You are on page 1of 43

*UXSR 

5HSDUR H $MXVWH GR %ORFR GH &LOLQGURV &DPLVDV 3LVW}HV H +DVWHV

9HULILFDo}HV 3UHOLPLQDUHV GH &DPLVDV 3LVW}HV H +DVWHV


3LVW}HV $UUDQKDGRV RX 5LVFDGRV ‡ 0DQXWHQomR SHULyGLFD LQGHYLGD
‡ 0iV FRQGLo}HV GH RSHUDomR
‡ 6XSHUDTXHFLPHQWR ‡ 9D]DPHQWR GH OtTXLGR GH UHIULJHUDomR SDUD R FiUWHU
‡ ([FHVVR GH &RPEXVWtYHO ‡ &RQLFLGDGH H[FHVVLYD GD FDPLVD GR FLOLQGUR
‡ )DOWD GH OXEULILFDomR
‡ 5HIULJHUDomR LQVXILFLHQWH $QpLV GH &RPSUHVVmR 0RVTXHDGRV $FLQ]HQWDGRV
‡ )ROJD LQDGHTXDGD HQWUH D FDPLVD H R SLVWmR RX (VFDYDGRV
‡ 9D]DPHQWR GH OtTXLGR GH UHIULJHUDomR SDUD R FiUWHU
‡ %LHOD GHVDOLQKDGD RX HPSHQDGD ‡ 9D]DPHQWRV LQWHUQRV GR OtTXLGR GH UHIULJHUDomR
‡ 3LVWmR LQVWDODGR LQFRUUHWDPHQWH $FDEDPHQWR $FHWLQDGR )RVFR H 3HTXHQRV
‡ %DL[R QtYHO GH yOHR $UUDQK}HV 9HUWLFDLV QRV $QpLV
‡ 2SHUDomR LQGHYLGD
‡ )ROJD LQFRUUHWD QR PDQFDO GD ELHOD ‡ 6XMHLUD H DEUDVLYRV QR VLVWHPD GH HQWUDGD GH DU
‡ 'HSyVLWRV GH FDUERQR QD UDQKXUD GR DQHO
‡ $PDFLDPHQWR LQGHYLGR GR PRWRU )DOKD GR 3LQR GR 3LVWmR H GR $QHO GH 5HWHQomR
‡ 3LVWmR FRP GHVJDVWH
‡ ÏOHR FRQWDPLQDGR ‡ %LHOD GHVDOLQKDGD
‡ &DPLVD GR FLOLQGUR GLVWRUFLGD ‡ )ROJD H[FHVVLYD QR HL[R GH PDQLYHODV
‡ 2ULItFLR GH UHIULJHUDomR GR SLVWmR EORTXHDGR ‡ $QpLV GH UHWHQomR LQFRUUHWRV
‡ ,QJHVWmR GH SRHLUD DWUDYpV GD HQWUDGD GH DU %LHOD 4XHEUDGD
$QpLV GH &RPSUHVVmR 8VDGRV RX 4XHEUDGRV ‡ )ROJD LQDGHTXDGD HQWUH R SLVWmR H D FDPLVD
‡ )DOWD GH OXEULILFDomR ‡ 0DQFDO GD ELHOD XVDGR
‡ 5HIULJHUDomR LQVXILFLHQWH ‡ /LQKD GR FLOLQGUR GLVWRUFLGD
‡ ,QVWDODomR LQGHYLGD GR DQHO ‡ )DOKD GR SLQR GR SLVWmR
‡ 6LQFURQL]DomR LQGHYLGD 'HVJDVWH H 'LVWRUomR GDV &DPLVDV GRV &LOLQGURV
‡ $EUDVLYRV QD FkPDUD GH FRPEXVWmR
$QHO GH &RQWUROH GH ÏOHR 2EVWUXtGR
‡ $QpLV GH FRPSUHVVmR LQVWDODGRV LQFRUUHWDPHQWH
‡ )DOWD GH OXEULILFDomR
‡ ÏOHR LQDGHTXDGR ‡ 5HVIULDPHQWR LUUHJXODU DR UHGRU GD FDPLVD
‡ ([SORV}HV GH HVFDSH H[FHVVLYDV ‡ )ROJD LQDGHTXDGD HQWUH R SLVWmR H D FDPLVD
‡ ÏOHR FRQWDPLQDGR ‡ 'DQRV QR IXUR GD FDPLVD
‡ 0DQXWHQomR SHULyGLFD LQGHYLGD %ORFR GH &LOLQGURV (PSHQDGR
‡ 7HPSHUDWXUD GH RSHUDomR EDL[D
$QpLV 3UHVRV
‡ 5HIULJHUDomR LQVXILFLHQWH
‡ &ODVVLILFDomR LQGHYLGD GR yOHR
5*5* 0$<

&70 )(%  0RWRUHV 'LHVHO GH 


/
31 
5HSDUR H $MXVWH GR %ORFR GH &LOLQGURV &DPLVDV 3LVW}HV H +DVWHV

5HPRYD R &RQMXQWR GRV 3LVW}HV H %LHODV

&8,'$'2 1­2 GUHQH R OtTXLGR UHIULJHUDQWH


DWp TXH VXD WHPSHUDWXUD VHMD PHQRU TXH D
WHPSHUDWXUD GH RSHUDomR 6(035( DIURX[H
OHQWDPHQWH D YiOYXOD GH GUHQR GD ERPED GR
OtTXLGR GH DUUHIHFLPHQWR $ H D YiOYXOD GH GUHQR
GR EORFR % SDUD OLEHUDU TXDOTXHU SUHVVmR 'UHQH
R OtTXLGR GH UHIULJHUDomR H R yOHR GR PRWRU

,03257$17( DPEDV DV YiOYXODV GHYHP VHU DEHUWDV


SDUD GUHQDU FRPSOHWDPHQWH R EORFR GR PRWRU

5* ²81²$35
 'UHQH WRGR R OtTXLGR GH DUUHIHFLPHQWR H yOHR GR PRWRU
127$ VH R PRWRU WLYHU TXH VHU WRGR GHVPRQWDGR
FRQVXOWH 6(4hÇ1&,$ '( '(60217$*(0
'2 02725 QR *UXSR 

 5HPRYD R FDEHoRWH GR &LOLQGUR &RQVXOWH 5(029$


2 &$%(d27( '2 &,/,1'52 QR *UXSR  9iOYXOD GH 'UHQDJHP GD %RPED GH /tTXLGR GH 5HIULJHUDomR

 5HPRYD D ERPED H D EDQGHMD GH yOHR &RQVXOWH


5(029$ $ %20%$ '( Ï/(2 '2 02725 QR *UXSR


$²9iOYXOD GH 'UHQDJHP GD %²9iOYXOD GH 'UHQR GR %ORFR


%RPED GH /tTXLGR GH GR &LOLQGUR

5* ²81²129
5HIULJHUDomR

9iOYXOD GH 'UHQR GR %ORFR GR &LOLQGUR

&RQWLQXD QD SUy[LPD SiJLQD 5() -$1

&70 )(%  0RWRUHV 'LHVHO GH 


/
31 
5HSDUR H $MXVWH GR %ORFR GH &LOLQGURV &DPLVDV 3LVW}HV H +DVWHV

,03257$17( 1mR JLUH R YLUDEUHTXLP FRP R


FDEHoRWH GR FLOLQGUR UHPRYLGD D QmR VHU TXH
DV FDPLVDV HVWHMDP SDUDIXVDGDV 3DUDIXVH DV
FDPLVDV DQWHV GH UHPRYHU R SLVWmR
2V SDUDIXVRV GH IL[DomR H DV DUUXHODV GHYHP
VHU DSHUWDGDV QDV VHJXLQWHV HVSHFLILFDo}HV

5* ²81²)(%
SDUD REWHU XPD OHLWXUD SUHFLVD QD PHGLomR GD
SURWUXVmR GD FDPLVD DOWXUD DFLPD GR EORFR 
&RQVXOWH 0(',d­2 '$ 3527586­2 '$
&$0,6$ '2 &,/,1'52 $/785$ $&,0$ '2
%/2&2  SRVWHULRUPHQWH QHVWH JUXSR

 8WLOL]H SDUDIXVRV  FRP DSUR[LPDGDPHQWH 


PP  LQ GH FRPSULPHQWR H DUUXHODV FRP ', GH $SDUDIXVDPHQWR GDV &DPLVDV GR &LOLQGUR
 LQ H '( GH  LQ [  PP  LQ GH
HVSHVVXUD SDUD DSDUDIXVDU DV FDPLVDV GH FLOLQGUR QRV ‡ $V FDPLVDV HVWLYHUHP FRUURtGDV RX DSUHVHQWDUHP
ORFDLV LQGLFDGRV $SHUWH RV SDUDIXVRV FRP FDEHoD GH DUUDQK}HV YHUWLFDLV SURIXQGRV TXH SRGHP VHU
DFRUGR FRP DV HVSHFLILFDo}HV GHWHFWDGRV FRP R WRTXH GD XQKD GR GHGR
(VSHFLILFDomR $ LQVSHomR QmR VHUi PDLV QHFHVViULD VH IRU
3DUDIXVRV GH )L[DomR LGHQWLILFDGD TXDOTXHU XPD GDV FRQGLo}HV DFLPD
GD &DPLVD GR &LOLQGUR
3DUD 9HULILFDomR GD 127$ D IROJD GR yOHR HQWUH R URODPHQWR GD ELHOD H
3URWUXVmR ²7RUTXH  1ÂP  OEIW R PDQFDO GHYH VHU PHGLGD DQWHV GH UHPRYHU
R FRQMXQWR SLVWmRELHOD
¬ PHGLGD TXH D FDPLVD GR FLOLQGUR VH GHVJDVWD
XPD DUHVWD p IRUPDGD HP FLPD GD ]RQD GH FXUVR QR 8VH 3/$67,*$*(Š FRQIRUPH RULHQWDomR GR
DQHO GR SLVWmR 6H HVVD DUHVWD IRU PXLWR JUDQGH RV IDEULFDQWH /HPEUHVH R XVR GH 3/$67,*$*(Š
DQpLV H SLVW}HV SRGHP VHU GDQLILFDGRV TXDQGR IRUHP GHWHUPLQDUi D IROJD GR yOHR HQWUH R URODPHQWR
UHPRYLGRV 5HPRYD WRGDV DV DUHVWDV GRV RULItFLRV H R PDQFDO PDV QmR LQGLFDUi D FRQGLomR
GD FDPLVD FRP XP UDVSDGRU RX PDQGULO DQWHV GH GD VXSHUItFLH GH FDGD XP
UHPRYHU RV SLVW}HV
 $ IROJD GR yOHR HQWUH R URODPHQWR GD ELHOD H R PDQFDO
 $QWHV GH UHPRYHU RV SLVW}HV LQVSHFLRQH YLVXDOPHQWH GHYH VHU YHULILFDGD FRP 3/$67,*$*(Š VH D ELHOD
D FRQGLomR GDV FDPLVDV GRV FLOLQGURV FRP RV SLVW}HV QmR HVWLYHU FRQHFWDGD DR YLUDEUHTXLP 6H D ELHOD
QR 30, SRQWR PRUWR LQIHULRU  $V FDPLVDV GHYHUmR HVWLYHU IRUD GR PRWRU PHoD R ', GRV URODPHQWRV GD
VHU VXEVWLWXtGDV TXDQGR ELHOD H FRPSDUH FRP R '( GR PDQFDO GR YLUDEUHTXLP
‡ 2 SDGUmR GH EUXQLGXUD KDFKXUDGR QmR HVWLYHU YLVtYHO
LPHGLDWDPHQWH DEDL[R GD iUHD GH JLUR VXSHULRU GR
DQHO
3/$67,*$*( p XPD PDUFD UHJLVWUDGD GD '$1$ &RUS
&RQWLQXD QD SUy[LPD SiJLQD 5() -$1

&70 )(%  0RWRUHV 'LHVHO GH 


/
31 
5HSDUR H $MXVWH GR %ORFR GH &LOLQGURV &DPLVDV 3LVW}HV H +DVWHV

,03257$17( 1­2 XVH FKDYHV SQHXPiWLFDV SDUD


DSHUWDU RX VROWDU SDUDIXVRV GD ELHOD 2 XVR GH
FKDYHV SQHXPiWLFDV SRGH GDQLILFDU D URVFD
0DQWHQKD RV LQVHUWRV GR PDQFDO FRP VXDV
UHVSHFWLYDV KDVWHV H WDPSDV 0DUTXH ELHODV
SLVW}HV H WDPSDV SDUD JDUDQWLU PRQWDJHP

5* ²81²$8*
FRUUHWD QD PHVPD SRVLomR

 5HPRYD WRGDV DV WDPSDV GH ELHODV $ FRP


URODPHQWRV % 
2 YLUDEUHTXLP HVWi UHPRYLGR PDV R FRQMXQWR GR SLVWmR
H ELHOD SRGH VHU UHWLUDGR FRP R YLUDEUHTXLP LQVWDODGR
5HPRomR GH 7DPSDV GH %LHODV
,03257$17( &XLGDGR SDUD QmR SHUPLWLU TXH D ELHOD
DUUDQKH D VXSHUItFLH GR HL[R GH PDQLYHODV $²7DPSDV GH %LHODV %²5RODPHQWRV
TXDQGR R FRQMXQWR GH SLVWmR H ELHOD IRU UHPRYLGR
7HQKD R H[WUHPR FXLGDGR GH QmR GDQLILFDU R
RULItFLR GH SXOYHUL]DomR GR SLVWmR 2V SLVW}HV
 VmR UHIULJHUDGRV GLUHWDPHQWH D yOHR HQWmR
p LPSRUWDQWH D FRUUHWD RULHQWDomR GR RULItFLR
6H DV FDPLVDV IRUHP UHXWLOL]DGDV WHQKD

5* ²81²'(&
R H[WUHPR FXLGDGR GH QmR GHL[DU D ELHOD
DWLQJLU R RULItFLR GD FDPLVD TXDQGR UHPRYHU
R FRQMXQWR GH SLVW}HV H ELHODV
$V FDPLVDV H RV SLVW}HV VmR IL[DGRV
VHOHWLYDPHQWH SDUD PDQWHU D IROJD HQWUH RV
SLVW}HV H DV FDPLVDV 6HPSUH PDQWHQKDP 5HPRomR GR 3LVW}HV
MXQWRV RV SLVW}HV H FDPLVDV FRPSDWtYHLV
VHQGR TXH FDGD XP '(9( 6(5 LQVWDODGR QR
PHVPR FLOLQGUR GR TXDO IRL UHPRYLGR $²3LVW}HV

 %DWD OHYHPHQWH QR SLVWmR $ DWUDYpV GR WRSR GR EORFR


GH FLOLQGURV GHVGH D SDUWH LQIHULRU $VVLP TXH RV
DQpLV GR SLVWmR GHVREVWUXtUHP R RULItFLR QD FDPLVD GR
FLOLQGUR VHJXUH R SLVWmR SDUD HYLWDU TXH HOH FDLD
5() -$1

&70 )(%  0RWRUHV 'LHVHO GH 


/
31 
5HSDUR H $MXVWH GR %ORFR GH &LOLQGURV &DPLVDV 3LVW}HV H +DVWHV

&DPLVD GR &LOLQGUR ² 0HGLomR GD $OWXUD


$FLPD GR %ORFR
,03257$17( 5HPRYD WRGR R PDWHULDO YHOKR GH MXQWD
IHUUXJHP FDUERQR H RXWURV PDWHULDLV HVWUDQKRV
GR FDEHoRWH GR EORFR $ VXSHUItFLH GD MXQWD

5* ²81²0$<
'(9( (67$5 /,03$ 8WLOL]H DU FRPSULPLGR
SDUD UHPRYHU WRGR R PDWHULDO HVWUDQKR VROWR
GR FLOLQGUR H GR FDEHoRWH

127$ $V FDPLVDV TXH DSUHVHQWDP GHIHLWRV yEYLRV


GHYHP VHU VXEVWLWXtGDV FRPR XP FRQMXQWR GH
SLVW}HV H FDPLVDV FRPSDWtYHLV
$SDUDIXVDPHQWR GDV &DPLVDV GR &LOLQGUR
127$ 3DUDIXVRV GHYHP VHU FRORFDGRV HP FDGD
FDQWR GD FDPLVD DR IL[DU D FDPLVD QR OXJDU
HVSHFLDOPHQWH VH D JD[HWD VXSHULRU GD FDPLVD H
RV DQpLV 2 HVWLYHUHP LQVWDODGRV 1R WRWDO VmR
QHFHVViULRV  SDUDIXVRV H DUUXHODV

5* ²81²129
127$ 8WLOL]H DUUXHODV PDFLDV SDUD TXH R IODQJH
GD FDPLVD QmR VHMD GDQLILFDGR TXDQGR RV
SDUDIXVRV IRUHP DSHUWDGRV

 ,QVWDOH RV SDUDIXVRV FRP DUUXHODV SODQDV  PP


 LQ '( [  PP  LQ ', QRV RULItFLRV GRV
SDUDIXVRV GH PRQWDJHP GR FDEHoRWH GRV FLOLQGURV
SDUD SUHQGHU DV FDPLVDV GRV FLOLQGURV $V DUUXHODV $OWXUD GD &DPLVD
OLVDV GHYHP WHU XPD HVSHVVXUD PtQLPD GH  PP
 LQ  $SHUWH RV SDUDIXVRV GH DFRUGR FRP DV
HVSHFLILFDo}HV
(VSHFLILFDomR
3DUDIXVRV GD &DPLVD GR

5* ²81²0$<
&LOLQGUR 3DUD 9HULILFDomR
GR UHVVDOWR ²7RUTXH  1‡P  OEIW

 8VH R %ORFR ,QGLFDGRU -'* & MXQWR FRP R 5HOyJLR


&RPSDUDGRU '&, ,PSHULDO LQ RX '&,
0pWULFR PP % RX ,QGLFDGRU .-' SDUD PHGLU
D DOWXUD $ GDV FDPLVDV SDUDIXVDGDV TXH QmR HVWmR
REYLDPHQWH GHIHLWXRVDV DQWHV GD UHPRomR GR EORFR
0HGLomR GD $OWXUD GD &DPLVD GR &LOLQGUR
127$ $V YDULDo}HV QDV OHLWXUDV GH PHGLomR
SRGHP RFRUUHU GHQWUR GH XP FLOLQGUR HRX $²$OWXUD GD &DPLVD %²%ORFR GH ,QGLFDGRU -'*
HQWUH FLOLQGURV DGMDFHQWHV

 0HoD FDGD FDPLVD FRP FDOoRV HP TXDWUR OXJDUHV QHVWH JUXSR 6XEVWLWXD RV FRQMXQWRV GH SLVWmRFDPLVD
DSUR[LPDGDPHQWH QDV SRVLo}HV GH    H  KRUDV VH QHFHVViULR
FRQIRUPH YLVWR GD WUDVHLUD GR PRWRU H[WUHPLGDGH GR
YRODQWH  5HJLVWUH WRGDV DV PHGLo}HV (VSHFLILFDomR
&DPLVDV GRV
 $V  OHLWXUDV GH DOWXUD GD FDPLVD QmR GHYHP YDULDU &LOLQGURV²UHVVDOWR
PDLV GH  PP  LQ  6H D YDULDomR H[FHGHU $OWXUD $FLPD GR %ORFR   D  PP  D  LQ
HVVD HVSHFLILFDomR UHPRYD D FDPLVD H JLUH R EORFR
GH FLOLQGURV ƒ 6H D YDULDomR DLQGD IRU H[FHVVLYD 6H D DOWXUD GD FDPLVD DFLPD GR EORFR HVWLYHU EDL[R HVWmR
UHPRYD D FDPLVD H JLUH R EORFR GH FLOLQGURV PDLV ƒ GLVSRQtYHLV QR VHUYLoR GH SHoDV FDOoRV GH FDPLVD QDV
HVSHVVXUDV GH  PP  PP H  PP 
 5HPRYD D FDPLVD TXH QmR DWHQGHU j HVSHFLILFDomR GH LQ  LQ H  LQ SDUD DXPHQWDU D DOWXUD GD FDPLVD
UHVVDOWR HP TXDOTXHU ORFDO H PHoD H HVSHVVXUD GR DFLPD GR EORFR FRQIRUPH DV HVSHFLILFDo}HV 3DUD LQVWDODU
IODQJH QD FDPLVD FRQIRUPH H[SOLFDGR PDLV j IUHQWH FDOoRV QDV FDPLVDV VLJD DV VHJXLQWHV LQVWUXo}HV
&RQWLQXD QD SUy[LPD SiJLQD 5(( $8*

&70 )(%  0RWRUHV 'LHVHO GH 


/
31 
5HSDUR H $MXVWH GR %ORFR GH &LOLQGURV &DPLVDV 3LVW}HV H +DVWHV

&DOoR GH &DPLVD ² ,QVWDODomR


 9LUH D FDPLVD GH FDEHoD SDUD EDL[R DSRLDQGRD QD
SDUWH VXSHULRU GR IODQJH
,03257$17( 7HQKD FXLGDGR DR LQVWDODU RV FDOoRV
SDUD TXH HOHV QmR WRUoDP RX GREUHP 9HULILTXH

5* ²81²0$<
GXDV YH]HV VH R FDOoR HVWi SRVLFLRQDGR
FRUUHWDPHQWH QR IODQJH

,03257$17( 8P Pi[LPR GH  FDOoRV SRGHP


VHU XVDGRV HP TXDOTXHU FDPLVD GH
FLOLQGUR 2V FDOoRV HVWmR GLVSRQtYHLV HP
 GLIHUHQWHV HVSHVVXUDV
,QVWDODU &DOoR GH &DPLVD
‡  PP  LQ
‡  PP  LQ
‡  PP  LQ
 ,QVWDOH FRP FXLGDGR R FDOoR GD FDPLVD VREUH R
GLkPHWUR H[WHUQR GD FDPLVD H GHVOL]H DOpP GR UHEDL[R
GD JD[HWD DWp R FRUSR GD FDPLVD

5* ²81²0$<
 8VH D IHUUDPHQWD GH ,QVWDODomR GH &DOoR -'*
SDUD DMXGDU D GLUHFLRQDU R FDOoR VREUH D FDPLVD
DWp HQFDL[iOR QR ODGR LQIHULRU GR IODQJH GD FDPLVD
5HPRYD D IHUUDPHQWD H FRORTXHD GH ODGR
 5HSLWD DV HWDSDV SDUD YHULILFDU VH D UHVVDOWR GD FDPLVD
HVWi GH DFRUGR FRP D HVSHFLILFDomR
)HUUDPHQWD GH ,QVWDODomR GH &DOoR -'*

5(( $8*

5HPRomR GDV &DPLVDV GR &LOLQGUR


 5HPRYD RV SDUDIXVRV H DUUXHODV TXH IL[DP DV FDPLVDV
QR EORFR GRV FLOLQGURV
 1XPHUH DV FDPLVDV GR FLOLQGUR H PDUTXH DV SDUWHV
GLDQWHLUDV SDUD JDUDQWLU XPD PRQWDJHP FRUUHWD

5* ²81²0$5
$²&DPLVD GR &LOLQGUR %²([WUDWRU GH &DPLVD GR
&LOLQGUR '$

5HPRYD D &DPLVD GR &LOLQGUR

&RQWLQXD QD SUy[LPD SiJLQD 5(% 0$5

&70 )(%  0RWRUHV 'LHVHO GH 


/
31 
5HSDUR H $MXVWH GR %ORFR GH &LOLQGURV &DPLVDV 3LVW}HV H +DVWHV

,03257$17( 0DQWHQKD MXQWR DV FDPLVDV H


SLVW}HV FRPSDWtYHLV $V FDPLVDV GHYHP VHU
UHLQVWDODGDV QR PHVPR RULItFLR GR FLOLQGUR

 8VH R ([WUDWRU GH &DPLVD GH &LOLQGUR % '$$ RX


'$$ SDUD UHPRYHU D FDPLVD GR FLOLQGUR $ 
,03257$17( DR XVDU R ([WUDWRU GH &DPLVDV GH
&LOLQGURV % '$$ RX '$$ SDUD
UHPRomR GDV FDPLVDV $  FHUWLILTXHVH GH
TXH D JDUUD & HVWHMD QD SRVLomR FRUUHWD
DQWHV GH WHQWDU UHWLUDU D FDPLVD
1­2 DSHUWH GHPDLV R H[WUDWRU SDUD UHPRYHU
DV FDPLVDV 6H LVVR DFRQWHFHU DV FDPLVDV
SRGHP VH TXHEUDU IDFLOPHQWH

5* ²81²'(&
([WUDWRU GH &DPLVDV GH &LOLQGURV '$$ RX '$$

5(% 0$5

 5HPRYD D JD[HWD TXDGUDGD GH FDPLVD GR FLOLQGUR $


GD FDPLVD ( 
 5HPRYD RV DQpLV 2 ODUDQMD % H EUDQFR & GR EORFR
GH FLOLQGURV ' 

$²*D[HWD 4XDGUDGD '²%ORFR GH &LOLQGURV


1HRSUHQH (²&DPLVD GR &LOLQGUR
%²$QHO 2 /DUDQMD 6LOLFRQH )² 3DVVDJHP GH /tTXLGR GH
&²$QHO 2 %UDQFR 9LWRQ $UUHIHFLPHQWR ² &DPLVD
DR %ORFR
F
E
5* ²81²0$5

A
B
C
0RQWDJHP GD &DPLVD QR &RQMXQWR GR %ORFR

5(% 0$5

&70 )(%  0RWRUHV 'LHVHO GH 


/
31 
5HSDUR H $MXVWH GR %ORFR GH &LOLQGURV &DPLVDV 3LVW}HV H +DVWHV

'HVYLWULILFDomR GDV &DPLVDV GRV &LOLQGURV


 )L[H D FDPLVD GH FLOLQGUR HP XP GLVSRVLWLYR GH
IL[DomR &RQVXOWH HP ')5* ² ',6326,7,92 '(
),;$d­2 '( &$0,6$ '2 &,/,1'52 *UXSR  D
PRQWDJHP GR GLVSRVLWLYR GH IL[DomR
 8VH R %UXQLGRU GH &LOLQGUR )OH[tYHO '%5 SDUD
GHVYLWULILFDU D FDPLVD GR FLOLQGUR
127$ 8VH yOHR GH EUXQLGXUD MXQWR FRP R EUXQLGRU
IOH[tYHO DR GHVYLWULILFDU DV FDPLVDV

5 ²81²'(&
'HVYLWULILFDomR GDV &DPLVDV GRV &LOLQGURV

5*5* 0$<

 8VH R %UXQLGRU '%5 GH DFRUGR FRP DV


LQVWUXo}HV IRUQHFLGDV FRP D IHUUDPHQWD SDUD REWHU XP
SDGUmR KDFKXUDGR GH ƒ
/LPSH PLQXFLRVDPHQWH DV FDPLVDV GHSRLV GH
GHVYLWULILFDU &RQVXOWH /,03(=$ '$6 &$0,6$6 '26
&,/,1'526 SRVWHULRUPHQWH QHVWH JUXSR

5 ²81²'(&
3DGUmR GH %UXQLGXUD QDV &DPLVDV GRV &LOLQGURV

5*5* 0$<

&DPLVD GR &LOLQGUR ² /LPSH]D  /LPSH PLQXFLRVDPHQWH R GLkPHWUR LQWHUQR GD FDPLVD


FRP XPD VROXomR GH  GH GHWHUJHQWH OtTXLGR H
 8VH XPD HVFRYD GH FHUGDV GXUDV SDUD UHPRYHU iJXD TXHQWH
WRGRV RV GHWULWRV H D IHUUXJHP H GLPHQVLRQH D SDUWLU
GR GLkPHWUR H[WHUQR GDV FDPLVDV VRE R IODQJH  (Q[iJXH EHP H VHTXH FRP XP SDQR OLPSR
GD FDPLVD H QDV iUHDV GDV JD[HWDV GRV DQpLV 2
$VVHJXUH TXH QmR KDMD HQWDOKHV RX UHEDUEDV QDV  $SOLTXH EHP yOHR 6$( : OLPSR j FDPLVD TXDQWDV
iUHDV HP TXH DV JD[HWDV VHUmR DVVHQWDGDV YH]HV IRUHP QHFHVViULDV

,03257$17( 1mR XVH JDVROLQD TXHURVHQH RX  /LPSH D FDPLVD FRP XP SDQR EUDQFR DWp TXH QmR
VROYHQWHV FRPHUFLDLV SDUD OLPSDU DV FDPLVDV RFRUUD GHVFRORUDomR
2V VROYHQWHV QmR UHPRYHUmR WRGR R PDWHULDO
DEUDVLYR GDV SDUHGHV GDV FDPLVDV
5*5* 0$5

&70 )(%  0RWRUHV 'LHVHO GH 


/
31 
5HSDUR H $MXVWH GR %ORFR GH &LOLQGURV &DPLVDV 3LVW}HV H +DVWHV

&RQMXQWR GR 3LVWmR H GD %LHOD ²


'HVPRQWDJHP
 5HPRYD RV DQpLV GH UHWHQomR GR SLVWmR $  5HPRYD
R SLQR % H D ELHOD GR SLVWmR
127$ 'HVFDUWH RV DQpLV GH UHWHQomR 1­2 UHXWLOL]H

(P FDVR GH YHULILFDomR GRV DQpLV SDUD GHWHUPLQDU D


FDXVD GR SUREOHPD QR PRWRU D ODFXQD GR DQHO GHYH
ILFDU DVVLP
(VSHFLILFDomR
$QHO GH &RPSUHVVmR GR
3LVWmR 1R²/DFXQD GH

5* ²81²)(%
([WUHPLGDGH ²  PP  ²  LQ
$QHO GH &RPSUHVVmR GR
3LVWmR 1R²/DFXQD GH
([WUHPLGDGH ²  PP  ²  LQ

$²$QpLV GH 5HWHQomR %²3LQR GR 3LVWmR


'HVPRQWH R &RQMXQWR GR 3LVWmR H %LHOD

5( )(%

 5HPRYD RV DQpLV GR SLVWmR % XWLOL]DQGR R ([SDQVRU


GH $QHO GR 3LVWmR -'( $ 'HVFDUWH WRGRV RV DQpLV

$²([SDQVRU GR $QHO GR 3LVWmR %²$QHO GR 3LVWmR

5* ²81²$8*
5HPRomR GR $QpLV GRV 3LVW}HV

5( )(%

/LPSH RV 3LVW}HV  /LPSH RV SLVW}HV SRU TXDOTXHU XP GRV VHJXLQWHV


PpWRGRV
&8,'$'2 VHPSUH VLJD DV LQVWUXo}HV ‡ 6ROYHQWH GH ,PHUVmR '3DUW
GR IDEULFDQWH H RV SURFHGLPHQWRV GH ‡ 3LVWROD GH /DYDJHP +\GUD-HW
VHJXUDQoD FRUUHWDPHQWH ‡ ÈJXD TXHQWH FRP VDEmR OtTXLGR GHWHUJHQWH
 /LPSH DV UDQKXUDV GR DQHO GR SLVWmR XVDQGR XPD 1R FDVR GH OLPSH]D FRP iJXD TXHQWH H OtTXLGR
IHUUDPHQWD GH OLPSH]D GH UDQKXUD GH DQHO GH SLVWmR GHWHUJHQWH LPHUJLU RV SLVW}HV HP VROXomR GH 
GH GHWHUJHQWH OtTXLGR FDVHLUR H iJXD TXHQWH GXUDQWH
,03257$17( 4XDQGR ODYDU RV SLVW}HV VHPSUH  D  PLQXWRV 8VH XPD HVFRYD GH FHUGDV GXUDV
XVH XPD HVFRYD GH FHUGDV GXUDV²1­2 ² ( 1­2 80$ (6&29$ '( $d2 ² SDUD VROWDU RV
80$ (6&29$ '( $d2²SDUD VROWDU RV UHVtGXRV GH FDUERQR 6HTXH FRP DU FRPSULPLGR
UHVtGXRV GH FDUERQR
1­2 XVH MDWR GH YDSRU QDV iUHDV GD
UDQKXUD GR DQHO
5( 6(3

&70 )(%  0RWRUHV 'LHVHO GH 


/
31 
5HSDUR H $MXVWH GR %ORFR GH &LOLQGURV &DPLVDV 3LVW}HV H +DVWHV

,QVSHomR 9LVXDO GRV 3LVW}HV


,QVSHFLRQH FRP FXLGDGR RV SLVW}HV XVDQGR OHQWH GH
DXPHQWR 9HULILTXH VH Ki
‡ 6LQDLV GH GHVJDVWH
‡ 3HTXHQDV UDFKDGXUDV QD FDEHoD GR SLVWmR $
‡ &KHLRV GR DQHO HPSHQDGRV RX TXHEUDGRV %
‡ 5DFKDGXUDV QD VDLD & QDV H[WUHPLGDGHV LQWHUQD H
H[WHUQD GR RULItFLR GR SLQR GR SLVWmR
‡ 'HVJDVWH H[FHVVLYR QD VDLD GR SLVWmR $V PDUFDV
RULJLQDLV GH XVLQDJHP GHYHP HVWDU YLVtYHLV
6H HQFRQWUDU TXDLVTXHU LPSHUIHLo}HV VXEVWLWXD R SLVWmR

$²&DEHoD GR 3LVWmR &²6DLD


%²&KHLRV GRV $QpLV

5* ²81²'(&
'HIHLWRV QR 3LVWmR $PSOLDGRV

5*5* -$1

&70 )(%  0RWRUHV 'LHVHO GH 


/
31 
5HSDUR H $MXVWH GR %ORFR GH &LOLQGURV &DPLVDV 3LVW}HV H +DVWHV

,QVSHFLRQH RV 3LQRV H R 2ULItFLR GR 3LVWmR


127$ R SLQR GR SLVWmR GHYH HVWDU HP ERD FRQGLomR H
QmR GHVJDVWDGR DOpP GDV HVSHFLILFDo}HV DEDL[R

5* ²81²)(%
 0HUJXOKH R SLQR GR SLVWmR HP yOHR GH PRWRU OLPSR
 0RQWH R SLQR $ QR SLVWmR
2 SLQR GHYH SDVVDU QR SLVWmR XVDQGR DSHQDV OHYH
SUHVVmR GR SROHJDU
 9HULILTXH D FRQLFLGDGH GR RULItFLR QR SLQR GR SLVWmR 9HULILTXH R 3LQR QR 3LVWmR
DR LQVHULU SLQRV GRV GRLV ODGRV 6H R SLQR HQWUDU
OLYUHPHQWH PDV SUHQGHU QR FHQWUR R IXUR SRGH HVWDU
F{QLFR % 
 ,QVLUD R SLQR QR SLVWmR SDUD YHULILFDU R DOLQKDPHQWR GR
RULItFLR 2 SLQR QmR GHYH ID]HU ³FOLTXH´ RX SUHFLVDU VHU
IRUoDGR QR IXUR GR ODGR RSRVWR & 

5* ²81²'(&
 0HoD DV HVSHFLILFDo}HV GR SLQR H GR RULItFLR GR SLVWmR
6H XP GRV GRLV QmR HVWLYHU GHQWUR GD HVSHFLILFDomR
WURTXH R SLQR SLVWmR H FDPLVD
(VSHFLILFDomR
3LQR GR 3LVWmR²'( ²  PP  ²  LQ
)XUR GR 3LQR GR 9HULILTXH VH Ki GHVJDVWHV QR 2ULItFLR GR 3LQR GR 3LVWmR
3LVWmR²'LkPHWUR
,QWHUQR ²  PP  ²  LQ $²3LQR GR 3LVWmR &²2ULItFLR 'HVDOLQKDGR
%²2ULItFLR &{QLFR

5( -$1

&70 )(%  0RWRUHV 'LHVHO GH 


/
31 
5HSDUR H $MXVWH GR %ORFR GH &LOLQGURV &DPLVDV 3LVW}HV H +DVWHV

([DPLQH 9LVXDOPHQWH DV &DPLVDV GR &LOLQGUR


,03257$17( VH DV FDPLVDV HVWLYHUHP FRUURtGDV
YHULILTXH DV FRQGLo}HV GR OtTXLGR GH
DUUHIHFLPHQWR

 ,QVSHFLRQH VH Ki R[LGDomR QR FRPSULPHQWR H[WHUQR


GD FDPLVD $  9HULILTXH VH Ki HURVmR QR UHEDL[R GD
JD[HWD %  6H IRU REVHUYDGD FRUURVmR RX HURVmR
PHoD D SURIXQGLGDGH GRV EXUDFRV FRP XPD DJXOKD RX
ILR ILQRV 6XEVWLWXD R SLVWmR H D FDPLVD VH
‡ $ SURIXQGLGDGH GH TXDOTXHU EXUDFR IRU D PHWDGH RX
PDLV GD HVSHVVXUD GD FDPLVD & 
‡ $ SURIXQGLGDGH GD HURVmR IRU D PHWDGH RX PDLRU
TXH R UHEDL[R GD JD[HWD ' 
(VSHFLILFDomR
&DPLVD GR
&LOLQGUR²(VSHVVXUD ²  PP  ²  LQ
'LPHQVmR GR 5HEDL[R
GDV *D[HWDV  ²  PP  ²  LQ

5* ²81²'(&
127$ DV FDPLVDV SRGHUmR VHU UHXWLOL]DGDV VH D
SURIXQGLGDGH GRV EXUDFRV RX HURVmR IRU PHQRU TXH
D PHWDGH GD TXDQWLGDGH HVSHFLILFDGD 4XDQGR
UHLQVWDODU DV FDPLVDV UHXWLOL]DGDV JLUH ƒ D
SDUWLU GD SRVLomR RULJLQDO $V FDPLVDV WDPEpP
GHYHP HVWDU GHVYLWULILFDGDV H FRP XP QRYR MRJR
GH DQpLV LQVWDODGR QRV SLVW}HV
,QVSHomR GDV &DPLVDV GR &LOLQGUR
$²2[LGDomR GD &DPLVD &²(VSHVVXUD GD &DPLVD
%²(URVmR GD &DPLVD '²5HEDL[R GD *D[HWD

5( -$1

 ([DPLQH R ', GD FDPLVD 6XEVWLWXD R SLVWmR H D


FDPLVD VH
‡ 2 SDGUmR GH EUXQLGXUD KDFKXUDGR QmR HVWLYHU YLVtYHO
LPHGLDWDPHQWH DEDL[R GD iUHD GH JLUR VXSHULRU GR
DQHO
‡ $V FDPLVDV HVWLYHUHP FRUURtGDV RX DSUHVHQWDUHP
DUUDQK}HV YHUWLFDLV SURIXQGRV TXH SRGHP VHU
GHWHFWDGRV FRP R WRTXH GD XQKD GR GHGR
 &RP DWHQomR H[DPLQH VH Ki VLQDLV GH IDWLJD WDLV
FRPR UDFKDGXUDV ILQDV QD iUHD GR IODQJH $ H QD
iUHD GH FXUVR GR DQHO % 
127$ LQVSHFLRQH R EORFR SRU UDFKDGXUDV RX HURVmR
QDV iUHDV GH FDOoR GR DQHO 2 &RQVXOWH
5* ²81²'(&

,163(&,21( ( /,03( 2 %/2&2 '( &,/,1'526


PDLV QD IUHQWH QHVWH JUXSR

$²ÈUHD GR )ODQJH %²ÈUHD GH &XUVR GR $QHO

'HIHLWRV GD &DPLVD GR &LOLQGUR ([DJHUDGR

5( -$1

&70 )(%  0RWRUHV 'LHVHO GH 


/
31 
5HSDUR H $MXVWH GR %ORFR GH &LOLQGURV &DPLVDV 3LVW}HV H +DVWHV

([SOLFDomR GRV &yGLJRV GH 'DWD GH


)DEULFDomR GDV &DPLVDV GRV &LOLQGURV
8P FyGLJR GD GDWD GH IDEULFDomR DSDUHFHUi QR IODQJH
VXSHULRU GH FDGD FDPLVD FRQIRUPH PRVWUDGR 3RU
H[HPSOR R FyGLJR $ VLJQLILFD TXH D FDPLVD IRL
IDEULFDGD QD SULPHLUD UHPHVVD HP  GH IHYHUHLUR GH 
$
2V SULPHLURV WUrV GtJLWRV   'LD 1XPpULFR
GR $QR  GH IHYHUHLUR p R ž GLD GR DQR
4XDUWR GtJLWR   ÒOWLPR 'tJLWR GR $QR $WXDO
4XLQWR 'tJLWR $ 7XUQR GH 3URGXomR GD )iEULFD
$ SULPHLUR % VHJXQGR & WHUFHLUR 

5* ²81²0$5
&yGLJR GH 'DWD GD &DPLVD GR &LOLQGUR

5( 0$5

3LVWmR D &DPLVD ² 9HULILFDomR GH )ROJD


 0HoD R GLkPHWUR GD VDLD GR SLVWmR % HP kQJXORV
UHWRV QR IXUR GR SLQR GH SLVWmR &   PP  LQ A
GD FRURD GR SLVWmR $ 
 5HJLVWUH DV PHGLo}HV H FRPSDUH FRP D PHGLomR

5* ²81²6(3
C
REWLGD QD FDPLVD FRUUHVSRQGHQWH
(VSHFLILFDomR
6DLD GR 3LVWmR²'(
GH  PP  LQ GD B
3DUWH 6XSHULRU FRURD GR
3LVWmR  ²
 PP  ²  LQ 'LkPHWUR GD 6DLD GR 3LVWmR

$²0HGLomR GR 3RQWR   PP &²)XUR GR 3LQR GR 3LVWmR


D SDUWLU GD &RURD
%²'LkPHWUR GD 6DLD GR 3LVWmR

&RQWLQXD QD SUy[LPD SiJLQD 5( -$1

&70 )(%  0RWRUHV 'LHVHO GH 


/
31 
5HSDUR H $MXVWH GR %ORFR GH &LOLQGURV &DPLVDV 3LVW}HV H +DVWHV

,03257$17( 6(035( PHoDV DV FDPLVDV HP


WHPSHUDWXUD DPELHQWH

 0HoD R IXUR GR FLOLQGUR SDUDOHOR DR SLQR GR SLVWmR QD


H[WUHPLGDGH VXSHULRU GR FXUVR GR DQHO $ 

5* ²81²-$1
 0HGLomR GR IXUR QD PHVPD SRVLomR QD H[WUHPLGDGH
LQIHULRU GR FXUVR GR DQHO % 
 0HGLomR GR IXUR HP kQJXOR UHWR FRP R SLQR GR SLVWmR
QD H[WUHPLGDGH VXSHULRU GR FXUVR GR DQHO & 
 0HGLomR GR IXUR QD PHVPD SRVLomR QD H[WUHPLGDGH
0HoD D &DPLVD
LQIHULRU GR FXUVR GR DQHO ' 
 &RPSDUH DV PHGLo}HV $ % & H ' SDUD GHWHUPLQDU VH
D FDPLVD HVWi F{QLFD RX RYDOL]DGD
 &RPSDUH R ', FRP R '( GR SLVWmR FRUUHVSRQGHQWH
(VSHFLILFDomR
&DPLVD GR
&LOLQGUR²'LkPHWUR
,QWHUQR  ²  PP ² LQ
'( ÈUHD GR 7HUPLQDO
GR /tTXLGR GH
$UUHIHFLPHQWR  ²  PP  ²  LQ
'( 1R 2ULItFLR
6XSHULRU  ²  PP  ²  LQ
'( 1R )XUR ,QIHULRU  ²  PP  ²  LQ
', GR )XUR 6XSHULRU QR
%ORFR SDUD $VVHQWDPHQWR
GH &DPLVDV ²  PP  ²  LQ
', GR )XUR ,QIHULRU QR
%ORFR SDUD $VVHQWDPHQWR
GH &DPLVDV ²
 PP  ²  LQ
)ROJD HQWUH D &DPLVD H
%ORFR QR )XUR 6XSHULRU ²  PP  ²  LQ
)ROJD HQWUH D &DPLVD H
%ORFR QR )XUR ,QIHULRU  ²  PP  ²  LQ
2YDOL]DomR 0i[LPD   PP  LQ
'HVJDVWH 0i[LPR RX
&RQLFLGDGH QD ÈUHD GH
&XUVR GR $QHO  PP  LQ Pi[LPR
3LVWmRD&DPLVD²)ROJD
GH 1RYDV 3HoDV 1D
3DUWH ,QIHULRU GD 6DLD  ²  PP  ²  LQ
)ROJD 0i[LPD   PP  LQ

6XEVWLWXD R SLVWmR H DV FDPLVDV FRPR XP FRQMXQWR VH


H[FHGHUHP DV HVSHFLILFDo}HV GH GHVJDVWH IRUQHFLGDV
5( -$1

&70 )(%  0RWRUHV 'LHVHO GH 


/
31 
5HSDUR H $MXVWH GR %ORFR GH &LOLQGURV &DPLVDV 3LVW}HV H +DVWHV

,QVSHomR GD %LHOD H 7DPSD


 ,QVSHFLRQH D ELHOD H D WDPSD TXDQWR D GHVJDVWH RX
GDQR FRPR FDYDFRV RX GHQWHV QD iUHD GH MXQomR
,03257$17( QmR HQWDOKH DV VXSHUItFLHV GH MXQomR
GD ELHOD H GD WDPSD ,VVR p PXLWR LPSRUWDQWH

5* ²81²$8*
QDV ELHODV 3UHFLVLRQ -RLQWΠSDUD JDUDQWLU
R DVVHQWDPHQWR FRUUHWR 1XQFD DUUDQKH DV
VXSHUItFLHV GH MXQomR & FRP XPD HVFRYD GH
DoR RX RXWUD IHUUDPHQWD D XQLmR GDV VXSHUItFLHV
FRQMXJDGDV GHYH VHU SUHVHUYDGD

 ,QVSHFLRQH GHQWUR H HP YROWD GRV IXURV GRV SDUDIXVRV %LHOD H 7DPSD 3UHFLVLRQ -RLQWŒ
GH FDEHoD % QD WDPSD 6H HQFRQWUDU TXDOTXHU
GHIHLWR VXEVWLWXD D ELHOD H D WDPSD
 3UHQGD FRP FXLGDGR D ELHOD HP XP WRUQR GH EDQFDGD
FRP JDUUD PDFLD H[WUHPLGDGH GD WDPSD SDUD FLPD 
 ,QVWDOH D WDPSD 6(0 URODPHQWR

5* ²81²'(&
,03257$17( 1XQFD XVH SDUDIXVRV GH IL[DomR GH
ELHOD QRYRV DR YHULILFDU R ', GR IXUR 6y XVH
SDUDIXVRV QRYRV QD PRQWDJHP ILQDO GDV ELHODV

 (P ELHODV 3UHFLVLRQ -RLQWΠ 3ULPHLUR DSHUWH R


SDUDIXVR GH IL[DomR GD ELHOD R PDLV SUy[LPR SRVVtYHO
GD H[WUHPLGDGH HQWmR DSHUWH RXWUR SDUDIXVR QDV )L[DomR GD %LHOD QD 0RUVD
VHJXLQWHV HVSHFLILFDo}HV
(VSHFLILFDomR %²2ULItFLRV GRV 3DUDIXVRV &²6XSHUItFLHV &RQMXJDGDV
3DUDIXVR FRP &DEHoD 3UHFLVLRQ -RLQWŒ
GD %LHOD 3UHFLVLRQ
-RLQWŒ²7RUTXH 1ÂP  OEIW PDLV JLUR
GH  ± ƒ QR VHQWLGR KRUiULR

&RQVXOWH 72548( 325 *,52 126 3$5$)8626


'( ),;$d­2 '$ %,(/$ GHVFULWR PDLV j IUHQWH QHVWH
JUXSR
3UHFLVLRQ -RLQW p XPD PDUFD FRPHUFLDO GD 'HHUH &RPSDQ\
&RQWLQXD QD SUy[LPD SiJLQD 5( 6(3

&70 )(%  0RWRUHV 'LHVHO GH 


/
31 
5HSDUR H $MXVWH GR %ORFR GH &LOLQGURV &DPLVDV 3LVW}HV H +DVWHV

 8VDQGR XP PLFU{PHWUR LQWHUQR PHoD R IXUR GD ELHOD


QR FHQWUR GR IXUR H UHJLVWUH DV PHGLo}HV GD VHJXLQWH
IRUPD
‡ (P kQJXOR UHWR FRP D XQLmR ELHODWDPSD $ 
‡ ƒ j HVTXHUGD GD HWDSD GH PHGLomR ³$´ % 
‡ ƒ j GLUHLWD GD HWDSD GH PHGLomR ³$´ &  90˚
B C

(VSHFLILFDomR
2ULItFLR GD %LHOD 6HP 45˚ 45˚
5RODPHQWRV ²'LkPHWUR A

5* ²81²6(3
,QWHUQR ²  PP  ²  LQ

 &RPSDUH DV PHGLGDV 6H D GLIHUHQoD HQWUH D PDLRU H


D PHQRU PHGLomR IRU PDLRU TXH  PP  LQ 
D ELHOD H D WDPSD VHUmR H[FrQWULFDV 6XEVWLWXD WDQWR
D WDPSD TXDQWR D ELHOD
(VSHFLILFDomR
)XUR GD 0HGLomR GR )XUR GR 3LQR GD %LHOD
%LHOD²2YDOL]DomR
0i[LPD  PP  LQ
5( 6(3

 0HoD D GLPHQVmR GH FHQWUR D FHQWUR GR IXUR GR


SLQR GH SLVWmR GD ELHOD DR IXUR GR YLUDEUHTXLP $ H
FRPSDUH FRP D HVSHFLILFDomR GDGD 6H D PHGLomR
HVWLYHU IRUD GDV HVSHFLILFDo}HV VXEVWLWXD D ELHOD
(VSHFLILFDomR
/LQKD &HQWUDO GR 2ULIt
FLR GR 3LQR GR 3LVWmR
DR 2ULItFLR GR 9LUDEUH
TXLP²'LPHQVmR ²  PP  ²  LQ

5* ²81²6(3

0HGLomR GR )XUR GR 3LQR GD %LHOD)XUR GR 9LUDEUHTXLP

5( 6(3

&70 )(%  0RWRUHV 'LHVHO GH 


/
31 
5HSDUR H $MXVWH GR %ORFR GH &LOLQGURV &DPLVDV 3LVW}HV H +DVWHV

3LQR H %XFKDV GR 3LVWmR ² ,QVSHomR


 ,QVLUD R SLQR GR SLVWmR % DWUDYpV GDV EXFKDV QR SLQR
GR SLVWmR H IL[H FRP FXLGDGR QD PRUVD HTXLSDGD FRP
PRUGHQWH PDFLR
 *LUH D ELHOD $ SDUD WUiV H SDUD IUHQWH YiULDV YH]HV

5* ²81²'(&
SDUD JDUDQWLU TXH D ELHOD VH PRYD OLYUHPHQWH QR SLQR
GR SLVWmR
 5HPRYD R SLQR GR SLVWmR GD ELHOD

$²%LHOD %²3LQR GR 3LVWmR


9HULILFDomR GR 3LQR H %LHOD GR 3LVWmR

5( -$1

 0RQWH R SLQR HP TXDOTXHU ODGR GD EXFKD GD ELHOD 6H


R SLQR HQWUDU OLYUHPHQWH HP XP ODGR PDV SUHQGHU QR
RXWUR R IXUR SRGH HVWDU F{QLFR $  6H R SLQR HQWUDU
OLYUHPHQWH QRV GRLV ODGRV PDV SUHQGHU QR FHQWUR R
IXUR HVWi H[SDQGLGR HP ERFD GR VLQR % 
 0HoD R ', GD EXFKD GR SLQR GD ELHOD H R '(

5* ²81²'(&
GR SLQR GR SLVWmR &RPSDUH DV PHGLo}HV FRP DV
HVSHFLILFDo}HV GDGDV DEDL[R
(VSHFLILFDomR
3LQR GR 3LVWmR²'( ²  PP  ²  LQ
)XUR GR 3LQR GR 3LVWmR
QR 3LVWmR²'LkPHWUR
,QVSHomR GRV )XURV GR 3LQR GR 3LVWmR
,QWHUQR ²  PP  ²  LQ
%XFKDV GR 3LQR GD
%LHOD ,QVWDODGR $SyV $²2ULItFLR &{QLFR %²)XUR ([SDQGLGR HP %RFD
3HUIXUDomR ²'LkPHWUR GH 6LQR
,QWHUQR ²  PP  ²  LQ
3LQR GD %LHOD j
%XFKD²(VSDoR GH
3,67­2 /,03( ( ,163(&,21( 2 )852 '2 3,12
ÏOHR ²  PP  ²  LQ
PDLV j IUHQWH QHVWH JUXSR
/LPLWH GH 'HVJDVWH  PP  LQ

 6H QHFHVViULR UHPRYD H VXEVWLWXD D EXFKD GR SLQR GR


SLVWmR &RQVXOWH 5(029$ $ %8&+$ '2 3,12 '2
5( -$1

&70 )(%  0RWRUHV 'LHVHO GH 


/
31 
5HSDUR H $MXVWH GR %ORFR GH &LOLQGURV &DPLVDV 3LVW}HV H +DVWHV

%XFKD GR 3LQR GR 3LVWmR H )XUR GR 3LQR ²


5HPRomR
 6H QHFHVViULR UHPRYD D EXFKD GR SLQR FRP RV
&RQMXQWRV GH 6HUYLoR SDUD %XFKD GD %LHOD -'*
H -'($
8WLOL]H DV VHJXLQWHV IHUUDPHQWDV SDUD FRQMXQWRV GH
VHUYLoR
‡ &DSD -'* $
‡ $GDSWDGRU -'* %
‡ $FLRQDGRU -'( &
‡ 3DUDIXVR ([WUDWRU 67' FRP $UUXHOD '
,03257$17( WHQKD FXLGDGR SDUD DOLQKDU GH IRUPD

5* ²81²'(&
FRUUHWD R $FLRQDGRU -'( FRP D EXFKD SDUD
TXH R IXUR GD EXFKD GD ELHOD QmR VHMD GDQLILFDGR

 /LPSH R IXUR GD EXFKD GD ELHOD XWLOL]DQGR XPD OL[D


GH HVPHULO JUDQXODGD PpGLD SRUTXH DV UHEDUEDV
GLVWRUFHUmR D EXFKD ,QVWDOH D EXFKD QR ODGR RSRVWR
GD UHEDUED GD ELHOD
5HPRomR GD %XFKD GR 3LQR GR 3LVWmR GD %LHOD
 0HoD R IXUR GD EXFKD GD ELHOD HP WUrV ORFDLV
VHSDUDGRV DSUR[LPDGDPHQWH ƒ &RPSDUH DV $²&DSD -'* &²$FLRQDGRU -'(
PHGLo}HV FRP DV HVSHFLILFDo}HV GDGDV DEDL[R %²$GDSWDGRU -'* '²3DUDIXVR ([WUDWRU
67' FRP $UUXHOD
(VSHFLILFDomR
)XUR GR 3LQR GD
%LHOD²'LkPHWUR VHP
%XFKD GR 3LQR GD
%XFKD ²  PP  ²  LQ
%LHOD GH 6HUYLoR
)XUR GR 3LQR GD %LHOD
,QVWDODGD $SyV
j %XFKD²$MXVWH GH
3HUIXUDomR ²'LkPHWUR
3UHVVmR ²  PP  ²  LQ
,QWHUQR ²  PP  ²  LQ
%XFKD GR 3LQR GD
%LHOD GH 6HUYLoR ,03257$17( VH R GLkPHWUR GR IXUR GD EXFKD QR SLQR
,QVWDODGD $QWHV GD GR SLVWmR QmR HVWLYHU GHQWUR GD HVSHFLILFDomR
3HUIXUDomR ²'LkPHWUR RX D EXFKD HVSDQRX QD ELHOD GHVFDUWH D
,QWHUQR ²  PP  ²  LQ ELHOD H VXEVWLWXDD SRU XPD QRYD

5( -$1

0HGLomR GR )ODQJH GD &DPLVD


0HoD D HVSHVVXUD GR IODQJH GD FDPLVD GR FLOLQGUR HP
YiULRV ORFDLV H FRPSDUH FRP D HVSHFLILFDomR IRUQHFLGD
D VHJXLU
6H R IODQJH GD FDPLVD QmR HVWLYHU GHQWUR GD
5* ²81²'(&

HVSHFLILFDomR XVH FDOoRV GH FDPLVD FRQIRUPH QHFHVViULR


RX VXEVWLWXD R SLVWmR H D FDPLVD FRPR XP FRQMXQWR
VH RV FDOoRV QmR IL]HUHP FRP TXH D SURWUXVmR GD
FDPLVD ILTXH GHQWUR GD HVSHFLILFDomR &RQVXOWH 129$
9(5,),&$d­2 '$ 3527586­2 '$ &$0,6$ '2
&,/,1'52 H ,167$/$d­2 '( &$/d26 '$6 &$0,6$6
 6( 1(&(66È5,2 SRVWHULRUPHQWH QHVWH JUXSR
0HGLomR GR )ODQJH GD &DPLVD
(VSHFLILFDomR
)ODQJH GD &DPLVD GR
&LOLQGUR²(VSHVVXUD  ²  PP  ²  LQ
'( ²  PP  ²  LQ

5*5* 6(3

&70 )(%  0RWRUHV 'LHVHO GH 


/
31 
5HSDUR H $MXVWH GR %ORFR GH &LOLQGURV &DPLVDV 3LVW}HV H +DVWHV

,QVSHFLRQH H 0HoD RV 5RODPHQWRV GD %LHOD


,QVSHFLRQH RV URODPHQWRV GD ELHOD TXDQWR D GDQRV RX
GHVJDVWH
,03257$17( QXQFD XVH SDUDIXVRV GH IL[DomR GD
ELHOD QRYRV DR YHULILFDU R ', GR URODPHQWR

5* ²81²'(&
GD ELHOD 6y XVH SDUDIXVRV QRYRV QD
PRQWDJHP ILQDO GDV ELHODV

e SRVVtYHO YHULILFDU R HVSDoR GH OXEULILFDomR HQWUH R


URODPHQWR GD ELHOD H R PXQKmR FRP R 3/$67,*$*(Š
VH D ELHOD HVWLYHU FRQHFWDGD DR YLUDEUHTXLP 6H D ELHOD
HVWLYHU IRUD GR PRWRU PHoD R ', GRV URODPHQWRV GD ELHOD %URQ]LQDV GDV %LHODV
H FRPSDUH FRP R '( GR PDQFDO GR YLUDEUHTXLP
 &RP R YLUDEUHTXLP UHPRYLGR PHoD R '( GR PDQFDO $²7DPSD GD +DVWH &²5RODPHQWRV
GD ELHOD HP YiULRV SRQWRV %²%DUUD

 )L[H FRP FXLGDGR D ELHOD HP XPD PRUVD GH PRUGHQWHV


PDFLRV H LQVWDOH D WDPSD GD ELHOD $ QD ELHOD % FRP
(VSHFLILFDomR
RV URODPHQWRV & QD SRVLomR FRUUHWD
3DUDIXVR FRP &DEHoD
 (P ELHODV 3UHFLVLRQ -RLQWΠ 3ULPHLUR DSHUWH R GD %LHOD 3UHFLVLRQ
SDUDIXVR GH IL[DomR GD ELHOD R PDLV SUy[LPR SRVVtYHO -RLQWŒ²7RUTXH 1ÂP  OEIW PDLV JLUR
GD H[WUHPLGDGH HQWmR DSHUWH RXWUR SDUDIXVR QDV GH  ± ƒ QR VHQWLGR KRUiULR
VHJXLQWHV HVSHFLILFDo}HV &RQVXOWH 72548( 325 *,52 126 3$5$)8626
'( ),;$d­2 '$ %,(/$ GHVFULWR PDLV j IUHQWH QHVWH
JUXSR
3/$67,*$*( p XPD PDUFD UHJLVWUDGD GD '$1$ &RUS
3UHFLVLRQ -RLQW p XPD PDUFD FRPHUFLDO GD 'HHUH &RPSDQ\
5($ -8/

 8VH XP PLFU{PHWUR LQWHUQR $ SDUD PHGLU R ', GR


URODPHQWR
 6XEWUDLD R '( GRV PDQFDLV GR YLUDEUHTXLP GR ',
GRV URODPHQWRV GD ELHOD SDUD REWHU D IROJD GH yOHR
 &RPSDUH DV PHGLo}HV FRP DV VHJXLQWHV

5* ²81²'(&
HVSHFLILFDo}HV
(VSHFLILFDomR
0DQFDO GD %LHOD GR
9LUDEUHTXLP²'( ²  PP  ²  LQ
5RODPHQWR GD %LHOD
0RQWDGR²'LkPHWUR
,QWHUQR ²  PP  ²  LQ 0HGLomR GDV %URQ]LQDV GD %LHOD
5RODPHQWR GD %LHOD
DR 0XQKmR 3HoDV $²0LFU{PHWUR ,QWHUQR
1RYDV ²(VSDoR GH
ÏOHR ²  PP  ²  LQ

 6H RV URODPHQWRV HVWmR JDVWRV RX QmR HVWmR GH DFRUGR


FRP D HVSHFLILFDomR VXEVWLWXD DV EURQ]LQDV GD ELHOD
5($ -8/

&70 )(%  0RWRUHV 'LHVHO GH 


/
31 
5HSDUR H $MXVWH GR %ORFR GH &LOLQGURV &DPLVDV 3LVW}HV H +DVWHV

%XFKD GR 3LQR GR 3LVWmR ² ,QVWDODomR


,03257$17( 6HPSUH HPSXUUH D QRYD EXFKD SDUD
GHQWUR GD ELHOD D SDUWLU GR ODGR WUDVHLUR H
IDoD R SROLPHQWR GD EXFKD DSyV D LQVWDODomR
SDUD REWHU D IRUPD H R DVVHQWDPHQWR
DGHTXDGRV QR IXUR GD ELHOD

 /XEULILTXH R IXUR GD EXFKD GD ELHOD H D EXFKD FRP yOHR


GH PRWRU OLPSR ,QVWDOH D EXFKD XVDQGR RV &RQMXQWRV
GH 6HUYLoR SDUD %XFKD GD %LHOD -'* H -'($
8VH DV VHJXLQWHV IHUUDPHQWDV GRV FRQMXQWRV DFLPD H
PRQWH QD VHTXrQFLD FRPR PRVWUDGR
‡ 3DUDIXVR )RUoDGRU 67' FRP $UUXHOD $

5* ²81²'(&
‡ $FLRQDGRU -'($ %
‡ $GDSWDGRU -'* &
‡ %XFKD GH 6HUYLoR '
‡ 3LORWR -'( (
‡ &RSR -'( )
,03257$17( $ IXUDomR GD EXFKD GD ELHOD GHYH
,QVWDODomR GD %XFKD GR 3LQR GR 3LVWmR QD %LHOD
VHU IHLWR 620(17( SRU SHVVRDO H[SHULHQWH
HP HTXLSDPHQWRV FDSD]HV GH PDQWHU D
HVSHFLILFDomR GD EXFKD $²3DUDIXVR ([WUDWRU '²%XFKD GH 6HUYLoR
67' FRP $UUXHOD (²3LORWR -'(
 $SyV D LQVWDODomR IXUH R GLkPHWUR LQWHUQR GD EXFKD %²$FLRQDGRU -'($ )² &RSR -'(
&²$GDSWDGRU -'*
UHFpPLQVWDODGD GH DFRUGR FRP DV HVSHFLILFDo}HV D
VHJXLU
(VSHFLILFDomR
%XFKD GR 3LQR
 9HULILTXH D IROJD HQWUH R SLQR GD ELHOD H D EXFKD
GD %LHOD $SyV D
&RQVXOWH ,163(d­2 '26 3,126 ( '$6 %8&+$6
)XUDomR ²'LkPHWUR
'2 3,67­2 DQWHULRUPHQWH QHVWH JUXSR
,QWHUQR ²  PP  ²  LQ  6XEVWLWXD R SLQR GD ELHOD FRQIRUPH QHFHVViULR
5HPRYD WRGRV RV UHVtGXRV GD RSHUDomR GH IXUDomR
5*5* 2&7

'HVPRQWDJHP &RPSOHWD GR %ORFR GH &LOLQGURV 6H 1HFHVViULD

6H D LQVSHomR FRPSOHWD H D OLPSH]D HP 7DQTXH 4XHQWH  5HPRYD R HL[R GH FRPDQGR H R WUHP GD HQJUHQDJHP
GR EORFR GH FLOLQGURV IRUHP QHFHVViULDV FRQVXOWH QR GH VLQFURQL]DomR *UXSR  
JUXSR DGHTXDGR D UHPRomR GH WRGRV RV FRPSRQHQWHV
LQWHUQRV H H[WHUQRV PRQWDGRV OLVWDGRV D VHJXLU  5HPRYD D ERPED GH LQMHomR GH FRPEXVWtYHO H R
FRQMXQWR GR ILOWUR GH FRPEXVWtYHO *UXSR  
 5HPRYD R YLUDEUHTXLP H D SROLD VH QmR IRUDP
UHPRYLGRV DQWHULRUPHQWH *UXSR    6H IRU QHFHVViULR OLPSDU R EORFR HP ³7DQTXH 4XHQWH´
UHPRYD RV EXM}HV GD JDOHULD GH yOHR RV EXM}HV GD
 5HPRYD WRGRV RV FRPSRQHQWHV UHVWDQWHV GR VLVWHPD JDOHULD GH OtTXLGR GH DUUHIHFLPHQWR RV RULItFLRV GH
GH OXEULILFDomR *UXSR   UHVIULDPHQWR GR SLVWmR H D SODFD GH Q~PHUR GH VpULH
 5HPRYD D ERPED GH OtTXLGR GH DUUHIHFLPHQWR H GR PRWRU
WRGRV RV FRPSRQHQWHV UHVWDQWHV GR VLVWHPD GH
DUUHIHFLPHQWR *UXSR  
5*5* 2&7

&70 )(%  0RWRUHV 'LHVHO GH 


/
31 
5HSDUR H $MXVWH GR %ORFR GH &LOLQGURV &DPLVDV 3LVW}HV H +DVWHV

2ULItFLRV GH 5HVIULDPHQWR GRV 3LVW}HV ²


5HPRomR
 8WLOL]DQGR XP DFLRQDGRU DSURSULDGR UHPRYD WRGDV RV
VHLV RULItFLRV GH DUUHIHFLPHQWR GR SLVWmR FRQIRUPH
PRVWUDGR H LQVSHFLRQH FDGD RULItFLR SDUD JDUDQWLU TXH

5* ²81²)(%
QmR HVWHMD HQWXSLGR RX GDQLILFDGR
 8VH XP ILR OLVR H DU FRPSULPLGR SDUD OLPSDU R RULItFLR
6XEVWLWXD VH D FRQGLomR IRU TXHVWLRQiYHO
,03257$17( XPD IDOKD QR RULItFLR GH DUUHIHFLPHQWR
GR SLVWmR SRGH GDQLILFDU RV SLVW}HV SLQRV
GH SLVW}HV EXFKDV GR SLQR GD ELHOD H 5HPRYD R 2ULItFLR 3XOYHUL]DGRU GR 3LVWmR
FDPLVDV 6H XP RULItFLR GH UHIULJHUDomR
ILFDU EORTXHDGR KDYHUi EDL[D SUHVVmR GH
yOHR RX PHVPR QHQKXPD
5( )(%

/LPSH]D GR %ORFR GH &LOLQGURV


127$ 7RGRV RV FRPSRQHQWHV LQFOXVLYH RV RULItFLRV GH
UHVIULDPHQWR GR SLVWmR RV EXM}HV GD JDOHULD GH
OtTXLGR GH DUUHIHFLPHQWR H RV EXM}HV GD JDOHULD GH
yOHR GHYHP VHU UHPRYLGRV GR EORFR GH FLOLQGURV
SDUD LQVSHomR H OLPSH]D &RQVXOWH QR JUXSR

5* ²81²'(&
DGHTXDGR D UHPRomR GH WRGRV RV FRPSRQHQWHV
H[WHUQRV H LQWHUQRV PRQWDGRV

 8VH D (VFRYD GH /LPSH]D GH )XUR GH $QHO 2


'%5 RX XPD HVFRYD HTXLYDOHQWH SDUD OLPSDU
FRPSOHWDPHQWH WRGRV RV GHWULWRV GRV IXURV GRV DQpLV
2 GDV FDPLVDV GRV FLOLQGURV 0DFKR SDUD )XURV GH 0RQWDJHP GR &DEHoRWH QR %ORFR

 5HPRYD RV SLQRVJXLD GR FDEHoRWH GRV FLOLQGURV VH


SHoDV GH DOXPtQLR $V SHoDV GH DOXPtQLR
QmR IRUDP UHPRYLGRV DQWHULRUPHQWH /LPSH WRGRV
SRGHP VH GDQLILFDU RX VHU GHVWUXtGDV SRU
RV IXURV URVFDGRV SDUD SDUDIXVRV GH PRQWDJHP
VROXo}HV GH WDQTXH TXHQWH 5HPRYD WRGDV
GD FDEHoRWH GRV FLOLQGURV QR FDEHoRWH GR EORFR
DV SODFDV GH Q~PHUR GH VpULH
GH FLOLQGURV 8VH R 0DFKR -'* RX XP PDFKR
 81&$ HTXLYDOHQWH GH  PP  LQ GH
 /LPSH WRWDOPHQWH R EORFR XVDQGR VROYHQWH GH OLPSH]D
FRPSULPHQWR 8VH DU FRPSULPLGR SDUD UHPRYHU WRGRV
RV GHWULWRV RX IOXLGR TXH SRVVDP HVWDU SUHVHQWHV QRV YDSRU GH SUHVVmR RX XP WDQTXH TXHQWH
IXURV GRV SDUDIXVRV  6XEVWLWXD R EORFR VH KRXYHU HYLGrQFLD GH WULQFDV RX
,03257$17( 6H R EORFR GH FLOLQGURV IRU OLPSR GDQR ItVLFR
HP XP WDQTXH TXHQWH UHPRYD WRGDV DV
-5 129

&70 )(%  0RWRUHV 'LHVHO GH 


/
31 
5HSDUR H $MXVWH GR %ORFR GH &LOLQGURV &DPLVDV 3LVW}HV H +DVWHV

0HoD R %ORFR GRV &LOLQGURV


&RQVXOWH RV JUXSRV DSURSULDGRV SDUD XPD GHVFULomR
PDLV GHWDOKDGD GRV HOHPHQWRV TXH HVWmR VHQGR PHGLGRV  0HoD RV IXURV GR VHJXLGRU GH FDPH HP WRGRV RV
&RPSDUH DV PHGLo}HV FRP DV HVSHFLILFDo}HV GDGDV SRQWRV H DQRWH DV OHLWXUDV &RPSDUH DV PHGLo}HV
DEDL[R FRP DV HVSHFLILFDo}HV GDGDV QD WDEHOD DEDL[R
(VSHFLILFDomR
 0RQWH H PHoD RV RULItFLRV SULQFLSDLV H GR URODPHQWR %XFKD GR &RPDQGR GH
D[LDO &RPSDUH DV PHGLo}HV FRP DV HVSHFLILFDo}HV 9iOYXODV²', LQVWDODGR ²  PP  ²  LQ
GDGDV DEDL[R )XUR GD %XFKD QR %ORFR  ²  PP  ²  LQ
(VSHFLILFDomR ([FHQWULFLGDGH 0tQLPD
5RODPHQWR 3ULQFLSDO GR GR )XUR QR %ORFR   PP  LQ
9LUDEUHTXLP²', GR )XUR )ROJD HQWUH D %XFKD H
VHP 5RODPHQWR  ²  PP  ²  LQ 0DQFDO   ²  PP  ²  LQ
/DUJXUD GD 6XSHUItFLH  ²  PP  ²  LQ
5RODPHQWR GH (QFRVWR
6H R GLkPHWUR GR RULItFLR GD EXFKD GR HL[R GH
GR 9LUDEUHTXLP²', GR
FRPDQGR QR EORFR IRU PDLRU GR TXH R HVSHFLILFDGR
)XUR VHP 5RODPHQWR  ²  PP  ²  LQ
LQVWDOH XP QRYR EORFR GH FLOLQGURV
/DUJXUD GD 6XSHUItFLH ,03257$17( $ OLQKD GH FHQWUR GR SULQFLSDO RULItFLR
1R  3ULQFLSDO  ²  PP  ²  LQ GH URODPHQWR DWp R FDEHoRWH GR EORFR GR
/DUJXUD &RPSOHWD GD FLOLQGUR '(9( 6(5 GH ² PP
7DPSD ²  PP  ²  LQ ² LQ  6H QmR IRU VXEVWLWXD
6H TXDOTXHU ', GR FRQMXQWR GD WDPSD QR URODPHQWR R EORFR GH FLOLQGURV
SULQFLSDO RX D[LDO QmR HVWLYHU GH DFRUGR FRP DV
HVSHFLILFDo}HV DV WDPSDV GH URODPHQWRV HP EUDQFR  0HoD D SODQLFLGDGH GR FDEHoRWH GR EORFR GH FLOLQGURV
JHQpULFRV HVWDUmR GLVSRQtYHLV H GHYHP HVWDU IXUDGRV XVDQGR D UpJXD GH SUHFLVmR '67 H XP
HP OLQKD QDV HVSHFLILFDo}HV SRU XPD RILFLQD PHFkQLFD DSDOSDIROJDV H FRPSDUH jV VHJXLQWHV HVSHFLILFDo}HV
TXDOLILFDGD &RQVXOWH (63(&,),&$d®(6 3$5$ 2 5HFRQGLFLRQH D VXSHUItFLH FRQIRUPH QHFHVViULR
)852 (0 /,1+$ '$ 7$03$ '2 52/$0(172 (VSHFLILFDomR
35,1&,3$/ QR JUXSR  &DEHoRWH GR %ORFR GH &L
OLQGURV²'HVQLYHODPHQWR
 0HoD R GLkPHWUR GR IXUR GR VHJXLGRU GR HL[R GH 0i[LPR  PP  LQ DFLPD
FDPHV HP WRGRV RV SRQWRV GR IXUR GR FRPSULPHQWR H ODUJXUD WRWDLV
(VSHFLILFDomR 5HWLOLQLGDGH PP  LQ SRU FDGD 
6HJXLGRU GR (L[R GH PP  LQ GH &RPSULPHQWR
&RPDQGR²', GR )XUR 3URIXQGLGDGH 0i[LPD GD
QR %ORFR ²  PP  ²  LQ 2QGD  PLFU{PHWURV  PLFURLQFK
'( GR 6HJXLGRU 1RYR  ²  PP  ²  LQ 'LVWkQFLD GD /LQKD
)ROJD HQWUH R 6HJXLGRU H &HQWUDO GR )XUR GR
R )XUR   ²  PP  ²  LQ 5RODPHQWR 3ULQFLSDO DR
&DEHoRWH  ²  PP  ²  LQ
6H TXDOTXHU XP GRV IXURV GR VHJXLGRU GH FDPH QmR
HVWLYHU GHQWUR GDV HVSHFLILFDo}HV LQVWDOH XP QRYR
EORFR GH FLOLQGURV
5( 6(3

&70 )(%  0RWRUHV 'LHVHO GH 


/
31 
5HSDUR H $MXVWH GR %ORFR GH &LOLQGURV &DPLVDV 3LVW}HV H +DVWHV

%ORFR GH &LOLQGURV²,QVSHomR H 5HFXSHUDomR A


9HULILFDomR GR 5HVVDOWR GD &DPLVD GR &LOLQGUR
 5HPRYD WRGR R PDWHULDO HVWUDQKR GR FDEHoRWH GR
EORFR $ VXSHUItFLH GD MXQWD '(9( (67$5 /,03$
8VH DU FRPSULPLGR SDUD UHPRYHU WRGR R PDWHULDO

5* ²81²2&7
HVWUDQKR VROWR GR EORFR GH FLOLQGURV H GR FDEHoRWH
GH FRPEXVWmR
 5HPRYD DV JD[HWDV GD FDPLVD ,QVWDOH D FDPLVD GR
FLOLQGUR Q~PHUR  VHP DV MXQWDV QD FDPLVD RX QR
EORFR ,QVWDOH D FDPLVD FRP R FyGLJR GD GDWD GH
IDEULFDomR YROWDGR SDUD D GLDQWHLUD GR PRWRU $VVHQWH
5HVVDOWR GD &DPLVD
D FDPLVD ILUPHPHQWH QR OXJDU QR EORFR GH FLOLQGURV
 3DUDIXVH DV FDPLVDV HP TXDWUR OXJDUHV FRPR
PRVWUDGR XVDQGR SDUDIXVRV  81&% H
DUUXHODV OLVDV $V DUUXHODV OLVDV GHYHP WHU XPD
HVSHVVXUD PtQLPD GH  PP  LQ  $SHUWH RV
SDUDIXVRV GH DFRUGR FRP DV HVSHFLILFDo}HV

5* ²81²0$<
(VSHFLILFDomR
3DUDIXVRV GD &DPLVD GR
&LOLQGUR 3DUD 9HULILFDomR
GR UHVVDOWR ²7RUTXH  1‡P  OEIW

 8VH R %ORFR ,QGLFDGRU -'* % MXQWR FRP R 5HOyJLR


&RPSDUDGRU '&, ,PSHULDO LQ RX '&,
0pWULFR PP RX ,QGLFDGRU .-' SDUD PHGLU D &DPLVD GR &LOLQGUR )L[DGD QR %ORFR
DOWXUD $ GDV FDPLVDV SDUDIXVDGDV TXH QmR HVWmR
YLVXDOPHQWH GHIHLWXRVDV DQWHV GD UHPRomR GR EORFR
 0HoD FDGD FDPLVD HP TXDWUR OXJDUHV
DSUR[LPDGDPHQWH QDV SRVLo}HV GH  
 H  KRUDV FRQIRUPH YLVWR GD WUDVHLUD GR
PRWRU H[WUHPLGDGH GR YRODQWH 

5* ²81²0$<
(VSHFLILFDomR
&DPLVDV GRV
&LOLQGURV²UHVVDOWR
$OWXUD $FLPD GR %ORFR   D  PP  D  LQ
9DULDomR SRU &LOLQGUR   PP  LQ Pi[LPR
9DULDomR HQWUH &LOLQGURV   PP  LQ Pi[LPR
9HULILTXH R 5HVVDOWR GD &DPLVD XVDQGR R %ORFR &DOLEUDGRU -'*
 5HJLVWUH WRGDV DV PHGLo}HV QR IRUPXOiULR IRUQHFLGR
DEDL[R $²5HVVDOWR GD &DPLVD %²%ORFR GH ,QGLFDGRU -'*
 6H D SURMHomR GD FDPLVD HVWi DOWD RX EDL[D FRQVXOWH
DV LQVWUXo}HV DSyV D XVLQDJHP GR IXUR UHEDL[DGR GR
EORFR  5HSLWD R SURFHVVR LQLFLDO GH PHGLomR GD DOWXUD GD
FDPLVD SDUD RV GHPDLV FLOLQGURV
0(d$ 2 5(66$/72 '$ &$0,6$ '2 &,/,1'52 $/785$ $&,0$ '2 %/2&2 ( 5(*,675( 26 5(68/7$'26 $%$,;2
,03257$17( &DGD FDPLVD GHYH WHU QR PtQLPR XP FDOoR LQVWDODGR DEDL[R GR IODQJH 3RGHP VHU XVDGRV QR Pi[LPR
GRLV FDOoRV SDUD REWHU D HVSHFLILFDomR GR UHVVDOWR GD FDPLVD

(VSHFLILFDomR
5HVVDOWR GR %ORFR GD
&DPLVD GR &LOLQGUR GH
3URGXomR²UHVVDOWR
$OWXUD $FLPD GR %ORFR   D  PP DFLPD GD IDFH GR EORFR
 D  LQ DFLPD GD IDFH GR EORFR
127$ 8VH R IRUPXOiULR GR 5HVVDOWR GD &DPLVD DEDL[R SDUD UHJLVWUDU R 1~PHUR GH 6pULH GR 0RWRU (61  R 0R
GHOR H R UHVVDOWR LQLFLDO H ILQDO SDUD FDGD FLOLQGUR

&RQWLQXD QD SUy[LPD SiJLQD -5 $8*

&70 )(%  0RWRUHV 'LHVHO GH 


/
31 
5HSDUR H $MXVWH GR %ORFR GH &LOLQGURV &DPLVDV 3LVW}HV H +DVWHV

(61 BBBBBBBBBBBBBBBBBBBBBBBBBBBBB

0RGHOR BBBBBBBBBBBBBBBBBBBBBBBBBBBBB

&DOoR BBBBBBBBBBBBBBBBBBBBBBBBBBBBB

5HVVDOWR GD &DPLVD

5HVVDOWR ,QLFLDO 1~PHUR GR FLOLQGUR 5HVVDOWR )LQDO

&LOLQGUR 

&LOLQGUR 

&LOLQGUR 

&LOLQGUR 

&LOLQGUR 

&LOLQGUR 

1RWDV

&RQWLQXD QD SUy[LPD SiJLQD -5 $8*

&70 )(%  0RWRUHV 'LHVHO GH 


/
31 
5HSDUR H $MXVWH GR %ORFR GH &LOLQGURV &DPLVDV 3LVW}HV H +DVWHV

&DPLVD GR &LOLQGUR ² 3UHSDUR H 0HGLomR


$ UHFXSHUDomR GH XP EORFR GH FLOLQGURV UHTXHU D PHGLomR
SUHFLVD H FiOFXOR EDVHDGR QR UHVVDOWR GD FDPLVD GR
FLOLQGUR H QR IXUR UHEDL[DGR GD FDPLVD GR EORFR GH
FLOLQGURV

5* ²81²'(&
 /LPSH R GLkPHWUR H[WHUQR GD FDPLVD GR FLOLQGUR SDUD
DVVHJXUDU D H[DWLGmR GDV PHGLo}HV GR UHVVDOWR GD
FDPLVD $QWHV GD LQVWDODomR GH FDOoR D iUHD VRE R
IODQJH GD FDPLVD GR FLOLQGUR GHYH HVWDU OLPSD H VHP
GHWULWRV
 0HoD D HVSHVVXUD GR IODQJH GD FDPLVD GR FLOLQGUR
H R GLkPHWUR H[WHUQR GD FDPLVD HP YiULRV ORFDLV H 5HPRomR GD -XQWD GD &DPLVD
FRPSDUH FRP D HVSHFLILFDomR IRUQHFLGD D VHJXLU e D
QHFHVViULD TXH D YDULDomR HQWUH R PtQLPR GH TXDWUR
ORFDLV GH PHGLomR VHMD GH  RX PHQRV 6XEVWLWXD
D FDPLVD GR FLOLQGUR SHOR NLW GH VHUYLoR GD FDPLVD GR
SLVWmR VH D YDULDomR HVWLYHU DFLPD GH  RX VH E
XP RX PDLV GDV PHGLo}HV GD FDPLVD HVWLYHU IRUD GD
HVSHFLILFDomR RX VH KRXYHU R[LGDomR RX FRUURVmR QR C
GLkPHWUR H[WHUQR GD FDPLVD 5HJLVWUH DV PHGLo}HV GD
9HULILFDomR GD 3URIXQGLGDGH GR )XUR 5HEDL[DGR QD
WDEHOD GHVWH GRFXPHQWR
(VSHFLILFDomR
)ODQJH GD &DPLVD GR
&LOLQGUR %ORFRV VHP
&DOoRV²(VSHVVXUD &   ²  PP  ²  LQ
)ODQJH GD &DPLVD GR
&LOLQGUR %ORFRV FRP
&DOoRV²(VSHVVXUD &  V  PP  D  LQ
)ODQJH GD &DPLVD GR
&LOLQGUR²'LkPHWUR
([WHUQR '  ²  PP  ²  LQ

5* ²81²$8*
'LkPHWUR ([WHUQR GD
&DPLVD GR &LOLQGUR
² 3LORWR 6XSHULRU VRE
R )ODQJH²'LkPHWUR G
([WHUQR (  ²  PP  ²  LQ
'LkPHWUR ([WHUQR GD
F
&DPLVD ² ÈUHD GD
&DPLVD GR /tTXLGR GH 0HGLomR GD &DPLVD GR &LOLQGUR
$UUHIHFLPHQWR²'LkPHWUR
([WHUQR )  ²  PP  ²  LQ
$²-XQWD GD &DPLVD (²'LkPHWUR ([WHUQR GD
'LkPHWUR ([WHUQR GD %²&DPLVD GH &LOLQGURV &DPLVD GR &LOLQGUR²3LORWR
&DPLVD GR &LOLQGUR ² &²)ODQJH GD &DPLVD GR 6XSHULRU VRE R )ODQJH
3LORWR ,QIHULRU²'LkPHWUR &LOLQGUR²(VSHVVXUD )² 'LkPHWUR ([WHUQR GD
([WHUQR *  ²  PP  ²  LQ '²)ODQJH GD &DPLVD GR &DPLVD GR &LOLQGUR²ÈUHD
&LOLQGUR²'LkPHWUR ([WHUQR GD &DPLVD GR /tTXLGR GH
$UUHIHFLPHQWR
*²'LkPHWUR ([WHUQR GD
&DPLVD GR &LOLQGUR²3LORWR
,QIHULRU

&RQWLQXD QD SUy[LPD SiJLQD -5 $8*

&70 )(%  0RWRUHV 'LHVHO GH 


/
31 
5HSDUR H $MXVWH GR %ORFR GH &LOLQGURV &DPLVDV 3LVW}HV H +DVWHV

%ORFR GH &LOLQGURV ² 3UHSDUR H 0HGLomR


A
 /LPSH H LQVSHFLRQH YLVXDOPHQWH D IDFH VXSHULRU GR
EORFR 5HPRYD WRGR R PDWHULDO HVWUDQKR H UHEDUEDV
GD IDFH VXSHULRU GR EORFR $ VXSHUItFLH GD MXQWD '(9(
(67$5 /,03$ 8VH DU FRPSULPLGR SDUD UHPRYHU WRGR
R PDWHULDO HVWUDQKR VROWR GR EORFR GH FLOLQGURV H GR
FDEHoRWH GH FRPEXVWmR B
127$ 2 IXUR UHEDL[DGR p OHYHPHQWH F{QLFR H SRVVXL
XP UDLR )  2 SRVLFLRQDPHQWR GD IHUUDPHQWD p
FUtWLFR SDUD REWHU PHGLo}HV H[DWDV

 0HoD D SURIXQGLGDGH GR IXUR UHEDL[DGR XVDQGR XPD E D


GDV GXDV RSo}HV GHVFULWDV DEDL[R

5*$ ²81²2&7
2SomR ²0LFU{PHWUR GH 3URIXQGLGDGH 0HoD D
SURIXQGLGDGH GR FDEHoRWH GH FRPEXVWmR GR EORFR GH
FLOLQGURV ( GH PDQHLUD TXH D SRQWD GR PLFU{PHWUR
& ILTXH HP HVTXDGUR QR GLkPHWUR LQWHUQR GD ERUGD
GR IXUR UHEDL[DGR 0HoD D SDUWLU GR SRQWR LGHQWLILFDGR C
) SDUD REWHU XPD OHLWXUD H[DWD F
2SomR ²'&, RX '&, 3RVLFLRQH R
UHOyJLR FRPSDUDGRU $ H R EORFR SDGUmR -'* % 0HGLomR GD 3URIXQGLGDGH GR )XUR 5HEDL[DGR
VREUH R FDEHoRWH GH FRPEXVWmR GR EORFR GH FLOLQGURV
( GH PRGR TXH D SRQWD GR UHOyJLR FRPSDUDGRU &
ILTXH HP HVTXDGUR FRP R GLkPHWUR LQWHUQR GD ERUGD $²5HOyJLR &RPSDUDGRU '²3URIXQGLGDGH GR )XUR
'&, RX '&, 5HEDL[DGR
GR IXUR UHEDL[DGR %²%ORFR GH ,QGLFDGRU -'* (²%ORFR GH &LOLQGURV
&²3RQWD GR 5HOyJLR )² 5DLR GR )XUR 5HEDL[DGR
,03257$17( 6H D ERUGD GR IXUR UHEDL[DGR HVWLYHU &RPSDUDGRU
GHVJDVWDGD HRX VH D YDULDomR GD SURIXQGLGDGH
GR IXUR UHEDL[DGR IRU VXSHULRU D  LQ D
ERUGD GR IXUR UHEDL[DGR WHUi TXH VHU XVLQDGD
 5HSLWD D HWDSD  SDUD DVVHJXUDU D H[DWLGmR GD
,03257$17( &DGD FLOLQGUR SRGH WHU QR Pi[LPR PHGLomR H SDUD JDUDQWLU D UHSHWLELOLGDGH GD PHGLomR
GRLV FDOoRV 6H D SURIXQGLGDGH GR IXUR  6XEWUDLD R Q~PHUR PDLV EDL[R GR Q~PHUR PDLV DOWR GR
UHEDL[DGR XOWUDSDVVDU HVVD HVSHFLILFDomR DSyV FLOLQGUR TXH HVWi VHQGR PHGLGR (VWH p R YDORU PtQLPR
D XVLQDJHP VXEVWLWXD R EORFR GH FLOLQGURV D VHU XVLQDGR SDUD OLPSDU R FLOLQGUR
 0HoD D SURIXQGLGDGH GR IXUR UHEDL[DGR ' HP TXDWUR  5HSLWD DV HWDSDV GH  D  SDUD WRGRV RV FLOLQGURV
ORFDLV DIDVWDGRV GH ƒ 5HJLVWUH RV UHVXOWDGRV QD
SiJLQD DEDL[R H GHSRLV FRPSDUHRV j HVSHFLILFDomR
9HULILFDomR GD 3URIXQGLGDGH GR )XUR UHEDL[DGR
0(d$ 26 9$/25(6 '( 5(*,6752 $%$,;2
(VSHFLILFDomR
(VSHFLILFDomR GH 5H
FXSHUDomR²(VSHV
VXUD²3URIXQGLGDGH 0t
QLPD GR )XUR 5HEDL[DGR   PP  LQ
3URIXQGLGDGH 0i[LPD
GR )XUR 5HEDL[DGR VHP
FDOoRV    PP  LQ
9DULDomR 0i[LPD DSyV D
8VLQDJHP    PP  LQ
127$ 8VH R IRUPXOiULR GR 5HVVDOWR GD &DPLVD DEDL[R SDUD UHJLVWUDU R 1~PHUR GH 6pULH GR 0RWRU (61  R 0R
GHOR H R UHVVDOWR LQLFLDO H ILQDO SDUD FDGD FLOLQGUR

(61 BBBBBBBBBBBBBBBBBBBBBBBBBBBBB

0RGHOR BBBBBBBBBBBBBBBBBBBBBBBBBBBBB

&DOoR BBBBBBBBBBBBBBBBBBBBBBBBBBBBB

&RQWLQXD QD SUy[LPD SiJLQD -5 $8*

&70 )(%  0RWRUHV 'LHVHO GH 


/
31 
5HSDUR H $MXVWH GR %ORFR GH &LOLQGURV &DPLVDV 3LVW}HV H +DVWHV

3URIXQGLGDGH GR )XUR 5HEDL[DGR

3URIXQGLGDGH ,QLFLDO GR )XUR 5HEDL[DGR 1~PHUR GR FLOLQGUR 3URIXQGLGDGH )LQDO GR )XUR 5HEDL[DGR

&LOLQGUR 

&LOLQGUR 

&LOLQGUR 

&LOLQGUR 

&LOLQGUR 

&LOLQGUR 

1RWDV
5(68/7$'2 '$ (63(6685$ '2 )/$1*( '$ &$0,6$

&LOLQGUR 

&LOLQGUR 

&LOLQGUR 

&LOLQGUR 

&LOLQGUR 

&LOLQGUR 

&RQWLQXD QD SUy[LPD SiJLQD -5 $8*

&70 )(%  0RWRUHV 'LHVHO GH 


/
31 
5HSDUR H $MXVWH GR %ORFR GH &LOLQGURV &DPLVDV 3LVW}HV H +DVWHV

)XUR UHEDL[DGR ² $MXVWH GD )HUUDPHQWD


127$ $ IHUUDPHQWD GR IXUR UHEDL[DGR -'*
H R PRWRU GHYHP HVWDU j PHVPD WHPSHUDWXUD
DQWHV GH LQLFLDU R SURFHGLPHQWR

 ,QVSHFLRQH D IHUUDPHQWD GR IXUR UHEDL[DGR -'*


$ SDUWH LQIHULRU GD SODFD GH EDVH GHYH HVWDU VHP
HQWDOKHV H GHWULWRV 2 HL[R SULQFLSDO GHYH JLUDU
OLYUHPHQWH QD FDUFDoD
 2 HL[R GH DFLRQDPHQWR % GD IHUUDPHQWD GR IXUR
UHEDL[DGR -'* & SRVVXL UDQKXUDV HP GXDV
SRVLo}HV HP TXH R SLQR GH WUDYD DFLRQDGR SRU PROD
$ SRGH HQFDL[DU 1HVWH SURFHGLPHQWR XVH VRPHQWH
D UDQKXUD VXSHULRU 2 SLQR GH WUDYD $ PDQWpP D
SODFD GR FRUWDGRU QD SRVLomR OHYDQWDGD TXDQGR QmR
HVWLYHU HP XVR
 3DUD GHVWUDYDU R HL[R GH DFLRQDPHQWR % SX[H R SLQR
GH WUDYD $ SDUD IRUD H JLUH ƒ $JRUD 2 HL[R GD
IHUUDPHQWD GR IXUR UHEDL[DGR % HVWi OLYUH SDUD VH

5* ²81²$35
PRYLPHQWDU SDUD FLPD H SDUD EDL[R
 3DUD WUDYDU R HL[R GH DFLRQDPHQWR % JLUH R SLQR
GH WUDYD $ DWp TXH DV OLQJXHWDV GR ERWmR ILTXHP
DOLQKDGDV jV IHQGDV QR FRUSR GR SDUDIXVR 'HSRLV
SX[H SDUD FLPD R HL[R GH DFLRQDPHQWR DWp R SLQR GH
WUDYD $ WUDYDU QD UDQKXUD GR HL[R GH DFLRQDPHQWR %  3LQR GH 7UDYD $FLRQDGR SRU 0ROD
127$ 2 SLQR GH WUDYD QmR GHYH HVWDU QD SRVLomR
GHVWUDYDGD TXDQGR HP XVR SDUD QmR GDQLILFDU $²3LQR GH 7UDYD &²)HUUDPHQWD GR )XUR
R HL[R GH DFLRQDPHQWR %  %²(L[R GH $FLRQDPHQWR 5HEDL[DGR -'*

-5 $8*

)XUR 5HEDL[DGR ² $MXVWH GR &RUWDGRU


 )DoD R DMXVWH SUpYLR GR FRUWDGRU & HQURODQGR R
WLUDQWH GH DMXVWH GR FRUWDGRU $ QR FRUWDGRU $ HP
WRUQR GD iUHD GD IHQGD GR FRUWDGRU
 (PSXUUH R FRUWDGRU & SDUD IRUD GH PRGR TXH HQFRVWH
QR WLUDQWH GH DMXVWH GR FRUWDGRU $  )L[H D SODFD GH
IL[DomR GR FRUWDGRU ' DSHUWDQGR RV SDUDIXVRV GH
FDEHoD KHPLVIpULFD % 
 9HULILTXH QRYDPHQWH R FRUWDGRU & DVVHJXUDQGR TXH
HQFRVWH QR WLUDQWH GH DMXVWH GR FRUWDGRU $  PDV VHP
5* ²81²0$<

VREUHVVDLU GD ERUGD GD SODFD


 $ ERUGD GH FRUWH GH FDUEHWR GHYH ILFDU YROWDGD SDUD R
HVSDoR DEHUWR ( QD SODFD GR FRUWDGRU
,03257$17( 1mR GHYH KDYHU SDVVDJHP GH OX] HQWUH
R WLUDQWH GH DMXVWH GR FRUWDGRU H R FRUWDGRU
3ODFD GH &RUWH 5HWD
$²7LUDQWH GH $MXVWH GR '²3ODFD GH )L[DomR GR
&RUWDGRU &RUWDGRU
%²3DUDIXVRV GH &DEHoD (²(VSDoR $EHUWR
+HPLVIpULFD
&²&RUWDGRU

&RQWLQXD QD SUy[LPD SiJLQD -5 $8*

&70 )(%  0RWRUHV 'LHVHO GH 


/
31 
5HSDUR H $MXVWH GR %ORFR GH &LOLQGURV &DPLVDV 3LVW}HV H +DVWHV

)HUUDPHQWD GR )XUR 5HEDL[DGR ² 0RQWDJHP


H ,QVWDODomR
 ,QVSHFLRQH D VXSHUItFLH GH SRVLFLRQDPHQWR $ GD
SODFD GR FRUWDGRU $ VXSHUItFLH GHYH HVWDU VHP
UHEDUEDV ERUGDV DILDGDV RX UDQKXUDV
 ,QVWDOH D SODFD GR FRUWDGRU $ QR HL[R SULQFLSDO
%  8VH R SLQR GH UHPRomRLQVWDODomR GD SODFD GR
FRUWDGRU ORFDOL]DGR QD ODWHUDO GD SODFD GR FRUWDGRU

5* ²81²0$<
SDUD IL[DU D SODFD GR FRUWDGRU QR HL[R GH DFLRQDPHQWR
 3RVLFLRQH D IHUUDPHQWD -'* ( QR IXUR
GR FLOLQGUR ) UHFXDQGR RV FRODUHV GH DMXVWH GD
SURIXQGLGDGH & H DEDL[DQGR D SODFD GR FRUWDGRU QR
IXUR UHEDL[DGR SDUD FHQWUDOL]DU D IHUUDPHQWD
 3UHQGD D SODFD GH EDVH DR EORFR FRP RV SDUDIXVRV GR 3ODFD GR &RUWDGRU
FDEHoRWH GH FLOLQGURV H FRP HVSDoDGRUHV H DUUXHODV
DSURSULDGRV QD SRVLomR '  $SHUWH RV SDUDIXVRV
GLDJRQDOPHQWH HP SDGUmR FUX]DGR FRQIRUPH D
HVSHFLILFDomR
(VSHFLILFDomR
3DUDIXVRV GD 3ODFD GH
%DVH DR %ORFR²7RUTXH  1‡P  OEIW

 &RP D SODFD GH FRUWH QD SRVLomR DVVHJXUH TXH D


PHVPD JLUD OLYUHPHQWH VHP HPSHUUDU HUJD D DOoD
HP 7 OLJHLUDPHQWH H JLUH R HL[R SULQFLSDO QR VHQWLGR
KRUiULR 6H QHFHVViULR DIURX[H RV SDUDIXVRV
UHSRVLFLRQH D IHUUDPHQWD H UHSLWD DV HWDSDV  H 

$²3ODFD GR &RUWDGRU '²3RVLo}HV GH 3DUDIXVR


%²(L[R 3ULQFLSDO (²)HUUDPHQWD GR )XUR
&²&RODUHV GH $MXVWH GD 5HEDL[DGR -'*
3URIXQGLGDGH )² 'LkPHWUR GR FLOLQGUR

5* ²81²0$<
,QVWDODomR GD )HUUDPHQWD GR )XUR 5HEDL[DGR -'*

&RQWLQXD QD SUy[LPD SiJLQD -5 $8*

&70 )(%  0RWRUHV 'LHVHO GH 


/
31 
5HSDUR H $MXVWH GR %ORFR GH &LOLQGURV &DPLVDV 3LVW}HV H +DVWHV

)HUUDPHQWD GR )XUR 5HEDL[DGR ² 8VLQDJHP


GR )XUR UHEDL[DGR
 5HFXH R FRODU GH DMXVWH GD SURIXQGLGDGH H DEDL[H FRP
FXLGDGR D SODFD GR FRUWDGRU QR IXUR SDUD SHUPLWLU TXH
R FRUWDGRU DSRLH QD ERUGD GR IXUR UHEDL[DGR
 *LUH RV GRLV FRODUHV GH DMXVWH GD SURIXQGLGDGH $ H
% SDUD EDL[R DWp R FRODU LQIHULRU HQFRVWDU QD FDUFDoD

5* ²81²0$<
SULQFLSDO 1mR IRUFH R FRODU DOpP GHVVH SRQWR SRLV HOH
HUJXHUi D SODFD GH FRUWH LPSHGLQGR REWHU XPD OHLWXUD
GH ]HUR H[DWD
 'HWHUPLQH D SURIXQGLGDGH GH FRUWH ILQDO FRQIRUPH
DV LQVWUXo}HV DQWHULRUHV H UHFXH R FRODU GH DMXVWH
GD SURIXQGLGDGH VXSHULRU GD PDQHLUD DSURSULDGD
$MXVWH GD 3URIXQGLGDGH
&DGD JUDGXDomR GR FRODU GH DMXVWH GD SURIXQGLGDGH
DXPHQWD D SURIXQGLGDGH HP  LQ  $SHUWH FRP
ILUPH]D QR SDUDIXVR ERUEROHWD QR FRODU VXSHULRU $ 
 (QFKD R FRSR GH yOHR GD FDUFDoD SULQFLSDO FRP
yOHR QmR GHWHUJHQWH : SDUD PDQWHU D OXEULILFDomR
GXUDQWH R XVR
 5HFXH R FRODU GH DMXVWH GD SURIXQGLGDGH LQIHULRU
GXDV JUDGXDo}HV RX PHQRV H DSHUWH FRP ILUPH]D R
SDUDIXVR ERUEROHWD &RUWH R IXUR UHEDL[DGR JLUDQGR

5* ²81²0$<
D DOoD HP 7 QR VHQWLGR KRUiULR H PDQWHQGR SUHVVmR
SDUD EDL[R FRQVWDQWH QD IHUUDPHQWD GR IXUR UHEDL[DGR
-'*
,03257$17( 1mR SDUH QD PHVPD SRVLomR GD
DOoD $OWHUQH DV SDUDGDV SDUD QmR FULDU
UHVVDOWRV QR IXUR UHEDL[DGR
*LUR GD $OoD HP 7 QR 6HQWLGR +RUiULR
 &RQWLQXH D UHFXDU R FRODU GH DMXVWH GD SURIXQGLGDGH
LQIHULRU QmR PDLV TXH GXDV JUDGXDo}HV SRU FRUWH $²&RODU GH 3URIXQGLGDGH &²3DUDIXVR %RUEROHWD
H YHULILTXH DV PHGLGDV GD SURIXQGLGDGH HQWUH FDGD 6XSHULRU
DMXVWH 3ODQHMH SDUD ID]HU XP FRUWH ILQDO GH  PLOpVLPR %²&RODU GH 3URIXQGLGDGH
 LQ SDUD REHGHFHU D SURIXQGLGDGH ILQDO GR ,QIHULRU
IXUR UHEDL[DGR SUHGHWHUPLQDGD ,VVR JDUDQWH TXH D
XVLQDJHP WHQKD ERP DFDEDPHQWR
FRP ILUPH]D ,VVR SHUPLWH TXH WRGRV RV GHPDLV IXURV
 8PD YH] TXH VH DWLQMD D SURIXQGLGDGH SUHGHWHUPLQDGD UHEDL[DGRV VHMDP FRUWDGRV QD PHVPD SURIXQGLGDGH
HQFRVWH R FRODU GH DMXVWH GD SURIXQGLGDGH VXSHULRU TXH R SULPHLUR FDVR VH GHVHMH ID]HU LVVR
FDOLEUDGR QR FRODU LQIHULRU H DSHUWH R SDUDIXVR ERUEROHWD
&RQWLQXD QD SUy[LPD SiJLQD -5 $8*

&70 )(%  0RWRUHV 'LHVHO GH 


/
31 
5HSDUR H $MXVWH GR %ORFR GH &LOLQGURV &DPLVDV 3LVW}HV H +DVWHV

)HUUDPHQWD GR )XUR 5HEDL[DGR ² 5HPRomR


 5HWUDLD D SODFD GH FRUWH SX[DQGRD SHOD DOoD HP 7
% H WUDYH QD SRVLomR VXSHULRU FRP R SLQR GH WUDYD
DFLRQDGR SRU PROD $ 
 5HPRYD RV WUrV SDUDIXVRV GH IL[DomR & H UHPRYD D
IHUUDPHQWD GH FRUWH GR IXUR UHEDL[DGR -'*
 /LPSH EHP WRGR R PHWDO H GHWULWRV GR EORFR H GDV
iUHDV SUy[LPDV
0HGLomR GR %ORFR
 &RPR Mi VH GHVFUHYHX DQWHULRUPHQWH QHVWD
SXEOLFDomR PHoD D SURIXQGLGDGH GR IXUR UHEDL[DGR
H UHJLVWUH DV PHGLo}HV QD SODQLOKD 9HULILFDomR GD
3URIXQGLGDGH GR )XUR 5HEDL[DGR
 $ YDULDomR GD SURIXQGLGDGH GR IXUR UHEDL[DGR
YHULILFDGD DR UHGRU GR FLOLQGUR QmR SRGH XOWUDSDVVDU
 PP  LQ  6H D YDULDomR H[FHGHU HVVH
HVSHFLILFDomR LQVWDOH QRYDPHQWH D IHUUDPHQWD

5* ²81²0$<
GH FRUWH GR IXUR UHEDL[DGR -'* YHULILTXH
QRYDPHQWH R DMXVWH GD IHUUDPHQWD H XVLQH FRQIRUPH D
HVSHFLILFDomR

$²3LQR GH 7UDYD $FLRQDGR SRU &²3DUDIXVRV


0ROD
%²$ODYDQFD HP 7 )HUUDPHQWD GR )XUR 5HEDL[DGR -'*

5* ²81²0$<
3DUDIXVRV

&RQWLQXD QD SUy[LPD SiJLQD -5 $8*

&70 )(%  0RWRUHV 'LHVHO GH 


/
31 
5HSDUR H $MXVWH GR %ORFR GH &LOLQGURV &DPLVDV 3LVW}HV H +DVWHV

9HULILFDomR GD 5HFXSHUDomR A
,03257$17( 3RGHP VHU XVDGRV QR Pi[LPR GRLV
FDOoRV SRU FLOLQGUR 6H IRUHP QHFHVViULRV PDLV
FDOoRV SDUD REWHU D HVSHFLILFDomR GR UHVVDOWR
R EORFR GH FLOLQGURV GHYH VHU VXEVWLWXtGR

5* ²81²2&7
127$ $ LQVWDODomR GDV FDPLVDV FRP R FyGLJR GH
GDWD SDUD D IUHQWH GR PRWRU IDFLOLWD QR IXWXUR
JLUDU DV FDPLVDV ƒ VH KRXYHU SUHVHQoD GH
R[LGDomR RX FDYLWDomR

,03257$17( /LPSH DV VXSHUItFLHV GH FRQWDWR


8WLOL]H DU FRPSULPLGR SDUD UHPRYHU WRGR R 5HVVDOWR GD &DPLVD
PDWHULDO HVWUDQKR VROWR GR EORFR GH FLOLQGURV
H GR IXUR UHEDL[DGR

 3DUD GHWHUPLQDU D HVSHVVXUD QHFHVViULD GRV FDOoRV


FRQVXOWH D SODQLOKD GD SURIXQGLGDGH GR IXUR UHEDL[DGR
SDUD REWHU D SURIXQGLGDGH GR IXUR UHEDL[DGR PHGLGD
H D HVSHVVXUD GR IODQJH GD FDPLVD 6XEWUDLD D

5* ²81²0$<
HVSHVVXUD GR IODQJH GD FDPLVD GD HVSHVVXUD GR IXUR
UHEDL[DGR SDUD FDGD FLOLQGUR (VVD PHGLGD PDLV D
HVSHFLILFDomR GR UHVVDOWR GHWHUPLQD D HVSHVVXUD
DFXPXODGD GRV FDOoRV
 /LPSH DV VXSHUItFLHV GH FRQWDWR GR EORFR GH FLOLQGURV
H GR IXUR UHEDL[DGR &DPLVD GR &LOLQGUR )L[DGD QR %ORFR
 ,QVWDOH D FDPLVD GR FLOLQGUR Q~PHUR  VHP DV MXQWDV
QD FDPLVD RX QR EORFR ,QVWDOH D FDPLVD FRP R FyGLJR
GD GDWD GH IDEULFDomR YROWDGR SDUD D GLDQWHLUD GR
PRWRU $VVHQWH D FDPLVD ILUPHPHQWH QR OXJDU QR
EORFR GH FLOLQGURV
 3DUDIXVH DV FDPLVDV HP TXDWUR OXJDUHV FRPR

5* ²81²0$<
PRVWUDGR XVDQGR SDUDIXVRV  81&% H
DUUXHODV OLVDV $V DUUXHODV OLVDV GHYHP WHU XPD
HVSHVVXUD PtQLPD GH  PP  LQ  $SHUWH RV
SDUDIXVRV GH DFRUGR FRP DV HVSHFLILFDo}HV
(VSHFLILFDomR
3DUDIXVRV GD &DPLVD GR
9HULILTXH R 5HVVDOWR GD &DPLVD XVDQGR R %ORFR &DOLEUDGRU -'*
&LOLQGUR 3DUD 9HULILFDomR
GR UHVVDOWR ²7RUTXH  1‡P  OEIW
$²5HVVDOWR GD &DPLVD %²0HoD R 5HVVDOWR GD &DPLVD
 8VH R %ORFR ,QGLFDGRU -'* % MXQWR FRP R XVDQGR R %ORFR 3DGUmR
5HOyJLR &RPSDUDGRU '&, ,PSHULDO LQ RX -'*
'&, 0pWULFR PP RX ,QGLFDGRU .-' SDUD
PHGLU D DOWXUD $ GDV FDPLVDV SDUDIXVDGDV
 0HoD FDGD FDPLVD HP TXDWUR OXJDUHV ‡ 5HPRYD D FDPLVD H RV FDOoRV YHULILTXH VH Ki
DSUR[LPDGDPHQWH QDV SRVLo}HV GH    H UHVtGXRV HQWDOKHV RX UHEDUEDV QR UHEDL[DGR GR
 KRUDV FRPR YLVWR D SDUWLU GD WUDVHLUD GR PRWRU EORFR RX QR ODGR LQIHULRU GR IODQJH GD FDPLVD
H[WUHPLGDGH GR YRODQWH  5HJLVWUH WRGDV DV PHGLo}HV ‡ 5HLQVWDOH D FDPLVD H RV FDOoRV H PHoD QRYDPHQWH
QD SODQLOKD GR UHVVDOWR GD FDPLVD GR FLOLQGUR ‡ 6H DLQGD HVWLYHU IRUD GD HVSHFLILFDomR PHoD
QRYDPHQWH D SURIXQGLGDGH GR IXUR D HVSHVVXUD GR
(VSHFLILFDomR IODQJH GD FDPLVD H UHFDOFXOH D HVSHVVXUD GHVHMDGD
&DPLVDV GRV GRV FDOoRV
&LOLQGURV²UHVVDOWR
$OWXUD $FLPD GR %ORFR   D  PP  D  LQ  6H R UHVVDOWR GD FDPLVD HVWLYHU EDL[R
9DULDomR SRU &LOLQGUR   PP  LQ Pi[LPR
9DULDomR HQWUH &LOLQGURV   PP  LQ Pi[LPR ‡ ,QVWDOH R FDOoR RX RV FDOoRV QD SDUWH LQIHULRU GR
IODQJH GD FDPLVD SDUD DXPHQWDU R UHVVDOWR DWp
 6H R UHVVDOWR GD FDPLVD HVWLYHU DOWR DWHQGHU D HVSHFLILFDomR
&RQWLQXD QD SUy[LPD SiJLQD -5 $8*

&70 )(%  0RWRUHV 'LHVHO GH 


/
31 
5HSDUR H $MXVWH GR %ORFR GH &LOLQGURV &DPLVDV 3LVW}HV H +DVWHV

 &DOoR 5  LQ


 &DOoR 5  LQ  5HPRYD H GHVFDUWH RV WHUPRVWDWRV ,QVWDOH
 &DOoR 5  LQ WHUPRVWDWRV QRYRV SDUD UHPRYHU TXDOTXHU
 &DOoR 5  LQ FRQWDPLQDomR GR JiV GH FRPSUHVVmR RX WHUPRVWDWRV
 &DOoR 5  LQ SRWHQFLDOPHQWH GDQLILFDGRV
‡ 6H DLQGD HVWLYHU IRUD GD HVSHFLILFDomR PHoD  &RQFOXD R UHFRQGLFLRQDPHQWR GR PRWRU FRQVXOWDQGR
QRYDPHQWH D SURIXQGLGDGH GR IXUR D HVSHVVXUD GR R &70 FRUUHWR 6XEVWLWXD RV FRPSRQHQWHV VHJXLQWHV
IODQJH GD FDPLVD H UHFDOFXOH D HVSHVVXUD GHVHMDGD SRU QRYRV
GRV FDOoRV
‡ 6H D PHGLomR DLQGD HVWLYHU PXLWR EDL[D R UHEDL[DGR ‡ -XQWD GR &DEHoRWH
GR EORFR SRGH HVWDU IRUD GD HVSHFLILFDomR ‡ 3DUDIXVRV GR &DEHoRWH
‡ 3DUDIXVRV GD %LHOD
 5HSLWD R SURFHVVR GH LQVWDODomR GD FDPLVD H GH ‡ %LHOD H 5RODPHQWRV 3ULQFLSDLV
PHGLomR GD DOWXUD SDUD RV FLOLQGURV  D 
 9HULILTXH VH R VLVWHPD GR OtTXLGR GH DUUHIHFLPHQWR
 5HPRYD WRGDV DV FDPLVDV GR EORFR H DMXVWH HP GR PRWRU IRL DGHTXDGDPHQWH YHQWLODGR DSyV R
VHTXrQFLD SDU YROWDU j SRVLomR RULJLQDO GRV FLOLQGURV UHFRQGLFLRQDPHQWR HRX UHLQVWDODomR QR YHtFXOR RX
DSOLFDomR 2(0 &RQVXOWH R &70 FRUUHWR 6HomR 
0RQWDJHP )LQDO
*UXSR  9HULILFDomR H 6HUYLoR GR 6LVWHPD GR
 /LPSH FRPSOHWDPHQWH WRGDV DV SHoDV /tTXLGR GH $UUHIHFLPHQWR H 6DQJULD GR $U GR 6LVWHPD
GR /tTXLGR GH $UUHIHFLPHQWR
 ,QVWDOH MXQWDV QRYDV QR GLkPHWUR H[WHUQR GD FDPLVD
H QR GLkPHWUR LQWHUQR GR EORFR ,QVWDOH DV FDPLVDV
QR EORFR
-5 $8*

&70 )(%  0RWRUHV 'LHVHO GH 


/
31 
5HSDUR H $MXVWH GR %ORFR GH &LOLQGURV &DPLVDV 3LVW}HV H +DVWHV

2ULItFLRV GH 5HVIULDPHQWR GRV 3LVW}HV ²


,QVWDODomR
 8VH XP ILR SOiVWLFR IOH[tYHO PDFLR H DU FRPSULPLGR
SDUD OLPSDU R FDPLQKR LQWHUQR GR RULItFLR 6XEVWLWXD VH
D FRQGLomR IRU TXHVWLRQiYHO
,03257$17( XPD IDOKD QR RULItFLR GH DUUHIHFLPHQWR

5* ²81²$8*
GR SLVWmR SRGH GDQLILFDU RV SLVW}HV SLQRV
GH SLVW}HV EXFKDV GR SLQR GD ELHOD H
FDPLVDV 6H XP RULItFLR GH DUUHIHFLPHQWR
ILFDU EORTXHDGR KDYHUi EDL[D SUHVVmR GH
yOHR RX PHVPR QHQKXPD

,03257$17( R PRWRU  O WHP DUUHIHFLPHQWR GR 0RQWDJHP GR 2ULItFLR 3XOYHUL]DGRU GR 3LVWmR


SLVWmR GLUHFLRQDGR D yOHR &HUWLILTXHVH
TXH R RULItFLR HVWHMD LQVWDODGR QD RULHQWDomR
DGHTXDGD DR IXUR GD FDPLVD

 /RFDOL]H D IHUUDPHQWD GH LQVWDODomR GR RULItFLR GH


DUUHIHFLPHQWR GR SLVWmR -'* $ QR GLkPHWUR GR
URODPHQWR SULQFLSDO

5* ²81²-$1
 5HYLVWD  PP  LQ GR RULItFLR GH DUUHIHFLPHQWR
GR SLVWmR FRP R 7UDYDURVFD UHVLVWrQFLD PpGLD
/2&7,7(Š  $]XO  FRQIRUPH PRVWUDGR
127$ D LQVWDODomR GD IHUUDPHQWD H R RULItFLR GH
DUUHIHFLPHQWR WrP VXSHUItFLHV FRUUHVSRQGHQWHV
SDUD DOLQKDU R RULItFLR QR EORFR FRUUHWDPHQWH &DPDGD GH /RFWLWH 
6H D VXSHUItFLH QmR IRU DOLQKDGD R SDUDIXVR GH
LQVWDODomR QmR SRGHUi VHU FRORFDGR

 ,QVWDOH R RULItFLR GH DUUHIHFLPHQWR GR SLVWmR % QR


EORFR GR ODGR GD FDPLVD FRQIRUPH PRVWUDGR 4XDQGR
D IHUUDPHQWD H R RULItFLR HVWLYHUHP DOLQKDGRV GH IRUPD
DGHTXDGD R SDUDIXVR GH LQVWDODomR & HVWDUi QD

5* ²81²$8*
SRVLomR SDUD FLPD
 &RP RV GHGRV FRORTXH R SDUDIXVR GH LQVWDODomR
GHQWUR GR RULItFLR GH DUUHIHFLPHQWR ,VWR FRPHoDUi D
IL[DU R RULItFLR GH DUUHIHFLPHQWR QR EORFR
 $SHUWH R SDUDIXVR GH LQVWDODomR GH DFRUGR FRP D
HVSHFLILFDomR SDUD DVVHQWDU R RULItFLR QR EORFR 9HULILTXH D 3URIXQGLGDGH GR 2ULItFLR 3XOYHUL]DGRU GR 3LVWmR

(VSHFLILFDomR
2ULItFLR GH $UUHIHFLPHQWR
GR 3LVWmR QR %ORFR GR
&LOLQGUR²7RUTXH D  1ÂP  D  OEIW

 9HULILTXH D SURIXQGLGDGH GD LQVWDODomR DR UHPRYHU R


SDUDIXVR & GD IHUUDPHQWD GH LQVWDODomR 5HPRQWH R
5* ²81²$8*

SDUDIXVR VHP DSHUWDU QD IHUUDPHQWD GH LQVWDODomR 2


DQHO QD EDVH GR SDUDIXVR ' GHYHUi HVWDU DMXVWDGR
FRP RX DFLPD GD VXSHUItFLH VXSHULRU GD IHUUDPHQWD

$²)HUUDPHQWD SDUD ,QVWDODomR &²3DUDIXVR SDUD )HUUDPHQWD


GR 2ULItFLR 3XOYHUL]DGRU GH GH ,QVWDODomR -'*
3LVWmR -'* '²0DUFD GH 9HULILFDomR GD
%²2ULItFLR 3XOYHUL]DGRU GR 3URIXQGLGDGH 9HULILFDomR GD 3URIXQGLGDGH
3LVWmR

/2&7,7( p XPD PDUFD UHJLVWUDGD GD /RFWLWH &RUSRUDWLRQ


5( 129

&70 )(%  0RWRUHV 'LHVHO GH 


/
31 
5HSDUR H $MXVWH GR %ORFR GH &LOLQGURV &DPLVDV 3LVW}HV H +DVWHV

,QVWDODomR GH *D[HWD QD &DPLVD GR &LOLQGUR C


H QRV $QpLV 2 QR %ORFR
,03257$17( 1­2 XVH yOHR QD JD[HWD GD FDPLVD
GR FLOLQGUR RX QRV DQpLV 2 ÏOHR SRGH ID]HU
FRP TXH D JD[HWD ODUDQMD LQFKH R TXH
FRPSULPH D FDPLVD H SRVVLYHOPHQWH SRGHUi
SURYRFDU DUUDQK}HV QR SLVWmR

 'HVSHMH 6DEmR /XEULILFDQWH $5 HP XP


UHFLSLHQWH DGHTXDGR
 0HUJXOKH DV QRYDV JD[HWDV H RV DQpLV 2 QR VDEmR
DQWHV GD LQVWDODomR 1mR GHL[H DV JD[HWDV RX RV
DQpLV 2 LPHUVRV QR VDEmR

5* ²81²0$5
 ,QVWDOH R DQHO 2 EUDQFR $ QD UDQKXUD LQIHULRU GR DQHO B
2 QR EORFR GH FLOLQGURV & 
 ,QVWDOH R DQHO 2 GH VLOLFRQH ODUDQMD % QD UDQKXUD
VXSHULRU GH DQHO 2 QR EORFR GH FLOLQGURV
A
$²$QHO 2  %UDQFR &²%ORFR GH &LOLQGURV
%²$QHO 2  /DUDQMD ,QVWDODomR GDV 9HGDo}HV GD &DPLVD GR &LOLQGUR

5(% 0$5

 *LUH D FDPLVD GR FLOLQGUR % GH FDEHoD SDUD EDL[R H


LQVWDOH D JD[HWD TXDGUDGD GH QHRSUHQH $ QD SDUWH
H[WHUQD GD FDPLVD
 'HVOL]H D JD[HWD ILUPHPHQWH SDUD EDL[R FRQWUD R
VHJXQGR UHEDL[R QD FDPLVD

5* ²81²0$5
127$ 9HULILTXH VH D JD[HWD TXDGUDGD QmR HVWi WRUFLGD

 5HYLVWD D iUHD GH YHGDomR GD JD[HWD GD FDPLVD GR


FLOLQGUR H RV DQpLV 2 GR EORFR FRP VDEmR OtTXLGR

$²*D[HWD 4XDGUDGD GH %²&DPLVD GR &LOLQGUR


1HRSUHQH
,QVWDOH D *D[HWD GD &DPLVD

5(% 0$5

&70 )(%  0RWRUHV 'LHVHO GH 


/
31 
5HSDUR H $MXVWH GR %ORFR GH &LOLQGURV &DPLVDV 3LVW}HV H +DVWHV

,QVWDODomR GD &DPLVD GR &LOLQGUR QR %ORFR


,03257$17( ,QVWDOH DV FDPLVDV GRV FLOLQGURV
QRV PHVPRV IXURV GR EORFR GH FLOLQGURV
GH RQGH IRUDP UHPRYLGDV
1­2 DUUDQKH D JD[HWD GD FDPLVD QR IXUR

5* ²81²'(&
HVFDUHDGR VXSHULRU
&DPLVDV R[LGDGDV RX FRUURtGDV TXH FXPSUDP
DV LQVWUXo}HV GH UHXVR GHYHP VHU JLUDGDV
HP ƒ HP UHODomR j SRVLomR GH UHPRomR
&RQVXOWH ,163(d­2 9,68$/ '( &$0,6$6 '26
&,/,1'526 DQWHULRUPHQWH QHVWH JUXSR SDUD
,QVWDODomR GDV &DPLVDV GR &LOLQGUR QR %ORFR
REWHU DV LQVWUXo}HV GH UHXWLOL]DomR

 ,QVWDOH D FDPLVD QR IXUR GR EORFR FRP FyGLJR GH


 6HUi VHQWLGD XPD UHVLVWrQFLD TXDQGR D FDPLVD GR
GDGRV GH IDEULFDomR HVWDPSDGR QR IODQJH YROWDGR
FLOLQGUR HVWLYHU DOLQKDGD DR IXUR SLORWR
SDUD D SDUWH IURQWDO GR PRWRU D PHQRV TXH R GLkPHWUR
H[WHUQR GD FDPLVD HVWHMD R[LGDGR RX FRUURtGR  8VDQGR DSHQDV D SUHVVmR GDV SDOPDV GDV GXDV
PmRV D FDPLVD GR FLOLQGUR GHYH GHVFHU DWp XP SRQWR
6H GLkPHWUR H[WHUQR HVWLYHU R[LGDGR RX FRUURtGR PDV
TXH ILTXH TXDVH QLYHODGD FRP R IODQJH VXSHULRU GD
DLQGD GHQWUR GRV OLPLWHV GH VHUYLoR DFHLWiYHLV JLUH
FDPLVD GR FLOLQGUR H GR EORFR GH FLOLQGURV
D FDPLVD ƒ D SDUWLU GH VXD SRVLomR GH UHPRomR
$V VHo}HV GD FDPLVD TXH DSUHVHQWDP FRUURVmR
ORFDOL]DGD GHYHP HVWDU YROWDGDV SDUD D SDUWH GLDQWHLUD
RX WUDVHLUD GR PRWRU
5*5* 129

 &RQFOXD R DVVHQWDPHQWR GDV FDPLVDV GR FLOLQGUR


XVDQGR XP EORFR GH PDGHLUD H XP PDUWHOR OLPSRV
 %DWD FRP FXLGDGR QR EORFR GH PDGHLUD VREUH D SDUWH
VXSHULRU GD FDPLVD GR FLOLQGUR FRP XP PDUWHOR
127$ $ FDPLVD GR FLOLQGUR VH SURMHWDUi DOpP GD SDUWH
VXSHULRU GR EORFR GH FLOLQGURV PDLV GR TXH R QRUPDO
GHYLGR jV JD[HWDV H DRV DQpLV 2 QmR FRPSULPLGRV

,03257$17( &DVR VXVSHLWH TXH XPD JD[HWD WHQKD


VLGR FRUWDGD RX GHVORFDGD GXUDQWH D LQVWDODomR
GD FDPLVD UHPRYD H H[DPLQH R FRQMXQWR
GH JD[HWD H FDPLVD 6H QHQKXP GDQR IRU 5* ²81²-$1

HQFRQWUDGR YHULILTXH VH DV JD[HWDV HVWmR QD


SRVLomR DGHTXDGD (QVDERH QRYDPHQWH DV
JD[HWDV H UHLQVWDOH R FRQMXQWR GD FDPLVD

 0DQWHQKD DV FDPLVDV QR OXJDU FRP DUUXHODV OLVDV


JUDQGHV H SDUDIXVRV *LUH RV SDUDIXVRV DWp ILFDUHP
ILUPHV PDV QmR DSHUWH $VVHQWDPHQWR GDV &DPLVDV GR &LOLQGUR QR %ORFR
 /LPSH RV IXURV GD FDPLVD GR FLOLQGUR FRP OLPSDGRU GH
PmRV VHP iJXD H QmR DEUDVLYR DSyV D LQVWDODomR
 $SOLTXH yOHR GH PRWRU OLPSR DRV IXURV GD FDPLVD
6HTXH FRP WRDOKDV OLPSDV
LPHGLDWDPHQWH SDUD HYLWDU FRUURVmR
5*5* 129

&70 )(%  0RWRUHV 'LHVHO GH 


/
31 
5HSDUR H $MXVWH GR %ORFR GH &LOLQGURV &DPLVDV 3LVW}HV H +DVWHV

,QVWDODomR GR 3LVWmR H GD %LHOD GH /LJDomR


,QVWDOH RV $QpLV QRV 3LVW}HV
,03257$17( 6H RV SLVW}HV WDPEpP IRUHP
WURFDGRV XVH R SLVWmR PDUFDGR FRP R SRQWR
GH WLQWD D]XO HPEDL[R GD VDLD

,03257$17( 2 DQHO WUDSH]RLGDO GH FRPSUHVVmR


WRWDO ' VH LQVWDOD QD UDQKXUD GR DQHO VXSHULRU
GR SLVWmR 2 DQHO VXSHULRU SRGH VHU LGHQWLILFDGR
SRU XPD ~QLFD PDUFD GH SXQomR ( H XPD
OLVWUD SLQWDGD GH 526$ $ PDUFD GH SXQomR
WDPEpP GHVLJQD D RULHQWDomR GR DQHO 2 ODGR
GR DQHO FRP D PDUFD GH SXQomR ILFD YROWDGR

5* ²81²'(&
SDUD D 3$57( 683(5,25 '2 3,67­2
2 VHJXQGR DQHO UHWDQJXODU % FRP PDUFDV GH
SXQomR GXSODV & H OLVWUD SLQWDGD GH $=8/
&/$52 p LQVWDODGR QD UDQKXUD FHQWUDO GR SLVWmR
$V PDUFDV GH SXQomR GHYHP HVWDU GLUHFLRQDGDV
SDUD D 3$57( 683(5,25 '2 3,67­2
&RQMXQWR GR $QHO GR 3LVWmR
2 DQHO GH FRQWUROH GH yOHR LQIHULRU QmR SRVVXL
PDUFDV GH SXQomR SDUD RULHQWDomR PDV WHP XPD
OLVWUD SLQWDGD GH %5$1&2 SDUD LGHQWLILFDomR 2
DQHO p LQVWDODGR QD UDQKXUD LQIHULRU GR SLVWmR
VREUH D SDUWH VXSHULRU GR DQHO GH H[SDQVmR GH
FRQWUROH GH yOHR $  1mR Ki RULHQWDomR VXSHULRU
RX LQIHULRU QR DQHO GH FRQWUROH GR yOHR

5* ²81²6(3
 8WLOL]H R ([SDQVRU GH $QHO -'( SDUD LQVWDODU R
DQHO GH FRQWUROH GR yOHR FRP R DQHO GH H[SDQVmR $
H OLVWUD SLQWDGD GH %5$1&2 QD UDQKXUD LQIHULRU GR
SLVWmR 1mR Ki SDUWH VXSHULRU RX LQIHULRU QR DQHO GH
FRQWUROH GR yOHR
,QVWDODomR GRV $QpLV GR 3LVWmR
 ,QVWDOH R DQHO GH FRPSUHVVmR Q~PHUR  % FRP
D OLVWUD SLQWDGD GH D]XO FODUR H D PDUFD GXSOD GH
SXQomR QD UDQKXUD FHQWUDO GR SLVWmR $V PDUFDV GH $²&RQWUROH GR ÏOHR RX $QHO '²$QHO GH &RPSUHVVmR
GH ([SDQVmR 6XSHULRU 7UDSH]RLGDO
SXQomR GHYHP HVWDU GLUHFLRQDGDV SDUD D SDUWH (²0DUFD GH 3XQomR ÒQLFD QR
%²$QHO GH &RPSUHVVmR 0pGLR
VXSHULRU GR SLVWmR 6HJXQGR $QHO 6XSHULRU
&²0DUFDV GH 3XQomR 'XSODV
 ,QVWDOH R DQHO GH FRPSUHVVmR Q~PHUR  & FRP D OLVWUD QD SDUWH VXSHULRU GR $QHO
SLQWDGD GH URVD H DSHQDV XPD PDUFD GH SXQomR QD ,QWHUPHGLiULR
UDQKXUD VXSHULRU GR SLVWmR $ PDUFD GH SXQomR GHYH
HVWDU GLUHFLRQDGD SDUD D SDUWH VXSHULRU GR SLVWmR
&RQWLQXD QD SUy[LPD SiJLQD 5($) $8*

&70 )(%  0RWRUHV 'LHVHO GH 


/
31 
5HSDUR H $MXVWH GR %ORFR GH &LOLQGURV &DPLVDV 3LVW}HV H +DVWHV

,QVWDOH R 3LVWmR QD %LHOD


,03257$17( 2V SLVW}HV GHYHP VHU LQVWDODGRV QD
PHVPD ELHOD GD TXDO IRUDP UHPRYLGRV GHYHPVH
XVDU QRYRV DQpLV GH SUHVVmR QR SLQR GR SLVWmR
6H SUHWHQGHU LQVWDODU XP SLVWmRFDPLVD QRYRV
1­2 UHPRYD R SLVWmR GD FDPLVD (PSXUUH R
SLVWmR SDUD IRUD GD SDUWH LQIHULRU GD OLQKD R
VXILFLHQWH SDUD LQVWDODU R SHUQR GR SLVWmR
2 GLUHFLRQDPHQWR GR SLVWmR QmR p QHFHVViULR
QR PRWRU  / 6RPHQWH D ELHOD WHP PDUFDV
GH GLUHFLRQDPHQWR IURQWDLV 

 ,QVWDOH XP DQHO GH SUHVVmR $ QD UDQKXUD GR SLQR


GR SLVWmR
 /XEULILTXH R SLQR GR SLVWmR &  RV IXURV GD ELHOD H
SLVWmR FRP yOHR OLPSR GH PRWRU

5* ²81²-$1
 ,QVWDOH R SLQR GR SLVWmR QRV RULItFLRV GD ELHOD H GR
SLVWmR DWp R SLQR VH DVVHQWDU FRP R DQHO GH SUHVVmR
LQVWDODGR SUHYLDPHQWH
 ,QVWDOH R VHJXQGR DQHO GH SUHVVmR $ QD UDQKXUD GR
RULItFLR QR SLQR GR SLVWmR ILUPDQGR R SLQR GR SLVWmR
&HUWLILTXHVH TXH R DQHO GH SUHVVmR HVWHMD DVVHQWDGR 0RQWH R 3LVWmR QD %LHOD
FRP VHJXUDQoD QDV UDQKXUDV GR IXUR GR SLVWmR
$²$QHO GH 3UHVVmR &²3LQR GR 3LVWmR
 9HULILTXH VH Ki PRYLPHQWR OLYUH GR SLVWmR QD ELHOD %²3LVWmR
 9HULILTXH VH Ki PRYLPHQWR OLYUH GR SLQR GR SLVWmR GD
ELHOD H SLVWmR SUHVVLRQDQGR FRQWUD RV GRLV DQpLV GH
UHWHQomR
5($) $8*

,QVWDOH R &RQMXQWR GR 3LVWmR H GD %LHOD QR %ORFR


127$ 2V QRYRV DQpLV VmR HTXLSDGRV FRP D FRUUHWD
ODFXQD GD H[WUHPLGDGH SRUWDQWR D FRQH[mR
QD FDPLVD QmR p QHFHVViULD

 (VFDORQH DV DEHUWXUDV GRV DQpLV GR SLVWmR FRQIRUPH 5* ²81²0$<


PRVWUDGR FRP D DEHUWXUD GR DQHO VXSHULRU YROWDGD
SDUD D SDUWH IURQWDO GR PRWRU
127$ VH R YLUDEUHTXLP IRL UHPRYLGR FRQVXOWH
,167$/( 26 52/$0(1726 35,1&,3$,6 (
9,5$%5(48,0 QR *UXSR 
3RVLomR GDV $EHUWXUDV GRV $QpLV GR 3LVWmR
 /XEULILTXH WRGDV DV SHoDV QR FRQMXQWR GR SLVWmR H
ELHOD SLVWmR DQpLV FDPLVDV H ', GR &RPSUHVVRU GH
$QHO GR 3LVWmR -'* FRP R yOHR GH PRWRU OLPSR $²3DUWH 6XSHULRU GR 3LVWmR '²$EHUWXUD GR $QHO GH
%²$EHUWXUD GR $QHO GH ([SDQVmR
&RPSUHVVmR 6XSHULRU (²$EHUWXUD GR $QHO GH
&²$EHUWXUD GR $QHO GH &RPSUHVVmR ,QIHULRU
&RQWUROH GH ÏOHR )² 3DUWH 'LDQWHLUD GR 0RWRU

&RQWLQXD QD SUy[LPD SiJLQD 5($) $8*

&70 )(%  0RWRUHV 'LHVHO GH 


/
31 
5HSDUR H $MXVWH GR %ORFR GH &LOLQGURV &DPLVDV 3LVW}HV H +DVWHV

 5HPRYD D WDPSD GD ELHOD $ GR FRQMXQWR GD ELHOD %


H LQVWDOH R URODPHQWR VXSHULRU GD ELHOD & QD RXWUD
PHWDGH GD ELHOD ,QVWDOH R URODPHQWR LQIHULRU GD ELHOD
' QD WDPSD GD ELHOD
 /XEULILTXH R PDQFDO GR YLUDEUHTXLP H R IXUR GD FDPLVD
FRP yOHR GH PRWRU OLPSR
 3RVLFLRQH FRP FXLGDGR R FRPSUHVVRU GR DQHO FRP R
SLVWmR H D ELHOD VREUH D FDPLVD
,03257$17( &HUWLILTXHVH GH TXH RV PDQFDLV GR
YLUDEUHTXLP DV SDUHGHV GD FDPLVD H R MDWR
SXOYHUL]DGRU GR SLVWmR QmR HVWHMDP GDQLILFDGRV
DR LQVWDODU R SLVWmR H ELHOD QD FDPLVD 7HQKD
FXLGDGR HVSHFLDO FRP RV MDWRV SXOYHUL]DGRUHV
GH DUUHIHFLPHQWR GLUHFLRQDGR

127$ 9HULILTXH VH D SDODYUD )5217 IUHQWH H[LVWHQWH


QD ELHOD HVWi YROWDGD SDUD D IUHQWH GR PRWRU

 &RP R SLVWmR FHQWUDGR QR FRPSUHVVRU GH DQHO H RV


DQpLV DOWHUQDGRV FRUUHWDPHQWH HPSXUUH R SLVWmR SDUD

5* ²81²-$1
GHQWUR GD FDPLVD FRQIRUPH PRVWUDGR DWp TXH R DQHO
VXSHULRU HVWHMD GHQWUR GD FDPLVD

$²7DPSD GD %LHOD '²5RODPHQWR ,QIHULRU GD %LHOD


%²%LHOD (²3DUDIXVRV GD %LHOD
&²5RODPHQWR 6XSHULRU GD
%LHOD
&RQMXQWR GD %LHOD

5* ²81²0$<

,QVWDODomR GR &RQMXQWR GR 3LVWmR H %LHOD QDV &DPLVDV 8VDQGR


R &RPSUHVVRU GH $QHO -'*

&RQWLQXD QD SUy[LPD SiJLQD 5($) $8*

&70 )(%  0RWRUHV 'LHVHO GH 


/
31 
5HSDUR H $MXVWH GR %ORFR GH &LOLQGURV &DPLVDV 3LVW}HV H +DVWHV

 $SOLTXH yOHR GH PRWRU OLPSR DRV LQVHUWRV GRV


URODPHQWRV % H DRV PXQK}HV GD ELHOD GR YLUDEUHTXLP
FRUUHVSRQGHQWHV
,03257$17( QDV ELHODV 3UHFLVLRQ -RLQWΠYHULILTXH
VH D WDPSD HVWi FRUUHWDPHQWH DOLQKDGD QD ELHOD
FRP DV ERUGDV QLYHODGDV H DV VXSHUItFLHV GH

5* ²81²$8*
LQWHUWUDYDPHQWR EHP DOLQKDGDV &HUWLILTXHVH
TXH D WDPSD HVWHMD DVVHQWDGD FRUUHWDPHQWH
VREUH D ELHOD GHSRLV LQVWDOH RV SDUDIXVRV
1­2 XVH RV SDUDIXVRV GD ELHOD SDUD DVVHQWDU D
WDPSD QD ELHOD 3RGHP RFRUUHU SUREOHPDV GH
LQFRPSDWLELOLGDGH 1­2 LQYHUWD D WDPSD GD ELHOD
8QD RV FRQWDWRV QR ODGR GD ELHOD H GD WDPSD ,QVWDODomR GDV 7DPSDV GD %LHOD FRP ,QVHUWRV GR 5RODPHQWR
$R LQVWDODU DV WDPSDV FHUWLILTXHVH TXH RV
Q~PHURV HVWDPSDGRV & QD ELHOD H WDPSD
HVWHMDP SRVLFLRQDGRV QR PHVPR ODGR

 ,QVWDOH DV WDPSDV GD ELHOD $ 

5* ²81²-81
$²7DPSDV GD %LHOD &²1~PHURV (VWDPSDGRV
%²,QVHUWRV GR 5RODPHQWR

1~PHURV (VWDPSDGRV

3UHFLVLRQ -RLQW p XPD PDUFD FRPHUFLDO GD 'HHUH &RPSDQ\


&RQWLQXD QD SUy[LPD SiJLQD 5($) $8*

&70 )(%  0RWRUHV 'LHVHO GH 


/
31 
5HSDUR H $MXVWH GR %ORFR GH &LOLQGURV &DPLVDV 3LVW}HV H +DVWHV

,03257$17( 181&$ XVH RV SDUDIXVRV GD ELHOD


PDLV GH XPD YH] SDUD PRQWDJHP ILQDO GR
PRWRU $VVLP TXH RV SDUDIXVRV GD WDPSD
GD ELHOD IRUHP DSHUWDGRV QR WRUTXH ILQDO
HVSHFLILFDGR HOHV QmR GHYHP VHU UHXWLOL]DGRV
SDUD RXWUD PRQWDJHP ILQDO

5* ²81²0$<
 0HUJXOKH WRWDOPHQWH RV 12926 SDUDIXVRV H DUUXHODV
HP yOHR GH PRWRU OLPSR &HUWLILTXHVH GH TXH DV
URVFDV GRV RULItFLRV H WRGDV DV URVFDV QRV SDUDIXVRV
HVWHMDP WRWDOPHQWH OXEULILFDGDV
,03257$17( 1­2 XVH FKDYHV SQHXPiWLFDV SDUD
LQVWDODU RV SDUDIXVRV GD WDPSD GD ELHOD )D]HU %LHOD
LVVR SRGH GDQLILFDU DV URVFDV 8VH DR LQYpV
GLVVR XPD FKDYH WLSR PDQLYHOD
$²$SHUWH (VWH 3DUDIXVR
3ULPHLUR
 (P ELHODV 3UHFLVLRQ -RLQWΠ ,QLFLDOPHQWH DSHUWH R
SDUDIXVR PDLV SUy[LPR GD H[WUHPLGDGH GR SLVWmR GH
DFRUGR FRP DV HVSHFLILFDo}HV (P VHJXLGD DSHUWH 9HMD *,52 '( 72548( '26 3$5$)8626 '$
R RXWUR SDUDIXVR (QFRVWH QD MXQWD GD ELHOD FRP D %,(/$ GHVFULWR D VHJXLU QHVWH JUXSR
WDPSD SDUD YHULILFDU VH R DOLQKDPHQWR HVWi DGHTXDGR
(VSHFLILFDomR
3DUDIXVR GD
%LHOD 3UHFLVLRQ
-RLQWŒ²7RUTXH 1ÂP  OEIW PDLV JLUR
GH ²ƒ QR VHQWLGR KRUiULR

3UHFLVLRQ -RLQW p XPD PDUFD FRPHUFLDO GD 'HHUH &RPSDQ\


5($) $8*

&70 )(%  0RWRUHV 'LHVHO GH 


/
31 
5HSDUR H $MXVWH GR %ORFR GH &LOLQGURV &DPLVDV 3LVW}HV H +DVWHV

7RUTXH SRU *LUR GRV 3DUDIXVRV GH &DEHoD


GD %LHOD
8VR GR 0pWRGR GH (L[R GR 0RWRU SDUD 7RUTXH
SRU *LUR GRV 3DUDIXVRV GD %LHOD
 $SyV DSHUWDU RV SDUDIXVRV FRP FDEHoD FRP RV
YDORUHV GH WRUTXHV HVSHFLILFDGRV PDUTXH D WDPSD
GD ELHOD H R VRTXHWH
 3RVLFLRQH R FDER GD FKDYH SDUDOHOR j OLQKD FHQWUDO GR
HL[R GR YLUDEUHTXLP GR PRWRU
 $SHUWH  GH YROWD ƒ QR VHQWLGR KRUiULR DWp R
FDER GD FKDYH ILFDU SHUSHQGLFXODU j OLQKD FHQWUDO GR
HL[R GR YLUDEUHTXLP GR PRWRU FRQIRUPH PRVWUDGR

5* ²81²'(&
$SHUWR GRV 3DUDIXVRV GH )L[DomR GD %LHOD SHOR 0pWRGR
GR 72548( 325 *,52

5*5* 2&7

8VR GR ,QGLFDGRU GH ÆQJXOR GH 7RUTXH -7 SDUD


7RUTXH SRU *LUR GRV 3DUDIXVRV GD %LHOD
$SyV DSHUWDU RV SDUDIXVRV VHJXQGR RV YDORUHV GH WRUTXH
LQLFLDLV IRUQHFLGRV DQWHULRUPHQWH VLJD DV GLUHo}HV
IRUQHFLGDV FRP R LQGLFDGRU H DSOLTXH 72548( 325
*,52 FDGD SDUDIXVR ƒ²ƒ SDUD REWHU WRUTXH

5* ²81²'(&

,QGLFDGRU GR 7RUTXtPHWUR -7

5*5* 2&7

9HULILTXH R $SHUWR ([FHVVLYR SHOD 5RWDomR


 9HULILTXH D IROJD ODWHUDO GDV ELHODV 'HYHP WHU XP
GR 0RWRU PRYLPHQWR VXDYH GH ODGR D ODGR
 *LUH R YLUDEUHTXLP SRU YiULDV YROWDV SDUD DVVHJXUDUVH
GH TXH R PRWRU JLUD VHP DSHUWR H[FHVVLYR
 9HULILTXH VH Ki DUUDQK}HV SURIXQGRV QDV FDPLVDV
FDXVDGRV SRU DQpLV GH SLVWmR TXHEUDGRV RX LQVWDODGRV
LQFRUUHWDPHQWH
5*5* 2&7

&70 )(%  0RWRUHV 'LHVHO GH 


/
31 
5HSDUR H $MXVWH GR %ORFR GH &LOLQGURV &DPLVDV 3LVW}HV H +DVWHV

0RQWDJHP &RPSOHWD )LQDO


127$ FRQVXOWH R JUXSR DSURSULDGR SDUD LQVWDODomR  5HPRYD R DPRUWHFHGRU GH YLEUDomR H D SROLD GR
GRV FRPSRQHQWHV YLUDEUHTXLP *UXSR  
 ,QVWDOH R FRPDQGR GH YiOYXODV H D WDPSD GD  ,QVWDOH R DOWHUQDGRU *UXSR   3DUD D LQVWDODomR GR
HQJUHQDJHP GH VLQFURQL]DomR *UXSR   YHQWLODGRU H VXD FRUUHLD FRQVXOWH R 0DQXDO 7pFQLFR
 ,QVWDOH RV FRPSRQHQWHV GR VLVWHPD GH OXEULILFDomR  ,QVWDOH R FROHWRU GH HVFDSH R FRQMXQWR GH UHFLUFXODomR
*UXSR   GH JiV GH HVFDSH H R FRQMXQWR GH DGPLVVmR *UXSR
 
 ,QVWDOH D FDEHoD GR FLOLQGUR XVDQGR XPD QRYD MXQWD
H SDUDIXVRV ,QVWDOH RV FRPSRQHQWHV GR WUHP GH  ,QVWDOH R PRWRU GH SDUWLGD *UXSR  
YiOYXOD *UXSR 
 (QFKD R PRWRU FRP yOHR OLPSR H OtTXLGR GH UHIULJHUDomR
 ,QVWDOH RV FRPSRQHQWHV GR VLVWHPD GH LQMHomR GR DGHTXDGR
FRPEXVWtYHO 9HMD R *UXSR  QR 0DQXDO 7pFQLFR
GH &RPSRQHQWHV DSURSULDGR SDUD VLVWHPDV GH  ,QVWDOH R PRWRU QR YHtFXOR FDVR VHMD UHPRYLGR 
FRPEXVWtYHO HVSHFtILFRV  &RQVXOWH R 0DQXDO 7pFQLFR 

 ,QVWDOH R DORMDPHQWR GR WHUPRVWDWR H R WXER GH  (IHWXH R DPDFLDPHQWR GR PRWRU *UXSR 
GHULYDomR GR OtTXLGR GH DUUHIHFLPHQWR FDVR VHMD
UHPRYLGR *UXSR  
5( -$1

&70 )(%  0RWRUHV 'LHVHO GH 


/
31 

You might also like