You are on page 1of 17

  5(62/8d­2 '( 352%/(0$6

6HJXHVH XPD OLVWD GH DODUPHV FRP D SULRULGDGH FRQ


GLomR DWLYDomR H PHGLGD GH UHSRVLomR

6HJXHVH XPD OLVWD GH DODUPHV FRP D SULRULGDGH FRQGLomR DWLYDomR H PHGLGD GH UHSRVLomR
&yGLJR 5HSRVLomR
3ULRUL
GH 7tWXOR GH DODUPH 9LVRU &RQGLomR GH YHUL¿FDomR $WLYDomR
GDGH
DODUPH
7HPSHUDWXUD GR OtTXLGR 0RWRU PHFkQLFR H PRWRU HP 7HPSHUDWXUD   ƒ&
+LJK 7HPSHUDWXUD !  ƒ&  ƒ)
$ GH UHIULJHUDomR GR PRWRU IXQFLRQDPHQWR H R VHQVRU GH  ƒ) GXUDQWH 
$OWR GXUDQWH  VHJXQGRV
$/7$ WHPSHUDWXUD VHP DYDULD VHJXQGRV
(QJLQH 2LO 7HPSHUDWXUH 0RWRU ,YHFR H PRWRU HP 7HPSHUDWXUD   ƒ&
+LJK 7HPSHUDWXUD !  ƒ&  ƒ)
$ +,*+ 7HPSHUDWXUD GR IXQFLRQDPHQWR H R VHQVRU (27  ƒ) GXUDQWH 
$OWR GXUDQWH  VHJXQGRV
yOHR GR PRWRU (/(9$'$ VHP DYDULD VHJXQGRV
(QJLQH 2LO 3UHVVXUH 3UHVVmR !  EDU
+LJK 0RWRU HP IXQFLRQDPHQWR H VHQVRU GH 3UHVVmR   EDU  SVL GXUDQWH
$ /2: 3UHVVmR GR yOHR  SVL GXUDQWH 
$OWR SUHVVmR VHP DYDULD  VHJXQGRV
GR PRWRU %$,;$ VHJXQGRV
7HQVmR GD EDWHULD !
/RZ 7HQVmR GD EDWHULD   9 GXUDQWH
$ 7HQVmR GD EDWHULD EDL[D 0RWRU D WUDEDOKDU  9 YROWV GXUDQWH 
%DL[R  VHJXQGRV
VHJXQGRV
1tYHO GH FRPEXVWtYHO
1tYHO GH FRPEXVWtYHO /RZ 6HQVRU GH QtYHO GR FRPEXVWtYHO VHP 1tYHO GH FRPEXVWtYHO  
$ ! GXUDQWH 
EDL[R %DL[R DYDULD GXUDQWH  VHJXQGRV
VHJXQGRV
&RQ¿JXUDomR GR VHQVRU GR ¿OWUR GH 7HQVmR GH HQWUDGD
/RZ 7HQVmR GH HQWUDGD   9
$ )LOWUR GR DU REVWUXtGR DU GH¿QLGD FRPR 1­2 ,167$/$'2 H !  9 GXUDQWH 
%DL[R GXUDQWH  VHJXQGRV
LQWHUUXSWRU GR ¿OWUR GH DU VHP DYDULD VHJXQGRV
7HPSHUDWXUD   ƒ&
7HPSHUDWXUD QD FDL[D GH +LJK 0RWRU D WUDEDOKDU H FKDYH GH LJQLomR 7HPSHUDWXUD !  ƒ&  ƒ)
$  ƒ) GXUDQWH 
HQJUHQDJHQV DOWD $OWR QD SRVLomR OLJDGD GXUDQWH  VHJXQGRV
VHJXQGRV
7HPSHUDWXUD GR 7HPSHUDWXUD   ƒ&
+LJK 7HPSHUDWXUD !  ƒ&  ƒ)
$ UHVHUYDWyULR KLGUiXOLFR  ƒ) GXUDQWH 
$OWR GXUDQWH  VHJXQGRV
DOWD VHJXQGRV
&RQ¿JXUDomR GR VHQVRU GH
7HPSHUDWXUD GR PRWRU +LJK WHPSHUDWXUD KLGURVWiWLFD GH¿QLGD 7HPSHUDWXUD !  ƒ& 7HPSHUDWXUD   ƒ&
$
KLGURVWiWLFR DOWD $OWR FRPR LQVWDODGR H VHQVRU GH  ƒ) GXUDQWH  VHJXQGRV  ƒ) GXUDQWH 
WHPSHUDWXUD KLGURVWiWLFD VHP DYDULD VHJXQGRV
7HQVmR GH HQWUDGD !
7HQVmR GH HQWUDGD   9 H  9 RX D WHPSHUDWXUD
)LOWUR GH UHWRUQR /RZ D WHPSHUDWXUD GR UHVHUYDWyULR GR UHVHUYDWyULR
$
REVWUXtGR %DL[R KLGUiXOLFR p !  ƒ&  ƒ) KLGUiXOLFR p   ƒ&
GXUDQWH  VHJXQGRV  ƒ) GXUDQWH 
VHJXQGRV
7HQVmR GH HQWUDGD
7HQVmR GH HQWUDGD !  9   9 H D
)LOWUR GD FDL[D GH /RZ H D WHPSHUDWXUD GD FDL[D GH WHPSHUDWXUD GD FDL[D
$
HQJUHQDJHQV REVWUXtGR %DL[R HQJUHQDJHQV p !  ƒ&  ƒ) GH HQJUHQDJHQV p 
GXUDQWH  VHJXQGRV  ƒ&  ƒ) GXUDQWH 
VHJXQGRV
+\GUDXOLF 5HVHUYRLU
/HYHO /2: 1tYHO GR +LJK 7HQVmR GH HQWUDGD !  9 7HQVmR GH HQWUDGD
$
GHSyVLWR KLGUiXOLFR $OWR GXUDQWH  VHJXQGRV   9 GXUDQWH 
%$,;2 VHJXQGRV
0RWRU HP IXQFLRQDPHQWR GXUDQWH  3UHVVmR !  EDU
3UHVVmR GH FRQWUROR +LJK 3UHVVmR   EDU  SVL
$ VHJXQGRV H VHQVRU GH SUHVVmR GH  SVL GXUDQWH 
EDL[D $OWR GXUDQWH  VHJXQGRV
FRQWUROR VHP DYDULD VHJXQGRV
&RQ¿JXUDomR GR VHQVRU GH
WHPSHUDWXUD GD HPEUDLDJHP GD
7HPSHUDWXUD GD
+LJK FDL[D GH HQJUHQDJHQV GH¿QLGD 7HPSHUDWXUD !  ƒ&  ƒ)
$ HPEUDLDJHP GD FDL[D
$OWR FRPR ,167$/$'2 H VHQVRU GH GXUDQWH  VHJXQGR 7HPSHUDWXUD   ƒ&
GH HQJUHQDJHQV $/7$
WHPSHUDWXUD GD HPEUDLDJHP GD FDL[D  ƒ) GXUDQWH 
GH HQJUHQDJHQV VHP DYDULD VHJXQGRV


  5(62/8d­2 '( 352%/(0$6

&yGLJR 5HSRVLomR
3ULRUL
GH 7tWXOR GH DODUPH 9LVRU &RQGLomR GH YHUL¿FDomR $WLYDomR
GDGH
DODUPH
7UDQVLomR GR LQWHUUXSWRU GH
DWLYDomR GR DOLPHQWDGRU GH DOWD
SDUD EDL[D H VLVWHPD GR PRGR
GR LQYHUVRU GR DOLPHQWDGRU QR
+LJK
HVWDGR GH LQYHUVRU RX 7UDQVLomR
$OWR
GR LQWHUUXSWRU GH DWLYDomR GR
DOLPHQWDGRU GH EDL[D SDUD DOWD 'HVDWLYH R LQWHUUXSWRU
H LQWHUUXSWRU GH SUR[LPLGDGH GH GH DWLYDomR GR
,QYHUVRU GR DOLPHQWDGRU DWLYDomR DOLPHQWDGRU
$
DWLYDGR ,QWHUUXSWRU SUR[ GH
,QWHUUXSWRU SUR[ GH DWLYDomR GR
DWLYDomR GR LQYHUVRU GR
+LJK ,QWHUUXSWRU GH DWLYDomR GR LQYHUVRU GR DOLPHQWDGRU DSUHVHQWD
DOLPHQWDGRU DSUHVHQWD
$OWR DOLPHQWDGRU QD SRVLomR HQJDWDGD LQYHUVRU DWLYDGR GXUDQWH 
LQYHUVRU QmR DWLYDGR
VHJXQGRV
GXUDQWH  VHJXQGRV
,QWHUUXSWRU GH PRGR
+LJK ,QWHUUXSWRU GH PRGR GH LQYHUVRU GH LQYHUVRU QmR QD
$OWR QD SRVLomR GR PRGR GH LQYHUVRU SRVLomR GR PRGR GH
LQYHUVRU
2 RSHUDGRU QmR HVWi VHQWDGR GXUDQWH $OLPHQWDGRU HQJDWDGR H RSHUDGRU
0pGLD
 VHJXQGRV QmR VHQWDGR GXUDQWH  VHJXQGRV 2SHUDGRU QR EDQFR
,QWHUUXSWRU GR DVVHQWR 7UDQVLomR GR LQWHUUXSWRU GH
$ DWLYDomR GR DOLPHQWDGRU GH EDL[D
DEHUWR
0pGLD 2 RSHUDGRU QmR HVWi VHQWDGR SDUD DOWD WHQWDWLYD GH DWLYDU R
DOLPHQWDGRU H RSHUDGRU QmR
VHQWDGR 2SHUDGRU QR EDQFR
530 GR PRWRU !
530 GR PRWRU  SRQWR GH¿QLGR SRQWR GH¿QLGR GH
(QJLQH VSHHG ORZ %DL[D
$ 0pGLD 'HEXOKD HQJDWDGD GH YHORFLGDGH EDL[D GR PRWRU YHORFLGDGH EDL[D
YHORFLGDGH GR PRWRU
GXUDQWH  VHJXQGRV GR PRWRU GXUDQWH 
VHJXQGRV
$ ,QGH¿QLGR
$ ,QGH¿QLGR
$ ,QGH¿QLGR
0RWRU HP IXQFLRQDPHQWR H WUDYmR
GH HVWDFLRQDPHQWR GHVOLJDGR H
$FLRQDU R WUDYmR GH +LJK 2 RSHUDGRU QmR HVWi VHQWDGR
$ PDQtSXOR 0)+ QD SRVLomR QHXWUD 2 RSHUDGRU HVWi
HVWDFLRQDPHQWR $OWR GXUDQWH  VHJXQGRV
RX WUDQVPLVVmR QD SRVLomR QHXWUD VHQWDGR GXUDQWH 
RX WUDQVPLVVmR QmR HQJUHQDGD VHJXQGRV
+LJK (VFDGD GHVFLGD GXUDQWH  (VFDGD VXELGD GXUDQWH
0RWRU D WUDEDOKDU
$OWR VHJXQGR  VHJXQGRV
$ (VFDGD WUDVHLUD GHVFLGD
%RWmR GH FRQWUROR GR WXER UHEDWtYHO  VHJXQGRV DSyV D
(VFDGD SDUD EDL[R
SUHPLGR DWLYDomR GR DODUPH
/RZ
$ 'HVFDUJD DWLYDGD 'HVFDUJD DWLYDGD
%DL[R 'HVFDUJD QmR DWLYDGD
$ ,QGH¿QLGR
$ ,QGH¿QLGR
$ ,QGH¿QLGR
$ ,QGH¿QLGR
$ ,QGH¿QLGR
&RQ¿JXUDomR
GDV FREHUWXUDV
UHPRWDV LQVWDODGDV
GH¿QLGD FRPR 1­2
&RQ¿JXUDomR GDV FREHUWXUDV
,167$/$'$6 RX
UHPRWDV LQVWDODGDV GH¿QLGD FRPR
FRQ¿JXUDomR GR
,167$/$'$6 FRQ¿JXUDomR GR
VHQVRU GH HQFKLPHQWR
VHQVRU GH HQFKLPHQWR GH¿QLGD
GH¿QLGD FRPR
FRPR ,167$/$'2 LQWHUUXSWRU
/RZ 1­2 ,167$/$'2
$ 7DPSDV GR WHJmR DEHUWDV GH HQFKLPHQWR VHP DYDULD
%DL[R RX LQWHUUXSWRU GH
FREHUWXUDV DEHUWDV H PRGR GH
HQFKLPHQWR DYDULDGR
HVWUDGD QmR DWLYDGR H YHORFLGDGH
RX FREHUWXUDV QmR
GH PDUFKD   NPK RX
DEHUWDV RX PRGR GH
VHQVRU GD YHORFLGDGH GH PDUFKD
HVWUDGD DWLYDGR RX
DYDULDGR
YHORFLGDGH GH PDUFKD
!  NPK RX VHQVRU GD
YHORFLGDGH GH PDUFKD
QmR DYDULDGR
&HLIHLUDGHEXOKDGRUD HP PRGR GH
HVWUDGD RX FHLIHLUDGHEXOKDGRUD QmR
/RZ 7XER GH GHVFDUJD DEHUWR GXUDQWH
$ 7XER GH GHVFDUJD DEHUWR HP PRGR GH HVWUDGD H YHORFLGDGH 7XER GH GHVFDUJD
%DL[R  VHJXQGRV
GH PDUFKD !  NPK H VHQVRU GD IHFKDGR GXUDQWH 
YHORFLGDGH GH PDUFKD QmR DYDULDGR VHJXQGRV


  5(62/8d­2 '( 352%/(0$6

&yGLJR 5HSRVLomR
3ULRUL
GH 7tWXOR GH DODUPH 9LVRU &RQGLomR GH YHUL¿FDomR $WLYDomR
GDGH
DODUPH
'HEXOKDGRUD DWLYDGD QHQKXPD
+LJK GHVFDUJD H DOLPHQWDGRU HQJDWDGR $PERV RV VHQVRUHV DWLYRV GXUDQWH $PERV RV VHQVRUHV
$OWR PRYLPHQWR GH DYDQoR H VHQVRU GR  VHJXQGR QmR DWLYRV GXUDQWH 
$ 7HJmR FKHLR WHJmR VHP DYDULD VHJXQGR
'HEXOKDGRUD HQJDWDGD QHQKXPD $PERV RV VHQVRUHV
/RZ $PERV RV VHQVRUHV DWLYRV GXUDQWH
GHVFDUJD H HQWUDGD GR VHQVRU GR QmR DWLYRV GXUDQWH 
%DL[R  VHJXQGR
WHJmR VHP DYDULD VHJXQGR
&RQ¿JXUDomR GD FDL[D GH SHGUDV 3RUWD GD FDL[D GH
3RUWD GD FDL[D GH SHGUDV DEHUWD
HOHWUyQLFD GH¿QLGD FRPR LQVWDODGD SHGUDV IHFKDGD RX
&DL[D GH UHWHQomR GH DOLPHQWDGRU DWLYDGR H VHQVRU GD
$ 0pGLD RX FRQ¿JXUDomR GD FDL[D GH SHGUDV FDL[D GH UHWHQomR GH
SHGUDV DEHUWD SRUWD GD FDL[D GH SHGUDV VHP
HOHWUyQLFD GH¿QLGD FRPR QmR SHGUDV FRQ¿JXUDGD
DYDULD GXUDQWH  V
LQVWDODGD H WHPSR GD PiTXLQD &5 FRPR QmR LQVWDODGD
,QWHUUXSWRU GH DWLYDomR GD GHEXOKD HP
&REHUWXUD GH SURWHomR +LJK SRVLomR GH DWLYDomR RX LQWHUUXSWRU GH 7HQVmR GH HQWUDGD   9 7HQVmR GH HQWUDGD
$
GD SDOKD REVWUXtGD $OWR DWLYDomR GD GHEXOKD QmR GLVSRQtYHO GXUDQWH  VHJXQGR !  9 GXUDQWH 
RX GHIHLWXRVR VHJXQGRV
,QWHUUXSWRU 5+& GR WUDYmR GH
+LJK HVWDFLRQDPHQWR FRP HUUR PRWRU $ODYDQFD PXOWLIXQo}HV QmR HP
7UDYmR GH $OWR HP IXQFLRQDPHQWR H WUDYmR GH SRQWR PRUWR $ODYDQFD PXOWLIXQo}HV
$ HVWDFLRQDPHQWR HQJDWDGR HP SRQWR PRUWR
HVWDFLRQDPHQWR DWLYDGR
0RWRU HP IXQFLRQDPHQWR H WUDYmR GH $ODYDQFD PXOWLIXQo}HV QmR HP $ODYDQFD PXOWLIXQo}HV
0pGLD
HVWDFLRQDPHQWR HQJDWDGR SRQWR PRUWR HP SRQWR PRUWR
$ ,QGH¿QLGR
$ ,QGH¿QLGR
$ ,QGH¿QLGR
2 WLSR GH PiTXLQD p &5 VHQVRU GH
+LJK 530 UHDLV   530 GXUDQWH 
YHORFLGDGH GR URWRU VHP DYDULD H 530 UHDLV !  530
$OWR VHJXQGR
GHEXOKD DWLYDGD GXUDQWH  VHJXQGRV
$ 530 EDL[DV GRV URWRUHV 2 WLSR GH PiTXLQD p &5 VHQVRU
GH YHORFLGDGH GR URWRU VHP DYDULD 530 UHDLV   GDV 530 OLPLWH 530 UHDLV !  GDV
0pGLD
GHEXOKD DWLYDGD H VHP DMXVWH PDQXDO GXUDQWH  VHJXQGR 530 OLPLWH GXUDQWH 
GDV 530 VHJXQGRV
$ ,QGH¿QLGR
$ ,QGH¿QLGR
+LJK 6HQVRU GH YHORFLGDGH GH JUmR OLPSR 530 UHDLV   530 GXUDQWH  530 UHDLV !  530
$OWR VHP DYDULD H GHEXOKD DWLYDGD VHJXQGR GXUDQWH  VHJXQGRV
9HORFLGDGH GR HOHYDGRU
$ 530 UHDLV !  GDV
GH JUmR EDL[D 6HQVRU GH YHORFLGDGH GH JUmR OLPSR 530 UHDLV   GDV 530 OLPLWH
0pGLD 530 OLPLWH GXUDQWH 
VHP DYDULD H GHEXOKD DWLYDGD GXUDQWH  VHJXQGR
VHJXQGRV
+LJK 6HQVRU GH YHORFLGDGH GD YHQWRLQKD 530 UHDLV   530 GXUDQWH  530 UHDLV !  530
$OWR VHP DYDULD H GHEXOKD DWLYDGD VHJXQGR GXUDQWH  VHJXQGRV
9HORFLGDGH GD YHQWRLQKD
$ 6HQVRU GH YHORFLGDGH GD YHQWRLQKD 530 UHDLV !  GDV
EDL[D 530 UHDLV   GDV 530 OLPLWH
0pGLD VHP DYDULD GHEXOKD DWLYDGD H VHP 530 OLPLWH GXUDQWH 
GXUDQWH  VHJXQGR
DMXVWH PDQXDO GDV 530 VHJXQGRV
&RQ¿JXUDomR GR VHQVRU GH
YHORFLGDGH GR SLFDGRU GH¿QLGD FRPR
+LJK 530 UHDLV GR SLFDGRU   530
,167$/$'2 VHQVRU GH YHORFLGDGH 530 UHDLV GR SLFDGRU
$OWR GXUDQWH  VHJXQGR
GR SLFDGRU VHP DYDULD H GHEXOKD !  530 GXUDQWH 
9HORFLGDGH GR SLFDGRU DWLYDGD VHJXQGRV
$
EDL[D &RQ¿JXUDomR GR VHQVRU GH
YHORFLGDGH GR SLFDGRU GH¿QLGD FRPR
530 UHDLV GR SLFDGRU   GDV
0pGLD ,167$/$'2 VHQVRU GH YHORFLGDGH 530 UHDLV GR SLFDGRU
530 OLPLWH GXUDQWH  VHJXQGR
GR SLFDGRU VHP DYDULD H GHEXOKD ! GDV 530 OLPLWH
DWLYDGD GXUDQWH  VHJXQGRV
&RQ¿JXUDomR GR WLSR GH VLVWHPD GH
UHVtGXRV HVWi GH¿QLGD FRPR UHWRUQRV
+LJK GXSORV RX UHWRUQRV GH VLQDO VHQVRU 530 UHDLV   530 GXUDQWH 
$OWR GH YHORFLGDGH GRV UHWRUQRV GR ODGR VHJXQGR
HVTXHUGR VHP DYDULDV H GHEXOKD 530 UHDLV !  530
%DL[D YHORFLGDGH GXUDQWH  VHJXQGRV
DWLYDGD
$ GRV UHWRUQRV GR ODGR
HVTXHUGR &RQ¿JXUDomR GR WLSR GH VLVWHPD GH
UHVtGXRV HVWi GH¿QLGD FRPR UHWRUQRV
GXSORV RX UHWRUQRV GH VLQDO VHQVRU 530 UHDLV   GDV 530 OLPLWH
0pGLD
GH YHORFLGDGH GRV UHWRUQRV GR ODGR GXUDQWH  VHJXQGR 530 UHDLV !  GDV
HVTXHUGR VHP DYDULDV H GHEXOKD 530 OLPLWH GXUDQWH 
DWLYDGD VHJXQGRV


  5(62/8d­2 '( 352%/(0$6

&yGLJR 5HSRVLomR
3ULRUL
GH 7tWXOR GH DODUPH 9LVRU &RQGLomR GH YHUL¿FDomR $WLYDomR
GDGH
DODUPH
&RQ¿JXUDomR GR WLSR GH VLVWHPD GH
UHVtGXRV GH¿QLGD FRPR 5(725126
+LJK '83/26 RX 352&(66$'25 '( 530 UHDLV   530 GXUDQWH 
$OWR 5(6Ë'826 VHQVRU GH YHORFLGDGH VHJXQGR
GRV UHWRUQRV GR ODGR GLUHLWR VHP 530 UHDLV !  530
%DL[D YHORFLGDGH GRV DYDULD H GHEXOKD DWLYDGD GXUDQWH  VHJXQGRV
$
UHWRUQRV GR ODGR GLUHLWR &RQ¿JXUDomR GR WLSR GH VLVWHPD GH
UHVtGXRV GH¿QLGD FRPR 5(725126
'83/26 RX 352&(66$'25 '( 530 UHDLV   GDV 530 OLPLWH
0pGLD
5(6Ë'826 VHQVRU GH YHORFLGDGH GXUDQWH  VHJXQGR 530 UHDLV !  GDV
GRV UHWRUQRV GR ODGR GLUHLWR VHP 530 OLPLWH GXUDQWH 
DYDULD H GHEXOKD DWLYDGD VHJXQGRV
$ ,QGH¿QLGR
$ ,QGH¿QLGR
7HQVmR GH HQWUDGD   9
GXUDQWH  VHJXQGRV GHYLGR D
9HUL¿FDU RV FDOoRV H R
$ 0pGLD GHVJDVWH GRV FDOoRV GRV WUDY}HV 7HQVmR GH HQWUDGD
QtYHO GR yOHR GRV WUDY}HV !  9 GXUDQWH 
RX D GHSyVLWR GR OtTXLGR GRV
WUDY}HV YD]LR VHJXQGRV
$ ,QGH¿QLGR
$ ,QGH¿QLGR
$ ,QGH¿QLGR
7HQWDWLYD GH DWLYDU R DOLPHQWDGRU
DWLYDU R LQYHUVRU GR DOLPHQWDGRU
DWLYDU R PRWRU GDV FREHUWXUDV
0RGR HVWUDGD /RZ
$ 0RGR HVWUDGD VHOHFLRQDGR DOWHUDU D SRVLomR GR FROKHGRU
VHOHFLRQDGR %DL[R
DWLYDU R HL[R WUDVHLUR PRWUL]
PRYHU R WXER GH GHVFDUJD RX DV  VHJXQGRV DSyV D
FREHUWXUDV HVWmR DEHUWDV DWLYDomR GR DODUPH
7HQVmR GH HQWUDGD
7HQVmR GH HQWUDGD   9 RX
6HQVRU GH ÀX[R IRUD GR /RZ &RQ¿JXUDomR GR WLSR GH PRQLWRU GH !  9 H WHQVmR
$ WHQVmR GH HQWUDGD !  9 GXUDQWH
LQWHUYDOR %DL[R UHQGLPHQWR QmR GH¿QLGD D  GH HQWUDGD   9
 VHJXQGR
GXUDQWH  VHJXQGR
$ ,QGH¿QLGR
2 PRWRU GH E\SDVV QmR IRL
$OLPHQWDGRU DWLYDGR FROKHGRU
6HP¿P GH E\SDVV GD DWLYDGR GXUDQWH  V VH D 2 E\SDVV IRL DWLYDGR
$ 0pGLD GHVFLGR H FHLIHLUDGHEXOKDGRUD HP
KXPLGDGH QmR DWLYDGR FRQGLomR GH YHUL¿FDomR HUD SHOR PHQRV D FDGD
PRYLPHQWR GXUDQWH  V
YHUGDGHLUD  V
'HEXOKD GHVOLJDGD
2 VHQVRU GH XQLGDGH GH E\SDVV
PRWRU GH E\SDVV
2 E\SDVV GH KXPLGDGH FKHLR QmR YDULRX GHSRLV GH R
$ 0pGLD 'HEXOKD HQJDWDGD GHVOLJDGR RX HVWDGR
QmR IXQFLRQD PRWRU GH E\SDVV WHU HVWDGR HP
GR VHQVRU GH E\SDVV
IXQFLRQDPHQWR GXUDQWH  V
FKHLR DOWHUDGR
$ ,QGH¿QLGR
7HQVmR GD EDWHULD
7HQVmR GD EDWHULD !  9
$ 7HQVmR GD EDWHULD DOWD 0pGLD   9 GXUDQWH 
GXUDQWH  VHJXQGRV
VHJXQGRV
$ ,QGH¿QLGR
$ ,QGH¿QLGR
$ ,QGH¿QLGR
0HQRV GH  LPSXOVRV GH
YHORFLGDGH GD GHEXOKDGRUD
GHWHWDGRV DSyV R HQJDWH GD
'HEXOKD GHVHQJDWDGD
$ 0pGLD GHEXOKDGRUD H VH R WLSR GH $SUHVHQWDGR GXUDQWH
VHP VLQDO GH YHORFLGDGH
PiTXLQD IRU &5 H DV 530 GR  VHJXQGRV H HP
UHWRUQR HVTXHUGR QmR IRU VXSHULRU VHJXLGD UHPRYLGR GR
D  530 ,QIR9LHZ
0RGR GH HVWUDGD DWLYDGR
RX $XWRSLORWΠQmR DWLYR
GHWHWDGR PRYLPHQWR GDV URGDV
$XWRSLORWΠFRPXWDGR RX GHVDWLYDomR PDQXDO GR
$ 0pGLD $XWRSLORWΠ$WLYR
SDUD PDQXDO $XWRSLORWΠRX FRQWUROR GH DOWXUD
GR FROKHGRU HP FLUFXLWR DEHUWR ,QYHUVmR GD FRQGLomR
H WLSR GH FROKHGRU GLIHUHQWH GH GH DWLYDomR GXUDQWH 
PLOKR VHJXQGRV


  5(62/8d­2 '( 352%/(0$6

&yGLJR 5HSRVLomR
3ULRUL
GH 7tWXOR GH DODUPH 9LVRU &RQGLomR GH YHUL¿FDomR $WLYDomR
GDGH
DODUPH
'HWHWDGD URWDomR
$XWRSLORWΠDWLYR SDUD RULHQWDomR 2ULHQWDomR GH OLPLWHV )LP GR
RX IDOWD GH URWDomR
GH OLPLWHV VHQVRU GH OLPLWHV WDPEpP FDPSR RX TXDOLGDGH GR OLPLWH
0pGLD GDV URGDV FROKHGRU
VHP DYDULD H ¿P GR OLPLWH p GHWHWDGR GHPDVLDGR EDL[D GXUDQWH 
GLIHUHQWH GH PLOKR H
PHQRV GH  V QD IDVH VHJXQGR
FROKHGRU SDUD EDL[R
$ 'HWHWDGR ¿P GD FROKHLWD
'HWHWDGD URWDomR
$XWRSLORWΠDWLYR SDUD RULHQWDomR
RX IDOWD GH URWDomR
+LJK GH OLPLWHV VHQVRU GH OLPLWHV WDPEpP 2ULHQWDomR SRU OLQKDV OLQKD
GDV URGDV FROKHGRU
$OWR VHP DYDULD H ¿P GR OLPLWH p GHWHWDGR SHUGLGD GXUDQWH  VHJXQGR
GLIHUHQWH GH PLOKR H
PDLV GH  V QD IDVH
FROKHGRU SDUD EDL[R
$ ,QGH¿QLGR
$ ,QGH¿QLGR
$ ,QGH¿QLGR
$ ,QGH¿QLGR
1HQKXPD SHGUD
'HWHWDGD SHGUD QR &RQ¿JXUDomR GD FDL[D GH SHGUDV
$ 0pGLD 3HGUD GHWHWDGD QD SODFD VXSHULRU GHWHWDGD GXUDQWH 
VHQVRU VXSHULRU HOHWUyQLFD GH¿QLGD FRPR ,167$/$'$
VHJXQGRV
1HQKXPD SHGUD
'HWHWDGD SHGUD QR &RQ¿JXUDomR GD FDL[D GH SHGUDV
$ 0pGLD 3HGUD GHWHWDGD QD SODFD LQIHULRU GHWHWDGD GXUDQWH 
VHQVRU LQIHULRU HOHWUyQLFD GH¿QLGD FRPR ,167$/$'$
VHJXQGRV
6ROHQRLGH GD SRUWD GD FDL[D GH
&RQ¿JXUDomR GD FDL[D GH SHGUDV
&DL[D GH SHGUDV SHGUDV GHIHLWXRVR RX VHQVRU 'HVDWLYDomR H
$ 0pGLD HOHWUyQLFD GH¿QLGD FRPR ,167$/$'$
HOHWUyQLFD GHVDWLYDGD GD SRUWD GD FDL[D GH SHGUDV UHDWLYDomR GR
H DOLPHQWDGRU DWLYDGR
GHIHLWXRVR DOLPHQWDGRU
2 RSHUDGRU SULPH R
7HQWDWLYD GH QRYR $ SRUWD GD FDL[D GH SHGUDV ERWmR GR LQWHUUXSWRU
+LJK &RQ¿JXUDomR GD FDL[D GH SHGUDV
$ EORTXHLR GD SRUWD GD DEUHVH VHP TXH VHMD HQYLDGR GH HPHUJrQFLD QR
$OWR HOHWUyQLFD H RSHUDGRU VHQWDGR
FDL[D GH SHGUDV QHQKXP FRPDQGR PDQtSXOR 0)+ SDUD
RUGHQDU QRYR EORTXHLR
&RQ¿JXUDomR GD FDL[D GH SHGUDV
1HQKXPD WUDQVLomR GR VHQVRU GD
HOHWUyQLFD GH¿QLGD FRPR ,167$/$'$
)DOKD QD DEHUWXUD GD SRUWD GD FDL[D GH SHGUDV GXUDQWH
$ 0pGLD H SRUWD GD FDL[D GH SHGUDV FRORFDGD 2 DODUPH p
SRUWD GD FDL[D GH SHGUDV  VHJXQGRV RX VROHQRLGH GD SRUWD
QD SRVLomR DEHUWD SRUTXH IRL GHWHWDGD DSUHVHQWDGR GXUDQWH 
GD FDL[D GH SHGUDV DYDULDGR
XPD SHGUD VHJXQGRV
2 RSHUDGRU RSHUD
 VHJXQGRV SDUD +LJK &RQ¿JXUDomR GD FDL[D GH SHGUDV 'XUDQWH D FROKHLWD p GHWHWDGD D R DOLPHQWDGRU HP
$
LQYHUVmR GR DOLPHQWDGRU $OWR HOHWUyQLFD GH¿QLGD FRPR ,167$/$'$ SUHVHQoD GH XPD SHGUD PDUFKDDWUiV GXUDQWH 
VHJXQGRV
2 VHQVRU GH REVWUXomR GH
)LOWUR GH FRPEXVWtYHO /RZ
$ FRPEXVWtYHO HVWi LQVWDODGR H R 2EVWUXtGR GXUDQWH  VHJXQGRV 1mR REVWUXtGR GXUDQWH
REVWUXtGR %DL[R
PRWRU HVWi D IXQFLRQDU  VHJXQGRV
7HPSHUDWXUD LQIHULRU
7HPSHUDWXUD VXSHULRU D  ƒ& D  ƒ&  ƒ)
7HPSHUDWXUD GR 6HQVRU GH WHPSHUDWXUD GR
/RZ  ƒ) &85625 RX VXSHULRU &85625 RX
$ FRPEXVWtYHO GHPDVLDGR FRPEXVWtYHO VHP DYDULD H R
%DL[R D  ƒ&  ƒ) 1() GXUDQWH VXSHULRU D  ƒ&
DOWD PRWRU p &85625 RX 1()
 VHJXQGRV  ƒ) 1() GXUDQWH
 VHJXQGR
$ IROJD GRV FRQWUDEDWHGRUHV 4XDQGR R FLUFXLWR
PRYHVH SDUD EDL[R PDLV GH GH HOHYDomR GRV
 PP  LQ HP  V RX FRQWUDEDWHGRUHV
+LJK 2 WLSR GH PiTXLQD p &5 H D
TXDQGR R FLUFXLWR GH HOHYDomR p DFLRQDGR RV
$OWR GHEXOKDGRUD HVWi DWLYD
GRV FRQWUDEDWHGRUHV p DFLRQDGR FRQWUDEDWHGRUHV
RV FRQWUDEDWHGRUHV QmR VREHP VREHP  PP
3DUDIXVR GH VHJXUDQoD GXUDQWH  V  LQ
$
GR FRQWUDEDWHGRU SDUWLGR $ IROJD GRV FRQWUDEDWHGRUHV 4XDQGR R FLUFXLWR
PRYHVH SDUD EDL[R PDLV GH GH HOHYDomR GRV
 PP  LQ HP  V RX FRQWUDEDWHGRUHV
/RZ 2 WLSR GH PiTXLQD p &5 H D
TXDQGR R FLUFXLWR GH HOHYDomR p DFLRQDGR RV
%DL[R GHEXOKDGRUD QmR HVWi DWLYD
GRV FRQWUDEDWHGRUHV p DFLRQDGR FRQWUDEDWHGRUHV
RV FRQWUDEDWHGRUHV QmR VREHP VREHP  PP
GXUDQWH  V  LQ
'HEXOKD DWLYDGD H FRQ¿JXUDomR GD $WXDGRU GD FLUDQGD D IXQFLRQDU
0pGLD FLUDQGD GH DXWRQLYHODPHQWR GH¿QLGD QXPD GLUHomR GXUDQWH  3RVLomR GD VDSDWD
&LUDQGD GH QLYHODPHQWR FRPR LQVWDODGD VHJXQGRV HVWiYHO
$
QmR QLYHODGD 'HEXOKD DWLYDGD H FRQ¿JXUDomR GD 6HQVRU GH SRVLomR GD VDSDWD 6HQVRU GH SRVLomR GD
/RZ
FLUDQGD GH DXWRQLYHODPHQWR GH¿QLGD GHIHLWXRVR RX VHQVRU GH LQFOLQDomR FLUDQGD 2. H VHQVRU GH
%DL[R
FRPR LQVWDODGD ODWHUDO GHIHLWXRVR LQFOLQDomR ODWHUDO 2.
$ ,QGH¿QLGR


  5(62/8d­2 '( 352%/(0$6

&yGLJR 5HSRVLomR
3ULRUL
GH 7tWXOR GH DODUPH 9LVRU &RQGLomR GH YHUL¿FDomR $WLYDomR
GDGH
DODUPH
&RQ¿JXUDomR GH UHPRomR GDV
FREHUWXUDV GH¿QLGD FRPR
,167$/$'$ FRQ¿JXUDomR GR
&REHUWXUDV GR WHJmR 2 VHQVRU GH HQFKLPHQWR LQGLFD
$ 0pGLD VHQVRU GH HQFKLPHQWR GH¿QLGD FRPR 2 VHQVRU GH
IHFKDGDV TXH DV FREHUWXUDV HVWmR IHFKDGDV
,167$/$'2 VHQVRU GH HQFKLPHQWR HQFKLPHQWR LQGLFD TXH
VHP DYDULD GHEXOKD DWLYDGD H PRWRU DV FREHUWXUDV HVWmR
HP IXQFLRQDPHQWR DEHUWDV
0XGDQoD GH
,PSRVVLELOLGDGH GH HQJDWDU D
HQJUHQDJHP VHP /RZ 9HORFLGDGH
$ YHORFLGDGH VHOHFLRQDGD HP 
VXFHVVR YROWH j %DL[R VHOHFLRQDGD
VHJXQGRV
HQJUHQDJHP DQWHULRU HQFRQWUDGD
7HQVmR GH HQWUDGD
%DL[D SUHVVmR GD FDUJD +LJK 7HQVmR GH HQWUDGD   9 GXUDQWH
$ 0RWRU HP IXQFLRQDPHQWR GXUDQWH  V !  9 GXUDQWH 
KLGURVWiWLFD $OWR  VHJXQGR
VHJXQGRV
$ODUPH DSUHVHQWDGR
DSHQDV GXUDQWH 
VHJXQGRV GHSRLV GH R
++& DXWRPiWLFR DWLYDGR H VHP ÆQJXOR GR DOLPHQWDGRU ! DOWXUD kQJXOR GR DOLPHQWDGRU
/RZ
FROKHGRU &1+ WLSR GH VLVWHPD Pi[LPD GR UHVWROKR RX PRGR VHU ! DOWXUD Pi[LPD
%DL[R
KLGUiXOLFR QmR p (DWRQ PDQXDO ++& DWLYDGR GR UHVWROKR GXUDQWH 
++& DXWRPiWLFR
$ VHJXQGRV VH R PRGR
GHVOLJDGR
PDQXDO ++& WLYHU VLGR
DWLYDGR
2V VHQVRUHV GH DOWXUD HP
++& DXWRPiWLFR DWLYDGR H FROKHGRU
/RZ UHODomR DR VROR IRUDP GHWHWDGRV
&1+ WLSR GH VLVWHPD KLGUiXOLFR p
%DL[R DQWHULRUPHQWH PDV DJRUD ,QYHUVmR GD FRQGLomR
(DWRQ
QHQKXP p GHWHWDGR GH DWLYDomR
&RQ¿JXUDomR GR VHQVRU GH
/RZ WHPSHUDWXUD KLGURVWiWLFD H &5B1$ &5 D WHPSHUDWXUD p !  ƒ& &5 D WHPSHUDWXUD p
%DL[R GH¿QLGD FRPR LQVWDODGR H VHQVRU GH GXUDQWH  VHJXQGRV   ƒ& GXUDQWH 
/LPLWDomR GD YHORFLGDGH WHPSHUDWXUD KLGURVWiWLFD VHP DYDULD VHJXQGRV
$ KLGURVWiWLFD WHPSHUDWXUD &RQ¿JXUDomR GR VHQVRU GH
GR PRWRU WHPSHUDWXUD KLGURVWiWLFD H &5 H QmR
/RZ &5 D WHPSHUDWXUD p !  ƒ&
&5B1$ GH¿QLGD FRPR LQVWDODGR H &5 D WHPSHUDWXUD
%DL[R GXUDQWH  VHJXQGRV
VHQVRU GH WHPSHUDWXUD KLGURVWiWLFD p   ƒ& GXUDQWH 
VHP DYDULD VHJXQGRV
$ ,QGH¿QLGR
$ ,QGH¿QLGR
$ ,QGH¿QLGR
$ ,QGH¿QLGR
$ ,QGH¿QLGR
$ ,QGH¿QLGR
(VSDOKDGRU GH PRLQKD
(VSDOKDGRU GH PRLQKD HVTXHUGR
9HQWLODGRUVRSUDGRU GH SDOKD PL~GD HVTXHUGR !  USP
+LJK   USP RX HVSDOKDGRU GH
LQVWDODGR H USP GR LPSXOVRU GH SDOKD RX HVSDOKDGRU GH
$OWR PRLQKD GLUHLWR   USP GXUDQWH
PL~GD 1+ DWLYDGDV PRLQKD GLUHLWR ! 
V
9HORFLGDGH GR USP GXUDQWH  V
$
HVSDOKDGRU EDL[D (VSDOKDGRU GH PRLQKD
(VSDOKDGRU GH PRLQKD HVTXHUGR
9HQWLODGRUVRSUDGRU GH SDOKD PL~GD HVTXHUGR !  USP
  USP RX HVSDOKDGRU GH
0pGLD LQVWDODGR H USP GR LPSXOVRU GH SDOKD RX HVSDOKDGRU GH
PRLQKD GLUHLWR   USP GXUDQWH
PL~GD 1+ DWLYDGDV PRLQKD GLUHLWR ! 
V
USP GXUDQWH  V
$ ,QGH¿QLGR
$ ,QGH¿QLGR
$ ,QGH¿QLGR
$ ,QGH¿QLGR
$ ,QGH¿QLGR
$ ,QGH¿QLGR
$ ,QGH¿QLGR
$ 3DUH D PiTXLQD 0pGLD
$ ,QGH¿QLGR
$ ,QGH¿QLGR
$ ,QGH¿QLGR
7HJmR FKHLR D  PDV QmR  VHJXQGRV DSyV D
$ 7HJmR FKHLR D  6HQVRU VHP DYDULD
FRPSOHWDPHQWH FKHLR DWLYDomR GR DODUPH
$ ,QGH¿QLGR
$ ,QGH¿QLGR
$ ,QGH¿QLGR
)XQFLRQDOLGDGH QmR 'HEXOKD GHVOLJDGD RX
6HP UDVWRV LQVWDODGRV H R SDtV p 'HEXOKD OLJDGD H  HQJUHQDJHP
$ GLVSRQtYHO QHVWD 0pGLD HQJUHQDJHP QmR p D 
$XVWUiOLD VHOHFLRQDGD
HQJUHQDJHP HQJUHQDJHP
$ ,QGH¿QLGR


  5(62/8d­2 '( 352%/(0$6

&yGLJR 5HSRVLomR
3ULRUL
GH 7tWXOR GH DODUPH 9LVRU &RQGLomR GH YHUL¿FDomR $WLYDomR
GDGH
DODUPH
$ ,QGH¿QLGR
$ ,QGH¿QLGR
++& $XWRÀRDW +LJK
6HWSRLQW 9DORU GH
$ UHIHUrQFLD DOWR GD
ÀXWXDomR DXWRPiWLFD
++&
$ ,QGH¿QLGR
'HVDWLYDomR GR 9HORFLGDGH PHGLGD GR 9HORFLGDGH PHGLGD GR
$ DOLPHQWDGRU GHYLGR D 0pGLD 'H¿QLomR GH $XWR&XWRII2Q OLJDGR DOLPHQWDGRU   GR SRQWR DOLPHQWDGRU !  GR
YHORFLGDGH EDL[D GH¿QLGR SRQWR GH¿QLGR
$ ,QGH¿QLGR
$ ,QGH¿QLGR
0RWRU KLGURVWiWLFR
0RWRU HVTXHUGR HP H[FHVVR GH
$ HVTXHUGR HP H[FHVVR GH 0pGLD 935$ LQVWDODGR 0RWRU HVTXHUGR QmR HP
YHORFLGDGH
YHORFLGDGH H[FHVVR GH YHORFLGDGH
0RWRU KLGURVWiWLFR
+LJK 0RWRU GLUHLWR HP H[FHVVR GH
$ GLUHLWR HP H[FHVVR 935$ LQVWDODGR 0RWRU GLUHLWR QmR HP
$OWR YHORFLGDGH
GH YHORFLGDGH H[FHVVR GH YHORFLGDGH
2 WLSR GH FROKHGRU QmR IRL
2 FROKHGRU WHP GH VHU /RZ
$ LQVWDODGR DQWHULRUPHQWH QD 2 DODUPH p H[LELGR
GH¿QLGR %DL[R
FHLIHLUDGHEXOKDGRUD GXUDQWH  VHJXQGRV
$ ,QGH¿QLGR
$ ,QGH¿QLGR
$ SRVLomR UHDO GR FULYR
$ SRVLomR UHDO GR FULYR VXSHULRU
VXSHULRU HVWi GHQWUR
QmR HVWi GHQWUR GH  PP HP
&ULYR VXSHULRU IRUD GH GH  PP HP UHODomR
$ 0pGLD UHODomR DR SRQWR GH¿QLGR GD
SRVLomR DR SRQWR GH¿QLGR
SRVLomR GR FULYR VXSHULRU GXUDQWH
GD SRVLomR GR FULYR
 VHJXQGRV
VXSHULRU
++& $XWRÀRDW /RZ
6HWSRLQW 9DORU GH
$ UHIHUrQFLD EDL[R SDUD
D ÀXWXDomR DXWRPiWLFD
++&
&DOLEUDU RV VHQVRUHV GH 2V YDORUHV ((3520 GH
&ROKHGRU &1+ R WLSR GH VLVWHPD
$ DOWXUD GR FROKHGRU HP 0pGLD FDOLEUDomR QmR VmR YiOLGRV
KLGUiXOLFR p (DWRQ
UHODomR DR VROR DTXDQGR GD LQLFLDOL]DomR $SyV D LQLFLDOL]DomR
0RGR GH HVWUDGD QmR DWLYR
H GHVFDUJD DWLYDGD RX WXER
GH GHVFDUJD QmR OLJDGR DR
VXSRUWH RX DOLPHQWDGRU DWLYDGR
RX LQYHUVRU GR DOLPHQWDGRU QmR
0RGR GH HVWUDGD QmR ,QWHUUXSWRU GH PRGR HVWUDGD QD
$ 0pGLD DWLYDGR GHEXOKDGRUD HQJDWDGD
SHUPLWLGR SRVLomR PRGR HVWUDGD
RX DVVLVWrQFLD jV URGDV WUDVHLUDV
HQJDWDGD RX FRQWUDEDWHGRU HP
PRYLPHQWR RX WHJmR DEHUWR RX
IXQFLRQDOLGDGH GR ž HL[R QmR 2 DODUPH ¿FD OLJDGR
FRQFOXtGD GXUDQWH  VHJXQGRV
$ SRVLomR UHDO GR FULYR
$ SRVLomR UHDO GR FULYR LQIHULRU QmR
LQIHULRU HVWi GHQWUR
&ULYR LQIHULRU IRUD GH HVWi GHQWUR GH  PP HP UHODomR
$ 0pGLD GH  PP HP UHODomR
SRVLomR FRPDQGDGD DR SRQWR GH¿QLGR GD SRVLomR GR
DR SRQWR GH¿QLGR GD
FULYR LQIHULRU GXUDQWH  VHJXQGRV
SRVLomR GR FULYR LQIHULRU
8SSHU 6LHYH &DOLEUDWLRQ
$ FRQ¿JXUDomR GR FULYR VXSHULRU
5HTXLUHG &DOLEUDomR /RZ $ FLUDQGD VXSHULRU QXQFD IRL
$ UHPRWR HVWi GH¿QLGD FRPR
GR FULYR VXSHULRU %DL[R FDOLEUDGD
,167$/$'2
QHFHVViULD &DOLEUDU R FULYR VXSHULRU
/RZHU 6LHYH &DOLEUDWLRQ $ FRQ¿JXUDomR GR FULYR LQIHULRU
/RZ $ FLUDQGD LQIHULRU QXQFD IRL
$ 5HTXLUHG &DOLEUDomR GR UHPRWR HVWi GH¿QLGD FRPR &DOLEUDU D FLUDQGD
%DL[R FDOLEUDGD
FULYR LQIHULRU QHFHVViULD ,167$/$'2 LQIHULRU
7LSR GH PiTXLQD GH¿QLGR FRPR &5 H $V 530 UHDLV VmR   H
9HORFLGDGH GD FRUUHLD +LJK VHQVRU GH YHORFLGDGH GR HVSDOKDGRU SRVLomR GR HVSDOKDGRU p GHVFLGR $V 530 UHDLV VmR !
$
36' EDL[D $OWR GH¿QLGR FRPR ,167$/$'2 H GHEXOKD RX HUUR GH SRVLomR GR HVSDOKDGRU  RX SRVLomR GR
DWLYDGD GXUDQWH  VHJXQGRV HVSDOKDGRU p VXELGR
$ ,QGH¿QLGR
$ ,QGH¿QLGR
$ ,QGH¿QLGR
$ ,QGH¿QLGR
$ ,QGH¿QLGR
$ ,QGH¿QLGR
$ ,QGH¿QLGR


  5(62/8d­2 '( 352%/(0$6

&yGLJR 5HSRVLomR
3ULRUL
GH 7tWXOR GH DODUPH 9LVRU &RQGLomR GH YHUL¿FDomR $WLYDomR
GDGH
DODUPH
$ ,QGH¿QLGR
530 GR PRWRU
HVTXHUGR GH
530 GR PRWRU HVTXHUGR GH
HVSDOKDPHQWR DWLYR
(VSDOKDPHQWR DWLYR LQVWDODGR HVSDOKDPHQWR DWLYR   530
+LJK !  530 H 530
PRWRUHV FRP DUUDQTXH FRQFOXtGR H RX 530 GR PRWRU GLUHLWR GH
$OWR GR PRWRU GLUHLWR GH
GHEXOKD DWLYDGD HVSDOKDPHQWR DWLYR   530
HVSDOKDPHQWR DWLYR !
GXUDQWH  VHJXQGRV
 530 GXUDQWH 
530 GR 2SWL6SUHDG VHJXQGRV
$
EDL[DV 530 GR PRWRU
 530  530 GR PRWRU HVTXHUGR GH
HVTXHUGR GH HVSDOKDPHQWR DWLYR HVSDOKDPHQWR DWLYR
(VSDOKDPHQWR DWLYR LQVWDODGR
 SRQWR GH¿QLGR RX  530 ! SRQWR GH¿QLGR H 530
0pGLD PRWRUHV FRP DUUDQTXH FRQFOXtGR H
 530 GR PRWRU GLUHLWR GH GR PRWRU GLUHLWR GH
GHEXOKD DWLYDGD
HVSDOKDPHQWR DWLYR  SRQWR HVSDOKDPHQWR DWLYR !
GH¿QLGR GXUDQWH  VHJXQGRV SRQWR GH¿QLGR GXUDQWH
 VHJXQGRV
$ ,QGH¿QLGR
$ ,QGH¿QLGR
$ ,QGH¿QLGR
$ ,QGH¿QLGR
)LOWUR GH HVSDOKDPHQWR
)LOWUR GH HVSDOKDPHQWR DWLYR
DWLYR QmR FRPXWD SDUD
)LOWUR 2SWL6SUHDG FRPXWD SDUD WHUUD H WHPSHUDWXUD
$ 0pGLD (VSDOKDPHQWR DWLYR LQVWDODGR WHUUD H WHPSHUDWXUD GR
EORTXHDGR GR UHVHUYDWyULR KLGUiXOLFR !
UHVHUYDWyULR KLGUiXOLFR
 ƒ&
  ƒ&
2SHUDGRU SULPH R LQWHUUXSWRU
6ZLWFK 2SWLVSUHDG GLVWU
'RZQ ,QWHUUXSWRU 'LVWULEXLomR
2 VLVWHPD PHOKRUDGR GH FREHUWXUD
$ ,QWHUUXSWRU QmR VXSRUWDGR 1' 2SWLVSUHDG SDUD EDL[R RX  VHJXQGRV GHSRLV GH
GR HVSDOKDGRU HVWi LQVWDODGR
6ZLWFK 2SWLVSUHDG GLVWU R RSHUDGRU VROWDU
8S ,QWHUUXSWRU 'LVWULEXLomR RV LQWHUUXSWRUHV
2SWLVSUHDG SDUD FLPD SDUD FLPD´ PHQFLRQDGRV
$ ,QGH¿QLGR
0RGR FRUGmR  GHVDWLYH 6LVWHPD QR PRGR
6LVWHPD QR PRGR VHP FRUWH H
$ R SLFDGRU SDUD SRXSDU 1' 'HEXOKD DWLYDGD FRUWDU JUmRV RX 530
530 GR SLFDGRU ! 
FRPEXVWtYHO GR SLFDGRU 
2 WXER GH GHVFDUJD
8QORDG 6SRXW LV LQVWDOOHG 7XER GH
$ QmR HVWi QD SRVLomR GH 0pGLD 7XER GH GHVFDUJD DUWLFXODGR
GHVFDUJD LQVWDODGR
FRPDQGR
'HVORTXH R WXER GH 8QORDG 6SRXW LV LQVWDOOHG 7XER GH
$ 0pGLD 7XER GH GHVFDUJD DUWLFXODGR
GHVFDUJD SDUD EDL[R GHVFDUJD LQVWDODGR
$ YHORFLGDGH GH
2 RSHUDGRU VROLFLWD D
PDUFKD p  
/RZ UHFROKDH[WHQVmR GR WXGR GH
$ 7XER GH GHVFDUJD 5HFROKD GH GHVFDUJD LQVWDODGD NPK 28 R DODUPH
%DL[R GHVFDUJD VH D YHORFLGDGH GH
p DSUHVHQWDGR GXUDQWH
PDUFKD IRU !  NPK
 VHJXQGRV
2 RSHUDGRU VROLFLWD D
2 WXER GH GHVFDUJD
UHFROKDH[WHQVmR GR WXER GH
/RZ HVWi QR VXSRUWH 28 R
$ 7XER GH GHVFDUJD 5HFROKD GH GHVFDUJD LQVWDODGD GHVFDUJD VH HVWH QmR HVWLYHU QR
%DL[R DODUPH p DSUHVHQWDGR
VXSRUWH H R $ QmR HVWLYHU
GXUDQWH  VHJXQGRV
DWLYR
2 RSHUDGRU VROLFLWD D 'HVFDUJD GHVDWLYDGD
/RZ UHFROKDH[WHQVmR GR WXER GH 28 R DODUPH p
$ 7XER GH GHVFDUJD 5HFROKD GH GHVFDUJD LQVWDODGD
%DL[R GHVFDUJD VH D GHVFDUJD HVWLYHU DSUHVHQWDGR GXUDQWH 
DWLYDGD VHJXQGRV
&RQGXWRU VROWD R ERWmR
28 R WXER GH GHVFDUJD
HVWi FRPSOHWDPHQWH
%RWmR GH RVFLODomR SDUD IRUD GR WXER 2 WXER GH GHVFDUJD QmR HVWi DEHUWR 2 DODUPH
$ 7XER GH GHVFDUJD 0pGLD
GH GHVFDUJD SUHPLGR FRPSOHWDPHQWH DEHUWR GHYHULD WHU HVWDGR DWLYR
GXUDQWH SHOR PHQRV 
VHJXQGRV DQWHV GH VHU
HOLPLQDGR
$ )XQFLRQDOLGDGH &&2 HQWURX QR
&RQVXOWH HVWDGR OLPS KRPH GHYLGR DR
$WLYDGR R PRGR /LPS
(VSHFL 0pGLD IDWR GH D IXQFLRQDOLGDGH &&2 WHU 0RGR OLPS KRPH
+RPH
¿FDo}HV VLGR DFLRQDGD FRP GHPDVLDGD HOLPLQDGR SHOR
GR YLVRU IUHTXrQFLD RSHUDGRU


  5(62/8d­2 '( 352%/(0$6

&yGLJR 5HSRVLomR
3ULRUL
GH 7tWXOR GH DODUPH 9LVRU &RQGLomR GH YHUL¿FDomR $WLYDomR
GDGH
DODUPH
6LVWHPD GH SURWHomR FRQWUD SHGUDV
+LJK 530 UHDLV   530 GXUDQWH 
$OLPHQWDomR GH UROR GLQkPLFD ( D 530 UHDLV !  530
$OWR VHJXQGR
530 EDL[DV GR UROR GH GHEXOKD HVWi DWLYD GXUDQWH  VHJXQGRV
$
SHGUDV GR VLVWHPD ')5 6LVWHPD GH SURWHomR FRQWUD SHGUDV 530 UHDLV !  GDV
530 UHDLV   GDV 530 OLPLWH
0pGLD $OLPHQWDomR GH UROR GLQkPLFD ( D 530 OLPLWH GXUDQWH 
GXUDQWH  VHJXQGR
GHEXOKD HVWi DWLYD VHJXQGRV
$ ,QGH¿QLGR
$ ,QGH¿QLGR
2 DODUPH GHVDSDUHFH
3DUDJHP GH HPHUJrQFLD GD
+LJK TXDQGR D FHLIHLUD
$ 3DUDJHP GH HPHUJrQFLD IXQFLRQDOLGDGH &&2 HVWi
$OWR GHEXOKDGRUD UHJUHVVD
DFLRQDGD
j SRVLomR QHXWUD
$ OkPLQD 9DULIHHG Mi
6HQVRU GD OkPLQD 9DULIHHG LQVWDODGR QmR HVWi QD SRVLomR GH
'HWHWDGD SDUDJHP GD /RZ $ OkPLQD 9DULIHHG HVWi QD SRVLomR
$ PRGR PDQXDO RX GH FLUFXLWR GH SDUDJHP IRL GHWHWDGR
OkPLQD 9DULIHHG %DL[R GH SDUDJHP
FRQWUROR XP PRYLPHQWR GD
OkPLQD 9DULIHHG
$ ,QGH¿QLGR
$ ,QGH¿QLGR
3$5$*(0 ± R RSHUDGRU
QmR HVWi QR EDQFR
R SURFHGLPHQWR
+LJK
$ GH SDUDJHP GD 2 RSHUDGRU QmR HVWi VHQWDGR
$OWR
FHLIHLUDGHEXOKDGRUD &RQGXWRU VHQWDGR RX
VHUi LQLFLDGR GHQWUR GH  D OyJLFD GH FRQWUROR
VHJXQGRV SDVVD j HWDSD VHJXLQWH
3$5$*(0 ± R
RSHUDGRU QmR HVWi e LQLFLDGD D VHJXQGD HWDSD GD
+LJK
$ QR EDQFR YHORFLGDGH
$OWR OyJLFD GH FRQWUROR SDUD R FRQWUROR &RQGXWRU VHQWDGR RX
DXWRPDWLFDPHQWH GH SUHVHQoD GR RSHUDGRU D OyJLFD GH FRQWUROR
UHGX]LGD SDUD  SDVVD j HWDSD VHJXLQWH
3$5$*(0 ± R
RSHUDGRU QmR HVWi
+LJK e LQLFLDGD D WHUFHLUD HWDSD GD
QR EDQFR WUDYmR
$ OyJLFD GH FRQWUROR SDUD R FRQWUROR
GH HVWDFLRQDPHQWR $OWR
GH SUHVHQoD GR RSHUDGRU
HQJDWDGR
DXWRPDWLFDPHQWH 2SHUDGRU VHQWDGR
,QYHUVRU GR DOLPHQWDGRU
Mi QmR HVWi DWLYDGR RX
2 LQYHUVRU GR DOLPHQWDGRU p DWLYDGR
3DWLQDJHP GD FRUUHLD 530 GR DOLPHQWDGRU
GXUDQWH XP SHUtRGR PtQLPR GH  530 UHDLV GR DOLPHQWDGRU 
$ GH WUDQVPLVVmR GR 0pGLD ! 530 GXUDQWH
VHJXQGR DQWHV GH R DODUPH SRGHU  530 GXUDQWH  PV
DOLPHQWDGRU  PV VH R LQYHUVRU
VHU DWLYDGR
GR DOLPHQWDGRU HVWLYHU
DWLYDGR
$ ,QGH¿QLGR
$ ,QGH¿QLGR
$ ,QGH¿QLGR
$ ,QGH¿QLGR
$ ,QGH¿QLGR
$ ,QGH¿QLGR
$ ,QGH¿QLGR
$ ,QGH¿QLGR
6LVWHPD GH GHVFLGD GR /RZ $ GHVFLGD GR SLFDGRU HVWi LQVWDODGD H 2 VLVWHPD GHWHWD XPD FRQGLomR
$
SLFDGRU %DL[R D PiTXLQD HVWi QR PRGR GH WHUUHQR QmR FDOLEUDGD QR DUUDQTXH 6LVWHPD FDOLEUDGR
$SDJDGR TXDQGR D
SRVLomR DQWHULRU IRU
4XDQGR VH SDVVD SDUD XP QRYR DWLQJLGD
PRGR H HVWH PRGR VROLFLWDGR QmR 6XEVWLWXtGR SRU $
p VHOHFLRQDGR DSyV  VHJXQGRV VH QmR IRU SRVVtYHO
DWLQJLU D SRVLomR
6LVWHPD GH GHVFLGD GR $ GHVFLGD GR SLFDGRU HVWi LQVWDODGD H DQWHULRU
$ 0pGLD
SLFDGRU D PiTXLQD HVWi QR PRGR GH WHUUHQR $SDJDGR TXDQGR D
SRVLomR DQWHULRU IRU
DWLQJLGD
$R SDVVDU SDUD XPD QRYD SRVLomR
H R DWXDGRU SDUDU 6XEVWLWXtGR SRU $
VH QmR IRU SRVVtYHO
DWLQJLU D SRVLomR
DQWHULRU


  5(62/8d­2 '( 352%/(0$6

&yGLJR 5HSRVLomR
3ULRUL
GH 7tWXOR GH DODUPH 9LVRU &RQGLomR GH YHUL¿FDomR $WLYDomR
GDGH
DODUPH
2 RSHUDGRU DWLYRX D GHEXOKD
VHP R DWXDGRU HVWDU HP  GDV 
SRVLo}HV FRQKHFLGDV DSyV OLJDU D $ SRVLomR GH FRUGmR p
EDWHULD DWLQJLGD
6LVWHPD GH GHVFLGD GR $ GHVFLGD GR SLFDGRU HVWi LQVWDODGD H
$ 0pGLD 2 RSHUDGRU SUHPLX XP ERWmR GH
SLFDGRU D PiTXLQD HVWi QR PRGR GH WHUUHQR
FRQWUROR VHP R DWXDGRU HVWDU HP 
GDV  SRVLo}HV FRQKHFLGDV DSyV $ SRVLomR GH FRUGmR p
OLJDU D EDWHULD DWLQJLGD
$ VXEVWLWXtGR SRU $
$ UHFHEHU PHQVDJHQV
+LJK &RPXQLFDomR SHUGLGD FRP WRGRV
$ &RPXQLFDomR /,1 3HOR PHQRV  DWXDGRU /,1 LQVWDODGR /,1 D SDUWLU GH XP ~QLFR
$OWR RV DWXDGRUHV /,1 LQVWDODGRV
/,1 VHFXQGiULR
$ UHFHEHU PHQVDJHQV
+LJK &RPXQLFDomR SHUGLGD FRP WRGRV
$ &RPXQLFDomR /,1 3HOR PHQRV  DWXDGRU /,1 LQVWDODGR /,1 D SDUWLU GH XP ~QLFR
$OWR RV DWXDGRUHV /,1 LQVWDODGRV
/,1 VHFXQGiULR
+LJK 2V GDGRV GH FDOLEUDomR GD ERPED $ VRPD GH FRQWUROR p
$ 7UDQVPLVVmR SULQFLSDO $SHQDV &5&;
$OWR H GR PRWRU HVWmR FRUURPSLGRV QRYDPHQWH FRUUHWD
$ ,QGH¿QLGR
$SDJDPHQWR
DXWRPiWLFR DSyV 
VHJXQGRV 2 FRQWDGRU
6LVWHPD GH GHVFLGD GR /RZ $ GHVFLGD GR SLFDGRU HVWi LQVWDODGD H 2 XWLOL]DGRU SUHPLX XP ERWmR GH VHUi LQLFLDGR TXDQGR
$
SLFDGRU %DL[R D PiTXLQD HVWi QR PRGR GH WHUUHQR FRQWUROR FRP D GHEXOKD DWLYDGD VROWDU R ERWmR GHYHUi
VHU DSUHVHQWDGR XP
SRSXS DR SUHPLU R
ERWmR
2 DWXDGRU GHVORFDVH GH $ SDUD 3RVLomR SUHWHQGLGD
% FRP R LQWHUUXSWRU GH GHEXOKD DWLQJLGD H LQWHUUXSWRU
6LVWHPD GH GHVFLGD GR /RZ $ GHVFLGD GR SLFDGRU HVWi LQVWDODGD H SUHPLGR GH GHEXOKD GHVDWLYDGR
$
SLFDGRU %DL[R D PiTXLQD HVWi QR PRGR GH WHUUHQR &RUGmR DWLQJLGR H
'HEXOKD DWLYDGD FRP R DWXDGRU
LQWHUUXSWRU GH GHEXOKD
HP SRVLomR LQGH¿QLGD
GHVDWLYDGR
$ GHEXOKD p GHVDWLYDGD
GXUDQWH PDLV GH 
VHJXQGRV
2 ERWmR GH FRQWUROR p SUHPLGR
6LVWHPD GH GHVFLGD GR /RZ $ GHVFLGD GR SLFDGRU HVWi LQVWDODGD H 2 ERWmR GH FRQWUROR p
$ PDV D GHEXOKD IRL GHVDWLYDGD
SLFDGRU %DL[R D PiTXLQD HVWi QR PRGR GH WHUUHQR SUHPLGR XPD VHJXQGD
PHQRV GH  VHJXQGRV DQWHV
YH]
$ GHEXOKD p DWLYDGD
QRYDPHQWH
3DUDJHP V~ELWD UHDOL]DGD
6LVWHPD GH GHVFLGD GR /RZ $ GHVFLGD GR SLFDGRU HVWi LQVWDODGD H ORFDOL]DomR   ELW   PDV QmR 'HEXOKD DWLYDGD  530
$
SLFDGRU %DL[R D PiTXLQD HVWi QR PRGR GH WHUUHQR DSDJDGD H ERWmR GH FRQWUROR GR PRWRU HOHYDGDV
SUHPLGR GH¿QLGDV
$ODUPH OLJDGR
,QWHUUXSWRU GR PRGR GH WHUUHQR GXUDQWH  VHJXQGRV
0RGR GH WHUUHQR QmR FRORFDGR QD SRVLomR GR PRGR GH 3URFHGLPHQWR GR  HL[R QmR 28 R RSHUDGRU
$ 0pGLD
SHUPLWLGR WHUUHQR H IXQFLRQDOLGDGH GR ž HL[R FRPSOHWDPHQWH FRQFOXtGR SULPH QRYDPHQWH R
LQVWDODGD LQWHUUXSWRU GR PRGR GH
HVWUDGDWHUUHQR
%ORTXHLR GD SDOKHWD GR /RZ $ JDPD GH WUDEDOKR Pi[LPD QmR 2 DODUPH ¿FD OLJDGR
$ 3DOKHWDV GR URWRU LQVWDODGDV
URWRU GLUHLWR %DL[R IRL DWLQJLGD GXUDQWH  VHJXQGRV
%ORTXHLR GD SDOKHWD GR /RZ $ JDPD GH WUDEDOKR Pi[LPD QmR 2 DODUPH ¿FD OLJDGR
$ 3DOKHWDV GR URWRU LQVWDODGDV
URWRU HVTXHUGR %DL[R IRL DWLQJLGD GXUDQWH  VHJXQGRV
%ORTXHLR GD SDOKHWD GR /RZ $ JDPD GH WUDEDOKR PtQLPD QmR 2 DODUPH ¿FD OLJDGR
$ 3DOKHWDV GR URWRU LQVWDODGDV
URWRU GLUHLWR %DL[R IRL DWLQJLGD GXUDQWH  VHJXQGRV
%ORTXHLR GD SDOKHWD GR /RZ $ JDPD GH WUDEDOKR PtQLPD QmR 2 DODUPH ¿FD OLJDGR
$ 3DOKHWDV GR URWRU LQVWDODGDV
URWRU HVTXHUGR %DL[R IRL DWLQJLGD GXUDQWH  VHJXQGRV
%ORTXHLR GD SDOKHWD GR /RZ 2 DODUPH ¿FD OLJDGR
$ 3DOKHWDV GR URWRU LQVWDODGDV 9DORU GH UHIHUrQFLD QmR DOFDQoDGR
URWRU GLUHLWR %DL[R GXUDQWH  VHJXQGRV
%ORTXHLR GD SDOKHWD GR /RZ 2 DODUPH ¿FD OLJDGR
$ 3DOKHWDV GR URWRU LQVWDODGDV 9DORU GH UHIHUrQFLD QmR DOFDQoDGR
URWRU HVTXHUGR %DL[R GXUDQWH  VHJXQGRV
$ IXQFLRQDOLGDGH GD SDOKHWD GR
%ORTXHLR GD SDOKHWD GR /RZ
$ 3DOKHWDV GR URWRU LQVWDODGDV URWRU GHWHWRX XP EORTXHLR QD %ORTXHLR UHVROYLGR
URWRU GLUHLWR %DL[R
SDOKHWD GR URWRU GLUHLWR
$ IXQFLRQDOLGDGH GD SDOKHWD GR
%ORTXHLR GD SDOKHWD GR /RZ
$ 3DOKHWDV GR URWRU LQVWDODGDV URWRU GHWHWRX XP EORTXHLR QD %ORTXHLR UHVROYLGR
URWRU HVTXHUGR %DL[R
SDOKHWD GR URWRU HVTXHUGR
/RZ )XQFLRQDOLGDGH GD SDOKHWD GR 2 DODUPH ¿FD OLJDGR
$ 3DOKHWD GR URWRU 3DOKHWDV GR URWRU LQVWDODGDV
%DL[R URWRU HP PRGR SURWHJLGR GXUDQWH  VHJXQGRV


  5(62/8d­2 '( 352%/(0$6

&yGLJR 5HSRVLomR
3ULRUL
GH 7tWXOR GH DODUPH 9LVRU &RQGLomR GH YHUL¿FDomR $WLYDomR
GDGH
DODUPH
$ SUHVVmR PHGLGD QR FLOLQGUR
/RZ
5DVWRV FRP VXVSHQVmR LQVWDODGRV GH WHQVmR GR UDVWR HVTXHUGR p 3UHVVmR UHVWDXUDGD
%DL[R
LQIHULRU D  EDU
0H $ SUHVVmR PHGLGD QR FLOLQGUR
5DVWR HVTXHUGR WHQVmR
$ GLXP 5DVWRV FRP VXVSHQVmR LQVWDODGRV GH WHQVmR GR UDVWR HVTXHUGR p 3UHVVmR UHVWDXUDGD
GHPDVLDGR EDL[D
0pGLD LQIHULRU D  EDU
$ SUHVVmR PHGLGD QR FLOLQGUR
+LJK
5DVWRV FRP VXVSHQVmR LQVWDODGRV GH WHQVmR GR UDVWR HVTXHUGR p 3UHVVmR UHVWDXUDGD
$OWR
LQIHULRU D  EDU
2 VLQDO GD &$1 &5B(,B5H
VLGXHB0RGH FRQWpP QRYDV  VHJXQGRV DSyV D
6LVWHPD GH GHVFLGD GR /RZ $ GHVFLGD GR SLFDGRU HVWi LQVWDODGD H
$ LQIRUPDo}HV R VLVWHPD HVWi UHFHomR GR VLQDO GD
SLFDGRU %DL[R D PiTXLQD HVWi QR PRGR GH WHUUHQR
DJRUD QR *5$,1B&+23B02'( &$1 28 R $ __
H DQWHV QmR HVWDYD $ ¿FD DWLYR
2 VLQDO GD &$1 &5B(,B5H
VLGXHB0RGH FRQWpP QRYDV  VHJXQGRV DSyV D
6LVWHPD GH GHVFLGD GR /RZ $ GHVFLGD GR SLFDGRU HVWi LQVWDODGD H
$ LQIRUPDo}HV R VLVWHPD HVWi UHFHomR GR VLQDO GD
SLFDGRU %DL[R D PiTXLQD HVWi QR PRGR GH WHUUHQR
DJRUD QR *5$,1B&251B02'( &$1 28 R $ __
H DQWHV QmR HVWDYD $ ¿FD DWLYR
2 VLQDO GD &$1 &5B(OB5H
VLGXHB0RGH FRQWpP QRYDV  VHJXQGRV DSyV D
6LVWHPD GH GHVFLGD GR $ GHVFLGD GR SLFDGRU HVWi LQVWDODGD H
$ 0pGLD LQIRUPDo}HV R VLVWHPD HVWi UHFHomR GR VLQDO GD
SLFDGRU D PiTXLQD HVWi QR PRGR GH WHUUHQR
DJRUD QR &251B'523B02'( H &$1 28 R $ __
DQWHV QmR HVWDYD $ ¿FD DWLYR
1HP WRGDV DV HQWUDGDV VmR &RUUHomR DWLYD 28
&ROKHGRU GH PLOKR UHEDWtYHO H
$ 6HJXUDQoD GR FROKHGRU 0pGLD YiOLGDV H R FRPDQGR GH DOLPHQWDGRU DEDL[R GR
DOLPHQWDGRU FXUWR LQVWDODGRV
UHFROKDH[WHQVmR p IRUQHFLGR kQJXOR FUtWLFR
$ ,QGH¿QLGR
2 VLQDOL]DGRU GH
2 VLQDOL]DGRU GH DOLPHQWDGRU
1HFHVViULD FDOLEUDomR GR /RZ $OLPHQWDGRU FXUWR SURWHomR FRQWUD DOLPHQWDGRU FDOLEUDGR D
$ FDOLEUDGR D SDUWLU GR PRGHOR ++&
DOLPHQWDGRU %DL[R LQVX¿FLrQFLD 28 ž HL[R LQVWDODGR SDUWLU GR PRGHOR ++&
p EDL[R
p DOWR
$SyV R WRNHQ [&' GH
1HFHVViULD FDOLEUDomR GD /RZ 6HQVRU GH SRVLomR YHUWLFDO 28
$ 1RYR WLSR GH FROKHGRU LQVWDODGR SRVLomR GR PRLQKR D
SRVLomR GR PRLQKR %DL[R KRUL]RQWDO GR PRLQKR LQVWDODGR
FDOLEUDomR p WUDQVPLWLGD
1HP WRGDV DV HQWUDGDV VmR
YiOLGDV H R FRPDQGR GH &RUUHomR DWLYD 28
&ROKHGRU GH JUmR RX FRP
VXELGDGHVFLGD GR DOLPHQWDGRU p DOLPHQWDGRU DEDL[R
$ 6HJXUDQoD GR FROKHGRU 0pGLD SHQWHV9DULIHHG PRQWDGR H '\QDPLF
IRUQHFLGR 28 2 PRLQKR QmR HVWi GR kQJXOR FUtWLFR 28
)HHG 5ROOΠ')5 LQVWDODGR
D GHVORFDUVH H R DOLPHQWDGRU PRLQKR DEDL[R GD
HVWi DFLPD GR kQJXOR FUtWLFR SRVLomR FUtWLFD
$FLPD GH 6721(B5
9HORFLGDGH UHDO GR ')5 LQIHULRU D
+LJK 2//B530B/2:B7+
$ 3DWLQDJHP ')5 ')5 LQVWDODGR 6721(B52//B530B/2:B7+
$OWR 5(6+2/' GXUDQWH 
5(6+2/'
VHJXQGRV RX PDLV
$ SUHVVmR PHGLGD QR FLOLQGUR GH
/RZ
5DVWRV FRP VXVSHQVmR LQVWDODGRV WHQVmR GR UDVWR GLUHLWR p LQIHULRU
%DL[R
D  EDU 3UHVVmR UHVWDXUDGD
0H $ SUHVVmR PHGLGD QR FLOLQGUR GH
5DVWR GLUHLWR WHQVmR
$ GLXP 5DVWRV FRP VXVSHQVmR LQVWDODGRV WHQVmR GR UDVWR GLUHLWR p LQIHULRU
GHPDVLDGR EDL[D
0pGLD D  EDU 3UHVVmR UHVWDXUDGD
$ SUHVVmR PHGLGD QR FLOLQGUR GH
+LJK
5DVWRV FRP VXVSHQVmR LQVWDODGRV WHQVmR GR UDVWR GLUHLWR p LQIHULRU
$OWR
D  EDU 3UHVVmR UHVWDXUDGD
8P RX PDLV FLOLQGURV GD
5DVWRV IXQFLRQDOLGDGH VXVSHQVmR HVWmR GHVDWLYDGRV
/RZ
$ GH FRQWUROR DXWRPiWLFR 5DVWRV FRP VXVSHQVmR LQVWDODGRV GHYLGR D XP SUREOHPD GH ,2
%DL[R
GH DOWXUD GHJUDGDGD FDOLEUDomR LQYiOLGD RX GHPRUD &DXVD SULQFLSDO
H[FHVVLYD UHVROYLGD
5DVWRV IXQFLRQDOLGDGH 8P RX DPERV RV FLOLQGURV GH
/RZ
$ GH FRQWUROR DXWRPiWLFR 5DVWRV FRP VXVSHQVmR LQVWDODGRV WHQVmR HVWmR GHVDWLYDGRV GHYLGR &DXVD SULQFLSDO
%DL[R
GH WHQVmR GHJUDGDGD D XP SUREOHPD GH ,2 UHVROYLGD
6H R VLVWHPD QmR WLYHU
([FHGLGR OLPLWH GH WHPSR GR
D FHUWH]D HP UHODomR
9HUL¿TXH R DOLPHQWDGRU /RZ $OLPHQWDGRU HP HVWUDGD ž HL[R RX SURFHGLPHQWR GH SURWHomR FRQWUD
$ j SRVLomR FRUUHWD GR
HP HVWUDGD %DL[R SURWHomR FRQWUD LQVX¿FLrQFLD LQVX¿FLrQFLD RX GR SURFHGLPHQWR
DOLPHQWDGRUž HL[R QR
GR ž HL[R
PRGR GH HVWUDGD
2 YHtFXOR HVWi QR PRGR GH WHUUHQR  VHJXQGRV DSyV D
0RGR GH WHUUHQR /RZ
$ H R RSHUDGRU SULPH R ERWmR GH DWLYDomR GR DODUPH
VHOHFLRQDGR %DL[R
SUHGH¿QLomR GH HVWUDGD QR /&3


  5(62/8d­2 '( 352%/(0$6

&yGLJR 5HSRVLomR
3ULRUL
GH 7tWXOR GH DODUPH 9LVRU &RQGLomR GH YHUL¿FDomR $WLYDomR
GDGH
DODUPH
1HP WRGDV DV HQWUDGDV VmR
YiOLGDV H R FRPDQGR GH
&ROKHGRU GH JUmR RX FRP VXELGDGHVFLGD GR PRLQKR p &RUUHomR DWLYD 28
$ 6HJXUDQoD GR FROKHGRU 0pGLD SHQWHV9DULIHHG H DOLPHQWDGRU IRUQHFLGR 28 2 PRLQKR HVWi DOLPHQWDGRU DEDL[R
FXUWR LQVWDODGRV DFLPD GR SRQWR FUtWLFR TXDQGR R GR kQJXOR FUtWLFR 28
DOLPHQWDGRU HVWi DFLPD GR kQJXOR PRLQKR DEDL[R GD
FUtWLFR SRVLomR FUtWLFD
6HQVRU GH SRVLomR
YHUWLFDO GR PRLQKR
6HQVRU GH SRVLomR YHUWLFDO GR YiOLGR 28 RSHUDGRU
&ROKHGRU GH SHQWHV GH  SpV %LVR
$ 6HJXUDQoD GR FROKHGRU 0pGLD PRLQKR LQYiOLGR H RSHUDGRU SULPH VROWD ERWmR GH GHVFLGD
RX GH  SpV 9DUL)HHG %LVR
ERWmR GH GHVFLGD GR PRLQKR GR PRLQKR 28 R DODUPH
HVWHYH DWLYR GXUDQWH 
VHJXQGRV
6H R VLVWHPD QmR WLYHU
([FHGLGR OLPLWH GH WHPSR GR
D FHUWH]D HP UHODomR
/RZ SURFHGLPHQWR GH SURWHomR FRQWUD
$ 9HUL¿FDU ž HL[R $OLPHQWDGRU HP HVWUDGD ž HL[R j SRVLomR FRUUHWD GR
%DL[R LQVX¿FLrQFLD RX GR SURFHGLPHQWR
DOLPHQWDGRUž HL[R QR
GR ž HL[R
PRGR GH WHUUHQR
3Up¿OWUR GH FRPEXVWtYHO /RZ 3DUD ('& PRWRU HP $ODUPH GH¿QLGR SHOD (&8 !  5HSRVLomR TXDQGR
$
REVWUXtGR %DL[R IXQFLRQDPHQWR VHJXQGRV OLPSR !  V
$ ,QGH¿QLGR
2 SRQWR GH¿QLGR
GD YHORFLGDGH GH
3RQWR GH¿QLGR $ YHORFLGDGH GH DOLPHQWDomR
DOLPHQWDomR p YiOLGR
GD YHORFLGDGH GH /RZ 'H¿QLomR GD YHORFLGDGH GH HVWi DWLYD ( R SRQWR GH¿QLGR GD
$ 28 R VLVWHPD
DOLPHQWDomR QmR %DL[R DOLPHQWDomR ! QmR LQVWDODGD YHORFLGDGH GH DOLPHQWDomR QmR p
GD YHORFLGDGH GH
FDOLEUDGR YiOLGR
DOLPHQWDomR HVWi
GHVDWLYDGR
$ ,QGH¿QLGR
$ ,QGH¿QLGR
$ ,QGH¿QLGR
8&0 3UREOHPD GH &$1 &$1B,' GH 8&0   $1' (67
$
,' HVWi RQOLQH RSRVWR
8&0 3UREOHPD GH &$1 &$1B,' GH 8&0  $1' (67
$
,' HVWi RQOLQH RSRVWR
8&0 3UREOHPD GH &$1 &$1B,' GH 8&0   $1' (67
$
,' HVWi RQOLQH RSRVWR
$ VHTXrQFLD GH HOLPLQDomR GR
/RZ 6HQVRU GH KXPLGDGH LQVWDODGR FRP VHQVRU GH KXPLGDGH IRL FRQFOXtGD
$ 8&0
%DL[R E\SDVV SDUD R 8&0 H R VHQVRU GH KXPLGDGH FRQWLQXD 'HEXOKDGRUD HQJDWDGD
D LQGLFDU D H[LVWrQFLD GH FXOWXUD RX E\SDVV YD]LR
$ ,QGH¿QLGR
$ ,QGH¿QLGR
$ ,QGH¿QLGR
$ SRVLomR UHDO GR
$ SRVLomR UHDO GR SUpFULYR UHDO
SUpFULYR UHDO HVWi
QmR HVWi GHQWUR GH  PP
$ 3UpFULYR IRUD GH SRVLomR 0pGLD GHQWUR GH  PP
 LQ GD SRVLomR GR SRQWR
 LQ GD SRVLomR GR
GH¿QLGR GXUDQWH  V
SRQWR GH¿QLGR
&RQWUDEDWHGRU QmR QD
$ 0pGLD
SRVLomR FRPDQGDGD
$ ,QGH¿QLGR
$ ,QGH¿QLGR
0DQtSXOR &RPPDQG*ULSŒ
IRUD GD SRVLomR QHXWUD H D FRQWDGRU LQWHUQR
IXQFLRQDOLGDGH GD WUDQVPLVVmR SDUD PRQLWRUL]DU
7UDQVPLVVmR SULQFLSDO
$ 0pGLD SULQFLSDO HP QHXWUR H FRQWDGRU R LQWHUUXSWRU GH
GHVDWLYDGD
LQWHUQR SDUD PRQLWRUL]DU R GHVEORTXHLR !
LQWHUUXSWRU GH GHVEORTXHLR  RX  H LQWHUUXSWRU GH
LQWHUUXSWRU GH GHVEORTXHLR (UUR GHVEORTXHLR ! (UUR
/RZ $ FRQ¿JXUDomR GR SUpFULYR UHPRWR
$ 8&0 2 SUpFULYR QXQFD IRL FDOLEUDGR
%DL[R HVWi GH¿QLGD FRPR LQVWDODGD FDOLEUH R SUpFULYR
2 WLSR GH PiTXLQD
+LJK 2 WLSR GH PiTXLQD LQLFLDO p
$ 8&0  8&0  8&0  LQLFLDO WLSR GH
$OWR GLIHUHQWH GR WLSR GH PiTXLQD UHDO
PiTXLQD UHDO
9HORFLGDGH UHDO GR ')5 LQIHULRU D ,QWHUUXSWRU GD
+LJK ')5 LQVWDODGR H GH¿QLomR GH FRUWH
$ 3DWLQDJHP ')5 6721(B52//B530B/2:B7+ GHEXOKDGRUD
$OWR GD GHEXOKDGRUD LQVWDODGR
5(6+2/' GHVDWLYDGR
3DOKHWD GR URWRU +LJK $ JDPD GH WUDEDOKR Pi[LPD QmR $ODUPH OLJDGR GXUDQWH
$ 3DOKHWDV GR URWRU LQVWDODGDV
HVTXHUGDGLUHLWD $OWR IRL DWLQJLGD V


  5(62/8d­2 '( 352%/(0$6

&yGLJR 5HSRVLomR
3ULRUL
GH 7tWXOR GH DODUPH 9LVRU &RQGLomR GH YHUL¿FDomR $WLYDomR
GDGH
DODUPH
2 SURFHGLPHQWR GH
$ IROJD GR FRQWUDEDWHGRU
DWLYDomR GD UXWXUD
GHVORFDVH SDUD FLPD PDLV GH
WHUPLQRX GH IRUPD EHP
'H¿QLomR YiOLGD GR VHQVRU GD  PP  LQ HP  V GHWHomR
VXFHGLGD
GHEXOKDGRUD DWLYDGD H IROJD GR GH UXWXUD
28 4XDQGR R
FRQWUDEDWHGRU WKUHVKLQJ HQJDJHG 28 R FLUFXLWR GR FRQWUDEDWHGRU
+LJK SURFHGLPHQWR QmR HVWi
GHEXOKD DWLYDGD DWLYD GXUDQWH VXELGD RX GHVFLGD p DOLPHQWDGR
$OWR D GHFRUUHU H R FLUFXLWR
 VHJXQGRV DSyV R XWLOL]DGRU H RV FRQWUDEDWHGRUHV QmR VREHP
GR FRQWUDEDWHGRU
DWLYDU PDQXDOPHQWH R LQWHUUXSWRU GD FRP  PP  LQ HP  V
p DOLPHQWDGR RV
GHEXOKD 28 4XDQGR R HVWDGR GH
FRQWUDEDWHGRUHV VmR
³EUHDNDZD\ UHOHDVHG´ UXWXUD
DOWHUDGRV SDUD  PP
3URFHGLPHQWR OLEHUWDGD GR 190 HVWi DWLYR
 LQ
$ GH UHSRVLomR GR
2 SURFHGLPHQWR GH
FRQWUDEDWHGRU $ IROJD GR FRQWUDEDWHGRU
DWLYDomR GD UXWXUD
GHVORFDVH SDUD FLPD PDLV GH
WHUPLQRX GH IRUPD EHP
 PP  LQ HP  V GHWHomR
VXFHGLGD
GH UXWXUD
28 4XDQGR R
0RGR GH FDPSR VHOHFLRQDGR H 28 R FLUFXLWR GR FRQWUDEDWHGRU
/RZ SURFHGLPHQWR QmR HVWi
GHEXOKDGRUD QmR DWLYDGD H VHQVRU GH VXELGD RX GHVFLGD p DOLPHQWDGR
%DL[R D GHFRUUHU H R FLUFXLWR
IROJD GR FRQWUDEDWHGRU YiOLGR H RV FRQWUDEDWHGRUHV QmR VREHP
GR FRQWUDEDWHGRU
FRP  PP  LQ HP  V
p DOLPHQWDGR RV
28 4XDQGR R HVWDGR GH
FRQWUDEDWHGRUHV VmR
³EUHDNDZD\ UHOHDVHG´ UXWXUD
DOWHUDGRV SDUD  PP
OLEHUWDGD GR 190 HVWi DWLYR
 LQ
,QWHUUXSWRU GR EORTXHLR
/RZ 0RGR GH HVWUDGD 28 YHORFLGDGH GR GLIHUHQFLDO Mi QmR
$ 8&0  8&0  8&0  %ORTXHLR GR GLIHUHQFLDO LQVWDODGR
%DL[R DR VROR ! YDORU GR OLPLDU HVWi DWLYR FRP XP
WHPSR PtQLPR GH  V
2 RSHUDGRU VROLFLWD 35$ $1'
/RZ  V DSyV D DWLYDomR GR
$ 8&0  8&0  8&0  35$ LQVWDODGR 0RGR GH HVWUDGD 28 9HORFLGDGH
%DL[R DODUPH
DR VROR ! YDORU GR OLPLDU
3HGLGR GR RSHUDGRU SDUD DWLYDomR
/RZ GR WUDYmR GH HVWDFLRQDPHQWR (  V DSyV D DWLYDomR GR
$ 8&0  8&0  8&0  6HPSUH
%DL[R 9HORFLGDGH DR VROR !  NPK DODUPH
 PSK
2 VLVWHPD GH SURWHomR
GH DUUDQTXH D IULR Mi
3URWHomR GH DUUDQTXH D /RZ
$ 6HPSUH 3URWHomR GH DUUDQTXH D IULR DWLYD WHUPLQRX RX YROWRX D
IULR DWLYD %DL[R
GHVSROHWDU D FRQGLomR
SDUD R DUUDQTXH D IULR
3URWHomR GR DUUDQTXH D /RZ 3URWHomR GR DUUDQTXH D IULR  VHJXQGRV DSyV D
$ 6HPSUH
IULR FRQFOXtGD %DL[R FRQFOXtGD DWLYDomR GR DODUPH
0H
7HQVmR GD EDWHULD   9
$ 7HQVmR GD EDWHULD EDL[D GLXP 0RWRU QmR D IXQFLRQDU 7HQVmR GD EDWHULD !
GXUDQWH  V
0pGLD  9 GXUDQWH  V
$ VROLFLWDomR GH PRYLPHQWR
GR FROKHGRU 'XDO 6WUHDPΠp
IHLWD TXDQGR R FROKHGRU QmR
/RZ &ROKHGRU 'XDO 6WUHDPŒGH¿QLGR
$ 0RYLPHQWR QmR SHUPLWLGR HVWi VXELGR FROKHGRU VXELGR
%DL[R FRPR LQVWDODGR
TXDQGR DFLPD GR SRQWR  GR
VHX LQWHUYDOR WRWDO > SRVLomR GH $ODUPH OLJDGR GXUDQWH
FDEHFHLUD@ V
$ ÀXWXDomR DXWRPiWLFD HVWi DWLYD
2 DOLPHQWDGRU HVWi
,QFOLQDomR GLDQWHLUD H D SRVLomR GD IDFH GLDQWHLUD
/RZ GHVOLJDGR RX D IDFH
$ WUDVHLUD GR DOLPHQWDGRU  HVWi GHPDVLDGR DIDVWDGD GD
%DL[R GLDQWHLUD HVWi DR
IRUD GD JDPD SRVLomR GD IDFH GLDQWHLUD GXUDQWH
DOFDQFH
D FDOLEUDomR GR FROKHGRU
2 LQWHUUXSWRU GH DMXVWH GD IDFH
,QFOLQDomR GLDQWHLUD
/RZ GLDQWHLUD p XWLOL]DGR PDV R
$ WUDVHLUD GR DOLPHQWDomR   V DSyV DWLYDomR
%DL[R DMXVWH GD IDFH GLDQWHLUD QmR HVWi
QmR LQVWDODGD
LQVWDODGR
$OYR GD SRVLomR
)DFH GLDQWHLUD D GHVORFDUVH
GD LQFOLQDomR /RZ
$  GHPDVLDGDPHQWH OHQWD SDUD R  V DSyV DWLYDomR
GLDQWHLUDWUDVHLUD GR %DL[R
DOYR
DOLPHQWDGRU QmR DWLQJLGD
0RYLPHQWR GD IDFH GLDQWHLUD
VROLFLWDGD QXPD GLUHomR PDV IRL
/RZ
$ 'LUHomR LQFRUUHWD  GHWHWDGR PRYLPHQWR QD GLUHomR  V DSyV DWLYDomR
%DL[R
RSRVWD GXUDQWH SHOR PHQRV
 PV


  5(62/8d­2 '( 352%/(0$6

&yGLJR 5HSRVLomR
3ULRUL
GH 7tWXOR GH DODUPH 9LVRU &RQGLomR GH YHUL¿FDomR $WLYDomR
GDGH
DODUPH
0RWRU 1­2 HP IXQFLRQDPHQWR
( 3HGLGR GR XWLOL]DGRU SDUD
/RZ 7DPSDV HOpWULFDV LQVWDODGDV RX WXER
$ )XQomR QmR GLVSRQtYHO IHFKDUDEULU DV WDPSDV 28  V DSyV DWLYDomR
%DL[R GREUiYHO LQVWDODGRV
3HGLGR GR XWLOL]DGRU SDUD
GREUDUGHVGREUDU R WXER GREUiYHO
6H R SHGLGR GR SRQWR GH
'HEXOKD DWLYDGD H R HVSDOKDGRU GH¿QLomR VROLFLWDGR SHOR XWLOL]DGRU
GH PRLQKD HVWi LQVWDODGR H GD YHORFLGDGH GR PRWRU GR
7LSRB&ROKHGRU p FROKHGRU GH PLOKR HVSDOKDGRU GH PRLQKD GLUHLWR
SDUD 0< [  RX  RX R SHGLGR GR SRQWR GH
6LVWHPD GR HVSDOKDGRU /RZ
$ RX  SDUD 0< [  GH¿QLomR VROLFLWDGR SHOR XWLOL]DGRU  V DSyV DWLYDomR
GH PRLQKD %DL[R
'H¿QLomR WKUHVKLQJ HQJDJHG GD YHORFLGDGH GR PRWRU GR
GHEXOKD DWLYDGD HVWi DWLYD DSyV HVSDOKDGRU GH PRLQKD HVTXHUGD
R XWLOL]DGRU DWLYDU PDQXDOPHQWH R HVWLYHU DFLPD GD OLPLWDomR
LQWHUUXSWRU GD GHEXOKD GH YHORFLGDGH GH FROKHLWD GH
PLOKRJLUDVVRO
>7LSRB&REHUWXUD  7\SH,' [  V DSyV DV FRQGLo}HV
6H DV FREHUWXUDV DLQGD QmR
 +LGUiXOLFD YDORU  @ GH DODUPH VHUHP
HVWLYHUHP IHFKDGDV DSyV R OLPLWH
>7LSRB6HQVRUB&REHUWXUDV  7\SH,' GHVDWLYDGDV FRQGLo}HV
&REHUWXUDV GR WHJmR QmR GH WHPSR RQGH R XWLOL]DGRU SHGLX
$ 0pGLD [  )HFKR GR 6HQVRU YDORU GH DODUPH Mi QmR
IHFKDGDV R IHFKR GD FREHUWXUD OLPLWH
 28 $EHUWXUD H )HFKR GR 6HQVRU VmR DWLYDGDV TXDQGR
GH WHPSR SDUD DV FREHUWXUDV
YDORU  @ VHQVRU GH IHFKR GDV DV FREHUWXUDV HVWmR
KLGUiXOLFDV  VHJXQGRV
FREHUWXUDV QmR HVWi DYDULDGR IHFKDGDV
$ $YDULD GR UHJLVWDGRU 3/' 1mR SRGH VHU SURJUDPDGR
&RQVHJXLX HVFUHYHU
$ $YDULD GR UHJLVWDGRU (( 1mR FRQVHJXLX HVFUHYHU SDUD ((
SDUD ((
1mR p SRVVtYHO DEULU R ¿FKHLUR GR
PDUFDGRU
1mR p SRVVtYHO FULDU R ¿FKHLUR GR
PDUFDGRU SUHGH¿QLGR
$ (UUR QR ¿FKHLUR GH UHJLVWR
1mR p SRVVtYHO DEULU R ¿FKHLUR GH
UHJLVWR
 ¿FKHLURV GH UHJLVWR Mi
SUHVHQWHV QR FDUWmR
2 8&0 QmR HQYLD DV 2V 8&0V QmR HQYLDP DV 1HFHVViULR HQYLR GRV
$
PHQVDJHQV QHFHVViULDV PHQVDJHQV QHFHVViULDV 8&0V
(UUR QR ¿FKHLUR GR 1mR p SRVVtYHO DEULU R ¿FKHLUR
$
WUDEDOKR REMHWR
)LFKHLUR REMHWR FRUURPSLGR
(UUR QR ¿FKHLUR GR
$ )LFKHLUR PDUFDGRU GDQL¿FDGR
PDUFDGRU
$ &DUWmR GH GDGRV FKHLR
$ ,QGH¿QLGR
$ ,QGH¿QLGR
$ ,QGH¿QLGR
$ 3HUGD GR VLQDO *36
3HUGD GR VLQDO GH
$
FRUUHomR '*36
+LJK
$ 3HUGD GH FRPXQLFDomR &$1 DEHUWR
$OWR 5HSDUDU &$1
/RZ
$ 0'0 RIÀLQH
%DL[R
1HQKXPD PHQVDJHP &$1 0HQVDJHQV &$1
/RZ
$ 8&0 QmR GHWHWDGR UHFHELGD D SDUWLU GR 8&0 UHFHELGDV D SDUWLU
%DL[R
GXUDQWH  VHJXQGRV GR 8&0
1HQKXPD PHQVDJHP &$1 0HQVDJHQV &$1
/RZ
$ 8&0 QmR GHWHWDGR UHFHELGD D SDUWLU GR 8&0 UHFHELGDV D SDUWLU
%DL[R
GXUDQWH  VHJXQGRV GR 8&0
1HQKXPD PHQVDJHP &$1 0HQVDJHQV &$1
/RZ
$ ,&3 QmR GHWHWDGR UHFHELGD D SDUWLU GR ,&3 GXUDQWH UHFHELGDV D SDUWLU
%DL[R
 VHJXQGRV GR ,&3
1HQKXPD PHQVDJHP &$1 0HQVDJHQV &$1
/RZ
$ $&0 QmR GHWHWDGR UHFHELGD D SDUWLU GR $&0 GXUDQWH UHFHELGDV D SDUWLU
%DL[R
 VHJXQGRV GR $&0
1HQKXPD PHQVDJHP &$1 0HQVDJHQV &$1
/RZ
$ /&3 QmR GHWHWDGR UHFHELGD D SDUWLU GR /&3 GXUDQWH UHFHELGDV D SDUWLU
%DL[R
 VHJXQGRV GR /&3
1HQKXPD PHQVDJHP &$1 0HQVDJHQV &$1
(&8 QRW GHWHFWHG (&8 /RZ &RQ¿JXUDomR GR WLSR GH PRWRU
$ UHFHELGD D SDUWLU GD (&8 GXUDQWH UHFHELGDV D SDUWLU
QmR GHWHWDGD %DL[R GH¿QLGD FRPR (/(75Ï1,&2
 VHJXQGRV GD (&8


  5(62/8d­2 '( 352%/(0$6

&yGLJR 5HSRVLomR
3ULRUL
GH 7tWXOR GH DODUPH 9LVRU &RQGLomR GH YHUL¿FDomR $WLYDomR
GDGH
DODUPH
0HQVDJHQV &$1
UHFHELGDV D SDUWLU
6HP PHQVDJHQV &$1 UHFHELGDV D
GD SRQWH HP + Qž 
SDUWLU GD SRQWH HP + Qž  GXUDQWH
+EULGJH  QRW GHWHFWHG GXUDQWH  VHJXQGRV
 VHJXQGRV ( 'H¿QLomR GR
$ 3RQWH HP + Qž  QmR 28 'H¿QLomR GR
VLVWHPD GH UHVtGXRV 2SWLVSUHDG
GHWHWDGD VLVWHPD GH UHVtGXRV !
 530 RX 2SWLVSUHDG 
2SWLVSUHDG  530
530
28 2SWLVSUHDG 
530
1HQKXPD PHQVDJHP &$1 0HQVDJHQV &$1
*36 2IÀLQH *36 /RZ &RQ¿JXUDomR GR WLSR GH *36 QmR
$ UHFHELGD D SDUWLU GR *36 GXUDQWH UHFHELGDV D SDUWLU
GHVOLJDGR %DL[R GH¿QLGD SDUD 
 VHJXQGRV GR *36
1HQKXPD PHQVDJHP &$1 0HQVDJHQV &$1
/RZ &RQ¿JXUDomR GR WLSR GH '/8 QmR
$ '/8 RIÀLQH UHFHELGD D SDUWLU GR '/8 GXUDQWH UHFHELGDV D SDUWLU
%DL[R GH¿QLGD SDUD 
 VHJXQGRV GR '/8
1HQKXPD PHQVDJHP &$1 0HQVDJHQV &$1
/RZ &RQ¿JXUDomR GD FDL[D GH SHGUDV
$ $63 QmR GHWHWDGR UHFHELGD D SDUWLU GR $63 GXUDQWH SURYHQLHQWHV GH $63
%DL[R HOHWUyQLFD GH¿QLGD FRPR ,167$/$'$
 VHJXQGRV UHFHELGDV
1HQKXPD PHQVDJHP &$1 0HQVDJHQV &$1
/RZ &RQ¿JXUDomR GR $XWRSLORWŒ
$ +*6 QmR GHWHWDGR UHFHELGD D SDUWLU GR +*6 GXUDQWH UHFHELGDV D SDUWLU
%DL[R GH¿QLGD HP 
 VHJXQGRV GR +*6
$ ,QGH¿QLGR
&RPXQLFDomR SHUGLGD
$
FRP 8&0
&RPXQLFDomR SHUGLGD
$
FRP 8&0
&&0 FRPPXQLFDWLRQ
$ ORVW &RPXQLFDomR
SHUGLGD FRP &&0
&RPXQLFDomR SHUGLGD
$
FRP $&0
$ ,QGH¿QLGR
&RPXQLFDomR SHUGLGD
$
FRP (&8
+%ULGJH  FRPPXQLFD
WLRQ ORVW &RPXQLFDomR
$
SHUGLGD FRP D SRQWH HP
+ Qž 
+EULGJH  QRW GHWHFWHG
$ 3RQWH HP + Qž  QmR
GHWHWDGD
+EULGJH  QRW GHWHFWHG
$ 3RQWH HP + Qž  QmR
GHWHWDGD
&RPXQLFDomR SHUGLGD
$
FRP $63
&RPXQLFDomR SHUGLGD
$
FRP +*6
+EULGJH 
FRPPXQLFDWLRQ ORVW
$
&RPXQLFDomR SHUGLGD
FRP D SRQWH HP + Qž 
+EULGJH 
FRPPXQLFDWLRQ ORVW
$
&RPXQLFDomR SHUGLGD
FRP D SRQWH HP + Qž 
$ '&8 QmR GHWHWDGD
&RPXQLFDomR SHUGLGD
$
FRP '&8
6HQVRU GH SURGXWLYLGDGH
$
QmR GHWHWDGR
&RPXQLFDomR SHUGLGD
$ FRP R VHQVRU GH
SURGXWLYLGDGH
)DOKD QD FRQ¿JXUDomR GR
&%
VHQVRU GH SURGXWLYLGDGH
$ *5& QmR GHWHWDGR
&RPXQLFDomR SHUGLGD
$
FRP *5&
$ $9$& QmR GHWHWDGR
&RPXQLFDomR SHUGLGD
$
FRP $9$&


  5(62/8d­2 '( 352%/(0$6

&yGLJR 5HSRVLomR
3ULRUL
GH 7tWXOR GH DODUPH 9LVRU &RQGLomR GH YHUL¿FDomR $WLYDomR
GDGH
DODUPH
9HUVmR GR VRIWZDUH REWLGD DWUDYpV
GR .:3 SDUD RXWUR YLVRU PDLV
6RIWZDUH DQWLJR QRXWUR /RZ
$ DQWLJD GR TXH D GHWHUPLQDU 
YLVRU %DL[R
$ WUDQVPLVVmR GD &$1 VHUi
GHVDWLYDGD
0HQVDJHP 3*1 [))' QmR
UHFHELGD D SDUWLU GR YLVRU SULQFLSDO
2 YLVRU SULQFLSDO QmR /RZ GXUDQWH PDLV GH  PLQXWR $SHQDV
$
UHVSRQGH %DL[R DWLYD QR PRQLWRU VHFXQGiULR $R
SUHPLU 2. R VHJXQGR YLVRU VHUi
UHLQLFLDGR QR PRGR FRPSOHWR
0HQVDJHP 3*1 [))' QmR
UHFHELGD D SDUWLU GR YLVRU
VHFXQGiULR GXUDQWH PDLV GH 
2 YLVRU VHFXQGiULR QmR /RZ
$ PLQXWR $SHQDV DWLYD QR PRQLWRU
UHVSRQGH %DL[R
SULQFLSDO $R SUHPLU 2. R YLVRU
SULQFLSDO VHUi UHLQLFLDGR QR PRGR
FRPSOHWR
2 WLSR GH YHtFXOR REWLGR QD
9LVRU GXSOR QmR /RZ PHQVDJHP &$1 [))' FRQWpP
$
VXSRUWDGR %DL[R XP WLSR GH YHtFXOR GLIHUHQWH GR
DWXDO
1HQKXPD PHQVDJHP &$1 0HQVDJHQV &$1
/RZ
$ 8&0 QmR GHWHWDGR UHFHELGD D SDUWLU GR 8&0 UHFHELGDV D SDUWLU
%DL[R
GXUDQWH  VHJXQGRV GR 8&0
&RPXQLFDomR SHUGLGD /RZ
$
FRP 8&0 %DL[R
9HUVmR GR VRIWZDUH GR RXWUR YLVRU
/RZ QmR REWLGD DSyV XP WHPSR OLPLWH
$ 9LVRU GHVDWLYDGR
%DL[R GH  PLQXWR DWUDYpV GR SHGLGR GR
SURWRFROR .


  5(62/8d­2 '( 352%/(0$6

7UDWDPHQWR GH HVFDSH GH UHGXomR FDWDOtWLFD VHOHFWLYD 6&5 


'HVFULomR JHUDO GR SURGXWR
$YLVR QR SDLQHO GH LQVWUXPHQWRV VREUH R ÀXLGR GH HVFDSH GH FRPEXVWtYHO '() $G%OXHŠ
$7(1d­2 2 VLVWHPD GH FRPEXVWtYHO R VLVWHPD GH SyVWUDWDPHQWR GH HVFDSH H R PRWRU GD VXD PiTXLQD IRUDP
FRQFHELGRV H FRQVWUXtGRV GH DFRUGR FRP DV QRUPDV UHODWLYDV D HPLVV}HV HVWDEHOHFLGDV SHOR JRYHUQR $ DGXOWHUDomR
SRU SDUWH GH FRQFHVVLRQiULRV FOLHQWHV RSHUDGRUHV H XWLOL]DGRUHV p HVWULWDPHQWH SURLELGD SRU OHL 2 QmR FXPSULPHQWR
SRGH GDU RULJHP j DSOLFDomR GH PXOWDV SRU SDUWH GR JRYHUQR D FXVWRV DGLFLRQDLV GH DOWHUDomR j DQXODomR GD JDUDQWLD
D Do}HV OHJDLV H D XPD SRVVtYHO FRQ¿VFDomR GD PiTXLQD DWp TXH HVWD VHMD DOWHUDGD SDUD DV FRQGLo}HV RULJLQDLV $
PDQXWHQomR HRX DV UHSDUDo}HV GR PRWRU Vy GHYHP VHU HIHWXDGDV SRU XP WpFQLFR FHUWL¿FDGR

$ VXD PiTXLQD 1(: +2//$1' HVWi HTXLSDGD FRP XP VLVWHPD GH DYLVR SDUD LQIRUPDU R RSHUDGRU GR QtYHO GH '()
$'%/8(Š DQRPDOLDV QR VLVWHPD H SHUGD GH SRWrQFLD GR PRWRU TXH SRGHP UHVXOWDU GR VLVWHPD 6&5 SDUD UHGX]LU DV
HPLVV}HV GH JDVHV GH HVFDSH

6tPERORV GH DYLVR
2FRUUrQFLD GH SHUGD GH SRWrQFLD GR
6&5 IDLOXUH )DOKD GR 6&5
PRWRU

3DUDJHP GR PRWRU 1tYHO EDL[R GH '()$'%/8(Š

'()$'%/8(Š /X] GH DYLVRDYDULD

/X] GH SDUDJHP GR PRWRU

'XUDQWH R IXQFLRQDPHQWR QRUPDO GD VXD PiTXLQD 1(:


+2//$1' R QtYHO GH ÀXLGR  GH '()$'%/8(Š p VHP
SUH DSUHVHQWDGR

2V DYLVRV H LQGLFDGRUHV LUmR VHU DSUHVHQWDGRV QD iUHD


GR tFRQH GH HUURDODUPH % GR YLVRU 2 PRVWUDGRU PXGD
DXWRPDWLFDPHQWH SDUD SHUPLWLU TXH R RSHUDGRU YHMD R LQ
GLFDGRU GH DYLVR H D PHQVDJHP DSUHVHQWDGD

=(,/&5$$ 



You might also like