You are on page 1of 42



5(63216$%,/,'$'(&,9,/325'$126$20(,2
$0%,(17(

*(1(5$/,'$'(6
$RHVWXGDUPRVQRFDStWXORDQWHULRURSULQFtSLRGHFRQFUHWL]DomRGRSROXLGRUXVXiULRSDJDGRU
YLPRV TXH R SULQFtSLR GD UHVSRQVDELOLGDGH p DTXHOH TXH YLVD GDU XPD UHVSRVWD jV GLYHUVDV
DQWLMXULGLFLGDGHVDPELHQWDLV
9LPRVWDPEpPTXHQmRVySRUIRUoDGHPDQGDPHQWRFRQVWLWXFLRQDO DUW PDVWDPEpP
SRU VHUHP GLYHUVRV RV REMHWRV GH WXWHOD D XPD PHVPD FRQGXWD SRGHP VHU DSOLFDGDV VDQo}HV
SHQDLVDGPLQLVWUDWLYDVHFLYLVVHPTXHLVVRUHSUHVHQWHTXDOTXHUELVLQLGHP
-i WHQGR VLGR HVWXGDGDV DV OLQKDV JHUDLV GDV UHVSRQVDELOLGDGHV SHQDO H DGPLQLVWUDWLYD
DQDOLVDUHPRVQHVWHFDStWXORDUHVSRQVDELOLGDGHFLYLOHPPDWpULDDPELHQWDO
1mRSRGHPRVQRVHVTXHFHUDLQGDGHTXHDUHVSRQVDELOLGDGHQDGDPDLVpTXHGHFRUUrQFLDGHXP
SULQFtSLR PDLRU MXVWDPHQWH R SROXLGRUXVXiULRSDJDGRU 3RU LVVR PHVPR SURFXUDUHPRV
GHPRQVWUDUDRORQJRGRFDStWXORDVLPSOLFDo}HVGHOHQRFDPSRGDUHSDUDomRFLYLO
6H SDUWtVVHPRV GD LGHLD GH TXH D UHVSRQVDELOLGDGH p XPD UHVSRVWD jV DQWLMXULGLFLGDGHV
FKHJDUtDPRVjFRQFOXVmRGHTXHVXDIXQomRpPHUDPHQWHUHSUHVVLYD1DGDPDLVHTXLYRFDGR
3ULPHLUDPHQWHSRUTXHFRPRYLPRVRVGDQRVDPELHQWDLVVmRSHUPDQHQWHVFRQWLQXDWLYRV(VH
DVVLPRVmRDWXDUDLQGDTXHUHSUHVVLYDPHQWHSDUDID]rORVFHVVDU UHSUHVHQWDWDPEpPIRUPDGH
SUHYHQLURXWURVGDQRVIXWXURVGHFRUUHQWHVGHXPDPHVPDFRQGXWDDQWHULRU
0DV QmR p Vy D SUHYHQomR WDPEpP VHULD DOFDQoDGD SRU PHLR GD YRUDFLGDGH SXQLWLYD GR
SROXLGRUSDJDGRU FXMD VDQomR LPSRVWD HVWDULD IXQFLRQDQGR FRPR XP HVWLPXODQWH DR LQYHUVR
HGXFDQGR D VRFLHGDGH D QmR SUDWLFDU DTXHOD FRQGXWD DSUHQGHQGR FRP D VDQomR GDGD TXH HP
~OWLPDDQiOLVHVHUYLULDFRPRXPPDXH[HPSORTXHGHYHVHUHYLWDGR'DtSRUTXHVHHVSHUDTXHD
VDQomRGHVWDQDWXUH]DVHMDIRUWHVHYHUDVHGX]LQGRDFROHWLYLGDGHDHYLWDUDGHJUDGDomRDPELHQWDO
&RPRMiVHGLVVHRSULQFtSLRGRSROXLGRUSDJDGRUQDGDWHPDYHUFRPDQHIDVWDLGHLDGHTXHVH
SDJDSDUDSROXLU2PHLRDPELHQWHQmRpEHPTXHSRVVDVHFRPHUFLDUFRPRVHIRVVHXPDPRHGDGH
WURFDDRGLUHLWRGHSROXLU
(QWHQGDPRVDLQGDTXHVRERSRQWRGHYLVWDGDDQWLMXULGLFLGDGHSUDWLFDGDDUHSUHVVmRFLYLODR
GDQRDPELHQWDOpPRGDOLGDGHTXHOHYDYDQWDJHPHPUHODomRjVDQomRDGPLQLVWUDWLYDHjVDQomR
SHQDO
eTXHQRVGRLV~OWLPRVFDVRVH[LJHVHTXHWHQKDKDYLGRFRQGXWDLOtFLWDGRDJHQWHDRSDVVRTXH
SDUDDUHSUHVVmRFLYLOLQGHSHQGHDYHULILFDomRGD OLFLWXGHRXLOLFLWXGHGD FRQGXWDRTXHWRUQD
DSDUHQWHPHQWHPDLVFXUWRRFDPLQKRUHSUHVVLYR%DVWDSDUDDUHVSRQVDELOLGDGHFLYLOTXHKDMDXP
GDQRDRPHLRDPELHQWHSRGHQGRHVWHVHULPSXWDGRDDOJXPDJHQWHSROXLGRU
$VVLP GD PHVPD IRUPD TXH p SRVVtYHO TXH VH SUDWLTXH XPD FRQGXWD LOtFLWD TXH QmR FDXVH
TXDOTXHU GDQR DPELHQWDO SRU H[HPSOR TXDQGR Ki PHUDPHQWH R GHVFXPSULPHQWR GH XPD
FRQGLFLRQDQWHGDOLFHQoDGHRSHUDomR pSRVVtYHOTXH RGDQRDPELHQWDOVHMD UHVXOWDGR GHXPD
FRQGXWD OtFLWD SRU H[HPSOR TXDQGR VH DWXD SHUIHLWDPHQWH GHQWUR GRV OLPLWHV GD OLFHQoD GH
RSHUDomRPDVDLQGDDVVLPKiGHJUDGDomRDPELHQWDO 
1HVVHVHQWLGRR6XSHULRU7ULEXQDOGH-XVWLoDDRDILUPDUTXH$OHJLVODomRGHUHJrQFLDHRV
SULQFtSLRV MXUtGLFRV TXH GHYHP QRUWHDU R UDFLRFtQLR MXUtGLFR GR MXOJDGRU SDUD D VROXomR GD OLGH
HQFRQWUDPVHLQVFXOSLGRVQmRQRFyGLFHFLYLOLVWDEUDVLOHLURPDVVLPQRDUWGD&)HQD
/HLQDUWTXHDGRWRXDWHRULDGRULVFRLQWHJUDOLPSRQGRDRSROXLGRUDPELHQWDO
UHVSRQVDELOLGDGH REMHWLYD LQWHJUDO ,VVR LPSOLFD R GHYHU GH UHSDUDU LQGHSHQGHQWHPHQWH GH D
SROXLomRFDXVDGDWHUVHGDGRHPGHFRUUrQFLDGHDWRLOtFLWRRXQmRQmRLQFLGLQGRQHVVDVLWXDomR
QHQKXPD H[FOXGHQWH GH UHVSRQVDELOLGDGH 3UHFHGHQWHV  'HPDQGDV DPELHQWDLV WHQGR HP YLVWD
UHVSHLWDUHP EHP S~EOLFR GH WLWXODULGDGH GLIXVD FXMR GLUHLWR DR PHLR DPELHQWH HFRORJLFDPHQWH
HTXLOLEUDGRpGHQDWXUH]DLQGLVSRQtYHOFRPLQFLGrQFLDGHUHVSRQVDELOLGDGHFLYLOLQWHJUDOREMHWLYD
LPSOLFDPXPDDWXDomRMXULVGLFLRQDOGHH[WUHPDFRPSOH[LGDGH   $J5JQR5(VS63
UHO0LQ5DXO$UD~MR7XUPDMXOJDGRHP'-H 
$OLiVVHOHPEUDUPRVTXHDWXWHODFLYLOSRGHWHUOXJDUQmRDSHQDVQRVFDVRVHPTXHKiXPGDQR
FRQVXPDGRPDVWDPEpPTXDQGRKiDPHDoDGHGDQR WXWHODLQLELWyULD FKHJDUHPRVjFRQFOXVmRGH
TXHDUHVSRQVDELOLGDGHFLYLOSRGHDWXDUPHVPRTXHQmRKDMDTXDOTXHUGHJUDGDomRDPELHQWDO 

2%67&8/26()(7,9$d2'$5(63216$%,/,'$'(&,9,/
&RPRDHVWDDOWXUDMiGHYHWHUILFDGRFODURTXDQGRVHWUDWDGHSURWHomRDPELHQWDO pJUDQGH D
QHFHVVLGDGH GH VH SURFHGHU D XPD UHYLVLWDomR GRV FRQFHLWRV TXH HPEDVDP D WHRULD GD
UHVSRQVDELOLGDGH
3URYDGLVVRpDSUHYLVmRGDUHVSRQVDELOL]DomRSHQDOGDSHVVRDMXUtGLFDTXHVHHUDLPSHQViYHOj
OX]GDVQRo}HVFOiVVLFDVGRGLUHLWRSHQDOWHPVHPRVWUDGRXPLQVWUXPHQWRGHJUDQGHXWLOLGDGHSDUD
DWXWHODGRPHLRDPELHQWH
'DPHVPDIRUPDDJRUDFRPRVROKRVYROWDGRVSDUDD HVIHUDFLYLOpLQHJiYHOTXHDDGRomRGD
UHVSRQVDELOLGDGH REMHWLYD IXQGDGD QD GHVQHFHVVLGDGH GH GHPRQVWUDomR GD FXOSD GR DJUHVVRU
FRQVWLWXLVHQXPDYDQoRVLJQLILFDWLYRMiTXHVHDQWHVHUDQHFHVViULDDSURYDGRHOHPHQWRVXEMHWLYR
FXOSD RX GROR  DJRUD VH FKHJD PDLV IiFLO DR UHVXOWDGR TXH p D UHVSRQVDELOL]DomR GR SROXLGRU
(QILPKRXYHXPHQFXUWDPHQWRGRFDPLQKR
1mRFHVVDPSRUDtFRQWXGRRVREVWiFXORV$WpPHVPRSHODVFDUDFWHUtVWLFDVGREHPDPELHQWDO
HVSHFLDOPHQWHVXDXELTXLGDGHDSDUHFHPYiULDVRXWUDVGLILFXOGDGHVFRPR

FRPSURYDomR GR GDQR DPELHQWDO FRPR HVWH PXLWDV YH]HV VH SURMHWD QR WHPSR RX RFRUUH
PXLWRWHPSRGHSRLVGDFRQGXWDGRSROXLGRUpGLItFLOHPPXLWRVFDVRVVXDGHWHFomRGHOLPLWDomR
HGHPRQVWUDomR
FRPSURYDomRGRQH[RFDXVDOPXLWDVYH]HVQmRVHFRQVHJXHDWpSRUUD]}HVFLHQWtILFDVOLJDU
R GDQR j DWLYLGDGH GR SROXLGRU 1RXWUDV YH]HV Ki DLQGD R IHQ{PHQR GH FRQFDXVD HP TXH D
RFRUUrQFLDGHRXWURVHYHQWRVGLILFXOWDSUHFLVDUTXDOWHULDVLGRGHWHUPLQDQWHSDUDRGDQR$LQGDKi
RVGDQRVDQ{QLPRVTXHQmRVHFRQVHJXHPDWULEXLUDHVWDRXjTXHODSHVVRD
HIHWLYDomRGDVDQomRPXLWDVYH]HVGHSRLVGHGHFODUDGDDUHVSRQVDELOLGDGHKiRSUREOHPD
GD VROYDELOLGDGH GR SROXLGRU TXH QmR SRVVXL PHLRV RX EHQV DSWRV D JDUDQWLU D HIHWLYDomR GD
QRUPDMXUtGLFDFRQFUHWD VDQomRLPSRVWD 

3RU LVVR PHVPR DR DQDOLVDUPRV RV SLODUHV GD UHVSRQVDELOLGDGH FLYLO DPELHQWDO WHQWDUHPRV
HQFRQWUDUVROXo}HVSDUDVHQmRRVHOLPLQDUDRPHQRVGLPLQXLURVREVWiFXORVPHQFLRQDGRV

$&203(71&,$3$5$/(*,6/$562%5(5(63216$%,/,'$'(&,9,/$0%,(17$/
&RPRVHVDEHDUHVSRQVDELOLGDGHFLYLOpLQVWLWXWRTXHGHLWDVXDVUDt]HVQRGLUHLWRFLYLO
(DVVLPWHQGRHPYLVWDTXHRDUW,GD&RQVWLWXLomR)HGHUDORXWRUJDj8QLmRFRPSHWrQFLD
SULYDWLYD SDUD OHJLVODU VREUH GLUHLWR FLYLO  D FRQFOXVmR yEYLD p TXH FDEHULD D HVWH HQWH GD
IHGHUDomRGLWDUWRGDVDVUHJUDVVREUHDUHVSRQVDELOLGDGHFLYLO
(PUHODomRDRPHLRDPELHQWHSRUpPDVLWXDomRpGLIHUHQWH9HMDPRVRTXHGHWHUPLQDRDUW
9,,,GD&)
$UW&RPSHWHj8QLmRDRV(VWDGRVHDR'LVWULWR)HGHUDOOHJLVODUFRQFRUUHQWHPHQWHVREUH 
9,,,  UHVSRQVDELOLGDGH SRU GDQR DR PHLR DPELHQWH DR FRQVXPLGRU D EHQV H GLUHLWRV GH YDORU DUWtVWLFR HVWpWLFR KLVWyULFR
WXUtVWLFRHSDLVDJtVWLFR  

$IRUPDH[SOtFLWDGRSUHFHLWRQmRQRVSHUPLWHGDUGHRPEURVYLUDUDVFRVWDVHQILPILQJLU
TXHQmRVHHVWiYHQGRDTXLORTXHROHJLVODGRUSRVLWLYRX
'HILQLWLYDPHQWHHVWiDOLQD&)XPDSHUPLVVmRH[SUHVVDSDUDTXHRV(VWDGRVVXSOHPHQWHP
FRQFRUUHQWHPHQWHDOHJLVODomRIHGHUDOVREUHDUHVSRQVDELOLGDGHFLYLODPELHQWDO DUWH
 
eFODURTXHFRPRGHWHUPLQDPRVHGRDUWHYHQWXDOOHLHVWDGXDOTXHGLVSRQKDVREUH
D UHVSRQVDELOLGDGH FLYLO DPELHQWDO QmR SRGH HP KLSyWHVH DOJXPD RIHQGHU RV SLODUHV TXH IRUHP
HVWDEHOHFLGRVSHODQRUPDJHUDOVREUHRDVVXQWR QRFDVRRDUWGD/HLQ 
$SRVWXUDGDOHLHVWDGXDOVREUHRWHPDpGLUtDPRVXPDFDUWDGHXPODGRVyDVUHJUDVTXHSRGHP
VHU FULDGDV VH GHVWLQDP DR DWHQGLPHQWR GRV SULQFtSLRV H ILQDOLGDGHV DPELHQWDLV H GHYHP VHUYLU
FRPR XP SOXV GH SURWHomR DR PHLR DPELHQWH FXLGDQGR GH DVSHFWRV UHJLRQDLV H GHVFHQGR D
SHFXOLDULGDGHVTXHXPDQRUPDJHUDOMXVWDPHQWHSRUVHUJHUDOQmRSRGHULDID]rOR

3RUWXGRLVVRFUHPRVTXHDOHJLVODomRHVWDGXDOVREUHRWHPDGDUHVSRQVDELOLGDGHFLYLODPELHQWDOSRGHHGHYHDYDQoDUQRWRFDQWH
jFULDomRGHQRUPDVDPELHQWDLVTXHVHMDPPDLVSURWHWLYDVGRPHLRDPELHQWH

( LVVR GHYH OHYDU HP FRQVLGHUDomR FHUWDV SHFXOLDULGDGHV TXH QmR SRGHULDP VHU WUDWDGDV QD QRUPD QDFLRQDO H TXH VHMDP
HVSHFtILFDVGHFDGD(VWDGRRXUHJLmRQHOHFRQWLGD

8PH[HPSORGHQRUPDTXHSRGHULDVHUHVWDWXtGDHPkPELWRHVWDGXDOpDFULDomRGHSUHVXQo}HVH
ILFo}HVOHJDLVGHDFRUGRFRPDVSHFXOLDULGDGHVUHJLRQDLV$SDUWLUGDREVHUYDomRGDUHDOLGDGHGH
FDGD ORFDOLGDGH SRGHULD VHU SUHVXPLGD TXH FHUWD GHJUDGDomR DPELHQWDO p UHVXOWDGR GHVWD RX
GDTXHODDWLYLGDGHHFRQ{PLFD2XDLQGDTXHXPUHVtGXR HQFRQWUDGRIRLODQoDGRDSULQFtSLRSRU
XPDGDGDHPSUHVD
$VVLPSRUH[HPSORHPXPDUHJLmRHPTXHpJUDQGHDDWLYLGDGHGHVLGHUXUJLDQmRVHULDQHQKXP
DEVXUGRSUHVXPLUTXHRVUHVtGXRVGHPLQpULRGHIHUURHQFRQWUDGRVWHQKDPUHVXOWDGRGHVWDDWLYLGDGH
3RGHVH GL]HU SRUWDQWR TXH H[LVWHP QR QRVVR RUGHQDPHQWR MXUtGLFR GRLV UHJLPHV GH
FRPSHWrQFLD OHJLVODWLYD XP JHUDO DSOLFiYHO D WRGD UHVSRQVDELOLGDGH FLYLO WDQWR QR GLUHLWR FLYLO
TXDQWRQRGLUHLWRFRPHUFLDO(PRXWURSODQRHVWDEHOHFHXXPVLVWHPDHVSHFtILFRSDUDKLSyWHVHVGH
UHVSRQVDELOLGDGH FLYLO HP PDWpULD DPELHQWDO GR FRQVXPLGRU GR SDWULP{QLR DUWtVWLFR KLVWyULFR
WXUtVWLFRHSDLVDJtVWLFR 

$5(63216$%,/,'$'(2%-(7,9$
6HJXQGRRDUWGD&)RVSROXLGRUHVSHVVRDVItVLFDVRXMXUtGLFDVHVWmRVXMHLWRVjV
VDQo}HVSHQDLVHDGPLQLVWUDWLYDVLQGHSHQGHQWHPHQWHGDREULJDomRGHUHSDUDURVGDQRVFDXVDGRV
&RPRMiHVWXGDPRVSRULQWHUPpGLRGHVWHGLVSRVLWLYRROHJLVODGRUFRQVWLWXLQWHGHWHUPLQRXTXHDV
VDQo}HVPHQFLRQDGDVSRGHPVHUDSOLFDGDVFXPXODWLYDPHQWHMiTXHSRVVXHPQDWXUH]DVGLIHUHQWHV
0DLVDLQGDH[WUDLVHGRGLVSRVLWLYRTXHQDDSOLFDomRGDVDQomRFLYLOQmRKiDQHFHVVLGDGHGH
DIHULomR GD FXOSD GR SROXLGRU $R PHQRV QR WH[WR FRQVWLWXFLRQDO R OHJLVODGRU QmR IH] QHQKXPD
H[LJrQFLDGHTXHVHSURYHDFXOSDSDUDGHWHUPLQDUDUHVSRQVDELOLGDGHFLYLO
3HORFRQWUiULRMiTXHGHWHUPLQRXRDUWDSHQDVTXHRSROXLGRUpREULJDGRDUHSDUDU
RVGDQRVFDXVDGRV 2UD FRPR VH Yr EDVWD SDUD D DSOLFDomR GD VDQomR FLYLO D H[LVWrQFLD GH XP
GDQRWHQGRVLGRHVWHFDXVDGRSRUXPSROXLGRU
/RJRRVHOHPHQWRVSDUDDUHVSRQVDELOL]DomRFLYLODPELHQWDOVmR

GDQR
SROXLGRU
QH[RGHFDXVDOLGDGH OLJDQGRRVGRLVHOHPHQWRVDQWHULRUHV 
)LFDFODURHQWmRTXHDUHVSRQVDELOLGDGHFLYLOHPPDWpULDDPELHQWDOpGRWLSRREMHWLYDFDOFDGR
QDWHRULDGRULVFR
6REUH R DVVXQWR p IDUWD D MXULVSUXGrQFLD GRV 7ULEXQDLV 6XSHULRUHV VHPSUH QR VHQWLGR GH VHU
GHVQHFHVViULD D GHPRQVWUDomR GH FXOSD SDUD D UHVSRQVDELOL]DomR FLYLO 9HMDPRV SUHFHGHQWH GR
6XSHULRU7ULEXQDOGH-XVWLoDTXHH[DOWDDDGRomRGDUHVSRQVDELOLGDGHREMHWLYDHPVHGHDPELHQWDO
'$12 $0%,(17$/ &257( '( 5925(6 1$7,9$6 (0 5($ '( 3527(d2 $0%,(17$/
5(63216$%,/,'$'(2%-(7,9$ 
$/HLGH3ROtWLFD1DFLRQDOGR0HLR$PELHQWH /HLQ DGRWRXDVLVWHPiWLFDGDUHVSRQVDELOLGDGHFLYLOREMHWLYD DUW
SDUiJUDIR HIRLLQWHJUDOPHQWHUHFHSFLRQDGDSHODRUGHPMXUtGLFDDWXDOGHVRUWHTXHpLUUHOHYDQWHHLPSHUWLQHQWHDGLVFXVVmRGD
FRQGXWDGRDJHQWH FXOSDRXGROR SDUDDWULEXLomRGRGHYHUGHLQGHQL]DU
$DGRomRSHODOHLGDUHVSRQVDELOLGDGHFLYLOREMHWLYDVLJQLILFRXDSUHFLiYHODYDQoRQRFRPEDWHDGHYDVWDomRGRPHLRDPELHQWHXPD
YH]TXHVREHVVHVLVWHPD QmRVHOHYDHP FRQWDVXEMHWLYDPHQWHDFRQGXWD GRFDXVDGRUGRGDQRPDVDRFRUUrQFLDGRUHVXOWDGR
SUHMXGLFLDO DR KRPHP H DR DPELHQWH $VVLP VHQGR SDUD TXH VH REVHUYH D REULJDWRULHGDGH GD UHSDUDomR GR GDQR p VXILFLHQWH
DSHQDVTXHVHGHPRQVWUHRQH[RFDXVDOHQWUHDOHVmRLQIOLJLGDDRPHLRDPELHQWHHDDomRRXRPLVVmRGRUHVSRQViYHOSHORGDQR
  67-7XUPD5(VS0*UHO0LQ(OLDQD&DOPRQ'- 

$UHJUDUHSLWDPRVpTXHEDVWDDRFRUUrQFLDGHXPGDQRDPELHQWDOSRGHQGRHVWHVHULPSXWDGRD
XPSROXLGRUSDUDVXUJLUDREULJDomRGHLQGHQL]DU
e FODUR SRUpP TXH VHPSUH SRGHP VHU DOHJDGDV DOJXPDV GDV FKDPDGDV H[FOXGHQWHV GD
UHVSRQVDELOLGDGHFRPRRFDVRIRUWXLWRHDIRUoDPDLRU$ILQDOVmRHOHVDSWRVDH[FOXLUDSUySULD
UHODomRGHFDXVDOLGDGHSUHVVXSRVWRLQGLVSHQViYHOSDUDVHIDODUHPUHVSRQVDELOLGDGHFLYLO
4XDQGRVHWUDWDGHPHLRDPELHQWHFRQWXGRpSUHFLVRWHUHPYLVWDDUHJUDGRDUW,9GD/HLQ
 TXHDILUPDVHUSROXLGRUPHVPRDTXHOHTXHpUHVSRQViYHODSHQDVLQGLUHWDPHQWHSHOD
GHJUDGDomRDPELHQWDO
%DVWDSRUWDQWRSDUDDUHVSRQVDELOLGDGHFLYLODPELHQWDOXPYtQFXORPHUDPHQWHLQGLUHWRHQWUHR
DWRGRSROXLGRUHRGDQRDRPHLRDPELHQWH
7DO FLUFXQVWkQFLD WRUQD DLQGD PDLV GLItFLO D SURYD GDV H[FOXGHQWHV Mi TXH HVVDV SUHFLVDP VHU
DSWDVDFRUWDUTXDOTXHUQH[RPHVPRTXHLQGLUHWRHQWUHRDWRLPSXWDGRHDGHJUDGDomRDPELHQWDO

5(3$5$d2,11$785$
2XWURDVSHFWRDVHUUHVVDOWDGRTXDQGRVHWUDWDGHUHVSRQVDELOLGDGHFLYLOSRUGDQRVDPELHQWDLVp
D DGRomR GR SRVWXODGR GD UHSDUDomR HVSHFtILFD LQ VLWX VHPSUH TXH SRVVtYHO D PHGLGD D VHU
LPSRVWD DR SROXLGRU GHYH VHU D UHFXSHUDomR GR EHP DPELHQWDO OHVDGR QR ORFDO RQGH KRXYH D
DJUHVVmRGRPHLRDPELHQWH
1mREDVWDDVVLPRPHURUHVVDUFLPHQWRILQDQFHLUReSUHFLVRUHFXSHUDUDiUHDGHJUDGDGD
WHQWDQGR UHFRORFiOD QD PHVPDVLWXDomR HP TXH VH HQFRQWUDYD DQWHV GD RFRUUrQFLD GR GDQR $
H[SUHVVmR EHP GH XVR FRPXP GR DUW  FDSXW GD &) WDPEpP LPS}H D SUHFHGrQFLD H
SUHYDOrQFLDGDUHSDUDomRLQQDWXUDHLQVLWXVREUHDUHSDUDomRSHFXQLiULD$SHQDVDSULPHLUDIRUPD
GHUHSDUDomRVHDSUR[LPDGDLGHLDDOWUXtVWDHGHPRFUiWLFDGHXVRFRPXPGREHPDPELHQWDO
$UHSDUDomRLQQDWXUD QmR VRPHQWH WUD] tQVLWD D LGHLD GH SURWHomR H SUHVHUYDomR GRV UHFXUVRV
DPELHQWDLVFRDGXQDVHWDPEpPFRPDLGHLDGHTXHRSROXLGRUGHYHVHUHGXFDGRFRPDVPHGLGDV
UHSDUDWyULDVFRLVDTXHQmRRFRUUHTXDQGRHVWDPRVGLDQWHGHXPDUHSDUDomRSHFXQLiULD
3RUWDQWRDUHSDUDomRHPSHF~QLD UHVVDUFLPHQWR pH[FHomRQRVLVWHPDGDUHVSRQVDELOL]DomR
DPELHQWDO Vy GHYH VHU IHLWD TXDQGR VH PRVWUDU LPSRVVtYHO WRWDO RX SDUFLDOPHQWH D UHSDUDomR
HVSHFtILFD
,QFOXVLYHR6XSHULRU7ULEXQDOGH-XVWLoDMiUHFRQKHFHXTXHDSULRULGDGHGDUHSDUDomRLQQDWXUD
pSULQFtSLRTXHUHJHDUHVSRQVDELOLGDGHFLYLODPELHQWDO9HMDPRV
   4XDOTXHU TXH VHMD D TXDOLILFDomR MXUtGLFD GR GHJUDGDGRU S~EOLFR RX SULYDGR QR 'LUHLWR EUDVLOHLUR D UHVSRQVDELOLGDGH
FLYLO SHOR GDQR DPELHQWDO p GH QDWXUH]D REMHWLYD VROLGiULD H LOLPLWDGD VHQGR UHJLGD SHORV SULQFtSLRV GR SROXLGRUSDJDGRU GD
UHSDUDomRLQLQWHJUXP GD SULRULGDGH GD UHSDUDomR LQ QDWXUD H GR IDYRU GHELOLV HVWH ~OWLPR D OHJLWLPDU XPD VpULH GH
WpFQLFDVGHIDFLOLWDomRGRDFHVVRj-XVWLoDHQWUHDVTXDLVVHLQFOXLDLQYHUVmRGR{QXVGDSURYDHPIDYRUGDYtWLPDDPELHQWDO
  67-7XUPD5(VS63UHO0LQ+HUPDQ%HQMDPLQ'- 

',5(,72 &,9,/ 5(&8562 (63(&,$/ 5(63216$%,/,'$'( &,9,/ '$12 $0%,(17$/ 5(63216$%,/,'$'(


2%-(7,9$ 3(/$ (0,662 '( )/25 1$ $7026)(5$ 7(25,$ '2 5,6&2 ,17(*5$/ 3266,%,/,'$'( '(
2&255(5 '$126 ,1',9,'8$,6 (  &2/(7,9,'$'( 1(;2 '( &$86$/,'$'( 608/$ 1 67- '$12
025$/,15(,36$  eILUPHDMXULVSUXGrQFLDGR67-QRVHQWLGRGHTXHQRVGDQRVDPELHQWDLVLQFLGHDWHRULD
GRULVFRLQWHJUDODGYLQGRGDtRFDUiWHUREMHWLYRGDUHVSRQVDELOLGDGHFRPH[SUHVVDSUHYLVmRFRQVWLWXFLRQDO DUW
GD&) HOHJDO DUWGD/HLQ VHQGRSRUFRQVHJXLQWHGHVFDELGDDDOHJDomRGHH[FOXGHQWHVGH
UHVSRQVDELOLGDGHEDVWDQGRSDUDWDQWRDRFRUUrQFLDGHUHVXOWDGRSUHMXGLFLDODRKRPHPHDRDPELHQWHDGYLQGRGHXPD
DomRRXRPLVVmRGRUHVSRQViYHO$SUHPLVVDILUPDGDSHOD&RUWHGHRULJHPGHH[LVWrQFLDGHUHODomRGHFDXVDHHIHLWRHQWUHD
HPLVVmR GR IO~RU QD DWPRVIHUD H R UHVXOWDGR GDQRVR QD SURGXomR UXUDO GRV UHFRUULGRV p LQDIDVWiYHO VHP R UHH[DPH GD PDWpULD
IiWLFD SURFHGLPHQWR YHGDGR HP UHFXUVR HVSHFLDO $SOLFDomR GD 6~PXOD 67-  e MXULVSUXGrQFLD SDFtILFD GHVWD &RUWH R
HQWHQGLPHQWR GH TXH XP PHVPR GDQR DPELHQWDO SRGH DWLQJLU WDQWR D HVIHUD PRUDO LQGLYLGXDO FRPR D HVIHUD FROHWLYD
DFDUUHWDQGRDUHVSRQVDELOL]DomRGRSROXLGRUHPDPEDVDWpSRUTXHDUHSDUDomRDPELHQWDOGHYHVHUIHLWDGDIRUPDPDLV
FRPSOHWDSRVVtYHO  5HFXUVRHVSHFLDODTXHVHQHJDSURYLPHQWR 5(VS0*UHO0LQ/XLV)HOLSH6DORPmR
7XUPDMXOJDGRHP'-H 

9LVDQGRDWHQGHUDRSRVWXODGRGDPDLRUFRLQFLGrQFLDSRVVtYHORSURFHVVRGHYHLPSRUDVROXomR
TXHULGDSHORGLUHLWRPDWHULDODPELHQWDOTXDOVHMDIRUQHFHUXPUHVXOWDGRH[DWDPHQWHLJXDOjTXHOH
TXHVHWHULDFDVRDREULJDomRIRVVHFXPSULGDHVSRQWDQHDPHQWHSHORREULJDGR
&RPRDREULJDomRGHVFXPSULGDQRUPDOPHQWHGHFRUUHGHXPQmRID]HU GHYHUGHQmRSROXLU R
SURFHVVRGHYHH[FRJLWDUWpFQLFDVDOWDPHQWHHILFD]HVQRVHQWLGRGHVHREWHUXPUHVXOWDGRTXHVHMDR
PDLV SUy[LPR GD UHDOLGDGH DQWHULRU DR GDQR DPELHQWDO (VVH UHVXOWDGR PDLV SUy[LPR Vy VH
DOFDQoDUi SULPDULDPHQWH SRU LQWHUPpGLR GDV WpFQLFDV SURFHVVXDLV GH HIHWLYDomR GD WXWHOD
HVSHFtILFD

$32/8,d2
'HL[D FODUR R DUW    GD &) TXH R GHYHU GH LQGHQL]DU UHFDL VREUH DTXHOH TXH VHMD
SROXLGRU2JUDQGHSUREOHPDpTXHPXLWRHPERUDRWHUPRSROXLGRUVHMDGHXVRFRUUHQWHQRQRVVR
GLDDGLDDYHUGDGHpTXHLGHQWLILFiORQmRpWDUHIDIiFLO
0DVFRQVLGHUDQGRHVWDUPRVGLDQWHGHXPYRFiEXORTXHH[SULPHXPDLGHLDUHODFLRQDOSRGHVH
GL]HUSULPDULDPHQWHTXHSROXLGRUpTXHPFDXVDDSROXLomR3DUHFHyEYLRHDWpUHGXQGDQWHPDVVy
SRGHKDYHUXPSROXLGRUVHHIHWLYDPHQWHWLYHURFRUULGRSROXLomR
$QDOLVDUHPRVSRUWDQWRDQWHVGHPDLVQDGDRTXHSRGHVHUHQWHQGLGRSRUSROXLomRGHJUDGDomR
HGDQRDPELHQWDOSDUDTXHHQWmRSRVVDPRVFKHJDUDXPDLGHLDPDLVFODUDGRTXHVHMDRSROXLGRU
,QLFLDUHPRV PDLV XPD YH] SHOR DUW  GD /HL Q  TXH WUD] XPD VpULH GH FRQFHLWRV
EiVLFRVGRGLUHLWRDPELHQWDO9HMDPRV
$UW3DUDRVILQVSUHYLVWRVQHVWD/HLHQWHQGHVHSRU 
,,GHJUDGDomRGDTXDOLGDGHDPELHQWDODDOWHUDomRDGYHUVDGDVFDUDFWHUtVWLFDVGRPHLRDPELHQWH
,,,SROXLomRDGHJUDGDomRGDTXDOLGDGHDPELHQWDOUHVXOWDQWHGHDWLYLGDGHVTXHGLUHWDRXLQGLUHWDPHQWH
D SUHMXGLTXHPDVD~GHDVHJXUDQoDHREHPHVWDUGDSRSXODomR
E FULHPFRQGLo}HVDGYHUVDVjVDWLYLGDGHVVRFLDLVHHFRQ{PLFDV
F DIHWHPGHVIDYRUDYHOPHQWHDELRWD
G DIHWHPDVFRQGLo}HVHVWpWLFDVRXVDQLWiULDVGRPHLRDPELHQWH
H ODQFHPPDWpULDVRXHQHUJLDHPGHVDFRUGRFRPRVSDGU}HVDPELHQWDLVHVWDEHOHFLGRV  

)LFDFODURGDVLPSOHVOHLWXUDGRGLVSRVLWLYRTXHFRQIRUPHHVWXGDPRVQR&DStWXORROHJLVODGRU
WURX[HXPFRQFHLWRDPSORGHPDLVSDUDDSROXLomR
$ ODUJXH]D GR FRQFHLWR GH SROXLomR GHQXQFLD SULPHLUDPHQWH WRGR R UHFHLR GR OHJLVODGRU HP
HYLWDUTXHVHGHL[DVVHGHIRUDHVWDRXDTXHODVLWXDomRTXHSRGHULDPRVWUDUVHGHVIDYRUiYHODR
PHLRDPELHQWH
6HjSULPHLUDYLVWDWDOFLUFXQVWkQFLDSRGHSDUHFHUEHQpILFDHPWHUPRVGHSURWHomRDPELHQWDOR
IDWR p TXH D QRUPD WHP XP FRQFHLWR WmR IOXLGR H DEHUWR TXH DFDED GHSRQGR FRQWUD VXD SUySULD
ILQDOLGDGH
2TXHVHSRGHLQIHULUGRFRQFHLWRpTXHROHJLVODGRUGHILQLXSROXLomRQmRVySHORTXHHODpPDV
SHODVVXDVFRQVHTXrQFLDV WDO FRPR YHP H[SUHVVR QDV DOtQHDV TXH FRPS}HP R DUWLJR 6HJXQGR R
FLWDGRDUW,,,KiSROXLomRTXDQGRVHWHPXPDGHJUDGDomRGDTXDOLGDGHGRPHLRDPELHQWHSRU
DWLYLGDGHGRKRPHPDFDUUHWDQGRDVFRQVHTXrQFLDVPHQFLRQDGDVQRGLVSRVLWLYR
3RULVVRPHVPRpTXHRGLVSRVLWLYRGHYHVHUFRPSUHHQGLGRHPFRQMXQWRFRPRVFRQFHLWRVTXH
IRUDPFRORFDGRVQDSUySULDOHL
3RUH[HPSORIDODVHHPGHJUDGDomRGDTXDOLGDGHGRPHLRDPELHQWHPDVDQWHVVHGLVVHTXDOR
FRQFHLWRGHGHJUDGDomR DUW,, (VWHSRUVXDYH]IDODHPTXDOLGDGHGRPHLRDPELHQWHMiWHQGR
VLGRGHILQLGRQRLQFLVR,RTXHpPHLRDPELHQWH$VVLPpRSUySULRDUWTXHIRUQHFHRVHOHPHQWRV
QHFHVViULRVjVXDFRPSUHHQVmR
(QWUHWDQWRTXDQGRVHID]DDQiOLVHGRGLVSRVLWLYRYHULILFDVHTXHROHJLVODGRUGLJDPRVDVVLP
QmRPDQWHYHXPDFRHUrQFLDFRPUHODomRDRVFRQFHLWRVGHPHLRDPELHQWHHGHSROXLomR
,VVRSRUTXHDRFRQFHLWXDUPHLRDPELHQWHRIH]RQWRORJLFDPHQWHHFRFrQWULFRHWHOHRORJLFDPHQWH
ELRFrQWULFR DSHQDVSURWHJHQGRRVVHUHVKXPDQRVQDFRQGLomRGHSHUVRQDJHQVDWLYRVHSULQFLSDLV
QRDOFDQFHGDSURWHomRGRPHLRDPELHQWH
-i TXDQGR GHILQLX SROXLomR IRL FODUR DR SUHVFUHYHU XPD SUHRFXSDomR PDVVLYDPHQWH
DQWURSRFrQWULFDUHVHUYDQGRQDGDPHQRVGRTXHWUrVDOtQHDVSDUDDVVRFLDUDGHJUDGDomRDPELHQWDO
FRPDVFRQVHTXrQFLDVGDQRVDVDRKRPHPQXPWtSLFRFDVRGHWXWHODGRHFRVVLVWHPDVRFLDO VD~GH
HVHJXUDQoDGDSRSXODomRFRQGLo}HVHVWpWLFDVHVDQLWiULDVEHPHVWDUGDSRSXODomRHWF  
7DPEpPpSRVVtYHOH[WUDLUGRGLVSRVLWLYRDQRWiYHOGLIHUHQoDHQWUHD~OWLPDDOtQHDHDVGHPDLV
GLIHUHQWHGDVRXWUDVDDOtQHDHYLQFXODDH[LVWrQFLDGDSROXLomRjLOLFLWXGHGDFRQGXWDDRGL]HU
TXHH[LVWHSROXLomRTXDQGRVHODQoDPDWpULDRXHQHUJLDHPGHVDFRUGRFRPDVQRUPDVHSDGU}HV
DPELHQWDLV
$R FRQWUiULR DV GHPDLV KLSyWHVHV QmR HVWmR SUHRFXSDGDV FRP D OLFLWXGH RX LOLFLWXGH GD
FRQGXWDSUDWLFDGDVHQGRLPSRUWDQWHTXHVHGLJDTXHRIDWRGHVHHVWDUODQoDQGRPDWpULDRXHQHUJLD
GHQWUR GRV SDGU}HV DPELHQWDLV HP QDGD HPSHFH D SRVVLELOLGDGH GH TXH DLQGD DVVLP H[LVWDP D
SROXLomRHRGHYHUREMHWLYRGHLQGHQL]DU
2 GLVSRVLWLYR XVD GD WpFQLFD WmR FRPXP QR 'LUHLWR 3HQDO GDV QRUPDV HP EUDQFR 1D ~OWLPD
DOtQHDGRLQFLVR,,,ROHJLVODGRURXWRUJDj$GPLQLVWUDomR3~EOLFDDFRPSHWrQFLDSDUDGL]HURTXH
pSHUPLWLGRRXRTXHpSURLELGR,VVRID]FRPTXHVHUHSXWHSHODDOtQHDHFRPRSROXLomRDSHQDV
DTXLORTXHWUDQVERUGHRVQtYHLVHVWDEHOHFLGRVSHOROHJLVODGRU
2SUREOHPDpTXHEHPVDEHPRVGHWHUPLQDGRQtYHOGHHPLVVmRGHVXEVWkQFLDLPSDFWDQWHSRGH
VHUSHUPLWLGD HSRUWDQWRHVWDUGHQWURGRVSDGU}HVDPELHQWDLVHVWDEHOHFLGRV PDVPHVPRDVVLP
GHJUDGDU R PHLR DPELHQWH H QHVVH FDVR DLQGD TXH D FRQGXWD IXMD GD LQFLGrQFLD GHVWD DOtQHD GR
GLVSRVLWLYRFHUWDPHQWHFDLUiQRHQTXDGUDPHQWRSUHYLVWRQRVGLVSRVLWLYRVDQWHULRUHV
(VVD LQWHUSUHWDomR GHFRUUH GR IDWR GH VH FRQVLGHUDU GHVQHFHVViULR TXH HVWHMD SUHVHQWH PDLV GH
XPDKLSyWHVHSDUDFRQILJXUDomRGDSROXLomRDRPHLRDPELHQWH,VVRSRVWRpEHPSRVVtYHOTXHDV
HPLVV}HV HVWHMDP GHQWUR GRV SDGU}HV DPELHQWDLV PDV DLQGD DVVLP D DWLYLGDGH VHMD GDQRVD DR
PHLRDPELHQWH
)D]HQGR XPD LQWHUSUHWDomR VLVWHPiWLFD GRV LQFLVRV GR DUW  SHUFHEHPRV TXH XP FRPSOHWD R
RXWUR
$VVLP GL]HP LQLFLDOPHQWH TXH GHJUDGDomR DPELHQWDO VmR DV DOWHUDo}HV DGYHUVDV GDV
FDUDFWHUtVWLFDV GR PHLR DPELHQWH PDV QmR GHWHUPLQDP TXH HVVDV DOWHUDo}HV VHMDP
QHFHVVDULDPHQWHRULXQGDVGHDWLYLGDGHKXPDQD
/RJRDGHJUDGDomRGDTXDOLGDGHGRPHLRDPELHQWHSRGHVHUFDXVDGDGLUHWDPHQWHSRUIDWRTXH
QmR WHQKD SDUWLFLSDomR GLUHWD RX LQGLUHWD GR KRPHP D HUXSomR GH XP YXOFmR H D FRQVHTXHQWH
HMHomRGHFLQ]DVQDDWPRVIHUDVmRXPDSUHPHQWHVLWXDomRGHGHJUDGDomRDPELHQWDO 
0DV TXDQGR D GHJUDGDomR GD TXDOLGDGH GR PHLR DPELHQWH DOWHUDomR DGYHUVD GH VXDV
FDUDFWHUtVWLFDV  IRU UHVXOWDQWH GH DWLYLGDGHV TXH GLUHWD RX LQGLUHWDPHQWH VHMDP DWULEXtGDV D XPD
SHVVRDKDYHUiSROXLomRHSROXLGRUWDOFRPRGHWHUPLQDPRVLQFLVRV,, H ,,, GRDUW GD /HL Q

9DOHGL]HUDLQGDTXHKiTXHVHWHUHQRUPHFXLGDGRQDYHULILFDomRGRTXHVHMDDOWHUDomRDGYHUVD
GDVFDUDFWHUtVWLFDVGRPHLRDPELHQWHSRUTXHQHPVHPSUHRTXHSDUHFHVHUEHQpILFRDRVROKRVGR
KRPHPVHUiPHOKRUSDUDRPHLRDPELHQWH
6REUHRDVVXQWRPXLWRLOXVWUDWLYRpRHQVLQDPHQWRGH+HUPDQ%HQMDPLQ 
$ QRomR GH DOWHUDomR DGYHUVD GDV FDUDFWHUtVWLFDV GR PHLR DPELHQWH p FRPSOH[D QHP VHPSUH R TXH p PHOKRUDPHQWR QD
SHUVSHFWLYDGROHLJRWHPRPHVPRYDORUQDyWLFDGRVHFRVVLVWHPDVHGRVHVSHFLDOLVWDV
7RPHVH R H[HPSOR GDV UHVWLQJDV QD ]RQD FRVWHLUD TXH QD FRQVWUXomR GH FRQGRPtQLRV GH OX[R VmR VXEVWLWXtGDV SRU SURMHWRV
SDLVDJtVWLFRVUHTXLQWDGRVWXGRPXLWRHOHJDQWHFDQWHLURVDUUXPDGRVSRXFDVHVSpFLHVHYiULDVGHODVH[yWLFDVIORUHVHODJRVSRU
WRGDDSDUWH$OJXQV RVHPSUHHQGHGRUHVFRPFHUWH]D GLUmRTXHVHWUDWDGHPDQXWHQomRGHHVSDoRVYHUGHVDWpPDLVIRUPRVRVH
KDUP{QLFRV1RHQWDQWRRPHLRDPELHQWH DUHVWLQJD QDVXDULTXH]DHGLYHUVLGDGHELROyJLFDHVWiLQWHLUDPHQWHGHVFDUDFWHUL]DGR2
PHVPR UDFLRFtQLR DSOLFDVH DR DWHUUDPHQWR GH PDQJXH]DLV H DVVLP SRU GLDQWH 2 HPEHOH]DPHQWR SHORV SDGU}HV GR VHU KXPDQR
PXLWDVYH]HVWHPHIHLWRVQHJDWLYRVGUDPiWLFRVQRPHLRDPELHQWH3RUFRQVHJXLQWHRGDQRDPELHQWDOSRGHH[LVWLUPHVPRRQGHQR
HQWHQGLPHQWRGRFLGDGmRFRPXPDSHQDVVHGHXPHOKRULDVQDTXDOLGDGHDPELHQWDO

2'$12$0%,(17$/
7HQGRHPYLVWDRFRQFHLWRGHGHJUDGDomRDPELHQWDOHGHSROXLomRUHVWDVDEHURQGHVHLQVHUHR
GDQRDPELHQWDO
'HSODQROHPEUDPRVTXHDSROXLomRpXPDDOWHUDomRDGYHUVDGRPHLRDPELHQWHFDXVDGDSRUXP
SROXLGRU UHVSRQViYHO SRU XP GHVHTXLOtEULR HFROyJLFR ,QYHUVDPHQWH R HTXLOtEULR HFROyJLFR p R
EHPMXULGLFDPHQWHWXWHODGRSHORGLUHLWRDPELHQWDO DUWGD&) 
'LVVR SRGHVH LQIHULU TXH WRGD SROXLomR p XPD DIURQWD DR EHP MXUtGLFR WXWHODGR SHOR GLUHLWR
DPELHQWDOHORJRpXPGDQRDPELHQWDO
1HVVDPHGLGD VRE R HQIRTXHGDUHSDUDomRFLYLO DH[SUHVVmRSROXLGRUSDJDGRU p SHUIHLWD Mi
TXH VH Ki SROXLGRU p SRUTXH KRXYH SROXLomR H VH KRXYH SROXLomR Ki GDQR DPELHQWDO D VHU
UHSDUDGR6HQGRRGDQRXPGRVDOLFHUFHVGDUHVSRQVDELOLGDGHFLYLOpFODURTXHQmRSRGHKDYHU
UHVSRQVDELOLGDGH VHP D H[LVWrQFLD GH XP GDQR H p YHUGDGHLUR WUXtVPR VXVWHQWDU HVVH SULQFtSLR
SRUTXH UHVXOWDQGR D UHVSRQVDELOLGDGH FLYLO HP REULJDomR GH UHVVDUFLU ORJLFDPHQWH QmR SRGH
FRQFUHWL]DUVHRQGHQDGDKiTXHUHSDUDU 
7HQGRHPYLVWDTXHRGDQRpXPDOHVmRDXPEHPMXUtGLFRSRGHPRVGL]HUTXHH[LVWHRGDQR
DPELHQWDO TXDQGR Ki OHVmR DR HTXLOtEULR HFROyJLFR EHP MXUtGLFR DPELHQWDO  GHFRUUHQWH GH
DIHWDomRDGYHUVDGRVFRPSRQHQWHVDPELHQWDLV
(VVDOHVmRSRGHJHUDUXPGHVHTXLOtEULRDRHFRVVLVWHPDVRFLDORXQDWXUDOPDVVHPSUHDSDUWLUGD
OHVmRDRHTXLOtEULRHFROyJLFRTXHpREHPMXUtGLFRWXWHODGRSHOR'LUHLWR$PELHQWDO
([DWDPHQWHSRUTXHRPHLRDPELHQWH HVHXVFRPSRQHQWHVH IDWRUHV FRQVWLWXLXPEHPMXUtGLFR
DXW{QRPRLPDWHULDOGLIXVRLQFLQGtYHOGHXVRFRPXPGHWRGRVDOHVmRTXHRDWLQJHVHUiLSVR
IDFWRXPDOHVmRGLIXVDHLQGLYLVtYHOFXMDUHSDUDomRVHUiLJXDOPHQWHHUJDRPQHV
$R DGRWDUPRV HVVH FRQFHLWR HVWDPRV HQWHQGHQGR TXH RV GDQRV DR PHLR DPELHQWH VmR
DXW{QRPRV H GLYHUVRV GRV GDQRV SHVVRDOPHQWH VRIULGRV SHODV SHVVRDV 2EYLDPHQWH TXH R IDWR
FDXVDGRU GD OHVmR DR EHP DPELHQWDO H VHXV FRPSRQHQWHV SRGHUi JHUDU DOpP GD OHVmR DR PHLR
DPELHQWH GLIXVDPHQWHFRQVLGHUDGR RXWURVGDQRVVRIULGRVLQGLYLGXDOPHQWHSRUSDUWLFXODUHVHFXMD
UHSDUDomRVyWUDUiEHQHItFLRVDSHVVRDVGHWHUPLQDGDV
eRFDVRSRUH[HPSORGRGHUUDPDPHQWRGHyOHRRFRUULGRQDEDtDGH*XDQDEDUDHPMDQHLURGH
 TXDQGR D 3HWUREUDV IRL UHVSRQViYHO SHOR GHVSHMR GH  OLWURV GH yOHR QR ORFDO 6HP
G~YLGDRPHLRDPELHQWH SUDLDVIDXQDLFWLROyJLFDHRSUySULRHTXLOtEULRHFROyJLFR IRLOHVLRQDGRH
SUHFLVDVHUUHSDUDGR(VVDUHSDUDomRFRQVLVWHQWHHPUHFXSHUDomRGDiUHDGHJUDGDGDPHGLGDVGH
SUHYHQomR IXWXUDV HGXFDomR DPELHQWDO HWF p GLIXVD SRUTXH RV WLWXODUHV GHVVH EHP WDPEpP VmR
GLIXVRV XVRFRPXPGRSRYR 
(VVDUHSDUDomRpRQWRORJLFDPHQWHGLYHUVDGDUHSDUDomRGRVGDQRVTXHFDGDLQGLYtGXRRXJUXSR
GH LQGLYtGXRV SRVVD WHU VRIULGR HP YLUWXGH GR PHVPR DFRQWHFLPHQWR &HUWDPHQWH RV SHVFDGRUHV
SRGHUmR FREUDU SRU SHUGDV H GDQRV H OXFURV FHVVDQWHV SHODV UHGHV HVWUDJDGDV SHOR SHVFDGR
SHUGLGR H SHOR TXH GHL[DUmR GH JDQKDU  RV GRQRV GH LPyYHLV ULEHLULQKRV SHORV SUHMXt]RV TXH
SRGHP WHU GDt DGYLQGR DV IiEULFDV TXH VH XWLOL]DP GDTXHOD iJXD SDUD LUULJDomR SHORV SUHMXt]RV
FDXVDGRV DV SHVVRDV TXH FRPHUHP RV SHL[HV SRU VH FRQWDPLQDUHP DV HPSUHVDV GH WXULVPR
PDUtWLPRGDUHJLmRSHORVSUHMXt]RVVRIULGRVHWF(VVHVGDQRVVmRSDUWLFXODUHVHHPERUDWHQKDPHP
FRPXPFRPRGDQRDPELHQWDODRULJHP SROXLomR SRVVXHPQDWXUH]DGLYHUVDGRGDQRFDXVDGRDR
HTXLOtEULRHFROyJLFR 
(P QRVVR VHQWLU SRUWDQWR GDQRDPELHQWDO p XP Vy R GDQRDRPHLRDPELHQWH HTXLOtEULRHFROyJLFR  FRPR EHP MXUtGLFR DXW{QRPR
LQGHSHQGHQWHPHQWHGHWHUVHULFRFKHWHDGRRXQmRSDUDDHVIHUDSDUWLFXODUGRVLQGLYtGXRV

2V GDQRVSHVVRDLVSDUWLFXODUHV FDXVDGRV SHOR PHVPR IDWR TXH GHJUDGRX R PHLR DPELHQWH RX TXH IRUDP FRQVHTXrQFLDV GD
DJUHVVmRGRPHLRDPELHQWHVmRRQWROyJLFDHWHOHRORJLFDPHQWHGLYHUVRVGDTXHOHVVRIULGRVSHORPHLRDPELHQWH

$HYHQWXDOHSHUGRiYHOFRQIXVmRGHFRUUHGRIDWRGHTXHXPPHVPRIDWRSHUPLWHDLQFLGrQFLDWDQWR
GH QRUPDV FRQFUHWL]DGRUDV GH XP GLUHLWR GLIXVR TXDQWR GH QRUPDV FRQFUHWL]DGRUDV GH XP GLUHLWR
LQGLYLGXDO,VVRSHUPLWLUiTXHVHGHGX]DPSUHWHQV}HVSDUDDWXWHODGHGLUHLWRVGLIXVRVHRXWUDVSDUD
DWXWHODGHGLUHLWRVLQGLYLGXDLV1HVVHFDVRRSURFHVVRGHYHUiLPSRUDVROXomRGDGDSRUFDGDXPD
GDVQRUPDVGHGLUHLWRPDWHULDOYLRODGDV
'LJDVHLQFOXVLYHTXHR6XSHULRU7ULEXQDOGH-XVWLoDMiUHFRQKHFHXTXHDGHJUDGDomRGRPHLR
DPELHQWHSRGHJHUDUGDQRVP~OWLSORVGHWRGDRUGHPHDPSOLWXGH9HMDPRV
$'0,1,675$7,92  $d2 &,9,/ 3%/,&$  ,17(5'(3(1'1&,$ &$86$/  3266,%,/,'$'( '(
9,2/$d2 6,08/71($ $ 0$,6 '( 80$ (63e&,( '( ,17(5(66( &2/(7,92  ',5(,726 ',)8626 (
,1',9,'8$,6+202*1(265(/(9$17(,17(5(66(62&,$//(*,7,0,'$'(
 &RQIRUPH VH REVHUYD QR DFyUGmR UHFRUULGR R FDVR GRV DXWRV XOWUDSDVVD D yUELWD GRV GLUHLWRV SDWULPRQLDLV GD SRSXODomR
GLUHWDPHQWHDIHWDGDHDWLQJHLQWHUHVVHVPHWDLQGLYLGXDLVFRPRRPHLRDPELHQWHHFRORJLFDPHQWHHTXLOLEUDGRHDXPDYLGDVDXGiYHO
 e XP HUUR DFUHGLWDU TXH XPD PHVPD VLWXDomR IiWLFD QmR SRVVD UHVXOWDU HP YLRODomR D LQWHUHVVHV GLIXVRV FROHWLYRV H
LQGLYLGXDLV VLPXOWDQHDPHQWH $ VHSDUDomR RX PHOKRU D FDWHJRUL]DomR GRV LQWHUHVVHV FROHWLYRV ODWR VHQVX HP WUrV HVSpFLHV
GLIHUHQWHVpDSHQDVPHWRGROyJLFD
1RPXQGRIHQRPHQROyJLFRDVUHODo}HVFDXVDLVHVWmRWmRLQWLPDPHQWHOLJDGDVTXHXP~QLFRIDWRSRGHJHUDUFRQVHTXrQFLDV
GH GLYHUVDV RUGHQV GH PRGR TXH p SRVVtYHO TXH GHOH DGYHQKDP LQWHUHVVHV P~OWLSORV e R FDVR SRU H[HPSOR GH XP
DFLGHQWH HFROyJLFR TXH UHVXOWD HP GDQRV GLIXVRV DR PHLR DPELHQWH j VD~GH S~EOLFD H DR PHVPR WHPSR HP GDQRV LQGLYLGXDLV
KRPRJrQHRVDRVPRUDGRUHVGDUHJLmR
 $GHPDLV DLQGD TXH R FDVR SUHVHQWH WUDWDVVH XQLFDPHQWH GH GLUHLWRV LQGLYLGXDLV KRPRJrQHRV GLVSRQtYHLV LVVR QmR DIDVWD D
UHOHYkQFLDVRFLDOGRVLQWHUHVVHVHPMRJRRTXHpEDVWDQWHSDUDTXHVHDXWRUL]HRPDQHMRGHDomRFLYLOS~EOLFDSHORDJUDYDGR
$JUDYRUHJLPHQWDOLPSURYLGR 67-7XUPD$J5JQR5(VS63UHO0LQ+XPEHUWR0DUWLQV'- 

([DWDPHQWHSRULVVRHQWHQGHPRVQmRVHUFRUUHWRFRQFHLWXDURGDQRDPELHQWDOFRPRJrQHURGR
TXDO VHULDP HVSpFLHV RV GDQRV SHVVRDLV SDWULPRQLDLV H H[WUDSDWULPRQLDLV  H RV GDQRV
HFROyJLFRV 
4XDQWR DR VHX HIHLWR R YHUGDGHLUR GDQR DPELHQWDO DR EHP DPELHQWDO GLIXVR LPDWHULDO
LQGLYLVtYHO H DOWUXtVWD  SRGH JHUDU FRQVHTXrQFLDV SDWULPRQLDLV H H[WUDSDWULPRQLDLV $PERV
GHL[HPRV FODUR QmR VH FRQIXQGHP FRP RV LQWHUHVVHV SULYDGRV RX GH JUXSRV HP GHFRUUrQFLD GD
OHVmRDRPHLRDPELHQWH
$V SULPHLUDV FDUDFWHUL]DPVH SHODV SHUGDV ILQDQFHLUDV GHFRUUHQWHV GD OHVmR 3RU H[HPSOR R
FXVWR GD UHSDUDomR GD HGXFDomR DPELHQWDO LQIRUPDomR UHFXSHUDomR GD YHJHWDomR OLPSH]D GD
SUDoD UHWLUDGD GR yOHR UHVWDXUDomR GR EHP FXOWXUDO HWF R TXH VH GHL[RX GH DUUHFDGDU FRP D
H[SORUDomRFXOWXUDOGREHPHQWUHRXWURV
4XDQWR jV ~OWLPDV FRP R TXH GHQRPLQDUtDPRV GH GDQR VRFLDOPRUDO LPSRVVtYHO GH VH
HQFRQWUDUXPDFRUUHVSRQGrQFLDFRPXPYDORUHPSHF~QLDPDVTXHWDPEpPGHYHVHUREMHWRGD
LQGHQL]DomR
2GDQRVRFLDOpDIDFHH[WUDSDWULPRQLDOGHOHVmRDRPHLRDPELHQWH6HXUHVVDUFLPHQWRpDOWUXtVWD
HQmRpDPHUDVRPDGHLQWHUHVVHVLQGLYLGXDLV
(VVD GLIHUHQFLDomR HQWUH GDQR SDWULPRQLDO H H[WUDSDWULPRQLDO DRV LQWHUHVVHV FROHWLYRV ODWR
VHQVXSRGHVHUH[WUDtGDLQFOXVLYHGHQRVVRGLUHLWRSRVLWLYR9HMDPRVRDUWGD/HLGH$omR
&LYLO3~EOLFD /HLQ 
$UW  5HJHPVH SHODV GLVSRVLo}HV GHVWD /HL VHP SUHMXt]R GD DomR SRSXODU DV Do}HV GH UHVSRQVDELOLGDGH SRU GDQRV PRUDLV H
SDWULPRQLDLVFDXVDGRV
,DRPHLRDPELHQWH  

4XDQGRD/HLQIDODHPUHVSRQVDELOLGDGHFLYLOSRUGDQRVPDWHULDLVHPRUDLVFDXVDGRV
DRFRQVXPLGRUPHLRDPELHQWHHWFpyEYLRTXHRWHUPRPRUDODtHPSUHJDGRHVWiFRPRFRQWUDIDFH
GRGDQRPDWHULDO7UDWDVHGHHIHLWRGRGDQRTXHVHULDPDLVEHPGHQRPLQDGRGHH[WUDSDWULPRQLDO
2 WHUPR PRUDO DOL HPSUHJDGR UHIHUHVH VLP DR FDUiWHU H[WUDSDWULPRQLDO GRV GDQRV GLIXVRV
TXH QR FDVR GR PHLR DPELHQWH HQFRQWUD SHUIHLWD VLPHWULD FRP R TXH WHPRV GHQRPLQDGR GH GDQR
VRFLDO SRUWDQWR GH tQGROH VXSUDLQGLYLGXDO PHWDLQGLYLGXDO  8P H[HPSOR SRGH LOXVWUDU R QRVVR
SHQVDPHQWR
8PDHPSUHVDVLGHU~UJLFDSROXLRDUDWPRVIpULFRGHWRGDDFLGDGH&HUWDPHQWHKDYHUiXPD$omR
&LYLO 3~EOLFD SDUD UHVSRQVDELOL]DU FLYLOPHQWH R SROXLGRU SHOR GDQR DPELHQWDO TXH WHP HIHLWRV
SDWULPRQLDLVHH[WUDSDWULPRQLDLV
2VSDWULPRQLDLVYmRGHVGHDUHFXSHUDomRGRVHTXLSDPHQWRVS~EOLFRVPDQFKDGRVDUHFXSHUDomR
GDVSUDLDVLPSUySULDVSDUDEDQKRRUHVWDEHOHFLPHQWRGDTXDOLGDGHGRDUDWPRVIpULFRHWFDWpDV
PHGLGDV GH HGXFDomR H FRQWUROH GD SROXLomR SDUD VH HYLWDU QRYRV GDQRV -i RV H[WUDSDWULPRQLDLV
FRUUHVSRQGHPjSULYDomRTXHDFROHWLYLGDGHWHPHWHUiGDVHQVDomRGHEHPHVWDUDGLPLQXLomRGH
TXDOLGDGH H H[SHFWDWLYD GH YLGD HWF (VWH p R GDQR VRFLDO H[WUDSDWULPRQLDO TXH WHP VLGR
GHQRPLQDGRGDQRPRUDOGLIXVRHTXHFRUUHWDPHQWHGHYHVHULQGHQL]DGRQDHVWHLUDGDUHFHQWH
MXULVSUXGrQFLDGR6XSHULRU7ULEXQDOGH-XVWLoD
'LIHUHQWHpDUHSHUFXVVmRGHVVHVGDQRVQDYLGDSDUWLFXODUHtQWLPDGDVSHVVRDVFDVDVPDQFKDGDV
SHORSyGHPLQpULRSHVVRDVFRPSUREOHPDVDOpUJLFRVVRIULPHQWRVSULYDo}HVjVD~GHLUULWDo}HVGH
WRGDRUGHPHWF7RGRVHVVHVVmRGDQRVSDUWLFXODUHVTXHWDPEpPSRGHPWHUUHSHUFXVVmRSDWULPRQLDO
HH[WUDSDWULPRQLDO1mR VH FRQIXQGH R GDQR PRUDO GLIXVR FRP R VRIULPHQWR LQGLYLGXDO GH FDGD
VXMHLWRQDVXDHVIHUDSDUWLFXODUDWLQJLGD

$7(1d2,PSRUWDQWHDOHUWDUTXHDMXULVSUXGrQFLDPDLVUHFHQWHGR6XSHULRU7ULEXQDOGH-XVWLoDWHPUHFRQKHFLGRDH[LVWrQFLDGH
GDQRPRUDOFROHWLYRDOWHUDQGRSRVLomRFRQWUiULDTXHYLJRURXDWp9HMDPRVDOJXQVDUHVWRV

$WpFRQWUDRGDQRPRUDOFROHWLYR

$*5$92 5(*,0(17$/ (0 5(&8562 (63(&,$/ $'0,1,675$7,92 $d2 &,9,/ 3%/,&$ 6(59,d2 '( 7(/()21,$
326726 '( $7(1',0(172 5($%(5785$ '$126 025$,6 &2/(7,926 ,1(;,671&,$ 35(&('(17( $*5$92
,03529,'2

 $ (JUpJLD 3ULPHLUD 7XUPD ILUPRX Mi HQWHQGLPHQWR GH TXH HP KLSyWHVHV FRPR WDLV RX VHMD DomR FLYLO S~EOLFD REMHWLYDQGR D
UHDEHUWXUD GH SRVWRV GH DWHQGLPHQWR GH VHUYLoR GH WHOHIRQLD QmR Ki IDODU HP GDQR PRUDO FROHWLYR XPD YH] TXH 1mR SDUHFH VHU
FRPSDWtYHOFRPRGDQRPRUDODLGHLDGDWUDQVLQGLYLGXDOLGDGH GDLQGHWHUPLQDELOLGDGHGRVXMHLWRSDVVLYRHGDLQGLYLVLELOLGDGHGDRIHQVDH
GDUHSDUDomR GDOHVmR 5(VS565HODWRU0LQ7HRUL$OELQR=DYDVFNL'-H 

 1R PHVPR VHQWLGR 5(VS Q 0* 5HODWRU S DFyUGmR 0LQLVWUR 7HRUL $OELQR =DYDVFNL '-  H 5(VS Q
565HODWRU0LQLVWUR/XL])X['-H

$JUDYRUHJLPHQWDOLPSURYLGR 67-7XUPD$J5JQR5(VS35UHO0LQ+DPLOWRQ&DUYDOKLGR'- 

3URFHVVXDO FLYLO $omR FLYLO S~EOLFD 'DQRDPELHQWDO 'DQR PRUDO FROHWLYR 1HFHVViULDYLQFXODomRGRGDQRPRUDOjQRomRGHGRUGH
VRIULPHQWRSVtTXLFRGHFDUiWHULQGLYLGXDO ,QFRPSDWLELOLGDGH FRP D QRomR GH WUDQVLQGLYLGXDOLGDGH LQGHWHUPLQDELOLGDGH GR VXMHLWR
SDVVLYR H LQGLYLVLELOLGDGH GD RIHQVD H GD UHSDUDomR  5HFXUVR HVSHFLDO LPSURYLGR 67-  7XUPD 5(VS 0* UHO 0LQ
/XL])X['- 

$UHVWRVPDLVUHFHQWHVGR67-DIDYRUGRGDQRPRUDOFROHWLYR

5(&8562 (63(&,$/  '$12 025$/ &2/(7,92  &$%,0(172  $57,*2  9, '2 &',*2 '( '()(6$ '2
&21680,'25  5(48,6,726  5$=29(/ 6,*1,),&1&,$ ( 5(38/6$ 62&,$/  2&2551&,$ 1$ (63e&,(
&21680,'25(6 &20 ',),&8/'$'( '( /2&202d2  (;,*1&,$ '( 68%,5 /$1&(6 '( (6&$'$6 3$5$
$7(1',0(172  0(','$ '(6352325&,21$/ ( '(6*$67$17(  ,1'(1,=$d2  ),;$d2 352325&,21$/
',9(5*1&,$-85,6358'(1&,$/$861&,$'('(021675$d25(&8562(63(&,$/,03529,'2

,$GLFomRGRDUWLJR9,GR&yGLJRGH'HIHVDGR&RQVXPLGRUpFODUDDRSRVVLELOLWDURFDELPHQWRGHLQGHQL]DomRSRUGDQRV
PRUDLVDRVFRQVXPLGRUHVWDQWRGHRUGHPLQGLYLGXDOTXDQWRFROHWLYDPHQWH

,,7RGDYLDQmRpTXDOTXHUDWHQWDGRDRVLQWHUHVVHVGRVFRQVXPLGRUHVTXHSRGHDFDUUHWDUGDQRPRUDOGLIXVReSUHFLVRTXHR
IDWR WUDQVJUHVVRU VHMD GH UD]RiYHO VLJQLILFkQFLD H GHVERUGH RV OLPLWHV GD WROHUDELOLGDGH (OH GHYH VHU JUDYH R VXILFLHQWH SDUD
SURGX]LUYHUGDGHLURVVRIULPHQWRVLQWUDQTXLOLGDGHVRFLDOHDOWHUDo}HVUHOHYDQWHVQDRUGHPH[WUDSDWULPRQLDOFROHWLYD

2FRUUrQFLDQDHVSpFLH

,,,1mRpUD]RiYHOVXEPHWHUDTXHOHVTXHMiSRVVXHPGLILFXOGDGHVGHORFRPRomRVHMDSHODLGDGHVHMDSRUGHILFLrQFLDItVLFD
RX SRU FDXVD WUDQVLWyULD j VLWXDomR GHVJDVWDQWH GH VXELU ODQFHV GH HVFDGDV H[DWRV  GHJUDXV HP DJrQFLD EDQFiULD TXH
SRVVXLSOHQDFDSDFLGDGHHFRQGLo}HVGHSURSLFLDUPHOKRUIRUPDGHDWHQGLPHQWRDWDLVFRQVXPLGRUHV

,9  ,QGHQL]DomR PRUDO FROHWLYD IL[DGD GH IRUPD SURSRUFLRQDO H UD]RiYHO DR GDQR QR LPSRUWH GH 5  FLQTXHQWD PLO
UHDLV 

9,PS}HVHUHFRQKHFHUTXHQmRVHDGPLWHUHFXUVRHVSHFLDOSHODDOtQHDFTXDQGRDXVHQWHDGHPRQVWUDomRSHORUHFRUUHQWH
GDVFLUFXQVWkQFLDVTXHLGHQWLILTXHPRVFDVRVFRQIURQWDGRV

9,  5HFXUVR HVSHFLDO LPSURYLGR 5(VS 5- UHO 0LQ 0DVVDPL 8\HGD  7XUPD MXOJDGR HP  '-H 
 

$0%,(17$/ '(60$7$0(172 &808/$d2 '( 2%5,*$d2 '( )$=(5 5(3$5$d2 '$ 5($ '(*5$'$'$  ( '(
3$*$548$17,$&(57$ ,1'(1,=$d2 

3266,%,/,'$'(,17(535(7$d2'$1250$$0%,(17$/

&XLGDPRVDXWRVGH$omR&LYLO3~EOLFDSURSRVWDFRPRILWRGHREWHUUHVSRQVDELOL]DomRSRUGDQRVDPELHQWDLVFDXVDGRVSHOR
GHVPDWDPHQWR GH iUHD GH PDWD QDWLYD $ LQVWkQFLD RUGLQiULD FRQVLGHURX SURYDGR R GDQR DPELHQWDO H FRQGHQRX R GHJUDGDGRU D
UHSDUiORSRUpPMXOJRXLPSURFHGHQWHRSHGLGRLQGHQL]DWyULR

 $ MXULVSUXGrQFLD GR 67- HVWi ILUPDGD QR VHQWLGR GH TXH D QHFHVVLGDGH GH UHSDUDomR LQWHJUDO GD OHVmR FDXVDGD DR PHLR
DPELHQWHSHUPLWHDFXPXODomRGHREULJDo}HVGHID]HUHLQGHQL]DU3UHFHGHQWHVGD3ULPHLUDH6HJXQGD7XUPDVGR67-

$UHVWDXUDomRLQQDWXUDQHPVHPSUHpVXILFLHQWHSDUDUHYHUWHURXUHFRPSRULQWHJUDOPHQWHQRWHUUHQRGDUHVSRQVDELOLGDGHFLYLO
RGDQRDPELHQWDOFDXVDGRGDtQmRH[DXULURXQLYHUVRGRVGHYHUHVDVVRFLDGRVDRVSULQFtSLRVGRSROXLGRUSDJDGRUHGDUHSDUDomR
LQLQWHJUXP

 $ UHSDUDomR DPELHQWDO GHYH VHU IHLWD GD IRUPD PDLV FRPSOHWD SRVVtYHO GH PRGR TXH D FRQGHQDomR D UHFXSHUDU D iUHD
OHVLRQDGD QmR H[FOXL R GHYHU GH LQGHQL]DU VREUHWXGR SHOR GDQR TXH SHUPDQHFH HQWUH D VXD RFRUUrQFLD H R SOHQR
UHVWDEHOHFLPHQWR GR PHLR DPELHQWH DIHWDGR  GDQR LQWHULQR RX LQWHUPHGLiULR  EHP FRPR SHOR GDQR PRUDO FROHWLYR H SHOR GDQR
UHVLGXDO GHJUDGDomRDPELHQWDOTXHVXEVLVWHQmRREVWDQWHWRGRVRVHVIRUoRVGHUHVWDXUDomR 

$FXPXODomRGHREULJDomRGHID]HUQmRID]HUHSDJDUQmRFRQILJXUDELVLQLGHPSRUTXDQWRDLQGHQL]DomRQmRpSDUDRGDQR
HVSHFLILFDPHQWHMiUHSDUDGRPDVSDUDRVVHXVHIHLWRVUHPDQHVFHQWHVUHIOH[RVRXWUDQVLWyULRVFRPGHVWDTXHSDUDDSULYDomR
WHPSRUiULD GD IUXLomR GR EHP GH XVR FRPXP GR SRYR DWp VXD HIHWLYD H FRPSOHWD UHFRPSRVLomR DVVLP FRPR R UHWRUQR DR
SDWULP{QLRS~EOLFRGRVEHQHItFLRVHFRQ{PLFRVLOHJDOPHQWHDXIHULGRV

 5HFXUVR (VSHFLDO SDUFLDOPHQWH SURYLGR SDUD UHFRQKHFHU D SRVVLELOLGDGH HP WHVH GH FXPXODomR GH LQGHQL]DomR SHFXQLiULD
FRP DV REULJDo}HV GH ID]HU YROWDGDV j UHFRPSRVLomR LQ QDWXUD GR EHP OHVDGR FRP D GHYROXomR GRV DXWRV DR 7ULEXQDO GH
RULJHPSDUDTXHYHULILTXHVHQDKLSyWHVHKiGDQRLQGHQL]iYHOHSDUDIL[DUHYHQWXDOTXDQWXPGHEHDWXU 5(VS0*UHO
0LQ+HUPDQ%HQMDPLQ7XUPDMXOJDGRHP'-H 

$'0,1,675$7,92 ( 352&(668$/ &,9,/ 9,2/$d2 '2 $57  '2 &3& 20,662 ,1(;,67(17( $d2 &,9,/
3%/,&$ '$12 $0%,(17$/ &21'(1$d2 $ '$12 (;75$3$75,021,$/ 28 '$12 025$/ &2/(7,92
3266,%,/,'$'(35,1&3,2,1'8%,23521$785$1mRKiYLRODomRGRDUWGR&3&TXDQGRDSUHVWDomRMXULVGLFLRQDO
p GDGD QD PHGLGD GD SUHWHQVmR GHGX]LGD FRP HQIUHQWDPHQWR H UHVROXomR GDV TXHVW}HV DERUGDGDV QR UHFXUVR  $ 6HJXQGD
7XUPDUHFHQWHPHQWHSURQXQFLRXVHQRVHQWLGRGHTXHDLQGDTXHGHIRUPDUHIOH[DDGHJUDGDomRDRPHLRDPELHQWHGiHQVHMRDRGDQRPRUDO
FROHWLYR  +DYHULD FRQWUDVHQVX MXUtGLFR QD DGPLVVmR GH UHVVDUFLPHQWR SRU OHVmR D GDQR PRUDO LQGLYLGXDO VHP TXH VH SXGHVVH GDU j
FROHWLYLGDGHRPHVPRWUDWDPHQWRDILQDOVHDKRQUDGHFDGDXPGRVLQGLYtGXRVGHVWHPHVPRJUXSRpDIHWDGDRVGDQRVVmRSDVVtYHLVGH
LQGHQL]DomR  $V QRUPDV DPELHQWDLV GHYHP DWHQGHU DRV ILQV VRFLDLV D TXH VH GHVWLQDP RX VHMD QHFHVViULDV D LQWHUSUHWDomR H D
LQWHJUDomRGHDFRUGRFRPRSULQFtSLRKHUPHQrXWLFRLQGXELRSURQDWXUD5HFXUVRHVSHFLDOLPSURYLGR 5(VS 5- UHO 0LQ
+XPEHUWR0DUWLQV7XUPDMXOJDGRHP'-H 

1RPHVPRVHQWLGR5(VS0*UHO0LQ/XLV)HOLSH6DORPmR7XUPDMXOJDGRHP'-H('FOQR
$J5JQR$J5JQR5(VS5-UHO0LQ0DXUR&DPSEHOO0DUTXHV7XUPDMXOJDGRHP'-H

6HQGRRGLUHLWRDRPHLRDPELHQWHVDGLRHHFRORJLFDPHQWHHTXLOLEUDGRXPGLUHLWRTXHVHDQWHS}H
DRV GHPDLV GDGD D VXD tQGROH GH GLUHLWR IXQGDPHQWDO j YLGD p yEYLR TXH D DJUHVVmR D HOH
UHSHUFXWLUiHPGLYHUVRVDVSHFWRVLQGLYLGXDLVFRPROD]HUVD~GHVHJXUDQoDSURSULHGDGHHWF(VVDV
UHSHUFXVV}HV QmR VmR WXWHODGDV FRPR VH IRVVHP GDQRV DPELHQWDLV MXVWDPHQWH SDUD VH HYLWDU D
FRQIXVmR FRP R YHUGDGHLUR GDQR DR EHP MXUtGLFR SUySULR R PHLR DPELHQWH HFRORJLFDPHQWH
HTXLOLEUDGRTXHWDQWRGHPRURXSDUDVHUUHFRQKHFLGRFRPRREMHWRDXW{QRPRGH'LUHLWR
6RERSRQWRGHYLVWDSURFHVVXDOLQFOXVLYHRWUDWDPHQWRGDUHSDUDomRFLYLOGRVGDQRVDPELHQWDLV
SDWULPRQLDLVHH[WUDSDWULPRQLDLV pGLYHUVRGDUHSDUDomRLQGLYLGXDOGRVGDQRVVRIULGRVHPUD]mR
GDDJUHVVmRDRPHLRDPELHQWHQRSULPHLURFDVRID]VHSRU$omR&LYLO3~EOLFDHFRPFRLVDMXOJDGD
HUJDRPQHVHQRVHJXQGRID]VHSRU$omR,QGLYLGXDOXVDQGRDVUHJUDVWUDGLFLRQDLVGR&yGLJRGH
3URFHVVR&LYLO
2 SUySULR DUW    GD /HL Q  GHL[D FODUR TXH Ki VLP GLIHUHQoD HQWUH R GDQR
DPELHQWDOSURSULDPHQWHGLWRHVXDVFRQVHTXrQFLDVLQGLYLGXDLV9HMDPRV
$UW    6HP REVWDU D DSOLFDomR GDV SHQDOLGDGHV SUHYLVWDV QHVWH DUWLJR p R SROXLGRU REULJDGR LQGHSHQGHQWHPHQWH GD
H[LVWrQFLD GH FXOSD D LQGHQL]DU RX UHSDUDU RV GDQRV FDXVDGRV DR PHLR DPELHQWH H D WHUFHLURV DIHWDGRV SRU VXD
DWLYLGDGH 2 0LQLVWpULR 3~EOLFR GD 8QLmR H GRV (VWDGRV WHUi OHJLWLPLGDGH SDUD SURSRU DomR GH UHVSRQVDELOLGDGH FLYLO H
FULPLQDOSRUGDQRVFDXVDGRVDRPHLRDPELHQWH

2UDWLYHVVHPHOHVDPHVPDQDWXUH]DQmRWHULDROHJLVODGRUIDODGRHPGDQRVFDXVDGRVDRPHLR
DPELHQWHHGDQRVFDXVDGRVDWHUFHLURV
7RGDYLD p D SUySULD OHL TXHP GHL[D FODUR TXH WDQWR XP FRPR R RXWUR GHYHP VHU LQGHQL]DGRV
LQGHSHQGHQWHPHQWHGDH[LVWrQFLDGHFXOSD
'HVWDUWH DSHVDU GD QDWXUH]D H GR WUDWDPHQWR SURFHVVXDO GLVWLQWRV WDQWR RV GDQRV DPELHQWDLV
TXDQWR RV GDQRV SDUWLFXODUHV TXH GHOHV VmR UHIOH[RV UHFHEHP R PHVPR WUDWDPHQWR SHOR GLUHLWR
PDWHULDODSOLFDVHDDPERVRUHJLPHGDUHVSRQVDELOLGDGHREMHWLYD
2XWUD FDUDFWHUtVWLFD GR GDQR DPELHQWDO TXH YHP VHQGR UHFRQKHFLGD SHOD MXULVSUXGrQFLD GH
QRVVRV 7ULEXQDLV 6XSHULRUHV p D VXD LPSUHVFULWLELOLGDGH 9HMDPRV R TXH IRL QRWLFLDGR QR
,QIRUPDWLYR Q  GR 6XSHULRU 7ULEXQDO GH -XVWLoD TXH GH IRUPD EULOKDQWH H[S}H R FRQIOLWR
H[LVWHQWHHQWUHRVYDORUHVHPMRJR
&XLGDVHRULJLQDULDPHQWHGHDomRFLYLOS~EOLFD $&3 FRPSHGLGRGHUHSDUDomRGRVSUHMXt]RVFDXVDGRVSHORVRUDUHFRUUHQWHVj
FRPXQLGDGHLQGtJHQDWHQGRHPYLVWDRVGDQRVPDWHULDLVHPRUDLVGHFRUUHQWHVGDH[WUDomRLOHJDOGHPDGHLUDLQGtJHQD 
$ SUHVFULomR WXWHOD LQWHUHVVH SULYDGR SRGHQGR VHU FRPSUHHQGLGD FRPR PHFDQLVPR GH VHJXUDQoD MXUtGLFD H HVWDELOLGDGH 2
GDQR DPELHQWDO UHIHUHVH jTXHOH TXH RIHUHFH JUDQGH ULVFR D WRGD KXPDQLGDGH H j FROHWLYLGDGH TXH p D WLWXODU GR EHP
DPELHQWDOTXHFRQVWLWXLGLUHLWRGLIXVR 
2 GLUHLWR DR SHGLGR GH UHSDUDomR GH GDQRV DPELHQWDLV GHQWUR GD ORJLFLGDGH KHUPHQrXWLFD WDPEpP HVWi SURWHJLGR SHOR PDQWR GD
LPSUHVFULWLELOLGDGH SRU VH WUDWDU GH GLUHLWR LQHUHQWH j YLGD IXQGDPHQWDO H HVVHQFLDO j DILUPDomR GRV SRYRV
LQGHSHQGHQWHPHQWHGHHVWDUH[SUHVVRRXQmRHPWH[WROHJDO
1R FRQIOLWR HQWUH HVWDEHOHFHU XP SUD]R SUHVFULFLRQDO HP IDYRU GR FDXVDGRU GR GDQR DPELHQWDO D ILP GH OKH DWULEXLU
VHJXUDQoDMXUtGLFDHHVWDELOLGDGHFRPQDWXUH]DHPLQHQWHPHQWHSULYDGDHWXWHODUGHIRUPDPDLVEHQpILFDEHPMXUtGLFR
FROHWLYRLQGLVSRQtYHOIXQGDPHQWDOTXHDQWHFHGHWRGRVRVGHPDLVGLUHLWRVSRLVVHPHOHQmRKiYLGDQHPVD~GHQHP
WUDEDOKRQHPOD]HUR~OWLPRSUHYDOHFHSRUyEYLRFRQFOXLQGRSHODLPSUHVFULWLELOLGDGHGRGLUHLWRjUHSDUDomRGRGDQRDPELHQWDO
5(VS$&UHO0LQ(OLDQD&DOPRQMXOJDGRHP 

1RPHVPRVHQWLGRYHMDPRVMXOJDGRDLQGDPDLVUHFHQWH
$0%,(17$/ ( 352&(668$/ &,9,/ $d2 &,9,/ 3%/,&$ 2&83$d2 ( (',),&$d2 (0 5($ '(
35(6(59$d23(50$1(17($33&$6$6'(9(5$1(,20$5*(16'25,2,9,1+(0$066835(662
'( 0$7$ &,/,$5 '(6&$%,0(172 $57  '$ /(,  12 (148$'5$0(172 ',5(,72
$'48,5,'2 $2 32/8,'25 )$72 &21680$'2 '(6&$%,0(172 '(6$35235,$d2 12
&21),*85$'$ /,0,7$d2 $'0,1,675$7,9$ '$12 $0%,(17$/ ( 1(;2 '( &$86$/,'$'(
&21),*85$'26 $861&,$ '( 35(48(67,21$0(172 608/$ 67-  'HVFDELGD D VXSUHVVmR GH
YHJHWDomRHPUHDGH3UHVHUYDomR3HUPDQHQWH$33TXHQmRVHHQTXDGUDQDVKLSyWHVHVSUHYLVWDVQRDUWGR&yGLJR
)ORUHVWDO XWLOLGDGH S~EOLFD LQWHUHVVH VRFLDO H EDL[R LPSDFWR DPELHQWDO   &RQTXDQWR QmR VH SRVVD FRQIHULU DR GLUHLWR
IXQGDPHQWDOGRPHLRDPELHQWHHTXLOLEUDGRDFDUDFWHUtVWLFDGHGLUHLWRDEVROXWRFHUWRpTXHHOHVHLQVHUHHQWUHRV
GLUHLWRVLQGLVSRQtYHLVGHYHQGRVHDFHQWXDUDLPSUHVFULWLELOLGDGHGHVXDUHSDUDomRHDVXDLQDOLHQDELOLGDGHMiTXH
VHWUDWDGHEHPGHXVRFRPXPGRSRYR DUWFDSXWGD&) (PWHPDGHGLUHLWRDPELHQWDOQmRVHFRJLWD
HPGLUHLWRDGTXLULGRjGHYDVWDomRQHPVHDGPLWHDLQFLGrQFLDGDWHRULDGRIDWRFRQVXPDGR3UHFHGHQWHVGR67-H67)$
SURWHomR OHJDO jV iUHDV GH SUHVHUYDomR SHUPDQHQWH QmR LPSRUWD HP YHGDomR DEVROXWD DR GLUHLWR GH SURSULHGDGH H SRU
FRQVHTXrQFLDQmRUHVXOWDHPKLSyWHVHGHGHVDSURSULDomRPDVFRQILJXUDPHUDOLPLWDomRDGPLQLVWUDWLYD3UHFHGHQWHGR67-
9LRODGR R DUW    GD /HL  SRLV R 7ULEXQDO GH RULJHP UHFRQKHFHX D RFRUUrQFLD GR GDQR DPELHQWDO H R QH[R
FDXVDO OLJDomRHQWUHDVXDRFRUUrQFLDHDIRQWHSROXLGRUD PDVDIDVWRXRGHYHUGHSURPRYHUDUHFXSHUDomRGDiUHDDIHWDGDH
LQGHQL]DU HYHQWXDLV GDQRV UHPDQHVFHQWHV  (P TXH SHVH DR ORWHDPHQWR HP TXHVWmR KDYHU VLGR FRQFHGLGR OLFHQFLDPHQWR
DPELHQWDOWDOIDWRSRUVLVyQmRHOLGHDUHVSRQVDELOLGDGHSHODUHSDUDomRGRGDQRFDXVDGRDRPHLRDPELHQWHXPDYH]DIDVWDGD
DOHJDOLGDGHGDDXWRUL]DomRDGPLQLVWUDWLYDeLQDGPLVVtYHORUHFXUVRHVSHFLDOTXDQWRDTXHVWmRQmRGHFLGLGDSHOR7ULEXQDOGH
RULJHP SRU IDOWD GH SUHTXHVWLRQDPHQWR 6~PXOD 67-   5HFXUVR HVSHFLDO SDUFLDOPHQWH FRQKHFLGR H SURYLGR 5(VS
06UHO0LQ(OLDQD&DOPRQ7XUPDMXOJDGRHP'-H 

+i XPD WHQGrQFLD HYROXWLYD QD GRXWULQD GD UHVSRQVDELOL]DomR FLYLO DPELHQWDO  DLQGD QmR
UHFRQKHFLGD QR kPELWR GD MXULVSUXGrQFLD  GH LQWHUSUHWDU D UHVSRQVDELOL]DomR FLYLO D SDUWLU GR
SULQFtSLRGDSUHFDXomRDPELHQWDOLGHQWLILFDQGRTXHRGDQRDPELHQWDOMiH[LVWLULDFRPDH[SRVLomR
GRPHLRDPELHQWHDRULVFR$VLGHLDVGHGDQRHGHOHVmRHVWDULDPDQWHFLSDGDVSDUDRPRPHQWRGR
ULVFRMXVWDPHQWHHPUHVSHLWRjQHFHVVLGDGHGHVHWHUSUXGrQFLDHSUHFDXomRHPUHODomRDRPHLR
DPELHQWH e LQWHUHVVDQWH REVHUYDU TXH R DUW    9 H 9,, GD &) p H[SUHVVR DR HOHYDU D
SURWHomR GR PHLR DPELHQWH FRQWUD R ULVFR GH VRIUHU GDQRV H QmR VLPSOHVPHQWH FRQWUD RV GDQRV
SURSULDPHQWHGLWRV
$UW   
9   FRQWURODU D SURGXomR D FRPHUFLDOL]DomR H R HPSUHJR GH WpFQLFDV PpWRGRV H VXEVWkQFLDV TXH FRPSRUWHP ULVFR SDUD D
YLGDDTXDOLGDGHGHYLGDHRPHLRDPELHQWH
9,,  SURWHJHU D IDXQD H D IORUD YHGDGDV QD IRUPD GD OHL DV SUiWLFDV TXH FRORTXHP HP ULVFR VXD IXQomR HFROyJLFD
SURYRTXHPDH[WLQomRGHHVSpFLHVRXVXEPHWDPRVDQLPDLVDFUXHOGDGH

2XWUR DVSHFWR GH FODUD UHIOH[mR HYROXWLYD QD UHVSRQVDELOL]DomR FLYLO DPELHQWDO p R
UHFRQKHFLPHQWRGHTXHDHYHQWXDOUHPRomRGRLOtFLWRDPELHQWDOHPKLSyWHVHVHPTXHQmRVHWHQKD
DLQGDFDXVDGRGDQRVDRPHLRDPELHQWHQmR GHYHULD DSHQDV DFDUUHWDU D VDQomR GH FRUUHomR GR
LOtFLWR REULJDomRGHID]HUHQmRID]HU SUDWLFDQGRSRUYLDMXGLFLDODFRQGXWDTXHGHYHULDWHUVLGR
SUDWLFDGDHVSRQWDQHDPHQWHSRLVQHVWHFDVRRGHVFXPSULPHQWRGRGHYHUMXUtGLFR SUHYLVWRHP OHL
QmR WHULD QHQKXPD FRQVHTXrQFLD VDQFLRQDWyULD QD RUGHP FLYLO QD PHGLGD HP TXH DTXHOH TXH
FRPHWHXRLOtFLWRWHULDDRSRUWXQLGDGHGHGHVID]rORHPMXt]RVHPTXDOTXHUVDQomRFLYLODGLFLRQDO
SRU LVVR 2EVHUYHVH TXH DWp QXP FRQWUDWR SDUWLFXODU HQYROYHQGR SDUWLFXODUHV Ki D SUHYLVmR
H[SUHVVDGHFOiXVXODGHPXOWDSHORGHVFXPSULPHQWRGHXPDUHJUDFRQWUDWXDOLQGHSHQGHQWHPHQWHGH
GDQRVTXHGHVVHGHVFXPSULPHQWRSRVVDDGYLU1mRVHULDOyJLFRTXHRGHVFXPSULPHQWRGHGHYHUHV
S~EOLFRVSUHYLVWRVHPOHLDLQGDTXHQmRFDXVDGRUHVGHGDQRVVyJHUDVVHQDRUGHPFLYLORSRGHU
GHH[LJLORVHPMXt]R$PXOWDFLYLODLQGDQmRSUHYLVWDQRQRVVRRUGHQDPHQWRGHIRUPDH[SUHVVD
 WHP VLGR LQYRFDGD FRPR FRUROiULR OyJLFR GR VLVWHPD FRQVWLWXFLRQDO GH UHVSRQVDELOLGDGHV
DPELHQWDLV
3RUILPDLQGDGHQWURGHXPDSHUVSHFWLYDHPLQHQWHPHQWHHYROXWLYDWHPVHGHVWDFDGRDGLIHUHQoD
HQWUH SROXLGRU H XVXiULR SDJDGRU QR VHQWLGR GH TXH DPERV GHYHP UHVVDUFLU RV FRIUHV GD
FROHWLYLGDGHTXDQGRFDXVDUHPGDQRDRPHLRDPELHQWHRXTXDQGRVHORFXSOHWDUHPJUDWXLWDPHQWHjV
FXVWDVGDFROHWLYLGDGHUHVSHFWLYDPHQWH$VVLPDVLGHU~UJLFDTXHODQoDRSyQDDWPRVIHUDpDXPVy
WHPSRSROXLGRUHXVXiULR'HJUDGDRPHLRDPELHQWHHGHYHSDJDUSRULVVR8VDRDUFRPRGHVFDUJD
GHSDUWLFXODGRV XVRLQFRPXP HWDPEpPGHYHSDJDUSRULVVRVRESHQDGHORFXSOHWDPHQWRLOtFLWR
232/8,'25
9LVWRVRVFRQFHLWRVGHSROXLomRGHJUDGDomRHGDQRDPELHQWDOSDVVHPRVjDQiOLVHGRTXHGHYH
VHUHQWHQGLGRSRUSROXLGRU
6HJXQGRRDUW,GD/HLQ
$UW3DUDRVILQVSUHYLVWRVQHVWD/HLHQWHQGHVHSRU 
,9  SROXLGRU D SHVVRD ItVLFD RX MXUtGLFD GH GLUHLWR S~EOLFR RX SULYDGR UHVSRQViYHO GLUHWD RX LQGLUHWDPHQWH SRU DWLYLGDGH
FDXVDGRUDGHGHJUDGDomRDPELHQWDO  

$ SULPHLUD FRLVD TXH VDOWD DRV ROKRV p TXH R OHJLVODGRU HQWHQGHX SRU EHP DGRWDU XP ODUJR
FRQFHLWRGDTXHOHTXHUHVSRQGHSHORVGDQRVDPELHQWDLV3RGHPVHUSROXLGRUHV

SHVVRDVItVLFDVRXMXUtGLFDV
SHVVRDVGHGLUHLWRS~EOLFRRXSULYDGR
SHVVRDVUHVSRQViYHLVGLUHWDRXLQGLUHWDPHQWHSHODGHJUDGDomRDPELHQWDO
$JUDQGHYDQWDJHPGHVVHODUJRFRQFHLWRpTXHJDUDQWHQDPHGLGDGRSRVVtYHOTXHVHPSUHKDMD
DOJXpPDSWRDHIHWLYDPHQWHSURFHGHUjUHSDUDomRGRPHLRDPELHQWHOHVDGR
,VVR SRUTXH p VHPSUH SRVVtYHO TXH R UHVSRQViYHO QmR WHQKD GLDQWH GD GLPHQVmR GR SUHMXt]R
FDXVDGRRVUHFXUVRVQHFHVViULRVSDUDUHSDUDUWRGRRPDOTXHSURYRFRXTXDQGRLVVRpWHFQLFDPHQWH
SRVVtYHO 
$VPDLRUHVFRPSOLFDo}HVFRQWXGRHVWmRHPVDEHURTXHpHTXDQGRKiFDXVDGLUHWDRXLQGLUHWD
GRGDQRDPELHQWDO
(QFRQWUDURSROXLGRUQHPVHPSUHpWDUHIDIiFLO7DLVGLILFXOGDGHVVmRDJUDYDGDVDLQGDPDLVSRU
FLUFXQVWkQFLDVFRPR

TXDQGRKiGDQRVPDUJLQDLVHDQ{QLPRVTXHQmRVHOLPLWDPQRWHPSRRXQRHVSDoR
TXDQGRVmRYiULDVDVIRQWHVHPLVVRUDVGHXPDSDUWtFXODHQmRVHFRQVHJXHLGHQWLILFDUTXDOpD
SROXLGRUD
TXDQGRRGDQRGHFRUUHGDVRPDGHGLYHUVDVIRQWHV
TXDQGRpDDWLYLGDGHGHFRQVXPRTXHPGiFDXVDLPHGLDWDjSROXLomR
 TXDQGR HPERUD LGHQWLILFDGR H FRQGHQDGR R UHVSRQViYHO QmR WHP EHQV RX SDWULP{QLR
VXILFLHQWHSDUDUHSDUDUDOHVmRDPELHQWDOFDXVDGD VROYDELOLGDGHGRSROXLGRU 
TXDQGRHPERUDLGHQWLILFiYHORSROXLGRURGDQRpLUUHYHUVtYHOLQQDWXUD
'LDQWH GHVVHV REVWiFXORV R TXH QmR VH SRGH DGPLWLU p TXH R HVWDGR GH GDQRVLGDGH H OHVmR DR
PHLRDPELHQWHILTXHLPSXQHRXVRERXWUDDQiOLVHTXHDOJXpPVHEHQHILFLHGDGHVJUDoDDPELHQWDO
QXPYHUGDGHLURFRQILVFRGREHPDPELHQWDOFXMRWLWXODUpDFROHWLYLGDGH
4XDQWRjVGLILFXOGDGHVHPVHGHWHUPLQDUTXHPpRSROXLGRUHPFDGDVLWXDomRXPDVROXomRTXHVH
PRVWUDYLiYHOpDXWLOL]DomRGRUHJLPHGDUHVSRQVDELOLGDGHVROLGiULDHQWUHDVIRQWHVSROXHQWHV
1HVVH FDVR SRGHULD OHJHIHUHQGD  DWp PHVPR R OHJLVODGRU GLVWULEXLU HP GHWHUPLQDGRV FDVRV
WDLVFRPRFRQVXPLGRUHVGHFLJDUURVRXXVXiULRVGHYHtFXORVTXDORSROXLGRUTXHHVWiPDLVDSWRD
SDJDUSHORVSUHMXt]RVDPELHQWDLV1RUPDOPHQWHDH[SHULrQFLDGHPRQVWUDTXHRSROXLGRUSURGXWRU
IRQWHPHGLDWD pTXHWHPUHFHELGRHVVH{QXV
&RPUHODomRDRSUREOHPDGDVROYDELOLGDGHGRSROXLGRUHPTXHHVWDPRVOLGDQGRFRPFULVHVGH
DGLPSOHPHQWR H HVSHFLDOPHQWH UHVHUYDGDV DR SURFHVVR GH H[HFXomR DOJXPDV VROXo}HV DSRQWDGDV
SHOD GRXWULQD VmR D FULDomR GH VHJXURV DPELHQWDLV H D WpFQLFD GH GHVFRQVLGHUDomR GD
SHUVRQDOLGDGHMXUtGLFD
4XDQWR DRV VHJXURV DPELHQWDLV YLVDP H[DWDPHQWH DWHQGHU DR SULQFtSLR GD SUHYHQomR DOpP GH
FRPSDWLELOL]DU R GHVHQYROYLPHQWR FRP D VXVWHQWDELOLGDGH GRV UHFXUVRV DPELHQWDLV (YLWDVH SRU
PHLR GHOHV TXH D UHVSRQVDELOL]DomR GR SROXLGRU VHMD LQIUXWtIHUD H QmR HIHWLYD SRU FDXVD GD QmR
VROYDELOLGDGHGRSROXLGRU 
&RQVLGHUDQGR TXH D UHVSRQVDELOLGDGH FLYLO HP PDWpULD DPELHQWDO DGRWRX D WHRULD GR ULVFR
SDUHFHQRVOyJLFRTXHRVVHJXURVDPELHQWDLVSRVVDPFRQVWLWXLUUHJUDQHFHVViULDDWRGDDWLYLGDGH
TXHSXVHVVHHPULVFRRPHLRDPELHQWH 
(QWUHWDQWR D IRUPD GH WRUQDU UHDOLGDGH R VHJXUR DPELHQWDO p FRPSOH[D  ,VVR SRUTXH EDVWD
LPDJLQDUDGLILFXOGDGHHPVHHVWDEHOHFHURFXVWRGHXPVHJXURFRQWUDULVFRVDPELHQWDLVTXDQGR
VHVDEHGHDQWHPmRTXHDTXDQWLILFDomRGRGDQRDPELHQWDOSRGHVHUH[WUHPDPHQWHFRPSOH[DTXDVH
LQWHUPLQiYHOHGHYDORUHVHVWUDWRVIpULFRV
2XWUDWpFQLFDOHJLVODWLYDGHHIHWLYDomRGDUHVSRQVDELOLGDGHFLYLODPELHQWDOpDGHVFRQVLGHUDomR
GDSHUVRQDOLGDGHMXUtGLFD
'XUDQWH PXLWR WHPSR D FROHWLYLGDGH FRQYLYHX FRP RV LOtFLWRV SURPRYLGRV SRU VyFLRV RX
UHSUHVHQWDQWHVGHSHVVRDMXUtGLFDTXHDXVDYDPFRPRXPDHVSpFLHGHFRUWLQDSDUDS{UHPSUiWLFD
VHXVPDLVYDULDGRVLQWHUHVVHVHVFXVRVFRQWUDULDQGRDVXDILQDOLGDGHHQTXDQWRHQWHMXUtGLFRVHPTXH
FRQWUDLVVRH[LVWLVVHTXDOTXHUVROXomROHJDO
8VDYDVHWDOHQWLGDGHFRPRVHIRVVHXPELRPERSDUDHVFRQGHUDSUiWLFDGHIUDXGHVSRLVVHVDELD
GDLPSRVVLELOLGDGHGHVHFRQIXQGLURSDWULP{QLRGDHPSUHVDFRPRSDWULP{QLRGRVVyFLRV
2FRQWUDDWDTXHGRRUGHQDPHQWRMXUtGLFRUHSUHVHQWDQGRDLQGLJQDomRGDVRFLHGDGHYHLRjDOWXUD
GRVLOtFLWRVTXHHUDPSUDWLFDGRV
6H D H[LVWrQFLD GD SHVVRD MXUtGLFD PXLWDV YH]HV FRORFDYDVH FRPR HPSHFLOKR j EXVFD GD
UHVSRQVDELOL]DomRGRVYHUGDGHLURVFDXVDGRUHVGHXPGDQRSDVVRXVHDDGPLWLUDGHVFRQVLGHUDomR
GDSHUVRQDOLGDGHMXUtGLFD
2TXHMiHUDSHUPLWLGRQR'LUHLWR)LVFDO SDUDSURWHomRGRILVFR QR'LUHLWRGR7UDEDOKR SDUD
SURWHJHU R WUDEDOKDGRU  H QDV OLGHV GH &RQVXPR SDUD SURWHJHU R FRQVXPLGRU  SDVVRX D VHU UHJUD
WDPEpPSDUDR'LUHLWR$PELHQWDO
$VVLPRDUWGD/HLQ /HLGH&ULPHV$PELHQWDLV HQXQFLDTXH
$UW  3RGHUi VHU GHVFRQVLGHUDGD D SHVVRD MXUtGLFD VHPSUH TXH VXD SHUVRQDOLGDGH IRU REVWiFXOR DR UHVVDUFLPHQWR GH
SUHMXt]RVFDXVDGRVjTXDOLGDGHGRPHLRDPELHQWH

2GLVSRVLWLYRDGRWRXUHJUDTXHVHGLVWDQFLDGDTXHODVDGRWDGDVSDUDRXWURVUDPRVGRGLUHLWR
e TXH JHUDOPHQWH SDUD D UHVROXomR GH FULVHV QmR DPELHQWDLV D GHVFRQVLGHUDomR Vy p DFHLWD
FDVRVHFRPSURYHDH[LVWrQFLDGHPiDGPLQLVWUDomRRXLOtFLWRVSRUSDUWHGRV DGPLQLVWUDGRUHVGD
SHVVRDMXUtGLFD
1mR p DVVLP IRUPD GH UHFRQKHFHU D SHVVRD MXUtGLFD FRPR DOJR GLIHUHQWH GH VHXV VyFLRV PDV
SHOR FRQWUiULR UDWLILFD HVWD FRQGLomR XPD YH] TXH VDOYD D HQWLGDGH GH XP XVR QHIDVWR H
GHVYLUWXDGR GDTXHOHV TXH GHYHULDP LPSXOVLRQiOD j SHUVHJXLomR GH VXDV ILQDOLGDGHV (QILP p
PHGLGD TXH SRU UHFRQKHFHU D H[LVWrQFLD GD SHVVRD MXUtGLFD SUHWHQGH VDOYiOD GH PDXV
DGPLQLVWUDGRUHVTXHGHODVHXWLOL]DPSDUDEHQHILFLDUDVLPHVPRV
'LIHUHQWHPHQWH R WUDQVFULWR DUW  GD /HL GH &ULPHV $PELHQWDLV OLPLWDVH D GL]HU TXH p
SRVVtYHOGHVFRQVLGHUDUDSHUVRQDOLGDGHMXUtGLFDVHPSUHTXHHODIRUREVWiFXORDRUHVVDUFLPHQWR
GHSUHMXt]RVFDXVDGRVjTXDOLGDGHGRPHLRDPELHQWH$VVLPQmR VHH[LJHTXHRVGLUHWRUHVRX
DGPLQLVWUDGRUHVWHQKDPDJLGRFRPGRORPiIpFXOSDRXLOLFLWDPHQWHQRSUHMXt]RFDXVDGRDRPHLR
DPELHQWH
7HQGRRFRUULGRRSUHMXt]RFDXVDGRSHODSHVVRDMXUtGLFDSRXFRLPSRUWDUmRDVPRWLYDo}HVGRDWR
FDXVDGRUMiTXHRVEHQVGHVHXVVyFLRVRXGLUHWRUHVSRGHUmRVHUUHVSRQViYHLVSHORUHVVDUFLPHQWR
GRVSUHMXt]RVFDXVDGRVDRPHLRDPELHQWH
$ GHVFRQVLGHUDomR DVVLP QR GLUHLWR DPELHQWDO QmR VH PRVWUD WmR SUHRFXSDGD FRP D WXWHOD GD
SHVVRDMXUtGLFDVHQmRSRUTXHDVXDILQDOLGDGHpQmRGHL[DURPHLRDPELHQWHVHPUHVVDUFLPHQWR
PRVWUDQGRVHPXLWRPDLVFRPRXPDWpFQLFDOHJLVODWLYDTXHUHVROYDRVSUREOHPDVGHVROYDELOLGDGH
GR SROXLGRUHPSUHVD GR TXH SURSULDPHQWH FRPR SURWHomR GD HPSUHVD FRQWUD RV PDXV
DGPLQLVWUDGRUHV
7UDWDVHSRUWDQWRGHWpFQLFDSDUDHIHWLYDURVFUpGLWRVDPELHQWDLVVHPSUHTXHDSHVVRDMXUtGLFD
GHGLUHLWRSULYDGRFDXVDUGDQRDRDPELHQWHPDVQmRWLYHUFRQGLo}HVSDUDVROYHURSUHMXt]R1mR
LPSRUWDDTXHWtWXORFDXVRXRGDQRVHFRPDWRVOtFLWRVRXLOtFLWRV
7DO PHGLGD SRGHUi VHU GHIHULGD SHOR MXL] HP WXWHOD GH XUJrQFLD VH GHPRQVWUDGRV R ULVFR GH
LQHILFiFLD GR SURYLPHQWR ILQDO GH PpULWR H D SUREDELOLGDGH GH TXH UHDO H FRQFUHWDPHQWH KDMD
SUHMXt]RV DR PHLR DPELHQWH DOpP p FODUR TXH D SHVVRD MXUtGLFD QmR WHUi VROYDELOLGDGH SDUD
VXSRUWDURSUHMXt]RFDXVDGR2EYLDPHQWHRSUHMXt]RQmRSUHFLVDHVWDUGHPRQVWUDGRHPWRGDDVXD
H[WHQVmRPDVGHYHPH[LVWLUSURYDVGRULVFRGHTXHRVHXPRQWDQWHQmRSRVVDVHUVXSRUWDGRSHOD
HPSUHVDeWpFQLFDH[FHSFLRQDOPDVVHSUHFLVRGHYHVHUXWLOL]DGD
3DUHFHQRVTXHHPUHODomRDRGLVSRVLWLYRHTXDQWRDRHYHQWXDOFRQIURQWRHQWUHRVGRLVYDORUHV
TXHVHHQFRQWUDPHPURWDGHFROLVmR SULQFtSLRGRUHVSHLWRjSHUVRQDOLGDGHGDVSHVVRDVMXUtGLFDVH
DSURWHomRGRPHLR DPELHQWH ROHJLVODGRU IH]DRSomRFODUDHLQGXYLGRVD SHORPHLRDPELHQWH
DSOLFDQGRRSULQFtSLRGDSURSRUFLRQDOLGDGHHPVHGHOHJLVODWLYD
(P UHVXPR VH R SROXLGRU SHVVRD MXUtGLFD  QmR WHP SDWULP{QLR VXILFLHQWH SDUD DUFDU FRP R UHVVDUFLPHQWR GR PHLR DPELHQWH
SDVVDVHLPHGLDWDPHQWHDRSDWULP{QLRGDVSHVVRDVItVLFDVVyFLDVHGLUHWDPHQWHSRUHODUHVSRQViYHLV

21(;2'(&$86$/,'$'( 

*HQHUDOLGDGHV
9LVWDVDVLGHLDVJHUDLVVREUHSROXLomRGDQRDPELHQWDOHSROXLGRUSDVVDPRVjDQiOLVHGR~OWLPR
GRVHOHPHQWRVQHFHVViULRVjDIHULomRGDUHVSRQVDELOLGDGHFLYLOSRUSUHMXt]RVDRPHLRDPELHQWHR
QH[RFDXVDO
,QLFLDOPHQWH TXH ILTXH FODUR QmR VH WUDWDU GH WHPD TXH VH SRVVD GL]HU H[FOXVLYR GD
UHVSRQVDELOLGDGH FLYLO 1D YHUGDGH LQWHUHVVD D GLYHUVRV RXWURV VHWRUHV GR SHQVDPHQWR MXUtGLFR
HVSHFLDOPHQWH DR GLUHLWR SHQDO $OLiV QHP PHVPR H[FOXVLYR GDV FLrQFLDV MXUtGLFDV p R DVVXQWR
LQWHUHVVDQGRDQWHVjSUySULDILORVRILDHjOyJLFD
,PSRUWDQWHDLQGDILFDUFODURTXHVHWUDWDGHWHPDGRVPDLVWRUPHQWRVRVQmRVHWHQGRFKHJDGRD
TXDOTXHUFRQFOXVmRTXHVHSRVVDGL]HUFRPSOHWDPHQWHVDWLVIDWyULD3RULVVRPHVPRGLYHUVDVIRUDP
DVWHRULDVGHVHQYROYLGDVSDUDPHOKRUH[SOLFDUDUHODomRGHFDXVDOLGDGH([SRUHPRVDTXLDSHQDV
DV OLQKDV JHUDLV GH DOJXPDV GHODV TXH UHSXWDPRV LPSRUWDQWHV SDUD R WHPD GD UHVSRQVDELOLGDGH
DPELHQWDO
7HQGRHPYLVWDDPDLRUHYROXomRFLHQWtILFDGRHVWXGRGRWHPDSRUUD]}HVyEYLDVQDiUHDSHQDO
QmRKHVLWDUHPRVHPEXVFDUDVIRQWHVPHVWUDVVREUHRQH[RFDXVDOQHVVDFLrQFLDFRPVHXVQRWiYHLV
DXWRUHV
'H DQWHPmR YDOH GL]HU TXH DTXL QmR VH SURS}H D FULDomR GH XPD QRYD WHRULD RX IyUPXOD
PLODJURVD SDUD FRPSUHHQVmR H DSUHQGL]DGR GR QH[R GH FDXVDOLGDGH PDV DSHQDV UiSLGDV LGHLDV
VREUHXPWHPDTXHpSHGUDDQJXODUQRHVTXHOHWRGRSULQFtSLRGDUHVSRQVDELOL]DomRGRSROXLGRUH
TXHQHFHVViULDHLPHGLDWDPHQWHGHYHVHUUHYLVLWDGR

1H[RHFDXVD
&RPRGLWRHQWmRRVFRQFHLWRVGHQH[RHGHFDXVDQmRVmRH[FOXVLYRVGR'LUHLWRHPHQRVDLQGD
GDUHVSRQVDELOLGDGHFLYLORXSHQDO$SDODYUDQH[RHDSDODYUDFDXVDVmRGHXVRFRUUHQWHQRQRVVR
OLQJXDMDUFRWLGLDQR
4XDQGR FRQVXOWDPRV RV UHIHULGRV YHUEHWHV QR 'LFLRQiULR $XUpOLR  HQFRQWUDPRV DV VHJXLQWHV
GHILQLo}HV

 &DXVD   $TXLOR RX DTXHOH TXH ID] TXH XPD FRLVD H[LVWD  $TXLOR RX DTXHOH TXH
GHWHUPLQDXPDFRQWHFLPHQWR5D]mRPRWLYRRULJHP)LORV7HUPRFRUUHODFLRQDGRDHIHLWRH
TXH VH FRQFHEH GH PDQHLUDV GLYHUVDV  )LORV &DXVD HILFLHQWH  &RQGLomR GR IHQ{PHQR TXH
SURGX]RXWURIHQ{PHQR
1H[R/LJDomRYtQFXORXQLmR&RHUrQFLD
2 VLJQLILFDGR WUDGLFLRQDO GH QH[R H GH FDXVD UHJUD JHUDO QmR GLVFUHSD GR VHQWLGR TXH OKH
HPSUHVWDPDFLrQFLDMXUtGLFDHDILORVRILD(PTXDOTXHUFDVRWDQWRFDXVDTXDQWRQH[RVmRSDODYUDV
WUDQVLWLYDV H VLWXDFLRQDLV RX VHMD Vy VH SRGH GL]HU TXH DOJXPD FRLVD p FDXVD VH HVWLYHU
UHODFLRQDGD FRP RXWUD FRLVD $ FDXVD QmR H[LVWH GH SHU VL SRVWR TXH Vy SRGH VHU FRQVLGHUDGD
FDXVD GHXPIHQ{PHQRDFRQWHFLPHQWRHYHQWRIDWR DWR H[SHULrQFLDHWF VHHVWLYHUUHODFLRQDGD
FRPRXWURHOHPHQWR
(QILPWUDWDVHGHYRFiEXORTXHVHSUHHQFKHQmRSHORTXHpPDVVLPSHORUHODFLRQDPHQWRTXH
SRVVXLFRPRHIHLWRUHVSHFWLYR$VSDODYUDVFDXVDHHIHLWRVyH[LVWHPVHUHODFLRQDGDVXPDFRPD
RXWUDXPDYH]TXHQmRKiFDXVDVHPHIHLWRHQHPHIHLWRVHPXPDFDXVD
7DPEpP D SDODYUD QH[R OLJDomR OLDPH YtQFXOR XQLmR HWF  TXDQGR HPSUHJDGD FRP HVWHV
VLJQLILFDGRV QmR H[LVWH VHP RV HOHPHQWRV TXH OKH GmR YLGD &RP LVVR TXHUHPRV GL]HU TXH Vy Ki
QH[RTXDQGRVHWHPPDLVGHXPDFRLVDRXIDWRRXDWRTXHHVWHMDPXQLGRV
2QH[RpMXVWDPHQWHHVVHHOHPHQWRXQLILFDGRUHQWUHGXDVHQWLGDGHVHHVVDXQLmRSRGHVHGDU
SRUTXDOTXHUDVSHFWRTXHHVWDEHOHoDXPDKRPRJHQHLGDGHHQWUHHVVDVGXDVRXPDLVHQWLGDGHV
&RPREHPHQVLQDD ILORVRILDDQRVVDYLGDpXPDUHODomR GHFDXVDHHIHLWR GHPRGRTXHWRGR
DFRQWHFLPHQWRVHHQFRQWUDHVFULWR QDFDGHLDFDXVDO 2XVHMDRVHYHQWRV DFRQWHFLPHQWRV  QmR
RFRUUHPVHPPDLVQHPPHQRVPDVDFRQWHFHPDSHQDVVREFHUWDVFRQGLo}HV 
3DUWLQGRGHVVDVFRQVLGHUDo}HVSRGHPRVGL]HUTXHWRGDFDXVDpFDXVDHPUHODomRDRHIHLWRTXH
SURGX]PDVpHIHLWRHPUHODomRjFDXVDTXHRSURGX]LXHVWDEHOHFHQGRVHGHVWHPRGRXPDFDGHLD
LQGHILQLGDGHFDXVDVHHIHLWRV 
$ UHODomR HQWUH D FDXVD H R VHX HIHLWR p MXVWDPHQWH R TXH WHPRV GHQRPLQDGR QH[R FDXVDO H
QHVVHDVSHFWRHVWDOLJDomRpHVVHQFLDOSDUDRFRQFHLWRGHFDXVDWHQGRHPYLVWDTXHVHPHIHLWRQmR
KiFDXVDHYLFHYHUVD
2QH[RSRUWDQWRpDOLJDomRH[LVWHQWHHQWUHDFDXVDHRHIHLWRTXHSURGX]

3RGHVHGL]HULQFOXVLYHTXHpRQH[RTXHHVWDEHOHFHDH[LVWrQFLDGHXPDFDXVDHRVHXUHVSHFWLYRHIHLWRMiTXHDXVHQWHRQH[RQmR
KiQHPFDXVDQHPHIHLWR2UDVHHVVHVGRLVHOHPHQWRVSUHFLVDPVHXQLUSDUDH[LVWLUHPFHUWDPHQWHTXHVHHVVDXQLmRQmR
RFRUUHULSVRIDFWRWDPEpPQmRH[LVWLUiDTXHODFDXVDSDUDDTXHOHUHVSHFWLYRHIHLWR

'LVVR SRGHPRV H[WUDLU D VHJXLQWH FRQFOXVmR RX H[LVWH R HOR QH[R  H SRUWDQWR D XPD
GHWHUPLQDGDFDXVDSRGHUiVHUDWULEXtGRXPHIHLWRUHVSHFWLYRRXQmRKiRUHIHULGRQH[RHSRUWDQWR
QmRKiFDXVDQHPHIHLWRFRUUHVSRQGHQWH
2TXHSRGHYDULDUWRGDYLDpDQLWLGH]FRPTXHVHHQ[HUJDDH[LVWrQFLDGHVVHOLDPHTXHQHP
VHPSUHpWmRIiFLOGHVHUYLVOXPEUDGR
&RPREHPGL]&DLR0iULRGD6LOYD3HUHLUD TXDQGRXPLQGLYtGXRYDLGHVPRQWDUXPUHYyOYHU
HRGHWRQDIHULQGRDOJXpPRFRUUHXPIDWRVLPSOHVHDUHODomRFDXVDOpHVWDEHOHFLGDGHPDQHLUD
GLUHWDHQWUHRIDWRHRGDQR0DVQHPVHPSUHDVFRLVDVVHSDVVDPGHPDQHLUDWmRVLQJHOD
1RXWUDVVLWXDo}HVSRUpPWRUQDVHGLItFLOHVWDEHOHFHUXPDUHODomRGHFDXVDHHIHLWReFOiVVLFR
QRGLUHLWRSHQDORH[HPSORHPTXHXPVXMHLWRKHPRItOLFRVRIUHDOJXPIHULPHQWR XPDIDFDGDSRU
H[HPSOR  TXH QD PDLRULD GRV FDVRV QmR VHULD IDWDO PDV DFDED IDOHFHQGR SRU SHUGD H[FHVVLYD GH
VDQJXHHPUD]mRGDGRHQoD1HVVHFDVRTXDOWHULDVLGRDFDXVDGDPRUWH"$IDFDGD"$GRHQoD"2X
DPERV"
$OLiV LPSRUWDQWH GL]HU p MXVWDPHQWH R TXH RFRUUH FRP RV GDQRVDR PHLRDPELHQWH 'DGDV DV
FDUDFWHUtVWLFDVGREHPDPELHQWDOQXQFDpWDUHIDVLPSOHVSUHFLVDUTXDOWHULDVLGRDFDXVDGHVWDRX
GDTXHODGHJUDGDomR
%DVWD SHQVDU SRU H[HPSOR TXH XPD HPSUHVD SRGH ODQoDU UHVtGXRV QR PHLR DPELHQWH KRMH H
DOJXPDV GDV FRQVHTXrQFLDV GDQRVDV DSHQDV VHUHP VHQWLGDV GDTXL D PXLWR WHPSR SRU JHUDo}HV GH
DQLPDLVTXHDLQGDHVWmRSRUYLU 
(PFDVRVWDLVSRGHVHDILUPDUFRPFHUWH]DTXHDSHVTXLVDGRQH[RHQWUHDFDXVDHRVHXHIHLWR
DWLYLGDGHGRDJHQWHHRHIHLWRSURGX]LGR pGHGLILFtOLPDGHPRQVWUDomRGDGRRDSDUHFLPHQWRGH
FRQFDXVDVTXHSRGHPVHUVXFHVVLYDVGDQRVVXFHVVLYRVR~OWLPRGRVTXDLVVyVHH[SOLFDSHORVVHXV
DQWHFHGHQWHVRXFRQFRPLWDQWHVXPVyGDQRRFDVLRQDGRSRUPDLVGHXPDFDXVD 
eLQFOXVLYHH[DWDPHQWHSRUFRQWDGHVVDGLILFXOGDGHTXHDVOHLVDPELHQWDLVWrPDFHLWDGRTXHVH
UHVSRQVDELOL]HWDQWRRFDXVDGRUGLUHWRTXDQWRRLQGLUHWRGHXPGDQRDPELHQWDO
3RUWDQWRGHSRLVGRTXHIRLH[SRVWRYHULILFDVHTXHPXLWRHPERUDQmRH[LVWDFDXVDVHPHIHLWR
H SRLV VHP XP QH[R GH OLJDomR HQWUH DPERV  FRP ILQV MXUtGLFRV H SULQFLSDOPHQWH GH
UHVSRQVDELOLGDGH FLYLO DPELHQWDO TXH VHJXH D WHRULD GR ULVFR UHVSRQVDELOLGDGH FLYLO REMHWLYD 
SDUDVHDWULEXLUXPDUHVSRQVDELOLGDGH REULJDomRGHUHSDUDUFRPSHQVDURXLQGHQL]DU DDOJXpPSRU
XPGDQRVHUiQHFHVViULRLGHQWLILFDURVVHJXLQWHVHOHPHQWRV

H[LVWrQFLDGHXPVXMHLWR
TXHRVXMHLWRSUDWLTXHXPDWR FDXVD 
YtQFXORHQWUHRDWRRXIDWRLPSXWiYHODRVXMHLWRHRGDQRFDXVDGR QH[R 
GDQR HIHLWR 
(PRXWUDVSDODYUDVPDLVVLQJHODVHSHUIHLWDPHQWHFRORFDGDVSRU6DYDWLHUSRGHVHGL]HUTXHR
GDQR Vy SURGX] UHVSRQVDELOLGDGH TXDQGR HOH WHP SRU FDXVD XPD IDOWD FRPHWLGD RX XP ULVFR
OHJDOPHQWHVDQFLRQDGR 
'HVVDV FRQVLGHUDo}HV Mi VH SRGH LPDJLQDU TXH PHVPR QmR KDYHQGR QHFHVVLGDGH GH SURYDU D
FXOSD QD UHVSRQVDELOLGDGH FLYLO DPELHQWDO UHVSRQVDELOLGDGH REMHWLYD  DLQGD DVVLP D SURYD GD
UHODomRGHFDXVDOLGDGHTXDQGRVHWHPXPGDQRDPELHQWDOpH[WUHPDPHQWHGLItFLO
3HUFHEDPRV SRLV TXH FRP UHODomR DR QH[R GH FDXVDOLGDGH R SUREOHPD DSDUHFH VRE GRLV
SULVPDVXPDEVWUDWRHRXWURFRQFUHWRTXDQWRjTXHOHpVDEHUVHH[LVWHRXQmROLDPH QH[RGH
FDXVDOLGDGH  HQWUH D DWLYLGDGH GD SHVVRD H R GDQR DPELHQWDO WHQGR HP YLVWD D H[LVWrQFLD GH
FRQFDXVDVFDXVDVVXFHVVLYDVFDXVDVFRQFRPLWDQWHVHWFTXDQWRDHVWHXPDYH]DILUPDGRH[LVWHQWH
R YtQFXOR p D FRPSURYDomR QR PXQGR GRV IDWRV  GH TXH R OLDPH DILUPDGR FRPR H[LVWHQWH
UHDOPHQWHRFRUUHX
$QDOLVDUHPRVVHSDUDGDPHQWHRVGRLVDVSHFWRVHSDUWLUHPRVGDDQiOLVHLQDEVWUDWRGDH[LVWrQFLD
GRQH[RGHFDXVDOLGDGHHQWUHRGDQRDPELHQWDOHXPDGHWHUPLQDGDSHVVRD3DUDWDQWRDQDOLVDUHPRV
DOJXPDV WHRULDV DFHUFD GR QH[R GH FDXVDOLGDGH SDUD LGHQWLILFDUPRV TXDO GHODV HP QRVVR VHQWLU
GHYHVHUDSOLFDGDHPVHGHGH'LUHLWR$PELHQWDO
(P VHJXLGD YHULILFDUHPRV HP TXH VHQWLGR R GLUHLWR SURFHVVXDO HVSHFLDOPHQWH FRP UHODomR j
LQVWUXomR SUREDWyULD SRGH VROXFLRQDU RV SUREOHPDV GH GHPRQVWUDomR GH H[LVWrQFLD GR QH[R GH
FDXVDOLGDGH

$YHULILFDomRLQDEVWUDWRGRQH[RGHFDXVDOLGDGH
6HXPDHPSUHVD;ODQoDQRDUXPGHWHUPLQDGRSDUWLFXODGRTXHVR]LQKRQmRSRVVXDRFRQGmRGH
SROXLURPHLRDPELHQWHPDVTXHXPDYH]DVVRFLDGRDXPIDWRUDPELHQWDO YHQWRFOLPDXPLGDGH
HWF WRUQHVHXPHOHPHQWRSROXHQWHpGHVHTXHVWLRQDUDDWLYLGDGHGDHPSUHVDIRLFDXVDSDUDR
HIHLWR GDQRVR DR PHLR DPELHQWH" +DYHULD Dt XP QH[R GH FDXVDOLGDGH HQWUH D DWLYLGDGH H R GDQR
DPELHQWDO"
(P RXWUR H[HPSOR LPDJLQHPRV TXH XPD HPSUHVD ODQoD XP GDGR HIOXHQWH QXP GHWHUPLQDGR
UHVHUYDWyULRPDVHPGHFRUUrQFLDGHXPFDVRIRUWXLWRUDFKDVHRUHVHUYDWyULRHKiDSROXLomRGD
YHJHWDomRULEHLULQKDDXPDQDVFHQWHFDXVDQGRPRUWHGDELRWD+iRQH[RGHFDXVDOLGDGH"
$LQGD LPDJLQHVH TXH XPD SHVVRD SROXD HP PtQLPD TXDQWLGDGH XP ULR TXH Mi HVWDYD EDVWDQWH
SROXtGR+DYHULDDtQH[RGHFDXVDOLGDGHHQWUHDSROXLomRHDDWLYLGDGHGRLQGLYtGXR"
2XDLQGDKDYHULDUHVSRQVDELOLGDGHSDUDDILUPDTXHHPEDUFRXRyOHRQRQDYLRGHRXWUDHPSUHVD
TXHYHLRDDIXQGDUSRUIDOKDGHVHXDUPDGRU"
(QILP HVWHV VmR DOJXQV H[HPSORV TXH LOXVWUDP D GLILFXOGDGH WHyULFD HP VH HVWDEHOHFHU
DEVWUDWDPHQWH XP QH[R GH FDXVDOLGDGH HQWUH R DJHQWH H R GDQR DPELHQWDO SDUD ILQV GH
UHVSRQVDELOL]DomR FLYLO &RPR Mi FRPHQWDGR DOKXUHV DR SUREOHPD GR SURFHVVR H GD SURYD QmR
PHQRVIDQWDVPDJyULFRUHVHUYDVHRWySLFRVHJXLQWH
1XPEUHYtVVLPRUHVXPRDSUHVHQWDUHPRVDVSULQFLSDLVWHRULDVDFHUFDGRQH[RGHFDXVDOLGDGHH
SDUDWDQWRVRFRUUHPRQRVGDGRXWULQDSHQDOFXMDELEOLRJUDILDMiIRLLQGLFDGDQRLQtFLRGHVWHWySLFR
$SULPHLUDGDVWHRULDVpDGDHTXLYDOrQFLDGHFRQGLo}HV FRQGLWLRVLQHTXDQRQ LQLFLDOPHQWH
LGHDOL]DGD SHOR SHQDOLVWD 9RQ %XUL  SHOD TXDO VH TXHVWLRQD R VHJXLQWH D VXSRVWD FDXVD IRL
FRQGLomRQHFHVViULDSDUDRHYHQWRGDQRVR"2XHPVHQWLGRLQYHUVRWHULDRFRUULGRRHYHQWRGDQRVR
VHDFDXVDQmRWLYHVVHRFRUULGR"
(QILP R TXH SUHYDOHFHULD SRU HVWD WHRULD VHULD R IDWR GH TXH LQGHSHQGHQWHPHQWH GD GLVWkQFLD
LQGHSHQGHQWHPHQWH GH HYHQWRV H[WUDRUGLQiULRV LQGHSHQGHQWHPHQWH GR DQWHFHGHQWH FRQVLGHUDVH
FDXVDWRGDFRQGLomRGRUHVXOWDGRWRGRRIDWRTXHFRQFRUUDSDUDSURGX]LORWRGRRIDWRVHPR
TXDORUHVXOWDGRQmRVHWHULDSURGX]LGR 
9HULILFDVHFODUDPHQWHTXHHVVDWHRULDpPXLWtVVLPRSUy[LPDGRFRQFHLWRILORVyILFRGHFDXVDMi
H[SRVWR DOKXUHV H FRPR EHP GL] 'H 3DJH p SRVWD HP VRFRUUR GD YtWLPD (VWD p D WHRULD PDLV
VLPSOHVDFHUFDGDUHODomRHQWUHFDXVDHHIHLWRHFRPRPHQFLRQDGRID]MXVWLoDSHUDQWHRVROKRVGD
YtWLPD 
3RUVXDYH]DWHRULDGDFDXVDOLGDGHDGHTXDGDRUDDWULEXtGDD9RQ%DU RUDDWULEXtGDD9RQ
.ULHV SUHFRQL]D TXH GLDQWH GR DQWHFHGHQWH GH FDXVDV GHYH VHU LGHQWLILFDGD DTXHOD TXH IRL
VXILFLHQWH DGHTXDGD SDUDSURGX]LURGDQR
$ LGHQWLILFDomR SRGHULD VHU IHLWD SRU XP FULWpULR QHJDWLYR HOLPLQDWyULR HP TXH VH GHL[DULD j
PDUJHPRVIDWRV FDXVDV TXHWHULDPVLGRLQGLIHUHQWHVjRFRUUrQFLDGRGDQR+iTXHVHGHVWDFDUXPD
RX PDLV FDXVDV TXH LVRODGDV RX HP FRQMXQWR SUy[LPDV RX UHPRWDV VHULDP DGHTXDGDV j
FRQILJXUDomRGRGDQR 
7HQWDQGRVHUXPSRXFRPDLVH[SOtFLWRHQWHQGDPRVTXHSDUDTXHRFRUUDXPGDGRDFRQWHFLPHQWR
QR FDVR R GDQR  SRGH VHU QHFHVViULD D H[LVWrQFLD GH XPD RX PDLV FDXVDV (VVDV FDXVDV VmR
FKDPDGDVGHQHFHVViULDVSRUTXHVHPHODVQmRSRGHULDRGDQRRFRUUHU
(QWUHWDQWRHPERUDXPDFDXVDVHMDQHFHVViULDSRGHQmRVHUVXILFLHQWH DGHTXDGD SDUDDTXHOH
DFRQWHFLPHQWR
%DVWD SHQVDUPRV SRU H[HPSOR QR GHUUDPDPHQWR GH yOHR QR PDU RFDVLRQDGR SHOD UXSWXUD GR
UHVHUYDWyULRGHXPQDYLR
1HVWHFDVRSDUHFHyEYLRTXHDIDEULFDomRGRyOHRpFDXVDQHFHVViULDSDUDDRFRUUrQFLDGRGDQR
eFODUR6HRyOHRQmRH[LVWLVVHQmRKDYHULDTXHVHIDODUHPGHUUDPDPHQWRGHyOHR
6HUiSRUpPTXHDIDEULFDomRGRyOHRSRGHVHUFRQVLGHUDGDFDXVDDGHTXDGDRXVXILFLHQWHSDUD
RVHXGHUUDPDPHQWR"eHYLGHQWHTXHQmR
&RP LVVR GLIHUHQFLDVH D FDXVD DGHTXDGD GD FDXVD QHFHVViULD VHQGR yEYLR TXH D FDXVD
DGHTXDGDpXPSOXVXPTXLGDOJRDPDLVTXHVHFRORFDVREUHXPDFDXVDQHFHVViULD$TXLYDOHR
MDUJmRWRGDFDXVDDGHTXDGDpQHFHVViULDPDVQHPWRGDFDXVDQHFHVViULDpDGHTXDGD
0DVGLDQWHGDGLVWLQomRMiIHLWDSHUJXQWDVHTXDQGRHQWmRSRGHUtDPRVFRQVLGHUDUXPDFDXVD
FRPRDGHTXDGDDEVWUDWDPHQWHFRQVLGHUDGD"
eDTXLTXHHQWUDDFUtWLFDIHLWDjWHRULDGDFDXVDOLGDGHDGHTXDGDWHQGRHPYLVWDRIDWRGHTXHR
VHQWLGRGHDGHTXDomRpH[WUHPDPHQWH VXEMHWLYR H QHVVH SRQWR D GHILQLomR ILFDULD VRE FULWpULR
H[FOXVLYR GR yUJmR MXOJDGRU (QILP ILFDUi DR VDERU GR MXL] D VXD DIHULomR QR FDVR FRQFUHWR
GHYHQGRVHFRQWHQWDUHPFDVRVH[WUHPRVFRPDYHURVVLPLOKDQoDGDFRPSURYDomR 
(QWUHWDQWRSDUDHYLWDUPDLVHPDLVHVVDVXEMHWLYLGDGHDGRXWULQDWHPODQoDGRSDUkPHWURVSDUD
DYHULILFDomRLQDEVWUDWRGRFRQFHLWRGHDGHTXDomRGDFDXVD3RUHOLPLQDomRFKHJDVHjVVHJXLQWHV
FRQFOXV}HV

QmRDIDVWDDFDXVDOLGDGHDGHTXDGDDLPSUHYLVLELOLGDGHGHTXHRIDWRSURGX]LGRVHULDDSWRD
SURYRFDU R GDQR OHPEUDQGR TXH HP VHGH GH 'LUHLWR $PELHQWDO HVWDPRV GLDQWH GD WHRULD GR
ULVFR 
SRXFRLPSRUWDVHDFDXVDIRLOtFLWDRXLOtFLWD
SRXFRLPSRUWDVHDFDXVDpLPHGLDWDRXPHGLDWDHYHQWXDODWRSUDWLFDGRSRUWHUFHLURRXDWp
PHVPRSHORSUySULROHVDGRQmRLQWHUURPSHRQH[RFDXVDOHQWUHDFDXVDPHGLDWDHRGDQRGHVGH
TXHVHSRVVDGL]HUTXHHVVDFDXVDPHGLDWDpDGHTXDGDDRIDWRJHUDGRUGDUHVSRQVDELOLGDGH
DFDXVDDGHTXDGDSRGHUiDGYLUGHXPDWRRPLVVLYR
HPFDVRGHFDXVDV FXPXODWLYDV VH WRGDV HODV IRUDP DGHTXDGDV SDUD D RFRUUrQFLD GR GDQR
UHVSRQVDELOL]DPVHWRGRVRVFDXVDGRUHVFRQIRUPHVHYHUiDGLDQWHQDVUHJUDVGHVROLGDULHGDGH
VHQDVFDXVDVDFXPXODGDVHDGHTXDGDVKRXYHSDUWLFLSDomRGHDWRGRSUySULROHVDGRLVVRQmR
LQLEH D UHVSRQVDELOLGDGH PDV DSHQDV OLPLWD R TXDQWXP LQGHQL]DWyULR QD SURSRUomR GR GDQR
FDXVDGR

2XWUD WHRULD D GR GDQR GLUHWR H LPHGLDWR SRGH VHU GLYLGLGD HP YiULDV VXEWHRULDV GHQWUH DV
TXDLVVHGHVWDFDDWHRULDGH0RVFDGHQRPLQDGDFDXVDOLGDGHMXUtGLFD
6HJXQGR HOH TXDQGR QR FRPSOH[R GRV HOHPHQWRV QDWXUDLV H YROXQWiULRV VHP RV TXDLV XP
DFRQWHFLPHQWR GDQRVR QmR VH WHULD YHULILFDGR Ki XP IDWR LOtFLWR HVWH p MXULGLFDPHQWH FDXVD GR
PHVPRHYHQWRHWRGRVRVRXWURVHOHPHQWRVUHVSRQViYHLVQmRVmRVHQmRVLPSOHVFRQGLo}HV6HSRLV
RVIDWRVLOtFLWRVVmRYiULRVR~OWLPRVHUHSXWDFDXVDGLUHWDHLPHGLDWDHRVRXWURVFDXVDLQGLUHWDH
PHGLDWDGRHYHQWR 
3RUWDQWRSDUDHVWHDXWRURQH[RGHFDXVDOLGDGHVHULDLQWHUURPSLGRWRGDVDVYH]HVHPTXHGHQWUH
DVFDXVDVQHFHVViULDVSDUDRHYHQWRXPDGHODVIRVVHGHFRUUHQWHGHXPLOtFLWRDWULEXtYHODRSUySULR
FUHGRURXDRWHUFHLUR$WHRULDIRLPXLWRFULWLFDGDSRUTXHQmRFXLGRXGRVSUREOHPDVUHODWLYRVDRV
IDWRVQDWXUDLVHWDPEpPSRUTXHDLQWHUUXSomRSRUDWRGRFUHGRUQmRSUHFLVDULDVHUGHFRUUHQWHGHDWR
LOtFLWRSDUDURPSLPHQWRGRQH[RGHFDXVDOLGDGH
(PERUDYiULDVVHMDPDVWHRULDVTXHH[SOLTXHPRQH[RFDXVDODYHUGDGHSDUHFHHVWDUQDRSLQLmR
GH (QQHFFHUXV .LSS H :ROII $ GLItFLO TXHVWmR GH DWp RQGH FKHJD R QH[R FDXVDO QmR SRGHULD VH
UHVROYHU QXQFD GH PDQHLUD SOHQDPHQWH VDWLVIDWyULD SRU PHLR GH UHJUDV DEVWUDWDV VHQmR TXH QRV
FDVRV GH G~YLGD Ki GH VH UHVROYHU SHOR MXL] VHJXQGR VXD OLYUH FRQYLFomR SRQGHUDQGR WRGDV DV
FLUFXQVWkQFLDV 
([DWDPHQWHSRULVVRSHQVDPRVTXHDWHRULDTXHVHDSUHVHQWDFRPPDLVSRVVLELOLGDGHGHDWHQGHU
DR FULWpULR GH MXVWLoD p D GD FDXVDOLGDGH DGHTXDGD MXVWDPHQWH SRUTXH R MXt]R GH DGHTXDomR
FRQTXDQWRWHQKDDOJXQVSDUkPHWURVGHFRQYLFomRRXWRUJDDRPDJLVWUDGRDSRVVLELOLGDGHGHjOX]
GDVSHFXOLDULGDGHVGRFDVRFRQFUHWRGHWHUPLQDUTXDOWHULDVLGRDFDXVDVXILFLHQWHGHVWHRXGDTXHOH
HYHQWRGDQRVR
-XVWDPHQWHSRUFRQWDGDVGLILFXOGDGHVHPVHHVWDEHOHFHUHPFHUWRVFDVRVTXHPWHULDVLGRRUHDO
FDXVDGRUGHXPGDQRDPELHQWDODMXULVSUXGrQFLDYHPDWHQXDQGRDQHFHVVLGDGHGDGHPRQVWUDomRGR
QH[RFDXVDO
([HPSOR GHVVD WHQGrQFLD p D FXULRVD GHFLVmR SURODWDGD SHOR 6XSHULRU 7ULEXQDO GH -XVWLoD QR
MXOJDPHQWRGR5(VS*2HPTXHH[SUHVVDPHQWHGLVSHQVDGDDFRPSURYDomRGHQH[R
FDXVDO UHVSRQVDELOL]RXVH R DGTXLUHQWH GH XP LPyYHO SHORV GDQRV DPELHQWDLV TXH DOL IRUDP
FDXVDGRV SHOR DQWLJR SURSULHWiULR 9HMDPRV R TXH IRL QRWLFLDGR QR ,QIRUPDWLYR Q  H Q 
GDTXHOD&ROHQGD&RUWH
0(,2$0%,(17(,1'(1,=$d2$'48,5(17(
7UDWDVH GH DomR FLYLO S~EOLFD $&3  QD TXDO R 03 REMHWLYD D UHFXSHUDomR GH iUHD GHJUDGDGD GHYLGR j FRQVWUXomR GH XVLQD
KLGUHOpWULFDEHPFRPRLQGHQL]DomRSHORGDQRFDXVDGRDRPHLRDPELHQWH
$7XUPDHQWHQGHXTXHDUHVSRQVDELOLGDGHSRUGDQRVDPELHQWDLVpREMHWLYDHFRPRWDOQmRH[LJHDFRPSURYDomRGHFXOSDEDVWDQGR
DFRQVWDWDomRGRGDQRHGRQH[RGHFDXVDOLGDGH
&RQWXGR QmR REVWDQWH D FRPSURYDomR GR QH[R GH FDXVDOLGDGH VHU D UHJUD HP DOJXPDV VLWXDo}HV GLVSHQVDVH WDO
QHFHVVLGDGHHPSUROGHXPDHIHWLYDSURWHomRGREHPMXUtGLFRWXWHODGR
e LVVR TXH RFRUUH QD HVIHUD DPELHQWDO QRV FDVRV HP TXH R DGTXLUHQWH GR LPyYHO p UHVSRQVDELOL]DGR SHORV GDQRV DPELHQWDLV
FDXVDGRV QD SURSULHGDGH LQGHSHQGHQWHPHQWH GH WHU VLGR HOH RX R GRQR DQWHULRU R UHDO FDXVDGRU GRV HVWUDJRV   5(VS
*25HO0LQ(OLDQD&DOPRQMXOJDGRHP 

5(63216$%,/,'$'( &,9,/ 325 '$12 $0%,(17$/ 5(&8562 (63(&,$/ 5(35(6(17$7,92 '(


&217529e56,$ $57 & '2 &3& '$126 '(&255(17(6 '2 5203,0(172 '( %$55$*(0 $&,'(17(
$0%,(17$/ 2&255,'2 (0 -$1(,52 '(  126 081,&3,26 '( 0,5$ ( 085,$e (67$'2 '( 0,1$6
*(5$,6 7(25,$ '2 5,6&2 ,17(*5$/ 1(;2 '( &$86$/,'$'(  3DUD ILQV GR DUW & GR &yGLJR GH
3URFHVVR&LYLOD DUHVSRQVDELOLGDGHSRUGDQRDPELHQWDOpREMHWLYDLQIRUPDGD SHOD WHRULD GR ULVFR LQWHJUDO VHQGR R
QH[R GH FDXVDOLGDGH R IDWRU DJOXWLQDQWH TXH SHUPLWH TXH R ULVFR VH LQWHJUH QD XQLGDGH GR DWR VHQGR GHVFDELGD D
LQYRFDomR SHOD HPSUHVD UHVSRQViYHO SHOR GDQR DPELHQWDO GH H[FOXGHQWHV GH UHVSRQVDELOLGDGH FLYLO SDUD DIDVWDU VXD
REULJDomRGHLQGHQL]DUE HPGHFRUUrQFLDGRDFLGHQWHDHPSUHVDGHYHUHFRPSRURVGDQRVPDWHULDLVHPRUDLVFDXVDGRVHF QD
IL[DomR GD LQGHQL]DomR SRU GDQRV PRUDLV UHFRPHQGiYHO TXH R DUELWUDPHQWR VHMD IHLWR FDVR D FDVR H FRP PRGHUDomR
SURSRUFLRQDOPHQWH DR JUDX GH FXOSD DR QtYHO VRFLRHFRQ{PLFR GR DXWRU H DLQGD DR SRUWH GD HPSUHVD RULHQWDQGRVH R MXL] SHORV
FULWpULRVVXJHULGRVSHODGRXWULQDHMXULVSUXGrQFLDFRPUD]RDELOLGDGHYDOHQGRVHGHVXDH[SHULrQFLDHERPVHQVRDWHQWRjUHDOLGDGH
GD YLGD H jV SHFXOLDULGDGHV GH FDGD FDVR GH PRGR TXH GH XP ODGR QmR KDMD HQULTXHFLPHQWR VHP FDXVD GH TXHP UHFHEH D
LQGHQL]DomR H GH RXWUR KDMD HIHWLYD FRPSHQVDomR SHORV GDQRV PRUDLV H[SHULPHQWDGRV SRU DTXHOH TXH IRUD OHVDGR  1R FDVR
FRQFUHWRUHFXUVRHVSHFLDODTXHVHQHJDSURYLPHQWR 5(VS0*UHO0LQLVWUR/XLV)HOLSH6DORPmR6HomRMXOJDGRHP
'-H 

$YHULILFDomRLQFRQFUHWRGRQH[RGHFDXVDOLGDGHRSUREOHPDGDSURYD
2XWUD GLILFXOGDGH TXDQWR DR QH[R GH FDXVDOLGDGH UHVLGH QD YHULILFDomR LQ FRQFUHWR GR OLDPH
HQWUH R GDQR H R DJHQWH LPSXWiYHO 0XLWR HPERUD VHMD WDPEpP XP SRQWR GH HVWUDQJXODPHQWR p
MXVWDPHQWH DTXL TXH VH WHP REWLGR PDLRUHV DYDQoRV QD VROXomR GR SUREOHPD GH VH LGHQWLILFDU D
H[LVWrQFLDGROLDPHHQWUHDFDXVDHRGDQRDPELHQWDO
7HQGRHPYLVWDTXHTXDOTXHUYtQFXORXQHGRLVRXPDLVVHJPHQWRV FDXVDHHIHLWR TXDQGRVH
SHQVD HP UHVSRQVDELOLGDGH FLYLO DPELHQWDO SRGHVH GL]HU TXH WmR GLItFLO TXDQWR HVWDEHOHFHU
DEVWUDWDPHQWHHVVHOLDPH HLVVRIRLYLVWRQRWySLFRDQWHULRU pFRPSURYiORGHQWURGRSURFHVVR
$VVLPVREXPDSHUVSHFWLYDFRQFUHWDSDUWLQGRGDLGHLDGHTXHRQH[RFDXVDOpXPHORHQWUHXPD
FDXVD H XP HIHLWR GHYHVH SURYDU HP MXt]R RV VHJXLQWHV HOHPHQWRV R GDQR HIHLWR  R QH[R
OLJDomR HDDWLYLGDGHSROXHQWH FDXVD 
$ QHFHVVLGDGH GH VH ID]HU XPD DQDWRPLD GHVVHV DVSHFWRV p PXLWR LPSRUWDQWH SDUD R
GHVHQYROYLPHQWR TXH SUHWHQGHPRV GDU SDUD R SUREOHPD 2UD D SURYD GHYHUi UHFDLU VREUH D
H[LVWrQFLDGRGDQRHVREUHRQH[RHQWUHRGDQRHDVXDFDXVD DWLYLGDGHGRDJHQWH HQmRUDUDV
YH]HVDSUySULDFDXVDGHSHQGHGHSURYD
6HQmRKiG~YLGDVGHTXHDGHPRQVWUDomRGDRFRUUrQFLDGRGDQRpPDLVIiFLOSDUDDTXHOHTXHR
VRIUHXRPHVPRQmRVHGLJDFRPUHODomRDRQH[RGHFDXVDOLGDGH,VVRSRUTXHVHHVWHHOHPHQWRpD
OLJDomR GH GXDV H[WUHPLGDGHV FDXVD H HIHLWR  p QtWLGR TXH GHYHP VHU GHPRQVWUDGRV RV GRLV
SRQWRVGHFRQWDWRGHVVHFRUGmRTXDLVVHMDP
FDXVDDDWLYLGDGHGRVXSRVWRSROXLGRU
HIHLWRRGDQRVRIULGRSHORPHLRDPELHQWH
$VVLP SRU XP ODGR SDUD VH FRQYHQFHU R PDJLVWUDGR DFHUFD GD LQH[LVWrQFLD GR GHYHU GH
LQGHQL]DUSRGHVHGHPRQVWUDUTXHDVXSRVWDFDXVDQmRJHURXRHIHLWRTXHOKHpLPSXWDGR
&RQWXGRFDVRVHTXHLUDGHPRQVWUDUDH[LVWrQFLDGRGHYHUGHLQGHQL]DUSUHFLVDVHFRPSURYDU
TXHRHIHLWRYHLRVLPGDTXHODFDXVDTXHVHLPSXWD
7UDWDVH GH GRLV FDPLQKRV TXH SRGHP VHU SHUFRUULGRV SDUD VH FKHJDU jTXHOHV UHVXOWDGRV 2
SULPHLURSDUWHGDSURYDGHTXHDVXSRVWDFDXVDQmRSRGHULDQDTXHODVFLUFXQVWkQFLDVWHUJHUDGRR
GDQR DPELHQWDO 2 VHJXQGR SDUWH GD QHFHVVLGDGH GH VH SURYDU SRVLWLYDPHQWH TXH D DWLYLGDGH GR
VXSRVWRSROXLGRUIRLGHIDWRDUHVSRQViYHOSHODGHJUDGDomRGRPHLRDPELHQWH
7HQWDQGR VHU PDLV O~FLGR DLQGD R MXL] SRGH ILFDU FRQYHQFLGR GD H[LVWrQFLD RX QmR GD
UHVSRQVDELOLGDGHFLYLODPELHQWDOVHMDSRUTXHVHSURYRXTXHDTXHOHGDQRVHOLJDjTXHODFDXVDRX
SRUTXHDTXHODFDXVDMDPDLVSRGHULDVHUDWULEXtGDjTXHOHGDQR

$GLIHUHQoDSRLVHVWiHPTXHPGHYHVHGHVLQFXPELUGDSURYD

6H p DTXHOHTXHVRIUHXRGDQRGHYHSURYDUSRVLWLYDPHQWHDH[LVWrQFLDGROLDPHFDXVDO 6H SRUpP p R VXSRVWRFDXVDGRUTXHPWHPR


HQFDUJRGHSURYDUGHYHHOHFRPSURYDUTXHQmRH[LVWHPHOHPHQWRVTXHSHUPLWDPLQIHULUDH[LVWrQFLDGROLDPHFDXVDO

1RVGRLVFDVRVRPDJLVWUDGRWHUiDFHUWH]DDFHUFDGDH[LVWrQFLDRXQmRGRGHYHUGHLQGHQL]DU

3RUTXDQWRRUHVXOWDGRVHMDRPHVPR RFRQYHQFLPHQWRGRMXL]VREUHDH[LVWrQFLDRXQmRGRGHYHU
GH LQGHQL]DU  p FHUWR TXH RV FDPLQKRV SDUD VH FKHJDU D HVWH GHVLGHUDWR VmR EDVWDQWH GLIHUHQWHV H
GHSHQGHPGHDWLWXGHVGLIHUHQWHVGRVSURWDJRQLVWDV9HMDPRV
7UDGLFLRQDOPHQWH R GLUHLWR SURFHVVXDO DGRWRX D UHJUD GH TXH FDEH DR DXWRU SURYDU RV IDWRV
FRQVWLWXWLYRV GR VHX GLUHLWR H DR UpX SURYDU WmR VRPHQWH DOJXP IDWR H[WLQWLYR LPSHGLWLYR RX
PRGLILFDWLYR TXH SRUYHQWXUD WHQKD DOHJDGR e HVVD D UHJUD LQVFXOSLGD QR DUW  GR &yGLJR GH
3URFHVVR&LYLO 
$VVLP IDODQGR PDLV HVSHFLILFDPHQWH GD UHVSRQVDELOLGDGH FLYLO FDEHULD SRU HVVDV UHJUDV
WUDGLFLRQDLVjTXHOHTXHVRIUHXRGDQRGHPRQVWUDUFDEDOPHQWHWRGRVRVHOHPHQWRVQHFHVViULRV
DRGHYHUGHLQGHQL]DU3RUVXDYH]RVXSRVWRFDXVDGRUGRGDQRDSHQDVSUHFLVDULDDJLUSDUDSRU
H[HPSOR GHPRQVWUDU DOJXPD H[FOXGHQWH GD UHVSRQVDELOLGDGH FRPR R FDVR IRUWXLWR RX D IRUoD
PDLRU
2 IDWR p TXH SRUpP Mi UHVSRQGHQGR j SHUJXQWD D SURYD GR OLDPH FDXVDO p PDLV GLItFLO SDUD
DTXHOHTXHVRIUHXRGDQRTXHQRPtQLPRHVWiGXSODPHQWHVREUHFDUUHJDGR3ULPHLURSRUTXHUHFDL
VREUHVLR{QXVGHSURYDURGDQRVHJXQGRSRUTXHpDSUySULDYtWLPDGRGDQR
2OLDPHGHVVDOHVmRFRPDFDXVDpRSRQWRHPTXHVHFRQFHQWUDDGLILFXOGDGHHDTXLRXVDPRV
GLVFRUGDUGDRULHQWDomRWUDGLFLRQDOGR&3&QRDUWFDSXWTXHpFDXVDGHJUDQGHVLQMXVWLoDVQR
GLDDGLDIRUHQVH
$TXLUHODWDPRVXPHSLVyGLRRFRUULGRFRQRVFRQDQRVVDH[SHULrQFLDIRUHQVHHTXHEHPUHWUDWDR
SHUILOGRTXHTXHUHPRVGL]HUFRPUHODomRjGLILFXOGDGHGDSURYDGRQH[RGHFDXVDOLGDGH9HMDPRV
2XWURGLDHQTXDQWRHVSHUDYDSDUDIDODUFRPXPMXL]VHQWHLPHQXPEDQFRTXHILFDYDQDVDODGDV
DXGLrQFLDV H ILTXHL DVVLVWLQGR j LQVWUXomR GH XPD DomR GH LQGHQL]DomR SURSRVWD SRU SHVVRD GD
IDPtOLDGHXPLQGLYtGXRDTXDOSHGLDUHSDUDomRFRQWUDXPDHPSUHVDGH{QLEXVTXHVXSRVWDPHQWH
WHULD DWURSHODGR H FDXVDGR D PRUWH GHOH 1D DXGLrQFLD RXYLUDPVH GXDV WHVWHPXQKDV GR DXWRU H
QHQKXPDGRUpX
'LDQWHGDVyWLPDVSHUJXQWDVIRUPXODGDVSHORDGYRJDGRGDHPSUHVDRUHODWRWHVWHPXQKDOOHYRXD
XPDLQFRQFOXVmRVREUHDRFRUUrQFLDGROLDPHHQWUHDPRUWHHDFRQGXWDGDHPSUHVD$VROXomRGDGD
SHORMXL]GLDVGHSRLVIRLDLPSURFHGrQFLDGRSHGLGRXWLOL]DQGRVHDUHJUDGRDUW,GR&3&
$TXLILFDDLQGDJDomRVREUHRRFRUULGRSRUTXHDHPSUHVDQmRDUURORXWHVWHPXQKDV"3RUTXHQmR
WURX[H GRFXPHQWRV QHP SHGLX HVFODUHFLPHQWRV GR PRWRULVWD TXH GLULJH DTXHOD OLQKD" 3RU TXH QmR
UHTXHUHX SHUtFLD QR {QLEXV H QD SUySULD YLD S~EOLFD" 6HUi TXH VH WLYHVVH WRPDGR WDLV DWLWXGHV R
UHVXOWDGRGRSURFHVVRWHULDVLGRGLIHUHQWH"
&RPR VH VDEH D SURYD VHUYH DR SURFHVVR MXVWDPHQWH SDUD DWHQGHU j ILQDOLGDGH GH
FRQYHQFLPHQWRGRMXL]HQmRjPHUDFRQYHQLrQFLDGDVSDUWHV3RGH DOLiVVHUXWLOL]DGDFRQWUD
DTXHOHTXHDWURX[H SULQFtSLRGDDTXLVLomRGDSURYD 
0DV PHVPR DVVLP R HVWiWLFR DUW  GR &3& DFDED SRU HVWLPXODU SRVLo}HV GH LQpUFLD H
VRQHJDomRGHSURYDVTXHVHULDPPXLWR~WHLVSDUDRSURFHVVR
,VVRSRUTXHTXDQGRMiVHVDEHTXHDSURYDGRVIDWRVFRQVWLWXWLYRVpGLItFLOSDUDRSRVWXODQWHR
VHXDGYHUViULRWRPDXPDFRQGXWDGHVLQWHUHVVDGDTXDVHLQHUWHSRLVMiVDEHSHODOHLWXUDSUpYLDGR
DUW  , GR &3& TXH p GHVQHFHVViULR FRUUHU ULVFRV WUD]HQGR SURYDV SDUD R SURFHVVR TXH
SRGHULDPVHUXWLOL]DGDVFRQWUDHOH
$LQGDPDLVDFUHVFHQWHVHXPDSLWDGDDUGLORVDQRVFDVRVHPTXHRGHPDQGDGRVDEHTXHp
UHDOPHQWH R UHVSRQViYHO H ILFD FRPR XP PHUR H[SHFWDGRU ViGLFR GD GLILFXOGDGH GH SURGXomR GH
SURYDV SRU SDUWH GR DXWRU 3RUTXH QmR WHP QDGD D SHUGHU VHQmR FRQIXQGLU R FRQYHQFLPHQWR GR
PDJLVWUDGR DSHQDV TXHVWLRQDQGR D SURYD WUD]LGD SHOR GHPDQGDQWH e D Pi[LPD GR PHQRU ULVFR
SRVVtYHO
6H SDUD D PDLRULD GRV FDVRV VDEHU GH DQWHPmR D UHJUD GH GLVWULEXLomR GR {QXV GD SURYD QmR
FRPSURPHWHDEXVFDGDYHUGDGHUHDOQmRpPHQRVYHUGDGHTXHSDUDPXLWRVRXWURV TXHDFDGDGLD
VHWRUQDPPDLVIUHTXHQWHV GDGDDH[LVWrQFLDGHKLSRVVXILFLrQFLDWpFQLFDFLHQWtILFDHHFRQ{PLFD
D H[LJrQFLD GD SURYD GRV IDWRV FRQVWLWXWLYRV R QH[R GH FDXVDOLGDGH QR SUHVHQWH FDVR  SRGH
UHSUHVHQWDU XPD YHUGDGHLUD QHJDomR GR DFHVVR j MXVWLoD H SRU FRQVHJXLQWH XP DIDVWDPHQWR GR
SURFHVVRGDYHUGDGHUHDO
'H[SD[LOXVWUDFRPSHUIHLomRRSUREOHPD
6H R HQFDUJR GD SURYD p GR VXMHLWR OHVLRQDGR HVWH VH HQFRQWUD HP XPD VLWXDomR H[WUHPDPHQWH GHVIDYRUiYHO WDQWR PDLV
SRUTXH QD TXDVH WRWDOLGDGH GRV FDVRV p HYLGHQWH XPD GHVLJXDOGDGH HFRQ{PLFD H ILQDQFHLUD IODJUDQWH HQWUH R SROXLGRU H D
YtWLPD VH R SULPHLUR p SRU H[HPSOR XP HVWDEHOHFLPHQWR LQGXVWULDO GLVS}H GH WRGRV RV PHLRV ILQDQFHLURV DWp SROtWLFRV SDUD
ID]HUYDOHURVHXSRQWRGHYLVWDHRVHJXQGRQmRpPDLVGRTXHXPVLPSOHVSDUWLFXODUTXHQmRSRGHUiID]HUIUHQWHWHQGRHP
YLVWDRFXVWRGDVSURYDVSHULFLDLVHDGHPDLVVHUiSUHMXGLFDGRSHODOHQWLGmRGRSURFHVVR 

$VROXomRSDUDHVWHVFDVRVpHQWmRXPDWXWHODMXUtGLFDGLIHUHQFLDGDPHFDQLVPRVSURFHVVXDLV
GHVHQYROYLGRVSDUDDWHQGHUDGHWHUPLQDGRVGLUHLWRVVXEVWDQFLDLVRXWpFQLFDVSURFHVVXDLVGLIHUHQWHV
SDUDSHUPLWLUXPUHVXOWDGRPDLVMXVWRGRSURFHVVR
5HWRUQDQGRDRSUREOHPDGDSURYDGRQH[RGHFDXVDOLGDGHQDVDo}HVGHUHVSRQVDELOLGDGHFLYLO
DPELHQWDOTXHUHPRVGL]HUTXHMiKiQRRUGHQDPHQWRMXUtGLFREUDVLOHLURWpFQLFDVDSWDVDPLQLPL]DU
RVUHIHULGRVSUREOHPDV
/HPEUHPRV SULPHLUDPHQWH GH XP GRV SULQFtSLRV IXQGDPHQWDLV GR GLUHLWR DPELHQWDO TXH
HVWXGDPRVQRFDStWXORDQWHULRURSULQFtSLRGDSUHFDXomR
4XDQGR VH WUDWD GH LQFHUWH]D FLHQWtILFD GD DWLYLGDGH VXSRVWDPHQWH SROXLGRUD p R SULQFtSLR GD
SUHFDXomRDPELHQWDOTXHGHWHUPLQDTXHFDEHDRVXSRVWRSROXLGRUDSURYDGHTXHQmRKiULVFRGH
SROXLomR
&RP LVVR TXHUHPRV GL]HU TXH p D UHJUD GH GLUHLWR PDWHULDO YLQFXODGD DR SULQFtSLR GD
SUHFDXomR TXH GHWHUPLQD TXH HP WRGD DomR GH UHVSRQVDELOLGDGH FLYLO DPELHQWDO QD TXDO D
H[LVWrQFLD GR GDQR HVWHMD YLQFXODGD D XPD LQFHUWH]D FLHQWtILFD KLSRVVXILFLrQFLD FLHQWtILFD 
VDEHVH GH DQWHPmR TXH R {QXV GH SURYDU TXH RV GDQRV FDXVDGRV DR PHLR DPELHQWH QmR
UHVXOWDUDPGDDWLYLGDGHHFRQ{PLFDpGRSUySULRHPSUHHQGHGRU
$OLiV MXVWDPHQWH FRP EDVH QR SULQFtSLR GD SUHFDXomR R 6XSHULRU 7ULEXQDO GH -XVWLoD Mi
HQWHQGHX TXH p DTXHOH D TXHP VH LPSXWD XP GDQR DPELHQWDO HIHWLYR RX SRWHQFLDO  TXHP GHYH
VXSRUWDU R {QXV GH SURYDU TXH D DWLYLGDGH TXH GHVHQYROYHX QmR WUD]LD QHQKXP ULVFR DPELHQWDO
9HMDPRVXPWUHFKRGDQRWtFLDWUD]LGDQR,QIRUPDWLYRQHGDHPHQWDGHXPUHFHQWHMXOJDGRHP
FRQIRUPLGDGHFRPDWHVHDTXLGHVHQYROYLGD
'$120(,2$0%,(17(3529$,19(562 
'HVVDIRUPDDDSOLFDomRGRSULQFtSLRGDSUHFDXomRSUHVVXS}HDLQYHUVmRGR{QXVSUREDWyULRFRPSHWHDTXHPVHLPSXWDD
SHFKDGHVHUVXSRVWDPHQWHRSURPRWRUGRGDQRDPELHQWDODFRPSURYDomRGHTXHQmRRFDXVRXRXGHTXHQmRpSRWHQFLDOPHQWH
OHVLYDDVXEVWkQFLDODQoDGDQRDPELHQWH 67-7XUPD5(VS63UHO0LQ(OLDQD&DOPRQMXOJDGRHP 

',5(,72 $0%,(17$/ ( 352&(668$/ &,9,/ '$12 $0%,(17$/ /8&526 &(66$17(6 $0%,(17$/


5(63216$%,/,'$'( 2%-(7,9$ ,17(*5$/ ',/$d2 352%$75,$ ,19(562 '2 186 352%$75,2
&$%,0(172  $ OHJLVODomR GH UHJrQFLD H RV SULQFtSLRV MXUtGLFRV TXH GHYHP QRUWHDU R UDFLRFtQLR MXUtGLFR GR MXOJDGRU SDUD D
VROXomRGDOLGHHQFRQWUDPVHLQVFXOSLGRVQmRQRFyGLFHFLYLOLVWDEUDVLOHLURPDVVLPQRDUWGD&)HQD/HLDUW
TXHDGRWRXDWHRULDGRULVFRLQWHJUDOLPSRQGRDRSROXLGRUDPELHQWDOUHVSRQVDELOLGDGHREMHWLYDLQWHJUDO,VVRLPSOLFDRGHYHU
GHUHSDUDULQGHSHQGHQWHPHQWHGHDSROXLomRFDXVDGDWHUVHGDGRHPGHFRUUrQFLDGHDWRLOtFLWRRXQmRQmRLQFLGLQGRQHVVDVLWXDomR
QHQKXPD H[FOXGHQWH GH UHVSRQVDELOLGDGH 3UHFHGHQWHV  'HPDQGDV DPELHQWDLV WHQGR HP YLVWD UHVSHLWDUHP EHP S~EOLFR
GH WLWXODULGDGH GLIXVD FXMR GLUHLWR DR PHLR DPELHQWH HFRORJLFDPHQWH HTXLOLEUDGR p GH QDWXUH]D LQGLVSRQtYHO FRP
LQFLGrQFLDGHUHVSRQVDELOLGDGHFLYLOLQWHJUDOREMHWLYDLPSOLFDPXPDDWXDomRMXULVGLFLRQDOGHH[WUHPDFRPSOH[LGDGH
2 7ULEXQDO ORFDO HP IDFH GD FRPSOH[LGDGH SUREDWyULD TXH HQYROYH GHPDQGD DPELHQWDO FRPR p R FDVR H GLDQWH GD
KLSRVVXILFLrQFLDWpFQLFDHILQDQFHLUDGRDXWRUHQWHQGHXSHODLQYHUVmRGR{QXVGDSURYD&DELPHQWR$DJUDYDQWHHP
VHX DUUD]RDGR QmR GHGX] DUJXPHQWDomR MXUtGLFD QRYD DOJXPD FDSD] GH PRGLILFDU D GHFLVmR RUD DJUDYDGD TXH VH PDQWpP QD
tQWHJUDSRUVHXVSUySULRVIXQGDPHQWRV$JUDYRUHJLPHQWDOQmRSURYLGR $J5JQR5(VS63UHO0LQ5DXO$UD~MR
7XUPDMXOJDGRHP'-H 

e R VXSRVWR SROXLGRU TXH SRVVXL D LQFXPErQFLD GH GHPRQVWUDU TXH DTXHOD DWLYLGDGH TXH OKH p
FUHGLWDGDQmRpLPSDFWDQWHRXQmRFDXVDTXDOTXHULPSDFWDomRDRPHLRDPELHQWH
3HUFHEDVHEHPTXHDTXLQmRVHWUDWDGHWpFQLFDSURFHVVXDOGHLQYHUVmRGR{QXVGDSURYDPDV
UHJUD SULQFLSLROyJLFD GR SUySULR 'LUHLWR $PELHQWDO HP TXH R GLUHLWR PDWHULDO SUHGHWHUPLQD TXH
H[LVWHXPDSUHVXQomRGHTXHDLQFHUWH]DFLHQWtILFDpGHVIDYRUiYHODRPHLRDPELHQWHHSRULVVR
FDEHDRHPSUHHQGHGRUDLQFXPErQFLDHPTXDOTXHUVLWXDomRMiTXHDVVXPLXRULVFRGDDWLYLGDGHGH
GHPRQVWUDUTXHDVXDDWLYLGDGHQmRFDXVDGDQRVDPELHQWDLV 
+iDLQGDRXWUDWpFQLFDGHVWDYH]GHGLUHLWRSURFHVVXDOTXHQmRVHOLPLWDDRVFDVRVGHLQFHUWH]D
FLHQWtILFDWUDWDVH GD LQYHUVmR GR {QXV GD SURYD TXH SRGHUi VHU H[HUFLGD HP TXDOTXHU DomR GH
UHVSRQVDELOLGDGHFLYLODPELHQWDOGHVGHTXHSUHVHQWHVRVIXQGDPHQWRVOHJDLV
2UDFLRFtQLRpVLPSOHVHDWHQGHjILQDOLGDGHGDQRUPDTXHVHUiFRPHQWDGD7UDWDVHGHDSURYHLWDU
DUHJUDGRDUW9,,,GR&yGLJRGH'HIHVDGR&RQVXPLGRU /HLQ 9HMDPRV
$UW6mRGLUHLWRVEiVLFRVGRFRQVXPLGRU 
9,,,DIDFLOLWDomRGDGHIHVDGHVHXVGLUHLWRVLQFOXVLYHFRPDLQYHUVmR GR {QXV GD SURYD D VHX IDYRU QR SURFHVVR FLYLO
TXDQGRDFULWpULRGRMXL]IRUYHURVVtPLODDOHJDomRRXTXDQGRIRUHOHKLSRVVXILFLHQWHVHJXQGRDVUHJUDVRUGLQiULDVGHH[SHULrQFLDV
 
(QWHQGHPRV TXH HVVH GLVSRVLWLYR VH DSOLFD jV $o}HV &LYLV 3~EOLFDV $PELHQWDLV LQFOXVLYH GH
UHVSRQVDELOLGDGHFLYLOSRUGDQRVFDXVDGRVDRPHLRDPELHQWHSRUH[SUHVVDGLVSRVLomRGRDUW 
GRPHVPRGLSORPD /HLQ TXHDVVLPDVVHYHUD
$UW$FUHVFHQWHVHj/HLQGHGHMXOKRGHRVHJXLQWHGLVSRVLWLYRUHQXPHUDQGRVHRVVHJXLQWHV
$UW$SOLFDPVHjGHIHVDGRVGLUHLWRVHLQWHUHVVHVGLIXVRVFROHWLYRVHLQGLYLGXDLVQRTXHIRUFDEtYHORVGLVSRVLWLYRVGR7tWXOR,,,
GDOHLTXHLQVWLWXLXR&yGLJRGH'HIHVDGR&RQVXPLGRU

2UD YrVH TXH PXLWR HPERUD R DUW  9,,, QmR HVWHMD LQVHULGR QR 7tWXOR ,,, GR &'& p
LQGXELWiYHOTXHFRQWpPUHJUDVGH'LUHLWR3URFHVVXDO &LYLO H TXH R DUW  DUW  GD /$&3
PDQGDDSOLFDUDTXDOTXHUGLUHLWRGLIXVR WXWHODGRPHLRDPELHQWHSRUH[HPSOR WDLVGLVSRVLWLYRV
GHL[DQGR QtWLGD D LQWHQomR GH TXH IRVVH FULDGR XP SOH[R MXUtGLFR GH QRUPDV SURFHVVXDLV FLYLV
FROHWLYDVSDUDVHUHPLPHGLDWDPHQWHDSOLFDGDVDRVGLUHLWRVFROHWLYRVODWRVHQVX
2UD VHQGR R DUW  9,,, XPD UHJUD GH GLUHLWR SURFHVVXDO FLYLO p LOyJLFR TXH QmR VH HQWHQGD
FRPRFRQWLGDHVWDUHJUDGHLQYHUVmRGR{QXVGDSURYDQDGHWHUPLQDomRGRDUWGD/$&3
$GHPDLVRIDWRGHVHHQFRQWUDURGLVSRVLWLYRIRUDGRUROGR7tWXOR,,,HPERUDRQWRORJLFDPHQWH
VHMDWDPEpPXPDUHJUDGH'LUHLWR3URFHVVXDOQmRDIDVWDQHPHOLGHRIDWRGHTXHRDUW9,,,GR
&'& p UHJUD SULQFLSLROyJLFD GR GLSORPD TXH VH SURMHWD HP WRGR R &yGLJR H LQFOXVLYH VREUH R
UHIHULGR7tWXORTXHFXLGDGR'LUHLWR3URFHVVXDO&LYLO
,PSRUWDQWHGL]HUDOLiVTXHHVVDLQWHUSUHWDomRGRDUW9,,,GR&'&FRPELQDGRFRPRDUW
GD/$&3ORQJHGHFRQILJXUDUTXDOTXHUDIURQWDjKHUPHQrXWLFDYHPVHQGRH[SUHVVDPHQWHDGRWDGD
SRUQRVVRV7ULEXQDLV6XSHULRUHV9HMDPRVRTXHMiGHFLGLXR6XSHULRU7ULEXQDOGH-XVWLoD
352&(668$/ &,9,/ ( $0%,(17$/  $d2 &,9,/ 3%/,&$  '$12 $0%,(17$/  $',$17$0(172 '(
+21255,26 3(5,&,$,6 3(/2 3$548(7  0$7e5,$ 35(-8',&$'$  ,19(562 '2 186 '$ 3529$
$579,,,'$/(,&&2$57'$/(,35,1&3,2'$35(&$8d2
)LFDSUHMXGLFDGRRUHFXUVRHVSHFLDOIXQGDGRQDYLRODomRGRDUWGD/HLQ DGLDQWDPHQWRGHKRQRUiULRVSHULFLDLV 
HPUD]mRGHRMXt]RGHJUDXWHUWRUQDGRVHPHIHLWRDGHFLVmRTXHGHWHUPLQRXDSHUtFLD
 2 {QXV SUREDWyULR QmR VH FRQIXQGH FRP R GHYHU GH R 0LQLVWpULR 3~EOLFR DUFDU FRP RV KRQRUiULRV SHULFLDLV QDV SURYDV SRU HOH
UHTXHULGDVHPDomRFLYLOS~EOLFD6mRTXHVW}HVGLVWLQWDVHMXULGLFDPHQWHLQGHSHQGHQWHV
-XVWLILFDVHDLQYHUVmRGR{QXVGDSURYDWUDQVIHULQGRSDUDRHPSUHHQGHGRUGDDWLYLGDGHSRWHQFLDOPHQWHSHULJRVDR
{QXVGHGHPRQVWUDUDVHJXUDQoDGRHPSUHHQGLPHQWRDSDUWLUGDLQWHUSUHWDomRGRDUW9,,,GD/HLFFR
DUWGD/HLFRQMXJDGRDR3ULQFtSLR$PELHQWDOGD3UHFDXomR
5HFXUVRHVSHFLDOSDUFLDOPHQWHSURYLGR 67-7XUPD5(VS56UHO0LQ(OLDQD&DOPRQ'- 
1RPHVPRVHQWLGR7XUPD5(VS56UHO0LQ)UDQFLVFR)DOFmR'-

(PUHVXPRKiQRRUGHQDPHQWRMXUtGLFRDRPHQRVGXDVWpFQLFDVTXHSRGHPVHUXWLOL]DGDVSDUD
IDFLOLWDUDLQVWUXomRSUREDWyULDHPIDYRUGRPHLRDPELHQWH
3ULQFtSLRGDSUHFDXomRTXDQGRRFDVRIRUGHLQFHUWH]DFLHQWtILFDKiSUHVXQomRUHODWLYDGH
TXHDDWLYLGDGHHFRQ{PLFDLPSXWDGDpDFDXVDGRUDGRGDQRDPELHQWDOFDEHQGRDRHPSUHHQGHGRU
DSURYDHPVHQWLGRFRQWUiULR
 ,QYHUVmR GR {QXV GD SURYD SRU DSOLFDomR GR DUW  9,,, GR &'& QRV FDVRV GH
KLSRVVXILFLrQFLD RX GH YHURVVLPLOKDQoD GDV DOHJDo}HV GHYH R MXL] QR FXUVR GR SURFHVVR
HQWUHJDUDRVXSRVWRSROXLGRURHQFDUJRGHSURYDUTXHQmRFDXVRXRGDQRDPELHQWDO

(QHVWHVHQWLGRpILUPHDSRVLomRGR6XSHULRU7ULEXQDOGH-XVWLoD
352&(668$/ &,9,/ ( $0%,(17$/ $d2 &,9,/ 3%/,&$ 5(63216$%,/,'$'( &,9,/ $0%,(17$/
&217$0,1$d2&200(5&5,2$57'2&',*2'(352&(662&,9,/186',10,&2'$3529$
&$032 '( $3/,&$d2 '26 $576  9,,, (  '2 &',*2 '( '()(6$ '2 &21680,'25 35,1&3,2 '$
35(&$8d2 3266,%,/,'$'( '( ,19(562 '2 2186 352%$1', 12 ',5(,72 $0%,(17$/ 35,1&3,2 ,1
'8%,23521$785$
(P$omR&LYLO3~EOLFDSURSRVWDFRPRILWRGHUHSDUDUDOHJDGRGDQRDPELHQWDOFDXVDGRSRUJUDYHFRQWDPLQDomRFRPPHUF~ULRR
-Xt]RGHJUDXHPDFUpVFLPRjLPSXWDomRREMHWLYDHVWDWXtGDQRDUWGD/HLGHWHUPLQRXDLQYHUVmRGR{QXVGD
SURYDTXDQWRDRXWURVHOHPHQWRVGDUHVSRQVDELOLGDGHFLYLOGHFLVmRPDQWLGDSHOR7ULEXQDODTXR2UHJLPHJHUDORXFRPXPGH
GLVWULEXLomR GD FDUJD SUREDWyULD DVVHQWDVH QR DUW  FDSXW GR &yGLJR GH 3URFHVVR &LYLO 7UDWDVH GH PRGHOR DEVWUDWR
DSULRUtVWLFR H HVWiWLFR PDV QmR DEVROXWR TXH SRU LVVR PHVPR VRIUH DEUDQGDPHQWR SHOR SUySULR OHJLVODGRU VRE R LQIOX[R GR {QXV
GLQkPLFR GD SURYD FRP R GXSOR REMHWLYR GH FRUULJLU HYHQWXDLV LQLTXLGDGHV SUiWLFDV D SUREDWLR GLDEROLFD S H[ D LQYLDELOL]DU
OHJtWLPDV SUHWHQV}HV PRUPHQWH GRV VXMHLWRV YXOQHUiYHLV  H LQVWLWXLU XP DPELHQWH pWLFRSURFHVVXDO YLUWXRVR HP FXPSULPHQWR DR
HVStULWRHOHWUDGD&RQVWLWXLomRGHHGDVPi[LPDVGR(VWDGR6RFLDOGH'LUHLWR1RSURFHVVRFLYLODWpFQLFDGR{QXVGLQkPLFR
GD SURYD FRQFUHWL]D H DJOXWLQD RV FkQRQHV GD VROLGDULHGDGH GD IDFLOLWDomR GR DFHVVR j -XVWLoD GD HIHWLYLGDGH GD SUHVWDomR
MXULVGLFLRQDOHGRFRPEDWHjVGHVLJXDOGDGHVEHPFRPRH[SUHVVDXPUHQRYDGRGXHSURFHVV WXGR D H[LJLU XPD JHQXtQD H VLQFHUD
FRRSHUDomR HQWUH RV VXMHLWRV QD GHPDQGD  2 OHJLVODGRU GLUHWDPHQWH QD OHL  RSHOHJLV  RX SRU PHLR GH SRGHUHV TXH DWULEXL
HVSHFtILFD RX JHQHULFDPHQWH DR MXL]  RSH MXGLFLV  PRGLILFD D LQFLGrQFLD GR RQXV SUREDQGL WUDQVIHULQGRR SDUD D SDUWH HP
PHOKRUHVFRQGLo}HVGHVXSRUWiORRXFXPSULORHILFD]HHILFLHQWHPHQWHWDQWRPDLVHPUHODo}HVMXUtGLFDVQDVTXDLVRUDFODXGLTXHP
GLUHLWRVLQGLVSRQtYHLVRXLQWHUJHUDFLRQDLVRUDDVYtWLPDVWUDQVLWHPQRXQLYHUVRPRYHGLoRHPTXHFRQYHUJHPLQFHUWH]DVWHFQROyJLFDV
LQIRUPDo}HVFREHUWDVSRUVLJLORLQGXVWULDOFRQKHFLPHQWRHVSHFLDOL]DGRUHGHVGHFDXVDOLGDGHFRPSOH[DEHPFRPRGDQRVIXWXURVGH
PDQLIHVWDomR GLIHULGD SURWUDtGD RX SURORQJDGD  1R 'LUHLWR $PELHQWDO EUDVLOHLUR D LQYHUVmR GR {QXV GD SURYD p GH RUGHP
VXEVWDQWLYDHRSHOHJLVGLUHWDRXLQGLUHWD HVWD~OWLPDVHPDQLIHVWDSH[QDGHULYDomRLQHYLWiYHOGRSULQFtSLRGDSUHFDXomR FRPR
WDPEpPGHFXQKRHVWULWDPHQWHSURFHVVXDOHRSHMXGLFLV DVVLPQRFDVRGHKLSRVVXILFLrQFLDGDYtWLPDYHURVVLPLOKDQoDGDDOHJDomR
RX RXWUDV KLSyWHVHV LQVHULGDV QRV SRGHUHV JHQpULFRV GR MXL] HPDQDomR QDWXUDO GR VHX RItFLR GH FRQGXWRU H DGPLQLVWUDGRU GR
SURFHVVR   &RPR FRUROiULR GR SULQFtSLR LQ GXELR SUR QDWXUD -XVWLILFDVH D LQYHUVmR GR {QXV GD SURYD WUDQVIHULQGR SDUD R
HPSUHHQGHGRU GD DWLYLGDGH SRWHQFLDOPHQWH SHULJRVD R {QXV GH GHPRQVWUDU D VHJXUDQoD GR HPSUHHQGLPHQWR D SDUWLU GD
LQWHUSUHWDomRGRDUW9,,,GD/HLFFRDUWGD/HLFRQMXJDGRDR3ULQFtSLR$PELHQWDOGD3UHFDXomR
5(VS565HO0LQ(OLDQD&DOPRQ6HJXQGD7XUPD'-H WpFQLFDTXHVXMHLWDDTXHOHTXHVXSRVWDPHQWHJHURXR
GDQR DPELHQWDO D FRPSURYDU TXH QmR R FDXVRX RX TXH D VXEVWkQFLD ODQoDGD DR PHLR DPELHQWH QmR OKH p SRWHQFLDOPHQWH OHVLYD
5(VS635HO0LQ(OLDQD&DOPRQ6HJXQGD7XUPD'-H $LQYHUVmRGR{QXVGDSURYDSUHYLVWDQRDUW
9,,,GR&yGLJRGH'HIHVDGR&RQVXPLGRUFRQWpPFRPDQGR QRUPDWLYRHVWULWDPHQWHSURFHVVXDORTXHDS}HVRE R FDPSRGH
DSOLFDomRGRDUWGRPHVPRHVWDWXWRID]HQGRDYDOHUXQLYHUVDOPHQWHHPWRGRVRVGRPtQLRVGD$omR&LYLO3~EOLFDHQmRVyQDV
UHODo}HVGHFRQVXPR 5(VS565HO0LQ)UDQFLVFR)DOFmR3ULPHLUD7XUPD'-H 'HVWLQDWiULRGDLQYHUVmR
GR {QXV GD SURYD SRU KLSRVVXILFLrQFLD  MXt]R SHUIHLWDPHQWH FRPSDWtYHO FRP D QDWXUH]D FROHWLYD RX GLIXVD GDV YtWLPDV  QmR p
DSHQDVDSDUWHHPMXt]R RXVXEVWLWXWRSURFHVVXDO PDVFRPPDLRUUD]mRRVXMHLWRWLWXODUGREHPMXUtGLFRSULPiULRDVHUSURWHJLGR
$GHPDLVHHVWHRSRQWRPDLVUHOHYDQWHDTXLLPSRUWDVDOLHQWDUTXHHP5HFXUVR(VSHFLDOQRFDVRGHLQYHUVmRGR{QXVGDSURYD
HYHQWXDODOWHUDomRGRMXt]RGHYDORUGDVLQVWkQFLDVRUGLQiULDVHVEDUUDFRPRUHJUDQD6~PXODGR67-$IHULUDKLSRVVXILFLrQFLDGR
UHFRUUHQWHRXDYHURVVLPLOKDQoDGDVDOHJDo}HVODVWUHDGDQRFRQMXQWRSUREDWyULRGRVDXWRVRXPHVPRH[DPLQDUDQHFHVVLGDGHGH
SURYDSHULFLDOVmRSURYLGrQFLDVGHWRGRLQFRPSDWtYHLVFRPRUHFXUVRHVSHFLDOTXHVHSUHVWDH[FOXVLYDPHQWHSDUDWXWHODURGLUHLWR
IHGHUDO H FRQIHULUOKH XQLIRUPLGDGH 5(VS 5- 6HJXQGD 7XUPD 5HO 0LQ &DVWUR 0HLUD '- GH  1R PHVPR
VHQWLGR5(VS0*3ULPHLUD7XUPD5HO0LQ-RVp'HOJDGR'-HGH 5HFXUVR(VSHFLDOQmRSURYLGR 5(VS
56UHO0LQ+HUPDQ%HQMDPLQ7XUPDMXOJDGRHP'-H 

&DXVDOLGDGHLQGLUHWDHVROLGDULHGDGHSDVVLYD
&RPRMiVHGLVVHGDOHLWXUDGRDUW,9GD/HLQHQWHQGHVHTXHWDQWRDTXHOHTXH
VHMDRFDXVDGRUGLUHWRTXDQWRRTXHVHMDDSHQDVFDXVDGRULQGLUHWRGRGDQRDPELHQWDOSRGHVHUSRU
HOHUHVSRQVDELOL]DGR

'LVVR H[WUDLVH XPD UHJUD LPSRUWDQWtVVLPD SDUD D HIHWLYDomR GD UHVSRQVDELOLGDGH FLYLO DPELHQWDO WRGRVRVFDXVDGRUHV GLUHWRVH
LQGLUHWRV UHVSRQGHPVROLGDULDPHQWHSHORVSUHMXt]RVFDXVDGRVDRPHLRDPELHQWH

'L]HUTXHpVROLGiULDHVWDUHVSRQVDELOLGDGHpRPHVPRTXHGL]HUTXHTXDOTXHUGRVFDXVDGRUHV
SRGHVHUUHVSRQVDELOL]DGRSRUWRGRRGDQRDPELHQWDO
2X DLQGD TXH R DXWRU GH XPD DomR SRU UHVSRQVDELOLGDGH FLYLO DPELHQWDO SRGH HVFROKHU
UHVSRQVDELOL]DUXPDOJXQVRXWRGRVRVTXHWHQKDPFRQFRUULGRGLUHWDRXLQGLUHWDPHQWHSDUDRGDQR
e DOLiV R TXH Mi GHFLGLX R 67- QR VHQWLGR GH VHU PHUDPHQWH IDFXOWDWLYD D IRUPDomR GH
OLWLVFRQVyUFLRSDVVLYRHQWUHRVGLYHUVRVSROXLGRUHV
$0%,(17$/'5(1$*(0'(%5(-2'$12$20(,2$0%,(17($7,9,'$'('(*5$'$17(,1,&,$'$3(/2
32'(53%/,&2(&217,18$'$3(/$3$57(5(&255,'$18/,'$'('$6(17(1d$3$57('26$*(17(6
32/8,'25(6 48( 12 3$57,&,3$5$0 '2 )(,72 ,12&2551&,$ '( 9&,26 /,7,6&2165&,2 3$66,92
)$&8/7$7,9262/,'$5,('$'(3(/$5(3$5$d2'2'$12$0%,(17$/ 
1DRULJHPFXLGDVHGHDomRFLYLOS~EOLFDLQWHQWDGDHPIDFHGHXVLQDSRUWHUILFDGRFRQVWDWDGRTXHDHPSUHVDOHYDYDDFDERD
GUHQDJHPGHUHVHUYDWyULRQDWXUDOGHORFDOLGDGHGRLQWHULRUGR5LRGH-DQHLURFRQKHFLGDFRPR%UHMR/DPHLUR6HQWHQoDHDFyUGmR
TXH HQWHQGHUDP SHOD LPSURFHGrQFLD GRV SHGLGRV GR 3DUTXHW HP UD]mR GH D DWLYLGDGH GH GUHQDJHP WHU VLGR LQLFLDGD SHOR 3RGHU
3~EOLFRHDSHQDVFRQWLQXDGDSHODHPSUHVDRUDUHFRUULGD
 3UHOLPLQDU OHYDQWDGD SHOR 03) HP VHX SDUHFHU  QXOLGDGH GD VHQWHQoD HP UD]mR GD QHFHVVLGDGH GH LQWHJUDomR GD OLGH SHOR
'HSDUWDPHQWR1DFLRQDOGH2EUDVH6DQHDPHQWR'126H[WLQWRyUJmRIHGHUDORXSRUTXHPOKHIDoDDVYH]HVUHMHLWDGDSRLV
p SDFtILFD D MXULVSUXGrQFLD GHVWD &RUWH 6XSHULRU QR VHQWLGR GH TXH PHVPR QD H[LVWrQFLD GH P~OWLSORV DJHQWHV
SROXLGRUHV QmR H[LVWH REULJDWRULHGDGH QD IRUPDomR GR OLWLVFRQVyUFLR XPD YH] TXH D UHVSRQVDELOLGDGH HQWUH HOHV p
VROLGiULD SHOD UHSDUDomR LQWHJUDO GR GDQR DPELHQWDO SRVVLELOLGDGH VH GHPDQGDU GH TXDOTXHU XP GHOHV LVRODGDPHQWH RX HP
FRQMXQWRSHORWRGR 3UHFHGHQWH   67-7XUPD5(VS5-UHO0LQ0DXUR&DPSEHOO0DUTXHV'- 
1R PHVPR VHQWLGR 67- $J5J QR $5(VS 5- UHO 0LQ +HUPDQ %HQMDPLQ  7XUPD MXOJDGR HP  '-H 


(PDLVQmRLPSRUWDDHVWDDomRTXDOTXHUGLVFXVVmRTXDQWRjLQWHQVLGDGHGDUHVSRQVDELOLGDGH
GHFDGDXPGRVLPSXWDGRV7XGRLVVRHPEXVFDGHXPDWXWHODTXHVHMDRPDLVEHQpILFDSRVVtYHO
SDUDRPHLRDPELHQWH
2SULQFtSLRGDVROLGDULHGDGHQDUHVSRQVDELOLGDGHFLYLODPELHQWDOpSULQFtSLRGHMXVWLoDGHPRGR
TXHQmRFDEHQDDQiOLVHGDYHULILFDomRGRGDQRDPELHQWDOSURYRFDGRSRUYiULDVHGLYHUVDVIRQWHV
GHWHUPLQDUTXDOWHULDVLGRRSDSHOGHFDGDXP
$SURSRUFLRQDOLGDGHGRGDQRFDXVDGRSRUFDGDIRQWHSROXLGRUDVypLPSRUWDQWHSDUDIXWXUDDomR
UHJUHVVLYDGRTXHIRLWRWDOPHQWHFRQGHQDGRSHORGDQRDPELHQWDOFRQWUDRVGHPDLVFDXVDGRUHVQmR
FRQGHQDGRV
$VVLPUDWLILFDQGRDTXHOHTXHFDXVRXRXFRQWULEXLXGHDOJXPDIRUPDSDUDRGDQRDPELHQWDOSRGH
VHUUHVSRQVDELOL]DGRLQWHJUDOPHQWHSRUTXHUHVSRQGHVROLGDULDPHQWHSHORWRGR
$ YHULILFDomR GD SURSRUomR GR TXH HOH FDXVRX Vy SRGHUi VHU IHLWD HP DomRSUySULD FRQWUD RV
GHPDLVUHVSRQViYHLVSRUTXHDOLiVHPVHGHGHUHVSRQVDELOLGDGHREMHWLYDDPELHQWDOQmRVHDGPLWH
DILJXUDGRFKDPDPHQWRDRSURFHVVR PRGDOLGDGHGHLQWHUYHQomRGHWHUFHLURTXHEXVFDWUD]HUDR
SURFHVVRRVGHPDLVGHYHGRUHVVROLGiULRV RXGDGHQXQFLDomRGDOLGH PRGDOLGDGHGHLQWHUYHQomR
GHWHUFHLURVTXHEXVFDQRPHVPRSURFHVVRRGLUHLWRGHUHJUHVVR 9HMDPRVRTXHMiGHFLGLXR67-
352&(668$/&,9,/$d2&,9,/3%/,&$'$12$0%,(17$/ 
 $ $omR &LYLO 3~EOLFD GHYH GLVFXWLU XQLFDPHQWH D UHODomR MXUtGLFD UHIHUHQWH j SURWHomR GR PHLR DPELHQWH H GDV VXDV
FRQVHTXrQFLDVSHODYLRODomRDHOHSUDWLFDGD
,QFDEtYHOSRUHVVDDILUPDomRDGHQXQFLDomRGDOLGH
'LUHLWRGHUHJUHVVRVHGHFRUUHQWHGRIHQ{PHQRGHYLRODomRDRPHLRDPELHQWHGHYHVHUGLVFXWLGRHPDomRSUySULD
  67-7XUPD5(VS63UHO0LQ-RVp'HOJDGR'- 

5HVSRQVDELOLGDGHGR(VWDGRSRURPLVVmRHPVHXGHYHUILVFDOL]DWyULR
&RPEDVHQDLGHLDGHVROLGDULHGDGHSDVVLYDHGHEXVFDUVHPSUHTXHKDMDHIHWLYDUHSDUDomRGDV
OHV}HV FDXVDGDV DR PHLR DPELHQWH D MXULVSUXGrQFLD GH QRVVRV 7ULEXQDLV 6XSHULRUHV YHP
UHLWHUDGDPHQWH GHFLGLQGR TXH R HQWH HVWDWDO GHYH VHU UHVSRQVDELOL]DGR SRU WHU IDOKDGR HP VHX
GHYHUGHILVFDOL]DomR
eRTXHILFDFODURGDOHLWXUDGHGHFLVmRSXEOLFDGDQR,QIRUPDWLYRQGR67-
'$120(,2$0%,(17(20,662),6&$/,=$d281,2 
1HVVH FRQWH[WR REVHUYD R 0LQ 5HODWRU TXH D MXULVSUXGrQFLD GHVWH 6XSHULRU 7ULEXQDO p QR VHQWLGR GH UHFRQKHFHU D
OHJLWLPLGDGHSDVVLYDGDSHVVRDMXUtGLFDGHGLUHLWRS~EOLFRSDUDUHVSRQGHUSHORVGDQRVFDXVDGRVDRPHLRDPELHQWHHP
GHFRUUrQFLD GH VXD FRQGXWD RPLVVD TXDQWR DR GHYHU GH ILVFDOL]DU $VVLP QmR VH WUDWD GH GHWHUPLQDU SUHYLDPHQWH D
UHVSRQVDELOLGDGHGD8QLmRPDVDORFiODDGHTXDGDPHQWHQRSRORSDVVLYRGDDomRGLDQWHGDSUHVXQomRGHVXDUHVSRQVDELOLGDGHHP
FRQFRUUHUFRPRGDQRDRPHLRDPELHQWHHFDVRH[LVWDSURYDVXSHUYHQLHQWHDLVHQWiODRIHLWRGHYHUiVHUH[WLQWRHPUHODomRDHOD
  5(VS6&UHO0LQ+XPEHUWR0DUWLQVMXOJDGRHP 

1RPHVPRVHQWLGRDLQGDpRTXHIRLQRWLFLDGRQR,QIRUPDWLYRQGR67-
'$12$0%,(17$//27($0(172,55(*8/$5
(P DomR FLYLO S~EOLFD DMXL]DGD FRQWUD R PXQLFtSLR H RXWURV SRU LPSURELGDGH DGPLQLVWUDWLYD H SDUFHODPHQWR GR VROR HP GHVDFRUGR
FRPDOHJLVODomRYLJHQWHRTXHFDXVRXGDQRVDRPHLRDPELHQWHDVHQWHQoDH[FOXLXRPXQLFtSLRSRUHQWHQGHUTXHHOHDWXRXGHQWUR
GD OHL DSOLFRX PXOWD H HPEDUJRX D REUD  ORJR QmR VHULD SRVVtYHO LPSXWDUOKH UHVSRQVDELOLGDGH 3RU VXD YH] R 7- PDQWHYH D
VHQWHQoD
([SOLFD R 0LQ 5HODWRU TXH DSHVDU GH R PXQLFtSLR DSOLFDU PXOWD H HPEDUJDU D REUD QmR DYRFRX SDUD VL D UHVSRQVDELOLGDGH SHOD
UHJXODUL]DomRGRORWHDPHQWRjVH[SHQVDVGRORWHDGRUHGHVVDRPLVVmRUHVXOWRXXPGDQRDPELHQWDO 
3RULVVRVHRPXQLFtSLRQmRLPSHGHDFRQVXPDomRGRGDQRDPELHQWDOGHYHVHUUHVSRQVDELOL]DGRFRQMXQWDPHQWHFRPR
ORWHDGRU SHORV SUHMXt]RV GDt DGYLQGRV HQWUHWDQWR SRVWHULRUPHQWH SRGHUi DFLRQDU D SUySULR ORWHDGRU UHJUHVVLYDPHQWH SRUTXH
FRQIRUPH R SUySULR DUWLJR FLWDGR GD /HL Q  HVWi REULJDGR D SURPRYHU D UHJXODUL]DomR GR ORWHDPHQWR jV H[SHQVDV GR
ORWHDGRUFRPRMiGLWR 5(VS63UHO0LQ&DVWUR0HLUDMXOJDGRHP 
(PFRUROiULR5(VS63UHO0LQ+HUPDQ%HQMDPLQ7XUPDMXOJDGRHP'-H

eFODURTXHXPDYH]UHVSRQVDELOL]DGDSRGHDSHVVRDMXUtGLFDGHGLUHLWRS~EOLFRREWHUHPDomR
UHJUHVVLYD FRQWUD R FDXVDGRU GLUHWR GR GDQR LQGHQL]DomR SHORV SUHMXt]RV VRIULGRV $OLiV Ki
GHFLV}HV TXH DILUPDP VHU XP GHYHU GR (VWDGR EXVFDU WDO UHVVDUFLPHQWR HYLWDQGR DVVLP XPD
LQMXVWD RQHUDomR GD VRFLHGDGH HP SURO GR SDUWLFXODU SROXLGRU e R TXH VH H[WUDL GH SDVVDJHP GR
,QIRUPDWLYRQGR67-
'$126$0%,(17$,65(63216$%,/,'$'(62/,'5,$
$ TXHVWmR HP FDXVD GL] UHVSHLWR j UHVSRQVDELOL]DomR GR (VWDGR SRU GDQRV DPELHQWDLV FDXVDGRV SHOD LQYDVmR H FRQVWUXomR SRU
SDUWLFXODUHPXQLGDGHGHFRQVHUYDomR SDUTXHHVWDGXDO 
$7XUPDHQWHQGHXKDYHUUHVSRQVDELOLGDGHVROLGiULDGR(VWDGRTXDQGRGHYHQGRDJLUSDUDHYLWDURGDQRDPELHQWDOPDQWpPVHLQHUWH
RXDWXDGHIRUPDGHILFLHQWH 
+i TXH SRQGHUDU HQWUHWDQWR TXH HVVD FOiXVXOD GH VROLGDULHGDGH QmR SRGH LPSOLFDU EHQHItFLR SDUD R SDUWLFXODU TXH FDXVRX D
GHJUDGDomRDPELHQWDOFRPVXDDomRHPGHWULPHQWRGRHUiULR
$VVLP VHP SUHMXt]R GD UHVSRQVDELOLGDGH VROLGiULD GHYH R (VWDGR  TXH QmR SURYRFRX GLUHWDPHQWH R GDQR QHP REWHYH
SURYHLWRFRPVXDRPLVVmREXVFDU R UHVVDUFLPHQWR GRV YDORUHV GHVSHQGLGRV GR UHVSRQViYHO GLUHWR HYLWDQGR FRP
LVVR LQMXVWD RQHUDomR GD VRFLHGDGH &RP HVVHV IXQGDPHQWRV GHXVH SURYLPHQWR DR UHFXUVR 5(VS 63 UHO 0LQ
+HUPDQ%HQMDPLQMXOJDGRHP 

e LQWHUHVVDQWH QRWDU TXH DR VH LPSXWDU D UHVSRQVDELOLGDGH DR (VWDGR SHOD VXD RPLVVmR GHYH
UHVWDUFDEDOPHQWHGHPRQVWUDGRTXHDUHIHULGDRPLVVmRIRLUHDOPHQWHUHVSRQViYHOSHORGDQRDRPHLR
DPELHQWHQRVHQWLGRGHTXHDRPLVVmRHVWDWDOWHQKDVLGRGHWHUPLQDQWHSDUDDFRQFUHWL]DomRGRGDQR
RXGRVHXDJUDYDPHQWRSHORVHXFDXVDGRULPHGLDWR$GHPDLVQmRVHSRGHHVTXHFHUTXHDRSXQLUR
HVWDGRDSRSXODomRpTXHDFDEDVHQGRYLWLPDGDGXDVYH]HVVHMDSHORGDQRDRPHLRDPELHQWHGR
TXDO HOD p WLWXODU VHMD SHOD FRQGHQDomR GR HVWDGR TXH HP ~OWLPD DQiOLVH p ILFomR MXUtGLFD TXH
UHSUHVHQWDDFROHWLYLGDGH([DWDPHQWHSRULVVRTXHR6XSHULRU7ULEXQDOGH-XVWLoDSDFLILFRXTXHD
UHVSRQVDELOLGDGH H[HFXWLYD GR HVWDGR VHUi VXEVLGLiULD RX VHMD VXEPHWHUVHi j H[HFXomR FDVR R
GHJUDGDGRU GLUHWR QmR FXPSUD D REULJDomR VHMD SRU WRWDO RX SDUFLDO H[DXULPHQWR SDWULPRQLDO RX
LQVROYrQFLD VHMD SRU LPSRVVLELOLGDGH RX LQFDSDFLGDGH SRU TXDOTXHU UD]mR LQFOXVLYH WpFQLFD GH
FXPSULPHQWR GD SUHVWDomR MXGLFLDOPHQWH LPSRVWD DVVHJXUDGR VHPSUH R GLUHLWR GH UHJUHVVR DUW
GR&yGLJR&LYLO FRPDGHVFRQVLGHUDomRGDSHUVRQDOLGDGHMXUtGLFDFRQIRUPHSUHFHLWXDRDUW
GR&yGLJR&LYLO 5(VS637XUPDUHO0LQ+HUPDQ%HQMDPLQ'-H 
4XHVWmRTXHVXVFLWDFHUWDFRQWURYpUVLDpTXDQWRDVHUREMHWLYDRXVXEMHWLYD D UHVSRQVDELOLGDGH
FLYLOGR(VWDGRSRUOHV}HVFDXVDGDVDRPHLRDPELHQWH
eTXHSDUDDVVLWXDo}HVHPJHUDODUHVSRQVDELOLGDGHHVWDWDOSRURPLVVmRpGRWLSRVXEMHWLYDDR
FRQWUiULR GR TXH RFRUUH FRP RV DWRV FRPLVVLYRV HP TXH SRU IRUoD GR DUW    GD &)
LQGHSHQGHGDGHPRQVWUDomRGHHOHPHQWRDQtPLFReRTXHVHFKDPDGHFXOSDDGPLQLVWUDWLYD
&RP EDVH QHVVH DUJXPHQWR Mi GHFLGLX R 6XSHULRU 7ULEXQDO GH -XVWLoD TXH PHVPR SDUD DV
GHPDQGDVDPELHQWDLVVHULDVXEMHWLYDDUHVSRQVDELOLGDGHGR(VWDGRSRUWHUIDOKDGRHPVHXGHYHU
ILVFDOL]DWyULR9HMDPRV
5(&8562 (63(&,$/ $d2 &,9,/ 3%/,&$ 32/8,d2 $0%,(17$/ (035(6$6 0,1(5$'25$6 &$592
0,1(5$/ (67$'2 '( 6$17$ &$7$5,1$ 5(3$5$d2 5(63216$%,/,'$'( '2 (67$'2 325 20,662
5(63216$%,/,'$'(62/,'5,$5(63216$%,/,'$'(68%6,',5,$
$UHVSRQVDELOLGDGHFLYLOGR(VWDGRSRURPLVVmRpVXEMHWLYDPHVPRHPVHWUDWDQGRGHUHVSRQVDELOLGDGHSRUGDQRDR
PHLR DPELHQWH XPD YH] TXH D LOLFLWXGH QR FRPSRUWDPHQWR RPLVVLYR p DIHULGD VRE D SHUVSHFWLYD GH TXH GHYHULD R
(VWDGRWHUDJLGRFRQIRUPHHVWDEHOHFHDOHL
 $ 8QLmR WHP R GHYHU GH ILVFDOL]DU DV DWLYLGDGHV FRQFHUQHQWHV j H[WUDomR PLQHUDO GH IRUPD TXH HODV VHMDP HTXDOL]DGDV j
FRQVHUYDomRDPELHQWDO(VWDREULJDWRULHGDGHIRLDOoDGDjFDWHJRULDFRQVWLWXFLRQDOHQFRQWUDQGRVHLQVFULWDQRDUWLJRH
GD&DUWD0DJQD   67-7XUPD5(VS6&UHO0LQ-RmR2WiYLRGH1RURQKD'- 

1mRpHVVHSRUpPRHQWHQGLPHQWRTXHYHPSUHYDOHFHQGRHPQRVVRV7ULEXQDLV6XSHULRUHV
7HPVH HQWHQGLGR TXH GHFRUUHQGR D UHVSRQVDELOLGDGH SRU GDQRV DR PHLR DPELHQWH GH QRUPD
HVSHFtILFDGHYHVHH[FHWXDUQHVVHVFDVRVDUHJUDGDFXOSDDGPLQLVWUDWLYDDSOLFDQGRVHWDPEpPDR
(VWDGRRUHJLPHGDUHVSRQVDELOLGDGHREMHWLYD9HMDPRVRTXHVHGHFLGLXQRMXOJDPHQWRGR5(VS
63
   4XDOTXHU TXH VHMD D TXDOLILFDomR MXUtGLFD GR GHJUDGDGRU S~EOLFR RX SULYDGR QR 'LUHLWR EUDVLOHLUR D
UHVSRQVDELOLGDGH FLYLO SHOR GDQR DPELHQWDO p GH QDWXUH]D REMHWLYD VROLGiULD H LOLPLWDGD VHQGR UHJLGD SHORV SULQFtSLRV GR
SROXLGRUSDJDGRUGDUHSDUDomRLQLQWHJUXPGDSULRULGDGHGDUHSDUDomRLQQDWXUDHGRIDYRUGHELOLVHVWH~OWLPRDOHJLWLPDUXPD
VpULH GH WpFQLFDV GH IDFLOLWDomR GR DFHVVR j -XVWLoD HQWUH DV TXDLV VH LQFOXL D LQYHUVmR GR {QXV GD SURYD HP IDYRU GD YtWLPD
DPELHQWDO3UHFHGHQWHVGR67-
 2UGLQDULDPHQWH D UHVSRQVDELOLGDGH FLYLO GR (VWDGR SRU RPLVVmR p VXEMHWLYD RX SRU FXOSD UHJLPH FRPXP RX JHUDO HVVH TXH
DVVHQWDGRQRDUWGD&RQVWLWXLomR)HGHUDOHQIUHQWDGXDVH[FHo}HVSULQFLSDLV3ULPHLURTXDQGRDUHVSRQVDELOL]DomRREMHWLYD
GRHQWHS~EOLFRGHFRUUHUGHH[SUHVVDSUHYLVmROHJDOHPPLFURVVLVWHPDHVSHFLDOFRPRQDSURWHomRGRPHLRDPELHQWH
/HLQDUW,9FFRDUW 6HJXQGRTXDQGRDVFLUFXQVWkQFLDVLQGLFDUHPDSUHVHQoDGHXPVWDQGDUGRX
GHYHU GH DomR HVWDWDO PDLV ULJRURVR GR TXH DTXHOH TXH MRUUD FRQVRDQWH D FRQVWUXomR GRXWULQiULD H MXULVSUXGHQFLDO GR WH[WR
FRQVWLWXFLRQDO   67-7XUPD5(VS63UHO0LQ+HUPDQ%HQMDPLQ'- 

1RPHVPRVHQWLGRpRTXHVHGHFLGLXDLQGDQR5(VS35DVDEHU
$d2 &,9,/ 3%/,&$ '$12 &$86$'2 $2 0(,2 $0%,(17( /(*,7,0,'$'( 3$66,9$ '2 (17( (67$7$/
5(63216$%,/,'$'(2%-(7,9$5(632169(/',5(72(,1',5(72 
2DUWLQF9,GD&RQVWLWXLomRGD5HS~EOLFDIL[DDFRPSHWrQFLDFRPXPSDUDD8QLmR(VWDGRV'LVWULWR)HGHUDOH0XQLFtSLRV
QR TXH VH UHIHUH j SURWHomR GR PHLR DPELHQWH H FRPEDWH j SROXLomR HP TXDOTXHU GH VXDV IRUPDV 1R PHVPR WH[WR R DUW 
FDSXWSUHYrRGLUHLWRGHWRGRVDXPPHLRDPELHQWHHFRORJLFDPHQWHHTXLOLEUDGRHLPS}HDR3RGHU3~EOLFRHjFROHWLYLGDGHRGHYHU
GHGHIHQGrORHSUHVHUYiORSDUDDVSUHVHQWHVHIXWXUDVJHUDo}HV
2(VWDGRUHFRUUHQWHWHPRGHYHUGHSUHVHUYDUHILVFDOL]DUDSUHVHUYDomRGRPHLRDPELHQWH1DKLSyWHVHR(VWDGRQRVHXGHYHU
GH ILVFDOL]DomR GHYHULD WHU UHTXHULGR R (VWXGR GH ,PSDFWR $PELHQWDO H VHX UHVSHFWLYR UHODWyULR EHP FRPR D UHDOL]DomR GH
DXGLrQFLDVS~EOLFDVDFHUFDGRWHPDRXDWpPHVPRDSDUDOLVDomRGDREUDTXHFDXVRXRGDQRDPELHQWDO
2UHSDVVHGDVYHUEDVSHOR(VWDGRGR3DUDQiDR0XQLFtSLRGH)R]GH,JXDoX DomR DDXVrQFLDGDVFDXWHODVILVFDOL]DWyULDVQR
TXHVHUHIHUHjVOLFHQoDVFRQFHGLGDVHDVTXHGHYHULDPWHUVLGRFRQIHFFLRQDGDVSHORHQWHHVWDWDO RPLVVmR FRQFRUUHUDPSDUDD
SURGXomRGRGDQRDPELHQWDO7DLVFLUFXQVWkQFLDVSRLVVmRDSWDVDFDUDFWHUL]DURQH[RGHFDXVDOLGDGHGRHYHQWRHDVVLPOHJLWLPDUD
UHVSRQVDELOL]DomRREMHWLYDGRUHFRUUHQWH
$VVLPLQGHSHQGHQWHPHQWHGDH[LVWrQFLDGHFXOSDRSROXLGRUDLQGDTXHLQGLUHWR (VWDGRUHFRUUHQWH  DUWGD/HL
Q pREULJDGRDLQGHQL]DUHUHSDUDURGDQRFDXVDGRDRPHLRDPELHQWH UHVSRQVDELOLGDGHREMHWLYD    67-
7XUPD5(VS35UHO0LQ&DVWUR0HLUD'- 

48$'526,137,&2'$5(63216$%,/,'$'(&,9,/325'$126$20(,2$0%,(17(

5(63216$%,/,'$'(&,9,/325'$126$20(,2$0%,(17(

$UWGD&)
3UHYLVmROHJDO
$UWGD/HLQ

&RPSHWrQFLD
OHJLVODWLYD
&RQFRUUHQWHHQWUH8QLmR(VWDGRVH'LVWULWR)HGHUDO DUW9,,,GD&) 
2EMHWLYD
&DUDFWHUtVWLFDV 6ROLGiULD

5HSDUDomRLQQDWXUD

'DQRDPELHQWDO
3UHVVXSRVWRV 3ROXLGRU

1H[RGHFDXVDOLGDGH

/HVmRDRHTXLOtEULRHFROyJLFR 3ROXLomR DUW,,,GD/HLQ 

$WLYLGDGHOtFLWDRXLOtFLWD
'DQRGLIXVR
'DQRDPELHQWDO
0DWHULDO SDWULPRQLDO RXPRUDO VRFLDO 
,PSUHVFULWtYHO

 $XW{QRPR HP UHODomR DRV GDQRV SHVVRDLV LQGLYLGXDLV RX FROHWLYRV  TXH VmR FRQVHTXrQFLD GD OHVmR DR
HTXLOtEULRHFROyJLFR

$UW,9GD/HLQ

3HVVRDVItVLFDVRXMXUtGLFDV
3ROXLGRU
3HVVRDVGHGLUHLWRS~EOLFRRXSULYDGR

3HVVRDVUHVSRQViYHLVGLUHWDRXLQGLUHWDPHQWHSHODGHJUDGDomRDPELHQWDO

/LJDomRHQWUHDWLYLGDGHSROXHQWHHDGHJUDGDomRDPELHQWDO
7HRULDGDFDXVDOLGDGHDGHTXDGD
1H[RGH
FDXVDOLGDGH 9HULILFDomRLQFRQFUHWR
SUHVXQomRGHTXHDDWLYLGDGHLPSDFWDQWHpFDXVDGRUDGRGDQRDRPHLRDPELHQWH SULQFtSLRGDSUHFDXomR 

LQYHUVmRGR{QXVGDSURYD DUW9,,,GR&'&HDUWGD/$&3 

48(67(6'(&21&8562
 )0356  7&(  $XGLWRU 3~EOLFR ([WHUQR  &RQVLGHUH DV VHJXLQWHV DVVHUWLYDV D UHVSHLWR GD

You might also like