIWZDUH�H�UHSUHVHQWDP�HVWiJLRV�GH�PHOKRULD�SDUD�LPSOHPHQWDomR�GHVVHV�
SURFHVVRV�HP�XPD�RUJDQL]DomR��1R�QtYHO�*�GH�PDWXULGDGH�
�
D�� QmR� Ki� SURFHVVRV� HVSHFtILFRV�� 1HVVH� QtYHO�� WRGRV� RV� SURFHVVRV�
VHOHFLRQDGRV�SDUD� DQiOLVH�GH�GHVHPSHQKR�GHYHP�VDWLVID]HU�RV� DWULEXWRV�
GH�SURFHVVR�UHODFLRQDGRV�j�PHGLomR�H�FRQWUROH�H�SHOR�PHQRV�XP�SURFHVVR�
GHYH�VHU�REMHWR�GH�PHOKRULDV�H�LQRYDo}HV�FRQWtQXDV��
E�� HVWmR� RV� SURFHVVRV� GH� *HUrQFLD� GH� 3URMHWRV� �TXH� HVWDEHOHFH� H�
PDQWpP� SODQRV� TXH� GHILQHP� DV� DWLYLGDGHV�� RV� UHFXUVRV� H� DV�
UHVSRQVDELOLGDGHV�GR�SURMHWR��H�*HUrQFLD�GH�5HTXLVLWRV� �TXH�JHUrQFLD�RV�
UHTXLVLWRV� GR� SURGXWR� H� GRV� FRPSRQHQWHV� GR� SURGXWR�� LGHQWLILFDQGR�
LQFRQVLVWrQFLDV����
F�� HVWmR� RV� SURFHVVRV� GH� *HUrQFLD� GH� 'HFLV}HV� �TXH� DQDOLVD�
IRUPDOPHQWH� SRVVtYHLV� GHFLV}HV� FUtWLFDV��� 'HVHQYROYLPHQWR� SDUD�
5HXWLOL]DomR� �TXH� LGHQWLILFD� RSRUWXQLGDGHV� SDUD� UHXWLOL]DomR� GH� DWLYRV� GD�
RUJDQL]DomR�� H� *HUrQFLD� GH� 5LVFRV� �TXH� LGHQWLILFD�� DQDOLVD�� WUDWD� H�
PRQLWRUD�ULVFRV���
G�� HVWmR� RV� SURFHVVRV� GH� $TXLVLomR�� *HUrQFLD� GH� &RQILJXUDomR��
*HUrQFLD� GH� 3RUWIyOLR� GH� 3URMHWRV�� *DUDQWLD� GD� 4XDOLGDGH�� 0HGLomR��
$YDOLDomR�H�0HOKRULD�GR�3URFHVVR�2UJDQL]DFLRQDO�H�'HILQLomR�GR�3URFHVVR�
2UJDQL]DFLRQDO��
H��QmR�Ki�SURFHVVRV�HVSHFtILFRV��1HVVH�QtYHO�D�*HUrQFLD�GH�3URMHWRV�
SDVVD�D�WHU�XP�HQIRTXH�TXDQWLWDWLYR�UHIOHWLQGR�D�DOWD�PDWXULGDGH�TXH�VH�
HVSHUD�GD�RUJDQL]DomR�H�WRGRV�RV�SURFHVVRV�GHYHP�VDWLVID]HU�RV�DWULEXWRV�
GH�SURFHVVR�UHODFLRQDGRV�j�PHGLomR�H�FRQWUROH��
�
26072658512
dĞĐŶŽůŽŐŝĂ�ĚĂ�/ŶĨŽƌŵĂĕĆŽ�;ƉĂƌƚĞ�/Ϳ�ƉĂƌĂ�d��ͬ^��
�ƵĚŝƚŽƌ�ʹ�/ŶĨŽƌŵĄƚŝĐĂ��
WƌŽĨ�sŝĐƚŽƌ��ĂůƚŽŶ�ʹ��ƵůĂ�Ϭϱ�
WƌŽĨ͘�sŝĐƚŽƌ��ĂůƚŽŶ�
�������������������ǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌ���������������������������ϯϲ�ĚĞ�ϰϬ�
�
�&(63(�±�,13,���$QDOLVWD�±�'HVHQYROYLPHQWR�H�0DQXWHQomR�GH�
6LVWHPDV� ±� ������ -XOJXH� RV� SUy[LPRV� LWHQV� D� UHVSHLWR� GR� JXLD�
JHUDO� GR� 036�%5�� TXH� GHILQH� RV� QtYHLV� GH� PDWXULGDGH� GH�
SURFHVVRV���
�
��� 2� QtYHO� *� LQGLFD� TXH� R� SURFHVVR� HVWi� HP� RWLPL]DomR� H��
HQJORED�RV�SURFHVVRV�GRV�QtYHLV�GH�PDWXULGDGH�GH�$�D�)���
�
�
���6HJXQGR�R�JXLD��R�PRGHOR�036�EDVHLD�VH�QRV�FRQFHLWRV�GH�
PDWXULGDGH�H�FDSDFLGDGH�GH�SURFHVVR�SDUD�D�DYDOLDomR�H�PHOKRULD�
GD�TXDOLGDGH�H�GD�SURGXWLYLGDGH�GH�VRIWZDUH�H�VHUYLoRV�FRUUHODWRV�
HQYROYLGRV���
�
�
�&(63(�±�$177�±�$QDOLVWD�$GPLQLVWUDWLYR�±�'HVHQYROYLPHQWR�
GH� 6LVWHPDV� GH� ,QIRUPDomR� �� ������ -XOJXH� RV� SUy[LPRV� LWHQV�� D�
UHVSHLWR�GR�036�%5��YHUVmR�������
�
�
���2�JXLD�JHUDO�036�%5�GH�VRIWZDUH�GHVFUHYH�VHWH�QtYHLV�GH�
PDWXULGDGH� DFXPXODWLYRV�� TXH� HVWDEHOHFHP� SDWDPDUHV� GH�
HYROXomR�GH�SURFHVVRV��(VVD�HVFDOD�VH�LQLFLD�QR�QtYHO�*�H�SURJULGH�
DWp� R� QtYHO�$�� QmR�KDYHQGR�� QHVVH�JXLD�� DERUGDJHP�GH�QtYHLV� GH�
FDSDFLGDGH�GRV�SURFHVVRV��
�
�
���2�PRGHOR� GH� UHIHUrQFLD�036�%5� SDUD� VHUYLoRV�� TXH� p� XP�
GRV�TXDWUR�FRPSRQHQWHV�GR�036�%5��HVWi�HP�FRQVRQkQFLD�FRP�D�
,62�,(&� Q�ž� ������������� H� VHX� QtYHO� GH� PDWXULGDGH� *� p�
FRPSRVWR�� HQWUH� RXWURV� IDWRUHV�� SHORV� SURFHVVRV� HQWUHJD� GH�
VHUYLoRV��JHUrQFLD�GH�LQFLGHQWHV�H�JHUrQFLD�GH�QtYHO�GH�VHUYLoRV��
�
�
��� 2� SURSyVLWR� GR� SURFHVVR� JHUrQFLD� GH� SURMHWRV� HYROXL� j�
PHGLGD� TXH� D� RUJDQL]DomR� FUHVFH� HP� PDWXULGDGH�� e� LQLFLDGR� QR�
QtYHO�*��QR�TXDO�R�HVFRSR�GR�SURMHWR�p�GHILQLGR��D�SDUWLU�GR�QtYHO�(��
R�HVIRUoR�H�R�FXVWR�VmR�LQFRUSRUDGRV�QD�JHVWmR��H�D�SDUWLU�GR�QtYHO�
%��Ki�SODQHMDPHQWR�FRP�EDVH�HP�HVWLPDWLYDV�TXDQWLWDWLYDV��
�
26072658512
dĞĐŶŽůŽŐŝĂ�ĚĂ�/ŶĨŽƌŵĂĕĆŽ�;ƉĂƌƚĞ�/Ϳ�ƉĂƌĂ�d��ͬ^��
�ƵĚŝƚŽƌ�ʹ�/ŶĨŽƌŵĄƚŝĐĂ��
WƌŽĨ�sŝĐƚŽƌ��ĂůƚŽŶ�ʹ��ƵůĂ�Ϭϱ�
WƌŽĨ͘�sŝĐƚŽƌ��ĂůƚŽŶ�
�������������������ǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌ���������������������������ϯϳ�ĚĞ�ϰϬ�
�
�
�&(63(�±�7&(�52�±�$QDOLVWD�GH�,QIRUPiWLFD���������$FHUFD�GR�
036�%5��MXOJXH�RV�LWHQV�VXEVHTXHQWHV��
�
���2�QtYHO�(�GR�036�%5�FRQWHPSOD�XP�SURFHVVR�TXH�UHVXOWD�QR�
UHJLVWUR�GRV�GDGRV�GH�XWLOL]DomR�GRV�DWLYRV�UHXWLOL]iYHLV��
�
�
���2�SURFHVVR�GH�JHUHQFLDPHQWR�GH�ULVFRV�p�FRQWHPSODGR��QR�
036�%5��D�SDUWLU�GR�QtYHO�)��FRQKHFLGR�FRPR�QtYHO�JHUHQFLDGR��
�
�
�
��� 4XHVWmR�� �)&&� ±� 757��� 5HJLmR� ±� $QDOLVWD� -XGLFLiULR� ±�
7HFQRORJLD� GD� ,QIRUPDomR� �� � ������ 2� QtYHO� GH� PDWXULGDGH� %� GR� 036�%5�
�*HUHQFLDGR� 4XDQWLWDWLYDPHQWH��� p� FRPSRVWR� SHORV� SURFHVVRV� GRV� QtYHLV� GH�
PDWXULGDGH�DQWHULRUHV��*�DR�&���(VWH�QtYHO�GH�PDWXULGDGH�
�
D��GHYH�VDWLVID]HU� LQWHJUDOPHQWH�RV�DWULEXWRV�GH�SURFHVVR�$3������$3������
$3�����H�$3������
E��SRVVXL��GHQWUH�VHXV�SURFHVVRV�HVSHFtILFRV��*HUHQFLDPHQWR�GH�'HFLV}HV�H�
*HUrQFLD�GH�5LVFRV��
F��QmR�SRVVXL�SURFHVVRV�HVSHFtILFRV��
G�� SRVVXL�� GHQWUH� VHXV� SURFHVVRV� HVSHFtILFRV�� 'HVHQYROYLPHQWR� GH�
5HTXLVLWRV�H�9DOLGDomR�H�9HULILFDomR��
H�� SRVVXL�� GHQWUH� VHXV� SURFHVVRV� HVSHFtILFRV�� *HUrQFLD� GH� 5HTXLVLWRV� H�
*HUrQFLD�GH�3URMHWRV���
�
�&(63(�±�68)5$0$�±�$QDOLVWD�±�6LVWHPDV����������
��� $o}HV� SDUD� GLPLQXLU� RX� HYLWDU� R� LPSDFWR� GH� ULVFRV�
LGHQWLILFDGRV�VmR�QHFHVViULDV�SDUD�DWHQGHU�H�GHILQLU�R�SURFHVVR�GH�
JHUrQFLD�GH�ULVFRV�GR�036�%5���
�
���(VWDEHOHFHU�H�PDQWHU�SDGU}HV�GR�DPELHQWH�GH�WUDEDOKR�TXH�
VH�DSOLFDP�jV�QHFHVVLGDGHV�GR�QHJyFLR� ID]HP�SDUWH�GR�SURSyVLWR�
GH�SURFHVVRV�GR�QtYHO�)�GR�036�%5���
�
26072658512
dĞĐŶŽůŽŐŝĂ�ĚĂ�/ŶĨŽƌŵĂĕĆŽ�;ƉĂƌƚĞ�/Ϳ�ƉĂƌĂ�d��ͬ^��
�ƵĚŝƚŽƌ�ʹ�/ŶĨŽƌŵĄƚŝĐĂ��
WƌŽĨ�sŝĐƚŽƌ��ĂůƚŽŶ�ʹ��ƵůĂ�Ϭϱ�WƌŽĨ͘�sŝĐƚŽƌ��ĂůƚŽŶ�
�������������������ǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌ���������������������������ϯϴ�ĚĞ�ϰϬ�
�&(63(�±�$1$7(/�±�7pFQLFR�HP�5HJXODomR���������-XOJXH�RV�
VHJXLQWHV�LWHQV��FRP�UHODomR�DR�036�%5��
���'HILQLU�R�HVFRSR�GD�JHUrQFLD�GH�ULVFRV�FRP�DV�HVWUDWpJLDV�
DSURSULDGDV�ID]�SDUWH�GR�SURFHVVR�GH�JHUrQFLD�GH�SURMHWRV���
�
��� 1R� 036�%5�� R� QtYHO� &�� FRQKHFLGR� FRPR� JHUHQFLDGR�
TXDQWLWDWLYDPHQWH��p�FRPSRVWR�SRU�SURFHVVRV�GRV�QtYHLV�*�DR�'���
�
���2�HVWDEHOHFLPHQWR�GH�FULWpULRV�SDUD�VHOHomR�H�DYDOLDomR�GH�
IRUQHFHGRUHV�ID]�SDUWH�GR�SURFHVVR�GH�DTXLVLomR���
�
��� 2� SURJUDPD� GH� UHXWLOL]DomR� p� LPSODQWDGR�� PRQLWRUDGR� H�
DYDOLDGR�QR�QtYHO�'�GR�036�%5���
�
��� $OWHUQDWLYDV� GH� VROXomR� DFHLWiYHLV� SDUD� XP� SUREOHPD�� DR�
VHUHP� LGHQWLILFDGDV��GHYHUmR�FRPSRU�RV� UHVXOWDGRV�HVSHUDGRV�GR�
SURFHVVR�GH�JHUrQFLD�GH�GHFLV}HV���
�
�&(63(� ±� $1$7(/� ±� $QDOLVWD� $GPLQLVWUDWLYR� ±�
'HVHQYROYLPHQWR� GH� 6LVWHPDV� �� ������ 7HQGR� FRPR� UHIHUrQFLD� R�
PRGHOR�&00,��FDSDELOLW\�PDWXULW\�PRGHO�LQWHJUDWLRQ���YHUVmR������
H�R�JXLD�JHUDO�GH�VHUYLoRV�GH�PHOKRULD�GH�SURFHVVRV�GR�VRIWZDUH�
EUDVLOHLUR��036�%5���YHUVmR�������MXOJXH�RV�LWHQV�VHJXLQWHV��
�
��� 1D� DQiOLVH� GH� GHVHPSHQKR�� SDUD� TXH� D� XQLGDGH�
RUJDQL]DFLRQDO� VH� PDQWHQKD� QR� QtYHO� GH� PDWXULGDGH� $� �HP�
RWLPL]DomR�� GR� 036�%5�� XPD� GDV� H[LJrQFLDV� p� GH� TXH�� HP� SHOR�
PHQRV�XP�GRV� SURFHVVRV� VHOHFLRQDGRV�� VHMDP� LPSOHPHQWDGRV�RV�
DWULEXWRV�GH�SURFHVVR�H[HFXWDGR�H�JHUHQFLDGR���
�
�
26072658512
dĞĐŶŽůŽŐŝĂ�ĚĂ�/ŶĨŽƌŵĂĕĆŽ�;ƉĂƌƚĞ�/Ϳ�ƉĂƌĂ�d��ͬ^��
�ƵĚŝƚŽƌ�ʹ�/ŶĨŽƌŵĄƚŝĐĂ��
WƌŽĨ�sŝĐƚŽƌ��ĂůƚŽŶ�ʹ��ƵůĂ�Ϭϱ�
WƌŽĨ͘�sŝĐƚŽƌ��ĂůƚŽŶ�
�������������������ǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌ���������������������������ϯϵ�ĚĞ�ϰϬ�
����&(63(�±�&*(�3,�±�$XGLWRU�±�7HFQRORJLD�GD�,QIRUPDomR���
������2�SURSyVLWR�GR�SURFHVVR�JHUrQFLD�GH�SRUWIyOLR�GH�SURMHWRV�p�
LQLFLDU�H�PDQWHU�SURMHWRV�QHFHVViULRV�SDUD�TXH�VHMDP�DWHQGLGRV�RV�
REMHWLYRV�HVWUDWpJLFRV�GD�RUJDQL]DomR��(VVH�SURFHVVR�p�DOFDQoDGR�
HP� WHUPRV� GH� HYROXomR� GH� PDWXULGDGH� LQLFLDOPHQWH� QR� QtYHO� (�
3DUFLDOPHQWH�'HILQLGR�QR�036�%5���������
�
��� �&(63(� ±� 7&8� ±� $XGLWRU� ±� 7HFQRORJLD� GD� ,QIRUPDomR� ��
������ 2� SURFHVVR� JHUrQFLD� GH� UHXWLOL]DomR� �*58�� ID]� SDUWH� GR�
JUXSR� GH� SURFHVVRV� TXH� FRPS}HP� R� QtYHO� )� ²� JHUHQFLDGR�� GH�
DFRUGR�FRP�R�PRGHOR�036�%5��
�
����&(63(�±�7-')7�±�$QDOLVWD�-XGLFLiULR�±�$QiOLVH�GH�6LVWHPDV�
�� ������ $� LPSOHPHQWDomR� GRV� SURFHVVRV� GH� GHVHQYROYLPHQWR� GH�
UHTXLVLWRV� �'5(�� H� GD� JHUrQFLD� GH� UHXWLOL]DomR� �*58�� GHYH� VHU�
UHDOL]DGD� D� ILP� GH� VH� DOFDQoDU� RV�QtYHLV� GH�PDWXULGDGH� )� H� (� GR�
036�%5��
�
����&(63(�±�7-')7�±�$QDOLVWD�-XGLFLiULR�±�$QiOLVH�GH�6LVWHPDV�
��������3DUD�FDGD�QtYHO�GH�PDWXULGDGH�GR�036�%5�H[LVWH�DSHQDV�
XP�QtYHO�GH�FDSDFLGDGH��
�
����&(63(�±�7-')7�±�$QDOLVWD�-XGLFLiULR�±�$QiOLVH�GH�6LVWHPDV�
��������2�SURJUDPD�036�%5�YLVD�PHOKRUDU�R�SURFHVVR�GH�VRIWZDUH�
H�VHUYLoRV�SRU�PHLR�GD�GLVVHPLQDomR�H�DGRomR�GR�PRGHOR�036�HP�
WRGDV� DV� UHJL}HV� GR� %UDVLO�� (VVH� SURJUDPD� p� GHVWLQDGR� SDUD�
HPSUHVDV� GH� TXDOTXHU� SRUWH�� EHP� FRPR� JUDQGHV� RUJDQL]Do}HV�
SULYDGDV�H�JRYHUQDPHQWDLV��
�
����&(63(�±�7-')7�±�$QDOLVWD�-XGLFLiULR�±�$QiOLVH�GH�6LVWHPDV�
�� ������ 2V� QtYHLV� GH� PDWXULGDGH� GR� 036�%5� HVWmR� GLUHWDPHQWH�
UHODFLRQDGRV� DRV� DWULEXWRV� GH� SURFHVVR� �$3��� TXH� GHVFUHYHP� RV�
QtYHLV� GH� FDSDFLGDGH� GRV� SURFHVVRV�� 3DUD� VH� DOFDQoDU� R� QtYHO� *�
�SDUFLDOPHQWH� JHUHQFLDGR��� p� QHFHVViULR� LPSOHPHQWDU� R� $3� �����
HP�TXH�RV�SURGXWRV�GH�WUDEDOKR�GR�SURFHVVR�VmR�JHUHQFLDGRV��
26072658512
dĞĐŶŽůŽŐŝĂ�ĚĂ�/ŶĨŽƌŵĂĕĆŽ�;ƉĂƌƚĞ�/Ϳ�ƉĂƌĂ�d��ͬ^��
�ƵĚŝƚŽƌ�ʹ�/ŶĨŽƌŵĄƚŝĐĂ��
WƌŽĨ�sŝĐƚŽƌ��ĂůƚŽŶ�ʹ��ƵůĂ�Ϭϱ�
 
WƌŽĨ͘�sŝĐƚŽƌ��ĂůƚŽŶ�
�������������������ǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌ���������������������������ϰϬ�ĚĞ�ϰϬ�
�
�
�
�
�
�
�
�
�
�
�
*$%$5,72�
�
��G� ��F� ��F� ��E� ��H� ��H� ��F� ��E� ��H� ���F�
���E� ���E� ���H� ���F� ���H� ���F� ���H� ���F� ���H� ���F�
���F� ���H� ���H� ���H� ���F� ���H� ���F� ���H� ���H� ���H�
���H� ���H� ���F� ���H� � � � � � �
�
26072658512

Continue navegando