Preview only show first 10 pages with watermark. For full document please download

Light Steel Framing - Arquitetura

Manual CBCA

   EMBED


Share

Transcript

67((/)5$0,1* $548,7(785$ 6pULH³0DQXDOGH&RQVWUXomRHP$oR´ ‡*DOS}HVSDUDXVRVJHUDLV ‡/LJDo}HVHPHVWUXWXUDVPHWiOLFDV ‡(GLItFLRVGHSHTXHQRSRUWHHVWUXWXUDGRVHPDoR ‡$OYHQDULDV ‡3DLQpLVGHYHGDomR ‡5HVLVWrQFLDDRIRJRGDVHVWUXWXUDVGHDoR ‡7UDWDPHQWRGHVXSHUItFLHHSLQWXUD ‡7UDQVSRUWHHPRQWDJHP ‡6WHHO)UDPLQJ$UTXLWHWXUD $5/(1(0$5,$6$50$1+2)5(,7$6 5(1$7$&5,67,1$025$(6'(&5$672 67((/)5$0,1* $548,7(785$ ,167,7872%5$6,/(,52'(6,'(585*,$ &(1752%5$6,/(,52'$&216758d­2(0$d2 5,2'(-$1(,52  ‹,167,7872%5$6,/(,52'(6,'(585*,$&(1752%5$6,/(,52'$&216758d­2(0$d2 1HQKXPDSDUWHGHVWDSXEOLFDomRSRGHVHUUHSURGX]LGDSRUTXDLVTXHUPHLRVHPDSUpYLDDXWRUL]DomRGHVWD(QWL GDGH )LFKDFDWDORJUiILFDSUHSDUDGDSHOR&HQWURGH,QIRUPDo}HVGR,%6&%&$ )V      )UHLWDV$UOHQH0DULD6DUPDQKR 6WHHO)UDPLQJ$UTXLWHWXUD$UOHQH0DULD6DUPDQKR)UHLWDV5HQDWD  &ULVWLQD0RUDHVGH&UDVWR5LRGH-DQHLUR,%6&%&$   SFP 6pULH0DQXDOGH&RQVWUXomRHP$oR     %LEOLRJUDILD ,6%1         /LJKWVWHHOIUDPLQJ 6WHHOIUDPLQJ3DLQpLV/DMHV Coberturas )HFKDPHQWRYHUWLFDO&RQVWUXomRFLYLO3URMHWRVGHedificação  3HUILV ,7tWXORV VpULH ,,&UDVWR5HQDWD&ULVWLQD0RUDHVGH          &'8  ,QVWLWXWR%UDVLOHLURGH6LGHUXUJLD&HQWUR%UDVLOHLURGD&RQVWUXomRHP$oR $Y5LR%UDQFRR$QGDU 5LRGH-DQHLUR5HPDLOFEFD#LEVRUJEU VLWHZZZFEFDLEVRUJEU 6XPiULR &DStWXOR ,QWURGXomR        &DStWXOR &DUDFWHUtVWLFDVGRVLVWHPDOLJKWVWHHOIUDPLQJ     9DQWDJHQVQRXVRGRVLVWHPDOLJKWVWHHOIUDPLQJ   $SOLFDo}HV         3HUILVIRUPDGRVDIULRHVXDXWLOL]DomRQDFRQVWUXomRFLYLO  7LSRVGHSHUILVXWLOL]DGRVHP/6)     0pWRGRVGHFRQVWUXomR       )XQGDo}HV         /DMH5DGLHU         6DSDWDFRUULGDRXYLJDEDOGUDPH      )L[DomRGRVSDLQpLVQDIXQGDomR                                   &DStWXOR 3DLQpLV        3DLQpLVHVWUXWXUDLVRXDXWRSRUWDQWHV   $EHUWXUDVGHYmRVHPXPSDLQHOHVWUXWXUDO  (VWDELOL]DomRGDHVWUXWXUD     7UDYDPHQWRKRUL]RQWDO     (QFRQWURGHSDLQpLV     (PHQGDGHJXLD      3DLQpLVQmRHVWUXWXUDLV     3DUHGHVFXUYDVDUFRVHIRUPDVDWtSLFDV                                              &DStWXOR /DMHV      7LSRVGHODMH   9LJDPHQWRGHSLVR  7UDYDPHQWRKRUL]RQWDO  (VFDGDV                            &DStWXOR &REHUWXUDV           7LSRVGHFREHUWXUDV        &REHUWXUDVSODQDV         &REHUWXUDVLQFOLQDGDV        &REHUWXUDVHVWUXWXUDGDVFRPFDLEURVHYLJDV     (VWDELOL]DomRGDFREHUWXUDHVWUXWXUDGDFRPFDLEURVHYLJDV   &REHUWXUDVHVWUXWXUDGDVFRPWHVRXUDVRXWUHOLoDV    (VWDELOL]DomRGDFREHUWXUDHVWUXWXUDGDFRPWHVRXUDV                                     &DStWXOR )HFKDPHQWRYHUWLFDO       3DLQpLVGH26%       ³6LGLQJ³YLQtOLFR       $UJDPDVVD        $OYHQDULD        3ODFDVFLPHQWtFLDV       *HVVRDFDUWRQDGR       &DUDFWHUtVWLFDVGDVSODFDVGHJHVVRDFDUWRQDGR  3HUILVGHDoRSDUDVLVWHPDV³GU\ZDOO³    $VSHFWRVGHSURMHWRHH[HFXomR     0RQWDJePGRVLVWHPD³GU\ZDOO³      ,VRODPHQWRWHUPRDF~VWLFR     ,VRODPHQWRDF~VWLFR      ,VRODPHQWRWpUPLFR                                    &DStWXOR /LJDo}HVHPRQWDJHP        /LJDo}HV         3DUDIXVRV         $SOLFDo}HV         0RQWDJHP         6LVWHPDGHSDLQpLV        0RQWDJHPGDHVWUXWXUDGHSDLQpLVGRSDYLPHQWRWpUUHR  0RQWDJHPGDHVWUXWXUDGHODMH      0RQWDJHPGDHVWUXWXUDGHSDLQpLVGRSDYLPHQWRVXSHULRU  0RQWDJHPGDHVWUXWXUDGRWHOKDGR                                  &DStWXOR 'LUHWUL]HVGHSURMHWR     ,QGXVWULDOL]DomRGDFRQVWUXomR   &RRUGHQDomRPRGXODU    0DOKDVPRGXODUHV     3URMHWRSDUDSURGXomR    'LUHWUL]HVSDUDRSURMHWRGHDUTXLWHWXUD  (VWXGRSUHOLPLQDU     $QWHSURMHWR      3URMHWRH[HFXWLYRHGHWDOKDPHQWR                                                       5HIHUrQFLDV%LEOLRJUiILFDV                                 $SUHVHQWDomR 2PDQXDODSUHVHQWDRVDVSHFWRVGHSURMHWRHPRQWDJHPSDUDHGLILFDo}HVFRPRVLVWHPDFRQVWUX WLYROLJKWVWHHOIUDPLQJ 2VHWRUVLGHU~UJLFRDWUDYpVGR&HQWUR%UDVLOHLURGD&RQVWUXomRHP$oR&%&$WHPDVDWLVIDomR GHWRUQDUGLVSRQtYHOSDUDRXQLYHUVRGHSURILVVLRQDLVHQYROYLGRVFRPRHPSUHJRGRDoRQDFRQV WUXomRFLYLOHVWHPDQXDORQRQRGHXPDVpULHUHODFLRQDGDjFRQVWUXomRHPDoR &HQWURGLQkPLFRGHVHUYLoRVFRPIRFRH[FOXVLYDPHQWHWpFQLFRHFDSDFLWDGRSDUDFRQGX]LUXPD SROtWLFD GH SURPRomR GR XVR GR DoR QD FRQVWUXomR R &%&$ HVWi VHJXUR GH TXH HVWH PDQXDO HQTXDGUDVH QR REMHWLYR GH FRQWULEXLU SDUD D GLIXVmR GH FRPSHWrQFLD WpFQLFD H HPSUHVDULDO QR 3DtV &DStWXOR ,QWURGXomR  ,QWURGXomR 'LDQWH GR FUHVFLPHQWR SRSXODFLRQDO H GRVDYDQoRVWHFQROyJLFRVDLQG~VWULDGDFRQV WUXomR FLYLO QR PXQGR WHP EXVFDGR VLVWHPDV PDLVHILFLHQWHVGHFRQVWUXomRFRPRREMHWLYR GHDXPHQWDUDSURGXWLYLGDGHGLPLQXLURGHV SHUGtFLRHDWHQGHUDXPDGHPDQGDFUHVFHQWH 1R%UDVLODFRQVWUXomRFLYLODLQGDpSUHGRPL QDQWHPHQWHDUWHVDQDOFDUDFWHUL]DGDSHODEDL [DSURGXWLYLGDGHHSULQFLSDOPHQWHSHORJUDQGH GHVSHUGtFLR3RUpPRPHUFDGRWHPVLQDOL]D GRTXHHVVDVLWXDomRGHYHVHUDOWHUDGDHTXH RXVRGHQRYDVWHFQRORJLDVpDPHOKRUIRUPD GHSHUPLWLUDLQGXVWULDOL]DomRHDUDFLRQDOL]D omRGRVSURFHVVRV1HVVHDVSHFWRRXVRGR DoRQDFRQVWUXomRFLYLOYHPDSDUHFHQGRFRPR XPDGDVDOWHUQDWLYDVSDUDPXGDURSDQRUDPD GRVHWRU $SHVDU GR %UDVLO VHU XP GRV PDLRUHV SURGXWRUHVPXQGLDLVGHDoRRHPSUHJRGHVVH PDWHULDOHPHVWUXWXUDVGHHGLILFDo}HVWHPVLGR SRXFRH[SUHVVLYRVHFRPSDUDGRDRSRWHQFLDO GRSDUTXHLQG~VWULDOEUDVLOHLUR3DUDOHODPHQWH R GHVHQYROYLPHQWR GH SURGXWRV VLGHU~UJLFRV QR SDtV DPSOLRX DV DOWHUQDWLYDV GH VROXo}HV FRQVWUXWLYDVGLVSRQtYHLV 8P SDUkPHWUR LPSRUWDQWH p TXH D XWLOL ]DomR GH VLVWHPDV FRQVWUXWLYRV FRP DoR GH PDQGDSURILVVLRQDLVSUHSDUDGRVSURMHWRVGH WDOKDGRV H LQWHJUDGRV PLQLPL]DQGR SHUGDV H SUD]RV QD FRQVWUXomR 6RE HVWH DVSHFWR R DUTXLWHWRWHPXPSDSHOIXQGDPHQWDOFRPRLQ GXWRUGDXWLOL]DomRGHQRYDVWpFQLFDVHSURGX WRV 8PDDomRLQGXWRUDSDUDPDLRUXWLOL]DomR GHVLVWHPDVFRQVWUXWLYRV HPDoRpRDFHVVR j LQIRUPDomR GH TXDOLGDGH H GLUHFLRQDGD DR DUTXLWHWRRTXHpDSUHPLVVDGHVWHPDQXDO $VVLP HVVH PDQXDO WHP FRPR REMHWLYR RULHQWDUDUTXLWHWRVHSURILVVLRQDLVGDiUHDQD FRQFHSomRGHSURMHWRVGHHGLILFDo}HVFRPR VLVWHPD/LJKW6WHHO)UDPLQJ /6)   %DVHDGR HP H[WHQVD SHVTXLVD ELEOLR JUiILFDREMHWRGDGLVVHUWDomRGHPHVWUDGRHP GH5HQDWD&UDVWRLQWLWXODGD³$UTXLWHWXUD H7HFQRORJLDHP6LVWHPDV&RQVWUXWLYRV,QGXV WULDOL]DGRV/LJKW6WHHO)UDPLQJ´GR3URJUDPD GH 3yVJUDGXDomR HP &RQVWUXomR 0HWiOLFD GD(VFRODGH0LQDVGD8QLYHUVLGDGH)HGHUDO GH 2XUR 3UHWR YLVLWDV WpFQLFDV DFRPSDQKD PHQWR GH REUDV H WUHLQDPHQWR HVWH PDQXDO DSUHVHQWDRVDVSHFWRVGHSURMHWRHPRQWDJHP SDUDHGLILFDo}HVFRPRVLVWHPDFRQVWUXWLYR/L JKW6WHHO)UDPLQJ &DStWXOR &DUDFWHUtVWLFDVGRVLVWHPD OLJKWVWHHOIUDPLQJ  &DUDFWHUtVWLFDVGRVLVWHPDOLJKWVWHHOIUDPLQJ 2 /LJKW 6WHHO )UDPLQJ /6)  DVVLP FR QKHFLGR PXQGLDOPHQWH p XP VLVWHPD FRQV WUXWLYRGHFRQFHSomRUDFLRQDOTXHWHPFRPR SULQFLSDOFDUDFWHUtVWLFDXPDHVWUXWXUDFRQVWLWX tGDSRUSHUILVIRUPDGRVDIULRGHDoRJDOYDQL ]DGRTXHVmRXWLOL]DGRVSDUDDFRPSRVLomRGH SDLQpLVHVWUXWXUDLVHQmRHVWUXWXUDLVYLJDVVH FXQGiULDVYLJDVGHSLVRWHVRXUDVGHWHOKDGR HGHPDLVFRPSRQHQWHV )RWR 3RUVHUXP VLVWHPDLQGXVWULDOL]DGRSRVVLELOLWDXPDFRQV WUXomRDVHFRFRPJUDQGHUDSLGH]GHH[HFX omR$VVLPGHYLGRDHVVDVFDUDFWHUtVWLFDVR VLVWHPD/LJKW6WHHO)UDPLQJWDPEpPpFRQKH FLGRSRU6LVWHPD$XWRSRUWDQWHGH&RQVWUXomR D6HFR )RWR(VWUXWXUDGHUHVLGrQFLDHP/LJKW6WHHO)UDPLQJ 6mR3DXOR )RQWH&RQVWUXWRUD6HTrQFLD ,QWHUSUHWDQGR D H[SUHVVmR ³6WHHO )UD PLQJ´GRLQJOrV³VWHHO DoR´H³IUDPLQJ´TXH GHULYDGH³IUDPH HVWUXWXUDHVTXHOHWRGLVSRVL omR FRQVWUXomR´ 'LFLRQiULR 0LFKDHOLV   SRGH VHU GHILQLGD SRU 3URFHVVR SHOR TXDO FRPS}HVH XP HVTXHOHWR HVWUXWXUDO HP DoR IRUPDGR SRU GLYHUVRV HOHPHQWRV LQGLYLGXDLV OLJDGRV HQWUH VL SDVVDQGR HVWHV D IXQFLRQDU HPFRQMXQWRSDUD UHVLVWLUjVFDUJDV TXH VROL FLWDP D HGLILFDomR H GDQGR IRUPD D PHVPD $VVLPRVLVWHPD/6)QmRVHUHVXPHDSHQDV DVXDHVWUXWXUD&RPRXPVLVWHPDGHVWLQDGR jFRQVWUXomRGHHGLILFDo}HVHOHpFRPSRVWR SRUYiULRVFRPSRQHQWHVH³VXEVLVWHPDV´(V VHV VXEVLVWHPDV VmR DOpP GR HVWUXWXUDO GH IXQGDomR GH LVRODPHQWR WHUPRDF~VWLFR GH  IHFKDPHQWR LQWHUQR H H[WHUQR H LQVWDODo}HV HOpWULFDV H KLGUiXOLFDV &RQVXO6WHHO   0XLWDVSXEOLFDo}HVXVDPRWHUPR/LJKW*DXJH 6WHHO)UDPHRQGH³JDXJH´pXPDXQLGDGHGH PHGLGDDJRUDTXDVHHPGHVXVRTXHGHILQHD HVSHVVXUDGDVFKDSDVGHPHWDO 3DUDTXHRVLVWHPDFXPSUDFRPDVIXQ o}HVSDUDRTXDOIRLSURMHWDGRHFRQVWUXtGRp QHFHVViULR TXH RV VXEVLVWHPDV HVWHMDP FRU UHWDPHQWH LQWHUUHODFLRQDGRV H TXH RV PDWH ULDLV XWLOL]DGRV VHMDP DGHTXDGRV 'HVVD IRU PDDHVFROKDGRVPDWHULDLVHGHPmRGHREUD pHVVHQFLDOQDYHORFLGDGHGHFRQVWUXomRHQR GHVHPSHQKRGRVLVWHPD )RWR  )RWR0RQWDJHPGHUHVLGrQFLDHP/LJKW6WHHO)UDPLQJ 6mR3DXOR63 )RQWH&RQVWUXWRUD6HTrQFLD $SHVDU GH VHU FRQVLGHUDGD XPD WHFQR ORJLD QRYD D RULJHP GR /LJKW 6WHHO )UDPLQJ UHPRQWD DR LQtFLR GR VpFXOR ;,;  1D YHUGD GH KLVWRULFDPHQWH LQLFLD FRP DV KDELWDo}HV HP PDGHLUD FRQVWUXtGDV SHORV FRORQL]DGRUHV QR WHUULWyULR DPHULFDQR QDTXHOD pSRFD 3DUD DWHQGHUDRFUHVFLPHQWRGDSRSXODomRIRLQH FHVViULR HPSUHJDU PpWRGRV PDLV UiSLGRV H SURGXWLYRV QD FRQVWUXomR GH KDELWDo}HV XWL OL]DQGRRVPDWHULDLVGLVSRQtYHLVQDUHJLmRQR FDVR D PDGHLUD (VVH PpWRGR FRQVLVWLD HP XPD HVWUXWXUD FRPSRVWD GH SHoDV HP PD GHLUD VHUUDGD GH SHTXHQD VHomR WUDQVYHUVDO FRQKHFLGRSRU%DOORRQ)UDPLQJ &RQVXO6WHHO   )LJXUD  SyV 6HJXQGD *XHUUD SRVVLELOLWRX D HYROXomR QRVSURFHVVRVGHIDEULFDomRGHSHUILVIRUPD GRV D IULR H R XVR GRV SHUILV GH DoR VXEVWL WXLQGRRVGHPDGHLUDSDVVRXDVHUYDQWDMRVR GHYLGRDPDLRUUHVLVWrQFLDHHILFLrQFLDHVWUX WXUDO GR DoR H D FDSDFLGDGH GD HVWUXWXUD GH UHVLVWLUDFDWiVWURIHVQDWXUDLVFRPRWHUUHPRWRV HIXUDF}HV )RWR 1DGpFDGDGHDVIOX WXDo}HVQRSUHoRHQDTXDOLGDGHGDPDGHLUD SDUDDFRQVWUXomRFLYLOHVWLPXODUDPRXVRGRV SHUILV GH DoR QDV FRQVWUXo}HV UHVLGHQFLDLV (VWLPRXVHTXHDWpRILQDOGDGpFDGDGH GDVUHVLGrQFLDVFRQVWUXtGDVQRV(VWDGRV 8QLGRVIRUDPHP/6) %DWHPDQ  )LJXUD³%DOORRQIUDPLQJ´ $SDUWLUGDtDVFRQVWUXo}HVHPPDGHLUD FRQKHFLGDV SRU ³:RRG )UDPH´ WRUQDUDPVH D WLSRORJLD UHVLGHQFLDO PDLV FRPXP QRV (V WDGRV 8QLGRV $SUR[LPDGDPHQWH XP VpFXOR PDLVWDUGHHPFRPRJUDQGHGHVHQYRO YLPHQWRGDLQG~VWULDGRDoRQRV(VWDGRV8QL GRVIRLODQoDGRQD)HLUD0XQGLDOGH&KLFDJR RSURWyWLSRGHXPDUHVLGrQFLDHP/LJKW6WHHO )UDPLQJ )RWR TXHXWLOL]DYDSHUILVGHDoR VXEVWLWXLQGRDHVWUXWXUDGHPDGHLUD )UHFKHW WH  )RWR3URWyWLSRGHUHVLGrQFLDHP/LJKW6WHHO)UDPLQJQD ([SRVLomR0XQGLDOGH&KLFDJRHP )RQWHGLVSRQtYHO HPKWWSZHESDJHVPDUVKDOOHGXaEURRNV675$1VWUDQ KWP 2FUHVFLPHQWRGDHFRQRPLDDPHULFDQDH DDEXQGkQFLDQDSURGXomRGHDoRQRSHUtRGR )RWR3HUILVHVWUXWXUDLVGHPDGHLUDHDoRJDOYDQL]DGR )RQWH5REHUW6FKDUII  1R-DSmRDVSULPHLUDVFRQVWUXo}HVHP /6)FRPHoDUDPDDSDUHFHUDSyVD6HJXQGD *XHUUD 0XQGLDO TXDQGR IRL QHFHVViULD D UH FRQVWUXomR GH TXDWUR PLOK}HV GH FDVDV GHV WUXtGDVSRUERPEDUGHLRV$PDGHLUDPDWHULDO XVDGRQDHVWUXWXUDGDVFDVDVKDYLDVLGRXP IDWRU DJUDYDQWH QRV LQFrQGLRV TXH VH DODV WUDYDP GXUDQWH RV DWDTXHV $VVLP R JRYHU QR MDSRQrV UHVWULQJLX R XVR GD PDGHLUD HP FRQVWUXo}HVDXWRSRUWDQWHVDILPGHSURWHJHU RVUHFXUVRVIORUHVWDLVTXHSRGHULDPVHUH[DX ULGRV H WDPEpP SDUD SURPRYHU FRQVWUXo}HV QmRLQIODPiYHLV$LQG~VWULDGRDoRMDSRQHVD YHQGRQHVVDVUHVWULo}HVXPQLFKRGHPHUFD GR FRPHoRX D SURGX]LU SHUILV OHYHV GH DoR SDUDDFRQVWUXomRFRPRXPVXEVWLWXWRSDUDRV SURGXWRV HVWUXWXUDLV GH PDGHLUD &RPR FRQ VHTrQFLD R -DSmR DSUHVHQWD XP PHUFDGR H XPD LQG~VWULD DOWDPHQWH GHVHQYROYLGRV QD iUHD GH FRQVWUXo}HV HP SHUILV OHYHV GH DoR )RWR   &DUDFWHUtVWLFDVGRVLVWHPDOLJKWVWHHOIUDPLQJ )RWR/LQKDGHPRQWDJHPGHPyGXORVUHVLGHQFLDLVQR -DSmR )RQWH6&, $SHVDUGR/6)VHUXPVLVWHPDFRQVWUXWLYREDVWDQWHHPSUHJDGRHPSDtVHVRQGHDFRQVWUX omRFLYLOpSUHGRPLQDQWHPHQWHLQGXVWULDOL]DGDQR%UDVLORQGHSUHYDOHFHRPpWRGRDUWHVDQDODLQGD pSRXFRFRQKHFLGR$VVLPHPXPSULPHLURPRPHQWRSDUDDMXGDUDYLVXDOL]DUR/6)SRGHPRV UHFRUUHUDR³'U\ZDOO´TXHpDPSODPHQWHXWLOL]DGRHPYHGDo}HVLQWHUQDVQR%UDVLOTXHDSHVDUGH QmRWHUIXQomRHVWUXWXUDOXWLOL]DSHUILVJDOYDQL]DGRVSDUDFRPSRUXPHVTXHOHWRRQGHVmRIL[DGDV DVSODFDVSDUDIHFKDPHQWR3RUpPDVHPHOKDQoDDFDEDQHVVHSRQWRMiTXHR/6)FRPRMiIRL GHILQLGRDQWHULRUPHQWHpXPVLVWHPDPXLWRPDLVDPSORFDSD]GHLQWHJUDUWRGRVRVFRPSRQHQWHV QHFHVViULRVjFRQVWUXomRGHXPDHGLILFDomRWHQGRFRPRRIXQGDPHQWDODHVWUXWXUD1DLOXVWUDomR pSRVVtYHOYLVXDOL]DUHVTXHPDWLFDPHQWHDHVWUXWXUDHRVVXEVLVWHPDVGHXPDFDVDHP/6) )L JXUD %DVLFDPHQWHDHVWUXWXUDHP/6)pFRPSRVWDGHSDUHGHVSLVRVHFREHUWXUD5HXQLGRV HOHV SRVVLELOLWDP D LQWHJULGDGH HVWUXWXUDO GD HGLILFDomR UHVLVWLQGR DRV HVIRUoRV TXH VROLFLWDP D HVWUXWXUD  )LJXUD'HVHQKRHVTXHPiWLFRGHXPDUHVLGrQFLDHP/LJKW6WHHO)UDPLQJ $V SDUHGHV TXH FRQVWLWXHP D HVWUXWXUD VmR GHQRPLQDGDV GH SDLQpLV HVWUXWXUDLV RX DXWRSRUWDQWHV H VmR FRPSRVWRV SRU JUDQGH TXDQWLGDGHGHSHUILVJDOYDQL]DGRVPXLWROHYHV GHQRPLQDGRVPRQWDQWHVTXHVmRVHSDUDGRV HQWUH VL GH  RX  PP )RWR   (VWD GLPHQVmRpGHILQLGDGHDFRUGRFRPRFiOFXOR HVWUXWXUDOHGHWHUPLQDDPRGXODomRGRSURMH WR$PRGXODomRRWLPL]DFXVWRVHPmRGHREUD QDPHGLGDTXHVHSDGURQL]DPRVFRPSRQHQ WHVHVWUXWXUDLVRVGHIHFKDPHQWRHGHUHYHV WLPHQWR2VSDLQpLVWrPDIXQomRGHGLVWULEXLU XQLIRUPHPHQWHDVFDUJDVHHQFDPLQKiODVDWp RVROR2IHFKDPHQWRGHVVHVSDLQpLVSRGHVHU IHLWRSRUYiULRVPDWHULDLVPDVQRUPDOPHQWH XWLOL]DPVH SODFDV FLPHQWtFLDV RX SODFDV GH 26% RULHQWHGVWUDQGERDUG H[WHUQDPHQWHH FKDSDVGHJHVVRDFDUWRQDGRLQWHUQDPHQWH )RWR3DLQpLVGRSDYLPHQWRWpUUHRGHFDVDUHVLGHQFLDO %HOR+RUL]RQWH0* )RQWHDUTXLYRGRDXWRU 2V SLVRV SDUWLQGR GR PHVPR SULQFtSLR GRVSDLQpLVXWLOL]DPSHUILVJDOYDQL]DGRVGLV SRVWRV QD KRUL]RQWDO H REHGHFHP j PHVPD PRGXODomRGRVPRQWDQWHV(VVHVSHUILVFRP S}HP DV YLJDV GH SLVR VHUYLQGR GH HVWUXWX UD GH DSRLR DRV PDWHULDLV TXH IRUPDP D VX SHUItFLHGRFRQWUDSLVR$VYLJDVGHSLVRHVWmR DSRLDGDV QRV PRQWDQWHV GH IRUPD D SHUPLWLU TXHVXDVDOPDVHVWHMDPHPFRLQFLGrQFLDFRP DV DOPDV GRV PRQWDQWHV GDQGR RULJHP DR FRQFHLWRGHHVWUXWXUDDOLQKDGDRX³LQOLQHIUD PLQJ´ (VVD GLVSRVLomR SHUPLWH JDUDQWLU TXH SUHGRPLQH HVIRUoRV D[LDLV QRV HOHPHQWRV GD HVWUXWXUD )RWR  )RWR9LVWDGDHVWUXWXUDGRSLVRFRPYLJDVHPSHUILVJDO YDQL]DGRVHFRQWUDSLVRHP26% )RQWHDUTXLYRGRDXWRU $WXDOPHQWHFRPDSOXUDOLGDGHGHPDQL IHVWDo}HV DUTXLWHW{QLFDV R DUTXLWHWR GLVS}H GH YiULDV VROXo}HV SDUD FREHUWXUDV GH VHXV HGLItFLRV0XLWDVYH]HVDHVFROKDGRWHOKDGR SRGH UHPHWHU D XP HVWLOR RX XPD WHQGrQFLD GHpSRFD,QGHSHQGHQWHGDWLSRORJLDDGRWDGD GHVGHGDFREHUWDSODQDDWpWHOKDGRVPDLVHOD ERUDGRVDYHUVDWLOLGDGHGR/6)SRVVLELOLWDDR DUTXLWHWROLEHUGDGHGHH[SUHVVmR4XDQGRVH WUDWD GH FREHUWXUDV LQFOLQDGDV D VROXomR VH DVVHPHOKDPXLWRjGDFRQVWUXomRFRQYHQFLR QDOFRPRXVRGHWHVRXUDVSRUpPVXEVWLWXLQ GR R PDGHLUDPHQWR SRU SHUILV JDOYDQL]DGRV )RWR $VWHOKDVXWLOL]DGDV SDUDDFREHU WXUDSRGHPVHUFHUkPLFDVGHDoRGHFLPHQWR UHIRUoDGR SRU ILRV VLQWpWLFRV RX GH FRQFUHWR 7DPEpPVmRXVDGDVDVWHOKDV³VKLQJOHV´TXH VmRFRPSRVWDVGHPDWHULDODVIiOWLFR )RWR(VWUXWXUDGRWHOKDGRGHUHVLGrQFLDHP/LJKW6WHHO )UDPLQJ )RQWH$UTXLYRGRDXWRU  &DUDFWHUtVWLFDVGRVLVWHPDOLJKWVWHHOIUDPLQJ $VVLP GH DFRUGR FRP R GHVFULWR DQWH ULRUPHQWH SRGHPRV GHILQLU RV IXQGDPHQWRV GRVLVWHPD/6)FRPR ‡(VWUXWXUD³SDLQHOL]DGD´ ‡0RGXODomR±WDQWRGRVHOHPHQWRV HVWUXWXUDLVFRPRGRVGHPDLV FRPSRQHQWHVGHIHFKDPHQWRHGH UHYHVWLPHQWRHWF ‡(VWUXWXUDDOLQKDGD LQOLQHIUDPLQJ 2XVRGDHVWUXWXUDGHDoRQmRLPS}HDR SURMHWRTXHDPHVPDHVWHMDDSDUHQWH0XLWRV XVXiULRVHSURMHWLVWDVGHVFDUWDPDFRQVWUXomR HP DoR SRU DFKDU TXH UHVXOWDUi HP XPD DU TXLWHWXUD PXLWR SHFXOLDU RX ³KLJKWHFK´ (VVH UHFHLR p PDLRU TXDQGR VH WUDWD GD DUTXLWHWX UDUHVLGHQFLDO3RUpPDFRQVWUXomRHPDoRp PXLWR YHUViWLO H YLDELOL]D TXDOTXHU SURMHWR DU TXLWHW{QLFR GHVGH TXH HOH VHMD FRQFHELGR H SODQHMDGRFRQVLGHUDQGRRFRPSRUWDPHQWRGR VLVWHPD $ UDFLRQDOL]DomR LQGXVWULDOL]DomR H UDSLGH]GHH[HFXomRFDUDFWHUtVWLFDVWmRDSUH FLDGDV QD FRQVWUXomR HP DoR Vy VmR SRVVt YHLV TXDQGR Ki XP SODQHMDPHQWR LQWHJUDO GD REUDTXHLPSOLFDHPXPSURMHWRDPSODPHQWH GHWDOKDGR&RPR/LJKW6WHHO)UDPLQJQmRpGL IHUHQWHRGHWDOKDPHQWRGRVSURMHWRVWDQWRGH DUTXLWHWXUDFRPRHVWUXWXUDORXFRPSOHPHQWD UHVVmRHVVHQFLDLVSDUDRPHOKRUGHVHPSHQKR GRVLVWHPDHSDUDVHHYLWDUSDWRORJLDV3RUpP QHVVHVLVWHPDDHVWUXWXUDQXQFDVHDSUHVHQWD DSDUHQWHMiTXHRVHOHPHQWRVHVWUXWXUDLVTXH IRUPDPDVSDUHGHVSLVRVHWHWRVHVWmRVHP SUHHQFREHUWRVSHORVPDWHULDLVGHIHFKDPHQ WRDVVLPRUHVXOWDGRILQDODVVHPHOKDVHjGH XPDFRQVWUXomRFRQYHQFLRQDO )RWR  )RWR5HVLGrQFLDVFRQVWUXtGDVFRPRVLVWHPD/LJKW6WH HO)UDPLQJHP&RWLD6mR3DXOR )RQWH$UTXLYRGRDXWRU $HVWUXWXUDGHSHUILVGHDoRJDOYDQL]DGR pDSDUWHSULQFLSDOGRVLVWHPD/6)3DUDFRP SRUXPFRQMXQWRDXWRSRUWDQWHFDSD]GHUHVLV WLUDRVHVIRUoRVVROLFLWDGRVSHODHGLILFDomRp QHFHVViULRTXHRGLPHQVLRQDPHQWRGRVSHUILV H R SURMHWR HVWUXWXUDO VHMDP H[HFXWDGRV SRU SURILVVLRQDOHVSHFLDOL]DGR2SUpGLPHQVLRQD PHQWRHVWUXWXUDOSDUDHGLILFDo}HVUHVLGHQFLDLV GH DWp GRLV SDYLPHQWRV SRGH VHU UHDOL]DGR DWUDYpVGR0DQXDO³/LJKW6WHHO)UDPLQJ(Q JHQKDULD´ 5RGULJXHV    GLVSRQLELOL]DGR SHOR&HQWUR%UDVLOHLURGD&RQVWUXomRHP$oR &%&$  2 SURMHWR HVWUXWXUDO GH HGLILFDo}HV HP/LJKW6WHHO)UDPLQJGHYHDWHQGHUDVHVSH FLILFDo}HV GDV QRUPDV EUDVLOHLUDV SDUD SHUILV IRUPDGRVDIULR 9DQWDJHQVQR8VRGR6LVWHPD /LJKW6WHHO)UDPLQJ 2VSULQFLSDLVEHQHItFLRVHYDQWDJHQVQR XVRGRVLVWHPD/LJKW6WHHO)UDPLQJ /6) HP HGLILFDo}HVVmRRVVHJXLQWHV ‡2VSURGXWRVTXHFRQVWLWXHPRVLVWHPD VmRSDGURQL]DGRVGHWHFQRORJLDDYDQoD GD HP TXH RV HOHPHQWRV FRQVWUXWLYRV VmR SURGX]LGRV LQGXVWULDOPHQWH RQGH D PDWpULDSULPDXWLOL]DGDRVSURFHVVRVGH  IDEULFDomR VXDV FDUDFWHUtVWLFDV WpFQL FDVHDFDEDPHQWRSDVVDPSRUULJRURVRV FRQWUROHVGHTXDOLGDGH ‡2 DoR p XP PDWHULDO GH FRPSURYDGD UHVLVWrQFLDHRDOWRFRQWUROHGHTXDOLGD GH WDQWR QD SURGXomR GD PDWpULDSULPD TXDQWRGHVHXVSURGXWRVSHUPLWHPDLRU SUHFLVmR GLPHQVLRQDO H PHOKRU GHVHP SHQKRGDHVWUXWXUD GRGLYHUVDVYH]HVVHPSHUGHUVXDVSUR SULHGDGHV ‡*UDQGH IOH[LELOLGDGH QR SURMHWR DUTXL WHW{QLFRQmROLPLWDQGRDFULDWLYLGDGHGR DUTXLWHWR ‡)DFLOLGDGH GH REWHQomR GRV SHUILV IRU PDGRVDIULRMiTXHVmRODUJDPHQWHXWLOL ]DGRVSHODLQG~VWULD ‡'XUDELOLGDGHHORQJHYLGDGHGDHVWUXWX UDSURSRUFLRQDGDSHORSURFHVVRGHJDO YDQL]DomRGDVFKDSDVGHIDEULFDomRGRV SHUILV ‡)DFLOLGDGH GH PRQWDJHP PDQXVHLR H WUDQVSRUWHGHYLGRDOHYH]DGRVHOHPHQ WRV ‡&RQVWUXomRDVHFRRTXHPLQRUDRXVR GHUHFXUVRVQDWXUDLVHRGHVSHUGtFLR ‡2V SHUILV SHUIXUDGRV SUHYLDPHQWH H D XWLOL]DomR GRV SDLQpLV GH JHVVR DFDUWR QDGRIDFLOLWDPDVLQVWDODo}HVHOpWULFDVH KLGUiXOLFDV ‡0HOKRUHV QtYHLV GH GHVHPSHQKR WHU PRDF~VWLFRTXHSRGHPVHUDOFDQoDGRV DWUDYpVGDFRPELQDomR GH PDWHULDLV GH IHFKDPHQWRHLVRODPHQWR ‡)DFLOLGDGHQDH[HFXomRGDVOLJDo}HV ‡5DSLGH]GHFRQVWUXomRXPDYH]TXHR FDQWHLURVHWUDQVIRUPDHPORFDOGHPRQ WDJHP ‡2DoRpXPPDWHULDOLQFRPEXVWtYHO ‡2DoRpUHFLFOiYHOSRGHQGRVHUUHFLFOD  &DUDFWHUtVWLFDVGRVLVWHPDOLJKWVWHHOIUDPLQJ $SOLFDo}HV $V DSOLFDo}HV GR VLVWHPD /LJKW 6WHHO )UDPLQJVmRYDULDGDVFRQIRUPHRVH[HPSORV LOXVWUDGRVDVHJXLU D 5HVLGrQFLDV8QLIDPLOLDUHV )RWR5HVLGrQFLDHP&RWLD63 )RQWHDUTXLYRGR DXWRU )RWR5HVLGrQFLDQR&KLOH )RQWH*X\:HQERUQH  ,PDJHPRULJLQDOPHQWHSXEOLFDGDHP3(77(5621(GXDUG $UTXLWHFWXUD0LQLPDOLVWD%DUFHORQD$WULXP*URXSGH(GLFLRQHV\ 3XEOLFDFLRQHV6/  )RWR5HVLGrQFLDHP2[IRUG±,QJODWHUUD )RQWHGLVSR QtYHOKWWSZZZVWHHOVFLRUJOLJKWVWHHO )RWR5HVLGrQFLDHP6mR3DXOR )RQWHGLVSRQtYHOHP KWWSZZZFRQVWUXWRUDVHTXHQFLDFRPEU )RWR3URWyWLSRGHXPDUHVLGrQFLDXQLIDPLOLDUGDHP SUHVD86,0,1$6 E (GLItFLRVUHVLGHQFLDLVHFRPHUFLDLVDWp TXDWURSDYLPHQWRV )RWR3URWyWLSRGHXPDUHVLGrQFLDXQLIDPLOLDUHP3DULV )RQWH5HYLVWD$UFKLWHFWXUHj9LYUH )RWR(GLItFLRQD,QJODWHUUD )RQWH6&,  &DUDFWHUtVWLFDVGRVLVWHPDOLJKWVWHHOIUDPLQJ H 8QLGDGHVPRGXODUHV  1R FDVR GH XQLGDGHV PRGXODUHV WHP VHPyGXORVLQGLYLGXDLVSURQWRVGHEDQKHLURV FR]LQKDVHRXWUDVGHSHQGrQFLDVSDUDFRQVWUX omRGHHGLItFLRVUHVLGHQFLDLVFRPHUFLDLVKR WpLVHWF )RWR(GLItFLRHP'XEOLQ,UODQGD )RQWHGLVSRQtYHO HPKWWSZZZVWHHOVFLRUJOLJKWVWHHO F +RWpLV )RWRPyGXORVHP/6)IRUPDPHVVHHGLItFLRQD ,QJODWHUUD )RQWHGLVSRQtYHOHPKWWSZZZFRUXVFRQVWUXF WLRQFRPSDJHBKWP  )RWR+RWHOQD,QJODWHUUD )RQWHGLVSRQtYHOHPKWWS ZZZVWHHOVFLRUJOLJKWVWHHO G  +RVSLWDLV FOtQLFDV HVWDEHOHFLPHQWRV GHHQVLQR )RWR0yGXORVGHEDQKHLURVSURQWRVHSRVLFLRQDGRV QR+RWHO0RQGLDO$LUSRUW%XVLQHVVHP6mR3DXOR )RQWH =LJXUDWH(GLWRUD  I ³5HWURILW´GHHGLILFDo}HV 1RFDVRGH³UHWURILW´GHHGLILFDo}HVWHP VHDXWLOL]DomRGR/LJKW6WHHO)UDPLQJQRUH YHVWLPHQWRGHIDFKDGDVFRQVWUXomRGHPH]D QLQRV H FREHUWXUDV VXEVWLWXLomR GH WHOKDGRV HWF  )RWR±&OtQLFDGH3QHXPRORJLD$QJOR*ROG1RYD/LPD 0* )RQWHDUTXLYRGRDXWRU  ,PDJHPRULJLQDOPHQWHSXEOLFDGDHP'LDV/XtV$QGUDGHGH0DWWRV $oRH$UTXLWHWXUD(VWXGRGH(GLILFDo}HVQR%UDVLO6mR3DXOR=LJX UDWH(GLWRUDSJ JHPHPFRQMXQWRGHPDWUL]HVURWDWLYDV )RWR  GHWLUDVGHDoRFRUWDGDVGHFKDSDVRX ERELQDVODPLQDGDVDIULRRXjTXHQWHUHYHVWL GDVRXQmR 1%5 (SRVVLELOLWDP DIRUPDomRGHVHo}HVYDULDGDVQDVXDIRUPD HRXGLPHQVmR3RUHVVDVRSHUDo}HVRFRUUH UHPFRPRDoRQDWHPSHUDWXUDDPELHQWHDG YpPRWHUPR³IRUPDGRDIULR´ )RWR5HIRUPDGHIDFKDGDXVDQGR/LJKW6WHHO)UDPLQJ )RQWHGLVSRQtYHOHPKWWSZZZVWHHOVFLRUJOLJKWVWHHO )RWR)DEULFDomRSRUSHUILODJHPGHSHUILVVHomR8H )RQWH6&, )RWR±5HIRUPDGHWHOKDGRVVXEVWLWXLQGRSRUWHVRXUDV IDEULFDGDVFRPSHUILVIRUPDGRVDIULR )RQWH6&, 3HUILV)RUPDGRVD)ULRHVXD  8WLOL]DomRQD&RQVWUXomR&LYLO $VHVWUXWXUDVGHDoRVmRFRPSRVWDVSRU GXDV³IDPtOLDV´GHHOHPHQWRVHVWUXWXUDLV8PD FRPSRVWD SHORV SHUILV ODPLQDGRV H VROGDGRV RXHOHWURIXQGLGRVHDRXWUDFRPSRVWDSRUSHU ILVIRUPDGRVDIULR2VSHUILVHVWUXWXUDLVGHDoR IRUPDGRVDIULRVmRREWLGRVDSDUWLUGRGREUD PHQWRHPSUHQVDGREUDGHLUDRXSRUSHUILOD &RP R GHVHQYROYLPHQWR GD HQJHQKD ULD FLYLO HVWUXWXUDV PDLV OHYHV H HFRQ{PLFDV DVVRFLDGDV j LQGXVWULDOL]DomR GR SURFHVVR FRQVWUXWLYRWrPVLGRGHVHQYROYLGDVGHPRGR DDWHQGHUDVH[SHFWDWLYDVWHFQROyJLFDV1HVWH VHQWLGR RV SHUILV GH DoR IRUPDGRV D IULR VH HQTXDGUDPSHUIHLWDPHQWH$XWLOL]DomRQDHQ JHQKDULDFLYLOGHHVWUXWXUDVGHDoRFRPSRVWDV SRUSHUILVIRUPDGRVDIULRWHPKRMHQR%UDVLO VXDXWLOL]DomRHPIDVHGHUiSLGRFUHVFLPHQWR HPYLUWXGHGDVGLYHUVDVYDQWDJHQVTXHRHP SUHJRGHVWHVSHUILVRIHUHFH $VYDQWDJHQVIXQGDPHQWDLVVmRDJUDQGH YHUVDWLOLGDGH WDQWR QD IDEULFDomR GH VHo}HV GHIRUPDVEDVWDQWHYDULDGDVHTXHSRGHPVHU DGDSWDGDV D XP JUDQGH Q~PHUR GH DSOLFD o}HVTXDQWRQDFRQVWUXomRHPRQWDJHPGDV HVWUXWXUDVSRLVWUDWDPVHGHHOHPHQWRVH[WUH PDPHQWHOHYHVVHFRPSDUDGRVDRXWURVSHUILV (VWDV YDQWDJHQV UHVXOWDP HP SUDWLFLGDGH QD FRQVWUXomR GH GLYHUVRV WLSRV GH HVWUXWXUDV H FXVWR UHODWLYDPHQWH EDL[R $VVLP HVWi FDGD  &DUDFWHUtVWLFDVGRVLVWHPDOLJKWVWHHOIUDPLQJ YH]PDLVFRPXPDXWLOL]DomRGHSHUILVIRUPD GRVDIULRQDFRQVWUXomRGHHVWUXWXUDVGHHGL ItFLRV UHVLGHQFLDLV H FRPHUFLDLV FREHUWXUDV JDOS}HVSDVVDUHODVUHVLGrQFLDVHVWDQWHVLQ G~VWULDLVGHDUPD]HQDPHQWRHQWUHRXWUDV 7LSRVGH3HUILV8WLOL]DGRVHP/6) 2V SHUILV WtSLFRV SDUD R XVR HP /LJKW 6WHHO )UDPLQJ VmR REWLGRV SRU SHUILODJHP D SDUWLUGHERELQDVGHDoRUHYHVWLGDVFRP]LQFR RXOLJDDOXPtQLR]LQFRSHORSURFHVVRFRQWtQXR GHLPHUVmRDTXHQWHRXSRUHOHWURGHSRVLomR FRQKHFLGRFRPRDoRJDOYDQL]DGR$VPDVVDV PtQLPDV GH UHYHVWLPHQWR VmR DSUHVHQWDGDV QDWDEHOD$HVSHVVXUDGDFKDSDYDULDHQ WUH  DWp  PP 1%5   $V VHo}HVPDLVFRPXQVQDVHGLILFDo}HVHP/LJKW 6WHHO)UDPLQJVmRDVFRPIRUPDWRHP³&´RX ³8´HQULMHFLGR 8H SDUDPRQWDQWHVHYLJDVHR ³8´TXHpXVDGRFRPRJXLDQDEDVHHQRWRSR GRVSDLQpLV 7DEHOD  ± 5HYHVWLPHQWR PtQLPR GRV SHUILV HVWUXWXUDLV H QmRHVWUXWXUDLV )RQWH 1%5 3HUILVHVWUXWXUDLV 3HUILVQmRHVWUXWXUDLV 0DVVDPtQLPD GRUHYHVWLPHQWR JPð  'HVLJQDomRGR UHYHVWLPHQWR FRQIRUPH QRUPDV 0DVVDPtQLPD GRUHYHVWLPHQWR JPð  'HVLJQDomRGR UHYHVWLPHQWR FRQIRUPHQRUPDV =LQFDGRSRULPHUVmRD TXHQWH  = 1%5  = 1%5 =LQFDGRSRUHOHWURGHSRVLomR   1%5   1%5 $OXPtQLR]LQFRSRULPHUVmRD TXHQWH  $= 10  $= 10 7LSRGHUHYHVWLPHQWR  $PDVVDPtQLPDUHIHUHVHDRWRWDOQDVGXDVIDFHV PpGLDGRHQVDLRWULSOR HVXDGHWHUPLQDomRGHYHVHU FRQIRUPHD10 $WDEHODDSUHVHQWDDVVHo}HVWUDQV YHUVDLVGRVSHUILVXWLOL]DGRVHVXDVDSOLFDo}HV $ VHomR GR SHUILO 8 JXLD  SRVVXL DOPD EZ  H PHVD EI  TXH WDPEpP SRGH VHU FKDPDGR GHIODQJHRXDEDPDVQmRSRVVXLDERUGD '  TXH HVWi SUHVHQWH QR PRQWDQWH LVWR SHUPLWH RHQFDL[HGHVWHQDJXLD$VJXLDVQmRGHYHP WUDQVPLWLU QHP DEVRUYHU RV HVIRUoRV VHQGR LVWR IHLWR SHORV PRQWDQWHV YLJDV H HYHQWXDO PHQWHSLODUHVSUHVHQWHVQDHVWUXWXUD $VGLPHQV}HVGDDOPDGRVSHUILV8HYD ULDP JHUDOPHQWH GH  D  PP PHGLGDV H[WHUQDV  DSHVDU GH VHU SRVVtYHO XWLOL]DU RX WUDVGLPHQV}HV WDEHOD 2VSHUILV8DSUH VHQWDPDODUJXUDGDDOPDPDLRUTXHDGRSHUILO 8HDILPGHSHUPLWLURHQFDL[HGHVWHQRSHUILO JXLDRX8 WDEHOD 1R%UDVLODVGLPHQV}HV FRPHUFLDOL]DGDVVmRHPP(DVPH  VDVSRGHPYDULDUGHDPPGHSHQGHQGR GRIDEULFDQWHHGRWLSRGHSHUILO2VRXWURVSHU ILVTXHSRGHPVHUQHFHVViULRVSDUDHVWUXWXUDV GH/6)VmRWLUDVSODQDVFDQWRQHLUDVHFDUWR ODV WDEHODVH 7LUDVRXILWDVTXHYrP HPXPDYDULHGDGHGHODUJXUDVVmRWLSLFDPHQ WHXWLOL]DGDVSDUDHVWDELOL]DomRGRVSDLQpLVH IRUPDomRGHOLJDo}HV$VFDQWRQHLUDVVmRQRU PDOPHQWHXVDGDVHPFRQH[}HVGHHOHPHQWRV RQGHXPSHUILO8HQmRpDGHTXDGRHRFDUWROD p FRPXPHQWH HPSUHJDGR FRPR ULSDV GH WH OKDGR *DUQHU $OpPGDHVSHVVXUD WQ  DUHVLVWrQFLDGHXPSHUILOGHDoRGHSHQGHGD GLPHQVmR IRUPD H OLPLWH GH HODVWLFLGDGH GR DoR2OLPLWHGHHVFRDPHQWRGRVSHUILVGHDoR ]LQFDGRGHWHUPLQDGRGHDFRUGRFRPDQRUPD 1%5  QmR GHYH VHU LQIHULRU D  03D 1%5  7DEHOD'HVLJQDo}HVGRVSHUILVGHDoRIRUPDGRVDIULRSDUDXVRHP/LJKW6WHHO)UDPLQJH VXDVUHVSHFWLYDVDSOLFDo}HV )RQWH1%5   &DUDFWHUtVWLFDVGRVLVWHPDOLJKWVWHHOIUDPLQJ 7DEHOD'LPHQV}HV1RPLQDLV8VXDLVGRV3HUILVGH$oRSDUD/LJKW6WHHO)UDPLQJ )RQWHDSDUWLUGD1%5  ',0(16®(6 PP '(6,*1$d­2 PP /$5*85$'$ $/0$EZ PP /$5*85$'$ 0(6$EI PP /$5*85$'2 (15,-(&('25'( %25'$' PP 8H[ 0RQWDQWH    8H[ 0RQWDQWH    8H[ 0RQWDQWH    8H[ 0RQWDQWH    8H[ 0RQWDQWH    8[ *XLD    8[ *XLD    8[ *XLD    8[ *XLD    8[ *XLD    /[ &DQWRQHLUDVGH DEDVGHVLJXDLV    /[ &DQWRQHLUDVGH DEDVGHVLJXDLV    /[ &DQWRQHLUDVGH DEDVGHVLJXDLV    &U[ &DUWROD    0pWRGRVGH&RQVWUXomR +i HVVHQFLDOPHQWH WUrV PpWRGRV GH FRQVWUXomRXWLOL]DQGRR/LJKW6WHHO)UDPLQJ D 0pWRGR³6WLFN´ GRVLVWHPD ‡)DFLOLGDGHGHWUDQVSRUWHGDVSHoDVDWp RFDQWHLUR ‡$VOLJDo}HVGRVHOHPHQWRVVmRGHIiFLO H[HFXomR DSHVDU GR DXPHQWR GH DWLYL GDGHVQDREUD 1HVWH PpWRGR GH FRQVWUXomR RV SHUILV VmR FRUWDGRV QR FDQWHLUR GD REUD H SDLQpLV ODMHV FROXQDV FRQWUDYHQWDPHQWRV H WHVRX UDVGHWHOKDGRVVmRPRQWDGRVQRORFDO )RWR  2VSHUILVSRGHPYLUSHUIXUDGRVSDUDD SDVVDJHPGDVLQVWDODo}HVHOpWULFDVHKLGUiX OLFDV H RV GHPDLV VXEVLVWHPDV VmR LQVWDOD GRVSRVWHULRUPHQWHjPRQWDJHPGDHVWUXWXUD (VVDWpFQLFDSRGHVHUXVDGDHPORFDLVRQGH DSUpIDEULFDomRQmRpYLiYHO$VYDQWDJHQV GHVVHPpWRGRFRQVWUXWLYRVmR ‡1mR Ki D QHFHVVLGDGH GR FRQVWUXWRU SRVVXLU XP ORFDO SDUD D SUpIDEULFDomR  )RWR/LJKW6WHHOIUDPLQJPRQWDGRSHORPpWRGR³VWLFN´ )RQWH5REHUW6FKDUII   E 0pWRGRSRU3DLQpLV  3DLQpLV HVWUXWXUDLV RX QmR HVWUXWXUDLV FRQWUDYHQWDPHQWRV ODMHV H WHVRXUDV GH WH OKDGRSRGHPVHUSUpIDEULFDGRVIRUDGRFDQ WHLURHPRQWDGRVQRORFDO )RWR $OJXQV PDWHULDLVGHIHFKDPHQWRSRGHPWDPEpPVHU DSOLFDGRV QD IiEULFD SDUD GLPLQXLU R WHPSR GDFRQVWUXomR2VSDLQpLVHVXEVLVWHPDVVmR FRQHFWDGRVQRORFDOXVDQGRDVWpFQLFDVFRQ YHQFLRQDLV SDUDIXVRVDXWREURFDQWHVHDXWR DWDUUDFKDQWHV $VSULQFLSDLVYDQWDJHQVVmR ‡9HORFLGDGHGHPRQWDJHP ‡$OWRFRQWUROHGHTXDOLGDGHQDSURGXomR GRVVLVWHPDV ‡0LQLPL]DomRGRWUDEDOKRQDREUD ‡$XPHQWRGDSUHFLVmRGLPHQVLRQDOGHYL GRjVFRQGLo}HVPDLVSURStFLDVGHPRQ WDJHPGRVVLVWHPDVQDIiEULFD PHWDLV LQVWDODo}HV HOpWULFDV H KLGUiXOLFDV HWF$VXQLGDGHVSRGHPVHUHVWRFDGDVODGRD ODGRRXXPDVREUHDVRXWUDVMiQDIRUPDGD FRQVWUXomR ILQDO )RWR   ([HPSOR PXLWR FRPXPGHVVHWLSRGHFRQVWUXomRVmRRVPy GXORVGHEDQKHLURVSDUDREUDVFRPHUFLDLVRX UHVLGHQFLDLVGHJUDQGHSRUWH )RWR  )RWR±8QLGDGHVPRGXODUHVHPSLOKDGDVQDIRUPDGD FRQVWUXomRILQDORYD]LRTXHVHYrDRFHQWURIRUPDUiDFLUFX ODomRGHDFHVVRDVXQLGDGHV )RQWH6&, )RWR0yGXORGHEDQKHLUR )RQWH6&, )RWR±(OHPHQWRVHVWUXWXUDLVFRPRWHVRXUDVHSDLQpLV VmRSUpIDEULFDGRVHPRILFLQDVHOHYDGRVDREUDSDUDPRQ WDJHPGDHVWUXWXUD )RQWHKWWSZZZDHJLVPHWDOIUDPLQJ FRP  F &RQVWUXomR0RGXODU  &RQVWUXo}HV PRGXODUHV VmR XQLGDGHV FRPSOHWDPHQWH SUpIDEULFDGDV H SRGHP VHU HQWUHJXHVQRORFDOGDREUDFRPWRGRVRVDFD EDPHQWRV LQWHUQRV FRPR UHYHVWLPHQWRV ORX oDV VDQLWiULDV EDQFDGDV PRELOLiULRV IL[RV   G ³%DOORRQ)UDPLQJ´H³3ODWIRUP )UDPLQJ´  &RQVWUXomR WLSR ³6WLFN´ RX SRU SDLQpLV SRGHP VHU PRQWDGDV QD IRUPD ³%DOORRQ´ RX ³3ODWIRUP´1DFRQVWUXomR³%DOORRQ´DHVWUXWX UDGRSLVRpIL[DGDQDVODWHUDLVGRVPRQWDQWHV HRVSDLQpLVVmRJHUDOPHQWHPXLWRJUDQGHVH YmRDOpPGHXPSDYLPHQWR )LJXUD   &DUDFWHUtVWLFDVGRVLVWHPDOLJKWVWHHOIUDPLQJ 1D FRQVWUXomR ³3ODWIRUP´ SLVRV H SD UHGHV VmR FRQVWUXtGRV VHTHQFLDOPHQWH XP SDYLPHQWR D FDGD YH] H RV SDLQpLV QmR VmR HVWUXWXUDOPHQWHFRQWtQXRV$VFDUJDVGHSLVR VmRGHVFDUUHJDGDVD[LDOPHQWHDRVPRQWDQWHV )LJXUD   3RU VHU EDVWDQWH XWLOL]DGR QDV FRQVWUXo}HVDWXDLVpRPpWRGRTXHVHUiDERU GDGRQHVVHWUDEDOKR )XQGDo}HV 3RUVHUPXLWROHYHDHVWUXWXUDGH/6)H RVFRPSRQHQWHVGHIHFKDPHQWRH[LJHPEHP PHQRV GD IXQGDomR GR TXH RXWUDV FRQVWUX o}HV1RHQWDQWRFRPRDHVWUXWXUDGLVWULEXLD FDUJDXQLIRUPHPHQWHDRORQJRGRVSDLQpLVHV WUXWXUDLVDIXQGDomRGHYHUiVHUFRQWtQXDVX SRUWDQGRRVSDLQpLVHPWRGDDVXDH[WHQVmR $ HVFROKD GR WLSR GH IXQGDomR YDL GHSHQGHU DOpP GD WRSRJUDILD GR WLSR GH VROR GR QtYHO GR OHQoRO IUHiWLFR H GD SURIXQGLGDGH GH VROR ILUPH(VVDVLQIRUPDo}HVVmRREWLGDVDWUDYpV GDVRQGDJHPGRWHUUHQR $VIXQGDo}HVVmRHIHWXDGDVVHJXQGRR SURFHVVRGDFRQVWUXomRFRQYHQFLRQDOHFRPR HPTXDOTXHURXWUDFRQVWUXomRGHYHVHREVHU YDURLVRODPHQWRFRQWUDDXPLGDGH )LJXUD(VTXHPDGHFRQVWUXomRWLSR³EDOORRQ´ )RQWH 6&,  eLPSRUWDQWHGHVWDFDUTXHXPERPSUR MHWRHH[HFXomRGDIXQGDomRLPSOLFDHPPDLRU HILFLrQFLDHVWUXWXUDO$TXDOLGDGHILQDOGDIXQ GDomRHVWiLQWLPDPHQWHOLJDGDDRFRUUHWRIXQ FLRQDPHQWR GRV VXEVLVWHPDV TXH IRUPDP R HGLItFLR &RQVXO6WHHO $VVLPEDVHFRU UHWDPHQWHQLYHODGDHHPHVTXDGURSRVVLELOLWD PDLRU SUHFLVmR GH PRQWDJHP GD HVWUXWXUD H GHPDLVFRPSRQHQWHVGRVLVWHPD $VHJXLUVHUmRGHVWDFDGDVDVIXQGDo}HV WLSRODMH5DGLHUHVDSDWDFRUULGDDILPGHLOXV WUDUDDQFRUDJHPGRVSDLQpLVjIXQGDomR )LJXUD(VTXHPDGHFRQVWUXomRWLSR³SODWIRUP´ )RQWH 6&,  /DMH5DGLHU 2UDGLHUpXPWLSRGHIXQGDomRUDVDTXH IXQFLRQDFRPRXPDODMHHWUDQVPLWHDVFDUJDV GDHVWUXWXUDSDUDRWHUUHQR2VFRPSRQHQWHV HVWUXWXUDLVIXQGDPHQWDLVGRUDGLHUVmRDODMH FRQWtQXDGHFRQFUHWRHDVYLJDVQRSHUtPHWUR GDODMHHVREDVSDUHGHVHVWUXWXUDLVRXFROX QDV H RQGH PDLV IRU QHFHVViULR SDUD IRUQH FHUULJLGH]QRSODQRGDIXQGDomR )LJXUD  6HPSUHTXHRWLSRGHWHUUHQRSHUPLWHDODMH UDGLHUpDIXQGDomRPDLVFRPXPHQWHXWLOL]DGD SDUDFRQVWUXo}HVHP/LJKW6WHHOIUDPLQJ 6DSDWD&RUULGDRX9LJD%DOGUDPH )LJXUD&RUWHHVTXHPiWLFRGHXPDODMHUDGLHU 2 GLPHQVLRQDPHQWR GR UDGLHU UHVXOWDUi GRFiOFXORHVWUXWXUDOHRVHXSURFHGLPHQWRGH H[HFXomRGHYHREVHUYDUDOJXPDVFRQGLo}HV FRPRSRUH[HPSOR ‡$ ILP GH HYLWDU D XPLGDGH GR VROR RX LQILOWUDomRGHiJXDQDFRQVWUXomRSUHYHU RQtYHOGRFRQWUDSLVRDQRPtQLPRFP GHDOWXUDGRVROR ‡1DVFDOoDGDVDRUHGRUGDFRQVWUXomR JDUDJHQV H WHUUDoRV )RWR   SRVVL ELOLWDURHVFRDPHQWRGDiJXDDWUDYpVGH XPDLQFOLQDomRGHSHORPHQRV $VDSDWDFRUULGDpXPWLSRGHIXQGDomR LQGLFDGD SDUD FRQVWUXo}HV FRP SDUHGHV SRU WDQWHVRQGHDGLVWULEXLomRGDFDUJDpFRQWtQXD DR ORQJR GDV SDUHGHV &RQVWLWXLVH GH YLJDV TXHSRGHPVHUGHFRQFUHWRDUPDGRGHEORFRV GHFRQFUHWRRXDOYHQDULDTXHVmRORFDGRVVRE RV SDLQpLV HVWUXWXUDLV 2 FRQWUDSLVR GR SDYL PHQWRWpUUHRSDUDHVVHWLSRGHIXQGDomRSRGH VHU HP FRQFUHWR RX FRQVWUXtGR FRP SHUILV JDOYDQL]DGRVTXHDSRLDGRVVREUHDIXQGDomR FRQVWLWXHPXPDHVWUXWXUDGHVXSRUWHDRVPD WHULDLVTXHIRUPDPDVXSHUItFLHGRFRQWUDSLVR FRPRRFRUUHFRPDVODMHVGHSLVRTXHVHUmR DSUHVHQWDGDVQRFDStWXOR )LJXUD  )RWR±/DMHUDGLHU )RQWHGLVSRQtYHOHPZZZPHWDOLFD FRPEU $ILJXUDDVHJXLUPRVWUDRGHWDOKHGR HVTXHPDGHDQFRUDJHPGHXPSDLQHOHVWUXWX UDODXPDODMHUDGLHU )LJXUD±'HWDOKHHVTXHPiWLFRGHDQFRUDJHPGHSDL QHOHVWUXWXUDODXPDODMHUDGLHU DGDSWDGRGH&RQVXO6WHHO   )LJXUD&RUWHGHWDOKDGRGHIXQGDomRVDSDWDFRUULGD )L[DomRGRV3DLQpLVQD)XQGDomR 3DUD HYLWDU R PRYLPHQWR GD HGLILFDomR GHYLGR j SUHVVmR GR YHQWR D VXSHUHVWUXWXUD GHYH VHU ILUPHPHQWH DQFRUDGD QD IXQGDomR (VVHV PRYLPHQWRV SRGHP VHU GH WUDQVODomR RXWRPEDPHQWRFRPURWDomRGRHGLItFLR )LJX UD $WUDQVODomRpXPDDomRRQGHRHGLIt FLRGHVORFDVHODWHUDOPHQWHGHYLGRjDomRGR YHQWR7RPEDPHQWRpXPDHOHYDomRGDHVWUX WXUDHPTXHDURWDomRSRGHVHUFDXVDGDSRU DVVLPHWULDQDGLUHomRGRVYHQWRVTXHDWLQJHP DHGLILFDomR 6FKDUII  &DUDFWHUtVWLFDVGRVLVWHPDOLJKWVWHHOIUDPLQJ )LJXUD±(IHLWRVGDFDUJDGHYHQWRQDHVWUXWXUDD WUDQV ODomRHE WRPEDPHQWR $ HVFROKD GD DQFRUDJHP PDLV HILFLHQ WH GHSHQGH GR WLSR GH IXQGDomR H GDV VROL FLWDo}HVTXHRFRUUHPQDHVWUXWXUDGHYLGRjV FDUJDVFRQGLo}HVFOLPiWLFDVHRFRUUrQFLDGH DEDORVVtVPLFRV &RQVXO6WHHO 2WLSRGH DQFRUDJHP VXDV GLPHQV}HV H HVSDoDPHQWR VmRGHILQLGRVVHJXQGRRFiOFXORHVWUXWXUDO2V WLSRVPDLVXWLOL]DGRVGHDQFRUDJHPVmRDTXt PLFDFRPEDUUDURVFDGDHDH[SDQVtYHOFRP SDUDEROWV D $QFRUDJHPTXtPLFDFRPEDUUDURVFD GD $DQFRUDJHPTXtPLFDFRPEDUUDURVFD GDpFRORFDGDGHSRLVGDFRQFUHWDJHPGDIXQ GDomR &RQVLVWH HP XPD EDUUD URVFDGD FRP DUUXHODHSRUFDTXHpIL[DGDQRFRQFUHWRSRU PHLRGHSHUIXUDomRSUHHQFKLGDFRPXPDUHVL QDTXtPLFDIRUPDQGRXPDLQWHUIDFHUHVLVWHQWH FRP R FRQFUHWR$ IL[DomR j HVWUXWXUD VH Gi SRUPHLRGHXPDSHoDHPDoRTXHpFRQHF WDGDjEDUUDURVFDGDHjJXLDHDSDUDIXVDGD DRPRQWDQWHJHUDOPHQWHGXSOR$ILJXUDH DIRWRLOXVWUDPDIL[DomRGRSDLQHOjIXQ GDomR )RWR'HWDOKHGDSHoDGHUHIRUoRQDDQFRUDJHPGD HVWUXWXUDjIXQGDomRSRUPHLRGHEDUUDURVFDGD )RQWH DUTXLYRSHVVRDO E $QFRUDJHPH[SDQVtYHOFRPSDUDEROWV )RWR±$QFRUDJHPSRUH[SDQVmRWLSRSDUDEROW )RQWH )LVFKHU F $QFRUDJHPSURYLVyULD )LJXUD±(VTXHPDJHUDOGHDQFRUDJHPTXtPLFDFRP EDUUDURVFDGD  1RSURFHVVRGHPRQWDJHPGDHVWUXWXUD QRSDYLPHQWRWpUUHRRVSDLQpLVVmRIL[DGRVj IXQGDomR DWUDYpV GH VLVWHPD GH ILQFD SLQRV DFLRQDGRVDSyOYRUD )RWR (VVHPpWRGR p XWLOL]DGR SDUD PDQWHU R SUXPR GRV SDLQpLV HQTXDQWR VmR PRQWDGRV H FRQHFWDGRV D RX WURVSDLQpLVGRSDYLPHQWRHDWpTXHVHMDIHLWD D DQFRUDJHP GHILQLWLYD 6mR WDPEpP XWLOL]D GRVHPSDLQpLVQmRHVWUXWXUDLVFRPRIL[DomR HSDUDHYLWDUGHVORFDPHQWRVODWHUDLV )RWR±$QFRUDJHPSURYLVyULD )RQWHDUTXLYRGRDXWRU  &DStWXOR 3DLQpLV  3DLQpLV 2V SDLQpLV QR VLVWHPD /LJKW 6WHHO )UD PLQJ SRGHP QmR Vy FRPSRU DV SDUHGHV GH XPDHGLILFDomRFRPRWDPEpPIXQFLRQDUFRPR RVLVWHPDHVWUXWXUDOGDPHVPD2VSDLQpLVDV VRFLDGRVDHOHPHQWRVGHYHGDomRH[HUFHPD PHVPDIXQomRGDVSDUHGHVGDVFRQVWUXo}HV FRQYHQFLRQDLV 2VSDLQpLVVmRHVWUXWXUDLVRXDXWR±SRU WDQWHV TXDQGR FRPS}HP D HVWUXWXUD VXSRU WDQGR DV FDUJDV GD HGLILFDomR H SRGHP VHU WDQWR LQWHUQRV TXDQWR H[WHUQRV ( VmR QmR HVWUXWXUDLV TXDQGR IXQFLRQDP DSHQDV FRPR IHFKDPHQWR H[WHUQR RX GLYLVyULD LQWHUQD RX VHMDVHPWHUIXQomRHVWUXWXUDO GHHVWUXWXUDDOLQKDGD1DILJXUDREVHUYD VHDGLVWULEXLomRGRFDUUHJDPHQWREHPFRPR RGHWDOKHGRDOLQKDPHQWRHQWUHRVHOHPHQWRV TXHFRPS}HPRSDLQHO9LJDVGHSLVRWHVRX UDVGHWHOKDGRRXWUHOLoDVWDPEpPGHYHPHV WDU DOLQKDGDV DRV PRQWDQWHV 4XDQGR QmR p SRVVtYHO FRQVHJXLU HVWH DOLQKDPHQWR GHYHUi VHUFRORFDGDVRERSDLQHOXPDYLJDFDSD]GH GLVWULEXLU XQLIRUPHPHQWH DV FDUJDV H[FrQWUL FDV 1HVVH FDStWXOR VHUmR DSUHVHQWDGRV GH WDOKDGDPHQWH RV SDLQpLV H VHXV HOHPHQWRV FRQVWLWXLQWHVHDIRUPDGHHVWDELOL]DomRGDHV WUXWXUD 3DLQpLV(VWUXWXUDLVRX$XWR 3RUWDQWHV 2V SDLQpLV HVWUXWXUDLV HVWmR VXMHLWRV D FDUJDVKRUL]RQWDLVGHYHQWRRXGHDEDORVVtV PLFRVDVVLPFRPRDFDUJDVYHUWLFDLVSUDWLFD GDVSRUSLVRVWHOKDGRVHRXWURVSDLQpLV(VVDV FDUJDVYHUWLFDLVVmRRULJLQDGDVGRSHVRSUySULR GDHVWUXWXUDHGHFRPSRQHQWHVFRQVWUXWLYRVH GD VREUHFDUJD GHYLGR j XWLOL]DomR SHVVRDV PyYHLVPiTXLQDViJXDVSOXYLDLVHWF 3RU WDQWRDIXQomRGRVSDLQpLVpDEVRUYHUHVVHV HVIRUoRVHWUDQVPLWLORVjIXQGDomR 2V SDLQpLV VmR FRPSRVWRV SRU GHWHUPL QDGDTXDQWLGDGHGHHOHPHQWRVYHUWLFDLVGHVH omRWUDQVYHUVDOWLSR8HTXHVmRGHQRPLQDGRV PRQWDQWHVHHOHPHQWRVKRUL]RQWDLVGHVHomR WUDQVYHUVDOWLSR8GHQRPLQDGRVJXLDV 'H PDQHLUD JHUDO RV PRQWDQWHV TXH FRPS}HP RV SDLQpLV WUDQVIHUHP DV FDUJDV YHUWLFDLV SRU FRQWDWR GLUHWR DWUDYpV GH VXDV DOPDVHVWDQGRVXDVVHo}HVHPFRLQFLGrQFLD GHXPQtYHODRXWURGDQGRRULJHPDRFRQFHLWR  )LJXUD7UDQVPLVVmRGDFDUJDYHUWLFDOjIXQGDomR $ GLVWkQFLD HQWUH RV PRQWDQWHV RX PR GXODomR JHUDOPHQWH GH  RX  PP p GHWHUPLQDGDSHODVVROLFLWDo}HVTXHFDGDSHUILO VHUiVXEPHWLGR/RJLFDPHQWHTXDQWRPDLRUD VHSDUDomRHQWUHRVPRQWDQWHVPHQRUDTXDQ WLGDGH GRV PHVPRV H FRPR FRQVHTrQFLD PDLRUVHUiDFDUJDTXHFDGDXPGHOHVGHYHUi DEVRUYHU+iFDVRVHPTXHHVVDPRGXODomR SRGH FKHJDU D  PP TXDQGR RFRUUH GRV SDLQpLV VXSRUWDUHP JUDQGHV FDUJDV FRPR DV GHFDL[DVG¶iJXD )RWR  3DUD XQLU RV SHUILV TXH FRPS}HP D HV WUXWXUD R PpWRGR PDLV XWLOL]DGR p D OLJDomR SRU PHLR GH SDUDIXVRV JDOYDQL]DGRV GR WLSR DXWRSHUIXUDQWHVRXDXWRDWDUUDFKDQWHV2WLSR HVSHFtILFR GH SDUDIXVR FDEHoD FRPSULPHQ WRGLkPHWURSRQWD YDULDVHJXQGRDVSHoDVD XQLUHVXDIXQomRQDHVWUXWXUD(VVHDVVXQWR VHUiDSUHVHQWDGRQRFDStWXOR  $EHUWXUDV GH 9mRV HP XP 3DL QHO(VWUXWXUDO )RWR3DLQHOFXMDPRGXODomRpGHPPGHYLGRjFDUJD GHFDL[DG¶iJXD IRQWHDUTXLYRGRDXWRU 2VPRQWDQWHVVmRXQLGRVHPVHXVH[WUH PRVLQIHULRUHVHVXSHULRUHVSHODVJXLDVSHUILO GHVHomRWUDQVYHUVDO8VLPSOHV6XDIXQomRp IL[DURVPRQWDQWHVDILPGHFRQVWLWXLUXPTXD GUR HVWUXWXUDO 2 FRPSULPHQWR GDV JXLDV GH ILQHDODUJXUDGRSDLQHOHRFRPSULPHQWRGRV PRQWDQWHVVXDDOWXUD )LJXUD 2VSDLQpLV HVWUXWXUDLV GHYHP GHVFDUUHJDU GLUHWDPHQWH VREUH DV IXQGDo}HV RXWURV SDLQpLV HVWUXWX UDLVRXVREUHXPDYLJDSULQFLSDO (OKDMM%LHODW   $EHUWXUDV SDUD SRUWDV H MDQHODV HP XP SDLQHO SRUWDQWH QHFHVVLWDP GH HOHPHQWRV HVWUXWXUDLV FRPR YHUJDV )RWR   D ILP GH UHGLVWULEXLU R FDUUHJDPHQWR GRV PRQWDQWHV LQWHUURPSLGRV DRV PRQWDQWHV TXH GHOLPLWDP ODWHUDOPHQWHRYmRGHQRPLQDGRVGHRPEUHL UDV$ILJXUDLOXVWUDHVWHVHOHPHQWRVEHP FRPRDGLVWULEXLomRGRFDUUHJDPHQWRQRSDL QHO )RWR3DLQHOFRPDEHUWXUDGHMDQHOD )RQWHDUTXLYRGR DXWRU )LJXUD±3DLQHOWtSLFRHP/LJKW6WHHO)UDPLQJ  3DLQpLV )LJXUD'LVWULEXLomRGRVHVIRUoRVDWUDYpVGDYHUJDSDUDRPEUHLUDV $YHUJD )RWR SRGHWHUYiULDVFRPELQDo}HV )LJXUD PDVEDVLFDPHQWHpFRPSRVWD GHGRLVSHUILV8HFRQHFWDGRVSRUPHLRGHXPDSHoDDSDUDIXVDGDHPFDGDH[WUHPLGDGHJHUDO PHQWHXPSHUILO8GHDOWXUDLJXDODYHUJDPHQRVDDEDGDJXLDVXSHULRUGRSDLQHOHSRUXPDSHoD FKDPDGDJXLDGDYHUJDTXHpIL[DGDjVPHVDVLQIHULRUHVGRVGRLVSHUILV8H$OpPGLVVRDJXLDGD YHUJDpFRQHFWDGDjVRPEUHLUDVDILPGHHYLWDUDURWDomRGDYHUJDHWDPEpPSHUPLWHDIL[DomR GRVPRQWDQWHVGHFRPSRVLomR FULSSOHV  )LJXUD TXHQmRWrPIXQomRHVWUXWXUDOHHVWmRORFD OL]DGRVHQWUHDYHUJDHDDEHUWXUDDILPGHSHUPLWLUDIL[DomRGDVSODFDVGHIHFKDPHQWR )RWR±'HWDOKHGHYHUJDSDUDDEHUWXUDGHMDQHOD )RQWH DUTXLYRGRDXWRU  )LJXUD7LSRVGHYHUJDV $VRPEUHLUDVTXHDSyLDPDYHUJDYmRGHVGHDJXLDLQIHULRUGRSDLQHODWpDJXLDGDYHUJD$ TXDQWLGDGHGHRPEUHLUDVQHFHVViULDVSDUDRDSRLRpGHILQLGDSHORFiOFXORHVWUXWXUDOHGHSHQGHGR WDPDQKRGDDEHUWXUD0DVVHJXQGRR&RQVWUXFFLyQFRP$FHUR/LYLDQR0DQXDOGH3URFHGLPLHQ WR &RQVXO6WHHO HPXPDDSUR[LPDomRSRGHVHHVWDEHOHFHUTXHRQXPHURGHRPEUHLUDVD FDGDODGRGDDEHUWXUDVHUiLJXDODRQ~PHURGHPRQWDQWHVLQWHUURPSLGRVSHODYHUJDGLYLGLGRSRU )LJXUD 4XDQGRRUHVXOWDGRIRUXPQXPHURtPSDUGHYHUiVRPDUVH  3DLQpLV )LJXUD'HWDOKHGHRPEUHLUD 2VPRQWDQWHVRQGHVmRIL[DGDVDVRP EUHLUDV VmR FKDPDGRV GH PRQWDQWHV DX[LOLD UHV $V YHUJDV VmR WDPEpP IL[DGDV QHVVHV PRQWDQWHVSRUPHLRGHSDUDIXVRVHVWUXWXUDLV VH[WDYDGRV TXHVHUmRSRVWHULRUPHQWHDSUH VHQWDGRVQRFDStWXOR 2 DFDEDPHQWR VXSHULRU RX LQIHULRU GD DEHUWXUD p IHLWR SRU XP SHUILO 8 FRUWDGR QR  FRPSULPHQWRFPPDLRUTXHRYmReGDGR XPFRUWHQDVPHVDVDFPGHFDGDH[WUHPL GDGH(VVHVHJPHQWRpGREUDGRHPRSDUD VHUYLUGHFRQH[mRFRPDRPEUHLUD(VVDSHoD pFKDPDGDGHJXLDGHDEHUWXUD )LJXUD  3DUD YmRV GH SRUWDV HVVH DFDEDPHQWR Vy p QHFHVViULRQDSDUWHVXSHULRUGDDEHUWXUD GHFDGDODGRGHYHVHUDFUHVFHQWDGRXPSHUILO 8IRUPDQGRXPDVHomRFDL[DMXQWRFRPDRP EUHLUDDILPGHGDUDFDEDPHQWRQDDEHUWXUDH SDUDDIL[DomRGHSRUWDVHMDQHODV$ILJXUDD VHJXLUPRVWUDRHVTXHPDGHXPSDLQHOHVWUX WXUDOFRPDEHUWXUDGHMDQHOD )LJXUD±'HVHQKRHVTXHPiWLFRGHSDLQHOHVWUXWXUDOFRP DEHUWXUD )LJXUD*XLDGHDEHUWXUD DSDUWLUGH&RQVXO6WHHO  2XWUDVFRPSRVLo}HVWDPEpPVmRSRVVt YHLVFRQWDQWRTXHWHQKDPRVVHXVGHVHPSH QKRVFRPSURYDGRV )LJXUD  )LJXUD&RPSRVLomRGHYmRGHDEHUWXUD 4XDQGR DFRQWHFH GD DEHUWXUD GD RP EUHLUDHVWDUYROWDGDSDUDGHQWURGRYmRGHYL GRjFRORFDomRGHXPQ~PHURtPSDUGHSHUILV (VWDELOL]DomRGD(VWUXWXUD ,VRODGDPHQWHRVPRQWDQWHVQmRVmRFD SD]HVGHUHVLVWLUDRVHVIRUoRVKRUL]RQWDLVTXH VROLFLWDPDHVWUXWXUDFRPRRVSURYRFDGRVSRU YHQWRV(VVHVHVIRUoRVSRGHPRFDVLRQDUSHU GDGHHVWDELOLGDGHGDHVWUXWXUDFDXVDQGRGH IRUPDo}HVHDWpPHVPROHYiODDRFRODSVR 3DUDTXHLVVRVHMDHYLWDGRGHYHVHSUR YHUDHVWUXWXUDGHOLJDo}HVUtJLGDVRXGHHOH PHQWRVFDSD]HVGHWUDQVIHULUHVVHVHVIRUoRV SDUD DV IXQGDo}HV $VVLP DV FRPELQDo}HV PDLV FRPXQV SDUD UHVLVWLU DRV HVIRUoRV KRUL ]RQWDLVQDVHVWUXWXUDVHP/LJKW6WHHO)UDPLQJ VmR ‡8VR GH FRQWUDYHQWDPHQWRV QRV SDL QpLVFRPELQDGRDRGLDIUDJPDUtJLGRQRSODQR GHSLVRTXHDWXDWUDQVPLWLQGRRVHVIRUoRVDRV SDLQpLVFRQWUDYHQWDGRV ‡)HFKDPHQWR GD HVWUXWXUD FRP SODFDV TXH IXQFLRQHP FRPR GLDIUDJPDV UtJLGRV QR SODQRYHUWLFDO SDLQpLV   3DLQpLV $VVRFLDGRDHVVHVPHFDQLVPRVGHYHVH REVHUYDUXPDDGHTXDGDDQFRUDJHPGDHVWUX WXUDjVXDIXQGDomRFRPRMiIRLPHQFLRQDGR DQWHULRUPHQWH D &RQWUDYHQWDPHQWRV 2PpWRGRPDLVFRPXPGHHVWDELOL]DomR GD HVWUXWXUD HP /6) p R FRQWUDYHQWDPHQWR HP³;´TXHFRQVLVWHHPXWLOL]DUILWDVHPDoR JDOYDQL]DGR IL[DGDV QD IDFH GR SDLQHO )RWR   FXMD ODUJXUD HVSHVVXUD H ORFDOL]DomR p GHWHUPLQDGDSHORSURMHWRHVWUXWXUDO )LJXUD6ROLFLWDomRGDVGLDJRQDLVGHFRQWUDYHQWDPHQWR DSDUWLUGH',$6 2 kQJXOR HP TXH D ILWD p LQVWDODGD LQ IOXHQFLD VLJQLILFDWLYDPHQWH D FDSDFLGDGH GR FRQWUDYHQWDPHQWR HP UHVLVWLU DRV FDUUHJD PHQWRV KRUL]RQWDLV 4XDQWR PHQRU IRU R kQ JXORIRUPDGRHQWUHDEDVHGRSDLQHOHDGLD JRQDO PHQRU VHUi D WHQVmR QD ILWD PHWiOLFD 6FKDUII   3DUD kQJXORV PHQRUHV TXH R D GLDJRQDO SHUGH VXD HILFLrQFLD HP HYL WDU DV GHIRUPDo}HV 3UHIHUHQFLDOPHQWH SDUD R PHOKRU GHVHPSHQKR D LQFOLQDomR GDV GLD JRQDLVGHYHUiHVWDUFRPSUHHQGLGDHQWUHRH R &RQVXO6WHHO  $ IL[DomR GD GLDJRQDO DR SDLQHO p IHLWD SRUXPDSODFDGHDoRJDOYDQL]DGRTXHpDSD UDIXVDGDHPPRQWDQWHVGXSORVHHPFRLQFL GrQFLDFRPHVWHVGHYHUiHVWDUDDQFRUDJHP GRSDLQHODILPGHDEVRUYHURVHVIRUoRVWUDQV PLWLGRVSHORFRQWUDYHQWDPHQWR )LJXUD  )RWR3DLQHOFRPFRQWUDYHQWDPHQWRHP³;´ IRQWHDUTXL YRGRDXWRU $ VHomR GD ILWD GHYH VHU GLPHQVLRQDGD SDUDWUDQVPLWLURHVIRUoRGHWUDomRTXHUHVXO WDGHGHFRPSRVLomRGDFDUJDKRUL]RQWDODWX DQWH 9  QD GLUHomR GD GLDJRQDO &RQVXO6WH HO  $V GLDJRQDLV VHUmR VROLFLWDGDV RUD jWUDomRRUDjFRPSUHVVmRGHDFRUGRFRPR VHQWLGRGDDSOLFDomRGDIRUoDGRYHQWR )LJXUD    )LJXUD)L[DomRGDVGLDJRQDLVQRVSDLQpLVSRUSODFDGH *XVVHW 1RV SDLQpLV VXSHULRUHV D DQFRUDJHP WDPEpPpIHLWDQRVPRQWDQWHVTXHUHFHEHPD GLDJRQDOHRVHVIRUoRVVmRWUDQVPLWLGRVSDUD R SDLQHO LPHGLDWDPHQWH DEDL[R TXH WDPEpP GHYH HVWDU GHYLGDPHQWH DQFRUDGR H FRQWUD YHQWDGR )LJXUD  DEHUWXUDQRSDLQHO )LJXUD 1RHQWDQWR p SUHIHUtYHO TXH QR SURMHWR VHMDP SUHYLVWRV SDLQpLV FHJRV SDUD D FRORFDomR GRV FRQWUD YHQWDPHQWRV$SHVDU GR XVR GD HVWUXWXUD GH SLVRDWXDQGRFRPRGLDIUDJPDUtJLGRSRVVLEL OLWDUTXHRVFRQWUDYHQWDPHQWRVVHMDPQHFHV ViULRVHPDSHQDVDOJXQVSDLQpLVDLQWHUDomR HQWUHRVSURMHWRVGHDUTXLWHWXUDHHQJHQKDULD pLPSUHVFLQGtYHOSDUDTXHRFDOFXOLVWDSRVVD RULHQWDU VREUH D PHOKRU GLVWULEXLomR GRV SDL QpLVFRQWUDYHQWDGRV )LJXUDORFDOL]DomRGRFRQWUDYHQWDPHQWRHPUHODomR DVDEHUWXUDV )LJXUD$QFRUDJHPSDLQHOVXSHULRU 'XUDQWHDLQVWDODomRGDVILWDVGHDoRJDO YDQL]DGRpLPSRUWDQWHTXHHVWDVVHMDPILUPH PHQWHWHQVLRQDGDVDILPGHHYLWDUIROJDVTXH FRPSURPHWDP VXD HILFLrQFLD QD WUDQVPLVVmR GRV HVIRUoRV SHUPLWLQGR D GHIRUPDomR GRV SDLQpLVDRVTXDLVHVWmRIL[DGDVDQWHVGDVIL WDVFRPHoDUHPDDWXDU *DUQHU  3DUD VH HYLWDU R HIHLWR GH URWDomR TXH SRGHRFRUUHUQRVPRQWDQWHVGXSORVRQGHHV WmRIL[DGDVDVGLDJRQDLVGHYHVHSUHYHUDFR ORFDomRGRFRQWUDYHQWDPHQWRQDVGXDVIDFHV GRSDLQHO 2 XVR GR FRQWUDYHQWDPHQWR SRGH LQWHU IHULU QD FRORFDomR GH DEHUWXUD GH SRUWDV RX MDQHODVQDVIDFKDGDV¬VYH]HVpQHFHVViULR VHDGRWDUXPkQJXORGHLQFOLQDomRJUDQGHGD GLDJRQDODILPGHSHUPLWLUDFRORFDomRGHXPD )RWR3DLQpLVFRQWUDYHQWDGRVHPIXQomRGDVDEHUWXUDV HPODERUDWyULRQD8QLYHUVLGDGH)HGHUDOGH2XUR3UHWR )RQ WHDUTXLYR&pOLR)LUPR  4XDQGRRXVRGRFRQWUDYHQWDPHQWRHP ³;´QmRpRPDLVDSURSULDGRGHYLGRDRSURMHWR DUTXLWHW{QLFRSUHYHUPXLWDVDEHUWXUDVHPXPD IDFKDGDXPDDOWHUQDWLYDpRFRQWUDYHQWDPHQ WRHP³.´(VVHVLVWHPDXWLOL]DSHUILV8HIL[DGRV HQWUHRVPRQWDQWHVFRPRPRVWUDGRQDIRWR  3DLQpLV ‡5HVLVWrQFLDHHVSHVVXUDGDSODFDXWLOL ]DGD 2FRPSRUWDPHQWRGDVSODFDVGHIHFKD PHQWR DWXDQGR FRPR GLDIUDJPD UtJLGR SRGH VHU GHWHUPLQDGR SRU PHLR GH HQVDLRV RX GH DQiOLVHV HVWUXWXUDLV IHLWDV FRPR R DX[LOLR GH SURJUDPDVFRPSXWDFLRQDLV )RWR&RQWUDYHQWDPHQWRHP³.´ IRQWH6&, (VVHV HOHPHQWRV DJHP WDQWR j WUDomR FRPRjFRPSUHVVmRHMXQWRFRPRRVPRQWDQ WHVDGMDFHQWHVIRUPDPXPDWUHOLoDYHUWLFDO$V SULQFLSDLV GLILFXOGDGHV QHVVH WLSR GH VLVWHPD VmR DV FRQGLo}HV GH VXDV FRQH[}HV D QH FHVVLGDGHGHPRQWDQWHVDGMDFHQWHVPDLVUR EXVWRVHPSDLQpLVDVRWDYHQWRHVLJQLILFDWLYDV H[FHQWULFLGDGHV TXH SRGHP VHU JHUDGDV QRV SDLQpLV 3RU HVVHV PRWLYRV HVVH VLVWHPD Vy p XVDGR TXDQGR R FRQWUDYHQWDPHQWR HP ³;´ QmRpSRVVtYHO 'DYLHV  E 'LDIUDJPD5tJLGR eSRVVtYHOXWLOL]DURVPDWHULDLVGHIHFKD PHQWR H[WHUQR GRV SDLQpLV HVWUXWXUDLV FRPR SDUHGHGLDIUDJPDRXFRPRSDUHGHGHFLVDOKD PHQWR(VVHVPDWHULDLVVmRSODFDVHVWUXWXUDLV FDSD]HV GH IRUQHFHU XP DXPHQWR GD UHVLV WrQFLD GR SDLQHO XPD YH] TXH DEVRUYHP DV FDUJDVODWHUDLVTXHVROLFLWDPDHVWUXWXUDTXH SRGHPVHUGHYHQWRRXDWpPHVPRGHDEDORV VtVPLFRVHDVWUDQVPLWHPjIXQGDomR 2 GHVHPSHQKR HVWUXWXUDO GR GLDIUDJPD UtJLGRGHSHQGHGLUHWDPHQWHGHYiULRVIDWRUHV 3HUHLUD-XQLRU  ‡&RQILJXUDomR GRV SDLQpLV TXDQWLGDGH HWDPDQKRGDVDEHUWXUDVDOWXUDHODUJX UDGRSDLQHO  ‡&DSDFLGDGH UHVLVWHQWH GRV PRQWDQWHV TXHIRUPDPRSDLQHO ‡7LSR TXDQWLGDGH H VHSDUDomR GRV SD UDIXVRVGHIL[DomRGDSODFDjHVWUXWXUD  $VSODFDVGH26% 2ULHQWHG6WUDQG%R DUG  )RWR SRGHPGHVHPSHQKDUDIXQomR GH GLDIUDJPD UtJLGR YHUWLFDO H KRUL]RQWDO HP HGLItFLRV GH SHTXHQD DOWXUD FRQIRUPH UHSUH VHQWDGRQDIRWR )RWR3ODFDVGH26% IRQWHDUTXLYRGRDXWRU )RWR)HFKDPHQWRGHIDFKDGDFRPSODFDVGH26% IRQWHDUTXLYRGRDXWRU 226%pXPSDLQHOHVWUXWXUDOGHWLUDVGH PDGHLUD JHUDOPHQWH SURYHQLHQWHV GH UHIOR UHVWDPHQWRRULHQWDGDVHPWUrVFDPDGDVSHU SHQGLFXODUHVRTXHDXPHQWDVXDUHVLVWrQFLD PHFkQLFD H ULJLGH] (VVDV WLUDV GH PDGHLUD VmRXQLGDVFRPUHVLQDVHSUHQVDGDVVREDOWD WHPSHUDWXUD 0DVLVD  6HJXQGRD$,6, $PHULFDQ,URQDQG6WH HO,QVWLWXWH HD1$6)$ 1RUWK$PHULFDQ6WH HO)UDPLQJ$OOLDQFH DHVSHVVXUDPtQLPDGD SODFD GH 26% TXH UHYHVWH H[WHUQDPHQWH D SDUHGH GLDIUDJPD GHYH VHU GH  PP ,QWHU QDPHQWHRUHYHVWLPHQWRGHSODFDVGHJHVVR DFDUWRQDGR GHYH WHU HVSHVVXUD PtQLPD GH  PP 5/ %URFNHQEURXJK $VVRFLDWHV (OKDMM%LHODW  3DUD TXH DV SODFDV HVWUXWXUDLV GH 26% IXQFLRQHPFRPRGLDIUDJPDUtJLGRDOJXQVFXL GDGRVGHYHPVHUWRPDGRVQDLQVWDODomR ‡1DV ERUGDV GRV SDLQpLV D ODUJXUD Pt QLPD GD SODFD HVWUXWXUDO GHYH VHU GH PDILPGHPDQWHUDUHVLVWrQFLDGD SODFD (OKDMM%LHODW  ‡1mRGHYHKDYHUXQLmRGHSODFDVFRQVH FXWLYDVHPFRLQFLGrQFLDFRPRVYpUWLFHV GHXPDDEHUWXUD1HVWHFDVRDVSODFDV GHYHP VHU FRUWDGDV HP IRUPD GH ³&´ FRQIRUPHPRVWUDDILJXUD )LJXUD$VVHQWDPHQWRGDVSODFDVHVWUXWXUDLVHPSDL QpLVFRPDEHUWXUDV ‡1mR GHYH KDYHU FRLQFLGrQFLD QR HQ FRQWURGRVYpUWLFHVGHTXDWURSODFDVGH PRGRTXHDVMXQWDVYHUWLFDLVGHYHPHV WDUGHVHQFRQWUDGDV ‡$ XQLmR HQWUH GXDV SODFDV DGMDFHQWHV GHYH HIHWXDUVH VREUH D PHVD GH XP PRQWDQWH RQGH FDGD SODFD FRPSDUWLOKD PHWDGH GHVVD PHVD 2V SDUDIXVRV GH YHPHVWDUGHIDVDGRVHQWUHXPDSODFDH RXWUDGHPRGRTXHQmRSHUIXUHPDPHVD GRSHUILOHPGRLVSRQWRVGDPHVPDDOWXUD &RQVXO6WHHO $ILJXUDLOXVWUD DIL[DomRGHGXDVSODFDVDGMDFHQWHV )LJXUD(VTXHPDGHIL[DomRGHSODFDVHVWUXWXUDLVSRU SDUDIXVRV ‡6ypSRVVtYHOREWHURPHOKRUGHVHPSH QKRGDSODFDHVWUXWXUDOTXDQGRHODHVWi DSURSULDGDPHQWH IL[DGD DRV SHUILV *H UDOPHQWHHVVDIL[DomRpGDGDSRUSDUDIX VRVDXWRSHUIXUDQWHVHDXWRDWDUUD[DQWHV 3DUD TXH RV SHUILV H DV SODFDV SRVVDP GHVHQYROYHU WRGD D VXD FDSDFLGDGH GH UHVLVWrQFLDGHYHVHFRORFDUDTXDQWLGDGH HRWLSRGHSDUDIXVRVDGHTXDGRV6HJXQ GR*UXEEH/DZVRQ  RVSDUDIXVRV GHIL[DomRGDVSODFDVDRVSHUILVHVWUXWX UDLVGHYHPHVWDUHVSDoDGRVHQWUHVLQR Pi[LPRPPHPWRGRRSHUtPHWURGD SODFDHPPQRVPRQWDQWHVLQWHUPH GLiULRVFRPRLOXVWUDDILJXUDHVWH MDPHVWHVVHSDUDGRVGHPPRX PP ‡6HPSUH TXH SRVVtYHO R HQFRQWUR GRV SDLQpLVQmRGHYHFRLQFLGLUFRPRHQFRQ WURGDVSODFDVGHYHQGRVHVREUHSRUDV MXQWDVSDUDDXPHQWDUDULJLGH]GRVLVWH PDFRPRPRVWUDDILJXUD &RQVXO 6WHHO    3DLQpLV )LJXUD(QFRQWURGDVSODFDVHVWUXWXUDLVHPUHODomRDRVSDLQpLV ‡1RHQFRQWURGHGRLVSDLQpLVTXHIRUPDP XPFDQWR$VSODFDVGHYHPVHUFRORFDGDVGH IRUPD TXH XPD GHODV VHMD VREUHSRVWD VREUH RRXWURSDLQHOFRPRVXJHUHDILJXUDDX PHQWDQGRDULJLGH]GRFRQMXQWR &RQVXO6WHHO   PHVPDVIXQo}HV(PJHUDODVSODFDVHVWUX WXUDLVDWXDPFRPRYHGDomRGRVSDLQpLVHVmR XWLOL]DGRV HP VXD IDFH H[WHUQD 3RUpP QHP WRGDVDVSODFDVGHIHFKDPHQWRH[WHUQRSRGHP DWXDUFRPRGLDIUDJPDUtJLGRSRUQmRDSUHVHQ WDUFDUDFWHUtVWLFDVHVWUXWXUDLVQHFHVViULDVSDUD UHVLVWLUjDomRGHFDUJDVKRUL]RQWDLV3RUWDQWR QRV FDVRV HP TXH VmR XWLOL]DGRV SDLQpLV GH IHFKDPHQWRTXHQmRVHMDPHVWUXWXUDLVpQH FHVViULRRXVRGHFRQWUDYHQWDPHQWRV 7UDYDPHQWR+RUL]RQWDO $ILPGHDXPHQWDUDUHVLVWrQFLDGRSDL QHO HVWUXWXUDO ILWDV GH DoR JDOYDQL]DGR H RV FKDPDGRV EORTXHDGRUHV FRPSRVWRV D SDUWLU GHSHUILV8HH8VmRFRQHFWDGRVDRVPRQWDQ WHVIRUPDQGRXPVLVWHPDGHWUDYDPHQWRKRUL ]RQWDO )RWR  )LJXUD(QFRQWURHQWUHGXDVSODFDVHVWUXWXUDLVGH FDQWR e IXQGDPHQWDO GLVWLQJXLU HQWUH SODFDV SDUDIHFKDPHQWRH[WHUQRHSODFDVHVWUXWXUDLV TXH IXQFLRQDP FRPR GLDIUDJPD UtJLGR SRLV DPEDV QmR FXPSUHP QHFHVVDULDPHQWH DV  %ORTXHDGRU )LWD 0HWiOLFD $ILWDPHWiOLFDHYLWDDURWDomRGRVPRQ WDQWHVTXDQGRVXMHLWRVDFDUUHJDPHQWRVQRU PDLVGHFRPSUHVVmRDOpPGHGLPLQXLURFRP SULPHQWRGHIODPEDJHPGRVPHVPRV 3HUHLUD -U $ILWDPHWiOLFDGHYHVHUHPDoRJDO YDQL]DGRHWHUSHORPHQRVPPGHODUJXUD SRU  GH HVSHVVXUD (OKDMM %LHODW   'HYHVHULQVWDODGDQDKRUL]RQWDODRORQJRGR SDLQHOHVHXVH[WUHPRVGHYHPHVWDUVXMHLWRV D SHoDV FRPR PRQWDQWHV GXSORV RX WULSORV XVDGRVQRHQFRQWURGRVSDLQpLV )LJXUD  $VILWDVVmRDSDUDIXVDGDVHPWRGRVRVPRQ WDQWHVSRUPHLRGHXPSDUDIXVRHGHYHPVHU IL[DGDV HP DPERV RV ODGRV GR SDLQHO FRP H[FHomR GRV SDLQpLV TXH QD IDFH H[WHUQD OH YDPSODFDVGHGLDIUDJPDUtJLGR &RQVXO6WHHO  'HYHPHVWDUORFDOL]DGDVDPHLDDOWXUD SDUDSDLQpLVDWpPHDFDGDPDSUR [LPDGDPHQWHSDUDSDLQpLVHQWUHPH P (OKDMM%LHODW  )RWR%ORTXHDGRUHILWDGHDoRJDOYDQL]DGRIL[DGRVDR SDLQHOSDUDWUDYDPHQWRKRUL]RQWDO )RQWHDUTXLYRGRDXWRU )LJXUD)LWDPHWiOLFDSDUDWUDYDPHQWRGHSDLQHO  3DLQpLV 2V EORTXHDGRUHV WrP D IXQomR GH HQUL MHFHU R SDLQHO HVWUXWXUDO H VmR SHoDV IRUPD GDVSRUSHUILV8HH8SRVLFLRQDGRVHQWUHRV PRQWDQWHV8PSHUILO8 JXLD pFRUWDGRFP PDLRUTXHRYmRHpGDGRXPFRUWHQDVPHVDV DFPGHFDGDH[WUHPLGDGHHHPVHJXLGDRV VHJPHQWRVVmRGREUDGRVHPRSDUDVHUYLU GHFRQH[mRFRPRVPRQWDQWHVFRQIRUPHILJX UD8PSHUILO8H PRQWDQWH pHQFDL[DGR QD SHoD FRUWDGD H DPERV VmR DSDUDIXVDGRV jILWDPHWiOLFDVHPSUHORFDOL]DGRVQDVH[WUH PLGDGHV GR SDLQHO H D LQWHUYDORV GH  P (OKDMM%LHODW  )LJXUD(VTXHPDGHIL[DomRGHEORTXHDGRUDWUDYpVGH FDQWRQHLUDV  (QFRQWURGH3DLQpLV )LJXUD±(VTXHPDGHWUDYDPHQWRKRUL]RQWDOGRSDLQHO DWUDYpVGHEORTXHDGRUHV 2XWUD IRUPD GH IL[DU R EORTXHDGRU DRV PRQWDQWHVpXWLOL]DURSHUILO8HFRUWDGRQDODU JXUDGRYmRHFRQHFWiORVDRVPRQWDQWHVSRU PHLRGHFDQWRQHLUDVDSDUDIXVDGDVHPDPEDV DVSHoDVFRPRDSDUHFHQDILJXUD 6FKDU II  1R HQFRQWUR GH SDLQpLV HVWUXWXUDLV Yi ULDV VROXo}HV FRQVWUXWLYDV VmR SRVVtYHLV YD ULDQGR GH DFRUGR FRP R Q~PHUR GH SDLQpLV TXH VH XQHP H GR kQJXOR HQWUH HVWHV e LP SRUWDQWHVHPSUHJDUDQWLUDULJLGH]GRVLVWHPD DUHVLVWrQFLDDRVHVIRUoRVDHFRQRPLDGHPD WHULDO H SURYHU XPD VXSHUItFLH SDUD D IL[DomR GDVSODFDVGHIHFKDPHQWRLQWHUQRRXH[WHUQR 3HoDV SUpPRQWDGDV SRGHP VHU XWLOL]DGDV SDUD IDFLOLWDU D PRQWDJHP GHVVHV HQFRQWURV PDV EDVLFDPHQWH D XQLmR GRV SDLQpLV VH Gi SRU PRQWDQWHV FRQHFWDGRV HQWUH VL SRU PHLR GHSDUDIXVRVHVWUXWXUDLVWDPEpPFRQKHFLGRV FRPR SDUDIXVRV VH[WDYDGRV $V SULQFLSDLV FRQILJXUDo}HVQRHQFRQWURGHSDLQpLVVmR D /LJDomRGHGRLVSDLQpLVGHFDQWR ‡8QLmRGHGRLVPRQWDQWHV  D E )LJXUD±8QLmRGHWUrVPRQWDQWHVD SODQWDE SHUV SHFWLYD E )LJXUD8QLmRGHGRLVPRQWDQWHVSHODDOPDD SODQWD E SHUVSHFWLYD ‡8QLmR GH WUrV PRQWDQWHV 6FKDU II  (PDPERVRVFDVRVLOXVWUDGRVQDVILJX UDVDQWHULRUHVDJXLDVXSHULRUGHXPGRVSDL QpLVTXHVHHQFRQWUDPGHYHVHUPDLVORQJD PPGRTXHRFRPSULPHQWRGDSDUHGHSDUD TXHVHMDIL[DGDVREUHDJXLDVXSHULRUGRRXWUR SDLQHODXPHQWDQGRDULJLGH]GRFRQMXQWR$V PHVDVGHVVDVDOLrQFLDVmRFRUWDGDVHGREUD GDV FRQIRUPH PRVWUD D ILJXUD  *DUQHU   D )LJXUD)L[DomRGHSDLQpLVGHFDQWR  3DLQpLV E /LJDomRGHGRLVSDLQpLVIRUPDQGR XP³7´ RXWUDV SDUHGHV (VVD OLJDomR SRGH VHU IHLWD FRPRPRVWUDDILJXUDDVHJXLU 4XDQGR D H[WUHPLGDGH GH XP SDLQHO p FRQHFWDGDSHUSHQGLFXODUPHQWHDRXWURSDLQHO JHUDQGR XPD XQLmR HP ³7´ 2 SDLQHO  TXH UHFHEHRSDLQHOSHUSHQGLFXODUGHYHVHUFRQWt QXRVHPHPHQGDVQDJXLDVXSHULRURXLQIHULRU QRORFDOGHXQLmRFRPRSDLQHO D D E E )LJXUD±(QFRQWURGHWUrVSDLQpLVD SODQWDE SHUVSHF WLYD (PHQGDGH*XLD )LJXUD±/LJDomRGHGRLVSDLQpLVIRUPDQGRXP³7´D  SODQWDE SHUVSHFWLYD F /LJDomRGHWUrVSDLQpLV 4XDQGRDVH[WUHPLGDGHVGHGRLVSDLQpLV VmRFRQHFWDGDVDRXWURSDLQHOSHUSHQGLFXODU JHUDQGR XPD XQLmR FUX]DGD 2 SDLQHO SHU SHQGLFXODU GHYH VHU FRQWtQXR VHP HPHQGDV QDJXLD VXSHULRU RX LQIHULRU QD XQLmR FRP DV  4XDQGRRFRUUHUGDJXLDQmRWHURFRP SULPHQWR QHFHVViULR DR SDLQHO SRGH VH XQLU GXDVJXLDVSRUPHLRGHXPSHUILO8HRPHVPR XVDGR QRV PRQWDQWHV HQFDL[DGR GHQWUR GDV JXLDV H DSDUDIXVDGRV HP DPEDV SHODV PH VDVFRQIRUPHILJXUD2FRPSULPHQWRGR SHUILO8HGHYHVHUGHQRPtQLPRFP (OKD MM%LHODW HHVVDHPHQGDGHYHVHPSUH RFRUUHUHQWUHGRLVPRQWDQWHV DEHUWXUDVVmRGHILQLGRVVLPLODUPHQWHDRVGRV SDLQpLVHVWUXWXUDLVXWLOL]DQGRDJXLDGHDEHU WXUD$VILJXUDVDVHJXLUDSUHVHQWDPDFRQIRU PDomRGHXPSDLQHOQmRHVWUXWXUDO )LJXUD(PHQGDGHSHUILOJXLD 3DLQpLV1mR(VWUXWXUDLV 3DLQpLVQmRHVWUXWXUDLVVmRDTXHOHVTXH QmR VXSRUWDP R FDUUHJDPHQWR GD HVWUXWXUD PDVDSHQDVRSHVRSUySULRGRVFRPSRQHQWHV TXH RV FRQVWLWXHP 7HP D IXQomR GH IHFKD PHQWRH[WHUQRHGLYLVyULDLQWHUQDQDVHGLILFD o}HV )LJXUD'HVHQKRHVTXHPiWLFRGHSDLQHOQmRHVWUXWXUDO FRPDEHUWXUD 4XDQGR VH WUDWD GH GLYLVyULDV LQWHUQDV SRGHVHUXWLOL]DGRRVLVWHPDGHJHVVRDFDUWR QDGRRX³'U\ZDOO´RQGHDVVHo}HVGRVSHUILV GHPRQWDQWHVHJXLDVSRVVXHPPHQRUHVHV SHVVXUDVHGLPHQV}HV3RUpPQDVGLYLVyULDV H[WHUQDV GHYLGR DR SHVR GRV FRPSRQHQWHV GHIHFKDPHQWRHUHYHVWLPHQWRpUHFRPHQGi YHO XWLOL]DU RV PHVPRV SHUILV TXH FRQVWLWXHP RVSDLQpLVHVWUXWXUDLV $VROXomRSDUDDEHUWXUDVGHSRUWDVHMD QHODVHPXPSDLQHOQmRHVWUXWXUDOpEHPPDLV VLPSOHVSRLVFRPRQmRKiFDUJDVYHUWLFDLVD VXSRUWDUQmRKiQHFHVVLGDGHGRXVRGHYHU JDVHFRQVHTHQWHPHQWHGHRPEUHLUDV 'HVWDIRUPDDGHOLPLWDomRODWHUDOGRYmR p GDGD SRU XP ~QLFR PRQWDQWH DR TXDO VHUi IL[DGRRPDUFRGDDEHUWXUD(PDOJXQVFDVRV SDUD GDU PDLRU ULJLGH] j PHVPD SRGHUi RS WDUVHSRUFRORFDUPRQWDQWHVGXSORVQHVWDSR VLomR RX XP SHUILO FDL[D IRUPDGR D SDUWLU GR HQFDL[HGHXPPRQWDQWHHXPJXLD 2 DFDEDPHQWR VXSHULRU H LQIHULRU GDV )RWR3DLQHOQmRHVWUXWXUDOGHIDFKDGDGHUHVLGrQFLD )RQWHDUTXLYRGRDXWRU  3DLQpLV 3DUHGHV&XUYDV$UFRVH )RUPDV$WtSLFDV 3DLQpLVHVWUXWXUDLVHQmRHVWUXWXUDLVSR GHP VHU FRQIRUPDGRV HP XPD YDULHGDGH GH VXSHUItFLHVFXUYDV )RWR HDEHUWXUDVHP DUFR ³&OLQFKLQJ´RXSDUDIXVRV )LJXUD±0pWRGRSDUDFXUYDWXUDGHSHUILV8 &RPRHVVHVSURFHGLPHQWRVJHUDOPHQWH VmRWUDEDOKRVRVHGHPDQGDPWHPSRH[LVWHP QRPHUFDGRDPHULFDQRSHUILV8GHDoRJDOYD QL]DGRIOH[tYHLVTXHVHDVVHPHOKDPDYpUWH EUDV )RWR HTXHVHPROGDPIDFLOPHQWH D TXDOTXHU FXUYDWXUD RX IRUPDWR RQGXODGR SURSRUFLRQDQGR XPD PRQWDJHP PXLWR PDLV UiSLGDHVHJXUD )RWR±0RQWDJHPGHSDUHGHVFXUYDVSURMHWDGDVSDUD FRQVWUXomRFRPSHUILVIRUPDGRVDIULRHPXPDPEXODWyULR HP&XULWLED )RQWH86+RPH 3DUDDFRQVWUXomRGHSDUHGHVFXUYDVp QHFHVViULRTXHDVJXLDVVXSHULRUHLQIHULRUGR SDLQHOWHQKDPDPHVDGDIDFHH[WHUQDHDDOPD FRUWDGRV D LQWHUYDORV GH DSUR[LPDGDPHQWH  FPHPWRGRRFRPSULPHQWRGRDUFR 6FKDUII  $VVLPpSRVVtYHOFXUYDUDVJXLDVXQL IRUPHPHQWHDWpREWHURUDLRGHVHMDGR3RUpP DV FXUYDV QmR GHYHP VHU PXLWR IHFKDGDV 3DUD PDQWHU R UDLR GD FXUYDWXUD H UHIRUoDU D JXLDXPDILWDGHDoRJDOYDQL]DGRGHYHVHUIL [DGDQDIDFHH[WHUQDGDPHVDGDJXLDDWUDYpV GHSDUDIXVRVRX³FOLQFKLQJ´FRQIRUPHPRVWUD D ILJXUD  Vy GHSRLV GHYHUmR VHU IL[DGRV RVPRQWDQWHV3DUDDPRQWDJHPGRSDLQHOR PDLVDGHTXDGRpTXHHOHVHMDPRQWDGRQROR FDOSHORPpWRGR³VWLFN´RXVHMDSULPHLURIL[D VHDJXLDLQIHULRUHVXSHULRUQRSLVRHQDODMH UHVSHFWLYDPHQWHQDFRQIRUPDomRGDFXUYDH FRORFDPVHRVPRQWDQWHVQRHVSDoDPHQWRGH DFRUGRFRPRFiOFXORHVWUXWXUDO  )RWR3HUILO8IOH[tYHO )RQWHGLVSRQtYHOHPZZZ WRROEDVHRUJ $EHUWXUDVHPIRUPDGHDUFRSRGHPVHU FRQVWUXtGDV GH XP SDLQHO HVWUXWXUDO RX QmR HVWUXWXUDORQGHXPSHUILO8WHPDPEDVDVPH VDVFRUWDGDVGHPRGRDSRVVLELOLWDUDIOH[mRGR SHUILOQRUDLRRXFXUYDWXUDH[LJLGDQRSURMHWR 0mRVIUDQFHVDVVmRIL[DGDVQDYHUJDRXJXLD GHDEHUWXUDHQDVRPEUHLUDVSDUDSRVVLELOLWDU DIL[DomRGRSHUILOFRPRPRVWUDDILJXUD 'RPHVPRPRGRTXHQRVSDLQpLVFXUYRVSHU ILVIOH[tYHLVSRGHPVHUXVDGRVSDUDDJLOL]DUR WUDEDOKRGHPRQWDJHP )LJXUD0pWRGRSDUDFRQVWUXomRGHDEHUWXUDVHPDUFR 'HYLGRDVXDYHUVDWLOLGDGHSURMHWRVHP /LJKW6WHHO)UDPLQJSRVVLELOLWDPGLYHUVDVIRU PDVDUTXLWHW{QLFDV&DEHDRDUTXLWHWRLQWHUD JLUFRPRSURILVVLRQDOUHVSRQViYHOSHORFiOFXOR SDUDTXHVROXo}HVHVWUXWXUDLVFRQFUHWL]HPDV SURSRVWDVGRSURMHWR )RWR±3DLQpLVDSUHVHQWDQGRGLYHUVDVIRUPDV FXUYDV )RQWHGLVSRQtYHOHPKWWSZZZDHJLVPHWDOIUDPLQJ FRP   &DStWXOR /DMHV  /DMHV &RPRPHQFLRQDGRDQWHULRUPHQWHDHV WUXWXUDGHSLVRHP/LJKW6WHHO)UDPLQJ )LJXUD  HPSUHJDRPHVPRSULQFtSLRGRVSDLQpLV RX VHMD SHUILV JDOYDQL]DGRV FXMD VHSDUDomR HTLGLVWDQWH GRV HOHPHQWRV HVWUXWXUDLV RX PRGXODomRpGHWHUPLQDGDSHODVFDUJDVDTXH FDGDSHUILOHVWiVXEPHWLGR(VVDPRGXODomR QDPDLRULDGRVFDVRVpDPHVPDSDUDWRGDD HVWUXWXUDSDLQpLVODMHVHWHOKDGRV )RWR9LJDVGHSLVR )RQWHDUTXLYRGRDXWRU )LJXUD(VWUXWXUDGHSLVRHP/LJKW6WHHO)UDPLQJ (VVHVSHUILVGHQRPLQDGRVYLJDVGHSLVR )RWR XWLOL]DPSHUILVGHVHomR8HGLVSRV WRVQDKRUL]RQWDOFXMDVPHVDVQRUPDOPHQWH WrP DV PHVPDV GLPHQV}HV GDV PHVDV GRV PRQWDQWHVSRUpPDDOWXUDGDDOPDpGHWHUPL QDGDSRUYiULRVIDWRUHVHQWUHHOHVDPRGXOD omRGDHVWUXWXUDHRYmRHQWUHRVDSRLRV$V VLPDGLVSRVLomRGDVYLJDVGHSLVRGHYHJHUDU DPHQRUGLVWkQFLDHQWUHRVDSRLRVUHVXOWDQGR HPSHUILVGHPHQRUDOWXUD 2VSHUILVGHYHPVHUVXILFLHQWHPHQWHUH VLVWHQWHV H HQULMHFLGRV SDUD VXSRUWDU DV FDU JDVHHYLWDUGHIRUPDo}HVDFLPDGDVH[LJLGDV SRUQRUPD3RUWDQWRQmRpUHFRPHQGiYHOVH FRUWDU D PHVD GH XP SHUILO TXH DWXD FRPR YLJD3HUIXUDo}HVH[HFXWDGDVQDVDOPDVGDV YLJDVSDUDSDVVDJHPGHWXEXODo}HVTXDQGR H[FHGHUHP DV GLPHQV}HV GRV IXURV Mi H[LV WHQWHV QRV SHUILV FRQKHFLGRV SRU ³SXQFK´  GHYHPVHUSUHYLVWRVSHORSURMHWRHVWUXWXUDO$ QRUPD 1%5  SUHYr TXH ³$EHUWX UDVVHPUHIRUoRVSRGHPVHUH[HFXWDGDVQRV SHUILV GHVGH TXH GHYLGDPHQWH FRQVLGHUDGDV QR GLPHQVLRQDPHQWR H TXH R PDLRU HL[R GD IXUDomRFRLQFLGDFRPRHL[RORQJLWXGLQDOFHQ WUDOGDDOPDGRSHUILOHDJHRPHWULDGRVIXURV HVWHMDGHDFRUGRFRPDILJXUD$GLVWkQFLD HQWUHFHQWURVGHIXURVVXFHVVLYRVGHYHVHUQR PtQLPRLJXDODPPDGLVWkQFLDHQWUHDH[ WUHPLGDGHGRSHUILOHRFHQWURGRSULPHLURIXUR GHYH VHU QR PtQLPR GH  PP D GLVWkQFLD HQWUHDH[WUHPLGDGHGHXPDDEHUWXUDHDIDFH ODWHUDOGRDSRLRGDYLJDGHYHVHUGHQRPtQLPR PP´ )LJXUD$EHUWXUDVQRVSHUILVSDUDSDVVDJHPGHWXEXOD o}HV )RQWH1%5  3DUD DEHUWXUDV FRP IRUPDV GLIHUHQWHV H GLPHQV}HV PDLRUHV TXH DV UHFRPHQGDGDV QDILJXUDGHYHPVHUH[HFXWDGRVUHIRUoRV QHVWDVDEHUWXUDVDVHUHPSURMHWDGRVFRQIRU PH SUiWLFDV DFHLWDV QD HQJHQKDULD HVWUXWXUDO 1%5    1HVVHV FDVRV RV IXURV GHYHPVHUUHIRUoDGRVSRUXPDFKDSDGHDoR JDOYDQL]DGRGHHVSHVVXUDQRPtQLPRLJXDODR GRHOHPHQWRSHUIXUDGRHGHYHVHHVWHQGHU PPDOpPGDVERUGDVGRIXUR2UHIRUoRGHYH VHUIL[DGRFRPSDUDIXVRV )LJXUD (VVDV SHUIXUDo}HV QmR GHYHP H[FHGHU HP ODUJXUD GDDOWXUDGDDOPDGRPHPEURHVWUXWXUDO RXH[FHGHUPPGHFRPSULPHQWRPHGLGDV DRORQJRGDDOPD (OKDMM%LHODW  GRV SRU YLJDV GH SLVR LVRODGDV GHYLGDPHQWH GLPHQVLRQDGDVRXSHODHVWUXWXUDGRSLVRHP FRQMXQWR FRQIRUPH R FiOFXOR HVWUXWXUDO -i SDLQpLV HVWUXWXUDLV GHYHP VHU DSRLDGRV GLUH WDPHQWH VREUH RXWURV SDLQpLV HVWUXWXUDLV RX YLJDVSULQFLSDLV *UXEE/DZVRQ  $OpPGDVYLJDVGHSLVRRXWURVHOHPHQ WRVVmRHVVHQFLDLVQDFRQVWLWXLomRGHXPDODMH HPXPVLVWHPD/LJKW6WHHO)UDPLQJFRPRUH SUHVHQWDGRQDVILJXUDVH ‡6DQHIDRXJXLDSHUILO8TXHIL[DDVH[ WUHPLGDGHV GDV YLJDV SDUD GDU IRUPD j HVWUXWXUD ‡(QULMHFHGRU GH DOPD UHFRUWH GH SHU ILO 8H JHUDOPHQWH PRQWDQWH TXH IL[DGR DWUDYpVGHVXDDOPDjDOPDGDYLJDQR DSRLR GD PHVPD DXPHQWD D UHVLVWrQ FLDQRORFDOHYLWDQGRRHVPDJDPHQWRGD DOPDGDYLJD7DPEpPSRGHVHUFKDPD GRGHHQULMHFHGRUGHDSRLR ‡9LJD FDL[D GH ERUGD IRUPDGD SHOD XQLmRGHSHUILV8H8HHQFDL[DGRVSRV VLELOLWDDERUGDGDODMHSDUDOHODjVYLJDV SULQFLSDOPHQWH TXDQGR RFRUUH GH VHUYLU GHDSRLRDXPSDLQHO )LJXUD'HWDOKHGHUHIRUoRHPYLJDGHSLVR $VYLJDVGHSLVRVmRUHVSRQViYHLVSHOD WUDQVPLVVmRGDVFDUJDVDTXHHVWmRVXMHLWDV SHVR SUySULR GD ODMH SHVVRDV PRELOLiULR HTXLSDPHQWRV HWF  SDUD RV SDLQpLV H WDP EpPVHUYHPGHHVWUXWXUDGHDSRLRGRFRQWUDSL VR(VWHVTXDQGRHVWUXWXUDLVSRGHPWUDEDOKDU FRPR GLDIUDJPD KRUL]RQWDO GHVGH TXH GHYL GDPHQWH FRQHFWDGRV jV YLJDV GH SLVR XPD YH] TXH D UHVLVWrQFLD H R HVSDoDPHQWR GDV OLJDo}HV SDUDIXVRV GHILQHPDFDSDFLGDGHGR PHVPR GH VHU FRQVLGHUDGR FRPR GLDIUDJPD (OKDMM&UDQGHOO  ‡9LJDFRPSRVWDFRPELQDomRGHSHUILV8 H8HDILPGHDXPHQWDUDUHVLVWrQFLDGD YLJD3RGHVHUXWLOL]DGDQRSHUtPHWURGH XPDDEHUWXUDQDODMHFRPRSRUH[HPSOR SDUD SHUPLWLU R DFHVVR DWUDYpV GH XPD HVFDGDVHUYLQGRGHDSRLRSDUDDVYLJDV LQWHUURPSLGDV 2VFDUUHJDPHQWRVUHODWLYRVjVGLYLVyULDV LQWHUQDV QmRSRUWDQWHV SRGHP VHU VXSRUWD  /DMHV )LJXUD3ODQWDGHHVWUXWXUDGHSLVRHP/LJKW6WHHO)UDPLQJ WLSR VHFD TXDQGR SODFDV UtJLGDV GH 26% FL PHQWtFLDV RX RXWUDV VmR DSDUDIXVDGDV j HV WUXWXUDGRSLVR D /DMHÒPLGD $ ODMH ~PLGD p FRPSRVWD EDVLFDPHQWH SRU XPD FKDSD RQGXODGD GH DoR )RWR   TXHVHUYHGHI{UPDSDUDRFRQFUHWRHpDSD UDIXVDGDjVYLJDVGHSLVRHXPDFDPDGDGH DFPGHFRQFUHWRVLPSOHVTXHIRUPDUiD VXSHUItFLHGRFRQWUDSLVR )RWR±(VWUXWXUDGHSLVRHP/LJKW6WHHO)UDPLQJ )RQWH GLVSRQtYHOHPKWWSZZZDHJLVPHWDOIUDPLQJFRP 7LSRVGH/DMH 'H DFRUGR FRP D QDWXUH]D GR FRQWUDSL VRDODMHSRGHVHUGRWLSR~PLGDTXDQGRVH XWLOL]DXPDFKDSDPHWiOLFDRQGXODGDDSDUDIX VDGDjVYLJDVHSUHHQFKLGDFRPFRQFUHWRTXH VHUYHGHEDVHDRFRQWUDSLVR2XSRGHVHUGR )RWR){UPDGHDoRSDUDFRQWUDSLVR~PLGR )RQWH DUTXLYRGRDXWRU   2 FRQWUDSLVR GH FRQFUHWR VHUYH FRPR EDVHSDUDDFRORFDomRGRDFDEDPHQWRGHSLVR TXH SRGH VHU FHUkPLFR GH PDGHLUD SHGUDV ODPLQDGRV HWF 3DUD HYLWDU ILVVXUDV GH UHWUD omRGXUDQWHDFXUDGRFRQFUHWRpQHFHVViULR RHPSUHJRGHXPDDUPDGXUDHPWHODVROGDGD FRORFDGDDQWHVGDFRQFUHWDJHP $ ODMH ~PLGD QmR GHYH VHU FRQIXQGLGD FRP D ){UPD GH $oR ,QFRUSRUDGD WDPEpP FRQKHFLGDFRPR³6WHHO'HFN´MiTXHHVWDIXQ FLRQDFRPRXPHOHPHQWRPLVWRHQHFHVVLWDGH PHQRUTXDQWLGDGHGHDSRLRV DIXQomRGHGLDIUDJPDKRUL]RQWDOGHVGHTXH DVSODFDVVHMDPHVWUXWXUDLV $HVFROKDGRWLSRHGDHVSHVVXUDGDSOD FDHVWiUHODFLRQDGDFRPDGHIRUPDomRUHTXH ULGDSHODVSUySULDVFDUDFWHUtVWLFDVGDPHVPD H IXQGDPHQWDOPHQWH FRP R WLSR GH UHYHVWL PHQWRDXWLOL]DU &RQVXO6WHHO  $SODFDPDLVXWLOL]DGDpR26%FRP PP GH HVSHVVXUD )RWR   TXH DOpP GH DSUHVHQWDU SURSULHGDGHV HVWUXWXUDLV IDYRUH FHQGR R XVR FRPR GLDIUDJPD KRUL]RQWDO p OHYHHGHIiFLOLQVWDODomR 3DUDREWHUXPFRQIRUWRDF~VWLFRDGHTXD GR GHYHVH HPSUHJDU XP PDWHULDO GH LVROD PHQWR HQWUH D IRUPD GH DoR H R FRQFUHWR$ IRUPDPDLVFRPXPpDFRORFDomRGHSDLQpLV GH Om GH YLGUR FRPSDFWD VREUH D FKDSD GH DoRSURWHJLGRSRUXPILOPHGHSROLHWLOHQRSDUD HYLWDUDXPLGLILFDomRGDOmGHYLGURGXUDQWHD FRQFUHWDJHP $QWHV GD FRORFDomR GD FKDSD GH DoR GHYHVHIL[DUHPWRGDDERUGDGRSLVRXPSHU ILOJDOYDQL]DGRWLSRFDQWRQHLUDDILPGHVHUYLU GHIRUPDODWHUDOSDUDRFRQFUHWR$ILJXUD PRVWUDRHVTXHPDGHXPDODMH~PLGD )RWR3ODFDVGH26%XWLOL]DGDVSDUDODMHVHFD )RQWH DUTXLYRGRDXWRU 3DUD iUHDV PROKDGDV FRPR EDQKHLURV FR]LQKDViUHDVGHVHUYLoRHRXWUDVRXVRGD SODFDFLPHQWtFLDpPDLVUHFRPHQGDGRMiTXH WHPPDLRUUHVLVWrQFLDjXPLGDGHSRUpPpQH FHVViULRRXVRGHXPDEDVHFRQWtQXDGHDSRLR SDUDDVFKDSDVFLPHQWtFLDVJHUDOPHQWHVREUH SODFDV GH PDGHLUD WUDQVIRUPDGD GHYLGR jV VROLFLWDo}HVjIOH[mR /RWXUFR )LJXUD±'HVHQKRHVTXHPiWLFRGHODMH~PLGD E /DMH6HFD $ ODMH VHFD FRQVLVWH QR XVR GH SODFDV UtJLGDVDSDUDIXVDGDVjVYLJDVGHSLVRHVHU YHPFRPRFRQWUDSLVRSRGHQGRGHVHPSHQKDU 3DUDVHUHGX]LURQtYHOGHUXtGRHQWUHXP SDYLPHQWRHRXWURTXHSRGHVHUJHUDGRQDXWL OL]DomRQRUPDOGRSLVRpUHFRPHQGDGRDFR ORFDomRGHOmGHYLGURHQWUHDVYLJDVHRXVR GHXPDPDQWDGHSROLHWLOHQRH[SDQGLGRHQWUH RFRQWUDSLVRHDHVWUXWXUD )RWR   /DMHV 9LJDPHQWRGH3LVR 'HPDQHLUDJHUDODVYLJDVGHSLVRTXH IRUPDPDODMHVHDSyLDPQRVPRQWDQWHVRQGH VXDVDOPDVHVWDQGRHPFRLQFLGrQFLDGmRRUL JHP DR FRQFHLWR GH HVWUXWXUD DOLQKDGD )RWR   )RWR0DQWDGHSROLHWLOHQRH[SDQGLGRHQWUHYLJDVGHSLVR HFRQWUDSLVRFRPSODFDVGH26% )RQWHDUTXLYRGRDXWRU $V SULQFLSDLV YDQWDJHQV GR XVR GD ODMH VHFDVHULDPDPHQRUFDUJDSRUSHVRSUySULR HXPDFRQVWUXomRDVHFRVHPDQHFHVVLGDGH GRXVRGHiJXDQDREUDHPDLRUYHORFLGDGHGH H[HFXomR$ILJXUDPRVWUDRFRUWHHVTXH PiWLFRGHXPDODMHVHFD )RWR9LJDVGHSLVRDSRLDGDVHPPRQWDQWHVGHSDLQpLV GRSDYLPHQWRWpUUHR )RQWHDUTXLYRGRDXWRU 3RUpPH[LVWHPVLWXDo}HVHPTXHRXWURV HOHPHQWRVHVWUXWXUDLVIXQFLRQDPFRPRDSRLR 8PD ODMH HP /LJKW 6WHHO )UDPLQJ SRGH VH DSRLDU HP XPD HVWUXWXUD WUDGLFLRQDO DOYHQD ULDRXFRQFUHWR  MiH[LVWHQWH )LJXUD  2X HPFRQVWUXo}HVRQGHDVIXQGDo}HVVHMDPGR WLSRVDSDWDFRUULGDHPTXHDODMHGRWpUUHRVH DSyLDGLUHWDPHQWHQDIXQGDomR )LJXUD  )LJXUD'HVHQKRHVTXHPiWLFRGHODMHVHFD $OJXQVFRQVWUXWRUHVDFKDPPDLVSURGXWL YRPRQWDURVSDLQpLVHVWUXWXUDLVGRSDYLPHQWR VXSHULRU VREUH R FRQWUDSLVR GD ODMH VHMD HOD VHFDRX~PLGD3RUpPDELEOLRJUDILDUHFRPHQ GDTXHRVSDLQpLVSRUWDQWHVVHMDPPRQWDGRV GLUHWDPHQWHVREUHDHVWUXWXUDGRSLVRRQGHRV PRQWDQWHVGRSDLQHOVXSHULRUIDoDPFRQWDQWR GLUHWRFRPDVYLJDVGHSLVRFRPRIRUPDGHJD UDQWLUDFRUUHWDWUDQVPLVVmRD[LDOGRVHVIRUoRV HQWUH RV FRPSRQHQWHV GD HVWUXWXUD H HYLWDU GHIRUPDo}HVUHODWLYDVjIDOWDGHQLYHODPHQWR RX SUHFLVmR GLPHQVLRQDO GRV HOHPHQWRV TXH IRUPDPRFRQWUDSLVR  )LJXUD/DMHHP/LJKW6WHHO)UDPLQJDSRLDGDVREUH HVWUXWXUDWUDGLFLRQDO )LJXUD/DMHHP/LJKW6WHHO)UDPLQJDSRLDGDVREUH IXQGDomRWLSRVDSDWDFRUULGD 3DUDODMHVHPEDODQoRSHODDXVrQFLDGH DSRLR HP XPD GDV H[WUHPLGDGHV GDV YLJDV QHFHVVLWDPGHUHIRUoRVHVSHFLDLVQDHVWUXWXUD HGRLVFDVRVSRGHPVHUFRQVLGHUDGRV1RSUL PHLURFDVRDVYLJDVGDODMHHPEDODQoRWrPD PHVPDGLUHomRGDVYLJDVGHSLVRHQWmRHODV FRQVWLWXHPXPSURORQJDPHQWRGDHVWUXWXUDGH SLVR )LJXUD 3RUpPRVHJPHQWRHPED ODQoRGHYHWHUQRPi[LPRPHWDGHGRFRPSUL PHQWRGRVHJPHQWRGDVYLJDVTXHHVWmRHQWUH RVDSRLRV XPDQRYDHVWUXWXUDSDUDVXSRUWDUDVYLJDVTXH IRUPDUmR R EDODQoR )LJXUD   3DUD LVVR GD PHVPD IRUPD FRPR QR R FDVR DV YLJDV GHYHPWHUSHORPHQRVRGREURGRFRPSULPHQ WRGREDODQoRSURORQJDQGRVHSDUDGHQWURGD FRQVWUXomR H HVWDU HQWUH DSRLRV 8P GHVVHV DSRLRV SRGH VHU XPD YLJD GH SLVR UHIRUoDGD VHJXQGR FiOFXOR FXMDV FRQH[}HV VmR VHPH OKDQWHVjVGHVFULWDVSRVWHULRUPHQWHQHVWHWy SLFR SDUD DV FKDPDGDV YLJDV SULQFLSDLV $V YLJDVGHSLVRTXHIRUHPLQWHUURPSLGDVSRGHP VHUDSRLDGDVQDVYLJDVGREDODQoRGHVGHTXH HVWDVHVWHMDPGHYLGDPHQWHUHIRUoDGDV )LJXUD/DMHHPEDODQoR 4XDQGR KRXYHU D QHFHVVLGDGH GH GLIH UHQoDGHQtYHOHQWUHDODMHGHSLVRHDODMHHP EDODQoRFRPRSRGHRFRUUHUFRPYDUDQGDVH iUHDV H[WHUQDV SDUD DV ODMHV GR WLSR ~PLGD LVWRSRGHVHUUHVROYLGRYDULDQGRDHVSHVVXUD GRFRQWUDSLVRGHFRQFUHWR )LJXUD/DMHHPEDODQoR 3DUDDODMHVHFDRGHVQtYHOpFRQVHJXL GRPHGLDQWHRXVRGHSHUILVGHPHQRUDOWXUD SDUD D HVWUXWXUD GR SLVR HP EDODQoR (VVHV SHUILV GHYHP VHU IL[DGRV DV YLJDV GR SLVR WUDQVSDVVDQGR D JXLD RX VROHLUD DWUDYpV GH FRUWHVHPVXDDOPDHVHXFRPSULPHQWRGHYH WHUWDPEpPRGREURGRFRPSULPHQWRGRVHJ PHQWRTXHIRUPDREDODQoRFRQIRUPHPRVWUD DILJXUD 1R VHJXQGR FDVR TXDQGR DV YLJDV GD ODMHHPEDODQoRQmRWrPDPHVPDGLUHomRGDV YLJDVGDHVWUXWXUDGRSLVRpQHFHVViULRSURYHU  /DMHV )LJXUD/DMHHPEDODQoRFRPFRQWUDSLVRHPQtYHLV GLIHUHQWHV 'HYHVHWHUDWHQomRHVSHFLDOHPVHUH SURGX]LU R PDLV ILHOPHQWH SRVVtYHO DV FRQGL o}HVGHDSRLRTXHIRUDPVXSRVWDVQRSURMHWR HVWUXWXUDO FRPR WDPEpP D DGHTXDGD IL[DomR GDVYLJDVDILPGHJDUDQWLUDWUDQVIHUrQFLDGRV FDUUHJDPHQWRV TXH DWXDP VREUH D ODMH DRV DSRLRV H FRQVHTHQWHPHQWH jV IXQGDo}HV 6FKDUII  1RVFDVRVHPTXHDPRGXODomRGDVYL JDVGHSLVRQmRFRLQFLGLUFRPDGRVSDLQpLV GHYHVHFRORFDUXPDYLJDFRPSRVWDFDSD]GH GLVWULEXLU DV FDUJDV XQLIRUPHPHQWH DRV PRQ WDQWHVFRQIRUPHPRVWUDDILJXUD SLVRpGHWHUPLQDGDSHODDOWXUDGRSHUILO PHGL GDH[WHUQDHQWUHDVPHVDV PDLVRFRQWUDSLVR TXH YDULD GH DFRUGR FRP R XVR GD ODMH VHFD RX~PLGD 9iULRVIDWRUHVFRQWULEXHPSDUDDHVFROKD GHXPGHWHUPLQDGRSHUILORXGHXPDVROXomR HVWUXWXUDO FDUJD GH XWLOL]DomR GD HGLILFDomR FRPSULPHQWR GR YmR PRGXODomR GR SURMHWR HVWUXWXUDODSRLRVLQWHUPHGLiULRVFRPSULPHQ WRGDVYLJDVGHSLVRHWF1RUPDOPHQWHSDUD DSOLFDo}HV UHVLGHQFLDLV VmR UHFRPHQGDGRV YmRV GH DWp  P SDUD R XVR GH SHUILV 8H [[LVWRpSHUILVFRPDOWXUDGDDOPD GHPPPHVDGHPPHHVSHVVXUD PP 3DUD YmRV PDLRUHV TXDQGR H[LJrQFLDV GHSURMHWRHOD\RXWQmRSHUPLWHPRXVRGHSDL QpLVLQWHUPHGLiULRVGHDSRLRSRGHVHUHIRUoDU DVYLJDVGHSLVRDWUDYpVGDFRPELQDomRFRP RXWURV SHUILV IRUPDQGR YLJDV WLSR FDL[D RX DLQGDVHXWLOL]DUXPDYLJDSULQFLSDORQGHDV YLJDV GH SLVR VmR DSRLDGDV (VVD YLJD SULQ FLSDO p IHLWD D SDUWLU GD FRPELQDomR GH GRLV RXPDLVSHUILVGHSHQGHQGRGDVROLFLWDomRTXH GHYH UHVLVWLU IRUPDQGR XPD YLJD FDL[D FRQ IRUPHPRVWUDDILJXUDD )LJXUDYLJDVFRPSRVWDVSDUDDXPHQWDUDUHVLVWrQFLD )LJXUD9LJDGHGLVWULEXLomRGDFDUJDGRSLVRSDUDRV PRQWDQWHV 2 DUTXLWHWR GHYH VHPSUH FRQVLGHUDU D DOWXUDGDVYLJDVGHSLVRQRVHXSURMHWRSDUD TXHHODVQmRLQWHUILUDPQDDOWXUDILQDORXSp GLUHLWRGRVDPELHQWHV$DOWXUDILQDOGDODMHGH  $YLJDSULQFLSDOSRGHHVWDUVREDVYLJDV GHSLVRRXTXDQGRKRXYHUXPDOLPLWDomRQD DOWXUDGRSpGLUHLWRHODVSRGHPDSRLDUVHQR PHVPR QtYHO DWUDYpV GH FRQH[}HV XWLOL]DQGR SHoDV FRPR FDQWRQHLUDV RX VXSRUWHV )LJXUD   )LJXUD7LSRVGHYLJDVSULQFLSDLVSDUDDSRLRGHYLJDVGHSLVR 9LJDV GH DoR VROGDGDV RX ODPLQDGDV WDPEpP SRGHP VHU HPSUHJDGDV QR VXSRUWH GDV YLJDV GH SLVR FRQIRUPH PRVWUD D ILJXUD HDIRWRSRUpPGHYHVHWHUHVSHFLDO DWHQomR QD SURWHomR GDV SHoDV HP FRQWDWR SDUDHYLWDUFRUURVmR )LJXUD9LJDVSULQFLSDLVHPDoRVROGDGR  /DMHV )RWR9LJDVGHSLVRDSRLDGDVVREUHYLJDSULQFLSDOHP DoR )RQWHGLVSRQtYHOHPKWWSZZZDHJLVPHWDOIUDPLQJ FRP  )RWR7UDYDPHQWRKRUL]RQWDOGDODMHGHSLVRSRUPHLRGH EORTXHDGRUHVHILWDVPHWiOLFDV )RQWHDUTXLYRGRDXWRU 4XDQGRpQHFHVViULRRXVRGHXPDYLJD FRQWtQXD FXMR FRPSULPHQWR ILFD OLPLWDGR jV FRQGLo}HV GH WUDQVSRUWH QRUPDOPHQWH VmR WUDQVSRUWDGRVSHUILVGHDWpP SRGHVHXQLU GRLV SHUILV XWLOL]DQGR XP VHJPHQWR GR PHV PRSHUILOFRQHFWDGRDDOPDGDVYLJDV )LJXUD   2 FRPSULPHQWR GHVVH VHJPHQWR TXH IXQFLRQD FRPR XPD HPHQGD GHSHQGH GDV WHQV}HVDWXDQWHVQRORFDO 6HJXQGR (OKDMM %LHODW   QRUPDO PHQWHVmRHPSUHJDGRVRVVHJXLQWHVWLSRVGH WUDYDPHQWR ‡%ORTXHDGRUFRQVLVWHHPXVDUXPSHUILO 8HGHPHVPDVFDUDFWHUtVWLFDVGDVYLJDV GH SLVR HQWUH HVWDV FRQHFWDGR DWUD YpV GH FDQWRQHLUDV ILJXUD   RX GH XPFRUWHQRSUySULRSHUILOGHIRUPDTXH SRVVLELOLWH R DSDUDIXVDPHQWR GHVWH QDV YLJDV VLPLODU DR SURFHGLPHQWR XWLOL]DGR QRVSDLQpLV2VEORTXHDGRUHVGHYHPHV WDUORFDOL]DGRVVHPSUHQDVH[WUHPLGDGHV GDODMHHWDPEpPHVSDoDGRVDSHORPH QRV  P FRLQFLGLQGR VXD PHVD FRP DVILWDVGHDoRJDOYDQL]DGRRQGHVmROL JDGRVSRUPHLRGHSDUDIXVRV )LJXUD(PHQGDGHYLJDGHSLVR 7UDYDPHQWR+RUL]RQWDO 2WUDYDPHQWRKRUL]RQWDOGDHVWUXWXUDGH SLVR )RWR pXPUHFXUVRSDUDVHHYLWDUIH Q{PHQRVFRPRIODPEDJHPODWHUDOSRUWRUomR GHVORFDPHQWR H YLEUDomR QDV YLJDV GH SLVR (QULMHFHURVLVWHPDUHGX]RVHVIRUoRVQDVYL JDVHGLVWULEXLPHOKRURFDUUHJDPHQWR 6FKDU II   )LJXUD%ORTXHDGRU ‡)LWD GH DoR JDOYDQL]DGR XVDGR HP FRQMXQWRFRPREORTXHDGRUFRQVLVWHHP FRQHFWDU XPD ILWD HP DoR JDOYDQL]DGR SHUSHQGLFXODUPHQWHDVPHVDVLQIHULRUHV GDVYLJDVGHSLVRMiTXHQDVPHVDVVX SHULRUHV R FRQWUDSLVR Mi SRVVLELOLWD HVWH WUDYDPHQWR (VFDGDV (VWUXWXUDV GH HVFDGDV HP /LJKW 6WHHO )UDPLQJVmRFRQVWUXtGDVSHODFRPELQDomRGH SHUILV8H8HQRUPDOPHQWHRVPHVPRVXVD GRV SDUD RV SDLQpLV 3DUD FRQVWLWXLU GHJUDXV H HVSHOKRV SDLQpLV UtJLGRV FRPR SODFDV GH 26%RXSUDQFKDVGHPDGHLUDPDFLoDDSDUD IXVDGDV QD HVWUXWXUD VmR RV PDLV XWLOL]DGRV 3LVRV~PLGRVWDPEpPVmRYLiYHLVGHVGHTXH XVDGRVFRPRVLVWHPDDGHTXDGR 1HVVHWUDEDOKRWUrVPpWRGRVVHUmRGHV FULWRV H D HVFROKD GH XP GHOHV GHSHQGH GR WLSRGHHVFDGDVHDEHUWDRXIHFKDGDHRFRQ WUDSLVRRXVXEVWUDWRXWLOL]DGR'HDFRUGRFRP ³&RQVWUXFFLyQFRP$FHUR/LYLDQR±0DQXDOGH 3URFHGLPLHQWR´  RVPpWRGRVPDLVXWLOL ]DGRVVmR D 9LJD&DL[D,QFOLQDGD ,QGLFDGD SDUD HVFDGDV DEHUWDV XWLOL]D FRPR DSRLR SDUD R FRQWUDSLVR XPD JXLD GR EUDGDHPGHJUDXV JXLDGHJUDX XQLGDDXPD YLJDFDL[DFRPDLQFOLQDomRQHFHVViULD )LJXUD  2SDUGHVVDFRPSRVLomRIRUPDRODQFH GD HVFDGD H SRVVLELOLWD R DSRLR GR FRQWUDSL VRTXHSRGHVHUFRPSRVWRGHSODFDVGH26% RXSUDQFKDVGHPDGHLUDPDFLoDTXHMiGmRR DFDEDPHQWRILQDO )LJXUD'HVHQKRHVTXHPiWLFRGHHVFDGDYLJDFDL[D LQFOLQDGD )RWR(VFDGDYLJDFDL[DLQFOLQDGD )RQWHDUTXLYRGR DXWRU E 3DLQHOFRP,QFOLQDomR ,QGLFDGR SDUD HVFDGDV IHFKDGDV p IRU PDGRSRUXPDJXLDGHJUDXXQLGDDXPSDLQHO FRPDLQFOLQDomRQHFHVViULDDHVFDGD )LJXUD   2 SDU GHVVD FRPSRVLomR IRUPD R ODQ FH GD HVFDGD H R FRQWUDSLVR VH PDWHULDOL]D FRPRQRSULPHLURFDVRSRUSODFDVGH26%RX SUDQFKDVGHPDGHLUDPDFLoD )LJXUD'HVHQKRHVTXHPiWLFRGHHVFDGDSDLQHOFRP LQFOLQDomR  /DMHV ‡*XLDGHJUDX 3DUDSHUPLWLURHVFDORQDPHQWRWDQWRGD HVFDGDGH9LJD&DL[DFRPRQDGH3DLQHO,Q FOLQDGRpQHFHVViULDXPDSHoDTXHVHREWpP D SDUWLU GD GREUDJHP GH XPD JXLD SHUILO 8  VHJXQGRDVHTrQFLD 0DUFDVHDJXLDDOWHUQDQGRDVPHGL GDVGRSLVRHGRHVSHOKRGRGHJUDX &RUWDPVHDVPHVDVGDJXLDQRVORFDLV PDUFDGRVGHPRGRDSHUPLWLUDGREUDJHP $JXLDVHUiGREUDGDQDVPDUFDVDOWHU QDQGRDGLUHomR SDUDGHQWURHSDUDIRUD HP XPkQJXORGHR  8PD YH] FRPSOHWDGD DV GREUDV D JXLDVHUiDSDUDIXVDGDSRUVXDVPHVDVD9LJD RXDRSDLQHO F 3DLQpLV(VFDORQDGRV3DLQpLVGH'H JUDX 2V SDLQpLV KRUL]RQWDLV TXH VHUYHP GH EDVHDRVXEVWUDWRVmRIRUPDGRVSRUGRLVSHU ILVJXLDV 8 HGRLVSHUILVPRQWDQWHV 8H HVH DSyLDPQRVSDLQpLVYHUWLFDLVFXMRVPRQWDQWHV DVVXPHPDDOWXUDFRUUHVSRQGHQWHDFDGDGH JUDX GH PRGR D REWHU R HVFDORQDPHQWR QH FHVViULRjLQFOLQDomRGDHVFDGD )RWR  )RWR0RQWDJHPGHXPDHVFDGDGHSDLQpLVHVFDORQD GRV )RQWHDUTXLYRGRDXWRU  (VWHSDLQHOHVFDORQDGRpPRQWDGRFRPR XP~QLFRSDLQHODWUDYpVGHXPDJXLDLQIHULRU FRQWtQXD SDUD WRGRV RV PRQWDQWHV FRQIRUPH PRVWUDDILJXUD )LJXUD±'HVHQKRHVTXHPiWLFRGHXPDHVFDGDGH SDLQpLVHVFDORQDGRV 3DUDRFRQWUDSLVRGRVVLVWHPDVFLWDGRV HVWHpR~QLFRXWLOL]DGRSDUDSLVR~PLGR3DUD LVVR FRORFDVH XPD I{UPD GH PDGHLUD SRU EDL[R GH FDGD SDLQHO GH GHJUDX SUHHQFKHQ GRFRPFRQFUHWRRHVSDoRHQWUHRVSHUILVGR SDLQHOKRUL]RQWDO3RUpPWDPEpPpDGHTXDGR SDUD R XVR GH SODFDV UtJLGDV FRPR 26% RX FLPHQWtFLDV &DStWXOR &REHUWXUDV  &REHUWXUDV $FREHUWXUDRXWHOKDGRpDSDUWHGDFRQV WUXomRGHVWLQDGDDSURWHJHURHGLItFLRGDDomR GDVLQWHPSpULHVSRGHQGRWDPEpPGHVHPSH QKDU XPD IXQomR HVWpWLFD 7HOKDGRV SRGHP YDULDUGHVGHVLPSOHVFREHUWDVSODQDVDWpSUR MHWRVPDLVFRPSOH[RVFRPJUDQGHLQWHUVHFomR GHiJXDVRXSODQRVLQFOLQDGRV 2V WHOKDGRV LQFOLQDGRV DOpP GD ILQDOL GDGHSURWHWRUDWDPEpPIXQFLRQDPFRPRXP UHJXODGRU WpUPLFR GRV DPELHQWHV FREHUWRV MiTXHDFDPDGDGHDUHQWUHDFREHUWXUDHR IRUUR FRQVWLWXL XP H[FHOHQWH LVRODQWH WpUPLFR &DUGmR 'HYLGRDLVVRQR%UDVLOSDtV GH FOLPD WURSLFDO RV WHOKDGRV LQFOLQDGRV VmR QRUPDOPHQWH PDLV HILFLHQWHV QR TXH GL] UHV SHLWRDRFRQIRUWRDPELHQWDO 'D PHVPD IRUPD TXH DFRQWHFH QDV FRQVWUXo}HVFRQYHQFLRQDLVDYHUVDWLOLGDGHGR VLVWHPD/LJKW6WHHO)UDPLQJSRVVLELOLWDDUHD OL]DomRGRVPDLVYDULDGRVSURMHWRVGHFREHU WXUD3DUDRVWHOKDGRVLQFOLQDGRVDHVWUXWXUD HP /6) VHJXH R PHVPR SULQFtSLR HVWUXWXUDO GRVWHOKDGRVFRQYHQFLRQDLVHPPDGHLUD3RU WDQWR R SURMHWR GH DPERV DSUHVHQWD JUDQGH VLPLODULGDGH 6HJXQGR 0ROLWHUQR   R WHOKDGR FRPS}HVHGHGXDVSDUWHVSULQFLSDLV ‡&REHUWXUD SRGHQGR VHU GH PDWHULDLV GLYHUVRV GHVGH TXH LPSHUPHiYHLV jV iJXDV SOXYLDLV H UHVLVWHQWHV D DomR GR YHQWRHLQWHPSpULHV ‡$UPDomRFRUUHVSRQGHDRFRQMXQWRGH HOHPHQWRV HVWUXWXUDLV SDUD VXVWHQWDomR GD FREHUWXUD WDLV FRPR ULSDV FDLEURV WHUoDVWHVRXUDVHFRQWUDYHQWDPHQWRV 'H DFRUGR FRP R GRFXPHQWR ³'HVLJQ *XLGHIRU&ROGIRUPHG6WHHO7UXVVHV´ /D%RX EH SXEOLFDGRSHOD$,6, $PHULFDQ,URQ DQG6WHHO,QVWLWXWH DHVWUXWXUDGHXPWHOKDGR GHYH VXSRUWDU DOpP GR SHVR SUySULR GH VHXV FRPSRQHQWHV R SHVR GRV UHYHVWLPHQWRV GH  FREHUWXUDIRUURVVXVSHQVRVPDWHULDLVGHLVR ODPHQWR FDUJDV GH YHQWR GH QHYH H RXWURV HTXLSDPHQWRVRXHOHPHQWRVIL[DGRVRXDSRLD GRV j HVWUXWXUD 'HYHVH SUHYHU WDPEpP RV FDUUHJDPHQWRVGXUDQWHDFRQVWUXomRHPDQX WHQomR&DUUHJDPHQWRVUHIHUHQWHVjFKXYDVy GHYHP VHU FRQVLGHUDGRV VH R SURMHWR GD FR EHUWXUDQmRSUHYHUGUHQDJHPDSURSULDGDGDV iJXDVSOXYLDLV 7LSRVGH&REHUWXUDV +i XPD JUDQGH YDULHGDGH GH VROXo}HV HVWUXWXUDLV SDUD VH PDWHULDOL]DU D FREHUWXUD GHXPDHGLILFDomR$HVFROKDGHSHQGHGHGL YHUVRVIDWRUHVFRPRWDPDQKRGRYmRDFREULU FDUUHJDPHQWRV RSo}HV HVWpWLFDV HFRQ{PL FDV HWF 1HVVH FDStWXOR VHUmR FLWDGRV DOJX PDVGDVVROXo}HVPDLVFRPXQVSDUDFRQVWUX o}HVHP/LJKW6WHHO)UDPLQJHDSUHVHQWDGRV GHWDOKDGDPHQWH RV PpWRGRV HPSUHJDGRV SDUD FREHUWXUDV LQFOLQDGDV SRU PHLR GH FDL EURVHWHVRXUDVSRUVHUGHPDLRURFRUUrQFLD HPFRQVWUXo}HVUHVLGHQFLDLV &REHUWXUDV3ODQDV $SHVDUGHVHUHPPHQRVFRPXQVDVFR EHUWXUDV SODQDV HP /LJKW 6WHHO )UDPLQJ VmR QD PDLRULD GRV FDVRV UHVROYLGDV FRPR XPD ODMH ~PLGD RQGH D LQFOLQDomR SDUD R FDLPHQ WRGDiJXDpREWLGDYDULDQGRDHVSHVVXUDGR FRQWUDSLVRGHFRQFUHWRFRPRPRVWUDDILJXUD  &RQVXO6WHHO  )LJXUD&REHUWXUDSODQDHP/LJKW6WHHO)UDPLQJ 3DUDYmRVPDLRUHVVHPDSRLRVLQWHUPH GLiULRVpSRVVtYHORXVRGHWUHOLoDVSODQDV )L JXUD FRQIHFFLRQDGDVFRPSHUILV8HJDOYD QL]DGRV )RWR $VWUHOLoDVSODQDVWDPEpP SRGHP VHU XWLOL]DGDV SDUD HVWUXWXUD GH SLVRV TXHGHPDQGDPJUDQGHVFDUJDVHYmRV &REHUWXUDV,QFOLQDGDV $ HVWUXWXUD GH XP WHOKDGR LQFOLQDGR HP /LJKW 6WHHO )UDPLQJ p VHPHOKDQWH j GH XP WHOKDGR FRQYHQFLRQDO SRUpP D DUPDomR GH PDGHLUDpVXEVWLWXtGDSRUSHUILVJDOYDQL]DGRV HSDUDSRVVLELOLWDURSULQFtSLRGHHVWUXWXUDDOL QKDGDDDOPDGRVSHUILVTXHFRPS}HPWHVRX UDVRXFDLEURVGHYHHVWDUDOLQKDGDDDOPDGRV PRQWDQWHVGRVSDLQpLVGHDSRLRHVXDVVHo}HV HPFRLQFLGrQFLDGHPRGRTXHDWUDQVPLVVmR GDVFDUJDVVHMDD[LDO )LJXUD  )LJXUD$OJXQVWLSRVGHWUHOLoDVSODQDVSDUD/LJKW6WHHO )UDPLQJ )LJXUD&DLEURVHYLJDVDOLQKDGRVFRPPRQWDQWHVGH SDLQHOHVWUXWXUDO 4XDQGRLVVRQmRIRUSRVVtYHOGDPHVPD IRUPDTXHRFRUUHFRPODMHVHSDLQpLVGHYHVH XVDU XPD YLJD FRPSRVWD D ILP GH SHUPLWLU D GLVWULEXLomRGDVFDUJDVDRVPRQWDQWHV 7HOKDGRVLQFOLQDGRVHP/LJKW6WHHO)UD PLQJSRGHP VHUFRQVWUXtGRVDSDUWLUGHXPD HVWUXWXUDGHFDLEURVRXSRUPHLRGHWHVRXUDV RXWUHOLoDV )RWR7UHOLoDVSODQDV )RQWHKWWSZZZDHJLVPHWDOIUD PLQJFRP  &REHUWXUDV(VWUXWXUDGDVFRP &DLEURVH9LJDV 8PWHOKDGRHVWUXWXUDGRFRPFDLEURVpXP PpWRGRHPSUHJDGRSDUDFRQVWUXo}HVGRWLSR ³VWLFN´ RQGH RV HOHPHQWRV HVWUXWXUDLV SHUILV 8H8H VmRFRUWDGRVHPRQWDGRVQRORFDOGD  &REHUWXUDV REUD8WLOL]DVHHVWHWLSRGHFREHUWXUDTXDQGR R YmR HQWUH RV DSRLRV SHUPLWH R XVR GH FDL EURVHGHVHMDVHXWLOL]DUPHQRUTXDQWLGDGHGH DoRGRTXHRHPSUHJDGRHPWHVRXUDV3RUpP SURMHWRV GH FREHUWXUDV PDLV FRPSOH[DV H GH PDLRUHVYmRVSRGHPXWLOL]DURVLVWHPDGHFDL EURVGHYLGDPHQWHGLPHQVLRQDGRVHHPDOJXQV FDVRVXWLOL]DQGRSHUILVGXSORV )RWR  $FXPHHLUDSRGHVHUXPSDLQHOHVWUXWXUDO FRQWtQXRTXHIXQFLRQHFRPRDSRLRDRHQFRQ WURGRVFDLEURVRXFRPRpPDLVFRPXPXPD YLJD FRPSRVWD SRU SHUILV 8 H 8H )RWR   FRQIRUPHRFiOFXOR )RWR&XPHHLUDFRPSRVWDGHSHUILV8H8HSDUDDSRLR GRVFDLEURV )RQWHDUTXLYRGRDXWRU )RWR±7HOKDGRHVWUXWXUDGRFRPFDLEURVHPXP/DERUD WyULRQD8QLYHUVLGDGH)HGHUDOGH2XUR3UHWR±0* )RQWH DUTXLYR&pOLR)LUPR 8PD HVWUXWXUD WtSLFD GH FDLEURV FRQVLV WH HP XVDU GRLV FDLEURV FXMDV H[WUHPLGDGHV VHDSyLDPQRVSDLQpLVSRUWDQWHVHIRUPDQGR DLQFOLQDomRUHTXHULGDVHHQFRQWUDPHPXPD FXPHHLUD QR WRSR GR HGLItFLR )LJXUD   2 SHVRGRWHOKDGRHRXWURVFDUUHJDPHQWRVVmR WUDQVPLWLGRV DWUDYpV GRV FDLEURV DRV SDLQpLV HSRUFRQVHJXLQWHjIXQGDomR $FRQH[mRGRVFDLEURVFRPDFXPHHLUD SRGHVHUSRUPHLRGHFDQWRQHLUDV ILJXUD  GHHVSHVVXUDLJXDORXPDLRUTXHDGRVFDLEURV :DLWH RXDWUDYpVGHSHoDVGHVXSRU WHFRPRpDSUHVHQWDGRQDILJXUD &RQVXO 6WHHO  )LJXUD&XPHHLUDGHWHOKDGRHVWUXWXUDGRFRPFDLEURV +iFDVRVHPTXHpLQHYLWiYHORXVRGH YLJDV GH WHWR TXH DWUDYHVVDP R YmR DWDQGR DVH[WUHPLGDGHVRSRVWDVGRVFDLEURVDILPGH HYLWDUTXHRVSDLQpLVGHDSRLRVHLQFOLQHPGH YLGRDRSHVRGRWHOKDGRFRPRLOXVWUDDILJXUD  :DLWH  )LJXUD7HOKDGRWtSLFRHVWUXWXUDGRFRPFDLEURV  7HOKDGRVGHTXDWURiJXDVRXFRPLQWHU VHFomR GH YiULRV SODQRV LQFOLQDGRV H[LJHP PDLRU GLYHUVLGDGH GH HOHPHQWRV HVWUXWXUDLV HSRGHPVHUFRQVWUXtGRVDSDUWLUGHWHVRXUDV RXFDLEURVRXDFRPELQDomRGHDPERV3DUD LVVR HVSLJ}HV H ULQF}HV VmR FRQVWLWXtGRV GH SHUILVJDOYDQL]DGRV8H8HHRXWUDVSHoDVHV SHFLDLV HP DoR JDOYDQL]DGR SDUD DX[LOLDU QD IRUPDGDLQFOLQDomRGRWHOKDGRHIL[DomRGRV HOHPHQWRV )LJXUD(IHLWRGH³DEHUWXUD´GDVSDUHGHVGHYLGRDRSHVR GRWHOKDGR $IL[DomRGRVFDLEURVHYLJDVQRVSDLQpLV p REWLGD SHORV HQULMHFHGRUHV GH DOPD WUDED OKDQGRHPFRQMXQWRFRPFDQWRQHLUDVGHYLGD PHQWHDSDUDIXVDGDVjVJXLDVVXSHULRUHVGRV SDLQpLVFRPRpPRVWUDGRQDILJXUD (OKDMM %LHODW  6HQHFHVViULRHVFRUDVWDPEpPVmRXWL OL]DGDV SDUD WUDQVIHULU DV FDUJDV DRV SDLQpLV SRUWDQWHVLQWHUQRVHVmRFRQHFWDGDVDRVFDL EURVHDVYLJDVGHWHWR )LJXUD HDX[LOLDP D UHGX]LU R YmR H DV GLPHQV}HV GRV FDLEURV :DLWH  (VSLJ}HVHULQF}HVSRGHPVHUPRQWDGRV DSDUWLUGHGRLVPpWRGRVGHVFULWRVSRU:DLWH   9LJD FDL[D HQFDL[DQGR SHUILO 8H HP SHUILO 8  RX FRPSRVWD FRPELQDomR GH SHUILV 8 H 8H  VHJXQGR R SURMHWR HVWUXWXUDO RQGH FDLEURVFRPSOHPHQWDUHVTXHGDUmRIRUPDDR WHOKDGRVmRFRUWDGRVQRkQJXORDSURSULDGRH FRQHFWDGRVDRVHVSLJ}HVRXULQF}HVSRUPHLR GHFDQWRQHLUDV 'RLVSHUILV8IL[DGRVSRUVXDVDOPDVD XPDSHoDTXHSRVVLELOLWHRkQJXORDSURSULDGR )LJXUD VHUYLQGRGHJXLDSDUDRVFDLEURV FRPSOHPHQWDUHVTXHQmRQHFHVVLWDPGHFRU WHV HP kQJXORV VHQGR HVWHV DSDUDIXVDGRV QDVJXLDV )LJXUD(VSLJmRIRUPDGRDSDUWLUGHGRLVSHUILV8 (VWDELOL]DomRGD&REHUWXUD(VWUX WXUDGDFRP&DLEURVH9LJDV )LJXUD&REHUWXUDHVWUXWXUDGDFRPFDLEURVHYLJDV &DUJDV ODWHUDLV GH YHQWR SRGHP SURYR FDUGHVORFDPHQWRVHGHIRUPDo}HVQDHVWUXWX UDGRWHOKDGRXPDYH]TXHWUDEDOKDQGRLVROD GRVRVFDLEURVVmRLQVWiYHLVODWHUDOPHQWH  &REHUWXUDV 3DUDHYLWDUWDLVIHQ{PHQRVHSRVVLELOLWDU TXHRVLVWHPDGHFDLEURVWUDEDOKHHPFRQMXQ WRGHYHVHIRUQHFHUHOHPHQWRVHQULMHFHGRUHV FRQWUDYHQWDPHQWRV TXHDOpPGHYLQFXODURV FDLEURVHQWUHVLVHMDFDSD]GHDXPHQWDUDUH VLVWrQFLDGDHVWUXWXUDGRWHOKDGR 2VHOHPHQWRVTXHSRVVLELOLWDPRFRQWUD YHQWDPHQWRGHXPDFREHUWXUDHVWUXWXUDGDSRU FDLEURVFRQIRUPHRVSURFHGLPHQWRVGHVFULWRV SRU (OKDMM   QR GRFXPHQWR ³3UHVFULSWLYH 0HWKRG IRU 5HVLGHQWLDO &ROG)RUPHG 6WHHO )UDPLQJ´VmR ‡3HUILV 8 RX 8H RX ILWDV GH DoR JDOYD QL]DGR IL[DGRV SHUSHQGLFXODUPHQWH DRV FDLEURVHPVXDPHVDLQIHULRURXVXSHULRU GH DFRUGR FRP D FREHUWXUD GR WHOKDGR YHUILJXUD  7HOKDVGHDoRSRGHPWDPEpPIXQFLRQDU FRPR GLDIUDJPDV UtJLGRV H QHVWH FDVR RV HOHPHQWRVGHFRQWUDYHQWDPHQWRGRVFDLEURV IXQFLRQDPFRPRWHUoDVTXDQGRGLVSRVWRVQDV VXDV PHVDV VXSHULRUHV XQLQGR R VLVWHPD H VHUYLQGRGHEDVHSDUDDIL[DomRGDVWHOKDVGH DoR$ PRGXODomR HQWUH RV FDLEURV SRGH VHU PDLRU DWp  P  XPD YH] TXH DV WHOKDV YHQFHPYmRVPDLRUHVHVmRPDLVOHYHV ‡3HUILV8RX8HRXILWDVGHDoRJDOYDQL ]DGRIL[DGRVQDPHVDVXSHULRUGDVYLJDV GHWHWR YHUILJXUD  ‡%ORTXHDGRUHV H ILWDV GH DoR JDOYDQL ]DGRSRVLFLRQDGRVQDVYLJDVGHWHWRVH JXLQGR R PHVPR SURFHGLPHQWR GHVFULWR SDUDYLJDVGHSLVR ‡3ODFDV HVWUXWXUDLV FDSD]HV GH DWXDU FRPRGLDIUDJPDUtJLGRIL[DGDVQDVPH VDVVXSHULRUHVGRVFDLEURV 7HOKDGRV LQFOLQDGRV HP /6) DGPLWHP GLYHUVRV WLSRV GH FREHUWXUDV RX WHOKDV 3DUD DOJXQV WLSRV GH WHOKDV FRPR FHUkPLFDV RX ³VKLQJOHV´pQHFHVViULRRXVRGHXPVXEVWUDWR GHDSRLRJHUDOPHQWH26% )RWR SURWHJL GRFRPXPDPDQWDGHLPSHUPHDELOL]DomR1R FDVRGHWHOKDVFHUkPLFDVpQHFHVViULDDFROR FDomRGHSHUILVWLSRFDUWRODSDUDOHORVDRVFDL EURVVREUHR26%DILPGHSRVVLELOLWDURHVFR DPHQWRGDiJXDHVyHQWmRVREUHHVWHVVmR IL[DGDVDVULSDVTXHSHUPLWLUmRRHQFDL[HGDV WHOKDV$VWHOKDV³VKLQJOHV´SRGHPVHUIL[DGDV GLUHWDPHQWH VREUH R 26% VHP D QHFHVVLGD GH GH XPD HVWUXWXUD GH DVVHQWDPHQWR FRPR RFRUUHFRPDVWHOKDVFHUkPLFDV  )RWR3ODFDVGH26%SDUDIL[DomRGHWHOKDV³VKLQJOHV´ )RQWHDUTXLYRGRDXWRU &REHUWXUDV(VWUXWXUDGDVFRP 7HVRXUDVRX7UHOLoDV 6ROXomRPDLVFRPXPQDVFREHUWXUDVUH VLGHQFLDLVWHVRXUDVRXWUHOLoDVFREUHPJUDQ GHVYmRVHPSUHFLVDUGHDSRLRVLQWHUPHGLiULRV 1R%UDVLOWHVRXUDVGHDoRMiYrPVXEVWLWXLQGR JUDGDWLYDPHQWHDVWHVRXUDVGHPDGHLUDSULQ FLSDOPHQWHHPSURFHVVRVGHUHWURILWJUDoDVD JUDQGH UHVLVWrQFLD HVWUXWXUDO GR DoR OHYH]D GDVSHoDVSRUVHULPXQHDLQVHWRVHLQFRP EXVWtYHO 6FKDUII  ([LVWH XPD YDULHGDGH PXLWR JUDQGH QR GHVHQKRGHWHVRXUDVHLVVRVHGHYHDIDWRUHV HVWpWLFRVIXQFLRQDLVFOLPiWLFRVFXOWXUDLVHWF )RWRVH  ‡7HVRXUD3UDWW  )LJXUD7HVRXUD3UDWW ‡7HVRXUD)LQN $PDLVXWLOL]DGDQRV(VWDGRV8QLGRVSDUD UHVLGrQFLDV HP /LJKW 6WHHO )UDPLQJ 6FKDUII   )RWR0RGHORGHWHVRXUDGHWHOKDGRFRQIHFFLRQDGDFRP SHUILVGHDoRIRUPDGRVDIULRJDOYDQL]DGRV )RQWHKWWS ZZZDHJLVPHWDOIUDPLQJFRP  )LJXUD7HVRXUD)LQN 6HJXQGR 6FKDUII   RXWURV GHVH QKRVGHWHVRXUDVDGRWDGRV ‡7HVRXUD$OHPm )RWR7HVRXUDVGHWHOKDGRHPDUFRFRQIHFFLRQDGDVFRP SHUILVGHDoRIRUPDGRVDIULRJDOYDQL]DGRV IRQWHKWWS ZZZDHJLVPHWDOIUDPLQJFRP  'HDFRUGRFRP0ROLWHUQR  DVWLSR ORJLDVPDLVXVDGDVVmR ‡7HVRXUD+RZH )LJXUD7HVRXUD+RZH )LJXUDWHVRXUDDOHPm ‡7HVRXUD%HOJD )LJXUD7HVRXUD%HOJD  &REHUWXUDV $VWHVRXUDVRXWUHOLoDVSRGHPYLUSUpID EULFDGDV )RWR   RX VHU PRQWDGDV QR SUy SULRFDQWHLURGDREUD(PDPERVRVFDVRVDV WHVRXUDVGHYHPVHUSURMHWDGDVHGLPHQVLRQD GDV SRU SURILVVLRQDLV HVSHFLDOL]DGRV 3RUpP WHVRXUDVSUpIDEULFDGDVDSUHVHQWDPDOJXPDV YDQWDJHQV WDLV FRPR SUHFLVmR GLPHQVLRQDO HPHQRUWHPSRGHWUDEDOKRQRFDQWHLUR3DUD DFRQIHFomRGHWHVRXUDVQRSUySULRFDQWHLUR PXLWDVYH]HVpQHFHVViULRXPJUDQGHHVSDoR SODQRGLVSRQtYHOSDUDPRQWDJHPGDPHVDGH WUDEDOKRHSHVVRDOSUHSDUDGR oRVHHYLWDUDIODPEDJHPORFDOGRVSHUILV GRVEDQ]RV ‡&RQWUDYHQWDPHQWRVSHUILV88HRXIL WDVGHDoRJDOYDQL]DGRTXHYLQFXODPDV WHVRXUDVHSURSRUFLRQDPHVWDELOLGDGHDR VLVWHPDGHFREHUWXUD )LJXUD(OHPHQWRVGHXPDWHVRXUD 6HJXQGR6FKDUII  DVOLJDo}HVHQ WUH RV PHPEURV GH XPD WHVRXUD SRGHP VHU H[HFXWDGDV GH GLIHUHQWHV IRUPDV 3RUpP RV GRLVPpWRGRVPDLVFRPXQVVmR ‡1RPHVPRSODQRRQGHRFRUUHPRVQyV GDWHVRXUDDSDUDIXVDPVHRVSHUILVHP FKDSDVGH*XVVHW )RWR  )RWR7HVRXUDGHWHOKDGRVHQGRGHVFDUUHJDGDQRFDQ WHLURGHREUDV )RQWHDUTXLYRGRDXWRU $WHVRXUDpFRQVWLWXtGDDSDUWLUGHPHP EURV HVWUXWXUDLV JHUDOPHQWH SHUILV 8H TXH FRQHFWDGRVFRQVWLWXHPXPDHVWUXWXUDHVWiYHO 2VHOHPHQWRVEiVLFRVGDWHVRXUDVmR )LJXUD   ‡%DQ]RVXSHULRUSHUILO8HTXHGiIRUPD HLQFOLQDomRjFREHUWXUDGRWHOKDGR ‡%DQ]RLQIHULRUSHUILO8HTXHGiIRUPDH LQFOLQDomRDRIRUURGRHVSDoRFREHUWR )RWR7HVRXUDHP³PHLDiJXD´FXMRVHOHPHQWRVHVWmR IL[DGRVHPSODFDVPHWiOLFDVGHDoR SODFDVGH*XVVHW  )RQWHDUTXLYRGRDXWRU ‡0RQWDQWHVRX3HQGXUDLVSHUILV8HGLV SRVWRV YHUWLFDOPHQWH H TXH YLQFXODP R EDQ]RVXSHULRUFRPRLQIHULRU ‡&DPDGDVREUHFDPDGDRQGHRVSHUILV TXH IRUPDP SHQGXUDLV H GLDJRQDLV VmR DSD UDIXVDGRV DR EDQ]R VXSHULRU H LQIHULRU SRU VXDVDOPDV$VVLPDDEHUWXUDGRVSHUILVGRV EDQ]RVILFDPSDUDXPODGRHDGRVSHUILVGH SHQGXUDLVHGLDJRQDLVSDUDRXWUR1DXQLmRGR EDQ]RVXSHULRUFRPRLQIHULRUGHYHVHUHFRUWDU DPHVDHRHQULMHFHGRUGHERUGDGRSHUILOGR EDQ]RLQIHULRUGHIRUPDDSHUPLWLURHQFDL[H FRQIRUPHPRVWUDDILJXUD ‡'LDJRQDLVSHUILV8HLQFOLQDGRVTXHYLQ FXODPREDQ]RVXSHULRUHLQIHULRU ‡(QULMHFHGRUHVGHDSRLRUHFRUWHGHSHU ILO 8H FRORFDGR QRV SRQWRV GH DSRLR GD WHVRXUD SDUD D WUDQVPLVVmR GRV HVIRU  )LJXUD'HWDOKHXQLmREDQ]RVXSHULRUHLQIHULRUGHXPD WHVRXUD )LJXUD'HWDOKHFXPHHLUDGHWHVRXUD3UDWW 1RVGRLVPpWRGRVGHVFULWRVRSODQRGH ILQLGR SHODV DOPDV GDV SHoDV GHYH FRLQFLGLU FRPDVDOPDVGRVPRQWDQWHVTXHVHUYHPGH DSRLR 2VEDQ]RVVXSHULRUHVSRGHPVHSURORQ JDUHPEDODQoRDOpPGRHQFRQWURFRPRVSDL QpLV GH DSRLR IRUPDQGR R EHLUDO GR WHOKDGR 2V EDQ]RV VXSHULRUHV VmR DUUHPDWDGRV QDV VXDV H[WUHPLGDGHV SRU XP SHUILO 8 )LJXUD   )LJXUD'HWDOKHFXPHHLUDWHVRXUD D +RZHH E 3UDWW 3DUD WHOKDGRV HP GXDV iJXDV R SDLQHO GHIHFKDPHQWRGRRLWmRpFRQVWUXtGRGHDFRU GR FRP D SUHVHQoD H GLVSRVLomR GR EHLUDO 4XDQGR QmR KRXYHU EHLUDLV SHUSHQGLFXODUHV DRSODQRGDVWHVRXUDVRRLWmRVHUiXPSDLQHO FRPPHVPDLQFOLQDomRHDOWXUDGDVWHVRXUDV )LJXUD  )LJXUD'HWDOKHGHEHLUDOGHWHOKDGR $FXPHHLUDSRGHDSUHVHQWDUXPDYDULD omR GH GHVHQKRV TXH GHSHQGHP GR IRUPDWR GDWHVRXUDHGRWLSRGHOLJDomRGDVSHoDV )L JXUDVH  )LJXUD3DLQHOGHIHFKDPHQWRGRRLWmR  &REHUWXUDV 3DUD R XVR GRV EHLUDLV p QHFHVViULR FRQVWUXLUXPSDLQHODX[LOLDUGHQRPLQDGR³SDL QHOGHEHLUDO´FXMDIL[DomRQDHVWUXWXUDGRWH OKDGRSRGHHPSUHJDUGRLVPpWRGRVGHVFULWRV QR³&RQVWUXFFLyQFRP$FHUR/LYLDQR0DQXDO GH3URFHGLPLHQWR´ 2SDLQHOGREHLUDOSRGHVHDSRLDUVR EUHRRLWmRIL[DQGRVHQDSULPHLUDWHVRXUDVL WXDomRPDLVUHFRPHQGiYHORX 2SDLQHOGREHLUDOSRGHVHUIL[DGRQR SDLQHOGRRLWmRILFDQGRHPEDODQoR 1R R FDVR D DOWXUD GR RLWmR GHYH VHU PHQRUTXHDDOWXUDGDWHVRXUDWLSRSDUDSHU PLWLURWUDQVSDVVHHRDSRLRGREHLUDOTXHVH IL[DUiQDSULPHLUDWHVRXUDGRWHOKDGRFRQIRU PHILJXUD (PDOJXQVFDVRVSRGHVHFRORFDUMXQWR FRP R SDLQHO GR RLWmR XPD WHVRXUD GH PHV PDDOWXUDDILPGHSHUPLWLUXPDVXSHUItFLHSDUD DSDUDIXVDUDVSODFDVGHIRUURHDIL[DomRGRV FRQWUDYHQWDPHQWRVDWpRH[WUHPRGDHVWUXWX UD -iTXHDDOPDGRVSHUILVGREHLUDOGHYH FRLQFLGLUFRPDDOPDGRVPRQWDQWHVTXHVHU YHPGHDSRLRDPRGXODomRGRSDLQHOGHEHLUDO GHSHQGHUiGRkQJXORGHLQFOLQDomRGRWHOKD GR 2SDLQHOGHEHLUDOHPEDODQoRVypDGR WDGR TXDQGR KRXYHU XPD SHTXHQD SURMHomR GREHLUDOHVHXWLOL]DURGLDIUDJPDUtJLGRQDFR EHUWXUDGRWHOKDGR2SDLQHOGREHLUDOpIL[DGR DRRLWmRTXHWHPDPHVPDDOWXUDGDVWHVRXUDV )LJXUD  )LJXUD3DLQHOGHEHLUDO 3DUD SRGHU XQLU R EHLUDO j WHVRXUD GH YHUmRVHUUHIRUoDGRVRVEDQ]RVVXSHULRUHVGD PHVPDFRPXPSHUILO8IRUPDQGRXPDVHomR FDL[DRQGHSRVVDVHUIL[DGRRSDLQHOGHEHL UDOFRPRPRVWUDDILJXUD )LJXUD3DLQHOGHEHLUDOHPEDODQoR $ PRGXODomR GHVVH WLSR GH EHLUDO QmR GHYHQHFHVVDULDPHQWHFRLQFLGLUFRPDGRSDL QHOGRRLWmRRQGHHVWiIL[DGR$IOH[mRGRED ODQoR p HP SDUWH DEVRUYLGD SHODV SODFDV GR GLDIUDJPDTXHHVWDUmRIL[DGDVWDQWRDRVEDQ ]RV VXSHULRUHV GDV WHVRXUDV FRPR DR SDLQHO GREHLUDO 3DUD WHOKDGRV GH TXDWUR iJXDV RX FRP LQWHUVHFomR GH SODQRV LQFOLQDGRV )RWR   KiEDVLFDPHQWHWUrVIRUPDVGHH[HFXomRGHV FULWRV QR ³&RQVWUXFFLyQ FRP $FHUR /LYLDQR  0DQXDOGH3URFHGLPLHQWR´ )LJXUD'HWDOKHGHIL[DomRGHSDLQHOGHEHLUDO  3RUPHLRGHYLJDVHFDLEURVVHJXQGR RPpWRGRDSUHVHQWDGRDQWHULRUPHQWHSDUDWH OKDGRVHVWUXWXUDGRVFRPFDLEURV  3DLQpLV GH WHOKDGR RQGH VmR H[H FXWDGRV SDLQpLV SDUD IRUPDU D YROXPHWULD GR WHOKDGRFRQIRUPHPRVWUDDILJXUD$LQ WHUVHomRGHVVHVSDLQpLVLQFOLQDGRVVHGiSRU PHLRGHHVSLJ}HVFRPSRVWRVGHSHUILV8H8H FRQIRUPHIRLGHVFULWRSDUDWHOKDGRVHVWUXWXUD GRVSRUFDLEURV SRQGHDVXDSRVLomRQDLQFOLQDomRGRWHOKDGR HTXHDSRLDUmRDVWHUoDVFRPRPRVWUDDILJX UD )LJXUD7HVRXUDVDX[LOLDUHV )RWR7HOKDGRFRPLQWHUVHomRGHYiULRVSODQRV )RQWH KWWSZZZDHJLVPHWDOIUDPLQJFRP  $LQGD Ki XP RXWUR PpWRGR GHVFULWR SRU :DLWH   RQGH VmR XVDGDV WHVRXUDV GH PHLD iJXD TXH IL[DGDV SHUSHQGLFXODUPHQWH DRV SHQGXUDLV GDV WHVRXUDV GDV H[WUHPLGD GHVMXQWRFRPRVFDLEURVGDUmRIRUPDDLQFOL QDomRGRWHOKDGR $LQGD VHJXQGR :DLWH DV WHVRXUDV GDV H[WUHPLGDGHVGRWHOKDGRGHTXDWURiJXDVGH YHPVHUUHIRUoDGDVSRLVDVVXPHPPDLVFDU UHJDPHQWRVTXHDVRXWUDVWHVRXUDVTXHFRP S}HPRWHOKDGR$WHVRXUDPHVWUDpFRPSRVWD SRUGXDVWHVRXUDVWLSRVDSDUDIXVDGDVMXQWDV (VWDELOL]DomRGD&REHUWXUD(VWUX WXUDGDFRP7HVRXUDV )LJXUD0pWRGRSDUDFRQVWUXomRGHWHOKDGRVGHTXDWUR iJXDV 3RUPHLRGHWHVRXUDVDX[LOLDUHV $ SDUWLU GD WHVRXUD WLSR IRUPDVH XPD VHTrQFLD GH WHVRXUDV DX[LOLDUHV GH IRUPDWR WUDSH]RLGDO FXMD DOWXUD GH FDGD XPD FRUUHV 'H DFRUGR FRP R GRFXPHQWR ³'HVLJQ *XLGHIRU&ROGIRUPHG6WHHO7UXVVHV´RFRQ WUDYHQWDPHQWR LQDGHTXDGR p D UD]mR SDUD D PDLRULDGRVFRODSVRVGRVLVWHPDGHWHVRXUDV GXUDQWH D FRQVWUXomR 2 FRQWUDYHQWDPHQWR DSURSULDGDPHQWH LQVWDODGR p YLWDO SDUD D VH JXUDQoD H TXDOLGDGH GD HVWUXWXUD GR WHOKDGR GXUDQWHDPRQWDJHPRXVXDYLGD~WLO $ IXQomR GR FRQWUDYHQWDPHQWR p ID]HU FRPTXHDVWHVRXUDVGRWHOKDGRDWXHPMXQWDV  &REHUWXUDV FRPRXPDXQLGDGHSDUDUHVLVWLUDVVROLFLWDo}HV DSOLFDGDVjHVWUXWXUD8PDYH]TXHLVRODGDV DVWHVRXUDVVmRLQVWiYHLVODWHUDOPHQWHHWHQ GHPDJLUDUHPWRUQRGRHL[RGHILQLGRSHODOL QKDGHVHXVDSRLRV $HVWDELOL]DomRGDHVWUXWXUDGHFREHUWXUD pGDGDSRU 'HSHQGHQGRGRWLSRGHWHOKDXWLOL]DGDQD FREHUWXUDFRPRDV³VKLQJOHV´pQHFHVViULRR XVR GH SODFDV HVWUXWXUDLV FRPR R 26% )R WRV  H   TXH SRGHP DOpP GH VHUYLU GHEDVHSDUDDIL[DomRGDVWHOKDVIXQFLRQDU FRPRXPGLDIUDJPDUtJLGRWUDYDQGRDVWHVRX UDVHGLVSHQVDQGRRFRQWUDYHQWDPHQWRODWHUDO GREDQ]RVXSHULRU D &RQWUDYHQWDPHQWRODWHUDO &RPSRVWRV SRU SHUILV 8 H 8H TXH IL[D GRV SHUSHQGLFXODUPHQWH jV WHVRXUDV DOpP GHUHGX]LURFRPSULPHQWRGHIODPEDJHPGRV EDQ]RV VXSHULRUHV )LJXUD   H LQIHULRUHV VHUYHP SDUD WUDQVIHULU D DomR GR YHQWR SDUD DVWHVRXUDVHFRQWUDYHQWDPHQWRVYHUWLFDLV )LJXUD&RQWUDYHQWDPHQWRODWHUDOGREDQ]RVXSHULRU E &RQWUDYHQWDPHQWRYHUWLFDORXHP³;´ (VWUXWXUDSODQDYHUWLFDOIRUPDGDSRUSHU ILV8HFUX]DGRVGLVSRVWRVSHUSHQGLFXODUPHQWH DRSODQRGDVWHVRXUDVWUDYDQGRDVHLPSHGLQ GRVXDURWDomRHGHVORFDPHQWRSULQFLSDOPHQ WHFRQWUDDDomRGRYHQWR )LJXUD  )LJXUD±9LVWDODWHUDOGHHVWUXWXUDGHWHOKDGRPRVWUDQGR RFRQWUDYHQWDPHQWRHP³;´GRVLVWHPDGHWHVRXUDV  )RWR3ODFDVGH26%SDUDIL[DomRGHWHOKDV³VKLQJOHV´ )RQWHDUTXLYRGRDXWRU  )RWR±'HPRQVWUDomRGHLQVWDODomRGHWHOKDV³VKLQJOHV´ VREUHSODFDVGH26% )RQWHDUTXLYRGRDXWRU 3DUD WHOKDV GH DoR )RWR   R FRQ WUDYHQWDPHQWRODWHUDOGREDQ]RVXSHULRUTXDQ GRGLVSRVWRVREUHDVWHVRXUDVVHUYHGHEDVH SDUDDIL[DomRGDWHOKD )LJXUD  )RWR7HOKDVGHDoRXVDGDVQDFREHUWXUDGD HGLILFDomR )RQWHKWWSZZZDHJLVPHWDOIUDPLQJFRP  )LJXUD7HOKDGRHVWUXWXUDGRFRPWHVRXUDVFRPFREHU WXUDHPWHOKDVGHDoR 3DUDRXVRGHWHOKDVFHUkPLFDVGHYLGR DQHFHVVLGDGHGRVXEVWUDWRGHDSRLRRFRQ WUDYHQWDPHQWRODWHUDOGREDQ]RVXSHULRUGHYH VHUIL[DGRQDPHVDLQIHULRUGRSHUILORXVHIRU HVSHFLILFDGRQRSURMHWRHVWUXWXUDODVSODFDVGH 26%SRGHPIXQFLRQDUFRPRGLDIUDJPDUtJLGR 2DVVHQWDPHQWRGDVWHOKDVFHUkPLFDVpIHLWR FRPRLQGLFDGRQRLWHP  &DStWXOR )HFKDPHQWR9HUWLFDO  )HFKDPHQWRYHUWLFDO 2VLVWHPDGHIHFKDPHQWRYHUWLFDOpFRP SRVWR SHODV SDUHGHV H[WHUQDV H LQWHUQDV GH XPD HGLILFDomR 1R VLVWHPD /6) RV FRPSR QHQWHVGHIHFKDPHQWRGHYHPVHUFRQVWLWXtGRV SRUHOHPHQWRVOHYHVFRPSDWtYHLVFRPRFRQ FHLWRGDHVWUXWXUDGLPHQVLRQDGDSDUDVXSRUWDU YHGDo}HVGHEDL[RSHVRSUySULR 2V FRPSRQHQWHV GH IHFKDPHQWR VmR SRVLFLRQDGRVH[WHUQDPHQWHjHVWUXWXUDFRPR XPD³SHOH´HMXQWDPHQWHFRPRVSHUILVJDOYD QL]DGRV YmR IRUPDU DV YHGDo}HV LQWHUQDV H H[WHUQDVGDHGLILFDomR 2XWUR FRQFHLWR IXQGDPHQWDO QRV IHFKD PHQWRV SDUD R VLVWHPD /6) p SRVVLELOLWDU R HPSUHJR GH YHGDo}HV UDFLRQDOL]DGDV D ILP GH SURPRYHU PDLRU JUDX GH LQGXVWULDOL]DomR GDFRQVWUXomR1HVVHDVSHFWRRVLVWHPD/6) DSUHVHQWD JUDQGH SRWHQFLDO GH LQGXVWULDOL]D omR Mi TXH D SUySULD PRGXODomR HVWUXWXUDO p GLPHQVLRQDGDSDUDXPDPHOKRURWLPL]DomRGD XWLOL]DomR GH FKDSDV RX SODFDV 3RU LVVR QD PDLRULD GRV FDVRV DV SODFDV VmR GLPHQVLR QDGDVFRPODUJXUDGHPP~OWLSORGDPR GXODomRGHPPRXPPFRPRRFRUUH FRPDVSODFDVGHJHVVRDFDUWRQDGRHSODFDV FLPHQWtFLDV ‡(VWDQTXHLGDGH ‡&RQIRUWRWHUPRDF~VWLFR ‡&RQIRUWRYLVXDO ‡$GDSWDELOLGDGHDRXVR ‡+LJLHQH ‡'XUDELOLGDGH ‡(FRQRPLD 9iULRVPDWHULDLVWrPVLGRGHVHQYROYLGRV SDUDDWHQGHUHVWHVUHTXLVLWRV1RVSDtVHVTXH XWLOL]DPODUJDPHQWHFRQVWUXo}HVHP/LJKW6WH HO)UDPLQJDVSHVTXLVDVUHODWLYDVDRFRQIRUWR WpUPLFRWrPSURSLFLDGRDHYROXomRQRXVRGH VLVWHPDV GH PDLRU GHVHPSHQKR WpUPLFR GH YLGRDRFOLPDWHPSHUDGRHDQHFHVVLGDGHGH HFRQRPL]DUHQHUJLD&RPRpRFDVRGR(,)6 ³([WHULRU ,QVXODWLRQ DQG )LQLVK 6\VWHP´  )L JXUD  7DPEpP RV PDWHULDLV GH IHFKDPHQWR H DFDEDPHQWR PDLV DGHTXDGRV VmR DTXHOHV TXHSURSLFLDPXPDREUD³VHFD´FRPUHGXomR RX HOLPLQDomR GDV HWDSDV GH H[HFXomR TXH XWLOL]DPDUJDPDVVDVHVLPLODUHV 2V FRPSRQHQWHV HPSUHJDGRV QD FRQV WUXomRGHYHGDo}HVGHYHPDWHQGHUDFULWpULRV H UHTXLVLWRV TXH SURSRUFLRQHP VDWLVIDomR jV H[LJrQFLDVGRVXVXiULRVHDKDELWDELOLGDGHGD HGLILFDomR $ QRUPD ,62  HVWDEH OHFHRVUHTXLVLWRVIXQGDPHQWDLVSDUDDWHQGHU HVVDVQHFHVVLGDGHV(QWUHHOHVSRGHPRVFL WDU ‡6HJXUDQoDHVWUXWXUDO ‡6HJXUDQoDDRIRJR  )LJXUD±'HVHQKRHVTXHPiWLFRGHIHFKDPHQWRH[WHUQR FRP(,)6VXEVWUDWRSODFDGH(36UHYHVWLPHQ WRGHEDVHPDOKDGHUHIRUoRUHJXODGRUGHIXQGR UHYHVWLPHQWRILQDO )RQWH'LVSRQtYHOHPKWWSIXWXUHQJ FRPHLIVKWP 1RPHUFDGRQDFLRQDORVSURGXWRVGLVSR QtYHLVSDUDRIHFKDPHQWRGHFRQVWUXo}HVHP /6)VmRIRUQHFLGRVHPSODFDVRXFKDSDVFRP YiULDVHVSHVVXUDVHRVPDLVXWLOL]DGRVVmRR 26% RULHQWHGVWUDQGERDUG DSODFDFLPHQWt FLDHRJHVVRDFDUWRQDGRHVWH~OWLPRVyGHYH VHUXVDGRHPDSOLFDo}HVLQWHUQDV 3RUpP R PHUFDGR HVWi VHPSUH RIHUH FHQGR QRYDV RSo}HV UHIOH[R GDV SHVTXLVDV SRU PDWHULDLV DOWHUQDWLYRV j DOYHQDULD 1HVVH FDPSRSRGHPRVFLWDURXVRGHSDLQpLVGHDoR )RWR TXHMiSRGHPDSUHVHQWDULVRODPHQWR WHUPRDF~VWLFRLQFRUSRUDGRHVmRDPSODPHQ WH HPSUHJDGRV QR IHFKDPHQWR GH JDOS}HV LQG~VWULDV FHQWURV FRPHUFLDLV H FXOWXUDLV GH HQVLQRHWDQWRVRXWURV 3DLQpLVGH26% $V SODFDV GH 26% RULHQWHG VWUDQG ER DUG  SRGHP VHU XWLOL]DGDV FRPR IHFKDPHQWR GD IDFH LQWHUQD H H[WHUQD GRV SDLQpLV SDUD IRUURVSLVRVHFRPRVXEVWUDWRSDUDFREHUWXUD GRWHOKDGR3RUpPGHYLGRDVVXDVFDUDFWHUtV WLFDV QmR GHYH HVWDU H[SRVWR D LQWHPSpULHV QHFHVVLWDQGR GH XP DFDEDPHQWR LPSHUPHi YHOHPiUHDVH[WHUQDV 6XDV SURSULHGDGHV GH UHVLVWrQFLD PH FkQLFD UHVLVWrQFLD D LPSDFWRV H D ERD HV WDELOLGDGH GLPHQVLRQDO SRVVLELOLWDP VHX XVR HVWUXWXUDOWUDEDOKDQGRFRPRGLDIUDJPDUtJLGR TXDQGRDSOLFDGRDRVSDLQpLVHVWUXWXUDLVHOD MHVGHSLVR 6mRWUDWDGDVFRQWUDLQVHWRVFRPRFXSLQV HSRVVXHPXPDUHODWLYDUHVLVWrQFLDjXPLGDGH GHYLGRjVVXEVWkQFLDVXWLOL]DGDVQDFRQIHFomR GDV FKDSDV H DV ERUGDV VHODGDV ERUGD YHU GH  6mR FRPHUFLDOL]DGDV QDV GLPHQV}HV GH P[PHQDVHVSHVVXUDVGH HPP )RWR±)HFKDPHQWRGHHGLILFDomRHP/6)FRPSDLQpLVGH DoR )RQWH5HYLVWD$UFKLWHFWXUHj9LYUH 1HVVH FDStWXOR YDPRV QRV GHWHU DRV PDWHULDLVPDLVXWLOL]DGRVDWpDJRUDQR%UDVLO 26% SODFD FLPHQWtFLD H JHVVR DFDUWRQDGR DGHTXDGRV j UHDOLGDGH FRQVWUXWLYD QDFLRQDO QR TXH VH UHIHUH j PmRGHREUD GLVSRQtYHO H FXVWR$ FDSDFLWDomR GD PmRGHREUD SDUD LQVWDODomR GH VLVWHPDV ³GU\ZDOO´ PXLWR LQIOXLX QD GLVVHPLQDomR GR XVR GR 26% H SODFD FL PHQWtFLDSHORPpWRGRGHLQVWDODomRVHUVLPL ODU H D WHFQRORJLD HQFRQWUDUVH DPSODPHQWH GLIXQGLGDQR%UDVLO &RPRVLVWHPDGHIHFKDPHQWRYHUWLFDOR 26%pPDLVXWLOL]DGRSDUDIHFKDPHQWRH[WHU QRSRLVLQWHUQDPHQWHRJHVVRDFDUWRQDGRWHP PHOKRUGHVHPSHQKRHVWpWLFRHIXQFLRQDO 2PpWRGRGHIL[DomRHPRQWDJHPpPXL WR VHPHOKDQWH DR GR JHVVR DFDUWRQDGR QR VLVWHPD ³GU\ZDOO´ RQGH DV SODFDV SRU VXDV GLPHQV}HV H SRU VHUHP PXLWR OHYHV DSUR[L PDGDPHQWHNJPGHSHQGHQGRGDHVSHV VXUD SRGHPVHUWUDQVSRUWDGDVPDQXDOPHQWH VHPDQHFHVVLGDGHGHRXWURVHTXLSDPHQWRVH VmR IL[DGDV SRU PHLR GH SDUDIXVRV DXWREUR FDQWHVHDXWRDWDUUD[DQWHV &RPRDVSODFDVGHIHFKDPHQWRH[WHUQR HVWmRVXMHLWDVjVLQWHPSpULHVGHYHVHWRPDU DOJXPDVSUHFDXo}HVWDQWRQRSURMHWRFRPRQD H[HFXomRGDHGLILFDomRFRPRDVTXHYDPRV DSUHVHQWDUDVHJXLU  )HFKDPHQWRYHUWLFDO 1RSURMHWRGHYHVHSUHYHUDVMXQWDVGH GLODWDomRHQWUHDVSODFDVGHYLGRjVYDULDo}HV GLPHQVLRQDLV RFDVLRQDGDV SHOD WHPSHUDWXUD HXPLGDGHGRDU )RWR $VMXQWDVGHYHP DSUHVHQWDU  PP HQWUH DV SODFDV LQFOXLQGR WRGRRVHXSHUtPHWURLVWRpQRVTXDWURVODGRV GD SODFD HWDPEpP HQWUH HVWDV H DV HVTXD GULDV$VMXQWDVYHUWLFDLVGHYHPHVWDUVHPSUH VREUH PRQWDQWHV H DGHTXDGDPHQWH DSDUDIX VDGDV -XQWDV GH PRYLPHQWDomR GHYHP VHU SUHYLVWDV TXDQGR DV SDUHGHV WLYHUHP GLPHQ V}HVPDLRUHVTXHP 6WUXFWXUDO%RDUG$V VRFLDWLRQ  GH iJXD e LPSRUWDQWH TXH HVVH UHYHVWLPHQ WRVHMDIHLWRDVVLPTXHDVSODFDVVHMDPIL[D GDVSDUDSURWHJrODVGDH[SRVLomRjiJXDHD DJHQWHVFOLPiWLFRVGXUDQWHDFRQVWUXomRSRLV SRGHP RFRUUHU LQFKDPHQWRV SULQFLSDOPHQWH QDVSODFDVTXHIRUHPFRUWDGDVHQmRWLYHUHP DVERUGDVLPSHUPHDELOL]DGDV -XQWDVGHGLODWDomR )RWR,PSHUPHDELOL]DomRGDVSODFDVGH26%GDIDFKD GDGDIRWRDQWHULRUFRPPHPEUDQDGHSROLHWLOHQR )RQWH DUTXLYRGRDXWRU )RWR±)DFKDGDFRPIHFKDPHQWRH[WHUQRHP26%DSUH VHQWDQGRMXQWDVGHGLODWDomR )RQWHDUTXLYRGRDXWRU ,QGHSHQGHQWH GR DFDEDPHQWR ILQDO DV SODFDV GH 26% GHYHP VHU SURWHJLGDV H[WHU QDPHQWH GD XPLGDGH H GD iJXD DWUDYpV GH XPD PDQWD RX PHPEUDQD GH SROLHWLOHQR GH DOWD GHQVLGDGH TXH UHYHVWH WRGD D iUHD H[ WHUQDGDVSODFDVJDUDQWLQGRDHVWDQTHLGDGH GDV SDUHGHV SRUpP SHUPLWLQGR D SDVVDJHP GDXPLGDGHGDSDUWHLQWHUQDGRVSDLQpLVSDUD RH[WHULRUHYLWDQGRDFRQGHQVDomRGHQWURGRV PHVPRV )RWR  $V PDQWDV VmR JUDPSH DGDV QDV SODFDV H VREUHSRVWDV GH  D  FPHPVXDVMXQWDVSDUDFULDUXPDVXSHUItFLH FRQWtQXD H HIHWLYD TXH HYLWH DV LQILOWUDo}HV  2VSDLQpLVWDQWRLQWHUQRVFRPRH[WHUQRV QmRGHYHPHVWDUHPFRQWDWRGLUHWRFRPRVROR RX IXQGDomR 1D EDVH GRV SDLQpLV DQWHV GD PRQWDJHPGHYHVHUIL[DGDXPDILWDVHODGRUD TXHDOpPGHHYLWDURFRQWDWRGLUHWRFRPDXPL GDGHGRSLVRPLQLPL]DDVSRQWHVWpUPLFDVH DF~VWLFD7RGDDSURMHomRKRUL]RQWDOGDVSDUH GHVH[WHUQDVGHYHHVWDUVREUHXPDEDVHPDLV DOWD TXH R QtYHO H[WHULRU GH IRUPD D HYLWDU R FRQWDWRGDVSODFDVFRPRVRORHDSDVVDJHP GHiJXDSRUHQWUHRSDLQHOHDIXQGDomRFRPR PRVWUDDILJXUDD )LJXUD(PEDVDPHQWRHOHYDGRSDUDHYLWDUFRQWDWRGDV SODFDVHSDLQpLVFRPDXPLGDGH 1RSURMHWRGHSDJLQDomRDVMXQo}HVYHU WLFDLVGDVSODFDVGHYHPHVWDUGHIDVDGDVHQWUH VL HYLWDQGR D FRLQFLGrQFLD GDV MXQWDV FRPR DSDUHFHQDIRWRHFRPRIRLGHVFULWRDQWH ULRUPHQWH QR &DStWXOR $VVLP SDUD IXQFLR QDUFRPRGLDIUDJPDUtJLGRDVSODFDVGHYHP DWHQGHU DV UHFRPHQGDo}HV SDUD D IL[DomR H GLVSRVLomRQRVSDLQpLV WUXomRPDLVUiSLGDHOLPSDTXHRVUHYHVWLPHQ WRV WUDGLFLRQDLV FRPR DUJDPDVVD SLQWXUD H UHYHVWLPHQWRV FHUkPLFRV 2XWUD YDQWDJHP p SURSRUFLRQDU XP DFDEDPHQWR TXH PHOKRU VH DGDSWDDRIHFKDPHQWRHP26% 2 ³VLGLQJ´ YLQtOLFR p XP PDWHULDO PXLWR YHUViWLOGHIiFLODSOLFDomRHQmRQHFHVVLWDGH PXLWRV FXLGDGRV GH PDQXWHQomR 3RGH VHU SLQWDGRHVXDOLPSH]DSRGHVHUIHLWDFRPiJXD HVDEmReIRUQHFLGRQRPHUFDGRHPSDLQpLV FRPSRVWRVSRUUpJXDVGXSODVFRPPGH FRPSULPHQWR H  FP GH ODUJXUD FRP WH[ WXUDV TXH LPLWDP D PDGHLUD H QD FRU EUDQFD )RWR  )RWR,QVWDODomRGH26%QDIDFKDGDFRPMXQWDVYHUWLFDLV GHIDVDGDV )RQWHDUTXLYRGRDXWRU $QWHV GH VH HIHWXDU R UHYHVWLPHQWR H[ WHUQRpLPSRUWDQWHUHVVDOWDUTXHVHDVSODFDV GH26%HVWLYHUHPPROKDGDVpDFRQVHOKiYHO HVSHUDUDVHFDJHPSDUDGHSRLVSURFHGHUFRP D FRORFDomR GRV UHYHVWLPHQWRV &RPR DFD EDPHQWRILQDOSRGHPVHUDGRWDGRVR³VLGLQJ´ YLQtOLFRRGHPDGHLUDRXFLPHQWtFLRHDDUJD PDVVD ³6LGLQJ´9LQtOLFR 2 ³VLGLQJ´ p XP UHYHVWLPHQWR GH IDFKD GDVFRPSRVWRGHSODFDVSDUDOHODVPXLWRFR PXQVQDVUHVLGrQFLDVQRUWHDPHULFDQDV2³VL GLQJ´FRPRPHQFLRQDGRDQWHULRUPHQWHSRGH VHUYLQtOLFRTXHpIHLWRFRP39&GHPDGHLUD RXFLPHQWtFLR1HVVHWUDEDOKRYDPRVQRVGH WHUDRXVRGR³VLGLQJ´YLQtOLFRSRUDSUHVHQWDU RPHOKRUGHVHPSHQKRHXPDFRQFHSomRGH H[HFXomR PDLV LQGXVWULDOL]DGD 6XD SULQFLSDO YDQWDJHPpRIHUHFHUXPDDOWHUQDWLYDGHFRQV  ,PDJHPRULJLQDOPHQWHSXEOLFDGDHP5HYLVWD7HFKQpQžS -XOKR )RWR,QVWDODomRGHVLGLQJYLQtOLFR )RQWH0DUFRV/LPD 2UHYHVWLPHQWRpLPSHUPHiYHOHPIXQ omR GR VHX PDWHULDO H GR VLVWHPD GH PRQWD JHPGHEDUUDVLQWHUWUDYDGDVTXHSRVVLELOLWDD HVWDQTHLGDGH3RUpPQmRDSUHVHQWDJUDQGH UHVLVWrQFLD D LPSDFWRV DSHVDU GH DWHQGHU D QRUPDV LQWHUQDFLRQDLV GH GHVHPSHQKR 5H YLVWD7HFKQp 3DUDDVVHJXUDUDHILFLrQ FLDGDLQVWDODomRGR³VLGLQJ´YLQtOLFRGHYHVH FRORFDUDVUpJXDVGHIRUPDDQmRUHVWULQJLUR PRYLPHQWR GH GLODWDomR H FRQWUDomR GDV SH oDV 3DUDDLQVWDODomRYiULRVDFHVVyULRVVmR GLVSRQLELOL]DGRVSHORIDEULFDQWHSHUILVGHIL[D omRDFDEDPHQWRVSDUDFDQWRVHHVTXDGULDV IRUURV GH EHLUDLV H SHoDV GHFRUDWLYDV )RWR    )HFKDPHQWRYHUWLFDO )RWR3HUILVDFHVVyULRVSDUDLQVWDODomRGR³VLGLQJ´YLQtOLFRQR GHWDOKHDFDEDPHQWRSDUDHVTXDGULDVHFDQWRQHLUDV )RQWHDUTXLYR GRDXWRU $LQVWDODomRpPXLWRVLPSOHVHREHGHFH DVVHJXLQWHVHWDSDV 'HILQLomRGRSURMHWRGHSDJLQDomR  ,PSHUPHDELOL]DU R 26% FRP D PHP EUDQDGHSROLHWLOHQR  $ LQVWDODomR FRPHoD GH EDL[R SDUD FLPDIL[DQGRVHHPSULPHLUROXJDURSHUILOGH DUUDQTXH $VHJXLUIL[DPVHRVSHUILVQRFRQWRU QR GDV HVTXDGULDV DV FDQWRQHLUDV H GHPDLV DFHVVyULRV FRP SDUDIXVRV DXWRDWDUUD[DQWHV JDOYDQL]DGRVDLQWHUYDORVGHDFP ,QVWDODPVHDVUpJXDVGR³VLGLQJ´HQ FDL[DQGR D SULPHLUD QR SHUILO GH DUUDQTXH H ID]HQGRXPDILOHLUDKRUL]RQWDOHQDVHTrQFLD TXDQGRVHFRPSOHWDUDSULPHLUDOLQKDHQFDL [DVHDOLQKDVVXEVHTHQWHVIL[DQGRDVFRP SDUDIXVRVDXWRDWDUUD[DQWHVJDOYDQL]DGRVHV SDoDGRVRXFPQRVRULItFLRVDORQJDGRV ROKDLV H[LVWHQWHVQDERUGDVXSHULRUGDSODFD )LJXUD 'HYHVHGHL[DUPPGHHVSDoR OLYUHHQWUHDSDUWHSRVWHULRUGDFDEHoDGRSD UDIXVR H D IDFH H[WHUQD GRV SHUILV SDUD QmR UHVWULQJLU DV GLODWDo}HV WpUPLFDV GR 39& )L JXUD  )LJXUD)L[DomRGR³VLGLQJ´FRPSDUDIXVRV DGDSWDGR GR&RQVXO6WHHO 'HL[DUHVSDoRVQRVHQFRQWURVGDVUp JXDVFRPRVSHUILVRXDFHVVyULRVSDUDSHUPLWLU DGLODWDomRGRPDWHULDO )LJXUD TXHYDULD FRQIRUPH R FOLPD GH FDGD UHJLmR GH DFRUGR FRPLQIRUPDo}HVGRIDEULFDQWH )LJXUD±'HWDOKHGDIROJDQRHQFRQWURGDVUpJXDVFRP RVSHUILVDFHVVyULRV DGDSWDGRGH&RQVXO6WHHO  2HQFRQWURRXMXQomRGDVUpJXDVHP XPDPHVPDILOHLUDVHGiVREUHSRQGRPP GHXPDUpJXDVREUHDRXWUD )LJXUD   )LJXUD±6REUHSRVLomRQDMXQomRGDVUpJXDV DGDSWDGR GR&RQVXO6WHHO $VMXQWDVHQWUHDVUpJXDVGHXPDILOHL UD GHYHP HVWDU GHIDVDGDV DR PHQRV  PP HPUHODomRjILOHLUDVHJXLQWH 'HSRLVGDDSOLFDomRpSRVVtYHODUHPR omRRXUHSRVLomRGRVSDLQpLVVLWXDGRVHPOR FDLV TXH SRVVDP QHFHVVLWDU GH PDQXWHQomR HOpWULFD RX KLGUiXOLFD RX PHVPR D VXEVWLWXL omRGHSHoDVGDQLILFDGDV $UJDPDVVD %DVLFDPHQWH R PpWRGR PDLV LQGLFDGR GH UHYHVWLU R 26% FRP DUJDPDVVD FRQVLVWH HPDSOLFiODVREUHWHODWLSR³GHSOR\pH´RXWHOD SOiVWLFD UHVLVWHQWH j DOFDOLQLGDGH $ WHOD GLV SRVWDHPGXDVFDPDGDVHIL[DGDFRPJUDP SRVVREUHDVXSHUItFLHGR26%LPSHUPHDELOL ]DGDFRPDPHPEUDQDGHSROLHWLOHQRJDUDQWH DDGHUrQFLDGDDUJDPDVVD )RWR $DUJD PDVVDGHWUDoRIRUWHGHYHVHUDSOLFDGDXQLIRU PHPHQWHRIHUHFHQGRXPERPUHFREULPHQWRH QmRGHL[DQGRDWHODH[SRVWD )RWR5HYHVWLPHQWRGDVSODFDVGH26%FRPDUJDPDVVD DSOLFDGDVREUHWHODWLSR³GHSOR\pH´ )RQWHDUTXLYRGRDXWRU 1mR p SUHFLVR R WUDWDPHQWR GDV MXQWDV GDVSODFDVGH26%SRLVDPHPEUDQDGHSR OLHWLOHQRMiJDUDQWHDHVWDQTXHLGDGHGRSDLQHO 3RUpPpQHFHVViULRMXQWDVIHLWDVQDDUJDPDV VD SDUD D RULHQWDomR GH WULQFDV )RWR   'HYHVH WHU HVSHFLDO DWHQomR QD H[HFXomR GR UHYHVWLPHQWR HYLWDQGR TXH D IDFKDGD QR PRPHQWR GD DSOLFDomR GD DUJDPDVVD HVWHMD H[SRVWDDRVROGLUHWRRXDFKXYDPXLWRIRUWH -XQWDV )RWR)DFKDGDHP26%UHYHVWLGDFRPDUJDPDVVDFRP MXQWDVDSDUHQWHVSDUDRULHQWDomRGDVWULQFDV )RQWHDUTXLYR &pOLR)LUPR  )HFKDPHQWRYHUWLFDO $OYHQDULD $ DOYHQDULD SRU VHU XPD YHGDomR LQGH SHQGHQWH GD HVWUXWXUD IXQFLRQD FRPR XP LQYyOXFURYLQFXODGRDHODSRUPHLRGHFRQHF WRUHVPHWiOLFRV3RUpPMiTXHRFRQFHLWRGD SURGXomRGHHGLILFDo}HVFRPDOYHQDULDGLYHU JHGDSURSRVWDGRVLVWHPD/6)HPWUDEDOKDU FRPXPDREUD³VHFD´FRPUDSLGH]GHH[HFX omRHPpWRGRVLQGXVWULDOL]DGRVTXHGLPLQXHP R GHVSHUGtFLR GH PDWHULDO H PmRGHREUD D DOYHQDULDDFDERXILFDQGRUHVWULWDDHOHPHQWRV GHFRUDWLYRV GH WLMROR DSDUHQWH HP IDFKDGDV )RWR  ORFDPHQWRVKRUL]RQWDLVSURYRFDGRVSHODDomR GRYHQWR$VFDUJDVYHUWLFDLVRULXQGDVGHVHX SHVR SUySULR VmR WUDQVIHULGDV GLUHWDPHQWH SDUDDVIXQGDo}HVDOLYLDQGRDHVWUXWXUDGHV VHFDUUHJDPHQWR &RHOKR  )LJXUD±'HVHQKRHVTXHPiWLFRGHIHFKDPHQWRGHDOYH QDULDGHSDLQpLVHP/6) 3ODFDV&LPHQWtFLDV )RWR)DFKDGDUHYHVWLGDFRPWLMRORVPDFLoRVDSDUHQWHV )RQWH'LVSRQtYHOHPKWWSZZZFRQVWUXWRUDVHTXHQFLD FRPEU 'DPHVPDIRUPDTXHRFRUUHFRPRVRX WURVPDWHULDLVGHIHFKDPHQWRpQHFHVViULDD LPSHUPHDELOL]DomRGDHVWUXWXUDFRPDPDQWD GHSROLHWLOHQRDILPGHJDUDQWLUDHVWDQTXHLGD GHGRVSDLQpLV$PDQWDGHYHVHUDSDUDIXVDGD QDHVWUXWXUDHQWUHHVWDHDYHGDomRGHDOYH QDULD &RPR D SDUHGH GH DOYHQDULD QmR VH DSyLD VREUH D HVWUXWXUD Vy VH YLQFXOD D HOD SRUPHLRGHFRQHFWRUHV )LJXUD RV~QLFRV PRYLPHQWRVUHVWULQJLGRVHQWUHDIDFKDGDHD HVWUXWXUD VmR DTXHOHV SURYHQLHQWHV GRV GHV  $VSODFDVFLPHQWtFLDVSRGHPVHUXWLOL]D GDVFRPRIHFKDPHQWRH[WHUQRRXLQWHUQRGRV SDLQpLV SULQFLSDOPHQWH HP iUHDV PROKDYpLV VXEVWLWXLQGR R JHVVR DFDUWRQDGR H HP iUHDV H[SRVWDVDLQWHPSpULHV )RWR 3DUDXVR HPSLVRVpQHFHVViULRXPVXEVWUDWRGHDSRLR TXHSRGHVHUGHFKDSDVGHPDGHLUDWUDQVIRU PDGD SDUD SURSRUFLRQDU jV SODFDV FLPHQWt FLDVUHVLVWrQFLDjIOH[mR )RWR±)HFKDPHQWRFRPSODFDVFLPHQWtFLDV )RQWH 5HYLVWD7HFKQpQž 3RU GHILQLomR WRGD FKDSD GHOJDGD TXH FRQWpPFLPHQWRQDFRPSRVLomRpFKDPDGDGH FLPHQWtFLD%DVLFDPHQWHDVSODFDVVmRFRP SRVWDVSRUXPDPLVWXUDGHFLPHQWR3RUWODQG ILEUDVGHFHOXORVHRXVLQWpWLFDVHDJUHJDGRV 3RUpP Ki DOJXPDV GLIHUHQoDV IXQGDPHQWDLV QDVSODFDVGLVSRQtYHLVQRPHUFDGR$SULQFL SDO GHODV p TXH H[LVWHP GRLV JUXSRV R FRP ILEUDVGLVSHUVDVQDPDWUL]HRFRPPDOKDGH ILEUD GH YLGUR HP DPEDV DV VXSHUItFLHV  2V SURGXWRVGRSULPHLURWLSRIRUDPGHVHQYROYLGRV DSDUWLUGHPDWUL]HVGHFLPHQWRTXHFRQWLQKDP DPLDQWR&RPDVUHVWULo}HVOHJDLVDUHVSHLWR GRXVRGHVVHWLSRGHILEUDDVFKDSDVJDQKD UDP ILEUDV SOiVWLFDV GH YLGUR RX FHOXOyVLFDV /RWXUFR  $VSULQFLSDLVFDUDFWHUtVWLFDVGDSODFDFL PHQWtFLDVmR ‡(OHYDGDUHVLVWrQFLDDLPSDFWRVRTXH SRVVLELOLWDVHXXVRHPIHFKDPHQWRVH[ WHUQRV ‡*UDQGHUHVLVWrQFLDjXPLGDGHSRGHQ GRVHUH[SRVWDjVLQWHPSpULHV ‡6mRLQFRPEXVWtYHLV ‡3RGHPVHUFXUYDGDVGHSRLVGHVDWXUD GDV SRVVLELOLWDQGR FXUYDWXUDV QR VHQWL GRGRFRPSULPHQWRFRPDWpPHWURVGH UDLR ‡7HPEDL[RSHVRSUySULRDWpNJP IDFLOLWDQGRRWUDQVSRUWHHPDQXVHLRGLV SHQVDQGR R XVR HTXLSDPHQWRV GH LoD PHQWR ‡&RPSDWtYHOFRPDPDLRULDGRVDFDED PHQWRV RX UHYHVWLPHQWRV SLQWXUD DFUt OLFD FHUkPLFDV SHGUDV QDWXUDLV SDVWL OKDVHWF ‡6mR FRUWDGDV FRP IDFLOLGDGH FRP IHU UDPHQWDV FRP VXSHUItFLH GH DWDTXH GH PHWDOGXUR ‡5DSLGH]GHH[HFXomRVLVWHPDGHPRQ WDJHP VHPHOKDQWH DR GR JHVVR DFDUWR QDGR 6XDVGLPHQV}HVYDULDPGHDFRUGRFRP RIDEULFDQWHSRUpPDVFKDSDVXWLOL]DGDVSDUD VLVWHPDVGHIHFKDPHQWRHP/6)VmRFRPHU FLDOL]DGDVQDVGLPHQV}HVTXHSRVVXHPODUJX UDIL[DGHPHFRPSULPHQWRVTXHYDULDP GH  P  P H  P$V HVSHVVXUDV WDPEpPYDULDPGHPPGHDFRUGRFRP DIXQomRHDSOLFDomRGDSODFD 7DEHOD  7DEHOD5HODomRHQWUHHVSHVVXUDGDSODFDFLPHQWtFLDHDSOLFDomR)RQWH%UDVLOLW (VSHVVXUDGD SODFD $SOLFDomR8VXDO PP 3RGHPVHUDSOLFDGDVHPGLYLVyULDVOHYHVHSDUHGHVVHFDVLQWHUQDVRQGH QmRH[LVWDPDSOLFDo}HVGHFDUJDVVXSRUWDGDVGLUHWDPHQWHSHODSODFD PP 3RGHPVHUDSOLFDGDVHPGLYLVyULDVOHYHVHSDUHGHVLQWHUQDVHH[WHUQDV HPiUHDVVHFDVH~PLGDVSRGHQGRH[LVWLUDSOLFDo}HVGHFDUJDV VXSRUWDGDVSHODSODFD PP 8WLOL]DGDVSDUDiUHDVVHFDVHPROKDGDVLQWHUQDVRXH[WHUQDV,GHDOSDUD SDUHGHVHVWUXWXUDLVPHOKRUDQGRDUHVLVWrQFLDFRQWUDLPSDFWRVDSOLFDo}HV GHFDUJDHLVRODPHQWRVWHUPRDF~VWLFRV  )HFKDPHQWRYHUWLFDO 3DUD D PHOKRU XWLOL]DomR GDV SODFDV FL PHQWtFLDVpHVVHQFLDODSHVTXLVDMXQWRDRID EULFDQWHGDVFDUDFWHUtVWLFDVHUHFRPHQGDo}HV GHXVRGRSURGXWRSDUDHYLWDUULVFRVGHSDWROR JLDV(QWUHDVSDWRORJLDVGHPDLRURFRUUrQFLD HVWmRDVILVVXUDo}HVQRFRUSRGDFKDSDWULQ FDVHPMXQWDVHUHYHVWLPHQWRVLQFOXVLYHFRP GHVWDFDPHQWRGRVPHVPRV &XLGDGRVHVSHFLDLVGHYHPVHUWRPDGRV QDHVSHFLILFDomRGRWLSRGDMXQWDOHYDQGRHP FRQVLGHUDomRDYDULDomRGLPHQVLRQDOGDVSOD FDVGHYLGRjWHPSHUDWXUDHXPLGDGH GRDP ELHQWHHDQDWXUH]DGRVDFDEDPHQWRVTXHLUmR UHYHVWtOD%DVLFDPHQWHDMXQWDSRGHVHDSUH VHQWDU GH GXDV IRUPDV D MXQWD DSDUHQWH H D MXQWDLQYLVtYHO1RFDVRGHMXQWDVDSDUHQWHVD DSOLFDomRGHSHUILVRXVHODQWHVHODVWRPpULFRV GHVWDFDPYLVXDOPHQWHDMXQWDHSRGHPVHUD PHOKRUDOWHUQDWLYDQRFDVRGHSODFDVTXHSRV VXHP R FRHILFLHQWH GH YDULDomR GLPHQVLRQDO PXLWRDOWR3DUDHVVHWLSRGHMXQWDDVERUGDV GDSODFDGHYHPVHUSODQDV  $V MXQWDV LQYLVtYHLV GHYHP VHU WUDWDGDV GHDFRUGRFRPHVSHFLILFDo}HVGHFDGDIDEUL FDQWH GDV SODFDV H GRV SURGXWRV GH UHMXQWD PHQWR SRUpP p VHPSUH LQGLFDGR XP UHIRUoR VREUHDMXQWDGHWHODGHILEUDGHYLGURUHVLVWHQ WHDDOFDOLQLGDGH$VERUGDVGDVSODFDVGHYHP VHUUHEDL[DGDVSDUDJDUDQWLURQLYHODPHQWRGR WUDWDPHQWRGDMXQWD $V MXQWDV GHYHP DSUHVHQWDU QR PtQLPR PPHQWUHDVSODFDVGHSHQGHQGRGDVUHFR PHQGDo}HVGRIDEULFDQWHLQFOXLQGRWRGRRVHX SHUtPHWURLVWRpQRVTXDWURVODGRVGDSODFD HWDPEpPHQWUHHVWDVHDVHVTXDGULDV-XQWDV GHGHVVROLGDUL]DomRWDPEpPVmRUHFRPHQGD GDVVHPSUHTXHKRXYHUDMXQomRGDSODFDFL PHQWtFLDFRPRXWURPDWHULDOGLIHUHQWH $ PRQWDJHP GDV SODFDV p VLPLODU j GR JHVVR DFDUWRQDGR GLIHUHQFLDQGRVH DSHQDV QR PDWHULDO XWLOL]DGR SDUD FRUWH DFDEDPHQWR GH MXQWDV H QRV SDUDIXVRV JDOYDQL]DGRV WLSR  DXWRDWDUUD[DQWHV TXH GHYHP VHU SUySULRV SDUDSODFDVFLPHQWtFLDV 5HFRPHQGDVH TXH HP SDUHGHV H[WHU QDVGHYHVHUHYHVWLUDIDFHH[SRVWDFRPXPD GHPmRGHVHODGRUGHEDVHDFUtOLFD(PORFDLV ~PLGRV EDQKHLURVFR]LQKDViUHDVGHVHUYLoR HWF SUHYHUXPVLVWHPDGHLPSHUPHDELOL]DomR QDVMXQo}HVGDSDUHGHFRPRSLVRSDUDHYL WDUDLQILOWUDomRGHiJXDSDUDGHQWURGRSDLQHO 3DUHGHVGDViUHDVGHER[SLDVGHFR]LQKDH WDQTXHVWDPEpPGHYHPUHFHEHULPSHUPHDEL OL]DomR2DVVHQWDPHQWRGHSHoDVFHUkPLFDV SRGHVHUIHLWRFRPDUJDPDVVDFRODQWHSRUpP IOH[tYHO *HVVR$FDUWRQDGR 1RVLVWHPD/6)DVSODFDVRXFKDSDVGH JHVVR DFDUWRQDGR FRQVWLWXHP R IHFKDPHQWR YHUWLFDOGDIDFHLQWHUQDGRVSDLQpLVHVWUXWXUDLV H QmRHVWUXWXUDLV TXH FRQVWLWXHP R LQYyOXFUR GDHGLILFDomRHWDPEpPRIHFKDPHQWRGDVGL YLVyULDVLQWHUQDV &RPR IRL PHQFLRQDGR QR FDStWXOR  RV SDLQpLV LQWHUQRV TXDQGR QmR VmR HVWUXWXUDLV SRGHP VHU FRQVWUXtGRV HPSUHJDQGR R VLVWH PD ³'U\ZDOO´ TXH WDPEpP p FRQVWLWXtGR GH SHUILV 8 H 8H GH DoR JDOYDQL]DGR SRUpP GH PHQRUHV GLPHQV}HV SRLV DSHQDV VXSRUWDP R SHVR GRV IHFKDPHQWRV H UHYHVWLPHQWRV H GHSHoDVVXVSHQVDVIL[DGDVHPVXDHVWUXWXUD FRPRDUPiULRVEDQFDGDVTXDGURVHWF $PHVPDWpFQLFDTXHpXWLOL]DGDQDPRQ WDJHP H IL[DomR GDV FKDSDV GH JHVVR DFDU WRQDGR QRV SHUILV JDOYDQL]DGRV GR VLVWHPD ³'U\ZDOO´ p HPSUHJDGD QR IHFKDPHQWR GRV SDLQpLVHVWUXWXUDLVHQmRHVWUXWXUDLVGRVLVWH PD/6) 7DPEpPDPRQWDJHPHIL[DomRGDVSOD FDV FLPHQWtFLDV WDQWR QRV SDLQpLV HP /6) FRPR QR ³'U\ZDOO´ VHJXH RV PHVPRV SULQFt SLRVH[FHWRSHORWUDWDPHQWRGDVMXQWDVHWLSRV GH SDUDIXVRV TXH Mi IRUDP GHVFULWRV QR LWHP  ‡$ SODFD 6WDQGDUG 67  SDUD DSOLFDomR HPSDUHGHVGHVWLQDGDVDiUHDVVHFDV  &DUDFWHUtVWLFDV GDV 3ODFDV GH *HVVR$FDUWRQDGR ‡$ SODFD 5HVLVWHQWH j 8PLGDGH 58  WDPEpP FRQKHFLGD FRPR SODFD YHUGH SDUD SDUHGHV GHVWLQDGDV D DPELHQWHV VXMHLWRV j DomR GD XPLGDGH SRU WHPSR OLPLWDGRGHIRUPDLQWHUPLWHQWH $ YHGDomR GH JHVVR DFDUWRQDGR p XP WLSRGHYHGDomRYHUWLFDOXWLOL]DGDQDFRPSDU WLPHQWDomRHVHSDUDomRGHHVSDoRVLQWHUQRV HPHGLILFDo}HVOHYHHVWUXWXUDGDIL[DJHUDO PHQWH PRQROtWLFD GH PRQWDJHP SRU DFRSOD PHQWRPHFkQLFRHFRQVWLWXtGDXVXDOPHQWHSRU XPDHVWUXWXUDGHSHUILVPHWiOLFRVHIHFKDPHQ WRGHFKDSDVGHJHVVRDFDUWRQDGR 6DEEDWLQL DSXG+RODQGD  $VFKDSDVGHJHVVRDFDUWRQDGRVmRYH GDo}HVOHYHVSRLVQmRSRVVXHPIXQomRHVWUX WXUDOHVXDGHQVLGDGHVXSHUILFLDOYDULDGH NJPDNJPGHSHQGHQGRGHVXDHVSHV VXUD $EUDJHVVR  $V SODFDV GH JHVVR DFDUWRQDGR VmR ID EULFDGDVLQGXVWULDOPHQWHHFRPSRVWDVGHXPD PLVWXUDGHJHVVRiJXDHDGLWLYRVUHYHVWLGDV HP DPERV RV ODGRV FRP OkPLQDV GH FDUWmR TXH FRQIHUH DR JHVVR UHVLVWrQFLD j WUDomR H IOH[mR (VVHVLVWHPDSHUPLWHGHULYDo}HVHFRP SRVLo}HV GH DFRUGR FRP DV QHFHVVLGDGHV GH UHVLVWrQFLD j XPLGDGH H IRJR LVRODPHQWR DF~VWLFRRXIL[DomRHPJUDQGHVYmRV .UJHU   $V GLPHQV}HV QRPLQDLV H WROHUkQFLDV VmRHVSHFLILFDGDVSRUQRUPDVHGHIRUPDJH UDODVSODFDVRXFKDSDVVmRFRPHUFLDOL]DGDV FRP ODUJXUD GH  P H FRPSULPHQWRV TXH YDULDPGHPDPGHDFRUGRFRPR IDEULFDQWH6HQGRDVHVSHVVXUDVGHPP PPHPP 1RPHUFDGRQDFLRQDOVmRRIHUHFLGRVWUrV WLSRVGHSODFD ‡$ 3ODFD 5HVLVWHQWH DR )RJR 5)  FR QKHFLGD FRPR SODFD URVD SDUD DSOLFD omR HP iUHDV VHFDV HP SDUHGHV FRP H[LJrQFLDV HVSHFLDLV GH UHVLVWrQFLD DR IRJR  3HUILV GH $oR SDUD 6LVWHPDV ³'U\ZDOO´ 2V SHUILV GH DoR JDOYDQL]DGR VmR IDEUL FDGRVSHORPHVPRSURFHVVRGHFRQIRUPDomR GRVSHUILVSDUD/6)SRUpPDHVSHVVXUD GDV FKDSDVpPHQRUMiTXHRVSHUILVQmRWrPIXQ omRHVWUXWXUDOQDHGLILFDomR &RPR QRV SDLQpLV HP /LJKW 6WHHO )UD PLQJDVGLYLVyULDVHP³'U\ZDOO´VmRFRPSRV WDV SRU JXLDV VXSHULRU H LQIHULRU SHUILV 8  H PRQWDQWHVYHUWLFDLV SHUILV8H DILPGHSRVVL ELOLWDUXPDHVWUXWXUDSDUDIL[DomRGDVFKDSDV 2 HVSDoDPHQWR HQWUH RV PRQWDQWHV RX PRGXODomRDVVLPFRPRQRVSDLQpLVGRVLVWH PD/6)SRGHVHUGHRXPPGHDFRU GRFRPDVVROLFLWDo}HVH[HUFLGDVSHODVSODFDV GH IHFKDPHQWR UHYHVWLPHQWRV H SHoDV VXV SHQVDV IL[DGDV DR SDLQHO $ PRGXODomR IXQ FLRQDFRPRIHUUDPHQWDSDUDDUDFLRQDOL]DomR GR VLVWHPD GH IHFKDPHQWR RWLPL]DQGR R XVR GDVFKDSDVDXPHQWDQGRRQtYHOGHLQGXVWULD OL]DomRGDFRQVWUXomRXPDYH]TXHPLQRUDRV GHVSHUGtFLRV FRP FRUWHV H DGDSWDo}HV H DX PHQWDDYHORFLGDGHGHH[HFXomR $VSHFWRVGH3URMHWRH([HFXomR 3DUD XPD HILFLHQWH LPSODQWDomR GH VLV  )HFKDPHQWRYHUWLFDO WHPDV GH IHFKDPHQWR UDFLRQDOL]DGRV p QH FHVViULR TXH VHX SURMHWR MXQWDPHQWH FRP R SURMHWR HVWUXWXUDO H GH LQVWDODo}HV SUHGLDLV WHQKDPLQtFLRQDHWDSDGHDQWHSURMHWRVHMDP GHVHQYROYLGRV VLPXOWDQHDPHQWH H HVWHMDP FRRUGHQDGRV H FRPSDWLELOL]DGRV D ILP GH VH HYLWDULQWHUIHUrQFLDVHQmRFRQIRUPLGDGHVTXH FRPSURPHWDPDTXDOLGDGHGRSURFHVVRFRQV WUXWLYRHRSURGXWRILQDOTXHpDHGLILFDomR JHPGRVLVWHPD³'U\ZDOO´VmR ‡&RPSRQHQWHVSDUDIHFKDPHQWRGDGLYL VyULD SODFDVGHJHVVRFLPHQWtFLDV  3RUWDQWRDQWHVGHLQLFLDUDPRQWDJHPGR VLVWHPD GH IHFKDPHQWR LQWHUQR p LPSRUWDQWH YHULILFDUDFRPSDWLELOL]DomRGRVSURMHWRVHQWUH VL'HYHPVHUYHULILFDGDVWDPEpPDVVHJXLQ WHVFRQGLo}HV ‡0DWHULDLV SDUD WUDWDPHQWR GDV MXQWDV PDVVDVHILWDV  ‡7RGR R IHFKDPHQWR YHUWLFDO H[WHUQR Mi GHYH HVWDU LQVWDODGR H LPSHUPHDELOL]D GRHODMHVGHSLVRHWHOKDGRGHYHPWHU VLGRWHUPLQDGDV ‡3HUILV 8 H 8H JDOYDQL]DGRV SDUD HV WUXWXUDomR GD GLYLVyULD PRQWDQWHV H JXLDV  ‡3DUDIXVRVSDUDDIL[DomRGRVSHUILVJDO YDQL]DGRVHGDVSODFDVjHVWUXWXUD ‡0DWHULDLVSDUDLVRODPHQWRWHUPRDF~V WLFR OmGHYLGURRXOmGHURFKD  $PRQWDJHPGRVLVWHPDVHJXHXPDVH TrQFLDWtSLFDFRPRPRVWUDDILJXUD ‡$WLYLGDGHV TXH XWLOL]DUDP iJXD GHYHP WHUVLGRILQDOL]DGDV ‡2VSHUtRGRVGHFXUDGHYHPHVWDUYHQ FLGRV FRPR QR FDVR GH ODMHV ~PLGDV H IXQGDo}HVWLSRUDGLHU ‡$VODMHVHIXQGDo}HVGHYHPHVWDUQLYH ODGDVHSUHIHUHQFLDOPHQWHDFDEDGDV ‡2V DPELHQWHV GHYHP HVWDU SURWHJLGRV GDHQWUDGDGHFKXYDHXPLGDGHH[FHVVL YD ‡$V VDtGDV GDV LQVWDODo}HV KLGUiXOLFDV HHOpWULFDVGHYHPHVWDUGHYLGDPHQWHSR VLFLRQDGDV H DV SUXPDGDV Mi SURQWDV HYLWDQGRVH JUDQGHV UDVJRV QRV SHUILV PHWiOLFRV ‡3DUDDIL[DomRGRVSHUILVSDUD³GU\ZDOO´ YHULILFDUVHRHOHPHQWRGHIL[DomRpFRP SDWtYHOFRPDEDVHGHDSRLR 0RQWDJHPGH6LVWHPD³'U\ZDOO´ 2VFRPSRQHQWHVEiVLFRVSDUDDPRQWD  )LJXUD±6HTrQFLDGHPRQWDJHPGRVLVWHPD³'U\ZDOO´ )RQWHDGDSWDGRGH7DQLJXWL ,VRODPHQWR7HUPR$F~VWLFR 2 GHVHPSHQKR WHUPRDF~VWLFR GH XPD HGLILFDomRpGHWHUPLQDGRSHODVXDFDSDFLGD GH GH SURSRUFLRQDU FRQGLo}HV GH TXDOLGDGH DPELHQWDO DGHTXDGDV DR GHVHQYROYLPHQWR GDV DWLYLGDGHV SDUD R TXDO HOD IRL SURMHWDGD (VVH GHVHPSHQKR p LQIOXHQFLDGR SRU XPD VpULH GH IDWRUHV (QWUH HVWHV SRGHPRV FLWDU D ORFDOL]DomR H SRVLFLRQDPHQWR GR HGLItFLR H VXDV GHSHQGrQFLDV RV WLSRV GH YHGDo}HV H FREHUWXUDVVHXVUHYHVWLPHQWRVHFRUHVWLSRV GH HVTXDGULDV WDPDQKR H SRVLFLRQDPHQWR GDVDEHUWXUDVHWF 2LVRODPHQWRWHUPRDF~VWLFRpXPDIRU PDGHFRQWURODUDTXDOLGDGHGRFRQIRUWRGHQ WUR GH XP DPELHQWH GH PRGR TXH DV FRQGL o}HV H[WHUQDV QmR LQIOXHQFLHP DV LQWHUQDV EDUUDQGRDWUDQVPLVVmRGHVRQVHHYLWDQGRDV SHUGDVRXJDQKRVGHFDORUSDUDPHLRH[WHUQR RXFRQWtJXR VHUIHLWDVDILPGHDXPHQWDURGHVHPSHQKRGR VLVWHPDDWUDYpVGDFRORFDomRGHPDLVFDPD GDVGHSODFDVRXDXPHQWDQGRDHVSHVVXUDGD OmPLQHUDO )RWR )RWR±,QVWDODomRGHOmGHYLGURHPSDLQHO ,VRODPHQWR$F~VWLFR $VYHGDo}HV YHUWLFDLV WrP SDSHO IXQGD PHQWDO QR LVRODPHQWR WHUPRDF~VWLFR SRLV FRQVWLWXHP DV EDUUHLUDV ItVLFDV HQWUH RV DP ELHQWHVHRH[WHULRU 7UDGLFLRQDOPHQWH RV SULQFtSLRV GH LVR ODomR FRQVLGHUDP TXH PDWHULDLV GH JUDQGH PDVVDRXGHQVLGDGHVmRPHOKRUHVLVRODQWHV 3RUpPpHUUDGRSHQVDUTXHHVWUXWXUDVHYH GDo}HVPDLVOHYHVTXHWrPFRQVHTHQWHPHQ WH XPD PHQRU PDVVD SDUD LVRODPHQWR GRV DPELHQWHVSRGHOHYDUDFRQGLo}HVGHFRQIRUWR QmRVDWLVIDWyULDV 2 FRQFHLWR GH OHL GH PDVVD QmR SRGH VHU DSOLFDGR jV FRQVWUXo}HV FRP /6) 2V SULQFtSLRV GH LVRODPHQWR WHUPRDF~VWLFR HP /6) EDVHLDPVH HP FRQFHLWRV PDLV DWXDLV GH LVRODomR PXOWLFDPDGD TXH FRQVLVWH HP FRPELQDUSODFDVOHYHVGHIHFKDPHQWRDIDVWD GDVIRUPDQGRXPHVSDoRHQWUHRVPHVPRV SUHHQFKLGR SRU PDWHULDO LVRODQWH Om PLQHUDO  1HVVHDVSHFWRGLYHUVDVFRPELQDo}HVSRGHP 2 VRP p FDXVDGR SRU XPD YDULDomR GH SUHVVmRH[LVWHQWHQDDWPRVIHUDVHQGRFDSD] GHVHUGHWHFWDGRSHORRXYLGR2VRPSDUDVHU WUDQVPLWLGR QHFHVVLWD GH XP PHLR HOiVWLFR RQGH DV SDUWtFXODV YLEUDP 2 PHLR PDLV FR PXPpRDUPDVWDPEpPSRGHPVHUWUDQVPL WLGRVDWUDYpVGRVPDWHULDLVGHXPDHGLILFDomR 4XDQGRRVRPDpUHRpJHUDGRSDUWtFXODVGR DUYLEUDPHTXDQGRHQFRQWUDPDVVXSHUItFLHV UtJLGDVGRVFRPSRQHQWHVGHXPDHGLILFDomR LQGX]HPRVFLODo}HVQHVWHVPDWHULDLVTXHFRQ VHTHQWHPHQWH WUDQVPLWHP HVVDV RVFLODo}HV SDUD R DU GR DPELHQWH LQWHUQR (OKDMM   6HJXQGR R PHVPR DXWRU Ki WUrV WLSRV GH WUDQVPLVVmRGHVRQVHPXPDHGLILFDomR ‡7UDQVPLVVmRGHVRPDpUHRTXHRFRUUH TXDQGR XP VRP H[WHUQR LQFLGH QR DP ELHQWHDWUDYpVGHVXDVDEHUWXUDVRXYH GDo}HV ‡7UDQVPLVVmRGHVRPGHLPSDFWRWHQGH DVHUPDLVUHOHYDQWHSDUDSLVRVTXDQGR  )HFKDPHQWRYHUWLFDO SRUH[HPSORHVFXWDVHDPRYLPHQWDomR GDVSHVVRDVGHQWURGRVHGLItFLRV2XWUDV IRQWHVSRGHPVHUEDWLGDVGHSRUWDTXH GDGHREMHWRVHWF ‡7UDQVPLVVmR GH VRP SURYHQLHQWH GD HVWUXWXUDUXtGRVYLQGRVGHYLEUDo}HVGH HTXLSDPHQWRVRXLQVWDODo}HVKLGUiXOLFDV TXHVmRWUDQVPLWLGRVSHORVHOHPHQWRVGD HGLILFDomRFRPRSDUHGHVSLVRVHHVWUX WXUDVSHORFRQWDWRGLUHWRFRPHVVDVIRQ WHV 4XDQGR R VRP LQFLGH VREUH XPD GHWHU PLQDGDVXSHUItFLHXPDSDUHGHSRUH[HPSOR SDUWHGHOHpUHIOHWLGRSDUWHpDEVRUYLGRGHQ WUR GR PDWHULDO H SDUWH p WUDQVPLWLGR DWUDYpV GRPHVPR'DHQHUJLDVRQRUDDEVRUYLGDSHOD SDUHGHSDUWHVHUiGLVVLSDGDHPFDORUHRUHVWR LUiSURSDJDUVHDWUDYpVGHVWD  2 HIHLWR WRWDO VHUi TXH D SDUHGH FRPR XP WRGR HQWUDUi HP YLEUDomR FDXVDGD SHOD SUHVVmRGDVRQGDVVRQRUDVLQFLGHQWHV$SD UHGHYLEUDQGRLUiLUUDGLDUHQHUJLDDF~VWLFDSDUD RDPELHQWHDGMDFHQWH $TXDQWLGDGHGDUDGLDomRVRQRUDDGYLQ GD GD SDUHGH H SRUWDQWR D FDSDFLGDGH GH LVRODomRGHVWDSDUHGHGHSHQGHUiGDIUHTrQ FLD GR VRP GR VLVWHPD FRQVWUXWLYR H GR WLSR GHPDWHULDOTXHDFRPS}HP 6DOHV  2LVRODPHQWRDF~VWLFRRFRUUHTXDQGRVH PLQLPL]D D WUDQVPLVVmR GH VRP GH XP DP ELHQWH SDUD RXWUR RX GR H[WHULRU SDUD GHQWUR GR DPELHQWH H YLFHYHUVD 3DUD 6DOHV   DFDUDFWHUtVWLFDGHLVRODPHQWRVRQRURGHXPD SDUHGHpQRUPDOPHQWHH[SUHVVDHPWHUPRVGD 3HUGDGH7UDQVPLVVmR 37 $LQGDVHJXQGRD DXWRUDTXDQWRPDLRUHVRVYDORUHVGDSHUGDGH WUDQVPLVVmRPDLVEDL[DVHUiDWUDQVPLVVmRGD HQHUJLD DF~VWLFD H YLFHYHUVD 6HJXQGR *y PH]   DSXG 6DOHV   R LVRODPHQWR DF~VWLFRGHSDUHGHVSRGHVHUFODVVLILFDGRGH DFRUGRFRPRVYDORUHVGDVUHVSHFWLYDVSHUGDV GHWUDQVPLVVmRFRQIRUPHDWDEHODDVHJXLU 7DEHOD±4XDOLILFDomRGR,VRODPHQWR$F~VWLFR )RQWH*HUJHV  DSXG6DOHV  4XDQWLILFDomR GRLVRODPHQWR 3HUGDGH 7UDQVPLVVmR 37 &RQGLo}HVGHDXGLomR 3REUH G% &RPSUHHQGHVHDFRQYHUVDomRQRUPDOIDFLOPHQWHDWUDYpVGD SDUHGH 5HJXODU DG% 2XYHVHDFRQYHUVDomRHPYR]DOWDPDVQmRVHHQWHQGHEHPD FRQYHUVDomRQRUPDO %RP DG% 2XYHVHDFRQYHUVDomRHPYR]DOWDPDVQmRpIDFLOPHQWH LQWHOLJtYHO 0XLWRERP DG% "QBMBWSBOPSNBMÏJOBVEÓ WFMFFNWP[BMUBÏNVJUPBUFOVBEB T FN DPNQSFFOT ÍP ([FHOHQWH !G% 2XYHPVHPXLWRIUDFDPHQWHRVVRQVPXLWRDOWRV  2GHVHPSHQKRDF~VWLFRGHXPPDWHULDO SRGHDLQGDVHUHVWLPDGRDWUDYpVGD&ODVVHGH 7UDQVPLVVmRGH6RP$pUHR &76$ TXHLQGL FDGHXPDPDQHLUDJOREDODFDSDFLGDGHGR PDWHULDO GH UHGX]LU R QtYHO VRQRUR HQWUH GRLV DPELHQWHVGDGDHPGHFLEHOV G% (VVDJUDQ GH]DpREWLGDHPODERUDWyULRSDUDGHWHUPLQD GRFRPSRQHQWHFRQVWUXWLYRHQmRFRQVLGHUDR LVRODPHQWRGRDPELHQWH(QWUHWDQWRVHJXQGR .UJHU   SRGHVH SURFHGHU D DYDOLDomR DF~VWLFD GR FRQMXQWR GH HOHPHQWRV FRQVWUXWL YRVOHYDQGRVHHPFRQVLGHUDomRYDORUHVREWL GRVVRPHQWHSDUDDSDUHGHGHVGHTXHRVGH PDLVHOHPHQWRVWHQKDP&76$PDLRURXLJXDO jPHVPD$WDEHOD  IRUQHFH R &76$ SDUD DOJXQV FRPSRQHQWHV XVDGRV QD FRQVWUXomR FRQYHQFLRQDO H HP /6)$WXDOPHQWH R FODV VLILFDGRU&76$YHPVHQGRVXEVWLWXtGRSRU5Z ËQGLFHGH5HGXomR$F~VWLFD TXHpEDVHDGR QDQRUPDLQWHUQDFLRQDO,62 6DOHV   7DEHOD±&ODVVHGH7UDQVPLVVmRGH6RP $pUHRSDUDHOHPHQWRVFRQVWUXWLYRV)RQWH DGDSWDGRGH.LQVOHUHWDO &RPSRQHQWHGD&RQVWUXomR 3DUDHGLILFDo}HVQR%UDVLODQRUPD1%5 IL[DFRQGLo}HVDFHLWiYHLVGHUXtGR DPELHQWH HP GHWHUPLQDGRV UHFLQWRV GH XPD HGLILFDomRGHDFRUGRFRPDILQDOLGDGHGHXWLOL ]DomRGRPHVPR'HQWUHRVGLYHUVRVDPELHQ WHVHVWDEHOHFLGRVSHODQRUPDSRGHPRVFLWDU ‡4XDUWRV HP DSDUWDPHQWRV UHVLGHQ FLDLVHHPKRWpLV VHPRFXSDomR  G% $  ‡4XDUWRVHPKRVSLWDLVG% $ ‡6DODV GH HVWDU HP UHVLGrQFLDV VHP RFXSDomR G% $  ‡6DODVGHDXOD VHPRFXSDomR  G% $  ‡(VFULWyULRVG% $  2LVRODPHQWRGHSDLQpLVHP/6)VHJXH RSULQFtSLRPDVVDPRODPDVVDRQGHHPOXJDU GHXPDSDUHGHGHPDVVDPXVDPVHFDPD GDV VHSDUDGDV GH PDVVD FXMR HVSDoR HQWUH HODV p SUHHQFKLGR FRP XP HOHPHQWR DEVRU YHQWHFXMRREMHWLYRpUHGX]LUDWUDQVPLVVmRGH VRPHQWUHDVFDPDGDVGHPDVVD &76$ 3DUHGHGHWLMRORFRPFP  3ODFDGHYLGURGHPP  %ORFRGHFRQFUHWRFHOXODUDXWRFODYDGR  3DLQHOGHJHVVRDFDUWRQDGRFRPPRQWDQWHV[DFDGD PPFRPSODFDVGHJHVVRGHPPHPDPERVRV ODGRVVHPLVRODPHQWRFRPOmPLQHUDO  3DLQHOGHJHVVRDFDUWRQDGRFRPPRQWDQWHV[DFDGD PPFRPSODFDVGHJHVVRGHPPHPDPERVRV ODGRVVHPLVRODPHQWRFRPOmPLQHUDO  3DLQHOGHJHVVRDFDUWRQDGRFRPPRQWDQWHV[DFDGD PPFRPSODFDVGHJHVVRGHPPHPDPERVRV ODGRVFRPLVRODPHQWRGHOmPLQHUDOGHPPGH HVSHVVXUD  3DLQHOGHJHVVRDFDUWRQDGRFRPPRQWDQWHV[DFDGD PPFRPSODFDVGHJHVVRGHPPHPDPERVRV ODGRVFRPLVRODPHQWRGHOmPLQHUDOGHPPGH HVSHVVXUD  3DLQHOGHJHVVRDFDUWRQDGRFRPPRQWDQWHV[DFDGD PPFRPSODFDVGHJHVVRGHPPHPDPERVRV ODGRVFRPLVRODPHQWRGHOmPLQHUDOGHPPGH HVSHVVXUD  3DLQHOGHJHVVRDFDUWRQDGRFRPPRQWDQWHV[DFDGD PPFRPSODFDVGHJHVVRGHPPHPDPERVRV ODGRVFRPLVRODPHQWRGHOmPLQHUDOGHPPGH HVSHVVXUD  2V PDWHULDLV GH DOWD DEVRUomR DF~VWLFD JHUDOPHQWH VmR SRURVRV HRX ILEURVRV RQGH SDUWH GD HQHUJLD VRQRUD TXH RV DWUDYHVVD p WUDQVIRUPDGDHPHQHUJLDWpUPLFDTXHpGLVVL SDGD GR PDWHULDO DEVRUYHQWH SRU FRQYHFomR ID]HQGRFRPTXHDHQHUJLDVRQRUDSHUFDLQ WHQVLGDGH$ Om GH YLGUR SRU VHU XP PDWHULDO ILEURVRDSUHVHQWDJUDQGHFDSDFLGDGHGHLVR ODomRVRQRUD'HDFRUGRFRPRIDEULFDQWHR tQGLFHGH5Z 5HGXomR$F~VWLFD GDOmGHYL GURHPIHOWURVHSDLQpLVFRPELQDGRVFRPSOD FDVGHJHVVRDFDUWRQDGRpUHSUHVHQWDGDQD WDEHODDVHJXLU  )HFKDPHQWRYHUWLFDO 7DEHOD±ËQGLFHGH5HGXomR$F~VWLFD 5Z GDOmGHYLGUR )RQWH,VRYHU6DLQW*REDLQ 3DUHGH 3DUHGH 3DUHGH 6LPSOHV 'XSOD 6LPSOHV 3DUHGH 'XSOD (VSHVVXUDGDOm GHYLGUR PP       5Z G%       ,VRODPHQWR7pUPLFR 2 REMHWLYR SULQFLSDO GR LVRODPHQWR WpU PLFR HP XP HGLItFLR p FRQWURODU DV SHUGDV GHFDORUQRLQYHUQRHRVJDQKRVGHFDORUQR YHUmR ,VVR RFRUUH SULQFLSDOPHQWH HP SDtVHV GHFOLPDIULRRQGHpGHH[WUHPDLPSRUWkQFLD HFRQRPL]DUHQHUJLDJDVWDFRPRDTXHFLPHQWR SDUDPDQWHURFRQIRUWRWpUPLFRGRVXVXiULRV $VVLP FRPR DILUPD .UJHU   RV PpWR GRVWUDGLFLRQDLVGHDYDOLDomRGRGHVHPSHQKR WpUPLFR GH HGLILFDo}HV DGRWDP FRPR LQGLFD GRU D UHVLVWrQFLD WpUPLFD RX D FRQGXWLYLGDGH WpUPLFDGRVHOHPHQWRVGDHGLILFDomR 3DUD XP SDtV GH FOLPD SUHGRPLQDQWH PHQWHTXHQWHFRPRQR%UDVLOVHJXQGRWUDED OKRGHVHQYROYLGR SRU3LQWR  QmRpVX ILFLHQWH DGRWDU XP SURFHGLPHQWR EDVHDGR QD UHVLVWrQFLDWpUPLFDGRVHOHPHQWRVGHYHGDomR SDUDFDUDFWHUL]DURFRPSRUWDPHQWRWpUPLFRGD HGLILFDomR e QHFHVViULR DYDOLDU VLPXOWDQH DPHQWH WRGDV DV WURFDV WpUPLFDV GLQkPLFDV TXHRFRUUHPQRVDPELHQWHVFRPRDVSRVVt YHLV SHUGDV GH HQHUJLD VHMDP SRU YHQWLODomR RX SRU FRQGXomRFRQYHFomR DWUDYpV GH HOH PHQWRVGDHGLILFDomR $ VROXomR PDLV DGHTXDGD UHSUHVHQWD SRUWDQWRXPHTXLOtEULRHQWUHSHUGDVHJDQKRV GHFDORUTXHYDULDPFRQIRUPHRWLSRGHHGLIL FDomRDVFRQGLo}HVGHRFXSDomRDVFDUDF WHUtVWLFDVGRFOLPDORFDOHRVPDWHULDLVHPSUH JDGRVQDFRQVWUXomR4XDQWRDRVPDWHULDLVp  3DUHGH 3DUHGH 'XSOD 6LPSOHV LPSRUWDQWH REVHUYDU SURSULHGDGHV WDLV FRPR FDSDFLGDGHWpUPLFDHVSHFtILFDGHQVLGDGHGH PDVVD FRQGXWLYLGDGH WpUPLFD WUDQVPLWkQFLD UHIOHWkQFLD H DEVRUWkQFLD j UDGLDomR VRODU HPLVVLYLGDGHHIRUPDDOpPGDVGLPHQV}HVH RULHQWDo}HVGRVPHVPRV .UJHU  (P HGLILFDo}HV HP /6) RXWUR DVSHFWR LPSRUWDQWHDVHUFRQVLGHUDGRpDFDSDFLGDGH GR VLVWHPD GH YHGDomR YHUWLFDO GH SURGX]LU SRQWHVWpUPLFDVDWUDYpVGRFRQWDWRGRVSHUILV GH DoR TXH VmR DOWDPHQWH FRQGXWRUHV FRP RV IHFKDPHQWRV LQWHUQR H H[WHUQR JHUDQGR XPDOLJDomRRXSRQWHHQWUHHVWHV 3RUWDQWR HP ORFDLV GH FOLPD IULR p FR PXPH[HFXWDUDOpPGRLVRODPHQWRGHQWURGR SDLQHO FRPOmPLQHUDO DXPHQWDU DVXDHILFL rQFLDDWUDYpVGHPDWHULDLVLVRODQWHVQDSDUWH H[WHULRU GRV SDLQpLV FRPR R SROLHVWLUHQR H[ SDQGLGRXVDGRQR(,)6TXHIRLFRPHQWDGRQR LQtFLRGHVVHFDStWXORFRPRREMHWLYRGHLPSH GLUDIRUPDomRGHSRQWHVWpUPLFDV 2 GHVHPSHQKR WpUPLFR GDV YHGDo}HV WDPEpPSRGHVHULQIOXHQFLDGRSHORWUDWDPHQWR GDVMXQWDVGRVPDWHULDLVGHIHFKDPHQWR$ILP GHVHHYLWDULQILOWUDo}HVGHiJXDHYHQWRpQH FHVViULRRFRUUHWRIHFKDPHQWRGDVMXQWDVGH SUHIHUrQFLDFRPPDWHULDLVIOH[tYHLVGHIRUPD D JDUDQWLU D HVWDQTXHLGDGH GR VLVWHPD SHU PLWLQGRVXDVGHIRUPDo}HVRXPRYLPHQWDo}HV HPTXDOTXHUFRQGLomRGHWHPSHUDWXUD 1R%UDVLOQmRKiHVWXGRVVREUHRFRP SRUWDPHQWR H GHVHPSHQKR WpUPLFR GH HGLIL FDo}HV FRQVWUXtGDV HP /6) SRUWDQWR DLQGD QmRpSRVVtYHODYDOLDUTXDLVFRQGLo}HVGHIH FKDPHQWR VmR PHOKRUHV SDUD GHWHUPLQDGRV FOLPDV 3RUWDQWR QHVWH WUDEDOKR YDPRV QRV GHWHU QD FDSDFLGDGH GH LVRODPHQWR WpUPLFR DSUHVHQWDGDSHODOmGHYLGURTXHpXPFRP SRQHQWH DPSODPHQWH XWLOL]DGR QR WUDWDPHQWR WpUPLFRHDF~VWLFRGHHGLILFDo}HVHP/6)HP WRGRRPXQGR GURHQWUHDVSODFDVTXHDXPHQWDDUHVLVWrQFLD WpUPLFDGHDFRUGRFRPDHTXDomR $SHUIRUPDQFHGHXPLVRODQWHWpUPLFRp DYDOLDGDGHDFRUGRFRPD5HVLVWrQFLD7pUPL FDTXHpDFDSDFLGDGHGRPDWHULDOGHGLILFXOWDU DSDVVDJHPGRFDORU$5HVLVWrQFLD7pUPLFDp REWLGDDSDUWLUGHXPDHTXDomRTXHFRQVLGHUD DFRQGXWLYLGDGHWpUPLFDGRPDWHULDOHVXDHV SHVVXUDHpGDGDSRU  (VSHVVXUD &RQGXWLYLGDGH 5HVLVWrQFLD7pUPLFD GDOmGHYLGUR 7pUPLFD :Pƒ& Pƒ&:  'HDFRUGRFRPRIDEULFDQWHGHOmGHYL GURRVYDORUHVGH5HVLVWrQFLD7pUPLFDH&RQ GXWLYLGDGH7pUPLFDGRPDWHULDOVmRGHVFULWRV QDWDEHOD 7DEHOD±5HVLVWrQFLD7pUPLFDH&RQGXWL YLGDGH7pUPLFDGDOmGHYLGUR )RQWH,VRYHU6DLQW*REDLQ PP   PP   PP       2QGH¨[UHSUHVHQWDDHVSHVVXUDGDSD UHGHNDFRQGXWLYLGDGHWpUPLFDGRPDWHULDOGD SDUHGHH$DiUHDGHWURFDGHFDORU 3DUDXPDSDUHGH FRPSRVWD WLSR SDLQHO VDQGXtFKH D 5HVLVWrQFLD 7pUPLFD p FDOFXOD GDSHODVRPDGDVUHVLVWrQFLDVLQGLYLGXDLVRX VHMD   2QGHQpRQXPHURGHHOHPHQWRVSODQRV TXHFRPS}HPRSDLQHO (PVHXWUDEDOKR.UJHU  DYDOLDD FDSDFLGDGH GH LVRODPHQWR WpUPLFR GH YiULRV SDLQpLVXWLOL]DGRVQDYHGDomRGHHVWUXWXUDVGH DoR(QWUHRVSDLQpLVDQDOLVDGRVRVGHJHVVR DFDUWRQDGR DSUHVHQWDUDP XP PHOKRU LVROD PHQWRWpUPLFRGHYLGRjSUHVHQoDGHOmGHYL  &DStWXOR /LJDo}HVHPRQWDJHP  /LJDo}HVHPRQWDJHP /LJDo}HV ([LVWH XPD DPSOD YDULHGDGH GH FRQH [}HVHOLJDo}HVSDUDHVWUXWXUDVGHDoRHVHXV FRPSRQHQWHV HPERUD QHP WRGDV VHMDP WmR XWLOL]DGDV $SHVDU GD LPSRUWkQFLD GDV OLJD o}HVHPPXLWRVFDVRVQmRVHGiDQHFHVVi ULDDWHQomRDRDVVXQWRRTXHSRGHFRPSUR PHWHURGHVHPSHQKRGDHVWUXWXUDHHQFDUHFHU RVFXVWRVGDREUD 6HJXQGR(OKDMM  DHVFROKDGHXP WLSRHVSHFtILFRGHOLJDomRRXIL[DomRGHSHQGH GRVVHJXLQWHVIDWRUHV ‡&RQGLo}HVGHFDUUHJDPHQWR ‡7LSRHHVSHVVXUDGRVPDWHULDLVFRQHF WDGRV ‡5HVLVWrQFLDQHFHVViULDGDFRQH[mR ‡&RQILJXUDomRGRPDWHULDO ‡'LVSRQLELOLGDGH GH IHUUDPHQWDV H IL[D o}HV ‡/RFDOGHPRQWDJHPVHQRFDQWHLURRX HPXPDIiEULFDRXRILFLQD ‡&XVWR SDUDIXVRVSRUWDQWRHOHVVmRHOHPHQWRVH[WUH PDPHQWHFRQILiYHLVGRVLVWHPD2VSDUDIXVRV XWLOL]DGRV HP /6) VmR HP DoR FDUERQR FRP WUDWDPHQWR FHPHQWDGR H WHPSHUDGR H UHFR EHUWRV FRP XPD SURWHomR ]LQFRHOHWUROtWLFD SDUD HYLWDU D FRUURVmR H PDQWHU FDUDFWHUtVWL FDVVLPLODUHVjHVWUXWXUDJDOYDQL]DGD 2VSDUDIXVRVHVWmRGLVSRQtYHLVHPXPD VpULHGHWDPDQKRVTXHYmRGRQžDRQž RQGHRVPDLVXVDGRVVmRRVTXHYmRGRQž DRQž2VFRPSULPHQWRVYDULDPGHòSROD SROGHSHQGHQGRGDDSOLFDomRGHIRUPDTXH R SDUDIXVR DR IL[DU RV FRPSRQHQWHV GH DoR HQWUHVLGHYDXOWUDSDVVDUR~OWLPRHOHPHQWRQR PtQLPRHPWUrVSDVVRVGHURVFD 4XDQGRKRXYHUDIL[DomRHQWUHHOHPHQ WRV FRPR SODFDV GH IHFKDPHQWR H SHUILV GH DoRRSDUDIXVRGHYHIL[DUWRGDVDVFDPDGDV H XOWUDSDVVDU R SHUILO GH DoR HP SHOR PHQRV PP 2FRPSULPHQWRQRPLQDOGRSDUDIXVRHR VHXGLkPHWURHVWmRGLUHWDPHQWHUHODFLRQDGRV jHVSHVVXUDWRWDOGRDoRTXHRSDUDIXVRSRGH SHUIXUDU ‡([SHULrQFLDGHPmRGHREUD ‡1RUPDOL]DomR 3DUDIXVRV 2V SDUDIXVRV DXWRDWDUUD[DQWHV H DXWR SHUIXUDQWHVVmRRVWLSRVGHFRQH[mRPDLVXWL OL]DGRVHPFRQVWUXo}HVFRP/LJKW6WHHO)UD PLQJQR%UDVLOSRUWDQWRQHVWHFDStWXORVHUmR DERUGDGRVDVOLJDo}HVGHVVDQDWXUH]DHVXDV DSOLFDo}HV ([LVWH QR PHUFDGR XPD VpULH GH WLSRVGHSDUDIXVRVSDUDFDGDOLJDomRHVSHFt ILFD PHWDOPHWDOFKDSDPHWDO SRVVLELOLWDQGR XPDIL[DomRGHIiFLOH[HFXomRWDQWRQRFDQWHL UR FRPR QD SUpIDEULFDomR GH FRPSRQHQWHV 2XWUR DVSHFWR LPSRUWDQWH p TXH D LQG~VWULD YHP VHPSUH GHVHQYROYHQGR SURFHVVRV SDUD DXPHQWDUDGXUDELOLGDGHHRGHVHPSHQKRGRV  2GLkPHWURGRSDUDIXVRpDGLVWkQFLDH[ WHUQD GRV ILRV GH URVFD 4XDQWR PDLRU R GLk PHWUR GR SDUDIXVR PDLRU VXD UHVLVWrQFLD DR FLVDOKDPHQWR 2FRPSULPHQWRQRPLQDOGRSDUDIXVRpD GLVWkQFLDHQWUHDVXSHUItFLHGHFRQWDWRGDFD EHoDGRSDUDIXVRHVXDSRQWDH[SUHVVDKDEL WXDOPHQWHHPSROHJDGDV 2SDVVRpDVHSDUDomRGRVILRVGHURVFD TXDQWRPDLRUDHVSHVVXUDGRDoRDSHUIXUDU PHQRURSDVVRGRSDUDIXVR 2VSDUDIXVRVDXWRDWDUUD[DQWHVDSUHVHQ WDPGRLVWLSRVGHSRQWDSRQWDEURFD )LJXUD  HSRQWDDJXOKD )LJXUD $HVSHVVXUD GDFKDSDGHDoRDVHUSHUIXUDGDpTXHGHILQH RWLSRGHSRQWDDVHUXWLOL]DGD WLFDV SRGHP VHU DVDV QR FRUSR GR SDUDIXVR SDUDDIL[DomRGHSODFDVGHIHFKDPHQWRFRPR 26%HFLPHQWtFLDVHUDQKXUDVQDFDEHoDWLSR WURPEHWD )LJXUD±3RQWDEURFD )LJXUD±3RQWDDJXOKD 3DUDIXVRV FRP SRQWD DJXOKD SHUIXUDP FKDSDV GH DoR FRP HVSHVVXUD Pi[LPD GH  PP (OKDMM   H VmR UHFRPHQGDGRV SDUD XVR HP SHUILV GH DoR QmR HVWUXWXUDLV FRPRRVXVDGRVHP³GU\ZDOO´ 2V SDUDIXVRV FRP SRQWD EURFD VmR XWL OL]DGRV HP FKDSDV GH DoR FRP HVSHVVXUD PtQLPDGHPP (OKDMM 6mRPXLWR HPSUHJDGRVTXDQGRKiDFRQH[mRGHYiULDV FDPDGDVGHPDWHULDLVHVmRRVPDLVUHFRPHQ GDGRVQDVOLJDo}HVGHSHUILVHVWUXWXUDLV $ FDEHoD GR SDUDIXVR GHILQH R WLSR GH PDWHULDODVHUIL[DGR2VSDUDIXVRVFRPFDEH oD WLSR OHQWLOKD VH[WDYDGD H SDQHOD VmR HP SUHJDGRVSDUDDIL[DomRGHSHUILVGHDoRHQWUH VL OLJDomRPHWDOPHWDO -iRVSDUDIXVRVFRP FDEHoD WLSR WURPEHWD VHUYHP SDUD D IL[DomR GHSODFDVGHIHFKDPHQWRQRVSHUILVGHDoR OL JDomRFKDSDPHWDO  )LJXUD  D E F G $SOLFDo}HV $ VHJXLU RV WLSRV GH SDUDIXVRV H VXDV DSOLFDo}HV HP FRQVWUXo}HV FRP R VLVWHPD /6) ‡3DUDIXVRFDEHoDOHQWLOKDHSRQWDEURFD )LJXUD 1RUPDOPHQWHXWLOL]DGRQDV OLJDo}HVWLSRPHWDOPHWDORXVHMDHQWUH SHUILVHHPILWDVGHDoRJDOYDQL]DGR6XD FDEHoDODUJDHEDL[DSHUPLWHIL[DUILUPH PHQWHDVFKDSDVGHDoRVHPTXHHVWDV VHUDVJXHPHVHPFDXVDUDEDXODPHQWRV QDV SODFDV GH IHFKDPHQWR e SULQFLSDO PHQWHXWLOL]DGRQDOLJDomRHQWUHPRQWDQ WHVHJXLDV )LJXUD±3DUDIXVRFDEHoDOHQWLOKDHSRQWDEURFD )RQWH &LVHU3DUDIXVRVH3RUFDV ‡3DUDIXVR FDEHoD VH[WDYDGD H SRQWD EURFD )LJXUD   7DPEpP FRQKHFLGR FRPR SDUDIXVR HVWUXWXUDO p XWLOL]DGR QD OLJDomR HQWUH SDLQpLV GH SHUILV HP WH VRXUDVHQULMHFHGRUHVGHDOPDHPYLJDV GHSLVRHQDVSHoDVGHDSRLRGDVWHVRX UDV2SHUILOGDVXDFDEHoDLPSHGHTXH VHMD XWLOL]DGR RQGH XPD SODFD p SRVWH ULRUPHQWHFRORFDGD )LJXUD±7LSRVGHFDEHoDGHSDUDIXVRVPDLVXWLOL]DGRV HPOLJDo}HVFRP/6)D FDEHoDVOHQWLOKDE VH[WDYDGDF  SDQHODHG WURPEHWD 1RUPDOPHQWH DV IHQGDV VmR GR WLSR 3KLOOLSVQžH[FHWRHPSDUDIXVRVVH[WDYDGRV TXH QmR SRVVXHP IHQGD 2XWUDV FDUDFWHUtV )LJXUD±3DUDIXVRFDEHoDVH[WDYDGDHSRQWDEURFD )RQ WH&LVHU3DUDIXVRVH3RUFDV  /LJDo}HVHPRQWDJHP ‡3DUDIXVRFDEHoDWURPEHWDHSRQWDEUR FD )LJXUD   e XWLOL]DGR QD IL[DomR GHSODFDVGHJHVVRH26%6XDFDEHoD SHUPLWHDWRWDOSHQHWUDomRQRVXEVWUDWR ILFDQGRUHQWHjVXSHUItFLH'LVSRQtYHOHP GLYHUVRV FRPSULPHQWRV GHSHQGHQGR GD TXDQWLGDGHGHFDPDGDVGHFKDSDVDVH UHPIL[DGDV )LJXUD±3DUDIXVRFDEHoDWURPEHWDHSRQWDEURFD IRQWH &LVHU3DUDIXVRVH3RUFDV ‡3DUDIXVRFDEHoDWURPEHWDHSRQWDEUR FD FRP DVDV )LJXUD   8VDGR QD IL [DomR GH SODFDV FLPHQWtFLDV $ FDEHoD WLSRWURPEHWDSHUPLWHDWRWDOSHQHWUDomR QRVXEVWUDWR$VDVDVTXHVHHQFRQWUDP HQWUH D SRQWD H D URVFD SURSRUFLRQDP XPD SHUIXUDomR GH PDLRU GLkPHWUR QD SODFDQmRSHUPLWLQGRTXHRVILODPHQWRV GRPDWHULDOTXHDFRPS}HPREVWUXDPD SHUIXUDomR (VWDV DVDV VH GHVSUHQGHP TXDQGR ID]HP FRQWDWR FRP R SHUILO GH DoRRQGHVHIL[DDSODFD UDIXVRpQžRXVHQGRVHXFRPSUL PHQWRQRPLQDOGHQRPtQLPRSRO 2ELWXWLOL]DGRQDSDUDIXVDGHLUDp3KLOOLSV HPYH]GR $SDUDIXVDGHLUDpXPDGDVIHUUDPHQWDV PDLVXWLOL]DGDVHPFRQVWUXo}HVFRP/6)SRLV H[HFXWD DV IL[Do}HV SRU PHLR GH SDUDIXVRV QDV OLJDo}HV HQWUH GLYHUVRV FRPSRQHQWHV GR VLVWHPD )RWR 2WLSRGDFDEHoDGRSDUD IXVRHDVIHQGDVGDPHVPDGHWHUPLQDPTXDO WLSR GH ERTXLOKD p XVDGD QD SDUDIXVDGHLUD SDUDSHUPLWLUVXDIL[DomR1DVFRQVWUXo}HVHP /6)EDVLFDPHQWHVHXVDELWVGHHSDUD RVSDUDIXVRVFRPIHQGD3KLOOLSVHFDSX]SDUD FDEHoDVVH[WDYDGDV )RWR3DUDIXVDGHLUD )RQWH&RQVWUXWRUD6HTrQFLD 0RQWDJHP )LJXUD3DUDIXVRFDEHoDWURPEHWDHSRQWDEURFDFRP DVDV IRQWH&LVHU3DUDIXVRVH3RUFDV ‡3DUDIXVRFDEHoDWURPEHWDHSRQWDEUR FDFRPDVDVSDUDSODFDVGH26%GH PPeXPSDUDIXVRWDPEpPFRPDVDV SRUpP VHP DV QHUYXUDV QD FDEHoD H FRPXPSDVVR PHQRU 8WLOL]DGR EDVLFD PHQWHSDUDIL[DUDVSODFDVHVWUXWXUDLVGH 26%GHPPGHHVSHVVXUDQDVYLJDV GHSLVRTXHWHQKDPQRPtQLPRXPDHV SHVVXUDGHFKDSDVGHDoRDSHUIXUDUGH PP1RUPDOPHQWHRGLkPHWURGRSD  2VPpWRGRVGHFRQVWUXomRHPRQWDJHP GHHGLILFDo}HVHP/6)YDULDPHPIXQomRGR SURMHWLVWDHGDHPSUHVDFRQVWUXWRUD4XDQWR PDLRURQtYHOGHLQGXVWULDOL]DomRSURSRVWRSHOR SURMHWR PDLRU p D UDFLRQDOL]DomR HPSUHJDGD QR SURFHVVR GH FRQVWUXomR SRGHQGR DWLQJLU XP SDWDPDU GH DOWR JUDX GH LQGXVWULDOL]DomR GD FRQVWUXomR FLYLO RQGH DV DWLYLGDGHV QR FDQWHLURVHUHVXPHPDPRQWDJHPGDHGLILFD omRDWUDYpVGRSRVLFLRQDPHQWRGDVXQLGDGHV HVXDLQWHUOLJDomR )RWR  6LVWHPDGH3DLQpLV )RWR8QLGDGHVPRGXODUHVVHQGRSRVLFLRQDGDVQDFRQV WUXomR )RQWHGLVSRQtYHOHPKWWSZZZFRUXVFRQVWUXFWLRQ FRPSDJHBKWP &RPRIRUDPDSUHVHQWDGRVDQWHULRUPHQ WH QR FDStWXOR  RV PpWRGRV XWLOL]DGRV QR SURFHVVR FRQVWUXWLYR GH HGLILFDo}HV HP /6) VmR 0pWRGRV ³6WLFN´ SRU 3DLQpLV H 0RGXODU (VWH~OWLPRSRUVHUXPSURFHVVRDOWDPHQWHLQ GXVWULDOL]DGRHTXHSRGHVHUDSOLFDGRHPYi ULRV VLVWHPDV FRQVWUXWLYRV DWUDYpV GR XVR GH XQLGDGHV PRGXODUHV DSUHVHQWD WpFQLFDV TXH YDULDP GH DFRUGR FRP R WLSR GH XWLOL]DomR H PHWRGRORJLDDGRWDGDSHODHPSUHVDIDEULFDQWH HPRQWDGRUD 2PpWRGR³6WLFN´TXHIRLFRPXPHQWHXWL OL]DGRQRV(VWDGRV8QLGRVSDUDFRQVWUXomRGH FDVDV XQLIDPLOLDUHV WHP VLGR VXEVWLWXtGR QD TXHOHSDtVSHORPpWRGRSRU3DLQpLVGHYLGRDV PDLRUHV YDQWDJHQV DSUHVHQWDGDV FRPR QtYHO GHTXDOLGDGHHSUHFLVmRGRVFRPSRQHQWHVGD HVWUXWXUDHUDSLGH]GHFRQVWUXomR 2 6LVWHPD GH 3DLQpLV FRQVLVWH HP SUp IDEULFDU RV FRPSRQHQWHV GD HVWUXWXUD FRPR SDLQpLV WHVRXUDV H DWp ODMHV HP RILFLQDV RX QRSUySULRFDQWHLURGHREUDV$FRQIHFomRGRV FRPSRQHQWHV p UHDOL]DGD HP PHVDV HVSH FLDLV GH WUDEDOKR FRP D RULHQWDomR GRV SUR MHWRV HVWUXWXUDLV RX SDUD SURGXomR H TXDQWR PDLRUDRUJDQL]DomRGDVDWLYLGDGHVPHOKRUD TXDOLGDGH H SUHFLVmR GRV FRPSRQHQWHV 2IL FLQDVDSUHVHQWDPDPELHQWHHTXLSDPHQWRVH RUJDQL]DomRPXLWRPDLVDSURSULDGDSDUDHVWDV DWLYLGDGHV&RQWXGRpSRVVtYHOWDPEpPHVWD EHOHFHUXPORFDOSDUDDIDEULFDomRGRVFRP SRQHQWHVQDSUySULDREUDSRUpPLVVRYDLGH SHQGHUGDGLVSRQLELOL]DomRGHHVSDoRHPmR GHREUDHVSHFLDOL]DGD 'H PDQHLUD JHUDO RV SHUILV FKHJDP DR ORFDOGHPRQWDJHPHVmRFRUWDGRV )RWR  GH DFRUGR FRP R SURMHWR HVWUXWXUDO RX SDUD SURGXomR 1DV PHVDV GH WUDEDOKR )RWR   TXHSRVVXHPGLPHQV}HVPtQLPDVGHODUJXUD DPHFRPSULPHQWRGHDPVmRPRQ WDGRVSDLQpLVODMHVYHUJDVHGHPDLVFRPSR QHQWHV (P XPD GDV H[WUHPLGDGHV GD PHVD VmRIL[DGRVGRLVSHUILVGHDoRSHUSHQGLFXODUHV HQWUHVLSDUDPDQWHURHVTXDGURGRSDLQHOe IL[DGRQRSDLQHOGHSRLVGHPRQWDGRXPSHUILO 8HQDOLQKDGLDJRQDOGRSDLQHOSDUDHYLWDUTXH VHGHIRUPHHSHUFDRHVTXDGUR 1R %UDVLO R PpWRGR GH FRQVWUXomR SRU SDLQpLV p R PDLV DPSODPHQWH XWLOL]DGR SRLV PHOKRU VH DGDSWRX j FXOWXUD GDV HPSUHVDV FRQVWUXWRUDVHjPmRGHREUDGLVSRQtYHO3RU WDQWRQHVVHFDStWXORVHUmRDERUGDGDVDVWpF QLFDV H VHTrQFLD QD PRQWDJHP GR 6LVWHPD GH3DLQpLV )RWR±&RUWHGRVSHUILVFRPVHUUDFLUFXODU )RQWHDUTXLYR GRDXWRU  /LJDo}HVHPRQWDJHP 3DUD PRQWDJHP GDV WHVRXUDV PXLWDV YH]HVpQHFHVViULRDXPHQWDUDPHVDGHWUD EDOKR SDUD VH DGHTXDU DR FRPSULPHQWR GDV PHVPDV FRUWHVGHSHUILV8H8H )RWR DILPGHVH DMXVWDUHVTXDGURHQtYHO )RWR±0HVDGHWUDEDOKRSDUDPRQWDJHPGHFRPSRQHQ WHVHVWUXWXUDLV )RQWHDUTXLYRGRDXWRU 0RQWDJHPGD(VWUXWXUDGH3DLQpLV GR3DYLPHQWR7pUUHR 'HSRLV GH SURQWD D IXQGDomR GHYHVH YHULILFDUVHHODVHHQFRQWUDSHUIHLWDPHQWHQL YHODGD OLPSD H HP HVTXDGUR $QWHV GH VH SRVLFLRQDU R SDLQHO DSOLFDU QD DOPD GD JXLD LQIHULRUXPDILWDLVRODQWHTXHSRGHVHUGHQH RSUHQH )RWR  )RWR±(VFRUDPHQWRGRSDLQHOGXUDQWHDPRQWDJHP )RQWHDUTXLYRGRDXWRU 'HSRLV GH FRQIHULGR R SRVLFLRQDPHQWR GR SDLQHO HIHWXDVH D DQFRUDJHP SURYLVyULD YHULILFDQGR TXH D SRVLomR GRV PHVPRV QmR FRLQFLGDFRPDVDQFRUDJHQVGHILQLWLYDV )RWR   )RWR±$SOLFDomRGHILWDVHODQWHQDEDVHGRSDLQHO )RQ WHDUTXLYRGRDXWRU $ PRQWDJHP VH LQLFLD FRP D FRORFDomR GRSULPHLURSDLQHOH[WHULRUHPXPFDQWR$R VH SRVLFLRQDU R SDLQHO QR ORFDO FRUUHWR GHYH VHUHDOL]DUXPHVFRUDPHQWRSURYLVyULRFRPUH  )RWR±$QFRUDJHPSURYLVyULDFRPSLQRVGHDoR )RQWH DUTXLYRGRDXWRU $VHJXLUVHFRORFDRVHJXQGRSDLQHOH[ WHULRU SHUSHQGLFXODU DR SULPHLUR IRUPDQGR D SULPHLUD ³HVTXLQD´ GD FRQVWUXomR )RWR   9HULILFDVHRQtYHOHRHVTXDGURHHQWmRIL[D RHVFRUDPHQWR )RWR HSRVWHULRUPHQWHD DQFRUDJHPSURYLVyULD VHUIHLWDFRPPDUFDo}HVQRFRQWUDSLVRH[HFX WDGDV FRP ILR WUDoDQWH LQVWUXPHQWR XWLOL]DGR QRVLVWHPD³GU\ZDOO´ )RWR  )RWR±0RQWDJHPGRVSDLQpLVH[WHUQRV )RQWH'LVSRQt YHOHPKWWSZZZFRQVXOVWHHOFRPFDVGHIDXOWDVS )RWR±0RQWDJHPGRVSDLQpLV )RQWHDUTXLYRGRDXWRU )RWR±0DUFDomRGDORFDOL]DomRGRVSDLQpLVLQWHUQRV )RQWHDUTXLYRGRDXWRU )RWR±9HULILFDomRGRQtYHOGRSDLQHOHIL[DomRGDDQFR UDJHP )RQWHDUTXLYRGRDXWRU eLPSRUWDQWHYHULILFDURVHVTXDGURVGRV DPELHQWHVSRUPHLRGDPHGLomRGDVGLDJRQDLV GRVPHVPRVHXPDYH]FRQIHULGRIL[DUSHUILV 8H SURYLVRULDPHQWH VREUH DV JXLDV VXSHULR UHV GRV SDLQpLV )LJXUD   DVVHJXUDQGR R HVTXDGUR SDUD HQWmR H[HFXWDU D DQFRUDJHP SURYLVyULD &RQWLQXDVH D PRQWDJHP FRP D FROR FDomR GRV SDLQpLV SHULPHWUDLV )RWR   H SRUVXDYH]DOJXQVSDLQpLVLQWHUQRVTXHSUR SRUFLRQHP ULJLGH] DR FRQMXQWR H VLUYDP SDUD PDQWHU R HVTXDGUR H R QtYHO GRV SDLQpLV H[ WHULRUHV $ORFDOL]DomRGRVSDLQpLVLQWHULRUHVSRGH )LJXUD)L[DomRGHSHUILO8HSDUDPDQWHUHVTXDGURGRV SDLQpLV $GDSWDGRGH&RQVXO6WHHO  /LJDo}HVHPRQWDJHP $ IL[DomR HQWUH SDLQpLV GHYH VHU IHLWD FRP SDUDIXVRV DXWRDWDUUD[DQWHV HVWUXWXUDLV QDVDOPDVGRVSHUILVGHHQFRQWUR )RWR  GLVWDQFLDGRV D FDGD  FP IRUPDQGR XPD ³FRVWXUD´LVWRpXPFDPLQKRGLDJRQDODRORQ JRGDDOPD )RWR&RORFDomRGRIHFKDPHQWRH[WHUQRGRVSDLQpLV )RQWHDUTXLYRGRDXWRU 4XDQGR VH XWLOL]DP DV SODFDV GH 26% WUDEDOKDQGR FRPR GLDIUDJPD UtJLGR p LPSRU WDQWH JDUDQWLU TXH XPD OLQKD GH SODFDV VHMD FRORFDGDGHIRUPDDSHUPLWLUTXHVXDIL[DomR RFRUUDWDQWRQRVSDLQpLVGRSDYLPHQWRLQIHULRU FRPR QR VXSHULRU DXPHQWDQGR D ULJLGH] GR VLVWHPD $V MXQWDV GDV SODFDV GH XPD OLQKD GHYHP HVWDU GHIDVDGDV HP UHODomR j RXWUD )RWR  )RWR±)L[DomRGHGRLVSDLQpLVFRPSDUDIXVRVHVWUXWX UDLV )RQWHDUTXLYRGRDXWRU $SyV D PRQWDJHP GH WRGRV RV SDLQpLV GR SDYLPHQWR H[HFXWDVH D DQFRUDJHP GH ILQLWLYD 6y HQWmR LQLFLDVH D FRORFDomR GDV SODFDV GH IHFKDPHQWR H[WHUQDV TXH GHYHP VHULQVWDODGDVDSDUWLUGHXPDH[WUHPLGDGHGD HGLILFDomRREHGHFHQGRjPRGXODomRHRVFUL WpULRVDSUHVHQWDGRVQRVFDStWXORVDQWHULRUHV 3ULPHLURVmRFRORFDGRVRVSDLQpLVGDSULPHLUD OLQKD )RWR HGHSRLVpFRORFDGDXPDVH JXQGDOLQKDHDVVLPVXFHVVLYDPHQWHGHEDL[R SDUDFLPD  )RWR±-XQWDVGHSODFDVGHYHPHVWDUGHIDVDGDV )RQ WHDUTXLYRGRDXWRU 0RQWDJHPGD(VWUXWXUDGH/DMH $ PRQWDJHP GD HVWUXWXUD GD ODMH SRGH VHUIHLWDGHGXDVIRUPDV 0RQWDQGRVHo}HVPHQRUHVGHODMHQD PHVDGHWUDEDOKRRXVREUHRFRQWUDSLVRGRSD YLPHQWR WpUUHR SDUD SRVWHULRUPHQWH SRVLFLR QiODV VREUH RV DSRLRV GH SDLQpLV SRUWDQWHV RXYLJDVSULQFLSDLV 3RVLFLRQDQGRDVYLJDVGHSLVRMiFRU WDGDVQRFRPSULPHQWRGRYmRXPDDXPDQD ODMH GHSRLV GH LQVWDODGDV DV VDQHIDV RQGH GHYHUmR VHU HQFDL[DGDV )RWR  $SyV R HQFDL[H H YHULILFDomR GR HVTXDGUR IL[DPVH RVHQULMHFHGRUHVGHDOPDTXHLUmRFRQHFWDUDV YLJDVGHSLVRjVDQHIDHHYLWDURHVPDJDPHQ WRGDDOPDGDVYLJDVQRVDSRLRV $ODMH VHFD SUHIHUHQFLDOPHQWH Vy GHYH VHU LQVWDODGD TXDQGR D FREHUWXUD Mi HVWLYHU VLGRH[HFXWDGDDILPGHHYLWDUTXHRSLVRGH SODFDV GH 26% ILTXH H[SRVWR D LQWHPSpULHV 3DUD SHUPLWLU R WUDEDOKR GRV RSHUiULRV VREUH D ODMH DOJXPDV SODFDV SRGHP VHU IL[DGDV H GHYHVHUIHLWRRFRQWUDYHQWDPHQWRSURYLVyULR (PDPERVRVFDVRVVHPSUHGHYHPVHU SUHYLVWRV HVSDoRV SDUD R DSRLR GRV SDLQpLV SRUWDQWHVLQWHUQRVHH[WHUQRVGLUHWDPHQWHVR EUHDHVWUXWXUDHQmRVREUHRFRQWUDSLVR 0RQWDJHPGD(VWUXWXUDGH3DLQpLV GR3DYLPHQWR6XSHULRU )RWR±3RVLFLRQDPHQWRGDVYLJDVGHSLVRQDVDQHID )RQWHDUTXLYRGRDXWRU 2SURFHGLPHQWRpRPHVPRGRVSDLQpLV GR SDYLPHQWR WpUUHR SRUpP GHSHQGHQGR GD DOWXUDHGRSHVRGRVSDLQpLVRLoDPHQWRSRGH VHUIHLWRPDQXDOPHQWH )RWR RXSRUHTXL SDPHQWRVFRPRJXLQGDVWHV )RWR 1HV VHVSURFHGLPHQWRVGHYHVHPSUHVHHYLWDUWRU FHURXGHIRUPDURVSDLQpLV 'HSRLV GH PRQWDGD D HVWUXWXUD GD ODMH VHHODIRUGRWLSR~PLGDSURFHGHVHjH[HFX omRGDPHVPDLQVWDODQGRRVSHUILVJDOYDQL]D GRVWLSRFDQWRQHLUDQDERUGDGDODMHHDFKDSD GHDoRRQGXODGDTXHVHUYHGHI{UPDSUHHQ FKHQGRFRPFRQFUHWRPDJURSDUDIRUPDUDVX SHUItFLHGRFRQWUDSLVR )RWR  )RWR±([HFXomRGHODMH~PLGD )RQWH8VLPLQDV )RWR±0RQWDJHPGRVSDLQpLVGRSDYLPHQWRVXSHULRU )RQWHDUTXLYRGRDXWRU  /LJDo}HVHPRQWDJHP 0RQWDJHPGD(VWUXWXUDGR7HOKDGR (PWHOKDGRVHVWUXWXUDGRVFRPFDLEURVR SULPHLURSDVVRpPRQWDUDFXPHHLUDHHQWmR IL[DU RV FDLEURV QD FXPHHLUD FRP SDUDIXVRV HVWUXWXUDLV )RWR  )RWR±'HWDOKHGHFXPHHLUDHPWHOKDGRHVWUXWXUDGRFRP FDLEURV )RQWHDUTXLYRGRDXWRU )RWR±,oDPHQWRHSRVLFLRQDPHQWRGHSDLQHOGHSDYL PHQWRVXSHULRU )RQWHGLVSRQtYHOHPKWWSZZZOGVFRP EUVWHHOIUDPHPRQWDJHPBBJUMSJ 2HPSODFDPHQWRGRSDYLPHQWRVXSHULRU VHJXHRPHVPRSURFHGLPHQWRXVDGRQRSDYL PHQWRLQIHULRUVyTXHRVHQWLGRGDLQVWDODomR GDVSODFDVpGHFLPDSDUDEDL[RDILPGHSHU PLWLUDFRORFDomRGHXPDOLQKDGHSODFDVTXH SHUPLWD D IL[DomR QRV SDLQpLV GRV GRLV SDYL PHQWRVFRQIRUPHPRVWUDDILJXUD )LJXUD±(PSODFDPHQWRGRVSDLQpLVH[WHUQRV $GDSWDGR GH&RQVXO6WHHO  2V SDUDIXVRV XWLOL]DGRV QD OLJDomR GH HOHPHQWRVGHWHVRXUDVRXFDLEURVGHYHPVHU VHPSUHHVWUXWXUDLV 9LJDVGHWHWRSRGHPVHUPRQWDGDVFRPR DVYLJDVGHSLVRSRUpPGHYHPVHUFRQWUDYHQ WDGDVjPHGLGDTXHYmRVHQGRLQVWDODGDV (PWHOKDGRVHVWUXWXUDGRVFRPWHVRXUDV HVWDV SRGHP VHU LoDGDV HP FRQMXQWR H GLV SRVWDVVREUHRVSDLQpLVSRUWDQWHV )RWR  (QWmRVmRGLVWULEXtGDVQDVXDSRVLomRGHILQL WLYDVHQGRIL[DGDVFRPHQULMHFHGRUHVGHDOPD H SDUDIXVRV HVWUXWXUDLV 2 FRQWUDYHQWDPHQWR GHYHVHUHIHWXDGRjPHGLGDTXHDVWHVRXUDV YmR VHQGR SRVLFLRQDGDV 1XQFD GHYHP VHU SRVLFLRQDGDVPDLVGRTXHTXDWURWHVRXUDVDR PHVPRWHPSRVHPRVFRQWUDYHQWDPHQWRV )RWR±0RQWDJHPGHWHVRXUDVGHWHOKDGR )RQWH'LV SRQtYHOHPKWWSZZZFRQVXOVWHHOFRPFDVGHIDXOWDVS (PWHOKDGRVFRPGXDViJXDVGHSRLVGH LQVWDODGDV DV WHVRXUDV VmR PRQWDGRV RV RL W}HVHEHLUDLVDSRLDGRVRXHPEDODQoR3DUD WHOKDGRVHPTXDWURiJXDVRXPDLVDHVWUXWXUD pPRQWDGDGHDFRUGRFRPRVSURFHGLPHQWRV GHVFULWRVQRFDStWXOR 8PD RXWUD WpFQLFD SDUD LQVWDODU R WH OKDGR FRP WHVRXUDV p PRQWDU D HVWUXWXUD QR FKmRRQGHFRQWUDYHQWDPHQWRVPDQWrPDHV WDELOLGDGHHIRUPDGRWHOKDGRHGHSRLVLoDUH FRORFDUDHVWUXWXUDQDVXDSRVLomRGHILQLWLYD $OJXQVFXLGDGRVGHYHPVHUWRPDGRVSDUDTXH DHVWUXWXUDQmRGHIRUPHGLVWULEXLQGRDGHTXD GDPHQWH RV SRQWRV GH LoDPHQWR H ID]HQGR FRQWUDYHQWDPHQWRVDGLFLRQDLV )RWR±,QVWDODomRGHSODFDVGH26%VREUHRWHOKDGR )RQWHDUTXLYRGRDXWRU 'HSRLV GH PRQWDGD D HVWUXWXUD SURFH GHVHDFRORFDomRGDFREHUWXUDGHWHOKDVTXH GHSHQGHQGR GR WLSR p QHFHVViULR R XVR GH VXEVWUDWRVFRPRSODFDVGH26%SDUDRDVVHQ WDPHQWRGDVWHOKDV )RWR  )LJXUD$VVHQWDPHQWRGDVSODFDVGH26%QDHVWUXWXUD $GDSWDGRGH&RQVXO6WHHO  &DStWXOR 'LUHWUL]HVGHSURMHWR  'LUHWUL]HVGHSURMHWR ,QGXVWULDOL]DomRGD&RQVWUXomR 3DUDTXHVHMDSRVVtYHOH[SORUDURSRWHQ FLDOGR/LJKW6WHHO)UDPLQJFRPRXPVLVWHPD FRQVWUXWLYRLQGXVWULDOL]DGRpQHFHVViULRTXHR DUTXLWHWRDOpPGHGRPLQDUDWHFQRORJLDLQFRU SRUHDRSURMHWRDUTXLWHW{QLFRDVIHUUDPHQWDV LQGLVSHQViYHLV DR SURFHVVR GH LQGXVWULDOL]D omRGDFRQVWUXomR(VVDVIHUUDPHQWDVSURSRU FLRQDP XPD PDLRU HILFLrQFLD H SURGXWLYLGDGH QD H[HFXomR GD REUD UHVXOWDQGR HP FRQV WUXo}HVGHTXDOLGDGHFRPEDL[RSRWHQFLDOGH SDWRORJLDV H FRQVHTHQWHPHQWH XPD PDLRU VDWLVIDomRSRUSDUWHGRXVXiULRILQDO 2SURFHVVRGHLQGXVWULDOL]DomRGDFRQV WUXomR VH LQLFLD QD FRQFHSomR GR SURMHWR DU TXLWHW{QLFR e QHVVD HWDSD TXH DV GHFLV}HV WRPDGDVUHSUHVHQWDPPDLVGHGRVFXV WRVGDFRQVWUXomR &DPELDJKL 2XDLQ GD VHJXQGR 0HVHJXHU   R SURMHWR p UHVSRQViYHOHPPpGLDSRUDSHODV ³IDOKDVGHVHUYLoR´HPHGLItFLRV 3RU LVVR p IXQGDPHQWDO TXH R SURMHWR VHMDSHQVDGRHPFRQIRUPLGDGHFRPWRGRVRV VHXVFRQGLFLRQDQWHVSRLVVLVWHPDVLQGXVWULD OL]DGRVVmRLQFRPSDWtYHLVFRPLPSURYLVDo}HV QRFDQWHLURGHREUDVHDUHSDUDomRGRVHUURV SRGHDFDUUHWDUHPSUHMXt]RVWDQWRILQDQFHLURV FRPRGHTXDOLGDGHGRSURGXWRILQDO $LQGXVWULDOL]DomRHVWiHVVHQFLDOPHQWHUHOD FLRQDGDDRVFRQFHLWRVGHRUJDQL]DomRUHSHWLomR HSDGURQL]DomRGRSURGXWRHPHFDQL]DomR GRV PHLRVGHSURGXomR %UXQD 3RGHPRVGH ILQLUFRPRLQG~VWULDO³2PpWRGRTXHHQWUHYiULDV PRGDOLGDGHVGHSURGXomRpEDVHDGRHVVHQFLDO PHQWH HP SURFHVVRV RUJDQL]DGRV GH QDWXUH]D UHSHWLWLYDHQRVTXDLVDYDULDELOLGDGHLQFRQWUROiYHO HFDXVDOGHFDGDIDVHGHWUDEDOKRTXHFDUDFWH UL]DDVDo}HVDUWHVDQDLVpVXEVWLWXtGRSRUJUDXV SUpGHWHUPLQDGRV GH XQLIRUPLGDGH H FRQWLQXL GDGH H[HFXWLYD FDUDFWHUtVWLFD GDV PRGDOLGDGHV RSHUDFLRQDLVSDUFLDORXWRWDOPHQWHPHFDQL]DGDV´ &LULELQLDSXG5RVVR   3RUpP D LQG~VWULD GD FRQVWUXomR FLYLO WUDGLFLRQDO GLIHUH HP YiULRV DVSHFWRV GD LQ G~VWULDGHWUDQVIRUPDomRHFRPRFRORFD0H VHJXHU   FDUDFWHUtVWLFDV SHFXOLDUHV GD FRQVWUXomRWDQWRGHQDWXUH]DGRSURFHVVRGH SURGXomR FRPR GR SUySULR PHUFDGR GLILFXO WDPDWUDQVSRVLomRGHYiULDVIHUUDPHQWDVGD SURGXomRLQG~VWULDOSDUDRVHXDPELHQWHHQ WUHHODV $FRQVWUXomRFLYLOpXPDLQG~VWULDGH FDUiWHUQ{PDGH  6HXV SURGXWRV VmR ~QLFRV H QmR VH ULDGRV 6XDSURGXomRpFHQWUDOL]DGDQmRVH DSOLFDQGRFRQFHLWRVGHSURGXomRHPOLQKD 6XDSURGXomRpUHDOL]DGDVRELQWHP SpULHV  8WLOL]D PmRGHREUD LQWHQVLYD FRP SRXFDTXDOLILFDomRHFRPDOWDURWDWLYLGDGH  3RVVXL JUDQGH JUDX GH YDULDELOLGDGH GRVSURGXWRV 3RVVXLSRXFDHVSHFLILFDomRWpFQLFD  6HX SURGXWR JHUDOPHQWH p ~QLFR QD YLGDGRXVXiULR  3RVVXL EDL[R JUDX GH SUHFLVmR VH FRPSDUDGRFRPDVGHPDLVLQG~VWULDV &RQWXGR LVVR QmR LQYLDELOL]D D DGRomR GRVFRQFHLWRVGDLQG~VWULDQDFRQVWUXomRFLYLO &RPRDILUPD7HRGRUR5RVVR  ³4XDQGR RSURGXWRp~QLFRHpUHDOL]DGRQXPSURFHVVR VXLJHQHULVQmRUHSHWLWLYR RQHRII QmRWHPRV FRQGLo}HVGHDSOLFDUVpULHVGHSURGXomRPDV D PHFDQL]DomR H RXWURV LQVWUXPHQWRV GH LQ GXVWULDOL]DomRVmRWRGDYLDYiOLGRV(PJHUDO HQWUHWDQWRTXDVHWRGRVRVSURGXWRVGHSURFHV VRVRQHRIISRGHPVHUIUDFLRQDGRVHPSDUWHV RXFRPSRQHQWHVLQWHUPHGLiULRVDVHUHPIDEUL FDGRV SRU LQG~VWULDV VXEVLGLiULDV IDFXOWDQGR HP JHUDO SDUD HVWDV VXEVLGLiULDV D SURGXomR GHVpULHVHIRUPDomRGHHVWRTXHV2SURFHV VR ILQDO UHVXOWD DVVLP DSHQDV HP RSHUDo}HV GHPRQWDJHPDMXVWDJHPHDFDEDPHQWR´ 0pWRGRVDSURSULDGRVDSOLFDGRVGHVGHD FRQFHSomRGRSURMHWRHFDOFDGRVQRJHUHQFLD PHQWR GR SURFHVVR GH SURGXomRFRQVWUXomR OHYDUmRjLQGXVWULDOL]DomRGDFRQVWUXomRFLYLO 2VLVWHPD/LJKW6WHHO)UDPLQJDSUHVHQWD GRLVQtYHLVGHSURGXomRGHHGLILFDo}HV  3URGXomR GH XPD HGLILFDomR DWUDYpV GDPRQWDJHPGDHVWUXWXUD³LQORFR´HGDLQVWD ODomRSRVWHULRUGRVGHPDLVVXEVLVWHPDVFRPR IHFKDPHQWRV HOpWULFRKLGUiXOLFR HVTXDGULDV UHYHVWLPHQWRV HQWUH RXWURV 2X VHMD D HGL ILFDomR p VXEGLYLGLGD HP XPD VpULH GH FRP SRQHQWHVHOHPHQWDUHVTXHVHFRPELQDPHD H[HFXomRpGDGDHPXPDVXFHVVmRGHHWDSDV RFRUULGDVQRFDQWHLUR1HVVHQtYHOYiULRVFRP SRQHQWHV SRGHP VHU LQGXVWULDOL]DGRV SRUpP DOJXQVSURFHVVRVDLQGDDFRQWHFHPGHIRUPD FRQYHQFLRQDO  6LVWHPDV PRGXODUHV SUpIDEULFDGRV RQGH RV PyGXORV RX XQLGDGHV SURGX]LGRV SHOD LQG~VWULD VmR WUDQVSRUWDGRV DR ORFDO GD REUD H SRGHP YLU FRP WRGRV RV VXEVLVWHPDV Mi LQVWDODGRV (VVDV XQLGDGHV SRGHP FRQVWL WXLU WRGD D HGLILFDomR RX DSHQDV SDUWH GHOD FRPRRFRUUHFRPRVEDQKHLURVSUpIDEULFDGRV 4XDQWR PDLRU R QtYHO GH LQGXVWULDOL]DomR QR SURFHVVR GH FRQVWUXomR GHVVDV HGLILFDo}HV PHQRUDTXDQWLGDGHGHDWLYLGDGHVQRFDQWHL UR UHVXPLQGRDV D PRQWDJHP H LQWHUOLJDomR GDVXQLGDGHVIRUPDQGRXPVLVWHPDHVWUXWXUDO ~QLFR2-DSmRSRVVXLXPDLQG~VWULDDOWDPHQ WH GHVHQYROYLGD RQGH HGLItFLRV H FDVDV UHVL GHQFLDLVVmRFRQVWUXtGRVDSDUWLUGHXQLGDGHV PRGXODUHVTXHSRGHPLQFOXVLYHVHUSHUVRQDOL ]DGDVDWUDYpVGHRSo}HVGHFDWiORJRRIHUHFL GDVSHODLQG~VWULDDRVFOLHQWHV 6y R XVR GH SURGXWRV SURYHQLHQWHV GD LQG~VWULD QmR WRUQD D FRQVWUXomR LQGXVWULDOL ]DGD 1HP VLJQLILFD R VXFHVVR GR HPSUHHQ GLPHQWR 'HYHVH DQWHV GH WXGR FRQFHEHU R SURMHWR SDUD R VLVWHPD FRQVWUXWLYR SURSRVWR LQFRUSRUDQGR WRGDV DV VXDV SURSULHGDGHV HVSHFLILFDQGR H FRPSDWLELOL]DQGR RV VHXV VXEVLVWHPDV H FRPSRQHQWHV H DQWHYHQGR R VHXSURFHVVRGHFRQVWUXomReDILORVRILDGH ³FRQVWUXLUQRSDSHO´ 1mRpYLiYHOFRQFHEHUGHWHUPLQDGRSUR MHWRXVDQGRSRUH[HPSORDOyJLFDGRFRQFUH WRDUPDGRHGHSRLVVLPSOHVPHQWHFRQVWUXtOR XWLOL]DQGR R VLVWHPD /6) RX TXDOTXHU RXWUR VLVWHPD HVWUXWXUDGR HP DoR 2V UHVXOWDGRV VHUmRVHPSUHLQVDWLVIDWyULRV$HVVHUHVSHLWR &RHOKR  RULHQWRXRVDUTXLWHWRV ³8WLOL]DU R DoR FRPR HOHPHQWR GH FRQV WUXomR WUDQVFHQGH D VLPSOHV VXEVWLWXLomR GH XPPDWHULDOSRURXWUR'HQWUHRXWURVDVSHFWRV pQHFHVViULR D  5HSHQVDU RV SDUkPHWURV WUDGLFLRQDLV GHSURMHWRLWHPHPTXHVmRH[HPSORVRPy GXOREiVLFRYLQFXODGRjSURGXomRLQG~VWULDOGD HVWUXWXUDHRVYmRVFRPSDWtYHLVFRPDVGHIRU PDo}HVDGPLVVtYHLVGRVGHPDLVPDWHULDLV E (VWXGDUHFRPSUHHQGHUDVSURSULHGD GHV H FDUDFWHUtVWLFDV GR DoR H GRV PDWHULDLV FRPSOHPHQWDUHV F  'HILQLU DQWHFLSDGDPHQWH RV VXEVLV WHPDV TXH MXQWR FRP D HVWUXWXUD SHUPLWLUmR PDQWHURJUDXGHLQGXVWULDOL]DomRGDFRQVWUX omR G ,QFRUSRUDUjDUTXLWHWXUDGHWDOKHVFRQV WUXWLYRV HILFLHQWHV SDUD DV LQWHUIDFHV HQWUH D HVWUXWXUDHDVYHGDo}HV(QWUHRXWURV´ $LQG~VWULDGDFRQVWUXomRWHPDSRVWDGR QDUDFLRQDOL]DomRFRPRIRUPDGHWRUQDUPDLV HILFLHQWHVRVSURFHVVRVGHSURGXomRGHHGLIt FLRV 1D IDOWD GH VLVWHPDV FRQVWUXWLYRV WRWDO PHQWH LQGXVWULDOL]DGRV UDFLRQDOL]DU D FRQV WUXomR VLJQLILFD DJLU FRQWUD RV GHVSHUGtFLRV GH PDWHULDLV H PmRGHREUD H XWLOL]DU PDLV HILFLHQWHPHQWH RV UHFXUVRV ILQDQFHLURV (P VHQWLGR PDLV DPSOR p SRUWDQWR D DSOLFDomR GH SULQFtSLRV GH SODQHMDPHQWR RUJDQL]DomR HJHVWmRYLVDQGRHOLPLQDUDFDVXDOLGDGHQDV GHFLV}HV H LQFUHPHQWDU D SURGXWLYLGDGH GR SURFHVVR 5RVVR  'LUHWUL]HVGHSURMHWR 2 SURFHVVR GH UDFLRQDOL]DomR FRPHoD DLQGDQDIDVHGHFRQFHSomRQDDQiOLVHHHV SHFLILFDomR GRV FRPSRQHQWHV QD FRPSDWLEL OL]DomRGRVVXEVLVWHPDVQRGHWDOKDPHQWRH FRQWLQXD QR SURFHVVR GH FRQVWUXomR H SRV WHULRUPHQWHGHXWLOL]DomRFRPDREVHUYDomR UHJLVWURHLQWHUSUHWDomRGRFRPSRUWDPHQWRGR SURGXWR GR VHX GHVHPSHQKR QR XVR SDUD DWUDYpVGDUHWURDomRRWLPL]DUVXDTXDOLGDGH 2VUHFXUVRVRXDo}HVDVHUHPDSOLFDGDV TXHSURPRYHPDUDFLRQDOL]DomRQRSURFHVVR GHSURMHWRVmR ‡&RQVWUXWLELOLGDGHFRPRXPFULWpULRTXH GHYH LQFOXLU D IDFLOLGDGH GH FRQVWUXomR H H[HFXomR GDV DWLYLGDGHV QR FDQWHLUR EHPFRPRDIDEULFDomRHWUDQVSRUWHGRV FRPSRQHQWHV ‡3ODQHMDPHQWR GH WRGDV DV HWDSDV GR SURFHVVRGHVGHDGHILQLomRGRSURGXWR SURMHWRV VXSULPHQWRV H[HFXomR DWp D HQWUHJDGDREUD ‡8VRGDFRRUGHQDomRPRGXODUHGLPHQ VLRQDO ‡$VVRFLDomRGDHVWUXWXUDGHDoRDVLVWH PDVFRPSOHPHQWDUHVFRPSDWtYHLV ‡)RUPDomR GH HTXLSHV PXOWLGLVFLSOLQD UHVLQFOXLQGRDSDUWLFLSDomRGHDJHQWHV GDSURGXomR FRQVWUXWRUDVRXPRQWDGR UDV SDUDRGHVHQYROYLPHQWRVLPXOWkQHR GRVSURMHWRV ‡&RRUGHQDomR H FRPSDWLELOL]DomR GH SURMHWRVDQWHVGDH[HFXomR ‡'HWDOKDPHQWRWpFQLFR ‡$QWHFLSDUDVGHFLV}HV ‡(ODERUDomR GH SURMHWR SDUD SURGXomR GHILQLQGR RV GHWDOKHV GD H[HFXomR H D VXFHVVmRGDIRUPDGHWUDEDOKR ‡([LVWrQFLDGHXPDYLVmRVLVWrPLFDFR PXPDWRGRVRVSDUWLFLSDQWHVGRSURFHV VR  $ LQG~VWULD GD FRQVWUXomR GLYLGHVH HP GXDV SDUWHV D GD HGLILFDomR SURSULDPHQWH GLWDHDGHPDWHULDLVGHFRQVWUXomRVXEVLGLi ULDGDSULPHLUD8PDGDVILQDOLGDGHVGDUDFLR QDOL]DomRpLQWHJUDUDVGXDVLQG~VWULDV3DUD TXH LVVR RFRUUD GHYHVH IRUPXODU SULQFtSLRV FRPXQVTXHHVWDEHOHoDPXPDGLVFLSOLQDFRQ FHLWXDOHSUDJPiWLFDTXHSHUPLWDWUDQVIRUPDU RVPDWHULDLVGHFRQVWUXomRHPFRPSRQHQWHV FRQVWUXWLYRV GH FDWiORJR 8PD FRQGLomR IXQ GDPHQWDOpDDGRomRGRVLVWHPDGHFRRUGHQD omRPRGXODUFRPREDVHSDUDDQRUPDOL]DomR GRVFRPSRQHQWHVFRQVWUXWLYRV &RRUGHQDomR0RGXODU 2REMHWLYRGDFRRUGHQDomRPRGXODUpHOL PLQDUDIDEULFDomRPRGLILFDomRRXDGDSWDomR GH SHoDV HP REUD UHGX]LQGR R WUDEDOKR GH PRQWDJHPGDVXQLGDGHVHPVHXVFRUUHVSRQ GHQWHV VXEVLVWHPDV H FRPSRQHQWHV IXQFLR QDLV3DUDLVVRDLQG~VWULDGHYHGLVSRQLELOL]DU RVVHXVSURGXWRVGLPHQVLRQDGRVFRPRP~OWL SORVGHXP~QLFRPyGXORFRQVLGHUDGRFRPR EDVH GRV HOHPHQWRV FRQVWLWXLQWHV GD HGLILFD omRDVHUFRQVWUXtGD$DGRomRGHXPVLVWHPD GHFRRUGHQDomRPRGXODUpIXQGDPHQWDOSDUD DQRUPDOL]DomRGRVHOHPHQWRVGHFRQVWUXomR HpXPDFRQGLomRHVVHQFLDOSDUDDLQG~VWULDOL ]DUVXDSURGXomR 2WHUPR³PyGXOR´YHPGRODWLPPRGXOXV TXHVLJQLILFDSHTXHQDPHGLGD1DKLVWyULDGD DUTXLWHWXUDRXVRGRPyGXORSRGHVHUHQFRQ WUDGRHPYiULDVpSRFDVGHVGHDDQWLJXLGDGH 1DDUTXLWHWXUDJUHJDHOHFRUUHVSRQGLDDRUDLR GDEDVHGDFROXQDjTXDOHVWDYDPUHODFLRQD GDVDVGLPHQV}HV GHWRGDVDVRXWUDVSDUWHV GRHGLItFLRHWLQKDXPDIXQomRHVWpWLFD1R,P SpULR5RPDQRVHUYLXSDUDSDGURQL]DURVFRP SRQHQWHVEiVLFRVGDFRQVWUXomR  6DEEDWLQL  GHILQHFRQVWUXWLELOLGDGHGHXPHGLItFLRRXGHXP HOHPHQWRFRPRD³SURSULHGDGHLQHUHQWHDRSURMHWRGHXPHGLItFLR RXGHXPDVXDSDUWHTXHH[SULPHDDSWLGmRTXHHVWHHGLItFLR RX VXDSDUWH WHPGHVHUFRQVWUXtGR´ $ SDUWLU GD 5HYROXomR ,QG~VWULDO D PR GXODomRVHWRUQRXXPDIHUUDPHQWDQHFHVViULD j LQGXVWULDOL]DomR GD FRQVWUXomR FLYLO SULQFL SDOPHQWH QDV HGLILFDo}HV TXH XVDYDP R IHU URIXQGLGR2PDLRUH[HPSODUGHVVDpSRFDIRL VHPG~YLGDR3DOiFLRGH&ULVWDO&ULDGRSDUD VHU XPD FRQFHSomR IUXWR GRV FRQFHLWRV GH SURGXomRHPPDVVDR3DOiFLRGH&ULVWDODOLD DDUTXLWHWXUDDRFRQFHLWRGH'HVHQKR,QG~V WULDO 'HVGH R WpUPLQR GD VHJXQGD JXHUUD VHQWLXVH D QHFHVVLGDGH GH VLVWHPDWL]DU RV HVWXGRV GRV SULQFtSLRV GD FRRUGHQDomR PR GXODUWHQGRHPYLVWDDWHFQRORJLDVHPSUHHP HYROXomRGDLQG~VWULDGDFRQVWUXomR3DUDTXH D FRRUGHQDomR PRGXODU IXQFLRQDVVH FRPR LQVWUXPHQWR GH LQWHJUDomR FRPSDWLELOL]DQGR GLPHQVLRQDOPHQWH R UHSHUWyULR FRPSOHWR GH FRPSRQHQWHV GH WRGR XP VHWRU LQG~VWULDO H DLQGDGRWiORVGHDWULEXWRVTXHIDFXOWHPDVXD SHUPXWDELOLGDGHHUDQHFHVViULRTXHVHHVWD EHOHFHVVHP QRUPDV TXH GHWHUPLQDVVHP RV SDUkPHWURVEiVLFRVGHVVDGLVFLSOLQD3RUWDQ WRDSDUWLUGDGpFDGDGHKRXYHXPHVIRUoR SRU SDUWH GRV SDtVHV HXURSHXV HP HVWDEHOH FHUUHJUDVFRPXQVGHYLGRDTXHVW}HVGHLQWHU FkPELRFRPHUFLDOHSHODQHFHVVLGDGHGHSUR GXomR PDFLoD GH FRQVWUXo}HV KDELWDFLRQDLV 1DGpFDGDGHIRLFULDGDDQRUPD,62 ±%XLOGLQJ&RQVWUXFWLRQ±0RGXODU&RRU GLQDWLRQ RQGH VH HVWDEHOHFHX TXH R PyGXOR EiVLFRXQLGDGHGHPHGLGDGHWDPDQKRIL[RD TXDOVHUHIHUHPWRGDVDVPHGLGDVTXHIRUPDP SDUWHGHXPVLVWHPDGHFRRUGHQDomRPRGXODU VHULDUHSUHVHQWDGRSHODOHWUD0HFRUUHVSRQ GHULDD0 PPRXFP 2%UDVLOWDPEpPDGRWRXDFRRUGHQDomR PRGXODU QD FRQVWUXomR FLYLO DWUDYpV GD QRU PD$%17 ± 1%5   H HVWDEHOHFHX R PyGXOR EiVLFR 0  FRP XP GHFtPHWUR RX VHMD  FP 2 PyGXOR EiVLFR GHVHPSHQKD WUrVIXQo}HVHVVHQFLDLV eRGHQRPLQDGRUFRPXPGHWRGDVDV PHGLGDVRUGHQDGDV eRLQFUHPHQWRXQLWiULRGHWRGDHTXDO TXHUGLPHQVmRPRGXODUDILPGHTXHDVRPD RXDGLIHUHQoDGHGXDVGLPHQV}HVPRGXODUHV VHMDWDPEpPPRGXODU eXPIDWRUQXPpULFRH[SUHVVRHPXQL GDGHV GR VLVWHPD GH PHGLGDV DGRWDGR RX D UD]mRGHXPDSURJUHVVmR $ PHWRGRORJLD EiVLFD SDUD D DSOLFDomR GD FRRUGHQDomR PRGXODU QD FRQVWUXomR FLYLO pFRQVHJXLGDDWUDYpVGDLQWHJUDomRGRVVXE VLVWHPDVHFRPSRQHQWHVGHXPDHGLILFDomRD XPDPDOKDPRGXODUTXHSHUPLWDDFRRUGHQD omRGHWRGDVDVLQIRUPDo}HVGRSURMHWR 0DOKDV0RGXODUHV 2XVRGHPDOKDVRXUHWLFXODGRVSODQRV RXHVSDFLDLVVHUYHGHEDVHWDQWRSDUDDHV WUXWXUDSULQFLSDOFRPRSDUDRVRXWURVFRPSR QHQWHVHVXEVLVWHPDVTXHWDPEpPREHGHFHP D XP SDGUmR GH FRRUGHQDomR PRGXODU 6HX REMHWLYR p UHODFLRQDU DV PHGLGDV GH SURMHWR FRPDVPHGLGDVPRGXODUHV $V PDOKDV RX UHWLFXODGRV SRVVLELOLWDP SRVLFLRQDU H LQWHUUHODFLRQDU RV HOHPHQWRV HVWUXWXUDLVDVYHGDo}HVHVTXDGULDVLQVWDOD o}HV H WDQWRV RXWURV FRPSRQHQWHV TXH REH GHoDP D XPD GLVFLSOLQD PRGXODU SHUPLWLQGR XPPHOKRUDSURYHLWDPHQWRGRVPDWHULDLVJH UDQGRXPPtQLPRGHFRUWHVHGHVSHUGtFLRV( IXQFLRQDPFRPRHORGHLQWHUFDPELRIDFLOLWDGRU HQWUH D FRRUGHQDomR IXQFLRQDO YROXPpWULFD H SULQFLSDOPHQWH HVWUXWXUDO GD HGLILFDomR e VREUHHODTXHVHUmRODQoDGDVDVFRQFHSo}HV HVWUXWXUDLV TXH JXDUGDUmR UHODo}HV GH SUR SRUomR FRP RV RXWURV HOHPHQWRV GR HGLItFLR )LUPR  2VLVWHPDGHUHIHUrQFLDGHXPDHGLILFD omRGHYHVHUFRQVWLWXtGRSRUXPFRQMXQWRGH SODQRV OLQKDV H SRQWRV LQWURGX]LGRV GXUDQWH RSURFHVVRGHSURMHWRFRPRILPGHIDFLOLWDUR WUDEDOKRHPFDGDHWDSDGDHGLILFDomR(VVHQ FLDOPHQWH VH WUDWD GH XPD RUJDQL]DomR JHR PpWULFD HP TXH WRGDV DV SDUWHV HVWmR LQWHU  'LUHWUL]HVGHSURMHWR UHODFLRQDGDV$ EDVH p R UHWLFXODGR PRGXODU GHUHIHUrQFLDTXHSRGHVHUSODQRRXHVSDFLDO RQGH VmR SRVLFLRQDGRV D HVWUXWXUD DV YHGD o}HVDVHVTXDGULDVHRXWURVHTXLSDPHQWRV LVRODGRVRXHPFRQMXQWR RVFULWpULRVWpFQLFRVVmRFODUDPHQWHGHILQLGRV MiTXHSDUDJDUDQWLUDTXDOLGDGHGHXPDHGL ILFDomRHVWUXWXUDGDHPDoRGHYHVHFRQVLGH UDU D WHFQRORJLD HPSUHJDGD H D TXDOLGDGH H FRPSDWLELOLGDGHGRVPDWHULDLVXWLOL]DGRV %DVLFDPHQWH D GLVWkQFLD HQWUH GXDV OL QKDV GR UHWLFXODGR RX GH GRLV SODQRV GR UH WLFXODGR HVSDFLDO GHYH VHU R PyGXOR EiVLFR FP SDUDTXHDSDUWLUGHOHWRGDVDVRXWUDV PHGLGDVSRVVDPVHUFRUUHODFLRQDGDV3RUpP RV UHWLFXODGRV RX PDOKDV SRGHP XVDU FRPR EDVHDPRGXODomRGDHVWUXWXUDFRQWDQWRTXH VHMDP P~OWLSORV RX VXEP~OWLSORV GR PyGXOR )LJXUD  )UDQFR  DILUPDTXHDRVHHVWDEHOH FHUXPVLVWHPDGHFRRUGHQDomRTXHFRQMXJXH DVFDUDFWHUtVWLFDVGLPHQVLRQDLVGRVPDWHULDLV H FRPSRQHQWHV FRQVWLWXLQWHV GR VLVWHPD H R SURFHVVR GH SURGXomR SUHWHQGHVH DOFDQoDU RVVHJXLQWHVEHQHItFLRV ‡6LPSOLILFDomR GD DWLYLGDGH GH HODERUD omRGRSURMHWR ‡3DGURQL]DomR GH PDWHULDLV H FRPSR QHQWHV ‡3RVVLELOLGDGH GH QRUPDOL]DomR WLSLIL FDomR VXEVWLWXLomR H FRPSRVLomR HQWUH FRPSRQHQWHVSDGURQL]DGRV ‡'LPLQXLomRGRVSUREOHPDVGHLQWHUIDFH HQWUHFRPSRQHQWHVHOHPHQWRVHVXEVLV WHPDV ‡)DFLOLGDGH QD XWLOL]DomR GH WpFQLFDV SUpGHILQLGDVIDFLOLWDQGRLQFOXVLYHRFRQ WUROHGDSURGXomR )LJXUD±8VRGHPDOKDVJHRPpWULFDVPRGXODUHVSDUD SURMHWRVGHDUTXLWHWXUDHP/6) 6HJXQGR 5RVVR   QD SUiWLFD GR SURMHWR PRGXODU p DFRQVHOKiYHO ORJR DSyV R SULPHLURHVERoRSURFHGHUjFRQVLGHUDomRGRV GHWDOKHV ,VWR GHFRUUH GD FRQVLGHUDomR GH TXHRGHVHQKROLYUHGDVSDUWHVGRHGLItFLRHP IXQomRGHXPDOLYUHH[HFXomRQDREUDQmRp PDLVSRVVtYHOSRLVWRGRVHVWmRVXMHLWRVDXPD GLVFLSOLQDFRPXP3RUpPpXPHQJDQRVXSRU TXHSURMHWRVFRQFHELGRVDSDUWLUGHPDOKDVH FRPSRQHQWHVPRGXODUHVJHUDPXPDDUTXLWH WXUDSODVWLFDPHQWHSREUHHUHSHWLWLYD$LQILQL GDGHGHFRPELQDo}HVHDUUDQMRVSHUPLWHXPD JUDQGHIOH[LELOLGDGHQDVPDLVYDULDGDVOLQJXD JHQVDUTXLWHW{QLFDV$JUDQGHYDQWDJHPpTXH  ‡5HGXomR GRV GHVSHUGtFLRV FRP DGDS WDo}HV ‡0DLRUSUHFLVmRGLPHQVLRQDO ‡'LPLQXLomR GH HUURV GD PmRGHREUD FRPFRQVHTHQWHDXPHQWRGDTXDOLGDGH HGDSURGXWLYLGDGH 3URMHWRSDUD3URGXomR 3DUD%DUURV  RDWXDOSURFHVVRGH SURMHWR TXH HQIDWL]D D GHILQLomR GR SURGXWR VHPOHYDUHPFRQWDDVQHFHVVLGDGHVGHSUR GXomRSRXFRFRQWULEXLSDUDRDYDQoRWHFQROy JLFRQRVFDQWHLURVGHREUD 1R SURFHVVR FRQVWUXWLYR WUDGLFLRQDO RV SURMHWRVH[HFXWLYRVTXHFKHJDPDRFDQWHLUR JHUDOPHQWH LQIRUPDP DSHQDV DV HVSHFLILFD o}HVGRSURGXWRHRGLPHQVLRQDPHQWRQHFHV ViULRLQGLFDQGRDVIRUPDVILQDLVGRHGLItFLRQR FDVRGRSURMHWRDUTXLWHW{QLFRRXDVFDUDFWH UtVWLFDVWpFQLFDVGRVVXEVLVWHPDVVHPFRQWUL EXLUSDUDRPRGRFRPRDVRSHUDo}HVGHYDP VHVXFHGHU$IDOWDGHFRPSDWLELOL]DomRHQWUH VXEVLVWHPDVpFRPXPUHVXOWDQGRHPSUREOH PDV TXH QD PDLRULD GDV YH]HV VmR UHVROYL GRVSHORSUySULRSHVVRDOGHREUD$VVLPIUH THQWHPHQWHDVGHFLV}HVGHFRPRFRQVWUXLU VmRWRPDGDVQRSUySULRFDQWHLUR  0HOKDGR   IRUQHFH XP FRQFHLWR PDLV DEUDQJHQWH GH SURMHWR TXDQGR DILUPD TXH R SURMHWR GH HGLItFLRV GHYH H[WUDSRODU D YLVmRGRSURGXWRRXGDVXDIXQomRGHYHQGR VHUHQFDUDGRWDPEpPVREDyWLFDGRSURFHVVR GDFRQVWUXomR2SURMHWRGHYHLQFOXLUDOpPGDV HVSHFLILFDo}HVGRSURGXWRWDPEpPDVHVSH FLILFDo}HV GRV PHLRV HVWUDWpJLFRV ItVLFRV H WHFQROyJLFRVQHFHVViULRVSDUDH[HFXWDURVHX SURFHVVRGHFRQVWUXomR $VVLP FRPR FRQFOXL 7DQLJXWL   SDUDHYROXLUQRSURFHVVRGHSURGXomRGHHGL ItFLRV p QHFHVViULR PHOKRUDU R SURFHVVR GH HODERUDomR GR SURMHWR FRQVLGHUDQGR VLPXOWD QHDPHQWHRVYiULRVVXEVLVWHPDVEHPFRPRR FRQWH~GRGRSURMHWRRTXDODOpPGDIRUPDGR SURGXWR GHYH DSUHVHQWDU WDPEpP R DVSHFWR GHFRPRSURGX]LU 4XDQGRDLQG~VWULDGDFRQVWUXomRWUDED OKDFRPVLVWHPDVFRQVWUXWLYRVUDFLRQDOL]DGRV HRXLQGXVWULDOL]DGRVpHVVHQFLDOTXHRSURMH WRDOpPGHHQIRFDURSURGXWRFRQWHPSOHWDP EpPRPRGRGHSURGXomRSDUDTXHUHDOPHQWH SRVVD VH H[SORUDU R SRWHQFLDO SURGXWLYR H VH DWLQJLURVUHVXOWDGRVHVSHUDGRV 2SURMHWRSDUDDSURGXomRpGHILQLGRSRU 0HOKDGR  FRPRVHQGRXPFRQMXQWRGH HOHPHQWRV GH SURMHWR HODERUDGR GH IRUPD VL PXOWkQHDDRGHWDOKDPHQWRGRSURMHWRH[HFX WLYRSDUDXWLOL]DomRQRkPELWRGDVDWLYLGDGHV GHSURGXomRHPREUDFRQWHQGRDVGHILQLo}HV GH ‡'LVSRVLomRHVHTrQFLDGDVDWLYLGDGHV GHREUDHIUHQWHVGHVHUYLoR ‡8VRGHHTXLSDPHQWRV ‡$UUDQMRHHYROXomRGRFDQWHLUR ‡'HQWUH RXWURV LWHQV YLQFXODGRV jV FD UDFWHUtVWLFDVHUHFXUVRVSUySULRVGDHP SUHVDFRQVWUXWRUD 2SDSHOHVVHQFLDOGRSURMHWRSDUDDSUR GXomRpRGHHQFRQWUDUVROXo}HVFRQVWUXWLYDV SDUDGHWHUPLQDGRSURMHWRFRQFHELGRSDUDXPD FHUWDWHFQRORJLDLQVHULQGRDVFRQGLFLRQDQWHV GHUDFLRQDOL]DomRHFRQVWUXWLELOLGDGHDILPGH GDUVXSRUWHDDWLYLGDGHGHH[HFXomRDWUDYpV GH XP SURFHVVR GH SURGXomR VHULDGR H GHIL QLGRSHUPLWLQGRRVHXFRQWUROHJDUDQWLQGRD TXDOLGDGHGHVHMDGDSDUDRSURGXWRHUHGXomR GRVFXVWRVHGHVSHUGtFLRV 2 SURMHWR SDUD SURGXomR QmR GHYH VHU FRQIXQGLGR FRP R SURMHWR GH XP VXEVLVWHPD GD HGLILFDomR QmR p DSHQDV R GHWDOKDPHQWR JHQpULFR TXH YLDELOL]D DV RSHUDo}HV QR FDQ WHLUR &RPRVHVDEHRSURFHVVRGHSURGXomR GH HGLItFLRV p XPD DWLYLGDGH PXOWLGLVFLSOLQDU TXHHQYROYHDSDUWLFLSDomRGHGLIHUHQWHVSUR ILVVLRQDLV H SURMHWLVWDV R TXH VLJQLILFD D QH FHVVLGDGHGHXPDPDLRULQWHJUDomRHQWUHDV GLYHUVDV GLVFLSOLQDV GH SURMHWR DUTXLWHWXUD HVWUXWXUD LQVWDODo}HV YHGDo}HV IXQGDo}HV HWF EHPFRPRHQWUHHVVDVGLVFLSOLQDVHDV DWLYLGDGHVGDSURGXomR 2HOHPHQWRGHOLJDomRHQWUHHVVDVGLYHU VDV GLVFLSOLQDV p D FRRUGHQDomR GH SURMHWRV TXH p XPD DWLYLGDGH GH VXSRUWH DR GHVHQ YROYLPHQWRGRSURFHVVRGHSURMHWRYROWDGDj LQWHJUDomR GRV UHTXLVLWRV H GDV GHFLV}HV GH  'LUHWUL]HVGHSURMHWR SURMHWR$FRRUGHQDomRGHYHVHUH[HUFLGDGX UDQWHWRGRRSURFHVVRGHSURMHWRHWHPFRPR REMHWLYRIDFLOLWDUDLQWHUDWLYLGDGHHQWUHRVGLYHU VRV PHPEURV H HTXLSHV D ILP GH PHOKRUDU D TXDOLGDGHGRVSURMHWRVDVHUHPGHVHQYROYLGRV HSURPRYHUVXDFRPSDWLELOL]DomR $ FRRUGHQDomR GH SURMHWRV SRGH VHU H[HUFLGD SRU XPD HTXLSH GD SUySULD FRQVWUX WRUDSHORHVFULWyULRGHDUTXLWHWXUDRXSRUXP SURILVVLRQDORXHPSUHVDHVSHFLDOL]DGD $ FRRUGHQDomR GH SURMHWRV QmR YDL UH VROYHU SRU VL Vy WRGDV DV LQFRQJUXrQFLDV H QmRFRQIRUPLGDGHV H[LVWHQWHV HQWUH RV SUR MHWRV'HYHH[LVWLUHPFRPXPHQWUHWRGRVRV DJHQWHVSDUWLFLSDQWHVXPDYLVmRVLVWrPLFDGR SURFHVVRGHSURGXomRHGRSURGXWRHGLILFDomR UHVXOWDQGR HP XP WRGR KDUP{QLFR H LQWHJUD GR 1RYDHV   DSXG 6LOYD   DILUPD TXHHVVDFRQGLomRVyVHUiDOFDQoDGDDSDUWLU GD ³DGRomR GH XPD YLVmR VLVWrPLFD GR FRP SRUWDPHQWR GRV VXEVLVWHPDV GH XP HGLItFLR DWUDYpVGDHODERUDomRGRVSURMHWRVSDUDFDGD VXEVLVWHPD H VHXV FRPSRQHQWHV FRPSDWL ELOL]DGD FRP DV GRV GHPDLV HP UHVSHLWR jV QHFHVVLGDGHVSDUWLFXODUHVGHFDGDXPHJOR EDLVGRHGLItFLRYLVWRFRPRXPRUJDQLVPRHP IXQFLRQDPHQWR´ 'LUHWUL]HVSDUDR3URMHWRGH $UTXLWHWXUD $VHJXLUVHUmR DSUHVHQWDGRV DOJXQV UH TXLVLWRV SDUD D HODERUDomR GH SURMHWRV GH DUTXLWHWXUD HP /6) 2 REMHWLYR p RULHQWDU RV SURILVVLRQDLVHPDVSHFWRVHVVHQFLDLVSDUDJD UDQWLUHGLILFDo}HVPDLVHILFLHQWHVUHVXOWDGRGH FRQFHSo}HVSODQHMDGDVHDGHTXDGDVDRVLVWH PD/6)HWDPEpPSDUDSHUPLWLUDUDFLRQDOL]D omRGRSURFHVVRFRQVWUXWLYR (VWXGR3UHOLPLQDU eLPSRUWDQWHGHVGHDFRQFHSomRGRSUR MHWRVHSHQVDUQDIRUPDGHSURGX]LURXFRQV  WUXLU SRUWDQWR Mi QR HVWXGR SUHOLPLQDU GHYHP VHUFRQVLGHUDGRVRVFRQFHLWRVHFRQGLFLRQDQ WHVHVWUXWXUDLV 2XVRGHPDOKDVRXUHWLFXODGRVPRGXOD UHVSODQRVHHVSDFLDLVSHUPLWHUHODFLRQDUHP XPSULPHLURPRPHQWRDPRGXODomRGDHVWUX WXUDHRVSDLQpLVGHIHFKDPHQWR2UHWLFXODGR PRGXODUGHUHIHUrQFLDGHYHFRQVLGHUDURPy GXOR EiVLFR GH  FP XPD YH] TXH D SDUWLU GHOH TXH VH UHIHUHQFLDP DV GLPHQV}HV GRV FRPSRQHQWHV 3RUpP PDOKDV GH PDLRUHV GL PHQV}HVGHYHPVHUXWLOL]DGDVSDUDRSURMHWRD ILPGHIDFLOLWDUDFULDomRHRGHVHQKRFRQWDQWR TXHVHMDPP~OWLSORVGRPyGXORIXQGDPHQWDO 3DUDSURMHWRVFRP/6)SRGHVHUHPSUHJDGD XPD PDOKD RX UHWLFXODGR SODQR GH  PP [  PP XPD YH] TXH QR HVWXGR SUHOLPL QDU R DUTXLWHWR QmR WHP DLQGD D LQIRUPDomR SUHFLVDVHDPRGXODomRHVWUXWXUDOVHUiGH RX  PP 3RUWDQWR TXDQGR VH XVD HVVD PDOKDTXHpP~OWLSODWDQWRGHFRPR PPSHUPLWHVHTXHSRVWHULRUPHQWHRSURMHWR VHMDDGHTXDGRDTXDOTXHUGDVRSo}HVGHWHU PLQDGDVSHORSURMHWRHVWUXWXUDO7DPEpPHVVD PRGXODomRGHPDOKDSRVVLELOLWDTXHGHVGHRV SULPHLURVHVERoRVVHFRQVLGHUHDRWLPL]DomR QR XVR GDV SODFDV GH IHFKDPHQWR XPD YH] TXH D PDLRULD GHVVHV FRPSRQHQWHV XWLOL]D HVVDGLPHQVmR 'HYHVH FRQFHEHU XP SURMHWR FRHUHQ WH FRP R HVWiJLR WHFQROyJLFR GD FRQVWUXWRUD RXVHMDRVPpWRGRVGHFRQVWUXomRHPRQWD JHPDGRWDGRVSHODHPSUHVDGHYHPUHIOHWLUQD FRPSOH[LGDGH H HVFROKD GH FRPSRQHQWHV GD HGLILFDomR $QWHSURMHWR 1HVVDHWDSDpHVVHQFLDOGRPLQDURXVR GRVPDWHULDLVHFRPSRQHQWHVTXHID]HPSDU WHGDFRQVWUXomRSDUDXPDPHOKRUHVSHFLILFD omRHLQWHJUDomRGHVVHVPDWHULDLVGHDFRUGR FRPDVLWXDomR $WHQWDU SDUD R XVR D TXH VH GHVWLQD R HGLItFLR H R FOLPD ORFDO D ILP GH FRQVLGHUDU R SDGUmR GH DFDEDPHQWR H RV FULWpULRV GH GH VHPSHQKRWHUPRDF~VWLFRXPDYH]TXHYiULDV FRQILJXUDo}HVVmRSRVVtYHLVQRSURMHWRGHYH GDo}HV (VVDV FRQGLo}HV VmR GHWHUPLQDQWHV QDHVFROKDGRVFRPSRQHQWHVGHIHFKDPHQWR YHUWLFDOHWLSRGHODMH (VSHFLILFDURWLSRGHUHYHVWLPHQWRHDFD EDPHQWRSDUDTXHVHXSHVRSUySULRVHMDFRQ VLGHUDGR QR SURMHWR HVWUXWXUDO 1HVVD HWDSD DQWHSURMHWR GH HVWUXWXUD IXQGDo}HV H LQVWD ODo}HV GHYHP VHU GHVHQYROYLGRV VLPXOWDQHD PHQWH H DV LQWHUIHUrQFLDV HQWUH RV VXEVLVWH PDVMiGHYHPVHUFRQVLGHUDGDV &RPSDWLELOL]DU R SURMHWR DUTXLWHW{QLFR FRP DV GLPHQV}HV GRV FRPSRQHQWHV GH IH FKDPHQWRDILPGHRWLPL]DUDPRGXODomRKRUL ]RQWDOHYHUWLFDOGRVPHVPRV (VSHFLILFDU HVTXDGULDV IRUPDV GH IL[D omR H DV IROJDV QHFHVViULDV SDUD WDO FRP SDWLELOL]DU D SDJLQDomR GRV FRPSRQHQWHV GH IHFKDPHQWRFRPDVDEHUWXUDVGHHVTXDGULDV 2WLPL]DUDGLPHQVmRHORFDOL]DomRGDVDEHUWX UDVFRPDORFDOL]DomRGRVPRQWDQWHVFRQVLGH UDQGRDPRGXODomR 3URSRUFLRQDU HVWDQTXHLGDGH DR DU H iJXDGDHVWUXWXUDDWUDYpVGHFRPSRQHQWHVGH LPSHUPHDELOL]DomRHIHFKDPHQWR2XVHMDRV SHUILV JDOYDQL]DGRV QXQFD GHYHP HVWDU DSD UHQWHV 'HILQLU D YLDELOLGDGH GH FRQFHQWUDU DV SDVVDJHQVGDVSUXPDGDVHP³VKDIWV´YLVDQGR PHQRULQWHUIHUrQFLDFRPDH[HFXomRGDVYH GDo}HVHHVWUXWXUDV 'HILQLURXVRHWLSRGHVLVWHPDGHiJXD TXHQWHDUFRQGLFLRQDGRHFDOHIDomR SUHYHUDFRORFDomRGHUHIRUoRV 3URMHWR([HFXWLYRH'HWDOKDPHQWR (VVDIDVHpFDUDFWHUL]DGDSHORSURFHVVR GHFRPSDWLELOL]DomRHQWUHVXEVLVWHPDVHHOD ERUDomRGRVSURMHWRVH[HFXWLYRVHGHGHWDOKD PHQWRFRQVLGHUDQGRDVSHFXOLDULGDGHVGRVLV WHPDFRQVWUXWLYRHRQtYHOGHUDFLRQDOL]DomR GRSURFHVVR3RUWDQWRRVSURMHWRVH[HFXWLYRV GHDUTXLWHWXUDGLIHUHPGRVSURMHWRVSDUDFRQV WUXo}HV FRQYHQFLRQDLV TXH DERUGDP H IRUQH FHP LQIRUPDo}HV GH IRUPD JHQpULFD 4XDQWR PDLV SUHFLVR H GHWDOKDGR R SURMHWR PDLRU R GHVHPSHQKR H TXDOLGDGH QD PRQWDJHP GD HGLILFDomR $SHVDU GH QmR VHU FRPXP R GLPHQVLR QDPHQWRGRVSURMHWRVDUTXLWHW{QLFRVHPPLOt PHWURV D SUHFLVmR PLOLPpWULFD GHYH VHU FRQ VLGHUDGD XPD YH] TXH D HVWUXWXUD GH DoR SURSRUFLRQD XP VLVWHPD FRQVWUXWLYR PXLWR SUHFLVR H WRGRV RV GHPDLV FRPSRQHQWHV GH YHP DFRPSDQKDU HVVH SUpUHTXLVLWR 3RUWDQ WRDSHVDUGHQmRVHUFRQGLomRHVVHQFLDOTXH DVFRWDVGRSURMHWRH[HFXWLYRVHMDPDSUHVHQ WDGRVHPPLOtPHWURVWRGRRSURMHWRGHYHVHU SHQVDGR QHVVD JUDQGH]D H R GHWDOKDPHQWR SULQFLSDOPHQWHGDLQWHUIDFHHQWUHVXEVLVWHPDV GHYHSUHIHUHQFLDOPHQWHVHUDSUHVHQWDGRQHV VDHVFDOD (VVH SURFHGLPHQWR VH PRVWUD SDUWLFX ODUPHQWHLPSRUWDQWHTXDQGRQRGHWDOKDPHQWR GDVLQWHUIDFHVFRQVLGHUDPRVTXHPHVPRTXH RV FRPSRQHQWHV HOHPHQWDUHV GD FRQVWUXomR VHMDPIDEULFDGRVVHJXQGRRVFULWpULRVGHFR RUGHQDomRPRGXODUWRGRPDWHULDOHVWiVXMHLWR D YDULDo}HV GH PLOtPHWURV TXH GHFRUUHP GH HUURVGHIDEULFDomRHGHSRVLomRRXGHGLOD WDo}HV H FRQWUDo}HV GLIHUHQWHV GHYLGR j QD WXUH]DGDFDGDXP3RUWDQWRHVVHVDVSHFWRV GHYHPVHUDSUHFLDGRVDILPGHVHHYLWDUSDWR ORJLDVSRVWHULRUHV 6HPSUHTXHSRVVtYHOODQoDUROD\RXWGDV SHoDVIL[DGDVDRVSDLQpLVGRVDPELHQWHVSDUD  'LUHWUL]HVGHSURMHWR $ HODERUDomR GR SURMHWR H[HFXWLYR HVWi LQLFLDOPHQWH DWUHODGD D FRPSDWLELOL]DomR GR SURMHWRHVWUXWXUDOFRPRDUTXLWHW{QLFR3RVWH ULRUPHQWHGHYHVHFRPSDWLELOL]DUHVVHVSURMH WRVFRPRGHLQVWDODo}HVLGHQWLILFDQGRDQDOL VDQGRHVROXFLRQDQGRDVLQWHUIHUrQFLDV (ODERUDU SURMHWRV GH YHGDo}HV LQWHUQDV HH[WHUQDVDWHQGHQGRDRSURMHWRHVWUXWXUDOMi TXH p QD HVWUXWXUD TXH RV FRPSRQHQWHV VmR IL[DGRV FRPSDWLELOL]DQGR H LQWHJUDQGR FRP RVRXWURVVXEVLVWHPDV$SDJLQDomRGRVFRP SRQHQWHVGHIHFKDPHQWRGHYHRWLPL]DUDPR GXODomRYHUWLFDOHKRUL]RQWDOHVHUFRPSDWtYHO FRP DV DEHUWXUDV H TXDQGR QHFHVViULR FRP VHX XVR FRPR GLDIUDJPD UtJLGR 4XDQGR RV FRPSRQHQWHV GH IHFKDPHQWR QmR GHVHPSH QKDUHPDIXQomRHVWUXWXUDOLGHQWLILFDUHVROX FLRQDUVXDLQWHUIHUrQFLDFRPRXVRGHFRQWUD YHQWDPHQWRV (VSHFLILFDUHGHWDOKDURWLSRGHMXQWDVGH XQLmR DSDUHQWH RX LQYLVtYHO  GH GHVVROLGDUL ]DomRHPRYLPHQWDomRGDVSODFDVGHIHFKD PHQWR LQFRUSRUDQGR VHPSUH TXH QHFHVViULR HVVHVGHWDOKHVDRSURMHWRGHDUTXLWHWXUDeLP SRUWDQWHFRQVLGHUDUWDPEpPDGHIRUPDELOLGD GHGDHVWUXWXUDHDVYDULDo}HVKLJURWpUPLFDV GRVPDWHULDLVQRGHWDOKDPHQWRGDVMXQWDV ,GHQWLILFDUHVROXFLRQDUDLQWHUIHUrQFLDGH SRQWRV KLGUiXOLFRV GH SLDV YDVRV VDQLWiULRV FKXYHLURV WDQTXHV H RXWURV FRP D SRVLomR GRV HOHPHQWRV HVWUXWXUDLV SULQFLSDOPHQWH FRQWUDYHQWDPHQWRVHPRQWDQWHV (VSHFLILFDU H GHWDOKDU R WLSR GH UHYHVWL PHQWR GH iUHDV PROKiYHLV H R XVR GH PDWH ULDLVFRPRSLVRER[HRXWURV 'HWDOKDU D LQWHUIDFH SDLQpLVHVTXDGULDV FDUDFWHUL]DQGR R WLSR GH PDWHULDO DOXPtQLR PDGHLUDDoR39&HWF RPRGRGHIL[DomR FRPSRQHQWHV GH SURWHomR GHVWDV DEHUWXUDV WDLVFRPRSHLWRULVSLQJDGHLUDVHDOLVDUHV&XL GDGRVHVSHFLDLVGHYHPVHUWRPDGRVTXDQGR  VHXVDPPDWHULDLVPHWiOLFRVFRPRRDOXPtQLR DILPGHLVRODUDVHVTXDGULDVGDHVWUXWXUDHYL WDQGRGHVVDIRUPDRVSDUHVJDOYkQLFRV 'DU SUHIHUrQFLD DRV GHWDOKHV SDGURQL ]DGRVTXHWrPGHVHPSHQKRFRPSURYDGR( LVVRGHYHVHUDSOLFDGRWDQWRDRGHWDOKDPHQWR GRSURMHWRDUTXLWHW{QLFRTXDQWRGRSURMHWRHV WUXWXUDO 'HILQLUSURMHWROXPLQRWpFQLFRSDUDHYLWDU LQWHUIHUrQFLDFRPDHVWUXWXUDFRPRYLJDVGH SLVRHPRQWDQWHV eVHPSUHLPSRUWDQWHDFDGDHWDSDID]HU XPDDQiOLVHFUtWLFDSDUDYHULILFDUVHDVDOWHUQD WLYDVSURSRVWDVSRGHPVHUPHOKRUDGDVYLVDQ GRjUDFLRQDOL]DomRQDSURGXomRHFRPSDWLEL OLGDGH HQWUH RV VXEVLVWHPDV &RPR WDPEpP SDUDGHWHFWDUVHDVRSHUDo}HVSUHVHQWHVVmR VXILFLHQWHV j HODERUDomR GRV SURMHWRV SDUD D SURGXomR 1R SURFHVVR GH H[HFXomR GH FRQVWUX o}HVHP/6)YiULDVDWLYLGDGHVRFRUUHPVLPXO WDQHDPHQWHLVVRpRXWUDFRQGLomRTXHLPSOLFD QDQHFHVVLGDGHGHVHHVWDEHOHFHURVSURMHWRV GHSURGXomRXPDYH]TXHGHYLGRjYHORFLGD GHGHH[HFXomRILFDGLItFLOVROXFLRQDUGHIRUPD yWLPDDVLQWHUIHUrQFLDVTXHYmRDSDUHFHQGRH LVVRSRGHFRPSURPHWHUDVHTrQFLDGHH[HFX omRDWUDVDQGRRVSUD]RVGHHQWUHJDGDREUD eFHUWRTXHVLVWHPDVFRQVWUXWLYRVFRPR R /LJKW 6WHHO )UDPLQJ VmR XPD SRQWH SDUD R GHVHQYROYLPHQWR WHFQROyJLFR GD FRQVWUXomR FLYLO 0DV WDPEpP WHPRV D FRQYLFomR TXH XPDGDVPDLRUHVFRQWULEXLo}HVGHVVHVLVWHPD VHMD FRQVWUXLU FRP TXDOLGDGH VHP GHVSHUGt FLRHFRPSUHRFXSDomRDPELHQWDO 5HIHUrQFLDV%LEOLRJUi¿FDV  5HIHUrQFLDV%LEOLRJUiILFDV $662&,$d­2%5$6,/(,5$'(1250$6 7e&1,&$61%53HUILVGHDoRIRUPD GRVDIULRFRPUHYHVWLPHQWRPHWiOLFRSDUD SDLQpLVUHWLFXODGRVHPHGLILFDo}HV5HTXLVL WRV*HUDLV5LRGH-DQHLUR FDQ,URQDQG6WHHO,QVWLWXWH $,6,  1%51tYHLVGHUXtGRSDUDFRQIRUWR DF~VWLFR5LRGH-DQHLUR &$,;$(&21Ð0,&$)('(5$/6LVWHPD FRQVWUXWLYRXWLOL]DQGRSHUILVHVWUXWXUDLVIRU PDGRVDIULRGHDoRVUHYHVWLGRV VWHHOIUDP LQJ 5HTXLVLWRVH&RQGLo}HV0tQLPRVSDUD )LQDQFLDPHQWRSHOD&DL[D'LVSRQtYHOHP KWWSZZZFEFDLEVRUJEUELEOLRWHFDBPDQX DLVBFDL[DDVS$FHVVRHP)HY 1%5SHUILVHVWUXWXUDLVGHDoRIRUPDGRV DIULR3DGURQL]DomR5LRGH-DQHLUR 1%5&RRUGHQDomRPRGXODUGDFRQ VWUXomR5LRGH-DQHLUR $662&,$d­2%5$6,/(,5$'26)$%5, &$17(6'(%/2&26(&+$3$6'(*(6 62$EUDJHVVR0DQXDOGHPRQWDJHPGH VLVWHPDVGU\ZDOO6mR3DXOR3LQL %$552600%6$%%$7,1,)+'L UHWUL]HVSDUDRSURFHVVRGHSURMHWRSDUDD LPSODQWDomRGHWHFQRORJLDVFRQVWUXWLYDV UDFLRQDOL]DGDVQDSURGXomRGHHGLItFLRV6mR 3DXOR(3863S %ROHWLPWpFQLFR %73&&  %$7(0$1%:/LJKWJDXJHVWHHOYHUVHV FRQYHQWLRQDOZRRGIUDPLQJLQUHVLGHQWLDOFRQ VWUXFWLRQ7H[DV'HSDUWPHQWRIFRQVWUXFWLRQ VFLHQFHRI$ 08QLYHUVLW\&ROOHJH6WDWLRQ  %$8(50$1108PDLQYHVWLJDomRVREUHR SURFHVVRGHSURMHWRHPHGLILFLRVGHDQGDUHV PXOWLSORVHPDoR'LVVHUWDomR 0HVWUDGR  ±'HSDUWDPHQWRGH(QJHQKDULD&LYLO8QLYHU VLGDGH)HGHUDOGH2XUR3UHWR2XUR3UHWR  %5$6,/,76LVWHPDFRQVWUXWLYREUDVLSODF ±SDUHGHVLQWHUQDVHH[WHUQDVFDWiORJR6mR 3DXOR %52&.(1%528*+5/ $662&,$7(6 6KHDUZDOOGHVLJQJXLGH:DVKLQJWRQ$PHUL  %581$3-9$UTXLWHWXUDLQGXVWULDOL]DomR HGHVHQYROYLPHQWR6mR3DXOR(G3HUVSHF WLYD &$0%,$*+,+3URMHWRIUHQWHjVQRYDVWHF QRORJLDV'LVSRQtYHOHPKWWSZZZDVEHD RUJEUPLGLDDUWLJRVFDPELDJKLSURMWHFK! $FHVVRHPDEULO &$5'­2&HOVR7pFQLFDGD&RQVWUXomR9RO %HOR+RUL]RQWH8QLYHUVLGDGH)HGHUDOGH 0LQDV*HUDLV &,2&&+,/XL]5HYHVWLPHQWRHPUpJXDV SDUDOHODV5HYLVWD7HFKQp6mR3DXORQž SMXOKR &,5,%,1,*$UFKLWHWWXUDHLQG~VWULDOLQHD PHQWLGLWpFQLFDGHOODSURGX]LRQHHGLOL]LD 0LODQR(G7DPEXULQL &2(/+25$6LVWHPDFRQVWUXWLYRLQWH JUDGRHPHVWUXWXUDPHWiOLFD'LVVHUWDomR 0HVWUDGR ±'HSDUWDPHQWRGH(VWUXWXUDV 8QLYHUVLGDGH)HGHUDOGH0LQDV*HUDLV%HOR +RUL]RQWH &2(/+25$,QWHUSUHWDQGRDSVLFRORJLD HDSHUVRQDOLGDGHGHFDGDPDWHULDO5HYLVWD 0DLV$UTXLWHWXUD6mR3DXORQžS $EULO &216758725$6(4hÇ1&,$3RUWIyOLRGH 2EUDV'LVSRQtYHOHPKWWSZZZFRQVWUXWR UDVHTXHQFLDFRPEUSRUWIROLRBREUDVVWHHOKWP $FHVVRHQWUH6HWH0DUoR &2168/67((/&RQVWUXFFLyQFRQDFHUR OLYLDQR±0DQXDOGH3URFHGLPLHQWR%XHQRV $LUHV&RQVXO6WHHO&'520 &5$6725&0$UTXLWHWXUDH7HFQRORJLD HP6LVWHPDV&RQVWUXWLYRV,QGXVWULDOL]DGRV /LJKW6WHHO)UDPLQJ'LVVHUWDomR 0HVWUDGR  ±'HSDUWDPHQWRGH(QJHQKDULD&LYLO8QLYHU VLGDGH)HGHUDOGH2XUR3UHWR2XUR3UHWR  '$9,(6-0LFKDHO/LJKWJDXJHVWHHOIUDP LQJV\VWHPVIRUORZULVHFRQVWUXFWLRQ,Q HQFRQWURQDFLRQDOGHFRQVWUXomRPHWiOLFDH PLVWD$QDLV&RLPEUD ',$6/XtV$QGUDGHGH0DWWRV(VWUXWXUDVGH DoRFRQFHLWRVWpFQLFDVHOLQJXDJHP6mR 3DXOR=LJXUDWH(GLWRUD $oRHDUTXLWHWXUDHVWXGRGHHGLILFDo}HVQR EUDVLO6m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tYHOHPKWWS ZZZEXLOGVPDUWHUFRP$FHVVRHP2XW  ),502&(VWUXWXUDVWXEXODUHVHQULMHFLGDV SRUVXSHUItFLHVGHGXSODFXUYDWXUD KLSHUEyOL FD 'LVVHUWDomR 0HVWUDGR ±'HSDUWDPHQWR GH(QJHQKDULD&LYLO8QLYHUVLGDGH)HGHUDOGH 2XUR3UHWR2XUR3UHWR )5$1&2/6$SOLFDomRGH'LUHWUL]HVGH UDFLRQDOL]DomRFRQVWUXWLYDSDUDDHYROXomR WHFQROyJLFDGRVSURFHVVRVFRQVWUXWLYRVHP DOYHQDULDHVWUXWXUDOQmRDUPDGD7HVH 'RX WRUDGR ±(VFROD3ROLWpFQLFDGD8QLYHUVLGDGH GH6mR3DXOR6mR3DXOR *$51(5&KDG-*XLDGRFRQVWUXWRUHP VWHHOIUDPLQJ7UDGXomRGH6LGQHL3DODWQLN 'LVSRQtYHOHPKWWSZZZFEFDLEVRUJEU $FHVVRHP0DUoR *(5*(66DPLU1<5XtGRIXQGDPHQWRVH FRQWUROH)ORULDQySROLV8QLYHUVLGDGH)HGHUDO GH6DQWD&DWDULQD *Ï0(=*2$F~VWLFDDSOLFDGDDOD&RQ VWUXFFLyQ(O5XLGR6DQWLDJRGH&XED(G ,63-$0 *58%%3-/$:62150%XLOGLQJ GHVLJQXVLQJFROGIRUPHGVWHHOVHFWLRQV FRQVWUXFWLRQGHWDLOLQJDQGSUDFWLFH%HUNVKLUH 6WHHO&RQVWUXFWLRQ,QVWLWXWH 6&, 3XEOLFDWLRQ  +2/$1'$(371RYDVWHFQRORJLDVFRQ VWUXWLYDVSDUDSURGXomRGHYHGDo}HVYHUWLF DLVGLUHWUL]HVSDUDRWUHLQDPHQWRGDPmR GHREUD'LVVHUWDomR 0HVWUDGR (VFROD 3ROLWpFQLFDGD8QLYHUVLGDGHGH6mR3DXOR 6mR3DXOR ,167,7872'(3(648,6$67(&12/Ï*, &$66LVWHPD/DIDUJH*\SVXPSDUHGHVGH FKDSDVGHJHVVRDFDUWRQDGR6mR3DXOR 'LYLVmRGH(QJHQKDULD&LYLO 5HIHUrQ FLDWpFQLFDQž  5HIHUrQFLDV%LEOLRJUiILFDV ,17(51$7,21$/,521$1'67((/,167, 787(,QRYDo}HVHPDoRFRQVWUXo}HVUHVL GHQFLDLVHPWRGRRPXQGR%UX[HODV,QWHUQD WLRQDO,URQDQG6WHHO,QVWLWXWH ,17(51$7,21$/25*$1,=$7,21)25 67$1'$5',=$7,21,62%XLOGLQJ FRQVWUXFWLRQ0RGXODUFRRUGLQDWLRQ%DVLF 0RGXOH/RQGUHV ,623HUIRUPDQFHVWDQGDUGVLQEXLOG LQJVSULQFLSOHVIRUWKHLUSUHSDUDWLRQDQGIDF WRUVWREHFRQVLGHUHG/RQGUHV  .,16/(5/()5(<$5&233(16$ %6$1'(56-9)XQGDPHQWDOVRI$FRXV WLFVHG1HZ