Professional Documents
Culture Documents
Cbeb-2014 Mc1 Metrologia Out2014 Full
Cbeb-2014 Mc1 Metrologia Out2014 Full
Cbeb-2014 Mc1 Metrologia Out2014 Full
&D
&D
73,&26
%UHYHKLVWyULFRGD0HWURORJLDPLQ
73,&26
(VWDWtVWLFDEiVLFDSDUD0HWURORJLDPLQ
'DSUpKLVWyULDj&RQYHQomRGR0HWUR
2UJDQL]DomR1DFLRQDOH,QWHUQDFLRQDOPLQ
%,30502&&H-&&
6LQPHWUR H6%$&
9RFDEXOiULR,QWHUQDFLRQDOGH0HWURORJLDPLQ
&iOFXORGHLQFHUWH]DGH0HGLomRPLQ
,QFHUWH]DVGR7LSR$H7LSR%
,QFHUWH]DFRPELQDGDHLQFHUWH]DH[SDQGLGD
6LVWHPD,QWHUQDFLRQDOGH8QLGDGHVPLQ
WK HGGR%,30H(GLomR%UDVLOHLUD
'UDIWGDWK HGGR%,30
/Z&
$%171%5,62,(&PLQ
1RUPDOL]DomRWpFQLFDPLQ
/Z&
&D
9RFDEXOiULR,QWHUQDFLRQDOGH0HWURORJLD9,0(GLomR/XVR%UDVLOHLUD
>KWWSZZZLQPHWURJRYEULQRYDFDRSXEOLFDFRHVYLPBSGI@
! "
#$%&'(* '
&D
%LEOLRJUDILD
0HGLDH'HVYLRSDGUmR
'LVWULEXLomRQRUPDOWVWXGHQW HTXLTXDGUDGD
7HVWHGH)LVKHUHWHVWHW
(UURQRUPDOL]DGR
%LEOLRJUDILD
6WHSKDQLH%HOO$%HJLQQHU
V*XLGHWR8QFHUWDLQW\RI 0HDVXUHPHQW
0HDVXUHPHQW*RRG3UDFWLFH*XLGH1R1DWLRQDO3K\VLFDO/DERUDWRU\13/
2ULHQWDomRVREUH9DOLGDomRGH0pWRGRV$QDOtWLFRV'24&*&5(
UHYLVmR
-8/>KWWSZZZLQPHWURJRYEU6LGRT$UTXLYRV&JFUH'24'24
&JFUHBSGI@
/Z&
! "
#$%&'(+ '
&D
!"#
&D
8PEUHYHKLVWyULFRGDVPHGLo}HV
&D
8PEUHYHKLVWyULFRGDVPHGLo}HV
2DSDUHFLPHQWRGHVLVWHPDV
RUJDQL]DGRVGHPHGLomRVH
FRQIXQGHFRPDKLVWyULDGD
KXPDQLGDGH
1DpSRFDGRVSULPHLURV
HVFULWRVFXQHLIRUPHV
RULJLQiULRVGD0HVRSRWkPLDDR
UHGRUGHD&RVLVWHPD
GHPHGLGDVTXHIRLDEDVHSDUD
WRGRVRVVLVWHPDVGD
DQWLJXLGDGHDWpSDUDRVGD
&KLQDMiKDYLDVLGRFRQFHELGR
HIRUPDOL]DGR
2VLVWHPDXVDGRQD0HVRSRWkPLD
IRLSURYDYHOPHQWHRUJDQL]DGR
TXDQGRGRDGYHQWRGD
DJULFXOWXUDQDiUHDHQWUHD6tULD
HR,UmSRUYROWDGHD&
/Z&
/Z&
! "
#$%&'(
$QHFHVVLGDGHGHFDOFXODUHVWRTXHV
GHDOLPHQWRVHUDo}HVRQ~PHURGH
SDVVRVTXHFDUDFWHUL]DYDPXPD
GHWHUPLQDGDGLVWkQFLDRQ~PHURGH
FHVWRVFRUUHVSRQGHQWHVDXPD
SURGXomRGHJUmRVRXRQ~PHURGH
EDUULVGHYLQKRVmRDOJXQVH[HPSORV
GDVSULPHLUDVPHGLGDVGHYROXPHH
FRPSULPHQWR
/DERUDWRU\ RI 8OWUDVRXQG 'LDYL 'LPFL ,QPHWUR $XWKRU 5RGULJR3%&RVWD)pOL[6OLGH
&D
&D
8PEUHYHKLVWyULFRGDVPHGLo}HV
8PEUHYHKLVWyULFRGDVPHGLo}HV
$EDODQoDIRLLQYHQWDGDFHUFDGHD&QR
(JLWR
)LJXUDGR/LYURGRV0RUWRVGRDQWLJR(JLWR
/Z&
2SULPHLURSDGUmRGH
PHGLGDFRQKHFLGR
FKDPDGRF~ELWRVXUJLX
QR(JLWRFRPRIDUDy
.KXIXGXUDQWHD
FRQVWUXomRGD*UDQGH
3LUkPLGHDQRDQWHV
GH&ULVWR
(VWHSDGUmRGHWUDEDOKRIRLPXLWR
HILFLHQWHSRLVJDUDQWLXXPDEDVH
SDUDDSLUkPLGHTXDVHTXH
SHUIHLWDPHQWHTXDGUDGDR
FRPSULPHQWRGHFDGDODGRGDEDVH
QmRGHVYLRXPDLVTXHGRVHX
YDORUPpGLRGHPHWURV
/Z&
&D
8PEUHYHKLVWyULFRGDVPHGLo}HV
&RPRDVSHVVRDVWrPWDPDQKRV
GLIHUHQWHVRF~ELWRYDULDYDGHXPD
SHVVRDSDUDRXWUDRFDVLRQDQGR
FRQIXV}HVQRVUHVXOWDGRVGDV
PHGLo}HV
&D
8PEUHYHKLVWyULFRGDVPHGLo}HV
&RPRWHPSRDVEDUUDVSDVVDUDPDVHUFRQVWUXtGDVGHPDGHLUD
SDUDIDFLOLWDURWUDQVSRUWH&RPRDPDGHLUDORJRVHJDVWDYDIRUDP
JUDYDGRVFRPSULPHQWRVHTXLYDOHQWHVDXPF~ELWRSDGUmRQDV
SDUHGHVGRVSULQFLSDLVWHPSORVGRDQWLJR(JLWR
3DUDVHUHP~WHLVHUDQHFHVViULR
TXHRVSDGU}HVIRVVHPLJXDLVSDUD
WRGRV'LDQWHGHVVHSUREOHPDRV
HJtSFLRVUHVROYHUDPFULDUXP
SDGUmR~QLFRHPOXJDUGRSUySULR
FRUSRHOHVSDVVDUDPDXVDUHP
VXDVPHGLo}HVEDUUDVGHSHGUD
FRPRPHVPRFRPSULPHQWR)RL
DVVLPTXHVXUJLXRF~ELWRSDGUmR
/Z&
! "
#$%&'(
/Z&
&D
&D
8PEUHYHKLVWyULFRGDVPHGLo}HV
8PEUHYHKLVWyULFRGDVPHGLo}HV
'HVVHPRGRFDGDXPSRGLDFRQIHULUSHULRGLFDPHQWH
VXDEDUUDRXPHVPRID]HURXWUDVTXDQGRQHFHVViULR
3RUGHWHUPLQDomRGR)DUDyRVDUTXLWHWRVUHDLVHJtSFLRV
TXHVHHVTXHFHVVHPRXQHJOLJHQFLDVVHPRGHYHUGH
FDOLEUDURSDGUmRGHFRPSULPHQWRGXUDQWHDOXDFKHLD
VXMHLWDYDPVHjWHUUtYHLVFDVWLJRV
4XHVHJXQGRDOJXQVKLVWRULDGRUHV
SRGLDVHUD3(1$'(0257(
$WXDOPHQWHHVWDVQmR
FRQIRUPLGDGHV UHVROYHPVHGH
PRGRPHQRVGUiVWLFR
)HOL]PHQWH
/Z&
/Z&
&D
&D
8PEUHYHKLVWyULFRGDVPHGLo}HV
8PEUHYHKLVWyULFRGDVPHGLo}HV
2VHJtSFLRVYLDPRVLQVWUXPHQWRV
GHPHGLGDFRPRDUWHIDWRVPXLWR
YDOLRVRV
6HJXQGRRHJLSWyORJR$QWRQLR
%UDQFDJOLRQGR0XVHX1DFLRQDO
GR5LRGH-DQHLUR5pJXDVH
EDODQoDVHUDPVHSXOWDGDVMXQWR
FRPVHXVSURSULHWiULRV
([LVWLUDPFDVRVHPTXHDVUpJXDV
HUDPIROKHDGDVDRXURHGDGDVGH
SUHVHQWHSHORIDUDyDRGLJQLWiULR
/Z&
! "
#$%&'(
1RFHQWURGHWRGDVDVFLGDGHVGR
,PSpULR5RPDQRIXQFLRQDYDXPD
HVSpFLHGHHVFULWyULRRQGHKDYLD
XPDEDQFDGDFRPRVSULQFLSDLV
SDGU}HVWDQWRGHFRPSULPHQWR
TXDQWRGHYROXPH
2VURPDQRVLDPDWpOiSDUD
FRQIHULUDVPHGLGDVGHVXDV
kQIRUDVHUpJXDVGL]R
KLVWRULDGRUHDUTXHyORJR3HGUR
3DXOR)XQDULGD8QLYHUVLGDGH
(VWDGXDOGH&DPSLQDV8QLFDPS
/Z&
&D
&D
5RPD$QWLJD
0LOKD1iXWLFD
+iFHUFDGHPLODQRVQD5RPD$QWLJD
RVVROGDGRVURPDQRVPDUFKDYDP
FRQWDQGRRVSDVVRVGXSORVTXHGDYDP
&DGDPLOSDVVRVGXSORVHTXLYDOLDPD
XPDPLOKDWHUUHVWUH
&RPRHP5RPDIDODYDVHRODWLPPLO
SDVVRVVHGL]LDPLOLD SDVVXXPGDtD
RULJHPGDSDODYUDPLOKDWHUUHVWUH
$SHVDUGHDOJXPDVPRGLILFDo}HVD
PLOKDDLQGDpXWLOL]DGDKRMHHPGLD
VHQGRHTXLYDOHQWHDPHWURV
/Z&
&D
&D
*UpFLD$QWLJD
2$QWLJR7HVWDPHQWRGD%tEOLDpXP
GRVUHJLVWURVPDLVDQWLJRVGDKLVWyULD
GDKXPDQLGDGH(OiQR*rQHVLVOrVH
TXHR&ULDGRUPDQGRX1RpFRQVWUXLU
XPDDUFDFRPGLPHQV}HVPXLWR
HVSHFtILFDVPHGLGDVHPF{YDGRV
*UpFLD$QWLJD
'HXPPRGRJHUDODVXQLGDGHVGHPHGLGDVSULPLWLYDVHVWDYDP
EDVHDGDVHPSDUWHVGRFRUSRKXPDQRDQWURSRPyUILFDVTXHHUDP
UHIHUrQFLDVXQLYHUVDLVSRLVILFDYDIiFLOFKHJDUVHDXPDPHGLGDTXH
SRGLDVHUYHULILFDGDSRUTXDOTXHUSHVVRD)RLDVVLPTXHVXUJLUDP
PHGLGDVSDGUmRFRPRRSDOPRDMDUGDHRSp
2F{YDGRHUDXPDPHGLGD
SDGUmRGDUHJLmRRQGH1Rp
PRUDYDVHQGRHTXLYDOHQWHD
WUrVSDOPRVDSUR[LPDGDPHQWH
FP
/Z&
! "
#$%&'(
/Z&
&D
&D
2XWURSDGUmRKLVWyULFR
0RGHUQL]DomRGRVSDGU}HVPHWUROyJLFRV
8PDLQLFLDWLYDLPSRUWDQWHGHXQLIRUPL]DomRGHPHGLGDVDFRQWHFHX
SRUYROWDGRDQRTXDQGRRUHL(GXDUGR,,GD,QJODWHUUD
GHFUHWRXTXHIRVVHFRQVLGHUDGDFRPRXPDSROHJDGDDPHGLGDGH
WUrVJUmRVVHFRVGHFHYDGDFRORFDGRVODGRDODGR
(PR0LQLVWURGD(FRQRPLDGD)UDQoDHQFRPHQGDj
$FDGHPLD)UDQFHVDGH&LrQFLDV$)&XPVLVWHPDFRHUHQWH
GHSHVRVHPHGLGDVEHPFRPRXPSODQRSDUDVXD
LPSODQWDomR
(PFRPD5HYROXomR)UDQFHVDRV(VWDGRV*HUDLV
GHFLGHPSHODFULDomRGHXPVLVWHPD~QLFRGHSHVRVH
PHGLGDV$SURSRVWDHUDXPVLVWHPDQRYRGHFLPDOFRHUHQWH
HEDVHDGRHPDOJRPXLWRXQLYHUVDOSHUPDQHQWHHHVWiYHO
(PXPDFRPLVVmRGHFLHQWLVWDVGHFLGLXTXHRQRYR
VLVWHPDGHPHGLGDVHRVLVWHPDPRQHWiULRQD)UDQoDVHULDP
GHFLPDLVFULDomRGR6LVWHPD0pWULFR'HFLPDO
$SURSRVWDHUDXPVLVWHPDQRYRGHFLPDOFRHUHQWHH
EDVHDGRHPDOJRPXLWRXQLYHUVDOSHUPDQHQWHHHVWiYHO
2VVDSDWHLURVLQJOHVHVJRVWDUDPWDQWR
GDLGpLD TXHSDVVDUDPDIDEULFDUSHOD
SULPHLUDYH]QD(XURSDVDSDWRVFRP
WDPDQKRSDGUmREDVHDGRVQHVVD
XQLGDGH'HVWHPRGRXPFDOoDGR
PHGLQGRTXDUHQWDJUmRVGHFHYDGD
SDVVRXDVHUFRQKHFLGRFRPRWDPDQKR
HDVVLPSRUGLDQWH
/Z&
/Z&
&D
&D
0RGHUQL]DomRGRVSDGU}HVPHWUROyJLFRV
0RGHUQL]DomRGRVSDGU}HVPHWUROyJLFRV
3URSRVWDSDUDRQRYRVLVWHPD
2VDVWU{QRPRVHJHRGpVLFRVHVWDYDPDSUHQGHQGRDPHGLUD
WHUUD$VVLPDSURSRVWDIRLOLJDUDXQLGDGHGHFRPSULPHQWRjV
GLPHQV}HVGD7HUUDHDGHPDVVDOLJDGDjGHFRPSULPHQWR
DWUDYpVGDGHQVLGDGHGDiJXD
2VDVWU{QRPRVIUDQFHVHV'HODPEUH H0pFKDLQ IRUDPLQFXPELGRV
GHPHGLURPHULGLDQR
(PMXQKRGHRVGRLVDVWU{QRPRVVDtUDPHPGLUHo}HV
RSRVWDVGH3DULVFRPXPDPLVVmRVHPSUHFHGHQWHVPHGLUR
SODQHWDHVWDEHOHFHQGRXPSDGUmRFRPXPGHJUDQGH]DTXH
URPSHVVHDVEDUUHLUDVGDVQDo}HVHGRWHPSR
'XUDQWHVHWHDQRV$QGUp0pFKDLQ H-RVHSK'HODPEUH YLDMDUDP
SHORPHULGLDQRSDUDH[WUDLUHVWHQ~PHURGDVXSHUItFLHFXUYDGR
JORERWHUUHVWUH
/Z&
! "
#$%&'(./ '
'HODPEUH H0pFKDLQ
XWLOL]DQGRDWRHVDFRPR
XQLGDGHGHPHGLGDPHGLUDP
DGLVWkQFLDHQWUH'XQNHUTXH
)UDQoDH0RQWMXLFK
(VSDQKD
8PPHWURVHULDDGpFLPD
PLOLRQpVLPDSDUWHGRPHULGLDQR
WHUUHVWUHGRSyOR QRUWHDR
HTXDGRUSDVVDQGRSRU3DULV
&XULRVLGDGH HP$0HGLGDGH7RGDVDV&RLVDVRHVFULWRU
DPHULFDQR.HQ$OGHUID]XPUHODWRTXHDFUtWLFDFKDPRXGH
DUUHEDWDGRUGHVWDH[SHGLomRWDPEpPFKDPDGDXPDGDVPDLRUHV
RGLVVpLDV FLHQWtILFDVGHWRGRVWHPSRV
/Z&
! "
#$%&'(.0 '
&D
&D
0RGHUQL]DomRGRVSDGU}HVPHWUROyJLFRV
$&RQYHQomRGR0HWUR
)HLWRVRVFiOFXORVFKHJRXVHDXPDGLVWkQFLDTXHIRL
PDWHULDOL]DGDQXPDEDUUDGHSODWLQDGHVHomRUHWDQJXODU
FRPPPGHODUJXUDHPPGHHVSHVVXUD
(PGHPDUoRGHHP3DULVIRLLQVWDODGDD
&RQIHUrQFLD'LSORPiWLFDGR0HWURSUHVLGLGDSHORGXTXH
GH'HFD]HVPLQLVWURGHQHJyFLRVHVWUDQJHLURVGD
)UDQoD
(PVXD~OWLPDVHVVmRHPGHPDLRGH
(VWDGRVSDtVHVDVVLQDUDPD&RQYHQomRGR0HWURD
RULJHPGDHVWUXWXUDPHWUROyJLFDLQWHUQDFLRQDO
2FRPSULPHQWRGHVVDEDUUDHUDHTXLYDOHQWHDRFRPSULPHQWRGD
XQLGDGHSDGUmRPHWURTXHDVVLPIRLGHILQLGR
0HWURpDGpFLPDPLOLRQpVLPDSDUWHGHXPTXDUWR
GRPHULGLDQRWHUUHVWUH
26DORQ GHO+RUORJHQR0LQLVWpULRGR
([WHULRUGD)UDQoDHP3DULVRQGHIRL
DVVLQDGDD&RQYHQomRGR0HWUR
/Z&
! "
#$%&'(.1 '
/Z&
! "
#$%&'(.2 '
&D
&D
$&RQYHQomRGR0HWUR
8P%UHYH+LVWyULFRGDV0HGLo}HV
$FRQYHQomRGRPHWURFULRXWUrVRUJDQL]Do}HV
SULQFLSDLV
&RQIHUrQFLD*HUDOGH3HVRVH0HGLGDV&*30 &RQIpUHQFH
JpQpUDOH GHV SRLGV HWPHVXUHV
&RPLWr,QWHUQDFLRQDOGH3HVRVH0HGLGDV&,30 &RPLWp
,QWHUQDWLRQDO GHV SRLGV HW0HVXUHV
$LGHLDLQLFLDOGHSDGURQL]DomRGRPLQDQWHQDpSRFDGD
&RQYHQomRGR0HWURGHHUDDFULDomRGHSDGU}HV
ItVLFRVGHUHSURGXomRGHXQLGDGHV
$SyVRHVWDEHOHFLPHQWRGD&RQYHQomRGR0HWURIRUDP
IDEULFDGRVQRYRVSDGU}HVGRVLVWHPDPpWULFR
8PFRPLWrWpFQLFRDGPLQLVWUDWLYRTXHVHUH~QHDQXDOPHQWHQR%,30
2VSDtVHVTXHDVVLQDUDPD&0FRQFRUGDUDPHPVH
UHVSRQVDELOL]DUSHODPDQXWHQomRGRRUJDQLVPRHSHOD
UHVWDXUDomRGRLPyYHOTXHDEULJDULDR%,30
/Z&
! "
#$%&'(
/Z&
&D
&D
8P%UHYH+LVWyULFRGDV0HGLo}HV
8P%UHYH+LVWyULFRGDV0HGLo}HV
(PH[HFXWDUDPVHSURWyWLSRVGRTXLORJUDPDH
SURWyWLSRVGRPHWURTXHIRUDPREMHWRGHXPDFRPSDUDomR
FUX]DGDHQWUHVLFRPRTXLORJUDPDSURWyWLSRHRPHWUR
SURWyWLSRLQWHUQDFLRQDLVFRQVLGHUDGRVHTXLYDOHQWHV
UHVSHFWLYDPHQWHDRNLORJUDPPH HDRPpWUH GHV $UFKLYHV
2VSURWyWLSRVIRUDPQXPHUDGRVHVRUWHDGRVSHORVSDtVHV
VLJQDWiULRVWHQGR3RUWXJDOUHFHELGRRH[HPSODUGHQ2
%UDVLOSRVVXLRSURWyWLSRGHQUHFHELGRVRPHQWHSRUYROWD
GH
(PD&*30DSURYRXRVSDGU}HVHPSODWLQDLUtGLRGR
PHWURHGRTXLORJUDPDTXHIRUDPGHSRVLWDGRVQR%XUHDX
,QWHUQDFLRQDOGH3HVRVH0HGLGDV%,30
+RMHRSDGUmRGRPHWURpEDVHDGRQDYHORFLGDGHGDOX]
GHDFRUGRFRPGHFLVmRGD&RQIHUrQFLD*HUDOGRV
3HVRVH0HGLGDVGH
/Z&
0HWURpRFRPSULPHQWRGRWUDMHWRSHUFRUULGRSHODOX]QRYiFXR
GXUDQWHRLQWHUYDORGHWHPSRGHGRVHJXQGR
/Z&
&D
!"#
&D
&D
(VWUXWXUDGD0HWURORJLD&LHQWtILFD
2%XUHDX,QWHUQDFLRQDOGH3HVRVH0HGLGDV
"-./0.12--,034*56789:
3URPRYHUR6,
(OHJHUR&,30
$SURYDUGHFLV}HVGR&,30
$ORFDUIXQGRVSDUDR%,30
"+,
&DPSR'LSORPiWLFR
&DPSR7pFQLFR
&RRUGHQDURVFRPLWrVFRQVXOWLYRV
$SUHVHQWDUSURSRVWDVDR&*30
'LULJHDo}HVGR%,30
",
";
"
/
0,
$VVHJXUDUDXQLIRUPLGDGHGDVPHGLGDV
3$
<,
!,
2%,30 WHPVXDVHGHSHUWRGH3DULVHP6qYUHVQRV
GRPtQLRVGR3DYLOKmR%UHWHXLO 3DUTXHGH6DLQW&ORXG
SRVWRjVXDGLVSRVLomRSHORJRYHUQRIUDQFrV
$F~VWLFDXOWUDVVRPHYLEUDo}HV
(OHWULFLGDGHHPDJQHWLVPR
)RWRPHWULDHUDGLRPHWULD
7HUPRPHWULD
&RPSULPHQWR
7HPSRHIUHTXrQFLD
5DGLDomRLRQL]DQWH
0DVVDHJUDQGH]DVUHODFLRQDGDV
4XDQWLGDGHGHPDWpULD
8QLGDGHV
! "
#$%&'()* '
23DYLOKmRGH%UHWHXLO HPQRHVWDGR
HPTXHIRLFHGLGRDR%,30
/Z&
! "
#$%&'()) '
&D
&D
2%XUHDX,QWHUQDFLRQDOGH3HVRVH0HGLGDV
%,30 KWWSZZZELSPRUJ
2%,30WHPSRUPLVVmRDVVHJXUDUDXQLILFDomRPXQGLDO
GDVPHGLGDVItVLFDVVHQGRHQFDUUHJDGRGHH[HFXWDUDV
DWLYLGDGHVGD&0TXHKRMHHQYROYHPHQWUHRXWUDV
DWLYLGDGHV
L(VWDEHOHFHURVSDGU}HVIXQGDPHQWDLVHDVHVFDODVGDVSULQFLSDLV
JUDQGH]DVItVLFDVHGHFRQVHUYDURVSURWyWLSRVLQWHUQDFLRQDLV
LL(IHWXDUHFRRUGHQDUDVGHWHUPLQDo}HVUHODWLYDVjVFRQVWDQWHVItVLFDV
TXHLQWHUYrPQDTXHODVDWLYLGDGHV
LLL$PDQXWHQomRDWXDOL]DomRHGLVVHPLQDomRGR6LVWHPD,QWHUQDFLRQDOGH
8QLGDGHV 6,TXHDEUDQJHDVJUDQGH]DVPDLVLPSRUWDQWHVGHXVRQD
WHFQRORJLD
LY$JHVWmRGR$FRUGRGH5HFRQKHFLPHQWR0~WXR GR&,3005$&,30
TXHLQFOXLDPDQXWHQomRGHXPDEDVHGHGDGRVFRPUHVXOWDGRVGDV
FRPSDUDo}HVFKDYH.H\&RPSDULVRQ 'DWD%DVH .&'%
/Z&
! "
#$%&'()= '
7UDWDGRTXH&5,28R%,30
$VVLQDGRHP3DULVHP
3DUWLFLSDomRGHSDtVHVLQFOXLQGRR%UDVLO
/LJHLUDPHQWHPRGLILFDHP
$WXDOPHQWH-8/KiSDtVHVSDUWLFLSDQGR
FRPRPHPEURVVLJQDWiULRV
)XQomRSULQFLSDODFRUGRLQWHUQDFLRQDOGDVXQLGDGHV
GHPHGLGD
/Z&
! "
#$%&'()9 '
&D
&D
2UJDQL]Do}HV0HWUROyJLFDV5HJLRQDLV502
$303$VLD SDFLILF PHWURORJ\ SURJUDPPH
&220(7(XURDVLDQ FRRSHUDWLRQ RI QDWLRQDO
PHWURORJLFDO LQVWLWXWLRQV
(85$0(7(XURSHDQ DVVRFLDWLRQ RI QDWLRQDO
PHWURORJ\ LQVWLWXWHV
$)5,0(76RXWKHUQDIULFDQ GHYHORRSPHQW
FRPPXQLW\ FRRSHUDWLRQ LQPHDVXUHPHQW
WUDFHDELOLW\
6,06LVWHPD,QWHUDPHULFDQRGH0HWURORJLD
/Z&
! "
#$%&'()> '
&D
&RPLWrV&RQVXOWLYRVGR%,30
&&$89&&(0&&/&&0&&35&&40&&5,
>&&5,,&&5,,,&&5,,,,@&&7&&7)H&&8
5HDOL]DPUHXQL}HVUHJXODUHVHGHWHUPLQDPRV
FDPLQKRVSDUDDFRUUHWDUHDOL]DomRHGLVVHPLQDomR
GDVXQLGDGHVGR6,
-&'&0$6-&*0-&5%H-&7/0
'HVWDTXHSDUDR-&*0SXEOLFDo}HVUHOHYDQWHVHP
PHWURORJLDHVSHFLILFDPHQWHR*80HR9,0
/Z&
! "
#$%&'()7 '
/Z&
! "
#$%&'()8 '
&D
-RLQW&RPPLWWH IRU*XLGHV LQ0HWURORJ\ -&*0
&RPSRVWRSHODVVHJXLQWHVHQWLGDGHV
%,30%XUHDX,QWHUQDWLRQDO GHV 3RLGV HW0HVXUHV
,(&,QWHUQDWLRQDO (OHFWURWHFKQLFDO &RPPLVVLRQ
,)&&,QWHUQDWLRQDO )HGHUDWLRQ RI &OLQLFDO &KHPLVWU\ DQG
/DERUDWRU\ 0HGLFLQH
,/$&,QWHUQDWLRQDO /DERUDWRU\ $FFUHGLWDWLRQ &RRSHUDWLRQ
,62,QWHUQDWLRQDO 2UJDQL]DWLRQ IRU6WDQGDUGL]DWLRQ
,83$&,QWHUQDWLRQDO 8QLRQIRU3XUH DQG $SSOLHG &KHPLVWU\
,83$3,QWHUQDWLRQDO 8QLRQIRU3XUH DQG $SSOLHG 3K\VLFV
2,0/,QWHUQDWLRQDO 2UJDQL]DWLRQ RI /HJDO0HWURORJ\
/Z&
! "
#$%&'()? '
&D
-RLQW&RPPLWWH IRU*XLGHV LQ0HWURORJ\ -&*0
&D
KWWSZZZELSPRUJHQSXEOLFDWLRQVJXLGHVJXPKWPO
-&*0 ,QWHUQDWLRQDO9RFDEXODU\RI
0HWURORJ\ %DVLFDQG*HQHUDO&RQFHSWVDQG
$VVRFLDWHG7HUPV-&*0 ZLWKPLQRU
FRUUHFWLRQV
KWWSZZZELSPRUJHQSXEOLFDWLRQVJXLGHVYLPKWPO
/Z&
! "
#$%&'(=5 '
%,30 KWWSZZZELSPRUJ
$WLYLGDGHREULJDWyULDSDUDXPLQVWLWXWRQDFLRQDOGH
PHWURORJLD10,SDUWLFLSDUGR05$
eRQGHVmRDSUHVHQWDGDVDVFDSDFLGDGHV
PHWUROyJLFDVVHUYLoRVIDL[DVGHRSHUDomRH
UHVSHFWLYDVLQFHUWH]DVGRV10,
KWWSNFGEELSPRUJDSSHQGL[&GHIDXOWDVS
/Z&
! "
#$%&'(=6 '
&D
&D
3XEOLFDomR&LHQWtILFDGR%,30
6mRRVUHSUHVHQWDQWHV1$&,21$,6GDVSROtWLFDV
PHWUROyJLFDVLQWHUQDFLRQDLV
6yKiXP~QLFR10,SRUSDtVSDUDFDGDJUDQGH]D
3RGHKDYHUODERUDWyULRVRXPHVPRRUJDQLVPRV
GHVLJQDGRV
2,QPHWURpR10,GR%UDVLO
5DGLDo}HVLRQL]DQWHV&1(1,5'
7HPSRH)UHTXrQFLD2EVHUYDWyULR1DFLRQDO21
/Z&
! "
#$%&'(=* '
2%,30HGLWDDUHYLVWDFLHQWtILFDLQWHUQDFLRQDO
0HWURORJLD
([LVWHGHVGH
(GLWDGDSHOR%,30GHVGH
(PSDUFHULDFRPR,23GHVGH
YROXPHVDWpRPRPHQWR
-&5DQRV
4XDOLV $(QJ,,,
/Z&
! "
#$%&'(=) '
&D
&D
6LQPHWUR
6,10(752
6LVWHPD1DFLRQDOGH0HWURORJLD1RUPDOL]DomRH4XDOLGDGH,QGXVWULDO
/HLQGHGHGH]HPEURGH
&RQPHWUR
*HVWRUGRV
SURJUDPDVGH
$YDOLDomRGD
&RQIRUPLGDGH
&RQVHOKR1DFLRQDOGH0HWURORJLD
1RUPDOL]DomRH4XDOLGDGH,QGXVWULDO
6HFUHWDULD([HFXWLYD
,QPHWUR
(VWUXWXUD
0LQLVWpULRV
&1,
,GHF
$%17
&RQVHOKR
&RQPHWUR &%$&&&$%&%1&%0&%7&&%5
$FUHGLWDomR
,QPHWUR
$FUHGLWDGRV
&3&21
2UJDQLVPRV$FUHGLWDGRV5%/(5%&
3URGXomR
$FUHGLWDGRU
&RPLWrV7pFQLFRV
0HUFDGR
&RPLWr%UDVLOHLUR GH
&RPLWr%UDVLOHLUR
&RPLWr%UDVLOHLUR &RPLWr&RGH[ &RPLWr%UDVLOHLUR GH &RPLWr%UDVLOHLUR GH
$YDOLDomRGD
GH0HWURORJLD
GH1RUPDOL]DomR $OLPHQWDULXV GR
5HJXODPHQWDomR %DUUHLUDV7pFQLFDVDR
&RQIRUPLGDGH
&%0
%UDVLO&&$%
&%1
&%5
&RPpUFLR&%7&
&%$&
/Z&
! "
#$%&'(== '
/Z&
! "
#$%&'(=9 '
&D
&D
,QPHWUR 3ULQFLSDLV$WLYLGDGHV
$YDOLDomRGD&RQIRUPLGDGH
0HWURORJLD&LHQWtILFDH,QGXVWULDO
0HWURORJLD/HJDO
3RQWR)RFDOGR$FRUGRGH%DUUHLUDV7pFQLFDV
,QRYDomRH'LIXVmRGH&RQKHFLPHQWR
$FUHGLWDomRGH2UJDQLVPRVH/DERUDWyULRV
$YDOLDomRGD&RQIRUPLGDGH
(
.
+
0
@
@@A
/Z&
! "
#$%&'(=> '
$OJXPSUREOHPDFRPHVWHELFKLQKRGHSHO~FLD"
BC
@D
@
@E
/Z&
! "
#$%&'(=8 '
&D
&D
$YDOLDomRGD&RQIRUPLGDGH
2UJDQRJUDPDGR,QPHWUR
8PH[HPSORO~GLFR
! "
#$%&'(=7 '
/Z&
! "
#$%&'(=? '
&D
&D
2UJDQRJUDPDGD'LPFL
&DPSXVGH;HUpPGR,QPHWURODERUDWyULRV
&LrQFLDVGD9LGD
%LRWHFQRORJLD
'LQkPLFDGRV)OXLGRV
$GPLQLVWUDomR
'LUHWRULDGH0HWURORJLD&LHQWtILFDH,QGXVWULDO'LPFL
'LUHWRULD
$QH[R
'LUHWRU
&DStWXOR,,
$UW
,,,UJmRV(VSHFtILFRV6LQJXODUHV
$VVHVVRULD
0HFkQLFD
0DWHULDLV
&RRUGHQDomRGD4XDOLGDGH
$SRLRRSHUDFLRQDO
&RODE
'LFHS
6DPFL
6HQJL
/DERUDWyULRV
'LWHU
'LRSW
'LPHF
'LHOH
'LDYL
/DSLU
/DWHU
/DKLJ
/DLQW
/DUDI
/DFRH
/DIOX
/DPDV
/DPHG
/DSUH
/DPSH
/DHQD
/DPHO
/DHWD
/DPHT
/DYLE
/DFHO
/DEXV
'TXLP
/DEHO
/DERU
'LPDW
'LQDP
'PWLF
'LELR
5,
/DELW
/DWHO
/DPHY
1XODP
/DQDJ
/DELQ
5HJLPHQWRLQWHUQRGR,QPHWUR
/DIRU
/DPDW
/DPRF
3RUWDULD0',&QRGH$%5
'28GH$%5
$F~VWLFD
9LEUDo}HV
8OWUDVVRP
(OpWULFD
0DJQHWLVPR
7pUPLFD
SWLFD
4XtPLFD
(ODERUDGRSRU5RGULJR3HUHLUD%DUUHWWRGD&RVWD)pOL[/DERUDWyULRGH8OWUDVVRP/DEXV
/Z&
! "
#$%&'(95 '
/Z&
! "
#$%&'(96 '
&D
25*$12*5$0$'26,67(0$
K
-.
&D
3ULQFLSDLVDWLYLGDGHVGR,QPHWUR'LPFL
*DUDQWLUDKLHUDUTXLDPHWUROyJLFDQDFLRQDO
,QWHUFRPSDUDUVH FRPRVFRQJrQHUHVLQWHUQDFLRQDLV10,
7HUVHX&0&DWXDOL]DGRQR%,30HFXPSULUDVSUHUURJDWLYDVGR05$
&DOLEUDURVLQVWUXPHQWRVGHPHGLomRHSDGU}HVGRVODERUDWyULRV
QDFLRQDLVDFUHGLWDGRVRXQmR
(PFDUiWHUH[FHSFLRQDODWHQGHU',5(7$0(17(DLQG~VWULD
,QWHUQDOL]DUPpWRGRVGHPHGLomR
7RUQDUVHFRPSDUiYHOLQWHUQDFLRQDOPHQWH
$SULPRUDUHGHVHQYROYHUPpWRGRVGHPHGLomR
,QYHVWLUQDVXDH[FHOrQFLDFLHQWtILFD
!-3I-(
'LYXOJDomRGDPHWURORJLD
)RPHQWDURGHVHQYROYLPHQWRGDFXOWXUDPHWUROyJLFD
38%/,&$5HPSHULyGLFRVHSDUWLFLSDUGHFRQJUHVVRVFLHQWtILFRV
)D]HUSDUFHULDVFRPDLQG~VWULDDDFDGHPLDXQLYHUVLGDGHVHGHPDLV
FHQWURVGHSHVTXLVD
!"
(J-(
/Z&
! "
#$%&'(9* '
/Z&
! "
#$%&'(9) '
&D
&D
+,(5$548,$'26,67(0$0(752/*,&2
3ULQFLSDLVDWLYLGDGHVGR,QPHWUR'LPFL
PHWURORJLD
8QLGDGHVGR6,
3DGU}HV,QWHUQDFLRQDLV
%,30
3DGU}HVGRV,QVWLWXWRV1DFLRQDLV
GH0HWURORJLD
3DGU}HV
1DFLRQDLV
3DGU}HVGHUHIHUrQFLDGRVODERUDWyULRV
GHFDOLEUDomR
&DOLEUDomR
3DGU}HVGHUHIHUrQFLDGRV
ODERUDWyULRVGHHQVDLR
(QVDLRV
,QG~VWULDHRXWURVVHWRUHV
3DGU}HVGHWUDEDOKRGRV
ODERUDWyULRVGR
FKmRGHIiEULFD
&203$5$%,/,'$'(
/Z&
! "
#$%&'(9= '
PHWURORJ\
PpWURORJLH
PHWURORJtD
$SDODYUDFLrQFLDSRVVXLYiULRVVHQWLGRVDEUDQJHQGR
SULQFLSDOPHQWHWUrVDFHSo}HV
6DEHUFRQKHFLPHQWRGHFHUWDVFRLVDVTXHVHUYHPjFRQGXomRGDYLGDRXjGRV
QHJyFLRV
&RQMXQWRGRVFRQKHFLPHQWRVDGTXLULGRVSHORHVWXGRRXSHODSUiWLFD
+LHUDUTXL]DomRRUJDQL]DomRHVtQWHVHGRVFRQKHFLPHQWRVDWUDYpVGHSULQFtSLRV
JHUDLVWHRULDVOHLVHWF
)RQWHKWWSSWZLNLSHGLDRUJZLNL&LrQFLD
/Z&
! "
#$%&'(99 '
&D
!"#
&D
&D
$SUHVHQWDomRGR9,0
$SUHVHQWDomRGR9,0
(GLo}HVLQWHUQDFLRQDLV
HGLo}HVH
$HGLomRIRLFRUULJLGDHUHSXEOLFDGDHP
5HVSRQViYHLVSHODSXEOLFDomRDWXDO
%,30%XUHDX,QWHUQDFLRQDOGH3HVRVH0HGLGDV
,(&&RPLVVmR,QWHUQDFLRQDOGH(OHWURWpFQLFD
,)&&)HGHUDomR,QWHUQGH4XtPLFD&OtQLFDH
0HGLFLQD/DERUDWRULDO
,/$&&RRSHUDomR,QWHUQDFLRQDOGH$FUHGLWDomRGH
/DERUDWyULRV
,622UJDQL]DomR,QWHUQDFLRQDOGH1RUPDOL]DomR
,83$&8QLmR,QWHUQDFLRQDOGH4XtPLFD3XUDH
$SOLFDGD
,83$38QLmR,QWHUQDFLRQDOGH)tVLFD3XUDH$SOLFDGD
2,0/2UJDQL]DomR,QWHUQDFLRQDOGH0HWURORJLD/HJDO
/Z&
! "
#$%&'(
(GLo}HVQDFLRQDLV
9HUVmREUDVLOHLUDGDD(GLomRGR9,0
LQWHUQDFLRQDO
LPSUHVV}HVDSDUWLUGH
$~OWLPDIRLHP
3RUWDULD,QPHWURQRGH0$5
9HUVmRDQWHULRU
3RUWDULD,QPHWURQR GH287
DHGLomREUDVLOHLUDGR9,0
7LUDJHPOLPLWDGDXQLGDGHV
3UHIiFLRVXJHVW}HVFUtWLFDVHFRUUHo}HV
7UDGXomRGRFRUSRWpFQLFRGR,QPHWUR
/Z&
&D
&D
$SUHVHQWDomRGR9,0
$SUHVHQWDomRGR9,0
(GLomR/XVR%UDVLOHLUD
(TXLYDOHDR-&*0
KWWSZZZELSPRUJXWLOVFRPPRQGRFXPHQWV
MFJP-&*0BBSGI
%DVHDGDQD(GLomR%UDVLOHLUD
3RUWDULD,QPHWURQR GH0DL
KWWSZZZLQPHWURJRYEULQIRWHFSXEOLFDFRHV
YLPBSGI
$XWRUHV
%UDVLO,QVWLWXWR1DFLRQDOGH0HWURORJLD
4XDOLGDGHH7HFQRORJLD,QPHWUR
3RUWXJDO,QVWLWXWR3RUWXJXrVGD
4XDOLGDGH,34
/Z&
2EMHWLYRVGD(GLomR/XVR%UDVLOHLUDGR9,0
8QLIRUPLGDGHGRVFRQFHLWRV
9HUDFLGDGH%5$H-XVWH]D325SRUH[HPSORIRUDP
GDGRVFRPRH[HPSORVP~WXRVGHLGHQWLGDGH
8QLIRUPLGDGHGDJUDILD
1RYRDFRUGRRUWRJUiILFRDFHQWXDomRHRXWURV
0DQWLGDVDVGLIHUHQoDVGHOp[LFR
0HQVXUDQGRH0HQVXUDQGD
,RQH,mR
)HQyPHQRH)HQ{PHQR
/Z&
&D
&D
,QWURGXomR
PELWR
(VWHYRFDEXOiULRWUDWDGH0HWURORJLD
5HODFLRQDRXWURVGRFXPHQWRVLQWHUQDFLRQDLV
,62 5HTXLVLWRVSDUD/DERUDWyULRVGH(QVDLRVH
&DOLEUDo}HV
6LVWHPD,QWHUQDFLRQDOGH8QLGDGHV6,
,62*80 *XLDSDUD([SUHVVmRGH,QFHUWH]DGH0HGLomR
'LIHUHQFLDFRQFHLWXDOPHQWH,1&(57(=$H(552
&RQWH[WXDOL]DRVFRQFHLWRVGH9$/25
9DORU9HUGDGHLUR
9DORU0HGLGR
&D
(VWUXWXUDGRWH[WRGDD
(VWH9RFDEXOiULRVHSURS}HDVHUXPDUHIHUrQFLDFRPXPSDUD
FLHQWLVWDVHHQJHQKHLURV LQFOXLQGRItVLFRVTXtPLFRVFLHQWLVWDV
PpGLFRV DVVLPFRPRSURIHVVRUHVHWpFQLFRV HQYROYLGRVQR
SODQHMDPHQWRHQDUHDOL]DomRGHPHGLo}HVLQGHSHQGHQWHPHQWHGR
QtYHOGHLQFHUWH]DGHPHGLomRHGRFDPSRGHDSOLFDomR(OHWDPEpP
VHSURS}HDVHUXPDUHIHUrQFLDSDUDRUJDQLVPRVJRYHUQDPHQWDLVH
LQWHUJRYHUQDPHQWDLVDVVRFLDo}HVFRPHUFLDLVRUJDQLVPRVGH
DFUHGLWDomRDJrQFLDVUHJXODGRUDVHDVVRFLDo}HVSURILVVLRQDLV
/Z&
&D
(GLomR
&11
WHUPR HP SRUWXJXrV
VLQ{QLPR
&DS *UDQGH]DVHXQLGDGHV
JUDQGH]D
TXDQWLW\
JUDQGHXU
PDJQLWXG
([HPSORV
127$6HKRXYHU
(;(03/26HKRXYHU
2QGH&pRQ~PHURGRFDSLWXORGR9,011pRQ~PHUR
GRLWHPGHILQLGRH'00UHSUHVHQWDPRLWHPGHILQLGRQR9,0
GHVWHPHVPRWHUPR
/Z&
(VWH9RFDEXOiULRIRUQHFHXPFRQMXQWRGHGHILQLo}HVHWHUPRV
DVVRFLDGRV HPSRUWXJXrVHGHWHUPRVDVVRFLDGRVHPLQJOrV
IUDQFrVHHVSDQKROSDUDXPVLVWHPDGHFRQFHLWRVIXQGDPHQWDLVH
JHUDLVXWLOL]DGRVHPPHWURORJLDDOpPGHGLDJUDPDVFRQFHLWXDLVSDUD
LOXVWUDUDVVXDVUHODo}HV3DUDPXLWDVGHILQLo}HVVmRIRUQHFLGDV
LQIRUPDo}HVDGLFLRQDLVVREDIRUPDGHH[HPSORVHQRWDV
'LVWkQFLDPDVVDYHORFLGDGHSUHVVmRHVSHVVXUD
&RUGRFDYDOR%UDQFRGH1DSROHmR
4XDQWLGDGHGH/('QRVHPiIRURGDHVTXLQDGD5XD
,SLUDQJDFRP$Y6mR-RmRHP6mR3DXOR63
/Z&
&D
&DS *UDQGH]DVHXQLGDGHV
&D
&DS *UDQGH]DVHXQLGDGHV
SURSULHGDGH TXDOLWDWLYD
127$
QDWXUH]D GXPDJUDQGH]D
QDWXUH]D
QRPLQDOSURSHUW\
SURSULpWp TXDOLWDWLYHDWWULEXW
SURSLHGDG FXDOLWDWLYD FXDOLGDG
NLQGRITXDQWLW\ NLQG
QDWXUHGHJUDQGHXU QDWXUH
QDWXUDOH]D GHXQD PDJQLWXG PDJQLWXG
$VSHFWRFRPXPDJUDQGH]DVPXWXDPHQWHFRPSDUiYHLV
/Z&
127$*UDQGH]DVGDPHVPDQDWXUH]DQXPGDGRVLVWHPDGHJUDQGH]DVWrPDPHVPDGLPHQVmR&RQWXGRJUDQGH]DVGH
PHVPDGLPHQVmRQmRVmRQHFHVVDULDPHQWH GDPHVPDQDWXUH]D
(;(03/2$VJUDQGH]DVPRPHQWRGXPDIRUoDHHQHUJLDQmRVmRSRUFRQYHQomR FRQVLGHUDGDV GDPHVPD
QDWXUH]DDSHVDUGHSRVVXtUHP DPHVPDGLPHQVmR2PHVPRRFRUUHSDUDFDSDFLGDGHWpUPLFDHHQWURSLDDVVLPFRPRSDUD
Q~PHURGHHQWLGDGHVSHUPHDELOLGDGHUHODWLYD HIUDomRPiVVLFD
/Z&
&D
&D
&DS *UDQGH]DVHXQLGDGHV
&DS *UDQGH]DVHXQLGDGHV
JUDQGH]DGHEDVH
6LVWHPD ,QWHUQDFLRQDO GH*UDQGH]DV
,64
EDVHTXDQWLW\
JUDQGHXUGHEDVH
PDJQLWXGGHEDVHPDJQLWXGEiVLFD
*UDQGH]DGHXPVXEFRQMXQWRHVFROKLGRSRUFRQYHQomRQXPGDGRVLVWHPDGH
JUDQGH]DVQRTXDOQHQKXPDJUDQGH]DGRVXEFRQMXQWRSRVVDVHUH[SUHVVDHP
IXQomRGDVRXWUDV
,QWHUQDWLRQDO6\VWHPRI4XDQWLWLHV,64
6\VWqPH LQWHUQDWLRQDOGHJUDQGHXUV,64
6LVWHPD ,QWHUQDFLRQDO GH0DJQLWXGHV,64
JUDQGH]DGHULYDGD
GHULYHGTXDQWLW\
JUDQGHXUGpULYpH
PDJQLWXGGHULYDGD
*UDQGH]DQXPVLVWHPDGHJUDQGH]DVGHILQLGDHPIXQomRGDVJUDQGH]DVGH
EDVHGHVVHVLVWHPD
/Z&
/Z&
&D
*UDQGH]DVGHEDVHHGLPHQV}HVQR6,
*UDQGH]D GHEDVH
6LPEROR
6tPEROR GD
GLPHQVmR
FRPSULPHQWR
/O[UHWF
PDVVD
WHPSR
FRUUHQWHHOpWULFD
,L
WHPSHUDWXUDWHUPRGLQkPLFD
TXDQWLGDGHGHVXEVWkQFLD
LQWHQVLGDGH OXPLQRVD
,Y
1RPH
&D
&DS *UDQGH]DVHXQLGDGHV
6LVWHPD,QWHUQDFLRQDOGH8QLGDGHV
6,
QWHUQDWLRQDO6\VWHPRI8QLWV6,
6\VWqPHLQWHUQDWLRQDOGXQLWpV6,
6LVWHPDLQWHUQDFLRQDOGH8QLGDGHV6LVWHPD6,6,
6LVWHPDGHXQLGDGHVEDVHDGRQR6LVWHPD,QWHUQDFLRQDOGH*UDQGH]DV
LQFOXLQGRRVQRPHVHRVVtPERORVGDVXQLGDGHVHXPDVpULHGHSUHIL[RVFRPVHXV
QRPHVHVtPERORVHPFRQMXQWRFRPUHJUDVGHXWLOL]DomRDGRWDGRSHOD&RQIHUrQFLD
*HUDOGH3HVRVH0HGLGDV&*30
/Z&
&D
&D
6LVWHPD,QWHUQDFLRQDOGH8QLGDGHV6,
0~OWLSORVHVXEP~OWLSORV&DS
*UDQGH]DGHEDVH
1RPH
FRPSULPHQWR
8QLGDGHGHEDVH
)DWRU
3UHIL[R
)DWRU
1RPH
6tPEROR
3UHIL[R
1RPH
6tPEROR
G
1RPH
6tPEROR
\RWWD
<
GHFL
PHWUR
]HWWD
FHQWL
H[D
PLOL
SHWD
PLFUR
WHUD
QDQR
Q
S
PDVVD
TXLORJUDPD
NJ
WHPSR
VHJXQGR
FRUUHQWHHOpWULFD
DPSHUH
JLJD
SLFR
NHOYLQ
PHJD
IHPWR
TXLOR
DWWR
PRO
PRO
KHFWR
]HSWR
FG
GHFD
GD
\RFWR
WHPSHUDWXUDWHUPRGLQkPLFD
TXDQWLGDGHGHVXEVWkQFLD
LQWHQVLGDGHOXPLQRVD
/Z&
FDQGHOD
/Z&
&D
&D
&DS *UDQGH]DVHXQLGDGHV
&DS 0HGLomR
PHGLomR
A
YDORUGXPDJUDQGH]D
YDORU
PHDVXUHPHQW
PHVXUDJHPHVXUH
PHGLFLyQPHGLGD
TXDQWLW\YDOXH YDOXHRIDTXDQWLW\YDOXH
YDOHXU GXQH JUDQGHXU YDOHXU
YDORUGHXQD PDJQLWXG YDORU
0
?
IRUPDGRSRUXPQ~PHURHSRUXPDUHIHUrQFLDTXHFRQVWLWXLDH[SUHVVmR
TXDQWLWDWLYDGXPDJUDQGH]D
3URFHVVRGHREWHQomRH[SHULPHQWDOGHXPRXPDLVYDORUHVTXHSRGHPVHU
UD]RDYHOPHQWHDWULEXtGRVDXPDJUDQGH]D
127$$PHGLomRQmRVHDSOLFDDSURSULHGDGHVTXDOLWDWLYDV
(;(03/2&RPSULPHQWRGXPDGHWHUPLQDGDKDVWHPRXFP
(;(03/20DVVDGXPGHWHUPLQDGRFRUSRNJRXJ
(;(03/2&XUYDWXUDGXPGHWHUPLQDGRDUFRP
(;(03/27HPSHUDWXUD&HOVLXVGXPDGHWHUPLQDGDDPRVWUD&
(;(03/2,PSHGkQFLDHOpWULFDGXPGHWHUPLQDGRHOHPHQWRGHFLUFXLWRDXPD
GDGDIUHTXrQFLDRQGHMpDXQLGDGHLPDJLQiULDM
/Z&
&D
(QWHQGLPHQWR
eRSURFHVVRIXQGDPHQWDOSDUDVHREWHUXPD
TXDQWLILFDomRGHXPIHQ{PHQRGDQDWXUH]D
PHVPRRVSURGX]LGRVSHORKRPHP
/Z&
&D
&DS 0HGLomR
&DS 0HGLomR
PHQVXUDQGRPHQVXUDQGD
SULQFtSLR GHPHGLomR
PHDVXUDQG
PHDVXUHPHQWSULQFLSOHSULQFLSOHRIPHDVXUHPHQW
PHVXUDQGH
SULQFLSHGHPHVXUH
PHQVXUDQGR
SULQFLSLRGHPHGLGD
)HQ{PHQRTXHVHUYHFRPREDVHSDUDXPDPHGLomR
(;(03/2(IHLWRWHUPRHOpWULFRDSOLFDGRjPHGLomRGHWHPSHUDWXUD
PHWURORJLD
(;(03/2$EVRUomRGHHQHUJLDDSOLFDGDjPHGLomRGDFRQFHQWUDomRHP
PHWURORJ\
PpWURORJLH
PHWURORJtD
TXDQWLGDGHGHVXEVWkQFLD
&LrQFLDGDPHGLomRHVXDVDSOLFDo}HV
(;(03/25HGXomRGDFRQFHQWUDomRGHJOXFRVHQRVDQJXHGXPFRHOKRHP
MHMXPDSOLFDGDjPHGLomRGDFRQFHQWUDomRGHLQVXOLQDQXPDSUHSDUDomR
127$$PHWURORJLDHQJOREDWRGRVRVDVSHFWRVWHyULFRVHSUiWLFRVGDPHGLomR
TXDOTXHUTXHVHMDDLQFHUWH]DGHPHGLomRHRFDPSRGHDSOLFDomR
127$2IHQ{PHQRSRGHVHUGHQDWXUH]DItVLFDTXtPLFDRXELROyJLFD
/Z&
/Z&
&D
&D
&DS 0HGLomR
&DS 0HGLomR
5
PpWRGR GHPHGLomR
SURFHGLPHQWR GHPHGLomR
PHDVXUHPHQWPHWKRG PHWKRGRIPHDVXUHPHQW
PpWKRGHGHPHVXUH
PpWRGRGHPHGLGD
PHDVXUHPHQWSURFHGXUH
SURFpGXUHGHPHVXUH SURFpGXUHRSpUDWRLUH
SURFHGLPLHQWRGHPHGLGD
HVFULomRJHQpULFDGXPDRUJDQL]DomROyJLFDGHRSHUDo}HVXWLOL]DGDVQDUHDOL]DomR
GXPDPHGLomR
'HVFULomRGHWDOKDGDGXPDPHGLomRGHDFRUGRFRPXPRXPDLVSULQFtSLRVGH
PHGLomR HFRPXPGDGRPpWRGRGHPHGLomREDVHDGDQXPPRGHORGHPHGLomR
HLQFOXLQGRWRGRFiOFXORGHVWLQDGRjREWHQomRGXPUHVXOWDGRGHPHGLomR
127$2VPpWRGRVGHPHGLomRSRGHPVHUTXDOLILFDGRVGHYiULRVPRGRVFRPR
PpWRGRGHPHGLomRSRUVXEVWLWXLomR
127$8PSURFHGLPHQWRGHPHGLomRpJHUDOPHQWHGRFXPHQWDGRHPGHWDOKHV
VXILFLHQWHVSDUDSHUPLWLUTXHXPRSHUDGRUUHDOL]HXPDPHGLomR
PpWRGRGHPHGLomRGLIHUHQFLDOH
PpWRGRGHPHGLomRGH]HUR
RX
PpWRGRGHPHGLomRGLUHWRH
PpWRGRGHPHGLomRLQGLUHWR
/Z&
/Z&
&D
&D
&DS 0HGLomR
&DS 0HGLomR
SURFHGLPHQWR GHPHGLomR SULPiULR
SURFHGLPHQWR GHUHIHUrQFLD SULPiULR SURFHGLPHQWR GHPHGLomR GHUHIHUrQFLD
SULPiULR
SULPDU\UHIHUHQFHPHDVXUHPHQWSURFHGXUH SULPDU\UHIHUHQFHSURFHGXUH
SURFpGXUHGHPHVXUHSULPDLUHSURFpGXUHRSpUDWRLUHSULPDLUH
UHVXOWDGRGHPHGLomR
PHDVXUHPHQWUHVXOWUHVXOWRIPHDVXUHPHQW
UpVXOWDWGHPHVXUHUpVXOWDWGXQPHVXUDJH
UHVXOWDGRGHPHGLGDUHVXOWDGRGHXQDPHGLFLyQ
&RQMXQWRGHYDORUHVDWULEXtGRVDXPPHQVXUDQGRFRPSOHWDGRSRUWRGDVDVRXWUDV
LQIRUPDo}HVSHUWLQHQWHVGLVSRQtYHLV
3URFHGLPHQWRGHPHGLomRGHUHIHUrQFLDXWLOL]DGRSDUDREWHUXPUHVXOWDGRGH
PHGLomRVHPUHODomRFRPXPSDGUmRGXPDJUDQGH]DGHPHVPDQDWXUH]D
127$8PUHVXOWDGRGHPHGLomRJHUDOPHQWHFRQWpPLQIRUPDomRSHUWLQHQWH
VREUHRFRQMXQWRGHYDORUHVDOJXQVGRVTXDLVSRGHPVHUPDLVUHSUHVHQWDWLYRVGR
PHQVXUDQGRGRTXHRXWURV,VWRSRGHVHUH[SUHVVRQDIRUPDGHXPDIXQomRGH
GHQVLGDGHGHSUREDELOLGDGH)'3
127$8PUHVXOWDGRGHPHGLomRpJHUDOPHQWHH[SUHVVRSRUXP~QLFRYDORU
PHGLGRHXPDLQFHUWH]DGHPHGLomR&DVRDLQFHUWH]DGHPHGLomRVHMD
FRQVLGHUDGDGHVSUH]tYHOSDUDDOJXPDILQDOLGDGHRUHVXOWDGRGHPHGLomRSRGHVHU
H[SUHVVRFRPRXP~QLFRYDORUPHGLGR(PPXLWDViUHDVHVWDpDPDQHLUDPDLV
FRPXPGHH[SUHVVDUXPUHVXOWDGRGHPHGLomR
SURFHGLPLHQWRGHPHGLGDSULPDULR SURFHGLPLHQWRSULPDULR
/Z&
/Z&
&D
&D
&DS 0HGLomR
&DS 0HGLomR
P
YDORUYHUGDGHLUR GHXPD JUDQGH]D
YHUGDGHLUR
YDORUFRQYHQFLRQDO GHXPD JUDQGH]D
YDORUFRQYHQFLRQDO
WUXHTXDQWLW\YDOXHWUXHYDOXHRIDTXDQWLW\WUXHYDOXH
YDOHXU YUDLH YDOHXU YUDLH GXQH JUDQGHXU
YDORUYHUGDGHUR GHXQD PDJQLWXG YDORUYHUGDGHUR
FRQYHQWLRQDOTXDQWLW\YDOXHFRQYHQWLRQDOYDOXHRIDTXDQWLW\FRQYHQWLRQDOYDOXH
YDOHXU FRQYHQWLRQQHOOH YDOHXU FRQYHQWLRQQHOOH GXQH JUDQGHXU
YDORUFRQYHQFLRQDO GHXQD PDJQLWXG YDORUFRQYHQFLRQDO
(;(03/2
/Z&
/Z&
&D
&D
&DS 0HGLomR
&DS 0HGLomR
H[DWLGmR GHPHGLomR
H[DWLGmR
YHUDFLGDGH GHPHGLomR MXVWH]D GHPHGLomR
YHUDFLGDGH MXVWH]D
PHDVXUHPHQWDFFXUDF\DFFXUDF\RIPHDVXUHPHQWDFFXUDF\
H[DFWLWXGHGHPHVXUH H[DFWLWXGH
H[DFWLWXG GHPHGLGD H[DFWLWXG
PHDVXUHPHQWWUXHQHVVWUXHQHVVRIPHDVXUHPHQWWUXHQHVV
MXVWHVVH GHPHVXUH MXVWHVVH
YHUDFLGDG GHPHGLGD YHUDFLGDG
/Z&
/Z&
&D
&D
&DS 0HGLomR
&RQFHLWRVLPSRUWDQWHV
SUHFLVmR GHPHGLomR ILGHOLGDGH RX SUHFLVmR GHPHGLomR
)HFLVmR ILGHOLGDGH RX SUHFLVmR
PHDVXUHPHQWSUHFLVLRQSUHFLVLRQ
ILGpOLWp GHPHVXUH ILGpOLWp
SUHFLVLyQ GHPHGLGD SUHFLVLyQ
([DWLGmR
&RQFRUGkQFLDHQWUHYDORUPHGLGR HXPYDORUYHUGDGHLUR
9DORUYHUGDGHLURpXPFRQFHLWRLGHDOL]DGR
$FXUiFLDIRLUHWLUDGDGHVWDHGLomRGR9,0
9HUDFLGDGHMXVWH]D
&RQFRUGkQFLDHQWUHYDORUHVPHGLGRV HXPYDORUGHUHIHUrQFLD
,QYHUVRGHHUURVLVWHPiWLFR
3UHFLVmRILGHOLGDGH
&RQFRUGkQFLDHQWUHYDORUHVPHGLGRV REWLGRVSRUPHGLo}HV
UHSHWLGDV
5HODFLRQDGRDUHSHWLELOLGDGH HUHSURGXWLELOLGDGH
/HPEUHPVHRTXHYDOHPVmRDVGHILQLo}HVHQmRDSHQDVRVWHUPRV
/Z&
&D
/Z&
&D
&DS 0HGLomR
HUUR GHPHGLomR
HUUR
&DS 0HGLomR
HUUR VLVWHPiWLFR
PHDVXUHPHQWHUURUHUURURIPHDVXUHPHQWHUURU
HUUHXU GHPHVXUH HUUHXU
HUURUGHPHGLGD HUURU
'LIHUHQoDHQWUHRYDORUPHGLGRGXPDJUDQGH]DHXPYDORUGHUHIHUrQFLD
127$2FRQFHLWRGHHUURGHPHGLomRSRGHVHUXWLOL]DGR
DTXDQGRH[LVWHXP~QLFRYDORUGHUHIHUrQFLDRTXHRFRUUHVHXPDFDOLEUDomR
IRUUHDOL]DGDSRUPHLRGXPSDGUmRGHPHGLomRFRPXPYDORUPHGLGRFXMD
LQFHUWH]DGHPHGLomRpGHVSUH]iYHORXVHXPYDORUFRQYHQFLRQDOIRU
IRUQHFLGRQHVWHVFDVRVRHUURGHPHGLomRpFRQKHFLGR
EFDVRVHVXSRQKDTXHXPPHQVXUDQGRpUHSUHVHQWDGRSRUXP~QLFRYDORU
YHUGDGHLURRXXPFRQMXQWRGHYDORUHVYHUGDGHLURVGHDPSOLWXGH
GHVSUH]iYHOQHVWHFDVRRHUURGHPHGLomRpGHVFRQKHFLGR
127$1mRVHGHYHFRQIXQGLUHUURGHPHGLomRFRPHUURGHSURGXomRRXHUUR
KXPDQR
/Z&
V\VWHPDWLFPHDVXUHPHQWHUURUV\VWHPDWLFHUURURIPHDVXUHPHQWV\VWHPDWLFHUURU
HUUHXU V\VWpPDWLTXH
HUURUVLVWHPiWLFR GHPHGLGD HUURUVLVWHPiWLFR
&RPSRQHQWHGRHUURGHPHGLomRTXHHPPHGLo}HVUHSHWLGDVSHUPDQHFH
FRQVWDQWHRXYDULDGHPDQHLUDSUHYLVtYHO
127$8PYDORUGHUHIHUrQFLDSDUDXPHUURVLVWHPiWLFRpXPYDORUYHUGDGHLUR
RXXPYDORUPHGLGRGXPSDGUmRFRPLQFHUWH]DGHPHGLomRGHVSUH]iYHORXXP
YDORUFRQYHQFLRQDO
127$2HUURVLVWHPiWLFRHVXDVFDXVDVSRGHPVHUFRQKHFLGRVRX
GHVFRQKHFLGRV3RGHVHDSOLFDUXPDFRUUHomRSDUDFRPSHQVDUXPHUUR
VLVWHPiWLFRFRQKHFLGR
127$2HUURVLVWHPiWLFRpLJXDOjGLIHUHQoDHQWUHRHUURGHPHGLomRHRHUUR
DOHDWyULR
/Z&
&D
&D
&DS 0HGLomR
11
HUUR DOHDWyULR
UDQGRPPHDVXUHPHQWHUURU UDQGRPHUURURIPHDVXUHPHQWUDQGRPHUURU
HUUHXU DOpDWRULH
HUURUDOHDWRULR GHPHGLGD HUURUDOHDWRULR
0
)
HQWHGRHUURGHPHGLomRTXHHPPHGLo}HVUHSHWLGDVYDULDGHPDQHLUD
LPSUHYLVtYHO
127$2YDORUGHUHIHUrQFLDSDUDXPHUURDOHDWyULRpDPpGLDTXHUHVXOWDULDGXP
Q~PHURLQILQLWRGHPHGLo}HVUHSHWLGDVGRPHVPRPHQVXUDQGR
127$2VHUURVDOHDWyULRVGXPFRQMXQWRGHPHGLo}HVUHSHWLGDVIRUPDPXPD
GLVWULEXLomRTXHSRGHVHUUHVXPLGDSRUVXDHVSHUDQoDPDWHPiWLFDRXYDORU
HVSHUDGRRTXDOpJHUDOPHQWHDVVXPLGRFRPRVHQGR]HURHSRUVXDYDULkQFLD
&DS 0HGLomR
127$6H
FRQGLomRGHUHSHWLELOLGDGH GHPHGLomR
FRQGLomRGHUHSHWLELOLGDGH
UHSHDWDELOLW\FRQGLWLRQRIPHDVXUHPHQWUHSHDWDELOLW\FRQGLWLRQ
FRQGLWLRQGHUpSpWDELOLWp
FRQGLFLyQ GHUHSHWLELOLGDG GHXQD PHGLFLyQ FRQGLFLyQ GHUHSHWLELOLGDG
&RQGLomRGHPHGLomRQXPFRQMXQWRGHFRQGLo}HVDVTXDLVLQFOXHPRPHVPR
SURFHGLPHQWRGHPHGLomRRVPHVPRVRSHUDGRUHVRPHVPRVLVWHPDGH
PHGLomRDVPHVPDVFRQGLo}HVGHRSHUDomRHRPHVPRORFDODVVLPFRPR
PHGLo}HVUHSHWLGDVQRPHVPRREMHWRRXHPREMHWRVVLPLODUHVGXUDQWHXPFXUWR
SHUtRGRGHWHPSR
127$8PDFRQGLomRGHPHGLomRpXPDFRQGLomRGHUHSHWLELOLGDGH DSHQDVFRP
UHVSHLWRDXPFRQMXQWRHVSHFLILFDGRGHFRQGLo}HVGHUHSHWLELOLGDGH
127$2HUURDOHDWyULRpLJXDOjGLIHUHQoDHQWUHRHUURGHPHGLomRHRHUUR
VLVWHPiWLFR
/Z&
&D
/Z&
&D
&DS 0HGLomR
&DS 0HGLomR
127$
FRQGLomRGHUHSURGXWLELOLGDGHGHPHGLomR
FRQGLomRGHSUHFLVmRLQWHUPHGLiULDFRQGLomRGHILGHOLGDGHRXSUHFLVmR
LQWHUPpGLD
FRQGLomRGHUHSURGXWLELOLGDGH
UHSURGXFLELOLW\FRQGLWLRQRIPHDVXUHPHQW UHSURGXFLELOLW\FRQGLWLRQ
LQWHUPHGLDWHSUHFLVLRQFRQGLWLRQRIPHDVXUHPHQW LQWHUPHGLDWHSUHFLVLRQFRQGLWLRQ
FRQGLWLRQGHILGpOLWp LQWHUPpGLDLUH
FRQGLWLRQGHUHSURGXFWLELOLWp
FRQGLFLyQ GHUHSURGXFLELOLGDG GHXQD PHGLFLyQ FRQGLFLyQ GHUHSURGXFLELOLGDG
&RQGLomRGHPHGLomRQXPFRQMXQWRGHFRQGLo}HVDVTXDLVLQFOXHPGLIHUHQWHV
ORFDLVGLIHUHQWHVRSHUDGRUHVGLIHUHQWHVVLVWHPDVGHPHGLomR HPHGLo}HV
UHSHWLGDVQRPHVPRREMHWRRXHPREMHWRVVLPLODUHV
&RQGLomRGHPHGLomRQXPFRQMXQWRGHFRQGLo}HVDVTXDLVFRPSUHHQGHPR
PHVPRSURFHGLPHQWRGHPHGLomRRPHVPRORFDOHPHGLo}HVUHSHWLGDVQR
PHVPRREMHWRRXHPREMHWRVVLPLODUHVDRORQJRGXPSHUtRGRH[WHQVRGHWHPSR
PDVSRGHLQFOXLURXWUDVFRQGLo}HVVXEPHWLGDVDPXGDQoDV
127$2VGLIHUHQWHVVLVWHPDVGHPHGLomRSRGHPXWLOL]DUSURFHGLPHQWRVGH
PHGLomR GLIHUHQWHV
127$$VFRQGLo}HVTXHSRGHPYDULDUFRPSUHHQGHPQRYDVFDOLEUDo}HV
SDGU}HVRSHUDGRUHVHVLVWHPDVGHPHGLomR
127$1DPHGLGDGRSRVVtYHOpFRQYHQLHQWHTXHVHMDPHVSHFLILFDGDVDV
FRQGLo}HVTXHPXGDUDPHDTXHODVTXHQmR
127$eFRQYHQLHQWHTXHXPDHVSHFLILFDomRUHIHUHQWHjVFRQGLo}HVFRQWHQKDQD
PHGLGDGRSRVVtYHODVFRQGLo}HVTXHPXGDUDPHDTXHODVTXHQmR
/Z&
/Z&
&D
&D
&DS 0HGLomR
,QFHUWH]DGH0HGLomR
1P
LQFHUWH]DGHPHGLomR
FHUWH]D
,QFHUWH]D7LSR$
PHDVXUHPHQWXQFHUWDLQW\XQFHUWDLQW\PHDVXUHPHQWXQFHUWDLQW\
LQFHUWLWXGHGHPHVXUHLQFHUWLWXGH
LQFHUWLGXPEUHGHPHGLGDLQFHUWLGXPEUH
,QFHUWH]D7LSR%
9DULiYHODOHDWyULD
3DUkPHWURQmRQHJDWLYRTXHFDUDFWHUL]DDGLVSHUVmRGRVYDORUHVDWULEXtGRVDXP
PHQVXUDQGRFRPEDVHQDVLQIRUPDo}HVXWLOL]DGDV
127$$LQFHUWH]DGHPHGLomRFRPSUHHQGHFRPSRQHQWHVSURYHQLHQWHVGHHIHLWRV
VLVWHPiWLFRVWDLVFRPRFRPSRQHQWHVDVVRFLDGDVDFRUUHo}HVHYDORUHVDWULEXtGRV
DSDGU}HVDVVLPFRPRDLQFHUWH]DGHILQLFLRQDO$OJXPDVYH]HVQmRVmR
FRUULJLGRVHIHLWRVVLVWHPiWLFRVHVWLPDGRVHPYH]GLVVRVmRLQFRUSRUDGDV
FRPSRQHQWHVGHLQFHUWH]DGHPHGLomRDVVRFLDGDV
&RQKHFLPHQWRSRUSDUWHGRRSHUDGRU
0RGHORPDWHPiWLFR
2XWUDVYDULiYHLVJUDQGH]DVGHLQIOXrQFLD
$WXDOPHQWHKiGLIHUHQWHVDERUGDJHQVDFHLWDV
,QFHUWH]DVHJXQGRR*80 PpWRGRFOiVVLFR
3URSDJDomRGHGLVWULEXLo}HVVHJXQGRR0pWRGRGH0RQWH&DUOR
,QIHUrQFLDED\HVLDQD QRFiOFXORGDLQFHUWH]DGHPHGLomR
$VVXQWRDVHUWUDWDGRQDGLVFLSOLQD
/Z&
/Z&
&D
&D
&DS 0HGLomR
&DS 0HGLomR
FDOLEUDomR
UDVWUHDELOLGDGHPHWUROyJLFD
UDVWUHDELOLGDGH
FDOLEUDWLRQ
pWDORQQDJH
FDOLEUDFLyQ
2SHUDomRTXHHVWDEHOHFHQXPDSULPHLUDHWDSDHVREFRQGLo}HVHVSHFLILFDGDV
XPDUHODomRHQWUHRVYDORUHVHDVLQFHUWH]DVGHPHGLomRIRUQHFLGRVSRUSDGU}HV
HDVLQGLFDo}HVFRUUHVSRQGHQWHVFRPDVLQFHUWH]DVDVVRFLDGDVQXPDVHJXQGD
HWDSDXWLOL]DHVWDLQIRUPDomRSDUDHVWDEHOHFHUXPDUHODomRYLVDQGRjREWHQomRGH
XPUHVXOWDGRGHPHGLomRDSDUWLUGHXPDLQGLFDomR
PHWURORJLFDOWUDFHDELOLW\
WUDoDELOLWpPpWURORJLTXH
WUD]DELOLGDGPHWUROyJLFD
3URSULHGDGHGHXPUHVXOWDGRGHPHGLomRSHODTXDOWDOUHVXOWDGRSRGHVHU
UHODFLRQDGRDXPDUHIHUrQFLDDWUDYpVGHXPDFDGHLDLQLQWHUUXSWDHGRFXPHQWDGDGH
FDOLEUDo}HVFDGDXPDFRQWULEXLQGRSDUDDLQFHUWH]DGHPHGLomR
,PSRUWkQFLDGRVODERUDWyULRVDFUHGLWDGRV
*DUDQWLDGDUDVWUHDELOLGDGHQDFLRQDO
/Z&
/Z&
$
&D
&D
&DS 0HGLomR
&DS 0HGLomR
YHULILFDomR
YDOLGDomR
HULILFDWLRQ
YpULILFDWLRQ
YHULILFDFLyQ
YDOLGDWLRQ
YDOLGDWLRQ
YDOLGDFLyQ
L
HFLPHQWRGHHYLGrQFLDREMHWLYDGHTXHXPGDGRLWHPVDWLVID]UHTXLVLWRV
HVSHFLILFDGRV
9HULILFDomRQDTXDORVUHTXLVLWRVHVSHFLILFDGRVVmRDGHTXDGRVSDUDXPXVR
SUHWHQGLGR
(;(03/2&RQILUPDomRGHTXHXPGDGRPDWHULDOGHUHIHUrQFLDFRPR
GHFODUDGRpKRPRJrQHRSDUDRYDORUHSDUDRSURFHGLPHQWRGHPHGLomR HP
TXHVWmRDWpXPDSRUomRGRPDWHULDOVREPHGLomRFRPPDVVDGHPJ
(;(03/28PSURFHGLPHQWRGHPHGLomRQRUPDOPHQWHXWLOL]DGRSDUDDPHGLomR
GDFRQFHQWUDomRGDPDVVDGHQLWURJrQLRHPiJXDSRGHWDPEpPVHUYDOLGDGRSDUD
DPHGLomRQRVRURKXPDQR
(;(03/2&RQILUPDomRGHTXHDVSURSULHGDGHVUHODWLYDVDRGHVHPSHQKRRXDRV
UHTXLVLWRVOHJDLVVmRVDWLVIHLWDVSRUXPVLVWHPDGHPHGLomR
(;(03/2&RQILUPDomRGHTXHXPDLQFHUWH]DDOYRSRGHVHUREWLGD
/Z&
/Z&
&D
&D
&RQFHLWRVLPSRUWDQWHVGR&DStWXOR
&RQFHLWRVLPSRUWDQWHVGR&DStWXOR
(UURGH0HGLomR
&RQGLomRGH5HSHWLWLYLGDGH
(UUR6LVWHPiWLFR
5HSHWLWLYLGDGHGH0HGLomR
7HQGrQFLD
&RQGLomRGH3UHFLVmR,QWHUPHGLiULD
(UUR$OHDWyULR
3UHFLVmR,QWHUPHGLiULDGH0HGLomR
&RQGLomRGH5HSURGXWLELOLGDGH
5HSURGXWLELOLGDGHGH0HGLomR
/Z&
/Z&
&D
&D
&RQFHLWRVLPSRUWDQWHVGR&DStWXOR
&DS 'LVSRVLWLYRVGH0HGLomR
,QFHUWH]D'HILQLFLRQDO
5
LQVWUXPHQWRGHPHGLomR
5DVWUHDELOLGDGH0HWUROyJLFD
PHDVXULQJLQVWUXPHQW
LQVWUXPHQWGHPHVXUHDSSDUHLOGHPHVXUH
LQVWUXPHQWRGHPHGLGD
&RPSDUDELOLGDGH0HWUROyJLFD
)
XWLOL]DGRSDUDUHDOL]DUPHGLo}HVLQGLYLGXDOPHQWHRXDVVRFLDGRDXPRX
PDLVGLVSRVLWLYRVVXSOHPHQWDUHV
&RPSDWLELOLGDGH0HWUROyJLFD
127$8PLQVWUXPHQWRGHPHGLomRTXHSRGHVHUXWLOL]DGRLQGLYLGXDOPHQWHpXP
VLVWHPDGHPHGLomR
127$8PLQVWUXPHQWRGHPHGLomRSRGHVHUXPLQVWUXPHQWRGHPHGLomR
LQGLFDGRURXXPDPHGLGDPDWHULDOL]DGD
1mRH[LVWHRWHUPRHTXLSDPHQWR GHPHGLomR
(VWHFRQFHLWRDSOLFDVHDSRUH[HPSORRREMHWRDVHU
LQVSHFLRQDGR RXHQVDLDGR
/Z&
/Z&
&D
&D
&DS 'LVSRVLWLYRVGH0HGLomR
&DS 'LVSRVLWLYRVGH0HGLomR
VLVWHPD GHPHGLomR
DMXVWH GHXPVLVWHPD GHPHGLomR
DMXVWH
PHDVXULQJV\VWHP
V\VWqPH GHPHVXUH
VLVWHPD GHPHGLGD
6LVWHPDGHPHGLomRHLQVWUXPHQWRGH
PHGLomRVmRFRQFHLWXDPHQWH VHPHOKDQWHV
/Z&
DGMXVWPHQWRIDPHDVXULQJV\VWHPDGMXVWPHQW
DMXVWDJH GXQV\VWqPH GHPHVXUH DMXVWDJH
DMXVWH GHXQVLVWHPD GHPHGLGD DMXVWH
&D
&DS 'LVSRVLWLYRVGH0HGLomR
UHJXODJHPGH]HUR
HURDGMXVWPHQWRIDPHDVXULQJV\VWHP]HURDGMXVWPHQW
UpJODJHGH]pUR
DMXVWHGHFHURGHXQVLVWHPDGHPHGLGDDMXVWHGHFHUR
$MXVWHGHXPVLVWHPDGHPHGLomRHPRGRTXHRPHVPRIRUQHoDXPDLQGLFDomR
LJXDOD]HURFRUUHVSRQGHQWHDXPYDORULJXDOD]HURGDJUDQGH]DDVHUPHGLGD
(VWDpD~QLFDRFRUUrQFLDGRWHUPR
UHJXODJHPQR9,0
/HPEUHVHVHPSUHRLPSRUWDQWHpRFRQFHLWR
1R9,0RFRQFHLWRLQHUHQWHDUHJXODJHP
HVWiSUHVHQWHQRWHUPRGHILQLGRDMXVWH
/Z&
&D
&RQIHULUDLQGLFDomRGRLQVWUXPHQWRFRPSDUDQGR
DFRPXPSDGUmR
$LQFHUWH]DpIXQGDPHQWDOHPTXDOTXHU
FDOLEUDomR
$MXVWH
)D]HUFRPTXHDLQGLFDomRGRLQVWUXPHQWRHVWHMD
GHDFRUGRFRPDOJXPSUpUHTXLVLWR
/HPEUHPVHRTXHYDOHPVmRDVGHILQLo}HVHQmRDSHQDVRVWHUPRV
&$/,%5$d2QmRp$-867(
/Z&
&D
&D
&DS 3URSULHGDGHGRV'LVSGH0HGLomR
&DS 3URSULHGDGHGRV'LVSGH0HGLomR
LQGLFDomR
YDORUQRPLQDO
LQGLFDWLRQ
LQGLFDWLRQ
LQGLFDFLyQ
QRPLQDOTXDQWLW\YDOXHQRPLQDOYDOXH
YDOHXUQRPLQDOH
YDORUQRPLQDO
9DORUIRUQHFLGRSRUXPLQVWUXPHQWRGHPHGLomRRXSRUXPVLVWHPDGHPHGLomR
9DORUDUUHGRQGDGRRXDSUR[LPDGRGHXPDJUDQGH]DFDUDFWHUtVWLFDGHXP
LQVWUXPHQWRGHPHGLomRRXGHXPVLVWHPDGHPHGLomRRTXDOVHUYHGHJXLD
SDUDVXDXWLOL]DomRDSURSULDGD
127$8PDLQGLFDomRSRGHVHUUHSUHVHQWDGDQDIRUPDYLVXDORXDF~VWLFDRXSRGH
VHUWUDQVIHULGDDXPRXWURGLVSRVLWLYR$LQGLFDomRpIUHTHQWHPHQWHGDGDSHOD
SRVLomRGHXPSRQWHLURVREUHXPPRVWUDGRUSDUDVDtGDVDQDOyJLFDVSRUXP
Q~PHURDSUHVHQWDGRHPXPPRVWUDGRURXLPSUHVVRSDUDVDtGDVGLJLWDLVSRUXP
SDGUmRGHFyGLJRVSDUDVDtGDVFRGLILFDGDVRXSRUXPYDORUGHVLJQDGRDPHGLGDV
PDWHULDOL]DGDV
127$8PDLQGLFDomRHRYDORUFRUUHVSRQGHQWHGDJUDQGH]DPHGLGDQmRVmR
QHFHVVDULDPHQWHYDORUHVGHJUDQGH]DVGRPHVPRWLSR
(;(03/22YDORUPDUFDGRHPXPUHVLVWRUSDGUmR
(;(03/22YDORUPOPDUFDGRHPXPIUDVFRYROXPpWULFRTXHSRVVXLXP
WUDoR~QLFR
(;(03/22YDORUPROOGDFRQFHQWUDomRHPTXDQWLGDGHGHVXEVWkQFLDGH
XPDVROXomRGHiFLGRFORUtGULFR+&O
(;(03/22YDORU&GHWHPSHUDWXUD&HOVLXVPi[LPDSDUDDUPD]HQDPHQWR
/Z&
/Z&
&D
&D
&DS 3URSULHGDGHGRV'LVSGH0HGLomR
&DS 3URSULHGDGHGRV'LVSGH0HGLomR
9B
VHQVLELOLGDGHGXPVLVWHPDGHPHGLomR
VHQVLELOLGDGH
VHQVLWLYLW\RIDPHDVXULQJV\VWHP VHQVLWLYLW\
VHQVLELOLWp
VHQVLELOLGDG GHXQVLVWHPD GHPHGLGD VHQVLELOLGDG
4XRFLHQWHHQWUHDYDULDomRGXPDLQGLFDomRGXPVLVWHPDGHPHGLomRHD
YDULDomRFRUUHVSRQGHQWHGRYDORUGDJUDQGH]DPHGLGD
127$$VHQVLELOLGDGHGXPVLVWHPDGHPHGLomRSRGHGHSHQGHUGRYDORUGD
JUDQGH]DPHGLGD
127$$YDULDomRGRYDORUGDJUDQGH]DPHGLGDGHYHVHUJUDQGHTXDQGR
FRPSDUDGDjUHVROXomR
&DOLEUDUWDPEpPpGHWHUPLQDUD
VHQVLELOLGDGHGHXPSDGUmRRXVLVWHPDGH
PHGLomR
/Z&
UHVROXomR
UHVROXWLRQ
UpVROXWLRQ
UHVROXFLyQ
0HQRUYDULDomRGDJUDQGH]DPHGLGDTXHFDXVDXPDYDULDomRSHUFHSWtYHOQD
LQGLFDomRFRUUHVSRQGHQWH
127$$UHVROXomRSRGHGHSHQGHUSRUH[HPSORGHUXtGRLQWHUQRRXH[WHUQRRXGH
DWULWR3RGHGHSHQGHUWDPEpPGRYDORUGDJUDQGH]DPHGLGD
$UHVROXomRpGDJUDQGH]DHQmRGD
LQGLFDomR
$UHVROXomRGHSHQGHLQWULVLFDPHQWH GDLQGLFDomR
/Z&
&D
&D
&DS 3URSULHGDGHGRV'LVSGH0HGLomR
&DS 3URSULHGDGHGRV'LVSGH0HGLomR
LQFHUWH]DGHPHGLomRLQVWUXPHQWDO
LQFHUWH]DLQVWUXPHQWDO
LQVWUXPHQWDOPHDVXUHPHQWXQFHUWDLQW\
LQFHUWLWXGHLQVWUXPHQWDOH
LQFHUWLGXPEUHLQVWUXPHQWDO
PD[LPXPSHUPLVVLEOHPHDVXUHPHQWHUURUPD[LPXPSHUPLVVLEOHHUURUOLPLW RIHUURU
HUUHXU PD[LPDOH WROpUpH OLPLWH GHUUHXU
HUURUPi[LPR SHUPLWLGR HUURUPi[LPR WROHUDGR
&RPSRQHQWHGDLQFHUWH]DGHPHGLomR SURYHQLHQWHGRLQVWUXPHQWRGHPHGLomR
RXGRVLVWHPDGHPHGLomRXWLOL]DGR
127$$LQFHUWH]DGHPHGLomRLQVWUXPHQWDOpREWLGDSRUPHLRGDFDOLEUDomRGR
LQVWUXPHQWRGHPHGLomRRXGRVLVWHPDGHPHGLomRH[FHWRSDUDXPSDGUmR
SULPiULRSDUDRTXDOVmRXWLOL]DGRVRXWURVPHLRV
127$$LQFHUWH]DGHPHGLomRLQVWUXPHQWDOpXWLOL]DGDQDDYDOLDomRGR7LSR%GD
LQFHUWH]DGHPHGLomR
127$$VLQIRUPDo}HVUHIHUHQWHVjLQFHUWH]DGHPHGLomRLQVWUXPHQWDOSRGHPVHU
IRUQHFLGDVQDVHVSHFLILFDo}HVGRLQVWUXPHQWR
/Z&
HUUR Pi[LPR DGPLVVtYHO
HUUR Pi[LPR SHUPLVVtYHO HUUR Pi[LPR WROHUDGR OLPLWH GHHUUR
/Z&
&D
&DS 3URSULHGDGHGRV'LVSGH0HGLomR
&D
&RQFHLWRVLPSRUWDQWHVGR&DStWXOR
9DORU1RPLQDO
FXUYDGHFDOLEUDomR
&RQGLomRGH5HJLPH(VWiYHO
FDOLEUDWLRQFXUYH
FRXUEHGpWDORQQDJH
FXUYDGHFDOLEUDFLyQ
%-)HVVmRGDUHODomRHQWUHXPDLQGLFDomRHRYDORUPHGLGRFRUUHVSRQGHQWH
6HQVLELOLGDGH
127$8PDFXUYDGHFDOLEUDomRH[SUHVVDXPDUHODomRELXQtYRFDTXHQmRIRUQHFH
XPUHVXOWDGRGHPHGLomRSRLVHODQmRFRQWpPLQIRUPDomRDUHVSHLWRGD
LQFHUWH]DGHPHGLomR
6HOHWLYLGDGH
$FXUYDGHFDOLEUDomRSRGHVHUH[SUHVVDSRU
XPDIyUPXODHTXDomRRXPRGHORPDWHPiWLFR
XPJUiILFRXPDWDEHODHWF
0XLWDVYH]HVpRUHVXOWDGRGDFDOLEUDomR GHXP
LQVWUXPHQWR
/Z&
&D
5HVROXomR
(UUR0i[LPR$GPLVVtYHO
'LDJUDPDGH&DOLEUDomR
&XUYDGH&DOLEUDomR
/Z&
&D
&DS 3DGU}HV
&DS 3DGU}HV
SDGUmR GHPHGLomR SULPiULR
SDGUmR SULPiULR
SDGUmR GHPHGLomR
SDGUmR
SULPDU\PHDVXUHPHQWVWDQGDUG SULPDU\VWDQGDUG
pWDORQ SULPDLUH
SDWUyQ SULPDULR GHPHGLGD SDWUyQ SULPDULR
PHDVXUHPHQWVWDQGDUGHWDORQ
pWDORQ
SDWUyQ GHPHGLGD SDWUyQ
/Z&
3DGUmRGHPHGLomRHVWDEHOHFLGRFRPDX[tOLRGXPSURFHGLPHQWRGHPHGLomR
SULPiULRRXFULDGRFRPRXPDUWHIDWRHVFROKLGRSRUFRQYHQomR
(;(03/23DGUmRGHPHGLomRSULPiULRGHSUHVVmREDVHDGRHPPHGLo}HV
VHSDUDGDVGHIRUoDHiUHD
SDGUmR GHPHGLomR VHFXQGiULR
SDGUmR VHFXQGiULR
VHFRQGDU\PHDVXUHPHQWVWDQGDUGVHFRQGDU\VWDQGDUG
pWDORQ VHFRQGDLUH
SDWUyQ VHFXQGDULR GHPHGLGD SDWUyQ VHFXQGDULR
3DGUmRGHPHGLomRHVWDEHOHFLGRSRULQWHUPpGLRGXPDFDOLEUDomRFRPUHIHUrQFLDD
XPSDGUmRGHPHGLomRSULPiULRGXPDJUDQGH]DGDPHVPDQDWXUH]D
/DERUDWRU\ RI 8OWUDVRXQG 'LDYL 'LPFL ,QPHWUR $XWKRU 5RGULJR3%&RVWD)pOL[6OLGH
/Z&
,
&D
&D
&DS 3DGU}HV
&DS 3DGU}HV
CC
SDGUmR GHPHGLomR GHUHIHUrQFLD SDGUmR GHUHIHUrQFLD
FDOLEUDGRU
UHIHUHQFHPHDVXUHPHQWVWDQGDUGUHIHUHQFHVWDQGDUG
pWDORQ GHUpIpUHQFH
SDWUyQ GHPHGLGD GHUHIHUHQFLD SDWUyQ GHUHIHUHQFLD
FDOLEUDWRU
FDOLEUDGRU
3DGUmRXWLOL]DGRHPFDOLEUDo}HV
127$2WHUPRFDOLEUDGRUpXWLOL]DGRDSHQDVHPFHUWDViUHDV
SDGUmR GHPHGLomR GHWUDEDOKR SDGUmR GHWUDEDOKR
ZRUNLQJPHDVXUHPHQWVWDQGDUGZRUNLQJVWDQGDUG
pWDORQ GHWUDYDLO
SDWUyQ GHPHGLGD GHWUDEDMR SDWUyQ GHWUDEDMR
/Z&
&D
&D
&DS 3DGU}HV
&RQFHLWRVLPSRUWDQWHVGR&DStWXOR
3DGUmR
YDORUGHUHIHUrQFLD
UHIHUHQFHTXDQWLW\YDOXHUHIHUHQFHYDOXH
YDOHXUGHUpIpUHQFH
YDORUGHUHIHUHQFLDGHXQDPDJQLWXGYDORUGHUHIHUHQFLD
9DORUGHXPDJUDQGH]DXWLOL]DGRFRPREDVHSDUDFRPSDUDomRFRPYDORUHVGH
JUDQGH]DVGRPHVPRWLSR
3DGUmR,QWHUQDFLRQDO
3DGUmR1DFLRQDO
127$&DVRRYDORUGHUHIHUrQFLDVHMDXPYDORUYHUGDGHLURGHXPPHQVXUDQGR
HOHpGHVFRQKHFLGR&DVRVHMDXPYDORUFRQYHQFLRQDOHOHpFRQKHFLGR
3DGUmR3ULPiULR
127$8PYDORUGHUHIHUrQFLDFRPVXDLQFHUWH]DGHPHGLomRDVVRFLDGDp
JHUDOPHQWHUHODFLRQDGRD
3DGUmR6HFXQGiULR
DXPPDWHULDOSRUH[HPSORXPPDWHULDOGHUHIHUrQFLDFHUWLILFDGR
3DGUmRGH5HIHUrQFLD
EXPGLVSRVLWLYRSRUH[HPSORXPODVHUHVWDELOL]DGR
FXPSURFHGLPHQWRGHPHGLomRGHUHIHUrQFLD
GXPDFRPSDUDomRGHSDGU}HV
/Z&
3DGUmRGH7UDEDOKR
3DGUmR,WLQHUDQWH
/Z&
0
&D
2EVHUYDo}HVILQDLV
([DWLGmR9HUDFLGDGHH3UHFLVmR
7HUPRVQRYRVFRQFHLWRVSHUGLGRVHP
GHILQLo}HVDQWLJDV
/Z&
5
&D
!"#
&D
&D
6LVWHPD,QWHUQDFLRQDOGH8QLGDGHV
1RPHVXUJLGRHPFULDGRSXEOLFDGR
6XUJLXGDQHFHVVLGDGHGHXPVLVWHPDSUiWLFRPXQGLDOPHQWH
DFHLWRQDVUHODo}HVLQWHUQDFLRQDLVQRHQVLQRHQRWUDEDOKR
FLHQWtILFR
KWWSZZZLQPHWURJRYEULQIRWHFSXEOLFDFRHVVLBYHUVDRBILQDOSGI$SUHVHQWDomR
&RQWtQXRGHVHQYROYLPHQWRGHVGHHQWmR
2GRFXPHQWRDWXDOpDYHUVmREUDVLOHLUDGD(GLomRGR
6,SURGX]LGDSHOR%,30HP
2ULJLQDOELOtQJXH/H6\VWqPH LQWHUQDWLRQDO GXQLWpVHP
IUDQFrVH7KH,QWHUQDWLRQDO 6\VWHPRI 8QLWVHPLQJOrV
,QFRUSRUDGRR$FRUGR2UWRJUiILFRGD/tQJXD3RUWXJXHVDGH
UHLQWURGXomRGRNSRUH[HPSOR
0DQXWHQomRGDSURQXQFLD25,*,1$/ GDVXQLGDGHVTXDQGR
FRPSRVWDVSRUSUHIL[RVP~OWLSORVHVXEP~OWLSORV
/Z&
/Z&
&D
&D
%XUHDX,QWHUQDFLRQDOGH3HVRVH0HGLGDV
%XUHDX,QWHUQDFLRQDOGH3HVRVH0HGLGDV
&ULDGRSHOD&RQYHQomRGR0HWURHP0$,
(VWDGRVVLJQDWiULRVGDSULPHLUD&0
2%UDVLOILJXUDHQWUHHVWHVIXQGDGRUHV
(P'(=HUDP(VWDGRVPHPEURVGD&0
2%,30WHPFRPRPLVVmRDVVHJXUDUDXQLILFDomRPXQGLDO
GDVPHGLo}HV
HVWDEHOHFHURVSDGU}HVIXQGDPHQWDLVHDVHVFDODVSDUDD
PHGLomRGDVSULQFLSDLVJUDQGH]DVItVLFDVHGHFRQVHUYDURV
SURWyWLSRVLQWHUQDFLRQDLV
HIHWXDUDFRPSDUDomRGHSDGU}HVQDFLRQDLVHLQWHUQDFLRQDLV
DVVHJXUDUDFRRUGHQDomRGDVWpFQLFDVGHPHGLomR
FRUUHVSRQGHQWHV
HIHWXDUHFRRUGHQDUDVPHGLo}HVGDVFRQVWDQWHVItVLFDV
IXQGDPHQWDLVUHOHYDQWHVSDUDHVWDVDWLYLGDGHV
/DERUDWRU\ RI 8OWUDVRXQG 'LDYL 'LPFL ,QPHWUR $XWKRU 5RGULJR3%&RVWD)pOL[6OLGH
/Z&
*UDQGH]DVH[LVWHQWHV
,QLFLDOPHQWHDSHQDV&RPSULPHQWRH0DVVD
NLORJUDPD SDGUmRHPHWURSDGUmR
3DGU}HVGH0HGLGDV(OpWULFDV
*UDQGH]DVHXQLGDGHVLQWURGX]LGDVIRUPDOL]DGDVHP
3DGU}HVGH0HGLGDV)RWRPpWULFDVH5DGLRPpWULFDV
*UDQGH]DVHXQLGDGHVLQWURGX]LGDVIRUPDOL]DGDVHP
3DGU}HVGH0HGLGDV5DGLDo}HV,RQL]DQWHV
*UDQGH]DVHXQLGDGHVLQWURGX]LGDVIRUPDOL]DGDVHP
3DGU}HVGH0HGLGDV(VFDODGH7HPSR
*UDQGH]DVHXQLGDGHVLQWURGX]LGDVIRUPDOL]DGDVHP
3DGU}HVGH0HGLGDV4XtPLFDV
*UDQGH]DVHXQLGDGHVLQWURGX]LGDVIRUPDOL]DGDVHP
/Z&
&D
%XUHDX,QWHUQDFLRQDOGH3HVRVH0HGLGDV
&RPLWrV&RQVXOWLYRV
%XUHDX,QWHUQDFLRQDOGH3HVRVH0HGLGDV
&RPLWrV&RQVXOWLYRVFRQWLQXDomR
&RPLWr&RQVXOWLYRSDUD(OHWULFLGDGHH0DJQHWLVPR&&(0
1RYRQRPHGDGRHPDR&RPLWr&RQVXOWLYRSDUD(OHWULFLGDGH
&&(FULDGRHP
&RPLWr&RQVXOWLYRSDUD)RWRPHWULDH5DGLRPHWULD &&35
1RYRQRPHGDGRHPDR&RPLWr&RQVXOWLYRSDUD)RWRPHWULD
&&3FULDGRHP
(QWUHHDVTXHVW}HVVREUHIRWRPHWULDHUDPWUDWDGDVSHOR
&&(
&RPLWr&RQVXOWLYRSDUD7HUPRPHWULD&&7
&ULDGRHP
&RPLWr&RQVXOWLYRSDUD&RPSULPHQWR&&/
QRYRQRPHGDGRHPDR&RPLWr&RQVXOWLYRSDUD'HILQLomRGR
0HWUR&&'0FULDGRHP
/Z&
&D
&RPLWr&RQVXOWLYRSDUD7HPSRH)UHTXrQFLD&&7)
1RYRQRPHGDGRHPDR&RPLWr&RQVXOWLYRSDUDD'HILQLomRGR
6HJXQGR&&'6FULDGRHP
&RPLWr&RQVXOWLYRSDUD5DGLDo}HV,RQL]DQWHV&&5,
1RYRQRPHGDGRHPDR&RPLWr&RQVXOWLYRSDUD3DGU}HVGH
5DGLDo}HV,RQL]DQWHV&&(05,FULDGRHP
(PHVVH&RPLWrLQVWLWXLXTXDWURVHo}HV
6HomR,5DLRV[HJHOpWURQV
6HomR,,0HGLomRGHUDGLRQXFOtGHRV
6HomR,,,0HGLomRGHQrXWURQV
6HomR,9SDGU}HVGHHQHUJLDD
(VWD~OWLPDVHomRIRLH[LQWD HPHVXDVDWLYLGDGHVIRUDP
FRQILDGDVjVHomR,,
/Z&
&D
&D
%XUHDX,QWHUQDFLRQDOGH3HVRVH0HGLGDV
*UDILDHSURQXQFLDGRVP~OWLSORVHVXE
&RPLWrV&RQVXOWLYRVFRQWLQXDomR
&RPLWr&RQVXOWLYRSDUD8QLGDGHV&&8
&ULDGRHPHVWHFRPLWrVXEVWLWXLXD&RPLVVmRGR6LVWHPDGH
8QLGDGHVLQVWLWXtGDSHOR&,30HP
&RPLWr&RQVXOWLYRSDUD0DVVDH*UDQGH]DV5HODFLRQDGDV&&0
&ULDGRHP
&RPLWr&RQVXOWLYRSDUD4XDQWLGDGHGH6XEVWkQFLD
0HWURORJLD4XtPLFD&&40FULDGRHP
&RPLWr&RQVXOWLYRSDUD$F~VWLFD8OWUDVVRPH9LEUDomR
&&$89
&ULDGRHP
1DXQLGDGHPHWURSURQXQFLDUVHiDVLODEDW{QLFD
DEHUWDPpPHVPRQRVVHXVP~OWLSORVHVXEP~OWLSORV
.LORPHWUR HQmRNLO{PHWUR RXTXLO{PHWUR
0LOLPHWUR HQmRPLOtPHWUR
$UHJUDGR%,30GL]TXHRVSUHIL[RVGHP~OWLSORVH
VXEP~OWLSORVGHYHPDSHQDVVHUDFUHVFLGRV6(008'$5
$*5$),$RULJLQDO
0LOLVHJXQGR HQmRPLOLVVHJXQGR
1DQRPHWUR HQmRQDQ{PHWUR
KWWSZZZLQPHWURJRYEULQIRWHFSXEOLFDFRHVVLBYHUVDRBILQDOSGI1RWDGRVWUDGXWRUHV
/Z&
/Z&
&D
&D
*UDQGH]DVH8QLGDGHV9,0&DS
*UDQGH]DVH8QLGDGHV9,0&DS
EDVHTXDQWLW\
JUDQGHXUGHEDVH
PDJQLWXG GHEDVHPDJQLWXG EiVLFD
TXDQWLW\
JUDQGHXU
PDJQLWXG
GHXPVXEFRQMXQWR HVFROKLGRSRU FRQYHQomRQXP GDGR
QRTXDO QHQKXPD JUDQGH]D GRVXEFRQMXQWR SRVVD VHU H[SUHVVD HP
IXQomR GDVRXWUDV
GHULYHGTXDQWLW\
JUDQGHXUGpULYpH
PDJQLWXG GHULYDGD
QXP
GHILQLGD HP IXQomR GDVJUDQGH]DV GH
EDVHGHVVH VLVWHPD
/Z&
/Z&
&D
&D
*UDQGH]DVH8QLGDGHV9,0&DS
*UDQGH]DVH8QLGDGHV9,0&DS
,QWHUQDWLRQDO6\VWHPRI4XDQWLWLHV,64
6\VWqPH LQWHUQDWLRQDOGHJUDQGHXUV,64
6LVWHPD ,QWHUQDFLRQDO GH0DJQLWXGHV,64
,QWHUQDWLRQDO6\VWHPRI8QLWV6,
6\VWqPH LQWHUQDWLRQDOGXQLWpV 6,
6LVWHPD LQWHUQDFLRQDO GH8QLGDGHV 6LVWHPD 6,6,
EDVHDGR QDV VHWH
FRPSULPHQWR
PDVVDWHPSRFRUUHQWH HOpWULFDWHPSHUDWXUD WHUPRGLQkPLFDTXDQWLGDGH GH
VXEVWkQFLD HLQWHQVLGDGH OXPLQRVD
/Z&
/Z&
&D
&D
/HJLVODomRVREUHDVXQLGDGHV
8QLGDGHVGHEDVHGR6,&DS
2VSDtVHVHVWDEHOHFHPSRUYLDOHJLVODWLYDDV
UHJUDVFRQFHUQHQWHVjXWLOL]DomRGDVXQLGDGHV
WDQWRQRSODQRQDFLRQDOSDUDXVRJHUDOFRPR
SDUDFDPSRVHVSHFtILFRV
&RPpUFLRDVD~GHDVHJXUDQoDS~EOLFDRXRHQVLQR
8QLGDGHGHFRPSULPHQWR
1RPHPHWUR
6tPERORGDXQLGDGHP
6tPERORVGDJUDQGH]D/OU[
6tPERORGDGLPHQVmR/
1DPDLRULDGRVSDtVHVDOHJLVODomRVHEDVHLDQR
HPSUHJRGR6LVWHPD,QWHUQDFLRQDOGH8QLGDGHV
$2UJDQL]DomR,QWHUQDFLRQDOGH0HWURORJLD/HJDO
2,0/FULDGDHPFXLGDGDKDUPRQL]DomR
LQWHUQDFLRQDOGHVVDOHJLVODomR
'HILQLomRGDXQLGDGH&*30
/Z&
/Z&
2PHWURpRFRPSULPHQWRGRWUDMHWRSHUFRUULGRSHODOX]QR
YiFXRGXUDQWHXPLQWHUYDORGHWHPSRGHGH
VHJXQGR
(VVDGHILQLomRWHPRHIHLWRGHIL[DUDYHORFLGDGHGDOX]QRYiFXR
HPPV
/DERUDWRU\ RI 8OWUDVRXQG 'LDYL 'LPFL ,QPHWUR $XWKRU 5RGULJR3%&RVWD)pOL[6OLGH
&D
&D
8QLGDGHVGHEDVHGR6,&DS
8QLGDGHVGHEDVHGR6,&DS
8QLGDGHGHPDVVD
8QLGDGHGHWHPSR
1RPHNLORJUDPD
6tPERORGDXQLGDGHNJ
6tPERORVGDJUDQGH]DP
6tPERORGDGLPHQVmR0
'HILQLomRGDXQLGDGH&*30
2NLORJUDPD pDXQLGDGHGHPDVVDHOHpLJXDOjPDVVDGR
SURWyWLSRLQWHUQDFLRQDOGRNLORJUDPD
QLFDJUDQGH]DFXMDXQLGDGHpXPDPHGLGDPDWHULDOL]DGD
SURWyWLSRJXDUGDGRSHOR%,30
/Z&
1RPHVHJXQGR
6tPERORGDXQLGDGHV
6tPERORVGDJUDQGH]DW
6tPERORGDGLPHQVmR7
'HILQLomRGDXQLGDGH&*30
2VHJXQGRpDGXUDomRGHSHUtRGRVGD
UDGLDomRFRUUHVSRQGHQWHjWUDQVLomRHQWUHRVGRLVQtYHLV
KLSHUILQRV GRHVWDGRIXQGDPHQWDOGRiWRPRGHFpVLR
(VVDGHILQLomRVHUHIHUHDXPiWRPRGHFpVLRHPUHSRXVRDXPD
WHPSHUDWXUDGH.
/Z&
&D
&D
8QLGDGHVGHEDVHGR6,&DS
8QLGDGHVGHEDVHGR6,&DS
8QLGDGHGHFRUUHQWHHOpWULFD
1RPHDPSHUH
6tPERORGDXQLGDGH$
6tPERORVGDJUDQGH]D,L
6tPERORGDGLPHQVmR,
'HILQLomRGDXQLGDGH&*30
2DPSHUHpDLQWHQVLGDGHGHXPDFRUUHQWHHOpWULFDFRQVWDQWHTXHVH
PDQWLGDHPGRLVFRQGXWRUHVSDUDOHORVUHWLOtQHRVGHFRPSULPHQWR
LQILQLWRGHVHomRFLUFXODUGHVSUH]tYHOHVLWXDGRVjGLVWkQFLDGHPHWUR
HQWUHVLQRYiFXRSURGX]HQWUHHVWHVFRQGXWRUHVXPDIRUoDLJXDOD[
QHZWRQSRUPHWURGHFRPSULPHQWR
5HODFLRQDFRPDFRQVWDQWHGHSHUPHDELOLGDGHQRYiFXR
/Z&
8QLGDGHGHWHPSHUDWXUDWHUPRGLQkPLFD
1RPHNHOYLQ
6tPERORGDXQLGDGH.
6tPERORVGDJUDQGH]D7
6tPERORGDGLPHQVmR
'HILQLomRGDXQLGDGH&*30
2NHOYLQXQLGDGHGHWHPSHUDWXUDWHUPRGLQkPLFDpDIUDomR
GDWHPSHUDWXUDWHUPRGLQkPLFDGRSRQWRWULSORGDiJXD
(VVDGHILQLomRVHUHIHUHjiJXDFRPDFRPSRVLomRLVRWySLFDGHILQLGD
H[DWDPHQWHSHODVUHODo}HVGDVVHJXLQWHVTXDQWLGDGHVGHVXEVWkQFLD
PROGH+SRUPROGH+PROGH2SRUPROGH
2HPROGH2SRUPROGH2
/Z&
&D
&D
8QLGDGHVGHEDVHGR6,&DS
8QLGDGHVGHEDVHGR6,&DS
8QLGDGHGHTXDQWLGDGHGHVXEVWkQFLD
1RPHPRO
6tPERORGDXQLGDGHPRO
6tPERORVGDJUDQGH]DQ
6tPERORGDGLPHQVmR1
8QLGDGHGHLQWHQVLGDGHOXPLQRVD
1RPHFDQGHOD
6tPERORGDXQLGDGHFG
6tPERORVGDJUDQGH]D,Y
6tPERORGDGLPHQVmR-
'HILQLomRGDXQLGDGH&*30
'HILQLomRGDXQLGDGH&*30
2PROpDTXDQWLGDGHGHVXEVWkQFLDGHXPVLVWHPDTXHFRQWpP
WDQWDVHQWLGDGHVHOHPHQWDUHVTXDQWRViWRPRVH[LVWHPHP
NLORJUDPD GHFDUERQRVHXVtPERORpPRO
4XDQGRVHXWLOL]DRPRODVHQWLGDGHVHOHPHQWDUHVGHYHPVHU
HVSHFLILFDGDVSRGHQGRVHUiWRPRVPROpFXODVtRQVHOpWURQVDVVLPFRPR
RXWUDVSDUWtFXODVRXDJUXSDPHQWRVHVSHFLILFDGRVGHWDLVSDUWtFXODV
$FDQGHODpDLQWHQVLGDGHOXPLQRVDQXPDGDGDGLUHomRGHXPDIRQWH
TXHHPLWHXPDUDGLDomRPRQRFURPiWLFDGHIUHTXrQFLD[ KHUW]
HTXHWHPXPDLQWHQVLGDGHUDGLDQWHQHVVDGLUHomRGHZDWWSRU
HVIHURUUDGLDQR
/Z&
&RQFOXLVHTXHDHILFiFLDOXPLQRVDHVSHFWUDOGHXPDUDGLDomRPRQRFURPiWLFDGH
IUHTXrQFLD[ KHUW]pH[DWDPHQWHLJXDODO~PHQVSRUZDWW.
OP: FG VU:
/DERUDWRU\ RI 8OWUDVRXQG 'LDYL 'LPFL ,QPHWUR $XWKRU 5RGULJR3%&RVWD)pOL[6OLGH
/Z&
&D
&D
*UDQGH]DVGHEDVHHGLPHQV}HVQR6,
6LVWHPD,QWHUQDFLRQDOGH8QLGDGHV6,
*UDQGH]D GHEDVH
6LPEROR
6tPEROR GD
GLPHQVmR
/O[UHWF
!
"!
!
,L
"$
,Y
1RPH
*UDQGH]DGHEDVH
8QLGDGHGHEDVH
1RPH
1RPH
6tPEROR
/Z&
&D
&D
*UDQGH]DVGHULYDGDV
0~OWLSORVHVXEP~OWLSORV&DS
6mRH[SUHVVDVHPIXQomRGDVJUDQGH]DVGHEDVH
UHD9ROXPH9HORFLGDGH$FHOHUDomRQ~PHURGH
RQGD&DPSR0DJQpWLFRHWF
+iVtPERORVHQRPHVSDUDDVPDLVLPSRUWDQWHV
3DUDVHXVDUR6,FRUUHWDPHQWHHVWHVVtPERORVGHYHP
VHUREVHUYDGRVHXWLOL]DGRV
&ODUH]DQDUHSUHVHQWDomR
8QLGDGHVFRPQRPHHVtPERORVHVSHFLDLV
+HUW]ZDWWSDVFDOJUDX&HOVLXVFRXORPEIDUDGRKP
VLHPHQVWHVODNDWDOO~PHQ
/Z&
)DWRU
3UHIL[R
)DWRU
1RPH
6tPEROR
&
'
&
)
&+
,
&
&
&/
! !
&
3UHIL[R
1RPH
6tPEROR
&2
&2
&2
&2
&2/
&2
!
&2
4
&
"
&2+
&
1
&2
)
&
&2
'
'
/Z&
&D
&D
8QLGDGHVIRUDGR6,&DS
(QWUHWDQWR
26LVWHPD,QWHUQDFLRQDOGH8QLGDGHV6,pXPVLVWHPDGHXQLGDGHV
DSURYDGRSHOD&*30TXHIRUQHFHDVXQLGDGHVGHUHIHUrQFLD
DSURYDGDVHPQtYHOLQWHUQDFLRQDOHPIXQomRGDVTXDLVWRGDVDVRXWUDV
XQLGDGHVVmRGHILQLGDV2XVRGR6,pUHFRPHQGDGRQDFLrQFLDQD
WHFQRORJLDQDHQJHQKDULDHQRFRPpUFLR$VXQLGDGHVGHEDVHGR6,H
DVXQLGDGHVGHULYDGDVFRHUHQWHVGR6,LQFOXLQGRDTXHODVTXHSRVVXHP
QRPHVHVSHFLDLVWrPDYDQWDJHPFRQVLGHUiYHOGHIRUPDUXPFRQMXQWR
FRHUHQWH(PUD]mRGLVVRQmRKiQHFHVVLGDGHGHVHUHPUHDOL]DGDV
FRQYHUV}HVGHXQLGDGHV TXDQGRDWULEXtPRVYDORUHVSDUWLFXODUHVjV
JUDQGH]DVQDVHTXDo}HVGHJUDQGH]DV6HQGRR6,R~QLFRVLVWHPDGH
XQLGDGHVPXQGLDOPHQWHUHFRQKHFLGRWHPDFODUDYDQWDJHPGH
HVWDEHOHFHUXPDOLQJXDJHPXQLYHUVDO(QILPVHWRGRVXWLOL]DUHPHVVH
VLVWHPDHOHVLPSOLILFDUiRHQVLQRGDFLrQFLDHGDWHFQRORJLDSDUDD
SUy[LPDJHUDomR
$OJXPDVXQLGDGHVDLQGDVmRXWLOL]DGDV
/Z&
/Z&
3XEOLFDo}HVFLHQWtILFDVWpFQLFDVHFRPHUFLDLV
&HUWDPHQWHFRQWLQXDUmRDVHUXWLOL]DGDV
8QLGDGHVGHWHPSRHkQJXORSRUH[HPSORVmR
KLVWRULFDPHQWHHQUDL]DGDV
8QLGDGHVGR&*6QRPDJQHWLVPRHUHODWLYLGDGH
$OJXPDVGDVPDLVLPSRUWDQWHVHVWmROLVWDGDVQR
6,HSRGHPVHUXWLOL]DGDVQDVVXDVDSOLFDo}HV
HVSHFtILFDVHPXVRFRPR6,
&D
&D
8QLGDGHVIRUDGR6,HPXVRFRPR6,
2XWUDVXQLGDGHVIRUDGR6,
*UDQGH]D
1RPHGDXQLGDGH
6tPEROR
9DORUQR6,
6&
1
16&
67&&
616+7&&
!
689 :+&;
<
!
<<
=
1
1
161
6&
$
>
66
6&2
!
/Z&
6&
*UDQGH]D
1RPHGDXQLGDGH
6tPEROR
9DORUQR6,
6& .
?
!
1 =
$
@!
@!6>.
A6&&
6&2&
>
67+
" 6:168+:&&;
:
B
"
G
D
!)
!
=
8.>3.>E:.>E>F;
"!
/Z&
&D
&D
2QRYR6,
2QRYR6,
5HGHILQLomRGRNLORJUDPD
23URWyWLSR,QWHUQDFLRQDOSRGHVHUGDQLILFDGR
3RGHULDVHUSHUGLGR
3RGHULDWHUPXGDGRGHPDVVD
/Z&
/Z&
&D
&D
2QRYR6,
2QRYR6,
%DODQoDGH:DWW
&RQVWDQWHGH5\GEHUJ HR3URMHWR$YRJDGUR
'HWHUPLQDomRGDFRQVWDQWHGH3ODQFNK
0RGR(VWiWLFR
'HWHUPLQDomRGDFRQVWDQWHGH3ODQFNK
0RGR'LQkPLFR
!"
/Z&
/Z&
&D
8QLGDGHGHWHPSRVHJXQGR
2VHJXQGRVtPERORVpDXQLGDGH6,GRWHPSRDVXDPDJQLWXGH
pGHILQLGDSHODIL[DomRGRYDORUQXPpULFRGDIUHTXrQFLDGH
WUDQVLomRKLSHUILQD GRHVWDGRIXQGDPHQWDOQmRSHUWXEDGR GR
iWRPRGHFpVLRSDUDVHUH[DWDPHQWHTXDQGRp
H[SUHVVDQDXQLGDGH6,VDTXDOSDUDHRVIHQyPHQRVSHULyGLFRV
pLJXDO+]
/Z&
&D
8QLGDGHGHFRUUHQWHHOpWULFDDPSHUH
2DPSHUHVtPEROR$pDXQLGDGH6,GHFRUUHQWHHOpWULFDVXD
PDJQLWXGHpGHILQLGDSHODIL[DomRGRYDORUQXPpULFRGDFDUJD
HOHPHQWDUSDUDVHUH[DWDPHQWH[ TXDQGRp
H[SUHVVRQDXQLGDGH6,SDUDDFDUJDHOpWULFD& $V
/Z&
&D
&D
8QLGDGHGHWHPSHUDWXUDWHUPRGLQkPLFDNHOYLQ
2NHOYLQVtPEROR.pDXQLGDGH6,GHWHPSHUDWXUD
WHUPRGLQkPLFDVXDPDJQLWXGHpGHILQLGDSHODIL[DomRGRYDORU
QXPpULFRGDFRQVWDQWHGH%ROW]PDQQSDUDVHUH[DWDPHQWH
[ TXDQGRpH[SUHVVRQDXQLGDGH6,SDUDHQHUJLDSRU
WHPSHUDWXUDWHUPRGLQkPLFD-. NJP V .
8QLGDGHGHLQWHQVLGDGHOXPLQRVDFDQGHOD
$FDQGHODVtPERORFGpDXQLGDGHGHLQWHQVLGDGHOXPLQRVDHP
XPDGHWHUPLQDGDGLUHomRDVXDPDJQLWXGHpGHILQLGDSHOD
IL[DomRGRYDORUQXPpULFRGDHILFiFLDOXPLQRVDGHUDGLDomR
PRQRFURPiWLFDGHIUHTXrQFLD[+]SDUDVHUH[DWDPHQWH
TXDQGRpH[SUHVVDQDXQLGDGH6,NJ P V FG VU OP :
FG VU :
8QLGDGHGHTXDQWLGDGHGHVXEVWkQFLDPRO
2PROVtPERORPROpDXQLGDGH6,GHTXDQWLGDGHGHPDWpULDGH
XPDHQWLGDGHHOHPHQWDUHVSHFLILFDGRTXHSRGHVHUXPiWRPR
XPDPROpFXODXPtRQGHHOpWURQVTXDOTXHURXWUDSDUWtFXODRXGH
XPJUXSRHVSHFLILFDGRGHWDLVSDUWtFXODVVXDPDJQLWXGHp
GHILQLGDSHODIL[DomRGRYDORUQXPpULFRGDFRQVWDQWHGH$YRJDGUR
DVHUH[DWDPHQWH[ TXDQGRpH[SUHVVDQD
XQLGDGH6,PRO
/Z&
/Z&
&D
!"#
&D
(VWDWtVWLFD
'HILQLomR
&D
(VWDWtVWLFDSDUDFiOFXORGH,QFHUWH]D
0HGLGDVGH7HQGrQFLD&HQWUDO
&RQMXQWRGHPpWRGRVHVSHFLDOPHQWHDSURSULDGRVjFROHWDj
DSUHVHQWDomRRUJDQL]DomRUHVXPRHGHVFULomRjDQiOLVHHj
LQWHUSUHWDomRGHGDGRVGHREVHUYDomRWHQGRFRPRREMHWLYRD
FRPSUHHQVmRGHXPDUHDOLGDGHHVSHFtILFDSDUDDWRPDGDGD
GHFLVmR
2EMHWLYRV
&ROHWDRUJDQL]DomRVLQWHWL]DomRHDSUHVHQWDomRGHGDGRV
0HGLomRGDYDULDomRQRVGDGRVHOHYDQWDPHQWRGHGDGRV
(VWLPDWLYDGRVSDUkPHWURVGDSRSXODomRHGHWHUPLQDomRGD
SUHFLVmRGDVHVWLPDWLYDV
$SOLFDomRGRVWHVWHVGHKLSyWHVHHPUHODomRDRVSDUkPHWURV
$QiOLVHGDUHODomRHQWUHGXDVRXPDLVYDULiYHLV
)RQWHKWWSZZZLQIRHVFRODFRPPDWHPDWLFDHVWDWLVWLFD
/Z&
0pGLD0HGLDQD0RGD
0HGLGDVGH'LVSHUVmR
9DULkQFLD'HVYLR3DGUmR
7HVWHVGH+LSyWHVH
7HVWHW6WXGHQW
7HVWH)LVKHU
7HVWHGH1RUPDOLGDGH
'LVWULEXLo}HV
1RUPDOW6WXGHQWXQLIRUPHHWULDQJXODU
5HJUHVVmROLQHDUH&RUUHODomR
7HRUHPDGR/LPLWH&HQWUDO
/Z&
&D
&D
3RSXODomR;$PRVWUD
0HGLGDVGH7HQGrQFLD&HQWUDO
3RSXODomR
0pGLD$ULWPpWLFD
FROHomRFRPSOHWDGHWRGRVRVHOHPHQWRVDVHUHPHVWXGDGRV
$PRVWUD
[
VXEFROHomR GHHOHPHQWRVH[WUDtGRVGHXPDSRSXODomR
(P0HWURORJLD"
(VWDWtVWLFDEDVHDGDHPFRQMXQWRGHREVHUYDo}HVHH[SHULPHQWRV
6HPSUHLUHPRVWUDEDOKDUFRPDPRVWUDV
12&21)81',5&20$02675$*(0
7HRUHPDGR/LPLWH&HQWUDO
0pGLD*HRPpWULFD
[L
Q L
0pGLD3RQGHUDGD
[* [ [ [Q
Q
0pGLD+DUP{QLFD
Z [
L L
[3
L
Q
Z
[+
Q
Q
[
L
L
/Z&
/Z&
&D
&D
0HGLGDVGH7HQGrQFLD&HQWUDO
0RGD
0HGLGDVGH'LVSHUVmR
9DULkQFLDDPRVWUD
9DORUPDLVFRPXPHQWUHGLYHUVDVREVHUYDo}HVGLVFUHWDV
,QWHUYDORTXHFRQWpPRVYDORUHVPDLVREVHUYDGRVHPFODVVHV
PRGDLV
V
Q
[L [
Q L
0HGLDQD
9DORUTXHGLYLGHDVREVHUYDo}HVjPHWDGH
(PGLVWULEXLo}HVVLPpWULFDVPHGLDQDHPpGLDVmRLJXDLV
'HVYLR3DGUmR
V
/Z&
Q
[L [
Q L
/Z&
&D
&D
([HPSORVPpGLD
([HPSORVGHVYLRSDGUmR
/Z&
/Z&
&D
&D
'LVWULEXLo}HVH[HPSORV
'LVWULEXLomR1RUPDO3DGURQL]DGD
7ULDQJXODU
]
[
5HWDQJXODU
/Z&
/Z&
&D
&D
'LVWULEXLomR1RUPDO3DGURQL]DGD
'LVWULEXLomR1RUPDO3DGURQL]DGDS
/Z&
/Z&
&D
&D
'LVWULEXLomRW6WXGHQW
([HPSORVGLVWULEXLomRW6WXGHQW
Q
Q!Q!Q!!Q
Q
Q
Q
/Z&
/Z&
&D
&D
'LVWULEXLomRW6WXGHQW
'LVWULEXLomRW6WXGHQW
W
[L [
V Q
W
/Z&
W
GI
W
W
W
W
W
W
W
W
/Z&
&D
&D
7HVWHVGH+LSyWHVH
7HVWH)LVFKHU
)FDOFXODGR
V
V
V
V
(PIXQomRGRVJUDXVGHOLEHUGDGHGRVFRQMXQWRVGH
PHGLo}HVREVHUYDo}HVSDUDXPGHWHUPLQDGRQtYHOGH
FRQILDQoD
)WDEHODGR
&ULWpULRGHDFHLWDomR
/Z&
)FDOFXODGR )WDEHODGR
/DERUDWRU\ RI 8OWUDVRXQG 'LDYL 'LPFL ,QPHWUR $XWKRU 5RGULJR3%&RVWD)pOL[6OLGH
7HVWHVGH+LSyWHVH
3DUDTXHVHUYH"
$YDOLDUVHRXPDLVYDULkQFLDVVmRHVWDWLVWLFDPHQWH LJXDLV
KRPRJrQHDV
V
)FDOFXODGR
V
)FDOFXODGR )WDEHODGR
V
V
6HIRUHPKRPRJrQHDVRXPDLVYDULkQFLDVSRGHPVHU
&20%,1$'$6DXPHQWDDFRQILDQoDRXFHUWH]DVREUHR
UHVXOWDGR
/Z&
&D
&D
&RPELQDomRGH9DULkQFLDV
&RPELQDomRGH9DULkQFLDV
7HVWH)LVFKHU
8PH[HPSORGHDSOLFDomRGDFRPELQDomRGHYDULkQFLDV
1
6
VF
L
1
L
$JRUDSDVVDVHDWHUXPDYDULkQFLD~QLFDSDUDPDLVGH
XPH[SHULPHQWRLQGHSHQGHQWH
L L
Q Q Q Q
V
VF
V
V
VF
VF
V
/Z&
/Z&
&D
&D
7HVWHVGH+LSyWHVH
7HVWHVGH+LSyWHVH
7HVWHW6WXGHQW
7HVWHW6WXGHQW
[ \ W S
Q[
Q\
Q[ Q\
WFDO
VF
[ H \ PpGLD
[ \
Q[
Q \
Q[ Q \
VF
&ULWpULRGHDFHLWDomR
Q[ H Q \ Q~PHUR GH UHSHWLo}HV GH [ H \
WFDO WFUtWLFR S
Q[
Q \
/Z&
/Z&
&D
&D
7HVWHVW6WXGHQW
3DUDTXHVHUYH"
&RPSDUDUGXDVRXPDLVPpGLDV
3DUDGR[RGRWHVWHW6WXGHQW
&RPSDUDPVHDVPpGLDVSDUDDVVHJXUDUTXHVmR
GLIHUHQWHVUHMHLWDVHKLSyWHVHQXOD
1mRVHSRGHUHMHLWDUDKLSyWHVHQXODDVPpGLDVVmR
FRQVLGHUDGDVHVWDWLVWLFDPHQWHLJXDLV
E
Q[L \L [L \L
Q [L [L
,QWHUFHSWDomR
[ \ [ \ [
D
Q[ [
L
L
/Z&
/Z&
L L
&D
&D
&RUUHODomR
&RUUHODomRH[HPSORV
&RHILFLHQWHGH&RUUHODomRGH3HDUVRQ
Q [L \L [L \L
&!"'"#$ !)+"
U
! " #$ % & ! " ' " #$ ( % ) & ! * $ + ," '!
- $ % " # % " % #$. #. $ ) ! & / $ * $! 0 . 1 " !
Q [ [ Q \ \
L
L
$2
2
/Z&
3
3
3
3
"#$'- !
!"#$%&!"'"#$(%)+,"'!
"4"5%-$%"#%"%#$.#.$)!&/$*$!
0.1"!
2
&!"'"#$ !)+,"'!
UFXUYDSREUH
UERDFXUYD
U!H[FHOHQWHOLQHDULGDGH
$2
"'," !
U H[DWDFRUUHODomROLQHDUHQWUHDVGXDVYDULiYHLV
U LQGHSHQGrQFLDFRPSOHWDHQWUHDVGXDVYDULiYHLV
(PJHUDO
3
$23
/Z&
2
&!"'"#$ !)"4"5%
&D
&D
7HVWHGH1RUPDOLGDGH
7HVWHGH1RUPDOLGDGH
DQL
\QL
\L
E L
:FDOFXODGR
Q
6
\L \
7HVWH6KDSLUR:LONV
7HVWH6KDSLUR:LONV
L QpRWDPDQKRGDDPRVWUD
\L YDORUGDPHGLomRGDDPRVWUDHPDQiOLVHRUGHQDGRGRPHQRU
SDUDRPDLRUYDORU
\ YDORUPpGLRGDPHGLomR
DL FRHILFLHQWHFDOFXODGRSRU6KDSLURH:LONV WDEHODGR
/Z&
/Z&
&D
&D
7HRUHPDGR/LPLWH&HQWUDO
(PWHRULDGDVSUREDELOLGDGHVHVVHWHRUHPDDILUPDTXH
TXDQGRRWDPDQKRGDDPRVWUDDXPHQWDDGLVWULEXLomR
DPRVWUDOGDVXDPpGLDDSUR[LPDVHFDGDYH]PDLVGH
XPDGLVWULEXLomRQRUPDO
/Z&
PHGLo}HV
PHGLo}HV
H[SHULPHQWRV
PHGLo}HV
PHGLo}HV
H[SHULPHQWRV
PHGLo}HV
PHGLo}HV
H[SHULPHQWRV
PHGLo}HV
PHGLo}HV
H[SHULPHQWRV
/Z&
&D
&D
&ULWpULRGHUHMHLomR
&ULWpULRGHUHMHLomR
12(;,67(&5,7e5,248(6(-$683(5,25$2
-8/*$0(172'(807e&1,&2(;3(5,(17(48((67(-$
)$0,/,$5,=$'2&206(8352&(662'(0(',d2$6
5(*5$6(67$767,&$66235,1&,3$/0(17(3$5$
$8;/,2$267e&1,&26,1(;3(5,(17(648((67(-$0
75$%$/+$1'2&20801292352&(662'(0(',d2
283$5$$48(/(648(6,03/(60(17('(6(-$0
-867,),&$532548((/(6720$5$0$48(/$'(&,62
&ULWpULRGH&KDXYHQHW
&RQGLomRSDUD5HMHLomRGHTXDOTXHUYDORUGHXPFRQMXQWR
[L [ NQ V
&ULWpULR
1DWUHOOD 0*([SHULPHQWDO6WDWLVWLFV1DWLRQDO%XUHDXRI
6WDQGDUGV+DQGERRN
/Z&
/Z&
"
6 7"8
&D
&D
&ULWpULRGHUHMHLomR
(UUR1RUPDOL]DGR
&ULWpULRGH&KDXYHQHW
([HPSOR
97118
V
[
&ULWpULR
[L [ NQ V
"
&RPSDUDQGRVHYDORUHVH[SHULPHQWDLVFRPXP
YDORUGHUHIHUrQFLD
[Q 6HUiUHMHLWDGR
[ 1mRVHUiUHMHLWDGR
,QFHUWH]DV
a
6HHQWmR
6HQmR
67"8
/Z&
/Z&
&D
&D
(UUR1RUPDOL]DGR
'LVWULEXLomRTXLTXDGUDGD
&RPSDUDQGRVHYDORUHVH[SHULPHQWDLVHP1
H[SHULPHQWRVSDUDSDU
YDORUFDOFXODGRGRWHVWHTXLTXDGUDGR
SDUDGLIHUHQoDVSDUDDSDUGH1 H[SHULPHQWRV
RXODERUDWyULRV
*UDXVGHOLEHUGDGH 1 1
VH1
/Z&
/Z&
/DERUDWRU\ RI 8OWUDVRXQG 'LDYL 'LPFL ,QPHWUR $XWKRU 5RGULJR3%&RVWD)pOL[6OLGH
&D
!"#
&D
&D
$SUHVHQWDomRGR*80
,QWURGXomR
(GLo}HVLQWHUQDFLRQDLV
,QWUR*80 EUDVLOHLUR
3ULPHLUDHGLomR
&RUULJLGDHP
-&*0 ,QWUR*80
(GLomR1DFLRQDO
3XEOLFDGDSHOR,QPHWURH$%17HP
,QWUR*80HPUHYLVmR
/Z&
8PDGHFODUDomRGHLQFHUWH]DGHPHGLomRp
LQGLVSHQViYHOSDUDRMXOJDPHQWRGDDGHTXDomRGHXP
YDORUPHGLGRSDUDDDSOLFDomRSUHWHQGLGD$RFRPSUDU
QRPHUFDGRXPTXLORJUDPDGHIUXWDVRFRQVXPLGRU
ILFDULDVDWLVIHLWRVHDEDODQoDLQGLFDVVHXPYDORU
GHQWURGHGLJDPRVJUDPDVGRSHVRUHDOGHIUXWD
(QWUHWDQWRDVGLPHQV}HVGRVFRPSRQHQWHVGRV
JLURVFySLRVVLWXDGRVQRVVLVWHPDVGHQDYHJDomR
LQHUFLDOGHDYL}HVFRPHUFLDLVVmRFKHFDGDVSRUPHLR
GHPHGLo}HVDWpSDUWHVSRUPLOKmRSDUDXPFRUUHWR
IXQFLRQDPHQWR
/Z&
&D
&D
248(e,1&(57(=$'(0(',d2"
248(e,1&(57(=$'(0(',d2"
2SURSyVLWRGHXPDPHGLomRpIRUQHFHU
LQIRUPDomRDUHVSHLWRGHXPDJUDQGH]DGH
LQWHUHVVH XPPHQVXUDQGR>9,0@2
PHQVXUDQGRSRGHVHURYROXPHGHXPYDVRD
GLIHUHQoDGHSRWHQFLDOHQWUHRVWHUPLQDLVGHXPD
EDWHULDRXDFRQFHQWUDomRGHFKXPERQDiJXD
FRQWLGDQXPIUDVFR
1HQKXPDPHGLomRpH[DWD4XDQGRXPD
JUDQGH]DpPHGLGDRUHVXOWDGRGHVDtGD
GHSHQGHGRVLVWHPDGHPHGLomR>9,0@GR
SURFHGLPHQWRGHPHGLomRGDSHUtFLDGR
RSHUDGRUGRDPELHQWHHGHRXWURVHIHLWRV
0HVPRTXHDJUDQGH]DVHMDPHGLGDYiULDVYH]HV
GRPHVPRPRGRHQDVPHVPDVFLUFXQVWkQFLDV
XPDLQGLFDomR>9,09,0@GLIHUHQWHp
HPJHUDOREWLGDDFDGDYH]DVVXPLQGRVHTXHR
VLVWHPDGHPHGLomRWHQKDUHVROXomRVXILFLHQWH
SDUDGLVWLQJXLUHQWUHRVYDORUHVREWLGRV
/Z&
/Z&
&D
&D
248(e,1&(57(=$'(0(',d2"
248(e,1&(57(=$'(0(',d2"
$GLVSHUVmRGDVLQGLFDo}HVHVWDULD
UHODFLRQDGDDRTXmREHPDPHGLomRpIHLWD$
PpGLDGDVLQGLFDo}HVIRUQHFHULDXPD
HVWLPDWLYDGRYDORUYHUGDGHLUR>9,0@GD
JUDQGH]DDTXDOJHUDOPHQWHGHYHULDVHUPDLV
FRQILiYHOGRTXHXPDLQGLFDomRLQGLYLGXDO$
GLVSHUVmRHRQ~PHURGHLQGLFDo}HVIRUQHFHULDP
LQIRUPDomRUHODFLRQDGDDRYDORUPpGLRFRPR
XPDHVWLPDWLYDGRYDORUYHUGDGHLURGD
JUDQGH]D
2VLVWHPDGHPHGLomRSRGHIRUQHFHU
LQGLFDo}HVTXHHVWmRGLVSHUVDVQmRHPWRUQRGR
YDORUYHUGDGHLURGDJUDQGH]DPDVHPWRUQRGH
XPYDORUGHOHGHVYLDGR$GLIHUHQoDHQWUHHVWH
YDORUGHVYLDGRHRYDORUYHUGDGHLURGDJUDQGH]D
pFKDPDGDDOJXPDVYH]HVGHYDORUHUUR
VLVWHPiWLFR>9,0@
/Z&
/Z&
&D
&D
248(e,1&(57(=$'(0(',d2"
(UUR6LVWHPiWLFRH(UUR$OHDWyULR
$JUDQGH]DHUURGHPHGLomRSRGHVHUGHGRLV
WLSRVVLVWHPiWLFRHDOHDWyULR>9,0@8PHUUR
VLVWHPiWLFRFXMDHVWLPDWLYDpFRQKHFLGDFRPR
WHQGrQFLD>9,0@HVWiDVVRFLDGRDRIDWRGH
TXHRYDORUPHGLGRGHXPDJUDQGH]DFRQWpPXP
GHVYLR8PHUURDOHDWyULRHVWiDVVRFLDGRDRIDWR
GHTXHTXDQGRXPDPHGLomRpUHSHWLGD
IRUQHFHUiJHUDOPHQWHXPYDORUPHGLGR
GLIHUHQWHGRYDORUDQWHULRU
/Z&
;PHG
9UHI
H
/Z&
&D
&D
,QFHUWH]DGH0HGLomR
&RHILFLHQWHGHVHQVLELOLGDGH
\
I
[ OLP
[
Z I $ % & '
[
FL
%
FL
$
P )
D
P P P
)
&
D D
'
D
F
X
)
/Z&
)
X
P
)
D
FL
'
FL
&
/Z&
&D
&D
(VWLPDWLYDGD,QFHUWH]DGH0HGLomR
0HQVXUDQGR
,'HILQLUPHQVXUDQGR
,,'LDJUDPD&DXVD(IHLWR
,,,,QFHUWH]DVGDVJUDQGH]DVGHHQWUDGD
,9&RHILFLHQWHVGH6HQVLELOLGDGH
9&RPSRQHQWHVGH,QFHUWH]D
9,,QFHUWH]DSDGUmRFRPELQDGD
9,,*UDXVGHOLEHUGDGHHIHWLYRV
9,,,)DWRUGH$EUDQJrQFLD
,;,QFHUWH]DH[SDQGLGD
/Z&
\ []
&HUWLILFDGR
5HSHWLomR
\
&HUWLILFDGR
]
/Z&
&D
&D
(TXDo}HVJHUDLV
&RHILFLHQWHGHVHQVLELOLGDGH
0HQVXUDQGR
\ I [
,QFHUWH]DV3DGUmR*UDQGH]DVGH(QWUDGD
X [L
[
V [L
Q
X [
L
RQGHF HVWLPDWLYD
/Z&
I
[ OLP
FHUWLILFDGR
\
F
F
RX
\
[
[
[ [
GHFODUDGD
/Z&
&D
&D
(TXDo}HVJHUDLV
0HWRGRORJLDDOWHUQDWLYD
,QFHUWH]DVQmRFRUUHODFLRQDGDV
&RPELQDomRGH,QFHUWH]DV5HODWLYDV
I
X \ X [
[
1
\
L
,QFHUWH]DVFRUUHODFLRQDGDV
1 1
I
X \ X [L FL F M X [L X [ M U [L [ M
L [L
L M L
1
F
/Z&
[]
Z
,QFHUWH]DVFRPELQDGD
XF \
X X X
[ ] Z
[ ] Z
\
/Z&
&D
&D
(TXDo}HVJHUDLV
([HPSOR
*UDXVGH/LEHUGDGH(IHWLYRV
0HGLomRGHXPDIRUoD
X \
X \
X \
F X [
HII
0DVVDPpGLD NJ
UHSHWLo}HV
'HVYLR3DGUmR J
L
%DODQoDXWLOL]DGD
L
,QFHUWH]D J
N S
$FHOHUDomRGD*UDYLGDGH PV
,QFHUWH]DVH[SDQGLGD
8 N X
S
/Z&
,QFHUWH]D PV
N S
F
/Z&
&D
&D
0HGLomRGHXPDIRUoD
6ROXomR
,0HQVXUDQGR
) P D
)RUoD)
\ I [
L
) PD
&HUWLILFDGR
)
&HUWLILFDGR
P NJ
D PV
,,,,QFHUWH]DV
0DVVD
7LSR$UHSHWLomR
D
/Z&
P D
,,*UDQGH]DVGHHQWUDGD
5HSHWLomR
XP
J
XP
J J
7LSR%FHUWLILFDGRGHFDOLEUDomRGDEDODQoD
/Z&
&D
&D
6ROXomR
6ROXomR
,,,,QFHUWH]DV
,9&RHILFLHQWHVGHVHQVLELOLGDGH
0DVVD
7LSR$H7LSR%FRPELQDGDV
FL P
)
D P V
P
FL D
)
P NJ
D
9&RQWULEXLo}HVGHLQFHUWH]D
$FHOHUDomRGDJUDYLGDGH
7LSR%FHUWLILFDGR
XD
/Z&
[ P
[ P
/DERUDWRU\ RI 8OWUDVRXQG 'LDYL 'LPFL ,QPHWUR $XWKRU 5RGULJR3%&RVWD)pOL[6OLGH
&D
&D
6ROXomR
6ROXomR
9,,QFHUWH]DFRPELQDGD
X) 1 1
,;5HVXOWDGRGDPHGLomR
9,,*UDXGHOLEHUGDGHHIHWLYR
P V NJ
9,,,)DWRUGHDEUDQJrQFLD
N
/Z&
/Z&
&D
&D
0pWRGR5HODWLYR
%DODQoRGHLQFHUWH]DV
&RPELQDomRGDV,QFHUWH]DV5HODWLYDV
) P D
XF
) P D
XF)
)
XF
)
J P V
J P V
XD)
XP)
XP)
/Z&
/Z&
&D
!"#
&D
&D
$%171%5,62,(&
%171%5,62,(&
$3/,&$d2
(VWDEHOHFHUHTXLVLWRVJHUHQFLDLVH
WpFQLFRVSDUDDFRPSHWrQFLDGH
ODERUDWyULRVHPIRUQHFHUUHVXOWDGRVGH
HQVDLRHFDOLEUDomRWHFQLFDPHQWH
YiOLGRV
/Z&
/DERUDWyULRVTXHUHDOL]DPHQVDLRVHRXFDOLEUDo}HV
FRQVLGHUDGRVFRPRGHSULPHLUDVHJXQGDRX
WHUFHLUDSDUWH
3ULPHLUD3DUWHRIRUQHFHGRUUHDOL]DHQVDLRHPVHX
SUySULRSURGXWR
6HJXQGD3DUWHRFOLHQWHUHDOL]DHQVDLRQRSURGXWR
GRIRUQHFHGRU
7HUFHLUD3DUWHRODERUDWyULRTXHUHDOL]DRHQVDLRQmR
SRVVXLLQWHUHVVHQRSURGXWR
/Z&
&D
&D
$3/,&$d2
$3/,&$d2
(VWDQRUPDpSDUDRXVRGHODERUDWyULRVGH
FDOLEUDomRHHQVDLRQRGHVHQYROYLPHQWRGHVHX
VLVWHPDGHJHVWmRGDTXDOLGDGH
&OLHQWHVGHODERUDWyULRVDXWRULGDGHV
UHJXODPHQWDGRUDVHRUJDQLVPRVGHDFUHGLWDomR
WDPEpPSRGHPXVDUDQRUPDSDUDFRQILUPDURX
UHFRQKHFHUDFRPSHWrQFLDGHODERUDWyULRV
/Z&
1mRFREUHUHTXLVLWRVGHVHJXUDQoDHUHJXODPHQWRV
VREUHDRSHUDomRGHODERUDWyULRV
2DWHQGLPHQWRDHVWDQRUPDVLJQLILFDTXHR
ODERUDWyULRRSHUDXPVLVWHPDGHJHVWmRGD
TXDOLGDGHVHJXQGRRVSULQFtSLRVGD,62
(VWDQRUPDFREUHDFRPSHWrQFLDWpFQLFDUHTXHULGD
TXHQmRpFREHUWDSHOD,62
/Z&
&D
&D
1250$65(/$&,21$'$6
1RUPDGLYLGLGDHPUHTXLVLWRV
$%171%5,62,(& $YDOLDomRGH
&RQIRUPLGDGH 9RFDEXOiULRH3ULQFtSLRV*HUDLV
9,0 9RFDEXOiULR,QWHUQDFLRQDOGH7HUPRV
)XQGDPHQWDLVH*HUDLVGH0HWURORJLD
1%5 6LVWHPDVGH*HVWmRGD4XDOLGDGH
)XQGDPHQWRVH9RFDEXOiULRV
*80 *XLDSDUD([SUHVVmRGD,QFHUWH]DGH
0HGLomR
/Z&
/Z&
&D
&D
5HTXLVLWRV*HUHQFLDLV
5HTXLVLWRV*HUHQFLDLV
FRQWLQXDomR
2UJDQL]DomR
6LVWHPDGHJHVWmR
&RQWUROHGHGRFXPHQWRV
$QiOLVHFUtWLFDGHSHGLGRVSURSRVWDVH
FRQWUDWRV
6XEFRQWUDWDomRGHHQVDLRVHFDOLEUDo}HV
$TXLVLomRGHVHUYLoRVHVXSULPHQWRV
$WHQGLPHQWRDRFOLHQWH
5HFODPDo}HV
&RQWUROHGHWUDEDOKRVGHHQVDLRHRXFDOLEUDomR
QmRFRQIRUPH
/Z&
0HOKRULD
$omRFRUUHWLYD
$omRSUHYHQWLYD
&RQWUROHGHUHJLVWURV
$XGLWRULDLQWHUQD
$QiOLVHFUtWLFDSHODGLUHomR
/Z&
&D
&D
5HTXLVLWRV7pFQLFRV
2UJDQL]DomR
*HQHUDOLGDGHV
3HVVRDO
$FRPRGDo}HVHFRQGLo}HVDPELHQWDLV
0pWRGRVGHHQVDLRHFDOLEUDomRH
YDOLGDomRGHPpWRGRV
(TXLSDPHQWRV
5DVWUHDELOLGDGHGDPHGLomR
$PRVWUDJHP
0DQXVHLRGHLWHQVGHHQVDLRHFDOLEUDomR
*DUDQWLDGDTXDOLGDGHGHUHVXOWDGRVGHHQVDLRH
FDOLEUDomR
$SUHVHQWDomRGHUHVXOWDGRV
(VWDEHOHFHUXPDHVWUXWXUDRUJDQL]DFLRQDOTXH
VHMD
/Z&
OHJDOPHQWHUHVSRQViYHO
FDSD]GHJHUHQFLDUVXDVDWLYLGDGHVFRP
LPSDUFLDOLGDGHHGHDFRUGRFRPRVUHTXLVLWRV
GHVWDQRUPD
FDSD]GHPDQWHUDFRQILGHQFLDOLGDGHGRVGDGRV
GHFOLHQWH
/Z&
&D
&D
6LVWHPDGH*HVWmR
&RQWUROHGH'RFXPHQWRV
(VWDEHOHFHULPSOHPHQWDUHPDQWHUXPVLVWHPD
GHJHVWmR
&RQWURODUWRGRVRVGRFXPHQWRVGRVLVWHPDGH
JHVWmR
3ROtWLFDGD4XDOLGDGH
0DQXDOGD4XDOLGDGH
&RPSURPHWLPHQWRGD'LUHomR
/Z&
'LVSRQLELOLGDGHGHGRFXPHQWRVDXWRUL]DGRVDR
XVXiULR
5HPRomRGHREVROHWRV
0DQXWHQomRGRKLVWyULFRGHDOWHUDo}HV
/Z&
&D
&D
@B@
$QiOLVHFUtWLFDGHSHGLGRV
SURSRVWDVHFRQWUDWRV
6XEFRQWUDWDomRGHHQVDLRVH
FDOLEUDo}HV
$QDOLVDUDH[LVWrQFLDGHUHFXUVRVGR
ODERUDWyULRSDUDRDWHQGLPHQWRGRVUHTXLVLWRV
GRFOLHQWH
$VVHJXUDUDTXDOLGDGHGRVVHUYLoRVGHHQVDLR
HFDOLEUDomRVXEFRQWUDWDGRVSHORODERUDWyULR
/Z&
/Z&
&D
&D
$TXLVLomRGHVHUYLoRVH
VXSULPHQWRV
$WHQGLPHQWRDRFOLHQWH
$VVHJXUDUDTXDOLGDGHGRVVHUYLoRVH
VXSULPHQWRVTXHWHQKDPLQIOXrQFLDQR
UHVXOWDGRGRHQVDLRRXFDOLEUDomR
/Z&
&RRSHUDUFRPRVFOLHQWHVHUHDOL]DUSHVTXLVD
SDUDPHOKRULDGR6*
/Z&
&D
&D
@BE 5HFODPDo}HV
&RQWUROHGHWUDEDOKRVGHHQVDLRV
HRXFDOLEUDo}HVQmRFRQIRUPH
6ROXFLRQDUDVUHFODPDo}HVUHFHELGDVGH
FOLHQWHV
/Z&
6ROXFLRQDUQmRFRQIRUPLGDGHVUHODFLRQDGDV
DRVVHUYLoRVGHHQVDLRHRXFDOLEUDomR
/Z&
&D
&D
0HOKRULD
$omRFRUUHWLYD
$SULPRUDUFRQWLQXDPHQWHDHILFiFLDGR6*SRU
PHLRGDSROtWLFDGDTXDOLGDGHDXGLWRULD
DQiOLVHFUtWLFDSHODGLUHomRDomRSUHYHQWLYD
/Z&
'HILQLUDo}HVSDUDHOLPLQDUFDXVDVGHQmR
FRQIRUPLGDGHVTXHWHQKDSRWHQFLDOGH
UHSHWLomR
/Z&
&D
&D
@B $omRSUHYHQWLYD
&RQWUROHGHUHJLVWURV
'HILQLUDo}HVSDUDHOLPLQDUFDXVDVGH
SRWHQFLDLVQmRFRQIRUPLGDGHVHSDUD
DSURYHLWDURSRUWXQLGDGHVGHPHOKRULD
/Z&
,GHQWLILFDUFROHWDULQGH[DUDFHVVDUDUTXLYDU
DUPD]HQDUPDQWHUHGLVSRUGRVUHJLVWURV
WpFQLFRVHGDTXDOLGDGH
/Z&
&D
&D
$XGLWRULDVLQWHUQDV
$QiOLVHFUtWLFDSHODGLUHomR
$SUHVHQWDDVH[LJrQFLDVSDUDDUHDOL]DomRGH
DXGLWRULDLQWHUQDSDUDYHULILFDUVHVXDV
RSHUDo}HVFRQWLQXDPDDWHQGHURVUHTXLVLWRV
GRVLVWHPDGHJHVWmRTXHVmRFRPSRVWRVGRV
UHTXLVLWRVGDSUySULDRUJDQL]DomRUHTXLVLWRV
GHFOLHQWHVUHTXLVLWRUHJXODPHQWDUHVHGD
1%5,62,(&
/Z&
$SUHVHQWDDVH[LJrQFLDVSDUDDUHDOL]DomRGD
DQiOLVHVFUtWLFDVSHULyGLFDVGHWRGRRVLVWHPD
GHJHVWmRGHPDQGDGDVSHODDOWDGLUHomRH
SODQHMDGDVSHORJHUHQWHGDTXDOLGDGHSDUD
YHULILFDURGHVHPSHQKRGRVLVWHPDH
HVWDEHOHFHURVSDUkPHWURVGHVXVWHQWDELOLGDGH
GRQHJyFLR
/Z&
&D
&D
5HTXLVLWRVWpFQLFRV
*HQHUDOLGDGHV
&DStWXORGDQRUPDHVSHFLILFDDVH[LJrQFLDVTXHR
ODERUDWyULRGHYHFXPSULUSDUDGHPRQVWUDUFRPSHWrQFLDQD
UHDOL]DomRGHVXDVDWLYLGDGHVGHFDOLEUDomRRXHQVDLR
(VWHLWHPGRFDStWXORGDQRUPDHVSHFLILFDTXHH[LVWHP
GLYHUVRVIDWRUHVTXHGHWHUPLQDPDFRUUHomRHFRQILDELOLGDGH
GRVHQVDLRVRXFDOLEUDo}HVUHDOL]DGDVSHORODERUDWyULR
2VUHTXLVLWRVWpFQLFRVDRVUHTXLVLWRVWpFQLFRVTXHVmRGH
IXQGDPHQWDOLPSRUWkQFLDSDUDDFRPSURYDomRGDFRPSHWrQFLD
WpFQLFD
,QGLFDWDPEpPTXHWDLVIDWRUHVUHFHEHPFRQWULEXLo}HVGRV
IDWRUHVKXPDQRVDFRPRGDo}HVHFRQGLo}HVDPELHQWDLV
PpWRGRGHHQVDLRRXFDOLEUDomRHYDOLGDomRGRPpWRGR
HTXLSDPHQWRUDVWUHDELOLGDGHGHPHGLomR
DPRVWUDJHPHPDQXVHLRGHLWHQVGHHQVDLRRXFDOLEUDomR
HTXHWDLVFRQWULEXLo}HVGLIHUHPFDVRDFDVR
2DWHQGLPHQWRDWDLVUHTXLVLWRVGHYHPVHUFRPELQDGRVRX
LQWHJUDGRVDRVUHTXLVLWRVGDRUJDQL]DomRDTXHSHUWHQFH
/Z&
/Z&
&D
&D
3HVVRDO
$FRPRGDo}HVHFRQGLo}HVDPELHQWDLV
2IDWRUKXPDQRpXPDGDVFRQWULEXLo}HVVLJQLILFDWLYDVDRV
IDWRUHVTXHFRQWULEXHPSDUDDFRUUHomRHFRQILDELOLGDGH
GRVHQVDLRVRXFDOLEUDo}HVUHDOL]DGDVSHORODERUDWyULR
SRUTXHVHPSUHHVWDUiDVVRFLDGRDRFRQWUROHJHUHQFLDOH
RSHUDFLRQDOGRODERUDWyULR
(VWHLWHPEXVFDDVVHJXUDUDFRPSHWrQFLDGRSHVVRDOGR
ODERUDWyULRVHHVWDEHOHFHURVUHJLVWURVGHDXWRUL]DomRSDUD
DUHDOL]DomRGHDWLYLGDGHVDSDUWLUGHVWDFRPSHWrQFLD
FRPSURYDGD
/Z&
(VSHFLILFDTXHDVFRQGLo}HVDPELHQWDLVIRUQHFHP
FRQWULEXLo}HVDRVIDWRUHVTXHFRQWULEXHPSDUDDFRUUHomRH
FRQILDELOLGDGHGRVHQVDLRVRXFDOLEUDo}HVUHDOL]DGDVSHOR
ODERUDWyULR
([LJHTXHDVFRQGLo}HVDPELHQWDLVTXHSRVVDPDIHWDUD
TXDOLGDGHGRVUHVXOWDGRVGHYHPVHUPRQLWRUDGDVTXDQGRGD
UHDOL]DomRGDVDWLYLGDGHVTXHDVROXomRDGRWDGDQDV
LQVWDODo}HVGHYHJDUDQWLUDFRPSDWLELOLGDGHGDUHDOL]DomRGDV
WDUHIDVDWHQGLPHQWRDUHTXLVLWRVGHDFHVVRjVLQVWDODo}HVH
jVVXDVQHFHVVLGDGHVGHOLPSH]DHRUJDQL]DomRGRDPELHQWH
/Z&
&D
&D
0pWRGRVGHHQVDLRHFDOLEUDomRH
YDOLGDomRGHPpWRGRV
(TXLSDPHQWRV
$VVHJXUDUDDGHTXDomRHDGLVSRQLELOLGDGHGDYHUVmRPDLVDWXDOGD
PHWRGRORJLDXWLOL]DGDSDUDUHDOL]DURVVHUYLoRVGHHQVDLRHFDOLEUDomR
(VWDEHOHFHDQHFHVVLGDGHGHDVVHJXUDUDDGHTXDomRGRPpWRGRHD
GLVSRQLELOLGDGHGDYHUVmRPDLVDWXDOGRPpWRGRHVFROKLGRSDUDD
UHDOL]DomRGDFDOLEUDomRRXHQVDLRHRSURFHVVRGHYDOLGDomRGR
PpWRGRHPSUHJDGRTXDQGRHVWHpUHDOL]DGR
7DPEpPHVSHFLILFDTXHRPpWRGRGHHQVDLRRXFDOLEUDomRHYDOLGDomR
GHPpWRGRVDPELHQWDLVIRUQHFHFRQWULEXLo}HVDRVIDWRUHVTXH
FRQWULEXHPSDUDDFRUUHomRHFRQILDELOLGDGHGRVHQVDLRVRXFDOLEUDo}HV
UHDOL]DGDV
/Z&
$SUHVHQWDH[LJrQFLDVSDUDHTXLSDPHQWRVODERUDWRULDLV
TXHHVWHMDPHQYROYLGRVHPDWLYLGDGHVGH
DPRVWUDJHPSUHSDUDomRGHLWHQVPHGLo}HVHQVDLRV
FDOLEUDo}HVSURFHVVDPHQWRGHGDGRVDX[tOLRj
DQiOLVHFiOFXORVFRPGDGRVHHPLVVmRGHUHVXOWDGRV
2ODERUDWyULRpUHVSRQViYHOSHODYHULILFDomR
FDOLEUDomRPDQXWHQomRHDFRPSDQKDPHQWRGD
FRQGLomRGRVHTXLSDPHQWRV
/Z&
&D
&D
5DVWUHDELOLGDGH
$PRVWUDJHP
$VVHJXUDUDDGHTXDomRGRHTXLSDPHQWRGR
ODERUDWyULRSDUDUHDOL]DURVVHUYLoRVGHHQVDLRH
FDOLEUDomR
$SUHVHQWDH[LJrQFLDVGHSURJUDPDVGH
FDOLEUDomRYHULILFDomRGHHTXLSDPHQWRV
XWLOL]DGRVQDVDWLYLGDGHVGHFDOLEUDomRRX
HQVDLRVHGHDGHTXDomRGDVPHGLGDVDRLWHP
GHSHQGHQGRGHVXDVJUDQGH]DVGHLQIOXrQFLD
/Z&
5HTXLVLWRVGHILQLGRVEXVFDPPLQLPL]DURV
LPSDFWRVQHJDWLYRVGHIDOKDVQDH[HFXomRGD
DPRVWUDJHPSRUTXHHODHVWDEHOHFHDDPRVWUD
UHSUHVHQWDWLYDGRTXHVHUiHQVDLDGRRX
FDOLEUDGR
$VVHJXUDUDDGHTXDomRGRPpWRGRGH
DPRVWUDJHPFROHWDHSUHSDUDomR
/Z&
&D
&D
0DQXVHLRGHLWHQVGHHQVDLRH
FDOLEUDomR
*DUDQWLDGDTXDOLGDGHGH
UHVXOWDGRVGHHQVDLRHFDOLEUDomR
$SUHVHQWDH[LJrQFLDVSDUDSURWHJHURLWHP
GXUDQWHWRGRRFLFORGRWUDEDOKRRQGHDERUGDR
WUDQVSRUWHUHFHELPHQWRPDQXVHLRSURWHomR
DUPD]HQDPHQWRUHWHQomRHRXUHPRomRGRV
LWHQVGHHQVDLRHRXFDOLEUDomRHDVSURYLGrQFLDV
QHFHVViULDVSDUDDSURWHomRGDLQWHJULGDGHGR
LWHPSDUDDSURWHomRGRVLQWHUHVVHVGR
ODERUDWyULRHGRFOLHQWH
/Z&
$ERUGDDVH[LJrQFLDVTXHRVODERUDWyULRVGHYHP
FXPSULUSDUDPRQLWRUDUDYDOLGDGHGRVHQVDLRVH
FDOLEUDo}HVTXHUHDOL]D
2VUHJLVWURVGRVUHVXOWDGRVGHYHPVHUUHDOL]DGRVGH
IRUPDTXHDVWHQGrQFLDVVHMDPGHWHFWiYHLVHTXDQGR
SUDWLFiYHOGHYHPVHXWLOL]DUGHWpFQLFDVHVWDWtVWLFDV
SDUDDQiOLVHFUtWLFDGRUHVXOWDGR
/Z&
&D
$SUHVHQWDomRGHUHVXOWDGRV
(VWHLWHPDERUGDFRPRRVODERUDWyULRVGHYHP
DSUHVHQWDURVUHVXOWDGRVREWLGRVQDUHDOL]DomRGH
VXDVDWLYLGDGHVGHFDOLEUDomRRXHQVDLR
$ERUGDTXHHVWHVGHYHPVHUDSUHVHQWDGRVFRP
H[DWLGmRFODUH]DREMHWLYLGDGHVHPDPELJXLGDGHHGH
DFRUGRFRPLQVWUXo}HVHVSHFtILFDVTXHHVWHMDP
GHILQLGDVQRVPpWRGRV
5HVXOWDGRVGHYHPLQFOXLUWRGDLQIRUPDomRVROLFLWDGD
SHORFOLHQWHHQHFHVViULDSDUDVXDLQWHUSUHWDomR
/Z&
&D
!"#
&D
&D
1250$67e&1,&$6
1250$67e&1,&$6
2TXHpQRUPDOL]DomR"
$WLYLGDGHTXHHVWDEHOHFHHPUHODomRDSUREOHPDV
H[LVWHQWHVRXSRWHQFLDLVSUHVFULo}HVGHVWLQDGDVj
XWLOL]DomRFRPXPHUHSHWLWLYDFRPYLVWDVjREWHQomR
GRJUDXyWLPRGHRUGHPHPXPGDGRFRQWH[WR
)RQWHKWWSZZZDEQWRUJEUPDVS"FRGBSDJLQD
1RUPDWpFQLFD pXPGRFXPHQWRTXHFRPSUHHQGHXP
FRQMXQWRGHSURFHGLPHQWRVRULHQWDo}HVLQIRUPDo}HV
RXUHTXLVLWRVSDUDDH[HFXomRGHXPDGHWHUPLQDGD
DWLYLGDGHRXWDUHID
2EMHWLYRVGDQRUPDOL]DomR
(FRQRPLD
3URSRUFLRQDUDUHGXomRGDFUHVFHQWHYDULHGDGHGHSURGXWRVH
SURFHGLPHQWRV
&RPXQLFDomR
3URSRUFLRQDUPHLRVPDLVHILFLHQWHVQDWURFDGHLQIRUPDomR
HQWUHRIDEULFDQWHHRFOLHQWHPHOKRUDQGRDFRQILDELOLGDGHGDV
UHODo}HVFRPHUFLDLVHGHVHUYLoRV
6HJXUDQoD
3URWHJHUDYLGDKXPDQDHDVD~GH
)RQWHKWWSZZZDEQWRUJEUPDVS"FRGBSDJLQD
/Z&
/Z&
&D
&D
1250$67e&1,&$6
1250$67e&1,&$6
2EMHWLYRVGDQRUPDOL]DomR
3URWHomRGR&RQVXPLGRU
3URYHUDVRFLHGDGHGHPHLRVHILFD]HVSDUDDIHULUDTXDOLGDGH
GRVSURGXWRV
%HQHItFLRVGDQRUPDOL]DomR
4XDOLWDWLYRV
(YLWDUDH[LVWrQFLDGHUHJXODPHQWRVFRQIOLWDQWHVVREUH
SURGXWRVHVHUYLoRVHPGLIHUHQWHVSDtVHVIDFLOLWDQGRDVVLPR
LQWHUFkPELRFRPHUFLD
$XWLOL]DomRDGHTXDGDGRVUHFXUVRVHTXLSDPHQWRVPDWHULDLV
HPmRGHREUD
$XQLIRUPL]DomRGDSURGXomR
$IDFLOLWDomRGRWUHLQDPHQWRGDPmRGHREUDPHOKRUDQGRVHX
QtYHOWpFQLFR
$SRVVLELOLGDGHGHUHJLVWURGRFRQKHFLPHQWRWHFQROyJLFR
0HOKRUDURSURFHVVRGHFRQWUDWDomRHYHQGDGHWHFQRORJLD
)RQWHKWWSZZZDEQWRUJEUPDVS"FRGBSDJLQD
)RQWHKWWSZZZDEQWRUJEUPDVS"FRGBSDJLQD
(OLPLQDomRGH%DUUHLUDV7pFQLFDVH&RPHUFLDLV
/Z&
/Z&
&D
&D
1250$67e&1,&$6
1250$67e&1,&$6
%HQHItFLRVGDQRUPDOL]DomR
4XDQWLWDWLYRV
5HGXomRGRFRQVXPRGHPDWHULDLVHGRGHVSHUGtFLR
3DGURQL]DomRGHHTXLSDPHQWRVHFRPSRQHQWHV
5HGXomRGDYDULHGDGHGHSURGXWRVPHOKRUDU
)RUQHFLPHQWRGHSURFHGLPHQWRVSDUDFiOFXORVHSURMHWRV
$XPHQWRGHSURGXWLYLGDGH
0HOKRULDGDTXDOLGDGH
&RQWUROHGHSURFHVVRV
)RQWHKWWSZZZDEQWRUJEUPDVS"FRGBSDJLQD
/Z&
8PDQRUPDVWpFQLFDQmRUHVWULQJHDDWLYLGDGH
FLHQWtILFD
%DOL]DSDUDPHWUL]DRXVXJHUHFDPLQKRVGHFRQVHQVR
1RUPDVWpFQLFDVVmRH[FHOHQWHVJXLDVSDUDRV
SULPHLURVSDVVRVRXSDUDYDOLGDUXPUHVXOWDGR
H[SHULPHQWDOXPDWpFQLFDRXXPQRYRPpWRGR
2FLHQWLVWDTXHSUHVFLQGHGDVQRUPDVWpFQLFDV
FRUUHXPVpULRULVFRGHGHVSHUGLoDU WHPSR
UHFXUVRVFDSLWDLVHLQWHOHFWXDLVHFKHJDUD
UHVXOWDGRVQmRUHSURGXWtYHLV SRUVHXVSDUHV
/Z&
&D
&D
5(*8/$d2H5(*8/$0(17$d2
5(*8/$d2H5(*8/$0(17$d2
5HJXODomR
5HJXODomR
$GRomRGHDWRVQRUPDWLYRVSRUPHLRGRVTXDLVRV
yUJmRVJRYHUQDPHQWDLVHVWDEHOHFHPH[LJrQFLDVTXH
GHYHPVHUFXPSULGDVSHORVDJHQWHVHFRQ{PLFRVHRX
FLGDGmRV$QH[R$
127$VmRDWRVQRUPDWLYRVDVOHLVRVGHFUHWRVDVUHVROXo}HV
DVSRUWDULDVRVUHJXODPHQWRVDVLQVWUXo}HVQRUPDWLYDVH
GHPDLVDWRVPDQGDWyULRVHPDQDGRVGDVHQWLGDGHVS~EOLFDV
TXHGHWrPFRPSHWrQFLDSDUDHGLWiORV
)RQWHKWWSZZZLQPHWURJRYEUTXDOLGDGHSGIJXLDBSRUWXJXHVSGI
/Z&
0HGLGDRXLQWHUYHQomRLPSOHPHQWDGDVRED
DXWRULGDGHGR(VWDGRTXHWHPRSURSyVLWRGH
GLVFLSOLQDURFRPSRUWDPHQWRGRVDJHQWHV
LQWHUYHQLHQWHVTXHHVWmRDEUDQJLGRVSRUHVVD
DXWRULGDGH
$UHJXODomRLQFOXLDOHJLVODomRHRXWURVLQVWUXPHQWRV
DSOLFDGRVSRUDXWRULGDGHVFRPFRPSHWrQFLDOHJDO
SDUDLVVR
)RQWHKWWSZZZLQPHWURJRYEUTXDOLGDGHSGIJXLDBSRUWXJXHVSGI
/Z&
&D
&D
5(*8/$d2H5(*8/$0(17$d2
1250$6H5(*8/$0(1726
5HJXODPHQWDomRWpFQLFD
2VUHJXODPHQWRVWpFQLFRVVmRGRFXPHQWRVGHFDUiWHU
REULJDWyULRHPLWLGRVSRUXPDDXWRULGDGHFRP
PDQGDWRSDUDWDOTXHHVWDEHOHFHPUHTXLVLWRVSDUD
SURGXWRVVHUYLoRVEHQVSURFHVVRVFRPSHWrQFLDVGH
SHVVRDVRXVHXVUHVXOWDGRV
3HODVXDSUySULDQDWXUH]DDUHJXODPHQWDomRWpFQLFDDIHWD
GLUHWDPHQWHRVWLSRVGHSURGXWRVVHUYLoRVEHQVHSURFHVVRV
TXHSRGHPVHUIRUQHFLGRVQXPGHWHUPLQDGRPHUFDGR
&RQWH~GRWpFQLFRGHXPUHJXODPHQWR
2VUHJXODPHQWRVWpFQLFRVSRGHPHVWDEHOHFHUHP
GHWDOKHVDVFDUDFWHUtVWLFDVWpFQLFDVH[LJLGDVSDUDRV
SURGXWRVHVWDEHOHFHURVPpWRGRVGHHQVDLRHRXWURV
UHTXLVLWRVWpFQLFRVQHFHVViULRVjDSOLFDomRGR
UHJXODPHQWRRXHQWmRUHFRUUHUjVQRUPDVWpFQLFDV
FRPHVVHILP
$XWRULDH5HVSRQVDELOLGDGH
&DEHDRyUJmRUHJXODPHQWDGRUGHFLGLUVHFRQYpP
XWLOL]DURXQmRQRUPDVWpFQLFDV
)RQWHKWWSZZZLQPHWURJRYEUTXDOLGDGHSGIJXLDBSRUWXJXHVSGI
)RQWHKWWSZZZLQPHWURJRYEUTXDOLGDGHSGIJXLDBSRUWXJXHVSGI
/Z&
/Z&
&D
&D
1250$6H5(*8/$0(1726
(/$%25$d2'(1250$67e&1,&$6
$GDSWDomR
'HPDQGD
$RVHFRQVLGHUDUDXWLOL]DomRGHQRUPDVWpFQLFDV
FRPRXPDGDVEDVHVSDUDDUHJXODPHQWDomRp
LPSRUWDQWHTXHVHIDoDXPDDQiOLVHFUtWLFD GRVHX
FRQWH~GRGHIRUPDDVHDVVHJXUDUTXHHODFRQWHQKD
VROXo}HVDSURSULDGDVSDUDDWHQGHUjVILQDOLGDGHVGR
UHJXODPHQWRWpFQLFR
)RQWHKWWSZZZLQPHWURJRYEUTXDOLGDGHSGIJXLDBSRUWXJXHVSGI
1RUPDV7pFQLFDVQmRVmR2%5,*$75,$6
5HJXODPHQWRV7pFQLFRVVmR2%5,*$75,26
5HJXODPHQWRVWpFQLFRV32'(02812XVDU1RUPDV
7pFQLFDVSDUDVXDHODERUDomR
/Z&
$OJXPDWRUGRSURFHVVRHVWDEHOHFHIRUPDOL]DRXFULD
DGHPDQGDDSDUWLUGHXPDQHFHVVLGDGHFROHWLYD
UJmRVGHGHIHVDGRFRQVXPLGRU
6HWRULQGXVWULDOFRPHUFLDORXGHVHUYLoRV
2UJDQL]Do}HVVRFLDLVFLYLV21*
$VVRFLDomRSURILVVLRQDORXGHFODVVH
2XWUDV
(VWDGHPDQGDHQFRQWUDDILQLGDGHRXDFROKLGDHP
DOJXPRUJDQLVPRGHQRUPDOL]DomR
/Z&
&D
&D
(/$%25$d2'(1250$67e&1,&$6
(/$%25$d2'(1250$67e&1,&$6
3URJUDPDGH1RUPDOL]DomR
$GHPDQGDpLQVHULGDQR3URJUDPDGH1RUPDOL]DomR
GRRUJDQLVPRGHQRUPDOL]DomRSHUWLQHQWH
3URJUDPDVVmRHPJHUDODQXDLV3$1
1RUPDOPHQWHKiSULRUL]DomRGHQWUHDVGHPDQGDVHPXP3$1
(ODERUDomRGDQRUPD
1RUPDVFRPSOHWDPHQWHQRYDV
(ODERUDGDVDSDUWLUGHWH[WRVWpFQLFRVHFLHQWtILFRV
GRFXPHQWRVGHXVRJHUDOLQVSLUDomRDXWRUDORXRXWUDIRUPD
HVSRQWkQHDGHJHUDomRGHXPGRFXPHQWRWH[WREDVH
1RUPDLQWHUQDOL]DGDVQDFLRQDOL]DGDV
0RELOL]DomRGDVSDUWHVLQWHUHVVDGDV
&DEHDRGHPDQGDQWHRXDRRUJDQLVPRGHQRUPDOL]DomRD
PRELOL]DomRGRVLQWHUHVVDGRVDUHDOL]DUSURGX]LUDQRUPD
7UDGX]LGDVOLWHUDOPHQWHGHXPDQRUPDLQWHUQDFLRQDO
1HVWHFDVRSRGHWHUPHVPDQXPHUDomRGDQRUPDRULJLQDO
$%171%5,62,(& 5HTXLVLWRVJHUDLVSDUDD
FRPSHWrQFLDGHODERUDWyULRVGHHQVDLRHFDOLEUDomR
7UDGX]LGDGHQRUPDLQWHUQDFLRQDOSRUpPDGDSWDGD
1mRSRGHWHUDPHVPDQXPHUDomR
'L]VHTXHIRLWURSLFDOL]DGDQmRpWHUPRWpFQLFR
/Z&
/Z&
&D
&D
(/$%25$d2'(1250$67e&1,&$6
(/$%25$d2'(1250$67e&1,&$6
&RQVXOWD1DFLRQDOQRUPDVEUDVLOHLUDV
(WDSDIXQGDPHQWDOSDUDDXQLYHUVDOL]DomRGR
HQWHQGLPHQWRFRQWLGRQDQRUPD
4XDOTXHUSHVVRDSRGHLQGLYLGXDOHLQGHSHQGHQWHPHQWH
FULWLFDURFRQWH~GRGHXPDQRUPDHPFRQVXOWDQDFLRQDO
$FUtWLFDSRGHVHUWpFQLFDHGLWRULDORXJHUDO
$LQIRUPDomRVREUHDFRQVXOWDGHYHHVWDUGLVSRQtYHO
GHPDQHLUDOLYUHHJUDWXLWD
2VSUD]RVGHYHPVHUEHPGHILQLGRV
2VYRWRVGHYHPVHUFRPSLODGRVSDUDDQiOLVH
/Z&
$QiOLVHGRVUHVXOWDGRVGD&RQVXOWD1DFLRQDO
&RPSOHWDDXWRQRPLDGRJUXSRTXHHODERURXDQRUPD
9RWRVHGLWRULDLVRXJHUDLVQmRDIHWDPR
HQFDPLQKDPHQWRSDUDSXEOLFDomRGDQRUPD
9RWRVWpFQLFRVGHPDQGDPDWHQomRHVSHFLDO
9RWRVWpFQLFRVDFHLWRVGHPDQGDPQRYDFRQVXOWDQDFLRQDO
9RWRVWpFQLFRVUHFXVDGRVGHPDQGDPMXVWLILFDWLYD
8PDQRUPDWpFQLFDFRPPXLWRVYRWRVWpFQLFRV
GHPDQGDXPDDQiOLVHFUtWLFDVREUHVXDYDOLGDGHRX
TXDOLGDGHGRFRQWH~GR
38%/,&$d2HWDSDILQDO
/Z&
&D
(/$%25$d2'(1250$67e&1,&$6
&D
5()/(;2DXWRULDGDVQRUPDVWpFQLFDV
$$%17pR)RUR1DFLRQDOGH1RUPDOL]DomR GR
&210(752&RQVHOKR1DFLRQDOGH0HWURORJLD
1RUPDOL]DomRH4XDOLGDGH,QGXVWULDOSRUWDQWRWUDWDVH
GD~QLFDHQWLGDGHFRPDSUHUURJDWLYDGHHODERUDUQRUPDV
WpFQLFDVQDFLRQDLV
$$%17QmRHODERUDHIHWLYDPHQWHQDGDPDVVLPRV
JUXSRVLQVWLWXtGRVSDUDWDODSUHVHQWDGRVPDLVDGLDQWH
4XHPHPSUHVWDVHXLQWHOHFWRWHPSRHPXLWDVYH]HV
UHFXUVRVILQDQFHLURVVmRLQGLYtGXRVSURILVVLRQDLV
JHUDOPHQWHSDWURFLQDGRVSRUHPSUHVDVS~EOLFDVH
SULYDGDV
$$%17pDGRQDGDVQRUPDV0DVTXHPpR$8725"
)RQWHKWWSZZZDEQWRUJEUPDVS"FRGBSDJLQD
/Z&
/Z&
&D
&D
25*$1,=$d(6'(1250$/,=$d2
$VVRFLDomR%UDVLOHLUDGH1RUPDV7pFQLFDV
ZZZDEQWRUJEU
1DFLRQDLV
%UDVLO$%17
86$$16,5HLQR8QLGR%6$OHPDQKD',1HWF
5HJLRQDLV
0HUFRVXO10(XURSD(1
,QWHUQDFLRQDLV
,62
,(&
2XWURV
,QPHWUR07(3HWUREUDV$60($670HWF
/Z&
$$%17IRLIXQGDGDHP
)RUR1DFLRQDOGH1RUPDOL]DomR&210(752
5HSUHVHQWDQWHRILFLDOQR%UDVLOGDVVHJXLQWHV
HQWLGDGHVLQWHUQDFLRQDLV
,62,QWHUQDWLRQDO 2UJDQL]DWLRQ IRU6WDQGDUGL]DWLRQ
,(&,QWHUQDWLRQDO (OHWURWHFKQLFDO &RPLVVLRQ
&23$17&RPLVVmR3DQDPHULFDQD GH1RUPDV
7pFQLFDV
$01$VVRFLDomR0HUFRVXOGH1RUPDOL]DomR
0HPEURIXQGDGRUGD,62&23$17HGD$01
/Z&
&D
&D
$VVRFLDomR%UDVLOHLUDGH1RUPDV7pFQLFDV
$VVRFLDomR%UDVLOHLUDGH1RUPDV7pFQLFDV
'LYLGLGDHP&RPLWrV7pFQLFRV&7
&RPLWrV%UDVLOHLURV&%
2UJDQLVPRVGH1RUPDOL]DomR6HWRULDO216
&RPLVV}HVGH(VWXGR(VSHFLDLV&((
&DUDFWHUtVWLFDVGRVGLIHUHQWHVWLSRVGH&7
&%VmRWUDGLFLRQDLVHPXOWLGLVFLSOLQDUHVHPWHVH
216DWHQGHPGHPDQGDVHVSHFtILFDVGHVHWRUHVGD
LQG~VWULDHPWHVH
&((VmRWHPSRUiULDVHPWHVH
/Z&
&RPLWrV7pFQLFRV&7
6mRJHUDOPHQWHSDWURFLQDGRVSRUDVVRFLDo}HVRX
VRFLHGDGHVSURILVVLRQDLV6HFUHWDULD7pFQLFD
6mRRUJDQL]DGRVHP&RPLVV}HVGH(VWXGRV&(
6mRSHUHQHVH[FHWR&((PDVSRGHPHQWUDUHP
UHFHVVR
'HPDQGDPXPD6HFUHWDULD7pFQLFDHPHVWUHLWD
UHODomRFRPD$%17
,QWHUDJHPFRPRUJDQL]Do}HVUHJLRQDLVH
LQWHUQDFLRQDLVGHQRUPDOL]DomRHPVXDViUHDVGH
DWXDomR
/Z&
&D
&D
$VVRFLDomR%UDVLOHLUDGH1RUPDV7pFQLFDV
$VVRFLDomR%UDVLOHLUDGH1RUPDV7pFQLFDV
&RPLVV}HVGH(VWXGRV&(
6mRPXLWDVYH]HVHVSHOKRVGHFRQJrQHUHVQRV
RUJDQLVPRVLQWHUQDFLRQDLVGHQRUPDOL]DomR
7HFQLFDPHQWH&7VHFRUUHVSRQGHPFRPVmRHVSHOKRVGH
7HFKQLFDO &RPPLWWHV 7&GD,62RX,(&PDVQDSUiWLFDLVWR
ILFDDFDUJRGHPXLWDV&(
(ODERUDPHH[HFXWDPRV3ODQRV$QXDLVGH
1RUPDOL]DomRGHQWURGHVXDiUHDGHDWULEXLomR
*UXSRVGH7UDEDOKR*7
2V*7VmRSRUGHILQLomRWHPSRUiULRVHPERUD
SRVVDPGXUDUPXLWRWHPSR
5HDOL]DPDWLYLGDGHVSRQWXDLVFRPRUHYLVmRGHXPDQRUPD
/Z&
&RPLWr7pFQLFR&7
&RRUGHQDGRSRUXP6XSHULQWHQGHQWH
3RVVXLXPD6HFUHWDULD7pFQLFDHVHGH
6HUHODFLRQDLQWLPDHGLUHWDPHQWHFRPD$%17
&RPLVVmRGH(VWXGRV&(
*HUHQFLDGRSRUXP&RRUGHQDGRUHOHLWRDQXDOPHQWH
3RVVXLXP6HFUHWDULRHVFROKLGRSHOR&RRUGHQDGRU
'HWHUPLQDDSHULRGLFLGDGHGHVXDVUHXQL}HV
5HDOL]DDHODERUDomRGHQRUPDV
'HOLEHUDVREUHDDSURYDomRGRVYRWRVWpFQLFRV
UHYLVmRGDVQRUPDVHGHPDLVDWLYLGDGHVWpFQLFDV
/Z&
&D
&D
$VVRFLDomR%UDVLOHLUDGH1RUPDV7pFQLFDV
/LYHOLQN GD$%17
*UXSRVGH7UDEDOKR*7
6mRJHUHQFLDGRVSRUXP5HODWRU
$QRPHDomRHH[RQHUDomRGRUHODWRUpSUHUURJDWLYDGR
&RRUGHQDGRUGD&(PDVJHUDOPHQWHXWLOL]DVHRSURFHVVR
GHPRFUiWLFRQHVWDHVFROKD
$WLYLGDGHVEHPGHILQLGDVHHPSULQFtSLRWHPSRUiULDV
7HPDXWRQRPLDSDUDUHDOL]DUUHXQL}HVLQGHSHQGHQWHV
FRPSOHPHQWDUHVjVGDVXD&(
(PERUDSRVVDPHODERUDUHUHYLVDURFRQWH~GRWpFQLFR
GHQRUPDVWRGDGHOLEHUDomRILQDOGHYHVHUIHLWDQR
kPELWRGD&(
/Z&
/Z&
&D
&D
1250$/,=$d21$5($'$6$'(
&% 2GRQWR0pGLFR+RVSLWDODU
&% &RPLWr%UDVLOHLUR2GRQWR0pGLFR
+RVSLWDODU
6HFUHWDULD7pFQLFD$%,02
$VVRFLDomR%UDVLOHLUDGD,QGXVWULD2GRQWR 0pGLFD+RVSLWDODU
PELWRGHDWXDomR
1RUPDOL]DomRQRFDPSRRGRQWRPpGLFRKRVSLWDODU
FRPSUHHQGHQGRSURGXWRVFRUUHODWRVGHVD~GHWDLVFRPR
PDWHULDLVDUWLJRVDSDUHOKRVGLVSRVLWLYRVLQVWUXPHQWRVH
DFHVVyULRVFXMRXVRRXDSOLFDomRQDSUiWLFDPpGLFD
KRVSLWDODURGRQWROyJLFDHGHODERUDWyULRHVWHMDPDVVRFLDGRV
jVDo}HVHVHUYLoRVGHVD~GHQRTXHFRQFHUQHD
WHUPLQRORJLDUHTXLVLWRVPpWRGRVGHHQVDLRHJHQHUDOLGDGHV
/Z&
'LYLGLGRHP&(QRUPDVWpFQLFDVSXEOLFDGDV
&( 7HUPLQRORJLD6LPERORJLDH&ODVVLILFDomR
&( $VSHFWRVFRPXQVSDUDVHJXUDQoDGHHTXLSDPHQWRHOHWURPpGLFR
&( (TXLSDPHQWRHOHWURPpGLFR
&( (TXLSDPHQWRGHGLDJQyVWLFRSRULPDJHP
&( (TXLSDPHQWRGHUDGLRWHUDSLDPHGLFLQDQXFOHDUHGRVLPHWULDGHUDGLDo}HV
&( 'LVSRVLWLYRVHSURGXWRVGHSOiVWLFRYLGURHHODVW{PHURVSDUDXVRPpGLFRHVLVWHPDGHFROHWDGHVDQJXH
&( 6HULQJDVHDJXOKDV
&( ,PSODQWHRGRQWROyJLFR
&( %URFDVGLDPDQWDGDVRGRQWROyJLFDV
&( 0DWHULDLVRGRQWROyJLFRVUHVWDXUDGRUHVREWXUDGRUHVHSURWpWLFRV
&( (TXLSDPHQWRUHVSLUDWyULRHGHDQHVWHVLD
&( *DVHVSDUDXVRKRVSLWDODUVHXVSURFHVVRVHVXDVLQVWDODo}HV
&( ,PSODQWHVRUWRSpGLFRV
&( &RQWUDFHSWLYRVPHFkQLFRV
&( (VWHULOL]DomRGHSURGXWRVSDUDVD~GH
&( &DGHLUDGHURGDV
&( &ODVVLILFDomRHWHUPLQRORJLDGHSURGXWRVGHDSRLRSDUDSHVVRDVFRPGHILFLrQFLDRXPRELOLGDGHUHGX]LGD
&( $SDUHOKRVDXGLWLYRV
&( $YDOLDomRELROyJLFDGHSURGXWRVSDUDVD~GH
&( $JHQWHDQWLPLFURELDQRHPSURGXWRVSDUDXVRHPVHUYLoRVGHVD~GH
&( $UWLJRVQmRGXUiYHLVGHSXHULFXOWXUD
&( *HVWmRGDTXDOLGDGHHDVSHFWRVJHUDLVFRUUUHVSRQGHQWHV GHSURGXWRVSDUDDVD~GH
/Z&
&D
&D
2UJDQLVPRV,QWHUQDFLRQDLVGH1RUPDOL]DomR
,62H,(&
3RUTXHQRUPDOL]DULQWHUQDFLRQDOPHQWH"
4XDOLGDGH
*HUDU DPELHQWHV HFRORJLFDPHQWH DPLJiYHLV
6HJXUDQoD
&RQILDELOLGDGH
(ILFLrQFLD
,QWHFDPELDOLGDGH
&XVWR HFRQRPLFDPHQWH PDLV YLiYHLV
(VWUXWXUD
7HFKQLFDO&RPPLWWHHV 7&H6XEFRPPLWWHHV 6&7
(TXLYDOHQWHV DRV &%216H&((GD$%17
:RUNLQJJURXSV :*
(TXLYDOHQWHV D&(HDDOJXQV *7GD$%17
0DLQWHQDQFH7HDP 07H3URMHFW7HDP 37
(TXLYDOHQWHV DDOJXQV *7GD$%17
/Z&
&D
&D
,62 ZZZLVRFK
,62 ZZZLVRFK
,17(&2&RVWD
5LFD
1&&XED
,1(1(FXDGRU
%6--DPDLFD
'*10H[LFR
&23$1,7
3DQDPD
,1'(&23,3HUX
$16,86$
81,78UXJXDL
&D
&D
,62 ZZZLVRFK
6HWRU WpFQLFR +HDOWKDQG0HGLFLQH
7&7UDQVIXVLRQLQIXVLRQDQGLQMHFWLRQDQGEORRGSURFHVVLQJHTXLSPHQWIRUPHGLFDODQGSKDUPDFHXWLFDO
XVH
7&6SRUWVDQGUHFUHDWLRQDOHTXLSPHQW
7&'HYLFHVIRUDGPLQLVWUDWLRQRIPHGLFLQDOSURGXFWVDQGLQWUDYDVFXODUFDWKHWHUV
7&3HUVRQDOVDIHW\ 3URWHFWLYHFORWKLQJDQGHTXLSPHQW
7&'HQWLVWU\
7&$QDHVWKHWLF DQGUHVSLUDWRU\HTXLSPHQW
7&,PSODQWVIRUVXUJHU\
7&1RQV\VWHPLFFRQWUDFHSWLYHVDQG67,EDUULHUSURSK\ODFWLFV
7&(UJRQRPLFV
7&3URVWKHWLFVDQGRUWKRWLFV
7&6XUJLFDOLQVWUXPHQWV
7&$VVLVWLYHSURGXFWVIRUSHUVRQVZLWKGLVDELOLW\
7&6DIHW\RIWR\V
7&%LRORJLFDOHYDOXDWLRQRIPHGLFDOGHYLFHV
7&6WHULOL]DWLRQRIKHDOWKFDUHSURGXFWV
7&4XDOLW\PDQDJHPHQWDQGFRUUHVSRQGLQJJHQHUDODVSHFWVIRUPHGLFDOGHYLFHV
7&&OLQLFDOODERUDWRU\WHVWLQJDQGLQYLWURGLDJQRVWLFWHVWV\VWHPV
7&&RVPHWLFV
7&1DQRWHFKQRORJLHV
7&7UDGLWLRQDOFKLQHVH PHGLFLQH
/Z&
,(& ZZZLHFFK
3URGXomR WpFQLFD HP -8/
&D
&D
,(& ZZZLHFFK
,(& ZZZLHFFK
67&%'LDJQRVWLFLPDJLQJHTXLSPHQW
/LJDomR HVSHOKRFRPD$%17&(
67&&(TXLSPHQWIRUUDGLRWKHUDS\QXFOHDUPHGLFLQHDQGUDGLDWLRQ
GRVLPHWU\
/LJDomR HVSHOKRFRPD$%17&(
67&'(OHFWURPHGLFDO HTXLSPHQW
/LJDomR HVSHOKRFRPD$%17&(
7&8OWUDVRQLFV
/LJDomR FRP*78OWUDVVRPGD$%17&(
7&(OHFWURDFRXVWLFV &(GR&2%(,$%17&( DSHQDV :*
/Z&
&D
&D
(TXLSDPHQWRV(OHWURPpGLFRV
!
"#$%
&!
'
1RUPDVWpFQLFDVGDVpULH
SXEOLFDo}HV
5HODFLRQDGDFRPYLUWXDOPHQWHWRGRVWLSRVGH
HTXLSDPHQWRVHOHWURPpGLFRV
6HJXQGRD$QYLVD(TXLSDPHQWRVPpGLFRVVREUHJLPHGH
YLJLOkQFLDVDQLWiULD
&KHIHGR/DERUDWyULRGH8OWUDVVRP
'LDYL 'LPFL ,QPHWUR
/DERUDWRU\ RI 8OWUDVRXQG 'LDYL 'LPFL ,QPHWUR $XWKRU 5RGULJR3%&RVWD)pOL[6OLGH
/Z&
/Z&
&D
&D
(TXLSDPHQWRV(OHWURPpGLFRV
(TXLSDPHQWRV(OHWURPpGLFRV
,(& 0HGLFDOHOHFWULFDOHTXLSPHQW
3DUW*HQHUDOUHTXLUHPHQWVIRUEDVLFVDIHW\DQG
HVVHQWLDOSHUIRUPDQFH
,(& 0HGLFDOHOHFWULFDOHTXLSPHQW
3DUW*HQHUDOUHTXLUHPHQWVIRUEDVLFVDIHW\DQG
HVVHQWLDOSHUIRUPDQFH
/Z&
(GLWLRQ
0DQXWHQomR HVWDELOLGDGHDWp
7&$ &RPPRQDVSHFWVRI HOHFWULFDOHTXLSPHQW
XVHGLQPHGLFDOSUDFWLFH
SDJHV
a&+)a86a(85a5
6pULH ,(&FRPSOHWD JHQHUDOHFRODWHUDLV&+)
a86
/Z&
&D
&D
'2&232&266
6pULH,(&
/Z&
/Z&
&D
&D
,(&
,(&
1RUPDV &RODWHUDLV
1RUPD*HUDO
7KLVVWDQGDUGFRQWDLQVUHTXLUHPHQWVFRQFHUQLQJ
%$6,&6$)(7<DQG(66(17,$/3(5)250$1&(WKDW
DUHJHQHUDOO\DSSOLFDEOHWR0(',&$/(/(&75,&$/
(48,30(17)RUFHUWDLQW\SHVRI 0(',&$/
(/(&75,&$/(48,30(17WKHVHUHTXLUHPHQWVDUH
HLWKHUVXSSOHPHQWHGRUPRGLILHG E\WKHVSHFLDO
UHTXLUHPHQWVRI DFROODWHUDORUSDUWLFXODUVWDQGDUG
:KHUHSDUWLFXODUVWDQGDUGVH[LVWWKLVVWDQGDUGVKRXOG
QRWEHXVHGDORQH
/Z&
6DIHW\UHTXLUHPHQWVIRUPHGLFDOHOHFWULFDOV\VWHPV
(OHFWURPDJQHWLFFRPSDWLELOLW\ 5HTXLUHPHQWVDQGWHVWV
5DGLDWLRQSURWHFWLRQLQGLDJQRVWLF;UD\HTXLSPHQW
3URJUDPPDEOHHOHFWULFDOPHGLFDOV\VWHPV
92,'
8VDELOLW\
92,'
*HQHUDOUHTXLUHPHQWVWHVWVDQGJXLGDQFHIRUDODUPV\VWHPVLQPHGLFDO
HOHFWULFDOHTXLSPHQWDQGPHGLFDOHOHFWULFDOV\VWHPV
5HTXLUHPHQWVIRUHQYLURQPHQWDOO\FRQVFLRXVGHVLJQ
5HTXLUHPHQWVIRUWKHGHYHORSPHQWRI SK\VLRORJLFFORVHGORRS
FRQWUROOHUV
5HTXLUHPHQWVIRUPHGLFDOHOHFWULFDOHTXLSPHQWDQGPHGLFDOHOHFWULFDO
V\VWHPVXVHGLQWKHKRPHKHDOWKFDUHHQYLURQPHQW
/Z&
&D
&D
,(&
8OWUDVVRP
/Z&
1RUPDVSDUDXOWUDVVRPPpGLFR
$%17&%&(*78OWUDVVRP
,(&7& 8OWUDVVRQLFV
,(&6&7' (TXLSDPHQWRV(OHWURPpGLFRV
$WXDomREUDVLOHLUDQDFLRQDOHLQWHUQDFLRQDO
(TXLSDPHQWRV(OHWURPpGLFRV ,(&6&7'
8OWUDVRQLF SK\VLRWKHUDS\ HTXLSPHQW
([WUDFRUSRUHDOO\ LQGXFHGOLWKRWULSV\
8OWUDVRQLFPHGLFDOGLDJQRVWLFDQG
PRQLWRULQJHTXLSPHQW
+LJK,QWHQVLW\ 7KHUDSHXWLF 8OWUDVRXQG
/Z&
&D
&D
8OWUDVVRP,(&7&
8OWUDVVRP,(&7&
:RUNLQJ *URXSV
:*
+LJKSRZHU WUDQVGXFHUV
:*
+LJK,QWHQVLW\ 7KHUDSHXWLF 8OWUDVRXQG +,78DQG )RFXVLQJ
WUDQVGXFHUV
:*
8OWUDVRQLF VXUJLFDO HTXLSPHQW
:*
8OWUDVRQLF ILHOG PHDVXUHPHQW
:*
3XOVHHFKR GLDJQRVWLF HTXLSPHQW
:*
7HUPLQRORJ\
:*
'HWHUPLQDWLRQ RI XOWUDVRXQG H[SRVXUH SDUDPHWHUV
:*
8QGHUZDWHU $FRXVWLFV
3URMHFW7HDPV
1RUPDV5HODWyULRV7pFQLFRV75RX
(VSHFLILFDo}HV7pFQLFDV76 ,QJOrV)UDQFrVH
(VSDQKRO
&HUFDGHGLUHWDPHQWHUHODFLRQDGDjiUHDGDVD~GH
3URMHWRVGHGRFXPHQWRVWpFQLFRV
*UDQGHDWLYLGDGHQRUPDWLYDQRV~OWLPRVDQRV
0RPHQWRGHUHFHVVRSURGXWLYRSHORVSUy[LPRV
PHVHVDPHVHV
/Z&
&D
&D
8OWUDVVRP,(&7&
:RUN 3URJUDPPH
,(&(G:*&'
8QGHUZDWHUDFRXVWLFV +\GURSKRQHV 3URSHUWLHVRI K\GURSKRQHVLQWKHIUHTXHQF\UDQJH
+]WRN+]
,(&(G:*&'
8OWUDVRQLFV 3XOVH(FKR 6FDQQHUV 4XDOLW\ &RQWURO RI 'LDJQRVWLF 0HGLFDO8OWUDVRXQG
6\VWHPV 6LPSOH 0HWKRGV IRU3HULRGLF 7HVWLQJ WR 9HULI\ 6WDELOLW\ RI DQ ,PDJLQJ 6\VWHP
V
(OHPHQWDU\ 3HUIRUPDQFH
,(&76(G :*&'
3XOVHHFKRVFDQQHUV /RZHFKRVSKHUHSKDQWRPVIRUSHUIRUPDQFHWHVWLQJRI JUD\VFDOH
PHGLFDOXOWUDVRXQGVFDQQHUVDSSOLFDEOHWRDEURDGUDQJHRI WUDQVGXFHUW\SHV
3XEOLFDo}HVQRWRWDO
1RUPDV
7HFKQLFDO 6SHFLILFDWLRQ 76
7HFKQLFDO 5HSRUW 75
/Z&
5HXQL}HV,(&7&
3OHQiULDVDFDGDPHVHVHPPpGLD
,QWHUPHGLiULDVLQWHUFDODGDVFRPDVSOHQiULDVUHXQL}HVGHJUXSR
/Z&
&D
&D
8OWUDVVRP
8OWUDVVRP
8OWUDVVRP,(&7&
8OWUDVRQLF SK\VLRWKHUDS\ HTXLSPHQW
,(&(G (GHP5',6
8OWUDVRQLFV 3RZHUPHDVXUHPHQW 5DGLDWLRQIRUFHEDODQFHVDQG
SHUIRUPDQFHUHTXLUHPHQWV
,(&(G(GHP5',6
8OWUDVVRP,(&7&
([WUDFRUSRUHDOO\ LQGXFHGOLWKRWULSV\
,(&(G
8OWUDVRQLFV 3UHVVXUHSXOVHOLWKRWULSWHUV &KDUDFWHULVWLFVRI
ILHOGV
1RUPDV
,(&76(G
8OWUDVRQLFV 2XWSXW7HVW *XLGHIRUWKHPDLQWHQDQFHRI
XOWUDVRXQGSK\VLRWKHUDS\V\VWHPV
/Z&
/Z&
&D
&D
8OWUDVVRP
8OWUDVVRP
8OWUDVVRP,(&7&
8OWUDVRQLFPHGLFDOGLDJQRVWLFDQG
PRQLWRULQJHTXLSPHQW
,(&75(G
0HWKRGVRI PHDVXULQJWKHSHUIRUPDQFHRI XOWUDVRQLFSXOVHHFKR
GLDJQRVWLFHTXLSPHQW
8OWUDVVRP,(&7&
+LJK,QWHQVLW\ 7KHUDSHXWLF 8OWUDVRXQG
,(&75(G
5HTXLUHPHQWVIRUPHDVXUHPHQWVWDQGDUGVIRUKLJKLQWHQVLW\
WKHUDSHXWLFXOWUDVRXQG+,78GHYLFHV
,(&(G&RUULJ
8OWUDVRQLFV )LHOGFKDUDFWHUL]DWLRQ 7HVWPHWKRGVIRUWKH
GHWHUPLQDWLRQRI WKHUPDODQGPHFKDQLFDOLQGLFHVUHODWHGWR
PHGLFDOGLDJQRVWLFXOWUDVRQLFILHOGV
/Z&
/Z&
&D
&D
8OWUDVVRP
8OWUDVVRP
8OWUDVVRP,(&7&
'RSSOHU
8OWUDVVRP,(&7&
'RSSOHU
,(&76(G
8OWUDVRQLFV &RQWLQXRXVZDYH'RSSOHUV\VWHPV 7HVW
SURFHGXUHV
,(&76(G
8OWUDVRQLFV 3XOVHG'RSSOHUGLDJQRVWLFV\VWHPV 7HVW
SURFHGXUHVWRGHWHUPLQHSHUIRUPDQFH
,(&(G
8OWUDVRQLFV +DQGKHOGSUREH'RSSOHUIRHWDO KHDUWEHDW
GHWHFWRUV 3HUIRUPDQFHUHTXLUHPHQWVDQGPHWKRGVRI
PHDVXUHPHQWDQGUHSRUWLQJ
,(&76(G
8OWUDVRQLFV 5HDOWLPHSXOVHHFKRV\VWHPV 7HVWSURFHGXUHVWR
GHWHUPLQHSHUIRUPDQFHVSHFLILFDWLRQV
,(&(G
8OWUDVRQLFV )ORZPHDVXUHPHQWV\VWHPV )ORZWHVWREMHFW
/Z&
/Z&
&D
&D
8OWUDVVRP
8OWUDVVRP
8OWUDVVRP,(&7&
&DOLOEUDomR
&DOLOEUDomR
,(&(G
8OWUDVRQLFV 3XOVHHFKRVFDQQHUV 3DUW7HFKQLTXHVIRU
FDOLEUDWLQJVSDWLDOPHDVXUHPHQWV\VWHPVDQGPHDVXUHPHQWRI
V\VWHPSRLQWVSUHDGIXQFWLRQUHVSRQVH
,(&(G
8OWUDVRQLFV 3XOVHHFKRVFDQQHUV 3DUW0HDVXUHPHQWRI
PD[LPXPGHSWKRI SHQHWUDWLRQDQGORFDOG\QDPLFUDQJH
,(&76(G
8OWUDVRQLFV )LHOGFKDUDFWHUL]DWLRQ ,QVLWXH[SRVXUHHVWLPDWLRQ
LQILQLWHDPSOLWXGHXOWUDVRQLFEHDPV
/Z&
8OWUDVVRP,(&7&
/Z&
&D
&D
8OWUDVVRP
8OWUDVVRP
8OWUDVVRP,(&7&
&DOLOEUDomR
8OWUDVVRP,(&7&
2XWUDV
,(&76(G
8OWUDVRQLFV )LHOGFKDUDFWHULVDWLRQ 7HVWREMHFWVIRUGHWHUPLQLQJ
WHPSHUDWXUHHOHYDWLRQLQGLDJQRVWLFXOWUDVRXQGILHOGV
,(&76(G
8OWUDVRQLFV 5HDOWLPHSXOVHHFKRVFDQQHUV 3KDQWRPZLWK
F\OLQGULFDODUWLILFLDOF\VWVLQWLVVXHPLPLFNLQJPDWHULDODQG
PHWKRGIRUHYDOXDWLRQDQGSHULRGLFWHVWLQJRI 'GLVWULEXWLRQVRI
YRLGGHWHFWDELOLW\UDWLR9'5
,(&75(G
,(&(G
8OWUDVRQLFV 'HQWDOGHVFDOHU V\VWHPV 0HDVXUHPHQWDQG
GHFODUDWLRQRI WKHRXWSXWFKDUDFWHULVWLFV
,(&(G
8OWUDVRQLFV )RFXVLQJWUDQVGXFHUV 'HILQLWLRQVDQG
PHDVXUHPHQWPHWKRGVIRUWKHWUDQVPLWWHGILHOGV
,(&(G
8OWUDVRQLFV 6XUJLFDOV\VWHPV 0HDVXUHPHQWDQGGHFODUDWLRQRI
WKHEDVLFRXWSXWFKDUDFWHULVWLFV
/Z&
/Z&
&D
&D
8OWUDVVRP
&RPRSDUWLFLSDU"
8OWUDVVRP,(&7&
3URMHWRV
,(&(GHP&&'9
8OWUDVRQLFV 3RZHUPHDVXUHPHQW 2XWSXWSRZHUPHDVXUHPHQWIRU+LJK,QWHQVLW\
7KHUDSHXWLF8OWUDVRXQG+,78WUDQVGXFHUVDQGV\VWHPV
/Z&
3DUWLFLSDomR1DFLRQDO
&%
5HXQL}HVPHQVDLVQDVHGHGD$ELPRHP6mR3DXOR
&(H
3DUWLFLSDomRFRPRPHPEURGH*7
*78OWWUDVVRP
(PDLOSDUDUSIHOL[#LQPHWURJRYEU
*7GD&(
3DUWLFLSDomRDWUDYpVGR&%
,QGLFDomRFRPRHVSHFLDOLVWDSHUPLWHDFHVVRD72'26
GRFXPHQWRVGR*7HPTXHVHIRLLQGLFDGR
,QGLFDomRDWUDYpVGR&2%(,FRPFRUURERUDomRGR
&RRUGHQDGRUGDV&(HH5HODWRUGR*7
/Z&
&D
&RPRSDUWLFLSDU"
3DUWLFLSDomR,QWHUQDFLRQDO
,(&7&(OHWURPpGLFRV
&%
,(&7&8OWUDVVRP
*7GR&%
/Z&
&D
0,1,&8562
)XQGDPHQWRVGD0HWURORJLDH
$YDOLDomRGD&RQIRUPLGDGH
%UHYHKLVWyULFRGD0HWURORJLD
2UJDQL]DomR1DFLRQDOH,QWHUQDFLRQDO
9RFDEXOiULR,QWHUQDFLRQDOGH0HWURORJLD
6LVWHPD,QWHUQDFLRQDOGH8QLGDGHV
(VWDWtVWLFDEiVLFDSDUD0HWURORJLD
&iOFXORGHLQFHUWH]DGH0HGLomR
7ySLFRVFRPSOHPHQWDUHV
5RGULJR3%&RVWD)pOL[
&KHIHGR/DERUDWyULRGH8OWUDVVRP
'LDYL 'LPFL ,QPHWUR
/DERUDWRU\ RI 8OWUDVRXQG 'LDYL 'LPFL ,QPHWUR $XWKRU5RGULJR3%&RVWD)pOL[6OLGH
/Z&
&D
)XQGDPHQWRVGD0HWURORJLDH
$YDOLDomRGD&RQIRUPLGDGH
0,1,&8562
&%(% 'LD287
KPLQjVKPLQ
USIHOL[#LQPHWURJRYEU
5RGULJR3%&RVWD)pOL[
&KHIHGR/DERUDWyULRGH8OWUDVVRP
'LDYL 'LPFL ,QPHWUR
/DERUDWRU\ RI 8OWUDVRXQG 'LDYL 'LPFL ,QPHWUR $XWKRU5RGULJR3%&RVWD)pOL[6OLGH
/Z&