$XWR&$'

DEULO GH 

ZZZDUTXLWUHVDUTEU
HTXLSHDUTXLWUHV#XROFRPEU
  
UXD LVUDHO SLQKHLUR  VmR SHGUR JRYHUQDGRU YDODGDUHV PJ

6XPiULR
 ,QWURGXomR  
 &RPSRQHQWHV GH 7HOD  
 UHD GH &RPDQGRV  
 5HJLmR GH ,QIRUPDo}HV H &RQWDGRU GH &RRUGHQDGDV %DUUD
GH 6WDWXV  
 0HQXV H 7RROER[  
 7RROEDUV  
 6LVWHPDV GH &RRUGHQDGDV  
 2SHUDQGR R HVSDoR  
 6QDS  
 *ULG  
 'GUPRGHV 7RROV 'UDIWLQJ 6HWWLQJV  
 /LPLWV  
 8&6 ,FRQ 9LHZ 'LVSOD\ 8&6 ,FRQ  
 8QLWV 'GXQLWV )RUPDW 8QLWV  
 6HOHomR GH REMHWRV  
 6HOHomR (QWLGDGH SRU (QWLGDGH  
 6HOHomR :,1'2:  
 6HOHomR &5266,1*  

 'HPDLV 6HOHo}HV  

 &RPDQGRV GH YLVXDOL]DomR  
 2 &RPDQGR =220  
 2 &RPDQGR 3$1  
 2 &RPDQGR 5(*(1  
 &RRUGHQDGDV H SUHFLVmR  
 )HUUDPHQWDV GH SUHFLVmR H 261$3  
 61$3 H *5,'  
 257+2  
 32/$5 75$&.,1*  
 2%-(&7 61$3  
 '<1$0,& ,1387  
 2%-(&7 61$3 75$&.,1*  
 /:7  
 &DPDGDV OLQKDV H FRUHV  
 &DPDGDV  
 /LQKDV  
 &RUHV  
 3ULPLWLYDV JHRPpWULFDV  
 (GLomR GH ILJXUDV  
 $YHULJXDomR H SURSULHGDGHV  

 $YHULJXDo}HV  

 3URSULHGDGHV  


+DFKXUDV H ELEOLRWHFD GH VtPERORV  



+DFKXUDV  



&ULDomR GH %LEOLRWHFDV GH 6tPERORV  

 &ULDomR GH %ORFRV  



7H[WRV  



'LPHQVLRQDPHQWR  



,PSUHVVmR  



&RQILJXUDomR GH XPD SORWWHU  



&RQILJXUDomR GR HVWLOR GH LPSUHVVmR  



,PSUHVVmR QR 02'(/  



,PSUHVVmR QR /$<287  



&RQILJXUDomR GD SUDQFKD GH LPSUHVVmR  

$XWR&$' 

&DStWXOR  ,QWURGXomR

 ,QWURGXomR

2 3URJUDPD $XWR&$' p XPD GDV IHUUDPHQWDV PDLV DYDQoDGD SDUD R

GHVHQKR FRPSXWDFLRQDO
7UDEDOKDQGR FRP R VLVWHPD GH FRRUGHQDGDV FDUWHVLDQDV GH DWp 
FDVDV GHFLPDLV R SURJUDPD p R PDLV HPSUHJDGR HP TXDOTXHU
DWLYLGDGH TXH UHTXHU SUHFLVmR H ERD GHILQLomR SDUD REMHWRV HP DWp
WUrV GLPHQV}HV
$SHVDU GHVWH VRIWZDUH WHU VLGR GHVHQYROYLGR SDUD D (QJHQKDULD
0HFkQLFD H VHXV GHVHQKRV GH SHoDV LQGXVWULDLV GH JUDQGH SUHFLVmR
ORJR JDQKRX HVSDoR QRV HVFULWyULRV GH HQJHQKDULD H DUTXLWHWXUD
VXEVWLWXLQGR RV GHVHQKRV WpFQLFRV FRQIHFFLRQDGRV HP QDQTXLP VREUH
SDSHO YHJHWDO FRP VXDV GXUDV KRUDV GH WUDEDOKR PDQXDO
$ JUDQGH SUHFLVmR QR GHVHQKR H D YHUVDWLOLGDGH GH DOWHUDo}HV IRUDP
RV SULQFLSDLV PRWLYRV GD DGRomR GHVWH VRIWZDUH SHOR PHUFDGR GD
FRQVWUXomR FLYLO
([LVWHP QR PHUFDGR YiULRV SURJUDPDV TXH VH XWLOL]DP GD SODWDIRUPD
&$' PDV QHQKXP GHOHV JDQKRX WDQWD FUHGLELOLGDGH QRV HVFULWyULRV
EUDVLOHLURV TXDQWR R $XWR&$'
(P VXDV YiULDV YHUV}HV QRWDVH D HYROXomR H D SUHRFXSDomR GD
HPSUHVD DXWRGHVN HP DWHQGHU D HVWH QRYR PHUFDGR TXH FDGD YH]
PDLV VH Yr IDVFLQDGR SHOR XVR GHVWH SURJUDPD

ZZZDUTXLWUHVDUTEU

&DStWXOR  ,QWURGXomR

$XWR&$' 

(P VXD YHUVmR  R $XWR&$' DSUHVHQWD D VHJXLQWH WHOD LQLFLDO

)LJXUD  1RWDVH DOJXPDV DGDSWDo}HV HP UHODomR jV YHUV}HV
DQWHULRUHV SRUpP VHX FRQWH~GR VH PDQWpP LQDOWHUDGR

)LJXUD  $ WHOD GH WUDEDOKR DSUHVHQWDGD HP VHX PyGXOR GH

GHVHQKR

ZZZDUTXLWUHVDUTEU

&DStWXOR  ,QWURGXomR

$XWR&$' 

 &RPSRQHQWHV GH 7HOD



UHD GH &RPDQGRV

e QHVWD UHJLmR
GLJLWiORV

TXH

RV

FRPDQGRV

SRGHP

VHU

DFHVVDGRV

EDVWDQGR

4XDOTXHU LQWHUDomR FRP R XVXiULR VHUi IHLWD QHVWD UHJLmR $ iUHD

GH FRPDQGRV ILFD ORFDOL]DGD LQLFLDOPHQWH QD SDUWH LQIHULRU GD
WHOD



5HJLmR GH ,QIRUPDo}HV H &RQWDGRU GH &RRUGHQDGDV

%DUUD GH 6WDWXV

$V LQIRUPDo}HV UHIHUHQWHV DRV FRPDQGRV 61$3 *5,' 257+2 32/$5

261$3 275$&. '8&.6 '<1 /:7 H 02'(/ SRGHP VHU DWLYDGDV H
GHVDWLYDGDV DWUDYpV GH XP FOLTXH VREUH XP GRV LWHQV $V
FRRUGHQDGDV FDUWHVLDQDV VmR PRVWUDGDV H GHVWDFDGDV QRV VHXV HL[RV
; < H =



0HQXV H 7RROER[

$OpP GH GLJLWDU R QRPH GRV FRPDQGRV QD iUHD FRUUHVSRQGHQWH HVWHV

SRGHUmR VHU DFHVVDGRV XWLOL]DQGR RV PHQXV GH EDUUD PHQXV GH
iUYRUHV RX tFRQHV GRV 7RROEDUV

ZZZDUTXLWUHVDUTEU

&DStWXOR  ,QWURGXomR



$XWR&$' 

7RROEDUV

2V 7RROEDUV VmR PHQXV GH tFRQHV TXH

R PRXVH RX IL[DU QXPD SRVLomR GD
DFHVVDU FRPDQGRV FRP PDLRU UDSLGH]
WRUQDQGR DVVLP RV WUDEDOKRV PDLV
HVWLYHU IOXWXDQGR VREUH GHWHUPLQDGR
QRPH GR PHVPR SDUD WRUQDU PDLV IiFLO

R XVXiULR SRGH PRYLPHQWDU FRP

WHOD &RP RV tFRQHV SRGHVH
Mi TXH D LQWHUDomR p YLVXDO
SURGXWLYRV 4XDQGR R FXUVRU
tFRQH R $XWR&$' PRVWUDUi R
D VXD LGHQWLILFDomR

$VVLP SDUD R H[HPSOR R FXUVRU SRVLFLRQDGR

VREUH XP tFRQH WHUi R QRPH GR FRPDQGR
DVVRFLDGR
SRU
XPD
FDL[D
GH
GLiORJR
WHPSRUiULD



6LVWHPDV GH &RRUGHQDGDV

2 $XWR&$' WUDEDOKD FRP GRLV VLVWHPDV GH FRRUGHQDGDV :&6 :RUOG

&RRUGLQDWH 6\VWHPV H R 8&6 8VH &RRUGLQDWHV 6\VWHPV
2 :&6 QmR SRGH VHU DOWHUDGR H VXD RULJHP FRUUHVSRQGH DRV SRQWRV
 VHUYLQGR GH SDGUmR SDUD R 8&6
2 8&6 p R VLVWHPD FULDGR SHOR XVXiULR TXH SRGH GHILQLU XP QRYR
SODQR GH WUDEDOKR QmR KDYHQGR OLPLWHV SDUD D VXD TXDQWLGDGH PDV
OLPLWDQGR DR XVR VRPHQWH XP D FDGD YH] $VVLP p SRVVtYHO GHILQLU
VXD QRYD RULJHP EHP FRPR D URWDomR GH VHXV HL[RV


ZZZDUTXLWUHVDUTEU

$XWR&$' 

&DStWXOR  ,QWURGXomR

$ LQGLFDomR GH TXH R VLVWHPD HVWi VHQGR XVDGR H

WDPEpP D SRVLomR GH VHXV HL[RV p IHLWD DWUDYpV GR
8&6,&21 GHPRQVWUDGR SHOD LPDJHP ORFDOL]DGD QR
FDQWR LQIHULRU HVTXHUGR GD WHOD
-i HP VHX PyGXOR GH FRQILJXUDomR GH SUDQFKDV GH LPSUHVVmR R
$XWR&$' DSUHVHQWD D VHJXLQWH FDUDFWHUtVWLFD SRXFR PRGLILFDGD GDV
YHUV}HV DQWHULRUHV )LJXUD  FRP SHTXHQDV YDULDo}HV HQWUH RV
PyGXORV 02'(/ H /$<287
2 $XWR&$' FRQWD FRP XPD SHUVRQDOL]DomR GD iUHD GH WUDEDOKR
GHWDOKDGD TXH SHUPLWH D FDGD XVXiULR GHILQLU DV PHOKRUHV FRQGLo}HV
GH WUDEDOKR LQGLYLGXDLV ,VVR SHUPLWH D LQWHUDomR HQWUH YiULRV
XVXiULRV HP XPD PHVPD PiTXLQD VHP TXH SUHIHUrQFLDV GH XP VHMDP
LQFRUSRUDGDV jV GRV RXWURV
7RGR R XVXiULR SRGH LQWHUIHULU GLUHWDPHQWH QD DSUHVHQWDomR JUiILFD
GR $XWR&$' $ VHOHomR GRV 7RROEDUV H tFRQHV LVRODGRV DV FRUHV H
IRQWHV GD WHOD SULQFLSDO R VDOYDPHQWR GRV DUTXLYRV H[WHQVmR H
WHPSR SDUD VDOYDPHQWR DXWRPiWLFR H RXWURV DVSHFWRV GH PDQHMR GH
WHFODGR H PRXVH HVWmR GLUHWDPHQWH DR DOFDQFH GR XVXiULR H SRGHP
IDFLOLWDU R XVR GHVWH SURJUDPD
3DUD LVVR EDVWD DFHVVDU QR PHQX GH iUYRUH D RSomR 7RROV
2SWLRQV H VHJXLU DV LQGLFDo}HV
2 FRQKHFLPHQWR FRPSOHWR GD iUHD GH WUDEDOKR H R ERP PDQXVHLR GRV
tFRQHV H FRPDQGRV GH TXDOTXHU VRIWZDUH VmR GH IXQGDPHQWDO
LPSRUWkQFLD SDUD R GHVHPSHQKR VDWLVIDWyULR GDV DWLYLGDGHV GR
WUDEDOKR GLiULR e SRU LVVR TXH RV SURJUDPDV EXVFDP WUDEDOKDU XPD
PHVPD OLQJXDJHP H QmR VHQGR GLIHUHQWH R $XWR&$' WDPEpP YHP
DYDQoDQGR FDGD YH] PDLV QR GHVHQYROYLPHQWR GH XP SURJUDPD TXH
EXVFD DSURYHLWDU WRGDV DV YDQWDJHQV GD SODWDIRUPD TXH R VXVWHQWD
QHVWH FDVR R :,1'2:6
ZZZDUTXLWUHVDUTEU



&DStWXOR  ,QWURGXomR

$XWR&$' 

$V YHUV}HV LQLFLDLV GHVWH SURJUDPD DOFDQoDUDP VHXV REMHWLYRV

TXDQWR j SUHFLVmR H FRQILDELOLGDGH GH GDGRV H GHVHQKRV SRUpP
VRPHQWH DV YHUV}HV TXH YLHUDP D SDUWLU GD 5 p TXH PHOKRU
DSURYHLWDUDP D LQWHUIDFH FRP D SODWDIRUPD :,1'2:6 SHUPLWLQGR XP
WUDEDOKR PDLV VXDYH H UiSLGR

)LJXUD  $ WHOD JUiILFD SDUD R PyGXOR GH SUHSDUR GH SUDQFKDV

SDUD LPSUHVVmR



ZZZDUTXLWUHVDUTEU

$XWR&$' 

&DStWXOR  ,QWURGXomR

)LJXUD  3UHIHUrQFLDV GD iUHD JUiILFD

$TXL RV XVXiULRV SRGHUmR GHILQLU FRUHV WDPDQKR GH FXUVRUHV H

GHPDLV SUHIHUrQFLDV SDUD D iUHD JUiILFD

ZZZDUTXLWUHVDUTEU



&DStWXOR  ,QWURGXomR

$XWR&$' 

)LJXUD  $EHUWXUD H VDOYDPHQWR GH DUTXLYRV

3DUD FRPSDUWLOKDPHQWR FRP RXWURV XVXiULRV FRSLDGRUDV H JUiILFDV

GHYHVH VHPSUH VDOYDU RV DUTXLYRV HP YHUV}HV DQWHULRUHV jTXHOD TXH
VH HVWD XWLOL]DQGR



ZZZDUTXLWUHVDUTEU

&DStWXOR  ,QWURGXomR

$XWR&$' 

)LJXUD  3UHIHUrQFLDV GH SORWDJHP

2 $XWR&$' UHFRQKHFH WRGDV DV LPSUHVVRUDV H SORWHUV LQVWDODGDV QR

VLVWHPD RSHUDFLRQDO GR FRPSXWDGRU SHUPLWLQGR D HVFROKD GH XPD
~QLFD LPSUHVVRUD SDGUmR GLIHUHQWH GDTXHOD GHILQLGD SHOR VLVWHPD
RSHUDFLRQDO

ZZZDUTXLWUHVDUTEU



&DStWXOR  ,QWURGXomR

$XWR&$' 

)LJXUD  &RQILJXUDo}HV GR VLVWHPD



ZZZDUTXLWUHVDUTEU

&DStWXOR  ,QWURGXomR

$XWR&$' 

)LJXUD  3UHIHUrQFLDV GH XVXiULR

ZZZDUTXLWUHVDUTEU



&DStWXOR  ,QWURGXomR

$XWR&$' 

)LJXUD  0DUFDGRUHV GH GHVHQKR



ZZZDUTXLWUHVDUTEU

$XWR&$' 

&DStWXOR  ,QWURGXomR

)LJXUD  &RILJXUDo}HV GRV REMHWRV '

ZZZDUTXLWUHVDUTEU



&DStWXOR  ,QWURGXomR

$XWR&$' 

)LJXUD  0DUFDo}HV GH VHOHomR



ZZZDUTXLWUHVDUTEU

$XWR&$' 

&DStWXOR  ,QWURGXomR

)LJXUD  &RQILJXUDo}HV SHUVRQDOL]DGDV SRU XVXiULRV

1HVWH
FDPSR
SRGHP
VHU
GHILQLGDV
YiULDV
FRQILJXUDo}HV
SHUVRQDOL]DGDV SDUD GLIHUHQWHV XVXiULRV R TXH SRVVLELOLWD R
FRPSDUWLOKDPHQWR GH XPD PHVPD PiTXLQD VHP R FRPSURPHWLPHQWR GDV
SUHIHUrQFLDV LQGLYLGXDLV

ZZZDUTXLWUHVDUTEU



&DStWXOR  ,QWURGXomR

$XWR&$' 

$QRWDo}HV



ZZZDUTXLWUHVDUTEU

$XWR&$' 

&DStWXOR  2SHUDQGR R HVSDoR

 2SHUDQGR R HVSDoR

$ XWLOL]DomR GR HVSDoR FDUWHVLDQR LQILQLWR GR $XWR&$' GHYH VHU

GLVFXWLGD SDUD TXH QmR KDMD G~YLGDV VREUH DV VXDV SRVVLELOLGDGHV H
LQWHUDo}HV FRP DV XQLGDGHV FRQKHFLGDV $ DEUDQJrQFLD HQWUH DV
UHODo}HV GH HVFDOD WDPDQKR GR GHVHQKR OLPLWHV H FRRUGHQDGDV GHYH
HVWDU FODUD SDUD TXH R XVXiULR QmR FRPSURPHWD R VHX WUDEDOKR TXHU
QD DSUHVHQWDomR GR SURGXWR ILQDO RX QD REWHQomR GRV UHVXOWDGRV
HVSHUDGRV
$ SUHSDUDomR GD iUHD GH WUDEDOKR SRGHUi VH WRUQDU R PDLRU WUXQIR
SDUD R GHVHQKLVWD 3DUD LVVR EDVWD TXH VH FRQKHoD D SULRUL R
WDPDQKR ILQDO TXH R GHVHQKR WHUi SDUD TXH VHMD HIHWXDGR R
GLPHQVLRQDPHQWR SHUWLQHQWH GR OLPLWH D TXH HOH SHUWHQFHUi $VVLP R
GHVHQKR QmR ILFDUi SHUGLGR QR HVSDoR H QmR VHUmR FRPSURPHWLGRV
FRPDQGRV GH YLVXDOL]DomR H RXWURV TXH WHUmR VXDV WDUHIDV UHGX]LGDV
D HVWH HVSDoR GHOLPLWDGR GHQWUR GR FDPSR LQILQLWR GH FRRUGHQDGDV
3DUD DX[LOLDU D EXVFD SRU FRRUGHQDGDV H[DWDV QR FDVR GH GHVHQKRV
IRUPDGRV SRU SROLJRQDLV GH YpUWLFHV FRQKHFLGRV LQWHLURV H
SUHIHUHQFLDOPHQWH P~OWLSORV GH XP Q~PHUR FRQKHFLGR SRGHVH
WUDEDOKDU FRP DV IHUUDPHQWDV GH 61$3 H *5,'
$ FULDomR GR HVSDoR TXH HQYROYHUi R GHVHQKR OLPLWDQGR DVVLP D
SRVLomR GH WRGRV RV VHXV SRQWRV H HQWLGDGHV HP XPD iUHD FRQKHFLGD
GR HVSDoR FDUWHVLDQR VHUi GDGD SHOR FRPDQGR /,0,76
2 FRPDQGR GH YLVXDOL]DomR H SRVLFLRQDPHQWR GRV SODQRV FDUWHVLDQRV
SRGHUi VHU DOWHUDGR RX GHVOLJDGR GHVGH TXH HVWD VHMD XPD RSomR GR
XVXiULR 3DUD LVVR GHYHVH WHU DFHVVR R FRPDQGR 8&6,&21
ZZZDUTXLWUHVDUTEU



&DStWXOR  2SHUDQGR R HVSDoR

$XWR&$' 

( TXDQWR jV XQLGDGHV GH WUDEDOKR H DSUHVHQWDomR JUiILFD HVWDV

SRGHUmR VHU DOWHUDGDV SHOR FRPDQGR 81,76
$ GHILQLomR GHVWHV FRPDQGRV p DVVLP DSUHVHQWDGD

 6QDS
2 FRPDQGR 61$3 ID] FRP TXH R FXUVRU VH GHVORTXH SRU GLVWkQFLDV
PRGXODGDV e PXLWR XWLOL]DGR TXDQGR R GHVHQKR SRVVXL FRRUGHQDGDV
TXH UHSUHVHQWDP P~OWLSORV XPDV GDV RXWUDV DJLOL]DQGR DVVLP D
ORFDOL]DomR GH VHXV SRQWRV 3DUD PHOKRU YLVXDOL]DomR DWLYDVH R
FRPDQGR *5,' FRP R PHVPR HVSDoDPHQWR

 *ULG
2 *5,' p DSUHVHQWDGR SRU SRQWRV HVSDoDGRV RFXSDQGR FRRUGHQDGDV
SUpGHILQLGDV FULDQGR QD WHOD XPD PRGXODomR DVVLP FRPR XP SDSHO
TXDGULFXODGR 1mR ID] SDUWH GR GHVHQKR JHUDGR QD WHOD JUiILFD H
SRUWDQWR QmR VHUi LPSUHVVR

 'GUPRGHV 7RROV 'UDIWLQJ 6HWWLQJV

2 FRPDQGR ''502'(6 DWLYD XPD FDL[D GH GLiORJR TXH FRQWUROD DV
IXQo}HV GRV FRPDQGRV 61$3 H *5,' 32/$5 75$.,1* H 2%-(&7 61$3
TXH WDPEpP IRUPDP XP JUXSR GH DX[LOLDUHV DR GHVHQKR GH SUHFLVmR
e SRU HVWD FDL[D GH GLiORJR TXH VH SRGH GHILQLU RX DOWHUDU R YDORU
D VHU DGRWDGR TXDQGR RV FRPDQGRV HVWLYHUHP DWLYRV $OpP GR TXH
SRGHUmR VHU IHLWDV GHILQLo}HV GH YDORUHV GLIHUHQWHV SDUD RV
GLIHUHQWHV HL[RV GH FRRUGHQDGDV FDUWHVLDQDV

 /LPLWV



(VWH FRPDQGR FULD XP OLPLWH QD iUHD GH WUDEDOKR VHP LPSHGLU TXH

DV GHPDLV UHJL}HV GR HVSDoR VHMDP XWLOL]DGDV PDV IDFLOLWDQGR D
YLVXDOL]DomR GRV GHVHQKRV SULQFLSDOPHQWH SDUD RV FRPDQGRV ]RRP
ZZZDUTXLWUHVDUTEU

$XWR&$' 

&DStWXOR  2SHUDQGR R HVSDoR

6XD H[HFXomR IHLWD SHOD GLJLWDomR GLUHWD GD SDODYUD GHILQLUi XPD

QRYD iUHD GH WUDEDOKR RQGH DWXD R FRPDQGR ]RRP DOO H VHJXLUi D
RUGHQDomR GH FRRUGHQDGDV SHORV YpUWLFHV GH XP UHWkQJXOR 2
SULPHLUR SRQWR TXH VH UHIHUH DR YpUWLFH LQIHULRU HVTXHUGR GHYHUi
SHUPDQHFHU QD RULJHP GR VLVWHPD FDUWHVLDQR H SRUWDQWR   
-i R VHJXQGR FRUUHVSRQGHQWH DR YpUWLFH VXSHULRU GLUHLWR VHUi
GHILQLGR GH DFRUGR FRP R WDPDQKR GR GHVHQKR D VHU H[HFXWDGR
/HPEUHVH VHPSUH GH DPDUUDU R GHVHQKR D XPD FRRUGHQDGD FRQKHFLGD
SDUD SRVVtYHLV FRQIHUrQFLDV FySLDV PRYLPHQWDo}HV DYHULJXDo}HV
HWF

 8&6 ,FRQ 9LHZ 'LVSOD\ 8&6 ,FRQ

2 $XWR&$' WUDEDOKD FRP GRLV VLVWHPDV GH FRRUGHQDGDV :&6 H 8&6
RQGH R :&6 QmR SRGH VHU DOWHUDGR H UHSUHVHQWD DV FRRUGHQDGDV
FDUWHVLDQDV GH RULJHP    TXH VHUYHP GH SDGUmR DR 8&6 1R
HQWDQWR R 8&6 SRGHUi VHU PRYLGR URWDFLRQDGR RX GHVOLJDGR TXDQGR
R XVXiULR SUHIHULU
2 DFHVVR GLUHWR SHOR FDPLQKR GR PHQX GH iUYRUH SRGHUi GHVOLJiOR
RX PRGLILFDU VXD RULJHP HQTXDQWR TXH PDLRUHV DOWHUDo}HV ILFDP
OLPLWDGDV DR DFHVVR GH VXDV SURSULHGDGHV
(VWDV DOWHUDo}HV VHUmR UHFRPHQGDGDV D XVXiULRV TXH Mi SRVVXHP XP
PDLRU GRPtQLR GDV IXQo}HV GR $XWR&$' UHVWULQJLQGR DRV LQLFLDQWHV
D RSomR GH VHX tFRQH HVWDU RX QmR SUHVHQWH QD iUHD GH WUDEDOKR

 8QLWV 'GXQLWV )RUPDW 8QLWV

&DGD GHVHQKR SRVVXL VXDV SDUWLFXODULGDGHV FRPR SRU H[HPSOR R
VLVWHPD GH XQLGDGHV XWLOL]DGR kQJXORV H SUHFLVmR GH PHGLGDV 2
FRPDQGR 81,76 DMXVWD HVWHV SDUkPHWURV SDUD R ERP GHVHQYROYLPHQWR
GR GHVHQKR EHP FRPR R GHVHPSHQKR DGHTXDGR GR XVXiULR
2 FRPDQGR ''81,76 p D FDL[D GH GLiORJR TXH SRVVXL DV LQWHUDo}HV
GR FRPDQGR 81,76
ZZZDUTXLWUHVDUTEU



&DStWXOR  2SHUDQGR R HVSDoR

$XWR&$' 

$OWHUDo}HV GH XQLGDGHV SUHFLVmR GH FDVDV GHFLPDLV H kQJXORV VmR

IDFLOPHQWH DFHVVDGDV H VHUmR XWLOL]DGDV HP WRGDV DV LQIRUPDo}HV
TXH R SURJUDPD LUi IRUQHFHU DR XVXiULR
'H SRVVH GHVWDV LQIRUPDo}HV FRQKHFHQGR R GHVHQKR TXH VH SUHWHQGH
WHU FRPR SURGXWR ILQDO VXDV XQLGDGHV H HVSHFLILFLGDGHV R
XVXiULR WHUi FRQGLo}HV GH LQLFLDU R WUDEDOKR FRQVHJXLQGR XP PHOKRU
UHQGLPHQWR H SUHFLVmR
e VHPSUH ERP OHPEUDU TXH R FRPDQGR /,0,76 GHYHUi VHU R SULPHLUR D
VHU H[HFXWDGR SDUD TXH DVVLP VH IDoDP DV DVVRFLDo}HV FRP RV
FRPDQGRV GH ]RRP



ZZZDUTXLWUHVDUTEU

$XWR&$' 

&DStWXOR  6HOHomR GH REMHWRV

 6HOHomR GH REMHWRV

3DU TXDOTXHU PRGLILFDomR TXH R XVXiULR TXHLUD ID]HU QR VHX

GHVHQKR VHUi QHFHVViULR SDVVDU SHOD VHOHomR GDV HQWLGDGHV 2V
PRGRV GH VHOHomR DSUHVHQWDGRV D VHJXLU VmR FRPXQV D WRGRV RV
FRPDQGRV TXH DWXDP VREUH HQWLGDGHV H[LVWHQWHV FRPDQGRV GH HGLomR
H DYHULJXDomR VHQGR XWLOL]DGRV DSyV D PHQVDJHP VHOHFW REMHFWV

 6HOHomR (QWLGDGH SRU (QWLGDGH

2 XVXiULR GHYH SRVLFLRQDU R TXDGULOiWHUR GH VHOHomR VREUH D
HQWLGDGH GHVHMDGD $SyV VHU VHOHFLRQDGD HVWD ILFDUi SRQWLOKDGD
PRVWUDQGR TXH D RSHUDomR WHYH VXFHVVR
&RPPDQG 6(/(&7
6HOHFW REMHFWV 3
6HOHFW REMHFWV 3
6HOHFW REMHFWV 3
6HOHFW REMHFWV 3
6HOHFW REMHFWV HQWHU!

 6HOHomR :,1'2:

2 XVXiULR GHYH IRUQHFHU RV SRQWRV TXH IRUPDP D GLDJRQDO GH XPD
MDQHOD YpUWLFHV LQIHULRU HVTXHUGR H VXSHULRU GLUHLWR SRU H[HPSOR
H WRGDV DV HQWLGDGHV TXH HVWLYHUHP LQWHLUDPHQWH FRQWLGDV GHQWUR
GHVWD VHUmR VHOHFLRQDGDV
ZZZDUTXLWUHVDUTEU



&DStWXOR  6HOHomR GH REMHWRV

$XWR&$' 

&RPPDQG 6(/(&7
6HOHFW REMHFWV :
)LUVW FRUQHU 3
2WKHU FRUQHU 3
6HOHFW REMHFWV HQWHU!

 6HOHomR &5266,1*

$ RSomR &5266,1* GHWHUPLQD WDPEpP D DEHUWXUD GH XPD MDQHOD DWUDYpV
GH GRLV SRQWRV TXH UHSUHVHQWDP D VXD GLDJRQDO $ GLIHUHQoD HQWUH
HVWH FRPDQGR H R FRPDQGR GH VHOHomR :,1'2: p TXH EDVWD D MDQHOD
FUX]DU FRP XP ~QLFR SRQWR GD HQWLGDGH SDUD TXH HVWD VHMD
VHOHFLRQDGD
2EVHUYH TXH D MDQHOD GHYHUi WHU VHX LQtFLR GD GLUHLWD SDUD D
HVTXHUGD QR PRGR &5266,1* H GD HVTXHUGD SDUD D GLUHLWD QR PRGR
:,1'2:
Q

Q!



Q!

ZZZDUTXLWUHVDUTEU

&DStWXOR  6HOHomR GH REMHWRV

$XWR&$' 

 'HPDLV 6HOHo}HV

3UHYLRXV

7DEHOD  'HPDLV VHOHo}HV GH REMHWRV

/DVW
$OO

)HQFH
:SRO\JRQ
&SRO\JRQ

5HPRYH $''

6HOHFLRQD DV HQWLGDGHV TXH IRUDP XWLOL]DGDV

QR ~OWLPR FRPDQGR GH HGLomR
6HOHFLRQD D ~OWLPD HQWLGDGH FULDGD
6HOHFLRQD WRGDV DV HQWLGDGHV TXH FRPS}H R
GHVHQKR
3RVVLELOLWD D VHOHomR GH HQWLGDGHV DWUDYpV
GH XP UDVWUHDGRU WRGDV DV HQWLGDGHV TXH
FUX]DUHP D OLQKD GH UDVWUHDPHQWR VHUmR
VHOHFLRQDGDV
e SRVVtYHO DEULU XPD MDQHOD GH VHOHomR QD
IRUPD SROLJRQDO TXH WHQKD DV SURSULHGDGHV
GD MDQHOD :,1'2:6
e SRVVtYHO GHWHUPLQDU XPD MDQHOD GH VHOHomR
QD IRUPD SROLJRQDO TXH WHQKD DV PHVPDV
SURSULHGDGHV GD MDQHOD &5266,1*
6H DOJXPDV HQWLGDGHV IRUDP VHOHFLRQDGDV
HUURQHDPHQWH SRGHP VHU UHPRYLGDV FRP D
RSomR 5(029( 3DUD WDQWR GHYHVH GLJLWDU D
OHWUD 5 QR SURPSW GH VHOHomR $SyV WRGDV
DV HQWLGDGHV VHUHP UHPRYLGDV VH R XVXiULR
TXLVHU UHWRUQDU DR PRGR GH VHOHomR GHYHVH
RSWDU SHOD RSomR $''

(VWH FDStWXOR VHUi PDLV EHP DVVLPLODGR GHQWUR GRV SURFHVVRV GH

FULDomR H HGLomR GH REMHWRV GXUDQWH R DSUHQGL]DGR GR SURJUDPD

ZZZDUTXLWUHVDUTEU



&DStWXOR  6HOHomR GH REMHWRV

$XWR&$' 

$QRWDo}HV



ZZZDUTXLWUHVDUTEU

$XWR&$' 

&DStWXOR  &RPDQGRV GH YLVXDOL]DomR

 &RPDQGRV GH YLVXDOL]DomR

2V FRPDQGRV GH YLVXDOL]DomR VHUYHP SDUD PDQLSXODU D SRVLomR GH XP

GHVHQKR QD WHOD XPD YH] TXH H[LVWH D SRVVLELOLGDGH GHVVH GHVHQKR
VHU PXLWR FRPSOH[R
2 $XWR&$' SRVVXL R TXH XPD JDOHULD GH FRPDQGRV GH YLVXDOL]DomR
3RUpP RV PDLV XVDGRV URWLQHLUDPHQWH HVWmR GLVSRVWRV QD WRROEDU
VWDQGDUG

 2 &RPDQGR =220

2 FRPDQGR =220 SRVVLELOLWD DOWHUDU D YLVXDOL]DomR
DSUR[LPDQGRR RX DIDVWDQGRR GR XVXiULR

GR

GHVHQKR

2 GHVHQKR QXQFD VHUi DOWHUDGR HP VHX WDPDQKR UHDO VLPSOHVPHQWH

VHUi DOWHUDGR R VHX DVSHFWR YLVXDO
'HQWUR GDV GLYHUVDV RSo}HV GH ]RRP D RSomR UHDOWLPH p XPD GDV
PDLV XWLOL]DGDV $R DFLRQDUVH R FRPDQGR DSDUHFHUi R VtPEROR GH
XPD OXSD DJRUD VXEVWLWXLQGR R FXUVRU
5HDO 7LPH $SUR[LPD RX GLVWDQFLD R GHVHQKR DR FRPDQGR GR XVXiULR
HP WHPSR UHDO 7RGDV DV YLVXDOL]Do}HV VmR REWLGDV LPHGLDWDPHQWH
(VWH FRPDQGR p DFHVVDGR QR URODPHQWR GR SUySULR PRXVH
3UHYLRXV 5HWRUQD D LPDJHP DQWHULRU DR ~OWLPR =220
ZZZDUTXLWUHVDUTEU



&DStWXOR  &RPDQGRV GH YLVXDOL]DomR

$XWR&$' 

:LQGRZV 2 XVXiULR GHYH GHWHUPLQDU XPD MDQHOD DWUDYpV GH GRLV

SRQWRV
7RGR
R
GHVHQKR
LQWHUQR
j
MDQHOD
DSDUHFHUi
SURSRUFLRQDOPHQWH j WHOD
'\QDPLF ([LEH D iUHD WRWDO GR GHVHQKR SHUPLWLQGR SRU PHLR GH
XPD MDQHOD GLQkPLFD HVFROKHU SRVLomR H FDPSR GH HQTXDGUDPHQWR
&RP R ERWmR HVTXHUGR GR PRXVH DOWHUQDPRV HQWUH DPSOLWXGH GD MDQHOD
GH HQTXDGUDPHQWR H GHVORFDPHQWR GD PHVPD
6FDOH 9HP SRU GHIDXOW H DJH VREUH R GHVHQKR WRGR DOWHUDQGR R
IDWRU GH HVFDOD GH YLVXDOL]DomR 6H IRU IRUQHFLGR XP IDWRU GH
HVFDOD VXSHULRU D  R GHVHQKR ILFDUi PDLRU HP UHODomR DR
RULJLQDO FDVR R Q~PHUR IRUQHFLGR HVWHMD HQWUH R LQWHUYDOR GH  D
 R GHVHQKR GLPLQXLUi
,Q $PSOLD D LPDJHP HP  YH]HV R WDPDQKR FRUUHQWH
2XW 5HGX] D YLVXDOL]DomR GD LPDJHP FRUUHQWH SHOD PHWDGH
$OO (QFDL[D RV OLPLWHV QD WHOD &DVR R GHVHQKR XOWUDSDVVH HVVHV
OLPLWHV VHUi H[LELGR SRU LQWHLUR
([WHQWV 0RVWUD WRGDV DV HQWLGDGHV GR GHVHQKR QD PDLRU DPSOLDomR
SRVVtYHO

 2 &RPDQGR 3$1

2 FRPDQGR 3$1 SHUPLWH DR XVXiULR GHVORFDU R GHVHQKR HP TXDOTXHU
GLUHomR VHP DOWHUDU D VXD DPSOLDomR SRGHQGR GHVWD IRUPD YHU
GHWDOKHV TXH DQWHV HVWDYDP RFXOWRV $ PRYLPHQWDomR SRGH VHU IHLWD
GH IRUPD OLYUH H GLQkPLFD RQGH p R XVXiULR TXHP GHILQH D QRYD
SRVLomR GR GHVHQKR QD WHOD REVHUYDQGR VHXV PRYLPHQWRV HP WHPSR
UHDO
3DQ 3DUD VXD PRYLPHQWDomR R FXUVRU DVVXPH D IRUPD GR tFRQH
0DQWHQGR R ERWmR GLUHLWR GR PRXVH SUHVVLRQDGR R XVXiULR PRYLPHQWD
D WHOD SDUD TXDOTXHU GLUHomR DWp GHILQLU VXD QRYD SRVLomR 3RGH
VHU DFHVVDGR SHOR ERWmR FHQWUDO GR PRXVH URODPHQWR


ZZZDUTXLWUHVDUTEU

$XWR&$' 

&DStWXOR  &RPDQGRV GH YLVXDOL]DomR

 2 &RPDQGR 5(*(1

(VWH FRPDQGR UHFRQVWUyL R GHVHQKR H[LVWHQWH QD WHOD DWXDOL]DQGR
DV VXDV QRYDV FRQGLo}HV e XWLOL]DGR SULQFLSDOPHQWH SDUD FRUULJLU
GLVWRUo}HV
FDXVDGDV
QR
PRQLWRU
H
WDPEpP
HP
DSUR[LPDo}HV
RFDVLRQDGDV SDUD SRXSDU D PHPyULD GR FRPSXWDGRU

ZZZDUTXLWUHVDUTEU



&DStWXOR  &RPDQGRV GH YLVXDOL]DomR

$XWR&$' 

$QRWDo}HV



ZZZDUTXLWUHVDUTEU

$XWR&$' 

&DStWXOR  &RRUGHQDGDV H SUHFLVmR

 &RRUGHQDGDV H SUHFLVmR

3DUD VH GHVHQKDU REMHWRV FRP GLPHQV}HV HVSHFtILFDV R SURJUDPD

FRQWD FRP R DX[tOLR GH FRRUGHQDGDV DEVROXWDV UHODWLYDV H SRODUHV
(VVDV FRRUGHQDGDV DMXGDP D HVSHFLILFDU FRP H[DWLGmR DV GLPHQV}HV
GRV GHVHQKRV D VHUHP FULDGRV
2V SRQWRV HVSHFLILFDGRV GLJLWDQGRVH VHXV YDORUHV QXPpULFRV
FRUUHVSRQGHQWHV GH ; H < GR SODQR FDUWHVLDQR H VHSDUDGR SRU
YtUJXOD VHUmR RV YpUWLFHV GH XPD SROLJRQDO
3DUD WDQWR R $XWR&$' XWLOL]D DV FRQYHQo}HV GH XQLGDGHV DPHULFDQDV
HP TXH R SRQWR VHSDUD D SDUWH GHFLPDO GR Q~PHUR H D YtUJXOD p
GHVWLQDGD D VHSDUDU DV FRRUGHQDGDV
8WLOL]DPVH FRRUGHQDGDV DEVROXWDV TXDQGR VH VDEH FRP H[DWLGmR D
ORFDOL]DomR GRV SRQWRV GHVHMDGRV QR SODQR FDUWHVLDQR TXH p D EDVH
GR VLVWHPD &$'
2 SRQWR D VHU ORFDOL]DGR UHODFLRQDVH GLUHWDPHQWH FRP D RULJHP GR
VLVWHPD    (QWmR SDUD LQVHULU DOJXP SRQWR XWLOL]DQGRVH
GD FRRUGHQDGD DEVROXWD EDVWD HVSHFLILFDUVH VXDV FRRUGHQDGDV [
H \ UHODFLRQDGDV j RULJHP
$V FRRUGHQDGDV UHODWLYDV VmR XVDGDV TXDQGR VH VDEH R GHVORFDPHQWR
GH XP SRQWR HP UHODomR DR DQWHULRU VHP WHUVH FHUWH]D GD SRVLomR
GR SRQWR DQWHULRU QR VLVWHPD FDUWHVLDQR RX TXDQGR R FiOFXOR GHVWD
QRYD FRRUGHQDGD VH WRUQD GLItFLO RX GHPRUDGR
ZZZDUTXLWUHVDUTEU



&DStWXOR  &RRUGHQDGDV H SUHFLVmR

$XWR&$' 

2 SRQWR DWXDO p HVSHFLILFDGR VHPSUH HP UHODomR DR SRQWR DQWHULRU

GHWHUPLQDQGR R GHVORFDPHQWR QRV HL[RV [ H \
3DUD LQGLFDU TXH VHUmR XVDGDV FRRUGHQDGDV
GLJLWDU R VLQDO # DQWHV GRV GHVORFDPHQWRV

UHODWLYDV

GHYHVH

$ VLQWD[H GD FRRUGHQDGD SRODU p FRPSRVWD SHOD GLVWkQFLD HQWUH R

SRQWR D VHU LQVHULGR H R kQJXOR GH URWDomR &RPR QR WLSR
HVSHFLILFDGR DQWHULRUPHQWH D FRRUGHQDGD SRODU WDPEpP VH UHODFLRQD
DR SRQWR Mi IRUQHFLGR 3RU HVWH PRWLYR R VLQDO # p XVDGR SDUD
LQWURGX]LOD (VWH VLQDO GHYH VHU VHJXLGR SHOD GLVWkQFLD HQWUH RV
SRQWRV H R kQJXOR GH LQFOLQDomR HQWUH R SRQWR ILQDO H D
KRUL]RQWDO VHQGR TXH j PHGLGD TXH FRUUHVSRQGH DR SRVLWLYR GRV
kQJXORV p QR VHQWLGR DQWLKRUiULR 2 FDUDFWHUH  LQGLFDWLYR GR
kQJXOR GH URWDomR WDPEpP VHUYH SDUD VHSDUDU D GLVWkQFLD GR
kQJXOR
3RU H[HPSOR XP SRQWR GLVWDQWH GR DQWHULRU HP VHLV XQLGDGHV H FRP
LQFOLQDomR GH  HP UHODomR j KRUL]RQWDO GHYH VHU HVSHFLILFDGR GR
VHJXLQWH PRGR #
$ UHODomR GR kQJXOR FRP D KRUL]RQWDO VH Gi SHOD DGRomR GR VLVWHPD
GH FRRUGHQDGDV FDUWHVLDQDV SHOR &$' DVVLP QR OHVWH WHPVH 
JLUDQGR QR VHQWLGR DQWLKRUiULR D SDUWLU GHVWH



ZZZDUTXLWUHVDUTEU

&DStWXOR  &RRUGHQDGDV H SUHFLVmR

$XWR&$' 

7DEHOD  5HVXPR GDV IRUPDV GH HQWUDGD GDV FRRUGHQDGDV

0pWRGR
&RRUGHQDGDV
&DUWHVLDQDV
$EVROXWDV

)yUPXOD

GLVWkQFLDkQJXOR

OWLPR 3RQWR

&RRUGHQDGDV 3RODUHV
5HODWLYDV
(QWUDGDV H
'LVWkQFLDV 'LUHWDV
)LOWURV GH
&RRUGHQDGDV

(VSHFLILFD XPD
FRRUGHQDGD H[DWD

[\

&RRUGHQDGDV 3RODUHV
$EVROXWDV
&RRUGHQDGDV
&DUWHVLDQDV
5HODWLYDV

'HVFULomR

#[\
#GLVWkQFLDkQJXOR
0RYD R PRXVH QD
GLUHomR GHVHMDGD H
GLJLWH D GLVWkQFLD
[[\
\\]
][]

(VSHFLILFD D GLVWkQFLD
H R kQJXOR D SDUWLU GH

,QGLFD ~OWLPR SRQWR
HVSHFLILFDGR
(VSHFLILFD XP SRQWR
UHODWLYR DR ~OWLPR
SRQWR
(VSHFLILFD D GLVWkQFLD
H R kQJXOR D SDUWLU GR
~OWLPR SRQWR
,QGLFD D GLUHomR H D
GLVWkQFLD GR SUy[LPR
SRQWR
(VSHFLILFD FRRUGHQDGDV
[ \ H ] VHSDUDGDPHQWH
HP SDUHV

 )HUUDPHQWDV GH SUHFLVmR H 261$3

$V IXQo}HV DX[LOLDUHV HVWDEHOHFHP SRQWRV GH FRQVWUXomR QR GHVHQKR
FRP SUHFLVmR SURYRFDQGR XPD DWUDomR DXWRPiWLFD GD DomR GR FRPDQGR
D HVVHV SRQWRV (ODV VmR OLJDGDV RX GHVOLJDGDV FRP DV WHFODV GH
IXQomR GR WHFODGR RX DLQGD SRU PHLR GH ERW}HV GLVSRQtYHLV QD
EDUUD GH VWDWXV 1HVWH FDVR DV IXQo}HV VmR DFLRQDGDV FRP XP FOLFN
QR ERWmR HVTXHUGR GR PRXVH

ZZZDUTXLWUHVDUTEU



&DStWXOR  &RRUGHQDGDV H SUHFLVmR



$XWR&$' 

61$3 H *5,'

$ IXQomR 61$3 SURYRFD XP GHVORFDPHQWR LQFUHPHQWDO GR FXUVRU GH

GHVHQKR 1D YHUGDGH R FXUVRU GH GHVHQKR
SXOD
FRPR VH IRVVH
DWUDtGR SDUD SRQWRV SUHHVWDEHOHFLGR QD iUHD GH GHVHQKR
$ IXQomR *5,' HVWDEHOHFH XPD JUDGH DX[LOLDU QD iUHD GH GHVHQKR
FULDQGR XP SDGUmR GH SRQWRV XQLIRUPHPHQWH HVSDoDGRV (VVD IXQomR
SRGH RSHUDU HP FRQMXQWR FRP D IXQomR 61$3
1RV TXDGURV 61$3 H *5,' VmR HVSHFLILFDGDV DV GLVWkQFLDV GRV
SRQWRV SDUD DV GXDV IXQo}HV $ RSomR $1*/( HVSHFLILFD XP kQJXOR GH
URWDomR SDUD 61$3 H *5,'
1R TXDGUR 61$3 7<3(
LQFUHPHQWDO GR FXUVRU

67</(

FRQWURODVH

GHVORFDPHQWR

*5,' 61$3 VH OLJDGR IRUoD R FXUVRU D VH PRYLPHQWDU DR ORQJR GRV

HL[RV GD JUDGH GHVGH TXH HVWHV SRQWRV VHMDP FRPXQV HP DPERV RV
FRPDQGRV
5(&7$1*8/$5 61$3 VH OLJDGR IRUoD R GHVORFDPHQWR GR FXUVRU QD
KRUL]RQWDO RX QD YHUWLFDO DR ORQJR GRV HL[RV ; H <
,620(75,& 61$3 VH OLJDGR IRUoD R GHVORFDPHQWR GR FXUVRU DR ORQJR
GRV HL[RV LVRPpWULFRV
32/$5 61$3 VH OLJDGR IRUoD R GHVORFDPHQWR GR FXUVRU DR ORQJR GR
HL[R SRODU H GH DFRUGR FRP R LQFUHPHQWR DQJXODU GDGR j IXQomR
32/$5 75$&.,1* 2 GHVORFDPHQWR LQFUHPHQWDO GH 32/$5 61$3 p
GHILQLGR QR TXDGUR 32/$5 63$&,1* QD SDUWH LQIHULRU GD FDL[D GH
GLiORJR
$ )LJXUD  PRVWUD D DSOLFDomR GDV IXQo}HV 61$3 H *5,' 1HVVH FDVR
R HVSDoDPHQWR SDUD RV HL[RV [ H \ p GH  XQLGDGHV



ZZZDUTXLWUHVDUTEU

&DStWXOR  &RRUGHQDGDV H SUHFLVmR

$XWR&$' 

)LJXUD  ([HPSOR GH FRQVWUXomR FRP *5,' H 61$3

3RGHVH REVHUYDU TXH QR *5,' 61$3 UHWDQJXODU H LVRPpWULFR R FXUVRU

p IRUoDGR DRV SRQWRV GD JUDGH 1R 32/$5 61$3 LVWR QmR DFRQWHFH $
OLQKD FRQVWUXtGD p IRUoDGD D WHU XP FRPSULPHQWR LQFUHPHQWDO LJXDO
j
32/$5 ',67$1&(
SUHGHILQLGD H D SHUPDQHFHU GH DFRUGR FRP R
,1&5(0(17 $1*/( GDGR j IXQomR 32/$5 75$&.,1*



257+2

(VVD IXQomR IRUoD DV OLQKDV GH GHVHQKR

HVWULWDPHQWH QD KRUL]RQWDO RX QD YHUWLFDO

VHUHP

H[HFXWDGDV

3RGHVH QRWDU TXH HVVD IXQomR QmR Vy IDFLOLWD GHVHQKDU HOHPHQWRV

RUWRJRQDLV FRPR WDPEpP UHVWULQJH D PRYLPHQWDomR GH HOHPHQWRV
HGLWDGRV FRP RV FRPDQGRV 029( RX &23< QD KRUL]RQWDO RX QD
YHUWLFDO



32/$5 75$&.,1*

$ IXQomR 32/$5 75$&.,1* IRUoD R FXUVRU D VHJXLU XP FDPLQKR SUp

HVWDEHOHFLGR SRU PHLR GH XPD OLQKD GH FRQVWUXomR WHPSRUiULD
ZZZDUTXLWUHVDUTEU



&DStWXOR  &RRUGHQDGDV H SUHFLVmR



$XWR&$' 

2%-(&7 61$3

$ IXQomR 2%-(&7 61$3 Gi DFHVVR DRV 2%-(&7 61$3 02'(6 RV TXDLV

VHQWHP XPD DWUDomR DXWRPiWLFD SRU GHWHUPLQDGRV SRQWRV GRV
HOHPHQWRV GR GHVHQKR SRQWRV QRWiYHLV &RP LVVR SRGHVH
ORFDOL]DU FRP SUHFLVmR XP SRQWR QR GHVHQKR FRPR R SRQWR ILQDO RX
R SRQWR PpGLR GH XPD OLQKD RX R FHQWUR GH XPD FLUFXQIHUrQFLD
(VWD FDSDFLGDGH p FRQKHFLGD FRPR 61$36 VDOWRV SDUD REMHWRV
(VVDV RSo}HV SRGHP VHU DWLYDGDV QD EDUUD GH IHUUDPHQWDV 2%-(&7
61$3 QD FDL[D GH GLiORJR '5$)7,1* 6(77,1*6 RX SHOR PHQX GR
FXUVRU
1D FDL[D GH GLiORJR '5$)7,1* 6(77,1*6 2%-(&7 61$3 SRGHP VHU
DFLRQDGDV DV IHUUDPHQWDV GH SUHFLVmR SDUD ILFDUHP DWLYDV SRU XP
GHWHUPLQDGR SHUtRGR TXDQGR XVDGDV FRP PDLRU IUHTrQFLD
2 PHQX GR FXUVRU p PXLWR ~WLO SRLV SRGH VHU DEHUWR HP TXDOTXHU
SRVLomR GD iUHD GH GHVHQKR FOLFDQGR R ERWmR GLUHLWR GR PRXVH
MXQWDPHQWH FRP D WHFOD 6+,)7
$V IHUUDPHQWDV GH DX[tOLR VmR LPSRUWDQWHV QD FRQIHFomR GRV
GHVHQKRV SRU DX[LOLDUHP QD LGHQWLILFDomR GRV SRQWRV GH SUHFLVmR GH
FDGD REMHWR



ZZZDUTXLWUHVDUTEU

$XWR&$' 

&DStWXOR  &RRUGHQDGDV H SUHFLVmR

)LJXUD  &RQWURODGRU GDV IHUUDPHQWDV GH DX[tOLR



'<1$0,& ,1387

1RYD IHUUDPHQWD LQFRUSRUDGD DR $XWR&$' SRVVLELOLWD D YLVXDOL]DomR

GDV FRRUGHQDGDV HP WHPSR UHDO $V PHGLGDV VmR ODQoDGDV GH DFRUGR
FRP DV SRQGHUDo}HV GH FDGD XVXiULR
ZZZDUTXLWUHVDUTEU



&DStWXOR  &RRUGHQDGDV H SUHFLVmR

$XWR&$' 

)LJXUD  *HUHQWH GDV RSo}HV GLQkPLFDV GR FXUVRU



2%-(&7 61$3 75$&.,1*

&RP HVVD IXQomR R FXUVRU VHJXH SRU XPD OLQKD GH FRQVWUXomR

WHPSRUiULD EDVHDGD HP GLIHUHQWHV 2%-(&7 61$3 02'(6 HVSHFLILFDQGR
SRQWRV GH XP FRPDQGR (OD p XPD DOWHUQDWLYD VLPSOLILFDGD GRV
ILOWURV GH SRQWRV 3DUD XVDU R 2%-(&7 61$3 75$&.,1* p SUHFLVR TXH
XP RX PDLV 2%-(&7 61$3 02'( VHMDP OLJDGRV


ZZZDUTXLWUHVDUTEU

$XWR&$' 

&DStWXOR  &RRUGHQDGDV H SUHFLVmR

3DUD ID]HU DOWHUDo}HV QHVVD IXQomR VHJXHVH R PHVPR SURFHGLPHQWR

GDGR j IXQomR 261$3 QD FDL[D GH GLiORJR '5$)7,1* 6(77,1*6



/:7

(VVD IXQomR FRQWUROD D DSUHVHQWDomR GD HVSHVVXUD GH OLQKD QR 02'(/

63$&( 2 VHX DFLRQDPHQWR p IHLWR VRPHQWH SHOD EDUUD GH VWDWXV FRP
R ERWmR HVTXHUGR GR PRXVH 2 ERWmR GLUHLWR DEUH R PHQX 6+257&87
FRP D RSomR 6(77,1*6 TXH Gi DFHVVR j FDL[D GH GLiORJR /,1(:(,*+7
6(77,1*6 RX SHOR PHQX VXVSHQVR )250$7 /,1(:(,*+7

ZZZDUTXLWUHVDUTEU



&DStWXOR  &RRUGHQDGDV H SUHFLVmR

$XWR&$' 

$QRWDo}HV



ZZZDUTXLWUHVDUTEU

&DStWXOR  &DPDGDV OLQKDV H FRUHV

$XWR&$' 

 &DPDGDV OLQKDV H FRUHV

2V GHVHQKRV HODERUDGRV SHOR SURJUDPD $XWR&$' WUDEDOKDP HP XPD

OLQJXDJHP
GH
DVVRFLDomR
GH
HQWLGDGHV
GHILQLGDV
SRU
VXDV
FDUDFWHUtVWLFDV JHRPpWULFDV FDUWHVLDQDV 3RUpP R SURGXWR ILQDO
GHVVH WUDEDOKR H D DVVRFLDomR GHVVDV ILJXUDV XPDV jV RXWUDV WHUmR
VHXV ODoRV FRPXQV TXH SRGHUmR HVWDU H[SUHVVRV SRU VXDV
FDUDFWHUtVWLFDV FRPXQV
2 $XWR&$' SHUPLWH TXH HQWLGDGHV TXH JR]HP GH VXDV FDUDFWHUtVWLFDV
VHPHOKDQWHV
HVWHMDP
DVVRFLDGDV
SRU
SDUkPHWURV
QmR
PDLV
JHRPpWULFRV TXH DV XQHP $VVLP VHUi SRVVtYHO TXH HQWLGDGHV TXH
UHSUHVHQWHP DV SDUHGHV GH XP HGLItFLR HVWHMDP DVVRFLDGDV GH
PDQHLUD GLIHUHQWH jV TXH UHSUHVHQWHP D FRWD RX D PREtOLD (VVD
DVVRFLDomR UHFHEH R QRPH GH QtYHLV RX /$<(56
3RU RXWUR ODGR WDPEpP SRGHUmR VHU DQRWDGDV UHSUHVHQWDo}HV GH
WUDoDGRV GLIHUHQWHV jV OLQKDV TXH FRPS}HP R GHVHQKR H DLQGD
DWULEXtODV FRUHV TXH VHUYLUmR GH SDUkPHWURV GH GLIHUHQFLDomR
YLVXDO H WDPEpP TXDQGR DVVRFLDGDV jV LPSUHVVRUDV GHILQLU VXDV
HVSHVVXUDV QD LPSUHVVmR
(VWDV FDUDFWHUtVWLFDV DWULEXtGDV jV HQWLGDGHV VHUmR DFHVVDGDV QR
WRROEDU DQFRUDGR REMHFW SURSHUWLHV

 &DPDGDV
$ XWLOL]DomR GH /$<(56
FDPDGDV WHPiWLFDV

ZZZDUTXLWUHVDUTEU

FDPDGDV

HTXLYDOHQWH

FULDomR

GH


&DStWXOR  &DPDGDV OLQKDV H FRUHV

$XWR&$' 

3HUPLWH WUDEDOKDU R GHVHQKR HP FDPDGDV VREUHSRVWDV FRPR VH R

XVXiULR WUDEDOKDVVH FRP IROKDV WUDQVSDUHQWHV 3RGHVH GHILQLU XP
Q~PHUR LOLPLWDGR GH OD\HUV
$ FDGD XPD GHVWDV FDPDGDV HVWDUmR
SUySULDV TXH DV GLVWLQJXH GDV GHPDLV

DVVRFLDGDV

FDUDFWHUtVWLFDV

)LJXUD  ([HPSOR GH GHVHQKR HP FDPDGDV

$ JUDQGH YDQWDJHP GH VXD XWLOL]DomR VH Gi QD PDQLSXODomR GR

GHVHQKR VHJXQGR R LQWHUHVVH GR XVXiULR $VVLP p SRVVtYHO TXH VH
FRQJHOH GHWHUPLQDGR /$<(5 H HVWH QmR PDLV VHMD YLVtYHO H QHP
DOWHUDGR QD iUHD JUiILFD
$WLYDU VREUHSRU DWULEXLU SURSULHGDGHV HQWUH RXWUDV RSHUDo}HV
VmR DV PDLV YDULDGDV RSo}HV TXH HVWD IHUUDPHQWD YLUi D RIHUHFHU
7XGR LVWR ID] GR FRPDQGR /$<(5 XPD IHUUDPHQWD FUXFLDO SDUD R
GHVHQKR FRP R $XWR&$'
$ MDQHOD JHUHQFLDGRUD GR FRPDQGR /$<(5 p DVVLP GLVSRVWD
1HZ &RP D RSomR 1(: RV GLYHUVRV QtYHLV SRGHP VHU FULDGRV VHP VH
WRUQDUHP FRUUHQWHV


ZZZDUTXLWUHVDUTEU

$XWR&$' 

&DStWXOR  &DPDGDV OLQKDV H FRUHV

21 2)) $ RSomR 2)) GHVDWLYD R QtYHO WRUQDQGRR LQYLVtYHO 2V

QtYHLV GHVDWLYDGRV QmR DSDUHFHUmR QD WHOD
)UHH]H 7KDZ &RP D RSomR )5((=( p SRVVtYHO FRQJHODU XP RX PDLV
QtYHLV WRUQDQGRRV LQYLVtYHLV 1HVWH FDVR R $XWR&$' QmR OHYD RV
HOHPHQWRV IRUPDGRUHV GR QtYHO FRQJHODGR HP FRQVLGHUDomR TXDQGR
KRXYHU QHFHVVLGDGH GH DOJXPD UHJHQHUDomR WRUQDQGRVH PDLV UiSLGR
H HILFLHQWH DR FRQWUiULR GR 2)) HP TXH RV HOHPHQWRV WRUQDPVH
DSHQDV LQYLVtYHLV $ IXQomR 7+$: p SDUD UHYHUWHU RV HIHLWRV GR
)5((=(
&RORU 2 $XWR&$' SRVVXL  GLIHUHQWHV FRPSRVLo}HV GH FRUHV 'HYH
VH HVFROKHU XPD FRU H DVVRFLiOD DRV QtYHLV SUpGHWHUPLQDGRV 3DUD
LVVR FOLTXH FRP R ERWmR HVTXHUGR GR PRXVH VREUH D FRU GR /$<(5
SDUD DEULU D FDL[D GH FRUHV $ YHUVmR  SRVVXL RSomR GH
FRQILJXUDU DV FRUHV WRUQDQGR VXD SDOHWD PDLV H[WHQVD
/LQHW\SH e SRVVtYHO UHODFLRQDU XP QtYHO FRP XP WLSR GH OLQKD
3DUD WDQWR GHYHVH FOLFDU FRP R ERWmR HVTXHUGR GR PRXVH QR QRPH
GD OLQKD DVVRFLDGD D XP /$<(5 SDUD DOWHUiOD
/RFN 8QORFN 2 QtYHO TXH HVWLYHU FRP R PRGR /2&. DWLYR HVWDUi
GHVDELOLWDGR SDUD TXDOTXHU WLSR GH HGLomR &RQVWUXo}HV GH QRYDV
HQWLGDGHV DVVLP FRPR D VXD YLVXDOL]DomR WRWDO SHUPDQHFH
LQDOWHUDGD
&XUUHQW 'HL[D FRUUHQWH R QtYHO VHOHFLRQDGR
5HQDPH $OWHUD R QRPH GR QtYHO VHOHFLRQDGR

ZZZDUTXLWUHVDUTEU



&DStWXOR  &DPDGDV OLQKDV H FRUHV

$XWR&$' 

)LJXUD  &DL[D GH JHUHQFLDPHQWR GR /$<(5

 /LQKDV
/LQH 7\SH )RUPDW /LQHW\SH
2 FRPDQGR /,1( 7<3( p XWLOL]DGR SDUD DOWHUDU RV WLSRV GH OLQKDV GH
XP GDGR GHVHQKR
2 $XWR&$' WUD] FRQVLJR XPD ELEOLRWHFD VWDQGDUG FRQWHQGR YiULRV
WLSRV GH OLQKDV TXH SRGHP VHU DFHVVDGRV j PHGLGD TXH IRUHP VHQGR
QHFHVViULRV
(VWHV PRGHORV VH DSUHVHQWDP TXDQGR DFHVVDGD D MDQHOD GH WUDEDOKR
/,1(7<3( 0$1$*(5 FRPR VH VHJXH 1HOD DOWHUDo}HV VHUmR H[HFXWDGDV
H UHRUGHQDGDV VHPSUH TXH R XVXiULR SUHFLVDU


ZZZDUTXLWUHVDUTEU

$XWR&$' 

&DStWXOR  &DPDGDV OLQKDV H FRUHV

$ MDQHOD p FRPSRVWD SRU

)LJXUD  &DL[D GH JHUHQFLDPHQWR GRV WLSRV GH OLQKDV

/RDG e D RSomR XVDGD SDUD FDUUHJDU DV OLQKDV QHFHVViULDV DR

GHVHQKR 6y GHYHP VHU FDUUHJDGDV DV TXH UHDOPHQWH VHUmR
XWLOL]DGDV XPD YH] TXH RFXSDP HVSDoR QD PHPyULD H QR GLVFR
&XUUHQW e D RSomR TXH HIHWLYDPHQWH DOWHUD R WLSR GH OLQKD
ID]HQGR FRP TXH WRGDV DV HQWLGDGHV GHVHQKDGDV DVVXPDP R WLSR GH
OLQKD GHWHUPLQDGD
ZZZDUTXLWUHVDUTEU



&DStWXOR  &DPDGDV OLQKDV H FRUHV

$XWR&$' 

*OREDO 6FDOH )DFWRU /WVFDOH 3HUPLWH FRQWURODU D HVFDOD JOREDO

GRV GLIHUHQWHV WLSRV GH OLQKD 2 WDPDQKR GRV WUDoRV TXH IRUPDP DV
OLQKDV SRGH VHU DXPHQWDGR RX GLPLQXtGR FRQIRUPH D QHFHVVLGDGH GR
XVXiULR
$ HVFDOD GHIDXOW GR SURJUDPD p  3DUD DXPHQWDU RV WUDoRV GHYH
VH DOWHUDU R GHIDXOW HQWUDQGR FRP YDORUHV VXSHULRUHV D HOH 3DUD
GLPLQXtORV GHYHVH IRUQHFHU YDORUHV HQWUH  H 
&XUUHQW 2EMHFW 6FDOH 3HUPLWH FRQWURODU D HVFDOD GR WLSR GH OLQKD
FRUUHQWH

 &RUHV
$ RSHUDomR FRP FRUHV p PDLV GLUHWD TXDQGR DFHVVDGD GLUHWDPHQWH QR
WRROEDU DQFRUDGR GR REMHFW SURSHUWLHV
4XDOTXHU REMHWR SUpVHOHFLRQDGR SRGHUi WHU VXD FRU DOWHUDGD GHVGH
TXH VHMD HVFROKLGD D QRYD FRU D VHU DWULEXtGD D HOH 'HVWD IRUPD
XPD OLQKD DQWHULRUPHQWH GD FRU D]XO UHFHEHULD D SDUWLU GHVWD
VHOHomR D FRU DPDUHOD
$V HVSHVVXUDV GDV OLQKDV GH LPSUHVVmR GRV GHVHQKRV HVWDUmR
UHODFLRQDGDV j VXD FRU ( p VHPSUH LPSRUWDQWH GHVWDFDU TXH HVWD
UHODomR QmR HVWDUi DSOLFDGD DRV VHXV /$<(56 2V /$<(56 VHUmR
RUJDQL]DGRUHV GH HQWLGDGHV VHPHOKDQWHV DVVLP FRPR SDUHGHV FRWDV
WH[WRV HWF H HVWHV SRGHUmR WHU VXDV FRUHV FDUDFWHUtVWLFDV TXH D
TXDOTXHU PRPHQWR SRGHUmR VHU DOWHUDGDV SRU FRQYHQLrQFLD GD
HVSHVVXUD ILQDO GH LPSUHVVmR
$ FRQYHQomR GRV GHVHQKRV HP &$' DWULEXL j VHTrQFLD GH FRUHV  D 
DV HVSHVVXUDV GH LPSUHVVmR  D  PP $VVLP RV GHVHQKRV GH
REMHWRV QD FRU EOXH VHUi LPSUHVVR FRP SHQD  PP SRU H[HPSOR



ZZZDUTXLWUHVDUTEU

&DStWXOR  3ULPLWLYDV JHRPpWULFDV

$XWR&$' 

 3ULPLWLYDV JHRPpWULFDV

3ULPLWLYDV JHRPpWULFDV VmR WRGRV DTXHOHV HOHPHQWRV TXH FRPS}HP XP

GHWHUPLQDGR GHVHQKR OLQKDV FtUFXORV HOLSVHV DUFRV H FXUYDV 2V
FRPDQGRV SDUD JHUDomR GHVVHV HOHPHQWRV HVWmR DJUXSDGRV QR PHQX
VXVSHQVR H QD EDUUD GH IHUUDPHQWDV 'UDZ
2 GHVHQKR QR $XWR&$' VH Gi SHOD DVVRFLDomR GH OLQKDV FXUYDV
FLUFXQIHUrQFLDV HWF XWLOL]DQGRVH GH FRPDQGRV SUySULRV FRP EDVH
QR VLVWHPD GH FRRUGHQDGDV FDUWHVLDQDV
2 FRQMXQWR ILQDO GH WRGRV RV GHVHQKRV WUDUi DR SURGXWR D
VRILVWLFDomR SUySULD GH FDGD XVXiULR FDSD] GH DWHQGHU DV
QHFHVVLGDGHV OHJDLV JHUDQGR XP GHVHQKR H[HFXWLYR TXH IDFLOLWH R
GHVHQYROYLPHQWR GDV FRQVWUXo}HV
2 GHVHQYROYLPHQWR GH XPD OLQJXDJHP
TXDOLGDGH ILQDO GH FDGD GHVHQKR

SUySULD

TXH

GHWHUPLQD

$V IHUUDPHQWDV GD EDUUD '5$: RIHUHFHP D JDPD QHFHVViULD SDUD D

HODERUDomR GH WRGRV RV GHVHQKRV WpFQLFRV QHFHVViULRV j HQJHQKDULD
H DUTXLWHWXUD $VVRFLDGRV D HGLomR WH[WRV H FRWDJHP RV GHVHQKRV
GDV SULPLWLYDV JHRPpWULFDV JDQKDUmR D IRUPD ILQDO GR WUDEDOKR

ZZZDUTXLWUHVDUTEU



&DStWXOR  3ULPLWLYDV JHRPpWULFDV

$XWR&$' 

)LJXUD  %DUUD GH IHUUDPHQWDV '5$: SDUD FRQVWUXomR GRV

REMHWRV

2 GHVHQYROYLPHQWR GRV GHVHQKRV VH GDUi

/LQH 'HVHQKD XP VHJPHQWR GH OLQKD UHWR GHILQLGR SRU GRLV SRQWRV
5D\ 'HVHQKD XP VHJPHQWR GH UHWD FRP XP ODGR LQILQLWR XVDGR FRPR
UHIHUrQFLD GH FRQVWUXomR



&RQVWUXFWLRQ /LQH 'HVHQKD UHWDV LQILQLWDV XVDGDV FRPR OLQKDV GH

FRQVWUXomR
ZZZDUTXLWUHVDUTEU

&DStWXOR  3ULPLWLYDV JHRPpWULFDV

$XWR&$' 
0XOWLOLQH 'HVHQKD P~OWLSODV OLQKDV SDUDOHODV

$ PXOWLOLQKD p XP HOHPHQWR IRUPDGR SRU DWp  OLQKDV SDUDOHODV

FRP LQGHSHQGrQFLD GH FRU H WLSR GH OLQKD e PXLWR ~WLO SDUD D
UHSUHVHQWDomR GH SDUHGHV URGRYLDV HVWUXWXUDV PHWiOLFDV HWF
3RO\OLQH 'HVHQKD XP JUXSR GH VHJPHQWRV
FRQHFWDGRV HP VpULH IRUPDQGR XP HOHPHQWR
IRUPDGR QHVWDV FRQGLo}HV p ELGLPHQVLRQDO
VHJPHQWRV VmR GHVHQKDGRV HP XP ~QLFR SODQR

OLQKDV H DUFRV
~QLFR 2 HOHPHQWR
RX VHMD WRGRV RV

3RO\JRQ 'HVHQKD SROtJRQRV UHJXODUHV GH  DWp  ODGRV LJXDLV

5HFWDQJOH
GLDJRQDLV

'HVHQKD

XP

SROtJRQR

UHWDQJXODU

HQWUH

GRLV

SRQWRV

$UF 'HVHQKD XP DUFR GH FLUFXOR (VWD FRQVWUXomR VH Gi SRU

GLIHUHQWHV PDQHLUDV GHVWDFDQGR D RSomR 6&( 67$57 &(17(5 (1'
TXH GHVHQKD R DUFR GHWHUPLQDGR SRU VHX SRQWR LQLFLDO FHQWUR H
ILQDO GDGR SRU FRRUGHQDGDV FDUWHVLDQDV
&LUFOH 'HVHQKD FLUFXQIHUrQFLDV D SDUWLU GH VHXV FHQWURV UDLRV H
GLkPHWURV RX DVVRFLDo}HV GH WDQJrQFLDV
6SOLQH 'HVHQKD FXUYDV XQLIRUPHV TXDGUiWLFDV RX F~ELFDV TXH VH
DGDSWDP D XPD VHTHQFLD GH SRQWRV GHQWUR GH XPD WROHUkQFLD
HVSHFLILFDGD 8WLOL]DGR QD FRQVWUXomR GH FXUYDV GH QtYHLV GH
WRSRJUDILD
(OOLSVH 'HVHQKD XPD HOLSVH RX XP DUFR HOtSWLFR

ZZZDUTXLWUHVDUTEU



&DStWXOR  3ULPLWLYDV JHRPpWULFDV

$XWR&$' 

$QRWDo}HV



ZZZDUTXLWUHVDUTEU

$XWR&$' 

&DStWXOR  (GLomR GH ILJXUDV

 (GLomR GH ILJXUDV

3DUD FDGD ILJXUD GHVHQKDGD QD SODWDIRUPD &$' SRGHVH HGLWiOD GH

DFRUGR FRP R REMHWLYR GR WUDEDOKR 'HVGH FySLDV PRYLPHQWDo}HV
URWDo}HV H RXWUDV DV HQWLGDGHV SRGHUmR VHU HGLWDGDV SDUD TXH VH
REWHQKD R SURGXWR ILQDO GH GHVHQKR 7DLV FRPDQGRV VH DSUHVHQWDP QD
EDUUD GH IHUUDPHQWDV 02',)<

ZZZDUTXLWUHVDUTEU



&DStWXOR  (GLomR GH ILJXUDV

$XWR&$' 

)LJXUD  %DUUD GH IHUUDPHQWDV GH HGLomR GH ILJXUDV

2 FRPDQGR (UDVH VHUYH SDUD DSDJDU R REMHWR VHOHFLRQDGR

2 FRPDQGR 0RYH GHVORFD XPD RX PDLV HQWLGDGHV GH XPD SRVLomR [ \
TXDOTXHU SDUD RXWUD FRRUGHQDGD [ \ GHWHUPLQDGD 'HSRLV GH
VHOHFLRQDGD DV HQWLGDGHV R FRPDQGR VROLFLWD XP SRQWREDVH SHOR
TXDO R REMHWR VHUi PRYLGR



2 FRPDQGR &RS\ ID] FySLDV GDV HQWLGDGHV VHOHFLRQDGDV $ LQWHUDomR

p LJXDO j GR FRPDQGR DQWHULRU 3RGHP VHU UHDOL]DGDV FySLDV
LQGLYLGXDLV RX P~OWLSODV GH DFRUGR FRP D HVFROKD GR XVXiULR
ZZZDUTXLWUHVDUTEU

&DStWXOR  (GLomR GH ILJXUDV

$XWR&$' 

2
FRPDQGR
0LUURU
GHVHQKD
XPD
FySLD
HVSHOKDGD
GR
VHOHFLRQDGR VHQGR TXH D PDWUL] SRGHUi RX QmR VHU DSDJDGD

REMHWR

$SyV D VHOHomR GDV HQWLGDGHV R FRPDQGR VROLFLWD GRLV SRQWRV TXH

VHUYLUmR SDUD D FRQVWUXomR GR HVSHOKR $ GLVWkQFLD HQWUH RV SRQWRV
GR REMHWR H R HVSHOKR VHUi D PHVPD HQWUH R HVSHOKR H D LPDJHP
2 FRPDQGR 5RWDWH PXGD D RULHQWDomR GR
URWDFLRQDQGRR HP WRUQR GH XP SRQWR EDVH

REMHWR

VHOHFLRQDGR

2 FRPDQGR 2IIVHW GHVHQKD FySLDV SDUDOHODV j HQWLGDGH VHOHFLRQDGD

FRP XPD GLVWkQFLD SUpGHWHUPLQDGD 6XD LQWHUDomR Vy p GHVFDUWDGD
FRP R (17(5 RX FRP R (6& DSyV WHUHP VLGR UHDOL]DGDV WRGDV DV
FySLDV FRP D PHVPD GLVWkQFLD
$SyV VHU IRUQHFLGD D GLVWkQFLD R FRPDQGR 2))6(7 SHGH TXH D
HQWLGDGHEDVH VHMD VHOHFLRQDGD H UHTXLVLWD R ODGR HP TXH D FySLD
GHYHUi VHU FULDGD H DVVLP VXFHVVLYDPHQWH
$ GLVWkQFLD SRGHUi VHU IRUQHFLGD SRU PHLR GH YDORUHV QXPpULFRV
FRPR QR H[HPSOR DQWHULRU RX SRU PHLR GH GRLV SRQWRV H SHOD RSomR
7+528*+
2 FRPDQGR &KDPIHU SHUPLWH FULDU XP FKDQIUR HQWUH GXDV OLQKDV RX
SROLOLQKDV
2 FRPDQGR )LOOHW p XWLOL]DGR SDUD GHVHQKDU FRQFRUGkQFLD HQWUH GXDV
HQWLGDGHV (VWDV HQWLGDGHV SRGHP VHU OLQKDV DUFRV SROLOLQKDV RX
FLUFXQIHUrQFLDV 2 UDLR p GHILQLGR SHOR XVXiULR
2 FRPDQGR 6FDOH
VHOHFLRQDGDV

SHUPLWH

DOWHUDU

WDPDQKR

GDV

HQWLGDGHV

2 IDWRU GH HVFDOD IRUQHFLGR SHOR XVXiULR VHUi DSOLFDGR WDQWR QD

GLPHQVmR ; TXDQWR QD <
2 FRPDQGR SHGH SDUD VHOHFLRQDU DV HQWLGDGHV TXH WHUmR VXD HVFDOD
DOWHUDGD XP SRQWR EDVH H R IDWRU GHVVD HVFDOD &DVR HVWH IDWRU
ZZZDUTXLWUHVDUTEU



&DStWXOR  (GLomR GH ILJXUDV

$XWR&$' 

VHMD PHQRU GR TXH  R REMHWR WHUi VHX WDPDQKR GLPLQXtGR PDV VH

IRU PDLRU R WDPDQKR VHUi DXPHQWDGR
2 FRPDQGR $UUD\ FULD FySLDV GH
DUUDQMR UHWDQJXODU RX FLUFXODU

HOHPHQWRV

VHOHFLRQDGRV

HP

XP

1R $55$< UHWDQJXODU VH DV GLVWkQFLDV HQWUH OLQKDV H HQWUH FROXQDV

IRUHP SRVLWLYDV R DUUDQMR VHUi DVFHQGHQWH QD YHUWLFDO H SDUD D
GLUHLWD &DVR FRQWUiULR VHUi GHVFHQGHQWH H SDUD D HVTXHUGD
1R $55$< SRODU D HVSHFLILFDomR GR kQJXOR SRGH VHU GLIHUHQWH GH
 H QR VHQWLGR DQWLKRUiULR RX KRUiULR
1D H[HFXomR GH XP $55$< 32/$5 FRP GRLV LWHQV SDUD REMHWRV
VLPpWULFRV HVSHFLILTXH XP kQJXOR GH  6H IRU HVSHFLILFDGR 
RX  R REMHWR JLUD VREUH VL PHVPR
2 FRPDQGR %UHDN SRGH VHU XWLOL]DGR QDV VHJXLQWHV HQWLGDGHV UHWDV
DUFRV FLUFXQIHUrQFLDV WUDoRV H SROLOLQKDV ' 6HUYH SDUD TXHEUi
ODV HP GRLV VHJPHQWRV RX VLPSOHVPHQWH SDUD DSDJDU XPD SDUWH
GHODV
127$ 3DUDU FRUWDU XP SHGDoR GH XPD FLUFXQIHUrQFLD p FRQYHQLHQWH
OHPEUDU TXH R SURJUDPD VHPSUH GHVHQKD QR VHQWLGR DQWLKRUiULR H D
RUGHP GH HQWUDGD GRV SRQWRV LQIOXHQFLDUi R UHVXOWDGR ILQDO
([WHQG SURORQJD HQWLGDGHV GR GHVHQKR GH PRGR TXH WHUPLQHP
SUHFLVDPHQWH VREUH RXWUDV HQWLGDGHV TXH VmR HVFROKLGDV FRPR D
IURQWHLUD GR SURORQJDPHQWR (VVDV HQWLGDGHV SRGHP VHU OLQKDV
DUFRV
DUFRV
HOtSWLFRV
SROLOLQKDV
'
H
'
DEHUWDV
2V
SURORQJDPHQWRV VHUmR H[HFXWDGRV UHVSHLWDQGR D IRUPD GD HQWLGDGH
8P DUFR VHUi SURORQJDGR HP IRUPD GH DUFR H QmR GH UHWD
(P SULPHLUR OXJDU GHILQHPVH RV OLPLWHV H GHSRLV DV HQWLGDGHV D
VHUHP HVWHQGLGDV



9iULRV OLPLWHV SRGHP VHU VHOHFLRQDGRV QR PHVPR FRPDQGR 7DPEpP

SRGH VHU VHOHFLRQDGD PDLV GH XPD HQWLGDGH SDUD TXH VHMD HVWHQGLGD

ZZZDUTXLWUHVDUTEU

$XWR&$' 

&DStWXOR  (GLomR GH ILJXUDV

)LJXUD  3iJLQD GH FRQILJXUDomR SDUD FySLDV UHWDQJXODUHV

/HQJWKHQ SHUPLWH HVWHQGHU XPD OLQKD DUFR RX SROLOLQKD DEHUWD

3RGHVH DORQJDU RX HVWHQGHU XPD HQWLGDGH GH YiULDV PDQHLUDV SRU
XP YDORU WRWDO SRU XP SHUFHQWXDO GR WDPDQKR WRWDO GD HQWLGDGH
SRU XP GHOWD DFUHVFHQWDQGR D HQWLGDGH DWXDO H QR FDVR GH XP DUFR
SRU H[HPSOR SRGHVH DORQJDU GHILQLQGR XP QRYR kQJXOR GH
YDUUHGXUD
2 FRPDQGR $OLJQ ID] R DOLQKDPHQWR HQWUH HQWLGDGHV PRYHQGR H
URWDFLRQDQGR D HQWLGDGH VHOHFLRQDGD H DOLQKDQGRD D RXWUD
HQWLGDGH

ZZZDUTXLWUHVDUTEU



&DStWXOR  (GLomR GH ILJXUDV

$XWR&$' 

)LJXUD  3iJLQD GH FRQILJXUDomR SDUD FySLDV SRODUHV

FLUFXODUHV

2 FRPDQGR 7ULP p XWLOL]DGR SDUD DSDUDU XPD RX PDLV HQWLGDGHV D

SDUWLU GH XPD RX PDLV EDVHV
3ULPHLUR p SUHFLVR VHOHFLRQDU DV HQWLGDGHV TXH VHUYLUmR GH EDVH
'HSRLV GH WHUHP VLGR VHOHFLRQDGDV DV EDVHV GHYHVH VHOHFLRQDU D
SDUWH GD HQWLGDGH TXH GHYHUi VHU DSDUDGD


ZZZDUTXLWUHVDUTEU

$XWR&$' 

&DStWXOR  (GLomR GH ILJXUDV

127$ SRGHP VHU XWLOL]DGDV PDLV GH XPD EDVH VLPXOWDQHDPHQWH

2 FRPDQGR 6WUHWFK SRVVLELOLWD D GHIRUPDomR HRX PRYLPHQWDomR GH
SDUWH GR REMHWR VHOHFLRQDGR
3DUD PXGDU D SRVLomR GR REMHWR SRGHVH XWLOL]DU TXDOTXHU IRUPD GD
MDQHOD GH VHOHomR GLVSRQtYHO QR $XWR&$' 2 FRPDQGR DSyV VROLFLWDU
D VHOHomR GRV REMHWRV QHFHVVLWD GH TXH VHMD IRUQHFLGR XP SRQWR
EDVH SDUD D VXD PRYLPHQWDomR H GHIRUPDomR
2 FRPDQGR ([SORGH VHUYH SDUD WUDQVIRUPDU HQWLGDGHV FRPSOH[DV FRPR
EORFRV SROLOLQKDV ' HWF HP VXDV SULPLWLYDV PDLV VLPSOHV 8P
TXDGUDGR FRQVWUXtGR FRP R FRPDQGR 32/<*21 p XPD HQWLGDGH ~QLFD
PDV DSyV VHU H[SORGLGR SDVVD D DJLU FRPR TXDWUR UHWDV e
FRQYHQLHQWH OHPEUDU TXH YLVLYHOPHQWH R SROtJRQR QmR VRIUHUi
QHQKXPD DOWHUDomR
7RGRV RV PpWRGRV GH VHOHomR SRGHP VHU
GHWHUPLQDomR GRV REMHWRV D VHUHP H[SORGLGRV

XWLOL]DGRV

SDUD

8QGR VHUYLUi SDUD GHVID]HU R ~OWLPR FRPDQGR UHDOL]DGR 8WLOL]DVH

R 8 3RGHVH WDPEpP GHVID]HU XPD VHTrQFLD GH FRPDQGRV SDVVR D
SDVVR GLJLWDQGR WDQWRV 8V TXDQWRV IRUHP QHFHVViULRV
5HGR GHVID] R HIHLWR GH XP ~QLFR 81'2
2236 UHVWDXUD REMHWRV DSDJDGRV 8VDGR TXDQGR YRFr TXHU UHVWDXUDU R
~OWLPR RX ~OWLPRV REMHWR DSDJDGR SHORV FRPDQGRV (5$6( %/2&. H
:%/2&. VHP XVDU 81'2
'LYLGH XPD HQWLGDGH HP SDUWHV LJXDLV FRP DX[tOLR GH SRQWRV RX
EORFRV 2 FRPDQGR QmR WUDQVIRUPD D HQWLGDGH VHOHFLRQDGD HP RXWUDV
VLPSOHVPHQWH PDUFD RV SRQWRV GD GLYLVmR
$ HQWLGDGH D VHU GLYLGLGD GHYH VHU VHOHFLRQDGD H R Q~PHUR GH
VHJPHQWRV GHYH VHU IRUQHFLGR (VWH Q~PHUR GHYH HVWDU HQWUH R
LQWHUYDOR GH  D 
ZZZDUTXLWUHVDUTEU



&DStWXOR  (GLomR GH ILJXUDV

$XWR&$' 

3DUD TXH VH WRUQHP YLVtYHLV RV SRQWRV GD GLYLVmR GD HQWLGDGH jV

YH]HV WRUQDVH QHFHVViULR ID]HU D HGLomR GR HVWLOR GR SRQWR D VHU
PRVWUDGR VREUH D ILJXUD 3DUD LVVR p QHFHVViULD D DEHUWXUD GD
VHJXLQWH FDL[D GH GLiORJR )RUPDW 3RLQW 6W\OH



ZZZDUTXLWUHVDUTEU

$XWR&$' 

&DStWXOR  $YHULJXDomR H SURSULHGDGHV

 $YHULJXDomR H SURSULHGDGHV

 $YHULJXDo}HV
3DUD TXH VH FRQKHoD j GLVWkQFLD GH XPD GDGD UHWD p QHFHVViULR TXH
VH FRQKHoD VHXV SRQWRV GH RULJHP H ILQDO e EDVLFDPHQWH LVWR TXH R
FRPDQGR 'LVWDQFH IDUi SDUD D GHWHUPLQDomR GHVWH YDORU
2 FRPDQGR ',67$1&( PHGH D GLVWkQFLD H R kQJXOR HQWUH GRLV SRQWRV
IRUQHFLGRV SHOR XVXiULR DOpP GR WDPDQKR GDV SURMHo}HV QRV HL[RV [
H \ H R kQJXOR IRUPDGR SHOD UHWD HVWDEHOHFLGD SRU HVWHV SRQWRV H R
VLVWHPD GH FRRUGHQDGDV FDUWHVLDQR
'DGD XPD SROLJRQDO IRUPDGD SRU Q ODGRV GHVHMDVH FDOFXODU D VXD
iUHD 'HVWH PRGR p QHFHVViULR TXH R XVXiULR XWLOL]H R FRPDQGR $UHD
TXH SURFHGHUi GH PDQHLUD VHPHOKDQWH DR FiOFXOR GD GLVWkQFLD RX
VHMD p QHFHVViULR FRQKHFHU RV YpUWLFHV GD SROLJRQDO RX HQWmR VHX
FHQWUR UDLR SDUD R FDVR GH XPD FLUFXQIHUrQFLD
2 FRPDQGR $5($ IRUQHFH D iUHD H R SHUtPHWUR GH XPD VHTrQFLD GH
SRQWRV RX GH HQWLGDGHV FRPR &,5&/( 32/<*21 RX 3/,1( 3HUPLWH
WDPEpP D DGLomR H D VXEWUDomR GH iUHDV
2
FRPDQGR
/LVW
SHUPLWH
VHOHFLRQDGRV RV TXDLV VmR
$XWR&$'

ZZZDUTXLWUHVDUTEU

H[WUDLU
LQIRUPDo}HV
DSUHVHQWDGRV QD WHOD

GRV
REMHWRV
GH WH[WRV GR



&DStWXOR  $YHULJXDomR H SURSULHGDGHV

$XWR&$' 

 3URSULHGDGHV
2 $XWR&$' UHXQLX R FRQMXQWR GDV SURSULHGDGHV GH WRGRV RV HOHPHQWRV
GR GHVHQKR QD FDL[D GH GLiORJR 3URSHUWLHV :LQGRZ SRGHQGRVH WHU R
FRQWUROH JOREDO GDV VXDV FDUDFWHUtVWLFDV -XQWDPHQWH FRP D FDL[D
GH GLiORJR 4XLFN 6HOHFW HVVH FRQWUROH p IHLWR GH IRUPD IiFLO H
UiSLGD $OpP GLVWR FRP R FRPDQGR 0DWFKSURS SRGHVH HTXLSDUDU
SURSULHGDGHV HQWUH HOHPHQWRV
(VWH FRPDQGR SHUPLWH FRSLDU DV SURSULHGDGHV GH XP REMHWR SDUD
RXWUR GH XPD IRUPD UiSLGD H DPLJiYHO
1RWD $ RSomR 6(77,1*6 DEUH XPD FDL[D GH GLiORJR TXH SHUPLWH
LQGLFDU TXDLV RV WLSRV GH SURSULHGDGHV TXH VHUmR FRSLDGDV
(VWD IXQomR GHWHUPLQD TXDLV DV SURSULHGDGHV VHUmR FRSLDGDV TXDQGR
XWLOL]DGR R FRPDQGR 0$7&+3523 $VVLP p SRVVtYHO TXH VH FRSLH
VRPHQWH D FRU GH XPD HQWLGDGH j RXWUD VHP TXH HVWDV GXDV SHUWHQoDP
DR PHVPR /$<(5
3URSHUWLHV
GHVHQKR

:LQGRZ

&RQWUROD

DV

SURSULHGDGHV

GRV

HOHPHQWRV

GR

4XDQGR HVVH FRPDQGR p DWLYDGR DEUH D FDL[D GH GLiORJR 3523(57,(6

:,1'2:
3DUD DOWHUDU D SURSULHGDGH GH XP HOHPHQWR SULPHLUR HOH GHYH VHU
VHOHFLRQDGR FRP *5,36 (P VHJXLGD HVFROKHVH QD FDL[D GH GLiORJR
D SURSULHGDGH D VHU DOWHUDGD
4XDQGR XP HOHPHQWR p VHOHFLRQDGR QD iUHD GH GHVHQKR D FDL[D GH
GLiORJR DSUHVHQWD DV SURSULHGDGHV GDTXHOH HOHPHQWR 6H YiULRV
HOHPHQWRV VmR VHOHFLRQDGRV D FDL[D GH GLiORJR DSUHVHQWD DV
SURSULHGDGHV JHUDLV H TXDLVTXHU RXWUDV FRPXQV jTXHOHV HOHPHQWRV



ZZZDUTXLWUHVDUTEU

&DStWXOR  $YHULJXDomR H SURSULHGDGHV

$XWR&$' 

)LJXUD  &DL[D GH GLiORJRV GDV SURSULHGDGHV

2 FRPDQGR
H[LVWHQWHV

&+$1*(

PRGLILFD

FDUDFWHUtVWLFDV

GH

HQWLGDGHV

Mi

(QWLGDGHV FRPR EORFRV DWULEXWRV OLQKDV FLUFXQIHUrQFLDV WH[WRV

HWF SRGHP VHU DOWHUDGDV HP VXD HVWUXWXUD DVVLP FRPR VXDV
SURSULHGDGHV FRU QtYHO HVSHVVXUD HOHYDomR H WLSR GH OLQKD
2 FRPDQGR 3XUJH HOLPLQD EORFRV QtYHLV WLSRV GH OLQKD VKDSHV
HVWLORV GH WH[WR H FRWDV TXH HVWmR JXDUGDGRV QD PHPyULD H QmR VmR
PDLV QHFHVViULRV
ZZZDUTXLWUHVDUTEU



&DStWXOR  $YHULJXDomR H SURSULHGDGHV

$XWR&$' 

4XDQWR PDLV FDUUHJDGD HVWLYHU D PHPyULD FRP HVVHV FRPSRQHQWHV

PDLV OHQWR HVWDUi R DUTXLYR GR $XWR&$' GH WUDEDOKR



ZZZDUTXLWUHVDUTEU

$XWR&$' 

&DStWXOR  +DFKXUDV H ELEOLRWHFD GH VtPERORV

 +DFKXUDV H ELEOLRWHFD GH VtPERORV

+DFKXUDV VmR HOHPHQWRV FRORFDGRV HP XP GHVHQKR RX SDUWH GHOH

SDUD LGHQWLILFDU GLIHUHQWHV WLSRV GH PDWHULDLV GH H[HFXomR RX SDUD
VH REWHU XP DFDEDPHQWR VXSHUILFLDO FDSD] GH GDU PDLRU UHDOLVPR DR
REMHWR 3DUD LVVR R $XWR&$' FRQWD FRP XPD VpULH GH SDGU}HV GH
KDFKXUDV RV TXDLV SRGHP VHU GHILQLGRV FRP R FRPDQGR %KDWFK
-i RV EORFRV VmR HOHPHQWRV JUiILFRV TXH GHSRLV GH GHVHQKDGRV
VHUmR UHSHWLGRV LQGHILQLGDPHQWH $VVLP VmR IRUPDGDV DV ELEOLRWHFDV
GH PyYHLV GH FRPSRQHQWHV HOpWULFRV GH FRPSRQHQWHV KLGUiXOLFRV
HQWUH RXWURV

+DFKXUDV
&ULDVH XPD KDFKXUD DVVRFLDWLYD RX VHMD SUHHQFKHVH XPD iUHD
VHOHFLRQDGD FRP XP SDGUmR GH KDFKXUD RX XPD FRU VyOLGD RV REMHWRV
VHOHFLRQDGRV GHQWUR GR FRPDQGR %KDWFK
$ iUHD VHOHFLRQDGD SRGH VHU IRUPDGD SRU SROLOLQKDV OLQKDV
FLUFXQIHUrQFLDV H DUFRV 6H HVVD iUHD QmR SRVVXLU UHDOPHQWH XPD
OLQKD GH GHOLPLWDomR IHFKDGD R SDGUmR GH KDFKXUD SRGHUi
XOWUDSDVVDU RV VHXV OLPLWHV H SURYRFDU HUURV RX PHVPR QmR
UHFRQKHFHU D iUHD D VHU KDFKXUDGD

ZZZDUTXLWUHVDUTEU



&DStWXOR  +DFKXUDV H ELEOLRWHFD GH VtPERORV

$XWR&$' 

)LJXUD  4XDGUR GH GHILQLomR GDV KDFKXUDV

1D YHUVmR  R $XWR&$' DSUHVHQWD D RSomR GH SUHHQFKLPHQWR HP

GHJUDGH (VWD RSomR HVWi QD IHUUDPHQWD *UDGLHQW


ZZZDUTXLWUHVDUTEU

$XWR&$' 

&DStWXOR  +DFKXUDV H ELEOLRWHFD GH VtPERORV

)LJXUD  4XDGUR GH RSFLRQDLV SDUD SUHHQFKLPHQWR GHJUDGH

ZZZDUTXLWUHVDUTEU



&DStWXOR  +DFKXUDV H ELEOLRWHFD GH VtPERORV

$XWR&$' 

&ULDomR GH %LEOLRWHFDV GH 6tPERORV

*HUDOPHQWH QD H[HFXomR GH XP GHVHQKR H[LVWH XP FRQMXQWR GH
HOHPHQWRV TXH p XVDGR FRP PDLV IUHTrQFLD 6mR SRUFDV H SDUDIXVRV
SRUWDV H MDQHODV HPEOHPDV H PXLWRV RXWURV HOHPHQWRV TXH SRGHP VHU
GHVHQKDGRV H DUTXLYDGRV IRUPDQGR XPD ELEOLRWHFD GH VtPERORV $OpP
GR
PDLV
HP
DOJXQV
SURMHWRV
H[LVWH
D
QHFHVVLGDGH
GH
GHVPHPEUDPHQWR GRV GHVHQKRV RX SODQWDV FULDQGR XPD GRFXPHQWDomR
HVSHFtILFD SDUD FDGD iUHD HQYROYLGD
1R $XWR&$' H[LVWHP GRLV UHFXUVRV SDUD H[HFXWDU HVWDV WDUHIDV 8P
GHOHV p D FULDomR GH EORFRV GH GHVHQKRV H R RXWUR p D FULDomR GH
DUTXLYRV GH UHIHUrQFLD H[WHUQD ;5()

 &ULDomR GH %ORFRV

%ORFRV VmR HOHPHQWRV IRUPDGRV D SDUWLU GH XP FRQMXQWR GH
SULPLWLYDV JHRPpWULFDV H DJUXSDGRV GH PDQHLUD HVSHFLDO IRUPDQGR
XP Vy HOHPHQWR $SyV VHX GHVHQKR XWLOL]DVH R FRPDQGR :EORFN SDUD
FRPSLOiOR HP XP DUTXLYR GH GHVHQKR &RP R FRPDQGR ,QVHUW R EORFR
SRGHUi VHU UHXWLOL]DGR
4XDQGR R FRPDQGR %ORFN p DWLYDGR DEUHVH D FDL[D GH GLiORJR SDUD
D FULDomR GH XP EORFR GHQWUR GR SUySULR DUTXLYR -i :EORFN
H[SRUWD HVWH EORFR FULDQGR XP DUTXLYR H[WHUQR GH UHIHUrQFLD SDUD
TXDOTXHU RXWUR GHVHQKR
$ FULDomR RX LPSRUWDomR GH XPD ELEOLRWHFD GH VtPERORV WRUQD R
GHVHQKR GR &$' PDLV UHILQDGR H GHWDOKDGR (VWD ELEOLRWHFD SRGH VHU
HQFRQWUDGD HP YiULRV VLWHV GD LQWHUQHW FRP GHVWDTXH SDUD R
HQGHUHoR ZZZFDGEORFRVDUTEU



ZZZDUTXLWUHVDUTEU

$XWR&$' 

&DStWXOR  7H[WRV

 7H[WRV

$ LQVHUomR GH WH[WRV GH FKDPDGDV H QRPHV GDV SHoDV p IDFLOPHQWH

DFHVVDGD SRU XP FRPDQGR H[HFXWiYHO SHOR $XWR&$'
([LVWHP GXDV PRGDOLGDGHV GH HGLomR GH WH[WRV P~OWLSODV OLQKDV RX
OLQKDV VLPSOHV DOpP GH VXDV SRVVtYHLV HGLo}HV GH HVWLORV
2 $XWR&$' DSHVDU GH WUDEDOKDU FRP XP HVWLOR SUySULR GH WH[WR HP
VHX PRGR GHIDXOW WDPEpP SHUPLWH DR XVXiULR D FULDomR GH XP HVWLOR
SDUWLFXODU XWLOL]DQGRVH GDV IRQWHV SDGU}HV GR SURJUDPD RX PHVPR
GDV IRQWHV TXH DFRPSDQKDP R :,1'2:6
3DUD TXH VH WHQKD DFHVVR D HVWHV HVWLORV GHYHVH SHUFRUUHU R
FDPLQKR QR PHQX SULQFLSDO )RUPDW 7H[W 6W\OH H HQWmR D FDL[D
GH GLiORJRV VH DEULUi
1HOD REVHUYDVH SULPHLUDPHQWH R HVWLOR SDGUmR GR SURJUDPD H VXDV
GHILQLo}HV TXH WDPEpP SRGHUmR VHU DOWHUDGDV SHOR XVXiULR QD PHGLGD
HP TXH MXOJDU QHFHVViULR
/RJR DV RSHUDo}HV SDUD TXH VH FULH XP QRYR HVWLOR VHUmR
$EHUWXUD GD FDL[D 7H[W 6W\OH VHJXLGD GD FULDomR H HVFROKD GD IRQWH
H DOWXUD GHILQLGD SDUD FDGD WH[WR 1RWH TXH VH R YDORU GD DOWXUD
IRU GHILQLGR QR HVWLOR HOH VHUi GHILQLWLYR H VH HVWH YDORU ILFDU
]HUDGR VHUi GHILQLGR SDUD FDGD LQVHUomR GH WH[WR QR GRFXPHQWR

ZZZDUTXLWUHVDUTEU



&DStWXOR  7H[WRV

$XWR&$' 

)LJXUD  &DL[D GH IRUPDWDomR GH WH[WR

$ OLQKD VLPSOHV GH WH[WR DJLOL]D R WUDEDOKR PDV QmR SHUPLWH XP

PDLRU UHILQDPHQWR (VWH UHILQDPHQWR GH WH[WR SRGHUi VHU FRQVHJXLGR
QD XWLOL]DomR GD FDL[D GH WH[WR 07(;7 TXH VLPXOD XP SHTXHQR
HGLWRU GH WH[WR IDFLOLWDQGR D HQWUDGD GH GDGRV TXH H[LJHP PHOKRU
DFDEDPHQWR
2 FRPDQGR 'WH[W IRUQHFHUi DR XVXiULR D SRVVLELOLGDGH GH HVFUHYHU
YiULDV OLQKDV GH WH[WRV LQGHSHQGHQWHV XPDV GDV RXWUDV TXDQWR jV
VXDV ORFDOL]Do}HV QR VLVWHPD GH FRRUGHQDGDV FDUWHVLDQDV
$VVLP TXDQGR DFHVVDGR 'UDZ 7H[W 6LQJOH /LQH 7H[W R XVXiULR
GHYHUi GHILQLU QD iUHD GH GHVHQKR D SRVLomR LQLFLDO GD SULPHLUD
OLQKD GH WH[WR D DOWXUD H LQFOLQDomR GDV OHWUDV H HP VHJXLGD
GLJLWDU R WH[WR TXH DSDUHFHUi QD iUHD GH WUDEDOKR VLPXOWDQHDPHQWH
j VXD GLJLWDomR


ZZZDUTXLWUHVDUTEU

$XWR&$' 

&DStWXOR  7H[WRV

1RWH TXH D OLQKD GH WH[WR SDUD FDGD YH] TXH R XVXiULR FOLFDU HP
(17(5 DSyV WHU GLJLWDGR DOJXPDV OHWUDV VDOWDUi SDUD D SUy[LPD
OLQKD DEDL[R GD DQWHULRU 1R HQWDQWR DSyV GLJLWDU XPD OLQKD GH
FRPDQGRV R XVXiULR SRGHUi HVFROKHU QRYD SRVLomR GD iUHD GH
WUDEDOKR EDVWDQGR SDUD LVVR FOLFDU FRP R FXUVRU VREUH D QRYD
FRRUGHQDGD GHVHMDGD H DVVLP FRQWLQXDU D GLJLWDomR GH XP QRYR
OXJDU
-i D FULDomR GH FRPDQGRV GH P~OWLSODV OLQKDV GH WH[WRV DVVRFLDGRV
VH Gi SHOR FRPDQGR 0WH[W (VWH TXDQGR DFHVVDGR FULDUi XPD FDL[D
GH WH[WR TXH VH WUDQVIRUPDUi HP XPD YHUVmR VLPSOLILFDGD GH XP
HGLWRU GH WH[WRV GH P~OWLSODV OLQKDV DVVRFLDGDV 4XDQGR DWLYDGR R
FRPDQGR SHGH DR XVXiULR TXH GHWHUPLQH RV SRQWRV GD FDL[D GH
GLiORJR TXH GHYHUmR VHU IRUQHFLGRV FRPR GD FULDomR GH XP
UHWkQJXOR

ZZZDUTXLWUHVDUTEU



&DStWXOR  7H[WRV

$XWR&$' 

$QRWDo}HV



ZZZDUTXLWUHVDUTEU

&DStWXOR  'LPHQVLRQDPHQWR

$XWR&$' 

 'LPHQVLRQDPHQWR

8PD GDV HWDSDV PDLV LPSRUWDQWHV GR SURFHVVR GH GHVHQKR WpFQLFR p D

FRWD 2 $XWR&$' SHUPLWH D FRWDJHP DXWRPiWLFD FRP DPSODV
SRVVLELOLGDGHV GH HVWLOR H HGLomR
2 $XWR&$' FRQVLGHUD FDGD FRWD FRPR VHQGR XP EORFR GH HQWLGDGHV
&RPR D FRWD p XP EORFR SRGHVH GL]HU TXH HVVD FRWD p LQWHOLJHQWH
RX VHMD VH DR XWLOL]DUVH XP FRPDQGR GH HGLomR TXH PXGH R
SRVLFLRQDPHQWR GRV SRQWRV GD FRWD R VHX YDORU VHUi DWXDOL]DGR
/LQHDU 'LPHQVLRQ 'LPHQVLRQ /LQHDU *HUD FRWDV KRUL]RQWDLV RX
YHUWLFDLV ,VWR VLJQLILFD TXH p R FRPDQGR PDLV XWLOL]DGR SDUD D
FRWDJHP HP HQJHQKDULD H DUTXLWHWXUD $OpP GR TXH PRVWUD DV
YDULDo}HV [ H \ HQWUH GRLV SRQWRV TXDLVTXHU
$OLJQHG 'LPHQVLRQ 'LPHQVLRQ $OLJQHG *HUD FRWDV QD GLUHomR GD
OLQKD IRUPDGD SHORV GRLV SRQWRV HVFROKLGRV SHOR XVXiULR e
HVVHQFLDO SDUD FRWDJHP GH OLQKDV TXH VH HQFRQWUDP IRUD GR VLVWHPD
RUWRJRQDO
5DGLXV 'LPHQVLRQ 'LPHQVLRQ 5DGLXV )D] D FRWDJHP GH UDLRV GH
FtUFXORV H DUFRV
'LDPHWHU 'LPHQVLRQ 'LPHQVLRQ
GLkPHWURV GH FtUFXORV H DUFRV

ZZZDUTXLWUHVDUTEU

'LDPHWHU

)D]

FRWDJHP

GH



&DStWXOR  'LPHQVLRQDPHQWR

$XWR&$' 

)LJXUD  )HUUDPHQWDV GH GLPHQVLRQDPHQWR

$QJXODU 'LPHQVLRQ 'LPHQVLRQ $QJXODU *HUD FRWDV GH kQJXORV

IRUQHFLGRV SRU GXDV UHWDV QmR SDUDOHODV
&RQWLQXH 'LPHQVLRQ 'LPHQVLRQ &RQWLQXH *HUD FRWDV FRQWtQXDV D
SDUWLU GH XPD FRWD Mi HVWDEHOHFLGD SHOR XVXiULR (VWH FRPDQGD IDUi
FRP TXH D OLQKD GH GLPHQVmR VH WRUQH FRQWtQXD H DOLQKDGD



ZZZDUTXLWUHVDUTEU

&DStWXOR  'LPHQVLRQDPHQWR

$XWR&$' 

4XLFN /HDGHU 'LPHQVLRQ /HDGHU e XWLOL]DGR TXDQGR VH GHVHMD

ID]HU XPD FKDPDGD VREUH XP GHWDOKH RX REVHUYDomR VREUH DOJXP GRV
SRQWRV GR GHVHQKR
'LPHQVLRQ 6W\OH 'LPHQVLRQ 6W\OH
SURSULHGDGHV GRV HVWLORV GH FRWDJHP

&ULD

PRGLILFD

DV

4XDQGR DFLRQDGR HVWH FRPDQGR DEULUi D FDL[D GH GLiORJR TXH VH

VHJXH 1HOD R XVXiULR WHUi D SRVVLELOLGDGH GH FULDU QRYRV HVWLORV
GH FRWDV DOWHUDU RV HVWLORV H[LVWHQWHV SDUD DGHTXiORV DR VLVWHPD
GH FRWDV H D VXD PDQHLUD GH GHVHQKDU LQGLYLGXDO
$ RSomR 1(: FRQWUROD D DEHUWXUD GH XP QRYR HWLOR TXH SRGHUi HVWDU
EDVHDGR HP TXDOTXHU XP FULDGR
1RWDVH D QHFHVVLGDGH GH VH FULDU HVWLORV FRPSDWtYHLV FRP D
PHWRGRORJLD GH GHVHQKR LPSUHVVmR H DFHLWRV SHODV QRUPDV H GH
IiFLO OHLWXUD H FRPSUHHQVmR QR FDQWHLUR GH REUDV
2V TXDGURV D VHJXLU DSUHVHQWDP D FULDomR GH XP HVWLOR SUySULR SDUD
D FRWDJHP VHJXQGR D $%17 GH SURMHWRV GH DUTXLWHWXUD H HQJHQKDULD
GHVHQKDGRV FRP EDVH XQLWiULD UHIHUHQFLDGD HP PHWURV H SUHSDUDGD
SDUD D PRQWDJHP GH SUDQFKDV QR IRUPDWR ,62 $ GHILQLGDV QR PyGXOR
/$<287 GR $XWR&$'

ZZZDUTXLWUHVDUTEU



&DStWXOR  'LPHQVLRQDPHQWR

$XWR&$' 

)LJXUD  4XDGUR JHUHQWH GRV HVWLORV GH FRWDV



ZZZDUTXLWUHVDUTEU

$XWR&$' 

&DStWXOR  'LPHQVLRQDPHQWR

)LJXUD  &ULDomR GH QRYR HVWLOR GH GLPHQVLRQDPHQWR

$ FULDomR QHVWH FDVR EDVHLDVH QR HVWLOR LQLFLDO R TXH QmR p

QHFHVViULR $ FRQWLQXDomR LUi GHILQLU DV QRUPDV VHJXQGR D $%17 H
D DGDSWDomR j GHILQLomR SUySULD GH GHVHQKR
2 QRPH D VHU DSOLFDGR GHYHUi VHU HP DFRUGR DR GHVHQKR QHVWH FDVR
DUTXLWHWXUD

ZZZDUTXLWUHVDUTEU



&DStWXOR  'LPHQVLRQDPHQWR

$XWR&$' 

)LJXUD  &RQILJXUDomR GDV SRQWHLUDV GD FRWD

3DUD HVWD IXQomR QD YHUVmR FRWDJHP GH DUTXLWHWXUD p XWLOL]DGD D

SRQWHLUD DUURZKHDGV REOLTXH GH WDPDQKR  TXH FRUUHVSRQGH D
WUrV PLOtPHWURV GH DOWXUD
(VWD DSHVDU GH VHU D VHJXQGD IROKD GR TXDGUR GH FRQILJXUDomR
GHYHUi VHU PRGLILFDGD SULPHLUR SDUD SRGHU DFLRQDU WRGDV DV FDL[DV
GD IROKD OLQHV


ZZZDUTXLWUHVDUTEU

$XWR&$' 

&DStWXOR  'LPHQVLRQDPHQWR

)LJXUD  *HUHQFLDPHQWR GDV OLQKDV GH FKDPDGD H GLPHQVmR

1R FDPSR GLPHQVLRQ OLQHV D FRU GHYHUi VHU DOWHUDGD SDUD \HOORZ

TXH FRUUHVSRQGH D SHQD GH LPSUHVVmR  PP
$SyV D GHILQLomR GD FRU R FDPSR H[WHQG EH\RQG WLFNV SDVVDUi D WHU
 FRUUHVSRQGHQWH D WUrV PLOtPHWURV H EDVHOLQH VSDFLQJ SDVVDUi D
 FRUUHVSRQGHQWH D RLWR PLOtPHWURV
ZZZDUTXLWUHVDUTEU



&DStWXOR  'LPHQVLRQDPHQWR

$XWR&$' 

2 FDPSR GD H[WHQVLRQ OLQHV UHFHEHUi D FRU UHG  PP H RV

YDORUHV  SDUD H[WHQG EH\RQG GLP OLQHV H RIIVHW IURP RULJLQ

)LJXUD  &RQILJXUDomR GR WH[WR GDV FRWDV

2 WH[WR GHSHQGH GD FRQILJXUDomR SUySULD GH XP HVWLOR RX GD HVFROKD

GH XPD IRQWH TXH GHYHUi VHU 520$166+; (VWD p D IRQWH SDGUmR $%17
H GHYHUi DSUHVHQWDUVH QD FRU JUHHQ SDUD UHFHEHU SHQD  PP QD
LPSUHVVmR $ DOWXUD GR WH[WR WH[W KHLJKW GHYHUi HVWDU HQWUH 


ZZZDUTXLWUHVDUTEU

$XWR&$' 

&DStWXOR  'LPHQVLRQDPHQWR

RX  H VHX DIDVWDPHQWR GD OLQKD GH GLPHQVmR RIIVHW IURP GLP OLQH

GHYHUi VHU LJXDO D 

)LJXUD  2SFLRQDLV GH DOLQKDPHQWR GH WH[WR

1HVWH FDPSR XPD ~QLFD DOWHUDomR D PLJUDomR GD VHOHomR ILW RSWLRQV

GH HLWKHU WH[W RU DUURZV SDUD DOZD\V NHHS WH[W EHWZHHQ H[W OLQHV

ZZZDUTXLWUHVDUTEU



&DStWXOR  'LPHQVLRQDPHQWR

$XWR&$' 

)LJXUD  $OWHUDomR GDV XQLGDGHV SULPiULDV

1D FRQILJXUDomR GD SUHFLVmR OLQHDU GLPHQVLRQ XPD Vy FDVD GHFLPDO

 p VXILFLHQWH XPD YH] TXH DV FRWDV VmR DSUHVHQWDGDV HP
FHQWtPHWURV 4XDQWR DV GLPHQV}HV DQJXODUHV XPD RXWUD XQLGDGH p
QHFHVViULD Mi TXH D FRQVWUXomR WUDEDOKD FRPR D DJULPHQVXUD FRP
kQJXORV PLQXWRV H VHJXQGRV GHJUHHV PLQXWHV VHFRQGV GH SUHFLVmR



ZZZDUTXLWUHVDUTEU

$XWR&$' 

&DStWXOR  'LPHQVLRQDPHQWR

2V GHPDLV TXDGURV VH DSOLFDP DRV GHVHQKRV PHFkQLFRV QmR LPSRUWDQGR

QR GLPHQVLRQDPHQWR SDUD D FRQVWUXomR FLYLO

)LJXUD  8QLGDGHV DOWHUQDWLYDV SDUD DV FRWDV

1HVWD IROKD SRGHVH GHVWDFDU D PDUFDomR GH XQLGDGHV QDV FRWDV SRU

PHLR GD FRORFDomR GH VXIL[RV

ZZZDUTXLWUHVDUTEU



&DStWXOR  'LPHQVLRQDPHQWR

$XWR&$' 

)LJXUD  0RGLILFDU WROHUkQFLDV DV XQLGDGHV GH FRWDJHP

(VWD ~OWLPD IROKD DSUHVHQWD XPD PDQHLUD GH VH FRORFDU WROHUkQFLD

jV PHGLGDV GH SURMHWR



ZZZDUTXLWUHVDUTEU

$XWR&$' 

&DStWXOR  ,PSUHVVmR

 ,PSUHVVmR

$ LPSUHVVmR GR GHVHQKR p D HWDSD ILQDO GR WUDEDOKR HP &$' $OpP GH

DVVHJXUDU D VHJXUDQoD FRP D FULDomR GH DUTXLYRV HP H[WHQVmR 3/7
RX 3') JDUDQWH R IiFLO WUDQVSRUWH GRV GHVHQKRV SDUD DSURYDo}HV
H[HFXo}HV H DUTXLYRV
3RU VH WUDWDU GH XP SURJUDPD TXH SHUPLWH R GHVHQKR HP PyGXOR 02'(/
H D SUHSDUDomR HP RXWUR /$<287 SRGHUi R XVXiULR LPSULPLU VHX
WUDEDOKR GH PDQHLUDV XP SRXFR YDULDGDV
e UHFRPHQGDGR TXH WRGRV RV DUTXLYRV VHMDP IRUPDWDGRV QR /$<287 XP
SDUD FDGD SUDQFKD GH GHVHQKR QHFHVViULR H TXH HP VHJXLGD VHMDP
JHUDGRV RV DUTXLYRV 3/7 SDUD VHUHP HQYLDGRV jV FRSLDGRUDV

&RQILJXUDomR GH XPD SORWWHU

$SHVDU GH UHFRQKHFHU WRGDV DV LPSUHVVRUDV H SORWHUV LQVWDODGDV HP
VHX FRPSXWDGRU DV FRSLDGRUDV SRVVXHP LPSUHVVRUDV SUySULDV TXH
SUHFLVDP VHU FDUUHJDGDV SDUD D IRUPDWDomR GDV SUDQFKDV QR /$<287
2V SDVVRV DSUHVHQWDGRV H[HPSOLILFDP D FULDomR GH XP SORWWHU HP
GHWHUPLQDGD FRSLDGRUD GH *RYHUQDGRU 9DODGDUHV 0*

ZZZDUTXLWUHVDUTEU



&DStWXOR  ,PSUHVVmR

$XWR&$' 

)LJXUD  7HOD LQLFLDO SDUD FDUUHJDU XPD SORWWHU



ZZZDUTXLWUHVDUTEU

$XWR&$' 

&DStWXOR  ,PSUHVVmR

)LJXUD  3ULPHLUD LQWHUYHQomR GR XVXiULR QD FRQILJXUDomR GH

SORWWHU

&DVR HVWHMD WUDEDOKDGR FRP LPSUHVVRUD HP UHGH HVFROKHU D RSomR

QHWZRUN SORWWHU VHUYHU

ZZZDUTXLWUHVDUTEU



&DStWXOR  ,PSUHVVmR

$XWR&$' 

)LJXUD  (VFROKD GR IDEULFDQWH H PRGHOR GD SORWWHU



ZZZDUTXLWUHVDUTEU

$XWR&$' 

&DStWXOR  ,PSUHVVmR

)LJXUD  ,PSRUWDomR GH GDGRV 3&3 RX 3&3

1HVWH FDVR p Vy DYDQoDU SDUD D SUy[LPD IROKD XPD YH] TXH D SORWHU
QmR HVWi LQVWDODGD QD PiTXLQD H Vy VH SUHWHQGH LQGLFDU VXD
XWLOL]DomR

ZZZDUTXLWUHVDUTEU



&DStWXOR  ,PSUHVVmR

$XWR&$' 

)LJXUD  ,QGLFDomR GD SRUWD GH VDtGD /37

&DVR WHQKD DOJXPD LPSUHVVRUD LQVWDODGD TXH VH XWLOL]D GD SRUWD

/37 HVFROKD D VHJXLQWH GHVRFXSDGD



ZZZDUTXLWUHVDUTEU

&DStWXOR  ,PSUHVVmR

$XWR&$' 

)LJXUD  1RPHDQGR D QRYD SORWWHU

2 QRPH GHYHUi VHU DTXHOH TXH OHPEUD D FRSLDGRUD RX SHVVRD GH

UHIHUrQFLD SDUD R TXDO R DUTXLYR 3/7 HVWDUi VHQGR JHUDGR /HPEUH
TXH XP 3/7 Vy VHUi OLGR SHOD SORWWHU SDUD R TXDO IRL FRQILJXUDGR

ZZZDUTXLWUHVDUTEU



&DStWXOR  ,PSUHVVmR

$XWR&$' 

)LJXUD  )LQDOL]DQGR D FRQILJXUDomR

$QWHV GH ILQDOL]DU D FRQILJXUDomR GD SORWWHU SRGHVH ID]HU D

FRQILJXUDomR GDV IROKDV GH LPSUHVVmR DOWHUDQGR DV H[LVWHQWHV RX
FULDQGR QRYDV GH DFRUGR FRP DV QHFHVVLGDGH GH FDGD GHVHQKR



ZZZDUTXLWUHVDUTEU

&DStWXOR  ,PSUHVVmR

$XWR&$' 

)LJXUD  &ULDomR GH IRUPDWR HVSHFLDO SDUD DWHQGHU DV

QHFHVVLGDGHV GH GHVHQKR

$ FULDomR GH FDGD IRUPDWR VH Gi

HVSHFLILFDQGR R WDPDQKR GRV IRUPDWRV
ZZZDUTXLWUHVDUTEU

DFHVVDQGR

ERWmR

$''

H


&DStWXOR  ,PSUHVVmR

$XWR&$' 

)LJXUD  &RQILJXUDomR GH XP IRUPDWR SDUD LPSUHVVmR



ZZZDUTXLWUHVDUTEU

$XWR&$' 

&DStWXOR  ,PSUHVVmR

)LJXUD  'HILQLomR GR WDPDQKR GD PtGLD

$V GLPHQV}HV DGRWDGDV GHYHP VHU DTXHODV QHFHVViULDV D LQVHUomR GH

XP IRUPDWR QR SDGUmR GH GHVHQKR HVSHUDGR SUHIHUHQFLDOPHQWH
DWHQGHQGR DV QRUPDV $%17

ZZZDUTXLWUHVDUTEU



&DStWXOR  ,PSUHVVmR

$XWR&$' 

)LJXUD  'HILQLomR GDV PDUJHQV GH UHFRUWH GH LPSUHVVmR



ZZZDUTXLWUHVDUTEU

$XWR&$' 

&DStWXOR  ,PSUHVVmR

)LJXUD  'HILQLomR GR QRPH GR IRUPDWR

(VWH QRPH GHYHUi VHU DVVRFLDGR DR IRUPDWR GH FDGD GHVHQKR

ZZZDUTXLWUHVDUTEU



&DStWXOR  ,PSUHVVmR

$XWR&$' 

)LJXUD  1RPH DVVRFLDGR j LPSUHVVRUD



ZZZDUTXLWUHVDUTEU

$XWR&$' 

&DStWXOR  ,PSUHVVmR

)LJXUD  'HILQLomR GD IRUPD GH LQVHUomR GD PtGLD

3DUD DV SORWWHUV DV PtGLDV VmR LQVHULGDV SRU URORV GH SDSHO

&RQILJXUDomR GR HVWLOR GH LPSUHVVmR

3DUD TXH D LPSUHVVmR IDoD D DVVRFLDomR GDV SHQDV GH HVSHVVXUD FRP
DV FRUHV QR GHVHQKR p SUHFLVR FRQILJXUDU XP HVWLOR SUySULR GH
LPSUHVVmR

ZZZDUTXLWUHVDUTEU



&DStWXOR  ,PSUHVVmR

$XWR&$' 

)LJXUD  (VWLOR GH LPSUHVVmR SiJLQD LQLFLDO



ZZZDUTXLWUHVDUTEU

$XWR&$' 

&DStWXOR  ,PSUHVVmR

)LJXUD  (VFROKD GR QRPH GR QRYR HVWLOR

2 QRYR QRPH GHYHUi VH DVVRFLDU D HVFDOD GH LPSUHVVmR XPD YH] TXH

DV FRUHV GRV GHVHQKRV GHILQLUmR DV SHQDV GH HVSHVVXUD GDV OLQKDV

ZZZDUTXLWUHVDUTEU



&DStWXOR  ,PSUHVVmR

$XWR&$' 

)LJXUD  3iJLQD GH ILQDOL]DomR GR QRYR HVWLOR

1HVWD HWDSD GHYH VHU D FRQILJXUDomR GDV HVSHVVXUDV DVVRFLDGDV DV

FRUHV GRV GHVHQKRV



ZZZDUTXLWUHVDUTEU

$XWR&$' 

&DStWXOR  ,PSUHVVmR

)LJXUD  SiJLQD GH GHILQLomR GD FRU H HVSHVVXUD GH VDtGD GDV

FRUHV GDV OLQKDV

ZZZDUTXLWUHVDUTEU



&DStWXOR  ,PSUHVVmR

$XWR&$' 

,PSUHVVmR QR 02'(/
3DUD XPD LPSUHVVmR GH GHVHQYROYLPHQWR R 02'(/ DSUHVHQWD XPD ERD
DOWHUQDWLYD UiSLGD H VHJXUD FDSD] GH JHUDU SUDQFKDV GH UDVFXQKR H
FRUUHo}HV ,PSUHVV}HV GHILQLWLYDV GHYHP VH SUHSDUDGDV XWLO]DQGRVH
R /$<287
1D LPSUHVVmR QHVWH PyGXOR GH GHVHQKR D LPDJHP p VHOHFLRQDGD
GLUHWDPHQWH VREUH R GHVHQKR H D HVFDOD p XPD DVVRFLDomR GR GHVHQKR
H GR WDPDQKR GR SDSHO (VWD DVVRFLDomR VH GDUi GH DFRUGR FRP R D
XQLGDGH DGRWDGD UHFRPHQGDGD VHPSUH  XQLGDGH GH GHVHQKR SDUD 
PHWUR UHDO 1HVVH FDVR D UHODomR GH LPSUHVVmR REWLGD QR FDPSR SORW
VFDOH GHYHUi VHU D UHODomR GH  SDUD R GHQRPLQDGRU GD HVFDOD GH
GHVHQKR ILQDO GHILQLGD
&RPR H[HPSOR SDUD XPD LPSUHVVmR GH GHVHQKR QD HVFDOD  R
SULPHLUR FDPSR PDQWpP R Q~PHUR  H R VHJXQGR R Q~PHUR  2
PHVPR SDUD D HVFDOD  RQGH  HVWi SDUD  (VWD UHODomR VH
Gi SRUTXH D XQLGDGH GH GHVHQKR HVWi SDUD R PHWUR H D IROKD SDUD R
PLOtPHWUR GDt D QHFHVVLGDGH GH VXEVWLWXLU R  GR QXPHUDGRU SRU
 ,VVR UHSUHVHQWDQGR D UHODomR PHWUR SDUD PLOtPHWUR



ZZZDUTXLWUHVDUTEU

$XWR&$' 

&DStWXOR  ,PSUHVVmR

)LJXUD  7HOD GH LPSUHVVmR SDUD R 02'(/

ZZZDUTXLWUHVDUTEU



&DStWXOR  ,PSUHVVmR

$XWR&$' 

,PSUHVVmR QR /$<287
$ LPSUHVVmR QR /$<287 UHTXHU D FULDomR GH XP QRYR TXDGUR D FDGD
QRYD SUDQFKD GH GHVHQKR 'HVVD IRUPD RV QRPHV DVVLP TXH
DOWHUDGRV SRGHUmR UHFHEHU DV GLPHQV}HV GRV IRUPDWRV H VHX Q~PHUR
VHTHQFLDO $VVLP $ VHULD D SULPHLUD SUDQFKD GH WDPDQKR $
H HP VHJXLGD DV RXWUDV UHFHEHULDP VHXV Q~PHURV DXWRPDWLFDPHQWH
(VWD VHTrQFLD UHTXHU
VHJXLQWH PDQHLUD

FULDomR

GH

SiJLQDV

FRQILJXUDGDV

GD

)LJXUD  *HUHQWH GH FRQILJXUDomR GH SiJLQD SDUD LPSUHVVmR



ZZZDUTXLWUHVDUTEU

$XWR&$' 

&DStWXOR  ,PSUHVVmR

)LJXUD  &RQILJXUDomR GH SiJLQD QR /$<287

&RQILJXUDomR GD SUDQFKD GH LPSUHVVmR

3DUD LPSULPLU XP DUTXLYR p QHFHVViULR GHILQLU R WDPDQKR H Q~PHUR
GH SUDQFKDV H GHSRLV SUHSDUDU FDGD XP GRV /$<287V SDUD FDGD XPD
GDV SUDQFKDV

ZZZDUTXLWUHVDUTEU



&DStWXOR  ,PSUHVVmR

$XWR&$' 

'HILQLGRV RV IRUPDWRV SUHSDUDGDV DV PDUJHQV H OHJHQGDV SDVVDVH D

FULDomR GDV YLHZSRUWV TXH VmR MDQHODV GH YLVXDOL]DomR SDUD SUHSDUR
GRV IRUPDWRV
&DGD GHVHQKR VHUi LQVHULGR HP XPD YLHZSRUW SUySULD SDUD TXH WHQKD
VXD GHILQLomR GH HVFDOD GDGD QHVWH PRPHQWR SRU FRPDQGR GH
YLVXDOL]DomR ]RRP VFDOH
'D PHVPD IRUPD FRPR D DVVRFLDomR GD LPSUHVVmR QR 02'(/ R FRPDQGR
]RRP VFDOH DWHQGHUi D SURSRUomR GH  SDUD R GHQRPLQDGRU GD
HVFDOD GH LPSUHVVmR VHJXLGR GH ;3 $VVLP XP GHVHQKR RQGH  XQLGDGH
YDOH  PHWUR H VHUi LPSUHVVR QD HVFDOD GH  UHFHEHUi D HVFDOD
GH YLVXDOL]DomR ;3

)LJXUD  0RGHOR /$<287 SDUD LPSUHVVmR GH GHVHQKRV



ZZZDUTXLWUHVDUTEU