3UHVLGrQFLDGD5HS~EOLFD

&DVD&LYLO
6XEFKHILDSDUD$VVXQWRV-XUtGLFRV

/(,1'('(-8/+2'(

0HQVDJHPGHYHWR
,QVWLWXLD/HL%UDVLOHLUDGH,QFOXVmRGD3HVVRDFRP'HILFLrQFLD(VWDWXWRGD
3HVVRDFRP'HILFLrQFLD
9LJrQFLD

$35(6,'(17$'$5(3%/,&$)DoRVDEHUTXHR&RQJUHVVR1DFLRQDOGHFUHWDHHXVDQFLRQRDVHJXLQWH/HL

/,952,

3$57(*(5$/

778/2,

',6326,d(635(/,0,1$5(6

&$378/2,

',6326,d(6*(5$,6

$UW R  e LQVWLWXtGD D /HL %UDVLOHLUD GH ,QFOXVmR GD 3HVVRD FRP 'HILFLrQFLD (VWDWXWR GD 3HVVRD FRP 'HILFLrQFLD GHVWLQDGD D DVVHJXUDU H D SURPRYHU HP
FRQGLo}HVGHLJXDOGDGHRH[HUFtFLRGRVGLUHLWRVHGDVOLEHUGDGHVIXQGDPHQWDLVSRUSHVVRDFRPGHILFLrQFLDYLVDQGRjVXDLQFOXVmRVRFLDOHFLGDGDQLD

3DUiJUDIR~QLFR(VWD/HLWHPFRPREDVHD&RQYHQomRVREUHRV'LUHLWRVGDV3HVVRDVFRP'HILFLrQFLDHVHX3URWRFROR)DFXOWDWLYRUDWLILFDGRVSHOR&RQJUHVVR
1DFLRQDO SRU PHLR GR 'HFUHWR /HJLVODWLYR QR  GH  GH MXOKR GH  HP FRQIRUPLGDGH FRP R SURFHGLPHQWR SUHYLVWR QR  R GR DUW R GD &RQVWLWXLomR GD
5HS~EOLFD)HGHUDWLYDGR%UDVLOHPYLJRUSDUDR%UDVLOQRSODQRMXUtGLFRH[WHUQRGHVGHGHDJRVWRGHHSURPXOJDGRVSHOR'HFUHWRQRGHGHDJRVWR
GHGDWDGHLQtFLRGHVXDYLJrQFLDQRSODQRLQWHUQR

$UW R  &RQVLGHUDVH SHVVRD FRP GHILFLrQFLD DTXHOD TXH WHP LPSHGLPHQWR GH ORQJR SUD]R GH QDWXUH]D ItVLFD PHQWDO LQWHOHFWXDO RX VHQVRULDO R TXDO HP
LQWHUDomRFRPXPDRXPDLVEDUUHLUDVSRGHREVWUXLUVXDSDUWLFLSDomRSOHQDHHIHWLYDQDVRFLHGDGHHPLJXDOGDGHGHFRQGLo}HVFRPDVGHPDLVSHVVRDV

R$DYDOLDomRGDGHILFLrQFLDTXDQGRQHFHVViULDVHUiELRSVLFRVVRFLDOUHDOL]DGDSRUHTXLSHPXOWLSURILVVLRQDOHLQWHUGLVFLSOLQDUHFRQVLGHUDUi9LJrQFLD

,RVLPSHGLPHQWRVQDVIXQo}HVHQDVHVWUXWXUDVGRFRUSR

,,RVIDWRUHVVRFLRDPELHQWDLVSVLFROyJLFRVHSHVVRDLV

,,,DOLPLWDomRQRGHVHPSHQKRGHDWLYLGDGHVH

,9DUHVWULomRGHSDUWLFLSDomR

R23RGHU([HFXWLYRFULDUiLQVWUXPHQWRVSDUDDYDOLDomRGDGHILFLrQFLD

$UWR3DUDILQVGHDSOLFDomRGHVWD/HLFRQVLGHUDPVH

,  DFHVVLELOLGDGH SRVVLELOLGDGH H FRQGLomR GH DOFDQFH SDUD XWLOL]DomR FRP VHJXUDQoD H DXWRQRPLD GH HVSDoRV PRELOLiULRV HTXLSDPHQWRV XUEDQRV
HGLILFDo}HVWUDQVSRUWHVLQIRUPDomRHFRPXQLFDomRLQFOXVLYHVHXVVLVWHPDVHWHFQRORJLDVEHPFRPRGHRXWURVVHUYLoRVHLQVWDODo}HVDEHUWRVDRS~EOLFRGHXVR
S~EOLFRRXSULYDGRVGHXVRFROHWLYRWDQWRQD]RQDXUEDQDFRPRQDUXUDOSRUSHVVRDFRPGHILFLrQFLDRXFRPPRELOLGDGHUHGX]LGD

,,GHVHQKRXQLYHUVDOFRQFHSomRGHSURGXWRVDPELHQWHVSURJUDPDVHVHUYLoRVDVHUHPXVDGRVSRUWRGDVDVSHVVRDVVHPQHFHVVLGDGHGHDGDSWDomRRXGH
SURMHWRHVSHFtILFRLQFOXLQGRRVUHFXUVRVGHWHFQRORJLDDVVLVWLYD

,,,  WHFQRORJLD DVVLVWLYD RX DMXGD WpFQLFD SURGXWRV HTXLSDPHQWRV GLVSRVLWLYRV UHFXUVRV PHWRGRORJLDV HVWUDWpJLDV SUiWLFDV H VHUYLoRV TXH REMHWLYHP
SURPRYHUDIXQFLRQDOLGDGHUHODFLRQDGDjDWLYLGDGHHjSDUWLFLSDomRGDSHVVRDFRPGHILFLrQFLDRXFRPPRELOLGDGHUHGX]LGDYLVDQGRjVXDDXWRQRPLD LQGHSHQGrQFLD
TXDOLGDGHGHYLGDHLQFOXVmRVRFLDO

,9  EDUUHLUDV TXDOTXHU HQWUDYH REVWiFXOR DWLWXGH RX FRPSRUWDPHQWR TXH OLPLWH RX LPSHoD D SDUWLFLSDomR VRFLDO GD SHVVRD EHP FRPR R JR]R D IUXLomR H R
H[HUFtFLRGHVHXVGLUHLWRVjDFHVVLELOLGDGHjOLEHUGDGHGH PRYLPHQWR H GH H[SUHVVmR j FRPXQLFDomR DR DFHVVR j LQIRUPDomR j FRPSUHHQVmR j FLUFXODomR FRP
VHJXUDQoDHQWUHRXWURVFODVVLILFDGDVHP

DEDUUHLUDVXUEDQtVWLFDVDVH[LVWHQWHVQDVYLDVHQRVHVSDoRVS~EOLFRVHSULYDGRVDEHUWRVDRS~EOLFRRXGHXVRFROHWLYR

EEDUUHLUDVDUTXLWHW{QLFDVDVH[LVWHQWHVQRVHGLItFLRVS~EOLFRVHSULYDGRV

FEDUUHLUDVQRVWUDQVSRUWHVDVH[LVWHQWHVQRVVLVWHPDVHPHLRVGHWUDQVSRUWHV

G EDUUHLUDV QDV FRPXQLFDo}HV H QD LQIRUPDomR TXDOTXHU HQWUDYH REVWiFXOR DWLWXGH RX FRPSRUWDPHQWR TXH GLILFXOWH RX LPSRVVLELOLWH D H[SUHVVmR RX R
UHFHELPHQWRGHPHQVDJHQVHGHLQIRUPDo}HVSRULQWHUPpGLRGHVLVWHPDVGHFRPXQLFDomRHGHWHFQRORJLDGDLQIRUPDomR

HEDUUHLUDVDWLWXGLQDLVDWLWXGHVRXFRPSRUWDPHQWRVTXHLPSHoDPRXSUHMXGLTXHPDSDUWLFLSDomRVRFLDOGDSHVVRDFRPGHILFLrQFLDHPLJXDOGDGHGHFRQGLo}HVH
RSRUWXQLGDGHVFRPDVGHPDLVSHVVRDV

IEDUUHLUDVWHFQROyJLFDVDVTXHGLILFXOWDPRXLPSHGHPRDFHVVRGDSHVVRDFRPGHILFLrQFLDjVWHFQRORJLDV

9FRPXQLFDomRIRUPDGHLQWHUDomRGRVFLGDGmRVTXHDEUDQJHHQWUHRXWUDVRSo}HVDVOtQJXDVLQFOXVLYHD/tQJXD%UDVLOHLUDGH6LQDLV/LEUDVDYLVXDOL]DomR

GHWH[WRVR%UDLOOHRVLVWHPDGHVLQDOL]DomRRXGHFRPXQLFDomRWiWLORVFDUDFWHUHVDPSOLDGRVRVGLVSRVLWLYRVPXOWLPtGLDDVVLPFRPRDOLQJXDJHPVLPSOHVHVFULWD
HRUDORVVLVWHPDVDXGLWLYRVHRVPHLRVGHYR]GLJLWDOL]DGRVHRVPRGRVPHLRVHIRUPDWRVDXPHQWDWLYRVHDOWHUQDWLYRVGHFRPXQLFDomRLQFOXLQGRDVWHFQRORJLDVGD
LQIRUPDomRHGDVFRPXQLFDo}HV

9,  DGDSWDo}HV UD]RiYHLV DGDSWDo}HV PRGLILFDo}HV H DMXVWHV QHFHVViULRV H DGHTXDGRV TXH QmR DFDUUHWHP {QXV GHVSURSRUFLRQDO H LQGHYLGR TXDQGR
UHTXHULGRV HP FDGD FDVR D ILP GH DVVHJXUDU TXH D SHVVRD FRP GHILFLrQFLD SRVVD JR]DU RX H[HUFHU HP LJXDOGDGH GH FRQGLo}HV H RSRUWXQLGDGHV FRP DV GHPDLV
SHVVRDVWRGRVRVGLUHLWRVHOLEHUGDGHVIXQGDPHQWDLV

9,,  HOHPHQWR GH XUEDQL]DomR TXDLVTXHU FRPSRQHQWHV GH REUDV GH XUEDQL]DomR WDLV FRPR RV UHIHUHQWHV D SDYLPHQWDomR VDQHDPHQWR HQFDQDPHQWR SDUD
HVJRWRV GLVWULEXLomR GH HQHUJLD HOpWULFD H GH JiV LOXPLQDomR S~EOLFD VHUYLoRV GH FRPXQLFDomR DEDVWHFLPHQWR H GLVWULEXLomR GH iJXD SDLVDJLVPR H RV TXH
PDWHULDOL]DPDVLQGLFDo}HVGRSODQHMDPHQWRXUEDQtVWLFR

9,,,  PRELOLiULR XUEDQR FRQMXQWR GH REMHWRV H[LVWHQWHV QDV YLDV H QRV HVSDoRV S~EOLFRV VXSHUSRVWRV RX DGLFLRQDGRV DRV HOHPHQWRV GH XUEDQL]DomR RX GH
HGLILFDomR GH IRUPD TXH VXD PRGLILFDomR RX VHX WUDVODGR QmR SURYRTXH DOWHUDo}HV VXEVWDQFLDLV QHVVHV HOHPHQWRV WDLV FRPR VHPiIRURV SRVWHV GH VLQDOL]DomR H
VLPLODUHVWHUPLQDLVHSRQWRVGHDFHVVRFROHWLYRjVWHOHFRPXQLFDo}HVIRQWHVGHiJXDOL[HLUDVWROGRVPDUTXLVHVEDQFRVTXLRVTXHVHTXDLVTXHURXWURVGHQDWXUH]D
DQiORJD

,;SHVVRDFRPPRELOLGDGHUHGX]LGDDTXHODTXHWHQKDSRUTXDOTXHUPRWLYRGLILFXOGDGHGHPRYLPHQWDomRSHUPDQHQWHRXWHPSRUiULDJHUDQGRUHGXomRHIHWLYD
GDPRELOLGDGHGDIOH[LELOLGDGHGDFRRUGHQDomRPRWRUDRXGDSHUFHSomRLQFOXLQGRLGRVRJHVWDQWHODFWDQWHSHVVRDFRPFULDQoDGHFRORHREHVR

;UHVLGrQFLDVLQFOXVLYDVXQLGDGHVGHRIHUWDGR6HUYLoRGH$FROKLPHQWRGR6LVWHPDQLFRGH$VVLVWrQFLD6RFLDO6XDVORFDOL]DGDVHPiUHDVUHVLGHQFLDLVGD

FRPXQLGDGHFRPHVWUXWXUDVDGHTXDGDVTXHSRVVDPFRQWDUFRPDSRLRSVLFRVVRFLDOSDUDRDWHQGLPHQWRGDVQHFHVVLGDGHVGDSHVVRDDFROKLGDGHVWLQDGDV D MRYHQV
HDGXOWRVFRPGHILFLrQFLDHPVLWXDomRGHGHSHQGrQFLDTXHQmRGLVS}HPGHFRQGLo}HVGHDXWRVVXVWHQWDELOLGDGHHFRPYtQFXORVIDPLOLDUHVIUDJLOL]DGRVRXURPSLGRV

;,PRUDGLDSDUDDYLGDLQGHSHQGHQWHGDSHVVRDFRPGHILFLrQFLDPRUDGLDFRPHVWUXWXUDVDGHTXDGDVFDSD]HVGHSURSRUFLRQDUVHUYLoRVGH DSRLR FROHWLYRV H

LQGLYLGXDOL]DGRVTXHUHVSHLWHPHDPSOLHPRJUDXGHDXWRQRPLDGHMRYHQVHDGXOWRVFRPGHILFLrQFLD

;,,DWHQGHQWHSHVVRDOSHVVRDPHPEURRXQmRGDIDPtOLD TXH FRP RX VHP UHPXQHUDomR DVVLVWH RX SUHVWD FXLGDGRV EiVLFRV H HVVHQFLDLV j SHVVRD FRP
GHILFLrQFLDQRH[HUFtFLRGHVXDVDWLYLGDGHVGLiULDVH[FOXtGDVDVWpFQLFDVRXRVSURFHGLPHQWRVLGHQWLILFDGRVFRPSURILVV}HVOHJDOPHQWHHVWDEHOHFLGDV

;,,,  SURILVVLRQDO GH DSRLR HVFRODU SHVVRD TXH H[HUFH DWLYLGDGHV GH DOLPHQWDomR KLJLHQH H ORFRPRomR GR HVWXGDQWH FRP GHILFLrQFLD H DWXD HP WRGDV DV
DWLYLGDGHVHVFRODUHVQDVTXDLVVHIL]HUQHFHVViULD HP WRGRV RV QtYHLV H PRGDOLGDGHV GH HQVLQR HP LQVWLWXLo}HV S~EOLFDV H SULYDGDV H[FOXtGDV DV WpFQLFDV RX RV
SURFHGLPHQWRVLGHQWLILFDGRVFRPSURILVV}HVOHJDOPHQWHHVWDEHOHFLGDV

;,9DFRPSDQKDQWHDTXHOHTXHDFRPSDQKDDSHVVRDFRPGHILFLrQFLDSRGHQGRRXQmRGHVHPSHQKDUDVIXQo}HVGHDWHQGHQWHSHVVRDO

&$378/2,,

'$,*8$/'$'(('$12',6&5,0,1$d2

$UWR7RGDSHVVRDFRPGHILFLrQFLDWHPGLUHLWRjLJXDOGDGHGHRSRUWXQLGDGHVFRPDVGHPDLVSHVVRDVHQmRVRIUHUiQHQKXPDHVSpFLHGHGLVFULPLQDomR

 R  &RQVLGHUDVH GLVFULPLQDomR HP UD]mR GD GHILFLrQFLD WRGD IRUPD GH GLVWLQomR UHVWULomR RX H[FOXVmR SRU DomR RX RPLVVmR TXH WHQKD R SURSyVLWR RX R
HIHLWRGHSUHMXGLFDULPSHGLURXDQXODURUHFRQKHFLPHQWRRXRH[HUFtFLRGRVGLUHLWRVHGDVOLEHUGDGHVIXQGDPHQWDLVGHSHVVRDFRPGHILFLrQFLDLQFOXLQGRDUHFXVDGH
DGDSWDo}HVUD]RiYHLVHGHIRUQHFLPHQWRGHWHFQRORJLDVDVVLVWLYDV

R$SHVVRDFRPGHILFLrQFLDQmRHVWiREULJDGDjIUXLomRGHEHQHItFLRVGHFRUUHQWHVGHDomRDILUPDWLYD

$UWR$SHVVRDFRPGHILFLrQFLDVHUiSURWHJLGDGHWRGDIRUPDGHQHJOLJrQFLDGLVFULPLQDomRH[SORUDomRYLROrQFLDWRUWXUDFUXHOGDGHRSUHVVmRHWUDWDPHQWR
GHVXPDQRRXGHJUDGDQWH

3DUiJUDIR~QLFR3DUDRVILQVGDSURWHomRPHQFLRQDGDQRFDSXWGHVWHDUWLJRVmRFRQVLGHUDGRVHVSHFLDOPHQWHYXOQHUiYHLVDFULDQoDRDGROHVFHQWHDPXOKHUH
RLGRVRFRPGHILFLrQFLD

$UWR$GHILFLrQFLDQmRDIHWDDSOHQDFDSDFLGDGHFLYLOGDSHVVRDLQFOXVLYHSDUD

,FDVDUVHHFRQVWLWXLUXQLmRHVWiYHO

,,H[HUFHUGLUHLWRVVH[XDLVHUHSURGXWLYRV

,,,H[HUFHURGLUHLWRGHGHFLGLUVREUHRQ~PHURGHILOKRVHGHWHUDFHVVRDLQIRUPDo}HVDGHTXDGDVVREUHUHSURGXomRHSODQHMDPHQWRIDPLOLDU

,9FRQVHUYDUVXDIHUWLOLGDGHVHQGRYHGDGDDHVWHULOL]DomRFRPSXOVyULD

9H[HUFHURGLUHLWRjIDPtOLDHjFRQYLYrQFLDIDPLOLDUHFRPXQLWiULDH

9,H[HUFHURGLUHLWRjJXDUGDjWXWHODjFXUDWHODHjDGRomRFRPRDGRWDQWHRXDGRWDQGRHPLJXDOGDGHGHRSRUWXQLGDGHVFRPDVGHPDLVSHVVRDV

$UWReGHYHUGHWRGRVFRPXQLFDUjDXWRULGDGHFRPSHWHQWHTXDOTXHUIRUPDGHDPHDoDRXGHYLRODomRDRVGLUHLWRVGDSHVVRDFRPGHILFLrQFLD

3DUiJUDIR~QLFR6HQRH[HUFtFLRGHVXDVIXQo}HVRVMXt]HVHRVWULEXQDLVWLYHUHPFRQKHFLPHQWRGHIDWRVTXHFDUDFWHUL]HPDVYLRODo}HVSUHYLVWDVQHVWD/HL
GHYHPUHPHWHUSHoDVDR0LQLVWpULR3~EOLFRSDUDDVSURYLGrQFLDVFDEtYHLV

$UWReGHYHUGR(VWDGRGDVRFLHGDGHHGDIDPtOLDDVVHJXUDUjSHVVRDFRPGHILFLrQFLDFRPSULRULGDGHDHIHWLYDomRGRVGLUHLWRVUHIHUHQWHVjYLGDjVD~GH
j VH[XDOLGDGH j SDWHUQLGDGH H j PDWHUQLGDGH j DOLPHQWDomR j KDELWDomR j HGXFDomR j SURILVVLRQDOL]DomR DR WUDEDOKR j SUHYLGrQFLD VRFLDO j KDELOLWDomR H j
UHDELOLWDomR DR WUDQVSRUWH j DFHVVLELOLGDGH j FXOWXUD DR GHVSRUWR DR WXULVPR DR OD]HU j LQIRUPDomR j FRPXQLFDomR DRV DYDQoRV FLHQWtILFRV H WHFQROyJLFRV j
GLJQLGDGH DR UHVSHLWR j OLEHUGDGH j FRQYLYrQFLD IDPLOLDU H FRPXQLWiULD HQWUH RXWURV GHFRUUHQWHV GD &RQVWLWXLomR )HGHUDO GD &RQYHQomR VREUH RV 'LUHLWRV GDV
3HVVRDVFRP'HILFLrQFLDHVHX3URWRFROR)DFXOWDWLYRHGDVOHLVHGHRXWUDVQRUPDVTXHJDUDQWDPVHXEHPHVWDUSHVVRDOVRFLDOHHFRQ{PLFR

6HomRQLFD

'R$WHQGLPHQWR3ULRULWiULR

$UWR$SHVVRDFRPGHILFLrQFLDWHPGLUHLWRDUHFHEHUDWHQGLPHQWRSULRULWiULRVREUHWXGRFRPDILQDOLGDGHGH

,SURWHomRHVRFRUURHPTXDLVTXHUFLUFXQVWkQFLDV

,,DWHQGLPHQWRHPWRGDVDVLQVWLWXLo}HVHVHUYLoRVGHDWHQGLPHQWRDRS~EOLFR

,,,GLVSRQLELOL]DomRGHUHFXUVRVWDQWRKXPDQRVTXDQWRWHFQROyJLFRVTXHJDUDQWDPDWHQGLPHQWRHPLJXDOGDGHGHFRQGLo}HVFRPDVGHPDLVSHVVRDV

,9  GLVSRQLELOL]DomR GH SRQWRV GH SDUDGD HVWDo}HV H WHUPLQDLV DFHVVtYHLV GH WUDQVSRUWH FROHWLYR GH SDVVDJHLURV H JDUDQWLD GH VHJXUDQoD QR HPEDUTXH H QR
GHVHPEDUTXH

9DFHVVRDLQIRUPDo}HVHGLVSRQLELOL]DomRGHUHFXUVRVGHFRPXQLFDomRDFHVVtYHLV

9,UHFHELPHQWRGHUHVWLWXLomRGHLPSRVWRGHUHQGD

9,,WUDPLWDomRSURFHVVXDOHSURFHGLPHQWRVMXGLFLDLVHDGPLQLVWUDWLYRVHPTXHIRUSDUWHRXLQWHUHVVDGDHPWRGRVRVDWRVHGLOLJrQFLDV

R2VGLUHLWRVSUHYLVWRVQHVWHDUWLJRVmRH[WHQVLYRVDRDFRPSDQKDQWHGDSHVVRDFRPGHILFLrQFLDRXDRVHXDWHQGHQWHSHVVRDOH[FHWRTXDQWRDRGLVSRVWR
QRVLQFLVRV9,H9,,GHVWHDUWLJR

R1RVVHUYLoRVGHHPHUJrQFLDS~EOLFRVHSULYDGRVDSULRULGDGHFRQIHULGDSRUHVWD/HLpFRQGLFLRQDGDDRVSURWRFRORVGHDWHQGLPHQWRPpGLFR

778/2,,
 '26',5(,726)81'$0(17$,6

&$378/2,

'2',5(,729,'$

$UW&RPSHWHDRSRGHUS~EOLFRJDUDQWLUDGLJQLGDGHGDSHVVRDFRPGHILFLrQFLDDRORQJRGHWRGDDYLGD

3DUiJUDIR~QLFR(PVLWXDo}HVGHULVFRHPHUJrQFLDRXHVWDGRGHFDODPLGDGHS~EOLFDDSHVVRDFRPGHILFLrQFLDVHUiFRQVLGHUDGDYXOQHUiYHOGHYHQGRRSRGHU
S~EOLFRDGRWDUPHGLGDVSDUDVXDSURWHomRHVHJXUDQoD

$UW$SHVVRDFRPGHILFLrQFLDQmRSRGHUiVHUREULJDGDDVHVXEPHWHUDLQWHUYHQomRFOtQLFDRXFLU~UJLFDDWUDWDPHQWRRXDLQVWLWXFLRQDOL]DomRIRUoDGD

3DUiJUDIR~QLFR2FRQVHQWLPHQWRGDSHVVRDFRPGHILFLrQFLDHPVLWXDomRGHFXUDWHODSRGHUiVHUVXSULGRQDIRUPDGDOHL

$UW2FRQVHQWLPHQWRSUpYLROLYUHHHVFODUHFLGRGDSHVVRDFRPGHILFLrQFLDpLQGLVSHQViYHOSDUDDUHDOL]DomRGHWUDWDPHQWRSURFHGLPHQWRKRVSLWDOL]DomRH
SHVTXLVDFLHQWtILFD

 R  (P FDVR GH SHVVRD FRP GHILFLrQFLD HP VLWXDomR GH FXUDWHOD GHYH VHU DVVHJXUDGD VXD SDUWLFLSDomR QR PDLRU JUDX SRVVtYHO SDUD D REWHQomR GH
FRQVHQWLPHQWR

R$SHVTXLVDFLHQWtILFDHQYROYHQGRSHVVRDFRPGHILFLrQFLDHPVLWXDomRGHWXWHODRXGHFXUDWHODGHYHVHUUHDOL]DGDHPFDUiWHUH[FHSFLRQDODSHQDVTXDQGR
KRXYHU LQGtFLRV GH EHQHItFLR GLUHWR SDUD VXD VD~GH RX SDUD D VD~GH GH RXWUDV SHVVRDV FRP GHILFLrQFLD H GHVGH TXH QmR KDMD RXWUD RSomR GH SHVTXLVD GH HILFiFLD
FRPSDUiYHOFRPSDUWLFLSDQWHVQmRWXWHODGRVRXFXUDWHODGRV

$UW$SHVVRDFRPGHILFLrQFLDVRPHQWHVHUiDWHQGLGDVHPVHXFRQVHQWLPHQWRSUpYLROLYUHHHVFODUHFLGRHPFDVRVGHULVFRGHPRUWHHGHHPHUJrQFLDHP
VD~GHUHVJXDUGDGRVHXVXSHULRULQWHUHVVHHDGRWDGDVDVVDOYDJXDUGDVOHJDLVFDEtYHLV

&$378/2,,

'2',5(,72+$%,/,7$d2(5($%,/,7$d2

$UW2SURFHVVRGHKDELOLWDomRHGHUHDELOLWDomRpXPGLUHLWRGDSHVVRDFRPGHILFLrQFLD

3DUiJUDIR~QLFR2SURFHVVRGHKDELOLWDomRHGHUHDELOLWDomRWHPSRUREMHWLYRRGHVHQYROYLPHQWRGHSRWHQFLDOLGDGHVWDOHQWRVKDELOLGDGHV H DSWLG}HV ItVLFDV

FRJQLWLYDV VHQVRULDLV SVLFRVVRFLDLV DWLWXGLQDLV SURILVVLRQDLV H DUWtVWLFDV TXH FRQWULEXDP SDUD D FRQTXLVWD GD DXWRQRPLD GD SHVVRD FRP GHILFLrQFLD H GH VXD
SDUWLFLSDomRVRFLDOHPLJXDOGDGHGHFRQGLo}HVHRSRUWXQLGDGHVFRPDVGHPDLVSHVVRDV

$UW2SURFHVVRPHQFLRQDGRQRDUWGHVWD/HLEDVHLDVHHPDYDOLDomRPXOWLGLVFLSOLQDUGDVQHFHVVLGDGHVKDELOLGDGHVHSRWHQFLDOLGDGHVGHFDGDSHVVRD
REVHUYDGDVDVVHJXLQWHVGLUHWUL]HV

,GLDJQyVWLFRHLQWHUYHQomRSUHFRFHV

,,DGRomRGHPHGLGDVSDUDFRPSHQVDUSHUGDRXOLPLWDomRIXQFLRQDOEXVFDQGRRGHVHQYROYLPHQWRGHDSWLG}HV

,,,DWXDomRSHUPDQHQWHLQWHJUDGDHDUWLFXODGDGHSROtWLFDVS~EOLFDVTXHSRVVLELOLWHPDSOHQDSDUWLFLSDomRVRFLDOGDSHVVRDFRPGHILFLrQFLD

,9  RIHUWD GH UHGH GH VHUYLoRV DUWLFXODGRV FRP DWXDomR LQWHUVHWRULDO QRV GLIHUHQWHV QtYHLV GH FRPSOH[LGDGH SDUD DWHQGHU jV QHFHVVLGDGHV HVSHFtILFDV GD
SHVVRDFRPGHILFLrQFLD

9SUHVWDomRGHVHUYLoRVSUy[LPRDRGRPLFtOLRGDSHVVRDFRPGHILFLrQFLDLQFOXVLYHQD]RQDUXUDOUHVSHLWDGDVDRUJDQL]DomRGDV5HGHVGH$WHQomRj6D~GH
5$6QRVWHUULWyULRVORFDLVHDVQRUPDVGR6LVWHPDQLFRGH6D~GH686

$UW1RVSURJUDPDVHVHUYLoRVGHKDELOLWDomRHGHUHDELOLWDomRSDUDDSHVVRDFRPGHILFLrQFLDVmRJDUDQWLGRV

,RUJDQL]DomRVHUYLoRVPpWRGRVWpFQLFDVHUHFXUVRVSDUDDWHQGHUjVFDUDFWHUtVWLFDVGHFDGDSHVVRDFRPGHILFLrQFLD

,,DFHVVLELOLGDGHHPWRGRVRVDPELHQWHVHVHUYLoRV

,,,  WHFQRORJLD DVVLVWLYD WHFQRORJLD GH UHDELOLWDomR PDWHULDLV H HTXLSDPHQWRV DGHTXDGRV H DSRLR WpFQLFR SURILVVLRQDO GH DFRUGR FRP DV HVSHFLILFLGDGHV GH
FDGDSHVVRDFRPGHILFLrQFLD

,9FDSDFLWDomRFRQWLQXDGDGHWRGRVRVSURILVVLRQDLVTXHSDUWLFLSHPGRVSURJUDPDVHVHUYLoRV

$UW2VVHUYLoRVGR686HGR6XDVGHYHUmRSURPRYHUDo}HVDUWLFXODGDVSDUDJDUDQWLUjSHVVRDFRPGHILFLrQFLDHVXDIDPtOLDDDTXLVLomRGHLQIRUPDo}HV
RULHQWDo}HVHIRUPDVGHDFHVVRjVSROtWLFDVS~EOLFDVGLVSRQtYHLVFRPDILQDOLGDGHGHSURSLFLDUVXDSOHQDSDUWLFLSDomRVRFLDO

3DUiJUDIR ~QLFR  2V VHUYLoRV GH TXH WUDWD R FDSXW GHVWH DUWLJR SRGHP IRUQHFHU LQIRUPDo}HV H RULHQWDo}HV QDV iUHDV GH VD~GH GH HGXFDomR GH FXOWXUD GH
HVSRUWHGHOD]HUGHWUDQVSRUWHGHSUHYLGrQFLDVRFLDOGHDVVLVWrQFLDVRFLDOGHKDELWDomRGHWUDEDOKRGHHPSUHHQGHGRULVPRGH DFHVVR DR FUpGLWR GH SURPRomR
SURWHomRHGHIHVDGHGLUHLWRVHQDVGHPDLViUHDVTXHSRVVLELOLWHPjSHVVRDFRPGHILFLrQFLDH[HUFHUVXDFLGDGDQLD

&$378/2,,,

'2',5(,726$'(

$UW   e DVVHJXUDGD DWHQomR LQWHJUDO j VD~GH GD SHVVRD FRP GHILFLrQFLD HP WRGRV RV QtYHLV GH FRPSOH[LGDGH SRU LQWHUPpGLR GR 686 JDUDQWLGR DFHVVR
XQLYHUVDOHLJXDOLWiULR

ReDVVHJXUDGDDSDUWLFLSDomRGDSHVVRDFRPGHILFLrQFLDQDHODERUDomRGDVSROtWLFDVGHVD~GHDHODGHVWLQDGDV

 R  e DVVHJXUDGR DWHQGLPHQWR VHJXQGR QRUPDV pWLFDV H WpFQLFDV TXH UHJXODPHQWDUmR D DWXDomR GRV SURILVVLRQDLV GH VD~GH H FRQWHPSODUmR DVSHFWRV
UHODFLRQDGRVDRVGLUHLWRVHjVHVSHFLILFLGDGHVGDSHVVRDFRPGHILFLrQFLDLQFOXLQGRWHPDVFRPRVXDGLJQLGDGHHDXWRQRPLD

 R  $RV SURILVVLRQDLV TXH SUHVWDP DVVLVWrQFLD j SHVVRD FRP GHILFLrQFLD HVSHFLDOPHQWH HP VHUYLoRV GH KDELOLWDomR H GH UHDELOLWDomR GHYH VHU JDUDQWLGD
FDSDFLWDomRLQLFLDOHFRQWLQXDGD

R$VDo}HVHRVVHUYLoRVGHVD~GHS~EOLFDGHVWLQDGRVjSHVVRDFRPGHILFLrQFLDGHYHPDVVHJXUDU

,GLDJQyVWLFRHLQWHUYHQomRSUHFRFHVUHDOL]DGRVSRUHTXLSHPXOWLGLVFLSOLQDU

,,  VHUYLoRV GH KDELOLWDomR H GH UHDELOLWDomR VHPSUH TXH QHFHVViULRV SDUD TXDOTXHU WLSR GH GHILFLrQFLD LQFOXVLYH SDUD D PDQXWHQomR GD PHOKRU FRQGLomR GH
VD~GHHTXDOLGDGHGHYLGD

,,,DWHQGLPHQWRGRPLFLOLDUPXOWLGLVFLSOLQDUWUDWDPHQWRDPEXODWRULDOHLQWHUQDomR
 ,9FDPSDQKDVGHYDFLQDomR

9DWHQGLPHQWRSVLFROyJLFRLQFOXVLYHSDUDVHXVIDPLOLDUHVHDWHQGHQWHVSHVVRDLV

9,UHVSHLWRjHVSHFLILFLGDGHjLGHQWLGDGHGHJrQHURHjRULHQWDomRVH[XDOGDSHVVRDFRPGHILFLrQFLD

9,,DWHQomRVH[XDOHUHSURGXWLYDLQFOXLQGRRGLUHLWRjIHUWLOL]DomRDVVLVWLGD

9,,,LQIRUPDomRDGHTXDGDHDFHVVtYHOjSHVVRDFRPGHILFLrQFLDHDVHXVIDPLOLDUHVVREUHVXDFRQGLomRGHVD~GH

,;VHUYLoRVSURMHWDGRVSDUDSUHYHQLUDRFRUUrQFLDHRGHVHQYROYLPHQWRGHGHILFLrQFLDVHDJUDYRVDGLFLRQDLV

;  SURPRomR GH HVWUDWpJLDV GH FDSDFLWDomR SHUPDQHQWH GDV HTXLSHV TXH DWXDP QR 686 HP WRGRV RV QtYHLV GH DWHQomR QR DWHQGLPHQWR j SHVVRD FRP
GHILFLrQFLDEHPFRPRRULHQWDomRDVHXVDWHQGHQWHVSHVVRDLV

;,RIHUWDGHyUWHVHVSUyWHVHVPHLRVDX[LOLDUHVGHORFRPRomRPHGLFDPHQWRVLQVXPRVHIyUPXODVQXWULFLRQDLVFRQIRUPHDVQRUPDVYLJHQWHVGR0LQLVWpULRGD
6D~GH

R$VGLUHWUL]HVGHVWHDUWLJRDSOLFDPVHWDPEpPjVLQVWLWXLo}HVSULYDGDVTXHSDUWLFLSHPGHIRUPDFRPSOHPHQWDUGR686RXTXHUHFHEDPUHFXUVRVS~EOLFRV
SDUDVXDPDQXWHQomR

$UW&RPSHWHDR686GHVHQYROYHUDo}HVGHVWLQDGDVjSUHYHQomRGHGHILFLrQFLDVSRUFDXVDVHYLWiYHLVLQFOXVLYHSRUPHLRGH

,DFRPSDQKDPHQWRGDJUDYLGH]GRSDUWRHGRSXHUSpULRFRPJDUDQWLDGHSDUWRKXPDQL]DGRHVHJXUR

,,  SURPRomR GH SUiWLFDV DOLPHQWDUHV DGHTXDGDV H VDXGiYHLV YLJLOkQFLD DOLPHQWDU H QXWULFLRQDO SUHYHQomR H FXLGDGR LQWHJUDO GRV DJUDYRV UHODFLRQDGRV j
DOLPHQWDomRHQXWULomRGDPXOKHUHGDFULDQoD

,,,DSULPRUDPHQWRHH[SDQVmRGRVSURJUDPDVGHLPXQL]DomRHGHWULDJHPQHRQDWDO

,9LGHQWLILFDomRHFRQWUROHGDJHVWDQWHGHDOWRULVFR

$UW$VRSHUDGRUDVGHSODQRVH VHJXURV SULYDGRV GH VD~GH VmR REULJDGDV D JDUDQWLU j SHVVRD FRP GHILFLrQFLD QR PtQLPR WRGRV RV VHUYLoRV H SURGXWRV
RIHUWDGRVDRVGHPDLVFOLHQWHV

$UW4XDQGRHVJRWDGRVRVPHLRVGHDWHQomRjVD~GHGDSHVVRDFRPGHILFLrQFLDQRORFDOGHUHVLGrQFLDVHUiSUHVWDGRDWHQGLPHQWRIRUDGHGRPLFtOLRSDUD
ILQVGHGLDJQyVWLFRHGHWUDWDPHQWRJDUDQWLGRVRWUDQVSRUWHHDDFRPRGDomRGDSHVVRDFRPGHILFLrQFLDHGHVHXDFRPSDQKDQWH

$UW    SHVVRD FRP GHILFLrQFLD LQWHUQDGD RX HP REVHUYDomR p DVVHJXUDGR R GLUHLWR D DFRPSDQKDQWH RX D DWHQGHQWH SHVVRDO GHYHQGR R yUJmR RX D
LQVWLWXLomRGHVD~GHSURSRUFLRQDUFRQGLo}HVDGHTXDGDVSDUDVXDSHUPDQrQFLDHPWHPSRLQWHJUDO

R1DLPSRVVLELOLGDGHGHSHUPDQrQFLDGRDFRPSDQKDQWHRXGRDWHQGHQWHSHVVRDOMXQWRjSHVVRDFRPGHILFLrQFLDFDEHDRSURILVVLRQDOGHVD~GHUHVSRQViYHO
SHORWUDWDPHQWRMXVWLILFiODSRUHVFULWR

 R  1D RFRUUrQFLD GD LPSRVVLELOLGDGH SUHYLVWD QR  R GHVWH DUWLJR R yUJmR RX D LQVWLWXLomR GH VD~GH GHYH DGRWDU DV SURYLGrQFLDV FDEtYHLV SDUD VXSULU D
DXVrQFLDGRDFRPSDQKDQWHRXGRDWHQGHQWHSHVVRDO

$UW6mRYHGDGDVWRGDVDVIRUPDVGHGLVFULPLQDomRFRQWUDDSHVVRDFRPGHILFLrQFLDLQFOXVLYHSRUPHLRGHFREUDQoDGHYDORUHVGLIHUHQFLDGRVSRUSODQRVH
VHJXURVSULYDGRVGHVD~GHHPUD]mRGHVXDFRQGLomR

$UWeDVVHJXUDGRjSHVVRDFRPGHILFLrQFLDRDFHVVRDRVVHUYLoRVGHVD~GHWDQWRS~EOLFRVFRPRSULYDGRVHjVLQIRUPDo}HVSUHVWDGDVHUHFHELGDVSRU
PHLRGHUHFXUVRVGHWHFQRORJLDDVVLVWLYDHGHWRGDVDVIRUPDVGHFRPXQLFDomRSUHYLVWDVQRLQFLVR9GRDUWRGHVWD/HL

$UW2VHVSDoRVGRVVHUYLoRVGHVD~GHWDQWRS~EOLFRVTXDQWRSULYDGRVGHYHPDVVHJXUDURDFHVVRGDSHVVRDFRPGHILFLrQFLD HP FRQIRUPLGDGH FRP D

OHJLVODomR HP YLJRU PHGLDQWH D UHPRomR GH EDUUHLUDV SRU PHLR GH SURMHWRV DUTXLWHW{QLFR GH DPELHQWDomR GH LQWHULRU H GH FRPXQLFDomR TXH DWHQGDP jV
HVSHFLILFLGDGHVGDVSHVVRDVFRPGHILFLrQFLDItVLFDVHQVRULDOLQWHOHFWXDOHPHQWDO

$UW   2V FDVRV GH VXVSHLWD RX GH FRQILUPDomR GH YLROrQFLD SUDWLFDGD FRQWUD D SHVVRD FRP GHILFLrQFLD VHUmR REMHWR GH QRWLILFDomR FRPSXOVyULD SHORV
VHUYLoRVGHVD~GHS~EOLFRVHSULYDGRVjDXWRULGDGHSROLFLDOHDR0LQLVWpULR3~EOLFRDOpPGRV&RQVHOKRVGRV'LUHLWRVGD3HVVRDFRP'HILFLrQFLD

3DUiJUDIR~QLFR3DUDRVHIHLWRVGHVWD/HLFRQVLGHUDVHYLROrQFLDFRQWUDDSHVVRDFRPGHILFLrQFLDTXDOTXHUDomRRXRPLVVmRSUDWLFDGD HP ORFDO S~EOLFR RX

SULYDGRTXHOKHFDXVHPRUWHRXGDQRRXVRIULPHQWRItVLFRRXSVLFROyJLFR

&$378/2,9

'2',5(,72('8&$d2

$UW   $ HGXFDomR FRQVWLWXL GLUHLWR GD SHVVRD FRP GHILFLrQFLD DVVHJXUDGRV VLVWHPD HGXFDFLRQDO LQFOXVLYR HP WRGRV RV QtYHLV H DSUHQGL]DGR DR ORQJR GH
WRGD D YLGD GH IRUPD D DOFDQoDU R Pi[LPR GHVHQYROYLPHQWR SRVVtYHO GH VHXV WDOHQWRV H KDELOLGDGHV ItVLFDV VHQVRULDLV LQWHOHFWXDLV H VRFLDLV VHJXQGR VXDV
FDUDFWHUtVWLFDVLQWHUHVVHVHQHFHVVLGDGHVGHDSUHQGL]DJHP

3DUiJUDIR ~QLFR  e GHYHU GR (VWDGR GD IDPtOLD GD FRPXQLGDGH HVFRODU H GD VRFLHGDGH DVVHJXUDU HGXFDomR GH TXDOLGDGH j SHVVRD FRP GHILFLrQFLD
FRORFDQGRDDVDOYRGHWRGDIRUPDGHYLROrQFLDQHJOLJrQFLDHGLVFULPLQDomR

$UW,QFXPEHDRSRGHUS~EOLFRDVVHJXUDUFULDUGHVHQYROYHULPSOHPHQWDULQFHQWLYDUDFRPSDQKDUHDYDOLDU

,VLVWHPDHGXFDFLRQDOLQFOXVLYRHPWRGRVRVQtYHLVHPRGDOLGDGHVEHPFRPRRDSUHQGL]DGRDRORQJRGHWRGDDYLGD

,,  DSULPRUDPHQWR GRV VLVWHPDV HGXFDFLRQDLV YLVDQGR D JDUDQWLU FRQGLo}HV GH DFHVVR SHUPDQrQFLD SDUWLFLSDomR H DSUHQGL]DJHP SRU PHLR GD RIHUWD GH
VHUYLoRVHGHUHFXUVRVGHDFHVVLELOLGDGHTXHHOLPLQHPDVEDUUHLUDVHSURPRYDPDLQFOXVmRSOHQD

,,,SURMHWRSHGDJyJLFRTXHLQVWLWXFLRQDOL]HRDWHQGLPHQWRHGXFDFLRQDOHVSHFLDOL]DGRDVVLPFRPRRVGHPDLVVHUYLoRVHDGDSWDo}HVUD]RiYHLVSDUDDWHQGHUjV
FDUDFWHUtVWLFDVGRVHVWXGDQWHVFRPGHILFLrQFLDHJDUDQWLURVHXSOHQRDFHVVRDRFXUUtFXORHPFRQGLo}HVGHLJXDOGDGHSURPRYHQGRDFRQTXLVWDHRH[HUFtFLRGHVXD
DXWRQRPLD

,9  RIHUWD GH HGXFDomR ELOtQJXH HP /LEUDV FRPR SULPHLUD OtQJXD H QD PRGDOLGDGH HVFULWD GD OtQJXD SRUWXJXHVD FRPR VHJXQGD OtQJXD HP HVFRODV H FODVVHV
ELOtQJXHVHHPHVFRODVLQFOXVLYDV

9  DGRomR GH PHGLGDV LQGLYLGXDOL]DGDV H FROHWLYDV HP DPELHQWHV TXH PD[LPL]HP R GHVHQYROYLPHQWR DFDGrPLFR H VRFLDO GRV HVWXGDQWHV FRP GHILFLrQFLD
IDYRUHFHQGRRDFHVVRDSHUPDQrQFLDDSDUWLFLSDomRHDDSUHQGL]DJHPHPLQVWLWXLo}HVGHHQVLQR

9,  SHVTXLVDV YROWDGDV SDUD R GHVHQYROYLPHQWR GH QRYRV PpWRGRV H WpFQLFDV SHGDJyJLFDV GH PDWHULDLV GLGiWLFRV GH HTXLSDPHQWRV H GH UHFXUVRV GH
WHFQRORJLDDVVLVWLYD

9,,  SODQHMDPHQWR GH HVWXGR GH FDVR GH HODERUDomR GH SODQR GH DWHQGLPHQWR HGXFDFLRQDO HVSHFLDOL]DGR GH RUJDQL]DomR GH UHFXUVRV H VHUYLoRV GH
DFHVVLELOLGDGHHGHGLVSRQLELOL]DomRHXVDELOLGDGHSHGDJyJLFDGHUHFXUVRVGHWHFQRORJLDDVVLVWLYD
 9,,,SDUWLFLSDomRGRVHVWXGDQWHVFRPGHILFLrQFLDHGHVXDVIDPtOLDVQDVGLYHUVDVLQVWkQFLDVGHDWXDomRGDFRPXQLGDGHHVFRODU

,;  DGRomR GH PHGLGDV GH DSRLR TXH IDYRUHoDP R GHVHQYROYLPHQWR GRV DVSHFWRV OLQJXtVWLFRV FXOWXUDLV YRFDFLRQDLV H SURILVVLRQDLV OHYDQGRVH HP FRQWD R
WDOHQWRDFULDWLYLGDGHDVKDELOLGDGHVHRVLQWHUHVVHVGRHVWXGDQWHFRPGHILFLrQFLD

;  DGRomR GH SUiWLFDV SHGDJyJLFDV LQFOXVLYDV SHORV SURJUDPDV GH IRUPDomR LQLFLDO H FRQWLQXDGD GH SURIHVVRUHV H RIHUWD GH IRUPDomR FRQWLQXDGD SDUD R
DWHQGLPHQWRHGXFDFLRQDOHVSHFLDOL]DGR

;,IRUPDomRHGLVSRQLELOL]DomRGHSURIHVVRUHVSDUDRDWHQGLPHQWRHGXFDFLRQDOHVSHFLDOL]DGRGHWUDGXWRUHVHLQWpUSUHWHVGD/LEUDVGHJXLDVLQWpUSUHWHVHGH
SURILVVLRQDLVGHDSRLR

;,,  RIHUWD GH HQVLQR GD /LEUDV GR 6LVWHPD %UDLOOH H GH XVR GH UHFXUVRV GH WHFQRORJLD DVVLVWLYD GH IRUPD D DPSOLDU KDELOLGDGHV IXQFLRQDLV GRV HVWXGDQWHV
SURPRYHQGRVXDDXWRQRPLDHSDUWLFLSDomR

;,,,DFHVVRjHGXFDomRVXSHULRUHjHGXFDomRSURILVVLRQDOHWHFQROyJLFDHPLJXDOGDGHGHRSRUWXQLGDGHVHFRQGLo}HVFRPDVGHPDLVSHVVRDV

;,9LQFOXVmRHPFRQWH~GRVFXUULFXODUHVHPFXUVRVGHQtYHOVXSHULRUHGHHGXFDomRSURILVVLRQDOWpFQLFDHWHFQROyJLFDGHWHPDVUHODFLRQDGRVjSHVVRDFRP
GHILFLrQFLDQRVUHVSHFWLYRVFDPSRVGHFRQKHFLPHQWR

;9DFHVVRGDSHVVRDFRPGHILFLrQFLDHPLJXDOGDGHGHFRQGLo}HVDMRJRVHDDWLYLGDGHVUHFUHDWLYDVHVSRUWLYDVHGHOD]HUQRVLVWHPDHVFRODU

;9,  DFHVVLELOLGDGH SDUD WRGRV RV HVWXGDQWHV WUDEDOKDGRUHV GD HGXFDomR H GHPDLV LQWHJUDQWHV GD FRPXQLGDGH HVFRODU jV HGLILFDo}HV DRV DPELHQWHV H jV
DWLYLGDGHVFRQFHUQHQWHVDWRGDVDVPRGDOLGDGHVHWDSDVHQtYHLVGHHQVLQR

;9,,RIHUWDGHSURILVVLRQDLVGHDSRLRHVFRODU

;9,,,DUWLFXODomRLQWHUVHWRULDOQDLPSOHPHQWDomRGHSROtWLFDVS~EOLFDV

RVLQVWLWXLo}HVSULYDGDVGHTXDOTXHUQtYHOHPRGDOLGDGHGHHQVLQRDSOLFDVHREULJDWRULDPHQWHRGLVSRVWRQRVLQFLVRV,,,,,,99,,9,,,,;;;,;,,
;,,, ;,9 ;9 ;9, ;9,, H ;9,,, GR FDSXW GHVWH DUWLJR VHQGR YHGDGD D FREUDQoD GH YDORUHV DGLFLRQDLV GH TXDOTXHU QDWXUH]D HP VXDV PHQVDOLGDGHV DQXLGDGHV H
PDWUtFXODVQRFXPSULPHQWRGHVVDVGHWHUPLQDo}HV

R1DGLVSRQLELOL]DomRGHWUDGXWRUHVHLQWpUSUHWHVGD/LEUDVDTXHVHUHIHUHRLQFLVR;,GRFDSXWGHVWHDUWLJRGHYHVHREVHUYDURVHJXLQWH

,RVWUDGXWRUHVHLQWpUSUHWHVGD/LEUDVDWXDQWHVQDHGXFDomREiVLFDGHYHPQRPtQLPRSRVVXLUHQVLQRPpGLRFRPSOHWRHFHUWLILFDGRGHSURILFLrQFLDQD/LEUDV
9LJrQFLD

,,  RV WUDGXWRUHV H LQWpUSUHWHV GD /LEUDV TXDQGR GLUHFLRQDGRV j WDUHID GH LQWHUSUHWDU QDV VDODV GH DXOD GRV FXUVRV GH JUDGXDomR H SyVJUDGXDomR GHYHP
SRVVXLUQtYHOVXSHULRUFRPKDELOLWDomRSULRULWDULDPHQWHHP7UDGXomRH,QWHUSUHWDomRHP/LEUDV9LJrQFLD

$UW9(7$'2

$UW   1RV SURFHVVRV VHOHWLYRV SDUD LQJUHVVR H SHUPDQrQFLD QRV FXUVRV RIHUHFLGRV SHODV LQVWLWXLo}HV GH HQVLQR VXSHULRU H GH HGXFDomR SURILVVLRQDO H
WHFQROyJLFDS~EOLFDVHSULYDGDVGHYHPVHUDGRWDGDVDVVHJXLQWHVPHGLGDV

,DWHQGLPHQWRSUHIHUHQFLDOjSHVVRDFRPGHILFLrQFLDQDVGHSHQGrQFLDVGDV,QVWLWXLo}HVGH(QVLQR6XSHULRU,(6HQRVVHUYLoRV

,,GLVSRQLELOL]DomRGHIRUPXOiULRGHLQVFULomRGHH[DPHVFRPFDPSRVHVSHFtILFRVSDUDTXHRFDQGLGDWRFRPGHILFLrQFLDLQIRUPHRVUHFXUVRVGHDFHVVLELOLGDGH
HGHWHFQRORJLDDVVLVWLYDQHFHVViULRVSDUDVXDSDUWLFLSDomR

,,,GLVSRQLELOL]DomRGHSURYDVHPIRUPDWRVDFHVVtYHLVSDUDDWHQGLPHQWRjVQHFHVVLGDGHVHVSHFtILFDVGRFDQGLGDWRFRPGHILFLrQFLD

,9GLVSRQLELOL]DomRGHUHFXUVRVGHDFHVVLELOLGDGHHGHWHFQRORJLDDVVLVWLYDDGHTXDGRVSUHYLDPHQWHVROLFLWDGRVHHVFROKLGRVSHORFDQGLGDWRFRPGHILFLrQFLD

9  GLODomR GH WHPSR FRQIRUPH GHPDQGD DSUHVHQWDGD SHOR FDQGLGDWR FRP GHILFLrQFLD WDQWR QD UHDOL]DomR GH H[DPH SDUD VHOHomR TXDQWR QDV DWLYLGDGHV
DFDGrPLFDVPHGLDQWHSUpYLDVROLFLWDomRHFRPSURYDomRGDQHFHVVLGDGH

9,DGRomRGHFULWpULRVGHDYDOLDomRGDVSURYDVHVFULWDVGLVFXUVLYDVRXGHUHGDomRTXHFRQVLGHUHPDVLQJXODULGDGHOLQJXtVWLFDGDSHVVRDFRPGHILFLrQFLDQR
GRPtQLRGDPRGDOLGDGHHVFULWDGDOtQJXDSRUWXJXHVD

9,,WUDGXomRFRPSOHWDGRHGLWDOHGHVXDVUHWLILFDo}HVHP/LEUDV

&$378/29

'2',5(,72025$',$

$UW$SHVVRDFRPGHILFLrQFLDWHPGLUHLWRjPRUDGLDGLJQDQRVHLRGDIDPtOLDQDWXUDORXVXEVWLWXWDFRPVHXF{QMXJHRXFRPSDQKHLURRXGHVDFRPSDQKDGD
RXHPPRUDGLDSDUDDYLGDLQGHSHQGHQWHGDSHVVRDFRPGHILFLrQFLDRXDLQGDHPUHVLGrQFLDLQFOXVLYD

 R  2 SRGHU S~EOLFR DGRWDUi SURJUDPDV H Do}HV HVWUDWpJLFDV SDUD DSRLDU D FULDomR H D PDQXWHQomR GH PRUDGLD SDUD D YLGD LQGHSHQGHQWH GD SHVVRD FRP
GHILFLrQFLD

R$SURWHomRLQWHJUDOQDPRGDOLGDGH GH UHVLGrQFLD LQFOXVLYD VHUi SUHVWDGD QR kPELWR GR 6XDV j SHVVRD FRP GHILFLrQFLD HP VLWXDomR GH GHSHQGrQFLD TXH
QmRGLVSRQKDGHFRQGLo}HVGHDXWRVVXVWHQWDELOLGDGHFRPYtQFXORVIDPLOLDUHVIUDJLOL]DGRVRXURPSLGRV

$UW1RVSURJUDPDVKDELWDFLRQDLVS~EOLFRVRXVXEVLGLDGRVFRPUHFXUVRVS~EOLFRVDSHVVRDFRPGHILFLrQFLDRXRVHXUHVSRQViYHOJR]DGHSULRULGDGHQD
DTXLVLomRGHLPyYHOSDUDPRUDGLDSUySULDREVHUYDGRRVHJXLQWH

,UHVHUYDGHQRPtQLPRWUrVSRUFHQWRGDVXQLGDGHVKDELWDFLRQDLVSDUDSHVVRDFRPGHILFLrQFLD

,,9(7$'2

,,,HPFDVRGHHGLILFDomRPXOWLIDPLOLDUJDUDQWLDGHDFHVVLELOLGDGHQDViUHDVGHXVRFRPXPHQDVXQLGDGHVKDELWDFLRQDLVQRSLVRWpUUHRHGHDFHVVLELOLGDGHRX
GHDGDSWDomRUD]RiYHOQRVGHPDLVSLVRV

,9GLVSRQLELOL]DomRGHHTXLSDPHQWRVXUEDQRVFRPXQLWiULRVDFHVVtYHLV

9HODERUDomRGHHVSHFLILFDo}HVWpFQLFDVQRSURMHWRTXHSHUPLWDPDLQVWDODomRGHHOHYDGRUHV

R2GLUHLWRjSULRULGDGHSUHYLVWRQRFDSXWGHVWHDUWLJRVHUiUHFRQKHFLGRjSHVVRDFRPGHILFLrQFLDEHQHILFLiULDDSHQDVXPDYH]

R1RVSURJUDPDVKDELWDFLRQDLVS~EOLFRV RV FULWpULRV GH ILQDQFLDPHQWR GHYHP VHU FRPSDWtYHLV FRP RV UHQGLPHQWRV GD SHVVRD FRP GHILFLrQFLD RX GH VXD
IDPtOLD

 R  &DVR QmR KDMD SHVVRD FRP GHILFLrQFLD LQWHUHVVDGD QDV XQLGDGHV KDELWDFLRQDLV UHVHUYDGDV SRU IRUoD GR GLVSRVWR QR LQFLVR , GR FDSXW GHVWH DUWLJR DV
XQLGDGHVQmRXWLOL]DGDVVHUmRGLVSRQLELOL]DGDVjVGHPDLVSHVVRDV
 $UW$RSRGHUS~EOLFRFRPSHWH

,DGRWDUDVSURYLGrQFLDVQHFHVViULDVSDUDRFXPSULPHQWRGRGLVSRVWRQRVDUWVHGHVWD/HLH

,,GLYXOJDUSDUDRVDJHQWHVLQWHUHVVDGRVHEHQHILFLiULRVDSROtWLFDKDELWDFLRQDOSUHYLVWDQDVOHJLVODo}HVIHGHUDOHVWDGXDLVGLVWULWDOHPXQLFLSDLVFRPrQIDVH
QRVGLVSRVLWLYRVVREUHDFHVVLELOLGDGH

&$378/29,

'2',5(,72$275$%$/+2

6HomR,

'LVSRVLo}HV*HUDLV

$UW$SHVVRDFRPGHILFLrQFLDWHPGLUHLWRDRWUDEDOKRGHVXDOLYUHHVFROKDHDFHLWDomRHPDPELHQWHDFHVVtYHOHLQFOXVLYRHPLJXDOGDGHGHRSRUWXQLGDGHV
FRPDVGHPDLVSHVVRDV

R$VSHVVRDVMXUtGLFDVGHGLUHLWRS~EOLFRSULYDGRRXGHTXDOTXHUQDWXUH]DVmRREULJDGDVDJDUDQWLUDPELHQWHVGHWUDEDOKRDFHVVtYHLVHLQFOXVLYRV

 R  $ SHVVRD FRP GHILFLrQFLD WHP GLUHLWR HP LJXDOGDGH GH RSRUWXQLGDGHV FRP DV GHPDLV SHVVRDV D FRQGLo}HV MXVWDV H IDYRUiYHLV GH WUDEDOKR LQFOXLQGR
LJXDOUHPXQHUDomRSRUWUDEDOKRGHLJXDOYDORU

 R  e YHGDGD UHVWULomR DR WUDEDOKR GD SHVVRD FRP GHILFLrQFLD H TXDOTXHU GLVFULPLQDomR HP UD]mR GH VXD FRQGLomR LQFOXVLYH QDV HWDSDV GH UHFUXWDPHQWR
VHOHomRFRQWUDWDomRDGPLVVmRH[DPHVDGPLVVLRQDOHSHULyGLFRSHUPDQrQFLDQRHPSUHJRDVFHQVmRSURILVVLRQDOHUHDELOLWDomRSURILVVLRQDOEHPFRPRH[LJrQFLDGH
DSWLGmRSOHQD

 R  $ SHVVRD FRP GHILFLrQFLD WHP GLUHLWR j SDUWLFLSDomR H DR DFHVVR D FXUVRV WUHLQDPHQWRV HGXFDomR FRQWLQXDGD SODQRV GH FDUUHLUD SURPRo}HV
ERQLILFDo}HVHLQFHQWLYRVSURILVVLRQDLVRIHUHFLGRVSHORHPSUHJDGRUHPLJXDOGDGHGHRSRUWXQLGDGHVFRPRVGHPDLVHPSUHJDGRV

ReJDUDQWLGDDRVWUDEDOKDGRUHVFRPGHILFLrQFLDDFHVVLELOLGDGHHPFXUVRVGHIRUPDomRHGHFDSDFLWDomR

$UW   e ILQDOLGDGH SULPRUGLDO GDV SROtWLFDV S~EOLFDV GH WUDEDOKR H HPSUHJR SURPRYHU H JDUDQWLU FRQGLo}HV GH DFHVVR H GH SHUPDQrQFLD GD SHVVRD FRP
GHILFLrQFLDQRFDPSRGHWUDEDOKR

3DUiJUDIR ~QLFR  2V SURJUDPDV GH HVWtPXOR DR HPSUHHQGHGRULVPR H DR WUDEDOKR DXW{QRPR LQFOXtGRV R FRRSHUDWLYLVPR H R DVVRFLDWLYLVPR GHYHP SUHYHU D
SDUWLFLSDomRGDSHVVRDFRPGHILFLrQFLDHDGLVSRQLELOL]DomRGHOLQKDVGHFUpGLWRTXDQGRQHFHVViULDV

6HomR,,

'D+DELOLWDomR3URILVVLRQDOH5HDELOLWDomR3URILVVLRQDO

$UW   2 SRGHU S~EOLFR GHYH LPSOHPHQWDU VHUYLoRV H SURJUDPDV FRPSOHWRV GH KDELOLWDomR SURILVVLRQDO H GH UHDELOLWDomR SURILVVLRQDO SDUD TXH D SHVVRD FRP
GHILFLrQFLDSRVVDLQJUHVVDUFRQWLQXDURXUHWRUQDUDRFDPSRGRWUDEDOKRUHVSHLWDGRVVXDOLYUHHVFROKDVXDYRFDomRHVHXLQWHUHVVH

R(TXLSHPXOWLGLVFLSOLQDULQGLFDUiFRPEDVHHPFULWpULRVSUHYLVWRVQRRGRDUWRGHVWD/HLSURJUDPDGHKDELOLWDomRRXGHUHDELOLWDomRTXHSRVVLELOLWHj
SHVVRDFRPGHILFLrQFLDUHVWDXUDUVXDFDSDFLGDGHHKDELOLGDGHSURILVVLRQDORXDGTXLULUQRYDVFDSDFLGDGHVHKDELOLGDGHVGHWUDEDOKR

 R  $ KDELOLWDomR SURILVVLRQDO FRUUHVSRQGH DR SURFHVVR GHVWLQDGR D SURSLFLDU j SHVVRD FRP GHILFLrQFLD DTXLVLomR GH FRQKHFLPHQWRV KDELOLGDGHV H DSWLG}HV
SDUDH[HUFtFLRGHSURILVVmRRXGHRFXSDomRSHUPLWLQGRQtYHOVXILFLHQWHGHGHVHQYROYLPHQWRSURILVVLRQDOSDUDLQJUHVVRQRFDPSRGHWUDEDOKR

R2VVHUYLoRVGHKDELOLWDomRSURILVVLRQDOGHUHDELOLWDomRSURILVVLRQDOHGHHGXFDomRSURILVVLRQDOGHYHPVHUGRWDGRVGHUHFXUVRVQHFHVViULRVSDUDDWHQGHUD
WRGDSHVVRDFRPGHILFLrQFLDLQGHSHQGHQWHPHQWHGHVXDFDUDFWHUtVWLFDHVSHFtILFDDILPGHTXHHODSRVVDVHUFDSDFLWDGDSDUDWUDEDOKRTXHOKHVHMDDGHTXDGRHWHU
SHUVSHFWLYDVGHREWrORGHFRQVHUYiORHGHQHOHSURJUHGLU

 R  2V VHUYLoRV GH KDELOLWDomR SURILVVLRQDO GH UHDELOLWDomR SURILVVLRQDO H GH HGXFDomR SURILVVLRQDO GHYHUmR VHU RIHUHFLGRV HP DPELHQWHV DFHVVtYHLV H
LQFOXVLYRV

R$KDELOLWDomRSURILVVLRQDOHDUHDELOLWDomRSURILVVLRQDOGHYHPRFRUUHUDUWLFXODGDVFRPDVUHGHVS~EOLFDVHSULYDGDVHVSHFLDOPHQWHGHVD~GHGHHQVLQRH
GHDVVLVWrQFLDVRFLDOHPWRGRVRVQtYHLVHPRGDOLGDGHVHPHQWLGDGHVGHIRUPDomRSURILVVLRQDORXGLUHWDPHQWHFRPRHPSUHJDGRU

 R  $ KDELOLWDomR SURILVVLRQDO SRGH RFRUUHU HP HPSUHVDV SRU PHLR GH SUpYLD IRUPDOL]DomR GR FRQWUDWR GH HPSUHJR GD SHVVRD FRP GHILFLrQFLD TXH VHUi
FRQVLGHUDGD SDUD R FXPSULPHQWR GD UHVHUYD GH YDJDV SUHYLVWD HP OHL GHVGH TXH SRU WHPSR GHWHUPLQDGR H FRQFRPLWDQWH FRP D LQFOXVmR SURILVVLRQDO QD HPSUHVD
REVHUYDGRRGLVSRVWRHPUHJXODPHQWR

R$KDELOLWDomRSURILVVLRQDOHDUHDELOLWDomRSURILVVLRQDODWHQGHUmRjSHVVRDFRPGHILFLrQFLD

6HomR,,,

'D,QFOXVmRGD3HVVRDFRP'HILFLrQFLDQR7UDEDOKR

$UW&RQVWLWXLPRGRGHLQFOXVmRGDSHVVRDFRPGHILFLrQFLDQRWUDEDOKRDFRORFDomRFRPSHWLWLYDHPLJXDOGDGHGHRSRUWXQLGDGHVFRPDVGHPDLVSHVVRDV
QRVWHUPRVGDOHJLVODomRWUDEDOKLVWDHSUHYLGHQFLiULDQDTXDOGHYHPVHUDWHQGLGDVDVUHJUDVGHDFHVVLELOLGDGHRIRUQHFLPHQWRGHUHFXUVRVGHWHFQRORJLDDVVLVWLYDH
DDGDSWDomRUD]RiYHOQRDPELHQWHGHWUDEDOKR

3DUiJUDIR~QLFR$FRORFDomRFRPSHWLWLYDGDSHVVRDFRPGHILFLrQFLDSRGHRFRUUHUSRUPHLRGHWUDEDOKRFRPDSRLRREVHUYDGDVDVVHJXLQWHVGLUHWUL]HV

,SULRULGDGHQRDWHQGLPHQWRjSHVVRDFRPGHILFLrQFLDFRPPDLRUGLILFXOGDGHGHLQVHUomRQRFDPSRGHWUDEDOKR

,,  SURYLVmR GH VXSRUWHV LQGLYLGXDOL]DGRV TXH DWHQGDP D QHFHVVLGDGHV HVSHFtILFDV GD SHVVRD FRP GHILFLrQFLD LQFOXVLYH D GLVSRQLELOL]DomR GH UHFXUVRV GH
WHFQRORJLDDVVLVWLYDGHDJHQWHIDFLOLWDGRUHGHDSRLRQRDPELHQWHGHWUDEDOKR

,,,UHVSHLWRDRSHUILOYRFDFLRQDOHDRLQWHUHVVHGDSHVVRDFRPGHILFLrQFLDDSRLDGD

,9  RIHUWD GH DFRQVHOKDPHQWR H GH DSRLR DRV HPSUHJDGRUHV FRP YLVWDV j GHILQLomR GH HVWUDWpJLDV GH LQFOXVmR H GH VXSHUDomR GH EDUUHLUDV LQFOXVLYH
DWLWXGLQDLV

9UHDOL]DomRGHDYDOLDo}HVSHULyGLFDV

9,DUWLFXODomRLQWHUVHWRULDOGDVSROtWLFDVS~EOLFDV
 9,,SRVVLELOLGDGHGHSDUWLFLSDomRGHRUJDQL]Do}HVGDVRFLHGDGHFLYLO

$UW   $ HQWLGDGH FRQWUDWDGD SDUD D UHDOL]DomR GH SURFHVVR VHOHWLYR S~EOLFR RX SULYDGR SDUD FDUJR IXQomR RX HPSUHJR HVWi REULJDGD j REVHUYkQFLD GR
GLVSRVWRQHVWD/HLHHPRXWUDVQRUPDVGHDFHVVLELOLGDGHYLJHQWHV

&$378/29,,

'2',5(,72$66,671&,$62&,$/

$UW2VVHUYLoRVRVSURJUDPDVRVSURMHWRVHRVEHQHItFLRVQRkPELWRGDSROtWLFDS~EOLFDGHDVVLVWrQFLDVRFLDOjSHVVRDFRPGHILFLrQFLDHVXDIDPtOLDWrP
FRPR REMHWLYR D JDUDQWLD GD VHJXUDQoD GH UHQGD GD DFROKLGD GD KDELOLWDomR H GD UHDELOLWDomR GR GHVHQYROYLPHQWR GD DXWRQRPLD H GD FRQYLYrQFLD IDPLOLDU H
FRPXQLWiULDSDUDDSURPRomRGRDFHVVRDGLUHLWRVHGDSOHQDSDUWLFLSDomRVRFLDO

R$DVVLVWrQFLDVRFLDOjSHVVRDFRPGHILFLrQFLDQRVWHUPRVGRFDSXWGHVWH DUWLJR GHYH HQYROYHU FRQMXQWR DUWLFXODGR GH VHUYLoRV GR kPELWR GD 3URWHomR
6RFLDO%iVLFDHGD3URWHomR6RFLDO(VSHFLDORIHUWDGRVSHOR6XDVSDUDDJDUDQWLDGHVHJXUDQoDVIXQGDPHQWDLVQRHQIUHQWDPHQWRGHVLWXDo}HVGHYXOQHUDELOLGDGHH
GHULVFRSRUIUDJLOL]DomRGHYtQFXORVHDPHDoDRXYLRODomRGHGLUHLWRV

R2VVHUYLoRVVRFLRDVVLVWHQFLDLVGHVWLQDGRVjSHVVRDFRPGHILFLrQFLDHPVLWXDomRGHGHSHQGrQFLDGHYHUmRFRQWDUFRPFXLGDGRUHVVRFLDLVSDUDSUHVWDUOKH
FXLGDGRVEiVLFRVHLQVWUXPHQWDLV

$UWeDVVHJXUDGRjSHVVRDFRPGHILFLrQFLDTXHQmRSRVVXDPHLRVSDUDSURYHUVXDVXEVLVWrQFLDQHPGHWrODSURYLGDSRUVXDIDPtOLDREHQHItFLRPHQVDO
GHXPVDOiULRPtQLPRQRVWHUPRVGD/HLQRGHGHGH]HPEURGH

&$378/29,,,

'2',5(,7235(9,'1&,$62&,$/

$UW$SHVVRDFRPGHILFLrQFLDVHJXUDGDGR5HJLPH*HUDOGH3UHYLGrQFLD6RFLDO5*36WHPGLUHLWRjDSRVHQWDGRULDQRVWHUPRVGD/HL &RPSOHPHQWDU QR

GHGHPDLRGH

&$378/2,;

'2',5(,72&8/785$$2(63257($2785,602($2/$=(5

$UW$SHVVRDFRPGHILFLrQFLDWHPGLUHLWRjFXOWXUDDRHVSRUWHDRWXULVPRHDROD]HUHPLJXDOGDGHGHRSRUWXQLGDGHVFRPDVGHPDLVSHVVRDVVHQGROKH
JDUDQWLGRRDFHVVR

,DEHQVFXOWXUDLVHPIRUPDWRDFHVVtYHO

,,DSURJUDPDVGHWHOHYLVmRFLQHPDWHDWURHRXWUDVDWLYLGDGHVFXOWXUDLVHGHVSRUWLYDVHPIRUPDWRDFHVVtYHOH

,,,DPRQXPHQWRVHORFDLVGHLPSRUWkQFLDFXOWXUDOHDHVSDoRVTXHRIHUHoDPVHUYLoRVRXHYHQWRVFXOWXUDLVHHVSRUWLYRV

 R  e YHGDGD D UHFXVD GH RIHUWD GH REUD LQWHOHFWXDO HP IRUPDWR DFHVVtYHO j SHVVRD FRP GHILFLrQFLD VRE TXDOTXHU DUJXPHQWR LQFOXVLYH VRE D DOHJDomR GH
SURWHomRGRVGLUHLWRVGHSURSULHGDGHLQWHOHFWXDO

 R  2 SRGHU S~EOLFR GHYH DGRWDU VROXo}HV GHVWLQDGDV j HOLPLQDomR j UHGXomR RX j VXSHUDomR GH EDUUHLUDV SDUD D SURPRomR GR DFHVVR D WRGR SDWULP{QLR
FXOWXUDOREVHUYDGDVDVQRUPDVGHDFHVVLELOLGDGHDPELHQWDLVHGHSURWHomRGRSDWULP{QLRKLVWyULFRHDUWtVWLFRQDFLRQDO

$UW2SRGHUS~EOLFRGHYHSURPRYHUDSDUWLFLSDomRGDSHVVRDFRPGHILFLrQFLDHPDWLYLGDGHVDUWtVWLFDVLQWHOHFWXDLVFXOWXUDLVHVSRUWLYDVHUHFUHDWLYDVFRP
YLVWDVDRVHXSURWDJRQLVPRGHYHQGR

,LQFHQWLYDUDSURYLVmRGHLQVWUXomRGHWUHLQDPHQWRHGHUHFXUVRVDGHTXDGRVHPLJXDOGDGHGHRSRUWXQLGDGHVFRPDVGHPDLVSHVVRDV

,,DVVHJXUDUDFHVVLELOLGDGHQRVORFDLVGHHYHQWRVHQRVVHUYLoRVSUHVWDGRVSRUSHVVRDRXHQWLGDGHHQYROYLGDQDRUJDQL]DomRGDVDWLYLGDGHVGHTXHWUDWDHVWH
DUWLJRH

,,,  DVVHJXUDU D SDUWLFLSDomR GD SHVVRD FRP GHILFLrQFLD HP MRJRV H DWLYLGDGHV UHFUHDWLYDV HVSRUWLYDV GH OD]HU FXOWXUDLV H DUWtVWLFDV LQFOXVLYH QR VLVWHPD
HVFRODUHPLJXDOGDGHGHFRQGLo}HVFRPDVGHPDLVSHVVRDV

$UW1RVWHDWURVFLQHPDVDXGLWyULRVHVWiGLRVJLQiVLRVGHHVSRUWHORFDLVGHHVSHWiFXORVHGHFRQIHUrQFLDVHVLPLODUHVVHUmRUHVHUYDGRVHVSDoRVOLYUHV
HDVVHQWRVSDUDDSHVVRDFRPGHILFLrQFLDGHDFRUGRFRPDFDSDFLGDGHGHORWDomRGDHGLILFDomRREVHUYDGRRGLVSRVWRHPUHJXODPHQWR

 R  2V HVSDoRV H DVVHQWRV D TXH VH UHIHUH HVWH DUWLJR GHYHP VHU GLVWULEXtGRV SHOR UHFLQWR HP ORFDLV GLYHUVRV GH ERD YLVLELOLGDGH HP WRGRV RV VHWRUHV
SUy[LPRV DRV FRUUHGRUHV GHYLGDPHQWH VLQDOL]DGRV HYLWDQGRVH iUHDV VHJUHJDGDV GH S~EOLFR H REVWUXomR GDV VDtGDV HP FRQIRUPLGDGH FRP DV QRUPDV GH
DFHVVLELOLGDGH

R1RFDVRGHQmRKDYHUFRPSURYDGDSURFXUDSHORVDVVHQWRVUHVHUYDGRVHVVHVSRGHPH[FHSFLRQDOPHQWHVHURFXSDGRVSRUSHVVRDVVHPGHILFLrQFLDRX
TXHQmRWHQKDPPRELOLGDGHUHGX]LGDREVHUYDGRRGLVSRVWRHPUHJXODPHQWR

 R  2V HVSDoRV H DVVHQWRV D TXH VH UHIHUH HVWH DUWLJR GHYHP VLWXDUVH HP ORFDLV TXH JDUDQWDP D DFRPRGDomR GH QR PtQLPR  XP DFRPSDQKDQWH GD
SHVVRDFRPGHILFLrQFLDRXFRPPRELOLGDGHUHGX]LGDUHVJXDUGDGRRGLUHLWRGHVHDFRPRGDUSUR[LPDPHQWHDJUXSRIDPLOLDUHFRPXQLWiULR

R1RVORFDLVUHIHULGRVQRFDSXWGHVWHDUWLJRGHYHKDYHUREULJDWRULDPHQWHURWDVGHIXJDHVDtGDVGHHPHUJrQFLDDFHVVtYHLVFRQIRUPHSDGU}HVGDVQRUPDV
GHDFHVVLELOLGDGHDILPGHSHUPLWLUDVDtGDVHJXUDGDSHVVRDFRPGHILFLrQFLDRXFRPPRELOLGDGHUHGX]LGDHPFDVRGHHPHUJrQFLD

R7RGRVRVHVSDoRVGDVHGLILFDo}HVSUHYLVWDVQRFDSXWGHVWHDUWLJRGHYHPDWHQGHUjVQRUPDVGHDFHVVLELOLGDGHHPYLJRU

R$VVDODVGHFLQHPDGHYHPRIHUHFHUHPWRGDVDVVHVV}HVUHFXUVRVGHDFHVVLELOLGDGHSDUDDSHVVRDFRPGHILFLrQFLD9LJrQFLD

R2YDORUGRLQJUHVVRGDSHVVRDFRPGHILFLrQFLDQmRSRGHUiVHUVXSHULRUDRYDORUFREUDGRGDVGHPDLVSHVVRDV

$UW   2V KRWpLV SRXVDGDV H VLPLODUHV GHYHP VHU FRQVWUXtGRV REVHUYDQGRVH RV SULQFtSLRV GR GHVHQKR XQLYHUVDO DOpP GH DGRWDU WRGRV RV PHLRV GH
DFHVVLELOLGDGHFRQIRUPHOHJLVODomRHPYLJRU9LJrQFLD

R2VHVWDEHOHFLPHQWRVMiH[LVWHQWHVGHYHUmRGLVSRQLELOL]DUSHORPHQRVGH]SRUFHQWRGHVHXVGRUPLWyULRVDFHVVtYHLVJDUDQWLGDQRPtQLPRXPD

XQLGDGHDFHVVtYHO

R2VGRUPLWyULRVPHQFLRQDGRVQRRGHVWHDUWLJRGHYHUmRVHUORFDOL]DGRVHPURWDVDFHVVtYHLV

&$378/2;
 '2',5(,72$275$163257((02%,/,'$'(

$UW2GLUHLWRDRWUDQVSRUWHHjPRELOLGDGHGDSHVVRDFRPGHILFLrQFLDRXFRPPRELOLGDGHUHGX]LGDVHUiDVVHJXUDGRHPLJXDOGDGHGHRSRUWXQLGDGHVFRPDV
GHPDLVSHVVRDVSRUPHLRGHLGHQWLILFDomRHGHHOLPLQDomRGHWRGRVRVREVWiFXORVHEDUUHLUDVDRVHXDFHVVR

 R  3DUD ILQV GH DFHVVLELOLGDGH DRV VHUYLoRV GH WUDQVSRUWH FROHWLYR WHUUHVWUH DTXDYLiULR H DpUHR HP WRGDV DV MXULVGLo}HV FRQVLGHUDPVH FRPR LQWHJUDQWHV
GHVVHVVHUYLoRVRVYHtFXORVRVWHUPLQDLVDVHVWDo}HVRVSRQWRVGHSDUDGDRVLVWHPDYLiULRHDSUHVWDomRGRVHUYLoR

R6mRVXMHLWDVDRFXPSULPHQWRGDVGLVSRVLo}HVGHVWD/HLVHPSUHTXHKRXYHULQWHUDomRFRPDPDWpULDQHODUHJXODGDDRXWRUJDDFRQFHVVmRDSHUPLVVmR
DDXWRUL]DomRDUHQRYDomRRXDKDELOLWDomRGHOLQKDVHGHVHUYLoRVGHWUDQVSRUWHFROHWLYR

 R  3DUD FRORFDomR GR VtPEROR LQWHUQDFLRQDO GH DFHVVR QRV YHtFXORV DV HPSUHVDV GH WUDQVSRUWH FROHWLYR GH SDVVDJHLURV GHSHQGHP GD FHUWLILFDomR GH
DFHVVLELOLGDGHHPLWLGDSHORJHVWRUS~EOLFRUHVSRQViYHOSHODSUHVWDomRGRVHUYLoR

$UW(PWRGDVDViUHDVGHHVWDFLRQDPHQWRDEHUWRDRS~EOLFRGHXVRS~EOLFRRXSULYDGRGHXVRFROHWLYRHHPYLDVS~EOLFDVGHYHPVHUUHVHUYDGDVYDJDV
SUy[LPDV DRV DFHVVRV GH FLUFXODomR GH SHGHVWUHV GHYLGDPHQWH VLQDOL]DGDV SDUD YHtFXORV TXH WUDQVSRUWHP SHVVRD FRP GHILFLrQFLD FRP FRPSURPHWLPHQWR GH
PRELOLGDGHGHVGHTXHGHYLGDPHQWHLGHQWLILFDGRV

R$VYDJDVDTXHVHUHIHUHRFDSXWGHVWHDUWLJRGHYHPHTXLYDOHUDGRLVSRUFHQWRGRWRWDOJDUDQWLGDQRPtQLPRXPDYDJDGHYLGDPHQWHVLQDOL]DGD

HFRPDVHVSHFLILFDo}HVGHGHVHQKRHWUDoDGRGHDFRUGRFRPDVQRUPDVWpFQLFDVYLJHQWHVGHDFHVVLELOLGDGH

 R  2V YHtFXORV HVWDFLRQDGRV QDV YDJDV UHVHUYDGDV GHYHP H[LELU HP ORFDO GH DPSOD YLVLELOLGDGH D FUHGHQFLDO GH EHQHILFLiULR D VHU FRQIHFFLRQDGD H
IRUQHFLGDSHORVyUJmRVGHWUkQVLWRTXHGLVFLSOLQDUmRVXDVFDUDFWHUtVWLFDVHFRQGLo}HVGHXVR

R$XWLOL]DomRLQGHYLGDGDVYDJDV GH TXH WUDWD HVWH DUWLJR VXMHLWD RV LQIUDWRUHV jV VDQo}HV SUHYLVWDV QR LQFLVR ;9,, GR DUW  GD /HL QR  GH  GH
VHWHPEURGH&yGLJRGH7UkQVLWR%UDVLOHLUR

R$FUHGHQFLDODTXHVHUHIHUHRRGHVWHDUWLJRpYLQFXODGDjSHVVRDFRPGHILFLrQFLDTXHSRVVXLFRPSURPHWLPHQWRGHPRELOLGDGHHpYiOLGDHPWRGRR
WHUULWyULRQDFLRQDO

$UW2VYHtFXORVGHWUDQVSRUWHFROHWLYRWHUUHVWUHDTXDYLiULRHDpUHRDVLQVWDODo}HVDVHVWDo}HVRVSRUWRVHRVWHUPLQDLVHPRSHUDomRQR3DtVGHYHPVHU
DFHVVtYHLVGHIRUPDDJDUDQWLURVHXXVRSRUWRGDVDVSHVVRDV

R2VYHtFXORVHDVHVWUXWXUDVGHTXH WUDWD R FDSXW GHVWH DUWLJR GHYHP GLVSRU GH VLVWHPD GH FRPXQLFDomR DFHVVtYHO TXH GLVSRQLELOL]H LQIRUPDo}HV VREUH
WRGRVRVSRQWRVGRLWLQHUiULR

 R  6mR DVVHJXUDGDV j SHVVRD FRP GHILFLrQFLD SULRULGDGH H VHJXUDQoD QRV SURFHGLPHQWRV GH HPEDUTXH H GH GHVHPEDUTXH QRV YHtFXORV GH WUDQVSRUWH
FROHWLYRGHDFRUGRFRPDVQRUPDVWpFQLFDV

 R  3DUD FRORFDomR GR VtPEROR LQWHUQDFLRQDO GH DFHVVR QRV YHtFXORV DV HPSUHVDV GH WUDQVSRUWH FROHWLYR GH SDVVDJHLURV GHSHQGHP GD FHUWLILFDomR GH
DFHVVLELOLGDGHHPLWLGDSHORJHVWRUS~EOLFRUHVSRQViYHOSHODSUHVWDomRGRVHUYLoR

$UW   $V HPSUHVDV GH WUDQVSRUWH GH IUHWDPHQWR H GH WXULVPR QD UHQRYDomR GH VXDV IURWDV VmR REULJDGDV DR FXPSULPHQWR GR GLVSRVWR QRV DUWV  H 
GHVWD/HL9LJrQFLD

$UW   2 SRGHU S~EOLFR LQFHQWLYDUi D IDEULFDomR GH YHtFXORV DFHVVtYHLV H D VXD XWLOL]DomR FRPR Wi[LV H YDQV GH IRUPD D JDUDQWLU R VHX XVR SRU WRGDV DV
SHVVRDV

$UW$VIURWDVGHHPSUHVDVGHWi[LGHYHPUHVHUYDUGH]SRUFHQWRGHVHXVYHtFXORVDFHVVtYHLVjSHVVRDFRPGHILFLrQFLD

ReSURLELGDDFREUDQoDGLIHUHQFLDGDGHWDULIDVRXGHYDORUHVDGLFLRQDLVSHORVHUYLoRGHWi[LSUHVWDGRjSHVVRDFRPGHILFLrQFLD

R2SRGHUS~EOLFRpDXWRUL]DGRDLQVWLWXLULQFHQWLYRVILVFDLVFRPYLVWDVDSRVVLELOLWDUDDFHVVLELOLGDGHGRVYHtFXORVDTXHVHUHIHUHRFDSXWGHVWHDUWLJR

$UW   $V ORFDGRUDV GH YHtFXORV VmR REULJDGDV D RIHUHFHU  XP YHtFXOR DGDSWDGR SDUD XVR GH SHVVRD FRP GHILFLrQFLD D FDGD FRQMXQWR GH  YLQWH
YHtFXORVGHVXDIURWD

3DUiJUDIR ~QLFR  2 YHtFXOR DGDSWDGR GHYHUi WHU QR PtQLPR FkPELR DXWRPiWLFR GLUHomR KLGUiXOLFD YLGURV HOpWULFRV H FRPDQGRV PDQXDLV GH IUHLR H GH
HPEUHDJHP

778/2,,,

'$$&(66,%,/,'$'(

&$378/2,

',6326,d(6*(5$,6

$UW$DFHVVLELOLGDGHpGLUHLWRTXHJDUDQWHjSHVVRDFRPGHILFLrQFLDRXFRPPRELOLGDGHUHGX]LGDYLYHUGHIRUPD LQGHSHQGHQWH H H[HUFHU VHXV GLUHLWRV GH

FLGDGDQLDHGHSDUWLFLSDomRVRFLDO

$UW   6mR VXMHLWDV DR FXPSULPHQWR GDV GLVSRVLo}HV GHVWD /HL H GH RXWUDV QRUPDV UHODWLYDV j DFHVVLELOLGDGH VHPSUH TXH KRXYHU LQWHUDomR FRP D PDWpULD
QHODUHJXODGD

,  D DSURYDomR GH SURMHWR DUTXLWHW{QLFR H XUEDQtVWLFR RX GH FRPXQLFDomR H LQIRUPDomR D IDEULFDomR GH YHtFXORV GH WUDQVSRUWH FROHWLYR D SUHVWDomR GR
UHVSHFWLYRVHUYLoRHDH[HFXomRGHTXDOTXHUWLSRGHREUDTXDQGRWHQKDPGHVWLQDomRS~EOLFDRXFROHWLYD

,,DRXWRUJDRXDUHQRYDomRGHFRQFHVVmRSHUPLVVmRDXWRUL]DomRRXKDELOLWDomRGHTXDOTXHUQDWXUH]D

,,,  D DSURYDomR GH ILQDQFLDPHQWR GH SURMHWR FRP XWLOL]DomR GH UHFXUVRV S~EOLFRV SRU PHLR GH UHQ~QFLD RX GH LQFHQWLYR ILVFDO FRQWUDWR FRQYrQLR RX
LQVWUXPHQWRFRQJrQHUHH

,9DFRQFHVVmRGHDYDOGD8QLmRSDUDREWHQomRGHHPSUpVWLPRHGHILQDQFLDPHQWRLQWHUQDFLRQDLVSRUHQWHVS~EOLFRVRXSULYDGRV

$UW$FRQFHSomRHDLPSODQWDomRGHSURMHWRVTXHWUDWHPGRPHLRItVLFRGHWUDQVSRUWHGHLQIRUPDomRHFRPXQLFDomRLQFOXVLYHGHVLVWHPDVHWHFQRORJLDV
GDLQIRUPDomRHFRPXQLFDomRHGHRXWURVVHUYLoRVHTXLSDPHQWRVHLQVWDODo}HVDEHUWRVDRS~EOLFRGHXVRS~EOLFRRXSULYDGRGHXVRFROHWLYRWDQWRQD]RQDXUEDQD
FRPRQDUXUDOGHYHPDWHQGHUDRVSULQFtSLRVGRGHVHQKRXQLYHUVDOWHQGRFRPRUHIHUrQFLDDVQRUPDVGHDFHVVLELOLGDGH

R2GHVHQKRXQLYHUVDOVHUiVHPSUHWRPDGRFRPRUHJUDGHFDUiWHUJHUDO

R1DVKLSyWHVHVHPTXHFRPSURYDGDPHQWHRGHVHQKRXQLYHUVDOQmRSRVVDVHUHPSUHHQGLGRGHYHVHUDGRWDGDDGDSWDomRUD]RiYHO

R&DEHUiDRSRGHUS~EOLFRSURPRYHUDLQFOXVmRGHFRQWH~GRVWHPiWLFRVUHIHUHQWHVDRGHVHQKRXQLYHUVDOQDVGLUHWUL]HVFXUULFXODUHVGDHGXFDomRSURILVVLRQDO
HWHFQROyJLFDHGRHQVLQRVXSHULRUHQDIRUPDomRGDVFDUUHLUDVGH(VWDGR

R2VSURJUDPDVRVSURMHWRVHDVOLQKDVGHSHVTXLVDDVHUHPGHVHQYROYLGRVFRPRDSRLRGHRUJDQLVPRVS~EOLFRVGHDX[tOLRjSHVTXLVDHGHDJrQFLDVGH
IRPHQWRGHYHUmRLQFOXLUWHPDVYROWDGRVSDUDRGHVHQKRXQLYHUVDO

R'HVGHDHWDSDGHFRQFHSomRDVSROtWLFDVS~EOLFDVGHYHUmRFRQVLGHUDUDDGRomRGRGHVHQKRXQLYHUVDO

$UW$FRQVWUXomRDUHIRUPDDDPSOLDomRRXDPXGDQoDGHXVRGHHGLILFDo}HVDEHUWDVDRS~EOLFRGHXVRS~EOLFRRXSULYDGDVGHXVRFROHWLYRGHYHUmRVHU
H[HFXWDGDVGHPRGRDVHUHPDFHVVtYHLV

R$VHQWLGDGHVGHILVFDOL]DomRSURILVVLRQDOGDVDWLYLGDGHVGH(QJHQKDULDGH$UTXLWHWXUDHFRUUHODWDVDRDQRWDUHPDUHVSRQVDELOLGDGHWpFQLFDGHSURMHWRV
GHYHPH[LJLUDUHVSRQVDELOLGDGHSURILVVLRQDOGHFODUDGDGHDWHQGLPHQWRjVUHJUDVGHDFHVVLELOLGDGHSUHYLVWDVHPOHJLVODomRHHPQRUPDVWpFQLFDVSHUWLQHQWHV

 R  3DUD D DSURYDomR R OLFHQFLDPHQWR RX D HPLVVmR GH FHUWLILFDGR GH SURMHWR H[HFXWLYR DUTXLWHW{QLFR XUEDQtVWLFR H GH LQVWDODo}HV H HTXLSDPHQWRV
WHPSRUiULRVRXSHUPDQHQWHVHSDUDROLFHQFLDPHQWRRXDHPLVVmRGHFHUWLILFDGRGHFRQFOXVmRGHREUDRXGHVHUYLoRGHYHVHUDWHVWDGRRDWHQGLPHQWRjVUHJUDVGH
DFHVVLELOLGDGH

R2SRGHUS~EOLFRDSyVFHUWLILFDUDDFHVVLELOLGDGHGHHGLILFDomRRXGHVHUYLoRGHWHUPLQDUiDFRORFDomRHPHVSDoRVRXHPORFDLVGHDPSODYLVLELOLGDGHGR
VtPERORLQWHUQDFLRQDOGHDFHVVRQDIRUPDSUHYLVWDHPOHJLVODomRHHPQRUPDVWpFQLFDVFRUUHODWDV

$UW   $V HGLILFDo}HV S~EOLFDV H SULYDGDV GH XVR FROHWLYR Mi H[LVWHQWHV GHYHP JDUDQWLU DFHVVLELOLGDGH j SHVVRD FRP GHILFLrQFLD HP WRGDV DV VXDV
GHSHQGrQFLDVHVHUYLoRVWHQGRFRPRUHIHUrQFLDDVQRUPDVGHDFHVVLELOLGDGHYLJHQWHV

$UW2SURMHWRHDFRQVWUXomRGHHGLILFDomRGHXVRSULYDGRPXOWLIDPLOLDUGHYHPDWHQGHUDRVSUHFHLWRVGHDFHVVLELOLGDGHQDIRUPDUHJXODPHQWDU

 R  $V FRQVWUXWRUDV H LQFRUSRUDGRUDV UHVSRQViYHLV SHOR SURMHWR H SHOD FRQVWUXomR GDV HGLILFDo}HV D TXH VH UHIHUH R FDSXW GHVWH DUWLJR GHYHP DVVHJXUDU
SHUFHQWXDOPtQLPRGHVXDVXQLGDGHVLQWHUQDPHQWHDFHVVtYHLVQDIRUPDUHJXODPHQWDU

ReYHGDGDDFREUDQoDGHYDORUHVDGLFLRQDLVSDUDDDTXLVLomRGHXQLGDGHVLQWHUQDPHQWHDFHVVtYHLVDTXHVHUHIHUHRRGHVWHDUWLJR

$UW(PTXDOTXHULQWHUYHQomRQDVYLDVHQRVHVSDoRVS~EOLFRVRSRGHUS~EOLFRHDVHPSUHVDVFRQFHVVLRQiULDVUHVSRQViYHLVSHODH[HFXomRGDVREUDVH
GRVVHUYLoRVGHYHPJDUDQWLUGHIRUPDVHJXUDDIOXLGH]GRWUkQVLWRHDOLYUHFLUFXODomRHDFHVVLELOLGDGHGDVSHVVRDVGXUDQWHHDSyVVXDH[HFXomR

$UW2ULHQWDPVHQRTXHFRXEHUSHODVUHJUDVGHDFHVVLELOLGDGHSUHYLVWDVHPOHJLVODomRHHPQRUPDVWpFQLFDVREVHUYDGRRGLVSRVWRQD/HLQRGH
GHGH]HPEURGHQRGHGHMXOKRGHHQRGHGHMDQHLURGH

,RVSODQRVGLUHWRUHVPXQLFLSDLVRVSODQRVGLUHWRUHVGHWUDQVSRUWHHWUkQVLWRRVSODQRVGHPRELOLGDGHXUEDQDHRVSODQRVGHSUHVHUYDomRGHVtWLRVKLVWyULFRV
HODERUDGRVRXDWXDOL]DGRVDSDUWLUGDSXEOLFDomRGHVWD/HL

,,RVFyGLJRVGHREUDVRVFyGLJRVGHSRVWXUDDVOHLVGHXVRHRFXSDomRGRVRORHDVOHLVGRVLVWHPDYLiULR

,,,RVHVWXGRVSUpYLRVGHLPSDFWRGHYL]LQKDQoD

,9DVDWLYLGDGHVGHILVFDOL]DomRHDLPSRVLomRGHVDQo}HVH

9DOHJLVODomRUHIHUHQWHjSUHYHQomRFRQWUDLQFrQGLRHSkQLFR

 R  $ FRQFHVVmR H D UHQRYDomR GH DOYDUi GH IXQFLRQDPHQWR SDUD TXDOTXHU DWLYLGDGH VmR FRQGLFLRQDGDV j REVHUYDomR H j FHUWLILFDomR GDV UHJUDV GH
DFHVVLELOLGDGH

 R  $ HPLVVmR GH FDUWD GH KDELWHVH RX GH KDELOLWDomR HTXLYDOHQWH H VXD UHQRYDomR TXDQGR HVWD WLYHU VLGR HPLWLGD DQWHULRUPHQWH jV H[LJrQFLDV GH
DFHVVLELOLGDGHpFRQGLFLRQDGDjREVHUYDomRHjFHUWLILFDomRGDVUHJUDVGHDFHVVLELOLGDGH

$UW$IRUPXODomRDLPSOHPHQWDomRHDPDQXWHQomRGDVDo}HVGHDFHVVLELOLGDGHDWHQGHUmRjVVHJXLQWHVSUHPLVVDVEiVLFDV

,HOHLomRGHSULRULGDGHVHODERUDomRGHFURQRJUDPDHUHVHUYDGHUHFXUVRVSDUDLPSOHPHQWDomRGDVDo}HVH

,,SODQHMDPHQWRFRQWtQXRHDUWLFXODGRHQWUHRVVHWRUHVHQYROYLGRV

$UWeDVVHJXUDGRjSHVVRDFRPGHILFLrQFLDPHGLDQWHVROLFLWDomRRUHFHELPHQWRGHFRQWDVEROHWRVUHFLERVH[WUDWRVHFREUDQoDVGHWULEXWRVHPIRUPDWR
DFHVVtYHO

&$378/2,,

'2$&(662,1)250$d2(&2081,&$d2

$UWeREULJDWyULDDDFHVVLELOLGDGHQRVVtWLRVGDLQWHUQHWPDQWLGRVSRUHPSUHVDVFRPVHGHRXUHSUHVHQWDomRFRPHUFLDOQR3DtVRXSRUyUJmRVGHJRYHUQR
SDUD XVR GD SHVVRD FRP GHILFLrQFLD JDUDQWLQGROKH DFHVVR jV LQIRUPDo}HV GLVSRQtYHLV FRQIRUPH DV PHOKRUHV SUiWLFDV H GLUHWUL]HV GH DFHVVLELOLGDGH DGRWDGDV
LQWHUQDFLRQDOPHQWH

R2VVtWLRVGHYHPFRQWHUVtPERORGHDFHVVLELOLGDGHHPGHVWDTXH

 R  7HOHFHQWURV FRPXQLWiULRV TXH UHFHEHUHP UHFXUVRV S~EOLFRV IHGHUDLV SDUD VHX FXVWHLR RX VXD LQVWDODomR H ODQ KRXVHV GHYHP SRVVXLU HTXLSDPHQWRV H
LQVWDODo}HVDFHVVtYHLV

R2VWHOHFHQWURVHDVODQKRXVHVGHTXHWUDWDRRGHVWHDUWLJRGHYHPJDUDQWLUQRPtQLPRGH]SRUFHQWRGHVHXVFRPSXWDGRUHVFRPUHFXUVRVGH

DFHVVLELOLGDGHSDUDSHVVRDFRPGHILFLrQFLDYLVXDOVHQGRDVVHJXUDGRSHORPHQRVXPHTXLSDPHQWRTXDQGRRUHVXOWDGRSHUFHQWXDOIRULQIHULRUDXP

$UW$DFHVVLELOLGDGHQRVVtWLRVGDLQWHUQHWGHTXHWUDWDRDUWGHVWD/HLGHYHVHUREVHUYDGDSDUDREWHQomRGRILQDQFLDPHQWRGHTXHWUDWDRLQFLVR,,,GR
DUWGHVWD/HL

$UW   $V HPSUHVDV SUHVWDGRUDV GH VHUYLoRV GH WHOHFRPXQLFDo}HV GHYHUmR JDUDQWLU SOHQR DFHVVR j SHVVRD FRP GHILFLrQFLD FRQIRUPH UHJXODPHQWDomR
HVSHFtILFD

$UW&DEHDRSRGHUS~EOLFRLQFHQWLYDU D RIHUWD GH DSDUHOKRV GH WHOHIRQLD IL[D H PyYHO FHOXODU FRP DFHVVLELOLGDGH TXH HQWUH RXWUDV WHFQRORJLDV DVVLVWLYDV
SRVVXDPSRVVLELOLGDGHGHLQGLFDomRHGHDPSOLDomRVRQRUDVGHWRGDVDVRSHUDo}HVHIXQo}HVGLVSRQtYHLV

$UW2VVHUYLoRVGHUDGLRGLIXVmRGHVRQVHLPDJHQVGHYHPSHUPLWLURXVRGRVVHJXLQWHVUHFXUVRVHQWUHRXWURV

,VXEWLWXODomRSRUPHLRGHOHJHQGDRFXOWD

,,MDQHODFRPLQWpUSUHWHGD/LEUDV

,,,DXGLRGHVFULomR
 $UW   2 SRGHU S~EOLFR GHYH DGRWDU PHFDQLVPRV GH LQFHQWLYR j SURGXomR j HGLomR j GLIXVmR j GLVWULEXLomR H j FRPHUFLDOL]DomR GH OLYURV HP IRUPDWRV
DFHVVtYHLV LQFOXVLYH HP SXEOLFDo}HV GD DGPLQLVWUDomR S~EOLFD RX ILQDQFLDGDV FRP UHFXUVRV S~EOLFRV FRP YLVWDV D JDUDQWLU j SHVVRD FRP GHILFLrQFLD R GLUHLWR GH
DFHVVRjOHLWXUDjLQIRUPDomRHjFRPXQLFDomR

 R  1RV HGLWDLV GH FRPSUDV GH OLYURV LQFOXVLYH SDUD R DEDVWHFLPHQWR RX D DWXDOL]DomR GH DFHUYRV GH ELEOLRWHFDV HP WRGRV RV QtYHLV H PRGDOLGDGHV GH
HGXFDomRHGHELEOLRWHFDVS~EOLFDV R SRGHU S~EOLFR GHYHUi DGRWDU FOiXVXODV GH LPSHGLPHQWR j SDUWLFLSDomR GH HGLWRUDV TXH QmR RIHUWHP VXD SURGXomR WDPEpP HP
IRUPDWRVDFHVVtYHLV

R&RQVLGHUDPVHIRUPDWRVDFHVVtYHLVRVDUTXLYRVGLJLWDLVTXHSRVVDPVHUUHFRQKHFLGRVHDFHVVDGRVSRUVRIWZDUHVOHLWRUHVGHWHODVRXRXWUDVWHFQRORJLDV
DVVLVWLYDVTXHYLHUHPDVXEVWLWXtORVSHUPLWLQGROHLWXUDFRPYR]VLQWHWL]DGDDPSOLDomRGHFDUDFWHUHVGLIHUHQWHVFRQWUDVWHVHLPSUHVVmRHP%UDLOOH

R2SRGHUS~EOLFRGHYHHVWLPXODUHDSRLDUDDGDSWDomRHDSURGXomRGHDUWLJRVFLHQWtILFRVHPIRUPDWRDFHVVtYHOLQFOXVLYHHP/LEUDV

$UW   2 SRGHU S~EOLFR GHYH DVVHJXUDU D GLVSRQLELOLGDGH GH LQIRUPDo}HV FRUUHWDV H FODUDV VREUH RV GLIHUHQWHV SURGXWRV H VHUYLoRV RIHUWDGRV SRU TXDLVTXHU
PHLRVGHFRPXQLFDomRHPSUHJDGRVLQFOXVLYHHPDPELHQWHYLUWXDOFRQWHQGRDHVSHFLILFDomRFRUUHWDGHTXDQWLGDGHTXDOLGDGHFDUDFWHUtVWLFDVFRPSRVLomRHSUHoR
EHPFRPRVREUHRVHYHQWXDLVULVFRVjVD~GHHjVHJXUDQoDGRFRQVXPLGRUFRPGHILFLrQFLDHPFDVRGHVXDXWLOL]DomRDSOLFDQGRVHQRTXHFRXEHURVDUWVD
GD/HLQRGHGHVHWHPEURGH

R2VFDQDLVGHFRPHUFLDOL]DomRYLUWXDOHRVDQ~QFLRVSXEOLFLWiULRVYHLFXODGRVQDLPSUHQVDHVFULWDQDLQWHUQHWQRUiGLRQDWHOHYLVmRHQRVGHPDLVYHtFXORV
GHFRPXQLFDomRDEHUWRVRXSRUDVVLQDWXUDGHYHPGLVSRQLELOL]DUFRQIRUPHDFRPSDWLELOLGDGHGRPHLRRVUHFXUVRVGHDFHVVLELOLGDGHGHTXHWUDWDRDUWGHVWD/HLD
H[SHQVDVGRIRUQHFHGRUGRSURGXWRRXGRVHUYLoRVHPSUHMXt]RGDREVHUYkQFLDGRGLVSRVWRQRVDUWVDGD/HLQRGHGHVHWHPEURGH

R2VIRUQHFHGRUHVGHYHPGLVSRQLELOL]DUPHGLDQWHVROLFLWDomRH[HPSODUHVGHEXODVSURVSHFWRVWH[WRVRXTXDOTXHURXWURWLSRGHPDWHULDOGHGLYXOJDomRHP
IRUPDWRDFHVVtYHO

$UW   $V LQVWLWXLo}HV SURPRWRUDV GH FRQJUHVVRV VHPLQiULRV RILFLQDV H GHPDLV HYHQWRV GH QDWXUH]D FLHQWtILFRFXOWXUDO GHYHP RIHUHFHU j SHVVRD FRP
GHILFLrQFLDQRPtQLPRRVUHFXUVRVGHWHFQRORJLDDVVLVWLYDSUHYLVWRVQRDUWGHVWD/HL

$UW2VFRQJUHVVRVRVVHPLQiULRVDVRILFLQDVHRVGHPDLVHYHQWRVGHQDWXUH]DFLHQWtILFRFXOWXUDOSURPRYLGRV RX ILQDQFLDGRV SHOR SRGHU S~EOLFR GHYHP

JDUDQWLUDVFRQGLo}HVGHDFHVVLELOLGDGHHRVUHFXUVRVGHWHFQRORJLDDVVLVWLYD

$UW   2V SURJUDPDV DV OLQKDV GH SHVTXLVD H RV SURMHWRV D VHUHP GHVHQYROYLGRV FRP R DSRLR GH DJrQFLDV GH ILQDQFLDPHQWR H GH yUJmRV H HQWLGDGHV
LQWHJUDQWHVGDDGPLQLVWUDomRS~EOLFDTXHDWXHPQRDX[tOLRjSHVTXLVDGHYHPFRQWHPSODUWHPDVYROWDGRVjWHFQRORJLDDVVLVWLYD

$UW   &DEHUi DR SRGHU S~EOLFR GLUHWDPHQWH RX HP SDUFHULD FRP RUJDQL]Do}HV GD VRFLHGDGH FLYLO SURPRYHU D FDSDFLWDomR GH WUDGXWRUHV H LQWpUSUHWHV GD
/LEUDVGHJXLDVLQWpUSUHWHVHGHSURILVVLRQDLVKDELOLWDGRVHP%UDLOOHDXGLRGHVFULomRHVWHQRWLSLDHOHJHQGDJHP

&$378/2,,,

'$7(&12/2*,$$66,67,9$

$UWeJDUDQWLGRjSHVVRDFRPGHILFLrQFLDDFHVVRDSURGXWRVUHFXUVRVHVWUDWpJLDVSUiWLFDVSURFHVVRVPpWRGRVHVHUYLoRVGHWHFQRORJLDDVVLVWLYDTXH
PD[LPL]HPVXDDXWRQRPLDPRELOLGDGHSHVVRDOHTXDOLGDGHGHYLGD

$UW2SRGHUS~EOLFRGHVHQYROYHUiSODQRHVSHFtILFRGHPHGLGDVDVHUUHQRYDGRHPFDGDSHUtRGRGHTXDWURDQRVFRPDILQDOLGDGHGH

,IDFLOLWDURDFHVVRDFUpGLWRHVSHFLDOL]DGRLQFOXVLYHFRPRIHUWDGHOLQKDVGHFUpGLWRVXEVLGLDGDVHVSHFtILFDVSDUDDTXLVLomRGHWHFQRORJLDDVVLVWLYD

,,DJLOL]DUVLPSOLILFDUHSULRUL]DUSURFHGLPHQWRVGHLPSRUWDomRGHWHFQRORJLDDVVLVWLYDHVSHFLDOPHQWHDVTXHVW}HVDWLQHQWHVDSURFHGLPHQWRV DOIDQGHJiULRV H
VDQLWiULRV

,,,FULDUPHFDQLVPRVGHIRPHQWRjSHVTXLVDHjSURGXomRQDFLRQDOGHWHFQRORJLDDVVLVWLYDLQFOXVLYHSRUPHLRGHFRQFHVVmRGHOLQKDVGHFUpGLWRVXEVLGLDGRH
GHSDUFHULDVFRPLQVWLWXWRVGHSHVTXLVDRILFLDLV

,9HOLPLQDURXUHGX]LUDWULEXWDomRGDFDGHLDSURGXWLYDHGHLPSRUWDomRGHWHFQRORJLDDVVLVWLYD

9IDFLOLWDUHDJLOL]DURSURFHVVRGHLQFOXVmRGHQRYRVUHFXUVRVGHWHFQRORJLDDVVLVWLYDQRUROGHSURGXWRVGLVWULEXtGRVQRkPELWRGR686HSRURXWURVyUJmRV
JRYHUQDPHQWDLV

3DUiJUDIR~QLFR3DUDID]HUFXPSULURGLVSRVWRQHVWHDUWLJRRVSURFHGLPHQWRVFRQVWDQWHVGRSODQRHVSHFtILFRGHPHGLGDVGHYHUmRVHUDYDOLDGRVSHORPHQRVD
FDGDGRLVDQRV

&$378/2,9

'2',5(,723$57,&,3$d21$9,'$3%/,&$(32/7,&$

$UW2SRGHUS~EOLFRGHYHJDUDQWLUjSHVVRDFRPGHILFLrQFLDWRGRVRVGLUHLWRVSROtWLFRVHDRSRUWXQLGDGHGHH[HUFrORVHPLJXDOGDGHGHFRQGLo}HVFRPDV
GHPDLVSHVVRDV

RSHVVRDFRPGHILFLrQFLDVHUiDVVHJXUDGRRGLUHLWRGHYRWDUHGHVHUYRWDGDLQFOXVLYHSRUPHLRGDVVHJXLQWHVDo}HV

,  JDUDQWLD GH TXH RV SURFHGLPHQWRV DV LQVWDODo}HV RV PDWHULDLV H RV HTXLSDPHQWRV SDUD YRWDomR VHMDP DSURSULDGRV DFHVVtYHLV D WRGDV DV SHVVRDV H GH
IiFLOFRPSUHHQVmRHXVRVHQGRYHGDGDDLQVWDODomRGHVHo}HVHOHLWRUDLVH[FOXVLYDVSDUDDSHVVRDFRPGHILFLrQFLD

,,LQFHQWLYRjSHVVRDFRPGHILFLrQFLDDFDQGLGDWDUVHHDGHVHPSHQKDUTXDLVTXHUIXQo}HVS~EOLFDVHPWRGRVRVQtYHLVGHJRYHUQRLQFOXVLYHSRUPHLRGRXVR
GHQRYDVWHFQRORJLDVDVVLVWLYDVTXDQGRDSURSULDGR

,,,  JDUDQWLD GH TXH RV SURQXQFLDPHQWRV RILFLDLV D SURSDJDQGD HOHLWRUDO REULJDWyULD H RV GHEDWHV WUDQVPLWLGRV SHODV HPLVVRUDV GH WHOHYLVmR SRVVXDP SHOR
PHQRVRVUHFXUVRVHOHQFDGRVQRDUWGHVWD/HL

,9  JDUDQWLD GR OLYUH H[HUFtFLR GR GLUHLWR DR YRWR H SDUD WDQWR VHPSUH TXH QHFHVViULR H D VHX SHGLGR SHUPLVVmR SDUD TXH D SHVVRD FRP GHILFLrQFLD VHMD
DX[LOLDGDQDYRWDomRSRUSHVVRDGHVXDHVFROKD

 R  2 SRGHU S~EOLFR SURPRYHUi D SDUWLFLSDomR GD SHVVRD FRP GHILFLrQFLD LQFOXVLYH TXDQGR LQVWLWXFLRQDOL]DGD QD FRQGXomR GDV TXHVW}HV S~EOLFDV VHP
GLVFULPLQDomRHHPLJXDOGDGHGHRSRUWXQLGDGHVREVHUYDGRRVHJXLQWH

,SDUWLFLSDomRHPRUJDQL]Do}HVQmRJRYHUQDPHQWDLVUHODFLRQDGDVjYLGDS~EOLFDHjSROtWLFDGR3DtVHHPDWLYLGDGHVHDGPLQLVWUDomRGHSDUWLGRVSROtWLFRV

,,IRUPDomRGHRUJDQL]Do}HVSDUDUHSUHVHQWDUDSHVVRDFRPGHILFLrQFLDHPWRGRVRVQtYHLV

,,,SDUWLFLSDomRGDSHVVRDFRPGHILFLrQFLDHPRUJDQL]Do}HVTXHDUHSUHVHQWHP

778/2,9
 '$&,1&,$(7(&12/2*,$

$UW2SRGHUS~EOLFRGHYHIRPHQWDURGHVHQYROYLPHQWRFLHQWtILFRDSHVTXLVDHDLQRYDomRHDFDSDFLWDomRWHFQROyJLFDVYROWDGRVjPHOKRULDGDTXDOLGDGH
GHYLGDHDRWUDEDOKRGDSHVVRDFRPGHILFLrQFLDHVXDLQFOXVmRVRFLDO

 R  2 IRPHQWR SHOR SRGHU S~EOLFR GHYH SULRUL]DU D JHUDomR GH FRQKHFLPHQWRV H WpFQLFDV TXH YLVHP j SUHYHQomR H DR WUDWDPHQWR GH GHILFLrQFLDV H DR
GHVHQYROYLPHQWRGHWHFQRORJLDVDVVLVWLYDHVRFLDO

 R  $ DFHVVLELOLGDGH H DV WHFQRORJLDV DVVLVWLYD H VRFLDO GHYHP VHU IRPHQWDGDV PHGLDQWH D FULDomR GH FXUVRV GH SyVJUDGXDomR D IRUPDomR GH UHFXUVRV
KXPDQRVHDLQFOXVmRGRWHPDQDVGLUHWUL]HVGHiUHDVGRFRQKHFLPHQWR

 R  'HYH VHU IRPHQWDGD D FDSDFLWDomR WHFQROyJLFD GH LQVWLWXLo}HV S~EOLFDV H SULYDGDV SDUD R GHVHQYROYLPHQWR GH WHFQRORJLDV DVVLVWLYD H VRFLDO TXH VHMDP
YROWDGDVSDUDPHOKRULDGDIXQFLRQDOLGDGHHGDSDUWLFLSDomRVRFLDOGDSHVVRDFRPGHILFLrQFLD

R$VPHGLGDVSUHYLVWDVQHVWHDUWLJRGHYHPVHUUHDYDOLDGDVSHULRGLFDPHQWHSHORSRGHUS~EOLFRFRPYLVWDVDRVHXDSHUIHLoRDPHQWR

$UW   'HYHP VHU HVWLPXODGRV D SHVTXLVD R GHVHQYROYLPHQWR D LQRYDomR H D GLIXVmR GH WHFQRORJLDV YROWDGDV SDUD DPSOLDU R DFHVVR GD SHVVRD FRP
GHILFLrQFLDjVWHFQRORJLDVGDLQIRUPDomRHFRPXQLFDomRHjVWHFQRORJLDVVRFLDLV

3DUiJUDIR~QLFR6HUmRHVWLPXODGRVHPHVSHFLDO

,  R HPSUHJR GH WHFQRORJLDV GD LQIRUPDomR H FRPXQLFDomR FRPR LQVWUXPHQWR GH VXSHUDomR GH OLPLWDo}HV IXQFLRQDLV H GH EDUUHLUDV j FRPXQLFDomR j
LQIRUPDomRjHGXFDomRHDRHQWUHWHQLPHQWRGDSHVVRDFRPGHILFLrQFLD

,,DDGRomRGHVROXo}HVHDGLIXVmRGHQRUPDVTXHYLVHPDDPSOLDUDDFHVVLELOLGDGHGDSHVVRDFRPGHILFLrQFLDjFRPSXWDomRHDRVVtWLRV GD LQWHUQHW HP

HVSHFLDODRVVHUYLoRVGHJRYHUQRHOHWU{QLFR

/,952,,

3$57((63(&,$/

778/2,

'2$&(662-867,d$

&$378/2,

',6326,d(6*(5$,6

$UW2SRGHUS~EOLFRGHYHDVVHJXUDURDFHVVRGDSHVVRDFRPGHILFLrQFLDjMXVWLoDHPLJXDOGDGHGHRSRUWXQLGDGHV FRP DV GHPDLV SHVVRDV JDUDQWLQGR

VHPSUHTXHUHTXHULGRVDGDSWDo}HVHUHFXUVRVGHWHFQRORJLDDVVLVWLYD

R$ILPGHJDUDQWLUDDWXDomRGDSHVVRDFRPGHILFLrQFLDHPWRGRRSURFHVVRMXGLFLDORSRGHUS~EOLFRGHYHFDSDFLWDURVPHPEURVHRVVHUYLGRUHVTXHDWXDP
QR 3RGHU -XGLFLiULR QR 0LQLVWpULR 3~EOLFR QD 'HIHQVRULD 3~EOLFD QRV yUJmRV GH VHJXUDQoD S~EOLFD H QR VLVWHPD SHQLWHQFLiULR TXDQWR DRV GLUHLWRV GD SHVVRD FRP
GHILFLrQFLD

R'HYHPVHUDVVHJXUDGRVjSHVVRDFRPGHILFLrQFLDVXEPHWLGDDPHGLGDUHVWULWLYDGHOLEHUGDGHWRGRVRVGLUHLWRVHJDUDQWLDVDTXHID]HPMXVRVDSHQDGRV
VHPGHILFLrQFLDJDUDQWLGDDDFHVVLELOLGDGH

R$'HIHQVRULD3~EOLFDHR0LQLVWpULR3~EOLFRWRPDUmRDVPHGLGDVQHFHVViULDVjJDUDQWLDGRVGLUHLWRVSUHYLVWRVQHVWD/HL

$UW   'HYHP VHU RIHUHFLGRV WRGRV RV UHFXUVRV GH WHFQRORJLD DVVLVWLYD GLVSRQtYHLV SDUD TXH D SHVVRD FRP GHILFLrQFLD WHQKD JDUDQWLGR R DFHVVR j MXVWLoD
VHPSUH TXH ILJXUH HP XP GRV SRORV GD DomR RX DWXH FRPR WHVWHPXQKD SDUWtFLSH GD OLGH SRVWD HP MXt]R DGYRJDGR GHIHQVRU S~EOLFR PDJLVWUDGR RX PHPEUR GR
0LQLVWpULR3~EOLFR

3DUiJUDIR ~QLFR  $ SHVVRD FRP GHILFLrQFLD WHP JDUDQWLGR R DFHVVR DR FRQWH~GR GH WRGRV RV DWRV SURFHVVXDLV GH VHX LQWHUHVVH LQFOXVLYH QR H[HUFtFLR GD
DGYRFDFLD

$UW2VGLUHLWRVGDSHVVRDFRPGHILFLrQFLDVHUmRJDUDQWLGRVSRURFDVLmRGDDSOLFDomRGHVDQo}HVSHQDLV

$UW9(7$'2

$UW2VVHUYLoRVQRWDULDLVHGHUHJLVWURQmRSRGHPQHJDURXFULDUyELFHVRXFRQGLo}HVGLIHUHQFLDGDVjSUHVWDomRGHVHXVVHUYLoRVHPUD]mRGHGHILFLrQFLD
GRVROLFLWDQWHGHYHQGRUHFRQKHFHUVXDFDSDFLGDGHOHJDOSOHQDJDUDQWLGDDDFHVVLELOLGDGH

3DUiJUDIR~QLFR2GHVFXPSULPHQWRGRGLVSRVWRQRFDSXWGHVWHDUWLJRFRQVWLWXLGLVFULPLQDomRHPUD]mRGHGHILFLrQFLD

&$378/2,,

'25(&21+(&,0(172,*8$/3(5$17($/(,

$UW$SHVVRDFRPGHILFLrQFLDWHPDVVHJXUDGRRGLUHLWRDRH[HUFtFLRGHVXDFDSDFLGDGHOHJDOHPLJXDOGDGHGHFRQGLo}HVFRPDVGHPDLVSHVVRDV

R4XDQGRQHFHVViULRDSHVVRDFRPGHILFLrQFLDVHUiVXEPHWLGDjFXUDWHODFRQIRUPHDOHL

ReIDFXOWDGRjSHVVRDFRPGHILFLrQFLDDDGRomRGHSURFHVVRGHWRPDGDGHGHFLVmRDSRLDGD

 R  $ GHILQLomR GH FXUDWHOD GH SHVVRD FRP GHILFLrQFLD FRQVWLWXL PHGLGD SURWHWLYD H[WUDRUGLQiULD SURSRUFLRQDO jV QHFHVVLGDGHV H jV FLUFXQVWkQFLDV GH FDGD
FDVRHGXUDUiRPHQRUWHPSRSRVVtYHO

R2VFXUDGRUHVVmRREULJDGRVDSUHVWDUDQXDOPHQWHFRQWDVGHVXDDGPLQLVWUDomRDRMXL]DSUHVHQWDQGRREDODQoRGRUHVSHFWLYRDQR

$UW$FXUDWHODDIHWDUiWmRVRPHQWHRVDWRVUHODFLRQDGRVDRVGLUHLWRVGHQDWXUH]DSDWULPRQLDOHQHJRFLDO

R$GHILQLomRGDFXUDWHODQmRDOFDQoDRGLUHLWRDRSUySULRFRUSRjVH[XDOLGDGHDRPDWULP{QLRjSULYDFLGDGHjHGXFDomRjVD~GHDRWUDEDOKRHDRYRWR

 R  $ FXUDWHOD FRQVWLWXL PHGLGD H[WUDRUGLQiULD GHYHQGR FRQVWDU GD VHQWHQoD DV UD]}HV H PRWLYDo}HV GH VXD GHILQLomR SUHVHUYDGRV RV LQWHUHVVHV GR
FXUDWHODGR

R1RFDVRGHSHVVRDHPVLWXDomRGHLQVWLWXFLRQDOL]DomRDRQRPHDUFXUDGRURMXL]GHYHGDUSUHIHUrQFLDDSHVVRDTXHWHQKDYtQFXORGHQDWXUH]DIDPLOLDU
DIHWLYDRXFRPXQLWiULDFRPRFXUDWHODGR
 $UW3DUDHPLVVmRGHGRFXPHQWRVRILFLDLVQmRVHUiH[LJLGDDVLWXDomRGHFXUDWHODGDSHVVRDFRPGHILFLrQFLD

$UW(PFDVRVGHUHOHYkQFLDHXUJrQFLDHDILPGHSURWHJHURVLQWHUHVVHVGDSHVVRDFRPGHILFLrQFLDHPVLWXDomRGHFXUDWHODVHUiOtFLWRDRMXL]RXYLGRR
0LQLVWpULR3~EOLFRGHRILFLRRXDUHTXHULPHQWRGRLQWHUHVVDGRQRPHDUGHVGHORJRFXUDGRUSURYLVyULRRTXDOHVWDUiVXMHLWRQRTXHFRXEHUjVGLVSRVLo}HVGR&yGLJR
GH3URFHVVR&LYLO

778/2,,

'26&5,0(6('$6,1)5$d(6$'0,1,675$7,9$6

$UW3UDWLFDULQGX]LURXLQFLWDUGLVFULPLQDomRGHSHVVRDHPUD]mRGHVXDGHILFLrQFLD

3HQDUHFOXVmRGHXPDWUrVDQRVHPXOWD

R$XPHQWDVHDSHQDHPXPWHUoRVHDYtWLPDHQFRQWUDUVHVREFXLGDGRHUHVSRQVDELOLGDGHGRDJHQWH

 R  6H TXDOTXHU GRV FULPHV SUHYLVWRV QR FDSXW GHVWH DUWLJR p FRPHWLGR SRU LQWHUPpGLR GH PHLRV GH FRPXQLFDomR VRFLDO RX GH SXEOLFDomR GH TXDOTXHU
QDWXUH]D

3HQDUHFOXVmRGHGRLVDFLQFRDQRVHPXOWD

R1DKLSyWHVHGRRGHVWHDUWLJRRMXL]SRGHUiGHWHUPLQDURXYLGRR0LQLVWpULR3~EOLFRRXDSHGLGRGHVWH DLQGD DQWHV GR LQTXpULWR SROLFLDO VRE SHQD GH

GHVREHGLrQFLD

,UHFROKLPHQWRRXEXVFDHDSUHHQVmRGRVH[HPSODUHVGRPDWHULDOGLVFULPLQDWyULR

,,LQWHUGLomRGDVUHVSHFWLYDVPHQVDJHQVRXSiJLQDVGHLQIRUPDomRQDLQWHUQHW

R1DKLSyWHVHGRRGHVWHDUWLJRFRQVWLWXLHIHLWRGDFRQGHQDomRDSyVRWUkQVLWRHPMXOJDGRGDGHFLVmRDGHVWUXLomRGRPDWHULDODSUHHQGLGR

$UW$SURSULDUVHGHRXGHVYLDUEHQVSURYHQWRVSHQVmREHQHItFLRVUHPXQHUDomRRXTXDOTXHURXWURUHQGLPHQWRGHSHVVRDFRPGHILFLrQFLD

3HQDUHFOXVmRGHXPDTXDWURDQRVHPXOWD

3DUiJUDIR~QLFR$XPHQWDVHDSHQDHPXPWHUoRVHRFULPHpFRPHWLGR

,SRUWXWRUFXUDGRUVtQGLFROLTXLGDWiULRLQYHQWDULDQWHWHVWDPHQWHLURRXGHSRVLWiULRMXGLFLDORX

,,SRUDTXHOHTXHVHDSURSULRXHPUD]mRGHRItFLRRXGHSURILVVmR

$UW$EDQGRQDUSHVVRDFRPGHILFLrQFLDHPKRVSLWDLVFDVDVGHVD~GHHQWLGDGHVGHDEULJDPHQWRRXFRQJrQHUHV

3HQDUHFOXVmRGHVHLVPHVHVDWUrVDQRVHPXOWD

3DUiJUDIR~QLFR1DPHVPDSHQDLQFRUUHTXHPQmRSURYHUDVQHFHVVLGDGHVEiVLFDVGHSHVVRDFRPGHILFLrQFLDTXDQGRREULJDGRSRUOHLRXPDQGDGR

$UW   5HWHU RX XWLOL]DU FDUWmR PDJQpWLFR TXDOTXHU PHLR HOHWU{QLFR RX GRFXPHQWR GH SHVVRD FRP GHILFLrQFLD GHVWLQDGRV DR UHFHELPHQWR GH EHQHItFLRV
SURYHQWRVSHQV}HVRXUHPXQHUDomRRXjUHDOL]DomRGHRSHUDo}HVILQDQFHLUDVFRPRILPGHREWHUYDQWDJHPLQGHYLGDSDUDVLRXSDUDRXWUHP

3HQDGHWHQomRGHVHLVPHVHVDGRLVDQRVHPXOWD

3DUiJUDIR~QLFR$XPHQWDVHDSHQDHPXPWHUoRVHRFULPHpFRPHWLGRSRUWXWRURXFXUDGRU

778/2,,,

',6326,d(6),1$,6(75$16,75,$6

$UW   e FULDGR R &DGDVWUR 1DFLRQDO GH ,QFOXVmR GD 3HVVRD FRP 'HILFLrQFLD &DGDVWUR,QFOXVmR UHJLVWUR S~EOLFR HOHWU{QLFR FRP D ILQDOLGDGH GH FROHWDU
SURFHVVDU VLVWHPDWL]DU H GLVVHPLQDU LQIRUPDo}HV JHRUUHIHUHQFLDGDV TXH SHUPLWDP D LGHQWLILFDomR H D FDUDFWHUL]DomR VRFLRHFRQ{PLFD GD SHVVRD FRP GHILFLrQFLD
EHPFRPRGDVEDUUHLUDVTXHLPSHGHPDUHDOL]DomRGHVHXVGLUHLWRV

 R  2 &DGDVWUR,QFOXVmR VHUi DGPLQLVWUDGR SHOR 3RGHU ([HFXWLYR IHGHUDO H FRQVWLWXtGR SRU EDVH GH GDGRV LQVWUXPHQWRV SURFHGLPHQWRV H VLVWHPDV
HOHWU{QLFRV

R2VGDGRVFRQVWLWXLQWHVGR&DGDVWUR,QFOXVmRVHUmRREWLGRVSHODLQWHJUDomRGRVVLVWHPDVGHLQIRUPDomRHGDEDVHGHGDGRVGHWRGDVDVSROtWLFDVS~EOLFDV
UHODFLRQDGDV DRV GLUHLWRV GD SHVVRD FRP GHILFLrQFLD EHP FRPR SRU LQIRUPDo}HV FROHWDGDV LQFOXVLYH HP FHQVRV QDFLRQDLV H QDV GHPDLV SHVTXLVDV UHDOL]DGDV QR
3DtVGHDFRUGRFRPRVSDUkPHWURVHVWDEHOHFLGRVSHOD&RQYHQomRVREUHRV'LUHLWRVGDV3HVVRDVFRP'HILFLrQFLDHVHX3URWRFROR)DFXOWDWLYR

R3DUDFROHWDWUDQVPLVVmRHVLVWHPDWL]DomRGHGDGRVpIDFXOWDGDDFHOHEUDomRGHFRQYrQLRVDFRUGRVWHUPRVGH SDUFHULD RX FRQWUDWRV FRP LQVWLWXLo}HV

S~EOLFDVHSULYDGDVREVHUYDGRVRVUHTXLVLWRVHSURFHGLPHQWRVSUHYLVWRVHPOHJLVODomRHVSHFtILFD

R3DUDDVVHJXUDUDFRQILGHQFLDOLGDGHDSULYDFLGDGHHDVOLEHUGDGHVIXQGDPHQWDLVGDSHVVRDFRPGHILFLrQFLDHRVSULQFtSLRVpWLFRVTXHUHJHPDXWLOL]DomR
GHLQIRUPDo}HVGHYHPVHUREVHUYDGDVDVVDOYDJXDUGDVHVWDEHOHFLGDVHPOHL

R2VGDGRVGR&DGDVWUR,QFOXVmRVRPHQWHSRGHUmRVHUXWLOL]DGRVSDUDDVVHJXLQWHVILQDOLGDGHV

,IRUPXODomRJHVWmRPRQLWRUDPHQWRHDYDOLDomRGDVSROtWLFDVS~EOLFDVSDUDDSHVVRDFRPGHILFLrQFLDHSDUDLGHQWLILFDUDVEDUUHLUDVTXHLPSHGHPDUHDOL]DomR
GHVHXVGLUHLWRV

,,UHDOL]DomRGHHVWXGRVHSHVTXLVDV

R$VLQIRUPDo}HVDTXHVHUHIHUHHVWHDUWLJRGHYHPVHUGLVVHPLQDGDVHPIRUPDWRVDFHVVtYHLV

$UW   1D UHDOL]DomR GH LQVSHo}HV H GH DXGLWRULDV SHORV yUJmRV GH FRQWUROH LQWHUQR H H[WHUQR GHYH VHU REVHUYDGR R FXPSULPHQWR GD OHJLVODomR UHODWLYD j
SHVVRDFRPGHILFLrQFLDHGDVQRUPDVGHDFHVVLELOLGDGHYLJHQWHV

$UW7HUiGLUHLWRDDX[tOLRLQFOXVmRQRVWHUPRVGDOHLDSHVVRDFRPGHILFLrQFLDPRGHUDGDRXJUDYHTXH

,UHFHEDREHQHItFLRGHSUHVWDomRFRQWLQXDGDSUHYLVWRQRDUWGD/HLQRGHGHGH]HPEURGHHTXHSDVVHDH[HUFHUDWLYLGDGHUHPXQHUDGDTXH
DHQTXDGUHFRPRVHJXUDGRREULJDWyULRGR5*36

,,WHQKDUHFHELGRQRV~OWLPRVFLQFRDQRVREHQHItFLRGHSUHVWDomRFRQWLQXDGDSUHYLVWRQRDUWGD/HLQRGHGHGH]HPEURGHHTXHH[HUoD

DWLYLGDGHUHPXQHUDGDTXHDHQTXDGUHFRPRVHJXUDGRREULJDWyULRGR5*36
 $UW   e YHGDGR H[LJLU R FRPSDUHFLPHQWR GH SHVVRD FRP GHILFLrQFLD SHUDQWH RV yUJmRV S~EOLFRV TXDQGR VHX GHVORFDPHQWR HP UD]mR GH VXD OLPLWDomR
IXQFLRQDOHGHFRQGLo}HVGHDFHVVLELOLGDGHLPSRQKDOKH{QXVGHVSURSRUFLRQDOHLQGHYLGRKLSyWHVHQDTXDOVHUmRREVHUYDGRVRVVHJXLQWHVSURFHGLPHQWRV

,TXDQGRIRUGHLQWHUHVVHGRSRGHUS~EOLFRRDJHQWHSURPRYHUiRFRQWDWRQHFHVViULRFRPDSHVVRDFRPGHILFLrQFLDHPVXDUHVLGrQFLD

,,TXDQGRIRUGHLQWHUHVVHGDSHVVRDFRPGHILFLrQFLDHODDSUHVHQWDUiVROLFLWDomRGHDWHQGLPHQWRGRPLFLOLDURXIDUiUHSUHVHQWDUVHSRUSURFXUDGRUFRQVWLWXtGR
SDUDHVVDILQDOLGDGH

3DUiJUDIR ~QLFR  e DVVHJXUDGR j SHVVRD FRP GHILFLrQFLD DWHQGLPHQWR GRPLFLOLDU SHOD SHUtFLD PpGLFD H VRFLDO GR ,QVWLWXWR 1DFLRQDO GR 6HJXUR 6RFLDO ,166
SHORVHUYLoRS~EOLFRGHVD~GHRXSHORVHUYLoRSULYDGRGHVD~GHFRQWUDWDGRRXFRQYHQLDGRTXHLQWHJUHR686HSHODVHQWLGDGHVGDUHGHVRFLRDVVLVWHQFLDOLQWHJUDQWHV
GR6XDVTXDQGRVHXGHVORFDPHQWRHPUD]mRGHVXDOLPLWDomRIXQFLRQDOHGHFRQGLo}HVGHDFHVVLELOLGDGHLPSRQKDOKH{QXVGHVSURSRUFLRQDOHLQGHYLGR

$UW2R$GRDUWGD/HLQRGHGHMXOKRGH&yGLJR(OHLWRUDOSDVVDDYLJRUDUFRPDVHJXLQWHUHGDomR

$UW



 R$  2V 7ULEXQDLV 5HJLRQDLV (OHLWRUDLV GHYHUmR D FDGD HOHLomR H[SHGLU LQVWUXo}HV DRV -Xt]HV (OHLWRUDLV SDUD RULHQWiORV QD HVFROKD
GRVORFDLVGHYRWDomRGHPDQHLUDDJDUDQWLUDFHVVLELOLGDGHSDUDRHOHLWRUFRPGHILFLrQFLDRXFRPPRELOLGDGH UHGX]LGD LQFOXVLYH HP VHX
HQWRUQRHQRVVLVWHPDVGHWUDQVSRUWHTXHOKHGmRDFHVVR

15

$UW$&RQVROLGDomRGDV/HLVGR7UDEDOKR&/7DSURYDGDSHOR'HFUHWR/HLQRGHRGHPDLRGHSDVVDDYLJRUDUFRPDVVHJXLQWHVDOWHUDo}HV

$UW



R3DUDRVILQVGRFRQWUDWRGHDSUHQGL]DJHPDFRPSURYDomRGDHVFRODULGDGHGHDSUHQGL]FRPGHILFLrQFLDGHYHFRQVLGHUDUVREUHWXGR
DVKDELOLGDGHVHFRPSHWrQFLDVUHODFLRQDGDVFRPDSURILVVLRQDOL]DomR



 R  3DUD R DSUHQGL] FRP GHILFLrQFLD FRP  GH]RLWR DQRV RX PDLV D YDOLGDGH GR FRQWUDWR GH DSUHQGL]DJHP SUHVVXS}H DQRWDomR QD
&736HPDWUtFXODHIUHTXrQFLDHPSURJUDPDGHDSUHQGL]DJHPGHVHQYROYLGRVRERULHQWDomRGHHQWLGDGHTXDOLILFDGDHPIRUPDomRWpFQLFR
SURILVVLRQDOPHWyGLFD15

$UW



,  GHVHPSHQKR LQVXILFLHQWH RX LQDGDSWDomR GR DSUHQGL] VDOYR SDUD R DSUHQGL] FRP GHILFLrQFLD TXDQGR GHVSURYLGR GH UHFXUVRV GH
DFHVVLELOLGDGHGHWHFQRORJLDVDVVLVWLYDVHGHDSRLRQHFHVViULRDRGHVHPSHQKRGHVXDVDWLYLGDGHV

15

$UW$/HLQRGHGHRXWXEURGHSDVVDDYLJRUDUFRPDVVHJXLQWHVDOWHUDo}HV

$UWR$VPHGLGDVMXGLFLDLVGHVWLQDGDVjSURWHomRGHLQWHUHVVHVFROHWLYRVGLIXVRVLQGLYLGXDLVKRPRJrQHRVHLQGLYLGXDLVLQGLVSRQtYHLV
GD SHVVRD FRP GHILFLrQFLD SRGHUmR VHU SURSRVWDV SHOR 0LQLVWpULR 3~EOLFR SHOD 'HIHQVRULD 3~EOLFD SHOD 8QLmR SHORV (VWDGRV SHORV
0XQLFtSLRV SHOR 'LVWULWR )HGHUDO SRU DVVRFLDomR FRQVWLWXtGD Ki PDLV GH  XP DQR QRV WHUPRV GD OHL FLYLO SRU DXWDUTXLD SRU HPSUHVD
S~EOLFD H SRU IXQGDomR RX VRFLHGDGH GH HFRQRPLD PLVWD TXH LQFOXD HQWUH VXDV ILQDOLGDGHV LQVWLWXFLRQDLV D SURWHomR GRV LQWHUHVVHV H D
SURPRomRGHGLUHLWRVGDSHVVRDFRPGHILFLrQFLD

15

$UWR&RQVWLWXLFULPHSXQtYHOFRPUHFOXVmRGHGRLVDFLQFRDQRVHPXOWD

,UHFXVDUFREUDUYDORUHVDGLFLRQDLVVXVSHQGHUSURFUDVWLQDUFDQFHODURXID]HUFHVVDULQVFULomRGHDOXQRHPHVWDEHOHFLPHQWRGHHQVLQR
GHTXDOTXHUFXUVRRXJUDXS~EOLFRRXSULYDGRHPUD]mRGHVXDGHILFLrQFLD

,,REVWDULQVFULomRHPFRQFXUVRS~EOLFRRXDFHVVRGHDOJXpPDTXDOTXHUFDUJRRXHPSUHJRS~EOLFRHPUD]mRGHVXDGHILFLrQFLD

,,,QHJDURXREVWDUHPSUHJRWUDEDOKRRXSURPRomRjSHVVRDHPUD]mRGHVXDGHILFLrQFLD

,9UHFXVDUUHWDUGDURXGLILFXOWDULQWHUQDomRRXGHL[DUGHSUHVWDUDVVLVWrQFLDPpGLFRKRVSLWDODUHDPEXODWRULDOjSHVVRDFRPGHILFLrQFLD

9GHL[DUGHFXPSULUUHWDUGDURXIUXVWUDUH[HFXomRGHRUGHPMXGLFLDOH[SHGLGDQDDomRFLYLODTXHDOXGHHVWD/HL

9,UHFXVDUUHWDUGDURXRPLWLUGDGRVWpFQLFRVLQGLVSHQViYHLVjSURSRVLWXUDGDDomRFLYLOS~EOLFDREMHWRGHVWD/HLTXDQGRUHTXLVLWDGRV

R6HRFULPHIRUSUDWLFDGRFRQWUDSHVVRDFRPGHILFLrQFLDPHQRUGHGH]RLWRDQRVDSHQDpDJUDYDGDHPXPWHUoR

 R  $ SHQD SHOD DGRomR GHOLEHUDGD GH FULWpULRV VXEMHWLYRV SDUD LQGHIHULPHQWR GH LQVFULomR GH DSURYDomR H GH FXPSULPHQWR GH HVWiJLR
SUREDWyULRHPFRQFXUVRVS~EOLFRVQmRH[FOXLDUHVSRQVDELOLGDGHSDWULPRQLDOSHVVRDOGRDGPLQLVWUDGRUS~EOLFRSHORVGDQRVFDXVDGRV

 R  ,QFRUUH QDV PHVPDV SHQDV TXHP LPSHGH RX GLILFXOWD R LQJUHVVR GH SHVVRD FRP GHILFLrQFLD HP SODQRV SULYDGRV GH DVVLVWrQFLD j
VD~GHLQFOXVLYHFRPFREUDQoDGHYDORUHVGLIHUHQFLDGRV

R6HRFULPHIRUSUDWLFDGRHPDWHQGLPHQWRGHXUJrQFLDHHPHUJrQFLDDSHQDpDJUDYDGDHPXPWHUoR15

$UW2DUWGD/HLQRGHGHPDLRGHSDVVDDYLJRUDUDFUHVFLGRGRVHJXLQWHLQFLVR;9,,,

$UW



;9,,,  TXDQGR R WUDEDOKDGRU FRP GHILFLrQFLD SRU SUHVFULomR QHFHVVLWH DGTXLULU yUWHVH RX SUyWHVH SDUD SURPRomR GH DFHVVLELOLGDGH H GH
LQFOXVmRVRFLDO

15
$UW$/HLQRGHGHVHWHPEURGH&yGLJRGH'HIHVDGR&RQVXPLGRUSDVVDDYLJRUDUFRPDVVHJXLQWHVDOWHUDo}HV

$UWR



3DUiJUDIR~QLFR$LQIRUPDomRGHTXHWUDWDRLQFLVR,,,GRFDSXWGHVWHDUWLJRGHYHVHUDFHVVtYHOjSHVVRD FRP GHILFLrQFLD REVHUYDGR R

GLVSRVWRHPUHJXODPHQWR15

$UW



R7RGDVDVLQIRUPDo}HVGHTXHWUDWDRFDSXWGHVWHDUWLJRGHYHPVHUGLVSRQLELOL]DGDVHPIRUPDWRVDFHVVtYHLVLQFOXVLYHSDUDDSHVVRD
FRPGHILFLrQFLDPHGLDQWHVROLFLWDomRGRFRQVXPLGRU15

$UW$/HLQRGHGHMXOKRGHSDVVDDYLJRUDUFRPDVVHJXLQWHVDOWHUDo}HV

$UW

,RF{QMXJHDFRPSDQKHLUDRFRPSDQKHLURHRILOKRQmRHPDQFLSDGRGHTXDOTXHUFRQGLomRPHQRUGHYLQWHHXPDQRV RX LQYiOLGR

RXTXHWHQKDGHILFLrQFLDLQWHOHFWXDORXPHQWDORXGHILFLrQFLDJUDYH



,,,  R LUPmR QmR HPDQFLSDGR GH TXDOTXHU FRQGLomR PHQRU GH  YLQWH H XP DQRV RX LQYiOLGR RX TXH WHQKD GHILFLrQFLD LQWHOHFWXDO RX
PHQWDORXGHILFLrQFLDJUDYH

15

$UW



R



,,SDUDRILOKRDSHVVRDDHOHHTXLSDUDGDRX R LUPmR GH DPERV RV VH[RV SHOD HPDQFLSDomR RX DR FRPSOHWDU  YLQWH H XP DQRV GH
LGDGHVDOYRVHIRULQYiOLGRRXWLYHUGHILFLrQFLDLQWHOHFWXDORXPHQWDORXGHILFLrQFLDJUDYH



R9(7$'2

15

$UW9(7$'2

,9(7$'2

,,9(7$'2

,,,9(7$'2

,99(7$'2

99(7$'2

R$GLVSHQVDGHSHVVRDFRPGHILFLrQFLDRXGHEHQHILFLiULRUHDELOLWDGRGD3UHYLGrQFLD6RFLDODRILQDOGHFRQWUDWRSRUSUD]RGHWHUPLQDGR
GHPDLVGHQRYHQWDGLDVHDGLVSHQVDLPRWLYDGDHPFRQWUDWRSRUSUD]RLQGHWHUPLQDGRVRPHQWHSRGHUmRRFRUUHUDSyVDFRQWUDWDomRGH
RXWURWUDEDOKDGRUFRPGHILFLrQFLDRXEHQHILFLiULRUHDELOLWDGRGD3UHYLGrQFLD6RFLDO

R$R0LQLVWpULRGR7UDEDOKRH(PSUHJRLQFXPEHHVWDEHOHFHUDVLVWHPiWLFDGHILVFDOL]DomREHPFRPRJHUDUGDGRVHHVWDWtVWLFDVVREUH
R WRWDO GH HPSUHJDGRV H DV YDJDV SUHHQFKLGDV SRU SHVVRDV FRP GHILFLrQFLD H SRU EHQHILFLiULRV UHDELOLWDGRV GD 3UHYLGrQFLD 6RFLDO
IRUQHFHQGRRVTXDQGRVROLFLWDGRVDRVVLQGLFDWRVjVHQWLGDGHVUHSUHVHQWDWLYDVGRVHPSUHJDGRVRXDRVFLGDGmRVLQWHUHVVDGRV

 R  3DUD D UHVHUYD GH FDUJRV VHUi FRQVLGHUDGD VRPHQWH D FRQWUDWDomR GLUHWD GH SHVVRD FRP GHILFLrQFLD H[FOXtGR R DSUHQGL] FRP
GHILFLrQFLDGHTXHWUDWDD&RQVROLGDomRGDV/HLVGR7UDEDOKR&/7DSURYDGDSHOR'HFUHWR/HLQRGHRGHPDLRGH

R9(7$'215

$UW$1RDWRGHUHTXHULPHQWRGHEHQHItFLRVRSHUDFLRQDOL]DGRVSHOR,166QmRVHUiH[LJLGDDSUHVHQWDomRGHWHUPR GH FXUDWHOD GH

WLWXODURXGHEHQHILFLiULRFRPGHILFLrQFLDREVHUYDGRVRVSURFHGLPHQWRVDVHUHPHVWDEHOHFLGRVHPUHJXODPHQWR

$UW2DUWRGD/HLQRGHGHGH]HPEURGHSDVVDDYLJRUDUDFUHVFLGRGRVHJXLQWHR

$UWR



 R  2V LQFHQWLYRV FULDGRV SRU HVWD /HL VRPHQWH VHUmR FRQFHGLGRV D SURMHWRV FXOWXUDLV TXH IRUHP GLVSRQLELOL]DGRV VHPSUH TXH
WHFQLFDPHQWHSRVVtYHOWDPEpPHPIRUPDWRDFHVVtYHOjSHVVRDFRPGHILFLrQFLDREVHUYDGRRGLVSRVWRHPUHJXODPHQWR15

$UW2DUWGD/HLQRGHGHMXQKRGHSDVVDDYLJRUDUDFUHVFLGRGRVHJXLQWHLQFLVR,;

$UW



,;GHL[DUGHFXPSULUDH[LJrQFLDGHUHTXLVLWRVGHDFHVVLELOLGDGHSUHYLVWRVQDOHJLVODomR15

$UW$/HLQRGHGHMXQKRGHSDVVDDYLJRUDUFRPDVVHJXLQWHVDOWHUDo}HV

$UWR
 

R



9  SURGX]LGRV RX SUHVWDGRV SRU HPSUHVDV TXH FRPSURYHP FXPSULPHQWR GH UHVHUYD GH FDUJRV SUHYLVWD HP OHL SDUD SHVVRD FRP
GHILFLrQFLDRXSDUDUHDELOLWDGRGD3UHYLGrQFLD6RFLDOHTXHDWHQGDPjVUHJUDVGHDFHVVLELOLGDGHSUHYLVWDVQDOHJLVODomR



R1RVSURFHVVRVGHOLFLWDomRSRGHUiVHUHVWDEHOHFLGDPDUJHPGHSUHIHUrQFLDSDUD

,SURGXWRVPDQXIDWXUDGRVHSDUDVHUYLoRVQDFLRQDLVTXHDWHQGDPDQRUPDVWpFQLFDVEUDVLOHLUDVH

,,  EHQV H VHUYLoRV SURGX]LGRV RX SUHVWDGRV SRU HPSUHVDV TXH FRPSURYHP FXPSULPHQWR GH UHVHUYD GH FDUJRV SUHYLVWD HP OHL SDUD
SHVVRDFRPGHILFLrQFLDRXSDUDUHDELOLWDGRGD3UHYLGrQFLD6RFLDOHTXHDWHQGDPjVUHJUDVGHDFHVVLELOLGDGHSUHYLVWDVQDOHJLVODomR

15

$UW $  $V HPSUHVDV HQTXDGUDGDV QR LQFLVR 9 GR  R H QR LQFLVR ,, GR  R GR DUW R GHVWD /HL GHYHUmR FXPSULU GXUDQWH WRGR R
SHUtRGR GH H[HFXomR GR FRQWUDWR D UHVHUYD GH FDUJRV SUHYLVWD HP OHL SDUD SHVVRD FRP GHILFLrQFLD RX SDUD UHDELOLWDGR GD 3UHYLGrQFLD
6RFLDOEHPFRPRDVUHJUDVGHDFHVVLELOLGDGHSUHYLVWDVQDOHJLVODomR

3DUiJUDIR ~QLFR  &DEH j DGPLQLVWUDomR ILVFDOL]DU R FXPSULPHQWR GRV UHTXLVLWRV GH DFHVVLELOLGDGH QRV VHUYLoRV H QRV DPELHQWHV GH
WUDEDOKR

$UW2DUWGD/HLQRGHGHGH]HPEURGHSDVVDDYLJRUDUFRPDVVHJXLQWHVDOWHUDo}HV

$UW



R3DUDHIHLWRGHFRQFHVVmRGREHQHItFLRGHSUHVWDomRFRQWLQXDGDFRQVLGHUDVHSHVVRDFRPGHILFLrQFLDDTXHODTXHWHPLPSHGLPHQWR
GH ORQJR SUD]R GH QDWXUH]D ItVLFD PHQWDO LQWHOHFWXDO RX VHQVRULDO R TXDO HP LQWHUDomR FRP XPD RX PDLV EDUUHLUDV SRGH REVWUXLU VXD
SDUWLFLSDomRSOHQDHHIHWLYDQDVRFLHGDGHHPLJXDOGDGHGHFRQGLo}HVFRPDVGHPDLVSHVVRDV



R2VUHQGLPHQWRVGHFRUUHQWHVGHHVWiJLRVXSHUYLVLRQDGRHGHDSUHQGL]DJHPQmRVHUmRFRPSXWDGRVSDUDRVILQVGHFiOFXORGDUHQGD
IDPLOLDUSHUFDSLWDDTXHVHUHIHUHRRGHVWHDUWLJR



3DUDFRQFHVVmRGREHQHItFLRGHTXHWUDWDRFDSXWGHVWHDUWLJRSRGHUmRVHUXWLOL]DGRVRXWURVHOHPHQWRVSUREDWyULRVGDFRQGLomRGH
PLVHUDELOLGDGHGRJUXSRIDPLOLDUHGDVLWXDomRGHYXOQHUDELOLGDGHFRQIRUPHUHJXODPHQWR15

$UW9(7$'2

$UW$/HLQRGHGHDEULOGHSDVVDDYLJRUDUFRPDVVHJXLQWHVDOWHUDo}HV

$UW R  e SURLELGD D DGRomR GH TXDOTXHU SUiWLFD GLVFULPLQDWyULD H OLPLWDWLYD SDUD HIHLWR GH DFHVVR j UHODomR GH WUDEDOKR RX GH VXD
PDQXWHQomR SRU PRWLYR GH VH[R RULJHP UDoD FRU HVWDGR FLYLO VLWXDomR IDPLOLDU GHILFLrQFLD UHDELOLWDomR SURILVVLRQDO LGDGH HQWUH
RXWURV UHVVDOYDGDV QHVVH FDVR DV KLSyWHVHV GH SURWHomR j FULDQoD H DR DGROHVFHQWH SUHYLVWDV QR LQFLVR ;;;,,, GR DUW R GD
&RQVWLWXLomR)HGHUDO15

$UW R  6HP SUHMXt]R GR SUHVFULWR QR DUW R GHVWD /HL H QRV GLVSRVLWLYRV OHJDLV TXH WLSLILFDP RV FULPHV UHVXOWDQWHV GH SUHFRQFHLWR GH
HWQLDUDoDFRURXGHILFLrQFLDDVLQIUDo}HVDRGLVSRVWRQHVWD/HLVmRSDVVtYHLVGDVVHJXLQWHVFRPLQDo}HV

15

$UWR

,  D UHLQWHJUDomR FRP UHVVDUFLPHQWR LQWHJUDO GH WRGR R SHUtRGR GH DIDVWDPHQWR PHGLDQWH SDJDPHQWR GDV UHPXQHUDo}HV GHYLGDV
FRUULJLGDVPRQHWDULDPHQWHHDFUHVFLGDVGHMXURVOHJDLV

15

$UW2DUWGD/HLQRGHGHGH]HPEURGHSDVVDDYLJRUDUDFUHVFLGRGRVHJXLQWHR

$UW



 R  6HP SUHMXt]R GR GLVSRVWR QR LQFLVR ,; GR SDUiJUDIR ~QLFR GR DUW R GD /HL QR  GH R GH RXWXEUR GH  D SHVVRD FRP
GHILFLrQFLD RX R FRQWULEXLQWH TXH WHQKD GHSHQGHQWH QHVVD FRQGLomR WHP SUHIHUrQFLD QD UHVWLWXLomR UHIHULGD QR LQFLVR ,,, GR DUW R H QD
DOtQHDFGRLQFLVR,,GRDUWR15

$UW$/HLQRGHGHVHWHPEURGH&yGLJRGH7UkQVLWR%UDVLOHLURSDVVDDYLJRUDUFRPDVVHJXLQWHVDOWHUDo}HV

$UWR

3DUiJUDIR~QLFR3DUDRVHIHLWRVGHVWH&yGLJRVmRFRQVLGHUDGDVYLDVWHUUHVWUHVDVSUDLDVDEHUWDVjFLUFXODomRS~EOLFD DV YLDV LQWHUQDV

SHUWHQFHQWHVDRVFRQGRPtQLRVFRQVWLWXtGRVSRUXQLGDGHVDXW{QRPDVHDVYLDVHiUHDVGHHVWDFLRQDPHQWRGHHVWDEHOHFLPHQWRV SULYDGRV
GHXVRFROHWLYR15

$UW$$VYDJDVGHHVWDFLRQDPHQWRUHJXODPHQWDGRGHTXHWUDWDRLQFLVR;9,,GRDUWGHVWD/HLGHYHUmRVHU VLQDOL]DGDV FRP DV

UHVSHFWLYDVSODFDVLQGLFDWLYDVGHGHVWLQDomRHFRPSODFDVLQIRUPDQGRRVGDGRVVREUHDLQIUDomRSRUHVWDFLRQDPHQWRLQGHYLGR

$UW $  $R FDQGLGDWR FRP GHILFLrQFLD DXGLWLYD p DVVHJXUDGD DFHVVLELOLGDGH GH FRPXQLFDomR PHGLDQWH HPSUHJR GH WHFQRORJLDV
DVVLVWLYDVRXGHDMXGDVWpFQLFDVHPWRGDVDVHWDSDVGRSURFHVVRGHKDELOLWDomR

R2PDWHULDOGLGiWLFRDXGLRYLVXDOXWLOL]DGRHPDXODVWHyULFDVGRVFXUVRVTXHSUHFHGHPRVH[DPHVSUHYLVWRVQRDUWGHVWD/HLGHYH
VHUDFHVVtYHOSRUPHLRGHVXEWLWXODomRFRPOHJHQGDRFXOWDDVVRFLDGDjWUDGXomRVLPXOWkQHDHP/LEUDV
 ReDVVHJXUDGRWDPEpPDRFDQGLGDWRFRPGHILFLrQFLDDXGLWLYDUHTXHUHUQRDWRGHVXDLQVFULomRRVVHUYLoRVGHLQWpUSUHWHGD/LEUDV
SDUDDFRPSDQKDPHQWRHPDXODVSUiWLFDVHWHyULFDV

$UW9(7$'2

$UW



;9,,

,QIUDomRJUDYH

15

$UW2LQFLVR9,HRRGRDUWGD/HLQRGHGHPDUoRGHSDVVDPDYLJRUDUFRPDVHJXLQWHUHGDomR

$UW



9,GRLVLQWHLURVHVHWHGpFLPRVSRUFHQWRGDDUUHFDGDomREUXWDGRVFRQFXUVRVGHSURJQyVWLFRVHORWHULDVIHGHUDLVHVLPLODUHVFXMD

UHDOL]DomRHVWLYHUVXMHLWDDDXWRUL]DomRIHGHUDOGHGX]LQGRVHHVVHYDORUGRPRQWDQWHGHVWLQDGRDRVSUrPLRV



 R  'R WRWDO GH UHFXUVRV ILQDQFHLURV UHVXOWDQWHV GR SHUFHQWXDO GH TXH WUDWD R LQFLVR 9, GR FDSXW  VHVVHQWD H GRLV LQWHLURV H
QRYHQWD H VHLV FHQWpVLPRV SRU FHQWR VHUmR GHVWLQDGRV DR &RPLWr 2OtPSLFR %UDVLOHLUR &2% H  WULQWD H VHWH LQWHLURV H TXDWUR
FHQWpVLPRV SRU FHQWR DR &RPLWr 3DUDOtPSLFR %UDVLOHLUR &3% GHYHQGR VHU REVHUYDGR HP DPERV RV FDVRV R FRQMXQWR GH QRUPDV
DSOLFiYHLVjFHOHEUDomRGHFRQYrQLRVSHOD8QLmR

15

$UW2DUWRGD/HLQRGHGHQRYHPEURGHSDVVDDYLJRUDUFRPDVHJXLQWHUHGDomR

$UWR$VSHVVRDVFRPGHILFLrQFLDRVLGRVRVFRPLGDGHLJXDORXVXSHULRUDVHVVHQWDDQRVDVJHVWDQWHVDVODFWDQWHVDVSHVVRDV

FRPFULDQoDVGHFRORHRVREHVRVWHUmRDWHQGLPHQWRSULRULWiULRQRVWHUPRVGHVWD/HL15

$UW$/HLQRGHGHGH]HPEURGHSDVVDDYLJRUDUFRPDVVHJXLQWHVDOWHUDo}HV

$UWR

,  DFHVVLELOLGDGH SRVVLELOLGDGH H FRQGLomR GH DOFDQFH SDUD XWLOL]DomR FRP VHJXUDQoD H DXWRQRPLD GH HVSDoRV PRELOLiULRV
HTXLSDPHQWRVXUEDQRVHGLILFDo}HVWUDQVSRUWHVLQIRUPDomRHFRPXQLFDomRLQFOXVLYHVHXVVLVWHPDVHWHFQRORJLDVEHPFRPRGHRXWURV
VHUYLoRV H LQVWDODo}HV DEHUWRV DR S~EOLFR GH XVR S~EOLFR RX SULYDGRV GH XVR FROHWLYR WDQWR QD ]RQD XUEDQD FRPR QD UXUDO SRU SHVVRD
FRPGHILFLrQFLDRXFRPPRELOLGDGHUHGX]LGD

,,EDUUHLUDVTXDOTXHUHQWUDYHREVWiFXORDWLWXGHRXFRPSRUWDPHQWRTXHOLPLWHRXLPSHoDDSDUWLFLSDomRVRFLDOGDSHVVRD EHP FRPR R

JR]R D IUXLomR H R H[HUFtFLR GH VHXV GLUHLWRV j DFHVVLELOLGDGH j OLEHUGDGH GH PRYLPHQWR H GH H[SUHVVmR j FRPXQLFDomR DR DFHVVR j
LQIRUPDomRjFRPSUHHQVmRjFLUFXODomRFRPVHJXUDQoDHQWUHRXWURVFODVVLILFDGDVHP

DEDUUHLUDVXUEDQtVWLFDVDVH[LVWHQWHVQDVYLDVHQRVHVSDoRVS~EOLFRVHSULYDGRVDEHUWRVDRS~EOLFRRXGHXVRFROHWLYR

EEDUUHLUDVDUTXLWHW{QLFDVDVH[LVWHQWHVQRVHGLItFLRVS~EOLFRVHSULYDGRV

FEDUUHLUDVQRVWUDQVSRUWHVDVH[LVWHQWHVQRVVLVWHPDVHPHLRVGHWUDQVSRUWHV

G EDUUHLUDV QDV FRPXQLFDo}HV H QD LQIRUPDomR TXDOTXHU HQWUDYH REVWiFXOR DWLWXGH RX FRPSRUWDPHQWR TXH GLILFXOWH RX LPSRVVLELOLWH D
H[SUHVVmRRXRUHFHELPHQWRGHPHQVDJHQVHGHLQIRUPDo}HVSRULQWHUPpGLRGHVLVWHPDVGHFRPXQLFDomRHGHWHFQRORJLDGDLQIRUPDomR

,,,SHVVRDFRPGHILFLrQFLDDTXHODTXHWHPLPSHGLPHQWRGHORQJRSUD]RGHQDWXUH]DItVLFDPHQWDOLQWHOHFWXDORXVHQVRULDO R TXDO HP
LQWHUDomR FRP XPD RX PDLV EDUUHLUDV SRGH REVWUXLU VXD SDUWLFLSDomR SOHQD H HIHWLYD QD VRFLHGDGH HP LJXDOGDGH GH FRQGLo}HV FRP DV
GHPDLVSHVVRDV

,9  SHVVRD FRP PRELOLGDGH UHGX]LGD DTXHOD TXH WHQKD SRU TXDOTXHU PRWLYR GLILFXOGDGH GH PRYLPHQWDomR SHUPDQHQWH RX WHPSRUiULD
JHUDQGR UHGXomR HIHWLYD GD PRELOLGDGH GD IOH[LELOLGDGH GD FRRUGHQDomR PRWRUD RX GD SHUFHSomR LQFOXLQGR LGRVR JHVWDQWH ODFWDQWH
SHVVRDFRPFULDQoDGHFRORHREHVR

9DFRPSDQKDQWHDTXHOHTXHDFRPSDQKDDSHVVRDFRPGHILFLrQFLDSRGHQGRRXQmRGHVHPSHQKDUDVIXQo}HVGHDWHQGHQWHSHVVRDO

9,  HOHPHQWR GH XUEDQL]DomR TXDLVTXHU FRPSRQHQWHV GH REUDV GH XUEDQL]DomR WDLV FRPR RV UHIHUHQWHV D SDYLPHQWDomR VDQHDPHQWR
HQFDQDPHQWR SDUD HVJRWRV GLVWULEXLomR GH HQHUJLD HOpWULFD H GH JiV LOXPLQDomR S~EOLFD VHUYLoRV GH FRPXQLFDomR DEDVWHFLPHQWR H
GLVWULEXLomRGHiJXDSDLVDJLVPRHRVTXHPDWHULDOL]DPDVLQGLFDo}HVGRSODQHMDPHQWRXUEDQtVWLFR

9,,  PRELOLiULR XUEDQR FRQMXQWR GH REMHWRV H[LVWHQWHV QDV YLDV H QRV HVSDoRV S~EOLFRV VXSHUSRVWRV RX DGLFLRQDGRV DRV HOHPHQWRV GH
XUEDQL]DomR RX GH HGLILFDomR GH IRUPD TXH VXD PRGLILFDomR RX VHX WUDVODGR QmR SURYRTXH DOWHUDo}HV VXEVWDQFLDLV QHVVHV HOHPHQWRV
WDLV FRPR VHPiIRURV SRVWHV GH VLQDOL]DomR H VLPLODUHV WHUPLQDLV H SRQWRV GH DFHVVR FROHWLYR jV WHOHFRPXQLFDo}HV IRQWHV GH iJXD
OL[HLUDVWROGRVPDUTXLVHVEDQFRVTXLRVTXHVHTXDLVTXHURXWURVGHQDWXUH]DDQiORJD

9,,,WHFQRORJLDDVVLVWLYDRXDMXGDWpFQLFDSURGXWRVHTXLSDPHQWRVGLVSRVLWLYRVUHFXUVRVPHWRGRORJLDVHVWUDWpJLDVSUiWLFDVHVHUYLoRV
TXHREMHWLYHPSURPRYHUDIXQFLRQDOLGDGHUHODFLRQDGDjDWLYLGDGHHjSDUWLFLSDomRGDSHVVRDFRPGHILFLrQFLDRXFRPPRELOLGDGHUHGX]LGD
YLVDQGRjVXDDXWRQRPLDLQGHSHQGrQFLDTXDOLGDGHGHYLGDHLQFOXVmRVRFLDO

,;FRPXQLFDomRIRUPDGHLQWHUDomRGRVFLGDGmRVTXHDEUDQJHHQWUHRXWUDVRSo}HVDVOtQJXDVLQFOXVLYHD/tQJXD%UDVLOHLUDGH6LQDLV
/LEUDV D YLVXDOL]DomR GH WH[WRV R %UDLOOH R VLVWHPD GH VLQDOL]DomR RX GH FRPXQLFDomR WiWLO RV FDUDFWHUHV DPSOLDGRV RV GLVSRVLWLYRV
PXOWLPtGLDDVVLPFRPRDOLQJXDJHPVLPSOHVHVFULWDHRUDORVVLVWHPDVDXGLWLYRVHRVPHLRVGHYR]GLJLWDOL]DGRVHRVPRGRVPHLRVH
IRUPDWRVDXPHQWDWLYRVHDOWHUQDWLYRVGHFRPXQLFDomRLQFOXLQGRDVWHFQRORJLDVGDLQIRUPDomRHGDVFRPXQLFDo}HV

;  GHVHQKR XQLYHUVDO FRQFHSomR GH SURGXWRV DPELHQWHV SURJUDPDV H VHUYLoRV D VHUHP XVDGRV SRU WRGDV DV SHVVRDV VHP
QHFHVVLGDGHGHDGDSWDomRRXGHSURMHWRHVSHFtILFRLQFOXLQGRRVUHFXUVRVGHWHFQRORJLDDVVLVWLYD15

$UWR2SODQHMDPHQWRHDXUEDQL]DomRGDVYLDVS~EOLFDVGRVSDUTXHVHGRVGHPDLVHVSDoRVGHXVRS~EOLFRGHYHUmRVHUFRQFHELGRVH
H[HFXWDGRVGHIRUPDDWRUQiORVDFHVVtYHLVSDUDWRGDVDVSHVVRDVLQFOXVLYHSDUDDTXHODVFRPGHILFLrQFLDRXFRPPRELOLGDGHUHGX]LGD

3DUiJUDIR ~QLFR  2 SDVVHLR S~EOLFR HOHPHQWR REULJDWyULR GH XUEDQL]DomR H SDUWH GD YLD S~EOLFD QRUPDOPHQWH VHJUHJDGR H HP QtYHO
GLIHUHQWHGHVWLQDVHVRPHQWHjFLUFXODomRGHSHGHVWUHVHTXDQGRSRVVtYHOjLPSODQWDomRGHPRELOLiULRXUEDQRHGHYHJHWDomR15
 $UWR

3DUiJUDIR ~QLFR 2V VHPiIRURV SDUD SHGHVWUHV LQVWDODGRV HP YLDV S~EOLFDV GH JUDQGH FLUFXODomR RX TXH GHHP DFHVVR DRV VHUYLoRV GH
UHDELOLWDomRGHYHPREULJDWRULDPHQWHHVWDUHTXLSDGRVFRPPHFDQLVPRTXHHPLWDVLQDOVRQRURVXDYHSDUDRULHQWDomRGRSHGHVWUH15

$UW $  $ LQVWDODomR GH TXDOTXHU PRELOLiULR XUEDQR HP iUHD GH FLUFXODomR FRPXP SDUD SHGHVWUH TXH RIHUHoD ULVFR GH DFLGHQWH j
SHVVRDFRPGHILFLrQFLDGHYHUiVHULQGLFDGDPHGLDQWHVLQDOL]DomRWiWLOGHDOHUWDQRSLVRGHDFRUGRFRPDVQRUPDVWpFQLFDVSHUWLQHQWHV

$UW $  2V FHQWURV FRPHUFLDLV H RV HVWDEHOHFLPHQWRV FRQJrQHUHV GHYHP IRUQHFHU FDUURV H FDGHLUDV GH URGDV PRWRUL]DGRV RX QmR
SDUDRDWHQGLPHQWRGDSHVVRDFRPGHILFLrQFLDRXFRPPRELOLGDGHUHGX]LGD

$UW$/HLQRGHGHMXOKRGH(VWDWXWRGD&LGDGHSDVVDDYLJRUDUFRPDVVHJXLQWHVDOWHUDo}HV

$UWR



,,,  SURPRYHU SRU LQLFLDWLYD SUySULD H HP FRQMXQWR FRP RV (VWDGRV R 'LVWULWR )HGHUDO H RV 0XQLFtSLRV SURJUDPDV GH FRQVWUXomR GH
PRUDGLDV H PHOKRULD GDV FRQGLo}HV KDELWDFLRQDLV GH VDQHDPHQWR EiVLFR GDV FDOoDGDV GRV SDVVHLRV S~EOLFRV GR PRELOLiULR XUEDQR H
GRVGHPDLVHVSDoRVGHXVRS~EOLFR

,9LQVWLWXLUGLUHWUL]HVSDUDGHVHQYROYLPHQWRXUEDQRLQFOXVLYHKDELWDomRVDQHDPHQWREiVLFRWUDQVSRUWHHPRELOLGDGHXUEDQDTXHLQFOXDP
UHJUDVGHDFHVVLELOLGDGHDRVORFDLVGHXVRS~EOLFR

15

$UW



R$VFLGDGHVGHTXHWUDWDRFDSXWGHVWHDUWLJRGHYHPHODERUDUSODQRGHURWDVDFHVVtYHLVFRPSDWtYHOFRPRSODQRGLUHWRUQRTXDOHVWi
LQVHULGR TXH GLVSRQKD VREUH RV SDVVHLRV S~EOLFRV D VHUHP LPSODQWDGRV RX UHIRUPDGRV SHOR SRGHU S~EOLFR FRP YLVWDV D JDUDQWLU
DFHVVLELOLGDGHGDSHVVRDFRPGHILFLrQFLDRXFRPPRELOLGDGHUHGX]LGDDWRGDVDVURWDVHYLDVH[LVWHQWHVLQFOXVLYHDVTXHFRQFHQWUHPRV
IRFRVJHUDGRUHVGHPDLRUFLUFXODomRGHSHGHVWUHVFRPRRVyUJmRVS~EOLFRVHRVORFDLVGHSUHVWDomRGHVHUYLoRVS~EOLFRVHSULYDGRVGH
VD~GH HGXFDomR DVVLVWrQFLD VRFLDO HVSRUWH FXOWXUD FRUUHLRV H WHOpJUDIRV EDQFRV HQWUH RXWURV VHPSUH TXH SRVVtYHO GH PDQHLUD
LQWHJUDGDFRPRVVLVWHPDVGHWUDQVSRUWHFROHWLYRGHSDVVDJHLURV15

$UW$/HLQRGHGHMDQHLURGH&yGLJR&LYLOSDVVDDYLJRUDUFRPDVVHJXLQWHVDOWHUDo}HV

$UWR6mRDEVROXWDPHQWHLQFDSD]HVGHH[HUFHUSHVVRDOPHQWHRVDWRVGDYLGDFLYLORVPHQRUHVGHGH]HVVHLVDQRV

,5HYRJDGR

,,5HYRJDGR

,,,5HYRJDGR15

$UWR6mRLQFDSD]HVUHODWLYDPHQWHDFHUWRVDWRVRXjPDQHLUDGHRVH[HUFHU



,,RVpEULRVKDELWXDLVHRVYLFLDGRVHPWy[LFR

,,,DTXHOHVTXHSRUFDXVDWUDQVLWyULDRXSHUPDQHQWHQmRSXGHUHPH[SULPLUVXDYRQWDGH



3DUiJUDIR~QLFR$FDSDFLGDGHGRVLQGtJHQDVVHUiUHJXODGDSRUOHJLVODomRHVSHFLDO15

$UW



,,5HYRJDGR

,,,5HYRJDGR



R

R$SHVVRDFRPGHILFLrQFLDSRGHUiWHVWHPXQKDUHPLJXDOGDGHGHFRQGLo}HVFRPDVGHPDLVSHVVRDVVHQGROKHDVVHJXUDGRVWRGRVRV
UHFXUVRVGHWHFQRORJLDDVVLVWLYD15

$UW$WpDFHOHEUDomRGRFDVDPHQWRSRGHPRVSDLVRXWXWRUHVUHYRJDUDDXWRUL]DomR15

$UW

,5HYRJDGR

15

$UW



R

R$SHVVRDFRPGHILFLrQFLDPHQWDORXLQWHOHFWXDOHPLGDGHQ~ELDSRGHUiFRQWUDLUPDWULP{QLRH[SUHVVDQGRVXDYRQWDGHGLUHWDPHQWHRX
SRUPHLRGHVHXUHVSRQViYHORXFXUDGRU15

$UW



,,,  D LJQRUkQFLD DQWHULRU DR FDVDPHQWR GH GHIHLWR ItVLFR LUUHPHGLiYHO TXH QmR FDUDFWHUL]H GHILFLrQFLD RX GH PROpVWLD JUDYH H
 WUDQVPLVVtYHOSRUFRQWiJLRRXSRUKHUDQoDFDSD]GHS{UHPULVFRDVD~GHGRRXWURF{QMXJHRXGHVXDGHVFHQGrQFLD

,95HYRJDGR15

$UW

,DTXHOHVTXHSRUFDXVDWUDQVLWyULDRXSHUPDQHQWHQmRSXGHUHPH[SULPLUVXDYRQWDGH

,,5HYRJDGR

,,,RVpEULRVKDELWXDLVHRVYLFLDGRVHPWy[LFR

,95HYRJDGR

15

$UW2SURFHVVRTXHGHILQHRVWHUPRVGDFXUDWHODGHYHVHUSURPRYLGR



,9SHODSUySULDSHVVRD15

$UW20LQLVWpULR3~EOLFRVRPHQWHSURPRYHUiRSURFHVVRTXHGHILQHRVWHUPRVGDFXUDWHOD

,QRVFDVRVGHGHILFLrQFLDPHQWDORXLQWHOHFWXDO



,,,VHH[LVWLQGRIRUHPPHQRUHVRXLQFDSD]HVDVSHVVRDVPHQFLRQDGDVQRLQFLVR,,15

$UW   $QWHV GH VH SURQXQFLDU DFHUFD GRV WHUPRV GD FXUDWHOD R MXL] TXH GHYHUi VHU DVVLVWLGR SRU HTXLSH PXOWLGLVFLSOLQDU
HQWUHYLVWDUiSHVVRDOPHQWHRLQWHUGLWDQGR15

$UW2MXL]GHWHUPLQDUiVHJXQGRDVSRWHQFLDOLGDGHVGDSHVVRDRVOLPLWHVGDFXUDWHODFLUFXQVFULWRVjVUHVWULo}HV FRQVWDQWHV GR
DUWHLQGLFDUiFXUDGRU

3DUiJUDIR~QLFR3DUDDHVFROKDGRFXUDGRURMXL]OHYDUiHPFRQWDDYRQWDGHHDVSUHIHUrQFLDVGRLQWHUGLWDQGRDDXVrQFLDGHFRQIOLWRGH
LQWHUHVVHVHGHLQIOXrQFLDLQGHYLGDDSURSRUFLRQDOLGDGHHDDGHTXDomRjVFLUFXQVWkQFLDVGDSHVVRD15

$UW$1DQRPHDomRGHFXUDGRUSDUDDSHVVRDFRPGHILFLrQFLDRMXL]SRGHUiHVWDEHOHFHUFXUDWHODFRPSDUWLOKDGDD PDLV GH XPD

SHVVRD

$UW$VSHVVRDVUHIHULGDVQRLQFLVR,GRDUWUHFHEHUmRWRGRRDSRLRQHFHVViULRSDUDWHUSUHVHUYDGRRGLUHLWR j FRQYLYrQFLD
IDPLOLDUHFRPXQLWiULDVHQGRHYLWDGRRVHXUHFROKLPHQWRHPHVWDEHOHFLPHQWRTXHRVDIDVWHGHVVHFRQYtYLR15

$UW27tWXOR,9GR/LYUR,9GD3DUWH(VSHFLDOGD/HLQRGHGHMDQHLURGH&yGLJR&LYLOSDVVDDYLJRUDUFRPDVHJXLQWHUHGDomR

778/2,9

'D7XWHODGD&XUDWHODHGD7RPDGDGH'HFLVmR$SRLDGD

$UW27tWXOR,9GR/LYUR,9GD3DUWH(VSHFLDOGD/HLQRGHGHMDQHLURGH&yGLJR&LYLOSDVVDDYLJRUDUDFUHVFLGRGRVHJXLQWH&DStWXOR,,,

&$378/2,,,

'D7RPDGDGH'HFLVmR$SRLDGD

$UW$$WRPDGDGHGHFLVmRDSRLDGDpRSURFHVVRSHORTXDODSHVVRDFRPGHILFLrQFLDHOHJHSHORPHQRVGXDVSHVVRDVLG{QHDV

FRPDVTXDLVPDQWHQKD YtQFXORVHTXH JR]HPGHVXDFRQILDQoD SDUD SUHVWDUOKH DSRLR QD WRPDGD GH GHFLVmR VREUH DWRV GD YLGD FLYLO
IRUQHFHQGROKHVRVHOHPHQWRVHLQIRUPDo}HVQHFHVViULRVSDUDTXHSRVVDH[HUFHUVXDFDSDFLGDGH

 R3DUDIRUPXODUSHGLGRGH WRPDGD GH GHFLVmR DSRLDGD D SHVVRD FRP GHILFLrQFLD H RV DSRLDGRUHV GHYHP DSUHVHQWDU WHUPR HP TXH
FRQVWHPRVOLPLWHVGRDSRLRDVHURIHUHFLGRHRVFRPSURPLVVRVGRVDSRLDGRUHVLQFOXVLYHRSUD]RGHYLJrQFLD GR DFRUGR H R UHVSHLWR j
YRQWDGHDRVGLUHLWRVHDRVLQWHUHVVHVGDSHVVRDTXHGHYHPDSRLDU

 R  2 SHGLGR GH WRPDGD GH GHFLVmR DSRLDGD VHUi UHTXHULGR SHOD SHVVRD D VHU DSRLDGD FRP LQGLFDomR H[SUHVVD GDV SHVVRDV DSWDV D
SUHVWDUHPRDSRLRSUHYLVWRQRFDSXWGHVWHDUWLJR

 R  $QWHV GH VH SURQXQFLDU VREUH R SHGLGR GH WRPDGD GH GHFLVmR DSRLDGD R MXL] DVVLVWLGR SRU HTXLSH PXOWLGLVFLSOLQDU DSyV RLWLYD GR
0LQLVWpULR3~EOLFRRXYLUiSHVVRDOPHQWHRUHTXHUHQWHHDVSHVVRDVTXHOKHSUHVWDUmRDSRLR

R$GHFLVmRWRPDGDSRUSHVVRDDSRLDGDWHUiYDOLGDGHHHIHLWRVVREUHWHUFHLURVVHPUHVWULo}HVGHVGHTXHHVWHMDLQVHULGDQRVOLPLWHVGR
DSRLRDFRUGDGR

 R  7HUFHLUR FRP TXHP D SHVVRD DSRLDGD PDQWHQKD UHODomR QHJRFLDO SRGH VROLFLWDU TXH RV DSRLDGRUHV FRQWUDDVVLQHP R FRQWUDWR RX
DFRUGRHVSHFLILFDQGRSRUHVFULWRVXDIXQomRHPUHODomRDRDSRLDGR

R(PFDVRGHQHJyFLRMXUtGLFRTXHSRVVDWUD]HUULVFRRXSUHMXt]RUHOHYDQWHKDYHQGRGLYHUJrQFLDGHRSLQL}HVHQWUHDSHVVRDDSRLDGDH
XPGRVDSRLDGRUHVGHYHUiRMXL]RXYLGRR0LQLVWpULR3~EOLFRGHFLGLUVREUHDTXHVWmR

R6HRDSRLDGRUDJLUFRPQHJOLJrQFLDH[HUFHUSUHVVmRLQGHYLGDRXQmRDGLPSOLUDVREULJDo}HVDVVXPLGDVSRGHUiDSHVVRDDSRLDGDRX
TXDOTXHUSHVVRDDSUHVHQWDUGHQ~QFLDDR0LQLVWpULR3~EOLFRRXDRMXL]

R6HSURFHGHQWHDGHQ~QFLDRMXL]GHVWLWXLUiRDSRLDGRUHQRPHDUiRXYLGDDSHVVRDDSRLDGDHVHIRUGHVHXLQWHUHVVHRXWUDSHVVRD
SDUDSUHVWDomRGHDSRLR

R$SHVVRDDSRLDGDSRGHDTXDOTXHUWHPSRVROLFLWDURWpUPLQRGHDFRUGRILUPDGRHPSURFHVVRGHWRPDGDGHGHFLVmRDSRLDGD

   2 DSRLDGRU SRGH VROLFLWDU DR MXL] D H[FOXVmR GH VXD SDUWLFLSDomR GR SURFHVVR GH WRPDGD GH GHFLVmR DSRLDGD VHQGR VHX
GHVOLJDPHQWRFRQGLFLRQDGRjPDQLIHVWDomRGRMXL]VREUHDPDWpULD

$SOLFDPVHjWRPDGDGHGHFLVmRDSRLDGDQRTXHFRXEHUDVGLVSRVLo}HVUHIHUHQWHVjSUHVWDomRGHFRQWDVQDFXUDWHOD

$UW2DUWRGD/HLQRGHGHMXQKRGHSDVVDDYLJRUDUFRPDVHJXLQWHUHGDomR
 $UWReDVVHJXUDGRjSHVVRDFRPGHILFLrQFLDYLVXDODFRPSDQKDGDGHFmRJXLDRGLUHLWRGHLQJUHVVDUHGHSHUPDQHFHUFRPRDQLPDOHP
WRGRVRVPHLRVGHWUDQVSRUWHHHPHVWDEHOHFLPHQWRVDEHUWRVDRS~EOLFRGHXVRS~EOLFRHSULYDGRVGHXVRFROHWLYRGHVGHTXHREVHUYDGDV
DVFRQGLo}HVLPSRVWDVSRUHVWD/HL



R2GLVSRVWRQRFDSXWGHVWHDUWLJRDSOLFDVHDWRGDVDVPRGDOLGDGHVHMXULVGLo}HVGRVHUYLoRGH WUDQVSRUWH FROHWLYR GH SDVVDJHLURV

LQFOXVLYHHPHVIHUDLQWHUQDFLRQDOFRPRULJHPQRWHUULWyULREUDVLOHLUR15

$UW2LQFLVR,9GRDUWGD/HLQRGHGHMDQHLURGHSDVVDDYLJRUDUDFUHVFLGRGDVHJXLQWHDOtQHDN

$UW



,9



NGHDFHVVLELOLGDGHDWRGDVDVSHVVRDV

15

$UW$/HLQRGHGHMDQHLURGHSDVVDDYLJRUDUDFUHVFLGDGRVHJXLQWHDUW%

$UW%1DRXWRUJDGHH[SORUDomRGHVHUYLoRGHWi[LUHVHUYDUVHmRGH]SRUFHQWRGDVYDJDVSDUDFRQGXWRUHVFRPGHILFLrQFLD

 R  3DUD FRQFRUUHU jV YDJDV UHVHUYDGDV QD IRUPD GR FDSXW GHVWH DUWLJR R FRQGXWRU FRP GHILFLrQFLD GHYHUi REVHUYDU RV VHJXLQWHV
UHTXLVLWRVTXDQWRDRYHtFXORXWLOL]DGR

,VHUGHVXDSURSULHGDGHHSRUHOHFRQGX]LGRH

,,HVWDUDGDSWDGRjVVXDVQHFHVVLGDGHVQRVWHUPRVGDOHJLVODomRYLJHQWH

 R  1R FDVR GH QmR SUHHQFKLPHQWR GDV YDJDV QD IRUPD HVWDEHOHFLGD QR FDSXW GHVWH DUWLJR DV UHPDQHVFHQWHV GHYHP VHU
GLVSRQLELOL]DGDVSDUDRVGHPDLVFRQFRUUHQWHV

$UW   &DEH DRV yUJmRV FRPSHWHQWHV HP FDGD HVIHUD GH JRYHUQR D HODERUDomR GH UHODWyULRV FLUFXQVWDQFLDGRV VREUH R FXPSULPHQWR GRV SUD]RV
HVWDEHOHFLGRVSRUIRUoDGDV/HLVQRGHGHQRYHPEUR GH  H QR  GH  GH GH]HPEUR GH  EHP FRPR R VHX HQFDPLQKDPHQWR DR 0LQLVWpULR
3~EOLFRHDRVyUJmRVGHUHJXODomRSDUDDGRomRGDVSURYLGrQFLDVFDEtYHLV

3DUiJUDIR~QLFR2VUHODWyULRVDTXHVHUHIHUHRFDSXWGHVWHDUWLJRGHYHUmRVHUDSUHVHQWDGRVQRSUD]RGHXPDQRDFRQWDUGDHQWUDGDHPYLJRUGHVWD/HL

$UW   2V GLUHLWRV RV SUD]RV H DV REULJDo}HV SUHYLVWRV QHVWD /HL QmR H[FOXHP RV Mi HVWDEHOHFLGRV HP RXWUDV OHJLVODo}HV LQFOXVLYH HP SDFWRV WUDWDGRV
FRQYHQo}HV H GHFODUDo}HV LQWHUQDFLRQDLV DSURYDGRV H SURPXOJDGRV SHOR &RQJUHVVR 1DFLRQDO H GHYHP VHU DSOLFDGRV HP FRQIRUPLGDGH FRP DV GHPDLV QRUPDV
LQWHUQDVHDFRUGRVLQWHUQDFLRQDLVYLQFXODQWHVVREUHDPDWpULD

3DUiJUDIR~QLFR3UHYDOHFHUiDQRUPDPDLVEHQpILFDjSHVVRDFRPGHILFLrQFLD

$UW   5HJXODPHQWR GLVSRUi VREUH D DGHTXDomR GR GLVSRVWR QHVWD /HL DR WUDWDPHQWR GLIHUHQFLDGR VLPSOLILFDGR H IDYRUHFLGR D VHU GLVSHQVDGR jV
PLFURHPSUHVDVHjVHPSUHVDVGHSHTXHQRSRUWHSUHYLVWRQRRGRDUWRGD/HL&RPSOHPHQWDUQRGHGHGH]HPEURGH

$UW5HYRJDPVHRVVHJXLQWHVGLVSRVLWLYRV9LJrQFLD

,RLQFLVR,,GRRGRDUWRGD/HLQRGHGHPDUoRGH

,,RVLQFLVRV,,,H,,,GRDUWRGD/HLQRGHGHMDQHLURGH&yGLJR&LYLO

,,,RVLQFLVRV,,H,,,GRDUWGD/HLQRGHGHMDQHLURGH&yGLJR&LYLO

,9RLQFLVR,GRDUWGD/HLQRGHGHMDQHLURGH&yGLJR&LYLO

9RLQFLVR,9GRDUWGD/HLQRGHGHMDQHLURGH&yGLJR&LYLO

9,RVLQFLVRV,,H,9GRDUWGD/HLQRGHGHMDQHLURGH&yGLJR&LYLO

9,,RVDUWVHGD/HLQRGHGHMDQHLURGH&yGLJR&LYLO

$UW2RGRDUWRGHVWD/HLGHYHUiHQWUDUHPYLJRUHPDWpGRLVDQRVFRQWDGRVGDHQWUDGDHPYLJRUGHVWD/HL

$UW'HYHPVHUREVHUYDGRVRVSUD]RVDVHJXLUGLVFULPLQDGRVDSDUWLUGDHQWUDGDHPYLJRUGHVWD/HLSDUDRFXPSULPHQWRGRVVHJXLQWHVGLVSRVLWLYRV

,LQFLVRV,H,,GRRGRDUWTXDUHQWDHRLWRPHVHV

,,RGRDUWTXDUHQWDHRLWRPHVHV

,,,DUWYLQWHHTXDWURPHVHV

,9DUWTXDUHQWDHRLWRPHVHV

$UW3URUURJDVHDWpGHGH]HPEURGHDYLJrQFLDGD/HLQRGHGHIHYHUHLURGH

$UW(VWD/HLHQWUDHPYLJRUDSyVGHFRUULGRVFHQWRHRLWHQWDGLDVGHVXDSXEOLFDomRRILFLDO

%UDVtOLDGHMXOKRGHRGD,QGHSHQGrQFLDHRGD5HS~EOLFD

',/0$52866()
0DULYDOGRGH&DVWUR3HUHLUD
-RDTXLP9LHLUD)HUUHLUD/HY\
5HQDWR-DQLQH5LEHLUR
$UPDQGR0RQWHLUR
1HOVRQ%DUERVD
*LOEHUWR.DVVDE
/XLV,QiFLR/XFHQD$GDPV
*LOEHUWR-RVp6SLHU9DUJDV
*XLOKHUPH$ILI'RPLQJRV

(VWHWH[WRQmRVXEVWLWXLRSXEOLFDGRQR'28GH