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&DPDoDUL ORFDOL]DGD D NP HP PDLV RX PHQRV PLQXWRV
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&RQFOXVmR
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&RQWLQXD
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&RQFOXVmR
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&RQWLQXD
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1~PHUR GH 7RWDO ORWpULFDV GH SRU 0XQLFtSLRV PXQLFtSLRV
7RWDO GH PXQLFtSLRV FRP ORWpULFDV
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0RYLPHQWDomR 0pGLD GD PRYLPHQWDomR
7DEHOD 0RYLPHQWDomR GH WRGDV DV PRGDOLGDGHV GRV -RJRV /RWpULFRV GRV TXDWUR PXQLFtSLRV DGMDFHQWHV D 6DOYDGRU &DPDoDUL /DXUR GH )UHLWDV &DQGHLDV H 6LP}HV )LOKR 5D]mR 6RFLDO ORWpULFD &DQGHLDV /WGD 0HUFDGmR GD &RQVWUXomR /WGD 5RGRORWHFD /WGD 7RWDO 2OLYHLUD /RWHULD 6HUYLoRV /WGD 3RUWR $OPHLGD H &LD /WGD 7RWDO 6DOYDGRU )RQWH (ODERUDomR SUySULD
0XQLFtSLRV &DQGHLDV &DQGHLDV &DQGHLDV 6LP}HV )LOKR 6LP}HV )LOKR
&RQFOXVmR
0RYLPHQWDomR 0pGLD GD PRYLPHQWDomR
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7DEHOD 0RYLPHQWDomR GRV -RJRV GH 3URJQyVWLFRV 1XPpULFRV GRV TXDWUR PXQLFtSLRV DGMDFHQWHV D 6DOYDGRU &DPDoDUL /DXUR GH )UHLWDV &DQGHLDV H 6LP}HV )LOKR 5D]mR VRFLDO $UROGR $OYHV GH $VVXQomR &DUORV +HQULTXH &LD /WGD / ) /RWHULDV /WGD /RWHULD -DXi /WGD /RWHULD 5HL GH 2XUR /WGD 7RWDO $GLOVRQ 2OLYHLUD GH 6RX]D 0H ORWpULFD &DQGHLDV /WGD 0HUFDGmR GD &RQVWUXomR /WGD 5RGRORWHFD /WGD 7RWDO (VWDomR GD 6RUWH /RWHULDV /WGD - &DUORV 5LEHLUR - &DUORV 5LEHLUR ± )LOLDO /RWHULD 9LOODV /WGD 5DLQKD &DVD ORWpULFD /WGD 7RWDO 2OLYHLUD /RWHULD 6HUYLoRV /WGD 3RUWR $OPHLGD H &LD /WGD 7RWDO 6DOYDGRU )RQWH (ODERUDomR SUySULD
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4XDQWLGDGH 0RYLPHQWDomR 0pGLD
$ 7DEHOD LGHQWLILFD DV FLGDGHV DGMDFHQWHV D 6DOYDGRU HP UHODomR j PRGDOLGDGH %LOKHWHV QD TXDO R PXQLFtSLR GH 6DOYDGRU FRQWLQXD OLGHUDQGR D PpGLD GD PRYLPHQWDomR ORWpULFD FRP R YDORU GH VHQGR VHJXLGR UHVSHFWLYDPHQWH SRU &DPDoDUL FRP XPD PRYLPHQWDomR PpGLD GH MRJRV ORWpULFRV &DQGHLDV FRP XPD PRYLPHQWDomR PpGLD GH MRJRV ORWpULFRV /DXUR GH )UHLWDV FRP XPD PRYLPHQWDomR PpGLD GH MRJRV ORWpULFRV H 6LP}HV )LOKR FRP XPD PRYLPHQWDomR PpGLD GH MRJRV ORWpULFRV 7DEHOD 0RYLPHQWDomR GRV -RJRV GH %LOKHWHV GRV TXDWUR PXQLFtSLRV DGMDFHQWHV D 6DOYDGRU &DPDoDUL /DXUR GH )UHLWDV &DQGHLDV H 6LP}HV )LOKR 5D]mR 6RFLDO $UROGR $OYHV GH $VVXQomR &DUORV +HQULTXH &LD /WGD / ) /RWHULDV /WGD /RWHULD -DXi /WGD /RWHULD 5HL GH 2XUR /WGD 7RWDO $GLOVRQ 2OLYHLUD GH 6RX]D 0H /RWpULFD &DQGHLDV /WGD 0HUFDGmR GD &RQVWUXomR /WGD 5RGRORWHFD /WGD 7RWDO (VWDomR GD 6RUWH /RWHULDV /WGD - &DUORV 5LEHLUR - &DUORV 5LEHLUR )LOLDO
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&RQWLQXD
0RYLPHQWDomR 0RYLPHQWDomR 0pGLD
7DEHOD 0RYLPHQWDomR GRV -RJRV GH %LOKHWHV GRV TXDWUR PXQLFtSLRV DGMDFHQWHV D 6DOYDGRU &DPDoDUL /DXUR GH )UHLWDV &DQGHLDV H 6LP}HV )LOKR 5D]mR 6RFLDO /RWHULD 9LOODV /WGD 5DLQKD &DVD ORWpULFD /WGD 7RWDO 2OLYHLUD /RWHULD 6HUYLoRV /WGD 3RUWR $OPHLGD H &LD /WGD 7RWDO 6DOYDGRU )RQWH (ODERUDomR SUySULD
0XQLFtSLRV /DXUR GH )UHLWDV /DXUR GH )UHLWDV 6LP}HV )LOKR 6LP}HV )LOKR
&RQFOXVmR
0RYLPHQWDomR 0RYLPHQWDomR 0pGLD
$ 7DEHOD PRVWUD RV PXQLFtSLRV TXH PDLV PRYLPHQWDUDP RV MRJRV GHQRPLQDGRV GH 3URJQyVWLFRV (VSRUWLYRV 6DOYDGRU FRQWLQXD QR SULPHLUR OXJDU GD PRYLPHQWDomR PpGLD FRP R YDORU GH VHQGR VHJXLGD SHORV PXQLFtSLRV GH &DPDoDUL /DXUR GH )UHLWDV &DQGHLDV H 6LP}HV )LOKR 7DEHOD 0RYLPHQWDomR GRV -RJRV GH 3URJQyVWLFRV (VSRUWLYRV GRV TXDWUR PXQLFtSLRV DGMDFHQWHV D 6DOYDGRU &DPDoDUL /DXUR GH )UHLWDV &DQGHLDV H 6LP}HV )LOKR 5D]mR 6RFLDO $UROGR $OYHV GH $VVXQomR &DUORV +HQULTXH &LD /WGD / ) /RWHULDV /WGD /RWHULD -DXi /WGD /RWHULD 5HL 'H 2XUR /WGD 7RWDO $GLOVRQ 2OLYHLUD GH 6RX]D 0 ( /RWpULFD &DQGHLDV /WGD 0HUFDGmR GD &RQVWUXomR /WGD 5RGRORWHFD /WGD 7RWDO (VWDomR GD 6RUWH /RWHULDV /WGD - &DUORV 5LEHLUR - &DUORV 5LEHLUR ± )LOLDO /RWHULD 9LOODV /WGD 5DLQKD &DVD ORWpULFD /WGD 7RWDO 2OLYHLUD /RWHULD 6HUYLoRV /WGD 3RUWR $OPHLGD H &LD /WGD 7RWDO 6DOYDGRU )RQWH (ODERUDomR SUySULD
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0RYLPHQWDomR
0RYLPHQWDomR 0pGLD
$ 7DEHOD PRVWUD D FODVVLILFDomR GHFUHVFHQWH GRV LQWHUYDORV GD PRYLPHQWDomR SRU PRGDOLGDGH GRV MRJRV ORWpULFRV HP 6DOYDGRU QR VHJXQGR VHPHVWUH GH H IRL FRQVWUXtGD SDUD FRQIURQWDU RV GDGRV SUHVHQWHV QDV 7DEHODV H VREUH D PRYLPHQWDomR ORWpULFD GRV PXQLFtSLRV GH &DPDoDUL /DXUR GH )UHLWDV &DQGHLDV H 6LP}HV )LOKR FRP RV GH 6DOYDGRU
7DEHOD &ODVVLILFDomR TXDQWLWDWLYD GD PRYLPHQWDomR GRV MRJRV ORWpULFRV 6DOYDGRU 7LSRV GH ORWpULFRV
&ODVVLILFDomR TXDQWLWDWLYD GD PRYLPHQWDomR GRV MRJRV ORWpULFRV GD PDLRU GD GD GD MRJRV PRYLPHQWDomR GRV PRYLPHQWDomR GRV PRYLPHQWDomR GRV PRYLPHQWDomR GRV MRJRV ORWpULFRV MRJRV ORWpULFRV MRJRV ORWpULFRV MRJRV ORWpULFRV
7RGDV DV PRGDOLGDGHV D 3URJQyVWLFR 1XPpULFR D %LOKHWHV D 3URJQyVWLFR (VSRUWLYR D )RQWH (ODERUDomR SUySULD
D D D D
D D D D
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N
PRYLPHQWDP RV MRJRV ORWpULFRV HQWUH DWp
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N
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