You are on page 1of 454

0DQXDOGHLQVWUXo}HV

&&9RONVZDJHQ&&
(GLomR
6LJQLILFDGRGRVVtPERORV
,GHQWLILFDXPDUHIHUrQFLDDXPWUHFKRGR $'9(57Ç1&,$
¤ WH[WRFRPLQIRUPDo}HVLPSRUWDQWHVHRUL
7H[WRVFRPHVWHVtPERORLQGLFDPVLWXDo}HV
HQWDo}HVGHVHJXUDQoDžGHQWURGHXP
FDStWXOR(VVDUHIHUrQFLDGHYHVHUVHPSUH SHULJRVDVTXHSRGHPFDXVDUDPRUWHRXIHUL
REVHUYDGD PHQWRVJUDYHVQRFDVRGHLQREVHUYkQFLD
(VWDVHWDLQGLFDTXHRWUHFKRGRWH[WR
b FRQWLQXDQDSiJLQDVHJXLQWH &8,'$'2
(VWDVHWDLQGLFDRILPGHXPWUHFKRGR 7H[WRVFRPHVWHVtPERORLQGLFDPVLWXDo}HV
‹ WH[WR SHULJRVDVTXHSRGHPFDXVDUIHULPHQWRVOH
2VtPERORLGHQWLILFDVLWXDo}HVQDVTXDLVR YHVRXJUDYHVQRFDVRGHLQREVHUYkQFLD
› YHtFXORGHYHVHUSDUDGRRPDLVUiSLGR
SRVVtYHO 127$
Š 2VtPERORLGHQWLILFDXPDPDUFDUHJLVWUD 7H[WRVFRPHVWHVtPERORLQGLFDPVLWXDo}HVSH
GD$IDOWDGHVVHVtPERORQmRJDUDQWH ULJRVDVTXHSRGHPFDXVDUGDQRVDRYHtFXOR
TXHRVWHUPRVSRVVDPVHUXVDGRVOLYUH QRFDVRGHLQREVHUYkQFLD
PHQWH
ҧϜ 6tPERORVGHVWHWLSRID]HPUHIHUrQFLDD 7H[WRVFRPHVWHVtPERORFRQWrPRULHQWDo}HV
DOHUWDVGHQWURGRPHVPRWUHFKRGRWH[WR SDUDDSURWHomRGRPHLRDPELHQWH
ҧϜ
RXGDSiJLQDLQGLFDGDSDUDLQGLFDUSRVVt
ҧϜ 7H[WRVFRPHVWHVtPERORFRQWrPLQIRUPD
YHLVULVFRVGHDFLGHQWHHGHIHULPHQWRVH o}HVDGLFLRQDLV
FRPRHOHVSRGHPVHUHYLWDGRV
ҧϜ 5HIHUrQFLDFUX]DGDDXPSRVVtYHOGDQR
PDWHULDOGHQWURGRPHVPRWUHFKRGRWH[WR
RXGDSiJLQDLQGLFDGD

3(5,*2
7H[WRVFRPHVWHVtPERORLQGLFDPVLWXDo}HV
H[WUHPDPHQWHSHULJRVDVTXHSRGHPFDXVDU
DPRUWHRXIHULPHQWRVJUDYHVQRFDVRGH
LQREVHUYkQFLD
0XLWRREULJDGRSRUVXDFRQILDQoD
&RPHVWH9RONVZDJHQYRFrHVWiUHFHEHQGRXPYHtFXORFRPDPDLVPRGHUQDWHFQRORJLDHGLYHUVRVHTXL
SDPHQWRVGHFRQIRUWRTXHYRFrFHUWDPHQWHGHVHMDUiXVDUHPVXDVYLDJHQVGLiULDV
$QWHVGDSULPHLUDXWLOL]DomROHUHREVHUYDUDVLQIRUPDo}HVFRQWLGDVQHVWH0DQXDOGHLQVWUXo}HV
SDUDTXHYRFrFRQKHoDGHIRUPDUiSLGDHDEUDQJHQWHRYHtFXOREHPFRPRSDUDSRGHUUHFRQKHFHU
HHYLWDUSRVVtYHLVSHULJRVSDUDVLHSDUDWHUFHLURV
&DVRYRFrWHQKDPDLVSHUJXQWDVVREUHRVHXYHtFXORRXDFUHGLWHTXHDOLWHUDWXUDGHERUGRQmRHVWHMD
FRPSOHWDHQWUHHPFRQWDWRFRPDVXD&RQFHVVLRQiULD9RONVZDJHQ$V&RQFHVVLRQiULDV9RONVZDJHQ
VHPSUHHVWmRDEHUWDVDG~YLGDVVXJHVW}HVHFUtWLFDV
1yVOKHGHVHMDPRVPXLWDVDOHJULDVFRPRVHXYHtFXORHXPDERDYLDJHPVHPSUH
9RONVZDJHQ$*

3(5,*2
2EVHUYDUDVLQGLFDo}HVLPSRUWDQWHVGHVHJX
UDQoDUHODWLYDVDRDLUEDJIURQWDOGRSDVVDJHL
ҧϜ3iJLQD,QIRUPDomREiVLFD
URGLDQWHLURҧ
SDUDDLQVWDODomRHXWLOL]DomRGHFDGHLUDVGH
FULDQoDV ‹
53&&

lg53&& m
0XLWRREULJDGRSRUVXDFRQILDQoD 
53&&
ËQGLFH
6REUHHVWH0DQXDOGH ± /LPSDGRUHVHODYDGRUHVGRVYLGURV  
LQVWUXo}HV   ± (VSHOKRVUHWURYLVRUHV 
7UDQVSRUWDU
9LVWDJHUDOGRYHtFXOR   ± 2ULHQWDo}HVSDUDFRQGXomR  
± &RPSDUWLPHQWRGHEDJDJHP  
9LVWDVH[WHUQDV
± %DJDJHLURGRWHWR  
± 9LVWDODWHUDO  
± &RQGXomRFRPUHERTXH  
± 9LVWDIURQWDO  
± 9LVWDWUDVHLUD   (TXLSDPHQWRVSUiWLFRV
± 3RUWDREMHWRV  
,QWHULRUGRYHtFXOR
± 3RUWDFRSRV  
± 9LVWDJHUDOGDSRUWDGRFRQGXWRU  
± &LQ]HLURHDFHQGHGRUGHFLJDUUR  
± 9LVWDJHUDOGRODGRGRFRQGXWRU  
± 7RPDGDV  
± 9LVWDJHUDOGRFRQVROHFHQWUDO  
± 9LVWDJHUDOGRODGRGRSDVVDJHLUR
GLDQWHLUR   'XUDQWHDFRQGXomR  
± 9LVWDJHUDOGRVVtPERORVQR 'DUSDUWLGDWURFDUDPDUFKDHVWDFLRQDU
UHYHVWLPHQWRGRWHWR   ± /LJDUHGHVOLJDURPRWRU  
,QVWUXPHQWRFRPELQDGR ± 7URFDUPDUFKDV  
± /X]HVGHDGYHUWrQFLDHGHFRQWUROH   ± )UHDUSDUDUHHVWDFLRQDU  
± ,QVWUXPHQWRV   ± &RQGX]LUFRPFRQVFLrQFLDHFROyJLFD  
± 6LVWHPDGHLQIRUPDo}HV9RONVZDJHQ   ± 'LUHomR  
6LVWHPDVGHDVVLVWrQFLDDRFRQGXWRU
$QWHVGDFRQGXomR   ± 6LVWHPDVGHDVVLVWrQFLDGHDUUDQTXH  
$QWHVGHSDUWLU ± 3DUN3LORW 
± 2ULHQWDo}HVSDUDFRQGXomR   ± &kPHUDGHPDUFKDDUp 5HDU9LHZ  
± 'DGRVWpFQLFRV   ± $VVLVWHQWHGHGLUHomRSDUD
HVWDFLRQDPHQWR 3DUN$VVLVW  
$EULUHIHFKDU ± 6LVWHPDUHJXODGRUGHYHORFLGDGH *5$ 
± -RJRGHFKDYHVGRYHtFXOR   ± &RQWUROHDXWRPiWLFRGHGLVWkQFLD $&& 
± 7UDYDPHQWRFHQWUDOHVLVWHPDGH
± $VVLVWHQWHGHSHUPDQrQFLDQDIDL[D
WUDYDPHQWR   /DQH$VVLVW  
± 3RUWDV   ± $VVLVWHQWHGHPXGDQoDGHIDL[D 6LGH
± 7DPSDGRFRPSDUWLPHQWRGHEDJDJHP   $VVLVW  
± 9LGURVHOpWULFRV   ± 6LVWHPDGHUHFRQKHFLPHQWRGD
± 7HWRVRODUSDQRUkPLFR   VLQDOL]DomRGHWUkQVLWR 6LJQ$VVLVW  
± &RPDQGRGHDEHUWXUDGHSRUWmRGH ± 6LVWHPDGHUHFRQKHFLPHQWRGHFDQVDoR
JDUDJHP   UHFRPHQGDomRGHLQWHUYDOR  
6HQWDUGHIRUPDFRUUHWDHVHJXUD ± 5HJXODJHPGLQkPLFDGDVXVSHQVmR
± $MXVWDUDSRVLomRGREDQFR  '&&  
± )XQo}HVGREDQFR   ± 6LVWHPDVGHFRQWUROHGRVSQHXV  
± &LQWRVGHVHJXUDQoD  
± 6LVWHPDGHDLUEDJ  
± &DGHLUDVGHFULDQoD  
,OXPLQDomRHYLVLELOLGDGH
± ,OXPLQDomR  
± 3URWHomRVRODU  

 ËQGLFH
&OLPD ± 6HUYLoRVRQOLQHPyYHLV  
± $TXHFHUYHQWLODUUHVIULDU   ± ,QIRUPDo}HVDRFRQVXPLGRU  
± $TXHFLPHQWRHVWDFLRQiULR DTXHFLPHQWR ± 8QLGDGHGHFRQWUROHGRPRWRUHVLVWHPD
DGLFLRQDO   GHSXULILFDomRGRJiVGHHVFDSH  
1RSRVWRGHFRPEXVWtYHO
± $EDVWHFLPHQWR   $XWRDMXGD  
± &RPEXVWtYHO   2ULHQWDo}HVSUiWLFDV
± 5HGXomRFDWDOtWLFDVHOHWLYD $G%OXHŠ   ± 3HUJXQWDVHUHVSRVWDV  
± (PFDVRGHHPHUJrQFLD  
&RQVHUYDomROLPSH]D ± )HFKDPHQWRRXDEHUWXUDGHHPHUJrQFLD 
PDQXWHQomR   ± )HUUDPHQWDVGHERUGR  
1RFRPSDUWLPHQWRGRPRWRU
± &DORWDV  
± 3UHSDUDo}HVSDUDWUDEDOKRVQR
± 7URFDGHURGD  
FRPSDUWLPHQWRGRPRWRU   ± .LWGHUHSDURGRVSQHXV  
± ÏOHRGRPRWRU   ± )XVtYHLV  
± /tTXLGRGHDUUHIHFLPHQWRGRPRWRU   ± 7URFDGHOkPSDGDLQFDQGHVFHQWH  
± %DWHULDGRYHtFXOR   ± $X[tOLRjSDUWLGD  
± 3X[DUHUHERFDU  
&RQVHUYDomRHPDQXWHQomRGRYHtFXOR
± &RQVHUYDUHOLPSDUDSDUWHH[WHUQDGR
$EUHYLDWXUDVXWLOL]DGDV  
YHtFXOR  
± &RQVHUYDUHOLPSDURLQWHULRUGRYHtFXOR 
± 5RGDVHSQHXV   ËQGLFHUHPLVVLYR  
± $FHVVyULRUHSRVLomRGHSHoDVUHSDURV
HPRGLILFDo}HV  
53&&

ËQGLFH 
6REUHHVWH0DQXDOGHLQVWUXo}HV
Ɣ (VWH0DQXDOGHLQVWUXo}HVpYiOLGRSDUDWRGRV HPDOJXQVPHUFDGRV9RFrREWpPRVHTXLSDPHQ
RVPRGHORVHYHUV}HVGR&&9RONVZDJHQ&& WRVGHVHXYHtFXORQDGRFXPHQWDomRGHYHQGD
Ɣ 9RFrHQFRQWUDXPtQGLFHUHPLVVLYRHPRUGHP 3DUDPDLVLQIRUPDo}HVGLULJLUVHDVXD&RQFHVVLR
DOIDEpWLFDQRILQDOGRPDQXDO QiULD9RONVZDJHQ
Ɣ 8PtQGLFHGHDEUHYLDWXUDVDRILQDOGRPDQXDO 7RGDVDVLQGLFDo}HVGHVWH0DQXDOGHLQVWUXo}HV
HVFODUHFHDEUHYLDWXUDVHGHQRPLQDo}HVWpFQLFDV VmRUHODWLYDVjVLQIRUPDo}HVGLVSRQtYHLVQDGDWD
Ɣ ,QGLFDo}HVGHGLUHomRFRPRHVTXHUGDGLUHLWD GHIHFKDPHQWRGDUHGDomR'HYLGRDRGHVHQYROYL
GLDQWHLURHWUDVHLURWrPFRPRUHIHUrQFLDYLDGHUH PHQWRFRQWtQXRGRYHtFXORpSRVVtYHOTXHH[LVWDP
JUDDGLUHomRGHFRQGXomRGRYHtFXORVDOYRLQGL GLYHUJrQFLDVHQWUHRYHtFXORHDVLQGLFDo}HVGHVWH
FDomRHPFRQWUiULR PDQXDOGDLQVWUXo}HV1HQKXPDH[LJrQFLDSRGH
VHUUHLYLQGLFDGDGDVLQGLFDo}HVILJXUDVRXGHVFUL
Ɣ $VILJXUDVVHUYHPFRPRRULHQWDomRHGHYHP o}HVGLIHUHQWHVGHVWHPDQXDO
VHUHQWHQGLGDVFRPRUHSUHVHQWDo}HVHVTXHPiWL
FDV $RYHQGHURXHPSUHVWDURYHtFXORFHUWLILFDUVHGH
TXHWRGDDOLWHUDWXUDGHERUGRVHHQFRQWUHQRYHt
Ɣ (VWH0DQXDOGHLQVWUXo}HVIRLGHVHQYROYLGRSD
FXOR
UDYHtFXORVFRPGLUHomRjHVTXHUGD1RFDVRGH
YHtFXORVFRPGLUHomRjGLUHLWDRVFRPDQGRVHVWmR &RPSRQHQWHVIL[RVGDOLWHUDWXUDGH
RUGHQDGRVSDUFLDOPHQWHGHIRUPDGLIHUHQWHGDUH
SUHVHQWDGDQDVILJXUDVRXGHVFULWDQRWH[WR
ERUGR
ҧϜ3iJLQD Ɣ 0DQXWHQomRHJDUDQWLD
Ɣ 0RGLILFDo}HVWpFQLFDVQRYHtFXORVXUJLGDVDSyV Ɣ 0DQXDOGHLQVWUXo}HV
RIHFKDPHQWRGDUHGDomRGHVWHPDQXDOHQFRQ
WUDPVHHPXP6XSOHPHQWRDQH[RjOLWHUDWXUDGH &RPSRQHQWHVDGLFLRQDLVGDOLWHUDWXUD
ERUGR GHERUGR RSFLRQDLV 
Ɣ 6XSOHPHQWR
7RGDVDVYHUV}HVHPRGHORVHVWmRGHVFULWRVVHP
TXHVHMDPLGHQWLILFDGRVFRPRHTXLSDPHQWRVHVSH Ɣ 5iGLRH6LVWHPDGHQDYHJDomR
FLDLVRXYDULDQWHVGHPRGHOR'HVWDIRUPDSRGHP Ɣ 3UHSDUDomRSDUDWHOHIRQHPyYHO
HVWDUGHVFULWRVHTXLSDPHQWRVTXHRVHXYHtFXOR Ɣ 2XWURVDQH[RV ‹
QmRSRVVXDRXTXHHVWHMDPGLVSRQtYHLVDSHQDV

 6REUHHVWH0DQXDOGHLQVWUXo}HV
53&&

6REUHHVWH0DQXDOGHLQVWUXo}HV 
9LVWDJHUDOGRYHtFXOR
9LVWDVH[WHUQDV

9LVWDODWHUDO

)LJ 9LVWDJHUDOGRODGRGLUHLWRGRYHtFXOR$VSRVLo}HV      H  HVWmRQRPHVPROXJDUQRODGR


HVTXHUGRGRYHtFXOR
/HJHQGDSDUD)LJ

 3RUWLQKRODGRWDQTXH  


 $QWHQDGRWHWR  
 0DoDQHWDH[WHUQDGDSRUWD  
 (VSHOKRVUHWURYLVRUHVH[WHUQRV  
± ,QGLFDGRUGRDVVLVWHQWHGHPXGDQoDGHIDL[D 6LGH$VVLVW  
± /DQWHUQDDGLFLRQDOGRVLQGLFDGRUHVGHGLUHomR  
± ,OXPLQDomRSHULIpULFD  
 6HQVRUHVGR3DUN3LORWRXGRDVVLVWHQWHGHGLUHomRSDUDHVWDFLRQDPHQWR 3DUN$VVLVW  
 3RQWRVGHDSRLRGRPDFDFR   ‹

 9LVWDJHUDOGRYHtFXOR
9LVWDIURQWDO

)LJ 9LVWDJHUDOGDSDUWHIURQWDOGRYHtFXOR
/HJHQGDSDUD)LJ

 3DUDEULVD
± 'HVHPEDoDGRUGRSDUDEULVD  
 /LPSDGRUHVGRSDUDEULVD  
 7DPSDGRFRPSDUWLPHQWRGRPRWRU  
 $ODYDQFDGHGHVWUDYDPHQWRGDWDPSDGRFRPSDUWLPHQWRGRPRWRU  
 )DUROGLDQWHLUR 
 /DYDGRUHVGRIDURO  
 /kPSDGDVLQFDQGHVFHQWHVQRSDUDFKRTXHGLDQWHLURGH
± )DUROGHQHEOLQD  
± )DUROGHFRQYHUVmR  
 6HQVRUHVGLDQWHLURVGR3DUN3LORWRXGRDVVLVWHQWHGHGLUHomRSDUDHVWDFLRQDPHQWR 3DUN
$VVLVW  
 6HQVRUGRUDGDUDWUiVGRORJR9RONVZDJHQ 
 6XSRUWHGDSODFDGHOLFHQoDGLDQWHLUD
 $ORMDPHQWRGDDUJRODGHUHERTXHGLDQWHLUDDWUiVGHXPDFREHUWXUD  
 6HQVRURXYLVRUGDFkPHUDQDEDVHGRHVSHOKRSDUD
± /LPSDGRUHVGRSDUDEULVD  
± &RQWUROHDXWRPiWLFRGDOX]GHFRQGXomR  
53&&

± 5HJXODJHPGRIDURODOWR  


± $VVLVWHQWHGHSHUPDQrQFLDQDIDL[D  
± 6LVWHPDGHUHFRQKHFLPHQWRGDVLQDOL]DomRGHWUkQVLWR   ‹

9LVWDVH[WHUQDV 
9LVWDWUDVHLUD

)LJ 9LVWDJHUDOGDSDUWHWUDVHLUDGRYHtFXOR
/HJHQGDSDUD)LJ

 $QWHQDGRWHWR  


 /DQWHUQDGHIUHLRHOHYDGD
 9LGURWUDVHLUR
± 'HVHPEDoDGRUGRYLGURWUDVHLUR  
± $QWHQDGRYLGUR  
 /DQWHUQDVWUDVHLUDV  
 /RJR9RONVZDJHQGHDEHUWXUDGRFRPSDUWLPHQWRGHEDJDJHPHiUHDGDFkPHUDGHPDUFKD
DUp 5HDU9LHZ  
 6HQVRUHVGRUDGDUGRDVVLVWHQWHGHPXGDQoDGHIDL[DDWUiVGRSDUDFKRTXH  
 $ORMDPHQWRGDDUJRODGHUHERTXHWUDVHLUDDWUiVGHXPDFREHUWXUD  
 6HQVRUHVWUDVHLURVGR3DUN3LORWRXGRDVVLVWHQWHGHGLUHomRSDUDHVWDFLRQDPHQWR  
 ÈUHDGRGLVSRVLWLYRGHUHERTXH  
 6XSRUWHGDSODFDGHOLFHQoDWUDVHLUD
 7DPSDGRFRPSDUWLPHQWRGHEDJDJHP   ‹

 9LVWDJHUDOGRYHtFXOR
,QWHULRUGRYHtFXOR

9LVWDJHUDOGDSRUWDGRFRQGXWRU

)LJ 9LVWDJHUDOGRVFRPDQGRVQDSRUWDGRFRQGXWRU YHtFXORVFRPGLUHomRjHVTXHUGD (PYHtFXORV


FRPGLUHomRjGLUHLWDDGLVSRVLomRGRVHOHPHQWRVpHVSHOKDGD
/HJHQGDSDUD)LJ

 0DoDQHWDGDSRUWD  
 %RWmRGRWUDYDPHQWRFHQWUDOSDUDWUDYDPHQWRHGHVWUDYDPHQWRGRYHtFXOR‰‘  
 /X]GHFRQWUROHGRERWmRGRWUDYDPHQWRFHQWUDO  
 %RWmRGHGHVWUDYDPHQWRGDSRUWLQKRODGRWDQTXH  
 $ODYDQFDGHGHVWUDYDPHQWRGDWDPSDGRFRPSDUWLPHQWRGRPRWRU  
 ,QWHUUXSWRUDFLRQDGRSHODFKDYHGHWUDYDPHQWRGRFRPSDUWLPHQWRGHEDJDJHP
 %RWmRGHDEHUWXUDGDWDPSDGRFRPSDUWLPHQWRGHEDJDJHPq  
 %RWmRGHDMXVWHGRVHVSHOKRVUHWURYLVRUHVH[WHUQRV  
± $MXVWHGRVHVSHOKRVUHWURYLVRUHVH[WHUQRV,‰‰2
± 'HVHPEDoDGRUGRVHVSHOKRVUHWURYLVRUHVH[WHUQRV?
± 5HEDWHURVHVSHOKRVUHWURYLVRUHVH[WHUQRVSDUDGHQWUR#
 3RUWDREMHWRV  
 %RW}HVGHFRPDQGRGRVYLGURVHOpWULFRV  
± 9LGURVHOpWULFRV
± %RWmRGHVHJXUDQoDGRVYLGURVHOpWULFRVWUDVHLURV_
53&&

 /DQWHUQDGDSRUWDRXUHIOHWRU ‹

,QWHULRUGRYHtFXOR 
9LVWDJHUDOGRODGRGRFRQGXWRU

)LJ 9LVWDJHUDOGRODGRGRFRQGXWRU YHtFXORVFRPGLUHomRjHVTXHUGD 

)LJ 9LVWDJHUDOGRODGRGRFRQGXWRU YHtFXORVFRPGLUHomRjGLUHLWD  b

 9LVWDJHUDOGRYHtFXOR
/HJHQGDSDUD)LJH)LJ

 ,QWHUUXSWRUGDVOX]HVŸ  


± /X]HVGHVOLJDGDVRXOX]GHSRVLomRSHUPDQHQWH
± &RQWUROHDXWRPiWLFRGDOX]GHFRQGXomR!54/
± /X]GHSRVLomRHIDUROEDL[R
± ,OXPLQDomRGHQHEOLQDHODQWHUQDGHQHEOLQD 

 'LIXVRUHVGHDU‰z‰Œ  


 $ODYDQFD  
± 'RIDURODOWR
± 'RVLQDOGHOX][
± 'RVLQGLFDGRUHVGHGLUHomR
± 'DOX]GHHVWDFLRQDPHQWR
± &RPERWmRGRVVLVWHPDVGHDVVLVWrQFLDDRFRQGXWRUÀ  
 &RPDQGRVGRYRODQWHPXOWLIXQo}HV  
± 5HJXODJHPGRYROXPHGRUiGLRGDVPHQVDJHQVGHQDYHJDomRRXGHXPDFKDPDGD&±
'
± )XQomRPXGRGRUiGLRRXDWLYDomRGRFRQWUROHGHYR]
± ÈXGLRQDYHJDomR‹‰Œ
± $FHVVDURPHQXSULQFLSDOGRWHOHIRQHRXDWHQGHUFKDPDGDVWHOHI{QLFDV-
± %RW}HVGHFRPDQGRGRVLVWHPDGHLQIRUPDo}HV9RONVZDJHQ±/+± ±*±+E
 ,QVWUXPHQWRFRPELQDGR
± ,QVWUXPHQWRV 
± 'LVSOD\  
± /X]HVGHDGYHUWrQFLDHGHFRQWUROH  
 $ODYDQFDUSDUD  
± /LPSDGRUHVGRSDUDEULVD()'(±,/7
± 7HPSRUL]DGRUGRVOLPSDGRUHVGRSDUDEULVD YHtFXORVVHPVHQVRUGHFKXYDHGHOX] z
± 'HVOLJDURVOLPSDGRUHVGRSDUDEULVD/&&
± ³0RYLPHQWR~QLFRGRVOLPSDGRUHV´[
± 6LVWHPDGHOLPSH]DHGHODYDJHPDXWRPiWLFRGRSDUDEULVDW
± &RPDQGRGRVLVWHPDGHLQIRUPDo}HV9RONVZDJHQ42)0/+‡2%3%4  
 &LOLQGURGDLJQLomR  
 3HGDLV  
 $ODYDQFDGDFROXQDGDGLUHomRDMXVWiYHO  
 $LUEDJIURQWDOGRFRQGXWRU  
 %X]LQD IXQFLRQDDSHQDVFRPDLJQLomROLJDGD 
 3RUWDREMHWRV  
 $ODYDQFDSDUD
± 6LVWHPDUHJXODGRUGHYHORFLGDGH *5$ /&&±#!.#%,±/.±2%35-%±30%%$3%4  
± &RQWUROHDXWRPiWLFRGHGLVWkQFLD $&& ±$)34!.#%ˆ  
 5HJXODGRUGHDOFDQFHGRIDURO  
 5HJXODGRUGHOXPLQRVLGDGHGRVLQVWUXPHQWRVHGRVERW}HV  

$RODGRGREDQFRGRFRQGXWRU VHPILJXUD ER


WmRGRPRQLWRUDPHQWRGRLQWHULRUGRYHtFXOR Ž
53&&

ҧϜ3iJLQD ‹

,QWHULRUGRYHtFXOR 
9LVWDJHUDOGRFRQVROHFHQWUDO

3DUWHVXSHULRUGRFRQVROHFHQWUDO

)LJ 9LVWDJHUDOGDSDUWHVXSHULRUGRFRQVROH
FHQWUDO

/HJHQGDSDUD)LJ

 'LIXVRUGHDUSDUDYHQWLODomRLQGLUHWD  


 'LIXVRUHVGHDU‰z‰Œ  
 5HOyJLRDQDOyJLFR 
 5iGLRRXVLVWHPDGHQDYHJDomR LQVWDODGRGHIiEULFD ҧϜFDGHUQR5iGLRRXҧϜFDGHUQR6LVWH
PDGHQDYHJDomR
 %RWmRSDUDOLJDUHGHVOLJDUDVOX]HVGHDGYHUWrQFLD  
 %RWmRGRDTXHFLPHQWRGREDQFRGLDQWHLURGLUHLWRe  
 &RPDQGRVSDUD
± $UFRQGLFLRQDGR PDQXDO  
± &OLPDWURQLF  
± $TXHFLPHQWRHVWDFLRQiULR DTXHFLPHQWRDGLFLRQDO  
 /X]GHFRQWUROHGHGHVDWLYDomRGRDLUEDJIURQWDOGRSDVVDJHLURGLDQWHLUR  
 %RWmRGRDTXHFLPHQWRGREDQFRGLDQWHLURHVTXHUGRA   ‹

 9LVWDJHUDOGRYHtFXOR
3DUWHLQIHULRUGRFRQVROHFHQWUDO

)LJ 9LVWDJHUDOGDSDUWHLQIHULRUGRFRQVROHFHQ )LJ 9LVWDJHUDOGDSDUWHLQIHULRUGRFRQVROHFHQ


WUDO YHtFXORVFRPGLUHomRjHVTXHUGD  WUDO YHtFXORVFRPGLUHomRjGLUHWD 

/HJHQGDSDUD)LJH)LJ

 $ODYDQFDSDUD
± 7UDQVPLVVmRPDQXDO  
± 7UDQVPLVVmRDXWRPiWLFD  
 3RUWDREMHWRVQRFRQVROHFHQWUDOGLDQWHLUR  
± &RPWRPDGD9  
± &RPFLQ]HLURHDFHQGHGRUGHFLJDUUR  
 3RUWDREMHWRVQRFRQVROHFHQWUDOFRPSRUWDFRSRV  
 3RUWDREMHWRVQRGHVFDQVDEUDoRFHQWUDO  
 %RW}HVSDUD
± )UHLRGHHVWDFLRQDPHQWRHOHWU{QLFRG  
± $XWR+ROG!54/(/,$  
± &RQWUROHGHWUDomR $65 m 
± 3DUWLGDGR.H\OHVV$FFHVV  
± &RUWLQDGHSURWHomRVRODUGRYLGURWUDVHLURj  
± 5HJXODJHPGLQkPLFDGDVXVSHQVmR '&& #±Q±3  
± 6LVWHPD6WDUW6WRS§  
± 3DUN3LORW  
± $VVLVWHQWHGHGLUHomRSDUDHVWDFLRQDPHQWR 3DUN$VVLVW j   ‹
53&&

,QWHULRUGRYHtFXOR 
9LVWDJHUDOGRODGRGRSDVVDJHLURGLDQWHLUR

)LJ 9LVWDJHUDOGRODGRGRSDVVDJHLURGLDQWHLUR
YHtFXORVFRPGLUHomRjHVTXHUGD (PYHtFXORV
FRPGLUHomRjGLUHLWDDGLVSRVLomRGRVHOHPHQWRV
pHVSHOKDGD

/HJHQGDSDUD)LJ

 $ODYDQFDGHDEHUWXUDGRSRUWDOXYDVFRPIHFKDGXUD  


 ,QWHUUXSWRUDFLRQDGRSHODFKDYHQRSRUWDOXYDVSDUDGHVDWLYDomRGRDLUEDJIURQWDOGRSDVVD
JHLURGLDQWHLUR  
 /RFDOGHLQVWDODomRGRDLUEDJIURQWDOGRSDVVDJHLURGLDQWHLURQRSDLQHOGHLQVWUXPHQWRV  
 'LIXVRUHVGHDU‰z‰Œ   ‹

9LVWDJHUDOGRVVtPERORVQRUHYHVWLPHQWRGRWHWR
6tPEROR 6LJQLILFDGR YHU

*/s /DQWHUQDVLQWHUQDVHGHOHLWXUD ҧϜ3iJLQD



ҧϜ3iJLQD
h 7HWRVRODUSDQRUkPLFR

·> 0yGXORGHWUrVERW}HV ҧϜFDGHUQR3UHSDUDomRSDUDWHOHIRQHPyYHO

&RPDQGRGHDEHUWXUDGHSRU
 ҧϜ3iJLQD
WmRGHJDUDJHP ‹

 9LVWDJHUDOGRYHtFXOR
,QVWUXPHQWRFRPELQDGR

/X]HVGHDGYHUWrQFLDHGHFRQWUROH
$VOX]HVGHDGYHUWrQFLDHGHFRQWUROHLQGLFDP &RQIRUPHDYHUVmRGRYHtFXORpSRVVtYHOTXHHP
DOHUWDVҧϜ DYDULDVҧϜ RXIXQo}HVHVSHFtILFDV YH]GHXPDOX]GHDGYHUWrQFLDXPVtPERORVHMD
$OJXPDVOX]HVGHDGYHUWrQFLDHGHFRQWUROHVH H[LELGRQRGLVSOD\GRLQVWUXPHQWRFRPELQDGR
DFHQGHPTXDQGRDLJQLomRpOLJDGDHGHYHPVH
4XDQGRDOJXPDVOX]HVGHDGYHUWrQFLDHGHFRQ
DSDJDUTXDQGRRPRWRUHVWLYHUHPIXQFLRQDPHQWR
WUROHVHDFHQGHPUHVVRDPWDPEpPVLQDLVVRQR
RXGXUDQWHDFRQGXomR
URV
&RQIRUPHDYHUVmRGRYHtFXORRGLVSOD\GRLQVWUX
$VOX]HVGHFRQWUROHTXHDFHQGHPQRLQWHUUXSWRU
PHQWRFRPELQDGRSRGHH[LELUPHQVDJHQVGHWH[WR
GDVOX]HVHVWmRGHVFULWDVQRFDStWXOR³/X]´
DGLFLRQDLVFRPLQIRUPDo}HVPDLVGHWDOKDGDVRX
ҧϜ3iJLQD
VROLFLWDo}HVSDUDDOJXPDDomRҧϜ3iJLQD,QV
WUXPHQWRV

6tPEROR ҧϜ
6LJQLILFDGRҧ 9HU
›1mRSURVVHJXLU
G )UHLRGHHVWDFLRQDPHQWRHOHWU{QLFROLJDGR
ҧϜ3iJLQD
›1mRSURVVHJXLU
H 1tYHOGRIOXLGRGHIUHLRPXLWREDL[RRXVLVWHPDGHIUHLRDYDULDGR
›1mRSURVVHJXLU
1tYHOGROtTXLGRGHDUUHIHFLPHQWRGRPRWRUPXLWREDL[RWHPSHUDWX
ҧϜ3iJLQD
~ UDGROtTXLGRGHDUUHIHFLPHQWRGRPRWRUPXLWRDOWDRXVLVWHPDGROt
TXLGRGHDUUHIHFLPHQWRGRPRWRUDYDULDGR
›1mRSURVVHJXLU
ҧϜ3iJLQD
E 3UHVVmRGRyOHRGRPRWRUPXLWREDL[D
›1mRSURVVHJXLU
1RPtQLPRXPDSRUWDGRYHtFXORHVWiDEHUWDRXQmRIHFKDGDFRUUH ҧϜ3iJLQD
s WDPHQWH
›1mRSURVVHJXLU
7DPSDGRFRPSDUWLPHQWRGHEDJDJHPDEHUWDRXIHFKDGDLQFRUUHWD ҧϜ3iJLQD
q PHQWH
3LVFDQGR›1mRSURVVHJXLU7UDYDPHQWRHOHWU{QLFRGDFROXQDGH
ҧϜ3iJLQD
v GLUHomRDYDULDGR
$FHVRGLUHomRHOHWURPHFkQLFDQmRIXQFLRQD
1mRpSRVVtYHOOLJDURPRWRU
ҧϜ3iJLQD
b 1tYHOGH$G%OXH ŠPXLWREDL[R
)UHDU$OHUWDGHFROLVmRGRVLVWHPDGHPRQLWRUDPHQWRSHULIpULFR
ҧϜ3iJLQD
Á )URQW$VVLVW 
&LQWRGHVHJXUDQoDQmRFRORFDGRSHORFRQGXWRURXSHORSDVVDJHLUR
ҧϜ3iJLQD
i GLDQWHLUR
2EMHWRVHQFRQWUDPVHVREUHREDQFRGRSDVVDJHLURGLDQWHLUR
7URFDUDPDUFKD
ҧϜ3iJLQD
)UHDUҧϜ3iJLQD
K 3LVDUQRSHGDOGRIUHLR
&RQWUROHDXWRPiWLFR
GHGLVWkQFLD $&&
ҧϜ3iJLQD
53&&

ҧϜ3iJLQD
F $OWHUQDGRUDYDULDGR b

,QVWUXPHQWRFRPELQDGR 
6tPEROR ҧϜ
6LJQLILFDGRҧ 9HU

ҧϜ3iJLQD
€ 7UDQVPLVVmRGHGXSODHPEUHDJHP'6*ŠVXSHUDTXHFLGD

ҧϜ3iJLQD
¤ ÈJXDQRFRPEXVWtYHOHPYHtFXORVFRPPRWRUGLHVHO

I 3DVWLOKDVGHIUHLRGHVJDVWDGDV

$FHVR(6&DYDULDGRRXGHVOLJDGRSHORVLVWHPD
28MXQWDPHQWHFRPDOX]GHFRQWUROHGR$%6J$%6DYDULDGR
¸ 28DEDWHULDGRYHtFXORIRLUHFRQHFWDGD
3LVFDQGR(6&RX$65HPIXQFLRQDPHQWR
ҧϜ3iJLQD
m $65GHVOLJDGRPDQXDOPHQWH

J $%6DYDULDGRRXQmRIXQFLRQD

-XQWDPHQWHFRPDOX]GHDGYHUWrQFLDLQWHUPLWHQWHHIUHLRGHHVWD
 FLRQDPHQWRHOHWU{QLFRDYDULDGR

ҧϜ3iJLQD
¢ /DQWHUQDGHQHEOLQDOLJDGD

,OXPLQDomRGHFRQGXomRQmRIXQFLRQDSDUFLDORXWRWDOPHQWH ҧϜ3iJLQD
28DYDULDGRIDUROGLUHFLRQDOGLQkPLFR
 3LVFDSRUDSUR[LPDGDPHQWHVHJXQGRVDSyVFDGDOLJDomRGDLJQL ҧϜ3iJLQD
omRPRGRGHYLDJHPOLJDGR
$FHVRFDWDOLVDGRUDYDULDGR
B 3LVFDQGRIDOKDVGHFRPEXVWmRTXHGDQLILFDPRFDWDOLVDGRU
$FHVRSUpLQFDQGHVFrQFLDGRPRWRUDGLHVHODQWHVGDSDUWLGD /LJDURPRWRU
D 3LVFDQGRFRQWUROHGRPRWRUDYDULDGR PRWRUDGLHVHO  ҧϜ3iJLQD
8QLGDGHGHFRQWUROH
%0# 8QLGDGHGHFRQWUROHGRPRWRUDYDULDGD (OHFWURQLF3RZHU&RQWURO  GRPRWRUHSXULILFDomR
GRJiVGHHVFDSH
ҧϜ3iJLQD
X 5RWDomRGRPRWRUOLPLWDGD SURWHomRFRQWUDVREUHDTXHFLPHQWR 

¹ )LOWURGHSDUWtFXODVGHGLHVHOFRPDF~PXORGHIXOLJHP

$FHVRGLUHomRHOHWURPHFkQLFDUHGX]LGDRXEDWHULDGRYHtFXORIRL
GHVFRQHFWDHFRQHFWDGDQRYDPHQWH
ҧϜ3iJLQD
v 3LVFDQGRFROXQDGHGLUHomRWHQVLRQDGDRXFROXQDGHGLUHomRQmR
GHVWUDYDGDRXWUDYDGD
$FHVRSUHVVmRGRVSQHXVPXLWREDL[D ҧϜ3iJLQD
† 3LVFDQGRVLVWHPDGHFRQWUROHGRVSQHXVDYDULDGR ҧϜ3iJLQD

ҧϜ3iJLQD
Y 1tYHOGHiJXDGRVODYDGRUHVGRVYLGURVPXLWREDL[R

‚ 7DQTXHGHFRPEXVWtYHOTXDVHYD]LR ҧϜ3iJLQD

$FHVRQtYHOGHyOHRGRPRWRUPXLWREDL[R
ҧϜ3iJLQD
 3LVFDQGRVLVWHPDGHyOHRGRPRWRUDYDULDGR
6LVWHPDGHDLUEDJHGRSUpWHQVLRQDGRUGRFLQWRGHVHJXUDQoDDYD
ҧϜ3iJLQD
T ULDGR
b

 9LVWDJHUDOGRYHtFXOR
6tPEROR ҧϜ
6LJQLILFDGRҧ 9HU
$LUEDJIURQWDOGRSDVVDJHLURGLDQWHLURGHVDWLYDGR 3$66(1*(5
/&& $,5%$*/&& 
ҧϜ3iJLQD

ҧϜ3iJLQD
b 5HDEDVWHFHUR$G%OXH ŠRXVLVWHPDGH$G%OXH ŠDYDULDGR

ҧϜ3iJLQD
¦ 6LVWHPD6WDUW6WRSDYDULDGR

ҧϜ3iJLQD
´ $WDPSDGRWDQTXHQmRHVWiIHFKDGDFRUUHWDPHQWH

6LVWHPDGHPRQLWRUDPHQWRSHULIpULFR )URQW$VVLVW DYDULDGRQmR


ҧϜ3iJLQD
Á DWLYR
$VVLVWHQWHGHSHUPDQrQFLDQDIDL[D /DQH$VVLVW OLJDGRPDVQmR
ҧϜ3iJLQD
" DWLYR
,QGLFDGRUHVGHGLUHomRHVTXHUGRVRXGLUHLWRV ҧϜ3iJLQD
ZÙ /X]HVGHDGYHUWrQFLDOLJDGDV ҧϜ3iJLQD
$FHVRSHGDOGRIUHLRQmRSUHVVLRQDGR )UHDUSDUDUHHVWDFLR
QDUҧϜ3iJLQD
K 3LVFDQGRRERWmREORTXHDGRUGDDODYDQFDVHOHWRUDQmRHVWiSUHV
VLRQDGR
7URFDUDPDUFKD
ҧϜ3iJLQD
6LVWHPDUHJXODGRUGHYHORFLGDGH *5$ HPIXQFLRQDPHQWR ҧϜ3iJLQD
% &RQWUROHDXWRPiWLFRGHGLVWkQFLD $&& OLJDGR ҧϜ3iJLQD

ҧϜ3iJLQD
Á 6LVWHPDGHPRQLWRUDPHQWRSHULIpULFR )URQW$VVLVW OLJDGRDWLYR

ҧϜ3iJLQD
" $VVLVWHQWHGHSHUPDQrQFLDQDIDL[D /DQH$VVLVW OLJDGRDWLYR

ҧϜ3iJLQD
9 $VVLVWHQWHGHPXGDQoDGHIDL[D 6LGH$VVLVW DWLYR

ҧϜ3iJLQD
 )DURODOWROLJDGRRXVLQDOGHOX]DFLRQDGR

5HJXODJHPGRIDURODOWR /LJKW$VVLVW RXUHJXODJHPGRIDURODOWR


ҧϜ3iJLQD
» DXWRPiWLFD '\QDPLF/LJKW$VVLVW DWLYDGD
$FHVROHPEUHWHGHVHUYLoR
ҧϜ3iJLQD
> 3LVFDQGRVHUYLoRYHQFLGR

ҧϜ3iJLQD
’ 7UDQVPLVVmRDXWRPiWLFDDYDULDGD

¦ 2VLVWHPD6WDUW6WRSGHVOLJRXRPRWRU
ҧϜ3iJLQD
i 2VLVWHPD6WDUW6WRSQmRHVWiGLVSRQtYHO

ҧϜ3iJLQD
 (PYHtFXORVFRPPRWRUDGLHVHORPRWRUpOLJDGR

2WHOHIRQHPyYHOHVWiFRQHFWDGRjSUHSDUDomRSDUDWHOHIRQHPyYHO

LQVWDODGDGHIiEULFDSRUPHLRGHEOXHWRRWK ҧϜFDGHUQR3UHSDUD
omRSDUDWHOHIRQHPy
1tYHOGHFDUJDGRDFXPXODGRUGRWHOHIRQHPyYHO6RPHQWHSDUD
( SUHSDUDomRSDUDWHOHIRQHPyYHOLQVWDODGDGHIiEULFD
YHO

ҧϜ3iJLQD b
M 7HPSHUDWXUDH[WHUQDDEDL[RGHƒ& ƒ) 
53&&

,QVWUXPHQWRFRPELQDGR 
$'9(57Ç1&,$ $'9(57Ç1&,$ FRQWLQXDomR

$LQREVHUYkQFLDGDVOX]HVGHDGYHUWrQFLD Ɣ 8PYHtFXORSDUDGRUHSUHVHQWDXPJUDQGH
DFHVDVHGDVPHQVDJHQVGHWH[WRSRGHRFD ULVFRGHDFLGHQWHSDUDVLPHVPRHSDUDRX
VLRQDUSDUDGDVGRYHtFXORQRWUkQVLWRDFL WURVFRQGXWRUHV&DVRQHFHVViULROLJDUDVOX
GHQWHVHIHULPHQWRVJUDYHV ]HVGHDGYHUWrQFLDHSRVLFLRQDURWULkQJXOR
GHVHJXUDQoDSDUDDOHUWDURVRXWURVFRQGXWR
Ɣ 1XQFDLJQRUDUDVOX]HVGHDGYHUWrQFLD UHV
DFHVDVHDVPHQVDJHQVGHWH[WR
Ɣ $QWHVGHDEULUDWDPSDGRFRPSDUWLPHQWR
Ɣ 3DUDUYHtFXORDVVLPTXHIRUSRVVtYHOHVH GRPRWRUGHVOLJDURPRWRUHDJXDUGDUDWp
JXUR TXHVXDWHPSHUDWXUDWHQKDEDL[DGRVXILFLHQ
Ɣ (VWDFLRQDURYHtFXORDXPDGLVWkQFLDVH WHPHQWH
JXUDGDSLVWDGHURGDJHPGHIRUPDTXHQH Ɣ 2FRPSDUWLPHQWRGRPRWRUGHWRGRYHtFX
QKXPDGDVSHoDVGRVLVWHPDGHHVFDSHHQWUH ORpXPDiUHDSHULJRVDHSRGHFDXVDUIHUL
HPFRQWDWRFRPPDWHULDLVLQIODPiYHLVFRPR PHQWRVJUDYHVҧҧϜ3iJLQD
SRUH[HPSORJUDPDVHFDFRPEXVWtYHOyOHR
HWF
127$
$LQREVHUYkQFLDGHOX]HVGHFRQWUROHTXHVH
DFHQGHPHGHPHQVDJHQVGHWH[WRSRGHFDXVDU
GDQRVDRYHtFXOR ‹

 9LVWDJHUDOGRYHtFXOR
,QVWUXPHQWRV

¤ ,QWURGXomRDRWHPD
1HVWHFDStWXORHQFRQWUDPVHLQIRUPDo}HVUHODWLYDV Ɣ ,QGLFDGRUGDVPDUFKDVHQJDWDGDV WUDQVPLVVmR
DRVVHJXLQWHVWHPDV DXWRPiWLFD ҧϜ3iJLQD
9LVWDJHUDOGRVLQVWUXPHQWRV   Ɣ ,QIRUPDo}HVVREUHRVLQWHUYDORVGHVHUYLoR
,QGLFDGRUHVGRGLVSOD\   ҧϜFDGHUQR0DQXWHQomRHJDUDQWLD
%~VVROD  
,QGLFDGRUGRLQWHUYDORGHVHUYLoR   $'9(57Ç1&,$
$GLVWUDomRGRFRQGXWRUSRGHFDXVDUDFLGHQ
,QIRUPDo}HVHDOHUWDVFRPSOHPHQWDUHV WHVHIHULPHQWRV
Ɣ /X]HVGHDGYHUWrQFLDHGHFRQWUROH Ɣ 1XQFDFRPDQGDURVERW}HVGRLQVWUXPHQ
ҧϜ3iJLQD WRFRPELQDGRGXUDQWHDFRQGXomR ‹
Ɣ 6LVWHPDGHLQIRUPDo}HV9RONVZDJHQ
ҧϜ3iJLQD
53&&

,QVWUXPHQWRFRPELQDGR 
9LVWDJHUDOGRVLQVWUXPHQWRV

)LJ ,QVWUXPHQWRFRPELQDGRGRSDLQHOGHLQVWUXPHQWRV

¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQIRUPDo}HVLQWURGXWyULDVHDVLQGLFDo}HVGHVHJXUDQ
oD QDSiJLQD
6LJQLILFDGRGRVLQVWUXPHQWRVҧϜ)LJ

 %RWmRGHDMXVWHGRUHOyJLRGRLQVWUXPHQWRFRPELQDGRGRUiGLRRXGRVLVWHPDGHQDYHJDomRH
GRUHOyJLRDQDOyJLFR 
± 3UHVVLRQDURERWmR ­‡® SDUDVHOHFLRQDUDVKRUDVRXRVPLQXWRV
± 3DUDDYDQoDUSUHVVLRQDURERWmR E‡3%4 0DQWHURERWmRSUHVVLRQDGRSDUDSDVVDUSDUDDSUy[LPD
HWDSD
± 3UHVVLRQDURERWmR ­‡® QRYDPHQWHSDUDHQFHUUDURDMXVWHGRUHOyJLR2UHOyJLRDQDOyJLFRVRPHQWH
VHDMXVWDDRQRYRKRUiULRDOJXQVVHJXQGRVDSyVDLJQLomRVHUOLJDGD
 7DF{PHWUR FRQWDJLURV  URWDo}HV[SRUPLQXWRGRPRWRUHPIXQFLRQDPHQWR 
2LQtFLRGDiUHDYHUPHOKDGRWDF{PHWUR FRQWDJLURV LQGLFDDURWDomRPi[LPDSRVVtYHOGRPRWRUURGD
GRHDTXHFLGRSHORIXQFLRQDPHQWRSDUDFDGDXPDGDVPDUFKDV$QWHVTXHDLQGLFDomRDWLQMDDIDL[D
YHUPHOKDWURFDUSDUDDSUy[LPDPDUFKDPDLVDOWDSRVLFLRQDUDDODYDQFDVHOHWRUDHP'RXWLUDURSp
GRSHGDOGRDFHOHUDGRUҧϜ 
 ,QGLFDGRUGHWHPSHUDWXUDGROtTXLGRGHDUUHIHFLPHQWRGRPRWRU~ҧϜ3iJLQD
 ,QGLFDGRUHVGRGLVSOD\ҧϜ3iJLQD
 9HORFtPHWUR PHGLGRUGHYHORFLGDGH 
 ,QGLFDGRUGRQtYHOGHFRPEXVWtYHOҧϜ3iJLQD
 %RWmRGHUHWURFHVVRSDUDDH[LELomRGRKRG{PHWURSDUFLDO WULS 
± 3UHVVLRQDURERWmR E‡3%4 SRUDSUR[LPDGDPHQWHVHJXQGRSDUDFRORFDURKRG{PHWURSDUFLDOHP

127$ 127$ FRQWLQXDomR

Ɣ &RPRPRWRUIULRHYLWDUURWDo}HVGRPRWRU Ɣ 3DUDHYLWDUGDQRVQRPRWRURSRQWHLURGR
HOHYDGDVDFHOHUDomRWRWDOHIRUWHGHPDQGDGR WDF{PHWUR FRQWDJLURV SRGHSHUPDQHFHUDSH
PRWRU QDVSRUXPFXUWRSHUtRGRQDiUHDYHUPHOKDGD
HVFDOD

8PDXPHQWRGHPDUFKDQRPRPHQWRDGHTX
DGRDMXGDDHFRQRPL]DUFRPEXVWtYHOHDUH
GX]LUUXtGRVGHIXQFLRQDPHQWR ‹

 'HDFRUGRFRPDYHUVmRGRYHtFXORRVUHOyJLRVWDPEpPSRGHPVHUDMXVWDGRVSRUPHLRGRPHQX&RQILJXUD¨¶HVGRGLVSOD\GR
LQVWUXPHQWRFRPELQDGRҧϜ3iJLQD

 9LVWDJHUDOGRYHtFXOR
,QGLFDGRUHVGRGLVSOD\

)LJ $WDPSDGRFRPSDUWLPHQWRGRPRWRUDEHUWD%WDPSDGRFRPSDUWLPHQWRGHEDJDJHPDEHUWD&
SRUWDGLDQWHLUDHVTXHUGDDEHUWD'SRUWDWUDVHLUDGLUHLWDDEHUWD

¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
Ɣ ,QGLFDGRUGRLQWHUYDORGHVHUYLoRҧϜ3iJLQD
Ɣ 9HORFLGDGHVHFXQGiULD 0HQX&RQILJXUD
¨¶HV ҧϜ3iJLQD
Ɣ ,QGLFDGRUGHVWDWXVGRVLVWHPD6WDUW
&RQIRUPHDYHUVmRGRYHtFXORpSRVVtYHOYLVXDOL
6WRSҧϜ3iJLQD
]DUGLIHUHQWHVLQIRUPDo}HVQRGLVSOD\GRLQVWUX
PHQWRFRPELQDGRҧϜ)LJ   Ɣ 6LQDOL]DomRGHWUkQVLWRUHFRQKHFLGDSHORVLVWH
PDGHUHFRQKHFLPHQWRGDVLQDOL]DomRGHWUkQVLWR
Ɣ 3RUWDVWDPSDGRFRPSDUWLPHQWRGRPRWRUH ҧϜ3iJLQD
WDPSDGRFRPSDUWLPHQWRGHEDJDJHPDEHUWDV
ҧϜ)LJ 7H[WRVGHDGYHUWrQFLDHGHLQIRUPDomR
Ɣ 7H[WRVGHDGYHUWrQFLDHGHLQIRUPDomR $ROLJDUDLJQLomRRXGXUDQWHDFRQGXomRDOJXPDV
IXQo}HVGRYHtFXORHGRVFRPSRQHQWHVGRYHtFXOR
Ɣ ,QGLFDGRUHVGHTXLORPHWUDJHP
WrPVHXVWDWXVYHULILFDGR$VIDOKDVGHIXQFLRQD
Ɣ +RUD PHQWRVmRLQGLFDGDVQRGLVSOD\GRLQVWUXPHQWR
Ɣ 7HPSHUDWXUDH[WHUQD FRPELQDGRSRUVtPERORVGHDGYHUWrQFLDYHUPHOKRV
Ɣ ,QGLFDGRUGDE~VVROD RXDPDUHORVFRPPHQVDJHQVGHWH[WR
ҧϜ3iJLQDHVHQHFHVViULRWDPEpPSRUPHLR
Ɣ 3RVLo}HVGDDODYDQFDVHOHWRUDҧϜ3iJLQD
GHDOHUWDVVRQRURV'HDFRUGRFRPDYHUVmRGR
Ɣ 5HFRPHQGDomRGHPDUFKDҧϜ3iJLQD LQVWUXPHQWRFRPELQDGRDUHSUHVHQWDomRGRVVtP
Ɣ 0)$ ,QGLFDGRUPXOWLIXQo}HV HPHQXVSDUD ERORVSRGHYDULDU b
FRQILJXUDo}HVGLYHUVDVҧϜ3iJLQD
53&&

,QVWUXPHQWRFRPELQDGR 
&RUGR
7LSRGHPHQVDJHP 6LJQLILFDGR
VtPEROR
6tPERORSLVFDQGRRXDFHVR±HPSDUWHMXQWDPHQWHFRPDOHUWDVVRQR
0HQVDJHPGHDG URV
YHUWrQFLDGHSULRUL YHUPHOKR ›1mRSURVVHJXLU+iSHULJRҧϜ 
GDGH 9HULILFDUDIXQomRDYDULDGDHHOLPLQDUDFDXVD6HQHFHVViULRSURFXUDU
DX[tOLRWpFQLFRHVSHFLDOL]DGR
6tPERORSLVFDQGRRXDFHVR±HPSDUWHMXQWDPHQWHFRPDOHUWDVVRQR
URV
0HQVDJHPGHDG
)XQo}HVFRPIDOKDRXIDOWDGHOtTXLGRVGHFRQGXomRSRGHPFDXVDUGD
YHUWrQFLDGHSULRUL DPDUHOR
QRVDRYHtFXORHDIDOKDGRYHtFXORҧϜ 
GDGH
9HULILFDUDIXQomRDYDULDGDRPDLVUiSLGRSRVVtYHO6HQHFHVViULRSUR
FXUDUDX[tOLRWpFQLFRHVSHFLDOL]DGR
7H[WRGHLQIRUPD
± ,QIRUPDo}HVVREUHGLIHUHQWHVSURFHVVRVGRYHtFXOR
omR

,QGLFDGRUHVGHTXLORPHWUDJHP 5HFRPHQGDomRGHPDUFKD
2KRG{PHWURWRWDOUHJLVWUDRSHUFXUVRGHURGDJHP 'XUDQWHDFRQGXomRSRGHVHUH[LELGDQRGLVSOD\
WRWDOUHDOL]DGRSHORYHtFXOR GRLQVWUXPHQWRFRPELQDGRXPDUHFRPHQGDomRSD
UDVHOHomRGHXPDPDUFKDTXHHFRQRPL]HPDLV
2KRG{PHWURSDUFLDO WULS LQGLFDRVTXLO{PHWURV
FRPEXVWtYHOҧϜ3iJLQD
SHUFRUULGRVDSyVD~OWLPDUHLQLFLDOL]DomRGRKRG{
PHWUR2~OWLPRGtJLWRLQGLFDPHWURV ,QGLFDGRUGDYHORFLGDGHVHFXQGiULD PSKRX
,QGLFDGRUGDWHPSHUDWXUDH[WHUQD NPK
4XDQGRDWHPSHUDWXUDH[WHUQDHVWiDEDL[RGH 'XUDQWHDFRQGXomRDOpPGRLQGLFDGRUQRYHORFt
ƒ& ƒ) XP³VtPERORGHIORFRGHQHYH´M PHWURpSRVVtYHOYLVXDOL]DUDYHORFLGDGHHPRXWUD
DSDUHFHQRLQGLFDGRUGDWHPSHUDWXUDH[WHUQD(VWH XQLGDGHGHPHGLGD PSKRXNPK QRGLVSOD\GR
VtPERORFRPHoDDSLVFDUHVHDFHQGHHPVHJXLGD LQVWUXPHQWRFRPELQDGR3DUDLVVRVHOHFLRQDUR
DWpTXHDWHPSHUDWXUDH[WHUQDXOWUDSDVVHƒ& LWHPGHPHQX6HJYHORFQRPHQX&RQILJX
ƒ) ҧϜ  UD¨¶HVҧϜ3iJLQD

6HRYHtFXORHVWLYHUSDUDGRRDTXHFLPHQWRHVWD 9HtFXORVVHPLQGLFDGRUGHPHQXQRLQVWUXPHQWR
FLRQiULRHVWLYHUOLJDGRҧϜ3iJLQDRXHPXPD FRPELQDGR
YHORFLGDGHGHFRQGXomRPXLWREDL[DDWHPSHUDWX Ɣ /LJDURPRWRU
UDLQGLFDGDSRGHVHUXPSRXFRPDLVDOWDTXHD
Ɣ 3UHVVLRQDURERWmR ­‡® WUrVYH]HV2LQGLFD
WHPSHUDWXUDH[WHUQDUHDOGHYLGRDRFDORULUUDGLDGR
GRUGRKRG{PHWURWRWDOFRPHoDDSLVFDUQRGLVSOD\
SHORPRWRU
GRLQVWUXPHQWRFRPELQDGR
$iUHDGHPHGLomRYDLGHƒ& ƒ) Dƒ& Ɣ 3UHVVLRQDURERWmR E‡3%4 XPDYH]1ROXJDU
ƒ)  GRLQGLFDGRUGRKRG{PHWURWRWDODSDUHFHPEUHYH
PHQWH³PSK´RX³NPK´
,QGLFDGRUGDE~VVROD
&RPDLJQLomRHRVLVWHPDGHQDYHJDomROLJDGRV Ɣ $VVLPRLQGLFDGRUGDYHORFLGDGHVHFXQGiULD
RGLVSOD\GRLQVWUXPHQWRFRPELQDGRLQGLFDDGLUH HVWDUiDWLYDGR$GHVDWLYDomRRFRUUHGDPHVPD
omRGHFRQGXomRҧϜ3iJLQD IRUPD
(PYHUV}HVSDUDSDtVHVQRVTXDLVDLQGLFDomR
3RVLo}HVGDDODYDQFDVHOHWRUD WUDQVPLVVmR
FRQVWDQWHGDYHORFLGDGHVHFXQGiULDVHMDH[LJLGD
DXWRPiWLFD SRUOHLRLQGLFDGRUQmRSRGHVHUGHVDWLYDGR
$SRVLomRGDDODYDQFDVHOHWRUDpLQGLFDGDWDQWRDR
ODGRGDDODYDQFDVHOHWRUDTXDQWRQRGLVSOD\GR ,QGLFDGRUGHVWDWXVGRVLVWHPD6WDUW6WRS
LQVWUXPHQWRFRPELQDGR6HIRURFDVRQDVSRVL 1RGLVSOD\GRLQVWUXPHQWRFRPELQDGRVmRH[LELGDV
o}HV'H6EHPFRPRFRP7LSWURQLFDUHVSHFWLYD LQIRUPDo}HVVREUHRVWDWXVDWXDOҧϜ3iJLQD b
PDUFKDpLQGLFDGDDGLFLRQDOPHQWHQRGLVSOD\

 9LVWDJHUDOGRYHtFXOR
$'9(57Ç1&,$ $'9(57Ç1&,$ FRQWLQXDomR

$LQREVHUYkQFLDGDVOX]HVGHDGYHUWrQFLD Ɣ 2³VtPERORGHGHIORFRGHQHYH´LQIRUPD
DFHVDVHGDVPHQVDJHQVGHWH[WRSRGHRFD GHXPSRVVtYHOULVFRGHFDPDGDGHJHORQD
VLRQDUSDUDGDVGRYHtFXORQRWUkQVLWRDFL SLVWD
GHQWHVHIHULPHQWRVJUDYHV Ɣ 3RGHKDYHUXPDFDPDGDGHJHORQDSLVWD
Ɣ 1XQFDLJQRUDUDVOX]HVGHDGYHUWrQFLD PHVPRVHDWHPSHUDWXUDH[WHUQDHVWLYHUDFL
DFHVDVHDVPHQVDJHQVGHWH[WR PDGHƒ& ƒ) HR³VtPERORGHIORFRGH
QHYH´QmRIRUH[LELGR
Ɣ 3DUDUYHtFXORDVVLPTXHIRUSRVVtYHOHVH
JXUR Ɣ 1XQFDFRQILDUDSHQDVQRLQGLFDGRUGD
WHPSHUDWXUDH[WHUQD
Ɣ 8PYHtFXORSDUDGRUHSUHVHQWDXPJUDQGH
ULVFRGHDFLGHQWHSDUDVLPHVPRHSDUDRX
WURVFRQGXWRUHV&DVRQHFHVViULROLJDUDVOX
127$
]HVGHDGYHUWrQFLDHSRVLFLRQDURWULkQJXOR $LQREVHUYkQFLDGHOX]HVGHFRQWUROHTXHVH
GHVHJXUDQoDSDUDDOHUWDURVRXWURVFRQGXWR DFHQGHPHGHPHQVDJHQVGHWH[WRSRGHFDXVDU
UHV GDQRVDRYHtFXOR
Ɣ (VWDFLRQDURYHtFXORDXPDGLVWkQFLDVH
'HYLGRjH[LVWrQFLDGHGLYHUVDVYHUV}HVGH
JXUDGDSLVWDGHURGDJHPGHIRUPDTXHQH
LQVWUXPHQWRVFRPELQDGRVDVLQGLFDo}HVGR
QKXPDGDVSHoDVGRVLVWHPDGHHVFDSHHQWUH
GLVSOD\SRGHPYDULDU(PFDVRGHGLVSOD\VHPLQ
HPFRQWDWRFRPPDWHULDLVLQIODPiYHLVFRPR
GLFDGRUGHWH[WRVGHDGYHUWrQFLDRXGHLQIRUPD
SRUH[HPSORJUDPDVHFDFRPEXVWtYHOyOHR
omRDVDYDULDVVmRLQGLFDGDVH[FOXVLYDPHQWHSRU
HWF
PHLRGHOX]HVGHFRQWUROH

$'9(57Ç1&,$ 6HH[LVWLUHPYiULDVPHQVDJHQVGHDGYHUWrQ
FLDRVVtPERORVDSDUHFHUmRHPVHTXrQFLD
0HVPRFRPWHPSHUDWXUDVH[WHUQDVDFLPDGD
SRUDOJXQVVHJXQGRV(VVHVVtPERORVVHUmRH[LEL
WHPSHUDWXUDGHFRQJHODPHQWRSRGHKDYHU
GRVDWpTXHDFDXVDVHMDHOLPLQDGD ‹
XPDFDPDGDGHJHORVREUHUXDVHSRQWHV
53&&

,QVWUXPHQWRFRPELQDGR 
%~VVROD

)LJ =RQDVGDE~VVROD

¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
&DOLEUDUDE~VVROD
8PD]RQDGHE~VVRODYiOLGDSDUDRORFDOHXPHV
SDoRVXILFLHQWHSDUDFRQGX]LUHPFtUFXORVmRSUp
UHTXLVLWRVSDUDDFDOLEUDJHPGDE~VVROD
(PYHtFXORVFRPVLVWHPDGHQDYHJDomRLQVWDODGR
GHIiEULFDDE~VVRODQmRSUHFLVDVHUFDOLEUDGD Ɣ /LJDUDLJQLomR
1mRKiRLWHPGHPHQX%»VVROD Ɣ 1RPHQX&RQILJXUD¨¶HVVHOHFLRQDURVLWHQV
GHPHQX%»VVRODH&DOLEUDU
(PYHtFXORVVHPVLVWHPDGHQDYHJDomRLQVWDODGR
GHIiEULFDDE~VVRODpFDOLEUDGDGHPRGRDXWRPi Ɣ &RQILUPDUDPHQVDJHP'HVFUHYHUF®UFXOR
WLFR6HRYHtFXORIRUHTXLSDGRFRPDFHVVyULRVHOp FRPSOHWRSDUDDIHUL¨¤RFRPRERWmR /+‡2%3%4
WULFRVRXPHWiOLFRVFRPRSRUH[HPSORWHOHIRQH QDDODYDQFDGRVOLPSDGRUHVGRSDUDEULVDRXFRP
PyYHORXWHOHYLVmRDE~VVRODSUHFLVDUiVHUUHFDOL RERWmR /+ GRYRODQWHPXOWLIXQo}HVHFRQGX]LUD
EUDGDPDQXDOPHQWH DSUR[LPDGDPHQWHNPK PSK SRUXPFtUFXOR
FRPSOHWR
&RQILJXUDUD]RQDGDE~VVROD
'XUDQWHDFDOLEUDJHPRGLVSOD\GRLQVWUXPHQWR
Ɣ /LJDUDLJQLomR
FRPELQDGRLQGLFDDPHQVDJHP&$/$FDOLEUDJHP
Ɣ 1RPHQX&RQILJXUD¨¶HVVHOHFLRQDURVLWHQV HVWDUiFRQFOXtGDVHDGLUHomRIRULQGLFDGDQRGLV
GHPHQX%»VVRODH=RQD SOD\ ‹
Ɣ 6HOHFLRQDUD]RQDGDE~VVRODGHDFRUGRFRPR
ORFDODWXDOҧϜ)LJ
Ɣ &RQILJXUDUHFRQILUPDUD]RQDGDE~VVROD
 

 9LVWDJHUDOGRYHtFXOR
,QGLFDGRUGRLQWHUYDORGHVHUYLoR

¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
Ɣ 6HOHFLRQDURPHQX&RQILJXUD¨¶HV
Ɣ 1RVXEPHQX6HUYL¨RVHOHFLRQDURLWHPGH
PHQX,QIRUPD¨¤R

2LQGLFDGRUGRHYHQWRGHVHUYLoRDSDUHFHQRGLV 8PSUD]RGHVHUYLoRYHQFLGRpLQGLFDGRSRUXP
SOD\GRLQVWUXPHQWRFRPELQDGRҧϜ)LJ   VLQDOGHPHQRVDQWHVGDLQGLFDomRGHTXLO{PHWURV
RXGHGLDV
2VSUD]RVGHVHUYLoRVQD9RONVZDJHQVmRGLIHUHQ
WHVSDUDVHUYLoRVGHWURFDGHyOHRHLQVSHo}HV$ 5HLQLFLDUVHUYLoRGHWURFDGHyOHR
H[LELomRLQWHUYDORGHVHUYLoRVLQIRUPDRSUy[LPR 6HRVHUYLoRGHWURFDGHyOHRQmRWLYHUVLGRUHDOL
SUD]RGHVHUYLoRVGHXPDWURFDGRyOHRGRPRWRU ]DGRHPXPD&RQFHVVLRQiULD9RONVZDJHQHOHSR
HGHXPDSUy[LPDLQVSHomRDYHQFHU2VSUD]RV GHUiVHUUHLQLFLDOL]DGRGDVHJXLQWHIRUPD
GHVHUYLoRVWDPEpPFRQVWDPQRPDQXWHQomRH
JDUDQWLD 'HVOLJDUDLJQLomR
(PYHtFXORVFRPVHUYLoRGHWURFDGHyOHRIL[R 3UHVVLRQDUHPDQWHUSUHVVLRQDGRRERWmR E‡3%4
RVLQWHUYDORVGHVHUYLoRVmRIL[DGRV QRLQVWUXPHQWRFRPELQDGR
(PYHtFXORVFRPVHUYLoRGHWURFDGHyOHRIOH[t /LJDUQRYDPHQWHDLJQLomR
YHORVLQWHUYDORVVmRGHWHUPLQDGRVLQGLYLGXDOPHQ 6ROWDURERWmR E‡3%4 
WH2DYDQoRGDWHFQRORJLDSRVVLELOLWDUHGX]LUEDV &RQILUPDUDFRQVXOWDGHFRQILUPDomRQRLQVWUX
WDQWHDQHFHVVLGDGHGHPDQXWHQomRSHULyGLFD$ PHQWRFRPELQDGRFRPRERWmR /+‡2%3%4 GDDODYDQ
WHFQRORJLDGRVHUYLoRGHWURFDGHyOHRIOH[tYHOGD FDGRVOLPSDGRUHVGRSDUDEULVDRXFRPRER
9RONVZDJHQSHUPLWHTXHXPVHUYLoRGHWURFDGH WmR /+ GRYRODQWHPXOWLIXQo}HV
yOHRVHMDUHDOL]DGRDSHQDVTXDQGRQHFHVViULR
1HVVHFDVRDGHWHUPLQDomRGRVHUYLoRGHWURFD 1mRUHLQLFLDOL]DURLQGLFDGRUHQWUHRVLQWHUYDORVGH
GHyOHR QRPi[LPRDQRV FRQVLGHUDWDPEpPDV VHUYLoR,VVRSRGHJHUDULQGLFDo}HVLQFRUUHWDV
FRQGLo}HVLQGLYLGXDLVGHXWLOL]DomRHRHVWLORSHV 6HRLQGLFDGRUGRLQWHUYDORGHVHUYLoRIRUUHLQLFLDOL
VRDOGHFRQGXomR2DOHUWDGHVHUYLoRpH[LELGR ]DGRPDQXDOPHQWHFRPRVHUYLoRGHWURFDGHyOHR
SHODSULPHLUDYH]GLDVDQWHVGHRSUD]RGRVHU IOH[tYHOHPYLJRUR³VHUYLoRGHWURFDGHyOHRIL[R´
YLoRH[SLUDU2SHUFXUVRGHURGDJHPUHPDQHVFHQ VHUiDWLYDGR2LQWHUYDORGHVHUYLoRQmRVHUiPDLV
WHLQGLFDGRpVHPSUHDUUHGRQGDGRSDUDNPH LQIRUPDGRLQGLYLGXDOPHQWHҧϜFDGHUQR0DQXWHQomR
RWHPSRUHPDQHVFHQWHSDUDGLDVLQWHLURV$PHQ HJDUDQWLD
VDJHPGHVHUYLoRDWXDOVySRGHVHUDFHVVDGD
DSyVNPGR~OWLPRVHUYLoR$WpHVWHSRQWRVy 5HLQLFLDOL]DULQVSHomR
pSRVVtYHOYLVXDOL]DUWUDoRVQRLQGLFDGRU 6HDLQVSHomRQmRWLYHUVLGRUHDOL]DGDHPXPD
&RQFHVVLRQiULD9RONVZDJHQDLQVSHomRSRGHUi
/HPEUHWHGHVHUYLoR VHUUHLQLFLDOL]DGDGDVHJXLQWHIRUPD
6HXPVHUYLoRHVWLYHUSUy[LPRXPOHPEUHWHGH
VHUYLoRDSDUHFHUiTXDQGRDLJQLomRIRUOLJDGD 'HVOLJDUDLJQLomR
1RGLVSOD\GRLQVWUXPHQWRFRPELQDGRDSDUHFH /LJDUDVOX]HVGHDGYHUWrQFLD
7URFDGH´OHRRX6HUYL¨RHPNP 3UHVVLRQDUHPDQWHUSUHVVLRQDGRRERWmR E‡3%4
RXGLDV QRLQVWUXPHQWRFRPELQDGR
/LJDUQRYDPHQWHDLJQLomR
(YHQWRGHVHUYLoR
6ROWDURERWmR E‡3%4 
4XDQGRXPSUD]RGHVHUYLoRHVWLYHUSDUDYHQ
FHUXPVLQDOVRQRURpHPLWLGRQRPRPHQWRHP &RQILUPDUDFRQVXOWDGHFRQILUPDomRQRLQVWUX
TXHDLJQLomRpOLJDGDHGXUDQWHDOJXQVVHJXQGRV PHQWRFRPELQDGRFRPRERWmR /+‡2%3%4 GDDODYDQ
RVtPERORGHFKDYHIL[D>SLVFD1RGLVSOD\GR FDGRVOLPSDGRUHVGRSDUDEULVDRXFRPRER
LQVWUXPHQWRFRPELQDGRDSDUHFH7URFDGH´OHR WmR /+ GRYRODQWHPXOWLIXQo}HV
DJRUDRX6HUYL¨RDJRUD 'HVOLJDUDVOX]HVGHDGYHUWrQFLD

$FHVVDUDPHQVDJHPGHVHUYLoR $PHQVDJHPGHVHUYLoRVHDSDJDDSyVDO
53&&

&RPDLJQLomROLJDGDRPRWRUGHVOLJDGRHRYHtFX JXQVVHJXQGRVFRPRPRWRUHPIXQFLRQD
ORSDUDGRpSRVVtYHODFHVVDUDPHQVDJHPGH PHQWRRXDSyVSUHVVLRQDURERWmR /+‡2%3%4 GDDOD
VHUYLoRDWXDO YDQFDGRVOLPSDGRUHVGRSDUDEULVDRXRERWmR /+
GRYRODQWHPXOWLIXQo}HV b

,QVWUXPHQWRFRPELQDGR 
(PYHtFXORVFRPVHUYLoRGHWURFDGHyOHRIOH yOHRDYHQFHU$VLQGLFDo}HVGHVHUYLoRSRGHP
[tYHOVHDEDWHULDGRYHtFXORILFDUGHVFRQHF SRUWDQWRLQGLFDUFiOFXORVLQFRUUHWRV1HVVHFDVR
WDGDSRUXPORQJRSHUtRGRQmRVHUiSRVVtYHOFDO REVHUYDURVLQWHUYDORVPi[LPRVDGPLVVtYHLVGH
FXODURWHPSRSDUDRSUy[LPRVHUYLoRGHWURFDGH VHUYLoRҧϜFDGHUQR0DQXWHQomRHJDUDQWLD ‹

 9LVWDJHUDOGRYHtFXOR
6LVWHPDGHLQIRUPDo}HV9RONVZDJHQ

¤ ,QWURGXomRDRWHPD
1HVWHFDStWXORHQFRQWUDPVHLQIRUPDo}HVUHODWLYDV ,QIRUPDo}HVHDOHUWDVFRPSOHPHQWDUHV
DRVVHJXLQWHVWHPDV Ɣ (VSHOKRVUHWURYLVRUHVH[WHUQRVҧϜ3iJLQD
9LVWDJHUDOGDHVWUXWXUDGRPHQX   Ɣ 6LVWHPDVGHDVVLVWrQFLDDRFRQGXWRU
&RPDQGDURVPHQXVGRLQVWUXPHQWR ҧϜ3iJLQD
FRPELQDGR   Ɣ $TXHFLPHQWRHVWDFLRQiULR DTXHFLPHQWRDGLFLR
%RWmRGRVVLVWHPDVGHDVVLVWrQFLDDR QDO ҧϜ3iJLQD
FRQGXWRU  
Ɣ 5iGLRHVLVWHPDGHQDYHJDomRҧϜFDGHUQR5i
0HQXSULQFLSDO   GLRHҧϜFDGHUQR6LVWHPDGHQDYHJDomR
0)$ LQGLFDGRUPXOWLIXQo}HV  
Ɣ 3UHSDUDomRSDUDWHOHIRQHPyYHOҧϜFDGHU
0HQX&RQILJXUD¨¶HV   QR3UHSDUDomRSDUDWHOHIRQHPyYHO
6XEPHQX$VVLVWHQWHV 
6XEPHQX&RQIRUWR   $'9(57Ç1&,$
6XEPHQX,OXPH9LVLE  
$GLVWUDomRGRFRQGXWRUSRGHFDXVDUDFLGHQ
&RQILJXUDomRGHFRQIRUWRSHVVRDO  
WHVHIHULPHQWRV
&RPRVLVWHPDGHLQIRUPDo}HV9RONVZDJHQpSRV Ɣ 1XQFDDFHVVDURVPHQXVQRGLVSOD\GR
VtYHODFHVVDUGLYHUVDVIXQo}HVHLQIRUPDo}HVQR LQVWUXPHQWRFRPELQDGRGXUDQWHDFRQGXomR
GLVSOD\GRLQVWUXPHQWRFRPELQDGRFRPDLJQLomR
OLJDGD $SyVDSDUWLGDGRPRWRUFRPDEDWHULDGR
YHtFXORWRWDOPHQWHGHVFDUUHJDGDRXXPDED
$DEUDQJrQFLDHDHVWUXWXUDGRVPHQXVGRVLVWHPD WHULDWURFDGDQRYHtFXORDVFRQILJXUDo}HVGRVLVWH
GHLQIRUPDomR9RONVZDJHQGHSHQGHGDHOHWU{QLFD PD KRUDGDWDFRQILJXUDo}HVGHFRQIRUWRSHV
GRYHtFXORHGDDEUDQJrQFLDGDYHUVmRGRYHtFXOR VRDLVHSURJUDPDo}HV SRGHPVHUGHVDMXVWDGDV
8PDHPSUHVDHVSHFLDOL]DGDSRGHSURJUDPDURX RXDSDJDGDV9HULILFDUHFRUULJLUDVFRQILJXUDo}HV
DOWHUDURXWUDVIXQo}HVFRQIRUPHDYHUVmRGRYHtFX GHSRLVTXHDEDWHULDGRYHtFXORWLYHUVLGRVXILFLHQ
OR3DUDLVVRD9RONVZDJHQUHFRPHQGDDV&RQ WHPHQWHFDUUHJDGD ‹
FHVVLRQiULDV9RONVZDJHQ
$OJXQVLWHQVGHPHQXVySRGHPVHUDFHVVDGRV
FRPRYHtFXORGHVOLJDGR

9LVWDJHUDOGDHVWUXWXUDGRPHQX

¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
Ŷ &RQVPpGLR
Ŷ $XWRQRPLD
Ŷ 5HDEDVWHFHU
$VHJXLQWHHVWUXWXUDGHPHQXPRVWUDH[HPSOLILFD Ŷ $G%OXHDXWRQRPLDUHVLGXDO DXWRQRPLDUHVLGXDO
GDPHQWHDHVWUXWXUDGRVPHQXVGRVLVWHPDGHLQ 6&5DXWRQRPLDUHVLGXDOb 
IRUPDo}HV9RONVZDJHQQRGLVSOD\GRLQVWUXPHQWR Ŷ 'LVWSHUFRU
FRPELQDGR$DEUDQJrQFLDUHDOGRPHQXHDGH Ŷ 9HORFPpGLD
VLJQDomRGRVSRQWRVGHPHQXLQGLYLGXDLVGHSHQGH
Ŷ 9HORFGLJLWDO
GDHOHWU{QLFDGRYHtFXORHGDDEUDQJrQFLDGDYHU
VmRGRYHtFXOR Ŷ 7HPSGRyOHR
ҧϜ3iJLQD
,QGLFDGRUPXOWLIXQo}HVҧ Ŷ $YLVRY DYLVRDRVNPKRXDYLVRDRV
PSK b
53&&

Ŷ 7HPSRYLDJHP
Ŷ &RQVPRP

 $SDUWLUGHXPDDXWRQRPLDUHVLGXDO$G%OXH ŠPHQRUGRTXHNP

,QVWUXPHQWRFRPELQDGR 
6LJQ$VVLVWVLQDOL]DomRGHWUkQVLWR &RQILJXUDo}HVҧϜ3iJLQD
ҧϜ3iJLQD Ŷ $VVLVWHQWHVҧϜ3iJLQD
$&&ҧϜ3iJLQD ± 6LJQ$VVLVW
/DQH$VVLVWҧϜ3iJLQD /LJDU'HVOLJDURVLVWHPD
ÈXGLRҧϜFDGHUQR5iGLRRXҧϜFDGHUQR6LVWHPD /LJDU'HVOLJDUFRQGXomRFRPUHERTXH
GHQDYHJDomR
5HWURFHGHU
1DYHJDomRҧϜFDGHUQR6LVWHPDGHQDYHJDomR
± 6LGH$VVLVW
7HOHIRQHҧϜFDGHUQR3UHSDUDomRSDUDWHOHIRQH
/LJDU'HVOLJDURVLVWHPD
PyYHO
/XPLQRVLGDGH
$TXHFLPHQWRHVWDFLRQiULRҧϜ3iJLQD
5HWURFHGHU
Ŷ $WLYDU
± /DQH$VVLVW
± /LJDUSURJUDPD'HVOLJDUSURJUDPD
/LJDU'HVOLJDURVLVWHPD
± 7HPSRGHLQtFLRVHOHFLRQDGR
5HWURFHGHU
± 7HPSRGHLQtFLRVHOHFLRQDGR
± )URQW$VVLVW
± 7HPSRGHLQtFLRVHOHFLRQDGR
/LJDU'HVOLJDURVLVWHPD
± 'HVDWLYDU
$OHUWDVRQRUR
± 5HWURFHGHU
5HWURFHGHU
Ŷ 7HPSRGHLQtFLR
± $&&
± 'LDVHPDQD
&RQILJXUDomREiVLFD FRQIRUWRQRUPDOHV
± +RUiULR
SRUWLYR
± 0LQXWR
'LVWkQFLD PXLWRSHTXHQDSHTXHQDPpGLD
± $WLYDU JUDQGHPXLWRJUDQGH~OWLPD
± 5HWURFHGHU 5HWURFHGHU
Ŷ 7HPSRGHIXQF GXUDomR ± 5HWURFHGHU
Ŷ 0RGRRSHUDF Ŷ ,GLRPDV/DQJ
± $TXHFHU Ŷ 'DGRV0)$
± 9HQWLODU ± /LJDU'HVOLJDURWHPSRGHYLDJHP
± 5HWURFHGHU ± /LJDU'HVOLJDURFRQVXPRPRPHQWkQHR
Ŷ 'LDVHPDQD FRQVPRP
Ŷ $MXVWHGHIiEULFD DMXVWHIiEULFD ± /LJDU'HVOLJDURFRQVXPRPpGLR FRQVXPR
$VVLVWHQWHVҧϜ3iJLQD Ӆ
Ŷ /LJDU'HVOLJDUR6LJQ$VVLVW ± /LJDU'HVOLJDURSHUFXUVRGHYLDJHP
Ŷ /LJDU'HVOLJDUR6LGH$VVLVW ± /LJDU'HVOLJDUDYHORFLGDGHPpGLD YHORF
Ӆ
Ŷ /LJDU'HVOLJDUR/DQH$VVLVW
± /LJDU'HVOLJDUDLQGLFDomRGHYHORFLGDGH
Ŷ /LJDU'HVOLJDUR)URQW$VVLVW
GLJLWDO LQGYHORFGLJ
Ŷ /LJDU'HVOLJDURIDUROGLUHFLRQDO
± /LJDU'HVOLJDUDLQGLFDomRGLJLWDOGHWHP
Ŷ /LJDU'HVOLJDU5HFFDQVDoR SHUDWXUDGRyOHR 7HPSGRyOHR
(VWDGR9HtFXOR (VW9HtFXOR ҧϜ3iJLQD ± /LJDU'HVOLJDURDOHUWDGHYHORFLGDGH $YL
VRY
± 5HWURFHGHU
Ŷ %~VVROD b

 ,QGLFDDSHQDVRVWDWXVDWXDO1HQKXPLWHPGHPHQXVHOHFLRQiYHO
 2VGDGRV0)$DWLYDGRVVmRH[LELGRVQR0)$

 9LVWDJHUDOGRYHtFXOR
Ŷ &RQIRUWRҧϜ3iJLQD ± $MXVWHGHIiEULFD DMXVWHIiEULFD
± &RQILUPDomR':$ FRQILUP':$ /LJDU ± 5HWURFHGHU
'HVOLJDU Ŷ /LJDU'HVOLJDUDURGDOLYUH
± /LJDU'HVOLJDUR(DV\2SHQ Ŷ +RUD
± 7UDYDPHQWRFHQWUDO WUDYDPHQWRFHQWUDO ± +RUDV
'HVWUDYDPHQWRGDVSRUWDV WRGDVDVSRUWDV ± 0LQXWRV
XPDSRUWDLQGHSHQGHQWHODGRGRYHtFXOR
± /LJDU'HVOLJDUPRGRK
LQGLYLGXDO
± /LJDU'HVOLJDUKRUiULRGHYHUmR
/LJDU'HVOLJDU7UDYDXWRP
± 5HWURFHGHU
/LJDU'HVOLJDU'HVWUDYDXWRP
Ŷ 3QHXV,QYHUQR
5HWURFHGHU
± NPK RXPSK
± &RPDQGRGRVYLGURV FRPYLGURV
± /LJDU'HVOLJDURVLVWHPD
'HVOLJDGR
± NPK PSK
7RGRV
± NPK PSK
&RQGXWRU
± 5HWURFHGHU
5HWURFHGHU
Ŷ 8QLGDGHV
± 5HEDL[DPHQWRGRHVSHOKR EDL[DUHVS /L
JDU'HVOLJDU ± 7HPSHUDWXUD
± $MXVWHGRHVSHOKR UHJXOHVSHOKRV ± 3HUFXUVRXWLOL]DGR
,QGLYLGXDO ± 3UHVVmRDU
6LQFURQL]DGR ± 5HWURFHGHU
5HWURFHGHU Ŷ 3UHVVmRSQHX
± $MXVWHGHIiEULFD DMXVWHIiEULFD ± 7LSRGHSQHX
± 5HWURFHGHU ± &DUUHJDPHQWR FDUJDSDUFLDOFDUJDWRWDO
Ŷ ,OXPLQDomRHYLVLELOLGDGHҧϜ3iJLQD ± 5HWURFHGHU
± &RPLQJ+RPH Ŷ 9HORFLGDGHVHFXQGiULD YHORFVHF /LJDU
'HVOLJDU
± /HDYLQJ+RPH
Ŷ 6HUYLoR
± ,OXPDPELHQWH
± ,QIRUPDomR
± /X]]RQDSpV
± 5HWURFHGHU
± 6LQDLVLQWHUPLWHQWHVGHFRQIRUWR SLVFDGH
FRQI /LJDU'HVOLJDU Ŷ $MXVWHGHIiEULFD DMXVWHIiEULFD
± /LJDU'HVOLJDURPRGRGHYLDJHP Ŷ 5HWURFHGHU ‹
53&&

,QVWUXPHQWRFRPELQDGR 
&RPDQGDURVPHQXVGRLQVWUXPHQWRFRPELQDGR

)LJ 9HtFXORVVHPYRODQWHPXOWLIXQo}HVER )LJ 1RODGRGLUHLWRGRYRODQWHPXOWLIXQo}HV


WmR  QDDODYDQFDGRVOLPSDGRUHVGRSDUDEULVD ERW}HVSDUDFRPDQGDURVPHQXVGRLQVWUXPHQWR
jGLUHLWDGDFROXQDGHGLUHomR SDUDFRQILUPDU FRPELQDGR
LWHQVGHPHQXHFKDYH  SDUDDOWHUQDURVPHQXV

¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
$FHVVDURVXEPHQX
Ɣ 3UHVVLRQDUDFKDYHҧϜ)LJ  GDDODYDQFD
GRVOLPSDGRUHVGRSDUDEULVDSDUDFLPDRXSDUD
EDL[RRXSUHVVLRQDURVERW}HVGHVHWD * RX + GR
(PYHtFXORVFRPYRODQWHPXOWLIXQo}HVҧϜ)LJ YRODQWHPXOWLIXQo}HVҧϜ)LJDWpTXHRLWHPGR
RVERW}HVGDDODYDQFDGRVOLPSDGRUHVGRSDUDEUL VXEPHQXGHVHMDGRHVWHMDVHOHFLRQDGR
VDQmRH[LVWHPҧϜ)LJ$VVLPRVLVWHPDGHLQ
Ɣ 2VXEPHQXPDUFDGRVHHQFRQWUDHQWUHDVGX
IRUPDo}HV9RONVZDJHQpFRPDQGDGRH[FOXVLYD
DVOLQKDVKRUL]RQWDLV$GLFLRQDOPHQWHXPWULkQJXOR
PHQWHSRUPHLRGRVERW}HVGRYRODQWHPXOWLIXQ
VHHQFRQWUDjGLUHLWD
o}HV
Ɣ 3DUDDFHVVDUXPVXEPHQXSUHVVLRQDURERWmR
(QTXDQWRXPDPHQVDJHPGHDGYHUWrQFLDGHSULR ҧϜ)LJ  GDDODYDQFDGRVOLPSDGRUHVGRSDUD
ULGDGHҧϜ3iJLQDHVWLYHUVHQGRH[LELGDQmR EULVDRXRERWmR /+ GRYRODQWHPXOWLIXQo}HV
VHUiSRVVtYHODFHVVDURVPHQXV$OJXPDVPHQVD ҧϜ)LJ
JHQVGHDGYHUWrQFLDSRGHPVHUFRQILUPDGDVFRP
RERWmR  GDDODYDQFDGRVOLPSDGRUHVGRSDUD &DVRQmRRFRUUDVHOHomRGHQWURGRVXEPHQXHP
EULVDRXFRPRERWmR /+ GRYRODQWHPXOWLIXQo}HV DOJXQVVHJXQGRVRPHQXDQWHULRUYROWDUiDVHU
ҧϜ)LJ H[LELGR

$FHVVDURPHQXSULQFLSDO $GRWDUDVFRQILJXUDo}HVGRPHQX
Ɣ /LJDUDLJQLomR Ɣ 8WLOL]DQGRDFKDYHGDDODYDQFDGRVOLPSDGRUHV
GRSDUDEULVDRXRVERW}HVGHVHWDGRYRODQWHPXO
Ɣ &DVRXPDPHQVDJHPRXRSLFWRJUDPDGHYHt
WLIXQo}HVDGRWDUDVPRGLILFDo}HVGHVHMDGDV6H
FXORVHMDPH[LELGRVSUHVVLRQDURERWmR
QHFHVViULRPDQWHUSUHVVLRQDGRSDUDDXPHQWDURX
ҧϜ)LJ  GDDODYDQFDGRVOLPSDGRUHVGRSDUD
GLPLQXLURVYDORUHVPDLVUDSLGDPHQWH
EULVDRXRERWmR /+ GRYRODQWHPXOWLIXQ
o}HVҧϜ)LJ Ɣ 0DUFDURXFRQILUPDUDVHOHomRFRPRERWmR
ҧϜ)LJ  GDDODYDQFDGRVOLPSDGRUHVGRSDUD
Ɣ 1RFRPDQGRFRPDODYDQFDGRVOLPSDGRUHVGR
EULVDRXFRPRERWmR /+ GRYRODQWHPXOWLIXQo}HV
SDUDEULVDSDUDOLVWDURPHQXSULQFLSDO
ҧϜ)LJ
ҧϜ3iJLQDRXSDUDUHWRUQDUGHRXWURPHQXSD
UDRPHQXSULQFLSDOPDQWHUDFKDYHҧϜ)LJ  9ROWDUDRPHQXSULQFLSDO
SUHVVLRQDGD
Ɣ 6HOHFLRQDURLWHPGHPHQX5HWURFHGHUQR
Ɣ 1RFRPDQGRFRPRYRODQWHPXOWLIXQo}HVR VXEPHQXSDUDVDLUGRVXEPHQX
PHQXSULQFLSDOQmRpOLVWDGR3DUDQDYHJDUHQWUH
Ɣ 1RFRPDQGRFRPDDODYDQFDGRVOLPSDGRUHV
RVLWHQVGRPHQXSULQFLSDOSUHVVLRQDURERWmR 
GRSDUDEULVDPDQWHUDFKDYHҧϜ)LJ  SUHV
RX UHSHWLGDPHQWHҧϜ)LJ
VLRQDGD
Ɣ 1RFRPDQGRFRPRYRODQWHPXOWLIXQo}HVSUHV
VLRQDURERWmR E ҧϜ)LJ ‹

 9LVWDJHUDOGRYHtFXOR
%RWmRGRVVLVWHPDVGHDVVLVWrQFLDDRFRQGXWRU
/LJDURXGHVOLJDURVVLVWHPDVGHDVVLVWrQFLD
DRFRQGXWRULQGLYLGXDOPHQWH
Ɣ 3UHVVLRQDURERWmRҧϜ)LJ VHWD EUHYHPHQ
WHSDUDDFHVVDURPHQX$VVLVWHQWHV
Ɣ 6HOHFLRQDURVLVWHPDGHDVVLVWrQFLDDRFRQGX
WRUHOLJDURXGHVOLJDURVVLVWHPDVҧϜ3iJLQD
8P³VLQDOGHYLVWR´LQGLFDXPVLVWHPDGHDVVLVWrQ
FLDDRFRQGXWRUOLJDGR
)LJ 1DDODYDQFDGRVLQGLFDGRUHVGHGLUHomRH
Ɣ $VHJXLUFRQILUPDUDVROLFLWDomRFRPRERWmR
GRIDURODOWRjHVTXHUGDGDFROXQDGHGLUHomRER
/+‡2%3%4 GDDODYDQFDGRVOLPSDGRUHVGRSDUDEULVD
WmRGRVVLVWHPDVGHDVVLVWrQFLDDRFRQGXWRU
RXFRPRERWmR /+ GRYRODQWHPXOWLIXQo}HV
ҧϜ3iJLQD
¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
/LJDURXGHVOLJDUWRGRVRVVLVWHPDVGH
DVVLVWrQFLDDRFRQGXWRU
Ɣ 3UHVVLRQDURERWmRҧϜ)LJ VHWD SRUPDLV
&RPRERWmRGDDODYDQFDGRVLQGLFDGRUHVGHGLUH
GHXPVHJXQGRSDUDOLJDURXGHVOLJDURVVLVWHPDV
omRHGRIDURODOWRRVVLVWHPDVGHDVVLVWrQFLDDR
GHDVVLVWrQFLDDRFRQGXWRUVHOHFLRQDGRVQRPHQX
FRQGXWRUH[LELGRVQRPHQX$VVLVWHQWHVSRGHP
$VVLVWHQWHV
VHUOLJDGRVRXGHVOLJDGRVҧϜ3iJLQD
Ɣ 6HQHQKXPVLVWHPDGHDVVLVWrQFLDDRFRQGXWRU
WLYHUVLGRDWLYDGRQRPHQX$VVLVWHQWHVWRGRVRV
VLVWHPDVGHDVVLVWrQFLDDRFRQGXWRUVHUmROLJDGRV ‹

0HQXSULQFLSDO

¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQIRUPDo}HVLQWURGXWyULDVHDVLQGLFDo}HVGHVHJXUDQ
oD QDSiJLQD

0HQX )XQomR YHU


0)$ ,QIRUPDo}HVGR0)$ LQGLFDGRUPXOWLIXQo}HV  ҧϜ3iJLQD
6LJQ$VVLVW ,QIRUPDo}HVGRVLVWHPDGHUHFRQKHFLPHQWRGDVLQDOL]DomR ҧϜ3iJLQD
6LQDOL]D¨¤RGH GHWUkQVLWR 6LJQ$VVLVW 
WU£QVLWR
$&& ,QIRUPDo}HVGRFRQWUROHDXWRPiWLFRGHGLVWkQFLD $&&  ҧϜ3iJLQD
/DQH$VVLVW ,QIRUPDo}HVGRDVVLVWHQWHGHSHUPDQrQFLDQDIDL[D /DQH ҧϜ3iJLQD
$VVLVW 
‚XGLR ([LELomRGDHPLVVRUDQDRSHUDomRGHUiGLR ҧϜFDGHUQR5iGLR
([LELomRGRWtWXORQDRSHUDomRGH&' RXҧϜFDGHU
([LELomRGRWtWXORQDRSHUDomRGHPtGLD QR6LVWHPDGH
QDYHJDomR
1DYHJD¨¤R ,QGLFDGRUHVGHLQIRUPDomRGRVLVWHPDGHQDYHJDomROLJDGR ҧϜFDGHUQR6LVWH
1DJXLDGHGHVWLQRDWLYDGDVmRH[LELGDVVHWDVGHFRQYHUVmR PDGHQDYHJD
HDVEDUUDVGHDSUR[LPDomR$UHSUHVHQWDomRDVVHPHOKDVH omR
jUHSUHVHQWDomRGHVtPERORVQRVLVWHPDGHQDYHJDomR
6HDJXLDGHGHVWLQRQmRHVWLYHUDWLYDVmRH[LELGDVDGLUH
omRGHFRQGXomR IXQomRE~VVROD HRQRPHGDUXDQDTXDO
VHHVWiFLUFXODQGR
53&&

7HOHIRQH ,QIRUPDo}HVHFRQILJXUDo}HVSRVVtYHLVGDSUHSDUDomRSDUD ҧϜFDGHUQR3UH


WHOHIRQHPyYHO SDUDomRSDUDWH
OHIRQHPyYHO b

,QVWUXPHQWRFRPELQDGR 
0HQX )XQomR YHU
$TXHFHVWDF ,QIRUPDo}HVHFRQILJXUDo}HVSRVVtYHLVGRDTXHFLPHQWRHV ҧϜ3iJLQD
WDFLRQiULR
/LJDURXGHVOLJDURDTXHFLPHQWRHVWDFLRQiULR6HOHFLRQDURV
SHUtRGRVGHLQtFLRHRPRGRGHRSHUDomR
$VVLVWHQWHV /LJDUHGHVOLJDURVVLVWHPDVGHDVVLVWrQFLDDRFRQGXWRULQGL ҧϜ3iJLQD
YLGXDOPHQWH ҧϜ3iJLQD
ҧϜ3iJLQD
(VWDGRGRYH®FXOR ([LELomRGDSUHVVmRGRVSQHXVWH[WRVGHDOHUWDRXGHLQIRU ҧϜ3iJLQD
PDomRDWXDLV
2Q~PHURGHPHQVDJHQVH[LVWHQWHpLQGLFDGRQRGLVSOD\
([HPSORRX
&RQILJXUD¨¶HV 'LYHUVDVSRVVLELOLGDGHVGHFRQILJXUDo}HVSRUH[HPSOR ҧϜ3iJLQD
FRQILJXUDomRSDUDFRQIRUWROX] YLVLELOLGDGHKRUiULRDOHUWD
GHYHORFLGDGHSDUDSQHXVGHLQYHUQRVLVWHPDGHFRQWUROH
GRVSQHXVLGLRPDHXQLGDGHV ‹

0)$ LQGLFDGRUPXOWLIXQo}HV

¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
0HPyULDGHYLDJHPLQGLYLGXDOHGHYLDJHP
WRWDO
20)$HVWiHTXLSDGRFRPPHPyULDVTXHWUDED
OKDPDXWRPDWLFDPHQWH0HPyULDGHYLDJHPLQGL
20)$ LQGLFDGRUPXOWLIXQo}HV PRVWUDGLYHUVRV YLGXDO RX'HVGHDSDUWLGD H0HPyULDGH
YDORUHVGHYLDJHPHGHFRQVXPR YLDJHPWRWDORXORQJRWHPSR$PHPyULD
DWXDOPHQWHH[LELGDSRGHUiVHUOLGDQDLQGLFDomRGR
7URFDUHQWUHDVLQGLFDo}HVGR0)$
GLVSOD\HPFLPDjGLUHLWD
Ɣ 9HtFXORVVHPYRODQWHPXOWLIXQo}HVSUHVVLRQDU
DFKDYH 42)0 QDDODYDQFDGRVOLPSDGRUHVGRSDUD
EULVDҧϜ)LJ
Ɣ 9HtFXORVFRPYRODQWHPXOWLIXQo}HVSUHVVLRQDU
RERWmR * RX + ҧϜ)LJ

&RPDLJQLomROLJDGDSUHVVLRQDURERWmR /+‡2%3%4 QDDODYDQFDGRVOLPSDGRUHVGHSDUDEULVDRXR


ERWmR /+ QRYRODQWHPXOWLIXQo}HVSDUDDOWHUQDUHQWUHDVGXDVPHPyULDV
$PHPyULDFROHWDRVYDORUHVGHFRQGXomRHGHFRQVXPR
HQWUHOLJDUHGHVOLJDUDLJQLomR
RX
0HPyULDGHYLDJHPLQGLYLGX (PXPDLQWHUUXSomRGHFRQGXomRGHPDLVGHKRUDVD
'HVGHD
DO PHPyULDVHDSDJDDXWRPDWLFDPHQWH6HDFRQGXomRFRQWL
SDUWLGD
QXDUGHQWURGHXPSHUtRGRGHKRUDVDSyVDLJQLomRVHU
GHVOLJDGDRVQRYRVYDORUHVVHUmRVRPDGRV
$PHPyULDJUDYDRVYDORUHVGHURGDJHPGHXPDTXDQWLGD
GHDOHDWyULDGHYLDJHQVLQGLYLGXDLVDWpXPWRWDOGHKRUDV
RX
HPLQXWRVGHWHPSRGHURGDJHPRXNPGHSHU
/RQJRSUD 0HPyULDGHYLDJHPWRWDO
FXUVR6HXPDGHVWDVPDUFDVPi[LPDVIRUH[FHGLGDDPH
]R
PyULDpDSDJDGDDXWRPDWLFDPHQWHHFRPHoDGHQRYRGR
]HUR

$SDJDUPDQXDOPHQWHDPHPyULDGHYLDJHPLQ 6HOHomRSHVVRDOGRVLQGLFDGRUHV
GLYLGXDORXDPHPyULDGHYLDJHPWRWDO 1RPHQX&RQILJXUD¨¶HVVXEPHQX'DGRV0)$
pSRVVtYHOVHOHFLRQDUTXDLVGRVLQGLFDGRUHV0)$
Ɣ 6HOHFLRQDUDPHPyULDTXHGHYHVHUDSDJDGD GHYHPVHUH[LELGRVQRGLVSOD\GRLQVWUXPHQWR
Ɣ 0DQWHURERWmR /+‡2%3%4 RX /+ SUHVVLRQDGRSRU FRPELQDGR$OpPGLVVRDVXQLGDGHVGHPHGLGD
DSUR[LPDGDPHQWHVHJXQGRV H[LELGDVSRGHPVHUPRGLILFDGDVҧϜ3iJLQD b

 9LVWDJHUDOGRYHtFXOR
,QGLFDGRUHVSRVVtYHLV
3RQWRGHPHQX )XQomR
7HPSRYLDJHP 7HPSRGHYLDJHPHPKRUDV K HPLQXWRV PLQ GHFRUULGRDSyVVHOLJDUDLJQL
omR
&RQVPRP $H[LELomRGRFRQVXPRPRPHQWkQHRGHFRPEXVWtYHORFRUUHGXUDQWHDYLDJHP
HPONPFRPRPRWRUHPIXQFLRQDPHQWRHFRPYHtFXORSDUDGRHPOLWURK
1RFDVRGHSRQWRPRUWRDWLYDGRGDWUDQVPLVVmRDXWRPiWLFDRWH[WRGRGLVSOD\
3RQWRPRUWRVXEVWLWXLDLQGLFDomRGRFRQVXPRGHFRPEXVWtYHOҧϜ3iJLQD
Ӆ
&RQVӅ 2FRQVXPRGHFRPEXVWtYHOPpGLRHPONPpH[LELGRVRPHQWHDSyVPH
WURVURGDGRVDSyVVHOLJDUDLJQLomR$WpHVWHSRQWRVmRH[LELGRVWUDoRV2YDORU
DWXDOH[LELGRpDWXDOL]DGRDFDGDVHJXQGRV
$XWRQRPLD 3HUFXUVRDSUR[LPDGRHPNPTXHDLQGDSRGHVHUSHUFRUULGRFRPDTXDQWLGDGH
GHFRPEXVWtYHOQRUHVHUYDWyULRVHJXLQGRDPHVPDIRUPDGHFRQGXomR3DUDR
FiOFXORVHUYHHQWUHRXWURVRFRQVXPRPRPHQWkQHRGHFRPEXVWtYHO
$DXWRQRPLDUHVLGXDOQmRSRGHVHUVHOHFLRQDGDSHORVXEPHQX 'DGRVGR0)$
5HDEDVWHFHU $SDUWLUGHOLWURVGHFRPEXVWtYHOFRQVXPLGRVGRUHVHUYDWyULRGHFRPEXVWtYHO
FKHLRpH[LELGRRYROXPHGHFRPEXVWtYHOHPOLWURVSRVVtYHLVGHUHDEDVWHFHU
FRPVHJXUDQoD
$XWRQRPLDUHVLGXDO 3HUFXUVRDSUR[LPDGRHPNPTXHDLQGDSRGHVHUSHUFRUULGRFRPDTXDQWLGDGH
6&5 GH$G%OXH ŠQRUHVHUYDWyULRVHJXLQGRDPHVPDIRUPDGHFRQGXomR2LQGLFDGRU
2'(5$XWRQRPLD pH[LELGRDSDUWLUGHXPDDXWRQRPLDUHVLGXDOGHNP
UHVLGXDOb $DXWRQRPLDUHVLGXDOGH$G%OXH ŠQmRSRGHVHUVHOHFLRQDGDSHORVXEPHQX'D
GRVGR0)$
'LVWSHUFRU 3HUFXUVRSHUFRUULGRHPNPDSyVVHOLJDUDLJQLomR
9HORFӅ $YHORFLGDGHPpGLDpH[LELGDVRPHQWHGHSRLVGHPHWURVURGDGRVDSyVVH
OLJDUDLJQLomR$WpHVWHSRQWRVmRH[LELGRVWUDoRV2YDORUDWXDOH[LELGRpDWXDOL
]DGRDFDGDVHJXQGRV
9HORFGLJLWDO 9HORFLGDGHGHFRQGXomRDWXDOFRPRLQGLFDGRUGLJLWDO
7HPSGR´OHR 7HPSHUDWXUDGRyOHRGRPRWRUDWXDOFRPRLQGLFDGRUGLJLWDO
$YLVRY $OHUWDGHYHORFLGDGH4XDQGRDYHORFLGDGHJUDYDGDIRUH[FHGLGD QRLQWHUYDOR
HQWUHNPK PSK HNPK PSK XPDOHUWDVRQRURHVHIRURFD
VRYLVXDOpH[LELGR

$UPD]HQDUDYHORFLGDGHSDUDRDOHUWDGH PXOWLIXQo}HVGHQWURGHVHJXQGRV$VHJXLUSUHV
YHORFLGDGH VLRQDUQRYDPHQWHRERWmR /+‡2%3%4 QDDODYDQFDGRV
Ɣ 6HOHFLRQDURLQGLFDGRU$YLVRDRVNPK OLPSDGRUHVGRSDUDEULVDRXRERWmR /+ QRYRODQWH
RX$YLVRDRVPSKQR0)$ PXOWLIXQo}HVRXHVSHUDUDOJXQVVHJXQGRV$YHOR
FLGDGHpVDOYDGDHRDOHUWDDWLYDGR
Ɣ 3UHVVLRQDURERWmR /+‡2%3%4 GDDODYDQFDGRVOLP
SDGRUHVGRSDUDEULVDRXRERWmR /+ GRYRODQWH Ɣ 3DUDGHVDWLYDUSUHVVLRQDURERWmR /+‡2%3%4 QD
PXOWLIXQo}HVSDUDDUPD]HQDUDYHORFLGDGHDWXDOH DODYDQFDGRVOLPSDGRUHVGRSDUDEULVDRXRERWmR
/+ QRYRODQWHPXOWLIXQo}HV$YHORFLGDGHVDOYDp
DWLYDURDOHUWD
DSDJDGD ‹
Ɣ 6HQHFHVViULRFRQILJXUDUDYHORFLGDGHGHVHMD
GDFRPDFKDYHGDDODYDQFDGRVOLPSDGRUHVGR
SDUDEULVDRXFRPRVERW}HV * H + QRYRODQWH
53&&

,QVWUXPHQWRFRPELQDGR 
0HQX&RQILJXUD¨¶HV

¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQIRUPDo}HVLQWURGXWyULDVHDVLQGLFDo}HVGHVHJXUDQ
oD QDSiJLQD

3RQWRGHPHQX )XQomR
$VVLVWHQWHV &RQILJXUDo}HVSDUDGLIHUHQWHVVLVWHPDVGHDVVLVWrQFLDDRFRQGXWRU
ҧϜ3iJLQD
,GLRPDV/DQJ 6HOHFLRQDURLGLRPDSDUDRVWH[WRVGRGLVSOD\HGRVLVWHPDGHQDYHJDomR
'DGRV0)$ &RQILJXUDo}HVGHTXDLVGDGRV0)$GHYHPVHUH[LELGRVQRGLVSOD\GRLQVWUX
PHQWRFRPELQDGRҧϜ3iJLQD
%»VVROD &RQILJXUDomRGD]RQDGDE~VVRODHFDOLEUDJHPGDE~VVROD2EVHUYDURLQGLFD
GRUSDUDFDOLEUDJHPQRGLVSOD\GRLQVWUXPHQWRFRPELQDGR
&RQIRUWR &RQILJXUDo}HVSDUDIXQo}HVGHFRQIRUWRGRYHtFXORҧϜ3iJLQD
,OXPH9LVLE &RQILJXUDo}HVSDUDDLOXPLQDomRGRYHtFXORҧϜ3iJLQD
,QªUFLD /LJDURXGHVOLJDUDURGDOLYUHHPYHtFXORVFRPWUDQVPLVVmRDXWRPiWLFD1DUR
GDOLYUHRPRWRUpGHVHPEUHDGRHIXQFLRQDHPPDUFKDOHQWDҧϜ3iJLQD
+RUD $MXVWDUDKRUDHRVPLQXWRVGRUHOyJLRGRLQVWUXPHQWRFRPELQDGRGRVLVWHPD
,QIRWDLQPHQWHGRUHOyJLRDQDOyJLFR$VLQGLFDo}HVGRUHOyJLRGLJLWDOSRGHPVHU
UHSUHVHQWDGDVFRPRRXKRUDV$OWHUDUSDUDRKRUiULRGHYHUmRRXSDUDR
KRUiULRGHLQYHUQR6HIRURFDVRXP6HPFLPDQRGLVSOD\LQGLFDTXHRKRUiULR
GHYHUmRHVWiDWLYDGR
3QHXV,QYHUQR $MXVWDURDOHUWDGHYHORFLGDGHYLVXDOHVRQRUR8WLOL]DUDIXQomRVRPHQWHVHRV
SQHXVGHLQYHUQRQmRLQGLFDGRVSDUDDYHORFLGDGHPi[LPDGRYHtFXORHVWLYHUHP
PRQWDGRV
8QLGDGHV &RQILJXUDUDVXQLGDGHVGRVYDORUHVGHWHPSHUDWXUDHGHFRQVXPREHPFRPR
GHGLVWkQFLD
3UHVV¤RSQHX &RQILJXUDo}HVGRVLVWHPDGHFRQWUROHGDSUHVVmRGRVSQHXVFRPRSRUH[HP
SORFDUJDHWLSRGHSQHXXWLOL]DGRQRYHtFXOR
6HJYHORF /LJDURXGHVOLJDURLQGLFDGRUGDYHORFLGDGHVHFXQGiULD
6HUYL¨R $FHVVDUPHQVDJHQVGHVHUYLoR
$MXVWHI¢EULFD 5HVWDXUDDVIXQo}HVGRPHQX&RQILJXUD¨¶HVSDUDDVFRQILJXUDo}HVGHIiEUL
FD
5HWURFHGHU 2LQGLFDGRUpDOWHUQDGRGHYROWDSDUDRPHQXSULQFLSDO ‹

6XEPHQX$VVLVWHQWHV

¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQIRUPDo}HVLQWURGXWyULDVHDVLQGLFDo}HVGHVHJXUDQ
oD QDSiJLQD

3RQWRGHPHQX )XQomR
6LJQ$VVLVW /LJDURXGHVOLJDURVLVWHPDGHUHFRQKHFLPHQWRGDVLQDOL]DomRGHWUkQVLWR$GL
FLRQDOPHQWHDFRQGXomRFRPUHERTXHSRGHVHUOLJDGDRXGHVOLJDGD
ҧϜ3iJLQD
6LGH$VVLVW /LJDURXGHVOLJDURDVVLVWHQWHGHPXGDQoDGHIDL[DEHPFRPRDMXVWDUDOXPL
QRVLGDGHEiVLFDGRDOHUWDҧϜ3iJLQD
/DQH$VVLVW /LJDURXGHVOLJDURDVVLVWHQWHGHSHUPDQrQFLDQDIDL[DҧϜ3iJLQD b

 9LVWDJHUDOGRYHtFXOR
3RQWRGHPHQX )XQomR
)URQW$VVLVW /LJDURXGHVOLJDURVLVWHPDGHPRQLWRUDPHQWRSHULIpULFR$GLFLRQDOPHQWHR
DOHUWDVRQRURSRGHVHUOLJDGRRXGHVOLJDGRҧϜ3iJLQD
$&& 5HDOL]DUDFRQILJXUDomREiVLFDGRFRQWUROHDXWRPiWLFRGHGLVWkQFLD $&& 
(QWUHRXWUDVTXDOGLVWkQFLDGHYHHVWDUDWLYDDROLJDURVLVWHPDҧϜ3iJLQD ‹

6XEPHQX&RQIRUWR

¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQIRUPDo}HVLQWURGXWyULDVHDVLQGLFDo}HVGHVHJXUDQ
oD QDSiJLQD

3RQWRGHPHQX )XQomR
/LJDURXGHVOLJDUDFRQILUPDomRVRQRUDSDUDDWLYDomRGRVLVWHPDGHDODUPHDQWL
&RQIDODUPH
IXUWRҧϜ3iJLQD
/LJDURXGHVOLJDUDWDPSDGRFRPSDUWLPHQWRGHEDJDJHPFRPDEHUWXUDFRQWURODGD
(DV\2SHQ
SRUVHQVRU (DV\2SHQ ҧϜ3iJLQD
$RGHVWUDYDURYHtFXORFRPDFKDYHGRYHtFXORDVVHJXLQWHV
SRUWDVVmRGHVWUDYDGDVGHDFRUGRFRPDVFRQILJXUDo}HV
±7RGDVDVSRUWDVWRGDVDVSRUWDVVmRGHVWUDYDGDV
±3RUWDLQGLYLGXDODRGHVWUDYDURYHtFXORFRPDFKDYH
GRYHtFXORpGHVWUDYDGDDSHQDVDSRUWDGRFRQGXWRU6RPHQ
WHDRSUHVVLRQDUGXDVYH]HVRERWmR  VmRGHVWUDYDGDVWR
GDVDVSRUWDVHDWDPSDGRFRPSDUWLPHQWRGHEDJDJHP
±/DGRGRYH®FXORVmRGHVWUDYDGDVWRGDVDVSRUWDVGROD
GRGRFRQGXWRU
'HVWUSRUWDV
(PYHtFXORVFRP.H\OHVV$FFHVVҧϜ3iJLQDDRDFLRQDU
DPDoDQHWDGDSRUWDVmRGHVWUDYDGDVDSRUWDGRFRQGXWRUH
DVSRUWDVGRODGRGRYHtFXORRQGHHVWiXPDFKDYHGRYHtFXOR
)HFKRFHQWUDO YiOLGD
ҧϜ3iJLQD ±,QGLYLGXDODSHQDVDSRUWDGRFRQGXWRUpGHVWUDYDGD
(PYHtFXORVFRP.H\OHVV$FFHVVDSRUWDFRUUHVSRQGHQWHH
DWDPSDGRFRPSDUWLPHQWRGHEDJDJHPVmRGHVWUDYDGDV
MXQWDPHQWHFRPDSRUWDGRFRQGXWRUTXDQGRDPDoDQHWDGD
SRUWDpWRFDGDҧϜ3iJLQD
7UDYDPHQWRDXWRP¢WLFR $XWR/RFN WUDYDPHQWRDXWRPiWLFRGHWRGDVDVSRUWDV
HGDWDPSDGRFRPSDUWLPHQWRGHEDJDJHPDXPDYHORFLGDGHGHDSUR[LPDGDPHQ
WHNPK PSK 3DUDGHVWUDYDPHQWRFRPRYHtFXORSDUDGRSUHVVLRQDURER
WmRGRWUDYDPHQWRFHQWUDORXUHWLUDUDFKDYHGRYHtFXORGRFLOLQGURGDLJQLomR
'HVWUDYDPHQWRDXWRP¢WLFR $XWR8QORFN WRGDVDVSRUWDVHDWDPSDGRFRP
SDUWLPHQWRGRPRWRUVmRGHVWUDYDGDVTXDQGRDFKDYHGRYHtFXORIRUUHWLUDGDGR
FLOLQGURGDLJQLomR
&RPYLGURV DRGHVWUDYDURXDRWUDYDURVYLGURVQmRVmRDEHUWRVRXIH
'HVOLJDGR
FKDGRVDXWRPDWLFDPHQWHҧϜ3iJLQD
DRGHVWUDYDURXDRWUDYDUWRGRVRVYLGURVHRWHWRVRODUSD
7RGRV QRUkPLFRVmRDEHUWRVRXIHFKDGRVDXWRPDWLFDPHQWH
ҧϜ3iJLQD
DRGHVWUDYDURXDRWUDYDURYLGURGDSRUWDGRFRQGXWRUQmRp
&RQGXWRU
DEHUWRRXIHFKDGRDXWRPDWLFDPHQWHҧϜ3iJLQD
%DL[DUHVS /LJDURXGHVOLJDURUHEDL[DPHQWRGRHVSHOKRUHWURYLVRUH[WHUQRGLUHLWRHPPDUFKD
53&&

DUp,VVRSHUPLWHSRUH[HPSORDYLVmRGRPHLRILRҧϜ3iJLQD b

,QVWUXPHQWRFRPELQDGR 
3RQWRGHPHQX )XQomR
5HJXOHVSHOKRV $PERVRVHVSHOKRVUHWURYLVRUHVH[WHUQRVVmRDMXVWDGRVVH
,QGLYLGXDO
SDUDGDPHQWHҧϜ3iJLQD
$RDMXVWDURHVSHOKRUHWURYLVRUH[WHUQRHVTXHUGRRHVSHOKR
6LQFURQL]DGR UHWURYLVRUH[WHUQRGLUHLWRpDMXVWDGRDRPHVPRWHPSR
ҧϜ3iJLQD
$MXVWHI¢EULFD 5HLQLFLDOL]DDOJXPDVIXQo}HVQRVXEPHQX&RQIRUWSDUDDVFRQILJXUDo}HVGHIi
EULFD
5HWURFHGHU 2LQGLFDGRUpDOWHUQDGRGHYROWDSDUDRPHQX&RQILJXUD¨¶HV ‹

6XEPHQX,OXPH9LVLE

¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQIRUPDo}HVLQWURGXWyULDVHDVLQGLFDo}HVGHVHJXUDQ
oD QDSiJLQD

3RQWRGHPHQX )XQomR
&RPLQJ+RPH &RQILJXUDomRTXHLQGLFDTXDQWRWHPSRDLOXPLQDomRGHYHSHUPDQHFHUDFHVD
/HDYLQJ+RPH DSyVRWUDYDPHQWRRXRGHVWUDYDPHQWRGRYHtFXORRXSDUDOLJDUHGHVOLJDUD
IXQomRҧϜ3iJLQD
,OXPDPELHQWH &RQILJXUDUDOXPLQRVLGDGHGDLOXPLQDomRDPELHQWHRXOLJDUHGHVOLJDUDIXQ
omR
/X]]RQDSªV &RQILJXUDUDOXPLQRVLGDGHGDLOXPLQDomRGDiUHDSDUDRVSpVFRPRIDUROEDL
[ROLJDGRRXOLJDUHGHVOLJDUDIXQomR
3LVFDFRQIRUW /LJDURXGHVOLJDURVVLQDLVLQWHUPLWHQWHVGHFRQIRUWR&RPRVVLQDLVLQWHUPL
WHQWHVGHFRQIRUWROLJDGRVSHORPHQRVVLQDLVLQWHUPLWHQWHVVmRDWLYDGRV
TXDQGRDDODYDQFDGRVLQGLFDGRUHVGHGLUHomRpDFLRQDGDҧϜ3iJLQD
0RGRYLDJHP /LJDURXGHVOLJDURPRGRGHYLDJHP&RPRPRGRGHYLDJHPOLJDGRRIDURO
GHXPYHtFXORFRPGLUHomRjHVTXHUGDpUHJXODGRSDUDWUkQVLWRFRPFLUFXOD
omRSHODHVTXHUGDHRIDUROGHYHtFXORVFRPGLUHomRjGLUHLWDSDUDWUkQVLWR
FRPFLUFXODomRSHODGLUHLWD&RQILJXUDUHPSDtVHVFXMRVHQWLGRGHFLUFXODomR
GRWUkQVLWRVHMDGLIHUHQWHGRVHQWLGRQRSUySULRSDtV2PRGRGHYLDJHPVy
SRGHVHUXWLOL]DGRSRUXPFXUWRSHUtRGRGHWHPSRHGHYHVHUGHVDWLYDGRLPH
GLDWDPHQWHTXDQGRQmRIRUPDLVQHFHVViULR
$MXVWHI¢EULFD 5HVWDXUDDVIXQo}HVGRPHQX,OXPH9LVLESDUDDVFRQILJXUDo}HVGHIi
EULFD
5HWURFHGHU 2LQGLFDGRUpDOWHUQDGRGHYROWDSDUDRPHQX&RQILJXUD¨¶HV ‹

&RQILJXUDomRGHFRQIRUWRSHVVRDO

¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
2VYDORUHVGDVFRQILJXUDo}HVGHFRQIRUWRSHV
VRDLVGRVVHJXLQWHVLWHQVGHPHQXVmRDWULEXtGRV
jFKDYHGRYHtFXOR
0HQX$TXHFHVWDF
6HSHVVRDVXWLOL]DPXPYHtFXORD9RONVZDJHQ
UHFRPHQGDTXHFDGDSHVVRDXWLOL]H³DVXD´SUySULD 0HQX&RQILJXUD¨¶HV
FKDYHGRYHtFXOR$RGHVOLJDUDLJQLomRRXDRWUD Ŷ +RUD
YDURYHtFXORDVFRQILJXUDo}HVGHFRQIRUWRSHV Ŷ ,GLRPD
VRDLVVmRDUPD]HQDGDVDXWRPDWLFDPHQWHHDWUL
Ŷ 8QLGDGHV b
EXtGDVjFKDYHGRYHtFXORҧϜ3iJLQD

 9LVWDJHUDOGRYHtFXOR
0HQX&RQILJXUD¨¶HV&RQIRUWR 0HQX&RQILJXUD¨¶HVД$VVLVWHQWHV
Ŷ 7UDYDPHQWRFHQWUDO DEHUWXUDLQGHSHQGHQWHGD Ŷ /XPLQRVLGDGHGRLQGLFDGRUGRDVVLVWHQWHGH
SRUWD$XWR/RFN PXGDQoDGHIDL[D
Ŷ &RPDQGRGHFRQIRUWRGRVYLGURV $VFRQILJXUDo}HVDUPD]HQDGDVVmRDFHVVDGDV
Ŷ %DL[DUHVS DXWRPDWLFDPHQWHQRPDLVWDUGDUTXDQGRDLJQLomR
0HQX&RQILJXUD¨¶HV,OXPH9LVLE IRUOLJDGD9HUWDPEpPLQIRUPDo}HVHRULHQWDo}HV
SDUDREDQFRFRPPHPyULDҧϜ3iJLQD ‹
Ŷ &RPLQJ+RPHH/HDYLQJ+RPH
Ŷ /X]]RQDSpV
Ŷ 6LQDLVLQWHUPLWHQWHVGHFRQIRUWR
53&&

,QVWUXPHQWRFRPELQDGR 
$QWHVGDFRQGXomR
$QWHVGHSDUWLU
2ULHQWDo}HVSDUDFRQGXomR

¤ ,QWURGXomRDRWHPD
1HVWHFDStWXORHQFRQWUDPVHLQIRUPDo}HVUHODWLYDV Ɣ 'DUSDUWLGDWURFDUDPDUFKDHVWDFLRQDU
DRVVHJXLQWHVWHPDV ҧϜ3iJLQD
3UHSDUDWLYRVGHYLDJHPHVHJXUDQoDGH Ɣ &RQGX]LUFRPFRQVFLrQFLDHFROyJLFD
FRQGXomR   ҧϜ3iJLQD
&RQGXomRQRH[WHULRU   Ɣ ,QIRUPDo}HVDRFRQVXPLGRUҧϜ3iJLQD
7UDYHVVLDGHWUHFKRVDODJDGRV  
$'9(57Ç1&,$
'HSHQGHQGRGRORFDOGHXWLOL]DomRGRYHtFXORSR
&RQGX]LUVRELQIOXrQFLDGHiOFRROGURJDV
GHVHUFRQYHQLHQWHLQVWDODUXPSURWHWRUGRFiUWHU
PHGLFDPHQWRVHHQWRUSHFHQWHVSRGHFDXVDU
8PSURWHWRUGRFiUWHUSRGHUHGX]LURULVFRGHGD
DFLGHQWHVJUDYHVHIHULPHQWRVIDWDLV
QRVQDSDUWHLQIHULRUGRYHtFXORHQRFiUWHUDR
WUDQVLWDUSRUH[HPSORVREUHRPHLRILRHQWUDGDV Ɣ ÈOFRROGURJDVPHGLFDPHQWRVHHQWRUSH
GHWHUUHQRVRXHPUXDVQmRSDYLPHQWDGDV$ FHQWHVSRGHPGLPLQXLUFRQVLGHUDYHOPHQWHR
9RONVZDJHQUHFRPHQGDTXHDLQVWDODomRVHMDIHLWD JUDXGHSHUFHSomRRVWHPSRVGHUHDomRHD
HPXPD&RQFHVVLRQiULD9RONVZDJHQ VHJXUDQoDGHFRQGXomRRTXHSRGHFDXVDUD
SHUGDGHFRQWUROHGRYHtFXOR ‹
,QIRUPDo}HVHDOHUWDVFRPSOHPHQWDUHV
Ɣ 6HQWDUFRUUHWDPHQWHHFRPVHJXUDQoD
ҧϜ3iJLQD
Ɣ 7UDQVSRUWDUҧϜ3iJLQD

3UHSDUDWLYRVGHYLDJHPHVHJXUDQoDGHFRQGXomR

¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQIRUPDo}HVLQWURGXWyULDVHDVLQGLFDo}HVGHVHJXUDQ
oD QDSiJLQD

/LVWDGHFRQWUROH
2VVHJXLQWHVSRQWRVGHYHPVHUREVHUYDGRVDQWHVHGXUDQWHDFRQGXomRSDUDJDUDQWLUDVHJXUDQoDGR
SUySULRFRQGXWRUGHWRGRVRVSDVVDJHLURVHGHRXWURVFRQGXWRUHVҧϜ 
d 9HULILFDURSHUIHLWRIXQFLRQDPHQWRGRVLVWHPDGHLOXPLQDomRHGRVLQGLFDGRUHVGHGLUHomR
d &RQWURODUDSUHVVmRGRVSQHXVҧϜ3iJLQDHRQtYHOGHFRPEXVWtYHOҧϜ3iJLQD
d 3URYLGHQFLDUXPDYLVLELOLGDGHSHUIHLWDDWUDYpVGHWRGRVRVYLGURV
d 2IRUQHFLPHQWRGHDUDRPRWRUQmRSRGHVHULPSHGLGRHRPRWRUQmRSRGHVHUFREHUWRFRPWDPSDV
RXPDWHULDLVLVRODQWHVҧϜ HP,QWURGXomRDRWHPDQDSiJLQD
d )L[DUREMHWRVHWRGRVRVYROXPHVGHEDJDJHPFRPILUPH]DQRVSRUWDREMHWRVQRFRPSDUWLPHQWRGH
EDJDJHPHVHIRURFDVRQRWHWRҧϜ3iJLQD
d 2DFLRQDPHQWRGRVSHGDLVGHYHHVWDUGHVLPSHGLGRRWHPSRWRGR
d 3URWHJHUDVFULDQoDVQRYHtFXORFRPXPVLVWHPDGHUHWHQomRDSURSULDGRDRSHVRHjHVWDWXUDGD
FULDQoDҧϜ3iJLQD
d $MXVWDUFRUUHWDPHQWHRVEDQFRVGLDQWHLURVRVDSRLRVSDUDFDEHoDHRVHVSHOKRVUHWURYLVRUHVFRQ
IRUPHDHVWDWXUDҧϜ3iJLQD
d &DOoDUVDSDWRVTXHSURSRUFLRQHPXPERPDSRLRSDUDRFRPDQGRGRVSHGDLV b

 $QWHVGDFRQGXomR
/LVWDGHFRQWUROH FRQWLQXDomR

d )L[DUEHPRWDSHWHQDiUHDSDUDRVSpVGRODGRGRFRQGXWRUGHPRGRTXHHOHQmRREVWUXDDiUHD
GRVSHGDLV
d $GRWDUXPDSRVLomRFRUUHWDQREDQFRDQWHVHGXUDQWHDFRQGXomR,VWRWDPEpPpYiOLGRSDUDWRGRV
RVSDVVDJHLURVҧϜ3iJLQD
d 5HJXODURFLQWRGHVHJXUDQoDFRUUHWDPHQWHDQWHVGDFRQGXomRHQmRDOWHUDUDUHJXODJHPGXUDQWHD
YLDJHP,VWRWDPEpPpYiOLGRSDUDWRGRVRVSDVVDJHLURVҧϜ3iJLQD
d 1mRWUDQVSRUWDUXPDTXDQWLGDGHGHSDVVDJHLURVPDLRUTXHDTXDQWLGDGHGHDVVHQWRVHGHFLQWRV
GHVHJXUDQoDGLVSRQtYHLV
d -DPDLVFRQGX]LUFRPDFDSDFLGDGHGHFRQGXomRDOWHUDGDSRUH[HPSORSRUPHGLFDPHQWRViOFRRO
RXGURJDV
d 1mRVHGLVWUDLUGRWUkQVLWRSRUH[HPSORDMXVWDQGRRXDFHVVDQGRPHQXVFRPSDVVDJHLURVRXID
ODQGRDRWHOHIRQH
d $GHTXDUVHPSUHDYHORFLGDGHHDIRUPDGHFRQGXomRjVFRQGLo}HVGHYLVLELOLGDGHFOLPiWLFDVGD
SLVWDHGRWUkQVLWR
d 5HVSHLWDUDVUHJUDVGHWUkQVLWRHDVYHORFLGDGHVLQGLFDGDV
d (PYLDJHQVORQJDVID]HUSDXVDVUHJXODUHV±QmRXOWUDSDVVDQGRROLPLWHGHKRUDV
d 3URWHJHUDQLPDLVQRYHtFXORFRPXPVLVWHPDTXHVHMDDSURSULDGRDRVHXSHVRHWDPDQKR

UDQoDRSHUDFLRQDOHGRWUkQVLWR3RUHVVHPRWLYR
$'9(57Ç1&,$
RVVHUYLoRVGHPDQXWHQomRGHYHPVHUUHDOL]DGRV
5HVSHLWDUVHPSUHDVUHJUDVGHWUkQVLWRDWXDLV VHPSUHFRQIRUPHDVHVSHFLILFDo}HVGR0DQXWHQ
HRVOLPLWHVGHYHORFLGDGHHFRQGX]LUSUHYHQ omRHJDUDQWLD(PFRQGLo}HVGHVHYHULGDGHSRGH
WLYDPHQWH$DYDOLDomRFRUUHWDGDVLWXDomRGH VHUQHFHVViULRH[HFXWDUDOJXQVVHUYLoRVDQWHVGD
FRQGXomRSRGHID]HUDGLIHUHQoDHQWUHFKH GDWDSUHYLVWDSDUDRSUy[LPRVHUYLoR&RQGLo}HV
JDUDRGHVWLQRGDYLDJHPHPVHJXUDQoDHVR GHVHYHULGDGHVmRSRUH[HPSORFRQGXomRIUH
IUHUXPDFLGHQWHFRPIHULPHQWRVJUDYHV TXHQWHHPWUkQVLWRLQWHQVRFRQGXomRFRPUHER
TXHFRQVWDQWHHURGDJHPHPiUHDVFRPDOWDLQFL
6HUYLoRVGHPDQXWHQomRUHJXODUHVQRYHtFX GrQFLDGHSRHLUD0DLVLQIRUPDo}HVSRGHPVHURE
ORVHUYHPQmRDSHQDVSDUDDFRQVHUYDomR WLGDVHPXPD&RQFHVVLRQiULD9RONVZDJHQ ‹
GRYHtFXORPDVWDPEpPFRQWULEXHPSDUDDVHJX

&RQGXomRQRH[WHULRU

¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQIRUPDo}HVLQWURGXWyULDVHDVLQGLFDo}HVGHVHJXUDQ
oD QDSiJLQD

/LVWDGHFRQWUROH
$OJXQVSDtVHVDGRWDPQRUPDVHVSHFLDLVGHVHJXUDQoDHSUHVFULo}HVUHOHYDQWHVSDUDHPLVV}HVGHJDVHV
TXHSRGHPGLYHUJLUGDFRQGLomRGHPRQWDJHPGRYHtFXOR$9RONVZDJHQUHFRPHQGDTXHDQWHVGHLQLFLDU
XPDYLDJHPLQWHUQDFLRQDOVHLQIRUPDUHPXPD&RQFHVVLRQiULD9RONVZDJHQVREUHDVGHWHUPLQDo}HVOHJDLV
HDVVHJXLQWHVTXHVW}HVGRSDtVGHGHVWLQR
d eQHFHVViULRSUHSDUDURYHtFXORSDUDDYLDJHPQRH[WHULRUSRUH[HPSORPDVFDUDURXFRQYHUWHUR
IDURO"
d $VIHUUDPHQWDVRVHTXLSDPHQWRVGHGLDJQyVWLFRHDVSHoDVGHUHSRVLomRQHFHVViULDVSDUDVHUYL
oRVGHPDQXWHQomRHGHUHSDURVHVWmRGLVSRQtYHLV"
d ([LVWHXPD&RQFHVVLRQiULD9RONVZDJHQQRSDtVGHGHVWLQR"
d 1RFDVRGHPRWRUHVDJDVROLQDHVWiGLVSRQtYHOJDVROLQDVHPFKXPERFRPRFWDQDJHPVXILFLHQWH"
53&&

d 1RFDVRGHPRWRUHVDGLHVHOKiGLHVHOFRPEDL[RWHRUGHHQ[RIUHGLVSRQtYHO"
d 2yOHRGRPRWRUUHFRPHQGDGRҧϜ3iJLQDHGHPDLVIOXLGRVFRQIRUPHDVHVSHFLILFDo}HVGD
9RONVZDJHQHVWmRGLVSRQtYHLVQRSDtVGHGHVWLQR" b

$QWHVGHSDUWLU 
/LVWDGHFRQWUROH FRQWLQXDomR

d 2VLVWHPDGHQDYHJDomRLQVWDODGRGHIiEULFDIXQFLRQDFRPRVGDGRVGHQDYHJDomRH[LVWHQWHVQR
SDtVGHGHVWLQR"
d 6mRQHFHVViULRVSQHXVHVSHFLDLVSDUDDURGDJHPQRSDtVGHGHVWLQR"

127$
$9RONVZDJHQQmRVHUHVSRQVDELOL]DSRUGDQRV
FDXVDGRVDRYHtFXORHPUD]mRGHFRPEXVWtYHO
GHEDL[DTXDOLGDGHVHUYLoRVLQVXILFLHQWHVRX
IDOWDGHSHoDVRULJLQDLV ‹

7UDYHVVLDGHWUHFKRVDODJDGRV

¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
$'9(57Ç1&,$
$SyVFRQGXo}HVSRUiJXDODPDORGRHWF
SRGHRFRUUHUXPUHWDUGDPHQWRQRHIHLWRGH
3DUDHYLWDUGDQRVDRYHtFXORQDWUDYHVVLDGHSRU IUHQDJHPHPUD]mRGHXPLGDGHRXFRQJHOD
H[HPSORUXDVDODJDGDVREVHUYDURVHJXLQWH PHQWRGRVGLVFRVHSDVWLOKDVGHIUHLRDX
PHQWDQGRDGLVWkQFLDGHIUHQDJHP
Ɣ 'HWHUPLQDUDSURIXQGLGDGHGDiJXDDQWHVGD
Ɣ ³6HFDURVIUHLRVHHOLPLQDURJHOR´SRU
WUDYHVVLDGHWUHFKRVDODJDGRV$iJXDSRGHDOFDQ
PHLRGHPDQREUDVGHIUHQDJHPFXLGDGRVDV
oDUQRPi[LPRDERUGDLQIHULRUGDFDUURFHULD
3URFHGHUVHPFRORFDURVGHPDLVFRQGXWRUHV
ҧϜ 
HPULVFRRXGHVUHVSHLWDUDVGHWHUPLQDo}HV
Ɣ 1mRFRQGX]LUDXPDYHORFLGDGHVXSHULRUjYH OHJDLV
ORFLGDGHGHSDVVR
Ɣ (YLWDUPDQREUDVGHIUHQDJHPEUXVFDVH
Ɣ 1XQFDSDUDUGDUPDUFKDDUpRXGHVOLJDURPR V~ELWDVORJRDSyVDWUDYHVVLDGHWUHFKRVDOD
WRUQDiJXD JDGRV
Ɣ 9HtFXORVQRFRQWUDIOX[RSURYRFDPRQGDVTXH
SRGHPHOHYDURQtYHOGDiJXDSDUDVHXYHtFXORLQ 127$
YLDELOL]DQGRDWUDYHVVLDGRWUHFKRDODJDGRGHIRU
Ɣ 1DWUDYHVVLDGHWUHFKRVDODJDGRVSHoDVGR
PDVHJXUD
YHtFXORFRPRSRUH[HPSORPRWRUWUDQVPLV
Ɣ 1DWUDYHVVLDGHWUHFKRVDODJDGRVGHVOLJDU VmRFKDVVLRXVLVWHPDHOpWULFRSRGHPVHUGD
VHPSUHRVLVWHPD6WDUW6WRSҧϜ3iJLQD QLILFDGRVVHULDPHQWH
Ɣ -DPDLVFRQGX]LUSRUiJXDVDOJDGDSRLVR
VDOSRGHFDXVDUFRUURVmR/DYDULPHGLDWDPHQWH
FRPiJXDGRFHWRGDVDVSHoDVGRYHtFXORTXH
WHQKDPHQWUDGRHPFRQWDWRFRPDiJXDVDOJD
GD ‹

 $QWHVGDFRQGXomR
'DGRVWpFQLFRV

¤ ,QWURGXomRDRWHPD
1HVWHFDStWXORHQFRQWUDPVHLQIRUPDo}HVUHODWLYDV ,QIRUPDo}HVHDOHUWDVFRPSOHPHQWDUHV
DRVVHJXLQWHVWHPDV Ɣ 7UDQVSRUWDUҧϜ3iJLQD
'DGRVGHLGHQWLILFDomRGRYHtFXOR   Ɣ &RQGX]LUFRPFRQVFLrQFLDHFROyJLFD
'DGRVGRPRWRU   ҧϜ3iJLQD
'LPHQV}HV   Ɣ &RPEXVWtYHOҧϜ3iJLQD
3HUIRUPDQFHV   Ɣ ÏOHRGRPRWRUҧϜ3iJLQD
eSRVVtYHOYHULILFDUFRPTXHPRWRUXPYHtFXORHVWi Ɣ /tTXLGRGHDUUHIHFLPHQWRGRPRWRU
HTXLSDGRFRQVXOWDQGRDHWLTXHWDGHGDGRVGRYHt ҧϜ3iJLQD
FXORQR0DQXWHQomRHJDUDQWLDRXRVGRFXPHQWRV Ɣ 5RGDVHSQHXVҧϜ3iJLQD
GHOLFHQFLDPHQWRGRYHtFXOR Ɣ ,QIRUPDo}HVDRFRQVXPLGRUҧϜ3iJLQD
$VLQGLFDo}HVGRVGRFXPHQWRVGHOLFHQFLDPHQWR
GRYHtFXORVHPSUHWrPSULRULGDGH7RGDVDVLQGLFD $'9(57Ç1&,$
o}HVGHVWHPDQXDOVmRYiOLGDVSDUDRPRGHOREi $LQREVHUYkQFLDRXRH[FHVVRGRVYDORUHVLQ
VLFRDOHPmR2VYDORUHVLQGLFDGRVSRGHPGLYHUJLU GLFDGRVSDUDSHVRVFDUJDGLPHQV}HVHYHOR
HPUD]mRGHHTXLSDPHQWRVRSFLRQDLVRXYHUV}HV FLGDGHPi[LPDSRGHPRFDVLRQDUDFLGHQWHVH
GRPRGHORGLIHUHQWHVEHPFRPRHPYHtFXORVHV IHULPHQWRVJUDYHV ‹
SHFLDLVHYHtFXORVSDUDRXWURVSDtVHV

'DGRVGHLGHQWLILFDomRGRYHtFXOR

)LJ $ (WLTXHWDGHGDGRVGRYHtFXORQDILJXUDGHH[HPSORFRPFyGLJRGRPRWRU&&=%   % 3OD


TXHWDGHLGHQWLILFDomR b
53&&

$QWHVGHSDUWLU 
(WLTXHWDGHGDGRVGRYHtFXOR
$HWLTXHWDGHGDGRVGRYHtFXORҧϜ)LJ$HVWi
FRODGDQDUHJLmRGDFDYLGDGHGDURGDVREUHVVD
OHQWHQRFRPSDUWLPHQWRGHEDJDJHPHFRQWpPRV
VHJXLQWHVGDGRV
 1~PHURGHLGHQWLILFDomRGRYHtFXOR Q~PHUR
GRFKDVVL
 0RGHORGRYHtFXORSRWrQFLDGRPRWRUWUDQV
PLVVmR
 &yGLJRVGRPRWRUHGDWUDQVPLVVmRFyGLJRGD
FRUDFDEDPHQWRLQWHUQR1RH[HPSORRFyGL
JRGRPRWRUp³&&=%´ҧϜ)LJ
 (TXLSDPHQWRVRSFLRQDLVQ~PHURV35
)LJ 1RSDUDEULVDQ~PHURGHLGHQWLILFDomRGR
(VVHVGDGRVGRYHtFXORWDPEpPFRQVWDPQR0D
YHtFXOR
QXWHQomRHJDUDQWLD

¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
3ODTXHWDGHLGHQWLILFDomR
$SODTXHWDGHLGHQWLILFDomRҧϜ)LJ%HVWiYLVtYHO
QDFROXQDGDSRUWDDSyVDEHUWXUDGDSRUWDGRFRQ
GXWRU9HtFXORVSDUDGHWHUPLQDGRVSDtVHVGHH[
1~PHURGHLGHQWLILFDomRGRYHtFXOR
SRUWDomRQmRSRVVXHPSODTXHWDGHLGHQWLILFDomR
2Q~PHURGHLGHQWLILFDomRGRYHtFXORSRGHVHUOLGR
SRUIRUDDWUDYpVGHXPYLVRUQRSDUDEULVD $SODTXHWDGHLGHQWLILFDomRFRQWpPRVVHJXLQWHV
ҧϜ)LJ VHWDSHTXHQD 2YLVRUVHHQFRQWUDODWH GDGRV
UDOPHQWHQDSDUWHLQIHULRUGRSDUDEULVD$GLFLRQDO  3HVREUXWRDGPLVVtYHO
PHQWHRQ~PHURGHLGHQWLILFDomRGRYHtFXORHVWi
 &DSDFLGDGHPi[LPDGHWUDomRDGPLVVtYHO
JUDYDGRQDFDOKDGHiJXDGLUHLWD$FDOKDGHiJXD
YHtFXORGHWUDomRHUHERTXH
ORFDOL]DVHHQWUHDWRUUHGRDPRUWHFHGRUHRSDUD
ODPD3DUDHQFRQWUDURQ~PHURGHLGHQWLILFDomR  &DUJDDGPLVVtYHOVREUHRHL[RGLDQWHLUR
GRYHtFXORDEULUDWDPSDGRFRPSDUWLPHQWRGR  &DUJDDGPLVVtYHOVREUHRHL[RWUDVHLUR ‹
PRWRUžҧϜ3iJLQD

'DGRVGRPRWRU

¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
3RUUD]}HVWpFQLFDVGHKRPRORJDomRRXGHWULEXWD
omRDVLQGLFDo}HVGHSRWrQFLDHGHSHUIRUPDQFH
GHDOJXQVPRWRUHVHPRXWURVSDtVHVSRGHPGLYHU
JLUGDVLQGLFDo}HVDVHJXLU

0RWRUHVDJDVROLQD
7HFQROR
&LOLQGURV
3RWrQFLDGRPRWRU JLDGHLQ &'0 7RUTXHPi[LPR
FLOLQGUDGD
MHomR
1PD FLOLQGURV
N:DUSP 76,Š &7+'
±USP FFP
N:D± 1PD FLOLQGURV
76,Š &'$$
USP ±USP FFP
N:D± 1PD FLOLQGURV
76,Š &&=%
USP ±USP FFP
1PD FLOLQGURV
N:DUSP )6,Š %:6
±USP FFP b

 $QWHVGDFRQGXomR
0RWRUHVDGLHVHO
7HFQROR
&LOLQGURV
3RWrQFLDGRPRWRU JLDGHLQ &'0 7RUTXHPi[LPR
FLOLQGUDGD
MHomR
N:DUSP
1PD FLOLQGURV
FRPILOWURGHSDUWtFXODV 7',Š &))$
±USP FFP
GHGLHVHO
N:DUSP
1PD FLOLQGURV
FRPILOWURGHSDUWtFXODV 7',Š &))%
±USP FFP
GHGLHVHO
N:DUSP
1PD FLOLQGURV
FRPVLVWHPDGHUHGXomR 7',Š &//$
±USP FFP
GHSDUWtFXODV
N:DUSP
1PD FLOLQGURV
FRPILOWURGHSDUWtFXODV 7',Š &)*&
±USP FFP
GHGLHVHO

0RWRUPXOWLFRPEXVWtYHO(
7HFQROR
&LOLQGURV
3RWrQFLDGRPRWRU JLDGHLQ &'0 7RUTXHPi[LPR
FLOLQGUDGD
MHomR
1PD FLOLQGURV
N:DUSP 76,Š &.0$
±USP FFP ‹

'LPHQV}HV

)LJ 'LPHQV}HV

¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
'HYLGRDRXWURVWDPDQKRVGHDURVHURGDVHTXL
SDPHQWRVYDULDGRVGLIHUHQWHVYHUV}HVGRPRGHOR
HDFRQVWUXomRSRVWHULRUGHDFHVVyULRVEHPFRPR
53&&

QRFDVRGHYHtFXORVHVSHFLDLVHQRFDVRGHYHtFX
$VLQIRUPDo}HVQDWDEHODVmRYiOLGDVSDUDRPR ORVSDUDRXWURVSDtVHVRVYDORUHVIRUQHFLGRVSR
GHOREiVLFRDOHPmRQDYHUVmREiVLFD GHPGLYHUJLU b

$QWHVGHSDUWLU 
/HJHQGDSDUD)LJ 9DORU
%LWRODGLDQWHLUD ±PP
$
%LWRODWUDVHLUD ±PP
% /DUJXUD VHPRVHVSHOKRVUHWURYLVRUHVH[WHUQRV PP
& /DUJXUD FRPRVHVSHOKRVUHWURYLVRUHVH[WHUQRV PP
' $OWXUDHPSHVRGHRUGHPGHPDUFKDD DWpRFDQWRVXSHULRUGRWHWR ±PP
$OWXUDFRPDWDPSDGRFRPSDUWLPHQWRGHEDJDJHPDEHUWDHSHVRHPRUGHP
( ±PP
GHPDUFKDD
$OWXUDFRPDWDPSDGRFRPSDUWLPHQWRGRPRWRUDEHUWDHSHVRHPRUGHPGH
) ±PP
PDUFKDD
* $OWXUDOLYUHGRVRORQRHVWDGRSURQWRSDUDPRYLPHQWDomRE HQWUHRVHL[RV PP
+ 'LVWkQFLDHQWUHHL[RV PP
, &RPSULPHQWR FRPRVSDUDFKRTXHV PP
&RPSULPHQWRFRPGLVSRVLWLYRGHUHERTXHLQVWDODGR TXDQGRHQWUHJXHDVVLP
- PP
GHIiEULFD
$SUR[LPDGDPHQ
± 'LkPHWURPtQLPRGHJLURGRYHtFXOR
WHP
D 3HVRHPRUGHPGHPDUFKDVHPFRQGXWRUVHPFDUUHJDPHQWR
E 3HVRHPRUGHPGHPDUFKDFRPFRQGXWRU NJ HIOXLGRV

127$ 127$ FRQWLQXDomR

Ɣ &RQGX]LUFRPFXLGDGRHPHVWDFLRQDPHQWRV Ɣ &RQGX]LUFDXWHORVDPHQWHHPGHFOLYHVHVR
FRPPHLRILRVDOLHQWHRXEDOL]DVIL[DV2EMHWRV EUHHQWUDGDVGHWHUUHQRVUDPSDVPHLRVILRVH
PDLVDOWRVTXHRFKmRSRGHPGDQLILFDURSDUD RXWURVREMHWRV3HoDVDSRXFDGLVWkQFLDGRSL
FKRTXHHRXWUDVSHoDVGRYHtFXORDRHVWDFLR VRFRPRSDUDFKRTXHVSRLOHUHSHoDVGRFKDV
QDURXVDLUGDYDJDGHHVWDFLRQDPHQWR VLPRWRURXGRHTXLSDPHQWRGHHVFDSDPHQWR
SRGHPVHUGDQLILFDGRVQDSDVVDJHP ‹

3HUIRUPDQFHV

¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
3RUUD]}HVWpFQLFDVGHKRPRORJDomRRXGHWULEXWD
omRDVLQGLFDo}HVGHSRWrQFLDHGHSHUIRUPDQFH
GHDOJXQVPRWRUHVHPRXWURVSDtVHVSRGHPGLYHU
JLUGDVLQGLFDo}HVDVHJXLU

0RWRUHVDJDVROLQD
3RWrQFLDGRPRWRU &'0 7LSRGHWUDQVPLVVmR 9HORFLGDGHPi[LPD
6* NPKD
N: &7+'
'6*Š NPKE
6* NPK
N: &'$$
'6*Š NPKE
6* NPKD
N: &&=%
'6*Š NPK
N: %:6 '6*Š027,21 NPK
D $YHORFLGDGHPi[LPDpDWLQJLGDQDPDUFKD
E $YHORFLGDGHPi[LPDpDWLQJLGDQDPDUFKD b

 $QWHVGDFRQGXomR
0RWRUHVDGLHVHO
3RWrQFLDGRPRWRU &'0 7LSRGHWUDQVPLVVmR 9HORFLGDGHPi[LPD
N:FRPILOWURGHSDUWtFXODV 6* NPK
&))$
GHGLHVHO '6*Š NPK
6* NPK
N:FRPILOWURGHSDUWtFXODV
&))% '6*Š NPK
GHGLHVHO
6*027,21 NPK
6* NPK
N:FRPILOWURGHSDUWtFXODV
&)*& '6*Š NPK
GHGLHVHO
'6*Š027,21 NPK

0RWRUPXOWLFRPEXVWtYHO(
3RWrQFLDGRPRWRU &'0 7LSRGHWUDQVPLVVmR 9HORFLGDGHPi[LPD
6* NPKD
N: &.0$
'6*Š NPKE
D $YHORFLGDGHPi[LPDpDWLQJLGDQDPDUFKD
E $YHORFLGDGHPi[LPDpDWLQJLGDQDPDUFKD

(PDOJXPDVPRWRUL]Do}HVFRPFKDVVLRII $VSHUIRUPDQFHVIRUDPGHWHUPLQDGDVVHP
URDGDYHORFLGDGHPi[LPDSRGHVHUOLPLWDGD YHUV}HVOLPLWDGRUDVGHSHUIRUPDQFHFRPR
DNPK SRUH[HPSOREDJDJHLURGRWHWRRXSDUDEDUUR ‹
53&&

$QWHVGHSDUWLU 
$EULUHIHFKDU
-RJRGHFKDYHVGRYHtFXOR

¤ ,QWURGXomRDRWHPD
1HVWHFDStWXORHQFRQWUDPVHLQIRUPDo}HVUHODWLYDV 3(5,*2 FRQWLQXDomR
DRVVHJXLQWHVWHPDV
Ɣ 3URFXUDUDX[tOLRPpGLFRLPHGLDWDPHQWHVH
&KDYHGRYHtFXOR   KRXYHUVXVSHLWDGHTXHXPDEDWHULDWHQKDVL
&KDYHGHHPHUJrQFLD   GRHQJROLGD
/X]GHFRQWUROHGDFKDYHGRYHtFXOR  
6XEVWLWXLUDEDWHULD   $'9(57Ç1&,$
6LQFURQL]DUDFKDYHGRYHtFXOR   8PDXWLOL]DomRGHVDWHQWDRXVHPVXSHUYLVmR
GDVFKDYHVGRYHtFXORSRGHFDXVDUDFLGHQWHV
,QIRUPDo}HVHDOHUWDVFRPSOHPHQWDUHV HIHULPHQWRVJUDYHV
Ɣ &RQILJXUDo}HVSHORVLVWHPDGHLQIRUPDo}HV Ɣ /HYDUVHPSUHWRGDVDVFKDYHVGRYHtFXOR
9RONVZDJHQҧϜ3iJLQD DRGHL[DURYHtFXOR&ULDQoDVRXSHVVRDVQmR
Ɣ 7UDYDPHQWRFHQWUDOHVLVWHPDGHWUDYDPHQWR DXWRUL]DGDVSRGHPWUDYDUDVSRUWDVHDWDPSD
ҧϜ3iJLQD GRFRPSDUWLPHQWRGHEDJDJHPOLJDURPRWRU
Ɣ /LJDUHGHVOLJDURPRWRUҧϜ3iJLQD RXOLJDUDLJQLomRHFRPLVVRDFLRQDUHTXL
SDPHQWRVHOpWULFRVFRPRSRUH[HPSORRV
Ɣ ,QIRUPDo}HVDRFRQVXPLGRUҧϜ3iJLQD
YLGURVHOpWULFRV
Ɣ )HFKDPHQWRRXDEHUWXUDGHHPHUJrQFLD
Ɣ 1XQFDGHL[DUFULDQoDVRXSHVVRDVFRP
ҧϜ3iJLQD
QHFHVVLGDGHHVSHFLDLVVR]LQKDVQRYHtFXOR
(PFDVRGHHPHUJrQFLDHODVQmRHVWDULDP
3(5,*2 HPFRQGLo}HVGHGHL[DURYHtFXORVR]LQKDV
6HIRUHPLQJHULGDVEDWHULDVFRPXPGLkPHWUR RXGHFXLGDUHPGHVLPHVPDV(PXPYHtFX
GHPPRXRXWUDVSLOKDVSRGHUmRRFRUUHU ORIHFKDGRGHDFRUGRFRPDHVWDomRGRDQR
OHV}HVJUDYHVRXDWpIDWDLVHPXPFXUWRHV SRGHPRFRUUHUWHPSHUDWXUDVPXLWRDOWDVRX
SDoRGHWHPSR PXLWREDL[DVTXHSRGHPRFDVLRQDUIHULPHQ
Ɣ &RQVHUYDUVHPSUHDFKDYHGRYHtFXOR WRVJUDYHVHHQIHUPLGDGHVSULQFLSDOPHQWH
EHPFRPRFKDYHLURVFRPEDWHULDVEDWHULDV HPFULDQoDVSHTXHQDVRXRFDVLRQDUDPRUWH
GHUHSRVLomRFpOXODVWLSRERWmRHRXWUDVED Ɣ 1XQFDUHWLUDUDFKDYHGRYHtFXORGRFLOLQ
WHULDVPDLRUHVGRTXHPPIRUDGRDOFDQ GURGDLJQLomRHQTXDQWRRYHtFXORHVWLYHUHP
FHGHFULDQoDV PRYLPHQWR2WUDYDPHQWRGDFROXQDGDGLUH
omRSRGHVHWUDYDUHSRGHQmRVHUPDLVSRV
VtYHOFRQGX]LURYHtFXOR ‹

&KDYHGRYHtFXOR

)LJ &KDYHGRYHtFXOR )LJ &KDYHGRYHtFXORFRPERWmRGRDODUPH b

 $QWHVGDFRQGXomR
¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
&KDYHVGRYHtFXORQRYDVRXGHUHSRVLomRGHYHP
VHUDGHTXDGDVDQWHVGRXVR3URFXUDUXPD&RQ
FHVVLRQiULD9RONVZDJHQ

&KDYHGRYHtFXOR 127$
2YHtFXORSRGHVHUGHVWUDYDGRHWUDYDGRjGLVWkQ 7RGDFKDYHGRYHtFXORFRQWpPFRPSRQHQWHV
FLDFRPDFKDYHGRYHtFXORҧϜ3iJLQD HOHWU{QLFRV3URWHJHUDVFKDYHVFRQWUDDYDULDV
2HPLVVRUFRPDEDWHULDHVWiDORMDGRQDFKDYHGR XPLGDGHHYLEUDo}HVLQWHQVDV
YHtFXOR2UHFHSWRUHVWiORFDOL]DGRGHQWURGRYHt 3UHVVLRQDURVERW}HVGDFKDYHGRYHtFXOR
FXOR$iUHDGHDOFDQFHGDFKDYHGRYHtFXORFRPD VRPHQWHTXDQGRDUHVSHFWLYDIXQomRIRUUHDO
EDWHULDFDUUHJDGDpGHDOJXQVPHWURVDRUHGRUGR PHQWHQHFHVViULD8PDFLRQDPHQWRGHVQHFHVVi
YHtFXOR ULRGRERWmRSRGHRFDVLRQDUXPGHVWUDYDPHQWR
&DVRQmRVHMDSRVVtYHODEULURXIHFKDURYHtFXOR VHPVXSHUYLVmRRXRGLVSDURGRDODUPHGRYHtFXOR
FRPDFKDYHGRYHtFXORHODGHYHUiVHUVLQFURQL]D ,VVRWDPEpPVHDSOLFDTXDQGRVHDFUHGLWDHVWDU
GDQRYDPHQWHҧϜ3iJLQDRXWHUDEDWHULDVXE IRUDGDiUHDGHDOFDQFH
VWLWXtGDҧϜ3iJLQD
2IXQFLRQDPHQWRGDFKDYHGRYHtFXORSRGH
3RGHPVHUXWLOL]DGDVYiULDVFKDYHVGRYHtFXOR VHUWHPSRUDULDPHQWHDIHWDGRSHODVREUHSRVL
omRGHWUDQVPLVVRUHVTXHVHHQFRQWUDPQDVSUR[L
%RWmRGRDODUPH
PLGDGHVGRYHtFXORHWUDEDOKDPQDPHVPDEDQGD
3UHVVLRQDURERWmRGRDODUPHVRPHQWHHPFDVR GHIUHTXrQFLDSRUH[HPSORXPHTXLSDPHQWRGH
GHHPHUJrQFLDҧϜ)LJ$SyVSUHVVLRQDURERWmR UiGLRRXWHOHIRQHPyYHO
GRDODUPHDEX]LQDpDWLYDGDHDVOX]HVSLVFDP
3UHVVLRQDUQRYDPHQWHRERWmRGRDODUPHGHVOLJDR 2EVWiFXORVHQWUHDFKDYHGRYHtFXORHRYHt
DODUPH FXORFRQGLo}HVPHWHRUROyJLFDVUXLQVEHP
FRPRXPDEDWHULDIUDFDUHGX]HPRDOFDQFHGD
&KDYHGHUHSRVLomR WUDQVPLVVmR
3DUDDDTXLVLomRGHXPDFKDYHGHUHSRVLomRRX
RXWUDVFKDYHVGRYHtFXORpQHFHVViULRRQ~PHUR 6HRVERW}HVGDFKDYHGRYHtFXORҧϜ)LJ
GRFKDVVLGRYHtFXOR RXҧϜ)LJRXXPGRVERW}HVGRWUDYDPHQ
WRFHQWUDOҧϜ3iJLQDIRUHPDFLRQDGRVUHSHWL
&DGDFKDYHGRYHtFXORQRYDFRQWpPXPPLFURFKLS GDVYH]HVHPXPFXUWRHVSDoRGHWHPSRRFRUUHUi
TXHGHYHVHUFRGLILFDGRFRPRVGDGRVGRLPRELOL XPGHVOLJDPHQWRWHPSRUiULRGRWUDYDPHQWRFHQWUDO
]DGRUHOHWU{QLFRGRYHtFXOR8PDFKDYHGRYHtFXOR SDUDSURWHomRFRQWUDVREUHFDUJD1HVVHFDVRR
QmRIXQFLRQDVHPXPPLFURFKLSRXFRPXPPLFUR YHtFXORILFDGHVWUDYDGR7UDYDURYHtFXORVHQHFHV
FKLSQmRFRGLILFDGR ViULR ‹
&KDYHVGRYHtFXORQRYDVRXGHUHSRVLomRSRGHP
VHUREWLGDVHP&RQFHVVLRQiULDV9RONVZDJHQH
FKDYHLURVDXWRUL]DGRVTXHVmRTXDOLILFDGRVSDUDD
IDEULFDomRGHVVDVFKDYHV
53&&

$EULUHIHFKDU 
&KDYHGHHPHUJrQFLD
1DFKDYHGRYHtFXORҧϜ)LJ
 3UHVVLRQDURERWmRSDUDUHWLUDUDFKDYHGH
HPHUJrQFLD5HWLUDUDFKDYHGHHPHUJrQFLD
 &KDYHGHHPHUJrQFLDQDFKDYHGRYHtFXOR
FRPDUJRODGHIL[DomRSDUDSRUH[HPSORIL[D
omRQRFKDYHLUR
 &KDYHGHHPHUJrQFLDUHPRYLGD
3DUDJXDUGDUSUHVVLRQDUDFKDYHGHHPHUJrQFLD
QDDEHUWXUDGDFKDYHGRYHtFXORDWpWUDYDU
$FKDYHGHHPHUJrQFLDHVWiSUHYLVWDHQWUHRXWURV
SDUDDVVHJXLQWHVDo}HV
Ɣ 'HVOLJDURXOLJDUPDQXDOPHQWHRDLUEDJIURQWDO
)LJ &KDYHGRYHtFXORSUHVVLRQDURERWmR  H GRSDVVDJHLURGLDQWHLURFRPRLQWHUUXSWRUDFLRQDGR
UHWLUDUDFKDYHGHHPHUJrQFLD  GRROKDO   SHODFKDYHҧϜ3iJLQD
Ɣ 'HVWUDYDUHWUDYDURSRUWDOXYDVҧϜ3iJLQD
¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
Ɣ 'HVWUDYDUHWUDYDURYHtFXORPDQXDOPHQWH
ҧϜ3iJLQD
Ɣ 'HSHQGHQGRGDYHUVmRWUDYDURXGHVWUDYDUR
1DFKDYHGRYHtFXORVHHQFRQWUDXPDFKDYHGH HQFRVWRGREDQFRWUDVHLURҧϜ3iJLQD ‹
HPHUJrQFLDҧϜ)LJ  SDUDGHVWUDYDPHQWRH
WUDYDPHQWRPDQXDO

/X]GHFRQWUROHGDFKDYHGRYHtFXOR

)LJ /X]GHFRQWUROHGDFKDYHGRYHtFXOR )LJ /X]GHFRQWUROHGDFKDYHGRYHtFXOR

¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
DFLRQDUXPERWmRPDLVGHPRUDGDPHQWHHOHSLVFD
YiULDVYH]HVSRUH[HPSORQDDEHUWXUDGHFRQIRU
WR
6HDOX]GHFRQWUROHGDFKDYHGRYHtFXORQmRVH
6HXPERWmRGDFKDYHGRYHtFXORIRUSUHVVLRQDGR DFHQGHUDRSUHVVLRQDURERWmRDEDWHULDGDFKDYH
EUHYHPHQWHDOX]GHFRQWUROH VHWD ҧϜ)LJ GRYHtFXORGHYHUiVHUVXEVWLWXtGDҧϜ3iJLQD ‹
RXҧϜ)LJSLVFDUiEUHYHPHQWHXPDYH]$R

 $QWHVGDFRQGXomR
6XEVWLWXLUDEDWHULD

)LJ $EULUDFREHUWXUDGDEDWHULDGDFKDYHGRYHtFXOR

¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
127$
Ɣ 8PDWURFDGHEDWHULDUHDOL]DGDGHIRUPDLQD
GHTXDGDSRGHGDQLILFDUDFKDYHGRYHtFXOR
$9RONVZDJHQUHFRPHQGDVXEVWLWXLUDEDWHULDHP Ɣ %DWHULDVLQDGHTXDGDVSRGHPGDQLILFDUD
XPD&RQFHVVLRQiULD9RONVZDJHQ FKDYHGRYHtFXOR6XEVWLWXLUXPDEDWHULDGHV
FDUUHJDGDVRPHQWHSRUXPDEDWHULDQRYDFRP
$EDWHULDHQFRQWUDVHQRODGRSRVWHULRUGDFKDYH
DPHVPDWHQVmRWDPDQKRHHVSHFLILFDomR
GRYHtFXORVREXPDFREHUWXUDҧϜ)LJ
Ɣ 1DLQVWDODomRGDEDWHULDREVHUYDUDSRODUL
6XEVWLWXLUDEDWHULD GDGHFRUUHWD
Ɣ 5HPRYHUDFKDYHGHHPHUJrQFLDGDFKDYHGR
YHtFXORҧϜ3iJLQD 'HVFDUWDUDVEDWHULDVGHVFDUUHJDGDVGHIRU
PDHFRORJLFDPHQWHFRUUHWD
Ɣ 3UHVVLRQDUDFDSDGHFREHUWXUDҧϜ)LJ$QR
VHQWLGRGDVHWDHUHWLUiODҧϜ  $EDWHULDGDFKDYHGRYHtFXORSRGHFRQWHU
Ɣ 5HWLUDUDFREHUWXUDQRODGRSRVWHULRUGDFKDYH SHUFORUDWR2EVHUYDUDVGHWHUPLQDo}HVH
FRPXPREMHWRDGHTXDGRQRVHQWLGRGDVHWD SUHVFULo}HVOHJDLVSDUDRPDQXVHLRHRGHVFDUWH
ҧϜ)LJ% GHVWDVSHoDV ‹
Ɣ 5HPRYHUDEDWHULDFRPXPDIHUUDPHQWDDGH
TXDGDGRDORMDPHQWRGDEDWHULDҧϜ)LJ&
Ɣ 3RVLFLRQDUDQRYDEDWHULDFRQIRUPHLQGLFDGR
ҧϜ)LJ&HSUHVVLRQDUQRVHQWLGRFRQWUiULRDRGD
VHWDSDUDGHQWURGRDORMDPHQWRGDEDWHULDҧϜ 
Ɣ 3RVLFLRQDUDFREHUWXUDFRQIRUPHLQGLFDGR
ҧϜ)LJ%HSUHVVLRQDUQRVHQWLGRFRQWUiULRDRGD
VHWDVREUHDFDUFDoDGDFKDYHGRYHtFXORDWpHQ
FDL[DUҧϜ 
Ɣ 3RVLFLRQDUDFDSDGHFREHUWXUDFRQIRUPHLQGL
FDGRҧϜ)LJ$VREUHDFDUFDoDGDFKDYHGRYHt
FXORHSUHVVLRQDUQRVHQWLGRFRQWUiULRDRGDVHWD
DWpTXHHODVHHQFDL[H
53&&

$EULUHIHFKDU 
6LQFURQL]DUDFKDYHGRYHtFXOR

¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
Ɣ 3UHVVLRQDURERWmR  GDFKDYHGRYHtFXOR(Q
TXDQWRLVVRSHUPDQHFHUDRODGRGRYHtFXOR
Ɣ $EULURYHtFXORGHQWURGHXPPLQXWRFRPDFKD
YHGHHPHUJrQFLD
6HRERWmR  IRUSUHVVLRQDGRFRPIUHTXrQFLDIRUD
Ɣ /LJDUDLJQLomRFRPDFKDYHGRYHtFXOR$VLQ
GDiUHDGHDOFDQFHSRVVLYHOPHQWHRYHtFXORQmR
FURQL]DomRHVWiFRQFOXtGD
SRGHUiPDLVVHUGHVWUDYDGRHWUDYDGRFRPDFKD
YHGRYHtFXOR1HVVHFDVRDFKDYHGRYHtFXORGH Ɣ ,QVHULUDFKDYHGHHPHUJrQFLDQDFKDYHGRYHt
YHVHUVLQFURQL]DGDQRYDPHQWHGDVHJXLQWHIRUPD FXORHPRQWDUDFDSDGHFREHUWXUD ‹

Ɣ 5HPRYHUDFKDYHGHHPHUJrQFLDGDFKDYHGR
YHtFXORҧϜ3iJLQD
Ɣ 5HPRYHUDFDSDGHFREHUWXUDGDPDoDQHWDGD
SRUWDGRFRQGXWRUҧϜ3iJLQD

 $QWHVGDFRQGXomR
7UDYDPHQWRFHQWUDOHVLVWHPDGHWUDYDPHQWR

¤ ,QWURGXomRDRWHPD
1HVWHFDStWXORHQFRQWUDPVHLQIRUPDo}HVUHODWLYDV Ɣ &RQGXomRFRPUHERTXHҧϜ3iJLQD
DRVVHJXLQWHVWHPDV Ɣ &RQVHUYDUHOLPSDUDSDUWHH[WHUQDGRYHtFXOR
/X]GHFRQWUROH   ҧϜ3iJLQD
'HVFULomRGRWUDYDPHQWRFHQWUDO   Ɣ )HFKDPHQWRRXDEHUWXUDGHHPHUJrQFLD
'HVWUDYDURXWUDYDURYHtFXORSRUIRUD   ҧϜ3iJLQD
'HVWUDYDURXWUDYDURYHtFXORSRUGHQWUR  
'HVWUDYDURXWUDYDURYHtFXORFRP $'9(57Ç1&,$
.H\OHVV$FFHVV   8PDXWLOL]DomRLQFRUUHWDGRWUDYDPHQWRFHQ
3URWHomR6$)(   WUDOSRGHFDXVDUIHULPHQWRVJUDYHV
6LVWHPDGHDODUPHDQWLIXUWR   Ɣ 2WUDYDPHQWRFHQWUDOWUDYDWRGDVDVSRU
0RQLWRUDPHQWRGRLQWHULRUGRYHtFXORH WDV8PYHtFXORWUDYDGRSRUGHQWURSRGHLP
DODUPHDQWLUUHERFDJHP   SHGLUXPDDEHUWXUDVHPVXSHUYLVmRGDVSRU
WDVHDLQYDVmRGHSHVVRDVQmRDXWRUL]DGDV
2WUDYDPHQWRFHQWUDOIXQFLRQDUiGHPDQHLUDFRUUH (PFDVRGHHPHUJrQFLDRXDFLGHQWHHQWUH
WDVRPHQWHVHWRGDVDVSRUWDVHDWDPSDGRFRP WDQWRSRUWDVWUDYDGDVGLILFXOWDPRDFHVVRGH
SDUWLPHQWRGHEDJDJHPHVWLYHUHPWRWDOPHQWHIH VRFRUULVWDVDRLQWHULRUGRYHtFXORSDUDDWHQ
FKDGDV&RPDSRUWDGRFRQGXWRUDEHUWDRYHtFXOR GHUDVSHVVRDV
QmRSRGHVHUWUDYDGRFRPDFKDYHGRYHtFXOR
Ɣ 1XQFDGHL[DUFULDQoDVRXSHVVRDVFRP
1RFDVRGHYHtFXORVFRPVLVWHPDGHWUDYDPHQWRH QHFHVVLGDGHVHVSHFLDLVQRYHtFXOR&RPR
GHSDUWLGD.H\OHVV$FFHVVVHPFKDYHRYHtFXOR ERWmRGRWUDYDPHQWRFHQWUDOWRGDVDVSRUWDV
VRPHQWHSRGHVHUWUDQFDGRVHDLJQLomRWLYHUVLGR SRGHPVHUWUDYDGDVSRUGHQWUR,VWRSRGHUi
GHVOLJDGDHDSRUWDGRFRQGXWRUHVWLYHUIHFKDGD ID]HUFRPTXHHODVVHMDPWUDQFDGDVGHQWUR
8PYHtFXORGHVWUDYDGRHSDUDGRSRUXPORQJRSH GRYHtFXOR3HVVRDVWUDQFDGDVSRGHPILFDU
UtRGRSRUH[HPSORQDSUySULDJDUDJHPSRGHRFD H[SRVWDVDWHPSHUDWXUDVPXLWRDOWDVRXPXL
VLRQDURGHVFDUUHJDPHQWRGDEDWHULDGRYHtFXOR WREDL[DV
LPSRVVLELOLWDQGRDSDUWLGDGRPRWRU Ɣ (PXPYHtFXORIHFKDGRGHDFRUGRFRPD
HVWDomRGRDQRSRGHPRFRUUHUWHPSHUDWXUDV
,QIRUPDo}HVHDOHUWDVFRPSOHPHQWDUHV PXLWRDOWDVRXPXLWREDL[DVTXHSRGHPRFD
Ɣ 9LVWDVH[WHUQDVҧϜ3iJLQD VLRQDUIHULPHQWRVJUDYHVHHQIHUPLGDGHV
Ɣ 5HJXODJHPGHFRQIRUWRSHVVRDOQRVLVWHPDGH SULQFLSDOPHQWHHPFULDQoDVSHTXHQDVRX
LQIRUPDo}HV9RONVZDJHQҧϜ3iJLQD RFDVLRQDUDPRUWH
Ɣ -RJRGHFKDYHVGRYHtFXORҧϜ3iJLQD Ɣ 1XQFDGHL[DUSHVVRDVGHQWURGHXPYHt
FXORWUDYDGR(PFDVRGHHPHUJrQFLDHODV
Ɣ 3RUWDVҧϜ3iJLQD SRGHULDPQmRWHUFRQGLo}HVGHGHL[DURYHt
Ɣ 7DPSDGRFRPSDUWLPHQWRGHEDJDJHP FXORVR]LQKDVRXGHFXLGDUHPGHVLPHVPDV
ҧϜ3iJLQD Ɣ $EULURXIHFKDUDVSRUWDVHDWDPSDGR
Ɣ 9LGURVHOpWULFRVҧϜ3iJLQD FRPSDUWLPHQWRGHEDJDJHPVRPHQWHTXDQGR
Ɣ 7HWRVRODUSDQRUkPLFRҧϜ3iJLQD QmRKRXYHUQLQJXpPHPVHXUDLRGHDEHUWXUD ‹

/X]GHFRQWUROH

¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
'HSHQGHQGRGDYHUVmRRYHtFXORSRGHGLVSRUGH
VLVWHPDGHDODUPHDQWLIXUWRHSURWHomR6$)(
ҧϜ3iJLQD b
53&&

1DSRUWDGRFRQGXWRUHQFRQWUDVHDOX]GHFRQWUROH
GRWUDYDPHQWRFHQWUDOҧϜ3iJLQD

$EULUHIHFKDU 
$SyVRWUDYDPHQWRGRYHtFXOR 6LJQLILFDGR
6HPVLVWHPDGHDODUPH &RPVLVWHPDGHDODUPHDQWL
DQWLIXUWR IXUWRHSURWHomR6DIH
2/('YHUPHOKRSLVFDSRUDSUR[LPDGD 2YHtFXORHVWiWUDYDGR 2YHtFXORHVWiWUDYDGRHDSURWH
PHQWHVHJXQGRVHPLQWHUYDORVFXUWRV omR6DIHHVWiDWLYDGD
HPVHJXLGDPDLVOHQWDPHQWH
2/('YHUPHOKRSLVFDSRUDSUR[LPDGD ± 2YHtFXORHVWiWUDYDGRHDSURWH
PHQWHGRLVVHJXQGRVHVHDSDJD$SyV omR6DIHHVWiGHVDWLYDGD
DSUR[LPDGDPHQWHVHJXQGRVDOX]SLV
FDQRYDPHQWH
2/('YHUPHOKRSLVFDSRUDSUR[LPDGD $YDULDGRVLVWHPDGHWUDYD $YDULDGRVLVWHPDGHWUDYDPHQ
PHQWHVHJXQGRVHPLQWHUYDORVFXUWRV PHQWR3URFXUDUXPD&RQ WR3URFXUDUXPD&RQFHVVLRQiULD
(PVHJXLGDR/('YHUPHOKRVHDFHQGH FHVVLRQiULD9RONVZDJHQ 9RONVZDJHQ
SRUDSUR[LPDGDPHQWHVHJXQGRV

127$
$QmRREVHUYDomRGDVOX]HVGHFRQWUROHDFH
VDVSRGHOHYDUDGDQRVQRYHtFXOR ‹

 $QWHVGDFRQGXomR
'HVFULomRGRWUDYDPHQWRFHQWUDO

¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
'HVWUDYDPHQWRDXWRPiWLFR $XWR8QORFN
2YHtFXORGHVEORTXHLDVHIRURFDVRWRGDVDVSRU
WDVHDWDPSDGRFRPSRUWDPHQWRGHEDJDJHPDX
WRPDWLFDPHQWH3DUDLVVRWRGDVDVFRQGLo}HVD
2WUDYDPHQWRFHQWUDOSRVVLELOLWDXPGHVWUDYDPHQWR VHJXLUSUHFLVDPVHUDWHQGLGDVҧϜ3iJLQD
RXWUDYDPHQWRGHWRGDVDVSRUWDVHGDWDPSDGR
FRPSDUWLPHQWRGHEDJDJHP Ɣ 2YHtFXORHVWiSDUDGRHDFKDYHGRYHtFXORIRL
UHWLUDGD
Ɣ 'HIRUDFRPDFKDYHGRYHtFXORҧϜ3iJLQD
Ɣ 1RVYHtFXORVFRPWUDQVPLVVmRDXWRPiWLFDD
Ɣ 'HIRUDFRP.H\OHVV$FFHVVҧϜ3iJLQD DODYDQFDVHOHWRUDHVWiQDSRVLomR3HDLJQLomRIRL
Ɣ 3RUGHQWURFRPRERWmRGRWUDYDPHQWRFHQWUDO GHVOLJDGD
ҧϜ3iJLQD Ɣ 2VDLUEDJVIRUDPDFLRQDGRVHPXPDFLGHQWH
1RVXEPHQX&RQIRUWRGRPHQX&RQILJXUD ҧϜ3iJLQD
¨¶HVHPXPD&RQFHVVLRQiULD9RONVZDJHQpSRV &RPRGHVWUDYDPHQWRDXWRPiWLFRpSRVVLELOLWDGR
VtYHODWLYDURXGHVDWLYDUIXQo}HVHVSHFLDLVGRWUD RDFHVVRGDVHTXLSHVGHUHVJDWHDRYHtFXOR
YDPHQWRFHQWUDOҧϜ3iJLQD
6HRVERW}HVGDFKDYHGRYHtFXORҧϜ)LJ
$VSRUWDVHDWDPSDGRFRPSDUWLPHQWRGHEDJD RXҧϜ)LJRXXPGRVERW}HVGRWUDYDPHQ
JHPSRGHPVHUGHVWUDYDGDVRXWUDYDGDVPDQXDO WRFHQWUDOҧϜ)LJIRUHPDFLRQDGRVUHSHWLGDVYH
PHQWHHPFDVRGHIDOKDGDFKDYHGRYHtFXORRXGR ]HVHPXPFXUWRHVSDoRGHWHPSRRFRUUHUiXP
WUDYDPHQWRFHQWUDOҧϜ3iJLQD GHVOLJDPHQWRWHPSRUiULRGRWUDYDPHQWRFHQWUDO
7UDYDPHQWRDXWRPiWLFR $XWR/RFN SDUDSURWHomRFRQWUDVREUHFDUJD(QWmRRYHtFXOR
SHUPDQHFHGHVWUDYDGRSRUDSUR[LPDGDPHQWH
6HIRURFDVRRYHtFXORpWUDYDGRDXWRPDWLFDPHQ
VHJXQGRV6HGXUDQWHHVVHWHPSRQHQKXPDSRUWD
WHDSDUWLUGHXPDYHORFLGDGHGHDSUR[LPDGDPHQWH
GRYHtFXORQHPDWDPSDGRFRPSDUWLPHQWRGHED
NPK PSK ҧϜ3iJLQD6HRYHtFXORHVWL
JDJHPIRUHPDEHUWDVRYHtFXORVHUiWUDYDGRDXWR
YHUWUDYDGRDOX]GHFRQWUROH‘YDLVHDFHQGHUHP
PDWLFDPHQWH ‹
DPDUHORQRERWmRGRWUDYDPHQWRFHQWUDOҧϜ)LJ

'HVWUDYDURXWUDYDURYHtFXORSRUIRUD

)LJ %RW}HVGDFKDYHGRYHtFXOR )LJ &KDYHGRYHtFXORFRPERWmRGRDODUPH b


53&&

$EULUHIHFKDU 
¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQIRUPDo}HVLQWURGXWyULDVHDVLQGLFDo}HVGHVHJXUDQ
oD QDSiJLQD

)XQomR ҧϜ)LJRXҧϜ)LJ
$omRFRPRVERW}HVGDFKDYHGRYHtFXORҧ
'HVWUDYDURYHtFXOR 3UHVVLRQDURERWmR  0DQWHUSUHVVLRQDGRSDUDDEHUWXUDGHFRQIRUWR
7UDYDURYHtFXOR 3UHVVLRQDURERWmR ‘ 0DQWHUSUHVVLRQDGRSDUDIHFKDPHQWRGHFRQIRU
WR(PYHtFXORVFRPSURWHomR6$)(SUHVVLRQDURERWmR ‘ XPDYH]SD
UDWUDYDURYHtFXORFRPSURWHomR6$)(ҧϜ3iJLQD3UHVVLRQDURER
WmR ‘ GXDVYH]HVSDUDWUDYDURYHtFXORVHPSURWHomR6$)(
'HVWUDYDUDWDPSDGRFRPSDU 3UHVVLRQDURERWmR q $WDPSDGRFRPSDUWLPHQWRGHEDJDJHPVHDEUH
WLPHQWRGHEDJDJHP DXWRPDWLFDPHQWHSDUDFLPDҧϜ3iJLQD

2EVHUYDUGHDFRUGRFRPDIXQomRFRQILJXUDGDGR &RPDSRUWDGRFRQGXWRUDEHUWDQmRpSRVVtYHO
WUDYDPHQWRFHQWUDOQRVXEPHQX&RQIRUWRWRGDV WUDYDURYHtFXORFRPDFKDYHGRYHtFXOR6HRYHt
DVSRUWDVHDWDPSDGRFRPSDUWLPHQWRGHEDJD FXORIRUGHVWUDYDGRHQHQKXPDSRUWDQHPDWDPSD
JHPVmRGHVWUDYDGDVDSHQDVTXDQGRRERWmR  GRFRPSDUWLPHQWRGHEDJDJHPIRUHPDEHUWDVR
IRUSUHVVLRQDGRSHODVHJXQGDYH]ҧϜ3iJLQD YHtFXORVHWUDYDDXWRPDWLFDPHQWHDSyVDOJXQVVH
JXQGRV(VWDIXQomRLPSHGHXPGHVWUDYDPHQWR
$FKDYHGRYHtFXORVRPHQWHGHVWUDYDRXWUDYDR
VHPVXSHUYLVmRGRYHtFXORSRUXPORQJRSHUtRGR
YHtFXORVHDEDWHULDWLYHUSRWrQFLDVXILFLHQWHHVHD
FKDYHGRYHtFXORVHHQFRQWUDUDSRXFRVPHWURVDR $EHUWXUDRXIHFKDPHQWRGHFRQIRUWR
UHGRUGRYHtFXOR
Ɣ 9HUYLGURVHOpWULFRV±IXQo}HVҧϜ3iJLQD
Ɣ $RWUDYDURYHtFXORWRGRVRVLQGLFDGRUHVGHGL Ɣ 9HUWHWRVRODUSDQRUkPLFR±)XQomR
UHomRSLVFDPXPDYH]SDUDFRQILUPDomR ҧϜ3iJLQD
Ɣ $RGHVWUDYDURYHtFXORWRGRVRVLQGLFDGRUHVGH
GLUHomRSLVFDPGXDVYH]HVSDUDFRQILUPDomR 127$
6HRVLQGLFDGRUHVGHGLUHomRQmRSLVFDUHPSDUD $WHQWDUSDUDTXHRVYLGURVGHVoDPDRGHVWUD
FRQILUPDomRGXUDQWHRWUDYDPHQWRGRYHtFXORQR YDURYHtFXOR'RFRQWUiULRSRGHPRFRUUHUGD
PtQLPRXPDGDVSRUWDVRXDWDPSDGRFRPSDUWL QRVQRYLGURHQDYHGDomRDRDEULUXPDSRUWD ‹
PHQWRGHEDJDJHPQmRHVWiIHFKDGD

'HVWUDYDURXWUDYDURYHtFXORSRUGHQWUR

3UHVVLRQDURERWmRҧϜ)LJ

 'HVWUDYDURYHtFXOR

‘ 7UDYDURYHtFXOR

2ERWmRGRWUDYDPHQWRFHQWUDOIXQFLRQDWDQWRFRP
DLJQLomROLJDGDTXDQWRGHVOLJDGD7RGDVDVSRUWDV
GHYHPHVWDUIHFKDGDV
6HRYHtFXORWLYHUVLGRWUDYDGRFRPDFKDYHGR
YHtFXORRERWmRGRWUDYDPHQWRFHQWUDOILFDUiGHVD
)LJ 1DSRUWDGRFRQGXWRUERWmRGRWUDYDPHQ WLYDGR
WRFHQWUDO
6HRYHtFXORWLYHUVLGRWUDYDGRFRPRERWmRGRWUD

¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
YDPHQWRFHQWUDOVHUiYiOLGRRVHJXLQWH b

 $QWHVGDFRQGXomR
Ɣ $OX]GHFRQWUROH‘QRERWmRYDLVHDFHQGHUHP WDV6HIRURFDVRSRGHVHUQHFHVViULRUHSHWLUR
DPDUHORҧϜ)LJVHWRGDVDVSRUWDVHDWDPSD DFLRQDPHQWRGDPDoDQHWDGHDEHUWXUDGDSRUWD
WUDVHLUDHVWLYHUHPWUDYDGDV $VSRUWDVQmRDEHUWDVEHPFRPRDWDPSDGR
Ɣ (PYHtFXORVFRPSURWHomR6DIHDSURWHomR FRPSDUWLPHQWRGHEDJDJHPSHUPDQHFHPWUDYD
6DIHQmRpDWLYDGDҧϜ3iJLQD GDVHQmRSRGHUmRVHUDEHUWDVSRUIRUD
Ɣ 2VLVWHPDGHDODUPHDQWLIXUWRQmRpDWLYDGR 6HRYHtFXORSDUDUHDFKDYHGRYHtFXORIRUUHWLUD
Ɣ $DEHUWXUDGDVSRUWDVHGDWDPSDGRFRPSDUWL GDFRPRGHVWUDYDPHQWRDXWRPiWLFRDWLYDGR
PHQWRGHEDJDJHPSRUIRUDQmRpSRVVtYHOSRU ҧϜ3iJLQDRXVHRERWmR  IRUSUHVVLRQDGR
H[HPSORDRSDUDUHPXPVHPiIRUR ҧϜ)LJRYHtFXORVHUiGHVWUDYDGR ‹
Ɣ $VSRUWDVSRGHPVHUGHVWUDYDGDVHDEHUWDVSRU
GHQWURDFLRQDQGRDPDoDQHWDGHDEHUWXUDGDSRU
WD$OX]GHFRQWUROH ‘VHDSDJDHPWRGDVDVSRU

'HVWUDYDURXWUDYDURYHtFXORFRP.H\OHVV$FFHVV

)LJ 6LVWHPDGHWUDYDPHQWRHGHSDUWLGDVHPFKDYH.H\OHVV$FFHVV $ iUHDVGHDSUR[LPDomR %


$EULUDWDPSDGRFRPSDUWLPHQWRGHEDJDJHPFRPDEHUWXUDFRQWURODGDSRUVHQVRU (DV\2SHQ 

.H\OHVV$FFHVVpXPVLVWHPDGHWUDYDPHQWRHGH
SDUWLGDVHPFKDYHFRPRTXDORYHtFXORSRGHVHU
GHVWUDYDGRHWUDYDGRVHPRXVRHIHWLYRGDFKDYH
GRYHtFXOR3DUDLVVRpQHFHVViULRDSHQDVTXH
XPDFKDYHGRYHtFXORYiOLGDHVWHMDQDiUHDSUy[L
PDDRYHtFXORҧϜ)LJ$HTXHXPGRVVHQVRUHV
GDVPDoDQHWDVGDVSRUWDVҧϜ)LJVHMDWRFDGR
RXTXHRORJR9RONVZDJHQGDWDPSDGRFRPSDUWL
PHQWRGHEDJDJHPҧϜ3iJLQDVHMDDFLRQDGR
ҧϜ 

,QIRUPDo}HVEiVLFDV
)LJ 6LVWHPDGHIHFKDPHQWRHGHSDUWLGDVHP
6HKRXYHUXPDFKDYHGHYHtFXORYiOLGDQDiUHD
FKDYH.H\OHVV$FFHVVVXSHUItFLHGRVVHQVRUHV $
SUy[LPDҧϜ)LJ$RVLVWHPDGHWUDYDPHQWRHGH
SDUDGHVWUDYDPHQWRQDSDUWHLQWHUQDGDPDoDQHWD
SDUWLGD.H\OHVV$FFHVVVHPFKDYHDWULEXLXPDDX
GDSRUWDHVXSHUItFLHGRVVHQVRUHV % SDUDWUDYD
WRUL]DomRGHDFHVVRDHODDVVLPTXHDiUHDGH
PHQWRQDSDUWHH[WHUQDGDPDoDQHWDGDSRUWD
VHQVRUQDPDoDQHWDRXRHPEOHPD9RONVZDJHQ
QDWDPSDWUDVHLUDIRUDFLRQDGR(PVHJXLGDVmR
¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
SRVVtYHLVDVVHJXLQWHVIXQo}HVVHPRXVRHIHWLYR
53&&

IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
GDFKDYHGRYHtFXOR b
o}HVGHVHJXUDQoD QDSiJLQD

$EULUHIHFKDU 
Ɣ .H\OHVV(QWU\GHVWUDYDPHQWRGRYHtFXORSRU 'HVWUDYDUHWUDYDUDWDPSDGR
PHLRGDVTXDWURPDoDQHWDVGDVSRUWDVRXGRORJR FRPSDUWLPHQWRGHEDJDJHP
9RONVZDJHQGDWDPSDGRFRPSDUWLPHQWRGHEDJD 6HRYHtFXORHVWLYHUWUDYDGRHXPDFKDYHGRYHt
JHP FXORYiOLGDHVWLYHUQDiUHDSUy[LPDҧϜ)LJ$GD
Ɣ .H\OHVV*ROLJDURPRWRUHFRQGX]LU3DUDLVVR WDPSDGRFRPSDUWLPHQWRGHEDJDJHPHODVHGHV
GHYHKDYHUXPDFKDYHYiOLGDQRLQWHULRUGRYHtFXOR WUDYDDXWRPDWLFDPHQWHDRVHUDEHUWD
HRERWmRGHSDUWLGDGHYHVHUSUHVVLRQDGR
$EULURXIHFKDUDWDPSDGRFRPSDUWLPHQWRGHED
ҧϜ3iJLQD
JDJHPFRPRWDPSDQRUPDOҧϜ3iJLQD
Ɣ .H\OHVV([LWWUDYDURYHtFXORSRUPHLRGHXPD
GDVTXDWURPDoDQHWDV $WDPSDGRFRPSDUWLPHQWRGHEDJDJHPpWUDYDGD
DXWRPDWLFDPHQWHDSyVRIHFKDPHQWR6HRFRUUHU
Ɣ (DV\2SHQDEULUDWDPSDGRFRPSDUWLPHQWRGH XPGRVVHJXLQWHVFDVRVDWDPSDGRFRPSDUWL
EDJDJHPFRPXPPRYLPHQWRGRSpHPEDL[RGR PHQWRGHEDJDJHPQmRpWUDYDGDDXWRPDWLFDPHQ
SDUDFKRTXHWUDVHLUR WHDSyVRIHFKDPHQWR
2WUDYDPHQWRFHQWUDOHRVLVWHPDGHWUDYDPHQWR Ɣ 2YHtFXORHVWLYHUFRPSOHWDPHQWHGHVWUDYDGR
IXQFLRQDPFRPRQRVLVWHPDQRUPDOGHGHVWUDYD
PHQWRHWUDYDPHQWR$SHQDVRVFRPDQGRVVmR Ɣ 8PDFKDYHGRYHtFXORYiOLGDVHHQFRQWUDUQR
RXWURV LQWHULRUGRYHtFXOR7RGDVDVODQWHUQDVGRVLQGLFD
GRUHVGHGLUHomRGRYHtFXORSLVFDPTXDWURYH]HV
2GHVWUDYDPHQWRGRYHtFXORpLQGLFDGRDRSLVFD 6HQHPXPDSRUWDRXDWDPSDGRFRPSDUWLPHQWR
UHPGXDVYH]HVWRGRVRVLQGLFDGRUHVGHGLUHomRH GHEDJDJHPIRUDEHUWDRYHtFXORVHUiWUDYDGRQR
RWUDYDPHQWRDRSLVFDUHPXPD~QLFDYH] YDPHQWHDSyVDOJXQVVHJXQGRV
4XDQGRRYHtFXORpGHVWUDYDGRHQHQKXPDSRUWD
7DPSDGRFRPSDUWLPHQWRGHEDJDJHPFRP
QHPDWDPSDGRFRPSDUWLPHQWRGHEDJDJHPp
DEHUWDRYHtFXORpWUDYDGRDSyVDOJXQVVHJXQGRV DEHUWXUDFRQWURODGDSRUVHQVRU (DV\2SHQ
6HXPDFKDYHGRYHtFXORYiOLGDHVWLYHUQDiUHD
'HVWUDYDUHDEULUDVSRUWDV .H\OHVV(QWU\ SUy[LPDҧϜ)LJ$GRFRPSDUWLPHQWRGHEDJD
Ɣ (QFRVWDUQDPDoDQHWDGDSRUWD&RPLVVRD JHPDWDPSDGRFRPSDUWLPHQWRGHEDJDJHPSR
VXSHUItFLHGRVHQVRUҧϜ)LJ $  VHWD GDPDoD GHVHUGHVWUDYDGDHDEHUWDFRPXPPRYLPHQWRGH
QHWDGDSRUWDpWRFDGDHRYHtFXORpGHVWUDYDGR SpQDiUHDGRVHQVRUҧϜ)LJ%DEDL[RGRSDUD
Ɣ $EULUDSRUWD FKRTXHWUDVHLUR
Ɣ 'HVOLJDUDLJQLomR
(PYHtFXORVVHPSURWHomR6$)(IHFKDUH
WUDYDUDVSRUWDV .H\OHVV([LW Ɣ 3RVLFLRQDUVHQRFHQWURHPIUHQWHDRSDUD
FKRTXHWUDVHLUR
Ɣ 'HVOLJDUDLJQLomR
Ɣ &RQGX]LURSpHDFDQHODFRPXPPRYLPHQWR
Ɣ )HFKDUDSRUWDGRFRQGXWRU UiSLGRRPDLVSUy[LPRSRVVtYHOGRSDUDFKRTXH$
Ɣ 7RFDURVHQVRUGDPDoDQHWDGDSRUWD %  VHWD FDQHODGHYHVHHQFRQWUDUQDiUHDGRVHQVRUVXSH
XPDYH]$SRUWDQDTXDODPDoDQHWDIRLDFLRQDGD ULRUHRSpQDiUHDGRVHQVRULQIHULRU
SUHFLVDHVWDUIHFKDGD ҧϜ)LJ%  
(PYHtFXORVFRPSURWHomR6$)(IHFKDUH Ɣ $IDVWDURSpHDFDQHODQRYDPHQWHFRPXP
WUDYDUDVSRUWDV .H\OHVV([LW PRYLPHQWRUiSLGRGDiUHDGRVHQVRU
ҧϜ)LJ%  $WDPSDGRFRPSDUWLPHQWRGHED
Ɣ 'HVOLJDUDLJQLomR JDJHPVHDEUHDXWRPDWLFDPHQWH
Ɣ )HFKDUDSRUWDGRFRQGXWRU Ɣ 6HDWDPSDGRFRPSDUWLPHQWRGHEDJDJHP
Ɣ 7RFDURVHQVRUGDPDoDQHWDGDSRUWD %  VHWD QmRVHDEULUUHSHWLURSURFHGLPHQWRDSyVDOJXQV
XPDYH]2YHtFXORpWUDYDGRFRPDSURWHomR6$ VHJXQGRV
)(ҧϜ3iJLQD$SRUWDQDTXDODPDoDQHWDIRL
DFLRQDGDSUHFLVDHVWDUIHFKDGD $DEHUWXUDGDWDPSDGRFRPSDUWLPHQWRGHEDJD
JHPFRPR(DV\2SHQpLQGLFDGDSHORDFHQGL
Ɣ 7RFDUDVXSHUItFLHGRVHQVRUQDPDoDQHWDGD PHQWR~QLFRGDODQWHUQDGHIUHLRHOHYDGD
SRUWD %  VHWD GXDVYH]HVSDUDWUDYDURYHtFXOR
VHPSURWHomR6$)(ҧϜ3iJLQD $SyVRIHFKDPHQWRVHRYHtFXORMiHVWLYHUWUDQFD
GRHVHQHQKXPDFKDYHGRYHtFXORYiOLGDHVWLYHU
GHQWURGRYHtFXORDWDPSDGRFRPSDUWLPHQWRGH
EDJDJHPVHWUDYDUiDXWRPDWLFDPHQWH b

 $QWHVGDFRQGXomR
1DVVHJXLQWHVVLWXDo}HVR(DV\2SHQQmRHVWi )XQo}HVGHFRQIRUWR
GLVSRQtYHORXHVWiGLVSRQtYHODSHQDVGHIRUPDUHV 3DUDRIHFKDPHQWRGHFRQIRUWRGHWRGDVDVMDQH
WULWD H[HPSORV  ODVHOpWULFDVHGRWHWRVRODUHSDQRUkPLFRPDQWHU
Ɣ 6HRSDUDFKRTXHWUDVHLURHVWLYHUPXLWRVXMR RGHGRGXUDQWHDOJXQVVHJXQGRVQDVXSHUItFLHGR
VHQVRUGHWUDYDPHQWRҧϜ)LJ %  VHWD GDPD
Ɣ 6HRSDUDFKRTXHWUDVHLURHVWLYHU~PLGRFRP
oDQHWDGDSRUWDDWpTXHDVMDQHODVRXRWHWRVRODU
iJXDVDOJDGDSRUH[HPSORDSyVFRQGX]LUHP
HSDQRUkPLFRHVWHMDPIHFKDGRV
UXDVFREHUWDVFRPVDOSDUDGHJHOR
Ɣ 6HDUyWXODGHHQJDWHHOHWULFDPHQWHWUDYiYHO $DEHUWXUDGDSRUWDDRWRFDUDPDoDQHWDGDSRUWD
HVWLYHUDEHUWD pUHDOL]DGDGHDFRUGRFRPRVDMXVWHVDWLYDGRVQR
PHQX&RQILJXUD¨¶HV&RQIRUWRGRVLVWHPD
Ɣ 6HXPGLVSRVLWLYRGHUHERTXHWLYHUVLGRLQVWDOD GHLQIRUPDo}HV9RONVZDJHQҧϜ3iJLQD
GRQRYHtFXOR
1RFDVRGHFKXYDVIRUWHVR(DV\2SHQSRGHDEULU &8,'$'2
DWUDVDGDPHQWHRXSRGHVHUDXWRPDWLFDPHQWHGH 6HXPDFKDYHGRYHtFXORYiOLGDVHHQFRQWUDU
VDWLYDGRSDUDHYLWDUXPDDEHUWXUDLQGHYLGDSRU QDiUHDGHDSUR[LPDomRjWDPSDGRFRPSDUWL
H[HPSORGHYLGRDXPJUDQGHIOX[RGHiJXD PHQWRGHEDJDJHPHPDOJXQVFDVRVDIXQ
2VLVWHPD(DV\2SHQSRGHVHUOLJDGRRXGHVOLJD omR(DV\2SHQSRGHUiVHUDWLYDGDGHPRGR
GRSHUPDQHQWHPHQWHSRUPHLRGRPHQX&RQIL QmRLQWHQFLRQDOHDWDPSDGRFRPSDUWLPHQWR
JXUD¨¶HV&RQIRUWRQRVLVWHPDGHLQIRUPD GHEDJDJHPSRGHUiVHDEULUSRUH[HPSORDR
o}HV9RONVZDJHQҧϜ3iJLQD YDUUHUHPEDL[RGRSDUDFKRTXHWUDVHLURSRU
PHLRGHXPMDWRIRUWHGHiJXDRXGHYDSRURX
3URFHGLPHQWRDRWUDYDUFRPXPDVHJXQGD HPFDVRGHWUDEDOKRVGHPDQXWHQomRHGHUH
FKDYHGRYHtFXOR SDURQDiUHDGRSDUDFKRTXHWUDVHLUR8PD
6HXPDFKDYHGRYHtFXORVHHQFRQWUDUQRLQWHULRU DEHUWXUDQmRLQWHQFLRQDOGDWDPSDGRFRP
GRYHtFXORHRYHtFXORIRUWUDYDGRSRUIRUDFRP SDUWLPHQWRGHEDJDJHPSRGHFDXVDUGDQRV
XPDVHJXQGDFKDYHGRYHtFXORYiOLGDDFKDYHGR PDWHULDLVHIHULPHQWRVHPSHVVRDVTXHVH
YHtFXORTXHHVWiGHQWURVHUiEORTXHDGDSDUDD HQFRQWUHPQRUDLRGHDEHUWXUDGDWDPSDGR
SDUWLGDGRPRWRUҧϜ3iJLQD3DUDOLEHUDomRGD FRPSDUWLPHQWRGHEDJDJHP
SDUWLGDGRPRWRUDFLRQDURERWmR  QDFKDYHGR Ɣ $WHQWDUVHPSUHSDUDTXHQHQKXPDFKDYH
YHtFXORTXHHVWiGHQWURҧϜ)LJRXҧϜ)LJ GRYHtFXORYiOLGDHVWHMDVHPVXSHUYLVmRQD
iUHDGHDSUR[LPDomRGDWDPSDGRFRPSDUWL
'HVOLJDPHQWRDXWRPiWLFRGRVVHQVRUHV PHQWRGHEDJDJHP
6HRYHtFXORQmRIRUGHVWUDYDGRRXWUDYDGRSRUXP
Ɣ $QWHVGHTXDLVTXHUWUDEDOKRVGHPDQXWHQ
ORQJRSHUtRGRRVVHQVRUHVGHSUR[LPLGDGHGDSRU
omRHGHUHSDURQRYHtFXORGHVOLJDUVHPSUHD
WDGRSDVVDJHLURGLDQWHLURHGDVSRUWDVWUDVHLUDV
IXQomR(DV\2SHQSRUPHLRGRVLVWHPDGHLQ
VHUmRGHVOLJDGRVDXWRPDWLFDPHQWH
IRUPDo}HV9RONVZDJHQ
6HXPDVXSHUItFLHGRVHQVRUGDPDoDQHWDGDSRU Ɣ $QWHVGHTXDOTXHUODYDJHPGRYHtFXOR
WDGHXPYHtFXORWUDYDGRIRUDFLRQDGDFRPIUH GHVOLJDUVHPSUHDIXQomR(DV\2SHQSRU
TXrQFLDGHVSURSRUFLRQDOSRUH[HPSORSRUDWULWR PHLRGRVLVWHPDGHLQIRUPDo}HV9RONVZDJHQ
GHJDOKRVGHXPDFHUFDYLYDWRGRVRVVHQVRUHV
Ɣ $QWHVGHPRQWDUXPVXSRUWHGHELFLFOHWDV
GHDSUR[LPDomRVHGHVOLJDPSRUDOJXPWHPSR
RXXPUHERTXHGHVOLJDUVHPSUHDIXQomR(D
2VVHQVRUHVVHUmRUHDWLYDGRVVHXPGRVVHJXLQ V\2SHQSRUPHLRGRVLVWHPDGHLQIRUPDo}HV
WHVHYHQWRVRFRUUHU 9RONVZDJHQ
Ɣ $OJXPWHPSRWLYHUWUDQVFRUULGR
Ɣ 28GHVWUDYDURYHtFXORFRPRERWmR  GD
127$
FKDYHGRYHtFXOR 2VVHQVRUHVGDVPDoDQHWDVGDVSRUWDVSRGH
Ɣ 28DEULUDWDPSDGRFRPSDUWLPHQWRGHEDJD UmRVHUDWLYDGRVSRUPHLRGHXPMDWRIRUWHGH
JHP iJXDRXGHYDSRUVHDRPHVPRWHPSRKRXYHU
XPDFKDYHGRYHtFXORYiOLGDQDiUHDGHDSUR[L
Ɣ 28GHVWUDYDURYHtFXORFRPDFKDYHGHHPHU PDomR6HQRPtQLPRXPYLGURHOpWULFRHVWLYHU
JrQFLD DEHUWRHRVHQVRU %  VHWD HPXPDPDoDQHWD
53&&

GDSRUWDILFDUDWLYDGRSHUPDQHQWHPHQWHWRGRV
RVYLGURVVHIHFKDP6HRMDWRGHiJXDRXGH b

$EULUHIHFKDU 
127$ FRQWLQXDomR VHUiH[LELGDQRGLVSOD\GRLQVWUXPHQWRFRPELQDGR
YDSRUVHDIDVWDUEUHYHPHQWHGDVXSHUItFLHGR (VWHSRGHVHURFDVRVHDFKDYHGRYHtFXORIRU
VHQVRU $  VHWD GHXPDPDoDQHWDGDSRUWDH DYDULDGDSRURXWURVLQDOGHUiGLRRXVHIRUFREHUWD
YROWDUDVHUGLUHFLRQDGRSDUDHODSRVVLYHOPHQ SRUXPREMHWRSRUH[HPSORSRUXPDFHVVyULRSD
ҧϜ3iJLQD
WHWRGRVRVYLGURVYmRVHDEULUҧ UDDSDUHOKRVPyYHLVRXXPDPDODGHDOXPtQLR
)XQo}HVGHFRQIRUWR $IXQomRGRVVHQVRUHVGDPDoDQHWDGDVSRU
WDVSRGHVHUUHVWULQJLGDGHYLGRDRH[FHVVR
&RPDEDWHULDGRYHtFXORRXDEDWHULDGD
GHVXMHLUDSRUH[HPSORGHYLGRDJUDQGHVGHSRVL
FKDYHGRYHtFXORIUDFDRXGHVFDUUHJDGD
o}HVGHVDO6HQHFHVViULROLPSDURYHtFXOR
SRVVLYHOPHQWHRYHtFXORQmRSRGHUiVHUWUDYDGR
ҧϜ3iJLQD
RXGHVWUDYDGRSRUPHLRGR.H\OHVV$FFHVV2YHt
FXORSRGHVHUGHVWUDYDGRRXWUDYDGRPDQXDOPHQWH 8PYHtFXORFRPWUDQVPLVVmRDXWRPiWLFDVy
ҧϜ3iJLQD SRGHUiVHUWUDYDGRVHDDODYDQFDVHOHWRUD
HVWLYHUQDSRVLomR3 ‹
6HQHQKXPDFKDYHGRYHtFXORYiOLGDVHHQ
FRQWUDUQRLQWHULRUGRYHtFXORRXVHHVWDQmR
IRUUHFRQKHFLGDXPDPHQVDJHPFRUUHVSRQGHQWH

3URWHomR6$)(

¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
$SURWHomR6DIHGHVDWLYDDIXQomRGDPDoDQHWD
GHDEHUWXUDGDSRUWDFRPRYHtFXORWUDYDGRSDUD
GLILFXOWDUWHQWDWLYDVGHDUURPEDPHQWRGRYHtFXOR
$VSRUWDVQmRSRGHPPDLVVHUDEHUWDVSRUGHQWUR
'HSHQGHQGRGDYHUVmRRYHtFXORSRGHGLVSRUGH ҧϜ 
SURWHomR6$)(HVLVWHPDGHDODUPHDQWLIXUWR
ҧϜ3iJLQD

)XQomR $omR
3UHVVLRQDUXPDYH]RERWmR ‘ GDFKDYHGRYHtFX
7UDYDURYHtFXORHDWLYDUDSURWHomR6$)(
ORҧϜ3iJLQD
3UHVVLRQDUGXDVYH]HVRERWmR ‘ GDFKDYHGRYHt
FXORҧϜ3iJLQD
7RFDUGXDVYH]HVDVXSHUItFLHGRVHQVRUSDUDWUD
YDPHQWRGRVLVWHPDGHWUDYDPHQWRHGHSDUWLGD
7UDYDURYHtFXORVHPDWLYDUDSURWHomR6$)(
.H\OHVV$FFHVVVHPFKDYHQDSDUWHH[WHUQDGD
PDoDQHWDGDSRUWDҧϜ3iJLQD
3UHVVLRQDUXPDYH]RERWmRGRWUDYDPHQWRFHQ
WUDO ‘ GDSRUWDGRFRQGXWRUҧϜ3iJLQD

'HSHQGHQGRGDYHUVmRDRGHVOLJDUDLJQLomRXPD Ɣ /LJDUDLJQLomR
LQGLFDomRQRGLVSOD\GRLQVWUXPHQWRFRPELQDGR Ɣ 3UHVVLRQDURERWmRGHSDUWLGDGRVLVWHPDGHIH
SRGHVHUDWLYDGDVREUHDSURWHomR6$)(DWLYDGD FKDPHQWRHGHSDUWLGDVHPFKDYH.H\OHVV$FFHVV
7UDYDPHQWR6$)(RX6$)(/2&. 
6HDSURWHomR6$)(HVWLYHUGHVDWLYDGDVHUi
'HVDWLYDUDSURWHomR6DIH YiOLGRRVHJXLQWH
$SURWHomR6DIHSRGHVHUGHVDWLYDGDSRUXPDGDV Ɣ 2YHtFXORSRGHVHUGHVWUDYDGRHDEHUWRSRU
SRVVLELOLGDGHVDVHJXLU GHQWURFRPDPDoDQHWDGHDEHUWXUDGDSRUWD
Ɣ 3UHVVLRQDURERWmR ‘ GDFKDYHGRYHtFXORGX Ɣ 2VLVWHPDGHDODUPHDQWLIXUWRHVWiDWLYR
DVYH]HV Ɣ 2PRQLWRUDPHQWRGRLQWHULRUGRYHtFXORHR
Ɣ 7RFDUDVXSHUItFLHGRVHQVRUSDUDWUDYDPHQWR DODUPHDQWLUUHERFDJHPHVWmRGHVDWLYDGRV b
GRVLVWHPDGHWUDYDPHQWRHGHSDUWLGD.H\OHVV
$FFHVVVHPFKDYHQDSDUWHH[WHUQDGDPDoDQHWD
GDSRUWDGXDVYH]HVҧϜ3iJLQD

 $QWHVGDFRQGXomR
$'9(57Ç1&,$ $'9(57Ç1&,$ FRQWLQXDomR

8PDXWLOL]DomRGHVDWHQWDRXVHPVXSHUYLVmR Ɣ 3RUWDVWUDYDGDVGLILFXOWDPDHQWUDGDGH
GDSURWHomR6$)(SRGHFDXVDUIHULPHQWRV VRFRUULVWDVDRLQWHULRUGRYHtFXORSDUDVRFRU
JUDYHV UHUDVSHVVRDV(PFDVRGHHPHUJrQFLDSHV
VRDVWUDQFDGDVQmRFRQVHJXLULDPVDLUGRYHt
Ɣ 1XQFDGHL[DUSHVVRDVQRYHtFXORTXDQGR FXORGHVWUDYDQGRDVSRUWDV ‹
HVWHIRUWUDYDGRFRPDFKDYHGRYHtFXOR&RP
DSURWHomR6$)(DWLYDGDDVSRUWDVQmRSR
GHPPDLVVHUDEHUWDVSRUGHQWUR

6LVWHPDGHDODUPHDQWLIXUWR

¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
Ɣ /HYDQWDPHQWRGRYHtFXORHPYHtFXORVFRP
DODUPHDQWLUUHERFDJHPҧϜ3iJLQD
Ɣ 7UDQVSRUWHGRYHtFXORHPXPDEDOVDRXWUHP
HPYHtFXORVFRPDODUPHDQWLUUHERFDJHPRXPRQL
'HSHQGHQGRGDYHUVmRRYHtFXORSRGHGLVSRUGH WRUDPHQWRGRLQWHULRUGRYHtFXORҧϜ3iJLQD
VLVWHPDGHDODUPHDQWLIXUWRHSURWHomR6$)(
Ɣ 'HVDFRSODPHQWRGHXPUHERTXHLQFOXtGRQR
ҧϜ3iJLQD
VLVWHPDGHDODUPHDQWLIXUWRҧϜ3iJLQD
&RPDMXGDGRVLVWHPDGHDODUPHDQWLIXUWRVmRGLIL
FXOWDGDVWHQWDWLYDVGHDUURPEDPHQWRHRIXUWRGR 'HVOLJDURDODUPH
YHtFXOR 'HVWUDYDURYHtFXORFRPRERWmRGHGHVWUDYDPHQ
WRGDFKDYHGRYHtFXORRXOLJDUDLJQLomRFRPXPD
2VLVWHPDGHDODUPHDQWLIXUWRpDWLYDGRDXWRPDWL
FKDYHGRYHtFXORYiOLGD(PYHtFXORVFRP.H\OHVV
FDPHQWHQRWUDYDPHQWRGRYHtFXORFRPDFKDYH
$FFHVVRDODUPHWDPEpPSRGHVHUGHVOLJDGRHQ
GRYHtFXOR
FRVWDQGRQDPDoDQHWDGDSRUWDҧϜ3iJLQD
4XDQGRRDODUPHpGLVSDUDGR"
2DODUPHpGLVSDUDGRQRYDPHQWHVHDSyVR
2VLVWHPDGHDODUPHDQWLIXUWRHPLWHVLQDLVVRQRURV GLVSDURGRDODUPHRFRUUHUXPDQRYDLQYDVmR
SRUFHUFDGHVHJXQGRVHVLQDLVGHDGYHUWrQFLD QDPHVPDRXHPRXWUDiUHDSURWHJLGD3RUH[HP
YLVXDLVSRUDWpPLQXWRVFDVRVHMDPH[HFXWDGDV SORVHDSyVDDEHUWXUDGHXPDSRUWDDWDPSDGR
DVVHJXLQWHVDo}HVQmRDXWRUL]DGDVQRYHtFXORWUD FRPSDUWLPHQWRGHEDJDJHPWDPEpPIRUDEHUWD
YDGR
2VLVWHPDGHDODUPHDQWLIXUWR ‘ QmRpDWLYD
Ɣ $EHUWXUDGHXPDSRUWDGHVWUDYDGDPDQXDOPHQ GRFRPRWUDYDPHQWRSRUGHQWURFRPRERWmR
WHFRPDFKDYHGHHPHUJrQFLDҧϜ3iJLQD GRWUDYDPHQWRFHQWUDO
Ɣ $EHUWXUDGHXPDSRUWD
6HDSRUWDGRFRQGXWRUIRUGHVWUDYDGDPHFD
Ɣ $EHUWXUDGDWDPSDGRFRPSDUWLPHQWRGRPRWRU
QLFDPHQWHFRPDFKDYHGHHPHUJrQFLDDSH
Ɣ $EHUWXUDGDWDPSDGRFRPSDUWLPHQWRGHEDJD QDVDSRUWDGRFRQGXWRUVHUiGHVWUDYDGDHQmRR
JHP YHtFXORLQWHLUR6RPHQWHDROLJDUDLJQLomRWRGDV
Ɣ /LJDomRGDLJQLomRFRPXPDFKDYHGRYHtFXOR DVSRUWDVVmROLEHUDGDV±PDVQmRGHVWUDYDGDV±
LQYiOLGD HRERWmRGRWUDYDPHQWRFHQWUDOpDWLYDGR
Ɣ 'HVFRQH[mRGDEDWHULDGRYHtFXOR &RPDEDWHULDGRYHtFXORIUDFDRXGHVFDUUH
Ɣ 0RYLPHQWRQRYHtFXORHPYHtFXORVFRPPRQL JDGDRVLVWHPDGHDODUPHDQWLIXUWRQmRIXQ
WRUDPHQWRGRLQWHULRUGRYHtFXORҧϜ3iJLQD FLRQDGHPDQHLUDFRUUHWD ‹
Ɣ 5HERTXHGRYHtFXORHPYHtFXORVFRPDODUPH
DQWLUUHERFDJHPҧϜ3iJLQD
53&&

$EULUHIHFKDU 
0RQLWRUDPHQWRGRLQWHULRUGRYHtFXORHDODUPHDQWLUUHERFDJHP
3RUH[HPSORGHVOLJDURPRQLWRUDPHQWRGRLQWHULRU
GRYHtFXORHRDODUPHDQWLUUHERFDJHPQDVVHJXLQ
WHVVLWXDo}HVDQWHVGRWUDYDPHQWRGRYHtFXOR
Ɣ 6HIRUHPPDQWLGRVDQLPDLVRXSHVVRDVQRLQWH
ULRUGRYHtFXORSRUXPEUHYHSHUtRGR
Ɣ 6HRYHtFXORSUHFLVDUVHUFDUUHJDGR
Ɣ 6HRYHtFXORIRUWUDQVSRUWDGRSRUH[HPSORHP
XPDEDOVD
Ɣ 6HRYHtFXORSUHFLVDUVHUUHERFDGRFRPRHL[R
VXVSHQVR
Ɣ 6HRYHtFXORIRUHVWDFLRQDGRHPXPDJDUDJHP
GHGRLVDQGDUHV
Ɣ 6HRYHtFXORIRUSDUDGRHPXPODYDGRUDXWR
)LJ $RODGRGREDQFRGRFRQGXWRUERWmRSDUD PiWLFR
GHVOLJDURPRQLWRUDPHQWRGRLQWHULRUGRYHtFXORHR
DODUPHDQWLUUHERFDJHP 5LVFRVGHIDOKDGRDODUPH
8PIXQFLRQDPHQWRSHUIHLWRGRPRQLWRUDPHQWRGR
¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
LQWHULRUGRYHtFXORpJDUDQWLGRVRPHQWHFRPRYHt
FXORWRWDOPHQWHIHFKDGR2EVHUYDUDVGHWHUPLQD
o}HVOHJDLV8PDIDOKDGRDODUPHSRGHRFRUUHU
QRVVHJXLQWHVFDVRV
2PRQLWRUDPHQWRGRLQWHULRUGRYHtFXORGLVSDUDUiR
DODUPHFRPRYHtFXORWUDYDGRVHUHFRQKHFHUPRYL Ɣ 6HXPRXPDLVYLGURVHVWLYHUHPDEHUWRVWRWDO
PHQWRVQRLQWHULRUGRYHtFXOR RXSDUFLDOPHQWH

2DODUPHDQWLUUHERFDJHPGLVSDUDUiRDODUPHVH Ɣ 4XDQGRRWHWRVRODUSDQRUkPLFRHVWLYHUDEHUWR
UHFRQKHFHUXPDVXVSHQVmRGRYHtFXOR WRWDORXSDUFLDOPHQWH
Ɣ 4XDQGRREMHWRVTXHVHPRYHPIDFLOPHQWHFR
/LJDURPRQLWRUDPHQWRGRLQWHULRUGR PRSRUH[HPSORIROKDVGHSDSHOVROWDVRXHQIHL
YHtFXORHRDODUPHDQWLUUHERFDJHP WHVGHHVSHOKR RGRUL]DGRUHV HVWLYHUHPQRYHtFX
7UDYDURYHtFXORFRPDFKDYHGRYHtFXOR&RPR OR
VLVWHPDGHDODUPHDQWLIXUWROLJDGRWDPEpPVmR Ɣ 3RUPHLRGRDODUPHGHYLEUDomRGHXPWHOHIRQH
DWLYDGRVRPRQLWRUDPHQWRGRLQWHULRUGRYHtFXORH PyYHOTXHVHHQFRQWUHQRYHtFXOR
RDODUPHDQWLUUHERFDJHP Ɣ 6HRYHtFXORIRUWUDQVSRUWDGRSRUH[HPSORHP
'HVOLJDURPRQLWRUDPHQWRGRLQWHULRUGR XPDEDOVD
YHtFXORHRDODUPHDQWLUUHERFDJHP Ɣ 4XDQGRRYHtFXORIRUHVWDFLRQDGRHPXPDJD
3DUDGHVOLJDUDLOXPLQDomRGHRULHQWDomRQRERWmR UDJHPGHGRLVDQGDUHV
Ž SUHFLVDVHDFHQGHUҧϜ)LJ3DUDOLJDUDLOXPL Ɣ 4XDQGRRYHtFXORHVWLYHUHPXPODYDGRUDXWR
QDomRGHRULHQWDomRUHWLUDUDFKDYHGRYHtFXORGR PiWLFR
FLOLQGURGDLJQLomRHDEULUXPDSRUWDGRYHtFXOR
6HDRDWLYDURVLVWHPDGHDODUPHDQWLIXUWRDV
Ɣ 3UHVVLRQDURERWmR Ž ҧϜ)LJ1RERWmR SRUWDVRXDWDPSDGRFRPSDUWLPHQWRGHED
XPDOX]GHFRQWUROHDPDUHODILFDDFHVDDWpTXHR JDJHPDLQGDHVWLYHUHPDEHUWDVDSHQDVRVLVWHPD
YHtFXORVHMDWUDYDGR GHDODUPHDQWLIXUWRVHUiDWLYDGR6RPHQWHDSyVR
Ɣ )HFKDUWRGDVDVSRUWDVHDWDPSDGRFRPSDUWL IHFKDPHQWRGDVSRUWDVHGDWDPSDGRFRPSDUWL
PHQWRGHEDJDJHP PHQWRGHEDJDJHPVmRDWLYDGRVWDPEpPRPRQL
WRUDPHQWRGRLQWHULRUGRYHtFXORHRDODUPHDQWLUUH
Ɣ 7UDYDURYHtFXORFRPDFKDYHGRYHtFXOR2
ERFDJHP ‹
PRQLWRUDPHQWRGRLQWHULRUGRYHtFXORHRDODUPH
DQWLUUHERFDJHPVmRGHVOLJDGRVDWpRSUy[LPRWUD
YDPHQWRGRYHtFXOR

 $QWHVGDFRQGXomR
3RUWDV

¤ ,QWURGXomRDRWHPD
1HVWHFDStWXORHQFRQWUDPVHLQIRUPDo}HVUHODWLYDV $'9(57Ç1&,$ FRQWLQXDomR
DRVVHJXLQWHVWHPDV
Ɣ $RIHFKDUDWHQWDUSDUDTXHDSRUWDHQFDL
/X]GHDGYHUWrQFLD   [HGHIRUPDVHJXUDHFRPSOHWD$SRUWDIH
7UDYDGHVHJXUDQoDSDUDFULDQoDV   FKDGDGHYHHVWDUDOLQKDGDFRPDVSHoDVDG
MDFHQWHVGDFDUURFHULD
,QIRUPDo}HVHDOHUWDVFRPSOHPHQWDUHV Ɣ $EULURXIHFKDUDVSRUWDVVRPHQWHTXDQGR
Ɣ 9LVWDVH[WHUQDVҧϜ3iJLQD QmRKRXYHUQLQJXpPHPVHXUDLRGHDEHUWXUD
Ɣ -RJRGHFKDYHVGRYHtFXORҧϜ3iJLQD
Ɣ 7UDYDPHQWRFHQWUDOHVLVWHPDGHWUDYDPHQWR $'9(57Ç1&,$
ҧϜ3iJLQD 8PDSRUWDPDQWLGDDEHUWDSHORGLVSRVLWLYRGH
Ɣ )HFKDPHQWRRXDEHUWXUDGHHPHUJrQFLD UHWHQomRGDSRUWDSRGHVHIHFKDUHPFRQGL
ҧϜ3iJLQD o}HVGHYHQWRIRUWHHHPDFOLYHVFDXVDQGR
IHULPHQWRV
$'9(57Ç1&,$ Ɣ 6HJXUDUDVSRUWDVVHPSUHSHODPDoDQHWD
DRDEULUHIHFKDU
8PDSRUWDIHFKDGDLQFRUUHWDPHQWHSRGHVH
DEULUVXELWDPHQWHGXUDQWHDFRQGXomRHFDX
VDUIHULPHQWRVJUDYHV 127$
Ɣ 3DUDULPHGLDWDPHQWHHIHFKDUDSRUWD $WHQWDUSDUDTXHRVYLGURVGHVoDPDRGHVWUD
YDURYHtFXOR'RFRQWUiULRSRGHPRFRUUHUGD
QRVQRYLGURHQDYHGDomRDRDEULUXPDSRUWD ‹

/X]GHDGYHUWrQFLD

¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQIRUPDo}HVLQWURGXWyULDVHDVLQGLFDo}HVGHVHJXUDQ
oD QDSiJLQD

$FHVD &DXVDSRVVtYHO 6ROXomR


›1mRSURVVHJXLU
1RPtQLPRXPDSRUWDGRYHtFXORHVWiDEHU
s WDRXIHFKDGDLQFRUUHWDPHQWH
$EULUDUHVSHFWLYDSRUWDGRYHtFXORHIHFKiOD
QRYDPHQWH

$ROLJDUDLJQLomRDOJXPDVOX]HVGHDGYHUWrQFLDH &RQIRUPHDYHUVmRGRYHtFXORpSRVVtYHOTXHHP
GHFRQWUROHVHDFHQGHPUDSLGDPHQWHSDUDYHULILFD YH]GDOX]GHDGYHUWrQFLDXPVtPERORVHMDH[LELGR
omRGDIXQomR(ODVVHDSDJDPDSyVDOJXQVVH QRGLVSOD\GRLQVWUXPHQWRFRPELQDGR$UHSUHVHQ
JXQGRV WDomRWDPEpPpYLVtYHOFRPDLJQLomRGHVOLJDGD2
LQGLFDGRUVHDSDJDDSUR[LPDGDPHQWHVHJXQ
6HXPDSRUWDHVWLYHUDEHUWDRXIHFKDGDLQFRUUHWD
GRVDSyVRYHtFXORVHUWUDYDGR ‹
PHQWHDOX]GHDGYHUWrQFLDsYDLVHDFHQGHUQR
GLVSOD\GRLQVWUXPHQWRFRPELQDGR
53&&

$EULUHIHFKDU 
7UDYDGHVHJXUDQoDSDUDFULDQoDV

)LJ 1DSRUWDWUDVHLUDHVTXHUGDWUDYDGHVHJX )LJ 1DSRUWDWUDVHLUDGLUHLWDWUDYDGHVHJXUDQ


UDQoDSDUDFULDQoDV $ GHVOLJDGD % OLJDGD oDSDUDFULDQoDV $ GHVOLJDGD % OLJDGD

¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
$'9(57Ç1&,$
&RPDWUDYDGHVHJXUDQoDSDUDFULDQoDVDWL
YDGDDUHVSHFWLYDSRUWDQmRSRGHVHUDEHUWD
$WUDYDGHVHJXUDQoDSDUDFULDQoDVLPSHGHD SRUGHQWUR
DEHUWXUDGDVSRUWDVWUDVHLUDVSRUGHQWURSRU Ɣ 1XQFDGHL[DUFULDQoDVRXSHVVRDVFRP
H[HPSORSDUDTXHFULDQoDVQmRDEUDPXPDSRUWD QHFHVVLGDGHVHVSHFLDLVQRYHtFXORTXDQGR
LQDGYHUWLGDPHQWHGXUDQWHDFRQGXomR&RPDWUD DVSRUWDVIRUHPWUDYDGDV,VWRSRGHUiID]HU
YDGHVHJXUDQoDSDUDFULDQoDVDWLYDGDDSRUWDVR FRPTXHHVWDVSHVVRDVILTXHPWUDQFDGDV
PHQWHSRGHVHUDEHUWDSHORODGRGHIRUD GHQWURGRYHtFXOR(PFDVRGHHPHUJrQFLD
HODVQmRHVWDULDPHPFRQGLo}HVGHGHL[DUR
$WLYDURXGHVDWLYDUDWUDYDGHVHJXUDQoD YHtFXORVR]LQKDVRXGHDMXGDUHPDVLPHV
SDUDFULDQoDV PDV3HVVRDVWUDQFDGDVSRGHPILFDUH[SRV
Ɣ 'HVWUDYDURYHtFXORHDEULUDUHVSHFWLYDSRUWD WDVDWHPSHUDWXUDVPXLWRDOWDVRXPXLWREDL
WUDVHLUD [DV
Ɣ &RPDFKDYHGHHPHUJrQFLDFRORFDUDKDVWH Ɣ (PXPYHtFXORIHFKDGRGHDFRUGRFRPD
QDSRVLomRGHVHMDGD HVWDomRGRDQRSRGHPRFRUUHUWHPSHUDWXUDV
PXLWRDOWDVRXPXLWREDL[DVTXHSRGHPRFD
3RVLomRGDIHQGDҧϜ)LJHҧϜ)LJ
VLRQDUIHULPHQWRVJUDYHVHHQIHUPLGDGHV
$ 7UDYDGHVHJXUDQoDSDUDFULDQoDVGHVDWLYDGD SULQFLSDOPHQWHHPFULDQoDVSHTXHQDVRX
% 7UDYDGHVHJXUDQoDSDUDFULDQoDVDWLYDGD RFDVLRQDUDPRUWH ‹

 $QWHVGDFRQGXomR
7DPSDGRFRPSDUWLPHQWRGHEDJDJHP

¤ ,QWURGXomRDRWHPD
1HVWHFDStWXORHQFRQWUDPVHLQIRUPDo}HVUHODWLYDV $'9(57Ç1&,$ FRQWLQXDomR
DRVVHJXLQWHVWHPDV
WXDOPHQWHQmRSHUPLWLUiVXDDEHUWXUDVHKRX
/X]GHDGYHUWrQFLD   YHUFDUJDDIL[DGDQHODSRUH[HPSORELFLFOH
$EULUDWDPSDGRFRPSDUWLPHQWRGHEDJDJHP  WDV8PDWDPSDGRFRPSDUWLPHQWRGHEDJD
)HFKDUDWDPSDGRFRPSDUWLPHQWRGH JHPDEHUWDSRGHVHDEDL[DUGHYLGRDRSHVR
EDJDJHP   DGLFLRQDO6HQHFHVViULRDSRLDUDWDPSDGR
FRPSDUWLPHQWRGHEDJDJHPRXUHPRYHUSUH
,QIRUPDo}HVHDOHUWDVFRPSOHPHQWDUHV YLDPHQWHDFDUJD
Ɣ 9LVWDVH[WHUQDVҧϜ3iJLQD Ɣ )HFKDUHWUDYDUDWDPSDGRFRPSDUWLPHQWR
Ɣ 7UDYDPHQWRFHQWUDOҧϜ3iJLQD GHEDJDJHPHWRGDVDVSRUWDVTXDQGRRYHt
FXORQmRHVWLYHUHPXVR*DUDQWLUTXHQLQ
Ɣ 7UDQVSRUWDUҧϜ3iJLQD JXpPSHUPDQHoDGHQWURGRYHtFXOR
Ɣ )HFKDPHQWRRXDEHUWXUDGHHPHUJrQFLD Ɣ 1XQFDGHL[DUFULDQoDVEULQFDUVHPVXSHU
ҧϜ3iJLQD YLVmRGHQWURRXSUy[LPDVGRYHtFXORVREUH
WXGRVHDWDPSDGRFRPSDUWLPHQWRGHEDJD
$'9(57Ç1&,$ JHPHVWLYHUDEHUWD&ULDQoDVSRGHPHQWUDUQR
8PGHVWUDYDPHQWRDEHUWXUDRXIHFKDPHQWR FRPSDUWLPHQWRGHEDJDJHPIHFKDUDWDPSDH
LQFRUUHWRHVHPVXSHUYLVmRGDWDPSDGR ILFDUSUHVDV(PXPYHtFXORIHFKDGRGHDFRU
FRPSDUWLPHQWRGHEDJDJHPSRGHFDXVDUDFL GRFRPDHVWDomRGRDQRSRGHPRFRUUHU
GHQWHVHIHULPHQWRVJUDYHV WHPSHUDWXUDVPXLWRDOWDVRXPXLWREDL[DV
TXHSRGHPRFDVLRQDUIHULPHQWRVJUDYHVH
Ɣ $EULURXIHFKDUDWDPSDGRFRPSDUWLPHQWR
HQIHUPLGDGHVSULQFLSDOPHQWHHPFULDQoDV
GHEDJDJHPVRPHQWHTXDQGRQmRKRXYHU
SHTXHQDVRXRFDVLRQDUDPRUWH
QLQJXpPHPVHXUDLRGHIXQFLRQDPHQWRHGH
DEHUWXUD Ɣ 1XQFDGHL[DUFULDQoDVRXSHVVRDVFRP
QHFHVVLGDGHVHVSHFLDLVQRYHtFXOR(ODVSR
Ɣ $SyVRIHFKDPHQWRGDWDPSDGRFRPSDUWL
GHPWUDQFDURYHtFXORFRPDFKDYHRXFRPR
PHQWRGHEDJDJHPYHULILFDUVHHODHVWiIH
ERWmRGRWUDYDPHQWRFHQWUDOHGHVWHPRGR
FKDGDHWUDYDGDGHPDQHLUDFRUUHWDSDUDTXH
SUHQGHUDVLPHVPDV
QmRSRVVDVHDEULUGXUDQWHDFRQGXomR$
WDPSDGRFRPSDUWLPHQWRGHEDJDJHPIHFKD
GDGHYHHVWDUDOLQKDGDFRPDVSHoDVDGMD 127$
FHQWHVGDFDUURFHULD $QWHVGHDEULUDWDPSDGRFRPSDUWLPHQWRGH
Ɣ 0DQWHUDWDPSDGRFRPSDUWLPHQWRGHED EDJDJHPYHULILFDUVHH[LVWHHVSDoRVXILFLHQWH
JDJHPVHPSUHIHFKDGDGXUDQWHDFRQGXomR SDUDDEULUHIHFKDUDWDPSDSRUH[HPSORQD
SDUDTXHJDVHVWy[LFRVQmRSRVVDPSHQHWUDU FRQGXomRFRPUHERTXHRXHPJDUDJHQV
QRLQWHULRUGRYHtFXOR
Ɣ 1XQFDDEULUDWDPSDGRFRPSDUWLPHQWRGH 127$
EDJDJHPTXDQGRKRXYHUFDUJDQHODSRU -DPDLVXWLOL]DURVDPRUWHFHGRUHVDJiVRXGH
H[HPSORHPXPEDJDJHLUR'DPHVPDIRUPD SHQGHQGRGDYHUVmRRVSRLOHUWUDVHLURSDUDDIL
DWDPSDGRFRPSDUWLPHQWRGHEDJDJHPHYHQ [DomRGHPDWHULDOGHFDUJDRXSDUDSUHQGHU$V
FRQVHTXrQFLDVSRGHPVHUGDQRVTXHLPSRVVL
ELOLWDPRIHFKDPHQWRGDWDPSDGRFRPSDUWL
PHQWRGHEDJDJHPHFDXVDPDUXSWXUDGR
VSRLOHUWUDVHLUR ‹
53&&

$EULUHIHFKDU 
/X]GHDGYHUWrQFLD

¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQIRUPDo}HVLQWURGXWyULDVHDVLQGLFDo}HVGHVHJXUDQ
oD QDSiJLQD

$FHVD &DXVDSRVVtYHO 6ROXomR


›1mRSURVVHJXLU
7DPSDGRFRPSDUWLPHQWRGHEDJDJHP
q DEHUWDRXIHFKDGDLQFRUUHWDPHQWH
$EULUDWDPSDGRFRPSDUWLPHQWRGHEDJDJHPHIH
FKiODQRYDPHQWH

$ROLJDUDLJQLomRDOJXPDVOX]HVGHDGYHUWrQFLDH
$'9(57Ç1&,$
GHFRQWUROHVHDFHQGHPUDSLGDPHQWHSDUDYHULILFD
omRGDIXQomR(ODVVHDSDJDPDSyVDOJXQVVH 8PDWDPSDGRFRPSDUWLPHQWRGHEDJDJHP
JXQGRV IHFKDGDLQFRUUHWDPHQWHSRGHVHDEULUVXELWD
PHQWHGXUDQWHDFRQGXomRHFDXVDUIHULPHQ
6HDWDPSDGRFRPSDUWLPHQWRGHEDJDJHPHVWLYHU
WRVJUDYHV
DEHUWDRXIHFKDGDLQFRUUHWDPHQWHDOX]GHDGYHU
WrQFLDqVHDFHQGHUiQRGLVSOD\GRLQVWUXPHQWR Ɣ 3DUDULPHGLDWDPHQWHHIHFKDUDWDPSDGR
FRPELQDGR FRPSDUWLPHQWRGHEDJDJHP
Ɣ $SyVRIHFKDPHQWRGDWDPSDGRFRPSDUWL
&RQIRUPHDYHUVmRGRYHtFXORpSRVVtYHOTXHHP
PHQWRGHEDJDJHPYHULILFDUVHDWUDYDVHHQ
YH]GDOX]GHDGYHUWrQFLDXPVtPERORVHMDH[LELGR
JDWRXFRUUHWDPHQWHQRIHFKR ‹
QRGLVSOD\GRLQVWUXPHQWRFRPELQDGR$UHSUHVHQ
WDomRWDPEpPpYLVtYHOFRPDLJQLomRGHVOLJDGD2
LQGLFDGRUVHDSDJDDSUR[LPDGDPHQWHVHJXQ
GRVDSyVRYHtFXORVHUWUDYDGR

$EULUDWDPSDGRFRPSDUWLPHQWRGHEDJDJHP

)LJ 1DSRUWDGRFRQGXWRUERWmRGHGHVWUDYD )LJ &RPRHPEOHPD9RONVZDJHQQDWDPSDGR


PHQWRGDWDPSDGRFRPSDUWLPHQWRGHEDJDJHP FRPSDUWLPHQWRGHEDJDJHPDEULUDWDPSDGR
FRPSDUWLPHQWRGHEDJDJHPSRUIRUD

¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
$EULUDWDPSDGRFRPSDUWLPHQWRGH
EDJDJHPFRPRERWmRGDSRUWDGRFRQGXWRU
3X[DURERWmR q GDSRUWDGRFRQGXWRUSDUDFLPD
ҧϜ)LJ$WDPSDGRFRPSDUWLPHQWRGHEDJDJHP
$QWHVGHDEULUDWDPSDGRFRPSDUWLPHQWRGHEDJD VHDEUHDXWRPDWLFDPHQWH
JHPUHPRYHUVHPSUHDFDUJDSUHVDVREUHREDJD
JHLURQDWDPSDGRFRPSDUWLPHQWRGHEDJDJHP 2ERWmRGDSRUWDGRFRQGXWRUWDPEpPIXQFLRQD
ҧϜ  FRPDLJQLomRGHVOLJDGD b

 $QWHVGDFRQGXomR
$EULUDWDPSDGRFRPSDUWLPHQWRGH $'9(57Ç1&,$
EDJDJHPFRPDFKDYHGRYHtFXOR
2GHVWUDYDPHQWRRXDEHUWXUDLQFRUUHWDRX
0DQWHURERWmR q SUHVVLRQDGRQDFKDYHGRYHt
VHPVXSHUYLVmRGDWDPSDGRFRPSDUWLPHQWR
FXORDWpTXHDWDPSDGRFRPSDUWLPHQWRGHEDJD
GHEDJDJHPSRGHFDXVDUIHULPHQWRVJUDYHV
JHPVHDEUDDXWRPDWLFDPHQWHҧϜ3iJLQD
Ɣ &RPXPEDJDJHLURPRQWDGRVREUHDWDP
$EULUDWDPSDGRFRPSDUWLPHQWRGH SDGRFRPSDUWLPHQWRGHEDJDJHPPDLVDFDU
EDJDJHPFRPDEHUWXUDFRQWURODGDSRU JDXPDWDPSDGRFRPSDUWLPHQWRGHEDJD
VHQVRU (DV\2SHQ JHPGHVWUDYDGDQHPVHPSUHSRGHVHUUHFR
(PYHtFXORVFRP.H\OHVV$FFHVVDWDPSDGR QKHFLGD8PDWDPSDGRFRPSDUWLPHQWRGH
FRPSDUWLPHQWRGHEDJDJHPSRGHVHUDEHUWDFRP EDJDJHPGHVWUDYDGDSRGHVHDEULUUHSHQWLQD
XPPRYLPHQWRGHSpQDiUHDGRVHQVRUHPEDL[R PHQWHGXUDQWHDFRQGXomR
GRSDUDFKRTXHWUDVHLURҧϜ3iJLQD
&RPWHPSHUDWXUDVH[WHUQDVLQIHULRUHVDƒ&
$EULUDWDPSDGRFRPSDUWLPHQWRGH ƒ) RPHFDQLVPRGHDEHUWXUDQHP
EDJDJHPFRPRORJR9RONVZDJHQ VHPSUHFRQVHJXHOHYDQWDUDXWRPDWLFDPHQWHD
WDPSDGRFRPSDUWLPHQWRGHEDJDJHPSDUFLDOPHQ
Ɣ 'HVWUDYDURYHtFXORRXDWDPSDGRFRPSDUWL
WHDEHUWD1HVWHFDVRFRQGX]LUDWDPSDGRFRP
PHQWRGHEDJDJHPRXDEULUXPDSRUWD
SDUWLPHQWRGHEDJDJHPSDUDFLPDPDQXDOPHQWH ‹
Ɣ &RPRSROHJDUSUHVVLRQDUDSDUWHVXSHULRUGR
ORJR9RONVZDJHQҧϜ)LJHUHEDWrORSDUDIRUD
SRUEDL[RQRVHQWLGRGDVHWD$WDPSDGRFRPSDU
WLPHQWRGHEDJDJHPVHDEUHDXWRPDWLFDPHQWH

)HFKDUDWDPSDGRFRPSDUWLPHQWRGHEDJDJHP
)HFKDUDWDPSDGRFRPSDUWLPHQWRGH
EDJDJHP
Ɣ 6HJXUDUXPGRVUHEDL[RVGRUHYHVWLPHQWRLQWHU
QRGDWDPSDGRFRPSDUWLPHQWRGHEDJDJHP
ҧϜ)LJ VHWDVSHTXHQDV 
Ɣ 3X[DUDWDPSDGRFRPSDUWLPHQWRGHEDJDJHP
SDUDEDL[RFRPIRUoDDWpHQFDL[DUQDIHFKDGXUD
Ɣ 9HULILFDUVHDWDPSDGRFRPSDUWLPHQWRGHED
JDJHPVHHQFDL[RXFRUUHWDPHQWH

7UDYDUDWDPSDGRFRPSDUWLPHQWRGH
EDJDJHP
6HRYHtFXORIRUGHVWUDYDGRHQHQKXPDSRUWDRXD
WDPSDGRFRPSDUWLPHQWRGHEDJDJHPIRUDEHUWDR
)LJ 7DPSDGRFRPSDUWLPHQWRGHEDJDJHP YHtFXORVHUiWUDYDGRDXWRPDWLFDPHQWHDSyVDSUR
DEHUWDUHEDL[RVSDUDSX[DU [LPDGDPHQWHVHJXQGRV(VWDIXQomRLPSHGH
XPGHVWUDYDPHQWRVHPVXSHUYLVmRGRYHtFXORSRU
¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
XPORQJRSHUtRGR
8PWUDYDPHQWRVRPHQWHpSRVVtYHOFRPWDPSDGR
FRPSDUWLPHQWRGHEDJDJHPFRUUHWDPHQWHIHFKDGD
HHQFDL[DGD
Ɣ $WDPSDGRFRPSDUWLPHQWRGHEDJDJHPWDP
EpPpWUDYDGDSHORWUDYDPHQWRFHQWUDO
Ɣ 6HDWDPSDGRFRPSDUWLPHQWRGHEDJDJHPGH
53&&

XPYHtFXORWUDYDGRIRUGHVWUDYDGDFRPRERWmR q
GDFKDYHGRYHtFXORHODVHUiWUDYDGDFRPXPUH
WDUGDPHQWRGHDSUR[LPDGDPHQWHVHJXQGRV b

$EULUHIHFKDU 
DSyVRIHFKDPHQWR2VLVWHPDGHDODUPHDQWLIXUWR $'9(57Ç1&,$ FRQWLQXDomR
HVWiDWLYRLPHGLDWDPHQWHDSyVRIHFKDPHQWR
PHQWRGHEDJDJHPHVWLYHUDEHUWD&ULDQoDV
ҧϜ3iJLQD
SRGHPHQWUDUQRFRPSDUWLPHQWRGHEDJDJHP
Ɣ 8PDWDPSDGRFRPSDUWLPHQWRGHEDJDJHPIH IHFKDUDWDPSDHILFDUSUHVDV8PYHtFXORIH
FKDGDPDVQmRWUDYDGDpWUDYDGDDXWRPDWLFD FKDGRSRGHHVTXHQWDURXHVIULDUPXLWRGH
PHQWHDXPDYHORFLGDGHVXSHULRUDDSUR[LPDGD DFRUGRFRPDHVWDomRGRDQRHRFDVLRQDUIH
PHQWHNPK PSK  ULPHQWRVJUDYHVHQIHUPLGDGHVRXDWpDPRU
WH
$'9(57Ç1&,$ Ɣ $RIHFKDUDWDPSDGRFRPSDUWLPHQWRGH
2IHFKDPHQWRLQFRUUHWRRXVHPVXSHUYLVmR EDJDJHPFHUWLILTXHVHGHUHWLUDUDVPmRVD
GDWDPSDGRFRPSDUWLPHQWRGHEDJDJHPSR WHPSRGRUDLRGHDEHUWXUDGDWDPSDGRFRP
GHFDXVDUIHULPHQWRVJUDYHV SDUWLPHQWRGHEDJDJHP
Ɣ 1XQFDGHL[DURYHtFXORVHPVXSHUYLVmRRX
$QWHVGHIHFKDUDWDPSDGRFRPSDUWLPHQWR
FULDQoDVEULQFDUHPGHQWURRXSUy[LPDVGR
GHEDJDJHPYHULILFDUVHDFKDYHGRYHtFXOR
YHtFXORVREUHWXGRVHDWDPSDGRFRPSDUWL
QmRVHHQFRQWUDHPVHXLQWHULRU ‹

 $QWHVGDFRQGXomR
9LGURVHOpWULFRV

¤ ,QWURGXomRDRWHPD
1HVWHFDStWXORHQFRQWUDPVHLQIRUPDo}HVUHODWLYDV $'9(57Ç1&,$ FRQWLQXDomR
DRVVHJXLQWHVWHPDV
Ɣ 1XQFDGHL[DUFULDQoDVRXSHVVRDVFRP
$EULURXIHFKDURVYLGURVHOHWULFDPHQWH   QHFHVVLGDGHVHVSHFLDLVQRYHtFXORTXDQGR
9LGURVHOpWULFRV±IXQo}HV   DVSRUWDVIRUHPWUDYDGDV2VYLGURVQmRSR
/LPLWDGRUGHIRUoDGRVYLGURVHOpWULFRV   GHULDPPDLVVHUDEHUWRVHPFDVRGHHPHU
JrQFLD
,QIRUPDo}HVHDOHUWDVFRPSOHPHQWDUHV Ɣ /HYDUVHPSUHWRGDVDVFKDYHVGRYHtFXOR
Ɣ 6LVWHPDGHLQIRUPDo}HV9RONVZDJHQ DRGHL[DURYHtFXOR$SyVVHGHVOLJDUDLJQL
ҧϜ3iJLQD omRRVYLGURVDLQGDSRGHPVHUDEHUWRVRX
Ɣ 7UDYDPHQWRFHQWUDOHVLVWHPDGHWUDYDPHQWR IHFKDGRVSHORVERW}HVGDVSRUWDVSRUXP
ҧϜ3iJLQD EUHYHSHUtRGRHQTXDQWRDSRUWDGRFRQGXWRU
RXGRSDVVDJHLURGLDQWHLURQmRIRUDEHUWD
$'9(57Ç1&,$ Ɣ $RWUDQVSRUWDUFULDQoDVQREDQFRWUDVHLUR
GHVDWLYDUVHPSUHRVYLGURVHOpWULFRVWUDVHL
8PDXWLOL]DomRGHVDWHQWDRXVHPVXSHUYLVmR URVFRPRERWmRGHVHJXUDQoDSDUDTXHHOHV
GRVYLGURVHOpWULFRVSRGHFDXVDUIHULPHQWRV QmRSRVVDPVHUDEHUWRVRXIHFKDGRV
JUDYHV
Ɣ $EULURXIHFKDURVYLGURVHOpWULFRVVRPHQ 127$
WHTXDQGRQmRKRXYHUQLQJXpPHPVXDiUHD
GHIXQFLRQDPHQWR &RPRVYLGURVDEHUWRVDFKXYDSRGHHQFKDU
FDURDFDEDPHQWRLQWHUQRGRYHtFXORHRFDVLR
QDUGDQRVQRYHtFXOR ‹

$EULURXIHFKDURVYLGURVHOHWULFDPHQWH
$EULURXIHFKDURVYLGURV
)XQomR $omR
$EULU 3UHVVLRQDURERWmR 
)HFKDU 3X[DURERWmR 
3DUDUDPRYL 3UHVVLRQDURXSX[DUQRYDPHQ
PHQWDomRDXWR WHRERWmRGRUHVSHFWLYRYLGUR
PiWLFD
2ERWmRGHVHJXUDQoD  GH
VDWLYDRVERW}HVGRVYLGURV

)LJ 1DSRUWDGRFRQGXWRUERW}HVGRVYLGURV
_ HOpWULFRVGDVSRUWDVWUDVHLUDV
&RPLVVRDOX]GHFRQWUROH
HOpWULFRVGLDQWHLURVHWUDVHLURV DPDUHODGRERWmRVHDFHQGH

¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
2VYLGURVHOpWULFRVIXQFLRQDPVRPHQWHFRPDLJQL
omROLJDGD
$SyVVHGHVOLJDUDLJQLomRRVYLGURVDLQGDSRGHP
VHUDEHUWRVRXIHFKDGRVSHORVERW}HVGDVSRUWDV
%RW}HVGDSRUWDGRFRQGXWRU SRUXPEUHYHSHUtRGRHQTXDQWRDSRUWDGRFRQGX
/HJHQGDSDUD)LJ WRURXGRSDVVDJHLURGLDQWHLURQmRIRUDEHUWD&RP
53&&

DFKDYHGRYHtFXORIRUDGRFLOLQGURGDLJQLomRHD
 3DUDRVYLGURVGDVSRUWDVGLDQWHLUDV SRUWDGRFRQGXWRUDEHUWDWRGRVRVYLGURVDFLRQD
 3DUDRVYLGURVGDVSRUWDVWUDVHLUDV GRVHOHWULFDPHQWHSRGHPVHUDEHUWRVRXIHFKDGRV
 %RWmRGHVHJXUDQoD DFLRQDQGRHVHJXUDQGRRERWmRGRYLGURQDSRUWD b

$EULUHIHFKDU 
GRFRQGXWRU$SyVDOJXQVVHJXQGRVpLQLFLDGDD
DEHUWXUDRXIHFKDPHQWRGHFRQIRUWR
ҧϜ3iJLQD ‹

9LGURVHOpWULFRV±IXQo}HV

¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
5HVWDEHOHFHUDIXQomRGHIHFKDPHQWRH
DEHUWXUDDXWRPiWLFD
6HDEDWHULDGRYHtFXORWLYHUVLGRGHVFRQHFWDGDRX
GHVFDUUHJDGDFRPRYLGURQmRIHFKDGRSRUFRP
$EHUWXUDDXWRPiWLFDGRVYLGURV SOHWRDIXQomRGHIHFKDPHQWRHDEHUWXUDDXWRPi
$RGHVWUDYDURYHtFXORSX[DUDPDoDQHWDGDSRUWD WLFDHVWDUiGHVDWLYDGDHGHYHUiVHUUHVWDEHOHFLGD
HDSyVUHWLUDUDFKDYHGRYHtFXORGRFLOLQGURGDLJ
Ɣ /LJDUDLJQLomR
QLomRRVYLGURVGDVSRUWDVIHFKDGRVVmRDEDL[D
GDVDOJXQVPLOtPHWURVҧϜ  Ɣ )HFKDUWRGRVRVYLGURVHWRGDVDVSRUWDV
(PYHtFXORVFRPDDEHUWXUDGHXPDSRUWDLQGH Ɣ 3X[DURERWmRGRUHVSHFWLYRYLGURSDUDFLPDH
SHQGHQWHDWLYDGDVRPHQWHRYLGURGDSRUWDGR PDQWHUQHVWDSRVLomRSRUPDLVGHVHJXQGRV
FRQGXWRUGHVFHDRVHGHVWUDYDURYHtFXORSRUIRUD Ɣ 6ROWDURERWmRHSX[DUQRYDPHQWHSDUDFLPDH
6RPHQWHDSyVXPGXSORGHVWUDYDPHQWRGRYHtFX VHJXUDU$IXQomRGHIHFKDPHQWRHDEHUWXUDDXWR
ORRVYLGURVGDVSRUWDVWDPEpPGHVFHP PiWLFDHVWiSURQWDSDUDXVR
6HQHQKXPDSRUWDIRUDEHUWDRVYLGURVVHIHFKDP 2VYLGURVHOpWULFRVDXWRPiWLFRVSRGHPVHUUHVWD
DSyVDOJXQVVHJXQGRV2VYLGURVWDPEpPVHIH EHOHFLGRVLQGLYLGXDOPHQWHRXSDUDYiULRVYLGURVVL
FKDPVHDSRUWDIRUIHFKDGDRXRYHtFXORIRUWUDYD PXOWDQHDPHQWH
GR
$EHUWXUDHIHFKDPHQWRGHFRQIRUWR
(PWHPSHUDWXUDVH[WHUQDVPXLWREDL[DVRVYLGURV
2VYLGURVSRGHPVHUDEHUWRVHIHFKDGRVSRUIRUD
SRGHPFRQJHODUQDYHGDomRHSRUWDQWRQmRGHV
FRPDFKDYHGRYHtFXOR
FHUDRVHGHVWUDYDURXDQWHVGHDEULUDSRUWD1HV
VHFDVRDSRUWDQmRSRGHVHUDEHUWDҧϜ  Ɣ 0DQWHUSUHVVLRQDGRRERWmRGHGHVWUDYDPHQWR
RXGHWUDYDPHQWRGDFKDYHGRYHtFXOR7RGRVRV
Ɣ 7UDYDURYHtFXOR
YLGURVHOpWULFRVVmRDEHUWRVRXIHFKDGRV
Ɣ (OLPLQDURJHORFRPXPVSUD\DQWLFRQJHODQWH
Ɣ 3DUDLQWHUURPSHUDIXQomRVROWDURERWmRGH
Ɣ 'HVWUDYDURYHtFXORQRYDPHQWHHYHULILFDUR GHVWUDYDPHQWRRXGHWUDYDPHQWR
IXQFLRQDPHQWR
1RIHFKDPHQWRGHFRQIRUWRRVYLGURVVmRIHFKD
Ɣ 6HQHFHVViULRUHSHWLURSURFHGLPHQWRDWpRV
GRVSULPHLURHHPVHJXLGDRWHWRVRODUSDQRUkPL
YLGURVIXQFLRQDUHPVHPOLPLWDomR
FR
)XQomRGHIHFKDPHQWRHDEHUWXUD 1RPHQX&RQILJXUD¨¶HV&RQIRUWRSRGHP
DXWRPiWLFD VHUDGRWDGRVGLYHUVRVDMXVWHVSDUDFRPDQGRGRV
$IXQomRGHIHFKDPHQWRHDEHUWXUDDXWRPiWLFD YLGURVҧϜ3iJLQD
SHUPLWHXPDDEHUWXUDHIHFKDPHQWRFRPSOHWRVGRV
YLGURV&RPLVVRQmRpQHFHVViULRVHJXUDURER $'9(57Ç1&,$
WmRFRUUHVSRQGHQWHGRYLGURHOpWULFR
8PDXWLOL]DomRGHVDWHQWDRXVHPVXSHUYLVmR
3DUDDIXQomRGHIHFKDPHQWRDXWRPiWLFRSX[DU GRVYLGURVHOpWULFRVSRGHFDXVDUIHULPHQWRV
RERWmRGRUHVSHFWLYRYLGURSDUDFLPDDWpRVHJXQ JUDYHV
GRHVWiJLR Ɣ $EULURXIHFKDURVYLGURVHOpWULFRVVRPHQ
3DUDDIXQomRGHDEHUWXUDDXWRPiWLFDSUHVVLR WHTXDQGRQmRKRXYHUQLQJXpPHPVXDiUHD
QDURERWmRGRUHVSHFWLYRYLGUREUHYHPHQWHSDUD GHIXQFLRQDPHQWR b
EDL[RDWpRVHJXQGRHVWiJLR
3DUDUDPRYLPHQWDomRDXWRPiWLFDSUHVVLRQDURX
SX[DUQRYDPHQWHRERWmRGRUHVSHFWLYRYLGUR

 $QWHVGDFRQGXomR
$'9(57Ç1&,$ FRQWLQXDomR $'9(57Ç1&,$ FRQWLQXDomR
Ɣ 1XQFDGHL[DUFULDQoDVRXSHVVRDVFRP Ɣ $RWUDQVSRUWDUFULDQoDVQREDQFRWUDVHLUR
QHFHVVLGDGHVHVSHFLDLVQRYHtFXORTXDQGR GHVDWLYDUVHPSUHRVYLGURVHOpWULFRVWUDVHL
DVSRUWDVIRUHPWUDYDGDV2VYLGURVQmRSR URVFRPRERWmRGHVHJXUDQoDSDUDTXHHOHV
GHULDPPDLVVHUDEHUWRVHPFDVRGHHPHU QmRSRVVDPVHUDEHUWRVRXIHFKDGRV
JrQFLD
Ɣ /HYDUVHPSUHWRGDVDVFKDYHVGRYHtFXOR 127$
DRGHL[DURYHtFXOR$SyVVHGHVOLJDUDLJQL 2VYLGURVGHYHPVHDEULUDRGHVWUDYDURYHtFX
omRRVYLGURVDLQGDSRGHPVHUDEHUWRVRX OR'RFRQWUiULRSRGHPRFRUUHUGDQRVQRVYL
IHFKDGRVSHORVERW}HVGDVSRUWDVSRUXP GURVHQDYHGDomRDRDEULUXPDSRUWD
EUHYHSHUtRGRHQTXDQWRDSRUWDGRFRQGXWRU
RXGRSDVVDJHLURGLDQWHLURQmRIRUDEHUWD (PXPDIDOKDGHIXQFLRQDPHQWRGRVYLGURV
HOpWULFRVDIXQomRGHIHFKDPHQWRHDEHUWXUD
DXWRPiWLFDEHPFRPRROLPLWDGRUGHIRUoDQmR
IXQFLRQDPFRUUHWDPHQWH3URFXUDUXPD&RQFHVVLR
QiULD9RONVZDJHQ ‹

/LPLWDGRUGHIRUoDGRVYLGURVHOpWULFRV

¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
)HFKDURYLGURVHPOLPLWDGRUGHIRUoD
Ɣ 7HQWDUIHFKDURYLGURQRYDPHQWHGHQWURGH
DSUR[LPDGDPHQWHVHJXQGRVVHJXUDQGRRER
WmR&RPLVVRROLPLWDGRUGHIRUoDHVWiGHVDWL
2OLPLWDGRUGHIRUoDGRVYLGURVHOpWULFRVSRGHUHGX YDGRSDUDXPDiUHDGHIXQFLRQDPHQWRUHGX]LGD
]LURSHULJRGHIHULPHQWRVSRUHVPDJDPHQWRQRIH GRFXUVRGHIHFKDPHQWR
FKDPHQWRGRVYLGURVҧϜ 6HDIXQomRGHIHFKD
Ɣ 6HRSURFHVVRGHIHFKDPHQWRGHPRUDUPDLVGR
PHQWRDXWRPiWLFR SURFHVVRGHIHFKDPHQWR GH
TXHDSUR[LPDGDPHQWHVHJXQGRVROLPLWDGRUGH
XPYLGURIRUDIHWDGDSRUGLILFXOGDGHGHPRYLPHQWD
IRUoDHVWiDWLYRQRYDPHQWH2YLGURHQWmRSDUD
omRRXSRUXPREVWiFXORRYLGURVHDEULUiGHLPH
QRYDPHQWHVHKRXYHUXPDQRYDGLILFXOGDGHGH
GLDWR
PRYLPHQWDomRRXXPREVWiFXOR
Ɣ 9HULILFDUSRUTXHRYLGURQmRVHIHFKRX Ɣ 6HFRQWLQXDUQmRVHQGRSRVVtYHOIHFKDURYLGUR
Ɣ 7HQWDUIHFKDURYLGURQRYDPHQWH SURFXUDUXPD&RQFHVVLRQiULD9RONVZDJHQ
Ɣ 6HGHQWURGHDSUR[LPDGDPHQWHVHJXQGRV
GHVGHDSULPHLUDSDUDGDHDEHUWXUDGRYLGURHVWH $'9(57Ç1&,$
WLYHUVXDIXQomRGHIHFKDPHQWRDXWRPiWLFRQRYD 2IHFKDPHQWRGRVYLGURVVHPOLPLWDGRUGH
PHQWHLPSHGLGDSRUGLILFXOGDGHGHPRYLPHQWDomR IRUoDSRGHFDXVDUIHULPHQWRVJUDYHV
RXSRUXPREVWiFXORDIXQomRGHIHFKDPHQWRDX
Ɣ )HFKDUVHPSUHRVYLGURVFRPDWHQomR
WRPiWLFRILFDUiLQRSHUDQWHSRUDSUR[LPDGDPHQWH
VHJXQGRV Ɣ 1mRSRGHKDYHUQLQJXpPQDiUHDGHIXQ
FLRQDPHQWRGRVYLGURV(VSHFLDOPHQWHVHXP
Ɣ 6HRYLGURFRQWLQXDUQmRVHQGRIHFKDGRSRUGL
GRVYLGURVIRUIHFKDGRVHPOLPLWDGRUGHIRU
ILFXOGDGHGHPRYLPHQWDomRRXSRUXPREVWiFXORR
oD
YLGURSDUDUiQRORFDOFRUUHVSRQGHQWH&RPXPQR
YRDFLRQDPHQWRGRERWmRGHQWURGHDSUR[LPDGD Ɣ 2OLPLWDGRUGHIRUoDQmRHYLWDTXHRVGH
PHQWHVHJXQGRVRYLGURVHIHFKDVHPOLPLWD GRVHRXWUDVSDUWHVGRFRUSRVHMDPSUHVVLR
GRUGHIRUoDҧϜ  QDGRVFRQWUDRTXDGURGRYLGURHDVVLPVR
IUDPIHULPHQWRV

2OLPLWDGRUGHIRUoDWDPEpPRFRUUHQRIHFKD
PHQWRGHFRQIRUWRGRVYLGURVFRPDFKDYH
GRYHtFXORҧϜ3iJLQD ‹
53&&

$EULUHIHFKDU 
7HWRVRODUSDQRUkPLFR

¤ ,QWURGXomRDRWHPD
1HVWHFDStWXORHQFRQWUDPVHLQIRUPDo}HVUHODWLYDV $'9(57Ç1&,$ FRQWLQXDomR
DRVVHJXLQWHVWHPDV
FXOR$XWLOL]DomRVHPVXSHUYLVmRGDFKDYH
$EULURXIHFKDURWHWRVRODUSDQRUkPLFR   GRYHtFXORSRGHWUDYDURYHtFXOROLJDURPR
7HWRVRODUSDQRUkPLFR±IXQomR   WRUOLJDUDLJQLomRHDFLRQDURWHWRVRODUSD
/LPLWDGRUGHIRUoDGRWHWRSDQRUkPLFR   QRUkPLFR
Ɣ $SyVVHGHVOLJDUDLJQLomRRWHWRVRODU
,QIRUPDo}HVHDOHUWDVFRPSOHPHQWDUHV SDQRUkPLFRDLQGDSRGHVHUDEHUWRRXIHFKD
Ɣ 6LVWHPDGHLQIRUPDo}HV9RONVZDJHQ GRGXUDQWHDOJXPWHPSRHQTXDQWRDSRUWD
ҧϜ3iJLQD GRFRQGXWRURXGRSDVVDJHLURGLDQWHLURQmR
Ɣ 7UDYDPHQWRFHQWUDOHVLVWHPDGHWUDYDPHQWR IRUDEHUWD
ҧϜ3iJLQD
Ɣ )HFKDPHQWRRXDEHUWXUDGHHPHUJrQFLD 127$
ҧϜ3iJLQD Ɣ 3DUDHYLWDUGDQRVHPWHPSHUDWXUDVEDL[DV
UHWLUDURJHORHDQHYHDQWHVGHDEULURXOHYDQ
$'9(57Ç1&,$ WDURWHWRVRODUSDQRUkPLFR
8PDXWLOL]DomRGHVDWHQWDRXVHPVXSHUYLVmR Ɣ )HFKDUVHPSUHRWHWRVRODUSDQRUkPLFRDQ
GRWHWRVRODUSDQRUkPLFRSRGHFDXVDUIHUL WHVGHGHL[DURYHtFXOREHPFRPRHPFDVRGH
PHQWRVJUDYHV FKXYD6HRWHWRVRODUSDQRUkPLFRHVWLYHUDEHU
WRDFKXYDHQWUDQRLQWHULRUGRYHtFXORHSRGH
Ɣ $EULURXIHFKDURWHWRVRODUSDQRUkPLFR GDQLILFDURVLVWHPDHOpWULFR3RGHPRFRUUHURX
VRPHQWHTXDQGRQmRKRXYHUQLQJXpPHP WURVGDQRVQRYHtFXOR
VXDiUHDGHIXQFLRQDPHQWR
Ɣ /HYDUVHPSUHWRGDVDVFKDYHVGRYHtFXOR )ROKDVHRXWURVREMHWRVVROWRVGHYHPVHUUH
DRGHL[DURYHtFXOR PRYLGRVUHJXODUPHQWHGRWULOKRGRWHWRVRODU
Ɣ 1XQFDGHL[DUFULDQoDVRXSHVVRDVFRP SDQRUkPLFRPDQXDOPHQWHRXFRPXPDVSLUDGRU
QHFHVVLGDGHVHVSHFLDLVQRYHtFXORSULQFLSDO &RPXPDIDOKDGHIXQFLRQDPHQWRGRWHWRVR
PHQWHVHHODVWLYHUHPDFHVVRjFKDYHGRYHt ODUSDQRUkPLFRROLPLWDGRUGHIRUoDQmRIXQ
FLRQDFRUUHWDPHQWH3URFXUDUXPD&RQFHVVLRQiULD
9RONVZDJHQ ‹

$EULURXIHFKDURWHWRVRODUSDQRUkPLFR

¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD b

)LJ 1RUHYHVWLPHQWRGRWHWRWHFODSDUDWHWR
SDQRUkPLFR

 $QWHVGDFRQGXomR
)XQomR $omR
/HYDQWDUFRPSOHWDPHQWH 3UHVVLRQDUDWHFOD h EUHYHPHQWH
3DUDURFXUVRDXWRPiWLFR 3UHVVLRQDURERWmR h EUHYHPHQWHRXWUDYH]
)HFKDUFRPSOHWDPHQWH 3X[DURERWmR h EUHYHPHQWH
$MXVWDUXPDSRVLomRLQWHUPHGLiULD 0DQWHURERWmR h SX[DGRDWpDSRVLomRVHUDWLQJLGD

2WHWRVRODUSDQRUkPLFRIXQFLRQDVRPHQWHFRPD 5HYHVWLPHQWRFRUUHGLoR
LJQLomROLJDGD$SyVVHGHVOLJDUDLJQLomRRWHWR &RPRSX[DGRUGLDQWHLURQDiUHDGHDEHUWXUDGR
VRODUSDQRUkPLFRDLQGDSRGHVHUDEHUWRRXIHFKD WHWRRUHYHVWLPHQWRFRUUHGLoRSRGHVHUDEHUWRRX
GRGXUDQWHDOJXPWHPSRHQTXDQWRDSRUWDGRFRQ IHFKDGRDWpDSRVLomRGHVHMDGD ‹
GXWRURXGRSDVVDJHLURGLDQWHLURQmRIRUDEHUWD

7HWRVRODUSDQRUkPLFR±IXQomR

¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
1RIHFKDPHQWRGHFRQIRUWRVmRIHFKDGRVRVYL
GURVHRWHWRVRODUSDQRUkPLFR
3RUPHLRGRPHQX&RQILJXUD¨¶HV&RQIRUWR
&RPYLGURVSRGHPVHUHIHWXDGDVGLYHUVDV
$EHUWXUDHIHFKDPHQWRGHFRQIRUWR FRQILJXUDo}HVSDUDFRPDQGRGRVYLGURVHGRWHWR
2WHWRVRODUSDQRUkPLFRSRGHVHUDEHUWRHIHFKDGR VRODUSDQRUkPLFRҧϜ3iJLQD ‹
SRUIRUDFRPDFKDYHGRYHtFXOR
Ɣ 0DQWHUSUHVVLRQDGRRERWmRGHGHVWUDYDPHQWR
RXGHWUDYDPHQWRGDFKDYHGRYHtFXOR2WHWRVR
ODUSDQRUkPLFRpOHYDQWDGRRXIHFKDGR
Ɣ 6ROWDURERWmRGHGHVWUDYDPHQWRRXWUDYDPHQ
WRSDUDLQWHUURPSHUDIXQomR

/LPLWDGRUGHIRUoDGRWHWRSDQRUkPLFR

¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
)HFKDURWHWRVRODUSDQRUkPLFRVHPR
OLPLWDGRUGHIRUoD
Ɣ 'HQWURGHDSUR[LPDGDPHQWHVHJXQGRVDSyV
RDFLRQDPHQWRGROLPLWDGRUGHIRUoDPDQWHURER
2OLPLWDGRUGHIRUoDSRGHPLQLPL]DURSHULJRGHIH WmRҧϜ)LJSUHVVLRQDGRDWpTXHRWHWRVRODUSD
ULPHQWRVSRUHVPDJDPHQWRDRVHIHFKDURWHWRVR QRUkPLFRHVWHMDFRPSOHWDPHQWHIHFKDGR
ODUSDQRUkPLFRҧϜ 6HRWHWRVRODUSDQRUkPLFR
Ɣ $JRUDRWHWRVRODUSDQRUkPLFRIHFKDVHPR
VRIUHULQWHUIHUrQFLDVQRIHFKDPHQWRSRUGLILFXOGDGH
OLPLWDGRUGHIRUoD
GHPRYLPHQWDomRRXSRUXPREVWiFXORHVWHVH
DEUHLPHGLDWDPHQWH Ɣ &DVRFRQWLQXHQmRVHQGRSRVVtYHOIHFKDURWHWR
VRODUSDQRUkPLFRSURFXUDUXPD&RQFHVVLRQiULD
Ɣ 9HULILFDUSRUTXHRWHWRVRODUSDQRUkPLFRQmR 9RONVZDJHQ
IHFKRX
Ɣ 7HQWDUIHFKDURWHWRVRODUSDQRUkPLFRQRYD $'9(57Ç1&,$
PHQWH
2IHFKDPHQWRGRWHWRVRODUSDQRUkPLFRVHP
Ɣ 6HRWHWRVRODUSDQRUkPLFRFRQWLQXDUQmRIH OLPLWDGRUGHIRUoDSRGHFDXVDUIHULPHQWRV
FKDQGRSRUGLILFXOGDGHGHPRYLPHQWDomRRXGHYL JUDYHV
GRDXPREVWiFXORHOHSDUDQRORFDOFRUUHVSRQ
Ɣ )HFKDUVHPSUHRWHWRVRODUSDQRUkPLFR
GHQWH(PVHJXLGDIHFKDURWHWRVRODUSDQRUkPLFR
53&&

DWHQWDPHQWH b
VHPOLPLWDGRUGHIRUoD

$EULUHIHFKDU 
$'9(57Ç1&,$ FRQWLQXDomR $'9(57Ç1&,$ FRQWLQXDomR
Ɣ 1LQJXpPGHYHSHUPDQHFHUQDiUHDGHIXQ Ɣ 2OLPLWDGRUGHIRUoDQmRHYLWDTXHRVGH
FLRQDPHQWRGRWHWRVRODUSDQRUkPLFRSULQFL GRVHRXWUDVSDUWHVGRFRUSRVHMDPSUHVVLR
SDOPHQWHVHRIHFKDPHQWRIRUUHDOL]DGRVHP QDGRVFRQWUDRTXDGURGRWHWRHDVVLPVR
OLPLWDGRUGHIRUoD IUDPIHULPHQWRV

2OLPLWDGRUGHIRUoDWDPEpPHVWiDWLYRQRIH
FKDPHQWRGHFRQIRUWRGRVYLGURVHGRWHWR
VRODUSDQRUkPLFRFRPDFKDYHGRYHtFXOR
ҧϜ3iJLQD ‹

 $QWHVGDFRQGXomR
&RPDQGRGHDEHUWXUDGHSRUWmRGHJDUDJHP

¤ ,QWURGXomRDRWHPD
1HVWHFDStWXORHQFRQWUDPVHLQIRUPDo}HVUHODWLYDV 3(5,*2 FRQWLQXDomR
DRVVHJXLQWHVWHPDV
Ɣ 3URFXUDUDX[tOLRPpGLFRLPHGLDWDPHQWHVH
3URJUDPDURFRPDQGRGHDEHUWXUDGHSRUWmR KRXYHUVXVSHLWDGHTXHXPDEDWHULDWHQKDVL
GHJDUDJHP   GRHQJROLGD
&RPDQGDURFRPDQGRGHDEHUWXUDGHSRUWmR
GHJDUDJHP   $'9(57Ç1&,$
&yGLJRIL[RRXFyGLJRYDULiYHO 8PDXWLOL]DomRGHVDWHQWDRXVHPVXSHUYLVmR
GRFRPDQGRGHDEHUWXUDGHSRUWmRGHJDUD
2FRPDQGRGHDEHUWXUDGHSRUWmRGHJDUDJHPWUD JHPSRGHFDXVDUIHULPHQWRVJUDYHVRXIDWDLV
EDOKDFRPXPFyGLJRIL[RRXYDULiYHO(PSURGX
WRVFRPFyGLJRYDULiYHORVLVWHPDGHYHVHUVLQFUR Ɣ &RPDQGRVGHDEHUWXUDGHSRUWmRGHJDUD
QL]DGRDSyVDFRQFOXVmRGDSURJUDPDomR JHPHSURSXOVRUHVHOpWULFRVWUDEDOKDPFRP
ҧϜ3iJLQD WDQWDIRUoDTXHSRGHPFDXVDUIHULPHQWRV
JUDYHV
&RPSDWLELOLGDGH Ɣ 8WLOL]DURFRPDQGRGHDEHUWXUDGHSRUWmR
$9RONVZDJHQUHFRPHQGDDQWHVGDDTXLVLomRGH GHJDUDJHPVRPHQWHVHDiUHDGHIXQFLRQD
XPFRPDQGRGHDEHUWXUDGHSRUWmRFRQWURODGRSRU PHQWRHVWLYHUYLVtYHOHQmRKRXYHUQLQJXpP
UiGLRHGHXPDFLRQDPHQWRHOpWULFRLQIRUPDUVH SRUSHUWR
HPXPD&RQFHVVLRQiULD9RONVZDJHQVREUHTXDLV Ɣ 'XUDQWHDSURJUDPDomRRSRUWmRGDJDUD
SURGXWRVVmRFRPSDWtYHLVFRPRFRPDQGRGH JHPRXRSURSXOVRUHOpWULFRSRGHPVHUFROR
DEHUWXUDGHSRUWmRGHJDUDJHPGRYHtFXOR FDGRVHPPRYLPHQWRHFDXVDUIHULPHQWRVRX
(PDOJXQVSDtVHVpREULJDWyULDDXWLOL]DomRGHGLV GDQRV
MXQWRUHVHPSRUW}HVGHJDUDJHPHSURSXOVRUHV Ɣ &RPDQGRVGHDEHUWXUDGHSRUWmRGHJDUD
HOpWULFRV JHPHSURSXOVRUHVHOpWULFRVVHPVHQVRUGH
REVWiFXORQmRDWHQGHPjVSUHVFULo}HVOHJDLV
3(5,*2 HPDOJXQVSDtVHV$XWLOL]DomRGHFRPDQGRV
GHDEHUWXUDGHSRUWmRGHJDUDJHPHSURSXO
6HIRUHPLQJHULGDVEDWHULDVFRPXPGLkPHWUR
VRUHVHOpWULFRVVHPVHQVRUGHREVWiFXORV
GHPPRXRXWUDVSLOKDVSRGHUmRRFRUUHU
WDPEpPDXPHQWDRSHULJRGHIHULPHQWRVJUD
OHV}HVJUDYHVRXDWpIDWDLVHPXPFXUWRHV
YHVRXIDWDLV
SDoRGHWHPSR
Ɣ 2EVHUYDUDVLQVWUXo}HVGHPRQWDJHPHDV
Ɣ &RQVHUYDUVHPSUHDFKDYHGRYHtFXOR
DGYHUWrQFLDVGRIDEULFDQWHDRFRPDQGDUR
EHPFRPRFKDYHLURVFRPEDWHULDVEDWHULDV
FRPDQGRGHDEHUWXUDGHSRUWmRFRQWURODGR
GHUHSRVLomRFpOXODVWLSRERWmRHRXWUDVED
SRUUiGLRRXRSURSXOVRUHOpWULFR ‹
WHULDVPDLRUHVGRTXHPPIRUDGRDOFDQ
FHGHFULDQoDV
53&&

$EULUHIHFKDU 
3URJUDPDURFRPDQGRGHDEHUWXUDGHSRUWmRGHJDUDJHP

)LJ &RQWUROHUHPRWRHERW}HVGRFRPDQGRGH )LJ 3DUDSURJUDPDU3UHVVLRQDUDRPHVPR


DEHUWXUDGHSRUWmRGHJDUDJHPQRSDUDVRO WHPSRWHFODSDUDRFRQWUROHGHSRUWDGHJDUDJHPH
RFRQWUROHUHPRWR

¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
3URJUDPDomR
Ɣ ([HFXWDUDVSUHSDUDo}HVSDUDSURJUDPDomR
ҧϜ3iJLQD
Ɣ 0DQWHURFRQWUROHUHPRWRGRSURGXWRSRU
$IXQomRGHDWpWUrVFRQWUROHVUHPRWRVGLIHUHQWHV
H[HPSORGHXPSURSXOVRUHOpWULFRGHSRUWmRGH
GHGHWHUPLQDGRVSURGXWRVSRGHPVHUWUDQVIHULGDV
DFPGHGLVWkQFLDGRVERW}HVQRSDUDVRO
SDUDRVERW}HVQRSDUDVROSRUH[HPSORGHSUR
ҧϜ)LJ&RPXPDGLVWkQFLDH[FHVVLYDHYHQWXDO
SXOVRUHVHOpWULFRVGHSRUWmRH[WHUQRRXGHJDUD
PHQWHDRSHUDomRSUHFLVDUiVHUUHSHWLGD
JHPVLVWHPDGHDODUPHGRPLFLOLDURXVLVWHPDVGH
LOXPLQDomR Ɣ 3UHVVLRQDURERWmRGRFRQWUROHUHPRWRRULJLQDO
GRSURGXWRVLPXOWDQHDPHQWHFRPRERWmRGHVHMD
3UHSDUDo}HVSDUDSURJUDPDomR GR    RX  HPDQWHUSUHVVLRQDGRDWpTXHDOX]
Ɣ $QWHVGDSURJUDPDomRGRFRPDQGRGHDEHUWX GHFRQWUROHDFLPDGRERWmR  SLVTXHOHQWDPHQWH
UDGHSRUWmRGHJDUDJHPIDPLOLDUL]DUVHFRPDV HHPVHJXLGDUDSLGDPHQWHҧϜ)LJ
LQVWUXo}HVGRIDEULFDQWHGRSURGXWR Ɣ 6ROWDURVERW}HV$IXQomRGRSURGXWRIRLWUDQV
Ɣ (VWDFLRQDURYHtFXORFRPVHJXUDQoDQRDOFDQ IHULGDSDUDRUHVSHFWLYRERWmR
FHGRUHVSHFWLYRSURGXWR 3DUDWUDQVIHULURXWUDVIXQo}HVSDUDERW}HVGLIHUHQ
Ɣ /LJDUDLJQLomRGXUDQWHDSURJUDPDomRPDV WHVGRFRPDQGRGHDEHUWXUDGHSRUWmRGHJDUD
QmROLJDURPRWRU JHPUHSHWLURSURFHGLPHQWRGHVFULWRFRPRERWmR
TXHGHYHVHUSURJUDPDGR
$QWHVGDSULPHLUDSURJUDPDomR
Ɣ 3UHVVLRQDURVERW}HV  H  DRPHVPRWHPSR 6LQFURQL]DURFRQWUROHUHPRWRGHFyGLJR
HPDQWrORVSUHVVLRQDGRVDWpTXHDOX]GHFRQWUR YDULiYHO
OHDFLPDGRERWmR  FRPHFHDSLVFDU Ɣ ([HFXWDUDVSUHSDUDo}HVSDUDSURJUDPDomR
Ɣ 6ROWDULPHGLDWDPHQWHRVGRLVERW}HV'HVVD ҧϜ3iJLQD
PDQHLUDDFRQILJXUDomRGHIiEULFDpDSDJDGD3D Ɣ ([HFXWDUDSURJUDPDomRҧϜ3iJLQD
UDDSURJUDPDomRGRVGHPDLVERW}HVQmRpQHFHV Ɣ 1R0DQXDOGHLQVWUXo}HVGRIDEULFDQWHGRSRU
ViULRUHSHWLUHVWHSURFHVVR WmRGHJDUDJHPRXSRUWmRH[WHUQRSURFXUDUR³ER
Ɣ 1RHQWDQWRVHRVERW}HVIRUHPPDQWLGRVSUHV WmRGHFRQILJXUDomR´SDUDVLQFURQL]DomRGHXPQR
VLRQDGRVSRUPDLVWHPSRDUHJXODJHPGHIiEULFD YRFRQWUROHUHPRWRQRPRWRUGRSURSXOVRU
pUHVWDEHOHFLGD Ɣ $WpVHJXQGRVDSyVSUHVVLRQDUR³ERWmRGH
FRQILJXUDomR´QRPRWRUGRSURSXOVRUSUHVVLRQDUR
ERWmR    RX  3UHVVLRQDURPHVPRERWmRXPD
VHJXQGDYH]SDUDILQDOL]DURSURFHVVR(PDOJXQV
VLVWHPDVpQHFHVViULRSUHVVLRQDURERWmRXPDWHU
FHLUDYH] b

 $QWHVGDFRQGXomR
$SDJDUDSURJUDPDomRGHWRGRVRVERW}HV $SyVDSURJUDPDomR
$9RONVZDJHQUHFRPHQGDTXHDSURJUDPDomRGH 9HULILFDURFRPDQGRGHDEHUWXUDGHSRUWmRGHJD
WRGRVRVERW}HVQRSDUDVROVHMDDSDJDGDTXDQGR UDJHPҧϜ3iJLQD&RPDQGDURFRPDQGRGH
RYHtFXORIRUHPSUHVWDGRRXYHQGLGR DEHUWXUDGHSRUWmRGHJDUDJHP ‹
Ɣ ([HFXWDUDVSUHSDUDo}HVSDUDSURJUDPDomR
ҧϜ3iJLQD
Ɣ 3UHVVLRQDURVERW}HV  H  HPDQWrORVSUHV
VLRQDGRVDWpTXHDOX]GHFRQWUROHDFLPDGRER
WmR  FRPHFHDSLVFDU
Ɣ 6ROWDULPHGLDWDPHQWHRVGRLVERW}HV7RGDVDV
SURJUDPDo}HVQRVERW}HVHVWmRDSDJDGDV

&RPDQGDURFRPDQGRGHDEHUWXUDGHSRUWmRGHJDUDJHP

¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
Ɣ &RPDLJQLomROLJDGDRXFRPRPRWRUHPIXQ
FLRQDPHQWRSUHVVLRQDURUHVSHFWLYRERWmRQRSD
UDVROҧϜ 

2YHtFXORGHYHHQFRQWUDUVHDRDOFDQFHGRSURSXO
VRUGRSRUWmRGDJDUDJHPRXSRUWmRH[WHUQR

$YDULD &DXVDSRVVtYHO 6ROXomRSRVVtYHO


%DWHULDVGHVFDUUHJDGDVQR
7URFDUDVEDWHULDV
FRQWUROHUHPRWR
'LVWkQFLDRXkQJXORGHWUDQV ([SHULPHQWDUGLIHUHQWHVGLVWkQFLDVHkQJXORV
3RUWmRGDJDUDJHPRXSUR PLVVmRPXLWRJUDQGH GRUHFHSWRU
SXOVRUHOpWULFRQmRIXQFLR
QD 3RUWmRGHJDUDJHPRXSURSXO 1mRFRUUHVSRQGHPDLVjVSUHVFULo}HVOHJDLV
VRUHOpWULFRLQFRPSDWtYHO HGHYHULDVHUVXEVWLWXtGR
5HSURJUDPDURFRPDQGRGHDEHUWXUDGHSRU
3URJUDPDomRLQFRUUHWD
WmRGHJDUDJHP

'HVFDUWDUDVEDWHULDVGHVFDUUHJDGDVGRFRQ
$'9(57Ç1&,$
WUROHUHPRWRGHIRUPDHFRORJLFDPHQWHFRUUH
8PDXWLOL]DomRGHVDWHQWDRXVHPVXSHUYLVmR WD
GRFRPDQGRGHDEHUWXUDGHSRUWmRGHJDUD
JHPSRGHFDXVDUIHULPHQWRVJUDYHVRXIDWDLV $EDWHULDGRFRQWUROHUHPRWRSRGHFRQWHU
SHUFORUDWR2EVHUYDUDVGHWHUPLQDo}HVOHJDLV
Ɣ 8WLOL]DURFRPDQGRGHDEHUWXUDGHSRUWmR
QRGHVFDUWH ‹
GHJDUDJHPVRPHQWHVHDiUHDGHIXQFLRQD
PHQWRHVWLYHUYLVtYHOHQmRKRXYHUQLQJXpP
SRUSHUWR

127$
%DWHULDVLQDGHTXDGDVSRGHPGDQLILFDURFRQ
WUROHUHPRWR6XEVWLWXLUEDWHULDVGHVFDUUHJDGDV
VRPHQWHSRUEDWHULDVQRYDVFRPDPHVPDWHQ
VmRWDPDQKRHHVSHFLILFDomR
53&&

$EULUHIHFKDU 
6HQWDUGHIRUPDFRUUHWDHVHJXUD
$MXVWDUDSRVLomRGREDQFR

¤ ,QWURGXomRDRWHPD
1HVWHFDStWXORHQFRQWUDPVHLQIRUPDo}HVUHODWLYDV $'9(57Ç1&,$ FRQWLQXDomR
DRVVHJXLQWHVWHPDV
Ɣ 0DQWHUVHPSUHRVSpVQDiUHDSDUDRVSpV
3HULJRGHXPDSRVWXUDLQFRUUHWDQREDQFR   GXUDQWHDFRQGXomR1XQFDFRORFDURVSpV
3RVLomRFRUUHWDGREDQFR   VREUHREDQFRRXVREUHRSDLQHOGHLQVWUX
&RPDQGRVPHFkQLFRVGREDQFRGLDQWHLUR   PHQWRVHQXQFDPDQWrORVSDUDIRUDGRYHt
&RPDQGRVHOpWULFRVGREDQFRGLDQWHLUR   FXOR'RFRQWUiULRRDLUEDJHRFLQWRGHVHJX
UDQoDSRGHPQmRSURWHJHUDXPHQWDQGRRULV
$MXVWDURDSRLRSDUDFDEHoD  
FRGHIHULPHQWRVHPXPDFLGHQWH
'HVLQVWDODUHLQVWDODURDSRLRSDUDFDEHoD  
$MXVWDUDSRVLomRGRYRODQWH  
'HVFDQVDEUDoRFHQWUDO  
$'9(57Ç1&,$
$QWHVGHTXDOTXHUFRQGXomRDMXVWDUVHPSUH
1~PHURGHDVVHQWRV FRUUHWDPHQWHREDQFRRFLQWRGHVHJXUDQoD
&RQIRUPHDYHUVmRRYHtFXORSRVVXLDRWRGRTXD HRVDSRLRVSDUDFDEHoDFHUWLILFDQGRVHGH
WURRXFLQFRDVVHQWRV TXHWRGRVRVSDVVDJHLURVHVWHMDPFRPRV
FLQWRVFRORFDGRVFRUUHWDPHQWH
Ɣ 4XDWURDVVHQWRVGRLVDVVHQWRVGLDQWHLURVH
Ɣ (PSXUUDUREDQFRGRSDVVDJHLURGLDQWHLUR
GRLVDVVHQWRVWUDVHLURV
SDUDWUiVWDQWRTXDQWRSRVVtYHO
Ɣ &LQFRDVVHQWRVGRLVDVVHQWRVGLDQWHLURVHWUrV
Ɣ $MXVWDUREDQFRGRFRQGXWRUGHPRGRTXH
DVVHQWRVWUDVHLURV
KDMDQRPtQLPRFPGHHVSDoRHQWUHRWy
,QIRUPDo}HVHDOHUWDVFRPSOHPHQWDUHV UD[HRFHQWURGRYRODQWH6HHVWDH[LJrQFLD
QmRSXGHUVHUDWHQGLGDHPUD]mRGHSDUWLFX
Ɣ )XQo}HVGREDQFRҧϜ3iJLQD
ODULGDGHVItVLFDVHQWUDUHPFRQWDWRREULJDWR
Ɣ &LQWRVGHVHJXUDQoDҧϜ3iJLQD ULDPHQWHFRPXPD&RQFHVVLRQiULD9RONVZD
Ɣ 6LVWHPDGHDLUEDJҧϜ3iJLQD JHQSDUDVHIRURFDVRHIHWXDULQVWDODo}HV
Ɣ &DGHLUDVGHFULDQoDVҧϜ3iJLQD HVSHFLDLV
Ɣ 1XQFDFRQGX]LUFRPRHQFRVWRGREDQFR
$'9(57Ç1&,$ PXLWRLQFOLQDGRSDUDWUiV4XDQWRPDLVRHQ
FRVWRGREDQFRHVWLYHULQFOLQDGRSDUDWUiV
8PDSRVWXUDLQFRUUHWDQRYHtFXORSRGHDX PDLRUVHUiRULVFRGHIHULPHQWRVSRUXPDGLV
PHQWDURULVFRGHIHULPHQWRVJUDYHVRXIDWDLV SRVLomRLQFRUUHWDGRFDGDUoRGRFLQWRGHVH
HPPDQREUDVGHGLUHomRHGHIUHQDJHPV~EL JXUDQoDHSRUXPDSRVWXUDLQFRUUHWD
WDVHPXPDFROLVmRRXDFLGHQWHHQRDFLRQD
PHQWRGRDLUEDJ Ɣ 1XQFDFRQGX]LUFRPRHQFRVWRGREDQFR
LQFOLQDGRSDUDIUHQWH8PDLUEDJIURQWDODFLR
Ɣ $QWHVGRLQtFLRGDFRQGXomRWRGRVRV QDGRSRGHODQoDURHQFRVWRGREDQFRSDUD
RFXSDQWHVGRYHtFXORGHYHPDGRWDUXPDSRV WUiVHIHULURVSDVVDJHLURVGRVEDQFRVWUDVHL
WXUDFRUUHWDQRVEDQFRVHFRQVHUYiODGXUDQ URV
WHDFRQGXomR,VWRWDPEpPpYiOLGRSDUDR
XVRGRFLQWRGHVHJXUDQoD Ɣ $GRWDUHPDQWHUDPDLRUGLVWkQFLDSRVVt
YHOGRYRODQWHHGRSDLQHOGHLQVWUXPHQWRV
Ɣ 1XQFDWUDQVSRUWDUPDLVSHVVRDVGRTXHD
TXDQWLGDGHGHDVVHQWRVFRPFLQWRGHVHJX Ɣ 6HQWDUVHPSUHGHIRUPDHUHWDFRPDVFRV
UDQoDGLVSRQtYHLVQRYHtFXOR WDVFRQWUDRHQFRVWRGREDQFRQRVEDQFRV
GLDQWHLURVFRUUHWDPHQWHDMXVWDGRV1mRSRVL
Ɣ 3URWHJHUVHPSUHDVFULDQoDVQRYHtFXOR FLRQDUQHQKXPDSDUWHGRFRUSRGLUHWDPHQWH
FRPXPVLVWHPDGHUHWHQomROLEHUDGRHDSUR RXPXLWRSUy[LPDGRORFDOGHLQVWDODomRGR
SULDGRDVXDHVWDWXUDHVHXSHVR DLUEDJ b
ҧϜ3iJLQDҧϜ3iJLQD

 $QWHVGDFRQGXomR
$'9(57Ç1&,$ FRQWLQXDomR $'9(57Ç1&,$ FRQWLQXDomR
Ɣ 3DUDRVSDVVDJHLURVQRVEDQFRVWUDVHL Ɣ $iUHDGHDMXVWHGRVEDQFRVGLDQWHLURV
URVRULVFRGHIHULPHQWRVJUDYHVpDXPHQWD QmRGHYHVHUUHVWULQJLGDSRUREMHWRV
GRTXDQGRHOHVQmRHVWmRVHQWDGRVGHIRUPD
HUHWDSRLVRVFLQWRVGHVHJXUDQoDQmRHVWmR $'9(57Ç1&,$
SRVLFLRQDGRVFRUUHWDPHQWH
,VTXHLURVQRYHtFXORSRGHPVHUGDQLILFDGRV
RXSRGHPVHDFHQGHUGHVSHUFHELGDPHQWH,V
$'9(57Ç1&,$ WRSRGHFDXVDUTXHLPDGXUDVJUDYHVHGDQRV
8PDMXVWHLQFRUUHWRGRVEDQFRVSRGHFDXVDU DRYHtFXOR
DFLGHQWHVHIHULPHQWRVJUDYHV Ɣ $QWHVGHDMXVWDURVEDQFRVVHPSUHJD
Ɣ $MXVWDURVEDQFRVVRPHQWHFRPRYHtFXOR UDQWLUTXHQmRKDMDXPLVTXHLURQDiUHDGD
SDUDGRSRLVGRFRQWUiULRHOHVSRGHPVH SDUWHPyYHOGREDQFR
GHVORFDULQHVSHUDGDPHQWHGXUDQWHDFRQGX Ɣ $QWHVGHIHFKDUSRUWDREMHWRVRXJDYHWDV
omRSRGHQGRSURYRFDUDSHUGDGHFRQWUROH VHPSUHJDUDQWLUTXHQmRKDMDXPLVTXHLURQD
GRYHtFXOR$OpPGLVVRpDGRWDGDXPDSRVWX iUHDGHIHFKDPHQWR
UDLQFRUUHWDGXUDQWHRDMXVWH
Ɣ 1XQFDJXDUGDULVTXHLURVHPSRUWDREMH
Ɣ $MXVWDUDDOWXUDDLQFOLQDomRHDGLUHomR WRVHPJDYHWDVRXHPRXWUDVVXSHUItFLHVGR
ORQJLWXGLQDOGRVEDQFRVGLDQWHLURVVRPHQWH YHtFXOR'HYLGRjVDOWDVWHPSHUDWXUDVGHVX
TXDQGRQmRKRXYHUQLQJXpPQDiUHDGHDMXV SHUItFLHSULQFLSDOPHQWHQRYHUmRRVLVTXHL
WHGRVEDQFRV URVSRGHPVHDFHQGHU ‹

3HULJRGHXPDSRVWXUDLQFRUUHWDQREDQFR

¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
Ɣ 1XQFDVHDSRLDUQRSDLQHOGHLQVWUXPHQWRV
Ɣ 1XQFDGHLWDUQREDQFRWUDVHLUR
Ɣ 1XQFDVHQWDUVRPHQWHQDERUGDGLDQWHLUDGR
EDQFR
6HRVFLQWRVGHVHJXUDQoDQmRIRUHPXVDGRVRX
IRUHPFRORFDGRVGHIRUPDLQFRUUHWDRULVFRGHIHUL Ɣ 1XQFDVHQWDUYROWDGRSDUDRODGR
PHQWRVJUDYHVRXIDWDLVVHUiDXPHQWDGR2VFLQ Ɣ 1XQFDVHLQFOLQDUSDUDIRUDGRYHtFXOR
WRVGHVHJXUDQoDVRPHQWHSRGHPSURSRUFLRQDU Ɣ 1XQFDPDQWHURVSpVSDUDIRUDGRYHtFXOR
VHXHIHLWRSURWHWRULGHDOFRPDFRUUHWDSRVLomRGR
Ɣ 1XQFDFRORFDURVSpVVREUHRSDLQHOGHLQVWUX
FDGDUoRGRFLQWR8PDSRVWXUDLQFRUUHWDQREDQFR
PHQWRV
SUHMXGLFDFRQVLGHUDYHOPHQWHDSURWHomRRIHUHFLGD
SHORVFLQWRVGHVHJXUDQoD$VFRQVHTXrQFLDVSR Ɣ 1XQFDFRORFDURVSpVVREUHRHVWRIDPHQWRGR
GHPVHUIHULPHQWRVJUDYHVRXDWpIDWDLV2ULVFRGH EDQFRRXVREUHRHQFRVWRGREDQFR
IHULPHQWRVJUDYHVRXIDWDLVDXPHQWDSULQFLSDOPHQ Ɣ 1XQFDYLDMDUQDiUHDSDUDRVSpV
WHTXDQGRXPDLUEDJDFLRQDGRDWLQJHRRFXSDQWH Ɣ 1XQFDVHQWDUQRGHVFDQVDEUDoRGLDQWHLURRX
GRYHtFXORTXHDGRWRXXPDSRVWXUDLQFRUUHWD2 WUDVHLUR
FRQGXWRUpRUHVSRQViYHOSRUWRGRVRVRFXSDQWHV
GRYHtFXORHSULQFLSDOPHQWHSHODVFULDQoDVWUDQV Ɣ 1XQFDYLDMDUQRDVVHQWRVHPRFLQWRGHVHJX
SRUWDGDVQRYHtFXOR UDQoD
Ɣ 1XQFDSHUPDQHFHUQRFRPSDUWLPHQWRGHEDJD
$OLVWDJHPDVHJXLUFRQWpPH[HPSORVGHTXDLVSR
JHP
VLo}HVQREDQFRSRGHPVHUSHULJRVDVSDUDWRGRV
RVRFXSDQWHVGRYHtFXOR
$'9(57Ç1&,$
6HPSUHTXHRYHtFXORHVWLYHUHP 7RGDSRVWXUDLQFRUUHWDQRYHtFXORDXPHQWDR
PRYLPHQWR ULVFRGHIHULPHQWRVJUDYHVRXIDWDLVHPFDVR
Ɣ 1XQFDILFDUGHSpQRYHtFXOR GHDFLGHQWHVRXPDQREUDVGHGLUHomRHGH
IUHQDJHPV~ELWDV b
53&&

Ɣ 1XQFDILFDUGHSpVREUHRVEDQFRV
Ɣ 1XQFDVHDMRHOKDUVREUHRVEDQFRV
Ɣ 1XQFDLQFOLQDURHQFRVWRGREDQFRPXLWRSDUD
WUiV

6HQWDUGHIRUPDFRUUHWDHVHJXUD 
$'9(57Ç1&,$ FRQWLQXDomR $'9(57Ç1&,$ FRQWLQXDomR
Ɣ 7RGRVRVRFXSDQWHVGRYHtFXORGHYHP YHtFXORVHH[S}HPDSHULJRVGHIHULPHQWRV
DGRWDUVHPSUHXPDSRVWXUDFRUUHWDQREDQFR IDWDLVHVSHFLDOPHQWHTXDQGRRVDLUEDJVVmR
HHVWDUFRPRFLQWRGHVHJXUDQoDFRORFDGR DFLRQDGRVHDWLQJHPXPRFXSDQWHGRYHtFXOR
FRUUHWDPHQWHGXUDQWHDFRQGXomR TXHDGRWRXXPDSRVWXUDLQFRUUHWDQREDQFR ‹
Ɣ 3HODSRVWXUDLQFRUUHWDRQmRXVRGRFLQWR
GHVHJXUDQoDRXXPDGLVWkQFLDPXLWRSHTXH
QDHPUHODomRDRDLUEDJRVRFXSDQWHVGR

3RVLomRFRUUHWDGREDQFR

)LJ $GLVWkQFLDFRUUHWDHQWUHRFRQGXWRUHR )LJ 3RVLomRFRUUHWDGRFDGDUoRGRFLQWRGH


YRODQWHGHYHVHUGHQRPtQLPRFP VHJXUDQoDHDMXVWHFRUUHWRGRDSRLRSDUDFDEHoD

¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
9iOLGRSDUDWRGRVRVRFXSDQWHVGRYHtFXOR
Ɣ $MXVWDURDSRLRSDUDFDEHoDGHPRGRTXHD
VXDERUGDVXSHULRUVHHQFRQWUHSUHIHUHQFLDOPHQWH
QDPHVPDOLQKDGDSDUWHVXSHULRUGDFDEHoD±SR
$VHJXLUHVWmRLQGLFDGDVDVSRVWXUDVFRUUHWDVSDUD UpPQmRDEDL[RGDDOWXUDGRVROKRV3RVLFLRQDUD
RFRQGXWRUHSDUDRVSDVVDJHLURV QXFDWmRSUy[LPDTXDQWRSRVVtYHOGRDSRLRSDUD
3HVVRDVTXHHPUD]mRGHVXDVSDUWLFXODULGDGHV FDEHoDҧϜ)LJHҧϜ)LJ
ItVLFDVQmRFRQVHJXHPDGRWDUDSRVWXUDFRUUHWD Ɣ 3DUDSHVVRDVGHEDL[DHVWDWXUDHPSXUUDUR
GHYHPLQIRUPDUVHHPXPDHPSUHVDHVSHFLDOL]D DSRLRSDUDFDEHoDWRWDOPHQWHSDUDEDL[RPHVPR
GDVREUHSRVVtYHLVLQVWDODo}HVHVSHFLDLV6RPHQWH VHDFDEHoDSHUPDQHFHUDEDL[RGDERUGDVXSHULRU
FRPDSRVWXUDFRUUHWDVHDWLQJHDSURWHomRLGHDO GRDSRLRSDUDFDEHoD
GRFLQWRGHVHJXUDQoDHGRVDLUEDJV3DUDLVVRD Ɣ (PFDVRGHSHVVRDVDOWDVHPSXUUDURDSRLR
9RONVZDJHQUHFRPHQGDDV&RQFHVVLRQiULDV9RONV SDUDFDEHoDSDUDFLPDDWpREDWHQWH
ZDJHQ
Ɣ 0DQWHUDPERVRVSpVQDiUHDSDUDRVSpVGX
3DUDDSUySULDVHJXUDQoDHSDUDUHGX]LUIHULPHQ UDQWHDFRQGXomR
WRVHPFDVRGHXPDPDQREUDGHIUHQDJHPV~ELWD Ɣ 5HJXODUHFRORFDURVFLQWRVGHVHJXUDQoDFRU
RXDFLGHQWHD9RONVZDJHQUHFRPHQGDDVVHJXLQ UHWDPHQWHҧϜ3iJLQD
WHVSRVWXUDVDRVHQWDU
3DUDRFRQGXWRUYDOHDGLFLRQDOPHQWH
Ɣ (PSXUUDURVDSRLRVSDUDFDEHoDRPDLVSUy[L
PRSRVVtYHOGDSDUWHSRVWHULRUGDFDEHoD
Ɣ &RORFDURHQFRVWRGREDQFRHPXPDSRVLomR
HUHWDGHPRGRTXHDVFRVWDVVHDSRLHPWRWDOPHQ
WHQHOH b

 $QWHVGDFRQGXomR
Ɣ $MXVWDURYRODQWHGHPRGRTXHDGLVWkQFLDHQ 3DUDRSDVVDJHLURGLDQWHLURYDOH
WUHHOHHRWyUD[WHQKDQRPtQLPRFPҧϜ)LJ DGLFLRQDOPHQWH
HTXHRFRQGXWRUSRVVDVHJXUDURYRODQWHSHOD Ɣ (PSXUUDURVDSRLRVSDUDFDEHoDRPDLVSUy[L
ERUGDH[WHUQDFRPDVGXDVPmRVHRVEUDoRVOL PRSRVVtYHOGDSDUWHSRVWHULRUGDFDEHoD
JHLUDPHQWHGREUDGRV
Ɣ &RORFDURHQFRVWRGREDQFRHPXPDSRVLomR
Ɣ 2YRODQWHDMXVWDGRGHYHDSRQWDUVHPSUHQDGL HUHWDGHPRGRTXHDVFRVWDVVHDSRLHPWRWDOPHQ
UHomRGRWyUD[HQmRQDGLUHomRGRURVWR WHQHOH
Ɣ $MXVWDUREDQFRGRFRQGXWRUQDGLUHomRORQJLWX Ɣ 'HVORFDUREDQFRGRSDVVDJHLURGLDQWHLURSDUD
GLQDOGHPRGRTXHRVSHGDLVSRVVDPVHUDFLRQD WUiVWDQWRTXDQWRSRVVtYHOSDUDTXHRDLUEDJDOFDQ
GRVFRPDVSHUQDVOLJHLUDPHQWHDUTXHDGDV FHVXDSURWHomRWRWDOHPFDVRGHDFLRQDPHQWR ‹
Ɣ $MXVWDUDDOWXUDGREDQFRGRFRQGXWRUGHPRGR
TXHRSRQWRVXSHULRUGRYRODQWHSRVVDVHUDOFDQ
oDGR
Ɣ 'HL[DUVHPSUHRVGRLVSpVQDiUHDSDUDRVSpV
SDUDPDQWHUVHPSUHRFRQWUROHGRYHtFXOR

&RPDQGRVPHFkQLFRVGREDQFRGLDQWHLUR

¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD

2VFRPDQGRVHVWmRGLVSRVWRVGHPRGRLQYHUVRQR
EDQFRGLDQWHLURGLUHLWR
2VFRPDQGRVPHFkQLFRVHHOpWULFRVQREDQFRSR
GHPHVWDUFRPELQDGRV

)LJ &RPDQGRVGREDQFRGLDQWHLURHVTXHUGR

)LJ )XQomR $omR


3X[DUDDODYDQFDHGHVORFDUREDQFRGLDQWHLUR2
'HVORFDUREDQFRGLDQWHLURSDUDIUHQWH
 EDQFRGLDQWHLURGHYHWUDYDUDSyVVHVROWDUDDOD
RXSDUDWUiV
YDQFD
 $MXVWDURDSRLRORPEDU $OWHUDUDSRVLomRGDDODYDQFD
 $MXVWDURHQFRVWRGREDQFR *LUDURPDQtSXOR
6HQHFHVViULRPRYHUDDODYDQFDSDUDFLPDRX
 $MXVWDUDDOWXUDGREDQFR
SDUDEDL[RYiULDVYH]HV ‹
53&&

6HQWDUGHIRUPDFRUUHWDHVHJXUD 
&RPDQGRVHOpWULFRVGREDQFRGLDQWHLUR

)LJ ,QWHUUXSWRUQREDQFRGLDQWHLURHVTXHUGR )LJ ,QWHUUXSWRUQREDQFRGLDQWHLURHVTXHUGR


DMXVWDUREDQFRGLDQWHLURHVTXHUGRQDORQJLWXGLQDO DMXVWDURDSRLRORPEDU
RDVVHQWRGREDQFRHPDOWXUDHLQFOLQDomREHP
FRPRRHQFRVWRGREDQFRGLDQWHLUR

¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
2VFRPDQGRVPHFkQLFRVHHOpWULFRVQREDQFRSR
GHPHVWDUFRPELQDGRV

2VFRPDQGRVHVWmRGLVSRVWRVGHPRGRLQYHUVRQR
EDQFRGLDQWHLURGLUHLWR

)LJ3UHVVLRQDURLQWHUUXSWRUQRVHQWLGRGDVHWD
$ 'HVORFDUREDQFRSDUDIUHQWHRXSDUDWUiV
 % H & $MXVWDUREDQFRSDUDFLPDRXSDUDEDL[R
% RX & $MXVWDUDLQFOLQDomRGRDVVHQWRGREDQFR
 ' $MXVWDUDLQFOLQDomRGRHQFRVWRGREDQFR

)LJ3UHVVLRQDURLQWHUUXSWRUQDUHVSHFWLYDiUHD
 RX  $MXVWDURDEDXODPHQWRGRDSRLRORPEDU
 RX  $MXVWDUDDOWXUDGRDSRLRORPEDU

$'9(57Ç1&,$ 127$
8PDXWLOL]DomRGHVDWHQWDRXVHPVXSHUYLVmR 3DUDQmRGDQLILFDURVFRPSRQHQWHVHOpWULFRV
GRVEDQFRVGLDQWHLURVHOpWULFRVSRGHFDXVDU GRVEDQFRVGLDQWHLURVQmRVHDMRHOKDUVREUH
IHULPHQWRVJUDYHV RVDVVHQWRVRXVREUHFDUUHJDURDVVHQWRHR
Ɣ 2DMXVWHHOpWULFRGRVEDQFRVGLDQWHLURV HQFRVWRGRVEDQFRVFRPREMHWRVSRQWLDJXGRV
WDPEpPIXQFLRQDFRPLJQLomRGHVOLJDGD
&RPDFDUJDGDEDWHULDGRYHtFXORPXLWREDL
1XQFDGHL[DUFULDQoDVRXSHVVRDVFRPQH
[DpSURYiYHOTXHREDQFRQmRSRVVDVHU
FHVVLGDGHVHVSHFLDLVQRYHtFXOR
DMXVWDGRHOHWULFDPHQWH
Ɣ (PFDVRGHHPHUJrQFLDLQWHUURPSHUR
DMXVWHHOpWULFRSUHVVLRQDQGRXPRXWURLQWHU $ROLJDURPRWRUXPSRVVtYHODMXVWHGRDV
UXSWRU VHQWRGREDQFRpLQWHUURPSLGR ‹

 $QWHVGDFRQGXomR
$MXVWDURDSRLRSDUDFDEHoD

)LJ $MXVWDURDSRLRSDUDFDEHoDGLDQWHLUR )LJ $MXVWDURDSRLRSDUDFDEHoDWUDVHLUR

¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
$MXVWHGRDSRLRSDUDFDEHoDSDUDSHVVRDV
EDL[DV
(PSXUUDURDSRLRSDUDFDEHoDSDUDEDL[RDWpR
EDWHQWHPHVPRVHDFDEHoDVHHQFRQWUDUDEDL[R
7RGRVRVDVVHQWRVVmRHTXLSDGRVFRPDSRLRSDUD GDERUGDVXSHULRUGRDSRLRSDUDFDEHoD1DVSRVL
FDEHoD2DSRLRSDUDFDEHoDWUDVHLURFHQWUDOGHV o}HVPDLVEDL[DVSRGHKDYHUXPDSHTXHQDODFXQD
WLQDVHVRPHQWHDRDVVHQWRFHQWUDOGREDQFRWUD HQWUHRDSRLRSDUDFDEHoDHRHQFRVWRGREDQFR
VHLUR3RULVVRQmRLQVWDODURDSRLRSDUDFDEHoD
HPRXWUDVSRVLo}HV $MXVWHGRDSRLRSDUDFDEHoDSDUDSHVVRDV
DOWDV
$MXVWDUDDOWXUDGRDSRLRSDUDFDEHoD
(PSXUUDURDSRLRSDUDFDEHoDSDUDFLPDDWpRED
Ɣ (PSXUUDURDSRLRSDUDFDEHoDSDUDFLPDQR WHQWH
VHQWLGRGDVHWDRXFRPRERWmRҧϜ)LJ 
RXҧϜ)LJ  SUHVVLRQDGRHPSXUUDUSDUDEDL[R
$'9(57Ç1&,$
ҧϜ 
$FRQGXomRFRPRVDSRLRVSDUDFDEHoDUH
Ɣ 2DSRLRSDUDFDEHoDGHYHWUDYDUVHFRPVHJX
PRYLGRVRXDMXVWDGRVLQFRUUHWDPHQWHDX
UDQoDHPXPDSRVLomR
PHQWDRULVFRGHIHULPHQWRVJUDYHVRXIDWDLV
$MXVWDURDSRLRSDUDFDEHoDGLDQWHLURQD HPFDVRGHDFLGHQWHVHPDQREUDVGHGLUHomR
ORQJLWXGLQDO HGHIUHQDJHPV~ELWDV
Ɣ (PSXUUDURDSRLRSDUDFDEHoDSDUDIUHQWHQD Ɣ &RQGX]LUVHPSUHFRPRVDSRLRVSDUDFD
GLUHomRGDVHWDRXSDUDWUiVFRPRERWmR EHoDFRUUHWDPHQWHLQVWDODGRVHDMXVWDGRVVH
ҧϜ)LJ  SUHVVLRQDGR KRXYHUXPDSHVVRDQRDVVHQWR
Ɣ 2DSRLRSDUDFDEHoDGHYHWUDYDUVHFRPVHJX Ɣ &DGDRFXSDQWHGRYHtFXORGHYHDMXVWDUR
UDQoDHPXPDSRVLomR DSRLRSDUDFDEHoDFRUUHWDPHQWHFRQIRUPH
VXDHVWDWXUDSDUDUHGX]LURULVFRGHIHULPHQ
$MXVWHFRUUHWRGRDSRLRSDUDFDEHoD WRVQRSHVFRoRHPFDVRGHDFLGHQWH$R
$MXVWDURDSRLRSDUDFDEHoDGHPRGRTXHDVXD PHVPRWHPSRDERUGDVXSHULRUGRDSRLRSD
ERUGDVXSHULRUVHHQFRQWUHSUHIHUHQFLDOPHQWHQD UDFDEHoDGHYHVHHQFRQWUDUSUHIHUHQFLDOPHQ
PHVPDOLQKDGDSDUWHVXSHULRUGDFDEHoD±SRUpP WHQDPHVPDOLQKDGDSDUWHVXSHULRUGDFDEH
QmRDEDL[RGDDOWXUDGRVROKRV3RVLFLRQDUDSDUWH oD±SRUpPQmRDEDL[RGDDOWXUDGRVROKRV
SRVWHULRUGDFDEHoDRPDLVSHUWRSRVVtYHOGRDSRLR 3RVLFLRQDUDSDUWHLQIHULRUGDFDEHoDRPDLV
SDUDFDEHoD(PSXUUDURVDSRLRVSDUDFDEHoDGR SHUWRSRVVtYHOGRDSRLRSDUDFDEHoD
EDQFRGLDQWHLURRPDLVSUy[LPRSRVVtYHOGDSDUWH Ɣ 1XQFDDMXVWDURDSRLRSDUDFDEHoDGXUDQ
SRVWHULRUGDFDEHoD
53&&

WHDFRQGXomR ‹

6HQWDUGHIRUPDFRUUHWDHVHJXUD 
'HVLQVWDODUHLQVWDODURDSRLRSDUDFDEHoD

)LJ 'HVLQVWDODURDSRLRSDUDFDEHoDGLDQWHLUR )LJ 'HVLQVWDODURDSRLRSDUDFDEHoDWUDVHLUR

¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
'HVLQVWDODURDSRLRSDUDFDEHoDWUDVHLUR
Ɣ 'HVWUDYDURHQFRVWRGREDQFRWUDVHLURHUHED
WHUSDUDIUHQWHҧϜ3iJLQD
Ɣ (PSXUUDURDSRLRSDUDFDEHoDWRWDOPHQWHSDUD
7RGRVRVDVVHQWRVVmRHTXLSDGRVFRPDSRLRSDUD
FLPDҧϜ 
FDEHoD2DSRLRSDUDFDEHoDWUDVHLURFHQWUDOGHV
WLQDVHVRPHQWHDRDVVHQWRFHQWUDOGREDQFRWUD Ɣ 3UHVVLRQDUDOkPLQDGDFKDYHGHIHQGDQDIHQ
VHLUR3RULVVRQmRLQVWDODURDSRLRSDUDFDEHoD GDGDFDSDGHFREHUWXUDҧϜ)LJ  QRVHQWLGR
HPRXWUDVSRVLo}HV GDVHWDHVHJXUDUQHVWDSRVLomR
Ɣ $RPHVPRWHPSRSUHVVLRQDURERWmR  HQ
'HVLQVWDODURDSRLRSDUDFDEHoDGLDQWHLUR TXDQWRRXWUDSHVVRDUHWLUDWRWDOPHQWHRDSRLRSDUD
Ɣ 6HQHFHVViULRDMXVWDURHQFRVWRGREDQFRGH FDEHoD
PDQHLUDTXHRDSRLRSDUDFDEHoDSRVVDVHUUHPR Ɣ 5HEDWHURHQFRVWRGREDQFRWUDVHLURSDUDWUiV
YLGR HHQFDL[DUFRPVHJXUDQoD
Ɣ (PSXUUDURDSRLRSDUDFDEHoDWRWDOPHQWHSDUD
FLPDHSDUDWUiVҧϜ HP$MXVWDURDSRLRSDUDFD ,QVWDODURDSRLRSDUDFDEHoDWUDVHLUR
EHoDQDSiJLQD Ɣ 'HVWUDYDURHQFRVWRGREDQFRWUDVHLURHUHED
Ɣ (PSXUUDUXPREMHWRSODQRSRUH[HPSORXP WHUSDUDIUHQWHҧϜ3iJLQD
FDUWmRGHSOiVWLFRUHVSHFWLYDPHQWHQRVGRLVODGRV Ɣ 3RVLFLRQDURDSRLRSDUDFDEHoDFRUUHWDPHQWH
HQWUHRUHYHVWLPHQWRGRHQFRVWRGREDQFRHDFD SRUPHLRGHVXDVJXLDVHHQFDL[DUQDVJXLDVGR
SDGHFREHUWXUDGDEDUUDJXLDGRDSRLRSDUDFDEH UHVSHFWLYRHQFRVWRGREDQFR
oDHDRPHVPRWHPSRFRPXPDOHYHSUHVVmR Ɣ (PSXUUDURDSRLRSDUDFDEHoDSDUDEDL[RFRP
GHVWUDYDUDVEDUUDVUHWHQWRUDVҧϜ)LJ   RERWmR  SUHVVLRQDGR
Ɣ 5HWLUDUFRPSOHWDPHQWHRDSRLRSDUDFDEHoD Ɣ 5HEDWHURHQFRVWRGREDQFRWUDVHLURSDUDWUiV
HHQFDL[DUFRPVHJXUDQoD
,QVWDODURDSRLRSDUDFDEHoDGLDQWHLUR
Ɣ 5HWLUDURPi[LPRSRVVtYHODPEDVDVEDUUDVUH Ɣ $MXVWDURVDSRLRVSDUDFDEHoDGHDFRUGRFRP
WHQWRUDVGRDSRLRSDUDFDEHoD DSRVWXUDFRUUHWDQREDQFRҧϜ3iJLQD

Ɣ 3RVLFLRQDURDSRLRSDUDFDEHoDFRUUHWDPHQWH
$'9(57Ç1&,$
SRUPHLRGHVXDVJXLDVHHQFDL[DUQDVJXLDVGR
UHVSHFWLYRHQFRVWRGREDQFR $FRQGXomRFRPRVDSRLRVSDUDFDEHoDUH
Ɣ (PSXUUDURDSRLRSDUDFDEHoDSDUDEDL[RDWp PRYLGRVRXDMXVWDGRVLQFRUUHWDPHQWHDX
TXHHOHVHHQFDL[HHPDPEDVDVEDUUDVUHWHQWR PHQWDRULVFRGHIHULPHQWRVJUDYHVRXIDWDLV
UDV HPFDVRGHDFLGHQWHVHPDQREUDVGHGLUHomR
HGHIUHQDJHPV~ELWDV b
Ɣ $MXVWDURVDSRLRVSDUDFDEHoDGHDFRUGRFRP
DSRVWXUDFRUUHWDQREDQFRҧϜ3iJLQD

 $QWHVGDFRQGXomR
$'9(57Ç1&,$ FRQWLQXDomR 127$
Ɣ &RQGX]LUVHPSUHFRPRVDSRLRVSDUDFD 1DUHPRomRHLQVWDODomRGRVDSRLRVSDUDFDEH
EHoDFRUUHWDPHQWHLQVWDODGRVHDMXVWDGRVVH oDDWHQWDUSDUDTXHHOHVQmREDWDPQRUHYHVWL
KRXYHUXPDSHVVRDQRDVVHQWR PHQWRGRWHWRRXHPRXWUDVSHoDVGRYHtFXOR
Ɣ ,QVWDODURVDSRLRVSDUDFDEHoDUHPRYLGRV 'RFRQWUiULRRUHYHVWLPHQWRGRWHWRHRXWUDV
GHLPHGLDWRSDUDTXHRVSDVVDJHLURVHVWH SHoDVGRYHtFXORSRGHPVHUGDQLILFDGRV ‹
MDPDGHTXDGDPHQWHSURWHJLGRV

$MXVWDUDSRVLomRGRYRODQWH

$'9(57Ç1&,$
2XVRLQFRUUHWRGRDMXVWHGDSRVLomRGRYR
ODQWHHXPDMXVWHLQFRUUHWRGRYRODQWHSRGHP
FDXVDUIHULPHQWRVJUDYHVRXIDWDLV
Ɣ 9LUDUDDODYDQFD  VHPSUHFRPILUPH]D
SDUDFLPDDSyVRDMXVWHSDUDTXHRYRODQWH
QmRPXGHVXDSRVLomRVHPVXSHUYLVmRGX
UDQWHDFRQGXomR
Ɣ 1XQFDDMXVWDURYRODQWHGXUDQWHDFRQGX
omR6HIRUFRQVWDWDGRTXHXPDMXVWHpQH
FHVViULRGXUDQWHDFRQGXomRSDUDUGHIRUPD
VHJXUDHDMXVWDURYRODQWHFRUUHWDPHQWH
Ɣ 2YRODQWHDMXVWDGRGHYHDSRQWDUVHPSUH
)LJ $MXVWDUDSRVLomRGRYRODQWHPHFDQLFD QDGLUHomRGRWyUD[HQmRQDGLUHomRGRURV
PHQWH WRSDUDQmRUHVWULQJLUDSURWHomRGRDLUEDJ
IURQWDOGRFRQGXWRUHPFDVRGHXPDFLGHQWH

¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
Ɣ 6HJXUDURYRODQWHVHPSUHFRPDPEDVDV
PmRVODWHUDOPHQWHQDERUGDH[WHUQD SRVLomR
GDVKHK GXUDQWHDFRQGXomRSDUDUHGX
]LUIHULPHQWRVFDXVDGRVSRUXPDFLRQDPHQWR
$MXVWDURYRODQWHDQWHVGDFRQGXomRHVRPHQWH GRDLUEDJIURQWDOGRFRQGXWRU
FRPRYHtFXORSDUDGR
Ɣ 1XQFDVHJXUDURYRODQWHQDSRVLomRGDV
Ɣ 9LUDUDDODYDQFDҧϜ)LJ  SDUDEDL[R KRXGHRXWUDPDQHLUDSRUH[HPSORQR
Ɣ $MXVWDURYRODQWHGHPRGRTXHRFRQGXWRUSRV FHQWURGRYRODQWH1RDFLRQDPHQWRGRDLUEDJ
VDVHJXUiORSHODERUGDH[WHUQDFRPDVGXDV IURQWDOGRFRQGXWRUSRGHPRFRUUHUIHULPHQ
PmRVHRVEUDoRVOLJHLUDPHQWHGREUDGRV SRVLomR WRVJUDYHVQRVEUDoRVQDVPmRVHQDFDEH
GDVKHK  oD ‹
Ɣ 3UHVVLRQDUDDODYDQFDFRPILUPH]DSDUDFLPD
DWpTXHHODHVWHMDDOLQKDGDFRPDFROXQDGDGLUH
omRҧϜ 
53&&

6HQWDUGHIRUPDFRUUHWDHVHJXUD 
'HVFDQVDEUDoRFHQWUDO

)LJ 'HVFDQVDEUDoRFHQWUDOGLDQWHLUR

)LJ 'HVFDQVDEUDoRFHQWUDOWUDVHLURGREUDGRFRPSRUWDREMHWRV VHWDSHTXHQD HVHPSRUWDREMHWRV

¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
$'9(57Ç1&,$
2GHVFDQVDEUDoRFHQWUDOSRGHUHVWULQJLUDOL
EHUGDGHGHPRYLPHQWRVGRVEUDoRVGRFRQ
'HVFDQVDEUDoRFHQWUDOGLDQWHLUR GXWRUHDVVLPFDXVDUDFLGHQWHVHIHULPHQWRV
JUDYHV
3DUDOHYDQWDUSX[DURGHVFDQVDEUDoRFHQWUDOJUD
GDWLYDPHQWHSDUDFLPDQRVHQWLGRGDVHWD Ɣ 0DQWHUVHPSUHRSRUWDREMHWRVGRGHVFDQ
ҧϜ)LJ VDEUDoRFHQWUDOIHFKDGRGXUDQWHDFRQGX
omR
3DUDDEDL[DUSX[DURGHVFDQVDEUDoRFHQWUDOLQ
Ɣ 1XQFDWUDQVSRUWDUXPDSHVVRDRXXPD
WHLUDPHQWHSDUDFLPD(PVHJXLGDDEDL[DURGHV
FULDQoDVREUHRGHVFDQVDEUDoRFHQWUDO(VWD
FDQVDEUDoRFHQWUDO
SRVLomRGHDFRPRGDomRLQFRUUHWDSRGHFDX
'HVFDQVDEUDoRFHQWUDOWUDVHLURHPYHtFXORV VDUIHULPHQWRVJUDYHV
FRPWUrVDVVHQWRVQREDQFRWUDVHLUR Ɣ 1XQFDFRORFDUEHELGDVRXOtTXLGRVTXHQ
1RHQFRVWRGREDQFRWUDVHLURFHQWUDOHQFRQWUDVH WHVQRSRUWDFRSRV(VWHVSRGHPVHUGHUUD
XPGHVFDQVDEUDoRFHQWUDOGREUiYHOҧϜ  PDGRVGXUDQWHDFRQGXomRHHPPDQREUDV
GHIUHQDJHPHGHGLUHomR b
'HVFDQVDEUDoRFHQWUDOWUDVHLURHPYHtFXORV
FRPGRLVDVVHQWRVQREDQFRWUDVHLUR
1RHQFRVWRGREDQFRWUDVHLURHQWUHRVGRLVDVVHQ
WRVKiXPGHVFDQVDEUDoRFHQWUDOGREUiYHO

 $QWHVGDFRQGXomR
127$
$RUHEDWHURGHVFDQVDEUDoRFHQWUDOWUDVHLUR
SDUDFLPDQmRSUHVVLRQDUDFREHUWXUDGRSRU
WDFRSRV2SRUWDFRSRVSRGHVHHVWHQGHUHVHU
GDQLILFDGR ‹
53&&

6HQWDUGHIRUPDFRUUHWDHVHJXUD 
)XQo}HVGREDQFR

¤ ,QWURGXomRDRWHPD
1HVWHFDStWXORHQFRQWUDPVHLQIRUPDo}HVUHODWLYDV
$'9(57Ç1&,$
DRVVHJXLQWHVWHPDV
$XWLOL]DomRLQDGHTXDGDGDVIXQo}HVGREDQ
$TXHFLPHQWRGREDQFR  
FRSRGHFDXVDUIHULPHQWRVJUDYHV
%DQFRVYHQWLODGRV  
Ɣ $QWHVGRLQtFLRGDFRQGXomRDGRWDUXPD
%DQFRFRPPHPyULD  
SRVLomRFRUUHWDGHDFRPRGDomRQREDQFRH
)XQomRGHPDVVDJHPSDUDDVFRVWDV   QmRPRGLILFiODGXUDQWHDFRQGXomR,VWR
5HEDWHURHQFRVWRGREDQFRGRSDVVDJHLUR WDPEpPpYiOLGRSDUDWRGRVRVSDVVDJHLURV
GLDQWHLURSDUDIUHQWH  
Ɣ 5HJXODUDYHQWLODomRGRVEDQFRVYHQWLOD
,QIRUPDo}HVHDOHUWDVFRPSOHPHQWDUHV GRVDSHQDVFRPRYHtFXORSDUDGR
Ɣ $MXVWDUDSRVLomRGREDQFRҧϜ3iJLQD Ɣ $MXVWDUREDQFRFRPPHPyULDDSHQDV
FRPRYHtFXORSDUDGR
Ɣ &LQWRVGHVHJXUDQoDҧϜ3iJLQD
Ɣ $WLYDUHGHVDWLYDUDIXQomRGHPDVVDJHP
Ɣ 6LVWHPDGHDLUEDJҧϜ3iJLQD QDVFRVWDVVRPHQWHFRPRYHtFXORSDUDGR
Ɣ &DGHLUDVGHFULDQoDVҧϜ3iJLQD Ɣ 0DQWHUPmRVGHGRVRXRXWUDVSDUWHVGR
Ɣ (VSHOKRVUHWURYLVRUHVH[WHUQRVҧϜ3iJLQD FRUSRORQJHGDViUHDVGHIXQFLRQDPHQWRHGH
DMXVWHGRVEDQFRV ‹

$TXHFLPHQWRGREDQFR

)LJ 1RFRQVROHFHQWUDOERW}HVGRDTXHFLPHQ )LJ 1RFRQVROHFHQWUDOWUDVHLURUHJXODGRUHV


WRGRVEDQFRVGLDQWHLURV GRDTXHFLPHQWRGRVEDQFRVWUDVHLURV

¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
Ɣ $VXSHUItFLHGREDQFRHVWi~PLGDRXPROKDGD
Ɣ $WHPSHUDWXUDQRLQWHULRUGRYHtFXORRXDWHP
SHUDWXUDH[WHUQDpVXSHULRUDƒ& ƒ) 

$VXSHUItFLHGRVEDQFRVSRGHVHUDTXHFLGDHOHWUL $FDGDGHVOLJDPHQWRGDLJQLomRDPERVRVDTXHFL
FDPHQWHFRPDLJQLomROLJDGD(PDOJXPDVYHU PHQWRVGRVEDQFRVVmRGHVOLJDGRV6HDLJQLomR
V}HVGHEDQFRRHQFRVWRGREDQFRWDPEpPp IRUOLJDGDQRYDPHQWHGHQWURGHDSUR[LPDGDPHQWH
DTXHFLGR PLQXWRVR~OWLPRQtYHOGHDTXHFLPHQWRFRQILJX
UDGDSDUDREDQFRGRFRQGXWRUpDXWRPDWLFDPHQWH
'LDQWHGHXPDGDVVHJXLQWHVFRQGLo}HVQmROLJDU DWLYDGD6HQHFHVViULRRDTXHFLPHQWRGREDQFR
RDTXHFLPHQWRGREDQFR GREDQFRGRSDVVDJHLURGLDQWHLURGHYHUiVHUOLJD
Ɣ 2EDQFRQmRHVWiVHQGRXWLOL]DGR GRQRYDPHQWHDSyVOLJDUDLJQLomR
Ɣ 2EDQFRHVWiFREHUWRFRPXPDFDSDSURWHWRUD 2DTXHFLPHQWRGREDQFRGRSDVVDJHLURGLDQWHLUR
Ɣ +iXPDFDGHLUDGHFULDQoDLQVWDODGDVREUHR pGHVOLJDGRDXWRPDWLFDPHQWHTXDQGRQmRKRXYHU
EDQFR QHQKXPDSHVVRDQREDQFR b

 $QWHVGDFRQGXomR
)XQomR 2SHUDomRGHDTXHFLPHQWRGRVEDQFRV 2SHUDomRGHDTXHFLPHQWRGRVEDQFRV
ҧϜ)LJ
GLDQWHLURVҧ WUDVHLURVҧϜ)LJ
/LJDU 3UHVVLRQDURERWmR A RX e 2DTXHFL *LUDURUHJXODGRUDWpRQtYHOGRDTXHFL
PHQWRGRVEDQFRVpOLJDGRFRPDPi[L PHQWRGHVHMDGR
PDSRWrQFLDGHDTXHFLPHQWR
5HJXODUDSRWrQFLD 3UHVVLRQDUUHSHWLGDPHQWHRERWmR A *LUDURUHJXODGRUSDUDXPRXWURQtYHOGR
GHDTXHFLPHQWR RX e DWpTXHDSRWrQFLDGHDTXHFLPHQWR DTXHFLPHQWR
GHVHMDGDHVWHMDUHJXODGD
'HVOLJDU 3UHVVLRQDURERWmR A RX e DWpTXHQH *LUDURUHJXODGRUDWp
QKXPDOX]GHFRQWUROHHVWHMDDFHVD
ҧϜ)LJ

6HDLJQLomRIRUGHVOLJDGDFRPRDTXHFLPHQWRGR $'9(57Ç1&,$ FRQWLQXDomR


EDQFRGRFRQGXWRUOLJDGRRDMXVWHGRDTXHFLPHQ
Ɣ 1mRVHVHQWDUFRPURXSD~PLGDRXPROKD
WRGREDQFRGRFRQGXWRUSHUPDQHFHDUPD]HQDGR
GDQREDQFR
DWpQRPi[LPRPLQXWRVGHSRLVGDSUy[LPDYH]
TXHDLJQLomRIRUOLJDGD Ɣ 1mRFRORFDUSHoDVGHURXSDHREMHWRV
~PLGRVRXPROKDGRVVREUHREDQFR
$'9(57Ç1&,$ Ɣ 1mRGHVSHMDUOtTXLGRVVREUHREDQFR
3HVVRDVTXHWHQKDPSHUFHSomRUHGX]LGDGH
GRUHVRXGHWHPSHUDWXUDHPUD]mRGRFRQVX 127$
PRGHPHGLFDPHQWRVGHSDUDOLVLDVRXSRU Ɣ 3DUDQmRGDQLILFDURVHOHPHQWRVGRDTXHFL
FRQWDGHGRHQoDVFU{QLFDVFRPRSRUH[HP PHQWRGREDQFRQmRVHDMRHOKDUVREUHRVEDQ
SORGLDEHWHVSRGHPVRIUHUTXHLPDGXUDVQDV FRVRXVREUHFDUUHJDUDVXSHUItFLHGREDQFRHR
FRVWDVQRVJO~WHRVHQDVSHUQDVFRPDXWLOL HQFRVWRGREDQFRGHPDQHLUDSRQWXDO
]DomRGRDTXHFLPHQWRGREDQFR(VVDVTXHL Ɣ /tTXLGRVREMHWRVSRQWLDJXGRVHPDWHULDLV
PDGXUDVSRGHPGHPDQGDUXPORQJRSHUtRGR LVRODQWHVFRPRSRUH[HPSORXPDFDSDSURWH
GHFXUDRXQmRVHUHPFXUDGDVWRWDOPHQWH WRUDRXXPDFDGHLUDGHFULDQoDFRORFDGRVVR
&RQVXOWDUXPPpGLFRSDUDVHLQIRUPDUVREUH EUHREDQFRSRGHPGDQLILFDURDTXHFLPHQWR
RSUySULRHVWDGRGHVD~GH GREDQFR
Ɣ 3HVVRDVFRPSHUFHSomRUHGX]LGDGHGR Ɣ (PFDVRGHIRUPDomRGHRGRUHVRDTXHFL
UHVRXGHWHPSHUDWXUDQmRGHYHPXVDUR PHQWRGREDQFRGHYHVHUGHVOLJDGRLPHGLDWD
DTXHFLPHQWRGRVEDQFRV PHQWHHYHULILFDGRSRUXPD&RQFHVVLRQiULD
9RONVZDJHQ
$'9(57Ç1&,$
'HL[DURDTXHFLPHQWRGREDQFROLJDGRVR
(QFKDUFDURHVWRIDPHQWRSRGHFDXVDUIDOKD
PHQWHHQTXDQWRQHFHVViULR&DVRFRQWUiULR
QDVIXQo}HVGRDTXHFLPHQWRGREDQFRHDX
KDYHUiXPFRQVXPRGHVQHFHVViULRGHFRPEXVWt
PHQWDURULVFRGHTXHLPDGXUDV
YHO ‹
Ɣ $WHQWDUSDUDTXHDVXSHUItFLHGREDQFRHV
WHMDVHFDDQWHVGHXVDURDTXHFLPHQWRGR
EDQFR
53&&

6HQWDUGHIRUPDFRUUHWDHVHJXUD 
%DQFRVYHQWLODGRV
$SyVGHVOLJDUHOLJDUDLJQLomRDYHQWLODomRGR
EDQFRSUHFLVDVHUOLJDGDQRYDPHQWHVHQHFHVVi
ULR

5HJXODURQtYHOGHYHQWLODomR
Ɣ (PSXUUDURLQWHUUXSWRUGRYHQWLODGRU  DWpR
EDWHQWHHPGLUHomRD ± SDUDUHJXODURQtYHOEDL[R
GHYHQWLODomR
Ɣ (PSXUUDURLQWHUUXSWRUGRYHQWLODGRU  DWpD
SRVLomRFHQWUDOSDUDUHJXODURQtYHOPpGLRGHYHQ
WLODomR
Ɣ (PSXUUDURLQWHUUXSWRUGRYHQWLODGRU  DWpR
EDWHQWHHPGLUHomRD  SDUDUHJXODURQtYHODOWR
GHYHQWLODomR
)LJ 1RDVVHQWRGLDQWHLURLQWHUUXSWRUSDUDD 6HDOX]GHFRQWUROHGREDQFRGLDQWHLUR  SLVFDU
YHQWLODomRGRDVVHQWR KDYHUiXPDDYDULD$YHQWLODomRGREDQFRGHYH
VHUYHULILFDGDSRUXPD&RQFHVVLRQiULD9RONVZD
¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
JHQ

$'9(57Ç1&,$
$VXSHUItFLHHRHQFRVWREHPFRPRDVEDQDQDV 3HVVRDVTXHWHQKDPSHUFHSomRUHGX]LGDGH
GRDVVHQWRHGRHQFRVWRGRVEDQFRVGLDQWHLURV GRUHVRXGHWHPSHUDWXUDHPUD]mRGRFRQVX
SRGHPVHUYHQWLODGRVLQWHUQDPHQWHHPWUrVQtYHLV PRGHPHGLFDPHQWRVGHSDUDOLVLDVRXSRU
EDL[RPpGLRHDOWR ҧϜ  FRQWDGHGRHQoDVFU{QLFDVFRPRSRUH[HP
SORGLDEHWHVSRGHPVRIUHUTXHLPDGXUDVSRU
2EDQFRpYHQWLODGRFRPRDUGRLQWHULRUGRYHtFXOR
IULRQDVFRVWDVQRVJO~WHRVHQDVSHUQDV
HFRPLVVRDXPLGDGHGRFRUSRVHGLVVLSD1mR
FRPDXWLOL]DomRGDYHQWLODomRGRVEDQFRV
RFRUUHXPUHVIULDPHQWRLPHGLDWRGREDQFR
(VVDVTXHLPDGXUDVSRGHPGHPDQGDUXP
(PFRQGXo}HVPDLVORQJDVD9RONVZDJHQUHFR ORQJRSHUtRGRGHFXUDRXQmRVHUHPFXUDGDV
PHQGDDMXVWDUXPQtYHOGHYHQWLODomREDL[RSDUDD WRWDOPHQWH
YHQWLODomRGREDQFR Ɣ 3HVVRDVFRPSHUFHSomRUHGX]LGDGHGR
/LJDURXGHVOLJDUDYHQWLODomRGREDQFR UHVRXGHWHPSHUDWXUDQmRGHYHPXVDUDYHQ
WLODomRGRVEDQFRV
Ɣ /LJDUDLJQLomR
Ɣ 3UHVVLRQDURERWmRҧϜ)LJ  SDUDOLJDUD $YHQWLODomRGRVEDQFRVOLJDGDFDXVDUXtGRV
YHQWLODomRGREDQFR$OX]GHFRQWUROHGREDQFR ,VWRpQRUPDOHQmRGHYHFDXVDUSUHRFXSD
GLDQWHLUR  VHDFHQGH omR ‹
Ɣ 3UHVVLRQDURERWmR  SDUDGHVOLJDUDYHQWLOD
omRGREDQFR$OX]GHFRQWUROHGREDQFRGLDQWHLUR
 VHDSDJD

 $QWHVGDFRQGXomR
%DQFRFRPPHPyULD
$FHVVDURVDMXVWHVGREDQFRGRFRQGXWRUH
GRVHVSHOKRVUHWURYLVRUHVH[WHUQRV
Ɣ &RPRYHtFXORSDUDGRHDLJQLomROLJDGDWRFDU
EUHYHPHQWHRERWmRGDPHPyULDFRUUHVSRQGHQWH
Ɣ 28FRPDLJQLomRGHVOLJDGDPDQWHURERWmR
GDPHPyULDSUHVVLRQDGRDWpDOFDQoDUDSRVLomR
JUDYDGD
Ɣ 2HVSHOKRUHWURYLVRUH[WHUQRGLUHLWRGHL[DDSR
)LJ 3DUWHH[WHUQDGREDQFRGRFRQGXWRUER
VLomRJUDYDGDSDUDDPDUFKDDUpDXWRPDWLFDPHQ
W}HVGHPHPyULD
WHTXDQGRRYHtFXORLQLFLDDPDUFKDjIUHQWHFRP
QRPtQLPRNPK PSK RXTXDQGRRERWmR
¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
URWDWLYRpJLUDGRSDUDRXWUDSRVLomRDSDUWLUGDSR
VLomR5

$WLYDUDIXQomRGHPHPyULDGDFKDYHGR
&RPRVERW}HVGHPHPyULDWUrVDMXVWHVGLIHUHQWHV YHtFXOR
SDUDREDQFRGRFRQGXWRUHSDUDRVHVSHOKRVUH
Ɣ 'HVWUDYDUDSRUWDGRFRQGXWRU
WURYLVRUHVH[WHUQRVSRGHPVHUVDOYRVHDFHVVDGRV
QRYDPHQWH Ɣ 3UHVVLRQDURERWmRGDPHPyULDSUHIHULGR
ҧϜ)LJHPDQWHUSUHVVLRQDGRDWpRILQDOGRSUR
%RW}HVGDPHPyULD FHVVRGHDWLYDomR
3DUDFDGDXPGRVERW}HVGDPHPyULDpSRVVtYHO Ɣ 6HQHFHVViULRDJXDUGDUDWpTXHREDQFRVH
DWULEXLUDMXVWHVSDUDREDQFRGRFRQGXWRUHSDUDRV PRYLPHQWHDWpDSRVLomRGREDQFRJUDYDGDQRER
HVSHOKRVUHWURYLVRUHVH[WHUQRV WmRGDPHPyULD(QTXDQWRLVVRPDQWHURERWmRGD
PHPyULDSUHVVLRQDGR
*UDYDURVDMXVWHVGREDQFRGRFRQGXWRUH
GRVHVSHOKRVUHWURYLVRUHVH[WHUQRVSDUD Ɣ 0DQWHURERWmRGDPHPyULDSUHVVLRQDGRH
GHQWURGHVHJXQGRVSUHVVLRQDURERWmRGH
PDUFKDjIUHQWH
DEHUWXUD  GDFKDYHGRYHtFXOR8PVLQDOGHJRQ
Ɣ /LJDURIUHLRGHHVWDFLRQDPHQWRHOHWU{QLFR JRFRQILUPDDDWLYDomR
Ɣ &RORFDUDWUDQVPLVVmRQDSRVLomRQHXWUD
'HVDWLYDUDIXQomRGHPHPyULDGDFKDYHGR
Ɣ /LJDUDLJQLomR
YHtFXOR
Ɣ $MXVWDUREDQFRGRFRQGXWRUHRVHVSHOKRVUH
Ɣ 3UHVVLRQDURERWmR 3%4 ҧϜ)LJHPDQWHUSUHV
WURYLVRUHVH[WHUQRV
VLRQDGRDWpRILQDOGRSURFHVVRGHGHVDWLYDomR
Ɣ 3UHVVLRQDURERWmR 3%4 SRUPDLVGHXPVHJXQ
Ɣ 0DQWHURERWmRGDPHPyULDSUHVVLRQDGRH
GRҧϜ)LJ
GHQWURGHVHJXQGRVSUHVVLRQDURERWmRGH
Ɣ 3UHVVLRQDURERWmRGDPHPyULDGHVHMDGRSRU DEHUWXUD  GDFKDYHGRYHtFXOR8PVLQDOGHJRQ
DSUR[LPDGDPHQWHVHJXQGRV8PVLQDOGHJRQ JRFRQILUPDDGHVDWLYDomR
JRFRQILUPDDPHPRUL]DomR
$WULEXLURVDMXVWHVGREDQFRGRFRQGXWRUH
$UPD]HQDURVDMXVWHVGRHVSHOKRUHWURYLVRU GRVHVSHOKRVUHWURYLVRUHVH[WHUQRVDXPD
H[WHUQRGLUHLWRSDUDPDUFKDDUp FKDYHGRYHtFXOR
Ɣ /LJDURIUHLRGHHVWDFLRQDPHQWRHOHWU{QLFR Ɣ $WLYDUDIXQomRGHPHPyULDGDFKDYHGRYHtFX
Ɣ &RORFDUDWUDQVPLVVmRQDSRVLomRQHXWUD OR
Ɣ /LJDUDLJQLomR Ɣ 'HVWUDYDURYHtFXORFRPDPHVPDFKDYHGR
Ɣ 3UHVVLRQDURERWmRGDPHPyULDGHVHMDGR YHtFXOR
Ɣ (QJDWDUDPDUFKDDUp Ɣ $MXVWDURVHVSHOKRVUHWURYLVRUHVH[WHUQRVHR
EDQFRGRFRQGXWRU
Ɣ $MXVWDURHVSHOKRUHWURYLVRUH[WHUQRGLUHLWRGH
PRGRTXHDERUGDGRPHLRILRSRVVDVHUEHPYL Ɣ 7UDYDURYHtFXORFRPRERWmRGHWUDYDPHQWR ‘
VXDOL]DGD GDFKDYHGRYHtFXORSDUDJUDYDURVDMXVWHV b
53&&

Ɣ $SRVLomRGRHVSHOKRUHWURYLVRUDMXVWDGDpVDO
YDDXWRPDWLFDPHQWHHDWULEXtGDjFKDYHGRYHtFXOR
FRPDTXDORYHtFXORIRLGHVWUDYDGR

6HQWDUGHIRUPDFRUUHWDHVHJXUD 
$SyVRSURFHVVRGHJUDYDomRREDQFRGRFRQGX Ɣ $EULUDSRUWDGRFRQGXWRUHQmRHQWUDUQRYHtFX
WRUHRVHVSHOKRVUHWURYLVRUHVH[WHUQRVDVVXPHP OR
DXWRPDWLFDPHQWHDSRVLomRDUPD]HQDGDVHRYHt Ɣ &RPDQGDURVDMXVWHVGREDQFRGRODGRGHIRUD
FXORIRUGHVWUDYDGRFRPRERWmRGHDEHUWXUD  GD
Ɣ $MXVWDUDLQFOLQDomRGRHQFRVWRGREDQFRSDUD
FKDYHGRYHtFXORRXFRPRVLVWHPDGHWUDYDPHQWR
IUHQWHDWpREDWHQWH
HGHSDUWLGDVHPFKDYH.H\OHVV$FFHVV
ҧϜ3iJLQDHDSRUWDGRFRQGXWRUIRUDEHUWD Ɣ 6ROWDURLQWHUUXSWRUGHDMXVWHGDLQFOLQDomRH
DFLRQDUDDODYDQFDQRYDPHQWHDWpRXYLUXPVLQDO
,QLFLDOL]DURVEDQFRVFRPPHPyULD GHJRQJR ‹
6HSRUH[HPSORREDQFRGRFRQGXWRUWLYHUVLGR
WURFDGRRVLVWHPDGHPHPyULDSUHFLVDUiVHULQLFLD
OL]DGR
$LQLFLDOL]DomRDSDJDWRGDVDVPHPyULDVHDWULEXL
o}HVGREDQFRFRPPHPyULD2VERW}HVGDPH
PyULDSRGHPVHUUHSURJUDPDGRVSRVWHULRUPHQWHH
DWULEXtGRVDXPDFKDYHGRYHtFXOR

)XQomRGHPDVVDJHPSDUDDVFRVWDV

¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD

1DIXQomRGHPDVVDJHPSDUDDVFRVWDVRDSRLR
ORPEDUVHPRYLPHQWDHDVVLPPDVVDJHLDDUHJL
mRORPEDUGDVFRVWDV'XUDQWHDRSHUDomRR
DEDXODPHQWRGRDSRLRORPEDUSRGHVHUDMXVWDGD
LQGLYLGXDOPHQWHFRPRUHVSHFWLYRLQWHUUXSWRU
ҧϜ3iJLQD

)LJ 3DUWHH[WHUQDGREDQFRGLDQWHLURERW}HV
GDIXQomRGHPDVVDJHPSDUDDVFRVWDV

)XQomR $omR
/LJDU 3UHVVLRQDURERWmR R QRFDPSRGHFRPDQGRGREDQFR
'HVOLJDU 3UHVVLRQDUQRYDPHQWHRERWmR R QRFDPSRGHFRPDQGRGREDQFR
'HVOLJDPHQWRDXWRPiWLFR $SyVDSUR[LPDGDPHQWHPLQXWRVDIXQomRGHPDVVDJHPSDUDDV
FRVWDVVHGHVOLJDDXWRPDWLFDPHQWH ‹

 $QWHVGDFRQGXomR
5HEDWHURHQFRVWRGREDQFRGRSDVVDJHLURGLDQWHLURSDUDIUHQWH

)LJ 5HEDWHURHQFRVWRGREDQFRGRSDVVDJHL )LJ 'HVWUDYDURHQFRVWRGREDQFRGRSDVVD


URGLDQWHLURSDUDIUHQWH JHLURGLDQWHLURUHEDWtYHO

¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
5HEDWHURHQFRVWRGREDQFRGRSDVVDJHLUR
GLDQWHLURGHYROWD
Ɣ $RUHEDWHURHQFRVWRGHYROWDQmRSRGHKDYHU
REMHWRVRXSDUWHVGRFRUSRQDUHJLmRGDVGREUDGL
2HQFRVWRGREDQFRGRSDVVDJHLURGLDQWHLURSRGH oDV
VHUUHEDWLGRHWUDYDGRHPXPDSRVLomRKRUL]RQWDO
Ɣ 3DUDUHEDWHURHQFRVWRGREDQFRGRSDVVDJHLUR
$RWUDQVSRUWDUREMHWRVVREUHRHQFRVWRGREDQFR GLDQWHLURGHYROWDGHVWUDYDU  
GRSDVVDJHLURGLDQWHLURUHEDWLGRRDLUEDJIURQWDO Ɣ 5HEDWHURHQFRVWRGREDQFRGRSDVVDJHLURGL
GRSDVVDJHLURGHYHVHUGHVOLJDGRҧϜ3iJLQD DQWHLURSDUDWUiVQDSRVLomRYHUWLFDO2HQFRVWRGR
5HEDWHURHQFRVWRGREDQFRGRSDVVDJHLUR EDQFRGHYHVHWUDYDUGHIRUPDVHJXUD
GLDQWHLURSDUDIUHQWH
$'9(57Ç1&,$
Ɣ 5HPRYHUREMHWRVGRDVVHQWRGREDQFRGRSDV
VDJHLURGLDQWHLURҧϜ  5HEDWHURVHQFRVWRVGREDQFRGRSDVVDJHLUR
Ɣ $MXVWDUDDOWXUDGREDQFRGRSDVVDJHLURWRWDO GLDQWHLURSDUDIUHQWHRXGHYROWDGHPDQHLUD
PHQWHSDUDEDL[RҧϜ3iJLQD GHVFRQWURODGDRXGHVDWHQWDSRGHFDXVDUIHUL
PHQWRVJUDYHV
Ɣ (PSXUUDURDSRLRSDUDFDEHoDWRWDOPHQWHSDUD
EDL[RҧϜ3iJLQD Ɣ 6RPHQWHUHEDWHURHQFRVWRGREDQFRGR
SDVVDJHLURGLDQWHLURSDUDIUHQWHHSDUDWUiV
Ɣ 'HVWUDYDURHQFRVWRGREDQFRGRSDVVDJHLUR FRPRYHtFXORSDUDGR
GLDQWHLURQRVHQWLGRGDVHWDҧϜ)LJ  
Ɣ (QTXDQWRRHQFRVWRGREDQFRGRSDVVD
Ɣ 5HEDWHURHQFRVWRGREDQFRGRSDVVDJHLURGL JHLURGLDQWHLURHVWLYHUUHEDWLGRSDUDIUHQWHR
DQWHLURSDUDIUHQWHQRVHQWLGRGDVHWD  QDSRVL DLUEDJGLDQWHLURSUHFLVDHVWDUGHVOLJDGRHD
omRKRUL]RQWDO OX]GHFRQWUROH3$66(1*(5$,5%$*/&&
Ɣ 2HQFRVWRGREDQFRGRSDVVDJHLURGLDQWHLURUH GHYHHVWDUDFHVD
EDWLGRSDUDEDL[RGHYHVHUWUDYDGRGHIRUPDVHJX Ɣ 0DQWHUPmRVGHGRVHSpVRXRXWUDVSDU
UD WHVGRFRUSRORQJHGDiUHDGHIXQFLRQDPHQWR
GDVGREUDGLoDVGREDQFRHGRPHFDQLVPRGH
WUDYDPHQWRGREDQFRDRUHEDWHURHQFRVWR
SDUDIUHQWHHGHYROWD
Ɣ 7DSHWHVHRXWURVREMHWRVSRGHPVHSUHQ
GHUQDVGREUDGLoDVGRHQFRVWRGREDQFRGR
SDVVDJHLURGLDQWHLUR,VVRSRGHID]HUFRP b
53&&

6HQWDUGHIRUPDFRUUHWDHVHJXUD 
$'9(57Ç1&,$ FRQWLQXDomR $'9(57Ç1&,$
TXHRHQFRVWRGREDQFRGRSDVVDJHLURGLDQ $VDQFRUDJHQVDEHUWDVHDVGREUDGLoDVGR
WHLURQmRVHWUDYHDRVHUUHEDWLGRGHYROWDSD HQFRVWRGREDQFRGRSDVVDJHLURGLDQWHLURUH
UDDSRVLomRYHUWLFDO EDWLGRSDUDIUHQWHSRGHPRFDVLRQDUIHULPHQ
Ɣ $RUHEDWHUGHYROWDRHQFRVWRGREDQFR WRVJUDYHVHPFDVRGHDFLGHQWHRXGHXPD
GRSDVVDJHLURGLDQWHLURGHYHVHUWUDYDGRGH PDQREUDGHIUHQDJHP
PDQHLUDVHJXUDQDSRVLomRYHUWLFDO8PHQ Ɣ $GXOWRVRXFULDQoDVQXQFDGHYHPVHU
FRVWRGREDQFRGRSDVVDJHLURGLDQWHLURQmR WUDQVSRUWDGRVQREDQFRGRSDVVDJHLURGLDQ
WUDYDGRGHPDQHLUDVHJXUDSRGHVHPRYHU WHLURFRPRHQFRVWRUHEDWLGRSDUDIUHQWH
VXELWDPHQWHHRFDVLRQDUIHULPHQWRVJUDYHV
Ɣ 6HRHQFRVWRGREDQFRGRSDVVDJHLURGL
DQWHLURHVWLYHUUHEDWLGRSDUDIUHQWHVRPHQWH
RDVVHQWRODWHUDOGREDQFRWUDVHLURDWUiVGR
EDQFRGRFRQGXWRUSRGHUiVHURFXSDGR,VWR
YDOHWDPEpPSDUDFULDQoDVHPFDGHLUDVGH
FULDQoD ‹

 $QWHVGDFRQGXomR
&LQWRVGHVHJXUDQoD

¤ ,QWURGXomRDRWHPD
1HVWHFDStWXORHQFRQWUDPVHLQIRUPDo}HVUHODWLYDV $'9(57Ç1&,$ FRQWLQXDomR
DRVVHJXLQWHVWHPDV
Ɣ &LQWRVGHVHJXUDQoDVmRRPHLRPDLVHIL
/X]GHDGYHUWrQFLD   FLHQWHSDUDUHGX]LURULVFRGHIHULPHQWRVJUD
$FLGHQWHVIURQWDLVHDVOHLVGDItVLFD   YHVHIDWDLVHPFDVRGHDFLGHQWH3DUDSURWH
2TXHDFRQWHFHFRPRVRFXSDQWHVGR omRGRFRQGXWRUHGHWRGRVRVRFXSDQWHVGR
YHtFXORVHPFLQWRGHVHJXUDQoD   YHtFXORRVFLQWRVGHVHJXUDQoDGHYHPHVWDU
3URWHomRGRVFLQWRVGHVHJXUDQoD   VHPSUHEHPFRORFDGRVTXDQGRRYHtFXORHV
WLYHUHPPRYLPHQWR
0DQXVHLRGRVFLQWRVGHVHJXUDQoD  
&RORFDURXWLUDURFLQWRGHVHJXUDQoD   Ɣ 7RGRVRVRFXSDQWHVGRYHtFXORGHYHPDV
3RVLomRGRFDGDUoRGRFLQWRGHVHJXUDQoD   VXPLUVHPSUHDSRVLomRFRUUHWDQREDQFR
FRORFDUFRUUHWDPHQWHRUHVSHFWLYRFLQWRGH
5HJXODJHPGHDOWXUDGRFLQWRGHVHJXUDQoD  
VHJXUDQoDDQWHVGDYLDJHPHPDQWrORFROR
(QURODGRUGRFLQWRGHVHJXUDQoDDXWRPiWLFR FDGRFRUUHWDPHQWHGXUDQWHDFRQGXomR,VWR
SUpWHQVLRQDGRUGRFLQWRGHVHJXUDQoDH pYiOLGRSDUDWRGRVRVSDVVDJHLURVWDPEpP
OLPLWDGRUGHIRUoDGRFLQWRGHVHJXUDQoD   QRWUiIHJRXUEDQR
6HUYLoRHGHVFDUWHGRVSUpWHQVLRQDGRUHV
Ɣ 3URWHJHUDVFULDQoDVQRYHtFXORGXUDQWHD
GRVFLQWRVGHVHJXUDQoD  
FRQGXomRFRPXPVLVWHPDGHUHWHQomRSDUD
9HULILFDUUHJXODUPHQWHRHVWDGRGHWRGRVRVFLQWRV FULDQoDVFRUUHVSRQGHQWHDRSHVRHjHVWDWXUD
GHVHJXUDQoD(PFDVRGHDYDULDVQRFDGDUoRGR GDFULDQoDEHPFRPRFRPRVFLQWRVGHVH
FLQWRGHVHJXUDQoDOLJDo}HVGRFLQWRGHVHJXUDQ JXUDQoDFRUUHWDPHQWHFRORFDGRV
oDHQURODGRUDXWRPiWLFRGRFLQWRGHVHJXUDQoDRX ҧϜ3iJLQD
IHFKRGRFLQWRGHVHJXUDQoDRUHVSHFWLYRFLQWRGH Ɣ 3DUWLUVRPHQWHTXDQGRWRGRVRVSDVVDJHL
YHVHUVXEVWLWXtGRLPHGLDWDPHQWHSRUXPDHPSUH URVHVWLYHUHPFRPRFLQWRGHVHJXUDQoDFROR
VDHVSHFLDOL]DGDҧϜ (PSUHVDVHVSHFLDOL]DGDV FDGRFRUUHWDPHQWH
GHYHPXWLOL]DUSHoDVGHUHSRVLomRFRUUHWDVFRP Ɣ (QFDL[DUDOLQJXHWDGRFLQWRGHVHJXUDQoD
SDWtYHLVFRPRYHtFXORFRPDYHUVmRHFRPRDQR VRPHQWHQRIHFKRGRFLQWRGHVHJXUDQoDGR
PRGHOR3DUDLVVRD9RONVZDJHQUHFRPHQGDDV EDQFRFRUUHVSRQGHQWHHIL[DUILUPHPHQWH2
&RQFHVVLRQiULDV9RONVZDJHQ XVRGHXPIHFKRGRFLQWRGHVHJXUDQoDQmR
SHUWHQFHQWHDRUHVSHFWLYREDQFRUHGX]DSUR
,QIRUPDo}HVHDOHUWDVFRPSOHPHQWDUHV
WHomRHSRGHFDXVDUIHULPHQWRVJUDYHV
Ɣ $MXVWDUDSRVLomRGREDQFRҧϜ3iJLQD
Ɣ -DPDLVGHL[DUREMHWRVHVWUDQKRVRXOtTXL
Ɣ 6LVWHPDGHDLUEDJҧϜ3iJLQD GRVSHQHWUDUHPQRVHQJDWHVGRVIHFKRVGRV
Ɣ &DGHLUDVGHFULDQoDVҧϜ3iJLQD FLQWRVGHVHJXUDQoD,VWRSRGHOLPLWDUDIXQ
Ɣ 3RUWDREMHWRVҧϜ3iJLQD FLRQDOLGDGHGRVIHFKRVGRVFLQWRVGHVHJX
UDQoDHGRVFLQWRVGHVHJXUDQoD
Ɣ &RQVHUYDUHOLPSDURLQWHULRUGRYHtFXOR
ҧϜ3iJLQD Ɣ 1XQFDWLUDURFLQWRGHVHJXUDQoDGXUDQWH
DFRQGXomR
Ɣ $FHVVyULRVUHSRVLomRGHSHoDVUHSDURVHPR
GLILFDo}HVҧϜ3iJLQD Ɣ &RORFDUVHPSUHXPFLQWRGHVHJXUDQoD
SRUSHVVRD
$'9(57Ç1&,$ Ɣ 1XQFDWUDQVSRUWDUFULDQoDVRXEHErVQR
FRORHFRORFDURPHVPRFLQWRGHVHJXUDQoD
&LQWRVGHVHJXUDQoDQmRFRORFDGRVRXFROR
FDGRVLQFRUUHWDPHQWHDXPHQWDPRULVFRGH Ɣ 1mRFRQGX]LUFRPURXSDVVROWDVSRU
IHULPHQWRVJUDYHVRXIDWDLV$SURWHomRLGHDO H[HPSORXPFDVDFRVREUHXPSDOHWySRLV
GRVFLQWRVGHVHJXUDQoDpREWLGDDSHQDV LVWRUHVWULQJHRDVVHQWDPHQWRFRUUHWRHDIXQ
TXDQGRRVFLQWRVGHVHJXUDQoDIRUHPFROR FLRQDOLGDGHGRFLQWRGHVHJXUDQoD b
53&&

FDGRVHXWLOL]DGRVFRUUHWDPHQWH

6HQWDUGHIRUPDFRUUHWDHVHJXUD 
$'9(57Ç1&,$ $'9(57Ç1&,$ FRQWLQXDomR

&LQWRVGHVHJXUDQoDGDQLILFDGRVUHSUHVHQ ZDJHQ&LQWRVGHVHJXUDQoDTXHIRUDPXWLOL
WDPXPJUDQGHSHULJRHSRGHPFDXVDUIHUL ]DGRVGXUDQWHXPDFLGHQWHHSRULVVRVRIUH
PHQWRVJUDYHVRXIDWDLV UDPDORQJDPHQWRGHYHPVHUVXEVWLWXtGRV
SRUXPD&RQFHVVLRQiULD9RONVZDJHQ$VXE
Ɣ 1XQFDGDQLILFDURFLQWRGHVHJXUDQoD VWLWXLomRSRGHUiVHUQHFHVViULDPHVPRVH
SUHQVDQGRRQDSRUWDRXQRPHFDQLVPRGR QmRKRXYHUXPGDQRYLVtYHO$OpPGLVVRDV
EDQFR DQFRUDJHQVGRVFLQWRVGHVHJXUDQoDGHYHP
Ɣ 6HRWHFLGRGRFLQWRGHVHJXUDQoDRXRX VHUYHULILFDGDV
WUDVSHoDVGRFLQWRGHVHJXUDQoDHVWLYHUHP Ɣ 1XQFDWHQWDUUHSDUDUPRGLILFDURXGHV
GDQLILFDGDVRVFLQWRVGHVHJXUDQoDSRGHP PRQWDURVFLQWRVGHVHJXUDQoDSRUFRQWD
VHURPSHUHPXPDFLGHQWHRXHPXPDPDQR SUySULD4XDLVTXHUUHSDURVQRFLQWRGHVHJX
EUDGHIUHQDJHPEUXVFD UDQoDQRHQURODGRUDXWRPiWLFRHHPSHoDV
Ɣ 6XEVWLWXLULPHGLDWDPHQWHRVFLQWRVGHVH GHIHFKRVRPHQWHSRGHPVHUUHDOL]DGRVSRU
JXUDQoDGDQLILFDGRVSRUQRYRVFLQWRVGHVH XPD&RQFHVVLRQiULD9RONVZDJHQ ‹
JXUDQoDOLEHUDGRVSDUDRYHtFXORSHOD9RONV

/X]GHDGYHUWrQFLD

)LJ ,QGLFDGRUGHVWDWXVGRFLQWRGHVHJXUDQoD
QRLQVWUXPHQWRFRPELQDGRSDUDRVDVVHQWRVWUD
VHLURV
)LJ /X]GHDGYHUWrQFLDGRLQVWUXPHQWRFRPEL
QDGR

¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQIRUPDo}HVLQWURGXWyULDVHDVLQGLFDo}HVGHVHJXUDQ
oD QDSiJLQD

$FHVR
RXSLV &DXVDSRVVtYHO 6ROXomR
FDQGR
&LQWRGHVHJXUDQoDGRFRQGXWRUHGRSDV
VDJHLURGLDQWHLURQmRFRORFDGRVFRPR &RORFDURVFLQWRVGHVHJXUDQoD
i EDQFRGRSDVVDJHLURGLDQWHLURRFXSDGR
28REMHWRVHQFRQWUDPVHVREUHREDQFR 5HWLUDURVREMHWRVGREDQFRGRSDVVDJHLURGLDQ
GRSDVVDJHLURGLDQWHLUR WHLURHJXDUGiORVFRPVHJXUDQoD

$ROLJDUDLJQLomRDOJXPDVOX]HVGHDGYHUWrQFLDH UDGRVGXUDQWHDYLDJHPXPVLQDOVRQRURUHVVRDUi
GHFRQWUROHVHDFHQGHPUDSLGDPHQWHSDUDYHULILFD GXUDQWHDOJXQVVHJXQGRV$GLFLRQDOPHQWHDOX]
omRGDIXQomR(ODVVHDSDJDPDSyVDOJXQVVH GHDGYHUWrQFLDSLVFDiҧϜ)LJ
JXQGRV
$OX]GHDGYHUWrQFLDiVRPHQWHVHDSDJDUiTXDQ
6HRVFLQWRVGHVHJXUDQoDQmRHVWLYHUHPFRORFD GRFRPDLJQLomROLJDGDRFRQGXWRUHRSDVVDJHL
GRVDQWHVGRLQtFLRGDFRQGXomRHDXPDYHORFLGD URGLDQWHLURWLYHUHPFRORFDGRRVUHVSHFWLYRVFLQWRV
GHVXSHULRUDDSUR[LPDGDPHQWHNPK GHVHJXUDQoD b
PSK RXVHRVFLQWRVGHVHJXUDQoDIRUHPUHWL

 $QWHVGDFRQGXomR
,QGLFDGRUGHVWDWXVGRFLQWRGHVHJXUDQoD 6HGXUDQWHDFRQGXomRXPFLQWRGHVHJXUDQoDIRU
SDUDRVDVVHQWRVWUDVHLURV UHWLUDGRQRVDVVHQWRVGREDQFRWUDVHLURRLQGLFD
$ROLJDUDLJQLomRRLQGLFDGRUGHVWDWXVGRFLQWRGH GRUGHVWDWXVGRFLQWRSLVFDSRUQRPi[LPRVH
VHJXUDQoDҧϜ)LJH[LEHDRFRQGXWRUQRGLVSOD\ JXQGRV$XPDYHORFLGDGHVXSHULRUDDSUR[LPDGD
GRLQVWUXPHQWRFRPELQDGRVHSRVVtYHLVSDVVDJHL PHQWHNPK PSK DGLFLRQDOPHQWHUHVVRD
URVRFXSDQGRRVDVVHQWRVWUDVHLURVFRORFDUDPVH XPVLQDOVRQRUR
XVFLQWRVGHVHJXUDQoD2VtPERORiLQGLFDTXHR
SDVVDJHLURQHVVHDVVHQWRFRORFRX³VHX´FLQWRGH $'9(57Ç1&,$
VHJXUDQoD &LQWRVGHVHJXUDQoDQmRFRORFDGRVRXFROR
6HQRVDVVHQWRVWUDVHLURVXPFLQWRGHVHJXUDQoD FDGRVLQFRUUHWDPHQWHDXPHQWDPRULVFRGH
IRUFRORFDGRRXUHWLUDGRDLQGLFDomRGRVWDWXVGR IHULPHQWRVJUDYHVRXIDWDLV$SURWHomRLGHDO
FLQWRpH[LELGDSRUDSUR[LPDGDPHQWHVHJXQ GRVFLQWRVGHVHJXUDQoDpREWLGDDSHQDVVH
GRV$LQGLFDomRSRGHVHURFXOWDGDSUHVVLRQDQGR RVFLQWRVGHVHJXUDQoDIRUHPFRORFDGRVH
RERWmR E‡3%4 QRLQVWUXPHQWRFRPELQDGR XWLOL]DGRVFRUUHWDPHQWH ‹

$FLGHQWHVIURQWDLVHDVOHLVGDItVLFD

)LJ 8PYHtFXORFRPRVRFXSDQWHVGRYHtFXOR )LJ 8PYHtFXORFRPRVRFXSDQWHVGRYHtFXOR


VHPFLQWRVGHVHJXUDQoDHVWiHPURWDGHFROLVmR VHPFLQWRVGHVHJXUDQoDFROLGHFRPRPXUR
FRPXPPXUR

¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
$LQWHQVLGDGHGD³HQHUJLDFLQpWLFD´GHSHQGHHP
JUDQGHSDUWHGDYHORFLGDGHGRYHtFXORGRSHVRGR
YHtFXORHGRVRFXSDQWHVGRYHtFXOR&RPYHORFLGD
GHHSHVRFUHVFHQWHVPDLVHQHUJLDSUHFLVDVHU
2SULQFtSLRItVLFRGHXPDDFLGHQWHIURQWDOSRGHVHU GLVVLSDGDHPFDVRGHXPDFLGHQWH
H[SOLFDGRFRPIDFLOLGDGH$VVLPTXHRYHtFXORHQ 2VRFXSDQWHVGRYHtFXORTXHQmRFRORFDUDPVHXV
WUDHPPRYLPHQWRҧϜ)LJXPDHQHUJLDGHPRYL FLQWRVGHVHJXUDQoDQmRHVWmRSRUWDQWR³SUHVRV´
PHQWRDJHWDQWRVREUHRYHtFXORTXDQWRVREUHVH DRVHXYHtFXOR&RQVHTXHQWHPHQWHHVVDVSHV
XVRFXSDQWHV(VVDHQHUJLDpGHQRPLQDGD³HQHU VRDVFRQWLQXDUmRDVHPRYLPHQWDUFRPDPHVPD
JLDFLQpWLFD´ YHORFLGDGHGRYHtFXORDQWHVGRLPSDFWRDWpTXH
4XDQWRPDLRUDYHORFLGDGHHRSHVRGRYHtFXOR SDUHP8PDYH]TXHRVRFXSDQWHVGRYHtFXORQmR
PDLVHQHUJLDGHYHVHUDPRUWHFLGDHPFDVRGHDFL HVWmRXVDQGRRFLQWRGHVHJXUDQoDHPQRVVR
GHQWH H[HPSORDHQHUJLDFLQpWLFDWRWDOGRVRFXSDQWHVGR
YHtFXORVRPHQWHpGLVVLSDGDSHORLPSDFWRFRQWUDR
$YHORFLGDGHGRYHtFXORHQWUHWDQWRpRIDWRUPDLV
PXURQRFDVRGHXPDFROLVmRҧϜ)LJ
VLJQLILFDWLYR4XDQGRSRUH[HPSORDYHORFLGDGH
GREUDGHDSUR[LPDGDPHQWHNPK PSK SDUD $XPDYHORFLGDGHGHDSUR[LPDGDPHQWHNPK
DSUR[LPDGDPHQWHNPK PSK DHQHUJLDFL PSK DWpDSUR[LPDGDPHQWHNPK PSK
QpWLFDpTXDGUXSOLFDGD HPXPDFLGHQWHRFRUUHPIRUoDVDWXDQWHVQRFRUSR
53&&

TXHSRGHPH[FHGHUIDFLOPHQWHXPDWRQHODGD
NJ $VIRUoDVDWXDQWHVVREUHRFRUSRDX
PHQWDPDLQGDPDLVHPYHORFLGDGHVPDLRUHV b

6HQWDUGHIRUPDFRUUHWDHVHJXUD 
(VWHH[HPSORQmRVHDSOLFDVRPHQWHDDFLGHQWHV
IURQWDLVPDVVLPDWRGRVRVWLSRVGHDFLGHQWHVH
FROLV}HV ‹

2TXHDFRQWHFHFRPRVRFXSDQWHVGRYHtFXORVHPFLQWRGHVHJXUDQoD

)LJ 2FRQGXWRUVHPFLQWRGHVHJXUDQoDpODQ )LJ 2SDVVDJHLURVHPFLQWRGHVHJXUDQoDQR


oDGRSDUDIUHQWH EDQFRWUDVHLURpODQoDGRSDUDIUHQWHVREUHRFRQ
GXWRUFRPFLQWRGHVHJXUDQoD

¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
PHQWHFRORFDGRGXUDQWHWRGDDFRQGXomRLQFOXVL
YHRFRQGXWRU&RPLVVRRSHULJRGHIHULPHQWRV
JUDYHVRXIDWDLVHPFDVRGHDFLGHQWHVpUHGX]LGR
LQGHSHQGHQWHPHQWHGDH[LVWrQFLDRXQmRGHXP
0XLWDVSHVVRDVDFUHGLWDPVHUSRVVtYHOVHJXUDUR DLUEDJSDUDRDVVHQWR
SUySULRFRUSRFRPDVPmRVHPXPDFLGHQWHOHYH 8PDLUEDJpDFLRQDGRVRPHQWHXPDYH]3DUDRE
,VWRQmRpSRVVtYHO WHUDPHOKRUSURWHomRSRVVtYHORVFLQWRVGHVHJX
0HVPRHPYHORFLGDGHVPtQLPDVGHLPSDFWRR UDQoDGHYHPHVWDUVHPSUHFRORFDGRVFRUUHWDPHQ
FRUSRVRIUHDDomRGHIRUoDVTXHQmRSRGHPPDLV WHSDUDJDUDQWLUDSURWHomRPHVPRVHPRDFLRQD
VHUDPRUWHFLGDVFRPRVEUDoRVHDVPmRV(PFD PHQWRGRDLUEDJ2FXSDQWHVGRYHtFXORVHPFLQWR
VRGHXPDFLGHQWHIURQWDORVRFXSDQWHVGRYHtFXOR GHVHJXUDQoDSRGHPVHUODQoDGRVSDUDIRUDGR
VHPFLQWRGHVHJXUDQoDVmRODQoDGRVSDUDIUHQWH YHtFXORHDVVLPVRIUHUIHULPHQWRVDLQGDPDLVJUD
HEDWHPGHIRUPDGHVFRQWURODGDHPSDUWHVGRLQ YHVRXIDWDLV
WHULRUGRYHtFXORFRPRSRUH[HPSORYRODQWHSDL 7DPEpPpLPSRUWDQWHTXHRVRFXSDQWHVGRYHtFX
QHOGHLQVWUXPHQWRVRXSDUDEULVDҧϜ)LJ ORQRVEDQFRVWUDVHLURVFRORTXHPRVFLQWRVGHVH
2VLVWHPDGHDLUEDJQmRVXEVWLWXLRFLQWRGHVHJX JXUDQoDFRUUHWDPHQWHXPDYH]TXHVmRODQoDGRV
UDQoD2DFLRQDPHQWRGRVDLUEDJVSURSRUFLRQDVR GHIRUPDGHVFRQWURODGDSHORLQWHULRUGRYHtFXORHP
PHQWHXPDSURWHomRFRPSOHPHQWDU2VDLUEDJV FDVRGHDFLGHQWH8PSDVVDJHLURQREDQFRWUDVHL
QmRVmRDFLRQDGRVHPWRGRVRVWLSRVGHDFLGHQWH URVHPFLQWRGHVHJXUDQoDFRORFDGRpXPSHULJR
0HVPRTXDQGRRYHtFXORHVWLYHUHTXLSDGRFRPXP WDQWRSDUDVLFRPRSDUDRFRQGXWRUHDVGHPDLV
VLVWHPDGHDLUEDJWRGRVRVRFXSDQWHVGRYHtFXOR SHVVRDVQRYHtFXORҧϜ)LJ ‹
GHYHPHVWDUFRPRFLQWRGHVHJXUDQoDFRUUHWD

 $QWHVGDFRQGXomR
3URWHomRGRVFLQWRVGHVHJXUDQoD
JXUDQoDSDVVLYDGRYHtFXORFRPRSRUH[HPSORR
VLVWHPDGHDLUEDJWDPEpPDVVHJXUDPXPDUHGX
omRGDDomRGDHQHUJLDFLQpWLFD$VVLPDHQHUJLD
UHVXOWDQWHGLPLQXLUHGX]LQGRRULVFRGHIHULPHQWRV
2VH[HPSORVGHVFUHYHPDFLGHQWHVIURQWDLV2V
FLQWRVGHVHJXUDQoDFRORFDGRVFRUUHWDPHQWHWDP
EpPUHGX]HPEDVWDQWHRULVFRGHIHULPHQWRVHP
WRGRVRVGHPDLVWLSRVGHDFLGHQWH3RUHVVHPRWL
YRRVFLQWRVGHVHJXUDQoDGHYHPVHUFRORFDGRV
DQWHVGHFDGDFRQGXomRPHVPRTXDQGRDLQWHQ
omRIRUVy³GDUXPDYROWDQRTXDUWHLUmR´$WHQWDU
VHWRGRVRVSDVVDJHLURVHVWmRFRPRVFLQWRVGH
VHJXUDQoDFRORFDGRVFRUUHWDPHQWH
(VWDWtVWLFDVGHDFLGHQWHVFRPSURYDUDPTXHRXVR
)LJ &RQGXWRUSURWHJLGRSHORFLQWRGHVHJXUDQ FRUUHWRGRVFLQWRVGHVHJXUDQoDGLPLQXLFRQVLGHUD
oDFRORFDGRFRUUHWDPHQWHHPXPDPDQREUDGH YHOPHQWHRULVFRGHIHULPHQWRVHDXPHQWDDFKDQ
IUHQDJHPV~ELWD FHGHVREUHYLYrQFLDHPXPDFLGHQWHJUDYH$OpP
GLVVRRVFLQWRVGHVHJXUDQoDFRUUHWDPHQWHFROR
¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
FDGRVDXPHQWDPDSURWHomRLGHDOGRVDLUEDJV
DFLRQDGRVHPFDVRGHDFLGHQWH3RUHVVHPRWLYR
RXVRGRFLQWRGHVHJXUDQoDpSUHVFULWRHPOHLQD
PDLRULDGRVSDtVHV
2VFLQWRVGHVHJXUDQoDFRORFDGRVFRUUHWDPHQWH
PDQWrPRVRFXSDQWHVQDSRVLomRFRUUHWDQREDQ $SHVDUGHRYHtFXORHVWDUHTXLSDGRFRPDLUEDJV
FRHUHGX]HPEDVWDQWHDDomRGDHQHUJLDFLQpWLFD RVFLQWRVGHVHJXUDQoDGHYHPVHUFRORFDGRV2V
HPFDVRGHDFLGHQWH2VFLQWRVGHVHJXUDQoDWDP DLUEDJVIURQWDLVSRUH[HPSORVmRDWLYDGRVVR
EpPDMXGDPDLPSHGLUPRYLPHQWRVGHVFRQWURODGRV PHQWHHPDOJXPDVDFLGHQWHVIURQWDLV2VDLUEDJV
TXHSRGHPUHVXOWDUHPIHULPHQWRVJUDYHV$GLFLR IURQWDLVQmRVmRDFLRQDGRVHPDFLGHQWHVIURQWDLV
QDOPHQWHFLQWRVGHVHJXUDQoDFRUUHWDPHQWHFROR OHYHVFROLV}HVODWHUDLVOHYHVFROLV}HVWUDVHLUDV
FDGRVUHGX]HPRSHULJRGHVHUODQoDGRSDUDIRUD FDSRWDPHQWRVHHPDFLGHQWHVQRVTXDLVRYDORUGH
GRYHtFXORҧϜ)LJ DFLRQDPHQWRGRDLUEDJQDXQLGDGHGHFRQWUROHQmR
DOFDQoDUROLPLWHPtQLPR
2FXSDQWHVGRYHtFXORFRPFLQWRVGHVHJXUDQoD
FRORFDGRVFRUUHWDPHQWHVHEHQHILFLDPDPSODPHQ 3RUHVVHPRWLYRFRORFDUVHPSUHRVFLQWRVGHVH
WHGRIDWRGHTXHDHQHUJLDFLQpWLFDpDEVRUYLGD JXUDQoDHREVHUYDUVHWRGRVRVSDVVDJHLURVHVWmR
SHORVFLQWRVGHVHJXUDQoD$HVWUXWXUDGDSDUWHGL FRPRFLQWRGHVHJXUDQoDFRORFDGRFRUUHWDPHQWH
DQWHLUDGRYHtFXORHRXWUDVFDUDFWHUtVWLFDVGHVH DQWHVGRLQtFLRGDFRQGXomR ‹

0DQXVHLRGRVFLQWRVGHVHJXUDQoD

¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQIRUPDo}HVLQWURGXWyULDVHDVLQGLFDo}HVGHVHJXUDQ
oD QDSiJLQD

/LVWDGHFRQWUROH
0DQXVHLRGRFLQWRGHVHJXUDQoDҧϜ 
d 9HULILFDUUHJXODUPHQWHRHVWDGRGHWRGRVRVFLQWRVGHVHJXUDQoD
d 0DQWHURVFLQWRVGHVHJXUDQoDOLPSRV
d 0DQWHUREMHWRVHVWUDQKRVHOtTXLGRVVHPSUHDIDVWDGRVGRFDGDUoRGRFLQWRGHVHJXUDQoDGDOLQ
53&&

JXHWDGRFLQWRGHVHJXUDQoDHGRHQJDWHGRIHFKRGRFLQWRGHVHJXUDQoD
d 1mRSUHQVDUQHPGDQLILFDURFLQWRGHVHJXUDQoDHDOLQJXHWDGRFLQWRGHVHJXUDQoD SRUH[HPSOR
DRIHFKDUDSRUWD  b

6HQWDUGHIRUPDFRUUHWDHVHJXUD 
/LVWDGHFRQWUROH FRQWLQXDomR

d 1XQFDGHVLQVWDODUDOWHUDURXUHSDUDURFLQWRGHVHJXUDQoDHRVHOHPHQWRVGHIL[DomRGRFLQWRGH
VHJXUDQoD
d &RORFDUVHPSUHRFLQWRGHVHJXUDQoDGHIRUPDFRUUHWDDQWHVGHTXDOTXHUFRQGXomRHPDQWHUFROR
FDGRGXUDQWHDFRQGXomR

&LQWRGHVHJXUDQoDWRUFLGR $'9(57Ç1&,$
6HXPFLQWRGHVHJXUDQoDQmRSXGHUVHUUHWLUDGR
2PDQXVHLRLQFRUUHWRGRFLQWRGHVHJXUDQoD
FRPIDFLOLGDGHGDJXLDpSRVVtYHOTXHRFLQWRGH
DXPHQWDRULVFRGHIHULPHQWRVJUDYHVRXID
VHJXUDQoDHVWHMDWRUFLGRQRLQWHULRUGRUHYHVWLPHQ
WDLV
WRODWHUDOHPUD]mRGHXPUHWRUQRPXLWRUiSLGRGR
FLQWR Ɣ 9HULILFDUUHJXODUPHQWHRVFLQWRVGHVHJX
UDQoDHDVSHoDVLQWHJUDQWHVTXDQWRDVXD
Ɣ 3X[DURFLQWRGHVHJXUDQoDWRWDOPHQWHSDUDIR SHUIHLWDFRQGLomR
UDSHODOLQJXHWDOHQWDPHQWHHFRPFXLGDGR
Ɣ 0DQWHURVFLQWRVGHVHJXUDQoDVHPSUH
Ɣ (OLPLQDUDWRUomRGRFLQWRGHVHJXUDQoDHFRQ OLPSRV
GX]LOROHQWDPHQWHGHYROWDFRPDPmR
Ɣ 1mRSHUPLWLUTXHRFDGDUoRGRFLQWRGHVH
$LQGDTXHDWRUomRGRFLQWRGHVHJXUDQoDQmR JXUDQoDVHMDSUHQVDGRGDQLILFDGRRXTXHHQ
SRVVDVHUHOLPLQDGDFRORFDURFLQWRGHVHJXUDQoD WUHHPDWULWRFRPVXSHUItFLHVDILDGDV
1HVVHFDVRDWRUomRQmRGHYHVHORFDOL]DUHP Ɣ 0DQWHURIHFKRGRFLQWRGHVHJXUDQoDHR
XPDiUHDGRFLQWRGHVHJXUDQoDTXHHVWHMDDSRLD HQJDWHGRIHFKRGRFLQWRGHVHJXUDQoDGDOLQ
GDGLUHWDPHQWHQRFRUSR3URFXUDULPHGLDWDPHQWH JXHWDVHPSUHOLYUHVGHFRUSRVHVWUDQKRVHGH
XPD&RQFHVVLRQiULD9RONVZDJHQSDUDHOLPLQDUD OtTXLGRV ‹
WRUomR

&RORFDURXWLUDURFLQWRGHVHJXUDQoD

)LJ ,QWURGX]LUDOLQJXHWDGRFLQWRGHVHJXUDQoD )LJ 6ROWDUDOLQJXHWDGRFLQWRGHVHJXUDQoDGR


QRIHFKRGRFLQWRGHVHJXUDQoD IHFKRGRFLQWRGHVHJXUDQoD

¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
GHXPVLVWHPDGHUHWHQomRSDUDFULDQ
oDVҧϜ3iJLQD8PDUHWHQomRDWLYDGDSUHFLVD
VHUVROWDTXDQGRXPRFXSDQWHGRYHtFXORFRORFDUR
FLQWRGHVHJXUDQoD
2VFLQWRVGHVHJXUDQoDFRORFDGRVFRUUHWDPHQWH
PDQWrPRVRFXSDQWHVGRYHtFXORHPXPDSRVLomR &RORFDURFLQWRGHVHJXUDQoD
FRUUHWDGHPi[LPDSURWHomRHPPDQREUDVGHIUH &RORFDURFLQWRGHVHJXUDQoDDQWHVGHTXDOTXHU
QDJHPRXDFLGHQWHVҧϜ  FRQGXomR b
6HRFDGDUoRGRFLQWRGHVHJXUDQoDIRUUHWLUDGR
FRPSOHWDPHQWHHVHQRHQURODPHQWRGRFLQWRGH
VHJXUDQoDRFRUUHUXPUXtGRGH³FOLTXH´RFLQWRGH
VHJXUDQoDSRVVXLUHWHQomR$UHWHQomRGRFLQWRGH
VHJXUDQoDVRPHQWHSRGHVHUXVDGDSDUDDIL[DomR

 $QWHVGDFRQGXomR
Ɣ $MXVWDUVHPSUHRVEDQFRVGLDQWHLURVHRDSRLR
$'9(57Ç1&,$
SDUDFDEHoDGHIRUPDFRUUHWDҧϜ3iJLQD
Ɣ 3X[DURFDGDUoRGRFLQWRGHVHJXUDQoDSHOD 8PDSRVLomRLQFRUUHWDGRFDGDUoRGRFLQWR
OLQJXHWDGRFLQWRGHVHJXUDQoDXQLIRUPHPHQWHVR GHVHJXUDQoDSRGHFDXVDUIHULPHQWRVJUDYHV
EUHRWyUD[HVREUHDUHJLmRSpOYLFD$RPHVPR RXIDWDLVHPFDVRGHDFLGHQWH
WHPSRQmRWRUFHURFDGDUoRGRFLQWRGHVHJXUDQ Ɣ $SURWHomRLGHDOGRVFLQWRVGHVHJXUDQoD
oDҧϜ  VypREWLGDTXDQGRRHQFRVWRGREDQFRHVWL
Ɣ ,QWURGX]LUDOLQJXHWDGRIHFKRILUPHPHQWHQRIH YHUHPXPDSRVLomRYHUWLFDOHRFLQWRGHVH
FKRGRFLQWRGHVHJXUDQoDSHUWHQFHQWHDRDVVHQWR JXUDQoDHVWLYHUFRORFDGRFRUUHWDPHQWHFRQ
ҧϜ)LJ IRUPHDHVWDWXUDGRRFXSDQWH

Ɣ 5HDOL]DUXPWHVWHGHWUDomRQRFLQWRGHVHJX Ɣ $UHWLUDGDGRFLQWRGHVHJXUDQoDGXUDQWH
UDQoDTXDQWRDRWUDYDPHQWRVHJXURGDOLQJXHWDGR DFRQGXomRSRGHRFDVLRQDUIHULPHQWRVJUD
FLQWRGHVHJXUDQoD YHVRXIDWDLVHPFDVRGHDFLGHQWHVRXPDQR
EUDVGHIUHQDJHP ‹
7LUDURFLQWRGHVHJXUDQoD
7LUDURFLQWRGHVHJXUDQoDDSHQDVFRPRYHtFXOR
SDUDGRҧϜ 
Ɣ 3UHVVLRQDURERWmRYHUPHOKRQRIHFKRGRFLQWR
GHVHJXUDQoDҧϜ)LJ$OLQJXHWDGRFLQWRGHVH
JXUDQoDVDOWDSDUDIRUD
Ɣ &RQGX]LURFLQWRGHVHJXUDQoDPDQXDOPHQWH
GHYROWDSDUDTXHRFDGDUoRGRFLQWRGHVHJXUDQoD
HQUROHPDLVIDFLOPHQWHRFLQWRGHVHJXUDQoDQmR
VHWRUoDHRUHYHVWLPHQWRQmRVHMDGDQLILFDGR

3RVLomRGRFDGDUoRGRFLQWRGHVHJXUDQoD

)LJ 3RVLomRFRUUHWDGRFDGDUoRGRFLQWRGHVHJXUDQoDHDMXVWHFRUUHWRGRDSRLRSDUDFDEHoD b
53&&

6HQWDUGHIRUPDFRUUHWDHVHJXUD 
$GHTXDUDSRVLomRGRFDGDUoRGRFLQWRGH
VHJXUDQoDjHVWDWXUD
$SRVLomRGRFDGDUoRGRFLQWRGHVHJXUDQoDSRGH
VHUDGHTXDGDFRPRVVHJXLQWHVHTXLSDPHQWRV
Ɣ 5HJXODJHPGHDOWXUDGRFLQWRGHVHJXUDQoD
GRVEDQFRVGLDQWHLURVҧϜ3iJLQD
Ɣ %DQFRVGLDQWHLURVFRPDMXVWHGHDOWXUD
ҧϜ3iJLQD

$'9(57Ç1&,$
8PDSRVLomRLQFRUUHWDGRFDGDUoRGRFLQWR
GHVHJXUDQoDSRGHFDXVDUIHULPHQWRVJUDYHV
HPFDVRGHDFLGHQWHRXPDQREUDVGHIUHQD
)LJ 3RVLomRFRUUHWDGRFDGDUoRGRFLQWRGH JHPRXGLUHomRV~ELWDV
VHJXUDQoDSDUDPXOKHUHVJUiYLGDV Ɣ $SURWHomRLGHDOGRVFLQWRVGHVHJXUDQoD
VypREWLGDTXDQGRRHQFRVWRGREDQFRHVWL
¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
YHUHPXPDSRVLomRYHUWLFDOHRFLQWRGHVH
JXUDQoDHVWLYHUFRORFDGRFRUUHWDPHQWH
Ɣ 2SUySULRFLQWRGHVHJXUDQoDRXXPFLQWR
2VFLQWRVGHVHJXUDQoDVRPHQWHRIHUHFHPSURWH GHVHJXUDQoDVROWRSRGHFDXVDUIHULPHQWRV
omRLGHDOHPXPDFLGHQWHHGLPLQXHPRULVFRGH JUDYHVVHRFLQWRGHVHJXUDQoDVHGHVORFDU
IHULPHQWRVJUDYHVRXIDWDLVFRPDSRVLomRFRUUHWD GHSDUWHVGXUDVGRFRUSRQDGLUHomRGHSDU
GRFDGDUoRGRFLQWRGHVHJXUDQoD$OpPGLVVRD WHVPDLVVHQVtYHLVSRUH[HPSORDEDUULJD
SRVLomRFRUUHWDGRFDGDUoRGRFLQWRGHVHJXUDQoD Ɣ $SDUWHVREUHDUHJLmRGRRPEURGRFLQWR
PDQWpPRVRFXSDQWHVGRYHtFXORHPXPDSRVLomR GHVHJXUDQoDGHYHSDVVDUVREUHRFHQWURGR
GHPi[LPDSURWHomRHPFDVRGHDWLYDomRGRDLU RPEURHQXQFDVREREUDoRRXVREUHRSHV
EDJ3RUHVVHPRWLYRFRORFDURFLQWRGHVHJXUDQ FRoR
oDHREVHUYDUDSRVLomRFRUUHWDGRFDGDUoRGRFLQ Ɣ 2FLQWRGHVHJXUDQoDGHYHHVWDUSODQRH
WRGHVHJXUDQoD ILUPHVREUHDSDUWHVXSHULRUGRFRUSR
8PDSRVLomRLQFRUUHWDQREDQFRSRGHFDXVDUIHUL Ɣ $IDL[DLQIHULRUGRFLQWRGHVHJXUDQoDGH
PHQWRVJUDYHVRXIDWDLVҧϜ3iJLQD$MXVWDUDSR YHSDVVDUVHPSUHSHODIUHQWHGDUHJLmRSpOYL
VLomRGREDQFR FDHQXQFDVREUHRDEGRPH2FLQWRGHVHJX
UDQoDGHYHHVWDUSODQRHILUPHVREUHDUHJLmR
3RVLomRFRUUHWDGRFDGDUoRGRFLQWRGH SpOYLFD6HQHFHVViULRHVWLFDUXPSRXFRR
VHJXUDQoD FDGDUoRGRFLQWRGHVHJXUDQoD
Ɣ $SDUWHVREUHDUHJLmRGRRPEURGRFLQWRGH Ɣ $IDL[DLQIHULRUGRFLQWRGHVHJXUDQoDGH
VHJXUDQoDGHYHSDVVDUVHPSUHVREUHRFHQWURGR YHSDVVDURPDLVEDL[RSRVVtYHOSHODUHJLmR
RPEURHQXQFDVREUHRSHVFRoRVREUHREUDoR SpOYLFDGHJUiYLGDVHHVWDUSODQDDRUHGRUGD
VREREUDoRRXSRUWUiVGDVFRVWDV EDUULJD³DUUHGRQGDGD´
Ɣ $IDL[DLQIHULRUGRFLQWRGHVHJXUDQoDGHYH Ɣ 1mRWRUFHURFDGDUoRGRFLQWRGHVHJXUDQ
SDVVDUVHPSUHSHODUHJLmRSpOYLFDHQXQFDVREUH oDTXDQGRFRORFDGR
RDEGRPH
Ɣ 1XQFDPDQWHURFLQWRGHVHJXUDQoDDIDV
Ɣ 'HL[DURFLQWRGHVHJXUDQoDVHPSUHSODQRHILU WDGRGRFRUSRFRPDPmR
PHVREUHRFRUSR6HQHFHVViULRHVWLFDUXPSRX
Ɣ 1mRFRQGX]LURFDGDUoRGRFLQWRGHVHJX
FRRFDGDUoRGRFLQWRGHVHJXUDQoD
UDQoDVREUHREMHWRVVyOLGRVRXIUiJHLVSRU
1DVJHVWDQWHVRFLQWRGHVHJXUDQoDGHYHSDVVDU H[HPSORyFXORVFDQHWDVRXFKDYHV
XQLIRUPHPHQWHVREUHRWyUD[HRPDLVDEDL[RGD Ɣ 1XQFDDOWHUDUDSRVLomRGRFDGDUoRGR
UHJLmRSpOYLFDSRVVtYHODVVLPFRPRHVWDUSODQR FLQWRGHVHJXUDQoDSRUPHLRGHJUDPSRV
VREUHRFRUSRSDUDTXHQmRKDMDSUHVVmRDEGRPL ROKDLVGHUHWHQomRRXVLPLODUHV b
QDOҧϜ)LJ

 $QWHVGDFRQGXomR
3HVVRDVTXHQmRFRQVHJXHPDSRVLomRLGHDO VtYHLVLQVWDODo}HVHVSHFLDLVSDUDFRQVHJXLUDSUR
GRFDGDUoRGRFLQWRGHVHJXUDQoDHPUD]mR WHomRLGHDOGRVFLQWRVGHVHJXUDQoDHGRVDLUEDJV
GHSDUWLFXODULGDGHVGHVHXVFRUSRVGHYHPVHLQ 3DUDLVVRD9RONVZDJHQUHFRPHQGDDV&RQFHV
IRUPDUHPXPDHPSUHVDHVSHFLDOL]DGDVREUHSRV VLRQiULDV9RONVZDJHQ ‹

5HJXODJHPGHDOWXUDGRFLQWRGHVHJXUDQoD
&RPRDX[tOLRGDUHJXODJHPGHDOWXUDGRFLQWRGH
VHJXUDQoDSDUDRVEDQFRVGLDQWHLURVpSRVVtYHO
UHJXODUDSRVLomRGRVFLQWRVGHVHJXUDQoDQDiUHD
GRRPEURFRQIRUPHDHVWDWXUDSDUDTXHRFLQWR
SRVVDVHUFRORFDGRFRUUHWDPHQWH
Ɣ 3UHVVLRQDURGLVSRVLWLYRUHJXODGRUQRVHQWLGR
GDVHWDHPDQWrORSUHVVLRQDGRҧϜ)LJ
Ɣ 'HVORFDURGLVSRVLWLYRUHJXODGRUSDUDFLPDRX
SDUDEDL[RDWpTXHRFLQWRGHVHJXUDQoDHVWHMDUH
JXODGRVREUHRPHLRGRRPEURҧϜ3iJLQD3RVL
omRGRFDGDUoRGRFLQWRGHVHJXUDQoD
Ɣ 6ROWDURGLVSRVLWLYRUHJXODGRU
Ɣ 9HULILFDUVHRGLVSRVLWLYRUHJXODGRUIRLHQFDL[D
)LJ $RODGRGRVEDQFRVGLDQWHLURVUHJXODJHP GRSX[DQGRRFLQWRGHVHJXUDQoDDOJXPDVYH]HV
GHDOWXUDGRFLQWRGHVHJXUDQoD
$'9(57Ç1&,$
¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
1XQFDUHJXODUDDOWXUDGRFLQWRGHVHJXUDQoD
GXUDQWHDFRQGXomR ‹

(QURODGRUGRFLQWRGHVHJXUDQoDDXWRPiWLFRSUpWHQVLRQDGRUGRFLQWRGH
VHJXUDQoDHOLPLWDGRUGHIRUoDGRFLQWRGHVHJXUDQoD

¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
3UpWHQVLRQDGRUHVGRVFLQWRVGHVHJXUDQoD
2VFLQWRVGHVHJXUDQoDSDUDRVRFXSDQWHVGRYHt
FXORQRVEDQFRVGLDQWHLURVHVHIRURFDVRGDV
H[WUHPLGDGHVGRVEDQFRVWUDVHLURVHVWmRHTXLSD
2VFLQWRVGHVHJXUDQoDGRYHtFXORVmRSDUWHGR GRVFRPSUpWHQVLRQDGRUHVGRFLQWRGHVHJXUDQoD
FRQFHLWRGHVHJXUDQoDGRYHtFXORҧϜ3iJLQDH
VmRFRPSRVWRVSHODVLPSRUWDQWHVIXQo}HVDVH 2VSUpWHQVLRQDGRUHVGRFLQWRGHVHJXUDQoDVmR
JXLU DFLRQDGRVSRUVHQVRUHVHWHQVLRQDPRVFLQWRVGH
VHJXUDQoDQDGLUHomRFRQWUiULDGHH[WUDomRHP
(QURODGRUGRFLQWRGHVHJXUDQoDDXWRPiWLFR DFLGHQWHVIURQWDLVODWHUDLVHWUDVHLUDVPDLVJUDYHV
&DGDFLQWRGHVHJXUDQoDHVWiHTXLSDGRFRPXP 8PFLQWRGHVHJXUDQoDVROWRpWHQVLRQDGRHGHVWH
HQURODGRUGRFLQWRGHVHJXUDQoDDXWRPiWLFRQD PRGRSRGHUHGX]LURPRYLPHQWRSDUDIUHQWHGRV
SDUWHVREUHDUHJLmRGRRPEURGRFLQWRGHVHJX RFXSDQWHVGRYHtFXORRXRPRYLPHQWRGRVRFXSDQ
UDQoD3X[DQGRVHOHQWDPHQWHRFLQWRGHVHJXUDQ WHVGRYHtFXORQDGLUHomRGRLPSDFWR2SUpWHQ
oDRXHPFRQGXomRQRUPDOpJDUDQWLGDDWRWDOOL VLRQDGRUGRFLQWRGHVHJXUDQoDWUDEDOKDMXQWRFRP
EHUGDGHGHPRYLPHQWRVQDUHJLmRGRRPEURGR RVLVWHPDGHDLUEDJ2SUpWHQVLRQDGRUGRFLQWRGH
FLQWRGHVHJXUDQoD3RUpPQDUHWLUDGDUiSLGDGR VHJXUDQoDQmRpDFLRQDGRFRPXPFDSRWDPHQWR
FLQWRGHVHJXUDQoDIUHQDJHQVV~ELWDVYLDJHPSRU TXDQGRRVDLUEDJVODWHUDLVQmRVmRDFLRQDGRV
53&&

PRQWDQKDVFXUYDVHDFHOHUDomRRHQURODGRUDXWR 8PSyILQRSRGHUiVHUJHUDGRQRDFLRQDPHQWR,V
PiWLFRGRFLQWRGHVHJXUDQoDEORTXHLDRFLQWRGH WRpSHUIHLWDPHQWHQRUPDOHQmRUHSUHVHQWDULVFR
VHJXUDQoD GHLQFrQGLRQRYHtFXOR b

6HQWDUGHIRUPDFRUUHWDHVHJXUD 
/LPLWDGRUGHIRUoDGRFLQWRGHVHJXUDQoD 1RVXFDWHDPHQWRGRYHtFXORRXGHSHoDVLQ
8POLPLWDGRUGHIRUoDGRFLQWRGHVHJXUDQoDPLQL GLYLGXDLVGRVLVWHPDWRGDVDVSUHVFULo}HVGH
PL]DDIRUoDGRFLQWRGHVHJXUDQoDTXHDWXDVREUH VHJXUDQoDGHYHPVHUREVHUYDGDV$V&RQFHVVLR
RFRUSRHPFDVRGHDFLGHQWH QiULDV9RONVZDJHQFRQKHFHPHVVDVSUHVFULo}HV
ҧϜ3iJLQD ‹

6HUYLoRHGHVFDUWHGRVSUpWHQVLRQDGRUHVGRVFLQWRVGHVHJXUDQoD

¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
$'9(57Ç1&,$ FRQWLQXDomR
SUpWHQVLRQDGRUHVGRVFLQWRVGHVHJXUDQoD
DXPHQWDPRULVFRGHIHULPHQWRVJUDYHVRX
IDWDLV2SUpWHQVLRQDGRUGRFLQWRGHVHJX
(PWUDEDOKRVQRSUpWHQVLRQDGRUGRFLQWRGHVHJX UDQoDSRGHULDQmRVHUDFLRQDGRDSHVDUGH
UDQoDEHPFRPRQDGHVLQVWDODomRHLQVWDODomRGH QHFHVViULRRXVHUDFLRQDGRLQHVSHUDGDPHQ
RXWUDVSHoDVGRYHtFXORGXUDQWHUHSDURVRFLQWR WH
GHVHJXUDQoDSRGHVHUGDQLILFDGRLPSHUFHSWLYHO
PHQWH&RPRFRQVHTXrQFLDRVSUpWHQVLRQDGRUHV Ɣ 5HSDURVHUHJXODJHQVEHPFRPRDGH
GRVFLQWRVGHVHJXUDQoDSRGHPQmRIXQFLRQDUFRU VLQVWDODomRHLQVWDODomRGHSHoDVQRVSUp
UHWDPHQWHHPFDVRGHDFLGHQWHRXQHPVHTXHU WHQVLRQDGRUHVGRVFLQWRVGHVHJXUDQoDRX
IXQFLRQDU QRVFLQWRVGHVHJXUDQoDVySRGHPVHUUHDOL
]DGRVSRU&RQFHVVLRQiULDV9RONVZDJHQ
3DUDTXHDHILFiFLDGRVSUpWHQVLRQDGRUHVGRVFLQ ҧϜ3iJLQD
WRVGHVHJXUDQoDQmRVHMDSUHMXGLFDGDHDVSHoDV
Ɣ 2VSUpWHQVLRQDGRUHVGRVFLQWRVGHVHJX
GHVPRQWDGDVQmRFDXVHPIHULPHQWRVRXFRQWDPL
UDQoDHRVHQURODGRUHVGRVFLQWRVGHVHJX
QHPRDPELHQWHSUHVFULo}HVGHYHPVHUREVHUYD
UDQoDDXWRPiWLFRVQmRSRGHPVHUUHSDUDGRV
GDV$V&RQFHVVLRQiULDV9RONVZDJHQFRQKHFHP
HGHYHPVLPVHUVXEVWLWXtGRV
HVVDVSUHVFULo}HV
2VPyGXORVGRVDLUEDJVHGRVSUpWHQVLRQD
$'9(57Ç1&,$ GRUHVGRVFLQWRVGHVHJXUDQoDSRGHPFRQWHU
2WUDWDPHQWRLQFRUUHWRHDWpPHVPRUHSDURV SHUFORUDWR2EVHUYDUDVGHWHUPLQDo}HVOHJDLVQR
UHDOL]DGRVQRVFLQWRVGHVHJXUDQoDHQUROD GHVFDUWH ‹
GRUHVGRFLQWRGHVHJXUDQoDDXWRPiWLFRVH

 $QWHVGDFRQGXomR
6LVWHPDGHDLUEDJ

¤ ,QWURGXomRDRWHPD
1HVWHFDStWXORHQFRQWUDPVHLQIRUPDo}HVUHODWLYDV $'9(57Ç1&,$ FRQWLQXDomR
DRVVHJXLQWHVWHPDV
Ɣ 2VLVWHPDGHDLUEDJSURSRUFLRQDSURWHomR
7LSRVGHVLVWHPDGHDLUEDJIURQWDOGR Pi[LPDFRPRFLQWRGHVHJXUDQoDFRORFDGR
SDVVDJHLURGLDQWHLUR   FRUUHWDPHQWHHUHGX]RULVFRGHIHULPHQWRV
/X]GHFRQWUROH   ҧϜ3iJLQD&LQWRVGHVHJXUDQoD
'HVFULomRHIXQomRGRVDLUEDJV   Ɣ 7RGRVRVRFXSDQWHVGRYHtFXORGHYHPDV
$LUEDJVIURQWDLV   VXPLUVHPSUHDSRVLomRFRUUHWDQREDQFR
'HVOLJDUHOLJDURDLUEDJIURQWDOGRSDVVDJHLUR FRORFDUFRUUHWDPHQWHRUHVSHFWLYRFLQWRGH
GLDQWHLURPDQXDOPHQWHFRPRLQWHUUXSWRU VHJXUDQoDDQWHVGDYLDJHPHPDQWrORFROR
DFLRQDGRSHODFKDYH   FDGRFRUUHWDPHQWHGXUDQWHDFRQGXomR,VWR
$LUEDJVODWHUDLV   pYiOLGRSDUDWRGRVRVSDVVDJHLURVWDPEpP
$LUEDJVSDUDFDEHoD   QRWUiIHJRXUEDQR

2YHtFXORHVWiHTXLSDGRFRPXPDLUEDJIURQWDOSD $'9(57Ç1&,$
UDRFRQGXWRUHRXWURSDUDRSDVVDJHLURGLDQWHLUR 2EMHWRVHQWUHRVRFXSDQWHVGRYHtFXORHD
2VDLUEDJVIURQWDLVSRGHPRIHUHFHUSURWHomRDGLFL iUHDGHH[SDQVmRGRVDLUEDJVDXPHQWDPR
RQDOSDUDRWyUD[HSDUDDFDEHoDGRFRQGXWRUH ULVFRGHIHULPHQWRVQRDFLRQDPHQWRGRDLU
GRSDVVDJHLURGLDQWHLURTXDQGRREDQFRRVFLQWRV EDJ$VVLPDiUHDGHH[SDQVmRGRVDLUEDJV
GHVHJXUDQoDRVDSRLRVSDUDFDEHoDHSDUDR VHULDDOWHUDGDRXRVREMHWRVVHULDPDUUHPHV
FRQGXWRURYRODQWHHVWLYHUHPDMXVWDGRVFRUUHWD VDGRVFRQWUDRVFRUSRVGRVRFXSDQWHV
PHQWHHIRUHPXWLOL]DGRV2VDLUEDJVIRUDPGHVHQ
YROYLGRVVRPHQWHSDUDSURWHomRDGLFLRQDO2VDLU Ɣ 1XQFDVHJXUDUREMHWRVQDVPmRVRXFDUUH
EDJVQmRVXEVWLWXHPRVFLQWRVGHVHJXUDQoDTXH JiORVQRFRORGXUDQWHDFRQGXomR
GHYHPVHUXWLOL]DGRVVHPSUHPHVPRTXDQGRRV Ɣ 1XQFDWUDQVSRUWDUREMHWRVQREDQFRGR
EDQFRVGLDQWHLURVHVWLYHUHPHTXLSDGRVFRPDLU SDVVDJHLURGLDQWHLUR2VREMHWRVSRGHPDO
EDJVIURQWDLV FDQoDUDiUHDGHH[SDQVmRGRVDLUEDJVGX
UDQWHPDQREUDVV~ELWDVGHIUHQDJHPRXGH
,QIRUPDo}HVHDOHUWDVFRPSOHPHQWDUHV GLUHomRHVHUDUUHPHVVDGRVGHIRUPDSHULJR
Ɣ 2ULHQWDo}HVSDUDFRQGXomRҧϜ3iJLQD VDSHORLQWHULRUGRYHtFXORQRDFLRQDPHQWR
Ɣ 7UDYDPHQWRFHQWUDOHVLVWHPDGHWUDYDPHQWR GRDLUEDJ
ҧϜ3iJLQD Ɣ 3HVVRDVDQLPDLVRXREMHWRVQmRGHYHP
Ɣ 3RVLomRFRUUHWDGRVEDQFRVҧϜ3iJLQD HVWDUHQWUHRVRFXSDQWHVGRYHtFXORQRVEDQ
FRVGLDQWHLURVQRVDVVHQWRVODWHUDLVGREDQ
Ɣ &LQWRVGHVHJXUDQoDҧϜ3iJLQD
FRWUDVHLURHHQWUHDViUHDVGHH[SDQVmRGRV
Ɣ &DGHLUDVGHFULDQoDVҧϜ3iJLQD DLUEDJV$WHQWDUSDUDTXHLVVRWDPEpPVHMD
Ɣ &RQVHUYDUHOLPSDURLQWHULRUGRYHtFXOR FXPSULGRSRUFULDQoDVHSDVVDJHLURV
ҧϜ3iJLQD
Ɣ $FHVVyULRVUHSRVLomRGHSHoDVUHSDURVHPR $'9(57Ç1&,$
GLILFDo}HVҧϜ3iJLQD $IXQomRGHSURWHomRGRVLVWHPDGHDLUEDJp
Ɣ ,QIRUPDo}HVDRFRQVXPLGRUҧϜ3iJLQD VXILFLHQWHSDUDDSHQDVXPDFLRQDPHQWRGRV
DLUEDJV6HRVDLUEDJVWLYHUHPVLGRDFLRQD
$'9(57Ç1&,$ GRVVHUiQHFHVViULRVXEVWLWXLURVLVWHPD
1XQFDFRQILDUVRPHQWHQRVLVWHPDGHDLUEDJ Ɣ 2VDLUEDJVDFLRQDGRVHDVUHVSHFWLYDVSH
SDUDVHSURWHJHU oDVGRVLVWHPDGHYHPVHUVXEVWLWXtGRVSRU
SHoDVQRYDVTXHHVWHMDPOLEHUDGDVSDUDR
Ɣ 0HVPRTXDQGRXPDLUEDJpDFLRQDGRHOH
YHtFXORSHOD9RONVZDJHQ b
WHPVRPHQWHXPDIXQomRGHSURWHomRDGLFLR
53&&

QDO

6HQWDUGHIRUPDFRUUHWDHVHJXUD 
$'9(57Ç1&,$ FRQWLQXDomR $'9(57Ç1&,$ FRQWLQXDomR
Ɣ 5HSDURVHPRGLILFDo}HVQRYHtFXORGHYHP VRIUHPRXVRIUHUDPGHDVPDRXRXWUDVOLPLWD
VHUUHDOL]DGRVVRPHQWHSRUXPD&RQFHVVLR o}HVQDFRQGLomRUHVSLUDWyULD3DUDUHGX]LU
QiULD9RONVZDJHQ$V&RQFHVVLRQiULDV9RONV RVSUREOHPDVUHVSLUDWyULRVGHVFHUGRYHtFX
ZDJHQSRVVXHPDVIHUUDPHQWDVQHFHVViULDV ORRXDEULURVYLGURVRXDVSRUWDVSDUDUHVSL
DSDUHOKRVGHGLDJQyVWLFRLQIRUPDo}HVGHUH UDUDUIUHVFR
SDURHSHVVRDOTXDOLILFDGR Ɣ 1RFRQWDWRFRPRSyODYDUDVPmRVHR
Ɣ 1XQFDLQVWDODUQRYHtFXORSHoDVGHDLUEDJ URVWRFRPVDERQHWHVXDYHHiJXDDQWHVGD
GHVPRQWDGDVGHYHtFXORVDQWLJRVRXRULJLQi SUy[LPDUHIHLomR
ULDVGHUHFLFODJHP Ɣ 1mRGHL[DURSyHQWUDUHPFRQWDWRFRPRV
Ɣ 1XQFDDOWHUDUTXDLVTXHUFRPSRQHQWHVGR ROKRVRXFRPIHULPHQWRVQmRFLFDWUL]DGRV
VLVWHPDGHDLUEDJ Ɣ (Q[DJXDURVROKRVFRPiJXDVHKRXYHU
FRQWDWRFRPRSy
$'9(57Ç1&,$
8PSyILQRHYDSRUGHiJXDSRGHUiVHUJHUD $'9(57Ç1&,$
GRQRDFLRQDPHQWRGRVDLUEDJV,VWRpSHUIHL 'HWHUJHQWHVFRPVROYHQWHVWRUQDPDVXSHUIt
WDPHQWHQRUPDOHQmRUHSUHVHQWDULVFRGHLQ FLHGRPyGXORGRDLUEDJSRURVD1RFDVRGH
FrQGLRQRYHtFXOR XPDFLGHQWHFRPDWLYDomRGRDLUEDJDVSH
Ɣ 2SyILQRSRGHLUULWDUDSHOHHDPXFRVD oDVGHSOiVWLFRTXHVHVROWDPSRGHPFDXVDU
GRVROKRVEHPFRPRRFDVLRQDUGLILFXOGDGHV IHULPHQWRVJUDYHV
UHVSLUDWyULDVHVSHFLDOPHQWHHPSHVVRDVTXH Ɣ 1XQFDWUDWDURSDLQHOGHLQVWUXPHQWRVHD
VXSHUItFLHGRPyGXORGRDLUEDJFRPGHWHU
JHQWHVFRPVROYHQWH ‹

7LSRVGHVLVWHPDGHDLUEDJIURQWDOGRSDVVDJHLURGLDQWHLUR

¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQIRUPDo}HVLQWURGXWyULDVHDVLQGLFDo}HVGHVHJXUDQ
oD QDSiJLQD

([LVWHPVLVWHPDVGHDLUEDJIURQWDOGRSDVVDJHLURGLDQWHLURGD9RONVZDJHQ
$ %
&DUDFWHUtVWLFDVGRDLUEDJIURQWDOGRSDVVDJHLUR &DUDFWHUtVWLFDVGRDLUEDJIURQWDOGRSDVVDJHLUR
GLDQWHLURTXHVySRGHVHUGHVDWLYDGRSRUXPD GLDQWHLURTXHSRGHPVHUGHVOLJDGDVPDQXDO
&RQFHVVLRQiULD9RONVZDJHQ PHQWHFRPRLQWHUUXSWRUGHFKDYH
ҧϜ3iJLQD
±/X]GHFRQWUROHTQRLQVWUXPHQWRFRPELQDGR ±/X]GHFRQWUROHTQRLQVWUXPHQWRFRPELQDGR
±$LUEDJIURQWDOGRSDVVDJHLURGLDQWHLURQRSDLQHO ±/X]GHFRQWUROH3$66(1*(5$,5%$*/&&QD
GHLQVWUXPHQWRV SDUWHVXSHULRUGRFRQVROHFHQWUDO
 ±,QWHUUXSWRUDFLRQDGRSHODFKDYHQRSRUWDOXYDV
 ±$LUEDJIURQWDOGRSDVVDJHLURGLDQWHLURQRSDLQHO
GHLQVWUXPHQWRV
'HVLJQDomRVLVWHPDGHDLUEDJ 'HVLJQDomRVLVWHPDGHDLUEDJFRPGHVDWLYDomR
GRDLUEDJIURQWDOGRSDVVDJHLURGLDQWHLUR ‹

 $QWHVGDFRQGXomR
/X]GHFRQWUROH

)LJ 1DSDUWHVXSHULRUGRFRQVROHFHQWUDOOX]GHFRQWUROHSDUDRDLUEDJIURQWDOGRSDVVDJHLURGLDQWHLUR
GHVOLJDGR

¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQIRUPDo}HVLQWURGXWyULDVHDVLQGLFDo}HVGHVHJXUDQ
oD QDSiJLQD

$FHVD /RFDO &DXVDSRVVtYHO 6ROXomR


6LVWHPDGHDLUEDJHGRSUp 3URFXUDUXPD&RQFHVVLRQiULD9RONV
,QVWUXPHQWRFRPEL
T QDGR
WHQVLRQDGRUGRFLQWRGHVHJX ZDJHQHPDQGDUYHULILFDURVLVWHPD
UDQoDDYDULDGR LPHGLDWDPHQWH
3URFXUDUXPD&RQFHVVLRQiULD9RONV
 1DSDUWHVXSHULRU
6LVWHPDGHDLUEDJDYDULDGR ZDJHQHPDQGDUYHULILFDURVLVWHPD
LPHGLDWDPHQWH
GRFRQVROHFHQWUDO
$LUEDJIURQWDOGRSDVVDJHLUR 9HULILFDUVHRDLUEDJGHYHSHUPDQH
/&& GLDQWHLURGHVOLJDGR FHUGHVOLJDGR

$ROLJDUDLJQLomRDOJXPDVOX]HVGHDGYHUWrQFLDH $'9(57Ç1&,$ FRQWLQXDomR


GHFRQWUROHVHDFHQGHPUDSLGDPHQWHSDUDYHULILFD
Ɣ 2VLVWHPDGHDLUEDJGHYHVHUYHULILFDGR
omRGDIXQomR(ODVVHDSDJDPDSyVDOJXQVVH
LPHGLDWDPHQWHSRUXPD&RQFHVVLRQiULD
JXQGRV
9RONVZDJHQ
4XDQGRFRPRDLUEDJIURQWDOGRSDVVDJHLURGHVOL Ɣ 1XQFDPRQWDUXPDFDGHLUDGHFULDQoDQR
JDGRDOX]GHFRQWUROH3$66(1*(5 EDQFRGRSDVVDJHLURGLDQWHLURRXUHPRYHUD
$,5%$*/&&QDSDUWHVXSHULRUGRFRQVROHFHQWUDO FDGHLUDGHFULDQoDH[LVWHQWH2DLUEDJIURQWDO
QmRDFHQGHUSHUPDQHQWHPHQWHRXDFHQGHUMXQ GRSDVVDJHLURGLDQWHLURSRGHVHUDFLRQDGR
WDPHQWHFRPDOX]GHFRQWUROHTQRLQVWUXPHQWR HPXPDFLGHQWHDSHVDUGDVDYDULDV
FRPELQDGRSRGHKDYHUXPDIDOKDQRVLVWHPDGH
DLUEDJҧϜ 
127$
$'9(57Ç1&,$ 2EVHUYDUVHPSUHDVOX]HVGHFRQWUROHDFHVDVH
VXDVGHVFULo}HVHLQGLFDo}HVSDUDHYLWDUGDQRV
4XDQGRKiDYDULDVQRVLVWHPDGHDLUEDJp DRYHtFXOR ‹
SRVVtYHOTXHHOHVHMDDFLRQDGRGHIRUPDLP
SHUIHLWDQmRVHMDDFLRQDGRRXVHMDDFLRQDGR
LQHVSHUDGDPHQWHRTXHSRGHFDXVDUIHUL
PHQWRVJUDYHVRXIDWDLV

'HVFULomRHIXQomRGRVDLUEDJV

¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
2DLUEDJSRGHSURWHJHURVRFXSDQWHVGRYHtFXOR
HPXPDFLGHQWHDPRUWHFHQGRRPRYLPHQWRGRV
RFXSDQWHVGRYHtFXORHPDFLGHQWHVIURQWDLVHODWH
53&&

UDLVQDGLUHomRGRLPSDFWR b

6HQWDUGHIRUPDFRUUHWDHVHJXUD 
7RGRDLUEDJDFLRQDGRpLQIODGRSRUXPJHUDGRUGH 2VLVWHPDGHDLUEDJpSDUWHGRFRQFHLWRJOREDOGH
JiV&RPLVVRDVUHVSHFWLYDVFREHUWXUDVGRDLU VHJXUDQoDSDVVLYDGRYHtFXOR$PHOKRUSURWHomR
EDJVHURPSHPHRVDLUEDJVVHDEUHPFRPJUDQ SRVVtYHOGRVLVWHPDGHDLUEDJVySRGHVHUREWLGD
GHIRUoDHPPLOpVLPRVGHVHJXQGRHPVXDViUHDV SHODDomRFRQMXQWDFRPRVFLQWRVGHVHJXUDQoD
GHH[SDQVmR2DLUEDJLQIODGRDRDPRUWHFHURV FRUUHWDPHQWHFRORFDGRVHXPDSRVLomRFRUUHWDQR
RFXSDQWHVGRYHtFXORFRPRFLQWRGHVHJXUDQoD EDQFRžҧϜ3iJLQD
FRORFDGRGHL[DHVFDSDURJiVFRQWLGRSDUDDSDUDU
HVHJXUDURVRFXSDQWHVGRYHtFXOR&RPLVVRp &RPSRQHQWHVGRFRQFHLWRGHVHJXUDQoDGR
SRVVtYHOUHGX]LURULVFRGHIHULPHQWRVJUDYHVHID YHtFXOR
WDLV2ULVFRGHRXWURVIHULPHQWRVFRPRLQFKDoRV 2FRQMXQWRGRVVHJXLQWHVHTXLSDPHQWRVGHVHJX
FRQWXV}HVHHVIRODPHQWRVGDSHOHSHORDLUEDJ UDQoDGRYHtFXORIRUPDRFRQFHLWRGHVHJXUDQoD
DFLRQDGRQmRSRGHVHUH[FOXtGR1DLQIODomRGR GRYHtFXORSDUDUHGX]LURULVFRGHIHULPHQWRVJUD
DLUEDJDFLRQDGRWDPEpPSRGHRFRUUHUFDORUGH YHVHIDWDLV'HSHQGHQGRGDYHUVmRpSRVVtYHO
DWULWR TXHDOJXQVHTXLSDPHQWRVQmRHVWHMDPLQVWDODGRV
QRYHtFXORRXDWpTXHQmRHVWHMDPGLVSRQtYHLVHP
2VDLUEDJVQmRSURSRUFLRQDPSURWHomRSDUDRV
DOJXQVPHUFDGRV
EUDoRVHSDUDDVSDUWHVLQIHULRUHVGRFRUSR
2VIDWRUHVPDLVLPSRUWDQWHVSDUDRDFLRQDPHQWR Ɣ &LQWRVGHVHJXUDQoDRWLPL]DGRVHPWRGRVRV
GRDLUEDJVmRRWLSRGRDFLGHQWHRkQJXORGRLP DVVHQWRV
SDFWRDYHORFLGDGHGRYHtFXORHDFDUDFWHUtVWLFD Ɣ 3UpWHQVLRQDGRUGRFLQWRGHVHJXUDQoDSDUDR
GRREMHWRFRPRTXDORYHtFXORFROLGH3RUWDQWRRV FRQGXWRUHSDUDRSDVVDJHLURGLDQWHLURHVHIRUR
DLUEDJVQmRVmRDFLRQDGRVHPWRGRVRVGDQRVYL FDVRQRVDVVHQWRVODWHUDLVGREDQFRWUDVHLURMXQ
VtYHLVDRYHtFXOR WDPHQWHFRPRVDLUEDJVODWHUDLV
2DFLRQDPHQWRGRVLVWHPDGHDLUEDJGHSHQGHGD Ɣ /LPLWDGRUGHIRUoDGRFLQWRGHVHJXUDQoDSDUD
UHODomRGHUHWDUGDPHQWRGRYHtFXORFDXVDGDSHOR RFRQGXWRUHRSDVVDJHLURGLDQWHLURHQRVDVVHQ
LPSDFWRTXHpUHJLVWUDGDSRUXPDXQLGDGHGH WRVODWHUDLVGREDQFRWUDVHLUR
FRQWUROHHOHWU{QLFD6HRYDORUGDUHODomRGHUHWDU Ɣ 5HJXODJHPGHDOWXUDGRFLQWRGHVHJXUDQoD
GDPHQWRHVWLYHUDEDL[RGRYDORUUHIHUHQFLDOSURJUD GRVEDQFRVGLDQWHLURV
PDGRQDXQLGDGHGHFRQWUROHRVDLUEDJVQmRVH Ɣ :DUQOHXFKWHiHVHQHFHVViULRLQGLFDGRUGH
UmRDFLRQDGRVDSHVDUGHXPSRVVtYHOGDQRVpULR VWDWXVGRFLQWR
FDXVDGRSRUXPDFLGHQWH2GDQRQRYHtFXORRV
FXVWRVGHUHSDURRXDWpDDXVrQFLDGHGDQRVQR Ɣ $LUEDJVIURQWDLVGRFRQGXWRUHGRSDVVDJHLUR
YHtFXORHPXPDFLGHQWHQmRVmRQHFHVVDULDPHQWH GLDQWHLUR
XPVLQDOGHTXHRDFLRQDPHQWRGRDLUEDJWHQKDVL Ɣ $LUEDJVODWHUDLVGRFRQGXWRUGRSDVVDJHLURGL
GRQHFHVViULR8PDYH]TXHDVGLYHUVDVVLWXDo}HV DQWHLURHVHIRURFDVRGRVDVVHQWRVODWHUDLVGR
GHXPDFROLVmRSRGHPYDULDULQWHQVDPHQWHpLP EDQFRWUDVHLUR
SRVVtYHOGHILQLUXPDIDL[DGHYHORFLGDGHGRYHtFXOR Ɣ $LUEDJVSDUDFDEHoDjGLUHLWDHjHVTXHUGD
HYDORUHVUHIHUHQFLDLV$VVLPQmRpSRVVtYHOFREULU
Ɣ /X]GHFRQWUROHGRDLUEDJT
WRGDVDVIRUPDVGHLPSDFWRHGHkQJXORVGHLP
SDFWRTXHRFDVLRQDULDPXPDFLRQDPHQWRGRVDLU Ɣ 3$66(1*(5$,5%$*/&&/X]GHFRQWUROH
EDJV2VIDWRUHVLPSRUWDQWHVSDUDRDFLRQDPHQWR QDSDUWHVXSHULRUGRFRQVROHFHQWUDO
GRVDLUEDJVVmRHQWUHRXWURVDFRQVWLWXLomRGR Ɣ 8QLGDGHVGHFRQWUROHHVHQVRUHV
REMHWR UtJLGRRXPDFLR FRPRTXDORYHtFXORVH Ɣ $SRLRVSDUDFDEHoDRWLPL]DGRVSDUDFROLV}HV
FKRFDRkQJXORGRLPSDFWRHDYHORFLGDGHGRYHt WUDVHLUDVHFRPDOWXUDDMXVWiYHO
FXOR
Ɣ &ROXQDGDGLUHomRDMXVWiYHO
2VDLUEDJVVHUYHPVRPHQWHFRPRFRPSOHPHQWR Ɣ 6HIRURFDVRSRQWRVGHDQFRUDJHPSDUDFD
DRVFLQWRVGHVHJXUDQoDDXWRPiWLFRVGHWUrVSRQ GHLUDVGHFULDQoDQRVDVVHQWRVODWHUDLVGREDQFR
WRVHPDOJXPDVVLWXDo}HVGHDFLGHQWHHPTXHR WUDVHLURHQREDQFRGRSDVVDJHLURGLDQWHLUR
UHWDUGDPHQWRGRYHtFXORpVXILFLHQWHPHQWHDOWRSD
UDDFLRQDURVDLUEDJV2VDLUEDJVVmRDFLRQDGRV Ɣ 6HIRURFDVRSRQWRVGHIL[DomRSDUDRFLQWR
VRPHQWHXPDYH]HVREGHWHUPLQDGDVFRQGLo}HV GHIL[DomRVXSHULRUSDUDFDGHLUDVGHFULDQoD b
2VFLQWRVGHVHJXUDQoDHVWmRVHPSUHSURQWRVSD
UDSURSRUFLRQDUSURWHomRHPVLWXDo}HVQDVTXDLV
RVDLUEDJVQmRVHMDPDFLRQDGRVRXVHMiWLYHUHP
VLGRDFLRQDGRV3RUH[HPSORVHRYHtFXORFROLGLU
FRPRXWURYHtFXORRXVHHOHIRUDWLQJLGRSRURXWUR
YHtFXORDSyVDSULPHLUDFROLVmR

 $QWHVGDFRQGXomR
6LWXDo}HVHPTXHRVDLUEDJVIURQWDLV Ɣ (PFROLV}HVODWHUDLVOHYHV
ODWHUDLVHSDUDFDEHoDQmRVmRDFLRQDGRV Ɣ (PFROLV}HVWUDVHLUDV
Ɣ 6HDLJQLomRIRUGHVOLJDGDHPFDVRGHFROLVmR Ɣ (PXPFDSRWDPHQWR
Ɣ 6HHPFROLV}HVQDSDUWHGLDQWHLUDGRYHtFXORR Ɣ 6HDYHORFLGDGHGRLPSDFWRIRUPHQRUGRTXHR
UHWDUGDPHQWRPHGLGRSHODVXQLGDGHVGHFRQWUROH YDORUGHUHIHUrQFLDQHFHVViULRQDXQLGDGHGHFRQ
IRUPXLWRSHTXHQR WUROH ‹

$LUEDJVIURQWDLV

)LJ /RFDOGHLQVWDODomRHiUHDGHH[SDQVmRGRDLUEDJIURQWDOGRFRQGXWRU

)LJ /RFDOGHLQVWDODomRHiUHDGHH[SDQVmRGRDLUEDJIURQWDOGRSDVVDJHLURGLDQWHLUR

¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
WDLVSRGHPVHLQIODUWRWDOPHQWHHPFDVRGHH[SDQ
VmRHSURSRUFLRQDUGHVWHPRGRVXDPi[LPDSUR
WHomR
2DLUEDJIURQWDOSDUDRFRQGXWRUVHHQFRQWUDQR
2VLVWHPDGHDLUEDJIURQWDOSURSRUFLRQDHPFRP YRODQWHҧϜ)LJ$HRDLUEDJIURQWDOSDUDRSDV
SOHPHQWRDRVFLQWRVGHVHJXUDQoDXPDSURWHomR VDJHLURGLDQWHLURQRSDLQHOGHLQVWUXPHQWRV
DGLFLRQDOSDUDDiUHDGDFDEHoDHGRWyUD[GRFRQ ҧϜ)LJ$2VORFDLVGHLQVWDODomRGRVDLUEDJV
GXWRUHGRSDVVDJHLURGLDQWHLURHPDFLGHQWHVIURQ HVWmRLGHQWLILFDGRVSHODLQVFULomR³$,5%$*´
WDLVHPDFLGHQWHVFRPPDLRUJUDYLGDGHeQHFHV
$ViUHDVGHVWDFDGDVHPYHUPHOKRҧϜ)LJ%H
53&&

ViULRPDQWHUVHPSUHDPDLRUGLVWkQFLDSRVVtYHOGR
DLUEDJIURQWDOҧϜ3iJLQD$VVLPRVDLUEDJVIURQ ҧϜ)LJ%VmRFREHUWDVSHORVDLUEDJVIURQWDLV
DFLRQDGRV iUHDGHH[SDQVmR 3RUHVVHPRWLYR
QXQFDSRGHPVHUFRORFDGRVRXIL[DGRVREMHWRV b

6HQWDUGHIRUPDFRUUHWDHVHJXUD 
QHVVDViUHDVҧϜ $VSHoDVGHPRQWDJHPLQVWD 3(5,*2 FRQWLQXDomR
ODGDVGHIiEULFDQmRVmRFREHUWDVSHORVDLUEDJV
Ɣ 1mRFRODUUHYHVWLURXSURFHVVDUGHRXWUD
IURQWDLVGRFRQGXWRUHGRSDVVDJHLUR
IRUPDDSODFDGHHVWRIDPHQWRGRYRODQWHHD
1DH[SDQVmRGRVDLUEDJVIURQWDLVGRFRQGXWRUH VXSHUItFLHHVSXPDGDGRPyGXORGRDLUEDJ
GRSDVVDJHLURGLDQWHLURDVFREHUWXUDVGRVDLUEDJV IURQWDOGRSDVVDJHLURGLDQWHLURQRSDLQHOGH
VmRLQIODGDVSDUDIRUDGRYRODQWHҧϜ)LJ%RXGR LQVWUXPHQWRV
SDLQHOGHLQVWUXPHQWRVҧϜ)LJ%
$'9(57Ç1&,$
3(5,*2
2VDLUEDJVIURQWDLVVHLQIODPGLDQWHGRYRODQ
$LQIODomRGHXPDLUEDJDFLRQDGRRFRUUHHP ҧϜ)LJHGRSDLQHOGHLQVWUXPHQWRV
WHҧ
IUDo}HVGHVHJXQGRHFRPYHORFLGDGHPXLWR ҧϜ)LJ
DOWD
Ɣ 6HJXUDURYRODQWHGXUDQWHDFRQGXomR
Ɣ 'HL[DUDViUHDVGHH[SDQVmRGRVDLUEDJV VHPSUHFRPDVGXDVPmRVODWHUDOPHQWHQD
IURQWDLVVHPSUHOLYUHV ERUGDH[WHUQDSRVLomRGDVKHK
Ɣ 1XQFDIL[DUREMHWRVQDVWDPSDVEHPFR Ɣ $MXVWDUREDQFRGRFRQGXWRUGHPRGRTXH
PRQDiUHDGHH[SDQVmRGRVPyGXORVGRV KDMDQRPtQLPRFPGHHVSDoRHQWUHRWy
DLUEDJVFRPRSRUH[HPSORSRUWDFRSRVRX UD[HRFHQWURGRYRODQWH6HHVWDH[LJrQFLD
VXSRUWHVGHWHOHIRQH QmRSXGHUVHUDWHQGLGDHPUD]mRGHSDUWLFX
Ɣ 1mRGHYHKDYHURXWUDVSHVVRDVDQLPDLV ODULGDGHVItVLFDVHQWUDUREULJDWRULDPHQWHHP
RXREMHWRVHQWUHRVRFXSDQWHVGRYHtFXORGRV FRQWDWRFRPXPD&RQFHVVLRQiULD9RONVZD
EDQFRVGLDQWHLURVHDViUHDVGHH[SDQVmR JHQ
GRVDLUEDJV$WHQWDUSDUDTXHLVVRWDPEpP Ɣ $MXVWDUREDQFRGRSDVVDJHLURGLDQWHLUR
VHMDFXPSULGRSRUFULDQoDVHSDVVDJHLURV GHPRGRTXHH[LVWDDPDLRUGLVWkQFLDSRVVt
Ɣ 1mRIL[DUREMHWRVFRPRSRUH[HPSOR YHOHQWUHRSDVVDJHLURGLDQWHLURHRSDLQHOGH
DSDUHOKRVPyYHLVGHQDYHJDomRQRSDUDEUL LQVWUXPHQWRV ‹
VDDFLPDGRDLUEDJIURQWDOGRSDVVDJHLURGL
DQWHLUR

'HVOLJDUHOLJDURDLUEDJIURQWDOGRSDVVDJHLURGLDQWHLURPDQXDOPHQWHFRP
RLQWHUUXSWRUDFLRQDGRSHODFKDYH
1DIL[DomRGHXPDFDGHLUDGHFULDQoDYROWDGD
SDUDWUiVQREDQFRGRSDVVDJHLURGLDQWHLURR
DLUEDJIURQWDOGRSDVVDJHLURGLDQWHLURGHYHVHU
GHVOLJDGR

'HVOLJDURDLUEDJIURQWDOGRSDVVDJHLUR
GLDQWHLUR
Ɣ 'HVOLJDUDLJQLomR
Ɣ $EULURSRUWDREMHWRV
Ɣ 5HPRYHUDFKDYHGHHPHUJrQFLDGDFKDYHGR
YHtFXORҧϜ3iJLQD-RJRGHFKDYHVGRYHtFXOR
Ɣ &RORFDUDFKDYHGHHPHUJrQFLDQRLQWHUUXSWRU
DFLRQDGRSHODFKDYHQRSRUWDREMHWRVҧϜ)LJDWp
DVHJXQGDUHVLVWrQFLD(QWmRDFKDYHGHHPHU
)LJ 1RSRUWDOXYDVLQWHUUXSWRUDFLRQDGRSHOD JrQFLDpLQVHULGDHPDSUR[LPDGDPHQWHQRLQ
FKDYHSDUDGHVOLJDUHOLJDURDLUEDJIURQWDOGRSDV WHUUXSWRUDFLRQDGRSHODFKDYHҧϜ 
VDJHLUR
Ɣ *LUDUDFKDYHGHHPHUJrQFLDVHPPXLWRHVIRU
oRSDUDDSRVLomR/&&
¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
Ɣ 5HWLUDUDFKDYHGHHPHUJrQFLDGRLQWHUUXSWRU
DFLRQDGRSHODFKDYHҧϜ  b

 $QWHVGDFRQGXomR
Ɣ )HFKDURSRUWDREMHWRV
$'9(57Ç1&,$
Ɣ $OX]GHFRQWUROH3$66(1*(5$,5%$*/&&
QDSDUWHVXSHULRUGRFRQVROHFHQWUDOVHDFHQGH 1mRGHL[DUDFKDYHGHHPHUJrQFLDLQVHULGD
SHUPDQHQWHPHQWHFRPDLJQLomROLJDGD QRLQWHUUXSWRUDFLRQDGRSHODFKDYHGXUDQWHD
ҧϜ3iJLQD FRQGXomR
Ɣ $YLEUDomRSRGHJLUDULQYROXQWDULDPHQWHD
/LJDURDLUEDJIURQWDOGRSDVVDJHLUR FKDYHGHHPHUJrQFLDQRLQWHUUXSWRUDFLRQDGR
GLDQWHLUR SHODFKDYHHVHIRURFDVRDFLRQDURDLUEDJ
Ɣ 'HVOLJDUDLJQLomR IURQWDOGRSDVVDJHLURGLDQWHLUR
Ɣ $EULURSRUWDREMHWRV Ɣ &RPLVVRRDLUEDJIURQWDOSRGHVHUDFLR
QDGRLQHVSHUDGDPHQWHHSRGHFDXVDUIHUL
Ɣ 5HPRYHUDFKDYHGHHPHUJrQFLDGDFKDYHGR
PHQWRVJUDYHVRXIDWDLV
YHtFXORҧϜ3iJLQD-RJRGHFKDYHVGRYHtFXOR
Ɣ &RORFDUDFKDYHGHHPHUJrQFLDQRLQWHUUXSWRU
DFLRQDGRSHODFKDYHQRSRUWDREMHWRVҧϜ)LJDWp
$'9(57Ç1&,$
DVHJXQGDUHVLVWrQFLD(QWmRDFKDYHGHHPHU 2DLUEDJIURQWDOGRSDVVDJHLURGLDQWHLURVy
JrQFLDpLQVHULGDHPDSUR[LPDGDPHQWHQRLQ SRGHVHUGHVOLJDGRHPFDVRVHVSHFLDLV
WHUUXSWRUDFLRQDGRSHODFKDYHҧϜ  Ɣ /LJDUHGHVOLJDURDLUEDJIURQWDOGRSDVVD
Ɣ *LUDUDFKDYHGHHPHUJrQFLDVHPPXLWRHVIRU JHLURGLDQWHLURVRPHQWHFRPDLJQLomRGHVOL
oRSDUDDSRVLomR/. JDGDSDUDHYLWDUGDQRVDRVLVWHPDGHDLUEDJ
Ɣ 5HWLUDUDFKDYHGHHPHUJrQFLDGRLQWHUUXSWRU Ɣ $UHVSRQVDELOLGDGHSHODSRVLomRFRUUHWD
DFLRQDGRSHODFKDYHҧϜ  GRLQWHUUXSWRUDFLRQDGRSHODFKDYHpGRFRQ
Ɣ )HFKDURSRUWDREMHWRV GXWRU
Ɣ 9HULILFDUVHFRPDLJQLomROLJDGDDOX]GHFRQ Ɣ 'HVOLJDURDLUEDJIURQWDOGRSDVVDJHLURGL
WUROH3$66(1*(5$,5%$*/&&QDSDUWHVXSHUL DQWHLURVRPHQWHTXDQGRHPFDVRVHVSHFLDLV
RUGRFRQVROHFHQWUDOQmRHVWiDFHVD KRXYHUXPDFDGHLUDGHFULDQoDIL[DGDQREDQ
ҧϜ3iJLQD FRGRSDVVDJHLURGLDQWHLUR
Ɣ /LJDUQRYDPHQWHRDLUEDJIURQWDOGRSDV
&DUDFWHUtVWLFDGHUHFRQKHFLPHQWRSDUDR VDJHLURGLDQWHLURDVVLPTXHDFDGHLUDGHFUL
DLUEDJIURQWDOGRSDVVDJHLURGLDQWHLUR DQoDQmRHVWLYHUPDLVVHQGRXVDGDQREDQFR
GHVOLJDGR GRSDVVDJHLURGLDQWHLUR
8PDLUEDJIURQWDOGRSDVVDJHLURGLDQWHLURGHVOLJD
GRVRPHQWHpLQGLFDGRSHODOX]GHFRQWUROH3$6 127$
6(1*(5$,5%$*/&&SHUPDQHQWHPHQWHDFHVD
8PDFKDYHGHHPHUJrQFLDQmRLQVHULGDRVXIL
QDSDUWHVXSHULRUGRFRQVROHFHQWUDO /&&DFHVD
FLHQWHSRGHVHUGDQLILFDGDDRJLUiODQRLQWHU
HPDPDUHORSHUPDQHQWHPHQWH ҧϜ3iJLQD/X]
UXSWRUDFLRQDGRSHODFKDYH
GHFRQWUROH
6HDOX]GHFRQWUROH3$66(1*(5$,5%$* 127$
/&&QDSDUWHVXSHULRUGRFRQVROHFHQWUDOQmRVH
DFHQGHUSHUPDQHQWHPHQWHRXVHDFHQGHUMXQWD 1mRGHL[DUDFKDYHGHHPHUJrQFLDLQVHULGDQR
PHQWHFRPDOX]GHFRQWUROHTGRLQVWUXPHQWR LQWHUUXSWRUDFLRQDGRSHODFKDYHSRLVLVVRSR
FRPELQDGRQHQKXPVLVWHPDGHUHWHQomRSDUDFUL GHFDXVDUGDQRVQRSRUWDREMHWRVQRLQWHUUXS
DQoDVSRGHUiVHUPRQWDGRVREUHREDQFRGRSDV WRUDFLRQDGRSHODFKDYHHQDFKDYHDRIHFKDUR
VDJHLURGLDQWHLURSRUPRWLYRVGHVHJXUDQoD2DLU SRUWDREMHWRV ‹
EDJIURQWDOGRSDVVDJHLURGLDQWHLURSRGHULDVHU
DFLRQDGRHPXPDFLGHQWH
53&&

6HQWDUGHIRUPDFRUUHWDHVHJXUD 
$LUEDJVODWHUDLV

)LJ $QRODGRHVTXHUGRGRYHtFXORiUHDVGHH[SDQVmRGRDLUEDJODWHUDO%ODWHUDOPHQWHQREDQFR
GLDQWHLURORFDOGHLQVWDODomRHiUHDGHH[SDQVmRGRDLUEDJODWHUDO

¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
$'9(57Ç1&,$ FRQWLQXDomR
FRWUDVHLURHHQWUHDViUHDVGHH[SDQVmRGRV
DLUEDJV$WHQWDUSDUDTXHLVVRWDPEpPVHMD
FXPSULGRSRUFULDQoDVHSDVVDJHLURV
2VDLUEDJVODWHUDLVVHHQFRQWUDPQRHVWRIDPHQWR
H[WHUQRGRHQFRVWRGRVEDQFRVҧϜ)LJ%GR Ɣ 3HQGXUDUVRPHQWHWUDMHVOHYHVQRJDQFKR
FRQGXWRUHGRSDVVDJHLURGLDQWHLUR'HSHQGHQGR SDUDURXSDVGRYHtFXOR1mRGHL[DUREMHWRV
GDYHUVmRGRYHtFXORRVDLUEDJVODWHUDLVWDPEpP SHVDGRVRXFRPFDQWRVYLYRVQRVEROVRV
HVWmRLQVWDODGRVQRVDVVHQWRVODWHUDLVGREDQFR Ɣ 1mRPRQWDUSHoDVDFHVVyULDVQDVSRUWDV
WUDVHLURORFDOL]DGRVHQWUHDVROHLUDGDSRUWDHRV Ɣ 6yDSOLFDUUHYHVWLPHQWRVGHEDQFRRXGH
HQFRVWRVGREDQFR2VORFDLVGHLQVWDODomRGRV SURWHomRTXHHVWHMDPH[SUHVVDPHQWHOLEHUD
DLUEDJVHVWmRLGHQWLILFDGRVSHODLQVFULomR³$,5 GRVSDUDRXVRQRYHtFXOR&DVRFRQWUiULRR
%$*´ DLUEDJODWHUDOSRGHQmRVHLQIODUHPXPDFLR
$ViUHDVPDUFDGDVHPYHUPHOKRҧϜ)LJVmRFR QDPHQWR
EHUWDVSHORVDLUEDJVODWHUDLVDFLRQDGRV iUHDVGH
H[SDQVmR 3RUHVVHPRWLYRQXQFDSRGHPVHUFR $'9(57Ç1&,$
ORFDGRVRXIL[DGRVREMHWRVQHVVDViUHDVҧϜ  2PDQXVHLRLQFRUUHWRGREDQFRGRFRQGXWRU
(PFDVRGHXPDFROLVmRODWHUDORVDLUEDJVODWHUDLV HGREDQFRGRSDVVDJHLURGLDQWHLURSRGHLP
GRODGRGDFROLVmRVmRDFLRQDGRVHUHGX]HPDV SHGLURIXQFLRQDPHQWRFRUUHWRGRVDLUEDJV
VLPRULVFRGHIHULPHQWRVGRVRFXSDQWHVGRYHtFX ODWHUDLVHFDXVDUIHULPHQWRVJUDYHV
ORVREUHDVSDUWHVGRFRUSRYROWDGDVSDUDDFROL Ɣ 1XQFDGHVLQVWDODURVEDQFRVGLDQWHLURV
VmR GRYHtFXORRXPRGLILFDUSHoDVGHOHV
Ɣ 6HIRUoDVH[FHVVLYDPHQWHDOWDVIRUHP
$'9(57Ç1&,$ DSOLFDGDVVREUHDVEDQDQDVGRHQFRVWRGR
$LQIODomRGHXPDLUEDJDFLRQDGRRFRUUHHP EDQFRRVDLUEDJVODWHUDLVSRGHPQmRVHU
IUDo}HVGHVHJXQGRHFRPYHORFLGDGHPXLWR DFLRQDGRVFRUUHWDPHQWHQmRVHUDFLRQDGR
DOWD RXVHUDFLRQDGRDFLGHQWDOPHQWH
Ɣ 'HL[DUDViUHDVGHH[SDQVmRGRVDLUEDJV Ɣ 'DQRVQRVUHYHVWLPHQWRVRULJLQDLVGRV
ODWHUDLVVHPSUHOLYUHV EDQFRVRXQDVFRVWXUDVGDiUHDGRPyGXOR
Ɣ 3HVVRDVDQLPDLVRXREMHWRVQmRGHYHP GRVDLUEDJVODWHUDLVGHYHPVHUYHULILFDGRV
HVWDUHQWUHRVRFXSDQWHVGRYHtFXORQRVEDQ LPHGLDWDPHQWHSRUXPD&RQFHVVLRQiULD
FRVGLDQWHLURVQRVDVVHQWRVODWHUDLVGREDQ 9RONVZDJHQ ‹

 $QWHVGDFRQGXomR
$LUEDJVSDUDFDEHoD

)LJ 1RODGRHVTXHUGRGRYHtFXORORFDOGHLQVWDODomRHiUHDGHH[SDQVmRGRDLUEDJSDUDFDEHoD

¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
$'9(57Ç1&,$
$LQIODomRGHXPDLUEDJDFLRQDGRRFRUUHHP
IUDo}HVGHVHJXQGRHFRPYHORFLGDGHPXLWR
([LVWHXPDLUEDJSDUDFDEHoDQRODGRGRFRQGXWRU DOWD
HRXWURQRODGRGRSDVVDJHLURGLDQWHLURQRLQWHULRU Ɣ 'HL[DUDViUHDVGHH[SDQVmRGRVDLUEDJV
GRYHtFXORDFLPDGDVSRUWDVҧϜ)LJ2ORFDOGH SDUDFDEHoDVHPSUHOLYUHV
LQVWDODomRHVWiLGHQWLILFDGRSHODLQVFULomR³$,5 Ɣ 1XQFDIL[DUREMHWRVQDFREHUWXUDQHPQD
%$*´ iUHDGHH[SDQVmRGRDLUEDJSDUDFDEHoD
$iUHDGHVWDFDGDHPYHUPHOKRҧϜ)LJpFREHUWD Ɣ 3HVVRDVDQLPDLVRXREMHWRVQmRGHYHP
SHORDLUEDJSDUDFDEHoDDFLRQDGR iUHDGHH[SDQ HVWDUHQWUHRVRFXSDQWHVGRYHtFXORQRVEDQ
VmR 3RUHVVHPRWLYRQmRpUHFRPHQGiYHOFROR FRVGLDQWHLURVQRVDVVHQWRVODWHUDLVGREDQ
FDURXIL[DUREMHWRVQHVVDiUHDҧϜ  FRWUDVHLURHHQWUHDViUHDVGHH[SDQVmRGRV
(PFDVRGHFROLVmRODWHUDORDLUEDJSDUDFDEHoD DLUEDJV$WHQWDUSDUDTXHLVVRWDPEpPVHMD
QRODGRGDFROLVmRpDFLRQDGR FXPSULGRSRUFULDQoDVHSDVVDJHLURV
Ɣ 3HQGXUDUVRPHQWHWUDMHVOHYHVQRJDQFKR
(PFDVRGHFROLV}HVODWHUDLVRVDLUEDJVSDUDFD
SDUDURXSDVGRYHtFXOR1mRGHL[DUREMHWRV
EHoDUHGX]HPRULVFRGHIHULPHQWRVGRVRFXSDQ
SHVDGRVRXFRPFDQWRVYLYRVQRVEROVRV
WHVGRYHtFXORQRVEDQFRVGLDQWHLURVHQRVDVVHQ
WRVODWHUDLVGREDQFRWUDVHLURQDVSDUWHVGRFRUSR Ɣ 1mRPRQWDUSHoDVDFHVVyULDVQDVSRUWDV
YROWDGDVSDUDRDFLGHQWH Ɣ 1mRLQVWDODUFRUWLQDVGHSURWHomRVRODU
QRVYLGURVODWHUDLVTXHQmRHVWHMDPH[SUHV
VDPHQWHOLEHUDGRVSDUDXWLOL]DomRQRUHVSHF
WLYRYHtFXOR
Ɣ 9LUDURSDUDVROSDUDRVYLGURVODWHUDLVVR
PHQWHTXDQGRQHQKXPREMHWRHVWLYHUIL[DGR
QRSDUDVROFRPRSRUH[HPSORFDQHWDVRX
FRPDQGRVGHDEHUWXUDGHSRUWmRGHJDUDJHP ‹
53&&

6HQWDUGHIRUPDFRUUHWDHVHJXUD 
&DGHLUDVGHFULDQoD

¤ ,QWURGXomRDRWHPD
1HVWHFDStWXORHQFRQWUDPVHLQIRUPDo}HVUHODWLYDV $'9(57Ç1&,$ FRQWLQXDomR
DRVVHJXLQWHVWHPDV
Ɣ &ULDQoDVFRPPHQRVGHDQRVGHLGDGH
,QIRUPDomREiVLFDSDUDDLQVWDODomRH HFPGHDOWXUDQmRGHYHPVHUWUDQVSRUWD
XWLOL]DomRGHFDGHLUDVGHFULDQoDV   GDVGXUDQWHDFRQGXomRVHPFDGHLUDVDGH
7LSRVGHFDGHLUDVGHFULDQoDV   TXDGDVGHFULDQoD2EVHUYDUDVSUHVFULo}HV
6LVWHPDVGHIL[DomR   HVSHFtILFDVGRSDtVTXHVHMDPGLIHUHQWHV
)L[DUDFDGHLUDGHFULDQoDFRP,62),;   Ɣ 6HPSUHSURWHJHUDVFULDQoDVFRPFDGHL
)L[DUDFDGHLUDGHFULDQoDFRPFLQWRGH UDVGHFULDQoDVDGHTXDGDV$VFDGHLUDVGH
IL[DomRVXSHULRU 7RS7HWKHU   FULDQoDVGHYHPFRUUHVSRQGHUDRWDPDQKR
)L[DUDFDGHLUDGHFULDQoDFRPRFLQWRGH LGDGHHSHVRGDFULDQoD
VHJXUDQoD   Ɣ 1XQFDFRORFDURFLQWRHPGLYHUVDVFULDQ
oDVHPXPDFDGHLUDGHFULDQoD
$VFDGHLUDVGHFULDQoDUHGX]HPRULVFRGHOHVmR Ɣ (PQHQKXPDKLSyWHVHOHYDUFULDQoDVRX
HPXPDFLGHQWH6HPSUHWUDQVSRUWDUFULDQoDVQDV EHErVQRFROR
FDGHLUDVGHFULDQoDV
Ɣ 1XQFDGHL[DUFULDQoDVVR]LQKDVQDFDGHL
2EVHUYDU UDGHFULDQoD
Ɣ $VFDGHLUDVGHFULDQoDVVmRGLYLGLGDVHPJUX Ɣ 1XQFDSHUPLWLUTXHFULDQoDVVHMDPWUDQV
SRVGHDFRUGRFRPRWDPDQKRDLGDGHHRSHVR SRUWDGDVQRYHtFXORVHPSURWHomRTXHHODV
GDFULDQoD VHOHYDQWHPILTXHPDMRHOKDGDVQRVEDQFRV
Ɣ $IL[DomRGDVFDGHLUDVGHFULDQoDVQRVYHtFX RXTXHHODVDVVXPDPXPDSRVLomRVHQWDGD
ORVSRGHVHUUHDOL]DGDFRPGLIHUHQWHVVLVWHPDVGH LQFRUUHWDGXUDQWHDFRQGXomR,VVRYDOHSULQ
IL[DomR FLSDOPHQWHSDUDDVFULDQoDVTXHVmRWUDQV
SRUWDGDVQREDQFRGRSDVVDJHLURGLDQWHLUR
3RUPRWLYRVGHVHJXUDQoDDVFDGHLUDVGHFULDQoD (PFDVRGHDFLGHQWHDVFULDQoDVSRGHPPD
VHPSUHGHYHPVHUPRQWDGDVQRVEDQFRVWUDVHL FKXFDUDRXWURVRXFRUUHUULVFRGHYLGD
URV8WLOL]DUXPDFDGHLUDGHFULDQoDQREDQFRGD Ɣ 3DUDDSURWHomRPi[LPDGDFDGHLUDGHFUL
IUHQWHVRPHQWHHPFDVRVGHH[FHomR DQoDpPXLWRLPSRUWDQWHRVHQWLGRFRUUHWRGR
$9RONVZDJHQUHFRPHQGDXWLOL]DUFDGHLUDVGHFUL FLQWRGHVHJXUDQoD2EVHUYDUDVLQGLFDo}HV
DQoDGRSURJUDPDGHDFHVVyULRVGD9RONVZDJHQ GRIDEULFDQWHGDFDGHLUDGHFULDQoDVREUHD
(VVDVFDGHLUDVGHFULDQoDIRUDPSURMHWDGDVHYHUL SRVLomRGRFDGDUoRGRFLQWRGHVHJXUDQoD
ILFDGDVSDUDRXVRHPYHtFXORV9RONVZDJHQ &LQWRVGHVHJXUDQoDFRORFDGRVLQFRUUHWD
PHQWHSRGHPFDXVDUIHULPHQWRVPHVPRHP
$'9(57Ç1&,$ SHTXHQRVDFLGHQWHV
&ULDQoDVQmRSURWHJLGDVRXQmRVXILFLHQWH Ɣ $SyVXPDFLGHQWHVXEVWLWXLUDFDGHLUDGH
PHQWHSURWHJLGDVSRGHPVRIUHUIHULPHQWRV FULDQoDVXEPHWLGDDHVIRUoRVXPDYH]TXH
JUDYHVRXIDWDLV2EVHUYDURVHJXLQWH SRGHPWHURFRUULGRGDQRVLPSHUFHSWtYHLV

3DUDXWLOL]DUDVFDGHLUDVGHFULDQoDVHDVVX
DVSRVVLELOLGDGHVGHIL[DomRYDOHPDVQRU
PDVHSUHVFULo}HVGRUHVSHFWLYRSDtV3UHVFULo}HV
HGHWHUPLQDo}HVOHJDLVWrPSULRULGDGHVREUHDV
GHVFULo}HVQHVWH0DQXDOGHLQVWUXo}HV ‹

 $QWHVGDFRQGXomR
,QIRUPDomREiVLFDSDUDDLQVWDODomRHXWLOL]DomRGHFDGHLUDVGHFULDQoDV

)LJ 5HSUHVHQWDomRHVTXHPiWLFDHWLTXHWDGRDLUEDJQRSDUDVRO $ RXQDFROXQD% % 

¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
(WLTXHWDDGHVLYDGHDLUEDJ
1RYHtFXORSRGHPH[LVWLUHWLTXHWDVFRPLQIRUPD
o}HVLPSRUWDQWHVVREUHRDLUEDJIURQWDOGRSDVVD
JHLURGLDQWHLUR2FRQWH~GRGHSHQGHGRSDtVHSR
2ULHQWDomRVREUHDLQVWDODomRGHXPD GHYDULDU$VHWLTXHWDVSRGHPVHUFRODGDVQRVVH
FDGHLUDGHFULDQoD JXLQWHVORFDLV
1DLQVWDODomRGHXPDFDGHLUDGHFULDQoDREVHUYDU Ɣ 1RSDUDVROGRFRQGXWRUHRXGRSDVVDJHLURGL
DVVHJXLQWHVRULHQWDo}HVJHUDLV(ODVVmRYiOLGDV DQWHLURҧϜ)LJ$
SDUDWRGRVRVVLVWHPDGHIL[DomRGDVFDGHLUDVGH
FULDQoDV Ɣ 1DFROXQD%QRODGRGRSDVVDJHLURGLDQWHLUR%

Ɣ /HUHREVHUYDUDVLQVWUXo}HVGRIDEULFDQWHGD $QWHVGDLQVWDODomRGHXPDFDGHLUDGHFULDQoD
FDGHLUDGHFULDQoDҧϜ  YROWDGDSDUDWUiVpLPSUHVFLQGtYHOREVHUYDURV
DOHUWDVҧϜ 
Ɣ 0RQWDUDFDGHLUDGHFULDQoDSUHIHUHQFLDOPHQWH
QREDQFRWUDVHLURDWUiVGREDQFRGRSDVVDJHLURGL 5LVFRVGHWUDQVSRUWDUFULDQoDVQREDQFRGR
DQWHLURSDUDTXHDVFULDQoDVSRVVDPGHVHPEDUFDU SDVVDJHLURGLDQWHLUR
SHORODGRGDFDOoDGD 8PDFLRQDPHQWRGRDLUEDJIURQWDOGRSDVVDJHLUR
Ɣ 3DUDPRQWDUXPDFDGHLUDGHFULDQoDYROWDGD GLDQWHLURQDXWLOL]DomRGHXPDFDGHLUDGHFULDQoD
SDUDWUiVQREDQFRGRSDVVDJHLURGLDQWHLURGHVOL YROWDGDSDUDWUiVSRGHFDXVDUIHULPHQWRVJUDYHV
JDURDLUEDJIURQWDOGRSDVVDJHLURGLDQWHLUR RXIDWDLVҧϜ 
Ɣ 1DPRQWDJHPQREDQFRGRSDVVDJHLURGLDQWHL &DGHLUDVGHFULDQoDVRULHQWDGDVSDUDWUiVVRPHQ
URFRORFDUREDQFRGRSDVVDJHLURGLDQWHLURFRP WHSRGHPVHUXWLOL]DGDVQREDQFRGRSDVVDJHLURGL
SOHWDPHQWHSDUDWUiVҧϜ3iJLQD DQWHLURVHRDLUEDJIURQWDOGRSDVVDJHLURGLDQWHLUR
Ɣ 1DPRQWDJHPQRVEDQFRVWUDVHLURGHL[DUHV HVWLYHUGHVOLJDGR8PDLUEDJIURQWDOGRSDVVDJHLUR
SDoROLYUHVXILFLHQWHHPYROWDGDFDGHLUDGHFULDQ GLDQWHLURGHVOLJDGRpLQGLFDGRFRPXPDOX]GH
oD6HQHFHVViULRFRORFDUREDQFRGRSDVVDJHLUR FRQWUROHSHUPDQHQWHPHQWHDFHVDQRFRQVROHFHQ
GLDQWHLURSDUDIUHQWH WUDO'HVOLJDURDLUEDJIURQWDOGRSDVVDJHLURGLDQ
Ɣ $MXVWDUDLQFOLQDomRGRHQFRVWRGREDQFRGR WHLURҧϜ3iJLQD
YHtFXORGHPRGRTXHDFDGHLUDGHFULDQoDHQFRVWH 1mRGHVDWLYDURDLUEDJIURQWDOGRSDVVDJHLURGLDQ
FRPSOHWDPHQWH WHLURQDXWLOL]DomRGHXPDFDGHLUDGHFULDQoDYRO
Ɣ (PSXUUDUFRPSOHWDPHQWHSDUDFLPDRXGHVLQV WDGDSDUDIUHQWH$RLQVWDODUDFDGHLUDGHFULDQoD
WDODURVHQFRVWRVSDUDFDEHoDDWUiVGDFDGHLUDGH HVWDEHOHFHUDPDLRUGLVWkQFLDSRVVtYHOSDUDRDLU
FULDQoDҧϜ3iJLQDHJXDUGDUGHPRGRVHJXURQR EDJIURQWDOGRSDVVDJHLURGLDQWHLUR8PDFLRQD
YHtFXOR PHQWRGRDLUEDJIURQWDOGRSDVVDJHLURGLDQWHLUR
53&&

SRGHFDXVDUIHULPHQWRVJUDYHVҧϜ  b

6HQWDUGHIRUPDFRUUHWDHVHJXUD 
1HPWRGDVDVFDGHLUDVGHFULDQoDVmROLEHUDGDV
$'9(57Ç1&,$
SDUDXWLOL]DUVREUHREDQFRGRSDVVDJHLURGLDQWHL
UR$FDGHLUDGHFULDQoDGHYHHVWDUOLEHUDGDSHOR 5LVFRGHOHVmRQDXWLOL]DomRGHXPDFDGHLUD
IDEULFDQWHHVSHFLDOPHQWHSDUDXVRQREDQFRGR GHFULDQoDYROWDGDSDUDIUHQWHQREDQFRGR
SDVVDJHLURGLDQWHLURGHYHtFXORVFRPDLUEDJVIURQ SDVVDJHLURGLDQWHLUR
WDLVHODWHUDLV$&RQFHVVLRQiULD9RONVZDJHQPDQ Ɣ &RORFDUREDQFRGRSDVVDJHLURGLDQWHLURR
WpPjGLVSRVLomRXPDOLVWDDWXDOFRPDVFDGHLUDV Pi[LPRSRVVtYHOSDUDWUiVHSDUDFLPDSDUD
GHFULDQoDOLEHUDGDV JDUDQWLUDPHOKRUGLVWkQFLDDRDLUEDJIURQWDO
GRSDVVDJHLURGLDQWHLUR
5LVFRVFRPRVDLUEDJVODWHUDLV
Ɣ &RORTXHRHQFRVWRGREDQFRHPXPDSR
(PXPDFLRQDPHQWRGRDLUEDJODWHUDODFULDQoD
VLomRYHUWLFDO
SRGHVHUDWLQJLGDQDFDEHoDFRPRVDFRGHDUH
SRGHVHUJUDYHPHQWHIHULGDҧϜ  Ɣ 6RPHQWHXWLOL]DUFDGHLUDVGHFULDQoDOLEH
UDGDVSHORIDEULFDQWHGDFDGHLUDGHFULDQoD
3(5,*2 SDUDDXWLOL]DomRVREUHREDQFRGRSDVVDJHL
URGLDQWHLURFRPDLUEDJIURQWDOHODWHUDO
1DXWLOL]DomRGHXPDFDGHLUDGHFULDQoDYRO
WDGDSDUDWUiVQREDQFRGRSDVVDJHLURGLDQ
$'9(57Ç1&,$
WHLURpPDLRURULVFRGHIHULPHQWRVJUDYHVRX
IDWDLVQDFULDQoDHPFDVRGHXPDFLGHQWH 3DUDHYLWDUOHV}HVFRPRDFLRQDPHQWRGHXP
Ɣ 'HVDWLYDURDLUEDJIURQWDOGRSDVVDJHLUR DLUEDJSDUDFDEHoDRXODWHUDO
GLDQWHLUR6HRDLUEDJIURQWDOGRSDVVDJHLUR Ɣ $WHQWDUSDUDTXHDFULDQoDQmRHVWHMDQD
GLDQWHLURQmRSXGHUVHUGHVDWLYDGRQmRp iUHDGHH[SDQVmRGRDLUEDJ
SHUPLWLGRXWLOL]DUFDGHLUDVGHFULDQoDVYROWD Ɣ 1mRFRORFDUREMHWRVQDiUHDGHDOFDQFHGR
GDVSDUDWUiV DLUEDJODWHUDO ‹
Ɣ 6RPHQWHXWLOL]DUFDGHLUDVGHFULDQoDOLEH
UDGDVSHORIDEULFDQWHGDFDGHLUDGHFULDQoD
SDUDDXWLOL]DomRVREUHREDQFRGRSDVVDJHL
URGLDQWHLURFRPDLUEDJIURQWDOHODWHUDO

$'9(57Ç1&,$
5LVFRGHOHVmRFRPDLQVWDODomRLQFRUUHWDGH
FDGHLUDVGHFULDQoD
Ɣ 2EVHUYDUHVHJXLUDVLQVWUXo}HVGHLQVWD
ODomRHRVDOHUWDVGRIDEULFDQWHGDFDGHLUDGH
FULDQoD

7LSRVGHFDGHLUDVGHFULDQoDV

¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD

8WLOL]DUVRPHQWHFDGHLUDVGHFULDQoDVTXHVmRRIL
FLDOPHQWHDSURYDGDVHDGHTXDGDVSDUDDVFULDQ
oDV

1RUPDVSDUDDVFDGHLUDVGHFULDQoD
3DUDDVFDGHLUDVGHFULDQoDVYDOHDUHJUD(&(5
GD8QLmR(XURSHLD$VFDGHLUDVGHFULDQoDV
TXHVmRYHULILFDGDVGHDFRUGRFRPHVWDQRUPD
)LJ ([HPSORGHUHSUHVHQWDomRGDVFDGHLUDV
SRVVXHPXPVHORGHDSURYDomR(&(GHFRUODUDQ
GHFULDQoDV
MD2VHORGHDSURYDomR(&(SRGHWHUDVVHJXLQ
WHVLQIRUPDo}HVVREUHDFDGHLUDGHFULDQoD b

 $QWHVGDFRQGXomR
Ɣ &ODVVHGHSHVR GRTXHQRDMXVWHGHDOWXUDVHPHQFRVWRGDVFRV
Ɣ &ODVVHGHWDPDQKR WDV$9RONVZDJHQUHFRPHQGDXWLOL]DUFDGHLUDVGH
FULDQoDFRPHQFRVWRGDVFRVWDV&DGHLUDVGHFUL
Ɣ &DWHJRULDGHDSURYDomR XQLYHUVDOVHPLXQL
DQoDGRJUXSRVmRDGHTXDGDVSDUDRJUXSRHWi
YHUVDORXHVSHFtILFDGRYHtFXOR 
ULRGHDSUR[LPDGDPHQWHDQRVGHLGDGHDVFD
Ɣ 1~PHURGHDSURYDomR GHLUDVGHFULDQoDGRJUXSRVmRDSDUWLUGHDSUR
$VFDGHLUDVGHFULDQoDVTXHVmRDSURYDGDVGH [LPDGDPHQWHDQRV
DFRUGRFRPDUHJUD(&(5RQ~PHURGHDSUR 1HPWRGDFULDQoDFDEHQDFDGHLUDGHFULDQoDGR
YDomRGHRLWRGtJLWRVQRVHORGHDSURYDomR(&( VHXJUXSRGHSHVR'DPHVPDIRUPDQHPWRGD
SUHFLVDFRPHoDUFRPRX,VVRLQGLFDTXHD FDGHLUDGHFULDQoDFDEHHPWRGRYHtFXOR9HULILFDU
FDGHLUDpOLEHUDGD&DGHLUDVDQWLJDVGHFULDQoDV VHPSUHVHDFULDQoDVHHQFDL[DFRUUHWDPHQWHQD
FXMRQ~PHURGHDSURYDomRFRPHoDFRPRX FDGHLUDGHFULDQoDHVHDFDGHLUDGHFULDQoDSRGH
QmRVmROLEHUDGDV VHUIL[DGDGHIRUPDVHJXUDQRYHtFXOR
&DGHLUDVGHFULDQoDVGHDFRUGRFRPDV &DGHLUDVGHFULDQoDVGHDFRUGRFRPDV
FODVVHVGHSHVR FDWHJRULDVGHDSURYDomR
&ODVVH 3HVRGDFULDQoD $OpPGLVVRDVFDGHLUDVGHFULDQoDVSRGHPWHUD
*UXSR $WpNJ FDWHJRULDGHDSURYDomRXQLYHUVDOVHPLXQLYHUVDOH
HVSHFtILFDGRYHtFXOR
*UXSSR $WpNJ
*UXSR 'HDNJ Ɣ 8QLYHUVDOFDGHLUDVGHFULDQoDFRPDSURYDomR
XQLYHUVDOVmROLEHUDGDVSDUDLQVWDODUHPWRGRVRV
*UXSR 'HDNJ
YHtFXORV1mRpQHFHVViULRXPDOLVWDGHWLSRV1D
*UXSR 'HDNJ DSURYDomRXQLYHUVDOGR,62),;DFDGHLUDGHFUL
DQoDGHYHVHUFRQHFWDGDDGLFLRQDOPHQWHFRPXP
Ɣ &ODVVHGHSHVRGRQDVFLPHQWRDWpDLGD
FLQWRGHIL[DomRVXSHULRU 7RS7HWKHU 
GHGHDSUR[LPDGDPHQWHPHVHVVmRDGHTXD
GDVFDGHLUDVGHEHErVYROWDGDVSDUDWUiVҧϜ)LJ Ɣ 6HPLXQLYHUVDOXPDDSURYDomRVHPLXQLYHU
GRJUXSRRX VDOUHTXHUSHORVUHTXLVLWRVGDQRUPDGDDSURYD
omRXQLYHUVDOGLVSRVLWLYRVGHVHJXUDQoDSDUDIL[DU
Ɣ &ODVVHGHSHVRGHSRLVGHDWLQJLUROLPLWHGH
DFDGHLUDGHFULDQoDTXHQHFHVVLWDPGHWHVWHVDGL
SHVRVmRDGHTXDGDVFDGHLUDVGHFULDQoDVGRJUX
FLRQDLV$VFDGHLUDVGHFULDQoDVFRPDDSURYDomR
SR DWpDSUR[LPDGDPHQWHDQRV RXGRJUXSR
VHPLXQLYHUVDOSRVVXHPXPDOLVWDGHWLSRVQD
 DWpDSUR[LPDGDPHQWHDQRV FRPVLVWHPDGH
TXDOGHYHHVWDURYHtFXOR
FLQWRGHVHJXUDQoDLQWHJUDGR
Ɣ (VSHFtILFDGRYHtFXORXPDDSURYDomRHVSH
Ɣ &ODVVHVGHSHVRDVFDGHLUDVGHFULDQoDV
FtILFDGRYHtFXORQHFHVVLWDSDUDFDGDPRGHORGH
GRVJUXSRVHSRVVXHPHQFRVWRGDVFRVWDVH
YHtFXORXPWHVWHGLQkPLFRVHSDUDGRGDFDGHLUDGH
DMXVWHGHDOWXUDVHPHQFRVWRGDVFRVWDV$VFDGHL
FULDQoDQRYHtFXOR$VFDGHLUDVGHFULDQoDFRP
UDVGHFULDQoDVFRPHQFRVWRGDVFRVWDVIRUQHFHP
DSURYDomRHVSHFtILFDGRYHtFXORWDPEpPSRVVXHP
PHOKRUSURWHomRFRPXPDSRVLomRGRFDGDUoRGR
XPDOLVWDGHWLSRV ‹
FLQWRGHVHJXUDQoDLQWHJUDGDHXPHVWRIDGRODWHUDO

6LVWHPDVGHIL[DomR

¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
9LVWDJHUDOGRVVLVWHPDVGHIL[DomR
Ɣ ,62),;,62),;pXPVLVWHPDGHIL[DomRQRU
PDWL]DGRSDUDXPDIL[DomRUiSLGDHVHJXUDGDV
FDGHLUDVGHFULDQoDVQRYHtFXOR$IL[DomR,62),;
'HSHQGHQGRGRSDtVVmRXWLOL]DGRVGLIHUHQWHVVLV HVWDEHOHFHXPDFRQH[mRUtJLGDHQWUHDFDGHLUDGH
WHPDVGHIL[DomRSDUDSURWHJHUDLQVWDODomRGDV FULDQoDHDFDUURFHULD
FDGHLUDVGHFULDQoDV
$FDGHLUDGHFULDQoDSRVVXLGXDVSUHVLOKDVGHIL[D
omRIL[DVFKDPDGRVEUDoRVGHDSRLR2VEUDoRV
53&&

GHDSRLRVHHQJDWDQRVROKDLV,62),;TXHHVWmR
HQWUHREDQFRHRHQFRVWRGREDQFRWUDVHLUR QRV
EDQFRVWUDVHLURVH[WHUQRV 2VVLVWHPDVGHIL[DomR
,62),;VmRXWLOL]DGRVSULQFLSDOPHQWHQD(XURSD b

6HQWDUGHIRUPDFRUUHWDHVHJXUD 
ҧϜ3iJLQD$IL[DomR,62),;pFRPSOHPHQWD GHLUDVGHFULDQoDFRPSpGHDSRLRVRPHQWHGH
GDVHQHFHVViULRFRPXPFLQWRGHIL[DomRVXSHUL YHPVHUXWLOL]DGDVQREDQFRGRSDVVDJHLURGLDQWHL
RU 7RS7HWKHU RXFRPXPSpGHDSRLR URHQRVDVVHQWRVH[WHUQRVGREDQFRWUDVHLURҧϜ 
Ɣ &LQWRGHVHJXUDQoDDXWRPiWLFRGHWUrVSRQ 6LVWHPDVGHIL[DomRUHFRPHQGDGRVGDV
WRV6HGLVSRQtYHODIL[DomRGDVFDGHLUDVGHFUL FDGHLUDVGHFULDQoDV
DQoDFRP,62),;GHYHVHUPRQWDGDSUHIHULYHO
$9RONVZDJHQUHFRPHQGDIL[DUDVFDGHLUDVGHFUL
PHQWHFRPXPFLQWRGHVHJXUDQoDDXWRPiWLFRGH
DQoDGRVHJXLQWHPRGR
WUrVSRQWRVҧϜ3iJLQD
Ɣ &DGHLUDGHEHErRXFDGHLUDGHFULDQoDYRO
)L[Do}HVDGLFLRQDLV
WDGDSDUDWUiV,62),;HSpGHDSRLR
Ɣ 7RS7HWKHURFLQWRGHIL[DomRVXSHULRUpSDV Ɣ &DGHLUDGHFULDQoDYROWDGDSDUDIUHQWH,62
VDGRVREUHRHQFRVWRGREDQFRWUDVHLURHpIL[DGR ),;H7RS7HWKHUHVHGLVSRQtYHOSpGHDSRLRDGL
FRPXPJDQFKRHPXPSRQWRGHDQFRUDJHPTXH FLRQDO
HVWiQRSRUWDREMHWRVGRVEDQFRVWUDVHLURV
ҧϜ3iJLQD2VROKDLVGHIL[DomR7RS7HWKHU $'9(57Ç1&,$
VmRLGHQWLILFDGRVFRPXPVtPERORGHkQFRUD
$XWLOL]DomRLQFRUUHWDGRSpGHDSRLRSRGH
Ɣ 3pGHDSRLRDOJXPDVFDGHLUDVGHFULDQoDV
RFDVLRQDUOHV}HVJUDYHVRXIDWDLV
VmRDSRLDGDVFRPXPSpGHDSRLRQRDVVRDOKRGR
YHtFXOR2SpGHDSRLRHYLWDTXHDFDGHLUDGHFUL Ɣ $WHQWDUSDUDTXHRSpGHDSRLRHVWHMDLQV
DQoDLQFOLQHSDUDIUHQWHHPFDVRGHFROLVmR$VFD WDODGRFRUUHWDPHQWHHVHJXUDPHQWH ‹

)L[DUDFDGHLUDGHFULDQoDFRP,62),;

)LJ 1REDQFRGRYHtFXORYDULDQWHVGHLGHQWLILFDomRGRVSRQWRVGHDQFRUDJHP,62),;SDUDFDGHLUDV
GHFULDQoD b

 $QWHVGDFRQGXomR
¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD

9LVWDJHUDOGDLQVWDODomRFRP,62),;
$VHJXLQWHWDEHODPRVWUDDVSRVVLELOLGDGHVGHLQV
WDODomRGDVFDGHLUDVGHFULDQoD,62),;FRPSRQ
WRVGHDQFRUDJHP,62),;QRVORFDLVLQGLYLGXDLVGR
YHtFXOR

)LJ 5HSUHVHQWDomRHVTXHPiWLFDLQVWDODUD
FDGHLUDGHFULDQoD,62),;FRPRVEUDoRVGH
DSRLR

&ODVVHGHWDPD %DQFRGRSDVVD %DQFRWUDVHLUR %DQFRWUDVHLUR


*UXSR
QKR JHLURGLDQWHLUR H[WHUQR FHQWUDO
*UXSRDWpNJ ( ; ,/68 ;
( ; ;
*UXSRDWpNJ ' ; ,/68 ;
& ; ;
' ; ;
& ; ;
,/68
*UXSRDNJ % ; ;
,8)
% ; ;
$ ; ;
*UXSRDWp
± ; ,/68 ;
NJ
*UXSRDWp
± ; ,/68 ;
NJ

Ɣ &ODVVHGHWDPDQKRDLQGLFDomRGDFODVVHGH ,QVWDODUFDGHLUDVGHFULDQoDFRP,62),;
WDPDQKRFRUUHVSRQGHDRSHVRFRUSRUDOOLEHUDGR 2ORFDOGHLQVWDODomRGRVSRQWRVGHDQFRUDJHP
SDUDDFDGHLUDGHFULDQoD1DVFDGHLUDVGHFULDQoD ,62),;VmRLQGLFDGRVFRPXPVtPERORRXFRPHWL
FRPDSURYDomRXQLYHUVDORXVHPLXQLYHUVDOD TXHWDVFRPDLQVFULomR³,62),;´ҧϜ)LJ
FODVVHGHWDPDQKRHVWiLQGLFDGDQRVHORGHWHVWH
(&($LQGLFDomRGDFODVVHGHWDPDQKRHVWiDQH Ɣ 2EVHUYDUHVHJXLUDVRULHQWDo}HVHP
[DGDQDUHVSHFWLYDFDGHLUDGHFULDQoD ҧϜ3iJLQD,QIRUPDomREiVLFDSDUDDLQVWDODomR
HXWLOL]DomRGHFDGHLUDVGHFULDQoDV
Ɣ ;DVVHQWRLQDGHTXDGRSDUDDIL[DomRGHXPD
FDGHLUDGHFULDQoD,62),;GHVVHJUXSR Ɣ ,QVHULUREUDoRGHDSRLRGDFDGHLUDGHFULDQoD
QDVDQFRUDJHQV,62),;ҧϜ)LJ$FDGHLUDGH
Ɣ ,/68DVVHQWRDGHTXDGRSDUDDLQVWDODomRGH
FULDQoDGHYHHQJDWDUGHPRGRVHJXURHDXGtYHO
XPDFDGHLUDGHFULDQoD,62),;FRPDSURYDomR
VHPLXQLYHUVDO2EVHUYDUDOLVWDGHYHtFXORVGRID Ɣ 3X[DUQRVGRLVODGRVGDFDGHLUDGHFULDQoDSD
EULFDQWHGDFDGHLUDGHFULDQoD UDYHULILFDUVHDFDGHLUDGHFULDQoDHVWiFRUUHWD
PHQWHHQJDWDGD b
Ɣ ,8)EDQFRDGHTXDGRSDUDDLQVWDODomRGHXPD
FDGHLUDGHFULDQoD,62),;FRPDOLEHUDomRXQLYHU
VDOHIL[DomRFRPRFLQWRGHIL[DomR7RS7HWKHU
53&&

6HQWDUGHIRUPDFRUUHWDHVHJXUD 
8WLOL]DomRGHDX[tOLRVGHLQVHUomR 127$
6HQmRIRUSRVVtYHODFHVVDUGLUHWDPHQWHRVSRQWRV
(YLWDUSUHVVmRFRQWtQXDRXGDQRVQRUHYHVWL
GHDQFRUDJHPGDVFDGHLUDVGHFULDQoDVRVDX[t
PHQWRGREDQFRHQRVHVWRIDGRVFRPRVDX[t
OLRVGHLQVHUomRIDFLOLWDPDLQVWDODomRGHVLQVWDOD
OLRVGHLQVHUomR
omRGDVFDGHLUDVGHFULDQoDV3ULPHLURFRORFDURV
DX[tOLRVGHLQVHUomRQRVSRQWRVGHDQFRUDJHP Ɣ $QWHVGHUHEDWHUREDQFRWUDVHLURSDUDIUHQ
(PVHJXLUIL[DUDFDGHLUDGHFULDQoDGHDFRUGR WHRXTXDQGRDFDGHLUDGHFULDQoDIRUGHVLQVWD
FRPDLQVWUXomRGHLQVWDODomR ODGDSULPHLURUHWLUDURVDX[tOLRVGHLQVHUomR
GRVSRQWRVGHDQFRUDJHP ‹

)L[DUDFDGHLUDGHFULDQoDFRPFLQWRGHIL[DomRVXSHULRU 7RS7HWKHU
Ɣ 2EVHUYDUHVHJXLUDVRULHQWDo}HVHP
ҧϜ3iJLQD,QIRUPDomREiVLFDSDUDDLQVWDODomR
HXWLOL]DomRGHFDGHLUDVGHFULDQoDV
Ɣ &RQGX]LURFLQWRGHIL[DomRVXSHULRUGDFDGHLUD
GHFULDQoDSHODVXSHUItFLHDWUiVGREDQFRWUDVHLUR
Ɣ 5HEDWHUSDUDFLPDRROKDOGHIL[DomRFRUUHV
SRQGHQWHQDVXSHUItFLHDWUiVGREDQFRWUDVHLUR
Ɣ ,QVHULUREUDoRGHDSRLRGDFDGHLUDGHFULDQoD
QDVDQFRUDJHQV,62),;ҧϜ)LJ$FDGHLUDGH
FULDQoDGHYHHQJDWDUGHPRGRVHJXURHDXGtYHO
Ɣ (QJDQFKDURFLQWRGHIL[DomRVXSHULRUQRUHV
SHFWLYRROKDOGHUHWHQomRҧϜ)LJ
Ɣ (VWLFDURFLQWRGHIL[DomRSDUDTXHDFDGHLUDGH
)LJ 2OKDLVGHIL[DomRSDUDRDVVHQWRH[WHUQR FULDQoDHQFRVWHQDSDUWHVXSHULRUGRHQFRVWRGR
QDVXSHUItFLHDWUiVGREDQFRWUDVHLUR EDQFRWUDVHLUR

¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
$'9(57Ç1&,$
)L[DURFLQWRGHIL[DomRVRPHQWHQRVROKDLV
GHUHWHQomRDSURSULDGRV&DVRFRQWUiULRSR
GHPRFRUUHUIHULPHQWRVJUDYHV
$VFDGHLUDVGHFULDQoDFRPDSURYDomRXQLYHUVDOIL
Ɣ (PXPROKDOGHUHWHQomRIL[DUVRPHQWH
[DGDVQRVSRQWRVGHDQFRUDJHP,62),;WDPEpP
XPFLQWRGHIL[DomRGHXPDFDGHLUDGHFULDQ
GHYHPVHUIL[DGDVDGLFLRQDOPHQWHFRPXPFLQWR
oD
GHIL[DomRVXSHULRU 7RS7HWKHU 
Ɣ 1XQFDIL[DURFLQWRGHIL[DomRHPXPROKDO
)L[DURFLQWRGHIL[DomRVRPHQWHQRVROKDLVGHUH GHDPDUUDomR
WHQomRDSURSULDGRV2VROKDLVGHUHWHQomRDGHTX
‹
DGRVSDUDR7RS7HWKHUVmRLGHQWLILFDGRVFRPXP
VtPERORHVHIRURFDVRFRPDLQVFULomR³723
7(7+(5´

)L[DUDFDGHLUDGHFULDQoDFRPRFLQWRGHVHJXUDQoD

¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
o}HVQHFHVViULDVSRGHPVHUHQFRQWUDGDVQRVHOR
GHDSURYDomR(&(GHFRUODUDQMDGDFDGHLUDGH
FULDQoD&RQVXOWHDVSRVVLELOLGDGHVGHLQVWDODomR
QDWDEHODDVHJXLU b
$RXWLOL]DUXPDFDGHLUDGHFULDQoDFRPDFDWHJRULD
GHDSURYDomRXQLYHUVDO X QRYHtFXORJDUDQWLUTXH
HODHVWHMDDSURYDGDSDUDRDVVHQWR$VLQIRUPD

 $QWHVGDFRQGXomR
%DQFRGR
3HVRGDFUL $VVHQWRVH[WHUQRVGR $VVHQWRVFHQWUDLVGR
*UXSR SDVVDJHLUR
DQoD EDQFRWUDVHLUR EDQFRWUDVHLUR
GLDQWHLUR
*UXSR DWpNJ X X X
*UXSSR DWpNJ X X X
*UXSR GHDWpNJ X X X
GHDWp
*UXSR X X X
NJ
GHDWp
*UXSR X X X
NJ

)L[DUDFDGHLUDGHFULDQoDFRPRFLQWRGH Ɣ $WHQWDUSDUDTXHRFLQWRGHVHJXUDQoDQmRHV
VHJXUDQoD WHMDWRUFLGR
Ɣ 2EVHUYDUHVHJXLUDVRULHQWDo}HVHP Ɣ ,QWURGX]LUDOLQJXHWDGRFLQWRGHVHJXUDQoDQR
ҧϜ3iJLQD,QIRUPDomREiVLFDSDUDDLQVWDODomR IHFKRGRFLQWRGHVHJXUDQoDSHUWHQFHQWHDREDQFR
HXWLOL]DomRGHFDGHLUDVGHFULDQoDV DWpTXHDOLQJXHWDGRFLQWRHQJDWHGHIRUPDDXGt
Ɣ $UHJXODJHPGHDOWXUDGRFLQWRGHVHJXUDQoD YHO ‹
GHYHHVWDUQDSRVLomRPDLVDOWD
Ɣ &RORFDURFLQWRGHVHJXUDQoDFRQIRUPHDVLQV
WUXo}HVGRIDEULFDQWHGDFDGHLUDGHFULDQoDRX
SDVViORSHODFDGHLUDGHFULDQoD
53&&

6HQWDUGHIRUPDFRUUHWDHVHJXUD 
,OXPLQDomRHYLVLELOLGDGH
,OXPLQDomR

¤ ,QWURGXomRDRWHPD
1HVWHFDStWXORHQFRQWUDPVHLQIRUPDo}HVUHODWLYDV
$'9(57Ç1&,$
DRVVHJXLQWHVWHPDV
3RGHUmRRFRUUHUDFLGHQWHVHIHULPHQWRVJUD
/X]HVGHFRQWUROH  
YHVVHDUXDQmRHVWLYHUVXILFLHQWHPHQWHLOX
$ODYDQFDGRVLQGLFDGRUHVGHGLUHomRHGR PLQDGDHRYHtFXORIRUYLVWRVRPHQWHFRPGL
IDURODOWR   ILFXOGDGHRXQmRIRUYLVWRSHORVGHPDLVXVX
/LJDUHGHVOLJDUDVOX]HV   iULRVGDYLD
,OXPLQDomRHYLVLELOLGDGH±IXQo}HV   Ɣ /LJDURIDUROEDL[RVHPSUHQDHVFXULGmR
5HJXODJHPGRIDURODOWR   QHEOLQDRXFRPPiYLVLELOLGDGH
0DVFDUDURXPXGDUDSRVLomRGRIDURO PRGR
GHYLDJHP  
$'9(57Ç1&,$
)XQomR³&RPLQJ+RPH´H³/HDYLQJ+RPH´
LOXPLQDomRGHRULHQWDomR   8PIDUROFRPUHJXODJHPPXLWRDOWDHDXWLOL
5HJXODJHPGHDOFDQFHGRIDUROLOXPLQDomR ]DomRLQDGHTXDGDGRIDURODOWRSRGHPGLVWUD
GRVLQVWUXPHQWRVHGRVLQWHUUXSWRUHV   LUHLPSHGLUDYLVmRGHRXWURVFRQGXWRUHV,V
WRSRGHFDXVDUDFLGHQWHVHIHULPHQWRVJUD
/DQWHUQDVLQWHUQDVHGHOHLWXUD  
YHV
2EVHUYDUDVGHWHUPLQDo}HVOHJDLVHVSHFtILFDVGH Ɣ $WHQWDUSDUDTXHRIDUROHVWHMDUHJXODGR
FDGDSDtVSDUDDXWLOL]DomRGDLOXPLQDomRGRYHt FRUUHWDPHQWH
FXOR Ɣ 1XQFDXVDURIDURODOWRRXRVLQDOGHOX]
2FRQGXWRUpVHPSUHRUHVSRQViYHOSHODFRUUHWD TXDQGRDYLVmRGHRXWURVFRQGXWRUHVSXGHU
UHJXODJHPGRIDUROHGDOX]GHFRQGXomRFRUUHWD VHURIXVFDGD ‹

,QIRUPDo}HVHDOHUWDVFRPSOHPHQWDUHV
Ɣ 9LVWDVH[WHUQDVҧϜ3iJLQD
Ɣ 6LVWHPDGHLQIRUPDo}HV9RONVZDJHQ
ҧϜ3iJLQD
Ɣ 7URFDGHOkPSDGDVLQFDQGHVFHQWHV
ҧϜ3iJLQD

/X]HVGHFRQWUROH

¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQIRUPDo}HVLQWURGXWyULDVHDVLQGLFDo}HVGHVHJXUDQ
oD QDSiJLQD

/X]GHFRQWUROHQRLQVWUXPHQWRFRPELQDGR
$FHVD &DXVDSRVVtYHO 6ROXomR
6XEVWLWXLUDUHVSHFWLYDOkPSDGDLQFDQGHVFHQ
WHҧϜ3iJLQD
,OXPLQDomRGHFRQGXomRQmRIXQFLRQDSDUFLDO
6HWRGDVDVOkPSDGDVLQFDQGHVFHQWHVHVWLYH
 RXWRWDOPHQWH
UHPHPRUGHPSURFXUDUXPD&RQFHVVLRQiULD
9RONVZDJHQ
$YDULDGRIDUROGLUHFLRQDOGLQkPLFR ҧϜ3iJLQD

ҧϜ3iJLQD
¢ /DQWHUQDGHQHEOLQDOLJDGD b

 $QWHVGDFRQGXomR
$FHVD &DXVDSRVVtYHO 6ROXomR
,QGLFDGRUHVGHGLUHomRHVTXHUGRVRXGLUHLWRV
$OX]GHFRQWUROHSLVFDGXDVYH]HVPDLVUiSL 6HQHFHVViULRYHULILFDUDLOXPLQDomRGRYHt
ZÙ GRTXDQGRXPLQGLFDGRUGHGLUHomRGRYHtFX FXORHGRUHERTXH
ORRXGRUHERTXHHVWLYHUTXHLPDGR

ҧϜ3iJLQD
 )DURODOWROLJDGRRXVLQDOGHOX]DFLRQDGR

5HJXODJHPGRIDURODOWR /LJKW$VVLVW RXUH


ҧϜ3iJLQD
» JXODJHPGRIDURODOWRDXWRPiWLFD '\QDPLF
/LJKW$VVLVW DWLYDGD

3LVFDQGR &DXVDSRVVtYHO 6ROXomR


0RGRGHYLDJHPOLJDGR3LVFDSRUDSUR[LPD
ҧϜ3iJLQD
 GDPHQWHVHJXQGRVFDGDYH]TXHDLJQLomR
pOLJDGD

$ROLJDUDLJQLomRDOJXPDVOX]HVGHDGYHUWrQFLDH
GHFRQWUROHVHDFHQGHPUDSLGDPHQWHSDUDYHULILFD
omRGDIXQomR(ODVVHDSDJDPDSyVDOJXQVVH
JXQGRV

/X]GHFRQWUROHQRLQWHUUXSWRUGDVOX]HV
$FHVD &DXVDSRVVtYHO

)DUROGHQHEOLQDOLJDGRҧϜ3iJLQD

 /X]GHSRVLomROLJDGDҧϜ3iJLQD

&RQWUROHDXWRPiWLFRGDOX]GHFRQGXomRHVHIRURFDVROX]GHSRVLomRSHUPDQHQWHRXIDURO
!54/ GHURGDJHPGLXUQDOLJDGRҧϜ3iJLQD

$'9(57Ç1&,$ $'9(57Ç1&,$ FRQWLQXDomR

$LQREVHUYkQFLDGDVOX]HVGHDGYHUWrQFLD HPFRQWDWRFRPPDWHULDLVLQIODPiYHLVFRPR
DFHVDVHGDVPHQVDJHQVGHWH[WRSRGHRFD SRUH[HPSORJUDPDVHFDFRPEXVWtYHOyOHR
VLRQDUSDUDGDVGRYHtFXORQRWUkQVLWRDFL HWF
GHQWHVHIHULPHQWRVJUDYHV Ɣ 8PYHtFXORSDUDGRUHSUHVHQWDXPJUDQGH
Ɣ 1XQFDLJQRUDUDVOX]HVGHDGYHUWrQFLD ULVFRGHDFLGHQWHSDUDVLPHVPRHSDUDRX
DFHVDVHDVPHQVDJHQVGHWH[WR WURVFRQGXWRUHV&DVRQHFHVViULROLJDUDVOX
]HVGHDGYHUWrQFLDHSRVLFLRQDURWULkQJXOR
Ɣ 3DUDUYHtFXORDVVLPTXHIRUSRVVtYHOHVH GHVHJXUDQoDSDUDDOHUWDURVRXWURVFRQGXWR
JXUR UHV
Ɣ (VWDFLRQDURYHtFXORDXPDGLVWkQFLDVH
JXUDGDSLVWDGHURGDJHPGHIRUPDTXHQH 127$
QKXPDGDVSHoDVGRVLVWHPDGHHVFDSHHQWUH
$LQREVHUYkQFLDGHOX]HVGHFRQWUROHTXHVH
DFHQGHPHGHPHQVDJHQVGHWH[WRSRGHFDXVDU
GDQRVDRYHtFXOR ‹
53&&

,OXPLQDomRHYLVLELOLGDGH 
$ODYDQFDGRVLQGLFDGRUHVGHGLUHomRHGRIDURODOWR
2VVLQDLVLQWHUPLWHQWHVGHFRQIRUWRSRGHPVHUOLJD
GRVHGHVOLJDGRVSRUPHLRGRPHQX,OXPH9L
VLEGRGLVSOD\GRLQVWUXPHQWRFRPELQDGR
ҧϜ3iJLQD(PYHtFXORVVHPRPHQX,OXPH
9LVLEDIXQomRSRGHVHUGHVDWLYDGDSRUXPD
&RQFHVVLRQiULD9RONVZDJHQ

$'9(57Ç1&,$
$XWLOL]DomRLQDGHTXDGDRXDQmRXWLOL]DomR
GRVLQGLFDGRUHVGHGLUHomREHPFRPRHV
TXHFHUGHGHVOLJiORVSRGHFRQIXQGLURXWURV
FRQGXWRUHV,VWRSRGHFDXVDUDFLGHQWHVHIH
ULPHQWRVJUDYHV
Ɣ 0XGDQoDGHIDL[DPDQREUDVGHXOWUDSDV
)LJ ¬HVTXHUGDQDFROXQDGHGLUHomRDODYDQ VDJHPHFRQYHUVmRVHPSUHGHYHPVHULQGL
FDGRVLQGLFDGRUHVGHGLUHomRHGRIDURODOWR FDGDVHPWHPSRKiELOSRUPHLRGRVLQGLFDGR
UHVGHGLUHomR

¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
Ɣ 'HVOLJDURLQGLFDGRUGHGLUHomRDSyVD
FRQFOXVmRGDPXGDQoDGHIDL[DGDPDQREUD
GHXOWUDSDVVDJHPRXGHFRQYHUVmR
'HVORFDUDDODYDQFDSDUDDSRVLomRGHVHMDGD
$'9(57Ç1&,$
$ /LJDURVLQGLFDGRUHVGHGLUHomRjGLUHLWDҧϜ 
8PDXWLOL]DomRLQFRUUHWDGRIDURODOWRSRGH
28/LJDUDOX]GHHVWDFLRQDPHQWRjGLUHLWD FDXVDUDFLGHQWHVHIHULPHQWRVJUDYHVXPD
3DUDLVVRFRPDLJQLomRGHVOLJDGDHDSDUWLU YH]TXHRIDURODOWRSRGHGLVWUDLUHRIXVFDU
GDSRVLomRFHQWUDOFRORFDUDDODYDQFDHPSR RXWURVFRQGXWRUHV
VLomRҧϜ3iJLQD
&RORFDUDDODYDQFDQDSRVLomRGHEDVHSDUD 2VLQGLFDGRUHVGHGLUHomRIXQFLRQDPVRPHQ
GHVOLJDURLQGLFDGRUGHGLUHomRRXDOX]GHHV WHFRPDLJQLomROLJDGD$VOX]HVGHDGYHU
WDFLRQDPHQWR WrQFLDIXQFLRQDPWDPEpPFRPDLJQLomRGHVOLJDGD
% /LJDURVLQGLFDGRUHVGHGLUHomRjHVTXHUGD ҧϜ3iJLQD
ҧϜ  4XDQGRXPLQGLFDGRUGHGLUHomRIDOKDQR
28/LJDUDOX]GHHVWDFLRQDPHQWRjHVTXHU YHtFXORRXQRUHERTXHDOX]GHFRQWUROHSLV
GD3DUDLVVRFRPDLJQLomRGHVOLJDGDHD FDDSUR[LPDGDPHQWHGXDVYH]HVPDLVUiSLGR
SDUWLUGDSRVLomRFHQWUDOFRORFDUDDODYDQFD
HPSRVLomRҧϜ3iJLQD 2IDURODOWRVRPHQWHSRGHVHUOLJDGRFRPR
IDUROEDL[ROLJDGR
&RORFDUDDODYDQFDQDSRVLomRGHEDVHSDUD
GHVOLJDURLQGLFDGRUGHGLUHomRRXDOX]GHHV 6HRVLQDODF~VWLFRQmRUHVVRDUFRPRLQGLFD
WDFLRQDPHQWR GRUGHGLUHomROLJDGRSURFXUDUXPD&RQFHV
& /LJDURIDURODOWRҧϜ &RPRIDURODOWROLJDGR VLRQiULD9RONVZDJHQRXXPDHPSUHVDHVSHFLDOL]D
DOX]GHFRQWUROHVHDFHQGHQRLQVWUXPHQWR GD ‹
FRPELQDGR
' $FLRQDURVLQDOGHOX]RXGHVOLJDURIDURODOWR
2VLQDOGHOX]VHDFHQGHHQTXDQWRDDODYDQFD
IRUSX[DGD$OX]GHFRQWUROH HVWiDFHVD

6LQDLVLQWHUPLWHQWHVGHFRQIRUWR
3DUDRVVLQDLVLQWHUPLWHQWHVGHFRQIRUWRGHVORFDU
DDODYDQFDSDUDFLPDRXSDUDEDL[RVRPHQWHDWpR
SRQWRGHSUHVVmRHVROWiOD2VLQGLFDGRUHVGHGL
UHomRSLVFDPWUrVYH]HV

 $QWHVGDFRQGXomR
/LJDUHGHVOLJDUDVOX]HV

)LJ $RODGRGRYRODQWHLQWHUUXSWRUGDVOX]HV UHSUHVHQWDomRGHDOJXPDVYDULDQWHV 

¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
(PYHtFXORVFRPGLVSRVLWLYRGHUHERTXHLQVWDOD
GRGHIiEULFDFRPXPUHERTXHFRPODQWHUQDGH
QHEOLQDFRQHFWDGRHOHWULFDPHQWHDODQWHUQDGHQH
EOLQDGRYHtFXORVHGHVOLJDDXWRPDWLFDPHQWH
2EVHUYDUDVGHWHUPLQDo}HVOHJDLVHVSHFtILFDVGH
FDGDSDtVSDUDDXWLOL]DomRGDLOXPLQDomRGRYHt
FXOR

ҧϜ)LJ
*LUDURLQWHUUXSWRUGDVOX]HVSDUDDSRVLomRGHVHMDGDҧ
6tPEROR &RPDLJQLomRGHVOLJDGD &RPDLJQLomROLJDGD
)DUROHODQWHUQDGHQHEOLQDIDUROEDL[RHOX] /X]GHVOLJDGDRXOX]GHSRVLomRSHUPDQHQWHRX
/ GHSRVLomRGHVOLJDGRV IDUROGHURGDJHPGLXUQDOLJDGRV
&RQWUROHDXWRPiWLFRGDOX]GHFRQGXomRHVH
$LOXPLQDomRGHRULHQWDomRSRGHHVWDUOLJD
!54/ GD
IRURFDVROX]GHSRVLomRSHUPDQHQWHRXIDURO
GHURGDJHPGLXUQDOLJDGRV

 /X]GHSRVLomROLJDGD /X]GHSRVLomROLJDGD

)DUROEDL[RGHVOLJDGR±HQTXDQWRDFKDYH
 GRYHtFXORHVWLYHUQRFLOLQGURGDLJQLomRD
OX]GHSRVLomRSHUPDQHFHDFHVD
)DUROEDL[ROLJDGR

)DUROHODQWHUQDGHQHEOLQD Ɣ &RPDOX]GHHVWDFLRQDPHQWROLJDGD
$VOX]HVGHFRQWUROH RX¢PRVWUDPDGLFLRQDO ҧϜ3iJLQDҧϜ3iJLQD
PHQWHQRLQWHUUXSWRUGDVOX]HVRXQRLQVWUXPHQWR Ɣ ,QWHUUXSWRUGDVOX]HVQDSRVLomRRX

FRPELQDGRTXDQGRRIDUROHDODQWHUQDGHQHEOLQD Ɣ ,QWHUUXSWRUGDVOX]HVQDSRVLomRHPYHtFXORV
HVWmROLJDGRV VHPLOXPLQDomRGHRULHQWDomRҧϜ3iJLQD
Ɣ /LJDURIDUROGHQHEOLQD SX[DURLQWHUUXSWRU
/kPSDGDVGHGHVFDUJDGHJiV
GDVOX]HVGDSRVLomRRXDWpRSULPHLURHQWD
OKH $VOkPSDGDFRPGHVFDUJDGHJiVJHUDPXPDOX]
FODUDHXQLIRUPHSDUDDPHOKRULOXPLQDomRGDSLVWD
Ɣ /LJDUDODQWHUQDGHQHEOLQD
SX[DUWRWDOPHQWH EHPFRPRSURSRUFLRQDPXPDPHOKRUYLVLELOLGDGH
RLQWHUUXSWRUGDVOX]HVGDSRVLomRRX GRYHtFXORSDUDRXWURVFRQGXWRUHV$OX]GDVOkP
Ɣ 3DUDGHVOLJDURIDUROHDODQWHUQDGHQHEOLQD SDGDVFRPGHVFDUJDGHJiVVHIRUPDSRUPHLRGH
SUHVVLRQDURLQWHUUXSWRUGDVOX]HVRXJLUDUSDUDD XPDWHQVmRHOpWULFDPXLWRDOWDHQWUHGRLVHOHWURGRV
SRVLomR/ TXHVHHQFRQWUDPHPXPDPELHQWHGHYLGURUHSOH
WRGHJiV
$OHUWDVVRQRURVSDUDOX]QmRGHVOLJDGD
53&&

&RPDFKDYHGRYHtFXORIRUDGRFLOLQGURGDLJQLomR $RORQJRGRWHPSRRVHOHWURGRVSRGHPVRIUHUGHV
HDSRUWDGRFRQGXWRUDEHUWDUHVVRDPDOHUWDVVR JDVWHDXPHQWDQGRVHDGLVWkQFLDHQWUHHOHV$
QRURVVREDVVHJXLQWHVFRQGLo}HV,VVRpXPOHP XQLGDGHGHFRQWUROHGDVOkPSDGDVFRPGHVFDUJD b
EUHWHSDUDVHQHFHVViULRGHVOLJDUDOX]

,OXPLQDomRHYLVLELOLGDGH 
GHJiVUHFRQKHFHDDOWHUDomRHDXPHQWDDWHQVmR
$'9(57Ç1&,$
HOpWULFDSDUDFRQWLQXDUJHUDQGRXPDOX]FODUDH
XQLIRUPHFRQVWDQWHPHQWH $OX]GHSRVLomRRXRIDUROGHURGDJHPGLXU
QDQmRVmRLQWHQVRVRVXILFLHQWHSDUDLOXPL
$VOkPSDGDVFRPGHVFDUJDGHJiVWDPEpPSR
QDUDUXDVXILFLHQWHPHQWHHVHUHPYLVWRVSRU
GHPTXHLPDU$QWHVTXHDVOkPSDGDVFRPGHVFDU
RXWURVFRQGXWRUHV
JDGHJiVTXHLPHPVHIRURFDVRHODVRVFLODPRX
LOXPLQDPGHIRUPDLUUHJXODU'HDFRUGRFRPDYHU Ɣ /LJDURIDUROEDL[RVHPSUHQDHVFXULGmR
VmRGRYHtFXORSRGHUiVHUPRVWUDGDXPDPHQVD QHEOLQDRXFRPPiYLVLELOLGDGH ‹
JHPFRUUHVSRQGHQWHQRGLVSOD\GRLQVWUXPHQWR
FRPELQDGR
6HDVOkPSDGDVFRPGHVFDUJDGHJiVRVFLODUHP
RXLOXPLQDUHPLUUHJXODUPHQWHSURFXUDULPHGLDWD
PHQWHXPD&RQFHVVLRQiULD9RONVZDJHQHPDQGDU
YHULILFDURIDURO

,OXPLQDomRHYLVLELOLGDGH±IXQo}HV

¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
/LJDUDOX]GHHVWDFLRQDPHQWRSHUPDQHQWHHPDP
ERVRVODGRV
Ɣ *LUDURLQWHUUXSWRUGDVOX]HVSDUDDSRVLomR
/X]GHHVWDFLRQDPHQWR Ɣ 'HVOLJDUDLJQLomR
&RPDOX]GHHVWDFLRQDPHQWROLJDGD LQGLFDGRUHV Ɣ 7UDYDURYHtFXORSRUIRUD
GHGLUHomRGLUHLWRVRXHVTXHUGRV RIDUROVHDFHQ
/X]GHSRVLomRSHUPDQHQWH
GHFRPDOX]GHSRVLomRQRUHVSHFWLYRODGRGRYHt
FXORHDODQWHUQD$OX]GHHVWDFLRQDPHQWRSRGH &RPDOX]GHSRVLomRSHUPDQHQWHDFHQGHPVHR
VHUDWLYDGDDSHQDVFRPDLJQLomRGHVOLJDGDHVHD IDUROEDL[RHDVOX]HVGHSRVLomREHPFRPRDODQ
DODYDQFDGRVLQGLFDGRUHVGHGLUHomRHGRIDURODOWR WHUQDGDVSODFDVGHOLFHQoD
VHHQFRQWUDUQDSRVLomRFHQWUDODQWHVGRDFLRQD $OX]GHSRVLomRSHUPDQHQWHVHDFHQGHUiFDGD
PHQWR YH]TXHDLJQLomRIRUOLJDGDVHRLQWHUUXSWRUGDV
OX]HVVHHQFRQWUDUQDSRVLomR/RX!54/$OX]GH
/X]GHSRVLomR FRQWUROHGRLQWHUUXSWRUGDVOX]HVLQGLFDHPDO
4XDQGRRLQWHUUXSWRUGDOX]HVHVWLYHUQDSRVLomR JXPDVYHUV}HVGRPRGHORDOX]GHSRVLomRSHU
VHDFHQGHPDOX]GHSRVLomRQRVGRLVIDUyLVD PDQHQWHOLJDGD
iUHDWUDVHLUDGDODQWHUQDWUDVHLUDDLOXPLQDomRGD
SODFDGHOLFHQoDDLOXPLQDomRGRLQVWUXPHQWR 6HRLQWHUUXSWRUGDVOX]HVHVWLYHUQDSRVLomR!54/
FRPELQDGRRVERW}HVQRFRQVROHFHQWUDOHRVER XPVHQVRUGHFKXYDHGHOX]OLJDUiHGHVOLJDUiDX
W}HVQRSDLQHOGHLQVWUXPHQWRV WRPDWLFDPHQWHRIDUROEDL[RLQFOXVLYHDLOXPLQDomR
GRVLQVWUXPHQWRVHGRVLQWHUUXSWRUHV
6HRYHtFXORQmRIRUWUDYDGRSRUIRUDGHSRLVTXHD
FKDYHGRYHtFXORIRUUHWLUDGDDOX]GHHVWDFLRQD $OX]GHSRVLomRSHUPDQHQWHQmRSRGHVHUOLJDGD
PHQWRSHUPDQHQWHHPDPERVRVODGRVVHGHVOLJD QHPGHVOLJDGDPDQXDOPHQWH
DXWRPDWLFDPHQWHGHSRLVGHDSUR[LPDGDPHQWH )DUROGHURGDJHPGLXUQD
PLQXWRVSDUDHYLWDUTXHDEDWHULDGRYHtFXORVH
3DUDRIDUROGHURGDJHPGLXUQDH[LVWHPOX]HVVH
GHVFDUUHJXHҧϜ3iJLQD/X]GHHVWDFLRQDPHQ
SDUDGDVQRIDUROGLDQWHLURRXQRSDUDFKRTXHGLDQ
WRSHUPDQHQWHHPDPERVRVODGRV
WHLUR
/X]GHHVWDFLRQDPHQWRSHUPDQHQWHHP &RPRIDUROGHURGDJHPGLXUQDOLJDGRDFHQGHP
DPERVRVODGRV VHVRPHQWHDVOX]HVVHSDUDGDVҧϜ 
&RPDOX]GHHVWDFLRQDPHQWRSHUPDQHQWHOLJDGD
2IDUROGHURGDJHPGLXUQDVHDFHQGHUiFDGDYH]
HPDPERVRVODGRVDVOX]HVGHSRVLomRHPDP
TXHDLJQLomRIRUOLJDGDVHRLQWHUUXSWRUGDVOX]HV
ERVRVIDUyLVVHDFHQGHPDVVLPFRPRDiUHDWUD
VHHQFRQWUDUQDSRVLomR/RX!54/ b
VHLUDGDODQWHUQDWUDVHLUD

 $QWHVGDFRQGXomR
6HRLQWHUUXSWRUGDVOX]HVHVWLYHUQDSRVLomR!54/ 6HRLQWHUUXSWRUGDVOX]HVHVWLYHUQDSRVLomR!54/
XPVHQVRUGHFKXYDHGHOX]OLJDUiHGHVOLJDUiDX DLOXPLQDomRGRYHtFXOREHPFRPRDLOXPLQDomR
WRPDWLFDPHQWHRIDUROEDL[RLQFOXVLYHDLOXPLQDomR GRVLQVWUXPHQWRVHGRVLQWHUUXSWRUHVVHUiOLJDGDH
GRVLQVWUXPHQWRVHGRVLQWHUUXSWRUHV GHVOLJDGDDXWRPDWLFDPHQWHQDVVHJXLQWHVVLWXD
o}HVҧϜ 
2IDUROGHURGDJHPGLXUQDQmRSRGHVHUOLJDGR
QHPGHVOLJDGRPDQXDOPHQWH

&RQWUROHDXWRPiWLFRGDOX]GHFRQGXomR
!54/
2FRQWUROHDXWRPiWLFRGDOX]GHFRQGXomRpVLP
SOHVPHQWHXPDX[tOLRHQmRSRGHUHFRQKHFHUVXIL
FLHQWHPHQWHWRGDVDVVLWXDo}HVGHFRQGXomR

/LJDPHQWRDXWRPiWLFR 'HVOLJDPHQWRDXWRPiWLFR
2VHQVRUGHFKXYDHGHOX]UHFRQKHFHDHVFXULGmR $RUHFRQKHFHUOXPLQRVLGDGHVXILFLHQWH
SRUH[HPSORQDFRQGXomRHPW~QHLV
(PYHtFXORVVHPIDUROGHURGDJHPGLXUQDDRVH (PYHtFXORVVHPIDUROGHURGDJHPGLXUQDDRVH
FRQGX]LUGXUDQWHDOJXQVVHJXQGRVDXPDYHORFLGD FRQGX]LUGXUDQWHDOJXQVPLQXWRVDXPDYHORFLGDGH
GHVXSHULRUDNPK PSK  LQIHULRUDNPK PSK 
2VHQVRUGHFKXYDHGHOX]LGHQWLILFDDFKXYDHOLJD 6HRVOLPSDGRUHVGRSDUDEULVDQmROLPSDUHPSRU
RVOLPSDGRUHVGRSDUDEULVD DOJXQVPLQXWRV

)DUROGLUHFLRQDOGLQkPLFR $)6 $'9(57Ç1&,$


$RFRQGX]LUSRUFXUYDVDVOkPSDGDVLQFOLQiYHLV
3RGHUmRRFRUUHUDFLGHQWHVVHDUXDQmRHVWL
LOXPLQDPPHOKRUDUXDDXWRPDWLFDPHQWH2IDURO
YHUVXILFLHQWHPHQWHLOXPLQDGDHRYHtFXORIRU
GLUHFLRQDOGLQkPLFRVyIXQFLRQDFRPRIDUROEDL[R
YLVWRVRPHQWHFRPGLILFXOGDGHRXQmRIRUYLV
OLJDGRDYHORFLGDGHVDFLPDGHDSUR[LPDGDPHQWH
WRSRURXWURVFRQGXWRUHV
NPK PSK 2IDUROGLUHFLRQDOGLQkPLFRQmR
IXQFLRQDVHRPRGRGHYLDJHPҧϜ3iJLQDHVWL Ɣ 2FRQWUROHDXWRPiWLFRGDOX]GHFRQGXomR
YHUDWLYDGR !54/ OLJDRIDUROEDL[RVRPHQWHFRPDOWHUD
o}HVGDOXPLQRVLGDGHHQmRFRPQHEOLQDSRU
2IDUROGLUHFLRQDOGLQkPLFRSRGHVHUOLJDGRHGHVOL H[HPSOR
JDGRQRPHQX$VVLVWHQWHVRXFRPRERWmRGRV
VLVWHPDVGHDVVLVWrQFLDDRFRQGXWRUҧϜ3iJLQD Ɣ 1XQFDFRQGX]LUFRPRIDUROGHURGDJHP
GLXUQDTXDQGRDUXDQmRIRULOXPLQDGDVXIL
)DUROGHFRQYHUVmR FLHQWHPHQWHHPUD]mRGHFRQGLo}HVFOLPiWL
(PFRQYHUV}HVOHQWDVRXHPFXUYDVPXLWRIHFKD FDVHGHLOXPLQDomR2IDUROGHURGDJHPGLXU
GDVRIDUROGHFRQYHUVmRVHDFHQGHDXWRPDWLFD QDQmRpFODURRVXILFLHQWHSDUDLOXPLQDUDUXD
PHQWH2IDUROGHFRQYHUVmRSRGHUiHVWDULQWHJUD VDWLVIDWRULDPHQWHHVHUYLVWRSRURXWURVFRQ
GRQRIDUROGHQHEOLQDRXQRIDUROGLDQWHLURHHOHVH GXWRUHV
DFHQGHVRPHQWHSDUDYHORFLGDGHVPHQRUHVGH Ɣ $VODQWHUQDVWUDVHLUDVQmRVmROLJDGDV
DSUR[LPDGDPHQWHNPK PSK  MXQWRFRPRIDUROGHURGDJHPGLXUQD8PYHt
FXORVHPDVODQWHUQDVWUDVHLUDVOLJDGDVSR
$RHQJUHQDUDPDUFKDDUpRIDUROGHFRQYHUVmR
GHPQmRVHUYLVWRVSRURXWURVFRQGXWRUHVQD
SRGHVHOLJDUHPDPERVRVODGRVGRYHtFXORSDUD
HVFXULGmRFKXYDRXPiVFRQGLo}HVGHYLVLEL
LOXPLQDUPHOKRURHQWRUQRGXUDQWHDPDQREUD
OLGDGH

(PFDVRGHFRQGLo}HVDWPRVIpULFDVIULDVRX
~PLGDVRIDUROEHPFRPRDODQWHUQDWUDVHLUD
HRVLQGLFDGRUHVGHGLUHomRSRGHPHPEDoDUVH
WHPSRUDULDPHQWHSRUGHQWUR(VVDRFRUUrQFLDp
QRUPDOHQmRWHPLQIOXrQFLDVREUHDYLGD~WLOGR
VLVWHPDGHLOXPLQDomRGRYHtFXOR ‹
53&&

,OXPLQDomRHYLVLELOLGDGH 
5HJXODJHPGRIDURODOWR

¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
PDLVSRVVtYHOHYLWDURRIXVFDPHQWRGRVGHPDLV
FRQGXWRUHVDGLVWULEXLomRGHOX]pUHJXODGDDXWR
PDWLFDPHQWHSDUDIDUROEDL[R2FRQWUROHpIHLWR
SRUXPDFkPHUDLQVWDODGDQRODGRLQWHUQRGRSD
5HJXODJHPGRIDURODOWR /LJKW$VVLVW UDEULVDQDSDUWHVXSHULRUGRHVSHOKRUHWURYLVRULQ
'HQWURGRVOLPLWHVGRVLVWHPDDUHJXODJHPGRID WHUQR
URODOWROLJDRIDURODOWRDXWRPDWLFDPHQWHGHSHQ $UHJXODJHPDXWRPiWLFDGRIDURODOWROLJDRIDURODO
GHQGRGDVFRQGLo}HVGRDPELHQWHHGRWUkQVLWRH WRDXWRPDWLFDPHQWHGHSHQGHQGRGRVYHtFXORVj
GHXPDYHORFLGDGHGHFRQGXomRDFLPDGHDSUR[L IUHQWHRXHPVHQWLGRFRQWUiULREHPFRPRGDVGH
PDGDPHQWHNPK PSK HGHVOLJDQRYDPHQ PDLVFRQGLo}HVFOLPiWLFDVHGRWUkQVLWRDSDUWLUGH
WHDXPDYHORFLGDGHGHFRQGXomRLQIHULRUDDSUR[L DSUR[LPDGDPHQWHNPK PSK HRGHVOLJD
PDGDPHQWHNPK PSK ҧϜ 2FRQWUROHp FRPYHORFLGDGHLQIHULRUDDSUR[LPDGDPHQWH
UHDOL]DGRSRUXPDFkPHUDFRORFDGDQDEDVHGR NPK PSK 
HVSHOKRUHWURYLVRULQWHUQR
6HRIDUROGLUHFLRQDOGLQkPLFRHVWLYHUGHVDWLYDGR
(PJHUDODUHJXODJHPGRIDURODOWRUHFRQKHFHUH ҧϜ3iJLQDRXDPXGDQoDGHSRVLomRGRIDURO
JL}HVLOXPLQDGDVHGHVDWLYDRIDURODOWRGXUDQWHD PRGRGHYLDJHP HVWLYHUDWLYDGDҧϜ3iJLQDR
SDVVDJHPSRUH[HPSORSRUYLODUHMRV IDURODOWRVRPHQWHpDLQGDOLJDGRHGHVOLJDGRDWUD
YpVGDUHJXODJHPGHIDURODOWRDXWRPiWLFDHQmR
5HJXODJHPDXWRPiWLFDGRIDURODOWR PDLVUHJXODGR,VVRpUHDOL]DGRGHSHQGHQGRGRV
'\QDPLF/LJKW$VVLVW YHtFXORVjIUHQWHRXHPVHQWLGRFRQWUiULREHPFR
'HQWURGRVOLPLWHVGRVLVWHPDDUHJXODJHPDXWR PRGDLOXPLQDomRGDUXD
PiWLFDGRIDURODOWR '\QDPLF/LJKW$VVLVW SRGH
(PJHUDODUHJXODJHPDXWRPiWLFDGRIDURODOWRUH
PLQLPL]DURXQHXWUDOL]DUXPRIXVFDPHQWRGHRX
FRQKHFHUHJL}HVLOXPLQDGDVHGHVDWLYDRIDURODOWR
WURVFRQGXWRUHVҧϜ 
GXUDQWHDSDVVDJHPSRUH[HPSORSRUYLODUHMRV
2VLVWHPDUHFRQKHFHRXWURVFRQGXWRUHVEHPFR
PRVXDGLVWkQFLDGRSUySULRYHtFXORHFREUHXPD
SDUWHGRIDUROGHIRUPDGLUHFLRQDGD6HQmRIRU

/LJDUHGHVOLJDUDUHJXODJHPGRIDURODOWRRXDUHJXODJHPDXWRPiWLFDGRIDURODOWR
)XQomR $omR
±/LJDUDLJQLomRHJLUDURLQWHUUXSWRUGDVOX]HVSDUDDSRVLomR!54/
/LJDU 0RYHUDDODYDQFDGRVLQGLFDGRUHVGHGLUHomRHGRIDURODOWRGDSRVLomRGHEDVHSDUD
IUHQWHҧϜ3iJLQD
6HDOX]GHFRQWUROH»DSDUHFHUQRGLVSOD\GRLQVWUXPHQWRFRPELQDGRDUHJXODJHPGR
» IDURODOWRRXDUHJXODJHPDXWRPiWLFDGRIDURODOWRHVWDUiOLJDGD
'HVOLJDUDLJQLomR
±28JLUDURLQWHUUXSWRUXPDSRVLomRGLIHUHQWHGH!54/ҧϜ3iJLQD
±28FRPIDURODOWROLJDGRSX[DUDDODYDQFDGRVLQGLFDGRUHVGHGLUHomRHGRIDURODOWR
'HVOLJDU
SDUDDWUiV
±28SUHVVLRQDUOHYHPHQWHDDODYDQFDGRVLQGLFDGRUHVGHGLUHomRHGRIDURODOWRSDUDD
IUHQWHSDUDOLJDUDOX]DOWDPDQXDO$VVLPDUHJXODJHPGRIDURODOWRVHUiGHVOLJDGD

)DOKDGHIXQFLRQDPHQWR Ɣ &RPYHtFXORVYLQGRHPGLUHomRFRQWUiULDHPYL
$VVHJXLQWHVFRQGLo}HVSRGHPID]HUFRPTXHR DVFRPEDUUHLUDGHVHJXUDQoDFHQWUDOTXDQGRR
IDURODOWROLJDGRQmRVHMDGHVOLJDGRRXQmRVHMD FRQGXWRUFODUDPHQWHSXGHUVHURFXOWDGRSHODEDU
GHVOLJDGRDWHPSRSHODUHJXODJHPGRIDURODOWR UHLUDGHVHJXUDQoDFHQWUDOFRPRSRUH[HPSORXP
FRQGXWRUGHFDPLQKmR
Ɣ (PYLDVPDOLOXPLQDGDVFRPSODFDVFRPUHIOH
Ɣ (PFDVRGHFkPHUDFRPGHIHLWRHLQWHUUXSomR
[RLQWHQVR
GDDOLPHQWDomRGHFRUUHQWH
Ɣ (PFDVRGHLOXPLQDomRLQVXILFLHQWHFRPRSRU
Ɣ &RPQHEOLQDQHYHHFKXYDLQWHQVD
H[HPSORGHSHGHVWUHVFLFOLVWDV
Ɣ &RPUHGHPRLQKRVGHSyHDUHLD b
Ɣ (PFXUYDVIHFKDGDVFRPFRQWUDIOX[RVHPLHQ
FREHUWRHPVXELGDVRXGHVFLGDVtQJUHPHV

 $QWHVGDFRQGXomR
Ɣ &RPJUDQL]RQDiUHDGHYLVmRGDFkPHUD $'9(57Ç1&,$ FRQWLQXDomR
Ɣ 6HDiUHDGHYLVmRGDFkPHUDHVWLYHUHPEDoD WRPiWLFDGRIDURODOWRSRGHUiVHUSUHMXGLFDGR
GDVXMDRXFREHUWDSRUHWLTXHWDVDGHVLYDVQHYHH ,VWRWDPEpPYDOHSDUDDOWHUDo}HVQRVLVWHPD
JHOR GHLOXPLQDomRGRYHtFXORSRUH[HPSORGHYL
GRjLQVWDODomRGHIDURODGLFLRQDO
$'9(57Ç1&,$
2PDLRUFRQIRUWRRIHUHFLGRSHODUHJXODJHP 127$
GRIDURODOWRRXSHODUHJXODJHPDXWRPiWLFD 3DUDQmRLQIOXHQFLDUDFDSDFLGDGHGHIXQFLRQD
GRIDURODOWRQmRGHYHLQFHQWLYDUDFRORFDUD PHQWRGRVLVWHPDRVVHJXLQWHVSRQWRVGHYHP
VHJXUDQoDHPULVFR2VLVWHPDQmRSRGH VHUREVHUYDGRV
VXEVWLWXLUDDWHQomRGRFRQGXWRU
Ɣ /LPSDUDiUHDGHYLVmRGDFkPHUDFRPIUH
Ɣ $GHTXDUSHVVRDOPHQWHDOX]GHFRQGXomR TXrQFLDHPDQWrODVHPQHYHHVHPJHOR
HDGHTXiODVjVFRQGLo}HVGHOX]YLVLELOLGDGH
Ɣ 1mRFREULUDiUHDGHYLVmRGDFkPHUD
HWUkQVLWR
Ɣ 9HULILFDUDH[LVWrQFLDGHGDQRVQRSDUDEUL
Ɣ eSRVVtYHOTXHDUHJXODJHPGRIDURODOWR
VDQDiUHDGHYLVmRGDFkPHUD
RXDUHJXODJHPDXWRPiWLFDGRIDURODOWRQmR
UHFRQKHoDFRUUHWDPHQWHWRGDVDVVLWXDo}HV 2VLQDOGHOX]HRIDURODOWRSRGHPVHUOLJD
GHFRQGXomRHIXQFLRQHHPGHWHUPLQDGDVVL GRVHGHVOLJDGRVPDQXDOPHQWHDTXDOTXHU
WXDo}HVDSHQDVFRPUHVWULo}HV PRPHQWRFRPDDODYDQFDGRVLQGLFDGRUHVGHGLUH
Ɣ 6HDiUHDGHYLVmRGDFkPHUDHVWLYHUVXMD omRHGRIDURODOWRҧϜ3iJLQD
FREHUWDRXGDQLILFDGDRIXQFLRQDPHQWRGD
UHJXODJHPGRIDURODOWRRXGDUHJXODJHPDX 6HRPRGRGHYLDJHPҧϜ3iJLQDHVWLYHU
OLJDGRRIXQFLRQDPHQWRGRIDUROGLUHFLRQDOGL
QkPLFRpGHVDWLYDGR ‹

0DVFDUDURXPXGDUDSRVLomRGRIDURO PRGRGHYLDJHP

¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
HPXPD&RQFHVVLRQiULD9RONVZDJHQRXHPXPD
HPSUHVDHVSHFLDOL]DGD0DLVLQIRUPDo}HVSRGHP
VHUREWLGDVHPXPDHPSUHVDHVSHFLDOL]DGD3DUD
LVVRD9RONVZDJHQUHFRPHQGDXPD&RQFHVVLR
(PFRQGXo}HVHPSDtVHVFRPVHQWLGRGHURGD QiULD9RONVZDJHQ
JHPFRQWUiULRDRGRSDtVGHRULJHPRIDUROEDL[R
2XVRGRPRGRGHYLDJHPRXGHSHOtFXODV
DVVLPpWULFRSRGHRIXVFDURVYHtFXORVTXHURGDP
VREUHRIDUROVRPHQWHpDGPLVVtYHOSRUFXU
HPVHQWLGRFRQWUiULR3RUHVVHPRWLYRPDVFDUDU
WRVSHUtRGRVGHWHPSR'LULJLUVHDXPDHPSUHVD
RXPXGDUDSRVLomRGRIDUROHPYLDJHQVLQWHUQD
HVSHFLDOL]DGDSDUDXPDFRQYHUVmRSHUPDQHQWH
FLRQDLVVHIRURFDVR
3DUDLVVRD9RONVZDJHQUHFRPHQGDDV&RQFHV
2DOLQKDPHQWRGRIDUROSRGHVHUUHJXODGRQRLQV VLRQiULDV9RONVZDJHQ
WUXPHQWRFRPELQDGRQRPHQX,OXPH9LVLE
VXEPHQX0RGRYLDJHPҧϜ3iJLQD6HRPRGR 6HRPRGRGHYLDJHPHVWLYHUDWLYDGRRIXQ
GHYLDJHPHVWLYHUOLJDGRDOX]GHFRQWUROHSLVFDUi FLRQDPHQWRGRIDUROGLUHFLRQDOGLQkPLFR
SRUDSUR[LPDGDPHQWHVHJXQGRVVHPSUHTXH ҧϜ3iJLQDHGDUHJXODJHPDXWRPiWLFDGRIDURO
DLJQLomRIRUOLJDGD DOWRVmRGHVDWLYDGRVҧϜ3iJLQD ‹
(PYHtFXORVFXMRIDUROQmRSRGHVHUUHJXODGRSRU
PHLRGRPHQXPDVFDUDUGHWHUPLQDGDVUHJL}HVGR
IDUROFRPSHOtFXODVRXPXGDUDSRVLomRGRIDURO

)XQomR³&RPLQJ+RPH´H³/HDYLQJ+RPH´ LOXPLQDomRGHRULHQWDomR
53&&

¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
$IXQomR³&RPLQJ+RPH´pOLJDGDPDQXDOPHQWH$
IXQomR³/HDYLQJ+RPH´SRUVXDYH]FRQWURODDX
WRPDWLFDPHQWHXPVHQVRUGHOX]HGHFKXYD b

,OXPLQDomRHYLVLELOLGDGH 
³&RPLQJ+RPH´ $omR
'HVOLJDUDLJQLomR
±$FLRQDURVLQDOGHOX]SRUDSUR[LPDGDPHQWHXPVHJXQGRҧϜ3iJLQD
/LJDU $LOXPLQDomR³&RPLQJKRPH´VHOLJDFRPDSRUWDGRFRQGXWRUDEHUWD2WHPSRGD
LOXPLQDomRWHPSRUL]DGDVHLQLFLDFRPRIHFKDPHQWRGD~OWLPDSRUWDGRYHtFXORRX
GDWDPSDGRFRPSDUWLPHQWRGHEDJDJHP
±$XWRPDWLFDPHQWHDSyVGHFXUVRGRWHPSRDMXVWDGRGDLOXPLQDomRWHPSRUL]DGD
±$XWRPDWLFDPHQWHVHDSyVDSUR[LPDGDPHQWHVHJXQGRVGHSRLVGHHODWHUVLGR
OLJDGDXPDSRUWDGRYHtFXORRXDWDPSDGRFRPSDUWLPHQWRGHEDJDJHPSHUPD
'HVOLJDU
QHFHUDEHUWD
±*LUDURLQWHUUXSWRUGDVOX]HVSDUDDSRVLomR/
±/LJDUDLJQLomR

³/HDYLQJ+RPH´ $omR
±'HVWUDYDURYHtFXORVHRLQWHUUXSWRUGDVOX]HVHVWLYHUQDSRVLomR!54/HRVHQ
/LJDU
VRUGHFKXYDHGHOX]UHFRQKHFHUHVFXULGmR
±$XWRPDWLFDPHQWHDSyVGHFXUVRGRWHPSRGDLOXPLQDomRWHPSRUL]DGD
±7UDYDURYHtFXOR
'HVOLJDU
±*LUDURLQWHUUXSWRUGDVOX]HVSDUDDSRVLomR/
±/LJDUDLJQLomR

,OXPLQDomRSHULIpULFDGRVHVSHOKRV 1RPHQX,OXPH9LVLEpSRVVtYHOFRQIL
UHWURYLVRUHVH[WHUQRV JXUDUDGXUDomRGRWHPSRGDLOXPLQDomR
$LOXPLQDomRSHULIpULFDGRVHVSHOKRVUHWURYLVRUHV WHPSRUL]DGDHOLJDURXGHVOLJDUDIXQomR
H[WHUQRVLOXPLQDRDPELHQWHGLUHWRGDVSRUWDVGX ҧϜ3iJLQD
UDQWHDHQWUDGDHVDtGDGRYHtFXOR(ODpOLJDGDDR &RPDIXQomR³&RPLQJ+RPH´OLJDGDQH
GHVWUDYDURYHtFXORDRDEULUXPDSRUWDGRYHtFXOR QKXPDOHUWDVRQRURVRDSDUDLQGLFDUTXHD
EHPFRPRFRPDIXQomR³&RPLQJ+RPH´DWLYDGD OX]DLQGDHVWiOLJDGDDRVHDEULUDSRUWDGRFRQGX
RXDIXQomR³/HDYLQJ+RPH´OLJDGD(PYHUV}HV WRU ‹
FRPXPVHQVRUGHOX]HGHFKXYDDLOXPLQDomR
SHULIpULFDGRVHVSHOKRVUHWURYLVRUHVH[WHUQRVpOL
JDGDDSHQDVFRPHVFXULGmR

5HJXODJHPGHDOFDQFHGRIDUROLOXPLQDomRGRVLQVWUXPHQWRVHGRV
LQWHUUXSWRUHV
 ,OXPLQDomRGRVLQVWUXPHQWRVHGRV
LQWHUUXSWRUHV
&RPDOX]OLJDGDDOXPLQRVLGDGHGRVLQVWUXPHQWRV
HGRVLQWHUUXSWRUHVSRGHVHUUHJXODGDVHPHVFDOR
QDPHQWRJLUDQGRRUHJXODGRUҧϜ)LJ  

,OXPLQDomRGRLQVWUXPHQWRFRPELQDGR
1RVYHtFXORVFRPIDUROGHURGDJHPGLXUQDDLOXPL
QDomRGRLQVWUXPHQWRFRPELQDGRGHVOLJDQDHVFX
ULGmRHSRUH[HPSORQDSDVVDJHPGHW~QHLV,VVR
GHYHUiOHPEUDURFRQGXWRUGHOLJDUPDQXDOPHQWHR
)LJ $RODGRGRYRODQWHUHJXODGRUGDLOXPLQD IDUROEDL[RSDUDTXHDVVLPWDPEpPDVODQWHUQDV
omRGRVLQVWUXPHQWRVHGRVLQWHUUXSWRUHV  DV WUDVHLUDVGRYHtFXORVHMDPOLJDGDVҧϜ3iJLQD
VLPFRPRUHJXODJHPGRDOFDQFHGRIDURO  
 5HJXODJHPGHDOFDQFHGRIDURO

¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
$UHJXODJHPGHDOFDQFHGRIDURO  DGpTXDRVIHL
[HVGHOX]GRIDUROVHPHVFDORQDPHQWRjFDUJDGR
YHtFXORGHDFRUGRFRPRYDORUUHJXODGR&RP b

 $QWHVGDFRQGXomR
LVVRRFRQGXWRUWHPDVPHOKRUHVFRQGLo}HVSRVVt 5HJXODJHPGHDOWXUDWRWDOPHQWHDXWRPiWLFD
YHLVGHYLVLELOLGDGHHRFRQWUDIOX[RQmRpRIXVFDGR (PYHtFXORVFRPUHJXODJHPGHDOWXUDFRPSOHWD
ҧϜ  PHQWHFDUUHJDGRVUHJXODUDFDUJDHP³´
2IDUROVRPHQWHSRGHVHUUHJXODGRFRPRIDUROEDL
[ROLJDGR $'9(57Ç1&,$
3DUDUHJXODUJLUDURUHJXODGRU   $SUHVHQoDGHREMHWRVSHVDGRVQRYHtFXOR
SRGHID]HUFRPTXHRIDURORIXVTXHDYLVLELOL
9DORUUH &DUJDD GRYHtFXOR GDGHHGLVWUDLDRXWURVFRQGXWRUHV,VWRSRGH
JXODGR FDXVDUDFLGHQWHVHIHULPHQWRVJUDYHV
%DQFRVGLDQWHLURVRFXSDGRVHFRP Ɣ $GHTXDUVHPSUHRIHL[HGHOX]jFDUJDGR
±
SDUWLPHQWRGHEDJDJHPYD]LR YHtFXORGHIRUPDDQmRRIXVFDUDYLVLELOLGDGH
7RGRVRVDVVHQWRVRFXSDGRVHFRP GHRXWURVFRQGXWRUHV

SDUWLPHQWRGHEDJDJHPYD]LR
7RGRVRVDVVHQWRVRFXSDGRVHFRP $'9(57Ç1&,$
SDUWLPHQWRGHEDJDJHPWRWDOPHQWH
 8PDTXHGDRXXPIXQFLRQDPHQWRLQFRUUHWR
FDUUHJDGR&RQGXomRFRPUHERTXH
GDUHJXODJHPGLQkPLFDGRDOFDQFHGRIDURO
FRPFDUJDGHDSRLRUHGX]LGD
SRGHOHYDUDTXHRIDURORIXVTXHHGLVWUDLD
6RPHQWHREDQFRGRFRQGXWRURFXSD RXWURVXVXiULRVGDYLD,VWRSRGHFDXVDUDFL
GRHRFRPSDUWLPHQWRGHEDJDJHPWR GHQWHVHIHULPHQWRVJUDYHV

WDOPHQWHFDUUHJDGR&RQGXomRFRP
Ɣ 0DQGDUYHULILFDUDUHJXODJHPGRDOFDQFH
UHERTXHFRPFDUJDGHDSRLRPi[LPD
GRIDUROLPHGLDWDPHQWHHPXPD&RQFHVVLR
D (PFDVRGHFDUJDVGRYHtFXORGLYHUJHQWHVWDPEpPVmR QiULD9RONVZDJHQRXHPXPDHPSUHVDHVSH
SRVVtYHLVSRVLo}HVLQWHUPHGLiULDVGRUHJXODGRU FLDOL]DGD ‹
5HJXODJHPGHDOFDQFHGRIDUROGLQkPLFD
(PYHtFXORVFRPUHJXODJHPGHDOFDQFHGRIDURO
GLQkPLFDQmRKiRUHJXODGRU  2DOFDQFHGRID
UROVHDGDSWDDXWRPDWLFDPHQWHjVFRQGLo}HVGH
FDUJDGRYHtFXORDROLJDURIDUROҧϜ 

/DQWHUQDVLQWHUQDVHGHOHLWXUD

¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQIRUPDo}HVLQWURGXWyULDVHDVLQGLFDo}HVGHVHJXUDQ
oD QDSiJLQD

%RWmR3RVLomR )XQomR

/ 'HVOLJDUDVODQWHUQDVLQWHUQDV

 /LJDUDVODQWHUQDVLQWHUQDV

/LJDURLQWHUUXSWRUGHFRQWDWRGDSRUWD SRVLomRLQWHUPHGLiULD 
$VODQWHUQDVLQWHUQDVVHDFHQGHPDXWRPDWLFDPHQWHDRGHVWUDYDURYHtFXORDR
s DEULUXPDSRUWDRXDRUHWLUDUDFKDYHGRYHtFXORGDLJQLomR
$OX]VHDSDJDDOJXQVVHJXQGRVDSyVRIHFKDPHQWRGHWRGDVDVSRUWDVDRWUD
YDURYHtFXORRXDROLJDUDLJQLomR

* /LJDURXGHVOLJDUDODQWHUQDGHOHLWXUD

/DQWHUQDGRSRUWDOXYDVHGRFRPSDUWLPHQWR ,OXPLQDomRDPELHQWH
53&&

GHEDJDJHP &RPDOX]GHSRVLomRRXRIDUROEDL[ROLJDGRVD
$RDEULUHIHFKDURSRUWDOXYDVRXDWDPSDGRFRP LOXPLQDomRDPELHQWHQRUHYHVWLPHQWRGRWHWRGLDQ
SDUWLPHQWRGHEDJDJHPXPDODQWHUQDVHOLJDRX WHLURLOXPLQDSRUFLPDRVHOHPHQWRVGHFRPDQGR
VHGHVOLJDDXWRPDWLFDPHQWH GRFRQVROHFHQWUDO b

,OXPLQDomRHYLVLELOLGDGH 
$GLFLRQDOPHQWHDVPDoDQHWDVGHDEHUWXUDGDV $VODQWHUQDVGHOHLWXUDVHDSDJDPDRWUDYDU
SRUWDVQRVUHEDL[RVHRVIULVRVGHFRUDWLYRVQDV RYHtFXORRXDOJXQVPLQXWRVGHSRLVTXHD
SRUWDVGLDQWHLUDVHWUDVHLUDVSRGHPVHULOXPLQD FKDYHGRYHtFXORIRUUHWLUDGDGRFLOLQGURGDLJQLomR
GRV ,VWRLPSHGHTXHDEDWHULDGRYHtFXORVHGHVFDUUH
JXH ‹
)ULVRGDVSRUWDVLOXPLQDGR
2IULVRGDVSRUWDVLOXPLQDGRLOXPLQDDiUHDGHHQ
WUDGDGRODGRGRFRQGXWRUHGRODGRSDVVDJHLURGL
DQWHLURFRPDSRUWDGRYHtFXORDEHUWD
2VIULVRVGDVROHLUDLOXPLQDGRVVHDSDJDP
DROLJDURPRWRUDRWUDYDURYHtFXORRXDO
JXQVVHJXQGRVGHSRLVTXHDFKDYHGRYHtFXORIRU
UHWLUDGDGRFLOLQGURGDLJQLomR,VWRLPSHGHTXHD
EDWHULDGRYHtFXORVHGHVFDUUHJXH

 $QWHVGDFRQGXomR
3URWHomRVRODU

¤ ,QWURGXomRDRWHPD
1HVWHFDStWXORHQFRQWUDPVHLQIRUPDo}HVUHODWLYDV
$'9(57Ç1&,$
DRVVHJXLQWHVWHPDV
3DUDVyLVUHEDWLGRVHFRUWLQDVGHSURWHomR
3DUDVyLV  
VRODUDEHUWDVSRGHPUHGX]LUDYLVLELOLGDGH
&RUWLQDGHSURWHomRVRODUGRYLGURWUDVHLUR  
Ɣ 5HFRQGX]LUVHPSUHRVSDUDVyLVHDVFRU
3DUDEULVDGHYLGURGHJUDGr  
WLQDVGHSURWHomRVRODUGHYROWDDRVVXSRUWHV
TXDQGRHOHVQmRIRUHPPDLVQHFHVViULRV ‹

3DUDVyLV

)LJ 1RUHYHVWLPHQWRGRWHWRGLDQWHLURSDUD )LJ 3DUDVyLVGXSORV


VRO

¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
$ODQWHUQDVHDSDJDTXDQGRDFREHUWXUDGRHVSH
OKRGHFRUWHVLDIRUIHFKDGDRXRSDUDVROIRUYLUDGR
SDUDFLPD

$ODQWHUQDDFLPDGRSDUDVROVHDSDJDDXWR
3RVVLELOLGDGHVGHDMXVWHGRVSDUDVyLVSDUD
PDWLFDPHQWHDSyVDOJXQVPLQXWRVVREGHWHU
RFRQGXWRUHSDUDRSDVVDJHLURGLDQWHLUR PLQDGDVFRQGLo}HV,VWRLPSHGHTXHDEDWHULDGR
Ɣ 5HEDWHUQDGLUHomRGRSDUDEULVD YHtFXORVHGHVFDUUHJXH ‹
Ɣ 5HWLUDUGRVXSRUWHHYLUDUQDGLUHomRGDVSRUWDV
ҧϜ)LJ $ 
Ɣ 'HVORFDURSDUDVROYLUDGRSDUDDSRUWDQDGLUH
omRORQJLWXGLQDOSDUDWUiV

(VSHOKRGHFRUWHVLDLOXPLQDGR
1RSDUDVROUHEDWLGRSDUDEDL[RHQFRQWUDVHXP
HVSHOKRGHFRUWHVLDDWUiVGHXPDFREHUWXUD$R
DEULUDFREHUWXUD % XPDODQWHUQD  VHDFHQGH
53&&

,OXPLQDomRHYLVLELOLGDGH 
&RUWLQDGHSURWHomRVRODUGRYLGURWUDVHLUR
&RUWLQDGHSURWHomRVRODUHOpWULFD
Ɣ /LJDUDLJQLomR
Ɣ 3UHVVLRQDURERWmR j SDUDHVWHQGHUHHQURODU
DFRUWLQDGHSURWHomRVRODU$FRUWLQDGHSURWHomR
VRODUVHPRYLPHQWDSDUDDSRVLomRILQDO

127$
3DUDHYLWDUGDQRVQDFRUWLQDGHSURWHomRVRODU
RXQRUHYHVWLPHQWRLQWHUQRQmRVROWDU³UDSLGD
PHQWH´DFRUWLQDGHSURWHomRVRODUPDQXDOSDUD
EDL[R ‹
)LJ 1RFRQVROHFHQWUDOLQWHUUXSWRUGDFRUWLQD
GHSURWHomRVRODUGRYLGURWUDVHLUR

¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD

$FRUWLQDGHSURWHomRVRODUHVWHQGLGDQDIUHQWHGR
YLGURWUDVHLURSURWHJHFRQWUDUDGLDomRVRODULQWHQ
VD

&RUWLQDGHSURWHomRVRODUPDQXDO
Ɣ 3X[DUDFRUWLQDGHSURWHomRVRODUSHODDOoD
IURQWDOWRWDOPHQWHSDUDFLPD
Ɣ 3UHQGHUDEDUUDUHWHQWRUDFRPDPEDVDVH[WUH
PLGDGHVQRVUHVSHFWLYRVVXSRUWHV3DUDLVVRJLUDU
DDOoDOHYHPHQWHSDUDEDL[R9HULILFDUVHDFRUWLQD
GHSURWHomRVRODUHVWHQGLGDHVWiHQFDL[DGDVHJX
UDPHQWHHPDPERVRVVXSRUWHV
Ɣ 3DUDHQURODUDFRUWLQDGHSURWHomRVRODUSX[DU
DDOoDOHYHPHQWHSDUDFLPDHFRQGX]LUSDUDEDL[R
FRPDPmRSDUDTXHHODUHWRUQHDVXDEDVHҧϜ 

3DUDEULVDGHYLGURGHJUDGr

)LJ 3DUDEULVDFRPUHYHVWLPHQWRPHWiOLFRHLQIUDYHUPHOKRFRPMDQHODGHFRPXQLFDomR VXSHUItFLH


D]XO  b

 $QWHVGDFRQGXomR
¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
$iUHDQmRUHYHVWLGDQmRSRGHVHUFREHUWDH[WHUQD
RXLQWHUQDPHQWHRXUHFHEHUHWLTXHWDVDGHVLYDV
SRLVGRFRQWUiULRSRGHPRFRUUHUIDOKDVGHIXQFLR
QDPHQWRGRVFRPSRQHQWHVHOHWU{QLFRV ‹
3DUDEULVDVGHYLGURGHJUDGrSRVVXHPXPUHYHVWL
PHQWRUHIOH[LYRGHLQIUDYHUPHOKR3DUDFXPSUL
PHQWRGDVIXQo}HVGHFRPSRQHQWHVHOHWU{QLFRVGR
PHUFDGRGHDFHVVyULRVKiXPDIDL[DVHPUHYHVWL
PHQWR MDQHODGHFRPXQLFDomR DFLPDGRHVSHOKR
UHWURYLVRULQWHUQRҧϜ)LJ
53&&

,OXPLQDomRHYLVLELOLGDGH 
/LPSDGRUHVHODYDGRUHVGRVYLGURV

¤ ,QWURGXomRDRWHPD
1HVWHFDStWXORHQFRQWUDPVHLQIRUPDo}HVUHODWLYDV $'9(57Ç1&,$ FRQWLQXDomR
DRVVHJXLQWHVWHPDV
Ɣ 8WLOL]DURVODYDGRUHVGRRVYLGURVVRPHQWH
/X]GHFRQWUROH   FRPDQWLFRQJHODQWHVXILFLHQWHHPWHPSHUDWX
$ODYDQFDGRVOLPSDGRUHVGRSDUDEULVD   UDVGHLQYHUQR
)XQo}HVGRVOLPSDGRUHVGRVYLGURV   Ɣ 1XQFDXWLOL]DURVODYDGRUHVGRVYLGURVHP
3RVLomRGHVHUYLoRGRVOLPSDGRUHVGRSDUD WHPSHUDWXUDVGHLQYHUQRHQTXDQWRRSDUDEUL
EULVD   VDQmRWLYHUVLGRDTXHFLGRFRPRVLVWHPDGH
6HQVRUGHFKXYDHGHOX]   YHQWLODomR&DVRFRQWUiULRRDGLWLYRDQWLFRQ
9HULILFDUHUHDEDVWHFHURQtYHOGHiJXDGRV JHODQWHSRGHFRQJHODUVREUHRSDUDEULVDH
ODYDGRUHVGRVYLGURV   UHGX]LUDYLVLELOLGDGH

,QIRUPDo}HVHDOHUWDVFRPSOHPHQWDUHV $'9(57Ç1&,$
Ɣ 9LVWDVH[WHUQDVҧϜ3iJLQD 3DOKHWDVGRVOLPSDGRUHVGRSDUDEULVDJDV
Ɣ $TXHFHUYHQWLODUUHVIULDUҧϜ3iJLQD WDVRXVXMDVUHGX]HPDYLVLELOLGDGHHDXPHQ
Ɣ 3UHSDUDo}HVSDUDWUDEDOKRVQRFRPSDUWLPHQWR WDPRULVFRGHDFLGHQWHVHGHIHULPHQWRVJUD
GRPRWRUҧϜ3iJLQD YHV
Ɣ &RQVHUYDUHOLPSDUDSDUWHH[WHUQDGRYHtFXOR Ɣ 7URFDUDVSDOKHWDVGRVOLPSDGRUHVGRSD
ҧϜ3iJLQD UDEULVDVHPSUHTXHHVWLYHUHPGDQLILFDGDVRX
JDVWDVHQmROLPSDUHPPDLVRSDUDEULVDGH
IRUPDDSURSULDGD
$'9(57Ç1&,$
$iJXDGRVODYDGRUHVGRVYLGURVVHPDQWL 127$
FRQJHODQWHVXILFLHQWHSRGHFRQJHODUVREUHR
SDUDEULVDHOLPLWDUDYLVLELOLGDGHIURQWDO (PFDVRGHJHDGDYHULILFDUDQWHVGHOLJDURV
OLPSDGRUHVGRSDUDEULVDVHDVSDOKHWDVGRV
OLPSDGRUHVGRSDUDEULVDQmRHVWmRFRQJHOD
GDV6HRYHtFXORIRUHVWDFLRQDGRFRPWHPSR
IULRDSRVLomRGHVHUYLoRGRVOLPSDGRUHVGR
ҧϜ3iJLQD
SDUDEULVDSRGHUiVHU~WLOҧ ‹

/X]GHFRQWUROH

¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQIRUPDo}HVLQWURGXWyULDVHDVLQGLFDo}HVGHVHJXUDQ
oD QDSiJLQD

$FHVD &DXVDSRVVtYHO 6ROXomR


&RPSOHWDURUHVHUYDWyULRGHiJXDGRVODYDGR
1tYHOGHiJXDGRVODYDGRUHVGRVYLGURV
Y PXLWREDL[R
UHVGRVYLGURVDVVLPTXHSRVVtYHO
ҧϜ3iJLQD

$ROLJDUDLJQLomRDOJXPDVOX]HVGHDGYHUWrQFLDH
127$
GHFRQWUROHVHDFHQGHPUDSLGDPHQWHSDUDYHULILFD
omRGDIXQomR(ODVVHDSDJDPDSyVDOJXQVVH $LQREVHUYkQFLDGHOX]HVGHFRQWUROHTXHVH
JXQGRV DFHQGHPHGHPHQVDJHQVGHWH[WRSRGHFDXVDU
GDQRVDRYHtFXOR ‹

 $QWHVGDFRQGXomR
$ODYDQFDGRVOLPSDGRUHVGRSDUDEULVD

¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD

)LJ ¬GLUHLWDGDFROXQDGHGLUHomRFRPDQGDU
RVOLPSDGRUHVGRSDUDEULVD

ҧϜ 
0RYHUDDODYDQFDSDUDDSRVLomRGHVHMDGDҧ

$
/&& /LPSDGRUHVGRSDUDEULVDGHVOLJDGRV

/LPSH]DFRPLQWHUYDORVGRSDUDEULVD
%
z &RPRLQWHUUXSWRUҧϜ)LJ  UHJXODURVLQWHUYDORV YHtFXORVVHPVHQVRUGHFKXYDHGH
OX] RXDVHQVLELOLGDGHGRVHQVRUGHFKXYDHGHOX]

&
,/7 /LPSH]DOHQWD

'
()'( /LPSH]DUiSLGD

0RYLPHQWR~QLFRGRVOLPSDGRUHVGRSDUDEULVD±OLPSH]DEUHYH0DQWHUDDODYDQFDSUHV
( [
VLRQDGDSDUDEDL[RSRUXPWHPSRPDLVORQJRSDUDOLPSDUPDLVUDSLGDPHQWH

)
W 6LVWHPDGHOLPSH]DHODYDJHPDXWRPiWLFRGRSDUDEULVDFRPDDODYDQFDSX[DGD

127$ 127$ FRQWLQXDomR

6HDLJQLomRIRUGHVOLJDGDFRPRVOLPSDGRUHV Ɣ 6ROWDUDVSDOKHWDVGRVOLPSDGRUHVGRSDUD
GRSDUDEULVDRVOLPSDGRUHVGRSDUDEULVDFRQ EULVDFRQJHODGDVFXLGDGRVDPHQWHGRSDUDEUL
WLQXDUmRDOLPSDUDSDUWLUGRPHVPRHVWiJLRGH VD3DUDLVVRD9RONVZDJHQUHFRPHQGDXP
OLPSH]DTXDQGRDLJQLomRIRUOLJDGDQRYDPHQ VSUD\DQWLFRQJHODQWH
WH*HDGDQHYHHRXWURVREVWiFXORVVREUHR
SDUDEULVDSRGHPRFDVLRQDUGDQRVDRVOLPSD 127$
GRUHVGRSDUDEULVDHDRPRWRUGRVOLPSDGRUHV 1mROLJDURVOLPSDGRUHVGRSDUDEULVDFRPRYL
GRSDUDEULVD GURVHFR$OLPSH]DGRYLGURVHFRSHODVSDOKH
Ɣ $QWHVGRLQtFLRGDFRQGXomRVHQHFHVViULR WDVGRVOLPSDGRUHVGRSDUDEULVDSRGHGDQLIL
UHPRYHUDQHYHHRJHORGRVOLPSDGRUHVGRSD FDURYLGUR
UDEULVD
2VOLPSDGRUHVGRSDUDEULVDIXQFLRQDPVR
PHQWHFRPDLJQLomROLJDGDHFRPDWDPSD
GRFRPSDUWLPHQWRGRPRWRURXDWDPSDGRFRP
SDUWLPHQWRGHEDJDJHPIHFKDGD
53&&

2WHPSRUL]DGRUGRVOLPSDGRUHVGRSDUDEULVD
IXQFLRQDGHDFRUGRFRPDYHORFLGDGHGHFRQ
GXomR4XDQWRPDLVUiSLGRRYHtFXORPDLVIUH
TXHQWHpDOLPSH]DGRVOLPSDGRUHVGRSDUDEULVD ‹

,OXPLQDomRHYLVLELOLGDGH 
)XQo}HVGRVOLPSDGRUHVGRVYLGURV

¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQIRUPDo}HVLQWURGXWyULDVHDVLQGLFDo}HVGHVHJXUDQ
oD QDSiJLQD

&RPSRUWDPHQWRGRVOLPSDGRUHVGRSDUDEULVDHPGLYHUVDVVLWXDo}HV
2HVWiJLRGROLPSDGRUGHSDUDEULVDOLJDGRDOWHUQDWHPSRUDULD
&RPRYHtFXORSDUDGR
PHQWHSDUDRHVWiJLRLPHGLDWDPHQWHDQWHULRU
2&OLPDWURQLFDOWHUQDGXUDQWHDSUR[LPDGDPHQWHVHJXQGRV
&RPRVLVWHPDGHOLPSH]DHGHODYD
SDUDRPRGRGHUHFLUFXODomRGHDUSDUDHYLWDURGRUHVGDiJXD
JHPDXWRPiWLFRHPIXQFLRQDPHQWR
GRVODYDGRUHVGRVYLGURVQRLQWHULRUGRYHtFXOR
&RPRWHPSRUL]DGRUGRVOLPSDGRUHVGR 2VLQWHUYDORVGHSHQGHPGDYHORFLGDGHGRYHtFXOR4XDQWRPDL
SDUDEULVD RUDYHORFLGDGHPDLVFXUWRpRLQWHUYDOR

%LFRVGRVODYDGRUHVGRVYLGURVDTXHFtYHLV LQWHUYDORVUHJXODUHVSRUH[HPSORDRDEDVWHFHUUH
2DTXHFLPHQWRGHVFRQJHODDSHQDVRVELFRVGRV PRYHUDVXMHLUDDGHUHQWHGRVYLGURVGRIDUROFRPR
ODYDGRUHVGRVYLGURVFRQJHODGRVPDVQmRDV UHVtGXRVGHLQVHWRV
PDQJXHLUDVTXHFRQGX]HPDiJXD$SRWrQFLDGH 3DUDJDUDQWLURIXQFLRQDPHQWRGRVODYDGRUHVGR
DTXHFLPHQWRGRVELFRVGRVODYDGRUHVGRVYLGURV IDUROWDPEpPQRLQYHUQRUHPRYHUDQHYHGRVVX
DTXHFtYHLVpUHJXODGDDXWRPDWLFDPHQWHGHDFRUGR SRUWHVGRVELFRVGRVODYDGRUHVQRSDUDFKRTXH
FRPDWHPSHUDWXUDDPELHQWHTXDQGRDLJQLomRpOL DQWHVGDXWLOL]DomR6HQHFHVViULRUHPRYHURJHOR
JDGD XVDQGRXPVSUD\DQWLFRQJHODQWH
/DYDGRUHVGRIDURO &DVRKDMDXPREVWiFXORQRSDUDEULVDRV
2VODYDGRUHVGRIDUROOLPSDPRVYLGURVGRIDURO OLPSDGRUHVGRSDUDEULVDWHQWDUmRUHPRYHU
HVVHREVWiFXOR6HRREVWiFXORFRQWLQXDUEOR
$SyVOLJDUDLJQLomRRIDUROpODYDGRDRDFLRQDURV
TXHDQGRRVOLPSDGRUHVGRSDUDEULVDRVOLPSDGR
ODYDGRUHVGRVYLGURVSHODSULPHLUDYH]HDFDGD
UHVGRSDUDEULVDSDUDUmR5HPRYHURREVWiFXORH
FLQFRDFLRQDPHQWRV3DUDLVVRDDODYDQFDGRV
OLJDURVOLPSDGRUHVGRSDUDEULVDQRYDPHQWH ‹
OLPSDGRUHVGRSDUDEULVDSUHFLVDVHUSX[DGDSDUD
RYRODQWHFRPRIDUROEDL[RRXIDURODOWROLJDGR(P

3RVLomRGHVHUYLoRGRVOLPSDGRUHVGRSDUDEULVD
1DSRVLomRGHVHUYLoRRVEUDoRVGRVOLPSDGRUHV
GRSDUDEULVDSRGHPVHUHUJXLGRVGRSDUDEULVD
ҧϜ)LJ3DUDFRORFDURVOLPSDGRUHVGRSDUDEUL
VDQDSRVLomRGHVHUYLoRSURFHGHUFRQIRUPHVH
JXH
Ɣ $WDPSDGRFRPSDUWLPHQWRGRPRWRUSUHFLVD
HVWDUIHFKDGDҧϜ3iJLQD
Ɣ /LJDUHGHVOLJDUDLJQLomR
Ɣ 3UHVVLRQDUDDODYDQFDGRVOLPSDGRUHVGRSDUD
EULVDEUHYHPHQWHSDUDEDL[RҧϜ)LJ ( 
(QFRVWDURVEUDoRVGRVOLPSDGRUHVGRSDUDEULVD
QRYDPHQWHVREUHRSDUDEULVDDQWHVGRLQtFLRGD
FRQGXomR3UHVVLRQDUDDODYDQFDGRVOLPSDGRUHV
)LJ /LPSDGRUHVGRSDUDEULVDQDSRVLomRGH GRSDUDEULVDEUHYHPHQWHSDUDEDL[RFRPDLJQL
VHUYLoR omROLJDGDSDUDUHWRUQDURVEUDoRVGRVOLPSDGRUHV
GRSDUDEULVDjSRVLomRLQLFLDO b
¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD

 $QWHVGDFRQGXomR
(UJXHURVOLPSDGRUHVGRSDUDEULVD 127$
Ɣ $QWHVGHHUJXHURVEUDoRVGRVOLPSDGRUHVGR
Ɣ 3DUDHYLWDUGDQRVjWDPSDGRFRPSDUWLPHQ
SDUDEULVDFRORFiORVQDSRVLomRGHVHUYLoRҧϜ 
WRGRPRWRUHDRVEUDoRVGRVOLPSDGRUHVGR
Ɣ 3DUDHUJXHUXPEUDoRGRVOLPSDGRUHVGRSDUD SDUDEULVDHUJXHURVEUDoRVGRVOLPSDGRUHVGR
EULVDVHJXUiORVRPHQWHSHODiUHDGHIL[DomRGD SDUDEULVDVRPHQWHQDSRVLomRGHVHUYLoR
SDOKHWDGRVOLPSDGRUHVGRSDUDEULVD
Ɣ $QWHVGRLQtFLRGDFRQGXomREDL[DUVHPSUH
RVEUDoRVGRVOLPSDGRUHVGRSDUDEULVDVREUH
RSDUDEULVD ‹

6HQVRUGHFKXYDHGHOX]

)LJ 1DDODYDQFDGRVOLPSDGRUHVGRSDUDEULVD )LJ 1RODGRLQWHUQRGRSDUDEULVDQDSDUWHVX


jGLUHLWDGDFROXQDGHGLUHomRDMXVWDURVHQVRUGH SHULRUGRHVSHOKRLQWHUQRVXSHUItFLHVHQVtYHOGR
FKXYDHGHOX]   VHQVRUGHFKXYDHGHOX]

¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
&RPSRUWDPHQWRDOWHUDGRGRDFLRQDPHQWR
GRVHQVRUGHFKXYDHGHOX]
3RVVtYHLVFDXVDVGHDYDULDVHLQWHUSUHWDo}HVHUU{
QHDVQDiUHDGDVXSHUItFLHVHQVtYHOҧϜ)LJGR
2VHQVRUGHFKXYDHGHOX]DWLYDGRFRQWURODDXWR VHQVRUGHFKXYDHGHOX]HQWUHRXWURV
PDWLFDPHQWHRVLQWHUYDORVGRVOLPSDGRUHVGRSD
UDEULVDGHDFRUGRFRPDLQWHQVLGDGHGDFKXYD Ɣ 3DOKHWDVGRVOLPSDGRUHVGRSDUDEULVDGDQLIL
ҧϜ $VHQVLELOLGDGHGRVHQVRUGHFKXYDHGHOX] FDGDVXPDSHOtFXODGHiJXDRXOLVWUDVGHOLPSH]D
SRGHVHUUHJXODGDPDQXDOPHQWH/LPSH]DPDQXDO GHYLGRjVSDOKHWDVGRVOLPSDGRUHVGDQLILFDGDVSR
ҧϜ3iJLQD GHPSURORQJDUDGXUDomRGDOLJDomRUHGX]LURVLQ
WHUYDORVGHOLPSH]DRXSURYRFDUDOLPSH]DFRQWt
3UHVVLRQDUDDODYDQFDQDSRVLomRGHVHMDGD QXD
ҧϜ)LJ
Ɣ ,QVHWRVDSUHVHQoDGHLQVHWRVSRGHRFDVLRQDU
$ 6HQVRUGHFKXYDHGHOX]GHVDWLYDGR RDFLRQDPHQWRGDOLPSH]D
% 6HQVRUGHFKXYDHGHOX]DWLYR±OLPSH]DDX Ɣ (VWULDVGHVDOQRLQYHUQRHVWULDVGHVDOQRYL
WRPiWLFDVHQHFHVViULD GURSRGHPSURYRFDUXPDUHOLPSH]DH[WUHPDPHQWH
 5HJXODUDVHQVLELOLGDGHGRVHQVRUGHFKXYDH ORQJDDWpRYLGURHVWDUTXDVHVHFR
GHOX] Ɣ 6XMHLUDSyVHFRFHUDUHYHVWLPHQWRVGRYLGUR
± 5HJXODURLQWHUUXSWRUSDUDDGLUHLWD±DOWD HIHLWROyWXV UHVtGXRVGHGHWHUJHQWHV ODYDUiSL
VHQVLELOLGDGH GR SRGHPWRUQDURVHQVRUGHFKXYDHGHOX]PH
± 5HJXODURLQWHUUXSWRUSDUDDHVTXHUGD±EDL QRVVHQVtYHORXSRVWHULRUPHQWHPDLVOHQWRRXDWp
[DVHQVLELOLGDGH PHVPRVHPUHDomR
Ɣ )LVVXUDQRSDUDEULVDXPLPSDFWRGHXPDSH
$SyVGHVOLJDUHOLJDUQRYDPHQWHDLJQLomRRVHQ
GUDDFLRQDXPFLFORGHOLPSH]DFRPRVHQVRUGH
53&&

VRUGHFKXYDSHUPDQHFHDWLYDGRHYROWDDIXQFLR
FKXYDHGHOX]OLJDGR'HSRLVGLVVRRVHQVRUGH
QDUVHDDODYDQFDGRVOLPSDGRUHVGRSDUDEULVD
FKXYDHGHOX]UHFRQKHFHDGLPLQXLomRGDVXSHUIt
HVWLYHUQDSRVLomR % HDYHORFLGDGHIRUVXSHULRUD
FLHVHQVtYHOHDGpTXDVHDHOD'HDFRUGRFRPD b
NPK PSK 

,OXPLQDomRHYLVLELOLGDGH 
GLPHQVmRGRLPSDFWRGDSHGUDRFRPSRUWDPHQWR $'9(57Ç1&,$ FRQWLQXDomR
GRDFLRQDPHQWRGRVHQVRUGHFKXYDHGHOX]SRGH
Ɣ 6HQHFHVViULROLJDUPDQXDOPHQWHRVOLP
VHDOWHUDU
SDGRUHVGRSDUDEULVDTXDQGRDiJXDLQWHUIH
ULUQDYLVLELOLGDGHGRSDUDEULVD
$'9(57Ç1&,$
2VHQVRUGHFKXYDHGHOX]QmRSRGHUHFR /LPSDUUHJXODUPHQWHDVXSHUItFLHVHQVtYHOGR
QKHFHUVXILFLHQWHPHQWHTXDOTXHUFKXYDHDWL VHQVRUGHFKXYDHGHOX]ҧϜ)LJ VHWD H
YDURVOLPSDGRUHVGRSDUDEULVD YHULILFDUGDQRVQDVSDOKHWDVGRVOLPSDGRUHVGRSD
UDEULVD
3DUDDUHPRomRGHFHUDVHGHUHVtGXRVGH
SROLPHQWRUHFRPHQGDVHRXVRGHXPSUR
GXWRGHOLPSH]DGHYLGURFRPiOFRRO ‹

9HULILFDUHUHDEDVWHFHURQtYHOGHiJXDGRVODYDGRUHVGRVYLGURV
Ɣ 9HULILFDUVHDLQGDKiiJXDVXILFLHQWHQRUHVHU
YDWyULRGRVODYDGRUHVGRVYLGURV
Ɣ 3DUDUHDEDVWHFHUPLVWXUDUiJXDOLPSD QmRXWL
OL]DUiJXDGHVWLODGD FRPXPOLPSDYLGURVUHFR
PHQGDGRSHOD9RONVZDJHQҧϜ 2EVHUYDUDV
SUHVFULo}HVSDUDPLVWXUDQDHPEDODJHP
Ɣ (PFDVRGHWHPSHUDWXUDVH[WHUQDVEDL[DV
DFUHVFHQWDUXPDGLWLYRDQWLFRQJHODQWHSDUDTXHD
iJXDQmRVHFRQJHOHҧϜ 

3URGXWRGHOLPSH]DGHYLGURVUHFRPHQGDGR
Ɣ (PHVWDo}HVTXHQWHVSURGXWRGHOLPSH]DGH
YLGURSDUDYHUmR*$3URSRUomRGHPLV
WXUDGH SDUWHGRFRQFHQWUDGRSDUD
)LJ 1RFRPSDUWLPHQWRGRPRWRUWDPSDGRUH SDUWHVGHiJXD QRUHVHUYDWyULRGHiJXDGRVODYD
VHUYDWyULRGHiJXDGRVODYDGRUHVGRVYLGURV GRUHVGRVYLGURV
Ɣ 3URGXWRGHOLPSH]DGHYLGUR*$SD

¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
UDRDQRLQWHLUR3URSRUomRGHPLVWXUDQRLQYHUQR
DWpƒ& ƒ) DSUR[LPDGDPHQWH SDUWHGR
FRQFHQWUDGRSDUDGHiJXD (PRXWURVFDVRV
SURSRUomRGHQRUHVHUYDWyULRGHiJXDGRVOD
9HULILFDUUHJXODUPHQWHRQtYHOGHiJXDGRVODYDGR YDGRUHVGRVYLGURV
UHVGRVYLGURVHVHQHFHVViULRUHDEDVWHFHU
&DSDFLGDGHV
1RERFDOGRUHVHUYDWyULRGHiJXDGRVODYDGRUHV
GRVYLGURVHQFRQWUDVHXPDSHQHLUD$SHQHLUDVH 2UHVHUYDWyULRGHiJXDGRVODYDGRUHVGRVYLGURV
SDUDDVSDUWtFXODVGHVXMHLUDJUDQGHVQRDEDVWHFL WHPFDSDFLGDGHGHDSUR[LPDGDPHQWHGHOLWURVH
PHQWRGRVELFRVGRVODYDGRUHVGRVYLGURV5HPR HPYHtFXORVFRPODYDGRUHVGRIDUROGHDSUR[LPD
YHUDSHQHLUDVRPHQWHSDUDOLPSDU6HDSHQHLUD GDPHQWHOLWURV
HVWLYHUGDQLILFDGDRXVHQmRHVWLYHUSUHVHQWHQR
DEDVWHFLPHQWRWDLVSDUWtFXODVGHVXMHLUDSRGHPHQ $'9(57Ç1&,$
WUDUQRVLVWHPDHOHYDUHPDRHQWXSLPHQWRGRVEL 1XQFDPLVWXUDUDGLWLYRGROtTXLGRGHDUUHIHFL
FRVGRVODYDGRUHVGRVYLGURV PHQWRRXDGLWLYRVVHPHOKDQWHVLQDGHTXDGRV
Ɣ $EULUDWDPSDGRFRPSDUWLPHQWRGRPRWRUž jiJXDGRVODYDGRUHVGRVYLGURV,VVRSRGH
ҧϜ3iJLQD FDXVDUDIRUPDomRGHXPDSHOtFXODROHRVD
VREUHRSDUDEULVDTXHUHGX]EDVWDQWHDYLVL
Ɣ 2UHVHUYDWyULRGHiJXDGRVODYDGRUHVGRVYL ELOLGDGH
GURVSRGHVHUUHFRQKHFLGRSHORVtPERORYQD
WDPSDҧϜ)LJ Ɣ 8WLOL]DUiJXDOLPSDHOtPSLGD QmRXWLOL]DU
iJXDGHVWLODGD FRPXPOLPSDYLGURVUHFR
PHQGDGRSHOD9RONVZDJHQ b

 $QWHVGDFRQGXomR
$'9(57Ç1&,$ FRQWLQXDomR 127$ FRQWLQXDomR
Ɣ 6HIRURFDVRPLVWXUDUDGLWLYRVDQWLFRQJH omRGRVLQJUHGLHQWHVHFRPLVVRSURYRFDUR
ODQWHVDGHTXDGRVjiJXDGRVODYDGRUHVGRV HQWXSLPHQWRGRVELFRVGRVODYDGRUHVGRVYL
YLGURV GURV
Ɣ $RUHDEDVWHFHUQmRFRQIXQGLURVIOXLGRVHP
127$ QHQKXPDKLSyWHVH&DVRFRQWUiULRSRGHP
Ɣ 1XQFDPLVWXUDURVSURGXWRVGHOLPSH]DUH RFRUUHUGHILFLrQFLDVGHIXQFLRQDPHQWRJUDYHV
FRPHQGDGRVSHOD9RONVZDJHQFRPRXWURVSUR RXXPGDQRGRPRWRU ‹
GXWRVGHOLPSH]D,VVRSRGHFDXVDUDFRDJXOD
53&&

,OXPLQDomRHYLVLELOLGDGH 
(VSHOKRVUHWURYLVRUHV

¤ ,QWURGXomRDRWHPD
1HVWHFDStWXORHQFRQWUDPVHLQIRUPDo}HVUHODWLYDV $'9(57Ç1&,$ FRQWLQXDomR
DRVVHJXLQWHVWHPDV
Ɣ 6HPSUHDWHQWDUSDUDTXHRVHVSHOKRVHV
(VSHOKRUHWURYLVRULQWHUQR  WHMDPFRUUHWDPHQWHDMXVWDGRVHTXHDYLVLELOL
(VSHOKRVUHWURYLVRUHVH[WHUQRV   GDGHSDUDWUiVQmRHVWHMDSUHMXGLFDGDSRUJH
ORQHYHHPEDoDPHQWRRXSRURXWURVREMH
3DUDDVHJXUDQoDGHFRQGXomRpLPSRUWDQWHTXH WRV
RFRQGXWRUDMXVWHFRUUHWDPHQWHRVHVSHOKRVUHWUR
YLVRUHVH[WHUQRVHRLQWHUQRDQWHVGRLQtFLRGDFRQ $'9(57Ç1&,$
GXomRҧϜ 
2VHVSHOKRVUHWURYLVRUHVDQWLRIXVFDQWHVDX
$WUDYpVGRVHVSHOKRVH[WHUQRVHGRHVSHOKRUHWUR WRPiWLFRVFRQWrPXPIOXLGRHOHWUROtWLFRTXH
YLVRULQWHUQRRFRQGXWRUSRGHREVHUYDURWUkQVLWR SRGHYD]DUFDVRRYLGURGRHVSHOKRVHMDTXH
TXHRVHJXHHDMXVWDURFRPSRUWDPHQWRGHFRQGX EUDGR
omRSUySULRHPUHODomRDRWUkQVLWRTXHRVHJXH
Ɣ 2IOXLGRHOHWUROtWLFRYD]DGRSRGHLUULWDUD
3HODYLVXDOL]DomRDWUDYpVGRVHVSHOKRVH[WHUQRVH
SHOHRVROKRVHRVyUJmRVGRVLVWHPDUHVSL
GRHVSHOKRUHWURYLVRULQWHUQRQmRSRGHVHUYLVWRWR
UDWyULRVREUHWXGRHPSHVVRDVFRPDVPDRX
GRRFDPSRGHFRQGXomRODWHUDOHWUDVHLUR(VWDV
HQIHUPLGDGHVVHPHOKDQWHV*DUDQWLUDHQWUD
iUHDVQmRYLVtYHLVVmRGHQRPLQDGDVkQJXORFHJR
GDLPHGLDWDGHDUSXURVXILFLHQWHHVDLUGR
1RkQJXORFHJRSRGHPVHHQFRQWUDURXWURVXVX
YHtFXORRXFDVRLVVRQmRVHMDSRVVtYHODEULU
iULRVGDYLDHREMHWRV
WRGRVRVYLGURVHSRUWDV
,QIRUPDo}HVHDOHUWDVFRPSOHPHQWDUHV Ɣ (PFDVRGHFRQWDWRGRIOXLGRHOHWUROtWLFR
Ɣ 9LVWDVH[WHUQDVҧϜ3iJLQD FRPRVROKRVRXFRPDSHOHODYDULPHGLDWD
PHQWHFRPiJXDHPDEXQGkQFLDSRUSHORPH
Ɣ 5HJXODJHPGHFRQIRUWRSHVVRDOQRVLVWHPDGH
QRVPLQXWRVHSURFXUDUXPPpGLFR
LQIRUPDo}HV9RONVZDJHQҧϜ3iJLQD
Ɣ (PFDVRGHFRQWDWRGRIOXLGRHOHWUROtWLFR
Ɣ $MXVWDUDSRVLomRGREDQFRҧϜ3iJLQD
FRPFDOoDGRVHURXSDVODYDULPHGLDWDPHQWH
Ɣ %DQFRFRPPHPyULDҧϜ3iJLQD FRPiJXDHPDEXQGkQFLDSRUSHORPHQRV
Ɣ 7URFDUDPDUFKDҧϜ3iJLQD PLQXWRV/LPSDUFXLGDGRVDPHQWHRVFDOoD
Ɣ )UHDUSDUDUHHVWDFLRQDUҧϜ3iJLQD GRVHDVURXSDVDQWHVGHUHXWLOL]iORV
Ɣ (PFDVRGHLQJHVWmRGRIOXLGRHOHWUROtWLFR
$'9(57Ç1&,$ HQ[DJXDULPHGLDWDPHQWHDERFDFRPiJXD
HPDEXQGkQFLDSRUSHORPHQRVPLQXWRV
2DMXVWHGRVHVSHOKRVUHWURYLVRUHVH[WHUQRV
1mRLQGX]LURY{PLWRFDVRLVVRQmRWHQKDVL
HGRHVSHOKRUHWURYLVRULQWHUQRGXUDQWHD
GRSUHVFULWRSHORPpGLFR3URFXUDUDMXGDPp
FRQGXomRSRGHGLVWUDLURFRQGXWRU,VWRSRGH
GLFDLPHGLDWDPHQWH
FDXVDUDFLGHQWHVHIHULPHQWRVJUDYHV
Ɣ $MXVWDURVHVSHOKRVUHWURYLVRUHVH[WHUQRV
127$
HRHVSHOKRUHWURYLVRULQWHUQRVRPHQWHFRPR
YHtFXORSDUDGR (PHVSHOKRVUHWURYLVRUHVDQWLRIXVFDQWHVDXWR
PiWLFRVRIOXLGRHOHWUROtWLFRSRGHYD]DUGHXP
Ɣ $RHVWDFLRQDUWURFDUGHIDL[DHGXUDQWH
YLGURGRHVSHOKRTXHEUDGR(VWHIOXLGRGDQLILFD
PDQREUDVGHXOWUDSDVVDJHPHGHFRQYHUVmR
DVVXSHUItFLHVSOiVWLFDV5HPRYHURIOXLGRR
VHPSUHREVHUYDUDWHQWDPHQWHRVDUUHGRUHV
PDLVUiSLGRSRVVtYHOSRUH[HPSORFRPXPD
SRLVSRGHKDYHURXWURVFRQGXWRUHVHREMHWRV
HVSRQMD~PLGD ‹
QRkQJXORFHJR

 $QWHVGDFRQGXomR
(VSHOKRUHWURYLVRULQWHUQR

)LJ 1RSDUDEULVDHVSHOKRUHWURYLVRULQWHUQRFRPDQWLRIXVFDQWHDXWRPiWLFR

2DQWLRIXVFDPHQWRDXWRPiWLFRSRGHVHUOLJDGRH
GHVOLJDGRFRPRLQWHUUXSWRUQRHVSHOKRUHWURYLVRU
LQWHUQRҧϜ)LJ$  RXҧϜ)LJ%  &RPR
DQWLRIXVFDPHQWRDXWRPiWLFROLJDGRDOX]GHFRQ
WUROHҧϜ)LJ$  RXҧϜ)LJ%  VHDFHQGH
4XDQGRDLQFLGrQFLDGHOX]VREUHRVVHQVRUHVp
FRPSURPHWLGDRXLQWHUURPSLGDSRUH[HPSORSRU
XPDFRUWLQDGHSURWHomRVRODURHVSHOKRUHWURYLVRU
LQWHUQRFRPDQWLRIXVFDQWHDXWRPiWLFRQmRIXQFLRQD
RXQmRIXQFLRQDVHPIDOKDV
2DQWLRIXVFDPHQWRDXWRPiWLFRpGHVDWLYDGRTXDQ
)LJ 1RSDUDEULVDHVSHOKRUHWURYLVRULQWHUQR GRDPDUFKDDUpHVWiHQJDWDGDRXDODQWHUQDLQ
FRPDQWLRIXVFDQWHPDQXDO WHUQDRXGHOHLWXUDHVWiDFHVD

¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
1mRFRORFDUDSDUHOKRVGHQDYHJDomRH[WHUQRVQR
SDUDEULVDRXSUy[LPRDRHVSHOKRUHWURYLVRULQWHU
QRFRPDQWLRIXVFDQWHDXWRPiWLFRҧϜ 

(VSHOKRUHWURYLVRULQWHUQRFRP
2FRQGXWRUGHYHVHPSUHDMXVWDURHVSHOKRUHWURYL
VRULQWHUQRSDUDDVVHJXUDUXPDYLVLELOLGDGHWUDVHL
DQWLRIXVFDQWHPDQXDO
UDVXILFLHQWHDWUDYpVGRYLGURWUDVHLUR Ɣ 3RVLomRGHEDVHDDODYDQFDQDERUGDLQIHULRU
GRHVSHOKRUHWURYLVRUDSRQWDSDUDRSDUDEULVD
$FRUWLQDGHSURWHomRVRODUGRYLGURWUDVHLURDEHU
WDSHoDVGHURXSDGHSRVLWDGDVVREUHDVXSHUItFLH Ɣ 3DUDHYLWDURRIXVFDPHQWRSX[DUDDODYDQFD
DWUiVGREDQFRWUDVHLURHXPYLGURWUDVHLURFRQJH SDUDWUiVҧϜ)LJ
ODGRFREHUWRSRUQHYHRXVXMRSRUH[HPSORSR
GHPSUHMXGLFDURXLPSHGLUDYLVLELOLGDGHSDUDWUiV $'9(57Ç1&,$
2GLVSOD\LOXPLQDGRGRDSDUHOKRGHQDYHJD
(VSHOKRUHWURYLVRULQWHUQRFRP
omRSRGHFRPSURPHWHURIXQFLRQDPHQWRGR
DQWLRIXVFDQWHDXWRPiWLFR HVSHOKRUHWURYLVRULQWHUQRFRPDQWLRIXVFDQWH
&RPDLJQLomROLJDGDRHVSHOKRUHWURYLVRULQWHUQR DXWRPiWLFRFDXVDQGRDFLGHQWHVHIHULPHQWRV
RIXVFDDXWRPDWLFDPHQWHGHSHQGHQGRGRFUHS~V JUDYHV
FXORFRPXPDLQFLGrQFLDGHOX]SRUWUiV
Ɣ )DOKDVGHIXQFLRQDPHQWRGRDQWLRIXVFDQ
/HJHQGDSDUD)LJ WHDXWRPiWLFRSRGHPLPSHGLUTXHRHVSHOKR
UHWURYLVRULQWHUQRSRVVDVHUXWLOL]DGRSDUDGH
 /X]GHFRQWUROH
WHUPLQDUDGLVWkQFLDH[DWDGRYHtFXORTXHVH
 ,QWHUUXSWRU JXHDWUiVRXDGLVWkQFLDGHRXWURVREMHWRV ‹
 6HQVRUSDUDUHFRQKHFHUDLQFLGrQFLDGHOX]
53&&

SRUWUiV
 6HQVRUSDUDUHFRQKHFHUDLQFLGrQFLDGHOX]
SHODIUHQWH

,OXPLQDomRHYLVLELOLGDGH 
(VSHOKRVUHWURYLVRUHVH[WHUQRV
Ɣ $MXVWDURHVSHOKRUHWURYLVRUH[WHUQRHVTXHUGR
2HVSHOKRUHWURYLVRUH[WHUQRGLUHLWRpDMXVWDGRVL
PXOWDQHDPHQWH GHPRGRVLQFURQL]DGR 
Ɣ 6HQHFHVViULRFRUULJLURVDMXVWHVGRHVSHOKR
UHWURYLVRUGLUHLWRYLUDURERWmRURWDWLYRSDUDDSRVL
omR5

(VSHOKRUHWURYLVRUH[WHUQRFRP
DQWLRIXVFDQWHDXWRPiWLFRQRODGRGR
FRQGXWRU
2HVSHOKRUHWURYLVRUH[WHUQRFRPDQWLRIXVFDQWH
DXWRPiWLFRpFRQWURODGRMXQWDPHQWHFRPRHVSH
OKRUHWURYLVRULQWHUQRFRPDQWLRIXVFDQWHDXWRPiWL
FRҧϜ3iJLQD
)LJ 1DSRUWDGRFRQGXWRUERWmRURWDWLYRGRV 6DOYDURDMXVWHGRHVSHOKRUHWURYLVRU
HVSHOKRVUHWURYLVRUHVH[WHUQRV
H[WHUQRGLUHLWRSDUDDPDUFKDDUp

¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
(PYHtFXORVFRPEDQFRVFRPPHPyULD
ҧϜ3iJLQDRDMXVWHGRHVSHOKRUHWURYLVRUH[WHUQR
GLUHLWRSDUDDPDUFKDDUpSRGHVHUVDOYDGRFRPR
VHJXH
2VHVSHOKRVUHWURYLVRUHVH[WHUQRVSRGHPVHUDMXV Ɣ 6HOHFLRQDUDFKDYHGRYHtFXORYiOLGDHPTXHR
WDGRVFRPRERWmRURWDWLYRQDSRUWDGRFRQGXWRU DMXVWHGHYHVHUVDOYR
ҧϜ)LJ
Ɣ 'HVWUDYDURYHtFXORFRPHVVDFKDYHGRYHtFX
*LUDURERWmRURWDWLYRSDUDDSRVLomRGHVHMDGD OR
FRPDLJQLomROLJDGD Ɣ /LJDURIUHLRGHHVWDFLRQDPHQWRHOHWU{QLFR
5HEDWHURVHVSHOKRVUHWURYLVRUHVH[WHU Ɣ /LJDUDLJQLomR
# QRVSDUDGHQWURHOHWULFDPHQWHҧϜ  Ɣ &RORFDUDWUDQVPLVVmRQDSRVLomRQHXWUD
/LJDURGHVHPEDoDGRUGRVHVSHOKRVUH Ɣ 1RPHQX&RQILJXUD¨¶HV&RQIRUWRDWLYDU
WURYLVRUHVH[WHUQRV2GHVHPEDoDGRUp DIXQomR%DL[DUHVS
? OLJDGRVRPHQWHHPWHPSHUDWXUDVDPELHQ
Ɣ (QJDWDUDPDUFKDDUp
WHDEDL[RGHƒ& ƒ) 
$MXVWDURHVSHOKRUHWURYLVRUH[WHUQRHV Ɣ $MXVWDURHVSHOKRUHWURYLVRUH[WHUQRGLUHLWRGH
TXHUGRPRYHQGRRERWmRURWDWLYRSDUD PRGRTXHSRUH[HPSORDiUHDGDERUGDGRPHLR
, IUHQWHSDUDWUiVSDUDDGLUHLWDRXSDUDD ILRSRVVDVHUEHPYLVXDOL]DGD
HVTXHUGD Ɣ $SRVLomRGRHVSHOKRUHWURYLVRUDMXVWDGDpVDO
$MXVWDURHVSHOKRUHWURYLVRUH[WHUQRGLUHL YDDXWRPDWLFDPHQWHHDWULEXtGDjFKDYHGRYHtFXOR
WRPRYHQGRRERWmRURWDWLYRSDUDIUHQWH FRPDTXDORYHtFXORIRLGHVWUDYDGR
2 SDUDWUiVSDUDDGLUHLWDRXSDUDDHVTXHU $FHVVDURVDMXVWHVGRHVSHOKRUHWURYLVRU
GD
H[WHUQRGLUHLWR
3RVLomR]HUR(VSHOKRUHWURYLVRUH[WHUQR
Ɣ *LUDURERWmRURWDWLYRGRHVSHOKRUHWURYLVRUH[
HPSRVLomRGHXVRGHVHPEDoDPHQWR
WHUQRSDUDDSRVLomR5
 GRVHVSHOKRVUHWURYLVRUHVH[WHUQRVGHVOL
JDGRQmRpSRVVtYHODMXVWDURVHVSHOKRV Ɣ &RPDLJQLomROLJDGDHQJDWDUDPDUFKDDUp
UHWURYLVRUHVH[WHUQRV Ɣ $SRVLomRVDOYDGRHVSHOKRUHWURYLVRUH[WHUQR
GLUHLWRSDUDDPDUFKDDUppGHVFRQVLGHUDGDTXDQ
$MXVWHGRVHVSHOKRVUHWURYLVRUHV GRVHFRQGX]SDUDIUHQWHFRPYHORFLGDGHVXSHULRU
VLQFURQL]DGR DDSUR[LPDGDPHQWHNPK PSK RXTXDQGRR
Ɣ 6HOHFLRQDURPHQX&RQILJXUD¨¶HV&RQ ERWmRURWDWLYRIRUJLUDGRGDSRVLomR5SDUDRXWUD
IRUWRSDUDTXHRVHVSHOKRVUHWURYLVRUHVH[WHUQRV SRVLomR b
SRVVDPVHUDMXVWDGRVGHPRGRVLQFURQL]DGR
ҧϜ3iJLQD
Ɣ *LUDURERWmRURWDWLYRSDUDDSRVLomR/

 $QWHVGDFRQGXomR
$'9(57Ç1&,$ $'9(57Ç1&,$ FRQWLQXDomR

2UHEDWLPHQWRGHVDWHQWRSDUDGHQWURRXSDUD Ɣ 6HPSUHTXHSRVVtYHOXVDURHVSHOKRUH
IRUDGRVHVSHOKRVUHWURYLVRUHVH[WHUQRVSRGH WURYLVRULQWHUQRSDUDGHWHUPLQDUDGLVWkQFLD
FDXVDUIHULPHQWRV GRVYHtFXORVYLQGRVGHWUiVRXDGLVWkQFLDGH
RXWURVREMHWRV
Ɣ 5HEDWHURVHVSHOKRVUHWURYLVRUHVH[WHUQRV
SDUDGHQWURRXSDUDIRUDVRPHQWHTXDQGR Ɣ *DUDQWLUTXHRFDPSRGHYLVmRWUDVHLURVH
QmRKRXYHUQLQJXpPHPVXDiUHDGHIXQFLR MDVXILFLHQWH
QDPHQWR
Ɣ $WHQWDUVHPSUHSDUDTXHQHQKXPGHGR
127$
VHMDSUHVRHQWUHRHVSHOKRUHWURYLVRUH[WHUQR Ɣ (PXPVLVWHPDGHODYDJHPDXWRPiWLFRUH
HDEDVHGRHVSHOKRTXDQGRRHVSHOKRUHWUR EDWHUVHPSUHRVHVSHOKRVUHWURYLVRUHVH[WHU
YLVRUH[WHUQRVHPRYHU QRVSDUDGHQWUR
Ɣ 1mRUHEDWHUGHPDQHLUDPHFkQLFDPDQXDO
$'9(57Ç1&,$ PHQWHRVHVSHOKRVUHWURYLVRUHVH[WHUQRVHOpWUL
FRVSDUDGHQWURRXSDUDIRUDSRLVLVVRSRGH
$DYDOLDomRLPSUHFLVDGDGLVWkQFLDGRVYHtFX
GDQLILFDURDFLRQDPHQWRHOpWULFR
ORVYLQGRVGHWUiVSRGHFDXVDUDFLGHQWHVRX
IHULPHQWRVJUDYHV 0DQWHURGHVHPEDoDPHQWRGRVHVSHOKRVUH
Ɣ $VVXSHUItFLHVDEDXODGDVGRVHVSHOKRVUH WURYLVRUHVH[WHUQRVOLJDGRVRPHQWHGXUDQWHR
WURYLVRUHV FRQYH[DVRXHVIpULFDV DXPHQWDP WHPSRQHFHVViULR&DVRFRQWUiULRKDYHUiXPFRQ
RFDPSRGHYLVmRHID]HPRVREMHWRVSDUHFHU VXPRGHVQHFHVViULRGHFRPEXVWtYHO
PHQRUHVHPDLVGLVWDQWHV
2GHVHPEDoDGRUGRVHVSHOKRVUHWURYLVRUHV
Ɣ 2XVRGHVXSHUItFLHVDEDXODGDVGRVHVSH
H[WHUQRVIXQFLRQDLQLFLDOPHQWHFRPSRWrQFLD
OKRVUHWURYLVRUHVSDUDDDYDOLDomRGDVGLVWkQ
Pi[LPDHDSyVDSUR[LPDGDPHQWHPLQXWRVD
FLDVGHYHtFXORVYLQGRVGHWUiVQDPXGDQoD
SRWrQFLDGRDTXHFLPHQWRGHSHQGHUiGDWHPSHUD
GHIDL[DGHURGDJHPpLPSUHFLVRHSRGHFDX
WXUDDPELHQWH
VDUDFLGHQWHVHIHULPHQWRVJUDYHV
(PFDVRGHDYDULDRVHVSHOKRVUHWURYLVRUHV
H[WHUQRVHOpWULFRVSRGHPVHUDMXVWDGRVPD
QXDOPHQWHSRUPHLRGHSUHVVmRQDERUGDGDVX
SHUItFLHGRHVSHOKR ‹
53&&

,OXPLQDomRHYLVLELOLGDGH 
7UDQVSRUWDU
2ULHQWDo}HVSDUDFRQGXomR

¤ ,QWURGXomRDRWHPD
1HVWHFDStWXORHQFRQWUDPVHLQIRUPDo}HVUHODWLYDV $'9(57Ç1&,$ FRQWLQXDomR
DRVVHJXLQWHVWHPDV
Ɣ )L[DUVHPSUHREMHWRVFRPILWDVGHDPDUUD
*XDUGDUYROXPHVGHEDJDJHP   omRRXFRPFLQWDVWHQVRUDVDGHTXDGDVSDUD
&RQGX]LUFRPDWDPSDGRFRPSDUWLPHQWRGH TXHRVREMHWRVQmRSRVVDPDOFDQoDUDiUHD
EDJDJHPDEHUWD   GHH[SDQVmRGRVDLUEDJVODWHUDLVRXIURQWDLV
&RQGXomRFRPRYHtFXORFDUUHJDGR   GXUDQWHXPDPDQREUDEUXVFDGHGLUHomRHGH
,QGLFDo}HVGHSHVRHVSHFtILFDVGRYHtFXOR   IUHQDJHP
Ɣ $FRPRGDUREMHWRVQRLQWHULRUGRYHtFXOR
*XDUGDUDFDUJDSHVDGDVHPSUHGHPDQHLUDVHJX GHPDQHLUDTXHHOHVQXQFDFKHJXHPjiUHD
UDQRFRPSDUWLPHQWRGHEDJDJHPHFHUWLILFDUVH GHH[SDQVmRGRVDLUEDJVGXUDQWHDFRQGX
GHTXHRVHQFRVWRVGREDQFRWUDVHLURHVWmRHQFDL omR
[DGRVFRUUHWDPHQWH8VDUVHPSUHROKDLVGHDPDU Ɣ 0DQWHURVSRUWDREMHWRVVHPSUHIHFKDGRV
UDomRHILWDVGHDPDUUDomRRXFLQWDVWHQVRUDVDGH GXUDQWHDFRQGXomR
TXDGDVSDUDIL[DUREMHWRVSHVDGRV1XQFDVREUH
FDUUHJDURYHtFXOR7DQWRRFDUUHJDPHQWRTXDQWRD Ɣ 6HRHQFRVWRGREDQFRGRSDVVDJHLURIRU
GLVWULEXLomRGDFDUJDQRYHtFXORWrPLQIOXrQFLDVR UHEDWLGRSDUDIUHQWHWRGRVRVREMHWRVSUHFL
EUHRFRPSRUWDPHQWRGHGLUHomRHVREUHRHIHLWR VDUmRVHUDEVRUYLGRVSHORHVWRIDPHQWRGR
GHIUHQDJHPҧϜ  EDQFRGRSDVVDJHLURGLDQWHLUR0HVPRREMH
WRVOHYHVHSHTXHQRVSRGHPVHUSUHVVLRQD
,QIRUPDo}HVHDOHUWDVFRPSOHPHQWDUHV GRVQDHVWHLUDGHUHFRQKHFLPHQWRGHSHVR
Ɣ 7DPSDGRFRPSDUWLPHQWRGHEDJDJHP VRERDVVHQWRSHORHQFRVWRGRSDVVDJHLURGL
ҧϜ3iJLQD DQWHLURUHEDWLGRSDUDIUHQWHWUDQVIHULQGRDV
VLPLQIRUPDo}HVLQFRUUHWDVDRVHTXLSDPHQ
Ɣ 5HEDWHUHQFRVWRGRDVVHQWRGRSDVVDJHLURSD WRVGHFRQWUROHGHDLUEDJ
UDIUHQWHҧϜ3iJLQD
Ɣ (QTXDQWRRHQFRVWRGREDQFRGRSDVVD
Ɣ /X]ҧϜ3iJLQD JHLURGLDQWHLURHVWLYHUUHEDWLGRSDUDIUHQWHR
Ɣ &RPSDUWLPHQWRGHEDJDJHPҧϜ3iJLQD DLUEDJGLDQWHLURSUHFLVDHVWDUGHVOLJDGRHD
Ɣ %DJDJHLURGRWHWRҧϜ3iJLQD OX]GHFRQWUROH3$66(1*(5$,5%$*/&&
GHYHHVWDUDFHVD
Ɣ &RQGXomRFRPUHERTXHҧϜ3iJLQD
Ɣ 2EMHWRVJXDUGDGRVQXQFDGHYHPOHYDURV
Ɣ 5RGDVHSQHXVҧϜ3iJLQD
RFXSDQWHVGRYHtFXORDDVVXPLUXPDSRVLomR
LQFRUUHWDQREDQFR
$'9(57Ç1&,$
Ɣ 6HREMHWRVJXDUGDGRVEORTXHDUHPXPDV
2EMHWRVVROWRVRXIL[DGRVLQFRUUHWDPHQWHSR VHQWRGREDQFRHOHQXQFDGHYHUiVHURFXSD
GHPFDXVDUIHULPHQWRVJUDYHVHPFDVRGH GRHXWLOL]DGRSRUXPDSHVVRD
PDQREUDVGHGLUHomRHGHIUHQDJHPV~ELWDV
RXHPFDVRGHDFLGHQWHV,VWRYDOHHVSHFLDO
PHQWHQRVFDVRVHPTXHREMHWRVVmRDWLQJL
$'9(57Ç1&,$
GRVSHORDLUEDJDFLRQDGRVHQGRDUUHPHVVD 2FRPSRUWDPHQWRGHGLUHomREHPFRPRR
GRVSHORLQWHULRUGRYHtFXOR3DUDGLPLQXLUR HIHLWRGHIUHQDJHPDOWHUDPVHEDVWDQWHGX
ULVFRGHIHULPHQWRVREVHUYDURVHJXLQWH UDQWHRWUDQVSRUWHGHREMHWRVJUDQGHVHSHVD
Ɣ *XDUGDUWRGRVRVREMHWRVQRYHtFXORGH GRV
PDQHLUDVHJXUD*XDUGDUEDJDJHQVHREMHWRV Ɣ $GHTXDUVHPSUHDYHORFLGDGHHDIRUPD
SHVDGRVVHPSUHQRFRPSDUWLPHQWRGHEDJD GHFRQGXomRjVFRQGLo}HVGHYLVLELOLGDGH
JHP FOLPiWLFDVGDSLVWDHGRWUkQVLWR
Ɣ $FHOHUDUGHIRUPDHVSHFLDOPHQWHFDXWHOR
VDHFXLGDGRVD b

 $QWHVGDFRQGXomR
$'9(57Ç1&,$ FRQWLQXDomR $'9(57Ç1&,$ FRQWLQXDomR
Ɣ (YLWDUPDQREUDVGHGLUHomRHGHIUHQDJHP Ɣ )UHDUDQWHVGRXVXDO ‹
V~ELWDV

*XDUGDUYROXPHVGHEDJDJHP

¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
Ɣ $GHTXDUDSUHVVmRGRVSQHXVFRQIRUPHDFDU
JD2EVHUYDUDHWLTXHWDDGHVLYDFRPDSUHVVmR
GRVSQHXVҧϜ3iJLQD
Ɣ (PYHtFXORVFRPVLVWHPDGHFRQWUROHGRV
*XDUGDUWRGRVRVYROXPHVGHEDJDJHPQR SQHXVVHQHFHVViULRFRQILJXUDUDQRYDFDUJD
YHtFXORGHPDQHLUDVHJXUD ҧϜ3iJLQD
Ɣ 'LVWULEXLUDVFDUJDVQRYHtFXORQRWHWRHQRUH
ERTXHGDPDQHLUDPDLVXQLIRUPHSRVVtYHO 127$
Ɣ 1RFRPSDUWLPHQWRGHEDJDJHPREMHWRVSHVD 2VILODPHQWRVGRGHVHPEDoDGRUGRYLGURWUD
GRVGHYHPVHUFRORFDGRVRPDLVSUy[LPRSRVVtYHO VHLURSRGHPVHUDYDULDGRVGHYLGRDRDWULWR
GRHQFRVWRGREDQFRWUDVHLURHHVVHGHYHHVWDU FRPREMHWRVVREUHDVXSHUItFLHDWUiVGREDQFR
HQFDL[DGRGHIRUPDVHJXUD WUDVHLUR
Ɣ )L[DUYROXPHVGHEDJDJHPQRFRPSDUWLPHQWR
2EVHUYDUDVLQIRUPDo}HVSDUDRFDUUHJD
GHEDJDJHPXWLOL]DQGRFLQWDVWHQVRUDVDGHTXDGDV
PHQWRGHXPUHERTXHҧϜ3iJLQDHGH
QRVROKDLVGHDPDUUDomRҧϜ3iJLQD
XPEDJDJHLURGRWHWRҧϜ3iJLQD ‹
Ɣ $GHTXDURDOFDQFHGRIDUROҧϜ3iJLQD

&RQGX]LUFRPDWDPSDGRFRPSDUWLPHQWRGHEDJDJHPDEHUWD

¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
$'9(57Ç1&,$ FRQWLQXDomR
Ɣ (YLWDUPDQREUDVGHGLUHomRHGHIUHQDJHP
V~ELWDVRXEUXVFDVSRLVDWDPSDGRFRPSDU
WLPHQWRGHEDJDJHPSRGHVHPRYHUGHPD
$FRQGXomRFRPDWDPSDGRFRPSDUWLPHQWRGH QHLUDGHVFRQWURODGD
EDJDJHPDEHUWDUHSUHVHQWDXPSHULJRHVSHFLDO
3URWHJHUWRGRVRVREMHWRVHDWDPSDGRFRPSDUWL Ɣ *DUDQWLUTXHREMHWRVSDUDIRUDGRFRPSDU
PHQWRGHEDJDJHPDEHUWDGHPDQHLUDFRUUHWDH WLPHQWRGHEDJDJHPHVWHMDPYLVtYHLVSDUDRV
DGRWDUPHGLGDVDGHTXDGDVSDUDUHGX]LUDHQWUDGD GHPDLVFRQGXWRUHV2EVHUYDUDVGHWHUPLQD
GHJDVHVWy[LFRVGRHVFDSDPHQWR o}HVOHJDLV
Ɣ 4XDQGRKRXYHUREMHWRVSDUDIRUDGRFRP
$'9(57Ç1&,$ SDUWLPHQWRGHEDJDJHPDWDPSDGRFRPSDU
WLPHQWRGHEDJDJHPQXQFDSRGHUiVHUXWLOL]D
$FRQGXomRFRPDWDPSDGRFRPSDUWLPHQWR GDSDUD³SUHQVDU´RX³IL[DU´REMHWRV
GHEDJDJHPGHVWUDYDGDRXDEHUWDSRGHFDX
VDUIHULPHQWRVJUDYHV Ɣ 5HWLUDUREULJDWRULDPHQWHDFDUJDHREDJD
JHLURPRQWDGRVVREUHDWDPSDGRFRPSDUWL
Ɣ &RQGX]LUVHPSUHFRPDWDPSDGRFRPSDU PHQWRGHEDJDJHPTXDQGRIRUQHFHVViULR
WLPHQWRGHEDJDJHPIHFKDGD FRQGX]LUFRPDWDPSDGRFRPSDUWLPHQWRGH
Ɣ *XDUGDUWRGRVRVREMHWRVQRFRPSDUWL EDJDJHPDEHUWD
PHQWRGHEDJDJHPGHPDQHLUDVHJXUD2EMH
WRVVROWRVSRGHPFDLUGRFRPSDUWLPHQWRGH $'9(57Ç1&,$
EDJDJHPHIHULURXWURVFRQGXWRUHV
6HDWDPSDGRFRPSDUWLPHQWRGHEDJDJHP
Ɣ &RQGX]LUVHPSUHGHPDQHLUDFDXWHORVDH
HVWLYHUDEHUWDJDVHVWy[LFRVGRHVFDSDPHQ
53&&

GHIHQVLYD
WRSRGHUmRDOFDQoDURLQWHULRUGRYHtFXOR,VWR b

7UDQVSRUWDU 
$'9(57Ç1&,$ FRQWLQXDomR $'9(57Ç1&,$ FRQWLQXDomR
SRGHRFDVLRQDULQFRQVFLrQFLDLQWR[LFDomR ± 'HVOLJDURPRGRGHUHFLUFXODomRGHDU
SRUGLy[LGRGHFDUERQRDFLGHQWHVHIHULPHQ GRDUFRQGLFLRQDGR
WRVJUDYHV ± $EULUWRGRVRVGLIXVRUHVGHDUQRSDLQHO
Ɣ 3DUDLPSHGLUDHQWUDGDGHJDVHVWy[LFRV GHLQVWUXPHQWRV
GRHVFDSDPHQWRFRQGX]LUVHPSUHFRPD ± /LJDURYHQWLODGRUGRDUFRQGLFLRQDGR
WDPSDGRFRPSDUWLPHQWRGHEDJDJHPIHFKD QRQtYHOGHYHQWLODomRPi[LPR
GD
Ɣ (PFDVRVH[FHSFLRQDLVVHIRUQHFHVViULR 127$
FRQGX]LUFRPDWDPSDGRFRPSDUWLPHQWRGH $DOWXUDGRYHtFXORVHPRGLILFDTXDQGRDWDPSD
EDJDJHPDEHUWDGHYHVHSURFHGHUGDVHJXLQ GRFRPSDUWLPHQWRGHEDJDJHPHVWiDEHUWD ‹
WHPDQHLUDSDUDUHGX]LUDHQWUDGDGHJDVHV
Wy[LFRVGRHVFDSDPHQWRQRLQWHULRUGRYHtFX
OR
± )HFKDUWRGRVRVYLGURVHRWHWRVRODU
SDQRUkPLFR

&RQGXomRFRPRYHtFXORFDUUHJDGR

¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
$'9(57Ç1&,$
6HDFDUJDGHVOL]DUDHVWDELOLGDGHHDVHJX
UDQoDGHFRQGXomRGRYHtFXORSRGHPVHU
3DUDJDUDQWLUERDVFDUDFWHUtVWLFDVGHFRQGXomRGH EDVWDQWHUHGX]LGDVFDXVDQGRDFLGHQWHVHIH
XPYHtFXORFDUUHJDGRREVHUYDURVHJXLQWH ULPHQWRVJUDYHV
Ɣ 3URWHJHUDFDUJDGHPDQHLUDFRUUHWDSDUD
Ɣ *XDUGDUWRGRVRVYROXPHVGHEDJDJHPGHIRU
TXHHODQmRGHVOL]H
PDVHJXUDҧϜ3iJLQD
Ɣ (PFDVRGHREMHWRVSHVDGRVXWLOL]DUILWDV
Ɣ $FHOHUDUGHIRUPDHVSHFLDOPHQWHFDXWHORVDH
GHDPDUUDomRRXFLQWDVWHQVRUDVDGHTXDGDV
FXLGDGRVD
Ɣ (QFDL[DURHQFRVWRGREDQFRWUDVHLURGH
Ɣ (YLWDUPDQREUDVGHGLUHomRHGHIUHQDJHPV~
IRUPDVHJXUD ‹
ELWDV
Ɣ )UHDUDQWHVGRXVXDO
Ɣ 6HQHFHVViULRREVHUYDUDVLQIRUPDo}HVVREUH
FRQGXomRFRPUHERTXHҧϜ3iJLQD
Ɣ 6HQHFHVViULRREVHUYDUDVLQIRUPDo}HVVREUH
REDJDJHLURGRWHWRҧϜ3iJLQD

,QGLFDo}HVGHSHVRHVSHFtILFDVGRYHtFXOR

¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
2VYDORUHVLQGLFDGRVSRGHPGLYHUJLUGHYLGRD
HTXLSDPHQWRVRSFLRQDLVRXDYHUV}HVGRPRGHOR
GLIHUHQWHVEHPFRPRHPFDVRGHYHtFXORVHVSHFL
DLV
$VLQGLFDo}HVQRVGRFXPHQWRVGHOLFHQFLDPHQWR 2VYDORUHVGHSHVRHPRUGHPGHPDUFKDGDVWD
GRYHtFXORVHPSUHWrPSULRULGDGH7RGDVDVLQGLFD EHODVDVHJXLUVmRYiOLGRVSDUDRYHtFXORSURQWR
o}HVGHVWHPDQXDOVmRYiOLGDVSDUDRPRGHOREi SDUDURGDUFRPRFRQGXWRU NJ FRPIOXLGRVLQ
VLFRDOHPmR2WLSRGHPRWRUGRYHtFXORpLQIRUPD FOXLQGRRDEDVWHFLPHQWRGHGHFRPEXVWtYHO
GRQDHWLTXHWDGHGDGRVGRYHtFXORQR0DQXWHQ EHPFRPRVHIRURFDVRFRPIHUUDPHQWDHSQHX b
omRHJDUDQWLDHQRVGRFXPHQWRVGHOLFHQFLDPHQWR
GRYHtFXOR

 $QWHVGDFRQGXomR
UHVHUYDҧϜ 2SHVRHPRUGHPGHPDUFKDLQGLFD Ɣ &DUJDVREUHRWHWRLQFOXLQGRRVLVWHPDGHED
GRpDXPHQWDGRGHYLGRDHTXLSDPHQWRVRSFLRQDLV JDJHLURGRWHWR
HjLQVWDODomRSRVWHULRUGHDFHVVyULRVUHGX]LQGR Ɣ &DUJDGHDSRLRGRUHERTXHQDFRQGXomRFRP
SURSRUFLRQDOPHQWHDFDUJDSHUPLWLGD UHERTXH
$FDUJDpFRPSRVWDSHORVVHJXLQWHVSHVRV
Ɣ 3DVVDJHLURV
Ɣ 7RWDOGHEDJDJHP

0RWRUHVDJDVROLQD
&DUJDDG
&DUJDDG
3HVRHP PLVVtYHO
7LSRGHWUDQV 3HVREUXWR PLVVtYHO
3RWrQFLDGRPRWRU &'0 RUGHPGH VREUHRHL
PLVVmR DGPLVVtYHO VREUHRHL
PDUFKD [RGLDQWHL
[RWUDVHLUR
UR
NJ±
6* NJD NJD NJD
NJD
N: &7+'
NJ±
'6*Š NJE NJE NJE
NJE
NJ±
6* NJF NJF NJF
NJF
N: &'$$
NJ±
'6*Š NJG NJG NJG
NJG
NJ±
6* NJH NJH NJH
NJH
N: &&=%
NJ±
'6*Š NJI NJI NJI
NJI
'6*Š02 NJ±
N: %:6 NJJ NJJ NJJ
7,21 NJJ
D 1RVYHtFXORVFRPDVVHQWRVQREDQFRWUDVHLURNJ±NJNJNJNJ
E 1RVYHtFXORVFRPDVVHQWRVQREDQFRWUDVHLURNJ±NJNJNJNJ
F 1RVYHtFXORVFRPDVVHQWRVQREDQFRWUDVHLURNJ±NJNJNJNJ
G 1RVYHtFXORVFRPDVVHQWRVQREDQFRWUDVHLURNJ±NJNJNJNJ
H 1RVYHtFXORVFRPDVVHQWRVQREDQFRWUDVHLURNJ±NJNJNJNJ
I 1RVYHtFXORVFRPDVVHQWRVQREDQFRWUDVHLURNJ±NJNJNJNJ
J 1RVYHtFXORVFRPDVVHQWRVQREDQFRWUDVHLURNJ±NJNJNJNJ

0RWRUHVDGLHVHO
&DUJDDG
&DUJDDG
3HVRHP PLVVtYHO
7LSRGHWUDQV 3HVREUXWR PLVVtYHO
3RWrQFLDGRPRWRU &'0 RUGHPGH VREUHRHL
PLVVmR DGPLVVtYHO VREUHRHL
PDUFKD [RGLDQWHL
[RWUDVHLUR
UR
NJ±
6* NJD NJD NJD
N:FRPILOWURGH NJD
&))$
SDUWtFXODVGHGLHVHO NJ±
'6*Š NJE NJE NJE b
NJE
53&&

7UDQVSRUWDU 
&DUJDDG
&DUJDDG
3HVRHP PLVVtYHO
7LSRGHWUDQV 3HVREUXWR PLVVtYHO
3RWrQFLDGRPRWRU &'0 RUGHPGH VREUHRHL
PLVVmR DGPLVVtYHO VREUHRHL
PDUFKD [RGLDQWHL
[RWUDVHLUR
UR
NJ±
6*F NJG NJG NJG
NJG
NJ±
6*H NJI NJI NJI
NJI
N:FRPILOWURGH NJ±
&))% '6*ŠF NJJ NJJ NJJ
SDUWtFXODVGHGLHVHO NJJ
NJ±
'6*ŠH NJK NJK NJK
NJK
6*02 NJ±
NJL NJL NJL
7,21 NJL
NJ±
6* NJM NJM NJM
NJM
N:FRPILOWURGH NJ±
&)*& '6*Š NJN NJN NJN
SDUWtFXODVGHGLHVHO NJN
'6*Š02 NJ±
NJO NJO NJO
7,21 NJO
D 1RVYHtFXORVFRPDVVHQWRVQREDQFRWUDVHLURNJ±NJNJNJNJ
E 1RVYHtFXORVFRPDVVHQWRVQREDQFRWUDVHLURNJ±NJNJNJNJ
F 9HtFXORVFRPDQRUPDGHHPLVV}HV(8 %OXH7', 
G 1RVYHtFXORVFRPDVVHQWRVQREDQFRWUDVHLURNJ±NJNJNJNJ
H 9HtFXORVFRPDQRUPDGHHPLVV}HV(8
I 1RVYHtFXORVFRPDVVHQWRVQREDQFRWUDVHLURNJ±NJNJNJNJ
J 1RVYHtFXORVFRPDVVHQWRVQREDQFRWUDVHLURNJ±NJNJNJNJ
K 1RVYHtFXORVFRPDVVHQWRVQREDQFRWUDVHLURNJ±NJNJNJNJ
L 1RVYHtFXORVFRPDVVHQWRVQREDQFRWUDVHLURNJ±NJNJNJNJ
M 1RVYHtFXORVFRPDVVHQWRVQREDQFRWUDVHLURNJ±NJNJNJNJ
N 1RVYHtFXORVFRPDVVHQWRVQREDQFRWUDVHLURNJ±NJNJNJNJ
O 1RVYHtFXORVFRPDVVHQWRVQREDQFRWUDVHLURNJ±NJNJNJNJ

0RWRUPXOWLFRPEXVWtYHO(
&DUJDDG
&DUJDDG
3HVRHP PLVVtYHO
7LSRGHWUDQV 3HVREUXWR PLVVtYHO
3RWrQFLDGRPRWRU &'0 RUGHPGH VREUHRHL
PLVVmR DGPLVVtYHO VREUHRHL
PDUFKD [RGLDQWHL
[RWUDVHLUR
UR
NJ±
6* NJD NJD NJD
NJD
N: &.0$
NJ±
'6*Š NJE NJE NJE
NJE
D 1RVYHtFXORVFRPDVVHQWRVQREDQFRWUDVHLURNJ±NJNJNJNJ
E 1RVYHtFXORVFRPDVVHQWRVQREDQFRWUDVHLURNJ±NJNJNJNJ b

 $QWHVGDFRQGXomR
$'9(57Ç1&,$ $'9(57Ç1&,$ FRQWLQXDomR

([FHGHURSHVREUXWRDGPLVVtYHOHDVFDUJDV Ɣ 2FDUUHJDPHQWRHDGLVWULEXLomRGDFDUJD
VREUHRVHL[RVSRGHFDXVDUGDQRVDRYHtFX QRYHtFXORWrPLQIOXrQFLDVREUHRFRPSRUWD
ORDFLGHQWHVHIHULPHQWRVJUDYHV PHQWRGHGLUHomRHVREUHRHIHLWRGHIUHQD
JHP$GHTXDUDYHORFLGDGHFRQIRUPHQHFHV
Ɣ $VFDUJDVUHDLVVREUHRVHL[RVQXQFDGH VLGDGH
YHPH[FHGHUDVFDUJDVDGPLVVtYHLVVREUHRV
HL[RV
127$
'LVWULEXLUDFDUJDVHPSUHGHPDQHLUDXQLIRUPH
HRPDLVIXQGRSRVVtYHOQRYHtFXOR$RWUDQV
SRUWDUREMHWRVSHVDGRVQRFRPSDUWLPHQWRGH
EDJDJHPHVWHVGHYHPVHUSRVLFLRQDGRVDQWHV
GRHL[RWUDVHLURRXVREUHHOHSDUDDOWHUDUR
FRPSRUWDPHQWRGHGLUHomRRPtQLPRSRVVtYHO ‹
53&&

7UDQVSRUWDU 
&RPSDUWLPHQWRGHEDJDJHP

¤ ,QWURGXomRDRWHPD
1HVWHFDStWXORHQFRQWUDPVHLQIRUPDo}HVUHODWLYDV
$'9(57Ç1&,$
DRVVHJXLQWHVWHPDV
2EMHWRVVROWRVRXIL[DGRVLQFRUUHWDPHQWHSR
5HEDWHURHQFRVWRGREDQFRWUDVHLURSDUD
GHPFDXVDUIHULPHQWRVJUDYHVHPFDVRGH
IUHQWHRXSDUDWUiV  
PDQREUDVGHGLUHomRHGHIUHQDJHPV~ELWDV
'LVSRVLWLYRSDUDWUDQVSRUWHGHREMHWRVORQJRV  RXHPFDVRGHDFLGHQWHV,VWRYDOHHVSHFLDO
2OKDLVGHDPDUUDomR   PHQWHQRVFDVRVHPTXHREMHWRVVmRDWLQJL
*DQFKRVSDUDVDFRODV   GRVSHORDLUEDJDFLRQDGRVHQGRDUUHPHVVD
5HGHSDUDEDJDJHP   GRVSHORLQWHULRUGRYHtFXOR3DUDGLPLQXLUR
3DQRGHSURWHomRGRSDUDFKRTXHWUDVHLUR   ULVFRGHIHULPHQWRVREVHUYDURVHJXLQWH
Ɣ *XDUGDUWRGRVRVREMHWRVQRYHtFXORGH
*XDUGDUFDUJDSHVDGDVHPSUHGHPDQHLUDVHJXUD PDQHLUDVHJXUD*XDUGDUEDJDJHQVHREMHWRV
QRFRPSDUWLPHQWRGHEDJDJHPFHUWLILFDQGRVHGH SHVDGRVVHPSUHQRFRPSDUWLPHQWRGHEDJD
TXHRVHQFRVWRVGREDQFRWUDVHLURHVWHMDPHQFDL JHP
[DGRVFRUUHWDPHQWH8VDUVHPSUHROKDLVGHDPDU
Ɣ )L[DUREMHWRVVHPSUHFRPILWDVGHDPDUUD
UDomRFRPILWDVGHDPDUUDomRRXFLQWDVWHQVRUDV
omRRXFRPFLQWDVWHQVRUDVSDUDTXHRVREMH
DGHTXDGDV1XQFDVREUHFDUUHJDURYHtFXOR7DQWR
WRVQmRVHMDPDUUHPHVVDGRVSHORLQWHULRUGR
RFDUUHJDPHQWRTXDQWRDGLVWULEXLomRGDFDUJDQR
YHtFXORHQmRSRVVDPDOFDQoDUDiUHDGHH[
YHtFXORWrPLQIOXrQFLDVREUHRFRPSRUWDPHQWRGH
SDQVmRGRVDLUEDJVODWHUDLVRXIURQWDLVGX
GLUHomRHVREUHRHIHLWRGHIUHQDJHPҧϜ 
UDQWHXPDPDQREUDGHGLUHomRHGHIUHQDJHP
,QIRUPDo}HVHDOHUWDVFRPSOHPHQWDUHV V~ELWD
Ɣ 6LVWHPDGHDLUEDJҧϜ3iJLQD Ɣ 0DQWHURVSRUWDREMHWRVVHPSUHIHFKDGRV
GXUDQWHDFRQGXomR
Ɣ /X]ҧϜ3iJLQD
Ɣ 1mRJXDUGDUREMHWRVUtJLGRVSHVDGRVRX
Ɣ 7UDQVSRUWDUҧϜ3iJLQD
GHVXSHUItFLHFRUWDQWHHPSRUWDREMHWRVDEHU
Ɣ &RQGXomRFRPUHERTXHҧϜ3iJLQD WRVQRLQWHULRUGRYHtFXORVREUHDVXSHUItFLH
Ɣ 5RGDVHSQHXVҧϜ3iJLQD DWUiVGRHQFRVWRGREDQFRWUDVHLURRXQRSDL
QHOGHLQVWUXPHQWRVVHPTXHHVWHVHVWHMDP
$'9(57Ç1&,$ FRUUHWDPHQWHIL[DGRV
4XDQGRRYHtFXORQmRHVWLYHUHPXVRRXHVWL Ɣ 5HPRYHUREMHWRVUtJLGRVSHVDGRVRXGH
YHUVHPVXSHUYLVmRWUDQFDUVHPSUHDVSRU VXSHUItFLHFRUWDQWHGHSHoDVGHURXSDHERO
WDVHDWDPSDGRFRPSDUWLPHQWRGHEDJDJHP VDVQRLQWHULRUGRYHtFXORHJXDUGiORVGH
SDUDUHGX]LURULVFRGHIHULPHQWRVJUDYHVRX PDQHLUDVHJXUD
IDWDLV
Ɣ 1XQFDGHL[DUFULDQoDVVHPVXSHUYLVmR $'9(57Ç1&,$
HVSHFLDOPHQWHTXDQGRDWDPSDGRFRPSDUWL $RWUDQVSRUWDUREMHWRVSHVDGRVDVFDUDFWH
PHQWRGHEDJDJHPHVWLYHUDEHUWD&ULDQoDV UtVWLFDVGHFRQGXomRGRYHtFXORVmRDOWHUD
SRGHPHQWUDUQRFRPSDUWLPHQWRGHEDJDJHP GDVHDGLVWkQFLDGHIUHQDJHPDXPHQWD&DU
HIHFKDUDWDPSDGRFRPSDUWLPHQWRGHEDJD JDVSHVDGDVQmRJXDUGDGDVHQmRIL[DGDVGH
JHP(PVLWXDo}HVFRPRHVVDVXPDFULDQoD PDQHLUDFRUUHWDSRGHPRFDVLRQDUDSHUGDGR
QmRFRQVHJXHVDLUGRFRPSDUWLPHQWRGHED FRQWUROHGRYHtFXORSHORFRQGXWRUFDXVDQGR
JDJHPVR]LQKD,VWRSRGHFDXVDUIHULPHQWRV IHULPHQWRVJUDYHV
JUDYHVRXIDWDLV
Ɣ $RWUDQVSRUWDUREMHWRVSHVDGRVDVFDUDF
Ɣ 1XQFDSHUPLWLUTXHFULDQoDVEULQTXHPQR WHUtVWLFDVGHFRQGXomRGRYHtFXORVmRDOWHUD
YHtFXORRXMXQWRDHOH GDVGHYLGRDRGHVORFDPHQWRGRFHQWURGH
Ɣ 1XQFDWUDQVSRUWDUSHVVRDVQRFRPSDUWL JUDYLGDGH
PHQWRGHEDJDJHP Ɣ 'LVWULEXLUDFDUJDVHPSUHGHPDQHLUDXQL
IRUPHHRPDLVIXQGRSRVVtYHOQRYHtFXOR b

 $QWHVGDFRQGXomR
$'9(57Ç1&,$ FRQWLQXDomR 3DUDTXHRDUQRLQWHULRUGRYHtFXORSRVVD
VHUUHQRYDGRQmRREVWUXLUDVDEHUWXUDVGH
Ɣ $FRPRGDUREMHWRVSHVDGRVGHPDQHLUD
YHQWLODomRHQWUHRYLGURWUDVHLURHDVXSHUItFLH
VHJXUDRPDLVIXQGRSRVVtYHOQRFRPSDUWL
DWUiVGREDQFRWUDVHLUR ‹
PHQWRGHEDJDJHPDQWHVGRHL[RWUDVHLUR

127$
2VILODPHQWRVGRGHVHPEDoDGRUGRYLGURWUD
VHLURRXDDQWHQDSRGHPVHUDYDULDGRVGHYLGR
DRDWULWRFRPREMHWRV

5HEDWHURHQFRVWRGREDQFRWUDVHLURSDUDIUHQWHRXSDUDWUiV

)LJ 1RHQFRVWRGREDQFRWUDVHLURERWmRGH )LJ 1RFRPSDUWLPHQWRGHEDJDJHPDODYDQFD


GHVWUDYDPHQWR  PDUFDomRYHUPHOKD   GHGHVWUDYDPHQWRjGLVWkQFLDSDUDDSDUWHHVTXHU
GD  HDSDUDSDUWHGLUHLWD  GRHQFRVWRGREDQ
FRWUDVHLUR

¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
5HEDWHURHQFRVWRGREDQFRWUDVHLURSDUD
IUHQWHFRPDDODYDQFDGHGHVWUDYDPHQWRj
GLVWkQFLD
Ɣ (PSXUUDURDSRLRSDUDFDEHoDWRWDOPHQWHSDUD
2HQFRVWRGREDQFRWUDVHLURpUHSDUWLGR&DGD EDL[RҧϜ3iJLQD
XPDGDVSDUWHVGRHQFRVWRGREDQFRWUDVHLURSRGH
VHUUHEDWLGDSDUDIUHQWHLQGLYLGXDOPHQWHSDUDDX Ɣ $EULUDWDPSDGRFRPSDUWLPHQWRGHEDJDJHP
PHQWDURFRPSDUWLPHQWRGHEDJDJHP ҧϜ3iJLQD
Ɣ 3X[DUDDODYDQFDGHGHVWUDYDPHQWRjGLVWkQFLD
5HEDWHURHQFRVWRGREDQFRWUDVHLURSDUD SDUDRHQFRVWRGREDQFRWUDVHLURHVTXHUGR
IUHQWHFRPRERWmRGHGHVWUDYDPHQWR ҧϜ)LJ  HGLUHLWR  QRVHQWLGRGDVHWD$SDU
Ɣ (PSXUUDURDSRLRSDUDFDEHoDWRWDOPHQWHSDUD WHGHVWUDYiYHOGRHQFRVWRGREDQFRWUDVHLURpUH
EDL[RҧϜ3iJLQD EDWLGDDXWRPDWLFDPHQWHSDUDIUHQWH
Ɣ 3X[DURERWmRGHGHVWUDYDPHQWRҧϜ)LJ  Ɣ 6HQHFHVViULRIHFKDUDWDPSDGRFRPSDUWL
SDUDIUHQWHHDRPHVPRWHPSRUHEDWHURHQFRVWR PHQWRGHEDJDJHPҧϜ3iJLQD
GREDQFRWUDVHLURSDUDIUHQWH 2HQFRVWRGREDQFRWUDVHLURHVWDUiGHVWUDYDGRVH
Ɣ 2HQFRVWRGREDQFRWUDVHLURHVWDUiGHVWUDYDGR XPDPDUFDomRYHUPHOKDQRERWmRҧϜ)LJ  HV
VHXPDPDUFDomRYHUPHOKDQRERWmR  HVWLYHUYL WLYHUYLVtYHO b
VtYHO
53&&

7UDQVSRUWDU 
5HEDWHURHQFRVWRGREDQFRWUDVHLURGH $'9(57Ç1&,$ FRQWLQXDomR
YROWD oDQRVDVVHQWRVGREDQFRWUDVHLUR,VVRVH
Ɣ 5HEDWHURHQFRVWRGREDQFRWUDVHLURSDUDWUiV DSOLFDVREUHWXGRDRDVVHQWRFHQWUDOGREDQFR
HSUHVVLRQDUFRPILUPH]DDWUDYDDWpTXHHODVH WUDVHLUR4XDQGRXPDVVHQWRHVWiRFXSDGRH
HQFDL[HGHIRUPDVHJXUDҧϜ  RUHVSHFWLYRHQFRVWRGREDQFRWUDVHLURQmR
Ɣ $PDUFDomRYHUPHOKDQRERWmRGHGHVWUDYD HVWiHQFDL[DGRFRPVHJXUDQoDRRFXSDQWH
PHQWR  QmRSRGHPDLVHVWDUYLVtYHO GRYHtFXORpHPSXUUDGRSDUDIUHQWHFRPRHQ
FRVWRGREDQFRWUDVHLURHPFDVRGHPDQR
Ɣ 2HQFRVWRGREDQFRWUDVHLURGHYHHVWDUWUDYDGR
EUDVGHGLUHomRHGHIUHQDJHPV~ELWDVEHP
GHPDQHLUDVHJXUD
FRPRHPDFLGHQWHV
$'9(57Ç1&,$ Ɣ 8PDPDUFDomRYHUPHOKDQRERWmR  VL
QDOL]DXPHQFRVWRGREDQFRWUDVHLURQmRHQ
5HEDWHURVHQFRVWRVGREDQFRWUDVHLURSDUD JDWDGR9HULILFDUVHPSUHVHDPDUFDomRYHU
IUHQWHRXGHYROWDGHPDQHLUDGHVFRQWURODGD PHOKDQmRHVWDUiYLVtYHOTXDQGRRHQFRVWR
RXGHVDWHQWDSRGHFDXVDUIHULPHQWRVJUDYHV GREDQFRWUDVHLURHVWLYHUQDSRVLomRHUHWD
Ɣ $RUHEDWHURHQFRVWRGREDQFRWUDVHLUR Ɣ 6HRHQFRVWRGREDQFRWUDVHLURHVWLYHUUH
SDUDIUHQWHDWHQWDUVHPSUHSDUDTXHQHQKX EDWLGRSDUDIUHQWHRXQmRHVWLYHUHQFDL[DGR
PDSHVVRDRXDQLPDOHVWHMDQDiUHDGRHQ GHPDQHLUDVHJXUDSHVVRDVRXFULDQoDVQmR
FRVWRGREDQFRWUDVHLUR GHYHUmRVHUWUDQVSRUWDGDVQHVVHVDVVHQWRV
Ɣ 1XQFDUHEDWHURHQFRVWRGREDQFRWUDVHL
URSDUDIUHQWHRXGHYROWDGXUDQWHDFRQGX 127$
omR
5HEDWHURHQFRVWRGREDQFRWUDVHLURSDUDIUHQ
Ɣ $WHQWDUSDUDTXHRFLQWRGHVHJXUDQoDQmR WHRXGHYROWDGHPDQHLUDGHVFRQWURODGDRXGH
VHMDSUHVRRXGDQLILFDGRDRUHEDWHURHQFRV VDWHQWDSRGHFDXVDUGDQRVDRYHtFXORRXDRX
WRGREDQFRWUDVHLURGHYROWD WURVREMHWRV
Ɣ 0DQWHUDVPmRVRVGHGRVHRVSpVRXGH Ɣ $QWHVGHUHEDWHURHQFRVWRGREDQFRWUDVHL
PDLVSDUWHVGRFRUSRVHPSUHGLVWDQWHVDRUH URSDUDIUHQWHDMXVWDUVHPSUHRVEDQFRVGLDQ
EDWHURHQFRVWRGREDQFRWUDVHLURSDUDIUHQWH WHLURVGHPRGRTXHRDSRLRSDUDFDEHoDRXR
HSDUDWUiV HVWRIDPHQWRGRHQFRVWRGREDQFRWUDVHLURQmR
Ɣ 7RGRVRVHQFRVWRVGREDQFRWUDVHLURGH HQFRVWHQRVEDQFRVGLDQWHLURV
YHPHVWDUHQFDL[DGRVGHPDQHLUDVHJXUDSD Ɣ $QWHVGHUHEDWHURHQFRVWRGREDQFRWUDVHL
UDJDUDQWLUDSURWHomRGRVFLQWRVGHVHJXUDQ URSDUDIUHQWHDWHQWDUVHPSUHSDUDTXHQmRKD
MDREMHWRVQDiUHDGHUHEDWLPHQWRGRHQFRVWR
GREDQFRWUDVHLUR ‹

'LVSRVLWLYRSDUDWUDQVSRUWHGHREMHWRVORQJRV

)LJ 1RHQFRVWRGREDQFRWUDVHLURDEULURGLV )LJ 1RFRPSDUWLPHQWRGHEDJDJHPDODYDQ


SRVLWLYRSDUDWUDQVSRUWHGHREMHWRVORQJRV FDGHGHVWUDYDPHQWRFRPPDUFDomR   b

 $QWHVGDFRQGXomR
¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
Ɣ )L[DURVREMHWRVFRPRFLQWRGHVHJXUDQoD
Ɣ )HFKDUDWDPSDGRFRPSDUWLPHQWRGHEDJD
JHP

$WUiVGRGHVFDQVDEUDoRFHQWUDOGREDQFRWUDVHLUR )HFKDURGLVSRVLWLYRSDUDWUDQVSRUWHGH
HQFRQWUDVHXPGLVSRVLWLYRSDUDWUDQVSRUWHGHRE REMHWRVORQJRV
MHWRVORQJRVQRLQWHULRUGRYHtFXORFRPRSRU Ɣ 5HEDWHUDWDPSDGRGLVSRVLWLYRSDUDWUDQVSRUWH
H[HPSORHVTXLV GHREMHWRVORQJRVSDUDWUiVDWpTXHHODVHHQFDL
3DUDHYLWDUDHQWUDGDGHVXMHLUDQRLQWHULRUGRYHt [H$PDUFDomRYHUPHOKDQRODGRGRFRPSDUWLPHQ
FXORHQYROYHUREMHWRVVXMRVHPXPDFREHUWDSRU WRGHEDJDJHPҧϜ)LJ  QmRSRGHHVWDUYLVt
H[HPSORDQWHVGHFRORFiORVQRGLVSRVLWLYRSDUD YHO
WUDQVSRUWHGHREMHWRVORQJRV Ɣ )HFKDUDWDPSDGRFRPSDUWLPHQWRGHEDJD
JHP
6HRGHVFDQVDEUDoRFHQWUDOHVWLYHUUHEDL[DGR
QmRVHUiSHUPLWLGRWUDQVSRUWDUXPDSHVVRDQRDV Ɣ 6HQHFHVViULRUHEDWHURGHVFDQVDEUDoRFHQ
VHQWRFHQWUDO VHKRXYHU GREDQFRWUDVHLUR WUDOSDUDWUiV

$EULURGLVSRVLWLYRSDUDWUDQVSRUWHGH 2GLVSRVLWLYRSDUDWUDQVSRUWHGHREMHWRVORQ
REMHWRVORQJRV JRVWDPEpPSRGHVHUDEHUWRSHORFRPSDUWL
PHQWRGHEDJDJHP3UHVVLRQDUDDODYDQFDGH
Ɣ 5HEDWHURGHVFDQVDEUDoRFHQWUDOSDUDIUHQWH
GHVWUDYDPHQWR  SDUDEDL[RHDWDPSDSDUDIUHQ
Ɣ 3X[DUDDODYDQFDGHGHVWUDYDPHQWRҧϜ)LJ WH
HUHEDWHUDWDPSDGRGLVSRVLWLYRSDUDWUDQVSRUWH
GHREMHWRVORQJRVFRPSOHWDPHQWHSDUDDIUHQWHQD 6HQHFHVViULRRGLVSRVLWLYRSDUDWUDQVSRUWH
GLUHomRGDVHWD GHREMHWRVORQJRVSRGHVHUWUDYDGRHGHVWUD
Ɣ $EULUDWDPSDGRFRPSDUWLPHQWRGHEDJDJHP YDGRFRPDFKDYHGHHPHUJrQFLD ‹
Ɣ 3HORFRPSDUWLPHQWRGHEDJDJHPHPSXUUDURV
REMHWRVORQJRVDWUDYpVGRGLVSRVLWLYRSDUDWUDQV
SRUWHGHREMHWRVORQJRV

2OKDLVGHDPDUUDomR
$OJXQVROKDLVGHDPDUUDomRSUHFLVDPVHUDEHUWRV
SDUDVHUHPXVDGRV

$'9(57Ç1&,$
)LWDVGHDPDUUDomRRXFLQWDVWHQVRUDVLQDGH
TXDGDVRXDYDULDGDVSRGHPVHURPSHUHP
XPDPDQREUDGHIUHQDJHPRXHPFDVRGH
DFLGHQWH6HLVVRDFRQWHFHURVREMHWRVSR
GHPVHUODQoDGRVSHORLQWHULRUGRYHtFXOR
FDXVDQGRIHULPHQWRVJUDYHVRXIDWDLV
Ɣ 8WLOL]DUVHPSUHILWDVGHDPDUUDomRRXFLQ
WDVWHQVRUDVDGHTXDGDVHHPERDVFRQGLo}HV
GHXVR
Ɣ )L[DUILWDVGHDPDUUDomRHFLQWDVWHQVRUDV
)LJ 1RFRPSDUWLPHQWRGHEDJDJHPROKDLV GHPDQHLUDVHJXUDQRVROKDLVGHDPDUUDomR
GHDPDUUDomR
Ɣ 2EMHWRVVROWRVQRFRPSDUWLPHQWRGHED

¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
JDJHPSRGHPGHVOL]DUVXELWDPHQWHHDOWHUDU
RFRPSRUWDPHQWRGHGLUHomRGRYHtFXOR
Ɣ )L[DUWDPEpPREMHWRVSHTXHQRVHOHYHV b
53&&

1DiUHDGLDQWHLUDHWUDVHLUDGRFRPSDUWLPHQWRGH
EDJDJHPH[LVWHPROKDLVGHDPDUUDomRSDUDIL[D
omRGHYROXPHVGHEDJDJHPҧϜ)LJ VHWD 

7UDQVSRUWDU 
$'9(57Ç1&,$ FRQWLQXDomR $FDUJDPi[LPDGHWUDomRGRVROKDLVGH
DPDUUDomRpGHDSUR[LPDGDPHQWHN1
Ɣ 1XQFDH[FHGHUDFDUJDPi[LPDGHWUDomR
GRVROKDLVGHDPDUUDomRQDIL[DomRGHREMH &LQWDVWHQVRUDVHVLVWHPDVGHSURWHomRGH
WRV FDUJDDGHTXDGRVSRGHPVHUREWLGRVHPXPD
Ɣ 1XQFDIL[DUXPDFDGHLUDGHFULDQoDQRV HPSUHVDHVSHFLDOL]DGD3DUDLVVRD9RONVZDJHQ
ROKDLVGHDPDUUDomR UHFRPHQGDDV&RQFHVVLRQiULDV9RONVZDJHQ ‹

*DQFKRVSDUDVDFRODV

)LJ 1RFRPSDUWLPHQWRGHEDJDJHPJDQFKRV )LJ 1RFRPSDUWLPHQWRGHEDJDJHPJDQFKRV


SDUDVDFRODV YDULDQWH  SDUDVDFRODV YDULDQWH 

¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
Ɣ 3X[DURJDQFKRSDUDVDFRODVVHJXUDQGRRSHOD
DOoDQRVHQWLGRGDVHWDҧϜ)LJ
Ɣ 3HQGXUDUVDFRODV

*DQFKRVSDUDVDFRODVHPYHtFXORVFRP $'9(57Ç1&,$
HQFRVWRGREDQFRWUDVHLURUHEDWtYHO
1XQFDXVDURVJDQFKRVSDUDVDFRODVSDUD
YDULDQWH
DPDUUDomR(PFDVRGHPDQREUDVGHIUHQD
1RFDQWRVXSHULRUHVTXHUGRHGLUHLWRGRFRPSDUWL JHPV~ELWDVRXHPFDVRGHDFLGHQWHRJDQ
PHQWRGHEDJDJHPSRGHKDYHUJDQFKRVSDUDVD FKRSDUDVDFRODVSRGHVHURPSHU
FRODVQRVTXDLVVDFRODVGHFRPSUDVOHYHVSRGHP
VHUIL[DGDV
127$
Ɣ 3HQGXUDUVDFRODVHPXPGRVJDQFKRVSDUDVD &DGDJDQFKRSDUDVDFRODVVXSRUWDXPDFDUJD
FRODVҧϜ)LJ VHWD  Pi[LPDGHNJ ‹
*DQFKRVSDUDVDFRODVHPYHtFXORVVHP
HQFRVWRGREDQFRWUDVHLURUHEDWtYHO
YDULDQWH
1RFDQWRVXSHULRUHVTXHUGRGRFRPSDUWLPHQWRGH
EDJDJHPSRGHKDYHUXPJDQFKRSDUDVDFRODVUH
EDWtYHOQRTXDOVDFRODVGHFRPSUDVOHYHVSRGHP
VHUIL[DGDV

 $QWHVGDFRQGXomR
5HGHSDUDEDJDJHP

)LJ 1RFRPSDUWLPHQWRGHEDJDJHPUHGHSD )LJ 1RFRPSDUWLPHQWRGHEDJDJHPROKDLV


UDEDJDJHPSUHVDGHIRUPDSODQD  H  EHPFRPRVXSRUWH  SDUDSUHQGHUDUH
GHSDUDEDJDJHP

¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
'HVLQVWDODUDUHGHSDUDEDJDJHP
$UHGHSDUDEDJDJHPTXDQGRSUHVDHVWiVRE
WHQVmRҧϜ 

$UHGHSDUDEDJDJHPLPSHGHRGHVORFDPHQWRGH Ɣ 'HVSUHQGHURVJDQFKRVHDVDOoDVGDUHGHSD
XPREMHWRPDLVOHYHQRFRPSDUWLPHQWRGHEDJD UDEDJDJHPGRVROKDLVGHDPDUUDomR
JHP1DUHGHSDUDEDJDJHPKiXPDEROVDFRP]t Ɣ *XDUGDUDUHGHSDUDEDJDJHPQRFRPSDUWL
SHUSDUDJXDUGDUREMHWRVSHTXHQRV PHQWRGHEDJDJHP
+iGLIHUHQWHVSRVVLELOLGDGHVSDUDSUHQGHUDUHGH
SDUDEDJDJHPQRFRPSDUWLPHQWRGHEDJDJHP $'9(57Ç1&,$
$UHGHSDUDEDJDJHPHOiVWLFDSUHFLVDVHUHV
([HPSORSUHQGHUDUHGHSDUDEDJDJHPGH WLFDGDTXDQGRIRUIL[DGDQRVROKDLVGHDPDU
IRUPDSODQDQRDVVRDOKRGRFRPSDUWLPHQWR UDomRGRFRPSDUWLPHQWRGHEDJDJHP8PD
GHEDJDJHP UHGHSDUDEDJDJHPTXDQGRSUHVDHVWiVRE
Ɣ 3UHQGHURVJDQFKRVҧϜ)LJ  GDUHGHSD WHQVmR2VJDQFKRVGDUHGHSDUDEDJDJHP
UDEDJDJHPQRVROKDLVGHDPDUUDomRQRHQFRVWR SRGHPFDXVDUIHULPHQWRVVHDUHGHSDUDED
GREDQFRWUDVHLURҧϜ)LJ  ҧϜ 2]tSHUGD JDJHPIRUSUHVDRXGHVSUHQGLGDGHPRGR
UHGHSDUDEDJDJHPGHYHHVWDUYROWDGRSDUDFLPD LQDGHTXDGR
Ɣ 3UHQGHURVJDQFKRVҧϜ)LJ  QRVROKDLV Ɣ 3UHQGHUVHPSUHRJDQFKRGDUHGHSDUD
GHDPDUUDomRҧϜ)LJ  QRFDQWRGRFRPSDUWL EDJDJHPILUPHPHQWHHYLWDQGRTXHHODVH
PHQWRGHEDJDJHP VROWHEUXVFDPHQWHGRROKDOGHDPDUUDomRDR
VHUIL[DGDRXUHPRYLGD
([HPSORSUHQGHUDUHGHSDUDEDJDJHPQR
Ɣ 3URWHJHURVROKRVHRURVWRSDUDHYLWDUIH
FDQWRGRFRPSDUWLPHQWRGHEDJDJHP
ULPHQWRVFDVRRVJDQFKRVVHVROWHPEUXVFD
Ɣ 3UHQGHURVJDQFKRVFXUWRVҧϜ)LJ  GD PHQWHDRVHUHPSUHVRVRXGHVSUHQGLGRV
UHGHSDUDEDJDJHPQRVVXSRUWHVҧϜ)LJ 
Ɣ 3UHQGHUVHPSUHRVJDQFKRVGDUHGHSDUD
ҧϜ 2]tSHUGDUHGHSDUDEDJDJHPGHYHHVWDU
EDJDJHPQDVHTXrQFLDGHVFULWD6HXPGRV
YROWDGRSDUDFLPD
JDQFKRVGDUHGHSDUDEDJDJHPVHVROWDUKD
Ɣ 3UHQGHURVJDQFKRVҧϜ)LJ  H  QRV YHUiXPULVFRGHIHULPHQWR ‹
ROKDLVGHDPDUUDomRҧϜ)LJ  
53&&

7UDQVSRUWDU 
3DQRGHSURWHomRGRSDUDFKRTXHWUDVHLUR

)LJ 1RFRPSDUWLPHQWRGHEDJDJHPSRQWR )LJ 1RFRPSDUWLPHQWRGHEDJDJHPGHVGR


GHIL[DomRSDUDRSDQRGHSURWHomRGRSDUDFKR EUDUHGREUDURSDQRGHSURWHomR
TXHWUDVHLUR

¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
'HVGREUDURSDQRGHSURWHomR
Ɣ 5HEDWHUDEROVDGRSDQRGHSURWHomRSDUDIRUD
Ɣ 3X[DURSDQRGHSURWHomRSHODWLUD
ҧϜ)LJ  QRVHQWLGRGDVHWDSRUFLPDGRSDUD
2SDQRGHSURWHomRGRSDUDFKRTXHWUDVHLURSRGH
FKRTXHWUDVHLUR
HYLWDUULVFRVQRSDUDFKRTXHWUDVHLURDRFDUUHJDUH
GHVFDUUHJDURFRPSDUWLPHQWRGHEDJDJHP 'REUDURSDQRGHSURWHomR
)L[DUDEROVDGRSDQRGHSURWHomR Ɣ 3X[DURFRUGmR  QRVHQWLGRGDVHWD
Ɣ &RORFDUDEROVDGRSDQRGHSURWHomRSDUDOHOD Ɣ 6HQHFHVViULRUHWRUQDUXPDSDUWHGRSDQRGH
PHQWHjERUGDGRFRPSDUWLPHQWRGHEDJDJHP$ SURWHomRSDUDGHQWURGDEROVD
DEHUWXUDGDEROVDGHYHHVWDUYROWDGDSDUDIUHQWH $QWHVGHIHFKDUDWDPSDGRFRPSDUWLPHQWR
Ɣ 3UHVVLRQDURVXSRUWHGRSDQRGHSURWHomRSRU GHEDJDJHPGREUDURSDQRGHSURWHomRSDUD
EDL[RVREUHRVROKDLVGHDPDUUDomRWUDVHLURVjGL GHQWURGRFRPSDUWLPHQWRGHEDJDJHP
UHLWDHjHVTXHUGDҧϜ)LJ VHWD 3DUDLVVR
SRVVLYHOPHQWHVHUiQHFHVViULRDSOLFDUXPDIRUoD 1XQFDFRQGX]LUFRPSDQRGHSURWHomRGHV
PDLRU GREUDGRMiTXHRSDQRGHSURWHomRSRGHFR
EULUDSODFDGHOLFHQoDGRYHtFXORHRVVHQVRUHVGR
Ɣ 2VXSRUWHGHYHVHUHQFDL[DGRILUPHPHQWHQR
3DUN3LORW ‹
ROKDOGHDPDUUDomR

 $QWHVGDFRQGXomR
%DJDJHLURGRWHWR

¤ ,QWURGXomRDRWHPD
1HVWHFDStWXORHQFRQWUDPVHLQIRUPDo}HVUHODWLYDV $'9(57Ç1&,$ FRQWLQXDomR
DRVVHJXLQWHVWHPDV
GRGHVORFDPHQWRGRFHQWURGHJUDYLGDGHH
)L[DURVVXSRUWHVGHEDVHHRVLVWHPDGH GRDXPHQWRGDVXSHUItFLHGHUHVLVWrQFLDDR
EDJDJHLUR   YHQWR
&DUUHJDURVLVWHPDGHEDJDJHLUR   Ɣ )L[DUVHPSUHDFDUJDGHPDQHLUDFRUUHWD
FRPILWDVGHDPDUUDomRRXFLQWDVWHQVRUDV
2WHWRGRYHtFXORIRLGHVHQYROYLGRSDUDRWLPL]DUD DGHTXDGDVHHPERDVFRQGLo}HVGHXVR
DHURGLQkPLFD2VVXSRUWHVGHEDVHHRVVLVWHPDV
Ɣ &DUJDVJUDQGHVSHVDGDVORQJDVRXSOD
GHEDJDJHLURFRQYHQFLRQDLVQmRSRGHPPDLVVHU
QDVDWXDPGHIRUPDQHJDWLYDVREUHDDHURGL
IL[DGRVHPXPDFDOKDGHFKXYD
QkPLFDGRYHtFXORVREUHRFHQWURGHJUDYLGD
8PDYH]TXHDVFDOKDVGHFKXYDVmRPRGHODGDV GHHVREUHRFRPSRUWDPHQWRGHGLUHomR
QRWHWRGHPDQHLUDDIDFLOLWDURHVFRDPHQWRVR Ɣ (YLWDUPDQREUDVGHGLUHomRHGHIUHQDJHP
PHQWHRVVXSRUWHVGHEDVHHRVVLVWHPDVGHED DEUXSWDVHV~ELWDV
JDJHLUROLEHUDGRVSHOD9RONVZDJHQSRGHPVHUXWLOL
]DGRV Ɣ $GHTXDUVHPSUHDYHORFLGDGHHDIRUPD
GHFRQGXomRjVFRQGLo}HVGHYLVLELOLGDGH
4XDQGRRVVXSRUWHVGHEDVHHRVLVWHPDGH FOLPiWLFDVGDSLVWDHGRWUkQVLWR
EDJDJHLURGHYHPVHUUHPRYLGRV"
Ɣ 4XDQGRHOHVQmRIRUHPPDLVQHFHVViULRV 127$
Ɣ 4XDQGRRYHtFXORSDVVDUSRUXPVLVWHPDGHOD Ɣ 'HVPRQWDUVHPSUHRVVXSRUWHVGHEDVHHR
YDJHPDXWRPiWLFR VLVWHPDGHEDJDJHLURDQWHVTXHRYHtFXORVHMD
Ɣ 4XDQGRDDOWXUDGRYHtFXORH[FHGHUDDOWXUD VXEPHWLGRDXPVLVWHPDGHODYDJHPDXWRPiWL
QHFHVViULDSDUDSDVVDJHPSRUH[HPSORHPXPD FR
JDUDJHP Ɣ $DOWXUDGRYHtFXORVHDOWHUDFRPDLQVWDOD
omRGHVXSRUWHVGHEDVHHGHXPVLVWHPDGH
,QIRUPDo}HVHDOHUWDVFRPSOHPHQWDUHV EDJDJHLUREHPFRPRGHDFRUGRFRPDFDUJD
Ɣ /X]ҧϜ3iJLQD IL[DGDQHOHV&RPSDUDUDDOWXUDGRYHtFXORFRP
Ɣ 7UDQVSRUWDUҧϜ3iJLQD DVDOWXUDVGHSDVVDJHPGLVSRQtYHLVSRUH[HP
SORGHYLDGXWRVHSRUW}HVGHJDUDJHP
Ɣ &RQGX]LUFRPFRQVFLrQFLDHFROyJLFD
ҧϜ3iJLQD Ɣ $DQWHQDGRWHWRDiUHDGHLQIOXrQFLDGRWH
WRVRODUSDQRUkPLFRHGDWDPSDGRFRPSDUWL
Ɣ 5RGDVHSQHXVҧϜ3iJLQD
PHQWRGHEDJDJHPQmRSRGHPVHUFRPSURPH
Ɣ $FHVVyULRVUHSRVLomRGHSHoDVUHSDURVHPR WLGRVSHORVVXSRUWHVGHEDVHHSHORVLVWHPDGH
GLILFDo}HVҧϜ3iJLQD EDJDJHLURRXSHODFDUJDIL[DGDQHOHV
Ɣ $WHQWDUSDUDTXHDWDPSDGRFRPSDUWLPHQWR
$'9(57Ç1&,$ GHEDJDJHPDRVHUDEHUWDQmRFROLGDFRPDED
$RWUDQVSRUWDUREMHWRVSHVDGRVRXJUDQGHV JDJHPGHWHWR
QRVLVWHPDGHEDJDJHLURDVFDUDFWHUtVWLFDV
GHFRQGXomRGRYHtFXORVHDOWHUDPHPUD]mR 2FRQVXPRGHFRPEXVWtYHOGRYHtFXORDX
PHQWDTXDQGRRYHtFXORHVWiFRPRVVXSRU
WHVGHEDVHHRVLVWHPDGHEDJDJHLURPRQWDGRV
GHYLGRDRDXPHQWRGDUHVLVWrQFLDGRDU ‹
53&&

7UDQVSRUWDU 
)L[DURVVXSRUWHVGHEDVHHRVLVWHPDGHEDJDJHLUR
)L[DUDVEDUUDVGHVXSRUWHVRPHQWHQRVSRQWRVGH
IL[DomRLQGLFDGRVQDILJXUD
$SyVDPRQWDJHPGRVVXSRUWHVGHEDVHRVLVWH
PDGHEDJDJHLURHPTXHVWmRSRGHUiVHUDIL[DGR
QRVVXSRUWHVGHEDVHFRQIRUPHLQVWUXomRGHLQV
WDODomRIRUQHFLGDHPFRQMXQWR

$'9(57Ç1&,$
$IL[DomRLQFRUUHWDGRVVXSRUWHVGHEDVHH
GRVLVWHPDGHEDJDJHLUREHPFRPRVXDXWLOL
]DomRLQFRUUHWDSRGHPID]HUFRPTXHWRGRR
VLVWHPDVHVROWHGRWHWRFDXVDQGRDFLGHQWHV
HIHULPHQWRV
Ɣ 2EVHUYDUVHPSUHDVLQVWUXo}HVGHLQVWDOD
)LJ $EDL[RGDVYHGDo}HVGHERUUDFKDGD
omRGRIDEULFDQWH
SRUWDGLDQWHLUDHWUDVHLUDSRQWRVGHIL[DomRSDUD
RVVXSRUWHVGHEDVH Ɣ 8VDURVVXSRUWHVGHEDVHHRVVLVWHPDV
GHEDJDJHLURVRPHQWHTXDQGRHVWLYHUHPIL[D

¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
GRVGHPDQHLUDFRUUHWDHHPERDVFRQGLo}HV
GHXVR
Ɣ )L[DUDVEDUUDVGHVXSRUWHVRPHQWHQRV
SRQWRVGHIL[DomRLQGLFDGRVQDILJXUD  
2VVXSRUWHVGHEDVHGHYHPVHUDEDVHSDUDVLVWH Ɣ 0RQWDURVVXSRUWHVGHEDVHHRVLVWHPD
PDVGHEDJDJHLURHVSHFLDLV3RUPRWLYRVGHVHJX GHEDJDJHLURVHPSUHGHPDQHLUDFRUUHWD
UDQoDSDUDRWUDQVSRUWHGHEDJDJHPELFLFOHWDV
SUDQFKDVGHVXUIHVTXLVHEDUFRVVmRQHFHVViULRV Ɣ 9HULILFDURVSRQWRVDSDUDIXVDGRVHDVIL
RVUHVSHFWLYRVVLVWHPDVGHEDJDJHLUR$FHVVyULRV [Do}HVDQWHVGRLQtFLRGDFRQGXomRHVHQH
DGHTXDGRVSRGHPVHUREWLGRVHPXPD&RQFHVVLR FHVViULRUHDSHUWiORVDSyVXPDFRQGXomR
QiULD9RONVZDJHQ FXUWD(PFDVRGHFRQGXo}HVPDLVORQJDV
YHULILFDURVSRQWRVDSDUDIXVDGRVHDVIL[D
)L[DURVVXSRUWHVGHEDVHHRVLVWHPDGH o}HVDFDGDSDXVD
EDJDJHLUR Ɣ 0RQWDUVHPSUHFRUUHWDPHQWHVLVWHPDVGH
2VVXSRUWHVGHEDVHHRVLVWHPDGHEDJDJHLURGH EDJDJHLURHVSHFLDLVSDUDELFLFOHWDVHVTXLV
YHPVHUIL[DGRVVHPSUHGDPDQHLUDFRUUHWD$V SUDQFKDVGHVXUIHHWF
LQVWUXo}HVGHLQVWDODomRIRUQHFLGDVSDUDRVVXSRU Ɣ 1mRFRQVHUWDUQHPPRGLILFDURVVXSRUWHV
WHVGHEDVHRXSDUDRVLVWHPDGHEDJDJHLURFRU GHEDVHRXRVLVWHPDGHEDJDJHLUR
UHVSRQGHQWHGHYHPVHUREVHUYDGDVVHPSUH
/HUHREVHUYDUDVLQVWUXo}HVGHLQVWDODomR
'HFDGDODGRGRYHtFXORKiGXDVPDUFDo}HVVREUH
IRUQHFLGDVSDUDRVVXSRUWHVGHEDVHHSDUDR
DVYHGDo}HVGHERUUDFKDGDSRUWDWDQWRQDIUHQWH
UHVSHFWLYRVLVWHPDGHEDJDJHLURHPDQWrODVVHP
FRPRDWUiVҧϜ)LJ  
SUHQRYHtFXOR ‹
2VSRQWRVGHIL[DomRSDUDRVVXSRUWHVGHEDVHVH
HQFRQWUDPQRVODGRVLQIHULRUHVGDVYLJDVGRWHWR
HQWUHDVPDUFDo}HVHPEDL[RGDVYHGDo}HVGH
ERUUDFKDGDSRUWD  

&DUUHJDURVLVWHPDGHEDJDJHLUR

¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
$FDUJDVRPHQWHSRGHVHUIL[DGDFRPVHJXUDQoD
TXDQGRRVVXSRUWHVGHEDVHHRVLVWHPDGHEDJD
JHLURHVWLYHUHPPRQWDGRVGHPDQHLUDFRUUHWD
ҧϜ  b

 $QWHVGDFRQGXomR
&DUJDVREUHRWHWRPi[LPDSHUPLWLGD $'9(57Ç1&,$
$FDUJDPi[LPDDGPLVVtYHOVREUHRWHWRpGH
6HDFDUJDPi[LPDDGPLVVtYHOVREUHRWHWR
NJ$FDUJDVREUHRWHWRpFRPSRVWDSHORSHVRGR
LQGLFDGDIRUH[FHGLGDSRGHPRFRUUHUDFLGHQ
VLVWHPDGHEDJDJHLURGRVVXSRUWHVGHEDVHHGD
WHVJUDYHVHGDQRVVLJQLILFDWLYRVDRYHtFXOR
FDUJDDVHUWUDQVSRUWDGDVREUHRWHWRҧϜ 
Ɣ 1XQFDH[FHGHUDFDUJDPi[LPDDGPLVVtYHO
,QIRUPDUVHVHPSUHVREUHRSHVRGRVLVWHPDGH VREUHRWHWRDVFDUJDVPi[LPDVDGPLVVtYHLV
EDJDJHLURGRVVXSRUWHVGHEDVHHGDFDUJDDVHU VREUHRVHL[RVHRSHVRWRWDODGPLVVtYHOGR
WUDQVSRUWDGDHVHQHFHVViULRSHViORV1XQFDH[ YHtFXOR
FHGHUDFDUJDPi[LPDDGPLVVtYHOVREUHRWHWR
Ɣ 1mRH[FHGHUDFDSDFLGDGHGHFDUJDGRV
1DXWLOL]DomRGHVXSRUWHVGHEDVHHGHVLVWHPDV VXSRUWHVGHEDVHHGRVLVWHPDGHEDJDJHLUR
GHEDJDJHLURFRPPHQRUFDSDFLGDGHGHFDUJD PHVPRTXHDFDUJDPi[LPDDGPLVVtYHOVREUH
QmRpSRVVtYHOXWLOL]DUDFDUJDPi[LPDDGPLVVtYHO RWHWRQmRWHQKDVLGRDOFDQoDGD
VREUHRWHWR1HVVHFDVRRVLVWHPDGHEDJDJHLUR
Ɣ )L[DUREMHWRVSHVDGRVRPDLVjIUHQWHSRV
VRPHQWHSRGHVHUFDUUHJDGRDWpROLPLWHGHSHVR
VtYHOHGLVWULEXLUWRGDDFDUJDXQLIRUPHPHQWH
TXHHVWiLQGLFDGRQDVLQVWUXo}HVGHLQVWDODomR

'LVWULEXLUDFDUJD $'9(57Ç1&,$
'LVWULEXLUDFDUJDXQLIRUPHPHQWHHSURWHJHUFRUUH &DUJDVROWDRXIL[DGDGHPDQHLUDLQFRUUHWD
WDPHQWHҧϜ  SRGHFDLUGRVLVWHPDGHEDJDJHLURHFDXVDU
DFLGHQWHVHIHULPHQWRV
&RQWURODUDVIL[Do}HV
Ɣ 8WLOL]DUVHPSUHILWDVGHDPDUUDomRRXFLQ
'HSRLVTXHRVVXSRUWHVGHEDVHHRVLVWHPDGH
WDVWHQVRUDVDGHTXDGDVHHPERDVFRQGLo}HV
EDJDJHLURWLYHUHPVLGRIL[DGRVRVSRQWRVDSDUDIX
GHXVR
VDGRVHDVIL[Do}HVGHYHPVHUYHULILFDGRVDSyV
XPDFRQGXomRFXUWDHVXEVHTXHQWHPHQWHFRP Ɣ )L[DUDFDUJDGHPDQHLUDFRUUHWD ‹
LQWHUYDORVUHJXODUHV
53&&

7UDQVSRUWDU 
&RQGXomRFRPUHERTXH

¤ ,QWURGXomRDRWHPD
1HVWHFDStWXORHQFRQWUDPVHLQIRUPDo}HVUHODWLYDV Ɣ &RQGX]LUFRPFRQVFLrQFLDHFROyJLFD
DRVVHJXLQWHVWHPDV ҧϜ3iJLQD
3UHPLVVDVWpFQLFDV   Ɣ 6LVWHPDVGHDVVLVWrQFLDGHDUUDQTXH
5yWXODGHHQJDWHHOHWULFDPHQWHGHVWUDYiYHO   ҧϜ3iJLQD
0RQWDURVXSRUWHGHELFLFOHWDVQDUyWXODGH Ɣ 5RGDVHSQHXVҧϜ3iJLQD
HQJDWHJLUDWyULD   Ɣ $FHVVyULRVUHSRVLomRGHSHoDVUHSDURVHPR
(QJDWDUHFRQHFWDURUHERTXH   GLILFDo}HVҧϜ3iJLQD
&DUUHJDURUHERTXH  
&RQGX]LUFRPXPUHERTXH   $'9(57Ç1&,$
&RQWUROHGHHVWDELOLGDGHGRFRQMXQWR   2WUDQVSRUWHGHSDVVDJHLURVHPXPUHERTXH
,QVWDODURGLVSRVLWLYRGHUHERTXH FRORFDYLGDVHPULVFRHSRGHVHULOHJDO
SRVWHULRUPHQWH  
&DUJDVGHUHERTXHPi[LPDVDGPLVVtYHLV   $'9(57Ç1&,$
&DSDFLGDGHPi[LPDGHWUDomRDGPLVVtYHO  
2XVRLQDGHTXDGRGRGLVSRVLWLYRGHUHERTXH
2EVHUYDUDVSUHVFULo}HVHVSHFtILFDVGRSDtVSDUD SRGHFDXVDUIHULPHQWRVHDFLGHQWHV
DFRQGXomRFRPUHERTXHHSDUDDXWLOL]DomRGH Ɣ 8VDURGLVSRVLWLYRGHUHERTXHDSHQDVVH
XPGLVSRVLWLYRGHUHERTXH HOHHVWLYHUIL[DGRGHPDQHLUDFRUUHWDHVHP
GDQRV
9LDGHUHJUDRYHtFXORIRLGHVHQYROYLGRSDUDR
WUDQVSRUWHGHSHVVRDVHSRGHVHUXWLOL]DGRSDUD Ɣ 1mRUHDOL]DUQHQKXPDPRGLILFDomRRXUH
SX[DUXPUHERTXHTXDQGRFRPHTXLSDPHQWRWpF SDURQRGLVSRVLWLYRGHUHERTXH
QLFRDGHTXDGR(VWDFDUJDGHUHERTXHDGLFLRQDO Ɣ 3DUDUHGX]LURULVFRGHIHULPHQWRVHPFROL
LQIOXHQFLDDUHVLVWrQFLDRFRQVXPRGHFRPEXVWtYHO V}HVWUDVHLUDVHSDUDSHGHVWUHVHFLFOLVWDVDR
HDSHUIRUPDQFHGRYHtFXORHSRGHVREGHWHUPL HVWDFLRQDURYHtFXOREDVFXODUSDUDGHQWURRX
QDGDVFRQGLo}HVGLPLQXLURVLQWHUYDORVGHVHUYLoR UHPRYHUVHPSUHDUyWXODGHHQJDWHTXDQGRR
$FRQGXomRFRPXPUHERTXHUHSUHVHQWDQmRDSH UHERTXHQmRHVWLYHUVHQGRXWLOL]DGR
QDVXPDFDUJDPDLRUSDUDRYHtFXORPDVWDPEpP Ɣ 1XQFDPRQWDUXPGLVSRVLWLYRGHUHERTXH
H[LJHXPDPDLRUFRQFHQWUDomRGRFRQGXWRU ³FRPGLVWULEXLomRGHSHVR´RXFRP³FRP
SHQVDomRGHFDUJD´2YHtFXORQmRIRLGHVHQ
(PWHPSHUDWXUDVGHLQYHUQRPRQWDURVSQHXVGH
YROYLGRSDUDHVWHVWLSRVGHGLVSRVLWLYRGHUH
LQYHUQRQRYHtFXORHQRUHERTXH
ERTXH2GLVSRVLWLYRGHUHERTXHSRGHIDOKDU
&DUJDGHDSRLR HRUHERTXHSRGHVHVROWDUGRYHtFXOR
$FDUJDGHDSRLRPi[LPDDGPLVVtYHOGDEDUUDGH
UHERTXHVREUHDUyWXODGHHQJDWHGRGLVSRVLWLYRGH $'9(57Ç1&,$
UHERTXHQmRSRGHH[FHGHUNJ $FRQGXomRFRPXPUHERTXHHRWUDQVSRUWH
GHREMHWRVSHVDGRVRXFRPVXSHUItFLHVJUDQ
9HtFXORVFRPVLVWHPD6WDUW6WRS
GHVSRGHDOWHUDUDVFDUDFWHUtVWLFDVGHFRQGX
(PGLVSRVLWLYRVGHUHERTXHQmRLQVWDODGRVSHOD omRHFDXVDUDFLGHQWHV
9RONVZDJHQDQWHVGDFRQGXomRFRPUHERTXHR
Ɣ )L[DUVHPSUHDFDUJDGHPDQHLUDFRUUHWD
VLVWHPD6WDUW6WRSGHYHVHUGHVOLJDGRPDQXDO
FRPILWDVGHDPDUUDomRRXFLQWDVWHQVRUDV
PHQWHSRUPHLRGRERWmRQRSDLQHOGHLQVWUXPHQ
DGHTXDGDVHHPERDVFRQGLo}HVGHXVR
WRVҧϜ3iJLQDHSHUPDQHFHUGHVOLJDGRGXUDQWH
WRGDDFRQGXomRFRPUHERTXHҧϜ  Ɣ $GHTXDUVHPSUHDYHORFLGDGHHDIRUPD
GHFRQGXomRjVFRQGLo}HVGHYLVLELOLGDGH
,QIRUPDo}HVHDOHUWDVFRPSOHPHQWDUHV FOLPiWLFDVGDSLVWDHGRWUkQVLWR b
Ɣ 9LVWDVH[WHUQDVҧϜ3iJLQD
Ɣ 7UDYDPHQWRFHQWUDOHVLVWHPDGHWUDYDPHQWR
ҧϜ3iJLQD
Ɣ /X]ҧϜ3iJLQD

 $QWHVGDFRQGXomR
$'9(57Ç1&,$ FRQWLQXDomR $'9(57Ç1&,$ FRQWLQXDomR
Ɣ 5HERTXHVFRPRFHQWURGHJUDYLGDGH GXomRFRPUHERTXH&DVRFRQWUiULRSRGH
PDLVDOWRSRGHPWRPEDUPDLVIDFLOPHQWHGR KDYHUXPDDYDULDGRVLVWHPDGHIUHLRRTXH
TXHUHERTXHVFRPRFHQWURGHJUDYLGDGH SRGHFDXVDUDFLGHQWHVHIHULPHQWRVJUDYHV
PDLVEDL[R Ɣ 'HVOLJDUVHPSUHPDQXDOPHQWHRVLVWHPD
Ɣ (YLWDUPDQREUDVGHGLUHomRHGHIUHQDJHP 6WDUW6WRSTXDQGRXPUHERTXHIRUIL[DGRD
DEUXSWDVHV~ELWDV XPGLVSRVLWLYRGHUHERTXHQmRLQVWDODGRSHOD
Ɣ $WHQomRHVSHFLDOGXUDQWHDVXOWUDSDVVD 9RONVZDJHQ
JHQV
'HVOLJDUVHPSUHRVLVWHPDGHDODUPHDQWLIXU
Ɣ 5HGX]LULPHGLDWDPHQWHDYHORFLGDGHDR WRDQWHVGHRUHERTXHVHUHQJDWDGRRXGH
SHUFHEHURPDLVOHYHPRYLPHQWRSHQGXODUGR VHQJDWDGRҧϜ3iJLQD&DVRFRQWUiULRRVHQVRU
UHERTXH GHLQFOLQDomRSRGHGLVSDUDURDODUPHLQYROXQWDULD
Ɣ &RPXPUHERTXHQmRFRQGX]LUFRPYHOR PHQWH
FLGDGHVXSHULRUDNPK PSK  HPFD
VRVH[FHSFLRQDLVWDPEpPNPK 1RVSULPHLURVNPGHXPPRWRUQRYR
PSK ,VWRWDPEpPpYiOLGRSDUDSDtVHV QmRFRQGX]LUFRPXPUHERTXH
HPTXHDYHORFLGDGHPi[LPDSHUPLWLGDVHMD ҧϜ3iJLQD
PDLVHOHYDGD2EVHUYDUYHORFLGDGHVPi[LPDV $QWHVGDFRQGXomRVHPUHERTXHD9RONVZD
HVSHFtILFDVGHSDtVHVTXHSDUDYHtFXORVFRP JHQUHFRPHQGDUHWLUDURXYLUDUDUyWXODGHHQ
UHERTXHVSRGHPHVWDUDEDL[RGDTXHODVSDUD JDWHSDUDEDL[R1RFDVRGHXPLPSDFWRWUDVHLUR
YHtFXORVVHPUHERTXHV RVGDQRVFDXVDGRVSRGHPVHUPDLRUHVHPYHtFX
Ɣ 1XQFDWHQWDU³HVWDELOL]DU´SRUPHLRGH ORVFRPDUyWXODPRQWDGDGRTXHHPYHtFXORVVHP
DFHOHUDo}HVXPFRQMXQWRTXHHVWLYHURVFLODQ DUyWXODPRQWDGD
GR
$OJXQVGLVSRVLWLYRVGHUHERTXHLQVWDODGRV
SRVWHULRUPHQWHFREUHPRDORMDPHQWRGDDU
$'9(57Ç1&,$ JRODGHUHERTXHWUDVHLUD1HVWHVFDVRVDDUJROD
&RPGLVSRVLWLYRGHUHERTXHQmRLQVWDODGR GHUHERTXHQmRSRGHPDLVVHUXWLOL]DGDSDUDUHER
SHOD9RONVZDJHQRVLVWHPD6WDUW6WRSGHYH FDURXWURVYHtFXORV3RUHVWDUD]mRDUyWXODGHHQ
VHUGHVOLJDGRVHPSUHPDQXDOPHQWHQDFRQ JDWHUHWLUDGDGRGLVSRVLWLYRGHUHERTXHLQVWDODGR
SRVWHULRUPHQWHGHYHVHUVHPSUHOHYDGDQRYHtFX
OR ‹

3UHPLVVDVWpFQLFDV

¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
GHUHERTXH1XQFDPRQWDUXP³GLVWULEXLGRUGHSH
VR´RX³XPFRPSHQVDGRUGHFDUJD´FRPRGLVSRVLWL
YRGHUHERTXH

6HRYHtFXORWLYHUVLGRHTXLSDGRGHIiEULFDFRP 'LVSRVLWLYRGHUHERTXHPRQWDGRQRSDUD
XPGLVSRVLWLYRGHUHERTXHWRGRVRVDVSHFWRVWpF FKRTXH
QLFRVHOHJDLVQHFHVViULRVSDUDDFRQGXomRFRP 1XQFDPRQWDUXPGLVSRVLWLYRGHUHERTXHQRSDUD
UHERTXHMiIRUDPFRQVLGHUDGRV FKRTXHRXHPVXDIL[DomR8PGLVSRVLWLYRGHUH
ERTXHQmRGHYHUHGX]LURHIHLWRGRSDUDFKRTXH
&RPRVROXomRSDUDLQVWDODomRSRVWHULRUXWLOL]DU
1mRUHDOL]DUQHQKXPDDOWHUDomRQRVLVWHPDGHHV
VRPHQWHXPGLVSRVLWLYRGHUHERTXHOLEHUDGRSDUD
FDSHHQRVLVWHPDGHIUHLR9HULILFDUSHULRGLFDPHQ
RSHVREUXWRDGPLVVtYHOGRUHERTXHTXHVHUiSX
WHVHRGLVSRVLWLYRGHUHERTXHHVWiDVVHQWDGRILU
[DGR2GLVSRVLWLYRGHUHERTXHGHYHVHUDGHTXDGR
PHPHQWH
SDUDRYHtFXORHSDUDRUHERTXHHGHYHHVWDUIL[D
GRFRPVHJXUDQoDQRFKDVVLGRYHtFXOR8WLOL]DU 6LVWHPDGHDUUHIHFLPHQWRGRPRWRU
VRPHQWHXPGLVSRVLWLYRGHUHERTXHOLEHUDGRSHOD
$FRQGXomRFRPXPUHERTXHH[LJHPDLVGRPRWRU
53&&

9RONVZDJHQSDUDRYHtFXOR9HULILFDUHREVHUYDU
HGRVLVWHPDGHDUUHIHFLPHQWR2VLVWHPDGHDUUH
VHPSUHDVLQGLFDo}HVGRIDEULFDQWHGRGLVSRVLWLYR
IHFLPHQWRGHYHFRQWHUOtTXLGRGHDUUHIHFLPHQWRVX
ILFLHQWHHHVWDUSURMHWDGRSDUDDFDUJDDGLFLRQDOGD
FRQGXomRFRPUHERTXH b

7UDQVSRUWDU 
)UHLRGRUHERTXH FRUUHWDPHQWHDRVLVWHPDHOpWULFRFRQVXOWDUXPD
6HRUHERTXHSRVVXLUXPVLVWHPDGHIUHLRSUySULR HPSUHVDHVSHFLDOL]DGD3DUDLVVRD9RONVZDJHQ
DVGHWHUPLQDo}HVYiOLGDVGHYHPVHUREVHUYDGDV UHFRPHQGDXPD&RQFHVVLRQiULD9RONVZDJHQ
2VLVWHPDGHIUHLRGRUHERTXHQXQFDGHYHVHUFR
(VSHOKRVUHWURYLVRUHVH[WHUQRV
QHFWDGRDRVLVWHPDGHIUHLRGRYHtFXOR
6HDiUHDGHWUiIHJRDWUiVGRUHERTXHQmRSXGHU
&DERGHUXSWXUD VHUYLVWDFRPRVHVSHOKRVUHWURYLVRUHVH[WHUQRVGH
8WLOL]DUVHPSUHXPFDERGHUXSWXUDHQWUHRYHtFXOR VpULHGRYHtFXORGHWUDomRVHUmRQHFHVViULRVHV
HRUHERTXHҧϜ3iJLQD SHOKRVUHWURYLVRUHVH[WHUQRVFRPSOHPHQWDUHVFRQ
IRUPHDVGHWHUPLQDo}HVHVSHFtILFDVGHFDGDSDtV
/DQWHUQDVWUDVHLUDVGRUHERTXH 2VHVSHOKRVUHWURYLVRUHVH[WHUQRVGHYHPVHUDMXV
$VODQWHUQDVWUDVHLUDVGRUHERTXHGHYHPFRUUHV WDGRVDQWHVGDFRQGXomRHSURSRUFLRQDUXPFDP
SRQGHUjVGHWHUPLQDo}HVOHJDLVҧϜ3iJLQD SRGHYLVmRWUDVHLURVXILFLHQWH

1XQFDFRQHFWDUDVODQWHUQDVWUDVHLUDVGRUHERTXH
GLUHWDPHQWHDRVLVWHPDHOpWULFRGRYHtFXOR(PFD
VRGHG~YLGDVREUHVHRUHERTXHHVWiFRQHFWDGR

3RWrQFLDPi[LPDGRUHERTXH
&RQVXPLGRU (XURSDÈVLDÈIULFD$PpULFDGR $XVWUiOLD
6XOH$PpULFD&HQWUDO
/DQWHUQDVGHIUHLRDRWRGR : :
/DQWHUQDGRLQGLFDGRUGHGLUHomRSRUFDGDOD : :
GR
/X]HVGHSRVLomRDRWRGR : :
/DQWHUQDVWUDVHLUDVDRWRGR : :
/DQWHUQDGHQHEOLQD : :
1XQFDH[FHGHURVYDORUHVLQGLFDGRV

$'9(57Ç1&,$ 127$ FRQWLQXDomR


Ɣ 1XQFDFRQHFWDURVLVWHPDHOpWULFRGRUHER
8PGLVSRVLWLYRGHUHERTXHLQDGHTXDGRRX
TXHGLUHWDPHQWHFRPDVFRQH[}HVHOpWULFDVGDV
PRQWDGRLQFRUUHWDPHQWHSRGHRFDVLRQDUD
ODQWHUQDVWUDVHLUDVRXFRPRXWUDIRQWHGHFRU
VROWXUDGRUHERTXHHSURYRFDUIHULPHQWRV
UHQWH8WLOL]DUVRPHQWHFRQH[}HVDGHTXDGDV
JUDYHV
SDUDDDOLPHQWDomRGHFRUUHQWHGRUHERTXH

127$ (PUD]mRGDPDLRUGHPDQGDGRYHtFXORFRP
Ɣ 6HDVODQWHUQDVWUDVHLUDVGRUHERTXHQmRIR FRQGXomRFRPUHERTXHIUHTXHQWHD9RONV
UHPFRQHFWDGDVFRUUHWDPHQWHRVFRPSRQHQ ZDJHQUHFRPHQGDTXHDVPDQXWHQo}HVVHMDP
WHVHOHWU{QLFRVGRYHtFXORSRGHPVHUGDQLILFD HIHWXDGDVWDPEpPHQWUHRVLQWHUYDORVGHLQVSH
GRV omR
Ɣ 6HRUHERTXHFRQVXPLUFRUUHQWHHPH[FHV (PDOJXQVSDtVHVpQHFHVViULROHYDUXPH[
VRRVFRPSRQHQWHVHOHWU{QLFRVGRYHtFXORSR WLQWRUGHLQFrQGLRDGLFLRQDOTXDQGRRSHVRWR
GHPVHUGDQLILFDGRV WDOGRUHERTXHIRUPDLRUGRTXHNJ ‹

 $QWHVGDFRQGXomR
5yWXODGHHQJDWHHOHWULFDPHQWHGHVWUDYiYHO
Ɣ 'HVHQJDWDURUHERTXHHGHVOLJDUDFRQH[mR
HOpWULFDHQWUHRYHtFXORHRUHERTXH6HIRURFDVR
UHPRYHURVDGDSWDGRUHVGDWRPDGDGRUHERTXH
Ɣ &RORFDUDFDSDGHSURWHomRFRQWUDSRHLUD FDVR
H[LVWHQWH QDUyWXODGHHQJDWH
Ɣ $EULUDWDPSDGRFRPSDUWLPHQWRGHEDJDJHP
Ɣ 3X[DURERWmRҧϜ)LJEUHYHPHQWH$UyWXOD
GHHQJDWHpGHVWUDYDGDHOHWULFDPHQWH
Ɣ *LUDUDUyWXODGHHQJDWHPDQXDOPHQWHSDUDEDL
[RGRSDUDFKRTXHDWpVHQWLUHRXYLUTXHHODIRL
WUDYDGDHDOX]GHFRQWUROHQRERWmRҧϜ)LJVH
DSDJDU
Ɣ )HFKDUDWDPSDGRFRPSDUWLPHQWRGHEDJD
)LJ 1RFRPSDUWLPHQWRGHEDJDJHPjGLUHLWD JHP
ERWmRSDUDGHVWUDYDPHQWRGDUyWXODGHHQJDWH
6LJQLILFDGRGDOX]GHFRQWUROH

¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
Ɣ 6HDOX]GHFRQWUROHGRERWmRҧϜ)LJSLVFD
DUyWXODGHHQJDWHDLQGDQmRVHHQFRQWUDQDSRVL
omRILQDOHQmRHVWiWUDYDGDRXHVWiGDQLILFDGD
ҧϜ 
$UyWXODGHHQJDWHGRGLVSRVLWLYRGHUHERTXHHVWi Ɣ 6HDOX]GHFRQWUROHHVWLYHUFRQVWDQWHPHQWH
ORFDOL]DGDQRSDUDFKRTXH$UyWXODGHHQJDWHHOH DFHVDFRPDWDPSDGRFRPSDUWLPHQWRGHEDJD
WULFDPHQWHWUDYiYHOQmRSRGHVHUUHPRYLGD JHPDEHUWDDUyWXODGHHQJDWHHVWDUiWUDYDGDFRU
UHWDPHQWHSDUDGHQWURRXSDUDIRUD
1mRSRGHPKDYHUSHVVRDVDQLPDLVHREMHWRVQD
iUHDGHDEHUWXUDGDUyWXODGHHQJDWHҧϜ  Ɣ &RPDWDPSDGRFRPSDUWLPHQWRGHEDJDJHP
IHFKDGDDOX]GHFRQWUROHVHDSDJD
'HVWUDYDUHJLUDUDUyWXODGHHQJDWH
Ɣ 3DUDURYHtFXORHOLJDURIUHLRGHHVWDFLRQDPHQ $'9(57Ç1&,$
WRHOHWU{QLFRҧϜ3iJLQD 2XVRLQDGHTXDGRGRGLVSRVLWLYRGHUHERTXH
Ɣ 'HVOLJDURPRWRU SRGHFDXVDUIHULPHQWRVHDFLGHQWHV
Ɣ $EULUDWDPSDGRFRPSDUWLPHQWRGHEDJDJHP Ɣ $WHQWDUSDUDTXHQmRKDMDPSHVVRDVDQL
Ɣ 3X[DURERWmRҧϜ)LJEUHYHPHQWH$UyWXOD PDLVQHPREMHWRVQRUDLRGHDEHUWXUDGDUyWX
GHHQJDWHpGHVWUDYDGDHOHWULFDPHQWHHpUHPRYL ODGHHQJDWH
GDLQGHSHQGHQWHPHQWH$OX]GHFRQWUROHSLVFDQR Ɣ (PKLSyWHVHDOJXPDGHYHVHXWLOL]DUREMH
ERWmRҧϜ)LJ WRVDX[LOLDUHVRXIHUUDPHQWDVQRSURFHVVRGH
Ɣ &RQWLQXDUDJLUDUDUyWXODGHHQJDWHFRPDPmR JLURGDUyWXODGHHQJDWH
DWpTXHVHSRVVDVHQWLUHRXYLUTXHDUyWXODGHHQ Ɣ 1XQFDDFLRQDURERWmRҧҧϜ)LJVHXP
JDWHIRLWUDYDGDHTXHDOX]GHFRQWUROHGRERWmR UHERTXHHVWLYHUHQJDWDGRRXVHKRXYHUDFLPD
VHDFHQGD GDUyWXODGHHQJDWHXPEDJDJHLURRXRXWUDV
Ɣ )HFKDUDWDPSDGRFRPSDUWLPHQWRGHEDJD SHoDVDJUHJDGDV
JHP Ɣ 1XQFDFRQGX]LUFRPXPUHERTXHVHDOX]
Ɣ 4XDQGRKRXYHUXPDFDSDGHSURWHomRFRQWUD GHFRQWUROHGRERWmRҧϜ)LJQmRHVWLYHU
SRHLUDPRQWDGDVREUHDUyWXODGHHQJDWHUHPRYr DFHVD
ODHJXDUGiODDQWHVGHDFRSODUXPUHERTXH Ɣ 6HDUyWXODGHHQJDWHQmRVHWUDYDUGHIRU
Ɣ $OX]GHFRQWUROHGRERWmRVHUiDFHVDDSHQDV PDFRUUHWDQmRXVDURGLVSRVLWLYRGHUHER
VHDWDPSDGRFRPSDUWLPHQWRGHEDJDJHPHVWLYHU TXHHPDQGDUYHULILFDUHPXPD&RQFHVVLR
DEHUWD QiULD9RONVZDJHQ
Ɣ 6HKRXYHUDYDULDVQRVLVWHPDHOpWULFRRX
53&&

9LUDUDUyWXODGHHQJDWHSDUDGHQWUR QRSUySULRGLVSRVLWLYRGHUHERTXHRGLVSRVL
Ɣ 3DUDURYHtFXORHOLJDURIUHLRGHHVWDFLRQDPHQ WLYRGHUHERTXHGHYHVHUYHULILFDGRSRUXPD
WRHOHWU{QLFR &RQFHVVLRQiULD9RONVZDJHQ b
Ɣ 'HVOLJDURPRWRU

7UDQVSRUWDU 
$'9(57Ç1&,$ FRQWLQXDomR 127$ FRQWLQXDomR
Ɣ 1mRXVDURGLVSRVLWLYRGHUHERTXHVHR PRQWDGD$VYHGDo}HVSRGHPVHUGDQLILFDGDV
PHQRUGLkPHWURGDUyWXODIRULQIHULRUD RXDJRUGXUDQHFHVViULDSDUDDOXEULILFDomRSR
PP GHVHUUHPRYLGD

(PFDVRVGHWHPSHUDWXUDVH[WHUQDVH[WUH
127$ PDPHQWHEDL[DVSRGHRFRUUHUGHDUyWXODGH
1mRGLUHFLRQDURODYDGRUGHDOWDSUHVVmRRXR HQJDWHQmRYLUDU1HVWHVFDVRVEDVWDFRORFDUR
MDWRGHYDSRUGLUHWDPHQWHSDUDDUyWXODGHHQ YHtFXORHPDPELHQWHVPDLVTXHQWHVFRPRSRU
JDWHJLUDWyULDRXSDUDDWRPDGDGRUHERTXH H[HPSORHPXPDJDUDJHP ‹

0RQWDURVXSRUWHGHELFLFOHWDVQDUyWXODGHHQJDWHJLUDWyULD

¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
$'9(57Ç1&,$ FRQWLQXDomR
GDHVIHUDHGHSHQGHQGRGDYHUVmRGRVXSRU
WHGHELFLFOHWDVSRGHRFRUUHUXPGHVDOLQKD
PHQWRGRVXSRUWHGHELFLFOHWDVQRYHtFXOR
$FDUJDPi[LPDQDFRQGXomRFRPXPVLVWHPDGH
FDUJDHPXPDUyWXODGHHQJDWHSRUH[HPSORXP Ɣ /HUHREVHUYDUDVLQVWUXo}HVGHLQVWDODomR
VXSRUWHGHELFLFOHWDFRPQRPi[LPRELFLFOHWDVp GRVXSRUWHGHELFLFOHWDV
GHNJ$ODUJXUDPi[LPDDGPLVVtYHOGRVLVWHPD
GHFDUJDQDUyWXODGHHQJDWHQmRSRGHXOWUDSDVVDU 127$
PP 6HRFDUUHJDPHQWRRXDODUJXUDPi[LPDLQGLFD
GRVIRUHPH[FHGLGDVSRGHPRFRUUHUGDQRV
$'9(57Ç1&,$ FRQVLGHUiYHLVDRYHtFXOR
2XVRLQDGHTXDGRGRGLVSRVLWLYRGHUHERTXH Ɣ 1XQFDH[FHGHURVYDORUHVLQGLFDGRV
FRPVXSRUWHGHELFLFOHWDVPRQWDGRVREUHD
UyWXODGHHQJDWHSRGHRFDVLRQDUIHULPHQWRVH $9RONVZDJHQUHFRPHQGDUHPRYHUWRGRVRV
DFLGHQWHV FRPSRQHQWHVSRVVtYHLVGDVELFLFOHWDVDQWHV
GDFRQGXomR,VVRLQFOXLSRUH[HPSORFHVWDHPD
Ɣ 1XQFDH[FHGHUDFDUJDHDODUJXUDLQGLFD
ODVGDELFLFOHWDFDGHLUDVGHFULDQoDRXEDWHULDV
GDV
,VVRSHUPLWHPHOKRUDUDDHURGLQkPLFDHRFHQWUR
Ɣ 1mRpSHUPLWLGRIL[DURVXSRUWHGHELFLFOH GHJUDYLGDGHGRVLVWHPDGHFDUJD ‹
WDVQRJDUJDORGDHVIHUDDEDL[RGDHVIHUDGH
HQJDWHMiTXHGHYLGRDRIRUPDWRGRJDUJDOR

 $QWHVGDFRQGXomR
(QJDWDUHFRQHFWDURUHERTXH
2VSLQRVHQmRSRGHPVHUFRQHFWDGRVHQWUH
VLSDUDTXHDEDWHULDQmRVHMDGHVFDUUHJDGDRX
GDQLILFDGD
1XQFDFRQHFWDURVFDERVPDVVDGRVSLQRVH
SDUDQmRVREUHFDUUHJDURVLVWHPDHOpWULFR
4XDQGRRUHERTXHWLYHUXPFRQHFWRUGHSRORV
GHYHVHUXWLOL]DGRXPFDERDGDSWDGRUDGHTXDGR
1HVWHFDVRDIXQomRGRSLQRQmRHVWiGLVSRQt
YHO

&DERGHUXSWXUD
)L[DUVHPSUHRFDERGHUXSWXUDGRUHERTXHFRUUH
WDPHQWHQRYHtFXORGHWUDomR1HVVHFDVRGHL[DU
RFDERGHUXSWXUDXPSRXFRIURX[RSDUDSRVVLELOL
)LJ 5HSUHVHQWDomRHVTXHPiWLFDGLVSRVLomR WDUDFRQGXomRHPFXUYDV1RHQWDQWRRFDERGH
GRVSLQRVGDWRPDGDGRUHERTXH UXSWXUDQmRGHYHVHDUUDVWDUSHORVRORGXUDQWHD
FRQGXomR
¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
/DQWHUQDVWUDVHLUDVGRUHERTXH
$WHQWDUSDUDTXHDVODQWHUQDVWUDVHLUDVGRUHERTXH
IXQFLRQHPFRUUHWDPHQWHHTXHFRUUHVSRQGDPjV
/HJHQGDSDUDDUHSUHVHQWDomRHVTXHPiWLFD GHWHUPLQDo}HVOHJDLV$WHQWDUSDUDTXHDSRWrQFLD
)LJ Pi[LPDGRUHERTXHQmRVHMDH[FHGLGD
3LQR 6LJQLILFDGR ҧϜ3iJLQD
 ,QGLFDGRUHVGHGLUHomRHVTXHUGRV ,QWHJUDomRDRVLVWHPDGHDODUPHDQWLIXUWR
 /DQWHUQDGHQHEOLQD 2UHERTXHpLQWHJUDGRDRVLVWHPDGHDODUPHDQWL
 3LQRPDVVD± IXUWRGHDFRUGRFRPDVVHJXLQWHVSUHPLVVDV
 ,QGLFDGRUHVGHGLUHomRGLUHLWRV Ɣ 6HRYHtFXORIRUHTXLSDGRGHIiEULFDFRPXP
 /DQWHUQDWUDVHLUDGLUHLWD VLVWHPDGHDODUPHDQWLIXUWRHFRPXPGLVSRVLWLYR
 /DQWHUQDGHIUHLR GHUHERTXH
 /X]WUDVHLUDHVTXHUGD Ɣ 6HRUHERTXHHVWLYHUFRQHFWDGRHOHWULFDPHQWH
DRYHtFXORGHWUDomRSRUPHLRGDWRPDGDGRUHER
 /DQWHUQDGHPDUFKDDUp
TXH
 /X]SHUPDQHQWH
Ɣ 6HRVLVWHPDHOpWULFRGRYHtFXORHGRUHERTXH
 &DERFDUUHJDGRUSRVLWLYR HVWLYHUHPIXQFLRQDQGRVHPDYDULDVHVHPGDQRV
 3LQRPDVVD Ɣ 6HRYHtFXORHVWLYHUWUDYDGRFRPDFKDYHGR
 QmRRFXSDGR YHtFXORHRVLVWHPDGHDODUPHDQWLIXUWRHVWLYHUDWL
 3LQRPDVVD YR
&RPRYHtFXORWUDYDGRRDODUPHGLVSDUDDVVLP
7RPDGDGRUHERTXH
TXHDFRQH[mRHOpWULFDFRPRUHERTXHpLQWHUURP
$FRQH[mRHOpWULFDHQWUHRYHtFXORGHWUDomRHR SLGD
UHERTXHRFRUUHSRUPHLRGHXPDWRPDGDGHUHER
TXHGHSRORV1RUHFRQKHFLPHQWRHOpWULFRGH 'HVOLJDUVHPSUHRVLVWHPDGHDODUPHDQWLIXUWRDQ
XPUHERTXHRVFRQVXPLGRUHVHOpWULFRVQRUHER WHVGHHQJDWDURXGHVHQJDWDURUHERTXH&DVR
TXHVmRDOLPHQWDGRVFRPWHQVmRDWUDYpVGDOLJD FRQWUiULRRVHQVRUGHLQFOLQDomRSRGHGLVSDUDUR
omRHOpWULFD DODUPHLQYROXQWDULDPHQWH
2SLQRHVWiRFXSDGRFRPDOX]SHUPDQHQWHGH 5HERTXHFRPODQWHUQDVWUDVHLUDVGH/('
PRGRTXHSRVVDSRUH[HPSORIXQFLRQDUDLOXPL 5HERTXHVFRPODQWHUQDVWUDVHLUDVGH/('QmRSR
53&&

QDomRLQWHUQDGHXPUHERTXH2SLQRVRPHQWH GHPVHUOLJDGRVDRVLVWHPDGHDODUPHDQWLIXUWRSRU
pDOLPHQWDGRFRPWHQVmRHOpWULFDFRPRPRWRUHP UD]}HVWpFQLFDV b
IXQFLRQDPHQWR$OLQKDGHFDUUHJDPHQWR SLQR
FDUUHJDSRUH[HPSORDEDWHULDGHXPWUDLOHU

7UDQVSRUWDU 
&RPRYHtFXORWUDYDGRRDODUPHQmRGLVSDUDDV $'9(57Ç1&,$ FRQWLQXDomR
VLPTXHDFRQH[mRHOpWULFDFRPRUHERTXHFRP
Ɣ 1XQFDFRQHFWDUHQWUHVLRVSLQRVGDWRPD
ODQWHUQDVWUDVHLUDVGH/('IRULQWHUURPSLGD
GDGRUHERTXH

$'9(57Ç1&,$ Ɣ 5HSDUDURVSLQRVGREUDGRVHPXPD&RQ
FHVVLRQiULD9RONVZDJHQRXHPXPDHPSUHVD
&RQGXWRUHVHOpWULFRVLQDGHTXDGRVRXLQFRU HVSHFLDOL]DGD
UHWDPHQWHFRQHFWDGRVSRGHPHQHUJL]DURUH
ERTXHFDXVDUIDOKDVGHIXQFLRQDPHQWRQRV
127$
FRPSRQHQWHVHOHWU{QLFRVGRYHtFXORHFDXVDU
IHULPHQWRVJUDYHV 8PUHERTXHHVWDFLRQDGRVREUHDURGDGHDSRLR
RXVREUHRVVXSRUWHVGRUHERTXHQmRGHYHSHU
Ɣ 7RGRVRVWUDEDOKRVQRVLVWHPDHOpWULFRVR
PDQHFHUDFRSODGRDRYHtFXOR3RUH[HPSORR
PHQWHSRGHPVHUUHDOL]DGRVSRUXPD&RQ
YHtFXORVHHUJXHHVHDEDL[DGHYLGRDDOWHUD
FHVVLRQiULD9RONVZDJHQ
o}HVGDFDUJDRXDYDULDGHSQHXV1HVVHFDVR
Ɣ 1XQFDFRQHFWDURVLVWHPDHOpWULFRGRUH IRUoDVGHJUDQGHLQWHQVLGDGHDWXDPVREUHR
ERTXHGLUHWDPHQWHFRPDVFRQH[}HVHOpWUL GLVSRVLWLYRGHUHERTXHHVREUHRUHERTXHHSR
FDVGDVODQWHUQDVWUDVHLUDVRXFRPRXWUDIRQ GHPRFDVLRQDUGDQRVDRYHtFXORHDRUHERTXH
WHGHFRUUHQWH
(PFDVRGHDYDULDVGRVLVWHPDHOpWULFRGR
$'9(57Ç1&,$ YHtFXORRXGRUHERTXHEHPFRPRDYDULDV
FRPRVLVWHPDGHDODUPHDQWLIXUWRRVVLVWHPDVGH
2FRQWDWRHQWUHRVSLQRVGDWRPDGDGRUHER YHPVHUYHULILFDGRVSRUXPD&RQFHVVLRQiULD
TXHSRGHRFDVLRQDUFXUWRFLUFXLWRVVREUH 9RONVZDJHQRXSRUXPDHPSUHVDHVSHFLDOL]DGD
FDUJDGRVVLVWHPDVHOpWULFRVRXIDOKDGRVLV
WHPDGHLOXPLQDomRHFRPLVVRSURYRFDU 6HDFDUJDGDEDWHULDGRYHtFXORHVWLYHUPXL
DFLGHQWHVHIHULPHQWRVJUDYHV WREDL[DDFRQH[mRHOpWULFDFRPRUHERTXHp
DXWRPDWLFDPHQWHLQWHUURPSLGD ‹

&DUUHJDURUHERTXH

¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
&DSDFLGDGHPi[LPDGHWUDomR
$FDSDFLGDGHPi[LPDGHWUDomRpFRPSRVWDSHORV
SHVRVUHDLVGRYHtFXORGHWUDomRFDUUHJDGRHGR
UHERTXHFDUUHJDGR
&DUJDGHUHERTXHHFDUJDGHDSRLR
(PDOJXQVSDtVHVRVUHERTXHVHVWmRVXEGLYLGLGRV
$FDUJDGHUHERTXHpDFDUJDTXHRYHtFXORpFD HPFODVVHV$9RONVZDJHQUHFRPHQGDFRQVXOWDU
SD]SX[DUҧϜ $FDUJDGHDSRLRpDFDUJDTXH XPDHPSUHVDHVSHFLDOL]DGDVREUHRVUHERTXHV
H[HUFHSUHVVmRYHUWLFDOPHQWHVREUHDUyWXODGHHQ DGHTXDGRV
JDWHGRGLVSRVLWLYRGHUHERTXHҧϜ3iJLQD
$VLQGLFDo}HVGDFDUJDGHUHERTXHHGDFDUJDGH &DUUHJDURUHERTXH
DSRLRQDSODTXHWDGHLGHQWLILFDomRGRGLVSRVLWLYR 2FRQMXQWRGHYHHVWDUEDODQFHDGR3DUDLVVR
GHUHERTXHVmRYDORUHVGHUHIHUrQFLDGRGLVSRVLWL DSURYHLWDUDFDUJDGHDSRLRPi[LPDDGPLVVtYHOH
YR2VYDORUHVUHODWLYRVDRYHtFXORTXHIUHTXHQWH QmRFDUUHJDURUHERTXHFRPDFDUJDQDIUHQWHRX
PHQWHHVWmRDEDL[RGHVVHVYDORUHVHVWmRUHODFLR DWUiV
QDGRVQRVGRFXPHQWRVGRYHtFXOR$VLQGLFDo}HV Ɣ 'LVWULEXLUDFDUJDQRUHERTXHGHPRGRTXHRE
QRVGRFXPHQWRVGHOLFHQFLDPHQWRGRYHtFXORVHP MHWRVSHVDGRVVHHQFRQWUHPRPDLVSUy[LPRSRVVt
SUHWrPSULRULGDGH YHOGRHL[RRXVREUHHOH
3DUDJDUDQWLUDVHJXUDQoDGHFRQGXomRD9RONV Ɣ )L[DUDFDUJDGHPDQHLUDFRUUHWDQRUHERTXH
ZDJHQUHFRPHQGDVHPSUHDSURYHLWDUDFDUJDGH
DSRLRҧϜ3iJLQDPi[LPDDGPLVVtYHO8PDFDU 3UHVVmRGRVSQHXV
JDGHDSRLRPXLWREDL[DOLPLWDRFRPSRUWDPHQWR $SUHVVmRGRVSQHXVSDUDDVURGDVGRUHERTXHp
GHGLUHomRGRFRQMXQWR RULHQWDGDSHODUHFRPHQGDomRGRIDEULFDQWHGRUH
$FDUJDGHDSRLRH[LVWHQWHDXPHQWDRSHVRVREUH ERTXH b
RHL[RWUDVHLURHUHGX]RFDUUHJDPHQWRGRYHtFXOR
DGPLVVtYHO

 $QWHVGDFRQGXomR
(QFKHUDVURGDVGRYHtFXORGHWUDomRFRPDSUHV $'9(57Ç1&,$ FRQWLQXDomR
VmRPi[LPDGRVSQHXVQDFRQGXomRFRPUHERTXH
Ɣ 1XQFDH[FHGHUDFDUJDPi[LPDDGPLVVtYHO
ҧϜ3iJLQD
VREUHRHL[RFRPRSHVRDWXDOQRHL[RGLDQ
WHLURHWUDVHLUR1XQFDH[FHGHURSHVREUXWR
$'9(57Ç1&,$ Pi[LPRDGPLVVtYHOFRPRSHVRGLDQWHLURRX
([FHGHUDFDUJDPi[LPDDGPLVVtYHOVREUHR WUDVHLURGRYHtFXOR
HL[RHDFDUJDGHDSRLREHPFRPRDFDSDFL
GDGHPi[LPDRXWRWDOGHWUDomRGRYHtFXORH $'9(57Ç1&,$
GRUHERTXHSRGHUHVXOWDUHPDFLGHQWHVHIH
ULPHQWRVJUDYHV 6HDFDUJDGHVOL]DUDHVWDELOLGDGHHDVHJX
UDQoDGHFRQGXomRGRFRQMXQWRSRGHPVHU
Ɣ 1XQFDH[FHGHURVYDORUHVLQGLFDGRV EDVWDQWHUHGX]LGDVFDXVDQGRDFLGHQWHVHIH
ULPHQWRVJUDYHV
Ɣ &DUUHJDURUHERTXHVHPSUHGHPDQHLUD
FRUUHWD
Ɣ )L[DUVHPSUHDFDUJDFRPILWDVGHDPDUUD
omRRXFLQWDVWHQVRUDVDGHTXDGDVHHPERDV
FRQGLo}HVGHXVR ‹

&RQGX]LUFRPXPUHERTXH

¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
Ɣ 2FHQWURGHJUDYLGDGHGRYHtFXORHDVFDUDFWH
UtVWLFDVGHFRQGXomRVHDOWHUDUDPSHODFDUJDGH
UHERTXHHSHORDXPHQWRGRSHVREUXWRGRFRQMXQ
WR
5HJXODJHPGRIDURO Ɣ &RPRYHtFXORGHWUDomRYD]LRHRUHERTXHFDU
&RPRUHERTXHDFRSODGRDSDUWHGLDQWHLUDGRYHt UHJDGRDGLVWULEXLomRGHSHVRpEDVWDQWHGHVIDYR
FXORSRGHVHHUJXHUHRIDUROEDL[RDFHVRSRGH UiYHO&RPHVVDFRPELQDomRFRQGX]LUGHIRUPD
RIXVFDURXWURVFRQGXWRUHV$EDL[DURVIHL[HVGH OHQWDHHVSHFLDOPHQWHFXLGDGRVD
OX]FRPDUHJXODJHPGHDOFDQFHGRIDURO4XDQGR
QmRKRXYHUUHJXODJHPGHDOFDQFHGRIDURORIDURO $UUDQTXHFRPXPUHERTXHHPDFOLYHV
GHYHVHUUHJXODGRSRUXPD&RQFHVVLRQiULD9RONV 'HSHQGHQGRGDLQFOLQDomRHGRSHVREUXWRGR
ZDJHQ9HtFXORVFRPOkPSDGDVFRPGHVFDUJDGH FRQMXQWRXPFRQMXQWRHVWDFLRQDGRSRGHURGDUOH
JiVVHDMXVWDPDXWRPDWLFDPHQWHHQmRSUHFLVDP YHPHQWHSDUDWUiVQRDUUDQTXH
VHUUHJXODGDV (PDFOLYHVDUUDQFDUFRPXPUHERTXHGDVHJXLQWH
IRUPD
3DUWLFXODULGDGHVDRFRQGX]LUFRPXP
UHERTXH Ɣ 3LVDUQRSHGDOGRIUHLRHPDQWrORSUHVVLRQDGR
Ɣ (PXPUHERTXHFRPIUHLRFRPSOHPHQWDUIUH Ɣ 3UHVVLRQDURERWmR G XPDYH]SDUDGHVOLJDUR
DUVXDYHPHQWHQRLQtFLRGHSRLVFRQWLQXDPHQWH IUHLRGHHVWDFLRQDPHQWRHOHWU{QLFRҧϜ3iJLQD
$VVLPVmRHYLWDGRVVRODYDQFRVGHIUHQDJHPSHOR Ɣ 3X[DUHVHJXUDURERWmR G HPDQWrORSUHVVLR
EORTXHLRGDVURGDVGRUHERTXH QDGRSDUDVHJXUDURFRQMXQWRFRPRIUHLRGHHVWD
Ɣ $GLVWkQFLDGHIUHQDJHPDXPHQWDGHYLGRjFD FLRQDPHQWRHOHWU{QLFR
SDFLGDGHPi[LPDGHWUDomR Ɣ &RPWUDQVPLVVmRPDQXDOSLVDUWRWDOPHQWHQR
Ɣ $QWHVGHWUHFKRVGHGHFOLYHVHOHFLRQDUXPD SHGDOGDHPEUHDJHP
SRVLomRGHPDUFKDRXPDUFKDLQIHULRUSDUDXWLOL]DU Ɣ (QJDWDUDPDUFKDRXDSRVLomRGH
RPRWRUDGLFLRQDOPHQWHFRPRIUHLR&DVRFRQWUiULR PDUFKD'ҧϜ3iJLQD7URFDUPDUFKDV
RVLVWHPDGHIUHLRSRGHVHVXSHUDTXHFHUHHYHQ
WXDOPHQWHIDOKDU Ɣ 6ROWDURSHGDOGRIUHLR
Ɣ $UUDQFDUOHQWDPHQWH&RPWUDQVPLVVmRPDQX
DOVROWDURSHGDOGDHPEUHDJHPOHQWDPHQWH
53&&

Ɣ /LEHUDURERWmR G VRPHQWHTXDQGRRPRWRUWL
YHUIRUoDGHWUDomRVXILFLHQWHSDUDRDUUDQTXH b

7UDQVSRUWDU 
$'9(57Ç1&,$ $'9(57Ç1&,$ FRQWLQXDomR

3X[DUXPUHERTXHLQFRUUHWDPHQWHSRGHFDX Ɣ $FHOHUDUGHIRUPDHVSHFLDOPHQWHFDXWHOR
VDUDSHUGDGHFRQWUROHGRYHtFXORHIHULPHQ VDHFXLGDGRVD(YLWDUPDQREUDVGHGLUHomRH
WRVJUDYHV GHIUHQDJHPDEUXSWDVHV~ELWDV
Ɣ $FRQGXomRFRPXPUHERTXHHRWUDQV Ɣ $WHQomRHVSHFLDOGXUDQWHDVXOWUDSDVVD
SRUWHGHREMHWRVSHVDGRVRXFRPVXSHUItFLHV JHQV5HGX]LULPHGLDWDPHQWHDYHORFLGDGHDR
JUDQGHVSRGHDOWHUDUDVFDUDFWHUtVWLFDVGH SHUFHEHURPDLVOHYHPRYLPHQWRSHQGXODUGR
FRQGXomRHDXPHQWDUDGLVWkQFLDGHIUHQD UHERTXH
JHP Ɣ 1XQFDWHQWDU³HVWDELOL]DU´SRUPHLRGH
Ɣ &RQGX]LUVHPSUHGHPDQHLUDFDXWHORVDH DFHOHUDo}HVXPFRQMXQWRTXHHVWLYHURVFLODQ
GHIHQVLYD)UHDUDQWHVGRXVXDO GR
Ɣ $GHTXDUVHPSUHDYHORFLGDGHHDIRUPD Ɣ 3DUDYHtFXORVFRPUHERTXHREVHUYDUTXH
GHFRQGXomRjVFRQGLo}HVGHYLVLELOLGDGH DVYHORFLGDGHVPi[LPDVSRGHPHVWDUDEDL[R
FOLPiWLFDVGDSLVWDHGRWUkQVLWR5HGX]LUD GDTXHODVSDUDYHtFXORVVHPUHERTXH ‹
YHORFLGDGHHVSHFLDOPHQWHHPGHFOLYHV

&RQWUROHGHHVWDELOLGDGHGRFRQMXQWR

¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
$'9(57Ç1&,$
$PDLRUVHJXUDQoDRIHUHFLGDSHORFRQWUROHGH
HVWDELOLGDGHGRFRQMXQWRQmRGHYHLQFHQWLYDU
2FRQWUROHGHHVWDELOLGDGHGRFRQMXQWRpXPDH[ DFRORFDUDVHJXUDQoDHPULVFR
SDQVmRGRSURJUDPDGHHVWDELOLGDGHHOHWU{QLFR Ɣ $GHTXDUVHPSUHDYHORFLGDGHHDIRUPD
(6& HDX[LOLDMXQWDPHQWHFRPDVHUYRDVVLVWrQ GHFRQGXomRjVFRQGLo}HVGHYLVLELOLGDGH
FLDGDGLUHomRDUHGX]LUD³YLEUDomR´GRUHERTXH FOLPiWLFDVGDSLVWDHGRWUkQVLWR
8PFRQWUROHGHHVWDELOLGDGHGRFRQMXQWROLJDGRSR Ɣ $FHOHUDUFRPFXLGDGRHPSLVWDHVFRUUHJD
GHVHUUHFRQKHFLGRSHODOX]GHFRQWUROHGR(6&¸ GLD
QRLQVWUXPHQWRFRPELQDGRTXHSHUPDQHFHDFHVD Ɣ 6HXPVLVWHPDHVWLYHUHPIXQFLRQDPHQWR
SRUDSUR[LPDGDPHQWHVHJXQGRVDPDLVGRTXHD WLUDURSpGRSHGDOGRDFHOHUDGRU
OX]GHFRQWUROHGR$%6

3UHPLVVDVSDUDRFRQWUROHGHHVWDELOLGDGH $'9(57Ç1&,$
GRFRQMXQWR eSRVVtYHOTXHRFRQWUROHGHHVWDELOLGDGHGR
Ɣ 2GLVSRVLWLYRGHUHERTXHIRLLQVWDODGRGHIiEUL FRQMXQWRQmRUHFRQKHoDWRGDVDVVLWXDo}HV
FDRXXPGLVSRVLWLYRGHUHERTXHFRPSDWtYHOIRL GHFRQGXomR
LQVWDODGRSRVWHULRUPHQWH Ɣ 5HERTXHVOHYHVHPPRYLPHQWRSHQGXODU
Ɣ (6&H$65HVWmRDWLYRV$OX]GHFRQWUROH ¸ QmRVmRFREHUWRVHPWRGRVRVFDVRVSHOR
RXmQmRHVWiDFHVDQRLQVWUXPHQWRFRPELQDGR FRQWUROHGHHVWDELOLGDGHGRFRQMXQWRHHVWDEL
OL]DGRVGHIRUPDDGHTXDGD
Ɣ 2UHERTXHHVWiFRQHFWDGRHOHWULFDPHQWHDR
YHtFXORGHWUDomRSRUPHLRGDWRPDGDGRUHERTXH Ɣ (PSLVWDVHVFRUUHJDGLDVHFRPEDL[DDGH
UrQFLDXPUHERTXHSRGHFDPEDOHDUDSHVDU
Ɣ $YHORFLGDGHpPDLRUGRTXHDSUR[LPDGDPHQWH
GRFRQWUROHGHHVWDELOLGDGHGRFRQMXQWR
NPK PSK 
Ɣ 5HERTXHVFRPRFHQWURGHJUDYLGDGHDOWR
Ɣ $FDUJDGHDSRLRPi[LPDIRLDSURYHLWDGD
SRGHPWRPEDUDQWHVTXHRFRUUDRPRYLPHQWR
Ɣ 2VUHERTXHVGHYHPWHUXPDEDUUDUtJLGD SHQGXODU
Ɣ 2VUHERTXHVIUHDGRVGHYHPDSUHVHQWDUXP Ɣ 4XDQGRQmRKRXYHUXPUHERTXHDFRSODGR
GLVSRVLWLYRGHMXQomRPHFkQLFR HDRPHVPRWHPSRKRXYHUXPFRQHFWRUQD
WRPDGDGRUHERTXHSRUH[HPSORGHXPSRU
WDELFLFOHWDVFRPLOXPLQDomRSRGHUmRRFRU
UHUSURFHGLPHQWRVV~ELWRVDXWRPiWLFRVGH
IUHQDJHPHPVLWXDo}HVH[WUHPDVGHFRQGX
omR ‹

 $QWHVGDFRQGXomR
,QVWDODURGLVSRVLWLYRGHUHERTXHSRVWHULRUPHQWH
1DLQVWDODomRSRVWHULRUGHXPGLVSRVLWLYRGHUHER
TXHDVPHGLGDVGHGLVWkQFLDGHYHPVHUREULJDWR
ULDPHQWHUHVSHLWDGDV$PHGLGDLQGLFDGDGRFHQWUR
GDUyWXODGHHQJDWHDWpDSLVWDҧϜ)LJ ' QmR
SRGHQXQFDVHUH[FHGLGD,VVRWDPEpPVHDSOLFDD
XPYHtFXORWRWDOPHQWHFDUUHJDGRLQFOXLQGRDFDU
JDGHDSRLRPi[LPD
0HGLGDVGHGLVWkQFLDҧϜ)LJ
$ 3RQWRVGHIL[DomR
% PP
& QRPtQLPRPP
' ±PP
( PP
) PP
* PP
+ PP

$'9(57Ç1&,$
&RQGXWRUHVHOpWULFRVLQDGHTXDGRVRXOLJDGRV
LQFRUUHWDPHQWHSRGHPFDXVDUGHILFLrQFLDVGH
IXQFLRQDPHQWRGHWRGRVRVFRPSRQHQWHV
HOHWU{QLFRVGRYHtFXORHDFLGHQWHVHIHULPHQ
WRVJUDYHV
Ɣ 1XQFDFRQHFWDURVLVWHPDHOpWULFRGRUH
ERTXHGLUHWDPHQWHFRPDVFRQH[}HVHOpWUL
FDVGDVODQWHUQDVWUDVHLUDVRXFRPRXWUDIRQ
WHLQDGHTXDGDGHFRUUHQWH8WLOL]DUVRPHQWH
FRQHFWRUHVDGHTXDGRVSDUDDFRQH[mRGRUH
ERTXH
Ɣ $LQVWDODomRSRVWHULRUGHXPGLVSRVLWLYR
GHUHERTXHGHYHVHUUHDOL]DGDSRUXPD&RQ
)LJ 'LPHQV}HVHSRQWRVGHIL[DomRSDUDLQV FHVVLRQiULD9RONVZDJHQRXSRUXPDHPSUHVD
WDODomRSRVWHULRUGHXPGLVSRVLWLYRGHUHERTXH HVSHFLDOL]DGD

¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
$'9(57Ç1&,$
8PGLVSRVLWLYRGHUHERTXHLQDGHTXDGRRXLQ
FRUUHWDPHQWHLQVWDODGRSRGHRFDVLRQDUDVRO
WXUDGRUHERTXHGRYHtFXORGHWUDomR,VWRSR
$9RONVZDJHQUHFRPHQGDTXHXPGLVSRVLWLYRGH
GHFDXVDUDFLGHQWHVJUDYHVHIHULPHQWRVID
UHERTXHVHMDLQVWDODGRSRUXPDHPSUHVDHVSHFLD
WDLV
OL]DGD3RUH[HPSORSRGHPVHUQHFHVViULDVPHGL
GDVGHFRQYHUVmRQRVLVWHPDGHDUUHIHFLPHQWRRX 8WLOL]DUVRPHQWHGLVSRVLWLYRVGHUHERTXHOLEH
DPRQWDJHPGHFKDSDVGHEOLQGDJHPWpUPLFD3D UDGRVSHOD9RONVZDJHQSDUDRUHVSHFWLYR
UDLVVRD9RONVZDJHQUHFRPHQGDDV&RQFHVVLR PRGHORGHYHtFXOR ‹
QiULDV9RONVZDJHQ
53&&

7UDQVSRUWDU 
&DUJDVGHUHERTXHPi[LPDVDGPLVVtYHLV

¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
GRQDHWLTXHWDGHGDGRVGRYHtFXORQR0DQXWHQ
omRHJDUDQWLDHQRVGRFXPHQWRVGHOLFHQFLDPHQWR
GRYHtFXOR
2VYDORUHVLQGLFDGRVSRGHPGLYHUJLUGHYLGRD
$VLQGLFDo}HVQRVGRFXPHQWRVGHOLFHQFLDPHQWR HTXLSDPHQWRVRSFLRQDLVRXDYHUV}HVGRPRGHOR
GRYHtFXORVHPSUHWrPSULRULGDGH7RGDVDVLQGLFD GLIHUHQWHVEHPFRPRHPFDVRGHYHtFXORVHVSHFL
o}HVGHVWHPDQXDOVmRYiOLGDVSDUDRPRGHOREi DLV
VLFRDOHPmR2WLSRGHPRWRUGRYHtFXORpLQIRUPD

0RWRUHVDJDVROLQD
)UHDGRDFOL )UHDGRDFOLYHV
ҧϜ
3RWrQFLDGRPRWRUҧ &'0 1mRIUHDGR
YHVDWp DWp
N: &7+' NJ NJ NJ
N: &'$$ NJ NJ NJ
N: &&=% NJ NJ NJ
N: %:6 NJD NJD NJD
D 3DUDYHtFXORVFRPDVVHQWRVQREDQFRWUDVHLURNJNJNJ

0RWRUHVDGLHVHO
)UHDGRDFOL )UHDGRDFOLYHV
3RWrQFLDGRPRWRUҧϜ &'0 1mRIUHDGR
YHVDWp DWp
N:FRPILOWURGHSDUWtFXODV
&))$ NJD NJD NJD
GHGLHVHO
N:FRPILOWURGHSDUWtFXODV
NJE NJE NJE
GHGLHVHOFRPWUDomRGLDQWHLUD
N:FRPILOWURGHSDUWtFXODV &))%
GHGLHVHOFRPWUDomRQDVTXDWUR NJ NJ NJ
URGDV
N:FRPILOWURGHSDUWtFXODV
NJF NJG F NJF
GHGLHVHOFRPWUDomRGLDQWHLUD
N:FRPILOWURGHSDUWtFXODV &)*&
GHGLHVHOFRPWUDomRQDVTXDWUR NJF NJH NJF
URGDV
D 3DUDYHtFXORVFRPDVVHQWRVQREDQFRWUDVHLURNJNJNJ
E (PYHtFXORVFRPDVVHQWRVQREDQFRWUDVHLURHHPYHtFXORVFRPDQRUPDGHHPLVV}HV(8 %OXH7', NJNJ
NJ
F 3DUDYHtFXORVFRPDVVHQWRVQREDQFRWUDVHLURNJNJNJ
G (PYHtFXORVFRPWUDQVPLVVmRDXWRPiWLFDNJ
H 3DUDYHtFXORVFRPDVVHQWRVQREDQFRWUDVHLURNJNJNJ

0RWRUPXOWLFRPEXVWtYHO(
)UHDGRDFOL )UHDGRDFOLYHV
3RWrQFLDGRPRWRUҧϜ &'0 1mRIUHDGR
YHVDWp DWp
N: &.0$ NJ NJ NJD
D 3DUDYHtFXORVFRPDVVHQWRVQREDQFRWUDVHLURHWUDQVPLVVmRPDQXDONJ b

 $QWHVGDFRQGXomR
$'9(57Ç1&,$ 127$
6HDFDUJDGHUHERTXHPi[LPDLQGLFDGDIRU 6HDFDUJDGHUHERTXHPi[LPDLQGLFDGDIRUH[
H[FHGLGDSRGHPRFRUUHUDFLGHQWHVHIHUL FHGLGDSRGHPRFRUUHUGDQRVFRQVLGHUiYHLVDR
PHQWRVJUDYHV YHtFXOR
Ɣ 1XQFDH[FHGHUDFDUJDGHUHERTXHLQGLFD Ɣ 1XQFDH[FHGHUDFDUJDGHUHERTXHLQGLFD
GD GD ‹

&DSDFLGDGHPi[LPDGHWUDomRDGPLVVtYHO

¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
2VYDORUHVLQGLFDGRVSRGHPGLYHUJLUGHYLGRD
HTXLSDPHQWRVRSFLRQDLVRXDYHUV}HVGRPRGHOR
GLIHUHQWHVEHPFRPRHPFDVRGHYHtFXORVHVSHFL
DLV
$VLQGLFDo}HVQRVGRFXPHQWRVGHOLFHQFLDPHQWR $VFDSDFLGDGHVPi[LPDVGHWUDomRDGPLVVtYHLVLQ
GRYHtFXORVHPSUHWrPSULRULGDGH7RGDVDVLQGLFD GLFDGDVVmRYiOLGDVVRPHQWHSDUDDOWLWXGHVDWp
o}HVGHVWHPDQXDOVmRYiOLGDVSDUDRPRGHOREi PDFLPDGRQtYHOGRPDU$FDGDPGH
VLFRDOHPmR2WLSRGHPRWRUGRYHtFXORpLQIRUPD DOWLWXGHDGLFLRQDLVDFDSDFLGDGHPi[LPDGHWUD
GRQDHWLTXHWDGHGDGRVGRYHtFXORQR0DQXWHQ omRDGPLVVtYHOGHYHVHUUHGX]LGDHPDSUR[LPDGD
omRHJDUDQWLDHQRVGRFXPHQWRVGHOLFHQFLDPHQWR PHQWH
GRYHtFXOR

0RWRUHVDJDVROLQD
&DSDFLGDGHPi[LPDGHWUDomR
3RWrQFLDGRPRWRU &'0 7LSRGHWUDQVPLVVmR
ҧϜ
DGPLVVtYHOҧ
6* NJD
N: &7+'
'6*Š NJE
6* NJF
N: &'$$
'6*Š NJG
6* NJH
N: &&=%
'6*Š NJI
N: %:6 '6*Š027,21 NJJ
D 3DUDYHtFXORVFRPDVVHQWRVQREDQFRWUDVHLURNJ
E 3DUDYHtFXORVFRPDVVHQWRVQREDQFRWUDVHLURNJ
F 3DUDYHtFXORVFRPDVVHQWRVQREDQFRWUDVHLURNJ
G 3DUDYHtFXORVFRPDVVHQWRVQREDQFRWUDVHLURNJ
H 3DUDYHtFXORVFRPDVVHQWRVQREDQFRWUDVHLURNJ
I 3DUDYHtFXORVFRPDVVHQWRVQREDQFRWUDVHLURNJ
J 3DUDYHtFXORVFRPDVVHQWRVQREDQFRWUDVHLURNJ

0RWRUHVDGLHVHO
&DSDFLGDGHPi[LPDGHWUDomR
3RWrQFLDGRPRWRU &'0 7LSRGHWUDQVPLVVmR
DGPLVVtYHOҧϜ
N:FRPILOWURGH 6* NJD
&))$
SDUWtFXODVGHGLHVHO '6*Š NJE
6*F NJG
6*H NJI
N:FRPILOWURGH
53&&

&))% '6*ŠF NJE


SDUWtFXODVGHGLHVHO
'6*ŠH NJJ
6*027,21 NJK b

7UDQVSRUWDU 
&DSDFLGDGHPi[LPDGHWUDomR
3RWrQFLDGRPRWRU &'0 7LSRGHWUDQVPLVVmR
ҧϜ
DGPLVVtYHOҧ
6* NJL
N:FRPILOWURGH
&)*& '6*Š NJM
SDUWtFXODVGHGLHVHO
'6*Š027,21 NJN
D 3DUDYHtFXORVFRPDVVHQWRVQREDQFRWUDVHLURNJ
E 3DUDYHtFXORVFRPDVVHQWRVQREDQFRWUDVHLURNJ
F 9HtFXORVFRPDQRUPDGHHPLVV}HV(8 %OXH7', 
G 3DUDYHtFXORVFRPDVVHQWRVQREDQFRWUDVHLURNJ
H 9HtFXORVFRPDQRUPDGHHPLVV}HV(8
I 3DUDYHtFXORVFRPDVVHQWRVQREDQFRWUDVHLURNJ
J 3DUDYHtFXORVFRPDVVHQWRVQREDQFRWUDVHLURNJ
K 3DUDYHtFXORVFRPDVVHQWRVQREDQFRWUDVHLURNJ
L 3DUDYHtFXORVFRPDVVHQWRVQREDQFRWUDVHLURNJ
M 3DUDYHtFXORVFRPDVVHQWRVQREDQFRWUDVHLURNJ
N 3DUDYHtFXORVFRPDVVHQWRVQREDQFRWUDVHLURNJ

0RWRUPXOWLFRPEXVWtYHO(
&DSDFLGDGHPi[LPDGHWUDomR
3RWrQFLDGRPRWRU &'0 7LSRGHWUDQVPLVVmR
DGPLVVtYHOҧϜ
6* NJD
N: &.0$
'6*Š NJE
D 3DUDYHtFXORVFRPDVVHQWRVQREDQFRWUDVHLURNJ
E 3DUDYHtFXORVFRPDVVHQWRVQREDQFRWUDVHLURNJ

$'9(57Ç1&,$ 127$
6HDFDSDFLGDGHPi[LPDGHWUDomRLQGLFDGD 6HDFDSDFLGDGHPi[LPDGHWUDomRLQGLFDGDIRU
IRUH[FHGLGDSRGHPRFRUUHUDFLGHQWHVHIHUL H[FHGLGDSRGHPRFRUUHUGDQRVVLJQLILFDWLYRV
PHQWRVJUDYHV DRYHtFXOR
Ɣ 1XQFDH[FHGHUDFDSDFLGDGHPi[LPDGH Ɣ 1XQFDH[FHGHUDFDSDFLGDGHPi[LPDGHWUD
WUDomR omR ‹

 $QWHVGDFRQGXomR
(TXLSDPHQWRVSUiWLFRV
3RUWDREMHWRV

¤ ,QWURGXomRDRWHPD
1HVWHFDStWXORHQFRQWUDPVHLQIRUPDo}HVUHODWLYDV
$'9(57Ç1&,$
DRVVHJXLQWHVWHPDV
2EMHWRVQDiUHDSDUDRVSpVGRFRQGXWRUSR
3RUWDREMHWRVGRODGRGRFRQGXWRU  
GHPLPSHGLUROLYUHDFLRQDPHQWRGRVSHGDLV
3RUWDREMHWRVQRFRQVROHGRWHWR SRUWD ,VWRSRGHRFDVLRQDUDSHUGDGHFRQWUROHGR
yFXORV   YHtFXORHDXPHQWDURULVFRGHIHULPHQWRVJUD
3RUWDREMHWRVQRFRQVROHFHQWUDOGLDQWHLUR   YHV
3RUWDREMHWRVQRFRQVROHFHQWUDO   Ɣ $WHQWDUSDUDTXHWRGRVRVSHGDLVSRVVDP
3RUWDREMHWRVQRGHVFDQVDEUDoRFHQWUDO VHUDFLRQDGRVVHPLPSHGLPHQWRV
GLDQWHLUR  
Ɣ )L[DURWDSHWHSDUDRVSpVVHPSUHFRPVH
3RUWDOXYDV  
JXUDQoD
3RUWDREMHWRVQRGHVFDQVDEUDoRFHQWUDO
WUDVHLUR   Ɣ 1XQFDFRORFDUWDSHWHVSDUDRVSpVRXRX
WURVUHYHVWLPHQWRVGHDVVRDOKRVREUHRWDSH
3RUWDREMHWRVHQWUHRVDVVHQWRVWUDVHLURV  
WHSDUDRVSpVLQVWDODGR
2XWURVSRUWDREMHWRV  
Ɣ $WHQWDUSDUDTXHQHQKXPREMHWRDOFDQFHD
2VSRUWDREMHWRVGHYHPVHUXWLOL]DGRVVRPHQWHSD iUHDSDUDRVSpVGRFRQGXWRUGXUDQWHDFRQ
UDJXDUGDUREMHWRVPDLVOHYHVRXPHQRUHV GXomR

1RSRUWDREMHWRVGRGHVFDQVDEUDoRFHQWUDOGLDQ
WHLURSRGHKDYHUXPD(QWUDGD$8;,1LQVWDODGD $'9(57Ç1&,$
GHIiEULFD ,VTXHLURVQRYHtFXORSRGHPVHUGDQLILFDGRV
RXSRGHPVHDFHQGHUGHVSHUFHELGDPHQWH,V
1RSRUWDOXYDVSRGHKDYHUDGLVTXHWHLUDGH&'H
WRSRGHFDXVDUTXHLPDGXUDVJUDYHVHGDQRV
DHQWUDGDPXOWLPtGLD 0(',$,1 LQVWDODGDVGH
DRYHtFXOR
IiEULFD
Ɣ $QWHVGHDMXVWDURVEDQFRVVHPSUHJD
,QIRUPDo}HVHDOHUWDVFRPSOHPHQWDUHV UDQWLUTXHQmRKDMDXPLVTXHLURQDiUHDGD
Ɣ ,QWHULRUGRYHtFXORҧϜ3iJLQD SDUWHPyYHOGREDQFR
Ɣ &RQVHUYDUHOLPSDURLQWHULRUGRYHtFXOR Ɣ $QWHVGHIHFKDUSRUWDREMHWRVRXJDYHWDV
ҧϜ3iJLQD VHPSUHJDUDQWLUTXHQmRKDMDXPLVTXHLURQD
Ɣ ҧϜFDGHUQR5iGLRRXҧϜFDGHUQR6LVWHPDGHQD iUHDGHIHFKDPHQWR
YHJDomR Ɣ 1XQFDJXDUGDULVTXHLURVHPSRUWDREMH
WRVHPJDYHWDVRXHPRXWUDVVXSHUItFLHVGR
$'9(57Ç1&,$ YHtFXOR'HYLGRjVDOWDVWHPSHUDWXUDVGHVX
SHUItFLHSULQFLSDOPHQWHQRYHUmRRVLVTXHL
2EMHWRVVROWRVSRGHPVHUDUUHPHVVDGRVSHOR URVSRGHPVHDFHQGHU
LQWHULRUGRYHtFXORHPPDQREUDVGHGLUHomR
RXGHIUHQDJHPV~ELWDV,VWRSRGHFDXVDUIH
ULPHQWRVJUDYHVHWDPEpPDSHUGDGHFRQWUR 127$
OHGRYHtFXOR Ɣ 2VILODPHQWRVGRGHVHPEDoDGRUGRYLGUR
Ɣ 1mRFRORFDUDQLPDLVHREMHWRVUtJLGRVSH WUDVHLURSRGHPVHUDYDULDGRVGHYLGRDRDWULWR
VDGRVRXDILDGRVHPSRUWDREMHWRVDEHUWRV FRPREMHWRVVREUHDVXSHUItFLHDWUiVGREDQFR
GRYHtFXORVREUHRSDLQHOGHLQVWUXPHQWRV WUDVHLUR
QDVXSHUItFLHDWUiVGREDQFRWUDVHLURHPSH Ɣ 1mRJXDUGDUREMHWRVVHQVtYHLVDRFDORUDOL
oDVGHYHVWXiULRRXVDFRODVQRLQWHULRUGR PHQWRVRXPHGLFDPHQWRVQRLQWHULRUGRYHtFX
YHtFXOR OR2FDORUHRIULRSRGHPGDQLILFiORVRXWRUQi
53&&

Ɣ 0DQWHURVSRUWDREMHWRVVHPSUHIHFKDGRV ORVLQDSURSULDGRVSDUDXVRRXFRQVXPR b
GXUDQWHDFRQGXomR

(TXLSDPHQWRVSUiWLFRV 
127$ FRQWLQXDomR 3DUDTXHRDUQRLQWHULRUGRYHtFXORSRVVD
Ɣ 2EMHWRVGHPDWHULDLVWUDQVSDUHQWHVGHL[D VHUUHQRYDGRQmRREVWUXLUDVDEHUWXUDVGH
GRVQRYHtFXORFRPRSRUH[HPSORyFXORV YHQWLODomRHQWUHRYLGURWUDVHLURHDVXSHUItFLH
OHQWHVRXYHQWRVDVWUDQVSDUHQWHVQRVYLGURV DWUiVGREDQFRWUDVHLUR ‹
SRGHPIRFDOL]DURVUDLRVGRVROHDVVLPFDX
VDUGDQRVDRYHtFXOR

3RUWDREMHWRVGRODGRGRFRQGXWRU

¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD

3DUDDEULUSX[DUDDOoDQRVHQWLGRGDVHWD
ҧϜ)LJ
1RSRUWDREMHWRVHQFRQWUDPVHVXSRUWHVSDUDPR
HGDV  
3DUDIHFKDUSUHVVLRQDUDWDPSDSDUDFLPDHDWp
TXHHODVHHQFDL[H ‹

)LJ 1RODGRGRFRQGXWRUSRUWDREMHWRVFRP
SRUWDPRHGDV

3RUWDREMHWRVQRFRQVROHGRWHWR SRUWDyFXORV

¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD

2SRUWDREMHWRVSRGHVHUXWLOL]DGRSDUDJXDUGDU
yFXORVRXRXWURVREMHWRV
3DUDDEULUSUHVVLRQDUHVROWDURERWmRҧϜ)LJ
VHWD 
3DUDIHFKDUSUHVVLRQDUDWDPSDSDUDFLPDDWpTXH
HODHQFDL[H
3DUDJDUDQWLUDIXQomRGRPRQLWRUDPHQWRGR
LQWHULRUGRYHtFXORRSRUWDREMHWRVGHYHHVWDU
IHFKDGRDRWUDYDURYHtFXOR ‹
)LJ 1RFRQVROHGRWHWRSRUWDREMHWRV

 $QWHVGDFRQGXomR
3RUWDREMHWRVQRFRQVROHFHQWUDOGLDQWHLUR
3DUDDEULUSUHVVLRQDUDFREHUWXUDQRVHQWLGRGD
VHWDҧϜ)LJ
3DUDIHFKDUSUHVVLRQDUDFREHUWXUDWRWDOPHQWHSD
UDEDL[R
1RSRUWDREMHWRVSRGHKDYHUXPDWRPDGD
9ҧϜ3iJLQDRXXPDFHQGHGRUGHFLJDUUR
ҧϜ3iJLQD ‹
)LJ 1RFRQVROHFHQWUDOGLDQWHLURSRUWDREMH
WRV

¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD

3RUWDREMHWRVQRFRQVROHFHQWUDO

¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD

3DUDDEULUGHVOL]DUDFREHUWXUDQRVHQWLGRGDVHWD
ҧϜ)LJ
3DUDIHFKDUGHVOL]DUDFREHUWXUDQRVHQWLGRFRQ
WUiULRDRVHQWLGRGDVHWD ‹

)LJ 1RFRQVROHFHQWUDOSRUWDREMHWRVFRPFR
EHUWXUD
53&&

(TXLSDPHQWRVSUiWLFRV 
3RUWDREMHWRVQRGHVFDQVDEUDoRFHQWUDOGLDQWHLUR
3DUDIHFKDUFRQGX]LURGHVFDQVDEUDoRFHQWUDO
SDUDEDL[R

$'9(57Ç1&,$
2GHVFDQVDEUDoRFHQWUDOSRGHUHVWULQJLUDOL
EHUGDGHGHPRYLPHQWRVGRVEUDoRVGRFRQ
GXWRUHDVVLPFDXVDUDFLGHQWHVHIHULPHQWRV
JUDYHV
Ɣ 0DQWHURSRUWDREMHWRVGRGHVFDQVDEUDoR
FHQWUDOVHPSUHIHFKDGRGXUDQWHDFRQGXomR

$'9(57Ç1&,$
1XQFDWUDQVSRUWDUXPDSHVVRDRXXPDFULDQ
)LJ 3RUWDREMHWRVQRGHVFDQVDEUDoRFHQWUDO oDVREUHRGHVFDQVDEUDoRFHQWUDO
GLDQWHLUR
1DSDUWHVXSHULRUGRSRUWDREMHWRVSRGHKD
YHUXPVXSRUWHGHWHOHIRQHGDSUHSDUDomR
¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
SDUDWHOHIRQHPyYHOҧϜFDGHUQR3UHSDUDomRSDUD
WHOHIRQHPyYHO ‹

3DUDDEULUHUJXHURGHVFDQVDEUDoRFHQWUDOWRWDO
PHQWHSDUDFLPDҧϜ)LJ

3RUWDOXYDV

)LJ 3RUWDOXYDV )LJ 3RUWDOXYDVDEHUWR

¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
3DUDIHFKDUSUHVVLRQDUDWDPSDSDUDFLPD

&RPSDUWLPHQWRGDOLWHUDWXUDGHERUGR
1RSRUWDOXYDVSRGHKDYHUXPFRPSDUWLPHQWRHV
$EULUHIHFKDURSRUWDOXYDV SHFLDOSDUDDOLWHUDWXUDGHERUGR
6HQHFHVViULRGHVWUDYDURSRUWDOXYDVFRPDFKD 2FRPSDUWLPHQWRGDOLWHUDWXUDGHERUGRHQFRQWUD
YHGHHPHUJrQFLDҧϜ3iJLQD2SRUWDOXYDVHV VHQRSRUWDREMHWRVEDVFXODQWHVXSHULRU
WDUiWUDYDGRVHDKDVWHGDFKDYHHVWLYHUQDYHUWL ҧϜ)LJ   b
FDO
3DUDDEULUSX[DUDPDoDQHWDҧϜ)LJ

 $QWHVGDFRQGXomR
8PDWLUD  DSRQWDSDUDDDOoDGHDEHUWXUDGR $'9(57Ç1&,$ FRQWLQXDomR
FRPSDUWLPHQWRGDOLWHUDWXUDGHERUGR$OLWHUDWXUD
Ɣ 0DQWHURSRUWDOXYDVVHPSUHIHFKDGRGX
GHERUGRGHYHVHUJXDUGDGDVHPSUHQRFRPSDUWL
UDQWHDFRQGXomR
PHQWRGDOLWHUDWXUDGHERUGR3DUDJXDUGDULQVHULU
DOLWHUDWXUDGHERUGRSULPHLUDPHQWHSHORODGRDEHU
WRQRFRPSDUWLPHQWRGDOLWHUDWXUDGHERUGR 127$
0DQWHURSRUWDREMHWRVFRPDGLVTXHWHLUDGH
6XSRUWHV &'  IHFKDGRGXUDQWHDFRQGXomRFDVRFRQ
1RSRUWDOXYDVSRGHKDYHUXPSRUWDFDQHWDVHXP WUiULRSRGHPRFRUUHUGDQRVjGLVTXHWHLUDGH
VXSRUWHSDUDEORFRGHQRWDV &'GHYLGRDYLEUDo}HV
5HIULJHUDURSRUWDOXYDV
127$
1RSDLQHOGLYLVyULRKiXPGLIXVRUGHDU  DWUDYpV
GRTXDORDUUHIULJHUDGRSHORDUFRQGLFLRQDGROLJD (PDOJXPDVYHUV}HVGRPRGHORH[LVWHPGHYL
GRSRGHVHUFRQGX]LGRDRFRPSDUWLPHQWR$EULURX GRjPRQWDJHPDEHUWXUDVQRSRUWDOXYDVSRU
IHFKDURGLIXVRUGHDUJLUDQGRR H[HPSORDWUiVGRFRPSDUWLPHQWRSDUDDOLWHUD
WXUDGHERUGRDWUDYpVGDVTXDLVSRGHPFDLU
$'9(57Ç1&,$ SHTXHQRVREMHWRVSDUDWUiVGRUHYHVWLPHQWR
,VWRSRGHFDXVDUUXtGRVLQFRPXQVHGDQRVDR
8PSRUWDOXYDVDEHUWRSRGHDXPHQWDURULVFR YHtFXOR3RUHVWHPRWLYRQmRJXDUGDUREMHWRV
GHIHULPHQWRVJUDYHVHPFDVRGHXPDFLGHQ SHTXHQRVQRSRUWDOXYDV ‹
WHRXPDQREUDVGHIUHQDJHPRXGHGLUHomR
V~ELWDV

3RUWDREMHWRVQRGHVFDQVDEUDoRFHQWUDOWUDVHLUR
$EULURXIHFKDURSRUWDREMHWRVQR
GHVFDQVDEUDoRFHQWUDO
3DUDDEULUSUHVVLRQDURERWmRҧϜ)LJ VHWDSH
TXHQD FRPRGHVFDQVDEUDoRFHQWUDOUHEDWLGRH
UHEDWHUDWDPSDSDUDFLPD
3DUDIHFKDUUHEDWHUDWDPSDSDUDEDL[RҧϜ 

$'9(57Ç1&,$
3DUDUHGX]LURULVFRGHOHV}HVGXUDQWHDFRQ
GXomRRGHVFDQVDEUDoRFHQWUDOGHYHHVWDU
VHPSUHOHYDQWDGRHRSRUWDREMHWRVEHPFR
PRRSRUWDFRSRVIHFKDGRV
Ɣ 6HRGHVFDQVDEUDoRFHQWUDOHVWLYHUUHED
)LJ 3RUWDREMHWRVQRGHVFDQVDEUDoRFHQWUDO WLGRSDUDEDL[RRDVVHQWRFHQWUDOQREDQFR
WUDVHLUR WUDVHLURQXQFDSRGHUiVHUXVDGR±QHPSRU
SHVVRDVQHPSRUFULDQoDV8PDSRVLomRLQ

¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
FRUUHWDQRDVVHQWRSRGHFDXVDUIHULPHQWRV
JUDYHV
Ɣ )HFKDURSRUWDREMHWRVDSHQDVVHQmR
KRXYHUQLQJXpPQDiUHDGHIXQFLRQDPHQWR
1RGHVFDQVDEUDoRFHQWUDOWUDVHLURRXDWUiVGR
GHVFDQVDEUDoRFHQWUDOGREDQFRWUDVHLURSRGHKD
127$
YHUXPSRUWDREMHWRV
$RUHEDWHURGHVFDQVDEUDoRFHQWUDOSDUDFLPD
&RPRGHVFDQVDEUDoRFHQWUDOUHEDWLGRQmRVH QmRSUHVVLRQDUDFREHUWXUDGRSRUWDFRSRV2
GHYHWUDQVSRUWDUXPDSHVVRDQRDVVHQWRFHQWUDO
53&&

SRUWDFRSRVSRGHVHHVWHQGHUHVHUGDQLILFDGR b
GREDQFRWUDVHLUR

(TXLSDPHQWRVSUiWLFRV 
1RSRUWDREMHWRVGRGHVFDQVDEUDoRFHQWUDO
WUDVHLURSRGHKDYHURNLWGHSULPHLURVVRFRU
URV ‹

3RUWDREMHWRVHQWUHRVDVVHQWRVWUDVHLURV
3DUDDEULUHPSXUUDUDFREHUWXUDҧϜ)LJSDUD
WUiVQRVHQWLGRGDVHWD
3DUDIHFKDUHPSXUUDUDFREHUWXUDSDUDIUHQWHQD
GLUHomRFRQWUiULDGDVHWD

$'9(57Ç1&,$
0DQWHURSRUWDREMHWRVVHPSUHIHFKDGRGX
UDQWHDYLDJHPSDUDUHGX]LURULVFRGHOHV}HV
GXUDQWHDFRQGXomR
Ɣ )HFKDURSRUWDREMHWRVDSHQDVVHQmR
KRXYHUQLQJXpPQDiUHDGHIXQFLRQDPHQWR

1RSRUWDREMHWRVHQWUHRVDVVHQWRVWUDVHLURV
SRGHKDYHUXPNLWGHSULPHLURVVRFRUURV
)LJ $EULURSRUWDREMHWRVHQWUHRVDVVHQWRV ҧϜ3iJLQD ‹
WUDVHLURV

¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD

2XWURVSRUWDREMHWRV
3RUWDREMHWRVQRFRPSDUWLPHQWRGH
EDJDJHP
1DVODWHUDLVGRFRPSDUWLPHQWRGHEDJDJHPKiRX
WURVSRUWDREMHWRV$VSDUHGHVODWHUDLVSRGHPVHU
UHPRYLGDVSDUDFLPDQRVHQWLGRGDVHWDҧϜ)LJ
SDUDFRORFDUREMHWRVPDLRUHVQRFRPSDUWLPHQWRGH
EDJDJHP

2XWURVSRUWDREMHWRVSRVVtYHLV
Ɣ 1RFRQVROHFHQWUDOGLDQWHLURHWUDVHLUR
Ɣ 1RUHYHVWLPHQWRGDVSRUWDVGLDQWHLUDVHWUDVHL
UDV
Ɣ 6XSHUItFLHDWUiVGREDQFRWUDVHLURSDUDSHoDV
GHURXSDOHYHV
)LJ 1RFRPSDUWLPHQWRGHEDJDJHPSRUWD
Ɣ *DQFKRVSDUDURXSDVQDVFROXQDVGDVSRUWDV
REMHWRVODWHUDO
FHQWUDLVHQDVDOoDVUHEDWtYHLVWUDVHLUDVGRWHWR

¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
Ɣ *DQFKRVSDUDVDFRODVQRFRPSDUWLPHQWRGH
EDJDJHPҧϜ3iJLQD b

 $QWHVGDFRQGXomR
$'9(57Ç1&,$ $'9(57Ç1&,$ FRQWLQXDomR

5RXSDVSHQGXUDGDVSRGHPUHGX]LUDYLVLELOL Ɣ 3HQGXUDUDVURXSDVQRJDQFKRSDUDURX
GDGHGRFRQGXWRUHDVVLPFDXVDUDFLGHQWHV SDVVHPSUHGHIRUPDDQmRUHGX]LUDYLVLELOL
HIHULPHQWRVJUDYHV GDGHGRFRQGXWRU
Ɣ 8VDURJDQFKRSDUDURXSDVQRYHtFXORVR
PHQWHSDUDSHQGXUDUURXSDVOHYHV1XQFD
GHL[DUREMHWRVSHVDGRVUtJLGRVRXFRPFDQ
WRVYLYRVQRVEROVRV ‹
53&&

(TXLSDPHQWRVSUiWLFRV 
3RUWDFRSRV

¤ ,QWURGXomRDRWHPD
1HVWHFDStWXORHQFRQWUDPVHLQIRUPDo}HVUHODWLYDV $'9(57Ç1&,$ FRQWLQXDomR
DRVVHJXLQWHVWHPDV
Ɣ 1XQFDFRORFDUFRSRVSHVDGRVPDQWLPHQ
3RUWDFRSRVQRFRQVROHFHQWUDOGLDQWHLUR   WRVRXRXWURVREMHWRVSHVDGRVQRVSRUWDFR
3RUWDFRSRVQRGHVFDQVDEUDoRFHQWUDO SRV(VVHVREMHWRVSHVDGRVSRGHPYRDUSHOR
WUDVHLUR   LQWHULRUGRYHtFXORHPXPDFLGHQWHHFDXVDU
3RUWDFRSRVHQWUHRVDVVHQWRVWUDVHLURV   IHULPHQWRVJUDYHV

,QIRUPDo}HVHDOHUWDVFRPSOHPHQWDUHV $'9(57Ç1&,$
Ɣ &RQVHUYDUHOLPSDURLQWHULRUGRYHtFXOR *DUUDIDVGHEHELGDIHFKDGDVQRLQWHULRUGR
ҧϜ3iJLQD YHtFXORSRGHPH[SORGLUSRUDomRGRFDORUH
HVWRXUDUSRUDomRGRIULR
$'9(57Ç1&,$ Ɣ 1XQFDGHL[DUJDUUDIDVGHEHELGDIHFKDGDV
2XVRLQDGHTXDGRGRVSRUWDFRSRVSRGH QRLQWHULRUGHXPYHtFXORLQWHQVDPHQWHDTXH
FDXVDUIHULPHQWRV FLGRRXLQWHQVDPHQWHUHIULJHUDGR
Ɣ 1XQFDFRORFDUEHELGDVTXHQWHVHPXP
SRUWDFRSRV'XUDQWHDFRQGXomRHPXPD 127$
PDQREUDGHIUHQDJHPV~ELWDRXHPXPDFL 1mRPDQWHUEHELGDVDEHUWDVQRSRUWDFRSRV
GHQWHEHELGDVTXHQWHVHPXPSRUWDFRSRV GXUDQWHDFRQGXomR%HELGDVGHUUDPDGDVSRU
SRGHPVHUGHUUDPDGDVHFDXVDUTXHLPDGX H[HPSORGXUDQWHIUHQDJHQVSRGHPFDXVDUGD
UDV QRVDRYHtFXORHDRVLVWHPDHOpWULFR
Ɣ &HUWLILFDUVHGHTXHJDUUDIDVGHEHELGDRX
RXWURVREMHWRVQmRDOFDQFHPDiUHDSDUDRV 2VHOHPHQWRVGRVSRUWDFRSRVSRGHPVHUUH
SpVGRFRQGXWRUGXUDQWHDFRQGXomRDWUDSD PRYLGRVSDUDOLPSH]D ‹
OKDQGRRDFLRQDPHQWRGRVSHGDLV

3RUWDFRSRVQRFRQVROHFHQWUDOGLDQWHLUR

)LJ 1RFRQVROHFHQWUDOGLDQWHLURSRUWDFRSRV )LJ 1RFRQVROHFHQWUDOGLDQWHLURSRUWDFRSRV


YDULDQWH 5HEDWHURVXSRUWHQRSRUWDFRSRV YDULDQWH 
DEHUWR

¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
+iGLIHUHQWHVYHUV}HVGHSRUWDFRSRVQRFRQVROH
FHQWUDOGLDQWHLUR b

 $QWHVGDFRQGXomR
$EULURSRUWDFRSRV )HFKDURSRUWDFRSRV
Ɣ (PSXUUDUDFREHUWXUDSDUDWUiV Ɣ *LUDURVXSRUWHGHYROWDDRFRQVROHҧϜ)LJ
Ɣ 3UHVVLRQDURERWmRҧϜ)LJ VHWDJURVVD SD VHWDPHQRU 2VXSRUWHSUHFLVDVHHQFDL[DU
UDJLUDURVXSRUWHSDUDIRUD Ɣ (PSXUUDUDFREHUWXUDSDUDIUHQWH ‹

3RUWDFRSRVQRGHVFDQVDEUDoRFHQWUDOWUDVHLUR
)HFKDURSRUWDFRSRV
3UHVVLRQDURSRUWDFRSRVSRUFRPSOHWRQRGHVFDQ
VDEUDoRFHQWUDODWpTXHHOHVHHQFDL[H

$'9(57Ç1&,$
3DUDUHGX]LURULVFRGHOHV}HVRGHVFDQVD
EUDoRFHQWUDOGREDQFRWUDVHLURGHYHHVWDU
VHPSUHUHEDWLGRSDUDFLPDGXUDQWHDFRQGX
omR
Ɣ 6HRGHVFDQVDEUDoRFHQWUDOHVWLYHUUHED
WLGRSDUDEDL[RRDVVHQWRFHQWUDOQREDQFR
WUDVHLURQXQFDSRGHUiVHUXVDGR±QHPSRU
SHVVRDVQHPSRUFULDQoDV8PDSRVLomRLQ
FRUUHWDQRDVVHQWRSRGHFDXVDUIHULPHQWRV
)LJ 1RGHVFDQVDEUDoRFHQWUDOWUDVHLURHV
JUDYHV
WHQGHURSRUWDFRSRV

127$
¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
$RUHEDWHURGHVFDQVDEUDoRFHQWUDOSDUDFLPD
QmRSUHVVLRQDUDFREHUWXUDGRSRUWDFRSRV2
SRUWDFRSRVSRGHVHHVWHQGHUHVHUGDQLILFDGR ‹
$EULURSRUWDFRSRV
Ɣ 5HEDWHURGHVFDQVDEUDoRFHQWUDOSDUDEDL[R
Ɣ 3UHVVLRQDUDSDUWHGLDQWHLUDGRFRQVROHFHQWUDO
ҧϜ)LJQRVHQWLGRGDVHWD2SRUWDFRSRVVH
HVWHQGH

3RUWDFRSRVHQWUHRVDVVHQWRVWUDVHLURV
53&&

)LJ 3RUWDEHELGDVHQWUHRVDVVHQWRVWUDVHL )LJ 3RUWDEHELGDVDEHUWRHQWUHRVDVVHQWRV


URVDEULUDFREHUWXUD WUDVHLURVDEULUVXSRUWH b

(TXLSDPHQWRVSUiWLFRV 
¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
)HFKDURSRUWDFRSRV
Ɣ *LUDURVXSRUWHGHFRSRVGHYROWDDRFRQVROH
ҧϜ)LJ VHWDSHTXHQD DWpTXHHOHVHHQFDL[H
Ɣ (PSXUUDUDFREHUWXUDQDGLUHomRFRQWUiULDjGD
$EULURSRUWDFRSRV VHWDҧϜ)LJ ‹
Ɣ (PSXUUDUDFREHUWXUDQRVHQWLGRGDVHWD
ҧϜ)LJ
Ɣ 3UHVVLRQDURERWmRSDUDJLUDURVXSRUWHGHFR
SRVSDUDIRUDҧϜ)LJ VHWDJURVVD 

 $QWHVGDFRQGXomR
&LQ]HLURHDFHQGHGRUGHFLJDUUR

¤ ,QWURGXomRDRWHPD
1HVWHFDStWXORHQFRQWUDPVHLQIRUPDo}HVUHODWLYDV
$'9(57Ç1&,$
DRVVHJXLQWHVWHPDV
$XWLOL]DomRLQDGHTXDGDGRFLQ]HLURHGR
&LQ]HLURGLDQWHLUR  
DFHQGHGRUGHFLJDUURSRGHFDXVDULQFrQGLRV
&LQ]HLURWUDVHLUR   TXHLPDGXUDVHRXWURVIHULPHQWRVJUDYHV
$FHQGHGRUGHFLJDUUR  
Ɣ 1XQFDFRORFDUQRFLQ]HLURSDSHORXRXWURV
REMHWRVTXHSRVVDPFDXVDUXPLQFrQGLR ‹
,QIRUPDo}HVHDOHUWDVFRPSOHPHQWDUHV
Ɣ 7RPDGDVҧϜ3iJLQD
Ɣ $FHVVyULRVUHSRVLomRGHSHoDVUHSDURVHPR
GLILFDo}HVҧϜ3iJLQD
Ɣ ,QIRUPDo}HVDRFRQVXPLGRUҧϜ3iJLQD

&LQ]HLURGLDQWHLUR

)LJ 1RFRQVROHFHQWUDOGLDQWHLURDEULURFLQ )LJ 1RFRQVROHFHQWUDOGLDQWHLURUHPRYHUR


]HLUR FLQ]HLUR

¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
(VYD]LDURFLQ]HLUR
Ɣ 5HPRYHURHQFDL[HGRFLQ]HLURSDUDFLPDSHOD
iUHDODWHUDOҧϜ)LJ VHWD 
Ɣ $SyVHVYD]LDULQWURGX]LURHQFDL[HSRUFLPDQR
$EULURXIHFKDURFLQ]HLUR FLQ]HLUR ‹
Ɣ 3DUDDEULUSUHVVLRQDUDFREHUWXUDGRFLQ]HLUR
EUHYHPHQWHQRVHQWLGRGDVHWDҧϜ)LJ$FR
EHUWXUDVHDEUHDXWRPDWLFDPHQWH
Ɣ 3DUDIHFKDUSUHVVLRQDUDFREHUWXUDWRWDOPHQWH
SDUDEDL[R
53&&

(TXLSDPHQWRVSUiWLFRV 
&LQ]HLURWUDVHLUR
$EULURXIHFKDURFLQ]HLUR
Ɣ 3DUDDEULUSUHVVLRQDURERWmRGRFLQ]HLUREUH
YHPHQWHQRVHQWLGRGDVHWDҧϜ)LJ2FLQ]HLUR
VHDEUHDXWRPDWLFDPHQWH
Ɣ 3DUDIHFKDUSUHVVLRQDURFLQ]HLURQDGLUHomR
GDSRUWDDWpTXHHOHVHHQFDL[H

(VYD]LDURFLQ]HLUR
Ɣ 5HPRYHURHQFDL[HGRFLQ]HLURSRUFLPDSHODV
iUHDVODWHUDLV
Ɣ $SyVHVYD]LDULQWURGX]LURHQFDL[HSRUFLPDQR
FLQ]HLUR ‹

)LJ &LQ]HLURQDSRUWDWUDVHLUD

¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD

$FHQGHGRUGHFLJDUUR
Ɣ 5HWLUDURDFHQGHGRUGHFLJDUURHDFHQGHURFL
JDUURQDHVSLUDOLQFDQGHVFHQWHҧϜ 
Ɣ (QFDL[DURDFHQGHGRUGHFLJDUURGHYROWDQR
VXSRUWH

$'9(57Ç1&,$
$XWLOL]DomRLQFRUUHWDGRDFHQGHGRUGHFLJDU
URSRGHFDXVDULQFrQGLRVTXHLPDGXUDVHRX
)LJ 1RFRQVROHFHQWUDOGLDQWHLURDFHQGHGRU
WURVIHULPHQWRVJUDYHV
GHFLJDUURQRFLQ]HLUR
Ɣ 8WLOL]DURDFHQGHGRUGHFLJDUURDGHTXDGD

¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
PHQWHVRPHQWHSDUDDFHQGHUFLJDUURV
Ɣ 1XQFDGHL[DUFULDQoDVVHPVXSHUYLVmR
GHQWURGRYHtFXOR2DFHQGHGRUGHFLJDUUR
SRGHVHUXWLOL]DGRFRPDLJQLomROLJDGD
Ɣ 3UHVVLRQDUDFDEHoDGRDFHQGHGRUGHFLJDUUR
SDUDGHQWURFRPDLJQLomROLJDGDҧϜ)LJ 2DFHQGHGRUGHFLJDUURWDPEpPSRGHVHU
XWLOL]DGRFRPRWRPDGD9ҧϜ3iJLQD ‹
Ɣ (VSHUDUDWpTXHRERWmRGRDFHQGHGRUGHFL
JDUURVDOWHSDUDIRUD

 $QWHVGDFRQGXomR
7RPDGDV

¤ ,QWURGXomRDRWHPD
1HVWHFDStWXORHQFRQWUDPVHLQIRUPDo}HVUHODWLYDV 127$ FRQWLQXDomR
DRVVHJXLQWHVWHPDV Ɣ 8WLOL]DUVRPHQWHDFHVVyULRVTXHWHQKDPVL
7RPDGDVGRYHtFXOR   GRYHULILFDGRVFRQIRUPHDVGLUHWUL]HVYLJHQWHV
7RPDGDGRFRQVROHFHQWUDOWUDVHLUR   FRPUHODomRjFRPSDWLELOLGDGHHOHWURPDJQpWL
FD
$FHVVyULRVHOpWULFRVSRGHPVHUOLJDGRVQDVWRPD Ɣ 3DUDHYLWDUGDQRVSRUYDULDo}HVGHFRUUHQWH
GDVGRYHtFXOR DQWHVGHOLJDUHGHVOLJDUDLJQLomREHPFRPR
2VDSDUHOKRVFRQHFWDGRVGHYHPHVWDUHPSHUIHL DQWHVGHOLJDURPRWRURVFRQVXPLGRUHVFR
WDVFRQGLo}HV1mRXWLOL]DUDSDUHOKRVGHIHLWXRVRV QHFWDGRVjVWRPDGDV9GHYHPVHUGHVOLJD
GRV4XDQGRRVLVWHPD6WDUW6WRSVHGHVOLJD
,QIRUPDo}HVHDOHUWDVFRPSOHPHQWDUHV DXWRPDWLFDPHQWHHGiSDUWLGDQRPRWRURV
Ɣ $FHQGHGRUGHFLJDUURҧϜ3iJLQD FRQVXPLGRUHVFRQHFWDGRVQmRSUHFLVDPVHU
GHVOLJDGRV
Ɣ $FHVVyULRVUHSRVLomRGHSHoDVUHSDURVHPR
GLILFDo}HVҧϜ3iJLQD Ɣ 1XQFDFRQHFWDUFRQVXPLGRUHVHOpWULFRVTXH
FRQVXPDPPDLVGRTXHDSRWrQFLDLQGLFDGDD
Ɣ ,QIRUPDo}HVDRFRQVXPLGRUҧϜ3iJLQD
XPDWRPDGD9$RH[FHGHUDSRWrQFLDPi[L
PDRVLVWHPDHOpWULFRGRYHtFXORSRGHVHUGD
$'9(57Ç1&,$ QLILFDGR
$XWLOL]DomRLQDGHTXDGDGHWRPDGDVHGH
DFHVVyULRVHOpWULFRVSRGHFDXVDULQFrQGLRVH 1mRGHL[DURPRWRUHPIXQFLRQDPHQWRFRPR
IHULPHQWRVJUDYHV YHtFXORSDUDGR
Ɣ 1XQFDGHL[DUFULDQoDVVHPVXSHUYLVmR &RPRPRWRUSDUDGRDLJQLomROLJDGDH
GHQWURGRYHtFXOR&RPDLJQLomROLJDGDWR DFHVVyULRVOLJDGRVDEDWHULDGRYHtFXORVH
PDGDVHDSDUHOKRVFRQHFWDGRVDHODVSRGHP GHVFDUUHJD
VHUXWLOL]DGRV
$SDUHOKRVQmREOLQGDGRVSRGHPFDXVDUDYD
Ɣ 6HRDSDUHOKRHOpWULFRFRQHFWDGRHVTXHQ
ULDVQRUiGLRHQRVFRPSRQHQWHVHOHWU{QLFRV
WDUGHPDLVGHVOLJDURDSDUHOKRLPHGLDWDPHQ
GRYHtFXOR
WHHWLUDURFRQHFWRUGDWRPDGD
3RGHPRFRUUHUIDOKDVGHUHFHSomRGDEDQGD
127$ $0GRUiGLRTXDQGRDSDUHOKRVHOpWULFRVIR
Ɣ 3DUDHYLWDUGDQRVDRVLVWHPDHOpWULFRQXQFD UHPRSHUDGRVQDVSUR[LPLGDGHVGDDQWHQDGRYL
FRQHFWDUQDWRPDGD9DFHVVyULRVTXHIRUQH GURWUDVHLUR ‹
oDPFRUUHQWHSDUDFDUUHJDUDEDWHULDGRYHtFX
ORFRPRSRUH[HPSORSDLQpLVVRODUHVRXFDU
UHJDGRUHVGHEDWHULD
53&&

(TXLSDPHQWRVSUiWLFRV 
7RPDGDVGRYHtFXOR

)LJ 1RFRPSDUWLPHQWRGHEDJDJHPWRPDGD
9

)LJ 1RFRQVROHFHQWUDOWUDVHLURWRPDGD
9 SDGUmRHXUR RXWRPDGD9

¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
Ɣ 1RSRUWDREMHWRVRXQRFLQ]HLURGLDQWHLURV
ҧϜ)LJ
Ɣ 1RFRQVROHFHQWUDOWUDVHLURҧϜ3iJLQD
Ɣ 1RFRPSDUWLPHQWRGHEDJDJHPҧϜ)LJ VH
3RWrQFLDPi[LPD WDSHTXHQD 
7RPDGD 3RWrQFLDPi[LPD
7RPDGD9 SDGUmR(XUR 7RPDGD9
9 :
$WRPDGDSRGHVHUXWLOL]DGDVRPHQWHFRPRPRWRU
9RX : :GHSRWrQFLDGHSL HPIXQFLRQDPHQWRҧϜ 
9 FR
&RQHFWDUXPHTXLSDPHQWRHOpWULFRHQFDL[DURFR
$SRWrQFLDPi[LPDGHFDGDWRPDGDQmRGHYHVHU QHFWRUDWpDEDVHGDWRPDGDSDUDGHVWUDYDUDSUR
H[FHGLGD$SRWrQFLDPi[LPDGRVDSDUHOKRVSRGH WHomRSDUDFULDQoDVLQWHJUDGD6RPHQWHTXDQGRD
VHUHQFRQWUDGDHPVXDVHWLTXHWDVGHLGHQWLILFDomR WUDYDGHVHJXUDQoDSDUDFULDQoDVHVWLYHUGHVWUDYD
4XDQGRGRLVRXPDLVHTXLSDPHQWRVHVWLYHUHPFR GDDFRUUHQWHIOXLUiSHODWRPDGD
QHFWDGRVDRPHVPRWHPSRDSRWrQFLDPi[LPDGH
ҧϜ)LJ
,QGLFDGRUGH/('QDWRPDGDҧ
WRGRVRVHTXLSDPHQWRVHOpWULFRVFRQHFWDGRVQXQ
FDGHYHH[FHGHU:ҧϜ  /X]YHUGHSHUPD $WUDYDGHVHJXUDQoDSDUD
QHQWH FULDQoDVHVWiGHVWUDYDGD$
7RPDGD9 WRPDGDHVWiSURQWDSDUD
$WRPDGD9IXQFLRQDVRPHQWHFRPDLJQLomROL XVR
JDGD /X]YHUPHOKDSLV +iXPDDYDULDSRUH[HP
&RPRPRWRUGHVOLJDGRDLJQLomROLJDGDHXP FDQGR SORGHVOLJDPHQWRSRUVX
HTXLSDPHQWRHOpWULFROLJDGRDEDWHULDGRYHtFXOR SHUWHQVmRRXSRUH[FHVVR
VHGHVFDUUHJD3RUHVVHPRWLYRXWLOL]DUXPFRQVX GHWHPSHUDWXUD
PLGRUHOpWULFRQDWRPDGDVRPHQWHFRPRPRWRUHP 7RPDGDV9 SDGUmR(XUR RXWRPDGDV9
IXQFLRQDPHQWR SRGHPVHUHQFRQWUDGDVQRVVHJXLQWHVORFDLVGR
$QWHVGHOLJDURXGHVOLJDUDLJQLomREHPFRPRDQ YHtFXOR
WHVGHOLJDURPRWRUGHVOLJDURVDSDUHOKRVFRQHF Ɣ &RQVROHFHQWUDOWUDVHLURҧϜ3iJLQD
WDGRVSDUDHYLWDUGDQRVSRUYDULDo}HVGHWHQVmR
7RPDGDV9SRGHPVHUHQFRQWUDGDVQRVVHJXLQ 'HVOLJDPHQWRSRUWHPSHUDWXUD
WHVORFDLVGRYHtFXOR 2LQYHUVRUGDWRPDGD9 SDGUmR(XUR RXGD
WRPDGD9VHGHVOLJDDXWRPDWLFDPHQWHTXDQGR
XPDGHWHUPLQDGDWHPSHUDWXUDpH[FHGLGD2GHVOL
JDPHQWRLPSHGHXPVXSHUDTXHFLPHQWRHPFDVR
GHSRWrQFLDH[FHVVLYDGRVHTXLSDPHQWRVFRQHFWD
GRVEHPFRPRHPFDVRGHDOWDVWHPSHUDWXUDV b

 $QWHVGDFRQGXomR
DPELHQWH$SyVXPDIDVHGHUHVIULDPHQWRRLQYHU 127$ FRQWLQXDomR
VRUpOLJDGRGHIRUPDDXWRPiWLFD2VDSDUHOKRVOL ± 1XQFDDSOLFDUFRUUHQWHQDWRPDGD
JDGRVHFRQHFWDGRVHQWmRVHUmRDWLYDGRVQRYD
PHQWH3RULVVRGHVOLJDURVDSDUHOKRVHOpWULFRVFR Ɣ 7RPDGD9 SDGUmR(XUR RXWRPDGD
QHFWDGRVTXDQGRRLQYHUVRUIRUGHVOLJDGRGHYLGRD 9
XPVXSHUDTXHFLPHQWR ± 1XQFDSHQGXUDUDSDUHOKRVRXSOXJXHV
PXLWRSHVDGRVGLUHWDPHQWHQDWRPDGDFR
3(5,*2 PRSRUH[HPSORXPDIRQWHGHDOLPHQWDomR
± 1mRFRQHFWDUOkPSDGDVTXHFRQWHQKDP
$OWDWHQVmRQRVLVWHPDHOpWULFR
WXERGHQHRQ
Ɣ 1mRGHUUDPDUOtTXLGRVVREUHDWRPDGD ± &RQHFWDUQDWRPDGDVRPHQWHDSDUHOKRV
Ɣ 1mRFRQHFWDUQHQKXPDGDSWDGRURXFDER FXMDWHQVmRFRLQFLGDFRPDWHQVmRGDWRPD
GHSURORQJDPHQWRQDWRPDGD9 SDGUmR GD
(XUR RXQDWRPDGD9&DVRFRQWUiULRD ± (PFDVRGHFRQVXPLGRUHVFRPDOWDFRU
WUDYDGHVHJXUDQoDSDUDFULDQoDVLQWHJUDGD UHQWHGHSDUWLGDXPGLVMXQWRULQVWDODGRLP
YDLVHGHVOLJDUHDWRPDGDVHHQHUJL]DU SHGHDOLJDomR1HVWHFDVRVHSDUDUDIRQWH
Ɣ 1mRLQVHULUREMHWRVFRQGXWRUHVFRPRSRU GHDOLPHQWDomRGRFRQVXPLGRUHUHVWDEHOH
H[HPSORDJXOKDVGHWULF{QRVFRQWDWRVGD FHUDFRQH[mRDSyVDSUR[LPDGDPHQWH
WRPDGD9 SDGUmR(XUR RXGDWRPDGD VHJXQGRV
9
$SDUHOKRVQmREOLQGDGRVSRGHPFDXVDUDYD
ULDVQRUiGLRRXQRVLVWHPDGHQDYHJDomRH
127$ QRVFRPSRQHQWHVHOHWU{QLFRVGRYHtFXOR
Ɣ 2EVHUYDURVPDQXDLVGHLQVWUXo}HVGRV
DSDUHOKRVFRQHFWDGRV 3DUDDOJXQVHTXLSDPHQWRVGHYLGRjEDL[D
SRWrQFLD :DWW SRGHPRFRUUHUUHVWULo}HVGH
Ɣ 1XQFDH[FHGHUDSRWrQFLDPi[LPDMiTXH
IXQFLRQDPHQWRQDWRPDGD9 SDGUmR(XUR RX
GHVWDIRUPDWRGRRVLVWHPDHOpWULFRGRYHtFXOR
QDWRPDGD9
SRGHUiVHUGDQLILFDGR
Ɣ 7RPDGD9 $WRPDGD9 SDGUmR(XUR SRGHVHU
± 8WLOL]DUVRPHQWHDFHVVyULRVTXHWHQKDP HTXLSDGDSDUDDRSHUDomRGHDSDUHOKRVGH
VLGRYHULILFDGRVFRQIRUPHDVGLUHWUL]HVYL 9HYLFHYHUVD3DUDLQIRUPDo}HVVREUHNLWVGH
JHQWHVFRPUHODomRjFRPSDWLELOLGDGHHOH LQVWDODomRGLULJLUVHDXPDHPSUHVDHVSHFLDOL]D
WURPDJQpWLFD GD3DUDLVVRD9RONVZDJHQUHFRPHQGDDV&RQ
FHVVLRQiULDV9RONVZDJHQ ‹

7RPDGDGRFRQVROHFHQWUDOWUDVHLUR
53&&

)LJ &RQVROHFHQWUDOWUDVHLURDEULUDFREHUWXUD )LJ &RQVROHFHQWUDOWUDVHLURDEULUDFREHUWXUD


FRPXPERWmR GREUiYHO b

(TXLSDPHQWRVSUiWLFRV 
¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
(PYHtFXORVFRPXPERWmRDEDL[RGD
FREHUWXUD
3UHVVLRQDURERWmRGDFREHUWXUDGDWRPDGD
ҧϜ)LJ VHWD 
1RFRQVROHFHQWUDOWUDVHLURSRGHKDYHUXPDWRPD
GD9XPDWRPDGD9RXXPDWRPDGD9 (PYHtFXORVFRPXPDFREHUWXUDUHEDWtYHO
SDGUmR(XUR FRPFREHUWXUDҧϜ3iJLQD $FHVVDURUHFRUWHҧϜ)LJ VHWD SRUEDL[RHUH
EDWHUDFREHUWXUDSDUDFLPD ‹

 $QWHVGDFRQGXomR
'XUDQWHDFRQGXomR
'DUSDUWLGDWURFDUDPDUFKDHVWDFLRQDU
/LJDUHGHVOLJDURPRWRU

¤ ,QWURGXomRDRWHPD
1HVWHFDStWXORHQFRQWUDPVHLQIRUPDo}HVUHODWLYDV
$'9(57Ç1&,$
DRVVHJXLQWHVWHPDV
8PGHVOLJDPHQWRGRPRWRUGXUDQWHDFRQGX
/X]GHFRQWUROH  
omRWRUQDDSDUDGDGRYHtFXORPDLVGLItFLO&R
&LOLQGURGDLJQLomR   PRFRQVHTXrQFLDLVVRSRGHFDXVDUWDQWRD
%RWmRGHSDUWLGD   SHUGDGHFRQWUROHGRYHtFXORTXDQWRDFLGHQ
/LJDURPRWRU   WHVHIHULPHQWRVJUDYHV
'HVOLJDURPRWRU   Ɣ 2VVLVWHPDVGHDVVLVWrQFLDjIUHQDJHPHj
,PRELOL]DGRUHOHWU{QLFR   FRQGXomRRVLVWHPDGHDLUEDJRVSUpWHQVLR
3UpDTXHFLPHQWRGRPRWRU   QDGRUHVGRVFLQWRVGHVHJXUDQoDEHPFRPR
RXWURVHTXLSDPHQWRVGHVHJXUDQoDGRYHtFX
$VREVHUYDo}HVVREUHDWUDQVPLVVmRDXWRPiWL ORVmRDWLYDGRVVRPHQWHFRPRPRWRUHP
FDQHVWHFDStWXORDSOLFDPVHWDQWRSDUDDWUDQV IXQFLRQDPHQWR
PLVVmRDXWRPiWLFDTXDQWRSDUDDWUDQVPLVVmR
Ɣ 'HVOLJDURPRWRUVRPHQWHFRPRYHtFXOR
GHGXSODHPEUHDJHP'6*Š
SDUDGR
,QGLFDGRUGRLPRELOL]DGRU
1RFDVRGHXWLOL]DomRGHXPDFKDYHLQYiOLGDGR $'9(57Ç1&,$
YHtFXORRXXPDLQWHUIHUrQFLDGRVLVWHPDDSDUHFH 2ULVFRGHIHULPHQWRVJUDYHVSRGHVHUUHGX]L
XPDLQGLFDomRFRUUHVSRQGHQWHQRGLVSOD\GRLQV GRFRPRPRWRUHPIXQFLRQDPHQWRRXGXUDQ
WUXPHQWRFRPELQDGR2PRWRUQmRSRGHVHUOLJDGR WHDSDUWLGDGRPRWRU
(PSXUUDURXSX[DU Ɣ 1XQFDOLJDURPRWRURXGHL[iORIXQFLR
QDQGRHPORFDLVIHFKDGRVRXVHPYHQWLODomR
3RUUD]}HVWpFQLFDVRYHtFXORQmRGHYHVHUHP
2VJDVHVGRHVFDSDPHQWRGRPRWRUFRQWrP
SXUUDGRRXSX[DGR(PYH]GLVVRXWLOL]DURDX[tOLR
HQWUHRXWURVPRQy[LGRGHFDUERQRXPJiV
jSDUWLGD
Wy[LFRLQRGRURHLQFRORU2PRQy[LGRGHFDU
,QIRUPDo}HVHDOHUWDVFRPSOHPHQWDUHV ERQRSRGHRFDVLRQDUGHVPDLRVHPRUWH
Ɣ -RJRGHFKDYHVGRYHtFXORҧϜ3iJLQD Ɣ 1XQFDGDUSDUWLGDQRPRWRURXGHL[DUIXQ
FLRQDQGRVHyOHRFRPEXVWtYHORXRXWUR
Ɣ 7UDYDPHQWRFHQWUDOHVLVWHPDGHWUDYDPHQWR
FRPEXVWtYHOOHYHPHQWHLQIODPiYHOHVWLYHUVRE
ҧϜ3iJLQD
RYHtFXORRXHPVXDSUR[LPLGDGHRXYD]DUGR
Ɣ 7URFDUDPDUFKDҧϜ3iJLQD YHtFXORSRUH[HPSORGHYLGRDXPGDQR
Ɣ )UHDUSDUDUHHVWDFLRQDUҧϜ3iJLQD Ɣ 1XQFDGHL[DURYHtFXORVHPDGHYLGDDWHQ
Ɣ 'LUHomRҧϜ3iJLQD omRFRPRPRWRUHPIXQFLRQDPHQWRHVSH
Ɣ 6LVWHPDVGHDVVLVWrQFLDGHDUUDQTXH FLDOPHQWHFRPPDUFKDHQJDWDGDRXSRVLomR
ҧϜ3iJLQD GDPDUFKDHQJDWDGD2YHtFXORSRGHULDVH
PRYHUVXELWDPHQWHRXSRGHULDRFRUUHUXP
Ɣ $EDVWHFHUҧϜ3iJLQD HYHQWRLQFRPXPFDXVDQGRGDQRVTXHLPD
Ɣ &RPEXVWtYHOҧϜ3iJLQD GXUDVHOHV}HVJUDYHV
Ɣ )HFKDPHQWRRXDEHUWXUDGHHPHUJrQFLD Ɣ 1XQFDXWLOL]DUXPDFHOHUDGRUGHSDUWLGD
ҧϜ3iJLQD 8PDFHOHUDGRUGHDUUDQTXHSRGHH[SORGLURX
Ɣ $X[tOLRjSDUWLGDҧϜ3iJLQD FDXVDUXPV~ELWRDXPHQWRGDURWDomRGRPR
WRU b
53&&

Ɣ 3X[DUHUHERFDUҧϜ3iJLQD

'DUSDUWLGDWURFDUDPDUFKDHVWDFLRQDU 
$'9(57Ç1&,$ $'9(57Ç1&,$ FRQWLQXDomR

$VSHoDVGRVLVWHPDGHHVFDSHHVTXHQWDP YHtFXORFRPRSRUH[HPSORYHJHWDomRUDV
PXLWR3RULVVRSRGHPFDXVDULQFrQGLRVHIH WHLUDIROKDVJUDPDVHFDFRPEXVWtYHOGHUUD
ULPHQWRVJUDYHV PDGRHWF

Ɣ 1XQFDHVWDFLRQDURYHtFXORGHIRUPDTXH Ɣ 1XQFDXWLOL]DUSURWHomRDGLFLRQDOSDUDD
SHoDVGRVLVWHPDGHHVFDSHHQWUHPHPFRQ SDUWHLQIHULRUGRYHtFXORRXSURGXWRVDQWLFRU
WDWRFRPPDWHULDLVLQIODPiYHLVHPEDL[RGR URVLYRVQRWXERGRHVFDSDPHQWRFDWDOLVDGR
UHVFKDSDVGHEOLQGDJHPWpUPLFDRXILOWURGH
SDUWtFXODVGHGLHVHO ‹

/X]GHFRQWUROH

¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQIRUPDo}HVLQWURGXWyULDVHDVLQGLFDo}HVGHVHJXUDQ
oD QDSiJLQD

$FHVD &DXVDSRVVtYHO 6ROXomR


3UpLQFDQGHVFLPHQWRGRPRWRUDGLHVHODQ
ҧϜ3iJLQD
D WHVGDSDUWLGD

K 3HGDOGRIUHLRQmRSUHVVLRQDGR 3DUDOLJDURPRWRUSLVDUQRSHGDOGRIUHLR

(PYHtFXORVFRPPRWRUDGLHVHORPRWRUp
 OLJDGR
±

$ROLJDUDLJQLomRDOJXPDVOX]HVGHDGYHUWrQFLDH $'9(57Ç1&,$ FRQWLQXDomR


GHFRQWUROHVHDFHQGHPUDSLGDPHQWHSDUDYHULILFD
Ɣ 1XQFDLJQRUDUDVOX]HVGHDGYHUWrQFLD
omRGDIXQomR(ODVVHDSDJDPDSyVDOJXQVVH
DFHVDVHDVPHQVDJHQVGHWH[WR
JXQGRV
Ɣ 3DUDUYHtFXORDVVLPTXHIRUSRVVtYHOHVH
$'9(57Ç1&,$ JXUR

$LQREVHUYkQFLDGDVOX]HVGHDGYHUWrQFLD
127$
DFHVDVHGDVPHQVDJHQVGHWH[WRSRGHRFD
VLRQDUSDUDGDVGRYHtFXORQRWUkQVLWRDFL $LQREVHUYkQFLDGHOX]HVGHFRQWUROHTXHVH
GHQWHVHIHULPHQWRVJUDYHV DFHQGHPHGHPHQVDJHQVGHWH[WRSRGHFDXVDU
GDQRVDRYHtFXOR ‹

&LOLQGURGDLJQLomR

)LJ 3RVLo}HVGDFKDYHGRYHtFXORQRFLOLQGURGDLJQLomR b

 'XUDQWHDFRQGXomR
¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
$'9(57Ç1&,$
8PDXWLOL]DomRGHVDWHQWDRXVHPVXSHUYLVmR
GDVFKDYHVGRYHtFXORSRGHFDXVDUDFLGHQWHV
6HQHQKXPDFKDYHGRYHtFXORHVWLYHUQRFLOLQGUR HIHULPHQWRVJUDYHV
GDLJQLomRRWUDYDPHQWRGDFROXQDGDGLUHomRSR Ɣ /HYDUVHPSUHWRGDVDVFKDYHVGRYHtFXOR
GHHVWDUDWLYDGR DRGHL[DURYHtFXOR2PRWRUSRGHVHUOLJDGR
3RVLo}HVGDFKDYHGRYHtFXORҧϜ)LJ HHTXLSDPHQWRVHOpWULFRVFRPRRVYLGURV
HOpWULFRVSRGHPVHUFRPDQGDGRVRTXHSR
 ,JQLomRGHVOLJDGDWRGRVRVFRQVXPLGRUHVHOp GHRFDVLRQDUIHULPHQWRVJUDYHV
WULFRVGHVOLJDGRVHRWUDYDPHQWRGDFROXQDGD Ɣ 1XQFDGHL[DUFULDQoDVRXSHVVRDVFRP
GLUHomRDWLYR QHFHVVLGDGHVHVSHFLDLVQRYHtFXORTXDQGR
 ,JQLomRGHVOLJDGDWUDYDPHQWRGDFROXQDGDGL DVSRUWDVIRUHPWUDYDGDV(PFDVRGHHPHU
UHomRGHVDWLYDGR$FKDYHGRYHtFXORSRGH JrQFLDHODVQmRHVWDULDPHPFRQGLo}HVGH
VHUUHWLUDGDGRFLOLQGURGDLJQLomR GHL[DURYHtFXORVR]LQKDVRXGHFXLGDUHPGH
 ,JQLomROLJDGD3UpLQFDQGHVFLPHQWRHPPRWRU VLPHVPDV(PXPYHtFXORIHFKDGRGHDFRU
DGLHVHO$FKDYHGRYHtFXORSRGHVHUUHWLUDGD GRFRPDHVWDomRGRDQRSRGHPRFRUUHU
GRFLOLQGURGDLJQLomR WHPSHUDWXUDVPXLWRDOWDVRXPXLWREDL[DV
TXHSRGHPRFDVLRQDUIHULPHQWRVJUDYHVH
 /LJDURPRWRU6HRPRWRUFRPHoDUDIXQFLR
HQIHUPLGDGHVSULQFLSDOPHQWHHPFULDQoDV
QDUDFKDYHGRYHtFXORSHUPDQHFHUiQHVWD
SHTXHQDVRXRFDVLRQDUDPRUWH
SRVLomR3DUDUHWLUiODSUHVVLRQDUDFKDYHGR
YHtFXORWRWDOPHQWHSDUDGHQWURGRFLOLQGURGD Ɣ 1XQFDUHWLUDUDFKDYHGRYHtFXORGRFLOLQ
LJQLomR4XDQGRDFKDYHpVROWDRPRWRUp GURGDLJQLomRHQTXDQWRRYHtFXORHVWLYHUHP
GHVOLJDGRHDFKDYHGRYHtFXORVDOWDSDUDD PRYLPHQWR2WUDYDPHQWRGDFROXQDGDGLUH
SRVLomR   omRSRGHVHWUDYDUHSRGHQmRVHUPDLVSRV
VtYHOFRQGX]LURYHtFXOR
&KDYHGRYHtFXORQmRKDELOLWDGD
4XDQGRXPDFKDYHGRYHtFXORQmRKDELOLWDGDpLQ 4XDQGRDFKDYHGRYHtFXORSHUPDQHFHQRFL
WURGX]LGDQRFLOLQGURGDLJQLomRHODSRGHVHUUHWL OLQGURGDLJQLomRSRUXPORQJRSHUtRGRFRPR
UDGDGDVHJXLQWHIRUPD PRWRUGHVOLJDGRDEDWHULDGRYHtFXORVHGHVFDUUH
JD
Ɣ 7UDQVPLVVmRDXWRPiWLFDSUHVVLRQDUHVROWDUR
ERWmREORTXHDGRUGDDODYDQFDVHOHWRUD5HWLUDUD (PYHtFXORVFRPWUDQVPLVVmRDXWRPiWLFD
FKDYHGRYHtFXORGRFLOLQGURGDLJQLomR DFKDYHGRYHtFXORVRPHQWHSRGHVHUUHWLUD
GDGRFLOLQGURGDLJQLomRVHDDODYDQFDVHOHWRUD
Ɣ 7UDQVPLVVmRPDQXDOUHWLUDUDFKDYHGRYHtFXOR
HVWLYHUQDSRVLomR36HQHFHVViULRSUHVVLRQDUH
GRFLOLQGURGDLJQLomR
VROWDURERWmREORTXHDGRUGDDODYDQFDVHOHWRUD ‹

%RWmRGHSDUWLGD

¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD

(PYHtFXORVFRP.H\OHVV$FFHVVҧϜ3iJLQDR
YHtFXORSRGHVHUOLJDGRFRPRERWmRGHSDUWLGD
.H\OHVV*R RXFRPDFKDYHGRYHtFXORQRFLOLQ
GURGDLJQLomRҧϜ3iJLQD
2ERWmRGHSDUWLGDSRGHVHUXVDGRVRPHQWHVH
KRXYHUXPDFKDYHGRYHtFXORYiOLGDGHQWURGRYHt
FXOR
)LJ 1DSDUWHLQIHULRUGRFRQVROHFHQWUDOER
53&&

$RGHL[DURYHtFXORRWUDYDPHQWRHOHWU{QLFRGD
WmRGHSDUWLGDGRVLVWHPDGHIHFKDPHQWRHSDUWLGD
FROXQDGDGLUHomRpDWLYDGRDRDEULUDSRUWDGR
VHPFKDYH.H\OHVV$FFHVV
FRQGXWRUFRPDLJQLomRGHVOLJDGDҧϜ3iJLQD b

'DUSDUWLGDWURFDUDPDUFKDHVWDFLRQDU 
/LJDURXGHVOLJDUDLJQLomR 'HFRUULGRHVWHWHPSRQmRpPDLVSRVVtYHOOLJDUR
Ɣ 3UHVVLRQDUXPDYH]RERWmRGHSDUWLGDVHPSL PRWRUVHPXPDFKDYHGRYHtFXORYiOLGDQRLQWHULRU
VDUQRSHGDOGRIUHLRRXQRSHGDOGDHPEUHDJHP GRYHtFXOR
ҧϜ 
$'9(57Ç1&,$
3DUWLGDGHHPHUJrQFLD
0RYLPHQWRVVHPVXSHUYLVmRGRYHtFXORSR
8VDURFLOLQGURGDLJQLomRTXDQGRXPDFKDYHGR GHPFDXVDUIHULPHQWRVJUDYHV
YHtFXORYiOLGDQmRIRUUHFRQKHFLGDQRLQWHULRUGR
Ɣ 3DUDOLJDUDLJQLomRQmRSLVDUQRSHGDOGR
YHtFXORҧϜ3iJLQD1RGLVSOD\GRLQVWUXPHQWR
IUHLRRXQRSHGDOGDHPEUHDJHPMiTXHGR
FRPELQDGRDSDUHFHUiXPLQGLFDGRUFRUUHVSRQGHQ
FRQWUiULRRPRWRUSRGHUiVHUOLJDGRLPHGLDWD
WH(VWHSRGHVHURFDVRSRUH[HPSORGHXPDED
PHQWH
WHULDGDFKDYHGRYHtFXORIUDFDRXGHVFDUUHJDGD

'HVOLJDPHQWRGHHPHUJrQFLD $'9(57Ç1&,$
6HRPRWRUQmRSXGHUVHUGHVOLJDGRSUHVVLRQDQGR 8PDXWLOL]DomRGHVDWHQWDRXVHPVXSHUYLVmR
VHEUHYHPHQWHRERWmRGHSDUWLGDVHUiSUHFLVR GDVFKDYHVGRYHtFXORSRGHFDXVDUDFLGHQWHV
H[HFXWDUXPGHVOLJDPHQWRGHHPHUJrQFLD HIHULPHQWRVJUDYHV
Ɣ 3UHVVLRQDUGXDVYH]HVRERWmRGHSDUWLGDGHQ Ɣ /HYDUVHPSUHWRGDVDVFKDYHVGRYHtFXOR
WURGHVHJXQGRVRXPDQWrORSUHVVLRQDGRSRU DRGHL[DURYHtFXOR&ULDQoDVRXSHVVRDVQmR
PDLVGHXPVHJXQGRҧϜ HP'HVOLJDURPRWRUQD DXWRUL]DGDVSRGHPWUDYDURYHtFXOROLJDUR
SiJLQD PRWRURXOLJDUDLJQLomRHFRPLVVRDFLRQDU
Ɣ 2PRWRUpGHVOLJDGRDXWRPDWLFDPHQWH RVHTXLSDPHQWRVHOpWULFRVFRPRSRUH[HP
SORRVYLGURVHOpWULFRV
)XQomRGHQRYDSDUWLGDGRPRWRU
(PYHtFXORVFRPPRWRUDGLHVHOH.H\OHVV
6HXPDFKDYHGRYHtFXORYiOLGDQmRIRUUHFRQKHFL
$FFHVVDSDUWLGDGRPRWRUSRGHGHPRUDUXP
GDQRLQWHULRUGRYHtFXORDSyVVHGHVOLJDURPRWRU
SRXFRTXDQGRRPRWRUSUHFLVDUVHUSUpLQFDQGHVFL
pSRVVtYHOOLJDURPRWRUQRYDPHQWHHPDSUR[LPD
GR ‹
GDPHQWHVHJXQGRV8PDPHQVDJHPFRUUHVSRQ
GHQWHVHUiH[LELGDQRGLVSOD\GRLQVWUXPHQWRFRP
ELQDGR

/LJDURPRWRU

¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQIRUPDo}HVLQWURGXWyULDVHDVLQGLFDo}HVGHVHJXUDQ
oD QDSiJLQD

([HFXWDUDVDo}HVVHPSUHQDVHTXrQFLDLQGLFDGD
'DUSDUWLGDQRYHtFXORFRPDFKDYHGRYHt 'DUSDUWLGDQRYHtFXORFRPRERWmRGHSDUWL
3DVVR
ҧϜ3iJLQD
FXORQRFLOLQGURGDLJQLomRҧ GDҧϜ3iJLQD .H\OHVV$FFHVV
 3LVDUQRSHGDOGRIUHLRHPDQWrORSUHVVLRQDGRDWpTXHRSDVVRWHQKDVLGRHIHWXDGR
(PYHtFXORVFRPWUDQVPLVVmRPDQXDOSLVDUWRWDOPHQWHQRSHGDOGDHPEUHDJHPHVHJXUDU
D
DWpTXHRPRWRUHVWHMDOLJDGR
&RORFDUDDODYDQFDGDWUDQVPLVVmRQDSRVLomRQHXWUDRXDDODYDQFDVHOHWRUDQDSRVLomR3RX

1
6RPHQWHYHtFXORVFRPPRWRUDGLHVHOSDUD
RSUpLQFDQGHVFLPHQWRSUHVVLRQDUDFKDYHGR
 YHtFXORQRFLOLQGURGDLJQLomRQDSRVLomR ±
ҧϜ)LJ  $OX]GHFRQWUROH DVHDFHQGH
QRLQVWUXPHQWRFRPELQDGR
3UHVVLRQDUDFKDYHGRYHtFXORQRFLOLQGURGD 3UHVVLRQDURERWmRGHSDUWLGDҧϜ)LJ±QmR
 LJQLomRQDSRVLomRҧϜ)LJ  ±QmRDFHOH DFHOHUDU3DUDOLJDURPRWRUGHYHKDYHUXPD
UDU FKDYHGRYHtFXORYiOLGDQRLQWHULRUGRYHtFXOR b

 'XUDQWHDFRQGXomR
([HFXWDUDVDo}HVVHPSUHQDVHTXrQFLDLQGLFDGD
'DUSDUWLGDQRYHtFXORFRPDFKDYHGRYHt 'DUSDUWLGDQRYHtFXORFRPRERWmRGHSDUWL
3DVVR
ҧϜ3iJLQD
FXORQRFLOLQGURGDLJQLomRҧ GDҧϜ3iJLQD .H\OHVV$FFHVV
4XDQGRRPRWRUFRPHoDUDIXQFLRQDUVROWDUD 4XDQGRRPRWRUFRPHoDUDIXQFLRQDUVROWDUR

FKDYHGRYHtFXORQRFLOLQGURGDLJQLomR ERWmRGHSDUWLGD
6HRPRWRUQmRFRPHoDUDIXQFLRQDULQWHUURPSHURSURFHGLPHQWRGHSDUWLGDHUHSHWLORDSyV

DSUR[LPDGDPHQWHXPPLQXWR
 'HVOLJDURIUHLRGHHVWDFLRQDPHQWRHOHWU{QLFRTXDQGRWLYHUTXHSDUWLUҧϜ3iJLQD

'HVWDIRUPDRPRWRUDWLQJHVXDWHPSHUDWXUDGH
$'9(57Ç1&,$
VHUYLoRPDLVUDSLGDPHQWHHDHPLVVmRGHVXEVWkQ
1XQFDVDLUGRYHtFXORFRPRPRWRUHPIXQ FLDVWy[LFDVpPHQRU
FLRQDPHQWRHVSHFLDOPHQWHQmRFRPPDUFKD
HQJDWDGDRXSRVLomRGDPDUFKDHQJDWDGD2 6HSRUH[HPSORDEDWHULDGDFKDYHGRYHt
YHtFXORSRGHULDVHPRYHUVXELWDPHQWHRXXP FXORHVWLYHUPXLWRIUDFDRXGHVFDUUHJDGDR
HYHQWRLQFRPXPRFRUUHUSRGHQGRFDXVDUGD PRWRUQmRSRGHUiVHUDFLRQDGRFRPRERWmRGH
QRVTXHLPDGXUDVRXJUDYHVOHV}HV SDUWLGD1HVVHFDVRGDUSDUWLGDQRYHtFXORFRPD
FKDYHGRYHtFXORQRFLOLQGURGDLJQLomR
$'9(57Ç1&,$ $ROLJDURPRWRURVJUDQGHVFRQVXPLGRUHV
8PDFHOHUDGRUGHDUUDQTXHSRGHH[SORGLURX HOpWULFRVVmRGHVOLJDGRVWHPSRUDULDPHQWH
FDXVDUXPV~ELWRDXPHQWRGDURWDomRGRPR
$SyVOLJDUXPPRWRUIULRSRGHPRFRUUHUUXt
WRU
GRVGHIXQFLRQDPHQWRPDLVIRUWHVSRUXP
Ɣ 1XQFDXWLOL]DUXPDFHOHUDGRUGHSDUWLGD FXUWRSHUtRGR,VWRpQRUPDOHQmRGHYHFDXVDU
SUHRFXSDomR
127$
(PFDVRGHWHPSHUDWXUDVH[WHUQDVDEDL[RGH
Ɣ 2PRWRUGHSDUWLGDRXRPRWRUSRGHPVHU ƒ& ƒ) HPYHtFXORVFRPPRWRUDGLH
GDQLILFDGRVDRWHQWDUOLJDURPRWRUGXUDQWHD VHOSRGHRFRUUHUXPDOLJHLUDIRUPDomRGHIXPDoD
FRQGXomRRXTXDQGRRPRWRUIRUDFLRQDGRQR VRERYHtFXORTXDQGRRDTXHFHGRUGHFRPEXVWtYHO
YDPHQWHLPHGLDWDPHQWHDSyVVHUGHVOLJDGR HVWLYHUOLJDGR
Ɣ &RPRPRWRUIULRHYLWDUURWDo}HVGRPRWRU
HOHYDGDVDFHOHUDomRWRWDOHIRUWHGHPDQGDGR 3DUDOLJDUXPPRWRUPXOWLFRPEXVWtYHOFRPEL
PRWRU RHWDQRO(pQHFHVViULDXPDGHWHUPLQDGD
WHPSHUDWXUDGHVHUYLoR9HULQIRUPDo}HVVREUHR
Ɣ 1mRHPSXUUDURXSX[DURYHtFXORSDUDGDU ELRHWDQROҧϜ3iJLQD ‹
SDUWLGD&RPEXVWtYHOQmRTXHLPDGRSRGHGDQL
ILFDURFDWDOLVDGRU

1mRGHL[DURPRWRUVHDTXHFHUFRPRYHtFXOR
SDUDGRPDVVLPDUUDQFDULPHGLDWDPHQWH
TXDQGRKRXYHUERDYLVLELOLGDGHDWUDYpVGRVYLGURV

'HVOLJDURPRWRU

¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQIRUPDo}HVLQWURGXWyULDVHDVLQGLFDo}HVGHVHJXUDQ
oD QDSiJLQD

([HFXWDUDVDo}HVVHPSUHQDVHTXrQFLDLQGLFDGD
'HVOLJDURYHtFXORFRPDFKDYHGRYHtFXOR 'HVOLJDURYHtFXORFRPRERWmRGHSDUWLGD
3DVVR
QRFLOLQGURGDLJQLomRҧϜ3iJLQD ҧϜ3iJLQD .H\OHVV$FFHVV
53&&

 3DUDURYHtFXORFRPSOHWDPHQWHҧϜ 
 3LVDUQRSHGDOGRIUHLRHPDQWHUSUHVVLRQDGRDWpTXHRSDVVRWHQKDVLGRHIHWXDGR
 &RPWUDQVPLVVmRDXWRPiWLFDFRORFDUDDODYDQFDVHOHWRUDQDSRVLomR3
 /LJDURIUHLRGHHVWDFLRQDPHQWRHOHWU{QLFRҧϜ3iJLQD b

'DUSDUWLGDWURFDUDPDUFKDHVWDFLRQDU 
([HFXWDUDVDo}HVVHPSUHQDVHTXrQFLDLQGLFDGD
'HVOLJDURYHtFXORFRPDFKDYHGRYHtFXOR 'HVOLJDURYHtFXORFRPRERWmRGHSDUWLGD
3DVVR
ҧϜ3iJLQD
QRFLOLQGURGDLJQLomRҧ ҧϜ3iJLQD .H\OHVV$FFHVV
3UHVVLRQDUEUHYHPHQWHRERWmRGHSDUWL
3UHVVLRQDUDFKDYHGRYHtFXORFRPSOHWDPHQWH
GDҧϜ)LJ6HRPRWRUQmRSXGHUVHUGHVOL
 QRFLOLQGURGDLJQLomRHVROWDU$FKDYHGRYHt
JDGRH[HFXWDURGHVOLJDPHQWRGHHPHUJrQFLD
FXORVDOWDSDUDDSRVLomRҧϜ)LJ  
ҧϜ3iJLQD
 &RPWUDQVPLVVmRPDQXDOHQJDWDUDPDUFKDRXDPDUFKDDUp

$'9(57Ç1&,$ $'9(57Ç1&,$ FRQWLQXDomR

1XQFDGHVOLJDURPRWRUHQTXDQWRRYHtFXOR Ɣ 6HDFKDYHGRYHtFXORIRUUHWLUDGDGRFLOLQ
HVWLYHUHPPRYLPHQWR,VWRSRGHFDXVDUD GURGDLJQLomRRWUDYDPHQWRGDFROXQDGDGL
SHUGDGHFRQWUROHGRYHtFXORHDFLGHQWHVHIH UHomRSRGHUiVHHQJDWDUHSRGHUiQmRVHU
ULPHQWRVJUDYHV PDLVSRVVtYHOPDQREUDURYHtFXOR

Ɣ 2VDLUEDJVHRVSUpWHQVLRQDGRUHVGRV
FLQWRVGHVHJXUDQoDQmRIXQFLRQDPFRPDLJ
127$
QLomRGHVOLJDGD 6HRYHtFXORIRUFRQGX]LGRFRPDOWDGHPDQGD
Ɣ 2VHUYRIUHLRQmRIXQFLRQDFRPRPRWRU GRPRWRUHOHSRGHUiVHVXSHUDTXHFHUDSyVD
GHVOLJDGR3RULVVRFRPRPRWRUGHVOLJDGR SDUDGD3DUDHYLWDUGDQRVDRPRWRUGHL[iOR
pQHFHVViULRDSOLFDUXPDSUHVVmRPDLRUVR IXQFLRQDQGRQDSRVLomRQHXWUDSRUDSUR[LPD
EUHRSHGDOGRIUHLRSDUDIUHDU GDPHQWHPLQXWRVDQWHVGHVHUGHVOLJDGR
Ɣ $GLUHomRDVVLVWLGDQmRIXQFLRQDFRPR (PYHtFXORVFRPWUDQVPLVVmRDXWRPiWLFDD
PRWRUGHVOLJDGR&RPRPRWRUGHVOLJDGRp FKDYHGRYHtFXORSRGHVHUUHWLUDGDGRFLOLQGUR
QHFHVViULRDSOLFDUPDLVIRUoDSDUDFRQGX]LUR GDLJQLomRVRPHQWHFRPDDODYDQFDVHOHWRUDQD
YHtFXOR SRVLomR3

$SyVGHVOLJDURPRWRUDYHQWRLQKDGRUDGLD
GRUQRFRPSDUWLPHQWRGRPRWRUSRGHFRQWL
QXDUIXQFLRQDQGRGXUDQWHDOJXQVPLQXWRVFRPD
LJQLomRGHVOLJDGDRXFRPDFKDYHGRYHtFXORIRUD
GDLJQLomR$YHQWRLQKDGRUDGLDGRUVHGHVOLJDDX
WRPDWLFDPHQWH ‹

,PRELOL]DGRUHOHWU{QLFR

¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
3RUHVVHPRWLYRVypSRVVtYHOOLJDURPRWRUFRP
XPDFKDYHRULJLQDO9RONVZDJHQFRGLILFDGDFRUUHV
SRQGHQWH&KDYHVGHYHtFXORFRGLILFDGDVSRGHP
VHUREWLGDVHPXPD&RQFHVVLRQiULD9RONVZDJHQ
2LPRELOL]DGRUDMXGDDLPSHGLUTXHRPRWRUVHMDOL ҧϜ3iJLQD
JDGRFRPXPDFKDYHGRYHtFXORQmRKDELOLWDGDH &DVRWHQKDVLGRXVDGDXPDFKDYHGDLJQLomRQmR
TXHGHVWDIRUPDRYHtFXORSRVVDVHPRYLPHQWDU DXWRUL]DGDDSDUHFHQRGLVSOD\GRLQVWUXPHQWR
$FKDYHGRYHtFXORSRVVXLXPFKLS&RPDDMXGD FRPELQDGRDLQGLFDomRFRUUHVSRQGHQWH1HVVHFD
GHVWHFKLSRLPRELOL]DGRUpGHVDWLYDGRDXWRPDWL VRRYHtFXORQmRSRGHVHUOLJDGR
FDPHQWHDRLQWURGX]LUDFKDYHGDYHtFXORQRFLOLQ
2SHUIHLWRIXQFLRQDPHQWRGRYHtFXORVypJD
GURGDLJQLomR
UDQWLGRFRPFKDYHVRULJLQDLV9RONVZDJHQ ‹
2LPRELOL]DGRUHOHWU{QLFRpDWLYDGRDXWRPDWLFD
PHQWHDVVLPTXHDFKDYHGDLJQLomRpUHWLUDGDGR
FLOLQGURGDLJQLomR(PYHtFXORVFRP.H\OHVV
$FFHVVDFKDYHGRYHtFXORGHYHHVWDUQRODGRGH
IRUDGRYHtFXORҧϜ3iJLQD

 'XUDQWHDFRQGXomR
3UpDTXHFLPHQWRGRPRWRU
Ɣ /LJDURFDERGHFRQH[mRFRPRFDERGHOLJD
omR
Ɣ &RQHFWDURFDERGHOLJDomRDXPDWRPDGD
9DWHUUDGDFRPGLVMXQWRU'5RXDXPDWRPDGD
9
Ɣ $QWHVGHOLJDURPRWRUGHVFRQHFWDUVHPSUHR
FDERGHFRQH[mRHIHFKDUDFDSDGHFREHUWXUD  

$'9(57Ç1&,$
$XWLOL]DomRLQDGHTXDGDGRSUpDTXHFLPHQWR
GRPRWRUSRGHFDXVDUFXUWRVFLUFXLWRVFKR
TXHVHOpWULFRVLQFrQGLRIHULPHQWRVJUDYHVH
PRUWH
)LJ 1RSDUDFKRTXHGLDQWHLURGLUHLWRHQWUDGD Ɣ &RQHFWDURFDERGHOLJDomRVHPSUHDXPD
GHFRQH[mR  SDUDRSUpDTXHFLPHQWRGRPRWRU WRPDGD9DWHUUDGDFRPGLVMXQWRU'5RXD
XPDWRPDGD9TXHHVWHMDPSURWHJLGDVGH

¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
iJXDGHXPLGDGHHGHRXWURVOtTXLGRV
Ɣ 1XQFDFRQHFWDURSUpDTXHFLPHQWRGR
PRWRUHPXPDWRPDGDFRQYHQFLRQDOLQGH
SHQGHQWHGHVHUXPDWRPDGDSURWHJLGDRX
1RSUpDTXHFLPHQWRGRPRWRUFRPRYHtFXORSDUD QmR
GRROtTXLGRGHDUUHIHFLPHQWRGRPRWRUpDTXHFLGR
OHQWDPHQWHSRUPHLRGHXPHOHPHQWRGHDTXHFL $'9(57Ç1&,$
PHQWR3DUDLVVRRVFDERVIRUQHFLGRVGHYHPVHU
FRQHFWDGRVDXPDWRPDGD9RX9SRU $XWLOL]DomRGHWRPDGDVHGHFDERGHOLJDomR
H[HPSORHPXPDJDUDJHP&RPXPOtTXLGRGHDU LQDSURSULDGRVRXGDQLILFDGRVHDLQREVHUYkQ
UHIHFLPHQWRVXILFLHQWHPHQWHDTXHFLGRDSyVDSDU FLDGDVSUHFDXo}HVGHVHJXUDQoDJHUDLVYiOL
WLGDRPRWRUDWLQJHVXDWHPSHUDWXUDGHVHUYLoR GDVSRGHPFDXVDUFXUWRVFLUFXLWRVDFLGHQ
FRQVLGHUDYHOPHQWHPDLVUiSLGR'HVVDIRUPDR WHVIHULPHQWRVJUDYHVHDPRUWH
FRQVXPRGHFRPEXVWtYHOHDHPLVVmRGHVXEVWkQ Ɣ 1XQFDXWLOL]DUWRPDGDVHFDERGHOLJDomR
FLDVWy[LFDVVmRUHGX]LGRVQDIDVHGHDTXHFLPHQ GDQLILFDGRV9HULILFDUDH[LVWrQFLDGHDYDULDV
WR QDWRPDGDHQRFDERDQWHVGHFDGDXWLOL]D
omR
'HSHQGHQGRGDWHPSHUDWXUDH[WHULRURSUpDTXH
FLPHQWRGRPRWRUSRGHOHYDUDWpKRUDV Ɣ 1XQFDHIHWXDUPRGLILFDo}HVRXUHSDURV
ҧϜ3iJLQD QRVFRPSRQHQWHVHOpWULFRV
Ɣ 3URWHJHUDFRQH[mRGRFRQHFWRUGDiJXD
/LJDURSUpDTXHFLPHQWRGRPRWRU GDXPLGDGHHGHRXWURVOtTXLGRV
Ɣ 8WLOL]DUXQLFDPHQWHRVFDERVIRUQHFLGRV
Ɣ $WRPDGDHWRGRVRVFDERVXWLOL]DGRVGHYHP (PFDVRGHXVRHVSRUiGLFRGRSUpDTXHFL
HVWDUVHPDYDULDVҧϜ  PHQWRGRPRWRUWHVWDURGLVMXQWRU'5XPD
YH]SRUPrVHHPFDVRGHXVRUHJXODUWHVWiOR
Ɣ $EULUDFDSDGHFREHUWXUDҧϜ)LJ   XPDYH]SRUVHPDQD ‹
Ɣ &RQHFWDURFDERGHFRQH[mRQDWRPDGD  
53&&

'DUSDUWLGDWURFDUDPDUFKDHVWDFLRQDU 
7URFDUPDUFKDV

¤ ,QWURGXomRDRWHPD
1HVWHFDStWXORHQFRQWUDPVHLQIRUPDo}HVUHODWLYDV
$'9(57Ç1&,$
DRVVHJXLQWHVWHPDV
8PDDFHOHUDomRUiSLGDSRGHRFDVLRQDUDSHU
/X]HVGHDGYHUWrQFLDHGHFRQWUROH  
GDGHWUDomRHGHUUDSDJHQVHVSHFLDOPHQWH
3HGDLV   HPUXDVHVFRUUHJDGLDV,VWRSRGHRFDVLRQDUD
7UDQVPLVVmRPDQXDOHQJDWDUDPDUFKD   SHUGDGHFRQWUROHGRYHtFXORDFLGHQWHVHIHUL
7UDQVPLVVmRGHGXSODHPEUHDJHP'6*Š   PHQWRVJUDYHV
7UDQVPLVVmRDXWRPiWLFDHQJDWDUDPDUFKD   Ɣ 8VDUR.LFNGRZQRXDDFHOHUDomRUiSLGD
7URFDUDPDUFKDFRP7LSWURQLF   VRPHQWHTXDQGRDVFRQGLo}HVGHYLVLELOLGD
&RQGX]LUFRPWUDQVPLVVmRDXWRPiWLFD   GHFOLPiWLFDVGDSLVWDHGRWUkQVLWRSHUPLWL
)DOKDGHIXQFLRQDPHQWRGDWUDQVPLVVmR UHP
DXWRPiWLFD  
5HFRPHQGDomRGHPDUFKD   $'9(57Ç1&,$
$VREVHUYDo}HVVREUHDWUDQVPLVVmRDXWRPiWL 1XQFDGHL[DURVIUHLRV³GHVOL]DUHP´FRPIUH
FDQHVWHFDStWXORDSOLFDPVHWDQWRSDUDDWUDQV TXrQFLDHSRUPXLWRWHPSRRXDFLRQDURSH
PLVVmRDXWRPiWLFDTXDQWRSDUDDWUDQVPLVVmR GDOGRIUHLRFRPIUHTXrQFLDHSRUPXLWRWHP
GHGXSODHPEUHDJHP'6*Š SR)UHQDJHQVFRQVWDQWHVFDXVDPVXSHUD
TXHFLPHQWRGRVIUHLRV,VWRSRGHGLPLQXLU
&RPDPDUFKDDUpHQJDWDGDHDLJQLomR EDVWDQWHRGHVHPSHQKRGHIUHQDJHPDXPHQ
OLJDGDRFRUUHRVHJXLQWH WDUDGLVWkQFLDGHIUHQDJHPHVREFHUWDVFLU
FXQVWkQFLDVRFDVLRQDUDIDOKDWRWDOGRVLVWH
Ɣ $ODQWHUQDGHPDUFKDDUpVHDFHQGH
PDGHIUHLR
Ɣ 'XUDQWHDPDUFKDDUpR&OLPDWURQLFDOWHUQD
DXWRPDWLFDPHQWHSDUDRPRGRGHUHFLUFXODomRGH
DU
127$
Ɣ 6HIRURFDVRR3DUN3LORWHDFkPHUDGHPDU Ɣ 1XQFDGHL[DURVIUHLRV³GHVOL]DUHP´FRP
FKDDUpVmROLJDGRV XPDSUHVVmROHYHQRSHGDOVHQmRIRUUHDOPHQ
WHQHFHVViULRIUHDU,VWRDXPHQWDRGHVJDVWH
,QIRUPDo}HVHDOHUWDVFRPSOHPHQWDUHV Ɣ $QWHVGHSHUFRUUHUXPWUHFKRPDLVORQJR
Ɣ 9LVWDJHUDOGRFRQVROHFHQWUDOҧϜ3iJLQD FRPGHFOLYHVDFHQWXDGRVGLPLQXLUDYHORFLGD
Ɣ ,QVWUXPHQWRVҧϜ3iJLQD GHPXGDUSDUDXPDPDUFKDPDLVEDL[DRXVH
OHFLRQDUXPDSRVLomRGHPDUFKDPDLVEDL[D
Ɣ )UHDUSDUDUHHVWDFLRQDUҧϜ3iJLQD $VVLPpSRVVtYHODSURYHLWDURHIHLWRGHIUHQD
Ɣ 3DUN3LORWҧϜ3iJLQD JHPGRPRWRUSRUFRPSOHWRHRIUHLRpDOLYLDGR
Ɣ $VVLVWHQWHGHFRQGXomRHPPDUFKDDUp 5HDU &DVRFRQWUiULRRIUHLRSRGHVHVXSHUDTXHFHUH
9LHZ ҧϜ3iJLQD SRVVLYHOPHQWHIDOKDU8VDURVIUHLRVVRPHQWH
VHQHFHVViULRSDUDGLPLQXLUDYHORFLGDGHRX
Ɣ $VVLVWHQWHGHGLUHomRSDUDHVWDFLRQDPHQWR
SDUDU ‹
3DUN$VVLVW ҧϜ3iJLQD
Ɣ &RQWUROHDXWRPiWLFRGHGLVWkQFLD $&&
ҧϜ3iJLQD
Ɣ $TXHFHUYHQWLODUUHVIULDUҧϜ3iJLQD
Ɣ 8QLGDGHGHFRQWUROHGRPRWRUHVLVWHPDGHSX
ULILFDomRGRJiVGHHVFDSHҧϜ3iJLQD
Ɣ )HFKDPHQWRRXDEHUWXUDGHHPHUJrQFLD
ҧϜ3iJLQD

 'XUDQWHDFRQGXomR
/X]HVGHDGYHUWrQFLDHGHFRQWUROH

¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQIRUPDo}HVLQWURGXWyULDVHDVLQGLFDo}HVGHVHJXUDQ
oD QDSiJLQD

$FHVD &DXVDSRVVtYHO 6ROXomR


›1mRSURVVHJXLU
'HL[DUHVIULDUQDSRVLomRGDDODYDQFDVHOHWRUD
3
7UDQVPLVVmRGHGXSODHPEUHDJHP'6*Š
€ GHYHORFLGDGHVVXSHUDTXHFLGD
6HRDOHUWDQmRVHDSDJDUQmRSURVVHJXLUVROL
FLWDUDMXGDWpFQLFD&DVRFRQWUiULRSRGHPRFRU
UHUGDQRVVLJQLILFDWLYRVjWUDQVPLVVmR
ҧϜ3iJLQD
3LVDUQRSHGDOGRIUHLRWRWDOPHQWH
K 3HGDOGRIUHLRQmRSUHVVLRQDGR 9HUWDPEpPFRQWUROHDXWRPiWLFRGHGLVWkQFLD
$&& ҧϜ3iJLQD
3DUDHQJDWDUXPDSRVLomRGHPDUFKDSLVDUQR
3HGDOGRIUHLRQmRSUHVVLRQDGRSRUH[HP
SHGDOGRIUHLR
K SORGXUDQWHXPDWHQWDWLYDGHVHOHFLRQDURX
WUDPDUFKDFRPDDODYDQFDVHOHWRUD
9HUWDPEpPIUHLRGHHVWDFLRQDPHQWRHOHWU{QLFR
ҧϜ3iJLQD

3LVFDQ
&DXVDSRVVtYHO 6ROXomR
GR
2ERWmREORTXHDGRUGDDODYDQFDVHOHWRUD
(QJDWDUREORTXHLRGDDODYDQFDVHOHWRUD
K QmRHVWiSUHVVLRQDGR2DUUDQTXHpLPSHGL
GR
ҧϜ3iJLQD

7UDQVPLVVmRDXWRPiWLFDDYDULDGD &RPDURWDomRGRPRWRUEDL[DSURFXUDUD&RQ
’ ’SLVFDDOWHUQDGDPHQWHFRPH[LELomRQD
DODYDQFDVHOHWRUDSRUH[HPSOR'
FHVVLRQiULD9RONVZDJHQPDLVSUy[LPDHPDQGDU
YHULILFDURVLVWHPD

$ROLJDUDLJQLomRDOJXPDVOX]HVGHDGYHUWrQFLDH $'9(57Ç1&,$ FRQWLQXDomR


GHFRQWUROHVHDFHQGHPUDSLGDPHQWHSDUDYHULILFD
Ɣ 6HRYHtFXORSDUDURXSUHFLVDUVHUHVWDFLR
omRGDIXQomR(ODVVHDSDJDPDSyVDOJXQVVH
QDGRSDUDUHSDURVHVWDFLRQDUVHPSUHRYHt
JXQGRV
FXORDXPDGLVWkQFLDVHJXUDGDUXDOLJDUDV
OX]HVGHDGYHUWrQFLDGHVOLJDURPRWRUHDGR
$'9(57Ç1&,$ WDURXWUDVPHGLGDVGHVHJXUDQoDSDUDDOHUWDU
$LQREVHUYkQFLDGDVOX]HVGHDGYHUWrQFLD RWUkQVLWR
DFHVDVHGDVPHQVDJHQVGHWH[WRSRGHRFD
VLRQDUSDUDGDVGRYHtFXORQRWUkQVLWRDFL 127$
GHQWHVHIHULPHQWRVJUDYHV
$LQREVHUYkQFLDGHOX]HVGHFRQWUROHTXHVH
Ɣ 1XQFDLJQRUDUDVOX]HVGHDGYHUWrQFLD DFHQGHPHGHPHQVDJHQVGHWH[WRSRGHFDXVDU
DFHVDVHDVPHQVDJHQVGHWH[WR GDQRVDRYHtFXOR ‹
Ɣ 3DUDUYHtFXORDVVLPTXHIRUSRVVtYHOHVH
JXUR
53&&

'DUSDUWLGDWURFDUDPDUFKDHVWDFLRQDU 
3HGDLV

)LJ 3HGDLVHPYHtFXORVFRPWUDQVPLVVmR )LJ 3HGDLVHPYHtFXORVFRPWUDQVPLVVmRDX


PDQXDO  SHGDOGRDFHOHUDGRU  SHGDOGRIUHLR WRPiWLFD  SHGDOGRDFHOHUDGRU  SHGDOGR
 SHGDOGDHPEUHDJHP IUHLR

¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
$'9(57Ç1&,$ FRQWLQXDomR
Ɣ $WHQWDUSDUDTXHWRGRVRVSHGDLVSRVVDP
VHUDFLRQDGRVVHPLPSHGLPHQWRV
2FRPDQGRHDOLEHUGDGHGHPRYLPHQWRGHWRGRV Ɣ )L[DURVWDSHWHVVHPSUHFRPVHJXUDQoD
RVSHGDLVQXQFDGHYHPVHUOLPLWDGRVSRUREMHWRV QDiUHDSDUDRVSpV
RXWDSHWHVSDUDRVSpV Ɣ 1XQFDFRORFDUWDSHWHVSDUDRVSpVRXRX
WURVUHYHVWLPHQWRVGHDVVRDOKRVREUHRWDSH
8WLOL]DUVRPHQWHWDSHWHVTXHGHL[HPDUHJLmRGRV
WHSDUDRVSpVLQVWDODGR
SHGDLVOLYUHHTXHHVWHMDPIL[DGRVFRPVHJXUDQoD
HTXHQmRHVFRUUHJXHPQDiUHDSDUDRVSpV Ɣ $WHQWDUSDUDTXHQHQKXPREMHWRSRVVDDO
FDQoDUDiUHDSDUDRVSpVGRFRQGXWRUGXUDQ
(PFDVRGHIDOKDGHXPFLUFXLWRGRIUHLRpQHFHV WHDFRQGXomR
ViULRSLVDUQRSHGDOGRIUHLRPDLVSURIXQGDPHQWH
TXHRQRUPDOSDUDSDUDURYHtFXOR
127$
$'9(57Ç1&,$ 2DFLRQDPHQWRGRVSHGDLVGHYHHVWDUGHVLPSH
GLGRRWHPSRWRGR'HVWDIRUPDHPFDVRGHID
2EMHWRVQDiUHDSDUDRVSpVGRFRQGXWRUSR OKDGHXPFLUFXLWRGRIUHLRSRUH[HPSORpQH
GHPLPSHGLUROLYUHDFLRQDPHQWRGRVSHGDLV FHVViULDXPDGLVWkQFLDGHIUHQDJHPPDLRUSDUD
,VWRSRGHRFDVLRQDUDSHUGDGHFRQWUROHGR SDUDURYHtFXOR1HVVHFDVRSLVDUQRSHGDOGR
YHtFXORHDXPHQWDURULVFRGHIHULPHQWRVJUD IUHLRPDLVIXQGRHIRUWHTXHRXVXDO ‹
YHV

 'XUDQWHDFRQGXomR
7UDQVPLVVmRPDQXDOHQJDWDUDPDUFKD

)LJ (VTXHPDGHWURFDGHPDUFKDVGDWUDQV )LJ (VTXHPDGHWURFDGHPDUFKDVGDWUDQV


PLVVmRPDQXDOGHPDUFKDV PLVVmRPDQXDOGHPDUFKDV

¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
WRDOWDVSXODUXPDRXPDLVPDUFKDVQDUHGXomR
GHPDUFKDSRGHRFDVLRQDUGDQRVjHPEUHDJHPH
jWUDQVPLVVmRPHVPRFRPRSpQDHPEUHDJHP
ҧϜ 
$VSRVLo}HVGHFDGDPDUFKDHVWmRUHSUHVHQWDGDV
QDDODYDQFDGDWUDQVPLVVmRҧϜ)LJ $'9(57Ç1&,$
RXҧϜ)LJ
2YHtFXORFRPRPRWRUHPIXQFLRQDPHQWRVH
Ɣ 3LVDUWRWDOPHQWHQRSHGDOGDHPEUHDJHPH PRYLPHQWDLPHGLDWDPHQWHDVVLPTXHXPD
PDQWrORSUHVVLRQDGR PDUFKDpHQJDWDGDHRSHGDOGDHPEUHDJHP
Ɣ &RORFDUDDODYDQFDGDWUDQVPLVVmRQDSRVLomR pOLEHUDGR,VWRWDPEpPpYiOLGRFRPRIUHLR
GHVHMDGDҧϜ  GHHVWDFLRQDPHQWRHOHWU{QLFROLJDGR

Ɣ 6ROWDURSHGDOGDHPEUHDJHPSDUDHQJDWDUD Ɣ 1XQFDHQJDWDUDPDUFKDDUpHQTXDQWRR
PDUFKD YHtFXORHVWLYHUHPPRYLPHQWR

(PDOJXQVSDtVHVpQHFHVViULRSLVDUWRWDOPHQWH $'9(57Ç1&,$
QRSHGDOGDHPEUHDJHPSDUDOLJDURPRWRU
8PDUHGXomRGHPDUFKDLQFRUUHWDSDUDPDU
(QJDWDUDPDUFKDDUp FKDVPXLWREDL[DVSRGHFDXVDUDSHUGDGH
Ɣ (QJDWDUDPDUFKDDUpVRPHQWHFRPRYHtFXOR FRQWUROHGRYHtFXORDVVLPFRPRDFLGHQWHVH
SDUDGR IHULPHQWRVJUDYHV
Ɣ 3LVDUWRWDOPHQWHQRSHGDOGDHPEUHDJHPH
PDQWrORSUHVVLRQDGRҧϜ  127$
Ɣ &RORFDUDDODYDQFDGDWUDQVPLVVmRQDSRVLomR 6HHPYHORFLGDGHVRXURWDo}HVGRPRWRUDOWDV
QHXWUDHSUHVVLRQiODSDUDEDL[R DDODYDQFDGDWUDQVPLVVmRIRUFRORFDGDHP
XPDPDUFKDPXLWREDL[DSRGHPRFRUUHUGDQRV
Ɣ (PSXUUDUDDODYDQFDGDWUDQVPLVVmRWRWDOPHQ
VLJQLILFDWLYRVjHPEUHDJHPHjWUDQVPLVVmR,V
WHSDUDDHVTXHUGDHGHSRLVSDUDIUHQWHDWpDSRVL
WRWDPEpPpYiOLGRVHRSHGDOGDHPEUHDJHP
omRGDPDUFKDDUpҧϜ)LJ 5
SHUPDQHFHUDFLRQDGRHQmRKRXYHUHQJDWH
RXҧϜ)LJ 5 
Ɣ 6ROWDURSHGDOGDHPEUHDJHPSDUDHQJDWDUD
127$
PDUFKD
3DUDHYLWDUGDQRVHXPGHVJDVWHSUHPDWXUR
5HGXomRGHPDUFKD REVHUYDURVHJXLQWH b
53&&

$UHGXomRGHPDUFKDGXUDQWHDFRQGXomRVHPSUH
GHYHVHUHIHWXDGDSDUDDSUy[LPDPDUFKDLQIHULRU
HFRPDVURWDo}HVGRPRWRUQmRPXLWRDOWDVҧϜ 
6HDYHORFLGDGHRXDURWDomRGRPRWRUIRUHPPXL

'DUSDUWLGDWURFDUDPDUFKDHVWDFLRQDU 
127$ FRQWLQXDomR 127$ FRQWLQXDomR
Ɣ 'XUDQWHDFRQGXomRQmRGHL[DUDPmRUH Ɣ (PDFOLYHVQmRVHJXUDURYHtFXORFRPD
SRXVDUVREUHDDODYDQFDGDWUDQVPLVVmR$ HPEUHDJHP³SDWLQDQGR´FRPRPRWRUHPIXQ
SUHVVmRGDPmRpWUDQVIHULGDSDUDRVJDUIRVGH FLRQDPHQWR ‹
HQJDWHGDWUDQVPLVVmR
Ɣ $WHQWDUSDUDTXHRYHtFXORHVWHMDWRWDOPHQWH
SDUDGRDQWHVGHHQJDWDUDPDUFKDDUp
Ɣ 'XUDQWHDPXGDQoDGHPDUFKDSLVDUVHP
SUHQRSHGDOGDHPEUHDJHPDWpRIXQGR

7UDQVPLVVmRGHGXSODHPEUHDJHP'6*Š

¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
*UDoDVDRVHXGHVLJQDWUDQVPLVVmRGHGXSODHP
EUHDJHP'6*ŠpPDLVHILFLHQWHGRTXHXPDWUDQV
PLVVmRDXWRPiWLFD(QTXDQWRQDWUDQVPLVVmRDX
WRPiWLFDRFRQYHUVRUGHWRUTXHpXWLOL]DGRRWHPSR
'HVFULomR WRGRDWUDQVPLVVmRGHGXSODHPEUHDJHP'6*Š
$WUDQVPLVVmRGHGXSODHPEUHDJHP'6* ŠpXPD FRQVHJXHDEULUDHPEUHDJHPHPPDUFKDOHQWDH
WUDQVPLVVmRDXWRPiWLFD8PDGXSODHPEUHDJHP FRPLVVRHFRQRPL]DUFRPEXVWtYHO*UDoDVDVXD
HGXDVVXEWUDQVPLVV}HVLQGHSHQGHQWHVSRVVLELOL HILFLrQFLDDRSHVROHYHHDRFRQWUROHLQWHOLJHQWHD
WDPXPDPXGDQoDGHPDUFKDVHPSHUGDGDIRUoD WUDQVPLVVmRGHGXSODHPEUHDJHP'6*ŠSRVVLELOL
GHWUDomR&RPLVVRDWUDQVPLVVmRGHGXSODHP WDQRUPDOPHQWHRPHVPRRXXPPHOKRUFRQVXPR
EUHDJHP'6*ŠFRPELQDDSRWrQFLDHDHFRQRPLD GHFRPEXVWtYHOGRTXHHPXPDWUDQVPLVVmRPD
GHXPDWUDQVPLVVmRPDQXDOFRPRFRQIRUWRHD QXDO
FRPRGLGDGHGHXPDWUDQVPLVVmRDXWRPiWLFDFRQ &RPRQDWUDQVPLVVmRPDQXDODHPEUHDJHPQD
YHQFLRQDO WUDQVPLVVmRGHGXSODHPEUHDJHP'6*ŠHVWiVX
MHLWDDRGHVJDVWH'HSHQGHQGRGRWLSRGDWUDQV
)XQFLRQDPHQWR PLVVmRGHGXSODHPEUHDJHP'6*ŠpQHFHVViULD
1DFRQGXomRDIRUoDGRPRWRUpWUDQVPLWLGDSDUD PDQXWHQomRUHJXODUPDLVLQIRUPDo}HVVREUHLVVR
RHL[RGHWUDQVPLVVmRSHODWUDQVPLVVmR3DUDPX SRGHPVHUREWLGDVQD0DQXWHQomRHJDUDQWLD(P
GDUGHPDUFKDDWUDQVPLVVmRGHIRUoDHQWUHRPR FDVRGHDYDULDHPXPDVXEWUDQVPLVVmRDWUDQV
WRUHDWUDQVPLVVmRSUHFLVDVHULQWHUURPSLGD(VWD PLVVmRGHGXSODHPEUHDJHP'6*ŠIRUQHFHWDP
pDIXQomRGDHPEUHDJHP EpPDSRVVLELOLGDGHGHGHVOLJDUXPDVXEWUDQVPLV
1DWUDQVPLVVmRGHGXSODHPEUHDJHP'6*ŠFRP VmRHFRQWLQXDUDFRQGXomRFRPDRXWUDVXEWUD
VXDVGXDVVXEWUDQVPLVVmRGXUDQWHDFRQGXomRD QVPLVVmRҧϜ3iJLQD0DQGDUYHULILFDUDWUDQV
IRUoDGRPRWRUSHUPDQHFHVHPSUHHPXPDVXEWUD PLVVmRLPHGLDWDPHQWHHPXPD&RQFHVVLRQiULD
QVPLVVmR$QWHVGHXPDWURFDGHPDUFKDDSUy[L 9RONVZDJHQRXHPXPDHPSUHVDHVSHFLDOL]DGD ‹
PDPDUFKDVXSHULRURXLQIHULRUMipHQJDWDGDQD
VHJXQGDVXEWUDQVPLVVmRVHPFDUJD'HSRLVD
HPEUHDJHPGDPDUFKDVHPFDUJDpIHFKDGDHDR
PHVPRWHPSRpDEHUWDDRXWUDPDUFKD,VVRSRV
VLELOLWDXPDPXGDQoDUiSLGDGHPDUFKD

 'XUDQWHDFRQGXomR
7UDQVPLVVmRDXWRPiWLFDHQJDWDUDPDUFKD

)LJ 9HtFXORVFRPGLUHomRjHVTXHUGDDOD )LJ 9HtFXORVFRPGLUHomRjGLUHLWDDODYDQFD


YDQFDVHOHWRUDGDWUDQVPLVVmRDXWRPiWLFDFRPER VHOHWRUDGDWUDQVPLVVmRDXWRPiWLFDFRPERWmR
WmREORTXHDGRU VHWD  EORTXHDGRU VHWD 

¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
GDVHWDҧϜ)LJRXҧϜ)LJ3DUDPXGDUD
DODYDQFDVHOHWRUDGDSRVLomR1SDUDDSRVLomR'
RX5SLVDUSULPHLUDPHQWHQRSHGDOGRIUHLRHPDQ
WrORSUHVVLRQDGR
$DODYDQFDVHOHWRUDpHTXLSDGDFRPXPEORTXHLR &RPDLJQLomROLJDGDDSRVLomRDWXDOGDDODYDQFD
GDDODYDQFDVHOHWRUD$RPXGDUDDODYDQFDVHOHWR VHOHWRUDRXDPDUFKDDWXDOpLQGLFDGDQRGLVSOD\
UDGDSRVLomR3SDUDXPDSRVLomRGHPDUFKDSL GRLQVWUXPHQWRFRPELQDGR
VDUQRSHGDOGRIUHLRHSUHVVLRQDURERWmREORTXH
DGRUQDPDQRSODGDDODYDQFDVHOHWRUDQRVHQWLGR

3RVLomRGD
DODYDQFD 'HQRPLQDomR ҧϜ
6LJQLILFDGRҧ
VHOHWRUD
$VURGDVPRWUL]HVHVWmREORTXHDGDVPHFDQLFDPHQWH
%ORTXHLRGHHVWDFLR (QJDWDUVRPHQWHFRPRYHtFXORSDUDGR3DUDWLUDUDDODYDQFDVHOH
0 QDPHQWR WRUDGDSRVLomRSLVDUQRSHGDOGRIUHLRHDGLFLRQDOPHQWHOLJDUD
LJQLomR
$PDUFKDDUpHVWiHQJDWDGD
2 0DUFKDDUp
(QJDWDUVRPHQWHFRPRYHtFXORSDUDGR
$WUDQVPLVVmRHVWiQDSRVLomRQHXWUD1mRKiWUDQVPLVVmRGHIRU
. 1HXWUR oDSDUDDVURGDVHRHIHLWRGHIUHQDJHPGRPRWRUQmRHVWiGLVSR
QtYHO
7RGDVDVPDUFKDVjIUHQWHVmRDXPHQWDGDVHUHGX]LGDVDXWRPDWL
3RVLomRFRQVWDQWH
FDPHQWH2PRPHQWRGDWURFDGHPDUFKDGHSHQGHGDFDUJDGR
$ SDUDPDUFKDjIUHQWH
SURJUDPDQRUPDO
PRWRUGRHVWLORGHFRQGXomRLQGLYLGXDOHGDYHORFLGDGHGDFRQGX
omR
7RGDVDVPDUFKDVVmRDXPHQWDGDVPDLVWDUGHHUHGX]LGDVPDLV
3RVLomRFRQVWDQWH FHGRGRTXHQDSRVLomR'GDDODYDQFDVHOHWRUDSDUDDSURYHLWDU
3 SDUDPDUFKDjIUHQWH FRPSOHWDPHQWHDVUHVHUYDVGHSRWrQFLDGRPRWRU2PRPHQWRGD
SURJUDPDHVSRUWLYR WURFDGHPDUFKDGHSHQGHGDFDUJDGRPRWRUGRHVWLORGHFRQGX
omRLQGLYLGXDOHGDYHORFLGDGHGDFRQGXomR b
53&&

'DUSDUWLGDWURFDUDPDUFKDHVWDFLRQDU 
%ORTXHLRGDDODYDQFDVHOHWRUD $'9(57Ç1&,$ FRQWLQXDomR
2EORTXHLRGDDODYDQFDVHOHWRUDLPSHGHTXHQD Ɣ 1XQFDDFLRQDUDPDUFKDDUpRXREOR
SRVLomR3RX1XPDSRVLomRGHPDUFKDSRVVDVHU TXHLRGHHVWDFLRQDPHQWRGXUDQWHDFRQGX
HQJDWDGDVHPVXSHUYLVmRFRORFDQGRRYHtFXORLQ omR
YROXQWDULDPHQWHHPPRYLPHQWR
3DUDOLEHUDUREORTXHLRGDDODYDQFDVHOHWRUDFRPD $'9(57Ç1&,$
LJQLomROLJDGDSLVDUQRSHGDOGRIUHLRHPDQWHU 0RYLPHQWRVVHPVXSHUYLVmRGRYHtFXORSR
SUHVVLRQDGR$RPHVPRWHPSRSUHVVLRQDURER GHPFDXVDUIHULPHQWRVJUDYHV
WmREORTXHDGRUGDDODYDQFDVHOHWRUD
Ɣ &RPRFRQGXWRUQXQFDGHL[DUREDQFRGR
1DWURFDGHPDUFKDVUiSLGDSDVVDQGRSHODSRVL FRQGXWRUFRPRPRWRUHPIXQFLRQDPHQWRH
omR1SRUH[HPSORGH5SDUD'DWUDYDGDDOD XPDSRVLomRGHPDUFKDHQJDWDGD6HIRUSUH
YDQFDVHOHWRUDQmRpEORTXHDGD'HVWHPRGRp FLVRVDLUGRYHtFXORFRPRPRWRUHPIXQFLR
SRVVtYHO³EDODQoDU´XPYHtFXORDWRODGRSDUDIRUD QDPHQWROLJDUVHPSUHRIUHLRGHHVWDFLRQD
GRDWROHLUR2EORTXHLRGDDODYDQFDVHOHWRUDHQJD PHQWRHOHWU{QLFRHFRORFDUDDODYDQFDVHOHWR
WDUiVHFRPRSHGDOGRIUHLRQmRDFLRQDGRDDOD UDQDSRVLomR3
YDQFDSHUPDQHFHUQDSRVLomR1SRUPDLVGHDSUR
Ɣ &RPRPRWRUHPIXQFLRQDPHQWRHDSRVL
[LPDGDPHQWHXPVHJXQGRHDXPDYHORFLGDGHLQ
omRGHPDUFKD'6RX5HQJDWDGDpQHFHV
IHULRUDDSUR[LPDGDPHQWHNPK PSK 
ViULRPDQWHURYHtFXORSDUDGRFRPRSHGDO
(PFDVRVUDURVHPYHtFXORVFRPWUDQVPLVVmRGH GRIUHLR0HVPRHPPDUFKDOHQWDDWUDQVPLV
GXSODHPEUHDJHP'6*ŠREORTXHLRGDDODYDQFD VmRGHIRUoDQmRpWRWDOPHQWHLQWHUURPSLGDH
VHOHWRUDSRGHQmRHQJDWDU$WUDomRpHQWmRGH RYHtFXORVH³DUUDVWD´
VHQHUJL]DGDSDUDLPSHGLUXPDUUDQTXHVHPVXSHU Ɣ 1XQFDPXGDUSDUDDSRVLomRGHPDUFKD5
YLVmR$OpPGLVVRDOX]GHFRQWUROHYHUGHKSLVFD RX3VHRYHtFXORHVWLYHUHPPRYLPHQWR
HXPWH[WRGHLQIRUPDomRpH[LELGR3DUDHQJDWDU
REORTXHLRGDDODYDQFDVHOHWRUDSURFHGHUGDVH Ɣ 1XQFDGHL[DURYHtFXORQDSRVLomRGHPDU
JXLQWHIRUPD FKD12YHtFXORGHVFHUiXPGHFOLYHLQGH
SHQGHQWHGHRPRWRUHVWDUHPIXQFLRQDPHQWR
Ɣ &RPWUDQVPLVVmRGHPDUFKDVDFLRQDURIUHLR RXQmR
HVROWDUQRYDPHQWH
Ɣ &RPWUDQVPLVVmRGHPDUFKDVFRORFDUDDOD 127$
YDQFDVHOHWRUDQDSRVLomR3RX1HHQWmRVHOH 6HFRPRYHtFXORSDUDGRRIUHLRGHHVWDFLRQD
FLRQDUXPDSRVLomRGHPDUFKD PHQWRHOHWU{QLFRQmRHVWLYHUOLJDGRHRSHGDO
GRIUHLRIRUOLEHUDGRFRPDDODYDQFDVHOHWRUDQD
$'9(57Ç1&,$ SRVLomR3RYHtFXORSRGHPRYHUVHDOJXQV
2HQJDWHLQFRUUHWRGDDODYDQFDVHOHWRUDSRGH FHQWtPHWURVSDUDIUHQWHRXSDUDWUiV
RFDVLRQDUDSHUGDGHFRQWUROHGRYHtFXORDFL
GHQWHVHIHULPHQWRVJUDYHV &DVRGXUDQWHDFRQGXomRDSRVLomR1VHMD
DFLGHQWDOPHQWHVHOHFLRQDGDWLUDURSpGRSH
Ɣ 1XQFDDFHOHUDUDRHQJDWDUXPDSRVLomR GDOGRDFHOHUDGRU$JXDUGDUDPDUFKDOHQWDGRPR
GHPDUFKD WRUQDSRVLomRQHXWUDDQWHVGHHQJDWDUXPDSRVL
Ɣ &RPRPRWRUHPIXQFLRQDPHQWRHDSRVL omRGHPDUFKDQRYDPHQWH
omRGHPDUFKDHQJDWDGDRYHtFXORVHPRYL
PHQWDDVVLPTXHRSHGDOGRIUHLRIRUOLEHUD 6HFRPRPRWRUGHVOLJDGRDDODYDQFDVHOH
GR WRUDSHUPDQHFHUSRUXPORQJRSHUtRGRHP
XPDSRVLomRGLIHUHQWHGH3DEDWHULDGRYHtFXOR
VHGHVFDUUHJD ‹

 'XUDQWHDFRQGXomR
7URFDUDPDUFKDFRP7LSWURQLF

)LJ $ODYDQFDVHOHWRUDQDSRVLomR7LSWURQLF )LJ 9RODQWHFRPVHOHWRUHVEDVFXODQWHVGR


YHtFXORVFRPGLUHomRjHVTXHUGD 9HtFXORVFRP 7LSWURQLF
GLUHomRjGLUHLWDVmRHVSHOKDGRV

¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
Ɣ 3X[DURVHOHWRUEDVFXODQWHHVTXHUGR 2)) QD
GLUHomRGRYRODQWHSDUDUHGX]LUDPDUFKD
Ɣ 3DUDGHVDWLYDUR7LSWURQLFSX[DURVHOHWRUEDV
FXODQWHGLUHLWR /&& QDGLUHomRGRYRODQWHSRUDSUR
&RPWUDQVPLVVmRDXWRPiWLFDDVPDUFKDVSRGHP [LPDGDPHQWHXPVHJXQGR
VHUDXPHQWDGDVRXUHGX]LGDVPDQXDOPHQWHFRPR
7LSWURQLF$RWURFDUSDUDRPRGR7LSWURQLFDPDU 27LSWURQLFpGHVDWLYDGRDXWRPDWLFDPHQWHVHRV
FKDDWXDOHPXVRpPDQWLGD,VWRYDOHDWpTXHR VHOHWRUHVEDVFXODQWHVQmRIRUHPDFLRQDGRVGXUDQ
VLVWHPDQmRH[HFXWHXPDWURFDGHPDUFKDDXWR WHDOJXPWHPSRRXDDODYDQFDVHOHWRUDQmRHVWLYHU
PDWLFDPHQWHGHYLGRjVLWXDomRGHFRQGXomRDWXDO QRFXUVRVHOHWRUGR7LSWURQLF

&RPDQGDUR7LSWURQLFFRPDDODYDQFD 127$
VHOHWRUD Ɣ $RDFHOHUDUXPSRXFRDQWHVGHDWLQJLUDUR
Ɣ 3UHVVLRQDUDDODYDQFDVHOHWRUDGDSRVLomR' WDomRPi[LPDDGPLVVtYHOGRPRWRUDWUDQVPLV
SDUDDGLUHLWDQRFXUVRVHOHWRUGR7LSWURQLFҧϜ VmRPXGDDXWRPDWLFDPHQWHSDUDDPDUFKDLPH
HP7UDQVPLVVmRDXWRPiWLFDHQJDWDUDPDUFKDQD GLDWDPHQWHVXSHULRU
SiJLQD
Ɣ 1DUHGXomRGHPDUFKDPDQXDODWUDQVPLV
Ɣ 0RYHUDDODYDQFDVHOHWRUDSDUDIUHQWH  RX VmRPXGDDPDUFKDVRPHQWHVHXPDDOWDURWD
SDUDWUiV ± SDUDDXPHQWDURXGLPLQXLUDPDUFKD omRGRPRWRUQmRIRUPDLVSRVVtYHO ‹
ҧϜ)LJ

&RPDQGDUR7LSWURQLFFRPRVVHOHWRUHV
EDVFXODQWHV
Ɣ 1RSURJUDPDGHFRQGXomR'6RXQRFXUVR
GR7LSWURQLFDFLRQDURVVHOHWRUHVEDVFXODQWHVQR
YRODQWHҧϜ)LJ
Ɣ 3X[DURVHOHWRUEDVFXODQWHGLUHLWR /&& QDGLUH
omRGRYRODQWHSDUDDXPHQWDUDPDUFKD

&RQGX]LUFRPWUDQVPLVVmRDXWRPiWLFD
53&&

¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
$VPDUFKDVjIUHQWHVmRDXPHQWDGDVRXUHGX]LGDV
DXWRPDWLFDPHQWH b

'DUSDUWLGDWURFDUDPDUFKDHVWDFLRQDU 
&RQGXomRHPGHFOLYHV .LFNGRZQ
4XDQWRPDLRURGHFOLYHPDLVUHGX]LGDGHYHVHUD $IXQomR.LFNGRZQSHUPLWHXPDDFHOHUDomRPi[L
PDUFKDVHOHFLRQDGD0DUFKDVPDLVUHGX]LGDVHOH PDFRPDDODYDQFDVHOHWRUDQDSRVLomR'6RXQD
YDPRHIHLWRGHIUHQDJHPGRPRWRU1XQFDGHVFHU SRVLomR7LSWURQLF
PRQWDQKDVRXFROLQDVFRPRYHtFXORQDSRVLomR
$RSLVDUWRWDOPHQWHQRSHGDOGRDFHOHUDGRUD
QHXWUD1
WUDQVPLVVmRDXWRPiWLFDHQJDWDXPDPDUFKDLQIHUL
Ɣ 5HGX]LUDYHORFLGDGH RULQGHSHQGHQWHGDYHORFLGDGHGDURWDomRGRPR
Ɣ 3UHVVLRQDUDDODYDQFDVHOHWRUDGDSRVLomR'j WRU'HVWHPRGRDSURYHLWDVHDDFHOHUDomRWRWDO
GLUHLWDSDUDRFXUVRVHOHWRUGR7LSWURQLF GRYHtFXORҧϜ 
ҧϜ3iJLQD &RPR.LFNGRZQRDXPHQWRGHPDUFKDRFRUUH
Ɣ 5HGX]LUDPDUFKDFRPXPEUHYHWRTXHSDUD VRPHQWHDRDWLQJLUDURWDomRPi[LPDSUHVFULWDGR
WUiVQDDODYDQFDVHOHWRUD PRWRU
Ɣ 28UHGX]LUDPDUFKDFRPRVVHOHWRUHVEDVFX 3URJUDPD/DXQFK&RQWURO
ODQWHVGRYRODQWHҧϜ3iJLQD
2SURJUDPD/DXQFK&RQWUROSHUPLWHXPDDFHOHUD
3DUDUHDUUDQFDUPRUURDFLPD omRPi[LPDQRDUUDQTXHGRYHtFXOR
4XDQWRPDLRURDFOLYHPDLVUHGX]LGDGHYHVHUD Ɣ 'HVOLJDUR$65ҧϜ3iJLQD
PDUFKDVHOHFLRQDGD Ɣ 3LVDUQRSHGDOGRIUHLRFRPRSpHVTXHUGRH
'HYHVHXWLOL]DUDIXQomR$XWR+ROGDRSDUDURXDU PDQWHUSUHVVLRQDGR
UDQFDUHPXPDODGHLUDFRPRPRWRUHPIXQFLRQD Ɣ &RORFDUDDODYDQFDVHOHWRUDQDSRVLomR6RX
PHQWRҧϜ3iJLQD QDSRVLomR7LSWURQLF
$RSDUDUHPXPDFOLYHFRPXPDSRVLomRGHPDU Ɣ &RPRSpGLUHLWRSLVDUQRSHGDOGRDFHOHUDGRU
FKDHQJDWDGDRYHtFXORSUHFLVDVHPSUHVHULPSH DWpDWLQJLUXPDURWDomRGHDSUR[LPDGDPHQWH
GLGRGHPRYLPHQWDUVHSLVDQGRQRSHGDOGRIUHLR USP
RXDFLRQDQGRRIUHLRGHHVWDFLRQDPHQWR6RPHQWH Ɣ 7LUDURSpHVTXHUGRGRIUHLRҧϜ 2YHtFXORDU
DRDUUDQFDUVROWDURSHGDOGRIUHLRRXGHVDWLYDUR UDQFDFRPDFHOHUDomRPi[LPD
IUHLRGHHVWDFLRQDPHQWRHOHWU{QLFRҧϜ 
Ɣ /LJDUR$65DSyVDDFHOHUDomR
&RQGX]LUHPURGDOLYUHFRPWUDQVPLVVmRGH
GXSODHPEUHDJHP'6*Š $'9(57Ç1&,$
(PURGDOLYUHDSURYHLWDVHRLPSXOVRGRYHtFXOR 8PDDFHOHUDomRUiSLGDSRGHRFDVLRQDUDSHU
SDUDHFRQRPL]DUFRPEXVWtYHOSHODIRUPDGHFRQ GDGHWUDomRHGHUUDSDJHQVHVSHFLDOPHQWH
GXomRSUHYLVWD2PRWRUpGHVHPEUHDGRHQmR HPUXDVHVFRUUHJDGLDV,VWRSRGHRFDVLRQDUD
IUHLDPDLVRYHtFXOR±HVWHSRGHGHVORFDUVHSRU SHUGDGHFRQWUROHGRYHtFXORDFLGHQWHVHIHUL
XPWUHFKRPDLVORQJR PHQWRVJUDYHV
&RQGLomRGHOLJDomRDDODYDQFDVHOHWRUDGHYHHV Ɣ $GHTXDUVHPSUHDIRUPDGHFRQGXomRDR
WDUQDSRVLomR' IOX[RGRWUkQVLWR
$FLRQDUDURGDOLYUH Ɣ 8WLOL]DUR.LFNGRZQRXDDFHOHUDomRUiSL
GDVRPHQWHVHDVFRQGLo}HVGHYLVLELOLGDGH
Ɣ 7LUDURSpGRSHGDOGRDFHOHUDGRU2PRWRUp FOLPiWLFDVGDSLVWDHGRWUkQVLWRSHUPLWLUHPH
GHVHPEUHDGRHIXQFLRQDHPPDUFKDOHQWD2YHt RVRXWURVFRQGXWRUHVQmRFRUUHUHPULVFRGH
FXORGHVORFDVHVHPRHIHLWRGHIUHQDJHPGRPR YLGRjDFHOHUDomRGRYHtFXORHDIRUPDGH
WRU FRQGXomR
,QWHUURPSHUDURGDOLYUH Ɣ 2EVHUYDUTXHDVURGDVGHWUDomRSRGHP
JLUDUHPIDOVRHRYHtFXORSRGHHVFRUUHJDU
Ɣ 3LVDUEUHYHPHQWHQRSHGDOGRIUHLRRXSX[DUR FRPR$65GHVOLJDGRHVSHFLDOPHQWHVHDUXD
VHOHWRUEDVFXODQWHHVTXHUGR ± HPGLUHomRGRYR HVWLYHUHVFRUUHJDGLD
ODQWH
Ɣ /LJDUR$65DSyVDDFHOHUDomR b
$URGDOLYUHSRGHVHUOLJDGDHGHVOLJDGDQRPH
QX&RQILJXUD¨¶HVGRVLVWHPDGHLQIRUPDo}HV
9RONVZDJHQҧϜ3iJLQD

 'XUDQWHDFRQGXomR
127$ 127$ FRQWLQXDomR

Ɣ $RSDUDUHPDFOLYHVFRPXPDSRVLomRGH Ɣ 1XQFDGHL[DURYHtFXORURGDUQDSRVLomRGH
PDUFKDHQJDWDGDQmRLPSHGLUDPRYLPHQWDomR PDUFKD1HVSHFLDOPHQWHFRPRPRWRUGHVOLJD
GRYHtFXORSRUPHLRGRSHGDOGRDFHOHUDGRU,V GR$WUDQVPLVVmRDXWRPiWLFDQmRpOXEULILFDGD
WRSRGHVXSHUDTXHFHUDWUDQVPLVVmRDXWRPiWL HSRGHDVVLPVHUGDQLILFDGD
FDHGDQLILFiOD Ɣ 1DDFHOHUDomRFRPRSURJUDPD/DXQFK
&RQWUROWRGRVRVFRPSRQHQWHVGRYHtFXORV
VmRPXLWRH[LJLGRV,VVRSRGHFDXVDUXPJUDQ
GHGHVJDVWH ‹

)DOKDGHIXQFLRQDPHQWRGDWUDQVPLVVmRDXWRPiWLFD

¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
2YHtFXORQmRVHPRYHSDUDIUHQWHQHPSDUD
WUiVDSHVDUGHHVWDUFRPXPDSRVLomRGH
PDUFKDHQJDWDGD
6HRYHtFXORQmRVHPRYHUQDGLUHomRGHVHMDGDD
3URJUDPDGHHPHUJrQFLD SRVLomRGHPDUFKDSRGHQmRHVWDUFRUUHWDPHQWH
6HWRGRVRVLQGLFDGRUHVGDVSRVLo}HVGDDODYDQFD HQJDWDGDSHORVLVWHPD(QWmRSLVDUQRSHGDOGR
VHOHWRUDHVWLYHUHPUHVVDOWDGRVFRPXPIXQGRFODUR IUHLRHHQJDWDUQRYDPHQWHDSRVLomRGHPDUFKD
QRGLVSOD\GRLQVWUXPHQWRFRPELQDGRKDYHUiXPD
6HRYHtFXORFRQWLQXDUQmRVHPRYHQGRQDGLUHomR
DYDULDGRVLVWHPD$WUDQVPLVVmRDXWRPiWLFDIXQ
GHVHMDGDKiXPDDYDULDGRVLVWHPD3URFXUDUDX
FLRQDHPXPSURJUDPDGHHPHUJrQFLD1RSURJUD
[tOLRWpFQLFRHVSHFLDOL]DGRHPDQGDUYHULILFDURVLV
PDGHHPHUJrQFLDRYHtFXORDLQGDSRGHIXQFLRQDU
WHPD
PDVFRPYHORFLGDGHUHGX]LGDHQmRHPWRGDVDV
PDUFKDV
127$
&RPWUDQVPLVVmRGHGXSODHPEUHDJHP'6*ŠHP
Ɣ 1DSULPHLUDYH]TXHIRUH[LELGRRVXSHUD
DOJXQVFDVRVQmRVHUiPDLVSRVVtYHOFRQGX]LU
TXHFLPHQWRGDWUDQVPLVVmRpQHFHVViULRSDUDU
HPPDUFKDDUp
RYHtFXORFRPVHJXUDQoDRXFRQGX]LUFRPYH
(PWRGRVRVFDVRVDWUDQVPLVVmRDXWRPiWLFDGH ORFLGDGHDFLPDGHNPK PSK 
YHUiVHUYHULILFDGDLPHGLDWDPHQWHSRUXPD&RQ Ɣ 6HDPHQVDJHPGHWH[WRHRDOHUWDVRQRUR
FHVVLRQiULD9RONVZDJHQ VHUHSHWLUHPDFDGDVHJXQGRVRYHtFXORGH
6XSHUDTXHFLPHQWRGDWUDQVPLVVmRGHGXSOD YHUiVHUSDUDGRLPHGLDWDPHQWHFRPVHJXUDQoD
HRPRWRUGHYHUiVHUGHVOLJDGR'HL[DUDWUDQV
HPEUHDJHP'6*Š
PLVVmRHVIULDU
$WUDQVPLVVmRGHGXSODHPEUHDJHPSRGHVH
DTXHFHUPXLWRSRUH[HPSORSRUDUUDQTXHVIUH Ɣ 3DUDHYLWDUGDQRVjWUDQVPLVVmRGHYHVH
TXHQWHV³GHVORFDPHQWROHQWR´RXWUkQVLWRLQWHQVR SURVVHJXLUVRPHQWHVHRDOHUWDVRQRURQmRUHV
2VXSHUDTXHFLPHQWRpLQGLFDGRSHODOX]GHDGYHU VRDUPDLV(QTXDQWRDWUDQVPLVVmRHVWLYHUVX
WrQFLD€HHYHQWXDOPHQWHSRUXPDPHQVDJHPGH SHUDTXHFLGDRVSURFHVVRVGHSDUWLGDRXDFRQ
WH[WRQRLQVWUXPHQWRFRPELQDGR$OpPGLVVRSRGH GXomRHPYHORFLGDGHGHSDVVRGHYHPVHUHYL
UHVVRDUXPDOHUWDVRQRUR3DUDUHGHL[DUDWUDQV WDGRV ‹
PLVVmRHVIULDUҧϜ 

5HFRPHQGDomRGHPDUFKD

¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
&RQIRUPHDYHUVmRGRYHtFXORGXUDQWHDFRQGX
omRSRGHVHUH[LELGDQRGLVSOD\GRLQVWUXPHQWR
FRPELQDGRXPDUHFRPHQGDomRSDUDVHOHomRGH
53&&

XPDPDUFKDTXHHFRQRPL]HPDLVFRPEXVWtYHO b

'DUSDUWLGDWURFDUDPDUFKDHVWDFLRQDU 
,QGLFDomR 6LJQLILFDGR DDXWROLPSH]DGRILOWURGHSDUWtFXODVGHGLHVHO,VVR
SRGHH[LJLUH[FHSFLRQDOPHQWHXPDFRQGXomR
‘ 0DUFKDLGHDOVHOHFLRQDGD FRPDURWDomRGRPRWRUPDLVHOHYDGD
ҧϜ3iJLQD
5HFRPHQGDomRSDUDDXPHQWDUD
ª PDUFKD &8,'$'2
5HFRPHQGDomRSDUDUHGX]LUDPDU
« FKD
$UHFRPHQGDomRGHPDUFKDpXPPHLRPHUD
PHQWHDX[LOLDUHQmRSRGHVXEVWLWXLUDDWHQ
(PYHtFXORVFRPWUDQVPLVVmRPDQXDODPDUFKD omRGRFRQGXWRU
UHFRPHQGDGDpUHSUHVHQWDGDFRPRQ~PHURH Ɣ $UHVSRQVDELOLGDGHSHODHVFROKDGDPDU
SRUPHLRGHXPDVHWDLQGLFDQGRSDUDDPDUFKDp FKDFHUWDQDUHVSHFWLYDVLWXDomRGHFRQGX
UHSUHVHQWDGDXPDUHFRPHQGDomRSDUDDXPHQWDU omRpGRFRQGXWRUSRUH[HPSORHPXOWUDSDV
RXUHGX]LUDPDUFKD VDJHQVHPFRQGXomRSRUPRQWDQKDVRXQD
6HHPYHtFXORVFRPWUDQVPLVVmRDXWRPiWLFDD FRQGXomRFRPUHERTXH
DODYDQFDVHOHWRUDVHHQFRQWUDUQDSRVLomR7LSWUR
8PDPDUFKDLGHDOVHOHFLRQDGDDMXGDDHFR
QLFDPDUFKDDWXDOpUHSUHVHQWDGDFRPRQ~PHUR
QRPL]DUFRPEXVWtYHO
HSRUPHLRGHXPDVHWDpUHSUHVHQWDGDXPDUH
FRPHQGDomRSDUDDXPHQWDURXUHGX]LUDPDUFKD $H[LELomRGDUHFRPHQGDomRGHPDUFKDDSD
ҧϜ3iJLQD JDHPYHtFXORVFRPWUDQVPLVVmRTXDQGRR
SHGDOGDHPEUHDJHPpDFLRQDGRRXHPYHtFXORV
,QIRUPDo}HVSDUD³OLPSH]D´GRILOWURGH
FRPWUDQVPLVVmRDXWRPiWLFDTXDQGRDSRVLomR
SDUWtFXODVGHGLHVHO 7LSWURQLFpGHL[DGD ‹
2FRQWUROHGRVLVWHPDGHHVFDSHUHFRQKHFHXPILO
WURGHSDUWtFXODVGHGLHVHOHQWXSLGRHDX[LOLDSRU
PHLRGHXPDUHFRPHQGDomRGHPDUFKDHVSHFtILFD

 'XUDQWHDFRQGXomR
)UHDUSDUDUHHVWDFLRQDU

¤ ,QWURGXomRDRWHPD
1HVWHFDStWXORHQFRQWUDPVHLQIRUPDo}HVUHODWLYDV $'9(57Ç1&,$ FRQWLQXDomR
DRVVHJXLQWHVWHPDV
YHtFXORFRPRSRUH[HPSORYHJHWDomRUDV
/X]HVGHDGYHUWrQFLDHGHFRQWUROH   WHLUDIROKDVJUDPDVHFDFRPEXVWtYHOGHUUD
)UHLRGHHVWDFLRQDPHQWRHOHWU{QLFR   PDGRHWF
(VWDFLRQDU   Ɣ /LJDUVHPSUHRIUHLRGHHVWDFLRQDPHQWR
,QIRUPDo}HVVREUHRVIUHLRV   HOHWU{QLFRVHRYHtFXORIRUSDUDGRRXHVWDFLR
6LVWHPDVGHDVVLVWrQFLDjIUHQDJHP  QDGR
/LJDUHGHVOLJDUR$65   Ɣ 1XQFDGHL[DUFULDQoDVRXSHVVRDVFRP
)OXLGRGHIUHLR   QHFHVVLGDGHVHVSHFLDLVQRYHtFXOR(ODVSR
GHULDPGHVOLJDURIUHLRGHHVWDFLRQDPHQWR
2VVLVWHPDVGHDVVLVWrQFLDjIUHQDJHPVmRR HOHWU{QLFRDFLRQDUDDODYDQFDVHOHWRUDRXGD
VLVWHPDDQWLEORTXHLRGRIUHLR $%6 RDVVLVWHQWH WUDQVPLVVmRHDVVLPFRORFDURYHtFXORHP
GHIUHQDJHP %$6 REORTXHLRHOHWU{QLFRGRGLIH PRYLPHQWR,VWRSRGHFDXVDUDFLGHQWHVHIHUL
UHQFLDO ('6H;'6 RFRQWUROHGHWUDomR $65 H PHQWRVJUDYHV
RSURJUDPDGHHVWDELOLGDGHHOHWU{QLFR (6&  Ɣ /HYDUVHPSUHWRGDVDVFKDYHVGRYHtFXOR
DRGHL[DURYHtFXOR2PRWRUSRGHVHUOLJDGR
,QIRUPDo}HVHDOHUWDVFRPSOHPHQWDUHV
HHTXLSDPHQWRVHOpWULFRVFRPRRVYLGURV
Ɣ &RQGXomRFRPUHERTXHҧϜ3iJLQD HOpWULFRVSRGHPVHUFRPDQGDGRVRTXHSR
Ɣ 6LVWHPDVGHDVVLVWrQFLDGHDUUDQTXH GHRFDVLRQDUIHULPHQWRVJUDYHV
ҧϜ3iJLQD Ɣ 1XQFDGHL[DUFULDQoDVRXSHVVRDVFRP
Ɣ 5RGDVHSQHXVҧϜ3iJLQD QHFHVVLGDGHHVSHFLDLVVR]LQKDVQRYHtFXOR
Ɣ $FHVVyULRVUHSRVLomRGHSHoDVUHSDURVHPR (PFDVRGHHPHUJrQFLDHODVQmRHVWDULDP
GLILFDo}HVҧϜ3iJLQD HPFRQGLo}HVGHGHL[DURYHtFXORVR]LQKDV
RXGHFXLGDUHPGHVLPHVPDV(PXPYHtFX
$'9(57Ç1&,$ ORIHFKDGRGHDFRUGRFRPDHVWDomRGRDQR
SRGHPRFRUUHUWHPSHUDWXUDVPXLWRDOWDVRX
$FRQGXomRFRPSDVWLOKDVGHIUHLRJDVWDVRX PXLWREDL[DVTXHSRGHPRFDVLRQDUIHULPHQ
XPVLVWHPDGHIUHLRDYDULDGRSRGHFDXVDU WRVJUDYHVHHQIHUPLGDGHVSULQFLSDOPHQWH
DFLGHQWHVHIHULPHQWRVJUDYHV HPFULDQoDVSHTXHQDVRXRFDVLRQDUDPRUWH
Ɣ 6HDOX]GHDGYHUWrQFLDIVHDFHQGHULVR
ODGDRXMXQWDPHQWHFRPXPDPHQVDJHPGH 127$
WH[WRQRGLVSOD\GRLQVWUXPHQWRFRPELQDGR
Ɣ 3DUDHYLWDUPRYLPHQWDo}HVLQGHVHMDGDVGR
SURFXUDULPHGLDWDPHQWHXPD&RQFHVVLRQiULD
YHtFXORDRHVWDFLRQDURYHtFXORSULPHLUDPHQWH
9RONVZDJHQPDQGDUYHULILFDUDVSDVWLOKDVGH
OLJDURIUHLRGHHVWDFLRQDPHQWRHOHWU{QLFRHD
IUHLRHWURFDUDVSDVWLOKDVGHIUHLRJDVWDV
VHJXLUUHWLUDURSpGRSHGDOGRIUHLR
Ɣ &RQGX]LUFRPFXLGDGRHPHVWDFLRQDPHQWRV
$'9(57Ç1&,$
FRPPHLRILRVDOLHQWHRXEDOL]DVIL[DV2EMHWRV
8PHVWDFLRQDPHQWRLQFRUUHWRSRGHFDXVDUIH PDLVDOWRVTXHRFKmRSRGHPGDQLILFDURSDUD
ULPHQWRVJUDYHV FKRTXHHRXWUDVSHoDVGRYHtFXORDRHVWDFLR
Ɣ 1XQFDUHWLUDUDFKDYHGRYHtFXORGRFLOLQ QDURXVDLUGDYDJDGHHVWDFLRQDPHQWR3DUD
GURGDLJQLomRHQTXDQWRRYHtFXORHVWLYHUHP HYLWDUGDQRVSDUDUDQWHVTXHDVURGDVWRTXHP
PRYLPHQWR2WUDYDPHQWRGDFROXQDGDGLUH QDVEDOL]DVRXQRVPHLRVILRV
omRSRGHVHWUDYDUHSRGHQmRVHUPDLVSRV Ɣ &RQGX]LUFDXWHORVDPHQWHHPGHFOLYHVHVR
VtYHOFRQGX]LURXFRQWURODURYHtFXOR EUHHQWUDGDVGHWHUUHQRVUDPSDVPHLRVILRVH
Ɣ 1XQFDHVWDFLRQDURYHtFXORGHIRUPDTXH RXWURVREMHWRV3HoDVDSRXFDGLVWkQFLDGRSL
SHoDVGRVLVWHPDGHHVFDSHHQWUHPHPFRQ VRFRPRSDUDFKRTXHVSRLOHUHSHoDVGRFKDV
53&&

WDWRFRPPDWHULDLVLQIODPiYHLVHPEDL[RGR VLPRWRURXGRHTXLSDPHQWRGHHVFDSDPHQWR
SRGHPVHUGDQLILFDGRVQDSDVVDJHP ‹

'DUSDUWLGDWURFDUDPDUFKDHVWDFLRQDU 
/X]HVGHDGYHUWrQFLDHGHFRQWUROH

¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQIRUPDo}HVLQWURGXWyULDVHDVLQGLFDo}HVGHVHJXUDQ
oD QDSiJLQD

$FHVD ҧϜ
&DXVDSRVVtYHOҧ 6ROXomR

G )UHLRGHHVWDFLRQDPHQWRHOHWU{QLFROLJDGR ±

›1mRSURVVHJXLU
6LVWHPDGHIUHLRDYDULDGR 6ROLFLWDUDMXGDWpFQLFDLPHGLDWDPHQWH
ҧϜ3iJLQD

H 1tYHOGRIOXLGRGHIUHLRPXLWREDL[R
›1mRSURVVHJXLU
9HULILFDURQtYHOGRIOXLGRGHIUHLRҧϜ3iJLQD
-XQWDPHQWHFRPDOX]GHFRQWUROHGR 3URFXUDUXPD&RQFHVVLRQiULD9RONVZDJHQ2
$%6J$%6QmRIXQFLRQD YHtFXORSRGHVHUIUHDGRVHP$%6

K 3HGDOGRIUHLRQmRSUHVVLRQDGR 3LVDUQRSHGDOGRIUHLRWRWDOPHQWH

3URFXUDULPHGLDWDPHQWHXPD&RQFHVVLRQiULD
I 3DVWLOKDVGHIUHLRGHVJDVWDGDV 9RONVZDJHQ9HULILFDUWRGDVDVSDVWLOKDVGH
IUHLRHVXEVWLWXtODVVHQHFHVViULR
'HVOLJDUHOLJDUDLJQLomR6HQHFHVViULRFRQ
(6&GHVOLJDGRGHWHUPLQDGRSHORVLVWHPD
GX]LUSRUXPSHTXHQRWUHFKR
(6&DYDULDGR 3URFXUDUXPD&RQFHVVLRQiULD9RONVZDJHQ
-XQWDPHQWHFRPDOX]GHFRQWUROHGR 3URFXUDUXPD&RQFHVVLRQiULD9RONVZDJHQ2
¸ $%6J$%6DYDULDGR YHtFXORSRGHVHUIUHDGRVHP$%6
&RQGX]LUSRUXPSHTXHQRWUHFKRD±NP
K ±PSK 6HDOX]GHFRQWUROHFRQWLQXDU
$EDWHULDGRYHtFXORIRLUHFRQHFWDGD
DFHVDSURFXUDUXPD&RQFHVVLRQiULD9RONVZD
JHQSDUDYHULILFDomRGRYHtFXORҧϜ3iJLQD
/LJDUR$65ҧϜ3iJLQD/LJDomRDXWRPiWLFD
$ $65GHVOLJDGRPDQXDOPHQWH
GR$65OLJDQGRHGHVOLJDQGRDLJQLomR
-XQWDPHQWHFRPDOX]GHFRQWUROHGR
(6&¸$%6DYDULDGR 3URFXUDUXPD&RQFHVVLRQiULD9RONVZDJHQ2
J -XQWDPHQWHFRPOX]GHDGYHUWrQFLDHRX YHtFXORSRGHVHUIUHDGRVHP$%6
$%6QmRIXQFLRQD
-XQWDPHQWHFRPDOX]GHDGYHUWrQFLDLQWHU
 PLWHQWHHIUHLRGHHVWDFLRQDPHQWRHOHWU{
QLFRDYDULDGR
3URFXUDUXPD&RQFHVVLRQiULD9RONVZDJHQ

3DUDHQJDWDUXPDSRVLomRGHPDUFKDSLVDUQR
SHGDOGRIUHLR
K 3HGDOGRIUHLRQmRSUHVVLRQDGR
3DUDGHVDWLYDURIUHLRGHHVWDFLRQDPHQWRHOHWU{
QLFRSLVDUQRSHGDOGRIUHLRҧϜ3iJLQD

3LVFDQ
&DXVDSRVVtYHOҧϜ 6ROXomR
GR
)UHLRGHHVWDFLRQDPHQWRHOHWU{QLFRDYDULD 3URFXUDUXPD&RQFHVVLRQiULD9RONVZDJHQSRLV
H GR$OX]GHFRQWUROH SRGHVHDFHQGHUVL RYHtFXORSRVVLYHOPHQWHQmRSRGHVHUHVWDFLR
PXOWDQHDPHQWH QDGRFRPVHJXUDQoD
7LUDURSpGRSHGDOGRDFHOHUDGRU$GHTXDUD
¸ (6&RX$65HPIXQFLRQDPHQWR
IRUPDGHFRQGXomRjVFRQGLo}HVGDSLVWD b

 'XUDQWHDFRQGXomR
$ROLJDUDLJQLomRDOJXPDVOX]HVGHDGYHUWrQFLDH $'9(57Ç1&,$ FRQWLQXDomR
GHFRQWUROHVHDFHQGHPUDSLGDPHQWHSDUDYHULILFD
SRGHUiHVWDUIDOKDQGR&RPLVVRpSRVVtYHO
omRGDIXQomR(ODVVHDSDJDPDSyVDOJXQVVH
TXHDVURGDVWUDVHLUDVWUDYHPGHIRUPDUHODWL
JXQGRV
YDPHQWHUiSLGDHPXPDIUHQDJHP5RGDVWUD
VHLUDVWUDYDGDVSRGHPRFDVLRQDUDSHUGDGH
$'9(57Ç1&,$ FRQWUROHGRYHtFXOR6HIRUSRVVtYHOUHGX]LUD
$LQREVHUYkQFLDGDVOX]HVGHDGYHUWrQFLD YHORFLGDGHHFRQGX]LUFXLGDGRVDPHQWHHP
DFHVDVHGDVPHQVDJHQVGHWH[WRSRGHRFD YHORFLGDGHPtQLPDDWpD&RQFHVVLRQiULD
VLRQDUSDUDGDVGRYHtFXORQRWUkQVLWRDFL 9RONVZDJHQPDLVSUy[LPDSDUDYHULILFDUR
GHQWHVHIHULPHQWRVJUDYHV VLVWHPDGHIUHLR'XUDQWHRWUDMHWRHYLWDUPD
Ɣ 1XQFDLJQRUDUDVOX]HVGHDGYHUWrQFLD QREUDVGHGLUHomRHGHIUHQDJHPV~ELWDV
DFHVDVHDVPHQVDJHQVGHWH[WR Ɣ 6HDOX]GHFRQWUROHGR$%6JQmRVH
Ɣ 3DUDUYHtFXORDVVLPTXHIRUSRVVtYHOHVH DSDJDURXVHDFHQGHUGXUDQWHDFRQGXomRR
JXUR $%6QmRHVWiIXQFLRQDQGRFRUUHWDPHQWH2
YHtFXORVRPHQWHSRGHVHUSDUDGRFRPRV
IUHLRVQRUPDLV VHP$%6 $SURWHomRSUR
$'9(57Ç1&,$ SRUFLRQDGDSHOR$%6QmRHVWiGLVSRQtYHO
$FRQGXomRFRPIUHLRVUXLQVSRGHFDXVDU QHVVHFDVR3URFXUDUXPD&RQFHVVLRQiULD
DFLGHQWHVHIHULPHQWRVJUDYHV 9RONVZDJHQPDLVSUy[LPDRPDLVUiSLGRSRV
Ɣ 6HDOX]GHDGYHUWrQFLDGRVLVWHPDGH VtYHO
IUHLRHQmRVHDSDJDURXVHDFHQGHUGXUDQWH Ɣ 6HILVRODGDRXMXQWDPHQWHFRPXPD
DFRQGXomRRQtYHOGRIOXLGRGHIUHLRQRUH PHQVDJHPGHWH[WRVHDFHQGHUHPQRGLVSOD\
VHUYDWyULRHVWiPXLWREDL[RRXRVLVWHPDGH GRLQVWUXPHQWRFRPELQDGRSURFXUDULPHGLD
IUHLRHVWiDYDULDGR3DUDULPHGLDWDPHQWHH WDPHQWHXPD&RQFHVVLRQiULD9RONVZDJHQ
SURFXUDUDX[tOLRWpFQLFRHVSHFLDOL]DGR PDQGDUYHULILFDUDVSDVWLOKDVGHIUHLRRX
ҧϜ3iJLQD)OXLGRGHIUHLR VXEVWLWXLUDVSDVWLOKDVGHIUHLRJDVWDV
Ɣ 6HDOX]GHDGYHUWrQFLDGRVLVWHPDGH
IUHLRHVHDFHQGHUMXQWDPHQWHFRPDOX]GH 127$
FRQWUROHGR$%6JRIXQFLRQDPHQWRGR$%6 $LQREVHUYkQFLDGHOX]HVGHFRQWUROHTXHVH
DFHQGHPHGHPHQVDJHQVGHWH[WRSRGHFDXVDU
GDQRVDRYHtFXOR ‹

)UHLRGHHVWDFLRQDPHQWRHOHWU{QLFR
2IUHLRGHHVWDFLRQDPHQWRHOHWU{QLFRVXEVWLWXLR
IUHLRGHHVWDFLRQDPHQWR

/LJDURIUHLRGHHVWDFLRQDPHQWRHOHWU{QLFR
eSRVVtYHOOLJDURIUHLRGHHVWDFLRQDPHQWRHOHWU{QL
FRQDSDUDGDGRYHtFXORDTXDOTXHUPRPHQWR
±PHVPRFRPDLJQLomRGHVOLJDGD/LJDUVHPSUHR
IUHLRGHHVWDFLRQDPHQWRDRGHL[DURXHVWDFLRQDUR
YHtFXOR
Ɣ 3X[DUHVHJXUDURERWmRҧϜ)LJ
Ɣ 2IUHLRGHHVWDFLRQDPHQWRHVWDUiOLJDGRVHD
OX]GHFRQWUROHGGRERWmRHGRLQVWUXPHQWRFRP
ELQDGRҧϜ3iJLQDVHDFHQGHU
Ɣ 6ROWDURERWmR b
)LJ 1DSDUWHLQIHULRUGRFRQVROHFHQWUDOER
WmRGRIUHLRGHHVWDFLRQDPHQWRHOHWU{QLFR
53&&

¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD

'DUSDUWLGDWURFDUDPDUFKDHVWDFLRQDU 
'HVOLJDURIUHLRGHHVWDFLRQDPHQWR $'9(57Ç1&,$ FRQWLQXDomR
HOHWU{QLFR Ɣ 1XQFDXVDURIUHLRGHHVWDFLRQDPHQWRHOH
Ɣ /LJDUDLJQLomR WU{QLFRSDUDIUHDURYHtFXORH[FHWRHPFDVR
Ɣ 3UHVVLRQDURERWmRҧϜ)LJ3LVDUVLPXOWD GHHPHUJrQFLD$GLVWkQFLDGHIUHQDJHPp
QHDPHQWHFRPIRUoDQRSHGDOGRIUHLRRXSLVDUOH FRQVLGHUDYHOPHQWHPDLRUSRLVVRPHQWHDV
YHPHQWHQRSHGDOGRDFHOHUDGRUFRPRPRWRUHP URGDVWUDVHLUDVVmRIUHDGDV8WLOL]DUVHPSUHR
IXQFLRQDPHQWR IUHLR
Ɣ 2IUHLRGHHVWDFLRQDPHQWRHVWDUiGHVOLJDGRVH Ɣ 1XQFDDFHOHUDUFRPSRVLomRGHPDUFKD
DOX]GHFRQWUROHGGRERWmRHGRLQVWUXPHQWR RXPDUFKDHQJDWDGDDSDUWLUGRFRPSDUWLPHQ
FRPELQDGRҧϜ3iJLQDVHDSDJDU WRGRPRWRUFRPRPRWRUHPIXQFLRQDPHQWR
2YHtFXORSRGHHQWUDUHPPRYLPHQWRPHVPR
'HVOLJDPHQWRDXWRPiWLFRGRIUHLRGH FRPRIUHLRGHHVWDFLRQDPHQWRHOHWU{QLFROL
HVWDFLRQDPHQWRHOHWU{QLFRQRDUUDQTXH JDGR
2IUHLRGHHVWDFLRQDPHQWRHOHWU{QLFRGHVOLJDVH
DXWRPDWLFDPHQWHQRPRPHQWRGRDUUDQTXHVHD 127$
SRUWDGRFRQGXWRUHVWLYHUIHFKDGDHRFLQWRGHVH
3DUDHYLWDUPRYLPHQWDo}HVLQGHVHMDGDVGRYHt
JXUDQoDGRFRQGXWRUHVWLYHUFRORFDGR&RPWUDQV
FXORDRHVWDFLRQDURYHtFXORSULPHLUDPHQWHOL
PLVVmRPDQXDOpQHFHVViULRSLVDUDGLFLRQDOPHQ
JDURIUHLRGHHVWDFLRQDPHQWRHOHWU{QLFRHD
WHQDHPEUHDJHPDQWHVGHDUUDQFDUSDUDTXHR
VHJXLUUHWLUDURSpGRSHGDOGRIUHLR
VLVWHPDUHFRQKHoDTXHRIUHLRGHHVWDFLRQDPHQWR
SUHFLVDVHUGHVDWLYDGR 1RFDVRGHYHtFXORVFRPWUDQVPLVVmRPDQX
DODRVROWDURSHGDOGHHPEUHDJHPHDR
)XQomRGHIUHQDJHPGHHPHUJrQFLD
PHVPRWHPSRDFHOHUDURIUHLRGHHVWDFLRQDPHQWR
$FLRQDUDIXQomRGHIUHQDJHPGHHPHUJrQFLDVR pDXWRPDWLFDPHQWHGHVDWLYDGR
PHQWHHPFDVRGHHPHUJrQFLDVHRYHtFXORQmR
SXGHUVHUSDUDGRFRPRSHGDOGRIUHLRҧϜ  6HDEDWHULDGRYHtFXORHVWLYHUGHVFDUUHJDGD
QmRVHUiSRVVtYHOGHVOLJDURIUHLRGHHVWDFLR
Ɣ 0DQWHURERWmRҧϜ)LJSX[DGRSDUDIUHDUR QDPHQWRHOHWU{QLFR8WLOL]DURDX[tOLRjSDUWLGD
YHtFXORFRPIRUoD$RPHVPRWHPSRpHPLWLGRXP ҧϜ3iJLQD
VLQDOGHDGYHUWrQFLDVRQRUR
Ɣ 3DUDSDUDURSURFHVVRGHIUHQDJHPVROWDUR $ROLJDUHGHVOLJDURIUHLRGHHVWDFLRQDPHQWR
ERWmRRXDFHOHUDU HOHWU{QLFRSRGHPVHURXYLGRVUXtGRV
6HRIUHLRGHHVWDFLRQDPHQWRHOHWU{QLFRQmR
$'9(57Ç1&,$ IRUXVDGRSRUXPORQJRSHUtRGRRVLVWHPD
$XWLOL]DomRLQFRUUHWDGRIUHLRGHHVWDFLRQD UHDOL]DRSRUWXQDPHQWHWHVWHVDXWRPiWLFRVHDXGt
PHQWRHOHWU{QLFRSRGHFDXVDUDFLGHQWHVHIH YHLVQRYHtFXORHVWDFLRQDGR ‹
ULPHQWRVJUDYHV

(VWDFLRQDU

¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
Ɣ &RPWUDQVPLVVmRDXWRPiWLFDFRORFDUDDODYDQ
FDVHOHWRUDQDSRVLomR3
Ɣ 'HVOLJDURPRWRUHWLUDURSpGRSHGDOGRIUHLR
Ɣ 5HWLUDUDFKDYHGRYHtFXORGRFLOLQGURGDLJQL
2EVHUYDUDVGHWHUPLQDo}HVOHJDLVSDUDSDUDUHHV
omR
WDFLRQDUXPYHtFXOR
Ɣ 6HQHFHVViULRJLUDUXPSRXFRRYRODQWHSDUD
3DUDURYHtFXOR HQJDWDURWUDYDPHQWRGDFROXQDGDGLUHomR
([HFXWDUDVDo}HVVHPSUHQDVHTXrQFLDLQGLFDGD Ɣ &RPWUDQVPLVVmRPDQXDOHPWHUUHQRSODQRH
HPVXELGDVHQJDWDUDPDUFKDRXHPGHFOLYHV
Ɣ 3DUDURYHtFXORVREUHXPSLVRDGHTXDGRҧϜ 
DPDUFKDDUpHVROWDURSHGDOGDHPEUHDJHP
Ɣ 3LVDUQRSHGDOGRIUHLRHPDQWHUDWpRPRWRU
Ɣ $WHQWDUSDUDTXHWRGRVRVRFXSDQWHVGRYHtFX
HVWDUGHVOLJDGR
ORGHVHPEDUTXHPHVSHFLDOPHQWHFULDQoDV b
Ɣ /LJDURIUHLRGHHVWDFLRQDPHQWRHOHWU{QLFR
ҧϜ3iJLQD

 'XUDQWHDFRQGXomR
Ɣ /HYDUWRGDVDVFKDYHVGRYHtFXORDRGHL[DUR $'9(57Ç1&,$ FRQWLQXDomR
YHtFXOR
YHtFXORFRPRSRUH[HPSORYHJHWDomRUDV
Ɣ 7UDYDURYHtFXOR WHLUDIROKDVJUDPDVHFDFRPEXVWtYHOGHUUD
PDGR
$GLFLRQDOPHQWHHPVXELGDVHGHFOLYHV
$QWHVGHGHVOLJDURPRWRUJLUDURYRODQWHGHPRGR
127$
TXHRYHtFXORHVWDFLRQDGRVHGHVORTXHFRPDVUR
GDVGLDQWHLUDVFRQWUDRPHLRILRFDVRHQWUHHPPR Ɣ 3DUDHYLWDUPRYLPHQWDo}HVLQGHVHMDGDVGR
YLPHQWR YHtFXORDRHVWDFLRQDURYHtFXORSULPHLUDPHQWH
OLJDURIUHLRGHHVWDFLRQDPHQWRHOHWU{QLFRHD
Ɣ (PGHFOLYHVHVWHUoDUDVURGDVGLDQWHLUDVGH VHJXLUUHWLUDURSpGRSHGDOGRIUHLR
PRGRTXHDSRQWHPQDGLUHomRGRPHLRILR
Ɣ &RQGX]LUFRPFXLGDGRHPHVWDFLRQDPHQWRV
Ɣ (PVXELGDVHVWHUoDUDVURGDVGLDQWHLUDVGH FRPPHLRILRVDOLHQWHRXEDOL]DVIL[DV2EMHWRV
PRGRTXHDSRQWHPSDUDRFHQWURGDUXD PDLVDOWRVTXHRFKmRSRGHPGDQLILFDURSDUD
FKRTXHHRXWUDVSHoDVGRYHtFXORDRHVWDFLR
$'9(57Ç1&,$ QDURXVDLUGDYDJDGHHVWDFLRQDPHQWR3DUD
$VSHoDVGRVLVWHPDGHHVFDSHHVTXHQWDP HYLWDUGDQRVSDUDUDQWHVTXHDVURGDVWRTXHP
PXLWR3RULVVRSRGHPFDXVDULQFrQGLRVHIH QDVEDOL]DVRXQRVPHLRVILRV
ULPHQWRVJUDYHV Ɣ &RQGX]LUFDXWHORVDPHQWHHPGHFOLYHVHVR
Ɣ 1XQFDHVWDFLRQDURYHtFXORGHIRUPDTXH EUHHQWUDGDVGHWHUUHQRVUDPSDVPHLRVILRVH
SHoDVGRVLVWHPDGHHVFDSHHQWUHPHPFRQ RXWURVREMHWRV3HoDVDSRXFDGLVWkQFLDGRSL
WDWRFRPPDWHULDLVLQIODPiYHLVHPEDL[RGR VRFRPRSDUDFKRTXHVSRLOHUHSHoDVGRFKDV
VLPRWRURXGRHTXLSDPHQWRGHHVFDSDPHQWR
SRGHPVHUGDQLILFDGRVQDSDVVDJHP ‹

,QIRUPDo}HVVREUHRVIUHLRV

¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
FXORRHIHLWRGHIUHQDJHPSRGHRFRUUHUFRPUHWDU
GRHPUD]mRGRVGLVFRVGHIUHLR~PLGRVRXFRQJH
ODGRVQRLQYHUQR2VIUHLRVGHYHPVHU³VHFRVSRU
IUHQDJHP´RPDLVUiSLGRSRVVtYHOSRUPHLRGHIUH
3DVWLOKDVGHIUHLRQRYDVDLQGDQmRSRVVXHPR QDJHQVFXLGDGRVDVHPFDVRGHXPDYHORFLGDGH
HIHLWRGHIUHQDJHPWRWDOGXUDQWHRVSULPHLURV PDLVDOWD$WHQWDUSDUDTXHQHVVHFDVRYHtFXORV
NPDWpNPHSUHFLVDPVHU³DPDFLDGDV´ҧϜ  YLQGRVSRUWUiVHRXWURVFRQGXWRUHVQmRVHMDPFR
$IRUoDGHIUHQDJHPXPSRXFRUHGX]LGDHQWUHWDQ ORFDGRVHPSHULJRҧϜ 
WRSRGHVHUFRPSHQVDGDFRPXPDIRUWHSUHVVmR 8PDFDPDGDGHVDOVREUHRVGLVFRVGHIUHLRH
QRSHGDOGRIUHLR1RSHUtRGRGRDPDFLDPHQWRD VREUHDVSDVWLOKDVGHIUHLRUHWDUGDRHIHLWRGH
GLVWkQFLDGHIUHQDJHPpPDLRUHPIUHDGDVWR IUHQDJHPHDXPHQWDDGLVWkQFLDGHIUHQDJHP6H
WDLVRXIUHQDJHQVGHHPHUJrQFLDTXHFRPSDVWL QmRWLYHUHPRFRUULGRIUHQDJHQVHPUXDVFRPFD
OKDVGHIUHLRDPDFLDGDV'XUDQWHRDPDFLDPHQWR PDGDVGHVDOSRUXPSHUtRGRSURORQJDGRVHUiQH
GHYHPVHUHYLWDGDVIUHDGDVWRWDLVHVLWXDo}HVTXH FHVViULRUDVSDUDFDPDGDGHVDOSRUPHLRGHIUH
UHVXOWHPHPDOWDVVROLFLWDo}HVGRVIUHLRV3RU QDJHQVFDXWHORVDVҧϜ 
H[HPSORTXDQGRVHFRQGX]PXLWRSUy[LPRGRV
GHPDLVYHtFXORV &RUURVmRQRVGLVFRVGHIUHLRHVXMHLUDQDVSDVWL
OKDVGHIUHLRVmRIDYRUHFLGDVSRUSHUtRGRVORQJRV
2GHVJDVWHGDVSDVWLOKDVGHIUHLRGHSHQGHPXL GHSDUDGDEDL[DSHUIRUPDQFHHEDL[DGHPDQGD
WRGDVFRQGLo}HVGHXWLOL]DomRHGDIRUPDGHFRQ (PFDVRGHEDL[DGHPDQGDGDVSDVWLOKDVGHIUHLR
GXomR(PFDVRGHWUiIHJRXUEDQRHWUHFKRVFXU EHPFRPRQDH[LVWrQFLDGHFRUURVmRD9RONVZD
WRVIUHTXHQWHVEHPFRPRIRUPDGHFRQGXomRHV JHQUHFRPHQGDOLPSDURVGLVFRVGHIUHLRHDVSDV
SRUWLYDD9RONVZDJHQUHFRPHQGDTXHDHVSHVVX WLOKDVGHIUHLRSRUPHLRGHGLYHUVDVIUHDGDVLQWHQ
UDGDVSDVWLOKDVGHIUHLRVHMDYHULILFDGDFRPPDLV VDVDSDUWLUGHYHORFLGDGHVPDLVDOWDV$WHQWDUSD
IUHTXrQFLDGRTXHDLQGLFDGDQR0DQXWHQomRHJD UDTXHQHVVHFDVRYHtFXORVYLQGRVSRUWUiVHRX
53&&

UDQWLDSRUXPD&RQFHVVLRQiULD9RONVZDJHQ WURVFRQGXWRUHVQmRVHMDPFRORFDGRVHPSHULJR
1DFRQGXomRFRPIUHLRVPROKDGRVFRPRSRU ҧϜ  b
H[HPSORDSyVWUDYHVVLDVGHWUHFKRVDODJDGRVRX
DSyVFKXYDLQWHQVDRXDSyVXPDODYDJHPGRYHt

'DUSDUWLGDWURFDUDPDUFKDHVWDFLRQDU 
$YDULDQRVLVWHPDGHIUHLR $'9(57Ç1&,$ FRQWLQXDomR
6HRYHtFXORQmRIUHDUPDLVFRPRXVXDOPHQWH DX [D$VVLPpSRVVtYHODSURYHLWDURHIHLWRGH
PHQWRV~ELWRGDGLVWkQFLDGHIUHQDJHP pSRVVtYHO IUHQDJHPGRPRWRUSRUFRPSOHWRHRIUHLRp
TXHXPFLUFXLWRGRIUHLRHVWHMDIDOKDQGR,VWRpLQGL DOLYLDGR
FDGRSHODOX]GHDGYHUWrQFLDHHVHIRURFDVR
Ɣ 6SRLOHUVGLDQWHLURVTXHQmRVHMDPGHVpULH
SRUXPDPHQVDJHPGHWH[WR3URFXUDULPHGLDWD
RXTXHHVWHMDPDYDULDGRVSRGHPUHVWULQJLUD
PHQWHXPD&RQFHVVLRQiULD9RONVZDJHQSDUDHOL
DOLPHQWDomRGHDUGRVIUHLRVHRFDVLRQDUR
PLQDURGDQR'XUDQWHRWUDMHWRFRQGX]LUHPEDL[D
VXSHUDTXHFLPHQWRGRVIUHLRV
YHORFLGDGHHVHSUHSDUDUSDUDGLVWkQFLDVPDLRUHV
GHIUHQDJHPHSDUDXPDSUHVVmRPDLRUQRSHGDO
$'9(57Ç1&,$
6HUYRIUHLR )UHLRVPROKDGRVRXIUHLRVFRQJHODGRVRX
2VHUYRIUHLRIXQFLRQDVRPHQWHFRPRPRWRUHP FRPVDOIUHLDPPDLVWDUGHHDXPHQWDPDGLV
IXQFLRQDPHQWRHDPSOLILFDDSUHVVmRGRSHGDOTXH WkQFLDGHIUHQDJHP
RFRQGXWRUH[HUFHVREUHRSHGDOGRIUHLR
Ɣ ([SHULPHQWDURVIUHLRVFRPWHVWHVFDXWH
6HRVHUYRIUHLRQmRIXQFLRQDURXVHRYHtFXORIRU ORVRV
UHERFDGRRSHGDOGRIUHLRGHYHUiVHUSLVDGRFRP Ɣ 6HFDUVHPSUHRVIUHLRVSRUPHLRGHDOJX
PDLVYLJRUSRLVDGLVWkQFLDGHIUHQDJHPDXPHQWD PDVIUHQDJHQVFDXWHORVDVHPDQWrORVOLYUHV
UiHPUD]mRGDIDOWDGDDVVLVWrQFLDjIRUoDGHIUH GHJHORHGHVDOVHDVFRQGLo}HVGHYLVLELOLGD
QDJHPҧϜ  GHFOLPiWLFDVGDSLVWDHGRWUkQVLWRSHUPLWL
UHP
$'9(57Ç1&,$
3DVWLOKDVGHIUHLRQRYDVQmRWrPLQLFLDOPHQWH $'9(57Ç1&,$
RHIHLWRGHIUHQDJHPLGHDO $FRQGXomRVHPVHUYRIUHLRSRGHDXPHQWDU
Ɣ 3DVWLOKDVGHIUHLRQRYDVDLQGDQmRSRV EDVWDQWHDGLVWkQFLDGHIUHQDJHPHDVVLP
VXHPRHIHLWRGHIUHQDJHPWRWDODWpNPH FDXVDUDFLGHQWHVHIHULPHQWRVJUDYHV
SUHFLVDPVHU³DMXVWDGDV´1HVVHFDVRXP Ɣ 1XQFDGHL[DURYHtFXORURGDUFRPRPRWRU
HIHLWRGHIUHQDJHPUHGX]LGRSRGHVHUDXPHQ GHVOLJDGR
WDGRDSOLFDQGRVHPDLVSUHVVmRVREUHRSH
GDOGRIUHLR Ɣ 6HRVHUYRIUHLRQmRIXQFLRQDURXVHRYHt
FXORIRUUHERFDGRRSHGDOGRIUHLRGHYHUiVHU
Ɣ 3DUDUHGX]LURULVFRGHDFLGHQWHVIHULPHQ SLVDGRFRPPDLVYLJRUSRLVDGLVWkQFLDGH
WRVJUDYHVHDSHUGDGHFRQWUROHGRYHtFXOR IUHQDJHPDXPHQWDUiHPUD]mRGDIDOWDGDDV
GHYHVHFRQGX]LUGHIRUPDHVSHFLDOPHQWH VLVWrQFLDjIRUoDGHIUHQDJHP
FXLGDGRVDFRPSDVWLOKDVGHIUHLRQRYDV
Ɣ 'XUDQWHRSHUtRGRGHDPDFLDPHQWRGDV 127$
SDVWLOKDVGHIUHLRQRYDVQXQFDVHDSUR[LPDU
GHPDLVGHRXWURVYHtFXORVRXJHUDUVLWXDo}HV Ɣ 1XQFDGHL[DURVIUHLRV³GHVOL]DUHP´FRP
GHFRQGXomRTXHUHVXOWHPHPXPDVROLFLWD XPDSUHVVmROHYHQRSHGDOVHQmRIRUUHDOPHQ
omRHOHYDGDGRIUHLR WHQHFHVViULRIUHDU3UHVVmRFRQVWDQWHVREUHR
SHGDOGRIUHLRFDXVDXPVXSHUDTXHFLPHQWRGRV
IUHLRV,VWRSRGHGLPLQXLUEDVWDQWHRGHVHPSH
$'9(57Ç1&,$ QKRGHIUHQDJHPDXPHQWDUDGLVWkQFLDGHIUH
)UHLRVVXSHUDTXHFLGRVUHGX]HPRHIHLWRGH QDJHPHVREFHUWDVFLUFXQVWkQFLDVRFDVLRQDU
IUHQDJHPHDXPHQWDPPXLWRDGLVWkQFLDGH DIDOKDWRWDOGRVLVWHPDGHIUHLR
IUHQDJHP Ɣ $QWHVGHSHUFRUUHUXPWUHFKRPDLVORQJR
Ɣ 1DFRQGXomRHPGHFOLYHVRVIUHLRVVmR FRPGHFOLYHVDFHQWXDGRVGLPLQXLUDYHORFLGD
VROLFLWDGRVGHIRUPDFRQVLGHUiYHOHVHDTXH GHPXGDUSDUDXPDPDUFKDPDLVEDL[DRXVH
FHPUDSLGDPHQWH OHFLRQDUXPDSRVLomRGHPDUFKDPDLVEDL[D
Ɣ $QWHVGHSHUFRUUHUXPWUHFKRPDLVORQJR $VVLPpSRVVtYHODSURYHLWDURHIHLWRGHIUHQD
FRPGHFOLYHVDFHQWXDGRVGLPLQXLUDYHORFL JHPGRPRWRUSRUFRPSOHWRHRIUHLRpDOLYLDGR
GDGHPXGDUSDUDXPDPDUFKDPDLVEDL[DRX &DVRFRQWUiULRRIUHLRSRGHVHVXSHUDTXHFHUH
VHOHFLRQDUXPDSRVLomRGHPDUFKDPDLVEDL SRVVLYHOPHQWHIDOKDU8VDURVIUHLRVVRPHQWH
VHQHFHVViULRSDUDGLPLQXLUDYHORFLGDGHRX
SDUDU b

 'XUDQWHDFRQGXomR
6HDVSDVWLOKDVGHIUHLRGLDQWHLUDVIRUHPYHUL DVSDVWLOKDVGHIUHLRSHODVDEHUWXUDVGRVDURVRXD
ILFDGDVDVSDVWLOKDVGHIUHLRWUDVHLUDVWDP SDUWLUGDSDUWHLQIHULRUGRYHtFXOR6HQHFHVViULR
EpPGHYHUmRVHUYHULILFDGDVVLPXOWDQHDPHQWH$ GHVPRQWDUDVURGDVSDUDSRGHUUHDOL]DUXPDYHULIL
HVSHVVXUDGHWRGDVDVSDVWLOKDVGHIUHLRGHYHVHU FDomRFRPSOHWD3DUDLVVRD9RONVZDJHQUHFR
YHULILFDGDYLVXDOHUHJXODUPHQWHLQVSHFLRQDQGRVH PHQGDDV&RQFHVVLRQiULDV9RONVZDJHQ ‹

6LVWHPDVGHDVVLVWrQFLDjIUHQDJHP

¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
OKRUDDSRVVLELOLGDGHGHUHFXSHUDURFRQWUROHVREUH
RYHtFXORHRDSRLDHPVLWXDo}HVGHFRQGXomRH[
WUHPDVGHURGDJHPQDUXDSHORDSURYHLWDPHQWRGD
PRYLPHQWDomRGDGLUHomRSHORFRQGXWRUGHIRUPD
2VVLVWHPDVGHDVVLVWrQFLDjIUHQDJHP(6&$%6 TXHRYHtFXORSURVVLJDQDGLUHomRGHVHMDGD$R
%$6$65('6H;'6IXQFLRQDPVRPHQWHFRPR FRQGX]LUDXPDYHORFLGDGHTXHWLUHRYHtFXORGD
PRWRUHPIXQFLRQDPHQWRHRIHUHFHPXPDFRQWUL SLVWDDQWHVTXHR(63SRVVDIRUQHFHUDOJXPDDV
EXLomRHVVHQFLDOSDUDDVHJXUDQoDGHFRQGXomR VLVWrQFLDR(6&QmRSRGHUiIRUQHFHUDVVLVWrQFLD
DWLYD DOJXPD

3URJUDPDHOHWU{QLFRGHHVWDELOLGDGH (6& 1R(6&HVWmRLQWHJUDGRVRVVLVWHPDV$%6%$6


$65H('62(6&HVWiVHPSUHOLJDGR6HHPDO
2(6&DX[LOLDDUHGX]LURULVFRGHXPDGHUUDSD JXPDVVLWXDo}HVGHFRQGXomRQmRKRXYHUPDLV
JHPHDPHOKRUDUDHVWDELOLGDGHGHURGDJHPSHOD SURSXOVmRVXILFLHQWHR$65SRGHUiVHUGHVOLJDGR
IUHQDJHPGHURGDVLQGLYLGXDLVHPGHWHUPLQDGDV SUHVVLRQDQGRRERWmR$65ҧϜ)LJ$WHQWDUSD
VLWXDo}HVGHFRQGXomR6LWXDo}HVOLPLWHGHFRQGX UDTXHR$65VHMDOLJDGRVHPSUHTXHDSURSXOVmR
omRGLQkPLFDFRPRSRUH[HPSORVREUHPDQREUDU HVWLYHUGLVSRQtYHO
HVXEPDQREUDURYHtFXORRXGHUUDSDJHPGDVUR
GDVGHWUDomRVmRUHFRQKHFLGDVSHOR(6&,QWHU 6LVWHPDDQWLEORTXHLRGRIUHLR $%6
YHQo}HVGHIUHQDJHPGLULJLGDVRXXPDUHGXomRGR 2$%6SRGHLPSHGLUXPWUDYDPHQWRGDVURGDVHP
WRUTXHGRPRWRUDSRLDPRVLVWHPDDHVWDELOL]DUR IUHQDJHQVDWpSRXFRDQWHVGDSDUDGDGRYHtFXORH
YHtFXOR DSRLDRFRQGXWRUDFRQGX]LUHDPDQWHURFRQWUROH
2(6&WHPOLPLWHVeLPSRUWDQWHVDEHUTXHR(6& GRYHtFXOR,VWRVLJQLILFDTXHRYHtFXORWHPSRXFD
QmRSRGHFRQWUDULDUDVOHLVGDItVLFD2(6&QmR WHQGrQFLDDGHUUDSDUPHVPRHPXPDIUHQDJHPWR
SRGHUiDX[LOLDUHPWRGDVDVVLWXDo}HVFRPDV WDO
TXDLVRFRQGXWRUpFRQIURQWDGR3RUH[HPSORR
Ɣ 3LVDUYLJRURVDPHQWHQRSHGDOGRIUHLRHPDQWr
(6&QmRSRGHUiDSRLDUVHPSUHVHRFRUUHUXPD
ORSUHVVLRQDGR1mRUHWLUDURSpGRSHGDOGRIUHLR
WURFDV~ELWDGHFRQVWLWXLomRGDHVWUDGD6HXPWUH
RXGLPLQXLUDIRUoDVREUHRSHGDOGRIUHLR
FKRGHXPDUXDVHFDHVWLYHUFREHUWRSRUiJXDOD
PDRXQHYHR(6&QmRSRGHUiDX[LOLDUGDPHVPD Ɣ 1mR³ERPEHDU´FRPRSHGDOGRIUHLRRXGLPLQX
IRUPDHPDQHLUDFRPRHPXPWUHFKRVHFR6HR LUDSUHVVmRVREUHRSHGDOGRIUHLR
YHtFXOR³DTXDSODQD´ URGDUVREUHXPDSHOtFXODGH Ɣ &RQGX]LURYHtFXORHQTXDQWRRSHGDOGRIUHLRp
iJXDHPYH]GHVREUHRDVIDOWR R(6&QmRWHUi SLVDGRYLJRURVDPHQWH
FRQGLo}HVGHDX[LOLDURFRQGXWRUQDFRQGXomRGR Ɣ $RVROWDURSHGDOGRIUHLRRXDRUHGX]LUDIRUoD
YHtFXORSRLVRFRQWDWRFRPRDVIDOWRHVWDUiLQWHU VREUHRSHGDOGRIUHLRR$%6GHVOLJDVH
URPSLGRHRYHtFXORQmRSRGHUiPDLVVHUIUHDGRH
FRQGX]LGR(PXPDFRQGXomRHPFXUYDUiSLGD 2IXQFLRQDPHQWRGR$%6SRGHVHUSHUFHELGRSRU
HVSHFLDOPHQWHHPWUHFKRVFRPPXLWDVFXUYDVR XPPRYLPHQWRSXOVDQWHGRSHGDOGRIUHLREHP
(6&QmRSRGHOLGDUVHPSUHWmRHILFLHQWHPHQWH FRPRSRUUXtGRV1mRVHSRGHHVSHUDUTXHR$%6
FRPVLWXDo}HVGHFRQGXomRGLItFHLVFRPRHP UHGX]DDGLVWkQFLDGHIUHQDJHPHPWRGDVDVFRQ
XPDYHORFLGDGHPHQRU GLo}HV$GLVWkQFLDGHIUHQDJHPSRGHDWpDXPHQ
WDUVREUHFDVFDOKRRXQHYHUHFHQWHHVREUHXPD
$GHTXDUVHPSUHDYHORFLGDGHHDIRUPDGHFRQGX VXSHUItFLHFRQJHODGDRXHVFRUUHJDGLD
omRjVFRQGLo}HVFOLPiWLFDVGHYLVLELOLGDGHGD
SLVWDHGRWUkQVLWR2(6&QmRSRGHFRQWUDULDUDV $VVLVWHQWHGHIUHQDJHP %$6
53&&

OHLVGDItVLFDPHOKRUDUDWUDQVPLVVmRGHIRUoDGLV 2DVVLVWHQWHGHIUHQDJHPSRGHDMXGDUDUHGX]LUD
SRQtYHORXPDQWHURYHtFXORQDSLVWDTXDQGRR GLVWkQFLDGHSDUDGD2DVVLVWHQWHGHIUHQDJHP
GHVSUHQGLPHQWRGDUXDWLYHURFRUULGRSRUIDOWDGH DPSOLILFDUiDIRUoDGHIUHQDJHPVHRFRQGXWRUSL
DWHQomRGRFRQGXWRU$RLQYpVGLVVRR(6&PH VDUQRSHGDOGRIUHLRUDSLGDPHQWHHPVLWXDo}HVGH b

'DUSDUWLGDWURFDUDPDUFKDHVWDFLRQDU 
IUHQDJHQVGHHPHUJrQFLD&RPRFRQVHTXrQFLDD $'9(57Ç1&,$ FRQWLQXDomR
SUHVVmRWRWDOGHIUHLRpFRQVWUXtGDUDSLGDPHQWHD
Ɣ 2VVLVWHPDVGHDVVLVWrQFLDjIUHQDJHP
IRUoDGHIUHQDJHPpDPSOLILFDGDHDGLVWkQFLDGH
QmRSRGHPLUDOpPGRVOLPLWHVLPSRVWRVSHOD
IUHQDJHPpUHGX]LGD&RPLVVRR$%6pDWLYDGR
ItVLFD5XDVHVFRUUHJDGLDVHPROKDGDVFRQWL
GHIRUPDPDLVUiSLGDHHILFLHQWH
QXDPPXLWRSHULJRVDVWDPEpPFRPR(6&H
1mRGLPLQXLUDSUHVVmRVREUHRSHGDOGRIUHLR$R RVRXWURVVLVWHPDV
VROWDURSHGDOGRIUHLRRXDRUHGX]LUDIRUoDVREUH Ɣ 8PDFRQGXomRPXLWRUiSLGDSRUSLVWDV
RSHGDOGRIUHLRRDVVLVWHQWHGHIUHQDJHPGHVOLJD PROKDGDVSRGHRFDVLRQDUDSHUGDGRFRQWDWR
DDPSOLILFDomRGDIRUoDGHIUHQDJHP GDVURGDVFRPDSLVWDHD³DTXDSODQDJHP´
8PYHtFXORQmRSRGHVHUIUHDGRFRQGX]LGRH
&RQWUROHGHWUDomR $65
FRQWURODGRVHWLYHUSHUGLGRRFRQWDWRFRPD
2$65GLPLQXLDIRUoDGHWUDomRGRPRWRUHPFDVR SLVWD
GHSDWLQDJHPGDVURGDVHDGpTXDDIRUoDGHWUD
omRjVFRQGLo}HVGDSLVWDGHURGDJHP&RPR Ɣ 2VVLVWHPDVGHDVVLVWrQFLDjIUHQDJHP
$65RDUUDQTXHDDFHOHUDomRHDVXELGDGHDFOL QmRSRGHUmRLPSHGLUXPDFLGHQWHVHSRU
YHVpIDFLOLWDGDPHVPRVREFRQGLo}HVDGYHUVDVGD H[HPSORHVWLYHUFRQGX]LQGRPXLWRSUy[LPR
SLVWDGHURGDJHP RXPXLWRUiSLGRSDUDDUHVSHFWLYDVLWXDomRGH
FRQGXomR
2$65SRGHVHUOLJDGRRXGHVOLJDGRPDQXDOPHQWH
Ɣ $SHVDUGHRVVLVWHPDVGHDVVLVWrQFLDj
ҧϜ3iJLQD
IUHQDJHPVHUHPPXLWRHILFLHQWHVHDX[LOLDUHP
%ORTXHLRHOHWU{QLFRGRGLIHUHQFLDO ('6H DFRQWURODURYHtFXORHPVLWXDo}HVGLItFHLV
;'6 OHPEUDUVHPSUHTXHDHVWDELOLGDGHGDFRQGX
omRGHSHQGHGDDGHUrQFLDGRVSQHXV
2('6HVWiGLVSRQtYHOSDUDYLDVUHWDVQRUPDLV2
('6IUHLDXPDURGDTXHHVWiSDWLQDQGRHWUDQVPL Ɣ $RDFHOHUDUVREUHXPDSLVWDHVFRUUHJDGLD
WHDIRUoDGHWUDomRSDUDDVGHPDLVURGDVGHWUD SRUH[HPSORVREUHJHORRXQHYHDFHOHUDU
omR3DUDTXHRIUHLRDGLVFRGDURGDIUHDGDQmR FDXWHORVDPHQWH$VURGDVWDPEpPSRGHP
VXSHUDTXHoDR('6GHVOLJDVHDXWRPDWLFDPHQWH SDWLQDUFRPVLVWHPDVGHDVVLVWrQFLDjIUHQD
VREVROLFLWDomRHOHYDGDLQFRPXP$VVLPTXHR JHPRTXHSRGHRFDVLRQDUDSHUGDGHFRQ
IUHLRHVWLYHUIULRR('6OLJDVHDXWRPDWLFDPHQWH WUROHGRYHtFXOR

$IXQomR;'6pXPDH[WHQVmRGREORTXHLRHOHWU{
QLFRGRGLIHUHQFLDO2;'6QmRUHDJHVREUHRFRQ
$'9(57Ç1&,$
WUROHGHWUDomRPDVVREUHRDOtYLRGDURGDGLDQWHL $HILFLrQFLDGR(6&SRGHVHUEDVWDQWHUHGX]L
UDLQWHUQDHPFXUYDVUiSLGDV2;'6H[HUFHSUHV GDTXDQGRRXWURVFRPSRQHQWHVHVLVWHPDV
VmRVREUHRIUHLRGDURGDLQWHUQDQDFXUYDSDUD TXHHQYROYDPDGLQkPLFDGRYHtFXORQmRWLYH
LPSHGLUXPDGHUUDSDJHP'HVWHPRGRPHOKRUDD UHPWLGRPDQXWHQomRFRUUHWDRXQmRHVWLYH
WUDomRRTXHDX[LOLDRYHtFXORDVHJXLUQDIDL[DGH UHPIXQFLRQDQGR,VWRVHUHIHUHWDPEpPD
VHMDGD IUHLRVSQHXVHRXWURVVLVWHPDVPHQFLRQDGRV
DQWHULRUPHQWHPDVQmRVRPHQWHDHOHV
$'9(57Ç1&,$ Ɣ /HPEUDUVHPSUHTXHFRQYHUV}HVHDOWHUD
$WHFQRORJLDLQWHOLJHQWHGRVVLVWHPDVGHDV o}HVQRYHtFXORSRGHPLQIOXHQFLDURIXQFLR
VLVWrQFLDjIUHQDJHPQmRSRGHVXSHUDURVOL QDPHQWRGR$%6%$6$65('6H(6&
PLWHVItVLFRVHFRQGLFLRQDGRVDRVLVWHPD Ɣ 0RGLILFDo}HVQRVLVWHPDGHDPRUWHFLPHQ
8PDFRQGXomRUiSLGDVREUHUXDVFRQJHOD WRGRYHtFXORRXDXWLOL]DomRGHFRPELQDo}HV
GDVHVFRUUHJDGLDVRXPROKDGDVSRGHRFD GHURGDVHSQHXVQmROLEHUDGDVSRGHPLQIOX
VLRQDUDSHUGDGHFRQWUROHGRYHtFXORHIHUL HQFLDURIXQFLRQDPHQWRGR$%6%$6$65
PHQWRVJUDYHVQRFRQGXWRUHQRVSDVVDJHL ('6H(6&HUHGX]LUVXDHILFLrQFLD
URV Ɣ $HILFLrQFLDGR(6&WDPEpPpGHILQLGD
Ɣ $GHTXDUVHPSUHDYHORFLGDGHHDIRUPD SRUXPSQHXDGHTXDGRҧ ҧϜ3iJLQD
GHFRQGXomRjVFRQGLo}HVGHYLVLELOLGDGH
FOLPiWLFDVGDSLVWDHGRWUkQVLWR$PDLRUVH 2(6&HR$65SRGHPIXQFLRQDUVHPDYDULD
JXUDQoDRIHUHFLGDSHORVVLVWHPDVGHDSRLRj VRPHQWHVHDVURGDVWLYHUHPRVPHVPRV
IUHQDJHP$%6%$6('6$65H(6&QmR SQHXV'LkPHWURVGLIHUHQWHVHQWUHRVSQHXVSR
GHYHLQFHQWLYDUDFRORFDUDVHJXUDQoDHPULV GHPFDXVDUXPDUHGXomRLQHVSHUDGDGDSRWrQFLD
FR GRPRWRU
(PFDVRGHXPDDYDULDGR$%6R(6&R
$65HR('6WDPEpPQmRIXQFLRQDP b

 'XUDQWHDFRQGXomR
(PFDVRGHUHJXODJHQVGRVVLVWHPDVGHVFUL
WRVSRGHPRFRUUHUUXtGRVGHIXQFLRQDPHQWR ‹

/LJDUHGHVOLJDUR$65
2SURJUDPDGHHVWDELOLGDGHHOHWU{QLFR (6& Vy
IXQFLRQDFRPRPRWRUHPIXQFLRQDPHQWRHLQFOXLR
$%6R('6HR$65
2$65VySRGHVHUGHVOLJDGRSUHVVLRQDQGRRER
WmR m ҧϜ)LJFRPRPRWRUHPIXQFLRQDPHQWR
'HVOLJDUR$65VRPHQWHHPVLWXDo}HVVHPSURSXO
VmRVXILFLHQWH HQWUHRXWUDV 
Ɣ 1DFRQGXomRVREUHQHYHSURIXQGDRXVREUH
XPSLVRVROWR
Ɣ $R³EDODQoDU´RYHtFXORSDUDGR
)LJ 1RFRQVROHFHQWUDOERWmRSDUDGHVOLJDUH (PVHJXLGDOLJDUR$65SUHVVLRQDQGRRERWmR m  ‹
OLJDUR$65PDQXDOPHQWH

¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD

)OXLGRGHIUHLR
GRIUHLRHQXPDIUHQDJHPWRWDO%ROKDVGHYDSRU
UHGX]HPRHIHLWRGHIUHQDJHPDXPHQWDPFRQVL
GHUDYHOPHQWHDGLVWkQFLDGHIUHQDJHPHSRGHP
DWpRFDVLRQDUDIDOKDWRWDOGRVLVWHPDGHIUHLR$
SUySULDVHJXUDQoDHDVHJXUDQoDGHRXWURVFRQGX
WRUHVGHSHQGHGHXPVLVWHPDGHIUHLRIXQFLRQDQGR
GHPDQHLUDFRUUHWDDTXDOTXHUPRPHQWRҧϜ 

(VSHFLILFDomRGRIOXLGRGHIUHLR
$9RONVZDJHQGHVHQYROYHXXPIOXLGRGHIUHLRHV
SHFLDORWLPL]DGRSDUDRVLVWHPDGHIUHLRGRYHtFX
OR$9RONVZDJHQUHFRPHQGDH[SOLFLWDPHQWHSDUD
XPIXQFLRQDPHQWRLGHDOGRVLVWHPDGHIUHLRDXWLOL
]DomRGHXPIOXLGRGHIUHLRQRYRGD1RUPD
9:
)LJ 1RFRPSDUWLPHQWRGRPRWRUWDPSDGR
UHVHUYDWyULRGRIOXLGRGHIUHLR $QWHVGDXWLOL]DomRGHXPIOXLGRGHIUHLRYHULILFDU
VHDLQIRUPDomRGDHVSHFLILFDomRGRIOXLGRGHIUHLR

¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
QDHPEDODJHPFRUUHVSRQGHDRVUHTXLVLWRVGRYHt
FXOR
2IOXLGRGHIUHLRTXHFRUUHVSRQGHjQRUPD9:
SRGHVHUREWLGRHPXPD&RQFHVVLRQiULD9RONV
&RPRSDVVDUGRWHPSRRIOXLGRGHIUHLRDEVRUYH ZDJHQ
DXPLGDGHGRDUDPELHQWH8PWHRUPXLWRDOWRGH
iJXDQRIOXLGRGHIUHLRFDXVDGDQRVDRVLVWHPDGH 6HWDOIOXLGRGHIUHLRQmRHVWLYHUGLVSRQtYHOHSRU
HVVDUD]mRWLYHUTXHXWLOL]DUXPRXWURIOXLGRGH
53&&

IUHLR2SRQWRGHHEXOLomRGRIOXLGRGHIUHLRWDP
EpPGLPLQXLEDVWDQWH(PFDVRGHWHRUPXLWRDOWR IUHLRGHDOWDTXDOLGDGHHQWmRSRGHUiVHUXWLOL]DGR
GHiJXDSRGHUiRFRUUHUDIRUPDomRGHEROKDVGH XPIOXLGRGHIUHLRTXHFRUUHVSRQGDDRVUHTXLVLWRV
YDSRUQRVLVWHPDGHIUHLRHPVROLFLWDo}HVLQWHQVDV VHJXQGRDQRUPD',1,62&/$66RXj
QRUPDGRV(8$)0966'27 b

'DUSDUWLGDWURFDUDPDUFKDHVWDFLRQDU 
1HPWRGRVRVIOXLGRVGHIUHLRTXHDWHQGHPDRVUH $'9(57Ç1&,$ FRQWLQXDomR
TXLVLWRVGDQRUPD',1,62&/$66jQRU
Ɣ 8PDVROLFLWDomRLQWHQVDGRVIUHLRVFRP
PDGRV(8$)0966'27SRVVXHPDPHV
IOXLGRGHIUHLRYHOKRSRGHFDXVDUXPDIRUPD
PDFRPSRVLomRTXtPLFD$OJXQVGHVWHIOXLGRVGH
omRGHEROKDVGHYDSRU%ROKDVGHYDSRUUH
IUHLRSRGHPFRQWHUSURGXWRVTXtPLFRVTXHDRORQ
GX]HPRHIHLWRGHIUHQDJHPDXPHQWDPFRQ
JRGRWHPSRSRGHPGHVWUXLURXGDQLILFDUSDUWHV
VLGHUDYHOPHQWHDGLVWkQFLDGHIUHQDJHPHSR
GRVLVWHPDGHIUHLRGRYHtFXOR
GHPRFDVLRQDUDIDOKDWRWDOGRVLVWHPDGH
3RULVVRD9RONVZDJHQUHFRPHQGDH[SOLFLWDPHQWH IUHLR
SDUDXPIXQFLRQDPHQWRFRQWLQXDPHQWHFRUUHWRGR Ɣ $WHQWDUSDUDTXHVHMDXWLOL]DGRRIOXLGRGH
VLVWHPDGHIUHLRDXWLOL]DomRGHXPIOXLGRGHIUHLR IUHLRFRUUHWR8WLOL]DUVRPHQWHIOXLGRGHIUHLR
TXHDWHQGDj1RUPD9: TXHFRUUHVSRQGDH[SUHVVDPHQWHjQRUPDGD
8PIOXLGRGHIUHLRGDQRUPD9:DWHQGHRV 9:
UHTXLVLWRVGDQRUPD',1,62&/$66RXGD Ɣ 4XDOTXHURXWURIOXLGRGHIUHLRRXXPIOXL
QRUPDGRV(8$)0966'27 GRGHIUHLRTXHQmRVHMDGHERDTXDOLGDGHSR
GHSUHMXGLFDURIXQFLRQDPHQWRGRVIUHLRVH
1tYHOGRIOXLGRGHIUHLR UHGX]LURHIHLWRGHIUHQDJHP
2QtYHOGRIOXLGRGHIUHLRGHYHHVWDUVHPSUHHQWUH
Ɣ 6HQmRHVWLYHUGLVSRQtYHOXPIOXLGRGH
DVPDUFDo}HV0Ë1H0È;RXDFLPDGDPDUFDomR
IUHLRGHDFRUGRFRPDQRUPDGD9:
0Ë1GRUHVHUYDWyULRGRIOXLGRGHIUHLRҧϜ 
XWLOL]DUDSHQDVH[FHSFLRQDOPHQWHXPIOXLGR
2QtYHOGRIOXLGRGHIUHLRQmRSRGHVHUYHULILFDGR GHIUHLRGHDOWDTXDOLGDGHVHJXQGRD',1,62
FRPSUHFLVmRHPWRGRVRVPRGHORVSRLVSHoDVGR &/$66RXDQRUPDGRV(8$
PRWRULPSHGHPDYLVmRGRQtYHOGRIOXLGRGHIUHLR )0966'27
QRUHVHUYDWyULRGRIOXLGRGHIUHLR6HRQtYHOGRIOXL Ɣ 2IOXLGRGHIUHLRUHDEDVWHFLGRGHYHVHUQR
GRGHIUHLRQmRSXGHUVHUOLGRFRPSUHFLVmRSURFX YR
UDUDX[tOLRWpFQLFRHVSHFLDOL]DGR
2QtYHOGRIOXLGRGHIUHLRGLPLQXLPLQLPDPHQWHGX $'9(57Ç1&,$
UDQWHDFRQGXomRSRLVDVSDVWLOKDVGHIUHLRVH
2IOXLGRGHIUHLRpWy[LFR
JDVWDPHRIUHLRVHUHDMXVWDDXWRPDWLFDPHQWH
Ɣ 3DUDUHGX]LURSHULJRGHLQWR[LFDomRQXQ
7URFDGRIOXLGRGHIUHLR FDXWLOL]DUJDUUDIDVGHEHELGDRXRXWURVUHFL
2IOXLGRGHIUHLRGHYHVHUWURFDGRFRQIRUPHDVLQ SLHQWHVSDUDJXDUGDURIOXLGRGHIUHLR(VVHV
GLFDo}HVGR0DQXWHQomRHJDUDQWLDҧϜFDGHU UHFLSLHQWHVSRGHPLQGX]LUSHVVRDVDEHEHU
QR0DQXWHQomRHJDUDQWLD2IOXLGRGHIUHLRGHYH RVOtTXLGRVPHVPRTXDQGRRUHFLSLHQWHHVWL
VHUWURFDGRSRUXPDHPSUHVDHVSHFLDOL]DGD3DUD YHULGHQWLILFDGR
LVVRD9RONVZDJHQUHFRPHQGDDV&RQFHVVLRQiUL Ɣ *XDUGDURIOXLGRGHIUHLRVHPSUHQRVUHFL
DV9RONVZDJHQ3HUPLWLURUHDEDVWHFLPHQWRVR SLHQWHVRULJLQDLVHIRUDGRDOFDQFHGHFULDQ
PHQWHFRPIOXLGRGHIUHLRQRYRTXHDSUHVHQWHD oDV
HVSHFLILFDomRUHTXHULGD
127$
$'9(57Ç1&,$
)OXLGRGHIUHLRGHUUDPDGRRXYD]DGRGDQLILFDD
8PDIDOKDGRIUHLRRXXPHIHLWRGHIUHQDJHP SLQWXUDGRYHtFXORDVSHoDVSOiVWLFDVHRV
UHGX]LGRSRGHVHUFDXVDGDSRUXPQtYHOGR SQHXV/LPSDULPHGLDWDPHQWHRIOXLGRGHIUHLR
IOXLGRGHIUHLRPXLWREDL[RRXSRUXPIOXLGR GHUUDPDGRRXYD]DGRGHWRGDVDVSHoDVGR
GHIUHLRPXLWRYHOKRRXLQDGHTXDGR YHtFXOR
Ɣ 9HULILFDUUHJXODUPHQWHRVLVWHPDGHIUHLRH
RQtYHOGRIOXLGRGHIUHLR 2IOXLGRGHIUHLRSRGHSROXLURPHLRDPELHQ
WH&ROHWDUHGHVFDUWDURVIOXLGRVXWLOL]DGRV
Ɣ 5HDOL]DUDWURFDGRIOXLGRGHIUHLRUHJXODU FRUUHWDPHQWH ‹
PHQWHFRQIRUPHDVSUHVFULo}HVGR0DQXWHQ
ҧϜFDGHUQR0DQXWHQomRHJD
omRHJDUDQWLDҧ
UDQWLD

 'XUDQWHDFRQGXomR
&RQGX]LUFRPFRQVFLrQFLDHFROyJLFD

¤ ,QWURGXomRDRWHPD
1HVWHFDStWXORHQFRQWUDPVHLQIRUPDo}HVUHODWLYDV &RPSRXFRVPHLRVVLPSOHVHGHSHQGHQGRGRHVWL
DRVVHJXLQWHVWHPDV ORGHFRQGXomRpSRVVtYHOHFRQRPL]DUDWpGH
FRPEXVWtYHO
(VWLORGHFRQGXomRHFRQ{PLFR  
&RQGX]LUHFRQRPL]DQGRFRPEXVWtYHO  
$'9(57Ç1&,$
2FRQVXPRGHFRPEXVWtYHODSROXLomRGRPHLR $GHTXDUDYHORFLGDGHHDGLVWkQFLDGHVHJX
DPELHQWHHRGHVJDVWHGRPRWRUIUHLRVHSQHXV UDQoDHPUHODomRDRVYHtFXORVjIUHQWHVHP
GHSHQGHPEDVLFDPHQWHGHIDWRUHV SUHGHDFRUGRFRPDVFRQGLo}HVGHYLVLELOL
GDGHFOLPiWLFDVGDSLVWDHGRWUkQVLWR ‹
Ɣ (VWLORGHFRQGXomRSHVVRDO
Ɣ &RQGLo}HVGHXWLOL]DomR FRQGLo}HVDWPRVIpUL
FDVFDUDFWHUtVWLFDGDSLVWDGHURGDJHP 
Ɣ 3UHPLVVDVWpFQLFDV

(VWLORGHFRQGXomRHFRQ{PLFR

¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
(PVLWXDo}HVQDVTXDLVVHGHYHHVSHUDUXPWHP
SRPDLRUGHSDUDGDGHVOLJDURPRWRUSRUH[HP
SORHPXPDSDVVDJHPGHQtYHO(PYHtFXORVFRP
VLVWHPD6WDUW6WRSOLJDGRRPRWRUGHVOLJDVHDXWR
7URFDUDPDUFKDPDLVUDSLGDPHQWH PDWLFDPHQWHHPIDVHVGHSDUDGDGRYHtFXOR
%DVLFDPHQWHYDOH$PDUFKDPDLVDOWDpVHPSUHD &RQGX]LUSUHYHQWLYDPHQWHH³DFRPSDQKDU´
PDLVHFRQ{PLFD&RPRUHJUDEiVLFDpYiOLGRQD RWUkQVLWR
PDLRULDGRVYHtFXORVDXPDYHORFLGDGHGHNP
K PSK FRQGX]LUQDPDUFKDDNPK )UHQDJHQVHDFHOHUDo}HVIUHTXHQWHVDXPHQWDP
PSK QDPDUFKDHDNPK PSK MiQD EDVWDQWHRFRQVXPRGHFRPEXVWtYHO8PDFRQGX
PDUFKD omRSUHYHQWLYDFRPXPDGLVWkQFLDVXILFLHQWHPHQWH
JUDQGHGRYHtFXORjIUHQWHSRGHVHUFRPSHQVDGD
$OpPGLVVRR³VDOWR´GHPDUFKDVHFRQRPL]DFRP VRPHQWHSHODGHVDFHOHUDomRGDVYDULDo}HVGHYH
EXVWtYHOQRDXPHQWRGDPDUFKDTXDQGRDVFRQGL ORFLGDGH8PDIUHQDJHPDWLYDHXPDDFHOHUDomR
o}HVGRWUkQVLWRHGDFRQGXomRSHUPLWLUHP QmRVmRHQWmRREULJDWRULDPHQWHQHFHVViULDV
1mRHVJRWDUDVPDUFKDV8WLOL]DUDPDUFKDVR
&RQGXomRFRPWUDQTXLOLGDGHHFRP
PHQWHSDUDDUUDQFDUHWURFDUHPVHJXLGDSDUDD
UHJXODULGDGH
PDUFKD(PYHtFXORVFRPWUDQVPLVVmRDXWRPi
WLFDHYLWDUXPNLFNGRZQ 0DLVLPSRUWDQWHGRTXHDYHORFLGDGHpDFRQVWkQ
FLD4XDQWRPDLVUHJXODUPHQWHVHFRQGX]PHQRU
9HtFXORVFRPLQGLFDGRUGHPDUFKDDSRLDPDFRQ pRFRQVXPRGHFRPEXVWtYHO
GXomRHFRQ{PLFDGHFRPEXVWtYHOSHODLQGLFDomR
GRPRPHQWRLGHDOSDUDDPXGDQoDGDPDUFKD (PFRQGXo}HVSRUHVWUDGDVXPDYHORFLGDGH
FRQVWDQWHHPRGHUDGDpPDLVHILFLHQWHTXHDFHOH
'HL[DUURGDU UDo}HVSHUPDQHQWHVHIUHQDJHQV9LDGHUHJUD
6HRSpIRUUHWLUDGRGRSHGDOGRDFHOHUDGRUDDOL FKHJDVHDRGHVWLQRWmRUiSLGRTXDQWRFRPXPD
PHQWDomRGHFRPEXVWtYHOGRPRWRUVHUiLQWHUURP IRUPDGHFRQGXomRFRQVWDQWH
SLGDHRFRQVXPRVHUiEDL[DGR $IRUPDGHFRQGXomRFRQVWDQWHFRQWDFRPRDSRLR
3RUHVVHPRWLYRSRUH[HPSORQDDSUR[LPDomRD GRVLVWHPDUHJXODGRUGHYHORFLGDGH *5$ 
XPVHPiIRURYHUPHOKRGHL[DURYHtFXORURGDUVHP
$SOLFDUFRQVXPLGRUHVDGLFLRQDLVGHIRUPD
53&&

DFHOHUDU6RPHQWHTXDQGRRYHtFXORUHGX]LUGH
PDLVRXRWUHFKRGHURGDJHPIRUPDLRUSLVDUQR
PRGHUDGD
SHGDOGDHPEUHDJHPSDUDGHVHQJDWDU2PRWRU 2FRQIRUWRGRYHtFXORpERPHLPSRUWDQWHSRUpP
IXQFLRQDHQWmRHPPDUFKDOHQWD GHYHVHUXVDGRFRPFRQVFLrQFLDHFROyJLFD b

'DUSDUWLGDWURFDUDPDUFKDHVWDFLRQDU 
$VVLPDOJXQVHTXLSDPHQWRVOLJDGRVDXPHQWDPR Ɣ 'HVOLJDURGHVHPEDoDGRUGRSDUDEULVDHGRYL
FRQVXPRGHFRPEXVWtYHO H[HPSORV  GURWUDVHLURTXDQGRRVYLGURVHVWLYHUHPGHVHPED
oDGRVHVHPJHOR
Ɣ 6LVWHPDGHUHIULJHUDomRGRDUFRQGLFLRQDGRVH
RDUFRQGLFLRQDGRSUHFLVDUJHUDUXPDGLIHUHQoD Ɣ 1mRGHL[DURDTXHFLPHQWRHVWDFLRQiULROLJDGR
PXLWRJUDQGHGHWHPSHUDWXUDHOHSUHFLVDUiGH VHRYHtFXORHVWLYHUHPPRYLPHQWRҧϜ3iJLQD
PXLWDHQHUJLDJHUDGDSHORPRWRU3RUHVVHPRWLYR
2XWURVIDWRUHVTXHDXPHQWDPRFRQVXPR
DGLIHUHQoDGHWHPSHUDWXUDQRYHtFXORQmRGHYH
GHFRPEXVWtYHO H[HPSORV 
VHUGHPDVLDGDPHQWHJUDQGHFRPUHODomRjWHP
SHUDWXUDH[WHUQD3RGHVHU~WLOYHQWLODURYHtFXOR Ɣ 8QLGDGHGHFRQWUROHGRPRWRUDYDULDGD
DQWHVGRLQtFLRGDFRQGXomRHGHSRLVFRQGX]LU Ɣ &RQGXomRHPUHJLmRPRQWDQKRVD
FRPRVYLGURVDEHUWRVSRUXPWUHFKRFXUWR6R Ɣ &RQGX]LUFRPXPUHERTXH ‹
PHQWHHQWmROLJDURDUFRQGLFLRQDGRFRPRVYLGURV
IHFKDGRV0DQWHURVYLGURVIHFKDGRVHPDOWDVYH
ORFLGDGHV9LGURVDEHUWRVDXPHQWDPRFRQVXPR
GHFRPEXVWtYHO
Ɣ 'HVOLJDURDTXHFLPHQWRGRVEDQFRVVHVXDIL
QDOLGDGHWLYHUVLGRFXPSULGD

&RQGX]LUHFRQRPL]DQGRFRPEXVWtYHO
(YLWDUWUHFKRVFXUWRV
2PRWRUIULRFRQVRPHQLWLGDPHQWHPDLVFRPEXVWt
YHOLPHGLDWDPHQWHDSyVDSDUWLGD6RPHQWHDSyV
DOJXQVTXLO{PHWURVRPRWRUHVWiGHYLGDPHQWH
DTXHFLGRHRFRQVXPRGHFRPEXVWtYHOpQRUPDOL
]DGR
3DUDUHGX]LURFRQVXPRGHFRPEXVWtYHOHDHPLV
VmRGHSROXHQWHVGHIRUPDHILFD]RPRWRUHRFD
WDOLVDGRUGHYHPWHUDWLQJLGRVXDWHPSHUDWXUDGH
VHUYLoRLGHDO1HVVHFRQWH[WRDWHPSHUDWXUDDP
ELHQWHWDPEpPpGHFLVLYD
)LJPRVWUDDYDULDomRGHFRQVXPRGHFRP
EXVWtYHOSDUDRPHVPRSHUFXUVRXPDYH]D
ƒ& ƒ) HXPDYH]Dƒ& ƒ) 
)LJ &RQVXPRGHFRPEXVWtYHOHPONP
HPWHPSHUDWXUDVDPELHQWHGLIHUHQWHV 3RUHVVHPRWLYRHYLWDUWUHFKRVFXUWRVVXSpUIOXRVH
DJUXSDUFDPLQKRV

¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
2YHtFXORFRQVRPHPDLVFRPEXVWtYHOQRLQYHUQR
GRTXHQRYHUmRQDVPHVPDVFRQGLo}HV
$OpPGHSURLELGRHPDOJXQVSDtVHV³GHL[DUDTXH
2FRQVXPRGHFRPEXVWtYHOSRGHVHUIDFLOPHQWHUH FHU´RPRWRUFRPRYHtFXORSDUDGRWDPEpPpWHFQL
GX]LGRHPDDWUDYpVGHXPDFRQGXomRGH FDPHQWHVXSpUIOXRHXPGHVSHUGtFLRGHFRPEXVWt
IHQVLYDHHFRQ{PLFD YHO
8PYHtFXORFRQVRPHPDLVFRPEXVWtYHOQDDFHOHUD $GHTXDUDSUHVVmRGRVSQHXV
omR1DFRQGXomRSUHYHQWLYDVmRQHFHVViULDV &RPDSUHVVmRFRUUHWDGRVSQHXVUHGX]VHDUH
PHQRVIUHQDJHQVHFRQVHTXHQWHPHQWHPHQRV VLVWrQFLDjURGDJHPHDVVLPWDPEpPRFRQVXPR
DFHOHUDo}HV'HL[DURYHtFXORURGDUOLYUHPHQWH GHFRPEXVWtYHO
TXDQGRVHSHUFHEHUSRUH[HPSORTXHRVHPiIRUR
VHJXLQWHHVWiYHUPHOKR 1DFRPSUDGHSQHXVQRYRVDWHQWDUSDUDTXHRV
SQHXVVHMDPRWLPL]DGRVFRPUHODomRjUHVLVWrQFLD
jURGDJHP b

 'XUDQWHDFRQGXomR
8WLOL]DUyOHRGHPRWRUGHIXQFLRQDPHQWR 5HPRYHUWRGRVRVREMHWRVQmRXWLOL]DGRVHDFDUJD
VXDYH GHVQHFHVViULDGRYHtFXOR
ÏOHRVGHPRWRUWRWDOPHQWHVLQWpWLFRVFRPEDL[D 5HPRYHULQVWDODo}HVHSHoDVDJUHJDGDV
YLVFRVLGDGHRVDVVLPGHQRPLQDGRVyOHRVGHPR
QmRXWLOL]DGDV
WRUGHIXQFLRQDPHQWRVXDYHUHGX]HPRFRQVXPR
GHFRPEXVWtYHOÏOHRVGHPRWRUGHEDL[DIULFomR 4XDQWRPDLVDHURGLQkPLFRIRUXPYHtFXORPHQRU
GLPLQXHPDUHVLVWrQFLDGHIULFomRQRPRWRUHVH VHUiVHXFRQVXPRGHFRPEXVWtYHO,QVWDODo}HVH
HVSDOKDPPHOKRUHPDLVUDSLGDPHQWHHVSHFLDO SHoDVDJUHJDGDVFRPREDJDJHLURVGRWHWRRXVX
PHQWHQDSDUWLGDDIULRGRPRWRU2HIHLWRRFRUUH SRUWHVSDUDELFLFOHWDVGLPLQXHPDYDQWDJHPDHUR
SULQFLSDOPHQWHHPYHtFXORVTXHURGDPWUHFKRV GLQkPLFD
FXUWRVFRPIUHTXrQFLD 3RULVVRUHPRYHULQVWDODo}HVGHVQHFHVViULDVH
2EVHUYDUVHPSUHRQtYHOFRUUHWRGRyOHRGRPRWRU VLVWHPDVGHEDJDJHLURQmRXWLOL]DGRVSULQFLSDO
HPDQWHURVLQWHUYDORVGHVHUYLoR LQWHUYDORVGH PHQWHTXDQGRSUHFLVDUFRQGX]LUHPDOWDVYHORFLGD
WURFDGRyOHRGRPRWRU  GHV ‹
1DFRPSUDGHyOHRGRPRWRUREVHUYDUVHPSUHD
QRUPDGRyOHRGRPRWRUHDOLEHUDomRGD9RONVZD
JHQ

(YLWDUFDUJDGHVQHFHVViULD
4XDQWRPDLVOHYHIRUXPYHtFXORPDLVHFRQ{PLFR
HHFRORJLFDPHQWHFRUUHWRHOHVHUi3RUH[HPSOR
XPSHVRDGLFLRQDOGHNJDXPHQWDRFRQVXPR
GHFRPEXVWtYHOHPDWpONP
53&&

'DUSDUWLGDWURFDUDPDUFKDHVWDFLRQDU 
'LUHomR

¤ ,QWURGXomRDRWHPD
1HVWHFDStWXORHQFRQWUDPVHLQIRUPDo}HVUHODWLYDV
$'9(57Ç1&,$
DRVVHJXLQWHVWHPDV
6HDDVVLVWrQFLDGDGLUHomRQmRHVWLYHUIXQ
/X]HVGHDGYHUWrQFLDHGHFRQWUROH  
FLRQDQGRRYRODQWHVySRGHUiVHUJLUDGR
,QIRUPDo}HVVREUHGLUHomR   FRPGLILFXOGDGHHDPDQREUDGRYHtFXORVHUi
GLILFXOWDGD
$DVVLVWrQFLDGDGLUHomRQmRpKLGUiXOLFDPDVVLP
HOHWURPHFkQLFD$YDQWDJHPGHVWDGLUHomRpTXH Ɣ $DVVLVWrQFLDGDGLUHomRIXQFLRQDVRPHQ
QmRVmRQHFHVViULDVPDQJXHLUDVKLGUiXOLFDVIOXL WHFRPRPRWRUHPIXQFLRQDPHQWR
GRKLGUiXOLFRXPDERPEDILOWURVRXRXWUDVSHoDV Ɣ 1XQFDGHL[DURYHtFXORURGDUFRPRPRWRU
2VLVWHPDHOHWURPHFkQLFRHFRQRPL]DFRPEXVWtYHO GHVOLJDGR
(QTXDQWRXPVLVWHPDKLGUiXOLFRSUHFLVDGHXPD Ɣ 1XQFDUHWLUDUDFKDYHGRYHtFXORGRFLOLQ
SUHVVmRGHyOHRFRQVWDQWHDDOLPHQWDomRGHHQHU GURGDLJQLomRHQTXDQWRRYHtFXORHVWLYHUHP
JLDGDGLUHomRHOHWURPHFkQLFDpQHFHVViULDVR PRYLPHQWR2WUDYDPHQWRGDFROXQDGDGLUH
PHQWHDRPDQREUDU omRSRGHVHWUDYDUHSRGHQmRVHUPDLVSRV
$DVVLVWrQFLDGDGLUHomRHOHWURPHFkQLFDpDGH VtYHOPDQREUDURYHtFXOR ‹
TXDGDDXWRPDWLFDPHQWHGHDFRUGRFRPDYHORFL
GDGHGHFRQGXomRFRPRWRUTXHGDGLUHomRHFRP
RkQJXORGHGLUHomRGDVURGDV$GLUHomRHOHWUR
PHFkQLFDIXQFLRQDVRPHQWHFRPRPRWRUHPIXQ
FLRQDPHQWR

,QIRUPDo}HVHDOHUWDVFRPSOHPHQWDUHV
Ɣ /LJDUHGHVOLJDURPRWRUҧϜ3iJLQD
Ɣ %DWHULDGRYHtFXORҧϜ3iJLQD
Ɣ 3X[DUHUHERFDUҧϜ3iJLQD

/X]HVGHDGYHUWrQFLDHGHFRQWUROH

¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQIRUPDo}HVLQWURGXWyULDVHDVLQGLFDo}HVGHVHJXUDQ
oD QDSiJLQD

$FHVD &DXVDSRVVtYHO 6ROXomR


$GLUHomRGHYHVHUYHULILFDGDLPHGLDWDPHQWH
v 'LUHomRHOHWURPHFkQLFDQmRIXQFLRQD SRUXPD&RQFHVVLRQiULD9RONVZDJHQRXSRU
XPDHPSUHVDHVSHFLDOL]DGD
$GLUHomRGHYHVHUYHULILFDGDLPHGLDWDPHQWH
SRUXPD&RQFHVVLRQiULD9RONVZDJHQ
6HDOX]GHDGYHUWrQFLDDPDUHODDSyVXPDQR
'LUHomRHOHWURPHFkQLFDUHGX]LGD
YDSDUWLGDGRPRWRUHXPDYLDJHPFXUWDQmR
v PDLVDFHQGHUQmRVHUiSUHFLVRSURFXUDUXPD
&RQFHVVLRQiULD9RONVZDJHQ
$EDWHULDGRYHtFXORHVWDYDGHVFRQHFWDGDH &RQGX]LUSRUXPSHTXHQRWUHFKRD±NP
IRLFRQHFWDGDQRYDPHQWH K ±PSK  b

 'XUDQWHDFRQGXomR
3LVFDQ
&DXVDSRVVtYHO 6ROXomR
GR
7UDYDPHQWRHOHWU{QLFRGDFROXQDGHGLUHomR ›1mRSURVVHJXLU
v DYDULDGR 6ROLFLWDUDMXGDWpFQLFD
*LUDURYRODQWHXPSRXFRGHXPODGRSDUDRX
&ROXQDGDGLUHomRWHQVLRQDGD
WUR
5HWLUDUDFKDYHGRYHtFXORGRFLOLQGURGDLJQLomR
HOLJDUQRYDPHQWHDLJQLomR6HIRURFDVRRE
v $FROXQDGDGLUHomRQmRHVWiGHVWUDYDGDRX
VHUYDUDPHQVDJHPQRGLVSOD\GRLQVWUXPHQWR
FRPELQDGR
WUDYDGD
1mRSURVVHJXLUVHDSyVOLJDUDLJQLomRDFROX
QDGHGLUHomRSHUPDQHFHUWUDYDGD3URFXUDUDX
[tOLRWpFQLFRHVSHFLDOL]DGR

$ROLJDUDLJQLomRDOJXPDVOX]HVGHDGYHUWrQFLDH $'9(57Ç1&,$ FRQWLQXDomR


GHFRQWUROHVHDFHQGHPUDSLGDPHQWHSDUDYHULILFD
Ɣ 1XQFDLJQRUDUDVOX]HVGHDGYHUWrQFLD
omRGDIXQomR(ODVVHDSDJDPDSyVDOJXQVVH
DFHVDVHDVPHQVDJHQVGHWH[WR
JXQGRV
Ɣ 3DUDUYHtFXORDVVLPTXHIRUSRVVtYHOHVH
$'9(57Ç1&,$ JXUR

$LQREVHUYkQFLDGDVOX]HVGHDGYHUWrQFLD
127$
DFHVDVHGDVPHQVDJHQVGHWH[WRSRGHRFD
VLRQDUSDUDGDVGRYHtFXORQRWUkQVLWRDFL $LQREVHUYkQFLDGHOX]HVGHFRQWUROHTXHVH
GHQWHVHIHULPHQWRVJUDYHV DFHQGHPHGHPHQVDJHQVGHWH[WRSRGHFDXVDU
GDQRVDRYHtFXOR ‹

,QIRUPDo}HVVREUHGLUHomR

¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
'LUHomRHOHWURPHFkQLFD
$DVVLVWrQFLDGDGLUHomRHOHWURPHFkQLFDpDGH
TXDGDDXWRPDWLFDPHQWHGHDFRUGRFRPDYHORFL
GDGHGHFRQGXomRFRPRWRUTXHGDGLUHomRHFRP
3DUDGLILFXOWDURIXUWRGRYHtFXORDGLUHomRGHYH RkQJXORGHGLUHomRGDVURGDV$GLUHomRHOHWUR
VHUVHPSUHWUDYDGDDRGHL[DURYHtFXOR PHFkQLFDIXQFLRQDVRPHQWHFRPRPRWRUHPIXQ
FLRQDPHQWR
7UDYDPHQWRGDFROXQDGDGLUHomRHOHWU{QLFR
HPYHtFXORVVHP.H\OHVV$FFHVV 4XDQGRDDVVLVWrQFLDGDGLUHomRHVWiUHGX]LGDRX
$FROXQDGDGLUHomRVHUiWUDYDGDVHDFKDYHGR GDQLILFDGDpQHFHVViULRDSOLFDUEHPPDLVIRUoD
YHtFXORIRUUHWLUDGDGRFLOLQGURGDLJQLomRFRPR TXHRXVXDOSDUDPDQREUDU
YHtFXORSDUDGR2WUDYDPHQWRHOHWU{QLFRGDFROXQD 6HUYRDVVLVWrQFLDGDGLUHomR
GDGLUHomRQmRVHWUDYDVHDSyVDUHWLUDGDGDFKD
$VHUYRDVVLVWrQFLDGDGLUHomRIRUQHFHDRFRQGX
YHGRYHtFXORRYHtFXORHVWLYHUHPPRYLPHQWRSRU
WRUXPDDVVLVWrQFLDGHGLUHomRHPVLWXDo}HVGH
PDLVGHDSUR[LPDGDPHQWHVHJXQGRV
FRQGXomRFUtWLFDV)RUoDVGHGLUHomRDGLFLRQDLV
7UDYDPHQWRGDFROXQDGDGLUHomRHOHWU{QLFR DSRLDPRFRQGXWRUQDGLUHomRҧϜ 
HPYHtFXORVFRP.H\OHVV$FFHVV
$FROXQDGDGLUHomRpWUDYDGDVHFRPDLJQLomR $'9(57Ç1&,$
GHVOLJDGDDSRUWDGRFRQGXWRUIRUDEHUWD3DUDLV $VHUYRDVVLVWrQFLDGDGLUHomRDSRLDRFRQ
VRRYHtFXORGHYHHVWDUSDUDGRHVHIRURFDVRD GXWRUMXQWDPHQWHFRPR(6&DPDQREUDUR
DODYDQFDVHOHWRUDGHYHHVWDUQDSRVLomR3 YHtFXORHPVLWXDo}HVGHFRQGXomRFUtWLFDV2
FRQGXWRUSUHFLVDPDQREUDURYHtFXORREULJD
53&&

6RPHQWHVHDSRUWDGRFRQGXWRUIRUDEHUWDHDLJ
QLomRIRUGHVOLJDGDRWUDYDPHQWRGDFROXQDGDGL WRULDPHQWH2YHtFXORQmRpPDQREUDGRSHOD
UHomRGRYHtFXORVHUiDWLYDGRSHODFKDYHGRYHtFX VHUYRDVVLVWrQFLDGDGLUHomR ‹
ORRXSHORVHQVRUGDPDoDQHWDGDSRUWD

'DUSDUWLGDWURFDUDPDUFKDHVWDFLRQDU 
6LVWHPDVGHDVVLVWrQFLDDRFRQGXWRU
6LVWHPDVGHDVVLVWrQFLDGHDUUDQTXH

¤ ,QWURGXomRDRWHPD
1HVWHFDStWXORHQFRQWUDPVHLQIRUPDo}HVUHODWLYDV
$'9(57Ç1&,$
DRVVHJXLQWHVWHPDV
$WHFQRORJLDLQWHOLJHQWHGRVLVWHPDGHDVVLV
/X]HVGHFRQWUROH  
WrQFLDGHDUUDQTXHQmRSRGHVXSHUDURVOLPL
)XQomR$XWR+ROG   WHVItVLFRVHFRQGLFLRQDGRVDRVLVWHPD2
6LVWHPD6WDUW6WRS   PDLRUFRQIRUWRRIHUHFLGRSHORVVLVWHPDVGH
DVVLVWrQFLDGHDUUDQTXHQmRGHYHLQFHQWLYDU
,QIRUPDo}HVHDOHUWDVFRPSOHPHQWDUHV DFRORFDUDVHJXUDQoDHPULVFR
Ɣ 6LVWHPDGHLQIRUPDo}HV9RONVZDJHQ Ɣ 0RYLPHQWRVVHPVXSHUYLVmRGRYHtFXOR
ҧϜ3iJLQD SRGHPFDXVDUIHULPHQWRVJUDYHV
Ɣ )UHDUSDUDUHHVWDFLRQDUҧϜ3iJLQD Ɣ 2VVLVWHPDVGHDVVLVWrQFLDGHDUUDQTXH
Ɣ %DWHULDGRYHtFXORҧϜ3iJLQD QmRSRGHPVXEVWLWXLUDDWHQomRGRFRQGXWRU
Ɣ 5RGDVHSQHXVҧϜ3iJLQD Ɣ $GHTXDUVHPSUHDYHORFLGDGHHDIRUPD
Ɣ $FHVVyULRVUHSRVLomRGHSHoDVUHSDURVHPR GHFRQGXomRjVFRQGLo}HVGHYLVLELOLGDGH
GLILFDo}HVҧϜ3iJLQD FOLPiWLFDVGDSLVWDHGRWUkQVLWR
Ɣ $X[tOLRjSDUWLGDҧϜ3iJLQD Ɣ 8PVLVWHPDGHDVVLVWrQFLDGHDUUDQTXH
QmRFRQVHJXHPDQWHUXPYHtFXORQRDFOLYH
RXIUHDUVXILFLHQWHPHQWHHPWUHFKRVGHGHFOL
YH SRUH[HPSORHPSLVRVHVFRUUHJDGLRVRX
FRQJHODGRV HPWRGDVDVFRQGLo}HV ‹

/X]HVGHFRQWUROH

¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQIRUPDo}HVLQWURGXWyULDVHDVLQGLFDo}HVGHVHJXUDQ
oD QDSiJLQD

$FHVD &DXVDSRVVtYHO 6ROXomR


3URFXUDUXPD&RQFHVVLRQiULD9RONVZDJHQH
¦ 6LVWHPD6WDUW6WRSDYDULDGR
PDQGDUYHULILFDURVLVWHPD
3DUDOLJDURPRWRUQRYDPHQWHWLUDURSpGR
¦ 2VLVWHPD6WDUW6WRSGHVOLJRXRPRWRU
IUHLRҧϜ3iJLQD
9HULILFDUVHWRGRVDVSUHPLVVDVWpFQLFDVHVWmR
i 2VLVWHPD6WDUW6WRSQmRHVWiGLVSRQtYHO DWHQGLGDV6HQHFHVViULRDWHQGHUDVSUHPLV
VDVWpFQLFDVHPIDOWDҧϜ3iJLQD

$ROLJDUDLJQLomRDOJXPDVOX]HVGHDGYHUWrQFLDH
$'9(57Ç1&,$
GHFRQWUROHVHDFHQGHPUDSLGDPHQWHSDUDYHULILFD
omRGDIXQomR(ODVVHDSDJDPDSyVDOJXQVVH $LQREVHUYkQFLDGDVOX]HVGHDGYHUWrQFLD
JXQGRV DFHVDVHGDVPHQVDJHQVGHWH[WRSRGHRFD
VLRQDUSDUDGDVGRYHtFXORQRWUkQVLWRDFL
GHQWHVHIHULPHQWRVJUDYHV
Ɣ 1XQFDLJQRUDUDVOX]HVGHDGYHUWrQFLD
DFHVDVHDVPHQVDJHQVGHWH[WR
Ɣ 3DUDUYHtFXORDVVLPTXHIRUSRVVtYHOHVH
JXUR b

 'XUDQWHDFRQGXomR
127$
$LQREVHUYkQFLDGHOX]HVGHFRQWUROHTXHVH
DFHQGHPHGHPHQVDJHQVGHWH[WRSRGHFDXVDU
GDQRVDRYHtFXOR ‹

)XQomR$XWR+ROG
6HHQTXDQWRRYHtFXORHVWLYHUSDUDGRXPDFRQGL
omRSDUDDIXQomR$XWR+ROGIRUDOWHUDGDR$XWR
+ROGVHGHVOLJDHDOX]GHFRQWUROHGRERWmRVH
DSDJDҧϜ)LJ2IUHLRGHHVWDFLRQDPHQWRHOH
WU{QLFRVHOLJDDXWRPDWLFDPHQWHTXDQGRQHFHVVi
ULRSDUDHVWDFLRQDURYHtFXORFRPVHJXUDQoDҧϜ 

3UHPLVVDVSDUDPDQWHURYHtFXORSDUDGR
FRPR$XWR+ROG
Ɣ $SRUWDGRFRQGXWRUHVWiIHFKDGD
Ɣ 2FLQWRGHVHJXUDQoDGRFRQGXWRUHVWiFRORFD
)LJ 1RFRQVROHFHQWUDOERWmRGR$XWR+ROG GR
Ɣ 2PRWRUHVWiOLJDGR

¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
/LJDUHGHVOLJDUR$XWR+ROGPDQXDOPHQWH
3UHVVLRQDURERWmR !54/(/,$ ҧϜ $OX]GHFRQWUROH
GRERWmRVHDSDJDFRPDIXQomR$XWR+ROGGHVOL
$IXQomR$XWR+ROGOLJDGDDSRLDRFRQGXWRUD JDGD
PDQWHURYHtFXORLPyYHOFRPIUHTXrQFLDRXLPyYHO
SRUXPORQJRSHUtRGRFRPRPRWRUHPIXQFLRQD /LJDUHGHVOLJDUR$XWR+ROG
PHQWRSRUH[HPSORHPXPPRUURQDSDUDGDGR DXWRPDWLFDPHQWH
VHPiIRURRXHPWUkQVLWRLQWHQVR 6HDQWHVGHGHVOLJDUDLJQLomRDIXQomR$XWR+ROG
WLYHUVLGROLJDGDFRPRERWmR !54/(/,$ DIXQomR$XWR
$OX]GHFRQWUROHGRERWmRVHDFHQGHFRPDIXQ
+ROGSHUPDQHFHOLJDGDDXWRPDWLFDPHQWHDSyVD
omR$XWR+ROGOLJDGD
LJQLomRVHUOLJDGDQRYDPHQWH6HDIXQomR$XWR
$IXQomR$XWR+ROGOLJDGDHYLWDDXWRPDWLFDPHQWH +ROGQmRWLYHUVLGROLJDGDHODSHUPDQHFHUiGHVOL
TXHRYHtFXORSDUDGRURGHVHPDQHFHVVLGDGHGH JDGDDXWRPDWLFDPHQWHDSyVOLJDUDLJQLomRQRYD
VHJXUDURYHtFXORFRPRIUHLR PHQWH
'HSRLVGRUHFRQKHFLPHQWRGDSDUDGDGRYHtFXOR
SHORVLVWHPDR$XWR+ROGPDQWpPRYHtFXORSDUD
GR2SHGDOGRIUHLRSRGHVHUVROWR
6HRFRQGXWRUDFLRQDUOHYHPHQWHRSHGDOGRDFHOH
UDGRU WUDQVPLVVmRDXWRPiWLFD RXDFLRQDUDHP
EUHDJHPSDUDSDUWLU WUDQVPLVVmRPDQXDO DIXQ
omR$XWR+ROGVROWDRIUHLRQRYDPHQWH2YHtFXOR
VHPRYLPHQWDGHDFRUGRFRPDLQFOLQDomRGDYLD

2$XWR+ROGpOLJDGRDXWRPDWLFDPHQWHVREDVVHJXLQWHVSUHPLVVDV
ҧϜ 
7RGRVRVLWHQVGHYHPHVWDUFXPSULGRVVLPXOWDQHDPHQWHҧ
 7UDQVPLVVmRPDQXDO 7UDQVPLVVmRDXWRPiWLFD
 2YHtFXORpPDQWLGRSDUDGRFRPRIUHLRHPXPDVXSHUItFLHSODQDRXHPXPDVXELGD
 2PRWRUIXQFLRQD³GHPDQHLUDUHJXODU´
53&&

 $RHPEUHDUHDFHOHUDUVLPXOWDQHDPHQWHR $RDFHOHUDURIUHLRpVROWRGHIRUPDGRVDGD b
IUHLRpVROWRGHIRUPDGRVDGD

6LVWHPDVGHDVVLVWrQFLDDRFRQGXWRU 
2$XWR+ROGpGHVDWLYDGRLPHGLDWDPHQWHVREDVVHJXLQWHVSUHPLVVDV
 7UDQVPLVVmRPDQXDO 7UDQVPLVVmRDXWRPiWLFD
$VVLPTXHXPDGDVFRQGLo}HVPHQFLRQDGDVQD3iJLQD3UHPLVVDVSDUDPDQWHURYHtFXORSD

UDGRFRPR$XWR+ROGQmRIRUPDLVDWHQGLGD
 6HRPRWRUIXQFLRQDU³GHPDQHLUDLUUHJXODU´RXVHKRXYHUXPDDYDULDGRPRWRU
 6HRPRWRUIRUGHVOLJDGRRXPRUUHU 6HRPRWRUIRUGHVOLJDGR
6HDRHQJDWDUDPDUFKDRSHGDOGRDFHOHUDGRU
 $RSLVDUQRSHGDOGRDFHOHUDGRU
IRUSLVDGRVLPXOWDQHDPHQWH

$'9(57Ç1&,$ $'9(57Ç1&,$ FRQWLQXDomR

$WHFQRORJLDLQWHOLJHQWHGR$XWR+ROGQmRSR Ɣ 2$XWR+ROGQmRFRQVHJXHPDQWHUXPYHt
GHLUDOpPGRVOLPLWHVLPSRVWRVSHODItVLFD2 FXORSDUDGRQRDFOLYHRXIUHDUVXILFLHQWHPHQ
PDLRUFRQIRUWRRIHUHFLGRSHOR$XWR+ROGQmR WHHPWUHFKRVGHGHFOLYH SRUH[HPSORHPSL
GHYHLQFHQWLYDUDFRORFDUDVHJXUDQoDHPULV VRVHVFRUUHJDGLRVRXFRQJHODGRV HPWRGDV
FR DVFRQGLo}HV

Ɣ 1XQFDGHL[DURYHtFXORTXHHVWLYHUFRPR
PRWRUHPIXQFLRQDPHQWRHFRPDIXQomR$X
127$
WR+ROGOLJDGD $QWHVGHHQWUDUHPXPVLVWHPDGHODYDJHPDX
WRPiWLFRGHVOLJDUVHPSUHDIXQomR$XWR+ROG
XPDYH]TXHDOLJDomRDXWRPiWLFDGRIUHLRGH
HVWDFLRQDPHQWRHOHWU{QLFRSRGHFDXVDUGDQRV ‹

6LVWHPD6WDUW6WRS
9HtFXORFRPWUDQVPLVVmRPDQXDO
Ɣ &RPRYHtFXORSDUDGRGHVHQJDWDUDPDUFKDH
VROWDURSHGDOGDHPEUHDJHP2PRWRUpGHVOLJD
GR
Ɣ 3DUDOLJDURPRWRUQRYDPHQWHSLVDUQDHP
EUHDJHP

9HtFXORFRPWUDQVPLVVmRDXWRPiWLFD
Ɣ &RPRYHtFXORSDUDGRSLVDUQRSHGDOGRIUHLRH
PDQWHUSUHVVLRQDGR2PRWRUpGHVOLJDGR
Ɣ 3DUDOLJDURPRWRUQRYDPHQWHWLUDURSpGRSH
)LJ 1RFRQVROHFHQWUDOERWmRGRVLVWHPD GDOGRIUHLRRXFRPDDODYDQFDVHOHWRUDQDSRVL
6WDUW6WRS omR3SLVDUQRSHGDOGRDFHOHUDGRU

¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
&RQGLo}HVLPSRUWDQWHVSDUDRGHVOLJDPHQWR
DXWRPiWLFRGRPRWRU
Ɣ 2FRQGXWRUFRORFRXRFLQWRGHVHJXUDQoD
Ɣ $SRUWDGRFRQGXWRUHVWiIHFKDGD
2VLVWHPD6WDUW6WRSGHVOLJDRPRWRUDXWRPDWLFD
PHQWHHPIDVHVGHSDUDGDGRYHtFXOR6HQHFHV Ɣ $WDPSDGRFRPSDUWLPHQWRGRPRWRUHVWiIH
ViULRRPRWRUpOLJDGRQRYDPHQWHDXWRPDWLFDPHQ FKDGD
WH Ɣ 2GLVSRVLWLYRGHUHERTXHLQVWDODGRGHIiEULFD
$IXQomRpOLJDGDDXWRPDWLFDPHQWHWRGDYH]TXHD QmRHVWiFRQHFWDGRHOHWULFDPHQWHDXPUHERTXH
LJQLomRpOLJDGD1RGLVSOD\GRLQVWUXPHQWRFRPEL Ɣ 8PDWHPSHUDWXUDPtQLPDGRPRWRUIRLDWLQJLGD
QDGRVmRLQGLFDGDVLQIRUPDo}HVVREUHRVWDWXV Ɣ 2YHtFXORVHPRYLPHQWRXGHVGHR~OWLPRGHVOL
DWXDO JDPHQWRGRPRWRU b
1DWUDYHVVLDGHWUHFKRVDODJDGRVGHVOLJDUVHPSUH
RVLVWHPD6WDUW6WRSPDQXDOPHQWH

 'XUDQWHDFRQGXomR
Ɣ (PYHtFXORVFRP&OLPDWURQLFDWHPSHUDWXUDQR Ɣ 6HRFRQGXWRUVROWDURFLQWRGHVHJXUDQoD
LQWHULRUGRYHtFXORHVWiQDIDL[DGRVYDORUHVGH Ɣ 6HDSRUWDGRFRQGXWRUIRUDEHUWD
WHPSHUDWXUDGHILQLGRV
Ɣ 6HDWDPSDGRFRPSDUWLPHQWRGRPRWRUIRU
Ɣ 2DTXHFLPHQWRGRSDUDEULVDQmRHVWiOLJDGR DEHUWD
Ɣ (PYHtFXORVFRP&OLPDWURQLFQmRIRLUHJXODGD
XPDWHPSHUDWXUDPXLWRDOWDRXPXLWREDL[D /LJDUHGHVOLJDURVLVWHPD6WDUW6WRS
PDQXDOPHQWH
Ɣ $IXQomRGHGHVHPEDoDPHQWRGRDUFRQGLFLR
QDGRQmRHVWiOLJDGD Ɣ 3UHVVLRQDURERWmR § QRFRQVROHFHQWUDO
ҧϜ)LJ
Ɣ (PYHtFXORVFRP&OLPDWURQLFQmRIRLVHOHFLR
QDGRPDQXDOPHQWHXPQtYHOGHYHQWLODomRDOWR Ɣ &RPRVLVWHPD6WDUW6WRSGHVOLJDGRDOX]GH
FRQWUROHVHDFHQGHQRERWmR
Ɣ $FDUJDGDEDWHULDGRYHtFXORpVXILFLHQWH
Ɣ $WHPSHUDWXUDGDEDWHULDGRYHtFXORQmRHVWi 6HRVLVWHPD6WDUW6WRSGHVOLJDURPRWRUHOHVHUi
PXLWREDL[DQHPPXLWRDOWD OLJDGRQRYDPHQWHDVVLPTXHRVLVWHPDIRUGHVOLJD
GRPDQXDOPHQWHFRPRERWmR § 
Ɣ 2YHtFXORQmRVHHQFRQWUDHPXPDFOLYHRXGH
FOLYHPXLWRDFHQWXDGR
$'9(57Ç1&,$
Ɣ $VURGDVGLDQWHLUDVQmRHVWmRPXLWRHVWHUoD
GDV &RPRPRWRUGHVOLJDGRRVHUYRIUHLRHDGLUH
omRHOHWURPHFkQLFDQmRIXQFLRQDP
Ɣ $PDUFKDDUpQmRHVWiHQJDWDGD
Ɣ 1XQFDGHL[DURYHtFXORURGDUFRPRPRWRU
Ɣ 2DVVLVWHQWHGHGLUHomRSDUDHVWDFLRQDPHQWR
GHVOLJDGR
3DUN$VVLVW QmRHVWiDWLYDGR
Ɣ $RWUDEDOKDUQRFRPSDUWLPHQWRGRPRWRU
&RQGLo}HVSDUDXPDQRYDSDUWLGD RVLVWHPD6WDUW6WRSSUHFLVDHVWDUGHVOLJDGR
DXWRPiWLFD
2PRWRUpOLJDGRDXWRPDWLFDPHQWHVREDVVHJXLQ 127$
WHVFRQGLo}HV 6HRVLVWHPDGH6WDUW6WRSIRUXWLOL]DGRSRUXP
Ɣ 6HRLQWHULRUGRYHtFXORVHDTXHFHURXVHHVIUL SHUtRGRGHWHPSRPXLWRORQJRDWHPSHUDWXUDV
DUPXLWR H[WHUQDVPXLWRHOHYDGDVDEDWHULDGRYHtFXOR
SRGHVHUGDQLILFDGD
Ɣ 6HRYHtFXORFRPHoDUDVHPRYLPHQWDU
Ɣ 6HDWHQVmRGDEDWHULDGRYHtFXORFDLU (PDOJXQVFDVRVSRGHVHUQHFHVViULROLJDU
QRYDPHQWHRPRWRUPDQXDOPHQWHFRPDFKD
&RQGLo}HVTXHH[LJHPXPDSDUWLGDFRPD YHGRYHtFXOR2EVHUYDUDPHQVDJHPFRUUHVSRQ
FKDYH GHQWHQRGLVSOD\GRLQVWUXPHQWRFRPELQDGR ‹
2PRWRUGHYHVHUOLJDGRPDQXDOPHQWHFRPDFKD
YHGRYHtFXORVREDVVHJXLQWHVFRQGLo}HV
53&&

6LVWHPDVGHDVVLVWrQFLDDRFRQGXWRU 
3DUN3LORW

¤ ,QWURGXomRDRWHPD
1HVWHFDStWXORHQFRQWUDPVHLQIRUPDo}HVUHODWLYDV $'9(57Ç1&,$ FRQWLQXDomR
DRVVHJXLQWHVWHPDV
Ɣ &HUWDVVXSHUItFLHVGHREMHWRVHURXSDVSR
&RPDQGDUR3DUN3LORW   GHPQmRUHIOHWLURVVLQDLVGRVVHQVRUHVGHXO
6LQDLVDF~VWLFRVHYLVXDLVGR3DUN3LORW   WUDVVRP(VVHVREMHWRVHSHVVRDVFRPWDLV
URXSDVSRGHPQmRVHUUHFRQKHFLGRVSHOR
23DUN3LORWDSRLDRFRQGXWRUDPDQREUDUHDHQ VLVWHPDRXVHUUHFRQKHFLGRVHUURQHDPHQWH
WUDUQDYDJDGHHVWDFLRQDPHQWR Ɣ )RQWHVGHVRPH[WHUQDVSRGHPLQIOXHQFL
2VVHQVRUHVGHXOWUDVVRPQRSDUDFKRTXHWUDQV DURVVLQDLVGRVVHQVRUHVGHXOWUDVVRP$V
PLWHPHUHFHEHPRQGDVGHXOWUDVVRP'XUDQWHR VLPVREGHWHUPLQDGDVFLUFXQVWkQFLDVSHV
SHUFXUVRGDVRQGDVGHXOWUDVVRP WUDQVPLVVmRUH VRDVRXREMHWRVSRGHPQmRVHUUHFRQKHFL
IOH[mRGHREVWiFXORVHUHFHSomR RVLVWHPDFDOFX GRV
ODFRQWLQXDPHQWHDGLVWkQFLDHQWUHRSDUDFKRTXH
HRREVWiFXOR 127$
,QIRUPDo}HVHDOHUWDVFRPSOHPHQWDUHV Ɣ 2EMHWRVFRPRSRUH[HPSOREDUUDVGHUHER
TXHKDVWHVILQDVFHUFDVSRVWHViUYRUHVH
Ɣ 9LVWDVH[WHUQDVҧϜ3iJLQD
WDPSDVGRFRPSDUWLPHQWRGHEDJDJHPDEHUWDV
Ɣ )UHDUSDUDUHHVWDFLRQDUҧϜ3iJLQD RXVHDEULQGRHYHQWXDOPHQWHQmRVmRUHFRQKH
Ɣ $VVLVWHQWHGHFRQGXomRHPPDUFKDDUp 5HDU FLGRVSHORVVHQVRUHVGHXOWUDVVRPHSRGHP
9LHZ ҧϜ3iJLQD RFDVLRQDUGDQRVDRYHtFXOR
Ɣ $VVLVWHQWHGHGLUHomRSDUDHVWDFLRQDPHQWR Ɣ 6HR3DUN3LORWMiWLYHUUHFRQKHFLGRHQRWLIL
3DUN$VVLVW ҧϜ3iJLQD FDGRXPREVWiFXORSRUPHLRGHDOHUWDVREVWi
Ɣ &RQVHUYDUHOLPSDUDSDUWHH[WHUQDGRYHtFXOR FXORVPXLWREDL[RVRXPXLWRDOWRVSRGHUmRGH
ҧϜ3iJLQD VDSDUHFHUGDiUHDGHPHGLomRGRVVHQVRUHVGH
XOWUDVVRPGXUDQWHDDSUR[LPDomRGRYHtFXORH
Ɣ $FHVVyULRVUHSRVLomRGHSHoDVUHSDURVHPR QmRVHUHPPDLVUHFRQKHFLGRV$VVLPHVVHV
GLILFDo}HVҧϜ3iJLQD REMHWRVWDPEpPQmRVmRPDLVQRWLILFDGRV
Ɣ 5iGLRHVLVWHPDGHQDYHJDomRҧϜFDGHUQR5i Ɣ 6HRDOHUWDGR3DUN3LORWIRULJQRUDGRSRGH
GLRHҧϜFDGHUQR6LVWHPDGHQDYHJDomR UmRRFRUUHUGDQRVFRQVLGHUiYHLVDRYHtFXOR
Ɣ 2VVHQVRUHVGHXOWUDVVRPGRSDUDFKRTXH
$'9(57Ç1&,$
SRGHPVHUGHVUHJXODGRVRXGDQLILFDGRVSRU
$WHFQRORJLDGR3DUN3LORWQmRSRGHVXSHUDU FKRTXHVSRUH[HPSORDRHQWUDUQDYDJDGHHV
RVOLPLWHVItVLFRVHWUDEDOKDVRPHQWHGHQWUR WDFLRQDPHQWR
GRVOLPLWHVGRVLVWHPD23DUN3LORWQmRSRGH Ɣ 3DUDRFRUUHWRIXQFLRQDPHQWRGRVLVWHPD
VXEVWLWXLUDDWHQomRGRFRQGXWRU PDQWHURVVHQVRUHVGHXOWUDVVRPGRVSDUD
Ɣ 0RYLPHQWRVVHPVXSHUYLVmRGRYHtFXOR FKRTXHVOLPSRVVHPQHYHHVHPJHORHQmR
SRGHPFDXVDUIHULPHQWRVJUDYHV FREULORVFRPHWLTXHWDVDGHVLYDVRXRXWURVRE
Ɣ $GHTXDUVHPSUHDYHORFLGDGHHDIRUPD MHWRV
GHFRQGXomRjVFRQGLo}HVGHYLVLELOLGDGH Ɣ 1DOLPSH]DGRVVHQVRUHVGHXOWUDVVRPFRP
FOLPiWLFDVGDSLVWDHGRWUkQVLWR XPODYDGRUGHDOWDSUHVVmRRXFRPXPMDWRGH
Ɣ 2VVHQVRUHVGHXOWUDVVRPSRVVXHPkQJX YDSRUMDWHDURVVHQVRUHVGLUHWDPHQWHDSHQDV
ORVFHJRVQRVTXDLVSHVVRDVHREMHWRVQmR SRUXPFXUWRSHUtRGRHPDQWHUVHPSUHXPD
SRGHPVHUGHWHFWDGRV GLVWkQFLDPDLRUTXHFP
Ɣ 2EVHUYDUVHPSUHDiUHDDRUHGRUGRYHt Ɣ )RQWHVGHUXtGRSRGHPJHUDUPHQVDJHQVGH
FXORMiTXHFULDQoDVSHTXHQDVDQLPDLVHRE HUURGR3DUN3LORWSRUH[HPSORDVIDOWRiVSHUR
MHWRVQmRVmRUHFRQKHFLGRVSHORVVHQVRUHV SDUDOHOHStSHGRVERELQDVGHLQGXomRPiTXL
GHXOWUDVVRPHPWRGRVRVFDVRV QDVGHFRQVWUXomRHUXtGRGHRXWURVYHtFXORV b

 'XUDQWHDFRQGXomR
127$ FRQWLQXDomR $9RONVZDJHQUHFRPHQGDSUDWLFDURPDQX
Ɣ $VSHoDVPRQWDGDVSRVWHULRUPHQWHQRYHt VHLRGR3DUN3LORWHPXPORFDORXHPHVWD
FXORFRPRSRUH[HPSORVXSRUWHVGHELFLFOH FLRQDPHQWRVHPWUkQVLWRSDUDIDPLOLDUL]DUVHFRPR
WDVSRGHPLQIOXHQFLDURIXQFLRQDPHQWRGR VLVWHPDHFRPDVIXQo}HV ‹
3DUN3LORW

(PFDVRGHDYDULDGRVLVWHPDGLULJLUVHD
XPDHPSUHVDHVSHFLDOL]DGD3DUDLVVRD
9RONVZDJHQUHFRPHQGDDV&RQFHVVLRQiULDV9RONV
ZDJHQ

&RPDQGDUR3DUN3LORW

)LJ 1RVSDUDFKRTXHVGLDQWHLURHWUDVHLURVHQVRUHVGHXOWUDVVRPGR3DUN3LORW

¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD

23DUN3LORWGHWHUPLQDFRPRDX[tOLRGHVHQVRUHV
GHXOWUDVVRPDGLVWkQFLDGRSDUDFKRTXHGLDQWHLUR
RXWUDVHLURHPUHODomRDXPREVWiFXOR([LVWHP
DWpVHQVRUHVGHXOWUDVVRPGR3DUN3LORWQRSDUD
FKRTXHGLDQWHLUR$HQRSDUDFKRTXHWUDVHLUR%
ҧϜ)LJ VHWDV 

)LJ 1DSDUWHLQIHULRUGRFRQVROHFHQWUDOER
WmRSDUDOLJDUHGHVOLJDUR3DUN3LORW

/LJDUHGHVOLJDUR3DUN3LORW
)XQomR $omRFRPDLJQLomROLJDGD
/LJDUR3DUN3LORWPDQXDOPHQWH 3UHVVLRQDURERWmR  XPDYH]
'HVOLJDUR3DUN3LORWPDQXDOPHQ
3UHVVLRQDUDRERWmR  QRYDPHQWH
WH
'HVOLJDUPDQXDOPHQWHRLQGLFDGRU 3UHVVLRQDUDWHFODVHOHWRUDGHiUHDQRUiGLRRXVLVWHPDGHQDYHJD
GR3DUN3LORW DH[HFXomRVRQRUD omRLQVWDODGR
53&&

SHUPDQHFHDWLYD  28WRFDUDVXSHUItFLHGHIXQomR E 
/LJDUR3DUN3LORWDXWRPDWLFDPHQ (QJDWDUDPDUFKDDUpRXFRPXWDUSDUDDSRVLomRGDDODYDQFDVHOH
WH WRUD5 b

6LVWHPDVGHDVVLVWrQFLDDRFRQGXWRU 
)XQomR $omRFRPDLJQLomROLJDGD
'HVOLJDUR3DUN3LORWDXWRPDWLFD $FHOHUDURYHtFXORSDUDIUHQWHFRPYHORFLGDGHVXSHULRUDDSUR[LPD
PHQWH GDPHQWH±NPK ±PSK 
&DVRQHFHVViULRFRPXWDUSDUDD (QJDWDUDPDUFKDDUpRXFRPXWDUSDUDDSRVLomRGDDODYDQFDVHOH
H[LELomRGDLPDJHPGDFkPHUDGR WRUD5
DVVLVWHQWHGHFRQGXomRHPPDU
FKDDUp 28WRFDUDVXSHUItFLHGHIXQomR Z 

$OX]GHFRQWUROHGRERWmR  ҧϜ)LJSHUPDQH Ɣ 2VVHQVRUHVGHXOWUDVVRPWUDVHLURVGR3DUN3L


FHDFHVDHQTXDQWRDIXQomRHVWLYHUDWLYDGD ORWQmRVHUmROLJDGRVVHRGLVSRVLWLYRGHUHERTXH
LQVWDODGRGHIiEULFDHVWLYHUFRQHFWDGRHOHWULFDPHQ
3DUWLFXODULGDGHVGR3DUN3LORW WHDRUHERTXH
Ɣ (PDOJXQVFDVRVR3DUN3LORWUHJLVWUDiJXDH Ɣ 8PD&RQFHVVLRQiULD9RONVZDJHQSRGHUHJXODU
JHORQRVVHQVRUHVGHXOWUDVVRPFRPRREVWiFXOR RYROXPHGRVVLQDLVVRQRURV
Ɣ 6HDGLVWkQFLDSHUPDQHFHULJXDORYROXPHGR
DOHUWDVRQRURGLPLQXLDSyVDOJXQVVHJXQGRV6HR 8PDIDOKDGHIXQFLRQDPHQWRGR3DUN3LORWp
DOHUWDFRQWtQXRVRDURYROXPHSHUPDQHFHUiLJXDO H[LELGDQDSULPHLUDOLJDomRSRUPHLRGHXP
DOHUWDFRQWtQXRGHVHJXQGRVHSHORSLVFDUGDOX]
Ɣ $VVLPTXHRYHtFXORVHDIDVWDGRREVWiFXORR
GHFRQWUROHQRERWmR'HVOLJDUR3DUN3LORWFRPR
DOHUWDLQWHUPLWHQWHVHGHVOLJDDXWRPDWLFDPHQWH
ERWmRHPDQGDUYHULILFDULPHGLDWDPHQWHHPXPD
(PFDVRGHXPDQRYDDSUR[LPDomRRDOHUWDLQWHU
&RQFHVVLRQiULD9RONVZDJHQ ‹
PLWHQWHpOLJDGRDXWRPDWLFDPHQWH
Ɣ 6HDDODYDQFDVHOHWRUDHVWLYHUQDSRVLomR3RX
RIUHLRGHHVWDFLRQDPHQWRHOHWU{QLFRHVWLYHUDWLYD
GRHPYHtFXORVFRPWUDQVPLVVmRDXWRPiWLFDQmR
RFRUUHQHQKXPDOHUWDDF~VWLFR

6LQDLVDF~VWLFRVHYLVXDLVGR3DUN3LORW

)LJ ([LELomRGRGLVSOD\GR3DUN3LORW GLVSOD\


PRQRFURPiWLFR 

)LJ ([LELomRGRGLVSOD\GR3DUN3LORW GLVSOD\


FRORULGR 

¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQIRUPDo}HVLQWURGXWyULDVHDVLQGLFDo}HVGHVHJXUDQ
oD QDSiJLQD

/HJHQGDSDUDDVUHSUHVHQWDo}HVHVTXHPiWLFDV
)LJRX)LJ 6LJQLILFDGR
$ ÈUHDH[DPLQDGDDWUiVGRYHtFXOR
% ÈUHDGHWHFWDGDjIUHQWHGRYHtFXOR
& ÈUHDH[DPLQDGDDRODGRGRYHtFXOR GHSHQGHQGRGDYHUVmR 

 6HJPHQWRDPDUHORSDUDXPREVWiFXOR b

 'XUDQWHDFRQGXomR
/HJHQGDSDUDDVUHSUHVHQWDo}HVHVTXHPiWLFDV
)LJRX)LJ 6LJQLILFDGR

 6HJPHQWRYHUPHOKRSDUDXPREVWiFXORSUy[LPR

 6HJPHQWRSUHWRSDUDXPREVWiFXOR GLVSOD\PRQRFURPiWLFR 

1RPRQLWRUGRUiGLRRXVLVWHPDGHQDYHJDomRLQV REVWiFXORpHPLWLGRXPLQWHUYDORGHVRP4XDQWR
WDODGRVGHIiEULFDVmRUHSUHVHQWDGDVDViUHDV PHQRUDGLVWkQFLDPDLVFXUWRVVmRRVLQWHUYDORV
H[DPLQDGDVQDIUHQWHDWUiVHODWHUDOPHQWHGRYHt HQWUHRVDOHUWDV6HRREVWiFXORHVWLYHUPXLWRSUy
FXORSHORVVHQVRUHVGHXOWUDVVRP3RVVtYHLVRE [LPRXPDOHUWDFRQWtQXRVRDUi
VWiFXORVVmRH[LELGRVWRPDQGRRYHtFXORFRPR
1RFDVRGHXPDDPHDoDGHFROLVmRQDiUHDGLDQ
SRQWRGHUHIHUrQFLDҧϜ 
WHLUDGRYHtFXORVmRHPLWLGRVVLQDLVVRQRURVGLDQ
$ViUHDVjIUHQWHHDWUiVGRYHtFXORVmRH[DPLQD WHLURVHHPXPDDPHDoDGHFROLVmRQDiUHDWUDVHL
GDVSRUFRPSOHWRSHORVVHQVRUHVGHXOWUDVVRP UDGRYHtFXORVmRHPLWLGRVVLQDLVVRQRURVWUDVHLURV
'HSHQGHQGRGRHTXLSDPHQWRDViUHDVODWHUDLVGR 6HRYHtFXORFRQWLQXDUDVHDSUR[LPDUGRREVWiFX
YHtFXORVmRH[DPLQDGDVVRPHQWHSDUFLDOPHQWHSH ORFRPXPDOHUWDFRQWtQXRRVLVWHPDQmRSRGHUi
ORVVHQVRUHVDViUHDVQmRH[DPLQDGDVGLUHWD PDLVFDOFXODUDGLVWkQFLD
PHQWHVmRFDOFXODGDVSHORVLVWHPD3RUHVVHPRWL
'HSHQGHQGRGRHTXLSDPHQWRDViUHDVDQDOLVDGDV
YRDH[LELomRGDViUHDVODWHUDLVDRYHtFXORVy
VmRLQGLFDGDVHPYiULRVVHJPHQWRVHPXPJUiIL
RFRUUHDSyVFRQGX]LUSRUDOJXQVPHWURV
FR4XDQWRPDLVRYHtFXORVHDSUR[LPDGHXPRE
6LQDLVDF~VWLFRVHH[LELomRGRGLVSOD\ VWiFXORPDLVRVHJPHQWRVHDSUR[LPDGRYHtFXOR
UHSUHVHQWDGR$iUHDGHFROLVmRpDOFDQoDGDDV
6HRYHtFXORVHDSUR[LPDGHXPREVWiFXORQDiUHD
VLPTXHRSHQ~OWLPRVHJPHQWRIRUH[LELGR1mR
GRVVHQVRUHVGHXOWUDVVRPVRDPVLQDLVDF~VWLFRV
SURVVHJXLU
4XDQGRGHGLVWkQFLDVXILFLHQWHHPUHODomRDXP

9HtFXORVFRP3DUN3LORWQDiUHDGLDQWHLUDHWUDVHLUD
&RUGRVHJPHQWRGR
'LVWkQFLDGRYHtFXORSD REVWiFXORUHFRQKHFL
ÈUHDSUy[LPDDRYHtFXOR 6LQDOVRQRUR
UDRREVWiFXOR GR VRPHQWHQRGLV
SOD\FRORULGR
$SUR[LPDGDPHQWH±
$WUiVQRFHQWUR
FP
$
$SUR[LPDGDPHQWH±
$WUiVSRUIRUD
FP $OHUWDLQWHUPL
DPDUHOR
1DIUHQWHQR $SUR[LPDGDPHQWH± WHQWH
FHQWUR FP
%
1DIUHQWHSRUIR $SUR[LPDGDPHQWH±
UD FP
REVWiFXORSUy[L $SUR[LPDGDPHQWH± $OHUWDFRQWt
$ RX % YHUPHOKR
PRD FP QXR
D (PFDVRGHYHtFXORVFRPGLVSRVLWLYRGHUHERTXHLQVWDODGRGHIiEULFDDiUHDGDGLVWkQFLDpXPSRXFRPDLRUDWUiVGRYHtFXOR
SDUDRDOHUWDVRQRURFRQWtQXR b
53&&

6LVWHPDVGHDVVLVWrQFLDDRFRQGXWRU 
9HtFXORVFRP3DUN3LORWQRVDUUHGRUHVGRYHtFXOR
&RUGRVHJPHQWRGR
'LVWkQFLDGRYHtFXOR REVWiFXORUHFRQKHFL
ÈUHDSUy[LPDDRYHtFXOR 6LQDOVRQRUR
SDUDRREVWiFXOR GR VRPHQWHQRGLV
SOD\FRORULGR
$WUiVQRFHQ $SUR[LPDGDPHQWH±
WUR FP
$
$SUR[LPDGDPHQWH±
$WUiVSRUIRUD
FP
2EVWiFXOR
1DIUHQWHQR $SUR[LPDGDPHQWH±
QmRQD ² DPDUHOR
FHQWUR FP
% URWD
1DIUHQWHSRU $SUR[LPDGDPHQWH±
IRUD FP
$SUR[LPDGDPHQWH±
& ODWHUDOPHQWH
FP
$WUiVQRFHQ $SUR[LPDGDPHQWH±
WUR FP
$
$SUR[LPDGDPHQWH±
$WUiVSRUIRUD
FP
1DIUHQWHQR 2EVWiFXOR $SUR[LPDGDPHQWH± $OHUWDLQWHUPL
DPDUHOR
FHQWUR QRSHUFXUVR FP WHQWH
%
1DIUHQWHSRU $SUR[LPDGDPHQWH±
IRUD FP
$SUR[LPDGDPHQWH±
& ODWHUDOPHQWH
FP
2EVWiFXORIRUDGD $OHUWDLQWHUPL
$  %  iUHDGHFROLVmR $SUR[LPDGDPHQWH± WHQWH
YHUPHOKR
& 2EVWiFXORQD FP $OHUWDFRQWt
iUHDGHFROLVmRD QXR
D (PFDVRGHYHtFXORVFRPGLVSRVLWLYRGHUHERTXHLQVWDODGRGHIiEULFDDiUHDGDGLVWkQFLDpXPSRXFRPDLRUDWUiVGRYHtFXOR
SDUDRDOHUWDVRQRURFRQWtQXR

1DFRQGXomRFRPUHERTXH $VVLPTXHR3DUN3LORWIRUGHVOLJDGRHOLJDGRQRYD
(PFDVRGHYHtFXORVFRPGLVSRVLWLYRGHUHERTXH PHQWHRPRGRVLOHQFLRVRVHUiGHVDWLYDGR$OHUWDV
LQVWDODGRGHIiEULFDHXPUHERTXHFRQHFWDGRHOH GHIDOKDQmRSRGHPVHUGHVOLJDGRV
WULFDPHQWHXPJUiILFRFRUUHVSRQGHQWHpH[LELGR 6HDH[LELomRGR3DUN3LORWIRUGHVOLJDGDPDQXDO
QRGLVSOD\GRUiGLRRXGRVLVWHPDGHQDYHJDomR PHQWHHR3DUN3LORWSHUPDQHFHUDWLYRRPRGRVL
LQVWDODGRGHIiEULFD2VYDORUHVGHGLVWkQFLDDWUiV OHQFLRVRWDPEpPVHUiGHVOLJDGR
GRYHtFXORQmRVmRH[LELGRVQHVVHFDVR

6LOHQFLDUR3DUN3LORW $'9(57Ç1&,$
3RUPHLRGRWRTXHQDVXSHUItFLHGDIXQomR GR 1mRVHGHL[DUGLVWUDLUGRVDFRQWHFLPHQWRVGR
GLVSOD\ VRPHQWHQRGLVSOD\FRORULGR RVDOHUWDV WUkQVLWRSHODVLPDJHQVH[LELGDVQRGLVSOD\
VRQRURVGRFRQWUROHGHGLVWkQFLDGHHVWDFLRQDPHQ
3RGHGHPRUDUDOJXQVVHJXQGRVDWpTXHRV
WRSRGHPVHUVLOHQFLDGRV3DUDUHDWLYDURVVLQDLV
VLQDLVDF~VWLFRVRXYLVXDLVVHMDPUHSURGX]L
VRQRURVDVXSHUItFLHGHIXQomRGHYHVHUWRFDGD
GRV ‹
QRYDPHQWH

 'XUDQWHDFRQGXomR
&kPHUDGHPDUFKDDUp 5HDU9LHZ

¤ ,QWURGXomRDRWHPD
1HVWHFDStWXORHQFRQWUDPVHLQIRUPDo}HVUHODWLYDV $'9(57Ç1&,$ FRQWLQXDomR
DRVVHJXLQWHVWHPDV
Ɣ $OHQWHGDFkPHUDDPSOLDHGHIRUPDR
2ULHQWDo}HVGHIXQFLRQDPHQWR   FDPSRGHYLVmRHID]FRPTXHREMHWRVQRGLV
&kPHUD   SOD\DSDUHoDPDOWHUDGRVRXLPSUHFLVRV
&RPDQGDUDFkPHUDGHPDUFKDDUp   Ɣ 'HWHUPLQDGRVREMHWRVSRGHPGHYLGRjUH
(QWUDUQDYDJDGHHVWDFLRQDPHQWR VROXomRGRGLVSOD\HHPFRQGLo}HVLQVXIL
WUDQVYHUVDOjSLVWD PRGR   FLHQWHVGHOX]QmRVHUH[LELGRVRXVHUH[LEL
(QWUDUQDYDJDGHHVWDFLRQDPHQWRSDUDOHODj GRVGHIRUPDLQVXILFLHQWHSRUH[HPSORSRV
SLVWD PRGR   WHVILQRVRXJUDGHV
Ɣ $FkPHUDGHPDUFKDDUpSRVVXLkQJXORV
8PDFkPHUDQDWDPSDGRFRPSDUWLPHQWRGHED FHJRVRQGHSHVVRDVHREMHWRVQmRSRGHP
JDJHPҧϜ)LJDSRLDRFRQGXWRUDRHQWUDUQD VHUUHFRQKHFLGRV
YDJDGHHVWDFLRQDPHQWRHPPDUFKDDUpRXHP
Ɣ 0DQWHUDOHQWHGDFkPHUDOLPSDVHPQHYH
PDQREUDV$LPDJHPGDFkPHUDpH[LELGDMXQWR
HVHPJHORHGHVFREHUWD
FRPDVJXLDVHVXSHUItFLHVGHRULHQWDomRSURMHWD
GDVSHORVLVWHPDQRGLVSOD\GRUiGLRRXVLVWHPD
GHQDYHJDomRLQVWDODGRGHIiEULFD $'9(57Ç1&,$
eSRVVtYHOVHOHFLRQDUHQWUHJXLDVGHRULHQWDomR $WHFQRORJLDGDFkPHUDGHPDUFKDDUpQmR
GLIHUHQWHV PRGRV  SRGHVXSHUDURVOLPLWHVItVLFRVHWUDEDOKDVR
PHQWHGHQWURGRVOLPLWHVGRVLVWHPD$XWLOL
Ɣ 0RGRHQWUDUQDYDJDGHHVWDFLRQDPHQWRHP ]DomRGHVDWHQWDRXVHPVXSHUYLVmRGDFkPH
PDUFKDDUpWUDQVYHUVDOPHQWHjSLVWDSRUH[HP UDGHPDUFKDDUpSRGHFDXVDUDFLGHQWHVHIH
SORHPXPHVWDFLRQDPHQWR ULPHQWRVJUDYHV2VLVWHPDQmRSRGHVXEVWL
Ɣ 0RGRHVWDFLRQDUHPPDUFKDDUpSDUDOHOD WXLUDDWHQomRGRFRQGXWRU
PHQWHjSLVWDSRUH[HPSORQDEHLUDGDUXD Ɣ $GHTXDUVHPSUHDYHORFLGDGHHDIRUPD
2PRGRSRGHVHUDOWHUQDGRSUHVVLRQDQGRDVXSHU GHFRQGXomRjVFRQGLo}HVGHYLVLELOLGDGH
ItFLHGHIXQomRQRGLVSOD\GRUiGLRRXGRVLVWHPD FOLPiWLFDVGDSLVWDHGRWUkQVLWR
GHQDYHJDomReH[LELGRVRPHQWHRPRGRSDUDR Ɣ 7HUHPYLVWDVHPSUHRVHQWLGRGHHVWDFLR
TXDOpSRVVtYHODOWHUQDU QDPHQWRHDViUHDVUHOHYDQWHVDRUHGRUGR
YHtFXOR2FXUVRGDWUDVHLUDGRYHtFXORpH[L
$VIXQo}HVHUHSUHVHQWDo}HVGDFkPHUDGHPDU
ELGRQRGLVSOD\FRQIRUPHRJLURGRYRODQWH$
FKDDUpSRGHPGLYHUJLUHPYHtFXORVFRPRXVHP
SDUWHGLDQWHLUDGRYHtFXOREDODQoDPDLVTXHD
3DUN3LORW
SDUWHWUDVHLUD
,QIRUPDo}HVHDOHUWDVFRPSOHPHQWDUHV Ɣ 1mRVHGHL[DUGLVWUDLUGRVDFRQWHFLPHQWRV
Ɣ 9LVWDVH[WHUQDVҧϜ3iJLQD GRWUkQVLWRSHODVLPDJHQVH[LELGDVQRGLV
SOD\
Ɣ 3DUN3LORWҧϜ3iJLQD
Ɣ 2EVHUYDUVHPSUHDiUHDDRUHGRUGRYHt
Ɣ $FHVVyULRVUHSRVLomRGHSHoDVUHSDURVHPR
FXORSRLVFULDQoDVSHTXHQDVDQLPDLVHREMH
GLILFDo}HVҧϜ3iJLQD
WRVQmRVmRUHFRQKHFLGRVHPWRGRVRVFDVRV
Ɣ 5iGLRHVLVWHPDGHQDYHJDomRҧϜFDGHUQR5i SHODFkPHUDGHPDUFKDDUp
GLRHҧϜFDGHUQR6LVWHPDGHQDYHJDomR
Ɣ eSRVVtYHOTXHDFkPHUDGHPDUFKDDUp
QmRSRVVDUHSUHVHQWDUWRGDVDViUHDVFRPQL
$'9(57Ç1&,$ WLGH]
2XVRGDVFkPHUDVGHPDUFKDDUpSDUDDYDOL Ɣ 8WLOL]DUDFkPHUDGHPDUFKDDUpVRPHQWH
DUDGLVWkQFLDGHREVWiFXORV SHVVRDVYHtFX FRPDWDPSDGRFRPSDUWLPHQWRGHEDJDJHP
ORVHWF pLPSUHFLVRHSRGHFDXVDUDFLGHQWHV FRPSOHWDPHQWHIHFKDGD b
53&&

HIHULPHQWRVJUDYHV

6LVWHPDVGHDVVLVWrQFLDDRFRQGXWRU 
127$ 127$ FRQWLQXDomR

Ɣ $FkPHUDGHPDUFKDDUpH[LEHVRPHQWH Ɣ 2EMHWRVFRPRSRUH[HPSOREDUUDVILQDV
LPDJHQVELGLPHQVLRQDLVQRGLVSOD\'HYLGRj FHUFDVSRVWHVHiUYRUHVQmRVmRUHFRQKHFLGRV
DXVrQFLDGHSURIXQGLGDGHRVREMHWRVVDOLHQWHV SHODFkPHUDGHPDUFKDDUpHPGHWHUPLQDGDV
RXUHHQWUkQFLDVQDSLVWDSRGHPVHULGHQWLILFD FRQGLo}HVHSRGHPRFDVLRQDUGDQRVDRYHtFX
GRVFRPGLILFXOGDGHRXQmRVHULGHQWLILFDGRV OR ‹

2ULHQWDo}HVGHIXQFLRQDPHQWR

¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQIRUPDo}HVLQWURGXWyULDVHDVLQGLFDo}HVGHVHJXUDQ
oD QDSiJLQD

3UHPLVVDVSDUDHQWUDUQDYDJDGHHVWDFLRQDPHQWRHPDQREUDUFRPDFkPHUDGHPDUFKDDUp
/LVWDVGHFRQWUROH

d $WDPSDGRFRPSDUWLPHQWRGHEDJDJHPSUHFLVDHVWDUIHFKDGD
d 8PDLPDJHPFRQILiYHOHFODUDSRUH[HPSORFRQGLo}HVGHYLVLELOLGDGHERDVHOHQWHVOLPSDV
ҧϜ)LJ
d 2HVSDoRDWUiVGRYHtFXORSUHFLVDVHUUHFRQKHFLGRGHIRUPDFODUDHFRPSOHWD
d 2YHtFXORQmRSRGHWHUFDUJDQDWUDVHLUD
d 2FRQGXWRUSUHFLVDHVWDUIDPLOLDUL]DGRFRPRVLVWHPD
d 2YHtFXORQmRSRGHHVWDUGDQLILFDGR2VLVWHPDSUHFLVDVHUYHULILFDGRSRUXPD&RQFHVVLRQiULD
9RONVZDJHQVHDSRVLomRRXRkQJXORGHLQVWDODomRGDFkPHUDGHPDUFKDDUpIRUDOWHUDGDSRU
H[HPSORGHSRLVGHXPLPSDFWRWUDVHLUR

$9RONVZDJHQUHFRPHQGDSUDWLFDUHQWUDUHPYD Ɣ 3DUDURYHtFXORHPORFDOVHJXUR
JDVGHHVWDFLRQDPHQWRHPDQREUDUFRPDFkPHUD Ɣ /LJDURIUHLRGHHVWDFLRQDPHQWRHOHWU{QLFR
GHPDUFKDDUpHPERDVFRQGLo}HVGHFOLPDHGH
Ɣ /LJDUDLJQLomR
YLVLELOLGDGHHPXPORFDOVHPWUkQVLWRRXHPXP
HVWDFLRQDPHQWRSDUDVHIDPLOLDUL]DUFRPRVLVWH Ɣ 6HIRURFDVROLJDURUiGLRRXRVLVWHPDGHQD
PDFRPDVJXLDVHVXSHUItFLHVGHRULHQWDomRHVX YHJDomR
DVIXQo}HV Ɣ (QJDWDUDPDUFKDDUpRXFRPXWDUSDUDDSRVL
omRGDDODYDQFDVHOHWRUD5
&RQGXomRFRPUHERTXH
Ɣ 7RFDUQDVXSHUItFLHGHIXQomR  
$FkPHUDGHPDUFKDDUpHVFRQGHWRGDVDVJXLDV
HVXSHUItFLHVGHRULHQWDomRTXDQGRXPGLVSRVLWLYR Ɣ 5HDOL]DUDVFRQILJXUDo}HVGHVHMDGDVQRPHQX ‹
GHUHERTXHLQVWDODGRGHIiEULFDIRUFRQHFWDGRHOH
WULFDPHQWHFRPXPUHERTXH

&RQILJXUDo}HVGDFkPHUDGHPDUFKDDUp
$OJXPDVFRQILJXUDo}HVFRPRFODULGDGHFRQWUDVWH
HFRUSRGHPVHUUHDOL]DGDVWRFDQGRQDVUHVSHFWL
YDVVXSHUItFLHVGHIXQo}HV  RX  RXGHVOL]DQGR
RUHVSHFWLYRUHJXODGRU

 'XUDQWHDFRQGXomR
&kPHUD

)LJ 1DWDPSDGRFRPSDUWLPHQWRGHEDJDJHPORFDOGHLQVWDODomRGDFkPHUDGHPDUFKDDUp

¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
SHoDVVDOLHQWHVGHRXWURVYHtFXORVVmRGLItFHLVGH
VHUUHFRQKHFLGDVRXQmRSRGHPVHUUHFRQKHFLGDV
GHYLGRjDXVrQFLDGHSURIXQGLGDGHQRGLVSOD\
2EMHWRVRXXPRXWURYHtFXORSRGHPSDUHFHUHVWDU
$FkPHUDGHPDUFKDDUpҧϜ)LJ OXSD VRPHQ PDLVSHUWRRXPDLVORQJHQRGLVSOD\GRTXHUHDO
WHIRUQHFHLPDJHQVELGLPHQVLRQDLV$VUHHQWUkQFL PHQWHHVWmR
DVEHPFRPRRVREMHWRVVDOLHQWHVQRVRORRXDV

,OXV}HVGHySWLFDSHODFkPHUDGHPDUFKDDUp H[HPSORV 
±$RFRQGX]LUGHXPDVXSHUItFLHSODQDSDUDXPDVXELGDRXXPGHFOLYH
±$RFRQGX]LUGHXPDVXELGDRXGHXPGHFOLYHSDUDXPDVXSHUItFLHSODQD
±6HRYHtFXORHVWLYHUFDUUHJDGRFRPFDUJDQDWUDVHLUD
±$RVHDSUR[LPDUGHREMHWRVVDOLHQWHV(VWHVREMHWRVSRGHPGHVDSDUHFHUGRkQJXORGHYLVmRGDFkPHUD
GHPDUFKDDUpDRFRQGX]LUHPPDUFKDDUp

/LPSDUDOHQWHGDFkPHUD 127$
0DQWHUDOHQWHGDFkPHUDҧϜ)LJ OXSD OLPSD
Ɣ 1XQFDXWLOL]DUSURGXWRVGHFRQVHUYDomR
VHPQHYHHVHPJHOR
FRPHIHLWRDEUDVLYRSDUDOLPSH]DGDOHQWHGD
Ɣ 3DUDURYHtFXORHPORFDOVHJXUR FkPHUD
Ɣ /LJDUDLJQLomR Ɣ 1XQFDUHWLUDUQHYHRXJHORGDOHQWHGDFk
Ɣ /LJDURIUHLRGHHVWDFLRQDPHQWRHOHWU{QLFR PHUDFRPiJXDPRUQDRXTXHQWH'RFRQWUiULR
DOHQWHGDFkPHUDSRGHVHUGDQLILFDGD
Ɣ (QJDWDUDPDUFKDDUpRXFRPXWDUSDUDDSRVL
omRGDDODYDQFDVHOHWRUD5 1mRpSRVVtYHODEULUDWDPSDGRFRPSDUWL
Ɣ 8PHGHFHUDOHQWHGDFkPHUDFRPXPSURGXWR PHQWRGHEDJDJHPSHORHPEOHPDGD9RONV
GHOLPSH]DGHYLGURFRPXPjEDVHGHiOFRROHOLP ZDJHQFRPRHPEOHPD9RONVZDJHQUHEDWLGRSDUD
SDUFRPXPSDQRVHFRҧϜ  IRUD ‹
Ɣ 5HPRYHUDQHYHFRPXPDYDVVRXULQKD
Ɣ 5HPRYHURJHORFRPXPVSUD\DQWLFRQJHODQWH
ҧϜ 
Ɣ 5HWLUDUGDPDUFKDDUpRXGDSRVLomRGDDOD
YDQFDVHOHWRUD5
53&&

Ɣ 'HVOLJDUDLJQLomR

6LVWHPDVGHDVVLVWrQFLDDRFRQGXWRU 
&RPDQGDUDFkPHUDGHPDUFKDDUp

)LJ ([LELomRGRGLVSOD\GRUiGLRRXGRVLVWH )LJ ([LELomRGRGLVSOD\GRUiGLRRXGRVLVWH


PDGHQDYHJDomRFkPHUDGHPDUFKDDUpPRGR PDGHQDYHJDomRFkPHUDGHPDUFKDDUpPRGR
OLJDGR OLJDGR

¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQIRUPDo}HVLQWURGXWyULDVHDVLQGLFDo}HVGHVHJXUDQ
oD QDSiJLQD

/HJHQGDSDUDDVUHSUHVHQWDo}HVHVTXHPiWLFDV)LJRX)LJ
6tPEROR 6LJQLILFDGR
0DUJHPHVTXHUGDGDLPDJHPRFXOWDUDYLVWDHPPLQLDWXUDGR3DUN3LORW
‹ 0DUJHPGLUHLWDGDLPDJHPH[LELURPHQX
0DUJHPHVTXHUGDGDLPDJHPH[LELUDYLVWDHPPLQLDWXUDGR3DUN3LORW
Π0DUJHPGLUHLWDGDLPDJHPRFXOWDURPHQX

O 6DLUGDUHSUHVHQWDomRDWXDO

 'HSHQGHQGRGDYHUVmRGHVOLJDURXOLJDURVRPGR3DUN3LORW

 5HJXODUDH[LELomREULOKRFRQWUDVWHFRU

M 0RGRWURFDUSDUDRPRGR

 0HQXGHDX[tOLRSDUDHQWUDUQDYDJDGHHVWDFLRQDPHQWRFRPRPRGR

J 0RGRWURFDUSDUDRPRGR

ƒ 'HSHQGHQGRGDYHUVmRH[LELUR3DUN3LORW

/LJDUHGHVOLJDUDFkPHUDGHPDUFKDDUp
$FkPHUDGHPDUFKDDUpVHOLJDHGHVOLJDDXWR
PDWLFDPHQWH b

 'XUDQWHDFRQGXomR
$omRFRPDLJQLomROLJDGD
)XQomR
9HtFXORVVHP3DUN3LORW 9HtFXORVFRP3DUN3LORW
(QJDWDUDPDUFKDDUpRXFRPXWDUSDUDDSRVLomRGDDODYDQFDVHOHWRUD5
eH[LELGRRPRGRQRGLVSOD\GRUiGLRRXGRVLVWHPDGHQDYHJDomR
/LJDUDH[LELomR
DXWRPDWLFDPHQ $GLFLRQDOPHQWHDYLVWDHPPLQLDWXUDGR
WH 3DUN3LORWpH[LELGDQRFDQWRHVTXHUGRGD

LPDJHPQRGLVSOD\GRUiGLRRXGRVLVWHPD
GHQDYHJDomR
'HVOLJDUDLJQLomR
28FRQGX]LUSDUDIUHQWHFRPXPDYHORFL
GDGHVXSHULRUDDSUR[LPDGDPHQWHNPK 28FRQGX]LUFRPYHORFLGDGHVXSHULRUD
'HVOLJDULQGLFD
PSK HSRUPDLVGHDSUR[LPDGDPHQWH NPK PSK 
GRUDXWRPDWLFD
VHJXQGRV
PHQWH
28DSUR[LPDGDPHQWHVHJXQGRVGH
28DVVLPTXHUHWLUDUGDPDUFKDDUpRX
SRLVGHUHWLUDUGDPDUFKDDUpRXGDSRVL
GDSRVLomRGDDODYDQFDVHOHWRUD5
omRGDDODYDQFDVHOHWRUD5
3UHVVLRQDUXPGRVERW}HVGRGLVSRVLWLYRQRUiGLRRXQRVLVWHPDGHQDYHJDomRRXWR
FDUQDVXSHUItFLHGHIXQo}HV O QRGLVSOD\
2FXOWDUDLPD  28WRFDUDVXSHUItFLHGHIXQomR ƒ 
JHPGDFkPHUD
GHPDUFKDDUp  28SUHVVLRQDURERWmR  
$LPDJHPpRFXOWDGDGHSRLVGHDSUR[LPD eH[LELGRRPRGRGHWHODLQWHLUDGR3DUN
GDPHQWHVHJXQGRV 3LORW
([LELUQRYDPHQ 5HWLUDUDPDUFKDDUpRXOLJDUHPRXWUDSRVLomRGDDODYDQFDVHOHWRUDHHQJDWDUDPDU
WHDLPDJHPGD FKDjpQRYDPHQWHRXOLJDUQDSRVLomRGDDODYDQFDVHOHWRUD5
FkPHUDGHPDU
FKDDUp  28WRFDUDVXSHUItFLHGHIXQomR Z 
‹

(QWUDUQDYDJDGHHVWDFLRQDPHQWRWUDQVYHUVDOjSLVWD PRGR

)LJ ([LELomRGRGLVSOD\GRUiGLRRXGRVLVWHPDGHQDYHJDomRHQWUDUQDYDJDGHHVWDFLRQDPHQWR
FRPDFkPHUDGHPDUFKDDUpPRGR

¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQIRUPDo}HVLQWURGXWyULDVHDVLQGLFDo}HVGHVHJXUDQ
oD QDSiJLQD

/HJHQGDSDUDDUHSUHVHQWDomRHVTXHPiWLFD)LJ
 6LJQLILFDGR
53&&

$ 3URFXUDUXPDYDJDGHHVWDFLRQDPHQWR
% (VWDFLRQDUQDYDJDGHHVWDFLRQDPHQWRVHOHFLRQDGD
& 0DQREUDU b

6LVWHPDVGHDVVLVWrQFLDDRFRQGXWRU 
/HJHQGDSDUDDUHSUHVHQWDomRHVTXHPiWLFD)LJ
 6LJQLILFDGR
*XLDVYHUGHVSURORQJDPHQWRGRYHtFXORSDUDWUiV$iUHDYHUGHUHSUHVHQWDGDWHUPLQDDDSUR
² [LPDGDPHQWHPHWURVDWUiVGRYHtFXORQDSLVWD
(VWDVJXLDVGHRULHQWDomRPXGDPFRQIRUPHRJLURGRYRODQWH
*XLDVDPDUHODVSURORQJDPHQWRGRYHtFXORSDUDDWUiVGHSHQGHQGRGRJLURGRYRODQWH$iUHD
²
DPDUHODUHSUHVHQWDGDWHUPLQDDSUR[LPDGDPHQWHDWUrVPHWURVDWUiVGRYHtFXORQDSLVWD
*XLDYHUPHOKDVHUYHFRPRGLVWkQFLDGHVHJXUDQoD$JXLDYHUPHOKDWHUPLQDDDSUR[LPDGD
² PHQWHPHWURVDWUiVGRYHtFXORQDSLVWD
(VWDJXLDGHRULHQWDomRPXGDFRQIRUPHRJLURGRYRODQWH
 3LVWD
 9DJDGHHVWDFLRQDPHQWRVHOHFLRQDGD
 /LQKDVGHOLPLWDomRODWHUDOGDYDJDGHHVWDFLRQDPHQWRVHOHFLRQDGD
 /LPLWDomRWUDVHLUDGDYDJDGHHVWDFLRQDPHQWRSRUH[HPSORPHLRILR

7RGDVDVLQGLFDo}HVGHFRPSULPHQWRGDVJXLDVGH
RULHQWDomRVHUHIHUHPDXPYHtFXORHPXPDVXSHU
ItFLHSODQD

(QWUDUQDYDJDGHHVWDFLRQDPHQWRFRPDFkPHUDGHPDUFKDDUpPRGR
3DVVR (IHWXDUDVVHJXLQWHVDo}HV
$VSUHPLVVDVSDUDHQWUDUQDYDJDGHHVWDFLRQDPHQWRFRPDFkPHUDGHPDUFKDDUpSUHFL

VDPVHUFXPSULGDVҧϜ3iJLQD
 3RVLFLRQDURYHtFXORQDIUHQWHGDYDJDGHHVWDFLRQDPHQWR  ҧϜ)LJ$
 (QJDWDUDPDUFKDDUpRXFRPXWDUSDUDDSRVLomRGDDODYDQFDVHOHWRUD5
&RQGX]LUOHQWDPHQWHSDUDWUiVHPDQREUDUGHPRGRTXHDVJXLDVDPDUHODVVHMDPJXLDGDVDR
ORQJRGDVOLQKDVGHOLPLWDomRODWHUDO  GDYDJDGHHVWDFLRQDPHQWRVHOHFLRQDGD%

2EVHUYDUDVHJXLQWHPHQVDJHP&RQWURODUDWUDMHW´ULDGRYH®FXORҧϜ HP,QWURGX
omRDRWHPDQDSiJLQD
$OLQKDURYHtFXORQDYDJDGHHVWDFLRQDPHQWRVHOHFLRQDGDGHPRGRTXHDVDVJXLDVYHUGHVH
 DPDUHODVILTXHPHPFLPDGDVOLQKDVGHOLPLWDomRODWHUDO  GDYDJDGHHVWDFLRQDPHQWRVHOH
FLRQDGD
3DUDURYHtFXORRPDLVWDUGDUDRDWLQJLUDJXLDYHUPHOKDGHOLPLWDomRWUDVHLUDSRUH[HPSOR

PHLRILR  & ‹

 'XUDQWHDFRQGXomR
(QWUDUQDYDJDGHHVWDFLRQDPHQWRSDUDOHODjSLVWD PRGR

)LJ ([LELomRGRGLVSOD\GRUiGLRRXGRVLVWHPDGHQDYHJDomRFkPHUDGHPDUFKDDUpPRGR

¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQIRUPDo}HVLQWURGXWyULDVHDVLQGLFDo}HVGHVHJXUDQ
oD QDSiJLQD

/HJHQGDSDUDDUHSUHVHQWDomRHVTXHPiWLFD)LJ
 6LJQLILFDGR
$ 0HGLUDYDJDGHHVWDFLRQDPHQWR
% (VWDFLRQDUQDYDJDGHHVWDFLRQDPHQWRVHOHFLRQDGD
& 0DQREUDU
6XSHUItFLHGHDX[tOLRDPDUHODPDUFDo}HVGDPHGLomRGDYDJDGHHVWDFLRQDPHQWRÈUHDGH
 HVWDFLRQDPHQWROLYUHQHFHVViULDSDUDRSURFHVVRGHHVWDFLRQDPHQWRSDUDOHODDRYHtFXOR$VX
SHUItFLHH[LELGDGHYHSRUWDQWRVHDMXVWDUSRUFRPSOHWRjYDJDGHHVWDFLRQDPHQWR
*XLDDPDUHODFXUYDSRQWRGHFRQYHUVmRDRHQWUDUQDYDJDGHHVWDFLRQDPHQWR
² 6HDJXLDDPDUHODFXUYDWRFDUQRPHLRILRRXHPRXWUDOLPLWDomRGDYDJDGHHVWDFLRQDPHQWR
IRLDWLQJLGRRSRQWRGHFRQYHUVmR
*XLDYHUPHOKDKRUL]RQWDOVHUYHFRPRGLVWkQFLDGHVHJXUDQoD$JXLDYHUPHOKDKRUL]RQWDO
²
WHUPLQDDDSUR[LPDGDPHQWHPHWURVDWUiVGRYHtFXORQDSLVWD
 3LVWD
 9HtFXORVHVWDFLRQDGRV
 /LPLWDomRODWHUDOGDYDJDGHHVWDFLRQDPHQWRVHOHFLRQDGDSRUH[HPSORPHLRILR

7RGDVDVLQGLFDo}HVGHFRPSULPHQWRGDVJXLDVGH 3HORPHQXTXHSRGHVHUH[LELGR  QRPRGRSR


RULHQWDomRVHUHIHUHPDXPYHtFXORHPXPDVXSHU GHVHUDFHVVDGDXPDWHUFHLUDDMXGDSDUDHQWUDUQD
ItFLHSODQD YDJDGHHVWDFLRQDPHQWRSDUDOHODjSLVWD
(VWDVJXLDVGHRULHQWDomRHDVVXSHUItFLHVGHDX
[tOLRPXGDPFRQIRUPHRJLURGRYRODQWH

(QWUDUQDYDJDGHHVWDFLRQDPHQWRFRPDFkPHUDGHPDUFKDDUpPRGR
3DVVR (IHWXDUDVVHJXLQWHVDo}HV
$VSUHPLVVDVSDUDHQWUDUQDYDJDGHHVWDFLRQDPHQWRFRPDFkPHUDGHPDUFKDDUpSUHFL

VDPVHUFXPSULGDVҧϜ3iJLQD
 3RVLFLRQDURYHtFXORSDUDOHODPHQWHDDSUR[LPDGDPHQWHPGDYDJDGHHVWDFLRQDPHQWR
53&&

 (QJDWDUDPDUFKDDUpRXFRPXWDUSDUDDSRVLomRGDDODYDQFDVHOHWRUD5 b

6LVWHPDVGHDVVLVWrQFLDDRFRQGXWRU 
3DVVR (IHWXDUDVVHJXLQWHVDo}HV
7RFDUQDVXSHUItFLHGHIXQomR M GRPRGRQRGLVSOD\GRUiGLRRXGRVLVWHPDGHQDYHJDomR
 $RWURFDUSDUDRPRGRVmRH[LELGDVDVJXLDVGHRULHQWDomRHDVVXSHUItFLHVGHDX[tOLRQRV
GRLVODGRVDRORQJRGDSLVWD
$FLRQDURLQGLFDGRUGHGLUHomRGRUHVSHFWLYRODGRGDSLVWDQDTXDOGHYHVHUHVWDFLRQDGR
 $SyVOLJDURVLQGLFDGRUHVGHGLUHomRVmRRFXOWDGDVDVJXLDVHVXSHUItFLHVGHDX[tOLRQmRQH
FHVViULDV
6HQHFHVViULRFRUULJLUDSRVLomRRYHtFXORGHPRGRTXHDVXSHUItFLHGHDX[tOLRDPDUHODH[LEL
 GDFRLQFLGDFRPDOLPLWDomRODWHUDO  GDYDJDVHOHFLRQDGD SRUH[HPSORPHLRILR HWHUPLQH
DQWHVGHXPDOLPLWDomRWUDVHLUD  SRUH[HPSORXPYHtFXORHVWDFLRQDGRҧϜ)LJ$
*LUDURYRODQWHDWpREDWHQWHHPGLUHomRjYDJDGHHVWDFLRQDPHQWRVHOHFLRQDGDHFRQGX]LU

OHQWDPHQWHHPPDUFKDDUp
2EVHUYDUDVHJXLQWHPHQVDJHP&RQWURODUDWUDMHW´ULDGRYH®FXORҧϜ HP,QWURGX

omRDRWHPDQDSiJLQD
3DUDRYHtFXORTXDQGRDJXLDDPDUHODFXUYDHQFRVWDUQDOLPLWDomRODWHUDO  GDYDJDGHHVWD

FLRQDPHQWRGHVHMDGD%HJLUDURYRODQWHDWpREDWHQWHQRVHQWLGRRSRVWR
&RQWLQXDUOHQWDPHQWHHPPDUFKDDUpDWpRYHtFXORHVWDUSDUDOHORjSLVWD  QDYDJDGHHVWD

FLRQDPHQWR
3DUDURYHtFXORRPDLVWDUGDUDRDWLQJLUDJXLDYHUPHOKDKRUL]RQWDOGHOLPLWDomRWUDVHLUDSRU

H[HPSORYHtFXORHVWDFLRQDGR  &
 6HQHFHVViULRFRUULJLUDSRVLomRGHHVWDFLRQDPHQWR ‹

 'XUDQWHDFRQGXomR
$VVLVWHQWHGHGLUHomRSDUDHVWDFLRQDPHQWR 3DUN$VVLVW

¤ ,QWURGXomRDRWHPD
1HVWHFDStWXORHQFRQWUDPVHLQIRUPDo}HVUHODWLYDV
$'9(57Ç1&,$
DRVVHJXLQWHVWHPDV
$WHFQRORJLDGRDVVLVWHQWHGHGLUHomRSDUD
'HVFULomRGRDVVLVWHQWHGHGLUHomRSDUD
HVWDFLRQDPHQWRQmRSRGHVXSHUDURVOLPLWHV
HVWDFLRQDPHQWR  
ItVLFRVHWUDEDOKDVRPHQWHGHQWURGRVOLPLWHV
(QWUDUQDYDJDGHHVWDFLRQDPHQWRFRPR GRVLVWHPD2PDLRUFRQIRUWRRIHUHFLGRSHOR
DVVLVWHQWHGHGLUHomRSDUDHVWDFLRQDPHQWR   DVVLVWHQWHGHGLUHomRSDUDHVWDFLRQDPHQWR
6DLUGDYDJDGHHVWDFLRQDPHQWRFRPR QmRGHYHLQFHQWLYDUDFRORFDUDVHJXUDQoD
DVVLVWHQWHGHGLUHomRSDUDHVWDFLRQDPHQWR HPULVFR2VLVWHPDQmRSRGHVXEVWLWXLUD
DSHQDVYDJDVGHHVWDFLRQDPHQWRSDUDOHODV DWHQomRGRFRQGXWRU
jSLVWD  
Ɣ 0RYLPHQWRVVHPVXSHUYLVmRGRYHtFXOR
,QWHUYHQomRGHIUHQDJHPDXWRPiWLFDGR SRGHPFDXVDUIHULPHQWRVJUDYHV
DVVLVWHQWHGHGLUHomRSDUDHVWDFLRQDPHQWR  
Ɣ $GHTXDUVHPSUHDYHORFLGDGHHDIRUPD
2DVVLVWHQWHGHGLUHomRSDUDHVWDFLRQDPHQWRp GHFRQGXomRjVFRQGLo}HVGHYLVLELOLGDGH
XPDH[WHQVmRGR3DUN3LORWҧϜ3iJLQDHDX[LOLD FOLPiWLFDVGDSLVWDHGRWUkQVLWR
RFRQGXWRUHP Ɣ &HUWDVVXSHUItFLHVGHREMHWRVHURXSDVSR
GHPQmRUHIOHWLURVVLQDLVGRVVHQVRUHVGHXO
Ɣ /RFDOL]DUYDJDVGHHVWDFLRQDPHQWRDGHTXD
WUDVVRP(VVHVREMHWRVHSHVVRDVFRPWDLV
GDV
URXSDVSRGHPQmRVHUUHFRQKHFLGRVSHOR
Ɣ (VWDFLRQDUHPYDJDVGHHVWDFLRQDPHQWRVHQWL VLVWHPDRXVHUUHFRQKHFLGRVHUURQHDPHQWH
GRORQJLWXGLQDODGHTXDGDV
Ɣ )RQWHVGHVRPH[WHUQDVSRGHPLQIOXHQFL
Ɣ (VWDFLRQDUHPYDJDVGHHVWDFLRQDPHQWRVHQWL DURVVLQDLVGRVVHQVRUHVGHXOWUDVVRP$V
GRWUDQVYHUVDODGHTXDGDV VLPVREGHWHUPLQDGDVFLUFXQVWkQFLDVSHV
Ɣ 6DLUGHYDJDVGHHVWDFLRQDPHQWRVHQWLGRORQJL VRDVRXREMHWRVSRGHPQmRVHUUHFRQKHFL
WXGLQDO GRV
(PYHtFXORVFRPLQGLFDomRYLVXDOGR3DUN3LORWQR Ɣ 2VVHQVRUHVGHXOWUDVVRPSRVVXHPkQJX
GLVSOD\GRUiGLRRXGRVLVWHPDGHQDYHJDomRLQV ORVFHJRVQRVTXDLVSHVVRDVHREMHWRVQmR
WDODGRGHIiEULFDpUHSUHVHQWDGDDiUHDH[DPLQD SRGHPVHUGHWHFWDGRV
GDjIUHQWHDWUiVHVHIRURFDVRQDVODWHUDLVGR Ɣ 2EVHUYDUVHPSUHDiUHDDRUHGRUGRYHt
YHtFXOR'HQWURGRVOLPLWHVGRVLVWHPDVmRH[LEL FXORMiTXHFULDQoDVSHTXHQDVDQLPDLVHRE
GDVDVSRVLo}HVGRVREVWiFXORVHPUHODomRDR MHWRVQmRVmRUHFRQKHFLGRVSHORVVHQVRUHV
YHtFXOR GHXOWUDVVRPHPWRGRVRVFDVRV
2DVVLVWHQWHGHGLUHomRSDUDHVWDFLRQDPHQWRSRV
VXLOLPLWHVFRQGLFLRQDGRVDRVLVWHPDHRXVRGR $'9(57Ç1&,$
DVVLVWHQWHGHGLUHomRSDUDHVWDFLRQDPHQWRH[LJH 5iSLGRVPRYLPHQWRVGHJLURGRYRODQWHQD
XPDDWHQomRHVSHFLDOGRFRQGXWRUҧϜ  HQWUDGDRXVDtGDGHYDJDVGHHVWDFLRQDPHQ
WRFRPRDVVLVWHQWHGHGLUHomRSDUDHVWDFLR
,QIRUPDo}HVHDOHUWDVFRPSOHPHQWDUHV QDPHQWRSRGHPFDXVDUJUDYHVIHULPHQWRV
Ɣ 9LVWDVH[WHUQDVҧϜ3iJLQD
Ɣ 'XUDQWHRSURFHGLPHQWRGHHQWUDGDRXGH
Ɣ /LJDUHGHVOLJDURPRWRUҧϜ3iJLQD VDtGDGRHVWDFLRQDPHQWRVQmRWRFDUQRYR
Ɣ )UHDUSDUDUHHVWDFLRQDUҧϜ3iJLQD ODQWHDWpTXHLVVRVHMDVROLFLWDGRSHORVLVWH
Ɣ 3DUN3LORWҧϜ3iJLQD PD
Ɣ &RQVHUYDUHOLPSDUDSDUWHH[WHUQDGRYHtFXOR
ҧϜ3iJLQD 127$
Ɣ $FHVVyULRVUHSRVLomRGHSHoDVUHSDURVHPR Ɣ 2SLORWRGHHVWDFLRQDPHQWRVHRULHQWDDSH
53&&

GLILFDo}HVҧϜ3iJLQD QDVSHORVYHtFXORVHVWDFLRQDGRVSHODVJXLDV
GDFDOoDGDRXSRURXWURVHOHPHQWRV$WHQWDU b

6LVWHPDVGHDVVLVWrQFLDDRFRQGXWRU 
127$ FRQWLQXDomR 127$ FRQWLQXDomR
SDUDTXHRVSQHXVHRVDURVQmRVHMDPGDQLIL GDDWpTXHRGHIHLWRWHQKDVLGRFRUULJLGR'LUL
FDGRVDRHQWUDUQDYDJDGHHVWDFLRQDPHQWR6H JLUVHDXPDHPSUHVDHVSHFLDOL]DGDQRFDVRGH
IRURFDVRLQWHUURPSHURSURFHVVRGHHVWDFLR IDOKDGRVLVWHPD3DUDLVVRD9RONVZDJHQUHFR
QDPHQWRHPWHPSRKiELOSDUDHYLWDUGDQRVDR PHQGDDV&RQFHVVLRQiULDV9RONVZDJHQ
YHtFXOR
3DUDRFRUUHWRIXQFLRQDPHQWRGRVLVWHPD
Ɣ 2EMHWRVFRPRSRUH[HPSOREDUUDVGHUHER
PDQWHURVVHQVRUHVGHXOWUDVVRPGRVSDUD
TXHKDVWHVILQDVFHUFDVSRVWHViUYRUHVH
FKRTXHVOLPSRVVHPQHYHHVHPJHORHQmRFR
WDPSDVWUDVHLUDVDEHUWDVRXVHDEULQGRHYHQ
EULORVFRPHWLTXHWDVDGHVLYDVRXRXWURVREMHWRV
WXDOPHQWHQmRVmRUHFRQKHFLGRVSHORVVHQVR
UHVGHXOWUDVVRPHSRGHPRFDVLRQDUGDQRVDR )RQWHVGHUXtGRSRGHPRFDVLRQDUPHQVD
YHtFXOR JHQVGHHUURGRDVVLVWHQWHGHGLUHomRSDUD
Ɣ 2VVHQVRUHVGHXOWUDVVRPGRSDUDFKRTXH HVWDFLRQDPHQWRRXGR3DUN3LORWSRUH[HPSORDV
SRGHPVHUGHVUHJXODGRVRXGDQLILFDGRVSRU IDOWRiVSHURSDUDOHOHStSHGRHUXtGRGHRXWURVYHt
FKRTXHVSRUH[HPSORDRHQWUDURXVDLUQDYD FXORV
JDGHHVWDFLRQDPHQWR
$9RONVZDJHQUHFRPHQGDSUDWLFDURPDQX
Ɣ 1DOLPSH]DGRVVHQVRUHVGHXOWUDVVRPFRP VHLRGRDVVLVWHQWHGHGLUHomRSDUDHVWDFLRQD
XPODYDGRUGHDOWDSUHVVmRRXFRPXPMDWRGH PHQWRHPXPORFDORXHPHVWDFLRQDPHQWRVHP
YDSRUMDWHDURVVHQVRUHVGLUHWDPHQWHDSHQDV WUkQVLWRSDUDIDPLOLDUL]DUVHFRPRVLVWHPDHFRP
SRUXPFXUWRSHUtRGRHPDQWHUVHPSUHXPD DVIXQo}HV
GLVWkQFLDPDLRUTXHFP
Ɣ $VSHoDVPRQWDGDVSRVWHULRUPHQWHQRYHt $RHQWUDURXVDLUQDYDJDGHHVWDFLRQDPHQ
FXORFRPRSRUH[HPSORVXSRUWHVGHELFLFOH WRXPVLQDOVRQRURpHPLWLGRSDUDLQGLFDUDR
WDVSRGHPOLPLWDURIXQFLRQDPHQWRGRDVVLV FRQGXWRUDWURFDHQWUHPDUFKDjIUHQWHHPDUFKDD
WHQWHGHGLUHomRSDUDHVWDFLRQDPHQWRHOHYDUj UpXPDYH]TXHDWURFDGHVHQWLGRGDGLUHomRQmR
GDQRV GHYHRFRUUHUHQTXDQWRRDOHUWDFRQWtQXRGR3DUN
3LORWHVWLYHUVHQGRHPLWLGR
127$ 6HRDVVLVWHQWHGHGLUHomRSDUDHVWDFLRQD
1RFDVRGHIDOKDGHXPVHQVRUHVGHXOWUDVVRP PHQWRJLUDUDGLUHomRFRPRYHtFXORSDUDGR
DUHVSHFWLYDiUHDGRJUXSRGHVHQVRUHVGHXO RVtPERORKWDPEpPpH[LELGRQRGLVSOD\GRLQV
WUDVVRPpGHVOLJDGDHQmRSRGHPDLVVHUDWLYD WUXPHQWRFRPELQDGR3LVDUQRSHGDOGRIUHLRSDUD
TXHDPRYLPHQWDomRGRYRODQWHRFRUUDFRPRYHt
FXORSDUDGRHRQ~PHURGHPDQREUDVGHQWURGD
YDJDVHMDRPHQRUSRVVtYHO ‹

'HVFULomRGRDVVLVWHQWHGHGLUHomRSDUDHVWDFLRQDPHQWR

¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD

&RPSRQHQWHVGRDVVLVWHQWHGHGLUHomRSDUDHVWD
FLRQDPHQWRVmRRVVHQVRUHVGHXOWUDVVRPQRVSD
UDFKRTXHVGLDQWHLURVHWUDVHLURVRERWmR
j ҧϜ)LJSDUDOLJDUHGHVOLJDURDVVLVWHQWHGH
GLUHomRSDUDHVWDFLRQDPHQWRHDH[LELomRQRGLV
SOD\GRLQVWUXPHQWRFRPELQDGR b

)LJ 1DSDUWHLQIHULRUGRFRQVROHFHQWUDOER
WmRSDUDOLJDURDVVLVWHQWHGHGLUHomRSDUDHVWDFLR
QDPHQWR

 'XUDQWHDFRQGXomR
3UHPLVVDVSDUDDHQWUDGDHPXPDYDJDGHHVWDFLRQDPHQWRFRPRDVVLVWHQWHGHGLUHomRSDUD
HVWDFLRQDPHQWR
(PER[HVGHHVWDFLRQDPHQWRWUDQVYHUVDLVj
(PYDJDVSDUDOHODVGHHVWDFLRQDPHQWRjSLVWD
SLVWD
2FRQWUROHGHWUDomR $65 GHYHHVWDUOLJDGRҧϜ3iJLQD
1mRXOWUDSDVVDUDYHORFLGDGHGHDSUR[LPDGDPHQWH 1mRXOWUDSDVVDUDYHORFLGDGHGHDSUR[LPDGDPHQWH
NPK PSK QDSDVVDJHPSHODYDJDGHHVWD NPK PSK QDSDVVDJHPSHORER[GHHVWD
FLRQDPHQWR FLRQDPHQWR
0DQWHUDGLVWkQFLDGH±PHWURVQDSDVVDJHPSHODYDJDGHHVWDFLRQDPHQWRRXER[GHHVWDFLRQD
PHQWR
&RPSULPHQWRGD&RPSULPHQWRGRYHtFXOR /DUJXUDGRER[GHHVWDFLRQDPHQWR&RPSULPHQWR
PHWUR GRYHtFXORPHWUR
1mRXOWUDSDVVDUDYHORFLGDGHGHDSUR[LPDGDPHQWHNPK PSK DRHQWUDUQDYDJDGHHVWDFLRQDPHQ
WR

(QFHUUDPHQWRDGLDQWDGRRXLQWHUUXSomR 3DUWLFXODULGDGHV
DXWRPiWLFDGRSURFHVVRGHHQWUDGDRXVDtGD 2DVVLVWHQWHGHGLUHomRSDUDHVWDFLRQDPHQWRWHP
GHHVWDFLRQDPHQWR OLPLWHVFRQGLFLRQDGRVDRVLVWHPD$VVLPQmRp
2DVVLVWHQWHGHGLUHomRSDUDHVWDFLRQDPHQWRLQ SRVVtYHOSRUH[HPSORHQWUDURXVDLUGDYDJDGH
WHUURPSHRSURFHVVRGHHQWUDGDRXVDtGDGDYDJD HVWDFLRQDPHQWRHPFXUYDVHVWUHLWDVFRPRDSRLR
GHHVWDFLRQDPHQWRVHRFRUUHUXPGRVVHJXLQWHV GRDVVLVWHQWHGHGLUHomRSDUDHVWDFLRQDPHQWR
FDVRV
&RQGXomRFRPUHERTXH
Ɣ 2ERWmR j IRUSUHVVLRQDGR 2DVVLVWHQWHGHGLUHomRSDUDHVWDFLRQDPHQWRQmR
Ɣ $YHORFLGDGHGHDSUR[LPDGDPHQWHNPK  SRGHUiVHUOLJDGRVHRGLVSRVLWLYRGHUHERTXHLQV
PSK pXOWUDSDVVDGD WDODGRGHIiEULFDHVWLYHUFRQHFWDGRHOHWULFDPHQWH
Ɣ 2FRQGXWRUSHJDQDGLUHomR DRUHERTXH
Ɣ 2SURFHVVRGHHQWUDGDQRHVWDFLRQDPHQWRQmR $SyVXPDWURFDGHURGD
IRUFRQFOXtGRGHQWURGHDSUR[LPDGDPHQWHPLQX 6HDSyVXPDWURFDGHURGDRUHVXOWDGRGDHQWUDGD
WRVGHVGHDDWLYDomRGDLQWHUYHQomRQDGLUHomR RXVDtGDGRHVWDFLRQDPHQWRSLRUDUVHQHFHVViULR
DXWRPiWLFD DVVXPLURVSHUtPHWURVGDURGDQRYDSHORVLVWHPD
Ɣ +RXYHUXPDDYDULDGRVLVWHPD VLVWHPDDWXDO 2UHFRQKHFLPHQWRRFRUUHDXWRPDWLFDPHQWHGXUDQ
PHQWHQmRGLVSRQtYHO  WHDFRQGXomR$WUDYpVGHFXUYDVOHQWDVHPYHOR
Ɣ $65pGHVOLJDGR FLGDGHVDEDL[RGHNPK PSK DSURJUDPD
omRSRGHVHUDX[LOLDGDҧϜ HP,QWURGXomRDRWH
Ɣ $65RXGDV(6&LQWHUYpPUHJXODUPHQWH
PDQDSiJLQD ‹
3DUDDUHWRPDGDpQHFHVViULRTXHQmRRFRUUDQH
QKXPGRVFDVRVDFLPDPHQFLRQDGRVHTXHRER
WmR j VHMDQRYDPHQWHSUHVVLRQDGR
53&&

6LVWHPDVGHDVVLVWrQFLDDRFRQGXWRU 
(QWUDUQDYDJDGHHVWDFLRQDPHQWRFRPRDVVLVWHQWHGHGLUHomRSDUD
HVWDFLRQDPHQWR

)LJ 1RGLVSOD\GRLQVWUXPHQWRFRPELQDGRHQWUDUQDYDJDGHHVWDFLRQDPHQWRSDUDOHORjSLVWD$
SURFXUDUYDJDGHHVWDFLRQDPHQWR%SRVLomRHPUHODomRjHQWUDGDQDYDJDGHHVWDFLRQDPHQWR&PDQR
EUDU

)LJ 1RGLVSOD\GRLQVWUXPHQWRFRPELQDGRHQWUDUQDYDJDGHHVWDFLRQDPHQWRWUDQVYHUVDOPHQWHj
SLVWD$SURFXUDUER[GHHVWDFLRQDPHQWR%SRVLomRHPUHODomRjHQWUDGDQDYDJDGHHVWDFLRQDPHQWR
&PDQREUDU

¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
%DUUDGHHYROXomR
$H[LELomRGDEDUUDGHHYROXomR
ҧϜ)LJ  RXҧϜ)LJ  QRGLVSOD\GRLQV
/HJHQGDVSDUD)LJRX)LJ WUXPHQWRFRPELQDGRH[LEHVLPEROLFDPHQWHDGLV
WkQFLDUHODWLYDDLQGDDVHUSHUFRUULGD4XDQWRPDL
 6ROLFLWDomRSDUDFRQGXomRDGLDQWH RUDGLVWkQFLDPDLRUpRQtYHOGDEDUUDGHHYROX
omR(PFRQGXomRDGLDQWHRSUHHQFKLPHQWRGD
 9HtFXORSUySULR
EDUUDGHHYROXomRGLPLQXLSDUDFLPDHHPFRQGX
 9HtFXORVHVWDFLRQDGRV omRSDUDWUiVRSUHHQFKLPHQWRGDEDUUDGHHYROX
 9DJDGHHVWDFLRQDPHQWRLGHQWLILFDGD omRGLPLQXLSDUDEDL[R
 6ROLFLWDomRSDUDHQJDWDUDPDUFKDDUpRXSR (QWUDUQDYDJDGHHVWDFLRQDPHQWR
VLomRGDDODYDQFDVHOHWRUD5
(IHWXDUDVVHJXLQWHVDo}HV b
 ([LELomRSDUDDYDJDSURSRVWD
 %DUUDGHHYROXomR

 'XUDQWHDFRQGXomR
3DVVR (PYDJDVSDUDOHODVjSLVWD)LJ (PYDJDVWUDQVYHUVDLVjSLVWD)LJ
$VSUHPLVVDVSDUDHQWUDUQDYDJDGHHVWDFLRQDPHQWRFRPRDVVLVWHQWHGHGLUHomRSDUDHVWD

FLRQDPHQWRSUHFLVDPVHUFXPSULGDVҧϜ3iJLQD
3UHVVLRQDURERWmR j ҧϜ)LJHPXPDYH 3UHVVLRQDURERWmR j ҧϜ)LJHPXPDYH
ORFLGDGHGHDWpDSUR[LPDGDPHQWHNPK ORFLGDGHGHDWpDSUR[LPDGDPHQWHNPK
 PSK XPDYH] PSK GXDVYH]HV
1RERWmR j XPDOX]GHFRQWUROHVHDFHQGHTXDQGRDIXQomRHVWLYHUOLJDGD
6HQHFHVViULRSUHVVLRQDURERWmR j QRYDPHQWHSDUDWURFDUHQWUHRVPRGRVGHHVWDFLRQDPHQ

WR
$FLRQDURLQGLFDGRUGHGLUHomRSDUDRODGRGDSLVWDQDTXDOGHYHVHUHVWDFLRQDGR1RGLVSOD\

GRLQVWUXPHQWRFRPELQDGRpH[LELGRRODGRFRUUHVSRQGHQWHGDSLVWD
2EVHUYDQGRRWUkQVLWRVHJXLUDVPHQVDJHQVQRGLVSOD\GRLQVWUXPHQWRFRPELQDGRHSDVVDU

FRPRYHtFXORQDYDJDGHHVWDFLRQDPHQWRRXER[GHHVWDFLRQDPHQWR
2EVHUYDUDH[LELomRQRGLVSOD\GRLQVWUXPHQWRFRPELQDGRVHDYDJDGHHVWDFLRQDPHQWR
RXER[GHHVWDFLRQDPHQWRpUHFRQKHFLGDFRPR³DGHTXDGD´HVHDSRVLomRFRUUHWDSDUDHQWUDU
QDYDJDGHHVWDFLRQDPHQWRIRLDOFDQoDGD%

6RPHQWHTXDQGRDVROLFLWDomRGHHQWUDGDQDYDJDGHHVWDFLRQDPHQWR  pH[LELGDQRGLVSOD\
GRLQVWUXPHQWRFRPELQDGRDYDJDGHHVWDFLRQDPHQWRRXRER[GHHVWDFLRQDPHQWRpUHFRQKH
FLGRFRPR³DGHTXDGR´
3DUDURYHtFXORHDSyVXPUiSLGRWHPSRGHSDUDGDHQJDWDUDPDUFKDDUpRXFRPXWDUQDSRVL

omRGDDODYDQFDVHOHWRUD5
1DVHJXLQWHPHQVDJHPVROWDURYRODQWHҧϜ HP,QWURGXomRDRWHPDQDSiJLQD,QWHUY
GLUHFDFWLYD$WHQ¨¤R¡SHULIHULD
2EVHUYDURDPELHQWHHDFHOHUDUFRPFXLGDGR±QRPi[LPRDNPK PSK 

'XUDQWHRSURFHVVRGHHVWDFLRQDPHQWRRDVVLVWHQWHGHGLUHomRSDUDHVWDFLRQDPHQWRDVVXPH
DSHQDVDPRYLPHQWDomRGRYRODQWH2FRQGXWRURSHUDRDFHOHUDGRUVHQHFHVViULRDHP
EUHDJHPHDHQJDWHGDPDUFKDDVVLPFRPRRIUHLR
&RQGX]LUHPPDUFKDDUpDWpRVLQDOGHDOHUWDFRQWtQXRGR3DUN3LORW
28DWpTXHDSDUHoDDVROLFLWDomRSDUDFRQGX]LUSDUDIUHQWHQRGLVSOD\GRLQVWUXPHQWRFRPEL
QDGR

28DWpTXHDPHQVDJHP3DUN$VVLVWILQDOL]DGRVHMDH[LELGDQRGLVSOD\GRLQVWUXPHQWR
FRPELQDGR
$EDUUDGHHYROXomR  &VHUYHFRPRH[LELomRGDGLVWDQFLDDVHUSHUFRUULGD
3LVDUQRSHGDOGRIUHLRDWpTXHRPRYLPHQWRGRYRODQWHGRDVVLVWHQWHGHGLUHomRSDUDHVWDFLR
 QDPHQWRVHMDILQDOL]DGR
28DWpTXHRVtPERORVHOHFLRQDUKDSDJXHQRGLVSOD\GRLQVWUXPHQWRFRPELQDGR
&RQGX]LUHPPDUFKDSDUDDIUHQWHDWpRVLQDOGHDOHUWDFRQWtQXRGR3DUN3LORW
28DWpTXHDSDUHoDDVROLFLWDomRSDUDFRQGX]LUHPPDUFKDDUpQRGLVSOD\GRLQVWUXPHQWR
FRPELQDGR

2DVVLVWHQWHGHGLUHomRSDUDHVWDFLRQDPHQWRFRQWURODRYHtFXORHPFRQGXomRSDUDIUHQWHH
PDUFKDDUp&DWpTXHRYHtFXORILTXHDOLQKDGRQDYDJDGHHVWDFLRQDPHQWRRXER[GHHVWDFLR
QDPHQWR
$RILQDOGRPRYLPHQWRGHHVWDFLRQDPHQWRDJXDUGDUDWpTXHRDVVLVWHQWHGHGLUHomRSDUDHVWD
FLRQDPHQWRFRQFOXDRPRYLPHQWRJLUDWyULRGDGLUHomRSDUDDOFDQoDUXPUHVXOWDGRLGHDOGHHVWD
FLRQDPHQWR
2SURFHVVRGHHVWDFLRQDPHQWRHVWiFRQFOXtGRTXDQGRDPHQVDJHP,QWHUYHQ¨¤RQDGLUH

¨¤RFRQFOX®GD$VVXPLUDGLUH¨¤RDSDUHFHQRGLVSOD\GRLQVWUXPHQWRFRPELQDGRH
HYHQWXDOPHQWHXPVLQDOVRQRURpHPLWLGR
53&&

28DWpTXHDPHQVDJHP3DUN$VVLVWILQDOL]DGRVHMDH[LELGDQRGLVSOD\GRLQVWUXPHQWR
FRPELQDGR b

6LVWHPDVGHDVVLVWrQFLDDRFRQGXWRU 
0HVPRTXHQmRKDMDHVSDoRVXILFLHQWHSDUD YHORFLGDGHPi[LPDGHNPK PSK RXSRU
PDQREUDURYHtFXORQDYDJDGHHVWDFLRQD XPER[GHHVWDFLRQDPHQWRDNPK PSK H
PHQWRUHFRQKHFLGDDYDJDGHHVWDFLRQDPHQWRSR HPVHJXLGDSUHVVLRQDQGRRERWmR j 
GHUiVHUH[LELGDQRGLVSOD\GRLQVWUXPHQWRFRPEL
QDGR1HVVHFDVRQmRRFRUUHDVROLFLWDomRSDUD 6HQRSURFHVVRGHHVWDFLRQDPHQWRDPDQR
HQWUDUQDYDJDGHHVWDFLRQDPHQWR EUDUIRUILQDOL]DGDSUHPDWXUDPHQWHSRGHVHU
TXHRUHVXOWDGRGDHQWUDGDGDYDJDFRQIRUPHR
2DVVLVWHQWHGHGLUHomRSDUDHVWDFLRQDPHQWR FDVRQmRVHMDRLGHDO ‹
WDPEpPSRGHVHUDWLYDGRSRVWHULRUPHQWH
SDVVDQGRSRUXPDYDJDGHHVWDFLRQDPHQWRDXPD

6DLUGDYDJDGHHVWDFLRQDPHQWRFRPRDVVLVWHQWHGHGLUHomRSDUD
HVWDFLRQDPHQWR DSHQDVYDJDVGHHVWDFLRQDPHQWRSDUDOHODVjSLVWD

)LJ 1RGLVSOD\GRLQVWUXPHQWRFRPELQDGRVDLUGDYDJDGHHVWDFLRQDPHQWRDRORQJRGDSLVWD$PD
QREUDU%VDLUGDYDJDGHHVWDFLRQDPHQWR

¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD


%DUUDGHHYROXomR
([LELomRSDUDDVDtGDGDYDJDSURSRVWD

/HJHQGDSDUD)LJ

 9HtFXORVHVWDFLRQDGRV
 9HtFXORSUySULRFRPDPDUFKDDUpHQJDWDGD

3UHPLVVDVSDUDVDLUGDYDJDGHHVWDFLRQDPHQWRFRPRDVVLVWHQWHGHGLUHomRSDUD
HVWDFLRQDPHQWR
$SHQDVSDUDYDJDVSDUDOHODVjSLVWD
2FRQWUROHGHWUDomR $65 GHYHHVWDUOLJDGRҧϜ3iJLQD
&RPSULPHQWRGD&RPSULPHQWRGRYHtFXORPHWUR
1mRXOWUDSDVVDUDYHORFLGDGHGHDSUR[LPDGDPHQWHNPK PSK DRVDLUGDYDJDGHHVWDFLRQDPHQWR

6DLUGDYDJDGHHVWDFLRQDPHQWR
(IHWXDUDVVHJXLQWHVDo}HV

3DVVR (PYDJDVSDUDOHODVjSLVWD
$VSUHPLVVDVSDUDVDLUGDYDJDGHHVWDFLRQDPHQWRFRPRDVVLVWHQWHGHGLUHomRSDUDHVWDFLR

QDPHQWRSUHFLVDPVHUFXPSULGDVҧϜ3iJLQD
 /LJDURPRWRUҧϜ3iJLQD b

 'XUDQWHDFRQGXomR
3DVVR (PYDJDVSDUDOHODVjSLVWD
3UHVVLRQDURERWmR j ҧϜ)LJ

1RERWmR j XPDOX]GHFRQWUROHVHDFHQGHTXDQGRDIXQomRHVWLYHUOLJDGD
$FLRQDURVLQGLFDGRUHVGHGLUHomRSDUDRODGRGDSLVWDSHORTXDOVHSUHWHQGHVDLUGDYDJDGH

HVWDFLRQDPHQWR
(QJDWDUDPDUFKDDUpRXFRPXWDUSDUDDSRVLomRGDDODYDQFDVHOHWRUD5
1DVHJXLQWHPHQVDJHPVROWDURYRODQWHҧϜ HP,QWURGXomRDRWHPDQDSiJLQD,QWHUY
GLUHFDFWLYD$WHQ¨¤R¡SHULIHULD
 2EVHUYDURDPELHQWHHDFHOHUDUFRPFXLGDGR±QRPi[LPRDNPK PSK 
'XUDQWHRSURFHVVRGHHVWDFLRQDPHQWRRDVVLVWHQWHGHGLUHomRSDUDHVWDFLRQDPHQWRDVVXPH
DSHQDVDPRYLPHQWDomRGRYRODQWH2FRQGXWRURSHUDRDFHOHUDGRUVHQHFHVViULRDHP
EUHDJHPHDHQJDWHGDPDUFKDDVVLPFRPRRIUHLR
&RQGX]LUHPPDUFKDDUpDWpRVLQDOGHDOHUWDFRQWtQXRGR3DUN3LORW
28DWpTXHDSDUHoDDVROLFLWDomRSDUDFRQGX]LUSDUDIUHQWHQRGLVSOD\GRLQVWUXPHQWRFRPEL
 QDGR
$EDUUDGHHYROXomRҧϜ)LJ  $VHUYHFRPRH[LELomRGDGLVWDQFLDDVHUSHUFRUULGD
ҧϜ3iJLQD
3LVDUQRSHGDOGRIUHLRDWpTXHRPRYLPHQWRGRYRODQWHGRDVVLVWHQWHGHGLUHomRSDUDHVWDFLR
 QDPHQWRVHMDILQDOL]DGR
28DWpTXHRVtPERORVHOHFLRQDUKDSDJXHQRGLVSOD\GRLQVWUXPHQWRFRPELQDGR
&RQGX]LUHPPDUFKDSDUDDIUHQWHDWpRVLQDOGHDOHUWDFRQWtQXRGR3DUN3LORW
28DWpTXHDSDUHoDDVROLFLWDomRSDUDFRQGX]LUHPPDUFKDDUpQRGLVSOD\GRLQVWUXPHQWR
 FRPELQDGR
2DVVLVWHQWHGHGLUHomRSDUDHVWDFLRQDPHQWRPDQREUDRYHtFXORHPFRQGXomRSDUDIUHQWHH
SDUDWUiV%DWpTXHRYHtFXORSRVVDVDLUGDYDJDGHHVWDFLRQDPHQWR
2YHtFXORSRGHVHUFRQGX]LGRSDUDIRUDGDYDJDTXDQGRDPHQVDJHP,QWHUYHQ¨¤RQDGL
UH¨¤RFRQFOX®GD$VVXPLUDGLUH¨¤RDSDUHFHQRGLVSOD\GRLQVWUXPHQWRFRPELQDGRH
 HYHQWXDOPHQWHXPVLQDOVRQRURpHPLWLGR
$VVXPLUDGLUHomRFRPRkQJXORGHGLUHomRYLUDGRSHORDVVLVWHQWHGHGLUHomRSDUDHVWDFLRQD
PHQWR
 6HDVLWXDomRGRWUkQVLWRSHUPLWLUTXHRYHtFXORVDLDGDYDJDGHHVWDFLRQDPHQWR ‹

,QWHUYHQomRGHIUHQDJHPDXWRPiWLFDGRDVVLVWHQWHGHGLUHomRSDUD
HVWDFLRQDPHQWR

¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
WRPiWLFD2SURFHGLPHQWRGHHQWUDGDRXGHVDtGD
GRHVWDFLRQDPHQWRSRGHVHUFRQWLQXDGRDSyVDLQ
WHUYHQomRGHIUHQDJHPDXWRPiWLFD
$LQWHUYHQomRGHIUHQDJHPDXWRPiWLFDRFRUUHQR
2DVVLVWHQWHGHGLUHomRSDUDHVWDFLRQDPHQWRDX[L Pi[LPRXPDYH]SRUSURFHGLPHQWRGHHQWUDGDRX
OLDRFRQGXWRUHPGHWHUPLQDGRVFDVRVFRPXPDLQ GHVDtGDGRHVWDFLRQDPHQWR6HRFRUUHUQRYDPHQ
WHUYHQomRGHIUHQDJHPDXWRPiWLFD WHDXOWUDSDVVDJHPGDYHORFLGDGHGHDSUR[LPDGD
$UHVSRQVDELOLGDGHSRUIUHDUHPWHPSRKiELOp PHQWHNPK PSK RSURFHGLPHQWRGHHQWUDGD
VHPSUHGRFRQGXWRUҧϜ  RXGHVDtGDGRHVWDFLRQDPHQWRpLQWHUURPSLGR

,QWHUYHQomRGHIUHQDJHPDXWRPiWLFDSDUD ,QWHUYHQomRGHIUHQDJHPDXWRPiWLFDSDUD
HYLWDUDXOWUDSDVVDJHPGHYHORFLGDGH UHGXomRGHGDQRV
53&&

3DUDHYLWDUTXHXPDYHORFLGDGHGHDSUR[LPDGD 'HSHQGHQGRGHGHWHUPLQDGDVFRQGLo}HVFRPR
PHQWHNPK PSK VHMDXOWUDSDVVDGDQDSURFH SRUH[HPSORFRQGLo}HVPHWHRUROyJLFDVRXRHVWD
GLPHQWRGHHQWUDGDRXGHVDtGDGRHVWDFLRQDPHQ GRDFDUJDRXLQFOLQDomRGRYHtFXORRDVVLVWHQWH b
WRSRGHRFRUUHUXPDLQWHUYHQomRGHIUHQDJHPDX

6LVWHPDVGHDVVLVWrQFLDDRFRQGXWRU 
GHGLUHomRSDUDHVWDFLRQDPHQWRSRGHOHYDUR $'9(57Ç1&,$ FRQWLQXDomR
YHtFXORDSDUDUGLDQWHGHXPREVWiFXOR²SLVDUQR
Ɣ 2DVVLVWHQWHGHGLUHomRSDUDHVWDFLRQD
SHGDOGRIUHLRҧϜ 
PHQWRWHPOLPLWHVFRQGLFLRQDGRVDRVLVWHPD
8PDLQWHUYHQomRGHIUHQDJHPDXWRPiWLFDSDUDPL $LQWHUYHQomRGHIUHQDJHPDXWRPiWLFDSRGH
QLPL]DomRGHGDQRVILQDOL]DRSURFHVVRGHHVWDFLR IXQFLRQDUDSHQDVGHIRUPDOLPLWDGDRXDWp
QDPHQWR QHPIXQFLRQDUHPDOJXPDVVLWXDo}HV
Ɣ (VWDUVHPSUHSURQWRSDUDIUHDURYHtFXOR
$'9(57Ç1&,$ SRUFRQWDSUySULD
$LQWHUYHQomRGHIUHQDJHPDXWRPiWLFDGRDV Ɣ $DVVLVWrQFLDGHIUHQDJHPDXWRPiWLFDpIL
VLVWHQWHGHGLUHomRSDUDHVWDFLRQDPHQWRQmR QDOL]DGDDSyVDSUR[LPDGDPHQWHVHJXQ
GHYHPRWLYDUXPULVFRGHVHJXUDQoD2VLVWH GRV$SyVDDVVLVWrQFLDGHIUHQDJHPDXWRPi
PDQmRSRGHVXEVWLWXLUDDWHQomRGRFRQGX WLFDIUHDURYHtFXORSRUFRQWDSUySULD ‹
WRU

 'XUDQWHDFRQGXomR
6LVWHPDUHJXODGRUGHYHORFLGDGH *5$

¤ ,QWURGXomRDRWHPD
1HVWHFDStWXORHQFRQWUDPVHLQIRUPDo}HVUHODWLYDV $'9(57Ç1&,$ FRQWLQXDomR
DRVVHJXLQWHVWHPDV
Ɣ 1XQFDXWLOL]DUR*5$HPWUkQVLWRLQWHQVR
,QGLFDGRUHVGRGLVSOD\HOX]GHFRQWUROH   HPGLVWkQFLDVPXLWRSHTXHQDVWUHFKRVtQJUH
&RPDQGDUR*5$   PHVFKHLRVGHFXUYDVHHVFRUUHJDGLRVFR
PRSRUH[HPSORQHYHJHORXPLGDGHFDVFD
2*5$DX[LOLDDPDQWHUFRQVWDQWHXPDYHORFLGDGH OKRRXUXDVDODJDGDV
DUPD]HQDGDHPXPDFRQGXomRSDUDIUHQWHDSDUWLU Ɣ 1XQFDXWLOL]DUR*5$HPFRQGXomRRII
GHDSUR[LPDGDPHQWHNPK PSK  URDGRXHPUXDVQmRSDYLPHQWDGDV
2*5$UHWDUGDVRPHQWHSRUGHVDFHOHUDomRQmR Ɣ $GHTXDUDYHORFLGDGHHDGLVWkQFLDGHVH
SRULQWHUYHQomRGHIUHQDJHPҧϜ  JXUDQoDHPUHODomRDRVYHtFXORVjIUHQWH
VHPSUHGHDFRUGRFRPDVFRQGLo}HVGHYLVL
,QIRUPDo}HVHDOHUWDVFRPSOHPHQWDUHV ELOLGDGHFOLPiWLFDVGDSLVWDHGRWUkQVLWR
Ɣ 7URFDUDPDUFKDҧϜ3iJLQD
Ɣ 3DUDHYLWDUDUHJXODJHPGHYHORFLGDGH
Ɣ &RQWUROHDXWRPiWLFRGHGLVWkQFLD $&& VHPVXSHUYLVmRGHVOLJDUR*5$VHPSUHDSyV
ҧϜ3iJLQD DXWLOL]DomR
Ɣ $FHVVyULRVUHSRVLomRGHSHoDVUHSDURVHPR Ɣ eSHULJRVRUHWRPDUDYHORFLGDGHDUPD]H
GLILFDo}HVҧϜ3iJLQD QDGDVHDYHORFLGDGHSDUDDVFRQGLo}HVDWX
DLVGDUXDGRWUkQVLWRRXDWPRVIpULFDVIRU
$'9(57Ç1&,$ PXLWRDOWD
6HQmRIRUSRVVtYHOFRQGX]LUFRPVHJXUDQoD Ɣ $RFRQGX]LUHPGHFOLYHVR*5$SRGHQmR
FRPXPDGLVWkQFLDVXILFLHQWHHDXPDYHORFL PDQWHUDYHORFLGDGHGRYHtFXORFRQVWDQWH$
GDGHFRQVWDQWHDXWLOL]DomRGR*5$SRGHUi YHORFLGDGHSRGHDXPHQWDUGHYLGRDRSHVR
FDXVDUDFLGHQWHVHIHULPHQWRVJUDYHV SUySULRGRYHtFXOR5HGX]LUDPDUFKDRXIUHDU
RYHtFXORFRPRIUHLR ‹

,QGLFDGRUHVGRGLVSOD\HOX]GHFRQWUROH

)LJ 1RGLVSOD\GRLQVWUXPHQWRFRPELQDGRLQGLFDGRUHVGHVWDWXVGR*5$

¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
6WDWXV)LJ
$ *5$WHPSRUDULDPHQWHGHVOLJDGR9HORFLGDGH
DUPD]HQDGDHPQ~PHURVEDL[RV
,QGLFDGRUGRGLVSOD\ % )DOKDGHVLVWHPD3URFXUDUXPD&RQFHVVLR
QiULD9RONVZDJHQ
$YHORFLGDGHDUPD]HQDGDpH[LELGDQRGLVSOD\GR
LQVWUXPHQWRFRPELQDGR & *5$OLJDGR$PHPyULDGDYHORFLGDGHHVWi
53&&

YD]LD
' 2*5$HVWiDWLYR9HORFLGDGHDUPD]HQDGDHP
Q~PHURVDOWRV b

6LVWHPDVGHDVVLVWrQFLDDRFRQGXWRU 
/X]GHFRQWUROH
$FHVD &DXVDSRVVtYHO

% 2VLVWHPD*5$UHJXODDYHORFLGDGH

$ROLJDUDLJQLomRDOJXPDVOX]HVGHDGYHUWrQFLDH $'9(57Ç1&,$ FRQWLQXDomR


GHFRQWUROHVHDFHQGHPUDSLGDPHQWHSDUDYHULILFD
Ɣ 1XQFDLJQRUDUDVOX]HVGHDGYHUWrQFLD
omRGDIXQomR(ODVVHDSDJDPDSyVDOJXQVVH
DFHVDVHDVPHQVDJHQVGHWH[WR
JXQGRV

$'9(57Ç1&,$ 127$
$LQREVHUYkQFLDGHOX]HVGHFRQWUROHTXHVH
$LQREVHUYkQFLDGDVOX]HVGHDGYHUWrQFLD
DFHQGHPHGHPHQVDJHQVGHWH[WRSRGHFDXVDU
DFHVDVHGDVPHQVDJHQVGHWH[WRSRGHRFD
GDQRVDRYHtFXOR ‹
VLRQDUSDUDGDVGRYHtFXORQRWUkQVLWRDFL
GHQWHVHIHULPHQWRVJUDYHV

&RPDQGDUR*5$

¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD

)LJ ¬HVTXHUGDQDFROXQDGDGLUHomRDOD
YDQFDGHFRPDQGRGR*5$

&RPDQGDUR*5$
3RVLomRGRVLQWHUUXSWR
)XQomR UHVRSHUDomRGRVLQWHU $omR
ҧϜ)LJ
UXSWRUHVҧ
2VLVWHPDpOLJDGR$SyVOLJDUDLQGDQmRKiYH
/LJDUR*5$ (QWDOKH/. $  ORFLGDGHDUPD]HQDGD$YHORFLGDGHQmRpUHJX
ODGD
$YHORFLGDGHDWXDOpDUPD]HQDGDHUHJXODGD
6HR*5$MiHVWLYHUDWLYRDYHORFLGDGHSODQHMD
$WLYDUR*5$ %RWmR3%4  
GDpGLPLQXtGDHPNPK PSK FDGDYH]TXH
RERWmRpSUHVVLRQDGR
3RQWRGHSUHVVmR
'HVOLJDUDUHJXODJHPGR #!.#%, %  $UHJXODJHPpGHVOLJDGDWHPSRUDULDPHQWH$
*5$WHPSRUDULDPHQWH 28SLVDUQRSHGDOGRIUHLR YHORFLGDGHSHUPDQHFHDUPD]HQDGD b
RXGDHPEUHDJHP

 'XUDQWHDFRQGXomR
3RVLomRGRVLQWHUUXSWR
)XQomR UHVRSHUDomRGRVLQWHU $omR
ҧϜ)LJ
UXSWRUHVҧ
$YHORFLGDGHDUPD]HQDGDpUHWRPDGDHUHJXOD
GD
6HQmRKRXYHUYHORFLGDGHDUPD]HQDGDR*5$
5HWRPDUDUHJXODJHPGR 3RQWRGHSUHVVmR2%35-% DVVXPHHUHJXODDYHORFLGDGHDWXDOGHFRQGX
*5$ $ omR
6HR*5$MiHVWLYHUDWLYRDYHORFLGDGHSODQHMD
GDpDXPHQWDGDHPNPK PSK FDGDYH]
TXHRERWmRpSUHVVLRQDGR
SUHVVLRQDUEUHYHPHQWHDXPHQWDUDYHORFLGDGH
HPNPK PSK HDUPD]HQDU
$FHOHUDU GXUDQWHDUHJX 3RQWRGHSUHVVmR SUHVVLRQDUSRUDOJXPWHPSRHQTXDQWRRERWmR
ODJHPGR*5$  30%%$   HVWLYHUVHQGRSUHVVLRQDGRRYHtFXORDFHOHUD$R
VROWDURERWmRDYHORFLGDGHDWXDOpDUPD]HQD
GD
SUHVVLRQDUEUHYHPHQWHGLPLQXLUDYHORFLGDGH
HPNPK PSK HDUPD]HQDU
5HGX]LU GXUDQWHDUHJXOD 3RQWRGHSUHVVmR SUHVVLRQDUSRUDOJXPWHPSRHQTXDQWRRERWmR
JHPGR*5$  30%%$± ±  HVWLYHUVHQGRSUHVVLRQDGRRYHtFXORGHVDFHOH
UD$RVROWDURERWmRDYHORFLGDGHDWXDOpDUPD
]HQDGD
2VLVWHPDpGHVOLJDGR$YHORFLGDGHVDOYDp
'HVOLJDUR*5$ (QWDOKH/&& % 
DSDJDGD

2VYDORUHVHQWUHSDUrQWHVHVHPPSKLQGLFDGRVQD Ɣ 6HRSHGDOGRIUHLRRXRSHGDOGDHPEUHDJHP
WDEHODVHUHIHUHPXQLFDPHQWHDRLQVWUXPHQWRFRP IRUSUHVVLRQDGR
ELQDGRFRPLQGLFDo}HVHPPLOKDV Ɣ 6HDPDUFKDIRUWURFDGDFRPWUDQVPLVVmRPD
QXDO
&RQGX]LUHPGHVFLGDVFRPR*5$
6HR*5$QmRSXGHUPDQWHUDYHORFLGDGHGRYHt Ɣ 4XDQGRDDODYDQFDVHOHWRUDGDWUDQVPLVVmR
FXORFRQVWDQWHQDGHVFLGDIUHDURYHtFXORFRPR VDLUGDSRVLomR'RX6
IUHLRHVHQHFHVViULRUHGX]LUDPDUFKD Ɣ 6HRDLUEDJIRUDFLRQDGR ‹

'HVOLJDPHQWRDXWRPiWLFR
$UHJXODJHPGR*5$pGHVOLJDGDDXWRPDWLFDPHQ
WHRXpWHPSRUDULDPHQWHLQWHUURPSLGD
Ɣ 6HRVLVWHPDFRQVWDWDUXPDIDOKDTXHSRGHULD
OLPLWDURIXQFLRQDPHQWRGR*5$
Ɣ 6HFRQGX]LUSRUXPORQJRSHUtRGRDFHOHUDQGR
HPYHORFLGDGHVXSHULRUjYHORFLGDGHDUPD]HQDGD
53&&

6LVWHPDVGHDVVLVWrQFLDDRFRQGXWRU 
&RQWUROHDXWRPiWLFRGHGLVWkQFLD $&&

¤ ,QWURGXomRDRWHPD
1HVWHFDStWXORHQFRQWUDPVHLQIRUPDo}HVUHODWLYDV Ɣ $VVLVWHQWHGHSHUPDQrQFLDQDIDL[D /DQH$V
DRVVHJXLQWHVWHPDV VLVW ҧϜ3iJLQD
,QGLFDGRUGRGLVSOD\OX]HVGHDGYHUWrQFLDH Ɣ $FHVVyULRVUHSRVLomRGHSHoDVUHSDURVHPR
GHFRQWUROH   GLILFDo}HVҧϜ3iJLQD
6HQVRUGRUDGDU  
&RPDQGDUR$&&   $'9(57Ç1&,$
6LVWHPDGHPRQLWRUDPHQWRSHULIpULFR )URQW $WHFQRORJLDLQWHOLJHQWHGR$&&QmRSRGHVX
$VVLVW   SHUDURVOLPLWHVItVLFRVHWUDEDOKDVRPHQWH
)XQomRGHIUHQDJHPGHHPHUJrQFLD&LW\   GHQWURGRVOLPLWHVGRVLVWHPD$XWLOL]DomR
'HVOLJDUR$&&WHPSRUDULDPHQWHQDV GHVDWHQWDRXVHPVXSHUYLVmRGR$&&SRGH
VHJXLQWHVVLWXDo}HV   FDXVDUDFLGHQWHVHIHULPHQWRVJUDYHV2VLV
6LWXDo}HVGHFRQGXomR   WHPDQmRSRGHVXEVWLWXLUDDWHQomRGRFRQ
GXWRU
2$&&pXPDFRPELQDomRGRVLVWHPDUHJXOD Ɣ $GHTXDUDYHORFLGDGHHDGLVWkQFLDGHVH
GRUGHYHORFLGDGHHGRVLVWHPDUHJXODGRUGH JXUDQoDHPUHODomRDRVYHtFXORVjIUHQWH
GLVWkQFLDҧϜ  VHPSUHGHDFRUGRFRPDVFRQGLo}HVGHYLVL
&RPDDMXGDGR$&& $GDSWLYH&UXLVH&RQWURO p ELOLGDGHFOLPiWLFDVGDSLVWDHGRWUkQVLWR
SRVVtYHOPDQWHUXPDYHORFLGDGHTXDOTXHUFRQVWDQ Ɣ 1mRXWLOL]DUR$&&HPWUkQVLWRLQWHQVRHP
WHHQWUHNPK PSK HNPK PSK  FRQGLo}HVGHYLVLELOLGDGHUXLQVHPGLVWkQFL
$OpPGLVVRR$&&PDQWpPXPDGLVWkQFLDWHPSR DVPXLWRSHTXHQDVWUHFKRVtQJUHPHVFKHLRV
UDOUHJXODGDGRYHtFXORjIUHQWH GHFXUYDVHHVFRUUHJDGLRVFRPRSRUH[HP
SORQHYHJHORXPLGDGHRXFDVFDOKRHHP
9HtFXORVFRPWUDQVPLVVmRDXWRPiWLFDSRGHPVHU
UXDVDODJDGDV
IUHDGRVDWpDSDUDGDSRUPHLRGDLQWHUYHQomRGH
IUHQDJHPDWLYDVHDVLWXDomRH[LJLU Ɣ 1XQFDXWLOL]DUR$&&QDWHUUDRXHPUXDV
QmRSDYLPHQWDGDV2$&&pSURMHWDGRVR
6ROLFLWDomRGHLQWHUYHQomRGRFRQGXWRU PHQWHSDUDXWLOL]DomRHPUXDVSDYLPHQWDGDV
'XUDQWHDFRQGXomRVmRHVWDEHOHFLGRVOLPLWHV Ɣ 2$&&QmRUHDJHDREVWiFXORVSDUDGRV
FRQGLFLRQDGRVSHORVLVWHPDSDUDR$&&2XVHMD SRUH[HPSORFRQJHVWLRQDPHQWRYHtFXORV
RFRQGXWRUSRVVLYHOPHQWHGHYHUHJXODUHOHPHVPR TXHEUDGRVRXYHtFXORVSDUDGRVjIUHQWHGH
DYHORFLGDGHHDGLVWkQFLDHPUHODomRDRXWURVYHt XPVHPiIRUR
FXORV Ɣ 2$&&HRVLVWHPDGHPRQLWRUDPHQWRSH
$VROLFLWDomRGHLQWHUYHQomRGRFRQGXWRUpLQGLFD ULIpULFRQmRUHDJHPDSHVVRDVDQLPDLVYHt
GDSRUXPDOHUWDYLVXDOHVRQRUR FXORVTXHFUX]DPRXYHtFXORVTXHYrPQD
PHVPDGLUHomRHQDPHVPDIDL[DGHURGD
$OHUWDGHFROLVmRGRVLVWHPDGH JHP
PRQLWRUDPHQWRSHULIpULFR )URQW$VVLVW Ɣ 6HRUHWDUGDPHQWRGR$&&QmRIRUVXILFL
2VLVWHPDGHPRQLWRUDPHQWRSHULIpULFRDYLVDVREUH HQWHIUHDULPHGLDWDPHQWHRYHtFXORFRPR
XPDSRVVtYHOFROLVmRFRPXPYHtFXORjIUHQWH IUHLR
ҧϜ3iJLQD2VLVWHPDGHPRQLWRUDPHQWRSHUL
Ɣ 6HDSyVDVROLFLWDomRGHLQWHUYHQomRGR
IpULFRpSDUWHLQWHJUDQWHGR$&&PDVIXQFLRQDGH
FRQGXWRURYHtFXORFRQWLQXDUURGDQGRIUHDUR
PDQHLUDLQGHSHQGHQWHHHVWiDWLYRPHVPRFRPD
YHtFXORFRPRIUHLR
UHJXODJHPGHGLVWkQFLDHGHYHORFLGDGHGHVOLJDGD
Ɣ 6HQRGLVSOD\GRLQVWUXPHQWRFRPELQDGR
,QIRUPDo}HVHDOHUWDVFRPSOHPHQWDUHV DSDUHFHUXPDVROLFLWDomRGHLQWHUYHQomRGR
Ɣ 9LVWDVH[WHUQDVҧϜ3iJLQD FRQGXWRUUHJXODUDGLVWkQFLDSRUFRQWDSUy
SULD b
Ɣ 6LVWHPDGHLQIRUPDo}HV9RONVZDJHQ
ҧϜ3iJLQD
Ɣ 6LVWHPDUHJXODGRUGHYHORFLGDGH *5$
ҧϜ3iJLQD

 'XUDQWHDFRQGXomR
$'9(57Ç1&,$ FRQWLQXDomR QLWRUDPHQWRSHULIpULFRHSURFXUDUXPDHPSUHVDHV
SHFLDOL]DGD3DUDLVVRD9RONVZDJHQUHFRPHQGD
Ɣ 6HRVLVWHPDGHPRQLWRUDPHQWRSHULIpULFR
DV&RQFHVVLRQiULDV9RONVZDJHQ
HPLWLUXPDOHUWDIUHDULPHGLDWDPHQWHRYHtFX
ORFRPRIUHLRRXGHVYLDUGRREVWiFXORGH $YHORFLGDGHPi[LPDFRPR$&&DWLYRpOL
SHQGHQGRGDVLWXDomRGHWUkQVLWR PLWDGDDNPK PSK 
Ɣ 2FRQGXWRUGHYHHVWDUVHPSUHSUHSDUDGR
SDUDDVVXPLURYHtFXOR 3RGHPRFRUUHUUXtGRVLQFRPXQVGXUDQWHR
SURFHVVRGHIUHQDJHPDXWRPiWLFRTXDQGRR
6HR$&&RXRVLVWHPDGHPRQLWRUDPHQWR $&&HVWLYHUDWLYDGR(OHVVmRQRUPDLVHVmRFDX
SHULIpULFRQmRIXQFLRQDUFRPRGHVFULWRQHVWH VDGRVSHORVLVWHPDGHIUHLR ‹
FDStWXORQmRXWLOL]DUR$&&QHPRVLVWHPDGHPR

,QGLFDGRUGRGLVSOD\OX]HVGHDGYHUWrQFLDHGHFRQWUROH

)LJ 1RGLVSOD\GRLQVWUXPHQWRFRPELQDGR )LJ 1RGLVSOD\GRLQVWUXPHQWRFRPELQDGR


$&&DWLYRYHtFXORjIUHQWHUHFRQKHFLGRGLVWkQFLD $&&QmRDWLYRWHPSRUDULDPHQWHYHtFXORjIUHQWH
UHJXODGD UHFRQKHFLGR

¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQIRUPDo}HVLQWURGXWyULDVHDVLQGLFDo}HVGHVHJXUDQ
oD QDSiJLQD

,QGLFDGRUGRGLVSOD\
ÈUHDGHH[LELomRQRGLVSOD\ҧϜ)LJ
 9HtFXORjIUHQWHUHFRQKHFLGR$&&DWLYR
 5HJXODJHPGDGLVWkQFLDWHPSRUDOSDUDRYHtFXORjIUHQWHQDYHORFLGDGHDUPD]HQDGD
 'LVWkQFLDWHPSRUDODMXVWDGDSDUDRYHtFXORjIUHQWHQDYHORFLGDGHDUPD]HQDGD
 9HORFLGDGHDUPD]HQDGD
 6tPERORÁR$&&HVWiSURQWRRXHVWiUHJXODQGRDGLVWkQFLD8PYHtFXORjIUHQWHpUHFRQKHFLGR$
YHORFLGDGHDUPD]HQDGDpUHJXODGD

)DOKDGHVLVWHPDҧϜ)LJ % 3URFXUDUXPD
&RQFHVVLRQiULD9RONVZDJHQ b
53&&

6LVWHPDVGHDVVLVWrQFLDDRFRQGXWRU 
/X]HVGHDGYHUWrQFLDHGHFRQWUROH
SLVFDQGRRX
ҧϜ
&DXVDSRVVtYHOҧ 6ROXomR
DFHVR
'HSHQGHQGRGDVLWXDomRGRWUkQVLWRIUHDU
2UHWDUGDPHQWRGR$&&QmRpVXILFLHQWH
K HPUHODomRDXPYHtFXORjIUHQWH
LPHGLDWDPHQWHRYHtFXORFRPIRUoDXVDQGRR
IUHLR
'HSHQGHQGRGDVLWXDomRGRWUkQVLWRIUHDU
Á 3RVVtYHOFROLVmRUHFRQKHFLGD LPHGLDWDPHQWHRYHtFXORFRPIRUoDXVDQGRR
IUHLR
$JXDUGDUDWpTXHRVLVWHPDHVWHMDGLVSRQtYHO
QRYDPHQWHHVHQHFHVViULRH[HFXWDUDYHULIL
6LVWHPDGHPRQLWRUDPHQWRSHULIpULFRQmR FDomRYLVXDOGRVVHQVRUHVGRUDGDU VXMHLUD
Á GLVSRQtYHOQRPRPHQWR FRQJHODPHQWR (PFDVRGHLQGLVSRQLELOLGDGH
SURORQJDGDSURFXUDUXPD&RQFHVVLRQiULD
9RONVZDJHQHPDQGDUYHULILFDURVLVWHPD
6LVWHPDGHPRQLWRUDPHQWRSHULIpULFROLJD
Á GRDWLYR
±

% $&&OLJDGRD  ±

D $FHQGHVHDROLJDULQGHSHQGHQWHGHRVLVWHPDHVWDUHPPRGRGHUHJXODJHPRXQmR

$ROLJDUDLJQLomRDOJXPDVOX]HVGHDGYHUWrQFLDH $'9(57Ç1&,$ FRQWLQXDomR


GHFRQWUROHVHDFHQGHPUDSLGDPHQWHSDUDYHULILFD
Ɣ 3DUDUYHtFXORDVVLPTXHIRUSRVVtYHOHVH
omRGDIXQomR(ODVVHDSDJDPDSyVDOJXQVVH
JXUR
JXQGRV

$'9(57Ç1&,$ 127$
$LQREVHUYkQFLDGHOX]HVGHFRQWUROHTXHVH
$LQREVHUYkQFLDGDVOX]HVGHDGYHUWrQFLD
DFHQGHPHGHPHQVDJHQVGHWH[WRSRGHFDXVDU
DFHVDVHGDVPHQVDJHQVGHWH[WRSRGHRFD
GDQRVDRYHtFXOR
VLRQDUSDUDGDVGRYHtFXORQRWUkQVLWRDFL
GHQWHVHIHULPHQWRVJUDYHV 6HR$&&HVWLYHUOLJDGRRLQGLFDGRUGRGLV
Ɣ 1XQFDLJQRUDUDVOX]HVGHDGYHUWrQFLD SOD\GRLQVWUXPHQWRFRPELQDGRSRGHVHU
DFHVDVHDVPHQVDJHQVGHWH[WR RFXOWDGRFRPDH[LELomRGHRXWUDVIXQo}HVFRPR
XPDFKDPDGDWHOHI{QLFD ‹

6HQVRUGRUDGDU

¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
FRPHOHR$&&EHPFRPRRVLVWHPDGHPRQLWRUD
PHQWRSHULIpULFRSRGHPSDUDUGHIXQFLRQDU1R
GLVSOD\GRLQVWUXPHQWRFRPELQDGRDSDUHFH$&&
LQGLVSRQ®YHO
3DUDRUHJLVWURGDVLWXDomRGRWUkQVLWRKiXPVHQ
VRUGRUDGDULQVWDODGRQDIUHQWHGRYHtFXORDWUiV 127$
GRORJR9RONVZDJHQQDJUDGHGRUDGLDGRU$VVLP 2VHQVRUGRUDGDUSRGHVHUGHVUHJXODGRSRU
RVYHtFXORVjIUHQWHSRGHPVHUUHFRQKHFLGRVD LPSDFWRVFRPRGDQRVGHHVWDFLRQDPHQWR
XPDGLVWkQFLDGHDSUR[LPDGDPHQWHP 8PDGHVUHJXODJHPGRVHQVRUSRGHRFDVLRQDU
6HRORJR9RONVZDJHQQDIUHQWHGDJUDGHGRUDGLD XPDOLPLWDomRGRGHVHPSHQKRGRVLVWHPDRXR
GRUILFDUPXLWRVXMRRXIRUFREHUWRGHYLGRjFKXYD GHVOLJDPHQWRGRVLVWHPD ‹
IRUWHQHEOLQDQHYHODPDHWFRVHQVRUGRUDGDUH

 'XUDQWHDFRQGXomR
&RPDQGDUR$&&

)LJ $ODYDQFDGHRSHUDomR$&&jHVTXHUGD )LJ $ODYDQFDGHRSHUDomR$&&jHVTXHUGD


QDFROXQDGHGLUHomRUHJXODUDYHORFLGDGH QDFROXQDGHGLUHomRDMXVWDURQtYHOGHGLVWkQFLD

¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
5HJXODUDYHORFLGDGH
1DFRQGLomROLJDGDDYHORFLGDGHSRGHVHUDUPD
]HQDGDHUHJXODGD$OpPGLVVRDYHORFLGDGHDU
PD]HQDGDSRGHGLYHUJLUGDYHORFLGDGHUHDOVHD
6HR$&&HVWLYHUOLJDGRDOX]GHFRQWUROHYHU GLVWkQFLDHVWLYHUVHQGRUHJXODGDDWLYDPHQWH
GHQRLQVWUXPHQWRFRPELQDGRuVHDFHQGHHD
PHPyULDGDYHORFLGDGHHRVWDWXVGRFRQWUROHGH
GLVWkQFLDVmRH[LELGRVQRGLVSOD\ҧϜ)LJ

3UHPLVVDVSDUDDWLYDomRGR$&&
Ɣ 2$65GHYHHVWDUOLJDGRҧϜ 
Ɣ $DODYDQFDVHOHWRUDGHYHHVWDUQDSRVLomR'6
RXQRFXUVRVHOHWRUGR7LSWURQLF(PFDVRGHWUDQV
PLVVmRPDQXDOXPDPDUFKDjIUHQWHGHYHHVWDU
HQJDWDGDH[FHWRDPDUFKD
Ɣ (PYHtFXORVFRPWUDQVPLVVmRPDQXDODYHORFL
GDGHGHFRQGXomRGHYHVHUGHQRPtQLPRNPK
PSK 

3RVLomRGRVLQWHUUXSWRUHV
)XQomR RSHUDomRGRVLQWHUUXSWRUHV $omR
ҧϜ)LJ
2VLVWHPDpOLJDGR$SyVOLJDUDLQGDQmRKiYH
/LJDUR$&& (QWDOKH/. $  ORFLGDGHDUPD]HQDGD$YHORFLGDGHQmRpUHJX
ODGD
$YHORFLGDGHDWXDOpDUPD]HQDGDHUHJXODGD
&RP$&&MiDWLYR
SUHVVLRQDUEUHYHPHQWHGLPLQXLUDYHORFLGDGH
HPNPK PSK HDUPD]HQDU
$WLYDUR$&& %RWmR3%4  
SUHVVLRQDUSRUDOJXPWHPSRHQTXDQWRIRUSUHV
VLRQDGRDYHORFLGDGHDUPD]HQDGDpGLPLQXtGD
JUDGXDOPHQWHHPNPK PSK $UHGXomRGD
YHORFLGDGHRFRUUHSRUPHLRGHGHVDFHOHUDomR
3RQWRGHSUHVVmR#!.#%, & 
28SLVDUQRSHGDOGRIUHLR
'HVOLJDUR$&&WHP $UHJXODJHPpGHVOLJDGDWHPSRUDULDPHQWH$
28SLVDUQRSHGDOGDHP
53&&

SRUDULDPHQWH YHORFLGDGHSHUPDQHFHDUPD]HQDGD b
EUHDJHPSRUPDLVGRTXH
VHJXQGRV

6LVWHPDVGHDVVLVWrQFLDDRFRQGXWRU 
3RVLomRGRVLQWHUUXSWRUHV
)XQomR RSHUDomRGRVLQWHUUXSWRUHV $omR
ҧϜ)LJ
$YHORFLGDGHDUPD]HQDGDpUHWRPDGDHUHJXOD
GD
6HQmRKRXYHUYHORFLGDGHDUPD]HQDGDR$&&
DVVXPHHUHJXODDYHORFLGDGHDWXDOGHFRQGX
omR
5HWRPDUDUHJXODJHP
3RQWRGHSUHVVmR2%35-% $  &RP$&&MiDWLYR
GR$&&
SUHVVLRQDUEUHYHPHQWHDXPHQWDUDYHORFLGDGH
HPNPK PSK HDUPD]HQDU
SUHVVLRQDUSRUDOJXPWHPSRHQTXDQWRIRUSUHV
VLRQDGRDYHORFLGDGHDUPD]HQDGDpDXPHQWDGD
JUDGXDOPHQWHHPNPK PSK 
SUHVVLRQDUEUHYHPHQWHDXPHQWDUDYHORFLGDGH
HPNPK PSK HDUPD]HQDU
$FHOHUDU GXUDQWHDUH
3RQWRGHSUHVVmR30%%$ %  SUHVVLRQDUSRUDOJXPWHPSRHQTXDQWRIRUSUHV
JXODJHPGR$&& 
VLRQDGRDYHORFLGDGHDUPD]HQDGDpDXPHQWDGD
JUDGXDOPHQWHHPNPK PSK 
SUHVVLRQDUEUHYHPHQWHGLPLQXLUDYHORFLGDGH
HPNPK PSK HDUPD]HQDU
5HGX]LU GXUDQWHDUH
3RQWRGHSUHVVmR30%%$ '  SUHVVLRQDUSRUDOJXPWHPSRHQTXDQWRIRUSUHV
JXODJHPGR$&& 
VLRQDGRDYHORFLGDGHDUPD]HQDGDpGLPLQXtGD
JUDGXDOPHQWHHPNPK PSK 
2VLVWHPDpGHVOLJDGR$YHORFLGDGHVDOYDp
'HVOLJDUR$&& (QWDOKH/&& & 
DSDJDGD

2VYDORUHVHQWUHSDUrQWHVHVHPPSKLQGLFDGRVQD (PSLVWDPROKDGDDGLVWkQFLDHVFROKLGDFRPUHOD
WDEHODVHUHIHUHPXQLFDPHQWHDRLQVWUXPHQWRFRP omRDRYHtFXORjIUHQWHGHYHVHUVHPSUHPDLRUTXH
ELQDGRFRPLQGLFDo}HVHPPLOKDV HPFDVRGHSLVWDVHFD

'LVWkQFLDHPWHPSR QtYHLVGHGLVWkQFLD 5HJXODUDGLVWkQFLDHPWHPSR QtYHLVGH


$GLVWkQFLDHPWHPSR GLVWkQFLDGHSHQGHQWHGD GLVWkQFLD
YHORFLGDGH HPUHODomRDRYHtFXORjIUHQWHSRGH $GLVWkQFLDHPWHPSRHPUHODomRDRYHtFXORj
VHUUHJXODGDHPQtYHLV$GLFLRQDOPHQWHRQtYHO IUHQWHpUHJXODGDFRPRLQWHUUXSWRUQDDODYDQFDGH
VHOHFLRQDGRWDPEpPGHWHUPLQDRFRPSRUWDPHQWR FRPDQGRҧϜ)LJ$RDFLRQDURLQWHUUXSWRUp
GHDFHOHUDomRGRYHtFXOR H[LELGRRLQGLFDGRUGRGLVSOD\$&&ҧϜ3iJLQD
3DUDUHJXODUDGLVWkQFLDHPWHPSRSUHVVLRQDUR
)XQomR 1tYHLVVHOHFLRQiYHLV
LQWHUUXSWRUSDUDDHVTXHUGDRXDGLUHWD
5HJXODUDGLVWkQ
1tYHO GLVWkQFLDPXLWRSH  DXPHQWDUDGLVWkQFLDHPWHPSRHPXPQtYHO
FLDHPWHPSRGH
TXHQD± UHVSHFWLYDPHQWH
VHMDGDHPUHOD
1tYHO GLVWkQFLDPXLWRJUDQ 0DQWHUSUHVVLRQDGRDXPHQWDUUDSLGDPHQWHD
omRDRYHtFXORUR
GH GLVWkQFLD
GDQGRjIUHQWH
5HJXODURFRP ± UHGX]LUDGLVWkQFLDHPWHPSRHPXPQtYHOUHV
SRUWDPHQWRGH SHFWLYDPHQWH
DFHOHUDomRGHVH 0DQWHUSUHVVLRQDGRGLPLQXLUUDSLGDPHQWHD
1tYHO GLQkPLFR±
MDGR LQGHSHQ GLVWkQFLD
1tYHO PDLVVXDYHPHQWH
GHQWHGDFRQILJX
UDomREiVLFDDR 1RPHQX&RQILJXUD¨¶HVGRVLVWHPDGHLQIRUPD
OLJDUR$&&  o}HV9RONVZDJHQVRERLWHPGHPHQX$VVLVWHQ
WHVQRVXEPHQX$&&'LVW£QFLDSRGHVHUUHJX
1RPHQX&RQILJXUD¨¶HV$VVLVWHQWHVGR ODGDGLVWkQFLDHPWHPSRTXHGHYHVHUVHOHFLRQDGD
VLVWHPDGHLQIRUPDo}HV9RONVZDJHQQRLQVWUXPHQ DROLJDUR$&&ҧϜ3iJLQD b
WRFRPELQDGRpSRVVtYHOFRQILJXUDUHP$MXVWH
E¢VLFRVHDDFHOHUDomRGHYHVHUHVSRUWLYDQRU
PDORXRULHQWDGDSDUDRFRQIRUWRҧϜ3iJLQD

 'XUDQWHDFRQGXomR
$VFRQGLo}HVDVHJXLUSRGHPRFDVLRQDU Ɣ (PFDVRGHREVWiFXORVIL[RVFRPRYHtFXORV
DXVrQFLDGHUHDomRGR$&& TXHEUDGRV
Ɣ (PFRQGXomRHPFXUYDVIHFKDGDV Ɣ (PFDVRGHYHtFXORVYLQGRQDGLUHomRRSRVWD
Ɣ &RPRSHGDOGRDFHOHUDGRUDFLRQDGR
Ɣ &RPRVLVWHPDGHPRQLWRUDPHQWRSHULIpULFR
$'9(57Ç1&,$
GHVOLJDGRRXDYDULDGR ([LVWHRULVFRGHDFLGHQWHVVHXPYHtFXORj
Ɣ 6HQHQKXPDPDUFKDHVWLYHUHQJDWDGD IUHQWHIRUDOFDQoDGRHDGLIHUHQoDHQWUHDYH
ORFLGDGHGRYHtFXORjIUHQWHHRSUySULRYHt
Ɣ 6HR$65WLYHUVLGRGHVOLJDGRPDQXDOPHQWH FXORIRUWmRJUDQGHTXHRUHWDUGDPHQWRGR
Ɣ 6HWRGDVDVODQWHUQDVGRIUHLRHVWLYHUHPFRP $&&QmRVHMDVXILFLHQWH)UHDURYHtFXORLPH
GHIHLWR GLDWDPHQWHFRPRIUHLR
Ɣ 6HRVHQVRUGRUDGDUHVWLYHUVXMRRXFREHUWR Ɣ eSRVVtYHOTXHR$&&QmRUHFRQKHoDWR
Ɣ &RPTXHGDGHQHYHRXFKXYDIRUWH GDVDVVLWXDo}HVGHFRQGXomR
Ɣ (PFDVRGHYHtFXORVHVWUHLWRVFRPRPRWRFLFOH Ɣ ³$SRLDU´RSpVREUHRSHGDOGRDFHOHUDGRU
WDV SRGHID]HUFRPTXHR$&&QmRIUHLHDXWRPD
WLFDPHQWH$UHJXODJHPGHYHORFLGDGHHGH
Ɣ (PFDVRGHYHtFXORVTXHVHPRYLPHQWDPGH
GLVWkQFLDVHUiVREUHFDUUHJDGDVHRFRQGXWRU
IRUPDGHVORFDGD
DFHOHUDU
Ɣ (PFDVRGHIRUWHUHIOH[mRGRVLQDOGRUDGDUSRU
Ɣ (VWDUVHPSUHSURQWRSDUDIUHDURYHtFXOR
H[HPSORHPHVWDFLRQDPHQWRV
SRUFRQWDSUySULD ‹
Ɣ (PFDVRGHYHtFXORVSHUSHQGLFXODUHV

6LVWHPDGHPRQLWRUDPHQWRSHULIpULFR )URQW$VVLVW
$OHUWDSUpYLR
6HRVLVWHPDUHFRQKHFHURULVFRGHXPDFROLVmR
FRPXPYHtFXORjIUHQWHHOHDOHUWDUiRFRQGXWRU
SRUPHLRVYLVXDLVHVRQRURV$RPHVPRWHPSRR
YHtFXORpSUHSDUDGRSDUDXPDSRVVtYHOIUHQDJHP
GHHPHUJrQFLDҧϜ 

$OHUWDFUtWLFR
6HRFRQGXWRUQmRUHDJLUDRDOHUWDSUpYLRRVLVWH
PDJHUDSRUPHLRGDLQWHUYHQomRGHIUHQDJHPDWL
YDXPVRODYDQFRGRIUHLRSDUDDOHUWDUQRYDPHQWH
)LJ ÈUHDGHFREHUWXUDGRVHQVRUGRUDGDU VREUHRULVFRGHXPDSRVVtYHOFROLVmR
2VRODYDQFRGRIUHLRQmRRFRUUHHPWRGDVDVVL
¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
WXDo}HVSDUDQmRGHVYLDUDDWHQomRGRFRQGXWRU
FRPRSRUH[HPSORHPFXUYDVIHFKDGDV

)UHQDJHPDXWRPiWLFD
2VLVWHPDGHPRQLWRUDPHQWRSHULIpULFRpSDUWHLQ 6HRFRQGXWRUQmRUHDJLUDRDOHUWDFUtWLFRRVLVWH
WHJUDQWHGR$&&PDVIXQFLRQDGHPDQHLUDLQGH PDSRGHIUHDURYHtFXORDXWRPDWLFDPHQWHFRP
SHQGHQWHHHVWiDWLYRPHVPRFRPDUHJXODJHPGH XPDIRUoDGHIUHQDJHPFUHVFHQWHHPGLYHUVRVQt
GLVWkQFLDHGHYHORFLGDGHGHVOLJDGD YHLVSDUDGLPLQXLUDYHORFLGDGHHPFDVRGHXPD
2VLVWHPDGHPRQLWRUDPHQWRSHULIpULFROLJDGRFR SRVVtYHOFROLVmR&RPLVVRRVLVWHPDSRGHDMXGDU
EUHVLWXDo}HVGRWUkQVLWRDXPDGLVWkQFLDGHDSUR DUHGX]LUDVFRQVHTXrQFLDVGHXPDFLGHQWH
[LPDGDPHQWHPjIUHQWHGRYHtFXORHPXPLQ $VVLVWrQFLDGHIUHQDJHP
WHUYDORGHYHORFLGDGHGHFRQGXomRGHDSUR[LPD
GDPHQWHNPK PSK DNPK PSK  6HRVLVWHPDGHPRQLWRUDPHQWRSHULIpULFRFRQVWD
53&&

WDUTXHRFRQGXWRUQmRHVWiIUHDQGRRVXILFLHQWH
HPFDVRGHXPDFROLVmRLPLQHQWHRVLVWHPDSRGH
UiDXPHQWDUDIRUoDGHIUHQDJHPSDUDGLPLQXLUD b

6LVWHPDVGHDVVLVWrQFLDDRFRQGXWRU 
YHORFLGDGHHPFDVRGHXPDSRVVtYHOFROLVmR&RP $VFRQGLo}HVDVHJXLUSRGHPRFDVLRQDU
LVVRRVLVWHPDSRGHDMXGDUDUHGX]LUDVFRQVH DXVrQFLDGHUHDomRGRVLVWHPDGH
TXrQFLDVGHXPDFLGHQWH PRQLWRUDPHQWRSHULIpULFR
$DVVLVWrQFLDGHIUHQDJHPVyDFRQWHFHHQTXDQWR Ɣ (PFRQGXomRHPFXUYDVIHFKDGDV
RSHGDOGRIUHLRHVWLYHUVHQGRSUHVVLRQDGRFRP Ɣ &RPRSHGDOGRDFHOHUDGRUDFLRQDGR
IRUoD
Ɣ &RPRVLVWHPDGHPRQLWRUDPHQWRSHULIpULFR
3DUDSRGHUDOHUWDUHPWHPSRKiELORVLVWHPDGH GHVOLJDGRRXDYDULDGR
PRQLWRUDPHQWRSHULIpULFRFRQVLGHUDXPWHPSRGH Ɣ 6HQHQKXPDPDUFKDHVWLYHUHQJDWDGD
UHDomRGRFRQGXWRU(VWHWHPSRGHUHDomRVHUiUH
GX]LGRDXWRPDWLFDPHQWHVHRVLVWHPDUHFRQKHFHU Ɣ 6HR$65WLYHUVLGRGHVOLJDGRPDQXDOPHQWH
PRYLPHQWRVQRSHGDOGRDFHOHUDGRURXDWLYLGDGHV Ɣ 6HWRGDVDVODQWHUQDVGRIUHLRHVWLYHUHPFRP
QRYRODQWHSRUH[HPSOR'HVWDIRUPDRVLVWHPD GHIHLWR
HYLWDUiXPDLQWHUYHQomRGHIUHQDJHPGHVQHFHVVi Ɣ 6HRVHQVRUGRUDGDUHVWLYHUVXMRRXFREHUWR
ULDSRUH[HPSORVHRFRQGXWRUGHULQtFLRDXPDXO
Ɣ &RPTXHGDGHQHYHRXFKXYDIRUWH
WUDSDVVDJHP
Ɣ (PFDVRGHYHtFXORVHVWUHLWRVFRPRPRWRFLFOH
/LJDURXGHVOLJDURVLVWHPDGH WDV
PRQLWRUDPHQWRSHULIpULFR Ɣ (PFDVRGHYHtFXORVTXHVHPRYLPHQWDPGH
2VLVWHPDGHPRQLWRUDPHQWRSHULIpULFRVHOLJDDX IRUPDGHVORFDGD
WRPDWLFDPHQWHDROLJDUDLJQLomRҧϜ3iJLQD Ɣ (PFDVRGHIRUWHUHIOH[mRGRVLQDOGRUDGDUSRU
&RPDLJQLomROLJDGDRVLVWHPDGHPRQLWRUDPHQWR H[HPSORHPHVWDFLRQDPHQWRV
SHULIpULFRSRGHVHUOLJDGRRXGHVOLJDGRGDVHJXLQWH Ɣ (PFDVRGHYHtFXORVSHUSHQGLFXODUHV
PDQHLUD
Ɣ (PFDVRGHREVWiFXORVIL[RVFRPRYHtFXORV
Ɣ &RPDDMXGDGRERWmRGRVVLVWHPDVGHDVVLV TXHEUDGRV
WrQFLDDRFRQGXWRUHVFROKHURLWHPGHPHQXFRU
UHVSRQGHQWHҧϜ3iJLQD Ɣ (PFDVRGHYHtFXORVYLQGRQDGLUHomRRSRVWD
Ɣ 281RPHQX&RQILJXUD¨¶HV6XEPHQX$V 1DVVLWXDo}HVDVHJXLURVLVWHPDGH
VLVWHQWHVDWLYDURXGHVDWLYDURVLVWHPDHP PRQLWRUDPHQWRSHULIpULFRGHYHVHU
)URQW$VVLVWҧϜ3iJLQD8P³VLQDOGHYLVWR´ GHVOLJDGR
LQGLFDXPVLVWHPDGHDVVLVWrQFLDDRFRQGXWRUOLJD
Ɣ 6HRYHtFXORIRUUHERFDGR
GR
Ɣ 6HRYHtFXORSRUH[HPSORVHPRYLPHQWDUIRUD
&RQILJXUDURDOHUWDVRQRUR GDVYLDVS~EOLFDVSRUH[HPSORFRQGXomRRIIURDG
1RVLVWHPDGHLQIRUPDo}HV9RONVZDJHQGRLQVWUX RXHPFRUULGD
PHQWRFRPELQDGRRDOHUWDVRQRURSRGHVHUDWLYD Ɣ 6HRYHtFXORHVWLYHUHPXPGLQDP{PHWUR
GRRXGHVDWLYDGRҧϜ3iJLQD2VLVWHPDPDQWpP Ɣ 6HRVHQVRUGRUDGDUHVWLYHUFRPGHIHLWR
DFRQILJXUDo}HVHIHWXDGDWDPEpPDSyVOLJDUQRYD
PHQWHDLJQLomR Ɣ $SyVLPSDFWRYLROHQWRQRVHQVRUGRUDGDUSRU
H[HPSORDSyVXPDFLGHQWH
Ɣ 1RPHQX&RQILJXUD¨¶HVVXEPHQX$VVLV
WHQWHVVHOHFLRQDURPHQX)URQW$VVLVW $'9(57Ç1&,$
$9RONVZDJHQUHFRPHQGDGHL[DURDOHUWDVRQRUR $WHFQRORJLDLQWHOLJHQWHGRVLVWHPDGHPRQL
VHPSUHOLJDGRSDUDSRGHURXYLUXPSRVVtYHODOHUWD WRUDPHQWRSHULIpULFRQmRSRGHVXSHUDURVOL
GHFROLVmRDTXDOTXHUPRPHQWR PLWHVItVLFRVHWUDEDOKDVRPHQWHGHQWURGRV
OLPLWHVGRVLVWHPD2PDLRUFRQIRUWRRIHUHFL
6LWXDo}HVGHFRQGXomRHVSHFLDLV GRSHORVLVWHPDGHPRQLWRUDPHQWRSHULIpULFR
8PDYH]TXHRVLVWHPDGHPRQLWRUDPHQWRSHULIpUL QmRGHYHLQFHQWLYDUDFRORFDUDVHJXUDQoD
FRFRPRR$&&FREUHDVLWXDomRGRWUkQVLWRSRU HPULVFR$UHVSRQVDELOLGDGHSRUIUHDUHP
PHLRGRVHQVRUGRUDGDUQDIUHQWHGRYHtFXORHVVH WHPSRKiELOpVHPSUHGRFRQGXWRU4XDQGRR
VLVWHPDWDPEpPDSUHVHQWDOLPLWHVItVLFRVHFRQGL VLVWHPDGHPRQLWRUDPHQWRSHULIpULFRHPLWLU
FLRQDGRVDRVLVWHPD3RUWDQWRVmRYiOLGDVSDUDR XPDOHUWDIUHDULPHGLDWDPHQWHRYHtFXORFRP
VLVWHPDGHPRQLWRUDPHQWRSHULIpULFREDVLFDPHQWH RIUHLRRXGHVYLDUGRREVWiFXORGHSHQGHQGR
DVPHVPDVFRQGLo}HVGR$&&ҧϜ3iJLQDH GDVLWXDomRGRWUkQVLWR b
ҧϜ3iJLQD6LWXDo}HVGHFRQGXomR

 'XUDQWHDFRQGXomR
$'9(57Ç1&,$ FRQWLQXDomR 127$ FRQWLQXDomR
Ɣ 2VLVWHPDGHPRQLWRUDPHQWRSHULIpULFR Ɣ 5HSDURVQRVHQVRUGRUDGDUH[LJHPFRQKH
QmRSRGHHYLWDUVR]LQKRDFLGHQWHVHIHULPHQ FLPHQWRVWpFQLFRVHVSHFtILFRVHIHUUDPHQWDV
WRVJUDYHV HVSHFLDLV3DUDLVVRD9RONVZDJHQUHFRPHQGD
Ɣ 2VLVWHPDGHPRQLWRUDPHQWRSHULIpULFR DV&RQFHVVLRQiULDV9RONVZDJHQ
QmRIUHLDRYHtFXORVR]LQKRDWpDSDUDGD
6HRVLVWHPDGHPRQLWRUDPHQWRSHULIpULFRLQL
Ɣ 2VLVWHPDGHPRQLWRUDPHQWRSHULIpULFR FLDUXPSURFHVVRGHIUHQDJHPRFXUVRGR
SRGHHPLWLUDOHUWDVGHVQHFHVViULRVHPVLWXD SHGDOGRIUHLRGLPLQXL$VVLPRSHGDOGRIUHLRSD
o}HVGHFRQGXomRFRPSOH[DVHOHYDUDXPD UHFH³PDLVGXUR´
LQWHUYHQomRGHIUHQDJHPQmRGHVHMDGDSRU
H[HPSORHPFDQWHLURV ,QWHUYHQo}HVGHIUHQDJHPDXWRPiWLFDVGR
VLVWHPDGHPRQLWRUDPHQWRSHULIpULFRSRGHP
VHULQWHUURPSLGDVSHORDFLRQDPHQWRGRSHGDOGD
127$
HPEUHDJHPGRSHGDOGRDFHOHUDGRURXSRULQWHU
6HKRXYHUG~YLGDVGHTXHRVHQVRUGRUDGDUIRL YHQomRQDGLUHomR ‹
DYDULDGRGHVOLJDURVLVWHPDGHPRQLWRUDPHQWR
SHULIpULFR$VVLPGDQRVVHFXQGiULRVSRGHP
VHUHYLWDGRV$MXVWDUQRYDPHQWHRVHQVRUGR
UDGDU

)XQomRGHIUHQDJHPGHHPHUJrQFLD&LW\

¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
$DVVLVWrQFLDGHIUHQDJHPVyDFRQWHFHHQTXDQWR
RSHGDOGRIUHLRHVWLYHUVHQGRSUHVVLRQDGRFRP
IRUoD

$IXQomRGHIUHQDJHPGHHPHUJrQFLD&LW\pSDUWH $VFRQGLo}HVDVHJXLUSRGHPRFDVLRQDU
LQWHJUDQWHGRVLVWHPDGHPRQLWRUDPHQWRSHULIpULFR DXVrQFLDGHUHDomRGDIXQomRGHIUHQDJHP
HHVWDUiDWLYDVHRVLVWHPDGHPRQLWRUDPHQWRSHUL GHHPHUJrQFLD&LW\
IpULFRHVWLYHUOLJDGR Ɣ (PFRQGXomRHPFXUYDVIHFKDGDV
$IXQomRGHIUHQDJHPGHHPHUJrQFLD&LW\GHWHFWD Ɣ &RPRSHGDOGRDFHOHUDGRUDFLRQDGR
VLWXDo}HVGHWUkQVLWRDXPDGLVWkQFLDGHDSUR[LPD Ɣ &RPRVLVWHPDGHPRQLWRUDPHQWRSHULIpULFR
GDPHQWHPjIUHQWHGRYHtFXORHPXPLQWHUYDOR GHVOLJDGRRXDYDULDGR
GHYHORFLGDGHGHFRQGXomRGHDSUR[LPDGDPHQWH Ɣ 6HQHQKXPDPDUFKDHVWLYHUHQJDWDGD
NPK PSK DNPK PSK 
Ɣ 6HR$65WLYHUVLGRGHVOLJDGRPDQXDOPHQWH
6HRVLVWHPDUHFRQKHFHUXPDSRVVtYHOFROLVmR
Ɣ 6HWRGDVDVODQWHUQDVGRIUHLRHVWLYHUHPFRP
FRPXPYHtFXORjIUHQWHRYHtFXORVHUiSUHSDUDGR
GHIHLWR
SDUDXPDSRVVtYHOIUHQDJHPGHHPHUJrQFLDҧϜ 
Ɣ 6HRVHQVRUGRUDGDUHVWLYHUVXMRRXFREHUWR
6HRFRQGXWRUQmRUHDJLUDXPDFROLVmRLPLQHQWHR
VLVWHPDSRGHIUHDURYHtFXORDXWRPDWLFDPHQWH Ɣ &RPTXHGDGHQHYHRXFKXYDIRUWH
FRPXPDIRUoDGHIUHQDJHPFUHVFHQWHHPGLYHU Ɣ (PFDVRGHYHtFXORVHVWUHLWRVFRPRPRWRFLFOH
VRVQtYHLVSDUDGLPLQXLUDYHORFLGDGHHPFDVRGH WDV
XPDSRVVtYHOFROLVmR&RPLVVRRVLVWHPDSRGH Ɣ (PFDVRGHYHtFXORVTXHVHPRYLPHQWDPGH
DMXGDUDUHGX]LUDVFRQVHTXrQFLDVGHXPDFLGHQWH IRUPDGHVORFDGD
6HDIXQomRGHIUHQDJHPGHHPHUJrQFLD&LW\GH Ɣ (PFDVRGHIRUWHUHIOH[mRGRVLQDOGRUDGDUSRU
WHUPLQDUTXHRFRQGXWRUQmRHVWiIUHDQGRRVXILFL H[HPSORHPHVWDFLRQDPHQWRV
HQWHHPFDVRGHXPDFROLVmRLPLQHQWHRVLVWHPD Ɣ (PFDVRGHYHtFXORVSHUSHQGLFXODUHV
SRGHUiDXPHQWDUDIRUoDGHIUHQDJHPSDUDGLPL
Ɣ (PFDVRGHYHtFXORVYLQGRQDGLUHomRRSRVWD b
QXLUDYHORFLGDGHHPFDVRGHXPDSRVVtYHOFROL
VmR&RPLVVRRVLVWHPDSRGHDMXGDUDUHGX]LUDV
53&&

FRQVHTXrQFLDVGHXPDFLGHQWH

6LVWHPDVGHDVVLVWrQFLDDRFRQGXWRU 
1DVVLWXDo}HVDVHJXLUDIXQomRGH $'9(57Ç1&,$ FRQWLQXDomR
IUHQDJHPGHHPHUJrQFLD&LW\GHYHVHU Ɣ $IXQomRGHIUHQDJHPGHHPHUJrQFLD&LW\
GHVOLJDGD SRGHHPVLWXDo}HVGHWUkQVLWRFRPSOH[DV
Ɣ 6HRYHtFXORIRUUHERFDGR OHYDUDXPDLQWHUYHQomRGHIUHQDJHPLQGHVH
Ɣ 6HRYHtFXORHVWLYHUHPXPGLQDP{PHWUR MDGDSRUH[HPSORHPFDQWHLURV
Ɣ 6HRVHQVRUGRUDGDUHVWLYHUFRPGHIHLWR
127$
Ɣ $SyVLPSDFWRYLROHQWRQRVHQVRUGRUDGDUSRU
H[HPSORDSyVXPDFLGHQWH 6HKRXYHUG~YLGDVGHTXHRVHQVRUGRUDGDUIRL
DYDULDGRGHVOLJDURVLVWHPDGHPRQLWRUDPHQWR
$'9(57Ç1&,$ SHULIpULFR$VVLPGDQRVVHFXQGiULRVSRGHP
VHUHYLWDGRV$MXVWDUQRYDPHQWHRVHQVRUGR
$WHFQRORJLDLQWHOLJHQWHGDIXQomRGHIUHQD UDGDU
JHPGHHPHUJrQFLD&LW\QmRSRGHVXSHUDURV
Ɣ 5HSDURVQRVHQVRUGRUDGDUH[LJHPFRQKH
OLPLWHVItVLFRVHWUDEDOKDVRPHQWHGHQWURGRV
FLPHQWRVWpFQLFRVHVSHFtILFRVHIHUUDPHQWDV
OLPLWHVGRVLVWHPD2PDLRUFRQIRUWRRIHUHFL
HVSHFLDLV3DUDLVVRD9RONVZDJHQUHFRPHQGD
GRSHODIXQomRGHIUHQDJHPGHHPHUJrQFLD
DV&RQFHVVLRQiULDV9RONVZDJHQ
&LW\QmRGHYHLQFHQWLYDUDFRORFDUDVHJXUDQ
oDHPULVFR$UHVSRQVDELOLGDGHSRUIUHDUHP 6HDIXQomRGHIUHQDJHPGHHPHUJrQFLD&LW\
WHPSRKiELOpVHPSUHGRFRQGXWRU LQLFLDUXPSURFHVVRGHIUHQDJHPRFXUVRGR
Ɣ $IXQomRGHIUHQDJHPGHHPHUJrQFLD&LW\ SHGDOGRIUHLRGLPLQXL$VVLPRSHGDOGRIUHLRSD
QmRSRGHHYLWDUVR]LQKDDFLGHQWHVHIHULPHQ UHFH³PDLVGXUR´
WRVJUDYHV
,QWHUYHQo}HVGHIUHQDJHPDXWRPiWLFDVGD
IXQomRGHIUHQDJHPGHHPHUJrQFLD&LW\SR
GHPVHULQWHUURPSLGDVSHORDFLRQDPHQWRGRSHGDO
GDHPEUHDJHPGRSHGDOGRDFHOHUDGRURXSRULQ
WHUYHQomRQDGLUHomR ‹

'HVOLJDUR$&&WHPSRUDULDPHQWHQDVVHJXLQWHVVLWXDo}HV

¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
$'9(57Ç1&,$
6HR$&&QmRIRUGHVOLJDGRQDVVLWXDo}HV
PHQFLRQDGDVSRGHUmRRFRUUHUDFLGHQWHVH
'HVOLJDUR$&&QDVVHJXLQWHVVLWXDo}HVGHYLGRjV IHULPHQWRVJUDYHV
OLPLWDo}HVGRVLVWHPDҧϜ  Ɣ 'HVOLJDUR$&&HPVLWXDo}HVFUtWLFDV
Ɣ $RFRQGX]LUSRUFRQWRUQRVVDtGDVGHHVWUDGDV 6HR$&&QmRIRUGHVOLJDGRQDVVLWXDo}HV
RXREUDVSDUDHYLWDUXPDDFHOHUDomRDWpDYHORFL PHQFLRQDGDVSRGHUmRRFRUUHUYLRODo}HVGDV
GDGHDUPD]HQDGD GHWHUPLQDo}HVOHJDLV ‹
Ɣ $RSDVVDUSRUW~QHLVMiTXHSRGHPRFRUUHU
UHVWULo}HVGHIXQFLRQDPHQWRGRVLVWHPD
Ɣ (PSLVWDVFRPGLYHUVDVIDL[DVVHRXWURVYHtFX
ORVQDIDL[DGHXOWUDSDVVDJHPHVWLYHUHPPDLVOHQ
WRV9HtFXORVHPRXWUDVIDL[DVHPUHJUDQmRVmR
UHFRQKHFLGRVHQHVVHFDVRVHULDPXOWUDSDVVDGRV
SHODGLUHLWD
Ɣ (PFDVRGHFKXYDIRUWHTXHGDGHQHYHRXQH
EOLQDFHUUDGDMiTXHRVYHtFXORVjIUHQWHSRGHP
VHUUHFRQKHFLGRVLQVXILFLHQWHPHQWHRXVREGHWHU
PLQDGDVFLUFXQVWkQFLDVQmRVHUUHFRQKHFLGRVSRU
FRPSOHWR

 'XUDQWHDFRQGXomR
6LWXDo}HVGHFRQGXomR

)LJ $YHtFXORQDiUHDGHXPDFXUYD%PRWRFLFOHWDjIUHQWHIRUDGDiUHDGHDOFDQFHGRVHQVRUGR
UDGDU

)LJ &PXGDQoDGHIDL[DGHXPYHtFXOR'YHtFXORYLUDQGRHSDUDGR

¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
Ɣ $LJQLomRIRUGHVOLJDGD
Ɣ $IDVHGHSDUDGDGXUDUPDLVTXHDSUR[LPDGD
PHQWHPLQXWRV

2$&&SRVVXLOLPLWHVItVLFRVHFRQGLFLRQDGRVDR $UUDQTXHDSyVXPDIDVHGHSDUDGD
VLVWHPD$VVLPpSRVVtYHOTXHSRUH[HPSORVRE VRPHQWHYHtFXORVFRPWUDQVPLVVmR
RSRQWRGHYLVWDGRFRQGXWRUR$&&UHDMDLQHVSH DXWRPiWLFD
UDGDPHQWHRXFRPDWUDVR3RUWDQWRHVWDUVHPSUH 2$&&QmRSRGHDUUDQFDURYHtFXORVR]LQKRDSyV
DWHQWRHVHQHFHVViULRLQWHUIHULUGLUHWDPHQWH XPDIDVHGHSDUDGD$VVLPTXHRYHtFXORjIUHQWH
$VVHJXLQWHVVLWXDo}HVGHFRQGXomRSRUH[HPSOR HQWUDUQRYDPHQWHHPPRYLPHQWRRFRQGXWRUGH
H[LJHPDWHQomRHVSHFLDO YHUiDFHOHUDURYHtFXORHPDSUR[LPDGDPHQWH
NPK PSK $SDUWLUGHVVDYHORFLGDGHR$&&
5HGX]LUDYHORFLGDGHDWpDSDUDGD VRPHQWH YROWDDUHJXODUDYHORFLGDGHHDGLVWkQFLDFRPDV
YHtFXORVFRPWUDQVPLVVmRDXWRPiWLFD FRQILJXUDo}HVDUPD]HQDGDV
6HXPYHtFXORjIUHQWHUHGX]LUDYHORFLGDGHDWpD
$RXOWUDSDVVDU
SDUDGDR$&&WDPEpPUHGX]LUiDYHORFLGDGHGR
SUySULRYHtFXORDWpDSDUDGD&RQVHTXHQWHPHQWH 6HDRLQLFLDURSURFHVVRGHXOWUDSDVVDJHPRVLQ
RYHtFXORVHUiPDQWLGRSDUDGR GLFDGRUHVGHGLUHomRIRUHPDFLRQDGRVR$&&
DFHOHUDUiRYHtFXORDXWRPDWLFDPHQWHHUHGX]LUi
)DVHGHSDUDGD VRPHQWHYHtFXORVFRP DVVLPDGLVWkQFLDHPUHODomRDXPYHtFXORjIUHQ
WUDQVPLVVmRDXWRPiWLFD WH6HRYHtFXORWURFDUSDUDDIDL[DGHXOWUDSDVVD
6HR$&&WLYHUUHGX]LGRDYHORFLGDGHGRYHtFXOR JHPHQHQKXPYHtFXORjIUHQWHIRUUHFRQKHFLGRR
DWpDSDUDGDR$&&QmRVHUiGHVOLJDGRDRSUHV $&&DFHOHUDUiDWpDYHORFLGDGHFRQILJXUDGDHD
VLRQDURSHGDOGRIUHLR PDQWHUiFRQVWDQWH8PSURFHVVRGHDFHOHUDomR
SRGHVHULQWHUURPSLGRDTXDOTXHUPRPHQWRDFLR
2IUHLRGHHVWDFLRQDPHQWRHOHWU{QLFRpDWLYDGRDX QDQGRRSHGDOGRIUHLRRXRSRQWRGHSUHVVmR
WRPDWLFDPHQWHHR$&&pGHVOLJDGRVHGXUDQWHD &$1&(/GDDODYDQFDGHFRPDQGRҧϜ3iJLQD
IDVHGHSDUDGDRFRUUHUXPDVGDVVHJXLQWHVVLWXD
o}HV $RFRQGX]LUHPFXUYDV
Ɣ 2FLQWRGHVHJXUDQoDIRUUHWLUDGR $RHQWUDURXVDLUGHFXUYDVpSRVVtYHOTXHRVHQ
53&&

VRUGRUDGDUSHUFDRYHtFXORjIUHQWHRXUHDMDDXP
Ɣ $SRUWDGRFRQGXWRUIRUDEHUWD YHtFXORQDIDL[DDRODGRҧϜ)LJ$(PWDLVVL
WXDo}HVpSRVVtYHOTXHRSUySULRYHtFXORQmRUHDMD
PDLVDRYHtFXORTXHHVWiURGDQGRjIUHQWHHTXH b

6LVWHPDVGHDVVLVWrQFLDDRFRQGXWRU 
HOHUHGX]DRXDXPHQWHDYHORFLGDGHLQYROXQWDULD 6HXPYHtFXORUHJLVWUDGRSHOR$&&YLUDURXPXGDU
PHQWH8PSURFHVVRGHGHVDFHOHUDomRRXGHDFH GHIDL[DHVHKRXYHUXPYHtFXORSDUDGRjIUHQWH
OHUDomRSRGHVHULQWHUURPSLGRDTXDOTXHUPRPHQ GHVWHYHtFXORR$&&QmRUHDJLUiDRYHtFXORSDUD
WRDFLRQDQGRRSHGDOGRIUHLRRXRSRQWRGHSUHV GRҧϜ)LJ'
VmR&$1&(/GDDODYDQFDGHFRPDQGR
ҧϜ3iJLQD 3RVVtYHLVOLPLWDo}HVGRVHQVRUGRUDGDU
6HDIXQomRGRVHQVRUGRUDGDUIRUOLPLWDGDSRU
&RQGXo}HVHPW~QHLV H[HPSORSRUFKXYDIRUWHQHEOLQDQHYHRXODPDR
$RFRQGX]LUHPW~QHLVDIXQomRGRUDGDUGHGLV $&&VHGHVOLJDWHPSRUDULDPHQWH1RGLVSOD\GR
WkQFLDSRGHVHUOLPLWDGD(YLWDURXVRHPW~QHLV LQVWUXPHQWRFRPELQDGRDSDUHFH$&&LQGLVSRQ®
YHO
9HtFXORVHVWUHLWRVHTXHVHPRYLPHQWDPGH
IRUPDGHVORFDGD 6HQmRKRXYHUPDLVOLPLWDomRGRVHQVRUGRUDGDU
RUHJXODGRUGHGLVWkQFLDGR$&&VHOLJDDXWRPDWL
9HtFXORVHVWUHLWRVHTXHVHPRYLPHQWDPGHIRUPD
FDPHQWH$PHQVDJHP $&&LQGLVSRQ®YHOVH
GHVORFDGDVySRGHPVHUUHFRQKHFLGRVSHORVHQVRU
DSDJD
GRUDGDUVHHVWLYHUHPQDiUHDGHUHFRQKHFLPHQWR
GRVHQVRUҧϜ)LJ%,VVRpYiOLGRHVSHFLDOPHQ )UHLRVH[FHVVLYDPHQWHDTXHFLGRV
WHSDUDYHtFXORVHVWUHLWRVFRPRPRWRFLFOHWDV 6HRVIUHLRVVHDTXHFHUHPPXLWRSRUH[HPSOR
0XGDQoDGHIDL[DGHRXWURVYHtFXORV GXUDQWHPDQREUDVGHIUHQDJHPIRUWHVRXHPFRQ
GXo}HVHPGHFOLYHVPXLWRtQJUHPHVR$&&SRGH
9HtFXORVTXHPXGDPGHIDL[DGHURGDJHPHPXPD
VHGHVOLJDUWHPSRUDULDPHQWH1RGLVSOD\GRLQVWUX
GLVWkQFLDSHTXHQDVmRUHFRQKHFLGRVSHORVHQVRU
PHQWRFRPELQDGRDSDUHFH$&&LQGLVSRQ®YHO$
GRUDGDUVRPHQWHVHHVWLYHUHPQDiUHDGHUHFR
DWLYDomRGR$&&QmRVHUiHQWmRSRVVtYHO
QKHFLPHQWRGRVHQVRU$FRQVHTXrQFLDpXPDUHD
omRWDUGLDGR$&&ҧϜ)LJ& $VVLPTXHDWHPSHUDWXUDGRVIUHLRVGLPLQXLURVXIL
FLHQWHR$&&SRGHUiVHUDWLYDGRQRYDPHQWH$
9HtFXORVSDUDGRV PHQVDJHP$&&LQGLVSRQ®YHOQRLQVWUXPHQWR
2$&&QmRUHFRQKHFHREVWiFXORVSDUDGRVFRPR FRPELQDGRVHDSDJD6HDPHQVDJHP$&&LQ
SRUH[HPSORRILPGRFRQJHVWLRQDPHQWRRXYHtFX GLVSRQ®YHOQmRVHDSDJDUKiXPDDYDULD3UR
ORTXHEUDGRRXDLQGDYHtFXORVYLQGRQDGLUHomR FXUDUXPD&RQFHVVLRQiULD9RONVZDJHQ ‹
RSRVWDQDPHVPDIDL[DGHURGDJHP

 'XUDQWHDFRQGXomR
$VVLVWHQWHGHSHUPDQrQFLDQDIDL[D /DQH$VVLVW

¤ ,QWURGXomRDRWHPD
1HVWHFDStWXORHQFRQWUDPVHLQIRUPDo}HVUHODWLYDV $'9(57Ç1&,$ FRQWLQXDomR
DRVVHJXLQWHVWHPDV
SHUPDQrQFLDQDIDL[DSRGHUHFRQKHFHUHUUR
,QGLFDGRUGRGLVSOD\HOX]HVGHFRQWUROH   QHDPHQWHSLVWDVGHURGDJHPUXLQVHVWUXWX
)XQFLRQDPHQWR   UDVGDSLVWDRXREMHWRVFRPRVHIRVVHPPDU
'HVOLJDURDVVLVWHQWHGHSHUPDQrQFLDQD FDo}HVGDSLVWDGHURGDJHP1HVVDVVLWXD
IDL[DQDVVHJXLQWHVVLWXDo}HV   o}HVGHVOLJDURDVVLVWHQWHGHSHUPDQrQFLD
QDIDL[DLPHGLDWDPHQWH
2DVVLVWHQWHGHSHUPDQrQFLDQDIDL[DDX[LOLDR Ɣ $WHQWDUSDUDDVLQGLFDo}HVGRGLVSOD\GR
FRQGXWRUDVHPDQWHUQDIDL[DGHURGDJHP LQVWUXPHQWRFRPELQDGRHVHJXLUDVLQVWUX
o}HVFRUUHVSRQGHQWHV
,QIRUPDo}HVHDOHUWDVFRPSOHPHQWDUHV
Ɣ 2EVHUYDUVHPSUHDWHQWDPHQWHRDPELHQWH
Ɣ 9LVWDVH[WHUQDVҧϜ3iJLQD
DRUHGRUGRYHtFXOR
Ɣ 6LVWHPDGHLQIRUPDo}HV9RONVZDJHQ
Ɣ 6HDiUHDGHYLVmRGDFkPHUDHVWLYHUVXMD
ҧϜ3iJLQD
FREHUWDRXGDQLILFDGDRIXQFLRQDPHQWRGR
Ɣ &RQWUROHDXWRPiWLFRGHGLVWkQFLD $&& DVVLVWHQWHGHSHUPDQrQFLDQDIDL[DSRGHVHU
ҧϜ3iJLQD SUHMXGLFDGR
Ɣ $VVLVWHQWHGHPXGDQoDGHIDL[D 6LGH$VVLVW
ҧϜ3iJLQD 127$
Ɣ $FHVVyULRVUHSRVLomRGHSHoDVUHSDURVHPR 3DUDQmRLQIOXHQFLDUDFDSDFLGDGHGHIXQFLRQD
GLILFDo}HVҧϜ3iJLQD PHQWRGRVLVWHPDRVVHJXLQWHVSRQWRVGHYHP
VHUREVHUYDGRV
$'9(57Ç1&,$ Ɣ /LPSDUDiUHDGHYLVmRGDFkPHUDFRPIUH
$WHFQRORJLDLQWHOLJHQWHGRDVVLVWHQWHGHSHU TXrQFLDHPDQWrODVHPQHYHHVHPJHOR
PDQrQFLDQDIDL[D /DQH$VVLVW QmRSRGHVX Ɣ 1mRFREULUDiUHDGHYLVmRGDFkPHUD
SHUDURVOLPLWHVItVLFRVHWUDEDOKDVRPHQWH
Ɣ 9HULILFDUDH[LVWrQFLDGHGDQRVQRSDUDEUL
GHQWURGRVOLPLWHVGRVLVWHPD$XWLOL]DomR
VDQDiUHDGHYLVmRGDFkPHUD
GHVDWHQWDRXVHPVXSHUYLVmRGRDVVLVWHQWH
GHSHUPDQrQFLDQDIDL[DSRGHFDXVDUDFLGHQ 2DVVLVWHQWHGHSHUPDQrQFLDQDIDL[DIRLGH
WHVHIHULPHQWRVJUDYHV2VLVWHPDQmRSRGH VHQYROYLGRVRPHQWHSDUDFRQGXomRHPUXDV
VXEVWLWXLUDDWHQomRGRFRQGXWRU SDYLPHQWDGDV
Ɣ $GHTXDUDYHORFLGDGHHDGLVWkQFLDGHVH
JXUDQoDHPUHODomRDRVYHtFXORVjIUHQWH 6HRDVVLVWHQWHGHSHUPDQrQFLDQDIDL[DQmR
VHPSUHGHDFRUGRFRPDVFRQGLo}HVGHYLVL HVWLYHUIXQFLRQDQGRFRQIRUPHGHVFULWRQHVWH
ELOLGDGHFOLPiWLFDVGDSLVWDHGRWUkQVLWR FDStWXORQmRXVDURDVVLVWHQWHGHSHUPDQrQFLDQD
IDL[DHSURFXUDUXPD&RQFHVVLRQiULD9RONVZDJHQ
Ɣ 0DQWHUDVPmRVVHPSUHQRYRODQWHSDUD
SRGHUDVVXPLUDGLUHomRDTXDOTXHUPRPHQ (PFDVRGHDYDULDGRVLVWHPDSURFXUDUXPD
WR &RQFHVVLRQiULD9RONVZDJHQHPDQGDUYHULIL
Ɣ 2DVVLVWHQWHGHSHUPDQrQFLDQDIDL[DQmR FDURVLVWHPD ‹
UHFRQKHFHWRGDVDVPDUFDo}HVGDSLVWD6RE
GHWHUPLQDGDVFLUFXQVWkQFLDVRDVVLVWHQWHGH
53&&

6LVWHPDVGHDVVLVWrQFLDDRFRQGXWRU 
,QGLFDGRUGRGLVSOD\HOX]HVGHFRQWUROH

)LJ 1RGLVSOD\GRLQVWUXPHQWRFRPELQDGRLQ )LJ 1RGLVSOD\GRLQVWUXPHQWRFRPELQDGRLQ


GLFDGRUGRGLVSOD\GRDVVLVWHQWHGHSHUPDQrQFLD GLFDGRUGRGLVSOD\GRDVVLVWHQWHGHSHUPDQrQFLD
QDIDL[D H[HPSOR  QDIDL[D H[HPSOR 

¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQIRUPDo}HVLQWURGXWyULDVHDVLQGLFDo}HVGHVHJXUDQ
oD QDSiJLQD

,QGLFDGRUGRGLVSOD\
ÈUHDGHH[LELomRQRGLVSOD\ҧϜ)LJRXҧϜ)LJ
 0DUFDomRGDSLVWDUHFRQKHFLGD2VLVWHPDQmRHVWiHPIXQFLRQDPHQWR
 0DUFDomRGDSLVWDUHFRQKHFLGD2VLVWHPDHQWUDHPIXQFLRQDPHQWR
 1HQKXPDPDUFDomRGDSLVWDUHFRQKHFLGD2VLVWHPDQmRHVWiHPIXQFLRQDPHQWR

$VLOXVWUDo}HVPRVWUDPWDPEpPRVLQGLFDGRUHVGR
GLVSOD\GRFRQWUROHDXWRPiWLFRGHGLVWkQFLD $&&
ҧϜ3iJLQD

/X]HVGHFRQWUROH
SLVFDQGR
&DXVDSRVVtYHO 6ROXomR
RXDFHVR
2VLVWHPDQmRSRGHUHFRQKHFHUDIDL[DGHUR
$VVLVWHQWHGHSHUPDQrQFLDQDIDL[DOLJDGR GDJHPFODUDPHQWH9HU3iJLQD2DVVLV
" PDVQmRDWLYR WHQWHGHSHUPDQrQFLDQDIDL[DQmRHVWiDWLYR D
OX]GHFRQWUROHHVWiDFHVDHPDPDUHOR 
$VVLVWHQWHGHSHUPDQrQFLDQDIDL[DOLJDGR
" DWLYR
±

$ROLJDUDLJQLomRDOJXPDVOX]HVGHDGYHUWrQFLDH
$'9(57Ç1&,$
GHFRQWUROHVHDFHQGHPUDSLGDPHQWHSDUDYHULILFD
omRGDIXQomR(ODVVHDSDJDPDSyVDOJXQVVH $LQREVHUYkQFLDGDVOX]HVGHDGYHUWrQFLD
JXQGRV DFHVDVHGDVPHQVDJHQVGHWH[WRSRGHRFD
VLRQDUSDUDGDVGRYHtFXORQRWUkQVLWRDFL
GHQWHVHIHULPHQWRVJUDYHV
Ɣ 1XQFDLJQRUDUDVOX]HVGHDGYHUWrQFLD
DFHVDVHDVPHQVDJHQVGHWH[WR
Ɣ 3DUDUYHtFXORDVVLPTXHIRUSRVVtYHOHVH
JXUR b

 'XUDQWHDFRQGXomR
127$
$LQREVHUYkQFLDGHOX]HVGHFRQWUROHTXHVH
DFHQGHPHGHPHQVDJHQVGHWH[WRSRGHFDXVDU
GDQRVDRYHtFXOR ‹

)XQFLRQDPHQWR
Ɣ 6HRVOLPLWHVFRQGLFLRQDGRVDRVLVWHPDIRUHP
DOFDQoDGRV
Ɣ 6HRWRUTXHGDGLUHomRPi[LPRQDLQWHUYHQomR
QDGLUHomRFRUUHWLYDQmRIRUVXILFLHQWHSDUDPDQWHU
RYHtFXORQDIDL[DGHURGDJHP
Ɣ 6HGXUDQWHDLQWHUYHQomRQDGLUHomRFRUUHWLYDR
VLVWHPDQmRUHFRQKHFHUPDLVQHQKXPDIDL[DGH
URGDJHP
)LJ 1RSDUDEULVDYLVRUGDFkPHUDGRDVVLV
WHQWHGHSHUPDQrQFLDQDIDL[D /LJDURXGHVOLJDURDVVLVWHQWHGH
SHUPDQrQFLDQDIDL[D

¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
Ɣ &RPDDMXGDGRERWmRGRVVLVWHPDVGHDVVLV
WrQFLDDRFRQGXWRUHVFROKHURLWHPGHPHQXFRU
UHVSRQGHQWHҧϜ3iJLQD
Ɣ 28QRPHQX&RQILJXUD¨¶HVVXEPHQX$V
&RPXPDFkPHUDQRSDUDEULVDRDVVLVWHQWHGH
VLVWHQWHVDWLYDURXGHVDWLYDURVLVWHPDHP/D
SHUPDQrQFLDQDIDL[DUHFRQKHFHDVSRVVtYHLVOL
QH$VVLVWҧϜ3iJLQD8P³VLQDOGHYLVWR´LQGLFD
QKDVGHOLPLWDomRGDIDL[DGHURGDJHP6HRYHt
XPVLVWHPDGHDVVLVWrQFLDDRFRQGXWRUOLJDGR
FXORVHDSUR[LPDUVHPVXSHUYLVmRGHXPDOLQKDGH
OLPLWDomRUHFRQKHFLGDRVLVWHPDDOHUWDRFRQGXWRU $XWRGHVOLJDPHQWRRDVVLVWHQWHGHSHUPDQrQFLD
FRPXPDLQWHUYHQomRQDGLUHomRFRUUHWLYD$LQWHU QDIDL[DSRGHVHGHVOLJDUDXWRPDWLFDPHQWHFDVR
YHQomRQDGLUHomRFRUUHWLYDSRGHVHUDVVXPLGDD KDMDXPDDYDULDGRVLVWHPD$OX]GHFRQWUROHVH
TXDOTXHUPRPHQWR DSDJD
4XDQGRRVLQGLFDGRUHVGHGLUHomRHVWmROLJDGRV 2DVVLVWHQWHGHSHUPDQrQFLDQDIDL[DQmR
QHQKXPDOHUWDpH[LELGRMiTXHRDVVLVWHQWHGH HVWiDWLYR DOX]GHFRQWUROHHVWiDFHVDHP
SHUPDQrQFLDQDIDL[DVXS}HTXHKDYHUiXPDPX
DPDUHOR
GDQoDGHIDL[DLQWHQFLRQDO
Ɣ 6HDYHORFLGDGHGHFRQGXomRHVWLYHUDEDL[RGH
(PYHtFXORVTXHWDPEpPHVWmRHTXLSDGRVFRP DSUR[LPDGDPHQWHNPK PSK 
XPDVVLVWHQWHGHPXGDQoDGHIDL[DҧϜ3iJLQD
Ɣ 6HRDVVLVWHQWHGHSHUPDQrQFLDQDIDL[DQmR
XPDOHUWDWDPEpPpHPLWLGRVHRVLQGLFDGRUHVGH
UHFRQKHFHUDVOLQKDVGHOLPLWDomRGDSUySULDSLVWD
GLUHomRHVWLYHUHPOLJDGRVDRVDLUGDIDL[DGHURGD
GHURGDJHP3RUH[HPSORHPFDVRGHPDUFDo}HV
JHP2DOHUWDpVHPSUHHPLWLGRVHRVLVWHPDUHFR
GHREUDRXHPFDVRGHQHYHVXMHLUDXPLGDGHRX
QKHFHUXPDSRVVtYHOVLWXDomRFUtWLFDQDPXGDQoD
OX]RIXVFDQWH
GHIDL[D DVVLVWHQWHGHSHUPDQrQFLDQDIDL[D
3/86  Ɣ 6HRUDLRGHXPDFXUYDIRUPXLWRSHTXHQR
Ɣ 6HDPDUFDomRGDSLVWDIRULQH[LVWHQWH
9LEUDomRQRYRODQWH
Ɣ 6HDGLVWkQFLDDWpDSUy[LPDPDUFDomRGDSLVWD
$VVHJXLQWHVVLWXDo}HVRFDVLRQDPXPDYLEUDomR IRUPXLWRJUDQGH
QRYRODQWHHH[LJHPTXHRFRQGXWRUDVVXPDR
FRQWUROHGDGLUHomRDWLYDPHQWH Ɣ 6HR$65HVWLYHUGHVOLJDGR
Ɣ 6HRVLVWHPDQmRUHFRQKHFHUFODUDPHQWHQH
QKXPDPRYLPHQWDomRGRYRODQWHDWLYDGRFRQGX
WRUSRUXPORQJRSHUtRGR
53&&

Ɣ 7HPSRUDULDPHQWHHPFDVRGHXPDIRUPDGH
FRQGXomRPXLWRGLQkPLFD
Ɣ 6HRVLQGLFDGRUHVGHGLUHomRHVWLYHUHPOLJD
GRV b

6LVWHPDVGHDVVLVWrQFLDDRFRQGXWRU 
$QWHVGRLQtFLRGDFRQGXomRYHULILFDUVHRYL 0DQWHURYLVRUGDFkPHUDVHPSUHOLPSR
VRUGDFkPHUDQmRHVWiFREHUWRҧϜ)LJ ‹

'HVOLJDURDVVLVWHQWHGHSHUPDQrQFLDQDIDL[DQDVVHJXLQWHVVLWXDo}HV

¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
Ɣ 6HDVFRQGLo}HVFOLPiWLFDVHVWLYHUHPUXLQV
Ɣ 6HDUXDHVWLYHUHPPDXHVWDGRGHFRQVHUYD
omR
Ɣ (PiUHDVGHREUD ‹
'HVOLJDURDVVLVWHQWHGHSHUPDQrQFLDQDIDL[DQDV
VHJXLQWHVVLWXDo}HVGHYLGRDRVOLPLWHVGRVLVWHPD
Ɣ 6HIRUQHFHVViULRTXHRFRQGXWRUPDQWHQKDXP
QtYHOGHDWHQomRHOHYDGR
Ɣ 6HDIRUPDGHFRQGXomRIRUPXLWRHVSRUWLYD

 'XUDQWHDFRQGXomR
$VVLVWHQWHGHPXGDQoDGHIDL[D 6LGH$VVLVW

¤ ,QWURGXomRDRWHPD
1HVWHFDStWXORHQFRQWUDPVHLQIRUPDo}HVUHODWLYDV $'9(57Ç1&,$ FRQWLQXDomR
DRVVHJXLQWHVWHPDV
Ɣ $GHTXDUDYHORFLGDGHHDGLVWkQFLDGHVH
/X]HVGHFRQWUROH   JXUDQoDHPUHODomRDRVYHtFXORVjIUHQWH
)XQFLRQDPHQWRGRDVVLVWHQWHGHPXGDQoDGH VHPSUHGHDFRUGRFRPDVFRQGLo}HVGHYLVL
IDL[D   ELOLGDGHFOLPiWLFDVGDSLVWDHGRWUkQVLWR
6LWXDo}HVGHWUkQVLWR   Ɣ 0DQWHUDVPmRVVHPSUHQRYRODQWHSDUD
&RPDQGDURDVVLVWHQWHGHPXGDQoDGHIDL[D  SRGHUDVVXPLUDGLUHomRDTXDOTXHUPRPHQ
WR
2DVVLVWHQWHGHPXGDQoDGHIDL[DDX[LOLDDGHWHF Ɣ $WHQWDUSDUDDVOX]HVGHFRQWUROHQRHVSH
WDUDVLWXDomRGHWUiILFRDRODGRHDWUiVGRYHtFXOR OKRUHWURYLVRUH[WHUQRHDVLQGLFDo}HVQRGLV
2DVVLVWHQWHGHPXGDQoDGHIDL[DIRLGHVHQYROYLGR SOD\GRLQVWUXPHQWRFRPELQDGRHDJLUFRQ
VRPHQWHSDUDFRQGXomRHPUXDVSDYLPHQWDGDV IRUPHDVVROLFLWDo}HV
Ɣ 2EVHUYDUVHPSUHDWHQWDPHQWHRDPELHQWH
,QIRUPDo}HVHDOHUWDVFRPSOHPHQWDUHV
DRUHGRUGRYHtFXOR
Ɣ 9LVWDVH[WHUQDVҧϜ3iJLQD
Ɣ 6LVWHPDGHLQIRUPDo}HV9RONVZDJHQ 127$
ҧϜ3iJLQD
Ɣ 2VVHQVRUHVGRUDGDUQRSDUDFKRTXHWUD
Ɣ &RQGXomRFRPUHERTXHҧϜ3iJLQD VHLURSRGHPVHUGHVUHJXODGRVRXGDQLILFDGRV
Ɣ $VVLVWHQWHGHSHUPDQrQFLDQDIDL[D /DQH$V SRUFKRTXHVSRUH[HPSORDRHVWDFLRQDU&R
VLVW ҧϜ3iJLQD PRFRQVHTXrQFLDRVLVWHPDSRGHVHGHVOLJDU
Ɣ $FHVVyULRVUHSRVLomRGHSHoDVUHSDURVHPR RXDRPHQRVVHUDIHWDGR
GLILFDo}HVҧϜ3iJLQD Ɣ 3DUDRIXQFLRQDPHQWRFRUUHWRGRVVHQVRUHV
Ɣ ,QIRUPDo}HVDRFRQVXPLGRUҧϜ3iJLQD GRUDGDUPDQWHURSDUDFKRTXHWUDVHLURLVHQWR
GHQHYHHGHJHORHGHVFREHUWR
$'9(57Ç1&,$ Ɣ 2SDUDFKRTXHWUDVHLURSRGHVHUSLQWDGRVR
PHQWHFRPWLQWDVGHYHtFXOROLEHUDGDVSHOD
$WHFQRORJLDLQWHOLJHQWHGRDVVLVWHQWHGHPX
9RONVZDJHQ&RPRXWUDVSLQWXUDVDIXQomRGR
GDQoDGHIDL[DQmRSRGHVXSHUDURVOLPLWHVIt
DVVLVWHQWHGHPXGDQoDGHIDL[DSRGHVHUOLPLWD
VLFRVHWUDEDOKDVRPHQWHGHQWURGRVOLPLWHV
GDRXIDOKD
GRVLVWHPD$XWLOL]DomRGHVDWHQWDRXVHP
VXSHUYLVmRGRDVVLVWHQWHGHPXGDQoDGHIDL 6HRDVVLVWHQWHGHPXGDQoDGHIDL[DQmR
[DSRGHFDXVDUDFLGHQWHVHIHULPHQWRVJUD IXQFLRQDUFRQIRUPHGHVFULWRQHVWHFDStWXOR
YHV2VLVWHPDQmRSRGHVXEVWLWXLUDDWHQomR RXVHWLYHURFRUULGRXPDFLGHQWHQmRXWLOL]DURVLV
GRFRQGXWRU WHPDHSURFXUDUXPD&RQFHVVLRQiULD9RONVZDJHQ
RXXPDHPSUHVDHVSHFLDOL]DGD ‹

/X]HVGHFRQWUROH

¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQIRUPDo}HVLQWURGXWyULDVHDVLQGLFDo}HVGHVHJXUDQ
oD QDSiJLQD

/X]HVGHFRQWUROHQRGLVSOD\GRLQVWUXPHQWRFRPELQDGR
$FHVD &DXVDSRVVtYHO
53&&

9 $VVLVWHQWHGHPXGDQoDGHIDL[DDWLYR b

6LVWHPDVGHDVVLVWrQFLDDRFRQGXWRU 
$ROLJDUDLJQLomRDOJXPDVOX]HVGHDGYHUWrQFLDH
GHFRQWUROHVHDFHQGHPUDSLGDPHQWHSDUDYHULILFD
omRGDIXQomR(ODVVHDSDJDPDSyVDOJXQVVH
JXQGRV

/X]HVGHFRQWUROHQRVHVSHOKRVUHWURYLVRUHVH[WHUQRV
$FHVD &DXVDSRVVtYHO
$FHQGHXPDYH]EUHYHPHQWHDVVLVWHQWHGHPXGDQoDGHIDL[DOLJDGRHSURQWRSDUD
XVR
 $FHVDRDVVLVWHQWHGHPXGDQoDGHIDL[DUHFRQKHFHXPYHtFXORDRODGRRXQDGL
DJRQDODWUiVGRYHtFXOR

3LVFDQGR &DXVDSRVVtYHO
)RLUHFRQKHFLGRXPYHtFXORHWDPEpPIRLDFLRQDGRRLQGLFDGRUGHGLUHomRQRVHQWL
GRGRYHtFXORUHFRQKHFLGRҧϜ 
 1RVYHtFXORVTXHVmRHTXLSDGRVDGLFLRQDOPHQWHFRPXPDVVLVWHQWHGHSHUPDQrQ
FLDQDIDL[DҧϜ3iJLQDDLQIRUPDomRWDPEpPpIRUQHFLGDDRGHL[DUDIDL[DVHP
RDFLRQDPHQWRGRLQGLFDGRUGHGLUHomR

6HQmRIRUGDGDQHQKXPDLQGLFDomRGDVOX]HVGH
127$
FRQWUROHQRVHVSHOKRVUHWURYLVRUHVH[WHUQRVRDV
VLVWHQWHGHPXGDQoDGHIDL[DQmRUHFRQKHFHXQH $LQREVHUYkQFLDGHOX]HVGHFRQWUROHTXHVH
QKXPYHtFXORQRHQWRUQRFUtWLFRGRYHtFXORҧϜ DFHQGHPHGHPHQVDJHQVGHWH[WRSRGHFDXVDU
HP,QWURGXomRDRWHPDQDSiJLQD GDQRVDRYHtFXOR ‹
4XDQWRPDLVOX]HVGHFRQWUROHVHDFHQGHUHPQRV
HVSHOKRVUHWURYLVRUHVH[WHUQRVPDLVSHUWRHVWiXP
YHtFXORTXHVHDSUR[LPDSRUWUiV

$'9(57Ç1&,$
$LQREVHUYkQFLDGDVOX]HVGHDGYHUWrQFLD
DFHVDVHGDVPHQVDJHQVGHWH[WRSRGHFDX
VDUDSDUDGDGRYHtFXORQRWUkQVLWRDFLGHQWHV
HIHULPHQWRVJUDYHV
Ɣ 1XQFDGHL[DUGHREVHUYDUDVOX]HVGHDG
YHUWrQFLDHDVPHQVDJHQVGHWH[WR
Ɣ ([HFXWDUDVDo}HVQHFHVViULDV

)XQFLRQDPHQWRGRDVVLVWHQWHGHPXGDQoDGHIDL[D

)LJ 1RVHVSHOKRVUHWURYLVRUHVH[WHUQRVLQGLFDGRUGRDVVLVWHQWHGHPXGDQoDGHIDL[D b

 'XUDQWHDFRQGXomR
HDGLIHUHQoDGHYHORFLGDGHFRPUHODomRDRXWURV
YHtFXORV2DVVLVWHQWHGHPXGDQoDGHIDL[DQmR
IXQFLRQDDXPDYHORFLGDGHGHFRQGXomRGHDSUR[L
PDGDPHQWHNPK PSK 2FRQGXWRUpLQIRU
PDGRDWUDYpVGRVVLQDLVySWLFRVQRVHVSHOKRVUH
WURYLVRUHVH[WHUQRV

,QGLFDGRUQRVHVSHOKRVUHWURYLVRUHV
H[WHUQRV
$VOX]HVGHFRQWUROHҧϜ)LJ$RX%GRUHVSHF
WLYRHVSHOKRUHWURYLVRUH[WHUQRLQIRUPDPVREUHR
WUkQVLWRWUDVHLURTXDQGRXPDVLWXDomRIRUFRQVLGH
UDGDFUtWLFDHPXPDWURFDGHIDL[D$VOX]HVGH
)LJ 9LVWDWUDVHLUDGRYHtFXORiUHDGRVVHQVR FRQWUROHQRHVSHOKRUHWURYLVRUH[WHUQRHVTXHUGR$
UHVGRUDGDU LQIRUPDPVREUHRWUkQVLWRjHVTXHUGDHDVOX]HV
GHFRQWUROHQRHVSHOKRUHWURYLVRUH[WHUQRGLUHLWR%

¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
LQIRUPDPVREUHRWUkQVLWRjGLUHLWDGRSUySULRYHt
FXOR
$VWRQDOLGDGHVGRVYLGURVODWHUDLVRXSHOtFXODGH
HVFXUHFLPHQWRFRORFDGDSRVWHULRUPHQWHSRGHP
2DVVLVWHQWHGHPXGDQoDGHIDL[DPRQLWRUDDiUHD SUHMXGLFDURXFRQIXQGLURUHFRQKHFLPHQWRGRLQGL
DRODGRHDWUiVGRYHtFXORFRPDMXGDGRVVHQVRUHV FDGRUQRHVSHOKRUHWURYLVRUH[WHUQR
GRUDGDU'HVVDIRUPDRVLVWHPDPHGHDGLVWkQFLD

,QGLFDGRUQRHVSHOKRUHWURYLVRUH[WHU 6LWXDomR
QR
1HQKXPD 1HQKXPRXWURYHtFXORLGHQWLILFDGRQRDPELHQWHFUtWLFRGRYHt
FXORSHORDVVLVWHQWHGHPXGDQoDGHIDL[D
$FHQGHVHXPDYH]EUHYHPHQWH 2DVVLVWHQWHGHPXGDQoDGHIDL[DHVWiOLJDGRHSURQWRSDUD
XVR
$FHQGHVHFRPDOX]IUDFD QtYHOGHLQ 2DVVLVWHQWHGHPXGDQoDGHIDL[DUHFRQKHFHXPDSRVVtYHOVL
IRUPDomR  WXDomRFUtWLFD
3LVFDYiULDVYH]HVFRPDOX]FODUD QtYHO 2LQGLFDGRUGHGLUHomRHVWiOLJDGRHRDVVLVWHQWHGHPXGDQoD
GHDOHUWD  GHIDL[DUHFRQKHFHXPDVLWXDomRSRVVLYHOPHQWHFUtWLFDQROD
GRFRUUHVSRQGHQWHGRYHtFXORҧϜ HP/X]HVGHFRQWUROHQD
SiJLQD
1RVYHtFXORVTXHVmRHTXLSDGRVDGLFLRQDOPHQWHFRPXPDV
VLVWHQWHGHSHUPDQrQFLDQDIDL[DҧϜ3iJLQDRQtYHOGH
DOHUWDWDPEpPpIRUQHFLGRDRGHL[DUDIDL[DVHPXWLOL]DURLQGL
FDGRUGHGLUHomR

6HQVRUHVGRUDGDU $VVLPDODUJXUDGDIDL[DGHURGDJHPQmRpUHFR
2VVHQVRUHVGRUDGDUHVWmRjHVTXHUGDHjGLUHLWD QKHFLGDLQGLYLGXDOPHQWHPDVpSUHGHILQLGDSHOR
DWUiVGRSDUDFKRTXHHQmRVmRYLVtYHLVSRUIRUD VLVWHPD3RULVVRDRFRQGX]LUHPIDL[DVGHURGD
ҧϜ)LJ(OHVGHWHFWDPXPDiUHDGHDSUR[LPD JHPHVWUHLWDVRXDRFRQGX]LUHQWUHGXDVIDL[DVGH
GDPHQWHPHWURVDWUiVGRYHtFXORDVVLPFRPRR URGDJHPSRGHRFRUUHUHUURQRLQGLFDGRU'DPHV
SRQWRFHJRGDHVTXHUGDHGDGLUHLWDGRYHtFXOR2 PDIRUPDSRGHPVHUUHFRQKHFLGRVYHtFXORVGD
DOFDQFHQDiUHDODWHUDOGRYHtFXORVHHVWHQGH SUy[LPDIDL[DGHURGDJHPRXREMHWRVIL[RVFRPR
DSUR[LPDGDPHQWHDOpPGDODUJXUDGHXPDIDL[DGH SRUH[HPSORJXDUGUDLOVSRGHQGRVHUHPLWLGDXPD
URGDJHP PHQVDJHPIDOVD ‹
53&&

6LVWHPDVGHDVVLVWrQFLDDRFRQGXWRU 
6LWXDo}HVGHWUkQVLWR

)LJ 5HSUHVHQWDomRHVTXHPiWLFD$VLWXDo}HVGHWUkQVLWRDRXOWUDSDVVDUFRPRWUkQVLWRWUDVHLUR%
LQGLFDGRUGRDVVLVWHQWHGHPXGDQoDGHIDL[DQRHVSHOKRUHWURYLVRUH[WHUQRHVTXHUGR

)LJ 5HSUHVHQWDomRHVTXHPiWLFD$VLWXDo}HVGHWUkQVLWRDRXOWUDSDVVDUHPXGDUIUHTXHQWHPHQWHGH
IDL[D%LQGLFDGRUGRDVVLVWHQWHGHPXGDQoDGHIDL[DQRHVSHOKRUHWURYLVRUH[WHUQRGLUHLWR

¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
GHIDL[DFRQVLGHUDDGLIHUHQoDGHYHORFLGDGHFRP
UHODomRDRXWURVYHtFXORV3RULVVRDSHVDUGD
PHVPDGLVWkQFLDFRPUHODomRDXPRXWURYHtFXOR
DLQGLFDomRSRGHRFRUUHUHPGLIHUHQWHVPRPHQWRV
1DVVHJXLQWHVVLWXDo}HVGHWUkQVLWRpLQGLFDGRQR
HVSHOKRUHWURYLVRUH[WHUQRҧϜ)LJ% VHWD /LPLWHVItVLFRVHFRQGLFLRQDGRVDRVLVWHPD
RXҧϜ)LJ% VHWD  2DVVLVWHQWHGHPXGDQoDGHIDL[DSRVVLYHOPHQWH
QmRFRQVHJXHLQWHUSUHWDUFRUUHWDPHQWHDVLWXDomR
Ɣ $RVHUXOWUDSDVVDGRSRURXWURYHtFXOR GRWUkQVLWRHPGHWHUPLQDGDVVLWXDo}HVGHFRQGX
ҧϜ)LJ$ omR(QWUHRXWURVQDVVHJXLQWHVVLWXDo}HV
Ɣ $RXOWUDSDVVDURXWURYHtFXORҧϜ)LJ$DWp
Ɣ QDVFXUYDVDFHQWXDGDV
DSUR[LPDGDPHQWHNPK PSK GHGLIHUHQoD
GHYHORFLGDGH(PXPSURFHVVRGHXOWUDSDVVDJHP Ɣ QDVIDL[DVGHURGDJHPFRPODUJXUDVGLIHUHQWHV
FRPXPDYHORFLGDGHVHQVLYHOPHQWHPDLRUQH Ɣ QDVUXDVtQJUHPHV
QKXPLQGLFDGRUpH[LELGR Ɣ QDVFRQGLo}HVFOLPiWLFDVUXLQV
4XDQWRPDLVUiSLGRXPRXWURYHtFXORVHDSUR[LPD Ɣ QRVORWHDPHQWRVFRPPDUJHQVHVSHFLDLVFR
PDLVFHGRXPLQGLFDGRUpH[LELGRQRHVSHOKRUH PRSRUH[HPSORJXDUGUDLODOWRRXGHVORFDGR ‹
WURYLVRUH[WHUQRMiTXHRDVVLVWHQWHGHPXGDQoD

&RPDQGDURDVVLVWHQWHGHPXGDQoDGHIDL[D

¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
6HDFDL[DGHVHOHomRQRLQVWUXPHQWRFRPELQDGR
HVWLYHUVHOHFLRQDGD=DIXQomRVHDWLYDUiDXWR
PDWLFDPHQWHFRPDLJQLomROLJDGD
$VVLPTXHRDVVLVWHQWHGHPXGDQoDGHIDL[DHVWL
$WLYDUHGHVDWLYDU YHUSURQWRSDUDXVRRLQGLFDGRUVHDFHQGHEUHYH
6HOHFLRQDURPHQX$VVLVWHQWHV PHQWHQRHVSHOKRUHWURYLVRUH[WHUQRSDUDFRQILU
PDomR
Ɣ 6LGH$VVLVW
$OX]GHFRQWUROHGRLQVWUXPHQWRFRPELQDGRLQIRU
PDVREUHRVWDWXVGRVLVWHPD b

 'XUDQWHDFRQGXomR
2~OWLPRDMXVWHGRVLVWHPDVDOYRSHUPDQHFHPHV 1RGLVSOD\GRLQVWUXPHQWRFRPELQDGRpH[LELGD
PRGHSRLVGHXPDPXGDQoDGHLJQLomR XPDPHQVDJHPGHWH[WRFRUUHVSRQGHQWH

/XPLQRVLGDGH 4XDQGRRDVVLVWHQWHGHPXGDQoDGHIDL[DpGHVD
WLYDGRDXWRPDWLFDPHQWHRVLVWHPDVRPHQWHSRGH
$OXPLQRVLGDGHEiVLFDGRLQGLFDGRUSRGHVHUFRQIL
UiVHUUHDWLYDGRGHSRLVGHXPDWURFDGHLJQLomR
JXUDGDQRVLVWHPDGHLQIRUPDo}HV9RONVZDJHQ
ҧϜ3iJLQD &RQGXomRFRPUHERTXH
$OXPLQRVLGDGHGRLQGLFDGRUVHDMXVWDDXWRPDWLFD 2DVVLVWHQWHGHPXGDQoDGHIDL[DpDXWRPDWLFD
PHQWHGHSHQGHQGRGDOXPLQRVLGDGHDPELHQWH PHQWHGHVDWLYDGRQmRSRGHVHUDWLYDGRVHRGLV
3RULVVRRLGHDOpFRQILJXUDUDOXPLQRVLGDGHDPEL SRVLWLYRGHUHERTXHLQVWDODGRGHIiEULFDHVWLYHUFR
HQWHFRPOXPLQRVLGDGHPpGLDSDUDTXHDDOWHUD QHFWDGRHOHWULFDPHQWHFRPXPUHERTXHRXVLPLODU
omRGRLQGLFDGRUVHMDYLVtYHO
$VVLPTXHXPUHERTXHHOpWULFRIRUFRQHFWDGRDR
$9RONVZDJHQUHFRPHQGDFRQILJXUDUDOXPLQRVLGD YHtFXORHRFRQGXWRUFRQGX]LUDSDUHFHUiXPD
GHGHPDQHLUDTXHRLQGLFDGRUVHMDUHFRQKHFLGR PHQVDJHPTXHWH[WRQRGLVSOD\GRLQVWUXPHQWR
FRPIDFLOLGDGHHPXPDOXPLQRVLGDGHDPELHQWH FRPELQDGRGL]HQGRTXHRDVVLVWHQWHGHPXGDQoD
QRUPDOPDVTXHQmRVHMDSHUFHSWtYHODRROKDU GHIDL[DHVWiGHVDWLYDGR'HSRLVTXHRUHERTXHIRU
DWUDYpVGRSDUDEULVD VHSDUDGRGRYHtFXORVHQHFHVViULRRDVVLVWHQWH
GHPXGDQoDGHIDL[DSUHFLVDVHUDWLYDGRQRYD
'XUDQWHRSURFHVVRGHFRQILJXUDomRRDVVLVWHQWH
PHQWHSHORPHQX
GHPXGDQoDGHIDL[DQmRHVWiDWLYR
&RPGLVSRVLWLYRVGHUHERTXHQmRLQVWDODGRVGHIi
'HVDWLYDomRDXWRPiWLFDGRDVVLVWHQWHGH EULFDHOHSUHFLVDVHUGHVOLJDGRPDQXDOPHQWHHP
PXGDQoDGHIDL[D FDVRGHFRQGXomRFRPUHERTXH ‹
2VVHQVRUHVGRUDGDUGRDVVLVWHQWHGHPXGDQoD
GHIDL[DVmRGHVOLJDGRVDXWRPDWLFDPHQWHVHHQWUH
RXWURVPRWLYRVXPGRVVHQVRUHVGRUDGDUIRUSHU
PDQHQWHPHQWHHQFREHUWR,VVRSRUVHUFDXVDGR
SRUH[HPSORSRUXPDFDPDGDGHJHORRXGHQHYH
QRVHQVRUGRUDGDU
53&&

6LVWHPDVGHDVVLVWrQFLDDRFRQGXWRU 
6LVWHPDGHUHFRQKHFLPHQWRGDVLQDOL]DomRGHWUkQVLWR 6LJQ
$VVLVW

¤ ,QWURGXomRDRWHPD
1HVWHFDStWXORHQFRQWUDPVHLQIRUPDo}HVUHODWLYDV $'9(57Ç1&,$ FRQWLQXDomR
DRVVHJXLQWHVWHPDV
Ɣ 0iVFRQGLo}HVGHYLVLELOLGDGHHVFXULGmR
,QGLFDGRUGRGLVSOD\   QHYDGDFKXYDHQHEOLQDSRGHPRFDVLRQDUR
)XQFLRQDPHQWR   QmRUHFRQKHFLPHQWRRXRUHFRQKHFLPHQWRID
OKRGDVVLQDOL]Do}HVGHWUkQVLWRSHORVLVWHPD
2VLVWHPDGHUHFRQKHFLPHQWRGDVLQDOL]DomRGH Ɣ 6HDiUHDGHYLVmRGDFkPHUDHVWLYHUVXMD
WUkQVLWRSRGHDMXGDURFRQGXWRUDVHLQIRUPDUVR FREHUWDRXGDQLILFDGDDIXQomRGRVLVWHPD
EUHOLPLWHVGHYHORFLGDGHRXSURLELomRGHXOWUDSDV GHUHFRQKHFLPHQWRGDVLQDOL]DomRGHWUkQVLWR
VDJHPYiOLGRVDWXDOPHQWHTXHHOHGHVFRQKHoD$V SRGHUiVHUDIHWDGD
VLQDOL]Do}HVGHWUkQVLWRUHFRQKHFLGDVSHORVLVWHPD
HLQIRUPDo}HVDGLFLRQDLVVHUmRDSUHVHQWDGDVQR
GLVSOD\GRLQVWUXPHQWRFRPELQDGRHQDDSUHVHQWD
$'9(57Ç1&,$
omRGHPDSDGRVLVWHPDGHQDYHJDomR 5HFRPHQGDo}HVSDUDFRQGXomRHVtPERORV
GHWUkQVLWRLQGLFDGRVQRVLVWHPDGHUHFRQKH
3DtVHVHPTXHVHHPSUHJD FLPHQWRGDVLQDOL]DomRGHWUkQVLWRSRGHPGL
1RPRPHQWRGDLPSUHVVmRGHVWHPDQXDORVLVWH YHUJLUGDVLWXDomRDWXDOGHWUkQVLWR
PDGHUHFRQKHFLPHQWRGDVLQDOL]DomRGHWUkQVLWR Ɣ 1HPWRGDVDVVLQDOL]Do}HVGHWUkQVLWRSR
HUDVXSRUWDGRQRVVHJXLQWHVSDtVHV GHPVHUUHFRQKHFLGDVHLQGLFDGDVFRUUHWD
$QGRUUD%pOJLFD'LQDPDUFD$OHPDQKD)LQOkQ PHQWHSHORVLVWHPD
GLD)UDQoD,UODQGD,WiOLD/LHFKWHQVWHLQ/X[HP Ɣ 3ODFDVGHWUkQVLWRHSUHVFULo}HVGHWUkQVL
EXUJR0{QDFR+RODQGD1RUXHJDÈXVWULD3RO{ WRWrPSULRULGDGHGLDQWHGHUHFRPHQGDo}HV
QLD3RUWXJDO6DQ0DULQR6XpFLD6XtoD(VSD GHFRQGXomRHLQGLFDo}HVGRVLVWHPDGHUH
QKD5HS~EOLFD7FKHFD5HLQR8QLGR9DWLFDQR FRQKHFLPHQWRGDVLQDOL]DomRGHWUkQVLWR
,QIRUPDo}HVHDOHUWDVFRPSOHPHQWDUHV
127$
Ɣ 9LVWDVH[WHUQDVҧϜ3iJLQD
3DUDQmRLQIOXHQFLDUDFDSDFLGDGHGHIXQFLRQD
Ɣ 6LVWHPDGHLQIRUPDo}HV9RONVZDJHQ
PHQWRGRVLVWHPDRVVHJXLQWHVSRQWRVGHYHP
ҧϜ3iJLQD
VHUREVHUYDGRV
Ɣ 6LVWHPDGHQDYHJDomRҧϜFDGHUQR6LVWHPDGH
Ɣ /LPSDUDiUHDGHYLVmRGDFkPHUDFRPIUH
QDYHJDomR
TXrQFLDHPDQWrODVHPQHYHHVHPJHOR
$'9(57Ç1&,$ Ɣ 1mRFREULUDiUHDGHYLVmRGDFkPHUD
Ɣ 9HULILFDUDH[LVWrQFLDGHGDQRVQRSDUDEUL
$WHFQRORJLDGRVLVWHPDGHUHFRQKHFLPHQWR
VDQDiUHDGHYLVmRGDFkPHUD
GDVLQDOL]DomRGHWUkQVLWRQmRSRGHVXSHUDU
RVOLPLWHVFRQGLFLRQDGRVDRVLVWHPD$PDLRU
VHJXUDQoDRIHUHFLGDSHORVLVWHPDGHUHFR 127$
QKHFLPHQWRGDVLQDOL]DomRGHWUkQVLWRQmR Ɣ $XWLOL]DomRGHGDGRVGHPDSDVREVROHWRV
GHYHLQFHQWLYDUDDVVXPLUXPULVFRGHVHJX QRVLVWHPDGHQDYHJDomRSRGHRFDVLRQDUDLQ
UDQoD2VLVWHPDQmRSRGHVXEVWLWXLUDDWHQ GLFDomRLQFRUUHWDGDVLQDOL]DomRGHWUkQVLWR
omRGRFRQGXWRU Ɣ 1RPRGRGHLQGLFDomRGHFDPLQKR QDYHJD
Ɣ $GHTXDUVHPSUHDYHORFLGDGHHDIRUPD omRGHFDPLQKR GRVLVWHPDGHQDYHJDomRR
GHFRQGXomRjVFRQGLo}HVGHYLVLELOLGDGH VLVWHPDGHUHFRQKHFLPHQWRGDVLQDOL]DomRGH
FOLPiWLFDVGDSLVWDHGRWUkQVLWR WUkQVLWRHVWiGLVSRQtYHODSHQDVGHIRUPDUHVWUL
WD ‹

 'XUDQWHDFRQGXomR
,QGLFDGRUGRGLVSOD\

)LJ 1RGLVSOD\GRLQVWUXPHQWRFRPELQDGRH[HPSORVGHOLPLWHVGHYHORFLGDGHHSURLELomRGHXOWUD
SDVVDJHPFRPSODFDVDGLFLRQDLVDVVRFLDGDV

¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQIRUPDo}HVLQWURGXWyULDVHDVLQGLFDo}HVGHVHJXUDQ
oD QDSiJLQD

7H[WRGHH[LELomRGRVLVWHPDGHUHFRQKHFLPHQ &DXVDHVROXomR
WRGDVLQDOL]DomRGHWUkQVLWRQRLQVWUXPHQWR
FRPELQDGR
(UUR6LJQ$VVLVW $YDULDQRVLVWHPD
3URFXUDUXPD&RQFHVVLRQiULD9RONVZDJHQHPDQ
GDUYHULILFDURVLVWHPD
6LJQ$VVLVWOLPSDURS¢UDEULVDV 2SDUDEULVDHVWiVXMRQDiUHDGDFkPHUD
/LPSDURSDUDEULVD
6LJQ$VVLVWGHPRPHQWRV´GLVSRQ®YHO 6HPWUDQVPLVVmRGHGDGRVGRVLVWHPDGHQDYHJD
FRPUHVWUL¨¶HV omR
/LJDURVLVWHPDGHQDYHJDomRHFRORFDUDXQLGDGH
GHGDGRV
28RVLVWHPDGHUHFRQKHFLPHQWRGDVLQDOL]DomR
GHWUkQVLWRQmRpVXSRUWDGRQRSDtVWUDQVLWDGR

$'9(57Ç1&,$ $'9(57Ç1&,$ FRQWLQXDomR

$LQREVHUYkQFLDGDVPHQVDJHQVGHWH[WR Ɣ 3DUDUYHtFXORDVVLPTXHIRUSRVVtYHOHVH
DFHVDVSRGHRFDVLRQDUSDUDGDVGRYHtFXOR JXUR
QRWUkQVLWRDFLGHQWHVHIHULPHQWRVJUDYHV
Ɣ 1XQFDLJQRUDUPHQVDJHQVGHWH[WR
127$
$LQREVHUYkQFLDGHOX]HVGHFRQWUROHTXHVH
DFHQGHPHGHPHQVDJHQVGHWH[WRSRGHFDXVDU
GDQRVDRYHtFXOR ‹

)XQFLRQDPHQWR

¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
([LELomRGDVLQDOL]DomRGHWUkQVLWR
$H[LELomRGRVOLPLWHVGHYHORFLGDGHHSURLELo}HV
GHXOWUDSDVVDJHPFRPSODFDVDGLFLRQDLVDVVRFLD
GDVpIHLWDQRGLVSOD\GRLQVWUXPHQWRFRPELQDGR
2VLVWHPDGHUHFRQKHFLPHQWRGDVLQDOL]DomRGH ҧϜ)LJ'HSHQGHQGRGRVLVWHPDGHQDYHJDomR
WUkQVLWRpVXSRUWDGRHPGLIHUHQWHVSDtVHV LQVWDODGRQRYHtFXORDVVLQDOL]Do}HVGHWUkQVLWR
ҧϜ3iJLQD3DtVHVHPTXHVHHPSUHJD,VWR VmRH[LELGDVVHIRURFDVRWDPEpPQDH[LELomR
53&&

GHYHVHUREVHUYDGRQRFDVRGHYLDJHQVDRH[WHUL GHPDSDGRVLVWHPDGHQDYHJDomR
RU
&RPRVLVWHPDGHUHFRQKHFLPHQWRGDVLQDOL]DomR
GHWUkQVLWROLJDGRDVVLQDOL]Do}HVGHWUkQVLWRVmR
GHWHFWDGDVSRUPHLRGHXPDFkPHUDQDEDVHGR b

6LVWHPDVGHDVVLVWrQFLDDRFRQGXWRU 
HVSHOKRUHWURYLVRULQWHUQRGRYHtFXOR$SyVDYHULIL GHVDtGDHVWLYHULQFOXtGDXPDVLQDOL]DomRGHWUkQ
FDomRHDYDOLDomRGDVLQIRUPDo}HVGDFkPHUDGR VLWRDGLFLRQDOFRPXPOLPLWHGHYHORFLGDGHHVWDVL
VLVWHPDGHQDYHJDomRHGRVGDGRVGRYHtFXORDWX QDOL]DomRGHWUkQVLWRpH[LELGD
DLVVmRDSUHVHQWDGDVDWpWUrVVLQDOL]Do}HVGH
1mRpH[LELGDDVLQDOL]DomRGHDQXODomRGROLPLWH
WUkQVLWRYiOLGDVҧϜ)LJFRPDVUHVSHFWLYDVSOD
GHYHORFLGDGHRXGDSURLELomRGHXOWUDSDVVDJHP
FDVDGLFLRQDLV
1mRVHUiHPLWLGRQHQKXPDOHUWDFDVRROLPLWHGH
žOXJDU $VLQDOL]DomRGHWUkQVLWRYiOLGDDWXDO YHORFLGDGHH[LELGRVHMDXOWUDSDVVDGR5HJL}HV
PHQWHpH[LELGDSDUDRFRQGXWRUjHVTXHUGD VHPWUkQVLWRQmRVmRUHFRQKHFLGDVSHORVLVWHPD
GRGLVSOD\3RUH[HPSORXPOLPLWHGHYHORFL 9DOHPDVSUHVFULo}HVOHJDLV
GDGHGHNPKҧϜ)LJ$
žOXJDU 8PDVLQDOL]DomRGHWUkQVLWRYiOLGDVR /LJDUHGHVOLJDU
PHQWHHPGHWHUPLQDGDVFRQGLo}HVpH[LEL Ɣ /LJDURXGHVOLJDURVLVWHPDGHDVVLVWrQFLDQR
GDHPVHJXQGROXJDUSRUH[HPSOR PHQX&RQILJXUD¨¶HVQRVLVWHPDGHLQIRUPDo}HV
NPK 9RONVZDJHQҧϜ3iJLQD
3ODFDDGLFLRQDO 6HRVHQVRUGHOX]HGHFKXYDGR Ɣ 28FRPDQGDUSRUPHLRGRERWmRGRVVLVWHPDV
YHtFXORUHFRQKHFHUFKXYDGXUDQWHDFRQGX GHDVVLVWrQFLDDRFRQGXWRUQDDODYDQFDGRIDURODO
omRDVLQDOL]DomRGHWUkQVLWRFRPDSODFD WRҧϜ3iJLQD
DGLFLRQDOYiOLGD³HPSLVWDPROKDGD´SRU
H[HPSORpGHVORFDGDSDUDDHVTXHUGDSD 0RGRGHUHERTXH
UDRSULPHLUROXJDU $H[LELomRGROLPLWHGHYHORFLGDGHYiOLGRHDSURL
$H[LELomRSHUPDQHQWHQRGLVSOD\GRLQVWUXPHQWR ELomRGHXOWUDSDVVDJHPSDUDYHtFXORVFRPUHER
FRPELQDGRRFRUUHDRSDVVDUSHODVLQDOL]DomRGH TXHSRGHVHUOLJDGDRXGHVOLJDGDQRVLVWHPDGHLQ
WUkQVLWR IRUPDo}HV9RONVZDJHQQRPHQX&RQILJXUD¨¶HV
ҧϜ3iJLQD ‹
3ODFDVGHHQWUDGDHGHVDtGDDFLRQDPDH[LELomR
GRVOLPLWHVGHYHORFLGDGHFRPXQVQRSDtVHPUXDV
GDFLGDGHHGRFDPSR6HQDSODFDGHHQWUDGDRX

 'XUDQWHDFRQGXomR
6LVWHPDGHUHFRQKHFLPHQWRGHFDQVDoR UHFRPHQGDomRGH
LQWHUYDOR

¤ ,QWURGXomRDRWHPD
1HVWHFDStWXORHQFRQWUDPVHLQIRUPDo}HVUHODWLYDV $'9(57Ç1&,$ FRQWLQXDomR
DRVVHJXLQWHVWHPDV
Ɣ $UHVSRQVDELOLGDGHSHODFDSDFLGDGHGH
)XQFLRQDPHQWRHFRPDQGR   FRQGX]LUpVHPSUHGRFRQGXWRU
Ɣ 1XQFDFRQGX]LUXPYHtFXORVHHVWLYHUFDQ
2VLVWHPDGHUHFRQKHFLPHQWRGHFDQVDoRDYLVDR VDGR
FRQGXWRUTXDQGRVHXFRPSRUWDPHQWRGHGLUHomR
LQGLFDFDQVDoR Ɣ 2VLVWHPDQmRUHFRQKHFHRFDQVDoRGR
FRQGXWRUHPWRGDVDVFLUFXQVWkQFLDV2EVHU
,QIRUPDo}HVHDOHUWDVFRPSOHPHQWDUHV YDUDVLQIRUPDo}HVGRSDUiJUDIR³/LPLWDo}HV
Ɣ 6LVWHPDGHLQIRUPDo}HV9RONVZDJHQ GRIXQFLRQDPHQWR´ҧҧϜ3iJLQD
ҧϜ3iJLQD Ɣ (PDOJXPDVVLWXDo}HVRVLVWHPDSRGHLQ
Ɣ $FHVVyULRVUHSRVLomRGHSHoDVUHSDURVHPR WHUSUHWDULQFRUUHWDPHQWHXPDPDQREUDGHGL
GLILFDo}HV LQIRUPDo}HVDUPD]HQDGDVQDVXQLGD UHomRLQWHQFLRQDOFRPRVHIRVVHFDQVDoRGR
GHVGHFRQWUROH ҧϜ3iJLQD FRQGXWRU
Ɣ 1HQKXPDOHUWDFUtWLFRDFRQWHFHQRFKDPD
$'9(57Ç1&,$ GR³VHJXQGRGHVRQR´
$WHFQRORJLDGRVLVWHPDGHUHFRQKHFLPHQWR Ɣ $WHQWDUSDUDDVLQGLFDo}HVGRGLVSOD\GR
GHFDQVDoRQmRSRGHVXSHUDURVOLPLWHVFRQ LQVWUXPHQWRFRPELQDGRHVHJXLUDVLQVWUX
GLFLRQDGRVDRVLVWHPD2PDLRUFRQIRUWRRIH o}HVFRUUHVSRQGHQWHV
UHFLGRSHORVLVWHPDGHUHFRQKHFLPHQWRGH
2VLVWHPDGHUHFRQKHFLPHQWRGHFDQVDoRIRL
FDQVDoRQmRGHYHLQFHQWLYDURFRQGXWRUDDV
GHVHQYROYLGRVRPHQWHSDUDFRQGX]LUHPHV
VXPLUULVFRV(PFRQGXo}HVPDLVORQJDVID
WUDGDVHHPYLDVEHPDVIDOWDGDV
]HULQWHUYDORVUHJXODUHVHORQJRVRVXILFLHQWH
(PFDVRGHDYDULDSURFXUDUXPD&RQFHVVLR
QiULD9RONVZDJHQHVROLFLWDUDYHULILFDomRGR
VLVWHPD ‹

)XQFLRQDPHQWRHFRPDQGR
DYDOLDomRGRFDQVDoR,VVRpFRPSDUDGRFRQVWDQ
WHPHQWHFRPRFRPSRUWDPHQWRGHGLUHomRDWXDO
6HRVLVWHPDUHFRQKHFHURFDQVDoRGRFRQGXWRU
HOHHPLWHXPDOHUWDVRQRURFRPXP³JRQJR´HH[L
EHXPDOHUWDYLVXDOFRPXPVtPERORҧϜ)LJQR
GLVSOD\GRLQVWUXPHQWRFRPELQDGRMXQWDPHQWHFRP
XPDPHQVDJHPGHWH[WRFRPSOHPHQWDU$PHQVD
JHPQRGLVSOD\GRLQVWUXPHQWRFRPELQDGRpH[LEL
)LJ 1RGLVSOD\GRLQVWUXPHQWRFRPELQDGR GDSRUDSUR[LPDGDPHQWHVHJXQGRVHVHQHFHV
VtPERORGRVLVWHPDGHUHFRQKHFLPHQWRGHFDQVD ViULRUHSHWLGDXPDYH]$~OWLPDPHQVDJHPpDU
oR PD]HQDGDSHORVLVWHPD
$PHQVDJHPQRGLVSOD\GRLQVWUXPHQWRFRPELQD

¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
GRSRGHVHUGHVOLJDGDDRSUHVVLRQDURERWmR /+ GR
YRODQWHPXOWLIXQo}HVRX /+‡2%3%4 QDDODYDQFDGRV
53&&

OLPSDGRUHVGRSDUDEULVDҧϜ3iJLQD$PHQVD
JHPQRGLVSOD\GRLQVWUXPHQWRFRPELQDGRSRGH
2VLVWHPDGHUHFRQKHFLPHQWRGHFDQVDoRGHWHUPL VHUDFHVVDGDQRYDPHQWHSHOR0)$ҧϜ3iJLQD b
QDRFRPSRUWDPHQWRGHGLUHomRGRFRQGXWRUQR
LQtFLRGHXPDFRQGXomRHFDOFXODDSDUWLUGDtXPD

6LVWHPDVGHDVVLVWrQFLDDRFRQGXWRU 
&RQGLo}HVGHIXQFLRQDPHQWR Ɣ (PWUHFKRVGHFXUYDV
2FRPSRUWDPHQWRGHGLUHomRVypDYDOLDGRDYHOR Ɣ (PUXDVUXLQV
FLGDGHVDFLPDGHNPK PSK DWpDSUR[LPD Ɣ (PWHPSRUXLP
GDPHQWHNPK PSK 
Ɣ (PFDVRGHFRQGXomRHVSRUWLYD
/LJDUHGHVOLJDU Ɣ 6HRFRQGXWRUHVWLYHUPXLWRGLVWUDtGR
2VLVWHPDSRGHVHUDWLYDGRRXGHVDWLYDGRQRPH Ɣ $RFRQGX]LUFRPUHERTXHVSHVDGRVFRPSULGRV
QX$VVLVWHQWHVQRSRQWRGHPHQXFDQVD¨R
ҧϜ3iJLQD8P³VLQDOGHYLVWR´LQGLFDXPVLVWHPD 2VLVWHPDGHUHFRQKHFLPHQWRGHFDQVDoRpUHLQL
GHDVVLVWrQFLDDRFRQGXWRUOLJDGR FLDOL]DGRVHDLJQLomRIRUGHVOLJDGDRXVHRFRQGX
WRUVROWDURFLQWRGHVHJXUDQoDHDEULUDSRUWDRX
/LPLWDo}HVGHIXQFLRQDPHQWR VHRYHtFXORILFDUSDUDGRSRUPDLVGHPLQXWRV
2VLVWHPDGHUHFRQKHFLPHQWRGHFDQVDoRWHPOL (PFDVRGHXPDFRQGXomRPDLVORQJDHPEDL[D
PLWHVFRQGLFLRQDGRVDRVLVWHPD$VVLPRVLVWHPD YHORFLGDGH DEDL[RGHNPK PSK DDYDOLD
SRVVLYHOPHQWHQmRFRQVHJXHLQWHUSUHWDUFRUUHWD omRpUHLQLFLDGDDXWRPDWLFDPHQWHSHORVLVWHPD
PHQWHRFRPSRUWDPHQWRGHGLUHomRHPGHWHUPLQD (PFDVRGHXPDFRQGXomRSRVWHULRUPDLVUiSLGD
GDVVLWXDo}HVGHFRQGXomR(QWUHRXWURVQDVVH RFRPSRUWDPHQWRGHGLUHomRpUHFDOFXODGR ‹
JXLQWHVVLWXDo}HV
Ɣ (PYHORFLGDGHVDEDL[RGHNPK PSK 
Ɣ (PYHORFLGDGHVDEDL[RGHNPK
PSK 

 'XUDQWHDFRQGXomR
5HJXODJHPGLQkPLFDGDVXVSHQVmR '&&

¤ ,QWURGXomRDRWHPD
1HVWHFDStWXORHQFRQWUDPVHLQIRUPDo}HVUHODWLYDV
$'9(57Ç1&,$
DRVVHJXLQWHVWHPDV
2DMXVWHGDUHJXODJHPGLQkPLFDGDVXVSHQ
)XQFLRQDPHQWRHFRPDQGR  
VmRGXUDQWHDFRQGXomRSRGHGLVWUDLUGRV
DFRQWHFLPHQWRVGRWUkQVLWRHFDXVDUDFLGHQ
&RPDUHJXODJHPGLQkPLFDGDVXVSHQVmRRFRP
WHV
SRUWDPHQWRGHGLUHomRGRYHtFXORSRGHVHUUHJXOD
GRLQGLYLGXDOPHQWH 6HDUHJXODJHPGLQkPLFDGDVXVSHQVmRQmR
,QIRUPDo}HVHDOHUWDVFRPSOHPHQWDUHV IXQFLRQDUFRQIRUPHGHVFULWRQHVWHFDStWXOR
HODGHYHVHUYHULILFDGDSRUXPD&RQFHVVLRQiULD
Ɣ $FHVVyULRVUHSRVLomRGHSHoDVUHSDURVHPR 9RONVZDJHQ ‹
GLILFDo}HVҧϜ3iJLQD

)XQFLRQDPHQWRHFRPDQGR

3URJUDPD 6LQWRQL]DomRGRFKDVVL
6LQWRQL]DomRGRFKDVVLRULHQ
WDGDSDUDRFRQIRUWRSRU
³&20)257´ #
H[HPSORHPFRQGXo}HVHP
WUHFKRVORQJRVHUXLQV
6LQWRQL]DomRGRFKDVVLHTXLOL
³1250$/´ EUDGDSRUH[HPSORSDUDR
XVRQRGLDDGLD
6LQWRQL]DomRGRFKDVVLHVSRU
³63257´ 3 WLYDSRUH[HPSORSDUDXPD
IRUPDGHFRQGXomRHVSRUWLYD
)LJ 1RFRQVROHFHQWUDOERWmRGHDMXVWHGD
UHJXODJHPGLQkPLFDGDVXVSHQVmR 6HOHFLRQDURSURJUDPD
Ɣ /LJDUDLJQLomR
¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
Ɣ $SHUWDURERWmR #Q3 YiULDVYH]HVDWpTXHR
SURJUDPDGHVHMDGRVHMDH[LELGR
2SURJUDPD³1250$/´HVWiDWLYRVHQmRVHDFHQ
'XUDQWHDFRQGXomRDUHJXODJHPGLQkPLFDGD GHU # QHP 3 QRERWmR2SURJUDPDUHJXODGRFRQ
VXVSHQVmRDGDSWDDVXVSHQVmRGRFKDVVLFRQV WLQXDVHOHFLRQDGRPHVPRGHSRLVGRGHVOLJDPHQWR
WDQWHPHQWHjFRPSRVLomRGDSLVWDGHURGDJHPHj GDLJQLomR
VLWXDomRGHFRQGXomRFRUUHVSRQGHQWHGHDFRUGR
FRPXPSURJUDPDSUpVHOHFLRQDGR
$'9(57Ç1&,$
1RSURJUDPD³HVSRUWLYR´DSHUFHSomRGHGLUHomR
3RUPHLRGDUHJXODJHPGDVXVSHQVmRDVFD
WDPEpPpDGDSWDGD
UDFWHUtVWLFDVGHFRQGXomRSRGHPVHUDOWHUD
GDV$UHJXODJHPGLQkPLFDGDVXVSHQVmR
QmRGHYHQXQFDLQFHQWLYDUDFRORFDUDVHJX
UDQoDHPULVFR
Ɣ $GHTXDUVHPSUHDYHORFLGDGHHDIRUPD
GHFRQGXomRjVFRQGLo}HVGHYLVLELOLGDGH
FOLPiWLFDVGDSLVWDHGRWUkQVLWR b
53&&

6LVWHPDVGHDVVLVWrQFLDDRFRQGXWRU 
(PFDVRGHDYDULDGDUHJXODJHPGLQkPLFD
GDVXVSHQVmRDVOHWUDV # H 3 SLVFDPQRER
WmR2FRQIRUWRDRFRQGX]LURYHtFXORSRGHVHUOLPL
WDGRGXUDQWHDDYDULD3URFXUDUXPD&RQFHVVLR
QiULD9RONVZDJHQHPDQGDUYHULILFDURVLVWHPD ‹

 'XUDQWHDFRQGXomR
6LVWHPDVGHFRQWUROHGRVSQHXV

¤ ,QWURGXomRDRWHPD
1HVWHFDStWXORHQFRQWUDPVHLQIRUPDo}HVUHODWLYDV $'9(57Ç1&,$ FRQWLQXDomR
DRVVHJXLQWHVWHPDV
Ɣ 9HULILFDUUHJXODUPHQWHDSUHVVmRGRV
7LSRVGRVVLVWHPDVGHFRQWUROHGRVSQHXV   SQHXVHPDQWHUVHPSUHRYDORULQGLFDGRSDUD
/X]GHFRQWUROHGRLQGLFDGRUGHFRQWUROHGRV DSUHVVmRGRVSQHXVҧҧϜ3iJLQD6HD
SQHXV   SUHVVmRGRSQHXIRUPXLWREDL[DRSQHXSR
/X]GHFRQWUROHGRVLVWHPDGHFRQWUROHGD GHVHDTXHFHUWDQWRTXHDEDQGDGHURGDJHP
SUHVVmRGRVSQHXV   SRGHVHVROWDUHRSQHXHVWRXUDU
,QGLFDGRUGHFRQWUROHGRVSQHXV   Ɣ 0DQWHUDSUHVVmRGRVSQHXVVHPSUHFRU
6LVWHPDGHFRQWUROHGDSUHVVmRGRVSQHXV   UHWDFRPRVSQHXVIULRVFRQIRUPHLQGLFDGR
QDHWLTXHWDDGHVLYDҧϜ3iJLQD
2VLVWHPDGHFRQWUROHGRVSQHXVDOHUWDRFRQGXWRU Ɣ 9HULILFDUUHJXODUPHQWHDSUHVVmRGRV
FDVRDSUHVVmRGRVSQHXVHVWHMDPXLWREDL[D SQHXVFRPRVSQHXVIULRV6HQHFHVViULR
DGHTXDUDSUHVVmRGRVSQHXVQRSQHXIULR
,QIRUPDo}HVHDOHUWDVFRPSOHPHQWDUHV
SDUDRVSQHXVPRQWDGRVQRFDUUR
Ɣ 6LVWHPDGHLQIRUPDo}HV9RONVZDJHQ ҧϜ3iJLQD
ҧϜ3iJLQD
Ɣ 9HULILFDURVSQHXVUHJXODUPHQWHSURFX
Ɣ 7UDQVSRUWDUҧϜ3iJLQD UDQGRVLQDLVGHGHVJDVWHHGHGDQRV
Ɣ )UHDUSDUDUHHVWDFLRQDUҧϜ3iJLQD Ɣ 1XQFDH[FHGHUDYHORFLGDGHPi[LPDHD
Ɣ &RQVHUYDUHOLPSDUDSDUWHH[WHUQDGRYHtFXOR FDSDFLGDGHGHFDUJDSHUPLWLGDVSDUDRV
ҧϜ3iJLQD SQHXVPRQWDGRV
Ɣ 5RGDVHSQHXVҧϜ3iJLQD
8PDSUHVVmRGRVSQHXVPXLWREDL[DDXPHQ
Ɣ $FHVVyULRVUHSRVLomRGHSHoDVUHSDURVHPR WDRFRQVXPRGHFRPEXVWtYHOHRGHVJDVWH
GLILFDo}HVҧϜ3iJLQD GRSQHX
Ɣ ,QIRUPDo}HVDRFRQVXPLGRUҧϜ3iJLQD
$RFRQGX]LUSHODSULPHLUDYH]FRPSQHXVQR
YRVHPDOWDYHORFLGDGHHOHVSRGHPVHH[
$'9(57Ç1&,$ SDQGLUXPSRXFRHDVVLPSRGHVHUHPLWLGRXP
$WHFQRORJLDGRVLVWHPDGHFRQWUROHGRV DOHUWDGHSUHVVmRGRVSQHXV~QLFR
SQHXVQmRSRGHVXSHUDURVOLPLWHVItVLFRVH
WUDEDOKDVRPHQWHGHQWURGRVOLPLWHVGRVLVWH 6XEVWLWXLUSQHXVYHOKRVVRPHQWHSRUSQHXV
PD2XVRLQDGHTXDGRGDVURGDVHGRV OLEHUDGRVSHOD9RONVZDJHQSDUDRUHVSHFWLYR
SQHXVSRGHRFDVLRQDUDSHUGDGHSUHVVmRV~ PRGHORGHYHtFXOR
ELWDGRVSQHXVRVROWDPHQWRGDEDQGDGHUR
1mRFRQILDUDSHQDVQRVLVWHPDGHFRQWUROH
GDJHPGRVSQHXVHDWpID]HUFRPTXHRV
GRVSQHXV9HULILFDUUHJXODUPHQWHRVSQHXV
SQHXVHVWRXUHP
SDUDVHDVVHJXUDUGHTXHDSUHVVmRGRVSQHXVHV
WiFRUUHWDHGHTXHRVSQHXVQmRWrPVLQDOGHGD
QRVFRPRSRUH[HPSORIXURVFRUWHVUDFKDGXUDV
RXEROKDV5HPRYHUFRUSRVHVWUDQKRVGRSHUILOGR
SQHXDQWHVTXHHOHVSHQHWUHPQRLQWHULRUGRSQHX ‹

7LSRVGRVVLVWHPDVGHFRQWUROHGRVSQHXV

¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
3DUDHVWHYHtFXORH[LVWHPVLVWHPDVGHFRQWUROH
GHSQHXVGLIHUHQWHVTXHVHGHL[DPGLIHUHQFLDU
53&&

o}HVGHVHJXUDQoD QDSiJLQD DWUDYpVGDVVHJXLQWHVFDUDFWHUtVWLFDV b

6LVWHPDVGHDVVLVWrQFLDDRFRQGXWRU 
,QGLFDGRUGHFRQWUROHGRVSQHXV
±0RQLWRUDPHQWRGHGLIHUHQWHVSDUkPHWURV SHUtPHWURGHURODJHPHQWUHRXWURV GHWRGRVRVSQHXVSRU
PHLRGRVVHQVRUHVGR$%6 PHGLomRLQGLUHWD 
±/X]GHFRQWUROH†QRLQVWUXPHQWRFRPELQDGRQHQKXPLQGLFDGRUJUiILFRQRGLVSOD\GRLQVWUXPHQWR
FRPELQDGR
±&RQILJXUDomRGRVLVWHPDSRUPHLRGRVPHQXVQRGLVSOD\GRLQVWUXPHQWRFRPELQDGRҧϜ3iJLQD
±&RPDQGRGRPHQXSDUDDWXDOL]DURVLVWHPDGXUDQWHRDMXVWHGDSUHVVmRGRVSQHXV

6LVWHPDGHFRQWUROHGDSUHVVmRGRVSQHXV
±0RQLWRUDPHQWRGDSUHVVmRGRVSQHXVSRUPHLRGRVVHQVRUHVGHSUHVVmRQDYiOYXODGRVSQHXV PHGL
omRGLUHWD 9iOYXODVGHSQHXPHWiOLFDV
±/X]GHFRQWUROH†QRLQVWUXPHQWRFRPELQDGRHLQGLFDGRUJUiILFRHPHQVDJHPGHWH[WRQRGLVSOD\GR
LQVWUXPHQWRFRPELQDGR
±&RQILJXUDomRGRVLVWHPDSRUPHLRGRVPHQXVQRGLVSOD\GRLQVWUXPHQWRFRPELQDGRҧϜ3iJLQD
±3UHVV}HVDMXVWiYHLVSDUDFDUJDSDUFLDOHSDUDFDUJDSOHQD
±7RPDGDGHFRQWUROHDXWRPiWLFDGXUDQWHRDMXVWHGDSUHVVmRGRVSQHXV ‹

/X]GHFRQWUROHGRLQGLFDGRUGHFRQWUROHGRVSQHXV

¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQIRUPDo}HVLQWURGXWyULDVHDVLQGLFDo}HVGHVHJXUDQ
oD QDSiJLQD

$FHVD ҧϜ
&DXVDSRVVtYHOҧ 6ROXomR
›1mRSURVVHJXLU5HGX]LUDYHORFLGDGH
LPHGLDWDPHQWH3DUDUYHtFXORDVVLPTXHIRU
$SUHVVmRGHXPSQHXRXGHGLYHUVRV
SRVVtYHOHVHJXUR(YLWDUPDQREUDVEUXVFDV
SQHXVGLPLQXLXVLJQLILFDWLYDPHQWHHP
GHGLUHomRHGHIUHQDJHP
FRPSDUDomRjSUHVVmRDMXVWDGDSHOR
&RQWURODUWRGDVDVURGDVHDSUHVVmRGRV
FRQGXWRURXRSQHXHVWiHVWUXWXUDOPHQWH
† GDQLILFDGR$GLFLRQDOPHQWHUHVVRDXP
SQHXVHVHQHFHVViULRDGHTXDU
ҧϜ3iJLQD6XEVWLWXLURVSQHXVGDQLILFD
DOHUWDVRQRURHSRGHVHUH[LELGDXPD
GRV$SyVXPDPXGDQoDGDSUHVVmRGRV
PHQVDJHPGHWH[WRFRUUHVSRQGHQWHQR
SQHXVRXDSyVWURFDUXPDRXPDLVURGDVR
GLVSOD\GRLQVWUXPHQWRFRPELQDGR
LQGLFDGRUGHFRQWUROHGRVSQHXVSUHFLVDVHU
QRYDPHQWHSURJUDPDGRҧϜ3iJLQD

3LVFDQGR &DXVDSRVVtYHOҧϜ 6ROXomR


6HDSUHVVmRGRVSQHXVHVWLYHUFRUUHWDH
6LVWHPDFRPIDOKD PHVPRDSyVGHVOLJDUHOLJDUDLJQLomRDOX]
$OX]GHFRQWUROHSLVFDSRUFHUFDGHXP GHFRQWUROHFRQWLQXDUSLVFDQGRHHPVHJXL
† PLQXWRHHPVHJXLGDSHUPDQHFHDFHVD GDSHUPDQHFHUDFHVDSURFXUDUXPD&RQ
FRQVWDQWHPHQWH FHVVLRQiULD9RONVZDJHQRXXPDHPSUHVDHV
SHFLDOL]DGD2VLVWHPDGHYHVHUYHULILFDGR

$ROLJDUDLJQLomRDOJXPDVOX]HVGHDGYHUWrQFLDH
$'9(57Ç1&,$
GHFRQWUROHVHDFHQGHPUDSLGDPHQWHSDUDYHULILFD
omRGDIXQomR(ODVVHDSDJDPDSyVDOJXQVVH 3UHVVmRGRVSQHXVGLIHUHQWHRXSUHVVmRGRV
JXQGRV SQHXVPXLWREDL[DSRGHPFDXVDUXPFRODSVR
GRVSQHXVDSHUGDGHFRQWUROHGRYHtFXOR
DFLGHQWHVIHULPHQWRVJUDYHVHDPRUWH b

 'XUDQWHDFRQGXomR
$'9(57Ç1&,$ FRQWLQXDomR $'9(57Ç1&,$ FRQWLQXDomR
Ɣ 6HDOX]GHFRQWUROH†VHDFHQGHUSDUDU Ɣ 6HRSQHXQmRHVWLYHU³IXUDGR´HQmRIRU
LPHGLDWDPHQWHHYHULILFDUWRGRVRVSQHXV QHFHVViULRWURFDUDURGDLPHGLDWDPHQWHFRQ
ҧϜ3iJLQD GX]LUHPEDL[DYHORFLGDGHDWpD&RQFHVVLR
Ɣ 3UHVVmRGRVSQHXVGLIHUHQWHRXSUHVVmR QiULD9RONVZDJHQRXHPSUHVDHVSHFLDOL]DGD
GRVSQHXVPXLWREDL[DSRGHPDXPHQWDUR PDLVSUy[LPDYHULILFDUHFRUULJLUDSUHVVmR
GHVJDVWHGRSQHXSLRUDUDHVWDELOLGDGHGH GRVSQHXVҧϜ3iJLQD
FRQGXomRHDXPHQWDUDGLVWkQFLDGHIUHQD
JHP $'9(57Ç1&,$
Ɣ 3UHVVmRGRVSQHXVGLIHUHQWHRXSUHVVmR $LQREVHUYkQFLDGDVOX]HVGHDGYHUWrQFLD
GRVSQHXVPXLWREDL[DSRGHPRFDVLRQDUXP DFHVDVHGDVPHQVDJHQVGHWH[WRSRGHFDX
FRODSVRV~ELWRGRSQHXFDXVDQGRRHVWRXUR VDUDSDUDGDGRYHtFXORQRWUkQVLWRDFLGHQWHV
GRSQHXHDSHUGDGHFRQWUROHGRYHtFXOR HIHULPHQWRVJUDYHV
Ɣ 2FRQGXWRUpUHVSRQViYHOSHODFRUUHWD Ɣ 1XQFDGHL[DUGHREVHUYDUDVOX]HVGHDG
SUHVVmRGRVSQHXVHPWRGRVRVSQHXVGR YHUWrQFLDHDVPHQVDJHQVGHWH[WR
YHtFXOR$SUHVVmRGRVSQHXVUHFRPHQGDGD Ɣ 3DUDURYHtFXORDVVLPTXHIRUSRVVtYHOH
HVWiVHPSUHGLVSRQtYHOHPXPDHWLTXHWDDGH VHJXUR
VLYDҧϜ3iJLQD
Ɣ $LQGLFDomRGHFRQWUROHGRVSQHXVVySR 127$
GHFXPSULUVXDIXQomRVHWRGRVRVSQHXV
IULRVHVWLYHUHPFRPDSUHVVmRGRVSQHXV $LQREVHUYkQFLDGDVOX]HVGHFRQWUROHTXHVH
FRUUHWDҧϜ3iJLQD DFHQGHPHGDVPHQVDJHQVGHWH[WRSRGHRFD
VLRQDUGDQRVDRYHtFXOR
Ɣ 8VDUYDORUHVGHSUHVVmRGRVSQHXVLQFRU
UHWRVSRGHFDXVDUDFLGHQWHVHGDQRVDRV &RPDLJQLomROLJDGDVHIRUGHWHFWDGDXPD
SQHXV7RGRVRVSQHXVSUHFLVDPWHUVHPSUH SUHVVmRGRVSQHXVPXLWREDL[DDOX]GHFRQ
DSUHVVmRDGHTXDGDDRFDUUHJDPHQWR WUROHDPDUHODVHDFHQGH†$GLFLRQDOPHQWHUHV
ҧϜ3iJLQD VRDXPDOHUWDDF~VWLFRHSRGHVHUH[LELGDXPD
Ɣ $QWHVGHFDGDFRQGXomRDEDVWHFHUVHP PHQVDJHPGHWH[WR
SUHRVSQHXVFRPDSUHVVmRGRVSQHXVFRU
UHWDҧϜ3iJLQD &RPDLJQLomROLJDGDVHIRUGHWHFWDGDXPD
DYDULDGRVLVWHPDDOX]GHFRQWUROHDPDUHOD
Ɣ (PYLDJHQVFRPDSUHVVmRGRVSQHXV SLVFD†SRUDSUR[LPDGDPHQWHXPPLQXWRHGHSRLV
PXLWREDL[DRVSQHXVDSUHVHQWDPQHFHVVD VHDFHQGHSHUPDQHQWHPHQWH$GLFLRQDOPHQWHSR
ULDPHQWHPDLVGHIRUPDo}HV$VVLPRVSQHXV GHVHUH[LELGDXPDPHQVDJHPGHWH[WR
SRGHPVHDTXHFHUWDQWRTXHDEDQGDGHUR
GDJHPVHVROWHRVSQHXVHVWRXUHPHVHMD &RQGX]LUHPUXDVQmRSDYLPHQWDGDVSRU
SHUGLGRRFRQWUROHGRYHtFXOR PXLWRWHPSRRXFRPXPDIRUPDGHFRQGXomR
Ɣ $OWDVYHORFLGDGHVHVREUHFDUJDSRGHP HVSRUWLYDSRGHGHVDWLYDURLQGLFDGRUGHFRQWUROH
DTXHFHUXPSQHXGHWDOPDQHLUDTXHRSQHX GRVSQHXVWHPSRUDULDPHQWH$OX]GHFRQWUROHH[L
SRGHHVWRXUDUHOHYDUjSHUGDGHFRQWUROHGR EHDIDOKDGHIXQFLRQDPHQWRPDVVHDSDJDQR
YHtFXOR HQWDQWRVHDVFRQGLo}HVGDUXDRXDIRUPDGH
FRQGXomRPXGDUHP ‹
Ɣ 8PDSUHVVmRGRVSQHXVPXLWRDOWDRX
PXLWREDL[DHQFXUWDRWHPSRGHYLGDGRV
SQHXVHSLRUDRFRPSRUWDPHQWRGHGLUHomR
GRYHtFXOR

/X]GHFRQWUROHGRVLVWHPDGHFRQWUROHGDSUHVVmRGRVSQHXV

¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
$OX]GHFRQWUROHVHDFHQGHRXSLVFDQRFDVRGH
XPSQHXIXUDGRXPDSUHVVmRGRVSQHXVEDL[DGH
53&&

o}HVGHVHJXUDQoD QDSiJLQD PDLVRXHPXPDDYDULDGRVLVWHPD$GLFLRQDOPHQ


WHPHQVDJHQVGHWH[WRSRGHPVHUH[LELGDVQRGLV
SOD\GRLQVWUXPHQWRFRPELQDGRHSRGHVRDUXP
DOHUWDVRQRUR b

6LVWHPDVGHDVVLVWrQFLDDRFRQGXWRU 
0HQVDJHPGH
$FHVD ҧϜ
&DXVDSRVVtYHOҧ 6ROXomR
WH[WR
›1mRSURVVHJXLU5HGX]LUDYHORFL
GDGHLPHGLDWDPHQWH3DUDUYHtFXORDV
2DOHUWDLQGLFDXPDSHUGDUiSL VLPTXHIRUSRVVtYHOHVHJXUR(YLWDU
GDGDSUHVVmRGRSQHX3HOR PDQREUDVEUXVFDVGHGLUHomRHGHIUH
PHQRVXPSQHXWHPDSUHVVmR QDJHP9HULILFDUWRGDVDVURGDVTXDQ
GRVSQHXVDEDL[RGHEDU WRDGDQRVH[WHUQRVHSRVVtYHLVFRUSRV
† 31(8)85$'2
SVLN3D RXXPDSHUGD HVWUDQKRVHWDPEpPYHULILFDUDSUHV
GDSUHVVmRGRVSQHXVVXSHULRU VmRGRVSQHXVGHWRGDVDVURGDV6H
DEDUPLQ SVLPLQ QmRIRUQHFHVViULRWURFDUDURGDQR
N3DPLQ  SUySULROXJDUFRQGX]LUHPEDL[DYHOR
FLGDGHDWpD&RQFHVVLRQiULD9RONVZD
JHQPDLVSUy[LPD
9HULILFDUDSUHVVmRGRVSQHXVGHWRGDV
2DOHUWDLQGLFDHPSHORPHQRV
DVURGDVLPHGLDWDPHQWH6HQmRIRU
35(66„2'26 XPSQHXXPDSUHVVmRGRV
QHFHVViULRWURFDUDURGDQRSUySULROX
† 31(8608,72 SQHXVFUtWLFDTXHHVWiPDLVGR
%$,;$ TXHEDU SVLN3D
JDUFRQGX]LUHPEDL[DYHORFLGDGHDWp
D&RQFHVVLRQiULD9RONVZDJHQPDLV
DEDL[RGRYDORUGHUHIHUrQFLD
SUy[LPD
1DSUy[LPDRSRUWXQLGDGHYHULILFDU
2DOHUWDLQGLFDTXHSHORPHQRV
9(5,),&$5$6 ҧϜ3iJLQDHFRUULJLUDSUHVVmRGRV
XPSQHXHVWiFRPDSUHVVmR
† 35(66–(6'26
31(86
FUtWLFDGHSHORPHQRVDEDL
SQHXV$WpDFRUUHomRGRSUREOHPD
HYLWDUWUHFKRVORQJRVHYHORFLGDGHV
[RGRYDORUGHUHIHUrQFLD
Pi[LPDV
$SyVOLJDUDLJQLomRpLQGLFDGD 1DSUy[LPDRSRUWXQLGDGHYHULILFDU
9(5,),&$5$6 XPDSUHVVmRGRVSQHXVPXLWR ҧϜ3iJLQDHFRUULJLUDSUHVVmRGRV
 35(66–(6'26 EDL[DGHPDLVTXHEDU SQHXV$WpDFRUUHomRGRSUREOHPD
31(86 SVLN3D HPSHORPH HYLWDUWUHFKRVORQJRVHYHORFLGDGHV
QRVXPSQHX Pi[LPDV

0HQVDJHPGH
3LVFDQGR &DXVDSRVVtYHOҧϜ 6ROXomR
WH[WR
2VtPERORSLVFDHPLQWHUYDORV
UHJXODUHVGXUDQWHDFRQGXomR
+iXPDIDOKDGHWUDQVPLVVmR
HQWUHXPVHQVRUHRVLVWHPD2
IXQFLRQDPHQWRSRGHVHUWHPSR
UDULDPHQWHOLPLWDGRSRUVREUH
† 
SRVLo}HVGHWUDQVPLVVRUHVTXH
'HVOLJDUDIRQWHGDLQWHUIHUrQFLD
VHHQFRQWUDPQDVSUR[LPLGDGHV
GRYHtFXORHWUDEDOKDPQDPHV
PDIDL[DGHIUHTXrQFLD SRU
H[HPSORXPUiGLRXPFRQWUROH
UHPRWRRXXPEULQTXHGR 
6HDSUHVVmRGRVSQHXVHVWLYHUFRUUH
6LVWHPDFRPIDOKD WDHPHVPRDSyVGHVOLJDUHOLJDUDLJ
$OX]GHFRQWUROHSLVFDSRUFHU QLomRDOX]GHFRQWUROHFRQWLQXDUSLV
†  FDGHXPPLQXWRHHPVHJXLGD
SHUPDQHFHDFHVDFRQVWDQWH
FDQGRHHPVHJXLGDSHUPDQHFHU
DFHVDSURFXUDUXPDHPSUHVDHVSH
PHQWH FLDOL]DGD2VLVWHPDGHYHVHUYHULILFD
GR b

 'XUDQWHDFRQGXomR
$ROLJDUDLJQLomRDOJXPDVOX]HVGHDGYHUWrQFLDH $'9(57Ç1&,$ FRQWLQXDomR
GHFRQWUROHVHDFHQGHPUDSLGDPHQWHSDUDYHULILFD
Ɣ $QWHVGHFDGDFRQGXomRDEDVWHFHUVHP
omRGDIXQomR(ODVVHDSDJDPDSyVDOJXQVVH
SUHRVSQHXVFRPDSUHVVmRGRVSQHXVFRU
JXQGRV
UHWDҧϜ3iJLQD
$'9(57Ç1&,$ Ɣ (PYLDJHQVFRPDSUHVVmRGRVSQHXV
PXLWREDL[DRVSQHXVDSUHVHQWDPQHFHVVD
3UHVVmRGRVSQHXVGLIHUHQWHRXSUHVVmRGRV ULDPHQWHPDLVGHIRUPDo}HV$VVLPRVSQHXV
SQHXVPXLWREDL[DSRGHPFDXVDUXPFRODSVR SRGHPVHDTXHFHUWDQWRTXHDEDQGDGHUR
GRVSQHXVDSHUGDGHFRQWUROHGRYHtFXOR GDJHPVHVROWHRVSQHXVHVWRXUHPHVHMD
DFLGHQWHVIHULPHQWRVJUDYHVHDPRUWH SHUGLGRRFRQWUROHGRYHtFXOR
Ɣ 6HDOX]GHFRQWUROH†VHDFHQGHUSDUDU Ɣ $OWDVYHORFLGDGHVHVREUHFDUJDSRGHP
LPHGLDWDPHQWHHYHULILFDUWRGRVRVSQHXV DTXHFHUXPSQHXGHWDOPDQHLUDTXHRSQHX
ҧϜ3iJLQD SRGHHVWRXUDUHOHYDUjSHUGDGHFRQWUROHGR
Ɣ 3UHVVmRGRVSQHXVGLIHUHQWHRXSUHVVmR YHtFXOR
GRVSQHXVPXLWREDL[DSRGHPDXPHQWDUR Ɣ 8PDSUHVVmRGRVSQHXVPXLWRDOWDRX
GHVJDVWHGRSQHXSLRUDUDHVWDELOLGDGHGH PXLWREDL[DHQFXUWDRWHPSRGHYLGDGRV
FRQGXomRHDXPHQWDUDGLVWkQFLDGHIUHQD SQHXVHSLRUDRFRPSRUWDPHQWRGHGLUHomR
JHP GRYHtFXOR
Ɣ 3UHVVmRGRVSQHXVGLIHUHQWHRXSUHVVmR Ɣ 6HRSQHXQmRHVWLYHU³IXUDGR´HQmRIRU
GRVSQHXVPXLWREDL[DSRGHPRFDVLRQDUXP QHFHVViULRWURFDUDURGDLPHGLDWDPHQWHFRQ
FRODSVRV~ELWRGRSQHXFDXVDQGRRHVWRXUR GX]LUHPEDL[DYHORFLGDGHDWpD&RQFHVVLR
GRSQHXHDSHUGDGHFRQWUROHGRYHtFXOR QiULD9RONVZDJHQRXHPSUHVDHVSHFLDOL]DGD
Ɣ 2FRQGXWRUpUHVSRQViYHOSHODFRUUHWD PDLVSUy[LPDYHULILFDUHFRUULJLUDSUHVVmR
SUHVVmRGRVSQHXVHPWRGRVRVSQHXVGR GRVSQHXVҧϜ3iJLQD
YHtFXOR$SUHVVmRGRVSQHXVUHFRPHQGDGD
HVWiVHPSUHGLVSRQtYHOHPXPDHWLTXHWDDGH $'9(57Ç1&,$
VLYDҧϜ3iJLQD
$LQREVHUYkQFLDGDVOX]HVGHDGYHUWrQFLD
Ɣ 2VLVWHPDGHFRQWUROHGDSUHVVmRGRV DFHVDVHGDVPHQVDJHQVGHWH[WRSRGHFDX
SQHXVVySRGHFXPSULUVXDIXQomRVHWRGRV VDUDSDUDGDGRYHtFXORQRWUkQVLWRDFLGHQWHV
RVSQHXVIULRVHVWLYHUHPFRPDSUHVVmRGRV HIHULPHQWRVJUDYHV
SQHXVFRUUHWDҧϜ3iJLQD
Ɣ 1XQFDGHL[DUGHREVHUYDUDVOX]HVGHDG
Ɣ 8VDUYDORUHVGHSUHVVmRGRVSQHXVLQFRU YHUWrQFLDHDVPHQVDJHQVGHWH[WR
UHWRVSRGHFDXVDUDFLGHQWHVHGDQRVDRV
SQHXV7RGRVRVSQHXVSUHFLVDPWHUVHPSUH Ɣ 3DUDURYHtFXORDVVLPTXHIRUSRVVtYHOH
DSUHVVmRDGHTXDGDDRFDUUHJDPHQWR VHJXUR
ҧϜ3iJLQD
127$
$LQREVHUYkQFLDGDVOX]HVGHFRQWUROHTXHVH
DFHQGHPHGDVPHQVDJHQVGHWH[WRSRGHRFD
VLRQDUGDQRVDRYHtFXOR ‹

,QGLFDGRUGHFRQWUROHGRVSQHXV

¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
$OWHUDo}HVGRGLkPHWUR
2GLkPHWURGRSQHXSRGHVHDOWHUDU
Ɣ 6HDSUHVVmRGRVSQHXVWLYHUVLGRDOWHUDGDPD
2LQGLFDGRUGHFRQWUROHGRVSQHXVFRPSDUDFRP QXDOPHQWH
DDMXGDGRVVHQVRUHVGR$%6DURWDomRSRUPLQX Ɣ 6HDSUHVVmRGRVSQHXVHVWLYHUPXLWREDL[D
WRHFRQVHTXHQWHPHQWHRGLkPHWURGHFDGDXPD
53&&

Ɣ 6HRSQHXWLYHUGDQRVHVWUXWXUDLV
GDVURGDVHQWUHRXWUDVFRLVDV2LQGLFDGRUGH
Ɣ 6HRYHtFXORHVWLYHUFDUUHJDGRHPDSHQDVXP
FRQWUROHGRVSQHXVLQGLFDQRLQVWUXPHQWRFRPELQD
GRVODGRV b
GRXPDDOWHUDomRGRGLkPHWURGHURODPHQWRHP
XPDRXPDLVURGDV

6LVWHPDVGHDVVLVWrQFLDDRFRQGXWRU 
Ɣ 6HDVURGDVGHXPHL[RHVWLYHUHPPXLWRFDUUH 2VLVWHPDpSURJUDPDGRGHSRLVGHUHLQLFLDOL]DURV
JDGDVSRUH[HPSORHPFDVRGHFDUUHJDPHQWR YDORUHVVDOYRVGXUDQWHDFRQGXomRQRUPDOGRYHt
PXLWRSHVDGR FXORGHDFRUGRFRPDSUHVVmRGRVSQHXVGHILQLGD
Ɣ 6HFRUUHQWHVSDUDQHYHHVWLYHUHPPRQWDGDV SHORFRQGXWRUHFRPRVSQHXVLQVWDODGRV$SyV
XPDFRQGXomRORQJDFRPGLIHUHQWHVYHORFLGDGHV
Ɣ 6HXPDURGDSRUHL[RWLYHUVLGRWURFDGD
RVYDORUHVSURJUDPDGRVVmRJUDYDGRVHPRQLWRUD
2LQGLFDGRUGHFRQWUROHGRVSQHXV†SRGHUiVHU GRV
UHWDUGDGRRXQmRH[LELUQDGDVREGHWHUPLQDGDV &RPFDUJDPXLWRDOWDQDVURGDVSRUH[HPSORHP
FRQGLo}HVFRPRSRUH[HPSORVHDIRUPDGHFRQ FDVRGHFDUUHJDPHQWRSHVDGRDQWHVGDSURJUD
GXomRIRUPXLWRHVSRUWLYDHPUXDVFREHUWDVGHQH PDomRDSUHVVmRGRVSQHXVGHYHVHUDXPHQWDGD
YHRXQmRSDYLPHQWDGDVRXDRFRQGX]LUFRPFRU DWpTXHHODDWLQMDDSUHVVmRGRVSQHXVGHFDUJD
UHQWHVSDUDQHYH SOHQDUHFRPHQGDGDҧϜ3iJLQD
3URJUDPDURLQGLFDGRUGHFRQWUROHGRV 2LQGLFDGRUGHFRQWUROHGRVSQHXVQmRIXQ
SQHXV FLRQDVHR(6&RXR$%6HVWLYHUHPDYDULD
$SyVXPDPXGDQoDGDSUHVVmRGRVSQHXVRX GRVҧϜ3iJLQD
DSyVWURFDUXPDRXPDLVURGDVRLQGLFDGRUGH
FRQWUROHGRVSQHXVSUHFLVDVHUQRYDPHQWHSURJUD 'XUDQWHDFRQGXomRFRPFRUUHQWHVSDUDQH
PDGR,VWRWDPEpPpYiOLGRDSyVWURFDUDVURGDV YHXPLQGLFDGRUGHIDOKDSRGHVHUH[LELGR
GLDQWHLUDVSHODVURGDVWUDVHLUDV XPDYH]TXHDVFRUUHQWHVSDUDQHYHDXPHQWDPR
GLkPHWURGDURGD ‹
3DUDSURJUDPDUQRYDPHQWHRVLVWHPDpQHFHVVi
ULRUHLQLFLDOL]DURVYDORUHVVDOYRV
Ɣ /LJDUDLJQLomR
Ɣ $FHVVDURLWHPGHPHQX3UHVV¤RSQHXQR
GLVSOD\GRLQVWUXPHQWRFRPELQDGRHDUPD]HQDUD
QRYDSUHVVmRGRVSQHXVҧϜ3iJLQD

6LVWHPDGHFRQWUROHGDSUHVVmRGRVSQHXV
UHVGHSUHVVmRGRVSQHXV(PFDVRGHSHUGDGH
SUHVVmRRVLVWHPDDOHUWDRFRQGXWRUSRUPHLRGH
XPDPHQVDJHPGHDGYHUWrQFLDYLVXDORXVRQRUD

([LELomRGDSUHVVmRGRVSQHXVGRGLVSOD\
QRLQVWUXPHQWRFRPELQDGR
$FHVVDURPHQX(VWDGRYH®FXORQRGLVSOD\GR
LQVWUXPHQWRFRPELQDGRҧϜ3iJLQD2YHtFXORp
UHSUHVHQWDGRFRPDVSUHVV}HVGRVSQHXVUHDLVH
HVSHFLILFDGDVGHWRGDVDVURGDVҧϜ)LJ b

)LJ 5HSUHVHQWDomRHVTXHPiWLFDGDH[LELomR
GRGLVSOD\GRLQVWUXPHQWRFRPELQDGRSUHVV}HV
GRVSQHXVDWXDLV

¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD

2VLVWHPDGHFRQWUROHGDSUHVVmRGRVSQHXV
5'. PRQLWRUDDSUHVVmRGRVSQHXVGDVTXDWUR
URGDVGXUDQWHDFRQGXomRFRPDDMXGDGRVVHQVR

 'XUDQWHDFRQGXomR
ҧϜ)LJ
/HJHQGDSDUDҧ 6HOHFLRQDUDSUHVVmRGRVSQHXV
1~PHURGHSR 6LJQLILFDGR HVSHFLILFDGDSDUDFDUJDSDUFLDORXFDUJD
VLomR WRWDO
 3UHVVmRUHDOGDURGDWUDVHLUD ,QGHSHQGHQWHGDVFRQGLo}HVGHFDUJDGRYHtFXOR
HVTXHUGDHPEDU RFRQGXWRUSUHFLVDVHOHFLRQDUDSUHVVmRHVSHFLIL
FDGDDGHTXDGDSDUDRYHtFXORFRPFDUJDSDUFLDO
 3UHVVmRUHDOGDURGDGLDQWHLUD
RXWRWDO
HVTXHUGDHPEDU
 3UHVVmRHVSHFLILFDGDGRHL[R Ɣ $FHVVDURPHQXSULQFLSDO&RQILJXUD¨¶HVQR
GLDQWHLURHPEDU GLVSOD\GRLQVWUXPHQWRFRPELQDGRҧϜ3iJLQD
 3UHVVmRUHDOGDURGDGLDQWHLUD Ɣ 6HOHFLRQDURVXEPHQX3UHVV¤RSQHXV
GLUHLWDHPEDU Ɣ $SyVVHOHFLRQDURLWHPGHPHQX&DUJDpSRV
 $YDULDGRVLVWHPDGDURGDWUD VtYHOHVFROKHUHQWUH&DUJDSDUFLDORX&DUJDWRWDO
VHLUDGLUHLWD
6HOHFLRQDURVWLSRVGHSQHX
 3UHVVmRHVSHFLILFDGDGRHL[R
$RWURFDURVSQHXVSRUSQHXVGHRXWUDGLPHQVmR
WUDVHLURHPEDU
SRGHVHUQHFHVViULRDGHTXDUDSUHVVmRHVSHFLIL
$SyVOLJDUDLJQLomRD~OWLPDLQGLFDomRGRVYDOR FDGDDRQRYRFRQMXQWRGHSQHXV1HVWHFDVRp
UHVGHSUHVVmRGRVSQHXVDUPD]HQDGDpH[LELGD SUHFLVRVHOHFLRQDURWLSRGHSQHXDGHTXDGRQR
HPVHJXLGD&RPRFRPHoRGDFRQGXomRHVWDLQ PHQXSULQFLSDO&RQILJXUD¨¶HV6HXPDDGHTXD
GLFDomRpDWXDOL]DGDH[LELQGRRVDWXDLVYDORUHVGH omRQmRIRUQHFHVViULDRPHQXGHVHOHomRQmR
SUHVVmRGRVSQHXVUHDLV6HDSUHVVmRGRVSQHXV HVWDUiGLVSRQtYHO
HVWLYHUPXLWREDL[DRVUHVSHFWLYRVYDORUHVGH
Ɣ $FHVVDURPHQXSULQFLSDO&RQILJXUD¨¶HVQR
SUHVVmRGRVSQHXVUHDLVHRVSQHXVDIHWDGRVVmR
GLVSOD\GRLQVWUXPHQWRFRPELQDGRҧϜ3iJLQD
DSUHVHQWDGRVHPDUFDGRVҧϜ)LJ
Ɣ 6HOHFLRQDURVXEPHQX3UHVV¤RSQHXV
/LJDURXGHVOLJDURVLVWHPDGHFRQWUROHGD Ɣ 6HOHFLRQDURVXEPHQX7LSRGHSQHX
SUHVVmRGRVSQHXV
Ɣ 6HOHFLRQDUDGLPHQVmRGHSQHXFRUUHWDHFRQ
2VLVWHPDVHOLJDHGHVOLJDDXWRPDWLFDPHQWH6H ILUPDUDVROLFLWDomRFRPRERWmR /+‡2%3%4 GDDODYDQ
XPFRQMXQWRGHSQHXVVHPVHQVRUHVGHURGDIRU FDGRVOLPSDGRUHVGRSDUDEULVDRXFRPRERWmR
PRQWDGRQRYHtFXORSRUH[HPSORSQHXVGHLQYHU /+ GRYRODQWHPXOWLIXQo}HV
QRRVLVWHPDVHGHVOLJDDXWRPDWLFDPHQWHDSyVR
LQtFLRGDFRQGXomR$SUHVVmRGRVSQHXVQmRVHUi 1DLQVWDODomRGHSQHXVFRPQRYDVGLPHQV}HVQmR
PDLVPRQLWRUDGD/RJRTXHRVLVWHPDGHFRQWUROH SUHYLVWDVGHIiEULFDDSUHVVmRHVSHFLILFDGDFRU
GDSUHVVmRGRVSQHXVUHFHEHUSHORPHQRVXPVL UHVSRQGHQWHSRGHVHUDFUHVFHQWDGDSRVWHULRUPHQ
QDOGRVHQVRUSUySULRHOHOLJDVHDXWRPDWLFDPHQ WHSHOD&RQFHVVLRQiULD9RONVZDJHQQRLWHPGH
WH PHQX,QGLYLGXDO

$GHTXDUDSUHVVmRGRVSQHXV 3URJUDPDomRGRVVHQVRUHVGHSUHVVmRGRV
$SyVFDGDDOWHUDomRUHOHYDQWHGDFDUJDDSUHVVmR SQHXV
GRVSQHXVSUHFLVDVHUYHULILFDGDHDGHTXDGD$ 1mRpQHFHVViULDXPDUHSURJUDPDomRPDQXDOGH
SUHVVmRGRVSQHXVUHFRPHQGDGDSDUDRYHtFXOR SRLVGDVXEVWLWXLomRGRVVHQVRUHVGHSUHVVmRGRV
HVWiHPXPDHWLTXHWDDGHVLYDFRODGDQDFROXQDGD SQHXVRXGDWURFDGRVFRQMXQWRVGRVSQHXV2VLV
SRUWDGRFRQGXWRURXQRODGRGHGHQWURGDSRUWL WHPDGHFRQWUROHGDSUHVVmRGRVSQHXVUHFRQKHFH
QKRODGRWDQTXHҧϜ3iJLQD RVQRYRVVHQVRUHVGHSUHVVmRGRVSQHXVDXWRPD
WLFDPHQWHHRVSURJUDPDLPHGLDWDPHQWHQRLQtFLR
6HDSUHVVmRGRVSQHXVSUHFLVDUVHUDGHTXDGD
GDFRQGXomR
HPXPSQHXTXHQWHHQFKHURSQHXFRP±
EDU ±SVL±N3D DPDLVGRTXH 5RGDVREUHVVDOHQWH
FRQVWDQDHWLTXHWDDGHVLYDGDSUHVVmRGRVSQHXV $SUHVVmRGRSQHXGHXPDURGDVREUHVVDOHQWHQR
3RGHPRFRUUHUYDULDo}HVHQWUHRVYDORUHVGHSUHV FRPSDUWLPHQWRGHEDJDJHPQmRpPRQLWRUDGD
VmRPHGLGRVSHORPDQ{PHWURQRPRPHQWRGDFDOL
EUDJHPHRVYDORUHVGHSUHVVmRGRVSQHXVLQGLFD $UPD]HQDURSQHX
GRVSHORVVHQVRUHVGHSUHVVmRGRVSQHXV2VLV 6HRVSQHXVHVWLYHUHPSDUDGRVRVVHQVRUHVQmR
53&&

WHPDGHFRQWUROHGDSUHVVmRGRVSQHXVHOHWU{QLFR HQYLDPDSUHVVmRGRVSQHXV$VVLPDVEDWHULDV
pPDLVH[DWR GRVVHQVRUHVVmRSRXSDGDV b

6LVWHPDVGHDVVLVWrQFLDDRFRQGXWRU 
127$ 127$ FRQWLQXDomR

Ɣ 2VVHQVRUHVGHSUHVVmRGRVSQHXVHVWmR UHVSRQGHPjVWDPSDVGHYiOYXODLQVWDODGDVGH
QDURGDSUHVRVHPYiOYXODVGHDOXPtQLRHVSH IiEULFD1mRXWLOL]DUWDPSDVGHYiOYXODPHWiOL
FLDLV(VWDVYiOYXODVHVWmRSDUDIXVDGDVULJLGD FDV
PHQWH$RHQFKHUHYHULILFDUDSUHVVmRGRV Ɣ 1mRXWLOL]DU³WDPSDVGHYiOYXODGHFRQIRU
SQHXVQmRGREUDUDVYiOYXODVWHQWDQGRFRORFi WR´SRLVHODVQmRWrPSRGHUYHGDWLYRHDVVLP
ODV³QDSRVLomR´ SRGHPRFRUUHUGDQRVDRVVHQVRUHV
Ɣ $IDOWDGHWDPSDVGHYiOYXODSRGHFDXVDU Ɣ 1mRGDQLILFDUDVYiOYXODVHRVVHQVRUHVDR
GDQRVQDYiOYXODHVHIRURFDVRQRVVHQVRUHV WURFDURVSQHXVSRURXWURV
GRVLVWHPDGHFRQWUROHGDSUHVVmRGRVSQHXV Ɣ $VYiOYXODVGHDOXPtQLRLQVWDODGDVGHYHP
3RULVVRFRQGX]LUVHPSUHFRPDVWDPSDVGDV VHUUHQRYDGDVDSyVDSUR[LPDGDPHQWHDQRV
YiOYXODVFRPSOHWDPHQWHURVTXHDGDVHTXHFRU QRPRPHQWRGDWURFDGHSQHXSRUFDXVDGHHQ
YHOKHFLPHQWR$SyVVHUHPGHVPRQWDGDVDV
YiOYXODVGHDOXPtQLRQmRVmRPDLVXWLOL]iYHLVH
GHYHPVHUUHQRYDGDV2VHQVRUGHSUHVVmR
GRVSQHXVSRGHFRQWLQXDUVHQGRXWLOL]DGR ‹

 'XUDQWHDFRQGXomR
&OLPD
$TXHFHUYHQWLODUUHVIULDU

¤ ,QWURGXomRDRWHPD
1HVWHFDStWXORHQFRQWUDPVHLQIRUPDo}HVUHODWLYDV
$'9(57Ç1&,$
DRVVHJXLQWHVWHPDV
0iVFRQGLo}HVGHYLVLELOLGDGHHPWRGRVRV
&RPDQGRVGRDUFRQGLFLRQDGR  
YLGURVDXPHQWDPRULVFRGHFROLV}HVHDFL
2ULHQWDo}HVGHIXQFLRQDPHQWRGRDU GHQWHVTXHSRGHPFDXVDUIHULPHQWRVJUDYHV
FRQGLFLRQDGR  
Ɣ $VVHJXUDUVHPSUHTXHWRGRVRVYLGURVHV
'LIXVRUHVGHDU  
WmRVHPJHORQHYHHHPEDoDPHQWRSDUDJD
0RGRGHUHFLUFXODomRGHDU   UDQWLUERDVFRQGLo}HVGHYLVLELOLGDGH
([LELomRGDVLQIRUPDo}HVGR&OLPDWURQLF Ɣ $PDLRUSRWrQFLDGHDTXHFLPHQWRHRGH
VHPEDoDPHQWRPDLVUiSLGRGRVYLGURVVySR
1RGLVSOD\GRUiGLRRXGRVLVWHPDGHQDYHJDomR
GHPVHUDWLQJLGRVVHRPRWRUWLYHUDWLQJLGR
LQVWDODGRVGHIiEULFDVmRH[LELGDVLQIRUPDo}HVGR
VXDWHPSHUDWXUDGHVHUYLoR3DUWLUVRPHQWH
&OLPDWURQLFSRUDOJXPWHPSR
VHKRXYHUERDVFRQGLo}HVGHYLVLELOLGDGH
$VXQLGDGHVGRVLQGLFDGRUHVGHWHPSHUDWXUDSR Ɣ $VVHJXUDUVHPSUHTXHRDUFRQGLFLRQDGR
GHPVHUH[LELGDVQRUiGLRRXQRVLVWHPDGHQDYH HRGHVHPEDoDGRUGRYLGURWUDVHLURHVWHMDP
JDomRLQVWDODGRVGHIiEULFDHFRQILJXUDGDVFRQIRU VHQGRXVDGRVFRUUHWDPHQWHSDUDWHUERDV
PHDYHUVmRGRYHtFXORQRPHQX&RQILJXUD¨¶HV FRQGLo}HVGHYLVLELOLGDGH
GRLQVWUXPHQWRFRPELQDGR
Ɣ 1XQFDXWLOL]DURPRGRGHUHFLUFXODomRGH
)LOWURGHSRHLUDHSyOHQ DUSRUPXLWRWHPSR4XDQGRRVLVWHPDGHUH
2ILOWURGHSRHLUDHSyOHQFRPFDUYmRDWLYDGRUH IULJHUDomRHVWLYHUGHVOLJDGRRVYLGURVSR
GX]DSHQHWUDomRGHSROXHQWHVGRDUH[WHUQRQR GHPHPEDoDUPXLWRUDSLGDPHQWHQRPRGRGH
LQWHULRUGRYHtFXOR UHFLUFXODomRGHDUHOLPLWDUPXLWRDVFRQGL
o}HVGHYLVLELOLGDGH
2ILOWURGHSRHLUDHSyOHQGHYHVHUWURFDGRUHJXODU
Ɣ 'HVOLJDUVHPSUHRPRGRGHUHFLUFXODomR
PHQWHSDUDQmROLPLWDURGHVHPSHQKRGRVLVWHPD
GHDUVHHOHQmRIRUQHFHVViULR
GHDUFRQGLFLRQDGR
6HRILOWURSHUGHUVHXHIHLWRSUHPDWXUDPHQWHSHOR $'9(57Ç1&,$
XVRGRYHtFXORHPXPDPELHQWHH[WUHPDPHQWHSR
OXtGRRILOWURGHSRHLUDHSyOHQSUHFLVDUiVHUWURFD 2DUYLFLDGRSRGHRFDVLRQDUFDQVDoRUiSLGR
GRVHQHFHVViULRHQWUHRVHYHQWRVGHVHUYLoR HIDOWDGHFRQFHQWUDomRGRFRQGXWRURTXH
SRGHFDXVDUFROLV}HVDFLGHQWHVHIHULPHQWRV
,QIRUPDo}HVHDOHUWDVFRPSOHPHQWDUHV JUDYHV
Ɣ 9LVWDVH[WHUQDVҧϜ3iJLQD Ɣ 1XQFDGHL[DURYHQWLODGRUGHVOLJDGRSRU
Ɣ 6LVWHPDGHLQIRUPDo}HV9RONVZDJHQ PXLWRWHPSRHQXQFDGHL[DURPRGRGHUHFLU
ҧϜ3iJLQD FXODomRGRDUOLJDGRSRUPXLWRWHPSRXPD
YH]TXHRDUIUHVFRQmRDWLQJHRLQWHULRUGR
Ɣ )XQo}HVGREDQFRҧϜ3iJLQD
YHtFXOR
Ɣ /LPSDGRUHVHODYDGRUHVGRVYLGURV
ҧϜ3iJLQD
127$
Ɣ $TXHFLPHQWRHVWDFLRQiULR DTXHFLPHQWRDGLFLR
Ɣ 6HKRXYHUG~YLGDVGHTXHRDUFRQGLFLRQD
QDO ҧϜ3iJLQD
GRSRVVDWHUVLGRGDQLILFDGRGHVOLJDURDUFRQ
Ɣ &RQVHUYDUHOLPSDUDSDUWHH[WHUQDGRYHtFXOR GLFLRQDGR$VVLPGDQRVVHFXQGiULRVSRGHP
ҧϜ3iJLQD VHUHYLWDGRV2DUFRQGLFLRQDGRGHYHVHUYHULIL
FDGRSRUXPD&RQFHVVLRQiULD9RONVZDJHQ
53&&

Ɣ 5HSDURVQRDUFRQGLFLRQDGRH[LJHPFRQKH
FLPHQWRVHVSHFLDOL]DGRVHIHUUDPHQWDVHVSHFL
DLV3DUDLVVRD9RONVZDJHQUHFRPHQGDDV
&RQFHVVLRQiULDV9RONVZDJHQ b

&OLPD 
6HRVLVWHPDGHUHIULJHUDomRHVWLYHUGHVOLJD 3DUDQmROLPLWDUDSRWrQFLDGHDTXHFLPHQWR
GRRDUH[WHUQRVXFFLRQDGRQmRSHUGHDXPL RXGHUHIULJHUDomRHSDUDLPSHGLURHPEDoD
GDGH3DUDHYLWDURHPEDoDPHQWRGRVYLGURVD PHQWRGRVYLGURVDHQWUDGDGHDUQDIUHQWHGRSD
9RONVZDJHQUHFRPHQGDGHL[DURVLVWHPDGHUHIUL UDEULVDSUHFLVDHVWDUVHPJHORQHYHRXIROKDV ‹
JHUDomR FRPSUHVVRUGHDUFRQGLFLRQDGR OLJDGR
3DUDLVVRSUHVVLRQDURERWmR !‡# $OX]GHFRQWUR
OHGHYHVHDFHQGHUQRERWmR
$PDLRUSRWrQFLDGHDTXHFLPHQWRHRGHVHP
EDoDPHQWRPDLVUiSLGRGRVYLGURVVySRGHP
VHUDWLQJLGRVVHRPRWRUWLYHUDWLQJLGRVXDWHPSH
UDWXUDGHVHUYLoR

&RPDQGRVGRDUFRQGLFLRQDGR

)LJ 1RFRQVROHFHQWUDOFRPDQGRVGRDUFRQGLFLRQDGR PDQXDO 

)LJ 1RFRQVROHFHQWUDOFRPDQGRVGR&OLPDWURQLF

¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
2V/('VTXHVHDFHQGHPQRVFRPDQGRVLQGLFDP
VHDUHVSHFWLYDIXQomRHVWiDWLYD b

3DUDOLJDURXGHVOLJDUXPDIXQomRSUHVVLRQDUR
ERWmRFRUUHVSRQGHQWH3DUDGHVOLJDUDIXQomR
SUHVVLRQDURERWmRPDLVXPDYH]

 'XUDQWHDFRQGXomR
ҧϜ)LJHGR
,QIRUPDo}HVFRPSOHPHQWDUHVGRDUFRQGLFLRQDGR PDQXDO ҧ
%RWmRUHJXODGRU
&OLPDWURQLFҧϜ)LJ
$UFRQGLFLRQDGR PDQXDO JLUDURUHJXODGRUSDUDUHJXODUDUHVSHFWLYDWHPSHUDWX
7HPSHUDWXUD  
UD
&OLPDWURQLFODGRVGLUHLWRHHVTXHUGRUHJXOiYHLVVHSDUDGDPHQWH*LUDURUHJXODGRU

SDUDUHJXODUDUHVSHFWLYDWHPSHUDWXUD
$UFRQGLFLRQDGR PDQXDO 1tYHO YHQWLODGRUHDUFRQGLFLRQDGR PDQXDO GHVOL
9HQWLODGRU  
JDGRQtYHO QtYHOGHYHQWLODomRPDLVDOWR
&OLPDWURQLFDLQWHQVLGDGHGRYHQWLODGRUpUHJXODGDDXWRPDWLFDPHQWH*LUDURUHJX
e ODGRUSDUDDMXVWDURYHQWLODGRUWDPEpPPDQXDOPHQWH
$UFRQGLFLRQDGR PDQXDO JLUDURUHJXODGRUVHPJUDGXDomRSDUDUHJXODUDFRU
'LVWULEXLomRGHDU UHQWHGHDUQDGLUHomRGHVHMDGD
 &OLPDWURQLFDFRUUHQWHGHDUpUHJXODGDDXWRPDWLFDPHQWHGHIRUPDFRQIRUWiYHO
7DPEpPpSRVVtYHODWLYiODPDQXDOPHQWHSRUPHLRGRERWmR  
&OLPDWURQLFH[LELo}HVQRGLVSOD\GDWHPSHUDWXUDFRQILJXUDGDSDUDRVODGRVGLUHLWR

HHVTXHUGR
$UFRQGLFLRQDGR PDQXDO IXQomRGHGHVHPEDoDPHQWR'LVWULEXLomRGHDUSDUDR
SDUDEULVD1HVVDSRVLomRRPRGRGHUHFLUFXODomRGHDUpGHVOLJDGRDXWRPDWLFD
< PHQWHRXQmRSRGHVHUOLJDGRGHQHQKXPDPDQHLUD$XPHQWDUDIRUoDGRYHQWLODGRU
SDUDGHVHPEDoDURSDUDEULVDRPDLVUiSLGRSRVVtYHO3DUDUHPRYHUDXPLGDGHGR
DURVLVWHPDGHUHIULJHUDomRpOLJDGRDXWRPDWLFDPHQWH
&OLPDWURQLFIXQomRGHGHVHPEDoDPHQWR2DUH[WHUQRVXFFLRQDGRpOHYDGRDR
SDUDEULVDHRPRGRGHUHFLUFXODomRGHDUpGHVOLJDGRDXWRPDWLFDPHQWH3DUDGH
 VHPEDoDURSDUDEULVDRPDLVUiSLGRSRVVtYHOHPWHPSHUDWXUDVDFLPDGHƒ&
ƒ) DXPLGDGHGRDUpUHPRYLGDHRYHQWLODGRUpUHJXODGRHPXPQtYHOGH
YHQWLODomRDOWR

K $GLVWULEXLomRGHDUSDUDRWURQFRHVWiQRGLIXVRUGHDUGRSDLQHOGHLQVWUXPHQWRV

L 'LVWULEXLomRGHDUSDUDDiUHDSDUDRVSpV

$UFRQGLFLRQDGR PDQXDO GLVWULEXLomRGHDUSDUDRSDUDEULVDHSDUDDiUHDSDUD


u RVSpV

&OLPDWURQLFGLVWULEXLomRGHDUSDUDFLPD

'HVHPEDoDPHQWRGRYLGURWUDVHLURIXQFLRQDVRPHQWHFRPRPRWRUHPIXQFLRQD
= PHQWRHGHVOLJDSRUVLVyDSyVQRPi[LPRPLQXWRV

3 $UFRQGLFLRQDGR PDQXDO UHFLUFXODomRGHDUҧϜ3iJLQD

ž &OLPDWURQLFPRGRGHUHFLUFXODomRGHDUDXWRPiWLFRHPDQXDOҧϜ3iJLQD

> %RWmRGRDTXHFLPHQWRLPHGLDWRGRDTXHFLPHQWRHVWDFLRQiULRҧϜ3iJLQD

A[ %RW}HVSDUDRDTXHFLPHQWRGREDQFRҧϜ3iJLQD
&OLPDWURQLFFRQIRUPHDYHUVmRGRYHtFXORSRGHKDYHUXPERWmRSDUDRGHVHPED
oDPHQWRGRYLGURGLDQWHLURQRSDLQHOGHFRQWUROHGRDUFRQGLFLRQDGR2GHVHPED
t oDPHQWRGRYLGURGLDQWHLURIXQFLRQDDSHQDVFRPRPRWRUHPIXQFLRQDPHQWRHVH
GHVOLJDSRUVLVyDSyVDOJXQVPLQXWRV
53&&

!‡# 3UHVVLRQDURERWmRSDUDOLJDURXGHVOLJDURVLVWHPDGHUHIULJHUDomR b

&OLPD 
ҧϜ)LJHGR
,QIRUPDo}HVFRPSOHPHQWDUHVGRDUFRQGLFLRQDGR PDQXDO ҧ
%RWmRUHJXODGRU
&OLPDWURQLFҧϜ)LJ
$UFRQGLFLRQDGR PDQXDO JLUDURUHJXODGRUSDUDDSRVLomRSDUDGLVSRQLELOL
]DUGDSRWrQFLDGHUHVIULDPHQWRPi[LPD2PRGRGHUHFLUFXODomRGHDUHRVLVWHPD
GHUHIULJHUDomRVmROLJDGRVDXWRPDWLFDPHQWH
 &OLPDWURQLFSUHVVLRQDURERWmRSDUDGLVSRQLELOL]DUDSRWrQFLDGHUHVIULDPHQWRPi
[LPD2PRGRGHUHFLUFXODomRGHDUHRVLVWHPDGHUHVIULDPHQWRVmROLJDGRVDXWR
PDWLFDPHQWHHDGLVWULEXLomRGHDUpDMXVWDGDDXWRPDWLFDPHQWHSDUDDSRVLomRK
&OLPDWURQLFDVVXPLUDVUHJXODJHQVGDWHPSHUDWXUDQRODGRGRFRQGXWRUSDUDROD
GRGRSDVVDJHLURGLDQWHLURVHDOX]GHFRQWUROHDFHQGHUQRERWmR 39.# RVDMXVWHV
GHWHPSHUDWXUDGRODGRGRFRQGXWRUVmRYiOLGRVWDPEpPSDUDRODGRGRSDVVDJHLUR
39.# GLDQWHLUR3UHVVLRQDURERWmRRXDFLRQDURUHJXODGRUGDWHPSHUDWXUDSDUDRODGR
SDVVDJHLURGLDQWHLURSDUDUHJXODUGLIHUHQWHVDMXVWHVGHWHPSHUDWXUDSDUDRODGR
SDVVDJHLUR1RERWmRQHQKXPDOX]GHFRQWUROHVHDFHQGH
&OLPDWURQLFUHJXODJHPDXWRPiWLFDSDUDWHPSHUDWXUDYHQWLODGRUHGLVWULEXLomRGH
!54/ DU3UHVVLRQDURERWmRSDUDOLJDUDIXQomR1RERWmR !54/ DOX]GHFRQWUROHVHDFHQ
GH
'HVOLJDU $UFRQGLFLRQDGR PDQXDO JLUDURLQWHUUXSWRUGRYHQWLODGRUSDUDRQtYHO
&OLPDWURQLFSUHVVLRQDURERWmR /&& RXFRORFDURYHQWLODGRUPDQXDOPHQWHQDSRVL
/&& omR&RPRVLVWHPDGHVOLJDGRDOX]GHFRQWUROHVHDFHQGHQRERWmR /&& 

$'9(57Ç1&,$ $'9(57Ç1&,$ FRQWLQXDomR

2DUYLFLDGRSRGHRFDVLRQDUFDQVDoRUiSLGR Ɣ 1XQFDGHL[DURYHQWLODGRUGHVOLJDGRSRU
HIDOWDGHFRQFHQWUDomRGRFRQGXWRURTXH PXLWRWHPSRHQXQFDGHL[DURPRGRGHUHFLU
SRGHFDXVDUFROLV}HVDFLGHQWHVHIHULPHQWRV FXODomRGRDUOLJDGRSRUPXLWRWHPSRXPD
JUDYHV YH]TXHRDUIUHVFRQmRDWLQJHRLQWHULRUGR
YHtFXOR ‹

2ULHQWDo}HVGHIXQFLRQDPHQWRGRDUFRQGLFLRQDGR

¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
&RPRDUFRQGLFLRQDGR PDQXDO
Ɣ 'HVOLJDURPRGRGHUHFLUFXODomRGHDU
ҧϜ3iJLQD
2VLVWHPDGHUHIULJHUDomRGRLQWHULRUGRYHtFXOR Ɣ &RORFDURYHQWLODGRUQRQtYHOGHVHMDGR
IXQFLRQDVRPHQWHFRPRPRWRUHPIXQFLRQDPHQWR Ɣ &RORFDURUHJXODGRUGDWHPSHUDWXUDQDSRVLomR
HFRPRYHQWLODGRUOLJDGR GRPHLR
2DUFRQGLFLRQDGRWUDEDOKDFRPRPi[LPRGHHILFL Ɣ $EULUHDMXVWDUWRGRVRVGLIXVRUHVGHDUQRSDL
rQFLDVHRVYLGURVHRWHWRVRODUSDQRUkPLFRHVWL QHOGHLQVWUXPHQWRVҧϜ3iJLQD
YHUHPIHFKDGRV6HRLQWHULRUGRYHtFXORHVWLYHU Ɣ *LUDURUHJXODGRUGHGLVWULEXLomRGHDUQDSRVL
PXLWRDTXHFLGRSRUTXHRYHtFXORILFRXSDUDGRH[ omRGHVHMDGD
SRVWRDRVRODEULUEUHYHPHQWHRVYLGURVHRWHWR Ɣ 3UHVVLRQDURERWmR !‡# SDUDOLJDURVLVWHPDGH
VRODUSDQRUkPLFRSRGHDFHOHUDURSURFHVVRGHUHV UHIULJHUDomR$OX]GHFRQWUROHVHDFHQGHQRER
IULDPHQWR WmR
5HJXODJHPSDUDREWHUFRQGLo}HVGH &RPR&OLPDWURQLF
YLVLELOLGDGHLGHDLV
Ɣ 3UHVVLRQDURERWmR !54/ 
2VLVWHPDGHUHIULJHUDomROLJDGRQmRVRPHQWH
DEDL[DDWHPSHUDWXUDQRLQWHULRUGRYHtFXORPDV Ɣ 5HJXODUDWHPSHUDWXUDSDUDƒ& ƒ) 
WDPEpPDXPLGDGHGRDU$VVLPDXPHQWDVHR Ɣ $EULUHDMXVWDUWRGRVRVGLIXVRUHVGHDUQRSDL
EHPHVWDUGRVRFXSDQWHVGRYHtFXORHVHLPSHGH QHOGHLQVWUXPHQWRVҧϜ3iJLQD b
RHPEDoDPHQWRGRVYLGURVFRPDOWDXPLGDGHGR
H[WHULRU

 'XUDQWHDFRQGXomR
&OLPDWURQLFFRPXWDUDXQLGDGHGH Ɣ 2FRPSUHVVRUGRVLVWHPDGHUHIULJHUDomRIRL
WHPSHUDWXUDGRGLVSOD\GRUiGLRLQVWDODGR GHVOLJDGRWHPSRUDULDPHQWHGHYLGRjWHPSHUDWXUD
GHIiEULFDRXGRVLVWHPDGHQDYHJDomR PXLWRHOHYDGDGROtTXLGRGHDUUHIHFLPHQWRGRPR
WRU
$FRPXWDomRGRLQGLFDGRUGHWHPSHUDWXUDGH&HO
VLXVSDUD)DKUHQKHLWQRGLVSOD\GRUiGLRLQVWDODGR Ɣ +iDOJXPDRXWUDIDOKDQRYHtFXOR2DUFRQGL
GHIiEULFDRXQRGLVSOD\GRVLVWHPDGHQDYHJDomR FLRQDGRGHYHVHUYHULILFDGRSRUXPD&RQFHVVLR
RFRUUHSRUPHLRGRPHQXQRLQVWUXPHQWRFRPELQD QiULD9RONVZDJHQ
GRҧϜ3iJLQD
3DUWLFXODULGDGHV
2VLVWHPDGHUHIULJHUDomRQmRSRGHVHU 6HDXPLGDGHGRDUH[WHUQRHDWHPSHUDWXUDDPEL
OLJDGR HQWHHVWLYHUHPDOWDViJXDFRQGHQVDGDSRGHYLUD
6HRVLVWHPDGHUHIULJHUDomRQmRSXGHUVHUOLJDGR SLQJDUGRHYDSRUDGRUGRVLVWHPDGHUHIULJHUDomRH
LVWRSRGHWHUDVVHJXLQWHVFDXVDV IRUPDUXPDSRoDG
iJXDVRERYHtFXOR,VWRpQRU
PDOHQmRXPVLQDOGHYD]DPHQWR
Ɣ 2PRWRUQmRHVWiHPIXQFLRQDPHQWR
Ɣ 2YHQWLODGRUHVWiGHVOLJDGR 2SDUDEULVDSRGHHPEDoDUGHSRLVGDSDUWLGD
GRPRWRUSRUFRQWDGDXPLGDGHUHVLGXDOQR
Ɣ 2IXVtYHOGRDUFRQGLFLRQDGRHVWiTXHLPDGR DUFRQGLFLRQDGR/LJDUDIXQomRGHGHVHPEDoD
Ɣ $WHPSHUDWXUDDPELHQWHHVWiDEDL[RGHDSUR[L PHQWRSDUDGHVHPEDoDURSDUDEULVDRPDLVUiSL
PDGDPHQWHƒ& ƒ)  GRSRVVtYHO ‹

'LIXVRUHVGHDU

)LJ 1RSDLQHOGHLQVWUXPHQWRVGLIXVRUHVGHDU

¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
2XWURVGLIXVRUHVGHDUQmRDMXVWiYHLVVHHQFRQ
WUDPQDVFROXQDV$HQRSDLQHOGHLQVWUXPHQWRV
 QDViUHDVGRVSpVHQDiUHDWUDVHLUDGRLQWHUL
RUGRYHtFXOR
'LIXVRUHVGHDU
&OLPDWURQLFYHQWLODomRLQGLUHWD
3DUDTXHXPDSRWrQFLDGHDTXHFLPHQWRXPDUHIUL
1RPRGRDXWRPiWLFRGR&OLPDWURQLFDYHQWLODomR
JHUDomRHXPDHQWUDGDGHDUVXILFLHQWHVVHMDP
LQGLUHWDWDPEpPpFRQWURODGDDXWRPDWLFDPHQWHSD
DWLQJLGDVQRLQWHULRUGRYHtFXORRVGLIXVRUHVGHDU
UDREWHUXPDYHQWLODomRVHPFRUUHQWHGHDU2DU
ҧϜ)LJ  GHYHPVHUPDQWLGRVVHPSUHDEHU
VDLHQWmRDWUDYpVGRGLIXVRUGHDU  TXHQmRSR
WRV
GHVHUIHFKDGR
Ɣ 3DUDDEULUHIHFKDURVGLIXVRUHVGHDUJLUDUR
ERWmRUHFDUWLOKDGR LPDJHPDPSOLDGD SDUDDGLUH 127$
omRGHVHMDGD6HRERWmRUHFDUWLOKDGRHVWLYHUQD
1mRFRORFDUDOLPHQWRVPHGLFDPHQWRVRXRX
SRVLomR`HQWmRRGLIXVRUGHDUHPTXHVWmRHVWi
WURVREMHWRVVHQVtYHLVjWHPSHUDWXUDQDIUHQWH
IHFKDGR
GRVGLIXVRUHVGHDU$OLPHQWRVPHGLFDPHQWRV
53&&

Ɣ &RPDDOoDGDJUDGHGHYHQWLODomRDMXVWDUD RXRXWURVREMHWRVVHQVtYHLVDRFDORURXIULRSR
GLUHomRGDVDtGDGDFRUUHQWHGHDU GHPVHUGDQLILFDGRVRXLQXWLOL]DGRVDWUDYpVGR
IOX[RGHDUGHVDtGD b

&OLPD 
2DUTXHVDLGRVGLIXVRUHVGHDUHFRUUHSRU
WRGRRLQWHULRUGRYHtFXORHVFDSDSDUDIRUDGR
YHtFXORSHODVIHQGDVGHDUVRERYLGURWUDVHLUR$V
IHQGDVGHDUQmRSRGHPVHUFREHUWDVFRPSHoDV
GHURXSDRXRXWURVREMHWRV ‹

0RGRGHUHFLUFXODomRGHDU

¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQIRUPDo}HVLQWURGXWyULDVHDVLQGLFDo}HVGHVHJXUDQ
oD QDSiJLQD

,QIRUPDo}HVEiVLFDV
+iGLIHUHQWHVWLSRVGRPRGRGHUHFLUFXODomRGHDU

3 0RGRGHUHFLUFXODomRGHDUPDQXDO DUFRQGLFLRQDGR PDQXDO 

/X]GHFRQWUROHHVTXHUGDGRERWmRVHDFHQGHUHFLUFXODomRGHDUPDQXDO &OLPDWUR
QLF 
ž /X]GHFRQWUROHGLUHLWDGRERWmRVHDFHQGHUHFLUFXODomRGHDUDXWRPiWLFD &OLPDWUR
QLF 

1RPRGRGHUHFLUFXODomRGHDURDUH[WHUQRpLP )XQFLRQDPHQWRGRPRGRGHUHFLUFXODomRGH
SHGLGRGHDWLQJLURLQWHULRUGRYHtFXOR DUDXWRPiWLFRž
6HDWHPSHUDWXUDH[WHUQDHVWLYHUPXLWRDOWDHVFR 1DSRVLomRžRDUIUHVFRDWLQJHRLQWHULRUGR
OKHURPRGRGHUHFLUFXODomRGHDUPDQXDOSRUDO YHtFXOR6HRVLVWHPDUHFRQKHFHUXPDFRQFHQWUD
JXPWHPSRSDUDHVIULDURLQWHULRUGRYHtFXORPDLV omRGHSROXHQWHVHOHYDGDQRDUH[WHUQRRPRGR
UDSLGDPHQWH GHUHFLUFXODomRGHDUpOLJDGRDXWRPDWLFDPHQWH
$VVLPTXHDTXDQWLGDGHGHSROXHQWHVHVWLYHUQR
2PRGRGHUHFLUFXODomRGHDUOLJDGRVHGHVOLJDDX
QtYHOQRUPDOQRYDPHQWHRPRGRGHUHFLUFXODomR
WRPDWLFDPHQWHSRUPRWLYRVGHVHJXUDQoDQDVVL
GHDUVHGHVOLJD
WXDo}HVDVHJXLUҧϜ 
2VLVWHPDQmRUHFRQKHFHRGRUHVGHVDJUDGiYHLV
Ɣ 'HVOLJDUPDQXDOPHQWHRERWmR  IRLSUHV
VLRQDGR QR&OLPDWURQLF RXRUHJXODGRUGDGLVWUL 2PRGRGHUHFLUFXODomRGHDUQmRpOLJDGRDXWR
EXLomRGRDUIRLJLUDGRSDUDDSRVLomR< QRDU PDWLFDPHQWHQDVVHJXLQWHVWHPSHUDWXUDVH[WHUQDV
FRQGLFLRQDGR PDQXDO  HFRQGLo}HV
Ɣ 'HVOLJDUDXWRPDWLFDPHQWHXPVHQVRUUHFRQKH Ɣ 2VLVWHPDGHUHIULJHUDomRHVWiOLJDGR DOX]GH
FHRULVFRGHHPEDoDPHQWRGRVYLGURVGRYHtFXOR FRQWUROHVHDFHQGHQRERWmR !‡# HDWHPSHUDWXUD
DPELHQWHHVWiDEDL[RGHƒ& ƒ) 
/LJDUHGHVOLJDURPRGRGHUHFLUFXODomRGH
Ɣ 2VLVWHPDGHUHIULJHUDomRHRVOLPSDGRUHVGR
DUPDQXDOFRPRDUFRQGLFLRQDGR PDQXDO
SDUDEULVDHVWmRGHVOLJDGRVHDWHPSHUDWXUDDPEL
3
HQWHHVWiDEDL[RGHƒ& ƒ) 
/LJDUSUHVVLRQDURERWmR 3 DWpTXHQHQKXPDOX]
Ɣ 2VLVWHPDGHUHIULJHUDomRHVWiGHVOLJDGRD
GHFRQWUROHGRERWmRHVWHMDDFHVD
WHPSHUDWXUDDPELHQWHHVWiDEDL[RGHƒ&
'HVOLJDUSUHVVLRQDURERWmR 3 DWpTXHQHQKXPD ƒ) HRVOLPSDGRUHVGRSDUDEULVDHVWmROLJD
OX]GHFRQWUROHGRERWmRHVWHMDDFHVD GRV
/LJDUHGHVOLJDUPRGRGHUHFLUFXODomRGHDU /LJDUHGHVOLJDURPRGRGHUHFLUFXODomRGH
PDQXDOFRPR&OLPDWURQLF PDQXDO ž DUDXWRPiWLFR
/LJDUSUHVVLRQDURERWmR ž DWpDOX]GHFRQWUROH /LJDUSUHVVLRQDURERWmR ž DWpDOX]GHFRQWUROH
HVTXHUGDGRERWmRVHDFHQGHU GLUHLWDGRERWmRVHDFHQGHU
'HVOLJDUSUHVVLRQDURERWmR ž DWpTXHQHQKXPD 'HVOLJDUSUHVVLRQDURERWmR ž DWpTXHQHQKXPD
OX]GHFRQWUROHGRERWmRHVWHMDDFHVD OX]GHFRQWUROHGRERWmRHVWHMDDFHVD b

 'XUDQWHDFRQGXomR
'HVOLJDURPRGRGHUHFLUFXODomRGHDU $'9(57Ç1&,$ FRQWLQXDomR
WHPSRUDULDPHQWH Ɣ 4XDQGRRVLVWHPDGHUHIULJHUDomRHVWLYHU
Ɣ $SHUWDURERWmR ž XPDYH]SDUDHPFDVRGH GHVOLJDGRRVYLGURVSRGHPHPEDoDUPXLWR
RGRUHVGHVDJUDGiYHLVPXGDUWHPSRUDULDPHQWH UDSLGDPHQWHQRPRGRGHUHFLUFXODomRGHDUH
SDUDRPRGRGHUHFLUFXODomRGHDUPDQXDO$OX] OLPLWDUPXLWRDVFRQGLo}HVGHYLVLELOLGDGH
GHFRQWUROHHVTXHUGDVHDFHQGH Ɣ 'HVOLJDUVHPSUHRPRGRGHUHFLUFXODomR
Ɣ 3UHVVLRQDURERWmR ž GHQRYRDSyVPDLVGH GHDUVHHOHQmRIRUQHFHVViULR
VHJXQGRVSDUDDWLYDURPRGRGHUHFLUFXODomRGH
DUDXWRPiWLFRQRYDPHQWH$OX]GHFRQWUROHGLUHLWD 127$
VHDFHQGH
(PYHtFXORVFRPDUFRQGLFLRQDGRQmRIXPDU
TXDQGRRPRGRGHUHFLUFXODomRGHDUHVWLYHUOL
$'9(57Ç1&,$
JDGR$IXPDoDVXFFLRQDGDSRGHVHGHSRVLWDU
2DUYLFLDGRSRGHRFDVLRQDUFDQVDoRUiSLGR QRHYDSRUDGRUGRVLVWHPDGHUHIULJHUDomREHP
HIDOWDGHFRQFHQWUDomRGRFRQGXWRURTXH FRPRQRILOWURGHSRHLUDHSyOHQFRPFDUYmR
SRGHFDXVDUFROLV}HVDFLGHQWHVHIHULPHQWRV DWLYDGRHRFDVLRQDURGRUHVLQF{PRGRVHGXUD
JUDYHV GRXURV
Ɣ 1XQFDGHL[DURPRGRGHUHFLUFXODomRGH
DUOLJDGRSRUPXLWRWHPSRXPDYH]TXHRDU &OLPDWURQLFFRPDPDUFKDDUpHQJDWDGD
IUHVFRQmRDWLQJHRLQWHULRUGRYHtFXOR RXHQTXDQWRRVLVWHPDGHOLPSH]DHGHODYD
JHPDXWRPiWLFRHVWLYHUHPIXQFLRQDPHQWRDUHFLU
FXODomRGHDUpOLJDGDSRUXPSHUtRGRFXUWRSDUD
HYLWDUDSHQHWUDomRGHJDVHVGRHVFDSDPHQWRQR
LQWHULRUGRYHtFXOR ‹
53&&

&OLPD 
$TXHFLPHQWRHVWDFLRQiULR DTXHFLPHQWRDGLFLRQDO

¤ ,QWURGXomRDRWHPD
1HVWHFDStWXORHQFRQWUDPVHLQIRUPDo}HVUHODWLYDV 3(5,*2 FRQWLQXDomR
DRVVHJXLQWHVWHPDV
Ɣ 3URFXUDUDX[tOLRPpGLFRLPHGLDWDPHQWHVH
/LJDURXGHVOLJDURDTXHFLPHQWRHVWDFLRQiULR  KRXYHUVXVSHLWDGHTXHXPDEDWHULDWHQKDVL
&RQWUROHUHPRWR   GRHQJROLGD
3URJUDPDURDTXHFLPHQWRHVWDFLRQiULR  
2ULHQWDo}HVGHIXQFLRQDPHQWR   $'9(57Ç1&,$
2VJDVHVGRHVFDSDPHQWRGRDTXHFLPHQWR
2FRPEXVWtYHOGRWDQTXHGRYHtFXORDEDVWHFHR
HVWDFLRQiULRFRQWrPHQWUHRXWURVRPRQy[L
DTXHFLPHQWRHVWDFLRQiULRTXHSRGHVHUXWLOL]DGR
GRGHFDUERQRJiVWy[LFRLQRGRURHLQFRORU
GXUDQWHDFRQGXomREHPFRPRFRPRYHtFXORSD
2PRQy[LGRGHFDUERQRSRGHRFDVLRQDUGHV
UDGR
PDLRVHPRUWH
1RLQVWUXPHQWRFRPELQDGRFRQILJXUDURPRGRGH Ɣ 1XQFDOLJDURXGHL[DURDTXHFLPHQWRHVWD
VHMDGR$TXHFHURX9HQWLODUҧϜ3iJLQD FLRQiULRIXQFLRQDQGRHPHVSDoRVIHFKDGRV
1RLQYHUQRQRPRGR$TXHFHUDRDTXHFHURLQWH RXVHPYHQWLODomR
ULRUGRYHtFXORRSDUDEULVDSRGHILFDUVHPJHOR Ɣ 1XQFDSURJUDPDURDTXHFLPHQWRHVWDFLR
VHPHPEDoDPHQWRHVHPXPDFREHUWXUDGHQHYH QiULRSDUDTXHHOHVHMDOLJDGRHIXQFLRQHHP
ILQDDQWHVGRLQtFLRGDFRQGXomRVHRDTXHFLPHQWR OXJDUHVIHFKDGRVRXVHPYHQWLODomR
HVWDFLRQiULRHVWLYHUOLJDGR
1RYHUmRQRPRGR9HQWLODURLQWHULRUGRYHtFXOR $'9(57Ç1&,$
DTXHFLGRSRGHVHUYHQWLODGRFRPDUIUHVFRDQWHV $VSHoDVGRVLVWHPDGHHVFDSHGRDTXHFL
GRLQtFLRGDFRQGXomRSDUDEDL[DUDWHPSHUDWXUD PHQWRHVWDFLRQiULRILFDPPXLWRTXHQWHV,VVR
GRLQWHULRUGRYHtFXOR SRGHFDXVDULQFrQGLRV
,QIRUPDo}HVHDOHUWDVFRPSOHPHQWDUHV Ɣ 'HVOLJDURYHtFXORGHIRUPDTXHQHQKXPD
Ɣ 6LVWHPDGHLQIRUPDo}HV9RONVZDJHQ SHoDGRVLVWHPDGHHVFDSHHQWUHHPFRQWDWR
ҧϜ3iJLQD FRPPDWHULDLVIDFLOPHQWHLQIODPiYHLVSRUEDL
[RGRYHtFXORFRPRSRUH[HPSORJUDPDVH
Ɣ $TXHFHUYHQWLODUUHVIULDUҧϜ3iJLQD FD
Ɣ $EDVWHFHUҧϜ3iJLQD
Ɣ ,QIRUPDo}HVDRFRQVXPLGRUҧϜ3iJLQD 127$
1mRFRORFDUDOLPHQWRVPHGLFDPHQWRVRXRX
3(5,*2 WURVREMHWRVVHQVtYHLVjWHPSHUDWXUDQDIUHQWH
6HIRUHPLQJHULGDVEDWHULDVFRPXPGLkPHWUR GRVGLIXVRUHVGHDU$OLPHQWRVPHGLFDPHQWRV
GHPPRXRXWUDVSLOKDVSRGHUmRRFRUUHU RXRXWURVREMHWRVVHQVtYHLVDRFDORURXIULRSR
OHV}HVJUDYHVRXDWpIDWDLVHPXPFXUWRHV GHPVHUGDQLILFDGRVRXLQXWLOL]DGRVDWUDYpVGR
SDoRGHWHPSR IOX[RGHDUGHVDtGD
Ɣ &RQVHUYDUVHPSUHDFKDYHGRYHtFXORR
$SyVDSDUWLGDGRPRWRUFRPDEDWHULDGR
FRQWUROHUHPRWRSRUUiGLREHPFRPRFKDYHL
YHtFXORWRWDOPHQWHGHVFDUUHJDGDRXXPDED
URVFRPEDWHULDVEDWHULDVGHUHSRVLomRFpOX
WHULDWURFDGDQRYHtFXOREHPFRPRDSyVXPDSDU
ODVWLSRERWmRHRXWUDVEDWHULDVPDLRUHVGR
WLGDGHHPHUJrQFLDDVFRQILJXUDo}HVGRVLVWHPD
TXHPPIRUDGRDOFDQFHGHFULDQoDV
KRUDGDWDFRQILJXUDo}HVGHFRQIRUWRSHVVRDLVH
SURJUDPDo}HV SRGHPVHUGHVDMXVWDGDVRXDSD
JDGDV9HULILFDUHFRUULJLUDVFRQILJXUDo}HVGHSRLV
TXHDEDWHULDGRYHtFXORWLYHUVLGRVXILFLHQWHPHQWH
FDUUHJDGD ‹

 'XUDQWHDFRQGXomR
/LJDURXGHVOLJDURDTXHFLPHQWRHVWDFLRQiULR

¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQIRUPDo}HVLQWURGXWyULDVHDVLQGLFDo}HVGHVHJXUDQ
oD QDSiJLQD

/LJDURDTXHFLPHQWRHVWDFLRQiULR 

ҧϜ3iJLQD
> 0DQXDOPHQWHFRPRERWmRGHDTXHFLPHQWRLPHGLDWRQRDUFRQGLFLRQDGR

ҧϜ3iJLQD
/. 0DQXDOPHQWHFRPRFRQWUROHUHPRWR

 $XWRPDWLFDPHQWHFRPXPKRUiULRGHOLJDomRSURJUDPDGRHDWLYDGR ҧϜ3iJLQD

'HVOLJDURDTXHFLPHQWRHVWDFLRQiULR 

ҧϜ3iJLQD
> 0DQXDOPHQWHFRPRERWmRGHDTXHFLPHQWRLPHGLDWRQRDUFRQGLFLRQDGR

ҧϜ3iJLQD
/&& 0DQXDOPHQWHFRPRFRQWUROHUHPRWR

 $XWRPDWLFDPHQWHDRILPGRWHPSRGHRSHUDomRFRQILJXUDGR GXUDomR  ҧϜ3iJLQD


$XWRPDWLFDPHQWHFRPRDFHQGLPHQWRGDOX]GHFRQWUROH LQGLFDGRUGR
 ҧϜ3iJLQD
QtYHOGHFRPEXVWtYHO 
 $XWRPDWLFDPHQWHVHDFDUJDGDEDWHULDGRYHtFXORHVWLYHUPXLWREDL[D ҧϜ3iJLQD

3DUWLFXODULGDGH
2DTXHFLPHQWRHVWDFLRQiULRIXQFLRQDSRUXPFXUWR
SHUtRGRDSyVVHXGHVOLJDPHQWRSDUDXWLOL]DUR
FRPEXVWtYHOUHVWDQWHQRDTXHFLPHQWRHVWDFLRQiULR
$OpPGLVVRSDUDSHUPLWLUTXHRVJDVHVGRHVFDSD
PHQWRVHGLVVLSHP ‹

&RQWUROHUHPRWR

)LJ $TXHFLPHQWRHVWDFLRQiULRFRQWUROHUH )LJ $TXHFLPHQWRHVWDFLRQiULRFREHUWXUDGD


PRWR EDWHULDGRFRQWUROHUHPRWR

¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
53&&

IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD b

&OLPD 
)LJ 6LJQLILFDGR /X]GHFRQWUROHGRFRQWUROHUHPRWR
$OX]GHFRQWUROHGRFRQWUROHUHPRWRIRUQHFHDR
/. /LJDURDTXHFLPHQWRHVWDFLRQiULR XVXiULRGLYHUVDVLQIRUPDo}HVTXDQGRRERWmRp
SUHVVLRQDGR
/&& 'HVOLJDURDTXHFLPHQWRHVWDFLRQiULR

 $QWHQD
 /X]GHFRQWUROH
3UHVVLRQDURERWmRGRFRQWUROHUHPRWRVHPQHFHV
VLGDGHSRGHOLJDURDTXHFLPHQWRHVWDFLRQiULRQmR
LQWHQFLRQDOPHQWH,VVRWDPEpPRFRUUHIRUDGDiUHD
GHDOFDQFHGRFRQWUROHUHPRWRRXTXDQGRDOX]GH
FRQWUROHSLVFD

/X]GHFRQWUROH  6LJQLILFDGR
$FHQGHVHHPYHUGHSRUDSUR[LPDGDPHQWH
2DTXHFLPHQWRHVWDFLRQiULRIRLOLJDGRFRPRERWmR /. 
VHJXQGRV
$FHQGHVHHPYHUPHOKRSRUDSUR[LPDGD
2DTXHFLPHQWRHVWDFLRQiULRIRLGHVOLJDGRFRPRERWmR /&& 
PHQWHVHJXQGRV
3LVFDGHYDJDUHPYHUGHSRUDSUR[LPDGD
PHQWHVHJXQGRV DSUR[LPDGDPHQWHTXD 2VLQDOSDUDOLJDUQmRIRLUHFHELGRD 
WURYH]HVSRUVHJXQGR 
2DTXHFLPHQWRHVWDFLRQiULRHVWiEORTXHDGR
3LVFDUDSLGDPHQWHHPYHUGHSRUDSUR[LPD
3RVVtYHLVFDXVDVRUHVHUYDWyULRGHFRPEXVWtYHOHVWiTXDVH
GDPHQWHVHJXQGRV DSUR[LPDGDPHQWH
YD]LRDWHQVmRGDEDWHULDGRYHtFXORHVWiPXLWREDL[DRXKi
GH]YH]HVSRUVHJXQGR 
XPDDYDULD
3LVFDHPYHUPHOKRSRUDSUR[LPDGDPHQWH
VHJXQGRV DSUR[LPDGDPHQWHTXDWURYH]HV 2VLQDOSDUDGHVOLJDUQmRIRLUHFHELGRD 
SRUVHJXQGR 
$FHQGHVHHPODUDQMDSRUDSUR[LPDGDPHQ
$EDWHULDGRFRQWUROHUHPRWRHVWiIUDFD$SHVDUGLVVRRVL
WHVHJXQGRVHPVHJXLGDHPYHUGHRX
QDOSDUDOLJDURXSDUDGHVOLJDUIRLUHFHELGR
YHUPHOKR
$FHQGHVHHPODUDQMDSRUDSUR[LPDGDPHQ
$EDWHULDGRFRQWUROHUHPRWRHVWiIUDFD2VLQDOSDUDOLJDU
WHVHJXQGRVHPVHJXLGDSLVFDHPYHUGH
RXSDUDGHVOLJDUQmRIRLUHFHELGR
RXYHUPHOKR
3LVFDHPODUDQMDSRUDSUR[LPDGDPHQWH $EDWHULDGRFRQWUROHUHPRWRHVWiGHVFDUUHJDGD2VLQDOSD
VHJXQGRV UDOLJDURXSDUDGHVOLJDUQmRIRLUHFHELGR
D 2FRQWUROHUHPRWRHVWiIRUDGDiUHDGHDOFDQFH5HGX]LUDGLVWkQFLDGRYHtFXORHSUHVVLRQDURUHVSHFWLYRERWmRQRYDPHQWH

6XEVWLWXLUDEDWHULDGRFRQWUROHUHPRWR Ɣ &RORFDUDEDWHULDQRYD$WHQWDUSDUDDSRODULGD
6HDOX]GHFRQWUROHGDEDWHULDQRFRQWUROHUHPRWR GHFRUUHWDHXWLOL]DUEDWHULDVGRPHVPRPRGHOR
 SLVFDUHPODUDQMDGXUDQWHDSUR[LPDGDPHQWH ҧϜ 
VHJXQGRVRXQmRDFHQGHUTXDQGRRERWmRIRU Ɣ &RORFDUDFREHUWXUDGDEDWHULDHJLUDUQRVHQWL
SUHVVLRQDGRHQWmRVHUiQHFHVViULRVXEVWLWXLUD GRGDVHWDDWpDPDUFDomRGHVDtGD
EDWHULDGRFRQWUROHUHPRWR
$OFDQFH
$EDWHULDHVWiORFDOL]DGDQDSDUWHGHWUiVGRFRQ
2UHFHSWRUHVWiORFDOL]DGRGHQWURGRYHtFXOR2DO
WUROHUHPRWRVREXPDFREHUWXUD
FDQFHGRFRQWUROHUHPRWRpGHDOJXPDVFHQWHQDV
Ɣ &RPXPREMHWRSODQRHVHPSRQWDVSRUH[HP GHPHWURVFRPDEDWHULDFKHLD2EVWiFXORVHQWUHR
SORXPDPRHGDJLUHDUDQKXUDQRVHQWLGRFRQWUi FRQWUROHUHPRWRHRYHtFXORFRQGLo}HVFOLPiWLFDV
ULRDRVHQWLGRGDVHWDDWpDPDUFDomRSDUDDEULUD UXLQVHXPDEDWHULDIUDFDUHGX]HPEDVWDQWHRDO
FREHUWXUDҧϜ)LJ FDQFHGRFRQWUROHUHPRWR b
Ɣ 5HPRYHUDEDWHULD

 'XUDQWHDFRQGXomR
3DUDREWHUXPDOFDQFHLGHDOPDQWHURFRQWUROHUH 127$ FRQWLQXDomR
PRWRHPSRVLomRYHUWLFDOFRPDDQWHQD Ɣ %DWHULDVLQDGHTXDGDVSRGHPGDQLILFDUR
ҧϜ)LJ  SDUDFLPD1mRFREULUDDQWHQDFRP FRQWUROHUHPRWR6XEVWLWXLUXPDEDWHULDGHVFDU
RVGHGRVRXFRPDPmR UHJDGDVRPHQWHSRUXPDEDWHULDQRYDFRPD
$GLVWkQFLDHQWUHRFRQWUROHUHPRWRHRYHtFXORGH PHVPDWHQVmRWDPDQKRHHVSHFLILFDomR
YHVHUGHQRPtQLPRPHWURV
%DWHULDVGHVFDUUHJDGDVSUHFLVDPVHUGHVFDU
127$ WDGDVGHIRUPDHFRORJLFDPHQWHFRUUHWD

Ɣ ([LVWHPFRPSRQHQWHVHOHWU{QLFRVQRFRQ $EDWHULDGRFRQWUROHUHPRWRSRGHFRQWHU
WUROHUHPRWR3RULVVRSURWHJHURFRQWUROHUH SHUFORUDWR2EVHUYDUDVGHWHUPLQDo}HVOHJDLV
PRWRGHXPLGDGHYLEUDo}HVLQWHQVDVHUDGLD QRGHVFDUWH
omRVRODUGLUHWD
3URWHJHURFRQWUROHUHPRWRFRQWUDDFLRQD
PHQWRQmRLQWHQFLRQDOSDUDHYLWDUXPDFLRQD
PHQWRQmRLQWHQFLRQDOGRDTXHFLPHQWRHVWDFLRQi
ULR ‹

3URJUDPDURDTXHFLPHQWRHVWDFLRQiULR

¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
$FHVVDURPHQX$TXHFHVWDFQR
LQVWUXPHQWRFRPELQDGR
Ɣ 1RPHQXSULQFLSDOVHOHFLRQDURVXEPHQX
$TXHFHVWDFHSUHVVLRQDURERWmR /+‡2%3%4 QD
2DTXHFLPHQWRHDYHQWLODomRGRLQWHULRUGRYHtFX DODYDQFDGRVOLPSDGRUHVGRSDUDEULVD
ORSRGHPVHUSURJUDPDGRVSDUDXPGHWHUPLQDGR
Ɣ 28SUHVVLRQDURVERW}HVGHVHWD  RX QR
WHPSRGHRSHUDomR
YRODQWHPXOWLIXQo}HVDWpTXHRPHQX$TXHFHV
$QWHVGDSURJUDPDomRYHULILFDUDFRQILJXUDomRGR WDFVHMDH[LELGR
GLDGDVHPDQDQRPHQX$TXHFHVWDF'LD
VHPDQDҧϜ 

,WHQVGRPHQX 'HVFULomR
&RQILJXUDUVHRDTXHFLPHQWRHVWDFLRQiULRGHYHVHUOLJDGRDXWRPDWLFD
PHQWHHTXDQGR3DUDDWLYDUXPWHPSRLQLFLDO
2WHPSRLQLFLDOHVWiLGHQWLILFDGRFRP
6HPSUHSRGHVHUDWLYDGRVRPHQWHXPWHPSRLQLFLDO6HXPDKRUDGH
$WLYDU
LQtFLRHVWLYHUDWLYDGRRGLVSOD\H[LELUi3URJUDPD¨¤ROLJDGD6HQH
'HVDWLYDU
QKXPWHPSRLQLFLDOHVWLYHUDWLYDGRRGLVSOD\GRLQVWUXPHQWRFRPELQDGR
H[LELUi3URJUDPD¨¤RGHVOLJDGD
3DUDDOWHUDUXPWHPSRLQLFLDODWLYDGRGHYHVHUDWLYDGRRXWURWHPSRLQL
FLDORXGHYHVHUVHOHFLRQDGR'HVDWLYDU
&RQILJXUDUGLIHUHQWHVKRUiULRVGHLQtFLR KKPP TXHSRGHPVHUVHOH
7HPSRLQLFLDO
FLRQDGRVQRLWHPGHPHQX$WLYDU6HRDTXHFLPHQWRHVWDFLRQiULRSUH
7HPSRLQLFLDO
FLVDUVHUOLJDGRVRPHQWHHPXPGHWHUPLQDGRGLDGDVHPDQDVHOHFLRQDU
7HPSRLQLFLDO
RGLDGDVHPDQDDOpPGRKRUiULRGHLQtFLR
7HPSRGHRSHUD¨¤R $GXUDomRGDRSHUDomRpGHDPLQXWRVFRQILJXUiYHOHPLQWHUYD
28'XUD¨¤R ORVGHPLQXWRV
&RQILJXUDUVHRDTXHFLPHQWRHVWDFLRQiULRGHYHDTXHFHURXYHQWLODURLQ
0RGRRSHUDF
WHULRUGRYHtFXORDRVHUOLJDGR
'LDVHPDQD
&RQILJXUDURGLDGDVHPDQDDWXDO
28$FWGLDVHPDQD
53&&

$MXVWHI¢EULFD 5HVWDXUDUDVIXQo}HVGHVWHPHQXSDUDDVFRQILJXUDo}HVGHIiEULFD
5HWURFHGHU 9ROWDUDRPHQXSULQFLSDO b

&OLPD 
9HULILFDUDSURJUDPDomR $'9(57Ç1&,$
6HXPDKRUDGHLQ®FLRHVWLYHUDWLYDDOX]GH
1XQFDSURJUDPDURDTXHFLPHQWRHVWDFLRQi
FRQWUROHVHDFHQGHQRERWmRGRDTXHFLPHQWRLPH
ULRGHPRGRTXHHOHOLJXHHIXQFLRQHHPOR
GLDWR > SRUDSUR[LPDGDPHQWHVHJXQGRVDSyV
FDLVIHFKDGRVRXVHPYHQWLODomR2VJDVHV
VHGHVOLJDUDLJQLomR
GHHVFDSHGRDTXHFLPHQWRHVWDFLRQiULRFRQ
WrPHQWUHRXWURVRPRQy[LGRGHFDUERQR
JiVWy[LFRLQRGRURHLQFRORU2PRQy[LGRGH
FDUERQRSRGHRFDVLRQDUGHVPDLRVHPRUWH ‹

2ULHQWDo}HVGHIXQFLRQDPHQWR

¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
eSRVVtYHORXYLUUXtGRVGHIXQFLRQDPHQWR
FRPRDTXHFLPHQWRHVWDFLRQiULROLJDGR
(PFDVRGHDOWDXPLGDGHGRDUHEDL[DWHP
SHUDWXUDDPELHQWHDiJXDFRQGHQVDGDSRGH
1mREORTXHDURXHQWXSLURVLVWHPDGHHVFDSHGR
HYDSRUDUSHORDUFRQGLFLRQDGRSRUPHLRGRDTXHFL
DTXHFLPHQWRHVWDFLRQiULRORFDOL]DGRVRERYHtFX
PHQWRHVWDFLRQiULRHPIXQFLRQDPHQWR1HVWHFD
ORFRPQHYHODPDRXRXWURVREMHWRV2VJDVHVGR
VRYDSRUG
iJXDSRGHVDLUSRUGHEDL[RGRYHtFXOR
HVFDSDPHQWRGHYHPSRGHUVDLUOLYUHPHQWH2VJD
(QWUHWDQWRQmRVHWUDWDGHXPGDQRGRYHtFXOR
VHVGRHVFDSDPHQWRJHUDGRVSHORDTXHFLPHQWR
HVWDFLRQiULROLJDGRVDHPSRUXPWXERGRHVFDSD 6HRDTXHFLPHQWRHVWDFLRQiULRRSHUDUYiULDV
PHQWRQDSDUWHLQIHULRUGRYHtFXOR YH]HVSRUXPORQJRSHUtRGRDEDWHULDGRYHt
'HSHQGHQGRGDWHPSHUDWXUDDPELHQWHSDUDDTXH FXORYDLVHGHVFDUUHJDU3DUDUHFDUUHJDUDEDWHULD
FHURLQWHULRUGRYHtFXORRDUTXHQWHpFDQDOL]DGR GRYHtFXORFRQGX]LURYHtFXORGHIRUPDUHJXODUH
SULPHLUDPHQWHSDUDRSDUDEULVDGHSRLVSDUDRLQ SRUWHPSRVXILFLHQWH&RPRUHJUDEiVLFDYDOHWHP
WHULRUGRYHtFXORDWUDYpVGRVGLIXVRUHVGHDUe SRGHRSHUDomRDQWHULRUpLJXDODRWHPSRGHYLD
SRVVtYHOLQIOXHQFLDUDGLVWULEXLomRGHDUDRDMXVWDU JHPQHFHVViULR
RVGLIXVRUHVGHDUSRUH[HPSORQDGLUHomRGRVYL
(PWHPSHUDWXUDVDEDL[RGHƒ& ƒ) R
GURVODWHUDLV
DTXHFLPHQWRHVWDFLRQiULRSRGHVHOLJDUDXWR
'HSHQGHQGRGDWHPSHUDWXUDDPELHQWHVHRUHJX PDWLFDPHQWHDRGDUDSDUWLGDQRPRWRU2DTXHFL
ODGRUGDWHPSHUDWXUDGRDUFRQGLFLRQDGRHVWLYHU PHQWRHVWDFLRQiULRVHGHVOLJDDXWRPDWLFDPHQWH
HPXPQtYHOPDLVDOWRDQWHVGHOLJDURDTXHFLPHQ GHSRLVGHXPWHPSR ‹
WRHVWDFLRQiULRDWHPSHUDWXUDGHDTXHFLPHQWRGR
LQWHULRUGRYHtFXORSRGHVHUXPSRXFRPDLRU
'HSHQGHQGRGDPRWRUL]DomRRVYHtFXORVFRP
DTXHFLPHQWRHVWDFLRQiULRSRGHPWHUXPDVHJXQGD
EDWHULDGRYHtFXORQRFRPSDUWLPHQWRGHEDJDJHP
SDUDDOLPHQWDURDTXHFLPHQWRHVWDFLRQiULR

4XDQGRRDTXHFLPHQWRHVWDFLRQiULRQmRp
OLJDGR"
Ɣ 2DTXHFLPHQWRHVWDFLRQiULRQHFHVVLWDDSUR[L
PDGDPHQWHGDPHVPDTXDQWLGDGHGHHQHUJLDTXH
RIDUROEDL[R6HDFDUJDGDEDWHULDGRYHtFXORHVWL
YHUPXLWREDL[DRDTXHFLPHQWRHVWDFLRQiULRVH
GHVOLJDDXWRPDWLFDPHQWHRXQmRpOLJDGR,VVRHYL
WDGDDYDULDVQDSDUWLGDGRPRWRU
Ɣ $DWLYDomRVypYiOLGDSDUDXPHYHQWRGH
DTXHFLPHQWR$KRUDGHLQtFLRSUHFLVDVHUDWLYDGD
QRYDPHQWHDFDGDSDUWLGD

 'XUDQWHDFRQGXomR
1RSRVWRGHFRPEXVWtYHO
$EDVWHFLPHQWR

¤ ,QWURGXomRDRWHPD
1HVWHFDStWXORHQFRQWUDPVHLQIRUPDo}HVUHODWLYDV $'9(57Ç1&,$ FRQWLQXDomR
DRVVHJXLQWHVWHPDV
Ɣ 1XQFDHQWUDUQRYHtFXORDRDEDVWHFHU6H
/X]HVGHDGYHUWrQFLDHGHFRQWUROHH IRUQHFHVViULRHQWUDUQRYHtFXORHPFDVRVH[
LQGLFDGRUGRQtYHOGHFRPEXVWtYHO   FHSFLRQDLVIHFKDUDSRUWDHWRFDUXPDVXSHU
$EDVWHFHUFRPJDVROLQDGLHVHORX(   ItFLHPHWiOLFDDQWHVGHVHJXUDUQRYDPHQWHD
&DSDFLGDGHV   SLVWRODGHDEDVWHFLPHQWR,VWRLPSHGHDJHUD
&RQWUROHVDRDEDVWHFHU   omRGHGHVFDUJDVHOHWURVWiWLFDVFDXVDGRUDV
GHIDtVFDV$RDEDVWHFHUIDtVFDVSRGHPLQLFL
$SRUWLQKRODGRWDQTXHHVWiORFDOL]DGDQRODGRGL DUXPLQFrQGLR
UHLWRGDWUDVHLUDGRYHtFXOR Ɣ 1XQFDDEDVWHFHURXHQFKHUXPUHFLSLHQWH
SDUDUHVHUYDSHUWRGHFKDPDVH[SRVWDVIDtV
,QIRUPDo}HVHDOHUWDVFRPSOHPHQWDUHV FDVRXREMHWRVHPEUDVDSRUH[HPSORFLJDU
Ɣ 9LVWDVH[WHUQDVҧϜ3iJLQD URV
Ɣ &RPEXVWtYHOҧϜ3iJLQD Ɣ (YLWDUGHVFDUJDVHOHWURVWiWLFDVHUDGLD
Ɣ 5HGXomRFDWDOtWLFDVHOHWLYD $G%OXHŠ o}HVHOHWURPDJQpWLFDVDRDEDVWHFHU
ҧϜ3iJLQD Ɣ 2EVHUYDUDVLQGLFDo}HVGHVHJXUDQoDGR
Ɣ 3UHSDUDo}HVSDUDWUDEDOKRVQRFRPSDUWLPHQWR SRVWRGHFRPEXVWtYHO
GRPRWRUҧϜ3iJLQD Ɣ 1XQFDGHUUDPDUFRPEXVWtYHOQRYHtFXOR
RXQRFRPSDUWLPHQWRGHEDJDJHP
$'9(57Ç1&,$
8PDEDVWHFLPHQWRLQDGHTXDGRHRXVRLQDGH $'9(57Ç1&,$
TXDGRGRFRPEXVWtYHOSRGHPFDXVDUH[SOR 3RUPRWLYRVGHVHJXUDQoDD9RONVZDJHQUH
V}HVLQFrQGLRVTXHLPDGXUDVJUDYHVHRX FRPHQGDQmRFDUUHJDUXPUHFLSLHQWHSDUDUH
WURVIHULPHQWRV VHUYDQRYHtFXOR6REUHWXGRHPFDVRGHDFL
Ɣ *DUDQWLUVHPSUHRIHFKDPHQWRFRUUHWRGD GHQWHRUHFLSLHQWHFKHLRRXYD]LRSRGHGHUUD
WDPSDGRWDQTXHSDUDHYLWDUDHYDSRUDomRHR PDUFRPEXVWtYHOHVHLQIODPDU,VVRSRGH
YD]DPHQWRGHFRPEXVWtYHO FDXVDUH[SORV}HVLQFrQGLRVHIHULPHQWRV
Ɣ 2FRPEXVWtYHOpDOWDPHQWHH[SORVLYRHID Ɣ (PFDVRVH[FHSFLRQDLVVHIRUQHFHVViULR
FLOPHQWHLQIODPiYHOHSRGHFDXVDUTXHLPDGX WUDQVSRUWDUFRPEXVWtYHOHPXPUHFLSLHQWHSD
UDVJUDYHVHRXWURVIHULPHQWRV UDUHVHUYDYDOHRVHJXLQWH
Ɣ $EDVWHFHUFRPRPRWRUHPIXQFLRQDPHQ ± $RHQFKHURUHFLSLHQWHSDUDUHVHUYD
WRRXFRPRELFRGDERPEDGHVHQFDL[DGRGR QXQFDFRORFiORGHQWURRXVREUHRYHtFX
ERFDOGHDEDVWHFLPHQWRGRWDQTXHGHFRP ORSRUH[HPSORQRFRPSDUWLPHQWRGHED
EXVWtYHOSRGHID]HUFRPTXHRFRPEXVWtYHO JDJHPRXQDWDPSDGRFRPSDUWLPHQWRGH
HVSLUUHRXWUDQVERUGH,VVRSRGHFDXVDULQ EDJDJHP3RGHUiRFRUUHUXPDGHVFDUJD
FrQGLRVH[SORV}HVTXHLPDGXUDVJUDYHVH HOHWURVWiWLFDGXUDQWHRHQFKLPHQWRHLQIOD
RXWURVIHULPHQWRV PDURVYDSRUHVGRFRPEXVWtYHO
Ɣ 3RUPRWLYRVGHVHJXUDQoDGHVOLJDURPR ± &RORFDURUHFLSLHQWHSDUDUHVHUYDVHP
ҧϜ3iJLQD
WRURDTXHFLPHQWRHVWDFLRQiULRҧ SUHVREUHRFKmR
HDLJQLomRDRDEDVWHFHU ± ,QWURGX]LURELFRGDERPEDRPi[LPR
Ɣ $RDEDVWHFHUGHVOLJDUVHPSUHRWHOHIRQH SRVVtYHOQRJDUJDORGRUHFLSLHQWHSDUDUH
PyYHOUiGLRVSRUWiWHLVHRXWURVHTXLSDPHQ VHUYD
WRVGHUiGLR5DGLDo}HVHOHWURPDJQpWLFDVSR ± (PFDVRGHUHFLSLHQWHVSDUDUHVHUYDGH
53&&

GHPJHUDUIDtVFDVHDVVLPFDXVDUXPLQFrQ PHWDOPDQWHUVHPSUHRELFRGDERPEDHP
GLR FRQWDWRFRPRUHFLSLHQWHSDUDHYLWDUXPD
FDUJDHVWiWLFD b

1RSRVWRGHFRPEXVWtYHO 
$'9(57Ç1&,$ FRQWLQXDomR 127$ FRQWLQXDomR
± 2EVHUYDUDVGHWHUPLQDo}HVOHJDLVDR WRLQFRUUHWRMDPDLVOLJDURPRWRU3URFXUDUDX
XWLOL]DUDFRPRGDUHWUDQVSRUWDUXPUHFLSL [tOLRWpFQLFRHVSHFLDOL]DGR&RPRPRWRUHP
HQWHSDUDUHVHUYD IXQFLRQDPHQWRRVFRPSRQHQWHVGHVVHVWLSRV
± 9HULILFDUVHRUHFLSLHQWHSDUDUHVHUYD GHFRPEXVWtYHOSRGHPGDQLILFDUJUDYHPHQWHR
FRUUHVSRQGHDRSDGUmRGHQRUPDVWpFQL VLVWHPDGHFRPEXVWtYHOHRSUySULRPRWRU
FDVSRUH[HPSOR$16,RX$670) Ɣ 9HtFXORVFRPPRWRUDGLHVHOQmRGHYHPHP
QHQKXPDKLSyWHVHVHUDEDVWHFLGRVFRPJDVROL
127$ QDTXHURVHQHyOHRFRPEXVWtYHORXRXWURV
FRPEXVWtYHLVGLIHUHQWHVTXHQmRVHMDPH[SUHV
Ɣ 5HPRYHULPHGLDWDPHQWHRFRPEXVWtYHOGHU
VDPHQWHOLEHUDGRVSDUDPRWRUHVDGLHVHO2X
UDPDGRGHWRGDVDVSHoDVGRYHtFXORSDUDHYL
WURVFRPEXVWtYHLVSRGHPFDXVDUGDQRVJUDYHV
WDUGDQRVjFDL[DGDURGDSQHXVHSLQWXUD
HFDURVDRPRWRUHDRVLVWHPDGHFRPEXVWtYHO
Ɣ $EDVWHFHUFRPJDVROLQDXPYHtFXORFRP TXHQmRVmRFREHUWRVSRUQHQKXPDJDUDQWLD
PRWRUDGLHVHORXDEDVWHFHUFRPGLHVHOXPYHt 9RONVZDJHQ
FXORFRPPRWRUDJDVROLQDSRGHFDXVDUGDQRV
JUDYHVHFDURVDRPRWRUHDRVLVWHPDGHFRP &RPEXVWtYHLVSRGHPSROXLURPHLRDPELHQWH
EXVWtYHOTXHQmRVmRFREHUWRVSRUQHQKXPD &ROHWDUHGHVFDUWDURVIOXLGRVXWLOL]DGRVFRU
JDUDQWLD9RONVZDJHQ(PFDVRGHDEDVWHFLPHQ UHWDPHQWH

1mRpSRVVtYHOXPGHVWUDYDPHQWRHPHUJHQ
FLDOGDSRUWLQKRODGRWDQTXH6HQHFHVViULR
SURFXUDUDX[tOLRWpFQLFRHVSHFLDOL]DGR ‹

/X]HVGHDGYHUWrQFLDHGHFRQWUROHHLQGLFDGRUGRQtYHOGHFRPEXVWtYHO

¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD

)LJ 1RLQVWUXPHQWRFRPELQDGRLQGLFDGRUGR
QtYHOGHFRPEXVWtYHOSDUDJDVROLQDHyOHRGLHVHO

3RVLomRGRSRQWHLUR
$FHVD &DXVDSRVVtYHOҧϜ 6ROXomR
ҧϜ)LJ
7DQTXHGHFRPEXVWtYHOTXDVHYD
‚ 0DUFDomRYHUPHOKD ]LR $EDVWHFHUDVVLPTXHSRVVtYHO
VHWD $TXDQWLGDGHGHUHVHUYDVHUiFRQ ҧϜ  b
 VXPLGDҧϜ3iJLQD

 'XUDQWHDFRQGXomR
3RVLomRGRSRQWHLUR
$FHVD &DXVDSRVVtYHOҧϜ 6ROXomR
ҧϜ)LJ
5HGX]LULPHGLDWDPHQWHDYHORFL
GDGHHSURFXUDUD&RQFHVVLR
QiULD9RONVZDJHQRXDHPSUHVD
HVSHFLDOL]DGDPDLVSUy[LPDFRQ
GX]LQGRVRPHQWHFRPURWDomR
ÈJXDQRFRPEXVWtYHOHPYHtFXORV
¤ ±
FRPPRWRUGLHVHO
PpGLDHFRPEDL[DGHPDQGDGR
PRWRU
6HRDOHUWDQmRVHDSDJDUDSyV
RDEDVWHFLPHQWRGHVOLJDURPR
WRUHSURFXUDUDMXGDWpFQLFDHV
SHFLDOL]DGDҧϜ3iJLQD
$WDPSDGRWDQTXHQmRHVWiIHFKD 3DUDUHIHFKDUDWDPSDGRWDQ
´ ±
GDFRUUHWDPHQWH TXHGHPDQHLUDFRUUHWD

$ROLJDUDLJQLomRDOJXPDVOX]HVGHDGYHUWrQFLDH $'9(57Ç1&,$ FRQWLQXDomR


GHFRQWUROHVHDFHQGHPUDSLGDPHQWHSDUDYHULILFD
Ɣ $EDVWHFHUVHPSUHTXDQGRRUHVHUYDWyULR
omRGDIXQomR(ODVVHDSDJDPDSyVDOJXQVVH
GHJDVROLQDRXGHGLHVHOHVWLYHUHPVRPHQWH
JXQGRV
SDUDHYLWDUXPDSDUDGDSRUIDOWDGHFRP
$RDFHQGHUDOX]GHFRQWUROH‚RXRDTXHFL EXVWtYHO
PHQWRHVWDFLRQiULRHRDTXHFHGRUDFRPEXVWtYHO
VHGHVOLJDPDXWRPDWLFDPHQWH 127$
Ɣ 2EVHUYDUVHPSUHDVOX]HVGHFRQWUROHDFH
$'9(57Ç1&,$ VDVHVXDVGHVFULo}HVHLQGLFDo}HVSDUDHYLWDU
&RQGX]LUFRPXPQtYHOGHFRPEXVWtYHOPXLWR GDQRVDRYHtFXOR
EDL[RSRGHFDXVDUSDUDGDVGRYHtFXORQR Ɣ 1XQFDFRQGX]LUDWpHVYD]LDURUHVHUYDWyULR
WUkQVLWRDFLGHQWHVHIHULPHQWRVJUDYHV GHJDVROLQDRXGHGLHVHO2DEDVWHFLPHQWRGH
Ɣ 8PQtYHOGHFRPEXVWtYHOPXLWREDL[RSRGH FRPEXVWtYHOLUUHJXODUSRGHFDXVDUIDOKDVGHLJ
RFDVLRQDUXPDDOLPHQWDomRGHFRPEXVWtYHO QLomRHDF~PXORGHFRPEXVWtYHOQmRTXHLPDGR
GRPRWRULUUHJXODUHVSHFLDOPHQWHHPWUHFKRV QRVLVWHPDGHHVFDSH2FDWDOLVDGRURXRILOWUR
GHVXELGDRXGHVFLGD GHSDUWtFXODVGHGLHVHOSRGHVHUGDQLILFDGR
Ɣ $GLUHomRHWRGRVRVVLVWHPDVGHDVVLV FRPLVVR
WrQFLDDRFRQGXWRUHGHIUHQDJHPQmRIXQFLR
QDUmRVHRPRWRU³HQJDVJDU´RXPRUUHUSRU $SHTXHQDVHWDDRODGRGRVtPERORGDERP
IDOWDRXDEDVWHFLPHQWRLUUHJXODUGHFRPEXVWt EDGHFRPEXVWtYHOQRPRVWUDGRUҧϜ)LJ
YHO LQGLFDGHTXHODGRGRYHtFXORHVWiDSRUWLQKRODGR
WDQTXH ‹
53&&

1RSRVWRGHFRPEXVWtYHO 
$EDVWHFHUFRPJDVROLQDGLHVHORX(

)LJ 1DSRUWDGRFRQGXWRUERWmRGHGHVWUDYD )LJ 3RUWLQKRODGRWDQTXHDEHUWDFRPDWDPSD


PHQWRGDWDPSDGHFRPEXVWtYHO GRWDQTXHSHQGXUDGD

¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
)HFKDUDWDPSDGRWDQTXH
Ɣ 5RVTXHDUDWDPSDGRWDQTXHQRERFDOGH
DEDVWHFLPHQWRQRVHQWLGRKRUiULRDWpRXYLURWUDYD
PHQWR
$QWHVGHDEDVWHFHUGHVOLJDUVHPSUHRPRWRUDLJ
Ɣ )HFKDUDSRUWLQKRODGRWDQTXHDWpRXYLURHQ
QLomRRWHOHIRQHPyYHOHRDTXHFLPHQWRHVWDFLR
FDL[H$SRUWLQKRODGRWDQTXHGHYHHVWDUDOLQKDGD
QiULRHPDQWrORVGHVOLJDGRVGXUDQWHRDEDVWHFL
FRPDFDUURFHULD
PHQWR
$SyVDEDVWHFHUYHtFXORVPRYLGRVD
$EULUDWDPSDGRWDQTXH
ELRHWDQRO
$SRUWLQKRODGRWDQTXHHQFRQWUDVHQRODGRGLUHLWR
2VFKDPDGRVPRWRUHVPXOWLFRPEXVWtYHOIXQFLRQDP
WUDVHLURGRYHtFXOR
FRPJDVROLQD 521 RXFRPELRHWDQRO(
Ɣ 3X[DURERWmRGHGHVWUDYDPHQWR ‚ SDUDFLPD EHPFRPRFRPTXDOTXHUSURSRUomRGHPLVWXUD
ҧϜ)LJ GHVVHVGRLVFRPEXVWtYHLVҧϜ3iJLQD$SRUomR
Ɣ $EULUDSRUWLQKRODGRWDQTXH GHELRHWDQROQmRSRGHVHUPDLRUTXHQDVSUR
SRUo}HVGHPLVWXUDҧϜ 2UHDEDVWHFLPHQWRGR
Ɣ *LUDUDWDPSDGRWDQTXHQRVHQWLGRDQWLKRUiULR YHtFXORFRUUHVSRQGHDRDEDVWHFLPHQWRFRPJDVROL
HHQFDL[iODQDGREUDGLoDGDSRUWLQKRODGRWDQTXH QDҧϜ3iJLQD
ҧϜ)LJ
$SyVDEDVWHFHUFRPXPDPLVWXUDGHELRHWDQROH
$EDVWHFHU JDVROLQDFRQGX]LUQRPtQLPRSRUPLQXWRVSDUD
2WLSRGHFRPEXVWtYHOFRUUHWRSDUDRYHtFXORHVWi DMXVWDUDXQLGDGHGHFRQWUROHGRPRWRUjPLVWXUD
LQGLFDGRHPXPDHWLTXHWDDGHVLYDQDSDUWHLQWHUQD GHFRPEXVWtYHO,VVRSRGHFDXVDURVFLODo}HVQD
GDSRUWLQKRODGRWDQTXHҧϜ3iJLQD PDUFKDOHQWDGRPRWRU'XUDQWHHVVDFRQGXomR
HYLWDUDOWDYHORFLGDGHDOWDURWDomRGRPRWRUHDFH
Ɣ 2WDQTXHHVWiFKHLRDVVLPTXHDERPEDGH OHUDomRWRWDO
DEDVWHFLPHQWRDXWRPiWLFDRSHUDGDFRUUHWDPHQWH
GHVOLJDVHSHODSULPHLUDYH]ҧϜ 
$'9(57Ç1&,$
Ɣ 1mRDEDVWHFHUDSyVRGHVOLJDPHQWR2FXSDUR
HVSDoRGHGLODWDomRGRWDQTXHSRGHID]HURFRP 3DUDUGHDEDVWHFHUTXDQGRRELFRGDERPED
EXVWtYHOWUDQVERUGDULQFOXVLYHSRUDTXHFLPHQWR GHVOLJDUSHODSULPHLUDYH]2WDQTXHGHFRP
EXVWtYHOQmRSRGHVHUDEDVWHFLGRHPH[FHV
VR&RPLVVRRFRPEXVWtYHOSRGHYD]DURX
UHVSLQJDU,VVRSRGHFDXVDULQFrQGLRVH[SOR
V}HVHIHULPHQWRVJUDYHV b

 'XUDQWHDFRQGXomR
127$ 127$ FRQWLQXDomR

Ɣ 5HPRYHULPHGLDWDPHQWHRFRPEXVWtYHOGHU Ɣ 5HVSHLWDUVHPSUHDSURSRUomRGHPLVWXUD
UDPDGRGHWRGDVDVSHoDVGRYHtFXORSDUDHYL FRPELRHWDQROSDUDHYLWDUGDQRVDRPRWRUHDR
WDUGDQRVjFDL[DGDURGDSQHXVHSLQWXUD VLVWHPDGHFRPEXVWtYHO

&RPEXVWtYHOGHUUDPDGRSRGHSRGHSROXLUR
PHLRDPELHQWH ‹

&DSDFLGDGHV

¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQIRUPDo}HVLQWURGXWyULDVHDVLQGLFDo}HVGHVHJXUDQ
oD QDSiJLQD

 &DSDFLGDGHGRWDQTXH
DSUR[LPDGDPHQWHO
9HtFXORVFRPWUDomRGLDQWHLUD
VHQGRTXHDSUR[LPDGDPHQWHOGHUHVHUYD
9HtFXORVFRPWUDomRQDVTXDWUR DSUR[LPDGDPHQWHO
URGDV VHQGRTXHDSUR[LPDGDPHQWHOGHUHVHUYD ‹

&RQWUROHVDRDEDVWHFHU

¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQIRUPDo}HVLQWURGXWyULDVHDVLQGLFDo}HVGHVHJXUDQ
oD QDSiJLQD

/LVWDGHFRQWUROH
7UDEDOKRVQRPRWRUHQRFRPSDUWLPHQWRGRPRWRUVRPHQWHGHYHPVHUUHDOL]DGRVSRUFRQWDSUySULDTXDQ
GRVHHVWLYHUIDPLOLDUL]DGRFRPDDWLYLGDGHHFRPDVDo}HVSUHYHQWLYDVGHVHJXUDQoDYiOLGDVHRVUHFXU
VRVHIOXLGRVEHPFRPRDVIHUUDPHQWDVDGHTXDGDVHVWLYHUHPjGLVSRVLomRҧϜ3iJLQD3UHSDUDo}HV
SDUDWUDEDOKRVQRFRPSDUWLPHQWRGRPRWRU&DVRFRQWUiULRUHDOL]DUWRGRVRVWUDEDOKRVHPXPD&RQFHVVL
RQiULD9RONVZDJHQ$WHQWDUSDUDDYHULILFDomRUHJXODUGRVVHJXLQWHVSRQWRVSUHIHUHQFLDOPHQWHDRDEDVWH
FHU
d 1tYHOGDiJXDGRVODYDGRUHVGRVYLGURVҧϜ3iJLQD
d 1tYHOGRyOHRGRPRWRUҧϜ3iJLQD
d 1tYHOGROtTXLGRGHDUUHIHFLPHQWRGRPRWRUҧϜ3iJLQD
d 1tYHOGRIOXLGRGHIUHLRҧϜ3iJLQD
d 3UHVVmRGRVSQHXVҧϜ3iJLQD
d ,OXPLQDomRGRYHtFXORҧϜ3iJLQDQHFHVViULDSDUDDVHJXUDQoDGRWUkQVLWR
± ,QGLFDGRUHVGHGLUHomR
± /X]GHSRVLomRIDUROEDL[RHIDURODOWR
± /DQWHUQDVWUDVHLUDV
± /DQWHUQDGRIUHLR
± /DQWHUQDGHQHEOLQD

,QIRUPDo}HVVREUHDWURFDGHOkPSDGDLQFDQGHV
FHQWHҧϜ3iJLQD ‹
53&&

1RSRVWRGHFRPEXVWtYHO 
&RPEXVWtYHO

¤ ,QWURGXomRDRWHPD
1HVWHFDStWXORHQFRQWUDPVHLQIRUPDo}HVUHODWLYDV
$'9(57Ç1&,$
DRVVHJXLQWHVWHPDV
6HXVDGRGHIRUPDLQDGHTXDGDRFRPEXVWt
*DVROLQD  
YHOSRGHFDXVDUH[SORV}HVLQFrQGLRVTXHL
ÏOHRGLHVHO   PDGXUDVJUDYHVHRXWURVIHULPHQWRV
%LRHWDQRO iOFRROHWtOLFR  
Ɣ 2FRPEXVWtYHOpDOWDPHQWHH[SORVLYRHID
2WLSRGHFRPEXVWtYHODVHUDEDVWHFLGRGHSHQGH FLOPHQWHLQIODPiYHO
GDPRWRUL]DomRGRYHtFXOR1DSDUWHLQWHUQDGD Ɣ 1XQFDHQFKHUXPUHFLSLHQWHFRPFRPEXV
SRUWLQKRODGRWDQTXHKiXPDHWLTXHWDDGHVLYDGH WtYHOSHUWRGHFKDPDVH[SRVWDVIDtVFDVRX
IiEULFDFRPDVLQGLFDo}HVGRWLSRGHFRPEXVWtYHO REMHWRVHPEUDVDSRUH[HPSORFLJDUURV
QHFHVViULRSDUDRUHVSHFWLYRYHtFXOR Ɣ 0DQWHUIRJRH[SRVWRSHoDVTXHQWHVHID
$9RONVZDJHQUHFRPHQGDDEDVWHFHUFRPFRPEXV tVFDVORQJHGRFRPEXVWtYHO
WtYHOFRPEDL[RWHRUGHHQ[RIUHRXVHPHQ[RIUHSD Ɣ $RPDQXVHDUFRPEXVWtYHOGHVOLJDUWHOHIR
UDJDUDQWLUXPEDL[RFRQVXPRGHFRPEXVWtYHOH QHVPyYHLVHDSDUHOKRVGHUiGLR5DGLDo}HV
SUHYHQLUGDQRVDRPRWRU HOHWURPDJQpWLFDVSRGHPJHUDUIDtVFDVHDV
VLPFDXVDUXPLQFrQGLR
6HGXUDQWHDFRQGXomRRPRWRUIXQFLRQDUGHIRU
PDLUUHJXODURXRFRUUHUHPVRODYDQFRVRXVHXPD Ɣ (YLWDUGHVFDUJDVHOHWURVWiWLFDVHUDGLD
OX]GHDGYHUWrQFLDVHDFHQGHULVWRSRGHUiVHUDWUL o}HVHOHWURPDJQpWLFDVSUy[LPDVDFRPEXVWt
EXtGRDXPFRPEXVWtYHOGHTXDOLGDGHUXLPRXLQ YHLV
VXILFLHQWHSRUH[HPSORiJXDQRFRPEXVWtYHO$R Ɣ 1XQFDGHUUDPDUFRPEXVWtYHOQRYHtFXOR
RFRUUHUHPHVWHVVLQWRPDVUHGX]LULPHGLDWDPHQWH RXQRFRPSDUWLPHQWRGHEDJDJHP
DYHORFLGDGHHHPEDL[DVURWDo}HVHFRPEDL[D Ɣ 2EVHUYDUDVLQGLFDo}HVGHVHJXUDQoDHDV
GHPDQGDGRPRWRUSURFXUDUD&RQFHVVLRQiULD SUHVFULo}HVORFDLVYiOLGDVSDUDRXVRGH
9RONVZDJHQPDLVSUy[LPD6HHVWHVVLQDLVVXUJL FRPEXVWtYHLV ‹
UHPLPHGLDWDPHQWHDSyVRDEDVWHFLPHQWRRPRWRU
GHYHVHUGHVOLJDGRLPHGLDWDPHQWH±WDPEpPSDUD
HYLWDUGDQRVVHFXQGiULRV±HGHYHVHSURFXUDUDX
[tOLRWpFQLFRHVSHFLDOL]DGR

,QIRUPDo}HVHDOHUWDVFRPSOHPHQWDUHV
Ɣ ҧϜFDGHUQR0DQXWHQomRHJDUDQWLD
Ɣ $EDVWHFHUҧϜ3iJLQD
Ɣ 8QLGDGHGHFRQWUROHGRPRWRUHVLVWHPDGHHV
FDSHҧϜ3iJLQD

*DVROLQD

¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
2VWLSRVGHJDVROLQDVHGLIHUHQFLDPQDRFWDQD
JHPSRUH[HPSORRX521 521
³5HVHDUFK2FWDQH1XPEHU´tQGLFHGHRFWDQD
JHP 2YHtFXORSRGHVHUDEDVWHFLGRFRPJDVROLQD
7LSRVGHJDVROLQD GHRFWDQDJHPPDLVDOWDTXHDQHFHVVLGDGHGR
9HtFXORVFRPPRWRUDJDVROLQDGHYHPVHUFRQGX]L PRWRU3RUpPLVVRQmRRIHUHFHQHQKXPDYDQWD
GRVFRPJDVROLQDVHPFKXPERGHDFRUGRFRPD JHPFRPUHODomRDRFRQVXPRGHFRPEXVWtYHORXj b
QRUPDHXURSHLD(1RXDQRUPDDOHPm(
',1ҧϜ 3RGHPVHUDEDVWHFLGRVFRP
EXVWtYHLVFRPXPWHRUPi[LPRGHHWDQROGH
( 

 'XUDQWHDFRQGXomR
SRWrQFLDGRPRWRU6HQmRHVWLYHUjGLVSRVLomRJD
127$
VROLQDGDQRUPD(1SRGHPVHUREWLGDVLQIRU
PDo}HVMXQWRjV&RQFHVVLRQiULDV9RONVZDJHQVR Ɣ $QWHVGHDEDVWHFHUJDVROLQDYHULILFDUVHDV
EUHTXDLVFRPEXVWtYHLVVmRDGHTXDGRVSDUDRYHt LQIRUPDo}HVGDQRUPDGRFRPEXVWtYHOQDERP
FXOR$9RONVZDJHQUHFRPHQGDDEDVWHFHURV EDGHDEDVWHFLPHQWRFRUUHVSRQGHPDRVUHTXL
PRWRUHVDJDVROLQDFRPFRPEXVWtYHOFRPEDL[RWH VLWRVGRYHtFXOR
RUGHHQ[RIUHRXVHPHQ[RIUH Ɣ $EDVWHFHUVRPHQWHFRPFRPEXVWtYHOGHRF
WDQDJHPVXILFLHQWHFRQIRUPHDQRUPDHXURSHLD
$GLWLYRVSDUDJDVROLQD (1&DVRFRQWUiULRSRGHPRFRUUHUGDQRV
$TXDOLGDGHGDJDVROLQDLQIOXHQFLDRFRPSRUWD JUDYHVQRPRWRUHQRVLVWHPDGHFRPEXVWtYHO
PHQWRGHURGDJHPDSRWrQFLDHRWHPSRGHYLGD 2XWUDVFRQVHTXrQFLDVWDPEpPSRGHPVHUDGL
GRPRWRU3RUWDQWRDEDVWHFHUFRPJDVROLQDGH PLQXLomRGDSRWrQFLDHDIDOKDGRPRWRU
TXDOLGDGHTXHFRQWHQKDDGLWLYRVSDUDJDVROLQD Ɣ 6HHPFDVRGHHPHUJrQFLDRYHtFXORSUHFL
DGHTXDGRVSDUDRUHVSHFWLYRFRPEXVWtYHOSHORID VDUVHUDEDVWHFLGRFRPJDVROLQDGHRFWDQDJHP
EULFDQWHGRFRPEXVWtYHO2VDGLWLYRVSDUDJDVROLQD PXLWREDL[DRPRWRUGHYHVHUFRQGX]LGRVR
LGHDLVSDUDRUHVSHFWLYRFRPEXVWtYHOVmRDQWLFRUUR PHQWHFRPURWDomRPpGLDHFRPPHQRUGHPDQ
VLYRVOLPSDPRVLVWHPDGHFRPEXVWtYHOHSUHYL GD(YLWDUDOWDVURWDo}HVHGHPDQGDVLQWHQVDV
QHPVHGLPHQWDo}HVQRPRWRU GRPRWRU&DVRFRQWUiULRSRGHPRFRUUHUGD
6HRFRUUHUHPDYDULDVGXUDQWHDFRQGXomRTXHSR QRVQRPRWRU$VVLPTXHSRVVtYHOUHDEDVWHFHU
GHPHVWDUUHODFLRQDGDVjVSURSULHGDGHVGRFRP FRPFRPEXVWtYHOGHRFWDQDJHPVXILFLHQWH
EXVWtYHOSURFXUDUXPDHPSUHVDHVSHFLDOL]DGDSD Ɣ $XWLOL]DomRGHDGLWLYRVSDUDJDVROLQDLQDGH
UDUHDOL]DUXPDDQiOLVHGRHUUR3DUDLVVRD9RONV TXDGRVSRGHFDXVDUVpULRVGDQRVDRPRWRUH
ZDJHQUHFRPHQGDDV&RQFHVVLRQiULDV9RONVZD GDQLILFDURFDWDOLVDGRU
JHQ1DV&RQFHVVLRQiULDV9RONVZDJHQSRGHVHU
Ɣ 2VFRPEXVWtYHLVLGHQWLILFDGRVQDERPEDGH
REWLGRV³6HUYLFH$GGLWLYH´ DGLWLYRVGHVHUYLoR HV
FRPEXVWtYHOFRPRFRQWHQGRPHWDOQmRGHYHP
SHFLDLVSDUDOLPSH]D&RPHOHVSRGHPVHUHOLPL
VHUXWLOL]DGRVQHPRVFRPEXVWtYHLV/53 OHDG
QDGDVIDOKDVGHIXQFLRQDPHQWRFDXVDGDVSHODVH
UHSODFHPHQWSHWURO TXHWDPEpPFRQWrPDGLWL
GLPHQWDomRQRVLVWHPDGHFRPEXVWtYHOHQRPRWRU
YRFRPPHWDOHPDOWDFRQFHQWUDomR3HULJRGH
6RPHQWHSRGHPVHUXWLOL]DGRV6HUYLFH$GGLWLYHOL
GDQRVDRPRWRU
EHUDGRVSHOD9RONVZDJHQHQDUHVSHFWLYDGRVD
JHPOLEHUDGD Ɣ $OpPGHXPDSLRUDQDHILFiFLDGRFDWDOLVD
GRUXPDEDVWHFLPHQWRFRPFRPEXVWtYHOFRP
$XWLOL]DomRGHDGLWLYRVSDUDJDVROLQDLQDGHTXDGRV FKXPERRXRXWURVDGLWLYRVFRPPHWDOWDPEpP
SRGHFDXVDUVpULRVGDQRVDRPRWRUHGDQLILFDUR SRGHRFDVLRQDUGDQRVVLJQLILFDWLYRVDRFDWDOL
FDWDOLVDGRU$GLWLYRVSDUDJDVROLQDFRPPHWDOQmR VDGRUHDRPRWRU ‹
GHYHPVHUXVDGRVHPQHQKXPDKLSyWHVH$GLWLYRV
FRQWHQGRPHWDOWDPEpPSRGHPHVWDUQRVDGLWLYRV
SDUDJDVROLQDTXHVmRRIHUHFLGRVSDUDPHOKRUDUR
SRGHUDQWLGHWRQDQWHRXSDUDDXPHQWDUDRFWDQD
JHP3RULVVRQmRGHYHPVHUXWLOL]DGRVDGLWLYRV
SDUDJDVROLQDDGTXLULGRVVHSDUDGDPHQWHҧϜ 

ÏOHRGLHVHO

¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
QmRHVWLYHUjGLVSRVLomRyOHRGLHVHOGDQRUPDFLWD
GDSRGHPVHUREWLGDVLQIRUPDo}HVMXQWRjV&RQ
FHVVLRQiULDV9RONVZDJHQVREUHTXDLVyOHRVGLHVHO
VmRDGHTXDGRVSDUDRYHtFXOR
ÏOHRGLHVHO 3DUDyOHRGLHVHOFRPPDLRUWHRUGHHQ[RIUHRVLQ
2yOHRGLHVHOSUHFLVDFRUUHVSRQGHUDQRUPDHXUR WHUYDORVGHVHUYLoRVmRPHQRUHVҧϜFDGHUQR0DQX
SHLD(1 WHQomRHJDUDQWLDҧϜ3iJLQD$UHODomRGHSD
$TXDOLGDGHGRFRPEXVWtYHOLQIOXHQFLDRFRPSRUWD tVHVQRVTXDLVKiXPWHRUGHHQ[RIUHPDLRUQR
53&&

PHQWRGHIXQFLRQDPHQWRDSHUIRUPDQFHHDYLGD yOHRGLHVHOSRGHVHUREWLGDHPXPD&RQFHVVLR
~WLOGRPRWRU3RUWDQWRDEDVWHFHUFRPyOHRGLHVHO QiULD9RONVZDJHQ b
GHTXDOLGDGHTXHFRQWHQKDDGLWLYRVTXHPHOKRUDP
DTXDOLGDGHSHORIDEULFDQWHGRFRPEXVWtYHO6H

1RSRVWRGHFRPEXVWtYHO 
$GLWLYRVSDUDFRPEXVWtYHOREWLGRVVHSDUDGDPHQWH GRWDQTXHGHFRPEXVWtYHOGRYHtFXOR$VVLPSR
DGLWLYRVSDUDPHOKRUDUDIOXLGH]RXSURGXWRVVHPH GHPRFRUUHURGRUHVYDSRUG
iJXDHWDPEpPIRU
OKDQWHVQmRSRGHPVHUPLVWXUDGRVDGLFLRQDOPHQWH PDomRGHIXPDoDQRODGRGHIRUDGRYHtFXOR,VWR
DRyOHRGLHVHO6HRFRUUHUHPDYDULDVGXUDQWHD VmRVLQDLVQRUPDLVGDRSHUDomRHQmRUHSUHVHQ
FRQGXomRTXHSRGHPHVWDUUHODFLRQDGDVjVSURSUL WDPQHQKXPGDQRRXOLPLWDomRGHIXQomR
HGDGHVGRFRPEXVWtYHOSURFXUDUXPDHPSUHVDHV
&DVRKDMDDSHQDVXPSRXFRGHFRPEXVWtYHOQR
SHFLDOL]DGDSDUDUHDOL]DUXPDDQiOLVHGRHUUR3DUD
WDQTXHGHFRPEXVWtYHO UHVHUYD RDTXHFHGRUDX
LVVRD9RONVZDJHQUHFRPHQGDDV&RQFHVVLRQiUL
[LOLDUVHGHVOLJDDXWRPDWLFDPHQWH
DV9RONVZDJHQ1DV&RQFHVVLRQiULDV9RONVZDJHQ
SRGHVHUREWLGRV³6HUYLFH$GGLWLYH´TXHHOLPLQDP
DVDYDULDVGHIXQFLRQDPHQWRUHODFLRQDGDVjTXDOL $'9(57Ç1&,$
GDGHGRFRPEXVWtYHO6RPHQWHSRGHPVHUXWLOL]D 1XQFDXWLOL]DUXPDFHOHUDGRUGHSDUWLGD8P
GRV6HUYLFH$GGLWLYHOLEHUDGRVSHOD9RONVZDJHQH DFHOHUDGRUGHSDUWLGDSRGHH[SORGLURXRFD
QDUHVSHFWLYDGRVDJHPOLEHUDGD8PDGLWLYRLQFRU VLRQDUXPDDOWDHV~ELWDURWDomRGRPRWRUR
UHWRRXXPDGRVDJHPLQFRUUHWDSRGHPFDXVDUGD TXHSRGHFDXVDUIHULPHQWRVJUDYHVHGDQRV
QRVVLJQLILFDWLYRVQRYHtFXOR DRPRWRU

'LHVHOGHLQYHUQR
127$
1DXWLOL]DomRGH³GLHVHOGHYHUmR´SRGHPRFRUUHU
DYDULDVGHIXQFLRQDPHQWRHPWHPSHUDWXUDVDEDL[R Ɣ $QWHVGHDEDVWHFHUyOHRGLHVHOYHULILFDUVH
GHƒ& ƒ) SRLVRFRPEXVWtYHOSRGHILFDU DVLQIRUPDo}HVGDQRUPDGRFRPEXVWtYHOQD
PDLVGHQVRSHODVHJUHJDomRGHSDUDILQD3RUHVVH ERPEDGHDEDVWHFLPHQWRFRUUHVSRQGHPDRV
PRWLYRH[LVWHQD$OHPDQKDSRUH[HPSORR³GLH UHTXLVLWRVGRYHtFXOR
VHOGHLQYHUQR´TXHpRSHUDFLRQDOPHQWHVHJXUR Ɣ $EDVWHFHUVRPHQWHFRPFRPEXVWtYHOFRP
PHVPRDEDL[RGHƒ& ƒ) ҧϜ  tQGLFHGHFHWDQRVVXILFLHQWHFRQIRUPHDQRUPD
FLWDGD&DVRFRQWUiULRSRGHPRFRUUHUJUDYHV
(PSDtVHVFRPRXWUDVFRQGLo}HVFOLPiWLFDVQD
DYDULDVGHIXQFLRQDPHQWR
PDLRULDGDVYH]HVVmRRIHUHFLGRVyOHRVGLHVHOTXH
DSUHVHQWDPRXWURFRPSRUWDPHQWRHPUHODomRj Ɣ 2YHtFXORQmRpDGHTXDGRSDUDDXWLOL]DomR
WHPSHUDWXUD2&RQFHVVLRQiULR9RONVZDJHQHRV GHELRGLHVHOHQmRSRGHMDPDLVVHUDEDVWHFLGR
SRVWRVGHJDVROLQDGRVUHVSHFWLYRVSDtVHVIRUQH HFRQGX]LGRFRPELRGLHVHO&DVRFRQWUiULRSR
FHPLQIRUPDo}HVVREUHRyOHRV'LHVHOFRPXQVQR GHPRFRUUHUGDQRVDRVLVWHPDGHFRPEXVWtYHO
SDtV HDRPRWRU

eQRUPDOTXHRPRWRUDGLHVHOIULRDSUHVHQWHUXt Ɣ 8PDPLVWXUDGHELRGLHVHODRGLHVHOUHDOL]D
GRVPDLVDOWRVVREWHPSHUDWXUDVGHLQYHUQRGR GDSHORIDEULFDQWHGHyOHRGLHVHOQRVWHUPRVGD
TXHFRPWHPSRTXHQWH$OpPGLVVRRVJDVHVGR QRUPDHXURSHLD(1RXGHXPDQRUPDVLPL
HVFDSDPHQWRSRGHPVHUOLJHLUDPHQWHD]XODGRVQD ODUpDGPLVVtYHOHQmRFDXVDGDQRVDRPRWRU
SDUWLGDHQDIDVHGHDTXHFLPHQWR RXDRVLVWHPDGHFRPEXVWtYHO
Ɣ 5HPRYHULPHGLDWDPHQWHRyOHRGLHVHOGHUUD
3UpDTXHFLPHQWRGRILOWUR PDGRGDSLQWXUDGRYHtFXORSQHXVHSHoDVGH
2VYHtFXORVDGLHVHOHVWmRHTXLSDGRVFRPXPVLV SOiVWLFR/DYDUSURIXQGDPHQWHDVUHVSHFWLYDV
WHPDGHSUpDTXHFLPHQWRGRILOWUR&RPLVVRRVLV SHoDVGRYHtFXORFRPVDEmRHiJXDTXHQWHSD
WHPDGHFRPEXVWtYHODEDVWHFLGRFRPGLHVHOGHLQ UDDMXGDUDHYLWDUYD]DPHQWRVHGDQRVJUDYHV
YHUQRTXHpUHVLVWHQWHDWHPSHUDWXUDVGHDWp Ɣ 2PRWRUDGLHVHOIRLGHVHQYROYLGRH[FOXVLYD
ƒ& ƒ) VHWRUQDRSHUDFLRQDOPHQWHVHJXUR PHQWHSDUDDXWLOL]DomRFRPyOHRGLHVHO3RU
DWpPHVPRHPWHPSHUDWXUDVGHFHUFDGHƒ& HVVHPRWLYRQmRXWLOL]DUJDVROLQDyOHRFRP
ƒ)  EXVWtYHORXRXWURVFRPEXVWtYHLVLQDSURSULDGRV
3RUpPVHRFRPEXVWtYHOWLYHUVHWRUQDGRWmRGHQ $VVXEVWkQFLDVTXHFRPS}HPHVVHVWLSRVGH
VRHPWHPSHUDWXUDVDEDL[RGHƒ& ƒ& FRPEXVWtYHOSRGHPGDQLILFDUVLJQLILFDWLYDPHQ
TXHRPRWRUQmROLJXHPDLVFRORFDURYHtFXORSDUD WHRVLVWHPDGHFRPEXVWtYHOHRPRWRU
DTXHFHUGXUDQWHDOJXPWHPSRHPXPDJDUDJHP Ɣ $XWLOL]DomRGHyOHRGLHVHOFRPWHRUHVGH
DTXHFLGDRXRILFLQD HQ[RIUHHOHYDGRVSRGHUHGX]LUEDVWDQWHRWHP
SRGHYLGDGRILOWURGHSDUWtFXODVGHGLHVHO$
$TXHFHGRUDX[LOLDU UHODomRGHSDtVHVQRVTXDLVKiXPWHRUPDLRU
2VYHtFXORVFRPPRWRUDGLHVHOSRGHPGHSHQGH GHHQ[RIUHQRGLHVHOSRGHVHUREWLGDHPXPD
GDPRWRUL]DomRHVWDUHTXLSDGRVGHIiEULFDFRP &RQFHVVLRQiULD9RONVZDJHQ b
XPDTXHFHGRUDX[LOLDURSHUDGRFRPFRPEXVWtYHO
2DTXHFHGRUDX[LOLDUpRSHUDGRFRPRFRPEXVWtYHO

 'XUDQWHDFRQGXomR
127$
1DVWHPSHUDWXUDVH[WHUQDVIULDVQmRPLVWXUDU
JDVROLQDDRyOHRGLHVHOSRUTXHLVVRSRGHFDX
VDUGDQRVVLJQLILFDWLYRVDRVLVWHPDGHLQMHomR
GRPRWRU ‹

%LRHWDQRO iOFRROHWtOLFR

¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
/LJDURPRWRUHPWHPSHUDWXUDVH[WHUQDV
EDL[DV
'HYLGRjVSURSULHGDGHVGHSDUWLGDDIULRGRELRHWD
QRODSDUWLGDGRPRWRUHPEDL[DVWHPSHUDWXUDV
2ELRHWDQRO(FRQVLVWHGHGHJDVROLQD H[WHUQDVpPDLVGLItFLO(PWHPSHUDWXUDVH[WHUQDV
521 HGHELRHWDQRO iOFRROHWtOLFR 2EL PDLVEDL[DVTXHƒ& ƒ) RPRWRUGHYHVHU
RHWDQRO(FRQWpPYLDGHUHJUDXPFRUDQWHYHU SUpDTXHFLGR ҧϜ3iJLQD RXDSURSRUomRGH
PHOKRSDUDLGHQWLILFDomR JDVROLQD 521 GHYHVHUDXPHQWDGD
1DRSHUDomRGRPRWRUPXOWLFRPEXVWtYHOFRPELR
HWDQRORFRQVXPRGHFRPEXVWtYHOFKHJDDDX
PHQWDUHPDSUR[LPDGDPHQWHXPWHUoRHPUHODomR
jJDVROLQDQRHQWDQWRDHPLVVmRGH&2SHUPD
QHFHPHQRUHPFRPSDUDomRFRPDRSHUDomRH[
FOXVLYDFRPJDVROLQD

7HPSHUDWXUDH[WHUQD 'XUDomRPtQLPDGHIXQFLRQDPHQWRGRSUpDTXHFLPHQ
WRGRPRWRU
PDLVDOWDTXHƒ& ƒ) 3UpDTXHFLPHQWRGRPRWRUQmRQHFHVViULR
PDLVEDL[DTXHЯ ƒ) 3UpDTXHFHURPRWRUSRUDWpXPDKRUD
PDLVEDL[DTXHЯ ƒ) 3UpDTXHFHURPRWRUSRUQRPtQLPRXPDKRUD
PDLVEDL[DTXHЯ ƒ) 3UpDTXHFHURPRWRUSRUQRPtQLPRKRUDV

127$ 127$ FRQWLQXDomR

Ɣ $QWHVGHGHL[DURYHtFXORSDUDGRSRUXP Ɣ $9RONVZDJHQUHFRPHQGDDEDVWHFHUFRP
WHPSRORQJRDEDVWHFHUFRPDPDLRUSDUWHGH SOHWDPHQWHRWDQTXHFRPJDVROLQD 521 D
JDVROLQDSRVVtYHO2ELRHWDQRO(SRGHFRQWHU FDGDNPSDUDGLPLQXLUDVLPSXUH]DVQR
LPSXUH]DVTXHSRGHPRFDVLRQDUFRUURVmR PRWRUFDXVDGDVSHORXVRGHELRHWDQRO( ‹
53&&

1RSRVWRGHFRPEXVWtYHO 
5HGXomRFDWDOtWLFDVHOHWLYD $G%OXHŠ

¤ ,QWURGXomRDRWHPD
1HVWHFDStWXORHQFRQWUDPVHLQIRUPDo}HVUHODWLYDV $'9(57Ç1&,$ FRQWLQXDomR
DRVVHJXLQWHVWHPDV
Ɣ 5HDEDVWHFHUR$G%OXH ŠFRPTXDQWLGDGH
/X]HVGHDGYHUWrQFLDHGHFRQWUROH   VXILFLHQWHRPDLVWDUGDUFRPXPDDXWRQRPLD
,QIRUPDo}HVVREUHR$G%OXH Š   UHVLGXDOGHDSUR[LPDGDPHQWHNP
5HDEDVWHFHUR$G%OXH Š   Ɣ 1XQFDGHL[DURUHVHUYDWyULRGH$G%OXH Š
HVYD]LDU
(PYHtFXORVFRPUHGXomRFDWDOtWLFDVHOHWLYD $G
%OXHŠ XPDVROXomRGHXUHLDHVSHFLDOpLQMHWDGD
$'9(57Ç1&,$
QRVLVWHPDGHHVFDSHSRUXPFDWDOLVDGRUHVSHFLDO
SDUDUHGX]LUDVHPLVV}HVGHQLWURJrQLR 2$G%OXH ŠpXPOtTXLGRFRUURVLYRTXHFDXVD
LUULWDo}HVHTXHHPFRQWDWRFRPDSHOHFRP
2QtYHOGHHQFKLPHQWRGH$G%OXH ŠGHYHVHUYHULIL RVROKRVHFRPRVyUJmRVUHVSLUDWyULRVSRGH
FDGRQRHVFRSRGRVVHUYLoRVҧϜFDGHUQR0DQXWHQ FDXVDUOHV}HV
omRHJDUDQWLD
Ɣ &DVRR$G%OXH ŠHQWUHHPFRQWDWRFRPRV
,QIRUPDo}HVHDOHUWDVFRPSOHPHQWDUHV ROKRVRXFRPDSHOHODYDULPHGLDWDPHQWH
Ɣ &RPSDUWLPHQWRGHEDJDJHPҧϜ3iJLQD FRPiJXDHPDEXQGkQFLDSRUPLQXWRVH
SURFXUDUXPPpGLFR
Ɣ &RPEXVWtYHOҧϜ3iJLQD
Ɣ (PFDVRGHLQJHVWmRGR$G%OXH ŠHQ[DJX
Ɣ 5RGDVHSQHXVҧϜ3iJLQD
DUDERFDLPHGLDWDPHQWHFRPEDVWDQWHiJXD
Ɣ $FHVVyULRVUHSRVLomRGHSHoDVUHSDURVHPR SRUPLQXWRV1mRLQGX]LURY{PLWRFDVRLV
GLILFDo}HVҧϜ3iJLQD VRQmRWHQKDVLGRSUHVFULWRSHORPpGLFR3UR
FXUDUDMXGDPpGLFDLPHGLDWDPHQWH
$'9(57Ç1&,$
6HRQtYHOGHHQFKLPHQWRGH$G%OXHŠHVWLYHU 127$
PXLWREDL[RRYHtFXORQmRSRGHVHUOLJDGR 2$G%OXH ŠDJULGHVXSHUItFLHVFRPRSRUH[HP
DSyVVHGHVOLJDUDLJQLomR7DPEpPQmRp SORSHoDVGRYHtFXORHVPDOWDGDVSOiVWLFRV
SRVVtYHOGDUSDUWLGDFRPRDX[tOLRjSDUWLGD URXSDVHWDSHWHV/LPSDUR$G%OXH ŠGHUUDPDGR
FRPXPSDQR~PLGRHPXLWDiJXDOLPSDRPDLV
UiSLGRSRVVtYHO
Ɣ 5HWLUDUR$G%OXH ŠFULVWDOL]DGRFRPiJXD
PRUQDHXPDHVSRQMD ‹

/X]HVGHDGYHUWrQFLDHGHFRQWUROH

¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQIRUPDo}HVLQWURGXWyULDVHDVLQGLFDo}HVGHVHJXUDQ
oD QDSiJLQD

$FHVD ҧϜ
&DXVDSRVVtYHOҧ 6ROXomR
(VWDFLRQDURYHtFXORHPXPOXJDUDGHTXDGRH
1mRpSRVVtYHOOLJDURPRWRU1tYHOGH
b $G%OXHŠPXLWREDL[R
SODQRHUHDEDVWHFHUDTXDQWLGDGHPtQLPDGH
$G%OXHŠҧϜ3iJLQD

b 1mRpSRVVtYHOOLJDURPRWRU6LVWHPD 3URFXUDUXPD&RQFHVVLRQiULD9RONVZDJHQ2
MXQWRFRP
$G%OXHŠDYDULDGR VLVWHPDGHYHVHUYHULILFDGR
b
>

 'XUDQWHDFRQGXomR
$FHVD ҧϜ
&DXVDSRVVtYHOҧ 6ROXomR
5HDEDVWHFHUR$G%OXH ŠGHQWURGDTXLORPHWUD
JHPLQGLFDGDҧϜ3iJLQD3DUDLVVRD
b 5HVHUYDGH$G%OXH ŠEDL[D
9RONVZDJHQUHFRPHQGDXPD&RQFHVVLRQiULD
9RONVZDJHQ

b 6LVWHPD$G%OXH ŠDYDULDGRRXFRPSOHWDGR 3URFXUDUXPD&RQFHVVLRQiULD9RONVZDJHQ2


MXQWRFRP
FRP$G%OXH ŠLQDGHTXDGR VLVWHPDGHYHVHUYHULILFDGR
>
5HDEDVWHFHUR$G%OXH ŠGHQWURGDTXLORPHWUD
JHPLQGLFDGDҧϜ3iJLQD3DUDLVVRD
b 5HVHUYDGH$G%OXH ŠEDL[D
9RONVZDJHQUHFRPHQGDXPD&RQFHVVLRQiULD
9RONVZDJHQ

b 6LVWHPD$G%OXH ŠDYDULDGRRXFRPSOHWDGR 3URFXUDUXPD&RQFHVVLRQiULD9RONVZDJHQ2


MXQWRFRP
FRP$G%OXH ŠLQDGHTXDGR VLVWHPDGHYHVHUYHULILFDGR
>
$ROLJDUDLJQLomRDOJXPDVOX]HVGHDGYHUWrQFLDH $'9(57Ç1&,$ FRQWLQXDomR
GHFRQWUROHVHDFHQGHPUDSLGDPHQWHSDUDYHULILFD
Ɣ 1XQFDLJQRUDUDVOX]HVGHDGYHUWrQFLD
omRGDIXQomR(ODVVHDSDJDPDSyVDOJXQVVH
DFHVDVHDVPHQVDJHQVGHWH[WR
JXQGRV
Ɣ 3DUDUYHtFXORDVVLPTXHIRUSRVVtYHOHVH
$'9(57Ç1&,$ JXUR

$LQREVHUYkQFLDGDVOX]HVGHDGYHUWrQFLD
127$
DFHVDVHGDVPHQVDJHQVGHWH[WRSRGHRFD
VLRQDUSDUDGDVGRYHtFXORQRWUkQVLWRDFL $LQREVHUYkQFLDGHOX]HVGHFRQWUROHTXHVH
GHQWHVHIHULPHQWRVJUDYHV DFHQGHPHGHPHQVDJHQVGHWH[WRSRGHFDXVDU
GDQRVDRYHtFXOR ‹

,QIRUPDo}HVVREUHR$G%OXH Š

¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
3DUDLVVRD9RONVZDJHQUHFRPHQGDXPD&RQFHV
VLRQiULD9RONVZDJHQ6HQmRKRXYHUQHQKXPD
&RQFHVVLRQiULD9RONVZDJHQGLVSRQtYHOGHYHVH
UHDOL]DUXPDEDVWHFLPHQWRSDUFLDOGHQRPtQLPR
2FRQVXPRGH$G%OXH ŠGHSHQGHGDIRUPDGHFRQ OLWURVGH$G%OXH Š5HDEDVWHFHUDSHQDVFRP
GXomRLQGLYLGXDOGDWHPSHUDWXUDGHVHUYLoRGRVLV $G%OXHŠH[SUHVVDPHQWHOLEHUDGRSHOD9RONVZDJHQ
WHPDHGDWHPSHUDWXUDDPELHQWHQDTXDORYHtFXOR SDUDRYHtFXOR
pFRQGX]LGR 6HDVOX]HVGHDGYHUWrQFLDbH>VHDFHQGHUHP
2$G%OXH ŠVHHQFRQWUDHPXPUHVHUYDWyULRVHSD MXQWDVKDYHUiXPDDYDULD$9RONVZDJHQUHFR
UDGRGRYHtFXORHGHYHVHUFRPSOHWDGRQDPDQX PHQGDSURFXUDUD&RQFHVVLRQiULD9RONVZDJHQ
WHQomR2YROXPHGRUHVHUYDWyULRGH$G%OXH ŠpGH PDLVSUy[LPD
DSUR[LPDGDPHQWHOLWURV $G%OXHŠpXPDPDUFDUHJLVWUDGDGD$VVRFLDomR
$SDUWLUGHXPDDXWRQRPLDUHVLGXDOGHDSUR[LPD GD,QG~VWULD$XWRPRELOtVWLFD 9'$ QRV(8$QD
GDPHQWHNPXPDVROLFLWDomRDSDUHFHQR $OHPDQKDQD8QLmR(XURSHLDHHPRXWURVSDtVHV ‹
LQVWUXPHQWRFRPELQDGRLQIRUPDQGRDQHFHVVLGDGH
53&&

GHUHDEDVWHFHUR$G%OXH ŠҧϜ3iJLQD6HDVR
OLFLWDomRSDUDUHDEDVWHFHUR$G%OXHIRULJQRUDGD
QmRVHUiPDLVSRVVtYHOOLJDURPRWRUҧϜ3iJLQD

1RSRVWRGHFRPEXVWtYHO 
5HDEDVWHFHUR$G%OXH Š

)LJ &RPSDUWLPHQWRGHEDJDJHPFRPSHoDGHHVSXPDHUHVHUYDWyULRGH$G%OXH

)LJ (PEDL[RGDSHoDGHHVSXPDQRFRPSDUWLPHQWRGHEDJDJHPWDQTXH$G%OXHFRPWDPSDGRER
FDOGHDEDVWHFLPHQWRHIUDVFRGHUHDEDVWHFLPHQWR

¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
Ɣ 5HWLUDUDYHGDomR  GRUHVHUYDWyULRGH$G
%OXHŠ
Ɣ *LUDUDWDPSDGRERFDOGHDEDVWHFLPHQWRGR
UHVHUYDWyULRҧϜ)LJ  QRVHQWLGRDQWLKRUiULR
3DUDUHDEDVWHFHUR$G%OXH ŠRYHtFXORSUHFLVDHV
WDUHPXPDVXSHUItFLHSODQDHQmRSRUH[HPSOR $EDVWHFHUR$G%OXH Š
FRPXPGRVODGRVHPFLPDGRPHLRIHLRRXHP 8WLOL]DUVRPHQWH$G%OXH ŠOLEHUDGRSHOD9RONV
XPDYLDLQFOLQDGD2LQGLFDGRUGHQtYHOSRGHQmR ZDJHQFRUUHVSRQGHQWHjQRUPD,62
UHFRQKHFHUDFDSDFLGDGHGHUHDEDVWHFLPHQWRVHR 8WLOL]DUVRPHQWHHPEDODJHQVRULJLQDLV
YHtFXORQmRHVWLYHUHPXPDVXSHUItFLHSODQD
Ɣ 2EVHUYDUDVRULHQWDo}HVHDVLQIRUPDo}HVGR
$EULURERFDOGHDEDVWHFLPHQWRGR IDEULFDQWHQRIUDVFRGHUHDEDVWHFLPHQWR
UHVHUYDWyULR Ɣ 2EVHUYDUDGDWDGHYDOLGDGH
Ɣ $EULUDWDPSDGRFRPSDUWLPHQWRGHEDJDJHP Ɣ 5HWLUDUDWDPSDGRIUDVFRGHUHDEDVWHFLPHQWR
Ɣ 5HEDWHURUHYHVWLPHQWRGRDVVRDOKR Ɣ &RORFDURIUDVFRGHUHDEDVWHFLPHQWR  YHUWL
ҧϜ)LJ  SDUDFLPDHHPSXUUiORSDUDWUiV FDOPHQWHFRPRERFDOSDUDEDL[RVREUHRERFDOGH
Ɣ 5HPRYHUDSHoDGHHVSXPD   DEDVWHFLPHQWRGRUHVHUYDWyULRHJLUDUPDQXDOPHQ
WHQRVHQWLGRKRUiULR
Ɣ 3UHVVLRQDURIUDVFRGHUHDEDVWHFLPHQWRHPGL
UHomRDRERFDOGHDEDVWHFLPHQWRGRUHVHUYDWyULRH
PDQWrORSUHVVLRQDGR b

 'XUDQWHDFRQGXomR
Ɣ $EDVWHFHUFRPQRPtQLPROLWURVGH$G
$'9(57Ç1&,$
%OXHŠ8PUHDEDVWHFLPHQWRHPPHQRUTXDQWLGD
GHQmRpVXILFLHQWH &RQVHUYDUR$G%OXH ŠVRPHQWHHPUHFLSLHQ
Ɣ $JXDUGDUDWpTXHRFRQWH~GRGRIUDVFRGHUHD WHVRULJLQDLVIHFKDGRVHHPXPORFDOVHJXUR
EDVWHFLPHQWRVHHVYD]LHQRUHVHUYDWyULRGH$G Ɣ 1XQFDXWLOL]DUODWDVGHDOLPHQWRVJDUUDIDV
%OXHŠ1mRSUHVVLRQDURXGDQLILFDURIUDVFRGHUHD RXRXWURVUHFLSLHQWHVYD]LRVSDUDJXDUGDUR
EDVWHFLPHQWR $G%OXHŠSRLVDVSHVVRDVQHPVHPSUHFRQ
Ɣ 'HVURVTXHDURIUDVFRGHUHDEDVWHFLPHQWRQR VHJXHPLGHQWLILFDUR$G%OXH ŠDOLFRQWLGR
VHQWLGRDQWLKRUiULRHUHPRYHUSRUFLPDFRPFXLGD Ɣ &RQVHUYDUR$G%OXH ŠVHPSUHIRUDGRDO
GRҧϜ  FDQFHGHFULDQoDV
Ɣ 2UHVHUYDWyULRGH$G%OXH ŠHVWiFRPSOHWRTXDQ
GRQmRVDLUPDLV$G%OXH ŠGRIUDVFRGHUHDEDVWHFL 127$
PHQWR Ɣ 8WLOL]HVRPHQWHR$G%OXH ŠH[SUHVVDPHQWH
OLEHUDGRSHOD9RONVZDJHQ$XWLOL]DomRGHRXWUR
)HFKDURERFDOGHDEDVWHFLPHQWRGR
$G%OXHŠSRGHFDXVDUXPGDQRDRPRWRU
UHVHUYDWyULR
Ɣ 1XQFDPLVWXUDUiJXDRXDGLWLYRVDR$G
Ɣ *LUDUDWDPSDGRERFDOGHDEDVWHFLPHQWRGR
%OXHŠ'DQRVFDXVDGRVSRUHVVDPLVWXUDHVWmR
UHVHUYDWyULR  QRVHQWLGRKRUiULRDWpTXHHODVH
H[FOXtGRVGDFREHUWXUDHPJDUDQWLD
HQFDL[H
Ɣ 1XQFDDGLFLRQDU$G%OXH ŠQRWDQTXHGLHVHO
Ɣ ,QVHULUDYHGDomRFXLGDGRVDPHQWH
&DVRFRQWUiULRSRGHPRFRUUHUGDQRVQRPR
ҧϜ)LJ  
WRU
Ɣ (QFDL[DUDSHoDGHHVSXPD
Ɣ 1mROHYDURIUDVFRGHUHDEDVWHFLPHQWRSHU
Ɣ 5HEDWHURUHYHVWLPHQWRGRDVVRDOKRSDUDEDL[R PDQHQWHPHQWHQRYHtFXOR&RPRVFLODo}HVGH
HSX[iORSDUDIUHQWH WHPSHUDWXUDRXGDQRVR$G%OXH ŠSRGHYD]DU
GRIUDVFRHGDQLILFDURLQWHULRUGRYHtFXOR
$o}HVDQWHVGHFRQWLQXDUDFRQGX]LU
Ɣ $SyVFRPSOHWDUOLJDUVRPHQWHDLJQLomR 'HVFDUWDURIUDVFRGHUHDEDVWHFLPHQWRGH
Ɣ 0DQWHUDLJQLomRSRUQRPtQLPRVHJXQGRV IRUPDHFRORJLFDPHQWHFRUUHWD
OLJDGDSDUDTXHRUHDEDVWHFLPHQWRVHMDUHFRQKHFL )UDVFRVGHUHDEDVWHFLPHQWRGH$G%OXH Š
GRSHORVLVWHPD DGHTXDGRVSRGHPVHUDGTXLULGRVHPXPD
Ɣ /LJDURPRWRUVRPHQWHDSyVGHFRUULGRVVH &RQFHVVLRQiULD9RONVZDJHQ ‹
JXQGRV
53&&

1RSRVWRGHFRPEXVWtYHO 
&RQVHUYDomROLPSH]DPDQXWHQomR
1RFRPSDUWLPHQWRGRPRWRU
3UHSDUDo}HVSDUDWUDEDOKRVQRFRPSDUWLPHQWRGRPRWRU

¤ ,QWURGXomRDRWHPD
1HVWHFDStWXORHQFRQWUDPVHLQIRUPDo}HVUHODWLYDV $'9(57Ç1&,$ FRQWLQXDomR
DRVVHJXLQWHVWHPDV
Ɣ 1XQFDWUDEDOKDUVRERYHtFXORVHHVWHQmR
([LELomRGRGLVSOD\   HVWLYHUVHJXURFRQWUDPRYLPHQWDomR6HIRU
3UHSDUDURYHtFXORSDUDWUDEDOKRVQR QHFHVViULRWUDEDOKDUVRERYHtFXORHQTXDQWR
FRPSDUWLPHQWRGRPRWRU   DVURGDVHVWmRHPFRQWDWRFRPRVRORRYHt
$EULUHIHFKDUDWDPSDGRFRPSDUWLPHQWRGR FXORGHYHHVWDUSDUDGRHPXPDVXSHUItFLH
PRWRU   SODQDDVURGDVGHYHPHVWDUEORTXHDGDVHD
FKDYHGRYHtFXORGHYHHVWDUIRUDGRFLOLQGUR
$QWHVGHTXDOTXHUWUDEDOKRQRPRWRURXQRFRP GDLJQLomR
SDUWLPHQWRGRPRWRUSDUDUVHPSUHRYHtFXORFRP Ɣ 6HIRUQHFHVViULRWUDEDOKDUVRERYHtFXOR
VHJXUDQoDVREUHXPSLVRKRUL]RQWDOHUHVLVWHQWH HVWHGHYHVHUDSRLDGRDGLFLRQDOPHQWHFRP
2FRPSDUWLPHQWRGRPRWRUGHXPYHtFXORpXPD FDYDOHWHVDGHTXDGRV2PDFDFRQmRpVXILFL
iUHDSHULJRVD7UDEDOKRVQRPRWRUHQRFRPSDUWL HQWHSDUDHVVDILQDOLGDGHHSRGHIDOKDURTXH
PHQWRGRPRWRUVRPHQWHGHYHPVHUUHDOL]DGRVSRU SRGHFDXVDUIHULPHQWRVJUDYHV
FRQWDSUySULDTXDQGRVHHVWLYHUIDPLOLDUL]DGRFRP Ɣ 2VLVWHPD6WDUW6WRSSUHFLVDHVWDUGHVOL
DDWLYLGDGHHFRPDVDo}HVSUHYHQWLYDVGHVHJX JDGR
UDQoDYiOLGDVHTXDQGRRVUHFXUVRVHIOXLGRVEHP
FRPRDVIHUUDPHQWDVDGHTXDGDVHVWLYHUHPjGLV $'9(57Ç1&,$
SRVLomRҧϜ &DVRFRQWUiULRUHDOL]DUWRGRVRVWUD
EDOKRVHPXPD&RQFHVVLRQiULD9RONVZDJHQ7UD 2FRPSDUWLPHQWRGRPRWRUGHWRGRYHtFXORp
EDOKRVLQDGHTXDGRVSRGHPFDXVDUIHULPHQWRVJUD XPDiUHDSHULJRVDHSRGHFDXVDUIHULPHQWRV
YHV JUDYHV
Ɣ (PWRGRVRVWUDEDOKRVVHUVHPSUHH[WUH
,QIRUPDo}HVHDOHUWDVFRPSOHPHQWDUHV PDPHQWHSUHYHQLGRHFDXWHORVREHPFRPR
Ɣ 9LVWDVH[WHUQDVҧϜ3iJLQD REVHUYDUDVSUHFDXo}HVGHVHJXUDQoDJHUDO
Ɣ /LPSDGRUHVHODYDGRUHVGRVYLGURV PHQWHYiOLGDV1XQFDDVVXPLUXPULVFRSHV
ҧϜ3iJLQD VRDO
Ɣ /LJDUHGHVOLJDURPRWRUҧϜ3iJLQD Ɣ 5HDOL]DUWUDEDOKRVQRPRWRUHQRFRPSDU
WLPHQWRGRPRWRUVRPHQWHVHHVWLYHUIDPLOLD
Ɣ )OXLGRGHIUHLRҧϜ3iJLQD
UL]DGRFRPDVDo}HVQHFHVViULDV6HKRXYHU
Ɣ &RQWUROHVDRDEDVWHFHUҧϜ3iJLQD LQVHJXUDQoDVREUHRTXHID]HURVWUDEDOKRV
Ɣ ÏOHRGRPRWRUҧϜ3iJLQD QHFHVViULRVGHYHUmRVHUUHDOL]DGRVSRUXPD
Ɣ /tTXLGRGHDUUHIHFLPHQWRGRPRWRU &RQFHVVLRQiULD9RONVZDJHQ)HULPHQWRVJUD
ҧϜ3iJLQD YHVSRGHPUHVXOWDUGHWUDEDOKRVUHDOL]DGRV
LQFRUUHWDPHQWH
Ɣ %DWHULDGRYHtFXORҧϜ3iJLQD
Ɣ 1XQFDDEULURXIHFKDUDWDPSDGRFRPSDU
Ɣ $FHVVyULRVUHSRVLomRGHSHoDVUHSDURVHPR WLPHQWRGRPRWRUHQTXDQWRVDLUYDSRURXOt
GLILFDo}HVҧϜ3iJLQD TXLGRGHDUUHIHFLPHQWR9DSRUTXHQWHRXOt
TXLGRGHDUUHIHFLPHQWRSRGHPFDXVDUTXHL
$'9(57Ç1&,$ PDGXUDVJUDYHV(VSHUDUVHPSUHDWpTXHQmR
0RYLPHQWRVLQYROXQWiULRVGRYHtFXORGXUDQWH VHRXoDQHPYHMDPDLVYDSRURXOtTXLGRGH
RVWUDEDOKRVGHPDQXWHQomRSRGHPFDXVDU DUUHIHFLPHQWRVDLQGRGRFRPSDUWLPHQWRGR
IHULPHQWRVJUDYHV PRWRU b

 &RQVHUYDomROLPSH]DPDQXWHQomR
$'9(57Ç1&,$ FRQWLQXDomR $'9(57Ç1&,$
Ɣ 'HL[DUVHPSUHRPRWRUHVIULDUDQWHVGH 1RFRPSDUWLPHQWRGRPRWRUHQFRQWUDPVH
DEULUDWDPSDGRFRPSDUWLPHQWRGRPRWRU SHoDVJLUDQGRTXHSRGHPFDXVDUIHULPHQWRV
Ɣ 3HoDVTXHQWHVGRPRWRURXGRVLVWHPDGH JUDYHV
HVFDSHSRGHPTXHLPDUDSHOHVHWRFDGDV Ɣ 1XQFDHQFRVWDUQDYHQWRLQKDGRUDGLDGRU
Ɣ 4XDQGRRPRWRUHVWLYHUUHVIULDGRGHYHVH RXQDiUHDGDYHQWRLQKDGRUDGLDGRU2FRQWD
REVHUYDURVHJXLQWHDQWHVGHDEULUDWDPSD WRFRPDVOkPLQDVGRURWRUSRGHFDXVDUIHUL
GRFRPSDUWLPHQWRGRPRWRU PHQWRVJUDYHV$YHQWRLQKDpFRQWURODGDSRU
± $WLYDURIUHLRGHHVWDFLRQDPHQWRHOHWU{ WHPSHUDWXUDHSRGHOLJDUSRUFRQWDSUySULD
QLFRHFRORFDUDDODYDQFDVHOHWRUDQDSRVL PHVPRFRPDLJQLomRGHVOLJDGDRXFRPD
omR3RXDDODYDQFDGDWUDQVPLVVmRQD FKDYHGRYHtFXORIRUDGRFLOLQGURGDLJQLomR
SRVLomRQHXWUD Ɣ 6HIRUQHFHVViULRUHDOL]DUWUDEDOKRVGXUDQ
± 5HWLUDUDFKDYHGRYHtFXORGDLJQLomR WHRSURFHVVRGHSDUWLGDRXFRPRPRWRUHP
± 0DQWHUFULDQoDVVHPSUHDIDVWDGDVGR IXQFLRQDPHQWRH[LVWHXPSHULJRGHPRUWH
FRPSDUWLPHQWRGRPRWRUHQXQFDGHL[i GHYLGRjVSHoDVJLUDWyULDVSRUH[HPSORFRU
ODVGHVDVVLVWLGDV UHLDSRO\9JHUDGRUYHQWRLQKDGRUDGLDGRUH
Ɣ 2VLVWHPDGHDUUHIHFLPHQWRGRPRWRUHVWi GHYLGRDRVLVWHPDGHLJQLomRGHDOWDWHQVmR
VRESUHVVmRFRPRPRWRUTXHQWH1XQFD $JLUVHPSUHFRPH[WUHPDFDXWHOD
DEULUDWDPSDGRUHVHUYDWyULRGHH[SDQVmRGR ± $WHQWDUVHPSUHSDUDTXHQHQKXPDSDU
OtTXLGRGHDUUHIHFLPHQWRGRPRWRUFRPRPR WHGRFRUSRMRLDVJUDYDWDVSHoDVGHURX
WRUTXHQWH&DVRLVVRVHMDIHLWRROtTXLGRGH SDIROJDGDVHFDEHORVFRPSULGRVSRVVDP
DUUHIHFLPHQWRSRGHUHVSLQJDUHFDXVDUTXHL DOFDQoDUSHoDVJLUDWyULDVGRPRWRU$QWHV
PDGXUDVHRXWURVIHULPHQWRVJUDYHV GRWUDEDOKRUHPRYHUVHPSUHMyLDVHJUD
± *LUDUDWDPSDOHQWDPHQWHHFRPPXLWR YDWDVSUHQGHUFDEHORVFRPSULGRVSDUDFL
FXLGDGRQRVHQWLGRDQWLKRUiULRHQTXDQWR PDHDSHUWDUWRGDVDVSHoDVGHURXSDFRQ
SUHVVLRQDDWDPSDOHYHPHQWHSDUDEDL[R WUDRFRUSRSDUDHYLWDUTXHVHSUHQGDPHP
SHoDVGRPRWRU
± 3URWHJHUVHPSUHRURVWRDVPmRVHRV
EUDoRVGROtTXLGRGHDUUHIHFLPHQWRTXHQWH ± $FLRQDURSHGDOGRDFHOHUDGRUVHPSUH
RXGRYDSRUFRPXPSDQRJUDQGHHHV FRPFDXWHODHQXQFDGHVDWHQWDPHQWH2
SHVVR YHtFXORSRGHHQWUDUHPPRYLPHQWRPHV
PRFRPRIUHLRGHHVWDFLRQDPHQWRDFLRQD
Ɣ $RUHDEDVWHFHUQmRGHUUDPDUIOXLGRVVR GR
EUHSDUWHVGRPRWRURXVREUHRVLVWHPDGH
HVFDSH2VIOXLGRVGHUUDPDGRVSRGHPFDX Ɣ 1mRGHL[DUQHQKXPREMHWRFRPRSRU
VDULQFrQGLRV H[HPSORSDQRVGHOLPSH]DRXIHUUDPHQWDV
QRFRPSDUWLPHQWRGRPRWRU2EMHWRVGHL[D
GRVSDUDWUiVSRGHPFDXVDUGHILFLrQFLDVGH
$'9(57Ç1&,$ IXQFLRQDPHQWRGDQRVDRPRWRUHXPLQFrQ
$DOWDWHQVmRGRVLVWHPDHOpWULFRSRGHFDXVDU GLR
FKRTXHVHOpWULFRVTXHLPDGXUDVIHULPHQWRV
JUDYHVHDPRUWH $'9(57Ç1&,$
Ɣ 1XQFDFRORFDURVLVWHPDHOpWULFRHPFXU ,VRODPHQWRVDGLFLRQDLVFRPRFREULURFRP
WRFLUFXLWR$EDWHULDGRYHtFXORSRGHULDH[ SDUWLPHQWRGRPRWRUSRGHPDYDULDURIXQFLR
SORGLU QDPHQWRGRPRWRUFDXVDULQFrQGLRVHRFD
Ɣ 3DUDUHGX]LURULVFRGHXPFKRTXHHOpWULFR VLRQDUIHULPHQWRVJUDYHV
HGHIHULPHQWRVJUDYHVREVHUYDURVHJXLQWH Ɣ 1XQFDFREULURPRWRUFRPFDSDVRXRX
HQTXDQWRRPRWRUHVWLYHUHPIXQFLRQDPHQWR WURVLVRODPHQWRV
RXGXUDQWHDSDUWLGD
± 1XQFDHQFRVWDUQRVFRQGXWRUHVHOpWUL
$'9(57Ç1&,$
FRVGRVLVWHPDGHLJQLomR
± 1XQFDHQFRVWDUQRVFDERVGHDOLPHQWD )OXLGRVHDOJXQVPDWHULDLVQRFRPSDUWLPHQWR
omRHQDVFRQH[}HVGDVOkPSDGDVFRP GRPRWRUVmRIDFLOPHQWHLQIODPiYHLVHSRGHP
53&&

GHVFDUJDGHJiV FDXVDULQFrQGLRVHIHULPHQWRVJUDYHV b

1RFRPSDUWLPHQWRGRPRWRU 
$'9(57Ç1&,$ FRQWLQXDomR $'9(57Ç1&,$ FRQWLQXDomR
Ɣ 1XQFDIXPDUQDVSUR[LPLGDGHVGRFRP Ɣ 7HUVHPSUHjPmRXPH[WLQWRUGHLQFrQGLR
SDUWLPHQWRGRPRWRU IXQFLRQDOHLQVSHFLRQDGR
Ɣ 1XQFDWUDEDOKDUQDVSUR[LPLGDGHVGHFKD
PDVH[SRVWDVRXIDtVFDV 127$
Ɣ 1XQFDGHUUDPDUIOXLGRVVREUHRPRWRU(V $RWURFDURXUHDEDVWHFHUIOXLGRVDWHQWDUSDUD
WHVSRGHPLQIODPDUFRPSHoDVTXHQWHVGR TXHRVIOXLGRVHVWHMDPQRVUHFLSLHQWHVFRUUH
PRWRUHFDXVDUIHULPHQWRV WRV)OXLGRVLQFRUUHWRVSRGHPFDXVDUGHILFLrQ
Ɣ 6HIRUHPQHFHVViULRVWUDEDOKRVQRVLVWH FLDVGHIXQFLRQDPHQWRJUDYHVHGDQRVDRPR
PDGHFRPEXVWtYHORXQRVLVWHPDHOpWULFR WRU
REVHUYDURVHJXLQWH
)OXLGRVTXHYD]DPGRYHtFXORFRQWDPLQDPR
± 'HVFRQHFWDUVHPSUHDVEDWHULDVGRYHt PHLRDPELHQWH3RUHVVHPRWLYRFRQWURODUR
FXOR$WHQWDUSDUDTXHRYHtFXORHVWHMD SLVRVRERYHtFXORUHJXODUPHQWH6HKRXYHUPDQ
GHVWUDYDGRVHDVEDWHULDVGRYHtFXORIR FKDVGHyOHRRXGHRXWURVIOXLGRVQRSLVRRYHtFX
UHPGHVFRQHFWDGDVSRLVFDVRFRQWUiULR ORGHYHUiVHUYHULILFDGRSRUXPD&RQFHVVLRQiULD
RVLVWHPDGHDODUPHDQWLIXUWRVHUiDWLYDGR 9RONVZDJHQ5HPRYHUFRUUHWDPHQWHRVIOXLGRVGHU
± 1XQFDWUDEDOKDUSHUWRGHDTXHFLPHQWRV UDPDGRV ‹
DTXHFHGRUHVGHSDVVDJHPRXRXWUDVFKD
PDVH[SRVWDV

([LELomRGRGLVSOD\

¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQIRUPDo}HVLQWURGXWyULDVHDVLQGLFDo}HVGHVHJXUDQ
oD QDSiJLQD

,QGLFDomRQRGLVSOD\GRLQV
&DXVDSRVVtYHO 6ROXomR
WUXPHQWRFRPELQDGR
$WDPSDGRFRPSDUWLPHQWRGR ›1mRSURVVHJXLU
 PRWRUQmRHVWiIHFKDGDFRUUHWD
PHQWH
)HFKDUDWDPSDGRFRPSDUWLPHQWR
GRPRWRU

$ROLJDUDLJQLomRDOJXPDVOX]HVGHDGYHUWrQFLDH
$'9(57Ç1&,$
GHFRQWUROHVHDFHQGHPUDSLGDPHQWHSDUDYHULILFD
omRGDIXQomR(ODVVHDSDJDPDSyVDOJXQVVH $LQREVHUYkQFLDGDVOX]HVGHDGYHUWrQFLD
JXQGRV DFHVDVHGDVPHQVDJHQVGHWH[WRSRGHRFD
VLRQDUSDUDGDVGRYHtFXORQRWUkQVLWRDFL
8PDUHSUHVHQWDomRVLPEyOLFDVHUiH[LELGDQRGLV
GHQWHVHIHULPHQWRVJUDYHV
SOD\GRLQVWUXPHQWRFRPELQDGRLQGLFDQGRTXHD
WDPSDGRFRPSDUWLPHQWRGRPRWRUHVWiDEHUWDRX Ɣ 1XQFDLJQRUDUDVOX]HVGHDGYHUWrQFLD
QmRIRLIHFKDGDFRUUHWDPHQWH$UHSUHVHQWDomR DFHVDVHDVPHQVDJHQVGHWH[WR
WDPEpPpYLVtYHOFRPDLJQLomRGHVOLJDGD2LQGL Ɣ 3DUDUYHtFXORDVVLPTXHIRUSRVVtYHOHVH
FDGRUVHDSDJDDSUR[LPDGDPHQWHVHJXQGRV JXUR ‹
DSyVRYHtFXORVHUWUDYDGRFRPDVSRUWDVIHFKD
GDV

 &RQVHUYDomROLPSH]DPDQXWHQomR
3UHSDUDURYHtFXORSDUDWUDEDOKRVQRFRPSDUWLPHQWRGRPRWRU

¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQIRUPDo}HVLQWURGXWyULDVHDVLQGLFDo}HVGHVHJXUDQ
oD QDSiJLQD

/LVWDGHFRQWUROH
5HDOL]DUDVVHJXLQWHVDo}HVVHPSUHQDVHTXrQFLDLQGLFDGDDQWHVGHTXDOTXHUWUDEDOKRQRFRPSDUWLPHQWR
GRPRWRUҧϜ 
d 3DUDURYHtFXORVREUHSLVRSODQRHILUPH
d 3LVDUQRSHGDOGRIUHLRHPDQWHUDWpRPRWRUHVWDUGHVOLJDGR
d /LJDURIUHLRGHHVWDFLRQDPHQWRHOHWU{QLFRҧϜ3iJLQD
d &RORFDUDDODYDQFDGDWUDQVPLVVmRQDSRVLomRQHXWUDRXDDODYDQFDVHOHWRUDQDSRVLomR3
ҧϜ3iJLQD
d 'HVOLJDURPRWRUHUHWLUDUDFKDYHGRYHtFXORGRFLOLQGURGDLJQLomRҧϜ3iJLQD
d 'HL[DURPRWRUHVIULDUVXILFLHQWHPHQWH
d 0DQWHUFULDQoDVHRXWUDVSHVVRDVVHPSUHDIDVWDGDVGRFRPSDUWLPHQWRGRPRWRU
d *DUDQWLUTXHRYHtFXORQmRSRVVDVHPRYHULQHVSHUDGDPHQWH

$'9(57Ç1&,$ $'9(57Ç1&,$ FRQWLQXDomR

$LQREVHUYkQFLDGDOLVWDGHFRQWUROHLPSRU Ɣ 6HJXLUVHPSUHDVDo}HVGDOLVWDGHFRQ
WDQWHSDUDDSUySULDVHJXUDQoDSRGHFDXVDU WUROHHREVHUYDUDVSUHFDXo}HVGHVHJXUDQoD
IHULPHQWRVJUDYHV JHUDOPHQWHYiOLGDV ‹

$EULUHIHFKDUDWDPSDGRFRPSDUWLPHQWRGRPRWRU

)LJ 1RiUHDSDUDRVSpVQRODGRGRFRQGX )LJ (PFLPDGDJUDGHGRUDGLDGRUDODYDQFD


WRUDODYDQFDGHGHVWUDYDPHQWRGDWDPSDGRFRP GHGHVWUDYDPHQWRSDUDDEULUDWDPSDGRFRPSDUWL
SDUWLPHQWRGRPRWRU PHQWRGRPRWRU

¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD b
53&&

1RFRPSDUWLPHQWRGRPRWRU 
$EULUDWDPSDGRFRPSDUWLPHQWRGRPRWRU $'9(57Ç1&,$
Ɣ $QWHVGHDEULUDWDPSDGRFRPSDUWLPHQWRGR
8PDWDPSDGRFRPSDUWLPHQWRGRPRWRUIH
PRWRUJDUDQWLUTXHRVEUDoRVGRVOLPSDGRUHVGR
FKDGDLQFRUUHWDPHQWHSRGHVHDEULUVXELWD
SDUDEULVDHVWHMDPHQFRVWDGRVQRSDUDEULVDҧϜ 
PHQWHGXUDQWHDFRQGXomRHEORTXHDUDYLVWD
Ɣ 3X[DUDDODYDQFDGHGHVWUDYDPHQWRQDGLUHomR SDUDIUHQWH,VWRSRGHFDXVDUDFLGHQWHVHIHUL
GDVHWDҧϜ)LJ$WDPSDGRFRPSDUWLPHQWRGR PHQWRVJUDYHV
PRWRUVDOWDSDUDIRUDGDWUDYDGRIHFKRSHODSUHV
Ɣ $SyVIHFKDUDWDPSDGRFRPSDUWLPHQWR
VmRGDPRODҧϜ 
GRPRWRUYHULILFDUVHDWUDYDHQJDWRXFRUUHWD
Ɣ (UJXHUWDPSDGRFRPSDUWLPHQWRGRPRWRUSHOD PHQWHQRIHFKR$WDPSDGRFRPSDUWLPHQWR
DODYDQFDGHGHVWUDYDPHQWRҧϜ)LJ VHWD H GRPRWRUGHYHHVWDUDOLQKDGDFRPDVSHoDV
DEULUWRWDOPHQWH$WDPSDGRFRPSDUWLPHQWRGR DGMDFHQWHVGDFDUURFHULD
PRWRUpVXSRUWDGDSHORPHFDQLVPRGHDEHUWXUD
Ɣ 6HIRUFRQVWDWDGRGXUDQWHDFRQGXomRTXH
)HFKDUDWDPSDGRFRPSDUWLPHQWRGRPRWRU DWDPSDGRFRPSDUWLPHQWRGRPRWRUQmRHVWi
Ɣ 3X[DUDWDPSDGRFRPSDUWLPHQWRGRPRWRUSD IHFKDGDFRUUHWDPHQWHSDUDULPHGLDWDPHQWHH
UDEDL[RDWpDIRUoDGRPHFDQLVPRGHDEHUWXUDVHU IHFKDUDWDPSDGRFRPSDUWLPHQWRGRPRWRU
VXSHUDGDҧϜ  Ɣ $EULURXIHFKDUDWDPSDGRFRPSDUWLPHQWR
Ɣ 'HL[DUDWDPSDGRFRPSDUWLPHQWRGRPRWRUFD GRPRWRUVRPHQWHVHQmRKRXYHUQLQJXpP
LUGHDSUR[LPDGDPHQWHFPQDWUDYDGRIHFKR± HPVHXUDLRGHDEHUWXUD
QmRSUHVVLRQDU
127$
6HDWDPSDGRFRPSDUWLPHQWRGRPRWRUQmRVHIH
FKDUDEULODQRYDPHQWHHIHFKDUFRUUHWDPHQWH Ɣ 3DUDHYLWDUGDQRVjWDPSDGRFRPSDUWLPHQ
WRGRPRWRUHDRVEUDoRVGRVOLPSDGRUHVGR
$WDPSDGRFRPSDUWLPHQWRGRPRWRUIHFKDGDFRU SDUDEULVDVRPHQWHDEULUDWDPSDGRFRPSDUWL
UHWDPHQWHILFDDOLQKDGDFRPDVSHoDVDGMDFHQWHV PHQWRGRPRWRUFRPRIXQFLRQDPHQWRGROLP
GDFDUURFHULD1RLQGLFDGRUGRGLVSOD\GRLQVWUX SDGRUGRSDUDEULVDGHVOLJDGRHRVOLPSDGRUHV
PHQWRFRPELQDGRDWDPSDGRFRPSDUWLPHQWRGR GRSDUDEULVDUHEDWLGRV
PRWRUQmRVHUiPDLVUHSUHVHQWDGDHPGHVWDTXH
Ɣ $QWHVGRLQtFLRGDFRQGXomRVHPSUHFROR
ҧϜ3iJLQD
FDURVEUDoRVGRVOLPSDGRUHVGRSDUDEULVDVR
EUHRSDUDEULVD ‹

 &RQVHUYDomROLPSH]DPDQXWHQomR
ÏOHRGRPRWRU

¤ ,QWURGXomRDRWHPD
1HVWHFDStWXORHQFRQWUDPVHLQIRUPDo}HVUHODWLYDV $'9(57Ç1&,$ FRQWLQXDomR
DRVVHJXLQWHVWHPDV
Ɣ 2yOHRGRPRWRUpWy[LFRHGHYHVHUFRQ
/X]HVGHDGYHUWrQFLDHGHFRQWUROH   VHUYDGRIRUDGRDOFDQFHGHFULDQoDV
(VSHFLILFDomRGRyOHRGRPRWRU   Ɣ &RQVHUYDURyOHRGRPRWRUVRPHQWHHP
9HULILFDURQtYHOGRyOHRGRPRWRUH UHFLSLHQWHVRULJLQDLVIHFKDGRV,VWRYDOHWDP
UHDEDVWHFHUFRPyOHRGRPRWRU   EpPSDUDRyOHRXVDGRDWpRPRPHQWRGHVHX
&RQVXPRGHyOHRGRPRWRU   GHVFDUWH
7URFDGRyOHRGRPRWRU   Ɣ 1XQFDXWLOL]DUODWDVGHDOLPHQWRVJDUUDIDV
RXRXWURVUHFLSLHQWHVYD]LRVSDUDDUPD]HQDU
,QIRUPDo}HVHDOHUWDVFRPSOHPHQWDUHV RyOHRGRPRWRUSRLVDVVLPKiULVFRGHTXH
Ɣ ҧϜFDGHUQR0DQXWHQomRHJDUDQWLD RXWUDVSHVVRDVSRVVDPLQJHULURyOHRGRPR
Ɣ 3UHSDUDo}HVSDUDWUDEDOKRVQRFRPSDUWLPHQWR WRUDUPD]HQDGR
GRPRWRUҧϜ3iJLQD Ɣ 2FRQWDWRIUHTXHQWHFRPRyOHRGRPRWRU
Ɣ $FHVVyULRVUHSRVLomRGHSHoDVUHSDURVHPR SRGHFDXVDUOHV}HVQDSHOH(PFDVRGHFRQ
GLILFDo}HVҧϜ3iJLQD WDWRFRPRyOHRGRPRWRUODYDUDSHOHFXLGD
GRVDPHQWHFRPiJXDHVDEmR
$'9(57Ç1&,$ Ɣ &RPRPRWRUHPIXQFLRQDPHQWRRyOHR
GRPRWRUILFDH[WUHPDPHQWHTXHQWHSRGHQGR
6HPDQXVHDGRGHIRUPDLQDGHTXDGDRyOHR FDXVDUTXHLPDGXUDVJUDYHV'HL[DUVHPSUHR
GRPRWRUSRGHFDXVDUTXHLPDGXUDVHRXWURV PRWRUHVIULDU
IHULPHQWRVJUDYHV
Ɣ 8VDUVHPSUHyFXORVGHSURWHomRGXUDQWH 2YD]DPHQWRRXGHUUDPDPHQWRGRyOHRGR
RPDQXVHLRGRyOHRGRPRWRU PRWRUSRGHSROXLURPHLRDPELHQWH2VIOXL
GRVGHYHPVHUUHPRYLGRVHGHVFDUWDGRVGHIRUPD
WHFQLFDPHQWHHHFRORJLFDPHQWHFRUUHWD ‹

/X]HVGHDGYHUWrQFLDHGHFRQWUROH

¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQIRUPDo}HVLQWURGXWyULDVHDVLQGLFDo}HVGHVHJXUDQ
oD QDSiJLQD

$FHVD &DXVDSRVVtYHO 6ROXomR


'HVOLJDURPRWRU9HULILFDURQtYHOGRyOHRGR
 1tYHOGRyOHRGRPRWRUPXLWREDL[R
PRWRUҧϜ3iJLQD

3LVFDQ
&DXVDSRVVtYHO 6ROXomR
GR
›1mRSURVVHJXLU
'HVOLJDURPRWRU9HULILFDURQtYHOGRyOHRGR
PRWRU
±&DVRDOX]GHDGYHUWrQFLDSLVTXHDSHVDUGR
E 3UHVVmRGRyOHRGRPRWRUPXLWREDL[D
QtYHOGHyOHRHVWDU2.QmRSURVVHJXLURXGHL
[DURPRWRUIXQFLRQDQGR,VVRSRGHUHVXOWDUHP
GDQRVDRPRWRU3URFXUDUDX[tOLRWpFQLFRHVSH
53&&

FLDOL]DGR
3URFXUDUXPD&RQFHVVLRQiULD9RONVZDJHQ2
 6LVWHPDGHyOHRGRPRWRUDYDULDGR
VHQVRUGRyOHRGRPRWRUGHYHVHUYHULILFDGR b

1RFRPSDUWLPHQWRGRPRWRU 
$'9(57Ç1&,$ $'9(57Ç1&,$ FRQWLQXDomR

$LQREVHUYkQFLDGDVOX]HVGHDGYHUWrQFLD Ɣ 3DUDUYHtFXORDVVLPTXHIRUSRVVtYHOHVH
DFHVDVHGDVPHQVDJHQVGHWH[WRSRGHRFD JXUR
VLRQDUSDUDGDVGRYHtFXORQRWUkQVLWRDFL
GHQWHVHIHULPHQWRVJUDYHV 127$
Ɣ 1XQFDLJQRUDUDVOX]HVGHDGYHUWrQFLD $LQREVHUYkQFLDGHOX]HVGHFRQWUROHTXHVH
DFHVDVHDVPHQVDJHQVGHWH[WR DFHQGHPHGHPHQVDJHQVGHWH[WRSRGHFDXVDU
GDQRVDRYHtFXOR ‹

(VSHFLILFDomRGRyOHRGRPRWRU

¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
$VTXDOLGDGHVGHyOHRGHPRWRUQmRVmRDGDSWD
GDVSDUDDVGHPDQGDVGRVPRWRUHVHGRVVLVWH
PDVGHOLPSH]DGHJDVHVGHHVFDSHPDVVLPHP
UHODomRjTXDOLGDGHGRFRPEXVWtYHO1RFDVRGH
2yOHRGRPRWRUDVHUXWLOL]DGRGHYHFRUUHVSRQGHU WRGRVRVPRWRUHVDFRPEXVWmRRyOHRGRPRWRU
GHIRUPDH[DWDjVHVSHFLILFDo}HV HQWUDHPFRQWDWRSRUFRQGLo}HVGHIXQFLRQDPHQ
WRFRPUHVtGXRVGHFRPEXVWmRHFRPEXVWtYHOR
2yOHRGRPRWRUFRUUHWRpLPSRUWDQWHSDUDRIXQ
TXHSRVVXLHIHLWRVFRUUHVSRQGHQWHVVREUHRHQYH
FLRQDPHQWRHSDUDRWHPSRGHYLGDGRPRWRU2
OKHFLPHQWRGRyOHRGRPRWRU
PRWRUpDEDVWHFLGRGHIiEULFDFRPXPyOHRPXOWL
YLVFRVRGHTXDOLGDGHHVSHFLDOTXHYLDGHUHJUD &RPRDVTXDOLGDGHVGHFRPEXVWtYHLVGLIHUHQFLDP
SRGHVHUXVDGRDRORQJRGHWRGRRDQR VHQRVPHUFDGRVLQGLYLGXDLVDOJXPDVYH]HVPXLWR
LQWHQVDPHQWHLVVRGHYHVHUOHYDGRHPFRQVLGHUD
6HSRVVtYHOXVDUVRPHQWHyOHRGRPRWRUOLEHUDGR
omRQDHVFROKDGRyOHRGHPRWRUFRUUHWR
SHOD9RONVZDJHQҧϜ 3DUDPDQWHUDPDQXWHQomR
IOH[tYHOGHYHVHUHDEDVWHFHUVRPHQWHFRPyOHRGR 2XVRGHyOHRVGHPRWRUFRQIRUPHD9:H
PRWRUOLEHUDGRSDUDPDQXWHQomRIOH[tYHOGHDFRUGR 9:SUHVVXS}HTXDOLGDGHVGHFRPEXVWtYHO
FRPD1RUPD9:FRUUHVSRQGHQWHҧϜ7DEQD FRQIRUPHD(1 JDVROLQD H(1 GLHVHO
SiJLQD2VyOHRVGHPRWRUUHODFLRQDGRVVmR RXTXDOLGDGHVVLPLODUHV3RULVVRRVyOHRVGH
yOHRVPXOWLYLVFRVRVGHEDL[DIULFomR PRWRUFRQIRUPHD9:H9:QmR
VmRDGHTXDGRVSDUDPXLWRVPHUFDGRV
ÏOHRVGHPRWRUVmRDSHUIHLoRDGRVFRQWLQXDPHQWH
$V&RQFHVVLRQiULDV9RONVZDJHQHVWmRVHPSUHLQ
IRUPDGDVVREUHDVPXGDQoDV3RULVVRD9RONV
ZDJHQUHFRPHQGDTXHDVWURFDVGRyOHRGRPRWRU
VHMDPVHPSUHUHDOL]DGDVHPXPD&RQFHVVLRQiULD
9RONVZDJHQ

(VSHFLILFDo}HVDOWHUQD
(VSHFLILFDo}HVGHyOHRGHPRWRUDGPLVVtYHLV
  WLYDVGRyOHRGHPRWRU
ҧϜ
ҧϜ
6HUYLoRIL[R4,4,4,
6RPHQWHQD8(6XtoD
6HUYLoRIOH[tYHO 4,4, GHSHQGHGRUHQGL
7LSRGHPRWRU  1RUXHJD-DSmRH$XV
4, /RQJ/LIH PHQWRQRWHPSRHGHURGD
WUiOLDD
JHP
0RWRUHVDJDVROLQD 9: 9:  9:
0RWRUHVDGLHVHOFRPILO
WURGHSDUWtFXODVGHGLH 9: 9:  ±
VHOE
0RWRUHVGLHVHOFRPVLV
WHPDGHUHGXomRGHSDU 9: 9:  9: b
WtFXODVE

 &RQVHUYDomROLPSH]DPDQXWHQomR
(VSHFLILFDo}HVDOWHUQD
(VSHFLILFDo}HVGHyOHRGHPRWRUDGPLVVtYHLV
  WLYDVGRyOHRGHPRWRU
ҧϜ
ҧϜ
6HUYLoRIL[R4,4,4,
6RPHQWHQD8(6XtoD
6HUYLoRIOH[tYHO 4,4, GHSHQGHGRUHQGL
7LSRGHPRWRU  1RUXHJD-DSmRH$XV
4, /RQJ/LIH PHQWRQRWHPSRHGHURGD
WUiOLDD
JHP
0RWRUHVDGLHVHOVHPILO
WURGHSDUWtFXODVGHGLH 9: 9:  9:
VHOE
0RWRUHVPXOWLFRPEXVWt
± 9:  ±
YHO(
0RWRUHVDJiVQDWXUDO ± 9:  ±
D 6RPHQWHSRGHPVHUXWLOL]DGDVDVHVSHFLILFDo}HVGRyOHRGRPRWRUDOWHUQDWLYDVQRVVHUYLoRVIL[RV4,4,4,4,H4,H
VRPHQWHVHDTXDOLGDGHGRFRPEXVWtYHOGLVSRQtYHOQRSDtVFRUUHVSRQGHUjQRUPD(1 JDVROLQD H(1 GLHVHO RXIRUGH
TXDOLGDGHVVLPLODUHV
E 6HYRFrQmRVRXEHUVHRYHtFXORHVWiHTXLSDGRFRPXPILOWURGHSDUWtFXODVGHGLHVHORXFRPXPVLVWHPDGHUHGXomRGHSDUWtFX
ODVFRQVXOWDUXPDHPSUHVDHVSHFLDOL]DGD3DUDLVVRD9RONVZDJHQUHFRPHQGDDV&RQFHVVLRQiULDV9RONVZDJHQ

127$ 127$ FRQWLQXDomR

Ɣ 1mRPLVWXUDUDGLWLYRVOXEULILFDQWHVDGLFLR Ɣ 6HRyOHRVGHPRWRUDSUHVHQWDGRVҧϜ7DEQD
QDLVDRyOHRGRPRWRU'DQRVFDXVDGRVSRU SiJLQDQmRVmRGLVSRQtYHLVGHYHVHUDEDV
WDLVDGLWLYRVHVWmRH[FOXtGRVGDFREHUWXUDGD WHFLGRHPFDVRGHHPHUJrQFLDXPRXWURyOHR
JDUDQWLD GHPRWRU3DUDQmRGDQLILFDURPRWRUSRGHVHU
UHDEDVWHFLGRDWpDSUy[LPDWURFDGHyOHRVR
Ɣ 8WLOL]DUVRPHQWHDHVSHFLILFDomRGHyOHRGR PHQWHXPDYH]QRPi[LPROLWURGRVHJXLQWH
PRWRUH[SUHVVDPHQWHKRPRORJDGDSHOD9RONV yOHRGRPRWRU
ZDJHQ$XWLOL]DomRGHRXWURVyOHRVGHPRWRU
± 0RWRUHVDJDVROLQDQRUPD$&($$%
SRGHFDXVDUGDQRVDRPRWRU
RX$3,61 $3,60 
± 0RWRUHVGLHVHOQRUPD$&($&RX$3,
&- ‹

9HULILFDURQtYHOGRyOHRGRPRWRUHUHDEDVWHFHUFRPyOHRGRPRWRU

)LJ 1RFRPSDUWLPHQWRGRPRWRUYDUHWDGH )LJ 1RFRPSDUWLPHQWRGRPRWRUWDPSDGD


PHGLomRGRyOHRFRPPDUFDGHQtYHOGRyOHRGR DEHUWXUDGHHQFKLPHQWRGHyOHRGRPRWRU b
53&&

PRWRU

1RFRPSDUWLPHQWRGRPRWRU 
¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQIRUPDo}HVLQWURGXWyULDVHDVLQGLFDo}HVGHVHJXUDQ
oD QDSiJLQD

/LVWDGHFRQWUROH
6HJXLUDVHWDSDVQDVHTXrQFLDLQGLFDGDҧϜ 
 (VWDFLRQDURYHtFXORFRPRPRWRURSHUDFLRQDOPHQWHTXHQWHHPXPDVXSHUItFLHSODQDSDUDHYLWDU
DOHLWXUDLQFRUUHWDGRQtYHOGRyOHRGRPRWRU
 'HVOLJDURPRWRUHHVSHUDUDOJXQVPLQXWRVSDUDTXHRyOHRGRPRWRUHVFRUUDGHYROWDSDUDRFiUWHU
 $EULUDWDPSDGRFRPSDUWLPHQWRGRPRWRUžҧϜ3iJLQD
 ,GHQWLILFDUDDEHUWXUDGHHQFKLPHQWRGHyOHRGRPRWRUHDYDUHWDGHPHGLomRGRyOHR$DEHUWXUD
SDUDHQFKLPHQWRGRyOHRGRPRWRUpLGHQWLILFDGDSHORVtPEROREQDWDPSDҧϜ)LJHSHODYDUH
WDGHPHGLomRGRyOHRGRPRWRUFRPDDOoDFRORULGD6HQmRHVWLYHUFODURRQGHDWDPSDHDYDUHWD
GHPHGLomRGRyOHRVHHQFRQWUDPSURFXUDUXPD&RQFHVVLRQiULD9RONVZDJHQ
 5HWLUDUDYDUHWDGHPHGLomRGRyOHRGRWXERJXLDHOLPSDUFRPXPSDQROLPSR
 5HLQWURGX]LUDYDUHWDGHPHGLomRGRyOHRQRWXERJXLDDWpRILP6HKRXYHUXPDPDUFDomRQDYDUH
WDGHPHGLomRGRyOHRHVVDPDUFDomRGHYHVHDMXVWDUjUDQKXUDFRUUHVSRQGHQWHGDH[WUHPLGDGH
VXSHULRUGRWXERJXLDQDLQWURGXomR
 5HWLUDUQRYDPHQWHDYDUHWDGHPHGLomRGRyOHRGRPRWRUHOHURQtYHOQRyOHRGRPRWRUQDYDUHWD
GHPHGLomRҧϜ)LJGDVHJXLQWHPDQHLUD
$ QmRFRPSOHWDURyOHRҧϜ &RQWLQXDUFRPDHWDSD
% RyOHRSRGHVHUFRPSOHWDGR DSUR[LPDGDPHQWHO &RQWLQXDUFRPDHWDSDRX
& FRPSOHWDUREULJDWRULDPHQWHFRPyOHR DSUR[LPDGDPHQWHO &RQWLQXDUFRPDHWDSD
 $SyVDOHLWXUDGRQtYHOGRyOHRGRPRWRULQWURGX]LUDYDUHWDGHPHGLomRGRyOHRGHPDQHLUDFRUUHWD
QRWXERJXLDDWpRILP
 'HVURVTXHDUDWDPSDGDDEHUWXUDSDUDHQFKLPHQWRGHyOHRGRPRWRUҧϜ)LJ
 5HDEDVWHFHUVRPHQWHFRPyOHRGRPRWRUH[SUHVVDPHQWHOLEHUDGRSHOD9RONVZDJHQJUDGXDOPHQWH
HPSHTXHQDVTXDQWLGDGHV QmRPDLVTXHO 
 3DUDHYLWDUHQFKHUGHPDLVpQHFHVViULRHVSHUDUDSUR[LPDGDPHQWHXPPLQXWRDSyVFDGDUHDEDVWH
FLPHQWRSDUDTXHRyOHRGRPRWRUHVFRUUDSDUDRFiUWHUDWpDPDUFDomRGDYDUHWDGHPHGLomRGR
yOHRGRPRWRU
 9HULILFDUQRYDPHQWHRQtYHOGRyOHRGRPRWRUQDYDUHWDGHPHGLomRGRyOHRDQWHVGHUHDEDVWHFHU
PDLVXPDSHTXHQDTXDQWLGDGHGHyOHRGRPRWRU1XQFDUHDEDVWHFHUFRPyOHRGRPRWRUHPH[FHV
VRҧϜ 
 1RILQDOGRSURFHVVRGHDEDVWHFLPHQWRGRyOHRRQtYHOGRyOHRGRPRWRUGHYHHVWDUDRPHQRVQR
PHLRGDiUHDҧϜ)LJ % PDVMDPDLVDFLPDGH $ ҧϜ 
 $SyVRUHDEDVWHFLPHQWRURVTXHDUGHPDQHLUDFRUUHWDDWDPSDGDDEHUWXUDGHHQFKLPHQWRGRyOHR
GRPRWRU
 5HLQWURGX]LUDYDUHWDGHPHGLomRGRyOHRGHPDQHLUDFRUUHWDQRWXERJXLDDWpRILP
 )HFKDUDWDPSDGRFRPSDUWLPHQWRGRPRWRUGHPDQHLUDFRUUHWDžҧϜ3iJLQD

$'9(57Ç1&,$ $'9(57Ç1&,$ FRQWLQXDomR

2yOHRGRPRWRUSRGHSHJDUIRJRVHHQWUDU Ɣ 6HRyOHRGRPRWRUIRUGHUUDPDGRVREUH
HPFRQWDWRFRPSHoDVTXHQWHVGRPRWRU,V DVSHoDVGRPRWRUTXDQGRHVWDVHVWLYHUHP
VRSRGHFDXVDULQFrQGLRVTXHLPDGXUDVHRX IULDVHOHSRGHUiVHDTXHFHUTXDQGRRPRWRU
WURVIHULPHQWRVJUDYHV HVWLYHUIXQFLRQDQGRHFDXVDUXPLQFrQGLR
Ɣ $SyVRUHDEDVWHFLPHQWRJDUDQWLUVHPSUH
TXHDWDPSDGDDEHUWXUDGHHQFKLPHQWRGH
yOHRGRPRWRUVHMDIHFKDGDGHPDQHLUDFRUUH
WDHTXHDYDUHWDGHPHGLomRGRyOHRVHMDLQ
WURGX]LGDGHPDQHLUDFRUUHWDQRWXERJXLD b

 &RQVHUYDomROLPSH]DPDQXWHQomR
$'9(57Ç1&,$ FRQWLQXDomR 127$ FRQWLQXDomR
'HVVDIRUPDXPYD]DPHQWRGHyOHRGRPR Ɣ $RWURFDURXUHDEDVWHFHUIOXLGRVDWHQWDUSD
WRUVREUHSHoDVTXHQWHVGRPRWRUHPIXQFLR UDTXHRVIOXLGRVHVWHMDPQRVUHFLSLHQWHVFRU
QDPHQWRSRGHVHUHYLWDGR UHWRV)OXLGRVLQFRUUHWRVSRGHPFDXVDUGHIL
FLrQFLDVGHIXQFLRQDPHQWRJUDYHVHGDQRVDR
127$ PRWRU

Ɣ 1mROLJDURPRWRUVHRQtYHOGRyOHRGRPR 2QtYHOGRyOHRGRPRWRUQmRGHYHHPQH
WRUHVWLYHUDFLPDGDiUHD $ 3URFXUDUDX[tOLR QKXPDKLSyWHVHXOWUDSDVVDUDiUHD $ &DVR
WpFQLFRHVSHFLDOL]DGR&DVRFRQWUiULRRFDWDOL FRQWUiULRRyOHRSRGHVHUDVSLUDGRSHODYHQWLODomR
VDGRUHRPRWRUSRGHPVHUGDQLILFDGRV GRFiUWHUHFKHJDUjDWPRVIHUDSRUPHLRGRVLVWH
PDGHHVFDSH ‹

&RQVXPRGHyOHRGRPRWRU

¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
WURVHPYHtFXORVQRYRV3RULVVRRQtYHOGRyOHR
GRPRWRUGHYHVHUYHULILFDGRHPLQWHUYDORVUHJXOD
UHV±GHSUHIHUrQFLDDFDGDDEDVWHFLPHQWRRXDQ
WHVGHYLDJHQVORQJDV
2FRQVXPRGHyOHRGRPRWRUSRGHYDULDUGHPRWRU (PFDVRGHDOWDGHPDQGDGRPRWRURQtYHOGR
SDUDPRWRUHVRIUHUDOWHUDo}HVDRORQJRGRWHPSR yOHRGRPRWRUGHYHHVWDUQDiUHDҧϜ)LJ $ 
GHYLGDGRPRWRU FRPRSRUH[HPSORHPORQJDVFRQGXo}HVSRUHV
'HSHQGHQGRGDIRUPDGHFRQGXomRHGDVFRQGL WUDGDVGXUDQWHRYHUmRQDFRQGXomRFRPUHERTXH
o}HVGHXVRRFRQVXPRGHyOHRSRGHFKHJDUD RXGXUDQWHWUDYHVVLDVGHPRQWDQKDV ‹
ONPRXPDLV±QRVSULPHLURVTXLO{PH

7URFDGRyOHRGRPRWRU

¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
$'9(57Ç1&,$
6HHPFDVRVH[FHSFLRQDLVYRFrPHVPRSUH
FLVDUWURFDURyOHRGRPRWRUREVHUYDURVVH
2yOHRGRPRWRUGHYHVHUWURFDGRUHJXODUPHQWH JXLQWHVSRQWRV
FRQIRUPHGHVFULWRQR0DQXWHQomRHJDUDQWLD Ɣ 8VDUVHPSUHyFXORVGHSURWHomR
3RUH[LJLUIHUUDPHQWDVHVSHFLDLVHFRQKHFLPHQWRV Ɣ 'HL[DUVHPSUHRPRWRUHVIULDUWRWDOPHQWH
WpFQLFRVDWURFDGRyOHRGRPRWRUHGRILOWURGHYH SDUDHYLWDUTXHLPDGXUDV
VHUUHDOL]DGDSRUXPDHPSUHVDHVSHFLDOL]DGDR Ɣ 0DQWHURVEUDoRVQDKRUL]RQWDOTXDQGR
TXHWDPEpPDVVHJXUDRGHVFDUWHDGHTXDGRGR GHVDSDUDIXVDURSDUDIXVRGHGUHQDJHPGR
yOHRXVDGR3DUDLVVRD9RONVZDJHQUHFRPHQGD yOHRFRPRVGHGRVSDUDHYLWDUTXHRyOHR
DV&RQFHVVLRQiULDV9RONVZDJHQ GUHQDGRSRVVDHVFRUUHUSHOREUDoR
0DLVLQIRUPDo}HVVREUHRVLQWHUYDORVGHVHUYLoR Ɣ 8WLOL]DUXPUHFLSLHQWHDSURSULDGRSDUDD
HVWmRGLVSRQtYHLVQR0DQXWHQomRHJDUDQWLD FROHWDGRyOHRXVDGRTXHSRVVDFRPSRUWDU
QRPtQLPRDTXDQWLGDGHWRWDOGHyOHRGRPR
$GLWLYRVQRyOHRGRPRWRUID]HPFRPTXHHOH
WRU
PHVPRQRYRHVFXUHoDDSyVXPFXUWRSHUtRGRGH
URGDJHPGRPRWRU,VVRpQRUPDOHQmRpPRWLYR Ɣ 1XQFDXWLOL]DUODWDVGHDOLPHQWRVJDUUDIDV
SDUDTXHRyOHRGRPRWRUVHMDWURFDGRFRPPDLV RXRXWURVUHFLSLHQWHVYD]LRVSDUDDUPD]HQDU
IUHTXrQFLD RyOHRGRPRWRUSRLVDVVLPRyOHRGRPRWRU
DOLFRQWLGRQHPVHPSUHSRGHUiVHUUHFRQKH
FLGRSRURXWUDVSHVVRDV
53&&

Ɣ 2yOHRGRPRWRUpWy[LFRHGHYHVHUFRQ
VHUYDGRIRUDGRDOFDQFHGHFULDQoDV b

1RFRPSDUWLPHQWRGRPRWRU 
$QWHVGHXPDWURFDGRyOHRGRPRWRUHQFRQ 'HVFDUWDURyOHRXVDGRGHIRUPDHFRORJLFD
WUDUSULPHLUDPHQWHXPORFDOSDUDRGHVFDUWH PHQWHFRUUHWD1XQFDGHVFDUWDURyOHRXVDGR
DGHTXDGRGRyOHRXVDGR HPMDUGLQViUHDVIORUHVWDLVHVJRWRUXDVHYLDV
ULRVRXDIOXHQWHV ‹

 &RQVHUYDomROLPSH]DPDQXWHQomR
/tTXLGRGHDUUHIHFLPHQWRGRPRWRU

¤ ,QWURGXomRDRWHPD
1HVWHFDStWXORHQFRQWUDPVHLQIRUPDo}HVUHODWLYDV
$'9(57Ç1&,$
DRVVHJXLQWHVWHPDV
2OtTXLGRGHDUUHIHFLPHQWRGRPRWRUpWy[LFR
/X]GHDGYHUWrQFLDHLQGLFDGRUGH
WHPSHUDWXUDGROtTXLGRGHDUUHIHFLPHQWRGR Ɣ &RQVHUYDUROtTXLGRGHDUUHIHFLPHQWRGR
PRWRU   PRWRUVRPHQWHHPVHXUHFLSLHQWHRULJLQDOIH
(VSHFLILFDomRGROtTXLGRGHDUUHIHFLPHQWRGR FKDGRHHPOXJDUVHJXUR
PRWRU   Ɣ 1XQFDXWLOL]DUODWDVGHDOLPHQWRVJDUUDIDV
9HULILFDURQtYHOGROtTXLGRGHDUUHIHFLPHQWR RXRXWURVUHFLSLHQWHVYD]LRVSDUDDUPD]HQDU
GRPRWRUHUHDEDVWHFHUFRPOtTXLGRGH ROtTXLGRGHDUUHIHFLPHQWRGRPRWRUMiTXH
DUUHIHFLPHQWRGRPRWRU   KiULVFRGHROtTXLGRDUPD]HQDGRVHULQJHUL
GRSRURXWUDVSHVVRDV
6RPHQWHUHDOL]DUWUDEDOKRVQRVLVWHPDGHDUUHIHFL Ɣ &RQYHUVDUROtTXLGRGHDUUHIHFLPHQWRGR
PHQWRGRPRWRUTXDQGRKRXYHUIDPLOLDULGDGHFRP PRWRUIRUDGRDOFDQFHGHFULDQoDV
DVDo}HVQHFHVViULDVHTXDQGRDIHUUDPHQWDDGH
Ɣ *DUDQWLUTXHVHMDSUHYLVWDDSURSRUomRGH
TXDGDEHPFRPRRVUHFXUVRVHIOXLGRVFRUUHWRV
DGLWLYRGROtTXLGRGHDUUHIHFLPHQWRFRUUHWRGH
HVWLYHUHPjGLVSRVLomRҧϜ &DVRFRQWUiULRUHDOL
DFRUGRFRPDWHPSHUDWXUDDPELHQWHPDLV
]DUWRGRVRVWUDEDOKRVHPXPD&RQFHVVLRQiULD
EDL[DHVSHUDGDQDTXDORYHtFXORVHUiRSHUD
9RONVZDJHQ3DUDLVVRD9RONVZDJHQUHFRPHQGD
GR
DV&RQFHVVLRQiULDV9RONVZDJHQ
Ɣ (PWHPSHUDWXUDVH[WUHPDPHQWHEDL[DVR
7UDEDOKRVLQDGHTXDGRVSRGHPFDXVDUIHULPHQWRV OtTXLGRGHDUUHIHFLPHQWRSRGHFRQJHODUH
JUDYHV FDXVDUDSDUDGDGRYHtFXOR8PDYH]TXH
QHVVHFDVRRDTXHFLPHQWRWDPEpPQmRIXQ
,QIRUPDo}HVHDOHUWDVFRPSOHPHQWDUHV
FLRQDRFXSDQWHVGRYHtFXORTXHQmRHVWHMDP
Ɣ &RQGXomRFRPUHERTXHҧϜ3iJLQD YHVWLQGRURXSDVGHLQYHUQRVXILFLHQWHVSR
Ɣ 3UHSDUDo}HVSDUDWUDEDOKRVQRFRPSDUWLPHQWR GHPPRUUHUGHIULR
GRPRWRUҧϜ3iJLQD
2OtTXLGRGHDUUHIHFLPHQWRGRPRWRUHVHXV
Ɣ $FHVVyULRVUHSRVLomRGHSHoDVUHSDURVHPR
DGLWLYRVSRGHPSROXLURPHLRDPELHQWH2V
GLILFDo}HVҧϜ3iJLQD
IOXLGRVGHYHPVHUUHPRYLGRVHGHVFDUWDGRVGHIRU
PDWHFQLFDPHQWHHHFRORJLFDPHQWHFRUUHWD ‹
53&&

1RFRPSDUWLPHQWRGRPRWRU 
/X]GHDGYHUWrQFLDHLQGLFDGRUGHWHPSHUDWXUDGROtTXLGRGH
DUUHIHFLPHQWRGRPRWRU

¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD

(PIRUPDVGHFRQGXomRQRUPDLVRSRQWHLURHQ
FRQWUDVHQDiUHDLQWHUPHGLiULDGDHVFDOD(P
FRQGLo}HVGHJUDQGHGHPDQGDGRPRWRU±VREUH
WXGRHPWHPSHUDWXUDVDPELHQWHHOHYDGDV±RSRQ
WHLURWDPEpPSRGHGHVORFDUVHEDVWDQWHSDUDDGL
UHLWD
$ROLJDUDLJQLomRDOJXPDVOX]HVGHDGYHUWrQFLDH
GHFRQWUROHVHDFHQGHPUDSLGDPHQWHSDUDYHULILFD
omRGDIXQomR(ODVVHDSDJDPDSyVDOJXQVVH
JXQGRV
)LJ ,QGLFDGRUGHWHPSHUDWXUDGROtTXLGRGH
DUUHIHFLPHQWRGRPRWRUQRLQVWUXPHQWRFRPELQD
GR $ iUHDIULD % iUHDQRUPDO & iUHDGHDGYHU
WrQFLD

3RVLomRGR
3LVFDQGR SRQWHLUR &DXVDSRVVtYHO 6ROXomR
ҧϜ)LJ
›1mRSURVVHJXLU
3DUDUYHtFXORDVVLPTXHIRUSRVVtYHOHVHJX
& 7HPSHUDWXUDGROtTXLGRGH
UR'HVOLJDURPRWRUHGHL[DURPRWRUHVIULDU
ÈUHDGHDGYHU DUUHIHFLPHQWRGRPRWRUPXL
DWpTXHRSRQWHLURHVWHMDQRYDPHQWHQDiUHD
WrQFLD WRDOWD
QRUPDO9HULILFDURQtYHOGROtTXLGRGHDUUHIHFL
PHQWRGRPRWRUҧϜ3iJLQD
9HULILFDURQtYHOGROtTXLGRGHDUUHIHFLPHQWR
~ %
GRPRWRUFRPRPRWRUIULRHUHDEDVWHFHUHP
1tYHOGROtTXLGRGHDUUHIHFL FDVRGHQtYHOEDL[RGROtTXLGRGHDUUHIHFL
ÈUHDQRUPDO PHQWRGRPRWRUPXLWREDL[R PHQWRGRPRWRUҧϜ3iJLQD
6HRQtYHOGROtTXLGRGHDUUHIHFLPHQWRGRPR
WRUHVWLYHUFRUUHWRKiXPDIDOKD
6LVWHPDGROtTXLGRGHDUUH
›1mRSURVVHJXLU
± IHFLPHQWRGRPRWRUDYDULD
6ROLFLWDUDMXGDWpFQLFD
GR
2PRWRUDLQGDQmRHVWiHP (YLWDUDOWDVURWDo}HVGRPRWRUHGHPDQGDV
$
± WHPSHUDWXUDGHIXQFLRQD LQWHQVDVDRPRWRUHQTXDQWRRPRWRUQmRHVWL
ÈUHDIULD
PHQWR YHUDTXHFLGR

$'9(57Ç1&,$ $'9(57Ç1&,$ FRQWLQXDomR

$LQREVHUYkQFLDGDVOX]HVGHDGYHUWrQFLD Ɣ 3DUDUYHtFXORDVVLPTXHIRUSRVVtYHOHVH
DFHVDVHGDVPHQVDJHQVGHWH[WRSRGHRFD JXUR
VLRQDUSDUDGDVGRYHtFXORQRWUkQVLWRDFL
GHQWHVHIHULPHQWRVJUDYHV 127$
Ɣ 1XQFDLJQRUDUDVOX]HVGHDGYHUWrQFLD $LQREVHUYkQFLDGHOX]HVGHFRQWUROHTXHVH
DFHVDVHDVPHQVDJHQVGHWH[WR DFHQGHPHGHPHQVDJHQVGHWH[WRSRGHFDXVDU
GDQRVDRYHtFXOR ‹

 &RQVHUYDomROLPSH]DPDQXWHQomR
(VSHFLILFDomRGROtTXLGRGHDUUHIHFLPHQWRGRPRWRU

¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
$'9(57Ç1&,$
3URWHomRDQWLFRQJHODQWHLQVXILFLHQWHQRVLV
WHPDGHDUUHIHFLPHQWRGRPRWRUSRGHRFDVLR
2VLVWHPDGHDUUHIHFLPHQWRGRPRWRUYHPSUHHQ QDUDIDOKDGRPRWRUHFDXVDUIHULPHQWRVJUD
FKLGRGHIiEULFDFRPXPDPLVWXUDGHiJXDHVSH YHV
FLDOPHQWHSUHSDUDGDHXPDSDUFHODPtQLPDGH Ɣ *DUDQWLUTXHVHMDSUHYLVWDDSURSRUomRGH
SRUFHQWRGHDGLWLYRSDUDOtTXLGRGHDUUHIHFLPHQWR DGLWLYRGROtTXLGRGHDUUHIHFLPHQWRFRUUHWRGH
* 7/9:- 2DGLWLYRVGROtTXLGRGHDUUH DFRUGRFRPDWHPSHUDWXUDDPELHQWHPDLV
IHFLPHQWRGRPRWRUSRGHVHUUHFRQKHFLGRVSHOD EDL[DHVSHUDGDQDTXDORYHtFXORVHUiRSHUD
FRORUDomROLOiV$PLVWXUDGHiJXDFRPDGLWLYRSDUD GR
OtTXLGRGHDUUHIHFLPHQWRRIHUHFHQmRVRPHQWHSUR Ɣ (PWHPSHUDWXUDVH[WUHPDPHQWHEDL[DVR
WHomRDQWLFRQJHODQWHDWpž& ž) FRPRWDP OtTXLGRGHDUUHIHFLPHQWRSRGHFRQJHODUH
EpPSURWHJHDVSHoDVGHOLJDOHYHGRVLVWHPDGH FDXVDUDSDUDGDGRYHtFXOR8PDYH]TXH
DUUHIHFLPHQWRGRPRWRUFRQWUDFRUURVmR$OpPGLV QHVVHFDVRRDTXHFLPHQWRWDPEpPQmRIXQ
VRDPLVWXUDHYLWDRDF~PXORGHFDOFiULRHHOHYD FLRQDRFXSDQWHVGRYHtFXORTXHQmRHVWHMDP
EDVWDQWHRSRQWRGHHEXOLomRGROtTXLGRGHDUUHIH YHVWLQGRURXSDVGHLQYHUQRVXILFLHQWHVSR
FLPHQWRGRPRWRU GHPPRUUHUGHIULR
3DUDSURWHomRGRVLVWHPDGHDUUHIHFLPHQWRGRPR
WRUDSDUWHGHDGLWLYRGROtTXLGRGHDUUHIHFLPHQWR 127$
GRPRWRUGHYHUiHTXLYDOHUVHPSUHDQRPtQLPR
1XQFDPLVWXUDUDGLWLYRVGROtTXLGRGHDUUHIHFL
PHVPRHPFOLPDVTXHQWHVVHQmRIRUQH
PHQWRGRPRWRURULJLQDLVFRPRXWURVOtTXLGRV
FHVViULDDSURWHomRDQWLFRQJHODQWH
GHDUUHIHFLPHQWRQmROLEHUDGRVSHOD9RONVZD
6HSRUUD]}HVFOLPiWLFDVIRUQHFHVViULDXPDSUR JHQ$PLVWXUDFRPOtTXLGRVGHDUUHIHFLPHQWR
WHomRDQWLFRQJHODQWHPDLVIRUWHDSDUWHGHDGLWLYR HVWUDQKRVSRGHFDXVDUJUDYHVGDQRVDRPRWRU
QROtTXLGRGHDUUHIHFLPHQWRGRPRWRUSRGHVHUDX HDRVLVWHPDGHDUUHIHFLPHQWRGRPRWRU
PHQWDGD&RQWXGRDSDUWHGHDGLWLYRQROtTXLGRGH Ɣ 6HROtTXLGRQRUHVHUYDWyULRGROtTXLGRGH
DUUHIHFLPHQWRGRPRWRUQmRSRGHXOWUDSDVVDU DUUHIHFLPHQWRGRPRWRUQmRHVWLYHUURVD DFRU
SRUTXHDVVLPDSURWHomRDQWLFRQJHODQWHYROWDDGL pUHVXOWDGRGDPLVWXUDGRDGLWLYRGROtTXLGRGH
PLQXLUHRHIHLWRDUUHIHFHGRUSLRUD DUUHIHFLPHQWRGRPRWRUOLOiVFRPiJXDGHVWLOD
$RUHDEDVWHFHUROtTXLGRGHDUUHIHFLPHQWRGRPR GD HVLPSRUH[HPSORPDUURPR*IRL
WRUGHYHVHUXWLOL]DGDXPDPLVWXUDGHiJXDGHVWL PLVWXUDGRFRPRXWUROtTXLGRGHDUUHIHFLPHQWR
ODGDHQRPtQLPRGHDGLWLYRSDUDOtTXLGRGH GRPRWRUQmRLQGLFDGR1HVVHFDVRROtTXLGR
DUUHIHFLPHQWRSDUDPRWRU*RX*SOXVSOXV GHDUUHIHFLPHQWRGRPRWRUGHYHVHUWURFDGR
7/9:*  DPERVQDFRUOLOiV SDUDREWHUD LPHGLDWDPHQWH&DVRFRQWUiULRSRGHPRFRUUHU
PHOKRUSURWHomRFRQWUDFRUURVmRҧϜ 8PDPLVWX GHILFLrQFLDVGHIXQFLRQDPHQWRJUDYHVRXGD
UDGH*FRPRVOtTXLGRVGHDUUHIHFLPHQWRGR QRVDRPRWRU
PRWRU*SOXV 7/9:) * FRORUDomR
YHUPHOKR RX* FRORUDomRD]XOHVYHUGHDGD SL 2OtTXLGRGHDUUHIHFLPHQWRGRPRWRUHVHXV
RUDDSURWHomRFRQWUDFRUURVmRVLJQLILFDWLYDPHQWH DGLWLYRVSRGHPSROXLURPHLRDPELHQWH2V
GHYHQGRSRULVVRVHUHYLWDGDҧϜ  IOXLGRVGHYHPVHUUHPRYLGRVHGHVFDUWDGRVGHIRU
PDWHFQLFDPHQWHHHFRORJLFDPHQWHFRUUHWD ‹
53&&

1RFRPSDUWLPHQWRGRPRWRU 
9HULILFDURQtYHOGROtTXLGRGHDUUHIHFLPHQWRGRPRWRUHUHDEDVWHFHUFRP
OtTXLGRGHDUUHIHFLPHQWRGRPRWRU

)LJ 1RFRPSDUWLPHQWRGRPRWRUPDUFDomR )LJ 1RFRPSDUWLPHQWRGRPRWRUWDPSDGR


QRUHVHUYDWyULRGROtTXLGRGHDUUHIHFLPHQWRGRPR UHVHUYDWyULRGROtTXLGRGHDUUHIHFLPHQWRGRPRWRU
WRU

¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
5HDEDVWHFHUFRPOtTXLGRGHDUUHIHFLPHQWR
GRPRWRU
Ɣ &RORFDUVHPSUHXPSDQRDSURSULDGRVREUHD
WDPSDGRUHVHUYDWyULRGROtTXLGRGHDUUHIHFLPHQWR
6HRQtYHOGROtTXLGRGHDUUHIHFLPHQWRGRPRWRU GRPRWRUSDUDSURWHJHURURVWRDVPmRVHRVEUD
HVWLYHUEDL[RGHPDLVDOX]GHDGYHUWrQFLDGROtTXL oRVGROtTXLGRGHDUUHIHFLPHQWRGRPRWRUTXHQWH
GRGHDUUHIHFLPHQWRGRPRWRUVHDFHQGHUi RXGRYDSRU
3UHSDUDo}HV Ɣ 'HVURVTXHDUFXLGDGRVDPHQWHDWDPSDҧϜ 
Ɣ (VWDFLRQDURYHtFXORHPXPDVXSHUItFLHSODQDH Ɣ 5HDEDVWHFHUVRPHQWHFRPOtTXLGRGHDUUHIHFL
ILUPH PHQWRGRPRWRUQRYRHGHDFRUGRFRPDHVSHFLIL
FDomRGD9RONVZDJHQҧϜ3iJLQDҧϜ 
Ɣ 'HL[DURPRWRUHVIULDUҧϜ 
Ɣ 2QtYHOGROtTXLGRGHDUUHIHFLPHQWRGRPRWRU
Ɣ $EULUDWDPSDGRFRPSDUWLPHQWRGRPRWRUž
GHYHSHUPDQHFHUGHQWURGDPDUFDomRGRUHVHUYD
ҧϜ3iJLQD
WyULRҧϜ)LJ1mRFRPSOHWDUDFLPDGDERUGD
Ɣ 2UHVHUYDWyULRFRPSHQVDGRUGROtTXLGRGHDUUH VXSHULRUGDiUHDGHPDUFDGDҧϜ 
IHFLPHQWRGRPRWRUSRGHVHUUHFRQKHFLGRSHOR
Ɣ 5RVTXHDUEHPDWDPSD
VtPEROR«QDWDPSDҧϜ)LJ
Ɣ 6HHPFDVRGHHPHUJrQFLDQmRKRXYHUjGLV
9HULILFDURQtYHOGROtTXLGRGHDUUHIHFLPHQWR SRVLomROtTXLGRGHDUUHIHFLPHQWRGRPRWRUGHQWUR
GRPRWRU GDHVSHFLILFDomRH[LJLGDҧϜ3iJLQDQmRXWLOL]DU
Ɣ &RPRPRWRUIULRYHULILFDURQtYHOGROtTXLGRGH QHQKXPRXWURDGLWLYRGROtTXLGRGHDUUHIHFLPHQWR
DUUHIHFLPHQWRGRPRWRUSHODPDUFDODWHUDOGRUH GRPRWRU(PYH]GLVVRFRPSOHWDUDVHJXLUVR
VHUYDWyULRGHH[SDQVmRGROtTXLGRGHDUUHIHFLPHQ PHQWHFRPiJXDGHVWLODGDҧϜ 'HSRLVGLVVRD
WRGRPRWRUҧϜ)LJ PLVWXUDFRPDSURSRUomRFRUUHWDGHDGLWLYRGROt
TXLGRGHDUUHIHFLPHQWRGRPRWRUҧϜ3iJLQDGH
Ɣ 6HRQtYHOGROtTXLGRQRUHVHUYDWyULRHVWLYHU
YHVHUUHVWDEHOHFLGDRPDLVUiSLGRSRVVtYHO
DEDL[RGDPDUFDomRPtQLPD ³PLQ´ UHDEDVWHFHU
FRPOtTXLGRGHDUUHIHFLPHQWRGRPRWRU&RPRPR
WRUTXHQWHRQtYHOGROtTXLGRGHDUUHIHFLPHQWRGR $'9(57Ç1&,$
PRWRUSRGHILFDUXPSRXFRDFLPDGDERUGDVXSHUL 9DSRUTXHQWHRXOtTXLGRGHDUUHIHFLPHQWRGR
RUGDiUHDGHPDUFDGD PRWRUSRGHFDXVDUTXHLPDGXUDVJUDYHV b

 &RQVHUYDomROLPSH]DPDQXWHQomR
$'9(57Ç1&,$ FRQWLQXDomR $'9(57Ç1&,$ FRQWLQXDomR
Ɣ 1XQFDDEULUDWDPSDGRFRPSDUWLPHQWRGR VDULQFrQGLRV(PFHUWDVFLUFXQVWkQFLDVRHWL
PRWRUTXDQGRVHSXGHUYHURXRXYLUYDSRURX OHQRJOLFROGROtTXLGRGHDUUHIHFLPHQWRGRPR
OtTXLGRGHDUUHIHFLPHQWRVDLQGRGRFRPSDUWL WRUSRGHSHJDUIRJR
PHQWRGRPRWRU(VSHUDUVHPSUHDWpTXHQmR
VHYHMDRXRXoDPDLVYDSRURXOtTXLGRGHDU 127$
UHIHFLPHQWRVDLQGR
Ɣ 8WLOL]DUVRPHQWHiJXDGHVWLODGDSDUDUHD
Ɣ 'HL[DUVHPSUHRPRWRUHVIULDUWRWDOPHQWH EDVWHFHU7RGRVRVRXWURVWLSRVGHiJXDSR
DQWHVGHDEULUFXLGDGRVDPHQWHDWDPSDGR GHPFDXVDUFRUURVmRHVpULRVGDQRVDRPRWRU
FRPSDUWLPHQWRGRPRWRU$RVHUHPWRFDGDV GHYLGRDVHXVFRPSRQHQWHVTXtPLFRV,VVR
SDUWHVTXHQWHVSRGHPTXHLPDUDSHOH WDPEpPSRGHRFDVLRQDUIDOKDVGRPRWRU&DVR
Ɣ 4XDQGRRPRWRUHVWLYHUUHVIULDGRGHYHVH VHMDUHDEDVWHFLGDRXWUDiJXDTXHQmRVHMDGHV
REVHUYDURVHJXLQWHDQWHVGHDEULUDWDPSD WLODGDWRGRROtTXLGRGRVLVWHPDGHDUUHIHFL
GRFRPSDUWLPHQWRGRPRWRU PHQWRGRPRWRUGHYHVHUWURFDGRLPHGLDWDPHQ
± $WLYDURIUHLRGHHVWDFLRQDPHQWRHOHWU{ WHSRUXPD&RQFHVVLRQiULD9RONVZDJHQRXSRU
QLFRHFRORFDUDDODYDQFDVHOHWRUDQDSRVL XPDHPSUHVDHVSHFLDOL]DGD
omR3RXDDODYDQFDGDWUDQVPLVVmRQD Ɣ $EDVWHFHUFRPOtTXLGRGHDUUHIHFLPHQWRGR
SRVLomRQHXWUD PRWRUVRPHQWHDWpDERUGDVXSHULRUGDIDL[D
± 5HWLUDUDFKDYHGRYHtFXORGDLJQLomR PDUFDGDҧ ҧϜ)LJ&DVRFRQWUiULRDRDTXH
± 0DQWHUFULDQoDVVHPSUHDIDVWDGDVGR FHUVHROtTXLGRH[FHGHQWHVHUiH[SXOVRGR
FRPSDUWLPHQWRGRPRWRUHQXQFDGHL[i VLVWHPDGHDUUHIHFLPHQWRGRPRWRUHSRGHUi
ODVGHVDVVLVWLGDV RFDVLRQDUGDQRV
Ɣ 2VLVWHPDGHDUUHIHFLPHQWRGRPRWRUHVWi Ɣ (PFDVRGHPDLRUHVSHUGDVGHOtTXLGRGH
VRESUHVVmRFRPRPRWRUTXHQWH1XQFD DUUHIHFLPHQWRGRPRWRUFRPSOHWDUFRPOtTXLGR
DEULUDWDPSDGRUHVHUYDWyULRGHH[SDQVmRGR GHDUUHIHFLPHQWRVRPHQWHFRPRPRWRUWRWDO
OtTXLGRGHDUUHIHFLPHQWRGRPRWRUFRPRPR PHQWHUHVIULDGR$WULEXHPVHPDLRUHVSHUGDV
WRUTXHQWH&DVRLVVRVHMDIHLWRROtTXLGRGH GHOtTXLGRGHDUUHIHFLPHQWRGRPRWRUDYD]D
DUUHIHFLPHQWRSRGHUHVSLQJDUHFDXVDUTXHL PHQWRVGRVLVWHPDGHDUUHIHFLPHQWR2VLVWH
PDGXUDVHRXWURVIHULPHQWRVJUDYHV PDGHDUUHIHFLPHQWRGRPRWRUGHYHVHUYHULIL
± *LUDUDWDPSDOHQWDPHQWHHFRPPXLWR FDGRSRUXPD&RQFHVVLRQiULD9RONVZDJHQ&D
FXLGDGRQRVHQWLGRDQWLKRUiULRHQTXDQWR VRFRQWUiULRSRGHPRFRUUHUGDQRVQRPRWRU
SUHVVLRQDDWDPSDOHYHPHQWHSDUDEDL[R Ɣ $RUHDEDVWHFHUFRPIOXLGRVFHUWLILFDUVHGH
± 3URWHJHUVHPSUHRURVWRDVPmRVHRV TXHRUHVHUYDWyULRFRUUHWRHVWiVHQGRSUHHQ
EUDoRVGROtTXLGRGHDUUHIHFLPHQWRTXHQWH FKLGR6HIOXLGRVLQFRUUHWRVIRUHPXWLOL]DGRVD
RXGRYDSRUFRPXPSDQRJUDQGHHHV FRQVHTXrQFLDSRGHVHUGHILFLrQFLDVGHIXQFLR
SHVVR QDPHQWRJUDYHVHGDQRVDRPRWRU ‹
Ɣ $RUHDEDVWHFHUQmRGHUUDPDUIOXLGRVVR
EUHSDUWHVGRPRWRURXVREUHRVLVWHPDGH
HVFDSH2VIOXLGRVGHUUDPDGRVSRGHPFDX
53&&

1RFRPSDUWLPHQWRGRPRWRU 
%DWHULDGRYHtFXOR

¤ ,QWURGXomRDRWHPD
1HVWHFDStWXORHQFRQWUDPVHLQIRUPDo}HVUHODWLYDV ,QIRUPDo}HVHDOHUWDVFRPSOHPHQWDUHV
DRVVHJXLQWHVWHPDV Ɣ ҧϜFDGHUQR0DQXWHQomRHJDUDQWLD
/X]GHDGYHUWrQFLD   Ɣ 6LVWHPDVGHDVVLVWrQFLDGHDUUDQTXH
9HULILFDURQtYHOGHHOHWUyOLWRGDEDWHULDGR ҧϜ3iJLQD
YHtFXOR   Ɣ 3UHSDUDo}HVSDUDWUDEDOKRVQRFRPSDUWLPHQWR
&DUUHJDUVXEVWLWXLUGHVFRQHFWDURXFRQHFWDU GRPRWRUҧϜ3iJLQD
DEDWHULDGRYHtFXOR  
Ɣ $FHVVyULRVUHSRVLomRGHSHoDVUHSDURVHPR
GLILFDo}HVҧϜ3iJLQD
$EDWHULDGRYHtFXORpSDUWHLQWHJUDQWHGRVLVWHPD
HOpWULFRGRYHtFXOR
$'9(57Ç1&,$
6RPHQWHUHDOL]DUWUDEDOKRVQRVLVWHPDHOpWULFR
TXDQGRKRXYHUIDPLOLDULGDGHFRPRVSURFHGLPHQ 7UDEDOKRVQDEDWHULDGRYHtFXORHQRVLVWHPD
WRVQHFHVViULRVHFRPDVDo}HVSUHYHQWLYDVGH HOpWULFRSRGHPFDXVDUTXHLPDGXUDVTXtPL
VHJXUDQoDYiOLGDVHDVIHUUDPHQWDVDGHTXDGDV FDVLQFrQGLRVRXFKRTXHVHOpWULFRVJUDYHV
HVWLYHUHPjGLVSRVLomRҧϜ &DVRFRQWUiULRUHDOL $QWHVGHTXDOTXHUWUDEDOKROHUHREVHUYDU
]DUWRGRVRVWUDEDOKRVHPXPD&RQFHVVLRQiULD VHPSUHRVVHJXLQWHVDOHUWDVHSUHFDXo}HVGH
9RONVZDJHQ3DUDLVVRD9RONVZDJHQUHFRPHQGD VHJXUDQoD
DV&RQFHVVLRQiULDV9RONVZDJHQ7UDEDOKRVLQDGH Ɣ $QWHVGHTXDOTXHUWUDEDOKRQDEDWHULDGR
TXDGRVSRGHPFDXVDUIHULPHQWRVJUDYHV YHtFXORGHVOLJDUDLJQLomRHWRGRVRVFRQVX
PLGRUHVHOpWULFRVHGHVFRQHFWDURFDERGR
4XDQWLGDGHHORFDOGHLQVWDODomRGDEDWHULD SRORQHJDWLYRGDEDWHULDGRYHtFXOR
GRYHtFXOR Ɣ 0DQWHUFULDQoDVORQJHGRHOHWUyOLWRGDED
'HSHQGHQGRGDPRWRUL]DomRDEDWHULDGRYHtFXOR WHULDHGDEDWHULDGRYHtFXOR
HQFRQWUDVHQRFRPSDUWLPHQWRGRPRWRURXDWUiV
Ɣ 8VDUVHPSUHyFXORVGHSURWHomR
GHXPDFREHUWXUDQRFRPSDUWLPHQWRGHEDJDJHP
Ɣ 2HOHWUyOLWRGDEDWHULDpPXLWRDJUHVVLYR
(PDOJXPDVYHUV}HVGRPRGHORSRGHPKDYHU (OHSRGHTXHLPDUDSHOHHSURYRFDUDSHUGD
EDWHULDVGRYHtFXORGLVSRQtYHLVQRYHtFXOR1HVVH GDYLVmR$RPDQXVHDUDEDWHULDGRYHtFXOR
FDVRDVHJXQGDEDWHULDGRYHtFXORHQFRQWUDVH SURWHJHUSULQFLSDOPHQWHDVPmRVRVEUDoRV
WDPEpPQRFRPSDUWLPHQWRGHEDJDJHP HRVROKRVGHHVSLUURVGHHOHWUyOLWR
6LJQLILFDGRGRVDOHUWDVQDEDWHULDGRYHtFXOR Ɣ 1mRIXPDUHQXQFDWUDEDOKDUSUy[LPRGH
FKDPDVH[SRVWDVRXGHIDtVFDV
6tPEROR 6LJQLILFDGR
Ɣ (YLWDUDSURGXomRGHIDtVFDVSRUFDERVH
š 8VDUVHPSUHyFXORVGHSURWHomR DSDUHOKRVHOpWULFRVEHPFRPRSRUGHVFDUJDV
HOHWURVWiWLFDV
2HOHWUyOLWRGDEDWHULDpIRUWHPHQWH Ɣ 1XQFDSRURVSRORVGDEDWHULDHPFXUWR
™ FRUURVLYR8VDUVHPSUHOXYDVHyFX
ORVGHSURWHomR
FLUFXLWR
Ɣ 1XQFDXWLOL]DUXPDEDWHULDGRYHtFXORGD
)RJRIDtVFDVIXPRHOX]H[SRVWD
˜ VmRSURLELGRV
QLILFDGD(ODSRGHH[SORGLU6XEVWLWXLULPHGLD
WDPHQWHXPDEDWHULDGRYHtFXORGDQLILFDGD
$RFDUUHJDUDEDWHULDGRYHtFXORp
Ɣ 6XEVWLWXLULPHGLDWDPHQWHXPDEDWHULDGR
— SURGX]LGDXPDPLVWXUDGHJDVHVDO
WDPHQWHH[SORVLYD
YHtFXORGDQLILFDGDRXFRQJHODGD8PDEDWHULD
GRYHtFXORGHVFDUUHJDGDSRGHFRQJHODUHP
0DQWHUDEDWHULDGRYHtFXORHRVHX WHPSHUDWXUDVHPWRUQRGHž& ž) 
– HOHWUyOLWRORQJHGRDOFDQFHGHFULDQ
oDV
Ɣ (PYHtFXORVFRPDEDWHULDQRFRPSDUWL
PHQWRGHEDJDJHPDWHQWDUSDUDDIL[DomR
FRUUHWDGDPDQJXHLUDGHGHVJDVHLILFDomRQD
EDWHULDGRYHtFXOR b

 &RQVHUYDomROLPSH]DPDQXWHQomR
127$ 127$ FRQWLQXDomR

Ɣ 1mRH[SRUDEDWHULDGRYHtFXORSRUSHUtRGRV Ɣ &RPRYHtFXORSDUDGRSRUXPORQJRSHUtR
SURORQJDGRVjOX]VRODUGLUHWDSRLVRVUDLRVXO GRSURWHJHUDEDWHULDGRYHtFXORGRIULRGHPR
WUDYLROHWDVSRGHPGDQLILFDUDFDUFDoDGDEDWH GRTXHQmR³FRQJHOH´HDVVLPVHMDGHVWUXtGD
ULD $SyVDSDUWLGDGRPRWRUFRPDEDWHULDGR
YHtFXORWRWDOPHQWHGHVFDUUHJDGDRXXPDED
WHULDWURFDGDQRYHtFXORDVFRQILJXUDo}HVGRVLVWH
PD KRUDGDWDFRQILJXUDo}HVGHFRQIRUWRSHV
VRDLVHSURJUDPDo}HV SRGHPVHUGHVDMXVWDGDV
RXDSDJDGDV9HULILFDUHFRUULJLUDVFRQILJXUDo}HV
GHSRLVTXHDEDWHULDGRYHtFXORWLYHUVLGRVXILFLHQ
WHPHQWHFDUUHJDGD ‹

/X]GHDGYHUWrQFLD

¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQIRUPDo}HVLQWURGXWyULDVHDVLQGLFDo}HVGHVHJXUDQ
oD QDSiJLQD

$FHVD &DXVDSRVVtYHO 6ROXomR


3URFXUDUXPD&RQFHVVLRQiULD9RONVZDJHQ
0DQGDUYHULILFDURVLVWHPDHOpWULFR
F $OWHUQDGRUDYDULDGR 'HVOLJDURVFRQVXPLGRUHVHOpWULFRVGHVQHFHV
ViULRV$EDWHULDGRYHtFXORQmRpFDUUHJDGDSH
ORDOWHUQDGRUGXUDQWHDFRQGXomR

$ROLJDUDLJQLomRDOJXPDVOX]HVGHDGYHUWrQFLDH $'9(57Ç1&,$ FRQWLQXDomR


GHFRQWUROHVHDFHQGHPUDSLGDPHQWHSDUDYHULILFD
Ɣ 1XQFDLJQRUDUDVOX]HVGHDGYHUWrQFLD
omRGDIXQomR(ODVVHDSDJDPDSyVDOJXQVVH
DFHVDVHDVPHQVDJHQVGHWH[WR
JXQGRV
Ɣ 3DUDUYHtFXORDVVLPTXHIRUSRVVtYHOHVH
$'9(57Ç1&,$ JXUR

$LQREVHUYkQFLDGDVOX]HVGHDGYHUWrQFLD
127$
DFHVDVHGDVPHQVDJHQVGHWH[WRSRGHRFD
VLRQDUSDUDGDVGRYHtFXORQRWUkQVLWRDFL $LQREVHUYkQFLDGHOX]HVGHFRQWUROHTXHVH
GHQWHVHIHULPHQWRVJUDYHV DFHQGHPHGHPHQVDJHQVGHWH[WRSRGHFDXVDU
GDQRVDRYHtFXOR ‹
53&&

1RFRPSDUWLPHQWRGRPRWRU 
9HULILFDURQtYHOGHHOHWUyOLWRGDEDWHULDGRYHtFXOR

)LJ $QRFRPSDUWLPHQWRGRPRWRUUHWLUDUDFREHUWXUDGHSOiVWLFRGDEDWHULDGRYHtFXOR%QRFRP
SDUWLPHQWRGRPRWRUUHEDWHUSDUDIRUDDJXDUQLomRGDEDWHULDGRYHtFXOR

$EULUDFREHUWXUDGDEDWHULD
'HSHQGHQGRGDPRWRUL]DomRDFREHUWXUDGDVED
WHULDVGRYHtFXORRFRUUHGHGLIHUHQWHVIRUPDV
Ɣ &RPXPDFREHUWXUDGHSOiVWLFRSUHVVLRQDUVR
EUHDWLUDҧϜ)LJ$  QRVHQWLGRGDVHWDHUHWL
UDUDFREHUWXUDGHSOiVWLFRSDUDFLPD
Ɣ &RPXPDJXDUQLomRIOH[tYHOUHEDWHUDJXDUQL
omRSDUDIRUDQRVHQWLGRGDVHWDҧϜ)LJ%

9HULILFDURQtYHOGRHOHWUyOLWRGDEDWHULD
Ɣ 3URYLGHQFLDULOXPLQDomRVXILFLHQWHSDUDSRGHU
LGHQWLILFDURLQGLFDGRUFRORULGRGHQWURGRYLVRUUH
GRQGRQRODGRVXSHULRUGDEDWHULDGRYHtFXOR
ҧϜ)LJ VHWDSHTXHQD -DPDLVXWLOL]DUFKDPDV
)LJ 5HSUHVHQWDomRHVTXHPiWLFDYLVRUQROD
H[SRVWDVRXREMHWRVLQFDQGHVFHQWHVFRPRLOXPLQD
GRVXSHULRUGDEDWHULDGRYHtFXOR
omR

¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
Ɣ 2LQGLFDGRUFRORULGRGHQWURGRYLVRUUHGRQGR
PXGDGHSHQGHQGRGRQtYHOGHHOHWUyOLWRGDEDWHULD
GRYHtFXOR

&RU $omR
&RQWURODUUHJXODUPHQWHRQtYHOGHHOHWUyOLWRGDED
WHULDFRPDOWDVTXLORPHWUDJHQVHPSDtVHVGHFOL 1tYHOGHHOHWUyOLWRGDEDWHULDGR
PDTXHQWHHHPXPDEDWHULDGRYHtFXORYHOKD1R YHtFXOREDL[RGHPDLV$EDWHULD
PDLVDEDWHULDGRYHtFXORQmRUHTXHUPDQXWHQomR $PDUHORFODUR GRYHtFXORGHYHVHUYHULILFDGD
RXLQFRORU SRUXPD&RQFHVVLRQiULD9RONV
9HtFXORVFRPVLVWHPD6WDUW6WRSҧϜ3iJLQDVmR ZDJHQHVHQHFHVViULRVXEVWL
HTXLSDGRVFRPXPDEDWHULDGRYHtFXORHVSHFLDO2 WXtGD
QtYHOGHHOHWUyOLWRGHVVDEDWHULDGRYHtFXORQmRSR
GHVHUFRQWURODGRSRUPRWLYRVWpFQLFRV 1tYHOGHHOHWUyOLWRGDEDWHULDGR
3UHWR
YHtFXORHPRUGHP
3UHSDUDo}HV
Ɣ 3UHSDUDURYHtFXORSDUDWUDEDOKRVQRFRPSDUWL $'9(57Ç1&,$
PHQWRGRPRWRUҧϜ3iJLQD 7UDEDOKRVQDEDWHULDGRYHtFXORSRGHPFDX
Ɣ $EULUDWDPSDGRFRPSDUWLPHQWRGRPRWRUž VDUTXHLPDGXUDVTXtPLFDVH[SORV}HVRX
ҧϜ3iJLQD FKRTXHVHOpWULFRVJUDYHV b

 &RQVHUYDomROLPSH]DPDQXWHQomR
$'9(57Ç1&,$ FRQWLQXDomR $'9(57Ç1&,$ FRQWLQXDomR
Ɣ 8VDUVHPSUHOXYDVHyFXORVGHSURWHomR Ɣ (PFDVRGHHVSLUURVGHHOHWUyOLWRQDSHOH
Ɣ 2HOHWUyOLWRGDEDWHULDpPXLWRDJUHVVLYR RXQRVROKRVODYDULPHGLDWDPHQWHDiUHDDIH
(OHSRGHTXHLPDUDSHOHHSURYRFDUDSHUGD WDGDFRPiJXDJHODGDSRUDOJXQVPLQXWRV
GDYLVmR$RPDQXVHDUDEDWHULDGRYHtFXOR (PVHJXLGDSURFXUDULPHGLDWDPHQWHXPPp
SURWHJHUSULQFLSDOPHQWHDVPmRVRVEUDoRV GLFR
HRVROKRVGHHVSLUURVGHHOHWUyOLWR Ɣ (PFDVRGHLQJHVWmRGRHOHWUyOLWRSURFX
Ɣ 1XQFDYLUDUDEDWHULDGRYHtFXOR(OHWUyOLWR UDUXPPpGLFRLPHGLDWDPHQWH ‹
SRGHVDLUGDVDEHUWXUDVGHYHQWLODomRHFDX
VDUTXHLPDGXUDVTXtPLFDV
Ɣ -DPDLVDEULUXPDEDWHULDGRYHtFXOR

&DUUHJDUVXEVWLWXLUGHVFRQHFWDURXFRQHFWDUDEDWHULDGRYHtFXOR

¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
Ɣ 'HVOLJDUDLJQLomRHWRGRVRVFRQVXPLGRUHV
HOpWULFRV
Ɣ 'HVWUDYDURYHtFXORDQWHVGDGHVFRQH[mRSRLV
FDVRFRQWUiULRRVLVWHPDGHDODUPHVHUiGLVSDUD
&DUUHJDUDEDWHULDGRYHtFXOR GR
$FDUJDGDEDWHULDGRYHtFXORGHYHVHUIHLWDSRU Ɣ 3ULPHLUDPHQWHGHVFRQHFWDURFDERQHJDWLYRH
XPDHPSUHVDHVSHFLDOL]DGDSRLVDWHFQRORJLDGD HQWmRRFDERSRVLWLYRҧϜ 
EDWHULDGRYHtFXORLQVWDODGDGHIiEULFDUHTXHUXPD
FDUJDGHWHQVmRUHVWULWDҧϜ 3DUDLVVRD9RONV &RQHFWDUDEDWHULDGRYHtFXOR
ZDJHQUHFRPHQGDDV&RQFHVVLRQiULDV9RONVZD Ɣ $QWHVGDUHFRQH[mRGDEDWHULDGRYHtFXORGHV
JHQ OLJDUDLJQLomRHWRGRVRVFRQVXPLGRUHVHOpWULFRV
6XEVWLWXLUDEDWHULDGRYHtFXOR Ɣ 3ULPHLUDPHQWHGHYHVHUFRQHFWDGRRFDERSR
VLWLYRHHQWmRRFDERQHJDWLYRҧϜ 
$EDWHULDGRYHtFXORpGHVHQYROYLGDVREPHGLGD
SDUDRVHXORFDOGHLQVWDODomRHFRQWDFRPDWULEX $SyVFRQHFWDUXPDEDWHULDGRYHtFXORHOLJDUDLJ
WRVGHVHJXUDQoD6HXPDEDWHULDGRYHtFXORSUHFL QLomRSRGHPVHDFHQGHUGLYHUVDVOX]HVGHFRQWUR
VDUVHUVXEVWLWXtGDLQIRUPDUVHDQWHVGDFRPSUD OH(ODVVHDSDJDPDSyVXPFXUWRSHUFXUVRFRP
HPXPD&RQFHVVLRQiULD9RONVZDJHQVREUHDFRP YHORFLGDGHGHDNPK PSK &DVRDV
SDWLELOLGDGHHOHWURPDJQpWLFDRWDPDQKRHDVH[L OX]HVGHFRQWUROHFRQWLQXHPDFHVDVSURFXUDUXPD
JrQFLDVGHPDQXWHQomRSHUIRUPDQFHHVHJXUDQoD &RQFHVVLRQiULD9RONVZDJHQHPDQGDUYHULILFDUR
GDQRYDEDWHULDGRYHtFXOR$9RONVZDJHQUHFR YHtFXOR
PHQGDTXHDEDWHULDGRYHtFXORVHMDWURFDGDHP
6HDEDWHULDGRYHtFXORWLYHUILFDGRGHVFRQHFWDGD
XPD&RQFHVVLRQiULD9RONVZDJHQ
SRUORQJRVSHUtRGRVRSUy[LPRVHUYLoRTXHRFRUUHU
8WLOL]DUVRPHQWHXPDEDWHULDGRYHtFXORTXHQmR SRGHQmRVHUPRVWUDGRRXFDOFXODGRFRUUHWDPHQWH
UHTXHLUDPDQXWHQomRHTXHHVWHMDGHDFRUGRFRP ҧϜ3iJLQD2EVHUYDURVLQWHUYDORVPi[LPRVGH
DVQRUPDV7/H9:(VVDVQRU PDQXWHQomRSHUPLWLGRVQRҧϜFDGHUQR0DQXWHQomR
PDVGHYHPVHUGHMXOKRGHRXPDLVUHFHQ HJDUDQWLD
WHV
9HtFXORVFRP.H\OHVV$FFHVVҧϜ3iJLQDVH
(PYHtFXORVFRPEDWHULDGRYHtFXORHVSHFLDOFR DSyVDFRQH[mRGDEDWHULDDLJQLomRQmRSXGHU
PRSRUH[HPSORRVYHtFXORVFRPVLVWHPD6WDUW VHUOLJDGDGHVWUDYDUHWUDYDURYHtFXORGHIRUD(P
6WRSҧϜ3iJLQDDEDWHULDGRYHtFXORSRGHVHU VHJXLGDWHQWDUOLJDUDLJQLomRQRYDPHQWH&DVR
VXEVWLWXtGDVRPHQWHSRUXPDEDWHULDGHPHVPD DLQGDQmRFRQVLJDOLJDUDLJQLomRSURFXUDUDX[tOLR
HVSHFLILFDomR WpFQLFRHVSHFLDOL]DGR

'HVFRQHFWDUDEDWHULDGRYHtFXOR 'HVOLJDPHQWRGRVFRQVXPLGRUHV
&DVRDEDWHULDGRYHtFXORSUHFLVHVHUGHVFRQHFWD DXWRPiWLFR
53&&

GDGRVLVWHPDHOpWULFRGRYHtFXORREVHUYDURVH 3RUPHLRGHXPJHUHQFLDPHQWRLQWHOLJHQWHGDUHGH
JXLQWH HOpWULFDHPFDVRGHJUDQGHH[LJrQFLDGDEDWHULD
GRYHtFXORGLIHUHQWHVPHGLGDVVmRWRPDGDVSDUD
HYLWDUDGHVFDUJDGDEDWHULDGRYHtFXOR b

1RFRPSDUWLPHQWRGRPRWRU 
Ɣ $PDUFKDOHQWDpPDLVXWLOL]DGDSDUDTXHRDO
$'9(57Ç1&,$
WHUQDGRUIRUQHoDPDLVFRUUHQWH
Ɣ 6HQHFHVViULROLPLWDVHRGHVHPSHQKRGRV $RFDUUHJDUDEDWHULDGRYHtFXORpSURGX]LGD
JUDQGHVFRQVXPLGRUHVGHHQHUJLDRXRVGHVOLJD XPDPLVWXUDGHJDVHVDOWDPHQWHH[SORVLYD
WRWDOPHQWHHPFDVRGHHPHUJrQFLD Ɣ &DUUHJDUDEDWHULDGRYHtFXORVRPHQWHHP
Ɣ $ROLJDURPRWRUDDOLPHQWDomRGHWHQVmRGDV UHFLQWRVEHPYHQWLODGRV
WRPDGDV9HGRDFHQGHGRUGHFLJDUURSRGHVHU Ɣ 1XQFDFDUUHJDUXPDEDWHULDGRYHtFXOR
WHPSRUDULDPHQWHLQWHUURPSLGD FRQJHODGDRXTXHWHQKDVLGRGHVFRQJHODGD
8PDEDWHULDGRYHtFXORGHVFDUUHJDGDSRGH
1mRpVHPSUHTXHRJHUHQFLDPHQWRGDUHGHHOpWUL FRQJHODUHPWHPSHUDWXUDVHPWRUQRGHž&
FDSRGHHYLWDUTXHDEDWHULDGRYHtFXORVHMDGHV ž) 
FDUUHJDGD,VVRSRGHRFRUUHUVHDLJQLomRSHUPD
QHFHUOLJDGDFRPRPRWRUGHVOLJDGRSRUORQJRVSH Ɣ 6XEVWLWXLUVHPIDOWDXPDEDWHULDGRYHtFX
UtRGRVRXVHDOX]GHSRVLomRRXGHHVWDFLRQDPHQ ORTXHMiWHQKDFRQJHODGR
WRILFDUHPDFHVDVSRUPXLWRWHPSRFRPRYHtFXOR Ɣ &DERVGHFRQH[mRTXHQmRWHQKDPVLGR
HVWDFLRQDGR FRQHFWDGRVFRUUHWDPHQWHSRGHPFDXVDUXP
FXUWRFLUFXLWR3ULPHLUDPHQWHFRQHFWDURFD
'HVOLJDPHQWRGDEDWHULDHPDFLGHQWHVFRP ERSRVLWLYRSDUDHQWmRFRQHFWDURFDERQH
DFLRQDPHQWRGRDLUEDJ JDWLYR
(PYHtFXORVFRPXPDEDWHULDGRYHtFXORQRFRP
SDUWLPHQWRGHEDJDJHPDFRQH[mRHOpWULFDFRPD 127$
EDWHULDGRYHtFXORpFRUWDGDDXWRPDWLFDPHQWHGH
Ɣ 1XQFDGHVFRQHFWDURXOLJDUHQWUHVLEDWHULDV
IRUPDSLURWpFQLFDHPFDVRGHDFLGHQWHFRPDFLR
GHYHtFXORVFRPDLJQLomROLJDGDRXFRPRPR
QDPHQWRGRDLUEDJ'HVVDIRUPDpHYLWDGRXPFXU
WRUHPIXQFLRQDPHQWR'DPHVPDIRUPDQXQFD
WRFLUFXLWR
XWLOL]DUXPDEDWHULDGRYHtFXORTXHQmRFRUUHV
3RUTXHPRWLYRDEDWHULDGRYHtFXORVH SRQGDjVHVSHFLILFDo}HVGRYHtFXOR2VLVWHPD
GHVFDUUHJD" HOpWULFRRXRVFRPSRQHQWHVHOHWU{QLFRVSRGHP
VHUGDQLILFDGRVHSRGHPRFDVLRQDUIDOKDVIXQ
Ɣ /RQJRVSHUtRGRVVHPOLJDURPRWRUSULQFLSDO
FLRQDLVHOpWULFDVFRPRSRUH[HPSORGRVLVWH
PHQWHFRPDLJQLomROLJDGD
PD6WDUW6WRS
Ɣ 8VRGHFRQVXPLGRUHVHOpWULFRVFRPRPRWRU
Ɣ 1XQFDFRQHFWDUDFHVVyULRVTXHIRUQHoDP
SDUDGR
FRUUHQWHSDUDFDUUHJDUDEDWHULDGRYHtFXORFR
Ɣ &RPRDTXHFLPHQWRHVWDFLRQiULROLJDGR PRSDLQpLVVRODUHVRXFDUUHJDGRUHVGHEDWHULD
ҧϜ3iJLQD QDWRPDGD9RXQRDFHQGHGRUGHFLJDUUR
&DVRFRQWUiULRRVLVWHPDHOpWULFRGRYHtFXOR
$'9(57Ç1&,$ SRGHVHUGDQLILFDGR
2XVRGHEDWHULDVGRYHtFXORLQFRUUHWDVRXD 'HVFDUWDUDEDWHULDGRYHtFXORFRPRUHFR
VXDIL[DomRLQDGHTXDGDSRGHPFDXVDUFXUWR PHQGDGR$VEDWHULDVGRYHtFXORSRGHPFRQ
FLUFXLWRVLQFrQGLRVHIHULPHQWRVJUDYHV WHUVXEVWkQFLDVWy[LFDVFRPRiFLGRVXOI~ULFRH
Ɣ 8WLOL]DUVRPHQWHEDWHULDVGRYHtFXORVHP FKXPER
QHFHVVLGDGHGHPDQXWHQomRHSURWHJLGDV
FRQWUDYD]DPHQWRTXHSRVVXDPDVPHVPDV 2HOHWUyOLWRGDEDWHULDSRGHSROXLURPHLRDP
FDUDFWHUtVWLFDVHVSHFLILFDo}HVHGLPHQV}HV ELHQWH2VIOXLGRVTXHYD]DUHPGHYHPVHU
GDEDWHULDGRYHtFXORLQVWDODGDGHIiEULFD UHFROKLGRVHGHVFDUWDGRVGHPDQHLUDFRUUHWD ‹

 &RQVHUYDomROLPSH]DPDQXWHQomR
&RQVHUYDomRHPDQXWHQomRGRYHtFXOR
&RQVHUYDUHOLPSDUDSDUWHH[WHUQDGRYHtFXOR

¤ ,QWURGXomRDRWHPD
1HVWHFDStWXORHQFRQWUDPVHLQIRUPDo}HVUHODWLYDV
$'9(57Ç1&,$
DRVVHJXLQWHVWHPDV
3URGXWRVSDUDFRQVHUYDomRSRGHPVHUWy[L
/DYDURYHtFXOR  
FRVHSHULJRVRV3URGXWRVLQDGHTXDGRVSDUD
/DYDJHPFRPODYDGRUGHDOWDSUHVVmR   FRQVHUYDomRHXPDDSOLFDomRLQFRUUHWDGRV
/LPSDURVYLGURVHRVHVSHOKRVUHWURYLVRUHV PHVPRVSRGHPFDXVDUIHULPHQWRVJUDYHVH
H[WHUQRV   LQWR[LFDo}HV
/LPSDUHVXEVWLWXLUDVSDOKHWDVGRV Ɣ &RQVHUYDURVSURGXWRVSDUDFRQVHUYDomR
OLPSDGRUHVGRSDUDEULVD   VRPHQWHHPUHFLSLHQWHVRULJLQDLVIHFKDGRV
&RQVHUYDUHSROLUDSLQWXUDGRYHtFXOR  
Ɣ 2EVHUYDUDEXODTXHDFRPSDQKDDHPED
&RQVHUYDUHOLPSDUDVSHoDVFURPDGDVHGH
ODJHP
DOXPtQLR  
&RQVHUYDUHOLPSDUDVSHOtFXODVGHFRUDWLYDV   Ɣ 1XQFDXWLOL]DUODWDVGHDOLPHQWRVJDUUDIDV
RXRXWURVUHFLSLHQWHVSDUDJXDUGDUSURGXWRV
/LPSDURVDURV  
SDUDFRQVHUYDomRSRLVDVSHVVRDVQHPVHP
&RQVHUYDUDVYHGDo}HVGHERUUDFKD   SUHFRQVHJXHPLGHQWLILFDURVSURGXWRVDt
'HVFRQJHODURFLOLQGURGDIHFKDGXUDGDV FRQWLGRV
SRUWDV  
Ɣ 0DQWHUDVFULDQoDVDIDVWDGDVGHSURGXWRV
3URWHomRGDSDUWHLQIHULRUGRYHtFXOR  
SDUDFRQVHUYDomR
/LPSDURFRPSDUWLPHQWRGRPRWRU  
Ɣ 3RGHKDYHUJHUDomRGHYDSRUHVWy[LFRV
2FXLGDGRIUHTXHQWHHHVSHFLDOL]DGRFRQWULEXLSDUD GXUDQWHDDSOLFDomR3RUHVVHPRWLYRDSOLFDU
DFRQVHUYDomRGRYHtFXOR$FRQVHUYDomRDGH VRPHQWHDRDUOLYUHRXHPORFDLVEHPYHQWLOD
TXDGDSRGHVHUXPDGDVSUHPLVVDVSDUDRUHFR GRV
QKHFLPHQWRGRGLUHLWRGHFREHUWXUDHPJDUDQWLD Ɣ 1XQFDXWLOL]DUFRPEXVWtYHOWHUHELQWLQD
FRQWUDGDQRVGHFRUURVmRHSUREOHPDVGHSLQWXUD yOHRGHPRWRUUHPRYHGRUGHHVPDOWHGH
QDFDUURFHULD XQKDVRXRXWURVOtTXLGRVYROiWHLVSDUDODYDU
FRQVHUYDURXOLPSDU(VVHVSURGXWRVVmRWy
3URGXWRVGHFRQVHUYDomRDGHTXDGRVSRGHPVHU
[LFRVHIDFLOPHQWHLQIODPiYHLV
REWLGRVHPXPD&RQFHVVLRQiULD9RONVZDJHQ

,QIRUPDo}HVHDOHUWDVFRPSOHPHQWDUHV $'9(57Ç1&,$
Ɣ 7UDYDPHQWRFHQWUDOHVLVWHPDGHWUDYDPHQWR $FRQVHUYDomRHDOLPSH]DLQDGHTXDGDVGH
ҧϜ3iJLQD SHoDVGRYHtFXORSRGHPOLPLWDURVHTXLSD
Ɣ 9LGURVHOpWULFRVҧϜ3iJLQD PHQWRVGHVHJXUDQoDGRYHtFXORHFRPLVVR
Ɣ /LPSDGRUHVHODYDGRUHVGRVYLGURV FDXVDUIHULPHQWRVJUDYHV
ҧϜ3iJLQD Ɣ /LPSDUHFRQVHUYDUDVSHoDVGRYHtFXOR
Ɣ 3UHSDUDo}HVSDUDWUDEDOKRVQRFRPSDUWLPHQWR VRPHQWHGHDFRUGRFRPDVLQVWUXo}HVGRID
GRPRWRUҧϜ3iJLQD EULFDQWH
Ɣ &RQVHUYDUHOLPSDURLQWHULRUGRYHtFXOR Ɣ 8WLOL]DURVSURGXWRVGHOLPSH]DOLEHUDGRV
ҧϜ3iJLQD RXUHFRPHQGDGRV
Ɣ $FHVVyULRVUHSRVLomRGHSHoDVUHSDURVHPR
GLILFDo}HVҧϜ3iJLQD 127$
3URGXWRVGHOLPSH]DFRPVROYHQWHVDJULGHPRV
PDWHULDLVHSRGHPGDQLILFiORV
53&&

/DYDURYHtFXORVRPHQWHHPORFDLVHVSHFLDO
PHQWHSUHYLVWRVSDUDWDOGHPRGRTXHD
iJXDHYHQWXDOPHQWHVXMDFRPyOHRJRUGXUDRX b

&RQVHUYDomRHPDQXWHQomRGRYHtFXOR 
FRPEXVWtYHOQmRFDLDQDUHGHGHHVJRWR(PDOJX 5HVWRVGHSURGXWRVGHFRQVHUYDomRQmRGH
PDVUHJL}HVpSURLELGRODYDURYHtFXORIRUDGHVVHV YHPVHUGHVFDUWDGRVQROL[RGRPpVWLFR2E
ORFDLV VHUYDUDVLQIRUPDo}HVGDHPEDODJHP ‹
$RFRPSUDUSURGXWRVGHFRQVHUYDomRGDU
SUHIHUrQFLDDSURGXWRVHFRORJLFDPHQWHFRUUH
WRV

/DYDURYHtFXOR

¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
WRHFRQWLQXDUGHFLPDSDUDEDL[R8WLOL]DUXP[DP
SXGHOLPSH]DVRPHQWHQRFDVRGHVXMHLUDSHUVLV
WHQWH
(Q[DJXDUFXLGDGRVDPHQWHDHVSRQMDRXDOXYDGH
4XDQWRPDLVWHPSRUHVtGXRVGHLQVHWRVH[FUH ODYDJHPHPLQWHUYDORVFXUWRV
PHQWRVGHSiVVDURVUHVLQDGHiUYRUHVSRHLUDXU
EDQDHLQGXVWULDOSLFKHIXOLJHPVDOSDUDGHJHORH 3RU~OWLPROLPSDUDVURGDVDVVROHLUDVHSDUWHVVL
RXWURVVHGLPHQWRVDJUHVVLYRVSHUPDQHFHUHPQD PLODUHV3DUDLVVRXWLOL]DUXPDVHJXQGDHVSRQMD
VXSHUItFLHGRYHtFXORPDLVGXUDGRXURpRVHXHIHL
WRGHVWUXWLYR$OWDVWHPSHUDWXUDVEHPFRPRDIRU $'9(57Ç1&,$
WHLQFLGrQFLDGHUDGLDomRVRODUIRUWDOHFHPRVHX 3HoDVSRQWLDJXGDVGRYHtFXORSRGHPRFDVLR
HIHLWRFRUURVLYR/DYDUFXLGDGRVDPHQWHHHPLQWHU QDUIHULPHQWRV
YDORVUHJXODUHVWDPEpPDSDUWHLQIHULRUGRYHtFX
OR Ɣ 3URWHJHUDVPmRVHRVEUDoRVGHSDUWHV
SRQWLDJXGDVDROLPSDUSRUH[HPSORDSDUWH
6LVWHPDGHODYDJHPDXWRPiWLFR LQIHULRUGRYHtFXORRXDSDUWHLQWHUQDGDVFDL
2EVHUYDUDVRULHQWDo}HVGLVSRQLELOL]DGDVQR [DVGHURGD
VLVWHPDGHODYDJHPDXWRPiWLFR$QWHVGHXPD
ODYDJHPDXWRPiWLFDWRPDUDVSUHFDXo}HVXVXDLV $'9(57Ç1&,$
FRPRSRUH[HPSORIHFKDUWRGRVRVYLGURVHUHED $SyVXPDODYDJHPDDomRGRIUHLRSRGHLQL
WHURVHVSHOKRVUHWURYLVRUHVH[WHUQRVSDUDGHQWUR FLDUFRPUHWDUGRHPUD]mRGHSDVWLOKDVHGLV
SDUDHYLWDUGDQRV6HRYHtFXORSRVVXLUSHoDVDQH FRV~PLGRVRXFRQJHODGRVQRLQYHUQR
[DVFRPRVSRLOHUEDJDJHLURGRWHWRRXDQWHQDLQ
IRUPDUREULJDWRULDPHQWHRRSHUDGRUGRVLVWHPDGH Ɣ ³6HFDURVIUHLRVHHOLPLQDURJHOR´SRU
ODYDJHPDXWRPiWLFRҧϜ  PHLRGHPDQREUDVGHIUHQDJHPFXLGDGRVDV
3URFHGHUVHPFRORFDURVGHPDLVFRQGXWRUHV
$SLQWXUDGRYHtFXORpWmRUHVLVWHQWHTXHRYHtFXOR HPULVFRRXGHVUHVSHLWDUDVGHWHUPLQDo}HV
JHUDOPHQWHSRGHVHUODYDGRVHPSUREOHPDVHP OHJDLV
VLVWHPDVGHODYDJHPDXWRPiWLFRV1RHQWDQWRR
GHVJDVWHUHDOGDSLQWXUDGHSHQGHPXLWRGDHVWUX 127$
WXUDGRVLVWHPDGHODYDJHPDXWRPiWLFR$9RONV
ZDJHQUHFRPHQGDDODYDJHPHPVLVWHPDVGHOD Ɣ $WHPSHUDWXUDGDiJXDQmRGHYHHVWDUDFL
YDJHPDXWRPiWLFRVVHPHVFRYDV PDGHƒ& ƒ) 

3DUDUHPRYHUHYHQWXDLVUHVtGXRVGHFHUDGRVYL Ɣ 3DUDHYLWDUGDQRVjSLQWXUDQmRODYDURYHt
GURVHDVVLPHYLWDUDWULWRGRVOLPSDGRUHVGRSDUD FXORVREOX]VRODUGLUHWD
EULVDREVHUYDUDVVHJXLQWHVRULHQWDo}HV Ɣ 1mRXWLOL]DUHVSRQMDVGHLQVHWRVHVSRQMDV
ҧϜ3iJLQD/LPSDURVYLGURVHRVHVSHOKRVUH iVSHUDVGHFR]LQKDRXVLPLODUHVSRLVDVXSHU
WURYLVRUHVH[WHUQRV ItFLHSRGHVHUGDQLILFDGD
Ɣ /LPSDURIDUROFRPSDQRRXHVSRQMD~PL
/DYDJHPPDQXDO GRVQXQFDVHFRV8VDUSUHIHUHQFLDOPHQWHiJXD
$RODYDURYHtFXORPDQXDOPHQWHDPROHFHUSULPHL FRPVDEmR b
UDPHQWHDVXMHLUDFRPiJXDHPDEXQGkQFLDHHQ
[DJXDUWDQWRTXDQWRSRVVtYHO
(PVHJXLGDOLPSDURYHtFXORFRPXPDHVSRQMD
PDFLDFRPXPDOXYDGHODYDJHPRXFRPXPD
HVFRYDID]HQGRSRXFDSUHVVmR&RPHoDUSHORWH

 &RQVHUYDomROLPSH]DPDQXWHQomR
127$ FRQWLQXDomR 127$ FRQWLQXDomR
Ɣ /DYDJHPGRYHtFXORHPFOLPDVIULRVDROD Ɣ 'HVOLJDURVHQVRUGHOX]HGHFKXYDHDIXQ
YDURYHtFXORFRPXPDPDQJXHLUDQmRGLULJLUR omR$XWR+ROGDQWHVGHHQWUDUFRPRYHtFXORQR
MDWRGHiJXDGLUHWDPHQWHVREUHDVIHFKDGXUDV VLVWHPDDXWRPiWLFRGHODYDJHP
RXMXQo}HVGHSRUWDVRXWDPSDV$VIHFKDGX Ɣ &RPSDUDUDDOWXUDHDODUJXUDGRYHtFXOR
UDVHDVYHGDo}HVSRGHPFRQJHODU FRPDDOWXUDHDODUJXUDGHSDVVDJHPGRVLVWH
Ɣ 4XDQGRDWHPSHUDWXUDHVWLYHUIULDVHFDUDV PDGHODYDJHPDXWRPiWLFR
YHGDo}HVGHERUUDFKDHVXDVVXSHUItFLHVGH Ɣ 5HEDWHURVHVSHOKRVUHWURYLVRUHVH[WHUQRV
HVFDSHGHSRLVGHOHYDUSDUDTXHHODVQmRFRQ SDUDGHQWUR(VSHOKRVUHWURYLVRUHVH[WHUQRV
JHOHP HOpWULFRVGHYHPVHUUHEDWLGRVSDUDGHQWURHSD
UDIRUDVRPHQWHSRUPHLRGHVHXVFRPDQGRV
127$ HOpWULFRVQXQFDPDQXDOPHQWH
$QWHVGHXWLOL]DUXPVLVWHPDGHODYDJHPDXWR Ɣ 3DUDHYLWDUGDQRVjSLQWXUDGDWDPSDGR
PiWLFRREVHUYDUREULJDWRULDPHQWHRVVHJXLQ FRPSDUWLPHQWRGRPRWRUUHEDWHUDVSDOKHWDV
WHVSRQWRVSDUDHYLWDUGDQRVDRYHtFXOR GRVOLPSDGRUHVGRSDUDEULVDVREUHRSDUDEUL
Ɣ &RPSDUDUDELWRODGRYHtFXORFRPDGLVWkQ VDTXDQGRHVWLYHUHPVHFDV1mRGHL[iODVFDLU
FLDGRVWULOKRVGRVLVWHPDGHODYDJHPDXWRPi Ɣ 7UDYDUDWDPSDGRFRPSDUWLPHQWRGHEDJD
WLFRSDUDQmRGDQLILFDURVDURVHRVSQHXV JHPSDUDHYLWDUXPDDEHUWXUDVHPVXSHUYLVmR
QRVLVWHPDGHODYDJHPDXWRPiWLFR ‹

/DYDJHPFRPODYDGRUGHDOWDSUHVVmR

¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
$'9(57Ç1&,$ FRQWLQXDomR
Ɣ -DPDLVOLPSDURVSQHXVFRPELFRVGHMDWR
FLUFXODU ³WXEHLUDV´ 0HVPRFRPXPDGLVWkQ
FLDUHODWLYDPHQWHJUDQGHHXPFXUWRWHPSR
$RODYDURYHtFXORFRPXPODYDGRUGHDOWDSUHV GHH[SRVLomRLVVRSRGHUHVXOWDUHPGDQRV
VmRVHJXLUREULJDWRULDPHQWHDVRULHQWDo}HVGHXWL YLVtYHLVRXQmRYLVtYHLVQRVSQHXV
OL]DomRGRODYDGRUGHDOWDSUHVVmR,VVRpYiOLGR
SULQFLSDOPHQWHSDUDDSUHVVmRHDGLVWkQFLDGR
MDWRҧϜ  $'9(57Ç1&,$
$SyVXPDODYDJHPDDomRGRIUHLRSRGHLQL
0DQWHUJUDQGHGLVWkQFLDGHPDWHULDLVPXLWRPDOHi
FLDUFRPUHWDUGRHPUD]mRGHSDVWLOKDVHGLV
YHLVFRPRWXERVGHERUUDFKDHPDWHULDLVLVRODQWHV
FRV~PLGRVRXFRQJHODGRVQRLQYHUQR
EHPFRPRGRVVHQVRUHVGR3DUN3LORW2VVHQVR
UHVGR3DUN3LORWHVWmRORFDOL]DGRVQRSDUDFKRTXH Ɣ ³6HFDURVIUHLRVHHOLPLQDURJHOR´SRU
WUDVHLURHVHIRURFDVRQRSDUDFKRTXHGLDQWHLUR PHLRGHPDQREUDVGHIUHQDJHPFXLGDGRVDV
ҧϜ  3URFHGHUVHPFRORFDURVGHPDLVFRQGXWRUHV
HPULVFRRXGHVUHVSHLWDUDVGHWHUPLQDo}HV
(PQHQKXPDKLSyWHVHXWLOL]DUELFRVGHMDWRFLUFX OHJDLV
ODURXWXEHLUDVҧϜ 

$'9(57Ç1&,$ 127$
Ɣ $WHPSHUDWXUDGDiJXDQmRGHYHVHUVXSHUL
2XVRLQDGHTXDGRGHODYDGRUHVGHDOWDSUHV
RUDƒ& ƒ) 
VmRSRGHFDXVDUGDQRVSHUPDQHQWHVQRV
SQHXVHRXWURVPDWHULDLVYLVtYHLVRXQmR,V Ɣ 3DUDHYLWDUGDQRVjSLQWXUDQmRODYDURYHt
VRSRGHFDXVDUDFLGHQWHVHIHULPHQWRVJUD FXORVREOX]VRODUGLUHWD
YHV Ɣ 3DUDTXHR3DUN3LORWHRDVVLVWHQWHGHGLUH
Ɣ 0DQWHUGLVWkQFLDVXILFLHQWHPHQWHJUDQGH omRSDUDHVWDFLRQDPHQWRIXQFLRQHPFRUUHWD
HQWUHRELFRGRMDWRHRVSQHXV PHQWHRVVHQVRUHVQRVSDUDFKRTXHVGHYHP
VHUPDQWLGRVOLPSRVHVHPJHOR'XUDQWHDOLP
53&&

SH]DFRPODYDGRUHVGHDOWDSUHVVmRRXMDWRGH b

&RQVHUYDomRHPDQXWHQomRGRYHtFXOR 
127$ FRQWLQXDomR 127$ FRQWLQXDomR
YDSRUVRPHQWHERUULIDURVVHQVRUHVUDSLGD Ɣ 4XDQGRDWHPSHUDWXUDHVWLYHUIULDVHFDUDV
PHQWHPDQWHQGRVHPSUHXPDGLVWkQFLDVXSHUL YHGDo}HVGHERUUDFKDHVXDVVXSHUItFLHVGH
RUDFP HVFDSHGHSRLVGHOHYDUSDUDTXHHODVQmRFRQ
Ɣ 'XUDQWHDOLPSH]DFRPODYDGRUHVGHDOWD JHOHP ‹
SUHVVmRRXMDWRGHYDSRUVRPHQWHERUULIDURV
VHQVRUHVUDSLGDPHQWHPDQWHQGRVHPSUHXPD
GLVWkQFLDVXSHULRUDFP
Ɣ 1mROLPSDURVYLGURVFRQJHODGRVRXFREHU
WRVGHJHORFRPODYDGRUHVGHDOWDSUHVVmR
Ɣ /DYDJHPGRYHtFXORHPFOLPDVIULRVDROD
YDURYHtFXORFRPXPDPDQJXHLUDQmRGLULJLUR
MDWRGHiJXDGLUHWDPHQWHVREUHDVIHFKDGXUDV
RXMXQo}HVGHSRUWDVRXWDPSDV$VIHFKDGX
UDVHDVYHGDo}HVSRGHPFRQJHODU

/LPSDURVYLGURVHRVHVSHOKRVUHWURYLVRUHVH[WHUQRV

¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
SHLWDUDVSURSRUo}HVGHPLVWXUDUHFRPHQGDGDV
3URGXWRVGHOLPSH]DUHPRYHGRUHVGHJRUGXUDQmR
FRQVHJXHPUHPRYHUWDLVUHVtGXRVGHFHUDҧϜ 
3URGXWRGHOLPSH]DGHYLGURSURGXWRVGHOLPSH]D
/LPSDURVYLGURVHRVHVSHOKRVUHWURYLVRUHV HVSHFLDLVHSDQRVGHOLPSH]DGHYLGURSRGHPVHU
H[WHUQRV REWLGRVHPXPD&RQFHVVLRQiULD9RONVZDJHQ
8PHGHFHURVYLGURVHRVHVSHOKRVUHWURYLVRUHVH[
WHUQRVFRPXPSURGXWRGHOLPSH]DGHYLGURSDGUmR 5HPRYHUDQHYH
jEDVHGHiOFRRO 5HPRYHUDQHYHGHWRGRVRVYLGURVHHVSHOKRVUH
WURYLVRUHVH[WHUQRVFRPXPDYDVVRXULQKD
6HFDUDVXSHUItFLHGRVYLGURVFRPXPDIODQHODOLP
SDRXFRPXPSDQRTXHQmRVROWHILDSRV8PDIOD 5HPRYHURJHOR
QHODTXHIRLXVDGDSDUDOLPSDUDVVXSHUItFLHVSLQ
3DUDUHPRYHURJHORXWLOL]DUSUHIHUHQFLDOPHQWHXP
WDGDVGRYHtFXORFRQWpPUHVtGXRVJRUGXURVRVGH
VSUD\DQWLFRQJHODQWH$RXWLOL]DUXPUDVSDGRUGH
FRQVHUYDQWHVHSRULVVRSRGHVXMDUDVVXSHUItFLHV
JHORPRYLPHQWiORVRPHQWHHPXPDGLUHomRVHP
GRVYLGURV
PRYrORSDUDIUHQWHHSDUDWUiV$RID]HURPRYL
5HVtGXRVGHERUUDFKDyOHRJRUGXUDRXVLOLFRQH PHQWRGHYROWDDVXMHLUDSRGHULVFDURYLGUR
SRGHPVHUUHPRYLGRVFRPXPSURGXWRGHOLPSH]D
GHYLGURRXUHPRYHGRUGHVLOLFRQHҧϜ  $'9(57Ç1&,$
5HPRYHUUHVtGXRVGHFHUD 9LGURVVXMRVHHPEDoDGRVUHGX]HPDYLVLELOL
GDGHHDXPHQWDPRULVFRGHDFLGHQWHVHGH
6LVWHPDVGHODYDJHPDXWRPiWLFRVGHYHtFXORVRX
IHULPHQWRVJUDYHV
SURGXWRVGHFRQVHUYDomRSRGHPGHL[DUUHVtGXRV
GHFHUDVREUHDVVXSHUItFLHVGRVYLGURV(VVHVUH Ɣ &RQGX]LUDSHQDVVHIRUSRVVtYHOHQ[HUJDU
VtGXRVGHFHUDSRGHPVHUUHPRYLGRVVRPHQWH QLWLGDPHQWHDWUDYpVGHWRGRVRVYLGURVGR
FRPXPSURGXWRGHOLPSH]DHVSHFLDORXFRPSD YHtFXOR
QRVGHOLPSH]D5HVtGXRVGHFHUDQRSDUDEULVD Ɣ 5HPRYHURJHORDQHYHHRHPEDoDPHQWR
SRGHPFDXVDUDWULWRGRVOLPSDGRUHVGRSDUDEULVD GHWRGRVRVYLGURVWDQWRSRUGHQWURTXDQWR
$YRONVZDJHQUHFRPHQGDDUHPRYHURVUHVtGXRV SRUIRUD
GHFHUDVREUHWRGRVRVYLGURVHHVSHOKRVUHWURYL
VRUHVH[WHUQRVFRPRSDQRGHOLPSH]DGHYLGUR 127$
DSyVFDGDODYDJHPGRYHtFXOR*$
Ɣ (PQHQKXPDKLSyWHVHPLVWXUDURVSURGXWRV
2DWULWRSRGHVHUHYLWDGRDRDGLFLRQDUXPSURGXWR GHOLPSH]DUHFRPHQGDGRVFRPRXWURVSURGX
GHOLPSH]DGHYLGURFRPSURSULHGDGHVUHPRYHGR WRVQRUHVHUYDWyULRGHiJXDGRVODYDGRUHVGRV b
UDVGHFHUDQRUHVHUYDWyULRGHiJXDGRVODYDGRUHV
GRVYLGURV$RDGLFLRQDURSURGXWRGHOLPSH]DUHV

 &RQVHUYDomROLPSH]DPDQXWHQomR
127$ FRQWLQXDomR 127$ FRQWLQXDomR
YLGURV,VVRSRGHFDXVDUDFRDJXODomRGRVLQ Ɣ $VDQWHQDVORFDOL]DGDVQRODGRLQWHUQRGR
JUHGLHQWHVHFRPLVVRSURYRFDUR YLGURSRGHPVHUGDQLILFDGDVSRUDWULWRFRPRE
HQWXSLPHQWRGRVELFRVGRVODYDGRUHVGRVYL MHWRVRXSRUSURGXWRVGHOLPSH]DFRUURVLYRVRX
GURV iFLGRVRXRXWURVFRPSRQHQWHVTXtPLFRV1mR
Ɣ 1mRUHWLUDUDQHYHRXRJHORGRVYLGURVH FRODUHWLTXHWDVDGHVLYDVVREUHDVDQWHQDVGR
GRVHVSHOKRVUHWURYLVRUHVH[WHUQRVFRPiJXD YLGURHMDPDLVOLPSDUDVDQWHQDVFRPSURGXWRV
PRUQDRXTXHQWH&DVRFRQWUiULRRYLGURSRGH GHOLPSH]DFRUURVLYRVRXiFLGRVEHPFRPRRX
VHSDUWLU WURVLQJUHGLHQWHVTXtPLFRV ‹
Ɣ 2VILODPHQWRVGRGHVHPEDoDGRUGRYLGUR
WUDVHLURORFDOL]DPVHQDSDUWHLQWHUQDGRYLGUR
WUDVHLUR1mRFRODUHWLTXHWDVDGHVLYDVVREUHRV
ILODPHQWRVGRGHVHPEDoDGRUHMDPDLVOLPSDUD
SDUWHLQWHUQDGRYLGURWUDVHLURFRPSURGXWRVGH
OLPSH]DFRUURVLYRVRXiFLGRVRXRXWURVLQJUH
GLHQWHVTXtPLFRV

/LPSDUHVXEVWLWXLUDVSDOKHWDVGRVOLPSDGRUHVGRSDUDEULVD
/LPSDUDVSDOKHWDVGRVOLPSDGRUHVGRSDUD
EULVD
$QWHVGHHUJXHURVEUDoRVGRVOLPSDGRUHVGRSD
UDEULVDFRORFiORVQDSRVLomRGHVHUYLoR
ҧϜ3iJLQD
Ɣ 3DUDHUJXHUXPEUDoRGRVOLPSDGRUHVGRSDUD
EULVDVHJXUiORVRPHQWHSHODiUHDGHIL[DomRGD
SDOKHWDGRVOLPSDGRUHVGRSDUDEULVD
Ɣ &RPXPDHVSRQMD~PLGDOLPSDUFXLGDGRVD
PHQWHDVSDOKHWDVGRVOLPSDGRUHVGRSiUDEULVD
)LJ 6XEVWLWXLUDVSDOKHWDVGRVOLPSDGRUHVGR ҧϜ 
SDUDEULVD Ɣ (QFRVWDURVEUDoRVGRVOLPSDGRUHVGRSiUDEUL
VDQRYLGUR

¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
6XEVWLWXLUDVSDOKHWDVGRVOLPSDGRUHVGR
SDUDEULVD
Ɣ $QWHVGHHUJXHURVEUDoRVGRVOLPSDGRUHVGR
2YHtFXORpHTXLSDGRGHIiEULFDFRPSDOKHWDVGRV SDUDEULVDFRORFiORVQDSRVLomRGHVHUYLoR
OLPSDGRUHVGRSDUDEULVDUHYHVWLGDVFRPXPDFD ҧϜ3iJLQD
PDGDGHJUDILWH$FDPDGDGHJUDILWHID]FRPTXH Ɣ 3DUDHUJXHUXPEUDoRGRVOLPSDGRUHVGRSDUD
DVSDOKHWDVGRVOLPSDGRUHVGRSDUDEULVDGHVOL]HP EULVDVHJXUiORVRPHQWHSHODiUHDGHIL[DomRGD
VLOHQFLRVDPHQWHVREUHRSDUDEULVD8PDFDPDGD SDOKHWDGRVOLPSDGRUHVGRSDUDEULVD
GHJUDILWHGDQLILFDGDSRGHHQWUHRXWURVHOHYDUR
Ɣ 0DQWHURERWmRGHGHVWUDYDPHQWR
QtYHOGHUXtGRGXUDQWHDOLPSH]DGRSDUDEULVD
ҧϜ)LJ  SUHVVLRQDGRHDRPHVPRWHPSR
9HULILFDUUHJXODUPHQWHDFRQGLomRGDVSDOKHWDV UHWLUDUDSDOKHWDGRVOLPSDGRUHVGRSDUDEULVDQR
GRVOLPSDGRUHVGRSDUDEULVD7URFDUDVSDOKHWDV VHQWLGRGDVHWD
GRVOLPSDGRUHVGRSDUDEULVDFRPDWULWRGDQLIL Ɣ ,QWURGX]LUDQRYDSDOKHWDGRVOLPSDGRUHVGR
FDGDVRXOLPSiODVVHHVWLYHUHPVXMDVҧϜ  SDUDEULVDGHPHVPRWDPDQKRHPRGHORQREUD
3DOKHWDVGRVOLPSDGRUHVGRSDUDEULVDGDQLILFDGDV oRGRVOLPSDGRUHVGRSDUDEULVDDWpHQFDL[DU
GHYHPVHUWURFDGDVLPHGLDWDPHQWH$VSDOKHWDV Ɣ (QFRVWDURVEUDoRVGRVOLPSDGRUHVGRSDUDEUL
53&&

GRVOLPSDGRUHVGRSDUDEULVDSRGHPVHUDGTXLUL VDQRSDUDEULVD b
GDVHPXPD&RQFHVVLRQiULD9RONVZDJHQ

&RQVHUYDomRHPDQXWHQomRGRYHtFXOR 
$'9(57Ç1&,$ 127$
3DOKHWDVGRVOLPSDGRUHVGRSDUDEULVDJDV Ɣ 3DOKHWDVGRVOLPSDGRUHVGRSDUDEULVDGDQL
WDVRXVXMDVUHGX]HPDYLVLELOLGDGHHDXPHQ ILFDGDVRXVXMDVSRGHPULVFDURSDUDEULVD
WDPRULVFRGHDFLGHQWHVHGHIHULPHQWRVJUD Ɣ 3URGXWRVGHOLPSH]DFRPVROYHQWHVHVSRQ
YHV MDVGXUDVHRXWURVREMHWRVSRQWLDJXGRVGDQLIL
Ɣ 7URFDUDVSDOKHWDVGRVOLPSDGRUHVGRSD FDPRUHYHVWLPHQWRGHJUDILWHGDVSDOKHWDVGRV
UDEULVDVHPSUHTXHHVWLYHUHPGDQLILFDGDVRX OLPSDGRUHVGRSDUDEULVDGXUDQWHDOLPSH]D
JDVWDVRXVHPSUHTXHGHL[DUHPGHOLPSDUR Ɣ 1mROLPSDURVYLGURVFRPFRPEXVWtYHOUH
SDUDEULVDGHIRUPDVXILFLHQWH PRYHGRUGHHVPDOWHGHXQKDVROYHQWHGHWLQWD
RXOtTXLGRVVHPHOKDQWHV ‹

&RQVHUYDUHSROLUDSLQWXUDGRYHtFXOR

¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
6HDSDVWDSDUDSROLUXWLOL]DGDQmRWLYHUFRPSRQHQ
WHVGHFRQVHUYDomRDSLQWXUDGRYHtFXORSUHFLVDUi
VHUFRQVHUYDGDHPVHJXLGD

&RQVHUYDU 127$
8PDERDFRQVHUYDomRSURWHJHDSLQWXUDGRYHtFX Ɣ 3DUDHYLWDUGDQRVDVSHoDVSLQWDGDVFRP
OR6RPHQWHGHSRLVTXHDiJXDGHL[DUGHIRUPDU DFDEDPHQWRIRVFRSHoDVGHSOiVWLFRQmRSLQ
JRWDVYLVtYHLVVREUHDVXSHUItFLHOLPSDGDSLQWXUD WDGDVYLGURVGRIDUROHDODQWHUQDWUDVHLUDQmR
GRYHtFXORHVWDSRGHVHUSURWHJLGDQRYDPHQWH GHYHPVHUWUDWDGDVFRPSURGXWRVGHSROLPHQWR
FRPXPDERDFHUDFRQVHUYDQWH RXFHUDVFRQVHUYDQWHV
0HVPRTXHXPDFHUDFRQVHUYDQWHVHMDXWLOL]DGD Ɣ 1mRSROLUDSLQWXUDGRYHtFXORHPDPELHQWHV
UHJXODUPHQWHQRVLVWHPDGHODYDJHPDXWRPiWLFR FRPDUHLDRXSRHLUDRXVHKRXYHUVXMHLUD ‹
D9RONVZDJHQUHFRPHQGDTXHDSLQWXUDGRYHtFXOR
VHMDSURWHJLGDDRPHQRVGXDVYH]HVSRUDQRFRP
DDSOLFDomRGHFHUD

3ROLU
8PSROLPHQWRVHUiQHFHVViULRVRPHQWHVHDSLQWX
UDGRYHtFXORSHUGHURERPDVSHFWRHTXDQGRQmR
VHREWLYHUPDLVEULOKRFRPRXVRGHSURGXWRVGH
FRQVHUYDomR

&RQVHUYDUHOLPSDUDVSHoDVFURPDGDVHGHDOXPtQLR

¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
127$
3DUDTXHDVSHoDVFURPDGDVHGHDOXPtQLRQmR
VHMDPGDQLILFDGDV
Ɣ 8PHGHFHUXPSDQROLPSRPDFLRHTXHQmR Ɣ 1mROLPSDURXSROLUVREOX]VRODUGLUHWD
VROWHILDSRVHXWLOL]iORSDUDOLPSDUDVVXSHUItFLHV Ɣ 1mROLPSDURXSROLUHPDPELHQWHVFRPDUHLD
Ɣ (PFDVRGHVXMHLUDSHVDGDXWLOL]DUXPSURGXWR RXSRHLUD
GHFRQVHUYDomRHVSHFLDOVHPVROYHQWH Ɣ 1mRXWLOL]DUSURGXWRVGHFRQVHUYDomRFRP
Ɣ (PVHJXLGDSROLUDVSHoDVFURPDGDVHGHDOX LQWHQVDDomRDEUDVLYDSRUH[HPSORFUHPHGH
PtQLRFRPXPSDQRPDFLRHVHFR OLPSH]D
Ɣ 1mRXWLOL]DUHVSRQMDVGHLQVHWRVHVSRQMDV
iVSHUDVGHFR]LQKDRXVLPLODUHV
Ɣ 1mRSROLUVXSHUItFLHVVXMDV b

 &RQVHUYDomROLPSH]DPDQXWHQomR
127$ FRQWLQXDomR 127$
Ɣ 1mRXWLOL]DUSURGXWRVGHOLPSH]DFRPVRO $VFDORWDVFHQWUDLVGHURGDVFURPDGDVRXFDOR
YHQWHV WDVLQWHJUDLVSRGHPHVWDUSLQWDGDVDGLFLRQDO
Ɣ 1mRXWLOL]DUFHUDV PHQWHHQmRGHYHPVHUWUDWDGDVFRPFRQVHU
YDQWHVjEDVHGHFURPRRXDOXPtQLRRXSROLGR
UHVGHFURPRRXDOXPtQLR$RLQYpVGLVVRXVDU
XPSURGXWRGHFRQVHUYDomRGHSLQWXUDHXP
SURGXWRGHSROLPHQWRGHSLQWXUDFRPXQV ‹

&RQVHUYDUHOLPSDUDVSHOtFXODVGHFRUDWLYDV

¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
/LPSH]DGDVSHOtFXODVGHFRUDWLYDV
$VSHOtFXODVGHFRUDWLYDVVmRLQGLFDGDVSDUDRXVR
GHVLVWHPDVGHODYDJHPGHVGHTXHQmRVHMDVHOH
FLRQDGRXPSURJUDPDFRPFHUDTXHQWH
3HOtFXODVGHFRUDWLYDVVmRHOHPHQWRVGHGHVLJQH
VmRFRPSRVWDVSRUSROLFORUHWRGHYLQLOPDFLR 2EVHUYDUDVLQIRUPDo}HVHRULHQWDo}HVSDUDDOD
39&  YDJHPGRYHtFXORҧϜ3iJLQDHSDUDDODYDJHP
FRPXPODYDGRUGHDOWDSUHVVmRҧϜ3iJLQD
$UHJLmRGDFDPDGDGHWLQWDGRYHtFXORFREHUWD
SHODSHOtFXODGHFRUDWLYDHVWiSURWHJLGDFRQWUDDV $RXWLOL]DUXPVSUD\OLPSDGRUHVLVWHPDVGHMDWRGH
LQIOXrQFLDVFOLPiWLFDVHDPELHQWDLV YDSRUPDQWHUVHPSUHXPDGLVWkQFLDPtQLPDGH
FPHQWUHRELFRGRMDWRHDSHOtFXODGHFRUDWLYD
6HDSHOtFXODGHFRUDWLYDSHUPDQHFHUSRUXPORQJR ҧϜ 
SHUtRGRFRODGDQRYHtFXORSRGHVXUJLUXPDGLIH
UHQoDySWLFDHQWUHDUHJLmRGDSLQWXUDSURWHJLGD 5HVtGXRVGHLQVHWRVH[FUHPHQWRVGHSiVVDURV
SHODSHOtFXODGHFRUDWLYDHDUHJLmRQmRFREHUWDSH UHVLQDGHiUYRUHVSRHLUDXUEDQDHLQGXVWULDOSL
ODSHOtFXOD(PJHUDOHVVDVGLIHUHQoDVSRGHPVHU FKHIXOLJHPVDOSDUDGHJHORHRXWURVVHGLPHQWRV
UHVROYLGDVSRUPHLRGHSROLPHQWRGRYHtFXOR DJUHVVLYRVSRGHPGDQLILFDUDSHOtFXODGHFRUDWLYD

$9RONVZDJHQUHFRPHQGDFRQVXOWDUXPD&RQFHV 4XDQWRPDLVWHPSRRVVHGLPHQWRVDJUHVVLYRVSHU
VLRQiULD9RONVZDJHQVREUHRVSURGXWRVGHFRQVHU PDQHFHUHPQDSHOtFXODGHFRUDWLYDWDQWRPDLVGX
YDomRDGHTXDGRV UDGRXURVHUiRVHXHIHLWRGHVWUXWLYR$OWDVWHPSH
UDWXUDVEHPFRPRDIRUWHLQFLGrQFLDGHUDGLDomR
'XUDELOLGDGHGDVSHOtFXODVGHFRUDWLYDV VRODUIRUWDOHFHPRVHXHIHLWRFRUURVLYR/DYDULPH
$VLQIOXrQFLDVGRDPELHQWHFRPRRVUDLRVVRODUHV GLDWDPHQWHRYHtFXORFRPFXLGDGRXWLOL]DQGRiJXD
DXPLGDGHDSROXLomRSDQFDGDVGHSHGUDVHWF PRUQDRXXPDVROXomRGHVDEmRҧϜ 
SUHMXGLFDPDGXUDELOLGDGHHDFRORUDomRGDSHOtFX 5HPRYHUDVXMHLUDDGHUHQWHFRPFXLGDGRXWLOL]DQ
ODGHFRUDWLYD2VVLQDLVGHXVRHGHWHULRUDomRVmR GRiOFRROHHQWmRODYDUFRPiJXDPRUQD1mRXWL
GHVJDVWHVFRPXQVHQmRUHSUHVHQWDPGHIHLWR OL]DUVXEVWkQFLDVDJUHVVLYDVFRPRJDVROLQDRX
'HSRLVGDFRORFDomRGHSHOtFXODVGHFRUDWLYDVSR VROYHQWHVSDUDDOLPSH]D
GHPVHIRUPDUEROKDVSRUDOJXPWHPSRSRUH[HP &RQVHUYDomRGDVSHOtFXODGHFRUDWLYDV
SORSHODDomRGRFDORUGHYHUmR(PJHUDODVER
OKDVGHVDSDUHFHPSRUFRQWDSUySULD,VVRQmRUH 1RPDQXVHLRGHSHOtFXODVGHFRUDWLYDVYDOHPEDVL
GX]DUHVLVWrQFLDGDSHOtFXODGHFRUDWLYD FDPHQWHRVPHVPRVFXLGDGRVGDSLQWXUDGRYHtFX
ORҧϜ3iJLQD
3HOtFXODVGHFRUDWLYDVHVSHFLDOPHQWHHPFDVRGH
LQFLGrQFLDGLUHWDGHOX]VRODUSRGHPDSUHVHQWDU 7UDWDUDVSHOtFXODVGHFRUDWLYDVUHJXODUPHQWHQR
YHVWtJLRVGHXVRHHQYHOKHFLPHQWRDSyVDSUR[LPD Pi[LPRDFDGDPHVHVFRPFHUDOtTXLGD$FHUD
GDPHQWHDDQRV DOLVDDVXSHUItFLHHSURWHJHFRQWUDDDGHUrQFLDGH
VXMHLUD
(P]RQDVFOLPiWLFDVPXLWRTXHQWHVHVSHFLDOPHQWH
SRUFDXVDGRIRUWHDTXHFLPHQWRSRULQFLGrQFLDGH 3DUDDSOLFDUXWLOL]DUDSHQDVSDQRVGHPLFURILEUDV
UDGLDomRVRODUGLUHWDDVSHOtFXODVGHFRUDWLYDVSR $9RONVZDJHQUHFRPHQGDFRQVXOWDUXPD&RQFHV
53&&

GHPGHVYDQHFHUGHQWURGHXPDQR VLRQiULD9RONVZDJHQVREUHRVSURGXWRVGHFRQVHU
YDomRDGHTXDGRV b

&RQVHUYDomRHPDQXWHQomRGRYHtFXOR 
127$ 127$ FRQWLQXDomR

Ɣ 'LUHFLRQDURELFRGRMDWRVHPSUHYHUWLFDO Ɣ 5HPRYHUDVLPSXUH]DVGDSHOtFXODGHFRUDWL
PHQWHQRVFDQWRVHVXSHUItFLHGDVSHOtFXODVGH YDFRPSURGXWRVGHOLPSH]DDGHTXDGRVRPDLV
FRUDWLYDV UiSLGRSRVVtYHOSDUDHYLWDUGDQRVSHUPDQHQWHV
QDSHOtFXOD
Ɣ 'XUDQWHDOLPSH]DFRPODYDGRUHVGHDOWD
SUHVVmRRXMDWRGHYDSRUVRPHQWHERUULIDURV 'DQRVQDVXSHUItFLHGDSHOtFXODGHFRUDWLYD
VHQVRUHVUDSLGDPHQWHPDQWHQGRVHPSUHXPD SRUH[HPSORSURYRFDGRVSRUSDQFDGDVGH
GLVWkQFLDVXSHULRUDFP SHGUDVSRGHPVHUUHSDUDGRVDSHQDVSHODWURFD
Ɣ 'HSHQGHQGRGDFDUDFWHUtVWLFDGDHVFRYDGR GHWRGDDSHOtFXODGHFRUDWLYD$9RONVZDJHQUHFR
VLVWHPDGHODYDJHPGHSRLVGHDOJXPWHPSR PHQGDTXHRVWUDEDOKRVVHMDPUHDOL]DGRVSRUXPD
SRGHPDSDUHFHUSHTXHQRVULVFRVQDSHOtFXOD &RQFHVVLRQiULD9RONVZDJHQ ‹
GHFRUDWLYD

/LPSDURVDURV

¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
6HRVDOSDUDGHJHORHRVUHVtGXRVGRIUHLRQmRIR
UHPOLPSRVUHJXODUPHQWHDOLJDOHYHVRIUHUiGD
QRV
3DUDDOLPSH]DXWLOL]DUXPSURGXWRGHOLPSH]D
/LPSDUDVURGDVGHDoR VHPiFLGRVSUySULRSDUDURGDVGHOLJDOHYH1mR
2VUHVtGXRVGHIUHLRTXHDGHUHPjVURGDVSRGHP XWLOL]DUSDVWDGHSROLURXRXWURVSURGXWRVDEUDVLYRV
VHUUHPRYLGRVFRPXPSURGXWRGHOLPSH]DLQGXV QDFRQVHUYDomRGDVURGDV
WULDO3RUHVVHPRWLYROLPSDUDVURGDVGHDoRUHJX
&DVRDFDPDGDGHWLQWDSURWHWRUDGDVURGDVVHMD
ODUPHQWHFRPXPDHVSRQMDVHSDUDGD
GDQLILFDGD FRPRSRUH[HPSORSRUSDQFDGDVGH
'DQRVQDSLQWXUDGDVURGDVGHDoRGHYHPVHUWUD SHGUDV DDYDULDGHYHVHUFRQVHUWDGDLPHGLDWD
WDGRVDQWHVTXHHQIHUUXMHP PHQWH ‹
&RQVHUYDUHOLPSDUDVURGDVGHOLJDOHYH
/LPSDURVDOSDUDGHJHORHUHVtGXRVGHIUHLRQDV
URGDVGHOLJDOHYHDFDGDVHPDQDV(PVHJXL
GDOLPSDUDVURGDVFRPXPSURGXWRGHOLPSH]D
VHPiFLGRV$9RONVZDJHQUHFRPHQGDDSOLFDUFXL
GDGRVDPHQWHFHUDQDVURGDVDFDGDPHVHV

&RQVHUYDUDVYHGDo}HVGHERUUDFKD

¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
$QWHVGDFRQVHUYDomRUHPRYHUDSRHLUDHDVXMHL
UDGDVYHGDo}HVGHERUUDFKDFRPRDX[tOLRGHXP
SDQRPDFLR ‹

$VYHGDo}HVGHERUUDFKDGDVSRUWDVYLGURVHWF
VHPDQWrPPDLVIOH[tYHLVYHGDPPHOKRUHGXUDP
PDLVVHWUDWDGDVUHJXODUPHQWHFRPXPSURGXWRGH
FRQVHUYDomRGHERUUDFKD

'HVFRQJHODURFLOLQGURGDIHFKDGXUDGDVSRUWDV

¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD b

 &RQVHUYDomROLPSH]DPDQXWHQomR
$9RONVZDJHQUHFRPHQGDXWLOL]DURVSUD\RULJLQDO
127$
9RONVZDJHQFRPHIHLWRKLGUDWDQWHHDQWLFRUURVLYR
SDUDGHVFRQJHODPHQWRGRFLOLQGURGDIHFKDGXUD $XWLOL]DomRGHSURGXWRVSDUDGHVFRQJHODPHQ
GDVSRUWDV WRFRPVXEVWkQFLDVGHVHQJRUGXUDQWHVSRGH
HQIHUUXMDURFLOLQGURGDIHFKDGXUDGDVSRUWDV ‹

3URWHomRGDSDUWHLQIHULRUGRYHtFXOR

¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
&8,'$'2
$SURWHomRGDSDUWHLQIHULRUGRYHtFXORHSUR
GXWRVDQWLFRUURVLYRVSRGHUmRVHLQFHQGLDUVH
$SDUWHLQIHULRUGRYHtFXORpSURWHJLGDFRQWUDLQIOX HQWUDUHPHPFRQWDWRFRPRVLVWHPDGHHVFD
rQFLDVTXtPLFDVHPHFkQLFDV'XUDQWHDFRQGX SHDTXHFLGRRXFRPRXWUDVSDUWHVTXHQWHV
omRDFDPDGDSURWHWRUDGDSDUWHLQIHULRUSRGHVR GRPRWRU
IUHUDYDULDV3RULVVRD9RONVZDJHQUHFRPHQGD Ɣ 1mRXWLOL]DUSURGXWRVDQWLFRUURVLYRVHGH
TXHDFDPDGDSURWHWRUDGDSDUWHLQIHULRUGRYHtFX SURWHomRGDSDUWHLQIHULRUGRYHtFXORQRVWX
ORHGRFKDVVLVHMDYHULILFDGDUHJXODUPHQWHHFRQ ERVGRHVFDSDPHQWRQRVFDWDOLVDGRUHVQRV
VHUWDGDVHQHFHVViULR HVFXGRVWpUPLFRVRXHPRXWUDVSHoDVTXHQ
WHVGRYHtFXOR ‹

/LPSDURFRPSDUWLPHQWRGRPRWRU

¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
$'9(57Ç1&,$
7RGRVRVWUDEDOKRVQRPRWRURXQRFRPSDUWL
PHQWRGRPRWRUSRGHPUHVXOWDUHPIHULPHQ
2FRPSDUWLPHQWRGRPRWRUpXPDiUHDGRYHtFXOR WRVTXHLPDGXUDVHULVFRVGHDFLGHQWHHGH
SHULJRVDҧϜ3iJLQD LQFrQGLR

$OLPSH]DGRFRPSDUWLPHQWRGRPRWRUGHYHVHUUH Ɣ $QWHVGRVWUDEDOKRVWRPDUFRQKHFLPHQWR
DOL]DGDSRUXPD&RQFHVVLRQiULD9RONVZDJHQ8PD GDVDo}HVQHFHVViULDVHGDVSUHFDXo}HVGH
OLPSH]DLQDGHTXDGDSRGHFDXVDUHQWUHRXWURVD ҧϜ3iJLQD
VHJXUDQoDJHUDOPHQWHYiOLGDVҧ
UHPRomRGDSURWHomRDQWLFRUURVLYDHGDQRVDRV Ɣ $9RONVZDJHQUHFRPHQGDTXHRVWUDED
FRPSRQHQWHVHOpWULFRVGRYHtFXOR$OpPGLVVRD OKRVVHMDPUHDOL]DGRVSRUXPD&RQFHVVLR
iJXDSRGHFKHJDUDRLQWHULRUGRYHtFXORSRUPHLR QiULD9RONVZDJHQ
GDFDL[DFROHWRUDGHiJXDҧϜ 
&DVRRFRPSDUWLPHQWRGRPRWRUILTXHPXLWRVXMR 127$
SURFXUDUVHPSUHXPDHPSUHVDHVSHFLDOL]DGDSDUD $iJXDLQWURGX]LGDPDQXDOPHQWHQDFDL[DFROH
DOLPSH]DGRFRPSDUWLPHQWRGRPRWRU3DUDLVVRD WRUDGHiJXD DRXVDUXPODYDGRUGHDOWDSUHV
9RONVZDJHQUHFRPHQGDDV&RQFHVVLRQiULDV9RONV VmRSRUH[HPSOR SRGHFDXVDUGDQRVJUDYHV
ZDJHQ DRYHtFXOR

&DL[DFROHWRUDGHiJXD /DYDURFRPSDUWLPHQWRGRPRWRUVRPHQWH
$FDL[DFROHWRUDGHiJXDHVWiORFDOL]DGDQRFRP HPORFDLVHVSHFLDOPHQWHSUHSDUDGRVSDUDWDO
SDUWLPHQWRGRPRWRUHQWUHRSDUDEULVDHRPRWRU GHPRGRTXHDiJXDHYHQWXDOPHQWHVXMDFRP
HVREXPDFREHUWXUDSHUIXUDGD2DUDPELHQWHp yOHRJRUGXUDRXFRPEXVWtYHOQmRFDLDQDUHGHGH
VXJDGRGDFDL[DFROHWRUDGHiJXDSDUDRLQWHULRU HVJRWR(PDOJXPDVUHJL}HVDODYDJHPGRFRP
GRYHtFXORSRUPHLRGRDUFRQGLFLRQDGR SDUWLPHQWRGRPRWRUIRUDGHVVHVORFDLVpSURLELGD ‹
5HPRYHUUHJXODUPHQWHIROKDJHQVHRXWURVREMHWRV
53&&

VROWRVGDFREHUWXUDGDFDL[DFROHWRUDGHiJXD
FRPDVPmRVRXFRPRDX[tOLRGHXPDVSLUDGRU

&RQVHUYDomRHPDQXWHQomRGRYHtFXOR 
&RQVHUYDUHOLPSDURLQWHULRUGRYHtFXOR

¤ ,QWURGXomRDRWHPD
1HVWHFDStWXORHQFRQWUDPVHLQIRUPDo}HVUHODWLYDV $'9(57Ç1&,$ FRQWLQXDomR
DRVVHJXLQWHVWHPDV
Ɣ 2EVHUYDUDVLQIRUPDo}HVGDHPEDODJHP
0DQXVHLRGRUHYHVWLPHQWRGRVEDQFRV   Ɣ 1XQFDXWLOL]DUODWDVGHDOLPHQWRVJDUUDIDV
/LPSDUHVWRIDPHQWRVUHYHVWLPHQWRVHP RXRXWURVUHFLSLHQWHVSDUDJXDUGDUSURGXWRV
WHFLGRH$OFDQWDUD Š   SDUDFRQVHUYDomRSRLVDVSHVVRDVQHPVHP
&RQVHUYDUHOLPSDUUHYHVWLPHQWRVHPFRXUR SUHFRQVHJXHPLGHQWLILFDURVSURGXWRVDt
QDWXUDO   FRQWLGRV
/LPSDUUHYHVWLPHQWRVHPFRXURDUWLILFLDO   Ɣ 0DQWHUDVFULDQoDVDIDVWDGDVGHSURGXWRV
/LPSDURVSRUWDREMHWRVRVSRUWDFRSRVHRV SDUDFRQVHUYDomR
FLQ]HLURV   Ɣ 3RGHKDYHUJHUDomRGHYDSRUHVWy[LFRV
&RQVHUYDUHOLPSDUDVSHoDVGHSOiVWLFRRV GXUDQWHDDSOLFDomR3RUHVVHPRWLYRDSOLFDU
HOHPHQWRVGHFRUDWLYRVGHPDGHLUDHRSDLQHO VRPHQWHDRDUOLYUHRXHPORFDLVEHPYHQWLOD
GHLQVWUXPHQWRV   GRV
/LPSDURVFLQWRVGHVHJXUDQoD  
Ɣ 1XQFDXWLOL]DUFRPEXVWtYHOWHUHELQWLQD
yOHRGHPRWRUUHPRYHGRUGHHVPDOWHGH
7HFLGRVGHSHoDVGHURXSDPRGHUQRVFRPRMHDQV
XQKDVRXRXWURVOtTXLGRVYROiWHLVSDUDODYDU
HVFXURSRUH[HPSORPXLWDVYH]HVQmRSRVVXHP
FRQVHUYDURXOLPSDU(VVHVSURGXWRVVmRWy
IL[DomRVXILFLHQWHHPVHXWLQJLPHQWR3ULQFLSDO
[LFRVHIDFLOPHQWHLQIODPiYHLV
PHQWHHPFDVRGHUHYHVWLPHQWRVGHEDQFRVFODURV
HPWHFLGRRXFRXUR HPHVPRVHJXLQGRDVGHWHU
PLQDo}HVGHXVRSRGHPRFRUUHUPDQFKDVQLWLGD $'9(57Ç1&,$
PHQWHYLVtYHLVFDXVDGDVSHORGHVERWDPHQWRGHV $FRQVHUYDomRHDOLPSH]DLQDGHTXDGDVGH
WHVWHFLGRVGHSHoDVGHURXSD1HVWHVFDVRVQmR SHoDVGRYHtFXORSRGHPOLPLWDURVVHXVHTXL
VHWUDWDGHXPDIDOKDQRUHYHVWLPHQWRPDVVLPGH SDPHQWRVGHVHJXUDQoDHFRPRFRQVHTXrQ
IDOWDGHIL[DomRGDFRUQRVWHFLGRVGDSHoDGHURX FLDFDXVDUIHULPHQWRVJUDYHV
SD
Ɣ /LPSDUHFRQVHUYDUDVSHoDVGRYHtFXOR
4XDQWRPDLVWHPSRPDQFKDVVXMHLUDVHRXWUDVVH VRPHQWHGHDFRUGRFRPDVLQVWUXo}HVGRID
GLPHQWDo}HVSHUPDQHFHUHPVREUHDVXSHUItFLH EULFDQWH
GDVSHoDVGRYHtFXORHHVWRIDPHQWRVPDLVGLItFLO Ɣ 8WLOL]DURVSURGXWRVGHOLPSH]DOLEHUDGRV
SRGHVHUDOLPSH]DHFRQVHUYDomR6REUHWXGRORQ RXUHFRPHQGDGRV
JRVWHPSRVGHH[SRVLomRSRGHPID]HUFRPTXH
PDQFKDVVXMHLUDVHVHGLPHQWDo}HVQmRSRVVDP
PDLVVHUUHPRYLGDV 127$
Ɣ 3URGXWRVGHOLPSH]DFRPVROYHQWHVDJUL
,QIRUPDo}HVHDOHUWDVFRPSOHPHQWDUHV GHPRVPDWHULDLVHSRGHPGDQLILFiORVGHIRU
Ɣ &RQVHUYDUHOLPSDUDSDUWHH[WHUQDGRYHtFXOR PDLUUHSDUiYHO
ҧϜ3iJLQD Ɣ 0DQFKDVVXMHLUDVHRXWUDVVHGLPHQWDo}HV
Ɣ $FHVVyULRVUHSRVLomRGHSHoDVUHSDURVHPR FRPFRPSRQHQWHVDJUHVVLYRVHFRPVROYHQWHV
GLILFDo}HVҧϜ3iJLQD DJULGHPRPDWHULDOHSRGHPGDQLILFiORGHIRU
PDLUUHSDUiYHOPHVPRDSyVXPFXUWRWHPSR
$'9(57Ç1&,$ GHH[SRVLomR
3URGXWRVSDUDFRQVHUYDomRSRGHPVHUWy[L Ɣ 5HPRYHUDVPDQFKDVVXMHLUDVHRXWUDVVH
FRVHSHULJRVRV3URGXWRVLQDGHTXDGRVSDUD GLPHQWDo}HVRPDLVUiSLGRSRVVtYHOHQmRSHU
FRQVHUYDomRHXPDDSOLFDomRLQFRUUHWDGRV PLWLUTXHHODVVHTXHP
PHVPRVSRGHPFDXVDUIHULPHQWRVJUDYHVH Ɣ 3DUDHYLWDUGDQRVFRQWUDWDUXPDXPD&RQ
LQWR[LFDo}HV FHVVLRQiULD9RONVZDJHQSDUDHIHWXDUDUHPR
Ɣ &RQVHUYDURVSURGXWRVSDUDFRQVHUYDomR omRGHPDQFKDVSHUVLVWHQWHV
VRPHQWHHPUHFLSLHQWHVRULJLQDLVIHFKDGRV
3URGXWRVGHFRQVHUYDomRDGHTXDGRVVmRRE
WLGRVHPXPD&RQFHVVLRQiULDV9RONVZDJHQ ‹

 &RQVHUYDomROLPSH]DPDQXWHQomR
0DQXVHLRGRUHYHVWLPHQWRGRVEDQFRV

¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQIRUPDo}HVLQWURGXWyULDVHDVLQGLFDo}HVGHVHJXUDQ
oD QDSiJLQD

/LVWDGHFRQWUROH
3DUDRPDQXVHLRHDFRQVHUYDomRGRUHYHVWLPHQWRGRVEDQFRVREVHUYDUҧϜ 
d $QWHVGHHQWUDUQRYHtFXORIHFKDUWRGRVRVIHFKRVGHYHOFURTXHSRVVDPHQWUDUHPFRQWDWRFRPR
HVWRIDPHQWRRXUHYHVWLPHQWRVHPWHFLGR)HFKRVGHYHOFURDEHUWRVSRGHPFDXVDUGDQRVDRVHVWR
IDPHQWRVHDRVUHYHVWLPHQWRVHPWHFLGR
d 3DUDSUHYHQLUGDQRVHYLWDURFRQWDWRGLUHWRGHREMHWRSRQWLDJXGRVHDSOLTXHVQRVHVWRIDPHQWRVH
UHYHVWLPHQWRVHPWHFLGR$SOLTXHVVmRSRUH[HPSOR]tSHUHVFROFKHWHVHSHGUDVGHFRUDWLYDVHP
SHoDVGHURXSDVRXHPFLQWRV
d 5HPRYHUUHJXODUPHQWHRSyHSDUWtFXODVGHVXMHLUDGRVSRURVGREUDVHFRVWXUDVSDUDHYLWDUGDQRV
jVXSHUItFLHGRVEDQFRVSRUDWULWRFRQVWDQWH
d 9HULILFDUVHDFRUGDVURXSDVWHPERDIL[DomRSDUDHYLWDUPDQFKDVQRUHYHVWLPHQWRGRVEDQFRV
,VWRpYiOLGRSULQFLSDOPHQWHSDUDRUHYHVWLPHQWRGRVEDQFRVFODURV

127$ 127$ FRQWLQXDomR

$LQREVHUYkQFLDGDLPSRUWDQWHOLVWDGHFRQWUROH Ɣ 2EVHUYDUDOLVWDGHFRQWUROHHUHDOL]DUDV
SDUDDFRQVHUYDomRGRUHYHVWLPHQWRGRVEDQ Do}HV
FRVSRGHRFDVLRQDUGDQRVRXPDQFKDVQRHV $9RONVZDJHQUHFRPHQGDFRQWUDWDUXPD
WRIDPHQWRHQRVUHYHVWLPHQWRVHPWHFLGR &RQFHVVLRQiULD9RONVZDJHQSDUDDUHPRomR
GHSRVVtYHLVPDQFKDVQRUHYHVWLPHQWRGRVEDQ
FRV ‹

/LPSDUHVWRIDPHQWRVUHYHVWLPHQWRVHPWHFLGRH$OFDQWDUD Š

¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
3RUHVWHPRWLYRGHYHVHREVHUYDUDVVHJXLQWHV
RULHQWDo}HVGHOLPSH]D
Ɣ 1mRXWLOL]DUODYDGRUHVGHDOWDSUHVVmRMDWRVGH
YDSRURXVSUD\JHODGR
/LPSH]DGRHVWRIDPHQWRGDVXSHUItFLHGRV
EDQFRVFRPDTXHFLPHQWRHGHEDQFRVFRP Ɣ 1mRXWLOL]DUSDVWDVRXVROXo}HVSDUDODYDJHP
SRVVLELOLGDGHGHDMXVWHHOpWULFRRXFRP Ɣ (PWRGRFDVRHYLWDUTXHRVEDQFRVVHMDPHQ
FRPSRQHQWHVGRDLUEDJ FKDUFDGRV
1REDQFRGRFRQGXWRUQREDQFRGRSDVVDJHLURGL Ɣ 8WLOL]DUVRPHQWHSURGXWRVGHOLPSH]DOLEHUDGRV
DQWHLURHVHIRURFDVRQRVDVVHQWRVODWHUDLVGR SHOD9RONVZDJHQ
EDQFRWUDVHLURSRGHKDYHUFRPSRQHQWHVUHOHYDQ Ɣ (PFDVRGHG~YLGDSURFXUDUXPDHPSUHVDGH
WHVGRDLUEDJHFRQH[}HVGHFRQHFWRUHVHOpWULFRV OLPSH]DHVSHFLDOL]DGD
PRQWDGRV$YDULDUOLPSDUHPDQLSXODUGHIRUPD
LQDGHTXDGDRXPROKDUHVWHVDVVHQWRVHHQFRVWRV /LPSH]DGRHVWRIDPHQWRGDVXSHUItFLHGRV
DOpPGHGDQRVDRVLVWHPDHOpWULFRGRYHtFXORSR EDQFRVVHPDTXHFLPHQWRHGHEDQFRVVHP
GHPFDXVDUGDQRVDRVLVWHPDGHDLUEDJҧϜ  SRVVLELOLGDGHGHDMXVWHHOpWULFRRXVHP
FRPSRQHQWHVGRDLUEDJ
(PEDQFRVDMXVWiYHLVHOHWULFDPHQWHHQDVXSHUIt
FLHGRVEDQFRVFRPDTXHFLPHQWRGREDQFRH[LV Ɣ /HUHREVHUYDUDVLQVWUXo}HVGHPDQXVHLRRUL
WHPFRPSRQHQWHVHOpWULFRVHFRQH[}HVGHFRQHF HQWDo}HVHDOHUWDVGDHPEDODJHPDQWHVGDXWLOL]D
WRUHVTXHSRGHPVHUGDQLILFDGRVHPFDVRGHOLP omRGHSURGXWRVGHOLPSH]D
53&&

SH]DRXWUDWDPHQWRLQDGHTXDGRҧϜ ,VWRWDPEpP Ɣ +LJLHQL]DUUHJXODUPHQWHHVWRIDPHQWRVUHYHVWL


SRGHFDXVDUGDQRVDRXWUDVSDUWHVGRVLVWHPDHOp PHQWRVHPWHFLGRUHYHVWLPHQWRGRVEDQFRVHP
WULFRGRYHtFXOR $OFDQWDUDŠHRFDUSHWHGRDVVRDOKRFRPXPDVSL
UDGRUGHSy SRQWHLUDGHHVFRYD  b

&RQVHUYDomRHPDQXWHQomRGRYHtFXOR 
Ɣ 1mRXWLOL]DUODYDGRUHVGHDOWDSUHVVmRMDWRVGH DGHTXDGDVHPXPD&RQFHVVLRQiULD9RONVZDJHQ
YDSRURXVSUD\JHODGR DQWHVGDOLPSH]D6HQHFHVViULRFRQWUDWDUXPD
Ɣ 3DUDDOLPSH]DJHUDOXWLOL]DUXPDHVSRQMDVXD HPSUHVDGHOLPSH]DHVSHFLDOL]DGD
YHRXXPWHFLGRGHPLFURILEUDFRPXPVHPILDSRV
7UDWDPHQWRGHPDQFKDV
ҧϜ 
1RWUDWDPHQWRGHPDQFKDVSRGHVHUQHFHVViULR
Ɣ /LPSDUVXSHUItFLHVHP$OFDQWDUD ŠFRPXPSD OLPSDUQmRVRPHQWHDPDQFKDSRQWXDOPHQWHPDV
QRGHOmRXGHDOJRGmROHYHPHQWHXPHGHFLGRRX WRGDDVXSHUItFLH3ULQFLSDOPHQWHVHHODHVWLYHUVX
FRPXPWHFLGRGHPLFURILEUDVHPILDSRVҧϜ  MDSRUPDUFDVGHXVRHPJHUDO&DVRFRQWUiULRD
$OLPSH]DGHVXMHLUDVVXSHUILFLDLVHPJHUDOGRHV VXSHUItFLHWUDWDGDSRGHVHWRUQDUPDLVFODUDTXHR
WRIDPHQWRRXGRVUHYHVWLPHQWRVHPWHFLGRSRGH UHVWDQWHGDVXSHUItFLH(PFDVRGHG~YLGDSURFX
VHUUHDOL]DGDFRPXPDHVSXPDGHOLPSH]DFR UDUXPDHPSUHVDGHOLPSH]DHVSHFLDOL]DGD
PXP
(PFDVRGHPXLWDVXMHLUDHPJHUDOQRWHFLGRGRV
UHYHVWLPHQWRHQRVUHYHVWLPHQWRVHPWHFLGRGHYH
VHLQIRUPDUVREUHDVSRVVLELOLGDGHVGHOLPSH]D

7LSRGHPDQFKD /LPSH]DUHFRPHQGDGDGDVXSHUItFLHGRVEDQFRVHGRVHVWRIDPHQWRV
0DQFKDVGHEDVHDTXRVD 8PHGHFHUXPDHVSRQMDFRPXPIUDVFRGHVSUD\HWUDWDUDPDQFKDHP
FRPRSRUH[HPSORFDIpRX FtUFXORV
VXFRGHIUXWD (VIUHJDUFRPXPSDQRDEVRUYHQWHVHFR
0DQFKDVSHUVLVWHQWHVFR 8WLOL]DUVRPHQWHSURGXWRVGHOLPSH]DOLEHUDGRVSHOD9RONVZDJHQ
PRSRUH[HPSORFKRFRODWH 6HQHFHVViULRPDQGDUOLPSDURHVWRIDGRHPXPDHPSUHVDHVSHFLDOL]D
RXPDTXLDJHP GDGHOLPSH]D
0DQFKDVGHEDVHJRUGXUR 8WLOL]DUVRPHQWHSURGXWRVGHOLPSH]DOLEHUDGRVSHOD9RONVZDJHQ
VDFRPRSRUH[HPSORyOHR 6HQHFHVViULRPDQGDUOLPSDURHVWRIDGRHPXPDHPSUHVDHVSHFLDOL]D
RXEDWRP GDGHOLPSH]D

$'9(57Ç1&,$ 127$ FRQWLQXDomR


Ɣ /DYDGRUHVGHDOWDSUHVVmRHVSUD\VJHODGRV
4XDQGRKiDYDULDVQRVLVWHPDGHDLUEDJp
SRGHPGDQLILFDURHVWRIDPHQWR
SRVVtYHOTXHHOHVHMDDFLRQDGRGHIRUPDLP
SHUIHLWDQmRVHMDDFLRQDGRRXVHMDDFLRQDGR
LQHVSHUDGDPHQWHRTXHSRGHFDXVDUIHUL 127$
PHQWRVJUDYHVRXIDWDLV Ɣ /LPSDUFRPHVFRYDVRPHQWHRFDUSHWHGR
Ɣ 2VLVWHPDGHDLUEDJGHYHVHUYHULILFDGR DVVRDOKRHRVWDSHWHV2XWUDVVXSHUItFLHVGH
LPHGLDWDPHQWHSRUXPD&RQFHVVLRQiULD WHFLGRSRGHPVHUGDQLILFDGDVSHODHVFRYD
9RONVZDJHQ Ɣ 6HSDVWDVRXVROXo}HVSDUDODYDJHPIRUHP
XWLOL]DGDVFRPXPSDQR~PLGRRXXPDHVSRQ
127$ MDDSyVDVHFDJHPSRGHPDSDUHFHUPDUFDVQR
HVWRIDPHQWRSRUH[HPSORGHYLGRDRWHQVRDWL
6HRHVWRIDPHQWRGDVXSHUItFLHGREDQFRFRP
YR9LDGHUHJUDHVWDVPDUFDVVmRGHGLItFLOUH
SRVVLELOLGDGHGHDMXVWHHOpWULFRRXFRPDTXHFL
PRomRRXQmRSRGHPPDLVVHUUHPRYLGDV
PHQWRRXFRPFRPSRQHQWHVGRDLUEDJIRUHQ
FKDUFDGRRVFRPSRQHQWHVHOpWULFRVHRVLVWH
PDHOpWULFRGRYHtFXORSRGHUmRVHUGDQLILFDGRV 127$
Ɣ 8PDVXSHUItFLHGREDQFRHQFKDUFDGDGHYH Ɣ 2$OFDQWDUD ŠQmRSRGHVHUHQFKDUFDGRHP
VHUVHFDGDLPHGLDWDPHQWHHRVFRPSRQHQWHV QHQKXPDKLSyWHVH
GRVLVWHPDGHYHPVHUYHULILFDGRVSRUXPD Ɣ 2$OFDQWDUD ŠQmRSRGHVHUWUDWDGRFRPSUR
&RQFHVVLRQiULD9RONVZDJHQ GXWRVSDUDWUDWDPHQWRGHFRXURVROYHQWHVFH
Ɣ 1mRXWLOL]DUKLJLHQL]DGRUDYDSRUXPDYH] UDJUD[DGHVDSDWRUHPRYHGRUGHPDQFKDVRX
TXHHOHID]FRPTXHDVXMHLUDSHQHWUHPDLVSUR VLPLODUHV
IXQGDPHQWHIL[DQGRVHQRVWHFLGRV Ɣ 1mRXWLOL]DUHVFRYDVSDUDDOLPSH]DFRP
iJXDSRLVLVVRSRGHGDQLILFDUDVXSHUItFLHGR
PDWHULDO ‹

 &RQVHUYDomROLPSH]DPDQXWHQomR
&RQVHUYDUHOLPSDUUHYHVWLPHQWRVHPFRXURQDWXUDO

¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
Ɣ 5HPRYHUPDQFKDVUHFHQWHVGHFDQHWDHVIHUR
JUiILFDWLQWDEDWRPHJUD[DGHVDSDWRRPDLVUiSL
GRSRVVtYHO
Ɣ &RQVHUYDUDFRUGRFRXUR5HWRFDUDVUHJL}HV
(PFDVRGHG~YLGDVDUHVSHLWRGDOLPSH]DHFRQ GHVFRORULGDVFRPXPFUHPHSDUDFRXURHVSHFLDO
VHUYDomRGRDFDEDPHQWRHPFRXURGRYHtFXORGL FRQIRUPHQHFHVViULR
ULJLUVHDXPD&RQFHVVLRQiULD9RONVZDJHQ
Ɣ 5HWLUDURH[FHVVRFRPXPSDQRPDFLR
&RQVHUYDomRHWUDWDPHQWR /LPSDU
2FRXURQDWXUDOpXPPDWHULDOVHQVtYHOSRUQmRWHU
$9RONVZDJHQUHFRPHQGDXWLOL]DUSDUDDOLPSH]D
XPDFDPDGDGHWLQWDTXHRUHFREUH
HPJHUDOXPSDQRGHOmRXGHDOJRGmROHYHPHQWH
Ɣ 8WLOL]DUUHJXODUPHQWHDSyVFDGDOLPSH]DXP XPHGHFLGR
FUHPHGHFRQVHUYDomRFRPIRWRSURWHomRHHIHLWR 2EVHUYDUSDUDTXHRFRXURQmRVHMDXPHGHFLGR
LPSUHJQDQWH2FUHPHQXWUHHKLGUDWDRFRXURWRU HPQHQKXPSRQWRHTXHDiJXDQmRSHQHWUHSHODV
QDQGRRPDFLRHHVWLPXODQGRVXDUHVSLUDomR$R FRVWXUDV
PHVPRWHPSRHOHSURGX]XPDSHOtFXODSURWHWRUD
$QWHVGDOLPSH]DGRUHYHVWLPHQWRHPFRXURRE
Ɣ /LPSDURFRXURDFDGDDPHVHVUHPRYHQ
VHUYDUDVVHJXLQWHVRULHQWDo}HVҧϜ3iJLQD
GRDVVXMHLUDVUHFHQWHV
/LPSH]DGRHVWRIDPHQWRGDVXSHUItFLHGRVEDQFRV
Ɣ 7UDWDURFRXURDFDGDVHLVPHVHVFRPXPSUR FRPDTXHFLPHQWRHGHEDQFRVFRPSRVVLELOLGDGH
GXWRGHFRQVHUYDomRGHFRXURDGHTXDGRҧϜ  GHDMXVWHHOpWULFRRXFRPFRPSRQHQWHVGRDLUEDJ
Ɣ /LPSDUFRPSURGXWRVGHOLPSH]DHGHFRQVHU
YDomRHPSRXFDTXDQWLGDGHFRPXPSDQRVHFR
GHOmRXGHDOJRGmRTXHQmRVROWHILDSRV1mRFR
ORFDUSURGXWRVGHOLPSH]DHGHFRQVHUYDomRGLUH
WDPHQWHVREUHRFRXUR

7LSRGHPDQFKD /LPSH]D
6XMHLUDVPDLVSHVDGDV $SOLFDUXPDVROXomRGHVDEmRQHXWURFRPXPSDQREHP D WRUFLGR
6HFDUFRPXPSDQRDEVRUYHQWHVHFR
0DQFKDVGHEDVHDTXRVD 5HPRYHUDVPDQFKDVIUHVFDVFRPXPSDQRDEVRUYHQWH
FRPRSRUH[HPSORFDIp 1RFDVRGHPDQFKDVMiVHFDVXWLOL]DUXPOLPSDGRUDGHTXDGRҧϜ 
FKiVXFRVVDQJXHHWF
0DQFKDVGHEDVHJRUGXUR 5HPRYHUDVPDQFKDVIUHVFDVFRPXPSDQRDEVRUYHQWH
VDFRPRSRUH[HPSORyOHR 1RFDVRGHPDQFKDVTXHDLQGDQmRSHQHWUDUDPQDVXSHUItFLHXWLOL]DUXP
EDWRPHWF OLPSDGRUDGHTXDGRҧϜ 
0DQFKDVHVSHFLDLVFRPR 6HFDUFRPXPSDQRDEVRUYHQWHVHFR
SRUH[HPSORFDQHWDHVIHUR /LPSDUFRPXPUHPRYHGRUGHPDQFKDVHVSHFLDOSDUDFRXUR
JUiILFDHVPDOWHGHXQKD
PDUFDGRUVSUD\GHWLQWD
JUD[DGHVDSDWRHWF
D 6ROXomRGHVDEmRVXDYHFROKHUHVGHVRSDGHVDEmRQHXWURHPXPOLWURGHiJXD

127$ 127$ FRQWLQXDomR

Ɣ 2FRXURQmRSRGHVHUWUDWDGRFRPVROYHQ Ɣ $EVRUYHULPHGLDWDPHQWHRVOtTXLGRVGHUUD
WHVFHUDJUD[DGHVDSDWRUHPRYHGRUGHPDQ PDGRVFRPXPSDQRDEVRUYHQWHSRLVDVXSHU
FKDVRXVLPLODUHVHPQHQKXPDKLSyWHVH ItFLHGRFRXURHDVFRVWXUDVQmRUHVLVWHPSRU
PXLWRWHPSRjSHQHWUDomRGHOtTXLGRV
Ɣ 6HXPDPDQFKDSHQHWUDUQDVXSHUItFLHGR
FRXURDSyVXPORQJRWHPSRGHH[SRVLomRD Ɣ 3URWHJHURFRXURGHH[SRVLomRDRVROH[
53&&

PDQFKDQmRSRGHUiPDLVVHUUHPRYLGD FHVVLYDSDUDHYLWDUXPGHVERWDPHQWR

/HYHVDOWHUDo}HVGHFRUFDXVDGDVSHORXVR
VmRQRUPDLV ‹

&RQVHUYDomRHPDQXWHQomRGRYHtFXOR 
/LPSDUUHYHVWLPHQWRVHPFRXURDUWLILFLDO

¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
127$
2FRXURDUWLILFLDOQmRSRGHVHUWUDWDGRFRPVRO
YHQWHVFHUDJUD[DGHVDSDWRUHPRYHGRUGH
$QWHVGDOLPSH]DGRUHYHVWLPHQWRHPFRXURDUWLIL PDQFKDVRXVLPLODUHVHPQHQKXPDKLSyWHVH
FLDOREVHUYDUDVVHJXLQWHVRULHQWDo}HV (VWHVRFDVLRQDPRUHVVHFDPHQWRHRURPSL
ҧϜ3iJLQD/LPSH]DGRHVWRIDPHQWRGDVXSHUIt PHQWRSUHPDWXURGRPDWHULDO ‹
FLHGRVEDQFRVFRPDTXHFLPHQWRHGHEDQFRV
FRPSRVVLELOLGDGHGHDMXVWHHOpWULFRRXFRPFRP
SRQHQWHVGRDLUEDJ
8WLOL]DUVRPHQWHiJXDHSURGXWRGHOLPSH]DQHXWUR
SDUDDOLPSH]DGRVUHYHVWLPHQWRVHPFRXURDUWLILFL
DO

/LPSDURVSRUWDREMHWRVRVSRUWDFRSRVHRVFLQ]HLURV
Ɣ 8PHGHFHUXPSDQROLPSRHVHPILDSRVFRP
iJXDHOLPSDUDVSHoDV
Ɣ 6HLVWRQmRIRUVXILFLHQWHXWLOL]DUXPSURGXWRGH
OLPSH]DHGHFRQVHUYDomRGHSOiVWLFRHVSHFLDO
VHPVROYHQWHV

/LPSDURSRUWDFRSRVGRFRQVROHFHQWUDO
GLDQWHLUR
Ɣ $SHUWDURERWmRҧϜ)LJ VHWDJUDQGH SDUD
OLEHUDURVXSRUWH
Ɣ 'HVURVTXHDURHQJDWHGRVXSRUWHGHVXDIL[D
omRJLUDQGRQRVHQWLGRFRQWUiULRDRGDVHWDPHQRU
ҧϜ)LJHUHPRYrOR
Ɣ $SyVDOLPSH]DUHFRORFDURHQJDWH
)LJ 1RFRQVROHFHQWUDOSRUWDFRSRVGLDQWHL
Ɣ 5RVTXHDURHQJDWHQRYDPHQWHHPVXDIL[DomR
UR
JLUDQGRRQRVHQWLGRGDVHWDPHQRUDWpRHQFDL[H

¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
/LPSDURFLQ]HLUR
Ɣ 5HPRYHUHHVYD]LDURFLQ]HLUR
Ɣ /LPSDUFRPXPDWRDOKDGHOLPSH]D
/LPSDURSRUWDREMHWRVHRSRUWDFRSRV 3DUDDOLPSH]DGRDSDJDGRUGHFLJDUURHUHPRomR
1DEDVHGHDOJXQVSRUWDREMHWRVHSRUWDFRSRV GRVUHVWRVGHFLQ]DXWLOL]DUSRUH[HPSORXPSDOL
H[LVWHXPGLVSRVLWLYRGHERUUDFKDUHPRYtYHO WRGHGHQWHRXREMHWRVLPLODU ‹

&RQVHUYDUHOLPSDUDVSHoDVGHSOiVWLFRRVHOHPHQWRVGHFRUDWLYRVGH
PDGHLUDHRSDLQHOGHLQVWUXPHQWRV

¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD b

 &RQVHUYDomROLPSH]DPDQXWHQomR
Ɣ 8PHGHFHUXPSDQROLPSRHVHPILDSRVFRP
$'9(57Ç1&,$
iJXDHOLPSDUDVSHoDV
Ɣ 7UDWDUSHoDVGHSOiVWLFR GHQWURHIRUDGRYHt 'HWHUJHQWHVFRPVROYHQWHVWRUQDPDVXSHUIt
FXOR HRSDLQHOGHLQVWUXPHQWRVFRPXPSURGXWR FLHGRPyGXORGRDLUEDJSRURVD1RFDVRGH
GHOLPSH]DHGHFRQVHUYDomRGHSOiVWLFRVHPVRO XPDFLGHQWHFRPDWLYDomRGRDLUEDJDVSH
YHQWHVOLEHUDGRSHOD9RONVZDJHQҧϜ  oDVGHSOiVWLFRTXHVHVROWDPSRGHPFDXVDU
IHULPHQWRVJUDYHV
Ɣ 7UDWDURVHOHPHQWRVGHFRUDWLYRVHPPDGHLUD
FRPXPDVROXomRGHVDEmRVXDYH Ɣ 1XQFDWUDWDURSDLQHOGHLQVWUXPHQWRVHD
VXSHUItFLHGRPyGXORGRDLUEDJFRPGHWHU
JHQWHVFRPVROYHQWH ‹

/LPSDURVFLQWRVGHVHJXUDQoD

¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
$'9(57Ç1&,$ FRQWLQXDomR
Ɣ 2VFLQWRVGHVHJXUDQoDEHPFRPRVHXV
FRPSRQHQWHVMDPDLVGHYHPVHUKLJLHQL]DGRV
TXLPLFDPHQWHRXHQWUDUHPFRQWDWRFRPOt
6XMHLUDJURVVDQRFDGDUoRGRFLQWRGHVHJXUDQoD TXLGRVFRUURVLYRVVROYHQWHVRXREMHWRVFRU
SUHMXGLFDRHQURODPHQWRDXWRPiWLFRGRFLQWRH WDQWHV,VWRSUHMXGLFDSURIXQGDPHQWHDUHVLV
FRPLVVRRIXQFLRQDPHQWRGRFLQWRGHVHJXUDQoD WrQFLDGRWHFLGRGRFLQWR
2VFLQWRVGHVHJXUDQoDMDPDLVGHYHPVHUGHV Ɣ 8PFLQWRGHVHJXUDQoDOLPSRGHYHHVWDU
PRQWDGRVSDUDOLPSH]D WRWDOPHQWHVHFRDQWHVGHVHUUHFROKLGRSRLV
Ɣ 5HPRYHUDVXMHLUDJURVVDFRPXPDHVFRYD DXPLGDGHSRGHGDQLILFDURHQURODGRUGRFLQ
PDFLDҧϜ  WRGHVHJXUDQoDDXWRPiWLFRHSUHMXGLFDUVXD
IXQomR
Ɣ 3X[DURFLQWRGHVHJXUDQoDVXMRWRWDOPHQWHSD
UDIRUDHGHL[DURFDGDUoRGRFLQWRGHVHQURODGR Ɣ -DPDLVGHL[DUREMHWRVHVWUDQKRVRXOtTXL
GRVSHQHWUDUHPQRVHQJDWHVGRVIHFKRVGRV
Ɣ /LPSDURFLQWRGHVHJXUDQoDFRPVROXomRGH FLQWRVGHVHJXUDQoD,VWRSRGHOLPLWDUDIXQ
VDEmRVXDYH FLRQDOLGDGHGRVIHFKRVGRVFLQWRVGHVHJX
Ɣ 'HL[DUVHFDUSRUFRPSOHWRRWHFLGRGRFLQWRWUD UDQoDHGRVFLQWRVGHVHJXUDQoD
WDGR Ɣ 1XQFDWHQWDUUHSDUDUPRGLILFDURXGHV
Ɣ 5HFROKHURFLQWRGHVHJXUDQoDDSHQDVVHHOH PRQWDURVFLQWRVGHVHJXUDQoDSRUFRQWD
HVWLYHUWRWDOPHQWHVHFR SUySULD
Ɣ 6XEVWLWXLULPHGLDWDPHQWHRVFLQWRVGHVH
$'9(57Ç1&,$ JXUDQoDGDQLILFDGRVSRUFLQWRVGHVHJXUDQoD
9HULILFDUUHJXODUPHQWHRHVWDGRGHWRGRVRV QRYRVOLEHUDGRVSDUDRYHtFXORSHOD9RONVZD
FLQWRVGHVHJXUDQoD6HRWHFLGRGRFLQWRRX JHQ&LQWRVGHVHJXUDQoDTXHIRUDPXWLOL]D
RXWURVFRPSRQHQWHVGRFLQWRGHVHJXUDQoD GRVGXUDQWHXPDFLGHQWHHSRULVVRVRIUH
HVWLYHUHPGDQLILFDGRVHOHVGHYHPVHUGH UDPDORQJDPHQWRGHYHPVHUVXEVWLWXtGRV
VLQVWDODGRVHVXEVWLWXtGRVSRUXPD&RQFHV SRUXPD&RQFHVVLRQiULD9RONVZDJHQ$VXE
VLRQiULD9RONVZDJHQ&LQWRVGHVHJXUDQoD VWLWXLomRSRGHUiVHUQHFHVViULDPHVPRVH
GDQLILFDGRVUHSUHVHQWDPXPJUDQGHSHULJRH QmRKRXYHUXPGDQRYLVtYHO$OpPGLVVRDV
SRGHPFDXVDUIHULPHQWRVJUDYHVRXIDWDLV DQFRUDJHQVGRVFLQWRVGHVHJXUDQoDGHYHP
VHUYHULILFDGDV ‹
53&&

&RQVHUYDomRHPDQXWHQomRGRYHtFXOR 
5RGDVHSQHXV

¤ ,QWURGXomRDRWHPD
1HVWHFDStWXORHQFRQWUDPVHLQIRUPDo}HVUHODWLYDV $'9(57Ç1&,$ FRQWLQXDomR
DRVVHJXLQWHVWHPDV
Ɣ 8PPDQXVHLRLQDGHTXDGRGHURGDVH
0DQXVHLRGHURGDVHSQHXV   SQHXVSRGHUHGX]LUDVHJXUDQoDGHFRQGXomR
$URV  HFDXVDUDFLGHQWHVHIHULPHQWRVJUDYHV
3QHXVQRYRVHVXEVWLWXLomRGRVSQHXV   Ɣ 8WLOL]DUVRPHQWHSQHXVUDGLDLVGHHVWUXWX
3UHVVmRGRVSQHXV   UDHWDPDQKR GLkPHWUR LJXDLVHFRPRPHV
3URIXQGLGDGHGRSHUILOHLQGLFDGRUGH PRSHUILOHPWRGDVDVURGDV
GHVJDVWH   Ɣ 3QHXVQRYRVSUHFLVDPVHUDPDFLDGRV
'DQRVQRVSQHXV   SRLVVXDDGHUrQFLDHHIHLWRGHIUHQDJHPVmR
5RGDVREUHVVDOHQWH   LQLFLDOPHQWHUHGX]LGDV3DUDHYLWDUDFLGHQWHV
,QVFULomRGRVSQHXV   HIHULPHQWRVJUDYHVFRQGX]LUFRPDGHYLGD
3QHXVGHLQYHUQR   SUHFDXomRGXUDQWHRVSULPHLURVNP
&RUUHQWHVSDUDQHYH   Ɣ 9HULILFDUUHJXODUPHQWHDSUHVVmRGRV
SQHXVFRPRVSQHXVIULRVHPDQWHUVHPSUHR
$9RONVZDJHQUHFRPHQGDTXHWRGRVRVWUDEDOKRV YDORULQGLFDGRSDUDDSUHVVmRGRVSQHXV
QDVURGDVHQRVSQHXVVHMDPH[HFXWDGRVSRUXPD 8PDSUHVVmRGRVSQHXVPXLWREDL[DDRFRQ
HPSUHVDHVSHFLDOL]DGD(PSUHVDVHVSHFLDOL]DGDV GX]LUSRGHDTXHFHUIRUWHPHQWHRVSQHXVSR
HVWmRHTXLSDGDVFRPWRGDVDVIHUUDPHQWDVHSH GHQGRFDXVDURVROWDPHQWRGDEDQGDGHUR
oDVGHUHSRVLomRQHFHVViULDVWrPRFRQKHFLPHQ GDJHPHRHVWRXURGRSQHX
WRWpFQLFRQHFHVViULRHHVWmRSUHSDUDGDVSDUDR Ɣ 1XQFDGLULJLUFRPSQHXVGDQLILFDGRV IX
GHVFDUWHDGHTXDGRGRVSQHXVXVDGRV3DUDLVVR URVFRUWHVUDVJRVHEROKDV HGHVJDVWDGRV
D9RONVZDJHQUHFRPHQGDDV&RQFHVVLRQiULDV $FRQGXomRFRPHVVHVSQHXVSRGHFDXVDUR
9RONVZDJHQ HVWRXURGRVSQHXVDFLGHQWHVHIHULPHQWRV
JUDYHV3QHXVGHVJDVWDGRVRXGDQLILFDGRV
,QIRUPDo}HVHDOHUWDVFRPSOHPHQWDUHV
GHYHPVHUVXEVWLWXtGRVLPHGLDWDPHQWH
Ɣ 7UDQVSRUWDUҧϜ3iJLQD
Ɣ 1XQFDH[FHGHUDYHORFLGDGHPi[LPDHD
Ɣ &RQGXomRFRPUHERTXHҧϜ3iJLQD FDSDFLGDGHGHFDUJDSHUPLWLGDVSDUDRV
Ɣ )UHDUSDUDUHHVWDFLRQDUҧϜ3iJLQD SQHXVPRQWDGRV
Ɣ $VVLVWHQWHGHGLUHomRSDUDHVWDFLRQDPHQWR Ɣ $HILFLrQFLDGRVVLVWHPDVGHDVVLVWrQFLD
3DUN$VVLVW ҧϜ3iJLQD DRFRQGXWRUHGRVVLVWHPDVGHDVVLVWrQFLDGH
Ɣ 6LVWHPDVGHFRQWUROHGRVSQHXVҧϜ3iJLQD IUHQDJHPWDPEpPGHSHQGHGDDGHUrQFLDGRV
SQHXV
Ɣ &RQVHUYDUHOLPSDUDSDUWHH[WHUQDGRYHtFXOR
ҧϜ3iJLQD Ɣ 6HGXUDQWHDFRQGXomRIRUHPLGHQWLILFD
GDVYLEUDo}HVLQFRPXQVRXRYHtFXORHVWLYHU
Ɣ ,QIRUPDo}HVDRFRQVXPLGRUҧϜ3iJLQD
SX[DQGRSDUDXPGRVODGRVSDUDULPHGLDWD
Ɣ )HUUDPHQWDVGHERUGRҧϜ3iJLQD PHQWHHYHULILFDUDVURGDVHRVSQHXVTXDQWR
Ɣ &DORWDVҧϜ3iJLQD DGDQRV
Ɣ 7URFDGHURGDҧϜ3iJLQD Ɣ 3DUDGLPLQXLURULVFRGHSHUGDGHFRQWUROH
Ɣ .LWGHUHSDURGRVSQHXVҧϜ3iJLQD GDGLUHomRGHDFLGHQWHRXGHIHULPHQWRVJUD
YHVQXQFDVROWDURVSDUDIXVRVGRVDURVFRP
RDQHOGRDURDSDUDIXVDGR
$'9(57Ç1&,$
Ɣ 1mRXWLOL]DUURGDVRXSQHXVGHSURFHGrQ
3QHXVQRYRVRXSQHXVYHOKRVGHVJDVWDGRV FLDGHVFRQKHFLGD5RGDVHSQHXVXVDGRVSR
RXGDQLILFDGRVQmRVmRFDSD]HVGHSURSRU GHPHVWDUGDQLILFDGRVPHVPRVHRVGDQRV
FLRQDURFRQWUROHHHIHLWRGHIUHQDJHPWRWDLV QmRIRUHPYLVtYHLV
GRYHtFXOR
Ɣ 3QHXVYHOKRV±PHVPRVHQXQFDXVDGRV±
SRGHPHVYD]LDURXHVWRXUDUVXELWDPHQWH
SULQFLSDOPHQWHHPDOWDVYHORFLGDGHVHFDX
VDUDFLGHQWHVHIHULPHQWRVJUDYHV3QHXV
FRPPDLVGHDQRVVyGHYHPVHUXWLOL]DGRV b

 &RQVHUYDomROLPSH]DPDQXWHQomR
$'9(57Ç1&,$ FRQWLQXDomR DURVGRPHVPRPRGHORGHYHtFXOR2EVHUYDURV
GRFXPHQWRVGHOLFHQFLDPHQWRGRYHtFXORHVHQH
HPFDVRGHHPHUJrQFLDFRPH[WUHPRFXLGD
FHVViULRFRQVXOWDUXPD&RQFHVVLRQiULD9RONVZD
GRHIRUPDGHFRQGXomRLJXDOPHQWHFXLGDGR
JHQ ‹
VD

3RUUD]}HVWpFQLFDVDURVGHRXWURVYHtFXORV
QRUPDOPHQWHQmRSRGHPVHUXWLOL]DGRV,VWR
YDOHVREFHUWDVFLUFXQVWkQFLDVDWpPHVPRSDUD
53&&

&RQVHUYDomRHPDQXWHQomRGRYHtFXOR 
0DQXVHLRGHURGDVHSQHXV
Ɣ 3URWHJHURVSQHXVLQFOXVLYHRGDURGDVREUHV
VDOHQWHGRFRQWDWRFRPVXEVWkQFLDVDJUHVVLYDV
LQFOXVLYHJRUGXUDyOHRJDVROLQDHIOXLGRGHIUHLR
ҧϜ 
Ɣ 5HSRUDVWDPSDVGDVYiOYXODVLPHGLDWDPHQWH
HPFDVRGHSHUGD

3QHXVGHEDL[RSHUILO
2VSQHXVGHEDL[RSHUILOIRUQHFHPHPFRPSDUD
omRFRPRXWUDVFRPELQDo}HVGHURGDVHSQHXV
XPDPHQRUEDQGDGHURGDJHPHXPPDLRUGLkPH
)LJ (VTXHPDSDUDDWURFDGDVURGDV WURGRDURFRPXPDDOWXUDPHQRUGRIODQFRGRV
SQHXVҧϜ 2VSQHXVGHEDL[RSHUILOPHOKRUDPDV

¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
FDUDFWHUtVWLFDVGHFRQGXomRHDSUHFLVmR0DVSR
GHPRFRUUHUOLPLWDo}HVGHFRQIRUWRHPHVWUDGDVH
UXDVUXLQV

3QHXVXQLGLUHFLRQDLV
2VSQHXVVmRDVSHoDVGRYHtFXORTXHPDLVVmR
VXEPHWLGDVDHVIRUoRHDVTXHPDLVVmRGHSUHFLD 3QHXVXQLGLUHFLRQDLVIRUDPGHVHQYROYLGRVSDUDUR
GDV2VSQHXVVmRPXLWRLPSRUWDQWHVXPDYH] GDUHPVRPHQWHXPDGLUHomR1RFDVRGHSQHXV
TXHDHVWUHLWDiUHDGHDSRLRGRVSQHXVpR~QLFR GHILQLGRVFRQIRUPHGLUHomRGHURGDJHPRIODQFR
FRQWDWRGRYHtFXORFRPDUXD GRVSQHXVpPDUFDGRFRPVHWDVҧϜ3iJLQD$
GLUHomRGHURGDJHPLQGLFDGDGHYHVHUVHJXLGD
2WHPSRGHYLGDGRVSQHXVGHSHQGHGDSUHVVmR REULJDWRULDPHQWH6RPHQWHDVVLPDVFDUDFWHUtVWL
GRVSQHXVGDIRUPDGHFRQGXomRGRPDQXVHLRH FDVGHURGDJHPLGHDLVUHIHUHQWHVDDTXDSODQD
GDLQVWDODomRFRUUHWD JHPFDSDFLGDGHGHDGHUrQFLDUXtGRHGHVJDVWH
3QHXVHDURVVmRHOHPHQWRVGHFRQVWUXomRLPSRU VmRJDUDQWLGDV
WDQWHV2VSQHXVHDVURGDVOLEHUDGRVSHOD9RONV 6HPHVPRDVVLPXPSQHXIRUPRQWDGRQDGLUH
ZDJHQVmRGHWHUPLQDGRVSDUDRPRGHORGHYHtFX omRGHURGDJHPFRQWUiULDFRQGX]LUREULJDWRULD
ORFRUUHVSRQGHQWHHFRQWULEXHPGHFLVLYDPHQWHSD PHQWHFRPPDLVFXLGDGRXPDYH]TXHRSQHX
UDXPDSRLRVDWLVIDWyULRVREUHDUXDHSDUDDVFD QmRHVWiVHQGRPDLVXWLOL]DGRVHJXQGRDVGHWHUPL
UDFWHUtVWLFDVGHFRQGXomRVHJXUDV QDo}HV,VWRpHVSHFLDOPHQWHLPSRUWDQWHHPUXDV
PROKDGDV2SQHXGHYHVHUVXEVWLWXtGRRXPRQWD
(YLWDUGDQRVQRVDURVHQRVSQHXV
GRQDGLUHomRGHURGDJHPFRUUHWDRPDLVUiSLGR
Ɣ 3DVVDUSRUFDOoDGDVHVLPLODUHVOHQWDPHQWHH SRVVtYHO
VHPSUHTXHSRVVtYHOHPkQJXORUHWR
Ɣ 9HULILFDUUHJXODUPHQWHRVDURVHRVSQHXV 7URFDUDVURGDV
TXDQWRDGDQRVFRPRSRUH[HPSORIXURVFRUWHV 3DUDRGHVJDVWHXQLIRUPHGHWRGDVDVURGDVpUH
UDVJRVHEROKDVҧϜ3iJLQD FRPHQGiYHOXPDWURFDUHJXODUGDVURGDVFRQIRUPH
Ɣ 5HPRYHUFRUSRVHVWUDQKRVTXHVHDORMDUDPH[ RHVTXHPDҧϜ)LJ&RPLVVRWRGRVRVSQHXV
WHUQDPHQWHQRSHUILOGRSQHXHQmRSHQHWUDUDP DOFDQoDPXPWHPSRGHYLGDDSUR[LPDGDPHQWH
QRLQWHULRUGRSQHXҧϜ3iJLQD LJXDO
Ɣ 9HULILFDUUHJXODUPHQWHVHHVWiFRPDSUHVVmR $9RONVZDJHQUHFRPHQGDTXHRURGt]LRGDVURGDV
FRUUHWDGRVSQHXV6HIRURFDVRREVHUYDUDV VHMDIHLWRSRUXPD&RQFHVVLRQiULD9RONVZDJHQ
PHQVDJHQVGHDGYHUWrQFLDGRVLVWHPDGHFRQWUROH
3QHXVPDLVYHOKRVGRTXHDQRV
GRVSQHXVҧϜ3iJLQD
2VSQHXVHQYHOKHFHPSRUPHLRGHSURFHVVRVItVL
Ɣ 3QHXVGHVJDVWDGRVRXGDQLILFDGRVGHYHPVHU
FRVHTXtPLFRVTXHSRGHPSUHMXGLFDUVXDIXQomR
VXEVWLWXtGRVLPHGLDWDPHQWHҧϜ3iJLQD
3QHXVTXHHVWmRDUPD]HQDGRVSRUXPWHPSR
Ɣ 1XQFDH[FHGHUDFDUJD~WLOHDYHORFLGDGHPi PDLVORQJRHQULMHFHPHHVIDUHODPPDLVUiSLGRTXH
[LPDGRVSQHXVPRQWDGRVҧϜ3iJLQD SQHXVTXHHVWmRHPXVRFRQVWDQWH
$9RONVZDJHQUHFRPHQGDTXHSQHXVFRPDQRV
RXPDLVVHMDPVXEVWLWXtGRVSRUSQHXVQRYRV,VWR
pYiOLGRWDPEpPSDUDDURGDVREUHVVDOHQWHTXH b

 &RQVHUYDomROLPSH]DPDQXWHQomR
DSDUHQWHHVWDUHPERPHVWDGRHTXHQmRDSUHVHQ $'9(57Ç1&,$ FRQWLQXDomR
WHPRGHVJDVWHPtQLPRGRVHXSHUILOSHUPLWLGRSRU
Ɣ 0DQWHUSURGXWRVTXtPLFRVyOHRVJRUGX
OHLҧϜ 
UDVFRPEXVWtYHLVIOXLGRVGHIUHLRHRXWUDV
$LGDGHGHFDGDSQHXSRGHVHUHVWDEHOHFLGDFRP VXEVWkQFLDVDJUHVVLYDVVHPSUHORQJHGRV
EDVHQDGDWDGHIDEULFDomRTXHpSDUWHLQWHJUDQWH SQHXV
GRQ~PHURGHLGHQWLILFDomRGRSQHX 4).
ҧϜ3iJLQD $'9(57Ç1&,$
$UPD]HQDURVSQHXV 3QHXVYHOKRV±PHVPRVHQXQFDXVDGRV±
6LQDOL]DUDVURGDVDQWHVGHVXDGHVPRQWDJHPSD SRGHPHVYD]LDURXHVWRXUDUVXELWDPHQWH
UDTXHDPHVPDGLUHomRGHURGDJHPSRVVDVHU SULQFLSDOPHQWHHPDOWDVYHORFLGDGHVHFDX
PDQWLGDQDUHPRQWDJHP HVTXHUGDGLUHLWDGLDQ VDUDFLGHQWHVHIHULPHQWRVJUDYHV
WHLUDWUDVHLUD 3QHXVHURGDVGHVPRQWDGRVGH Ɣ 3QHXVFRPPDLVGHDQRVVyGHYHPVHU
YHPVHUDUPD]HQDGRVHPOXJDUIUHVFRVHFRH XWLOL]DGRVHPFDVRGHHPHUJrQFLDFRPH[WUH
PDLVHVFXURSRVVtYHO1mRSRVLFLRQDUYHUWLFDOPHQ PRFXLGDGRHIRUPDGHFRQGXomRLJXDOPHQWH
WHSQHXVPRQWDGRVQRVDURV FXLGDGRVD
3URWHJHUSQHXVVHPDURVHPFDSDVDGHTXDGDV
FRQWUDLPSXUH]DVHDUPD]HQDUHPSpVREUHDEDQ 127$
GDGHURGDJHP (YLWDUFKRTXHVIRUWHVHVHSRVVtYHOFRQWRUQDU
RVREVWiFXORV2VSQHXVSRGHPVHUPXLWR
$'9(57Ç1&,$ FRPSULPLGRVHGHIRUPDGRVQRVEXUDFRVHQRV
/tTXLGRVHVXEVWkQFLDVDJUHVVLYRVSRGHP FDQWRVGRPHLRILRHVSHFLDOPHQWHRVSQHXVGH
FDXVDUGDQRVYLVtYHLVHQmRYLVtYHLVDRV EDL[RSHUILO,VVRSRGHFDXVDURURPSLPHQWRGR
SQHXVRTXHSRGHRFDVLRQDURHVWRXURGRV IRUURGRWHFLGRGRSQHXVTXHEUDVRXUDFKDGX
SQHXV UDVQRVIODQFRVGRVSQHXVHGHIRUPDo}HVRX
UDFKDGXUDVQRVDURV

'HVFDUWDUSQHXVYHOKRVVHPSUHGHPDQHLUD
DGHTXDGDHVHJXQGRDVUHFRPHQGDo}HV ‹

$URV

¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
3DUDIXVRVGHURGD
2VSDUDIXVRVGHURGDGHYHPVHUDSDUDIXVDGRV
VHPSUHFRPRWRUTXHGHDSHUWRFRUUHWR
ҧϜ3iJLQD
$URVHSDUDIXVRVGHURGDVmRSURGX]LGRVGHDFRU
GRXPFRPRRXWUR3RULVVRSDUDFDGDPXGDQoD $URVFRPDQHOGRDURDSDUDIXVDGR
GHDURGHYHPVHUXWLOL]DGRVRVSDUDIXVRVGHURGD $URVFRPDQHOGRDURDSDUDIXVDGRVmRFRPSRVWRV
FRUUHVSRQGHQWHVFRPRFRPSULPHQWRHDFRQYH[L SRUYiULDVSHoDV(VWDVSHoDVVmRIL[DGDVHQWUHVL
GDGHFRUUHWRV$IL[DomRGDVURGDVHDIXQomRGR FRPSDUDIXVRVHVSHFtILFRVHFRPXPSURFHGLPHQ
VLVWHPDGHIUHLRGHSHQGHPGLVVRҧϜ3iJLQD WRHVSHFLDO$VVLPDIXQomRRDSHUWRDVHJXUDQ
3RUUD]}HVWpFQLFDVDURVGHRXWURVYHtFXORVQRU oDHRGLkPHWURH[DWRGDURGDVmRJDUDQWLGRV3RU
PDOPHQWHQmRSRGHPVHUXWLOL]DGRV,VWRYDOHVRE HVWDUD]mRDURVGDQLILFDGRVGHYHPVHUVXEVWLWXt
FHUWDVFLUFXQVWkQFLDVDWpPHVPRSDUDDURVGR GRVHVySRGHPVHUFRQVHUWDGRVSRUXPDHPSUHVD
PHVPRPRGHORGHYHtFXOR HVSHFLDOL]DGD3DUDLVVRD9RONVZDJHQUHFRPHQ
GDXPD&RQFHVVLRQiULD9RONVZDJHQҧϜ 
2VSQHXVHRVDURVOLEHUDGRVSHOD9RONVZDJHQ
VmRGHWHUPLQDGRVSDUDRPRGHORGHYHtFXORFRU $URVFRPHOHPHQWRVGHFRUDWLYRV
UHVSRQGHQWHHFRQWULEXHPGHFLVLYDPHQWHSDUDXP DSDUDIXVDGRV
DSRLRVDWLVIDWyULRVREUHDUXDHSDUDFDUDFWHUtVWL 2VDURVSRGHPHVWDUSURMHWDGRVFRPHOHPHQWRV
FDVGHFRQGXomRVHJXUDV
53&&

GHFRUDWLYRVLQWHUFDPELiYHLVPRQWDGRVQRDURFRP
SDUDIXVRVGHVHJXUDQoD(OHPHQWRVGHFRUDWLYRV
GDQLILFDGRVGHYHPVHUVXEVWLWXtGRVVRPHQWHSRU b

&RQVHUYDomRHPDQXWHQomRGRYHtFXOR 
XPDHPSUHVDHVSHFLDOL]DGD3DUDLVVRD9RONVZD
$'9(57Ç1&,$
JHQUHFRPHQGDXPD&RQFHVVLRQiULD9RONVZDJHQ
ҧϜ  $VROWXUDRXIL[DomRLQDGHTXDGDGRVSDUDIX
VRVHPDURVFRPDQpLVGHDURLQWHUQRVDSDUD
,GHQWLILFDomRGRVDURV IXVDGRVSRGHFDXVDUDFLGHQWHVHIHULPHQWRV
'HYLGRDHVSHFLILFDo}HVOHJDLVHPDOJXQVSDtVHV JUDYHV
DURVQRYRVGHYHPSRVVXLULQIRUPDo}HVVREUHGH Ɣ -DPDLVVROWDURVSDUDIXVRVGRVDURVFRP
WHUPLQDGDVFDUDFWHUtVWLFDVGRDUR&RQIRUPHRSD DQHOGRDURDSDUDIXVDGR
tVSRGHPH[LVWLUVREUHRDURDVVHJXLQWHVLQIRUPD
Ɣ 7RGRVRVWUDEDOKRVHPDURVFRPDQpLVGH
o}HV
DURDSDUDIXVDGRVGHYHPVHUH[HFXWDGRVSRU
Ɣ 6HORGHFRQIRUPLGDGH XPDHPSUHVDHVSHFLDOL]DGD3DUDLVVRD
Ɣ 7DPDQKRGRDUR 9RONVZDJHQUHFRPHQGDDV&RQFHVVLRQiULDV
9RONVZDJHQ ‹
Ɣ 1RPHGRIDEULFDQWHRXGDPDUFD
Ɣ 'DWDGHIDEULFDomR PrVDQR
Ɣ 3DtVGHRULJHP
Ɣ 1~PHURGHIDEULFDomR
Ɣ 1~PHURGRORWHGHPDWpULDSULPD
Ɣ &yGLJRGDPHUFDGRULD

$'9(57Ç1&,$
$XWLOL]DomRGHDURVGDQLILFDGRVRXLQDGHTXD
GRVSRGHFRPSURPHWHUDVHJXUDQoDGHFRQ
GXomRHFDXVDUDFLGHQWHVHIHULPHQWRVJUD
YHV
Ɣ 8WLOL]DUVRPHQWHDURVOLEHUDGRVSDUDRYHt
FXOR
Ɣ 9HULILFDUUHJXODUPHQWHSRVVtYHLVGDQRV
QRVDURVHVHQHFHVViULRVXEVWLWXtORV

3QHXVQRYRVHVXEVWLWXLomRGRVSQHXV

¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
6XEVWLWXLURVSQHXV
Ɣ 6HSRVVtYHOQmRHIHWXDUDVXEVWLWXLomRGHXP
SQHXLQGLYLGXDOPDVGHQRPtQLPRXPHL[R RV
GRLVSQHXVGRHL[RGLDQWHLURRXRVGRLVSQHXVGR
3QHXVQRYRV HL[RWUDVHLUR ҧϜ 
Ɣ &RQGX]LUFRPHVSHFLDOSUHFDXomRGXUDQWHRV Ɣ 6XEVWLWXLUSQHXVYHOKRVVRPHQWHSRUSQHXVOL
SULPHLURVNPFRPSQHXVQRYRVSRLVRVSQHXV EHUDGRVSHOD9RONVZDJHQSDUDRUHVSHFWLYRPRGH
SUHFLVDPVHUDPDFLDGRV3QHXVQmRDPDFLDGRV ORGHYHtFXOR$WHQWDUSDUDRWDPDQKRGLkPHWUR
WrPDGHUrQFLDҧϜ HHIHLWRGHIUHQDJHPҧϜ UH FDSDFLGDGHGHFDUJDHYHORFLGDGHPi[LPD
GX]LGRV
Ɣ -DPDLVXWLOL]DUSQHXVFXMDVGLPHQV}HVHIHWLYDV
Ɣ 8WLOL]DUVRPHQWHSQHXVUDGLDLVGHHVWUXWXUDH XOWUDSDVVHPDVPHGLGDVGRVSQHXVDXWRUL]DGRV
WDPDQKR GLkPHWUR LJXDLVHFRPRPHVPRSHUILO SHOD9RONVZDJHQ3QHXVPDLRUHVSRGHPDUUDVWDUH
HPWRGDVDVURGDV JHUDUDWULWRFRPDFDUURFHULDRXFRPRXWUDVSHoDV
Ɣ 'HSHQGHQGRGRIDEULFDQWHHGDYHUVmRDSUR
IXQGLGDGHGRVSHUILVGHSQHXVQRYRVSRGHVHUGL $GLFLRQDOPHQWHHPYHtFXORVFRPLQGLFDGRU
IHUHQWHGHYLGRDFDUDFWHUtVWLFDVGHIDEULFDomRH GHFRQWUROHGRVSQHXV
PRGHODJHPGRSHUILO (PYHtFXORVFRPLQGLFDGRUGHFRQWUROHGRVSQHXV
DSyVFDGDPRQWDJHPGHURGDRVLVWHPDGHYHVHU
UHSURJUDPDGRLQGHSHQGHQWHGHVHWUDWDUGDURGD
TXHMiHVWDYDPRQWDGDQHVWHOXJDUDWpHQWmRRXGH
XPDURGDQRYDҧϜ3iJLQD b

 &RQVHUYDomROLPSH]DPDQXWHQomR
0DLVLQIRUPDo}HVVREUHRLQGLFDGRUGHFRQWUROH
$'9(57Ç1&,$
GRVSQHXVFRPRHOHIXQFLRQDHRTXHpQHFHVVi
ULRVDEHUҧϜ3iJLQD 3QHXVQRYRVSUHFLVDPVHUDPDFLDGRVSRLV
VXDDGHUrQFLDHHIHLWRGHIUHQDJHPVmRLQLFL
$GLFLRQDOPHQWHHPYHtFXORVFRPVLVWHPDGH DOPHQWHUHGX]LGDV
FRQWUROHGDSUHVVmRGRVSQHXV Ɣ 3DUDHYLWDUDFLGHQWHVHIHULPHQWRVJUDYHV
$RVXEVWLWXLUDVURGDVLQVWDODGDVGHIiEULFDDWHQ FRQGX]LUFRPDGHYLGDSUHFDXomRGXUDQWHRV
WDUVHDVQRYDVURGDVHVWmRHTXLSDGDVFRPVHQVR SULPHLURVNP
UHVFRPSDWtYHLVFRPRVLVWHPDGHFRQWUROHGD
SUHVVmRGRVSQHXVLQWHJUDGR1RYDVURGDVFRP $'9(57Ç1&,$
VHQVRUHVVHUmRUHFRQKHFLGDVHLQWHJUDGDVDRVLV
WHPD3DUDRUHFRQKHFLPHQWRGDVQRYDVURGDVR $VURGDVGHYHPWHUDIROJDQHFHVViULDDGH
YHtFXORGHYHURGDUDOJXPWHPSRDXPDYHORFLGDGH TXDGDSDUDVHXIXQFLRQDPHQWR6HQmRKRX
GHQRPtQLPRNPK PSK  YHUIROJDSRGHRFRUUHUDWULWRGRVSQHXVFRP
SDUWHVGRFKDVVLVGDFDUURFHULDHGDVPDQ
1RPRPHQWRGDWURFDHPXGDQoDGRVVHQVRUHVD JXHLUDVGRIUHLRRTXHSRGHFDXVDUIDOKDGR
9RONVZDJHQUHFRPHQGDVHPSUHDLQVWDODomRGH VLVWHPDGHIUHLRHVROWXUDGDEDQGDGHURGD
XPQRYRFRQMXQWRGHYiOYXODVRXGHYHGDomR3D JHPGRSQHXHFRPLVVRSRGHRFDVLRQDUR
UDPDLVLQIRUPDo}HVFRQVXOWDUXPD&RQFHVVLR HVWRXURGRSQHX
QiULD9RONVZDJHQ
Ɣ $VPHGLGDVUHDLVGRVSQHXVQmRSRGHP
(PFDVRGHXVRGHSQHXVFRPGLPHQV}HVGLIHUHQ VHUPDLRUHVTXHDVPHGLGDVGRVSQHXVOLEH
WHVGDTXHODVLQGLFDGDVSHOD9RONVZDJHQSDUDR UDGRVSHOD9RONVZDJHQHQmRSRGHPJHUDU
YHtFXORHRPRGHORRVYDORUHVGHSUHVVmRGRV DWULWRFRPRXWUDVSHoDVGRYHtFXOR
SQHXVGHYHPVHUUHSURJUDPDGRVQRVLVWHPDGH
FRQWUROHGDSUHVVmRGRVSQHXV3DUDPDLVLQIRU 0HVPRFRPLQGLFDo}HVGHWDPDQKRLJXDLV
PDo}HVFRQVXOWDUXPD&RQFHVVLRQiULD9RONVZD DVPHGLGDVUHDLVGRVGLIHUHQWHVWLSRVGH
JHQ SQHXSRGHPDSUHVHQWDUGHVYLRVGHYDORUHVRX
JUDQGHVGLIHUHQoDVQRFRQWRUQRGRVSQHXV
5RGDVPRQWDGDVVHPVHQVRUHVRXFXMRVVHQVRUHV
QmRVmRFRPSDWtYHLVQmRSRGHPVHUUHFRQKHFLGDV (PSQHXVOLEHUDGRVSHOD9RONVZDJHQpJD
SHORVLVWHPDGHFRQWUROHGDSUHVVmRGRVSQHXV2 UDQWLGRTXHDVPHGLGDVUHDLVHVWmRGHDFRU
VLVWHPDGHFRQWUROHGDSUHVVmRGRVSQHXVQmRWH GRFRPRYHtFXOR(PFDVRGHRXWURVWLSRVGH
UiFRQGLo}HVGHPHGLUDSUHVVmRGRVSQHXV6HUi SQHXRVYHQGHGRUHVGHSQHXVGHYHPIRUQHFHUXP
H[LELGDXPDDYDULDHRVLVWHPDVHUiGHVOLJDGR DWHVWDGRGRIDEULFDQWHFHUWLILFDQGRTXHRWLSRGH
3DUDPDLVLQIRUPDo}HVVREUHRVLVWHPDGHFRQWUR SQHXpLJXDOPHQWHFRPSDWtYHOFRPRYHtFXOR
OHGDSUHVVmRGRVSQHXVFRPRHOHIXQFLRQDHR *XDUGDUEHPRDWHVWDGRHFRQVHUYiORGHQWURGR
TXHpQHFHVViULRVDEHUҧϜ3iJLQD YHtFXOR ‹

3UHVVmRGRVSQHXV

)LJ 6tPERORVQDHWLTXHWDFRPDVSUHVV}HV )LJ 1DFROXQDGRFRQGXWRUHWLTXHWDFRPDV


53&&

GRVSQHXV SUHVV}HVGRVSQHXV   DOWHUQDWLYDDRODGRLQWHUQR


GDSRUWLQKRODGRWDQTXH  b

&RQVHUYDomRHPDQXWHQomRGRYHtFXOR 
¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
9HULILFDUDSUHVVmRGRVSQHXV
Ɣ 9HULILFDUDSUHVVmRGRVSQHXVUHJXODUPHQWH
SHORPHQRVXPDYH]SRUPrVHDGLFLRQDOPHQWH
,QGLFDo}HVQDHWLTXHWDFRPDVSUHVV}HVGRV DQWHVGHFDGDYLDJHPPDLVORQJD9HULILFDUVHP
SQHXVҧϜ)LJ SUHWRGRVRVSQHXVLQFOXVLYHRSQHXGDURGDVR
EUHVVDOHQWHVHGLVSRQtYHO(PUHJL}HVPDLVIULDV
$ 3UHVVmRGRVSQHXVSDUDRVSQHXVGRHL[RGL DSUHVVmRGRVSQHXVGHYHUiVHUYHULILFDGDFRP
DQWHLUR PDLVIUHTXrQFLDPDVVRPHQWHVHRYHtFXORQmRWL
YHUVLGRPRYLPHQWDGRDQWHULRUPHQWH8WLOL]DUVHP
% 3UHVVmRGRVSQHXVSDUDRVSQHXVGRHL[RWUD
SUHXPPHGLGRUGHSUHVVmRGRVSQHXVHPERDV
VHLUR
FRQGLo}HVGHIXQFLRQDPHQWR
 3UHVVmRGRVSQHXVQRFDUUHJDPHQWRSDUFLDO
Ɣ 9HULILFDUDSUHVVmRGRVSQHXVVRPHQWHVHRV
 'HSHQGHQGRGRYHtFXORSUHVVmRGRVSQHXV SQHXVWLYHUHPURGDGRQmRPDLVTXHDOJXQVTXLO{
GHFRQIRUWRQRFDUUHJDPHQWRSDUFLDO PHWURVHHPEDL[DYHORFLGDGHQDV~OWLPDVKRUDV
 3UHVVmRGRVSQHXVQRFDUUHJDPHQWRWRWDO $SUHVVmRGRVSQHXVLQGLFDGDpYiOLGDSDUDXP
 3UHVVmRGRVSQHXVSDUDDURGDVREUHVVDOHQWH SQHXIULR$SUHVVmRGRVSQHXVpPDLVDOWDHP
SQHXVTXHQWHVTXHHPSQHXVIULRV3RUHVVHPRWL
$HWLTXHWDFRPDVSUHVV}HVGRVSQHXVIRUQHFHD YRQXQFDVROWDURDUGHSQHXVTXHQWHVSDUDDMXV
SUHVVmRGRVSQHXVFRUUHWDSDUDRVSQHXVPRQWD WDUVXDSUHVVmR
GRVGHIiEULFD$VLQGLFDo}HVYDOHPSDUDRVSQHXV Ɣ (PFDVRGHXPFDUUHJDPHQWRPDLRUDGHTXDU
GHYHUmRGRDQRWRGRHGHLQYHUQR$HWLTXHWD DSUHVVmRGRVSQHXVGHPDQHLUDFRUUHVSRQGHQWH
FRPDVSUHVV}HVGRVSQHXVHVWiQDFROXQDGD 
SRUWDGRFRQGXWRUҧϜ)LJ  RXQDSDUWHLQWHU
QDGDSRUWLQKRODGRWDQTXH Ɣ $SyVDDGHTXDomRGDSUHVVmRGRVSQHXV
VHPSUHUHFRORFDUDVWDPSDVGDVYiOYXODVHVHQH
'HSHQGHQGRGRYHtFXORDVHWLTXHWDVSRGHPWHU FHVViULRVHJXLUDVLQIRUPDo}HVHRULHQWDo}HVGH
WDPDQKRVDGLFLRQDLVGHSQHXVҧϜ3iJLQD FRQILJXUDomRGRVLVWHPDGHFRQWUROHGRVSQHXV
$SUHVVmRLQFRUUHWDGRVSQHXVFDXVDDXPHQWRGR ҧϜ3iJLQD
GHVJDVWHGLPLQXLomRFRQVLGHUiYHOGDYLGD~WLOGRV Ɣ $WHQWDUSDUDTXHVHMDXWLOL]DGDDSUHVVmRGRV
SQHXVRXDWpRHVWRXURGRVSQHXV8PDSUHVVmR SQHXVSUHVFULWDSHORIDEULFDQWHGRYHtFXORHQmRD
GRVSQHXVPXLWRDOWDRXPXLWREDL[DHQFXUWDWHP SUHVVmRGRVSQHXVGRIDEULFDQWHGRVSQHXV1XQ
XPHIHLWRGHVIDYRUiYHODRFRPSRUWDPHQWRGHGLUH FDH[FHGHUDSUHVVmRPi[LPDGRVSQHXVTXHHVWi
omRGRYHtFXORҧϜ $SUHVVmRFRUUHWDGRVSQHXV LQGLFDGDQRIODQFRGRVSQHXV
pHVSHFLDOPHQWHLPSRUWDQWHSULQFLSDOPHQWHHPDO
$URGDVREUHVVDOHQWHUHFHEHDPi[LPDSUHVVmR
WDYHORFLGDGH
GRVSQHXV  SUHYLVWDSDUDRYHtFXOR
3UHVVmRGRVSQHXVGHFRQIRUWR
'HSHQGHQGRGRYHtFXORDHWLTXHWDFRPDVSUHV $'9(57Ç1&,$
VmRGRVSQHXVSRGHWHUXPDSUHVVmRGRVSQHXV 8PDSUHVVmRGRVSQHXVPXLWREDL[DRXPXL
GHFRQIRUWRҧϜ)LJ  $SUHVVmRGRVSQHXV WRDOWDSRGHID]HUFRPTXHRSQHXHVYD]LHRX
GHFRQIRUWRSRVVLELOLWDDXPHQWDURFRQIRUWRGDFRQ HVWRXUHGXUDQWHDFRQGXomR,VWRSRGHFDX
GXomR$RFRQGX]LUFRPDSUHVVmRGRVSQHXVGH VDUDFLGHQWHVJUDYHVHIHULPHQWRVIDWDLV
FRQIRUWRSRGHDXPHQWDURFRQVXPRGHFRPEXVWt
Ɣ 8PDSUHVVmRGRVSQHXVPXLWREDL[DDR
YHO
FRQGX]LUSRGHDTXHFHUIRUWHPHQWHRVSQHXV
SRGHQGRFDXVDURVROWDPHQWRGDEDQGDGH
URGDJHPHRHVWRXURGRSQHX
Ɣ 9HORFLGDGHH[FHVVLYDRXVREUHFDUJDGR
YHtFXORSRGHPJHUDUVXSHUDTXHFLPHQWRHGD
QRVUHSHQWLQRVDRVSQHXVLQFOXVLYHHVWRXUR
GRVSQHXVHVROWXUDGDEDQGDGHURGDJHPR
TXHSRGHOHYDUjSHUGDGHFRQWUROHGDGLUH
omR b

 &RQVHUYDomROLPSH]DPDQXWHQomR
$'9(57Ç1&,$ FRQWLQXDomR 127$ FRQWLQXDomR
Ɣ 8PDSUHVVmRGRVSQHXVPXLWRDOWDRX Ɣ 7DPSDVGHYiOYXODIDOWDQWHVLQDGHTXDGDV
PXLWREDL[DHQFXUWDRWHPSRGHYLGDGRV RXPDOURVTXHDGDVSRGHPRFDVLRQDUGDQRVQD
SQHXVHSLRUDRFRPSRUWDPHQWRGHGLUHomR YiOYXODGRSQHX3RULVVRFRQGX]LUVHPSUH
GRYHtFXOR FRPDVWDPSDVGDVYiOYXODVFRPSOHWDPHQWH
Ɣ 9HULILFDUUHJXODUPHQWHDSUHVVmRGRV URVTXHDGDVHTXHFRUUHVSRQGHPjVWDPSDVGH
SQHXVQRPtQLPRXPDYH]DRPrVHDGLFLR YiOYXODLQVWDODGDVGHIiEULFD
QDOPHQWHDQWHVGHFDGDFRQGXomRPDLVORQ
8PDSUHVVmRGRVSQHXVPXLWREDL[DHOHYDR
JD
FRQVXPRGHFRPEXVWtYHO
Ɣ 7RGRVRVSQHXVSUHFLVDPWHUVHPSUHD
SUHVVmRGRVSQHXVDGHTXDGDSDUDDFDUJD 6HRLQGLFDGRUGDSUHVVmRGRVSQHXVHPLWLU
XPDOHUWDGHSUHVVmREDL[DHPSHORPHQRV
Ɣ -DPDLVUHGX]LUDSUHVVmRHOHYDGDGH
XPGRVSQHXVYHULILFDUDSUHVVmRGRVSQHXVFRP
SQHXVTXHQWHV
XPPHGLGRUGHSUHVVmRGHSQHXVHPERPIXQFLR
QDPHQWR8PDSUHVVmRGRVSQHXVPXLWREDL[DQmR
127$ SRGHVHUYHULILFDGDVRPHQWHSHORDVSHFWRYLVXDO
Ɣ $RFRORFDURPHGLGRUGHSUHVVmRGRV GRSQHX,VWRpYiOLGRLQFOXVLYHSDUDSQHXVFRP
SQHXVFXLGDUSDUDTXHHOHQmRILTXHGHVDOLQKD SHUILOEDL[R
GRFRPDKDVWHGDYiOYXOD&DVRFRQWUiULRSR
GHPRFRUUHUGDQRVQDYiOYXODGRSQHX $RYHULILFDUDSUHVVmRGRVSQHXVDWHQWDUSD
UDDVSDUWLFXODULGDGHVGRVLVWHPDGHFRQWUROH
GRVSQHXVҧϜ3iJLQD ‹

3URIXQGLGDGHGRSHUILOHLQGLFDGRUGHGHVJDVWH
3QHXVGHLQYHUQRHSDUDRDQRWRGRSHUGHUmR
VXDHILFLrQFLDSDUDRLQYHUQRVHDSURIXQGLGDGHGR
SHUILOGRSQHXFKHJDUDXPGHVJDVWHGHPP2E
VHUYDUDVSUHVFULo}HVOHJDLVHVSHFtILFDVGRSDtV
VREUHDSURIXQGLGDGHPtQLPDGRSHUILOGRVSQHXV
GHLQYHUQRHSDUDRDQRWRGR
$SURIXQGLGDGHGRSHUILOGHSQHXVQRYRVSRGHYD
ULDUFRQIRUPHDYHUVmRHRIDEULFDQWHHPUD]mR
GDVFDUDFWHUtVWLFDVGHIDEULFDomRHGRGHVHQKRGR
SHUILO

)LJ 3HUILOGRSQHXLQGLFDGRUGHGHVJDVWH ,QGLFDGRUGHGHVJDVWHGRSQHX


1RIXQGRGRSHUILOGRVSQHXVRULJLQDLVHQFRQWUDP

¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
VHWUDQVYHUVDOPHQWHjGLUHomRGHURGDJHPLQGLFD
GRUHVGHGHVJDVWHFRPPPGHDOWXUD
ҧϜ)LJ9iULRVGHVWHVLQGLFDGRUHVGHGHVJDVWH
HVWmRSRVLFLRQDGRVHPGLVWkQFLDVLJXDLVQDVXSHU
3URIXQGLGDGHGRSHUILO ItFLHGHURGDJHP0DUFDo}HVQRVIODQFRVGRV
SQHXVLQGLFDPDSRVLomRGRVLQGLFDGRUHVGHGHV
6LWXDo}HVGHFRQGXomRHVSHFLDLVH[LJHPXPD
JDVWHSRUH[HPSORDVOHWUDV³7:,´RXVtPERORV
PDLRUSURIXQGLGDGHGRSHUILOSRVVtYHOHXPDSUR
IXQGLGDGHGRSHUILODSUR[LPDGDPHQWHLJXDOQRVHL 2VLQGLFDGRUHVGHGHVJDVWHLQGLFDPVHRSQHXMi
[RVGLDQWHLURHWUDVHLUR,VWRpYiOLGRHVSHFLDOPHQ HVWiJDVWR2SQHXGHYHVHUVXEVWLWXtGRDQWHVTXH
WHSDUDDFRQGXomRGXUDQWHRLQYHUQRFRPWHPSH RGHVJDVWHGRSHUILOGRSQHXFKHJXHDWpRLQGLFD
UDWXUDVEDL[DVHWHPSR~PLGRҧϜ  GRUGHGHVJDVWH b
1DPDLRULDGRVSDtVHVDSURIXQGLGDGHPtQLPDGR
SHUILOGHWHUPLQDGDHPOHLpGHPPPHGLGDQRV
53&&

VXOFRVGRSHUILODRODGRGRVLQGLFDGRUHVGHGHV
JDVWH2EVHUYDUDVGHWHUPLQDo}HVOHJDLVHVSHFtIL
FDVGHFDGDSDtV

&RQVHUYDomRHPDQXWHQomRGRYHtFXOR 
$'9(57Ç1&,$ $'9(57Ç1&,$ FRQWLQXDomR

3QHXVJDVWRVUHSUHVHQWDPXPULVFRjVHJX Ɣ 3QHXVJDVWRVWrPXPDDGHUrQFLDH[WUHPD
UDQoDHSRGHPRFDVLRQDUDSHUGDGHFRQWUROH PHQWHUHGX]LGDHVSHFLDOPHQWHVREUHUXDV
GRYHtFXORHIHULPHQWRVJUDYHV PROKDGDVHRYHtFXORWHQGHD³IOXWXDU´
DTXDSODQDU 
Ɣ 2VSQHXVGHYHPVHUVXEVWLWXtGRVSRU
SQHXVQRYRVDQWHVTXHVHGHVJDVWHPDWpR Ɣ 3QHXVJDVWRVUHGX]HPDSRVVLELOLGDGHGH
LQGLFDGRUGHGHVJDVWH FRQWURODUEHPRYHtFXORHPVLWXDo}HVGHUR
GDJHPQRUPDLVHGLItFHLVHDXPHQWDPDGLV
WkQFLDGHIUHQDJHPHRULVFRGHGHUUDSDJHP ‹

'DQRVQRVSQHXV

¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
PDVVDYHGDQWHDSOLFDGDQRODGRLQWHUQRGDEDQGD
GHURGDJHPHQYROYHRFRUSRHVWUDQKRTXHSHQH
WURXHYHGDRSQHXWHPSRUDULDPHQWH
Ɣ &RQWURODUHFRUULJLUVHQHFHVViULRDSUHVVmR
)UHTXHQWHPHQWHGDQRVHPSQHXVHDURVRFRUUHP GHDU
GHIRUPDLPSHUFHSWtYHO9LEUDo}HVHVWUDQKDVRX
SX[DPHQWRGHXPODGRGRYHtFXORSRGHPLQGLFDU 'HVJDVWHGRSQHX
GDQRVQRVSQHXVҧϜ  2GHVJDVWHGRSQHXGHSHQGHGHPXLWRIDWRUHVFR
PRSRUH[HPSOR
Ɣ 6HKRXYHUG~YLGDVGHTXHXPDURGDSRVVDWHU
VLGRGDQLILFDGDUHGX]LULPHGLDWDPHQWHDYHORFLGD Ɣ )RUPDGHFRQGXomR
GH Ɣ )DOWDGHEDODQFHDPHQWRGDVURGDV
Ɣ 9HULILFDURVSQHXVHRVDURVTXDQWRDGDQRV Ɣ 5HJXODJHPGRFKDVVL
Ɣ (PFDVRGHSQHXVGDQLILFDGRVQmRSURVVHJXLU
HSURFXUDUDX[tOLRWpFQLFRHVSHFLDOL]DGR )RUPDGHFRQGXomR±&RQGXomRUiSLGDHPFXU
YDVDUUDQTXHSUHFLSLWDGRHIUHQDJHPEUXVFDHOH
Ɣ 6HQHQKXPGDQRIRUYLVtYHOH[WHUQDPHQWHFRQ YDPRGHVJDVWHGRSQHX6HKRXYHUGHVJDVWHH[
GX]LUGHYDJDUHFRPSUHFDXomRDWpD&RQFHVVLR FHVVLYRGRSQHXPHVPRFRPXPDIRUPDGHFRQ
QiULD9RONVZDJHQPDLVSUy[LPDSDUDRYHtFXORVHU GXomRQRUPDOYHULILFDUDUHJXODJHPGRFKDVVLHP
YHULILFDGR XPD&RQFHVVLRQiULD9RONVZDJHQ
3HQHWUDomRGHFRUSRVHVWUDQKRVQRSQHX )DOWDGHEDODQFHDPHQWRGDVURGDV±$VURGDVGH
Ɣ 6HFRUSRVHVWUDQKRVWLYHUHPDOFDQoDGRRLQWH XPYHtFXORQRYRHVWmREDODQFHDGDV$IDOWDGHED
ULRUGRSQHXQmRUHPRYrORV2EMHWRVSUHVRVHQWUH ODQFHDPHQWRSRGHDFRQWHFHUSRUGLIHUHQWHVPRWL
RVEORFRVGHSHUILOSRUpPSRGHPVHUUHPRYLGRV YRVGXUDQWHDFRQGXomRHVHWRUQDSHUFHSWtYHOSH
Ɣ (PYHtFXORVFRPURGDVREUHVVDOHQWHVXEVWLWXLU ODWUHSLGDomRGDGLUHomR$IDOWDGHEDODQFHDPHQWR
DURGDGDQLILFDGDVHQHFHVViULRҧϜ3iJLQD FDXVDRGHVJDVWHGDGLUHomRHGDVXVSHQVmR3RU
3DUDDWURFDGDURGDGDQLILFDGDSURFXUDUDX[tOLR LVVRQHVVHVFDVRVDVURGDVGHYHPVHUEDODQFHD
WpFQLFRHVSHFLDOL]DGRVHQHFHVViULR3DUDLVVRD GDVQRYDPHQWH8PDURGDQRYDGHYHVHUEDODQ
9RONVZDJHQUHFRPHQGDDV&RQFHVVLRQiULDV9RONV FHDGDDSyVVXDLQVWDODomR
ZDJHQ 5HJXODJHPGRFKDVVL±8PDPiUHJXODJHPGR
Ɣ (PYHtFXORVFRPNLWGHUHSDURGHSQHXVYHGDU FKDVVLSUHMXGLFDDVHJXUDQoDGDFRQGXomRHFDX
HHQFKHURSQHXGDQLILFDGRFRPRNLWGHUHSDURGH VDDOWRGHVJDVWHGRSQHX(PFDVRGHDOWRGHV
SQHXVVHQHFHVViULRҧϜ3iJLQD3URFXUDUXPD JDVWHGRSQHXRDOLQKDPHQWRGDVURGDVGHYHVHU
&RQFHVVLRQiULD9RONVZDJHQ3DUDLVVRD9RONVZD YHULILFDGRSRUXPD&RQFHVVLRQiULD9RONVZDJHQ
JHQUHFRPHQGDDV&RQFHVVLRQiULDV9RONVZDJHQ
Ɣ (PYHtFXORVFRPSQHXVGHPRELOLGDGHWDP $'9(57Ç1&,$
EpPGHL[DURVFRUSRVHVWUDQKRVQRVSQHXVHVH 9LEUDo}HVHVWUDQKDVRXSX[DPHQWRGHXPOD
GLULJLUDXPD&RQFHVVLRQiULD9RONVZDJHQ8PD GRGRYHtFXORGXUDQWHDFRQGXomRSRGHPLQ
GLFDUGDQRQRVSQHXV
Ɣ 5HGX]LUDYHORFLGDGHLPHGLDWDPHQWHHSD
UDUUHVSHLWDQGRDVOHLVGHWUkQVLWR b

 &RQVHUYDomROLPSH]DPDQXWHQomR
$'9(57Ç1&,$ FRQWLQXDomR $'9(57Ç1&,$ FRQWLQXDomR
Ɣ 9HULILFDURVSQHXVHRVDURVTXDQWRDGD Ɣ 6HQHQKXPGDQRIRUYLVtYHOH[WHUQDPHQWH
QRV FRQGX]LUGHYDJDUHFRPSUHFDXomRDWpD
Ɣ -DPDLVVHJXLUYLDJHPFRPSQHXVRXDURV &RQFHVVLRQiULD9RONVZDJHQPDLVSUy[LPD
GDQLILFDGRV(PYH]GLVVRSURFXUDUDX[tOLR SDUDRYHtFXORVHUYHULILFDGR ‹
WpFQLFRHVSHFLDOL]DGR

5RGDVREUHVVDOHQWH
Ɣ 6ROWDURUHYHVWLPHQWRGRDVVRDOKRHFRORFiOR
QRYDPHQWHVREUHRDVVRDOKRGRFRPSDUWLPHQWRGH
EDJDJHP
Ɣ )HFKDUDWDPSDGRFRPSDUWLPHQWRGHEDJD
JHP

5RGDVREUHVVDOHQWHGLIHUHQWHGDVURGDV
LQVWDODGDV
6HDURGDVREUHVVDOHQWHIRUGLIHUHQWHHPYHUVmR
GDVURGDVLQVWDODGDVSRUH[HPSORHPFDVRGH
SQHXVGHLQYHUQRDURGDVREUHVVDOHQWHGHYHVHU
XWLOL]DGDVRPHQWHHPFDVRGHHPHUJrQFLDWHPSR
UDULDPHQWHHFRPDGHYLGDHFXLGDGRVDIRUPDGH
FRQGXomRҧϜ 
)LJ 1RFRPSDUWLPHQWRGHEDJDJHPPDQtSX (ODGHYHVHUVXEVWLWXtGDRPDLVUiSLGRSRVVtYHOSRU
ORSDUDIL[DomRGDURGDVREUHVVDOHQWH XPDURGDGHURGDJHPQRUPDOFRPFDSDFLGDGHGH
IXQFLRQDPHQWR

¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
2EVHUYDUDVRULHQWDo}HVSDUDFRQGXomR
Ɣ 1mRFRQGX]LUHPYHORFLGDGHVXSHULRUDNP
K PSK 
5HPRYHUDURGDVREUHVVDOHQWH Ɣ (YLWDUDUUDQTXHVHIUHQDJHQVEUXVFRVEHPFR
Ɣ $EULUDWDPSDGRFRPSDUWLPHQWRGHEDJDJHPH PRDFRQGXomRHPFXUYDVHPDOWDYHORFLGDGH
SUHQGHURUHYHVWLPHQWRGRDVVRDOKRQDERUGDVX Ɣ 'HSRLVGHLQVWDODGDDURGDVREUHVVDOHQWHYHUL
SHULRUGRFRPSDUWLPHQWRGHEDJDJHP ILFDUDSUHVVmRGRVSQHXVRPDLVUiSLGRSRVVtYHO
Ɣ *LUDUWRWDOPHQWHRPDQtSXORORFDOL]DGRQRPHLR ҧϜ3iJLQD
GDURGDVREUHVVDOHQWHҧϜ)LJQRVHQWLGRDQWL
KRUiULRHUHPRYHUDURGDVREUHVVDOHQWH $SUHVVmRGRSQHXGDURGDVREUHVVDOHQWHGHYH
VHUYHULILFDGDMXQWDPHQWHFRPDSUHVVmRGDVGH
*XDUGDUDURGDWURFDGD PDLVURGDVSHORPHQRVXPDYH]SRUPrV$URGD
Ɣ 3UHQGHURUHYHVWLPHQWRGRDVVRDOKRQDERUGD VREUHVVDOHQWHUHFHEHDPi[LPDSUHVVmRGRV
VXSHULRUGRFRPSDUWLPHQWRGHEDJDJHP SQHXVSUHYLVWDSDUDRYHtFXORҧϜ3iJLQD
Ɣ &RORFDUDURGDWURFDGDQDFDYLGDGHSDUDDUR
GDVREUHVVDOHQWHGHWDOIRUPDTXHRRULItFLRFHQWUDO
$'9(57Ç1&,$
GRDURHVWHMDSRVLFLRQDGRH[DWDPHQWHVREUHRSL 8PXVRLQDGHTXDGRGDURGDVREUHVVDOHQWH
QRURVTXHiYHO SRGHRFDVLRQDUDSHUGDGHFRQWUROHGRYHtFX
Ɣ *LUDURPDQtSXORQRVHQWLGRKRUiULRVREUHRSL ORFROLV}HVRXRXWURVDFLGHQWHVHIHULPHQWRV
QRURVTXHiYHODWpTXHDURGDWURFDGDHVWHMDIL[DGD JUDYHV
FRPVHJXUDQoD Ɣ (PQHQKXPDKLSyWHVHXWLOL]DUDURGDVR
Ɣ 6HIRURFDVRFRORFDUDIHUUDPHQWDGHERUGR EUHVVDOHQWHVHHODHVWLYHUGDQLILFDGDRXGHV
JDVWDGDDWpRVLQGLFDGRUHVGHGHVJDVWH
53&&

GHYROWDQRFRPSDUWLPHQWRHVSHFtILFRQRFRPSDUWL
PHQWRGHEDJDJHP Ɣ (PDOJXQVYHtFXORVDURGDVREUHVVDOHQWH
SRGHVHUPHQRUTXHRFRQMXQWRGHSQHXVRUL
JLQDO$URGDVREUHVVDOHQWHPHQRUSRGHVHU b

&RQVHUYDomRHPDQXWHQomRGRYHtFXOR 
$'9(57Ç1&,$ FRQWLQXDomR $'9(57Ç1&,$ FRQWLQXDomR
UHFRQKHFLGDSRUXPDHWLTXHWDDGHVLYDHSHOD Ɣ $SyVDLQVWDODomRGDURGDVREUHVVDOHQWH
LQVFULomR³NPK´RX³PSK´(VWDLQVFUL DSUHVVmRGRVSQHXVGHYHVHUYHULILFDGDR
omRLGHQWLILFDDYHORFLGDGHPi[LPDFRPD ҧϜ3iJLQD
PDLVUiSLGRSRVVtYHOҧ
TXDORSQHXSRGHURGDUFRPVHJXUDQoD$HWL
TXHWDDGHVLYDQmRGHYHUiVHUFREHUWDGXUDQWH 127$
DXWLOL]DomRGDURGD
$URGDVREUHVVDOHQWHQmRHVWiHTXLSDGDFRPR
Ɣ -DPDLVFRQGX]LUHPYHORFLGDGHVXSHULRUD VHQVRUGDSUHVVmRGRVSQHXV6HDURGDVR
NPK PSK (YLWDUDUUDQTXHVHIUHQD EUHVVDOHQWHHVWLYHUHPXVRDOX]GHFRQWUROH
JHQVEUXVFDVEHPFRPRFXUYDVHPDOWDYH GRVLVWHPDGHFRQWUROHGRVSQHXVSLVFDUiDSyV
ORFLGDGH DSUR[LPDGDPHQWHPLQXWRVQRGLVSOD\GR
Ɣ $URGDVREUHVVDOHQWHGHYHVHUIL[DGDVHP LQVWUXPHQWRFRPELQDGRҧϜ3iJLQD
SUHFRPRVSDUDIXVRVIRUQHFLGRVGHIiEULFD
6HSRVVtYHOIL[DUILUPHPHQWHDURGDVREUHV
Ɣ 1XQFDFRQGX]LUFRPPDLVGRTXHXPDUR
VDOHQWHRXDURGDWURFDGDQRFRPSDUWLPHQWR
GDVREUHVVDOHQWHGHWDPDQKRGLIHUHQWHGRV
GHEDJDJHP(PYHtFXORVFRPNLWGHUHSDURGRV
SQHXVGRYHtFXOR
SQHXVQmRpSRVVtYHOIL[DUDURGDWURFDGD ‹

 &RQVHUYDomROLPSH]DPDQXWHQomR
,QVFULomRGRVSQHXV

)LJ ,QVFULomRGRVSQHXVLQWHUQDFLRQDO

¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQIRUPDo}HVLQWURGXWyULDVHDVLQGLFDo}HVGHVHJXUDQ
oD QDSiJLQD

ҧϜ)LJ ,QVFULomRGRVSQHXV 6LJQLILFDGR


([HPSOR
 1RPHGRSURGXWR 'HQRPLQDomRGRVSQHXVLQGLYLGXDLVGRIDEULFDQWH
'27 2SQHXDWHQGHjVH[LJrQFLDVOHJDLVGR0LQLVWpULRGRV7UDQV
 SRUWHVGRV(8$UHVSRQViYHOSHODVQRUPDVGHVHJXUDQoD
GRVSQHXV 'HSDUWPHQWRI7UDQVSRUWDWLRQ 
-+&2&+:6 1~PHURGHLQVFULomRGRVSQHXV 4).D ±HPDOJXQVFDVRVVR
PHQWHQDSDUWHLQWHUQDGDURGD HGDWDGHIDEULFDomR
&yGLJRGDIiEULFDIDEULFDQWHHGDGRVGRIDEUL
-+&2
 FDQWHGRSQHXVREUHDVGLPHQV}HVHFDUDFWHUtV
&+:6
WLFDV
'DWDGHIDEULFDomRVHPDQDGRDQRGH


,QIRUPDo}HVDRXVXiULRILQDOVREUHYDORUHVGHFRPSDUDomRHQWUHRVSQHXVEiVLFRVGLVSRQtYHLV SURFHGL
PHQWRVGHWHVWHQRUPDWL]DGRV ҧϜ3iJLQD
75($':($5 ([SHFWDWLYDGHYLGDUHODWLYDGRSQHXFRPEDVHHPXPWHVWH
SDGUmRHVSHFtILFRSDUDRV(8$8PSQHXFRPDHVSHFLILFD
omRVHGHVJDVWDYH]HVPDLVOHQWDPHQWHGRTXHR
SQHXQRUPDOFRPXPtQGLFH7UHDGZHDUGH2UHVSHFWLYR

53&&

GHVHPSHQKRGRSQHXGHSHQGHGDVUHVSHFWLYDVFRQGLo}HVGH
XWLOL]DomRHSRGHYDULDUVLJQLILFDWLYDPHQWHGRVYDORUHVQRU
PDLVGHYLGRRFRPSRUWDPHQWRGHGLUHomRDPDQXWHQomRDV
GLIHUHQWHVSDUWLFXODULGDGHVGDSLVWDHDVFRQGLo}HVFOLPiWLFDV b

&RQVHUYDomRHPDQXWHQomRGRYHtFXOR 
ҧϜ)LJ ,QVFULomRGRVSQHXV 6LJQLILFDGR
([HPSOR
75$&7,21$$ &DSDFLGDGHGHIUHQDJHPGRSQHXHPSLVWDPROKDGD $$$
%RX& (VVDpPHGLGDHPFRQGLo}HVFRQWURODGDVHPSLVWDV
GHWHVWHVFHUWLILFDGDV3QHXVPDUFDGRVFRP&WrPXPDSR
 WrQFLDGHWUDomREDL[D2tQGLFHGHWUDomRDWULEXtGRDRSQHXp
EDVHDGRHPSLVWDVGHWHVWHUHWDVHQmRLQFOXLDDFHOHUDomR
VDtGDVODWHUDLVHPFXUYDVQHPDDTXDSODQDJHPHWUDomRVRE
FDUJDPi[LPD
7(03(5$785$$ 5HVLVWrQFLDGRSQHXjWHPSHUDWXUDHPWHVWHVFRPYHORFLGD
GHVPDLVHOHYDGDV $%RX& 3QHXVFRPLGHQWLILFDGRUHV$
H%VXSHUDPRVUHTXLVLWRVOHJDLV$DYDOLDomRGDWHPSHUDWXUD
 VHEDVHLDHPSQHXVFRPDSUHVVmRFRUUHWDHH[FOXLRH[FHV
VRGHSUHVVmR9HORFLGDGHH[FHVVLYDVSUHVVmRLQFRUUHWDH
H[FHVVRGHSUHVVmRSRGHPRFDVLRQDUVR]LQKRVRXHPFRQ
MXQWRXPDTXHFLPHQWRRXGDQRVQRVSQHXV
+ ËQGLFHGHFDUJDҧϜ3iJLQDHFyGLJRGHYHORFLGDGH

ҧϜ3iJLQD
5RWDomRHVHWD ,GHQWLILFDomRGRVHQWLGRGHURGDJHPGRSQHXҧϜ3iJLQD

282XWVLGH ,GHQWLILFDomRGRODGRH[WHUQRGRSQHXҧϜ3iJLQD
0$;,1)/$7,21.3$ /LPLWDomRSDUDDSUHVVmRGHDUPi[LPDQRV(8$

SVLEDU
06RX06RXX ,QGLFDomRSDUDSQHXVDGHTXDGRVSDUDRLQYHUQR SQHXVSDUD
 ODPDHSDUDQHYH ҧϜ3iJLQD3QHXVFRPFUDYRVVmR
LGHQWLILFDGRVGHSRLVGR6FRPXP(
7:, ,QGLFDDSRVLomRGRLQGLFDGRUGHGHVJDVWH 7UHDG:HDU,QGL

FDWRU ҧϜ3iJLQD
 1RPHGDPDUFDORJRWLSR )DEULFDQWH
 )HLWRQD$OHPDQKD 3DtVGHIDEULFDomR
,GHQWLILFDomRHVSHFLILFDSDUDD&KLQD &KLQD&RPSXOVRU\&HU

Û WLILFDWLRQ 
 Ü ,GHQWLILFDomRHVSHFLILFDSDUDR%UDVLO
(HE ,GHQWLILFDomRVHJXQGRSUHVFULo}HVLQWHUQDFLRQDLVFRPQ~PHUR
GRSDtVHPLVVRUGDDSURYDomR3QHXVDSURYDGRVFRQIRUPHR
 UHJXODPHQWR(&(VmRLGHQWLILFDGRVFRP(SQHXVFRQIRUPHR
UHJXODPHQWR(*FRPH(PVHJXLGDVHJXHRQ~PHURGHDX
WRUL]DomRPXOWLGtJLWR
 5$',$/78%(/(66 3QHXUDGLDOVHPFkPDUD
35;/ 'HVFULomRGRWDPDQKR
3 ,GHQWLILFDomRSDUDYHtFXORVGHSDVVHLR
 /DUJXUDGRSQHXGHODGRDODGRHPPP
 3URSRUomRDOWXUDODUJXUDHP

5 &yGLJRGRWLSRGHFRQVWUXomRUDGLDO
 'LkPHWURGRDURHPSROHJDGDV
3QHXFRPFRQVWLWXLomRPDLVUREXVWD ³5HLQIRU
;/
FHG´ 
&$5*$0È;,0$ .* (VSHFLILFDomRSDUDDFDSDFLGDGHPi[LPDGHFDUJDSRUURGD

/%6 QRV(8$ b

 &RQVHUYDomROLPSH]DPDQXWHQomR
ҧϜ)LJ ,QVFULomRGRVSQHXV 6LJQLILFDGR
([HPSOR
6,'(:$//3/<5$<21 ,QGLFDo}HVGRVFRPSRQHQWHVGDHVWUXWXUDLQIHULRUGRSQHX
FDPDGD5D\RQ VHGDSOiVWLFD
 75($'3/,(6 ,QGLFDo}HVGRVFRPSRQHQWHVGDEDQGDGHURGDJHP
5$<2167((/ 1RH[HPSORH[LVWHPFDPDGDVVREDEDQGDGHURGDJHP
1</21 FDPDGDGH5D\RQ VHGDVLQWpWLFD FDPDGDVGHFLQWDGH
DoRHFDPDGDGHQ\ORQ
D 7,1pRQ~PHURGHVpULHGRSQHX

2URWXORGRSQHXVWDPEpPHVWiGLVSRQtYHOQDSDU  NJ
WHLQWHUQD6HIRURFDVRVHHQFRQWUDPVRPHQWH  NJ
HPXPODGRGRSQHXGHWHUPLQDGDVPDUFDo}HVSRU  NJ
H[HPSORQ~PHURGHLGHQWLILFDomRGRSQHXHGDWD
GHIDEULFDomR &yGLJRVGHYHORFLGDGH
2XWURVQ~PHURVHYHQWXDLVVHWUDWDPGHLGHQWL 2FyGLJRGHYHORFLGDGHLQGLFDFRPTXDOYHORFLGD
ILFDo}HVLQWHUQDVGRIDEULFDQWHRXHVSHFLILFDV GHPi[LPDXPSQHXSRGHVHUURGDGR
GHSDtVHV 3 Pi[LPRNPK PSK
3QHXVXQLGLUHFLRQDLV 4 Pi[LPRNPK PSK
3QHXVXQLGLUHFLRQDLVIRUDPGHVHQYROYLGRVSDUDUR 5 Pi[LPRNPK PSK
GDUHPXPD~QLFDGLUHomR1RVSQHXVXQLGLUHFLR 6 Pi[LPRNPK PSK
QDLVRIODQFRGRSQHXpPDUFDGRFRPVHWDV0DQ 7 Pi[LPRNPK PSK
WHUREULJDWRULDPHQWHDGLUHomRLQGLFDGD6RPHQWH 8 Pi[LPRNPK PSK
DVVLPDVFDUDFWHUtVWLFDVGHURGDJHPH[FHSFLRQDLV
+ Pi[LPRNPK PSK
UHIHUHQWHVjDTXDSODQDJHPFDSDFLGDGHGHDGH
UrQFLDUXtGRHGHVJDVWHVmRJDUDQWLGDV 9 Pi[LPRNPK PSK
= Pi[LPRNPK PSK
6HPHVPRDVVLPXPSQHXIRUPRQWDGRQDGLUH
: Pi[LPRNPK PSK
omRGHURGDJHPFRQWUiULDFRQGX]LUREULJDWRULD
PHQWHFRPPDLVFXLGDGRXPDYH]TXHRSQHX < Pi[LPRNPK PSK
QmRHVWiVHQGRPDLVXWLOL]DGRVHJXQGRDVGHWHUPL $OJXQVIDEULFDQWHVGHSQHXVXWLOL]DPXPDFRPEL
QDo}HV,VWRpHVSHFLDOPHQWHLPSRUWDQWHHPUXDV QDomRGHOHWUDV³=5´SDUDSQHXVFRPYHORFLGDGH
PROKDGDV2SQHXGHYHVHUVXEVWLWXtGRRXPRQWD Pi[LPDSHUPLWLGDVXSHULRUDNPK PSK 
GRQDGLUHomRGHURGDJHPFRUUHWDRPDLVUiSLGR
SRVVtYHO ,QGLFDo}HVHVSHFtILFDVGRYHtFXORVREUHD
FDUJDHLQWHUYDORGHYHORFLGDGHGRVSQHXV
3QHXVDVVLPpWULFRV
2VYHtFXORVGHQWURGD8QLmR(XURSHLDHGRV(VWD
3QHXVDVVLPpWULFRVFRQVLGHUDPRFRPSRUWDPHQWR GRV0HPEURGD8QLmR(XURSHLDUHFHEHPXPFHUWL
GDSDUWHLQWHUQDHH[WHUQDGRSHUILOSDGUmR1RV ILFDGRGHFRQIRUPLGDGH&( SDSHO&2& 2FHUWLIL
SQHXVDVVLPpWULFRVRIODQFRGRSQHXpPDUFDGR FDGRGHFRQIRUPLGDGH&(FRQWpPDVLQGLFDo}HV
FRPVHWDVQDSDUWHLQWHUQDHH[WHUQD0DQWHUREUL VREUHRWDPDQKRHRGLkPHWURHDFDSDFLGDGHGH
JDWRULDPHQWHDSRVLomRGRSQHXQRDUR6RPHQWH FDUJDHRLQWHUYDORGHYHORFLGDGHGRVSQHXVOLEHUD
DVVLPDVFDUDFWHUtVWLFDVGHURGDJHPH[FHSFLRQDLV GRVSHOD9RONVZDJHQSDUDRUHVSHFWLYRPRGHORGH
UHIHUHQWHVjDTXDSODQDJHPFDSDFLGDGHGHDGH YHtFXOR
UrQFLDUXtGRHGHVJDVWHVmRJDUDQWLGDV
eSRVVtYHOGHWHUPLQDUFRPDSODTXHWDGHLGHQWLIL
&DSDFLGDGHGHFDUJDGRVSQHXV FDomRVHKiXPFHUWLILFDGRGHFRQIRUPLGDGH&(
2tQGLFHGHFDUJDLQGLFDTXDQWRVTXLORJUDPDVSR SDUDRYHtFXOR$SODTXHWDGHLGHQWLILFDomRSRGH
GHPVHUFDUUHJDGRVVREUHFDGDSQHX FDSDFLGDGH VHUYLVWDQDFROXQDGDSRUWDDSyVDDEHUWXUDGD
GHFDUJD  SRUWDGRFRQGXWRUҧϜ3iJLQD

$OJXQVH[HPSORV Ɣ 6HDSODTXHWDGHLGHQWLILFDomRIRULGHQWLILFDGD
FRPDOLQKD³SHUPLVVmR´KiXPFHUWLILFDGRGHFRQ
 NJ
53&&

IRUPLGDGH&(SDUDRYHtFXOR
 NJ
Ɣ 6HQDSODTXHWDGHLGHQWLILFDomRQmRKRXYHUDOL
 NJ QKD³SHUPLVVmR´QmRKiXPFHUWLILFDGRGHFRQIRU
 NJ PLGDGH&(SDUDRYHtFXOR ‹

&RQVHUYDomRHPDQXWHQomRGRYHtFXOR 
3QHXVGHLQYHUQR

¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
3DUDDOJXPDVYHUV}HVGRPRGHORSRGHVHFRQILJX
UDUXPDOHUWDGHYDOLGDGHQR0)$GRVLVWHPDGH
LQIRUPDo}HV9RONVZDJHQҧϜ3iJLQD
(PFDVRGH3QHXVGHLQYHUQR9ROLPLWHGHYHOR
1RLQYHUQRRVSQHXVGHLQYHUQRPHOKRUDPQLWLGD FLGDGHHDQHFHVViULDSUHVVmRGRVSQHXVGHSHQ
PHQWHDVFDUDFWHUtVWLFDVGHFRQGXomRGRYHtFXOR GHPGDPRWRUL]DomR&RQVXOWDUVHPIDOWDD&RQ
3QHXVGHYHUmRVmRPHQRVDQWLGHUUDSDQWHVVREUH FHVVLRQiULD9RONVZDJHQVREUHDYHORFLGDGHPi[L
RJHORHDQHYHGHYLGRDVXDIDEULFDomR ODUJXUD PDDGPLVVtYHOHDSUHVVmRQHFHVViULDGRVSQHXV
FRPSRVLomRGDERUUDFKDPRGHODJHPGRSHUILO $
9RONVZDJHQUHFRPHQGDRXVRGHSQHXVGHLQYHU 7UDomRQDVTXDWURURGDV 027,21
QRRXGHSQHXVSDUDWRGDVDVHVWDo}HVHPWRGDV &RPWUDomRQDVTXDWURURGDVHHTXLSDGRFRPR
DVURGDVGRYHtFXORHVSHFLDOPHQWHTXDQGRVmR FRQMXQWRGHSQHXVGHVpULHRYHtFXORWHPERDSUR
HVSHUDGDVFRQGLo}HVGHLQYHUQRQDVUXDV2V SXOVmRHPFRQGLo}HVGHLQYHUQRQDVUXDV$SHVDU
SQHXVGHLQYHUQRWDPEpPPHOKRUDPRFRPSRUWD GLVVRD9RONVZDJHQUHFRPHQGDRXVRGHSQHXV
PHQWRGHIUHQDJHPGRYHtFXORHDMXGDPDUHGX]LU GHLQYHUQRRXGHSQHXVSDUDWRGDVDVHVWDo}HV
DGLVWkQFLDGHSDUDGDHPFRQGLo}HVGHLQYHUQR GXUDQWHRLQYHUQRHPWRGDVDVURGDVSRLVLVVR
(PWHPSHUDWXUDVDEDL[RGHƒ& ƒ) D WDPEpPPHOKRUDRHIHLWRGHIUHQDJHP
9RONVZDJHQUHFRPHQGDDLQVWDODomRGHSQHXVGH
LQYHUQR 3DUDRXVRGHFRUUHQWHVSDUDQHYHREVHUYDUDV
RULHQWDo}HVHDVLQIRUPDo}HVFRUUHVSRQGHQWHV
2VSQHXVGHLQYHUQRHSDUDRDQRWRGRSHUGHUmR ҧϜ3iJLQD
VXDHILFLrQFLDSDUDRLQYHUQRVHDSURIXQGLGDGHGR
SHUILOGRSQHXFKHJDUDXPGHVJDVWHGHPP
$'9(57Ç1&,$
'DPHVPDPDQHLUDRVSQHXVGHLQYHUQRHSDUDR
DQRWRGRSHUGHPPXLWRGHVXDVFDUDFWHUtVWLFDVGH $VSURSULHGDGHVGHFRQGXomRPHOKRUDGDV
YLGRDRHQYHOKHFLPHQWR±LQGHSHQGHQWHPHQWHGD SRUSQHXVSDUDLQYHUQRHPFRQGLo}HVGHLQ
SURIXQGLGDGHGRSHUILOGRSQHXDLQGDH[LVWHQWH YHUQRQDVUXDVQmRGHYHPLQFHQWLYDUDDVVX
PLUXPULVFRGHVHJXUDQoD
3DUDRXVRGHSQHXVGHLQYHUQRpYiOLGRR Ɣ $GHTXDUVHPSUHDYHORFLGDGHHDIRUPD
VHJXLQWH GHFRQGXomRjVFRQGLo}HVGHYLVLELOLGDGH
Ɣ 2EVHUYDUDVSUHVFULo}HVOHJDLVHVSHFtILFDVGH FOLPiWLFDVGDSLVWDHGRWUkQVLWR
FDGDSDtV Ɣ 1XQFDH[FHGHUDYHORFLGDGHPi[LPDHD
Ɣ 8WLOL]DUSQHXVGHLQYHUQRQDVURGDVVLPXOWD FDUJD~WLODGPLVVtYHOSDUDRVSQHXVSDUDLQ
QHDPHQWH YHUQRPRQWDGRV
Ɣ 8WLOL]DUVRPHQWHVHDVUXDVDSUHVHQWDUHPFRQ
GLo}HVGHLQYHUQR 0RQWDURVSQHXVGHYHUmRQRYDPHQWHDSyVR
LQYHUQR(PWHPSHUDWXUDVDFLPDGHƒ&
Ɣ 8WLOL]DUVRPHQWHRVWDPDQKRVGHSQHXVGHLQ ƒ) DVFDUDFWHUtVWLFDVGHFRQGXomRGHSQHXV
YHUQRDGHTXDGRVSDUDRYHtFXOR GHYHUmRVmRPHOKRUHV2VUXtGRVGHURGDJHPVmR
Ɣ 8WLOL]DUSQHXVGHLQYHUQRVRPHQWHFRPRPHV PDLVEDL[RVEHPFRPRRGHVJDVWHGRSQHXHR
PRWLSRGHFRQVWUXomRWDPDQKR GLkPHWUR HFRP FRQVXPRGHFRPEXVWtYHO
RPHVPRSHUILO
(PYHtFXORVFRPVLVWHPDGHFRQWUROHGH
Ɣ 2EVHUYDUROLPLWHGHYHORFLGDGHVHJXQGRRFy
SQHXVRVLVWHPDGHYHVHUVHIRURFDVRUH
GLJRGHYHORFLGDGHҧϜ 
SURJUDPDGRDSyVDWURFDGDURGDҧϜ3iJLQD
/LPLWHGHYHORFLGDGH 6HQHFHVViULRFRQVXOWDUXPD&RQFHVVLR
2VSQHXVGHLQYHUQRWrPXPOLPLWHGHYHORFLGDGH QiULD9RONVZDJHQDUHVSHLWRGRVWDPDQKRV
Pi[LPRGHDFRUGRFRPRFyGLJRGHYHORFLGDGH GHSQHXVGHLQYHUQRSHUPLWLGRV ‹
ҧϜ3iJLQD

 &RQVHUYDomROLPSH]DPDQXWHQomR
&RUUHQWHVSDUDQHYH

¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
$'9(57Ç1&,$
2XVRGHFRUUHQWHVSDUDQHYHLQDGHTXDGDV
RXDLQVWDODomRLQDGHTXDGDGHFRUUHQWHVSDUD
2EVHUYDUDVGHWHUPLQDo}HVOHJDLVHORFDLVEHP QHYHSRGHFDXVDUDFLGHQWHVHIHULPHQWRVJUD
FRPRDYHORFLGDGHPi[LPDSHUPLWLGDDRFRQGX]LU YHV
FRPFRUUHQWHVSDUDQHYH Ɣ 8WLOL]DUVHPSUHDVFRUUHQWHVSDUDQHYH
(PFRQGLo}HVGHLQYHUQRGDVUXDVDVFRUUHQWHV FRUUHWDV
SDUDQHYHPHOKRUDPQmRVRPHQWHDWUDomRPDV Ɣ 2EVHUYDUDVLQVWUXo}HVGHLQVWDODomRGR
WDPEpPRFRPSRUWDPHQWRGHIUHQDJHP IDEULFDQWHGDVFRUUHQWHVSDUDQHYH
&RUUHQWHVSDUDQHYHVySRGHPVHUPRQWDGDVQDV Ɣ -DPDLVFRQGX]LUFRPYHORFLGDGHVXSHULRU
URGDVGLDQWHLUDV±PHVPRHPYHtFXORVFRPWUD jSHUPLWLGDFRPFRUUHQWHVSDUDQHYHPRQWD
omRQDVTXDWURURGDV 027,21 ±HVRPHQWH GDV
QDVVHJXLQWHVFRPELQDo}HVGHDURHSQHX
127$
7DPDQKRGRSQHX $UR
Ɣ 5HPRYHUDVFRUUHQWHVSDUDQHYHHPWUDMHWRV
5 -[(7 VHPQHYH&DVRFRQWUiULRDVFRUUHQWHVSDUD
5 -[(7 QHYHSUHMXGLFDPDVFDUDFWHUtVWLFDVGHFRQGX
omRGDQLILFDPRVSQHXVHVmRDYDULDGDVUDSL
$9RONVZDJHQUHFRPHQGDVHLQIRUPDUHPXPD GDPHQWH
&RQFHVVLRQiULD9RONVZDJHQDUHVSHLWRGHWDPD
QKRVGHSQHXVDURVHFRUUHQWHVSDUDQHYHFRUUHV Ɣ &RUUHQWHVSDUDQHYHTXHHQWUDPHPFRQWDWR
SRQGHQWHV GLUHWRFRPRDURSRGHPDUUDQKDURXGDQLILFDUR
DUR$9RONVZDJHQUHFRPHQGDXWLOL]DUFRUUHQ
6HSRVVtYHOXWLOL]DUFRUUHQWHVSDUDQHYHFRPHORV WHVSDUDQHYHFREHUWDV
SHTXHQRVTXHQmRDFUHVFHQWHPPDLVTXHPP
LQFOXLQGRRFDGHDGRGDFRUUHQWH (PYHtFXORVFRPVLVWHPDGHFRQWUROHGH
SQHXVGHSRLVGHPRQWDUDVFRUUHQWHVGHQH
1DFRQGXomRFRPFRUUHQWHVSDUDQHYHUHWLUDUFD
YHRVLVWHPDGHYHVHUUHSURJUDPDGR
ORWDVFHQWUDLVHDQpLVGHGHFRUDomRGHDURVDQWHV
ҧϜ3iJLQD
GDPRQWDJHPҧϜ 2VSDUDIXVRVGDVURGDVSR
UpPGHYHPVHUHTXLSDGRVFRPFDSDVGHFREHUWX $VFRUUHQWHVSDUDQHYHSDUDXPPRGHORGH
UDSRUPRWLYRVGHVHJXUDQoD(VWDVFDSDVSRGHP YHtFXORHVWmRGLVSRQtYHLVHPGLIHUHQWHVWD
VHUREWLGDVQDV&RQFHVVLRQiULDV9RONVZDJHQ PDQKRV ‹
53&&

&RQVHUYDomRHPDQXWHQomRGRYHtFXOR 
$FHVVyULRUHSRVLomRGHSHoDVUHSDURVHPRGLILFDo}HV

¤ ,QWURGXomRDRWHPD
1HVWHFDStWXORHQFRQWUDPVHLQIRUPDo}HVUHODWLYDV Ɣ %DWHULDGRYHtFXORҧϜ3iJLQD
DRVVHJXLQWHVWHPDV Ɣ &RQVHUYDUHOLPSDUDSDUWHH[WHUQDGRYHtFXOR
$PDFLDPHQWR   ҧϜ3iJLQD
$FHVVyULRVHSHoDVGHUHSRVLomR   Ɣ &RQVHUYDUHOLPSDURLQWHULRUGRYHtFXOR
)OXLGRVHUHFXUVRV   ҧϜ3iJLQD
5HSDURVHPRGLILFDo}HVWpFQLFDV   Ɣ ,QIRUPDo}HVDRFRQVXPLGRUҧϜ3iJLQD
5HSDURVHOLPLWDo}HVGRVLVWHPDGHDLUEDJ   Ɣ ҧϜFDGHUQR5iGLR
,QVWDODomRSRVWHULRUGHDSDUHOKRVGH Ɣ ҧϜFDGHUQR6LVWHPDGHQDYHJDomR
WUDQVPLVVmR  
Ɣ ҧϜFDGHUQR3UHSDUDomRSDUDWHOHIRQHPyYHO
,QIRUPDo}HVVDOYDVQDVXQLGDGHVGHFRQWUROH 
8WLOL]DomRGHXPWHOHIRQHPyYHOQRYHtFXOR
VHPFRQH[mRFRPDDQWHQDH[WHUQD   $'9(57Ç1&,$
3RQWRVGHDSRLRSDUDDVXVSHQVmRGR 3HoDVGHUHSRVLomRHDFHVVyULRVLQDGHTXD
YHtFXOR   GRVEHPFRPRWUDEDOKRVPRGLILFDo}HVHUH
SDURVUHDOL]DGRVGHPDQHLUDLQFRUUHWDSRGHP
,QIRUPDo}HVHDOHUWDVFRPSOHPHQWDUHV FDXVDUGDQRVDRYHtFXORDFLGHQWHVHIHUL
Ɣ &LQWRVGHVHJXUDQoDҧϜ3iJLQD PHQWRVJUDYHV
Ɣ 6LVWHPDGHDLUEDJҧϜ3iJLQD Ɣ $9RONVZDJHQUHFRPHQGDTXHDSHQDV
DFHVVyULRVOLEHUDGRVSHOD9RONVZDJHQHSH
Ɣ &RQGXomRFRPUHERTXHҧϜ3iJLQD oDVRULJLQDLV9RONVZDJHQŠVHMDPXWLOL]DGRV
Ɣ &LQ]HLURHDFHQGHGRUGHFLJDUURҧϜ3iJLQD 3DUDLVVRD9RONVZDJHQWHPHVWDEHOHFLGR
Ɣ 7RPDGDVҧϜ3iJLQD FUHGLELOLGDGHVHJXUDQoDHTXDOLILFDomR
Ɣ )UHDUSDUDUHHVWDFLRQDUҧϜ3iJLQD Ɣ 5HSDURVHPRGLILFDo}HVQRYHtFXORGHYHP
VHUUHDOL]DGRVVRPHQWHSRUXPD&RQFHVVLR
Ɣ 6LVWHPDVGHDVVLVWrQFLDGHDUUDQTXH
QiULD9RONVZDJHQ$V&RQFHVVLRQiULDV9RONV
ҧϜ3iJLQD
ZDJHQSRVVXHPDVIHUUDPHQWDVQHFHVViULDV
Ɣ 3DUN3LORWҧϜ3iJLQD DSDUHOKRVGHGLDJQyVWLFRLQIRUPDo}HVGHUH
Ɣ $VVLVWHQWHGHGLUHomRSDUDHVWDFLRQDPHQWR SDURHSHVVRDOTXDOLILFDGR
3DUN$VVLVW ҧϜ3iJLQD Ɣ 0RQWDUDSHQDVSHoDVTXHFRUUHVSRQGDPj
Ɣ $VVLVWHQWHGHFRQGXomRHPPDUFKDDUp 5HDU YHUVmRHjVFDUDFWHUtVWLFDVRULJLQDLVGHIiEUL
9LHZ ҧϜ3iJLQD FDGRYHtFXOR
Ɣ 6LVWHPDUHJXODGRUGHYHORFLGDGH *5$ Ɣ -DPDLVFRORFDUPRQWDURXDFRSODUREMHWRV
ҧϜ3iJLQD WDLVFRPRSRUWDFRSRVHVXSRUWHGHWHOHIRQH
Ɣ 5HJXODJHPGLQkPLFDGDVXVSHQVmR '&& DRODGRRXVREUHDVFREHUWXUDVGRVPyGXORV
ҧϜ3iJLQD GRDLUEDJRXQDViUHDVGHH[SDQVmRGRDLU
EDJ
Ɣ 6LVWHPDVGHFRQWUROHGRVSQHXVҧϜ3iJLQD
Ɣ 8WLOL]DUDSHQDVFRPELQDo}HVGHDURVH
Ɣ 3UHSDUDo}HVSDUDWUDEDOKRVQRFRPSDUWLPHQWR
SQHXVHURGDOLEHUDGDVSHOD9RONVZDJHQSDUD
GRPRWRUҧϜ3iJLQD
RPRGHORGHYHtFXOR ‹
Ɣ ÏOHRGRPRWRUҧϜ3iJLQD
Ɣ /tTXLGRGHDUUHIHFLPHQWRGRPRWRU
ҧϜ3iJLQD

$PDFLDPHQWR

¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
2EVHUYDUDVUHVSHFWLYDVGHWHUPLQDo}HVSDUDDPD
FLDPHQWRGHSHoDVQRYDV b

 &RQVHUYDomROLPSH]DPDQXWHQomR
$PDFLDPHQWRGRPRWRU (QWUHHTXLO{PHWURVDXPHQWDUJUD
8PPRWRUQRYRGHYHVHUDPDFLDGRGXUDQWHRVSUL GXDOPHQWHDWpDYHORFLGDGHWRWDOHURWDomRPi[LPD
PHLURVTXLO{PHWURV2DWULWRLQWHUQRGDVSUL GRPRWRU
PHLUDVKRUDVGHXVRGRPRWRUpPDLRUTXHRDWULWR
$PDFLDPHQWRGDVSDVWLOKDVGHIUHLRHGH
SRVWHULRUTXDQGRWRGDVDVSHoDVPyYHLVMiHVWLYH
SQHXVQRYRV
UHPDMXVWDGDVXPDVjVRXWUDV
Ɣ 3QHXVQRYRVHWURFDGHSQHXVҧϜ3iJLQD
$IRUPDGHFRQGXomRGRVSULPHLURVTXLO{
Ɣ ,QIRUPDo}HVVREUHRVIUHLRVҧϜ3iJLQD
PHWURVWDPEpPLQIOXHQFLDDTXDOLGDGHGRPRWRU
0HVPRGHSRLVTXHRPRWRUHVWLYHUDPDFLDGRVR 6HRPRWRUQRYRIRUDPDFLDGRFXLGDGRVD
EUHWXGRTXDQGRRPRWRUHVWLYHUIULRFRQGX]LUFRP PHQWHRWHPSRGHYLGDGRPRWRUVHUiDX
URWDomRGRPRWRUPRGHUDGDSDUDUHGX]LURGHVJDV PHQWDGRHDRPHVPRWHPSRRFRQVXPRGHyOHR
WHGRPRWRUHDXPHQWDUVXDSHUIRUPDQFHGHTXLOR GRPRWRUVHUiUHGX]LGR ‹
PHWUDJHPSRVVtYHO1mRFRQGX]LUFRPURWDomR
PXLWREDL[D5HGX]LUDPDUFKDVHPSUHTXHRPR
WRUQmRHVWLYHURSHUDQGR³GHPDQHLUDUHJXODU´$Wp
RVTXLO{PHWURVYDOH
Ɣ 1mRDFHOHUDUDRPi[LPR
Ɣ 1mRVXEPHWHURPRWRUDXPDURWDomRPDLRU
TXHGDURWDomRPi[LPD
Ɣ 1RVYHtFXORVOLEHUDGRVSDUDFRQGXomRFRPUH
ERTXHQmRFRQGX]LUFRPXPUHERTXH

$FHVVyULRVHSHoDVGHUHSRVLomR

¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
$SDUHOKRVLQVWDODGRVSRVWHULRUPHQWHTXHH[HU
FHPLQIOXrQFLDGLUHWDVREUHRFRQWUROHGRYHtFXOR
GHYHPSRUWDUXPVtPERORH 6tPERORGHDSURYD
omRGD8QLmR(XURSHLD HVHUOLEHUDGRVSHOD9RONV
$9RONVZDJHQUHFRPHQGDTXHYRFrVHLQIRUPHHP ZDJHQSDUDXVRQRYHtFXOR6LVWHPDVUHJXODGRUHV
XPD&RQFHVVLRQiULD9RONVZDJHQDQWHVGDFRPSUD GHYHORFLGDGHRXVLVWHPDVGHVXVSHQVmRGHUHJX
GHDFHVVyULRVSHoDVGHUHSRVLomRRXUHFXUVRV ODJHPHOHWU{QLFDSRUH[HPSORID]HPSDUWHGHWDLV
3RUH[HPSORVHRYHtFXORSUHFLVDUVHUHTXLSDGR HTXLSDPHQWRV
FRPDFHVVyULRVRXVHIRUQHFHVViULRVXEVWLWXLUSH $SDUHOKRVHOpWULFRVFRQHFWDGRVDGLFLRQDOPHQWH
oDV$&RQFHVVLRQiULD9RONVZDJHQDVVHVVRUDHP TXHQmRVLUYDPSDUDRFRQWUROHGLUHWRGRYHtFXOR
TXHVW}HVUHJXODWyULDVHUHFRPHQGDo}HVGHIiEULFD GHYHPSRUWDUXPVtPEROR& 'HFODUDomRGHFRQ
DUHVSHLWRGHDFHVVyULRVSHoDVGHUHSRVLomRHUH IRUPLGDGHGRIDEULFDQWHFRPDVQRUPDVGD8QLmR
FXUVRV (XURSHLD )D]HPSDUWHGHWDLVDSDUHOKRVSRU
$9RONVZDJHQUHFRPHQGDTXHDSHQDVDFHVVyULR H[HPSORUHIULJHUDGRUHVFRPSXWDGRUHVRXYHQWRL
HSHoDVRULJLQDLV9RONVZDJHQŠVHMDPXWLOL]DGRV QKDV
3DUDLVVRD9RONVZDJHQWHPHVWDEHOHFLGRFUHGLEL
OLGDGHVHJXUDQoDHTXDOLILFDomR$OpPGLVVRXPD $'9(57Ç1&,$
&RQFHVVLRQiULD9RONVZDJHQHVWiTXDOLILFDGDSDUD
5HSDURVHPRGLILFDo}HVUHDOL]DGRVGHIRUPD
XPDLQVWDODomRSURILVVLRQDO
LQDGHTXDGDQRYHtFXORSRGHPFRPSURPHWHU
$SHVDUGRPRQLWRUDPHQWRFRQVWDQWHGRPHUFDGR DHILFiFLDGRVDLUEDJVEHPFRPRFDXVDUGH
SURGXWRVQmROLEHUDGRVSHOD9RONVZDJHQQmRSR ILFLrQFLDVGHIXQFLRQDPHQWRDFLGHQWHVHIHUL
GHPVHUDYDOLDGRVSHOD9RONVZDJHQQRWRFDQWHj PHQWRVIDWDLV
FUHGLELOLGDGHVHJXUDQoDHTXDOLILFDomRSDUDXVR Ɣ -DPDLVFRORFDUPRQWDURXDFRSODUREMHWRV
QRYHtFXOR3RUHVVHPRWLYRD9RONVZDJHQWDP WDLVFRPRSRUWDFRSRVHVXSRUWHGHWHOHIRQH
EpPQmRVHUHVSRQVDELOL]DPHVPRHPFDVRVHP DRODGRRXVREUHDVFREHUWXUDVGRVPyGXORV
53&&

TXHKDMDXPDDSURYDomRSRUXPDDVVRFLDomRWpF GRDLUEDJRXQDViUHDVGHH[SDQVmRGRDLU
QLFDGHWHVWHVHGHILVFDOL]DomRRILFLDOPHQWHUHFR EDJ b
QKHFLGDRXXPDDSURYDomRSRUXPyUJmRRILFLDO

&RQVHUYDomRHPDQXWHQomRGRYHtFXOR 
$'9(57Ç1&,$ FRQWLQXDomR
Ɣ 2EMHWRVFRORFDGRVPRQWDGRVRXDFRSOD
GRVGHQWURGDiUHDGHH[SDQVmRGRVDLUEDJV
SRGHUmRFDXVDUIHULPHQWRVJUDYHVRXIDWDLV
VHRVDLUEDJVIRUHPDFLRQDGRV ‹

)OXLGRVHUHFXUVRV

¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
$'9(57Ç1&,$ FRQWLQXDomR
Ɣ /HUHDWHQWDUVHPSUHSDUDDVLQIRUPDo}HV
HDOHUWDVGDVHPEDODJHQVGRVIOXLGRV
7RGRVRVIOXtGRVHUHFXUVRVVmRFRQVWDQWHPHQWH Ɣ 8WLOL]DUSURGXWRVTXHHPLWDPYDSRUHVWy[L
GHVHQYROYLGRVFRPRSRUH[HPSORSQHXVOtTXLGR FRVVHPSUHHPiUHDVDEHUWDVRXEHPYHQWLOD
GHDUUHIHFLPHQWRGRPRWRURXEDWHULDVGRYHtFXOR GDV
1RVPRWRUHVGHFRPEXVWmRLQWHUQRDGLFLRQDOPHQ Ɣ -DPDLVXWLOL]DUFRPEXVWtYHOWHUHELQWLQD
WHFRUUHLDVGHQWDGDVyOHRVGRPRWRUHYHODVGH yOHRGRPRWRUUHPRYHGRUGHHVPDOWHRXRX
LJQLomR3RULVVRDWURFDGHIOXLGRVHUHFXUVRVGH WURVOtTXLGRVYROiWHLVSDUDFRQVHUYDomRGR
YHVHUUHDOL]DGDSRUXPD&RQFHVVLRQiULD9RONVZD YHtFXOR(VVDVVXEVWkQFLDVVmRWy[LFDVHDO
JHQ$V&RQFHVVLRQiULDV9RONVZDJHQHVWmRVHP WDPHQWHLQIODPiYHLV(ODVSRGHPFDXVDULQ
SUHLQIRUPDGDVVREUHDVPXGDQoDV FrQGLRVHH[SORV}HV

$'9(57Ç1&,$ 127$
)OXLGRVHUHFXUVRVLQDGHTXDGRVEHPFRPR Ɣ 5HDEDVWHFHUDSHQDVFRPIOXLGRVDGHTXD
VXDXWLOL]DomRLQFRUUHWDSRGHPFDXVDUDFL GRV1mRWURFDURVIOXLGRVHPQHQKXPDKLSyWH
GHQWHVIHULPHQWRVJUDYHVTXHLPDGXUDVHLQ VH&DVRFRQWUiULRSRGHPRFRUUHUGHILFLrQFLDV
WR[LFDomR GHIXQFLRQDPHQWRJUDYHVRXXPGDQRGRPR
Ɣ &RQVHUYDUIOXLGRVVRPHQWHHPUHFLSLHQWHV WRU
RULJLQDLVIHFKDGRV Ɣ $FHVVyULRVHSHoDVLQVWDODGDVFRQWUDDHQ
Ɣ 1XQFDXWLOL]DUODWDVGHDOLPHQWRVJDUUDIDV WUDGDGHDUSUHMXGLFDPRDUUHIHFLPHQWRGRPR
RXRXWURVUHFLSLHQWHVYD]LRVSDUDDUPD]HQDU WRU(PFRQGLo}HVGHDOWDWHPSHUDWXUDDPELHQ
IOXLGRVSRLVDVVLPKiULVFRGHTXHRIOXLGR WHHGHPDQGDLQWHQVDGRPRWRURPRWRUSRGH
DUPD]HQDGRSRVVDVHULQJHULGRSRURXWUDV VXSHUDTXHFHU
SHVVRDV
)OXLGRVGHUUDPDGRVSRGHPSROXLURPHLRDP
Ɣ 0DQWHURVIOXLGRVHUHFXUVRVIRUDGRDO ELHQWH2VIOXLGRVGHYHPVHUUHPRYLGRVH
FDQFHGHFULDQoDV GHVFDUWDGRVHPUHFLSLHQWHVDGHTXDGRVHGHIRUPD
WHFQLFDPHQWHHHFRORJLFDPHQWHFRUUHWD ‹

5HSDURVHPRGLILFDo}HVWpFQLFDV

¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
WDPHQWHHQYROYLGRV,VVRTXHUGL]HUTXHDVHJX
UDQoDGHFRQGXomRGRYHtFXORSRGHVHUFRORFDGD
HPDOWRULVFRRGHVJDVWHGHSHoDVGRYHtFXORSR
GHDXPHQWDUHSRUILPDOLFHQoDGHXVRGRYHtFX
(PFDVRGHUHSDURVHPRGLILFDo}HVWpFQLFDV ORSRGHVHWRUQDULQYiOLGD
DVGLUHWUL]HV9RONVZDJHQGHYHPVHUHVWULWD $&RQFHVVLRQiULD9RONVZDJHQQmRSRGHRIHUHFHU
PHQWHVHJXLGDVҧϜ  JDUDQWLDFRQWUDGDQRVTXHWHQKDPVLGRFDXVDGRV
,QWHUYHQo}HVQRVFRPSRQHQWHVHOHWU{QLFRVHQRV SRUPRGLILFDo}HVWpFQLFDVHUHSDURVLQDGHTXDGRV b
UHVSHFWLYRVVRIWZDUHVSRGHPRFDVLRQDUIDOKDVGH
IXQFLRQDPHQWR'HYLGRjFRQILJXUDomRHPUHGH
GRVFRPSRQHQWHVHOHWU{QLFRVDYDULDVSRGHPFRP
SURPHWHUWDPEpPVLVWHPDVTXHQmRHVWHMDPGLUH

 &RQVHUYDomROLPSH]DPDQXWHQomR
$&RQFHVVLRQiULD9RONVZDJHQQmRpUHVSRQViYHO 5HSDURVQRSDUDEULVD
SRUGDQRVTXHWHQKDPVLGRFDXVDGRVSRUPRGLIL 3DUDFXPSULPHQWRGDVIXQo}HVDOJXPDVYHUV}HV
FDo}HVWpFQLFDVHUHSDURVLQDGHTXDGRV7DLVGD UHTXHUHPXPFRPSRQHQWHHOpWULFRRXHOHWU{QLFR
QRVWDPEpPQmRVmRFREHUWRVSHODJDUDQWLD9RONV TXHSRUH[HPSORHVWHMDDIL[DGRQRODGRLQWHUQR
ZDJHQ GRSDUDEULVDQDUHJLmRGRHVSHOKRUHWURYLVRULQ
$9RONVZDJHQUHFRPHQGDTXHWRGDVDVPRGLILFD WHUQR6HRSDUDEULVDIRUGDQLILFDGRQDiUHDGRV
o}HVWpFQLFDVHUHSDURVVHMDPUHDOL]DGRVSHODV FRPSRQHQWHVHOpWULFRVRXHOHWU{QLFRVSRUH[HP
&RQFHVVLRQiULDV9RONVZDJHQDXWRUL]DGDVFRPSH SORSRUFDXVDGRJUDQL]RRSDUDEULVDGHYHUiVHU
oDVRULJLQDLV9RONVZDJHQŠ WURFDGR5HSDUDUDUHJLmRGDQLILFDGDSHORJUDQL]R
SRGHFDXVDUIDOKDHPDXIXQFLRQDPHQWRGRHTXL
9HtFXORVFRPPRQWDJHQVHDFRSODPHQWRV SDPHQWR
HVSHFLDLV
$SyVXPDWURFDGRSDUDEULVDDFkPHUDHRVVHQ
2VIDEULFDQWHVGHSHoDVDQH[DVHDFRSODPHQWRV VRUHVGHYHPVHULQVWDODGRVHFDOLEUDGRVSRUXPD
HVSHFLDLVDVVHJXUDPTXHQRTXHGL]UHVSHLWRDRV &RQFHVVLRQiULD9RONVZDJHQ
FRQMXQWRVDFRSODGRVHSHoDVDQH[DGDV DOWHUD
o}HV DOHJLVODomRHDVHVSHFLILFDo}HVDPELHQWDLV $'9(57Ç1&,$
VmRDWHQGLGDVHPHVSHFLDODVGLUHWUL]HVGD8QLmR
(XURSHLD(8(*VREUHYHtFXORVHPILP 5HSDURVHPRGLILFDo}HVUHDOL]DGRVGHIRUPD
GHYLGDH(8(*VREUHUHVWULo}HVGHFLU LQDGHTXDGDSRGHPFDXVDUGHILFLrQFLDVGH
FXODomRHXWLOL]DomRGHGHWHUPLQDGDVVXEVWkQFLDV IXQFLRQDPHQWRHGDQRVDRYHtFXORHFRPSUR
HIRUPXODo}HVSHULJRVDV PHWHUDHILFiFLDGRVLVWHPDGHDVVLVWrQFLDDR
FRQGXWRU,VVRSRGHRFDVLRQDUDFLGHQWHVHIH
2VGRFXPHQWRVGHLQVWDODomRGDVDOWHUDo}HVGH ULPHQWRVJUDYHV
YHPVHUFRQVHUYDGRVSHORXVXiULRGRYHtFXORH
HPFDVRGHGHVPDQFKHGRYHtFXORGHYHPVHUHQ Ɣ 5HSDURVHPRGLILFDo}HVQRYHtFXORVyGH
WUHJXHVjHQWLGDGHUHVSRQViYHOSHORGHVPDQFKH YHPVHUUHDOL]DGRVSRUXPD&RQFHVVLRQiULD
GRYHtFXOR'HVWDIRUPDRUHDSURYHLWDPHQWRHFR 9RONVZDJHQ ‹
ORJLFDPHQWHFRUUHWRpJDUDQWLGRWDPEpPHPFDVR
GHYHtFXORVDOWHUDGRV

5HSDURVHOLPLWDo}HVGRVLVWHPDGHDLUEDJ

¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
3DUDTXHDHILFiFLDGRVDLUEDJVQmRVHMDSUHMXGL
FDGDHSHoDVGHVPRQWDGDVQmRFDXVHPIHULPHQ
WRVRXSROXLomRGRPHLRDPELHQWHDVSUHVFULo}HV
GHYHPVHUREVHUYDGDV$V&RQFHVVLRQiULDV9RONV
(PFDVRGHUHSDURVHPRGLILFDo}HVWpFQLFDV ZDJHQFRQKHFHPHVVDVSUHVFULo}HV
DVGLUHWUL]HV9RONVZDJHQGHYHPVHUHVWULWD 8PDDOWHUDomRQDVXVSHQVmRGRYHtFXORSRGH
PHQWHVHJXLGDVҧϜ  FRPSURPHWHURIXQFLRQDPHQWRGRVLVWHPDGHDLU
0RGLILFDo}HVHUHSDURVQRSDUDFKRTXHGLDQWHLUR EDJHPXPLPSDFWR3RUH[HPSORVHIRUXWLOL]DGD
QDVSRUWDVQRUHYHVWLPHQWRGRWHWRRXQDFDUURFH XPDFRPELQDomRGHDURVHSQHXVTXHQmRWHQKD
ULDGHYHPVHUUHDOL]DGRVVRPHQWHSRUXPD&RQ VLGROLEHUDGDSHOD9RONVZDJHQUHDOL]DGRXPUHEDL
FHVVLRQiULD9RONVZDJHQeSRVVtYHOTXHHVVDVSH [DPHQWRGRYHtFXORDOWHUDGDDULJLGH]GDVXVSHQ
oDVGRYHtFXORHVWHMDPHTXLSDGDVFRPFRPSRQHQ VmRLQFOXVLYHGDVPRODVGREUDoRGDVPRODVGR
WHVGRVLVWHPDHFRPVHQVRUHVGRVLVWHPDGHDLU DPRUWHFHGRUHWFSRGHRFRUUHUXPDDOWHUDomRGDV
EDJ IRUoDVTXHVmRPHGLGDVSHORVVHQVRUHVGRDLUEDJ
HHQYLDGDVSDUDDXQLGDGHGHFRQWUROHHOHWU{QLFD
'XUDQWHTXDLVTXHUWUDEDOKRVQRVLVWHPDGHDLUEDJ
3RUH[HPSORDOJXPDVPRGLILFDo}HVQDVXVSHQVmR
EHPFRPRQDGHVLQVWDODomRHLQVWDODomRGHSHoDV
SRGHPDXPHQWDUDVIRUoDVPHGLGDVSHORVVHQVR
GHVLVWHPDVpSRVVtYHOTXHSHoDVGRVLVWHPDGH
UHVHDFLRQDURVLVWHPDGHDLUEDJHPFHQiULRVGH
DLUEDJVHMDPGDQLILFDGDVGHYLGRDRXWURVWUDEDOKRV
LPSDFWRVHPTXHRVDLUEDJVQRUPDOPHQWHQmRVH
GHUHSDURV,VVRSRGHID]HUFRPTXHRVDLUEDJV
ULDPDFLRQDGRVVHDVPRGLILFDo}HVQmRWLYHVVHP
53&&

QmRIXQFLRQHPRXQmRIXQFLRQHPFRUUHWDPHQWHHP
VLGRIHLWDV2XWUDVPRGLILFDo}HVSRGHUmRUHGX]LUD
FDVRGHDFLGHQWH
IRUoDPHGLGDSHORVVHQVRUHVHLPSHGLURDFLRQD
PHQWRGRDLUEDJVHHOHSUHFLVDUVHUDFLRQDGR b

&RQVHUYDomRHPDQXWHQomRGRYHtFXOR 
$'9(57Ç1&,$ $'9(57Ç1&,$ FRQWLQXDomR

5HSDURVHPRGLILFDo}HVUHDOL]DGRVGHIRUPD Ɣ 1XQFDLQVWDODUQRYHtFXORSHoDVGHDLUEDJ
LQDGHTXDGDSRGHPFDXVDUGHILFLrQFLDVGH GHVPRQWDGDVGHYHtFXORVDQWLJRVRXRULJLQi
IXQFLRQDPHQWRGDQRVDRYHtFXORHFRPSUR ULDVGHUHFLFODJHP
PHWHUDHILFiFLDGRVLVWHPDGHDLUEDJ,VVR
SRGHRFDVLRQDUDFLGHQWHVHIHULPHQWRVJUD $'9(57Ç1&,$
YHVRXIDWDLV 8PDDOWHUDomRQDVXVSHQVmRGRYHtFXORLQ
Ɣ 5HSDURVHPRGLILFDo}HVQRYHtFXORVyGH FOXVLYHDXWLOL]DomRGHFRPELQDo}HVGH
YHPVHUUHDOL]DGRVSRUXPD&RQFHVVLRQiULD SQHXVHDURVQmROLEHUDGDVSHOD9RONVZDJHQ
9RONVZDJHQ SRGHPDOWHUDURIXQFLRQDPHQWRGRVDLUEDJVH
Ɣ 2VPyGXORVGRDLUEDJQmRSRGHPVHUUH DXPHQWDURULVFRGHIHULPHQWRVJUDYHVRXID
SDUDGRVPDVVLPVXEVWLWXtGRV WDLVHPFDVRGHDFLGHQWH
Ɣ -DPDLVLQVWDODUFRPSRQHQWHVGDVXVSHQ
VmRTXHQmRDSUHVHQWHPFDUDFWHUtVWLFDVLGrQ
WLFDVjVSHoDVRULJLQDLVLQVWDODGDVQRYHtFX
OR
Ɣ -DPDLVXWLOL]DUFRPELQDo}HVGHDURVH
SQHXVTXHQmRWHQKDPVLGROLEHUDGDVSHOD
9RONVZDJHQ ‹

,QVWDODomRSRVWHULRUGHDSDUHOKRVGHWUDQVPLVVmR

¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
&8,'$'2
1DRSHUDomRGHXPDSDUHOKRGHWUDQVPLVVmR
VHPFRQH[mRFRPXPDDQWHQDH[WHUQDRVYD
3DUDDRSHUDomRGHDSDUHOKRVGHWUDQVPLVVmRQR ORUHVOLPLWHGHUDGLDomRHOHWURPDJQpWLFDQR
YHtFXORpQHFHVViULDXPDDQWHQDH[WHUQD$IDL[D YHtFXORSRGHPVHUH[FHGLGRV,VWRWDPEpPp
GHDOFDQFHLGHDOGRVDSDUHOKRVVypREWLGDFRP YiOLGRFRPXPDDQWHQDH[WHUQDQmRLQVWDODGD
XPDDQWHQDH[WHUQD GHPDQHLUDFRUUHWD

$LQVWDODomRSRVWHULRUGHDSDUHOKRVHOpWULFRVRX Ɣ 2SHUDURDSDUHOKRGHWUDQVPLVVmRQRYHt
HOHWU{QLFRVQRYHtFXORDIHWDRWLSRGHOLFHQFLDPHQ FXORVRPHQWHFRPXPDDQWHQDH[WHUQDFR
WRGRYHtFXOR6REFHUWDVFLUFXQVWkQFLDVLVWRH[WLQ QHFWDGDGHPDQHLUDFRUUHWD ‹
JXHDOLFHQoDGHXVRGRYHtFXOR
8PDHPSUHVDHVSHFLDOL]DGDFRQKHFHDVSRVVLELOL
GDGHVWpFQLFDVGDDOWHUDomR3DUDLVVRD9RONVZD
JHQUHFRPHQGDDV&RQFHVVLRQiULDV9RONVZDJHQ
2EVHUYDUDVGHWHUPLQDo}HVOHJDLVEHPFRPRDV
LQVWUXo}HVHRULHQWDo}HVGHIXQFLRQDPHQWRGR0D
QXDOGHLQVWUXo}HVGRDSDUHOKRGHWUDQVPLVVmR

$'9(57Ç1&,$
8PDSDUHOKRGHWUDQVPLVVmRQmRIL[DGRRXIL
[DGRLQFRUUHWDPHQWHSRGHVHUDUUHPHVVDGR
SHORLQWHULRUGRYHtFXORHPUD]mRGHXPDPD
QREUDGHDUUDQTXHRXGHIUHQDJHPV~ELWDRX
QXPDFLGHQWHHFDXVDUIHULPHQWRV
Ɣ )L[DURXJXDUGDUHPVHJXUDQoDRDSDUHOKR
GHWUDQVPLVVmRVHPSUHGHPDQHLUDFRUUHWDH
IRUDGDiUHDGHH[SDQVmRGRDLUEDJGXUDQWHD
FRQGXomR

 &RQVHUYDomROLPSH]DPDQXWHQomR
,QIRUPDo}HVVDOYDVQDVXQLGDGHVGHFRQWUROH

¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
)XQo}HVDGLFLRQDLVTXHVmRDFRUGDGDVFRQWUDWXDO
PHQWHFRPRFOLHQWHSRUH[HPSORORFDOL]DomRGR
YHtFXORHPFDVRGHHPHUJrQFLDSHUPLWHPDWUDQV
PLVVmRGHGHWHUPLQDGRVGDGRVYHLFXODUHVGRYHt
2YHtFXORpHTXLSDGRGHIiEULFDFRPXQLGDGHVGH FXOR
FRQWUROHTXHHQWUHRXWUDVFRLVDVDVVXPHPDXQL
GDGHGHFRQWUROHGRPRWRUHGDWUDQVPLVVmR$OpP *UDYDGRUGHGDGRVGHDFLGHQWH (YHQW'DWD
GLVVRDVXQLGDGHVGHFRQWUROHPRQLWRUDPRIXQFLR 5HFRUGHU
QDPHQWRGRVLVWHPDGHHVFDSHHGRVDLUEDJV 2YHtFXORQmRpHTXLSDGRFRPXPJUDYDGRUGH
GDGRVGHDFLGHQWH
$VXQLGDGHVGHFRQWUROHHOHWU{QLFDVWDPEpPDYD
OLDPFRQWLQXDPHQWHRVGDGRVUHOHYDQWHVGRYHtFX (PXPJUDYDGRUGHGDGRVGHDFLGHQWHDVLQIRU
ORGXUDQWHDFRQGXomR(PFDVRGHDYDULDVRXGL PDo}HVGRYHtFXORVmRDUPD]HQDGDVWHPSRUDULD
YHUJrQFLDVGRVYDORUHVGHUHIHUrQFLDHVVHVGDGRV PHQWH$VVLPHPFDVRGHXPDFLGHQWHVmRREWL
VmRDUPD]HQDGRVH[FOXVLYDPHQWH$VDYDULDVVmR GDVLQIRUPDo}HVGHWDOKDGDVSRUPHLRGDVpULHGH
H[LELGDVQRUPDOPHQWHSHODVOX]HVGHFRQWUROHGR HYHQWRV(PYHtFXORVFRPXPVLVWHPDGHDLUEDJ
LQVWUXPHQWRFRPELQDGR SRGHPVHUDUPD]HQDGRVSRUH[HPSORGDGRVUH
OHYDQWHVGRDFLGHQWHFRPRYHORFLGDGHGHLPSDFWR
'DGRVDUPD]HQDGRVQDVXQLGDGHVGHFRQWUROHSR
FRQGLo}HVGHWUDYDPHQWRGRVFLQWRVGHVHJXUDQoD
GHPVHUOLGRVHDYDOLDGRVVRPHQWHSRUDSDUHOKRV
SRVLo}HVGRVEDQFRVHPRPHQWRGHDWLYDomRGRV
HVSHFLDLV
DLUEDJV$DEUDQJrQFLDGRVGDGRVGHSHQGHPGR
6RPHQWHXPD&RQFHVVLRQiULD9RONVZDJHQHVWi UHVSHFWLYRIDEULFDQWH
DSWDDUHFRQKHFHUHFRUULJLUDVDYDULDVLGHQWLILFD
$LQVWDODomRGHXPJUDYDGRUGHGDGRVGHDFLGHQWH
GDVSRUPHLRGRDUPD]HQDPHQWRGRVUHVSHFWLYRV
FRPRHVVHVySRGHDFRQWHFHUFRPRFRQVHQWLPHQ
GDGRV2VGDGRVDUPD]HQDGRVSRGHPVHUHIHULU
WRGRSURSULHWiULRHHPDOJXQVSDtVHVpUHJXODGD
HQWUHRXWURVDRVVHJXLQWHVGDGRV
SRUOHL
Ɣ 'DGRVUHOHYDQWHVGRPRWRUHGDWUDQVPLVVmR
5HSURJUDPDomRGDVXQLGDGHVGHFRQWUROH
Ɣ 9HORFLGDGH
$SULQFtSLRWRGRVRVGDGRVSDUDRFRQWUROHGRV
Ɣ 'LUHomRGHFRQGXomR FRPSRQHQWHVHVWmRDUPD]HQDGRVQDVXQLGDGHV
Ɣ ,QWHQVLGDGHGDIUHQDJHP GHFRQWUROH$OJXPDVIXQo}HVGHFRQIRUWRFRPR
Ɣ 0RQLWRUDPHQWRGRFLQWRGHVHJXUDQoD SRUH[HPSORVLQDLVLQWHUPLWHQWHVGHFRQIRUWR
DEHUWXUDLQGHSHQGHQWHGDSRUWDHLQGLFDGRUHVGR
(PQHQKXPDKLSyWHVHDVXQLGDGHVGHFRQWUROH GLVSOD\SRGHPVHUUHSURJUDPDGRVSRUPHLRGH
LQVWDODGDVJUDYDPFRQYHUVDVQRYHtFXOR3HUILVGH DSDUHOKRVHVSHFLDLV&DVRDVIXQo}HVGHFRQIRUWR
PRYLPHQWDomRDWUDYpVGRVSHUFXUVRVURGDGRVQmR VHMDPUHSURJUDPDGDVDVLQGLFDo}HVHGHVFULo}HV
FRQVHJXHPHQmRSRGHPVHUHODERUDGRVDSDUWLU FRUUHVSRQGHQWHVGHVWDOLWHUDWXUDGHERUGRQmRFR
GRVGDGRVDUPD]HQDGRV LQFLGLUmRPDLVFRPDVIXQo}HVRULJLQDLV$9RONV
&RPRXVRGRYHtFXORVmRSRVVtYHLVVLWXDo}HVQDV ZDJHQUHFRPHQGDTXHDUHSURJUDPDomRVHMDFRQ
TXDLVRVGDGRVDUPD]HQDGRVVR]LQKRVRXMXQWD ILUPDGDQR0DQXWHQomRHJDUDQWLDHP³RXWURVUH
PHQWHFRPRXWUDVLQIRUPDo}HV UHODWyULRGHDFL JLVWURVGDRILFLQD´
GHQWHGHWUkQVLWRGDQRVQRYHtFXORWHVWHPXQKRV $&RQFHVVLRQiULD9RONVZDJHQSRVVXLDVLQIRUPD
HWF HYHQWXDOPHQWHEXVFDQGRDX[tOLRGHXPHV o}HVVREUHXPDSRVVtYHOUHSURJUDPDomR
SHFLDOLVWDHFRPDMXGDGHVXDVLQIRUPDo}HVDGLFLR
QDLVSRGHPUHPHWHUjSHVVRD /HURUHJLVWURGHHYHQWRVGRYHtFXOR
(PFDVRGHYHtFXORVFRPXPDIXQomRGHFKDPD 1RLQWHULRUGRYHtFXORKiXPDWRPDGDGHFRQH[mR
GDGHHPHUJrQFLDSRUPHLRGHWHOHIRQHPyYHORX SDUDGLDJQyVWLFRSDUDDOHLWXUDGRVUHJLVWURVGH
RXWURVDSDUHOKRVFRQHFWDGRVDORFDOL]DomRPR HYHQWRVҧϜ 1RUHJLVWURGHHYHQWRVVmRPHPRUL
PHQWkQHDSRGHVHUWUDQVPLWLGD(PFDVRGHDFL ]DGRVGDGRVVREUHRIXQFLRQDPHQWRHRHVWDGR
GHQWHVHPTXHDVXQLGDGHVGHFRQWUROHUHJLVWUHP GDVXQLGDGHVGHFRQWUROHHOHWU{QLFDV,QIRUPDo}HV
XPDFLRQDPHQWRGRDLUEDJRVLVWHPDSRGHWUDQV DGLFLRQDLVVREUHRVGDGRVDUPD]HQDGRVSRGHP
53&&

PLWLUDXWRPDWLFDPHQWHXPVLQDOGHWUDQVPLVVmR,V VHUREWLGRVHPXPD&RQFHVVLRQiULD9RONVZDJHQ b
WRGHSHQGHGRSURYHGRUGRVHUYLoR$SULQFtSLR
XPDWUDQVPLVVmRIXQFLRQDVRPHQWHHPiUHDVFRP
FREHUWXUDGHUHGHGHWUDQVPLVVmRPyYHO

&RQVHUYDomRHPDQXWHQomRGRYHtFXOR 
$WRPDGDGHFRQH[mRSDUDGLDJQyVWLFRSRGHHVWDU
$'9(57Ç1&,$
GHSHQGHQGRGRPRGHORHGDYHUVmRGRYHtFXORQR
ODGRLQIHULRUGRSDLQHOGHLQVWUXPHQWRVQDiUHDSD 8PXVRGDWRPDGDGHFRQH[mRSDUDGLDJQyV
UDRVSpVGRODGRGRFRQGXWRUDRODGRGDDODYDQ WLFRGLIHUHQWHGRHVSHFLILFDGRSRGHRFDVLRQDU
FDGHGHVWUDYDPHQWRGDWDPSDGRFRPSDUWLPHQWR IDOKDVGHIXQFLRQDPHQWRHFRPRFRQVHTXrQ
GRPRWRURXDWUiVGHXPDFREHUWXUD FLDWDPEpPDFLGHQWHVHIHULPHQWRVVpULRV
2UHJLVWURGHHYHQWRVGHYHVHUOLGRHUHVWDXUDGR Ɣ -DPDLVOHUSRUVLPHVPRRUHJLVWURGH
VRPHQWHSRUXPD&RQFHVVLRQiULD9RONVZDJHQ HYHQWRVDWUDYpVGDWRPDGDGHFRQH[mRSDUD
GLDJQyVWLFR
$SyVXPDVROXomRGHIDOKDDVLQIRUPDo}HVDUHV
Ɣ 6RPHQWHXPDHPSUHVDHVSHFLDOL]DGDGHYH
SHLWRVmRDSDJDGDVGDPHPyULD2XWURVFRQWH~
OHUDPHPyULDGHHYHQWRVDWUDYpVGDWRPDGD
GRVGDPHPyULDVmRVXFHVVLYDPHQWHDWXDOL]DGRV
GHFRQH[mRSDUDGLDJQyVWLFR3DUDLVVRD
9RONVZDJHQUHFRPHQGDDV&RQFHVVLRQiULDV
9RONVZDJHQ ‹

8WLOL]DomRGHXPWHOHIRQHPyYHOQRYHtFXORVHPFRQH[mRFRPDDQWHQD
H[WHUQD

¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
2VLVWHPDGHYLYDYR]LQVWDODGRGHIiEULFDRXR
VLVWHPDGHYLYDYR]IRUQHFLGRGHIiEULFDFRPRVLV
WHPD,QIRWDLQPHQWSRUWiWLOIRLGHVHQYROYLGRSDUDD
XWLOL]DomRGHWHOHIRQHVPyYHLVFRPSDWtYHLVFRP
7HOHIRQHVPyYHLVWUDQVPLWHPHUHFHEHPRQGDVGH %OXHWRRWKŠ2VWHOHIRQHVPyYHLVGHYHPHVWDUHP
UiGLRWDPEpPGHQRPLQDGDVGHHQHUJLDGHDOWD XPVXSRUWHGHWHOHIRQHRXHVWDUHPJXDUGDGRV
IUHTXrQFLDWDQWRGXUDQWHDVFKDPDGDVTXDQWRQR FRPVHJXUDQoDQRYHtFXOR6HXPVXSRUWHGHWHOH
PRGR6WDQGE\$OLWHUDWXUDFLHQWtILFDHVSHFLDOL]DGD IRQHIRUXWLOL]DGRHVWHGHYHVHUWUDYDGRGHIRUPD
DWXDODOHUWDTXHRQGDVGHUiGLRSRGHPSUHMXGLFDUR VHJXUDQDSODFDEiVLFD6RPHQWHGHVWDIRUPDR
FRUSRKXPDQRFDVRH[FHGDPGHWHUPLQDGRVOLPL WHOHIRQHPyYHOILFDIL[DGRGHIRUPDVHJXUDQRSDL
WHVÏUJmRVJRYHUQDPHQWDLVHFRPLWrVLQWHUQDFLR QHOGHLQVWUXPHQWRVHVHPSUHDRDOFDQFHGRFRQ
QDLVHVWDEHOHFHUDPYDORUHVOLPLWHHGLUHWUL]HVSDUD GXWRU$FRQH[mRGRWHOHIRQHPyYHOFRPXPDDQWH
TXHDVUDGLDo}HVHOHWURPDJQpWLFDVHPLWLGDVSRU QDH[WHUQDpIHLWDGHDFRUGRFRPRVLVWHPDGHYL
WHOHIRQHVPyYHLVHVWHMDPHPXPDIDL[DLQRIHQVLYD YDYR]RXSRUPHLRGRVXSRUWHGRWHOHIRQHRXSRU
SDUDDVD~GHKXPDQD&RQWXGRQmRH[LVWHPSUR PHLRGHXPDFRQH[mRGH%OXHWRRWKŠH[LVWHQWHHQ
YDVFLHQWtILFDVGHILQLWLYDVGHTXHWHOHIRQHVVHPILR WUHRWHOHIRQHPyYHOHRYHtFXOR
VHMDPWRWDOPHQWHVHJXURV 8PWHOHIRQHPyYHOTXHHVWHMDFRQHFWDGRjDQWHQD
3RUHVWHPRWLYRDOJXQVHVSHFLDOLVWDVDSHODPSDUD GHWHOHIRQHLQWHJUDGDDRYHtFXORRXDXPDDQWHQD
XPDDWLWXGHSUHYHQWLYDFRPUHODomRDRXVRGRVWH H[WHUQDGHWHOHIRQHUHGX]DHPLVVmRGDUDGLDomR
OHIRQHVPyYHLVHPTXHPHGLGDVVHMDPWRPDGDV HOHWURPDJQpWLFDTXHDWXDVREUHRFRUSRKXPDQR
SDUDUHGX]LUDUDGLDomRTXHDWXDVREUHRFRUSRKX $OpPGLVVRGHVVDIRUPDXPDPHOKRUTXDOLGDGHGH
PDQR FRQH[mRpREWLGD
1DXWLOL]DomRGHXPWHOHIRQHPyYHOQmRFRQHFWDGR 6HRWHOHIRQHPyYHOIRUXWLOL]DGRQRLQWHULRUGRYHt
DXPDDQWHQDH[WHUQDGHWHOHIRQHQRLQWHULRUGR FXORVHPRVLVWHPDGHYLYDYR]HOHQmRHVWDUiIL
YHtFXORDUDGLDomRHOHWURPDJQpWLFDSRGHVHUPDL [DGRFRPVHJXUDQoDQRYHtFXORWDPSRXFRFRQHF
RUGRTXHTXDQGRRWHOHIRQHPyYHOHVWiFRQHFWDGR WDGRjDQWHQDGHWHOHIRQHH[WHUQDGRYHtFXOR$OpP
DXPDDQWHQDLQWHJUDGDRXDRXWUDDQWHQDH[WHUQD GLVVRRWHOHIRQHPyYHOQmRVHUiUHFDUUHJDGRSHOR
VXSRUWH$OpPGLVVRpGHVHHVSHUDUTXHDOLJDomR
6HRYHtFXORHVWLYHUHTXLSDGRFRPXPVLVWHPDGH
H[LVWHQWHSRVVDVHULQWHUURPSLGDHDTXDOLGDGHGD
YLYDYR]DGHTXDGRTXHSHUPLWHDXWLOL]DomRGH
OLJDomRVHMDDIHWDGD
XPDVpULHGHIXQo}HVDGLFLRQDLVGHWHOHIRQHVPy
YHLVFRPSDWtYHLVFRP%OXHWRRWKŠHOHDWHQGHDV $VVLPXWLOL]DUXPWHOHIRQHPyYHOQRYHtFXORVR
GHWHUPLQDo}HVOHJDLVGHPXLWRVSDtVHVTXHSHUPL PHQWHVHHOHHVWLYHUFRQHFWDGRDXPVLVWHPDGH
WHPRXVRGHXPWHOHIRQHPyYHOQRYHtFXORVR YLYDYR]$9RONVZDJHQUHFRPHQGDXWLOL]DUXPD
PHQWHSRUPHLRGHXPVLVWHPDGHYLYDYR] DQWHQDH[WHUQDSDUDRXVRGHWHOHIRQHPyYHOQR
YHtFXOR b

 &RQVHUYDomROLPSH]DPDQXWHQomR
%OXHWRRWKŠpXPDPDUFDUHJLVWUDGDGD%OXHWRRWKŠ
$'9(57Ç1&,$
6,*,QF
$RXWLOL]DUXPWHOHIRQHPyYHOVHPFRQH[mR
$'9(57Ç1&,$ FRPXPDDQWHQDH[WHUQDRVYDORUHVOLPLWHGH
UDGLDomRHOHWURPDJQpWLFDQRYHtFXORSRGHP
8PWHOHIRQHPyYHOQmRIL[DGRRXIL[DGRLQ VHUH[FHGLGRVHDVVLPDVD~GHGRFRQGXWRU
FRUUHWDPHQWHSRGHVHUODQoDGRSHORLQWHULRU HGRVSDVVDJHLURVSRGHVHUSUHMXGLFDGD,VWR
GRYHtFXORHPUD]mRGHXPDPDQREUDGHGLUH WDPEpPpYiOLGRFRPXPDDQWHQDH[WHUQD
omRRXGHIUHQDJHPV~ELWDEHPFRPRHPXP QmRLQVWDODGDGHPDQHLUDFRUUHWD
DFLGHQWHHFDXVDUIHULPHQWRVJUDYHV
Ɣ 0DQWHUXPDGLVWkQFLDPtQLPDGHFHQWt
Ɣ )L[DUGHPRGRFRUUHWRRWHOHIRQHPyYHO PHWURVHQWUHDVDQWHQDVGRWHOHIRQHPyYHOH
RXWURVDSDUHOKRVEHPFRPRDFHVVyULRGRWH XPPDUFDSDVVRFDUGtDFRSRLVWHOHIRQHVPy
OHIRQHFRPRSRUH[HPSORVXSRUWHVSDUDWH YHLVSRGHPLQIOXHQFLDUQDIXQomRGHPDUFD
OHIRQHEORFRGHQRWDVHVLVWHPDVGH,QIRWDLQ SDVVRVFDUGtDFRV
PHQWSRUWiWHLVHPDQWrORVJXDUGDGRVGHPD
QHLUDVHJXUDGXUDQWHDFRQGXomRHIRUDGDV Ɣ 1mRFDUUHJDUWHOHIRQHVPyYHLVOLJDGRVQR
iUHDVGHH[SDQVmRGRDLUEDJ EROVRGRSHLWRGLUHWDPHQWHVREUHRPDUFD
SDVVR
Ɣ 1RFDVRGHVXVSHLWDGHLQWHUIHUrQFLDGR
WHOHIRQHPyYHOFRPXPPDUFDSDVVRFDUGt
DFRRXFRPRXWURGLVSRVLWLYRPpGLFRGHVOL
JDURWHOHIRQHPyYHOLPHGLDWDPHQWH ‹

3RQWRVGHDSRLRSDUDDVXVSHQVmRGRYHtFXOR

)LJ 3RQWRVGHDSRLRGLDQWHLURVSDUDDVXV )LJ 3RQWRVGHDSRLRWUDVHLURVSDUDVXVSHQ


SHQVmRFRPSODWDIRUPDHOHYDWyULDRXFRPPDFD VmRFRPSODWDIRUPDHOHYDWyULDRXPDFDFR
FR

¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
'LYHUVDVSUHFDXo}HVGHYHUmRVHUWRPDGDVVHXP
YHtFXORIRUVXVSHQVRSRUXPDSODWDIRUPDHOHYDWy
ULDRXSRUXPPDFDFR-DPDLVVXVSHQGHUXPYHt
FXORFRPXPDSODWDIRUPDHOHYDWyULDRXFRPXP
2YHtFXORGHYHVHUVXVSHQVRVRPHQWHSHORVSRQ PDFDFRVHQmRKRXYHUDGHYLGDIRUPDomRFRQKH
WRVLQGLFDGRVQDVILJXUDVҧϜ)LJHҧϜ)LJ FLPHQWRHH[SHULrQFLDSDUDUHDOL]DUDVXVSHQVmR
6HRYHtFXORQmRIRUVXVSHQVRSHORVSRQWRVLQGLFD GHIRUPDVHJXUD
GRVSRGHPRFRUUHUGDQRVQRYHtFXORҧϜ HIHUL ,QIRUPDo}HVVREUHROHYDQWDPHQWRGRYHtFXORFRP
PHQWRVJUDYHVҧϜ 
53&&

RPDFDFRҧϜ3iJLQDRXҧϜ3iJLQD b
3ODWDIRUPDVHOHYDWyULDVKLGUiXOLFDVQmRGHYHPVHU
XWLOL]DGDVSDUDDVXVSHQVmRGRYHtFXOR

&RQVHUYDomRHPDQXWHQomRGRYHtFXOR 
$'9(57Ç1&,$ $'9(57Ç1&,$ FRQWLQXDomR

$VXVSHQVmRLQDGHTXDGDGRYHtFXORFRP Ɣ 6HIRUQHFHVViULRWUDEDOKDUVREXPYHtFX
XPDSODWDIRUPDHOHYDWyULDRXFRPXPPDFD ORVXVSHQVRWUDYDURYHtFXORFRPEORFRVGH
FRSRGHFDXVDUIHULPHQWRVJUDYHV VXVWHQWDomRTXHSRVVXDPXPDFDSDFLGDGH
GHFDUJDFRUUHVSRQGHQWH
Ɣ $QWHVGHVXVSHQGHURYHtFXORREVHUYDUR
0DQXDOGHLQVWUXo}HVGDSODWDIRUPDHOHYDWy Ɣ -DPDLVXWLOL]DUDSODWDIRUPDHOHYDWyULDFR
ULDRXGRPDFDFREHPFRPRDVHYHQWXDLV PRDX[tOLRSDUDHPEDUTXH
SUHVFULo}HVOHJDLV Ɣ $WHQWDUVHPSUHSDUDTXHRSHVRGRYHtFX
Ɣ 1mRSRGHKDYHUSHVVRDVGHQWURGRYHtFX ORQmRH[FHGDDFDSDFLGDGHGHFDUJDGDSOD
ORGXUDQWHVXDVXVSHQVmRRXFRPRYHtFXOR WDIRUPDHOHYDWyULD
VXVSHQVR
Ɣ 6XVSHQGHURYHtFXORVRPHQWHSHORVSRQ
127$
WRVLQGLFDGRVQDVILJXUDVҧҧϜ)LJH Ɣ -DPDLVVXVSHQGHURYHtFXORSHORFiUWHUSH
ҧϜ)LJ6HRYHtFXORQmRIRUVXVSHQVRSH ODWUDQVPLVVmRSHORHL[RWUDVHLURRXSHORHL[R
ORVSRQWRVLQGLFDGRVRYHtFXORSRGHFDLUGD GLDQWHLUR
SODWDIRUPDHOHYDWyULDTXDQGRSRUH[HPSORR Ɣ $RVXVSHQGHURYHtFXORXWLOL]DUVHPSUH
PRWRURXDVXVSHQVmRIRUGHVPRQWDGR XPDFDPDGDGHERUUDFKDSDUDQmRGDQLILFDUD
Ɣ 2VSRQWRVGHDSRLRSDUDVXVSHQVmRGR SDUWHLQIHULRUGRYHtFXOR$OpPGLVVRpQHFHV
YHtFXORGHYHPHVWDUDSRLDGRVVREUHDPDLRU ViULRREVHUYDUDSDVVDJHPOLYUHGRVEUDoRVGD
iUHDSRVVtYHOHFHQWUDOL]DGRVVREUHRVDSRLRV SODWDIRUPDHOHYDWyULD
GDSODWDIRUPDHOHYDWyULD Ɣ 2VEUDoRVGDSODWDIRUPDHOHYDWyULDQmRGH
Ɣ -DPDLVOLJDURPRWRUVHRYHtFXORHVWLYHU YHPWRFDUDVVROHLUDVODWHUDLVRXRXWUDVSHoDV
VXVSHQVR2YHtFXORSRGHFDLUGDSODWDIRUPD GRYHtFXOR ‹
HOHYDWyULDGHYLGRjVYLEUDo}HVGRPRWRU

 &RQVHUYDomROLPSH]DPDQXWHQomR
6HUYLoRVRQOLQHPyYHLV

¤ ,QWURGXomRDRWHPD
1HVWHFDStWXORHQFRQWUDPVHLQIRUPDo}HVUHODWLYDV
$'9(57Ç1&,$
DRVVHJXLQWHVWHPDV
2XVRGHDSOLFDWLYRVHGRVVHUYLoRV&DU1HW
6HUYLoRV&DU1HW  
GXUDQWHDFRQGXomRSRGHGHVYLDUDDWHQomR
$SOLFDWLYRV ³$SSV´   GRWUkQVLWR$GLVWUDomRGRFRQGXWRUSRGH
FDXVDUDFLGHQWHVHIHULPHQWRV
$WUDYpVGRVVHUYLoRVPyYHLVRQOLQH&DU1HWH
³$SOLFDWLYRV´ $SSV LQIRUPDo}HVRQOLQHSRGHPVHU Ɣ &RQGX]LUVHPSUHGHIRUPDDWHQWDHUHV
WUDQVPLWLGDVHLQWHJUDGDVGLUHWDPHQWHDRYHtFXOR SRQViYHO

,QIRUPDo}HVVREUHRVVHUYLoRV&DU1HWHDSOLFDWL
YRVFXMDVFRQGLo}HVWpFQLFDVHGLVSRQLELOLGDGH
127$
DVVLPFRPRDSDUHOKRVVmRSRVVtYHLVGHVHUHP (PDPELHQWHVFRPSUHVFULo}HVHVSHFLDLVH
REWLGRVHPZZZYRONVZDJHQFRPFDUQHW TXDQGRDXWLOL]DomRGHGLVSRVLWLYRVPyYHLVIRU
SURLELGDRGLVSRVLWLYRPyYHOGHYHHVWDUVHP
,QIRUPDo}HVHDOHUWDVFRPSOHPHQWDUHV SUHGHVOLJDGR$UDGLDomRHPLWLGDSHORGLVSRVL
Ɣ ҧϜ3iJLQD8WLOL]DomRGHXPWHOHIRQHPyYHO WLYRPyYHOOLJDGRSRGHFDXVDULQWHUIHUrQFLDV
QRYHtFXORVHPFRQH[mRFRPDDQWHQDH[WHUQD HPHTXLSDPHQWRVWpFQLFRVHPpGLFRVVHQVt
Ɣ ҧϜFDGHUQR5iGLR YHLVRTXHSRGHUHVXOWDUHPIDOKDGHIXQomRRX
GDQRVQRVDSDUHOKRV ‹
Ɣ ҧϜFDGHUQR6LVWHPDGHQDYHJDomR
Ɣ ҧϜFDGHUQR3UHSDUDomRSDUDWHOHIRQHPyYHO

$'9(57Ç1&,$
8PGLVSRVLWLYRPyYHOQmRIL[DGRRXIL[DGR
LQFRUUHWDPHQWHSRGHVHUODQoDGRSHORFRP
SDUWLPHQWRLQWHUQRGRYHtFXORHPUD]mRGH
XPDPDQREUDV~ELWDGHDUUDQTXHRXGHIUHQD
JHPDVVLPFRPRHPXPDFLGHQWHHFDXVDUIH
ULPHQWRV
Ɣ )L[DURXJXDUGDUHPVHJXUDQoDRGLVSRVL
WLYRPyYHOVHPSUHGHPDQHLUDFRUUHWDHIRUD
GDiUHDGHH[SDQVmRGRDLUEDJGXUDQWHDFRQ
GXomR

$'9(57Ç1&,$
$SOLFDWLYRVHVHUYLoRV&DU1HWTXHVmRUHDOL
]DGRVLQDGHTXDGDRXLPSURSULDPHQWHSR
GHPFDXVDUGDQRVDRYHtFXORDFLGHQWHVH
JUDYHVIHULPHQWRV
Ɣ $9RONVZDJHQUHFRPHQGDVRPHQWHDXWLOL
]DomRGHDSOLFDWLYRVRIHUHFLGRVSHOD9RONV
ZDJHQSDUDRSUySULRYHtFXORHVHUYLoRV&DU
1HW
Ɣ 3URWHJHURGLVSRVLWLYRPyYHOFRPRVVHXV
DSOLFDWLYRVGRPDXXVR
Ɣ -DPDLVPRGLILFDUDSOLFDWLYRVHVHUYLoRV
&DU1HW
53&&

Ɣ 2EVHUYDURPDQXDOGHLQVWUXo}HVGRGLV
SRVLWLYRPyYHO

&RQVHUYDomRHPDQXWHQomRGRYHtFXOR 
6HUYLoRV&DU1HW

¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
HPHVSHFLDOSDUDSDtVHVFRPJUDQGHiUHDFRPRD
&KLQDRXD5~VVLD$GLVSRQLELOLGDGHWDPEpPGH
SHQGHGDFREHUWXUDGDUHGHQRUHVSHFWLYRSDtV

3RUVHUYLoRVGHWHOHPiWLFD &DU1HW GRUDYDQWH 'HWHUPLQDomRGDSRVLomRDWXDOGRYHtFXOR


GHQRPLQDGRVHUYLoRV&DU1HWHQWHQGHVHWDQWR $OJXQVVHUYLoRV&DU1HWQHFHVVLWDPGDORFDOL]D
FRPRVHUYLoRVGHLQIRUPDomRSRUH[HPSORH[WHQ omRH[DWDGRYHtFXORSDUDDH[HFXomRGDVIXQ
V}HVGHQDYHJDomRFRPRWDPEpPVHUYLoRVGHFR o}HV'HSHQGHQGRGRVHUYLoRLQVWDODGRDUHVSHFWL
EHUWXUDSDUDYHtFXORVFRPRSRUH[HPSORVWDWXV YDDWXDOSRVLomRGRYHtFXORpWUDQVPLWLGDFRQIRUPH
GRYHtFXORIXQo}HVGHFKDPDGDGHHPHUJrQFLDH RGHVHMRGRFRQGXWRURXDXWRPDWLFDPHQWHDRIRU
XUJrQFLDIXQo}HVGHFRPDQGRGHFRQIRUWR QHFHGRUGHVHUYLoRV1RFDVRGHWUDQVPLVVmRDX
WRPiWLFDLVVRSRGHRFRUUHUHPLQWHUYDORVUHJXODUHV
$FRQH[mRGHUiGLRQHFHVViULDSDUDD&DU1HW SDUDDUHVSHFWLYDDWXDOSRVLomRGRYHtFXOR
RFRUUHSRUXPDXQLGDGHVGHFRQWUROHLQVWDODGDGH
IiEULFDFRPFDUWmR6,0LQWHJUDGRRXGLUHWDPHQWH (PSUHVWDURXYHQGHURYHtFXOR
SHORGLVSRVLWLYRPyYHOGRXVXiULRSRUH[HPSORWH 6HRYHtFXORIRUYHQGLGRRXFRQFHGLGRRSURSULHWi
OHIRQHPyYHOOHLWRUGHFDUWmR6,02VVHUYLoRV ULRRXRORFDGRUGHYHLQIRUPDURFRPSUDGRURXD
&DU1HWSRGHPREWHUGDGRVRQOLQHWUDQVPLWLUGD SHVVRDTXHUHFHEHURYHtFXORVREUHRVHUYLoR&DU
GRVGRYHtFXORHWUDQVIHULULQIRUPDo}HVQRYDVIXQ 1HWLQVWDODGRQRYHtFXORHVREUHRVVHXIXQFLRQD
o}HVRXDPSOLDo}HVGDVIXQo}HVH[LVWHQWHVGRYHt PHQWR
FXORDWUDYpVGHVVDOLJDomRSRUUiGLR'HVWDIRUPD
R&DU1HWSRGHRIHUHFHUDRXVXiULRRXDRFRQGX /LPLWDo}HV
WRUIXQo}HVGHDSRLREDVHDGRQRVGDGRVGRYHtFX 2VVHJXLQWHVSRQWRVSRGHPOHYDUTXHXP'RZQ
ORHPFRQMXQWRFRPGDGRVGD,QWHUQHWHGHVLVWH ORDGRXDYHUVmRGHXPVHUYLoR&DU1HWVHMDFDQ
PDV,7 FHODGRRXXPVHUYLoRLQVWDODGRQmRSRVVDVHUH[H
2XVRGR&DU1HWHGDFRQH[mRGHFRPXQLFDomR FXWDGR
PyYHOQHFHVViULDSRGHVHUWHUFXVWRV$9RONVZD
Ɣ $OWDVYHORFLGDGHVFRQGLo}HVFOLPiWLFDVDGYHU
JHQUHFRPHQGDXVDUXPWHOHIRQHPyYHOFRPXPD
VDV
WD[DIL[DGHGDGRVGHYLGRDRHYHQWXDOYROXPHGH
GDGRV0DLVLQIRUPDo}HVFRQVXOWDUDRSHUDGRUDGH Ɣ (PiUHDVVHPGLVSRQLELOLGDGHGHUHGHRXGHIL
FRPXQLFDomRPyYHO FLWiULD
Ɣ (PW~QHLVJDUDJHQVHSDVVDJHQVVXEWHUUk
2&DU1HWSRGHGHSHQGHQGRGRVHUYLoRVHURSH
QHDV
UDGRRXH[HFXWDGRSHORVLVWHPDGHUiGLRRXGHQD
YHJDomRLQVWDODGRGHIiEULFDFRPXPDSDUHOKR Ɣ (PSDtVHVQRVTXDLVRVVHUYLoRV&DU1HWQmR
PyYHORXSRUXPSRUWDOQDLQWHUQHW VmRRIHUHFLGRV
ZZZYRONVZDJHQFRPFDUQHW 9LDGHUHJUDR Ɣ )DOKDVQRVLVWHPDHOpWULFRGRYHtFXOR
SRUWDOGHLQWHUQHWpDFHVVDGRFRPXPQDYHJDGRU Ɣ %DWHULDYHtFXORGHVFDUUHJDGDRXEDL[DWHQVmR
GHLQWHUQHW
Ɣ 6HRDSDUHOKRGHFRQWUROHSDUDDUHDOL]DomRGR
'LVSRQLELOLGDGH VHUYLoR&DU1HWIRUGDQLILFDGR
2VVHUYLoRV&DU1HWSRGHPVHUVXEPHWLGRVDXPD 6XEVWLWXLomRGRGLVSRVLWLYR
OLPLWDomRSRUWHPSRHDOWHUDGRVHVWDEHOHFLGRV
GHVDWLYDGRVUHDWLYDGRVHHVWHQGLGRVDTXDOTXHU 1RFDVRGHVHUYLoRV&DU1HWLQVWDODGRVRGLVSRVLWL
PRPHQWRVHPDYLVRSUpYLR YRGHUiGLRQDYHJDomRLQVWDODGRGHIiEULFDRXD
XQLGDGHVGHFRQWUROHHVWLYHUGDQLILFDGRRXSUHFLVDU
2FRQWH~GRYROXPHHIRUQHFHGRUGRVVHUYLoRV VHUVXEVWLWXtGRSURFXUDUXPD&RQFHVVLRQiULD
&DU1HWRIHUHFLGRVSRGHPYDULDUDVVLPFRPRVHU 9RONVZDJHQRXXPDHPSUHVDHVSHFLDOL]DGD3RGH
FRQFHELGRHVSHFLILFDPHQWHDRYHtFXORHDRSDtV VHUQHFHVViULRXPQRYRUHJLVWURRXDWLYDomRGRV
$OpPGLVVRDOJXQVVHUYLoRV&DU1HWGHSHQGHPGD VHUYLoRV&DU1HW b
GLVSRQLELOLGDGHGHVHUYLoRVGHWHUFHLURV
2VVHUYLoRV&DU1HWSRGHPHVWDUVXMHLWRVjOLPLWD
o}HVGHiUHDV$VVLPXPVHUYLoRSRGHQmRHVWDU
GLVSRQtYHOHPWRGDVDVSDUWHVGRSDtV±LVVRYDOH

 &RQVHUYDomROLPSH]DPDQXWHQomR
5HJLVWURQHFHVViULR FLGDGHGHGDGRVTXHRYHtFXORSRGHWUDQVPLWLU
3DUDDXWLOL]DomRGRVVHUYLoRV&DU1HWpQHFHVVi HUHFHEHUGDGRVRQOLQH'HSHQGHQGRGRVVHU
ULRXPUHJLVWURHDXWHQWLFDomRDVVLPFRPRXPDDWL YLoRVDWLYDGRVWDPEpPGHYHPVHUGDGDVDR
YDomRFRQWUDWXDO0DLVLQIRUPDo}HVSRGHPVHURE FRQGXWRUDVLQIRUPDo}HVFRUUHVSRQGHQWHV
WLGDVSRUPHLRGRSRUWDOGHLQWHUQHW $9RONVZDJHQUHFROKHSURFHVVDWUDQVPLWHH
ZZZYRONVZDJHQFRPFDUQHW RXHPXPD&RQ XVDRVGDGRVSHVVRDLVIRUQHFLGRVSHORXVX
FHVVLRQiULD9RONVZDJHQ iULRGHDFRUGRFRPRVUHTXLVLWRVOHJDLVSDUDXP
$9RONVZDJHQUHFRPHQGDTXHYRFrVHLQIRUPHHP ERPIXQFLRQDPHQWRHGHVHPSHQKRGRVVHUYLoRV
XPD&RQFHVVLRQiULD9RONVZDJHQDQWHVGDXWLOL]D &DU1HWLQGLYLGXDLV1mRRFRUUHXPDWUDQVPLVVmR
omRHDWLYDomRGRVVHUYLoRV&DU1HW$&RQFHVVLR GHGDGRVjWHUFHLURV$VFRQGLo}HVSDUDXWLOL]DomR
QiULD9RONVZDJHQSRGHIRUQHFHULQIRUPDo}HVVR DWXDOL]DGDVHVWmRGLVSRQtYHLVQDLQWHUQHWHP
EUHDDEUDQJrQFLDHVSHFLILFDGRSDLVGRVVHUYLoRV ZZZYRONVZDJHQFRPFDUQHW
DVVLPFRPRDFRPSDWLELOLGDGHGRVVLVWHPDVGHUi
GLRHQDYHJDomR 2VVHUYLoRV&DU1HWVmRXPVLVWHPDEDVHD
GRQDWHOHIRQLDPyYHO6HPHVPRFRPR
6HSDUDXPYHtFXORIRUDWLYDGRXPVHUYLoR&DU FXPSULPHQWRGDVSUHPLVVDVRFRUUHPIDOKDVIDYRU
1HWRFRQWUDWDQWHpREULJDGRDLQIRUPDUWRGRV WHQWDUPDLVWDUGHQRYDPHQWHXVDURVVHUYLoRV ‹
RVFRQGXWRUHVGRYHtFXORQRVHQWLGRGDSULYD

$SOLFDWLYRV ³$SSV´

¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
WRGRVRVGLVSRVLWLYRVPyYHLVHVHXVVLVWHPDVRSH
UDFLRQDLV,VVRSRGHYDOHUDWpSDUDDVpULHGHXP
GLVSRVLWLYRPyYHOTXHSRUH[HPSORpH[HFXWiYHO
FRPXPVLVWHPDRSHUDFLRQDOQDYHUVmRHQmR
0XLWRVGLVSRVLWLYRVPyYHLVGLVS}HGDSRVVLELOLGDGH QDYHUVmR
GRFDUUHJDPHQWRGRVGHQRPLQDGRVDSOLFDWLYRV 2VDSOLFDWLYRVSRGHPVHUDOWHUDGRVHVWDEHOHFLGRV
$SS QRDSDUHOKR&RPXP³$SS´GHVWHWLSRSRGH GHVDWLYDGRVUHDWLYDGRVHHVWHQGLGRVVHPDYLVR
VHUSRVVtYHOH[LELULQIRUPDo}HVDGLFLRQDLVQRVLVWH SUpYLR
PDGHUiGLRHQDYHJDomRLQVWDODGRGHIiEULFDRX
DWLYDUFRPDQGDURXGHVDWLYDUGHWHUPLQDGDVIXQ 3DUDDH[HFXomRGHDSOLFDWLYRVpQHFHVViULDXPD
o}HVQRYHtFXOR FRQH[mRGHUiGLRRXDFDERVXILFLHQWHHVHPID
OKDVHQWUHRVLVWHPDGHUiGLRHQDYHJDomRLQVWDOD
2VDSOLFDWLYRVSUySULRVDXWLOL]DomRGHDSOLFDWLYRV GRGHIiEULFDHXPGLVSRVLWLYRPyYHOFRPSDWtYHOH
HDFRQH[mRPyYHOSRGHPVHUWHUFXVWRV HPERPIXQFLRQDPHQWR
2YROXPHGRVDSOLFDWLYRVRIHUHFLGRVSRGHVHUFRQ
FHELGRGHIRUPDYHUViWLODVVLPFRPRHVSHFtILFRDR 127$
YHtFXORHDRSDtVҧϜ 2FRQWH~GRYROXPHHIRU $9RONVZDJHQQmRVHUHVSRQVDELOL]DSRUGDQRV
QHFHGRUHVGRVDSOLFDWLYRVSRGHPYDULDU$OpPGLV FDXVDGRVDRYHtFXORHPUD]mRGHDSOLFDWLYRV
VRDOJXQVDSOLFDWLYRVGHSHQGHPGDGLVSRQLELOLGDGH GHEDL[DTXDOLGDGHRXFRPGHIHLWRSURJUDPD
GHVHUYLoRVGHWHUFHLURV%DVLFDPHQWHSDUDRXVR omRLQVXILFLHQWHGRVDSOLFDWLYRVUHGHQmRVXIL
GRVDSOLFDWLYRVpSUHFLVRXPDUHGHPyYHOFRPFD FLHQWHSHUGDGHGDGRVQDWUDQVPLVVmRRXPDX
SDFLGDGHVXILFLHQWHSDUDDWURFDGHGDGRV XVRGHGLVSRVLWLYRVPyYHLV ‹
$GHVFULomRGHXPDSOLFDWLYRSRGHVHUIHLWDHOR
UHVSHFWLYRIRUQHFHGRU
'HYLGRjYDULHGDGHGRVGLVSRVLWLYRVPyYHLVHGR
ULWPRDFHOHUDGRGRGHVHQYROYLPHQWRGH6RIWZDUH
RVDSOLFDWLYRVRIHUHFLGRVQmRVmRH[HFXWiYHLVHP
53&&

&RQVHUYDomRHPDQXWHQomRGRYHtFXOR 
,QIRUPDo}HVDRFRQVXPLGRU

¤ ,QWURGXomRDRWHPD
1HVWHFDStWXORHQFRQWUDPVHLQIRUPDo}HVUHODWLYDV
$'9(57Ç1&,$
DRVVHJXLQWHVWHPDV
2PDQXVHLRLQDGHTXDGRGRYHtFXORDXPHQWD
(WLTXHWDVDGHVLYDVHSODTXHWDV  
RULVFRGHDFLGHQWHVHIHULPHQWRV
8WLOL]DomRGRYHtFXORHPRXWURVSDtVHVH
FRQWLQHQWHV   Ɣ 2EVHUYDUDVGHWHUPLQDo}HVOHJDLV
5HFHSomRGRUiGLRHDQWHQD   Ɣ 2EVHUYDUR0DQXDOGHLQVWUXo}HV
,QIRUPDo}HVGHUHSDURV9RONVZDJHQ  
'HFODUDomRGHFRQIRUPLGDGH   127$
5HFROKLPHQWRGHYHtFXORVHPILPGHYLGDH 2PDQXVHLRLQDGHTXDGRGRYHtFXORSRGHRFD
VXFDWHDPHQWR   VLRQDUGDQRVDRYHtFXOR
'HFODUDomRGHFRQIRUPLGDGHGHURGDVH Ɣ 2EVHUYDUDVGHWHUPLQDo}HVOHJDLV
SQHXV  
Ɣ ([HFXWDURVVHUYLoRVGHPDQXWHQomRGH
DFRUGRFRPR0DQXWHQomRHJDUDQWLD
,QIRUPDo}HVHDOHUWDVFRPSOHPHQWDUHV
Ɣ 9LVWDVH[WHUQDVҧϜ3iJLQD Ɣ 2EVHUYDUR0DQXDOGHLQVWUXo}HV ‹
Ɣ 6LVWHPDVGHDVVLVWrQFLDGHDUUDQTXH
ҧϜ3iJLQD
Ɣ $FHVVyULRVUHSRVLomRGHSHoDVUHSDURVHPR
GLILFDo}HVҧϜ3iJLQD
Ɣ ҧϜFDGHUQR0DQXWHQomRHJDUDQWLD

(WLTXHWDVDGHVLYDVHSODTXHWDV

¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
9RONVZDJHQDSOLTXHFRUUHWDPHQWHRVQRYRVFHUWLIL
FDGRVGHVHJXUDQoDHWLTXHWDVDGHVLYDVHSODTXH
WDVFRUUHVSRQGHQWHVQDVPHVPDVSRVLo}HVQDV
SHoDVGRYHtFXORQRYDV
2FRPSDUWLPHQWRGRPRWRUHDOJXPDVSHoDVGR
YHtFXORFRQWrPGHIiEULFDFHUWLILFDGRVGHVHJXUDQ &HUWLILFDGRGHVHJXUDQoD
oDHWLTXHWDVDGHVLYDVHSODTXHWDVFRPLQIRUPD 8PFHUWLILFDGRGHVHJXUDQoDQDFROXQDGDSRUWD
o}HVLPSRUWDQWHVVREUHRXVRGRYHtFXORFRPR GRFRQGXWRULQIRUPDTXHWRGRVRVSDGU}HVGHVH
SRUH[HPSORQDSRUWLQKRODGRWDQTXHQRSDUDVRO JXUDQoDQHFHVViULRVHDVHVSHFLILFDo}HVGRVyU
GRSDVVDJHLURGLDQWHLURQDFROXQDGDSRUWDGR JmRVGHVHJXUDQoDGRWUkQVLWRGRUHVSHFWLYRSDtV
FRQGXWRURXQRDVVRDOKRGRFRPSDUWLPHQWRGHED VmRDWHQGLGRVQRPRPHQWRGDIDEULFDomR$GLFLR
JDJHP QDOPHQWHSRGHPHVWDUUHSUHVHQWDGRVRPrVHR
DQRGHIDEULFDomREHPFRPRRQ~PHURGRFKDVVL
Ɣ 1mRUHPRYHURVFHUWLILFDGRVGHVHJXUDQoDHWL
TXHWDVDGHVLYDVHSODTXHWDVHPQHQKXPDKLSyWH (WLTXHWDVDGHVLYDVGHDOHUWDGHDOWDWHQVmR
VHQHPLQXWLOL]iODVRXWRUQiODVLOHJtYHLV 3Uy[LPRDRIHFKRGDWDPSDGRFRPSDUWLPHQWRGR
Ɣ 6HDVSHoDVGRYHtFXORFRPFHUWLILFDGRVGHVH PRWRUHQFRQWUDVHXPDHWLTXHWDDGHVLYDTXHDOHUWD
JXUDQoDHWLTXHWDVDGHVLYDVHSODTXHWDVIRUHP VREUHDDOWDWHQVmRGRVLVWHPDHOpWULFRGRYHtFXOR ‹
VXEVWLWXtGDVpQHFHVViULRTXHD&RQFHVVLRQiULD

 &RQVHUYDomROLPSH]DPDQXWHQomR
8WLOL]DomRGRYHtFXORHPRXWURVSDtVHVHFRQWLQHQWHV

¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
HVFRSRVHWLSRVGHPDQXWHQomR,VWRpYDOLGRHV
SHFLDOPHQWHVHRYHtFXORIRUXWLOL]DGRGXUDQWHXP
SHUtRGRSURORQJDGRHPXPDUHJLmRGHFOLPDGLIH
UHQWH
2YHtFXORIRLSURGX]LGRSDUDXPGHWHUPLQDGRSDtV (PUD]mRGHGLIHUHQWHVIDL[DVGHIUHTXrQFLDDRUH
HFRUUHVSRQGHjVGHWHUPLQDo}HVGHKRPRORJDomR GRUGRPXQGRRUiGLRRXRVLVWHPDGHQDYHJDomR
YLJHQWHVQRSDtVQRPRPHQWRGDIDEULFDomRGR IRUQHFLGRVGHIiEULFDSRGHUmRQmRIXQFLRQDUHP
YHtFXOR RXWURVSDtVHV
6HRYHtFXORSUHFLVDUVHUXWLOL]DGRWHPSRUDULDPHQ
WHRXSRUXPFXUWRSHUtRGRQRH[WHULRUGHYHVHRE 127$
VHUYDUDVRULHQWDo}HVFRUUHVSRQGHQWHV Ɣ $9RONVZDJHQQmRVHUHVSRQVDELOL]DSRUGD
ҧϜ3iJLQD&RQGXomRQRH[WHULRU QRVFDXVDGRVDRYHtFXORHPUD]mRGHFRPEXV
6HRYHtFXORIRUYHQGLGRHPRXWURSDtVRXVHIRU WtYHOGHEDL[DTXDOLGDGHVHUYLoRVLQVXILFLHQWHV
XWLOL]DGRHPRXWURSDtVSRUXPSHUtRGRSURORQJD RXIDOWDGHSHoDVRULJLQDLV
GRDVUHVSHFWLYDVSUHVFULo}HVOHJDLVYiOLGDVQR Ɣ $9RONVZDJHQQmRpUHVSRQViYHOFDVRRYHt
SDtVGHGHVWLQRGHYHPVHUREVHUYDGDV FXORQmRFRUUHVSRQGDRXFRUUHVSRQGDDSHQDV
6HIRURFDVRVHUiQHFHVViULRPRQWDURXGHVPRQ SDUFLDOPHQWHDRVUHVSHFWLYRVUHTXLVLWRVOHJDLV
WDUGHWHUPLQDGRVHTXLSDPHQWRVHGHVDWLYDUIXQ GHRXWURVSDtVHVHFRQWLQHQWHV ‹
o}HV'DPHVPDIRUPDSRGHPHVWDUHQYROYLGRV

5HFHSomRGRUiGLRHDQWHQD

¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
127$
$VDQWHQDVORFDOL]DGDVQRODGRLQWHUQRGRYLGUR
SRGHPVHUGDQLILFDGDVSRUDWULWRFRPREMHWRV
$DQWHQDSDUDDUHFHSomRGRUiGLRSDUDVLVWHPDV RXSRUSURGXWRVGHOLPSH]DFRUURVLYRVRXiFL
GHUiGLRHGHQDYHJDomRLQVWDODGRVGHIiEULFDSR GRVRXRXWURVFRPSRQHQWHVTXtPLFRV1mRFR
GHVHULQVWDODGDHPGLYHUVRVORFDLVGRYHtFXOR ODUHWLTXHWDVDGHVLYDVVREUHDDQWHQDGRYLGUR
HQXQFDOLPSDUDVDQWHQDVFRPSURGXWRVGH
Ɣ 1RODGRLQWHUQRGRYLGURWUDVHLURMXQWRDRGH OLPSH]DFRUURVLYRVRXiFLGRVEHPFRPRRX
VHPEDoDGRUGRYLGURWUDVHLUR WURVSURGXWRVTXtPLFRV
Ɣ QDSDUWHLQWHUQDGRVYLGURVODWHUDLVWUDVHLURV
3RGHUmRRFRUUHUIDOKDVGHUHFHSomRGDIDL[D
Ɣ QRODGRLQWHUQRGRSDUDEULVD $0GRUiGLRVHDSDUHOKRVHOpWULFRVIRUHP
Ɣ VREUHRWHWRGRYHtFXOR RSHUDGRVQDVSUR[LPLGDGHVGDDQWHQDGRYLGUR ‹
$VDQWHQDVQRODGRLQWHUQRGRVYLGURVVmRUHFR
QKHFLGDVSRUILRVILQRV

,QIRUPDo}HVGHUHSDURV9RONVZDJHQ

¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
&OLHQWHVQD(XURSDÈVLD$XVWUiOLDÈIULFD
$PpULFD&HQWUDOH$PpULFDGR6XO
'LULJLUVHDXPD&RQFHVVLRQiULD9RONVZDJHQRX
HQFRPHQGDUDUHVSHFWLYDOLWHUDWXUDHP
$VLQIRUPDo}HVGHVHUYLoRGD9RONVZDJHQHLQIRU ZZZHUZLQYRONVZDJHQGH b
PDo}HVGHUHSDURVRILFLDLV9RONVZDJHQSRGHPVHU
53&&

REWLGDVPHGLDQWHSDJDPHQWRQRVVHJXLQWHVHQGH
UHoRV

&RQVHUYDomRHPDQXWHQomRGRYHtFXOR 
$'9(57Ç1&,$ $'9(57Ç1&,$ FRQWLQXDomR

5HSDURVHPRGLILFDo}HVUHDOL]DGRVGHIRUPD FRPSURPHWHUDHILFiFLDGRIXQFLRQDPHQWR
LQDGHTXDGDSRGHPFDXVDUGHILFLrQFLDVGH GRVVLVWHPDVGHDVVLVWrQFLDDRFRQGXWRUH
IXQFLRQDPHQWRHGDQRVDRYHtFXORDOpPGH GRVLVWHPDGHDLUEDJ,VVRSRGHRFDVLRQDU
DFLGHQWHVHIHULPHQWRVJUDYHV
Ɣ 5HSDURVHPRGLILFDo}HVQRYHtFXORGHYHP
VHUUHDOL]DGRVVRPHQWHSRUXPD&RQFHVVLR
QiULD9RONVZDJHQ ‹

'HFODUDomRGHFRQIRUPLGDGH

¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
Ɣ 6LVWHPDGHFRQWUROHGDSUHVVmRGRVSQHXV
Ɣ &KDYHGRYHtFXOR
Ɣ &RQWUROHUHPRWRGRDTXHFLPHQWRHVWDFLRQiULR
2UHVSHFWLYRIDEULFDQWHGHFODUDTXHRVSURGXWRV Ɣ 6LVWHPDGHWUDYDPHQWRHGHSDUWLGD.H\OHVV
UHODFLRQDGRVDVHJXLUVHHQFRQWUDPHPFRQIRUPL $FFHVV
GDGHFRPRVUHTXLVLWRVEiVLFRVHRXWUDVGHWHUPL Ɣ &RQWUROHDXWRPiWLFRGHGLVWkQFLD $&& 
QDo}HVHUHJXODPHQWDo}HVUHOHYDQWHVYLJHQWHVQD
GDWDGHIDEULFDomRGRYHtFXORHQWUHRXWURVFRP (TXLSDPHQWRVHOpWULFRV
)&&3DUW)&&3DUWH566*HQ Ɣ 7RPDGD9
,VVXH Ɣ 7RPDGD9 SDGUmR(XUR HWRPDGD9 ‹
(TXLSDPHQWRVGHUDGLRIUHTXrQFLD
Ɣ &RPDQGRGHDEHUWXUDGHSRUWmRGHJDUDJHP
Ɣ ,PRELOL]DGRUHOHWU{QLFR

5HFROKLPHQWRGHYHtFXORVHPILPGHYLGDHVXFDWHDPHQWR

¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
&RQVXOWDULQIRUPDo}HVDGLFLRQDLVVREUHRUHFROKL
PHQWRHUHFLFODJHPGHYHtFXORVHPILPGHYLGD
QDV&RQFHVVLRQiULDV9RONVZDJHQ

5HFROKLPHQWRGHYHtFXORVHPILPGHYLGD 6XFDWHDPHQWR
1RVXFDWHDPHQWRGRYHtFXORRXGHSHoDVLQGLYLGX
$9RONVZDJHQMiWRPRXPHGLGDVSDUDRPRPHQWR
DLVGRVLVWHPDGHDLUEDJHGRSUpWHQVLRQDGRUGR
HPTXHRYHtFXORpHQFDPLQKDGRSDUDXPDUHFL
FLQWRGHVHJXUDQoDDVSUHVFULo}HVGHVHJXUDQoD
FODJHPHFRORJLFDPHQWHFRUUHWD+iGLYHUVRVVLVWH
DSOLFiYHLVGHYHPVHUREULJDWRULDPHQWHREVHUYD
PDVGHUHFROKLPHQWRSDUDUHFHEHURYHtFXORHP
GDV$V&RQFHVVLRQiULDV9RONVZDJHQFRQKHFHP
ILPGHYLGDjGLVSRVLomRHVSDOKDGRVSRUGLYHUVDV
HVVDVSUHVFULo}HV ‹
FLGDGHVHXURSHLDV$SyVRGHYLGRUHFROKLPHQWR
XPDWHVWDGRGHUHFLFODJHPTXHGRFXPHQWDDUHFL
FODJHPHFRORJLFDPHQWHFRUUHWDpIRUQHFLGR
2GHYLGRUHFROKLPHQWRGHXPYHtFXORHPILPGHYL
GDpHPSULQFtSLRJUDWXLWRGHVGHTXHFXPSULGDV
DVGHWHUPLQDo}HVQDFLRQDLVOHJDLV

'HFODUDomRGHFRQIRUPLGDGHGHURGDVHSQHXV

¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD b

 &RQVHUYDomROLPSH]DPDQXWHQomR
2VSQHXVPRQWDGRVQRYHtFXORFRU
UHVSRQGHPjVH[LJrQFLDVGR%,6H
HVWmRGHDFRUGRFRPDVHVSHFLILFD
o}HVGD&HQWUDO0RWRU9HKLFOH5XOHV
&095  ‹
53&&

&RQVHUYDomRHPDQXWHQomRGRYHtFXOR 
8QLGDGHGHFRQWUROHGRPRWRUHVLVWHPDGHSXULILFDomRGR
JiVGHHVFDSH

¤ ,QWURGXomRDRWHPD
1HVWHFDStWXORHQFRQWUDPVHLQIRUPDo}HVUHODWLYDV
$'9(57Ç1&,$
DRVVHJXLQWHVWHPDV
$VSHoDVGRVLVWHPDGHHVFDSHHVTXHQWDP
/X]HVGHFRQWUROH  
PXLWR,VVRSRGHFDXVDULQFrQGLRV
&DWDOLVDGRU  
Ɣ 'HVOLJDURYHtFXORGHIRUPDTXHQHQKXPD
)LOWURGHSDUWtFXODVGLHVHO  
SHoDGRVLVWHPDGHHVFDSHHQWUHHPFRQWDWR
FRPPDWHULDLVIDFLOPHQWHLQIODPiYHLVSRUEDL
,QIRUPDo}HVHDOHUWDVFRPSOHPHQWDUHV
[RGRYHtFXORFRPRSRUH[HPSORJUDPDVH
Ɣ 7URFDUDPDUFKDҧϜ3iJLQD FD
Ɣ $EDVWHFHUҧϜ3iJLQD Ɣ 1XQFDXWLOL]DUSURWHomRDGLFLRQDOSDUDD
Ɣ &RPEXVWtYHOҧϜ3iJLQD SDUWHLQIHULRUGRYHtFXORRXSURGXWRVDQWLFRU
Ɣ ÏOHRGRPRWRUҧϜ3iJLQD URVLYRVQRWXERGRHVFDSDPHQWRFDWDOLVDGR
UHVFKDSDVGHEOLQGDJHPWpUPLFDRXILOWURGH
Ɣ %DWHULDGRYHtFXORҧϜ3iJLQD
SDUWtFXODVGHGLHVHO ‹
Ɣ ,QIRUPDo}HVDUPD]HQDGDVQDVXQLGDGHVGH
FRQWUROHҧϜ3iJLQD
Ɣ 3X[DUHUHERFDUҧϜ3iJLQD

/X]HVGHFRQWUROH

¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQIRUPDo}HVLQWURGXWyULDVHDVLQGLFDo}HVGHVHJXUDQ
oD QDSiJLQD

$FHVD &DXVDSRVVtYHO 6ROXomR


8QLGDGHGHFRQWUROHGRPRWRUDYDULDGD 2PRWRUGHYHVHUYHULILFDGRLPHGLDWDPHQWHSRU
%0# (OHFWURQLF3RZHU&RQWURO  XPD&RQFHVVLRQiULD9RONVZDJHQ
$VVLPTXHRPRWRUQmRHVWLYHUPDLVHPXPD
iUHDGHWHPSHUDWXUDFUtWLFDHRSpIRUUHWLUDGR
GRSHGDOGRDFHOHUDGRUpFDQFHODGDDOLPLWDomR
GDURWDomR
5RWDomRGRPRWRUOLPLWDGD$URWDomRGR
4XDQGRDOLPLWDomRGDURWDomRIRUDFLRQDGDSRU
PRWRUpOLPLWDGDDXWRPDWLFDPHQWHSDUDD
FDXVDGHXPDDYDULDQRFRQWUROHGRPRWRUDOX]
X URWDomRH[LELGDQRGLVSOD\GRLQVWUXPHQWR
FRPELQDGR&RPLVVRRPRWRUpSURWHJLGR
GHFRQWUROH%0#VHDFHQGH0DQGDUYHULILFDUR
PRWRULPHGLDWDPHQWHHPXPD&RQFHVVLRQiULD
FRQWUDVREUHDTXHFLPHQWR
9RONVZDJHQRXHPXPDHPSUHVDHVSHFLDOL]D
GD$WHQWDUSDUDTXHDURWDomRSRUH[HPSORDR
PXGDUSDUDXPDPDUFKDPHQRUQmRDXPHQWH
DOpPGDURWDomRH[LELGD
3UpLQFDQGHVFLPHQWRGRPRWRUDGLHVHODQ
ҧϜ3iJLQD
D WHVGDSDUWLGD
b

 &RQVHUYDomROLPSH]DPDQXWHQomR
$FHVD &DXVDSRVVtYHO 6ROXomR
'LPLQXLUDYHORFLGDGH&RQGX]LUFRPFXLGDGR
B &DWDOLVDGRUDYDULDGR DWpD&RQFHVVLRQiULD9RONVZDJHQPDLVSUy[L
PD2PRWRUGHYHVHUYHULILFDGR
&RQGX]LUSRUDSUR[LPDGDPHQWHPLQXWRVHP
PDUFKD WUDQVPLVVmRPDQXDO RXQDSRVLomR
GHPDUFKD' WUDQVPLVVmRDXWRPiWLFD DXPD
)LOWURGHSDUWtFXODVGHGLHVHOFRPDF~PXOR YHORFLGDGHPtQLPDGHNPK PSK 
¹ GHIXOLJHP 2EVHUYDURVOLPLWHVGHYHORFLGDGHYiOLGRVҧϜ 
3URFXUDUD&RQFHVVLRQiULD9RONVZDJHQPDLV
SUy[LPDVHGHSRLVGLVVRDOX]GHFRQWUROHQmR
VHDSDJDU

3LVFDQ
&DXVDSRVVtYHO 6ROXomR
GR
8QLGDGHGHFRQWUROHGRPRWRUDYDULDGD PR 2PRWRUGHYHVHUYHULILFDGRLPHGLDWDPHQWHSRU
D WRUDGLHVHO  XPD&RQFHVVLRQiULD9RONVZDJHQ
'LPLQXLUDYHORFLGDGH&RQGX]LUFRPFXLGDGR
)DOKDVGHFRPEXVWmRTXHGDQLILFDPRFDWD
B OLVDGRU
DWpD&RQFHVVLRQiULD9RONVZDJHQPDLVSUy[L
PD2PRWRUGHYHVHUYHULILFDGR

$ROLJDUDLJQLomRDOJXPDVOX]HVGHDGYHUWrQFLDH $'9(57Ç1&,$ FRQWLQXDomR


GHFRQWUROHVHDFHQGHPUDSLGDPHQWHSDUDYHULILFD
Ɣ 1mRFRORFDUDVHJXUDQoDGHRXWURVFRQGX
omRGDIXQomR(ODVVHDSDJDPDSyVDOJXQVVH
WRUHVHPULVFR
JXQGRV

$'9(57Ç1&,$ 127$
2EVHUYDUVHPSUHDVOX]HVGHFRQWUROHDFHVDVH
5HVSHLWDUDVGHWHUPLQDo}HVOHJDLVGHWUkQVLWR
VXDVGHVFULo}HVHLQGLFDo}HVSDUDHYLWDUGDQRV
XUEDQRDROLPSDURILOWURGHSDUWtFXODVGHGLH
DRYHtFXOR
VHO
Ɣ 6HJXLUDUHFRPHQGDomRGHFRQGXomRVR (QTXDQWRDVOX]HVGHFRQWUROH¹BRX%0#
PHQWHVREFRQGLo}HVDGHTXDGDVGHYLVLELOL HVWLYHUHPDFHVDVVHUiQHFHVViULRFRQWDU
GDGHWHPSRSLVWDHWUiIHJR FRPDYDULDVGRPRWRUFRPXPPDLRUFRQVXPRGH
FRPEXVWtYHOHFRPXPDUHGXomRGDSRWrQFLDGR
PRWRU ‹

&DWDOLVDGRU

¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
Ɣ -DPDLVFRPSOHWDUFRPyOHRGRPRWRUHPH[
FHVVRҧϜ3iJLQD
Ɣ 1mRSX[DURYHtFXORPDVVLPXWLOL]DURDX[tOLR
jSDUWLGDҧϜ3iJLQD
2FDWDOLVDGRUVHUYHSDUDRWUDWDPHQWRSRVWHULRU
GRVJDVHVGRHVFDSDPHQWRHDVVLPDMXGDDUH 6HRFRUUHUHPIDOKDVGDLJQLomRTXHGDGHSRWrQFLD
GX]LUDVHPLVV}HVGHSROXHQWHVQRJiVGHHVFDSH RXXPPDXIXQFLRQDPHQWRGRPRWRUGXUDQWHD
3DUDTXHRVLVWHPDGHHVFDSHHRFDWDOLVDGRUGR FRQGXomRUHGX]LULPHGLDWDPHQWHDYHORFLGDGHH
PRWRUDJDVROLQDIXQFLRQHPSRUPDLVWHPSR PDQGDUYHULILFDURYHtFXORHPXPD&RQFHVVLRQiULD
9RONVZDJHQ'RFRQWUiULRRFRPEXVWtYHOQmRTXHL
Ɣ $EDVWHFHUDSHQDVFRPJDVROLQDVHPFKXPER PDGRSRGHFKHJDUDRVLVWHPDGHHVFDSHHFRQ
Ɣ -DPDLVGHL[DURWDQTXHHVYD]LDUFRPSOHWDPHQ VHTXHQWHPHQWHjDWPRVIHUD$OpPGLVVRRFDWDOL
53&&

WH VDGRUWDPEpPSRGHVHUGDQLILFDGRSRUVXSHUDTXH
FLPHQWR b

&RQVHUYDomRHPDQXWHQomRGRYHtFXOR 
0HVPRFRPXPVLVWHPDGHFRQWUROHGHHPLV
V}HVIXQFLRQDQGRSHUIHLWDPHQWHVREGHWHU
PLQDGDVFRQGLo}HVGRPRWRUpSRVVtYHODIRUPD
omRGHXPRGRUGHHQ[RIUHQRHVFDSDPHQWR,VWR
GHSHQGHGRWHRUGHHQ[RIUHQRFRPEXVWtYHO ‹

)LOWURGHSDUWtFXODVGLHVHO

¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
3DUDTXHRVLVWHPDGHHVFDSHHRILOWURGHSDUWtFX
ODVGLHVHOIXQFLRQHPSRUPDLVWHPSR
Ɣ $EDVWHFHUVRPHQWHFRPGLHVHOGHEDL[RWHRUGH
HQ[RIUHҧϜ3iJLQD
2ILOWURGHSDUWtFXODVGHGLHVHOILOWUDSDUWtFXODVGH
IXOLJHPGRJiVGHHVFDSH$VSDUWtFXODVGHIXOLJHP Ɣ -DPDLVDEDVWHFHUFRP%LRGLHVHOJDVROLQDRX
VHMXQWDPQRILOWURHVmRSHULRGLFDPHQWHTXHLPD yOHRFRPEXVWtYHO
GDVHPDOWDVWHPSHUDWXUDV 5HJHQHUDomR 2FD Ɣ -DPDLVGHL[DURWDQTXHHVYD]LDUFRPSOHWDPHQ
ORUUHVXOWDQWHSRGHDTXHFHURFRPSDUWLPHQWRGR WH
PRWRU Ɣ -DPDLVFRPSOHWDUFRPyOHRGRPRWRUHPH[
$UHJHQHUDomRSRGHFDXVDUUXtGRVOHYHIRUPDomR FHVVRҧϜ3iJLQD
GHRGRUHXPDIXQFLRQDPHQWRGDYHQWRLQKDGHDU Ɣ 1mRSX[DURYHtFXORPDVVLPXWLOL]DURDX[tOLR
UHIHFLPHQWRLQGHSHQGHQWHGDWHPSHUDWXUDH[WHUQD jSDUWLGDҧϜ3iJLQD
WDPEpPDSyVRGHVOLJDPHQWRGRPRWRU
0HVPRFRPXPVLVWHPDGHFRQWUROHGHHPLV
3DUDDX[LOLDUDUHJHQHUDomRGRILOWURGHSDUWtFXODV V}HVIXQFLRQDQGRSHUIHLWDPHQWHVREGHWHU
GLHVHOD9RONVZDJHQUHFRPHQGDHYLWDUWUiIHJR PLQDGDVFRQGLo}HVGRPRWRUpSRVVtYHODIRUPD
FRQVWDQWHGHYLDJHQVGHFXUWDGLVWkQFLD$OpPGLV omRGHXPRGRUGHHQ[RIUHQRHVFDSDPHQWR,VWR
VRHPYHtFXORVFRPWUDQVPLVVmRDXWRPiWLFDDUR GHSHQGHGRWHRUGHHQ[RIUHQRFRPEXVWtYHO ‹
WDomRGRPRWRUSRGHVHHOHYDUXPSRXFRHPFRQ
GXomR1HVWHFDVRSRUpPDOX]GHFRQWUROH¹
QmRVHDFHQGH

 &RQVHUYDomROLPSH]DPDQXWHQomR
$XWRDMXGD
2ULHQWDo}HVSUiWLFDV

3HUJXQWDVHUHVSRVWDV
6HKRXYHUDVXVSHLWDGHXPDVXSRVWDIXQomRGH QiULD9RONVZDJHQOHUHREVHUYDUDVVHJXLQWHVRUL
IHLWXRVDRXGDQRQRYHtFXORGXUDQWHRPDQXVHLR HQWDo}HV$OpPGLVVRDVSDODYUDVFKDYH³SDUWLFX
GRYHtFXORDQWHVGHVHGLULJLUDXPD&RQFHVVLR ODULGDGHV´RX³OLVWDVGHFRQWUROH´SRGHPDMXGDU

3DUWLFXODULGDGH &DXVDVSRVVtYHLV 6ROXo}HVSRVVtYHLV


([HFXWDURDX[tOLRjSDUWLGD
%DWHULDGRYHtFXORGHVFDUUHJD ҧϜ3iJLQD
GD &DUUHJDUDEDWHULDGRYHtFXOR
ҧϜ3iJLQD
2PRWRUQmROLJD 8PDFKDYHGRYHtFXORLQFRUUHWD 8WLOL]DUXPDFKDYHGRYHtFXORYiOLGD
pXWLOL]DGD ҧϜ3iJLQD
2QtYHOGHFRPEXVWtYHOHVWiPXL $EDVWHFHUFRPFRPEXVWtYHO
WREDL[R ҧϜ3iJLQD
Š
1tYHOGH$G%OXH PXLWREDL[R $EDVWHFHUR$G%OXH ŠҧϜ3iJLQD
$TXHFLPHQWRHVWDFLRQiULRHP 'HVOLJDURDTXHFLPHQWRHVWDFLRQiULR
)XPDoDVDLQGRGRSDUDOD IXQFLRQDPHQWR ҧϜ3iJLQD
PD $TXHFHGRUDX[LOLDURSHUDGRFRP 6HPQHFHVVLGDGHGHVROXomR
FRPEXVWtYHOHPIXQFLRQDPHQWR ҧϜ3iJLQD
6XEVWLWXLUDEDWHULDҧϜ3iJLQD
%DWHULDGDFKDYHGRYHtFXOR
$SUR[LPDUVHGRYHtFXOR
2YHtFXORQmRSRGHVHU GHVFDUUHJDGD
6LQFURQL]DUDFKDYHGRYHtFX
GHVWUDYDGRRXWUDYDGRFRP 0XLWRGLVWDQWHGRYHtFXOR
ORҧϜ3iJLQD
DFKDYHGRYHtFXOR %RW}HVSUHVVLRQDGRVIRUDGR
'HVWUDYDUHWUDYDURYHtFXORPDQXDO
DOFDQFH
PHQWHҧϜ3iJLQD
0RWRUIULRVLVWHPDVGHDVVLVWrQ
FLDGHIUHQDJHPFRQWUROHDXWR
PiWLFRGHGLVWkQFLD $&& IUHLR 1RtQGLFHUHPLVVLYRGHWHUPRVREVHUYDU
5XtGRVLQFRPXQV
GHHVWDFLRQDPHQWRHOHWU{QLFR DHQWUDGD³UXtGRV´
$XWR+ROGDTXHFLPHQWRHVWDFLR
QiULR
6LVWHPDVGHDVVLVWrQFLDDWLYD 1RtQGLFHUHPLVVLYRGHWHUPRVREVHUYDU
&DUDFWHUtVWLFDVGHGLUHomR GRV DHQWUDGD³VLVWHPDVGHDVVLVWrQFLD´
HVWUDQKDV 7UDQVPLVVmRGHGXSODHPEUHD 3DUDURYHtFXORLPHGLDWDPHQWH
JHP'6*ŠVXSHUDTXHFLGD ҧϜ3iJLQD
&RQILJXUDo}HVGHFRQIRUWRVDO &RUULJLUDVFRQILJXUDo}HVGHFRQIRUWR
2EDQFRGRFRQGXWRUHRV YDV ҧϜ3iJLQD
HVSHOKRVUHWURYLVRUHVH[WHU
QRVVHPRYHPQRGHVWUDYD $MXVWHVGREDQFRFRPPHPyULD 5HDMXVWDUREDQFRҧϜ3iJLQD
PHQWR $SDJDUDPHPyULDGREDQFR
VDOYDV
ҧϜ3iJLQD
%DWHULDGRYHtFXORGHVFDUUHJD &DUUHJDUDEDWHULDGRYHtFXOR
2VEDQFRVGLDQWHLURVQmR GD ҧϜ3iJLQD
SHUPLWHPDMXVWHHOpWULFR 9HULILFDURIXVtYHOHVHQHFHVViULRVXEV
)XVtYHOTXHLPDGR
53&&

WLWXLUҧϜ3iJLQD b

2ULHQWDo}HVSUiWLFDV 
3DUWLFXODULGDGH &DXVDVSRVVtYHLV 6ROXo}HVSRVVtYHLV
1HQKXPPDFDFRRXQHQKX (TXLSDPHQWRGHSHQGHGRYHtFX 1HQKXPDVROXomRLPHGLDWDSRVVtYHOGH
PDURGDVREUHVVDOHQWHRX OR YLGRjGHSHQGrQFLDGDYHUVmR6HQHFHV
NLWGHUHSDURGRVSQHXVQR 2YHtFXORSRVVXLURGDVFRP ViULRGLULJLUVHDXPD&RQFHVVLRQiULD
YHtFXOR SQHXVGHPRELOLGDGH 9RONVZDJHQҧϜ3iJLQD
-DQHODRXWHWRVRODUSDQRUkPL
FRHVWiDEHUWR
2PRQLWRUDPHQWRGRLQWHULRU
2HQIHLWHGHHVSHOKRVHPRYL (OLPLQDURVULVFRVGHDODUPHIDOVR
GRYHtFXORGLVSDUDXPDODU
PHQWD ҧϜ3iJLQD
PHIDOVR
2WHOHIRQHPyYHOYLEUDQRYHt
FXOR
)XQo}HVGLIHUHQWHVGRTXH )RUDPUHDOL]DGDVFRQILJXUDo}HV 9HULILFDUHVHIRURFDVRUHVWDXUDUDV
HVWiGHVFULWRQR0DQXDOGH QRVLVWHPDGHLQIRUPDo}HV FRQILJXUDo}HVRULJLQDLVGHIiEULFD
LQVWUXo}HV 9RONVZDJHQ ҧϜ3iJLQD
0XGDUDSRVLomRGRVIDUyLVSDUDWUkQVL
2IDUROIRLUHJXODGRSDUDWUkQVL
WRjHVTXHUGDRXjGLUHLWDҧϜ3iJLQD
WRjHVTXHUGDRXjGLUHLWD
±$MXVWDURDOFDQFHGRVIDUyLV
3LVWDQmRLOXPLQDGDGHYLGD )DUROUHJXODGRLQFRUUHWDPHQWH
ҧϜ3iJLQD
PHQWH ±/kPSDGDVLQFDQGHVFHQWHV
±7URFDUDVOkPSDGDVLQFDQGHVFHQWHV
TXHLPDGDV
ҧϜ3iJLQD
)DUROEDL[RGHVOLJDGR
/LJDURIDUROEDL[RҧϜ3iJLQD
%DWHULDGRYHtFXORGHVFDUUHJD &DUUHJDUDEDWHULDGRYHtFXOR
GD ҧϜ3iJLQD
&RQVXPLGRUHVHOpWULFRVQmR
1tYHOGHFRPEXVWtYHOEDL[R $EDVWHFHUҧϜ3iJLQD
IXQFLRQDP
9HULILFDURIXVtYHOHVHQHFHVViULRVXEV
)XVtYHOTXHLPDGR
WLWXLUҧϜ3iJLQD
(YLWDUWUHFKRVFXUWRV
7UkQVLWRGHWUHFKRVFXUWRV
&RQGX]LUSUHYHQWLYDPHQWH
±³3HGDOGRDFHOHUDGRULQTXLHWR´
$FHOHUDomRXQLIRUPH
'HVOLJDURVFRQVXPLGRUHVGHVQHFHVVi
&RQVXPLGRUHVHOpWULFRVOLJDGRV
ULRV
8QLGDGHGHFRQWUROHGRPRWRU
&RUULJLUDDYDULDҧϜ3iJLQD
DYDULDGD
&RQVXPRGHFRPEXVWtYHO $GHTXDUDSUHVVmRGRVSQHXV
3UHVVmRGRVSQHXVPXLWREDL[D
PDLVDOWRGRTXHRLQGLFDGR ҧϜ3iJLQD
&RQGXomRHPUHJLmRPRQWDQKR
1HQKXPDVROXomRLPHGLDWD
VD
&RQGXomRFRPUHERTXHRXFRP 9HULILFDURXVR
EDJDJHLURGRWHWR ±'HVLQVWDODUQRFDVRGHQmRXWLOL]DomR
&RQGXomRFRPFDUJDHOHYDGD 1HQKXPDVROXomRLPHGLDWD
&RQGXomRFRPURWDomRGRPRWRU
6HOHFLRQDUXPDPDUFKDPDLVDOWD
HOHYDGD ‹

 $XWRDMXGD
(PFDVRGHHPHUJrQFLD

¤ ,QWURGXomRDRWHPD
1HVWHFDStWXORHQFRQWUDPVHLQIRUPDo}HVUHODWLYDV $'9(57Ç1&,$ FRQWLQXDomR
DRVVHJXLQWHVWHPDV
Ɣ 3DUDUYHtFXORDVVLPTXHIRUSRVVtYHOHVH
3URWHJHUDVLPHVPRHDRYHtFXOR   JXUR(VWDFLRQDURYHtFXORDXPDGLVWkQFLD
.LWGHSULPHLURVVRFRUURVWULkQJXORGH VHJXUDGRIOX[RGHWUkQVLWRSDUDWUDYDUVHJX
VHJXUDQoDFROHWHGHVHJXUDQoDHH[WLQWRUGH UDPHQWHWRGDVDVSRUWDVHPFDVRGHHPHU
LQFrQGLR   JrQFLD/LJDUDVOX]HVGHDGYHUWrQFLDSDUD
DOHUWDURXWURVFRQGXWRUHV
,QIRUPDo}HVHDOHUWDVFRPSOHPHQWDUHV Ɣ 1XQFDGHL[DUFULDQoDVGHILFLHQWHVRXSHV
Ɣ )UHDUSDUDUHHVWDFLRQDUҧϜ3iJLQD VRDVFRPQHFHVVLGDGHVHVSHFLDLVVR]LQKDV
Ɣ )HFKDPHQWRRXDEHUWXUDGHHPHUJrQFLD QRYHtFXORTXDQGRDVSRUWDVIRUHPWUDYDGDV
ҧϜ3iJLQD ,VWRSRGHUiID]HUFRPTXHHODVVHMDPWUDQFD
GDVGHQWURGRYHtFXORHPFDVRGHHPHUJrQ
Ɣ )HUUDPHQWDVGHERUGRҧϜ3iJLQD
FLD3HVVRDVWUDQFDGDVSRGHPILFDUH[SRVWDV
Ɣ 7URFDGHURGDҧϜ3iJLQD DWHPSHUDWXUDVPXLWRDOWDVRXPXLWREDL[DV
Ɣ $RHPSXUUDURYHtFXORjPmRQmRSUHVVLR
$'9(57Ç1&,$ QDUQDVODQWHUQDVWUDVHLUDVQRVSRLOHUWUDVHL
8PYHtFXORSDUDGRUHSUHVHQWDXPJUDQGHULV URRXQDVVXSHUItFLHVGDVFKDSDV2YHtFXOR
FRGHDFLGHQWHSDUDVLPHVPRHSDUDWHUFHL SRGHVHUGDQLILFDGRFRPLVVRHRVSRLOHUWUD
URVQRWUkQVLWR VHLURSRGHVHVROWDU ‹

3URWHJHUDVLPHVPRHDRYHtFXOR

¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD

2EVHUYDUDVGHWHUPLQDo}HVOHJDLVSDUDDSURWHomR
GHXPYHtFXORSDUDGR(PPXLWRVSDtVHVH[LVWHP
SUHVFULo}HVDUHVSHLWRSRUH[HPSORRDFLRQDPHQ
WRGDVOX]HVGHDGYHUWrQFLDHGDXWLOL]DomRGRFR
OHWHGHVHJXUDQoDҧϜ3iJLQD

)LJ 1DSDUWHVXSHULRUGRFRQVROHFHQWUDOLQ
WHUUXSWRUGDVOX]HVGHDGYHUWrQFLD

/LVWDGHFRQWUROH
2VVHJXLQWHVSRQWRVGHYHPVHUREVHUYDGRVQDVHTXrQFLDLQGLFDGDSDUDJDUDQWLUDSUySULDVHJXUDQoDHD
VHJXUDQoDGRVSDVVDJHLURVҧϜ 
 (VWDFLRQDURYHtFXORDXPDGLVWkQFLDVHJXUDGRIOX[RGHWUkQVLWRVREUHXPDVXSHUItFLHDGHTXDGD
ҧϜ 
 /LJDUDVOX]HVGHDGYHUWrQFLDFRPRERWmR  ҧϜ)LJ
 /LJDURIUHLRGHHVWDFLRQDPHQWRHOHWU{QLFRҧϜ3iJLQD
 &RORFDUDDODYDQFDGHWURFDGHPDUFKDQDSRVLomRQHXWUDRXDDODYDQFDVHOHWRUDQDSRVLomR3
53&&

ҧϜ3iJLQD
 'HVOLJDURPRWRUHUHWLUDUDFKDYHGRYHtFXORGRFLOLQGURGDLJQLomRҧϜ3iJLQD b

2ULHQWDo}HVSUiWLFDV 
/LVWDGHFRQWUROH FRQWLQXDomR
 'HVHPEDUFDUWRGRVRVRFXSDQWHVGRYHtFXORHOHYiORVHPVHJXUDQoDSDUDORQJHGRIOX[RGHWUkQVL
WRSRUH[HPSORSDUDWUiVGRJXDUGUDLO
 /HYDUWRGDVDVFKDYHVGRYHtFXORDRGHL[DURYHtFXOR
 3RVLFLRQDURWULkQJXORGHVHJXUDQoDSDUDID]HUFRPTXHRXWURVFRQGXWRUHVSHUFHEDPRYHtFXOR
 'HL[DURPRWRUHVIULDUVXILFLHQWHPHQWHHVHQHFHVViULRSURFXUDUDX[tOLRWpFQLFRHVSHFLDOL]DGR

6HDVOX]HVGHDGYHUWrQFLDHVWLYHUHPDFHVDVSR $'9(57Ç1&,$ FRQWLQXDomR


GHVHULQGLFDGDSRUH[HPSORXPDWURFDGHGLUH
Ɣ 6HJXLUVHPSUHDVDo}HVGDOLVWDGHFRQ
omRRXGHIDL[DGXUDQWHDUHERFDJHPFRPRDFLR
WUROHHREVHUYDUDVSUHFDXo}HVGHVHJXUDQoD
QDPHQWRGDDODYDQFDGRVLQGLFDGRUHVGHGLUHomR
JHUDOPHQWHYiOLGDV
$VOX]HVGHDGYHUWrQFLDVmRPRPHQWDQHDPHQWH
LQWHUURPSLGDV
$'9(57Ç1&,$
([HPSORVHPTXHDVOX]HVGHDGYHUWrQFLD $VSHoDVGRVLVWHPDGHHVFDSHHVTXHQWDP
GHYHPVHUDFLRQDGDV PXLWR3RULVVRSRGHPFDXVDULQFrQGLRVHIH
Ɣ 6HRWUkQVLWRjIUHQWHGHVDFHOHUDUUHSHQWLQD ULPHQWRVJUDYHV
PHQWHRXVHDOFDQoDURILPGHXPFRQJHVWLRQD Ɣ 1XQFDHVWDFLRQDURYHtFXORGHIRUPDTXH
PHQWRSDUDDOHUWDURVFRQGXWRUHVTXHPYrP SHoDVGRVLVWHPDGHHVFDSHHQWUHPHPFRQ
DWUiV WDWRFRPPDWHULDLVIDFLOPHQWHLQIODPiYHLV
Ɣ 6HKRXYHUXPDHPHUJrQFLD HPEDL[RGRYHtFXORFRPRSRUH[HPSORJUD
Ɣ 6HRYHtFXORTXHEUDU PDVHFDRXFRPEXVWtYHO
Ɣ $RVHUUHERFDGR $EDWHULDGRYHtFXORVHGHVFDUUHJDTXDQGR
2EVHUYDUVHPSUHDVGHWHUPLQDo}HVUHJLRQDLVVR DVOX]HVGHDGYHUWrQFLDILFDPOLJDGDVSRUXP
EUHRXVRGDVOX]HVGHDGYHUWrQFLD ORQJRSHUtRGRGHWHPSRPHVPRFRPDLJQLomR
GHVOLJDGD
6HDVOX]HVGHDGYHUWrQFLDQmRIXQFLRQDUHPRV
RXWURVFRQGXWRUHVGHYHPVHUDOHUWDGRV HPFRQ (PDOJXQVYHtFXORVDODQWHUQDGRIUHLRSRGH
IRUPLGDGHFRPDVGHWHUPLQDo}HVOHJDLV DUHVSHL SLVFDUGXUDQWHXPDIUHQDJHPWRWDODXPDYH
WRGRYHtFXORSDUDGR ORFLGDGHVXSHULRUjNPK PSK SDUDDOHUWDU
RWUkQVLWRTXHPYHPDWUiV6HDIUHQDJHPIRUPDLV
$'9(57Ç1&,$ SURORQJDGDDVOX]HVGHDGYHUWrQFLDVmRDXWRPDWL
FDPHQWHOLJDGDVDXPDYHORFLGDGHDEDL[RGHDSUR
$LQREVHUYkQFLDGDOLVWDGHFRQWUROHLPSRU
[LPDGDPHQWHNPK PSK $ODQWHUQDGRIUHLR
WDQWHSDUDDSUySULDVHJXUDQoDSRGHFDXVDU
ILFDDFHVDFRQWLQXDPHQWH$RDFHOHUDUDVOX]HVGH
DFLGHQWHVHIHULPHQWRVJUDYHV
DGYHUWrQFLDGHVOLJDPVHSRUFRQWDSUySULD ‹

 $XWRDMXGD
.LWGHSULPHLURVVRFRUURVWULkQJXORGHVHJXUDQoDFROHWHGHVHJXUDQoDH
H[WLQWRUGHLQFrQGLR
.LWGHSULPHLURVVRFRUURV
'HDFRUGRFRPDYHUVmRGRPRGHORXPNLWGHSUL
PHLURVVRFRUURVFDEHQRSRUWDREMHWRVGRGHV
FDQVDEUDoRFHQWUDOWUDVHLURRXQRSRUWDREMHWRV
QRHQFRVWRGREDQFRWUDVHLURDWUiVGRGHVFDQVD
EUDoRFHQWUDOҧϜ3iJLQD
2NLWGHSULPHLURVVRFRUURVGHYHFRUUHVSRQGHUjV
GHWHUPLQDo}HVOHJDLV2EVHUYDURSUD]RGHYDOLGD
GHGRFRQWH~GR

([WLQWRUGHLQFrQGLR
(PXPVXSRUWHQDiUHDSDUDRVSpVjIUHQWHGR
EDQFRGRSDVVDJHLURGLDQWHLURSRGHKDYHUXPH[
WLQWRUGHLQFrQGLR
)LJ 1DWDPSDGRFRPSDUWLPHQWRGHEDJD
2H[WLQWRUGHLQFrQGLRGHYHFRUUHVSRQGHUjVGHWHU
JHPVXSRUWHSDUDRWULkQJXORGHVHJXUDQoD
PLQDo}HVOHJDLVYiOLGDVHVWDUVHPSUHSURQWRSDUD
XVRHVHULQVSHFLRQDGRUHJXODUPHQWH9HUVHORGH
¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
LQVSHomRQRH[WLQWRUGHLQFrQGLR

$'9(57Ç1&,$
&ROHWHGHVHJXUDQoD 2EMHWRVVROWRVSRGHPVHUODQoDGRVSHORLQWH
(PDOJXQVYHtFXORVKiXPSRUWDREMHWRVQDSRUWD ULRUGRYHtFXORHPUD]mRGHXPDPDQREUDGH
GRFRQGXWRUSDUDXPFROHWHGHVHJXUDQ GLUHomRRXGHIUHQDJHPV~ELWDEHPFRPRHP
oDҧϜ3iJLQD XPDFLGHQWHHFDXVDUIHULPHQWRVJUDYHV
Ɣ $IL[DURH[WLQWRUGHLQFrQGLRRNLWGHSUL
7ULkQJXORGHVHJXUDQoD PHLURVVRFRUURVRFROHWHGHVHJXUDQoDHR
&RPDWDPSDGRFRPSDUWLPHQWRGHEDJDJHP WULkQJXORGHVHJXUDQoDQRVGHYLGRVVXSRUWHV
DEHUWDSUHVVLRQDURVXSRUWHҧϜ)LJ OXSD QR VHPSUHGHPDQHLUDVHJXUD ‹
VHQWLGRGDVHWDHUHWLUDURWULkQJXORGHVHJXUDQoD
53&&

2ULHQWDo}HVSUiWLFDV 
)HFKDPHQWRRXDEHUWXUDGHHPHUJrQFLD

¤ ,QWURGXomRDRWHPD
1HVWHFDStWXORHQFRQWUDPVHLQIRUPDo}HVUHODWLYDV $'9(57Ç1&,$ FRQWLQXDomR
DRVVHJXLQWHVWHPDV
Ɣ (PXPYHtFXORWUDYDGRSRUIRUDQmRp
7UDYDURYHtFXORDSyVXPDDWLYDomRGHDLUEDJ 
 SRVVtYHODEULUDVSRUWDVHRVYLGURVSRUGHQ
7UDYDURXGHVWUDYDUDSRUWDGRFRQGXWRU WUR
PDQXDOPHQWH   Ɣ 1XQFDGHL[DUFULDQoDVRXSHVVRDVFRP
7UDYDUDSRUWDGRSDVVDJHLURGLDQWHLURHDV QHFHVVLGDGHHVSHFLDLVVR]LQKDVQRYHtFXOR
SRUWDVWUDVHLUDVPDQXDOPHQWH   (PFDVRGHHPHUJrQFLDHODVQmRHVWDULDP
'HVWUDYDUDWDPSDGRFRPSDUWLPHQWRGH HPFRQGLo}HVGHGHL[DURYHtFXORVR]LQKDV
EDJDJHPHPHUJHQFLDOPHQWH   RXGHFXLGDUHPGHVLPHVPDV
)HFKDUGRWHWRVRODUSDQRUkPLFR Ɣ (PXPYHtFXORIHFKDGRGHDFRUGRFRPD
HPHUJHQFLDOPHQWH   HVWDomRGRDQRSRGHPRFRUUHUWHPSHUDWXUDV
'HVWUDYDPHQWRGHHPHUJrQFLDGREORTXHLR PXLWRDOWDVRXPXLWREDL[DVTXHSRGHPRFD
GDDODYDQFDVHOHWRUD   VLRQDUIHULPHQWRVJUDYHVHHQIHUPLGDGHV
SULQFLSDOPHQWHHPFULDQoDVSHTXHQDVRX
(PFDVRGHDFLGHQWHFRPRDFLRQDPHQWRGRDLU RFDVLRQDUDPRUWH
EDJDVSRUWDVWUDYDGDVVmRDXWRPDWLFDPHQWHGHV
WUDYDGDVSDUDSRVVLELOLWDURDFHVVRGRVVRFRUULVWDV $'9(57Ç1&,$
QRLQWHULRUGRYHtFXOR
$iUHDGHIXQFLRQDPHQWRGDVSRUWDVGDWDP
$VSRUWDVDWDPSDGRFRPSDUWLPHQWRGHEDJDJHP SDGRFRPSDUWLPHQWRGHEDJDJHPHGRWHWR
HRWHWRVRODUSDQRUkPLFRSRGHPVHUWUDYDGRVPD VRODUSDQRUkPLFRpSHULJRVDHSRGHFDXVDU
QXDOPHQWHRXGHVWUDYDGRVSDUFLDOPHQWHSRU IHULPHQWRV
H[HPSORHPXPDIDOKDGDFKDYHGRYHtFXORRXGR
WUDYDPHQWRFHQWUDO Ɣ $EULURXIHFKDUDVSRUWDVDWDPSDGR
FRPSDUWLPHQWRGHEDJDJHPHRWHWRVRODUSD
,QIRUPDo}HVHDOHUWDVFRPSOHPHQWDUHV QRUkPLFRVRPHQWHTXDQGRQmRKRXYHUQLQ
Ɣ -RJRGHFKDYHVGRYHtFXORҧϜ3iJLQD JXpPHPVHXUDLRGHDEHUWXUD
Ɣ 7UDYDPHQWRFHQWUDOHVLVWHPDGHWUDYDPHQWR
ҧϜ3iJLQD 127$
Ɣ 3RUWDVҧϜ3iJLQD (PFDVRGHIDOKDGDEDWHULDGRYHtFXORRXGRV
YLGURVHOpWULFRVRYLGURGDSRUWDQmRGHVFHUi
Ɣ 7DPSDGRFRPSDUWLPHQWRGHEDJDJHP
DRDEULURXIHFKDUDSRUWD$EULURXIHFKDUDV
ҧϜ3iJLQD
SRUWDVVHPSUHFRPFXLGDGRSDUDHYLWDUGDQRV
Ɣ 7HWRVRODUSDQRUkPLFRҧϜ3iJLQD DRVYLGURVjSLQWXUDRXjYHGDomR
Ɣ (PFDVRGHHPHUJrQFLDҧϜ3iJLQD
127$
$'9(57Ç1&,$ $RH[HFXWDUXPIHFKDPHQWRRXDEHUWXUDGH
8PIHFKDPHQWRRXXPDDEHUWXUDGHHPHU HPHUJrQFLDDVSHoDVGHYHPVHUGHVLQVWDODGDV
JrQFLDVHPVXSHUYLVmRSRGHFDXVDUIHULPHQ FXLGDGRVDPHQWHHUHLQVWDODGDVFRUUHWDPHQWH
WRVJUDYHV SDUDHYLWDUGDQRVDRYHtFXOR ‹

7UDYDURYHtFXORDSyVXPDDWLYDomRGHDLUEDJ

¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
'HSHQGHQGRGDLQWHQVLGDGHGRGDQRRYHtFXOR
SRGHVHUWUDYDGRDSyVRDFLGHQWHFRQIRUPHVH
JXH b

6HRVDLUEDJVIRUHPDFLRQDGRVHPXPDFLGHQWHR
YHtFXORLQWHLURVHUiGHVWUDYDGR

 $XWRDMXGD
)XQomR $omR
7UDYDURYHtFXORFRPRERWmRGR 'HVOLJDUDLJQLomR
WUDYDPHQWRFHQWUDO ±$EULUHIHFKDUXPDSRUWDGRYHtFXORXPDYH]
±3UHVVLRQDURERWmRGRWUDYDPHQWRFHQWUDO ‘ ҧϜ3iJLQD
7UDYDURYHtFXORFRPDFKDYHGR 'HVOLJDUDLJQLomR
YHtFXOR 28UHWLUDUDFKDYHGRYHtFXORGDLJQLomR
±$EULUXPDSRUWDGRYHtFXORXPDYH]
±7UDYDURYHtFXORFRPDFKDYHGRYHtFXORҧϜ3iJLQD ‹

7UDYDURXGHVWUDYDUDSRUWDGRFRQGXWRUPDQXDOPHQWH
Ɣ 5HWLUDUDFKDYHGHHPHUJrQFLDGDFKDYHGR
YHtFXORҧϜ3iJLQD
Ɣ ,QWURGX]LUDFKDYHGHHPHUJrQFLDQDPDoDQHWD
GDSRUWDGRFRQGXWRUSRUEDL[RQDDEHUWXUDGDFD
SDGHFREHUWXUDҧϜ)LJ VHWD HUHPRYrODGH
EDL[RSDUDFLPD
Ɣ ,QWURGX]LUDFKDYHGHHPHUJrQFLDQRFLOLQGURGD
IHFKDGXUDHGHVWUDYDURXWUDYDURYHtFXOR
Ɣ (QFDL[DUDFDSDGHFREHUWXUDGHFLPDSDUDEDL
[RVREUHRFLOLQGURGDIHFKDGXUD

3DUWLFXODULGDGHQRGHVWUDYDPHQWR
Ɣ 2VLVWHPDGHDODUPHDQWLIXUWRSHUPDQHFHDWLYD
GRQRYHtFXORGHVWUDYDGR3RUpPQHQKXPDODUPH
)LJ 0DoDQHWDGDSRUWDGRFRQGXWRUFLOLQGUR pGLVSDUDGRҧϜ3iJLQD
GDIHFKDGXUDFREHUWR Ɣ $RDEULUDSRUWDGRFRQGXWRURDODUPHLUiGLV
SDUDU
¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
Ɣ /LJDUDLJQLomR$ROLJDUDLJQLomRRLPRELOL]D
GRUHOHWU{QLFRUHFRQKHFHXPDFKDYHGRYHtFXOR
YiOLGDHGHVDWLYDRVLVWHPDGHDODUPHDQWLIXUWR
1RWUDYDPHQWRPDQXDOJHUDOPHQWHWRGDVDVSRU 2VLVWHPDGHDODUPHDQWLIXUWRQmRpDWLYDGR
WDVVmRWUDYDGDV1RGHVWUDYDPHQWRPDQXDODSH QRWUDYDPHQWRPDQXDOGRYHtFXORFRPDFKD
QDVDSRUWDGRFRQGXWRUpGHVWUDYDGD2EVHUYDUDV YHGHHPHUJrQFLDҧϜ3iJLQD ‹
RULHQWDo}HVGRVLVWHPDGHDODUPHDQWLIXUWR
ҧϜ3iJLQD
53&&

2ULHQWDo}HVSUiWLFDV 
7UDYDUDSRUWDGRSDVVDJHLURGLDQWHLURHDVSRUWDVWUDVHLUDVPDQXDOPHQWH

)LJ 1DSDUWHGLDQWHLUDGDSRUWDWUDVHLUDGLUHL )LJ 1DSDUWHGLDQWHLUDGDSRUWDWUDVHLUDGLUHL


WDWUDYDPHQWRGHHPHUJrQFLDFREHUWRSRUXPD WDWUDYDPHQWRGHHPHUJrQFLDGRYHtFXORFRPD
YHGDomRGHERUUDFKD FKDYHGHHPHUJrQFLD

¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
Ɣ )L[DUQRYDPHQWHDYHGDomRGHERUUDFKDHIH
FKDUDSRUWDFRPSOHWDPHQWH
Ɣ 9HULILFDUVHDSRUWDHVWiWUDYDGD
Ɣ 6HQHFHVViULRUHDOL]DURSURFHVVRQDVRXWUDV
$SRUWDGRSDVVDJHLURGLDQWHLURHDVSRUWDVWUDVHL
SRUWDV
UDVSRGHPVHUWUDYDGDVPDQXDOPHQWH&RPLVVRR
VLVWHPDGHDODUPHDQWLIXUWRQmRpDWLYDGR Ɣ 2YHtFXORGHYHVHUYHULILFDGRLPHGLDWDPHQWH
SRUXPD&RQFHVVLRQiULD9RONVZDJHQ
Ɣ $EULUDSRUWD
$VSRUWDVGRYHtFXORSRGHPVHUGHVWUDYDGDV
Ɣ 5HPRYHUDYHGDomRGHERUUDFKDGDSDUWHGLDQ
HDEHUWDVSRUGHQWURSX[DQGRVHDPDoDQHWD
WHLUDGDSRUWD$YHGDomRHVWiLGHQWLILFDGDSRUXPD
GHDEHUWXUDGDSRUWD6HIRUQHFHVViULRSX[DUD
IHFKDGXUD‘ҧϜ)LJ
PDoDQHWDGHDEHUWXUDGDSRUWDGXDVYH]HV
Ɣ 5HWLUDUDFKDYHGHHPHUJrQFLDGDFKDYHGR ҧϜ3iJLQD ‹
YHtFXORҧϜ3iJLQD
Ɣ ,QVHULUDFKDYHGHHPHUJrQFLDQDIHQGDYHUWLFDO
HJLUDUDFKDYHGHHPHUJrQFLDSDUDIRUDGRYHtFXOR
ҧϜ)LJ

 $XWRDMXGD
'HVWUDYDUDWDPSDGRFRPSDUWLPHQWRGHEDJDJHPHPHUJHQFLDOPHQWH

)LJ $SDUWLUGRFRPSDUWLPHQWRGHEDJDJHP )LJ $SDUWLUGRFRPSDUWLPHQWRGHEDJDJHP


GHVWUDYDUDWDPSDGRFRPSDUWLPHQWRGHEDJDJHP GHVWUDYDUDWDPSDGRFRPSDUWLPHQWRGHEDJDJHP
HPHUJHQFLDOPHQWH YDULDQWH  HPHUJHQFLDOPHQWH YDULDQWH 

¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
'HVWUDYDUDWDPSDGRFRPSDUWLPHQWRGH
EDJDJHPHPHUJHQFLDOPHQWHHPYHtFXORV
VHPDOoDSDUDDEHUWXUD
Ɣ 5HWLUDUDFREHUWXUDFLUFXODUGRUHYHVWLPHQWRLQ
Ɣ 6HQHFHVViULRUHEDWHURHQFRVWRGREDQFRWUD WHUQRGDWDPSDGRFRPSDUWLPHQWRGHEDJDJHP
VHLURSDUDIUHQWHҧϜ3iJLQD
Ɣ 3UHVVLRQDUDDODYDQFDGHGHVWUDYDPHQWRQR
Ɣ 5HPRYHURVYROXPHVGHEDJDJHPSDUDDOFDQ VHQWLGRGDVHWDҧϜ)LJSDUDGHVWUDYDUDWDPSD
oDUDWDPSDGRFRPSDUWLPHQWRGHEDJDJHPSRU GRFRPSDUWLPHQWRGHEDJDJHP
GHQWUR
(PYHtFXORVFRPHQFRVWRWUDVHLURIL[RDDOD
'HVWUDYDUDWDPSDGRFRPSDUWLPHQWRGH YDQFDGHGHVWUDYDPHQWRQmRSRGHUiVHUDO
EDJDJHPHPHUJHQFLDOPHQWHHPYHtFXORV FDQoDGDDSDUWLUGRLQWHULRUGRYHtFXOR3URFXUDU
FRPDOoDSDUDDEHUWXUD XPD&RQFHVVLRQiULD9RONVZDJHQSDUDHOLPLQDUR
Ɣ 3UHVVLRQDUDDOoDQRVHQWLGRGDVHWDҧϜ)LJ GDQR ‹
SDUDGHVWUDYDUDWDPSDGRFRPSDUWLPHQWRGHED
JDJHP
53&&

2ULHQWDo}HVSUiWLFDV 
)HFKDUGRWHWRVRODUSDQRUkPLFRHPHUJHQFLDOPHQWH

)LJ 1RUHYHVWLPHQWRGRWHWRUHPRYHUDFR )LJ 3DUDIXVRVH[WDYDGRSDUDIHFKDPHQWRGR


EHUWXUD WHWRVRODUSDQRUkPLFR

¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
Ɣ *LUDUDFKDYHVH[WDYDGDSDUDIHFKDURWHWRVR
ODUSDQRUkPLFR
Ɣ 0RQWDUDFREHUWXUDQRYDPHQWH
Ɣ 2WHWRVRODUSDQRUkPLFRGHYHVHUYHULILFDGRSRU
Ɣ 5HPRYHUDFREHUWXUDQRVHQWLGRGDVHWD
XPD&RQFHVVLRQiULD9RONVZDJHQSRLVFRPRIH
ҧϜ)LJ
FKDPHQWRGHHPHUJrQFLDWDQWRDIXQomRFRPRR
Ɣ (QFDL[DUXPDFKDYHVH[WDYDGDFRPXP GHWD OLPLWDGRUGHIRUoDGRWHWRVRODUSDQRUkPLFRSRGHP
PDQKRGHPPQRSDUDIXVRVH[WDYDGR HVWDUDYDULDGRV ‹
ҧϜ)LJ  

 1mRLQFOXtGRQDDEUDQJrQFLDGHIRUQHFLPHQWRGDIHUUDPHQWDGHERUGR

 $XWRDMXGD
'HVWUDYDPHQWRGHHPHUJrQFLDGREORTXHLRGDDODYDQFDVHOHWRUD

)LJ 'HVLQVWDODUDFREHUWXUDGRTXDGURGD
DODYDQFDVHOHWRUD

)LJ (PEDL[RGDFREHUWXUDGRTXDGURGDDODYDQFDVHOHWRUDGHVWUDYDUREORTXHLRGDDODYDQFDVHOHWR
UDHPHUJHQFLDOPHQWH YDULDQWH$ H YDULDQWH% 

¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
'HVPRQWDUDFREHUWXUDGRTXDGURGD
DODYDQFDVHOHWRUD
Ɣ 3X[DUFXLGDGRVDPHQWHSDUDFLPDDFREHUWXUD
QDUHJLmRGDJXDUQLomRGDDODYDQFDVHOHWRUDFRP
6HGXUDQWHDIDOKDGHDOLPHQWDomRGHFRUUHQWHR RVFDERVHOpWULFRVFRQHFWDGRVҧϜ)LJ
YHtFXORWLYHUGHVHUPDQREUDGRRXUHERFDGRDDOD
Ɣ ,QYHUWHUDFREHUWXUDSDUDFLPDVREUHDDODYDQ
YDQFDVHOHWRUDGHYHVHUFRORFDGDQDSRVLomR1
FDVHOHWRUDҧϜ  b
FRPDX[tOLRGRGHVWUDYDPHQWRGHHPHUJrQFLDSRU
H[HPSORFRPDEDWHULDGRYHtFXORGHVFDUUHJDGD
2GHVWUDYDPHQWRGHHPHUJrQFLDHQFRQWUDVHGH
EDL[RGDFREHUWXUDGRTXDGURGDDODYDQFDVHOHWR
UDYLVWRSHODGLUHomRGHFRQGXomRQRODGRGLUHLWR

3UHSDUDo}HV
Ɣ /LJDURIUHLRGHHVWDFLRQDPHQWRHOHWU{QLFR6H
RIUHLRGHHVWDFLRQDPHQWRHOHWU{QLFRQmRSXGHUVHU
53&&

OLJDGRRYHtFXORGHYHVHUSURWHJLGRFRQWUDGHVOR
FDPHQWRGHRXWUDIRUPD
Ɣ 'HVOLJDUDLJQLomR

2ULHQWDo}HVSUiWLFDV 
'HVWUDYDUREORTXHLRGDDODYDQFDVHOHWRUD $'9(57Ç1&,$
HPHUJHQFLDOPHQWH YDULDQWH$
1XQFDUHWLUDUDDODYDQFDVHOHWRUDGDSRVLomR
Ɣ &RPDOkPLQDSODQDGDFKDYHGHIHQGDGDVIHU
3HQTXDQWRRIUHLRGHHVWDFLRQDPHQWRHOHWU{
UDPHQWDVGHERUGRSUHVVLRQDUFXLGDGRVDPHQWHD
QLFRHVWLYHUGHVOLJDGR'RFRQWUiULRHPWUH
DODYDQFDGHGHVWUDYDPHQWRQRVHQWLGRGDVHWD
FKRVGHDFOLYHRXGHFOLYHRYHtFXORSRGHHQ
ҧϜ)LJ$HPDQWHUQHVVDSRVLomR
WUDUHPPRYLPHQWRLQHVSHUDGDPHQWHHFRP
Ɣ 3UHVVLRQDURERWmREORTXHDGRUQDPDQRSODGD LVVRFDXVDUDFLGHQWHVHIHULPHQWRVJUDYHV
DODYDQFDVHOHWRUDHOHYDUDDODYDQFDSDUDDSRVL
omR1
127$
Ɣ $SyVRGHVWUDYDPHQWRHPHUJHQFLDOSUHQVDU
6HRYHtFXORFRPRPRWRUGHVOLJDGRHFRPD
FXLGDGRVDPHQWHDFREHUWXUDQRFRQVROHFHQWUDO
DODYDQFDVHOHWRUDQDSRVLomR1URGDUSRUXP
DWHQWDQGRSDUDDFRUUHWDSRVLomRGRVFDERVHOpWUL
SHUtRGRPDLRURXFRPYHORFLGDGHPDLVHOHYD
FRV
GDDWUDQVPLVVmRDXWRPiWLFDVHUiGDQLILFDGD
'HVWUDYDUREORTXHLRGDDODYDQFDVHOHWRUD SRUH[HPSORGXUDQWHDUHERFDJHP ‹
HPHUJHQFLDOPHQWH YDULDQWH%
Ɣ 3UHVVLRQDUDDODYDQFDGHGHVWUDYDPHQWR
ҧϜ)LJ%QRVHQWLGRGDVHWDHPDQWHUQHVWD
SRVLomR
Ɣ 3UHVVLRQDURERWmREORTXHDGRUQDPDQRSODGD
DODYDQFDVHOHWRUDHOHYDUDDODYDQFDSDUDDSRVL
omR1
Ɣ $SyVRGHVWUDYDPHQWRHPHUJHQFLDOSUHQVDU
FXLGDGRVDPHQWHDFREHUWXUDQRFRQVROHFHQWUDO
DWHQWDQGRSDUDDFRUUHWDSRVLomRGRVFDERVHOpWUL
FRV

 $XWRDMXGD
)HUUDPHQWDVGHERUGR

¤ ,QWURGXomRDRWHPD
1HVWHFDStWXORHQFRQWUDPVHLQIRUPDo}HVUHODWLYDV
$'9(57Ç1&,$
DRVVHJXLQWHVWHPDV
8PDIHUUDPHQWDGHERUGRXPNLWGHUHSDUR
$FRPRGDomR  
GRVSQHXVHXPDURGDVREUHVVDOHQWHVROWRV
&RPSRQHQWHV   SRGHPVHUDUUHPHVVDGRVSHORLQWHULRUGRYHt
FXORGXUDQWHPDQREUDVGHGLUHomRRXGHIUH
$RVLQDOL]DURYHtFXORTXHEUDGRREVHUYDUDVGHWHU
QDJHPV~ELWDVEHPFRPRHPXPDFLGHQWHH
PLQDo}HVOHJDLVGRUHVSHFWLYRSDtV
FDXVDUIHULPHQWRVJUDYHV
,QIRUPDo}HVHDOHUWDVFRPSOHPHQWDUHV Ɣ *DUDQWLUVHPSUHTXHDVIHUUDPHQWDVGH
Ɣ 3UHSDUDo}HVSDUDWUDEDOKRVQRFRPSDUWLPHQWR ERUGRHRNLWGHUHSDURGRVSQHXVRXDURGD
GRPRWRUҧϜ3iJLQD VREUHVVDOHQWHHVWHMDPIL[DGRVFRPVHJXUDQ
oDQRFRPSDUWLPHQWRGHEDJDJHP
Ɣ (PFDVRGHHPHUJrQFLDҧϜ3iJLQD
Ɣ 7URFDGHURGDҧϜ3iJLQD
$'9(57Ç1&,$
Ɣ .LWGHUHSDURGRVSQHXVҧϜ3iJLQD
8PDIHUUDPHQWDGHERUGRLQDGHTXDGDRXGD
QLILFDGDSRGHRFDVLRQDUDFLGHQWHVHIHULPHQ
WRV
Ɣ 1XQFDWUDEDOKDUFRPXPDIHUUDPHQWDGH
ERUGRLQDGHTXDGDRXGDQLILFDGD ‹

$FRPRGDomR

¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD

$VIHUUDPHQWDVGHERUGRDURGDVREUHVVDOHQWHRX
RNLWGHUHSDURGRVSQHXVSRGHPHVWDUHPGLIHUHQ
WHVOXJDUHVQRFRPSDUWLPHQWRGHEDJDJHP
2NLWGHUHSDURGRVSQHXVSRGHVHUDUPD]HQDGR
SRUH[HPSORQDSHoDGHHVSXPDGDIHUUDPHQWD
GHERUGR

)LJ 1RFRPSDUWLPHQWRGHEDJDJHPVRER
UHYHVWLPHQWRGRDVVRDOKRSUHVR  URGDVREUHV
VDOHQWHHFREHUWXUD  GDVIHUUDPHQWDVGHERUGR

$FRPRGDomRQRFRPSDUWLPHQWRGHED $omR
JDJHP
±3UHQGHURUHYHVWLPHQWRGRDVVRDOKRQDERUGDVXSHULRUGR
(PXPDSHoDGHHVSXPDVRERUHYHVWL FRPSDUWLPHQWRGHEDJDJHPҧϜ)LJ  
PHQWRGRDVVRDOKR ±*LUDURIHFKRUiSLGR  HPƒSDUDUHWLUDUDFREHUWXUD 
53&&

GDVIHUUDPHQWDVGHERUGR
6HIRURFDVRDWUiVGHXPDFREHUWXUDjGL
*LUDURVIHFKRVUiSLGRVHPžSDUDUHPRYHUDFREHUWXUD b
UHLWDHjHVTXHUGDQDVODWHUDLV

2ULHQWDo}HVSUiWLFDV 
*LUDURPDFDFRSDUDVXDSRVLomRRULJLQDO
DSyVRXVRSDUDTXHHOHSRVVDVHUJXDUGDGR
FRPVHJXUDQoD ‹

&RPSRQHQWHV

¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD

$DEUDQJrQFLDGDVIHUUDPHQWDVGHERUGRGHSHQGH
GDYHUVmRGRYHtFXOR$VHJXLUHVWiGHVFULWRRHV
FRSRPi[LPR

)LJ &RPSRQHQWHVGDVIHUUDPHQWDVGHERUGR

&RPSRQHQWHVGDVIHUUDPHQWDVGHERUGRҧϜ)LJ

 &KDYHGHIHQGDFRPVH[WDYDGRQRSXQKRSDUDUHPRYHUHLQVWDODURVSDUDIXVRVGDVURGDVVROWRV$
OkPLQDGDFKDYHGHIHQGDpUHYHUVtYHO6HIRURFDVRDFKDYHGHIHQGDHQFRQWUDVHGHEDL[RGDFKDYH
GHURGD
 $GDSWDGRUGRSDUDIXVRGHURGDDQWLIXUWR$9RONVZDJHQUHFRPHQGDOHYDUVHPSUHRDGDSWDGRUGRVSD
UDIXVRVGDVURGDVQRYHtFXORMXQWRjIHUUDPHQWDGHERUGR1DSDUWHGLDQWHLUDGRDGDSWDGRUHVWiJUD
YDGRRQ~PHURGHFyGLJRGDSURWHomRGRVSDUDIXVRVGDVURGDV&RPEDVHQHVVHQ~PHURpSRVVtYHO
DGTXLULUXPDGDSWDGRUVXEVWLWXWRHPFDVRGHSHUGD$QRWDURQ~PHURGHFyGLJRGDSURWHomRGRVSDUD
IXVRVGDVURGDVHJXDUGDUVHSDUDGDPHQWHGRYHtFXOR
 $UJRODGHUHERTXHURVTXHiYHO
 *DQFKRH[WUDWRUSDUDUHPRomRGDVFDORWDVFHQWUDLVGDVFDORWDVLQWHJUDLVRXGDVFREHUWXUDVGRVSDUD
IXVRVGDVURGDV
 0DFDFR$QWHVGDUHFRORFDomRGRPDFDFRQDFDL[DGHIHUUDPHQWDVUHWRUQDUDJDUUDGRPDFDFRSRU
FRPSOHWR(PVHJXLGDDDODYDQFDGHYHVHUHQFDL[DGDQDODWHUDOGRPDFDFRSDUDJXDUGDURPDFDFR
FRPVHJXUDQoD
 &KDYHGHURGD

0DFDFRPDQXWHQomR
1RUPDOPHQWHRPDFDFRQmRSRVVXLFLFORVGHPD
QXWHQomR6HQHFHVViULROXEULILFDURPDFDFRFRP
JUD[DXQLYHUVDO ‹

 $XWRDMXGD
&DORWDV

¤ ,QWURGXomRDRWHPD
1HVWHFDStWXORHQFRQWUDPVHLQIRUPDo}HVUHODWLYDV $'9(57Ç1&,$ FRQWLQXDomR
DRVVHJXLQWHVWHPDV
Ɣ &DORWDVPRQWDGDVLQFRUUHWDPHQWHSRGHP
&DORWDFHQWUDO   VHVROWDUGXUDQWHDFRQGXomRHFRORFDURX
&DORWDLQWHJUDO   WURVFRQGXWRUHVHPULVFR
&DSDGHFREHUWXUDGRVSDUDIXVRVGHURGD   Ɣ 1mRXWLOL]DUFDORWDVGDQLILFDGDV
Ɣ *DUDQWLUVHPSUHTXHRIRUQHFLPHQWRGHDU
,QIRUPDo}HVHDOHUWDVFRPSOHPHQWDUHV SDUDUHIULJHUDomRGRVIUHLRVQmRHVWHMDLQWHU
Ɣ &RQVHUYDUHOLPSDUDSDUWHH[WHUQDGRYHtFXOR URPSLGRRXUHGX]LGR,VWRWDPEpPpYiOLGR
ҧϜ3iJLQD SDUDLQVWDODomRSRVWHULRUGHFDORWDV8PIOX
Ɣ )HUUDPHQWDVGHERUGRҧϜ3iJLQD [RGHDULQVXILFLHQWHSRGHUHVXOWDUHPXPD
Ɣ 7URFDGHURGDҧϜ3iJLQD GLVWkQFLDGHIUHQDJHPFRQVLGHUDYHOPHQWH
PDLRU
$'9(57Ç1&,$
127$
&DORWDVLQDGHTXDGDVHXPDPRQWDJHPLQFRU
UHWDGDVFDORWDVSRGHPFDXVDUDFLGHQWHVH 'HVLQVWDODUFXLGDGRVDPHQWHDVFDORWDHUHLQ
IHULPHQWRVJUDYHV VWDODUFRUUHWDPHQWHSDUDHYLWDUGDQRVDRYHtFX
OR ‹

&DORWDFHQWUDO

)LJ 5HWLUDUDFDORWDFHQWUDO )LJ 9LUDUDFDORWDFHQWUDO

¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
9HtFXORVFRPFDORWDFHQWUDOUHPRYtYHO
Ɣ 3DUDUHPRYHUUHWLUDURJDQFKRH[WUDWRUGDVIHU
UDPHQWDVGHERUGRHHQFDL[iORHPXPIXURGDFD
ORWDҧϜ)LJ
'HSHQGHQGRGDYHUVmRDFDORWDFHQWUDOSRGHVHU
Ɣ 5HWLUDUDFDORWDQRVHQWLGRGDVHWD
UHPRYLGDSRUWUDomRҧϜ)LJRXSRUPHLRGHXP
PRYLPHQWRGHURWDomRҧϜ)LJ Ɣ 3DUDFRORFDUSUHVVLRQDUDFDORWDFHQWUDOFRQWUD
RDURDWpHODVHHQFDL[DUSHUFHSWLYHOPHQWH b
53&&

2ULHQWDo}HVSUiWLFDV 
9HtFXORVFRPFDORWDFHQWUDOJLUDWyULD Ɣ 3DUDFRORFDUHQFDL[DUDFDORWDFHQWUDOFHQWUDOL
Ɣ 3DUDUHPRYHUJLUDUDFDORWDFHQWUDOSDUDDHV ]DGDVREUHRDUR
TXHUGDRXSDUDDGLUHLWDDWpTXHHODVHVROWHGR Ɣ 3UHVVLRQDUDFDORWDFHQWUDOGDURGDFRQWUDRDUR
DURҧϜ)LJ DWpHODVHHQFDL[DUSHUFHSWLYHOPHQWH ‹
Ɣ 6HJXUDUSRUWUiVGHXPDGDVQHUYXUDVHUHPR
YHUDFDORWDFHQWUDO

&DORWDLQWHJUDO
,QVWDODUDFDORWDLQWHJUDO
$QWHVGHFRORFDUDFDORWDLQWHJUDORSDUDIXVRGH
URGDDQWLIXUWRGHYHVHUDSDUDIXVDGRQDSRVLomR
ҧϜ)LJ  RXҧϜ)LJ  'RFRQWUiULRDFD
ORWDLQWHJUDOQmRSRGHVHUPRQWDGD
$FDORWDLQWHJUDOGDURGDGHYHVHUSUHVVLRQDGDVR
EUHRDURGHWDOPRGRTXHRUHFRUWHGDYiOYXODVH
SRVLFLRQHVREUHDYiOYXODGRSQHXҧϜ)LJ  
$RFRORFDUDFDORWDLQWHJUDODWHQWDUSDUDTXHVH
HQFDL[HFRPVHJXUDQoDHPWRGDDFLUFXQIHUrQFLD ‹

)LJ 5HWLUDUDFDORWDLQWHJUDO

¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD

5HPRYHUDFDORWDLQWHJUDO
Ɣ 3HJDUDFKDYHGHURGDHRJDQFKRH[WUDWRUGDV
IHUUDPHQWDVGHERUGRҧϜ3iJLQD
Ɣ 3UHQGHURJDQFKRH[WUDWRUHPXPGRVHQWDOKHV
GDFDORWDLQWHJUDO
Ɣ 3DVVDUDFKDYHGHURGDSHORJDQFKR
ҧϜ)LJHSX[DUDFDORWDSDUDIRUDQRVHQWLGRGD
VHWD

 $XWRDMXGD
&DSDGHFREHUWXUDGRVSDUDIXVRVGHURGD
Ɣ 3HJDURJDQFKRH[WUDWRUGDVIHUUDPHQWDVGH
ERUGRҧϜ3iJLQD
Ɣ 3DVVDURJDQFKRH[WUDWRUSHODDEHUWXUDQRSUR
WHWRUGRSDUDIXVRҧϜ)LJHH[WUDLUQRVHQWLGRGD
VHWD
$VFDSDVGHFREHUWXUDVHUYHPSDUDSURWHomRGRV
SDUDIXVRVGHURGDHGHYHPVHUHQFDL[DGDVFRP
SOHWDPHQWHDSyVDWURFDGHURGD
2SDUDIXVRGHURGDDQWLIXUWRSRVVXLXPDFDSD
GHFREHUWXUDVHSDUDGD(VWDVHUYHVRPHQWHQRSD
UDIXVRGHURGDDQWLIXUWRHQmRQRVSDUDIXVRVGHUR
GDFRQYHQFLRQDLV ‹

)LJ 5HPRYHUDVFDSDVGHFREHUWXUDGRVSD
UDIXVRVGHURGD

¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
53&&

2ULHQWDo}HVSUiWLFDV 
7URFDGHURGD

¤ ,QWURGXomRDRWHPD
1HVWHFDStWXORHQFRQWUDPVHLQIRUPDo}HVUHODWLYDV
$'9(57Ç1&,$
DRVVHJXLQWHVWHPDV
8PDWURFDGHURGDSRGHVHUSHULJRVDHVSH
3UHSDUDo}HVSDUDDWURFDGHURGD  
FLDOPHQWHVHIRUUHDOL]DGDQDPDUJHPGDUXD
3DUDIXVRVGHURGD   3DUDUHGX]LURULVFRGHIHULPHQWRVJUDYHVRE
6XVSHQGHURYHtFXORFRPRPDFDFR   VHUYDURVHJXLQWH
6XVSHQGHURYHtFXORFRPRPDFDFR YHUVmR Ɣ 3DUDUYHtFXORDVVLPTXHIRUSRVVtYHOHVH
5/LQH   JXUR(VWDFLRQDURYHtFXORDXPDGLVWkQFLD
7URFDUDURGD   VHJXUDGRIOX[RGHWUkQVLWRSDUDSRGHUUHDOL
$SyVDWURFDGHURGD   ]DUDWURFDGHURGD
Ɣ 7RGRVRVSDVVDJHLURVHHVSHFLDOPHQWHDV
$OJXPDVYHUV}HVGRPRGHORRXPRGHORVVmRIRU
FULDQoDVGHYHPVHPSUHVHPDQWHUDXPDGLV
QHFLGRVGHIiEULFDVHPPDFDFRHVHPFKDYHGH
WkQFLDVHJXUDHDIDVWDGDGDiUHDGHWUDEDOKR
URGD1HVVHFDVRDWURFDGHURGDGHYHVHUUHDOL
GXUDQWHDWURFDGHURGD
]DGDSRUXPD&RQFHVVLRQiULD9RONVZDJHQ
Ɣ /LJDUDVOX]HVGHDGYHUWrQFLDSDUDDOHUWDU
2PDFDFRIRUQHFLGRGHIiEULFDHVWiGLPHQVLRQDGR RXWURVFRQGXWRUHV
VRPHQWHSDUDXPDWURFDGHURGDQDTXDODSHQDV
XPSQHXGRYHtFXORHVWiGDQLILFDGRHSUHFLVDVHU Ɣ *DUDQWLUTXHRSLVRVHMDSODQRHILUPH6H
WURFDGR6HDPERVRVSQHXVGHXPODGRGRYHtFX IRURFDVRXWLOL]DUXPDSRLRHVWiYHOHFRP
ORRXDPERVRVSQHXVGHXPHL[RRXWRGRVRV VXSHUItFLHODUJDSDUDRPDFDFR
SQHXVHVWLYHUHPGDQLILFDGRVSURFXUDUDX[tOLRWpF Ɣ 5HDOL]DUDWURFDGHURGDSRUFRQWDSUySULD
QLFRHVSHFLDOL]DGR VRPHQWHVHHVWLYHUIDPLOLDUL]DGRFRPDV
Do}HVQHFHVViULDV&DVRFRQWUiULRSURFXUDU
5HDOL]DUXPDWURFDGHURGDSRUFRQWDSUySULDVR
DX[tOLRWpFQLFRHVSHFLDOL]DGR
PHQWHTXDQGRRYHtFXORHVWLYHUHVWDFLRQDGRFRP
VHJXUDQoDHVWLYHUIDPLOLDUL]DGRFRPDVDo}HVH Ɣ 8WLOL]DUVHPSUHVRPHQWHIHUUDPHQWDVDGH
SUHFDXo}HVGHVHJXUDQoDQHFHVViULDVHDVIHUUD TXDGDVHQmRGDQLILFDGDVSDUDXPDWURFDGH
PHQWDVDSURSULDGDVHVWLYHUHPGLVSRQtYHLV&DVR URGD
FRQWUiULRSURFXUDUDX[tOLRWpFQLFRHVSHFLDOL]DGR Ɣ 'HVOLJDUVHPSUHRPRWRUOLJDURIUHLRGH
HVWDFLRQDPHQWRHOHWU{QLFRHFRORFDUDDOD
,QIRUPDo}HVHDOHUWDVFRPSOHPHQWDUHV YDQFDVHOHWRUDQDSRVLomR3RXFRPWUDQV
Ɣ 9LVWDVH[WHUQDVҧϜ3iJLQD PLVVmRPDQXDOHQJDWDUXPDPDUFKDSDUDUH
Ɣ -RJRGHFKDYHVGRYHtFXORҧϜ3iJLQD GX]LURULVFRGHXPPRYLPHQWRVHPVXSHUYL
VmRGRYHtFXOR
Ɣ 5RGDVHSQHXVҧϜ3iJLQD
Ɣ $SyVXPDWURFDGHURGDPDQGDUYHULILFDU
Ɣ (PFDVRGHHPHUJrQFLDҧϜ3iJLQD
RWRUTXHGHDSHUWRGRVSDUDIXVRVGHURGD
Ɣ )HUUDPHQWDVGHERUGRҧϜ3iJLQD FRPXPWRUTXtPHWURFDOLEUDGR ‹
Ɣ &DORWDVҧϜ3iJLQD

3UHSDUDo}HVSDUDDWURFDGHURGD

¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQIRUPDo}HVLQWURGXWyULDVHDVLQGLFDo}HVGHVHJXUDQ
oD QDSiJLQD

/LVWDGHFRQWUROH
([HFXWDUDVVHJXLQWHVDo}HVVHPSUHQDVHTXrQFLDLQGLFDGDFRPRSUHSDUDo}HVSDUDDWURFDGHURGD
ҧϜ 
 (PFDVRGHXPSQHXIXUDGRHVWDFLRQDURYHtFXORQDPHGLGDGRSRVVtYHODXPDGLVWkQFLDVHJXUD
GRIOX[RGHWUkQVLWRHPXPSLVRSODQRHILUPH
 /LJDURIUHLRGHHVWDFLRQDPHQWRHOHWU{QLFRҧϜ3iJLQD b

 $XWRDMXGD
/LVWDGHFRQWUROH FRQWLQXDomR
 7UDQVPLVVmRDXWRPiWLFDFRORFDUDDODYDQFDVHOHWRUDQDSRVLomR3ҧϜ3iJLQD
 'HVOLJDURPRWRUHUHWLUDUDFKDYHGRYHtFXORGRFLOLQGURGDLJQLomRҧϜ3iJLQD
 7UDQVPLVVmRPDQXDOHQJDWDUDPDUFKDҧϜ3iJLQD
 7RGRVRVRFXSDQWHVGRYHtFXORGHYHPGHVHPEDUFDUHSHUPDQHFHUHPVHJXUDQoDSRUH[HPSOR
DWUiVGRJXDUGUDLO
 %ORTXHDUDURGDRSRVWDFRPXPDSHGUDRXDOJXPRXWURREMHWRDSURSULDGR
 1DFRQGXomRFRPUHERTXHGHVDFRSODURUHERTXHGRYHtFXORGHWUDomRHHVWDFLRQDUGHPDQHLUD
FRUUHWD
 &RPRFRPSDUWLPHQWRGHEDJDJHPFDUUHJDGRUHPRYHURVYROXPHVGHEDJDJHP
 5HWLUDUDURGDVREUHVVDOHQWHHDIHUUDPHQWDGHERUGRGRFRPSDUWLPHQWRGHEDJDJHP
 5HPRYHUDVFDORWDVGDURGDҧϜ3iJLQD

$'9(57Ç1&,$ $'9(57Ç1&,$ FRQWLQXDomR

$LQREVHUYkQFLDGDOLVWDGHFRQWUROHLPSRU Ɣ 6HJXLUVHPSUHDVDo}HVGDOLVWDGHFRQ
WDQWHSDUDDSUySULDVHJXUDQoDSRGHFDXVDU WUROHHREVHUYDUDVSUHFDXo}HVGHVHJXUDQoD
DFLGHQWHVHIHULPHQWRVJUDYHV JHUDOPHQWHYiOLGDV ‹

3DUDIXVRVGHURGD

)LJ 7URFDGHURGD9iOYXODGRSQHX  HSR


VLo}HVGHPRQWDJHPGRSDUDIXVRGHURGDDQWLIXUWR
 RX  
)LJ 7URFDGHURGD$IURX[DURVSDUDIXVRVGH
URGD

¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
6ROWDURVSDUDIXVRVGHURGD
Ɣ (QFDL[DUDFKDYHGHURGDQRSDUDIXVRGDURGD
DWpRILPҧϜ)LJ
Ɣ 6HJXUDUQDH[WUHPLGDGHGDFKDYHGHURGDHJL
3DUDVROWDURVSDUDIXVRVGHURGDXWLOL]DUVRPHQWH
UDURSDUDIXVRGHURGDDSUR[LPDGDPHQWHXPDYRO
DFKDYHGHURGDSHUWHQFHQWHDRYHtFXOR
WDQRVHQWLGRDQWLKRUiULRҧϜ 
(QTXDQWRRYHtFXORQmRHVWLYHUOHYDQWDGRSHORPD
FDFRVROWDURVSDUDIXVRVGHURGDFHUFDGHXPD 6ROWDURSDUDIXVRGHURGDDQWLIXUWR
YROWDDSHQDV Ɣ 5HWLUDURDGDSWDGRUGRSDUDIXVRGHURGDDQWL
IXUWRGDIHUUDPHQWDGHERUGR
&DVRKDMDGLILFXOGDGHHPVROWDUXPSDUDIXVRGH
53&&

URGDSUHVVLRQDUFDXWHORVDPHQWHFRPRSpVREUHD Ɣ (QFDL[DURDGDSWDGRUQRSDUDIXVRGHURGDDQWL
H[WUHPLGDGHGDFKDYHGHURGD3DUDLVVRVHJXUDU IXUWRDWpREDWHQWH b
VHQRYHtFXORHDWHQWDUSDUDXPDSRVLomRVHJXUD

2ULHQWDo}HVSUiWLFDV 
Ɣ (PSXUUDUDFKDYHGHURGDVREUHRDGDSWDGRU
$'9(57Ç1&,$
DWpREDWHQWH
Ɣ 6HJXUDUQDH[WUHPLGDGHGDFKDYHGHURGDHJL 3DUDIXVRVGHURGDDSHUWDGRVLQFRUUHWDPHQWH
UDURSDUDIXVRGHURGDDSUR[LPDGDPHQWHXPDYRO SRGHPVHVROWDUGXUDQWHDFRQGXomRHFDXVDU
WDQRVHQWLGRDQWLKRUiULRҧϜ  DFLGHQWHVIHULPHQWRVJUDYHVHDSHUGDGH
FRQWUROHGRYHtFXOR
,QIRUPDo}HVLPSRUWDQWHVVREUHRV Ɣ 8WLOL]DUVRPHQWHSDUDIXVRVGHURGDTXH
SDUDIXVRVGHURGD SHUWHQoDPDRUHVSHFWLYRDUR
2VDURVHRVSDUDIXVRVGDVURGDVIRUDPSURMHWD Ɣ 1XQFDXWLOL]DUSDUDIXVRVGHURGDGLIHUHQ
GRVHVSHFLILFDPHQWHSDUDDVURGDVLQVWDODGDVGH WHV
IiEULFD3RULVVRSDUDFDGDPXGDQoDGHDURGH Ɣ 2VSDUDIXVRVGHURGDHRVRULItFLRVURV
YHPVHUXWLOL]DGRVRVSDUDIXVRVGHURGDFRUUHV TXHiYHLVGRVFXERVGDVURGDVGHYHPHVWDU
SRQGHQWHVFRPRFRPSULPHQWRHDFRQYH[LGDGH OLPSRVGHIiFLOPDQXVHLRHVHPyOHRHJUD[D
FRUUHWRV$FRUUHWDIL[DomRGDVURGDVHRIXQFLRQD
PHQWRGRVLVWHPDGHIUHLRGHSHQGHPGLVWR Ɣ 8WLOL]DUDSHQDVDFKDYHGHURGDIRUQHFLGD
GHIiEULFDFRPRYHtFXORSDUDVROWDUHDSHUWDU
3RVVLYHOPHQWHSDUDIXVRVGHURGDGHYHtFXORVGD RVSDUDIXVRVGDVURGDV
PHVPDVpULHGHPRQWDJHPQmRSRGHPVHUXWLOL]D
Ɣ (QTXDQWRRYHtFXORQmRHVWLYHUOHYDQWDGR
GRV
SHORPDFDFRVROWDURVSDUDIXVRVGHURGD
2SDUDIXVRGHURGDDQWLIXUWRHPXPDURGDFRP FHUFDGHXPDYROWDDSHQDV
FDORWDLQWHJUDOGHYHHVWDUDSDUDIXVDGRQDSRVLomR Ɣ 1XQFDHQJUD[DURXOXEULILFDURVSDUDIXVRV
ҧϜ)LJ  RX  HPUHODomRjSRVLomRGDYiO GHURGDRXRVRULItFLRVURVTXHiYHLVGRFXER
YXODGRSQHX  'RFRQWUiULRDFDORWDLQWHJUDO GDVURGDV(OHVSRGHPVHVROWDUGXUDQWHD
QmRSRGHVHUPRQWDGD FRQGXomRPHVPRFRPRWRUTXHGHDSHUWR
7RUTXHGHDSHUWRGRVSDUDIXVRVGHURGD SUHVFULWR
2WRUTXHGHDSHUWRHVSHFLILFDGRGRVSDUDIXVRVGH Ɣ -DPDLVVROWDURVSDUDIXVRVGRVDURVFRP
URGDHPDURVGHURGDGHDoRHGHOLJDOHYHpGH DQHOGRDURDSDUDIXVDGR
1P$SyVXPDWURFDGHURGDRWRUTXHGH Ɣ 6HRVSDUDIXVRVGHURGDIRUHPDSHUWDGRV
DSHUWRGHYHVHUYHULILFDGRLPHGLDWDPHQWHFRPXP FRPXPWRUTXHGHDSHUWRPXLWREDL[RRVSD
WRUTXtPHWURFDOLEUDGR UDIXVRVGHURGDHRVDURVSRGHPVHVROWDU
GXUDQWHDFRQGXomR8PWRUTXHGHDSHUWRH[
3DUDIXVRVGHURGDFRUURtGRVHGHURVTXHDPHQWR
FHVVLYRSRGHRFDVLRQDUGDQRVDRVSDUDIXVRV
GLItFLOGHYHPVHUVXEVWLWXtGRVHRVRULItFLRVURV
GHURGDRXjURVFD ‹
TXHiYHLVGRFXERGDURGDGHYHPVHUOLPSRVDQWHV
GDYHULILFDomRGRWRUTXHGHDSHUWR
1XQFDHQJUD[DURXOXEULILFDURVSDUDIXVRVGHURGD
RXRVRULItFLRVURVTXHiYHLVGRFXERGDVURGDV
(OHVSRGHPVHVROWDUGXUDQWHDFRQGXomRPHVPR
FRPRWRUTXHGHDSHUWRSUHVFULWR

 $XWRDMXGD
6XVSHQGHURYHtFXORFRPRPDFDFR

)LJ 3RQWRVGHDSRLRGRPDFDFR

)LJ 0DFDFRSRVLFLRQDGRQRODGRHVTXHUGRWUDVHLURGRYHtFXOR

¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
2PDFDFRVRPHQWHSRGHVHUSRVLFLRQDGRQRVSRQ
WRVGHDSRLRLQGLFDGRV PDUFDomRQDFDUURFHULD
ҧϜ)LJeYiOLGRRSRQWRGHDSRLRORFDOL]DGR
SUy[LPRjURGDFRUUHVSRQGHQWHҧϜ 

/LVWDGHFRQWUROH
2VVHJXLQWHVSRQWRVGHYHPVHUREVHUYDGRVQDVHTXrQFLDLQGLFDGDSDUDJDUDQWLUDSUySULDVHJXUDQoDHD
VHJXUDQoDGRVSDVVDJHLURVҧϜ 
 (VFROKHUXPSLVRSODQRHILUPHSDUDOHYDQWDURYHtFXOR
 'HVOLJDURPRWRU(PFDVRGHWUDQVPLVVmRPDQXDOHQJDWDUXPDPDUFKDRXHPFDVRGHWUDQVPLV
VmRDXWRPiWLFDFRORFDUDDODYDQFDVHOHWRUDQDSRVLomR3ҧϜ3iJLQDHOLJDURIUHLRGHHVWDFLR
QDPHQWRHOHWU{QLFRҧϜ3iJLQD
 %ORTXHDUDURGDGLDJRQDOPHQWHRSRVWDFRPFDOoRVGREUiYHLVRXRXWURVREMHWRVDSURSULDGRV
 1DFRQGXomRFRPUHERTXHGHVDFRSODURUHERTXHGRYHtFXORGHWUDomRHHVWDFLRQDUGHPDQHLUD
FRUUHWD
 6ROWDURVSDUDIXVRVGHURGDDVHUWURFDGDҧϜ3iJLQD
 3URFXUDUVRERYHtFXORRSRQWRGHUHFHSomRGRPDFDFRҧϜ)LJPDLVSUy[LPRGDURGDDVHUWUR
53&&

FDGD
 /HYDQWDURPDFDFRDWpRQGHDLQGDVHMDSRVVtYHOFRORFiORVRERSRQWRGHDSRLRGRYHtFXOR b

2ULHQWDo}HVSUiWLFDV 
/LVWDGHFRQWUROH FRQWLQXDomR
 *DUDQWLUTXHDEDVHGRPDFDFRFRPWRGDVXDVXSHUItFLHHVWHMDVREUHRFKmRHTXHDEDVHVHHQ
FRQWUHSHUSHQGLFXODUPHQWHDEDL[RGRSRQWRGHFRORFDomRҧϜ)LJ
 $OLQKDURPDFDFRHVLPXOWDQHDPHQWHOHYDQWDUDJDUUDGRPDFDFRDWpHODVHHQFDL[DUQDWUDYHVVD
GHEDL[RGRYHtFXORҧϜ)LJ
 &RQWLQXDUDHUJXHQGRRPDFDFRDWpDURGDVHOHYDQWDUGRSLVR

$'9(57Ç1&,$ $'9(57Ç1&,$ FRQWLQXDomR

8PDXWLOL]DomRLQFRUUHWDGRPDFDFRSRGHUH Ɣ 1XQFDGHL[DUXPDSDUWHGRFRUSRSRU
VXOWDUQRGHVOL]DPHQWRGRYHtFXORSDUDIRUD H[HPSORXPEUDoRRXDSHUQDGHEDL[RGR
GRPDFDFRSURYRFDQGRIHULPHQWRVJUDYHV YHtFXORTXHHVWHMDOHYDQWDGRVRPHQWHFRPR
3DUDUHGX]LURULVFRGHIHULPHQWRVREVHUYDU PDFDFR
RVHJXLQWH Ɣ 6HIRUQHFHVViULRWUDEDOKDUVRERYHtFXOR
Ɣ 8WLOL]DUVRPHQWHPDFDFRVOLEHUDGRVSHOD HVWHGHYHVHUDSRLDGRDGLFLRQDOPHQWHFRP
9RONVZDJHQSDUDRYHtFXOR2XWURVPDFDFRV FDYDOHWHVDGHTXDGRV
PHVPRGHRXWURVPRGHORVGD9RONVZDJHQ Ɣ 1XQFDVXVSHQGHURYHtFXORVHRPRWRUHV
SRGHPGHVOL]DU WLYHUHPIXQFLRQDPHQWRRXVHRYHtFXORHVWL
Ɣ 2SLVRGHYHVHUSODQRHILUPH8PSLVRLQ YHUHPXPDSLVWDODWHUDOPHQWHLQFOLQDGDRX
FOLQDGRRXPDFLRSRGHFDXVDURGHVOL]DPHQ tQJUHPH
WRGRYHtFXORSDUDIRUDGRPDFDFR6HIRUR Ɣ 1XQFDOLJDURPRWRUFRPRYHtFXOROHYDQ
FDVRXWLOL]DUXPDSRLRHVWiYHOHFRPVXSHUIt WDGR&RPDVYLEUDo}HVGRPRWRURYHtFXOR
FLHODUJDSDUDRPDFDFR SRGHFDLUGRPDFDFR
Ɣ 1RFDVRGHXPSLVROLVRFRPRSRUH[HP
SORSLVRFRPODGULOKRVXWLOL]DUXPDEDVHDQ $'9(57Ç1&,$
WLGHVOL]DQWHSRUH[HPSORXPDHVWHLUDGHERU $LQREVHUYkQFLDGDOLVWDGHFRQWUROHLPSRU
UDFKDSDUDHYLWDURGHVOL]DPHQWRGRPDFDFR WDQWHSDUDDSUySULDVHJXUDQoDSRGHFDXVDU
Ɣ 3RVLFLRQDURPDFDFRVRPHQWHQRVSRQWRV DFLGHQWHVHIHULPHQWRVJUDYHV
LQGLFDGRV$JDUUDGRPDFDFRGHYHVHHQFDL Ɣ 6HJXLUVHPSUHDVDo}HVGDOLVWDGHFRQ
[DUQRSHUILOGDORQJDULQDGHIRUPDVHJXUD WUROHHREVHUYDUDVSUHFDXo}HVGHVHJXUDQoD
ҧϜ)LJ JHUDOPHQWHYiOLGDV ‹

 $XWRDMXGD
6XVSHQGHURYHtFXORFRPRPDFDFR YHUVmR5/LQH

)LJ $WUiVQRODGRHVTXHUGRGRYHtFXORUHED
WHUDFREHUWXUD

)LJ 0DFDFRSRVLFLRQDGRQRODGRHVTXHUGRWUDVHLURGRYHtFXOR

¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
2PDFDFRSRGHVHUFRORFDGRVRPHQWHQRVSRQWRV
GHUHFHSomRGRPDFDFRPRVWUDGRVHVRPHQWH
FRPDFREHUWXUDDEHUWDҧϜ)LJeYiOLGRRSRQ
WRGHDSRLRORFDOL]DGRSUy[LPRjURGDFRUUHVSRQ
GHQWHҧϜ 

/LVWDGHFRQWUROH
2VVHJXLQWHVSRQWRVGHYHPVHUREVHUYDGRVQDVHTXrQFLDLQGLFDGDSDUDJDUDQWLUDSUySULDVHJXUDQoDHD
VHJXUDQoDGRVSDVVDJHLURVҧϜ 
 (VFROKHUXPSLVRSODQRHILUPHSDUDOHYDQWDURYHtFXOR
 'HVOLJDURPRWRU(PFDVRGHWUDQVPLVVmRPDQXDOHQJDWDUXPDPDUFKDRXHPFDVRGHWUDQVPLV
VmRDXWRPiWLFDFRORFDUDDODYDQFDVHOHWRUDQDSRVLomR3ҧϜ3iJLQDHOLJDURIUHLRGHHVWDFLR
QDPHQWRHOHWU{QLFRҧϜ3iJLQD
 %ORTXHDUDURGDGLDJRQDOPHQWHRSRVWDFRPFDOoRVGREUiYHLVRXRXWURVREMHWRVDSURSULDGRV
 1DFRQGXomRFRPUHERTXHGHVDFRSODURUHERTXHGRYHtFXORGHWUDomRHHVWDFLRQDUGHPDQHLUD
FRUUHWD
53&&

 6ROWDURVSDUDIXVRVGHURGDDVHUWURFDGDҧϜ3iJLQD
 3URFXUDURSRQWRGHDSRLRGRPDFDFRVRERYHtFXORRTXDOVHHQFRQWUDPDLVSUy[LPRGDURGDDVHU
WURFDGD b

2ULHQWDo}HVSUiWLFDV 
/LVWDGHFRQWUROH FRQWLQXDomR
 5HWLUDUDFREHUWXUDGDVROHLUDODWHUDOSDUDLVVRSX[DUFRPIRUoDPDVFRPFXLGDGRQDGLUHomRGD
VHWD$FREHUWXUDpIRUQHFLGDFRPXPDFLQWDGHIL[DomR ҧϜ)LJ
 /HYDQWDURPDFDFRDWpRQGHDLQGDVHMDSRVVtYHOFRORFiORVRERSRQWRGHDSRLRGRYHtFXOR
 *DUDQWLUTXHDEDVHGRPDFDFRFRPWRGDVXDVXSHUItFLHHVWHMDVREUHRFKmRHTXHDEDVHVHHQ
FRQWUHSHUSHQGLFXODUPHQWHDEDL[RGRSRQWRGHFRORFDomRҧϜ)LJ
 $OLQKDURPDFDFRHVLPXOWDQHDPHQWHOHYDQWDUDJDUUDGRPDFDFRDWpHODVHHQFDL[DUQDWUDYHVVD
GHEDL[RGRYHtFXORҧϜ)LJ
 &RQWLQXDUDHUJXHQGRRPDFDFRDWpDURGDVHOHYDQWDUGRSLVR

$'9(57Ç1&,$ $'9(57Ç1&,$ FRQWLQXDomR

8PDXWLOL]DomRLQFRUUHWDGRPDFDFRSRGHUH Ɣ 1XQFDGHL[DUXPDSDUWHGRFRUSRSRU
VXOWDUQRGHVOL]DPHQWRGRYHtFXORSDUDIRUD H[HPSORXPEUDoRRXDSHUQDGHEDL[RGR
GRPDFDFRSURYRFDQGRIHULPHQWRVJUDYHV YHtFXORTXHHVWHMDOHYDQWDGRVRPHQWHFRPR
3DUDUHGX]LURULVFRGHIHULPHQWRVREVHUYDU PDFDFR
RVHJXLQWH Ɣ 6HIRUQHFHVViULRWUDEDOKDUVRERYHtFXOR
Ɣ 8WLOL]DUVRPHQWHPDFDFRVOLEHUDGRVSHOD HVWHGHYHVHUDSRLDGRDGLFLRQDOPHQWHFRP
9RONVZDJHQSDUDRYHtFXOR2XWURVPDFDFRV FDYDOHWHVDGHTXDGRV
PHVPRGHRXWURVPRGHORVGD9RONVZDJHQ Ɣ 1XQFDVXVSHQGHURYHtFXORVHRPRWRUHV
SRGHPGHVOL]DU WLYHUHPIXQFLRQDPHQWRRXVHRYHtFXORHVWL
Ɣ 2SLVRGHYHVHUSODQRHILUPH8PSLVRLQ YHUHPXPDSLVWDODWHUDOPHQWHLQFOLQDGDRX
FOLQDGRRXPDFLRSRGHFDXVDURGHVOL]DPHQ tQJUHPH
WRGRYHtFXORSDUDIRUDGRPDFDFR6HIRUR Ɣ 1XQFDOLJDURPRWRUFRPRYHtFXOROHYDQ
FDVRXWLOL]DUXPDSRLRHVWiYHOHFRPVXSHUIt WDGR&RPDVYLEUDo}HVGRPRWRURYHtFXOR
FLHODUJDSDUDRPDFDFR SRGHFDLUGRPDFDFR
Ɣ 1RFDVRGHXPSLVROLVRFRPRSRUH[HP
SORSLVRFRPODGULOKRVXWLOL]DUXPDEDVHDQ $'9(57Ç1&,$
WLGHVOL]DQWHSRUH[HPSORXPDHVWHLUDGHERU $LQREVHUYkQFLDGDOLVWDGHFRQWUROHLPSRU
UDFKDSDUDHYLWDURGHVOL]DPHQWRGRPDFDFR WDQWHSDUDDSUySULDVHJXUDQoDSRGHFDXVDU
Ɣ 3RVLFLRQDURPDFDFRVRPHQWHQRVSRQWRV DFLGHQWHVHIHULPHQWRVJUDYHV
LQGLFDGRV$JDUUDGRPDFDFRGHYHVHHQFDL Ɣ 6HJXLUVHPSUHDVDo}HVGDOLVWDGHFRQ
[DUQRSHUILOGDORQJDULQDGHIRUPDVHJXUD WUROHHREVHUYDUDVSUHFDXo}HVGHVHJXUDQoD
ҧϜ)LJ JHUDOPHQWHYiOLGDV ‹

7URFDUDURGD

¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD

5HPRYHUDURGD
Ɣ 2EVHUYDUDOLVWDGHFRQWUROHҧϜ3iJLQD
Ɣ 6ROWDURVSDUDIXVRVGHURGDҧϜ3iJLQD
Ɣ /HYDQWDURYHtFXORҧϜ3iJLQD
RXҧϜ3iJLQD
Ɣ 5HPRYHUWRWDOPHQWHRVSDUDIXVRVGHURGDVRO
WRVFRPRVH[WDYDGRLQWHUQRGRSXQKRGDFKDYH
GHIHQGDҧϜ)LJHJXDUGDUHPXPDVXSHUItFLH
OLPSD
)LJ 7URFDGHURGDGHVDSDUDIXVDURVSDUDIX Ɣ 5HPRYHUDURGD b
VRVGHURGDFRPRSXQKRGDFKDYHGHIHQGD

 $XWRDMXGD
,QVWDODUDURGDVREUHVVDOHQWH $'9(57Ç1&,$
6HQHFHVViULRREVHUYDURVHQWLGRGHURGDJHPGR
8PWRUTXHGHDSHUWRLQFRUUHWRRXSDUDIXVRV
SQHXҧϜ3iJLQD
GHURGDWUDWDGRVLQFRUUHWDPHQWHSRGHPRFD
Ɣ )L[DUDURGDVREUHVVDOHQWH VLRQDUDSHUGDGHFRQWUROHGRYHtFXORSURYR
Ɣ $SDUDIXVDURSDUDIXVRGHURGDDQWLIXUWRFRPR FDQGRDFLGHQWHVHIHULPHQWRVJUDYHV
DGDSWDGRUQDSRVLomRҧϜ)LJ  RX Ɣ 0DQWHUWRGRVRVSDUDIXVRVGHURGDHRULIt
ҧϜ)LJ  QRVHQWLGRKRUiULRHDSHUWDUOHYH FLRVURVTXHiYHLVGRVFXERVGDVURGDVVHP
PHQWH SUHOLPSRVHLVHQWRVGHyOHRHJUD[D2VSD
Ɣ $SDUDIXVDURVGHPDLVSDUDIXVRVGHURGDQR UDIXVRVGDVURGDVGHYHPVHUGHIiFLOPDQX
VHQWLGRKRUiULRHDSHUWDUOHYHPHQWHFRPDDMXGD VHLRHDSHUWDGRVFRPRWRUTXHGHDSHUWR
GRVH[WDYDGRLQWHUQRGRSXQKRGDFKDYHGHIHQGD SUHVFULWR
Ɣ $EDL[DURYHtFXORFRPRPDFDFR Ɣ 8WLOL]DURVH[WDYDGRLQWHUQRGRSXQKRGD
FKDYHGHIHQGDVRPHQWHSDUDJLUDUQmRSDUD
Ɣ $SHUWDUWRGRVRVSDUDIXVRVGHURGDILUPHPHQWH
VROWDURXDSHUWDURVSDUDIXVRVGHURGD ‹
FRPDFKDYHGHURGDQRVHQWLGRKRUiULRҧϜ 3DUD
LVVRQmRDSHUWDUHPVHTXrQFLDPDVVHPSUHWUR
FDQGRHQWUHSDUDIXVRVGHURGDRSRVWRV
Ɣ 6HIRURFDVRPRQWDUDVFDSDVGHFREHUWXUD
DVFDORWDVFHQWUDLVRXDVFDORWDVLQWHJUDLV
ҧϜ3iJLQD

$SyVDWURFDGHURGD

¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
Ɣ 0DQGDUYHULILFDURWRUTXHGHDSHUWRGRVSDUDIX
VRVGHURGDLPHGLDWDPHQWHFRPXPWRUTXtPHWUR
ҧϜ3iJLQD
Ɣ 0DQGDUVXEVWLWXLUDURGDGDQLILFDGDDVVLPTXH
Ɣ 6HIRURFDVROLPSDUDVIHUUDPHQWDVGHERUGR SRVVtYHO
HUHFRORFDUQDSHoDGHHVSXPDQRFRPSDUWLPHQWR
GHEDJDJHPҧϜ3iJLQD (PYHtFXORVFRPVLVWHPDGHFRQWUROHGH
SQHXVRVLVWHPDGHYHVHUVHIRURFDVR³UH
Ɣ *XDUGDUDURGDVREUHVVDOHQWHRXDURGDWURFD
SURJUDPDGR´DSyVDWURFDGDURGDҧϜ3iJLQD ‹
GDGHIRUPDVHJXUDQRFRPSDUWLPHQWRGHEDJD
JHP
53&&

2ULHQWDo}HVSUiWLFDV 
.LWGHUHSDURGRVSQHXV

¤ ,QWURGXomRDRWHPD
1HVWHFDStWXORHQFRQWUDPVHLQIRUPDo}HVUHODWLYDV
$'9(57Ç1&,$
DRVVHJXLQWHVWHPDV
$XWLOL]DomRGRNLWGHUHSDURGRVSQHXVSRGH
&RPSRQHQWHVGRNLWGHUHSDURGRVSQHXV  
VHUSHULJRVDHVSHFLDOPHQWHVHRSQHXIRUHQ
3UHSDUDo}HV   FKLGRQDPDUJHPGDUXD3DUDUHGX]LURULVFR
9HGDUHHQFKHURVSQHXV   GHIHULPHQWRVJUDYHVREVHUYDURVHJXLQWH
&RQWUROHDSyVPLQXWRVGHFRQGXomR   Ɣ 3DUDUYHtFXORDVVLPTXHIRUSRVVtYHOHVH
JXUR(VWDFLRQDURYHtFXORDXPDGLVWkQFLD
&RPRNLWGHUHSDURGRVSQHXV 7LUH0RELOLW\6HW p
VHJXUDGRIOX[RGHWUkQVLWRSDUDSRGHUHQ
SRVVtYHOYHGDUGHPRGRHILFLHQWHGDQRVGHSQHXV
FKHURSQHX
FDXVDGRVSRUFRUSRVHVWUDQKRVRXIXURVGHGLkPH
WURGHDWpPPDSUR[LPDGDPHQWH2FRUSRHV Ɣ *DUDQWLUTXHRSLVRVHMDSODQRHILUPH
WUDQKRSRUH[HPSORSDUDIXVRRXSUHJRQmR Ɣ 7RGRVRVSDVVDJHLURVHHVSHFLDOPHQWH
GHYHVHUUHPRYLGRGRSQHX FULDQoDVGHYHPVHPSUHVHPDQWHUDXPD
$SyVDDSOLFDomRGRYHGDQWHQRSQHXGHYHVH GLVWkQFLDVHJXUDHDIDVWDGDGDiUHDGHWUDED
REULJDWRULDPHQWHFRQWURODUDSUHVVmRGRSQHX OKR
DSyVFHUFDGHPLQXWRVGHFRQGXomR Ɣ /LJDUDVOX]HVGHDGYHUWrQFLDSDUDDOHUWDU
RXWURVFRQGXWRUHV
4XDQGRKRXYHUPDLVGHXPSQHXGDQLILFDGRQR
YHtFXORSURFXUDUDX[tOLRWpFQLFRHVSHFLDOL]DGR2 Ɣ 8WLOL]DURNLWGHUHSDURGRVSQHXVVRPHQWH
NLWGHUHSDURSDUDSQHXVHVWiGLPHQVLRQDGRVR VHHVWLYHUIDPLOLDUL]DGRFRPDVDo}HVQHFHV
PHQWHSDUDRSUHHQFKLPHQWRGHXPSQHX ViULDV&DVRFRQWUiULRSURFXUDUDX[tOLRWpFQL
FRHVSHFLDOL]DGR
8WLOL]DURNLWGHUHSDURGRVSQHXVVRPHQWHTXDQGR
Ɣ (VWHNLWGHUHSDURGRVSQHXVpSUHYLVWR
RYHtFXORHVWLYHUHVWDFLRQDGRHPVHJXUDQoDHVWL
SDUDXVRDSHQDVHPHPHUJrQFLDDWpDOFDQoDU
YHUIDPLOLDUL]DGRFRPDVDo}HVHSUHFDXo}HVGH
D&RQFHVVLRQiULD9RONVZDJHQPDLVSUy[LPD
VHJXUDQoDQHFHVViULDVHRNLWGHUHSDURGRV
SQHXVFRUUHWRHVWLYHUGLVSRQtYHO&DVRFRQWUiULR Ɣ 8PSQHXUHSDUDGRFRPRNLWGHUHSDUR
SURFXUDUDX[tOLRWpFQLFRHVSHFLDOL]DGR GRVSQHXVGHYHVHUVXEVWLWXtGRRPDLVEUHYH
SRVVtYHO
2YHGDQWHGHSQHXVQmRGHYHVHUXWLOL]DGR Ɣ 2YHGDQWHpSUHMXGLFLDOjVD~GHHGHYHVHU
Ɣ (PFDVRGHGDQRVQRDUR UHPRYLGRLPHGLDWDPHQWHHPFDVRGHFRQWDWR
Ɣ (PWHPSHUDWXUDVH[WHUQDVLQIHULRUHVDƒ& FRPDSHOH
ƒ)  Ɣ &RQVHUYDURNLWGHUHSDURGRVSQHXVIRUD
Ɣ (PFRUWHVRXIXURVQRSQHXPDLRUHVTXHPP GRDOFDQFHGHFULDQoDV
Ɣ 6HRYHtFXORIRUFRQGX]LGRFRPDSUHVVmRGR Ɣ 1XQFDXWLOL]DUXPPDFDFRPHVPRVHR
SQHXPXLWREDL[DRXFRPRSQHXYD]LR PDFDFRHVWLYHUOLEHUDGRSDUDRYHtFXOR
Ɣ 6HDGDWDGHYDOLGDGHGDJDUUDIDSDUDHQFKL Ɣ 'HVOLJDUVHPSUHRPRWRUOLJDURIUHLRGH
PHQWRGRVSQHXVHVWLYHUYHQFLGD HVWDFLRQDPHQWRHOHWU{QLFRHFRORFDUDDOD
YDQFDVHOHWRUDQDSRVLomR3RXFRPWUDQV
,QIRUPDo}HVHDOHUWDVFRPSOHPHQWDUHV PLVVmRPDQXDOHQJDWDUXPDPDUFKDSDUDUH
Ɣ -RJRGHFKDYHVGRYHtFXORҧϜ3iJLQD GX]LURULVFRGHXPPRYLPHQWRVHPVXSHUYL
Ɣ )UHDUSDUDUHHVWDFLRQDUҧϜ3iJLQD VmRGRYHtFXOR
Ɣ 5RGDVHSQHXVҧϜ3iJLQD
$'9(57Ç1&,$
Ɣ (PFDVRGHHPHUJrQFLDҧϜ3iJLQD
8PSQHXUHSDUDGRFRPYHGDQWHQmRSRVVXL
Ɣ &DORWDVҧϜ3iJLQD
DVPHVPDVFDUDFWHUtVWLFDVGHFRQGXomRTXH
XPSQHXFRQYHQFLRQDO
Ɣ -DPDLVFRQGX]LUHPYHORFLGDGHVXSHULRUD
NPK PSK  b

 $XWRDMXGD
$'9(57Ç1&,$ FRQWLQXDomR 8PDQRYDJDUUDIDSDUDHQFKLPHQWRGRV
SQHXVSRGHVHUREWLGDHPXPD&RQFHVVLR
Ɣ (YLWDUDFHOHUDo}HVSOHQDVIUHQDJHQVIRU
QiULD9RONVZDJHQ
WHVHFXUYDVHPDOWDYHORFLGDGH
Ɣ &RQGX]LUSRUQRPi[LPRPLQXWRVH 2EVHUYDUR0DQXDOGHLQVWUXo}HVGRIDEUL
FRPYHORFLGDGHLQIHULRUDNPK PSK H FDQWHGRNLWGHUHSDURGRVSQHXV ‹
FRQWURODURSQHXQRYDPHQWH

'HVFDUWDURYHGDQWHXVDGRRXHVFRUULGRHP
FRQIRUPLGDGHFRPDVSUHVFULo}HVOHJDLV

&RPSRQHQWHVGRNLWGHUHSDURGRVSQHXV
 &KDYHSDUDUHPRomRGRHOHPHQWRGDYiOYXOD
 (WLTXHWDDGHVLYDFRPDLQGLFDomRGHYHORFLGD
GH³Pi[NPK´RX³Pi[PSK´
 0DQJXHLUDGHHQFKLPHQWRFRPYHGDomRGD
WDPSD
 &RPSUHVVRUGHDU
 0DQJXHLUDGHHQFKLPHQWRGRVSQHXV
 0DQ{PHWURGHSUHVVmRGRVSQHXV
 3DUDIXVRGHVDQJULDGHDU
 ,QWHUUXSWRU/,*$'(6/,*$
 &RQHFWRUGRFDER9
 *DUUDIDSDUDHQFKLPHQWRGRVSQHXVFRPYH
)LJ 5HSUHVHQWDomRHVTXHPiWLFDFRPSRQHQ GDQWH
WHVGRNLWGHUHSDURGRVSQHXV  (OHPHQWRGDYiOYXODGHUHSRVLomR
2JLUDGRUGHELFRGHYiOYXOD  WHPXPDIHQGD
¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
QDSDUWHLQIHULRUQDTXDOFDEHRELFRGDYiOYXOD
6RPHQWHDVVLPpSRVVtYHOUHPRYHUHUHLQVWDODUR
HOHPHQWRGDYiOYXODGRSQHX,VWRWDPEpPpYiOLGR
SDUDRELFRGHYiOYXODGHUHVHUYD   ‹
2NLWGHUHSDURGRVSQHXVHQFRQWUDVHQRFRPSDU
WLPHQWRGHEDJDJHPVRERUHYHVWLPHQWRGRDVVRD
OKR(OHpFRPSRVWRSHORVVHJXLQWHVFRPSRQHQWHV
ҧϜ)LJ

3UHSDUDo}HV

¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQIRUPDo}HVLQWURGXWyULDVHDVLQGLFDo}HVGHVHJXUDQ
oD QDSiJLQD

/LVWDGHFRQWUROH
([HFXWDUDVVHJXLQWHVDo}HVVHPSUHQDVHTXrQFLDLQGLFDGDFRPRSUHSDUDomRSDUDHQFKHUXPSQHXҧϜ 
 (PFDVRGHXPSQHXIXUDGRHVWDFLRQDURYHtFXORQDPHGLGDGRSRVVtYHODIDVWDGRGRIOX[RGH
WUkQVLWRHHPXPSLVRSODQRHILUPH
 /LJDURIUHLRGHHVWDFLRQDPHQWRHOHWU{QLFRҧϜ3iJLQD b
53&&

 7DPEpPSRGHHVWDULQWHJUDGRQRFRPSUHVVRU
 1ROXJDUGHOHWDPEpPSRGHKDYHUXPERWmRQRFRPSUHVVRU

2ULHQWDo}HVSUiWLFDV 
/LVWDGHFRQWUROH FRQWLQXDomR
 7UDQVPLVVmRDXWRPiWLFDFRORFDUDDODYDQFDVHOHWRUDQDSRVLomR3ҧϜ3iJLQD
 'HVOLJDURPRWRUHUHWLUDUDFKDYHGRYHtFXORGRFLOLQGURGDLJQLomRҧϜ3iJLQD
 7UDQVPLVVmRPDQXDOHQJDWDUDPDUFKDҧϜ3iJLQD
 7RGRVRVRFXSDQWHVGRYHtFXORGHYHPGHVHPEDUFDUHSHUPDQHFHUHPVHJXUDQoDSRUH[HPSOR
DWUiVGRJXDUGUDLO
 /LJDUDVOX]HVGHDGYHUWrQFLDHSRVLFLRQDURWULkQJXORGHVHJXUDQoDҧϜ3iJLQD2EVHUYDUDV
SUHVFULo}HVOHJDLV
 9HULILFDUVHXPUHSDURFRPRNLWGHUHSDURGRVSQHXVpSRVVtYHOҧϜ3iJLQD
 1DFRQGXomRFRPUHERTXHGHVDFRSODURUHERTXHGRYHtFXORGHWUDomRHHVWDFLRQDUGHPDQHLUD
FRUUHWD
 &RPRFRPSDUWLPHQWRGHEDJDJHPFDUUHJDGRUHPRYHURVYROXPHVGHEDJDJHP
 5HWLUDURNLWGHUHSDURGRVSQHXVGRFRPSDUWLPHQWRGHEDJDJHP
 &RODUDHWLTXHWDDGHVLYDҧϜ)LJ  GRNLWGHUHSDURGRVSQHXVQRFDPSRYLVXDOGRFRQGXWRUQR
SDLQHOGHLQVWUXPHQWRV
 2FRUSRHVWUDQKRSRUH[HPSORSDUDIXVRRXSUHJRQmRGHYHVHUUHPRYLGRGRSQHX

$'9(57Ç1&,$ $'9(57Ç1&,$ FRQWLQXDomR

$LQREVHUYkQFLDGDOLVWDGHFRQWUROHLPSRU Ɣ 6HJXLUVHPSUHDVDo}HVGDOLVWDGHFRQ
WDQWHSDUDDSUySULDVHJXUDQoDSRGHFDXVDU WUROHHREVHUYDUDVSUHFDXo}HVGHVHJXUDQoD
DFLGHQWHVHIHULPHQWRVJUDYHV JHUDOPHQWHYiOLGDV ‹

9HGDUHHQFKHURVSQHXV

¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
Ɣ 5HWLUDUDJDUUDIDSDUDHQFKLPHQWRGRVSQHXV
YD]LDGDYiOYXOD
Ɣ 5RVTXHDUQRYDPHQWHRHOHPHQWRGDYiOYXOD
FRPDFKDYHSDUDUHPRomRGRHOHPHQWRGDYiOYX
9HGDURVSQHXV ODҧϜ)LJ  QDYiOYXODGRSQHX
Ɣ 'HVURVTXHDUDFDSDGDYiOYXODGDYiOYXODGR
SQHX (QFKHURVSQHXV
Ɣ 5RVTXHDUDPDQJXHLUDGHHQFKLPHQWRGRV
Ɣ &RPDFKDYHSDUDUHPRomRGRHOHPHQWRGD
SQHXVҧϜ)LJ  GRFRPSUHVVRUGHDUFRPILU
YiOYXODҧϜ)LJ  GHVDSDUDIXVDURHOHPHQWR
PH]DQDYiOYXODGRSQHX
GDYiOYXODGDYiOYXODGRSQHXHFRORFiORVREUH
XPDVXSHUItFLHOLPSD Ɣ 9HULILFDUVHRSDUDIXVRGHVDQJULDGHDU
ҧϜ)LJ  HVWiIHFKDGR
Ɣ $JLWDUDJDUUDIDSDUDHQFKLPHQWRGRVSQHXV
ҧϜ)LJ  DOJXPDVYH]HVFRPIRUoD Ɣ /LJDURPRWRUGRYHtFXORHGHL[iORIXQFLRQDQ
GR
Ɣ 5RVTXHDUDPDQJXHLUDGHHQFKLPHQWR
ҧϜ)LJ  FRPILUPH]DQRVHQWLGRKRUiULRVR Ɣ (QFDL[DURFRQHFWRUGRFDERҧϜ)LJ  HP
EUHDJDUUDIDSDUDHQFKLPHQWRGRVSQHXV$SHOt XPDWRPDGD9GRYHtFXORҧϜ3iJLQD
FXODQDWDPSDpSHUIXUDGDDXWRPDWLFDPHQWH Ɣ /LJDURFRPSUHVVRUGHDUFRPRLQWHUUXSWRU/,
Ɣ 5HPRYHUDYHGDomRGDWDPSDGDPDQJXHLUD *$'(6/,*$ҧϜ)LJ  
GHHQFKLPHQWRҧϜ)LJ  HLQWURGX]LUDH[WUH Ɣ 'HL[DURFRPSUHVVRUGHDUIXQFLRQDUDWpDWLQJLU
PLGDGHDEHUWDWRWDOPHQWHQDYiOYXODGRSQHX ±EDU ±SVL±N3D ҧϜ 
Ɣ 6HJXUDUDJDUUDIDFRPRIXQGRSDUDFLPDHHQ 7HPSRGHIXQFLRQDPHQWRPi[LPRGHPLQXWRV
FKHURSQHXFRPWRGRRYHGDQWHGDJDUUDIDSDUD ҧϜ 
HQFKLPHQWRGRVSQHXV Ɣ 'HVOLJDURFRPSUHVVRUGHDU b

 $XWRDMXGD
Ɣ 6HDSUHVVmRGHDUGH±EDU
$'9(57Ç1&,$
±SVL±N3D QmRSXGHUVHUDWLQJL
GDGHVURVTXHDUDPDQJXHLUDGHHQFKLPHQWRGRV $PDQJXHLUDGHHQFKLPHQWRGRVSQHXVHR
SQHXVGDYiOYXODGRSQHX FRPSUHVVRUGHDUSRGHPVHDTXHFHUGXUDQWH
Ɣ &RQGX]LURYHtFXORDSUR[LPDGDPHQWHPH RHQFKLPHQWR
WURVSDUDIUHQWHRXSDUDWUiVSDUDTXHRYHGDQWH Ɣ 3URWHJHUDVPmRVHDSHOHGHSHoDVTXHQ
SRVVDVHUGLVWULEXtGRSHORLQWHULRUGRSQHX WHV
Ɣ $SDUDIXVDUQRYDPHQWHDPDQJXHLUDGHHQFKL Ɣ 1mRFRORFDUDPDQJXHLUDGHHQFKLPHQWR
PHQWRGRVSQHXVGRFRPSUHVVRUGHDUFRPILUPH GRVSQHXVHRFRPSUHVVRUGHDUTXHQWHVVR
]DVREUHDYiOYXODGRSQHXHUHSHWLURSURFHVVRGH EUHPDWHULDLVLQIODPiYHLV
HQFKLPHQWR Ɣ $QWHVGHJXDUGDUGHL[DURHTXLSDPHQWR
Ɣ 6HPHVPRDVVLPDSUHVVmRGRSQHXUHTXHULGD HVIULDUFRPSOHWDPHQWH
QmRIRUDWLQJLGDRSQHXHVWiGHPDVLDGDPHQWHGD Ɣ 6HQmRIRUSRVVtYHOHQFKHURSQHXFRP
QLILFDGR2SQHXQmRSRGHVHUYHGDGRFRPRNLWGH XPDSUHVVmRPtQLPDGHEDU SVL
UHSDURGRVSQHXV1mRSURVVHJXLU3URFXUDUDX[tOLR N3D RGDQRpPXLWRH[WHQVR2YHGDQWH
WpFQLFRHVSHFLDOL]DGRҧϜ  QmRSRGHYHGDURSQHX1mRSURVVHJXLU3UR
Ɣ 'HVFRQHFWDURFRPSUHVVRUGHDUHGHVURVTXH FXUDUDX[tOLRWpFQLFRHVSHFLDOL]DGR
DUDPDQJXHLUDGHHQFKLPHQWRGRVSQHXVGDYiO
YXODGRSQHX 127$
Ɣ 3URVVHJXLULPHGLDWDPHQWHFRPQRPi[LPR 'HVOLJDURFRPSUHVVRUGHDUDSyVQRPi[LPR
NPK PSK VHXPDSUHVVmRGRSQHXGH PLQXWRVGHIXQFLRQDPHQWRSDUDTXHHOHQmR
±EDU ±SVL±N3D IRUDWLQ VHVXSHUDTXHoD$QWHVGHOLJDUQRYDPHQWHGHL
JLGD [DURFRPSUHVVRUGHDUHVIULDUSRUDOJXQVPL
Ɣ &RQWURODUDSUHVVmRGRVSQHXVDSyVPLQX QXWRV ‹
WRVGHFRQGXomRҧϜ3iJLQD

&RQWUROHDSyVPLQXWRVGHFRQGXomR

¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
$'9(57Ç1&,$
$FRQGXomRFRPXPSQHXTXHQmRSRGHVHU
YHGDGRpSHULJRVDHSRGHFDXVDUDFLGHQWHVH
5HFRQHFWDUDPDQJXHLUDGHHQFKLPHQWRGRSQHX IHULPHQWRVJUDYHV
ҧϜ)LJ  HOHUDSUHVVmRGHHQFKLPHQWRGR Ɣ 1mRSURVVHJXLUDFRQGXomRVHDSUHVVmR
SQHXQRLQGLFDGRUGDSUHVVmRGRV GRSQHXIRUGHEDU SVLN3D RX
SQHXVҧϜ)LJ   PHQRU

EDU SVLN3D HPHQRU Ɣ 3URFXUDUDX[tOLRWpFQLFRHVSHFLDOL]DGR ‹


Ɣ 1mRSURVVHJXLU2SQHXQmRSRGHVHUYHGDGR
FRPRNLWGHUHSDURGRVSQHXV
Ɣ 3URFXUDUDX[tOLRWpFQLFRHVSHFLDOL]DGRҧϜ 

EDU SVLN3D HPDLRU


Ɣ $GHTXDUDSUHVVmRGRVSQHXVQRYDPHQWHSDUD
RYDORUFRUUHWRҧϜ3iJLQD
Ɣ 3URVVHJXLUDFRQGXomRFXLGDGRVDPHQWHDWpD
&RQFHVVLRQiULD9RONVZDJHQPDLVSUy[LPDDXPD
YHORFLGDGHLQIHULRUDNPK PSK 
Ɣ 1HVWHORFDORSQHXGDQLILFDGRGHYHVHUVXEVWL
WXtGR
53&&

2ULHQWDo}HVSUiWLFDV 
)XVtYHLV

¤ ,QWURGXomRDRWHPD
1HVWHFDStWXORHQFRQWUDPVHLQIRUPDo}HVUHODWLYDV $'9(57Ç1&,$ FRQWLQXDomR
DRVVHJXLQWHVWHPDV
Ɣ 1XQFDHQFRVWDUQRVFRQGXWRUHVHOpWULFRV
)XVtYHLVGRYHtFXOR   GRVLVWHPDGHLJQLomR
6XEVWLWXLURVIXVtYHLVTXHLPDGRV   Ɣ (YLWDUFXUWRVFLUFXLWRVQRVLVWHPDHOpWULFR

(PUD]mRGRFRQWtQXRGHVHQYROYLPHQWRGRYHtFX
ORGDFODVVLILFDomRGRVIXVtYHLVFRQGLFLRQDGDDRV
$'9(57Ç1&,$
HTXLSDPHQWRVHGDSURWHomRFRPSDUWLOKDGDGHGL 2XVRGHIXVtYHLVLQDGHTXDGRVRUHSDURGH
YHUVRVFRQVXPLGRUHVSRUPHLRGHXPIXVtYHOXP IXVtYHLVHDFRQH[mRHPSRQWHGHXPFLUFXLWR
HVTXHPDDWXDOL]DGRGRVORFDLVGHIXVtYHLVGHXP HOpWULFRVHPIXVtYHLVSRGHPFDXVDUXPLQ
FRQVXPLGRUHOpWULFRQmRpSRVVtYHOQRPRPHQWRGD FrQGLRHIHULPHQWRVJUDYHV
LPSUHVVmR,QIRUPDo}HVGHWDOKDGDVVREUHDGLVSR Ɣ 1XQFDLQVWDODUIXVtYHLVTXHWHQKDPXPD
VLomRGRVIXVtYHLVSRGHPVHUREWLGDVHPXPD UHVLVWrQFLDPDLRU6XEVWLWXLURVIXVtYHLVVR
&RQFHVVLRQiULD9RONVZDJHQ PHQWHSRUIXVtYHLVFRPDPHVPDLQWHQVLGDGH
%DVLFDPHQWHYiULRVFRQVXPLGRUHVSRGHPHVWDU PHVPDFRUHLQVFULomR HRPHVPRWDPDQKR
SURWHJLGRVHPFRQMXQWRSRUXPIXVtYHO3RURXWUR Ɣ 1XQFDUHSDUDUIXVtYHLV
ODGRWDPEpPpSRVVtYHOTXHYiULRVIXVtYHLVSHU Ɣ 1XQFDVXEVWLWXLUIXVtYHLVSRUXPDWLUDGH
WHQoDPDXPFRQVXPLGRU PHWDOXPFOLSHGHHVFULWyULRRXVLPLODUHV
6XEVWLWXLURVIXVtYHLVVRPHQWHGHSRLVTXHDFDXVD
GDIDOKDWLYHUVLGRHOLPLQDGD6HXPIXVtYHOQRYR 127$
TXHLPDUQRYDPHQWHDSyVXPFXUWRSHUtRGRRVLV
Ɣ 3DUDHYLWDUGDQRVDRVLVWHPDHOpWULFRGRYHt
WHPDHOpWULFRGHYHVHUYHULILFDGRSRUXPD&RQFHV
FXORDQWHVGDWURFDGHXPIXVtYHOpQHFHVViULR
VLRQiULD9RONVZDJHQ
TXHDLJQLomRDOX]HWRGRVRVFRQVXPLGRUHV
,QIRUPDo}HVHDOHUWDVFRPSOHPHQWDUHV HOpWULFRVHVWHMDPGHVOLJDGRVHDFKDYHGRYHt
FXORHVWHMDIRUDGRFLOLQGURGDLJQLomR
Ɣ 3UHSDUDo}HVSDUDWUDEDOKRVQRFRPSDUWLPHQWR
GRPRWRUҧϜ3iJLQD Ɣ 6HXPIXVtYHOIRUVXEVWLWXtGRSRUXPGH
PDLRULQWHQVLGDGHSRGHUmRVXUJLUGDQRVWDP
$'9(57Ç1&,$ EpPHPRXWUDVSDUWHVGRVLVWHPDHOpWULFR

$DOWDWHQVmRGRVLVWHPDHOpWULFRSRGHFDXVDU Ɣ &DL[DVGHIXVtYHLVDEHUWDVGHYHPVHUSURWH
FKRTXHVHOpWULFRVJUDYHVTXHLPDGXUDVHD JLGDVFRQWUDDSHQHWUDomRGHLPSXUH]DVHXPL
PRUWH GDGH,PSXUH]DVHXPLGDGHQDVFDL[DVGHIXVt
YHLVSRGHPFDXVDUGDQRVDRVLVWHPDHOpWULFR ‹

 $XWRDMXGD
)XVtYHLVGRYHtFXOR

)LJ 1RODGRGRFRQGXWRUGRSDLQHOGHLQVWUX )LJ 1RFRPSDUWLPHQWRGRPRWRUFREHUWXUD


PHQWRVFREHUWXUDGDFDL[DGHIXVtYHLV GDFDL[DGHIXVtYHLV

¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
$EULUDFDL[DGHIXVtYHLVQRFRPSDUWLPHQWR
GRPRWRU
Ɣ $EULUDWDPSDGRFRPSDUWLPHQWRGRPRWRUž
ҧϜ3iJLQD
6XEVWLWXLURVIXVtYHLVVRPHQWHSRUIXVtYHLVFRPD
Ɣ (PSXUUDURVERW}HVGHWUDYDPHQWRSDUDIUHQWH
PHVPDLQWHQVLGDGH PHVPDFRUHLQVFULomR HR
QRVHQWLGRGDVHWDSDUDGHVWUDYDUDFREHUWXUDGD
PHVPRWDPDQKR
FDL[DGHIXVtYHLVҧϜ)LJ
&RULQGLFDWLYDGRVIXVtYHLV Ɣ 5HPRYHUDFREHUWXUDSRUFLPD
&RU &RUUHQWHQRPLQDOHP$PSHUH Ɣ 3DUDDLQVWDODomRFRORFDUDFREHUWXUDVREUHD
/LOiV  FDL[DGHIXVtYHLV(PSXUUDURVERW}HVGHWUDYD
PHQWRQRVHQWLGRFRQWUiULRDRGDVHWDSDUDWUiV
0DUURPFODUR  DWpTXHHVWHVWUDYHPGHIRUPDDXGtYHO
0DUURP 
YHUPHOKR  127$
D]XO  Ɣ 'HVLQVWDODUFXLGDGRVDPHQWHDVFREHUWXUDV
DPDUHOR  GDVFDL[DVGHIXVtYHLVHUHLQVWDODUFRUUHWDPHQ
WHSDUDHYLWDUGDQRVQRYHtFXOR
%UDQFRRXFODUR 
YHUGH  Ɣ &DL[DVGHIXVtYHLVDEHUWDVGHYHPVHUSURWH
JLGDVFRQWUDDSHQHWUDomRGHLPSXUH]DVHXPL
ODUDQMD  GDGH,PSXUH]DVHXPLGDGHQDVFDL[DVGHIXVt
YHLVSRGHPFDXVDUGDQRVDRVLVWHPDHOpWULFR
$EULUDFDL[DGHIXVtYHLVQRSDLQHOGH
LQVWUXPHQWRV 1RYHtFXORKiRXWURVIXVtYHLVDOpPGRVLQGL
,QWURGX]LUXPREMHWRSODQRSRUH[HPSORDFKDYH FDGRVQHVWHFDStWXOR(VWHVGHYHPVHUWURFD
GHIHQGDGDVIHUUDPHQWDVGHERUGRQRHQWDOKH GRVVRPHQWHSRUXPD&RQFHVVLRQiULD9RONVZD
ҧϜ)LJ VHWD HOHYDQWDUFXLGDGRVDPHQWHDFR JHQ ‹
EHUWXUD
53&&

2ULHQWDo}HVSUiWLFDV 
6XEVWLWXLURVIXVtYHLVTXHLPDGRV

)LJ 5HSUHVHQWDomRGHXPIXVtYHOTXHLPDGR )LJ 5HPRYHURXLQVWDODUXPIXVtYHOFRPD


JDUUDGDSLQoDGHSOiVWLFR  

¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
Ɣ (PFDVRGHIXVtYHLVPDLRUHVHPSXUUDUDJDUUD
 ODWHUDOPHQWHVREUHRIXVtYHOҧϜ)LJ%
Ɣ 5HWLUDURIXVtYHOTXHLPDGR
Ɣ &DVRRIXVtYHOHVWHMDTXHLPDGRVXEVWLWXLURIX
3UHSDUDo}HV VtYHOSRUXPQRYRGDPHVPDLQWHQVLGDGH PHVPD
Ɣ 'HVOLJDUDLJQLomRDOX]HWRGRVRVFRQVXPLGR FRUHLQVFULomR HGRPHVPRWDPDQKRҧϜ 
UHVHOpWULFRV
Ɣ 5HFRORFDUDFREHUWXUD
Ɣ $EULUDUHVSHFWLYDFDL[DGHIXVtYHLV
ҧϜ3iJLQD 127$
5HFRQKHFHUIXVtYHLVTXHLPDGRV 6HXPIXVtYHOIRUVXEVWLWXtGRSRURXWURGHPDL
8PIXVtYHOTXHLPDGRSRGHVHUUHFRQKHFLGRSHODWL RULQWHQVLGDGHSRGHUmRVXUJLUGDQRVHPRX
UDPHWiOLFDIXQGLGDҧϜ)LJ WUDVSDUWHVGRVLVWHPDHOpWULFR ‹
,OXPLQDURIXVtYHOFRPXPODQWHUQD'HVVDPDQHL
UDXPIXVtYHOTXHLPDGRSRGHVHUUHFRQKHFLGR
PDLVIDFLOPHQWH

6XEVWLWXLURIXVtYHO
Ɣ 6HQHFHVViULRUHWLUDUDSLQoDGHSOiVWLFR
ҧϜ)LJ  GDFREHUWXUDGDFDL[DGHIXVtYHLV
Ɣ (PFDVRGHIXVtYHLVSHTXHQRVHQFDL[DUDJDU
UD  SRUFLPDҧϜ)LJ$

 $XWRDMXGD
7URFDGHOkPSDGDLQFDQGHVFHQWH

¤ ,QWURGXomRDRWHPD
1HVWHFDStWXORHQFRQWUDPVHLQIRUPDo}HVUHODWLYDV ,QIRUPDo}HVHDOHUWDVFRPSOHPHQWDUHV
DRVVHJXLQWHVWHPDV Ɣ 9LVWDVH[WHUQDVҧϜ3iJLQD
/X]GHFRQWUROH   Ɣ /X]ҧϜ3iJLQD
,QIRUPDo}HVVREUHDWURFDGHOkPSDGD Ɣ 3UHSDUDo}HVSDUDWUDEDOKRVQRFRPSDUWLPHQWR
LQFDQGHVFHQWH   GRPRWRUҧϜ3iJLQD
6XEVWLWXLUDVOkPSDGDVLQFDQGHVFHQWHVQR
Ɣ )HUUDPHQWDVGHERUGRҧϜ3iJLQD
IDUROGLDQWHLUR  
6XEVWLWXLUDOkPSDGDLQFDQGHVFHQWHGRIDURO Ɣ )XVtYHLVҧϜ3iJLQD
GHQHEOLQDQRSDUDFKRTXHGLDQWHLUR  
6XEVWLWXLUDVOkPSDGDVLQFDQGHVFHQWHVGR $'9(57Ç1&,$
IDUROGHQHEOLQDQRSDUDFKRTXHGLDQWHLUR 3RGHUmRRFRUUHUDFLGHQWHVVHDUXDQmRHVWL
YHUVmR5/LQH   YHUVXILFLHQWHPHQWHLOXPLQDGDHRYHtFXORIRU
6XEVWLWXLUDOkPSDGDLQFDQGHVFHQWHGD YLVWRVRPHQWHFRPGLILFXOGDGHRXQmRIRUYLV
ODQWHUQDWUDVHLUDQDWDPSDGRFRPSDUWLPHQWR WRSRURXWURVFRQGXWRUHV
GHEDJDJHP  
6XEVWLWXLUDVOkPSDGDVLQFDQGHVFHQWHVGD $'9(57Ç1&,$
ODQWHUQDWUDVHLUDQDFDUURFHULD  
8PDWURFDGHOkPSDGDLQFDQGHVFHQWHH[HFX
6XEVWLWXLUDOkPSDGDLQFDQGHVFHQWHGD WDGDGHIRUPDLQFRUUHWDSRGHFDXVDUDFLGHQ
ODQWHUQDGDSODFDGHOLFHQoD   WHVHIHULPHQWRVJUDYHV
$WURFDGHXPDOkPSDGDLQFDQGHVFHQWHUHTXHUDS Ɣ $QWHVGHTXDOTXHUWUDEDOKRQRFRPSDUWL
WLGmRSURILVVLRQDO3RULVVRHPFDVRGHG~YLGDVD PHQWRGRPRWRUOHUHREVHUYDUVHPSUHRV
9RONVZDJHQUHFRPHQGDTXHXPDWURFDGHOkPSD ҧϜ3iJLQD2FRPSDUWLPHQWRGR
DOHUWDVҧ
GDLQFDQGHVFHQWHVHMDIHLWDSRUXPD&RQFHVVLR PRWRUGHWRGRVRVYHtFXORVpXPDiUHDSHUL
QiULD9RONVZDJHQRXSURFXUDUDX[tOLRWpFQLFRHVSH JRVDHSRGHFDXVDUIHULPHQWRVJUDYHV
FLDOL]DGR(PSULQFtSLRpQHFHVViULRXPWpFQLFR Ɣ /kPSDGDVFRPGHVFDUJDGHJiVVmRRSH
TXDQGRDOpPGDVUHVSHFWLYDVOkPSDGDVRXWUDV UDGDVFRPDOWDWHQVmRRTXHSRGHFDXVDUIH
SHoDVGRYHtFXORWLYHUHPTXHVHUUHPRYLGDVRXVH ULPHQWRVJUDYHVRXIDWDLVHPFDVRGHPDQX
OkPSDGDVFRPGHVFDUJDGHJiVWLYHUHPTXHVHU VHLRLQFRUUHWR
VXEVWLWXtGDV Ɣ /kPSDGDVLQFDQGHVFHQWHV+HOkPSDGDV
eUHFRPHQGiYHOOHYDUXPDFDL[LQKDVHPSUHDERU FRPGHVFDUJDGHJiVHVWmRPRQWDGDVVRE
GRGRYHtFXORFRPDVOkPSDGDVGHUHSRVLomRQH SUHVVmRHSRGHPHVWRXUDUGXUDQWHDWURFD
FHVViULDVSDUDDVHJXUDQoDGRWUkQVLWR/kPSDGDV Ɣ 7URFDUDOkPSDGDLQFDQGHVFHQWHHPTXHV
LQFDQGHVFHQWHVGHUHSRVLomRSRGHPVHUREWLGDV WmRVRPHQWHVHHODHVWLYHUWRWDOPHQWHIULD
QDV&RQFHVVLRQiULDV9RONVZDJHQ(PDOJXQVSD
Ɣ 1XQFDUHDOL]DUXPDWURFDGHOkPSDGDLQ
tVHVRWUDQVSRUWHGHVVDVOkPSDGDVGHUHSRVLomR
FDQGHVFHQWHVHQmRHVWLYHUIDPLOLDUL]DGRFRP
QRYHtFXORpXPDSUHVFULomROHJDO
DVDo}HVQHFHVViULDV6HKRXYHULQVHJXUDQoD
$FRQGXomRFRPOkPSDGDVGDLOXPLQDomRH[WHUQD VREUHRTXHID]HURVWUDEDOKRVQHFHVViULRV
TXHLPDGDVSRGHVHULOHJDO GHYHUmRVHUUHDOL]DGRVSRUXPD&RQFHVVLR
QiULD9RONVZDJHQ
(VSHFLILFDo}HVDGLFLRQDLVGHOkPSDGDV
Ɣ 1mRVHJXUDUREXOERGHYLGURGDOkPSDGD
LQFDQGHVFHQWHV
LQFDQGHVFHQWHFRPRVGHGRVGHVFREHUWRV
$OJXPDVOkPSDGDVLQFDQGHVFHQWHVGRIDURORXGDV ,PSUHVV}HVGLJLWDLVUHPDQHVFHQWHVVREUHD
ODQWHUQDVWUDVHLUDVSRGHPDSUHVHQWDUGHWHUPLQD OkPSDGDLQFDQGHVFHQWHHYDSRUDPFRPRFD
GDVHVSHFLILFDo}HVGHIiEULFDTXHGLYHUJHPGDV ORUTXDQGRHODpOLJDGDHGHL[DPRUHIOHWRU
OkPSDGDVLQFDQGHVFHQWHVFRQYHQFLRQDLV$UHV ³RSDFR´
SHFWLYDGHVLJQDomRFRQVWDQRVRTXHWHGDOkPSDGD
53&&

Ɣ 1DFDUFDoDGRIDUROQRFRPSDUWLPHQWRGR
RXQREXOERGHYLGUR
PRWRUHQDFDUFDoDGDODQWHUQDWUDVHLUDH[LV
WHPSHoDVFRPDUHVWDVDILDGDV3URWHJHUDV
PmRVQDWURFDGHOkPSDGDLQFDQGHVFHQWH b

2ULHQWDo}HVSUiWLFDV 
127$ 127$ FRQWLQXDomR

6HDSyVXPDWURFDGHOkPSDGDLQFDQGHVFHQWH FRUUHWDPHQWHSRGHUmRRFRUUHUGDQRVQRVLVWH
DVFREHUWXUDVGHERUUDFKDRXDVFDSDVGHSOiV PDHOpWULFR±SULQFLSDOPHQWHSHODSHQHWUDomR
WLFRGDFDUFDoDGRIDUROQmRIRUHPPRQWDGDV GHiJXD ‹

/X]GHFRQWUROH

¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQIRUPDo}HVLQWURGXWyULDVHDVLQGLFDo}HVGHVHJXUDQ
oD QDSiJLQD

$FHVD &DXVDSRVVtYHO 6ROXomR


/kPSDGDLQFDQGHVFHQWHGDLOXPLQDomRH[
 WHUQDGRYHtFXORTXHLPDGD
6XEVWLWXLUDOkPSDGDLQFDQGHVFHQWHTXHLPDGD

$ROLJDUDLJQLomRDOJXPDVOX]HVGHDGYHUWrQFLDH
$'9(57Ç1&,$
GHFRQWUROHVHDFHQGHPUDSLGDPHQWHSDUDYHULILFD
omRGDIXQomR(ODVVHDSDJDPDSyVDOJXQVVH $LQREVHUYkQFLDGDVOX]HVGHDGYHUWrQFLD
JXQGRV DFHVDVHGDVPHQVDJHQVGHWH[WRSRGHRFD
VLRQDUSDUDGDVGRYHtFXORQRWUkQVLWRDFL
&RQWUROHGDVOkPSDGDVLQFDQGHVFHQWHVQR GHQWHVHIHULPHQWRVJUDYHV
UHERTXHDFRSODGR Ɣ 1XQFDLJQRUDUDVOX]HVGHDGYHUWrQFLD
(PYHtFXORVFRPGLVSRVLWLYRGHUHERTXHLQVWDODGR DFHVDVHDVPHQVDJHQVGHWH[WR
GHIiEULFDGHWHUPLQDGDVOkPSDGDVLQFDQGHVFHQ Ɣ 3DUDUYHtFXORDVVLPTXHIRUSRVVtYHOHVH
WHVGHXPUHERTXHFRQHFWDGRGHPDQHLUDFRUUHWD JXUR
jWRPDGDGRUHERTXHWDPEpPVmRPRQLWRUDGDV
$TXHLPDGHXPLQGLFDGRUGHGLUHomRQRUHERTXH 127$
WDPEpPpLQGLFDGDSHORLPSXOVRGXSORLQWHUPLWHQWH
$LQREVHUYkQFLDGHOX]HVGHFRQWUROHTXHVH
GRVLQGLFDGRUHVGHGLUHomR ZRXÙ QRLQVWUXPHQ
DFHQGHPHGHPHQVDJHQVGHWH[WRSRGHFDXVDU
WRFRPELQDGRҧϜ3iJLQD
GDQRVDRYHtFXOR
Ɣ 4XHLPDFRQFRPLWDQWHGHWRGRVRVLQGLFDGRUHV
GHGLUHomRGHXPODGR $TXHLPDGHXPGLRGRHPLVVRUGHOX]~QLFR
/(' GHQWURGHXPDODQWHUQDWUDVHLUDQmRp
Ɣ 4XHLPDGDODQWHUQDWUDVHLUDGHXPODGR HPDO
LQGLFDGD3RUpPVHWRGRVRV/('VVHTXHLPDUHP
JXQVPRGHORVTXHLPDWDPEpPGDODQWHUQDGDSOD
LVVRVHUiLQGLFDGRSHODOX]GHFRQWUROH ‹
FDGHOLFHQoD 
Ɣ 4XHLPDGDODQWHUQDGRIUHLR

,QIRUPDo}HVVREUHDWURFDGHOkPSDGDLQFDQGHVFHQWH

¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQIRUPDo}HVLQWURGXWyULDVHDVLQGLFDo}HVGHVHJXUDQ
oD QDSiJLQD

/LVWDGHFRQWUROH
([HFXWDUDVVHJXLQWHVDo}HVSDUDDWURFDGHXPDOkPSDGDLQFDQGHVFHQWHVHPSUHQDVHTXrQFLDLQGLFDGD
ҧϜ 
 (VWDFLRQDURYHtFXORQDPHGLGDGRSRVVtYHODXPDGLVWkQFLDVHJXUDGRIOX[RGHWUkQVLWRHPXP
SLVRSODQRHILUPH
 /LJDURIUHLRGHHVWDFLRQDPHQWRHOHWU{QLFRҧϜ3iJLQD
 *LUDURLQWHUUXSWRUGDVOX]HVSDUDDSRVLomRҧϜ3iJLQD
 &RORFDUDDODYDQFDGRVLQGLFDGRUHVGHGLUHomRQDSRVLomRQHXWUDҧϜ3iJLQD b

 $XWRDMXGD
/LVWDGHFRQWUROH FRQWLQXDomR
 7UDQVPLVVmRDXWRPiWLFDFRORFDUDDODYDQFDVHOHWRUDQDSRVLomR3ҧϜ3iJLQD
 'HVOLJDURPRWRUHUHWLUDUDFKDYHGRYHtFXORGRFLOLQGURGDLJQLomRҧϜ3iJLQD
 7UDQVPLVVmRPDQXDOHQJDWDUDPDUFKDҧϜ3iJLQD
 'HL[DUDLOXPLQDomRGHRULHQWDomRVHDSDJDUҧϜ3iJLQD
 'HL[DUDOkPSDGDLQFDQGHVFHQWHHQYROYLGDHVIULDU
 9HULILFDUVHXPIXVtYHOHVWiYLVLYHOPHQWHTXHLPDGRҧϜ3iJLQD
 7URFDUDOkPSDGDLQFDQGHVFHQWHHQYROYLGDFRQIRUPHLQVWUXomRҧϜ 8PDOkPSDGDLQFDQGHVFHQWH
SRGHVHUWURFDGDVRPHQWHSRUXPDQRYDGRPHVPRPRGHOR$UHVSHFWLYDGHVLJQDomRFRQVWDQR
VRTXHWHGDOkPSDGDRXQREXOERGHYLGUR
 1mRVHJXUDUREXOERGHYLGURGDOkPSDGDLQFDQGHVFHQWHFRPRVGHGRVGHVFREHUWRV$LPSUHVVmR
GLJLWDOUHPDQHVFHQWHHYDSRUDULDFRPRFDORUGDOkPSDGDLQFDQGHVFHQWHDFHVDHVHGHSRVLWDULDVR
EUHRUHIOHWRUSUHMXGLFDQGRDFDSDFLGDGHGHLOXPLQDomRGRIDURO
 9HULILFDURIXQFLRQDPHQWRGDOkPSDGDLQFDQGHVFHQWHDSyVXPDWURFD&DVRDOkPSDGDQmRIXQFLR
QHSRGHUiQmRWHUVLGRFRORFDGDFRUUHWDPHQWHRXWHUIDOKDGRQRYDPHQWHDVVLPFRPRDWRPDGDGH
OLJDomRSRGHQmRHVWDUFRUUHWDPHQWHHQFDL[DGD
 $SyVFDGDWURFDGHOkPSDGDLQFDQGHVFHQWHQDSDUWHGLDQWHLUDGRYHtFXORRUHJXODJHPGRIDUROGH
YHVHUUHDOL]DGRSRUXPD&RQFHVVLRQiULD9RONVZDJHQ

$'9(57Ç1&,$ $'9(57Ç1&,$ FRQWLQXDomR

$LQREVHUYkQFLDGDOLVWDGHFRQWUROHLPSRU Ɣ 6HJXLUVHPSUHDVDo}HVGDOLVWDGHFRQ
WDQWHSDUDDSUySULDVHJXUDQoDSRGHFDXVDU WUROHHREVHUYDUDVSUHFDXo}HVGHVHJXUDQoD
DFLGHQWHVHIHULPHQWRVJUDYHV JHUDOPHQWHYiOLGDV

127$
5HPRYHUHLQVWDODUDVOkPSDGDVVHPSUHFRP
FXLGDGRHYLWDQGRGDQRVQDSLQWXUDGRYHtFXOR
RXHPRXWUDVSHoDVGRYHtFXOR ‹

6XEVWLWXLUDVOkPSDGDVLQFDQGHVFHQWHVQRIDUROGLDQWHLUR

)LJ 1RFRPSDUWLPHQWRGRPRWRUFREHUWXUD )LJ 0RQWDUHGHVPRQWDUDOkPSDGDGRIDURO


SDUDOkPSDGDVFRPGHVFDUJDGHJiV  IDUROGH GHURGDJHPGLXUQDHOX]GHSRVLomR  IDUROGH
53&&

FRQYHUVmRIDUROGHURGDJHPGLXUQDOX]GHSRVL FRQYHUVmR  RXLQGLFDGRUGHGLUHomR   b


omRHLQGLFDGRUGHGLUHomR  

2ULHQWDo}HVSUiWLFDV 
¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
6XEVWLWXLURIDUROGHURGDJHPGLXUQDHDOX]
GHSRVLomR
(PDOJXPDVYHUV}HVGRPRGHORRIDUROGHURGD
JHPGLXUQDHDOX]GHSRVLomRVmRGHVHQYROYLGRV
1mRpQHFHVViULRUHPRYHURIDUROGLDQWHLURSDUDD FRPWHFQRORJLDGH/('2V/('VVmRFRPSRQHQ
WURFDGDOkPSDGDLQFDQGHVFHQWH WHVGRIDUROHQmRSRGHPVHUWURFDGRV3URFXUDU
([HFXWDUDVDo}HVVRPHQWHQDVHTXrQFLDLQGLFD XPD&RQFHVVLRQiULD9RONVZDJHQ
GD

 2EVHUYDUDOLVWDGHFRQWUROHHH[HFXWDUDVDo}HVҧϜ3iJLQD
 $EULUDWDPSDGRFRPSDUWLPHQWRGRPRWRUžҧϜ3iJLQD
 5HPRYHUDFREHUWXUDGHERUUDFKDGDSDUWHWUDVHLUDGRIDUROҧϜ)LJ  
5HWLUDURVXSRUWHGDOkPSDGDҧϜ)LJ  FRPDOkPSDGDLQFDQGHVFHQWHSDUDWUiVGDFDUFD

oDGRIDURO
 5HWLUDUDOkPSDGDHPOLQKDUHWDSDUDIRUDGRVXSRUWHGDOkPSDGD
6XEVWLWXLUDOkPSDGDLQFDQGHVFHQWHTXHLPDGDSRUXPDOkPSDGDLQFDQGHVFHQWHQRYDGRPHV

PRPRGHOR
&RORFDURVXSRUWHGDOkPSDGDFRPDOkPSDGDLQFDQGHVFHQWHQDSRVLomRRULJLQDOGHQWURGDFDU

FDoDGRIDURO  
 ,QVWDODUDFREHUWXUDGHERUUDFKDҧϜ)LJ  

6XEVWLWXLURIDUROGHFRQYHUVmR
 2EVHUYDUDOLVWDGHFRQWUROHHH[HFXWDUDVDo}HVҧϜ3iJLQD
 $EULUDWDPSDGRFRPSDUWLPHQWRGRPRWRUžҧϜ3iJLQD
 5HPRYHUDFREHUWXUDGHERUUDFKDGDSDUWHWUDVHLUDGRIDURO  
3UHVVLRQDURVXSRUWHGDOkPSDGDҧϜ)LJ  QDGLUHomRGDVHWDHUHWLUDUFRPDOkPSDGDLQ

FDQGHVFHQWHSDUDWUiVGDFDUFDoDGRIDURO
 5HWLUDUDOkPSDGDHPOLQKDUHWDSDUDIRUDGRVXSRUWHGDOkPSDGD
6XEVWLWXLUDOkPSDGDLQFDQGHVFHQWHTXHLPDGDSRUXPDOkPSDGDLQFDQGHVFHQWHQRYDGRPHV

PRPRGHOR
&RORFDURVXSRUWHGDOkPSDGDFRPDOkPSDGDLQFDQGHVFHQWHQDSRVLomRRULJLQDOGHQWURGDFDU
 FDoDGRIDURO  HSUHVVLRQDUFRQWUDDGLUHomRGDVHWD2UHVVDOWRGRHQFDL[HGDOkPSDGDGH
YHUiHVWDUQRHQWDOKHGDFDUFDoDGRIDUROҧϜ)LJ VHWD 
 ,QVWDODUDFREHUWXUDGHERUUDFKDҧϜ)LJ  

6XEVWLWXLUDOkPSDGDGRVLQGLFDGRUHVGHGLUHomR
 2EVHUYDUDOLVWDGHFRQWUROHHH[HFXWDUDVDo}HVҧϜ3iJLQD
 $EULUDWDPSDGRFRPSDUWLPHQWRGRPRWRUžҧϜ3iJLQD
 5HPRYHUDFREHUWXUDGHERUUDFKDGDSDUWHWUDVHLUDGRIDURO  
3UHVVLRQDURVXSRUWHGDOkPSDGDҧϜ)LJ  SDUDEDL[RHUHWLUDUFRPDOkPSDGDLQFDQGHV

FHQWHSDUDWUiVGDFDUFDoDGRIDURO
 5HWLUDUDOkPSDGDHPOLQKDUHWDSDUDIRUDGRVXSRUWHGDOkPSDGD
6XEVWLWXLUDOkPSDGDLQFDQGHVFHQWHTXHLPDGDSRUXPDOkPSDGDLQFDQGHVFHQWHQRYDGRPHV

PRPRGHOR
&RORFDURVXSRUWHGDOkPSDGDFRPDOkPSDGDLQFDQGHVFHQWHQDSRVLomRRULJLQDOGHQWURGDFDU

FDoDGRIDURO  HSUHVVLRQDUSDUDFLPD
 ,QVWDODUDFREHUWXUDGHERUUDFKDҧϜ)LJ  

6XEVWLWXLUDOkPSDGDFRPGHVFDUJDGHJiV $VILJXUDVPRVWUDPRIDUROGLUHLWRSRUWUiV2
3DUDDWURFDGDOkPSDGDFRPGHVFDUJDGHJiV   IDUROHVTXHUGRpPRQWDGRHPSRVLomRLQYHUWL
VROLFLWDUDX[tOLRWpFQLFRHVSHFLDOL]DGR GD b

 $XWRDMXGD
$TXHLPDGHXP~QLFRGLRGRHPLVVRUGHOX]
/(' GHQWURGHXPIDUROQmRpLQGLFDGD3R
UpPVHWRGRVRV/('VVHTXHLPDUHPLVVRVHUiLQ
GLFDGRSHODOX]GHFRQWUROH ‹

6XEVWLWXLUDOkPSDGDLQFDQGHVFHQWHGRIDUROGHQHEOLQDQRSDUDFKRTXH
GLDQWHLUR

)LJ 1RSDUDFKRTXHGLDQWHLURjHVTXHUGDID )LJ 1RIDUROGHVPRQWDGRVXEVWLWXLUDOkPSD


UROGHQHEOLQD GDLQFDQGHVFHQWH

¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQIRUPDo}HVLQWURGXWyULDVHDVLQGLFDo}HVGHVHJXUDQ
oD QDSiJLQD

([HFXWDUDVDo}HVVRPHQWHQDVHTXrQFLDLQGLFDGD
 2EVHUYDUDOLVWDGHFRQWUROHHH[HFXWDUDVDo}HVҧϜ3iJLQD
&RPDFKDYHGHIHQGDGDVIHUUDPHQWDVGHERUGRҧϜ3iJLQDGHVDSDUDIXVDURSDUDIXVRGH

IL[DomRҧϜ)LJ  
 3UHVVLRQDUDOLQJXHWD  QRVHQWLGRGDVHWDSDUDFLPDSDUDVROWDURHQFDL[H
 3X[DUDFREHUWXUDҧϜ)LJSDUDIUHQWHQRVHQWLGRGDVHWDSDUDIRUDGRSDUDFKRTXH
 &RPDFKDYHGHIHQGDGDVIHUUDPHQWDVGHERUGRGHVDSDUDIXVDURVSDUDIXVRVGHIL[DomR  
 3X[DURIDUROSDUDEDL[RHGHSRLVSDUDIUHQWHSDUDIRUDGRSDUDFKRTXH
 'HVWUDYDUDFRQH[mRGRFRQHFWRUҧϜ)LJ  HUHWLUDURFRQHFWRU
 *LUDUDOkPSDGDLQFDQGHVFHQWH  QRVHQWLGRDQWLKRUiULRDWpREDWHQWHHUHWLUiOD
6XEVWLWXLUDOkPSDGDLQFDQGHVFHQWHTXHLPDGDSRUXPDOkPSDGDLQFDQGHVFHQWHQRYDGRPHV

PRPRGHOR
&RORFDUDOkPSDGDLQFDQGHVFHQWH  QDFDUFDoDGRIDUROHJLUDUQRVHQWLGRKRUiULRSDUDDSRVL

omRLQLFLDO
 9HULILFDUVHDOkPSDGDLQFDQGHVFHQWHHVWiLQVWDODGDFRPILUPH]D
 &RORFDUDWRPDGD  QDOkPSDGDLQFDQGHVFHQWHDWpTXHHODVHWUDYHGHPDQHLUDDXGtYHO
 (QFDL[DURIDUROQRSDUDFKRTXH
 ,QVWDODURVSDUDIXVRVGHIL[DomRҧϜ)LJ  
53&&

&RORFDUDFREHUWXUDFRQWUDRVHQWLGRGDVHWDҧϜ)LJQRSDUDFKRTXH3DUDWDQWRDOLQJXHWD

 GHYHHQFDL[DU
 ,QVWDODURVSDUDIXVRVGHIL[DomR   b

2ULHQWDo}HVSUiWLFDV 
$VILJXUDVPRVWUDPRIDUROGHQHEOLQDHV
TXHUGR2IDUROGHQHEOLQDGLUHLWRpPRQWDGR
HPSRVLomRVLPpWULFD ‹

6XEVWLWXLUDVOkPSDGDVLQFDQGHVFHQWHVGRIDUROGHQHEOLQDQRSDUD
FKRTXHGLDQWHLUR YHUVmR5/LQH

)LJ 1RSDUDFKRTXHGLDQWHLURjGLUHLWDLOXPLQDomRGHQHEOLQD

¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD

)LJ 1RIDUROGHVPRQWDGRVXEVWLWXLUDOkPSD
GDLQFDQGHVFHQWH

([HFXWDUDVDo}HVVRPHQWHQDVHTXrQFLDLQGLFDGD
 2EVHUYDUDOLVWDGHFRQWUROHHH[HFXWDUDVDo}HVҧϜ3iJLQD
5HWLUDUDFKDYHGHIHQGDHRJDQFKRH[WUDWRUGDVIHUUDPHQWDVGHERUGRQRFRPSDUWLPHQWRGH

EDJDJHPҧϜ3iJLQD
&RORFDURJDQFKRH[WUDWRUQRHQWDOKHҧϜ)LJ  GDFREHUWXUDHSX[DUDFREHUWXUDSDUDIUHQ

WHQDGLUHomRGDVHWDHUHWLUiOD
 'HVSDUDIXVDURVSDUDIXVRVGHIL[DomR  FRPDFKDYHGHIHQGD
 5HWLUDURIDUROXPSRXFRSDUDIUHQWH
 'HVWUDYDUHUHWLUDURFRQHFWRUҧϜ)LJ  
*LUDURVXSRUWHGDOkPSDGD  DWpREDWHQWHQRVHQWLGRDQWLKRUiULRHUHWLUDUFRPDOkPSDGD

LQFDQGHVFHQWHSDUDWUiV
6XEVWLWXLUDOkPSDGDLQFDQGHVFHQWHTXHLPDGDSRUXPDOkPSDGDLQFDQGHVFHQWHQRYDGRPHV

PRPRGHOR b

 $XWRDMXGD
([HFXWDUDVDo}HVVRPHQWHQDVHTXrQFLDLQGLFDGD
 (QFDL[DURVXSRUWHGDOkPSDGDQRIDUROHJLUDUQRVHQWLGRKRUiULRDWpREDWHQWH
 9HULILFDUVHDOkPSDGDLQFDQGHVFHQWHHVWiLQVWDODGDFRPILUPH]D
 (QFDL[DURFRQHFWRU  QDOkPSDGDLQFDQGHVFHQWHDWpRXYLUTXHHODIRLWUDYDGD
 (QFDL[DURIDUROQRSDUDFKRTXH
 ,QVWDODURVSDUDIXVRVGHIL[DomRҧϜ)LJ  
&RORFDUDFREHUWXUDFRQWUDRVHQWLGRGDVHWDҧϜ)LJQRSDUDFKRTXH$FREHUWXUDGHYHVH

WUDYDUGHILUPHPHQWH
 9HULILFDUVHDFREHUWXUDHVWiEHPLQVWDODGD

$VLOXVWUDo}HVPRVWUDPRLOXPLQDomRGHQH
EOLQDGLUHLWR2LOXPLQDomRGHQHEOLQDHVTXHU
GRpPRQWDGRHPSRVLomRLQYHUWLGD ‹

6XEVWLWXLUDOkPSDGDLQFDQGHVFHQWHGDODQWHUQDWUDVHLUDQDWDPSDGR
FRPSDUWLPHQWRGHEDJDJHP

)LJ 1DWDPSDGRFRPSDUWLPHQWRGHEDJD )LJ 1DWDPSDGRFRPSDUWLPHQWRGHEDJD


JHPUHWLUDUDFREHUWXUD JHPGHVLQVWDODURVXSRUWHGDOkPSDGD

¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQIRUPDo}HVLQWURGXWyULDVHDVLQGLFDo}HVGHVHJXUDQ
oD QDSiJLQD

([HFXWDUDVDo}HVVRPHQWHQDVHTXrQFLDLQGLFDGD
 2EVHUYDUDOLVWDGHFRQWUROHHH[HFXWDUDVDo}HVҧϜ3iJLQD
 $EULUDWDPSDGRFRPSDUWLPHQWRGHEDJDJHPҧϜ3iJLQD
&RPDOkPLQDGDFKDYHGHIHQGDGDVIHUUDPHQWDVGHERUGRҧϜ)LJOHYDQWDUFXLGDGRVD

PHQWHDFREHUWXUDҧϜ)LJ
*LUDURVXSRUWHGDOkPSDGDҧϜ)LJHPDSUR[LPDGDPHQWHƒQRVHQWLGRDQWLKRUiULRHUHWL

UDUFRPDOkPSDGDLQFDQGHVFHQWH
6XEVWLWXLUDOkPSDGDLQFDQGHVFHQWHTXHLPDGDSRUXPDOkPSDGDLQFDQGHVFHQWHQRYDGRPHV

PRPRGHOR
&RORFDURVXSRUWHGDOkPSDGDQDODQWHUQDWUDVHLUDHJLUDUDSUR[LPDGDPHQWHƒQRVHQWLGRKR
53&&


UiULR2VXSRUWHGDOkPSDGDGHYHVHHQFDL[DU
 &RORFDUDFREHUWXUD$FREHUWXUDGHYHHQFDL[DUHHVWDUILUPH b

2ULHQWDo}HVSUiWLFDV 
/DQWHUQDVWUDVHLUDVFRPWHFQRORJLDGH/('V (PUD]mRGDVGLYHUVDVYHUV}HVGHODQWHUQD
QDWDPSDGRFRPSDUWLPHQWRGHEDJDJHP WUDVHLUDDSRVLomRGDVOkPSDGDVLQFDQGHV
2VFOLHQWHVQmRFRQVHJXHPWURFDURV/('V3UR FHQWHVSRGHVHUGLIHUHQWHGDUHSUHVHQWDomRQDV
FXUDUXPD&RQFHVVLRQiULD9RONVZDJHQ LOXVWUDo}HV ‹

6XEVWLWXLUDVOkPSDGDVLQFDQGHVFHQWHVGDODQWHUQDWUDVHLUDQDFDUURFHULD

)LJ 1DFDUURFHULDGHVLQVWDODUDODQWHUQDWUD )LJ GHVLQVWDODURVXSRUWHGDVOkPSDGDV


VHLUD

¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
([HFXWDUDVDo}HVVRPHQWHQDVHTXrQFLDLQGLFD
GD

'HVLQVWDODUDODQWHUQDWUDVHLUD
 2EVHUYDUDOLVWDGHFRQWUROHHH[HFXWDUDVDo}HVҧϜ3iJLQD
 $EULUDWDPSDGRFRPSDUWLPHQWRGHEDJDJHPҧϜ3iJLQD
 5HWLUDUDFDSDҧϜ)LJ  
 5HPRYHURSDUDIXVRGHIL[DomR  FRPDPmR
 5HPRYHUDVODQWHUQDVWUDVHLUDVFXLGDGRVDPHQWHGDFDUURFHULDSDUDWUiV
 3X[DURWUDYDPHQWRGRFRQHFWRUQRVHQWLGRGDVHWDҧϜ)LJ  
 3UHVVLRQDURWUDYDPHQWR  HUHWLUDURFRQHFWRU
 &RORFDUDODQWHUQDWUDVHLUDVREUHXPDVXSHUItFLHOLPSDHOLVD

7URFDUDOkPSDGDLQFDQGHVFHQWH
3DUDUHWLUDURVXSRUWHGDOkPSDGDUHPRYHURVSDUDIXVRVGHIL[DomR  FRPDFKDYHGHIHQGD

GDIHUUDPHQWDGHERUGRҧϜ)LJ
 5HPRYHURVXSRUWHGDOkPSDGDGDODQWHUQDWUDVHLUD
6XEVWLWXLUDOkPSDGDLQFDQGHVFHQWHTXHLPDGDSRUXPDOkPSDGDLQFDQGHVFHQWHQRYDGRPHV

PRPRGHOR
 0RQWDURVXSRUWHGDOkPSDGDQDODQWHUQDWUDVHLUD
 $SHUWDURVSDUDIXVRVGHIL[DomRҧϜ)LJ  FRPDFKDYHGHIHQGD

,QVWDODUDODQWHUQDWUDVHLUD
 (QFDL[DURFRQHFWRUQRVXSRUWHGDOkPSDGD
 3UHVVLRQDURWUDYDPHQWRGRFRQHFWRU  FRQWUDRVHQWLGRGDVHWD
 (QFDL[DUDODQWHUQDWUDVHLUDFXLGDGRVDPHQWHQDDEHUWXUDGDFDUURFHULD b

 $XWRDMXGD
6HJXUDUDODQWHUQDWUDVHLUDQDDSUR[LPDGDPHQWHFRPXPDGDVPmRVHURVTXHDURSDUDIXVRGH

IL[DomRFRPDRXWUDҧϜ)LJ  
 &RQWURODUDPRQWDJHPFRUUHWDHRDVVHQWDPHQWRILUPHGDODQWHUQDWUDVHLUD
 ,QVWDODUDFDSD  
 )HFKDUWDPSDGRFRPSDUWLPHQWRGHEDJDJHPҧϜ3iJLQD

/DQWHUQDVWUDVHLUDVFRPWHFQRORJLDGH/('V (PUD]mRGDVGLYHUVDVYHUV}HVGHODQWHUQD
QDFDUURFHULD WUDVHLUDDSRVLomRGDVOkPSDGDVLQFDQGHV
2VFOLHQWHVQmRFRQVHJXHPWURFDURV/('V3UR FHQWHVSRGHVHUGLIHUHQWHGDUHSUHVHQWDomRQDV
FXUDUXPD&RQFHVVLRQiULD9RONVZDJHQ2VLQGLFD LOXVWUDo}HV ‹
GRUHVGHGLUHomRVmRHTXLSDGRVFRPOkPSDGDVLQ
FDQGHVFHQWHV³FRPXQV´(VWDVOkPSDGDVLQFDQ
GHVFHQWHVSRGHPVHUWURFDGDV

6XEVWLWXLUDOkPSDGDLQFDQGHVFHQWHGDODQWHUQDGDSODFDGHOLFHQoD

)LJ 1RSDUDFKRTXHWUDVHLURODQWHUQDGDSOD )LJ /DQWHUQDGDSODFDOLFHQoDGHVLQVWDODUR


FDGHOLFHQoD VXSRUWHGDOkPSDGD

¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQIRUPDo}HVLQWURGXWyULDVHDVLQGLFDo}HVGHVHJXUDQ
oD QDSiJLQD

([HFXWDUDVDo}HVVRPHQWHQDVHTXrQFLDLQGLFDGD
 2EVHUYDUDOLVWDGHFRQWUROHHH[HFXWDUDVDo}HVҧϜ3iJLQD
&RPDFKDYHGHIHQGDGDVIHUUDPHQWDVGHERUGRҧϜ3iJLQDUHPRYHURVSDUDIXVRV

GDODQWHUQDGDSODFDGHOLFHQoDҧϜ)LJ VHWDV 
 3X[DUDODQWHUQDGDSODFDGHOLFHQoDXPSRXFRSDUDIRUD
3UHVVLRQDUDWUDYDGDWRPDGDGHOLJDomRQRVHQWLGRGDVHWDҧϜ)LJ  HGHVHQFDL

[DUDWRPDGDGHOLJDomR
*LUDURVXSRUWHGDOkPSDGDQRVHQWLGRGDVHWD  HUHWLUDUFRPDOkPSDGDLQFDQGHV

FHQWH
6XEVWLWXLUDOkPSDGDLQFDQGHVFHQWHTXHLPDGDSRUXPDOkPSDGDLQFDQGHVFHQWHQRYD

GRPHVPRPRGHOR
(QFDL[DURVXSRUWHGDOkPSDGDQDODQWHUQDGDSODFDGHOLFHQoDHSUHVVLRQDUQRVHQWLGR
53&&


FRQWUiULRDRGDVHWD  DWpREDWHQWH
 (QFDL[DURFRQHFWRUQRVXSRUWHGDOkPSDGD b

2ULHQWDo}HVSUiWLFDV 
([HFXWDUDVDo}HVVRPHQWHQDVHTXrQFLDLQGLFDGD
,QVWDODUDODQWHUQDGDSODFDGHOLFHQoDQDDEHUWXUDGRSDUDFKRTXHFRPFXLGDGR$WHQ

WDUSDUDDFRUUHWDGLUHomRGHPRQWDJHPGDODQWHUQDGDSODFDGHOLFHQoD
$SHUWDURVSDUDIXVRVGHIL[DomRҧϜ)LJ VHWDVSHTXHQDV GDODQWHUQDGDSODFDGH

OLFHQoDFRPDFKDYHGHIHQGD

3DUDDLOXPLQDomRGDSODFDGHOLFHQoDFRP
WHFQRORJLDGH/('QmRpSRVVtYHOTXHRVFOL
HQWHVWURTXHPRV/('V3URFXUDUXPD&RQFHVVLR
QiULD9RONVZDJHQ ‹

 $XWRDMXGD
$X[tOLRjSDUWLGD

¤ ,QWURGXomRDRWHPD
1HVWHFDStWXORHQFRQWUDPVHLQIRUPDo}HVUHODWLYDV $'9(57Ç1&,$ FRQWLQXDomR
DRVVHJXLQWHVWHPDV
Ɣ 1XQFDFDUUHJDUXPDEDWHULDGRYHtFXOR
3RQWRGHDX[tOLRjSDUWLGD SRORSRVLWLYR   FRQJHODGDRXTXHWHQKDVLGRGHVFRQJHODGD
([HFXWDURDX[tOLRjSDUWLGD   8PDEDWHULDGRYHtFXORGHVFDUUHJDGDSRGH
FRQJHODUHPWHPSHUDWXUDVHPWRUQRGHž&
6HRPRWRUQmRSHJDUSRUTXHDEDWHULDHVWiGHV ž) 
FDUUHJDGDpSRVVtYHOXWLOL]DUDEDWHULDGHRXWUR Ɣ 8PDEDWHULDGRYHtFXORFRQJHODGDRXGHV
YHtFXORSDUDDSDUWLGD$QWHVGRDX[tOLRjSDUWLGD FRQJHODGDGHYHVHUVXEVWLWXtGD
YHULILFDURYLVRUGDEDWHULDGRYHtFXORVHQHFHVVi
Ɣ 'XUDQWHRDX[tOLRjSDUWLGDXPDPLVWXUD
ULRҧϜ3iJLQD
GHJiVGHWRQDQWHDOWDPHQWHH[SORVLYDpIRU
3DUDRDX[tOLRjSDUWLGDpQHFHVViULRXPFDERDX PDGDQDEDWHULDGRYHtFXOR0DQWHUIRJRIDtV
[LOLDUGHSDUWLGDDGHTXDGRFRQIRUPHD',1 FDVFKDPDVH[SRVWDVHFLJDUURVHPEUDVD
YHULQGLFDo}HVGRIDEULFDQWHGRFDER $VHomR VHPSUHGLVWDQWHVGDEDWHULDGRYHtFXOR1XQ
WUDQVYHUVDOGRFDERGHYHWHUQRPtQLPRPP FDXWLOL]DUXPWHOHIRQHPyYHOHQTXDQWRRVFD
HPYHtFXORVFRPPRWRUDJDVROLQDHQRPtQLPR ERVDX[LOLDUHVGHSDUWLGDVmRFRQHFWDGRVH
PPHPYHtFXORVFRPPRWRUDGLHVHO GHVFRQHFWDGRV
(PYHtFXORVVHPEDWHULDGRYHtFXORQRFRPSDUWL Ɣ &DUUHJDUDEDWHULDGRYHtFXORVRPHQWHHP
PHQWRGRPRWRURVFDERVDX[LOLDUHVGHSDUWLGDGH ORFDLVEHPYHQWLODGRVSRLVQRDX[tOLRjSDUWL
YHPVHUFRQHFWDGRVVRPHQWHQRVSRQWRVGHDX[t GDpIRUPDGDXPDPLVWXUDGHJiVGHWRQDQWH
OLRjSDUWLGDQRFRPSDUWLPHQWRGRPRWRU DOWDPHQWHH[SORVLYD
Ɣ 2VFDERVDX[LOLDUHVGHSDUWLGDQXQFDGH
,QIRUPDo}HVHDOHUWDVFRPSOHPHQWDUHV
YHPHQWUDUHPFRQWDWRFRPSHoDVJLUDWyULDV
Ɣ 6LVWHPDVGHDVVLVWrQFLDGHDUUDQTXH QRFRPSDUWLPHQWRGRPRWRU
ҧϜ3iJLQD
Ɣ 1XQFDFRQIXQGLURSRORSRVLWLYRFRPR
Ɣ 3UHSDUDo}HVSDUDWUDEDOKRVQRFRPSDUWLPHQWR SRORQHJDWLYRRXFRQHFWDURVFDERVDX[LOLD
GRPRWRUҧϜ3iJLQD UHVGHSDUWLGDLQFRUUHWDPHQWH
Ɣ %DWHULDGRYHtFXORҧϜ3iJLQD Ɣ 2EVHUYDUR0DQXDOGHLQVWUXo}HVGRIDEUL
FDQWHGRFDERDX[LOLDUGHSDUWLGD
$'9(57Ç1&,$
$XWLOL]DomRLQDGHTXDGDGRVFDERVDX[LOLDUHV 127$
GHSDUWLGDHXPDX[tOLRjSDUWLGDUHDOL]DGRGH 3DUDHYLWDUGDQRVFRQVLGHUiYHLVDRVLVWHPD
IRUPDLQFRUUHWDSRGHPFDXVDUXPDH[SORVmR HOpWULFRQRYHtFXORREVHUYDURVHJXLQWH
GDEDWHULDGRYHtFXORHIHULPHQWRVJUDYHV3D
UDUHGX]LURULVFRGHH[SORVmRGDEDWHULDGR Ɣ &DERVDX[LOLDUHVGHSDUWLGDFRQHFWDGRVLQ
YHtFXORREVHUYDURVHJXLQWH FRUUHWDPHQWHSRGHPSURYRFDUXPFXUWRFLUFXL
WR
Ɣ 7RGRVRVWUDEDOKRVQDEDWHULDGRYHtFXORH
QRVLVWHPDHOpWULFRSRGHPFDXVDUTXHLPDGX Ɣ 1mRGHYHKDYHUFRQWDWRHQWUHRVYHtFXORV
UDVJUDYHVLQFrQGLRVHFKRTXHVHOpWULFRV GRFRQWUiULRSRGHUiKDYHUIOX[RGHFRUUHQWHDR
$QWHVGHTXDOTXHUWUDEDOKRQDEDWHULDGRYHt FRQHFWDURVSRORVSRVLWLYRV ‹
FXOROHUHREVHUYDUVHPSUHRVVHJXLQWHVDOHU
WDVHSUHFDXo}HVGHVHJXUDQoDҧ ҧϜ3iJLQD
%DWHULDGRYHtFXOR
Ɣ $EDWHULDGRYHtFXORIRUQHFHGRUDGHFRU
UHQWHGHYHWHUDPHVPDWHQVmR 9 HDSUR
[LPDGDPHQWHDPHVPDFDSDFLGDGH YHUJUD
YDomRQDEDWHULDGRYHtFXOR TXHDEDWHULDGR
53&&

YHtFXORGHVFDUUHJDGD

2ULHQWDo}HVSUiWLFDV 
3RQWRGHDX[tOLRjSDUWLGD SRORSRVLWLYR

¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD

$OJXQVYHtFXORVSRVVXHPXPSRQWRGHDX[tOLRj
SDUWLGDQRFRPSDUWLPHQWRGRPRWRUVREXPDFR
EHUWXUDFRORULGD ‹

)LJ 1RFRPSDUWLPHQWRGRPRWRUSRQWRGH
DX[tOLRjSDUWLGD  

([HFXWDURDX[tOLRjSDUWLGD

)LJ (VTXHPDSDUDDFRQH[mRGRVFDERVDX )LJ (VTXHPDSDUDDFRQH[mRGRVFDERVDX


[LOLDUHVGHSDUWLGDHPYHtFXORVDX[LOLDUHVGHSDUWL [LOLDUHVGHSDUWLGDHPYHtFXORVDX[LOLDUHVGHSDUWL
GDVHPVLVWHPD6WDUW6WRSRXIXQomRGHUHWRUQR GDFRPVLVWHPD6WDUW6WRSRXFRPDIXQomRGHUH
GHHQHUJLDEDWHULDGRYHtFXORGHVFDUUHJDGD  H WRUQRGHHQHUJLDEDWHULDGRYHtFXORGHVFDUUHJDGD
EDWHULDGRYHtFXORIRUQHFHGRUDGHFRUUHQWH    HEDWHULDGRYHtFXORIRUQHFHGRUDGHFRUUHQ
WH  

¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
&DVRRPRWRUQmRFRPHFHDIXQFLRQDULQWHUURPSHU
RSURFHVVRGHSDUWLGDDSyVVHJXQGRVHUHSHWLU
DSyVFHUFDGHXPPLQXWR

$EDWHULDGRYHtFXORGHVFDUUHJDGDGHYHHVWDUFR &RQHFWDURFDERDX[LOLDUGHSDUWLGD
QHFWDGDGHPDQHLUDFRUUHWDjUHGHHOpWULFDGRYHt Ɣ &RQHFWDURFDERDX[LOLDUGHSDUWLGDVRPHQWHQD
FXOR VHTXrQFLD$±%±&±'ҧϜ)LJRXҧϜ)LJ
2VYHtFXORVQmRGHYHPHQFRVWDUXPQRRXWUR&D Ɣ 'HVOLJDUDLJQLomRQRVGRLVYHtFXORV
VRFRQWUiULRXPDFRUUHQWHSRGHFLUFXODUDRVHFR ҧϜ3iJLQD b
QHFWDURSRORSRVLWLYR
$WHQWDUSDUDRFRQWDWRPHWiOLFRVDWLVIDWyULRGDV
JDUUDVFRQHFWDGDVDRVSRORV

 $XWRDMXGD
Ɣ 6HQHFHVViULRDEULUDFREHUWXUDGDEDWHULDQR Ɣ 5HPRYHURFDERDX[LOLDUGHSDUWLGDHPPRWRUHV
FRPSDUWLPHQWRGRPRWRUҧϜ3iJLQDRXGREUDUD HPIXQFLRQDPHQWRH[DWDPHQWHQDVHTXrQFLDLQ
FDSDGRSRQWRDX[LOLDUGHSDUWLGD SDUDRODGRQR YHUVDFRQIRUPHGHVFULWRQRSDUiJUDIR³&RQHFWDUR
VHQWLGRGDVHWDҧϜ)LJ FDERDX[LOLDUGHSDUWLGD´ҧϜ)LJ
Ɣ &RQHFWDUXPDH[WUHPLGDGHGRFDERDX[LOLDUGH RXҧϜ)LJ'±&±%±$
SDUWLGDYHUPHOKRDRSRORSRVLWLYRҧϜ)LJ  RX Ɣ )HFKDUDFREHUWXUDGDEDWHULDRXGREUDUGHYRO
ҧϜ)LJ  GRYHtFXORFRPDEDWHULDGRYHtFXOR WDDFDSD GRSRQWRGHDX[tOLRjSDUWLGD
GHVFDUUHJDGD  ҧϜ 
Ɣ &RQHFWDUDRXWUDH[WUHPLGDGHGRFDERDX[LOLDU $'9(57Ç1&,$
GHSDUWLGDYHUPHOKRDRSRORSRVLWLYR  GDEDWHULD 8PDX[tOLRjSDUWLGDH[HFXWDGRGHIRUPDLQ
GRYHtFXORIRUQHFHGRUDGHFRUUHQWH   FRUUHWDSRGHSURYRFDUXPDH[SORVmRGDEDWH
Ɣ (PYHtFXORVFRPVLVWHPD6WDUW6WRSRXFRP ULDGRYHtFXORHIHULPHQWRVJUDYHV3DUDUHGX
IXQomRGHUHWRUQRGHHQHUJLD FRQHFWDUXPD ]LURULVFRGHH[SORVmRGDEDWHULDGRYHtFXOR
H[WUHPLGDGHGRFDERDX[LOLDUGHSDUWLGDSUHWR  D REVHUYDURVHJXLQWH
XPSRQWRGHPDVVDDGHTXDGRXPDSHoDPDFLoD Ɣ 7RGRVRVWUDEDOKRVQDEDWHULDGRYHtFXORH
GHPHWDOSDUDIXVDGDILUPHPHQWHQREORFRGRPR QRVLVWHPDHOpWULFRSRGHPFDXVDUTXHLPDGX
WRURXQRSUySULREORFRGRPRWRUҧϜ)LJ UDVJUDYHVLQFrQGLRVHFKRTXHVHOpWULFRV
Ɣ (PYHtFXORVVHPVLVWHPD6WDUW6WRSRXIXQ $QWHVGHTXDOTXHUWUDEDOKRQDEDWHULDGRYHt
omRGHUHWRUQRGHHQHUJLDFRQHFWDUXPDSRQWD FXOROHUHREVHUYDUVHPSUHRVVHJXLQWHVDOHU
GRFDERDX[LOLDUGHSDUWLGDSUHWRDRSRORQHJDWL WDVHSUHFDXo}HVGHVHJXUDQoDҧ ҧϜ3iJLQD
YR  GDEDWHULDIRUQHFHGRUDGHFRUUHQWH  %DWHULDGRYHtFXOR
ҧϜ)LJ Ɣ 8VDUVHPSUHXPDSURWHomRDGHTXDGDSDUD
Ɣ &RQHFWDUDRXWUDH[WUHPLGDGHGRFDERDX[LOLDU RVROKRVHQXQFDVHGHEUXoDUVREUHDVEDWH
GHSDUWLGDSUHWR  QRYHtFXORFRPDEDWHULDGR ULDVGRYHtFXOR
YHtFXORGHVFDUUHJDGDHPXPDSHoDPDFLoDGH Ɣ &RQHFWDURVFDERVQDVHTXrQFLDFRUUHWD±
PHWDODSDUDIXVDGDILUPHPHQWHDREORFRGRPRWRU SULPHLUDPHQWHRFDERSRVLWLYRGHSRLVRFDER
RXQRSUySULREORFRGRPRWRUSRUpPQmRQDVSUR QHJDWLYR
[LPLGDGHVGDEDWHULD  ҧϜ 
Ɣ 1XQFDIL[DURFDERQHJDWLYRHPSHoDVGR
Ɣ 'LVSRURVFRQGXWRUHVGRFDERDX[LOLDUGHSDUWL VLVWHPDGHFRPEXVWtYHORXQDVWXEXODo}HV
GDGHPRGRTXHQmRHQWUHPHPFRQWDWRFRPSH GRIUHLR
oDVJLUDWyULDVGRFRPSDUWLPHQWRGRPRWRU
Ɣ $VSDUWHVQmRLVRODGDVGDVJDUUDVGRVSR
/LJDURPRWRU ORVQmRGHYHPVHWRFDU$OpPGLVVRRFDER
IL[DGRQRSRORSRVLWLYRGDEDWHULDGRYHtFXOR
Ɣ /LJDURPRWRUGRYHtFXORIRUQHFHGRUGHFRUUHQWH
QmRGHYHHQWUDUHPFRQWDWRFRPSHoDVGR
HGHL[DUIXQFLRQDQGRHPPDUFKDOHQWD
YHtFXORFRQGXWRUDVGHFRUUHQWH
Ɣ /LJDURPRWRUGRYHtFXORFRPDEDWHULDGRYHt
Ɣ 9HULILFDURYLVRUGDEDWHULDGRYHtFXORHVH
FXORGHVFDUUHJDGDHHVSHUDUDPLQXWRVDWpTXH
QHFHVViULRXWLOL]DUXPDODQWHUQD&DVRHVWHMD
RPRWRU³IXQFLRQHUHGRQGR´
DPDUHORFODURRXLQFRORUQmRH[HFXWDURDX
5HPRYHURFDERDX[LOLDUGHSDUWLGD [tOLRjSDUWLGDHSURFXUDUDX[tOLRWpFQLFRHVSH
Ɣ 'HVFRQHFWDURFDERDX[LOLDUGHSDUWLGDVRPHQ FLDOL]DGR
WHQDVHTXrQFLD'&%$ҧϜ)LJ Ɣ (YLWDUGHVFDUJDVHOHWURVWiWLFDVQDVLPH
RXҧϜ)LJ GLDo}HVGDEDWHULDGRYHtFXOR2JiVGHWRQDQ
Ɣ $QWHVGHGHVFRQHFWDURFDERDX[LOLDUGHSDUWL WHTXHHVFDSDGDEDWHULDGRYHtFXORSRGHVH
GDGHVOLJDURIDUROEDL[RVHHVWLYHUOLJDGR LQIODPDUSHODIRUPDomRGHIDtVFDV
Ɣ /LJDURYHQWLODGRUGRDTXHFLPHQWRHRGHVHP Ɣ 1XQFDH[HFXWDURDX[tOLRjSDUWLGDVHDED
EDoDGRUGRYLGURWUDVHLURGRYHtFXORFRPDEDWHULD WHULDGRYHtFXORHVWLYHUGDQLILFDGDFRQJHODGD
GRYHtFXORGHVFDUUHJDGDSDUDUHGX]LUSLFRVGHWHQ RXGHVFRQJHODGD ‹
VmRQRPRPHQWRGDGHVFRQH[mRGRVFDERV
53&&

 (PYHtFXORVVHPXPDEDWHULDGRYHtFXORQRFRPSDUWLPHQWRGRPRWRUҧϜ3iJLQD
 &yGLJRGRPRWRU%:6&&=%&'$$RX&.0$

2ULHQWDo}HVSUiWLFDV 
3X[DUHUHERFDU

¤ ,QWURGXomRDRWHPD
1HVWHFDStWXORHQFRQWUDPVHLQIRUPDo}HVUHODWLYDV $'9(57Ç1&,$ FRQWLQXDomR
DRVVHJXLQWHVWHPDV
PHQWH1HVVHFDVRQmRpPDLVSRVVtYHOPD
2ULHQWDo}HVSDUDUHERFDU   QREUDURYHtFXOR,VWRSRGHFDXVDUDFLGHQWHV
0RQWDUDDUJRODGHUHERTXHGLDQWHLUD   IHULPHQWRVJUDYHVHDSHUGDGHFRQWUROHGR
0RQWDUDDUJRODGHUHERTXHWUDVHLUD   YHtFXOR
2ULHQWDo}HVSDUDFRQGXomRDRUHERFDU   Ɣ 6HRYHtFXORWLYHUSHUGLGRDFDUJDHOpWULFD
GXUDQWHRSURFHGLPHQWRGHUHERTXHLQWHU
$RUHERFDUREVHUYDUDVSUHVFULo}HVOHJDLV URPSHURSURFHGLPHQWRGHUHERTXHLPHGLDWD
2YHtFXORQmRGHYHVHUSX[DGRSRUUD]}HVWpF PHQWHHSURFXUDUDMXGDWpFQLFDHVSHFLDOL]DGD
QLFDV(PYH]GLVVRXWLOL]DURDX[tOLRjSDUWLGD
ҧϜ3iJLQD $'9(57Ç1&,$
2YHtFXORFRPEDWHULDGRYHtFXORGHVFDUUHJDGD $RUHERFDUXPYHtFXORRFRPSRUWDPHQWRGH
QmRGHYHVHUUHERFDGRSRUUD]}HVWpFQLFDV(P GLUHomRHRHIHLWRGHIUHQDJHPVHDOWHUDP
YH]GLVVRXWLOL]DURDX[tOLRjSDUWLGD EDVWDQWH3DUDUHGX]LURULVFRGHDFLGHQWHV
ҧϜ3iJLQD RXGHIHULPHQWRVJUDYHVREVHUYDURVHJXLQ
WH
9HtFXORVFRP.H\OHVV$FFHVVVRPHQWHSRGHPVHU
UHERFDGRVFRPDLJQLomROLJDGD Ɣ &RPRFRQGXWRUGRYHtFXORUHERFDGR
± 3DUDIUHDUpQHFHVViULRPDLVIRUoDQR
$RUHERFDUFRPPRWRUGHVOLJDGRHLJQLomROLJDGDD SHGDOSRLVRVHUYRIUHLRQmRHVWiDWXDQGR
EDWHULDGRYHtFXORVHGHVFDUUHJD&RQIRUPHDFDU (VWDUVHPSUHDWHQWRSDUDQmRDEDOURDUR
JDGDEDWHULDGRYHtFXORDTXHGDGHWHQVmRDSyV YHtFXORGHWUDomR
SRXFRVPLQXWRVMiSRGHUiVHUWmRJUDQGHTXHQmR
± eQHFHVViULRPDLVIRUoDSDUDJXLDUR
IXQFLRQHPPDLVFRQVXPLGRUHVHOpWULFRVQRYHtFXOR
YHtFXORSRLVDGLUHomRDVVLVWLGDQmRIXQ
SRUH[HPSORDVOX]HVGHDGYHUWrQFLD(PYHtFXORV
FLRQDFRPRPRWRUSDUDGR
FRP.H\OHVV$FFHVVYRODQWHSRGHVHWUDYDUҧϜ 
Ɣ &RPRFRQGXWRUGRYHtFXORGHWUDomR
,QIRUPDo}HVHDOHUWDVFRPSOHPHQWDUHV ± $FHOHUDUGHIRUPDHVSHFLDOPHQWHFDXWH
Ɣ 9LVWDVH[WHUQDVҧϜ3iJLQD ORVDHFXLGDGRVD
Ɣ 7URFDUDPDUFKDҧϜ3iJLQD ± (YLWDUPDQREUDVGHGLUHomRHGHIUHQD
Ɣ 8QLGDGHGHFRQWUROHGRPRWRUHVLVWHPDGHSX JHPV~ELWDV
ULILFDomRGRJiVGHHVFDSHҧϜ3iJLQD ± )UHDUDQWHVGRXVXDOHFRPSUHVVmR
PDLVVXDYHQRSHGDO
Ɣ $X[tOLRjSDUWLGDҧϜ3iJLQD

$'9(57Ç1&,$ 127$
1XQFDUHERFDUXPYHtFXORVHPFRUUHQWH Ɣ 'HVLQVWDODUHLQVWDODUFXLGDGRVDPHQWHDFR
EHUWXUDHDDUJRODGHUHERTXHSDUDQmRGDQLIL
Ɣ 1XQFDUHWLUDUDFKDYHGRYHtFXORGRFLOLQ FDURYHtFXORSRUH[HPSORDSLQWXUDGRYHtFX
GURGDLJQLomR2WUDYDPHQWRHOHWU{QLFRGD OR
FROXQDGDGLUHomRSRGHVHUDFLRQDGRVXELWD
Ɣ &RPEXVWtYHOQmRTXHLPDGRSRGHDOFDQoDUR
FDWDOLVDGRUHRGDQLILFiORGXUDQWHRUHERTXH ‹

2ULHQWDo}HVSDUDUHERFDU

¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
&DERGHUHERTXHHEDUUDGHUHERTXH
$PHOKRUIRUPDHPDLVVHJXUDGHUHERFDUpFRP
XPDEDUUDGHUHERTXH6RPHQWHVHQmRKRXYHU
XPDEDUUDGHUHERTXHGLVSRQtYHOXPFDERGHUH
ERTXHGHYHVHUXWLOL]DGR b

 $XWRDMXGD
2FDERGHUHERTXHGHYHVHUHOiVWLFRSDUDTXH ERFDGRFRPRHL[RGLDQWHLURRXWUDVHLURHUJXLGRR
DPERVRVYHtFXORVVHMDPSRXSDGRV8WLOL]DUXP PRWRUGHYHUiHVWDUGHVOLJDGRSRLVGRFRQWUiULRR
FDERGHILEUDVLQWpWLFDRXXPFDERGHPDWHULDO FRQMXQWRPRWUL]SRGHUiVHUGDQLILFDGR
HOiVWLFRVLPLODU
4XDQGRRSUySULRYHtFXORQmRSRGHVHU
)L[DURFDERGHUHERTXHRXDEDUUDGHUHERTXH UHERFDGR"
VRPHQWHQDVDUJRODVSUHYLVWDVSDUDLVWRRXQRGLV
Ɣ 6HGHYLGRDXPGDQRDWUDQVPLVVmRGRYHtFX
SRVLWLYRGHUHERTXH
ORQmRFRQWLYHUPDLVOXEULILFDQWH
9HtFXORVFRPGLVSRVLWLYRGHUHERTXHLQVWDODGR Ɣ 6HDEDWHULDGRYHtFXORHVWLYHUGHVFDUUHJDGD
GHIiEULFDGHYHPVHUUHERFDGRVVRPHQWHFRP SRUTXHDGLUHomRSHUPDQHFHEORTXHDGDHVHIRUR
XPDEDUUDGHUHERTXHTXHpHVSHFLDOPHQWHDSUR FDVRRIUHLRGHHVWDFLRQDPHQWRHOHWU{QLFRHRWUD
SULDGDSDUDDPRQWDJHPHPXPDUyWXODGHHQJDWH YDPHQWRHOHWU{QLFRGDFROXQDGHGLUHomRDFLRQD
ҧϜ3iJLQD GRVDQWHULRUPHQWHQmRSRGHPVHUOLEHUDGRV
6HRSUySULRYHtFXORFRPWUDQVPLVVmR Ɣ 6HRSHUFXUVRGHUHERTXHIRUPDLRUGRTXH
DXWRPiWLFDSUHFLVDUVHUUHERFDGR NP
7HVWDUVHRYHtFXORSRGHVHUUHERFDGR Ɣ 6HSRUH[HPSORDSyVXPDFLGHQWHDPRELOLGD
ҧϜ3iJLQD4XDQGRRSUySULRYHtFXORQmRSRGH GHGDVURGDVRXRIXQFLRQDPHQWRGRYRODQWHQmR
VHUUHERFDGR" SXGHUHPVHUDVVHJXUDGRV
Ɣ /LJDUDLJQLomR $RUHERFDUXPYHtFXORGHWHUFHLURV
Ɣ &RORFDUDDODYDQFDGHWURFDGHPDUFKDQDSR REVHUYDURVHJXLQWH
VLomRQHXWUDRXDDODYDQFDVHOHWRUDQDSRVLomR1 Ɣ 2EVHUYDUDVGHWHUPLQDo}HVOHJDLV
ҧϜ3iJLQD Ɣ 2EVHUYDUDVLQVWUXo}HVSDUDUHERFDUQDOLWHUD
Ɣ 1mRUHERFDUFRPYHORFLGDGHVXSHULRUDNP WXUDGHERUGRGRYHtFXORGHWHUFHLURV
K PSK 
2YHtFXORSRGHUiVHUUHERFDGRVRPHQWHVHR
Ɣ 1mRUHERFDUSRUPDLVGHNP
IUHLRGHHVWDFLRQDPHQWRHOHWU{QLFRIRUGHVOL
Ɣ 1RVYHtFXORVFRPWUDQVPLVVmRDXWRPiWLFDR JDGRHRWUDYDPHQWRHOHWU{QLFRGDFROXQDGDGLUH
YHtFXORFRPVRPHQWHSRGHVHUUHERFDGRFRPDV omRIRUOLEHUDGR&RPIDOKDGHHQHUJLDRXDYDULDV
URGDVGLDQWHLUDVOHYDQWDGDV QRVLVWHPDHOpWULFRRPRWRUGHYHVHQHFHVViULR
VHUOLJDGRFRPRDX[tOLRjSDUWLGDҧϜ3iJLQD
5HERFDUYHtFXORVFRPWUDomRQDVTXDWUR
SDUDGHVOLJDURIUHLRGHHVWDFLRQDPHQWRHOHWU{QLFR
URGDV 027,21
HOLEHUDURWUDYDPHQWRHOHWU{QLFRGDFROXQDGDGLUH
9HtFXORVFRPWUDomRQDVTXDWURURGDV 027,21 omR ‹
SRGHPVHUUHERFDGRVFRPXPDEDUUDGHUHERTXH
RXFRPXPFDERGHUHERTXH6HRYHtFXORIRUUH

0RQWDUDDUJRODGHUHERTXHGLDQWHLUD
53&&

)LJ 1RSDUDFKRTXHGLDQWHLURjGLUHLWDUHWLUDU )LJ 1RSDUDFKRTXHGLDQWHLURjGLUHLWDURV


DFREHUWXUD TXHDUDDUJRODGHUHERTXH b

2ULHQWDo}HVSUiWLFDV 
¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
Ɣ *LUDUDDUJRODGHUHERTXHҧϜ)LJWmRILUPH
PHQWHTXDQWRSRVVtYHOQRVHQWLGRGDVHWDSDUDR
DORMDPHQWRҧϜ 8WLOL]DUXPREMHWRDSURSULDGRFRP
RTXDODDUJRODGHUHERTXHSRVVDVHUURVTXHDGD
2DORMDPHQWRSDUDDDUJRODGHUHERTXHURVTXHiYHO WRWDOPHQWHHFRPILUPH]DQRDORMDPHQWR
HVWiORFDOL]DGRjGLUHLWDGRSDUDFKRTXHGLDQWHLUR Ɣ $SyVDUHERFDJHPGHVURVTXHDUDDUJRODGH
DWUiVGHXPDFREHUWXUDҧϜ)LJ UHERTXHҧϜ)LJQRVHQWLGRDQWLKRUiULRFRPXP
$DUJRODGHUHERTXHGHYHVHUVHPSUHWUDQVSRUWD REMHWRDGHTXDGR
GDQRYHtFXOR Ɣ &RORFDUDOLQJXHWDHVTXHUGDGDFREHUWXUDQD
DEHUWXUDGRSDUDFKRTXHHSUHVVLRQDUVREUHD
2EVHUYDUDVRULHQWDo}HVSDUDDUHERFDJHP
iUHDGLUHLWDGDFREHUWXUDDWpTXHDOLQJXHWDGLUHLWD
ҧϜ3iJLQD
VHWUDYHQRSDUDFKRTXH
0RQWDUDDUJRODGHUHERTXHGLDQWHLUD
Ɣ 5HWLUDUDUJRODGHUHERTXHGDIHUUDPHQWDGH 127$
ERUGRGRFRPSDUWLPHQWRGHEDJDJHP $DUJRODGHUHERTXHGHYHHVWDUVHPSUHURV
ҧϜ3iJLQD TXHDGDILUPHPHQWHHSRUFRPSOHWRQRDORMD
Ɣ 3UHVVLRQDUQDiUHDHVTXHUGDGDFREHUWXUD PHQWR&DVRFRQWUiULRDDUJRODGHUHERTXHSR
ҧϜ)LJ VHWD SDUDVROWDURHQFDL[HGDFREHUWX GHVHUDUUDQFDGDGRVHXDORMDPHQWRGXUDQWHD
UD UHERFDJHP ‹
Ɣ 'HVPRQWDUDFREHUWXUDHGHL[DUSHQGXUDUQR
YHtFXOR

0RQWDUDDUJRODGHUHERTXHWUDVHLUD

)LJ 1RSDUDFKRTXHWUDVHLURjGLUHLWDUHPR )LJ 1RSDUDFKRTXHWUDVHLURjGLUHLWDDUJROD


YHUDFREHUWXUD GHUHERTXHURVTXHDGD

¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
2EVHUYDUDVRULHQWDo}HVSDUDDUHERFDJHP
ҧϜ3iJLQD

0RQWDUDDUJRODGHUHERTXHWUDVHLUD
2DORMDPHQWRGDDUJRODGHUHERTXHURVTXHiYHOHV YHtFXORVVHPGLVSRVLWLYRGHUHERTXH
WiORFDOL]DGRjGLUHLWDGRSDUDFKRTXHWUDVHLUR LQVWDODGRGHIiEULFD
DWUiVGHXPDFREHUWXUDҧϜ)LJ(PYHtFXORV Ɣ 5HWLUDUDUJRODGHUHERTXHGDIHUUDPHQWDGH
FRPGLVSRVLWLYRGHUHERTXHLQVWDODGRGHIiEULFD ERUGRGRFRPSDUWLPHQWRGHEDJDJHP
DWUiVGDFREHUWXUDQmRKiXPDORMDPHQWRSDUDD ҧϜ3iJLQD
DUJRODGHUHERTXHURVTXHiYHO3DUDUHERFDUEDV Ɣ 3UHVVLRQDUQDiUHDLQIHULRUGDFREHUWXUD
FXODUSDUDIRUDRXPRQWDUHXWLOL]DUDUyWXODGHHQ ҧϜ)LJQRVHQWLGRGDVHWDSDUDVROWDURHQFDL[H
JDWHHXWLOL]iODҧϜ3iJLQDҧϜ  GDFREHUWXUD b

 $XWRDMXGD
Ɣ 'HVPRQWDUDFREHUWXUDHGHL[DUSHQGXUDUQR
127$
YHtFXOR
Ɣ $DUJRODGHUHERTXHGHYHHVWDUVHPSUHURV
Ɣ 5RVTXHDUDDUJRODGHUHERTXHҧϜ)LJWmR
TXHDGDILUPHPHQWHHSRUFRPSOHWRQRDORMD
ILUPHTXDQWRSRVVtYHOQRVHQWLGRDQWLKRUiULRQR
PHQWR&DVRFRQWUiULRDDUJRODGHUHERTXHSR
DORMDPHQWRҧϜ 8WLOL]DUXPREMHWRDSURSULDGRFRP
GHVHUDUUDQFDGDGRVHXDORMDPHQWRGXUDQWHD
RTXDODDUJRODGHUHERTXHSRVVDVHUURVTXHDGD
UHERFDJHP
WRWDOPHQWHHFRPILUPH]DQRDORMDPHQWR
Ɣ 9HtFXORVFRPGLVSRVLWLYRGHUHERTXHLQVWD
Ɣ $SyVDUHERFDJHPJLUDUDDUJRODGHUHERTXH
ODGRGHIiEULFDGHYHPVHUUHERFDGRVVRPHQWH
ҧϜ)LJFRPXPREMHWRDGHTXDGRQRVHQWLGR
FRPXPDEDUUDGHUHERTXHHVSHFLDOPHQWH
KRUiULR
DSURSULDGDSDUDDLQVWDODomRHPXPDUyWXODGH
Ɣ &RORFDUDOLQJXHWDLQIHULRUGDFREHUWXUDQD HQJDWH&RPDXWLOL]DomRGHXPDEDUUDGHUHER
DEHUWXUDGRSDUDFKRTXHHSUHVVLRQDUVREUHD TXHLQDGHTXDGDDUyWXODGHHQJDWHHRYHtFXOR
iUHDVXSHULRUGDFREHUWXUDDWpTXHDOLQJXHWDVX SRGHPVHUGDQLILFDGRV(PYH]GLVVRXWLOL]DU
SHULRUVHWUDYHQRSDUDFKRTXH XPFDERGHUHERTXH ‹

2ULHQWDo}HVSDUDFRQGXomRDRUHERFDU

¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
&RQGXWRUGRYHtFXORUHERFDGR
Ɣ 'HL[DUDLJQLomROLJDGDSDUDTXHRYRODQWHQmR
VHWUDYHRIUHLRGHHVWDFLRQDPHQWRHOHWU{QLFRSRV
VDVHUGHVOLJDGRHRVLQGLFDGRUHVGHGLUHomRDEX
5HERFDUH[LJHXPDFHUWDSUiWLFDSULQFLSDOPHQWH ]LQDRVOLPSDGRUHVGRSDUDEULVDHRVODYDGRUHV
QDXWLOL]DomRGHXPFDERGHUHERTXH$PERVRV GRVYLGURVSRVVDPVHUOLJDGRV
FRQGXWRUHVGHYHPHVWDUIDPLOLDUL]DGRVFRPDVSDU
Ɣ &RPRDGLUHomRDVVLVWLGDQmRIXQFLRQDFRPR
WLFXODULGDGHVGRSURFHVVRGHUHERFDJHP3RULVVR
PRWRUSDUDGRpQHFHVViULRDSOLFDUPDLVIRUoDSDUD
FRQGXWRUHVVHPSUiWLFDQmRGHYHPUHERFDU
GLULJLU
$RFRQGX]LUDWHQWDUSDUDTXHQmRRFRUUDPIRUoDV Ɣ 3DUDIUHDUpQHFHVViULRPDLVIRUoDQRSHGDO
GHWUDomRQmRVXSRUWiYHLVHWHQV}HVH[DJHUDGDV SRLVRVHUYRIUHLRQmRHVWiDWXDQGR1mRDEDOURDUR
SRUVRODYDQFRV(PPDQREUDVGHUHERTXHDIDVWD YHtFXORGHWUDomR
GDVGHHVWUDGDVSDYLPHQWDGDVH[LVWHVHPSUHR
Ɣ 2EVHUYDUDVLQIRUPDo}HVHRULHQWDo}HVGR0D
ULVFRGHVREUHFDUUHJDUDVSHoDVGHIL[DomR
QXDOGHLQVWUXo}HVGRYHtFXORDVHUUHERFDGR
'XUDQWHRUHERTXHRYHtFXORUHERFDGRSRGHH[LELU
RVHQWLGRSDUDUHERFDUDSHVDUGDVOX]HVGHDGYHU &RQGXWRUGRYHtFXORGHWUDomR
WrQFLDOLJDGDV3DUDLVVRFRPDLJQLomROLJDGD Ɣ $FHOHUDUGHIRUPDHVSHFLDOPHQWHFDXWHORVDH
DFLRQDUDDODYDQFDGRVLQGLFDGRUHVGHGLUHomRQR FXLGDGRVD(YLWDUPDQREUDVGHGLUHomRV~ELWDV
VHQWLGRGHVHMDGR$OX]GHDGYHUWrQFLDpLQWHUURP Ɣ )UHDUDQWHVGRXVXDOHFRPSUHVVmRPDLVVXD
SLGDHQTXDQWRRVLQGLFDGRUHVGHGLUHomRVmRXWLOL YHQRSHGDO
]DGRV$VVLPTXHDDODYDQFDGRVLQGLFDGRUHVGH
GLUHomRHVWLYHUQRYDPHQWHQDSRVLomRQHXWUDDOX] Ɣ 2EVHUYDUDVLQIRUPDo}HVHRULHQWDo}HVGR0D
GHDGYHUWrQFLDpDWLYDGDDXWRPDWLFDPHQWH QXDOGHLQVWUXo}HVGRYHtFXORUHERFDGR ‹
53&&

2ULHQWDo}HVSUiWLFDV 
$EUHYLDWXUDVXWLOL]DGDV
$EUHYLDWXUD 6LJQLILFDGR
USP 5RWDomRGRPRWRUSRUPLQXWR
027,21 7UDomRQDVTXDWURURGDV
$%6 6LVWHPDDQWLEORTXHLRGRIUHLR
$&& &RQWUROHDXWRPiWLFRGHGLVWkQFLD $GDSWLYH&UXLVH&RQWURO 
$)6 )DUROGLUHFLRQDOGLQkPLFR $GDSWLYH)URQWOLJKWLQJ6\VWHP 
$16, ,QVWLWXWRGH3DGURQL]DomR1DFLRQDO$PHULFDQR $PHULFDQ1DWLRQDO6WDQGDUGV,QVWLWXWH 
$65 &RQWUROHGHWUDomR
%$6 $VVLVWHQWHGHIUHQDJHP
&'0 &yGLJRGRPRWRU
FPñ &HQWtPHWURF~ELFR8QLGDGHGHPHGLGDSDUDLQGLFDomRGDFLOLQGUDGD
&2 'Ly[LGRGHFDUERQR
'&& 5HJXODJHPGLQkPLFDGDVXVSHQVmR
',1 ,QVWLWXWR$OHPmRGH1RUPDWL]DomR
'3) )LOWURGHSDUWtFXODVGHGLHVHO
'5/ )DUROGHURGDJHPGLXUQD 'D\WLPH5XQQLQJ/LJKW 
'6*Š 7UDQVPLVVmRDXWRPiWLFD'6*ŠGHYHORFLGDGHV
'6*Š 7UDQVPLVVmRDXWRPiWLFD'6*ŠGHYHORFLGDGHV
':$ 6LVWHPDGHDODUPHDQWLIXUWR
('6 %ORTXHLRHOHWU{QLFRGRGLIHUHQFLDO
(1 1RUPDWL]DomR(XURSHLD
(3& 8QLGDGHGHFRQWUROHGRPRWRU (OHFWURQLF3RZHU&RQWURO 
(6& 3URJUDPDGHHVWDELOLGDGHHOHWU{QLFR
(7& 6LVWHPDGHFREUDQoDGHWDULIDVGHSHGiJLR (OHFWURQLF7ROO&ROOHFWLRQ6\VWHP 
)$4 3HUJXQWDVIUHTXHQWHV )UHTXHQWO\$VNHG4XHVWLRQV 
)6, ,QMHomRGLUHWDGHJDVROLQDHVWUDWLILFDGD )XHO6WUDWLILHG,QMHFWLRQ 
JNP 4XDQWLGDGHGHGLy[LGRGHFDUERQRJHUDGDHPJUDPDVSRUTXLO{PHWURURGDGR
*5$ 6LVWHPDUHJXODGRUGHYHORFLGDGH
N1 4XLORQHZWRQWUDomR
N: 4XLORZDWWLQGLFDomRGDSRWrQFLDGRPRWRU
/(' 'LRGRHPLVVRUGHOX] /LJKW(PLWWLQJ'LRGH 
0)$ ,QGLFDGRUPXOWLIXQo}HV
1 1HZWRQWUDomR
1P 1HZWRQPHWURXQLGDGHGHPHGLGDSDUDLQGLFDomRGRWRUTXHGRPRWRU
306 6LVWHPDGHUHGXomRGHSDUWtFXODV
39& 3ROLFORUHWRGHYLQLO
521 ËQGLFHGHRFWDQDJHPPHGLGDSDUDGHWHUPLQDomRGRSRGHUDQWLGHWRQDQWHGDJDVROLQD
6* 7UDQVPLVVmRPDQXDOGHPDUFKDV b

 $EUHYLDWXUDVXWLOL]DGDV
$EUHYLDWXUD 6LJQLILFDGR
6* 7UDQVPLVVmRPDQXDOGHPDUFKDV
7',Š 0RWRUHVDGLHVHOFRPLQMHomRGLUHWDHWXUERDOLPHQWDomR 7XUERFKDUJHG'LUHFWRX'LHVHO
,QMHFWLRQ 
WULS +RG{PHWURSDUFLDO
76,Š ,QMHomRGLUHWDGHFRPEXVWtYHOFRPWXUERDOLPHQWDomRRXDOLPHQWDomRGXSOD 7XUERFKDU
JHGRU7ZLQFKDUJHG6WUDWLILHG,QMHFWLRQ 
9,1 1~PHURGHLGHQWLILFDomRGRYHtFXOR
;'6 ([WHQVmRGREORTXHLRHOHWU{QLFRGRGLIHUHQFLDO
53&&

$EUHYLDWXUDVXWLOL]DGDV 
ËQGLFHUHPLVVLYR
$ SURGXWRVGHOLPSH]D 
UHDEDVWHFHU  
$EDVWHFHU YHULILFDU  
ELRHWDQRO   ÈJXDQRFRPEXVWtYHO
FRQWUROHVDRDEDVWHFHU  OX]GHDGYHUWrQFLD  
GLHVHO   $LUEDJIURQWDOGRSDVVDJHLURGLDQWHLUR
(  YHUVLVWHPDGHDLUEDJ 
( 
$LUEDJVIURQWDLV
JDVROLQD  
YHUVLVWHPDGHDLUEDJ 
LQGLFDGRUGRQtYHOGHFRPEXVWtYHO  
$LUEDJVODWHUDLV
OX]GHFRQWUROH  
YHUVLVWHPDGHDLUEDJ 
$EDVWHFLPHQWR 
$LUEDJVSDUDFDEHoD
DEDVWHFLPHQWRLQFRUUHWR 
YHUVLVWHPDGHDLUEDJ 
ELRHWDQRO iOFRROHWtOLFR  
QRSRVWRGHFRPEXVWtYHO   $MXVWDU
DSRLRSDUDFDEHoD  
$EHUWXUDGHFRQIRUWR
EDQFRFRPPHPyULD  
WHWRVRODUSDQRUkPLFR  
EDQFRGLDQWHLURDMXVWiYHOHOHWULFDPHQWH 
YLGURVHOpWULFRV  
EDQFRGLDQWHLURDMXVWiYHOPHFDQLFDPHQWH 
$EHUWXUDLQGHSHQGHQWHGDSRUWD  
GLUHomR  
$EULU PDVVDJHPSDUDDVFRVWDV  
FRP.H\OHVV$FFHVV   SRVLomRFRUUHWDGRVEDQFRV  
GHIRUD   UHEDWHURHQFRVWRGREDQFRGRSDVVDJHLUR
SRUGHQWUR  GLDQWHLURSDUDIUHQWH  
SRUWDV  
$MXVWDURKRUiULR
WDPSDGRFRPSDUWLPHQWRGHEDJDJHP  
UHOyJLRDQDOyJLFR  
WDPSDGRWDQTXH  
UHOyJLRGLJLWDO  
WHWRVRODUSDQRUkPLFR  
$ODUPHDQWLUUHERFDJHP  
YLGURV  
$ODYDQFDGRIDURODOWR  
$%6
YHUVLVWHPDVGHDVVLVWrQFLDjIUHQDJHP   $ODYDQFDGRVLQGLFDGRUHVGHGLUHomRHGR
IDURODOWR 
$&&
YHUFRQWUROHDXWRPiWLFRGHGLVWkQFLD $OFDQWDUD  
$&&   ÈOFRROHWtOLFR
$FHQGHGRUGHFLJDUUR   YHUELRHWDQRO  
$FHVVDUDPHQVDJHPGHVHUYLoR   $OHUWDGHJHORQDSLVWD  
$FHVVyULRV   $OHUWDGHYHORFLGDGH  
$o}HVGHSUHSDUDomR $OHUWDVVRQRURV
EDWHULDGRYHtFXOR  FLQWRQmRFRORFDGR  
NLWGHUHSDURGRVSQHXV   $OWHUDo}HV  
WURFDGHOkPSDGDLQFDQGHVFHQWH   $OWHUQDGRU  
WURFDGHURGD   $PDFLDPHQWR
$G%OXH PRWRU  
HVSHFLILFDomR   SULPHLURVTXLO{PHWURV 
LQIRUPDo}HV   $PDFLDPHQWRGDVSDVWLOKDVGHIUHLR
OX]GHDGYHUWrQFLD   YHUIUHLR  
OX]GHFRQWUROH   $PDFLDU
UHDEDVWHFHU   SDVWLOKDVGHIUHLR  
YROXPHGRUHVHUYDWyULR   SQHXV  
YROXPHPtQLPRGHHQFKLPHQWR   $QWHQD  
$GLWLYRDQWLFRQJHODQWH   $QWHQDGRYLGUR  
$)6   $QWHQDH[WHUQD  
ÈJXDGRVODYDGRUHVGRVYLGURV $QWHVGDLGDj&RQFHVVLRQiULD9RONVZDJHQ 
OX]GHFRQWUROH   $SDUHOKRGHWUDQVPLVVmR  
SURGXWRGHOLPSH]DGHYLGURV 

 ËQGLFHUHPLVVLYR
$SOLFDWLYRV   IDOKDGHIXQFLRQDPHQWR  
$SRLRSDUDFDEHoD   LQWHUUXSomR  
$SS   SUHPLVVDVSDUDHQWUDGDQRHVWDFLRQDPHQ
$TXHFHGRUDX[LOLDU   WR  
GHVOLJDPHQWRDXWRPiWLFR   SUHPLVVDVSDUDVDLUGDYDJDGHHVWDFLRQD
PHQWR  
$TXHFLPHQWRDGLFLRQDO
YHUDTXHFLPHQWRHVWDFLRQiULR   $VVLVWHQWHGHGLUHomRSDUDHVWDFLRQDPHQWR
3DUN$VVLVW
$TXHFLPHQWRDX[LOLDU
XWLOL]DomRGRODYDGRUGHDOWDSUHVVmR 
FRQWUROHUHPRWR  
$VVLVWHQWHGHIUHQDJHP %$6  
$TXHFLPHQWRGRVEDQFRV 
$VVLVWHQWHGHPDUFKDDUp
$TXHFLPHQWRHVWDFLRQiULR  
YHUFkPHUDGHPDUFKDDUp  
DOFDQFHGRFRQWUROHUHPRWR  
DWLYDomR   $VVLVWHQWHGHPXGDQoDGHIDL[D  
GHVOLJDPHQWRDXWRPiWLFR   DMXVWDUDOXPLQRVLGDGHGRLQGLFDGRU  
GHVOLJDU   FRPDQGDU  
OLJDU   IDOKDGHIXQFLRQDPHQWR  
RULHQWDo}HVGHIXQFLRQDPHQWR  IXQFLRQDPHQWR  
SDUWLFXODULGDGHV   LQGLFDGRUQRVHVSHOKRVUHWURYLVRUHVH[WHU
SURJUDPDomR   QRV 
VXEVWLWXLUDEDWHULD FRQWUROHUHPRWR   OX]HVGHFRQWUROH  
UHERTXH  
$UFRQGLFLRQDGR  
VLWXDo}HVGHWUkQVLWR  
DTXHFLPHQWRHVWDFLRQiULR  
DUFRQGLFLRQDGR PDQXDO   $VVLVWHQWHGHSHUPDQrQFLDQDIDL[D  
&OLPDWURQLF   FkPHUD  
FRPDQGRV   IDOKDGHIXQFLRQDPHQWR  
GLIXVRUHVGHDU   IXQFLRQDPHQWR  
IDOKDGHIXQFLRQDPHQWR   LQGLFDGRUGRGLVSOD\  
PRGRGHUHFLUFXODomRGHDU   OX]GHFRQWUROH  
RULHQWDo}HVGHIXQFLRQDPHQWR  TXDQGRGHVOLJiOR" 
SDUWLFXODULGDGHV   $VVLVWHQWHGHSHUPDQrQFLDQDIDL[D3/86 
UHJXODU   $WLYDU
YHQWLODomRLQGLUHWD   OX]HVGHDGYHUWrQFLDHGHFRQWUROH  
$UFRQGLFLRQDGR PDQXDO $WLYLGDGHVGHSUHSDUDomR
YHUDUFRQGLFLRQDGR   DQWHVGHFDGDFRQGXomR  
$URV   FRPSOHWDURyOHRGRPRWRU  
DURVDSDUDIXVDGRV   WUDEDOKDUQRFRPSDUWLPHQWRGRPRWRU  
HOHPHQWRVGHFRUDWLYRVDSDUDIXVDGRV   YHULILFDURQtYHOGRyOHRGRPRWRU 
LGHQWLILFDomR   $XWR+ROG  
OLPSDU   $X[tOLRDRHVWDFLRQDPHQWR
$65 YHUDVVLVWHQWHGHGLUHomRSDUDHVWDFLRQD
YHUVLVWHPDVGHDVVLVWrQFLDjIUHQD PHQWR  
JHP   $X[tOLRjSDUWLGD 
$VVHQWRV   FDERDX[LOLDUGHSDUWLGD  
$VVLVWHQWHGHDUUDQTXH H[HFXWDU  
YHUVLVWHPDVGHDVVLVWrQFLD   SRQWRGHDX[tOLRjSDUWLGD SRORSRVLWLYR  
DVVLVWHQWHGHGLUHomRSDUDHVWDFLRQDPHQWR $X[tOLRjSDUWLGDH[WHUQR
LQWHUYHQomRGHIUHQDJHPDXWRPiWLFD  YHUDX[tOLRjSDUWLGD  
VDLUGDYDJDGHHVWDFLRQDPHQWR DSHQDV $X[tOLRGHHVWDFLRQDPHQWR
YDJDVGHHVWDFLRQDPHQWRSDUDOHODVjSLV YHU3DUN3LORW  
WD   $YDULDGRPRWRU  
$VVLVWHQWHGHGLUHomRSDUDHVWDFLRQDPHQ
WR  
%
53&&

HQFHUUDPHQWRDGLDQWDGR  


HQWUDUQDYDJDGHHVWDFLRQDPHQWR   %DJDJHLUR  
HVWDFLRQDUSDUDOHORjSLVWD   %DJDJHLURGRWHWR  
HVWDFLRQDUWUDQVYHUVDOPHQWHjSLVWD  

ËQGLFHUHPLVVLYR 
%DQFR   %LRHWDQRO  
EDQFRGLDQWHLURDMXVWiYHOHOHWULFDPHQWH  DEDVWHFHU  
EDQFRGLDQWHLURDMXVWiYHOPHFDQLFDPHQWH  DEDVWHFLPHQWR  
%DQFRFRPPHPyULD   SDUWLFXODULGDGHV  
%DQFRGLDQWHLUR SUpDTXHFLPHQWRGRPRWRU 
DMXVWiYHOHOHWULFDPHQWH   %ORTXHLRGDDODYDQFDVHOHWRUD
DMXVWiYHOPHFDQLFDPHQWH   WUDQVPLVVmRDXWRPiWLFD  
%DQFRGLDQWHLURDMXVWiYHOHOHWULFDPHQWH %ORTXHLRGRGLIHUHQFLDO
FRPDQGRV   YHUEORTXHLRHOHWU{QLFRGRGLIHUHQFLDO
%DQFRGLDQWHLURDMXVWiYHOPHFDQLFDPHQWH ('6  
FRPDQGRV   %ORTXHLRHOHWU{QLFRGRGLIHUHQFLDO ('6  
%DQFRV   %RWmREORTXHDGRU
DMXVWDUDSRVLomRGRYRODQWH   WUDQVPLVVmRDXWRPiWLFD  
DMXVWDURDSRLRSDUDFDEHoD  %RWmRGHSkQLFR 
DTXHFLPHQWRGRVEDQFRV   %RWmRGHSDUWLGD  
GHVLQVWDODURDSRLRSDUDFDEHoD   %RWmRGRDODUPHGDFKDYHGRYHtFXOR  
IXQomRGHPDVVDJHPSDUDDVFRVWDV   %XVFDGHDYDULDV  
LQVWDODURDSRLRSDUDFDEHoD  
%XVFDGHIDOKDV  
Q~PHURGHDVVHQWRV  
%XVFDGHSUREOHPDV  
SRVLomRFRUUHWDGRVEDQFRV  
UHEDWHURHQFRVWRGREDQFRGRSDVVDJHLUR %~VVROD  
GLDQWHLURSDUDIUHQWH   %X]LQD 
YHQWLODomRGRVEDQFRV  
%DQFRVDTXHFtYHLV   &
%DQFRVYHQWLODGRV 
&DERGHUXSWXUD 
UXtGRV  
&DGHLUDGHFULDQoD  
%DQFRWUDVHLUR  
FDWHJRULDVGHDSURYDomR  
%$6 FODVVHVGHSHVR  
YHUVLVWHPDVGHDVVLVWrQFLDjIUHQDJHP   FRPFLQWRGHVHJXUDQoDEORTXHiYHO  
%DWHULD GHVOLJDURDLUEDJIURQWDOGRSDVVDJHLURGLDQ
VXEVWLWXLUGDFKDYHGRYHtFXOR   WHLUR  
VXEVWLWXLUGRFRQWUROHUHPRWR DTXHFLPHQWR HWLTXHWDDGHVLYDGHDLUEDJ 
HVWDFLRQiULR   IL[DUFRPFLQWRGHIL[DomR7RS7HWKHU 
YHUEDWHULDGRYHtFXOR  IL[DUFRP,62),;  
%DWHULDGRYHtFXOR   QRUPD 
Do}HVGHSUHSDUDomR   SURWHJHUFRPFLQWRGHVHJXUDQoD  
DX[tOLRjSDUWLGD   VLVWHPDVGHIL[DomR  
FDUUHJDU   &DL[DFROHWRUDGHiJXD  
FRQHFWDU   &DL[DGHSULPHLURVVRFRUURV
GHVFDUUHJD   YHUNLWGHSULPHLURVVRFRUURV  
GHVFDUUHJDUVH 
&DORWDGDURGD
GHVFRQHFWDU  
FDORWDFHQWUDO  
GHVOLJDPHQWRGDUHGHHOpWULFDGRYHtFXOR 
FDORWDLQWHJUDO 
GHVOLJDPHQWRGRVFRQVXPLGRUHVDXWRPiWL
FDSDGHFREHUWXUDGRVSDUDIXVRVGHURGD 
FR 
&DORWDV  
GHVOLJDPHQWRSRUDFLRQDPHQWRGRDLUEDJ 
HOHWUyOLWRGDEDWHULD   &kPHUD  
H[SOLFDomRGRVVtPERORV   DVVLVWHQWHGHSHUPDQrQFLDQDIDL[D  
ORFDOGHLQVWDODomR   &kPHUDGHPDUFKDDUp  
OX]GHDGYHUWrQFLD   FkPHUD  
SRQWRGHDX[tOLRjSDUWLGD  FRPDQGDU  
VHGHVFDUUHJD   FRQILJXUDo}HV 
VXEVWLWXLU  HQWUDUQDYDJDGHHVWDFLRQDPHQWR PRGR
YHULILFDUQtYHOGRHOHWUyOLWR     
%LRGLHVHO   HQWUDUQDYDJDGHHVWDFLRQDPHQWR PRGR
  
OHQWHGDFkPHUD  

 ËQGLFHUHPLVVLYR
OLJDUHGHVOLJDU   &KDYHGRYHtFXOR
OLPSDU   DJUHJDU 
RULHQWDo}HVGHIXQFLRQDPHQWR  ERWmRGHSkQLFR  
SUHPLVVDV  ERWmRGRDODUPH  
&kPHUDGHPDUFKDDUp PRGR FKDYHGHHPHUJrQFLD 
HQWUDUQDYDJDGHHVWDFLRQDPHQWR   FKDYHGHUHSRVLomR  
&kPHUDGHPDUFKDDUp PRGR OX]GHFRQWUROH  
HQWUDUQDYDJDGHHVWDFLRQDPHQWR   VLQFURQL]DU  
&DSDFLGDGHGHFDUJDGRVSQHXV   VXEVWLWXLUDEDWHULD  
&DSDFLGDGHGHWUDomR   &LOLQGURGDLJQLomR  
FKDYHGRYHtFXORQmRKDELOLWDGD 
&DSDFLGDGHV
UHVHUYDWyULRGHiJXDGRVODYDGRUHVGRVYL &LOLQGURGHLJQLomR
GURV   WUDYDGHEORTXHLR  
WDQTXHGHJDVROLQD  &LQWRGHVHJXUDQoD
&DU1HW LQGLFDGRUGHVWDWXVGRFLQWRGHVHJXUDQoD 
DWLYDomR   OX]GHDGYHUWrQFLD  
GLVSRQLELOLGDGH   &LQWRVGHVHJXUDQoD  
OLPLWDo}HV   FLQWRVWRUFLGRV  
UHJLVWUR   FRORFDU  
VHUYLoRV   HQURODGRUGRFLQWRGHVHJXUDQoDDXWRPiWL
VXEVWLWXLomRGRGLVSRVLWLYR   FR 
YHQGHURXFRQFHGHURYHtFXOR   OLPLWDGRUGHIRUoD  
&DUJDGHDSRLR  OLPSH]D 
FDUUHJDURUHERTXH   OLVWDGHFRQWUROH  
PDQXVHLR  
&DUJDGHUHERTXH
QmRFRORFDGRV  
FDUUHJDURUHERTXH  
SRVLomRGRFDGDUoR  
Pi[LPDDGPLVVtYHO  
SUpWHQVLRQDGRUGRFLQWRGHVHJXUDQoD  
&DUJDHOpWULFD 
UHJXODJHPGHDOWXUDGRFLQWRGHVHJXUDQ
&DUJDVREUHRWHWR  oD 
GDGRVWpFQLFRV   WLUDU 
&DUJDVVREUHRVHL[RV   &LQ]HLUR  
&DUUHJDU GLDQWHLUR  
FRPSDUWLPHQWRGHEDJDJHP   WUDVHLUR  
FRQGX]LUFRPDWDPSDGRFRPSDUWLPHQWRGH &OLPDWURQLF
EDJDJHPDEHUWD   YHUDUFRQGLFLRQDGR  
GLVSRVLWLYRSDUDWUDQVSRUWHGHREMHWRVORQ
&yGLJRGHYHORFLGDGH  
JRV 
&yGLJRGRPRWRU
JXDUGDUYROXPHVGHEDJDJHP  
GHWHUPLQDU  
ROKDLVGHDPDUUDomR  
RULHQWDo}HVJHUDLV   &ROHWHGHVHJXUDQoD  
UHERTXH   &RPDQGR
VLVWHPDGHEDJDJHLUR  3DUN3LORW  
&DVRGHSDQH &RPDQGRGHDEHUWXUDGHSRUWmRGHJDUDJHP 
SURWHJHURYHtFXOR   DSDJDUDSURJUDPDomR 
&DWDOLVDGRU   FRPDQGDU  
IDOKDGHIXQFLRQDPHQWR   SURJUDPDU  
OX]GHFRQWUROH   VLQFURQL]DU  
&KDYH &RPEXVWtYHO  
YHUFKDYHGRYHtFXOR   ELRHWDQRO  
JDVROLQD  
&KDYHFRPFRPDQGRUHPRWR
yOHRGLHVHO  
YHUFKDYHGRYHtFXOR  
&RPSDUWLPHQWRGHEDJDJHP  
&KDYHGDLJQLomR
ODQWHUQDGRFRPSDUWLPHQWRGHEDJDJHP  
53&&

FRQVXOWDUDFKDYHGRYHtFXOR  
UHGHSDUDEDJDJHP  
&KDYHGHHPHUJrQFLD  
YHUFRPSDUWLPHQWRGHEDJDJHP  
&KDYHGHUHSRVLomR
YHUFKDYHGRYHtFXOR  

ËQGLFHUHPLVVLYR 
&RPSDUWLPHQWRGRPRWRU   &RQVHUYDomR
DWLYLGDGHVGHSUHSDUDomR  YHUFRQVHUYDomRGRYHtFXOR  
EDWHULDGRYHtFXOR  &RQVHUYDomRGHSHoDVFURPDGDV  
FDL[DFROHWRUDGHiJXD  &RQVHUYDomRGHSHoDVGHDOXPtQLR  
OLPSH]D  &RQVHUYDomRGRYHtFXOR
OtTXLGRGHDUUHIHFLPHQWRGRPRWRU   $OFDQWDUD  
yOHRGRPRWRU   DQWHQDGRYLGUR  
&RPSDUWLPHQWRVSDUDOLWHUDWXUDGHERUGR  iUHDGHYLVmRGDFkPHUD  
&RQFHVVmRGRYHtFXOR DVVHQWRVGREDQFRFRPDTXHFLPHQWR  
&DU1HW   DVVHQWRVGREDQFRVHPDTXHFLPHQWR  
&RQGXomR EDQFRVDMXVWiYHLVHOHWULFDPHQWH  
DQWHVGHSDUWLU   EDQFRVFRPFRPSRQHQWHVGRDLUEDJ  
QtYHOGHFRPEXVWtYHOPXLWREDL[R  EDQFRVQmRDMXVWiYHLVHOHWULFDPHQWH 
RIIURDG  EDQFRVVHPFRPSRQHQWHVGRDLUEDJ  
RULHQWDo}HVSDUDFRQGXomR   FRPSDUWLPHQWRGRPRWRU  
SURWHWRUGRFiUWHU   FRPSRQHQWHVGHSOiVWLFR  
WUDYHVVLDGHWUHFKRVDODJDGRV   FRXURQDWXUDO  
YLDJHQVLQWHUQDFLRQDLV   GHVFRQJHODURFLOLQGURGDIHFKDGXUDGDV
&RQGXomRFRPUHERTXH SRUWDV  
YHUUHERTXH   HOHPHQWRVGHFRUDWLYRVGHPDGHLUD  
YHUWDPEpPGLVSRVLWLYRGHUHERTXH   HVSHOKRVUHWURYLVRUHVH[WHUQRV  
&RQGXomRQRLQYHUQR HVWRIDPHQWRV  
iUHDGHYLVmRGDFkPHUD   H[WHULRU  
ELFRVGRVODYDGRUHVGRVYLGURVDTXHFtYHLV   LQWHULRU  
FRQILJXUDomRGRPHQX   ODYDGRUGHDOWDSUHVVmR  
FRUUHQWHVSDUDQHYH   ODYDJHPPDQXDO 
GLHVHOGHLQYHUQR   ODYDURYHtFXOR  
HVWULDVGHVDO   OLPSDUDVSDOKHWDVGRVOLPSDGRUHVGRSDUD
ODYDGRUHVGRIDURO   EULVD  
OtTXLGRGHSURWHomRDQWLFRQJHODQWHSDUD OLPSDURVDURV  
iJXDGRVODYDGRUHVGRVYLGURV   OLPSDURVFLQWRVGHVHJXUDQoD  
SQHXVGHLQYHUQR   PDQXVHLRGRUHYHVWLPHQWRGRVEDQFRV  
SUpDTXHFLPHQWRGRILOWUR   SDLQHOGHLQVWUXPHQWRV 
SUHVVmRGRVSQHXV  SDUWLFXODULGDGHV  
SURIXQGLGDGHGRSHUILO   SHoDVFURPDGDV 
UHERTXH   SHoDVGHDOXPtQLR  
UHVHUYDWyULRGHiJXDGRVODYDGRUHVGRVYL SLQWXUDGRYHtFXOR 
GURV   SRVLomRGHVHUYLoR  
WHWRVRODUSDQRUkPLFR   SURWHomRGDSDUWHLQIHULRUGRYHtFXOR  
&RQGX]LU UHYHVWLPHQWRVHPWHFLGR  
DUUDQFDUHPODGHLUDV   VLVWHPDGHODYDJHPDXWRPiWLFR  
FRPFRQVFLrQFLDHFROyJLFD   VXEVWLWXLUDVSDOKHWDVGRVOLPSDGRUHVGRSD
FRPRYHtFXORFDUUHJDGR   UDEULVD  
FRPWUDQVPLVVmRDXWRPiWLFD   VXSHUItFLHVDQRGL]DGDV  
FRPXPUHERTXH   YHGDo}HVGHERUUDFKD  
HFRQRPLFDPHQWH   YLGURV  
HPiJXDVDOJDGD   &RQVROHFHQWUDO  
HVWDFLRQDUHPGHFOLYHV   &RQVXPLGRUHOpWULFR  
HVWDFLRQDUHPVXELGDV   &RQVXPLGRUHVHOpWULFRV  
LQGLFDGRUGRQtYHOGHFRPEXVWtYHO   &RQVXPRGHFRPEXVWtYHO
SDUDUHPODGHLUDV   FRQGX]LUHFRQRPLFDPHQWH  
SUHSDUDWLYRVGHYLDJHP   RTXHDXPHQWDRFRQVXPR"  
UHERTXH   &RQWH~GRGRWDQTXH
UHJLVWURVGHGDGRV   YHUFDSDFLGDGHV 
&RQGX]LUFRPFRQVFLrQFLDHFROyJLFD   &RQWUROHDXWRPiWLFRGDOX]GHFRQGXomR  
&RQGX]LUHFRQRPLFDPHQWH 
&RQH[mRGHGLDJQyVWLFR  

 ËQGLFHUHPLVVLYR
&RQWUROHDXWRPiWLFRGHGLVWkQFLD $&&   SUHVVmRGRVSQHXV 
FRPDQGDU   YHORFLGDGHPi[LPD  
GHVOLJDUWHPSRUDULDPHQWH   'DQRVQRVSQHXV 
IDOKDGHIXQFLRQDPHQWR   'DWD/LQN&RQQHFWRU '/&  
LQGLFDGRUGRGLVSOD\   '&&
OX]GHFRQWUROH   YHUUHJXODJHPGLQkPLFDGDVXVSHQVmR  
OX]HVGHDGYHUWrQFLD  
'HFODUDomRGHFRQIRUPLGDGH  
VHQVRUGRUDGDU  
'HVFDQVDEUDoR 
VLVWHPDGHPRQLWRUDPHQWRSHULIpULFR 
VLWXDo}HVGHFRQGXomR   'HVFDQVDEUDoRFHQWUDO  
&RQWUROHGHGLVWkQFLD 'HVFDUWH
YHUFRQWUROHDXWRPiWLFRGHGLVWkQFLD SUpWHQVLRQDGRUGRFLQWRGHVHJXUDQoD  
$&&   VLVWHPDGHDLUEDJ 
YHtFXORVHPILPGHYLGD  
&RQWUROHGHGLVWkQFLDGHHVWDFLRQDPHQWR
YHU3DUN3LORW   'HVFRQJHODUDVIHFKDGXUDV  
&RQWUROHGHHVWDELOLGDGHGRFRQMXQWR   'HVFRQJHODURFLOLQGURGDIHFKDGXUDGDV
SRUWDV 
&RQWUROHGHWUDomR $65  
'HVHPEDoDGRUGRSDUDEULVD  
&RQWUROHUHPRWR
YHUDTXHFLPHQWRHVWDFLRQiULR   'HVHPEDoDPHQWRGRYLGURWUDVHLUR  
&RQWUROHUHPRWRSURJUDPiYHO   'HVJDVWHGRSQHX  
&RQWUROHVDRDEDVWHFHU  'HVOLJDPHQWRGRVFRQVXPLGRUHVDXWRPiWL
FR  
&RUUHQWHVSDUDQHYH  
WUDomRQDVTXDWURURGDV   'HVWUDYDU
FRP.H\OHVV$FFHVV  
&RUULJLUGDQRVFDXVDGRVSRULPSDFWRGHSH
SRUGHQWUR 
GUDV RULHQWDomR  
SRUIRUD 
&RUWLQDGHSURWHomRVRODU
'LHVHO
YLGURWUDVHLUR  
DEDVWHFHU  
&ULVWDOL]DomRGDSLQWXUD  
LQGLFDGRUGRQtYHOGHFRPEXVWtYHO  
&URQ{PHWUR  
'LHVHOGHLQYHUQR 
&XLGDGRGRYHtFXOR
'LIXVRUGHDU  
OLPSDURFLQ]HLUR 
'LPHQV}HV  
OLPSDURVSRUWDFRSRV  
OLPSDURVSRUWDREMHWRV   'LUHomR  
DMXVWDU  
GLUHomRDVVLVWLGD  
' HOHWURPHFkQLFD 
'DGRVGHLGHQWLILFDomRGRYHtFXOR   OX]GHFRQWUROH  
'DGRVGRPRWRU   VHOHWRUEDVFXODQWH 7LSWURQLF  
VHUYRDVVLVWrQFLDGDGLUHomR  
'DGRVWpFQLFRV  
WUDYDPHQWRGDFROXQDGDGLUHomR 
FDSDFLGDGHGHWUDomR 
FDSDFLGDGHV  'LVSOD\  
FDUJDGHDSRLR   LQVWUXPHQWRFRPELQDGR  
FDUJDVGHUHERTXH   'LVSOD\GHWHPSHUDWXUD
FDUJDVREUHRWHWR   OtTXLGRGHDUUHIHFLPHQWRGRPRWRU  
FDUJDVVREUHRVHL[RV   'LVSRVLWLYRGHUHERTXH 
FLOLQGUDGD   IDOKDGHIXQFLRQDPHQWR  
GDGRVGRPRWRU   LQVWDODUSRVWHULRUPHQWH  
GLPHQV}HV   PRQWDUVXSRUWHGHELFLFOHWDV  
HVSHFLILFDomRGRyOHRGRPRWRU   YHUWDPEpPUHERTXH  
HWLTXHWDGHGDGRVGRYHtFXOR   'LVSRVLWLYRSDUDWUDQVSRUWHGHREMHWRVORQ
SHUIRUPDQFHV   JRV  
SHVRHPRUGHPGHPDUFKD   'LVTXHWHLUDGH&'  
53&&

SHVRV   '6*


SHVRWRWDO   YHUWUDQVPLVVmRDXWRPiWLFD  
SODTXHWDGHIiEULFD   '\QDPLF/LJKW$VVLVW
SODTXHWDGHLGHQWLILFDomR   YHUUHJXODJHPDXWRPiWLFDGRIDURODOWR  
SRWrQFLD  

ËQGLFHUHPLVVLYR 
( (VSHOKRVUHWURYLVRUHV 
DMXVWHVVLQFURQL]DGRV 
( HVSHOKRUHWURYLVRULQWHUQR  
DEDVWHFHU   H[WHUQRV  
( IXQomRGHFRQIRUWR  
DEDVWHFHU   UHEDWHURVHVSHOKRVUHWURYLVRUHVSDUDGHQ
(DV\2SHQ WUR  
SDUWLFXODULGDGHV   UHEDWLPHQWRGRHVSHOKRUHWURYLVRUH[WHUQR
YHUWDPEpP.H\OHVV$FFHVV   GLUHLWR 
('6 (VSHOKRVUHWURYLVRUHVH[WHUQRV 
YHUVLVWHPDVGHDVVLVWrQFLDjIUHQDJHP   DQWLRIXVFDQWHDXWRPiWLFR  
(OHWUyOLWRGDEDWHULD   DUPD]HQDUSDUDPDUFKDDUp  
(PFDVRGHHPHUJrQFLD   FRQGX]LUFRPXPUHERTXH  
FDVRGHSDQH   FRQVHUYDomRGRYHtFXOR  
H[WLQWRUGHLQFrQGLR   IDOKDGHIXQFLRQDPHQWR  
OLVWDVGHFRQWUROH   UHJXODJHPVLQFURQL]DGD 
OX]HVGHDGYHUWrQFLD   (VWDFLRQDU  
SDFRWHGHDWDGXUDV   (WLTXHWDGHGDGRVGRYHtFXOR 
SURWHJHUDVLPHVPRHDRYHtFXOR   (WLTXHWDVDGHVLYDV  
WULkQJXORGHVHJXUDQoD   (YHQW'DWD5HFRUGHU  
(PSXUUDU   ([WHULRU
(QFRVWRGREDQFRWUDVHLUR SHUPDQrQFLDPDLVSURORQJDGDFRPRYHtFX
UHEDWHUSDUDIUHQWH   OR  
UHEDWHUSDUDWUiV   YHQGDGRYHtFXOR  
(QJDWDU ([WLQWRUGHLQFrQGLR  
HQJDWDU  UHERTXH  
(QJDWDUDPDUFKD
WUDQVPLVVmRDXWRPiWLFD  
(QJDWHGHUHERTXH
)
YHUGLVSRVLWLYRGHUHERTXH   )DOKDGHIXQFLRQDPHQWR
DUFRQGLFLRQDGR  
(QURODGRUGRFLQWRGHVHJXUDQoDDXWRPiWL
DVVLVWHQWHGHGLUHomRSDUDHVWDFLRQDPHQ
FR  
WR  
(QWUDGD$8;,1  
DVVLVWHQWHGHPXGDQoDGHIDL[D  
(QWUDUQDYDJDGHHVWDFLRQDPHQWR DVVLVWHQWHGHSHUPDQrQFLDQDIDL[D  
FRPDFkPHUDGHPDUFKDDUp PRGR   FDWDOLVDGRU  
FRPDFkPHUDGHPDUFKDDUp PRGR   FRQWUROHDXWRPiWLFRGHGLVWkQFLD $&&  
(QWUDUQDYDJDGHHVWDFLRQDPHQWRFRPR GLVSRVLWLYRGHUHERTXH  
DVVLVWHQWHGHGLUHomRSDUDHVWDFLRQDPHQ HVSHOKRVUHWURYLVRUHVH[WHUQRVHOpWULFRV  
WR   ILOWURGHSDUWtFXODVGHGLHVHO  
(TXLSDPHQWRVGHVHJXUDQoD   LQGLFDGRUGHFRQWUROHGRVSQHXV  
(TXLSDPHQWRVTXHFRQVRPHPHOHWULFLGDGH   3DUN3LORW  
(UJXHURYHtFXOR UHFHSomRGHUiGLR  
OLVWDGHFRQWUROH   UHFHSomRGRUiGLR  
(6& UHJXODJHPGLQkPLFDGDVXVSHQVmR  
YHUVLVWHPDVGHDVVLVWrQFLDjIUHQDJHP   UHJXODJHPGRIDURODOWR  
(63 VHQVRUGHFKXYDHGHOX]  
YHUSURJUDPDHOHWU{QLFRGHHVWDELOLGDGH VLVWHPDGHFRQWUROHGDSUHVVmRGRVSQHXV  
(6&   VLVWHPDGHPRQLWRUDPHQWRSHULIpULFR 
VLVWHPDGHUHFRQKHFLPHQWRGHFDQVDoR  
(VSHOKR
WHWRVRODUSDQRUkPLFR  
kQJXORFHJR  
WRPDGD9  
iUHDQmRYLVtYHO  
WRPDGD9 SDGUmR(XUR  
(VSHOKRGHFRUWHVLD  
WUDQVPLVVmRDXWRPiWLFD  
(VSHOKRUHWURYLVRUH[WHUQR WUDQVPLVVmRGHGXSODHPEUHDJHP 
UHEDWHU   YLGURVHOpWULFRV  
(VSHOKRUHWURYLVRULQWHUQR  

 ËQGLFHUHPLVVLYR
)DOKDGHXPDOkPSDGDLQFDQGHVFHQWH )LOWURGHSROXHQWHV  
YHUWURFDGHOkPSDGDLQFDQGHVFHQWH   )OXLGRGHIUHLR  
)DOKDIXQFLRQDO HVSHFLILFDomR  
LPRELOL]DGRUGRYHtFXOR   )OXLGRV  
WUDQVPLVVmRDXWRPiWLFD   )UHLR  
)DOKDVVXSRVWDV   DPDFLDUSDVWLOKDVGHIUHLR  
)$4V   DYDULD  
)DURO IOXLGRGHIUHLR  
ODYDGRUHV   IUHLRGHHVWDFLRQDPHQWR 
YLDJHQVLQWHUQDFLRQDLV   IUHLRGHHVWDFLRQDPHQWRHOHWU{QLFR  
)DUROEDL[R   IXQomRGHIUHQDJHPGHHPHUJrQFLD  
)DUROGHFRQYHUVmR   LQGLFDGRUGHIUHQDJHPGHHPHUJrQFLDHP
FRPPDUFKDDUpHQJUHQDGD   XPDIUHQDJHPWRWDO  
OX]GHDGYHUWrQFLD  
)DUROGHFRQYHUVmRHPDPERVRVODGRVFRP
OX]GHFRQWUROH  
PDUFKDDUpHQJUHQDGD  
SDVWLOKDVGHIUHLR  
)DUROGHURGDJHPGLXUQD  
VHUYRIUHLR  
)DUROGLUHFLRQDO VLVWHPDVGHDVVLVWrQFLDjIUHQDJHP  
GLQkPLFR  WURFDGRIOXLGRGHIUHLR  
)DUROGLUHFLRQDOHVWiWLFR )UHLRGHHVWDFLRQDPHQWR  
YHUIDUROGHFRQYHUVmR   GHVDWLYDUDXWRPDWLFDPHQWH  
)DUROHODQWHUQDGHQHEOLQD   GHVOLJDU  
)HFKDPHQWRGHFRQIRUWR IXQomRGHIUHQDJHPGHHPHUJrQFLD  
WHWRVRODUSDQRUkPLFR   OLJDU  
YLGURVHOpWULFRV   )UHLRGHHVWDFLRQDPHQWRGHWUDYDPHQWR
)HFKDPHQWRRXDEHUWXUDGHHPHUJrQFLD   YHUIUHLRGHHVWDFLRQDPHQWR 
GHVWUDYDPHQWRGHHPHUJrQFLDGDDODYDQFD )UHLRGHHVWDFLRQDPHQWRHOHWU{QLFR  
VHOHWRUD   )UHLRGHHVWDFLRQDPHQWRPDQXDO
SRUWDGRFRQGXWRU  YHUIUHLRGHHVWDFLRQDPHQWR 
SRUWDGRSDVVDJHLURGLDQWHLUR  
)UHLRV  
SRUWDVWUDVHLUDV  
)UHQDJHPWRWDO 
WDPSDGRFRPSDUWLPHQWRGHEDJDJHP  
WHWRVRODUSDQRUkPLFR   )URQW$VVLVW
YHUVLVWHPDGHPRQLWRUDPHQWRSHULIpULFR 
)HFKDU
FRP.H\OHVV$FFHVV   )XQomR&RPLQJ+RPH  
SRUGHQWUR  )XQomRGHIUHQDJHPGHHPHUJrQFLD  
SRUIRUD  )XQomRGHIUHQDJHPGHHPHUJrQFLD&LW\  
SRUWDV   )XQomRGHPDVVDJHPSDUDDVFRVWDV  
WDPSDGRFRPSDUWLPHQWRGHEDJDJHP   )XQomR.LFN'RZQ  
WDPSDGRWDQTXH   )XQomR/HDYLQJ+RPH  
WHWRVRODUSDQRUkPLFR   )XQFLRQDPHQWRQRLQYHUQR
YLGURV   HVSHOKR  
)HUUDPHQWD )XQo}HVGHFRQIRUWR  
YHUIHUUDPHQWDVGHERUGR  UHSURJUDPDomR 
)HUUDPHQWDVGHERUGR   )XQo}HVGREDQFR 
DFRPRGDomR   UHEDWHURHQFRVWRGREDQFRGRSDVVDJHLUR
FRPSRQHQWHV   GLDQWHLURSDUDIUHQWH  
)LOWURGHSDUWtFXODV   )XVtYHLV  
)LOWURGHSDUWtFXODVGHGLHVHO FDL[DGRVIXVtYHLV 
IDOKDGHIXQFLRQDPHQWR   FRULQGLFDWLYD  
OX]GHFRQWUROH   SUHSDUDo}HVSDUDDVXEVWLWXLomR  
SDUWLFXODULGDGHV   UHFRQKHFHUIXVtYHLVTXHLPDGRV  
UHFRPHQGDomRGHPDUFKD   VXEVWLWXLU 
53&&

)LOWURGHSDUWtFXODVGLHVHO
UHJHQHUDomR 
)LOWURGHSRHLUD  *
)LOWURGHSyOHQ   *SOXV  

ËQGLFHUHPLVVLYR 
*SOXVSOXV   ,QGLFDGRUGRLQWHUYDORGHVHUYLoR
*  LQVSHomR 
*DQFKRSDUDURXSDV   VHUYLoRGHWURFDGHyOHR 
*DQFKRVSDUDVDFRODV   ,QGLFDGRUGRQtYHOGHFRPEXVWtYHO 
*DVROLQD   JDVROLQDRXGLHVHO  
DEDVWHFHU   OX]GHFRQWUROH  
DGLWLYRV  ,QGLFDGRUHVGRGLVSOD\
FRPEXVWtYHO   VLVWHPDUHJXODGRUGHYHORFLGDGH *5$  
LQGLFDGRUGRQtYHOGHFRPEXVWtYHO   ,QGLFDGRUHVQRGLVSOD\GRLQVWUXPHQWRFRP
WLSRV   ELQDGR  
*5$ ,QGLFDGRUPXOWLIXQo}HV  
YHUVLVWHPDUHJXODGRUGHYHORFLGDGH ,QIRUPDo}HVDRFRQVXPLGRU  
*5$   ,QIRUPDo}HVVDOYDVQDXQLGDGHGHFRQWUROH 
*UDYDGRUGHGDGRVGHDFLGHQWH   ,QVSHomR
*XDUGDUYROXPHVGHEDJDJHP   YHULQGLFDGRUGRLQWHUYDORGHVHUYLoR  
,QVWDODomRSRVWHULRU
+ DSDUHOKRGHWUDQVPLVVmR  
WHOHIRQHGRYHtFXOR 
+DELWiFXOR   ,QVWUXPHQWRFRPELQDGR  
+RG{PHWUR   FRPDQGDURVPHQXV  
+RG{PHWURSDUFLDO  GLVSOD\  
+RG{PHWURWRWDO  HVWUXWXUDGRPHQX  
LOXPLQDomR  
LQGLFDGRUGRLQWHUYDORGHVHUYLoR  
, LQGLFDGRUHV 
,JQLomR LQVWUXPHQWRV  
YHUPRWRUHLJQLomR   OX]HVGHDGYHUWrQFLD  
,OXPLQDomR   OX]HVGHFRQWUROH  
,OXPLQDomRDPELHQWH   VtPERORV 
,OXPLQDomRGHQHEOLQD ,QVWUXPHQWRV  
WURFDGHOkPSDGDLQFDQGHVFHQWH   ,QWHULRUGRYHtFXOR
WURFDGHOkPSDGDLQFDQGHVFHQWH 5/LQH  ODGRGRFRQGXWRU  
,PRELOL]DGRUGRYHtFXOR ODGRGRSDVVDJHLURGLDQWHLUR  
IDOKDIXQFLRQDO   SDUWHLQIHULRUGRFRQVROHFHQWUDO 
,PRELOL]DGRUHOHWU{QLFR   SDUWHVXSHULRUGRFRQVROHFHQWUDO 
,QGLFDomRGDPDUFKD SRUWDGRFRQGXWRU 
UHFRPHQGDomRGHPDUFKD   UHYHVWLPHQWRGRWHWR  
,QGLFDGRUGDWHPSHUDWXUD ,QWHUUXSWRUDFLRQDGRSHODFKDYH
WHPSHUDWXUDH[WHUQD  GHVOLJDURDLUEDJIURQWDOGRSDVVDJHLURGLDQ
WHLUR  
,QGLFDGRUGDWHPSHUDWXUDH[WHUQD  
DOHUWDGHJHORQDSLVWD   ,62),; 
YHUFDGHLUDGHFULDQoD  
,QGLFDGRUGHFRQWUROHGRVSQHXV
IDOKDGHIXQFLRQDPHQWR  
OX]GHFRQWUROH   -
VXEVWLWXLUSQHX  
-DQHODGHFRPXQLFDomR  
,QGLFDGRUGHGHVJDVWH  
-RJRGHFKDYHVGRYHtFXOR 
,QGLFDGRUGHIUHQDJHPGHHPHUJrQFLD  
,QGLFDGRUGHVWDWXVGRFLQWRGHVHJXUDQoD
YHUFLQWRGHVHJXUDQoD  .
,QGLFDGRUGRGLVSOD\ .H\OHVV(QWU\
DVVLVWHQWHGHSHUPDQrQFLDQDIDL[D   YHU.H\OHVV$FFHVV  
FRQWUROHDXWRPiWLFRGHGLVWkQFLD $&&   .H\OHVV([LW
VLVWHPDGHUHFRQKHFLPHQWRGDVLQDOL]DomR YHU.H\OHVV$FFHVV  
GHWUkQVLWR   .H\OHVV*R
VLVWHPDUHJXODGRUGHYHORFLGDGH *5$   YHU.H\OHVV$FFHVV  
WDPSDGRFRPSDUWLPHQWRGRPRWRU  

 ËQGLFHUHPLVVLYR
.H\OHVV$FFHVV /LPSDGRUHVGRSDUDEULVD  
ERWmRGHSDUWLGD   DODYDQFDGRVOLPSDGRUHVGRSDUDEULVD  
GHVWUDYDURXWUDYDURYHtFXOR   HUJXHUDVSDOKHWDVGRVOLPSDGRUHV  
(DV\2SHQ   SRVLomRGHVHUYLoR  
.H\OHVV(QWU\  UHEDWHUDVSDOKHWDVGRVOLPSDGRUHVSDUDIR
.H\OHVV([LW   UD  
.H\OHVV*R   VHQVRUGHFKXYDHGHOX]  
.H\OHVV*R  /LPSDGRUHVGRVYLGURV
SDUWLFXODULGDGHV   ELFRVGHODYDJHPDTXHFtYHLV 
WUDYDPHQWRGDFROXQDGDGLUHomR  IXQo}HV  
.LWGHSULPHLURVVRFRUURV  VLVWHPDGHODYDJHPDXWRPiWLFRGRIDURO  
DORFDPHQWR   /LPSDURFLQ]HLUR 
.LWGHUHSDURGRVSQHXV   /LPSDURVSRUWDFRSRV  
Do}HVGHSUHSDUDomR   /LPSDURVSRUWDREMHWRV  
FRPSRQHQWHV   /LPSH]D
FRQWUROHDSyVPLQXWRV  YHUFRQVHUYDomRGRYHtFXOR  
HQFKHURVSQHXV  
/tTXLGRGHDUUHIHFLPHQWR
QmRXWLOL]DomR  
YHUOtTXLGRGHDUUHIHFLPHQWRGRPRWRU  
YHGDURVSQHXV  
/tTXLGRGHDUUHIHFLPHQWRGRPRWRU  
YHUNLWGHUHSDURGRVSQHXV  
DEHUWXUDSDUDDEDVWHFLPHQWR  
.LWGHUHSDURSDUDSQHXV
HVSHFLILFDomR  
PDLVGHXPSQHXGDQLILFDGR  
*  
*  
/ *SOXV  
*SOXVSOXV  
/kPSDGDVGHGHVFDUJDGHJiV  
*  
/kPSDGDVGH[HQ{QLR LQGLFDGRUGHWHPSHUDWXUD  
YHUOkPSDGDVGHGHVFDUJDGHJiV  OX]GHDGYHUWrQFLD  
/DQH$VVLVW UHDEDVWHFHU  
YHUDVVLVWHQWHGHSHUPDQrQFLDQDIDL[D   YHULILFDUQtYHOGROtTXLGRGHDUUHIHFLPHQWR 
/DQH$VVLVW3/86 /LVWDGHFRQWUROH
YHUDVVLVWHQWHGHSHUPDQrQFLDQDIDL[D DQWHVGHWUDEDOKRVQRFRPSDUWLPHQWRGR
3/86   PRWRU  
/DQWHUQDGHOHLWXUD   FDVRGHSDQH  
/DQWHUQDLQWHUQD   FLQWRVGHVHJXUDQoD 
/DQWHUQDVWUDVHLUDV FRPSOHWDURyOHRGRPRWRU  
WURFDGDOkPSDGDLQFDQGHVFHQWH   FRQWUROHVDRDEDVWHFHU 
/DYDGRUGHDOWDSUHVVmR   HPFDVRGHHPHUJrQFLD 
/DYDGRUHVGRVYLGURV   HUJXHURYHtFXORFRPRPDFDFR 
/DYDJHP   NLWGHUHSDURGRVSQHXV  
FRPODYDGRUGHDOWDSUHVVmR   SUHSDUDo}HVSDUDDWURFDGHURGD  
PDQXDO   SUHSDUDWLYRVGHYLDJHP  
UHYHVWLPHQWRGRVEDQFRV  
/DYDJHPGRYHtFXOR
VHJXUDQoDQDFRQGXomR 
SDUWLFXODULGDGHV  
VXVSHQGHURYHtFXORFRPRPDFDFR SRQWRV
/DYDURYHtFXOR  
GHDSRLRFREHUWRV  
SDUWLFXODULGDGHV  
WURFDGHOkPSDGDLQFDQGHVFHQWH  
UHEDWHURVHVSHOKRVUHWURYLVRUHVSDUDGHQ
YHULILFDURQtYHOGRyOHRGRPRWRU 
WUR  
YLDJHQVQRH[WHULRU 
VHQVRUHV  
/X]
/LJKW$VVLVW
DODYDQFDGRIDURODOWR 
YHUUHJXODJHPGRIDURODOWR  
DODYDQFDGRVLQGLFDGRUHVGHGLUHomR 
/LPLWDGRUGHIRUoD $872  
53&&

WHWRVRODUSDQRUkPLFR   &RPLQJ+RPH  


YLGURVHOpWULFRV   GHVOLJDU  
/LPLWDGRUGHIRUoDGRFLQWRGHVHJXUDQoD  IDUROEDL[R  
IDUROGHFRQYHUVmR  

ËQGLFHUHPLVVLYR 
IDUROGHURGDJHPGLXUQD  QDSRUWDGRFRQGXWRU  
IDUROGLUHFLRQDOGLQkPLFR   QtYHOGHiJXDGRVODYDGRUHVGRVYLGURV 
IDUROHODQWHUQDGHQHEOLQD   SLVDUQRIUHLR  
IXQo}HV   VHQVRUGRyOHRGRPRWRU  
LOXPLQDomRGRLQVWUXPHQWRFRPELQDGR   VLVWHPDGHFRQWUROHGDSUHVVmRGRVSQHXV  
LOXPLQDomRGRVLQVWUXPHQWRV   VLVWHPDGHIUHLR  
LOXPLQDomRGRVLQWHUUXSWRUHV   VLVWHPDGHSXULILFDomRGRJiVGHHVFDSH 
LQWHUUXSWRUGDVOX]HV   VLVWHPDUHJXODGRUGHYHORFLGDGH
OkPSDGDVGHGHVFDUJDGHJiV  *5$  
ODQWHUQDVGHOHLWXUD   VLVWHPD6WDUW6WRS  
ODQWHUQDVLQWHUQDV   WUDYDPHQWRFHQWUDO  
/HDYLQJ+RPH   WUDYDPHQWRGDFROXQDGDGLUHomR 
OLJDU   WURFDGHOkPSDGDLQFDQGHVFHQWH  
OX]GHHVWDFLRQDPHQWR   XQLGDGHGHFRQWUROHGRPRWRU  
OX]GHHVWDFLRQDPHQWRSHUPDQHQWHHPDP YLVWDJHUDO 
ERVRVODGRV   /X]GHHVWDFLRQDPHQWR 
OX]GHSRVLomR   /X]GHHVWDFLRQDPHQWRSHUPDQHQWH  
OX]GHSRVLomRSHUPDQHQWH   /X]GHSRVLomR 
OX]HVGHFRQWUROH  
/X]GHSRVLomRSHUPDQHQWH  
UHJXODJHPDXWRPiWLFDGRIDURODOWR  
/X]HVGHDGYHUWrQFLD  
UHJXODJHPGHDOFDQFHGRIDURO 
FRQWUROHDXWRPiWLFRGHGLVWkQFLD $&&  
UHJXODJHPGRIDURODOWR  
VLQDLVVRQRURV   /X]HVGHFRQWUROH
OX]  
/X]GHDGYHUWrQFLD
VLVWHPDGHDLUEDJ 
$G%OXH  
iJXDQRFRPEXVWtYHO   /X]]RQDSpV  
DOWHUQDGRU 
DWLYDU  
EDWHULDGRYHtFXOR 
0
0DFDFR  
FLQWRGHVHJXUDQoD 
PDQXWHQomR  
OtTXLGRGHDUUHIHFLPHQWRGRPRWRU  
5/LQH  
SLVDUQRIUHLR  
SRUWDV   0DoDQHWDH[WHUQDGDSRUWD  
SUHVVmRGRyOHRGRPRWRU   0DoDQHWDLQWHUQDGDSRUWD  
VLVWHPDGHIUHLR   0DQXWHQomRGRYHtFXOR
WDPSDGRFRPSDUWLPHQWRGHEDJDJHP   FRXURDUWLILFLDO 
WUDYDPHQWRGDFROXQDGDGLUHomR  PyGXORGRDLUEDJ SDLQHOGHLQVWUXPHQWRV  
YHULILFDURQtYHOGRyOHRGRPRWRU  SDUWLFXODULGDGHV  
YLVWDJHUDO  0(',$,1  
/X]GHFRQGXomR   0)$  
/X]GHFRQWUROH 0RGLILFDo}HV  
DEDVWHFHU   0RGLILFDo}HVQRYHtFXOR  
$G%OXH   HWLTXHWDVDGHVLYDV  
DVVLVWHQWHGHPXGDQoDGHIDL[D   SODTXHWDV  
DVVLVWHQWHGHSHUPDQrQFLDQDIDL[D   0RGLILFDo}HVWpFQLFDV  
DWLYDU   HWLTXHWDVDGHVLYDV  
FDWDOLVDGRU   SODTXHWDV  
FKDYHGRYHtFXOR   SODWDIRUPDHOHYDWyULD  
FLQWRGHVHJXUDQoD  0RGRGHUHFLUFXODomRGHDU  
FRQWUROHDXWRPiWLFRGHGLVWkQFLD $&&   GHVOLJDU  
FRQWUROHUHPRWR DTXHFLPHQWR GHVOLJDUWHPSRUDULDPHQWH  
HVWDFLRQiULR   IXQFLRQDPHQWR  
(6&  
0RGRGHYLDJHP  
ILOWURGHSDUWtFXODVGHGLHVHO  
SDUWLFXODULGDGHV  
LQGLFDGRUGHFRQWUROHGRVSQHXV  
0RQLWRUDPHQWRGRLQWHULRUGRYHtFXOR  
LQGLFDGRUGHGHVJDVWHGDSDVWLOKDGHIUHLR 
LQGLFDGRUGRQtYHOGHFRPEXVWtYHO   0RQWDJHQVHDFRSODPHQWRV  
PRWRUHLJQLomR  

 ËQGLFHUHPLVVLYR
0RWRU
DPDFLDPHQWR   3
IXQFLRQDPHQWRLUUHJXODUGRPRWRU   3DFRWHGHDWDGXUDV
UXtGRV   YHUNLWGHSULPHLURVVRFRUURV  
0RWRUHLJQLomR   3DLQHOGHLQVWUXPHQWRV  
ELRHWDQRO   OLPSH]D 
FKDYHGRYHtFXORQmRKDELOLWDGD  VLVWHPDGHDLUEDJ 
GHVOLJDURPRWRU   3DOKHWDVGRVOLPSDGRUHVGRSDUDEULVD
GHVOLJDURPRWRUFRP.H\OHVV$FFHVV   OLPSDU  
GRFLOLQGURGDLJQLomR   WURFDU  
LPRELOL]DGRUHOHWU{QLFR   3DQRGHSURWHomRGDERUGDGRFRPSDUWL
OLJDURPRWRU   PHQWRGHEDJDJHP  
OLJDURPRWRUFRP.H\OHVV$FFHVV   3DQRGHSURWHomRGRSDUDFKRTXH  
OX]GHFRQWUROH   3DUDEULVD
SUpDTXHFHURPRWRU   FRUULJLUGDQRVFDXVDGRVSRULPSDFWRGHSH
SUpLQFDQGHVFHU   GUDV RULHQWDomR  
WRPDGDV9  GHYLGURGHJUDGr  
0RWRUPXOWLFRPEXVWtYHO UHSDUDU RULHQWDomR  
DEDVWHFLPHQWR   VXEVWLWXLU RULHQWDomR  
0RWRUQRYR   YHULILFDUGDQRV  
YHUSDUDEULVD 
1 3DUDEULVDFRPUHYHVWLPHQWRPHWiOLFR  
3DUDEULVDLQIUDYHUPHOKR  
1~PHURGHDVVHQWRV  
3DUDVyLV  
1~PHURGHFyGLJR  
3DUDGRQRWUkQVLWR
1~PHURGHLGHQWLILFDomR 
SURWHJHURYHtFXOR  
1~PHURGHLGHQWLILFDomRGRYHtFXOR  
3DUDIXVRVGHURGD  
1~PHURGRFKDVVL   FDSDGHFREHUWXUD  
WRUTXHGHDSHUWR 
2 3DUDIXVRVGHURGDDQWLIXUWR  
2FWDQDJHP   3DUN$VVLVW  
ÏOHR 3DUN3LORW  
YHUyOHRGRPRWRU   FRPDQGDU  
IDOKDGHIXQFLRQDPHQWR  
ÏOHRGLHVHO  
QDFRQGXomRFRPUHERTXH  
DTXHFHGRUDX[LOLDU  
VLQDLVDF~VWLFRVHYLVXDLVGR3DUN3LORW  
ELRGLHVHO 
XWLOL]DomRGHODYDGRUGHDOWDSUHVVmR 
GLHVHOGHLQYHUQR  
SUpDTXHFLPHQWRGRILOWUR   3DUWLFXODULGDGHV
iJXDVRERYHtFXOR 
ÏOHRGRPRWRU  
DTXHFLPHQWRHVWDFLRQiULR  
DEHUWXUDGHHQFKLPHQWR  
ELRHWDQRO  
FRPSOHWDU  
FRQGX]LUFRPXPUHERTXH  
FRQVXPR  
GHVFRQHFWDUDEDWHULDGRYHtFXOR  
HVSHFLILFDomR  
GHVOLJDUR$XWR+ROG 
OX]GHDGYHUWrQFLD  
(DV\2SHQ  
OX]GHFRQWUROH  
HPSXUUDU  
WURFD  
HVWDFLRQDU  
YDUHWDPHGLGRUD  
ILOWURGHSDUWtFXODVGHGLHVHO  
YHULILFDURQtYHOGRyOHRGRPRWRU 
IRUPDomRGHIXPDoD  
2OKDLVGHDPDUUDomR  
IXQFLRQDPHQWRLUUHJXODUGRPRWRU  
2SHUDomRQRLQYHUQR .H\OHVV$FFHVV  
FRQVXPRGHFRPEXVWtYHO   ODYDGRUGHDOWDSUHVVmR  
2TXHDFRQWHFHFRPRVRFXSDQWHVGRYHt ODYDJHPGRYHtFXOR  
53&&

FXORVHPFLQWRGHVHJXUDQoD"   ODYDURYHtFXOR  


2TXHDFRQWHFHVH"   PRGRGHYLDJHP  
2ULHQWDo}HVSDUDFRQGXomR   RILFLQD 
URGDVREUHVVDOHQWH   RPRWRUGiVRODYDQFR 

ËQGLFHUHPLVVLYR 
SDUDGDVPDLVGHPRUDGDV   QRFRQVROHGRWHWR  
SDUDGDVPDLVORQJDV   RXWURVSRUWDREMHWRV  
3DUN3LORW   SRUWDOXYDV  
SX[DU   SRUWDPRHGDV 
UHEDWHURVHVSHOKRVUHWURYLVRUHVSDUDGHQ SRUWDyFXORV  
WUR   3RUWDyFXORV 
UHERFDU  3RUWDGRFRQGXWRU
UHFHSomRGRUiGLR   YLVWDJHUDO 
UHWLUDUDFKDYHGRYHtFXOR  3RUWDV  
VLVWHPDGHODYDJHPDXWRPiWLFR   IHFKDPHQWRRXDEHUWXUDGHHPHUJrQFLD  
3HoDVGHUHSRVLomR   OX]GHDGYHUWrQFLD  
3HGDLV   WUDYDGHVHJXUDQoDSDUDFULDQoDV  
3HOtFXODVGHFRUDWLYDV 3RUWLQKRODGRWDQTXH
FRQVHUYDUHOLPSDU   YHUWDPSDGRWDQTXH  
3HUIRUPDQFHV   3RVLomRGHVHUYLoRGRVOLPSDGRUHVGRSDUD
3HUJXQWDVHUHVSRVWDV   EULVD  
3HVRHPRUGHPGHPDUFKD  3RVLomRGRFDGDUoRGRFLQWRGHVHJXUDQoD 
3HVRV   3RVLomRQREDQFR
3HVRWRWDO   SRVWXUDLQFRUUHWD  
3ODTXHWDGHIiEULFD   3UpDTXHFLPHQWRGRILOWUR  
3ODTXHWDGHLGHQWLILFDomR   3UpDTXHFLPHQWRGRPRWRU 
3ODTXHWDV   3UpLQFDQGHVFLPHQWR  
3ODWDIRUPDHOHYDWyULD   3UpWHQVLRQDGRUGRFLQWRGHVHJXUDQoD  
3QHXSDUDRDQRWRGR   GHVFDUWH  
3QHXV VHUYLoRHGHVFDUWH  
YHUURGDVHSQHXV   3UHPLVVDV
3QHXVDVVLPpWULFRV  FkPHUDGHPDUFKDDUp  
3QHXVGHLQYHUQR   3UHSDUDWLYRVGHYLDJHP  
OLPLWHGHYHORFLGDGH   3UHVVmRGRDU
WUDomRQDVTXDWURURGDV   YHUSUHVVmRGRVSQHXV 
3QHXVPDLVYHOKRV   3UHVVmRGRVSQHXV  
3QHXVQRYRV   SUHVVmRGRVSQHXVGHFRQIRUWR  
URGDVREUHVVDOHQWH  
3QHXVSDUDPRELOLGDGH  
VLVWHPDGHFRQWUROHGRVSQHXV  
3QHXVXQLGLUHFLRQDLV  
YHULILFDU  
3ROLPHQWR  
3UHVVmRGRVSQHXVGHFRQIRUWR 
3RQWRPRUWR  
3ULQFtSLRItVLFRGHXPDDFLGHQWHIURQWDO  
3RQWRVGHDSRLRSDUDDVXVSHQVmRGRYHt
3URFHGLPHQWRVSUHSDUDWyULRV
FXOR  
UHDEDVWHFHUROtTXLGRGHDUUHIHFLPHQWRGR
3RUWDFRSRV   PRWRU  
FRQVROHFHQWUDOGLDQWHLUR   YHULILFDUQtYHOGROtTXLGRGHDUUHIHFLPHQWR
GHVFDQVDEUDoRFHQWUDOWUDVHLUR  GRPRWRU  
HQWUHRVDVVHQWRVWUDVHLURV  
3URIXQGLGDGHGRSHUILO  
3RUWDOXYDV
3URJUDPDHOHWU{QLFRGHHVWDELOLGDGH (6&  
OX]  
3URJUDPD/DXQFK&RQWURO  
YHUSRUWDOXYDV  
3URWHomRGDSDUWHLQIHULRUGRYHtFXOR  
3RUWDPRHGDV  
3URWHomRGRVFLQWRVGHVHJXUDQoD  
3RUWDREMHWRV  
FRQVROHFHQWUDO  3URWHomR6$)(  
FRQVROHFHQWUDOGLDQWHLUR   3URWHomRVRODU  
GHVFDQVDEUDoRFHQWUDOGLDQWHLUR  3URWHWRUGRFiUWHU  
GHVFDQVDEUDoRFHQWUDOWUDVHLUR  3X[DU  
HQWUHRVDVVHQWRVWUDVHLURV   SDUWLFXODULGDGHV  
ODGRGRFRQGXWRU  
OLWHUDWXUDGHERUGR  
OX]GRSRUWDREMHWRV  

 ËQGLFHUHPLVVLYR
5 5HFRPHQGDomRGHLQWHUYDOR 
FRPDQGR  
5/LQH GHVOLJDU  
WURFDGHURGD   IXQFLRQDPHQWR  
5HDU9LHZ OLJDU  
YHUFkPHUDGHPDUFKDDUp   5HFRPHQGDomRGHPDUFKD  
5HEDWHURHQFRVWRGREDQFRGRSDVVDJHLUR 5HFXUVRV  
GLDQWHLURSDUDIUHQWH   5HGHGRFRPSDUWLPHQWRGHEDJDJHP  
5HEDWLPHQWRGRHVSHOKRUHWURYLVRUH[WHUQR 5HGHSDUDEDJDJHP
GLUHLWR  FRPSDUWLPHQWRGHEDJDJHP  
5HERFDU   5HGXomRFDWDOtWLFDVHOHWLYD 
EDUUDGHUHERTXH   5HGXomRGDGLVWkQFLDGHSDUDGD  
FDERGHUHERTXH  
5HJHQHUDomR  
FRPGLVSRVLWLYRGHUHERTXH  
5HJLVWUDUGDGRV  
RSUySULRYHtFXOR  
SDUWLFXODULGDGHV   5HJLVWURGHIDOKDV
SURLELomRGHUHERTXH   FRQHFWRU  
WUDomRQDVTXDWURURGDV   OHU  
WUDQVPLVVmRDXWRPiWLFD   YHUUHJLVWURGHIDOKDV  
WUDQVPLVVmRPDQXDO  5HJLVWURVGHGDGRVGXUDQWHDFRQGXomR  
XPYHtFXORGHWHUFHLURV   5HJXODJHPDXWRPiWLFDGRIDURODOWR  
5HERTXH   GHVOLJDU  
DUJRODGHUHERTXHGLDQWHLUD   OLJDU  
DUJRODGHUHERTXHWUDVHLUD  5HJXODJHPGDVXVSHQVmR  
DVVLVWHQWHGHPXGDQoDGHIDL[D   5HJXODJHPGHDOFDQFHGRIDURO  
FDERGHUXSWXUD   UHJXODJHPGHDOFDQFHGRIDUROGLQkPLFD  
FDUJDGHDSRLR   UHJXODJHPGHGHDOWXUDWRWDOPHQWHDXWRPi
FDUJDGHUHERTXH  WLFD 
FDUUHJDU   5HJXODJHPGHDOFDQFHGRIDUROGLQkPLFD  
FRQGLo}HVWpFQLFDV  5HJXODJHPGHDOWXUDGRFLQWRGHVHJXUDQ
FRQGX]LU   oD  
FRQGX]LUFRPXPUHERTXH   5HJXODJHPGLQkPLFDGDVXVSHQVmR  
FRQHFWDU   FRPDQGR  
FRQWUROHGHHVWDELOLGDGHGRFRQMXQWR   IDOKDGHIXQFLRQDPHQWR  
GHVWUDYDUDUyWXODGHHQJDWHHOpWULFD   IXQFLRQDPHQWR  
GHVWUDYDUHOHWULFDPHQWH  
5HJXODJHPGRIDURODOWR  
HVSHOKRVUHWURYLVRUHVH[WHUQRV  
GHVOLJDU  
H[WLQWRUGHLQFrQGLR  
IDOKDGHIXQFLRQDPHQWR  
IDOKDGHIXQFLRQDPHQWR  
OLJDU  
LQVWDODURGLVSRVLWLYRGHUHERTXHSRVWHULRU
5HJXODU
PHQWH  
DOFDQFHGRIDURO  
ODQWHUQDVWUDVHLUDV  
DUFRQGLFLRQDGR  
ODQWHUQDVWUDVHLUDVFRP/('  
RULHQWDo}HVSDUDFRQGXomR   5HOyJLR  
3DUN3LORW   5HOyJLRGLJLWDO  
SDUWLFXODULGDGHV   5HPRYHUDQHYH  
UHJXODJHPGRIDURO   5HPRYHURJHOR  
UyWXODGHHQJDWHGHVWUDYiYHO   5HPRYHUUHVtGXRVGHFHUD  
VLVWHPDGHDODUPHDQWLIXUWR   5HSDURV  
WRPDGD   HWLTXHWDVDGHVLYDV  
5HFHSomRGHUiGLR SDUDEULVD 
IDOKDGHIXQFLRQDPHQWR   SODTXHWDV  
5HFHSomRGRUiGLR SODWDIRUPDHOHYDWyULD  
53&&

DQWHQD   VLVWHPDGHDLUEDJ 


IDOKDGHIXQFLRQDPHQWR   5HSURJUDPDomRGDVXQLGDGHVGHFRQWUROH 
5HFLSLHQWHSDUDUHVHUYD  
5HFROKLPHQWRGHYHtFXORVHPILPGHYLGD 

ËQGLFHUHPLVVLYR 
5HYHVWLPHQWRGRVEDQFRV   UXtGRV
FRQVHUYDUHOLPSDURFRXURQDWXUDO   UHJHQHUDomR 
FRXURDUWLILFLDO  5XtGRV
OLPSDUDFDSDGHWHFLGR   DTXHFLPHQWRHVWDFLRQiULR  
OLPSDU$OFDQWDUD   EDQFRVYHQWLODGRV  
OLPSDURHVWRIDPHQWR   FRQWUROHDXWRPiWLFRGHGLVWkQFLD $&&  
OLVWDGHFRQWUROH   IUHLRGHHVWDFLRQDPHQWR 
PDQXVHLR   PRWRU  
PDQXVHLRGRUHYHVWLPHQWRGRVEDQFRV   SQHXV  
5RGDOLYUH   VLVWHPDVGHDVVLVWrQFLDjIUHQDJHP  
5RGDUHVHUYD
YHUURGDVREUHVVDOHQWH  
5RGDVHSQHXV  
6
DPDFLDU   6$)(/2&.
DUPD]HQDURVSQHXV   YHUSURWHomR6$)( 
DURV   6DLUGDYDJDGHHVWDFLRQDPHQWR
EDODQFHDPHQWRGDVURGDV   DVVLVWHQWHGHGLUHomRSDUDHVWDFLRQDPHQ
FDSDFLGDGHGHFDUJDGRVSQHXV   WR  
FyGLJRGHYHORFLGDGH   6DLUGDYDJDGHHVWDFLRQDPHQWRFRPRDV
FRUUHQWHVSDUDQHYH   VLVWHQWHGHGLUHomRSDUDHVWDFLRQDPHQWR  
GDGRVWpFQLFRV   6DOYDPHQWRGHGDGRVGRYHtFXOR 
GDQRVQRVSQHXV   6DOYDUGDGRV  
GHVJDVWHGRSQHX   6HJXUDQoDGHFRQGXomR  
HYLWDUGDQRV   6HOHWRUEDVFXODQWH
IDOKDQRDOLQKDPHQWRGDVURGDV  7LSWURQLF  
IDOWDGHEDODQFHDPHQWR  
6HQVRUGHFKXYDHGHOX]  
JXDUGDUDURGDWURFDGD  
IDOKDGHIXQFLRQDPHQWR  
LGHQWLILFDomR  
YHUVHQVRUGHFKXYDHGHOX]  
LQGLFDGRUGHGHVJDVWH  
6HQVRUGRUDGDU  
LQVFULomRGRVSQHXV  
PDLVGHXPSQHXGDQLILFDGR   6HQWDU
Q~PHURGHLQVFULomRGRVSQHXV 7,1   EDQFRFRPPHPyULD  
Q~PHURGHVpULH   HQFRVWRGREDQFRWUDVHLUR  
SHQHWUDomRGHFRUSRVHVWUDQKRV   6HUYLoRVGHWHOHPiWLFD
SQHXVDVVLPpWULFRV   YHU&DU1HW  
SQHXVGHEDL[RSHUILO   6HUYLoRVRQOLQH
SQHXVGHLQYHUQR   YHU&DU1HW  
SQHXVPDLVYHOKRV   6HUYLoRVRQOLQHPyYHLV
SQHXVQRYRV  YHU&DU1HW  
SQHXVSDUDRDQRWRGR   6HUYRDVVLVWrQFLDGDGLUHomR  
SQHXVXQLGLUHFLRQDLV   6HUYRIUHLR 
SUHVVmRGRVSQHXV  6LGH$VVLVW  
SURIXQGLGDGHGRSHUILO  
6LJQ$VVLVW  
URGDVREUHVVDOHQWH  
6tPERORGHFKDYHIL[D 
URGt]LRGDVURGDV  
VXEVWLWXLURVSQHXV   6tPERORV
WDPSDVGDVYiOYXODV   YHUYLVWDJHUDOGDVOX]HVGHDGYHUWrQFLD  
WURFDUDURGD  YHUYLVWDJHUDOGDVOX]HVGHFRQWUROH  
YHUURGDVHSQHXV   6LQDLVLQWHUPLWHQWHVGHFRQIRUWR  
5RGDVREUHVVDOHQWH   6LQDLVVRQRURV
RULHQWDo}HVSDUDFRQGXomR   OX]  
5RGDVVREUHVVDOHQWH 6LVWHPDDQWLEORTXHLRGRIUHLR $%6  
UHPRYHU   6LVWHPDGHDLUEDJ  
5yWXODGHHQJDWH DLUEDJVIURQWDLV  
GHVWUDYDUHOHWULFDPHQWH   DLUEDJVODWHUDLV 
5yWXODGHHQJDWHPHFDQLFDPHQWHJLUDWyULD DLUEDJVSDUDFDEHoD  
PRQWDUVXSRUWHGHELFLFOHWDV   FRQVHUYDomRGRYHtFXOR  
GHVFULomR  

 ËQGLFHUHPLVVLYR
GHVOLJDPHQWRDXWRPiWLFDGDEDWHULD   6LVWHPDGHUHFRQKHFLPHQWRGHFDQVDoR  
GHVOLJDUFRPRLQWHUUXSWRUDFLRQDGRSHOD FRPDQGR  
FKDYH  GHVOLJDU  
GHVOLJDURDLUEDJIURQWDOGRSDVVDJHLURGLDQ IDOKDGHIXQFLRQDPHQWR  
WHLUR   IXQFLRQDPHQWR  
GLIHUHQoDGRVVLVWHPDVGHDLUEDJIURQWDOGR OLJDU  
SDVVDJHLURGLDQWHLUR   6LVWHPDGHVLVWHPDGHUHFRQKHFLPHQWRGD
IXQomR   VLQDOL]DomRGHWUkQVLWR
OLPLWDo}HV   OLJDU  
OLPSH]DGRSDLQHOGHLQVWUXPHQWRV   6LVWHPDGHWUDYDPHQWRHGHSDUWLGD.H\OHVV
OX]HVGHFRQWUROH   $FFHVV
UHSDURV  GHVOLJDURPRWRU  
WUDYDURYHtFXORDSyVDWLYDomR   OLJDURPRWRU  
XWLOL]DomRGHFDGHLUDVGHFULDQoD  YHU.H\OHVV$FFHVV  
6LVWHPDGHDODUPH   6LVWHPDGHYHQWLODomRHDTXHFLPHQWR
6LVWHPDGHDODUPHDQWLIXUWR   YHUDUFRQGLFLRQDGR  
DODUPHDQWLUUHERFDJHP   6LVWHPDUHJXODGRUGHYHORFLGDGH *5$  
GHVFULomR   FRPDQGDU  
PRQLWRUDPHQWRGRLQWHULRUGRYHtFXOR  LQGLFDGRUGRGLVSOD\  
UHERTXH   LQGLFDGRUHVGRGLVSOD\  
ULVFRVGHIDOKDGRDODUPH  OX]GHFRQWUROH  
6LVWHPDGHDVVLVWrQFLD 6LVWHPDV
FkPHUDGHPDUFKDDUp   $%6  
6LVWHPDGHEDJDJHLUR   $65  
6LVWHPDGHFRQWUROHGDSUHVVmRGRVSQHXV   DVVLVWHQWHGHDUUDQTXH  
DGHTXDUDSUHVVmRGRVSQHXV   DVVLVWHQWHGHGLUHomRSDUDHVWDFLRQDPHQ
IDOKDGHIXQFLRQDPHQWR   WR  
LQGLFDGRUGDSUHVVmRGRVSQHXV   DVVLVWHQWHGHIUHQDJHP %$6  
OLJDURXGHVOLJDU   DVVLVWHQWHGHPXGDQoDGHIDL[D  
OX]GHFRQWUROH   DVVLVWHQWHGHSHUPDQrQFLDQDIDL[D  
URGDVREUHVVDOHQWH   $XWR+ROG  
VHOHFLRQDUDSUHVVmRGRVSQHXVHVSHFLILFD %$6  
GDSDUDFDUJDSDUFLDORXFDUJDWRWDO   EORTXHLRHOHWU{QLFRGRGLIHUHQFLDO ('6  
VHOHFLRQDURVWLSRVGHSQHX   FkPHUDGHPDUFKDDUp  
VXEVWLWXLUSQHXV   FRQWUROHDXWRPiWLFRGDOX]GHFRQGXomR  
6LVWHPDGHFRQWUROHGRVSQHXV   FRQWUROHDXWRPiWLFRGHGLVWkQFLD $&&  
LQGLFDGRUGHFRQWUROHGRVSQHXV   FRQWUROHGHWUDomR  
6LVWHPDGHGLDJQyVWLFR2Q%RDUG 2'%   FRQWUROHGHWUDomR $65  
6LVWHPDGHIUHLR '&&  
YHUIUHLR   GHVOLJDU  
('6  
6LVWHPDGHLQIRUPDo}HV9RONVZDJHQ  
(6&  
HVWUXWXUDGRPHQX  
IDUROGHFRQYHUVmR  
LQGLFDGRUHV 
IDUROGLUHFLRQDOGLQkPLFR  
6LVWHPDGHODYDJHPDXWRPiWLFR  
LQGLFDGRUGHFRQWUROHGRVSQHXV  
GHVOLJDURDVVLVWHQWHGHDUUDQTXH  
OLJDU  
GHVOLJDUR$XWR+ROG 
3DUN$VVLVW  
6LVWHPDGHPRQLWRUDPHQWRSHULIpULFR  3DUN3LORW  
IXQomRGHIUHQDJHPGHHPHUJrQFLD&LW\   SURJUDPDHOHWU{QLFRGHHVWDELOLGDGH (6&  
6LVWHPDGHSXULILFDomRGRJiVGHHVFDSH  SURJUDPD/DXQFK&RQWURO  
OX]GHFRQWUROH   UHFRPHQGDomRGHLQWHUYDOR  
6LVWHPDGHUHFRQKHFLPHQWRGDVLQDOL]DomR UHFRQKHFLPHQWRGDVLQDOL]DomRGHWUkQVLWR  
GHWUkQVLWR   UHJXODJHPDXWRPiWLFDGRIDURODOWR  
GHVOLJDU   UHJXODJHPGLQkPLFDGDVXVSHQVmR  
53&&

IXQFLRQDPHQWR   UHJXODJHPGRIDURODOWR  


LQGLFDGRUGRGLVSOD\   6LGH$VVLVW  
UHERTXH   6LJQ$VVLVW  
VLVWHPDDQWLEORTXHLRGRIUHLR $%6  

ËQGLFHUHPLVVLYR 
VLVWHPDGHFRQWUROHGDSUHVVmRGRVSQHXV   6RQVGHDGYHUWrQFLD
VLVWHPDGHPRQLWRUDPHQWRSHULIpULFR  OX]HVGHDGYHUWrQFLDHGHFRQWUROH  
VLVWHPDGHUHFRQKHFLPHQWRGHFDQVDoR   6XEVWLWXLomRGHSHoDV  
VLVWHPDUHJXODGRUGHYHORFLGDGH *5$   6XEVWLWXLUOkPSDGDLQFDQGHVFHQWH  
VLVWHPDVGHFRQWUROHGRVSQHXV   6XEVWLWXLUOkPSDGDV
VLVWHPD6WDUW6WRS   YHUWURFDGHOkPSDGDLQFDQGHVFHQWH  
WLSRVGRVVLVWHPDVGHFRQWUROHGRVSQHXV 
6XFDWHDPHQWR  
;'6  
6XSHUItFLHVDQRGL]DGDV  
6LVWHPDVGHDVVLVWrQFLD
6XSRUWHGHELFLFOHWDV
DVVLVWHQWHGHDUUDQTXH  
FDUJDPi[LPD  
DVVLVWHQWHGHGLUHomRSDUDHVWDFLRQDPHQ
PRQWDUQDUyWXODGHHQJDWHJLUDWyULD  
WR  
DVVLVWHQWHGHIUHQDJHP %$6   6XVSHQGHURYHtFXOR
DVVLVWHQWHGHPXGDQoDGHIDL[D   FRPRPDFDFR  
DVVLVWHQWHGHSHUPDQrQFLDQDIDL[D   PDFDFR  
$XWR+ROG   SODWDIRUPDHOHYDWyULD  
EORTXHLRHOHWU{QLFRGRGLIHUHQFLDO ('6   5/LQH  
FRQWUROHDXWRPiWLFRGHGLVWkQFLD $&&   6XVSHQGHURYHtFXOR SRQWRVGHDSRLRFR
FRQWUROHGHWUDomR $65   EHUWRV
'&&   OLVWDGHFRQWUROH  
LQGLFDGRUGHFRQWUROHGRVSQHXV   6XVSHQVmRGRYHtFXOR
OX]HVGHFRQWUROH   FRPSODWDIRUPDHOHYDWyULD  
3DUN$VVLVW  
3DUN3LORW  
SURJUDPDHOHWU{QLFRGHHVWDELOLGDGH (6&  
7
UHFRPHQGDomRGHLQWHUYDOR   7DF{PHWUR FRQWDJLURV  
UHJXODJHPGLQkPLFDGDVXVSHQVmR   7DPSDGRFRPSDUWLPHQWRGHEDJDJHP 
6LGH$VVLVW   DEULU  
6LJQ$VVLVW   FRQGX]LUFRPDWDPSDGRFRPSDUWLPHQWRGH
VLVWHPDDQWLEORTXHLRGRIUHLR $%6   EDJDJHPDEHUWD  
VLVWHPDGHFRQWUROHGDSUHVVmRGRVSQHXV   GHVWUDYDU  
VLVWHPDGHFRQWUROHGRVSQHXV   GHVWUDYDURXWUDYDU 
VLVWHPDGHPRQLWRUDPHQWRSHULIpULFR  IHFKDPHQWRRXDEHUWXUDGHHPHUJrQFLD  
VLVWHPDGHPRQLWRUDPHQWRSHULIpULFR )URQW IHFKDU  
$VVLVW   OX]GHDGYHUWrQFLD  
VLVWHPDGHUHFRQKHFLPHQWRGDVLQDOL]DomR WUDYDU  
GHWUkQVLWR   7DPSDGRFRPSDUWLPHQWRGRPRWRU
VLVWHPDGHUHFRQKHFLPHQWRGHFDQVDoR   DEULU  
VLVWHPDUHJXODGRUGHYHORFLGDGH *5$   IHFKDU  
VLVWHPD6WDUW6WRS   LQGLFDGRUGRGLVSOD\  
WLSRVGRVVLVWHPDVGHFRQWUROHGRVSQHXV  YHUWDPSDGRFRPSDUWLPHQWRGRPRWRU  
6LVWHPDVGHDVVLVWrQFLDjIUHQDJHP   7DPSDGRWDQTXH
$%6   ELRHWDQRO  
$65   GLHVHO  
%$6   JDVROLQD  
('6   7DPSDVGDVYiOYXODV 
(6&   7DPSDWUDVHLUD
;'6   YHUWDPSDGRFRPSDUWLPHQWRGHEDJDJHP 
6LVWHPDVGHDVVLVWrQFLDDRFRQGXWRU 7DSHWHV  
FkPHUDGHPDUFKDDUp   7HOHIRQHFHOXODU
GHVOLJDU   XWLOL]DomRVHPDQWHQDH[WHUQD  
OLJDU  
7HOHIRQHPyYHO
6LVWHPDVGHFRQWUROHGRVSQHXV   XWLOL]DomRVHPDQWHQDH[WHUQD  
VLVWHPDGHFRQWUROHGDSUHVVmRGRVSQHXV  
7HOHIRQHYHLFXODU  
WLSRVGRVVLVWHPDVGHFRQWUROHGRVSQHXV 
7HPSRPDW
6LVWHPD6WDUW6WRS  
YHUVLVWHPDUHJXODGRUGHYHORFLGDGH
*5$  

 ËQGLFHUHPLVVLYR
7HWRVRODU 7UDQVSRUWDU  
YHUWHWRVRODUSDQRUkPLFR   EDJDJHLURGRWHWR  
7HWRVRODUSDQRUkPLFR   FDUJDVGHUHERTXH  
DEHUWXUDGHFRQIRUWR  FDUUHJDURUHERTXH  
DEULU   FRQGX]LUFRPDWDPSDGRFRPSDUWLPHQWRGH
IDOKDGHIXQFLRQDPHQWR   EDJDJHPDEHUWD  
IHFKDPHQWRGHFRQIRUWR   FRQGX]LUFRPXPUHERTXH  
IHFKDPHQWRGHHPHUJrQFLD   GLVSRVLWLYRSDUDWUDQVSRUWHGHREMHWRVORQ
IHFKDU   JRV 
OLPLWDGRUGHIRUoD   JDQFKRVSDUDVDFRODV  
7,1  JXDUGDUYROXPHVGHEDJDJHP  
7LSRVGRVVLVWHPDVGHFRQWUROHGRVSQHXV   ROKDLVGHDPDUUDomR  
RULHQWDo}HVSDUDFRQGXomR  
7LSWURQLF  
SDQRGHSURWHomRGRSDUDFKRTXH 
7LUH0RELOLW\6HW
UHEDWHURHQFRVWRGREDQFRGRSDVVDJHLUR
YHUNLWGHUHSDURGRVSQHXV  
GLDQWHLURSDUDIUHQWH  
7RPDGDV   UHERTXH  
9   UHGHSDUDEDJDJHP  
9   VLVWHPDGHEDJDJHLUR 
9  
7UDYDGHVHJXUDQoDSDUDFULDQoDV 
FREHUWXUD  
7UDYDGRVDURV
IDOKDGHIXQFLRQDPHQWR  
YHUSDUDIXVRVGHURGDDQWLIXUWR  
UHERTXH  
7UDYDPHQWRFHQWUDO  
7RS7HWKHU
DEHUWXUDLQGHSHQGHQWHGDSRUWD 
YHUFDGHLUDGHFULDQoD  
ERWmRGRWUDYDPHQWRFHQWUDO  
7RUTXHGHDSHUWR
GHVFULomR  
SDUDIXVRVGHURGD  
GHVWUDYDUHWUDYDUSRUGHQWUR  
7UDomR   GHVWUDYDURXWUDYDUSRUIRUD  
7UDomRQDVTXDWURURGDV .H\OHVV$FFHVV  
FRUUHQWHVSDUDQHYH   SURWHomR6$)( 
SQHXVGHLQYHUQR   VLVWHPDGHDODUPHDQWLIXUWR  
UHERFDU  7UDYDPHQWR6$)(
7UDQVPLVVmRDXWRPiWLFD   YHUSURWHomR6$)( 
DUUDQFDUHPODGHLUDV   7UDYDU
FRQGX]LU   DSyVDWLYDomRGRDLUEDJ 
GHVWUDYDPHQWRGHHPHUJrQFLDGDDODYDQFD FRP.H\OHVV$FFHVV  
VHOHWRUD   SRUGHQWUR 
'6*   SRUIRUD 
IDOKDGHIXQFLRQDPHQWR  
7UDYHVVLDGHWUHFKRVDODJDGRV  
)DOKDIXQFLRQDO 
7UDYHVVLDGHWUHFKRVDODJDGRVFRPiJXD
IXQomR.LFN'RZQ  
VDOJDGD  
SDUDUHPODGHLUDV  
SRQWRPRUWR   7UHDGZHDU 
SURJUDPD/DXQFK&RQWURO   7ULkQJXORGHVHJXUDQoD  
UHERFDU  7URFDGDOkPSDGDLQFDQGHVFHQWH
WUDQVPLVVmRGHGXSODHPEUHDJHP ODQWHUQDVWUDVHLUDV  
'6*  7URFDGHOkPSDGDLQFDQGHVFHQWH
WUDYDGHEORTXHLRGDFKDYHGHLJQLomR   GRIDUROGHQHEOLQD YHUVmR5/LQH  
WURFDUDPDUFKD   GRSDUDFKRTXHGLDQWHLUR 5/LQH  
YHUWDPEpPWURFDUPDUFKDV   IDUROGHQHEOLQD  
YHUWUDQVPLVVmRDXWRPiWLFD   ODQWHUQDGDSODFDGHOLFHQoD  
7UDQVPLVVmRGHGXSODHPEUHDJHP OLVWDGHFRQWUROH  
YHUWUDQVPLVVmRDXWRPiWLFD   QDFDUURFHULD  
7UDQVPLVVmRPDQXDO   QDWDPSDGRFRPSDUWLPHQWRGHEDJDJHP 
53&&

UHERFDU  QRIDUROGLDQWHLUR KDORJrQHR  


YHUWDPEpPWURFDUPDUFKDV   QRIDUROGLDQWHLUR OkPSDGDVFRPGHVFDUJD
GHJiV  
QRSDUDFKRTXHGLDQWHLUR  

ËQGLFHUHPLVVLYR 
7URFDGHOkPSDGDVLQFDQGHVFHQWHV 9LGURV
Do}HVGHSUHSDUDomR   YHUYLGURVHOpWULFRV  
OX]GHFRQWUROH   9LGURVHOpWULFRV  
7URFDGHURGD   DEHUWXUDDXWRPiWLFD  
Do}HVGHSUHSDUDomR   DEHUWXUDGHFRQIRUWR 
DSyVDWURFDGHURGD   DEULU  
PDLVGHXPSQHXGDQLILFDGR   ERW}HV  
SDUDIXVRVGHURGD   IDOKDGHIXQFLRQDPHQWR  
5/LQH   IHFKDPHQWRGHFRQIRUWR  
VXVSHQGHURYHtFXOR  IHFKDU  
WURFDUDURGD  IXQomRGHIHFKDPHQWRHDEHUWXUDDXWRPiWL
7URFDUDPDUFKD FD 
FRPR7LSWURQLF  OLPLWDGRUGHIRUoD  
GHVWUDYDPHQWRGHHPHUJrQFLDGDDODYDQFD 9LVWDJHUDO
VHOHWRUD   DODYDQFDGRVLQGLFDGRUHVGHGLUHomRHGR
HQJDWDUDPDUFKD WUDQVPLVVmR IDURODOWR 
DXWRPiWLFD   HVWUXWXUDGRPHQX  
HQJDWDUDPDUFKD WUDQVPLVVmRPDQXDO   LQVWUXPHQWRV  
UHFRPHQGDomRGHPDUFKD   ODGRGRFRQGXWRU  
WUDQVPLVVmRDXWRPiWLFD   ODGRGRSDVVDJHLURGLDQWHLUR  
WUDQVPLVVmRPDQXDO  OX]HVGHDGYHUWrQFLD  
7URFDUPDUFKDV   OX]HVGHFRQWUROH  
SDUWHLQIHULRUGRFRQVROHFHQWUDO 
SDUWHVXSHULRUGRFRQVROHFHQWUDO 
8 SRUWDGRFRQGXWRU 
8QLGDGHGHFRQWUROHGRPRWRU   UHYHVWLPHQWRGRWHWR  
OX]GHFRQWUROH   YLVWDIURQWDO 
8QLGDGHVGHFRQWUROH   YLVWDODWHUDO 
UHSURJUDPDomR  YLVWDWUDVHLUD 
9LVWDJHUDOGDVOX]HVGHDGYHUWrQFLD  
9 9LVWDJHUDOGDVOX]HVGHFRQWUROH 
9LVWDJHUDOGRYHtFXOR
9DUHWDPHGLGRUDGHyOHR   ODGRGRFRQGXWRU  
9HGDo}HVGHERUUDFKD   ODGRGRSDVVDJHLURGLDQWHLUR  
YHtFXOR SDUWHLQIHULRUGRFRQVROHFHQWUDO 
FRQFHGHU   SDUWHVXSHULRUGRFRQVROHFHQWUDO 
YHQGHU   SRUWDGRFRQGXWRU 
9HtFXOR UHYHVWLPHQWRGRWHWR  
FDUUHJDGR  YLVWDIURQWDO 
GHVWUDYDURXWUDYDUFRP.H\OHVV$FFHVV   YLVWDODWHUDO 
GHVWUDYDURXWUDYDUSRUGHQWUR   YLVWDWUDVHLUD 
GHVWUDYDURXWUDYDUSRUIRUD   9LVWDVH[WHUQDV  
SDUDUHPGHFOLYHV  9RODQWH
SDUDUHPVXELGDV   WUDomRXQLODWHUDO  
SURWHomRHPFDVRGHSDQH   YHUGLUHomR  
UHFLFODJHP   YLEUDomR  
UHFROKLPHQWR   9RODQWHPXOWLIXQo}HV  
9HORFLGDGHPi[LPD   9ROXPHV
9HQGDGRYHtFXOR   UHVHUYDWyULRGH$G%OXH  
&DU1HW  
HPRXWURVSDtVHVFRQWLQHQWHV  
9HQWLODomRGRVEDQFRV   ;
9HQWLODomRLQGLUHWD  ;'6
9HULILFDURQtYHOGRyOHR   YHUVLVWHPDVGHDVVLVWrQFLDjIUHQDJHP  
9LDJHQVLQWHUQDFLRQDLV
IDURO  
OLVWDGHFRQWUROH  

 ËQGLFHUHPLVVLYR
$9RONVZDJHQ$*WUDEDOKDFRQVWDQWHPHQWHQRGH 1mRVmRSHUPLWLGDVDLPSUHVVmRUHSURGXomRHWUD
VHQYROYLPHQWRFRQWtQXRGHWRGRVRVWLSRVHPRGH GXomRWRWDORXSDUFLDOVHPDXWRUL]DomRSRUHVFULWR
ORVGHYHtFXOR3RUHVVHPRWLYRSHGLPRVDVXD GD9RONVZDJHQ$*
FRPSUHHQVmRSDUDRIDWRGHTXHDOWHUDo}HVQDIRU
7RGRVRVGLUHLWRVGHVWHPDWHULDOVmRH[SUHVVDPHQ
PDQRVHTXLSDPHQWRVHQDWHFQRORJLDGRVYHtFX
WHUHVHUYDGRVj9RONVZDJHQ$*FRQIRUPHDOHJLV
ORVVmRSRVVtYHLVDTXDOTXHUWHPSR$VLQGLFDo}HV
ODomRGHGLUHLWRVDXWRUDLV5HVHUYDGRRGLUHLWRD
VREUHDDEUDQJrQFLDGHIRUQHFLPHQWRDDSDUrQFLD
PRGLILFDo}HV
DSRWrQFLDDVGLPHQV}HVRVSHVRVRFRQVXPR
GHFRPEXVWtYHODVQRUPDVHDVIXQo}HVGRVYHt 3URGX]LGRQD$OHPDQKD
FXORVFRUUHVSRQGHPjVLQIRUPDo}HVGLVSRQtYHLV ‹9RONVZDJHQ$*
QRIHFKDPHQWRGDUHGDomRGHVWHPDQXDOeSRVVt
YHOTXHDOJXPDVYHUV}HVVyHVWHMDPGLVSRQtYHLV 3DSHOSURGX]LGRFRPFHOXORVHHPEUDQTXHFL
QXPPRPHQWRSRVWHULRU D&RQFHVVLRQiULD9RONV GDVHPFORUR
ZDJHQORFDOSRGHIRUQHFHUDVLQIRUPDo}HV RXVH
MDPRIHUHFLGDVVRPHQWHHPGHWHUPLQDGRVPHUFD
GRV1mRVmRDGPLVVtYHLVUHLYLQGLFDo}HVGHULYDGDV
GDVLQGLFDo}HVILJXUDVHGHVFULo}HVGHVWHPDQXDO
0DQXDOGHLQVWUXo}HV
&&9RONVZDJHQ&&
'DWDGHIHFKDPHQWR
3RUWXJXrV%UDVLO
1~PHURGHDUWLJR53&&

lg53&& m
53&&

You might also like