'RLWXSq([FHOËQFLDQRVQHJÔFLRV([FHOËQFLDQDYLGD0LQLERRNLQWURGXWÔULR

™)HOLSH)UDQÈD
3XEOLFDGRSRU(GLWRUD9RR
(GLWRUDÈÅR&ODXGLD.XEUXVO\H-RDQD0HOOR
5HYLVÅRHSUHSDUDÈÅR-XOLDQD5GH4XHLUR]
&DSDSURMHWRJUÃoFRHGLDJUDPDÈÅR*XWR6LOYHLUD
9HWRUHVE\)UHHSLNFRP
'HPDLVLPDJHQV)HOLSH)UDQÈD

&XULWLED35_  _5XDeEDQR3HUHLUD_&RQM_&(3
%HOR+RUL]RQWH0*_  _  _5XD3URI6\OYLR%DUERVD_%HOYHGHUH_&((3
FRQWDWR#HGLWRUDYRRFRPEU
ZZZHGLWRUDYRRFRPEU
ÌQGLFH

,QWURGXomR
3DVVRVGH'HVHQYROYLPHQWRGR1HJyFLR
'LDJUDPDGR3URFHVVR
5HVXOWDGRV(VSHUDGRV
$,PSRUWkQFLDGR3RUTXr

)HUUDPHQWDVGR3URFHVVR
0DSDGR3URSyVLWR
&DQYDVGD0HOKRU3URSRVWDGH9DORU
0RGHORGH1HJyFLRV
0DSD0HQWDOGD(PSUHVD
0HQXGH3URGXWRV
%OXHSULQW'RLW8S
6HVVmRGH9HQGDV
6HVVmRGH3ODQHMDPHQWR
$5RGDGR(TXLOtEULRGH9LGD
8P3RXFRPDLVGH,QVSLUDomR
5HIHUrQFLDV%LEOLRJUiÀFDV
´2QGHPHXVWDOHQWRVHSDL[}HVHQFRQWUDPDVQHFHVVLGDGHVGRPXQGR
OiHVWiRPHXFDPLQKRRPHXOXJDUµ

$ULVWyWHOHV
,QWURGXomR

'RLWXSVLJQL¿FDID]HUDOJRFRPSURSyVLWRWRPDUDGHFLVmR ~WHLVSDUDYRFrWDPEpP1R¿QDORQHJyFLRPDLVLQRYDGRU
HVHJXLUHPIUHQWH H H¿FLHQWH TXH XPD SHVVRD SRGH GHVHQYROYHU p

H[DWDPHQWH DTXHOH TXH HOD VHPSUH VRQKRX D SULPHLUD
1RVVR SURFHVVR WH OHYDUi D FULDU VHX QHJyFLR  PHOKRURSomRTXHDVSLUDSDUDVXDYLGD
DOLQKDGRFRPRVVHXVVRQKRVSDL[}HVHKDELOLGDGHV(OHWH
DMXGDUiDGHVFREULUTXDORSRVLFLRQDPHQWRGHPHUFDGRTXH 4XHPTXHUHPSUHHQGHUDWXDOPHQWHSUHFLVDHQWHQGHUDV
VRPHQWH YRFr SRGH WHU FRP R YDORU TXH VRPHQWH YRFr PXGDQoDV TXH HVWmR RFRUUHQGR QR PXQGR H HQWmR
SRGHRIHUHFHU SDUWLFLSDURXVHWRUQDUXPDJHQWHGHVWDVPXGDQoDV&DVR
FRQWUiULRVHUiHQJROLGRSHODFRPSHWLomR(TXHPXGDQoDV
$RHQWUHJDUDRPHUFDGRRVHXSURSyVLWRVXDHPSUHVDVH VmRHVVDV"
WRUQD LPSRUWDQWH SDUD DV RXWUDV SHVVRDV (OD VH WRUQD
DVVLP ~QLFD H FRQVHTXHQWHPHQWH DOFDQoDUi PHOKRUHV $V HPSUHVDV FRP SURSyVLWR VmR DTXHODV TXH HVWmR
UHVXOWDGRV GHVSRQWDQGRQRPHUFDGRPXQGLDO8PH[HPSORPDLVFODUR
p D $SSOH TXH XQLX R KXPDQLVPR GHL[DGR GH ODGR QR
6HYRFrHVWiOHQGRHVWDVSiJLQDVHQWmRSURYDYHOPHQWH PDWHULDOLVPR GR VpFXOR  j WHFQRORJLD 6XD VLQJXODU
HVWi SURFXUDQGR SRU PDLV FRQKHFLPHQWR SDUD DOFDQoDU SURSRVWD GH YDORU D WRUQRX XPD GDV HPSUHVDV PDLV
H[FHOrQFLD QRV QHJyFLRV RX QD YLGD SUR¿VVLRQDO 1HVWH OXFUDWLYDV GR PXQGR ,VVR QmR RFRUUH Vy FRP D $SSOH
OLYURYRFrHQFRQWUDUiDOJXQVLPSRUWDQWHVHVFODUHFLPHQWRV (PSUHVDV OLJDGDV DR LGHDO GH VHXV IXQGDGRUHV HVWmR
VREUHFRPRGHVHQYROYHUXPQHJyFLREDVWDQWHLQRYDGRUH PXGDQGR R GLDDGLD GDV SHVVRDV FRPR ,QVWDJUDP
FRPSHWLWLYR±HRPDLVLPSRUWDQWHTXHWHQKDVLJQL¿FDGR $LUEQE8EHUH7HVOD
SDUD YRFr 6H HVWi SURFXUDQGR FRQKHFLPHQWR H
FRPSUHHQVmRVREUHFRPRSRGHHPSUHHQGHURQHJyFLRRX +RMHDVSHVVRDVWrPPXLWRPDLVSRGHULQGLYLGXDOPHQWH
WUDEDOKRTXHVHPSUHVRQKRXHVWDVSiJLQDVVHUmRPXLWR FRPRMDPDLVWLYHUDPQDKLVWyULD3RGHUGHGHFLGLURTXHLUmR


,QWURGXomR

FRQVXPLU GDtDLPSRUWkQFLDDWXDOGRLQERXQGPDUNHWLQJ  &DGDVHUKXPDQRSUHFLVDVHVHQWLUSUHHQFKLGRVHVHQWLU

3RGHUHFRQGLo}HVGHFULDUQHJyFLRVGR]HURHVHWRUQDUHP FRPSOHWRFRPRSHVVRD6XDSULQFLSDOQHFHVVLGDGHQmRp
PXLWREHPVXFHGLGDVHPHVFDODJOREDOVXSHUDQGRYiULDV UHODFLRQDGD DSHQDV D FRQYHQLrQFLDV RX FRQIRUWRV PDV
HPSUHVDVWUDGLFLRQDLVHPXPVHWRU WUDGLomRQmRpPDLV VLPjH[SUHVVmRGHVXDSUySULDHVVrQFLDTXHHVWiOLJDGD
VLQ{QLPRGHVROLGH]HPSUHVDULDO  jV KDELOLGDGHV SHVVRDLV DRV WDOHQWRV YRFDomR VRQKRV
HPRo}HVHDWpPHVPRDRDPRU2XVHMDRTXHOHYHFDGD
1mREDVWDPDLVVHULQRYDGRU2REMHWLYRDJRUDpVDWLVID]HU XPDVHVHQWLUPHOKRUHFRPPDLVSRVVLELOLGDGHVHPVXD
jVQHFHVVLGDGHVQmRDWHQGLGDVGRVLQGLYtGXRVWRUQDQGR YLGD
RV WmR IHOL]HV TXH WURFDUmR VHX DWXDO IRUQHFHGRU RX DWp
PHVPRVHXDWXDOFRPSRUWDPHQWRSDUDRTXHHVWiVHQGR 2PHUFDGRVHPSUHVHUiVREUHUHODo}HVHQWUHDVSHVVRDV
RIHUHFLGRHTXHID]PDLVVHQWLGRSDUDHOHV (OH H[LVWH SDUD TXH HODV VH DSRLHP H VH DX[LOLHP
PXWXDPHQWHSRUPHLRGDVWURFDV0HVPRDVWUDQVDo}HV
4XDOVHULDHQWmRDPHOKRUPDQHLUDGHYRFrVDWLVID]HUDV HQWUH HPSUHVDV HVWmR QD YHUGDGH VDWLVID]HQGR DOJXQV
QHFHVVLGDGHVQmRDWHQGLGDVGDVSHVVRDV"(QFRQWUHTXDO GHVHMRV VRQKRV H QHFHVVLGDGHV GH WRGDV DV SHVVRDV
pDVXDSULQFLSDOQHFHVVLGDGHQmRDWHQGLGD(ODpRVHX HQYROYLGDVQDFDGHLDGHYDORU%%
SURSyVLWR
4XDOTXHUXPHVWiGLVSRVWRDSDJDUDOJRPDLVHPWURFDGH
7RGRVQyVWHPRVYiULDVQHFHVVLGDGHVQmRDWHQGLGDV PDLV VH VHQWLU IHOL] $SULPRUH D“H[SHULrQFLD ³KXPDQD´ GDV
WHPSR FRP D IDPtOLD PHOKRU TXDOLGDGH GH YLGD PDLRU SHVVRDVHYRFrWHUiRPHOKRUQHJyFLRTXHSRGHFULDU$V
OLEHUGDGHGHDomRHWF PDVKiXPDTXHQRVJXLDHPWRGRV PXGDQoDVDWXDLVGRPXQGRUHTXHUHPTXHDIHOLFLGDGHGRV
RVDVSHFWRVHGHFLV}HVGHQRVVDVYLGDVFRPRREMHWLYRGH LQGLYtGXRVVHMDFDGDYH]PDLVDWHQGLGD
VDWLVID]rOD(VVDQHFHVVLGDGHpRQRVVRSURSyVLWRQRVVR
REMHWLYRGHYLGDQRVVRSRUTXr


,QWURGXomR

&RPR SRGH DOJXpP DSULPRUDU D IHOLFLGDGH GRV RXWURV"

$SULPRUDQGR VXD SUySULD YLGD DSULPRUDQGR VXD SUySULD
H[SHULrQFLD4XDOTXHUXPSRGHUHDOL]DULVVRID]HQGRRVHX
PHOKRU QDTXLOR TXH UHDOPHQWH R ID] IHOL] XVDQGR VXDV
TXDOLGDGHV SHVVRDLV KDELOLGDGHV H WDOHQWRV DR Pi[LPR
7XGRDTXLORTXHFRPS}HXPPHOKRU³YRFr´

0DV QmR VH SUHRFXSH 1yV YDPRV OKH HQVLQDU FRPR

HQFRQWUDU VXD SULQFLSDO QHFHVVLGDGH QmR DWHQGLGD H
WDPEpPFRPRPROGDUWXGRLVVRDRVHXPHOKRUHLQRYDGRU
QHJyFLRFRPVXFHVVR¿QDQFHLURVXVWHQWiYHO

4XDQGR XP HPSUHHQGHGRU VDWLVID] VXD SUySULD

QHFHVVLGDGH QmR DWHQGLGD HOH XVD PXLWR PDLV VHXV
FRQKHFLPHQWRVKDELOLGDGHVSDL[mRHQHUJLDHYLVmR±RV
LQJUHGLHQWHVIXQGDPHQWDLVSDUDTXHXPQHJyFLRDOFDQFHR
VXFHVVR


3DVVRVGRGHVHQYROYLPHQWRGR1HJyFLR

3URSyVLWRGR 0HOKRU 0RGHORGHQHJyFLR $o}HVGHYHQGD 3ODQHMDPHQWR )ROORZ8S (TXLOtEULRGH9LGD

HPSUHHQGHGRU SURSRVWDGHYDORU $GHTXDGRDRSURSyVLWR $OFDQoDQGRPLQKDV 4XDQWDVSHVVRDVVHUmR .3,6H5HYLVmRGHDo}HV 4XDOLGDGHGHYLGD
SDUDWRUQDURYDORU QHFHVVLGDGHV DOFDQoDGDVHEHQÀFLDGDV
UHDO HHQWUHJDQGRPHXYDORU SHORPHXYDORU" 0RQLWRUHRVUHVXOWDGRV
3ODQHMDPHQWR)LQDQFHLUR '(6(192/9,0(172

2YDORUTXH 4XHYDORU
(8WHQKR TXHHOHVSUHFLVDP $XWR6DWLVIDomR

'R LW 8S p VREUH HVFUHYHU VXD SUySULD KLVWyULD 8PD

JUDQGHKLVWyULD3DUDLVVRVLJDRVSDVVRVDFLPDSDUDWHU
PDLV VHJXUDQoD HQHUJLD H GLUHFLRQDPHQWR SDUD
HPSUHHQGHU RX DSULPRUDU VHX QHJyFLR QmR LPSRUWD R
WDPDQKRGHOH

,UHPRVDMXGiORDHQFRQWUDUVXDVSULQFLSDLVQHFHVVLGDGHV
QmR DWHQGLGDV TXDO p R VHX SURSyVLWR GH YLGD VRQKRV
LGHDLVREMHWLYRVSHVVRDLVHPHOKRUHVKDELOLGDGHV0DLVGR
TXHLVVRYRFrLUiDSUHQGHUD
x 0ROGDUVHXSURSyVLWRSHVVRDOFRPRDOJRGHJUDQGH
YDORUSDUDDVRXWUDVSHVVRDV
x 'HVHQKDU XP PRGHOR GH QHJyFLR H[FHOHQWH H
DGHTXDGRDRVHXSURSyVLWRGHYLGD,VVROKHOHYDUiD


 'LDJUDPDGRSURFHVVR

([FHOrQFLDQRV1HJyFLRV

3HUVSLFiFLD 3RVLFLRQDPHQWR 0RGHORGH (PSHQKR (PSHQKR 5HVXOWDGRV

GH0HUFDGR 1HJyFLRV
GR1HJyFLR 3HUIRUPDQFH 3HUIRUPDQFH 3UHFLVmR
'ULYHGH,QRYDomR ,QRYDGRU

0HOKRU 5HYLVmRGD
0DSDGR 0RGHORGH (VWUDWpJLDGH 3ODQHMDPHQWR
SURSRVWDGH SHUIRUPDQFH
SURSyVLWR QHJyFLR YHQGDV
YDORU

3HVVRDO 3HVVRDO 3HVVRDO 3HVVRDO 3HVVRDO 3HVVRDO

3URSyVLWR &ULDWLYLGDGH (VWLORGH1HJyFLRV &RUDJHP 1LWLGH] &RPSURPHWLPHQWR
6RQKRV ,GHLDV &RPSHWrQFLD (PSDWLD &RUDJHP $XWR5HDOL]DomR
3DL[}HVH2EMHWLYRV +DELOLGDGHV &DSDFLGDGH 9RQWDGH 9RQWDGH

([FHOrQFLDQD9LGD


5HVXOWDGRVHVSHUDGRV

2 GLDJUDPD DQWHULRU GHVFUHYH WRGR R SURFHVVR SDUD R HPSUHHQGHGRURXGRVIXQGDGRUHVGDHPSUHVD2TXHTXHU

GHVHQYROYLPHQWRRXDSULPRUDPHQWRGHXPDHPSUHVD TXH R HPSUHHQGHGRU RX RV IXQGDGRUHV VHMDP FRPR
SHVVRDV VHUi D IRQWH GH LQRYDomR GR QHJyFLR 3DUHFH
4XDQGR XP HPSUHHQGHGRU LQLFLD XP QHJyFLR HOH R ID] VLPSOHVPDVDYHUGDGHpTXHYRFrWHPPDLVDFRQWULEXLU
SDUD DWHQGHU LQWHUHVVHV SHVVRDLV &HUWDPHQWH H HPDWLYLGDGHVTXHYHUGDGHLUDPHQWHRUHDOL]DP
OHJLWLPDPHQWH OXFUDWLYLGDGH H ERD UHFHLWD VmR DOJXQV
GHVVHV LQWHUHVVHV ± SRUpP TXDQGR DOJXpP FRPHoD D 7UDGX]LU FRUUHWDPHQWH R YDORU SHVVRDO GR HPSUHHQGHGRU
FRQFHEHUXPQHJyFLRKiPXLWRPDLVIDWRUHVHQYROYLGRV SDUDDPHOKRUSURSRVWDGHYDORUTXHDOJXpPSRGHIRUQHFHU
DR PHUFDGR DMXVWDQGR HVVH YDORU D XP PRGHOR GH
(PSUHVDVIRFDGDVVRPHQWHQROXFURHQDUHFHLWDSRGHP QHJyFLRV DFDUUHWDUi HP UHVXOWDGRV PDLRUHV H PDLV
DOFDQoDUVHXVREMHWLYRV(QWUHWDQWRHVVHWLSRGHHPSUHVD UiSLGRV
pPDLVVXVFHWtYHODWHUIRUWHVFRQFRUUHQWHVHDHQIUHQWDU
SLRUHVFRQGLo}HVGHPHUFDGR &RPSOHWDU R SURFHVVR GHVFULWR DQWHULRUPHQWH p D IRUPD
SDUD VH WHU XPD HPSUHVD GH VXFHVVR H DXWRUUHDOL]DomR
'HRXWUDIRUPDHPSUHVDVTXHUHÀHWHPDVSDL[}HVYLVmR SUR¿VVLRQDO H SHVVRDO 3DUD QRYDV HPSUHVDV RV
SURSyVLWR H DWp RV VRQKRV GRV VHXV IXQGDGRUHV UHVXOWDGRVHVSHUDGRVVmRPDLRUDGHUrQFLDDRPHUFDGRH
FRPELQDGRVFRPERDVSUiWLFDVGHJHVWmR VmRDTXHODV FUHVFLPHQWRPDLVUiSLGRSDUDHPSUHVDVMiHVWDEHOHFLGDV
FXMR VXFHVVR QR PHUFDGR p PDLV HVWiYHO FRPR $SSOH DSULPRUDPHQWRGRVSURFHVVRVGRPRGHORGHQHJyFLRGD
9LUJLQ *URXS *RRJOH H 6WDUEXFNV (VVDV HPSUHVDV VmR SRVLomRGHPHUFDGRDOpPGHPDLVYHQGDVHOXFUDWLYLGDGH
OtGHUHVHQmRVHJXLGRUDVQRPHUFDGR $OpPGLVVRDHPSUHVDVHWRUQDPDLVUHOHYDQWHSDUDDYLGD

GDTXHOHV FRP TXHP LQWHUDJH VHMD FOLHQWH IRUQHFHGRU
eSRULVVRTXHSDUDDOFDQoDUH[FHOrQFLDQRVQHJyFLRVp
FUXFLDO PDSHDU R SURSyVLWR DV SDL[}HV H RV VRQKRV GR
HPSUHHQGHGRUHVHIXQGDGRUHV


5HVXOWDGRVHVSHUDGRV

$H[SHULrQFLDHPStULFDQRVPRVWURXDWpDJRUDXPDXPHQWR 5HVXOWDGR
GHDWpGXDVYH]HVQRYROXPHGHYHQGDVDSyVWUrVPHVHV
GHFRQFOXVmRGRSURFHVVRSULQFLSDOPHQWHSDUDHPSUHVDV
PHQRUHV,VVRDFRQWHFHSRUTXHRVHPSUHHQGHGRUHVRXRV
IXQGDGRUHVVHWRUQDPUDSLGDPHQWHH[SHUWVVREUHRSUySULR
QHJyFLRVREUHRTXHRIHUWDUDRFOLHQWHFRPRYHQGHUPHOKRU
QRPHUFDGRHSULQFLSDOPHQWHTXDOpRYDORUTXHDHPSUHVD
HVWi RIHUHFHQGR 3DUD HPSUHVDV FRP ODUJRV YROXPHV GH
YHQGDVRDXPHQWRpUHOHYDQWHPDVPDLVVXDYL]DGR

$H[FHOrQFLDQRVQHJyFLRVFDPLQKDODGRDODGRFRPD
H[FHOrQFLDQDYLGD&RPRSURFHVVRGR'RLW8SKiD
UHGHVFREHUWD GR TXH ID] PDLV VHQWLGR SDUD R
HPSUHHQGHGRU H D VDWLVIDomR SHVVRDO GH YHU VHX
SURSyVLWRVHWRUQDQGRUHDO,VVRSRVVLELOLWDjSHVVRDVH
6DWLVIDomR
VHQWLU SOHQD XWLOL]DQGR WDPEpP DV PHOKRUHV
IHUUDPHQWDV TXH SRVVXL HP RXWURV DVSHFWRV GH VXD
YLGD 5HGHVFXEUD XPD QRYD H[SHULrQFLD GH YLGD
DWUDYpV GR GHVHQYROYLPHQWR GR VHX QHJyFLR FRP D
VDWLVIDomRHDVQRYDVSRVVLELOLGDGHVTXHVRPHQWHVXD
SUySULDH[SUHVVmRSRGHSURYHU


$LPSRUWkQFLDGRSRUTXr

2&QKV7RSDUWHGRFRQFHLWRGR&tUFXORGH2XURGH6LPRQ
6LQHNRTXDOGHVWDFDDVWUrVHVIHUDVEiVLFDVGDDWLYLGDGH
GHTXDOTXHUHPSUHVD$SULPHLUDHVIHUDpR³SRUTXr´TXDOD
UD]mRGHFDGDHPSUHVDID]HURTXHID]6HJXLGDGR³FRPR´
TXDO HVWUDWpJLD GH FRPSHWLWLYLGDGH HOD XWLOL]D SDUD OHYDU
VHXVSURGXWRVRXVHUYLoRVDRPHUFDGR3RU~OWLPR³RTXH´
TXDLV VmR VHXV SURGXWRV RX VHUYLoRV $ PDLRULD GDV
HPSUHVDVVDEHPQSWGID]HP3RUpPSRXFDVVDEHPR
RQTSWÄ HODV ID]HP R TXH ID]HP ( LVVR LPSOLFD WRWDO
GLIHUHQoD HP VHXV SRVLFLRQDPHQWRV UHOHYkQFLDV H 3RUpPXPDHPSUHVDTXHpOtGHUFRQVWUyLVHXFDPLQKRFRP
UHVXOWDGRV PHQRVGHSHQGrQFLDGDGHPDQGDJHUDO2PHOKRUH[HPSOR
GLVVRpD$SSOHHVXDSHUIRUPDQFHGHYHQGDVGXUDQWHD
&RPHoDUFRPR³SRUTXr´SHUPLWHDXPDHPSUHVDVHUOtGHU FULVHGH1DTXHOHDQRRFRQVXPRGHEHQVGXUiYHLV
QR PHUFDGR H FULDU GHPDQGD HP GHWHUPLQDGR JUDX QRV(VWDGRV8QLGRVIRLPHQRUGRTXHHP-iD
&RPHoDUFRPR³RTXH´ID]DHPSUHVDVHUXPDVHJXLGRUD $SSOHWHYHXPDXPHQWRGHYHQGDVGHFRPSDUDGRFRP
RXVHMDXPDFDSWXUDGRUDGHGHPDQGD,VVRDWpSRGHOHYDU RPHVPRDQR&RPRH[HUFHGHVWDFDGDOLGHUDQoD JHUDQGR
DERQVUHVXOWDGRVQRFXUWRSUD]RVHKRXYHUXPDGHPDQGD GHPDQGDWHQGrQFLDVHQRYRVFRPSRUWDPHQWRV HODQHP
H[SUHVVLYD GH PHUFDGR HP XP GDGR SHUtRGR GH WHPSR VHQWLXDFULVHHFRQ{PLFD6HULQRYDGRUHVWiOLJDGRDFULDU
3RUpPXPDHPSUHVD VHJXLGRUD pEDVWDQWHYXOQHUiYHO D GHPDQGD PHVPR TXH VHMD SHTXHQD H QmR VH DGHTXDU
FLFORVGHFRQVXPRHDRXWURVFRPSHWLGRUHV$WHQGrQFLDp SDUDSRGHUFDSWXUDUXPDGHPDQGDTXHRPHUFDGRMiWHP
GLPLQXLU VXD OXFUDWLYLGDGH SDUD PDQWHU VXD SDUFHOD GH &RPHoDUFRPR³SRUTXr´JHUDLQRYDo}HVPDLVLPSRUWDQWHV
PHUFDGRDRORQJRGRWHPSR &RPHoDU FRP ³R TXH´ JHUD FySLDV PHVPR TXH VHMDP
FySLDVSDWHQWHiYHLV


$LPSRUWkQFLDGRSRUTXr

2&tUFXORGH2XURpEDVHDGRQDGLUHomRTXHDVUHVSRVWDVH
GHFLV}HV SHUFRUUHP QR FpUHEUR KXPDQR 2 ³SRUTXr´ H R
³FRPR´HVWmRUHODFLRQDGRVFRPRVLVWHPDOtPELFRTXHp
UHVSRQViYHO SRU WRGDV DV HPRo}HV H WDPEpP SHOR
FRPSRUWDPHQWRHSRUGHFLV}HVTXDQWRDRIXWXUR-iR³R
TXH´ HVWi UHODFLRQDGR FRP R QHRFRUWH[ TXH p D SDUWH
FHUHEUDO UHVSRQViYHO SHOD DQiOLVH UDFLRQDO H SHOD
OLQJXDJHP


$LPSRUWkQFLDGRSRUTXr

2VSDVVRVSDUD'RLW8SYmRQDPHVPDGLUHomRGR&tUFXOR 2 SRUTXr TXH p FRPSRVWR SHODV SULQFLSDLV YRQWDGHV GRV

GH2XUR LQGLYtGXRVGHYHVHUDSULQFLSDOUD]mRGRGHVHQYROYLPHQWRGH
XPDHPSUHVD
2 FRPHoR GR GHVHQYROYLPHQWR GH XPD HPSUHVD GHYH VHU
FRQVWUXtGR VREUH D UHDO PRWLYDomR GR HPSUHHQGHGRU SDUD $SyV R HQWHQGLPHQWR FODUR GDV SULQFLSDLV YRQWDGHV GR
FRPHoDURQHJyFLR4XDOpR³SRUTXr´SRUWUiVGHVXDFULDomR HPSUHHQGHGRUpSRVVtYHOLGHQWL¿FDUTXDLVDVQHFHVVLGDGHVGR
2PDSDGRSURSyVLWRRLQtFLRGRSURFHVVRpGHVHQKDGRSDUD PHUFDGR TXH R HPSUHHQGHGRU RX RV IXQGDGRUHV SRGHP
LGHQWL¿FDURUHDOSURSyVLWRGRHPSUHHQGHGRUVXDVKDELOLGDGHV DWHQGHU(VVDpDPHOKRUSURSRVWDGHYDORU$PHOKRUSURSRVWD
SDL[}HV VHXV REMHWLYRV H VRQKRV RX VHMD R TXH p PDLV GHYDORUpWDPEpPRPHOKRUGULYHGHLQRYDomRGRPRGHORGH
LPSRUWDQWHSDUDHOH QHJyFLRTXHXPDHPSUHVDSRGHFULDU

ÉUHDHPRFLRQDO 0DSDGRSURSyVLWR
PHOKRUSURSRVWDGHYDORU

ÉUHDHPRFLRQDO 0HOKRU
0RGHORGHQHJyFLR
ÉUHDUDFLRQDO
3URGXWRV
HOLQJXDJHP
6HVVmRGHYHQGDV
6HVVmRGHSODQHMDPHQWR
5HYLVmRGHSHUIRUPDQFH


$LPSRUWkQFLDGRSRUTXr

3RU IDYRU QmR TXHEUH VXD FDEHoD WHQWDQGR LQYHQWDU

HVWUDWpJLDVSHUIHLWDVSDUDPRQWDUVHXPRGHORGHQHJyFLRV
2 PRGHOR GH QHJyFLRV p R ³FRPR´ GR IXQFLRQDPHQWR GH
XPD HPSUHVD H p UHODFLRQDGR FRP D SDUWH GR FpUHEUR
UHODWLYDjVHPRo}HV0RVWUDUHPRVFRPR³SHUFHEHU´TXDOp
VHX FRUUHWR PRGHOR GH QHJyFLR SDUD HQWUHJDU D PHOKRU
SURSRVWDGHYDORUDRPHUFDGR

2VSDVVRV¿QDLVVmRUHODFLRQDGRVDRSURFHVVRUDFLRQDOGR
GHVHQYROYLPHQWR GH XPD HPSUHVD FRPR PHQX GH
SURGXWRV HVWUDWpJLD GH YHQGDV SODQHMDPHQWRV H PHWDV
7XGRIRUPDWDGRSDUDJDUDQWLUTXHVXDSURSRVWDGHYDORUVH
WRUQH UHDO 1R ¿QDO WRGD D VRFLHGDGH p EHQH¿FLDGD SRU
QHJyFLRV H¿FLHQWHV TXH UHÀHWHP R SURSyVLWR GH VHXV
HPSUHHQGHGRUHVRXIXQGDGRUHV0DLVGRTXHLVVRYRFr
VHUi R PDLRU EHQH¿FLDGR DR GHVHQYROYHU XPD HPSUHVD
H¿FLHQWHHOXFUDWLYDXWLOL]DQGRDPHOKRUSURSRVWDGHYDORU
SDUDRQHJyFLRRXVHMDHPSUHHQGHQGRRVHX³SRUTXr´

'RLW8SpRPHVPRSURFHVVRVHMDSDUDHPSUHHQGHGRUHV
LQGLYLGXDLV VHMD SDUD XPD HPSUHVD FRP YiULRV
IXQGDGRUHV 6H Ki PDLV GH XP IXQGDGRU HOHV DSHQDV
SUHFLVDPFRPSDUWLOKDUSRUTXrVVHPHOKDQWHV


0DSDGRSURSyVLWR

2SULPHLURSDVVRQRSURFHVVRGR'RLW8SpXPPRPHQWR $OJXQVH[HPSORVGHSHUJXQWDV
GHUHÀH[mRSDUDRHPSUHHQGHGRU1R0DSDGR3URSyVLWR
EXVFDUHPRV 3RUTXHYRFrVHODQoRXQRVHXQHJyFLR"

x 3URSyVLWRUHDOSDL[}HVREMHWLYRVSHVVRDLVHVRQKRV 
GRHPSUHHQGHGRURXGRVIXQGDGRUHV
x +DELOLGDGHVQDWXUDLVYLVmRUD]mRHVDWLVIDomRHP 4XDOpDDWXDOVLWXDomRGRVHXQHJyFLR"
HPSUHHQGHU 
x $UD]mRSDUDRQHJyFLRH[LVWLU 
x 2EMHWLYRVSHVVRDLVGRHPSUHHQGHGRU
x 6H RV UHVXOWDGRV H R SRVLFLRQDPHQWR GH PHUFDGR 4XDLVVmRDVSULQFLSDLVGL¿FXOGDGHVSDUDDOFDQoDURVUH
DOPHMDGRV HVWmR VHQGR DOFDQoDGRV 6H QmR HVWmR VXOWDGRVTXHYRFrDOPHMD"/LVWHRV
TXHFRPSRUWDPHQWRGRHPSUHHQGHGRULQÀXHQFLDHVWH 
UHVXOWDGR FUHQoDVOLPLWDQWHVYLVmROLPLWDGDHWF  
x $FRQWULEXLomRGRHPSUHHQGHGRURXGRVIXQGDGRUHV
SDUDRPXQGR 4XDOpDVXDIRUPDomR"3RUTXHRSWRXSRUHVVHFXUVR"
x 5HDOSRWHQFLDOGRQHJyFLR 

eLPSRUWDQWHGHVWDFDUTXHSDUDHQWHQGHURSURSyVLWRGR
HPSUHHQGHGRU RX GRV IXQGDGRUHV p FUXFLDO TXH FDGD
UHVSRVWDVHMDH[WUHPDPHQWHKRQHVWDHDXWrQWLFD



0DSDGRSURSyVLWR

 2 TXH YRFr PDLV JRVWDYD GH ID]HU TXDQGR HUD PDLV &RPRYRFrSRGHDSULPRUDUVHXQHJyFLRHVHXSRVLFLR
MRYHP" QDPHQWRGHPHUFDGRXWLOL]DQGR³VXDVKDELOLGDGHV"
 
 
4XDLVHUDPVHXVVRQKRVHPDLRUHVKDELOLGDGHVTXDQGR
FULDQoD"  4XDO p D PDLRU FRQWULEXLomR TXH YRFr SRGH GDU DR
 PXQGRHjRXWUDVSHVVRDV"
 

 &RPR YRFr SRGH FRQHFWDU VHXV VRQKRV VXD YLVmR H
SDL[}HVGHTXDQGRFULDQoDFRPDVKDELOLGDGHVTXHPDLV &RP D LQIRUPDomR IRUQHFLGD p SRVVtYHO UHDOL]DU XPD
SUHFLVDKRMHQRVVHXVQHJyFLRV" VtQWHVHGRSURSyVLWRGRHPSUHHQGHGRUHVDEHUTXDOpRVHX
 YHUGDGHLURSRWHQFLDOQDTXHOHQHJyFLR

4XHPTXHUTXHHVWHMDIDFLOLWDQGRR0DSDGR3URSyVLWR XP
 4XDLV VmR DV KDELOLGDGHV TXH YRFr SRGH FKDPDU GH FRDFK XP FRQVXOWRU RX R SUySULR HPSUHHQGHGRU  SRGH
³VXDV" DJRUDROKDUSDUDFDGDDVSHFWRGDLQIRUPDomRUHYHODGD±H
 ROKDUWDPEpPSDUDRPHUFDGRSDUDYHUFRPRRSURSyVLWRGR


 HPSUHHQGHGRUVHHQFDL[DQHOH+DYHUiDOJXPDVSLVWDVGH
FRPR VHXV DVSHFWRV SHVVRDLV H SUR¿VVLRQDLV SRGHP
UHDOPHQWHHQFDQWDUDVSHVVRDV


0DSDGRSURSyVLWR

e LQWHUHVVDQWH QRWDU TXH R SURSyVLWR GR HPSUHHQGHGRU HPSUHVDDOFDQoDURQtYHOGHSHUFHSomRGHVHULPSRUWDQWH

WUDUi VHPSUH XP JUDX GH LQRYDomR SDUD DWHQGHU DV SDUD D YLGD GDV SHVVRDV HOD VHUi OtGHU QR PHUFDGR H
QHFHVVLGDGHV GR PHUFDGR &DGD DXWHQWLFLGDGH WUD] SRGHUiSUDWLFDUSUHoRVUHODWLYDPHQWHPDLRUHVGRTXHVHXV
FRQVLJRDOJXPJUDXGHQRYLGDGHRXDWpPHVPRDOJXPD FRQFRUUHQWHV H SRUWDQWR REWHU PHOKRUHV PDUJHQV
LGHLDGHVWUXWLYD &RPSHWLomR SRU SUHoRV p SDUD DV HPSUHVDV TXH VmR
VHJXLGRUDV
1HVVD IDVH DLQGD QmR Ki D ¿JXUD LQWHLUD GD PHOKRU 
SURSRVWD GH YDORU H GR PRGHOR GH QHJyFLR GR 8PDHPSUHVDOtGHUWHUiRWDPDQKRGRSURSyVLWRGHVHXV
HPSUHHQGLPHQWR&RQWXGRMipSRVVtYHOSHUFHEHURTXmR IXQGDGRUHV+iXPERPFDPLQKRSDUDFKHJDUjOLGHUDQoD
HVSHFLDOpRSURSyVLWRGRHPSUHHQGHGRUSDUDDVSHVVRDV PDVWXGRFRPHoDFRPXPERP³SRUTXr´
(VmRHODVD¿QDOTXHFRPS}HPRPHUFDGR
$OpP GLVVR YLYHU R SURSyVLWR H DSULPRUDU D H[SHULrQFLD
7RPH H[HPSORV FRPR 6WHYH -REV RX (ORQ 0XVN 2 SHVVRDOpDPHOKRUIRUPDGHDOJXpPHQFRQWUDUIHOLFLGDGH
SURSyVLWRGHFDGDXPpWmRHVSHFLDOTXHHVWiPRYHQGRR HP VXD YLGD (VVD p XPD FDUDFWHUtVWLFD LPSRUWDQWH GDV
PXQGR SDUD D IUHQWH $t HVWi D JUDQGH TXDOLGDGH GH PXGDQoDVGRPHUFDGRQHVWHVpFXOR*DQKDUGLQKHLURRX
QHJyFLRV TXH VmR JXLDGRV SHOR YHUGDGHLUR SURSyVLWR GR WHUXPHPSUHJRFRPERPVDOiULRQmRGHYHVHUFDXVDGH
HPSUHHQGHGRUTXDQGRXPDHPSUHVDpOtGHUGHPHUFDGR LQVDWLVIDo}HVRXPiTXDOLGDGHGHYLGDSDUDQLQJXpP1D
HODLUiLPSXOVLRQDUVXDiUHDGHLQÀXrQFLDSDUDPHOKRU( YHUGDGHTXDQWRPDLVIHOLFLGDGHHEHPHVWDUXPDHPSUHVD
HVVH p R PHOKRU DWLYR TXH VH SRGH WHU VHU YLVWD FRPR SURSRUFLRQD HP VXD FDGHLD GH YDORU PDLV HOD VHUi
QHFHVViULDSDUDDYLGDGDVSHVVRDV OXFUDWLYD FRPSHWLWLYD H EHPVXFHGLGD 6H DR FRQWUiULR
 
SURGX]LQVDWLVIDo}HV HPVXDFDGHLD GHYDORUIDWDOPHQWH
$ERDQRWtFLDpTXHQmRpSUHFLVRWHURWDPDQKRGD$SSOHRX
D DPELomR GD 7HVOD SDUD VHU EHPVXFHGLGR 6H XPD 
VHUiVXSHUDGDSRUHPSUHVDVTXHPHOKRUDPDH[SHULrQFLD
GDVSHVVRDV


$PHOKRUSURSRVWDGHYDORU

$SyVWHURHQWHQGLPHQWRFODURVREUHRVPDLRUHVSRWHQFLDLV GH 2XUR $ SULQFLSDO GLIHUHQoD p TXH HQFRQWUDUHPRV D

H R SURSyVLWR GR HPSUHHQGHGRU SRGHPRV FRPHoDU D PHOKRU SURSRVWD FRPR XP WRGR HP YH] GH VRPHQWH
DGHTXiORVDRQHJyFLR$SURSRVWDGHYDORUpDSULQFLSDO SURGXWRV $LQGD QmR p R PRPHQWR GH HVWDEHOHFHU RV
LGHQWLGDGH GD HPSUHVD H WDPEpP R LQtFLR GH TXDOTXHU SURGXWRVGDHPSUHVD
PRGHORGHQHJyFLRV
1RSURFHVVR'RLW8SDSURSRVWDGHYDORUGDHPSUHVD
4XDQGRRSRUTXrGRHPSUHHQGHGRUpFODURDSURSRVWDGH DLQGDHVWiUHVSRQGHQGRjTXHVWmR³SRUTXHID]HPRVRTXH
YDORUQmRpFULDGDHODpHQFRQWUDGD,VVRDFRQWHFHSRUTXH ID]HPRVHPQRVVDHPSUHVD"´3URGXWRVVmRUHODFLRQDGRV
R HPSUHHQGHGRU XWLOL]D VXDV KDELOLGDGHV VHX SRQWR GH jTXHVWmR³RTXHQyVID]HPRV"´$TXLDPHOKRUSURSRVWDp
YLVWDHDWpVXDVSUHIHUrQFLDVTXDQGRID]DOHLWXUDEDVHDGR D UHVSRVWD GR SRUTXr D HPSUHVD ID] R TXH HOD ID] e R
HPVXDSUySULDH[SHULrQFLDGHYLGDGRTXHHVWiIDOWDQGRQR SURSyVLWR GR QHJyFLR QmR PDLV R SURSyVLWR GR
PHUFDGRGHTXDLVVmRDVQHFHVVLGDGHVGDVSHVVRDVHGR HPSUHHQGHGRU RX GRV IXQGDGRUHV DLQGD TXH HVWHMD
TXH p H¿FD] SDUD DWHQGrODV )D] LVVR QR VHX GLDDGLD GLUHWDPHQWHOLJDGRDHOH
VHPPXLWDVYH]HVSHUFHEHU
(VVD IDVH VHUi XP H[HUFtFLR GH EUDLQVWRPLQJ QR TXDO R
3RUWDQWRQmRYDPRVDTXLGH¿QLURXSURMHWDUXPDSURSRVWD HPSUHHQGHGRURXIXQGDGRUVHUiLQVWLJDGRDUHVSRQGHURV
GHYDORUQyVYDPRVHQFRQWUDUD0HOKRU3URSRVWDGH9DORU VHJXLQWHVTXHVWLRQDPHQWRV
TXH R HPSUHHQGHGRU RX IXQGDGRUHV SRGHP RIHUHFHU DR  4XH WLSR GH Do}HV RV FOLHQWHV UHDOL]DP TXH VmR
PHUFDGRDWUDYpVGHVHXQHJyFLR UHODFLRQDGDV FRP R SURSyVLWR GR HPSUHHQGHGRU"
3RU H[HPSOR RV FOLHQWHV GD (GLWRUD 9RR YmR jV
3DUDWDQWRXWLOL]DPRVR&DQYDVGD3URSRVWDGH9DORUGH OLYUDULDVFRPSUDUOLYURV 
$OH[DQGHU 2VWHUZDOGHU FRP DOJXPDV PRGL¿FDo}HV
UHODFLRQDGDVDRSURSyVLWRGRHPSUHHQGHGRUHDR&tUFXOR 
 4XDLVJDQKRVRVFOLHQWHVHVWmRSURFXUDQGRTXDQGR
H[HFXWDPDOJXPDGHVVDVDo}HV" 4XHUHPVH


$PHOKRUSURSRVWDGHYDORU

LQVSLUDUFRPQRYDVKLVWyULDV PDLRUYHWRUGHLQRYDomRGR&DQYDVGD3URSRVWDGH9DORU
 4XDLV GRUHV H LQVDWLVIDo}HV HVWmR HQYROYLGDV QR
SURFHVVR GH UHDOL]DU HVVDV Do}HV" e GLItFLO $SyVSUHHQFKHURVTXDGURVpKRUDGHHQFRQWUDUD0HOKRU
HQFRQWUDU KLVWyULDV DXWrQWLFDV H TXH JHUHP DOJR 3URSRVWD GH 9DORU ( YRFr GHYH HQFRQWUiOD FRP VXD
H[WUDRUGLQiULRHPSUROGDVRFLHGDGH  LQWXLomRPDLVGRTXHFRPRXPH[HUFtFLRUDFLRQDO
$SDUWLUGHVVDOHLWXUDVmROHYDQWDGDVDVPHOKRUHVIRUPDV
TXHRHPSUHHQGHGRUSRGHDWHQGHUjVQHFHVVLGDGHVGRV /HLD QRYDPHQWH WRGR R TXDGUR FRPR YRFr Or DV
FOLHQWHVFRPRWDPEpPDOLYLDUDVGRUHVHQYROYLGDVHPVXDV QHFHVVLGDGHV H GRUHV GR PHUFDGR H FRPR YRFr SRGH
Do}HVHSURSRUFLRQDUDVPHOKRUHVH[SHULrQFLDV DWHQGrODV5HOHPEUHVHXSURSyVLWRSHVVRDOVHXSRUTXr
 $OtYLR GDV GRUHV FRPR R QHJyFLR SRGH DOLYLDU RX VXDVKDELOLGDGHVSDL[}HVVHXVVRQKRVHQ¿PWXGRRTXH
HUUDGLFDU DV GRUHV GRV FOLHQWHV" ,QWURGX]LQGR QR HVWi OLVWDGR QR 0DSD GR 3URSyVLWR &RPELQH FRP D VXD
PHUFDGR OLYURV FRP FRQWH~GR LQRYDGRU TXH HPSDWLD SHODV SHVVRDV H GHVFXEUD TXDO p D UHDO
PRELOL]HP H HPSRGHUHP DV SHVVRDV D FULDU XP H[SHULrQFLDTXHYRFrSRGHRIHUHFHUDHODV
PXQGRPHOKRU
 *DQKRV DGLFLRQDLV TXDLV JDQKRV VmR RIHUHFLGRV 8PGRVH[HPSORVYLYHQFLDVTXHPDLVUHFRUGDPRVIRLRGH
SDUD R FOLHQWH TXH HOH QmR HVSHUDYD" &RPR D XP DUTXLWHWR TXH SDVVRX SHOR SURFHVVR 'R LW 8S H
H[SHULrQFLDSRGHVHUDSULPRUDGDHDHPSUHVDID]HU GHVFREULXTXHVXDPHOKRUSURSRVWDGHYDORUQmRHUDYHQGHU
GLIHUHQoDQDYLGDGRVFOLHQWHV" $(GLWRUD9RRYDL SURMHWRV GH DUTXLWHWXUD PDV VLP UHDOL]DU R GHVHMR GH
DOpP GRV OLYURV H UHDOL]D Do}HV SDUD TXH VXDV PXGDQoDGDVSHVVRDVDWUDYpVGRVHXWUDoRRULJLQDO,VVR
KLVWyULDV LPSDFWHP GH IDWR VHXV OHLWRUHV H D PXGRXFRPSOHWDPHQWHRMHLWRGHROKDUSDUDRVHXSUySULR
VRFLHGDGH QHJyFLR6XDHPSUHVDFUHVFHXPDLVGHQHVWHDQRGH
(VVDSDUWHGRTXDGURPRVWUDPXLWRVREUHRSURSyVLWRHRV HPTXHRPHUFDGRGHYHUHGX]LUVHXFUHVFLPHQWRHP
WDOHQWRVLQWHUQRVGRHPSUHHQGHGRURXIXQGDGRUeR WRUQRGH


$PHOKRUSURSRVWDGHYDORU

&DQYDVGD
3URSRVWDGH9DORU
$OHLWXUDTXHRHPSUHHQGHGRUWHPGRPHUFDGR

0RGRVGHDWHQGHU /HLWXUDGDVQHFHVVLGDGHV
DRPHUFDGR GRPHUFDGR

*DQKRVDGLFLRQDLV *DQKRVHVSHUDGRV
FRPDomR
)LOWURGHSURSyVLWR

$o}HVTXH
0HOKRUSURSRVWDGH RVFOLHQWHV
YDORU SUHFLVDPID]HU

$OtYLRGRVFOLHQWHV 'RUHVGRVFOLHQWHV


 


0RGHORGHQHJyFLRV

2PRGHORGHQHJyFLRVpRSULQFLSDODUUDQMRGDHPSUHVDR PRGHOR GH QHJyFLRV TXH VHMD EDVWDQWH LQRYDGRU p

Q~FOHR GH VXD HVWUXWXUD 2 SODQHMDPHQWR GH FXVWRV H SUHFHGLGR GH XPD IDQWiVWLFD SURSRVWD GH YDORU TXH SRU
UHFHLWDVFDQDLVGHYHQGDVUHODFLRQDPHQWRFRPFOLHQWHV VXDYH]pSUHFHGLGDSHORUHDOSRUTXrGRVIXQGDGRUHV$
HQ¿PWXGRRTXHFRPS}HRQHJyFLRGDHPSUHVDSUHFLVD 7HVOD 0RWRUV QmR JDVWD XP FHQWDYR HP PDUNHWLQJ H
VHURWLPL]DGRQHVWHPRGHOR SURSDJDQGD (VVD p D IRUPD TXH HQFRQWUDUDP SDUD VHX
PRGHOR GH QHJyFLRV ( HOD HVWi PXGDQGR R PHUFDGR
(OHGHYHVHUDPHOKRUIRUPDGHWRUQDUSRVVtYHODPHOKRU DXWRPRELOtVWLFR
SURSRVWD GH YDORU GH XPD HPSUHVD SDUD R PHUFDGR GH
PDQHLUDOXFUDWLYD2PDLVLQWHUHVVDQWHpTXHTXDQGRXPD 2EMHWLYDPHQWH DV HPSUHVDV LQRYDGRUDV SRGHP SUDWLFDU
HPSUHVDRIHUHFHXPDSURSRVWDGHYDORUJHQXtQDHODWHP XP SUHoR UHODWLYR PDLRU GR TXH VXDV FRQFRUUHQWHV QR
FRQGLo}HV GH SUDWLFDU SUHoRV PDLV GLVWDQWHV GRV FXVWRV PHVPRVHJPHQWRRXREWHUPDLRUOXFUDWLYLGDGHUHODWLYD2X
PDUJLQDLV GH VHXV SURGXWRV (P RXWUDV SDODYUDV VHMDVHQmRKRXYHHVVHDFUpVFLPRQmRKRXYHLQRYDomR$
HPSUHVDVLQRYDGRUDVSRGHPSUDWLFDUSUHoRVPDLRUHVGR $SSOH p D HPSUHVD SULYDGD PDLV OXFUDWLYD GR PXQGR
TXHHPSUHVDVVHJXLGRUDV 3RVVXtD  GH SDUWLFLSDomR QR PHUFDGR GH
VPDUWSKRQHV FRQWUD  GD 6DPVXQJ QR SULPHLUR
$OJXQV QHJyFLRV OLGDP FRP DVSHFWRV GLIHUHQWHV GD TXDUWRGH&RQWXGRD$SSOHREWHYHGRVOXFURV
SURSRVWDGHYDORUFRPRIDWRUHVSULQFLSDLVSDUDFRQVWUXtUHP QHVVH PHUFDGR GXUDQWH R PHVPR SHUtRGR HQTXDQWR D
YDQWDJHQVFRPSHWLWLYDV1RYRVHPDLVH¿FLHQWHVPRGHORV 6DPVXQJ 2XWUDVFRPSDQKLDVWLYHUDPSUHMXt]RSRU
GHJHVWmRHVWUXWXUDVGH3 'SDUFHULDVHHVWUDWpJLDVGH LVVRDVRPDGDVGXDVpVXSHULRUD)RQWHV*DUWQHUH
PDUNHWLQJ VmR ERQV JHUDGRUHV GH OXFURV SRUpP PDLV ,'& 
IiFHLVGHVHUHPFRSLDGRV1RHQWDQWRDSURSRVWDGHYDORU 
HVWi UHODFLRQDGD FRP D SUySULD SHUVRQDOLGDGH GRV
IXQGDGRUHVGHXPDHPSUHVDVHQGRSRUWDQWR~QLFD8P 
9DQWDJHQVFRPSHWLWLYDVTXHYrPGHDVSHFWRVHVWUDWpJLFRV
GRPRGHORGHQHJyFLRVDOKHLRVjSURSRVWDGHYDORUSRGHP


0RGHORGHQHJyFLRV

VHU FRSLDGRV ,QLFLDOPHQWH HVVDV YDQWDJHQV SRGHP DWp HVSRVWDTXHYHPQDPHQWHpSRUTXHQmRTXHUHPRVXWLOL]DU

OHYDUDXPPDLRUSUHoRRXOXFUDWLYLGDGHUHODWLYDSRUpPWDLV UHVSRVWDV FRQYHQLHQWHV SDUD FRPSOHWDU R PRGHOR GH
YDQWDJHQVVHHTXDOL]DPFRPRWHPSRFRPRVFRPSHWLGRUHV QHJyFLRV4XHUHPRVDUHVSRVWDFHUWD&HUWDSDUDFDGDFDVR
FRSLDQGRRXFULDQGRQRYDVHVWUDWpJLDV HVSHFt¿FR 'LIHUHQWHV SURSRVWDV GH YDORU UHTXHUHP
GLIHUHQWHVPRGHORVGHQHJyFLRV
eSRULVVRTXHRPRGHORGHQHJyFLRVLGHDOpDTXHOHTXH
PDLVVHDMXVWDjPHOKRUSURSRVWDGHYDORUGDHPSUHVDTXH 2X VHMD DV VROXo}HV TXH D &RFD&ROD WHP XVDGR VmR
QmRSRGHVHUFRSLDGD SHUIHLWDVSDUDD&RFD&ROD8PDHPSUHVDFRPSURSRVWD
GH YDORU GLIHUHQWH TXH DGRWDU SUiWLFDV GR PRGHOR GH
1D GLUHomR FRUUHWD GR &tUFXOR GH 2XUR R PRGHOR GH QHJyFLRV GD &RFD&ROD FRPR IDWRU FKDYH SDUD VXD
QHJyFLRVpR³FRPR´TXHDLQGDHVWiOLJDGRjSDUWHOtPELFD FRPSHWLWLYLGDGH HVWDUi WRPDQGR XPD GHFLVmR HUUDGD
GRFpUHEURUHVSRQViYHOSHODVHPRo}HV&RPRPRQWDUXP $VVLPHODGHVYLDGRVHXPHOKRUPRGHORGHQHJyFLRVHVH
PRGHORGHQHJyFLRVEDVHDGRHPHPRo}HV"6HQWLQGRRX WRUQD EDVWDQWH UtJLGD H OHQWD DR DGRWDU XP PRGHOR
SHUFHEHQGRDPDQHLUDFRUUHWDFRPRDHPSUHVDGHYHVH SDUWLFXODUPHQWHLQFRPSDWtYHOFRPVXDSURSRVWD
PROGDU SDUD TXH D PHOKRU SURSRVWD GH YDORU HVWHMD
GLVSRQtYHOQRPHUFDGRSDUDVHXVFOLHQWHV 4XDQGRXPHPSUHHQGHGRUHVWLYHUFULDQGRVHXPRGHORGH
QHJyFLRVQRSURFHVVR'RLW8SVHX0DSDGR3URSyVLWRH
3DUD WDQWR QmR ID]HPRV XP EUDLQVWRUPLQJ FRP YiULDV VHX &DQYDV GD 3URSRVWD GH 9DORU GHYHP HVWDU WDPEpP
UHVSRVWDV SRVVtYHLV 3DUD VHQWLU RX SHUFHEHU D PDQHLUD VREUHDPHVDSRLVGDUmRIRUWHVLQVLJKWVGHFRPRSHUFHEHU
LGHDOGHLQWURGX]LUDPHOKRUSURSRVWDGHYDORUQRPHUFDGR RPHOKRUPRGHORGHQHJyFLRDVHUHQFRQWUDGR
SUHFLVDPRVGDSULPHLUDUHVSRVWDGRHPSUHHQGHGRUVREUH 
FDGD DVSHFWR QHFHVViULR GR PRGHOR GH QHJyFLRV ,VVR
SUHFLVDVHUEDVWDQWHLQWXLWLYR$UD]mRGHXVDUDSULPHLUD 
6HRHPSUHHQGHGRUQmRWLYHUIRUPDomRRXFRQKHFLPHQWRHP
QHJyFLRV'RLW8SRIHUHFHXPDDOWHUQDWLYDDR&DQYDVGR


0RGHORGHQHJyFLRV

0RGHOR GH 1HJyFLRV GH$OH[DQGHU 2VWHUZDOGHU R 0DSD

0HQWDOGD(PSUHVD8PDIHUUDPHQWDVLPSOHVEDVHDGDQR
SUySULR &DQYDV GR 0RGHOR GH 1HJyFLR 2 EHQHItFLR GH
XWLOL]iOR p TXH R HPSUHHQGHGRU SRGH FRPSOHWiOR VHP
QHQKXP WUHLQDPHQWR SUpYLR SRLV p EDVWDQWH LQWXLWLYR
EDVWDQGR UHVSRQGHU TXDLV VmR RV HOHPHQWRV QHFHVViULRV
SDUDTXHDSURSRVWDGHYDORUVHWRUQHUHDO20DSD0HQWDO
GD(PSUHVDpDSUHVHQWDGRQDSUy[LPDSiJLQD


0DSDPHQWDOGDHPSUHVD

/LJDomRHQWUHD039H
RVFOLHQWHVSRWHQFLDLV

2TXHpQHFHVViULRID]HUSDUDD039
¶JDQKDUYLGD·HVHUHQWUHJXHDRFOLHQWH"


0HQXGHSURGXWRV

$SyVDOFDQoDUDPHOKRUSURSRVWDGHYDORUHRPRGHORGH GHFOLHQWHV2SRQWRLQWHUHVVDQWHGRVSURGXWRVGD7HVODp
QHJyFLRV¿FDPDLVIiFLOFRPSRUTXDLVVmRRVSURGXWRVTXH TXHWRGRVVmRYDULDo}HVGRUHFXUVRFKDYHSULQFLSDOGRVHX
DHPSUHVDYHQGH3URGXWRpR³RTXH´GR&tUFXORGH2XURH PRGHORGHQHJyFLRVEDWHULDVGHOtWLRPDLVEDUDWDVHPDLV
SRGHVHUYLVWRFRPRDSDUWHWDQJtYHOGDSURSRVWDGHYDORUe DYDQoDGDV
FULDGRFRPELQDQGRVHDSURSRVWDGHYDORUGDHPSUHVDR
VHX PRGHOR GH QHJyFLRV H R FRQKHFLPHQWR VREUH R e DWp VLPSOHV $ TXHVWmR SULQFLSDO p WHU EHP FODUR D
PHUFDGR1DLGHDomRGRSURGXWRDVUHVSRVWDVDRVFDPSRV SURSRVWDGHYDORUGDHPSUHVDHDVXDLGHQWLGDGHGXUDQWHD
GR&DQYDVGDSURSRVWDGHYDORUVmREDVWDQWH~WHLV LGHDomRHRGHVHQYROYLPHQWRGHSURGXWRV1mRKiPHOKRU
LQVSLUDomRSDUDLVVRGRTXHDSUySULDSURSRVWDGHYDORUGD
$7HVOD0RWRUVWHPFRPRSURSRVWDGHYDORUSRVVLELOLWDUTXH HPSUHVD(VVHpXPFDPLQKRPDLVSUHFLVRSDUDDFULDomR
DVSHVVRDV¿TXHPOLYUHVGHHQHUJLDVIyVVHLV$WpDJRUD GH SURGXWRV SRGHQGR DWp SURSRUFLRQDU PDLRU WD[D GH
FRPELQDQGRFRPRTXHD7HVODSHUFHEHFRPRQHFHVViULR VXFHVVRGHYDOLGDomRGRVSURWyWLSRVVHMDTXDQWRDRWHVWH
SDUD FRQFUHWL]DU VHX REMHWLYR GH IRUPD OXFUDWLYD D VXD GHFRQFHLWRVHMDHPUHODomRjDFHLWDomRSRUFOLHQWHV
SURSRVWDGHYDORUVHWRUQRXEDVLFDPHQWHWUrVSURGXWRVRV
FDUURV HOpWULFRV DV EDWHULDV 3RZHU:DOO H 3RZHU3DFN$ 6HKiDWLYLGDGHVGH3 'HQYROYLGDVSDUDGHVHQYROYHUR
3RZHU:DOO FRPSOHPHQWD D H[SHULrQFLD TXH RV FDUURV SURGXWRDGLUHomRTXHDVSHVTXLVDVHRGHVHQYROYLPHQWR
HOpWULFRV GD 7HVOD SURSRUFLRQDP H DLQGD WUD] RXWUD GHYHPWRPDUVHWRUQDPDLVFODUDHRVUHVXOWDGRVGHVVDV
LPSOLFDomRRXVRH[FOXVLYRGHHQHUJLDOLPSDHPGRPLFtOLRV DWLYLGDGHVVHWRUQDPPDLVSURGXWLYRV$VQRYDVEDWHULDVGD
(VVHVSURGXWRVSRGHPVHUXWLOL]DGRVFRPRFRPSOHPHQWRV 7HVOD Vy IRUDP SRVVtYHLV TXDQGR (ORQ 0XVN WHYH D
RXVHSDUDGDPHQWH$3RZHU3DFNSRUVXDYH]SRVVLELOLWDR SHUVSLFiFLDGHTXHSRGHULDSURGX]LUEDWHULDVFRPFXVWRGH]
XVR GH HQHUJLD OLPSD SDUD JUDQGHV LQVWDODo}HV 
YH]HVLQIHULRUDRGHEDWHULDVQRUPDLV2PRGHORGHQHJyFLR
DXPHQWDQGRRHVFRSRGHXWLOL]DomRGDWHFQRORJLDHRVWLSRV
GHFOLHQWHV2SRQWRLQWHUHVVDQWHGRVSURGXWRVGD7HVODp 
GD7HVODSUHFLVDGDSDL[mRSURSyVLWRHLQWXLomRGH0XVN
$VFRQTXLVWDVWHFQROyJLFDVGD7HVODVmRUHDLVKRMHPXLWR


0HQXGHSURGXWRV

PDLV SHOR SRUTXr GH VHX &(2 GR TXH SHOR VHX 2 PHVPR DFRQWHFH FRP YiULDV HPSUHVDV TXH WrP VXD
FRQKHFLPHQWR SUpYLR VREUH EDWHULDV H PRWRUHV HOpWULFRV SURSRVWD GH YDORU HP PDLRU LPSRUWkQFLD GR TXH VHXV
(OHDSHQDVGHVHQYROYHXDWHFQRORJLDTXHDSURSRVWDGH SURGXWRVFRPR$SSOH3L[DUH'LVQH\1LNHH$PD]RQ
YDORUGHVXDHPSUHVDGHPDQGDYD$6SDFH;WDPEpPGH
(ORQ 0XVN VH WRUQRX HP DSHQDV GH] DQRV D SULQFLSDO
SDUFHLUD GH ODQoDPHQWRV HVSDFLDLV GD 1DVD VHJXLQGR D
PHVPDOyJLFDGHGHVHQYROYLPHQWRGHWHFQRORJLDDSDUWLUGR
SRUTXr
(ORQ0XVN
3URSyVLWR6RQKRV+DELOLGDGHV
3DL[}HVH2EMHWLYRV

3D\SDO

6SDFH; 6RODU&LW\ +\SHUORRS

7HVOD0RWRUV 3RUTXr
039/LEHUDUDVSHVVRDVGRXVRGH
HQHUJLDVIyVVHLVSWUDQVSRUWH
(YROXomR
3H' JUDGXDO
0DVVLYR SDUD
PHUFDGR
GHPDVVD
&RPR
%DWHULDV
%DUDWDV (YROXomRGD
(ÀFLHQWHV
039 WHFQRORJLD 
0RGHORGH1HJyFLR
3WRUQDU0395($/

0HQXGH3URGXWRV 2TXH

9HtFXORV(OpWULFRV 3RZHU:DOO 3RZHU3DFN

0RGHO6 0RGHO;


0HQXGHSURGXWRV

x 3UHHQFKD R 0HQX GH 3URGXWRV ± ³R TXH´ VHUi x $ FRPSOH[LGDGH GRV SURGXWRV LUi GHPDQGDU
HQWUHJXHDRPHUFDGRFRPRDSURSRVWDGHYDORUGD FRPSOH[LGDGHV DQiORJDV QRV SURFHVVRV GH
HPSUHVD3RGHVHUEHQVRXVHUYLoRV LGHDomRFRQFHLWXDomRHSURWRWLSDJHP
x $SHQDV IDoD D LGHDomR GH TXDLV VHULDP ERQV x /HPEUHVH1XQFDPLVWXUHR&DQYDVGR0RGHORGH
SURGXWRV TXH HQWUHJDULDP D PHOKRU SURSRVWD GH 1HJyFLRVGDVXDHPSUHVDFRPR&DQYDVGR0RGHOR
YDORUDRPHUFDGR2EVHUYHQRYDVLGHLDVÀXtUHP GH1HJyFLRVGHSURGXWRV
x 3UHFL¿TXHRVSURGXWRV x 3URGXWRVVmRGHVFDUWiYHLVQRWHPSR6HXPRGHOR
x 6H YRFr WHP SURGXWRV PDLV FRPSOH[RV p GHQHJyFLRVGDHPSUHVDQmRp
UHFRPHQGiYHOFRQVWUXLUXP&DQYDVGR0RGHORGH
1HJyFLRSDUDFDGDSURGXWR

0HQXGH3URGXWRV

7HPSRGHSURGXomR 3HVVRDVQHFHVViULDV
3URGXWRV 3UHoRGHYHQGDV &XVWRV ,PSRVWRV
KRUDV SSURGX]LU

3URGXWR$ 5 $+RUDV $3HVVRDV 5 $

3URGXWR% 5 %+RUDV %3HVVRDV 5 %

3URGXWR& 5 &+RUDV &3HVVRDV 5 &


%OXHSULQWGRSURFHVVR

0RGRVGHDWHQGHU /HLWXUDGDVQHFHVVLGDGHV
0RGHOR DRPHUFDGR GRPHUFDGR
GH1HJyFLR

32548È
9iULDV
Do}HVIHLWDV

8PDDomR
IHLWD

0HOKRUSURSRVWD
GH9DORU

&202

0HQX 6HVVmR 6HVVmRGH

GH3URGXWRV 248( GH9HQGDV 3ODQHMDPHQWR

'HSHQGHQGRGDFRPSOH[LGDGH
GRSURGXWRXPQRYR%0&
pQHFHVViULR


 
6HVVmRGHYHQGDV

$JRUDpLPSRUWDQWHDSUHVHQWDURQRYRSURGXWRRXVHUYLoR GLUHWDPHQWHQRFUHVFLPHQWRGHYHQGDV
DRPHUFDGR
 eGLIHUHQWHGHTXDQGRRHPSUHViULRFRPHoDXPQHJyFLR
6H RV SURGXWRV GD HPSUHVD VmR VLPSOHV GH FULDU p LPDJLQDQGR TXDO VHULD R PHOKRU SURGXWR D RIHUHFHU QR
LPSRUWDQWH Mi UHDOL]DU DV YHQGDV FRP EDVH QD QRYD PHUFDGR1HVVHFDVRHOHHVWiFRPHoDQGRSHOR³RTXH´H
SURSRVWDGHYDORUHPRGHORGHQHJyFLRV2HPSUHHQGHGRU SRGH HVWDU GHVHQYROYHQGR DOJR TXH QmR WHQKD FRQH[mR
RXIXQGDGRUHVSUHFLVDPVHQWLURSRWHQFLDOGHPHUFDGRGR FRP HOH PHVPR VRPHQWH SRUTXH DFUHGLWD TXH DTXHOD p
QRYRPRGHOR XPDERDLGHLD(VVDpDUD]mRSRUTXHDOJXPDVVWDUWXSV
QmRFRQVHJXHPVHUEHPVXFHGLGDVQmRLPSRUWDTXDQWR
7XGRRTXHIRLGHVHQYROYLGRGHVGHR0DSDGR3URSyVLWR HVIRUoR IRL GHVWLQDGR DR SURMHWR (VVH WLSR GH
WRUQDVHUHDOLGDGHQDVHVVmRGHYHQGDV 1HVVDIDVHDV HPSUHHQGLPHQWRWHUiTXHIDOKDUYiULDVHYiULDVYH]HVDWp
Y H Q G D V  E D V H D G D V  Q R  Q R Y R  P R G H O R  S U R Y D P  D R HQFRQWUDUDOJRTXHWHQKDPDLVDFHLWDomRQRPHUFDGReXP
HPSUHHQGHGRU RX IXQGDGRUHV TXH R SURSyVLWR p JUDQGH HVIRUoR SDUD GHVHQYROYHU XP QHJyFLR TXH p
VXVWHQWiYHOHH¿FLHQWHQRPHUFDGR VHJXLGRU

0DLVGRTXHLVVRVHWRGRVRVSDVVRVIRUDPSHUFRUULGRVGH $VHVVmRGHYHQGDVpGHVHQKDGDSDUDTXHDHPSUHVDVHMD
IRUPD DXWrQWLFD SHOR HPSUHHQGHGRU HOH SHUFHEHUi TXH FDSD]GHYHQGHUVHXQRYRPRGHORGHXPDPDQHLUDPDLV
VHXVSURGXWRVVHWRUQDPPDLVYHQGiYHLV UiSLGDeRPRPHQWRHIHWLYRHPTXHVHGHYHFRPELQDUVXD
SURSRVWDGHYDORUFRPDVQHFHVVLGDGHVGRVFOLHQWHVYLD
4XDQGR D SURSRVWD GH YDORU RIHUHFLGD HVWi GLUHWDPHQWH SURGXWR $TXL DV H[SHFWDWLYDV GHOHV WDPEpP VmR
FRQHFWDGD FRP R TXH GH PHOKRU R HPSUHHQGHGRU SRGH DWHQGLGDV FRPXQLFDQGR FODUDPHQWH FRPR RV SURGXWRV
RIHUHFHUHODHVWDUiPDLVVLQWRQL]DGDFRPDVQHFHVVLGDGHV SRGHP VDWLVID]HU DOJXPDV GH VXDV QHFHVVLGDGHV PDLV
GRV FOLHQWHV 8PD PDLRU HPSDWLD FRP RV FOLHQWHV UHÀHWH XUJHQWHV(VVDpXPDGLQkPLFDHVSHFLDOPHQWHLPSRUWDQWH


6HVVmRGHYHQGDV

SDUDTXHPYHQGHVHUYLoRV  )DoDDDSUHVHQWDomRGDYHQGDRXDFDPSDQKDGH

PDUNHWLQJ
1D VHVVmR GH YHQGDV p FULDGD D DSUHVHQWDomR GRV  $OLQKH DV H[SHFWDWLYDV SDUD DPEDV DV SDUWHV QR
SURGXWRVRXVHUYLoRVSDUDRFOLHQWH RXJUXSRGHFOLHQWHV $ FDVRGHVHUYLoRV 
LGHLDpLQVSLUDUPDLVGRTXHFRQYHQFHU  )DoDDVYHQGDV

5HDOL]HYHQGDV 6HYRFrID]SDUWHGHXPDUHGHGHHPSUHHQGHGRUHVRXGH
HPSUHVDVFRPRR,PSDFW+XE83*OREDO$PFKDPRX
,QVWUXo}HV&DQYDV(VWUDWpJLDGH9HQGDV RXWUDVDVVRFLDo}HVFRPHUFLDLV¿FDUiPDLVIiFLOLGHQWL¿FDU
FRQH[}HVH[LVWHQWHVFRPRVFOLHQWHVRXGHFRQVWUXLUQRYDV
2REMHWLYRGDVHVVmRGHYHQGDVpLGHQWL¿FDUTXDLVYHQGDV FRQH[}HV
MiVmRSRVVtYHLVUHDOL]DUXWLOL]DQGRVHXQRYR
PRGHORGHQHJyFLR±YiHPIUHQWH
 1RPHLHRVFOLHQWHV LGHQWL¿FDGRVSUHYLDPHQWHFRPR
VHJPHQWRVGHFOLHQWHVQRPRGHORGHQHJyFLRV 
 ,GHQWL¿TXH DV QHFHVVLGDGHV SDUWLFXODUHV GH FDGD
FOLHQWHRXJUXSRGHFOLHQWHV
 ,GHQWL¿TXH TXDLV VmR RV FDQDLV H[LVWHQWHV HQWUH
YRFrHRVFOLHQWHV
 &RQVWUXDPHOKRUHVFDQDLV VHQHFHVViULR 
 'HVHQKHXPDHVWUDWpJLDSDUDFDGDFOLHQWHRXJUXSR
GHFOLHQWHV
 )DoDRSULPHLURFRQWDWR


 6HVVmRGHYHQGDV

2&DQYDVGDHVWUDWpJLDGHYHQGDV

0DSHLHDV $SUHVHQWDomRGH
1RPHLHR QHFHVVLGDGHVH &DQDLV &DQDLV (VWUDWpJLD YHQGDV $OLQKDPHQWRGDV
&RQWDWR
R
VHMDOHJDOHDWHQGD H[SHFWDWLYDV
FOLHQWH H[SHFWDWLYDV H[LVWHQWHV DFRQVWUXLU GHRIHUWD DVH[SHFWDWLYDV
GRFOLHQWH
&XUWR3UD]R

0pGLR3UD]R


6HVVmRGHSODQHMDPHQWR

$ VHVVmR GH SODQHMDPHQWR REMHWLYD WRUQDU UHDO R QRYR UHDOL]HXPDSURMHomRUD]RiYHO

PRGHORGHQHJyFLRVGDHPSUHVD7XGRRTXHpDUUDQMDGR
QR PRGHOR GH QHJyFLRV QHFHVVLWD GH Do}HV UHFXUVRV H &RPELQH D SURMHomR GH YHQGDV FRP R RUoDPHQWR GH
WHPSRSDUDVHUHPLPSOHPHQWDGDV LPSOHPHQWDomR GR PRGHOR GH QHJyFLRV R FXVWR GH
SURGXomRGHEHQVRXVHUYLoRVRVFXVWRVRSHUDFLRQDLV±H
(QWmRpLPSRUWDQWHFULDUXPSODQRGHDomRSDUDJDUDQWLU WHUiDYLDELOLGDGHHFRQ{PLFDGRVHXQRYRPRGHOR
TXH R QRYR PRGHOR GH QHJyFLR GD HPSUHVD VHMD
F R P S O H W D P H Q W H  L P S O H P H Q W D G R   3 D U D  T X H  R eLPSRUWDQWHTXHDVSURMHo}HVQmRVHMDPPDLVORQJDVGR
HPSUHHQGLPHQWRVHMDEHPVXFHGLGRpIXQGDPHQWDOTXHR TXHGRLVDQRVeGLItFLOUHDOL]DUSURMHo}HVSUHFLVDVSDUDXP
PRGHORGHQHJyFLRVDLDGRSDSHOHVHMDRSHUDFLRQDOL]DGR SHUtRGR GH WHPSR PDLRU 7DPEpP H PDLV LPSRUWDQWH R
PHQX GH SURGXWRV GHYH VHU UHYLVDGR QR Pi[LPR QHVWH
e HVVHQFLDO VHU KRQHVWR FRP R SUD]R QHFHVViULR SDUD SHUtRGR $R SUySULR PRGHOR GH QHJyFLRV GD HPSUHVD
LPSOHPHQWDUFDGDDVSHFWRGRPRGHORGHQHJyFLR7HPSR SRGHPVHULQFUHPHQWDGRVQRYRVDVSHFWRVTXHVHWRUQDUmR
QHFHVViULRpGLIHUHQWHGRWHPSRGHVHMDGR2LPSRUWDQWHp GLVSRQtYHLV GRLV DQRV j IUHQWH PDV VHP PXGDU D VXD
TXH RV DVSHFWRV GR PRGHOR GH QHJyFLRV VHMDP HVVrQFLD
LPSOHPHQWDGRV H[DWDPHQWH FRPR IRUDP GHVHQKDGRV QR
SDSHO $YLDELOLGDGHHFRQ{PLFDGRQRYRPRGHORGHQHJyFLRVGD
HPSUHVD WHP D IXQomR GH PRVWUDU D IRWRJUD¿D GR VHX
$V SURMHo}HV GH YHQGDV SRGHP VHU IHLWDV GXUDQWH R SRWHQFLDO GH PHUFDGR GDQGR DR HPSUHHQGHGRU RX
SODQHMDPHQWR2OKHSDUDRVHXFDQYDVGHHVWUDWpJLDVGH IXQGDGRUHVDFRQ¿DQoDQHFHVViULDHPDLVHQHUJLDSDUDR
YHQGDV VHX FRQKHFLPHQWR VREUH R PHUFDGR H VXD GHVHQYROYLPHQWR GR QRYR PRGHOR &DGD SHVVRD PHUHFH
FDSDFLGDGH HP HQWUHJDU RV SURGXWRV RX VHUYLoRV )DoD GHVHQYROYHUHYLYHUVXDPHOKRUKLVWyULDGHQHJyFLRV
PDUFRV GH VHLV PHVHV SDUD R LQFUHPHQWR GH YHQGDV H


 6HVVmRGHSODQHMDPHQWR

(VFUHYDFDGDHOHPHQWRGRPRGHORGHQHJyFLRVHFRQVWUXDXPSURMHWRGHLPSOHPHQWDomRSDUDHOH
'HVFUHYD PXLWR EHP TXDLV VmR RV UHVXOWDGRV HVSHUDGRV SDUD FDGD HOHPHQWR
(VVDpDJDUDQWLDGHTXHVHXPRGHORVDLUiGRSDSHOPDQWHQGRDTXDOLGDGHHPTXHIRLFULDGR

*HWWKHPRGHOGRQH $YDOLDomRGRSURMHWR

1tYHOGH 3Up 'DWDGH 'DWDGH 5HVXOWDGRV 3RUFHQWDJHP 2TXHHVWi 6ROXomRGH

$omR SULRULGDGH UHTXLVLWRV
7DUHIDV 'XUDomR 2UoDPHQWR
HVSHUDGRV FRPSOHWD GLÀFXOWDQGR
LQtFLR WpUPLQR SUREOHPDV

$WLYLGDGHV
FKDYH

5HFXUVRV
FKDYH

3DUFHLURV
FKDYH

5HODFLRQDPHQWR
FRPRFOLHQWH

&DQDLVGH
YHQGD
&OLHQWHV XWLOL]HR
FDQYDVGHHVWUDWpJLD
GHYHQGDV

3URSRVWDGH
YDORU


 6HVVmRGHSODQHMDPHQWR

)HUUDPHQWDVGHSODQHMDPHQWR
6HMDKRQHVWRFRPVXDFDSDFLGDGHGHVHODQoDUjYHQGDV QHPPHQRUQHPPDLRU 
ROKHSDUDRVHXPRGHORGHQHJyFLRVSHQVHTXmRORQJHTXHUFKHJDUHFRPRYRFrSRGHUHDOL]DULVWR
&ULHPDUFDVGHPHVHVGHLQFUHPHQWRGHYHQGDVSDUDRVSUy[LPRVDQRV
&RPELQHDSURMHomRGHYHQGDVFRPRPHQXGHSURGXWRVHVHXRUoDPHQWRGHLPSOHPHQWDomRGR
PRGHORGHQHJyFLRSDUDREWHUDYLDELOLGDGHHFRQ{PLFDGRVHXHPSUHHQGLPHQWRUHQRYDGR

3URMHo}HVGHYHQGDV

0HVHVSDUD
FRPHoDUDYHQGHU 9HQGDVGRPrV
R
9HQGDVGRPrV
R
9HQGDVGRPrV
R
9HQGDVGRPrV
R

3URGXWR$

3URGXWR%

3URGXWR&


 6HVVmRGHSODQHMDPHQWR

)HUUDPHQWDVGHSODQHMDPHQWR
'RLW8SMiDMXGRXDDXPHQWDUHPPpGLDPDLVGHGXDVYH]HVDUHFHLWDDQXDOGHVHXVFOLHQWHV
6LJDWRGRVRVSDVVRVHGHVFXEUDTXDOpRSRWHQFLDOGRVHXQHJyFLRLPSXOVLRQDGRSHORVHXSUySULR
SRUTXr
eLQWHUHVVDQWHGHVFREULUTXHXWLOL]DUVHXSRUTXrSHVVRDOQRQHJyFLRQmRDSHQDVIDUiPDLVVHQWLGR
SDUDYRFrFRPRWDPEpPDXPHQWDUiPXLWRPDLVRVHXSRGHUGHPHUFDGR
&ULDUPDLVYDORUSDUDDVSHVVRDVpDFKDYHSDUDFULDUPDLVYDORUSDUDVXDSUySULDHPSUHVD

5HVXOWDGRVDQXDLVSDUDDQRV
H[HPSOR

$QR $QR

5HFHLWD  

&XVWRV  

2UoDPHQWR
 
LPSOHPHQWDomR
5HVXOWDGR
 
DQXDO
2QRYRPRGHORGHQHJyFLRGDHPSUHVDH[HPSORWHPXPOXFURGHDQRVQRYDORUGH86PLO


5RGDGRHTXLOtEULRGHYLGD

x 3DUDDOFDQoDUH[FHOrQFLDQRVQHJyFLRVHQDYLGD
FRPRSURSRPRVpQHFHVViULREDVWDQWHHQHUJLD
x )D]HURTXHDPDHPVXDYLGDSHVVRDOOKHGDUiD
HQHUJLDHRHTXLOtEULRQHFHVViULRVSDUDHPSUHHQGHU
x &RQ¿UD FDGD DVSHFWR GD VXD YLGD SHVVRDO RV
HOHPHQWRVGDURGD HSHUFHEDTXDLVHOHPHQWRVWrP
VLGRVDWLVIHLWRVHTXDLVQmRHPGHWHUPLQDGRJUDX
x 2UJDQL]HVHHGLVSRQLELOL]HVHSDUDID]HUWXGRRTXH
YRFrUHDOPHQWHDPDHpLPSRUWDQWHSDUDYRFrGH
XPD IRUPD EDODQFHDGD FRP DV DWLYLGDGHV GR VHX
QHJyFLR
x 9RFr SRGH FRORULU GXDV GLIHUHQWHV URGDV QD
SULPHLUD DIUDomRGHVHMDGD GHFDGD DWLYLGDGH HP
TXHJRVWDULDGHXWLOL]DUVHXWHPSR1DVHJXQGDD
DWXDOIUDomRGHDWLYLGDGHVTXHWrPFRQVXPLGRVHX
WHPSR
x 8VH D SULPHLUD URGD FRPR XP REMHWLYR &RORTXH
PDLV DWLYLGDGHV SUD]HURVDV HP VXD DJHQGD
VHPDQDO,VVRHOHYDUiEDVWDQWHVXDSURGXWLYLGDGH
6XUSUHHQGHQWHPHQWHYRFrWHUiXPDVHQVDomRGH
WHU PDLV WHPSR GR TXH DQWHV SDUD ID]HU R TXH
QHFHVVLWDSDUDVHXQHJyFLRHSDUDVLPHVPR


 'RLW8S
$SyVSDVVDUSRUWRGRVRVSDVVRVGH'RLW8SYRFrVDEHUi

x 4XDOpRVHXSURSyVLWRVHXVSRWHQFLDLVHVRQKRVRVHXSRUTXr
x $PHOKRUSURSRVWDGHYDORUTXHYRFrSRGHRIHUHFHUDRPHUFDGR
x 4XDOpRPRGHORGHQHJyFLRVPDLVDSURSULDGRSDUDHQWUHJDUVXDIDQWiVWLFDSURSRVWDGHYDORUSDUDRPHUFDGR
x &ULDUXPDUUDQMRGHSURGXWRVTXHLUiVDWLVID]HUDVQHFHVVLGDGHVGRVVHXVFOLHQWHVHQWUHJDQGRRYDORUTXHYRFr
RIHUHFHDHOHV
x 2UJDQL]DUVXDHVWUDWpJLDSDUDUHDOL]DUERDVYHQGDV
x ,PSOHPHQWDUVHXPRGHORGHQHJyFLRV
x &RQKHFHUDYLDELOLGDGHHFRQ{PLFDGRVHXQHJyFLRRTXHGDUiPDLVVHJXUDQoDHVDWLVIDomRSDUDHPSUHHQGHUVHX
SURSyVLWR

$JRUDYRFrSRGHUHDOPHQWHDOFDQoDU
([FHOrQFLDQRV1HJyFLRVH([FHOrQFLDQD9LGD
6LJD'RLW8SQDVPtGLDVVRFLDLVRXQRVLWHZZZGRLWXSFRPEUHUHFHEDPDLVLQIRUPDo}HVGLFDVHQRYLGDGHVVREUHFRPR
HPSUHHQGHUFRPSURSyVLWR(PYRFrWHUiDFHVVRDROLYURFRPSOHWRTXHWHOHYDUiGHIRUPDIiFLOHGLQkPLFDD
DOFDQoDUDH[FHOrQFLDQRVQHJyFLRVHQDVXDYLGD$VIHUUDPHQWDVSDUDRSURFHVVRGR'RLW8SHVWmRGLVSRQtYHLVSDUD
GRZQORDGQRVLWH


8PSRXFRPDLVGHLQVSLUDomR

$OO:RUN$OO3OD\pXPYtGHRIHLWRSHOD%R[XPDHPSUHVDEUDVLOHLUDHVSHFLDOL]DGDHP
FLrQFLDVGRFRPSRUWDPHQWRHWHQGrQFLDVGHFRQVXPR
(OHHQIDWL]DDPXGDQoDGRFRPSRUWDPHQWRGDVSHVVRDVQRWUDEDOKRDWUDYpVGDVJHUDo}HV
$JHUDomR<RXPLOOHQQLDOVWHPEDVWDQWHSURSyVLWRMiDJHUDomR;HDQWHULRUHVWrPJUDQGHSRGHU
GHH[HFXomR'RLW8SFRPELQDSURSyVLWRHSRGHUGHH[HFXomRDPHOKRUPDQHLUDGHLPSXOVLRQDU
XPQHJyFLR

9LGHR$OOZRUN$OOSOD\
KWWSVYLPHRFRP


 5HIHUrQFLDVELEOLRJUiÀFDV

'HVLJQ7KLQNLQJ
7HRULD826FKDUPHU
&RPHFHSHOR3RUTXH66LQHN
6WDUWXSjVRZQHUPDQXDO6%ODQN
$(VWUDWÊJLDGR2FHDQR$]XO:&KDQNLQ
$7HRULDGRV6HQWLPHQWRV0RUDLV$6PLWK
6FUHZEXVLQHVVDVXVXDO5%UDQVRQ
$5LTXH]DGDV1DÈÖHV$6PLWK
%LRJUDoD6WHYH-REV
,QRYDÈÅR$6FKXPSHWHU3'UXFNHU
$QWURSRVRoD56WHLQHU
$/HLGH6D\-%6D\
6NLOOHG)DFLOLWDWRU56FKZDU]
*HUDÈÅR0RGHORVGH1HJÔFLRV$2VWHUZDOG
'H=HURD8P37KLHI
'HVLJQGD3URSRVWDGH9DORU$2VWHUZDOG
&HQWUDOL]HGSURFHVV&5RJHUV
&UÎWLFDGH/XFDV5/XFDV
(PSUHHQGHGRULVPR6RFLDO
$UWRI+RVWLQJ
&RPHFH$OJRTXH)DÈDD'LIHUHQÈD%0DFNRVNLH
,QGLYLGXDÈÅR&-XQJ
­WLFDD1LFÕPDFR$ULVWÔWHOHV