You are on page 1of 74

&XUVR5HJXODU7HyULFR

$XOD9HUERV
3URI&ODXGLD.R]ORZVNL

 $XOD±9HUERV

2OiDPLJRV
+RMHQRVVDDXODYDLWUDWDUGR³FRUDomR´GDXQLGDGHRUDFLRQDO±R9(5%2
1mR p j WRD TXH HVVH DVVXQWR YHP ORJR DSyV YHUPRV RV SURFHVVRV GH
IRUPDomRGDVSDODYUDVHDQWHVGHTXDOTXHURXWUR
2YHUER WDPEpP IDUi SDUWHGDVSUy[LPDVDXODV±FRQFRUGkQFLD QRPLQDO
HYHUEDO UHJrQFLD QRPLQDOHYHUEDO HDWpPHVPRFUDVH
1HVWDDXODYHUHPRVDFODVVLILFDomRGRVYHUERVVXDIRUPDGHFRQMXJDomR
TXH p XP FDOR SDUD PXLWD JHQWH  DV IOH[}HV TXH R YHUER SRGH VRIUHU
Q~PHURSHVVRD WHPSR PRGR H YR]  D UHODomR TXHRVYHUERV WrP HP
XPD HVWUXWXUD RUDFLRQDO H FRPR PDQWHU HVVD UHODomR KDUP{QLFD GHQWUH
WDQWDVRXWUDVFRLVDV
%HP HVVD SDODYULQKD p PXLWR HVSHFLDO 2 YHUER QmR WHP VLQWDWLFDPHQWH
XPDIXQomRTXHOKHVHMDSULYDWLYDSRLVFRPRYHUHPRVRVXEVWDQWLYRHR
DGMHWLYR WDPEpP SRGHP VHU Q~FOHRV GR SUHGLFDGR YHUHPRV QR PyGXOR
VREUH7HUPRVGD2UDomR 
6XD~QLFDIXQomRQDHVWUXWXUDRUDFLRQDOpDGHSDUWLFLSDUGRSUHGLFDGR

&216758d­2'269(5%26
7RGDV DV IRUPDV GR YHUER VH LUPDQDP SHOR 5$',&$/ D SDUWH LQYDULiYHO
TXHOKHVGiDEDVHFRPXPGHVLJQLILFDomR
6mRDFHLWDVDVVHJXLQWHVIOH[}HVGHQ~PHUR VLQJXODUHSOXUDO SHVVRD
  RX   PRGR WHPSR RX YR]HV &HOVR &XQKD LGHQWLILFD XPD
RXWUD IOH[mR DVSHFWR TXH HP VXDV SDODYUDV ³PDQLIHVWD R SRQWR GH
YLVWD GR TXDO R ORFXWRU FRQVLGHUD D DomR H[SUHVVD SHOR YHUER´ SRU
H[HPSOR SRQWXDO ³DFDER GH FKHJDU´  RX GXUDWLYD ³ILFR D HVSHUDU´ 
FRQWtQXD ³YRXDQGDQGRSHODVUXDV´ RXGHVFRQWtQXD ³YROWHLDIXPDU´ 
HWF
(P UHODomR DR SURFHVVR GH IRUPDomR FRPR YLPRV DR UDGLFDO MXQWDVH D
WHUPLQDomR YRJDO WHPiWLFD GHILQH DV WUrV FRQMXJDo}HV  GHVLQrQFLDV
PRGRWHPSRUDOHQ~PHURSHVVRDO
$OJXQVFRQFHLWRVVmRLPSRUWDQWHV
)RUPDVUL]RW{QLFDV±RHOHPHQWRGHFRPSRVLomRJUHJRUL] R VLJQLILFD
³UDL]´ $VVLP QDV IRUPDV 5,=27Ð1,&$6 D VtODED W{QLFD D TXH IRPRV
DSUHVHQWDGRVHPQRVVRSULPHLURHQFRQWUR UHFDLQRUDGLFDO

ZZZSRQWRGRVFRQFXUVRVFRPEU_3URI&ODXGLD.R]ORZVNL
&XUVR5HJXODU7HyULFR
$XOD9HUERV
3URI&ODXGLD.R]ORZVNL

YHUER5(&/$0$5ÎUDGLFDO5(&/$0Î
ÎHXUHFODPR
&RPRDVtODEDW{QLFDUHFDLQRUDGLFDOHVVDIRUPDFKDPDVHUL]RW{QLFD

)RUPDVDUUL]RW{QLFDVTXDQGRDVtODEDW{QLFDUHFDLIRUDGRUDGLFDO
9HUER&216(59$5ÎUDGLFDO&216(59Î
ÎQyVFRQVHUYDUHPRV
&RPRDVtODEDW{QLFDUHFDLIRUDGRUDGLFDOHVVDIRUPDFKDPDVH
DUUL]RW{QLFD


&/$66,),&$d­2'269(5%26
2V YHUERV FODVVLILFDPVH HP UHJXODUHV LUUHJXODUHV DQ{PDORV
GHIHFWLYRVHDEXQGDQWHV
5(*8/$5(6FRQVHUYDPRPHVPRUDGLFDO
HXFDQWRWXFDQWDVQyVFDQWiYDPRVHOHVFDQWDULDPHOHFDQWDVVH
,55(*8/$5(6DSUHVHQWDPYDULDomRQRUDGLFDORXQDVGHVLQrQFLDV
6$%(5 HXVHLHOHVRXEH 3(5'(5 SHUFR )$=(5 IL]IDoR 
$OJXQV DXWRUHV FRQVLGHUDP TXH DOWHUDomR H[FOXVLYDPHQWH JUiILFD
3527(*(5 ± 3527(-2  HP IXQomR GD RUWRJUDILD QmR SRGHULD OHYDU j
LQGLFDomRGHLUUHJXODULGDGHYHUEDO$VVLPVHJXQGRHOHVVmRFRQVLGHUDGRV
LUUHJXODUHV VRPHQWH RV YHUERV TXH DSUHVHQWDP DOWHUDomR *5È),&$ (
)21e7,&$6HQmRKRXYHUDOWHUDomRIRQpWLFD FRPRQRH[HPSORJM QmR
VHFODVVLILFDFRPRYHUERLUUHJXODUVHQGRFKDPDGRSRUDOJXQVDXWRUHVGH
³DSDUHQWHPHQWHLUUHJXODU´
$1Ð0$/2±VmRYHUERVLUUHJXODUHVTXHSRUDSUHVHQWDUHPSURIXQGDV
YDULDo}HVUHFHEHPFODVVLILFDomRDXW{QRPD6mRVyGRLV6(5H,5
&XULRVLGDGH (VVHV GRLV YHUERV VmR LGrQWLFRV QD FRQMXJDomR GRV
VHJXLQWHV WHPSRV SUHWpULWR SHUIHLWR GR LQGLFDWLYR IXL IRVWH  
SUHWpULWR PDLVTXHSHUIHLWR GR LQGLFDWLYR IRUD IRUDV  SUHWpULWR
LPSHUIHLWR GR VXEMXQWLYR IRVVH IRVVHV  H IXWXUR GR VXEMXQWLYR IRU
IRUHV 6yGiSDUDLGHQWLILFDUVHHVWiVHQGRXVDGRXPRXRXWURDSDUWLU
GRFRQWH[WR
 $%81'$17(  DSUHVHQWDP GXDV RX WUrV IRUPDV HP FHUWRV WHPSRV
PRGRV SHVVRDV RX SDUWLFtSLR 3RU H[HPSOR QR LPSHUDWLYR DILUPDWLYR RV
YHUERV WHUPLQDGRV HP ±]HU FRPR R YHUER ID]HU QD  SHVVRD GR
VLQJXODUDFHLWDPGXDVIRUPDV±ID]HHID]

ZZZSRQWRGRVFRQFXUVRVFRPEU_3URI&ODXGLD.R]ORZVNL
&XUVR5HJXODU7HyULFR
$XOD9HUERV
3URI&ODXGLD.R]ORZVNL

 '()(&7,926   DSUHVHQWDP GHIHLWR RX VHMD QmR VH FRQMXJDP HP
WRGDVDVIRUPDV WHPSRSHVVRDVPRGRV 
6HPSUH TXH VH IDODU HP GHIHLWR YHUEDO HVWDPRV QRV UHIHULQGR j
FRQMXJDomR GR 35(6(17( '2 ,1',&$7,92 H DRV WHPSRV GHOH
GHULYDGRV 3UHVHQWH GR 6XEMXQWLYR H ,PSHUDWLYR  2 ³GHIHLWR´ H[LVWH
DSHQDV QR SUHVHQWH QmR H[LVWH QR SDVVDGR QHP QR IXWXUR 3RU LVVR
PHVPR GHIHFWLYR R YHUER SRGHUi VHU FRQMXJDGR LQWHLUDPHQWH QRV
RXWURV WHPSRV H PRGRV YHUEDLV FRPR SRU H[HPSOR QR 3UHWpULWR GR
3HUIHLWR GR ,QGLFDWLYR QR 3UHWpULWR ,PSHUIHLWR GR 6XEMXQWLYR )XWXUR GR
6XEMXQWLYRHWF
+iGRLVWLSRVGHGHIHLWRV
ž RYHUERQmRSRVVXLDSHVVRDGRVLQJXODUDSHQDV H[SORGLUDEROLU
FRORULUGHOLQTXLU 
ž  R YHUER Vy DSUHVHQWD DV FRQMXJDo}HV GD  H  SHVVRDV GR SOXUDO
DGHTXDUUHDYHU 
$OJXQV DXWRUHV GHILQHP FRPR GHIHFWLYRV WDPEpP RV YHUERV TXH GH
DFRUGR FRP R VHX HPSUHJR Vy SRGHP VHU FRQMXJDGRV QDV WHUFHLUDV
SHVVRDVFRPR85*,5 WHUXUJrQFLD '2(5 QRVHQWLGRGH³VHQWLUGRU´
DOJXPDFRLVDGyL HRVXQLSHVVRDLVTXHUHSUHVHQWDPYR]HVGHDQLPDLVRX
IHQ{PHQRV GD QDWXUH]D TXDQGR XWLOL]DGRV QR VHQWLGR RULJLQDO VHQWLGR
GHQRWDWLYRFRP³G´GH³GLFLRQiULR´VHXRSRVWRpRVHQWLGRFRQRWDWLYR
WDPEpP FKDPDGR GH ILJXUDGR TXDQGR D SDODYUD p XVDGD HP XP
VLJQLILFDGRGLIHUHQWHGRRULJLQDO 

)/(;®(6'269(5%26
1Ò0(52
&RPR DV RXWUDV SDODYUDV YDULiYHLV R YHUER DGPLWH GRLV Q~PHURV R
VLQJXODUHRSOXUDO'L]HPRVTXHXPYHUERHVWiQRVLQJXODUTXDQGRHOHVH
UHIHUH D XPD Vy SHVVRD RX FRLVD H QR SOXUDO TXDQGR WHP SRU VXMHLWR
PDLVGHXPDSHVVRDRXFRLVD
3(662$
eDYDULDomRGHIRUPDTXHLQGLFDDSHVVRDGRGLVFXUVRDTXHVHUHIHUHD
DomRYHUEDO
 SHVVRD  DTXHOD TXH IDOD &RUUHVSRQGH DRV SURQRPHV SHVVRDLV HX
VLQJXODU HQyV SOXUDO 
SHVVRDDTXHODDTXHPVHIDOD&RUUHVSRQGHDRVSURQRPHVSHVVRDLV
WX VLQJXODU HYyV SOXUDO 

ZZZSRQWRGRVFRQFXUVRVFRPEU_3URI&ODXGLD.R]ORZVNL
&XUVR5HJXODU7HyULFR
$XOD9HUERV
3URI&ODXGLD.R]ORZVNL

 SHVVRD  DTXHOD GH TXHP VH IDOD &RUUHVSRQGH DRV SURQRPHV
SHVVRDLVHOHHOD VLQJXODU HHOHVHODV SOXUDO 
02'27(032H92=(6
(VVDVPRGDOLGDGHVGHIOH[mRPHUHFHPXPDDQiOLVHPDLVDSURIXQGDGD

02'26(7(03269(5%$,6
$FODVVLILFDomRGRVYHUERVQRV02'269(5%$,6GHSHQGHGDUHODomRTXH
RIDODQWHWHPFRPDTXLORTXHHQXQFLD±VHFRQVWDWDXPIDWR LQGLFDWLYR 
VH DSUHVHQWD XPD KLSyWHVH XPD VXSRVLomR VXEMXQWLYR  VH ID] XP
SHGLGRRXGiXPDRUGHP LPSHUDWLYR 
(P RXWUDV SDODYUDV GHSHQGH GR PRGR FRP TXH HQXQFLD D DomR YHUEDO
SHUFHEHX"³PRGR´YHUEDO 6mRWUrVPRGRVYHUEDLV
ƒ ,1',&$7,92  FRPR VXJHUH R QRPH LQGLFD XP IDWR UHDO TXH SRGH
SHUWHQFHUDRSUHVHQWHDRSDVVDGRRXDRIXWXUR
ƒ 68%-817,92  HQXQFLD XP IDWR KLSRWpWLFR GXYLGRVR SURYiYHO RX
SRVVtYHO
ƒ ,03(5$7,92H[SUHVVDLGHLDVGHRUGHPSHGLGRGHVHMRFRQYLWH
(QTXDQWR TXH R PRGR ,1',&$7,92 VLWXD R IDWR QR SODQR GD UHDOLGDGH
GD FHUWH]D R 68%-817,92 FRORFD R IDWR QR SODQR GR TXH p SURYiYHO
KLSRWpWLFR SRVVtYHO VHP D FHUWH]D DSUHVHQWDGD SHOR PRGR LQGLFDWLYR
2 PRGR 68%-817,92 WDPEpP p EDVWDQWH XVDGR FRP GHWHUPLQDGDV
FRQMXQo}HV HPERUDFDVRTXHHWF 
3HUFHED D GLIHUHQoD HQWUH DV GXDV RUDo}HV DEDL[R 2 VXMHLWR YDL j
IDUPiFLDHGL]DREDOFRQLVWD
(XTXHURXPUHPpGLRTXHDFDEDFRPDPLQKDGRUGHFDEHoD
(XTXHURXPUHPpGLRTXHDFDEHFRPDPLQKDGRUGHFDEHoD
1D SULPHLUD R VXMHLWR Mi VDEH TXDO p R PHGLFDPHQWR TXH YDL SHGLU H
SURGX]LU UHVXOWDGR -i WHYH GRU GH FDEHoD RXWUDV YH]HV H VDEH TXDO R
UHPpGLR TXH VXUWH HIHLWR 2 IDWR VLWXDVH QR SODQR GD &(57(=$ ± PRGR
,1',&$7,92
1D VHJXQGD R VXMHLWR QmR WHP FHUWH]D GH TXDO PHGLFDPHQWR SRGHULD
VXUWLU HIHLWR &HUWDPHQWH HVWi SHGLQGR XPD LQGLFDomR DR EDOFRQLVWD 2
UHVXOWDGR TXH R UHPpGLR WUDUi DFDEDU FRP D GRU GH FDEHoD  DLQGD HVWi
QRSODQRGDKLSyWHVH3RULVVRHVWiQRPRGR68%-817,92



ZZZSRQWRGRVFRQFXUVRVFRPEU_3URI&ODXGLD.R]ORZVNL
&XUVR5HJXODU7HyULFR
$XOD9HUERV
3URI&ODXGLD.R]ORZVNL

,03(5$7,92
6REUH D FRQMXJDomR QR LPSHUDWLYR HP YH] GH PHPRUL]DU YiULDV UHJUDV
YDPRVJXDUGDUDSHQDVDH[FHomR
$ 5(*5$ (P VH WUDWDQGR GH LPSHUDWLYR HPSUHJDVH R SUHVHQWH GR
VXEMXQWLYR 6mR FRQMXJDGRV SHOR SUHVHQWH GR VXEMXQWLYR RV YHUERV HP
WRGDVDVSHVVRDV GRVLQJXODUHGRSOXUDOGRVLQJXODUHGRSOXUDOH
GRSOXUDO QRLPSHUDWLYRQHJDWLYRHQDVSHVVRDV VLQJXODUHSOXUDO 
HSHVVRDGRSOXUDOQRLPSHUDWLYRDILUPDWLYR(VVDpDUHJUD


  9HQKD SDUD D &DL[D YRFr WDPEpP Î  SHVVRD GR VLQJXODU 2
FRPHUFLDO HVWDYD HUUDGR H YRFr QmR YDL QHP DFUHGLWDU XPD EDQFD
H[DPLQDGRUD H[SORURX H[DWDPHQWH HVVH IDWR HP SURYD 9HUHPRV QRV
H[HUFtFLRVGHIL[DomR 
1mRQRVGHL[HLVFDLUHPWHQWDomRΝSHVVRDGRSOXUDO $RVHGLULJLU
DR3DLXVDVHYyV 
$JRUD YHUHPRV D H[FHomR TXH GHYH VHU PHPRUL]DGD SRU VHU HP PHQRU
Q~PHUR
$ H[FHomR ILFD SRU FRQWD GDV VHJXQGDV SHVVRDV WX H YyV  QR
LPSHUDWLYRDILUPDWLYR1HVVDFRQMXJDomRXVDVHRSUHVHQWHGRLQGLFDWLYR
VHPR³V´ILQDO


1R LPSHUDWLYR DILUPDWLYR DV V SHVVRDV VLQJXODU H SOXUDO  EXVFDP D
FRQMXJDomR GR SUHVHQWH GR LQGLFDWLYRH WLUDP D OHWUD µV¶ 7RGRR UHVWDQWH
WHPRULJHPQRSUHVHQWHGRVXEMXQWLYR([HPSOR
  ³'L]HPH FRP TXHP DQGDV TXH HX WH GLUHL TXHP pV´  $ IRUPD
³GL]H´ p D UHGXomR GR SUHVHQWH GR LQGLFDWLYR GD  SHVVRD GR VLQJXODU
GL]HV ± >V@  GL]H  (VVH YHUER DOLiV p DEXQGDQWH $FHLWD DV IRUPDV
³GL]H´H³GL]´QRLPSHUDWLYRDILUPDWLYR
±³)D]HLGHPLPXPLQVWUXPHQWRGHYRVVDSD]´±$IRUPD³ID]HL´pD
FRQMXJDomRQRSUHVHQWHGRLQGLFDWLYRGDSHVVRDGRSOXUDO YyVID]HLV 
VHPR³V´

ZZZSRQWRGRVFRQFXUVRVFRPEU_3URI&ODXGLD.R]ORZVNL
&XUVR5HJXODU7HyULFR
$XOD9HUERV
3URI&ODXGLD.R]ORZVNL

2V TXDGURV DEDL[R UHVXPHP DV FRQMXJDo}HV GRV YHUERV QR PRGR
LPSHUDWLYR
35(6(17('2  ,03(5$7,92
68%-817,92 1(*$7,92
HXIDOH  
WXIDOHV Î QmRIDOHV WX 
HOHIDOH Î QmRIDOH YRFr  
QyVIDOHPRV Î QmRIDOHPRV QyV 
YyVIDOHLV Î QmRIDOHLV YyV 
HOHVIDOHP Î QmRIDOHP YRFrV  

35(6(17('2  ,03(5$7,92  35(6(17('2
,1',&$7,92 $),50$7,92 68%-817,92
HXIDOR    HXIDOH
WXIDODV Î IDOD WX   WXIDOHV
HOHIDOD  IDOH YRFr   Í HOHIDOH
QyVIDODPRV  IDOHPRV QyV  Í QyVIDOHPRV
YyVIDODLV Î IDODL YyV   YyVIDOHLV
HOHVIDODP  IDOHP YRFrV   Í HOHVIDOHP

 &RPR R LPSHUDWLYR p R PRGR HP TXH VH GHWHUPLQD RX SHGH DOJR j
SHVVRD D TXHP VH GLULJH  SHVVRD  DV WHUFHLUDV SHVVRDV VH UHIHUHP D
³YRFrYRFrV´HQmRDHOHV SHVVRD 
2V 7(0326 9(5%$,6 WrP D IXQomR GH LQGLFDU R PRPHQWR HP TXH VmR
HQXQFLDGRVRVIDWRV
1RPRGR,1',&$7,92RVWHPSRVVmR

ƒ 35(6(17(
± IDWR RFRUUH QR PRPHQWR HP TXH VH IDOD 2XoR UXtGRV QD
FR]LQKD 
IDWRTXHpFRPXPGHRFRUUHU (XPRUURGHLQYHMDGHOH&KRYH
WRGRVRVGLDVHP%HOpP 
 DSUHVHQWD XP SULQFtSLR XP FRQFHLWR RX XP GDGR 7RGRV RV
DQRVPXLWDVFULDQoDVPRUUHPGHGHVQXWULomRQR%UDVLO 
ƒ 35(7e5,723(5)(,72
± IDWR RFRUULGR H SHUIHLWDPHQWH FRQFOXtGR DQWHV GR PRPHQWR
HPTXHVHIDOD 7RGRVVRXEHUDPGRDVVDVVLQDWRGRSUHIHLWR 


ZZZSRQWRGRVFRQFXUVRVFRPEU_3URI&ODXGLD.R]ORZVNL
&XUVR5HJXODU7HyULFR
$XOD9HUERV
3URI&ODXGLD.R]ORZVNL

ƒ 35(7e5,723(5)(,72&2032672
± GHQRWD UHSHWLomR GH XP DWR RX VXD FRQWLQXLGDGH FRP LQtFLR
QR SDVVDGR FKHJDQGR DR PRPHQWR SUHVHQWH HP TXH IDODPRV
(X WHQKR FRPHWLGR PXLWRV HUURV QD HVFROKD GRV PHXV QDPRUDGRV 
(XWHQKROXWDGRFRQWUDYiULRVSUHFRQFHLWRV 
ƒ 35(7e5,72,03(5)(,72
± IDWR UHDOL]DGR H QmR FRQFOXtGR RX TXH DSUHVHQWD FHUWD
GXUDomR (OH EXVFDYD D SHUIHLomR DQWHV GH PRUUHU 2 WHPSR FRUULD
VHPTXHQLQJXpPQRWDVVH 
± LQGLFD HQWUH Do}HV VLPXOWkQHDV D TXH RFRUULD QR PRPHQWR
HP TXH VREUHYHLR D RXWUD (OH DQGDYD SHOD UXD TXDQGR IRL
DERUGDGRSHORVODGU}HV 
± GHQRWD DomR SDVVDGD KDELWXDO RX UHSHWLGD LPSHUIHLWR
IUHTXHQWDWLYR  6HPSUHTXHHXFKHJDYDHODVDtDGRUHFLQWR 
ƒ 35(7e5,720$,648(3(5)(,72
±IDWRUHDOL]DGRDQWHVGHRXWURIDWRWDPEpPQRSDVVDGR $QWHV
GHVXDPRUWHHOHSHGLUDRSHUGmRDRVILOKRV 
ƒ 35(7e5,720$,648(3(5)(,72&2032672
± IRUPD PDLV FRPXP GH H[SUHVVDU R IDWR UHDOL]DGR DQWHV GH
RXWUR IDWR WDPEpP QR SDVVDGR $QWHV GH VXD PRUWH HOH WLQKD
SHGLGRSHUGmRDRVILOKRV 
ƒ )87852'235(6(17(
± IDWR SRVWHULRU FHUWR GH RFRUUHU QR IXWXUR 'RDUHL WRGR R
PDWHULDOGHHVWXGRDSyVDPLQKDDSURYDomR 
±DILUPDomRGHYDORUFDWHJyULFR 'HWRGDVDVPXOKHUHVGRPXQGR
YRFrVHUiDPDLVEHOD±RTXHVHDILUPDpTXH³FHUWDPHQWHYRFrpD
PDLVEHOD´ 
ƒ )87852'235(6(17(&2032672
± GHQRWD IXWXUD RFRUUrQFLD GH XP IDWR TXH VH LQLFLRX QR
SUHVHQWH $Wp R SUy[LPR DQR WHUHL DFXPXODGR TXDVH XP PLOKmR GH
UHDLVHPGtYLGDV 
LQGLFDXPDDomRIXWXUDTXHHVWDUiFRQVXPDGDDQWHVGHRXWUD
WDPEpP QR IXWXUR $PDQKm TXDQGR YRFr FKHJDU HX Mi WHUHL
DVVLQDGRRFRQWUDWR 
 GHQRWD LQFHUWH]D VREUH IDWRV SDVVDGRV 7HUi -RmR VDELGR GD
WUDLomR" 

ZZZSRQWRGRVFRQFXUVRVFRPEU_3URI&ODXGLD.R]ORZVNL
&XUVR5HJXODU7HyULFR
$XOD9HUERV
3URI&ODXGLD.R]ORZVNL

ƒ )87852'235(7e5,72
± IDWR QmR FKHJRX D VH UHDOL]DU (X LULD j VXD FDVD PDV WLYH XP
SUREOHPD 
± SRGH GHQRWDU LQFHUWH]D ³$FKDUDP XP FRUSR TXH VHULD GR FKHIH
GRWUiILFR´ 
± KLSyWHVH UHODFLRQDGD D XPD FRQGLomR ³6H YRFr WLYHVVH
FRPSUDGR R FDUUR >&21',d­2@ QmR SHUGHULD R GLQKHLUR QR MRJR
>+,3Ï7(6(@´ 
± IDWR SRVWHULRU D XP IDWR SDVVDGR 9RFr PH JDUDQWLX >)$72
3$66$'2@ TXH R QRVVR DPRU QmR PRUUHULD >)$72 )87852 (0
5(/$d­2$2)$723$66$'2@ 
±SROLGH] ³9RFrSRGHULDPHSDVVDURVDO"´ 
ƒ )87852'235(7e5,72&2032672
± R PHVPR TXH R )XWXUR GR 3UHWpULWR FRP UHODomR DRV WUrV
SULPHLURVDVSHFWRV

,1',&$7,92
35(6(17( Vy DSUHVHQWD D IRUPD (XIDOR
6,03/(6 
6,03/(6 (XIDOHL
35(7e5,72
3(5)(,72 &2032672 (X WHQKR IDODGR R DX[LOLDU p
FRQMXJDGRQRSUHVHQWHGRLQGLFDWLYR 
,1',&$7,92
35(7,03(5)(,72 Vy DSUHVHQWD D (XIDODYD
IRUPD6,03/(6 
6,03/(6 (XIDODUD
35(70$,648(
3(5)(,72 &2032672 (XWLQKDIDODGR RDX[LOLDUpFRQMXJDGR
QRSUHWpULWRLPSHUIHLWRGRLQGLFDWLYR 
)87852 '2 6,03/(6 (XIDODUHL
35(6(17(
&2032672 (XWHUHLIDODGR RDX[LOLDUpFRQMXJDGR
QRPHVPRWHPSRYHUEDO 
)87852 '2 6,03/(6 (XIDODULD
35(7e5,72
&2032672 (XWHULDIDODGR RDX[LOLDUpFRQMXJDGR
QRPHVPRWHPSRYHUEDO 



ZZZSRQWRGRVFRQFXUVRVFRPEU_3URI&ODXGLD.R]ORZVNL
&XUVR5HJXODU7HyULFR
$XOD9HUERV
3URI&ODXGLD.R]ORZVNL

68%-817,92
35(6(17( (XIDOH
35(7e5,72 3(5)(,72 (X WHQKD IDODGR R DX[LOLDU p FRQMXJDGR QR
&2032672 SUHVHQWHGRVXEMXQWLYR 
35(7e5,72,03(5)(,72 (XIDODVVH
35(7e5,72 0$,648( (X WLYHVVH IDODGR R DX[LOLDU p FRQMXJDGR QR
3(5)(,72&2032672 SUHWpULWRLPSHUIHLWRGRVXEMXQWLYR 
)878526,03/(6 (XIDODU
)87852&2032672 (X WLYHU IDODGR DX[LOLDU QR PHVPR WHPSR
YHUEDO 


 7DQWRQRLQGLFDWLYRTXDQWRQRVXEMXQWLYRR35(6(17(HR35(7e5,72
,03(5)(,72 Vy DSUHVHQWDP DV IRUPDV VLPSOHV ± 1­2 +È )250$6
&203267$6
  7DQWR QR LQGLFDWLYR TXDQWR QR VXEMXQWLYR R 35(7e5,72 3(5)(,72
&2032672 H R 35(7e5,72 0$,648(3(5)(,72 &2032672 HPSUHJDP
R YHUER DX[LOLDU QR WHPSR LPHGLDWDPHQWH DQWHULRU SUHWpULWR SHUIHLWR Î
DX[LOLDU QR SUHVHQWH  SUHWpULWR PDLVTXHSHUIHLWR Î DX[LOLDU QR
SUHWpULWRLPSHUIHLWR 
 1R)87852 WDQWRGRLQGLFDWLYR±RVGRLVIXWXURGRSUHVHQWHHIXWXUR
GR SUHWpULWR ± TXDQWR QR VXEMXQWLYR  R DX[LOLDU ILFD QR PHVPR WHPSR
YHUEDO


$OJXPDV EDQFDV FRPR D )XQGDomR &DUORV &KDJDV FRVWXPDP
DSUHVHQWDU XPD RUDomR H H[LJLU TXH R FDQGLGDWR DVVLQDOH D RSomR
FXMRYHUERVHHQFRQWUHQRPHVPRWHPSRHPRGR
+DYHQGR ORFXomR YHUEDO GH WHPSR FRPSRVWR QR 35(7e5,72
SUHWpULWRSHUIHLWRFRPSRVWRSUHWpULWRPDLVTXHSHUIHLWRFRPSRVWR
TXHU GRLQGLFDWLYR TXHU GR VXEMXQWLYR QmR YDFLOH 26 9(5%26
$8;,/,$5(6 1­2 ),&$0 12 0(602 7(032 9(5%$/  EXVFDP RV
WHPSRVLPHGLDWDPHQWHDQWHULRUHV YHMDREVHUYDomRDFLPD 

ZZZSRQWRGRVFRQFXUVRVFRPEU_3URI&ODXGLD.R]ORZVNL
&XUVR5HJXODU7HyULFR
$XOD9HUERV
3URI&ODXGLD.R]ORZVNL

&RPR GHYHPRV FODVVLILFDU R WHPSR YHUEDO GR &21-8172 RX VHMD
GD /2&8d­2 9(5%$/ 72'2 &8,'$'2 e 328&2 1$
,'(17,),&$d­2'(66(7(032
9HMDVy
1R 35(7e5,72 3(5)(,72 &2032672 R YHUER DX[LOLDU ILFD QR
35(6(17(
12,1',&$7,927(1+2)(,72Î
ÎSUHWSHUIHLWRFRPSRVWRGR
LQGLFDWLYR
1268%-817,927(1+$)(,72Î
ÎSUHWSHUIHLWRFRPSRVWRGR
VXEMXQWLYR
-iDORFXomRYHUEDOQR35(7e5,720$,648(3(5)(,72&2032672
DSUHVHQWDRYHUERDX[LOLDUQR35(7e5,72,03(5)(,72
 12 ,1',&$7,92 7,1+$ )(,72 Î SUHWPDLVTXHSHUIHLWR
FRPSLQGLFDWLYR
 12 68%-817,92 7,9(66( )(,72 Î SUHWPDLVTXHSHUIHLWR
FRPSVXEM
&XLGDGRSDUDQmRFODVVLILFDUDORFXomRYHUEDOFRQVLGHUDQGRDSHQDVD
FRQMXJDomRGRYHUERDX[LOLDU


(6$)686(3±$JHQWH([HFXWLYR 
-XOJXHRLWHPDVHJXLU
2WHPSRHPTXHHVWiIOH[LRQDGR³HVFROKHUD´ O LQGLFDTXHDDomRGH
HVFROKHU DFRQWHFH DQWHV GH RXWUD WDPEpP PHQFLRQDGD QR SHUtRGR
FRUUHVSRQGHSRULVVRDWLYHUDHVFROKLGR
,WHP,1&255(72
$GHVFULomRGHHPSUHJRGRSUHWpULWRPDLVTXHSHUIHLWRGRLQGLFDWLYRHVWi
3(5)(,7$ ± DomR RFRUUH DQWHV GH RXWUD DomR WDPEpP SDVVDGD 2
SUREOHPD p TXH R WHPSR FRPSRVWR FRUUHVSRQGHQWH VHULD 7,1+$
(6&2/+,'2 FRP R YHUER DX[LOLDU QR SUHWpULWR LPSHUIHLWR GR
LQGLFDWLYRHQmR³WLYHUDHVFROKLGR´



ZZZSRQWRGRVFRQFXUVRVFRPEU_3URI&ODXGLD.R]ORZVNL
&XUVR5HJXODU7HyULFR
$XOD9HUERV
3URI&ODXGLD.R]ORZVNL

/2&8d®(69(5%$,6
6HPSUH TXH VH IDOD ³ORFXomR´ WHPRV D LGHLD GH ³PDLV GH XPD SDODYUD´
IRUPDQGRXPDXQLGDGH
$VVLP HP ORFXo}HV YHUEDLV PDLV GH XP YHUER OLJDGRV RX QmRSRU XPD
SUHSRVLomR IRUPDPXPFRQMXQWR
)RUPDPVHORFXo}HVYHUEDLVHP
ƒ WHPSRV FRPSRVWRV FRP RV YHUERV DX[LOLDUHV 7(5 H +$9(5
DFDEDPRVGHIDODUVREUHLVVR 
ƒ FRQVWUXo}HV GH YR] SDVVLYD SULQFLSDOPHQWH FRP RV YHUERV
DX[LOLDUHV6(5H(67$5
ƒ FRQVWUXo}HV FRP DX[LOLDUHV PRGDLV TXH GHWHUPLQDP FRP PDLV
ULJRU R PRGR FRPR VH UHDOL]D ± RX GHL[D GH VH UHDOL]DU   D DomR
YHUEDO ([SUHVVDP FLUFXQVWkQFLDV GH LQtFLR RX ILP FRPHFHL D
HVWXGDUDFDEHLGHDFRUGDU FRQWLQXLGDGH YDLDQGDQGR REULJDomR
WLYH GH HQWUHJDU  SRVVLELOLGDGH SRVVR HVFUHYHU  G~YLGD SDUHFH
JRVWDU WHQWDWLYD SURFXUDHQWHQGHU HRXWUDVWDQWDV
&RPR QXP HVFULWyULR RQGH TXHP PDQGD p R FKHIH H TXHP WUDEDOKDp R
HPSUHJDGR RX YRFr Mi YLX DOJXP FKHIH WUDEDOKDQGR"""  QD ORFXomR
YHUEDO TXHP H[HUFH D IXQomR GH ³FKHIH´ p R YHUER SULQFLSDO ± HOH ILFD
³SDUDGmR´VyPDQGDQGRHRSREUHGRDX[LOLDUVHIOH[LRQDGHDFRUGRFRP
DV VXDV RUGHQV 0DLV VREUH R DVVXQWR IDODUHPRV QD DXOD VREUH
&21&25Æ1&,$

7(032&2032672
eRWHPSRFRQVWLWXtGRSRUXPYHUERDX[LOLDUIOH[LRQDGRVHJXLGRGRYHUER
SULQFLSDO QR SDUWLFtSLR )RUPDVH FRP RV DX[LOLDUHV 7(5 H +$9(5 3DUD
VLPSOLILFDUXVDPRVQRVH[HPSORVVRPHQWHRYHUERDX[LOLDU7(5
 0RGR,QGLFDWLYR

ZZZSRQWRGRVFRQFXUVRVFRPEU_3URI&ODXGLD.R]ORZVNL
&XUVR5HJXODU7HyULFR
$XOD9HUERV
3URI&ODXGLD.R]ORZVNL

7(0329(5%$/ (;(03/2
SUHVHQWH   IDOR EHER SDUWR
VLPSOHV IDOHL EHEL SDUWL
SHUIHLWR
FRPSRVWR WHQKR WHQKR WHQKR
I O G E ELG LG
LPSHUIHLWR VLPSOHV IDODYD EHELD SDUWLD
SUHWpULWR
PDLVTXHSHUIHLWR VLPSOHV IDODUD EHEHUD SDUWLUD
WLQKD WLQKD WLQKD
 FRPSRVWR
IDODGR EHELGR SDUWLGR
VLPSOHV IDODUHL EHEHUHL SDUWLUHL
GRSUHVHQWH
FRPSRVWR WHUHL WHUHL WHUHL
IXWXUR I O G E ELG LG
VLPSOHV IDODULD EHEHULD SDUWLULD
GRSUHWpULWR WHULD WHULD WHULD
FRPSRVWR
IDODGR EHELGR SDUWLGR

)250$6120,1$,6
'HQRPLQDPVH IRUPDV QRPLQDLV DV SDODYUDV GH RULJHP YHUEDO TXH
WDPEpP SRGHP VHU HPSUHJDGDV QDV IXQo}HV SUySULDV GH DGMHWLYRV
VXEVWDQWLYRV RX DGYpUELRV 6mR HODV ,1),1,7,92 *(5Ò1',2 (
3$57,&Ë3,2
,1),1,7,92 
(OHSUHFLVDS{URVQRPHVQRVOLYURV YHUER 
2S{UGRVROpOLQGRQHVVDpSRFDGRDQR VXEVWDQWLYR 
&DXVDPHDJRQLDRVHXUDQJHUGHGHQWHV VXEVWDQWLYR 
3UHFLVDPRVFRORFDUyOHRQDSRUWDTXHHVWiDUDQJHU YHUER 
2LQILQLWLYRGLYLGHVHHPLPSHVVRDOHSHVVRDO
2 LQILQLWLYR LPSHVVRDO QmR WHP VXMHLWR SHVVRD  H SRU LVVR QmR VH
IOH[LRQDeXVDGRHPVHQWLGRJHQpULFR ³RDWRGH´ 
$PDUVHDSUHQGHDPDQGR
-i R LQILQLWLYR SHVVRDO WHP VXMHLWR H SRGH IOH[LRQDUVH RX QmR 2V FDVRV
HP TXH R LQILQLWLYR SRGH GHYH RX QmR SRGH VH IOH[LRQDU VHUi REMHWR GH
HVWXGRQDDXODVREUH&21&25'Æ1&,$



ZZZSRQWRGRVFRQFXUVRVFRPEU_3URI&ODXGLD.R]ORZVNL
&XUVR5HJXODU7HyULFR
$XOD9HUERV
3URI&ODXGLD.R]ORZVNL

*(5Ò1',2 
2SUHVLGHQWHILFDSHUVLVWLQGRQDDUJXPHQWDomRGHTXHQDGDVDELD YHUER 
3HUVLVWLQGRRVVLQWRPDVRPpGLFRGHYHUiVHUFRQVXOWDGR DGYpUELRGH
FRQGLomR ³&DVRSHUVLVWDPRVVLQWRPDV´ 
3$57,&Ë3,2
(OHKDYLDODYDGRRFKmRGDFDVDDQWHVGRWHPSRUDO YHUER 
2XQLIRUPHODYDGRILFRXWRGRVXMRDSyVRYHQGDYDO DGMHWLYR 

2 SDUWLFtSLR WHP JUDQGH LPSRUWkQFLD QD FRQVWUXomR GH /2&8d®(6
9(5%$,6
(PSUHJDVH FRP RV DX[LOLDUHV 7(5H +$9(5 SDUD D IRUPDomRGH WHPSRV
FRPSRVWRV ³7HPRV IHLWR JUDQGH SURJUHVVR´ ³1XQFD KDYLD YLVLWDGR
HVWH OXJDU DQWHV´  FRP R YHUER 6(5 SDUD IRUPDU RV WHPSRV GD YR]
SDVVLYD GH DomR ³2 WUDEDOKR IRL IHLWR SRU WRGRV QyV´  H FRP R YHUER
(67$5QRVWHPSRVGHYR]SDVVLYDGHHVWDGR ³(VWRXFKRFDGDFRPHVVD
QRWtFLD´ 
1R SDUWLFtSLR D PDLRU SDUWH GRV YHUERV Vy DSUHVHQWD D IRUPD UHJXODU
WHUPLQDGDV SRU ³DGR´  ³LGR´  &RQWXGR H[LVWHP DOJXPDV H[FHo}HV
DOJXQVYHUERVDSUHVHQWDPPDLVGHXPDIRUPDDUHJXODU ³DGR´³LGR´ 
XVDGDFRPRVYHUERVWHUHKDYHU WHPSRFRPSRVWR HDLUUHJXODUOLJDGD
DRVYHUERVVHUHHVWDU YR]SDVVLYD 


'HQWUHRVLUUHJXODUHVHVWmR
¾ $&(,7$5± WHUKDYHU DFHLWDGR VHUHVWDU DFHLWR
¾ (/(*(5± WHUKDYHU HOHJLGR VHUHVWDU HOHLWR
¾ (175(*$5 WHUKDYHU HQWUHJDGR VHUHVWDU HQWUHJXH
¾ ,035,0,5 WHUKDYHU LPSULPLGR VHUHVWDU LPSUHVVR
¾ 6$/9$5± WHUKDYHU VDOYDGR VHUHVWDU VDOYR
¾ 6863(1','2± WHUKDYHU VXVSHQGLGR VHUHVWDU VXVSHQVR


ZZZSRQWRGRVFRQFXUVRVFRPEU_3URI&ODXGLD.R]ORZVNL
&XUVR5HJXODU7HyULFR
$XOD9HUERV
3URI&ODXGLD.R]ORZVNL



ƒ $SUHVHQWDP VRPHQWH D IRUPD LUUHJXODU GR SDUWLFtSLR RV
YHUERV DEULU DEHUWR  FREULU FREHUWR  GL]HU GLWR  HVFUHYHU
HVFULWR  ID]HU IHLWR  S{U SRVWR  YHU YLVWR  YLU YLQGR  H
VHXVGHULYDGRV
2EVHUYH TXH QHVWH ~OWLPR YLU  D IRUPD SDUWLFLSLDO p LJXDO DR
JHU~QGLR R PHVPR RFRUUHQGR FRP RV YHUERV GHOH GHULYDGRV
LQWHUYLU ± LQWHUYLQGR  (VVD SHFXOLDULGDGH FRVWXPD VHU REMHWR GH
TXHVW}HVGHSURYD
ƒ $OJXQV YHUERV DFHLWDP DPEDV DV IRUPDV UHJXODU H LUUHJXODU  SDUD
TXDOTXHU GRLV YHUERV DX[LOLDUHV ± RX VHMD QmR WHP FRPR HUUDU 
FRP TXDOTXHU YHUER DX[LOLDU SRGHVH XVDU TXDOTXHU IRUPD
SDUWLFLSLDO 6HJXQGR D PDLRULD GRV JUDPiWLFRV VmR TXDWUR RV
YHUERV SDJDU SHJDU JDQKDU H JDVWDU SDUD PHPRUL]iODV
LPDJLQH D VHJXLQWH VLWXDomR QR GLD GR SDJDPHQWR YRFr JDQKD R
VDOiULRHQRVXSHUPHUFDGRSHJDRSURGXWRSDJDSRUHOHHJDVWDR
GLQKHLUR±JRVWRXGRPpWRGRPQHP{QLFR" 
(P UHODomR DR YHUER 3(*$5 QmR Ki FRQVHQVR ± DQDOLVH D TXHVWmR
DQWHVGHPDUFDU+iDXWRUHVTXHVyDFHLWDPDIRUPD³SHJDGR´
ƒ 2 SDUWLFtSLR GR YHUER &+(*$5 p XP Vy ± R UHJXODU &+(*$'2 $
IRUPD³FKHJR´pDFRQMXJDomRGHSHVVRDGRVLQJXODUGRSUHVHQWH
GR LQGLFDWLYR ³(X FKHJR´  1mR H[LVWH D IRUPD GH SDUWLFtSLR
LUUHJXODU SDUD HVVH YHUER (QWmR ³(X WLQKD FKHJDGR DR HVFULWyULR
EHPFHGR´

&21-8*$d­29(5%$/
3DUDDMXGDUDUHVROYHUTXHVW}HVGHFRQMXJDomRYHUEDOXPDERDGLFDpD
WpFQLFDGR3$5$',*0$
&RPRIXQFLRQDLVVR"1DG~YLGDFRPUHODomRjFRQMXJDomRGHGHWHUPLQDGR
YHUERUHJXODU JHUDOPHQWHRH[DPLQDGRUEXVFDXPYHUERSRXFRXWLOL]DGR
QRVHXGLDDGLD EDVWDREVHUYDUDFRQMXJDomRGRVSDUDGLJPDVFOiVVLFRV
)$/$5 ±  FRQMXJDomR %(%(5 ±  FRQMXJDomR 3$57,5 ± 
FRQMXJDomR  ,VVR WDPEpP Gi FHUWR HP UHODomR j FRQMXJDomR GH DOJXQV
LUUHJXODUHV TXDQGR VHJXHP D FRQMXJDomR GR UHJXODU FRPR QR H[HPSOR
TXHYHUHPRV

ZZZSRQWRGRVFRQFXUVRVFRPEU_3URI&ODXGLD.R]ORZVNL
&XUVR5HJXODU7HyULFR
$XOD9HUERV
3URI&ODXGLD.R]ORZVNL

([WUDLD R UDGLFDO TXH p R TXH VREUD GR YHUER DSyV UHWLUDU D WHUPLQDomR
³DU´ ³HU´ RX ³LU´ GR LQILQLWLYR H[HPSOR )$/ $5   UDGLFDO )$/  H
HPSUHJXHDVGHVLQrQFLDVTXHVmRLGrQWLFDVQRVGHPDLVYHUERVGHPHVPD
FRQMXJDomR
3RUH[HPSOR
&21680$5 YHUERUHJXODUGHFRQMXJ 
3UHVHQWHGR,QGLFDWLYR(XFRQVXP """ 
3UHVHQWHGR6XEMXQWLYR TXH HXFRQVXP """ 
&21680,5 YHUERLUUHJXODUGHFRQMXJ 
3UHVHQWHGR,QGLFDWLYR(XFRQVXP """ 
3UHVHQWHGR6XEMXQWLYR TXH HXFRQVXP """ 

( Dt FRPR YRFr SUHHQFKHX" 9DPRV EXVFDU D GHVLQrQFLD GRV YHUERV
³SDUDGLJPDV´

,QILQLWLYR 3UHV,QGLFDWLYR 3UHV6XEMXQWLYR
)DODU (XIDOR TXH HXIDOH
&RQVXPDU (XFRQVXPR TXH HXFRQVXPH
3DUWLU (XSDUWR TXH HXSDUWD
&RQVXPLU (XFRQVXPR LJXDO  TXH HXFRQVXPD
(PRXWURVFDVRVVHRYHUERIRULUUHJXODURXVHMDDSUHVHQWDUDOWHUDomR
QR UDGLFDO HP GHWHUPLQDGDV FRQMXJDo}HV SURFXUH RXWUR YHUER WDPEpP
LUUHJXODUGHPHVPDFRQVWUXomR
3RUH[HPSOR&203(7,5 FRQMXJDomR ±(XFRPS """ 
(VVH YHUER p LUUHJXODU RX VHMD QmR PDQWpP R UDGLFDO QDV FRQMXJDo}HV
1RUPDOPHQWH QmR FRQMXJDPRV HVVH YHUER SHOR PHQRV QmR FRP
FRQYLFomR IRUDGHXPDORFXomRYHUEDO0DVXVDPRVEDVWDQWHRXWURYHUER
GH LGrQWLFD HVWUXWXUD -i VDEH TXDO p""" 5(3(7,5 (QWmR FRPR ILFD D
FRQMXJDomRGHVVHSDUDGLJPD"
(XUHSLWRÎ
Î(XFRPSLWR
( ³$'(5,5´" &RPR YRFr FRQMXJDULD D SULPHLUD SHVVRD GR VLQJXODU GR
3UHVHQWH GR ,QGLFDWLYR" (VWi FRP G~YLGD" %XVTXH XP SDUDGLJPD $FHLWR
VXJHVW}HV /HPEURX GH DOJXP" (X FRQKHoR XP ±)(5,5 &RPR ILFD D
FRQMXJDomRGRSDUDGLJPD"

ZZZSRQWRGRVFRQFXUVRVFRPEU_3URI&ODXGLD.R]ORZVNL
&XUVR5HJXODU7HyULFR
$XOD9HUERV
3URI&ODXGLD.R]ORZVNL

(XILURÎ
Î(XDGLUR


2EVHUYHRVHJXLQWHLWHPGHXPDTXHVWmRGHSURYDGD(6$) 7&8 
2IDWRGRSDWULP{QLRJHUDUHPSUHJRVHUHFHLWDVSRUPHLRGRWXULVPRQmR
DEXOHRSDUDGR[RGHTXHQDWLYRVHYLVLWDQWHVVHGLVWDQFLDPGRIHQ{PHQR
FXOWXUDOWDQWRTXDQWRSHVVRDVTXHORQJHGDTXHODVSDUDJHQVSRXFRYDORU
DWULEXHPDKHUDQoDVGHVWLWXtGDVGHIDPLOLDULGDGH
(VVD RSomR HVWi HUUDGD 9RFr SHUFHEHX TXDO p R HUUR" 2 TXH VLJQLILFD
³DEXOH´"2FRQWH[WRLQGLFDWUDWDUVHGRYHUER$%2/,5
6H QmR WLYHUPRV FHUWH]D GD FRQMXJDomR GHVVH YHUER YDPRV ID]HU R
TXr"""%XVFDPRVRSDUDGLJPD
8P YHUER TXH DSUHVHQWD D PHVPD IRUPD GH FRQMXJDomR p R YHUER
(1*2/,5 1D SDVVDJHP R YHUER ³DEROLU´ HVWi QD WHUFHLUD SHVVRD GR
VLQJXODU QR SUHVHQWH GR LQGLFDWLYR ³2 IDWR  QmR DEXOH´  2 YHUER
³HQJROLU´ ILFDULD ³(OH HQJROH´ /RJR D FRQMXJDomR FRUUHWD p DEROH ³2
IDWRQmRDEROH´ 


*XDUGH HVVD GLFD GR 3$5$',*0$ (OD SRGH VHU GH JUDQGH YDOLDHP XPD
TXHVWmRGHSURYD
2TXDGURDVHJXLUYLVDIDFLOLWDUDFRPSUHHQVmRHPHPRUL]DomRGDV
FRQMXJDo}HVGRVYHUERVUHJXODUHV
7UDWDVH GH XP TXDGUR UHVXPR FRP WRGDV DV GHVLQrQFLDV
UHJXODUHV GRV WHPSRV VLPSOHV VH SUHIHULU LPSULPD VRPHQWH D
SUy[LPDSiJLQDHJXDUGHSDUDHYHQWXDLVFRQVXOWDV 







ZZZSRQWRGRVFRQFXUVRVFRPEU_3URI&ODXGLD.R]ORZVNL
&XUVR5HJXODU7HyULFR
$XOD9HUERV
3URI&ODXGLD.R]ORZVNL

9(5%265(*8/$5(602'26
,1',&$7,92 68%-817,92
7HPSRV
FRQM FRQM FRQM FRQM FRQM FRQM
$5  (5  ,5  $5  (5  ,5 
R R R H D D
DV HV HV HV DV DV
D H H H D D
3UHVHQWH
DPRV HPRV LPRV HPRV DPRV DPRV
DLV HLV LV HLV DLV DLV
DP HP HP HP DP DP
DYD LD LD DVVH HVVH LVVH
DYDV LDV LDV DVVHV HVVHV LVVHV
3UHW DYD LD LD DVVH HVVH LVVH
,PSHUIHLWR iYDPRV tDPRV tDPRV iVVHPRV rVVHPRV tVVHPRV
iYHLV tHLV tHLV iVVHLV rVVHLV tVVHLV
DYDP LDP LDP DVVHP HVVHP LVVHP
HL L L
DVWH HVWH LVWH
3UHW RX HX LX
  
3HUIHLWR DPRV HPRV LPRV
DVWHV HVWHV LVWHV
DUDP HUDP LUDP
DUD HUD LUD
DUDV HUDV LUDV
3UHWPDLV
DUD HUD LUD
TXH   
iUDPRV rUDPRV tUDPRV
SHUIHLWR
iUHLV rUHLV tUHLV
DUDP HUDP LUDP
DUHL HUHL LUHL DU HU LU
)XWXUR
DUiV HUiV LUiV DUHV HUHV LUHV
GR DUi HUi LUi DU HU LU
SUHVHQWH
DUHPRV HUHPRV LUHPRV DUPRV HUPRV LUPRV
QR
DUHLV pUHLV LUHLV DUGHV HUGHV LUGHV
LQGLFDWLYR 
DUmR HUmR LUm DUHP HUHP LUHP
DULD HULD LULD
DULDV HULDV LULDV
)XWXURGR DULD HULD LULD
  
SUHWpULWR DUtDPRV HUtDPRV LUtDPRV
DUtHLV HUtHLV LUtHLV
DULDP HULDP LULDP

,03(5$7,92
$),50$7,92 1(*$7,92
     
D H H HV DV DV
H D D H D D
HPRV DPRV DPRV HPRV DPRV DPRV
DL HL L HLV DLV DLV
HP DP DP HP DP DP

ZZZSRQWRGRVFRQFXUVRVFRPEU_3URI&ODXGLD.R]ORZVNL
&XUVR5HJXODU7HyULFR
$XOD9HUERV
3URI&ODXGLD.R]ORZVNL

'(5,9$d­29(5%$/
9RFr Mi GHYH WHU VH GHSDUDGR FRP G~YLGDV FRPR HP ³TXDQGR HX  R
SURIHVVRUSDVVDUHLRVHXUHFDGR´GHYHPRVXVDU³YHU´RX³YLU´"
3DUDFRPSUHHQGHUPRVDFRQMXJDomRGHDOJXQVYHUERVSULQFLSDOPHQWHGRV
LUUHJXODUHV p QHFHVViULR FRQKHFHU D IRUPDomR GH DOJXQV WHPSRV
GHULYDGRV
$EDL[R VHJXH XP TXDGUR FRP D LQGLFDomR GDV IRUPDV SULPLWLYDV H GDV
GHULYDGDV
6DOYR DOJXPDV SRXFDV H[FHo}HV FRPR R YHUER 6(5 6$%(5 H RXWURV 
EDVWD TXH VH PDQWHQKD R UDGLFDO GDV IRUPDV SULPLWLYDV H D HOH VH
DFUHVFHQWHPDVGHVLQrQFLDVFRUUHVSRQGHQWHV
)250$35,0,7,9$  )250$6'(5,9$'$6
9(5%29(5
HXYHMD
SUHVHQWHGR WXYHMDV
SUHVHQWH
LQGLFDWLYR HOHYHMD
HXYHMR Î GR
SHVVRDGR VXEMXQWLYR QyVYHMDPRV
VLQJXODU YyVYHMDLV
HOHVYHMDP
HXYHMD 
WXYHMDV QmRYHMDV WX 
SUHVHQWHGR HOHYHMD LPSHUDWLYR QmRYHMD YRFr 
Î
VXEMXQWLYR QyVYHMDPRV QHJDWLYR QmRYHMDPRV QyV 
YyVYHMDLV QmRYHMDLV YyV 
HOHVYHMDP QmRYHMDP YRFrV 
SUHWpULWR HXYLUD
SUHWSHUIHLWRGR PDLVTXH WXYLUDV
LQGLFDWLYR SHUIHLWR HOHYLUD
SHVVRDGR HOHVYLUDP Î GR
QyVYtUDPRV
SOXUDO LQGLFDWLYR
YyVYtUHLV

HOHVYLUDP
HXYLVVH
SUHWSHUIHLWRGR SUHWpULWR WXYLVVHV
LQGLFDWLYR LPSHUIHLWR HOHYLVVH
HOHVYLUDP Î
SHVVRDGR GR QyVYtVVHPRV
SOXUDO VXEMXQWLYR YyVYtVVHLV
HOHVYLVVHP

ZZZSRQWRGRVFRQFXUVRVFRPEU_3URI&ODXGLD.R]ORZVNL
&XUVR5HJXODU7HyULFR
$XOD9HUERV
3URI&ODXGLD.R]ORZVNL

HXYLU
SUHWSHUIHLWRGR WXYLUHV
LQGLFDWLYR IXWXURGR HOHYLU
HOHVYLUDP Î
SHVVRDGR VXEMXQWLYR QyVYLUPRV
SOXUDO YyVYLUGHV
HOHVYLUHP
9(5%2&$%(5
,QILQLWLYR FDEHU 3UHWpULWR FDELD
LPSHVVRDO ,PSHUIHLWR FDELDV
GR FDELD
Î LQGLFDWLYR
FDEtDPRV
FDEtHLV
FDELDP
)XWXUR GR FDEHUHL
SUHVHQWH FDEHUiV
GR FDEHUi
Î LQGLFDWLYR
FDEHUHPRV
FDEHUHLV
FDEHUmR
)XWXUR GR FDEHULD
SUHWpULWR FDEHULDV
GR FDEHULD
Î LQGLFDWLYR
FDEHUtDPRV
FDEHUtHLV
FDEHULDP
,QILQLWLYR FDEHU
SHVVRDO FDEHUHV
FDEHU
Î
FDEHUPRV
FDEHUGHV
FDEHUHP
Î *HU~QGLR FDEHQGR
3DUWLFtSLR &DELGR QRV YHUERV GH
FRQMXJDomR D YRJDO WHPiWLFD
Î SDVVRX GH ³H´ SDUD ³L´ SRU
LQIOXrQFLD GD YRJDO WHPiWLFD GD
FRQMXJDomR,5 

$JRUD H[SHULPHQWH FRP RXWURV YHUERV LUUHJXODUHV FRPR RV YHUERV


WUD]HUYLUID]HUSHGLUFDEHUHRXWURV
75$=(5± 75$*2Î75$*$
7528;(5$0Î7528;(5$7528;(66(7528;(5

ZZZSRQWRGRVFRQFXUVRVFRPEU_3URI&ODXGLD.R]ORZVNL
&XUVR5HJXODU7HyULFR
$XOD9HUERV
3URI&ODXGLD.R]ORZVNL

9,5 9(1+2Î9(1+$
9,(5$0Î9,(5$9,(66(9,(5
)$=(5 )$d2Î)$d$
  ),=(5$0Î),=(5$),=(66(),=(5
3(',5 3(d2Î3(d$
  3(',5$0Î3(',5$3(',66(3(',5
&$%(5 &$,%2Î&$,%$
  &28%(5$0Î&28%(5$&28%(66(&28%(5



&8,'$'2&20$&21-8*$d­2'($/*8169(5%26
9(5%263(5,*2626
 5(48(5(5  QmR p GHULYDGR GR 48(5(5 1R SUHVHQWH GR LQGLFDWLYR
UHTXHLUR UHTXHUHV UHTXHU H QR SUHVHQWH GR VXEMXQWLYR UHTXHLUD
UHTXHLUDVUHTXHLUD
2VGHPDLVWHPSRVVHJXHPRPRGHORGRSDUDGLJPD%(%(5
 35(&$9(56(  QmR p GHULYDGR GR 9(5 e GHIHFWLYR 1R SUHVHQWH GR
LQGLFDWLYR Vy VH FRQMXJD QDV  H  SHVVRDV GR SOXUDO SUHFDYHPRV
SUHFDYHLV&RQVHTXHQWHPHQWHSRUQmRKDYHUDSHVVRDGRVLQJXODUGR
SUHVHQWHGRLQGLFDWLYRQmRKiSUHVHQWHGRVXEMXQWLYR2VGHPDLVWHPSRV
VHJXHPRPRGHORGRSDUDGLJPD%(%(5
 5($9(5  e GHULYDGR GR +$9(5 PDV Vy VH FRQMXJD TXDQGR KRXYHU D
OHWUD 9 QD FRQMXJDomR GR ³KDYHU´ $VVLP QR SUHVHQWH GR LQGLFDWLYR Vy
H[LVWHP DV IRUPDV GD  H  SHVVRDV GR SOXUDO UHDYHPRV UHDYHLV
&RPRQmRSRVVXLDSHVVRDGRVLQJXODUGRSUHVHQWHGRLQGLFDWLYRQmR
DSUHVHQWDSUHVHQWHGRVXEMXQWLYR
1R SUHWpULWR SHUIHLWR FRQMXJDVH UHRXYH UHRXYHVWH UHRXYH
UHRXYHPRVUHRXYHVWHVUHRXYHUDP
 3529(5  1mR p GHULYDGR GR 9(5 DSHVDU GH FRLQFLGLU HP DOJXPDV
FRQMXJDo}HVFRPRQRSUHVHQWHGRLQGLFDWLYRHGRVXEMXQWLYR
3UHVHQWHGRLQGLFDWLYRSURYHMRSURYrVSURYr
3UHVHQWHGRVXEMXQWLYRSURYHMDSURYHMDVSURYHMD

ZZZSRQWRGRVFRQFXUVRVFRPEU_3URI&ODXGLD.R]ORZVNL
&XUVR5HJXODU7HyULFR
$XOD9HUERV
3URI&ODXGLD.R]ORZVNL

-iQRSUHWpULWRSHUIHLWRGRLQGLFDWLYRHQRVWHPSRVGHULYDGRVGHVWHVHJXH
RSDUDGLJPD%(%(59HMDRSURFHVVRGHGHULYDomRYHUEDODVHJXLU
3UHWpULWR SHUIHLWR GR LQGLFDWLYR SURYL SURYHVWH SURYHX SURYHPRV
SURYHVWHVSURYHUDP
 9,*(5 ± e GHIHFWLYR 1mR SRVVXL QR SUHVLQGLFDWLYR D  SHVVRD GR
VLQJXODU /RJR QmR Ki 3UHV6XEMXQWLYR QHP ,PSHUDWLYR 1DV GHPDLV
FRQMXJDVHFRPR%(%(5

9DPRVDQDOLVDURXWUDVFRQMXJDo}HVHVSHFLDLV
 9(5%267(50,1$'26(0+,$72
±8,5H[FHWRQRFDVRGRVGHIHFWLYRV YHUERVTXHQmRSRVVXHPWRGDVDV
IRUPDV GH FRQMXJDomR FRPR UXLU  RV YHUERV WHUPLQDGRV HP ±8,5
DSUHVHQWDPGXDVIRUPDVGHFRQMXJDomR
  2 SDUDGLJPD VHUi 32668,5 R UDGLFDO p SRVVX  ± 'H DFRUGR FRP
HVWD UHJUD FODVVLILFDPVH SUDWLFDPHQWH WRGRV RV YHUERV FRP HVVD
WHUPLQDomR 1DV  H  GR VLQJXODU WURFDP D OHWUD µH¶ GD FRQMXJDomR
UHJXODU FRPR HP µSDUWLU¶  SHOD OHWUD µL¶ 0DQWrP DV GHPDLV FRQMXJDo}HV
LQDOWHUDGDVHPUHODomRjFRQMXJDomRGRYHUERSDUDGLJPDµSDUWLU¶SRVVXR
SRVVXLVSRVVXLSRVVXtPRVSRVVXtVSRVVXHP
'HVVD IRUPD FRQMXJDP YHUERV FRPR 2%6758,5 $)/8,5 ,1)/8,5
$18,5 $5*8,5 UHVSHLWDGD D DFHQWXDomR  &21&/8,5 ',675,%8,5
,1&/8,5
  &216758,5 R UDGLFDO p FRQVWUX  H '(6758,5 R UDGLFDO p
GHVWUX ± 6mR YHUERV DEXQGDQWHV $OpP GD IRUPD UHJXODU GH FRQMXJDomR
LJXDOjGRYHUER32668,5FRQVWUXRFRQVWUXLVFRQVWUXLFRQVWUXtPRV
FRQVWUXtV FRQVWUXHP  PDLV FRPXP HP 3RUWXJDO DSUHVHQWD WDPEpP D
FRQMXJDomR LUUHJXODU EDVWDQWH XVDGD QR %UDVLO HP TXH DV  H 
SHVVRDV GR VLQJXODU GR 3UHVHQWH GR ,QGLFDWLYR IRUPDP R GLWRQJR DEHUWR
³yLFRQVWUXRFRQVWUyLVFRQVWUyLFRQVWUXLPRVFRQVWUXtVFRQVWURHP
GDPHVPDIRUPDTXHRVYHUERVWHUPLQDGRVHP2(5

±2(5$VHSHVVRDVGRVLQJXODUGR3UHVHQWHGR,QGLFDWLYRIRUPDP
R GLWRQJR DEHUWR µyL¶ $V GHPDLV SHVVRDV HP WRGRV RV RXWURV WHPSRV
YHUEDLVVHJXHPRSDUDGLJPDµEHEHU¶UHVSHLWDGDVDVGHYLGDVDFHQWXDo}HV
W{QLFDV
1DKRUDGHHVFROKHUXPH[HPSOROHPEUHPTXH'2(5 VHQWLUGRU H62(5
FRVWXPDU WHU KiELWR GH  VmR GHIHFWLYRV R SULPHLUR Vy VH FRQMXJD QDV

ZZZSRQWRGRVFRQFXUVRVFRPEU_3URI&ODXGLD.R]ORZVNL
&XUVR5HJXODU7HyULFR
$XOD9HUERV
3URI&ODXGLD.R]ORZVNL

WHUFHLUDV SHVVRDV H R RXWUR QmR SRVVXL D D SHVVRD GR VLQJXODU GR
SUHVHQWHGRLQGLFDWLYR 
([HPSORV 02(5  R UDGLFDO p 02  PRR PyLV PyL PRHPRV PRHLV
PRHP

±($5 UHFHEHP D OHWUD µL¶ QDV IRUPDV UL]RW{QLFDV VtODED W{QLFD QR
UDGLFDO  1DV GHPDLV VHJXH R SDUDGLJPD µIDODU¶  ([HPSOR SHQWHDU
UDGLFDO3(17( 
$VtODEDW{QLFDIRLVXEOLQKDGD 
3UHVLQGLFDWLYR   SHQWHLR SHQWHLDV SHQWHLD SHQWHDPRV SHQWHDLV
SHQWHLDP
3UHVVXEMXQWLYR ± SHQWHLH SHQWHLHV SHQWHLH SHQWHHPRV SHQWHHLV
SHQWHLHP
3UHWSHUIHLWR SHQWHHL SHQWHDVWH SHQWHRX SHQWHDPRV SHQWHDVWHV
SHQWHDUDP

±,$5 RV YHUERV GHVVD WHUPLQDomR VmR UHJXODUHV RX VHMD VHJXHP D
FRQMXJDomRGRSDUDGLJPDµIDODU¶([HPSORV
$',$5 UDGLFDO $',  ± SUHVHQWH GR LQGLFDWLYR DGLR DGLDV DGLD
DGLDPRVDGLDLVDGLDP
9$5,$5 UDGLFDO 9$5,  ± SUHVHQWH GR LQGLFDWLYR YDULR YDULDV YDULD
YDULDPRVYDULDLVYDULDP
'HVVDPHVPDIRUPDFRQMXJDPVHRVYHUERV$55,$50$48,$59,&,$5
3RULVVRQDGDGH³9$5(,$´VHQmR³9,&(,$´&RPRYLPRVHVVHVYHUERV
VmR5(*8/$5(6
0DVHQWmRSRUTXHVHUiTXHWDQWDJHQWHVHHQJDQD"3RUTXHRFRUUHXPD
³FRQWDPLQDomR´ FRP RV YHUERV WHUPLQDGRV HP ³($5´ FRPR ³SHQWHDU´
DSUHVHQWDGRDFLPD
1RHQWDQWRKiFLQFRYHUERVWHUPLQDGRVHP,$5TXHUHFHEHPDOHWUDµH¶
QDV IRUPDV UL]RW{QLFDV IRUPDV HP TXH D VtODED W{QLFD UHFDL QR UDGLFDO 
FRPR QR SUHVHQWH GR LQGLFDWLYR H SUHVHQWH GR VXEMXQWLYR  6XDV LQLFLDLV
IRUPDPRDQDJUDPD0$5,2
0HGLDU H GHULYDGRV FRPR LQWHUPHGLDU  $QVLDU 5HPHGLDU
,QFHQGLDU2GLDU
3UHV,QGLFDWLYR LQWHUPHGHLR LQWHUPHGHLDV LQWHUPHGHLD
LQWHUPHGLDPRVLQWHUPHGLDLVLQWHUPHGHLDP

ZZZSRQWRGRVFRQFXUVRVFRPEU_3URI&ODXGLD.R]ORZVNL
&XUVR5HJXODU7HyULFR
$XOD9HUERV
3URI&ODXGLD.R]ORZVNL

3DUDIDFLOLWDUOHPEUHVHGDFRQMXJDomRGRYHUER2',$5RPDLVFRPXP
GHOHV

 9(5%26 ³'(5,9$'26´ '( È*8$ '(6$*8$5 (1;$*8$5  (


287526 7(50,1$'26 (0 ±8$5  $3$=,*8$5 $9(5,*8$5  ( ±
8,5 '(/,148,5 
&RP R $FRUGR 2UWRJUiILFR SDVVDUDP D VHU DFHLWDV GXDV IRUPDV GH
FRQMXJDomRGRVYHUERVWHUPLQDGRVHP±8$58,5
D FRPDSURQ~QFLDGR³X´VHPDFHQWRDYHUL*8HHQ[D*8HGH
OLQ48HP FRP IRUoD QR ³X´ FRPR VH IRVVH HVFULWD FRP ³F´ QR ~OWLPR
FDVR 
E  FRP DFHQWR H SURQ~QFLD W{QLFD QDV YRJDLV ³D´ H ³L´GRVUDGLFDLV
DYHUtJXHHQ[iJXHGHOtQTXHP

$OpPGLVVROHPEUHVHGHTXHRWUHPDIRLDEROLGRPDVDSURQ~QFLDGR³X´
iWRQRTXDQGRIRURFDVRSHUPDQHFH³DYHUtJXH JH 
2XWUDPXGDQoDIRLDVXSUHVVmRGRDFHQWRDJXGRHP³DYHULJ~H´H³DUJ~L´
TXHDJRUDSDVVDPDVHUUHJLVWUDGRVFRPR³DYHULJXHH³DUJXL´ FRPR³X´
W{QLFR 

92=(6'29(5%2
9R]DWLYD
6XMHLWRSUDWLFDDDomRH[SUHVVDSHORYHUERVXMHLWRDJHQWH DWLYR 
2SUHVLGHQWHGHFUHWRXDUHIRUPDHFRQ{PLFD
9R]SDVVLYD
2YHUERSULQFLSDOGHYHVHUWUDQVLWLYRGLUHWRRXWUDQVLWLYRGLUHWRHLQGLUHWR
6XMHLWR UHFHEH VRIUH  D DomR H[SUHVVD SHOR YHUER VXMHLWR SDFLHQWH
SDVVLYR $YR]SDVVLYDSRGHVHU
D  $QDOtWLFD DQiOLVH p XPD FRLVD GHPRUDGD ORQJD FRPSULGD  e
FRQVWUXtGDFRPYHUERDX[LOLDU VHUHVWDU SDUWLFtSLRGRYHUERSULQFLSDO
3RU VHU ³ORQJD´ DQDOtWLFD  SRVVXL ORFXomR YHUEDO TXH SRGH VHU IRUPDGD
FRP GRLV RX DWp PHVPR WUrV YHUERV  H SRGH DSUHVHQWDU R DJHQWH GD
SDVVLYD HOHPHQWR TXH HIHWLYDPHQWH SUDWLFD D DomR YHUEDO 9RFr QRWRX
FRPRHVVDFRQVWUXomRpJUDQGH"%DVWDFRPSDUDUFRPDVHJXLQWH±DYR]
SDVVLYDVLQWpWLFD
$UHIRUPDHFRQ{PLFDIRLGHFUHWDGDSHORSUHVLGHQWH

ZZZSRQWRGRVFRQFXUVRVFRPEU_3URI&ODXGLD.R]ORZVNL
&XUVR5HJXODU7HyULFR
$XOD9HUERV
3URI&ODXGLD.R]ORZVNL

E  6LQWpWLFD VtQWHVH p XPD FRLVD EUHYH UHVXPLGD  e FRQVWUXtGD FRP
YHUERSULQFLSDO6( SURQRPHDSDVVLYDGRURXSDUWtFXODDSDVVLYDGRUD 
1RWH TXH HVVD FRQVWUXomR p WmR UHVXPLGD TXH HPSUHJD VRPHQWH 80
YHUERHGLVSHQVDRDJHQWHGDSDVVLYD
'HFUHWRXVHDUHIRUPDHFRQ{PLFD
&RPRYHUHPRVQDDXODGHFRQFRUGkQFLDVmRPXLWDVDVTXHVW}HVGHSURYD
TXHH[SORUDPDFRQFRUGkQFLDYHUEDOHPYR]SDVVLYDVLQWpWLFD
9R]UHIOH[LYD
&RQVWUXtGD FRP R YHUER H XP SURQRPH UHIOH[LYR 2 VXMHLWR p DJHQWH H
SDFLHQWHDRPHVPRWHPSR
$MRYHPYDLGRVDROKDYDVHQRHVSHOKRDWRGRPRPHQWR
9R]UHFtSURFD GHVWDTXHIHLWRSRU(YDQLOGR%HFKDUD 
&RQVWUXtGDFRPYHUERHXPSURQRPHUHFtSURFR2VVXMHLWRVVmRDJHQWHVH
SDFLHQWHVDRPHVPRWHPSR
0mHHILOKRILWDYDPVHFDULQKRVDPHQWH

75$16326,d­2'(92=(69(5%$,6
6mR PXLWDV DV TXHVW}HV GH SURYDV TXH DERUGDP D WUDQVSRVLomR GD YR]
DWLYDSDUDDSDVVLYDRXYLFHYHUVD
3RU LVVR YDPRV YHULILFDU R SURFHGLPHQWR QHFHVViULR SDUD HVVD
WUDQVIRUPDomR
2 WHUPR TXH H[HUFLD D IXQomR VLQWiWLFD GH REMHWR GLUHWR QD YR] DWLYD
VHUiRVXMHLWRGDYR]SDVVLYD
1R OXJDU GH XP YHUER RX XPD ORFXomR YHUEDO  WHUHPRV XPD ORFXomR
YHUEDOFRPLGHLDGHSDVVLYLGDGH LQFOXVmRGRYHUER6(5(67$5 
2 HOHPHQWR TXH H[HUFLD D IXQomR GHVXMHLWR GD YR] DWLYD VHUi QD YR]
SDVVLYDDQDOtWLFDRDJHQWHGDSDVVLYD
1mR Ki DOWHUDomR QRV GHPDLV FRPSOHPHQWRV FRPR REMHWR LQGLUHWR
SUHGLFDWLYR GR REMHWR RX FRPSOHPHQWRV DGYHUELDLV TXH FRQWLQXDUmR D
H[HUFHUDVPHVPDVIXQo}HV
9HMDRHVTXHPDDVHJXLU




ZZZSRQWRGRVFRQFXUVRVFRPEU_3URI&ODXGLD.R]ORZVNL
&XUVR5HJXODU7HyULFR
$XOD9HUERV
3URI&ODXGLD.R]ORZVNL

2SURIHVVRU GHX ROLYUR DRDOXQR
92=$7,9$ 68-(,72 9(5%2 2%-(72 2%-(72
$*(17(  ',5(72 ,1',5(72




92= 2OLYUR IRLGDGR SHORSURIHVVRU DRDOXQR


3$66,9$
68-(,72 /2&8d­2 $*(17( '$ 2%-(72
$1$/Ë7,&$
3$&,(17(  9(5%$/ 3$66,9$ ,1',5(72
92= 2OLYUR GHXVH  DRDOXQR
3$66,9$
1D SDVVLYD VLQWpWLFD QRUPDOPHQWH R YHUER DQWHFHGH R VXMHLWR
6,17e7,&$
IRUPDQGR'HXVHROLYURDRDOXQR

&XLGDGRVTXHGHYHPVHUWRPDGRVQDWUDQVSRVLomR
 LGHQWLILFDU FRUUHWDPHQWH R REMHWR GLUHWR GD YR] DWLYD
HOHPHQWRTXHH[HUFHUiDIXQomRGHVXMHLWRGDYR]SDVVLYD
HFRPRTXDORYHUERLUiFRQFRUGDU
UHDOL]DUDFRQFRUGkQFLDYHUEDOFRUUHWDPHQWH
PDQWHUDFRQMXJDomRGRYHUERDX[LOLDUGDORFXomRSDVVLYD
QR PHVPR WHPSR H PRGR GR YHUER DSUHVHQWDGR QD YR]
DWLYD


9HMD DJRUD XPD TXHVWmR GH SURYD HP TXH D (6$) H[SORURX
EULOKDQWHPHQWHHVVHDVVXQWR
(6$)$&( 
(QWUHRVPDOHVTXHDIOLJHPDVRFLHGDGHEUDVLOHLUDRFRQWUDEDQGRpVHP
G~YLGDXPGRVPDLVVpULRVVREUHWXGRSRUTXHGHOHGHFRUUHPLQ~PHURV
RXWURV2EVHUYDVHQRGLDDGLDTXHRFRQWUDEDQGRMiID]SDUWHGD
URWLQDGDVFLGDGHVWDQWRQDVDWLYLGDGHVLQIRUPDLVTXDQWRQRVXSULPHQWR
GDUHGHIRUPDOGHFRPpUFLRWRPDQGRROXJDUGHSURGXWRVOHJDOPHQWH

ZZZSRQWRGRVFRQFXUVRVFRPEU_3URI&ODXGLD.R]ORZVNL
&XUVR5HJXODU7HyULFR
$XOD9HUERV
3URI&ODXGLD.R]ORZVNL

FRPHUFLDOL]DGRV2VDOWRVOXFURVTXHHVVDVDWLYLGDGHVLOtFLWDV
SURSRUFLRQDPDOLDGRVDREDL[RULVFRDTXHHVWmRVXMHLWDVIDYRUHFHPH
LQWHQVLILFDPDIRUPDomRGHYHUGDGHLUDVTXDGULOKDVDWpPHVPRFRP
SDUWLFLSDomRGHHPSUHVDVHVWUDQJHLUDV6mRRUJDQL]Do}HVGHFDUiWHU
HPSUHVDULDOHVWUXWXUDGDVSDUDSURPRYHUWDLVSUiWLFDVQRVPDLVYDULDGRV
UDPRVGHDWLYLGDGH
$GDSWDGRGHZZZXQDILVFRRUJEU 
 $ HVWUXWXUD ³2EVHUYDVH´ O  FRUUHVSRQGH VHPDQWLFDPHQWH D )RL
REVHUYDGR

(VWH LWHP HVWDYD ,1&255(72 SRLV R YHUER RULJLQDOPHQWH QD YR]


SDVVLYDSURQRPLQDODSUHVHQWDYDVHQRSUHVHQWHGRLQGLFDWLYR ³2EVHUYD
VH´  H QD YR] SDVVLYD DQDOtWLFD IRL HPSUHJDGR QR SUHWpULWR SHUIHLWR GR
LQGLFDWLYR ³)RL REVHUYDGR´  (UUR QD WUDQVSRVLomR GD YR] SDVVLYD
VLQWpWLFDSDUDDDQDOtWLFDHPYLUWXGHGDDOWHUDomRGRWHPSRYHUEDO

',)(5(1d$ (175( 9(5%26 5()/(;,926 ( 9(5%26
352120,1$,6
2V YHUERV UHIOH[LYRV LQGLFDP TXH R VXMHLWR DR PHVPR WHPSR SUDWLFD H
VRIUH D DomR YHUEDO 2 SURQRPH H[HUFH D IXQomR VLQWiWLFD GH
FRPSOHPHQWRYHUEDO REMHWRGLUHWRRXLQGLUHWR 
(XPHFRUWHLFRPDIDFD(OHVHYHVWHPXLWREHP
(VVHV YHUERV SRGHP VHU XVDGRV VHP R YDORU UHIOH[LYR FRP RXWUR REMHWR
TXHQmRRSURQRPH
(XFRUWHLREUDoRFRPDIDFD(OHYHVWHRVHXILOKRPXLWREHP
-i RV ³YHUERV QHFHVVDULDPHQWH SURQRPLQDLV´ DSUHVHQWDP R SURQRPH
FRPR SDUWH LQWHJUDQWH (VVHV YHUERV QmR DGPLWHP FRQMXJDomR FRP
RXWURREMHWRTXHQmRRSURQRPH
(OHVHTXHL[RXGRDWHQGLPHQWR(OHVHPSUHVHDUUHSHQGHGRTXHID]
1DSROHmR 0HQGHV GH $OPHLGD RV FODVVLILFD HP SURQRPHV HVVHQFLDLV
TXDQGRRYHUERYHP6(035(FRPRSURQRPH HSURQRPHVDFLGHQWDLV
TXDQGR QD IXQomR GH REMHWR GLUHWR HP YH] GH XP VXEVWDQWLYR
HPSUHJDPRVRSURQRPH 


ZZZSRQWRGRVFRQFXUVRVFRPEU_3URI&ODXGLD.R]ORZVNL
&XUVR5HJXODU7HyULFR
$XOD9HUERV
3URI&ODXGLD.R]ORZVNL

&255(/$d­29(5%$/
&RUUHODomR YHUEDO FRQVLVWH QD DUWLFXODomR HQWUH DV IRUPDV YHUEDLV QR
SHUtRGR2VYHUERVHVWDEHOHFHPDVVLPXPDFRUUHVSRQGrQFLDHQWUHVL
(VVHWLSRGHTXHVWmRQRUPDOPHQWHRFDQGLGDWRFRQVHJXHDFHUWDUXVDQGR
R³RXYLGR´
2EVHUYH TXH DOJXPD FRLVD SDUHFH HVWDU HUUDGD QD FRQVWUXomR ³6H YRFr
VH DFRPRGDVVH FRP D VLWXDomR HOD VH WRUQDUi HIHWLYD´ ,VVR DFRQWHFH
SRUTXH QmR KRXYH FRUUHODomR HQWUH D IRUPD YHUEDO GD SULPHLUD RUDomR
DFRPRGDVVH  ± TXH LQGLFD KLSyWHVH SRVVLELOLGDGH  FRP D GD VHJXQGD
WRUQDUi ±TXHLQGLFDFHUWH]D
$ WtWXOR GH FXULRVLGDGH H VRPHQWH FRP HVVH SURSyVLWR ± QDGD GH ILFDU
GHFRUDQGROLVWDV VHJXHPDOJXQVH[HPSORVGHFRQVWUXo}HVFRUUHWDVVRER
DVSHFWRGHFRUUHODomRYHUEDO
D ³([LMRTXHPHGLJDDYHUGDGH´SUHVHQWHGRLQGLFDWLYRSUHVHQWH
GRVXEMXQWLYR
E  ³([LJL TXH PH GLVVHVVH D YHUGDGH´ ± SUHWSHUILQGLFDWLYR 
SUHWLPSHUIVXEMXQWLYR
F  ³(VSHUR TXH HOH WHQKD IHLWR XPD ERD SURYD´  SUHVHQWH LQGLF
SUHWSHUIFRPSVXEMXQWLYR
G  ³*RVWDULD TXH HOH WLYHVVH YLQGR´ ± IXWSUHWpULWRLQG SUHWPDLV
TXHSHUIFRPSVXEMXQWLYR
H  ³6H YRFr TXLVHU R PDWHULDO HX R WUDUHL´ ± IXWXUR GR VXEMXQWLYR 
IXWSUHVHQWHLQGLFDWLYR
I  ³6H YRFr TXLVHVVH R OLYUR HX R WUDULD´   SUHWLPSHUIVXEM
IXWSUHWpULWRGRLQGLFDWLYR
0DLV XPH[HPSOR GHFRUUHODomRHQWUH RV YHUERV 9HUHPRV QD DXODVREUH
FRQFRUGkQFLD RV FDVRV HP TXH R YHUER KDYHU p LPSHVVRDO 8P GHOHV
LQGLFDomRGRWHPSRGHFRUULGR,VVRVLJQLILFDTXHRYHUERILFDUiQDWHUFHLUD
SHVVRD GR VLQJXODU TXDOTXHU TXH VHMD R VHX FRPSOHPHQWR SOXUDO RX
VLQJXODU 
(VVHYHUERGHYHHVWDUHPKDUPRQLDWHPSRUDOFRPRVGHPDLVGRSHUtRGR
LVWR p VH D HVWUXWXUD RUDFLRQDO DSRQWD SDUD XP IDWR SDVVDGR R YHUER
KDYHUWDPEpPGHYHUiVHUFRQMXJDGRQRSDVVDGR


ZZZSRQWRGRVFRQFXUVRVFRPEU_3URI&ODXGLD.R]ORZVNL
&XUVR5HJXODU7HyULFR
$XOD9HUERV
3URI&ODXGLD.R]ORZVNL



1DHGLomRGDUHYLVWD9HMDVREUHDPRUWHGH&iVVLD(OOHUDPDQFKHWHIRL
³$SROtFLDVXVSHLWDTXHXPFRTXHWHOGHGURJDiOFRROHUHPpGLRVPDWRXD
FDQWRUD TXH KDYLD GRLV DQRV OXWDYD SDUD VH OLYUDU GD GHSHQGrQFLD GH
FRFDtQD´
1D pSRFD KRXYH XPD HQ[XUUDGD GH SHUJXQWDV LQFOXVLYH SDUD D UHGDomR
GD UHYLVWD  VREUH D FRUUHomR GHVVD IRUPD GR YHUER KDYHU (VWi
&255(7Ë66,0$ 1RWH TXH D DILUPDomR VH UHIHUH D XP IDWR SDVVDGR
DILQDO LQIHOL]PHQWH HOD Mi QmR HVWDYD PDLV YLYD QDTXHOH PRPHQWR 
$VVLP R WHPSR GHFRUULGR VH HQFRQWUDYD FRQFOXtGR QR SDVVDGR R TXH
MXVWLILFDRHPSUHJRGH³KDYLD´GDPHVPDIRUPDTXHDIRUPD³OXWDYD´
6HD DILUPDomR VH UHIHULVVHD XP IDWR DLQGD DWXDO³)XODQRKi GRLV DQRV
OXWD SDUD VH OLYUDU GDV GURJDV´ WRGRV RV YHUERV VH FRQMXJDULDP QR
PHVPRWHPSRYHUEDO±SUHVHQWHGRLQGLFDWLYR
/HPEUHVHVHRIDWRDLQGDpDWXDORYHUERTXHLQGLFDRWHPSRGHFRUULGR
SHUPDQHFH QR SUHVHQWH VH R IDWR Mi p SDVVDGR R YHUER TXH LQGLFD R
WHPSRGHFRUULGRWDPEpPYDLSDUDRSDVVDGR6LPSOHVDVVLP
9DPRV jV TXHVW}HV GH IL[DomR 0DLV XPD YH] OHPEUDPRV TXH VmR
TXHVW}HVDSOLFDGDVQRVPDLVGLYHUVRVFRQFXUVRVS~EOLFRVGRSDtV
%RQVHVWXGRVDWRGRV

ZZZSRQWRGRVFRQFXUVRVFRPEU_3URI&ODXGLD.R]ORZVNL
&XUVR5HJXODU7HyULFR
$XOD9HUERV
3URI&ODXGLD.R]ORZVNL


48(67®(6'(),;$d­2
1&(8)5-$'0,1,675$'253,$8Ë 
7(;72$6$Ò'((2)87852
'UiX]LR9DUHOOD±5HIOH[}HVSDUDRIXWXUR
)LFDUHPRV VREUHFDUUHJDGRV SDJDQGR FDUR SHOD LJQRUkQFLD H
LUUHVSRQVDELOLGDGH GR SDVVDGR $FKDUHPRV LQDFUHGLWiYHO QmR KDYHUPRV
SHUFHELGR HP WHPSR SRU H[HPSOR TXH R YtUXV GD $LGV SUHVHQWH QD
VHULQJD XVDGD SHOR DGROHVFHQWH GD SHULIHULD SDUD YLDMDU DR SDUDtVR SRU
DOJXQVLQVWDQWHVLQIHFWDDVPRFLQKDVGDIDYHODRVWUDYHVWLVGDFDGHLDDV
JDURWDV GD ERDWH R PHQLQmR HVSHUWR D PHQLQLQKD LQJrQXD R VHQKRU
HQUXVWLGRDPmHGHIDPtOLDHVHHVSDOKDSDUDDPXOWLGmRGHJHQWHSREUH
VHP LQVWUXomR H KLJLHQH +DYHUi PLOK}HV GH SHVVRDV FRP $LGV
GHSHQGHQGR GH WUDWDPHQWRV FDURV H DVVLVWrQFLD SHUPDQHQWH 6HXV
VLVWHPDV LPXQROyJLFRV GHSULPLGRV VH WRUQDUmR SUHVDV IiFHLV DRV EDFLORV
GD WXEHUFXORVH TXH SRU YLD DpUHD LUmR SDUDU QRV SXOP}HV GRV TXH
SDVVDUHPSRUSHUWRID]HQGRUHVVXUJLUDWXEHUFXORVHHSLGrPLFDGRWHPSR
GRV QRVVRV DYyV 6tILOLV KHSDWLWH % KHUSHV SDSLORPDYtUXV H RXWUDV
GRHQoDVVH[XDOPHQWHWUDQVPLVVtYHLVDWDFDUmRRVLQFDXWRVHGDUmRRULJHP
DRDYHVVRGDUHYROXomRVH[XDOHQWUHRVVHQVDWRV
1R FDOGR XUEDQR GD PLVpULDVXMHLUDLJQRUkQFLD FUHVFHUmR HVVDV SUDJDV
PRGHUQDV H RXWUDV LPHUJLUmR LQHVSHUDGDV (VWDUi FODUR HQWmR TXH R
SHULJR VHUi PXLWR PDLV LPSUHYLVtYHO GR TXH DTXHOH UHSUHVHQWDGR SHODV
DQWLJDV HQGHPLDV UXUDLV GRHQoD GH &KDJDV PDOiULD HVTXLVWRVVRPRVH
SDVVtYHLVGHFRQWUROHFRPLQVHWLFLGDVFDVDVGHWLMRORViJXDOLPSDHIDUWD
$VVXVWDGD D VRFLHGDGH EUDVLOHLUD WRPDUi HQILP FRQVFLrQFLD GR KRUURU
TXH VHUi S{U ILOKRV HP XP PXQGR WmR LQyVSLWR 1HVVDV FRQGLo}HV p
SURYiYHO TXH VH RUJDQL]H SDUD DFDEDU FRP DV FDXVDV GHVVDV HSLGHPLDV
XUEDQDV 0RGHUQRV KRVSLWDLV VHP ILQV OXFUDWLYRV GLULJLGRV SRU IXQGDo}HV
SULYDGDVHPDQWLGRVFRPRHVIRUoRHDYLJLOkQFLDGDVFRPXQLGDGHVORFDLV
SRGHUmR GHPRFUDWL]DU R DWHQGLPHQWR S~EOLFR (ILFLHQWHV SURJUDPDV GH
SUHYHQomR DSOLFDGRV HP SDUFHULD FRP LQVWLWXLo}HV LQWHUQDFLRQDLV
GLPLQXLUmRRQ~PHURGHSHVVRDVGRHQWHV
(QWmR YLUi D IDVH HP TXH VXUJLUmR QRYRV UHEHOGHV VRQKDGRUHV SDUD
HQIUHQWDU R GHVDILR GH HVWHQGHU D UHYROXomR GRV JHQHV SDUD PHOKRUDU D
TXDOLGDGH GHYLGD GRV TXH PRUDUHP QD SHULIHULDGDVJUDQGHV FLGDGHVRX
QDLPHQVLGmRGRVFDPSRVEUDVLOHLURV
&RPRRWH[WRWHPXPWRPGHSURIHFLDDFRQVWUXomRGHVVDVSUHYLV}HV
VHDSyLDIXQGDPHQWDOPHQWH

ZZZSRQWRGRVFRQFXUVRVFRPEU_3URI&ODXGLD.R]ORZVNL
&XUVR5HJXODU7HyULFR
$XOD9HUERV
3URI&ODXGLD.R]ORZVNL

$ QRHPSUHJRGRIXWXURGRSUHVHQWH
% QDDERUGDJHPGHWHPDVDLQGDGHVFRQKHFLGRV
& QDDQWHYLVmRGHXPIXWXURVRPEULR
' QDFRQGHQDomRGRDWUDVRVRFLDOHFXOWXUDO
( QDXWLOL]DomRGHH[SUHVV}HVGHG~YLGD

 1&(8)5-,13,$1$/,67$0$5&$6 
³ GHVVHV PHVPRV VHQWLPHQWRV TXH WrP OHYDGR R %UDVLO j EHLUD GR
DELVPR´DIRUPDYHUEDOWrPOHYDGRLQGLFDXPDDomR
$ TXHMiWHUPLQRX
% DQWHULRUDRXWUDDomRSDVVDGD
& KDELWXDOQRSDVVDGR
' LQLFLDGDQRSDVVDGRTXHFRQWLQXDQRSUHVHQWH
( LQLFLDGDQRSUHVHQWHTXHFRQWLQXDQRIXWXUR

 1&(8)5-,QVSHWRUGH3ROtFLD 
7(;72'52*$6$0Ë',$(67È'(1752
(XJrQLR%XFFL
+i SRXFRV GLDV DVVLVWLQGR D XP GHVVHV GHEDWHV XQLYHUVLWiULRV TXH D
JHQWH SHQVD TXH QmR YmR GDU HP QDGD RXYL XP UDFLRFtQLR TXH QmR PH
VDLXPDLVGDFDEHoD2XYLRGHXPSURIHVVRU±XPSURIHVVRUEULOKDQWHp
ERPTXHVHGLJD
(OH VH VDtD PXLWR EHP WHFHQGR FRQVLGHUDo}HV FUtWLFDV VREUH R SURYmR
$OLiVRGHEDWHHUDVREUHRSURYmRPDVLVVRQmRYHPDRFDVR2TXHPH
LQWHUHVVRX IRL XP FRPHQWiULR PDUJLQDO TXH HOH IH] ± H R H[HPSOR TXH
HVFROKHX SDUD LOXVWUDU VHX FRPHQWiULR 3ULPHLUR HOH GLVVH TXH D
SXEOLFLGDGH QmR SRGH WXGR RX PHOKRU TXH QHP WRGDV DV DWLWXGHV
KXPDQDV VmR GLWDGDV SHOD SURSDJDQGD 6LP D WHVH p yEYLD QLQJXpP
GLVFRUGDGLVVRPDVRPDLVLQWHUHVVDQWHYHLRGHSRLV3DUDFRUURERUDUVXD
FRQVWDWDomR R SURIHVVRU OHPEURX TXH PXLWD JHQWH FKHLUD FRFDtQD H QR
HQWDQWR QmR Ki SURSDJDQGD GH FRFDtQD QD 79 4XDO D FRQFOXVmR OyJLFD"
,VVRPHVPRQHPWRGRKiELWRGHFRQVXPRpGLWDGRSHODSXEOLFLGDGH
$ IDYRU GD PHVPD WHVH SRGHUtDPRV GL]HU TXH PXLWDV YH]HV D
SXEOLFLGDGHWHQWDHQmRFRQVHJXHPXGDURVKiELWRVGRS~EOLFR,Q~PHURV
HVIRUoRVSXEOLFLWiULRVQmRUHVXOWDPHPQDGD&RQWLQXHPRVQRFDPSRGDV

ZZZSRQWRGRVFRQFXUVRVFRPEU_3URI&ODXGLD.R]ORZVNL
&XUVR5HJXODU7HyULFR
$XOD9HUERV
3URI&ODXGLD.R]ORZVNL

VXEVWkQFLDVLOtFLWDV([LVWHPLQVLVWHQWHVFDPSDQKDVDQWLGURJDVQRVPHLRV
GHFRPXQLFDomRDOJXPDVXPWDQWRVRSRUtIHUDVRXWUDVPDLVWHUURULVWDVH
WRGDVIUDFDVVDP0RUDOGDKLVWyULD"1HPTXHVHMDSDUDFRQVXPLUSURGXWRV
TXtPLFRV LOHJDLV DLQGD VRPRV PLQLPDPHQWH OLYUHV GLDQWH GR SRGHU GD
PtGLD7HPRVDOJXPDDXWRQRPLDSDUDIRUPDUQRVVDVGHFLV}HV
7XGR FHUWR" &UHLR TXH QmR &RQFRUGR TXH D PtGLD QmR SRGH WXGR
FRQFRUGR TXH DV SHVVRDV FRQVHJXHP JXDUGDU DOJXPD LQGHSHQGrQFLD HP
VXD UHODomR FRP D SXEOLFLGDGH PDV DFKR TXH R SURIHVVRU FRPHWHX GXDV
LPSURSULHGDGHV DQXQFLRX XPD WHVH IiFLO GHPDLV H SDUD GHPRQVWUiOD
HVFROKHXXPH[HPSORLQJrQXRGHPDLV
(PERUD QmR YHMDPRV XP FRPHUFLDO SURPRYHQGR H[SOLFLWDPHQWH R
FRQVXPR GH FRFDtQD RX GH PDFRQKD RX GH KHURtQD RX GH FUDFN D
YHUGDGH p TXH RV PHLRV GH FRPXQLFDomR QRV ERPEDUGHLDP GXUDQWH 
KRUDV SRU GLD FRP D SURSDJDQGD QmR GH GURJDV PDV GR HIHLWR GDV
GURJDV $ SXEOLFLGDGH QHVVH VHQWLGR QmR UHIUHLD PDV UHIRUoD R GHVHMR
SHORHIHLWRGDVGURJDV3RUIDYRUQmRVHSRGHFXOSDURVSXEOLFLWiULRVSRU
LVVR±HOHVDVVLPFRPRWRGRPXQGRQmRVDEHPRTXHID]HP
³$IDYRUGDPHVPDWHVH32'(5Ë$026GL]HUTXH´RXVRGRIXWXURGR
SUHWpULWRQHVVHVHJPHQWRLQGLFD
D XPDKLSyWHVH
E XPDIRUPDSROLGDGHSUHVHQWH
F XPDSRVVLELOLGDGHQmRUHDOL]DGD
G DomRSRVWHULRUDRWHPSRHPTXHVHIDOD
H LQFHUWH]DVREUHIDWRVSDVVDGRV

 1&(8)5-03(5- 
7(;725$&,602
2*ORER
$LPSUHQVDEUDVLOHLUDYHPQRWLFLDQGRXPDSURSRVWDPLOLRQiULDGR/D]LRGD
,WiOLDTXHSUHWHQGHDGTXLULURSDVVHGR]DJXHLUR-XDQSRUPLOK}HVGH
GyODUHV
(VWHpRWLPHFXMDWRUFLGDMiDJUHGLXRMRJDGRUEUDVLOHLUR$QWRQLR&DUORV
GR5RPDHSHUGHXRPDQGRGHFDPSRSRULQFLWDPHQWRUDFLVWDHPSOHQR
HVWiGLR
$TXLILFDXPDVXJHVWmRDHVWHMRYHPQHJURDWOHWDEUDVLOHLURGHDQRV
FRP XP EULOKDQWH IXWXUR SURILVVLRQDO UHFXVH R FRQYLWH H QmR WURTXH R

ZZZSRQWRGRVFRQFXUVRVFRPEU_3URI&ODXGLD.R]ORZVNL
&XUVR5HJXODU7HyULFR
$XOD9HUERV
3URI&ODXGLD.R]ORZVNL

%UDVLO SHOD ,WiOLD SRLV PRHGDV QmR UHVJDWDP D GLJQLGDGH 'LJD QmR DRV
[HQyIRERVHUDFLVWDV

&RQVLGHUDQGR TXH D DomR GH DJUHGLU R MRJDGRU EUDVLOHLUR $QWRQLR &DUORV
RFRUUHX DQWHV GH R /D]LR SHUGHU R PDQGR GR FDPSR DomR WDPEpP
SDVVDGDRYHUERDJUHGLUGHYHULDHVWDUQR
D PDLVTXHSHUIHLWRGRLQGLFDWLYR
E LPSHUIHLWRGRLQGLFDWLYR
F IXWXURGRSUHWpULWR
G LPSHUIHLWRGRVXEMXQWLYR
H SUHVHQWHGRVXEMXQWLYR

 1&(8)5-$548,921$&,21$/$JHQWH$GP 
7(;72  5DFLVPR GLVFULPLQDomR SUHFRQFHLWR &RORFDQGR RV
SLQJRVQRV³LV´
0DULD$SDUHFLGDGD6LOYD
5HFHQWHPHQWHDVVLVWLDRSURJUDPDHVSRUWLYR&DUWmR9HUGHGD79&XOWXUD
QR TXDO VH GLVFXWLD GH PDQHLUD WtPLGD D GLVFULPLQDomR UDFLDO TXH XP
MRJDGRU EUDQFR GR 3DOPHLUDV 3DXOR 1XQHV  WHULD SUDWLFDGR FRQWUD GRLV
MRJDGRUHV QHJURV 5LQFyQ &RULQWKLDQV  H :DJQHU 6mR 3DXOR  HP
PRPHQWRV GLVWLQWRV +DYLD FRQWURYpUVLDV TXDQWR j YHUDFLGDGH GRV IDWRV
TXDQWR j VLQFHULGDGH GRV SURWDJRQLVWDV TXDQWR j RSRUWXQLGDGH RX
RSRUWXQLVPRGDVGHQ~QFLDV0DVRTXHGHIDWRGHVSHUWRXPLQKDDWHQomR
IRLDUHODWLYL]DomRGRUDFLVPRSUHVHQWHQRIXWHEROEUDVLOHLUR2VFURQLVWDV
XWLOL]DYDP D WRGR WHPSR D H[SUHVVmR SUHFRQFHLWR TXDQGR DV VLWXDo}HV
HPIRFRFRQVWLWXtDPQDYHUGDGHSUiWLFDVGHGLVFULPLQDomRUDFLDO
$DXWRUDQmRDILUPDFRPVHJXUDQoDQRSULPHLURSDUiJUDIRTXHRMRJDGRU
3DXOR 1XQHV FRPHWHX XP DWR GLVFULPLQDWyULR R PHLR OLQJtVWLFR
HPSUHJDGRSDUDUHODWLYL]DUHVVDDILUPDomRp
$ DDGMHWLYDomRGH³WtPLGD´GDGDjGLVFXVVmR
% RHPSUHJRGRIXWXURGRSUHWpULWRFRPSRVWR³WHULDSUDWLFDGR´
& RGLVFXUVRLQGLUHWR
' DLQYHUVmRGRVWHUPRVGDIUDVH
( DXWLOL]DomRGRVSDUrQWHVHV


ZZZSRQWRGRVFRQFXUVRVFRPEU_3URI&ODXGLD.R]ORZVNL
&XUVR5HJXODU7HyULFR
$XOD9HUERV
3URI&ODXGLD.R]ORZVNL



 )81'(&352'(5- 
(6%2d2'(80$&$6$
&DVDIULDGHDSDUWDPHQWR3DUHGHVPXLWREUDQFDVGHXPDDVSHUH]DHP
TXHQmRGiJRVWRSDVVDUDPmR$tPRUDPTXDWURSHVVRDVFRPDFULDGD
VHQGRTXHXPDGDVSHVVRDVSDVVDRGLDIRUDpPHQLQDGHFROpJLR
3ODQWDVVyDVTXHSRGHPFDEHUQXPLQWHULRUWmRORQJHGDWHUUD HVWDPRV
HP XP GpFLPR DQGDU  H DSHQDV FRUULJHP D DULGH] GDV MDQHODV /i
HPEDL[R D ILWD LQWHUPLQiYHO GH DVIDOWR RQGH GHVOL]DP DXWRPyYHLV H
ELFLFOHWDV ( DR ORQJR GD ILWD XPD FRLVD HQRUPH H HVWUDQKD D TXH VH
FRQYHQFLRQRX GDU R DSHOLGR GH PDU QDWXUDOPHQWH j IDOWD GH H[SUHVVmR
VLQWpWLFDSDUDWXGRRTXHKiQHOHGHVDOJDGRGHUHYROWRVRGHERLWULVWH
GHFDGiYHUHVGHUHIOH[RVHGHSDOSLWDomRVXEPDULQD
'RGpFLPRDQGDUjUXDVHULDDYHUWLJHPVHFKHJiVVHPRVPXLWRjMDQHOD
VHQRVGHEUXoiVVHPRV
0DV DGTXLUHVH R FRVWXPH GH ROKDU Vy SDUD D IUHQWH RX PDLV SDUD FLPD
DLQGD(QWmRDSDUHFHPPRQWDQKDVXPDHVWiWXDGHSHGUDTXHpjVYH]HV
FRUWDGD SHOR QHYRHLUR FDVDV DEVXUGDV GDQoDQGR  RX LPyYHLV DSyV D
GDQoD  VREUH SUHFLStFLRV +i WDPEpP XP FRTXHLUR LUUHDO VHP QHQKXP
FRFR GHVSRMDGR H EDWLGR GH YHQWR TXH VH GLULD XP YHQWR ErEHGR  QR
DOWRGRPRUURTXDVHDRQtYHOGDFDVD
$1'5$'(&'UXPPRQGGH&RQILVV}HVGH0LQDV,Q3RHVLDH3URVD
HG5LRGH-DQHLUR1RYD$JXLODUS 
1D FRUUHODomR HQWUH RV GRLV YHUERV VXEOLQKDGRV QR WUHFKR ³'R GpFLPR
DQGDUjUXDVHULD DYHUWLJHPVHFKHJiVVHPRVPXLWRjMDQHOD´ OLQKDV
 RHQXQFLDGRUPDQLIHVWDXPDDWLWXGHGH
$ FHUWH]DSRLVVDEHTXHRIDWRQmRSRGHDFRQWHFHU
% VXEMHWLYLGDGHSRLVQmRVDEHVHRIDWRWHPSRVVLELOLGDGHGHDFRQWHFHU
&  G~YLGD TXDQWR j SRVVLELOLGDGH GH XP IDWR DFRQWHFHU SRLV QmR Ki
KLSyWHVHGHRRXWURWDPEpPDFRQWHFHU
'  FHUWH]D TXDQWR j SRVVLELOLGDGH GH XP IDWR DFRQWHFHU QD FRQGLomR GH
WDPEpPRRXWURDFRQWHFHU
(  GHVFUHQoD VREUH D UHDOL]DomR GR IDWR SRLV HVWi FRQGLFLRQDGR j
UHDOL]DomRGHRXWURIDWR



ZZZSRQWRGRVFRQFXUVRVFRPEU_3URI&ODXGLD.R]ORZVNL
&XUVR5HJXODU7HyULFR
$XOD9HUERV
3URI&ODXGLD.R]ORZVNL


 1&(8)5-,1&5$ 
$ IRUPD ³HQYROWDV´ HP ³HQYROWDV QXP FDPELDQWH YpX GH QXYHQV´
FRUUHVSRQGH DR SDUWLFtSLR LUUHJXODU GR YHUER ³HQYROYHU´ TXH WDPEpP
SRVVXL D IRUPD ³HQYROYLGR´ 2 YHUER DEDL[R TXH 1­2 DGPLWH GXSOR
SDUWLFtSLRp
$ PRUUHU
% HVFUHYHU
& PDWDU
' SHJDU
( HOHJHU

 1&(8)5-03(5- 
1RWLFLDQGR p IRUPD GR JHU~QGLR GR YHUER QRWLFLDU D IUDVH HP TXH D
IRUPDYHUEDOGHVWDFDGDSRGH1­2HVWDUQRJHU~QGLRp
D $VQRWtFLDVHVWmRFKHJDQGRGD,WiOLDFDGDYH]PDLVUDSLGDPHQWH
E 7UDQVIRUPDQGRVHRyGLRHPDPRUDFDEDPVHDVJXHUUDV
F 9LQGRRUHVXOWDGRRVFOLHQWHVFRPHoDUDPDSURWHVWDU
G 2VMRJDGRUHVLWDOLDQRVHVWmRUHFODPDQGRGRVHVWUDQJHLURV
H 2DWOHWDYLDMRXFRPSOHWDQGRVXDPLVVmR

 )*935()$5$d$78%$ 
2HPSUHJRGRSDUWLFtSLRYHUEDOHVWiHUUDGRHP
$2PHQLQRWLQKDPDWDGRDIRPH
%2GLUHWRUKDYLDVXVSHQGLGRDOJXQVDX[LOLDUHV
&2{QLEXVWLQKDFKHJRDWUDVDGR
'$VSHVVRDVHVWDYDPVDOYDV


 &(7527&063 
0LOWRQ )ULHGPDQ DJRUD FRP  DQRV GH LGDGH p XP GDTXHOHV
HFRQRPLVWDVTXHQmRSRGHVHUDFXVDGRGHVLPSDWLDVHVTXHUGLVWDV6XDV
FUHGHQFLDLV FRQVHUYDGRUDV LQFOXHP R WtWXOR GH SDSD GR QHROLEHUDOLVPR
IHUUHQKR GHIHQVRU GR PHUFDGR OLYUH UHSXEOLFDQR PHPEUR GR ,QVWLWXWR

ZZZSRQWRGRVFRQFXUVRVFRPEU_3URI&ODXGLD.R]ORZVNL
&XUVR5HJXODU7HyULFR
$XOD9HUERV
3URI&ODXGLD.R]ORZVNL

+RRYHU H R 3UrPLR 1REHO GH (FRQRPLD GH  e FRP HVVDV
TXDOLILFDo}HV TXH )ULHGPDQ WHP GHIHQGLGR D SROrPLFD SURSRVWD GH
OHJDOL]DomRGHWRGDVDVGURJDV
(P HQWUHYLVWD H[FOXVLYD j )ROKD R HFRQRPLVWD YROWRX D VXVWHQWDU TXH
VHKiDOJRTXHGHYHVHUHOLPLQDGRQmRVmRDVGURJDVPDVRSURJUDPD
DQWLGURJDV GRV (8$ &RP EDVH QXP HVWXGR UHFpPGLYXOJDGR SHOD
8QLYHUVLGDGH +DUYDUG VHJXQGR R TXDO RV (8$ HFRQRPL]DULDP 86 
ELOK}HV SRU DQR VH D PDFRQKD IRVVH OHJDOL]DGD PHQRV 86  ELOK}HV
GH GHVSHVDV FRP SROLFLDPHQWR H PDLV 86  ELOK}HV FRP LPSRVWRV 
)ULHGPDQ H RXWURV  HFRQRPLVWDV HQYLDUDP D *HRUJH : %XVK H DR
&RQJUHVVRQRUWHDPHULFDQRXPDFDUWDQDTXDOSHGHPDOLEHUDomRGHVVD
GURJD
(P WHUPRV ILORVyILFRV D SRVLomR OLEHUDO GR YHQHUDQGR HFRQRPLVWD p
VXVWHQWiYHO 6H DFUHGLWDPRV TXH D OLEHUGDGH p XP YDORU D UHVSHLWDU H
FXOWLYDU±HFUHPRVQLVVR±HQWmRDGHFLVmRVREUHXWLOL]DUGURJDVGHVGH
TXH WRPDGD FRQVFLHQWHPHQWH GHYHULD VHU HVWULWDPHQWH SHVVRDO H
LQWUDQVIHUtYHO 6H R (VWDGR WHP DOJXP SDSHO D H[HUFHU VHULD R GH
UHJXODPHQWDU R FRPpUFLR H ]HODU SDUD TXH DV SHVVRDV UHFHEDP WRGD D
LQIRUPDomRGLVSRQtYHODUHVSHLWRGRVSHULJRVGRFRQVXPR
 
6REUH R WHUFHLUR SDUiJUDIR GR WH[WR DFLPD OHYDQGRVH HP FRQVLGHUDomR
DV UHFRPHQGDo}HV GD JUDPiWLFD QRUPDWLYD WUDGLFLRQDO -8/*8( D
DILUPDomRTXHVHJXH
$ QRSULPHLURSHUtRGRRWHUPR³YHQHUDQGR´pIRUPDYHUEDOGHJHU~QGLR
GR YHUER ³YHQHUDU´ H ID] SDUWH QR WH[WR GH XPD RUDomR VXERUGLQDGD
UHGX]LGDGHJHU~QGLR

 (6$)$)&6)& 
$VVLQDOHDRSomRJUDPDWLFDOPHQWHFRUUHWD
D  6RE D yWLFD GH XP (VWDGR HP SDUWLFXODU ± D GHVSHLWR GH D ³*XHUUD
)LVFDO´GR,&06VHUSUHMXGLFLDOjQDomR±KiJDQKRVDVHUHPREWLGRVVH
RXYHVVHXPDXPHQWRFRQMXQWXUDOGHUHFHLWDSDUDR(VWDGR
E  6H WRGRV RV (VWDGRV SDUDVVHP GH FRQFHGHU LQFHQWLYRV WRGRV
JDQKDULDP PDV VH XP (VWDGR VH DEVWHVVH GH WDO SROtWLFD H RV GHPDLV
FRQWLQXDVVHPDSUDWLFiODHVVHSHUGHULD
F  7HQGR HP YLVWD D DQiOLVH KLVWyULFD GD ³*XHUUD )LVFDO´ DOJXQV DXWRUHV
SURSXVHUDPXPDGLYLVmRGHSHUtRGRVTXHFRPHoDPFRPDFULDomRGR,&0
HFKHJDPDWpDDWXDOLGDGH

ZZZSRQWRGRVFRQFXUVRVFRPEU_3URI&ODXGLD.R]ORZVNL
&XUVR5HJXODU7HyULFR
$XOD9HUERV
3URI&ODXGLD.R]ORZVNL

G  1R SULPHLUR SHUtRGR R *RYHUQR &HQWUDO WLURX GRV (VWDGRV D
FRPSHWrQFLD GH LQVWLWXLU H DXPHQWDU DOtTXRWDV GRV LPSRVWRV H ILFRX
HVWDEHOHFLGRTXHFRXEHULDPWDLVDWULEXLo}HVVRPHQWHDR6HQDGR
H  3UHVVLRQDGR SHODV GLVSXWDV LQWHUUHJLRQDLV R *RYHUQR)HGHUDO LQWHUYLX
QR LQFLSLHQWH PHFDQLVPR GH FRQFHVVmR GH LQFHQWLYRV H SRU PHLR GH OHL
FRPSOHPHQWDUFULRXR&21)$=
&RP EDVH HP DUWLJR GH $QGUp (GXDUGR GD 6 )HUQDQGHV  1pOLR /
:DQGHUOHL 

  1&( 8)5-  (/(752%5È6  $VVLVWHQWH 7pFQLFR
$GPLQLVWUDWLYR 
³( WDQWDV YH]HV YLP DTXL´ D IUDVH DEDL[R TXH DSUHVHQWD XPD IRUPD
,1$'(48$'$GRYHUER9,5p
$ +RMHYLPRVDTXLSDUDYLVLWDUDYHOKDFDVD
% $PDQKmYLUmRRXWURVDYLVLWDUDPHVPDFDVDDQWLJD
& 4XDQGRYLUHPRXWURVDFDVDQmRVHUiDPHVPD
' $QWLJDPHQWHYLQKDPXLWRDHVWDFDVD
( (OHVQmRWrPYLQGRDHVWDFDVD

 1&(8)5-&90 
³6H HOH WUDEDOKDU HX WDPEpP WUDEDOKDUHL´ D DOWHUQDWLYD TXH WHP XPD
IUDVHFRPHVVDPHVPDHVWUXWXUDPDVFRPIRUPDYHUEDO(48,92&$'$p
$ 6HHOHIRUHXWDPEpPLUHL
% 6HHOHYHUHXWDPEpPYHUHL
& 6HHOHTXLVHUHXWDPEpPTXHUHUHL
' 6HHOHUHTXHUHUHXWDPEpPUHTXHUHUHL
( 6HHOHFRXEHUHXWDPEpPFDEHUHL

± 1&(8)5-&90 
³6H HOH OHVVH HX WDPEpP OHULD´ D DOWHUQDWLYD TXH DSUHVHQWD XPD IUDVH
FRPHVVDPHVPDHVWUXWXUDPDVFRPIRUPDYHUEDO(48,92&$'$p
$ 6HHOHWURX[HVVHHXWDPEpPWUDULD
% 6HHOHDSURYDVVHHXWDPEpPDSURYDULD

ZZZSRQWRGRVFRQFXUVRVFRPEU_3URI&ODXGLD.R]ORZVNL
&XUVR5HJXODU7HyULFR
$XOD9HUERV
3URI&ODXGLD.R]ORZVNL

& 6HHOHSXVHVVHHXWDPEpPSRULD
' 6HHOHYLHVVHHXWDPEpPYLULD
( 6HHOHPDQWHVVHHXWDPEpPPDQWHULD

 1&(8)5-$177 
'RVHJPHQWR³RQGHKDYLDHVWDGRDQWHULRUPHQWHHPRUDUDDOJXPWHPSR´
VH TXLVpVVHPRV VXEVWLWXLU D SULPHLUD IRUPD YHUEDO VXEOLQKDGD D ILP GH
TXHWLYHVVHDPHVPDIRUPDVLPSOHVGDVHJXQGDGHYHUtDPRVHVFUHYHU
$ HVWDYD
% HVWDULD
& HVWHYH
' HVWLYHUD
( WLQKDHVWDGR

 )&&75($37pFQLFR-XGLFLiULR 
(VWiFRUUHWDPHQWHIOH[LRQDGDDIRUPDYHUEDOVXEOLQKDGDQDIUDVH
$  6H DOJXpP SURSRU PHGLGDV SDUD HFRQRPLD GH HQHUJLD TXH VHMD
RXYLGRFRPDWHQomR
%  &DVR XPD UHSUHVD FRQWHQKH SRXFR YROXPH GH iJXD DV WXUELQDV GD
XVLQDGHVOLJDPVH
&  6HULD SUHFLVR TXH UHIL]pVVHPRV RV FiOFXORV GD HQHUJLD TXH HVWDPRV
JDVWDQGR
' 6yGDPRVYDORUjVFRLVDVTXDQGRHODVMiHVFDVVHLDUDP
( 6HQmRGHWHUPRVRVGHVSHUGtFLRVSDJDUHPRVFDGDYH]PDLVFDURSRU
HOHV

 1&(8)5-*XDUGD0XQLFLSDO 
³(DJRUDSDVVHPRVDRXWURSURJUDPD´VHQHVWDIUDVHHPSUHJiVVHPRVR
YHUER3$66($5HPOXJDUGRYHUER3$66$5DIRUPDHTXLYDOHQWHVHULD
D SDVVHLHPRV
E SDVVHDPRV
F SDVVHLDPRV
G SDVVHHPRV

ZZZSRQWRGRVFRQFXUVRVFRPEU_3URI&ODXGLD.R]ORZVNL
&XUVR5HJXODU7HyULFR
$XOD9HUERV
3URI&ODXGLD.R]ORZVNL

H SDVVHLDP

 )*935()$5$d$78%$ 
2YHUERGHVSHGLUVHDSUHVHQWDHUURJUiILFRHP
$'HVSHGLUVHmRDSyVRMDQWDU
%3HGHPTXHVHGHVSHVVDPORJR
&1mRQRVGHVSHGLULDPQHVVDVFLUFXQVWkQFLDV
''HVSHoRPHGHWRGRVDPDQKm

 )XQGDomR-RVp3HO~FLR)HUUHLUD,&0652 
+iHUURGHFRQMXJDomRYHUEDOHP
D 1DVLQWHUYHQo}HVVHPSUHVHDSXQKDPFRPHQWiULRVPDOLFLRVRVDRPHX
GHSRLPHQWR
E  7UDWDVH GH XPD OHL TXH YLJLX QD 3ULPHLUD 5HS~EOLFD H KRMH UHYHODVH
DQDFU{QLFD
F  (QFRQWURXVH RQWHP FRP D SHVVRD TXH GHODWDUD j SROtFLD Ki GRLV
PHVHV
G 1mRVHSRGHDGPLWLUTXHR'LUHLWRVREUHVWHMDRFXUVRGRVIDWRVVRFLDLV
H 'LVVHPHHOHTXHHXjVYH]HVSUHWLURRVOLPLWHVGRERPVHQVR

 &(6*5$15,2%1'(6±$'92*$'2 
0DUTXH D RSomR HP TXH D ODFXQD SRGH VHU DGHTXDGDPHQWH SUHHQFKLGD
FRPXPDIRUPDVLPSOHVIOH[LRQDGDGRYHUERHQWUHSDUrQWHVHV
$  e SURYiYHO TXH PXLWDV HPSUHVDV BBBBB FRP DV QRYDV PHGLGDV
HFRQ{PLFDV IDOLU 
%  $WXDOPHQWH WRGRV VH BBBBB FRQWUD DV RVFLODo}HV GHFRUUHQWHV GH
SODQRVPDOVXFHGLGRV SUHFDYHU 
&  1yV BBBBB WRGRV RV GRFXPHQWRV H FRQWUDWR SHUGLGRV GXUDQWH D
PXGDQoDQDVHPDQDSDVVDGD UHDYHU 
'  e XPD SHQD TXH R YLFHSUHVLGHQWH GD HPSUHVD BBBBB SRU FDXVD GH
SHTXHQRVSUREOHPDV H[SORGLU 
(  2V IXQFLRQiULRV ILFDUmR PDLV EHP GLVSRVWRV FDVR D ILUPD BBBBB DV
VDODVGHFRUHVFODUDV FRORULU 


ZZZSRQWRGRVFRQFXUVRVFRPEU_3URI&ODXGLD.R]ORZVNL
&XUVR5HJXODU7HyULFR
$XOD9HUERV
3URI&ODXGLD.R]ORZVNL


 )81'(&7-0* 
7HQGR HP FRQWD D IOH[mR YHUEDO p &255(72 DILUPDU TXH DV IRUPDV
3529e0 3529(0 3529Ç(0 ( 3529Ç0 UHIHUHPVH UHVSHFWLYDPHQWH
DRV
VHJXLQWHVYHUERV
D SURYHUSURYLUSURYDUHSURYLU
E SURYLUSURYDUSURYHUHSURYLU
F SURYDUSURYHUSURYLUHSURYHU
G SURYLUSURYDUSURYLUHSURYHU

 )81'(&7-0* 
$VVLQDOH D DOWHUQDWLYD TXH FRPSOHWH &255(7$0(17( DV ODFXQDV GDV
VHQWHQoDVDEDL[R
&DVRKDMDTXDOTXHULUUHJXODULGDGHBBBBBBBBBBDVHOHLo}HV LPSXJQDU 
2 FRQGHQDGR IRL BBBBBBBBBBBBBBBBBB GLDQWH GH XPD PXOWLGmR
GHFDSLWDU 
2 JRYHUQR TXHU TXH VH BBBBBBBBBBBBBBB DV FDXVDV GR DFLGHQWH
DYHULJXDU 
D LPS~JQR±GHFDSWDGR±DYHULJH
E LPSXJQR±GHFDSLWDGR±DYHULJ~HP
F LPSXJXLQR±GHFDSLWDGR±DYHUtJHP
G LPSXJQR±GHFDSWDGR±DYHULJHP

± 1&(8)5-,1&5$ 
1DIUDVH±9HPSUD&$,;$YRFrWDPEpP±KiXPHUURJUDPDWLFDOTXHMi
IRLEDVWDQWHFRPHQWDGRRGHVYLRGDQRUPDFXOWDQHVWHFDVRHVWi
$ QRXVRGH³SUD´HPOXJDUGH³SDUD´
% QDJUDILDHPPDL~VFXODVGRYRFiEXOR&$,;$
& QRWUDWDPHQWRtQWLPR³YRFr´HPOXJDUGH³RVHQKRU´
' RXVRGRLPSHUDWLYRFRPXPWRPLQDGHTXDGRGHRUGHP
( DPLVWXUDGHWUDWDPHQWRV


ZZZSRQWRGRVFRQFXUVRVFRPEU_3URI&ODXGLD.R]ORZVNL
&XUVR5HJXODU7HyULFR
$XOD9HUERV
3URI&ODXGLD.R]ORZVNL



 )81'(&7575HJLmR 
&RQVLGHUH D IOH[mR GR YHUER VXEOLQKDGR QR WUHFKR 2V WUDEDOKDGRUHV VH
VXEPHWHP D IRUPDV PDLV RX PHQRV LQWHQVDV GH GHVYDORUL]DomR GD IRUoD
GH WUDEDOKR OLQKDV   H HP VHJXLGD DQDOLVH R PHVPR YHUER
IOH[LRQDGRQDVIUDVHVDEDL[R
3RGHVH DILUPDU TXH R UHIHULGR YHUER HVWi IOH[LRQDGR GH IRUPD
,1&255(7$QDRSomR
$  7UDEDOKDGRU MDPDLV WH VXEPHWD D IRUPDV PDLV RXPHQRV LQWHQVDV GH
GHVYDORUL]DomRGDIRUoDGHWUDEDOKR
% 7UDEDOKDGRUHVQmRVHVXEPHWDPDIRUPDVPDLVRXPHQRVLQWHQVDVGH
GHVYDORUL]DomRGDIRUoDGHWUDEDOKR
&  1mR VRPRV WUDEDOKDGRUHV TXH QRV VXEPHWDPRV D IRUPDV PDLV RX
PHQRVLQWHQVDVGHGHVYDORUL]DomRGDIRUoDGHWUDEDOKR
'  -DPDLV FRPR WUDEDOKDGRU VH VXEPHWHUD D IRUPDV PDLV RX PHQRV
LQWHQVDVGHGHVYDORUL]DomRGDIRUoDGHWUDEDOKR
( &RQVWDQWHPHQWHVXEPHWHPRQRVDIRUPDVPDLVRXPHQRVLQWHQVDVGH
GHVYDORUL]DomRGDIRUoDGHWUDEDOKR

 )*9,&0606)LVFDOGH5HQGDV 


3DVVDQGRDIDOD$GLYLQKHSDUDDIRUPDGHWUDWDPHQWRYyVREWpPVH
$ $GLYLQKDLV
% $GLYLQKDL
& $GLYLQKHLV
' $GLYLQKHL

ZZZSRQWRGRVFRQFXUVRVFRPEU_3URI&ODXGLD.R]ORZVNL
&XUVR5HJXODU7HyULFR
$XOD9HUERV
3URI&ODXGLD.R]ORZVNL

( $GLYLQGH


 1&(8)5-3&5- 
6HDIRUPDYHUEDO7HQKDHVWLYHVVHQDIRUPDQHJDWLYDGDPHVPDSHVVRD
GRLPSHUDWLYRVXDIRUPDFRUUHWDVHULD
D QmRWHP
E QmRWHQKDV
F QmRWHQGH
G QmRWHQKD
H QmRWHQV

 )*9,&0606±77, 
$TXLKiSODQWDVTXHGmRGXDVWUrVVDIUDVSRUDQR
6XEVWLWXLQGRVH D IRUPD YHUEDO GR WUHFKR DFLPD SRU RXWUD Vy QmR VH
UHVSHLWRXDQRUPDFXOWDHP
$ $TXLH[LVWHPSODQWDVTXHGmRGXDVWUrVVDIUDVSRUDQR
% $TXLGHYHKDYHUSODQWDVTXHGmRGXDVWUrVVDIUDVSRUDQR
& $TXLSRGHPH[LVWLUSODQWDVTXHGmRGXDVWUrVVDIUDVSRUDQR
' $TXLKiGHH[LVWLUSODQWDVTXHGmRGXDVWUrVVDIUDVSRUDQR
( $TXLSRGHKDYHUSODQWDVTXHGmRGXDVWUrVVDIUDVSRUDQR

 )$),3$&2+$%/RQGULQD±$X[LOLDU$GPLQLVWUDWLYR 
³0HVPR TXH HOH QmR HVWHMD URXEDQGR GLQKHLUR HOH HVWi URXEDQGR
YLGDV´
$ORFXomRYHUEDOGHVWDFDGDQRIUDJPHQWRpFRQVWLWXtGDSRU
$  YHUER DX[LOLDU ³HVWDU´ QR SUHVHQWH GR VXEMXQWLYR H YHUER SULQFLSDO
³URXEDQGR´QRJHU~QGLR
%  YHUER DX[LOLDU ³HVWDU´ QR SUHVHQWH GR LQGLFDWLYR H YHUER SULQFLSDO
³URXEDQGR´QRJHU~QGLR
&  YHUER SULQFLSDO ³HVWDU´ QR SUHVHQWH GR VXEMXQWLYR H YHUER DX[LOLDU
³URXEDQGR´QRJHU~QGLR

ZZZSRQWRGRVFRQFXUVRVFRPEU_3URI&ODXGLD.R]ORZVNL
&XUVR5HJXODU7HyULFR
$XOD9HUERV
3URI&ODXGLD.R]ORZVNL

'  YHUER DX[LOLDU ³HVWDU´ QR IXWXUR GR LQGLFDWLYR H YHUER SULQFLSDO
³URXEDQGR´QRSDUWLFtSLR
(  YHUER SULQFLSDO ³HVWDU´ QR SUHVHQWH GR LQGLFDWLYR H YHUER DX[LOLDU
³URXEDQGR´QRLQILQLWLYR

 )&&75($37pFQLFR-XGLFLiULR 
7UDQVSRQGRVH SDUD D YR] SDVVLYD D IUDVH (OH JDVWD GLQKHLUR TXH QHP
iJXDDIRUPDYHUEDOUHVXOWDQWHVHUi
$ VHUiJDVWD
% IRLJDVWD
& HVWiVHQGRJDVWR
' VHUiJDVWR
( pJDVWR

 )81'(&7575HJLmR 
3DVVDQGRVHSDUDDYR]DWLYDHPDQWHQGRVHRVHQWLGRRULJLQDODRUDomR
³&RP YHUED GR (VWDGR  FRPSRVLo}HV Mi HVWmR VHQGR UHIRUPDGDV´
OLQKDV GHYHWHUDIRUPDH[SUHVVDQDRSomR
$  -i HVWmR UHIRUPDQGR  FRPSRVLo}HV FRP UHFXUVRV GR WHVRXUR
HVWDGXDO
% 2(VWDGRFRPUHFXUVRVSUySULRVMiHVWiUHIRUPDQGRFRPSRVLo}HV
&  -i HVWmR VHQGR UHIRUPDGDV SHOR (VWDGR FRP UHFXUVRV GR WHVRXUR 
FRPSRVLo}HV
'   FRPSRVLo}HV Mi HVWmR VHQGR UHIRUPDGDV FRP UHFXUVRV SUySULRV GR
(VWDGR
( $WUDYpVGDYHUEDGR(VWDGRHVWmRUHIRUPDQGRFRPSRVLo}HV

 )81'$d­2-2­2*28/$573*05- 
³2PDUWHORGHSHUFXVVmRpFRQIXQGLGRFRPXPLQVWUXPHQWRDPHDoDGRU´
(PYR]DWLYDHVVDIUDVHGRWH[WRVHULDHVFULWDGDVHJXLQWHPDQHLUD
$ &RQIXQGHVHRPDUWHORGHSHUFXVVmRFRPXPLQVWUXPHQWRDPHDoDGRU
% 8PLQVWUXPHQWRDPHDoDGRUFRQIXQGLXVHFRPRPDUWHORGHSHUFXVVmR
& &RQIXQGHPRPDUWHORGHSHUFXVVmRFRPXPLQVWUXPHQWRDPHDoDGRU
' 8PLQVWUXPHQWRDPHDoDGRUpFRQIXQGLGRFRPRPDUWHORGHSHUFXVVmR

ZZZSRQWRGRVFRQFXUVRVFRPEU_3URI&ODXGLD.R]ORZVNL
&XUVR5HJXODU7HyULFR
$XOD9HUERV
3URI&ODXGLD.R]ORZVNL


 1&(8)5-,QVSHWRUGH3ROtFLD 
³QHP WRGR KiELWR GH FRQVXPR p GLWDGR SHOD SXEOLFLGDGH´ FRORFDQGRVH
HVVHVHJPHQWRGRWH[WRQDYR]DWLYDWHPRVFRPRIRUPDDGHTXDGD
D DSXEOLFLGDGHQmRGLWDWRGRKiELWRGHFRQVXPR
E DSXEOLFLGDGHGLWDWRGRKiELWRGHFRQVXPR
F RKiELWRGHFRQVXPRGLWDDSXEOLFLGDGH
G RKiELWRGHFRQVXPRQmRGLWDDSXEOLFLGDGH
H QHPWRGDSXEOLFLGDGHGLWDWRGRKiELWRGHFRQVXPR

 )81&$%3UHIHLWXUDGH$QiSROLV±$XGLWRU)LVFDO 
0XLWRV DPLJRV PXLWRV P~VLFRV JHQLDLV IRUDP GHVWUXtGRV SRU HVVD Pi
FRPSUHHQVmRGR³DTXLDJRUD´
6H R VXMHLWR GD RUDomR SDVVDVVH D VHU DJHQWH H R YHUER DVVXPLVVH D
IRUPD DGHTXDGD j YR] DWLYD D FRQVWUXomR GR SHUtRGR VRIUHULD DOWHUDomR
(QWUH DV DOWHUQDWLYDV DEDL[R DVVLQDOH D TXH DWHQGH FRUUHWDPHQWH D HVVD
WUDQVIRUPDomR
$  (VVD Pi FRPSUHHQVmR GR ³DTXL´ ³DJRUD´ GHVWUXD PXLWRV DPLJRV
PXLWRVP~VLFRVJHQLDLV
%  0XLWRV DPLJRV PXLWRV P~VLFRV JHQLDLV SRU HVVD Pi FRPSUHHQVmR GR
³DTXL´³DJRUD´IRUDPGHVWUXtGRV
&  (VVD Pi FRPSUHHQVmR GR ³DTXL´³DJRUD´ GHVWUXLX PXLWRV DPLJRV
PXLWRVP~VLFRVJHQLDLV
'  0XLWRV DPLJRV PXLWRV P~VLFRV JHQLDLV VHUmR GHVWUXtGRV SRU HVVD Pi
FRPSUHHQVmRGR³DTXL´³DJRUD´
( (VVDPiFRPSUHHQVmRGR³DTXL´³DJRUD´GHVWUyLPXLWRVDPLJRV
PXLWRVP~VLFRVJHQLDLV

 1&(8)5-,1&5$ 
³6H YRFr p DVVDODULDGR WHP FUpGLWR´ D DOWHUQDWLYD DEDL[R TXH PRVWUD
XPDFRQFRUGkQFLD,1$'(48$'$HQWUHRVWHPSRVYHUEDLVp
$ 6HYRFrIRVVHDVVDODULDGRWHULDFUpGLWR
% 6HYRFrIRUDVVDODULDGRWHUiFUHGLWR
& 6HYRFrIRLDVVDODULDGRWHYHFUpGLWR

ZZZSRQWRGRVFRQFXUVRVFRPEU_3URI&ODXGLD.R]ORZVNL
&XUVR5HJXODU7HyULFR
$XOD9HUERV
3URI&ODXGLD.R]ORZVNL

' 6HYRFrWLYHVVHVLGRDVVDODULDGRWHULDWLGRFUpGLWR
( 6HYRFrVHMDDVVDODULDGRWHPFUpGLWR

 1&(8)5-&90 
1­2KiDGHYLGDFRUUHODomRWHPSRUDOGDVIRUPDVYHUEDLVHP
$  6HULD FRQYHQLHQWH TXH R WLPH ILFDVVH VHP VDEHU TXHP HUD R
DGYHUViULR
% eFRQYHQLHQWHTXHRWLPHILFDULDVHPVDEHUTXHPpRDGYHUViULR
& (UDFRQYHQLHQWHTXHRWLPHILFDVVHVHPVDEHUTXHPIRLRDGYHUViULR
' 6HUiFRQYHQLHQWHTXHRWLPHILTXHVHPVDEHUTXHPpRDGYHUViULR
( )RLFRQYHQLHQWHTXHRWLPHILFDVVHVHPVDEHUTXHPHUDRDGYHUViULR

 1&(8)5-8)5-±&RQWDGRU 
³6H TXLVHU SRGH FKDPDU GH PHGLWDomR´ D IUDVH D VHJXLU HP TXH D
FRUUHVSRQGrQFLDGRVWHPSRVYHUEDLVHVWi,03(5)(,7$p
D VHTXHUSRGHFKDPDUGHPHGLWDomR
E VHTXLVS{GHFKDPDUGHPHGLWDomR
F VHTXLVHVVHSRGHULDFKDPDUGHPHGLWDomR
G VHWLYHVVHTXHULGRSRGHULDWHUFKDPDGRGHPHGLWDomR
H VHTXHULDSRGHUiFKDPDUGHPHGLWDomR

 (6$)$)7 
1R DWXDO HVWiJLR GD VRFLHGDGH EUDVLOHLUD VH VH GHVHMD XP UHJLPH
GHPRFUiWLFR QmR EDVWD DEROLU D QHFHVVLGDGH GH EHQV EiVLFRV e
QHFHVViULR TXH R SURFHVVR SURGXWLYR VHMD FDSD] GH FRQWLQXDU FRP
HILFLrQFLDDSURGXomRHDRIHUWDGHEHQVFRQVLGHUDGRVVXSpUIOXRV
(P VH WUDWDQGR GH XP FRPSURPLVVR GHPRFUiWLFR XPD KLHUDUTXLD GH
SULRULGDGHV GHYH FRORFDU R EiVLFR VREUH R VXSpUIOXR 2 TXH GHYH VHUYLU
FRPRLQFHQWLYRSDUDDSURSRVWDGHFDVDUGHPRFUDFLDILPGDDSDUWDomRH
HILFLrQFLD HFRQ{PLFD HP JHUDO p R IDWR GH TXH R SRWHQFLDO HFRQ{PLFR GR
SDtV SHUPLWH RWLPLVPR TXDQWR j SRVVLELOLGDGH GH DWHQGHU WRGDV HVVDV
QHFHVVLGDGHVGHQWURGHXPDHVWUDWpJLDHPTXHRWHPSRQmRVHUiPXLWR
ORQJR

ZZZSRQWRGRVFRQFXUVRVFRPEU_3URI&ODXGLD.R]ORZVNL
&XUVR5HJXODU7HyULFR
$XOD9HUERV
3URI&ODXGLD.R]ORZVNL

$GDSWDGR GH &ULVWRYDP %XDUTXH 'D PRGHUQLGDGH WpFQLFD j
PRGHUQLGDGHpWLFDS 
-XOJXHRLWHPDVHJXLU
 6XEVWLWXLU R FRQHFWLYR GH YDORU FRQGLFLRQDO ³VH´ O  SRU FDVR
UHVXOWDQGRHPFDVRVH

 &(63(81%$*8 
$ PLQKD ILUPH FRQYLFomR p TXH VH QmR IL]HUPRV WRGRV RV GLDV QRYRV H
PDLRUHV HVIRUoRV SDUD WRUQDU R QRVVR VROR SHUIHLWDPHQWH OLYUH VH QmR
WLYHUPRVVHPSUHSUHVHQWHDLGpLDGHTXHDHVFUDYLGmRpDFDXVDSULQFLSDO
GHWRGRVRVQRVVRVYtFLRVGHIHLWRVSHULJRVHIUDTXH]DVQDFLRQDLVRSUD]R
TXHDLQGDWHPGHGXUDomROHJDO²FDOFXODGDVWRGDVDVLQIOXrQFLDVTXHOKH
HVWmRSUHFLSLWDQGRRGHVIHFKR²VHUiDVVLQDODGRSRUVLQWRPDVFUHVFHQWHV
GHGLVVROXomRVRFLDO
-RDTXLP 1DEXFR 2 DEROLFLRQLVPR ,Q ,QWpUSUHWHV GR %UDVLO Y , 1RYD
$JXLODUS FRPDGDSWDo}HV 

-XOJXHDDVVHUWLYDDEDL[R
 $V HVWUXWXUDV FRQGLFLRQDLV ³VH QmR IL]HUPRV´ O  H ³VH QmR WLYHUPRV´
O SRGHPVHUVXEVWLWXtGDVUHVSHFWLYDPHQWHSRUFDVRQmRIDoDPRVH
FDVRQmRWHQKDPRVVHPSUHMXt]RSDUDDFRUUHomRJUDPDWLFDOGRWH[WR

 1&(8)5-$1$/,67$),1(3 
1DIUDVH³2DXWRUGRWH[WRSHQVDTXHD7HUUDVHWRUQDUiLQYLiYHO´FULDGD
D SDUWLU GR WHPD GR WH[WR D FRUUHVSRQGrQFLD GH WHPSRV YHUEDLV
,1$'(48$'$FRUUHVSRQGHQWHUHVSHFWLYDPHQWHDSHQVDHVHWRUQDUip
$ SHQVRXVHWRUQDULD
% WLQKDSHQVDGRVHWRUQDULD
& SHQVDYDWRUQDUi
' SHQVDUiVHWRUQDUi
( WHULDSHQVDGRVHWRUQDULD





ZZZSRQWRGRVFRQFXUVRVFRPEU_3URI&ODXGLD.R]ORZVNL
&XUVR5HJXODU7HyULFR
$XOD9HUERV
3URI&ODXGLD.R]ORZVNL

 1&(8)5-03(5-$8;,/,$5 
³6H KRXYHVVH XPD OHL TXH SURLELVVH´ VH HP OXJDU GH 6(
HVFUHYrVVHPRV 48$1'2 DV IRUPDV YHUEDLV VXEOLQKDGDV GHYHULDP VHU
UHVSHFWLYDPHQWH
D KRXYHUSURtED
E KDYHUSURLELVVH
F KDMDSURLELQGR
G KDYHUSURtED
H KRXYHUSURtELVVH

 ± )815,235()&(/)$%5,&,$12 ± $VVLVWHQWH (GXFDFLRQDO 
 
/HLD DWHQWDPHQWH R VHJXLQWH IUDJPHQWR GH FRQIHUrQFLD GR LPSRUWDQWH
LQWHOHFWXDO LWDOLDQR 8PEHUWR (FR SURIHULGD QD 8QLYHUVLGDGH GH &RO~PELD
(8$  SDUD FRPHPRUDU R TLQTXDJpVLPR DQLYHUViULR GD /LEHUDomR GD
(XURSD
   (P  TXDQGR WLQKD GH] DQRV UHFHEL R 3ULPHLUR 3UrPLR
3URYLQFLDO GR /XGL -XYHQLOH XPDFRPSHWLomR YROXQWiULRFRPSXOVyULD SDUD
MRYHQV IDVFLVWDV LWDOLDQRV LVWR p SDUD WRGRV RV MRYHQV LWDOLDQRV  (X
GLVFRUUHUD FRP GHVWUH]D UHWyULFD VREUH R WHPD 'HYHUtDPRV PRUUHU SHOD
JOyULD GH 0XVVROLQL H SHOR GHVWLQR LPRUWDO GD ,WiOLD" 0LQKD UHVSRVWD IRL
DILUPDWLYD(XHUDXPDFULDQoDHVSHUWD
$WpTXHHPGHVFREULRVHQWLGRGDSDODYUD/LEHUGDGH3HUPLWDPPH
FRQWDU HVVD KLVWyULD QR ILQDO GD PLQKD IDOD /LEHUGDGH QmR VLJQLILFDYD
/LEHUDomR
3DVVHL GRLV DQRV GD PLQKD LQIkQFLD HQWUH VROGDGRV GD 66 IDVFLVWDV H
FRPXQLVWDV DWLUDQGR XQV QRV RXWURV H DSUHQGL FRPR PH HVTXLYDU GDV
EDODV  
(P DEULO GH  D 5HVLVWrQFLD RFXSRX 0LOmR 'RLV GLDV PDLV WDUGH
FKHJDUDP DR YLODUHMR RQGH HX YLYLD SRU HQWmR )RL XP PRPHQWR GH
DOHJULD $ SUDoD FHQWUDO HVWDYD WRPDGD GH JHQWH FDQWDQGR H DJLWDQGR
EDQGHLUDV FODPDQGR SRU 0LPR R OtGHU JXHUULOKHLUR GD UHJLmR 0LPR
DSDUHFHXQREDOFmRGD3UHIHLWXUDDSRLDGRHPVXDEHQJDODSiOLGRHFRP
XPDGDVPmRVWHQWDYDDFDOPDUDPXOWLGmR
(X HVWDYD DQVLRVR SRU RXYLU VHX GLVFXUVR Mi TXH WRGD D PLQKD LQIkQFLD
WLQKD VLGR PDUFDGD SHORV GLVFXUVRV KLVWyULFRV GH 0XVVROLQL  FXMDV
SDVVDJHQV PDLV PHPRUiYHLV WtQKDPRV TXH GHFRUDU QD HVFROD 6LOrQFLR

ZZZSRQWRGRVFRQFXUVRVFRPEU_3URI&ODXGLD.R]ORZVNL
&XUVR5HJXODU7HyULFR
$XOD9HUERV
3URI&ODXGLD.R]ORZVNL

0LPR IDODYD QXPD YR] URXFD TXDVH LQDXGtYHO (OH GLVVH &LGDGmRV
DPLJRV'HSRLVGHWDQWRVVDFULItFLRVGRORURVRVDTXLHVWDPRV*OyULDDRV
TXHWRPEDUDPSHODOLEHUGDGH
( IRL Vy (OH HQWURX QR HGLItFLR $ PXOWLGmR JULWDYD RV JXHUULOKHLURV
OHYDQWDYDP VXDV DUPDV H GLVSDUDYDP UDMDGDV IHVWLYDV 1yV JDURWRV
FRUUtDPRVSDUDMXQWDUDVFiSVXODVLWHQVSUHFLRVRVQXPDFROHomRPDVHX
WDPEpP KDYLDDSUHQGLGRTXHOLEHUGDGHGHSDODYUDVLJQLILFDOLEHUWDomRGH
UHWyULFD  
7UDGXomR GH 6DPXHO 7LWDQ -U 7UDQVFULWR GR VXSOHPHQWR PDLV )ROKD GH
6mR3DXOR 
$ H[SUHVVmR YHUEDO WLQKD VLGR PDUFDGD XVDGD QR SULPHLUR SHUtRGR GR
TXLQWRSDUiJUDIRGRWH[WRGHVLJQD
$  R WHPSR SDVVDGR HP UHODomR DR PRPHQWR HP TXH R DXWRU SURIHUH D
SDOHVWUD
% RWHPSRSDVVDGRHPUHODomRDRPRPHQWRHPTXH0LPRYDLGLVFXUVDU
& RWHPSRSDVVDGRHPUHODomRDRPRPHQWRGHOLEHUDomRGD,WiOLD
' RWHPSRSDVVDGRHPUHODomRjVOHPEUDQoDVGHLQIkQFLDGRDXWRU
(  R WHPSR SDVVDGR HP UHODomR DR PRPHQWR GD FKHJDGD GRV
JXHUULOKHLURVDRYLODUHMR

± )815,235()0$5,&ȱ$1$/,67$6,67(0$6 
³1mR SHUFHEL TXH R VHQKRU WLQKD FKHJR´ 1R FRQWH[WR HP TXH WDO
HQXQFLDGR FRPSDUHFH QR WH[WR FLWDGR DSRQWDVH FRPR HUUR D IRUPDomR
GD ORFXomR YHUEDO FRP R YHUER SULQFLSDO QD IRUPD GH XP VXSRVWR
SDUWLFtSLRLUUHJXODU
$VVLQDOH D ~QLFD DOWHUQDWLYD HP TXH R YHUER SULQFLSDO GD ORFXomR YHUEDO
QmRDGPLWHRSDUWLFtSLRLUUHJXODU
$ 2VDPDQWHVIRUDPSHJRVSHORGHWHWLYH
% 2FULPHIRLFRQIHVVRSHORVEDQGLGRV
& 2FDQGLGDWRIRLHOHJLGRPDVQmRDVVXPLXRFDUJR
' 2VQRPHVGRVDOXQRVVmRLQVHUWRVQDOLVWDGHFKDPDGDQRSULPHLURGLD
GHDXOD
( $GRFXPHQWDomRIRLLPSUHVVDDVVLPTXHRIXQFLRQiULRFKHJRX



ZZZSRQWRGRVFRQFXUVRVFRPEU_3URI&ODXGLD.R]ORZVNL
&XUVR5HJXODU7HyULFR
$XOD9HUERV
3URI&ODXGLD.R]ORZVNL

± )815,2)81$, 
2V YHUERV GD IUDVH R PDLV KRQHVWR VHULD TXH RV YHtFXORV GD JUDQGH
LPSUHQVD GHL[DVVHP FODUDV VXDV SUHIHUrQFLDV † ž  HVWmR HP VXDV
IRUPDVVLPSOHV8PDGDVRSo}HVDEDL[RWUDQVS}HRVGRLVYHUERVSDUDDV
IRUPDV FRPSRVWDV HTXLYDOHQWHV PDQWHQGR R PHVPR VHQWLGR GD IUDVH
RULJLQDO$VVLQDOHD
$ WHUiVLGR±SXGHVVHPGHL[DU
% GHYHULDWHUVLGR±KRXYHVVHPGHL[DGR
& SRGHULDVHU±FRPHoDVVHPDGHL[DU
' KDYHULDVLGR±WLYHVVHPGHL[DGR
( SUHFLVDYDVHU±SDVVDVVHPDGHL[DU

± )815,2)85363 
1D IUDVH ³*RVWDUtDPRV TXH GDTXL SRU GLDQWH SDUDVVHP GH UHSLVDU R
SDVVDGR´DIRUPDYHUEDOSDUDVVHP
$ WUDQVPLWHDLGpLDGHXPDDomRFRPSOHWDPHQWHFRQFOXtGD
% LQGLFDXPIDWRLQFHUWRSUDWLFDPHQWHLPSRVVtYHOGHDFRQWHFHU
& DQXQFLDXPDDomRTXHHVWiRFRUUHQGRQRPRPHQWRHPTXHVHIDOD
' FRQWUDULDDDomRSURSRVWDQDRUDomRSULQFLSDO
( H[SUHVVDXPDDomRSRVVtYHOGHVHUHDOL]DUQRIXWXUR

± (6$)686(3±$1$/,67$7e&1,&2 
2VWUHFKRVDVHJXLUFRQVWLWXHPXPWH[WRDGDSWDGRGR&RUUHLR%UD]LOLHQVH
(GLWRULDO$VVLQDOHDRSomRWUDQVFULWDFRPHUURJUDPDWLFDO
D  2SHUDomR GHVWLQDGD D IDFLOLWDU D YLGD GR FRQWULEXLQWH FRORFD D 5HFHLWD
)HGHUDO QD YDQJXDUGD GDV LQLFLDWLYDV TXH DR ORQJR GRV ~OWLPRV DQRV
REMHWLYDPUHGX]LUDLQHILFLrQFLDRSHUDFLRQDOGHDJrQFLDVS~EOLFDVeRTXH
VH PDWHULDOL]D DJRUD FRP DV PHGLGDV TXH GHVREULJDP FHUFD GH 
PLOK}HVGHEUDVLOHLURVGHSUHVWDUGHFODUDomRGHUHQGD
E  $ LQRYDomR p DSOLFiYHO DRVUHQGLPHQWRV DXIHULGRV HP  DQREDVH
  H DRV TXH VHUmR REWLGRV HP  DQREDVH   2V SULQFLSDLV
EHQHILFLiULRV GDV QRYDV UHJUDV VmR VyFLRV GH HPSUHVDV RX SHVVRDV TXH
WHQKDP SDWULP{QLR LQIHULRU D 5  PLO %DVWD TXH RV JDQKRV HVWHMDP
GHQWURGROLPLWHGHLVHQomR 5HPHGH5
HP 

ZZZSRQWRGRVFRQFXUVRVFRPEU_3URI&ODXGLD.R]ORZVNL
&XUVR5HJXODU7HyULFR
$XOD9HUERV
3URI&ODXGLD.R]ORZVNL

F +iRXWUDVFRQGLFLRQDQWHVTXHSUHYLVWDVQDVPXGDQoDVQmRFKHJDPD
DOWHUDU RV HIHLWRV SUiWLFRV )RUDP REULJDGDV D H[SOLFDUVH DR ILVFR SRU
VHUHPTXDOLILFDGDVFRPRLQWHJUDQWHVGHVRFLHGDGHVFRPHUFLDLVHP
QDGD PHQRV GH  PLOK}HV GH SHVVRDV $JRUD HVWmR OLYUHV GD REULJDomR
VHJXQGRRVXSHUYLVRUQDFLRQDOGR3URJUDPDGR,5
G  2V WUDEDOKDGRUHV FRP UHPXQHUDomR DQXDO DEDL[R GR WHWR GH LVHQomR
SUHYLVWR SDUD  GHVGH ORJR HVWmR GLVSHQVDGRV GH HQWUHJDU D
GHFODUDomR$SHQDVGHYHUmRID]rORRVTXHWLYHVVHP,5UHWLGRQDIRQWHH
SOHLWHDPUHVWLWXLomR
H  2XWUD PXGDQoD LPSRUWDQWH HVWH DQR VHUi R ~OWLPR HP TXH D 5HFHLWD
DFHLWDUi IRUPXOiULRV GH SDSHO 7DPEpP p GHFLVmR FRPSDWtYHO FRP D
QHFHVVLGDGH GH HOHYDU RV SDGU}HV RSHUDFLRQDLV GR yUJmR +RMH DSHQDV
PLOSHVVRDVItVLFDVRSWDPSRUVHPHOKDQWHIRUPDGHGHFODUDUDUHQGD

 (6$)0,1785,602 
$VVLQDOH D RSomR HP TXH IRL LQWURGX]LGR HUUR JUDPDWLFDO RX GH JUDILD GH
SDODYUDQDWUDQVFULomRGRWH[WR
1mR IDOWD HQWUH RV HFRQRPLVWDV GR JRYHUQR TXHP FRQVLGHUH R DXPHQWR
GRVWULEXWRVSDUDFRPSUDVQRH[WHULRURSRUWXQRSDUDUHIUHLDU  RGpILFLW
QD EDODQoD GR WXULVPR YHUGHDPDUHOR 2 TXH JDQKD HVWH SDtV GH SRYR
DFROKHGRU H GH LQFRQWHVWiYHLV EHOH]DV QDWXUDLV FRP D YLVLWD GH
HVWUDQJHLURV p TXDVH   TXDWUR YH]HV PHQRV GR TXH   JDVWDP RV
EUDVLOHLURVQRH[WHULRU'HMDQHLURDQRYHPEURDUHODomRHUDGH86
ELOK}HVSDUD  86ELOK}HV
$GLIHUHQoD 86ELOK}HV SHVD  QRGpILFLWGH86ELOK}HVGDV
WUDQVDo}HVFRUUHQWHVGRSDtVFRPRH[WHULRU
$GDSWDGRGH&RUUHLR%UD]LOLHQVH 
D   
E   
F   
G   
H   

ZZZSRQWRGRVFRQFXUVRVFRPEU_3URI&ODXGLD.R]ORZVNL
&XUVR5HJXODU7HyULFR
$XOD9HUERV
3URI&ODXGLD.R]ORZVNL


*$%$5,726&20(17$'26'$648(67®(6'(),;$d­2
±$
$&25'2 2572*5È),&2 $ SDODYUD ³DSRLD´ QmR UHFHEH PDLV DFHQWR
DJXGR
$H[SUHVVmR³XPWRPGHSURIHFLD´QRHQXQFLDGRMiGiD ³GHL[D´SDUDD
UHVSRVWDFHUWD$SDUWLU GRWtWXORGD PDWpULD ³5HIOH[}HV VREUHR IXWXUR´ 
VH YHULILFD TXH R DXWRU DSUHVHQWDUiIDWRV TXH SRGHUmRRFRUUHU QR IXWXUR
3RU LVVR R WH[WR VH FRQVWUyL EDVLFDPHQWH FRP YHUERV QR IXWXUR GR
SUHVHQWHGRLQGLFDWLYRDSUHVHQWDQGRFHUWRDUGHSUHYLVmR

±'
2 SUHWpULWR SHUIHLWR FRPSRVWR WHP OHYDGR  UHWUDWD IDWRV LQLFLDGRV QR
SDVVDGR TXH DSUHVHQWDP GXUDomR DWp R PRPHQWR SUHVHQWH R TXH
MXVWLILFD D FRQMXJDomR GR YHUER DX[LOLDU QHVVH WHPSR YHUEDO  (VVD
TXHVWmRYHPDILUPDURFRQFHLWRGHVVHWHPSRYHUEDOFRPSRVWR

±%
3UHFLVDPRV OHU R WH[WR SDUD SHUFHEHU R LQWXLWR QR HPSUHJR GR WHPSR
YHUEDO HP TXHVWmR (P YH] GR IXWXUR GR SUHWpULWR R YHUER SRGHULD VH
DSUHVHQWDUQRSUHVHQWHGRLQGLFDWLYR³$IDYRUGDPHVPDWHVH32'(026
GL]HU TXH´ &RQWXGR R DXWRU RSWRX SRU XPD IRUPD PDLV HGXFDGD
SROLGDGHVHGLULJLUDROHLWRU³32'(5Ë$026´
3HUFHED TXH DEDQFD H[SORURXWDPEpP DOJXPDV RXWUDVSRVVLELOLGDGHV GH
HPSUHJR GR IXWXUR GR SUHWpULWR KLSyWHVH LQFHUWH]D VREUH IDWRV
SDVVDGRV PRWLYRSHORTXDOVHWRUQRXQHFHVViULDDWUDQVFULomRGRWH[WR

±$
2WHPSRTXHLQGLFDXPIDWRSDVVDGRRFRUULGRDQWHVGHRXWURIDWRWDPEpP
QR SDVVDGR p R SUHWpULWR PDLVTXHSHUIHLWR GR LQGLFDWLYR 8PD
SRVVLELOLGDGHGHFRQVWUXomRGRSHUtRGRp³$WRUFLGDGR/D]LRMiDJUHGLUD
RX D IRUPD FRPSRVWD WLQKD DJUHGLGR  R MRJDGRU EUDVLOHLUR $QWRQLR
&DUORV GR 5RPD TXDQGR R WLPH SHUGHX R PDQGR GH FDPSR SRU
LQFLWDPHQWRUDFLVWDHPSOHQRHVWiGLR´



ZZZSRQWRGRVFRQFXUVRVFRPEU_3URI&ODXGLD.R]ORZVNL
&XUVR5HJXODU7HyULFR
$XOD9HUERV
3URI&ODXGLD.R]ORZVNL

±%
$&25'22572*5È),&2$SDODYUD³OLQJXtVWLFR´SHUGHXRWUHPD
4XDQGR QmR VH WHP FRQYLFomR DFHUFD GR TXH VHUi SURQXQFLDGR SRGHVH
XVDURIXWXURGRSUHWpULWRVLPSOHVRXFRPSRVWR
(VVD IRL D IRUPD XWLOL]DGD SHOD DXWRUD GR WH[WR DR HPSUHJDU ³D
GLVFULPLQDomR UDFLDO TXH XP MRJDGRU EUDQFR GR 3DOPHLUDV 3DXOR 1XQHV 
WHULDSUDWLFDGRFRQWUDGRLVMRJDGRUHVQHJURV´
1RWH TXH HVVD LQFHUWH]D p FRQILUPDGD QR SHUtRGR VHJXLQWH ³+DYLD
FRQWURYpUVLDV TXDQWR j YHUDFLGDGH GRV IDWRV TXDQWR j VLQFHULGDGH GRV
SURWDJRQLVWDVTXDQWRjRSRUWXQLGDGHRXRSRUWXQLVPRGDVGHQ~QFLDV´
3DUDQmRDILUPDUFDWHJRULFDPHQWHDRFRUUrQFLDGHXPFULPHDDXWRUDXVD
D IRUPD YHUEDO GR IXWXUR GR SUHWpULWR FRPSRVWR H VH PDQWpP j PDUJHP
GHTXDOTXHUDFXVDomRDSHQDVUHODWDQGRRVIDWRV

±'
eVHPSUHEHPYLQGDDRSRUWXQLGDGHGHOHU'UXPPRQG
1HVVD TXHVWmR D EDQFD IRL H[WUHPDPHQWH LQWHOLJHQWH DR MRJDU FRP DV
SDODYUDV³FHUWH]D´H³FRQGLomR´
8PDGDVSRVVLELOLGDGHVGHHPSUHJRGRIXWXURGRSUHWpULWRGRLQGLFDWLYRp
HVWDEHOHFHU XPD KLSyWHVH FHUWH]D GH RFRUUrQFLD  UHODFLRQDGD D XPD
FRQGLomR LQFHUWH]DGHRFRUUrQFLD 'HVVHPRGRHVWDEHOHFHVHDUHODomR
HQWUHRPRGRLQGLFDWLYRHVXEMXQWLYR$³LQGLFDomR´DSUHVHQWDGDQRIXWXUR
GR SUHWpULWR PRGR LQGLFDWLYR  DSUHVHQWD FHUWD LQFHUWH]D KDMD YLVWD
QHFHVVLGDGHGHDFRQGLomRVHUHDOL]DU PRGRVXEMXQWLYR 
1R WUHFKR ³'R GpFLPR DQGDU j UXD VHULD D YHUWLJHP VH FKHJiVVHPRV
PXLWR j MDQHOD´ DILUPDVH TXH VH FKHJiVVHPRV MXQWR j MDQHOD
>&21',d­2@WHUtDPRVYHUWLJHP>+,3Ï7(6(@
2TXHGHILQHFRPRFRUUHWDDDILUPDomRGRLWHP' HQmRDRSomR( pD
FHUWH]D GD RFRUUrQFLD GR IDWR WHU YHUWLJHP  XPD YH] FRQFUHWL]DGD D
FRQGLomR FKHJDUMXQWRjMDQHOD 

±%
$ERUGDUHPRVDJRUDDVIRUPDVQRPLQDLV
&RPR YLPRV DOJXQV YHUERV SRVVXHP PDLV GH XPD IRUPD YiOLGD SDUD R
SDUWLFtSLRUHJXODUHLUUHJXODU'HQWUHRVYHUERVDSUHVHQWDGRVQDTXHVWmR

ZZZSRQWRGRVFRQFXUVRVFRPEU_3URI&ODXGLD.R]ORZVNL
&XUVR5HJXODU7HyULFR
$XOD9HUERV
3URI&ODXGLD.R]ORZVNL

R ~QLFR TXH SRVVXL VRPHQWH XPD IRUPD LUUHJXODU  p R YHUER HVFUHYHU
$OLiVIL]HPRVPHQomRDHOHQDQRVVDDXOD
$VIRUPDVSDUWLFLSLDLVGRVGHPDLVYHUERVVmR
0255(5±PRUULGR UHJXODU HPRUWR LUUHJXODU 
0$7$5±PDWDGR UHJXODU HPRUWR LUUHJXODU 
>&85,26,'$'( R SDUWLFtSLR LUUHJXODU PRUWR WDQWR SRGH VH UHIHULU DR
YHUERPDWDUFRPRDRYHUERPRUUHU@
3(*$5±SHJDGR UHJXODU HSHJR LUUHJXODU 
(/(*(5±HOHJLGR UHJXODU HHOHLWR LUUHJXODU 
/HPEUDQGR TXH RV SDUWLFtSLRV UHJXODUHV VmR HPSUHJDGRV QRV WHPSRV
FRPSRVWRV FRP RV YHUERV 7(5 H +$9(5 HQTXDQWR TXH RV SDUWLFtSLRV
LUUHJXODUHV VmR XVDGRV QDV ORFXo}HV YHUEDLV GH YR] SDVVLYD FRP RV
YHUERV6(5H(67$5
2V ~QLFRV YHUERV TXH DGPLWHP HPSUHJR LQGLVWLQWR DX[LOLDUHV 7(5
+$9(5 6(5 RX (67$5  GH TXDOTXHU IRUPD SDUWLFLSLDO UHJXODU RX
LUUHJXODU VmR*$1+$5*$67$53(*$5(3$*$5 GRLVFRP3HGRLVFRP
* OHPEUDQGRTXHQmRKiFRQVHQVRHPUHODomRDRYHUER3(*$5

±&
&RPRYLPRVHPQRVVDDXODRYHUER9,5 HVHXVGHULYDGRV DSUHVHQWDP
XPD ~QLFD IRUPD WDQWRSDUD RJHU~QGLRTXDQWR SDUD R SDUWLFtSLR 9,1'2
LQWHUYLQGRFRQYLQGRDGYLQGR 
3RULVVRDIRUPD³9LQGRRUHVXOWDGR´WDQWRSRGHHVWDUQRJHU~QGLRFRPR
QRSDUWLFtSLR
1RWH HVVD GXSOD SRVVLELOLGDGH D SDUWLU GD WURFD GR YHUER 9,5 SRU RXWUR
FRPRR5(&(%(5
5HFHELGR R UHVXOWDGR RV FOLHQWHV FRPHoDUDP D SURWHVWDU ± RUDomR
UHGX]LGDGHSDUWLFtSLR
5HFHEHQGR R UHVXOWDGR RV FOLHQWHV FRPHoDUDP D SURWHVWDU ± RUDomR
UHGX]LGDGHJHU~QGLR
$V GHPDLV IRUPDV DSUHVHQWDPVH QR JHU~QGLR H SRVVXHP IRUPD
SDUWLFLSLDO GLVWLQWD FKHJDQGR FKHJDGR  WUDQVIRUPDQGR WUDQVIRUPDGR 
UHFODPDQGR UHFODPDGR FRPSOHWDQGR FRPSOHWDGR 



ZZZSRQWRGRVFRQFXUVRVFRPEU_3URI&ODXGLD.R]ORZVNL
&XUVR5HJXODU7HyULFR
$XOD9HUERV
3URI&ODXGLD.R]ORZVNL

±&
(VVDTXHVWmRpSDUDRVTXHDFKDUDPXPDEVXUGRQRVVRFRPHQWiULRVREUH
D IRUPD GR SDUWLFtSLR GR YHUER &+(*$5 1mR VHL HP UHODomR jV GHPDLV
UHJL}HV GR %UDVLO PDV QR 6XO GR SDtV p PXLWR FRPXP RXYLU ³(OH QmR
WLQKD FKHJR DLQGD´ 7DQWR LVVR GHYH VHU FRPXP TXH D EDQFD GD
)XQGDomR *HW~OLR 9DUJDV XPD GDV PHOKRUHV GR SDtV H[SORURX HVVH
FRQFHLWR
5HSHWLPRV D OLomR R YHUER FKHJDU DSUHVHQWD XPD Ò1,&$ IRUPD GH
SDUWLFtSLRRUHJXODU&+(*$'2
3RU LVVR D IRUPD FRUUHWD GD RSomR & VHULD 2 {QLEXV WLQKD FKHJDGR
DWUDVDGR

±,7(0,1&255(72
e YHUGDGH TXH D IRUPD YHQHUDQGR p R JHU~QGLR GR YHUER YHQHUDU
&RQWXGR QR WH[WR TXH WUDQVFUHYHPRV DSHQDV SDUFLDOPHQWH  HVVH
YRFiEXORWHPYDORUDGMHWLYRHTXLYDOHQWHD³YHQHUiYHO´³UHVSHLWiYHO´
e SRU HVVH PRWLYR TXH JHU~QGLR SDUWLFtSLR H LQILQLWLYRVmR FKDPDGDV
)250$6 120,1$,6 'HULYDP GH YHUERV PDV SRGHP VHU XVDGDV FRPR
DGMHWLYRVDGYpUELRVRXVXEVWDQWLYRV

±&
$SDUWLUGHDJRUDQRVVRDVVXQWRSDVVRXDVHU&21-8*$d­29(5%$/
(VWi FRUUHWD D FRQMXJDomR GR YHUER 352325 HP ³DOJXQV DXWRUHV
SURSXVHUDP´SRLVHVVHYHUERpGHULYDGRGRYHUER3Ð5HVHFRQMXJDSRU
HOHHOHVSXVHUDPHOHVSURSXVHUDP
(VWmRLQFRUUHWDVDVIRUPDVYHUEDLVHP
D  ³Ki JDQKRV D VHUHP REWLGRV VH RXYHVVH XP DXPHQWR FRQMXQWXUDO´ 
KRXYHVVHSUHWpULWRLPSHUIHLWRGRVXEMXQWLYRGRYHUER+$9(5
E  ³PDV VH XP (VWDGR VH DEVWHVVH GH WDO SROtWLFD´ ± R YHUER $%67(5 p
GHULYDGR GR YHUER 7(5 H VH FRQMXJD FRPR HOH ³VH WLYHVVH´ Î ³VH
DEVWLYHVVH´
G ³ILFRXHVWDEHOHFLGRTXHFRXEHULDPWDLVDWULEXLo}HVVRPHQWHDR6HQDGR´
± R YHUER &$%(5 VH FRQMXJD QR IXWXUR GR SUHWpULWR GR LQGLFDWLYR
FDEHULDP
$OLiV HVVD p D GLIHUHQoD HQWUH R IXWXUR GR VXEMXQWLYR FRXEHU  H R
LQILQLWLYR SHVVRDO FDEHU  R SULPHLUR GHULYD GD  SHVVRD GR SOXUDO GR

ZZZSRQWRGRVFRQFXUVRVFRPEU_3URI&ODXGLD.R]ORZVNL
&XUVR5HJXODU7HyULFR
$XOD9HUERV
3URI&ODXGLD.R]ORZVNL

SUHWpULWR SHUIHLWR GR LQGLFDWLYR FRXEHUDP  IRUPDQGR ³TXDQGR HOHV
FRXEHUHP´ Mi R VHJXQGR GHULYD GR LQILQLWLYR LPSHVVRDO ³SDUD HOHV
FDEHUHP´
1D PDLRU SDUWH GDV YH]HV HVSHFLDOPHQWH QRV YHUERV UHJXODUHV HVVDV
IRUPDV VmR JUDIDGDV GH PRGR LGrQWLFR ³TXDQGR HOHV FKHJDUHP´
IXWVXEMXQWLYR ³SDUDHOHVFKHJDUHP´ LQILQLWLYRSHVVRDO 
(PRXWUDVDVIRUPDVVmRGLIHUHQWHV75$=(5 ³TXDQGRHOHVWURX[HUHP´
³SDUD HOHV WUD]HUHP´  9(5 ³TXDQGR HOHV YLUHP´  ³SDUD HOHV YHUHP´ 
GHQWUHWDQWDVRXWUDV
(VVD GLVWLQomR p PXLWR LPSRUWDQWH SRLV PXLWDV YH]HV QD OLQJXDJHP GR
GLDDGLDQRVYHUERVLUUHJXODUHVDFDEDVHWURFDQGRXPDSHODRXWUD
H ³R*RYHUQR)HGHUDOLQWHUYLX´±RYHUERLQWHUYLUpGHULYDGRGRYLUHVH
FRQMXJDFRPRVHXSDUDGLJPDHOHYHLRHOHLQWHUYHLR

±&
'DQGR VHTXrQFLD DR HVWXGR GDV IRUPDV YHUEDLV SULPLWLYDV H GHULYDGDV
YDPRV DQDOLVDU RXWUD TXHVWmR VREUH R WySLFR (VWi HP IRFR DJRUD R
YHUER9,5
$ IRUPD YHUEDO GD RSomR & p R IXWXUR GR VXEMXQWLYR &RPR UHYLPRV QD
TXHVWmR DQWHULRU HVVH WHPSR YHUEDO GHULYD GD  SHVVRD GR SOXUDO GR
SUHWpULWRSHUIHLWRGRLQGLFDWLYR HOHVYLHUDP 
$VVLPDIRUPDFRUUHWDVHULD³4XDQGRYLHUHPRXWURVDFDVDQmRVHUiD
PHVPD´
(P FDVR GH G~YLGDV UHYHMD R TXDGUR GH IRUPDV SULPLWLYDV  IRUPDV
GHULYDGDV
$ RSomR ³D´ TXH SRGH WHU GHL[DGR PXLWD JHQWH HP G~YLGD DSUHVHQWD D
 SHVVRD GR VLQJXODU GR SUHVHQWH GR LQGLFDWLYR ³QyV YLPRV´ WHPSR
LQGLFDGRSHORDGYpUELR³KRMH´1mRFRQIXQGDPFRPRSUHWpULWRSHUIHLWR
GHVVHYHUER YLHPRV 

±%
2IXWXURGRVXEMXQWLYRGHULYDGDSHVVRDGRSOXUDOGRSUHWpULWRSHUIHLWR
GR LQGLFDWLYR $VVLP QR YHUER 9(5 D IRUPD SULPLWLYD VHUi HOHV YLUDP
3RU LVVR QR IXWXUR GR VXEMXQWLYR D IRUPD FRUUHWD p ³6H HOH YLU HX
WDPEpPYHUHL´
9HMDFRPRHVWmRFRUUHWDVDVGHPDLVFRQVWUXo}HVYHUEDLV

ZZZSRQWRGRVFRQFXUVRVFRPEU_3URI&ODXGLD.R]ORZVNL
&XUVR5HJXODU7HyULFR
$XOD9HUERV
3URI&ODXGLD.R]ORZVNL

)250$35,0,7,9$ )250$'(5,9$'$
9(5%2 SHVVRDSOXUDO±
IXWXURGRVXEMXQWLYR
SUHWSHUIHLWR
,5 (/(6)25$0 6((/()25
48(5(5 (/(648,6(5$0 6((/(48,6(5
5(48(5(5 (/(65(48(5(5$0 6((/(5(48(5(5
&$%(5 (/(6&28%(5$0 6((/(&28%(5

±(
(VVDTXHVWmRpLGrQWLFDjDQWHULRU$GLIHUHQoDHVWiQRWHPSRYHUEDODVHU
DQDOLVDGR
$JRUD VHUi R SUHWpULWR LPSHUIHLWR GR VXEMXQWLYR &RPR YLPRV HVVH
WHPSRWDPEpPGHULYDGDSHVVRDGRSOXUDOGRSUHWpULWRSHUIHLWRDVVLP
FRPRRIXWXURGRVXEMXQWLYR YLVWRDQWHULRUPHQWH 
(QWmRYDPRVDRTXDGUR
)250$35,0,7,9$ )250$'(5,9$'$
9(5%2 SHVVRDSOXUDO± SUHWpULWRLPSHUIHLWR
SUHWSHUIHLWR GRVXEMXQWLYR
75$=(5 (/(67528;(5$0 6((/(7528;(66(
$3529$5 (/(6$3529$5$0 6((/($3529$66(
3Ð5 (/(6386(5$0 6((/(386(66(
9,5 (/(69,(5$0 6((/(9,(66(
0$17(5 (/(60$17,9(5$0 6((/(0$17,9(66(

'
2 WHPSR YHUEDO GD ORFXomR YHUEDO ³KDYLD HVWDGR´ QDGD PDLV p GR TXH R
SUHWpULWRPDLVTXHSHUIHLWRFRPSRVWRFRQVWUXomRHPTXHRYHUERDX[LOLDU
VHFRQMXJDQRSUHWpULWRLPSHUIHLWR$VVLPHVWmRHPSHUIHLWDFRUUHODomRRV
YHUERVGDVGXDVRUDo}HV2TXHRH[DPLQDGRUVXJHUHHPVXPDpTXHVH
VXEVWLWXDDIRUPDFRPSRVWDSHODVLPSOHVHVWLYHUD

±&
3DUD QmR HUUDU TXHVW}HV GH FRQMXJDomR YHUEDO GHYHPRV WHU HP PHQWH
VHPSUHDGLFDGR3$5$',*0$8PYHUERQRUPDOPHQWHVHFRQMXJDFRPR
XP RXWUR SDUHFLGR $VVLP QD G~YLGD EXVTXH RXWUR YHUER PDLV FRPXP

ZZZSRQWRGRVFRQFXUVRVFRPEU_3URI&ODXGLD.R]ORZVNL
&XUVR5HJXODU7HyULFR
$XOD9HUERV
3URI&ODXGLD.R]ORZVNL

DRVHXOLQJXDMDU FXMDFRQMXJDomRYRFrFRQKHoDHDSOLTXHDGHVLQrQFLDQR
YHUERGHVFRQKHFLGR
9DPRVjSUiWLFD
D  2 YHUER 352325 VH FRQMXJD FRPR R YHUER 3Ð5 $VVLP ³VH DOJXpP
SXVHU´OHYDD³VHDOJXpPSURSXVHU´
E  2 YHUER &217(5 VH FRQMXJD FRPR R YHUER 7(5 3RU LVVR ³FDVR XPD
UHSUHVDWHQKD´OHYDD³FDVRXPDUHSUHVDFRQWHQKD´
G  2 YHUER (6&$66($5 TXH GLILFLOPHQWH XVDPRV  VH FRQMXJD FRPR R
YHUER3$66($5/HPEUHVHGHTXHHVVHVYHUERVWHUPLQDGRVHP±($5Vy
UHFHEHP D OHWUD ³L´ QDV IRUPDV UL]RW{QLFDV RX VHMD TXDQGR D VtODED
W{QLFDUHFDLDQRUDGLFDO%HPHQWmR³HODVMiSDVVHDUDP´OHYDD³HODVMi
HVFDVVHDUDP´1RWHTXHR UDGLFDOGRYHUER(6&$66($5 p(6&$66(H
DVtODEDW{QLFDUHFDLIRUDGRUDGLFDO HVFDVVHDUDP QmRGHYHQGRUHFHEHU
DOHWUDµL¶
H 2YHUER'(7(5VHFRQMXJDFRPRRYHUER7(5 QRYDPHQWH $VVLP³VH
QmRWLYHUPRV´OHYDD³VHQmRGHWLYHUPRV´
9LXVyFRPRHVVDUHJUDGRSDUDGLJPDpXPD³PmRQDURGD´"

±'
-i IDODPRV VREUH D FRQMXJDomR GRV YHUERV WHUPLQDGRV HP ±($5 QD
TXHVWmRDQWHULRUPDVQmRFXVWDQDGDUHSHWLU$ILQDOHVVHVH[HUFtFLRVVmR
GH),;$d­2
$VIRUPDVUL]RW{QLFDV VtODEDW{QLFDQRUDGLFDO GRVYHUERVWHUPLQDGRVHP
±($5UHFHEHPDOHWUD³L´3RULVVRHXSDVVHLRWXSDVVHLDVHOHSDVVHLD
QyVSDVVHDPRVYyVSDVVHDLVHOHVSDVVHLDP
9LPRV WDPEpP TXH R SUHVHQWH GR VXEMXQWLYR p XP WHPSR YHUEDO TXH
EXVFDRUDGLFDOGDSHVVRDGRVLQJXODUGRSUHVHQWHGRLQGLFDWLYR
$VVLP R UDGLFDO ³SDVVH´ GH ³HX SDVVHLR´ IRUPD WRGR R SUHVHQWH GR
VXEMXQWLYR 1mRVH HVTXHoD GH TXH FRQWLQXD YDOHQGRDUHJUD GD OHWUD ³L´
QDVIRUPDVUL]RW{QLFDV
$FRQMXJDomRGRYHUER3$66($5QRSUHVHQWHGRVXEMXQWLYRVHUiSDVVHLH
SDVVHLHSDVVHLHSDVVHHPRVSDVVHHLVSDVVHLHP

±%
6DEHDTXHODUHJULQKDGRSDUDGLJPD"9HMDVyFRPRHODDMXGDHPTXHVW}HV
FRPRHVVDGHFRQMXJDomRYHUEDO

ZZZSRQWRGRVFRQFXUVRVFRPEU_3URI&ODXGLD.R]ORZVNL
&XUVR5HJXODU7HyULFR
$XOD9HUERV
3URI&ODXGLD.R]ORZVNL

2 YHUER '(63(',5 OHPEUD PXLWR RXWUR YHUER &RP FHUWH]D YRFr Mi
DGLYLQKRX R YHUER 3(',5 (QWmR VXD FRQMXJDomR VHJXH D GR VHX
SDUDGLJPD³TXHSHoDP´OHYDD³TXHGHVSHoDP´
( ROKD Oi QD RSomR ' XPD GLFD GHVVD IRUPD R SUHVHQWH GR VXEMXQWLYR
GHVSHoDP  GHULYD GH TXDO IRUPD PHVPR""" 'HULYD GD  SHVVRD GR
VLQJXODUGRSUHVHQWHGRLQGLFDWLYR'(63(d2
%HODDMXGDTXHDEDQFDGHXSDUDTXHYRFrQmRHUUDVVHHVVDTXHVWmRQmR
p"

±%
0XLWD JHQWH QXQFD GHYH WHU RXYLGR IDODU GHVVD EDQFD H[DPLQDGRUD HX
SHORPHQRVVyDFRQKHFLDJRUD (ODIRLDUHVSRQViYHOSHODSURYDSDUDR
,&06GH5RQG{QLDUHFHQWHPHQWHDSOLFDGD
(VVD TXHVWmR p R QRVVR PRWH SDUD FRPHoDUPRV D IDODU VREUH 9(5%26
'()(&7,926
/HPEUDQGR HVVHV YHUERV DSUHVHQWDP GHIHLWR RX VHMD QmR SRVVXHP
WRGDVDVIRUPDVGHFRQMXJDomR(VVHGHIHLWRVyDSDUHFHQDFRQMXJDomRGR
SUHVHQWH GR LQGLFDWLYR H QDV IRUPDV GHOH GHULYDGDV SUHVHQWH GR
VXEMXQWLYRLPSHUDWLYR 
1D RSomR % Ki HUUR QD FRQMXJDomR GR YHUER ³YLJHU´ TXH p GHIHFWLYR
(VWHYHUERQmRSRVVXLDSHVVRDGRVLQJXODUGRSUHVHQWHGRLQGLFDWLYR
1DV GHPDLV IRUPDV VH FRQMXJD FRPR R YHUER SDUDGLJPD %(%(5 HOH
EHEHXHOHYLJHX 
$VVLPDIRUPDFRUUHWDVHULD³7UDWDVHGHXPDOHLTXHYLJHX´
$VGHPDLVIRUPDVTXHHVWmR&255(7$6VmR
D RSUHWpULWRLPSHUIHLWRGRLQGLFDWLYRGRYHUER$325TXHpGHULYDGRGR
YHUER 3Ð5 ³VHPSUH VH SXQKDP´ OHYD D ³VHPSUH VH DSXQKDP´
3URYDYHOPHQWHYRFrDFKRX+2552526$HVVDIRUPDµ381+$0¶WDOYH]DWp
QXQFD D WHQKD XVDGR 0DV HVWi FRUUHWD H GHYH ID]HU SDUWH GR VHX
FRWLGLDQR D SDUWLU GH KRMH $ILQDO QmR p DVVLP TXH DV FULDQoDV ID]HP"
4XDQGR HODV DSUHQGHP XPD SDODYULQKD QRYD ILFDPQD XVDQGR
FRQVWDQWHPHQWH 6DLD SRU Dt IDODQGR ³SXQKDP´ SUD Oi ³DSXQKDP´ SUD
Fi
F $IRUPD³GHODWDUD´pRSUHWpULWRPDLVTXHSHUIHLWRGRYHUER'(/$7$5
G  2 YHUER ³VREUHVWDU´ TXH QR FRQWH[WR DSUHVHQWD R VHQWLGR GH
³LPSHGLU´ ³VXVWDU´ ³UHWDUGDU´ p GHULYDGR GR YHUER (67$5 $VVLP ³QmR

ZZZSRQWRGRVFRQFXUVRVFRPEU_3URI&ODXGLD.R]ORZVNL
&XUVR5HJXODU7HyULFR
$XOD9HUERV
3URI&ODXGLD.R]ORZVNL

VHSRGHDGPLWLUTXHR'LUHLWRHVWHMD´OHYDD³QmRVHSRGHDGPLWLUTXHR
'LUHLWRVREUHVWHMD´
H  (VVD RSomR HQJDQRX PXLWD JHQWH 2V TXH VH OHPEUDUDP GD GLFD GR
SDUDGLJPD FHUWDPHQWH DFHUWDUDP $ IRUPD ³SUHWLUR´ TXH FDXVRX
HVWUDQKH]DDPXLWDJHQWHpDFRQMXJDomRGRYHUER35(7(5,5 GHL[DUGH
ODGR TXHVHFRQMXJDFRPRVHXSDUDGLJPD35()(5,5±HXSUHILURÎHX
SUHWLUR

±&
2 YHUER UHDYHU p FRQMXJDGR QR SUHVHQWH GR LQGLFDWLYR QDV IRUPDV HP
TXHRYHUER+$9(5DSUHVHQWDDOHWUD³Y´
9HMDPRV LQLFLDOPHQWH D FRQMXJDomR GR YHUER +$9(5 QR SUHVHQWH GR
LQGLFDWLYR
(XKHLWXKiVHOHKiQyVKDYHPRVYyVKDYHLVHOHVKmR
$VVLP R YHUER +$9(5 Vy DSUHVHQWD FRQMXJDomR QR SUHVHQWH GR
LQGLFDWLYRQDVHSHVVRDVGRSOXUDO
2 HPSUHJR GR SURQRPH ³QyV´ QD RSomR & IH] FRP TXH HVVD IRVVH D
UHVSRVWDFRUUHWD
³1yV UHDYHPRV WRGRV RV GRFXPHQWRV H FRQWUDWR SHUGLGRV GXUDQWH D
PXGDQoD´
9DPRVDQDOLVDUDVGHPDLVRSo}HV
D 2YHUERIDOLUpGHIHFWLYRHDVVLPFRPRRYHUER5($9(5QRSUHVHQWH
GRLQGLFDWLYRVyVHFRQMXJDFRPRVSURQRPHV1Ï6H9Ï6 QyVIDOLPRV
YyVIDOLV 
E  2 PHVPR DFRQWHFH FRP R YHUER 35(&$9(5 6y H[LVWHP DV IRUPDV
³QyVQRVSUHFDYHPRV´H³YyVYRVSUHFDYHLV´
G 2YHUER(;3/2',5QmRSRVVXLDSHVVRDGRVLQJXODUGRSUHVHQWHGR
LQGLFDWLYR &RQVHTXHQWHPHQWH QmR SRVVXL QHQKXPD GDV IRUPDV GR
SUHVHQWH GR VXEMXQWLYR $VVLP QmR p SRVVtYHO SUHHQFKHU D ODFXQD GHVVD
RSomRFRPDIRUPDVLPSOHVGRYHUERSRLVVHULDQHFHVViULRFRQMXJiORQR
SUHVHQWH GR VXEMXQWLYR 3DUD FRQILUPDU LVVR YDPRV WURFDU R YHUER
(;3/2',5 SRU RXWUR FRPR $%255(&(56( ³e XPD SHQD TXH R YLFH
SUHVLGHQWH GD HPSUHVD 6( $%255(d$ SRU FDXGD GH SHTXHQRV
SUREOHPDV´
H 2YHUER&2/25,5WDPEpPpGHIHFWLYRQmRDSUHVHQWDQGRDSHVVRD
GR VLQJXODU GR SUHVHQWH GR LQGLFDWLYR 3RU LVVR QmR SRVVXL WDPEpP R
SUHVHQWHGRVXEMXQWLYRWHPSRHPTXHVHULDFRQMXJDGRQDFRQVWUXomRGD

ZZZSRQWRGRVFRQFXUVRVFRPEU_3URI&ODXGLD.R]ORZVNL
&XUVR5HJXODU7HyULFR
$XOD9HUERV
3URI&ODXGLD.R]ORZVNL

RSomR³H´3RGHULDVHUVXEVWLWXtGRSRUVHXFRUUHVSRQGHQWH&2/25$5TXH
p UHJXODU H DSUHVHQWD WRGDV DV IRUPDV YHUEDLV RX PHVPR SHOR YHUER
3,17$5
³2VIXQFLRQiULRVILFDUmRPDLVEHPGLVSRVWRVFDVRDILUPD&2/25(3,17(
DVVDODVGHFRUHVFODUDV´

±%
(VVD TXHVWmR GHYH WHU GDGR XP Qy QD FDEHoD GH PXLWD JHQWH ERD ,VVR
SRUTXH H[SORUD D FRQMXJDomR GH YHUERV SDUHFLGRV ± 3529$5 3529(5 H
3529,5
3DUD VROXFLRQDU HVVD TXHVWmR HQWUD HP MRJR D PDUDYLOKRVD GLFD GR
SDUDGLJPD
9DPRVFRPHoDUSHORYHUER3529$5TXHpUHJXODUHVHFRQMXJDFRPRR
SDUDGLJPD)$/$5
2 UDGLFDO GH )$/$5 p )$/ H R GH 3529$5 p 3529 $ HVVHV UDGLFDLV
GHYHPRVDFUHVFHQWDUDWHUPLQDomRTXHpFRPXPQRVGRLVYHUERV³4XH
HOHVIDOHP´OHYDD³TXHHOHVSURYHP´FXMDVtODEDW{QLFDp³SUR´$VVLP
D VHJXQGD IRUPD GR HQXQFLDGR p GR YHUER 3529$5 &RP LVVR Mi
HOLPLQDPRV DV RSo}HV $ H & Mi WHPRV  GH FKDQFHV GH JDQKDU R
SRQWR 
$JRUD YHMDPRV D FRQMXJDomR GR YHUER 3529(5 FXMR VLJQLILFDGR SRGH
VHU
³WRPDUSURYLGrQFLDVSURYLGHQFLDU´ 2VtQGLFRSURYHUiWXGR 
³QRPHDU´ 2JRYHUQRSURYHXYiULRVFDUJRV 
³WRPDUSURYLGrQFLDV´
DDFHSomRPDLVFRPXP³DEDVWHFHU´ (OHSURYHXDGHVSHQVDFRPRTXH
KiGHPHOKRU 
&RPRYLPRVQRWySLFR³9HUERV3HULJRVRV´HGHDFRUGRFRPRVVLJQLILFDGRV
TXH HVVH YHUER SRGH DSUHVHQWDU YHPRV TXH HOH QmR p GHULYDGR GR
YHUER 9(5 DSHVDU GH DSUHVHQWDU DOJXPDV IRUPDV GH FRQMXJDomR
LGrQWLFDVSURYHMRSURYHMDVSURYHMDVSURYHUiSURYHULDHWF
8PD GHVVDVIRUPDV HP TXHD FRQMXJDomR GH 3529(5 VHJXHj GR 9(5p
QDSHVVRDGRSOXUDOGRSUHVHQWHGRLQGLFDWLYR3529((0
$SDUWLUGHVVDUHVSRVWDYHPRVTXHHVWiFRUUHWDDRSomR%
2 YHUER 3529,5 p GHULYDGR GR YHUER 9,5 H FRPR HVWH VH FRQMXJD 3RU
LVVR DSUHVHQWD GXDV GDV IRUPDV LQGLFDGDV QR HQXQFLDGR 3529e0 

ZZZSRQWRGRVFRQFXUVRVFRPEU_3URI&ODXGLD.R]ORZVNL
&XUVR5HJXODU7HyULFR
$XOD9HUERV
3URI&ODXGLD.R]ORZVNL

SHVVRD GR VLQJXODU QR SUHVHQWH GR LQGLFDWLYR  H 3529Ç0  SHVVRD GR
SOXUDOGRSUHVHQWHGRLQGLFDWLYR 
$ SULPHLUD SRGH WHU FDXVDGR VXUSUHVD PDV QmR VH HVTXHoD TXH DV
SDODYUDV R[tWRQDV WHUPLQDGDV HP $ V  ( V  2 V  H (0 HQV  GHYHP VHU
DFHQWXDGDV([HPSORV3529e0WDPEpPPDQWpPFRQYpP
$ FRQMXJDomR GR YHUER 9,5 QD  SHVVRD GR VLQJXODU GR SUHVHQWH GR
LQGLFDWLYRQmRUHFHEHDFHQWRSRUVHUXPPRQRVVtODERWHUPLQDGRHP³(0´
([HPSORV9(0WHPFHPVHPEHP
-iQDSHVVRDGRSOXUDODUHJUDGHDFHQWXDomRGRYHUER3529,5VHJXH
RTXHIDODPRVVREUHR$&(172',)(5(1&,$/'(1Ò0(52 $XOD±
2UWRJUDILDH6HPkQWLFD 
3RUVHUXPDSDODYUDR[tWRQDWHUPLQDGDHP(0GHYHUHFHEHUDFHQWRWDQWR
D IRUPD GD  SHVVRD GR VLQJXODU FRPR D GR SOXUDO 2 TXH GLIHUHQFLD R
SOXUDO GR VLQJXODU p TXH HVWH UHFHEH DFHQWR DJXGR SURYpP  HQTXDQWR
DTXHOH UHFHEH R DFHQWR FLUFXQIOH[R SURYrP  3RU LVVR R DFHQWR GHVWD
~OWLPDFRVWXPDVHUFKDPDGRGHGLIHUHQFLDOGHQ~PHUR
&RQVLGHUR HVWD XPD H[FHOHQWH TXHVWmR GH SURYD 3DUDEpQV SDUD D EDQFD
H[DPLQDGRUD
$JRUDFRPR$FRUGR2UWRJUiILFRDVIRUPDV³HH´H³RR´GHL[DUDPGHVHU
DFHQWXDGDV&RPLVVRRVYHUERV/(59(5&5(5H'$5QDSHVVRDGR
SOXUDO GR SUHVHQWH GR LQGLFDWLYR SDVVDP D VHU OHHP YHHP FUHHP H
GHHP2PHVPRVHDSOLFDDRVYHUERVGHULYDGRVGDTXHOHV
2V YHUERV WHUPLQDGRV HP ±2$5 FRPR DEHQoRDU SHUGRDU H YRDU
SDVVDP QD  SHVVRD GR VLQJXODU GR SUHVHQWH GR LQGLFDWLYR D VHU
JUDIDGRVFRPR³DEHQoRR³SHUGRRH³YRR´

±%
 ODFXQD 2 YHUER LPSXJQDU p UHJXODU GHYHQGR R ³J´ SHUPDQHFHU
VHPSUHPXGRHXLPSXJQRWXLPSXJQDVHOHLPSXJQDHWF
&RPR D IRUPD ³LPSXJQR´ p XPD SDUR[tWRQD WHUPLQDGD HP ³R´ GLVSHQVD
DFHQWXDomR
 ODFXQD 3ULPHLUDPHQWH FDEH HVFODUHFHU TXH QmR Ki FRQVRDQWH PXGD
HP GHFDSLWDU (VWH YHUER DSUHVHQWD HP VXD HWLPRORJLD D SDODYUD
FDSLWD FRPR QD H[SUHVVmR µSHU FDSLWD¶ TXH JURVVR PRGR VLJQLILFD ³SRU
FDEHoD´$VVLP³GHFDSLWDU´pOLWHUDOPHQWH³WLUDUDFDEHoD´

ZZZSRQWRGRVFRQFXUVRVFRPEU_3URI&ODXGLD.R]ORZVNL
&XUVR5HJXODU7HyULFR
$XOD9HUERV
3URI&ODXGLD.R]ORZVNL

e XP YHUER UHJXODU H VH FRQMXJD SHOR SDUDGLJPD )$/$5 HX GHFDSLWR
&XLGDGR QmR p ³GHFDSWR´ e SDUR[tWRQD RX VHMD D VtODED W{QLFD UHFDL
QR³SL´ WXGHFDSLWDVHOHGHFDSLWDHWF
$VVLPRSDUWLFtSLRpGHFDSLWDGR
 ODFXQD 2 YHUER DYHULJXDU p XP GDTXHOHV ³SHULJRVRV´ 3RU LVVR
GHYHPRV VHPSUH OHPEUDU DV UHJUDV GH IRUPDomR GRV YHUERV SDUD QmR
HUUDUDFRQMXJDomRYHUEDO
3DUD³SLRUDU´VRIUHXPXGDQoDVFRPR$FRUGR2UWRJUiILFR
$QWHV DV IRUPDV GR SUHVHQWH GR VXEMXQWLYR GH ³HX´ ³WX´ ³HOH´ H ³HOHV´
UHFHELDP DFHQWR DJXGR DYHULJ~H  DYHULJ~HV  DYHULJ~H  DYHULJ~HP  H
DVIRUPDVGH³QyV´H³YyV´UHFHELDPWUHPD DYHULJHPRVDYHULJHLV 
$JRUD IRUDP DEROLGRV R DFHQWR DJXGR H R WUHPD GH WRGDV HVVDV
FRQMXJDo}HV
$VVLP D SDUWLU GH  SDVVDPRV D FRQMXJDU GD VHJXLQWH IRUPD HX 
DYHULJXH WX  DYHULJXHV HOH  DYHULJXH QyV  DYHULJXHPRV YyV 
DYHULJXHLV HOHV DYHULJXHP
2 $FRUGR SRVVLELOLWRX RXWUD IRUPD GH FRQMXJDomR GHVVH H GH RXWURV
YHUERVFRPRGHOLQTXLUHRVGHULYDGRVGH³DJXDU´$VtODEDW{QLFDUHFDLULD
QDV YRJDLV ³L´ H ³D´ DFHQWXDQGR HVVDV YRJDLV DYHUtJXH  GHViJXD 
GHOtQTXH 1HVVH FDVR DV IRUPDV VHULDP FODVVLILFDGDV SDUD DFHQWXDomR
JUiILFDFRPRSDUR[tWRQDVWHUPLQDGDVHPGLWRQJRVFUHVFHQWHV

±(
2DVVXQWRDJRUDpFRQMXJDomRYHUEDOQRLPSHUDWLYR
2REMHWLYRGHXPDSURSDJDQGDpVHDSUR[LPDUDRPi[LPRGHVHXS~EOLFR
DOYR$VVLP DFRPXQLFDomR GHYH VHU GLUHWD H UiSLGD 0XLWDV YH]HV SDUD
VH DSUR[LPDU GD OLQJXDJHP FRORTXLDO SDVVD SRU FLPD GH FHUWDV QRUPDV
JUDPDWLFDLV
1R FRPHUFLDO GD &DL[D (FRQ{PLFD )HGHUDO KRXYH XPD PLVWXUD GH
WUDWDPHQWRV $R PHVPR WHPSR HP TXH IOH[LRQD R YHUER FRPR µ9(0¶
LQGLFDQGRRWUDWDPHQWRGHVHJXQGDSHVVRDGRVLQJXODU QRLPSHUDWLYRÎ
WXYHQV±³V´ YHPWX XVDRSURQRPH92&Ç TXHOHYDRYHUERSDUDD
SHVVRD QRLPSHUDWLYRÎTXHHOHYHQKD YHQKDYRFr 
$LQGD TXH VH DOHJXH XPD LPSURSULHGDGH QR XVR GH ³SUD´ HP OXJDU GH
³SDUD´HVVDIRUPDMiHQFRQWUDUHJLVWURQRVPDLVFRQVDJUDGRVGLFLRQiULRV
$OpPGLVVRFRPRLQGLFDRHQXQFLDGRRTXHPDLVVHFRPHQWRXHPUHODomR

ZZZSRQWRGRVFRQFXUVRVFRPEU_3URI&ODXGLD.R]ORZVNL
&XUVR5HJXODU7HyULFR
$XOD9HUERV
3URI&ODXGLD.R]ORZVNL

DRWH[WRGRFRPHUFLDOQmRIRLRXVRGR³SUD´PDVRHPSUHJRLQFRUUHWRGR
YHUERQRLPSHUDWLYR
3RULVVRDUHVSRVWDIRLOHWUD(

$
1D RSomR D KRXYH R HPSUHJR GR YHUER µVXEPHWHU¶ QR LPSHUDWLYR
DILUPDWLYR &RPRR WUDWDPHQWRXVDGR pGH VHJXQGD SHVVRD WH  D UHJUD
LQGLFDTXHRYHUERGHYHVHUFRQMXJDGRSHORSUHVHQWHGRLQGLFDWLYRVHPD
OHWUD ³V´ SUHVLQGLFDWLYR WX WH VXEPHWHV Î LPSHUDWLYR VXEPHWH >WX@ 
$VVLPDIRUPDFRUUHWDVHULD³7UDEDOKDGRUMDPDLVWHVXEPHWHDIRUPDV
´
&HUWDPHQWH DOJXpP GHYH HVWDU VH SHUJXQWDQGR PDV HVVD FRQVWUXomR
QmRHVWiQRQHJDWLYRRTXHOHYDULDRYHUERSDUDRLPSHUDWLYRQHJDWLYRH
FRQVHTXHQWHPHQWHSDUDDFRQMXJDomRGRSUHVHQWHGRVXEMXQWLYR"
(VVDIRLXPDPDOGDGHGDEDQFDRDGYpUELRMDPDLVDLQGDTXHDSUHVHQWH
XPD LGHLDQHJDWLYD p FRQVLGHUDGR XPDGYpUELR GH WHPSRHTXLYDOHQWH
D ³HP WHPSR DOJXP´ GHYHQGR R YHUER VHU FRQMXJDGR QR LPSHUDWLYR
DILUPDWLYR
E  1RWH TXH QHVWD RSomR HPSUHJDVH R WUDWDPHQWR GH WHUFHLUD SHVVRD
QmRVHVXEPHWDP $LQGDTXHRWUDWDPHQWRIRVVHGHVHJXQGDSHVVRDD
FRQMXJDomR GR YHUER VHULD QR LPSHUDWLYR QHJDWLYR HP YLUWXGH GD
SUHVHQoD GR ³QmR´ H VHJXLULD R SUHVHQWH GR VXEMXQWLYR ³7UDEDOKDGRUHV
QmRWHVXEPHWDPDIRUPDV´ 
F  (VWi FRUUHWR R HPSUHJR GR YHUER 68%0(7(5 QR SUHVHQWH GR
VXEMXQWLYR Mi TXH LQGLFD XPD VLWXDomR KLSRWpWLFD ³1mR VRPRV
WUDEDOKDGRUHVTXHQRVVXEPHWDPRV´ 
G 2YHUERQHVVDRSomRHVWiQRSUHWpULWRPDLVTXHSHUIHLWRGRLQGLFDWLYR
LQGLFDQGRDRFRUUrQFLDGHXPIDWRDQWHULRUDRXWURIDWRWDPEpPSDVVDGR
H  (VVD TXHVWmR VHULD SDVVtYHO GH DQXODomR HP YLUWXGH GH XPD
FRORFDomR SURQRPLQDO LQGHYLGD 1D DXOD DSURSULDGD ³3URQRPHV´ 
YHUHPRVTXHXPDGYpUELRDQWHVGRYHUERVHPSDXVD FRPRXPDYtUJXOD 
DWUDL R SURQRPH 1HVVD FRQVWUXomR SDUD TXH HVWLYHVVH FRUUHWD D
FRORFDomRSURQRPLQDOGHYHULDKDYHUXPDYtUJXODDSyV³&RQVWDQWHPHQWH´
³&RQVWDQWHPHQWH VXEPHWHPRQRV´  RX R SURQRPH GHYHULD YLU DQWHV
GRYHUER ³&RQVWDQWHPHQWHQRVVXEPHWHPRV´ 
&RPR QRVVR DVVXQWR KRMH p 9(5%2 YDPRV DQDOLVDU D TXHVWmR VRPHQWH
VREHVWHDVSHFWR

ZZZSRQWRGRVFRQFXUVRVFRPEU_3URI&ODXGLD.R]ORZVNL
&XUVR5HJXODU7HyULFR
$XOD9HUERV
3URI&ODXGLD.R]ORZVNL

4XDQGRRVSURQRPHViWRQRVQRVHYRVVmRHPSUHJDGRVDSyVXPDIRUPD
YHUEDO WHUPLQDGD HP ³V´ HVVD OHWUD FDLVXEPHWHPRQRV  VXEPHWHL
YRV3RULVVRHPUHODomRjIRUPDYHUEDOHVWiFRUUHWDDRSomR
&RQWXGR 1DSROHmR 0HQGHV GH $OPHLGD *UDPiWLFD 0HWyGLFD GD /tQJXD
3RUWXJXHVD  MXVWLILFD HVVD RSomR SHOD HOLPLQDomR GR ³V´ FRPR KiELWR RX
IDFLOLGDGH GD SURQ~QFLD DILUPDQGR TXH QmR VH SRGH FRQVLGHUDU HUUDGD D
IRUPD³TXHL[DPRVQRV´
$OLiVYDPRVDSURYHLWDUSDUDH[SORUDUXPSRXFRPDLVHVVHDVVXQWR
4XDQGR RV SURQRPHV R D RV DV VmR HPSUHJDGRV DSyV R YHUER FXMD
WHUPLQDomRVHMDUV]DRSURQRPHpDJUHJDGDDRSURQRPHDOHWUD/ OR
ODORVODV HRUV]µFDHP¶([HPSOR³&RPSUHLRMRUQDOSDUDSURFXUDU
HPSUHJR´ SDUDSURFXUiOR
(PUHODomRjDFHQWXDomRMiFRPHQWDPRVQDDXODGHRUWRJUDILDTXHHVWH
YHUER p HQWHQGLGR FRPR XP YRFiEXOR LQGHSHQGHQWH GHYHQGR REHGHFHU
jVUHJUDVSURFXUi R[tWRQDWHUPLQDGDHP³D´
6HRSURQRPHGLYLGLURYHUERHPGXDVSDUWHVFDGDSDUWHVHUiDQDOLVDGD
SDUDILQVGHDFHQWXDomRFRPRVHXP~QLFRYRFiEXORIRUPDVVH
([HPSOR1yVGLVWULEXLUtDPRVRPHGLFDPHQWR
(PPHVyFOLVH',675,%8,5Ë$0262 ',675,%8,52Ë$026
$OHWUD³U´FDLHRSURQRPH³R´YLUD³OR´ GLVWULEXtORtDPRV
$JRUDYDPRVjDFHQWXDomR
1R ³SHGDFLQKR´ GLVWULEXL  D VtODED W{QLFD UHFDL QR ³L´ &RPR VHJXQGD
YRJDOGRKLDWRGHYHVHUDFHQWXDGD GLVWULEXt FRPDFHQWRDJXGRQR³L´ 
2RXWUR³SHGDoR´tDPRVUHFHEHDFHQWRSRUVHUXPDSURSDUR[tWRQD
$VVLPDIRUPDYHUEDOFRUUHWDpGLVWULEXtORtDPRV
4XDQGRRYHUERWHUPLQDGHIRUPDQDVDO PmR}H DRVSURQRPHVR
DRVDVpDFUHVFHQWDGDDOHWUD³Q´
([HPSOR³1RVVRVGHVWLQRVWRPDUDPFDPLQKRVGLYHUVRV´ 720$5$0
26 WRPDUDPQRV
³2VFDULGRVRVGmRRSmRDRVTXHWrPIRPH´±'­22 GmRQR
³7HPFDOPDHS}HDWXDFDEHoDQROXJDU´±3®($ S}HQDQROXJDU
2EVHUYH QHVVH ~OWLPR H[HPSOR R HPSUHJR GR LPSHUDWLYR HP
FRQVWUXomRGHVHJXQGDSHVVRD±WX 
0DLVVREUHRDVVXQWRVHUiREMHWRGDDXODVREUH352120(6

ZZZSRQWRGRVFRQFXUVRVFRPEU_3URI&ODXGLD.R]ORZVNL
&XUVR5HJXODU7HyULFR
$XOD9HUERV
3URI&ODXGLD.R]ORZVNL

9DPRV DJRUD YHU PDLV DOJXPDV TXHVW}HV TXH HQYROYHP FRQMXJDomR GR
LPSHUDWLYRSDUDUHOHPEUDUDVUHJUDV

±%
1RLPSHUDWLYRDILUPDWLYRDUHJUDpRHPSUHJRGRSUHVHQWHGRVXEMXQWLYR
$V ~QLFDV H[FHo}HV TXH SRU VHU HP PHQRU Q~PHUR GHYHP VHU
PHPRUL]DGDV  ILFDP SRU FRQWD GDV VHJXQGDV SHVVRDV ± 78 H 9Ï6 TXH
EXVFDPDFRQMXJDomRGRSUHVHQWHGRLQGLFDWLYRVHPDOHWUD³V´
$VVLPRYHUER$',9,1+$5QDSHVVRDGRSOXUDO YyV QRSUHVHQWHGR
LQGLFDWLYRpDGLYLQKDLV6HPDOHWUD³V´RLPSHUDWLYRpDGLYLQKDL

±'
$JRUD YDPRV UHOHPEUDU D FRQMXJDomR GR LPSHUDWLYR QHJDWLYR (VVD p
PDLV IiFLO DLQGD 7RGDV VHJXHP D FRQMXJDomR GR SUHVHQWH GR
VXEMXQWLYR
3RU LVVR R YHUER 7(5 QD  SHVVRD GR VLQJXODU 7HQKD  ILFD QR
LPSHUDWLYR QHJDWLYR ³QmR WHQKD´ 1mR KRXYH DOWHUDomR SHOR IDWR GH R
YHUER QR LPSHUDWLYR DILUPDWLYR VHU FRQMXJDGR SHOR SUHVHQWH GR
VXEMXQWLYR
6yKi GLIHUHQoDHQWUH DV IRUPDV DILUPDWLYD H QHJDWLYD SDUD DV VHJXQGDV
SHVVRDV WXHYyV 

±'
$JRUDQRVVRDVVXQWRVHUiORFXomRYHUEDO
(P XPD ORFXomR YHUEDO SRGH KDYHU XP RX PDLV YHUERV DX[LOLDUHV H Vy
XPYHUERSULQFLSDO
4XHPPDQGDpRSULQFLSDOPDVTXHPVHIOH[LRQDpRSULPHLUR RX~QLFR 
DX[LOLDUGDPDQHLUDFRPRRSULQFLSDOVHHVWLYHVVHVR]LQKRIDULD
1HVVDTXHVWmRHVWiHPDQiOLVHRYHUER+$9(51RVHQWLGRGHH[LVWrQFLD
HVVHYHUERp,03(662$/RXVHMDQmRSRVVXLVXMHLWRSRULVVRVHPDQWpP
QDSHVVRDGRVLQJXODU
2PHVPRQmRDFRQWHFHFRPRVHX³SULPR´RYHUER(;,67,5(VVHYHUER
SRVVXLVXMHLWRHVHIOH[LRQD
9DPRVDQDOLVDUFDGDXPDGDVRSo}HVSDUDLGHQWLILFDUD,1&255(7$

ZZZSRQWRGRVFRQFXUVRVFRPEU_3URI&ODXGLD.R]ORZVNL
&XUVR5HJXODU7HyULFR
$XOD9HUERV
3URI&ODXGLD.R]ORZVNL

$ 2VXMHLWRGRYHUERH[LVWLUp³SODQWDV´PRWLYRTXHOHYRXRYHUERDVH
IOH[LRQDUQRSOXUDOH[LVWHP(VWiFHUWD
%  $JRUD R YHUER SULQFLSDO p R +$9(5 &RPR HOH LQGLFD H[LVWrQFLD p
LPSHVVRDOHQmRVHIOH[LRQD(OHGiHVVDRUGHPDRVHXDX[LOLDUTXHGHYH
SHUPDQHFHUQDSHVVRDGRVLQJXODU³'HYHKDYHUSODQWDV´&HUWtVVLPD
&  'HVVD YH] R YHUER SULQFLSDO p R (;,67,5 (QWmR R YHUER DX[LOLDU
GHYHUi VH IOH[LRQDU GD PHVPD IRUPD TXH R IH] R YHUER SULQFLSDO QD
RSomR$³3RGHPH[LVWLUSODQWDV´&HUWD
'  (P ³Ki GH H[LVWLU´ WHPRV RV GRLV YHUERV +$9(5 H (;,67,5 (QWmR
WHUHPRV GH YHU TXHP p TXH PDQGD QHVVD RUDomR 2 YHUER KDYHU p
DX[LOLDU H Vy REHGHFH DR YHUER (;,67,5 (VWH VH IOH[LRQD TXDQGR HVWi
VR]LQKR (QWmR p HVVD D RUGHP TXH Gi DR VHX DX[LOLDU IOH[LRQHVH (P
³$TXLKiGHH[LVWLUSODQWDV´KiXPHUURGHFRQFRUGkQFLD RYHUERDX[LOLDU
GDORFXomRHVWiHPGHVDFRUGRFRPRVXMHLWR³SODQWDV´ $IRUPDFRUUHWD
VHULD³$TXLKmRGHH[LVWLUSODQWDV´eHVVDDUHVSRVWD
6REUH HVVH SRQWR FRVWXPR FDQWDU XPD OLQGD FDQomR GH *LOEHUWR *LO TXH
H[HPSOLILFD PXLWR EHP D IOH[mR HP YHUERV DX[LOLDUHV &KDPDVH
³(VWUHODV´
+iGHVXUJLU
8PDHVWUHODQRFpXFDGDYH]TXHµRFrVRUULU
+iGHDSDJDU
8PDHVWUHODQRFpXFDGDYH]TXHµRFrFKRUDU
2VYHUERVSULQFLSDLVVmR³VXUJLU´H³DSDJDU´³8PDHVWUHODVXUJLUi´³8PD
HVWUHODVHDSDJDUi´
&RPR RV YHUERV QmR HVWmR ³VR]LQKRV´ PDV DFRPSDQKDGRV GH XP YHUER
DX[LOLDU IRUPDQGR XPD ORFXomR YHUEDO GmR HVVD RUGHP SDUD VHXV
DX[LOLDUHV
/RJR³8PDHVWUHODKiGHVXUJLU´H³8PDHVWUHODKiGHVHDSDJDU´
6HRVXMHLWRIRVVHSDUDRSOXUDOVHULD³(VWUHODVKmRGHVXUJLU´H³(VWUHODV
KmR GH VH DSDJDU´ DVVLP FRPR VHULD ³(VWUHODV VXUJLUmR´ H ³(VWUHODV VH
DSDJDUmR´
4XDQGR XPD ORFXomR DSUHVHQWD PDLV GH XP YHUER DX[LOLDU DWp GRLV 
DSHQDV R SULPHLUR VH IOH[LRQD GHYHQGR R VHJXQGR SHUPDQHFHU HP XPD
IRUPDQRPLQDO QRUPDOPHQWHRSDUWLFtSLR ,VVRRFRUUHHPFRQVWUXo}HVGH
YR] SDVVLYD TXH VH RULJLQDP GH WHPSRV FRPSRVWRV QD YR] DWLYD 2
H[HPSORHOXFLGDDWHRULD

ZZZSRQWRGRVFRQFXUVRVFRPEU_3URI&ODXGLD.R]ORZVNL
&XUVR5HJXODU7HyULFR
$XOD9HUERV
3URI&ODXGLD.R]ORZVNL

92= $7,9$ 2V XVLQHLURV WrP H[SORUDGR RV WUDEDOKDGRUHV WHPSR
FRPSRVWR 
92=3$66,9$2VWUDEDOKDGRUHVWrPVLGRH[SORUDGRVSHORVXVLQHLURV
( 2YHUERSULQFLSDO+$9(5ID]FRPTXHRYHUERDX[LOLDUQmRVHIOH[LRQH
³3RGHKDYHUSODQWDV´7DPEpPHVWiFHUWD

±$
2 H[DPLQDGRU H[LJHTXH VHLGHQWLILTXH R WHPSRH PRGR GDIRUPDYHUEDO
(67(-$528%$1'2
2 YHUER DX[LOLDU (67$5 HVWi QR 35(6(17( '2 68%-817,92 -i R YHUER
SULQFLSDO528%$5VHDSUHVHQWDQDIRUPDQRPLQDO*(5Ò1',2

±(
)DODUHPRVDJRUDVREUHWUDQVSRVLomRGHYR]HVYHUEDLV
3ULPHLURFXLGDGR
3DVVDQGR GD YR] DWLYD SDUD D SDVVLYD LGHQWLILTXH R REMHWR GLUHWR GD
YR]DWLYDTXHH[HUFHUiDIXQomRGHVXMHLWRQDYR]SDVVLYD
3DVVDQGR GD YR] SDVVLYD SDUD D DWLYD YRFr GHYHUi LGHQWLILFDU R
VXMHLWR GD YR] SDVVLYD H FRORFiOR QD SRVLomR GH REMHWR GLUHWR GD YR]
DWLYD VH QmR KRXYHU XP DJHQWH GD SDVVLYD QmR KDYHUi VXMHLWR QD YR]
DWLYDRXVHMDVHUiXPFDVRGHVXMHLWRLQGHWHUPLQDGR2YHUERILFDUiQD
WHUFHLUDSHVVRDGRSOXUDOLQGHILQLQGRRVXMHLWRGDDomRYHUEDO
6HJXQGR FXLGDGR PDQWHU R YHUER QR PHVPR WHPSR H PRGR YHUEDLV GR
RULJLQDO
1HVWDTXHVWmRDWUDQVSRVLomRVHUiGDYR]DWLYDSDUDDSDVVLYD
2VXMHLWRH[HUFHUiDIXQomRGHDJHQWHGDSDVVLYD
2REMHWRGLUHWRVHUiRVXMHLWRGDYR]SDVVLYD
2 YHUER VH WRUQDUi XPD ORFXomRYHUEDO UHVSHLWDQGRVH R WHPSRH PRGR
RULJLQDLV
$VVLPDYR]SDVVLYDVHUi³'LQKHLURpJDVWRSRUHOHTXHQHPiJXD´





ZZZSRQWRGRVFRQFXUVRVFRPEU_3URI&ODXGLD.R]ORZVNL
&XUVR5HJXODU7HyULFR
$XOD9HUERV
3URI&ODXGLD.R]ORZVNL

±$
$JRUDDWUDQVSRVLomRSDUWHGDYR]SDVVLYDSDUDDDWLYD1RWHTXHQmRKi
DJHQWH GD SDVVLYD R TXH LQGLFD TXH QD YR] DWLYD WHUHPRV XP FDVR GH
VXMHLWRLQGHWHUPLQDGR
+iGXDVIRUPDVGHVHFRQVWUXLUVXMHLWRLQGHWHUPLQDGR
 TXDOTXHU TXH VHMD D WUDQVLWLYLGDGH GR YHUER HVWH ILFD QD WHUFHLUD
SHVVRDGRSOXUDO
 YHUERV TXHQmR WHQKDP REMHWRGLUHWR RX VHMD YHUERV GHOLJDomR
LQWUDQVLWLYRV RX WUDQVLWLYRV LQGLUHWRV  R YHUER ILFD QD  SHVVRD GR
VLQJXODUDFRPSDQKDGRGRSURQRPH³VH´
&RPRQDYR]SDVVLYDRYHUER7(0'(6(5WUDQVLWLYRGLUHWRRXWUDQVLWLYR
GLUHWR H LQGLUHWR RX VHMD WHP GH WHU REMHWR GLUHWR QmR Ki
SRVVLELOLGDGH GH VH FRQVWUXLU QD YR] DWLYD D VHJXQGD IRUPD GH VXMHLWR
LQGHWHUPLQDGR
$VVLPQRVFDVRVHPTXHQmRKiDJHQWHGDSDVVLYDQDYR]DWLYDRYHUER
ILFDUi QD  SHVVRD GR SOXUDO IRUPDQGR R SULPHLUR FDVR GH VXMHLWR
LQGHWHUPLQDGR
9DPRVjTXHVWmR
³&RPDYHUEDGR(VWDGRFRPSRVLo}HVMiHVWmRVHQGRUHIRUPDGDV´
ž 3$662 ,GHQWLILFDU R VXMHLWR GD YR] SDVVLYD 2 VXMHLWR SDFLHQWH p 
FRPSRVLo}HVÎHVWHHOHPHQWRVHUiRREMHWRGLUHWRGDYR]DWLYD

ž3$6621RWHTXHVmRWUrVRVYHUERVQDYR]SDVVLYD
(67­26(1'25()250$'$6±GRLVDX[LOLDUHV HVWmRHVHQGR H
XPSULQFLSDO UHIRUPDGDV 
,VVRLQGLFDTXHQDYR]DWLYDKDYHUi'2,6YHUERV (67$55()250$5 
2VHJXQGRYHUERDX[LOLDU R³GRPHLR´6(1'2 pUHWLUDGR
&RPR QmR Ki DJHQWH GD SDVVLYD QmR KDYHUi XP VXMHLWR QD YR] DWLYD 2
YHUER ILFDUi QD WHUFHLUD SHVVRD GR SOXUDO &RPR VH WUDWD GH XPD
ORFXomR YHUEDO LVVR DFRQWHFHUi FRP R YHUER DX[LOLDU 2ULJLQDOPHQWH R
SULPHLUR YHUER DX[LOLDU HVWDYD QR SUHVHQWH GR LQGLFDWLYR IRUPD HP TXH
FRQWLQXDUiQDYR]DWLYD
)HLWDV HVVDV DOWHUDo}HV D YR] DWLYD VHULD ³(VWmR UHIRUPDQGR 
FRPSRVLo}HVFRPDYHUEDGR(VWDGR´



ZZZSRQWRGRVFRQFXUVRVFRPEU_3URI&ODXGLD.R]ORZVNL
&XUVR5HJXODU7HyULFR
$XOD9HUERV
3URI&ODXGLD.R]ORZVNL

±&
0DLV XPD YH] YDPRV WUHLQDU D WUDQVSRVLomR GH YR] SDVVLYD SDUD D YR]
DWLYD
92= 3$66,9$ ± ³2 PDUWHOR GH SHUFXVVmR p FRQIXQGLGR FRP XP
LQVWUXPHQWRDPHDoDGRU´
ž SDVVR LGHQWLILFDU R VXMHLWR SDFLHQWH ± ³2 PDUWHOR GH SHUFXVVmR´ Î
HVVHVHUiRREMHWRGLUHWRGDYR]DWLYD
ž SDVVR PDQWHU R YHUER QR PHVPR WHPSR H PRGR RULJLQDLV p
FRQIXQGLGRRYHUERDX[LOLDUHVWiQRSUHVHQWHGRLQGLFDWLYR
&RPR QmR Ki DJHQWH GD SDVVLYD QD YR] DWLYD WHUHPRV XP FDVR GH
VXMHLWR LQGHWHUPLQDGR GHYHQGR R YHUER SHUPDQHFHU QD WHUFHLUD SHVVRD
GRSOXUDO
$VVLPDIRUPDQDYR]DWLYDVHUi&RQIXQGHPRPDUWHORGHSHUFXVVmR
FRPXPLQVWUXPHQWRDPHDoDGRU
$OJXpPSDUHFHHVWDUSHUJXQWDQGRHVHHXUHVROYHVVHFRORFDURYHUERQD
WHUFHLUD SHVVRD GR VLQJXODU DFRPSDQKDGR GR SURQRPH 6(" $LQGD DVVLP
QmRVHULDXPFDVRGHVXMHLWRLQGHWHUPLQDGR"
$UHVSRVWDpQmR4XDQGRXPYHUERWUDQVLWLYRGLUHWRRXGLUHWRHLQGLUHWR
HVWiDFRPSDQKDGRGRSURQRPH6(IRUPDVHDYR]SDVVLYDSURQRPLQDO
e LVVR R TXH RFRUUH QD RSomR $  (P ³&RQIXQGHVH R PDUWHOR GH
SHUFXVVmR´ IRL PDQWLGD D YR] SDVVLYD Vy TXH GD IRUPD SURQRPLQDO $
H[SUHVVmR ³R PDUWHOR GH SHUFXVVmR´ FRQWLQXD D H[HUFHU D IXQomR GH
VXMHLWRSDFLHQWHHRSURQRPH³VH´pFKDPDGRGHSURQRPHDSDVVLYDGRU

±$
)LQDOPHQWH XP FDVR GH FRQVWUXomR GH YR] SDVVLYD FRP DJHQWH GD
SDVVLYDSDUDIDFLOLWDUDQRVVDYLGD
ž SDVVR LGHQWLILFDU RVXMHLWR SDFLHQWH ± ³QHPWRGR KiELWR GHFRQVXPR´
ÎHVWHHOHPHQWRVHUiRREMHWRGLUHWRGDYR]DWLYD
ž SDVVR PDQWHU R YHUER QR PHVPR WHPSR H PRGR RULJLQDLV Î (P ³p
GLWDGR´RYHUERDX[LOLDUHVWiQRSUHVHQWHGRLQGLFDWLYR
2DJHQWHGDSDVVLYDp³SHODSXEOLFLGDGH´HOHPHQWRTXHVHUiRVXMHLWRGD
YR]DWLYD
(P YLUWXGH GR YDORU QHJDWLYR GR ³QHP´ QR LQtFLR GD FRQVWUXomR D YR]
DWLYD DVVLP SRGHULD ILFDU ³$ SXEOLFLGDGH QmR GLWD WRGR KiELWR GH
FRQVXPR´

ZZZSRQWRGRVFRQFXUVRVFRPEU_3URI&ODXGLD.R]ORZVNL
&XUVR5HJXODU7HyULFR
$XOD9HUERV
3URI&ODXGLD.R]ORZVNL


±&
3ULPHLUD SURYLGrQFLD LGHQWLILFDU R DJHQWH GD SDVVLYD TXH VHUi R VXMHLWR
GDFRQVWUXomRHVVDPiFRPSUHHQVmRGR³DTXLDJRUD´
$JRUD D IRUPD YHUEDO VHX WHPSR H PRGR ³IRUDP GHVWUXtGRV´  YHUER
DX[LOLDU QR SUHWpULWR SHUIHLWR GR LQGLFDWLYR Î QD YR] DWLYD R YHUER
SULQFLSDOGHYHUi PDQWHU HVVH WHPSRH PRGR FRQVLGHUDQGR TXH R Q~FOHR
GRVXMHLWRp&2035((16­2 6,1*8/$5 WHPRVGHVWUXLX
)LQDOPHQWH R VXMHLWR SDFLHQWH YLUD R REMHWR GLUHWR GD YR] DWLYD ³PXLWRV
DPLJRVPXLWRVP~VLFRVJHQLDLV´
$VVLP D FRQVWUXomR QD YR] DWLYD VHUi ³(VVD Pi FRPSUHHQVmR GRµDTXL
DJRUD¶GHVWUXLXPXLWRVDPLJRVPXLWRVP~VLFRVJHQLDLV´
6XJLUR TXH VH IDoD R SURFHVVR SDUD VRPHQWH GHSRLV EXVFDU D UHVSRVWD
GHQWUH DV RSo}HV QmR FRUUHPRV R ULVFR DVVLP GH QRV HQJDQDU FRP DV
VXJHVW}HVGDEDQFD 

±(
9DPRVHQFHUUDUQRVVRHVWXGRFRP&255(/$d­29(5%$/
&RPRGLVVHPRVQmRKiQHFHVVLGDGHGHVHGHFRUDUOLVWDVHPDLVOLVWDVGH
UHODo}HV 0XLWDV YH]HV HVVH WLSR GH HUUR YRFr LGHQWLILFD FRP R VHX
RXYLGR
9HMDVyHVWDTXHVWmR
D  +i XPD FODUD UHODomR HQWUH ³IRVVH´ H ³WHULD´ (VWmR RV GRLV YHUERV
QRFDPSRGDVXSRVLomR
E  $JRUD DLQGD QR FDPSR GD VXSRVLomR RV IDWRV VH UHSRUWDP DR
IXWXUR³IRU´H³WHUi´
F  1HVVD UHODomR R IDWR H[LVWLX H SHUWHQFH DR SDVVDGR 3RU LVVR RV
YHUERV HVWmR UHVSHFWLYDPHQWH QR SUHWpULWR SHUIHLWR H SUHWpULWR
LPSHUIHLWRGRLQGLFDWLYR
G  $JRUDWHPRVXPDORFXomRYHUEDOHPWHPSRFRPSRVWRQD SULPHLUD
RUDomRHXPWHPSRFRPSRVWRFRUUHVSRQGHQWHQDVHJXQGD
H  1RWH TXH Ki DOJXPD FRLVD HUUDGD HP ³6H YRFr VHMD´ (VVD
FRQMXQomR QmR OHYDR YHUER SDUD R VXEMXQWLYR DR FRQWUiULR GH VXD
³SULPD´DFRQMXQomR³FDVR´ ³&DVRYRFrVHMD´ 


ZZZSRQWRGRVFRQFXUVRVFRPEU_3URI&ODXGLD.R]ORZVNL
&XUVR5HJXODU7HyULFR
$XOD9HUERV
3URI&ODXGLD.R]ORZVNL

±%

(VWmR HP GHVDUPRQLD RV YHUERV GR SHUtRGR (QTXDQWR TXH R SULPHLUR
VLWXDRIDWRQRFDPSRUHDO ³eFRQYHQLHQWH´ RVHJXQGRHVWiQRSODQR
GDKLSyWHVH ³RWLPHILFDULD´ 

(

1mR SRGH R YHUER QR 35(7e5,72 ,03(5)(,72 '2 ,1',&$7,92 VH


FRUUHODFLRQDUFRPRXWURQR)87852'235(6(17('2,1',&$7,92

1R OXJDU GHVWH SRGHULD WHU VLGR XVDGR R )87852 '2 35(7e5,72 ³6H
TXHULD 32'(5,$ FKDPDU GH PHGLWDomR´  RX R SUySULR 35(7e5,72
,03(5)(,72 ³6H TXHULD SRGLD FKDPDU GH PHGLWDomR´  HVVD ~OWLPD
PXLWRFRPXPQDOLQJXDJHPIDODGD

±,7(0,1&255(72

0XLWDV YH]HV R PRGR VXEMXQWLYR p XPD H[LJrQFLD GD FRQVWUXomR 1RWH


TXH D FRQMXQomR ³VH´ DFHLWD TXH R YHUER VHMD FRQMXJDGR QR SUHVHQWH GR
LQGLFDWLYR³VHVHGHVHMDXPUHJLPHGHPRFUiWLFR´

$SDUWLUGRPRPHQWRHPTXHVHVXJHUHDWURFDGDFRQMXQomR³VH´SRUVXD
HTXLYDOHQWH D FRQMXQomR ³FDVR´ Ki QHFHVVLGDGH GH VH DOWHUDU D
FRQMXJDomR GR YHUER D HOD OLJDGR OHYDQGRR SDUD R SUHVHQWH GR
VXEMXQWLYR³FDVRVHGHVHMHXPUHJLPHGHPRFUiWLFR´

2 TXH WRUQD LQFRUUHWD D DVVHUWLYD p D RPLVVmR GD QHFHVVLGDGH GH VH


DOWHUDUDIRUPDYHUEDO


±,7(0&255(72
$&25'2 2572*5È),&2 $ SDODYUD ³LGHLD´ QmR UHFHEH PDLV DFHQWR
DJXGR

$R FRQWUiULR GD TXHVWmR DQWHULRU GHVVD YH] D EDQFD H[DPLQDGRUD Mi
DSUHVHQWD QmR Vy D WURFD GD FRQMXQomR FRPR WDPEpP D QRYD IRUPD
YHUEDO GR IXWXUR GR VXEMXQWLYR VH QmR IL]HUPRVWLYHUPRV  SDUD R
SUHVHQWHGRVXEMXQWLYR FDVRQmRIDoDPRVWHQKDPRV 


ZZZSRQWRGRVFRQFXUVRVFRPEU_3URI&ODXGLD.R]ORZVNL
&XUVR5HJXODU7HyULFR
$XOD9HUERV
3URI&ODXGLD.R]ORZVNL

±&
0DLVXPDTXHVWmRHQYROYHQGRFRUUHODomRYHUEDO

(VWiLQFRUUHWDDUHODomRGRVYHUERVGDRSomR&

(QTXDQWRRSULPHLURDSUHVHQWDXPIDWRQRSUHWpULWRLPSHUIHLWRLQGLFDQGR
XP IDWR GH FHUWD GXUDomR QR SDVVDGR R VHJXQGR VLWXDR QR FDPSR GD
UHDOLGDGHIXWXUDFRPRVHHVVHIDWRIRVVHFHUWRGHDFRQWHFHU³2DXWRUGR
WH[WRSHQVDYDTXHD7HUUDVHWRUQDUiLQYLiYHO´

$ IRUPD PDLV DSURSULDGD VHULD HPSUHJDU R VHJXQGR YHUER QR IXWXUR GR
SUHWpULWR DORFDQGR R IDWR QR FDPSR GDV SRVVLELOLGDGHV KLSyWHVHV ³2
DXWRUGRWH[WRSHQVDYDTXHD7HUUDVHWRUQDULDLQYLiYHO´1RWHTXHHVVD
pDVXJHVWmRGDVRSo}HVDEHH

±$

(P ³6H KRXYHVVH XPD OHL TXH SURLELVVH´ QRWDVH TXH HVVD OHL QmR
H[LVWHHQmRVHWHPFHUWH]DVHHODH[LVWLUiXPGLD$VVLPWRGRVRVIDWRV
HVWmRQRFDPSRGDVXSRVLomR

-iQDRSomR$WDQWRRSULPHLURYHUER KRXYHU FRPRRVHJXQGR SURtED 


VLWXDP RV IDWRV WDPEpP FRPR KLSyWHVHV PDV GHVWD YH] HP UHODomR DR
IXWXUR HQWHQGHQGRVH TXH QR DWXDO PRPHQWR WDO OHL HIHWLYDPHQWH QmR
H[LVWHPDVSRGHVHUTXHHODYHQKDDH[LVWLU

eSRULVVRTXHHVWiSHUIHLWDDUHODomRHQWUHHVVHVGRLVYHUERV

1mRpSRVVtYHODFRQVWUXomRGH³VHKDYHU´ EG H³VHKDMD´ F 

-i D IRUPD ³SURLELVVH´ DOpP GH DSUHVHQWDU HUUR GH DFHQWXDomR QmR
HVWDEHOHFHXPDUHODomRDGHTXDGDFRPDIRUPD³KRXYHU´ TXHVHUHSRUWD
DRIXWXUR

±%
$ IRUPD YHUEDO 7,1+$ 6,'2 0$5&$'$ p XPD ORFXomR YHUEDO GH YR]
SDVVLYD YHUER 6(5 LQGLFD HVVD SDVVLYLGDGH  QR 35(7e5,72 0$,648(
3(5)(,72 &2032672 7(5  6,'2  9(5%2 35,1&,3$/  WHPSR TXH
GHVLJQD XP PRPHQWR SDVVDGR DQWHULRU D RXWUR PRPHQWR WDPEpP
SDVVDGR GDtRQRPH³PDLVTXHSHUIHLWR´MiTXH³SHUIHLWR´pSDVVDGR 

ZZZSRQWRGRVFRQFXUVRVFRPEU_3URI&ODXGLD.R]ORZVNL
&XUVR5HJXODU7HyULFR
$XOD9HUERV
3URI&ODXGLD.R]ORZVNL

1R SDVVDGR HVWi R PRPHQWR GR GLVFXUVR GH 0LPR OtGHU JXHUULOKHLUR GD
UHJLmR  IDWR OHPEUDGR SHOR DXWRU (P XP PRPHQWR DQWHULRU D HVVH
PRPHQWR SUHWpULWR HVWi VXD LQIkQFLD H DV OHPEUDQoDV GRV GLVFXUVRV
KLVWyULFRV GH 0XVVROLQL 3RU LVVR HVWi FRUUHWD D LQGLFDomR GH TXH D
H[SUHVVmRYHUEDOIRLXVDGDSDUDLQGLFDUXPPRPHQWRSDVVDGRHPUHODomR
DRPRPHQWRHPTXH0LPRGLVFXUVRX

±%
2 HQXQFLDGR GHVVD TXHVWmR PXLWR PDO UHGLJLGR D PHX YHU  SRGH WHU
FRQIXQGLGR PXLWRV FDQGLGDWRV 3RU QmR HQWHQGHU SHUIHLWDPHQWH PXLWRV
FDQGLGDWRVSRGHP WHU DVVLQDODGR RSo}HVTXHDSUHVHQWDP IRUPDV YHUEDLV
LQFRUUHWDV PDV QmR HUD HVVH R REMHWR GD TXHVWmR 2 H[DPLQDGRU TXHU
TXHRFDQGLGDWRLQGLTXHRYHUERTXHSRVVXLVRPHQWHRSDUWLFtSLRUHJXODU
FXMDWHUPLQDomRpGR QmRVHQGRSRVVtYHOVXDIRUPDLUUHJXODU
9DPRVDQDOLVDUFDGDXPDGDVRSo}HV
D  $ ULJRU R YHUER 3(*$5 p XP GRV TXH DGPLWHP TXDOTXHU IRUPD GH
SDUWLFtSLR SDUD TXDOTXHU YHUER DX[LOLDU 7(5+$9(5 RX 6(5(67$5  +i
TXHPDVVLPQmRHQWHQGDSRUOLPLWDURHPSUHJRGH3(*2SDUDRVYHUERV
6(5(67$5 H 3(*$'2 SDUD 7(5+$9(5 7DPEpP H[LVWH TXHP Vy DFHLWH
XPDIRUPDHPGHWULPHQWRGDRXWUD±RXVHMDHVVHSRQWRQmRpSDFtILFR
QD GRXWULQD $VVLP HP SURYDV GH P~OWLSOD HVFROKD DQDOLVH WRGDV DV
RSo}HV4XDOTXHUTXHVHMDDSRVLomRGRXWULQiULDGRH[DPLQDGRUQmRVHULD
HVVDDUHVSRVWDXPDYH]TXHRYHUER3(*$5SRVVXLDVGXDVIRUPDV
E  2 YHUER &21)(66$5 VRPHQWH DGPLWH R SDUWLFtSLR UHJXODU WDQWR SDUD
RV YHUERV 7(5+$9(5 WHPSR FRPSRVWR  TXDQWR SDUD 6(5(67$5 YR]
SDVVLYD $VVLPHP³2FULPHIRL´VySRGHVHU&21)(66$'2
$ IRUPD ³FRQIHVVR´ SRGH VHU D FRQMXJDomR GR YHUER &21)(66$5 QD D
SHVVRDGRVLQJXODUGRSUHVHQWHGRLQGLFDWLYR HXFRQIHVVR RXRDGMHWLYR
FRUUHVSRQGHQWH³(OHHUDUpX&21)(662´3RULVVRDUHVSRVWDpDRSomR
%±QmRFDEH QHPH[LVWH SDUWLFtSLRLUUHJXODUSDUDRYHUER&21)(66$5
F  +i XP HUUR QHVVD RSomR PDV QmR HUD LVVR R TXH R H[DPLQDGRU
EXVFDYD Mi YLPRV ORJR QR LQtFLR GHVWH FRPHQWiULR TXH HOH TXHULD VDEHU
TXDOIRUPDVyDGPLWLULDRSDUWLFtSLRUHJXODUVHQGRDUHVSRVWDDOHWUD% 
2 YHUER (/(*(5 DFHLWD R SDUWLFtSLR LUUHJXODU SDUD RV YHUERV 6(5(67$5
2 FDQGLGDWR IRL HOHLWR  H R SDUWLFtSLR UHJXODU SDUD 7(5+$9(5 $
SRSXODomRWLQKDHOHJLGRRFDQGLGDWR &RPRGHYHULDVHUXVDGRRSDUWLFtSLR
LUUHJXODUHVVDQmRVHULDDUHVSRVWDGDTXHVWmR

ZZZSRQWRGRVFRQFXUVRVFRPEU_3URI&ODXGLD.R]ORZVNL
&XUVR5HJXODU7HyULFR
$XOD9HUERV
3URI&ODXGLD.R]ORZVNL

G  &RP 6(5(67$5 XVDVH R SDUWLFtSLR LUUHJXODU IRL LQVHUWR &RP
7(5+$9(5 XVDVH R SDUWLFtSLR UHJXODU ³WLQKD LQVHULGR´ (VWi FRUUHWD D
IRUPDDSUHVHQWDGD
H  2 PHVPR DFRQWHFH FRP R YHUER ,035,0,5 6(5(67$5  SDUWLFtSLR
LUUHJXODU IRL LPSUHVVR  7(5+$9(5  SDUWLFtSLR UHJXODU WLQKD
LPSULPLGR 

±'
(VWD TXHVWmR WUDWD GH &255(/$d­2 9(5%$/ &RPR YLPRV XPD
³GREUDGLQKD´ FRPXP p )87852 '2 35(7e5,72 '2 ,1',&$7,92 [
35(7e5,72,03(5)(,72'268%-817,92FRPRHP³*RVWDULDTXHYRFr
HVWLYHVVHDTXL´
2 H[DPLQDGRU EXVFDYD D RSomR TXH DSUHVHQWDVVH IRUPDV HTXLYDOHQWHV D
³VHULD´ H ³GHL[DVVHP´ VHP PXGDQoD GH VHQWLGR (VVD ~OWLPD QRWDomR
OHYDYD GLUHWDPHQWH j RSomR ' SRUTXH DLQGD TXH DOJXPD RXWUD RSomR
DSUHVHQWDVVHIRUPDVYHUEDLVFRUUHODFLRQDGDVFRUUHWDPHQWHQmRPDQWHULD
RVHQWLGRGDIUDVHRULJLQDOSRUDOWHUDUDVLQGLFDo}HVWHPSRUDLV
2EVHUYHTXHD~QLFDFRLVDTXHRH[DPLQDGRUIH]QDRSomR'IRLPXGDURV
YHUERV GH IRUPDV VLPSOHV SDUD IRUPDV FRPSRVWDV DJUHJDQGR RV
DX[LOLDUHV7(5+$9(5 
6(5,$Î+$9(5,$6,'2
'(,;$66(0Î7,9(66(0'(,;$'2

±(
2 PRGR 68%-817,92 VLWXD D DomR YHUEDO QR FDPSR GD SRVVLELOLGDGH
SUREDELOLGDGH1DFRQVWUXomRDIRUPDSDUDVVHPLQGLFDXPDDomRLQFHUWD
PDVSRVVtYHOGHDFRQWHFHUQRIXWXURSRULVVRDUHVSRVWDpDRSomR(


'
(QFHUUDPRVDDXODGHKRMHFRPHVVDTXHVWmR
-i YLPRV TXH RV YHUERV WHUPLQDGRV HP  ($5 UHFHEHP D OHWUD µL¶ QDV
IRUPDV UL]RW{QLFDV VtODED W{QLFD QR UDGLFDO  1DV GHPDLV VHJXH R
SDUDGLJPD µIDODU¶ +DYHQGR G~YLGD VLJD R SDUDGLJPD ³SHQWHDU´ HOHV
SHQWHLDPÎHOHVSOHLWHLDP

ZZZSRQWRGRVFRQFXUVRVFRPEU_3URI&ODXGLD.R]ORZVNL
&XUVR5HJXODU7HyULFR
$XOD9HUERV
3URI&ODXGLD.R]ORZVNL

$OpP GRV SUREOHPDV UHODWLYRV DRV DVSHFWRV YHUEDLV HUUR GH FRQMXJDomR
QHVWD RSomR Ki WDPEpP SUREOHPDV QD FRUUHODomR HQWUH RV YHUERV TXH
FRPS}HPRSHUtRGR
$SHQDV GHYHUmR IXWXUR GR SUHVHQWH GR LQGLFDWLYR ID]rOR RV TXH
7,9(5(0 ,5 UHWLGR QD IRQWH H 3/(,7($5(0 UHVWLWXLomR IXWXUR GR
VXEMXQWLYR 

$
2V YHUERV WHUPLQDGRV HP ($5 UHFHEHP D YRJDO L QD FRQMXJDomR GDV
IRUPDV UL]RW{QLFDV HX IUHLR  TXH HX IUHLH  H IRUPDP VXEVWDQWLYRV FRP
HVVD YRJDO IUHLR  SRU LVVR FDXVDP WDQWD FRQIXVmR HP UHODomR DR VHX
LQILQLWLYR TXH QmR UHFHEH HVVD OHWUD L R FRUUHWR p )5($5 
5()5($5
,VVR VH DSOLFD WDPEpP D WRGRV RV YHUERV TXH VHJXHP HVVH SDUDGLJPD
FRPRFHDU FHLD SDVVHDU SDVVHLR DUUHDU DUUHLR HWDQWRVRXWURV


3RUKRMHpVy%RQVHVWXGRVHDWpDSUy[LPDDXOD

ZZZSRQWRGRVFRQFXUVRVFRPEU_3URI&ODXGLD.R]ORZVNL

You might also like