35()(,785$'$&,'$'('(0$&(,

6(&5(7$5,$081,&,3$/'(&21752/(85%$12


QGLFH

&',*2'((',),&$d(6(85%$1,602
/HLQGHGH-DQHLURGH

778/2,
'262%-(7,926

&$378/2,
 '$6',6326,d(6*(5$,6

&$378/2,,
 '26',5(,726(5(63216$%,/,'$'(6
x
x
x
x

6(d2, '2081,&3,2
6(d2,, '235235,(75,2
6(d2,,, '232668,'25
6(d2,9 '2352),66,21$/

778/2,,
 '26'2&80(1726/,&(1d$6(352&(',0(1726$'0,1,675$7,926
&$378/2,
 '$6/,&(1d$6('2&80(1726(;3(','26

x6(d2, &(57,'2'(9,$%,/,'$'(7e&1,&$
x6(d2,, $1/,6(35e9,$3$5$(',),&$5
x6(d2,,, $1/,6(35e9,$3$5$3$5&(/$5
x6(d2,9 &(57,'2'($/,1+$0(172
x6(d29 &(57,'2'(1,9(/$0(172
x6(d29, &(57,'2'('(0$5&$d2
x6(d29,, &(57,'2'(&257(
x6(d29,,, $/9$5'(3$5&(/$0(172
/27($0(172'(60(0%5$0(172$558$0(172('(6'2%52
x6(d2,; $/9$5'(5(0(0%5$0(172
x6(d2; $/9$5'($8725,=$d2
x6(d2;, $/9$5'($3529$d2'(352-(72
x6(d2;,, $/9$5'($3529$d2'(352-(72'(5()250$(28
$03/,$d2
x6(d2;,,, $/9$5'((;(&8d2'(2%5$
x6(d2;,9 $/9$5'('(02/,d2
x6(d2;9 &$57$'(+$%,7(6(
x6(d2;9, 7(502'(9(5,),&$d2'((;(&8d2'(2%5$6(6(59,d26
'(,1)5$(6758785$85%$1$'2/27($0(172
x6(d2;9,, $/9$5'(/2&$/,=$d2

&$378/2,,
 '26352&(',0(1726$'0,1,675$7,926
x
x
x
x

6(d2, '$)250$/,=$d2'(352&(6626
6(d2,, '26352&(6626(35$=26
6(d2,,, '26&$1&(/$0(17265(92*$d(6$18/$d(6(
&$66$d(6
6(d2,9 '26352&(',0(1726(63(&,$,6

35()(,785$'$&,'$'('(0$&(,

6(&5(7$5,$081,&,3$/'(&21752/(85%$12
778/2,,,
 '$(6758785$)6,&27(55,725,$/

&$378/2,
 '$',9,627(55,725,$/
&$378/2,,
 '$65($6'(,17(5(66(+,675,&2$5767,&2(&8/785$/
&$3,78/2,,,
 '$65($63%/,&$63$,6$*67,&$6
&$378/2,9
 '26,67(0$9,5,2('(&,5&8/$d2

x 6(d2, '$6(675$'$6081,&,3$,6
x 6(d2,, '26,67(0$9,5,285%$12
&$378/29
 '$6',6326,d(6*(5$,6'225'(1$0(17285%$167,&2
778/2,9
 '$35(3$5$d2((;(&8d2'(2%5$6
&$378/2,
 '26&$17(,526'(2%5$
778/29
 '263$5&(/$0(1726'262/285%$12
&$378/2,
 '$6',6326,d(635(/,0,1$5(6
&$378/2,,
 '26/27($0(1726
x 6(d2, '265(48,6,7263$5$/27($5
x 68%6(d2, '26&5,7e5,26'(,03/$17$d2'(/27($0(172
x 68%6(d2,, '265(48,6,7263$5$,03/$17$d2'(&21'201,2
&$378/2,,,
 '26'(60(0%5$0(1726('26'(6'2%526
778/29,
 '263$50(7526'(2&83$d2'262/2('$6',6326,d(6&2167587,9$6
&$378/2,
 '2$3529(,7$0(172'26/27(6
&$378/2,,
 '$&/$66,),&$d2(&2',),&$d2'2862'262/2
x 6(d2, '28625(6,'(1&,$/
x 6(d2,, '2862&20(5&,$/('(6(59,d2
x 6(d2,,, '28620,672
x 6(d2,9 '2862,1'8675,$/
x 6(d29 '2862,167,78&,21$/
x 6(d29, '2862(63(&,$/
778/29,,
'$6(',),&$d(6

&$378/2,
 '$6&21',d(6*(5$,65(/$7,9$66(',),&$d(6
&$378/2,,
 '26&5,7e5,26'(,03/$17$d2
x 6(d2, 3$5$5(6,'1&,$6
68%6(d2, '28625(6,'(1&,$/85
68%6(d2,, '28625(6,'(1&,$/85

35()(,785$'$&,'$'('(0$&(,

6(&5(7$5,$081,&,3$/'(&21752/(85%$12

68%6(d2,,, '28625(6,'(1&,$/85

68%6(d2,9 '28625(6,'(1&,$/85
68%6(d29 '28625(6,'(1&,$/85

6(d2,, 3$5$862125(6,'(1&,$/
68%6(d2, '2862&20(5&,$/('(6(59,d2
68%6(d2,, '28620,672
68%6(d2,,, '2862,1'8675,$/
68%6(d2,9 '2862,167,78&,21$/
68%6(d29 '2862(63(&,$/

x
x
x
x
x
x
x
x
x

6(59,d2'(('8&$d2
+263,7$,6(&21*1(5(6
326726'($%$67(&,0(172(6(59,d2'(9(&8/26
6(59,d2'(/$9$*(0(/8%5,),&$d2'(9(&8/26
'(36,726'((;3/26,926(,1)/$09(,6
*6/,48()(,72'(3(75/(2
&(0,7e5,26
(67$&,21$0(1726&20(5&,$,6
+7(,6(6,0,/$5(6

778/29,,,
 '$35(6(59$d20$187(1d2(,17(59(1d2(0(',),&$d(6
(;,67(17(6
&$378/2,
 '265(3$526
&$378/2,,
 '$65()250$6
778/2,;
 '$),6&$/,=$d2
&$378/2,
 '26352&(',0(1726),6&$,6
x 6(d2, '$6127,),&$d(6('26(0%$5*26
778/2;
 '$63(1$/,'$'(6('$608/7$6
x 6(d2, ',6326,d(6*(5$,6
x 6(d2,, '$,1)5$d261250$6'(3$5&(/$0(172
x 6(d2,,, '$,1)5$d261250$6'((',),&$d2
x 6(d2,9 '$,1)5$d261250$6'(/2&$/,=$d2(
)81&,21$0(172
x 6(d29 '$6'(0$,6,1)5$d(6
778/2;,
 '$6',6326,d(6),1$,6
$1(;26

$1(;2, 48$'52'(8626(3$50(7526&2167587,926
$1(;2,, 7$%(/$'(&/$66,),&$d2'268626
$1(;2,,, 7$%(/$'(9$*$6'((67$&,21$0(172
$1(;2,9 7$%(/$'(/$5*85$'()$,;$6'(&,5&8/$d2(0&859$
$1(;29 7$%(/$'(',0(16(6'(9$*$6()$,;$6'($&(662
$1(;29, 7$%(/$'(&$5*$('(6&$5*$(0%$548(('(6(0%$548((
5($3$5$7;,


35()(,785$'$&,'$'('(0$&(,

6(&5(7$5,$081,&,3$/'(&21752/(85%$12
$1(;29,,
$1(;29,,,
$1(;2,;
$1(;2;

7$%(/$'(/27$d2'$6(',),&$d(6
7$%(/$'26&255('25(6'($7,9,'$'(60/7,3/$6
&21&(,726('(),1,d(6
6,*/$6

1250$6$%17

35()(,785$'$&,'$'('(0$&(,

6(&5(7$5,$081,&,3$/'(&21752/(85%$12

/(,1GHGH-DQHLURGH

,167,78, 2 &',*2 '( (',),&$d(6 (

85%$1,602'2081,&3,2'(0$&(,('
2875$63529,'1&,$6

$&0$5$081,&,3$/'(0$&(, GHFUHWDHHXVDQFLRQRDVHJXLQWH/HL
778/2,
'262%-(7,926
$IXVmRGRV&yGLJRVGH(GLILFDo}HVH8UEDQLVPR HPXPQLFR&yGLJRREHGHFHLQLFLDOPHQWHD
XPSULQFtSLRGHVLPSOLILFDomROHJLVODWLYD3UHWHQGHVHFRPLVVRJDQKDUHPFODUH]DHFRHUrQFLDGRV
UHVSHFWLYRV UHJLPHV MXUtGLFRV HYLWDQGRVH D GLVSHUVmR H D GXSOLFDomR GHVQHFHVViULD GH QRUPDV
OHJDLV e TXH VHQGR D HGLILFDomR D PHWD ILQDO GR SURFHVVR XUEDQR QmR ID] VHQWLGR UHJXODU
DXWRQRPDPHQWHRVSURFHGLPHQWRVDGPLQLVWUDWLYRVGHOLFHQFLDPHQWRGDVRSHUDo}HVGHSDUFHODPHQWR
XUEDQR H GHPDLV REUDV GH XUEDQL]DomR TXDQGR HVWHV YLVDP SUHFLVDPHQWH FULDU DV FRQGLo}HV
MXUtGLFDVHPDWHULDLVjFRQVWUXomRXUEDQD'HQWURGHVWDYLVmRDSUHVHQWHOHJLVODomRDEUDQJHQRUPDV
D VHUHP GHVHQYROYLGDV SRU HQWLGDGHV S~EOLFDV RX SULYDGDV HP WRGDV DV IDVHV GR SURFHVVR XUEDQR
GHVGHRSDUFHODPHQWRUHPHPEUDPHQWRGRVRORHFRQVWUXomRXUEDQDDWpDXWLOL]DomRGDVHGLILFDo}HV
QHOHLPSODQWDGDV
8PDQRYDOHLVypMXVWLILFiYHOVHDSUHVHQWDUXPHVIRUoRVpULRGHVLPSOLILFDomRGRVLVWHPD
FRPSDWLELOL]DQGR DV H[LJrQFLDV GH VDOYDJXDUGDU RV LQWHUHVVHV S~EOLFRV FRP D HILFLrQFLD
DGPLQLVWUDWLYDDTXHOHJLWLPDPHQWHDVSLUDPRVFLGDGmRV
$ LQDGHTXDomR GD OHJLVODomR DWXDO QHP VHPSUH FRHUHQWH FRP D HYROXomR XUEDQD FRQWULEXL
GLUHWDPHQWH SDUD TXH D $GPLQLVWUDomR PRYDVH QXP WHPSRTXHQmRWHPFRUUHVSRQGrQFLDQDYLGD
UHDO FULDQGR SURFHGLPHQWRV H[FHVVLYDPHQWH FRPSOH[RV TXH UHVXOWDP HP WHPSRV GH HVSHUD QD
REWHQomRGHXPDOLFHQoDGHORWHDPHQWRRXGHFRQVWUXomRTXHXOWUDSDVVDPODUJDPHQWHRVOLPLWHVGR
UD]RiYHOLPSRQGRXPVDFULItFLRGHVSURSRUFLRQDODRVGLUHLWRVHLQWHUHVVHVGRVSDUWLFXODUHV
$ $GPLQLVWUDomR WHP TXH FRQVHUYDU RV SRGHUHV QHFHVViULRV SDUD ILVFDOL]DU H FRQWURODU D
DWLYLGDGH GRV SDUWLFXODUHV H JDUDQWLU TXH HVWD VH GHVHQYROYD QR UHVWULWR FXPSULPHQWR GDV
GLVSRVLo}HV OHJDLV H UHJXODPHQWDUHV DSOLFiYHLV HQWUHWDQWR R GHVDILR D TXH HVWH &yGLJR YLVD
UHVSRQGHUpSRLVRGDVLPSOLILFDomRFRPJDUDQWLDGRFRQWUROHS~EOLFR

35()(,785$'$&,'$'('(0$&(,

6(&5(7$5,$081,&,3$/'(&21752/(85%$12

&$378/2,
'$6',6326,d(6*(5$,6
$UW )LFDLQVWLWXtGRR&yGLJRGH(GLILFDo}HVH8UEDQLVPRGRPXQLFtSLRGH0DFHLy

$UW  (VWH &yGLJR LQVWLWXL DV QRUPDV RUGHQDGRUDV H GLVFLSOLQD QR PXQLFtSLR GH 0DFHLy RV
SURFHGLPHQWRV DGPLQLVWUDWLYRV H ([HFXWLYRV D VHUHP REHGHFLGRV QRV SURMHWRV GH SDUFHODPHQWR H
UHPHPEUDPHQWR GR VROR XUEDQREHPFRPRQROLFHQFLDPHQWRH[HFXomRPDQXWHQomRHXWLOL]DomR
GHREUDVHGLILFDo}HVHHTXLSDPHQWRVGHQWURGRVOLPLWHVGRVLPyYHLVHPTXHVHVLWXDPLQFOXVLYH
RV GHVWLQDGRV DR IXQFLRQDPHQWR GH yUJmRV RX VHUYLoRV S~EOLFRV VHP SUHMXt]R GR GLVSRVWR QDV
OHJLVODo}HVHVWDGXDOHIHGHUDOSHUWLQHQWHVQRkPELWRGHVXDVUHVSHFWLYDVFRPSHWrQFLDV
$UW   7RGR H TXDOTXHU SODQR RX SURMHWR SHUWLQHQWH DR GHVHQYROYLPHQWR ItVLFRWHUULWRULDO GR
PXQLFtSLRGH0DFHLyGHYHUiUHVSHLWDURVGLVSRVLWLYRVGHVWH&yGLJRGH(GLILFDo}HVH8UEDQLVPR

$UW   6RPHQWH SRGHUmR SURMHWDU FDOFXODU RX H[HFXWDU REUDV QHVWH 0XQLFtSLR RV SURILVVLRQDLV
OHJDOPHQWH KDELOLWDGRV SHOR &5($ H LQVFULWRV QD 300 GHYHQGR R SURMHWR VHXV HOHPHQWRV H
SODQLOKD GH FiOFXORV GHYLGDPHQWH UHJLVWUDGRV VHUHP DVVLQDGRV SHOR DXWRU SHOR FRQVWUXWRU
UHVSRQViYHOSHOD H[HFXomRGDREUDHSHORSURSULHWiULR
   $FRPSDQKDQGR DV DVVLQDWXUDV GRV SURILVVLRQDLV GHYHUmR FRQVWDU VHXV QRPHV FRPSOHWRV H
Q~PHURGDVFDUWHLUDVSURILVVLRQDLVH[SHGLGDVSHOR&5($
 1RFDVRGHILUPDVRXHPSUHVDVRVSURMHWRVGHYHUmRVHUDVVLQDGRVSHORVUHSUHVHQWDQWHVOHJDLV

 (PFDVRGHG~YLGDVTXDQWRDOHJDOLGDGHGRSURILVVLRQDOSRGHUiD300H[LJLUDH[LELomRGD
FDUWHLUDSURILVVLRQDORXGRGRFXPHQWRTXHDVXEVWLWXLU
$UW   $ 300 QmR DVVXPLUi FRP D DSURYDomR GR SURMHWR D UHVSRQVDELOLGDGH VREUH R FiOFXOR
HVWUXWXUDO GD REUD H GHPDLV SURMHWRV FRPSOHPHQWDUHV FDEHQGR D PHVPD DRV SURILVVLRQDLV TXH D
DVVXPLUHP
$UW $VVROLFLWDo}HVSDUDFRQFHVVmRGRVGRFXPHQWRVFLWDGRVQR7tWXOR,,&DStWXOR,GHYHUmR
VHUHQFDPLQKDGDVDRyUJmRPXQLFLSDOGHFRQWUROHXUEDQRDWXDO60&&8
$UW 3DUDFDGDSURMHWRDSURYDGRFRUUHVSRQGHUiDXWRPDWLFDPHQWHXP$OYDUiUHVSHFWLYR

&$378/2,,
'26',5(,726(5(63216$%,/,'$'(6
6(d2,
'2081,&3,2

$UW   $ 300 OLFHQFLDUi H ILVFDOL]DUi D H[HFXomR GD REUD FRQIRUPH SURMHWR DUTXLWHW{QLFR
DSURYDGRQmRVHUHVSRQVDELOL]DQGRSRUTXDOTXHUVLQLVWURRXDFLGHQWHGHFRUUHQWHGHGHILFLrQFLDGR
SURMHWRHRXH[HFXomR


35()(,785$'$&,'$'('(0$&(,

6(&5(7$5,$081,&,3$/'(&21752/(85%$12
3DUiJUDIR ~QLFR  $ REUD D TXDOTXHU WHPSR ILFDUi VXMHLWD j ILVFDOL]DomR GD 300 QR TXH GL]
UHVSHLWRjVXDHVWDELOLGDGHVHJXUDQoDHVDOXEULGDGHHXPDYH]FRQVWDWDGDLUUHJXODULGDGHVVRIUHUi
DGYHUWrQFLDVHSHQDOLGDGHVSUHYLVWDVQHVWD/HL
6(d2,,
'235235,(75,2

$UW    &RQVLGHUDVH SURSULHWiULR GR LPyYHO D SHVVRD ItVLFD RX MXUtGLFD SRUWDGRUD GR WtWXOR GH
SURSULHGDGHUHJLVWUDGRHP&DUWyULRGH5HJLVWUR,PRELOLiULR

$UW   e GLUHLWR GR SURSULHWiULR GR LPyYHO SURPRYHU H H[HFXWDU REUDV PHGLDQWH SUpYLR
FRQVHQWLPHQWR GD 300 UHVSHLWDQGRVH RV GLUHLWRV GH YL]LQKDQoD DV SUHVFULo}HV GHVWD /HL H
OHJLVODomRPXQLFLSDOFRUUHODWD

$UW   2 SURSULHWiULR GR LPyYHO RX VHX VXFHVVRU D TXDOTXHU WtWXOR p UHVSRQViYHO SHOD
PDQXWHQomR GDV FRQGLo}HV GH HVWDELOLGDGHVHJXUDQoDHVDOXEULGDGHGRLPyYHOVXDVHGLILFDo}HVH
HTXLSDPHQWRV EHP FRPR SHOD REVHUYkQFLD GDV SUHVFULo}HV GHVWD /HL H OHJLVODomR PXQLFLSDO
FRUUHODWDDVVHJXUDQGRVH OKHVWRGDVDVLQIRUPDo}HVFDGDVWUDGDVQD300UHODWLYDVDRVHXLPyYHO
$UW $DQiOLVHGRVSHGLGRVGHHPLVVmRGHGRFXPHQWRVSUHYLVWRVQHVWD/HLGHSHQGHUi TXDQGR
IRURFDVRGDDSUHVHQWDomRGRWtWXORGHSURSULHGDGHUHJLVWUDGRQR&DUWyULRGH5HJLVWURGH,PyYHLV
UHVSRQGHQGRRSURSULHWiULRSHODVXDYHUDFLGDGHQmRLPSOLFDQGRVXDDFHLWDomRSRUSDUWHGD300
HPUHFRQKHFLPHQWRGRGLUHLWRGHSURSULHGDGH
6(d2,,,
'232668,'25

$UW   &RQVLGHUDVH SRVVXLGRU D SHVVRD ItVLFD RX MXUtGLFD EHP FRPR VHX VXFHVVRU D TXDOTXHU
WtWXORTXHWHQKDGHIDWRRH[HUFtFLRSOHQRRXQmRGRGLUHLWRGHXVDURLPyYHOREMHWRGDREUD
$UW 3DUDHIHLWRVGHVWD/HLpGLUHLWRGRSRVVXLGRUUHTXHUHUSHUDQWHD300VHUYLoRVTXHQmR
LPSOLTXHPHPDOWHUDomRItVLFDGRLPyYHO

$UW   3RGHUi R SRVVXLGRU UHTXHUHU RXWURV VHUYLoRV GHVGH TXH GHWHQKD TXDOTXHU GRV VHJXLQWHV
GRFXPHQWRV
,
,,

,,,
,9

&RQWUDWRFRPDXWRUL]DomRH[SUHVVDGRSURSULHWiULR GHYLGDPHQWHUHJLVWUDGR
&RPSURPLVVR GH &RPSUD H 9HQGD GHYLGDPHQWH DFRPSDQKDGR GD HVFULWXUD S~EOLFD
UHJLVWUDGD QR &DUWyULR GH 5HJLVWUR GH ,PyYHLV HP QRPH GR YHQGHGRU DFRPSDQKDGR GD
UHVSHFWLYDSURYDGHTXLWDomR
&RPSURPLVVRGH&RPSUDH9HQGDGHYLGDPHQWHUHJLVWUDGRQR5HJLVWURGH,PyYHLV
&RQWUDWR UHSUHVHQWDWLYR GD UHODomR REULJDFLRQDO RX UHODomR GH GLUHLWR H[LVWHQWH HQWUH R
SURSULHWiULRHRSRVVXLGRUGLUHWRGHYLGDPHQWHUHJLVWUDGR

3DUiJUDIR~QLFR 6HUiDFHLWRPDLVGHXP&RPSURPLVVRGH&RPSUDH9HQGD GHTXHWUDWDRLQFLVR

,,GHVWHDUWLJRGHVGHTXHFRPSURYDGDDFDGHLDGHWUDQVIHUrQFLDV

$UW   4XDQGR RV GRFXPHQWRV DSUHVHQWDGRV QmR GHVFUHYHUHP VXILFLHQWHPHQWH DV

FDUDFWHUtVWLFDV ItVLFDV DV GLPHQV}HV H D iUHD GR LPyYHO VHUi H[LJLGD D &HUWLGmR GR 5HJLVWUR
,PRELOLiULR

35()(,785$'$&,'$'('(0$&(,

6(&5(7$5,$081,&,3$/'(&21752/(85%$12
$UW   (P TXDOTXHU FDVR R UHTXHUHQWH UHVSRQGH FLYLO H FULPLQDOPHQWH SHOD YHUDFLGDGH GRV
GRFXPHQWRV DSUHVHQWDGRV QmR LPSOLFDQGR VXD DFHLWDomR HP UHFRQKHFLPHQWR SRU SDUWH GD 300
GRGLUHLWRGHSURSULHGDGHVREUHRLPyYHO

$UW 2SRVVXLGRUTXHVROLFLWDUDREUDRXVHUYLoRpUHVSRQViYHOSHODPDQXWHQomRGDVFRQGLo}HV
GH HVWDELOLGDGH VHJXUDQoD H VDOXEULGDGH GR LPyYHO VXDV HGLILFDo}HV H HTXLSDPHQWRV EHP FRPR
SHOD REVHUYkQFLD GDV SUHVFULo}HV GHVWD /HL H OHJLVODomR PXQLFLSDO FRUUHODWD DVVHJXUDQGRVH OKHV
WRGDVDVLQIRUPDo}HVFDGDVWUDGDVQD300UHODWLYDVDRLPyYHO

6(d2,9
'2352),66,21$/
$UW   3URILVVLRQDO KDELOLWDGR p R WpFQLFR UHJLVWUDGR MXQWR DR yUJmR IHGHUDO ILVFDOL]DGRU GR
H[HUFtFLRSURILVVLRQDOSRGHQGRDWXDUFRPRSHVVRDItVLFDRXFRPRUHVSRQViYHOSRUSHVVRDMXUtGLFD
UHVSHLWDGDVDVDWULEXLo}HVHOLPLWDo}HVFRQVLJQDGDVSRUDTXHOHRUJDQLVPR

$UW   e REULJDWyULD D DVVLVWrQFLD GH SURILVVLRQDO KDELOLWDGR QD HODERUDomR GH SURMHWRV QD
H[HFXomR H QD LPSODQWDomR GH REUDV VHPSUH TXH DVVLP R H[LJLU D OHJLVODomR IHGHUDO UHODWLYD DR
H[HUFtFLR SURILVVLRQDO RX D FULWpULR GD 300 VHPSUH TXH HQWHQGHU FRQYHQLHQWH DLQGD TXH D
OHJLVODomRIHGHUDOQmRRH[LMD
$UW   2 SURILVVLRQDO KDELOLWDGR SRGHUi H[HUFHU LQGLYLGXDO RX VROLGDULDPHQWH FRPR $XWRU RX
5HVSRQViYHO7pFQLFRGD2EUDDVVXPLQGRVXDUHVSRQVDELOLGDGHQRPRPHQWRGRSURWRFRODPHQWRGR
SHGLGRGHOLFHQoDRXGRLQtFLRGRVWUDEDOKRVQRLPyYHO

$UW 3DUDHIHLWRGHVWD/HLVHUiFRQVLGHUDGR$XWRURSURILVVLRQDOKDELOLWDGRUHVSRQViYHOSHOD
HODERUDomR GH SURMHWRV TXH UHVSRQGHUi SHOR FRQWH~GR GDV SHoDV JUiILFDV GHVFULWLYDV
HVSHFLILFDo}HVHH[HTXLELOLGDGHGHVHXWUDEDOKR
$UW   3DUD HIHLWR GHVWD /HL VHUi FRQVLGHUDGR 5HVSRQViYHO 7pFQLFR GD REUD R SURILVVLRQDO
HQFDUUHJDGR SHOD GLUHomR WpFQLFD GD PHVPD GHVGH R VHX LQtFLR DWp D VXD FRQFOXVmR UHVSRQGHQGR
SRUVXDFRUUHWDH[HFXomRHDGHTXDQGRHPSUHJRGHPDWHULDLVFRQIRUPHSURMHWRDSURYDGRQD300

$UW   6HUi FRPXQLFDGR DR yUJmR IHGHUDO ILVFDOL]DGRU GR H[HUFtFLR SURILVVLRQDO R QRPH GR
SURILVVLRQDOTXHLQFRUUDHPFRPSURYDGDLPSHUtFLDPiIpRXGLUHomRGHREUDVHPRVGRFXPHQWRV
H[LJLGRVSHOD300
$UW eIDFXOWDGDDVXEVWLWXLomRRXDWUDQVIHUrQFLDGDUHVSRQVDELOLGDGHSURILVVLRQDOHPFDVRGH
LPSHGLPHQWRGRWpFQLFRDWXDQWH

$UW   4XDQGR D EDL[D H D DVVXQomR RFRUUHUHP HP pSRFDV GLVWLQWDV D REUD GHYHUi SHUPDQHFHU
SDUDOLVDGDDWpTXHVHMDFRPXQLFDGDDDVVXQomRGHQRYDUHVSRQVDELOLGDGH
$UW   $ 300 VH H[LPH GR UHFRQKHFLPHQWR GH GLUHLWRV DXWRUDLV RX SHVVRDLV GHFRUUHQWHV GD
DFHLWDomRGHWUDQVIHUrQFLDGHUHVSRQVDELOLGDGHWpFQLFDRXGDVROLFLWDomRGHDOWHUDomRGHSURMHWR

35()(,785$'$&,'$'('(0$&(,

6(&5(7$5,$081,&,3$/'(&21752/(85%$12

778/2,,
'26'2&80(1726/,&(1d$6(352&(',0(1726$'0,1,675$7,926
&$378/2,
'$6/,&(1d$6('2&80(1726(;3(','26

$UW   0HGLDQWH UHTXHULPHQWR GR LQWHUHVVDGR SHUDQWH DR yUJmR PXQLFLSDO GH FRQWUROH XUEDQR
DWXDO 60&&8 H SDJDV DV WD[DV GHYLGDV VHUmR IRUQHFLGRV GDGRV  HRX  OLEHUDo}HV FRQIRUPH
VROLFLWDomRDWUDYpVGDHPLVVmRGH
6(d2,
&(57,'2'(9,$%,/,'$'(7e&1,&$

$UW   &HUWLGmR GH 9LDELOLGDGH 7pFQLFD p R GRFXPHQWR H[SHGLGR DWUDYpV GH SURFHVVR
DGPLQLVWUDWLYR RQGH FRQVWDUi LQIRUPDo}HV VREUH D YLDELOLGDGH GH LPSODQWDomR GR XVR  REMHWR GD
VROLFLWDomRGHDFRUGRFRPRVFULWpULRVGHILQLGRVQR]RQHDPHQWRFRPUHODomRDRVXVRVSHUPLWLGRV
SURLELGRVHWROHUDGRV
$UW  6mRXVRVSHUPLWLGRVDTXHOHVGHILQLGRVSHODOHJLVODomRSHUWLQHQWHDFDGD]RQD

$UW 6mRXVRVSURLELGRVDTXHOHVFRQVLGHUDGRVLQFRPSDWtYHLVSHODOHJLVODomRSHUWLQHQWHDFDGD
]RQD

$UW   6mR XVRV WROHUDGRV DTXHOHV TXH R ]RQHDPHQWR QmR UHFRQKHFH FRPR SHUPLWLGRV QHP
UHSXGLDFRPRSURLELGRVPDVRVDGPLWHSRUOLEHUDOLGDGHHSUHFDULHGDGHHPFRQGLo}HVHVSHFLDLV
3DUiJUDIR ~QLFR  7DLV XVRV VmR H[HUFLGRV HP  FDUiWHU SUHFiULR HQVHMDQGR UHYRJDomR VXPiULD D
TXDOTXHUPRPHQWR
$UW 2SHGLGRVHUiLQVWUXtGRFRPRVGRFXPHQWRV
, IRUPXOiULRHVSHFtILFRGHYLGDPHQWHSUHHQFKLGR
,, FySLDGDJXLDGHUHFROKLPHQWRGDWD[DHVSHFtILFD

3DUiJUDIR~QLFR 2yUJmRPXQLFLSDOGHFRQWUROHXUEDQRDWXDO60&&8GHDFRUGRFRPDQDWXUH]D
GD VROLFLWDomR SRGHUi H[LJLU LQIRUPDo}HV FRPSOHPHQWDUHV RX GRFXPHQWRV RXWURV GH PRGR D
SRVVLELOLWDUVXDDQiOLVH
6(d2,,
$1/,6(35e9,$3$5$(',),&$5

$UW   $QiOLVH 3UpYLD SDUD HGLILFDU p XPD FRQVXOWD VRE IRUPD GH SURFHVVR GR DQWHSURMHWR
DSUHVHQWDGRHPHWDSDDQWHULRUjVROLFLWDomRGR$OYDUiFRUUHVSRQGHQWH

 7UDWDQGRVHGHSURMHWRGHXPDHGLILFDomRVHUiH[LJLGRQRPtQLPRSODQWDVEDL[DVFRUWH

HVTXHPiWLFRORFDomRHVLWXDomRFRPDVHVFDODVHFRWDVQXPpULFDVGHILQLGDVRIHUHFHQGRFRQGLo}HV
GHDQiOLVH
 $$QiOLVH3UpYLDSDUDHGLILFDUQmRpXPGRFXPHQWRREULJDWyULRQRSURFHVVRGHFRQFHVVmR
GH $OYDUi GH $SURYDomR GH 3URMHWR 7HP R REMHWLYR QLFR GH HP XPD IDVH LQLFLDO GH SURMHWR


35()(,785$'$&,'$'('(0$&(,

6(&5(7$5,$081,&,3$/'(&21752/(85%$12
GLULPLUSRVVtYHLVG~YLGDVHVFODUHFHUGHWDOKHVTXHSRVVDPUHWDUGDURXLQYLDELOL]DUDDSURYDomRGR
SURMHWRILQDO

 R  $ FULWpULR GR UHTXHUHQWH SRGHUi VHU DSUHVHQWDGR SURMHWR FRPSOHWR R TXH HQVHMDUi QXPD
DQiOLVHPDLVGHWDOKDGD

 R  3RGHUi R WpFQLFR UHVSRQViYHO SHOD DQiOLVH H[LJLU DSUHVHQWDomR GH LQIRUPDo}HV HRX SHoDV
JUiILFDVSDUDFRPSOHPHQWDomRGRSDUHFHU
$UW 2SHGLGRVHUiLQVWUXtGRFRPRVGRFXPHQWRV
,
,,
,,,
,9

IRUPXOiULRHVSHFtILFRGHYLGDPHQWHSUHHQFKLGR
FySLDGDJXLDGHUHFROKLPHQWRGDWD[DHVSHFtILFD
FySLDGRWtWXORGHSURSULHGDGHRXSRVVHGRLPyYHO
SHoDVJUiILFDVGHDFRUGRFRPRHVWDEHOHFLGRQRGRDUWLJR GHVWD/HL

6(d2,,,
$1/,6(35e9,$3$5$3$5&(/$5

$UW   $QiOLVH 3UpYLD SDUD SDUFHODU p XPD FRQVXOWD VRE IRUPD GH SURFHVVR GR DQWHSURMHWR
DSUHVHQWDGRHPHWDSDDQWHULRUjVROLFLWDomRGR$OYDUiFRUUHVSRQGHQWH
$UW 7UDWDQGRVHGHSURMHWRGHSDUFHODPHQWRGRVRORDVSHoDVJUiILFDVGHYHUmRFRQWHU

D SODQWDGHORFDomRGDJOHEDHPHVFDOD
E SODQWDGHVLWXDomR GDJOHEDFRQWHQGRDPDOKDYLiULDGRHQWRUQRHDVYLDVSULQFLSDLVGHDFHVVRD
iUHDHLQGLFDomRGRQRUWHPDJQpWLFR
F RSDUWLGRXUEDQtVWLFRHPHVFDODGHRX
 $VSHoDVJUiILFDVGRSDUWLGRXUEDQtVWLFRGHYHUmRFRQWHU
D
E
F
G
H
I
J
K
L
M
N

O
P

TXDGURGHXVRGRVROR HPiUHDFRPRVSHUFHQWXDLVGHFDGDXVR
WLSRGHXVRSUHGRPLQDQWHDTXHRORWHDPHQWRVHGHVWLQD
UHIHUrQFLDGHQtYHORILFLDOGDYLDGHDFHVVR
iUHDVFRPGHFOLYLGDGHVXSHULRUjWULQWDSRUFHQWRKDFKXUDGDV
IDL[DVGHVHUYLG}HVS~EOLFDVFRPRUHGHGH DOWDWHQVmRYLDIpUUHDHRXWUDV
D ORFDOL]DomR GH YHUWHQWHV FXUVRV GiJXD FDQDLV YDODV PDQJXHV GHSUHVV}HV HQFRVWDV
ERVTXHVUHYHVWLPHQWRVYHJHWDLVIRQWHVQDWXUDLVHORFDLVDSUD]tYHLV
WXEXODo}HVHDILQV
WRGDVDVFRQVWUXo}HVH[LVWHQWHVLQFUXVWDGDVQDJOHED
RVLVWHPDGHYLDVFRPVXDVGHQRPLQDo}HV
DVXEGLYLVmRGDVTXDGUDVHPORWHVFRPDVUHVSHFWLYDVGLPHQV}HVHQXPHUDomR
DV GLPHQV}HV OLQHDUHV H DQJXODUHV GR SURMHWR FRP UDLR FRUGDV DUFRV SRQWRV GH WDQJrQFLD H
kQJXORVFHQWUDLVGDVYLDV
RV SHUILVWUDQVYHUVDLVGHWRGDVDVYLDVGHFLUFXODomRSURMHWDGDV
D HQXPHUDomR GDV iUHDV YHUGHV HTXLSDPHQWR FRPXQLWiULR H GH HTXLSDPHQWR XUEDQR TXDQGR
KRXYHU

 4XDQGRGDVXEGLYLVmRGDVTXDGUDVHPORWHVGHYHUiVHUDFUHVFLGRPWUrVPHWURV

D DRVORWHVGHHVTXLQDQDVXDPHQRUWHVWDGD



35()(,785$'$&,'$'('(0$&(,

6(&5(7$5,$081,&,3$/'(&21752/(85%$12
EDRVORWHVLUUHJXODUHVGHYHUmRRVkQJXORVLQWHUQRVWHUXPDDEHUWXUDPtQLPDGHWULQWDJUDXVH
FRPDPHVPDFXUYDWXUDGRPHLRILR

   $ $QiOLVH 3UpYLD SDUD SDUFHODU p REULJDWyULD QR SURFHVVR GH FRQFHVVmR GH $OYDUi GH
3DUFHODPHQWR VRE IRUPD GH /RWHDPHQWR FRQVLGHUDQGR TXH DV GLUHWUL]HV SDUD R SDUFHODPHQWR VmR
IRUQHFLGRVSHORyUJmRPXQLFLSDOGHFRQWUROHXUEDQRDWXDO60&&8
$UW 2SHGLGRVHUiLQVWUXtGRFRPRVGRFXPHQWRV

, IRUPXOiULRHVSHFtILFRGHYLGDPHQWHSUHHQFKLGR
,, FySLDGDJXLDGHUHFROKLPHQWRGDWD[DHVSHFtILFD
,,, FySLDGRWtWXORGHSURSULHGDGHUHJLVWUDGRQR&DUWyULRGH,PyYHLV

6(d2,9
&(57,'2'($/,1+$0(172

$UW &HUWLGmRGH$OLQKDPHQWRpXPGRFXPHQWRH[SHGLGRDWUDYpVGH SURFHVVRDGPLQLVWUDWLYR

RQGHVHUiIL[DGDDOLQKDGLYLVyULDHQWUHRWHUUHQRRXORWHGHSURSULHGDGHSDUWLFXODUHRORJUDGRXUR
S~EOLFRH[LVWHQWHRXSURMHWDGR
$UW 2SHGLGRVHUiLQVWUXtGRFRPRVGRFXPHQWRV
,
,,
,,,
,9

IRUPXOiULRHVSHFtILFRGHYLGDPHQWHSUHHQFKLGR
FySLDGDJXLDGHUHFROKLPHQWRGDWD[DHVSHFtILFD
FySLDGRWtWXORGHSURSULHGDGHRXSRVVHGRLPyYHO
FySLDGR&1'GRLPyYHOSHUDQWHD)D]HQGD0XQLFLSDO
6(d29
&(57,'2'(1,9(/$0(172

$UW   &HUWLGmR GH 1LYHODPHQWR p R GRFXPHQWR H[SHGLGR DWUDYpV GH SURFHVVR DGPLQLVWUDWLYR
RQGHVHUiLQIRUPDGRRQtYHOGDYLDS~EOLFDHPUHODomRjSURSULHGDGHSDUWLFXODU
$UW 2SHGLGRVHUiLQVWUXtGRFRPRVGRFXPHQWRV
,
,,
,,,
,9

IRUPXOiULRHVSHFtILFRGHYLGDPHQWHSUHHQFKLGR
FySLDGDJXLDGH UHFROKLPHQWRGDWD[DHVSHFtILFD
FySLDGRWtWXORGHSURSULHGDGHRXSRVVHGRLPyYHO
FySLDGR&1'GRLPyYHOSHUDQWHD)D]HQGD0XQLFLSDO
6(d29,
&(57,'2'('(0$5&$d2

$UW   &HUWLGmR GH 'HPDUFDomR p R GRFXPHQWR H[SHGLGR DWUDYpV GH SURFHVVR DGPLQLVWUDWLYR
RQGHFRQVWDUmRLQIRUPDo}HVVREUHDOLQKDPHQWRQLYHODPHQWRHGLPHQV}HVGRORWHRXWHUUHQRDOpP
GDVGHPDLVLQIRUPDo}HVFRQVWDQWHVGRWtWXORGHSURSULHGDGHRXSRVVHDVVLPFRPRVXDGHOLPLWDomR
HPUHODomRDRVORWHVRXWHUUHQRVYL]LQKRVDVVLQDODQGRLQFOXVLYHTXDQGRKRXYHULQYDVmR
$UW 2SHGLGRVHUiLQVWUXtGRFRPRVGRFXPHQWRV



35()(,785$'$&,'$'('(0$&(,

6(&5(7$5,$081,&,3$/'(&21752/(85%$12
,
,,
,,,
,9

IRUPXOiULRHVSHFtILFRGHYLGDPHQWHSUHHQFKLGR
FySLDGDJXLDGHUHFROKLPHQWRGDWD[DHVSHFtILFD
FySLDGRWtWXORGHSURSULHGDGHRXSRVVHGRLPyYHO
FySLDGR&1' GRLPyYHOSHUDQWHD)D]HQGD0XQLFLSDO
6(d29,,
&(57,'2'(&257(

$UW   &HUWLGmR GH &RUWH p R GRFXPHQWR H[SHGLGR DWUDYpV GH SURFHVVR DGPLQLVWUDWLYR RQGH
FRQVWDUmR LQIRUPDo}HV VREUH D LQFRUSRUDomR DR ORJUDGRXUR S~EOLFR GH XPD iUHD GH WHUUHQR
SHUWHQFHQWHjSURSULHGDGHSDUWLFXODUHDGMDFHQWHDRUHIHULGRORJUDGRXUR
3DUiJUDIR~QLFR (VWDFRQVXOWDREMHWLYDLQIRUPDUDH[LVWrQFLDRXQmRGHSURMHWRVFRQFOXtGRVTXH
LQWHUILUDPQDGHOLPLWDomRGDiUHDREMHWRGD&HUWLGmR
$UW 2SHGLGRVHUiLQVWUXtGRFRPRVGRFXPHQWRV
,
,,
,,,
,9

IRUPXOiULRHVSHFtILFRGHYLGDPHQWHSUHHQFKLGR
FySLDGDJXLDGHUHFROKLPHQWRGDWD[DHVSHFtILFD
FySLDGRWtWXORGHSURSULHGDGHRXSRVVHGRLPyYHO
FySLDGR&1'GRLPyYHOSHUDQWHD)D]HQGD0XQLFLSDO

6(d29,,,
$/9$5'(3$5&(/$0(172

$UW $OYDUiGH3DUFHODPHQWRpDOLFHQoDH[SHGLGDDWUDYpVGHSURFHVVRDGPLQLVWUDWLYRRQGHR
3RGHU 3~EOLFR 0XQLFLSDO DXWRUL]D D GLYLVmR GD WHUUD ORFDOL]DGD HP ]RQD XUEDQD HP SDUWHV
LQGLYLGXDOL]DGDVGLVWLQWDVVRERSRQWRGHYLVWDMXUtGLFRSRGHQGRGHFRUUHUGHLQLFLDWLYDS~EOLFDRX
SULYDGD
3DUiJUDIR~QLFR $LQLFLDWLYDSULYDGDRFRUUHSRUDWRYROXQWiULRGRSURSULHWiULRVREDYLJLOkQFLDGR
3RGHU3~EOLFRTXHVREUHHODHVWDEHOHFHQRUPDVLPSHUDWLYDV

$UW (VWDOLFHQoDVHUiH[SHGLGDVREIRUPDGH/RWHDPHQWR'HVPHPEUDPHQWR$UUXDPHQWRRX
'HVGREUR

 &RQVLGHUDVHORWHDPHQWRDVXEGLYLVmRGHJOHEDHPORWHVGHVWLQDGRVjHGLILFDomRTXHLPSOLTXH
DEHUWXUD SURORQJDPHQWR PRGLILFDomR RX DPSOLDomR GH YLDV GH FLUFXODomR RX GH ORJUDGRXURV
S~EOLFRV
 &RQVLGHUDVHGHVPHPEUDPHQWRDVXEGLYLVmRGHJOHEDVHPORWHVGHVWLQDGRVjHGLILFDomRFRP
DSURYHLWDPHQWRGRVLVWHPDYLiULRH[LVWHQWHTXHQmRLPSOLTXHDEHUWXUDVGHQRYDVYLDVHORJUDGRXURV
S~EOLFRVQHPRSURORQJDPHQWRDPRGLILFDomR RXDDPSOLDomRGRVH[LVWHQWHV
   &RQVLGHUDVH DUUXDPHQWR D GLYLVmR GR VROR PHGLDQWH D DEHUWXUD GH YLDV GH FLUFXODomR
LQWHJUDQGRVHDRVLVWHPDYLiULRH[LVWHQWH

  &RQVLGHUDVH GHVGREUR R UHSDUFHODPHQWR GH ORWHV RULXQGRV GH ORWHDPHQWRV RX

GHVPHPEUDPHQWRV REHGHFLGDV DV GLPHQV}HV PtQLPDV GHWHUPLQDGDV SHOD OHJLVODomR PXQLFLSDO
YLJHQWH


35()(,785$'$&,'$'('(0$&(,

6(&5(7$5,$081,&,3$/'(&21752/(85%$12
$UW   'R $OYDUi GH 3DUFHODPHQWR VRE IRUPD GH /RWHDPHQWR GHYHUmR FRQVWDU DV VHJXLQWHV
LQIRUPDo}HV
D
E
F
G
H
I
J
K

1RPHGRSURSULHWiULR
/RFDOL]DomRGRLPyYHOPHQFLRQDQGRORJUDGRXURHEDLUUR
=RQD8UEDQD5HJLmR$GPLQLVWUDWLYD
0DWUtFXODGRLPyYHO
1RPHGR/RWHDPHQWRHVXDFRQVWLWXLomR
1~PHURGRSURFHVVR
'DWDGHDSURYDomR
5HVXPR GH iUHDV UHIHUHQWHV jV iUHDV ORWHiYHO H S~EOLFD GLVFULPLQDQGR DV iUHDV GH VLVWHPD
YLiULRYHUGHVGHHTXLSDPHQWRVXUEDQRVHFRPXQLWiULRV

$UW   2 SHGLGR GH $OYDUi GH 3DUFHODPHQWR VRE IRUPD GH /RWHDPHQWR VHUi LQVWUXtGR FRP RV
GRFXPHQWRV
,
,,
,,,
,9
9
9,
9,,

IRUPXOiULRHVSHFtILFRGHYLGDPHQWHSUHHQFKLGR
FySLDGDJXLDGHUHFROKLPHQWRGDWD[DHVSHFtILFD
FySLDGD$QiOLVH3UpYLDGRSDUFHODPHQWR
FySLDGRWtWXORGHSURSULHGDGHUHJLVWUDGRQR&DUWyULRGH,PyYHLV
FySLDGR&1'GRLPyYHOHGRVUHVSRQViYHOHLVWpFQLFRVSHUDQWHD)D]HQGD0XQLFLSDO
FySLDGD&HUWLGmRGHQXV
SHoDV JUiILFDV HP  FLQFR MRJRV GH FySLDV KHOLRJUiILFDV GHYLGDPHQWH DVVLQDGDV
DFRPSDQKDGRV GRV UHVSHFWLYRV PHPRULDLV GHVFULWLYRV UHJLVWUDGDV QR &5($ DOpP GH 
XPFRSLDWLYR
9,,, SODQWDGHORFDomRGDJOHEDHPHVFDODGH
,;
SODQWDGHVLWXDomRGDJOHEDFRQWHQGRDPDOKDYLiULDGR HQWRUQRDVYLDVSULQFLSDLVGHDFHVVR
jiUHDHLQGLFDomRGRQRUWHPDJQpWLFR
;
SDUWLGRXUEDQtVWLFRHPHVFDODGHRX
;,
SURMHWRJHRPpWULFRGHGUHQDJHPHWHUUDSOHQDJHPFRPPHPRULDOMXVWLILFDWLYRHPWUrV
MRJRVGHFySLDVKHOLRJUiILFDV
;,, DQXrQFLDSUpYLDGHyUJmRVFRPSHWHQWHVVHPSUHTXHRSURMHWRHQYROYHUTXHVW}HVSHUWLQHQWHV
jVXDVDWULEXLo}HVHOHQFDGDVRILFLDOPHQWH
;,,, GXDVFySLDVGHWRGRRSURMHWRHPHPRULDOGHVFULWLYRHPPHLRGLJLWDO
;,9 FySLDDXWHQWLFDGDGR&RQWUDWR6RFLDOHPVHWUDWDQGRGHSHVVRDMXUtGLFD
 $VSHoDVJUiILFDVGRSDUWLGRXUEDQtVWLFRGHYHUmRFRQWHU
D
E
F
G
H
I
J
K
L
M
N

O
P

TXDGURGHXVRGRVRORHPiUHDFRPRVSHUFHQWXDLVGHFDGDXVR
WLSRGHXVRSUHGRPLQDQWHDTXHRORWHDPHQWRVHGHVWLQD
UHIHUrQFLDGHQtYHORILFLDOGDYLDGHDFHVVR
iUHDVFRPGHFOLYLGDGHVXSHULRUjWULQWDSRUFHQWRKDFKXUDGDV
IDL[DVGHVHUYLG}HVS~EOLFDVFRPRUHGHGHDOWDWHQVmRYLDIpUUHDHRXWUDV
D ORFDOL]DomR GH YHUWHQWHV FXUVRV GiJXD FDQDLV YDODV PDQJXHV GHSUHVV}HV HQFRVWDV
ERVTXHVUHYHVWLPHQWRVYHJHWDLVIRQWHVQDWXUDLVHORFDLVDSUD]tYHLV
WXEXODo}HVHDILQV
WRGDVDVFRQVWUXo}HVH[LVWHQWHVLQFUXVWDGDVQDJOHED
RVLVWHPDGHYLDVFRPVXDVGHQRPLQDo}HV
DVXEGLYLVmRGDVTXDGUDVHPORWHVFRPDVUHVSHFWLYDVGLPHQV}HVHQXPHUDomR
DV GLPHQV}HV OLQHDUHV H DQJXODUHV GR SURMHWR FRP UDLR FRUGDV DUFRV SRQWRV GH WDQJrQFLD H
kQJXORVFHQWUDLVGDVYLDV
RVSHUILVWUDQVYHUVDLVGHWRGDVDVYLDVGHFLUFXODomRSURMHWDGDV
D HQXPHUDomR GDV iUHDV YHUGHV HTXLSDPHQWR FRPXQLWiULR H GH HTXLSDPHQWR XUEDQR TXDQGR
KRXYHU

 4XDQGRGDVXEGLYLVmRGDVTXDGUDVHPORWHVGHYHUiVHUDFUHVFLGRPWUrVPHWURV



35()(,785$'$&,'$'('(0$&(,

6(&5(7$5,$081,&,3$/'(&21752/(85%$12

D DRVORWHVGHHVTXLQDQDVXDPHQRUWHVWDGD
E DRVORWHVFRPGXDVIUHQWHVHPVHXFRPSULPHQWRHQWUHVXDVWHVWDGDV

 $HVFROKDGDHVFDODGHYHUiVHUGHPDQHLUDWDOTXHSRVVLELOLWHDDQiOLVHFRPSOHWDGRSURMHWR
SRGHQGRVHUFRQWHVWDGDSHORWpFQLFRGD300UHVSRQViYHOSHODPHVPD
$UW 2PHPRULDOGHVFULWLYRGHYHUiFRQWHUREULJDWRULDPHQWHSHORPHQRV

D D GHVFULomR VXFLQWD GR ORWHDPHQWR FRP DV VXDV FDUDFWHUtVWLFDV ORFDOL]DomR iUHD GD JOHED
GLPHQV}HVOLQHDUHVHDQJXODUHVHDIL[DomRGD=RQDV
E DV FRQGLo}HV XUEDQtVWLFDV GR ORWHDPHQWR H DV OLPLWDo}HV TXH LQFLGHP VREUH RV ORWHV H DV VXDV
FRQVWUXo}HVDOpPGDTXHODVFRQVWDQWHVGDVGLUHWUL]HVIL[DGDV
F DGHVFULomRHHQXPHUDomRGDViUHDVS~EOLFDVFRPVXDORFDOL]DomRXVRiUHDUHVSHFWLYDOLPLWHV
HGLPHQV}HVDQJXODUHVHOLQHDUHVTXHSDVVDUmRDRGRPtQLRGR0XQLFtSLRQRDWRGRUHJLVWURGR
ORWHDPHQWR
G DGHVFULomRHHQXPHUDomRGDViUHDVGHSUHVHUYDomRGHILQLQGRVXDSURSULHGDGH
$UW   $ FDGD $OYDUi GH 3DUFHODPHQWR VRE IRUPD GH /RWHDPHQWR H[SHGLGR SUHFHGH XP
'HFUHWRGH$SURYDomRGR/RWHDPHQWRH[SHGLGRSHOR&KHIHGR([HFXWLYR0XQLFLSDOHXP7HUPR
GH &DXFLRQDPHQWR H ,QVWUXPHQWR 3DUWLFXODU GH *DUDQWLD GH ([HFXomR GH 2EUDV GH ,QIUDHVWUXWXUD
8UEDQDFRQIRUPHPRGHORVSUySULRV
$UW 2YDORUDVHUFDXFLRQDGRGHYHUiFRUUHVSRQGHUDRFXVWRGRVVHUYLoRVGHLQIUDHVWUXWXUDD
VHUHPH[HFXWDGRV

$UW   $SyV D FRQFOXVmR GDV REUDV GH LQIUDHVWUXWXUD R UHTXHUHQWH VROLFLWDUi R 7HUPR GH
9HULILFDomR GH ([HFXomR GDV 2EUDV H 6HUYLoRV GH ,QIUDHVWUXWXUD 8UEDQD GR /RWHDPHQWR
REMHWLYDQGRRGHVFDXFLRQDPHQWRGRVORWHV

3DUiJUDIR~QLFR 2GHVFDXFLRQDPHQWRSRGHUiVHUGDGRSDUFLDOPHQWHjPHGLGDHPTXHDVREUDVGH
XUEDQL]DomRIRUHPH[HFXWDGDVHUHFHELGDVSHODVFRQFHVVLRQiULDVFRPSHWHQWHVH0XQLFtSLRDWUDYpV
GR 7HUPR GH 9HULILFDomR GH ([HFXomR GH 2EUDV H 6HUYLoRV GH ,QIUDHVWUXWXUD 8UEDQD GR
/RWHDPHQWR
$UW 1RSUD]RPi[LPRGHFHQWRHRLWHQWDGLDVFRUULGRV FRQWDGRVGDGDWDGHH[SHGLomRGR
$OYDUiGH3DUFHODPHQWRQDIRUPDGH/RWHDPHQWRGHYHRLQWHUHVVDGRSURWRFROiORHP&DUWyULRGH
5HJLVWURGH,PyYHLVVRESHQDGHFDGXFLGDGH
$UW eSHUPLWLGDDPRGLILFDomRGRSDUFHODPHQWRTXHVySRGHUiRFRUUHUQDV GLPHQV}HVGRORWH
QDUHGLYLVmRGHSDUWHRXGHWRGRSDUFHODPHQWRVHPDOWHUDomRGRVLVWHPDYLiULRGRVHVSDoRVOLYUHV
GHXVRS~EOLFRRXGDViUHDVGHVWLQDGDVDHTXLSDPHQWRVXUEDQRVHFRPXQLWiULRV
 $PRGLILFDomRGRSURMHWRGHORWHDPHQWRVHUiVHPSUHFRQGLFLRQDGDjDSURYDomRGR&KHIHGR
([HFXWLYR0XQLFLSDOFRPEDVHHPSDUHFHUWpFQLFRGRyUJmRFRPSHWHQWH

   $ DXWRUL]DomR D TXH VH UHIHUH R SDUiJUDIR DQWHULRU QmR LPSOLFD HP TXDOTXHU FDVR HP
PRGLILFDomR GR 7HUPR GH &DXFLRQDPHQWR H ,QVWUXPHQWR 3DUWLFXODU GH *DUDQWLD GH ([HFXomR GH
2EUDV GH ,QIUDHVWUXWXUD 8UEDQD UHJLVWUDGR HP FDUWyULR QHP WmR SRXFR GD HVFULWXUD GH GRDomR DR
0XQLFtSLRGHiUHDVTXHOKHHVWmRGHVWLQDGDVGRFXPHQWRVHVWHVTXHHPTXDOTXHUKLSyWHVHQmRVmR
VXVFHWtYHLVGHTXDOTXHUDOWHUDomR
 2SHGLGRGHPRGLILFDomRGRSDUFHODPHQWRVHUiLQVWUXtGRFRPRVGRFXPHQWRV
,

IRUPXOiULRHVSHFtILFRGHYLGDPHQWHSUHHQFKLGR



35()(,785$'$&,'$'('(0$&(,

6(&5(7$5,$081,&,3$/'(&21752/(85%$12
,,
,,,
,9
9
9,

FySLDGDJXLDGHUHFROKLPHQWRGDWD[DHVSHFtILFD
FySLDGR5HJLVWURGR/RWHDPHQWRVHYHQFLGRRSUD]RGHILQLGRHPOHJLVODomR
FySLDGR$OYDUiGH3DUFHODPHQWRGRORWHDPHQWR
FySLDGR'HFUHWRGH$SURYDomRGRORWHDPHQWR
FySLD GR 7HUPR GH &DXFLRQDPHQWR H ,QVWUXPHQWR 3DUWLFXODU GH *DUDQWLD GH ([HFXomR GH
2EUDVGH,QIUDHVWUXWXUD8UEDQD
9,, SHoDV JUiILFDV FRQWHQGR R SDUWLGR XUEDQtVWLFR HP  WUrV MRJRV GH FySLDV GHYLGDPHQWH
DVVLQDGDV  DFRPSDQKDGDV GRV UHVSHFWLYRV  PHPRULDLV GHVFULWLYRV HP HVFDOD  RX
GHYLGDPHQWHUHJLVWUDGDVQR&5($DOpPGHXPFRSLDWLYR
9,,, FySLDGD&HUWLGmRGHQXVGRVORWHVDVHUHPPRGLILFDGRV

$UW 2VVHUYLoRVGHLQIUDHVWUXWXUDGHYHUmRVHUFRQFOXtGRVQRSUD]RPi[LPRGHGRLVDQRV

DVHUIL[DGROHYDQGRVHHPFRQWDDH[WHQVmRGRFURQRJUDPDGDVREUDVGHXUEDQL]DomR
   2 SUD]R SUHYLVWR QR FDSXW GHVWH DUWLJR LQLFLDVH QD GDWD GR UHJLVWUR GR SURMHWR GH
SDUFHODPHQWRQR&DUWyULRGH5HJLVWURGH,PyYHLV

   2V VHUYLoRV GH LQIUDHVWUXWXUD QmR FRQFOXtGRV QR SUD]R GHWHUPLQDGR QR FDSXW GHVWH DUWLJR
VRPHQWHSRGHUmRWHUFRQWLQXDGDDVXDH[HFXomRGHVGHTXHREWLGDDUHYDOLGDomRGDOLFHQoDVRESHQD
GHPXOWDHHPEDUJR
 $UHYDOLGDomRGDOLFHQoDSRGHUiVHGDUSRUXPSHUtRGRPi[LPRGHXPDQRTXDQGRVHUi
DXWRPDWLFDPHQWHFDQFHODGR

$UW 2SHGLGRGH$OYDUiGH3DUFHODPHQWRVREIRUPDGH'HVPHPEUDPHQWRVHUiLQVWUXtGRFRP
RVGRFXPHQWRV
,
,,
,,,
,9
9
9,

IRUPXOiULRHVSHFtILFRGHYLGDPHQWHSUHHQFKLGR
FySLDGDJXLDGHUHFROKLPHQWRGDWD[DHVSHFtILFD
FySLDGRWtWXORGHSURSULHGDGHRXSRVVHGRLPyYHOFRQVWDQWHGRDUWLJRGHVWD/HL
FySLDGR&1'GRLPyYHOHGRVUHVSRQViYHOHLVWpFQLFRVSHUDQWHD)D]HQGD0XQLFLSDO
SHoDV JUiILFDV FRQWHQGR D VLWXDomR RULJLQDO H D VLWXDomR SURSRVWD HP  WUrV MRJRV GH
FySLDV  GHYLGDPHQWH DVVLQDGDV DFRPSDQKDGDV GRV UHVSHFWLYRV PHPRULDLV GHVFULWLYRV
UHJLVWUDGDVQR&5($
DQXrQFLDSUpYLDGRVyUJmRVFRPSHWHQWHVVHPSUHTXHVHIL]HUQHFHVViULR

3DUiJUDIR~QLFR $HVFROKDGDHVFDODGHYHUiVHUGHPDQHLUDWDOTXHSRVVLELOLWHDDQiOLVHFRPSOHWD
GRSURMHWRSRGHQGRVHUFRQWHVWDGDSHORWpFQLFRGD300UHVSRQViYHOSHODPHVPD
$UW   2 $OYDUi GH 3DUFHODPHQWR VRE IRUPD GH 'HVPHPEUDPHQWR WHUi SUD]R GH YDOLGDGH
LQGHWHUPLQDGR
$UW 2$OYDUiGH3DUFHODPHQWRVREIRUPDGH$UUXDPHQWRVyRFRUUHUiQRVFDVRVRQGHKRXYHU
LQWHUHVVHS~EOLFRHQDVIRUPDVVHJXLQWHV
D GHVDSURSULDomRFRPRVSURFHGLPHQWRVFDEtYHLVSDUDDHVSpFLH
E GRDomR  GHVGH TXH KDMD  DQXrQFLD GR  &KHIH GR ([HFXWLYR 0XQLFLSDO DPSDUDGR HP SDUHFHU
WpFQLFRGRVyUJmRVPXQLFLSDLVGHFRQWUROHXUEDQRHSODQHMDPHQWRDWXDLV60&&8H6(03'
$UW 2SURFHVVRGHGRDomRVHUiLQVWUXtGRFRPRVVHJXLQWHVGRFXPHQWRV
,
,,
,,,
,9

IRUPXOiULRGHYLGDPHQWHSUHHQFKLGR
FySLDGRWtWXORGHSURSULHGDGHUHJLVWUDGRQR&DUWyULRGH,PyYHLV
FySLDGR&1'GRLPyYHOSHUDQWHD)D]HQGD0XQLFLSDO
FURTXLGDSURSRVWDGHYLGDPHQWHFRWDGR



35()(,785$'$&,'$'('(0$&(,

6(&5(7$5,$081,&,3$/'(&21752/(85%$12
3DUiJUDIR~QLFR )HLWDDGRDomRSDVVDDH[LVWLURGLUHLWRLQFRQGLFLRQDOGDDEHUWXUDGHYLDS~EOLFD

$UW   2 SHGLGR GH $OYDUi GH 3DUFHODPHQWR VRE IRUPD GH 'HVGREUR VHUi LQVWUXtGR FRP RV
GRFXPHQWRV
,
,,
,,,
,9
9

IRUPXOiULRHVSHFtILFRGHYLGDPHQWHSUHHQFKLGR
FySLDGDJXLDGHUHFROKLPHQWRGDWD[DHVSHFtILFD
FySLDGRWtWXORGHSURSULHGDGHRXSRVVHGRLPyYHO
FySLDGR&1'GRLPyYHOHGRVUHVSRQViYHOHLVWpFQLFRVSHUDQWHD)D]HQGD0XQLFLSDO
SHoDV JUiILFDV FRQWHQGR D VLWXDomR RULJLQDO H D VLWXDomR SURSRVWD HP  WUrV MRJRV GH
FySLDV  GHYLGDPHQWH DVVLQDGDV DFRPSDQKDGDV GRV UHVSHFWLYRV PHPRULDLV GHVFULWLYRV
UHJLVWUDGDVQR&5($

3DUiJUDIR ~QLFR  $ HVFROKD GD HVFDOD GHYHUi VHU GH PDQHLUD WDO TXH SRVVLELOLWH D DQiOLVH GD
SURSRVWDSRGHQGRVHUFRQWHVWDGDSHORWpFQLFRGD300UHVSRQViYHOSHODPHVPD

$UW   2 $OYDUi GH 3DUFHODPHQWR VRE IRUPD GH 'HVGREUR WHUi SUD]R GH YDOLGDGH
LQGHWHUPLQDGR

6(d2,;
$/9$5'(5(0(0%5$0(172

$UW $OYDUiGH5HPHPEUDPHQWRpDOLFHQoDH[SHGLGDDWUDYpVGHSURFHVVRDGPLQLVWUDWLYRTXH
FRQVLVWHQDUHPRGHODomRGHiUHDDWUDYpVGDMXQomRGHXQLGDGHVHGLILFiYHLVRXHGLILFDGDV

$UW   (QWHQGHVH SRU 5HPHPEUDPHQWR R UHDJUXSDPHQWR GH ORWHV RX WHUUHQRV DGMDFHQWHV HRX
SDUWHGHVWHV
$UW 2SHGLGRVHUiLQVWUXtGRFRPRVGRFXPHQWRV
,
,,
,,,
,9
9

IRUPXOiULRHVSHFtILFRGHYLGDPHQWHSUHHQFKLGR
FySLDGDJXLDGHUHFROKLPHQWRGDWD[DHVSHFtILFD
FySLDGRWtWXORGHSURSULHGDGHRXSRVVHGRLPyYHO
FySLDGR&1'GRLPyYHOHGRVUHVSRQViYHOHLVWpFQLFRVSHUDQWHD)D]HQGD0XQLFLSDO
SHoDV JUiILFDV FRQWHQGR D VLWXDomR RULJLQDO H D VLWXDomR SURSRVWD HP  WUrV MRJRV GH
FySLDV GHYLGDPHQWH DVVLQDGDV DFRPSDQKDGDV GRV UHVSHFWLYRV PHPRULDLV GHVFULWLYRV
UHJLVWUDGDVQR&5($

3DUiJUDIR~QLFR $HVFROKDGDHVFDODGHYHUiVHUGHPDQHLUDWDOTXHSRVVLELOLWHDDQiOLVHFRPSOHWD
GRSURMHWRSRGHQGRVHUFRQWHVWDGDSHORWpFQLFRGD300UHVSRQViYHOSHODPHVPD
$UW 2$OYDUiGH5HPHPEUDPHQWRWHUiSUD]RGHYDOLGDGHLQGHWHUPLQDGR
6(d2;
$/9$5'($8725,=$d2

$UW  $OYDUiGH$XWRUL]DomRpDOLFHQoDH[SHGLGDDWUDYpVGHSURFHVVRDGPLQLVWUDWLYRHPFDUiWHU
SUHFiULRHWHPSRUiULRSRGHQGRVHUFDQFHODGRDTXDOTXHUWHPSRTXDQGRFRQVWDWDGRGHVYLUWXDPHQWR


35()(,785$'$&,'$'('(0$&(,

6(&5(7$5,$081,&,3$/'(&21752/(85%$12
GR VHX REMHWR  LQLFLDO RX TXDQGR D PXQLFLSDOLGDGH QmR WLYHU LQWHUHVVH QD VXD PDQXWHQomR RX
UHQRYDomR
 7DODXWRUL]DomRQmRJHUDSULYLOpJLRVFRQWUDD$GPLQLVWUDomRDLQGDTXHUHPXQHUDGDV
 'HSHQGHUmRREULJDWRULDPHQWHGH$OYDUiGH$XWRUL]DomR
D
E
F
G
H
I
J

DYDQoRGHWDSXPHVREUHSDUWHGRSDVVHLRS~EOLFR
LPSODQWDomRHRXXWLOL]DomRGHHVWDQGHGHYHQGDVDVHUHULJLGRQRSUySULRLPyYHO
LPSODQWDomR HRX XWLOL]DomR GH FDQWHLUR GH REUDV HP LPyYHO GLVWLQWR GDTXHOH RQGH VH
GHVHQYROYHDREUD
LPSODQWDomRGHHGLILFDomRHRXHTXLSDPHQWRWUDQVLWyULRV
H[HFXomRGHVHUYLoRVHPiUHDVS~EOLFDV
LQWHUYHQomRHPIDFKDGDVGHHGLILFDo}HVORFDOL]DGDVQRDOLQKDPHQWRGRVORJUDGRXURVS~EOLFRV
LQVWDODomR GH WROGRV RX PDUTXLVHV TXDQGR ORFDOL]DGRV HP HGLILFDo}HV TXH VH VLWXHP QR
DOLQKDPHQWRGRVORJUDGRXURV

$UW 2SHGLGRVHUiLQVWUXtGRFRPRVGRFXPHQWRV
,
,,
,,,
,9

9
9,
9,,

IRUPXOiULRHVSHFtILFRGHYLGDPHQWHSUHHQFKLGR
FySLDGDJXLDGHUHFROKLPHQWRGDWD[DHVSHFtILFD
FySLDGRWtWXORGHSURSULHGDGHRXSRVVHGRLPyYHO
FySLD GR FRQWUDWR GH ORFDomR GR LPyYHO FRP D UHVSHFWLYD DXWRUL]DomR GR ORFDGRU FDVR R
VROLFLWDQWHQmRVHMDRSURSULHWiULR
FySLDGR&1'GRLPyYHOHGRVUHVSRQViYHOHLVWpFQLFRVSHUDQWHD)D]HQGD0XQLFLSDO
FURTXLGHLPSODQWDomRGRREMHWRGR$OYDUi
SHoDV JUiILFDV HP  WUrV MRJRV GH FySLDV KHOLRJUiILFDV GHYLGDPHQWH DVVLQDGDV H
UHJLVWUDGDVQR&5($TXDQGRDQDWXUH]DGDREUDRXVHUYLoRDVVLPRH[LJLU

 (PVHWUDWDQGRGHiUHDS~EOLFDQmRVHUiH[LJLGDDGRFXPHQWDomRUHIHUHQWHDRLQFLVR,,,

 (PVHWUDWDQGRGHVROLFLWDomRSDUDRFXSDomRGHiUHDS~EOLFDILFDH[SUHVVDPHQWHSURLELGRR
LQtFLR GH TXDOTXHU VHUYLoR DQWHV GD OLEHUDomR GR $OYDUi GH $XWRUL]DomR VRE SHQD GH DOpP GDV
SHQDOLGDGHVSUHYLVWDVHPOHLSHUGHUGHILQLWLYDPHQWHRGLUHLWRjFRQFHVVmR
$UW 'HYHUiFRQVWDUQR$OYDUiGH$XWRUL]DomRRVHXSUD]RGHYDOLGDGH

6(d2;,
$/9$5'($3529$d2'(352-(72

$UW  $OYDUiGH$SURYDomRGH3URMHWRpDOLFHQoDH[SHGLGDDWUDYpVGHSURFHVVRDGPLQLVWUDWLYR

RQGHVHDQDOLVDUiRSURMHWRDUTXLWHW{QLFRjOX]GDVQRUPDVHGLOtFLDVHXUEDQtVWLFDVSUHYLVWDVHPOHL

$UW $ILQDOLGDGHGHVWH$OYDUipGLVFLSOLQDURRUGHQDPHQWRHGLOtFLRHXUEDQtVWLFRGR0XQLFtSLR
KDYHQGRSDUDFDGDSURMHWRDSURYDGRXP$OYDUiFRUUHVSRQGHQWHFRQWHQGR

D 1RPHGRSURSULHWiULR
E ,GHQWLILFDomRGRORWHRXJOHEDPHQFLRQDQGRRORJUDGRXURRQ~PHURGRORWHDTXDGUDQ~PHUR
GRLPyYHOREDLUURHRORWHDPHQWR


35()(,785$'$&,'$'('(0$&(,

6(&5(7$5,$081,&,3$/'(&21752/(85%$12
F
G
H
I
J
K
L
M
N

6HWRU)LVFDOTXDGUDHIDFH
0DWUtFXODGRLPyYHO
'HVFULomRGRLPyYHO
'HQRPLQDomRGDHGLILFDomRSDUDKDELWDo}HVPXOWLIDPLOLDUHVHXVRVLQGXVWULDOLQVWLWXFLRQDO
HVSHFLDOFRPHUFLDOHVHUYLoRV
1~PHURGRSURFHVVR
'DWDGHDSURYDomRGRSURMHWR
UHDGHFRQVWUXomRHGHFREHUWD
=RQD8UEDQD5HJLmR$GPLQLVWUDWLYD5$
8VR7D[DGH2FXSDomR72H&RHILFLHQWHGH$SURYHLWDPHQWR&$

$UW 2SHGLGRVHUiLQVWUXtGRFRPRVGRFXPHQWRV
,
,,
,,,
,9
9
9,

IRUPXOiULRHVSHFtILFRGHYLGDPHQWHSUHHQFKLGR
FySLDGDJXLDGHUHFROKLPHQWRGDWD[DHVSHFtILFD
FySLDGD$QiOLVH3UpYLDGRSURMHWRVHKRXYHU
FySLDGRWtWXORGHSURSULHGDGHRXSRVVHGRLPyYHO
FySLDGR&1'GRLPyYHOHGRVUHVSRQViYHOHLVWpFQLFRVSHUDQWHD)D]HQGD0XQLFLSDO
SHoDV JUiILFDV HP HVFDOD GH  RX  HP  WUrV MRJRV GH FySLDV KHOLRJUiILFDV
GHYLGDPHQWHDVVLQDGDVUHJLVWUDGDVQR&5($
9,, 51SDUD85QDiUHDGHLQWHUIHUrQFLDGRFRQH
9,,, FiOFXORGHWUiIHJRSDUDGLPHQVLRQDPHQWRGRQ~PHURGHHOHYDGRUHVSDUD85
,;
DQXrQFLDSUpYLDGHyUJmRVFRPSHWHQWHVVHPSUHTXHRSURMHWRHQYROYHUTXHVW}HVSHUWLQHQWHV
jVXDVDWULEXLo}HVHOHQFDGDVRILFLDOPHQWH
;
'HFODUDomRGHDQXrQFLDGRSURSULHWiULRRXSRVVXLGRUFDVRRUHTXHUHQWHQmRVHMDRPHVPR
DFRPSDQKDGRGHFySLDGHGRFXPHQWRTXHDWHVWHWDOFRQGLomR
 R  $ HVFROKD GD HVFDOD DSUHVHQWDGD GHYHUi VHU GH PDQHLUD WDO TXH SRVVLELOLWH D DQiOLVH
FRPSOHWDGRSURMHWRSRGHQGRVHUFRQWHVWDGDSHORWpFQLFRGD300UHVSRQViYHOSHODPHVPD
R  $VSHoDVJUiILFDVDSUHVHQWDGDVREHGHFHUmRjVQRUPDVGD$%17

$UW   1RV FDVRV GH LQWHUHVVH VRFLDO SRGH D 300 GLVSHQVDU RX VXEVWLWXLU D GRFXPHQWDomR
UHODFLRQDGDQRDUWLJR GHVWD/HL

$UW  2VSURMHWRVDSURYDGRVVHUmRYLVWDGRVHPWRGDVDVVXDVFySLDVSHORVWpFQLFRVUHVSRQViYHLV
SHODDQiOLVHHSHODDSURYDomRILQDOGHDFRUGRFRPRVSURFHGLPHQWRVHVWDEHOHFLGRV
$UW 'RLVGRVH[HPSODUHVGRSURMHWRVHUmRHQWUHJXHVDRLQWHUHVVDGRMXQWRFRPR$OYDUiGH
$SURYDomR GH 3URMHWR ILFDQGR R RXWUR  DUTXLYDGR QR VHWRU FRPSHWHQWH GR yUJmR PXQLFLSDO GH
FRQWUROHXUEDQRDWXDO60&&8&DVRRSURSULHWiULRGHVHMHUHFHEHUXPQ~PHURPDLRUGHFySLDVGR
SURMHWRDSURYDGRGHYHUiTXDQGRGDHQWUDGDGDGRFXPHQWDomRSDUDDQiOLVHDFUHVFHQWDUDRQ~PHUR
PtQLPRGHFySLDVVROLFLWDGRVLQLFLDOPHQWHWDQWDVFySLDVTXDQWRVHMDPQHFHVViULDVSDUDVDWLVID]HU
jVVXDVQHFHVVLGDGHV

3DUiJUDIR ~QLFR  2 $OYDUi GH $SURYDomR GH 3URMHWR R $OYDUi GH ([HFXomR GH 2EUD H XP GRV
H[HPSODUHVGRSURMHWRDSURYDGRHQWUHJXHVDRLQWHUHVVDGRGHYHUmRHVWDUVHPSUHQRORFDOGDREUD
GHVGHRLQtFLRGDH[HFXomRGRVVHUYLoRVDILPGHVHUHPDSUHVHQWDGRVjVDXWRULGDGHVHQFDUUHJDGDV
GDILVFDOL]DomR
$UW 2UHTXHUHQWHSRGHUiDTXDOTXHUPRPHQWRVROLFLWDUDWUDYpVGHSURFHVVRDGPLQLVWUDWLYRD
DOWHUDomR GR SURMHWR GR QRPH GR SURSULHWiULR H RX GR UHVSRQViYHO WpFQLFR $WUDYpV GR
SUHHQFKLPHQWR GH IRUPXOiULR HVSHFtILFR GH DFRUGR FRP D DOWHUDomR VROLFLWDGD VHUmR DQH[DGDV
QRYDV FySLDV GR SURMHWR GHYLGDPHQWH  DVVLQDGDV H UHJLVWUDGDV QR &5($ DOpP GR GRFXPHQWR GH


35()(,785$'$&,'$'('(0$&(,

6(&5(7$5,$081,&,3$/'(&21752/(85%$12
SURSULHGDGHGRVQRYRVSURSULHWiULRVRXGRVUHVSRQViYHOHLVWpFQLFRVDFRPSDQKDGDGRV
UHVSHFWLYRV&1'VGD6HFUHWDULD0XQLFLSDOGH)LQDQoDV

 R  $V SDUWHV FRPSRQHQWHV GR SURMHWR DSUHVHQWDGDV VRE IRUPD JUiILFD SRGHUmR VRIUHU
FRUUHo}HVGHVGHTXHVHMDPSDVVtYHLVGHDQiOLVHHDXWRUL]DGDVSHORVUHVSRQViYHOHLVWpFQLFRVGR
SURMHWRUHFRQKHFLGDVSHORWpFQLFRUHSUHVHQWDQWHGD300
R  (VVDVPRGLILFDo}HVGHYHUmRFRQVWDUQDSUySULDSODQWDJUDIDGDVQXPDFRUGLIHUHQWHSDUDTXH
VHMDPIDFLOPHQWHLGHQWLILFDGDV
R  1mRVHUiSHUPLWLGRQHVVDVFRUUHo}HVRXVRGHFRUUHWLYRFRODJHQVHRXUDVXUDV

$UW +DYHQGRPRGLILFDomRQRSURMHWRDUTXLWHW{QLFRVyVHUiQHFHVViULDDDSUHVHQWDomRGHQRYDV
SODQWDVQRVVHJXLQWHVFDVRV
,
,,
,,,
,9
9
9,

DFUpVFLPRGHiUHDWRWDOGHFRQVWUXomR
DOWHUDomRGDORFDomRGDREUD
DOWHUDomRHRXFULDomRGHDEHUWXUDVH[WHUQDV
DOWHUDomRGRSpGLUHLWR
PXGDQoDGHXVR
TXDLVTXHUDOWHUDo}HVTXHFRQWUDULHPDVOHJLVODo}HVYLJHQWHV

R 1RFDVRGHDFUpVFLPRGHiUHDVHUiFREUDGDDWD[DUHIHUHQWHjiUHDDFUHVFLGD

   2 yUJmR PXQLFLSDO GH FRQWUROH XUEDQR DWXDO 60&&8 SRGHUi GH DFRUGR FRP DV VXDV
FRQYHQLrQFLDVVROLFLWDUGRUHTXHUHQWHFySLDHPPHLRGLJLWDOGRPHPRULDOGHVFULWLYRHGDVSHoDV
JUiILFDVTXHFRPS}HPRSURMHWR
 $VXEVWLWXLomRGHSODQWDVHPSURMHWRVDSURYDGRVGDUVHiDWUDYpVGHSURFHVVRDGPLQLVWUDWLYR

$UW 2$OYDUiGH$SURYDomRGH3URMHWRWHUiSUD]RGHYDOLGDGHGHXPDQRDFRQWDUGDGDWD

GHH[SHGLomRGRPHVPR

 R  'HFRUULGR R SUD]R GH YDOLGDGH H QmR WHQGR VLGR D REUD LQLFLDGD R $OYDUi GHYHUi VHU
UHYDOLGDGRSRUXPSHUtRGRGHVHLVPHVHVTXDQGRVHUiDXWRPDWLFDPHQWHFDQFHODGR
 R  'HFRUULGR R SUD]R GH YDOLGDGH H WHQGR VLGR D REUD LQLFLDGD QmR VHUi QHFHVViULD VXD
UHYDOLGDomRILFDQGRVXMHLWDjVUHYDOLGDo}HVGR$OYDUiGH([HFXomR
$UW 2$OYDUiGH$SURYDomRGH3URMHWRTXDQGRUHODWLYRDDWLYLGDGHVFXMDLPSODQWDomRUHVWULQMD
RXLPSRVVLELOLWHDLQVWDODomRGHRXWUDVWHUiSUD]RGHYDOLGDGHGHVHLVPHVHVDFRQWDUGDGDWD
GHH[SHGLomRGRPHVPR

 R  'HFRUULGR R SUD]R GH YDOLGDGH H QmR WHQGR VLGR D REUD LQLFLDGD R $OYDUi GHYHUi VHU
UHYDOLGDGRSRUXPSHUtRGRGHWUrVPHVHVTXDQGRVHUiDXWRPDWLFDPHQWHFDQFHODGR
 R  'HFRUULGR R SUD]R GH YDOLGDGH H WHQGR VLGR D REUD LQLFLDGD QmR VHUi QHFHVViULD VXD
UHYDOLGDomRILFDQGRVXMHLWDjVUHYDOLGDo}HVGR$OYDUiGH([HFXomR
$UW 1mRGHSHQGHGH$OYDUiGH$SURYDomRGH3URMHWRDFRQVWUXomRGHPXURV

3DUiJUDIR~QLFR 1RFDVRGHFRQVWUXomRGHPXURQRDOLQKDPHQWRGRVORJUDGRXURVVHUiQHFHVViULD
D VROLFLWDomR GD &HUWLGmR GH 'HPDUFDomR GR ORWH 4XDQGR D VROLFLWDomR UHIHULUVH XQLFDPHQWH DR
PXUR IURQWDO HP UHODomR DR ORJUDGRXUR VHUi QHFHVViULR R $OYDUi GH $OLQKDPHQWR IRUQHFLGR SHOR
yUJmRPXQLFLSDOGHFRQWUROHXUEDQRDWXDO60&&8


35()(,785$'$&,'$'('(0$&(,

6(&5(7$5,$081,&,3$/'(&21752/(85%$12
6(d2;,,
$/9$5'($3529$d2'(352-(72'(5()250$(28$03/,$d2

$UW $OYDUiGH$SURYDomRGH3URMHWRGH5HIRUPDHRX$PSOLDomRpDOLFHQoDH[SHGLGDDWUDYpV
GH SURFHVVRDGPLQLVWUDWLYRRQGHVHDQDOLVDUiDVDOWHUDo}HVDPSOLDo}HVHRXPXGDQoDVGHXVRGDV
HGLILFDo}HVj OX]GDVQRUPDVHGLOtFLDVHXUEDQtVWLFDVSUHYLVWDVQHVWD/HL
$UW   6y VHUi QHFHVViULR D VROLFLWDomR GH $OYDUi GH $SURYDomR GH 3URMHWR GH 5HIRUPD HRX
$PSOLDomRSDUDRVSURMHWRVDSURYDGRVTXHDSUHVHQWDUHPDVVHJXLQWHVPRGLILFDo}HV
,
,,
,,,
,9
9

DFUpVFLPRGDiUHDWRWDOGHFRQVWUXomR
DOWHUDomRHRXFULDomRGDDEHUWXUDVH[WHUQDV
DOWHUDomRGHSpGLUHLWR
PXGDQoDGHXVR
TXDLVTXHUDOWHUDo}HVTXHFRQWUDULHPDVOHJLVODo}HVYLJHQWHV

$UW 1mRGHSHQGHGH$OYDUiGH$SURYDomRGH3URMHWRGH5HIRUPDHRX$PSOLDomR
D UHIRUPDVHPDPSOLDomR
E UHIRUPDVHPVXSUHVVmRGHiUHDQHPPXGDQoDGHXVR
F UHSDURVGHTXDOTXHUHVSpFLH
$UW 2SHGLGRVHUiLQVWUXtGRFRPRVGRFXPHQWRV
,
,,
,,,
,9
9
9,

IRUPXOiULRHVSHFtILFRHGHYLGDPHQWHSUHHQFKLGR
FySLDGDJXLDGHUHFROKLPHQWRGDWD[DHVSHFtILFD
FySLDGD$QiOLVH3UpYLDGRSURMHWRVHKRXYHU
FySLDGRWtWXORGHSURSULHGDGHRXSRVVHGRLPyYHO
FySLDGR&1'GRLPyYHOHGRVUHVSRQViYHOHLVWpFQLFRVSHUDQWHD)D]HQGD0XQLFLSDO
SHoDV JUiILFDV HP HVFDOD GH  RX  HP  WUrV MRJRV GH FySLDV KHOLRJUiILFDV
GHYLGDPHQWHDVVLQDGDVUHJLVWUDGDVQR&5($
9,, 518VR85QDiUHDGHLQWHUIHUrQFLDGRFRQH
9,,, FiOFXOR GH WUiIHJR SDUD GLPHQVLRQDPHQWR GR Q~PHUR GH HOHYDGRUHV SDUD 85 TXDQGR
KRXYHUDFUpVFLPRGHiUHDRXPXGDQoDGHXVR
,;
DQXrQFLDSUpYLDGHyUJmRVFRPSHWHQWHVVHPSUHTXHRSURMHWRHQYROYHUTXHVW}HVSHUWLQHQWHV
jVXDVDWULEXLo}HVHOHQFDGDVRILFLDOPHQWH

 $HVFROKDGDHVFDODDSUHVHQWDGDGHYHUiVHUGHPDQHLUDWDOTXHSRVVLELOLWHDDQiOLVHFRPSOHWD
GRSURMHWRHSRGHQGRVHUFRQWHVWDGDSHORWpFQLFRGD300UHVSRQViYHOSHODPHVPD
  1RFDVRGHDFUpVFLPRGHiUHDVHUiFREUDGDDWD[DUHIHUHQWHjiUHDDFUHVFLGD

   2 yUJmR PXQLFLSDO GH FRQWUROH XUEDQR DWXDO 60&&8 SRGHUi GH DFRUGR FRP DV VXDV
FRQYHQLrQFLDVVROLFLWDUGRUHTXHUHQWHFySLDHPPHLRGLJLWDOGRPHPRULDOGHVFULWLYRHGDVSHoDV
JUiILFDVTXHFRPS}HPRSURMHWR
 $VXEVWLWXLomRGHSODQWDVHPSURMHWRVDSURYDGRVGDUVHiDWUDYpVGHSURFHVVRDGPLQLVWUDWLYR

$UW   1RV FDVRV GH LQWHUHVVH VRFLDO SRGH D 300 GLVSHQVDU RX VXEVWLWXLU D GRFXPHQWDomR
UHODFLRQDGDQRDUWLJR GHVWD/HL

$UW  2VSURMHWRVDSURYDGRVVHUmRYLVWDGRVHPWRGDVDVVXDVFySLDVSHORVWpFQLFRVUHVSRQViYHLV
SHODDQiOLVHHSHODDSURYDomRILQDOGHDFRUGRFRPRVSURFHGLPHQWRVHVWDEHOHFLGRV
$UW 'RLVGRVH[HPSODUHVGRSURMHWRVHUmRHQWUHJXHVDRLQWHUHVVDGRMXQWRFRPR$OYDUiGH
$SURYDomRGH3URMHWRGH5HIRUPDHRX$PSOLDomRILFDQGRRRXWURDUTXLYDGRQRVHWRUFRPSHWHQWH


35()(,785$'$&,'$'('(0$&(,

6(&5(7$5,$081,&,3$/'(&21752/(85%$12
GRyUJmRPXQLFLSDOGHFRQWUROHXUEDQRDWXDO60&&8&DVRRSURSULHWiULRGHVHMHUHFHEHUPDLVGH
XPD FySLD GR SURMHWR DSURYDGR GHYHUi  TXDQGR GD HQWUDGD GD GRFXPHQWDomR SDUD DQiOLVH
DFUHVFHQWDU  DR Q~PHUR PtQLPR GH FySLDV VROLFLWDGRV LQLFLDOPHQWH WDQWDV FySLDV  TXDQWR VHMDP
QHFHVViULDVSDUDVDWLVID]HUjVVXDVQHFHVVLGDGHV

3DUiJUDIR ~QLFR  2 $OYDUi GH $SURYDomR GH 3URMHWR GH 5HIRUPD HRX $PSOLDomR R $OYDUi GH
([HFXomR GH 2EUD H XP GRV H[HPSODUHV GR SURMHWR DSURYDGR HQWUHJXHV DR LQWHUHVVDGR GHYHUmR
HVWDUVHPSUHQRORFDOGDREUDGHVGHRLQtFLRGDH[HFXomRGRVVHUYLoRVDILPGHVHUHPDSUHVHQWDGRV
jVDXWRULGDGHVHQFDUUHJDGDVGDILVFDOL]DomR

$UW 2UHTXHUHQWHSRGHUiDTXDOTXHUPRPHQWRVROLFLWDUDWUDYpVGHSURFHVVRDGPLQLVWUDWLYRD
DOWHUDomR GR SURMHWR GR QRPH GR SURSULHWiULR H RX GRV UHVSRQViYHOHLV WpFQLFRV $WUDYpV GR
SUHHQFKLPHQWR GH IRUPXOiULR HVSHFtILFR GH DFRUGR FRP D DOWHUDomR VROLFLWDGD VHUmR DQH[DGDV
QRYDVFySLDVGHYLGDPHQWHDVVLQDGDVHUHJLVWUDGDVQR&5($DOpPGRGRFXPHQWRGHSURSULHGDGH
GRVQRYRVSURSULHWiULRVRXGRVUHVSRQViYHOHLVWpFQLFRVDFRPSDQKDGDGRVUHVSHFWLYRV
&1'VGD6HFUHWDULD0XQLFLSDOGH)LQDQoDV

 R  $V SDUWHV FRPSRQHQWHV GR SURMHWR DSUHVHQWDGDV VRE IRUPD JUiILFD SRGHUmR VRIUHU
FRUUHo}HVGHVGHTXHVHMDPSDVVtYHLV GHDQiOLVHHDXWRUL]DGDVSHORVUHVSRQViYHOHLVWpFQLFRVGR
SURMHWRUHFRQKHFLGDVSHORWpFQLFRUHSUHVHQWDQWHGD300
R  (VVDVPRGLILFDo}HVGHYHUmRFRQVWDUQDSUySULDSODQWDJUDIDGDVQXPDFRUGLIHUHQWHSDUDTXH
VHMDPIDFLOPHQWHLGHQWLILFDGDV
R  1mRVHUiSHUPLWLGRQHVVDVFRUUHo}HVRXVRGHFRUUHWLYRFRODJHQVHRXUDVXUDV

$UW   2 $OYDUi GH $SURYDomR GH3URMHWRGH5HIRUPDHRX$PSOLDomRWHUiRPHVPRSUD]RGH

YDOLGDGHGR$OYDUiGH$SURYDomRGH3URMHWR
6(d2;,,,
$/9$5'((;(&8d2'(2%5$

$UW $OYDUiGH([HFXomRGH2EUDpDOLFHQoDH[SHGLGDDWUDYpVGHSURFHVVRDGPLQLVWUDWLYRTXH
FRQVLVWHHPDXWRUL]DomRSDUDH[HFXomRGDREUDOLEHUDomRGDGHPDUFDomRHQXPHUDomRGRLPyYHO
$UW 2SHGLGRVHUiLQVWUXtGRFRPRVGRFXPHQWRV
,
,,
,,,
,9
9

9,

IRUPXOiULRHVSHFtILFRGHYLGDPHQWHSUHHQFKLGR
FySLDGDJXLDGHUHFROKLPHQWRGDWD[DHVSHFtILFD
FySLDGRWtWXORGHSURSULHGDGHRXSRVVHGRLPyYHO
FySLD GR &1' GR LPyYHO H GRV UHVSRQViYHOHLV WpFQLFRVSHUDQWH D )D]HQGD
0XQLFLSDO
FySLD GR $OYDUi GH $SURYDomR GR 3URMHWR RX GR $OYDUi GH $SURYDomR GH 3URMHWR GH
5HIRUPDHRX$PSOLDomR
GHFODUDomR GH DQXrQFLD GR SURSULHWiULR RX SRVVXLGRU FDVR R UHTXHUHQWH QmR VHMD R
PHVPRDFRPSDQKDGRGHFySLDGHGRFXPHQWRTXHDWHVWHWDOFRQGLomR

$UW   2 $OYDUi GH ([HFXomR GH 2EUD DVVLP FRPR R $OYDUi GH $SURYDomR GH 3URMHWR HRX R
$OYDUiGH$SURYDomRGH3URMHWRGH5HIRUPDHRX$PSOLDomRGHYHUmRHVWDUQRFDQWHLURGHREUDV
MXQWDPHQWH FRP XP GRV H[HPSODUHV GR SURMHWR DSURYDGR D ILP GH VHUHP DSUHVHQWDGRV jV
DXWRULGDGHVHQFDUUHJDGDVGDILVFDOL]DomR
$UW 2$OYDUiGH([HFXomRGH2EUDWHUiSUD]RGHYDOLGDGHGHXPDQR



35()(,785$'$&,'$'('(0$&(,

6(&5(7$5,$081,&,3$/'(&21752/(85%$12
 'HFRUULGRRSUD]RGHYDOLGDGHHVWDQGRDREUDLQLFLDGDHHPDQGDPHQWRR$OYDUiGHYHUiVHU
UHYDOLGDGRRSFLRQDOPHQWHSRUXPSHUtRGRGHVHLVPHVHVRXGHXPDQR

 'HFRUULGRRSUD]RGHYDOLGDGHHQmRWHQGRVLGRDREUDLQLFLDGDRXHVWDQGRSDUDOLVDGDSRUXP
SHUtRGRVXSHULRUDQRYHQWDGLDVFRUULGRVR$OYDUiVHUiFDQFHODGR
   8PD YH] FDQFHODGR SDUD REWHQomR GH QRYR $OYDUi GH ([HFXomR GH 2EUD VHUi QHFHVViULR
QRYRSURFHVVRDGPLQLVWUDWLYRLQLFLDQGRVXDWUDPLWDomRDWUDYpVGR$OYDUiGH$SURYDomRGH3URMHWR

$UW 2$OYDUiGH([HFXomRGH2EUDTXDQGRUHODWLYRDDWLYLGDGHVFXMDLPSODQWDomRUHVWULQMD RX

LPSRVVLELOLWHDLQVWDODomRGHRXWUDVWHUiSUD]RGHYDOLGDGHGHVHLVPHVHVDFRQWDUGDGDWDGH
H[SHGLomRGRPHVPR
 'HFRUULGRRSUD]RGHYDOLGDGHHQmRWHQGRVLGRDREUDLQLFLDGDRXHVWDQGRSDUDOLVDGDSRUXP
SHUtRGRGHQRYHQWDGLDVR $OYDUiGHYHUiVHUFDQFHODGR
   8PD YH] FDQFHODGR SDUD REWHQomR GH QRYR $OYDUi GH ([HFXomR GH 2EUD VHUi QHFHVViULR
QRYRSURFHVVRDGPLQLVWUDWLYRLQLFLDQGRVXDWUDPLWDomRDWUDYpVGR$OYDUiGH$SURYDomRGH3URMHWR

$UW   3DUD D UHYDOLGDomR GR $OYDUi GH ([HFXomR GH 2EUD QmR VHUi QHFHVViULR QRYR SURFHVVR
DGPLQLVWUDWLYREDVWDQGRSDUDWDORSDJDPHQWRGDWD[DFXMRFRPSURYDQWHGHYHUiHVWDUQRFDQWHLUR
GHREUDV

$UW (VWDUmRLVHQWDVGHUHYDOLGDomRGR$OYDUiGH([HFXomRGH2EUDVDVFRQVWUXo}HVHPIDVHGH
SLQWXUD SHTXHQDV REUDV RX VHUYLoRV GH DFDEDPHQWR UHDOL]iYHLV QR SUD]R Pi[LPR GH  WUrV
PHVHV
3DUiJUDIR~QLFR &DVRVHMDXOWUDSDVVDGRHVVHSUD]RGHDWpWUrVPHVHVVHUiH[LJLGDDWD[DGH
UHYDOLGDomRGR$OYDUiTXDQGRGDVROLFLWDomRGR+DELWHVHHQRYDORUUHIHUHQWHDRSHUtRGRHQWUHD
~OWLPDUHYDOLGDomRHRSHGLGRGH+DELWHVH

$UW 1RVFDVRVGHSDUDOLVDomRGDREUDREHGHFLGRRSHUtRGRHVWDEHOHFLGRQRVHJXQGRGRDUWLJR
 RSURSULHWiULRGHYHUiFRPXQLFDURILFLDOPHQWHj300ILFDQGRRPHVPRLVHQWRGRSDJDPHQWR
GDWD[DGHUHYDOLGDomRGR$OYDUiGH([HFXomRGH2EUDDWpDFRPXQLFDomRGRUHLQtFLRGDREUD
3DUiJUDIR~QLFR 2UHLQtFLRGDREUDVHPDGHYLGDFRPXQLFDomRj300VXMHLWDRSURSULHWiULRDR
SDJDPHQWRGDVWD[DVGHUHYDOLGDomRGHVGHRLQtFLRGDREUDDWpDVXDFRQFOXVmR

$UW   2 SUD]R SDUD H[SHGLomR GR $OYDUi GH ([HFXomR GH 2EUD QmR SRGHUi H[FHGHU D 
TXDWRU]HGLDV~WHLVQmRKDYHQGRQHQKXPDSHQGrQFLDSURFHVVXDO'HFRUULGRHVVHSUD]RQmRWHQGR
VLGR OLEHUDGR R $OYDUi GH ([HFXomR GH 2EUD R UHTXHUHQWH FRPXQLFDUi RILFLDOPHQWH DR yUJmR
PXQLFLSDO GH FRQWUROH XUEDQR DWXDO 60&&8 FDVR GHVHMH LQLFLDU D REUD ILFDQGR LVHQWR GR
SDJDPHQWRHPGREURGHTXHWUDWDRDUWLJRDQWHULRU
$UW   1mR GHSHQGHP GH $OYDUi GH ([HFXomR GH 2EUD DV REUDV TXH QmR QHFHVVLWDP GH
DSURYDomRGHSURMHWR
6(d2;,9
$/9$5'('(02/,d2

$UW   $OYDUi GH 'HPROLomR p D OLFHQoD H[SHGLGD DWUDYpV GH SURFHVVR DGPLQLVWUDWLYR TXH
DXWRUL]DUiDGHPROLomRWRWDOGHXPDHGLILFDomR
$UW 2SHGLGRVHUiLQVWUXtGRFRPRVGRFXPHQWRV



35()(,785$'$&,'$'('(0$&(,

6(&5(7$5,$081,&,3$/'(&21752/(85%$12
,
,,
,,,
,9

IRUPXOiULRGHYLGDPHQWHSUHHQFKLGR
FySLDGDJXLDGHUHFROKLPHQWRGDWD[DHVSHFtILFD
FySLDGRWtWXORGHSURSULHGDGHRXSRVVHGRLPyYHO
FySLDGR&1'GRLPyYHOSHUDQWHD)D]HQGD0XQLFLSDO

$UW )LFDPUHVJXDUGDGDVDVHGLILFDo}HVGHFDUiWHUKLVWyULFRDUWtVWLFRHFXOWXUDOGHYHQGRVHU
REVHUYDGDVDVOHLVTXHDVSURWHJHP
$UW   1mR QHFHVVLWDP GH $OYDUi GH 'HPROLomR DV FRQVWUXo}HV TXH DSUHVHQWHP SHULJR GH
UXtQDGHVGHTXHVROLFLWDGDVRILFLDOPHQWHSHORyUJmRGHGHIHVD FLYLORXDTXHODVLGHQWLILFDGDVFRPR
VHQGRGHLQWHUHVVHGDPXQLFLSDOLGDGH
$UW $VGHPROLo}HVGHPXURVLQGHSHQGHPGHOLFHQoD

$UW 2$OYDUiGH'HPROLomRWHUiSUD]RGHYDOLGDGHLQGHWHUPLQDGR
6(d2;9
&$57$'(+$%,7(6(

$UW &DUWD GH+DELWHVHpDOLFHQoDH[SHGLGDDWUDYpVGH SURFHVVRDGPLQLVWUDWLYRTXHFRQVLVWH

QDDXWRUL]DomRSDUDXVRHRFXSDomRGHHGLILFDo}HVFRQFOXtGDVFRPEDVHHPYLVWRULDUHDOL]DGDSHOR
yUJmRPXQLFLSDOGHFRQWUROHXUEDQRDWXDO60&&8
$UW 2SHGLGRVHUiLQVWUXtGRFRPRVGRFXPHQWRV
,
,,
,,,

IRUPXOiULRHVSHFtILFRGHYLGDPHQWHSUHHQFKLGR
FySLDGDJXLDGHUHFROKLPHQWRGDWD[DHVSHFtILFD
FySLDGR$OYDUiGH$SURYDomRGH3URMHWRRX$OYDUiGH3URMHWRGH5HIRUPDHRX$PSOLDomR
HUHQRYDo}HVTXDQGRKRXYHU
,9
FySLDGR$OYDUiGH([HFXomRGH2EUDHUHQRYDo}HVTXDQGRKRXYHU
9
FySLDGRFHUWLILFDGRGHKDELWDELOLGDGHGD9LJLOkQFLD6DQLWiULD0XQLFLSDO
9,
FySLD GR FHUWLILFDGR GH KDELWDELOLGDGH GR &RUSR GH %RPEHLURV SDUD HGLILFDo}HV
PXOWLIDPLOLDUHVHXVRVLQGXVWULDOLQVWLWXFLRQDOHVSHFLDOFRPHUFLDOHVHUYLoRV
9,, FySLD GR FHUWLILFDGR GH KDELWDELOLGDGH GDV FRQFHVVLRQiULDV GH VHUYLoRV S~EOLFRV GH
iJXD H HQHUJLD SDUD LPyYHLV FRP iUHD GH FRQVWUXomR  VXSHULRU D P
VHWHFHQWRVHFLQTHQWDPHWURVTXDGUDGRV
9,,, FySLDGRFHUWLILFDGRGHKDELWDELOLGDGHGRyUJmRDPELHQWDOTXDQGRQHFHVViULR

$UW $SyVDFRQFOXVmRGDREUD pREULJDWyULDDREWHQomRGD&DUWDGH+DELWHVHGRLPyYHODQWHV

GHVXDRFXSDomR
3DUiJUDIRQLFR $&DUWDGH+DELWHVHVHUi~QLFDSDUDWRGDVDVXQLGDGHVGRHPSUHHQGLPHQWR
$UW 6HUiFRQVLGHUDGDFRQFOXtGDDREUDTXDQGR

D IRUREVHUYDGRLQWHJUDOPHQWHRSURMHWRDSURYDGR
E IRUH[HFXWDGDDOLJDomRGHHVJRWRFRPDUHGHGRORJUDGRXURRXQDIDOWDGHVWDFRPVROXomRSDUD
GHVWLQDomRILQDOGRHVJRWRVDQLWiULRGHWLSRHGLPHQV}HVDGHTXDGDV
F HVWLYHU JDUDQWLGR DGHTXDGDPHQWH R FRPSOHWR HVFRDPHQWR GDV iJXDV SOXYLDLV GR WHUUHQR
FRQVWUXtGR
$UW $GPLWHVHDFRQFHVVmRGD&DUWDGH+DELWHVH3DUFLDOGHVGHTXHDWHQGLGDVDVDOtQHDVE
HFGRDUWLJRDQWHULRUQRVVHJXLQWHVFDVRV


35()(,785$'$&,'$'('(0$&(,

6(&5(7$5,$081,&,3$/'(&21752/(85%$12
,
,,
,,,

,9

SDUD R  8VR 5HVLGHQFLDO  85 TXDQGR HVWLYHUHP FRQFOXtGRV QR PtQLPR RV VHJXLQWHV
F{PRGRV VDOD GRUPLWyULR FR]LQKD SRGHQGR VHU DJUXSDGRV HP XP QLFR F{PRGR H XP
EDQKHLUR
D UHJUD GR LQFLVR , DSOLFDVH DR 8VR 5HVLGHQFLDO  85 REVHUYDQGR LQGLYLGXDOPHQWH
FDGD XQLGDGH HVWDQGR DLQGD DVVHJXUDGRV VHXV UHVSHFWLYRV DFHVVRV H KDYHQGR  iUHD
FRPXPDPHVPDGHYHUiWDPEpPHVWDUFRQFOXtGD
XQLGDGHV DXW{QRPDV FRQFOXtGDV  TXH FRPSRQKDP RV 8VR 5HVLGHQFLDO  85 H R 8VR
5HVLGHQFLDO85GHVGHTXH
D HVWHMDPGHYLGDPHQWHFRQFOXtGDVDVIDFKDGDV
E FRQFOXtGRVRVDFHVVRVjVUHIHULGDVXQLGDGHV

GHPDLV XVRV GHVGH TXH FRQFOXtGDV DV iUHDV TXH  DVVHJXUHP R IXQFLRQDPHQWR D TXH VH
SURS}HPHHVWDQGRFRPVXDViUHDVFRPXQVWDPEpPFRPSOHWDPHQWHFRQFOXtGDV

$UW   2 SUD]R SDUD FRQFHVVmR GD &DUWD GH +DELWHVH QmR SRGHUi H[FHGHU D  TXLQ]H GLDV
~WHLVQmRKDYHQGRQHQKXPDSHQGrQFLDSURFHVVXDO'HFRUULGRHVVHSUD]RQmRWHQGRVLGROLEHUDGR
R +DELWHVH R UHTXHUHQWH FRPXQLFDUi RILFLDOPHQWH DR yUJmR PXQLFLSDO GH FRQWUROH XUEDQR DWXDO
60&&8FDVRGHVHMHRFXSDURLPyYHOILFDQGRLVHQWRGRSDJDPHQWRHPGREUR
6(d2;9,
7(502'(9(5,),&$d2'((;(&8d2'(2%5$6(6(59,d26'(,1)5$
(6758785$85%$1$'2/27($0(172

$UW   7HUPR GH 9HULILFDomR GH ([HFXomR GH 2EUDV H 6HUYLoRV GH ,QIUD(VWUXWXUD 8UEDQD GR
/RWHDPHQWR p R GRFXPHQWR H[SHGLGR DWUDYpV GH SURFHVVR DGPLQLVWUDWLYR FRP EDVH HP YLVWRULD
UHDOL]DGD SRU WpFQLFRV GR yUJmR PXQLFLSDO GH FRQWUROH XUEDQR DWXDO 60&&8 FRP REMHWLYR GH
FRQVWDWDU D H[HFXomR GDV REUDV GH LQIUDHVWUXWXUD SUHYLDPHQWH DSURYDGDV YLVDQGR R
GHVFDXFLRQDPHQWRGHORWHV
$UW 2SHGLGRGHGHVFDXFLRQDPHQWRVHUiLQVWUXtGRFRPRVGRFXPHQWRV
,
,,
,,,
,9
9

IRUPXOiULRHVSHFtILFRGHYLGDPHQWHSUHHQFKLGR
FySLDGDJXLDGHUHFROKLPHQWRGDWD[DHVSHFtILFD
FySLDGR$OYDUiGH3DUFHODPHQWRQDIRUPDGH/RWHDPHQWR
FySLDGR5HJLVWURGR/RWHDPHQWR
FySLDGDVFHUWLG}HVGR&RUSRGH%RPEHLURVHGDVFRQFHVVLRQiULDVGHVHUYLoRVS~EOLFRVGH
DFHLWDomRGDVREUDVUHIHUHQWHVDRVSURMHWRVFRPSOHPHQWDUHV

$UW  $SyVDFRQFOXVmRGRVVHUYLoRVGHLQIUDHVWUXWXUD pREULJDWyULDDREWHQomRGR7HUPRGH

9HULILFDomRGH([HFXomRGH2EUDVH6HUYLoRVGH,QIUD(VWUXWXUD8UEDQDGR/RWHDPHQWR
$UW   $GPLWHVH D FRQFHVVmR GR 7HUPR GH 9HULILFDomR GH ([HFXomR GH 2EUDV H 6HUYLoRV GH
,QIUD(VWUXWXUD 8UEDQD GR /RWHDPHQWR SDUFLDO FRQIRUPH GLVSRVWR QR 3DUiJUDIR ~QLFR GR DUWLJR
GHVWD/HL

3DUiJUDIR ~QLFR  2 SHGLGR GH GHVFDXFLRQDPHQWR SDUFLDO VHUi LQVWUXtGR FRP RV VHJXLQWHV
GRFXPHQWRV
,
,,

,,,

IRUPXOiULRHVSHFtILFRGHYLGDPHQWHSUHHQFKLGR
FySLD GRV FHUWLILFDGRV GH DSURYDomR IRUQHFLGRV SHORV yUJmRV FRPSHWHQWHV H GDV
FRQFHVVLRQiULDVUHVSRQViYHLVSHODVREUDVGHLQIUDHVWUXWXUD
FySLDGR$OYDUiGH3DUFHODPHQWRVREIRUPDGH/RWHDPHQWR


35()(,785$'$&,'$'('(0$&(,

6(&5(7$5,$081,&,3$/'(&21752/(85%$12
$UW &RPEDVHQR7HUPRGH9HULILFDomRGH([HFXomRGH2EUDVH6HUYLoRVGH,QIUD(VWUXWXUD
8UEDQDGR/RWHDPHQWRR&KHIHGR([HFXWLYR0XQLFLSDOSXEOLFDR7HUPRGH'HVFDXFLRQDPHQWR

6(d2;9,,
$/9$5'(/2&$/,=$d2

$UW   $OYDUi GH /RFDOL]DomR p D OLFHQoD H[SHGLGD DWUDYpV GH SURFHVVR DGPLQLVWUDWLYR TXH
KDELOLWD D ORFDOL]DomR GRV HVWDEHOHFLPHQWRV FRPHUFLDLV GH VHUYLoRV LQVWLWXFLRQDLV XUEDQRV
LQGXVWULDLV H HVSHFLDLV FRP EDVH HP YLVWRULD UHDOL]DGD SHOR yUJmR PXQLFLSDO GH FRQWUROH XUEDQR
DWXDO60&&8

 $HYHQWXDOLVHQomRGHWULEXWRVPXQLFLSDLVQmRLPSOLFDQDGLVSHQVDGR$OYDUiGH/RFDOL]DomR
SRUSDUWHGRyUJmRPXQLFLSDOGHFRQWUROHXUEDQRDWXDO60&&8

   $V DWLYLGDGHV WULEXWiYHLV SHOD 8QLmR HRX (VWDGR GH FXMD DXWRUL]DomR GHSHQGD R VHX
H[HUFtFLRQmRHVWmRH[FOXtGDVGDREULJDWRULHGDGHGR$OYDUiGH/RFDOL]DomRIRUQHFLGRSHORyUJmR
PXQLFLSDO GH FRQWUROH XUEDQR DWXDO 60&&8 EHP FRPR GD ,QVFULomR )LVFDO IRUQHFLGD SHOD
6HFUHWDULD 0XQLFLSDO GH )LQDQoDV GHYHQGR VHU REVHUYDGDVDVQRUPDVXUEDQtVWLFDVGH]RQHDPHQWR
IL[DGDVQDSUHVHQWH/HL
   6HUi QHFHVViULR SDUD R H[HUFtFLR GD DWLYLGDGH SUHWHQGLGD D H[SHGLomR GR $OYDUi GH
/RFDOL]DomRHGD,QVFULomR)LVFDO
$UW 2SHGLGRVHUiLQVWUXtGRFRPRVGRFXPHQWRV
,
,,
,,,

IRUPXOiULRHVSHFtILFRHGHYLGDPHQWHSUHHQFKLGR
FySLDGDJXLDGHUHFROKLPHQWRGDWD[DHVSHFtILFD
FySLDGRWtWXORGHSURSULHGDGHRXSRVVHRXFRQWUDWRGHORFDomRFRPILUPDUHFRQKHFLGDQR
FDVRGHLPyYHODOXJDGR
,9
FySLDGR&1'GRLPyYHOHGRVUHVSRQViYHOHLVWpFQLFRVSHUDQWHD)D]HQGD0XQLFLSDO
9
FySLDGRFRQWUDWRVRFLDOIRUQHFLGRSHOD-XQWD&RPHUFLDO
9,
DQXrQFLD GRV YL]LQKRV IURQWDLV ODWHUDLV H GH IXQGRV SDUD DV VROLFLWDo}HV HQTXDGUDGDV QR
8VR7ROHUDGR
9,, FySLDGR$OYDUiGD9LJLOkQFLD6DQLWiULD0XQLFLSDO
9,,, DQXrQFLDSUpYLDGHyUJmRVFRPSHWHQWHVVHPSUHTXHRSURMHWRHQYROYHUTXHVW}HVSHUWLQHQWHV
jVXDVDWULEXLo}HVHOHQFDGDVRILFLDOPHQWH
3DUiJUDIR ~QLFR  2V GRFXPHQWRV UHIHULGRV QRV LQFLVRV 9,, H 9,,, GHVWH DUWLJR VHUmR H[LJLGRV GH
DFRUGRFRPDQDWXUH]DGDVROLFLWDomR
$UW 6HUmRFRQVLGHUDGRVWROHUDGDVDVDWLYLGDGHVSUHYLVWDVQRV*UXSRV,,D,9GR$QH[R,,
7DEHODGH&ODVVLILFDomRGRV8VRVGHVWD/HL

3DUiJUDIR~QLFR 1RV&RUUHGRUHVGH$WLYLGDGHV0~OWLSODV&$0SUHYLVWRQR$QH[R9,,,GHVWD

/HLHHPWRGDVDVYLDVLQWHJUDQWHVGRVLVWHPDGHWUDQVSRUWHFROHWLYRGR0XQLFtSLRVHUmRSHUPLWLGDV
DVDWLYLGDGHVSUHYLVWDVQRFDSXW GHVWHDUWLJR
$UW 1mRQHFHVVLWDUmRGH$OYDUiGH/RFDOL]DomRRVXVRVUHIHUHQWHVDFRPpUFLRHRXVHUYLoRV
GR*UXSR,SUHYLVWRVQR$QH[R,, 7DEHODGH&ODVVLILFDomRGRV8VRVGHVWD/HL


35()(,785$'$&,'$'('(0$&(,

6(&5(7$5,$081,&,3$/'(&21752/(85%$12

$UW 2SHGLGRGHUHYDOLGDomRGR$OYDUiGH/RFDOL]DomRGDUVHiDWUDYpVGHSUHHQFKLPHQWRGH
IRUPXOiULRHVSHFtILFRDRTXDOGHYHUmRVHUDQH[DGRVFySLDGR$OYDUiDQWHULRUHGHPDLVGRFXPHQWRV
TXHFRPSURYHPHMXVWLILTXHPDVROLFLWDomR
$UW    $ FRQVWDWDomR SRU SDUWH GD  ILVFDOL]DomR GR H[HUFtFLR GH DWLYLGDGHV QmR FRPSDWtYHLV
FRP R ]RQHDPHQWR HVWDEHOHFLGR SDUD D iUHD QmR DSURYDGDV SHOR yUJmR PXQLFLSDO GH FRQWUROH
XUEDQRDWXDO60&&8LPSOLFDUiQDLPHGLDWDFDVVDomRGRUHVSHFWLYR$OYDUiGH/RFDOL]DomR

$UW   2 $OYDUi GH /RFDOL]DomR QmR LPSOLFD QD DXWRUL]DomR SDUD IXQFLRQDPHQWR GR
HVWDEHOHFLPHQWR
3DUiJUDIR ~QLFR  &RQVLGHUDQGR D LPSRVVLELOLGDGH WpFQLFD GH LPSODQWDomR H GHWHFWDGR R
IXQFLRQDPHQWRGRHVWDEHOHFLPHQWRRPHVPRVRIUHUiRUHVSHFWLYRHPEDUJR

$UW   2 $OYDUi GH /RFDOL]DomR WHUi SUD]R GH YDOLGDGH LQGHWHUPLQDGR VDOYR TXDQGR KRXYHU
DOWHUDo}HVQDVDWLYLGDGHVGHVHQYROYLGDVSHODHPSUHVDGHWHQWRUDGRPHVPRVHQGRQHFHVViULDDVXD
UHYDOLGDomR

&$378/2,,
'26352&(',0(1726$'0,1,675$7,926
6(d2,
'$)250$/,=$d2'(352&(6626

$UW   2V UHTXHULPHQWRV VHUmR LQVWUXtGRV SHOR LQWHUHVVDGR H DQDOLVDGRV GH DFRUGR FRP D
OHJLVODomRPXQLFLSDOFRQIRUPHDQDWXUH]DGRSHGLGRUHVSHLWDGDVDVQRUPDVHGLOtFLDVVHPSUHMXt]R
GDREVHUYkQFLDSRUSDUWHGRDXWRUGRSURMHWRHGRUHVSRQViYHOWpFQLFRGDVGLVSRVLo}HVHVWDGXDLVH
IHGHUDLVSHUWLQHQWHV

$UW   4XDQGR GD IRUPDOL]DomR GH TXDOTXHU SURFHVVR DGPLQLVWUDWLYR R UHTXHUHQWH
DXWRPDWLFDPHQWH DXWRUL]D j PXQLFLSDOLGDGH D SURFHGHU WDQWDV YLVWRULDV TXDQWDV VHMDP QHFHVViULDV
SDUDDLQVWUXomRGRPHVPR

$UW   3DUD REWHQomR GRV GRFXPHQWRV GHYHUmR VHU DQWHULRUPHQWH UHFROKLGRV DRV FRIUHV
PXQLFLSDLVDVUHVSHFWLYDVWD[DVUHIHUHQWHVDFDGDWLSRGHVROLFLWDomR
6(d2,,
'26352&(6626(35$=26

$UW 2VSUD]RVSDUDDQiOLVHHSDUHFHUILQDOGHSURFHVVRVHVROLFLWDo}HVHQFDPLQKDGRVDRyUJmR
PXQLFLSDO GH FRQWUROH XUEDQR DWXDO 60&&8 GHVGH TXH DWHQGDP jV H[LJrQFLDV GD SUHVHQWH
OHJLVODomRQRWRFDQWHjGRFXPHQWDomRREHGHFHUmRDVVHJXLQWHVGLVSRVLo}HV
,

D
E
F
G

1RSUD]RGHVHWHGLDV~WHLVWHUmRVXDWUDPLWDomRFRQFOXtGDRVVHJXLQWHVSURFHVVRV

$QiOLVH3UpYLDSDUDHGLILFDU
&HUWLGmRGH9LDELOLGDGH7pFQLFD
&HUWLGmRGH&RUWH
&HUWLGmRGH'HPDUFDomR



35()(,785$'$&,'$'('(0$&(,

6(&5(7$5,$081,&,3$/'(&21752/(85%$12
H
I
J
K
L
M
N
O
P
Q
,,

&HUWLGmRGH$OLQKDPHQWR HRX1LYHODPHQWR
&HUWLG}HVGLYHUVDV
$OYDUiGH3DUFHODPHQWRVREIRUPDGH'HVGREUR
$OYDUiGH5HPHPEUDPHQWR
$OYDUiGH$XWRUL]DomR
$OYDUiGH$SURYDomRGH3URMHWR
$OYDUiGH$SURYDomR3URMHWRGH5HIRUPDHRX$PSOLDomR
$OYDUiGH([HFXomRGH2EUD
$OYDUiGH'HPROLomR
$OYDUiGH/RFDOL]DomR

1RSUD]RGHTXLQ]HGLDV~WHLVWHUmRVXDWUDPLWDomRFRQFOXtGDRVVHJXLQWHVSURFHVVRV

D $OYDUiGH3DUFHODPHQWRVREIRUPDGH$UUXDPHQWR
E $OYDUiGH3DUFHODPHQWRVREIRUPDGH'HVPHPEUDPHQWR
F 7HUPR GH 9HULILFDomR GH ([HFXomR GH 2EUDV H 6HUYLoRV GH ,QIUD(VWUXWXUD 8UEDQD GR
/RWHDPHQWR
G &DUWDGH+DELWHVH
,,,

1RSUD]RGHWULQWDGLDV~WHLVWHUmRVXDWUDPLWDomRFRQFOXtGDRVVHJXLQWHVSURFHVVRV

,9

1RSUD]RGHVHVVHQWDGLDV~WHLVWHUmRVXDWUDPLWDomRFRQFOXtGDSURFHVVRGH$QiOLVH

SUpYLDSDUDSDUFHODUVREIRUPDGH/RWHDPHQWR

D $OYDUiGH3DUFHODPHQWRVREIRUPDGH/RWHDPHQWR
E &HUWLGmRGH'HPDUFDomRGH3DUFHODPHQWRVREIRUPDGH/RWHDPHQWR
F &HUWLGmRGH'HPDUFDomRGH3DUFHODPHQWRVREIRUPDGH'HVPHPEUDPHQWR

 1mRVHFRPSXWDUiQRVSUD]RVHVWDEHOHFLGRVQHVWHDUWLJRRSHUtRGRGHWUDPLWDomRHPRXWURV
yUJmRVPXQLFLSDLVHVWDGXDLVHRXIHGHUDLV
  1RVFDVRVHPTXHIRUQHFHVViULDDDXWRUL]DomRGRVYL]LQKRVRSUD]RVHUiGXSOLFDGR

   2V SUD]RV SUHYLVWRV QHVWH DUWLJR SRGHUmR VHU DPSOLDGRV DWp R GREUR HP GHFRUUrQFLD GH
DOWHUDo}HV QR IXQFLRQDPHQWR QRUPDO GR yUJmR PXQLFLSDO GH FRQWUROH XUEDQR DWXDO 60&&8
GHYHQGRVHUSUHYLDPHQWHGHILQLGRTXDQGRGDHQWUDGDGRSURFHVVRSHORSURWRFRORUHVSHFWLYR
$UW 2UHTXHUHQWHGHYHUiFRPSDUHFHUDRyUJmRPXQLFLSDOGHFRQWUROHXUEDQRDWXDO60&&8
QRSUD]RPi[LPRGHGLDVSDUDFLrQFLDGDDQiOLVHGRSURFHVVRDSyVHVWHSUD]RRSURFHVVRVHUi
DUTXLYDGR

 2SURFHVVRTXHDSUHVHQWDULQVXILFLrQFLDGHHOHPHQWRVWpFQLFRVGRFXPHQWRVLQFRPSOHWRVRX
LQFRUUHWRVWHUiRVHXDQGDPHQWRVXVSHQVR6HUiGDGRDRUHTXHUHQWHXPSUD]RSDUDVDQDUDVIDOKDV
GHWHFWDGDVFRPSDWtYHOFRPDVSHQGrQFLDVDVHUHPVROXFLRQDGDVQmRSRGHQGRVHUHVWHVXSHULRUD
GH]GLDV~WHLV
   1RV FDVRV SUHYLVWRV QR FDSXW GHVWH DUWLJR R F{PSXWR GR SUD]R SDUD D DQiOLVH VHUi
LQWHUURPSLGR6DQDGDVDVIDOKDVRSUD]RPHQFLRQDGRVHUiUHLQLFLDGR

$UW 1RFDVRGHLQGHIHULPHQWRDIRUPDOL]DomRGHSHGLGRGHUHFRQVLGHUDomRGHGHVSDFKRRX
UHFXUVRGHYHUiVHUDFRPSDQKDGDGHH[SRVLomRGHPRWLYRVTXHDSUHVHQWHIDWRVQRYRV

3DUiJUDIR~QLFR 2SHGLGRGHGHVDUTXLYDPHQWRGHSURFHVVRVHUiSRVVtYHOPHGLDQWHSUHHQFKLPHQWR
GHIRUPXOiULRHVSHFtILFRQRTXDOGHYHUmRFRQWHUDVMXVWLILFDWLYDVSDUDRIDWRREMHWRGDVROLFLWDomR


35()(,785$'$&,'$'('(0$&(,

6(&5(7$5,$081,&,3$/'(&21752/(85%$12
'HYHUi VHU DQH[DGD DR PHVPR FySLD GD QRYD JXLD GH UHFROKLPHQWR GD WD[D UHIHUHQWH DR SHGLGR
VXSUDPHQFLRQDGR
6(d2,,,
'26&$1&(/$0(17265(92*$d(6$18/$d(6(&$66$d(6

$UW 2FDQFHODPHQWRGDVOLFHQoDVVHGDUiDWUDYpVGHDQXODomRUHYRJDomRHFDVVDomR

$UW 6HUiDQXODGDDOLFHQoDFXMDRXWRUJDVHGrFRPLQIUDomRGHH[LJrQFLDVOHJDLVRXIUDXGHQD
VXDH[SHGLomRLPSXWDQGROKHYtFLRTXHDWRUQDLQYiOLGD
 $LQYDOLGDGHSRGHUiVHUFRQKHFLGDGHRItFLRSHOD$GPLQLVWUDomRDQXODQGRRDWR

   6H D $GPLQLVWUDomR QmR R IL]HU D DQXODomR SRGHUi VHU SOHLWHDGD SRU TXDOTXHU LQWHUHVVDGR
MXGLFLDOPHQWH

$UW 6HUiUHYRJDGDDOLFHQoDTXDQGRVREUHYLHUPRWLYRGHLQWHUHVVHS~EOLFRTXHGHVDFRQVHOKH
DUHDOL]DomRGDREUDOLFHQFLDGDSRU
D PXGDQoDGDVFLUFXQVWkQFLDVTXDQGRKRXYHUGHVDSDUHFLGRDVUD]}HVTXHPRWLYDUDPVXDRXWRUJD
RXSRUVREUHYLUHPRXWUDVTXHVHH[LVWLVVHPDQWHVWHULDPMXVWLILFDGRVXDGHQHJDomR
E DGRomR GH QRYRV FULWpULRV GH DSUHFLDomR HP TXH D LQFRPSDWLELOLGDGH GD DWLYLGDGH OLFHQFLDGD
GHULYDGHXPDPRGLILFDomRSRVWHULRUTXHD$GPLQLVWUDomRLQWURGX]LXQRRUGHQDPHQWRMXUtGLFR
XUEDQtVWLFRGHVGHTXHDREUDQmRWHQKDVLGRLQLFLDGD

$UW   6HUi FDVVDGD D OLFHQoD TXDQGR IRUHP GHVFXPSULGDV LQFRUULJLYHOPHQWH  DV H[LJrQFLDV
GHODFRQVWDQWHVFRPR
D GRSURMHWRHPSDUWHVHVVHQFLDLVGXUDQWHVXDH[HFXomR
E GDOHLRXGHUHJXODPHQWRTXHUHJHDH[HFXomRGDREUD
F GDVH[LJrQFLDVGR$OYDUi

3DUiJUDIR~QLFR 1DKLSyWHVHGHVWHDUWLJRDDQXODomR HD FDVVDomRGDOLFHQoDQmRVmRLQGHQL]iYHLV

SRGHQGRLQFOXVLYHKDYHQGRGDQRj$GPLQLVWUDomRVHUH[LJLGDXPDFRPSHQVDomR

$UW 2VDWRVGHDQXODomRUHYRJDomRHFDVVDomRWHUmRYDOLGDGHDSDUWLUGHVXDSXEOLFDomR QR

'20
6(d2,9
'26352&(',0(1726(63(&,$,6

$UW 6HUmRREMHWRGHUHJXODPHQWDomRSRUDWRGR3RGHU([HFXWLYRRVSURFHGLPHQWRVHSUD]RV
GLIHUHQFLDGRVSDUDH[DPHGHSURFHVVRVUHODWLYRVDROLFHQFLDPHQWRGH
,
,,
,,,

HGLItFLRVS~EOLFRV
REUDVGHLQWHUHVVHVRFLDO
HGLILFDo}HVJHUDGRUDVGHWUiIHJRRXGHLPSDFWRDPELHQWDO



35()(,785$'$&,'$'('(0$&(,

6(&5(7$5,$081,&,3$/'(&21752/(85%$12

778/2,,,
'$(6758785$)6,&27(55,725,$/
&$378/2,
'$',9,627(55,725,$/

$UW 2PXQLFtSLRGH0DFHLypFRPSRVWRGHiUHDXUEDQDGHH[SDQVmRXUEDQDHiUHDUXUDO

 &RPSUHHQGHDiUHDXUEDQDHGHH[SDQVmRXUEDQDGRPXQLFtSLRGH0DFHLyDTXHODGHOLPLWDGD
SRUOHLHVSHFtILFD
 &RPSUHHQGHDiUHDUXUDOGRPXQLFtSLRGH0DFHLyRUHVWDQWHGRWHUULWyULRGR0XQLFtSLR

$UW   $ iUHD XUEDQD GR PXQLFtSLR GH 0DFHLy REHGHFHUi DR ]RQHDPHQWR H[LVWHQWH RQGH VmR
LGHQWLILFDGRVVHLVWLSRVGLIHUHQFLDGRVGH]RQDV
D
E
F
G
H
I
J

=RQD5HVLGHQFLDO =5
=RQD&HQWUDOGH&RPpUFLRH6HUYLoRV =&&6
=RQDGH&RPpUFLRH6HUYLoRV =&6
=RQD(VSHFLDOGH&RPpUFLRH6HUYLoR =(&6
=RQDGH$WLYLGDGH0~OWLSOD =$0
=RQD(VSHFLDO =(
=RQD(VSHFLDOGH3UHVHUYDomR =(3

D
E
F
G
H
I
J

=(3
=(
=&&6
=&6
=(&6
=$0
=5

D
E
F
G
H
I
J

RQ]H]RQDVUHVLGHQFLDLVLGHQWLILFDGDVSHODVVLJODV=5D=5

WUrV]RQDVHVSHFLDLVLGHQWLILFDGDVSHODVVLJODV=(D=(
GXDV]RQDVHVSHFLDLVGHSUHVHUYDomRLGHQWLILFDGDVSHODVVLJODV=(3D=(3
 FLQFR]RQDVGHDWLYLGDGHVP~OWLSODVLGHQWLILFDGDVSHODVVLJODV=$0D=$0
XPD]RQDFHQWUDOGHFRPpUFLRHVHUYLoRLGHQWLILFDGDVSHODVLJOD=&&6
XPD]RQDGHFRPpUFLRHVHUYLoRLGHQWLILFDGDVSHODVLJOD=&6
XPD]RQDHVSHFLDOGHFRPpUFLRHVHUYLoRLGHQWLILFDGDSHOD=(&6

$UW   3DUD ILQV GH GHOLPLWDomR WHUULWRULDO ILFD HVWDEHOHFLGD HQWUH HVVHV WLSRV GH ]RQDV D
VHJXLQWHKLHUDUTXLD

$UW $V]RQDVGHILQLGDVSDUD0DFHLyFRPSUHHQGHP

3DUiJUDIR ~QLFR  6mR VHPSUH FRQVLGHUDGRV FRPR OLPLWHV GDV ]RQDV HVWDEHOHFLGDV RV IXQGRV GRV
ORWHVTXHILFDPVLWXDGRVQRODGRGDYLDHVFROKLGDFRPRUHIHUrQFLDSDUDHVVDGHOLPLWDomRORFDOL]DGR
PDLVSUy[LPRGD]RQDYL]LQKD

$UW )LFDPWUDQVIRUPDGRVHPFRUUHGRUHVGHDWLYLGDGHP~OWLSOD&$0WRGDVDV$YHQLGDVGH

0DFHLyHWRGDVDVYLDVLQWHJUDQWHVGRVLVWHPDGHWUDQVSRUWHFROHWLYRGDFDSLWDOGHYHQGRREHGHFHU
RVSDUkPHWURVIL[DGRVQRV4XDGURVGH8VRVHSDUkPHWURV FRQVWUXWLYRVFRQVWDQWHGR$QH[R,GHVWD
/HL
$UW 2VOLPLWHVGDV]RQDVHQFRQWUDPVHDVVLPGHILQLGRV



35()(,785$'$&,'$'('(0$&(,

6(&5(7$5,$081,&,3$/'(&21752/(85%$12

D =5 $=RQD5HVLGHQFLDOOLPLWDVHDR1RUWHSHOD$Y6LTXHLUD&DPSRVDXPDGLVWkQFLDGH
P FLQTHQWD PHWURV GR VHX FDQWHLUR FHQWUDO j /HVWH H j 6XO GHOLPLWDVH FRP D =&&6 j
2HVWHWHPFRPROLPLWHVRWUHFKRGD5XD7HRQLOR*DPDTXHVHHVWHQGHGHPVHWHQWDPHWURV
GR QRYR HL[R GD $Y $VVLV &KDWHDXEULDQG DR HQFRQWUR GD 5XD -RVp %DUERVD SRU RQGH
SURVVHJXH VXD GHOLPLWDomR DWp D 5XD $PLQDE 9DOHQWH H GHOLPLWD SRU HVWD ~OWLPD DWp D $Y
6LTXHLUDFDPSRVDXPDGLVWkQFLDGHPFLQTHQWDPHWURVGRVHXFDQWHLURFHQWUDO
E =5  $ =RQD 5HVLGHQFLDO  GHOLPLWDVH DR 1RUWH SHOD /DJRD 0XQGD~ WHQGR FRQWLQXLGDGH
SHOD9LD/HVWH2HVWHDWpRSRQWRGHHQFRQWURFRPD=&&6j/HVWHpGHOLPLWDGDSHOD=&&6DR
6XO RV VHXV OLPLWHV VmR GHWHUPLQDGRV SHOD $Y 6LTXHLUD &DPSRV D XPD GLVWkQFLD GH P
FLQTHQWDPHWURVGRVHXFDQWHLURFHQWUDOH j2HVWHVHXVOLPLWHVVmRGHILQLGRVSHORVFDQDLVGR
WUDSLFKHHGD$VVHPEOpLD
F =5  $ =RQD 5HVLGHQFLDO  p OLPLWDGD DR 1RUWH SHOD =$0 DR 6XO SHOD =( j /HVWH
OLPLWDVHFRPD=&6SURVVHJXLQGRSHOD5XD&DUORV7HQyULRHPGLUHomRQRUWHDWpD$Y3URI
6DQGRYDO $UUR[HODV GHVWD ~OWLPD VHJXH j 2HVWH DWpHQFRQWUDUD7UDYHVVD+pOLR3UDGLQHVSRU
RQGHVHJXHDWpD=$0j2HVWHGHOLPLWDVHFRPD=$0H=&&6
G =5  $=RQD5HVLGHQFLDOpGHOLPLWDGRDR1RUWHSHORDWXDOFRUUHGRUGHDWLYLGDGHP~OWLSOD
GD=5RXVHMD$Y-RmR'DYLQRDR6XOHj/HVWHWHPFRPROLPLWH D=&6Hj2HVWHFRPDV
=5H=$0(VWD=RQDpFRUWDGDSHOD=$0
H =5  $ =RQD 5HVLGHQFLDO  HVWHQGHVH DR 1RUWH DWp R SHUtPHWUR XUEDQR DR 6XO ID] OLPLWH
FRPD$Y-RmR'DYLQRj/HVWHVHHVWHQGHDRORQJRR2FHDQR$WOkQWLFRHj2HVWHpGHOLPLWDGD
SHOD=$0

I =5 $=RQD5HVLGHQFLDOWHPFRPROLPLWHVDR1RUWHD5XD'HVHPEDUJDGRU+pOLR&DEUDO
GHVXDH[WUHPLGDGH/HVWHpWUDoDGRXPVHJPHQWRGHUHWDDWpDH[WUHPLGDGH2HVWHGD5XD3DVWRU
(XULFR&DOKHLURVSRURQGHSURVVHJXHPRVOLPLWHVVHJXLQGRRWUDoDGRGDVWUrV~OWLPDVTXDGUDV
GHVVD ~OWLPD UXD SURMHWDVH XP VHJPHQWR GH UHWD DWp R HQFRQWUR GD =$0TXHVHSRVLFLRQD
FRPR XPD SDUDOHOD H FRRUGHQDGD  .P1 GD TXDO GLVWD P VHWHQWDPHWURVDR6XOD
=5 OLPLWDVH FRP D HQFRVWD QXP GHVHXVVHJPHQWRVHFRPD=&&6QRRXWURVHJPHQWRj
/HVWHD=5HVWHQGHVHDWpDHQFRVWDj2HVWHVXDGHOLPLWDomRpFRPR5LDFKR5HJLQDOGR
J =5 $=RQD5HVLGHQFLDOpGHOLPLWDGDDR1RUWHSHORSHUtPHWURXUEDQRDR6XOHVWHQGHVH
DWpD=5j/HVWHOLPLWDVHFRPD=$0Hj2HVWHVHXVOLPLWHVVmRGHPDUFDGRVSHOR5LDFKR
5HJLQDOGR DWp R SRQWR GD QDVFHQWH TXH GLVWD P GX]HQWRV PHWURV GD FRRUGHQDGD 
.P1HPGX]HQWRVHWULQWDPHWURVGDFRRUGHQDGD.P(GHRQGHFRPkQJXORGH
QRYHQWD JUDXV H WUDoDGR XP VHJPHQWR GH UHWD DWp D FRRUGHQDGD .P1ROLPLWHVHJXH
HVWD~OWLPDFRRUGHQDGDj/HVWHDWpRSHUtPHWURXUEDQR
K =5 $=RQD5HVLGHQFLDOQDVXDGHOLPLWDomR1RUWHVHJXHRWUDoDGRGDFRRUGHQDGD
.P1GD=$0DWpR5LDFKR5HJLQDOGRDR6XOWHPFRPROLPLWHVD=&&6j/HVWHHVWHQGH
VHDWpR5LDFKR5HJLQDOGRHj2HVWHGHOLPLWDVHFRPD=$0

L =5 $=RQD5HVLGHQFLDOOLPLWDVHDR1RUWHSHOD5XD'U3DVVRVGH0LUDQGDQRWUHFKRTXH
VH HVWHQGH GR SRQWR GH HQFRQWUR GD FRWD GH P FLQTHQWD PHWURV DWp D 5XD GR 6RVVHJR D
GHOLPLWDomR1RUWHSURVVHJXHSRUHVWH~OWLPRORJUDGRXURDWpD=$0DR6XOOLPLWDVHFRPD
=&&6j/HVWHVHXOLPLWHpD=$0Hj2HVWHDGHOLPLWDomRVHJXHDFRWDGHPFLQTHQWD
PHWURVGDHQFRVWDTXHVHHVWHQGHGD5XD'U3DVVRVGH0LUDQGDj9LD/HVWH2HVWH

M =5 $=RQD5HVLGHQFLDOGHOLPLWDVHDR1RUWHFRPRSHUtPHWURXUEDQRDR6XOOLPLWDVH
FRPD=5j/HVWHHVWHQGHVHDWpD=$0D6XGRHVWHGHOLPLWDVHFRPD=(Hj2HVWH
ID]OLPLWHFRPDHQFRVWDHFRPRSHUtPHWURXUEDQR


35()(,785$'$&,'$'('(0$&(,

6(&5(7$5,$081,&,3$/'(&21752/(85%$12
N =5  $ =RQD 5HVLGHQFLDO  GHOLPLWDVH DR 1RUWH FRPXPVHJPHQWRGHUHWDTXHSDUWHGD
5XD 3URMHWDGD GH QRPH SURYLVyULR 5Do}HV &DUE SDUDOHOD j 5XD 1RUGHVWLQD DWp R SHUtPHWUR
XUEDQR DR 6XO OLPLWDVH FRP D =5  H SDUWH GD =$0 j /HVWH HVWHQGHVH DWp D =5 j
1RUGHVWH GHOLPLWDVH FRP R SHUtPHWUR XUEDQR H j 2HVWH WHP VXD GHOLPLWDomR GHILQLGD SHOD
=$0

O =(  $ =RQD (VSHFLDO  p GHOLPLWDGD HP VXD SRUomR 1RUWH SHOD $Y 6LTXHLUD &DPSRV D
XPDGLVWkQFLD GHPFLQTHQWDPHWURVGRVHXFDQWHLURFHQWUDOD1RUGHVWHWHPVHXVOLPLWHV
IL[DGRV SHOD =5 j /HVWH H DR 6XO HVWHQGHVH DWp R 2FHDQR $WOkQWLFR H j 2HVWH VXD iUHD
H[SUDLDVHDWpRVFDQDLVGR3RQWDOGD%DUUD
P =(  $ =RQD(VSHFLDOGHOLPLWDVHDR1RUWHFRPDHQFRVWDHFRPRSHUtPHWURXUEDQRDR
6XOFRPD=5j/HVWHOLPLWDVHFRPDHQFRVWDVHQGRTXHQDSDUWHEDL[DGH%HEHGRXURVHX
OLPLWH p GHPDUFDGR SHOD OLQKD IpUUHD GD &OtQLFD GH 5HSRXVR -RVp /RSHV GH 0HQGRQoD DWp R
RXWUR VHJPHQWR GD HQFRVWD ORJR QR LQtFLR GD 5XD 2VYDOGR &UX] j 2HVWH WHP FRPR OLPLWH D
/DJRD0XQGD~
Q =( $=RQD(VSHFLDOGHOLPLWDVHDR1RUWHHj/HVWHSHORSHUtPHWURXUEDQRDR6XOSHOD
=5(2HVWHSHOD=$0

R =(3 $=RQD(VSHFLDOGH3UHVHUYDomRFRQVWLWXtGDSHORVtWLRKLVWyULFRGH-DUDJXiSRVVXLR
VHJXLQWHSHUtPHWURSDUWLQGRGRSRQWRORFDOL]DGRQRHQFRQWURGDOLQKDSUHDPDUPpGLDFRPD
HPERFDGXUD GR 5LDFKR 6DOJDGLQKR VHJXH SHOR OHLWR GR PHVPR 5LDFKR QR VHQWLGR MXVDQWH
PRQWDQWHSRUXPDOLQKDVLQXRVDHDGLVWkQFLDGHPTXLQKHQWRVHGRLVPHWURVFKHJDVH
DR SRQWR  ORFDOL]DGR QR FUX]DPHQWR FRP D IHUURYLD GD $Y 0DFHLy GHVWH FRP GHIOH[mR j
GLUHLWD GH  QRYHQWD JUDXV VHJXH SHOR HL[R GD PHVPD DYHQLGD H j GLVWkQFLD GH P
WUH]HQWRVHQRYHQWDHGRLVPHWURVFKHJDVHDRSRQWRORFDOL]DGRQRFUX]DPHQWRGRHL[RGD
$Y 0DFHLy FRP R HL[R GD 5XD &ULVWyYmR &RORPER GHVWH FRP GHIOH[mR j GLUHLWD GH  
WUrVJUDXVHYLQWHVHJXQGRVVHJXHSHODOLQKDIpUUHDGD$Y0DFHLyQRVHQWLGRRHVWHOHVWHHj
GLVWkQFLD GH P VHLVFHQWRV H VHWHQWD PHWURV FKHJDVH DR SRQWR  ORFDOL]DGR QR
FUX]DPHQWR GR HL[R GD 7UDYHVVD =HIHULQR 5RGULJXHV FRP R HL[R GD $Y 0DFHLy GHVWH FRP
GHIOH[mRjHVTXHUGDGHRLWHQWDHQRYHJUDXVHWULQWDVHJXQGRVHDGLVWkQFLDGHP
VHVVHQWD H RLWR PHWURV FKHJDVH DR SRQWR  ORFDOL]DGR QR FUX]DPHQWR GR HL[R GD 7UDYHVVD
=HIHULQR 5RGULJXHV FRP R HL[R GD 5XD =HIHULQR 5RGULJXHV GHVWH FRP GHIOH[mR j GLUHLWD GH
FHQWRHRQ]HJUDXVHWULQWDVHJXQGRVVHJXHSHORHL[RGD5XD=HIHULQR5RGULJXHVHj
GLVWkQFLD GH P WUH]HQWRV H TXDWRU]H PHWURV FKHJDVH DR SRQWR  ORFDOL]DGR QR
FUX]DPHQWRGRHL[RGD5XD$OPLUDQWH0DVFDUHQKDVFRPRHL[RGD5XD*XDMDMDUDVGHVWHFRP
GHIOH[mR GH  VHJXH SHOR HL[R GD 5XD *XDMDMDUDV H j GLVWkQFLD GH P FHQWR H
FLQTHQWD H RLWR PHWURV FKHJDVH DR SRQWR  ORFDOL]DGR QR FUX]DPHQWR GR HL[R GD 5XD
*XDMDMDUDVFRPRHL[RGD5XD(SDPLQRQGDV*UDFLQGRGHVWHFRPGHIOH[mRjGLUHLWDGH
QRYHQWD H GRLV JUDXV H WULQWD VHJXQGRV VHJXH SHOR HL[R GD 5XD (SDPLQRQGDV *UDFLQGR H j
GLVWkQFLDGHPFHQWRHWULQWDHRLWRPHWURVFKHJDVHDRSRQWRORFDOL]DGRQRHL[RGD
PHVPDUXDFRPRLQtFLRGRORJUDGRXURGDV3UDoDVGD/LEHUGDGHH0DQRHO'XDUWHGHVWHFRP
GHIOH[mRjHVTXHUGDGHWULQWDHXPJUDXVHWULQWDVHJXQGRVVHJXHSRUXPDOLQKDFXUYD
FRQWRUQDQGR DV 3UDoDV GD /LEHUGDGH H 0DQRHO 'XDUWH H j GLVWkQFLD GH P GX]HQWRV H
TXDWRU]HPHWURVFKHJDVHDRSRQWRORFDOL]DGRQRHL[RGRLQtFLRGD5XD6iH$OEXTXHUTXH
GHVWHFRPGHIOH[mRjGLUHLWDGHTXDUHQWDJUDXVHWULQWDVHJXQGRVVHJXHSRUXPDOLQKD
VLQXRVD FLUFXQGDQGR D VHGH GD $GPLQLVWUDomR GR 3RUWR GH 0DFHLy H j GLVWkQFLD GH P
FHQWRHRLWHQWDHGRLVPHWURVFKHJDVHDRSRQWRORFDOL]DGRQRHL[RGD$Y&tFHUR7ROHGR
GHVWH FRP GHIOH[mR j HVTXHUGD GH   TXDUHQWD H XP JUDXV VHJXH HP OLQKD UHWD H j
GLVWkQFLD GH P GX]HQWRV H TXDWRU]H PHWURV FKHJDVH DR SRQWR  ORFDOL]DGR QD OLQKD
SUHDPDU PpGLD GHVWH FRP GHIOH[mR j GLUHLWD GH  QRYHQWD JUDXV VHJXH SHOD OLQKD GH
SUHDPDU PpGLD H j GLVWkQFLD  GH P FHQWR H YLQWH PHWURV FKHJDVH DR SRQWR 
ORFDOL]DGR QD OLQKD GH SUHDPDU PpGLD GHVWH FRP GHIOH[mR D  ]HUR JUDXV VHJXH SHOD
PHVPD OLQKD H j GLVWkQFLD GH P TXLQKHQWRV H FLQTHQWD H RLWR PHWURV FKHJDVH DR
SRQWR  ORFDOL]DGR QD OLQKD GH SUHDPDU PpGLD GHVWH FRP GHIOH[mR GH  ]HUR JUDXV


35()(,785$'$&,'$'('(0$&(,

6(&5(7$5,$081,&,3$/'(&21752/(85%$12
VHJXHSHODOLQKDSUHDPDUPpGLDHjGLVWkQFLDGHPWUH]HQWRVHWULQWDPHWURVFKHJDVH
DRSRQWRSRQWRLQLFLDOGDGHVFULomRGHVWHSHUtPHWUR

S =(3  $ =RQD (VSHFLDO GH 3UHVHUYDomR  p GHILQLGD SHOR VHJXLQWH SROtJRQR LQLFLD QR
FUX]DPHQWRGD5XD%DUmRGH$QDGLDFRPD$Y'XTXHGH&D[LDVVHJXHDRORQJRGHVWD~OWLPD
DWpHQFRQWUDUD$Y+XPEHUWR0HQGHVSLVWDHVTXHUGDQRVHQWLGRSUDLDFHQWURHDR ORQJRGHVWD
DWpD5XD6LOYpULR-RUJHSRURQGHUHWRPDDPERVRVODGRVHPGLUHomRj5XDGR,PSHUDGRUDWp
HQFRQWUiODVHJXHSHOD5XDGR,PSHUDGRUDPERVRVODGRVHVHXSURORQJDPHQWRGHQRPLQDGR
5XD GR 6RO DPERV RV ODGRV DWp R FUX]DPHQWR FRP  /DGHLUD GD &DWHGUDO SRU RQGH VHJXH
DPERV RV ODGRV DWp D 5XD 3URI QJHOR 1HWR H DR ORQJR GHVWD DPERV RV ODGRV DWp D 5XD
&RPHQGDGRU 3DOPHLUD QR WUHFKR GR 3DUTXH *RQoDOYHV /HGR DWp R FUX]DPHQWR FRP D 5XD
6LULGLmR'XUYDOVHJXLQGRQHVWD5XDHPDPERVRVODGRVHPGLUHomRj5XDGRV%DQGHLUDQWHVH
DWUDYpVGHVWDSHORODGRHVTXHUGRHPGLUHomRQRFHQWURVHJXHDRORQJRGD$Y0RUHLUDH6LOYD
HVHXSURORQJDPHQWRGHQRPLQDGR/DGHLUDGRV0DUWtULRVHPDPERVRVODGRV DWpD5XDGRV6RO
DPERVRVODGRVHDWUDYpVGHVWDDWpD5XD-RVp%RQLIiFLRVHJXLQGRDWpD5XD&LQFLQDWR3LQWR
HPGLUHomRDOLQKDIpUUHDVHJXHDOLQKDIpUUHDHPGLUHomRjSUDLDDWpRFUX]DPHQWRFRPD5XD
%DUmRGH$QDGLDSRURQGHVHJXHDPERVRVODGRV DWpD$Y'XTXHGH&D[LDVSRQWRLQLFLDOGD
SROLJRQDOSURORQJDVHDSROLJRQDOFLWDGDLQFOXLQGRD5XD*HQHUDO+HUPHVDPERVRVODGRVQR
WUHFKRHQWUHD5XD-RVp%RQLIiFLRHRFUX]DPHQWRFRPD$Y/HVWH2HVWH
T =$0 $=RQDGH$WLYLGDGH0~OWLSODHVWHQGHVHDRORQJRGD$Y)HUQDQGHV/LPDDWpR
3RVWRGH3ROtFLD5RGRYLiULDIHGHUDOSURVVHJXLQGRDRORQJRGD%5DWpRSHUtPHWURXUEDQR
DR 1RUWH RV OLPLWHV VmR IL[DGRV QRV SULPHLURV TXDUWHLU}HV GH FDGD XP GRV ODGRV j /HVWH H j
2HVWH GR FLWDGR FRUUHGRU DWp R 3RVWR 5RGRYLiULR )HGHUDO SDVVDQGR D RFXSDU P VHWHQWD
PHWURVDSDUWLUGRHL[RYLiULRHPDPERVRVODGRVGD%5
U =$0 $=RQDGH$WLYLGDGH0~OWLSODpFRQVWLWXtGDSHOD$/1RUWHFRPSUHHQGHQGRD
5XD &RPHQGDGRU &DODoD D SDUWLU GH VXD LQWHUVHFomR FRP DV 5XDV &DOPRQ GH $OEXTXHUTXH H
'LHJXHV-~QLRUHD$Y*XVWDYR3DLYDTXHVHHVWHQGHDWpRSHUtPHWURXUEDQRHPVXDSRUomR
/HVWHpOLPLWDGDDPFLQTHQWDPHWURVDSDUWLUGRVHXHL[Rj2HVWHWHPFRPROLPLWHDFRWD
GHPYLQWHHFLQFRPHWURVGDHQFRVWDDWpDDOWXUDGD$Y6DQWDQDGR,SDQHPDGHVVHSRQWR
DWpROLPLWHXUEDQRDR1RUWHDGHOLPLWDomRGHVWD=RQDpIL[DGDKiPVHVVHQWDPHWURVGR
HL[RYLiULR

V =$0  $ =RQD GH $WLYLGDGH 0~OWLSOD  FRPSUHHQGH D H[WHQVmR GD $Y -DWL~FD VHQGR
OLPLWDGDQRVSULPHLURVTXDUWHLU}HVGHFDGDXPGRVODGRV1RUWHH6XO
W =$0   $ =RQD GH $WLYLGDGH 0~OWLSOD  HVWHQGHVH DR ORQJR GD $Y 6LTXHLUD &DPSRV GH
VXDH[WUHPLGDGH2HVWHDRVOLPLWHVGD=&&6j/HVWHSURMHWDQGRVHQRVSULPHLURVTXDUWHLU}HV
GHDPERVRVODGRV1RUWHH6XODSDUWLUGRVHXFDQWHLURFHQWUDO

X =$0 $=RQDGH$WLYLGDGH0~OWLSODSURORQJDVHQRVHXVHQWLGR/HVWH2HVWHGR3RVWRGD
3ROtFLD5RGRYLiULD)HGHUDODWpROLPLWH2HVWHGRSHUtPHWURXUEDQR3ROtFLD5RGRYLiULD)HGHUDO
6DWXED RFXSDQGR P VHWHQWD PHWURV D SDUWLU GR HL[R YLiULR HP DPERV RV ODGRV GD %5

Y =&&6 D =RQD &HQWUDO GH &RPpUFLR H 6HUYLoRV HP VHX TXDGUDQWH 1RUWH j /HVWH GD $Y
)HUQDQGHV /LPD OLPLWDVH SHOD 5XD &RPHQGDGRU )LUPR /RSHV GH RQGH VH SURMHWD QXP
VHJPHQWR GH UHWD DWp R 5LDFKR 6DOJDGLQKR VHXV OLPLWHV SURVVHJXHP j 1RUGHVWH SHOD EDFLD
KLGURJUiILFD GH PHVPR QRPH DWp j 5XD 'LHJXHV -~QLRU VHJXLQGR SRU HVWH ORJUDGRXUR DWp R
HQFRQWURFRPD5XD&RPHQGDGRU&DODoDGHVWHSRQWRpGHOLPLWDGDSRUHVWD ~OWLPDUXDKiXPD
GLVWkQFLD PpGLD GH P TXDUHQWD PHWURV GH VHX HL[R DWp D $Y &RPHQGDGRU /HmR
GHOLPLWDVH HP VHX TXDGUDQWH /HVWH SHOD $Y &RPHQGDGRU /HmR QRV SULPHLURV TXDUWHLU}HV
YROWDGRV SDUD D FLWDGD YLD DWp HQFRQWUDUVH FRP D $Y 0DFHLy HP VHQWLGR 2HVWH DWp D $Y
+XPEHUWR 0HQGHV SRU RQGH SURVVHJXH VXD GHOLPLWDomR FRP R 2FHDQR $WOkQWLFR (VWD =RQD
WHPFRPROLPLWH6XOR2FHDQR$WOkQWLFRQRWUHFKRTXHVHHVWHQGHGD$Y+XPEHUWR0HQGHV


35()(,785$'$&,'$'('(0$&(,

6(&5(7$5,$081,&,3$/'(&21752/(85%$12
DR 1RUWH j 5XD 7HRQLOR *DPD DR 6XO $ GHOLPLWDomR 6XGRHVWH p GHILQLGD D SDUWLU GH XPD
GLVWkQFLD GH P VHWHQWD PHWURV GR QRYR HL[R GD $Y $VVLV &KDWHDXEULDQG QD IDL[DHQWUHD
5XD7HRQLOR*DPDHD5XD6mR)UDQFLVFRDWpD$Y6LTXHLUD&DPSRVWHQGRFRQWLQXLGDGHSHOD
5XD &DOKHLURV *DWR DWp DV LPHGLDo}HV GR &DQDO GD /HYDGD R PHVPR ORJUDGRXUR WHP
FRQWLQXLGDGH QR VHQWLGR /HVWH GHPDUFDQGR RV OLPLWHV GD =&&6 GHVWD UXD SURMHWDVH XP
VHJPHQWRGHUHWDDWpDFRWDGHPYLQWHHFLQFRPHWURVQRSpGDHQFRVWDRVOLPLWHVGD]RQD
QD VXD SRUomR 1RURHVWH VHJXHP R PRYLPHQWR GD FRWD GH P YLQWH H FLQFR PHWURV DWp D
DOWXUD GD 9LD /HVWH2HVWH SRU RQGH SURVVHJXH D GHOLPLWDomR GR YLDGXWR VRE D 5XD ULV
$ODJRHQVH GHVVH SRQWR RV OLPLWHV SURVVHJXHP SHOD 5XD ULV $ODJRHQVH DWp D $Y )HUQDQGHV
/LPD

Z =&6 $=RQDGH&RPpUFLRH6HUYLoRVGD3DMXoDUDpOLPLWDGDDR1RUWHSHOD5XD(QJHQKHLUR
0iULR GH *XVPmR DR 6XO SHOD =( H SHOR 2FHDQR $WOkQWLFR H j 2HVWH SHODV 5XDV
(SDPLQRQGDV*UDFLQGRH-DQJDGHLURV$ODJRDQRV

[ =(&6 $=RQD(VSHFLDOGH&RPpUFLRH6HUYLoRVpGHOLPLWDGDDR1RUWHHj1RUGHVWHSHOD$Y
0DFHLy DWp R LQtFLR GD 5XD (SDPLQRQGDV *UDFLQGR RQGH VH HQFRQWUD FRP D 5XD 6i H
$OEXTXHUTXHSRURQGHSURVVHJXHj/HVWHDWpR2FHDQR$WOkQWLFRDR6XOHj/HVWHHVWHQGHVH
DWpR2FHDQR$WOkQWLFRHQRTXDGUDQWH/HVWHWHPFRPROLPLWHD=&&6
$UW 2yUJmRPXQLFLSDOGHSODQHMDPHQWRDWXDO6(03'HPIXQomRGDVQRYDVFDUDFWHUtVWLFDV
HSRWHQFLDOLGDGHVGDFLGDGHLGHQWLILFDGRVRVGLIHUHQWHVWLSRGHXVRVSRGHUiGHILQLUQRYRVWLSRVGH
]RQDV

&$378/2,,
'$65($6'(,17(5(66(+,675,&2$5767,&2(&8/785$/

$UW   1DV iUHDV GH LQWHUHVVH KLVWyULFR DUWtVWLFR H FXOWXUDO D LPSODQWDomR GH TXDOTXHU XVR
DWHQGHUi DR PHVPR WHPSR DV FRQGLo}HV SHUWHQFHQWHV DR ]RQHDPHQWR GR XVR H DV GLVSRVLo}HV
HVSHFtILFDVGHVWH&DStWXOR
3DUiJUDIR~QLFR 1DKLSyWHVHGHGLYHUJrQFLDHQWUHDVQRUPDVUHIHULGDVSUHYDOHFHUiVHPSUHDTXH
GLVSXVHUFRPPDLRUHVH[LJrQFLDVVREUHDVFRQGLo}HVDVHUHPVDWLVIHLWDV
$UW $ViUHDVGHLQWHUHVVHKLVWyULFRDUWtVWLFRHFXOWXUDOSRGHPVHUFODVVLILFDGDVHP
D iUHDVGHSUHVHUYDomRULJRURVD
E iUHDVGHLPSRUWkQFLDDPELHQWDO

$UW 1DViUHDVGHSUHVHUYDomRULJRURVDGHYHUmRVHUREVHUYDGRVRVVHJXLQWHVSDUkPHWURV

D SURLELomR GH UHIRUPDV TXH VRE TXDOTXHU KLSyWHVH YHQKDP D DIHWDU FDUDFWHUtVWLFDV GH
PRQXPHQWRVRXFRQMXQWRGHDUTXLWHWXUDFLYLORXUHOLJLRVDDVHUHPSUHVHUYDGDV
E PDQXWHQomR GD YROXPHWULD GDV HGLILFDo}HV FRQVHUYDQGRVH DV LQFOLQDo}HV DOWXUDV H PDWHULDLV
H[LVWHQWHVQDFREHUWD
F FRQVWUXomRGDVFREHUWDVGRVSUpGLRVQRYRVH[FOXVLYDPHQWHHPWHOKDVFHUkPLFDRXGHFRQFUHWR
DUPDGR
G REVHUYkQFLD QDV FRQVWUXo}HV QRYDV GR JDEDULWR Pi[LPR GH P RLWR PHWURV GH DOWXUD
WRPDGDFRPREDVHDFRWDPpGLDQDWXUDOGRWHUUHQRQRDOLQKDPHQWR
H SURLELomR GH UHPHPEUDPHQWR H GHVPHPEUDPHQWR GH WHUUHQRV H[FOXtGD D KLSyWHVH GH
FRQFRUGkQFLDRILFLDOPHQWHH[SUHVVDSRUSDUWHGD6HFUHWDULDGR3DWULP{QLR+LVWyULFRH$UWtVWLFR
1DFLRQDO


35()(,785$'$&,'$'('(0$&(,

6(&5(7$5,$081,&,3$/'(&21752/(85%$12
   2V LPyYHLV DYDOLDGRV SRU yUJmR FRPSHWHQWH FRPR GH YDORU KLVWyULFR HRX DUTXLWHW{QLFR
SUHVHUYDGRVHRXUHVWDXUDGRVILFDPLVHQWRVGH,PSRVWR3UHGLDOHGRSDJDPHQWRGHWD[DVTXDQGRGD
DSURYDomRGRVSURMHWRVGHUHIRUPDVHUHVWDXUDomR
 1RORWHGHWHUUHQRTXHUHVXOWDUGHGLVWULEXLomRRXGHPROLomRGHSUpGLRGHFODUDGRSUHVHUYDGR
VyVHUiSHUPLWLGRRXVRUHVLGHQFLDODWUDYpVGDFRQVWUXomRGHXPDUHVLGrQFLDXQLIDPLOLDUFRPiUHD
FRSQVWUXtGDGHDWpPVHWHQWDPHWURVTXDGUDGRV

   6H R SURSULHWiULR GR LPyYHO  FRQVLGHUDGR SUHVHUYDGR H[HFXWDU UHIRUPD RX FRQVWUXomR
FRQWUDULDQGRDVGHWHUPLQDQWHVGRyUJmRFRPSHWHQWHGDQGRFDUDFWHUtVWLFDVGLIHUHQWHVGDVTXHIRUHP
DSURYDGDV D 300 SRGHUi UHID]HU DV REUDV SRU VXD SUySULD LQLFLDWLYD VHJXQGR DV LQGLFDo}HV GR
SURMHWR DSURYDGR FREUDQGR DSyV DR SURSULHWiULR RV FXVWRV GD H[HFXomR SHOD YLD H[HFXWLYD FRP
DFUpVFLPR GH FRUUHomR PRQHWiULD UHODWLYD D GpELWRV ILVFDLV D SDUWLU GR RUoDPHQWR GR VHUYLoR
FDOFXODGRVREUHRYDORUGHVWH

$UW $VREUDVGHFRQVHUYDomRUHSDUDomRUHIRUPDDPSOLDomRRXQRYDVFRQVWUXo}HVQDViUHDV
GH LQWHUHVVH KLVWyULFR DUWtVWLFR RX FXOWXUDO VHUmR FODVVLILFDGDV FRPR DEDL[R GLVFULPLQDGDV
FRQVLGHUDQGRDYDORUL]DomRDWULEXtGDDRLPyYHOGRSRQWRGHYLVWDKLVWyULFRDUWtVWLFRRXFXOWXUDOVXD
ORFDOL]DomRRDPELHQWHHPTXHHVWiLQVHULGRRXRUDLRGHLQWHUIHUrQFLDYLVXDOGHPRQXPHQWRV

D REUDVGHUHVWDXUDomRWRWDOSDUFLDORXH[WHULRU
E REUDVGHSUHVHUYDomRDPELHQWDOSDUDDVVHJXUDUDYROXPHWULDGRDPELHQWHDVFRUHVHDVIRUPDV
TXHHOHVHDSUHVHQWD
F REUDVGHFRQVWUXomRFRPOLPLWDGDWD[DGHRFXSDomR
G REUDVHPTXHLQFLGDDREULJDWRULHGDGHGHOLPLWDomRGHJDEDULWR

3DUiJUDIR ~QLFR  2 HQTXDGUDPHQWR GD REUD HP TXDOTXHU GDV DOtQHDV UHIHULGDV VHUi GH
UHVSRQVDELOLGDGHGD6HFUHWDULDGR3DWULP{QLR+LVWyULFRH$UWtVWLFR1DFLRQDODTXDOGHYHUiVHUIHLWD
QRYDFRQVXOWD

$UW   $V REUDV GH UHVWDXUDomR WRWDO RX SDUFLDO UHIHUHPVH D FRQVROLGDomR H UHVWXDUDomR GD
HVWUXWXUD GH RULJHP D UHWLUDGD GRV DQH[RV VHP YDORU DUTXLWHW{QLFR H D H[HFXomR GH  DGDSWDo}HV
QHFHVViULDVDXPDPHOKRUXWLOL]DomRVRFLDOVHPUHVWULQJLUDRUGHQDomRGRVHVSDoRVLQWHUQRV
$UW   $V REUDV GH UHVWDXUDomR H[WHUQD LPSOLFDP QD UHVWDXUDomR GD YROXPHWULD H IDFKDGDV
RULJLQDLVVHQGRSHUPLWLGDVDVPRGLILFDo}HVLQWHUQDVVHPUHIOH[RVQRH[WHULRU
$UW   $V FRQVWUXo}HV QRYDV HP TXDOTXHU FDVR QmR GHYHUmR  REVHUYDU DV FDUDFWHUtVWLFDV
DUTXLWHW{QLFDV GR SDVVDGR H QmR SRGHUmR LQWHUYLU QD YLVLELOLGDGH RULJLQiULD GR PRQXPHQWR RX
FRQMXQWRGHVRUWHDLPSHGtODRXPHVPRUHGX]tOD
$UW 1DViUHDVGHLPSRUWkQFLDDPELHQWDOGHYHUmRVHUREHGHFLGDVDVVHJXLQWHVFRQGLo}HV

D DVHGLILFDo}HVREVHUYDUmRRJDEDULWRPi[LPRGHPGH]HVVHLVPHWURVGHDOWXUDFRQWDGRVD

SDUWLUGDFRWDPpGLDQDWXUDOGRWHUUHQRQRDOLQKDPHQWR
E DVFREHUWDVVHUmRFRQVWLWXtGDVH[FOXVLYDPHQWHHPFRQFUHWRDUPDGRRXWHOKDVFHUkPLFDV
$UW   2 yUJmR PXQLFLSDO GH SODQHMDPHQWR DWXDO 6(03' HODERUDUi QR SUD]R Pi[LPR GH 
GR]HPHVHVDSDUWLUGDGDWDGHSXEOLFDomRGHVWDOHLQR'LiULR2ILFLDOGR0XQLFtSLR '20 R
3ODQRGH3UHVHUYDomRGH6tWLRV+LVWyULFRV$UWtVWLFRVH&XOWXUDLV

3DUiJUDIR~QLFR $6(03'WHUiXPSUD]RGHFHQWRHRLWHQWDGLDVDSDUWLUGDFRQFOXVmRGR

3ODQRGH3UHVHUYDomRDTXHVHUHIHUHRFDSXW GHVWHDUWLJRSDUDDHODERUDomRGRVSURMHWRVHVSHFtILFRV
TXHRFRPSOHPHQWDUmR


35()(,785$'$&,'$'('(0$&(,

6(&5(7$5,$081,&,3$/'(&21752/(85%$12
&$378/2,,,
'$65($63%/,&$63$,6$*67,&$6

$UW   6mR FRQVLGHUDGDV iUHDV S~EOLFDV SDLVDJtVWLFDV H FRPR WDO GHYHUmR VHU SUHVHUYDGDV HP
IXQomRGHVHXSDSHOPRGHODGRUGDSDLVDJHPHPDQWHGRUGRVHXHTXLOtEULRHFROyJLFRDVVHJXLQWHV
iUHDV
D 5HVHUYD IORUHVWDO GR ,%$0$ FRP iUHD GH KD FLQTXHQWD H GRLV KHFWDUHV H VHWHQWD
GHFDPHWURVVLWXDGRQR)DURO

E 5HVHUYDIORUHVWDOGR&DWROpFRPiUHDGHKDFHQWRHYLQWHHGRLVKHFWDUHVHRLWHQWD
GHFDPHWURVTXHSURWHJHRPDQDQFLDOGR&DWROp
F 5HVHUYDIORUHVWDOGH)HUQmR9HOKRFRPKDRLWRFHQWRVKHFWDUHVGHiUHD

G 5HVHUYDIORUHVWDOGR3UDWDJ\DFRQVWLWXLUR3DUTXH(VWDGXDOGR3UDWDJ\FRPKDPLO
KHFWDUHV
H UHDVGHJURW}HVVLWXDGDVQR7DEXOHLURDOHVWHHDRHVWHGD$Y)HUQDQGHV/LPD

I UHDGHVWLQDGDDR3DUTXH0XQLFLSDOHP%HEHGRXURFRPKDFLQTXHQWDKHFWDUHV

J )DL[D YHUGH GH SURWHomR HFROyJLFD FRQWUD D HPLVVmR GH RGRUHV H YD]DPHQWRV GDQRVRV QD
iUHD FLUFXQYL]LQKD j LQG~VWULD 6DOJHPD GHOLPLWDGD SRU XP UDLR GH FtUFXOR GH P
TXLQKHQWRVPHWURVHVWDQGRRFHQWURGRFtUFXORQRORFDORQGHHVWiLQVWDODGRDWXDOPHQWHR
UHDWRU GH FORURHWDQR $ HVWD IDL[D DFUHVFHQWDVH DOpP GD iUHD GHVWLQDGD D FLQWXUmR YHUGH
ORFDOL]DGDQD=RQD(VSHFLDO,=(

K UHDV YHUGHV OLYUHV XUEDQDV SDUTXHV SUDoDV ERVTXHV MDUGLQV iUHDV GH UHFUHDomR
FRPSUHHQGHQGR R 3DUTXH 0XQLFLSDO Mi FLWDGR PDLV DV VHJXLQWHV iUHDV 3DUTXH *RQoDOYHV
/HGRH3UDoDV&HQWHQiULR$UQRQGH0HOR'HRGRUR6LQLPEX'RLV/H}HV/LRQV/XFHQD
0DUDQKmR$IUkQLR-RUJH
L (QFRVWDVSULQFLSDOPHQWHDVTXHVHVLWXDPDRORQJRGDV$YHQLGDV%DUmRGH$WDODLDH-RmR
3HVVRDDVHUHPREMHWRGHYDORUL]DomRSDLVDJtVWLFD

$UW   1R WHUULWyULR GR PXQLFtSLR GH 0DFHLy DOpP GDV iUHDV UHIHULGDV QR DUWLJR DQWHULRU RX
FRQVWDQWH GH SODQWDV RILFLDLV VHUi FRQVLGHUDGD GH SUHVHUYDomR SHUPDQHQWH D SDLVDJHP QDWXUDO
VLWXDGDQDVVHJXLQWHViUHDVREVHUYDGDVDLQGDDVSUHVFULo}HVGR&yGLJR)ORUHVWDOYLJHQWH

D QRV WHUUHQRV PDUJLQDLV GDV YLDV ULDFKRV FyUUHJRV HP IXQomR GDV GLPHQV}HV QHFHVViULDV j
LPSODQWDomR GRV HTXLSDPHQWRV XUEDQRV H YLDV GH FLUFXODomR RX SHOD LQWHUVHFomR GD OLQKD
KRUL]RQWDOGHFRWDLJXDODGH]PHWURVHPUHODomRDRQtYHOGROHLWRGRULRULDFKRRXFyUUHJR
QRSRQWRFRQVLGHUDGR
E QDV iUHDV HP WRUQR GRV ODJRV HVWDo}HV GH WUDWDPHQWR GH iJXD H  GH HVJRWRV UHVHUYDWyULRV GH
iJXDV QDWXUDLV RX DUWLILFLDLV QDVFHQWHV LQFOXVLYH ROKRV GiJXD VHMD TXDO IRU D VXD SRVLomR
WRSRJUiILFD
F QDVHQFRVWDVRXSDUWHGHVWDVFRPGHFOLYLGDGHVXSHULRUDTXDUHQWDHFLQFRJUDXV
G QDVERUGDVGHWDEXOHLURVRXFKDSDGDVHQRWRSRGHPRUURVHVHUUDV
 1RVFDVRVPHQFLRQDGRVQHVWHDUWLJRILFDLQWHUGLWDGDDGHUUXEDGDTXHLPDRXGHYDVWDomRGD
YHJHWDomR
 $ViUHDVUHIHULGDVQRFDSXW GHVWHDUWLJRWHUmRXVRUHVWULWRjILQDOLGDGHGHRUGHPSDLVDJtVWLFD

$UW   (P WRGR WHUULWyULR GHVWH 0XQLFtSLR D SDLVDJHP QDWXUDO GHYHUi FRQVWLWXLU REMHWR GH
DGHTXDGDSUHVHUYDomRDFULWpULRGRVyUJmRVHVWDGXDLVHPXQLFLSDLVFRPSHWHQWHV
$UW   e LJXDOPHQWH REULJDWyULD D SUHVHUYDomR SHUPDQHQWH GD FREHUWXUD YHJHWDO FXMD IXQomR
VHMDFRPEDWHUDHURVmR


35()(,785$'$&,'$'('(0$&(,

6(&5(7$5,$081,&,3$/'(&21752/(85%$12
$UW  7RGDHTXDOTXHUREUDTXHDOWHUHRXSRVVDYLUDDOWHUDUDIRUPDomRQDWXUDOQRVPRUURVH
VXDVHQFRVWDVFROLQDVJUXWDVODJRDVODJRVDoXGHVHRXWURVDFLGHQWHVJHRJUiILFRVGHLPSRUWkQFLD
SDLVDJtVWLFD WHUi VXD H[HFXomR GHSHQGHQWH GH SUpYLD DSURYDomR SHOR yUJmR PXQLFLSDO GH FRQWUROH
XUEDQRDWXDO60&&8

   2 yUJmR PXQLFLSDO GH SODQHMDPHQWR DWXDO 6(03'  GLVFULPLQDUi HP GRFXPHQWDomR

HVSHFtILFD RV DFLGHQWHV JHRJUiILFRV TXH GDGD DV VXDV FDUDFWHUtVWLFDV H LPSRUWkQFLD SDLVDJtVWLFD
GHYHUmRVHUVDOYDJXDUGDGRVGHTXDOTXHUPXWLODomR
 $ GLVFULPLQDomRGRVDFLGHQWHVJHRJUiILFRVUHIHULGRVQRSDUiJUDIRDQWHULRUGHYHUiFRQVWDUGR
'HFUHWRGR&KHIHGR([HFXWLYR0XQLFLSDO

$UW   2 &KHIH GR ([HFXWLYR 0XQLFLSDO SRGHUi PHGLDQWH DWR DGPLQLVWUDWLYR GHFODUDU D
REULJDWRULHGDGH GH SUHVHUYDomR GH XPD RX PDLV HVSpFLHV YHJHWDLV VLWXDGDV HP LPyYHO S~EOLFR RX
SULYDGR DWHQGHQGR D FDUDFWHUtVWLFDV SDUWLFXODUHV GH ORFDOL]DomR XPLGDGH EHOH]D UDULGDGH
FRQGLo}HVGHSRUWHHVHPHQWHRXTXDQGRHVWHMDPVREDPHDoDGHH[WLQomRQRWHUULWyULRPXQLFLSDO
&$378/2,9
'2 6,67(0$9,5,2('(&,5&8/$d2

$UW   2 VLVWHPD GH HVWUDGDV PXQLFLSDLV p FRQVWLWXtGR SHODV YLDV H[LVWHQWHV H SURMHWDGDV
ORFDOL]DGDVQDiUHDHDUWLFXODGDVXPDVDVRXWUDVGHVRUWHDFRQVWLWXLUXPWRGRGRSRQWRGHYLVWDV
IXQFLRQDOHRSHUDFLRQDO
6(d2,
'$6(675$'$6081,&,3$,6

$UW   $V HVWUDGDV PXQLFLSDLV VmR DTXHODV SODQHMDGDV H FRQVWUXtGDV SHOD LQLFLDWLYD GD
DGPLQLVWUDomRPXQLFLSDORXWUDQVIHULGDVSDUDHVWD
6(d2,,
'26,67(0$9,5,285%$12
$UW   2 6LVWHPD 9LiULR 8UEDQR FRPSUHHQGH R FRQMXQWR GH WRGDV DV YLDV H[LVWHQWHV QD iUHD
XUEDQDHQDiUHDGHH[SDQVmRXUEDQDTXHFRQVWDPGDVSODQWDVRILFLDLV
$UW &ULDPVHYLDVXUEDQDVSRUWUrVSURFHVVRV

D SHODH[HFXomRGHSODQRGHDUUXDPHQWRPHGLDQWHRSDUFHODPHQWRGRVRORHPTXDGUDVSRUPHLR
GH DEHUWXUD GH YLDV GH FLUFXODomR DWHQGLGDV DV GLUHWUL]HV SUpHVWDEHOHFLGDV SHODV OHJLVODo}HV
HVSHFtILFDVHVXMHLWRVDVXDDSURYDomRSHODPXQLFLSDOLGDGH
E SHODDEHUWXUDGHUXDLVRODGDHPH[HFXomRGHREUDVGHDPSOLDomRGRVLVWHPDYLiULRPHGLDQWHD
DTXLVLomRGRUHVSHFWLYRWHUUHQRSRUGHVDSURSULDomRRXTXDOTXHURXWUDIRUPDSUHYLVWDHPGLUHLWR
FRPSUDDFHLWDomRGHGRDomRSHUPXWD
F SHODRILFLDOL]DomRGHYLDSDUWLFXODUTXHpRPHLRSHORTXDODPXQLFLSDOLGDGHDFHLWDGHFODUDRX
UHFRQKHFHFRPRRILFLDOGHXVRS~EOLFRXPDYLDSDUWLFXODU
$UW   e SURLELGD D DEHUWXUD GH YLDV WHUUHVWUHV GH FLUFXODomR S~EOLFD QDV iUHDV XUEDQDV H GH
H[SDQVmRXUEDQDVHPDSUpYLDDXWRUL]DomRGRVyUJmRVFRPSHWHQWHVGR0XQLFtSLR


35()(,785$'$&,'$'('(0$&(,

6(&5(7$5,$081,&,3$/'(&21752/(85%$12
$UW   $V YLDV WHUUHVWUHV GH FLUFXODomR S~EOLFD SURMHWDGDV YLUmR D FRPSRU R 6LVWHPD 9LiULR
8UEDQR XPD YH] DSURYDGDV SHOD 300 H LQFRUSRUDGDV DR WUDoDGR GR PHVPR VLVWHPD QDV SODQWDV
RILFLDLV
$UW  7RGDVDVYLDVHQFRQWUDGDVQDV]RQDVVHWRUHVVHUmRFODVVLILFDGDVFRPR
,
,,
,,,
,9
9
9,
9,,

5HJLRQDO
$UWHULDO
&ROHWRUD
/RFDO
0LVWD
&LFORYLDV
GH3HGHVWUH

   (QWHQGHVH FRPR 9LD 5HJLRQDO D YLD RX WUHFKR FRP IXQomR GH ID]HU D OLJDomR FRP
PXQLFtSLRVYL]LQKRV6mRJHUDOPHQWHLQWHUXUEDQDVDEUDQJHQGRRVWUHFKRVUXUDLVGHFRQWRUQRHGH
WUDYHVVLDGDFLGDGH
 (QWHQGHVHFRPR9LD$UWHULDODYLDRXWUHFKRFRPVLJQLILFDWLYRYROXPHGHWUiIHJRXWLOL]DGD
QRV GHVORFDPHQWRV XUEDQRV GH PDLRU GLVWkQFLD FRP DFHVVR jV YLDV OLQGHLUDV GHYLGDPHQWH
VLQDOL]DGRV&RLQFLGHPJHUDOPHQWHFRP RVSULQFLSDLVFRUUHGRUHVGHWUiIHJR

 (QWHQGHVHFRPR9LD&ROHWRUDDYLDRXWUHFKRFRPIXQomRGHUHDOL]DUDFROHWDHGLVWULEXLomR
GRWUiIHJRDOLPHQWDQGRDV9LDV$UWHULDLV5HJLRQDLVH/RFDLV
   (QWHQGHVH FRPR 9LD /RFDO D YLD RX WUHFKR GHVWLQDGD DR WUiIHJR ORFDO GH XPD iUHD
SRVVLELOLWDQGRRDFHVVRjVHGLILFDo}HV

   (QWHQGHVH FRPR 0LVWD D YLD RX WUHFKR GHVWLQDGD j FLUFXODomR GH SHGHVWUHV H DR OD]HU GH
EDL[R YROXPH GH FLUFXODomR GH YHtFXORV QD TXDO D HQWUDGD GH YHtFXORV GH FDUJD DFRQWHoD DSHQDV
HYHQWXDOPHQWH
 (QWHQGHVHFRPR&LFORYLDDYLDGHVWLQDGDDRWUiIHJRGHELFLFOHWDV

 (QWHQGHVHFRPR9LDGH3HGHVWUHDGHVWLQDGDDRXVRH[FOXVLYRGHSHGHVWUHVHQGRLVRODGD
ILVLFDPHQWHGDVGHPDLVYLDV
&$378/29
'$6 ',6326,d(6*(5$,6'225'(1$0(17285%$167,&2

$UW   $V YLDV GH FLUFXODomR S~EOLFD H GHPDLV ORJUDGRXURV GR 0XQLFtSLR VRE VXD MXULVGLomR
REHGHFHUmRjQRPHQFODWXUDRILFLDOIL[DGDPHGLDQWHDXWRUL]DomROHJLVODWLYDWHQGRVXDLGHQWLILFDomR
DVVHJXUDGD PHGLDQWH D XWLOL]DomR GH SODFDV GHQRPLQDWLYDV RX LQGLFDWLYDV FXMDV GLPHQV}HV
ORFDOL]DomRHGHPDLVFULWpULRVGHDSUHVHQWDomRVHUmRSDGURQL]DGDVSHORyUJmRPXQLFLSDOGHFRQWUROH
XUEDQR DWXDO 60&&8 REVHUYDGDV QRUPDV WpFQLFDV H[LJtYHLV SDUD DGHTXDGD WUDQVPLVVmR GDV
LQIRUPDo}HVEHPFRPRDVGHILQLGDVSHOD6077
3DUiJUDIR~QLFR 1DGHQRPLQDomRGRORJUDGRXURVS~EOLFRVLQFOXVLYHSRQWHVYLDGXWRVSDVVDUHODV
HHGLItFLRVS~EOLFRVILFDSURLELGR
D DGRWDUQRPHVSHUWLQHQWHVDSHVVRDVYLYDV
E IL[DUGHQRPLQDomRLJXDOj HVWDEHOHFLGDDXPMiH[LVWHQWH



35()(,785$'$&,'$'('(0$&(,

6(&5(7$5,$081,&,3$/'(&21752/(85%$12
$UW 2VHUYLoRGHHPSODFDPHQWRQDVYLDVXUEDQDVHGHPDLVORJUDGRXURVS~EOLFRVpSULYDWLYR
GD 300 GHYHQGR VHU H[HFXWDGR jV VXDV H[SHQVDV SRU DGPLQLVWUDomR GLUHWD RX DWUDYpV GH ILUPDV
SDUWLFXODUHVFRQWUDWDGDVSDUDHVWHILP

$UW &DEHUiDRyUJmRPXQLFLSDOGHFRQWUROHXUEDQRDWXDO60&&8DHODERUDomRPDQXWHQomR
H DWXDOL]DomR GR &DGDVWUR GH /RJUDGRXURV REMHWLYDQGR R IRUWDOHFLPHQWR GR &DGDVWUR 7pFQLFR
0XQLFLSDOYLVDQGRRDWHQGLPHQWRGDVDo}HVGHSODQHMDPHQWRGHVHQYROYLPHQWRHFRQWUROHXUEDQR
EHPFRPRGDDGPLQLVWUDomRWULEXWiULD

$UW 2VHGLItFLRVTXHVHGHVWLQDUHPDKDELWDo}HVPXOWLIDPLOLDUHVRXDXVRVFRPHUFLDLVHGH
VHUYLoRVUHFHEHUmRREULJDWRULDPHQWHXPDGHQRPLQDomRjHVFROKDGHVHXSURSULHWiULRTXHGHYHUi
VHU VXEPHWLGD j DSURYDomR DR yUJmR PXQLFLSDO GH FRQWUROH XUEDQR DWXDO 60&&8   SDUD HYLWDU
GXSOLFLGDGHGHQRPHQFODWXUD
3DUiJUDIR~QLFR &DEHUiDRyUJmRPXQLFLSDOGHFRQWUROHXUEDQRDWXDO60&&8PDQWHUDWXDOL]DGR
QR &DGDVWUR 7pFQLFR0XQLFLSDO RV DVVHQWDPHQWRV SHUWLQHQWHV j GHQRPLQDomR GRV HGLItFLRV
H[LVWHQWHV

$UW   $V HGLILFDo}HV H[LVWHQWHVRXTXHYLHUHPDVHUFRQVWUXtGDVRXUHFRQVWUXtGDVUHFHEHUmR

REULJDWRULDPHQWH XPD QXPHUDomR D VHU FRORFDGD HP ORFDO YLVtYHO FDEHQGR D 300 DWUDYpV GR
yUJmRPXQLFLSDOGHFRQWUROHXUEDQRDWXDO60&&8GHVLJQDURUHVSHFWLYRQ~PHUR
$UW   $ QXPHUDomR GDV HGLILFDo}HV ORFDOL]DGDV QXP ORJUDGRXUR WHP LQtFLR QR DOLQKDPHQWR
H[LVWHQWHRXSURMHWDGR

 3DUDRVQRYRVORJUDGRXURVVHUiREHGHFLGRRFULWpULRGHKLHUDUTXLDGHYLDVSDUDRLQtFLRGD
QXPHUDomR

 4XDQGRRHL[RWRPDUVHQVLYHOPHQWHDVRULHQWDo}HVQRUWHVXORXOHVWHRHVWHVHUmRRULHQWDGRV
UHVSHFWLYDPHQWHGHQRUWHSDUDVXOHOHVWHSDUDRHVWH
 4XDQGRRUHIHULGRHL[RVHFRORFDUHPVLWXDomRGLYHUVDGDVPHQFLRQDGDVDQWHULRUPHQWHVHUmR
RULHQWDGDVQRVTXDGUDQWHVQRUGHVWHSDUDVXGRHVWHHVXGHVWHSDUDQRURHVWH

$UW   &DGD HGLILFDomR UHFHEHUi XP Q~PHUR TXH HTXLYDOHUi DSUR[LPDGDPHQWH j GLVWkQFLD
PHGLGDHPPHWURVVREUHRHL[RGRORJUDGRXURDFRQWDUGRSRQWRGHRULJHPDWpRSRQWRFHQWUDOGDV
WHVWDGDGRORWHRXWHUUHQR
   7RPDQGR FRPR UHIHUrQFLD R HL[R GR ORJUDGRXUR H VHJXLQGR RV FULWpULRV GH RULHQWDomR
GHILQLGRVQRDUWLJR GHVWD/HLDQXPHUDomRVHUiSDUjGLUHLWDHtPSDUjHVTXHUGD

 6HPSUHTXHDGLVWkQFLDHPPHWURVDTXHVHUHIHUHRGHVWHDUWLJRQmRFRUUHVSRQGHUDXP
Q~PHUR LQWHLUR VHUi DGRWDGR HP WRGRV RV FDVRV R Q~PHUR LQWHLUR PDLV SUy[LPR QmR VHQGR D
DSUR[LPDomRPDLRUTXHXPDXQLGDGH
 $QXPHUDomRGDHGLILFDomRGHYHUiVHUFRORFDGDQRPXURVLWXDGRQRDOLQKDPHQWRGRWHUUHQR
QDIDFKDGDGRSUpGLRRXTXDOTXHURXWURORFDOGHVGHTXHKDMDSHUIHLWDYLVLELOLGDGHGRORJUDGRXUR

  $QXPHUDomRQmRSRGHUiVHUFRORFDGDDXPDGLVWkQFLDVXSHULRUD PGH]PHWURVHP

UHODomRDRDOLQKDPHQWRGRORWHEHPFRPRDXPDDOWXUDTXHH[FHGDPWUrVPHWURVHPUHODomR
DRQtYHOGDVROHLUDQRDOLQKDPHQWR


35()(,785$'$&,'$'('(0$&(,

6(&5(7$5,$081,&,3$/'(&21752/(85%$12
$UW 1RFDVRGHKDELWDo}HVFODVVLILFDGDVFRPR8VR5HVLGHQFLDO85RX8VR5HVLGHQFLDO
 85 DFRPSDQKDQGR D QXPHUDomR GR LPyYHO DV HGLILFDo}HV LQWHUQDPHQWH REWHUmR
LGHQWLILFDo}HVSUySULDVVHJXLQGRDRUGHPDOIDEpWLFDRXQXPpULFD
$UW   2V HGLItFLRV GH DSDUWDPHQWR RX FHQWURV FRPHUFLDLV VHUmR QXPHUDGRV VHJXLQGR RV
SDUkPHWURVHVWDEHOHFLGRVQHVWH&DStWXOR
   $FRPSDQKDQGR D QXPHUDomR GR LPyYHORVDSDUWDPHQWRVRXVDODVFRPHUFLDLVREWHUmRXPD
QXPHUDomR FRPSRVWD SHOR Q~PHUR GR SDYLPHQWR HP TXH VH VLWXD FRQVLGHUDQGR SDUD R WpUUHR R
Q~PHUR]HURDFRPSDQKDGRGDQXPHUDomRRXOHWUDTXHLQGLTXHVXDRUGHPQRSDYLPHQWR
   $ QXPHUDomR GRV DSDUWDPHQWRV RX VDODV FRPHUFLDLV GHYHUi VHJXLU D RUGHP  DOIDEpWLFD RX
QXPpULFD
   $ QXPHUDomR GDV XQLGDGHV ORFDOL]DGDV QR VXEVROR GHYHUi VHU SUHFHGLGD GD OHWUD 6
DFRPSDQKDGDGRQ~PHURLQGLFDWLYRGRSDYLPHQWRFRQWDGRGRWpUUHRSDUDEDL[R
 $QXPHUDomRGHORMDVREHGHFHUiRVPHVPRVSDUkPHWURVHVWDEHOHFLGRVSDUDVDODVFRPHUFLDLV

$UW +DYHQGRDFHVVRSDUDPDLVGHXPORJUDGRXURDQXPHUDomRGRLPyYHOVHUiGDGDSDUDD
SDUWHIURQWDOGRORWHFRQIRUPHGRFXPHQWRGHSURSULHGDGH

$UW $QXPHUDomRGDVHGLILFDo}HVTXHQmRHVWLYHUHPGHDFRUGRFRPDSUHVHQWH/HLGHYHUi
VHU UHYLVWD SHOR yUJmR PXQLFLSDO GH FRQWUROH XUEDQR DWXDO 60&&8 FRP EDVH QXP SODQR
SUHYLDPHQWH HODERUDGR QR TXDO FRQVWDUmR D HVSHFLILFDomR GRV ORJUDGRXURV H RV SUD]RV SDUD
H[HFXomRGRVVHUYLoRVTXHGHYHUmRVHUSUHYLDPHQWHFRPXQLFDGRV
$UW 4XDQGRGDYLVWRULDSDUDFRQFHVVmRGD&DUWDGH+DELWHVHDHGLILFDomRGHYHUiHQFRQWUDU
VHGHYLGDPHQWHQXPHUDGDREHGHFLGRVRVSDUkPHWURVHVWDEHOHFLGRVQRDUWLJR GHVWD/HL

$UW   2 yUJmR PXQLFLSDO GH FRQWUROH XUEDQR DWXDO 60&&8 GHYHUi PDQWHU DWXDOL]DGR R
FDGDVWUR UHIHUHQWH j QXPHUDomR GDV HGLILFDo}HV UHJLVWUDQGR WRGDV DV DOWHUDo}HV TXH YHQKDP D
RFRUUHU
$UW   2V WHUUHQRV GD iUHD XUEDQD QmR HGLILFDGRV GHYHUmR VHU REULJDWRULDPHQWH IHFKDGRV
DWUDYpVGHPXURVRXFHUFDVFRPDOWXUDPtQLPDGHPXPPHWURHFLQTHQWDFHQWtPHWURV
$UW $SDUDOLVDomRGHXPDREUDSRUXPSHUtRGRTXHH[FHGDFHQWR HRLWHQWDGLDV~WHLV
DFDUUHWDUiDREULJDWRULHGDGHGHFRQVWUXomRGHXPPXURGHDOYHQDULDQRDOLQKDPHQWRGRORJUDGRXUR
GRWDGRGHXPSRUWmRGHHQWUDGD

$UW 6HPSUHTXHKRXYHUGLIHUHQoDGHQtYHOHQWUHRWHUUHQRHGLILFDGRRXQmRHRORJUDGRXUR
HVWDQGRRSULPHLURHPQtYHOHOHYDGRRSURSULHWiULRVHREULJDjFRQVWUXomRGHPXURGHVXVWHQWDomR
RXGHUHYHVWLPHQWRGHWHUUDV

R  2GLVSRVWRQHVWHDUWLJRpDSOLFiYHODRVPXURVGHDUULPRQRLQWHULRUGRVWHUUHQRVHQDVGLYLVDV
FRP RV WHUUHQRV YL]LQKRV TXDQGR KRXYHU DPHDoD GH GHVDEDPHQWR GDV WHUUDV TXH VH VLWXDP PDLV
HOHYDGDVWUD]HQGRSHULJRSDUDDVFRQVWUXo}HVRXEHQIHLWRULDVH[LVWHQWHVVLWXDGDVQRSUySULRWHUUHQR
RXQRVWHUUHQRVYL]LQKRV
R  6HPSUHTXHIRUHPH[HFXWDGDVHVFDYDo}HVRXRXWUDVREUDVTXHPRGLILTXHPDVFRQGLo}HVGH
HVWDELOLGDGH H[LVWHQWHV FDEHUi DR SURSULHWiULR GR WHUUHQR FDXVDGRU GR WUDQVWRUQR R {QXV SHOD
FRQVWUXomRGHPXURVGHDUULPRREUDVGHVXVWHQWDomRHUHSDUDomRGRVGDQRVFDXVDGRVDRSDWULP{QLR
S~EOLFRHWHUFHLURV


35()(,785$'$&,'$'('(0$&(,

6(&5(7$5,$081,&,3$/'(&21752/(85%$12
$UW   e REULJDWyULD D FRQVWUXomR GH SDVVHLRV HP WHUUHQRV QmR HGLILFDGRV HP PDWHULDO
UHVLVWHQWH DQWLGHUUDSDQWH H QmR LQWHUURPSLGR SRU GHJUDXV RX PXGDQoDV DEUXSWDV GH QtYHO FXMD
FRQVWUXomR UHFRQVWUXomR H FRQVHUYDomR p GD FRPSHWrQFLD GR SURSULHWiULR GR ORWH RX WHUUHQR HP
WRGDDH[WHQVmRGDVXDWHVWDGDHPORJUDGRXURVSURYLGRVGHPHLRILR
$UW 4XDQGRDSDUDOLVDomRGHXPDREUDGXUDQWHXPSHUtRGRSURORQJDGRGHWHPSRDPHDoDUD
VXDWUDQVIRUPDomRRXWUDQVIRUPiODHPUXtQDRyUJmRPXQLFLSDOGHFRQWUROHXUEDQRDWXDO60&&8
RUGHQDUi D VXD GHPROLomR D ILP GH JDUDQWLU D VHJXUDQoD S~EOLFD FRP IXQGDPHQWR HP YLVWRULD
UHDOL]DGDQRVWHUPRVGHVWD/HL

778/2,9
'$35(3$5$d2((;(&8d2'(2%5$6

$UW   $ H[HFXomR GH REUDV LQFOXLQGR RV VHUYLoRV SUHSDUDWyULRV H FRPSOHPHQWDUHV VXDV
LQVWDODo}HV H HTXLSDPHQWRV VHUi SURFHGLGD GH IRUPD D REHGHFHU DR SURMHWR DSURYDGR jV QRUPDV
WpFQLFDV H DR GLUHLWR GH YL]LQKDQoD D ILP GH JDUDQWLU D VHJXUDQoD GRV WUDEDOKDGRUHV GD
FRPXQLGDGHGDVSURSULHGDGHVHGRVORJUDGRXURVS~EOLFRV
&$378/2,
'26&$17(,526'(2%5$

$UW 2FDQWHLURGHREUDVFRPSUHHQGHUiDiUHDGHVWLQDGDjH[HFXomRHGHVHQYROYLPHQWRGDV
REUDV VHUYLoRV FRPSOHPHQWDUHV LPSODQWDomR GH LQVWDODo}HV WHPSRUiULDV QHFHVViULDV j VXD
H[HFXomRWDLVFRPRDORMDPHQWRHVFULWyULRGHFDPSRGHSyVLWRVHVWDQGHGHYHQGDVHVLPLODUHV
$UW   3DUD WRGDV DV FRQVWUXo}HV H[FHWXDGDV DV UHVLGrQFLDV XQLIDPLOLDUHV VHUi REULJDWyULR R
IHFKDPHQWRGRFDQWHLURGHREUDVQRDOLQKDPHQWRGRORWHSRUDOYHQDULDWDSXPHRXTXDOTXHUVLVWHPD
GHSUpPROGDGR
$UW $FULWpULRGRyUJmRPXQLFLSDOGHFRQWUROHXUEDQRDWXDO60&&8SRGHUiVHUSHUPLWLGD
DWUDYpVGR$OYDUiGH$XWRUL]DomRDXWLOL]DomRGHDWpPGRLVPHWURVGRSDVVHLRSUHVHUYDQGR
REULJDWRULDPHQWH XPD IDL[D WRWDOPHQWH GHVREVWUXtGD GH QR PtQLPR P XP PHWUR D ILP GH
JDUDQWLUDSDVVDJHPGHSHGHVWUH

   ([LVWLQGR TXDOTXHU HTXLSDPHQWR XUEDQR QR SDVVHLR R IHFKDPHQWR GR FDQWHLUR GH REUDV
GHYHUi VRIUHU GHVFRQWLQXLGDGH D ILP GH SUHVHUYDU  D IDL[D GHVWLQDGD SDUD SHGHVWUH TXH GHYHUi VHU
FRQWtQXDQDODUJXUDGHPXPPHWURGHPDQHLUDWDOTXHSHUPLWDRWUkQVLWRGHGHILFLHQWHSHOR
SDVVHLRVHJXLQGRQRUPDVGD$%17
   'XUDQWHDH[HFXomRGDVREUDVVHUiREULJDWyULDDPDQXWHQomRGDIDL[DGHSDVVHLRUHVHUYDGD
DRV SHGHVWUHV GHVREVWUXtGD H HP SHUIHLWDV FRQGLo}HV GH XWLOL]DomR VHQGR YHGDGR DLQGD TXH
WHPSRUDULDPHQWH R XVR GHVVD IDL[D FRPR FDQWHLUR GH REUDV RX FRPR GHSyVLWR GH PDWHULDO GH
FRQVWUXomRVDOYRRODGRLQWHUQRGRVWDSXPHVTXHDYDQoDUHPVREUHRORJUDGRXUR
$UW $FULWpULRGRyUJmRPXQLFLSDOGHFRQWUROHXUEDQRDWXDO60&&8SRGHUiVHUSHUPLWLGD
DWUDYpV GH $OYDUi GH $XWRUL]DomR D XWLOL]DomR GR SDVVHLR QRV WHUPRV GR DUWLJR DQWHULRU SDUD
LPSODQWDomRGRHVWDQGHGHYHQGDVFRPiUHDPi[LPDGHP YLQWHPHWURVTXDGUDGRV


35()(,785$'$&,'$'('(0$&(,

6(&5(7$5,$081,&,3$/'(&21752/(85%$12
3DUiJUDIR~QLFR 2VHVWDQGHVGHYHQGDVSRGHUmRWHURFXSDomRVXSHULRUjSUHYLVWDQRFDSXW GHVWH
DUWLJRGHVGHTXHDiUHDH[FHGHQWHQmRXWLOL]HDiUHDS~EOLFD

$UW   6HUi REULJDWyULD D H[HFXomR GH XP FDQWHLUR GH REUDV GXUDQWH R GHVHQYROYLPHQWR GH
VHUYLoRVGHUHIRUPDGHIDFKDGDQDVREUDVVLWXDGDVQRDOLQKDPHQWR

$UW 1HQKXPHOHPHQWRGRFDQWHLURGHREUDVSRGHUiSUHMXGLFDUDDUERUL]DomRGRORJUDGRXURD
LOXPLQDomRS~EOLFDDYLVLELOLGDGHGHSODFDVDYLVRVHRXWURVVLQDLVGHWUkQVLWRHGHPDLVLQVWDODo}HV
GHLQWHUHVVHS~EOLFR
$UW   6HUi REULJDWyULR R UHFXR GR WDSXPH RX TXDOTXHU RXWUR WLSR GH YHGDomR XWLOL]DGD QR
FDQWHLURGHREUDVTXDQGRDREUDSDUDOLVDUSRUSHUtRGRGHQRYHQWDGLDV~WHLVRXTXDQGRGDVXD
FRQFOXVmR

$UW $VFRQGLo}HVGHVDOXEULGDGHHVHJXUDQoDGDVREUDVGHYHUmRDWHQGHUDVGHWHUPLQDo}HV
GD15RXTXDOTXHURXWUDTXHYHQKDVXEVWLWXtODRXFRPSOHPHQWiOD

$UW   6HUi REULJDWyULD D XWLOL]DomR GH SODFDV GH LGHQWLILFDomR GRV SURILVVLRQDOLV
UHVSRQViYHOHLV H[LJLGD SHOR &5($HQGHUHoRGDHGLILFDomRHRQ~PHURGR$OYDUiGH([HFXomR
GH2EUDHVXDV~OWLPDVUHQRYDo}HV
 R  3DUD RV FDVRV GH 8VR 5HVLGHQFLDO  85 H XVR QmR UHVLGHQFLDO GHYHUi FRQVWDU D
GHQRPLQDomRGRHPSUHHQGLPHQWR
R  +DYHQGRFRQVWUXWRUDUHVSRQViYHOSHODREUDVHXQRPHGHYHUiFRQVWDUHPSODFDLGHQWLILFDGRUD
778/29
'263$5&(/$0(1726'262/285%$12
&$378/2,
'$6',6326,d(635(/,0,1$5(6

$UW   3DUD ILQV XUEDQRV FRQVLGHUDVH SDUFHODPHQWR GD WHUUD R DWR PHGLDQWH R TXDO R 3RGHU
3~EOLFR0XQLFLSDODXWRUL]DDGLYLVmRGDWHUUDHPSDUWHVLQGLYLGXDOL]DGDVGLVWLQWDVVRERSRQWRGH
YLVWDMXUtGLFR
$UW   2 SDUFHODPHQWR GR VROR XUEDQR SRGH VHU IHLWR SRU PHLR GH /RWHDPHQWR
'HVPHPEUDPHQWR  $UUXDPHQWR RX 'HVGREUR REVHUYDGDV DV GLVSRVLo}HV HVWDEHOHFLGDV QR DUWLJR
GHVWD/HL
$UW 2SDUFHODPHQWRGRVRORVRPHQWHVHUiDGPLWLGRQDiUHDXUEDQDRXGHH[SDQVmRXUEDQD
$UW 1mRVHUiSHUPLWLGRRSDUFHODPHQWRGRVROR

D HP JOHEDV RX WHUUHQRV DODJDGLoRV RX VXMHLWRV D LQXQGDo}HV DQWHV GH VHUHP WRPDGDV DV
SURYLGrQFLDVTXHDVVHJXUHRHVFRDPHQWRGDViJXDVFRPDQXrQFLDGRyUJmRDPELHQWDO
E HP JOHEDV RX WHUUHQRV TXH WHQKDP VLGR DWHUUDGDV FRP  PDWHULDO QRFLYR j VD~GH S~EOLFD VHP
SUpYLRVDQHDPHQWR
F HPJOHEDVRXWHUUHQRVFRPGHFOLYLGDGHLJXDORXVXSHULRUDWULQWDSRUFHQWR
G HP JOHEDV RX WHUUHQRV RQGH WHFQLFDPHQWH IRL FRPSURYDGR TXH DV FRQGLo}HV JHROyJLFDV QmR
DFRQVHOKDPDVHGLILFDo}HV
H HP iUHD GH SUHVHUYDomR HFROyJLFD RX QDTXHODV RQGH D SROXLomR LPSHoD D H[LVWrQFLD GH
FRQGLo}HVVDQLWiULDVVXSRUWiYHLVDWpDVXDFRUUHomR


35()(,785$'$&,'$'('(0$&(,

6(&5(7$5,$081,&,3$/'(&21752/(85%$12
I HP iUHDV FRQWtJXDV D PDQDQFLDLV  FXUVRV GiJXD UHSUHVDV H GHPDLV UHFXUVRV KtGULFRV VHP D
SUpYLDPDQLIHVWDomRGRVyUJmRVFRPSHWHQWHV
J DRORQJRGDVIDL[DVGHVHJXUDQoDHGDVIDL[DVGHVHUYLGmR
$UW   +DYHQGR IDL[D GH VHUYLGmR DR ORQJR GD OLQKD GH WUDQVPLVVmR GH HQHUJLD HOpWULFD p
REULJDWyULDDUHVHUYDGHIDL[DGHWHUUHQRFRPODUJXUDPtQLPDGHPGR]HPHWURVVHP{QXV
SDUDR0XQLFtSLRHGHVWLQDGDDiUHDVYHUGHV RXYLDVS~EOLFDVVHQGRQRQDHGLILFDQGL
  3RU GHWHUPLQDomR GR yUJmR S~EOLFR FRPSHWHQWH SRGHUi VHU H[LJLGR IDL[D FRP ODUJXUD
VXSHULRUHVjSUHYLVWDQRFDSXW GHVWHDUWLJR

 $VIDL[DVQRQDHGLILFDQGLUHVHUYDGDVSDUDDODUJDPHQWRGHYLDVGHYHUmRVLWXDUVHIRUDGRV
ORWHV

$UW 1RSDUFHODPHQWRGRVRORVREIRUPDGH'HVPHPEUDPHQWRHPTXHKRXYHULQWHUVHomR
GHIDL[DQRQDHGLILFDQGLRVWHUUHQRVDWLQJLGRVGHYHUmRGLVSRUDOpPGHVWDIDL[DGHiUHDPtQLPD
LJXDOjTXHODSUHYLVWDQR$QH[R, 4XDGURGH8VRVH3DUkPHWURV&RQVWUXWLYRVGHVWD/HL

$UW   1R FDVR GH SDUFHODPHQWR VRE IRUPD GH /RWHDPHQWR GH JOHED FRQILQDGD SRU iUHDV
XUEDQL]DGDV  FRP iUHD LJXDO RX LQIHULRU D KD XP KHFWDUH VHUi GLVSHQVDGD D H[LJrQFLD GH iUHD
SDUDHTXLSDPHQWRFRPXQLWiULR
3DUiJUDIR ~QLFR  6HUi H[LJLGR SHOR PHQRV  TXLQ]H SRU FHQWR GH VXD iUHD  ORWHiYHO SDUD
VLVWHPDYLiULRHiUHDYHUGHVHQGRDVVHJXUDGRXPSHUFHQWXDOPtQLPRFRQWtQXRGHFLQFRSRU
FHQWR SDUD iUHD YHUGH GHYHQGR VHUGLVWULEXtGRDRORQJRGDVYLDVFRPODUJXUDPtQLPDGHP
XPPHWURHFLQTHQWDFHQWtPHWURV
&$378/2,,
'26/27($0(1726
6(d2,
'265(48,6,7263$5$/27($5

$UW   $OpP GR DWHQGLPHQWR QR GLVSRVWR QR &DStWXOR DQWHULRU GHVWH 7tWXOR RV  /RWHDPHQWRV
GHYHUmR VDWLVID]HUDVGLVSRVLo}HVGHVWD6HomR

$UW   4XDOTXHU SURMHWR GH ORWHDPHQWR HP JOHEDV ORFDOL]DGDV QD iUHD XUEDQD RX GH H[SDQVmR
XUEDQDGHYHUiHVWDUDUWLFXODGRjHVWUXWXUDXUEDQDH[LVWHQWHRXSURMHWDGDSUHYHQGRDVFRQH[}HVFRP
RVVLVWHPDVYLiULRVHRVVHUYLoRVS~EOLFRVH[LVWHQWHVRXSURMHWDGRV

3DUiJUDIR ~QLFR  4XDQGR KRXYHU GLUHWUL]HV SDUD R VLVWHPD YLiULR TXH LQWHUFHSWH WRWDO RX
SDUFLDOPHQWH D  JOHED D VHU ORWHDGD GHYHUmR VHU PDQWLGDV DV GLPHQV}HV SUHYLVWDV QDV PHVPDV
GHILQLGDVSHORVyUJmRVVPXQLFLSDOLVFRPSHWHQWHV
$UW   $V YLDV GH DFHVVR GH YHtFXORV H SDVVHLRV GH SHGHVWUHV REHGHFHUmR RV VHJXLQWHV
SDUkPHWURV
D $V YLDV GH DWp P FHP PHWURV GH FRPSULPHQWR LQFOXVLYH GHYHUmR WHU P RLWR
PHWURVGHODUJXUDVHQGRPFLQFRPHWURVSDUDSLVWDGHURODPHQWRHPXPPHWURH


35()(,785$'$&,'$'('(0$&(,

6(&5(7$5,$081,&,3$/'(&21752/(85%$12

E
F
G
H

FLQTHQWDFHQWtPHWURVGHSDVVHLRGHFDGDODGRQRVFDVRVRQGHKRXYHUKDELWDomRDSHQDVGHXP
ODGR
$V YLDV GH DWp P GX]HQWRV PHWURV GH FRPSULPHQWR LQFOXVLYH  GHYHUmR WHU  P
GH] PHWURV  GH ODUJXUD VHQGR P VHLV PHWURV SDUD SLVWD GH URODPHQWR H P GRLV
PHWURVGHSDVVHLRGHFDGDODGR
$VYLDVGHDWpPTXDWURFHQWRVPHWURVGHFRPSULPHQWRLQFOXVLYHGHYHUmRWHUP
GR]H PHWURV GH ODUJXUD VHQGR P VHWH PHWURV SDUD SLVWD GH URODPHQWR H P GRLV
PHWURVHFLQTHQWDFHQWtPHWURVGHSDVVHLRGHFDGDODGR
$V YLDV GH DWp P VHLVFHQWRV PHWURV GH FRPSULPHQWR LQFOXVLYH GHYHUmR WHU P
GH]HVVHLVPHWURVGHODUJXUDVHQGRPGH]PHWURVSDUDSLVWDGH URODPHQWRHPWUrV
PHWURVGHSDVVHLRGHFDGDODGR
$V YLDV DFLPD GH P VHLVFHQWRV PHWURV GH FRPSULPHQWR GHYHUmR WHU P GH]RLWR
PHWURVGHODUJXUDVHQGRPGR]HPHWURVSDUDSLVWDGHURODPHQWRHPWUrVPHWURV
GHSDVVHLRGHFDGDODGR

 R  +DYHQGR SURORQJDPHQWR R WUHFKR SURORQJDGR GHYHUi WHU D ODUJXUD FRUUHVSRQGHQWH DR

FRPSULPHQWRWRWDOGHFRUUHQWHGDVRPDGDH[WHQVmRGDYLDH[LVWHQWHHGHVHXSURORQJDPHQWR

R  ,QH[LVWLQGRLQWHUHVVHGD300QDDPSOLDomRGDODUJXUDGD YLDGHFRUUHQWHGDDSOLFDomRGR

GHVWHDUWLJRRSURORQJDPHQWRGHYHUiDWHQGHUDPDLRUH[LJrQFLDHQWUHDODUJXUDGDYLDSURORQJDGD
RXDPDQXWHQomRGDVGLPHQV}HVGDYLDH[LVWHQWH
 R  4XDQGR GR DODUJDPHQWR GHYLDVGHGLPHQV}HVGLIHUHQWHVRkQJXORLQWHUQRGHGHIOH[mRGR
DOLQKDPHQWRGRVERUGRVGHYHUiVHUGHRGX]HQWRVHGH]JUDXV

$UW 2VORWHVWHUmRVXDViUHDVPtQLPDVGHILQLGDVQR$QH[R, 4XDGURGH8VRVH3DUkPHWURV

&RQVWUXWLYRVGHVWD/HL
3DUiJUDIR ~QLFR  4XDQGR UHFRQKHFLGR SHORV yUJmRV S~EOLFRV FRPSHWHQWHV D 300 SRGHUi QRV
FDVRVGHLQWHUHVVHVRFLDOHPTXHRORWHDPHQWRVHGHVWLQDUjXUEDQL]DomRHVSHFtILFDRXjHGLILFDomR
GHFRQMXQWRVKDELWDFLRQDLVUHJXODUL]DUDH[LVWrQFLDGHORWHVRXWHUUHQRVFRPiUHDPtQLPDLQIHULRUj
HVWDEHOHFLGDSHOD/HL)HGHUDO
$UW   'HYHP VHU REHGHFLGDV DV H[LJrQFLDV GD OHJLVODomR HVSHFtILFD QR WRFDQWH D
REULJDWRULHGDGHGHUHVHUYDGHXPDIDL[DQRQDHGLILFDQGLQRVFDVRVUHODFLRQDGRVDVHJXLU

D DR ORQJR GH iJXDV FRUUHQWHV H GRUPHQWH p REULJDWyULR D UHVHUYD HP FDGD ODGR D SDUWLU GD
PDUJHPFRPODUJXUDPtQLPDGHPTXLQ]HPHWURV
E DR ORQJR GDV IDL[DV GH GRPtQLR S~EOLFR GDV URGRYLDV IHUURYLDV H GXWRV  QmR SRGHQGR WHU D
PHVPD HP TXDOTXHU FDVR PHQRV TXH P TXLQ]H PHWURV GH ODUJXUD GH FDGD ODGR GDV
IDL[DVGHGRPtQLR
F DR ORQJR GDV UHGHV GH HQHUJLD HOpWULFD DV IDL[DV GH VHJXUDQoD VHUmR DGRWDGDV SHOD HPSUHVD
FRQFHVVLRQiULD
G DR ORQJR GH FDQDLV p REULJDWyULD D UHVHUYD HP FDGD ODGR D SDUWLU GH VXD PDUJHP HQWUH R
PtQLPRGHPFLQFRPHWURVGHODUJXUD
3DUiJUDIR~QLFR 'HYHUmRVHUREHGHFLGDVPDLRUHVH[LJrQFLDVGHOHJLVODomRHVSHFtILFD

$UW  1RVORWHDPHQWRVpREULJDWyULDDWUDQVIHUrQFLDDR0XQLFtSLRGHQRPtQLPRWULQWDH

FLQFR SRU FHQWR GD VXSHUItFLH ORWHiYHO GD JOHED SDUD LQVWDODomR GH HTXLSDPHQWRV XUEDQRV H
FRPXQLWiULRV VLVWHPD GH FLUFXODomR H HVSDoRV OLYUHV GH XVR S~EOLFR VDOYR RQGH R  &KHIH GR
([HFXWLYR 0XQLFLSDO UHFRQKHoD LQWHUHVVH VRFLDO H HVWDEHOHoD R SHUFHQWXDO DGHTXDGR DR SURMHWR
IXQGDPHQWDGRHPSDUHFHUWpFQLFR

   2V SURMHWRV GH ORWHDPHQWR VHUmR HODERUDGRV H H[HFXWDGRV GH IRUPD TXH RV ORJUDGRXURV
S~EOLFRV WHQKDP D ORFDOL]DomR  PDLV DGHTXDGD ILFDQGR HVWDEHOHFLGR TXH GRV  WULQWD H FLQFR


35()(,785$'$&,'$'('(0$&(,

6(&5(7$5,$081,&,3$/'(&21752/(85%$12
SRU FHQWR GD VXSHUItFLH ORWHiYHO  YLQWH SRU FHQWR VHUmR GHVWLQDGRV DR VLVWHPD YLiULR 
FLQFR SRU FHQWR VHUmR GHVWLQDGRV D HTXLSDPHQWRV FRPXQLWiULRV H  GH] SRU FHQWR jV iUHDV
YHUGHV
   'R SHUFHQWXDO GHVWLQDGR jV iUHDV YHUGHV  FLQTHQWD SRU FHQWR SRGHUmR VHU GLYLGLGRV
HP DWp  GXDV iUHDV VHQGR TXH D PHQRU GHYHUi WHU QR PtQLPR  H RV  FLQTHQWD SRU
FHQWRUHVWDQWHVSRGHUmRVHUGLVSRVWRVDRORQJRGDVYLDVFRPODUJXUDPtQLPDGHPXPPHWURH
FLQTHQWDFHQWtPHWURVVHPDOWHUDomRGRVSDUkPHWURVGHILQLGRVQHVWD/HL
   1mR VHUmR DFHLWDV QR FiOFXOR GR SHUFHQWXDO GH WHUUHQRV D VHUHP WUDQVIHULGRV DV iUHDV
SUHYLVWDVQHVWD/HL
 6HUmRFRQVLGHUDGRVHTXLSDPHQWRVS~EOLFRVHFRPXQLWiULRVDTXHOHVTXHVHMDPHGLILFDGRVSDUD
R DWHQGLPHQWR jV GLYHUVDV GHPDQGDV GH FDUiWHU VRFLDO GD SRSXODomR WDLV FRPR HVFRODV FUHFKHV
FHQWURVVRFLDLVSRVWRVGHVD~GHPDWHUQLGDGHVPHUFDGRVHRXWURVGHVGHTXHS~EOLFRV

 $ViUHDVYHUGHVYLDVS~EOLFDVHDTXHODVGHVWLQDGDVDHTXLSDPHQWRVS~EOLFRVHFRPXQLWiULRV
VmR FRQVLGHUDGDV LQDOLHQiYHLV SRGHQGR QR HQWDQWR VHUHP REMHWRV GH FRQYrQLRV HRX FRPRGDWRV
HQWUHPXQLFtSLRHHPSUHVDVDVVRFLDo}HVRXLQVWLWXLo}HVSULYDGDVGHVGHTXHFHOHEUDGRVYLVDQGRVXD
SUHVHUYDomR RX XWLOL]DomR SDUD ILQV GH SURMHWRV HRX LQVWDODomR GH HTXLSDPHQWRV TXH VHMDP GH
LQWHUHVVHS~EOLFRHDSURYDGRVSHOD&kPDUD0XQLFLSDO

$UW $DSURYDomRGRSURMHWRGHORWHDPHQWRFRQGLFLRQDUiDRORWHDGRUDH[HFXomRGRVVHJXLQWHV
VHUYLoRV

D ORFDomRGHWRGDVDVTXDGUDVHWRGRVRVORWHV
E DEHUWXUD GDV YLDV S~EOLFDV H GDV iUHDV SDLVDJtVWLFDV LQFOXVLYH FRP UHWLUDGD GDV HGLILFDo}HV
SRUYHQWXUDH[LVWHQWHV
F WHUUDSOHQDJHP
G UHGHGHGUHQDJHPGHiJXDVSOXYLDLVVXSHUILFLDLVLQFOXVLYHPHLRILRVHVDUMHWDV
H FRORFDomRGHKLGUDQWHVFRQIRUPHH[LJrQFLDGR&RUSRGH%RPEHLURV
I UHGH VXEWHUUkQHD GH HVFRDPHQWR GH iJXDV SOXYLDLV TXDQGR H[LJLGD SHOR yUJmR FRPSHWHQWH GD
300
J UHGH GH DEDVWHFLPHQWR GH iJXD SRWiYHO REVHUYDGDV DV QRUPDV GR yUJmR FRQFHVVLRQiULR GHVWH
VHUYLoR
K UHGHGHHVJRWRVDQLWiULRRXVROXomRLQGLYLGXDOREVHUYDGDVDVQRUPDVGRyUJmRFRQFHVVLRQiULR
GHVWHVHUYLoR
L UHGHGHHQHUJLDHOpWULFDREVHUYDGDVDVQRUPDVGRyUJmRFRQFHVVLRQiULRGHVWHVHUYLoR
M DUERUL]DomRGRVFDQWHLURVSUHYLVWRVQHVWD/HLREVHUYDGDVDVGHWHUPLQDo}HVGRyUJmRPXQLFLSDO
FRPSHWHQWH
$UW   2V PHLRILRV GHYHUmR VHU GH SHGUD UHVLVWHQWH RX GH FRQFUHWR GHYHQGR DWHQGHU DRV
VHJXLQWHVUHTXLVLWRV
D FRPSULPHQWR  PtQLPR  GH  P  FLQTHQWD  FHQWtPHWURV  DOWXUD  PtQLPD  GH  P
TXDUHQWDFHQWtPHWURVHHVSHVVXUDQDIDFHVXSHULRUGHPGR]HFHQWtPHWURV
E D IDFH H[WHUQD DWp XPD DOWXUD P YLQWH FHQWtPHWURV  D VXSHULRU H D GR SLFmR  VHUHP
UHJXODUPHQWHDSODLQDGDVVHPDIRUPDomRGHTXDOTXHUH[WUHPLGDGHVRXVDOLrQFLDDJXGDV
F D IDFH H[WHUQD DSUXPDGD H SDUDOHOD DR DOLQKDPHQWR S~EOLFR VHJXLQGR R JUHLGH DSURYDGR SDUD
HVWHHDIDFHVXSHULRUFRPRVXWDPHQWRGHGRLVSRUFHQWR
G MXQWDQRVWRSRVIRUPDGDVFRPDUJDPDVVDGHFLPHQWRHDUHLDQRWUDoRGH
H QRVFUX]DPHQWRVGDVYLDVS~EOLFDVRUDLRGHFXUYDWXUDKRUL]RQWDOVHUiGHPRLWRPHWURV
LQFOXLQGRRSDVVHLRS~EOLFR

3DUiJUDIR~QLFR 'HYHUiKDYHURUHEDL[DPHQWRGRPHLRILRSDUDH[HFXomRGHUDPSDVTXHDWHQGD
D SHVVRDV FRP QHFHVVLGDGHV HVSHFLDLV GLVWDQGR P FLQFR PHWURV GR FUX]DPHQWR GH UXDV
GHYHQGRVXDFRQVWUXomRDWHQGHUDVGHWHUPLQDo}HVGD$%17


35()(,785$'$&,'$'('(0$&(,

6(&5(7$5,$081,&,3$/'(&21752/(85%$12
$UW  $VYLDVORFDLVVHPVDtGDGHYHUmRGLVSRUGHFXOGHVDFTXHSHUPLWDDLQVFULomRGHXP
FtUFXORGHUDLRPtQLPRLJXDODPQRYHPHWURV
$UW   $ H[HFXomR GDV REUDV GH TXH WUDWD R DUWLJR DQWHULRU GHYH VHU JDUDQWLGD SHOR GHSyVLWR
FRQILDGRDRPXQLFtSLRGRYDORUDHODVFRUUHVSRQGHQWHVGDVHJXLQWHIRUPD
,
,,
,,,

HPGLQKHLUR
SRUILDQoDEDQFiULD
SRUFDXFLRQDPHQWRGHORWHVLQWHJUDQWHVGRPHVPRORWHDPHQWR

 2GHSyVLWRSUHYLVWRQRFDSXW GHVWHDUWLJRSRGHVHUOLEHUDGRWRWDORXSDUFLDOPHQWHSHOR&KHIH

GR([HFXWLYR0XQLFLSDODWUDYpVGR7HUPRGH'HVFDXFLRQDPHQWRjPHGLGDTXHDVREUDVGHLQIUD
HVWUXWXUD GR ORWHDPHQWR VHMDP H[HFXWDGDV H UHFHELGDV SHODV FRQFHVVLRQiULDV FRPSHWHQWHV H
0XQLFtSLR
   1mR VHUi SHUPLWLGR D WUDQVIHUrQFLD GH FDXFLRQDPHQWR GH ORWHV SHUWHQFHQWHV D RXWUR
ORWHDPHQWRVHQmRGDTXHOHREMHWRGDDSURYDomRSHOD300

 23RGHU([HFXWLYR0XQLFLSDODWUDYpVGHVHXyUJmRFRPSHWHQWHGHYHUiLPHGLDWDPHQWHDSyVR
DWRGHDSURYDomRGHXPORWHDPHQWRGLYXOJDUQR'LiULR0XQLFLSDOGR0XQLFtSLR '20R7HUPR
GH &DXFLRQDPHQWR EHP FRPR R YDORU FRUUHVSRQGHQWH D FDGD XP GRV ORWHV FDXFLRQDGRV GHYHQGR
LJXDOPHQWH LQIRUPDU DWUDYpV GR '20 R GHVFDXFLRQDPHQWR TXDQGR DWHQGLGDV SHOR ORWHDGRU WRGDV
DVH[LJrQFLDVSDUDLPSODQWDomRGRORWHDPHQWR

68%6(d2,
'26&5,7e5,26'(,03/$17$d2'(/27($0(172

$UW 2SURMHWRFRPSOHWRGHORWHDPHQWRGHYHUiFRQWHU

D DQiOLVHSUpYLD
E SDUWLGRXUEDQtVWLFRFRPTXDGURGHiUHDVHFRRUGHQDGDV
D SODQWDGHVLWXDomRHORFDOL]DomRGDJOHEDFRPVXDVGLPHQV}HVOLQHDUHVHDQJXODUHVOLPLWHViUHD
HQRUWHPDJQpWLFR
F PHPRULDOGHVFULWLYR
G SURMHWRGHGUHQDJHPHWHUUDSODQDJHPFRQWHQGRSURMHWRGHJXLDVHVDUMHWDV
H SURMHWRGHDEDVWHFLPHQWRGiJXDGHYLGDPHQWHDSURYDGRSHORyUJmRFRQFHVVLRQiULR
I SURMHWRGHDEDVWHFLPHQWRGHHQHUJLDHOpWULFDGHYLGDPHQWHDSURYDGRSHORyUJmRFRQFHVVLRQiULR
J SURMHWRGHVHJXUDQoDFRQWUDLQFrQGLRFRPODXGRGHH[LJrQFLDVGR&RUSRGH%RPEHLURV
K SURMHWR GH DUERUL]DomR GH ORJUDGRXURV REVHUYDGDV DV GHWHUPLQDo}HV GR yUJmR PXQLFLSDO
FRPSHWHQWH
$UW 2ULHQWDGRSHORWUDoDGRHGLUHWUL]HVRILFLDLVTXDQGRKRXYHURSDUWLGRXUEDQtVWLFRGHYHUi
DSUHVHQWDUSHORPHQRV

D RVLVWHPDGHYLDVFRPVXDVGHQRPLQDo}HVHUHVSHFWLYDKLHUDUTXLD
E DVXEGLYLVmRGDVTXDGUDVHPORWHVFRPDVUHVSHFWLYDVGLPHQV}HVHQXPHUDomR
F DV GLPHQV}HV OLQHDUHV H DQJXODUHV GR SURMHWR FRP UDLR FRUGDV DUFRV SRQWRV GH WDQJrQFLD H
kQJXORVFHQWUDLVGDVYLDV
G RVSHUILVORQJLWXGLQDLVHWUDQVYHUVDLVGHWRGDVDVYLDVGHFLUFXODomRHSUDoDV


35()(,785$'$&,'$'('(0$&(,

6(&5(7$5,$081,&,3$/'(&21752/(85%$12
H DLQGLFDomRGRVPDUFRVGHDOLQKDPHQWRHQLYHODPHQWRORFDOL]DGRVQRVkQJXORVGHFXUYDVHYLDV
SURMHWDGDV
I DLQGLFDomRHPSODQWDHSHUILVGHWRGDVDVOLQKDVGHHVFRDPHQWRGDViJXDVSOXYLDLV
J HQXPHUDomR GDV iUHDV YHUGHV HTXLSDPHQWR FRPXQLWiULR H GH HTXLSDPHQWR XUEDQR TXDQGR
KRXYHU
K TXDGURGHXVRGRVRORFRPRV SHUFHQWXDLVUHIHUHQWHVDFDGDXVR
L LQGLFDomRGRQRUWHPDJQpWLFR
3DUiJUDIR ~QLFR  4XDQGR GD VXEGLYLVmR GDV TXDGUDV HP ORWHV GHYHUi VHU DFUHVFLGR  P WUrV
PHWURV
D DRVORWHVGHHVTXLQDQDVXDPHQRUWHVWDGD
E DRVORWHVFRPGXDVIUHQWHVHPVHXFRPSULPHQWRHQWUHVXDVWHVWDGDV

$UW 2PHPRULDOGHVFULWLYRGHYHUiFRQWHUREULJDWRULDPHQWHSHORPHQRV

H D GHVFULomR VXFLQWD GR ORWHDPHQWR FRP DV VXDV FDUDFWHUtVWLFDV ORFDOL]DomR iUHD GD JOHED
GLPHQV}HVOLQHDUHVDQJXODUHVHDIL[DomRGD]RQDRX]RQDVGHXVRSUHGRPLQDQWH
I DV FRQGLo}HV XUEDQtVWLFDV GR ORWHDPHQWR H DV OLPLWDo}HV TXH LQFLGHP VREUH RV ORWHV H DV VXDV
FRQVWUXo}HVDOpPGDTXHODVFRQVWDQWHVGDVGLUHWUL]HVIL[DGDV
J D GHVFULomR GDV iUHDV S~EOLFDV FRP VXD ORFDOL]DomRXVRiUHDUHVSHFWLYDOLPLWHVHGLPHQV}HV
DQJXODUHVHOLQHDUHVTXHSDVVDUmRDRGRPtQLRGR0XQLFtSLRQRDWRGRUHJLVWURGRORWHDPHQWR
K DHQXPHUDomRGRVHTXLSDPHQWRVXUEDQRVFRPXQLWiULRVHGRVVHUYLoRVS~EOLFRVRXGHXWLOLGDGH
S~EOLFDMiH[LVWHQWHVQRORWHDPHQWRHDGMDFrQFLDV
$UW   $ OLEHUDomR GR $OYDUi GH 3DUFHODPHQWR VRE IRUPD GH /RWHDPHQWR VHUi SUHFHGLGD GH
'HFUHWR GH $SURYDomR GR /RWHDPHQWR H[SHGLGR SHOR &KHIH GR ([HFXWLYR 0XQLFLSDO GR TXDO
GHYHUmRFRQVWDURVVHJXLQWHVHOHPHQWRV
D
E
F
G
H
I

GHQRPLQDomRGRORWHDPHQWR
]RQHDPHQWRGRXVRGRWHUUHQRORWHDGR
VHUYLoRVFXMDH[HFXomRpFRQVLGHUDGDREULJDWyULD
iUHDVTXHSDVVDUmRDFRQVWLWXLUEHQVGHGRPtQLRS~EOLFRVHP{QXVSDUDR0XQLFtSLR
SUD]RSDUDH[HFXomRGDXUEDQL]DomRGRWHUUHQR
FRQGLo}HVHVSHFLDLVTXHIRUHPFRQVLGHUDGDVQHFHVViULDVjXUEDQL]DomRGRWHUUHQR

$UW   $ DSURYDomR GR SURMHWR GH /RWHDPHQWR H R 7HUPR GH &DXFLRQDPHQWR H ,QVWUXPHQWR
3DUWLFXODU GH *DUDQWLD GH ([HFXomR GH 2EUDV GH ,QIUDHVWUXWXUD 8UEDQD VmR SUpUHTXLVLWRV SDUD
H[SHGLomRGR'HFUHWRGH$SURYDomRGR/RWHDPHQWR

$UW   1R 7HUPR GH &DXFLRQDPHQWR H ,QVWUXPHQWR 3DUWLFXODU GH *DUDQWLD GH ([HFXomR GH
2EUDVGH,QIUDHVWUXWXUD8UEDQDHVWDUmRIL[DGDVDVVHJXLQWHVREULJDo}HV

D H[HFXomR GD XUEDQL]DomR GR WHUUHQR HP REHGLrQFLD LUUHVWULWD DR SODQR GH ORWHDPHQWR H DRV
SURMHWRVHVSHFtILFRVDSURYDGRVSHODVHQWLGDGHVFRPSHWHQWHV
E WUDQVIHUrQFLD DR GRPtQLR S~EOLFR VHP {QXV GH TXDOTXHU HVSpFLH SDUD R 0XQLFtSLR PHGLDQWH
UHJLVWURS~EOLFRQR&DUWyULRGH,PyYHLVGDViUHDVSUHYLVWDVQHVWD/HL
F H[HFXomR FRP  UHFXUVRV SUySULRV HP REVHUYkQFLD DR SUD]R IL[DGR SHOD 300 DV REUDV
FRQVLGHUDGDV REULJDWyULDV H DV TXH DGLFLRQDOPHQWH YHQKDP D VHU H[LJLGDV SHORV yUJmRV
FRPSHWHQWHV
G DSUHVHQWDomRGRWHUPRGHGHSyVLWRILDQoDEDQFiULDRX7HUPRGH&DXFLRQDPHQWRH,QVWUXPHQWR
3DUWLFXODUGH*DUDQWLDGH([HFXomRGH2EUDVGH,QIUDHVWUXWXUD8UEDQDGRVORWHVTXHJDUDQWDP
DVREUDVREULJDWyULDV
$UW   $SyV D FRQFOXVmR GRV VHUYLoRV GH LQIUDHVWUXWXUD R UHTXHUHQWH VROLFLWDUi R 7HUPR GH
9HULILFDomRGH([HFXomRGH2EUDVHVHUYLoRVGH,QIUD(VWUXWXUD8UEDQDGR/RWHDPHQWR


35()(,785$'$&,'$'('(0$&(,

6(&5(7$5,$081,&,3$/'(&21752/(85%$12

$UW   4XDQGR GD VROLFLWDomR GR 7HUPR GH 9HULILFDomR GR /RWHDPHQWR GHYHUmR VHU
DSUHVHQWDGRV GRFXPHQWRV FRPSUREDWyULRV UHODWLYRV j FRQFOXVmR GH WRGRV RV VHUYLoRV H REUDV
FRPSOHPHQWDUHVGHLQIUDHVWUXWXUD
3DUiJUDIR~QLFR 2VGRFXPHQWRVFLWDGRVQRFDSXW GHVWHDUWLJRVHUmRDUTXLYDGRVMXQWDPHQWHFRP
RSDUWLGRXUEDQtVWLFRGRORWHDPHQWRQRVHWRUFRPSHWHQWHGRyUJmRPXQLFLSDOGHFRQWUROHXUEDQR
DWXDO60&&8
68%6(d2,,
'265(48,6,7263$5$,03/$17$d2'(&21'201,2

$UW   (QWHQGHVH SRU &RQGRPtQLR  XP FRQMXQWR GH HGLILFDo}HV GLVWULEXtGDV QR WHUUHQR
GLVSRQGR GH HVSDoRV GH XVR FRPXP GHYHQGR D FDGD XPD GH VXDV XQLGDGHV DXW{QRPDV
FRUUHVSRQGHUDXPDIUDomRLGHDOGRWHUUHQR
$UW 2V&RQGRPtQLRVSRGHUmRVHFRQVWLWXLU

D HPWHUUHQRVFRPFDUDFWHUtVWLFDVGHFRQILQDPHQWRSRUREVWiFXORVItVLFRV
E HP  iUHD TXH FRUUHVSRQGD DWp XPD TXDGUD UHVXOWDQWH GH ORWHDPHQWR DSURYDGR SHOD
PXQLFLSDOLGDGH

$UW $LPSODQWDomRGHFRQGRPtQLRSUHYLVWDQDDOtQHDDGHVWD/HLGHYHDWHQGHUDVVHJXLQWHV
FRQGLo}HV

D QmR LQWHUURPSHU DV GLUHWUL]HV SDUD D FRQWLQXLGDGH GR VLVWHPD YLiULR S~EOLFR H[LVWHQWH RX
SURMHWDGR
E QmRLQWHUURPSHUQDJOHEDDVHUSDUFHODGDDSDVVDJHPGRS~EOLFRSDUDDVSUDLDVODJRDVHRXWURV
XVRVS~EOLFRV
$UW eREULJDWyULDDWUDQVIHUrQFLDDR0XQLFtSLRGHTXLQ]HSRUFHQWRGDiUHDXWLOL]DGD
SDUDLPSODQWDomRGR&RQGRPtQLRREHGHFHQGRDRVVHJXLQWHVSDUkPHWURV
D
E

GH]SRUFHQWRGHVWLQDGRjiUHDYHUGH

FLQFRSRUFHQWRGHVWLQDGRjHTXLSDPHQWRVFRPXQLWiULRV

 'RSHUFHQWXDOGHVWLQDGRSDUDiUHDYHUGHFLQTHQWDSRUFHQWRSRGHUiORFDOL]DUVHQD

SDUWH LQWHUQD GR &RQGRPtQLR ILFDQGR REULJDWRULDPHQWH QD SDUWH H[WHUQD GR PHVPR RV 
FLQTHQWDSRUFHQWRUHVWDQWHUHODWLYRjiUHD YHUGHHRHTXLSDPHQWRFRPXQLWiULR
 $iUHDYHUGHGHYHUiVHUHQWUHJXHXUEDQL]DGD

$UW 1RFDVRGHLPSODQWDomRGH&RQGRPtQLRHPJOHEDFRQILQDGDFRPiUHDLJXDORXLQIHULRUD
KD XP KHFWDUH VHUi GLVSHQVDGD D H[LJrQFLD GH iUHD S~EOLFD GHVGH TXH REHGHFLGD D 7D[D GH
2FXSDomR 72  Pi[LPD HVWDEHOHFLGD QR $QH[R ,  4XDGUR GH 8VRV H 3DUkPHWURV &RQVWUXWLYRV
GHVWD/HL
$UW $VYLDVGHDFHVVRGHYHtFXORVHGHSHGHVWUHVHPJOHEDVFRPiUHDLJXDORXLQIHULRUDKD
XPKHFWDUHREHGHFHUmRRVVHJXLQWHVSDUkPHWURV

D ODUJXUD PtQLPD GH P WUrV PHWURV H FLQTHQWD FHQWtPHWURV SDUD IOX[R HP XP QLFR
VHQWLGR
E ODUJXUDPtQLPDGHPFLQFRPHWURVHFLQTHQWDFHQWtPHWURVSDUDIOX[RHPGRLVVHQWLGRV
F GHYHUi VHU JDUDQWLGR XP DFHVVR GH SHGHVWUHV LQGHSHQGHQWH FRP ODUJXUD PtQLPD P XP
PHWURHFLQTHQWDFHQWtPHWURV


35()(,785$'$&,'$'('(0$&(,

6(&5(7$5,$081,&,3$/'(&21752/(85%$12

$UW $VYLDVGHDFHVVRGHYHtFXORVHGHSHGHVWUHVHPJOHEDVFRPiUHDVXSHULRUDKDXP

KHFWDUHREHGHFHUmRRVFULWpULRVSUHYLVWRVQHVWD/HL
$UW   $ LPSODQWDomR GH &RQGRPtQLR SUHYLVWR QHVWD /HL GHYHP DWHQGHU DRV UHTXLVLWRV
HVWDEHOHFLGRV QR $QH[R ,  4XDGUR GH 8VRV H 3DUkPHWURV &RQVWUXWLYRV GHVWD /HL  GD =RQD RQGH
HVWLYHULQVHULGR
&$378/2,,,
'26'(60(0%5$0(1726('26'(6'2%526

$UW 2VWHUUHQRVRXORWHVWHUmRVXDViUHDVPtQLPDVGHILQLGDVQR$QH[R, 4XDGURGH8VRVH

3DUkPHWURV&RQVWUXWLYRVGHVWD/HLVDOYRQRVFDVRVGHLQWHUHVVHVRFLDOHPTXHRGHVPHPEUDPHQWR
RX GHVGREUR VH GHVWLQDU D XUEDQL]DomR HVSHFtILFD RX D HGLILFDomR GH FRQMXQWRV KDELWDFLRQDLV
SUHYLDPHQWHUHFRQKHFLGRHDSURYDGRSHORVyUJmRVS~EOLFRVFRPSHWHQWHVHDSURYDGRSHOR&KHIHGR
([HFXWLYR0XQLFLSDO
$UW 2SDUFHODPHQWRVREIRUPDGHGHVPHPEUDPHQWRVySRGHUiRFRUUHU

D HPJOHEDVLQIHULRUHVDKDXPKHFWDUH
E HPJOHEDVVXSHULRUHVDKD GRLVKHFWDUHVGHVGHTXHDVSDUWHVUHVXOWDQWHVVHMDPVXSHULRUHVD
KDXPKHFWDUH

$UW   $ 300 SRGHUi QR LQWHUHVVH VRFLDO UHJXODUL]DU DH[LVWrQFLDGHORWHVRXWHUUHQRVFRP

iUHDPtQLPDLQIHULRUjHVWDEHOHFLGDSHOD/HL)HGHUDOPHGLDQWHDSUHVHQWDomRGHWtWXORTXH
FRPSURYH D DTXLVLomR GD iUHD FRP GDWD DQWHULRU j SXEOLFDomR GD UHIHULGD /HL GHVGH TXH WDO
UHJXODUL]DomRQmRWHQKDILQVOXFUDWLYRV

778/29,
'263$50(7526'(2&83$d2'262/2('$6',6326,d(6&2167587,9$6
&$378/2,
'2$3529(,7$0(172'26/27(6

$UW $VHGLILFDo}HVQRVORWHVRXWHUUHQRVWHUmRVXDiUHDRFXSDGDFRPEDVHQDFRQVLGHUDomR
GRVVHJXLQWHVIDWRUHV

D &RHILFLHQWHGH$SURYHLWDPHQWR&$GRORWHRXWHUUHQRGHILQLGRSHODUHODomRHQWUHDVRPDGDV

iUHDVGHWRGRVRVSDYLPHQWRVGDFRQVWUXomRQHOHSHUPLVVtYHLVHDiUHDWRWDOGRORWH
E 7D[D GH 2FXSDomR 72 GR ORWH RX WHUUHQR GHILQLGR SHOD UHODomR HQWUH D iUHD GD SURMHomR
RUWRJRQDOGDFRQVWUXomRGRHGLItFLRHDiUHDGRORWH


35()(,785$'$&,'$'('(0$&(,

6(&5(7$5,$081,&,3$/'(&21752/(85%$12
F DIDVWDPHQWRV IURQWDO ODWHUDLV H IXQGR GHILQLGRV SHOD GLVWkQFLD GD HGLILFDomR D FDGD XPD GDV
GLYLVDVGRORWHRXWHUUHQRVHQGRRDIDVWDPHQWRIURQWDOPHGLGRDSDUWLUGRDOLQKDPHQWRH[LVWHQWH
RXSURMHWDGR
$UW   1mR VHUi FRPSXWDGR SDUD HIHLWR GH 7D[D GH 2FXSDomR 72 H &RHILFLHQWH GH
$SURYHLWDPHQWR&$
D RVSLODUHVDVSURMHo}HVGHMDUGLQHLUDVVDOLrQFLDVWROGRVEULVHVFDL[DVGHDUFRQGLFLRQDGR
YROXPHVFRQWHQGRDUPiULRVHPEXWLGRVHHOHPHQWRVGHFRUDWLYRV
E RSDYLPHQWRJDUDJHPTXDQGRXWLOL]DGRDSHQDVFRPRJDUDJHP

F R VXEVROR GDV HGLILFDo}HV TXH XWLOL]DUHP HVWHV HVSDoRV DSHQDV FRPR JDUDJHP FHQWUDLV
HOpWULFDV HRX GH DU UHIULJHUDGR GHSyVLWRV VXEHVWDomR FDVD GH JHUDGRU HVFDQLQKRV
UHVHUYDWyULRV
G iUHDVGHVWLQDGDVjFHQWUDOGH*/3

H iUHDVGHVWLQDGDVDRDFRQGLFLRQDPHQWRGHOL[R

   $V SURMHo}HV GH TXH WUDWDP D DOtQHD D OLPLWDUVHmR D DYDQoRV Pi[LPRV GH DWp P
RLWHQWDFHQWtPHWURVFRPH[FHomRGRVWROGRVTXHSRGHUmRFKHJDUDPXPPHWUR
 (PKLSyWHVHDOJXPDSRGHUiRHVSDoRSURMHWDGRVHUXWLOL]DGRLQWHUQDPHQWH

$UW   1mR VHUi FRPSXWDGR SDUD HIHLWR GH &RHILFLHQWH GH $SURYHLWDPHQWR &$  FDVD GH
PiTXLQD FDL[D GiJXD FHQWUDLV GH DU UHIULJHUDGR HVFDGD RX TXDOTXHU FRPSDUWLPHQWR RX
HTXLSDPHQWR GH XVR FRPXP GHVGH TXH ORFDOL]DGDV DFLPD GR SDYLPHQWR FREHUWXUD VREUH DV
SURMHo}HV GRV SRoRV GH HOHYDGRUHV KDOOV GH DFHVVR H FDL[D GH HVFDGD DVVLP FRPR DV iUHDV GH
YDUDQGDVDEHUWDV
$UW 1mRVHUiFRPSXWDGRSDUDHIHLWRGH7D[DGH2FXSDomR72
D SHUJRODGRV
E FDL[DVGHHVFDGDVHHOHYDGRUHV

$UW 1mR VHUiFRPSXWDGRSDUDHIHLWRGHDIDVWDPHQWRV

D 3DYLPHQWRJDUDJHPTXDQGRXWLOL]DGRDSHQDVSDUDJDUDJHPHHVSDoRVGHILQLGRV
E 2VXEVRORTXDQGRXWLOL]DGRDSHQDVSDUDJDUDJHPHHVSDoRVGHILQLGRV

F 3LORWLVTXDQGRVXDiUHDGHFRQVWUXomRQmRXOWUDSDVVDUDTXDUHQWDSRUFHQWRGDiUHD

GHSURMHomRGDOkPLQDGRSUpGLR

3DUiJUDIR QLFR  6HUi FRQVLGHUDGR VXEVROR R SDYLPHQWR FXMD ODMH GH FREHUWXUD  QmR XOWUDSDVVH
P XP PHWUR H RLWHQWD FHQWtPHWURV HP UHODomR DR QtYHO GR PHLRILR SRGHQGR VHU XWLOL]DGR
FHPSRUFHQWRGRWHUUHQR
&$378/2,,
'$&/$66,),&$d2(&2',),&$d2'2862'262/2
6(d2,
'28625(6,'(1&,$/

$UW 8VRGHVWLQDGRDPRUDGLDGHFDUiWHUSHUPDQHQWHSRGHQGRVHUXQLIDPLOLDUPXOWLIDPLOLDU
RXFROHWLYRGHDFRUGRFRPDFODVVLILFDomRDEDL[R


35()(,785$'$&,'$'('(0$&(,

6(&5(7$5,$081,&,3$/'(&21752/(85%$12

D 8VR 5HVLGHQFLDO  85  TXDQGR QD JOHED RX QR ORWH IRU LPSODQWDGD DSHQDV  XPD
XQLGDGHUHVLGHQFLDO
E 8VR 5HVLGHQFLDO  85  TXDQGR QD JOHED RX QR ORWH IRUHP LPSODQWDGRV GXDVRXPDLV
XQLGDGHVUHVLGHQFLDLVGHXVR85HRX85
F 8VR5HVLGHQFLDO85 TXDQGRQDJOHEDRXQRORWHIRULPSODQWDGRFRQMXQWRKDELWDFLRQDO
G 8VR5HVLGHQFLDO85 TXDQGRQDJOHEDRXQRORWHIRULPSODQWDGRXQLGDGHGHXVRFROHWLYR
GHVWLQDGDDSHQVLRQDWRVPRUDGLDVGHUHOLJLRVRVRXHVWXGDQWHVRUIDQDWRVDVLORVRXVLPLODUHV
H 8VR 5HVLGHQFLDO  85  TXDQGR QD JOHED RX QR ORWH IRU LPSODQWDGR  XPD HGLILFDomR
PXOWLIDPLOLDUFRPWUrVRXPDLVSDYLPHQWRV
6(d2,,
'2862&20(5&,$/('(6(59,d2

$UW 8VRGHVWLQDGRjFRPHUFLDOL]DomRGHPHUFDGRULDV RXSUHVWDomRGHVHUYLoRVjSRSXODomRH

GH DSRLR jV DWLYLGDGHV FRPHUFLDLV H LQGXVWULDLV DJUXSDGR GH DFRUGR FRP R $QH[R ,, 7DEHOD GH
&ODVVLILFDomRGRV8VRVGHVWD/HL
6(d2,,,
'28620,672

$UW $TXHOHTXHUH~QHHPXPDPHVPDHGLILFDomRRXQXPFRQMXQWRLQWHJUDGRGHHGLILFDo}HV
QXPPHVPRORWHGXDVRXPDLVFDWHJRULDVGHXVR
6(d2,9
'2 862,1'8675,$/

$UW   8VR GHVWLQDGR j H[WUDomR EHQHILFLDPHQWR GHVGREUDPHQWR WUDQVIRUPDomRPDQXIDWXUD

PRQWDJHP PDQXWHQomRRXJXDUGDGHPDWpULDVSULPDVRXPHUFDGRULDVGHRULJHPPLQHUDOYHJHWDO
RXDQLPDODJUXSDGRGHDFRUGRFRPR$QH[R,, 7DEHODGH&ODVVLILFDomRGRV8VRVGHVWD/HL
6(d29
'2862,167,78&,21$/

$UW   &RPSUHHQGHP HGLILFDo}HV LQVWDODo}HV H HTXLSDPHQWRV JRYHUQDPHQWDLV GH TXDOTXHU

SRUWHGHVWLQDGRVjSUHVWDomRGHVHUYLoRVS~EOLFRV

6(d29,
'2862(63(&,$/

$UW 'HVWLQDGRDDWLYLGDGHVHVSHFtILFDVGRVVHJXLQWHVWLSRV
, 3UHVWDomRGH6HUYLoRGH6D~GH



35()(,785$'$&,'$'('(0$&(,

6(&5(7$5,$081,&,3$/'(&21752/(85%$12
D&OtQLFDVPpGLFDRGRQWROyJLFDUDGLROyJLFDRXGHUHFXSHUDomRItVLFDRXPHQWDOHYHWHULQiULD
E$PEXODWyULRV
F3URQWRVVRFRUURV
G3RVWRVGH6D~GHRX3XHULFXOWXUD
H+RVSLWDLVRX&DVDVGH6D~GH
I%DQFRVGH6DQJXHRX/DERUDWyULRVGH$QiOLVH
J&HQWURGH3HVTXLVD0pGLFRFLHQWtILFD
,, 3UHVWDomRGH6HUYLoRGH(GXFDomR

D&UHFKHVHVFRODVPDWHUQDLVRXSUpHVFRODV
E(QVLQR)XQGDPHQWDO0pGLRHRX7pFQLFRSURILVVLRQDOL]DQWH
F(QVLQR6XSHULRURX3yVJUDGXDomR
G&XUVRVOLYUHVRXSUHSDUDWyULRV
,,, 3UHVWDomRGH6HUYLoRGH+RVSHGDJHP

D+RWpLVKRWpLVUHVLGrQFLDVHPRWpLV
E3HQV}HVKRVSHGDULDVDOEHUJXHVHSRXVDGDV
,9 3UHVWDomRGH6HUYLoRV$XWRPRWLYRV

D(VWDFLRQDPHQWRRX(GLItFLRVJDUDJHP
E3RVWRVGHDEDVWHFLPHQWRODYDJHPHRXVHUYLoRV
F2ILFLQDVPHFkQLFDV
G9HQGDVGHDFHVVyULRVFRPVHUYLoRVGHVWLQDGRVjVXDLQVWDODomR
H&RQFHVVLRQiULDVGHYHtFXORV
I*DUDJHPGHFDPLQK}HVRX{QLEXV
J/DYDMDWR
9 3UHVWDomRGH6HUYLoR&XOWXUDO(VSRUWLYRHRXGH/D]HU
D&OXEHVHVSRUWLYRVRXUHFUHDWLYRV
E$FDGHPLDVGHQDWDomRJLQiVWLFDRXGDQoD
F5HFLQWRVSDUDFRPSHWLomR
G&LQHPDVDXGLWyULRVWHDWURVRXVDODVGHFRQFHUWRV
H6DO}HVGH)HVWDVRX'DQoDV
I*LQiVLRVRXHVWiGLRV
J5HFLQWRVSDUDH[SRVLo}HVRXOHLO}HV
K0XVHXV
L%RDWHVHGDQFHWHULDV
M&DVDVGH6KRZ
O%ULQTXHGRVPHFkQLFRVHHOHWU{QLFRV
P3DUTXHVGH'LYHUV}HV
9, $WLYLGDGHV5HOLJLRVDV
9,, 7HUPLQDLVGHFDUJDVHRXSDVVDJHLURV
9,,, 0DWDGRXURVHRXIULJRUtILFRV
,; &HPLWpULRVHFUHPDWyULRV

778/29,,
'$6(',),&$d(6



35()(,785$'$&,'$'('(0$&(,

6(&5(7$5,$081,&,3$/'(&21752/(85%$12

&$378/2,
'$6&21',d(6*(5$,65(/$7,9$66(',),&$d(6

$UW 7RGDHGLILFDomRGHYHUiREVHUYDUDVVHJXLQWHVFRQGLo}HV
D
E
F
G
H
I
J
K

VHUOLJDGDjUHGHGHHVJRWRRXSRVVXLUVLVWHPDGHHVJRWRLQGLYLGXDO
VHUSURYLGDGHLQVWDODomRGHiJXDOLJDGDDUHGHJHUDORXSRVVXLU VLVWHPDLQGLYLGXDO
VHUSURYLGDGHLQVWDODomRHOpWULFD
VHUHP DV SDUHGHV H[WHUQDV GH DOYHQDULD PDGHLUD RX RXWUR PDWHULDO FRQVWUXWLYR DGHTXDGR jV
FRQGLFLRQDQWHVH[WHUQDVGHYHQGRJDUDQWLUDHVWDELOLGDGHGDFRQVWUXomR
VHUGRWDGDGHSDVVHLRHPPDWHULDOUHVLVWHQWHDQWLGHUUDSDQWHHQmRLQWHUURPSLGRSRUGHJUDXVRX
PXGDQoDVDEUXSWDVGHQtYHOFXMDFRQVWUXomRUHFRQVWUXomRHFRQVHUYDomRpGDFRPSHWrQFLDGR
SURSULHWiULRGRORWHRXWHUUHQRHPWRGDDH[WHQVmRGDVXDWHVWDGDHPORJUDGRXURVSURYLGRVGH
PHLRILR
KDYHQGR PXURV RX FHUFDV QRV OLPLWHV GR ORWH RX WHUUHQR RV PHVPRV SRGHUmR  DWLQJLU DOWXUD
Pi[LPDGHPWUrVPHWURVFRQWDGRDSDUWLUGDFRWDGRPHLRILRVDOYRQRVFDVRVHPTXH
HVWD/HLSHUPLWLUFRQVWUXomRQRVOLPLWHVGRORWH
VHUGRWDGDGHFREHUWXUD GHPDWHULDOLPSHUPHiYHOHUHVLVWHQWHjDomRGRVDJHQWHVDWPRVIpULFRV
VHUSURYLGDGHQtYHLVGHLOXPLQDomRYHQWLODomRHDF~VWLFDDWHQGHQGRjVQRUPDVGD$%17 SDUD
WRGRVRVDPELHQWHVDTXHVHGHVWLQDPSUHVHUYDQGRDVVLPRFRQIRUWRDPELHQWDO

   $V HGLILFDo}HV VLWXDGDV HP iUHDV GHVSURYLGDV GH UHGHFROHWRUDS~EOLFDGHHVJRWRVGHYHUmR

VHU SURYLGDV GH LQVWDODo}HV GHVWLQDGDV DR DUPD]HQDPHQWR WUDWDPHQWR H GHVWLQDomR GH HVJRWR GH
DFRUGRFRPDVQRUPDVWpFQLFDVGD$%17

   4XDOTXHU HGLILFDomR GHYHUi VHU SURYLGD GH QR PtQLPR  XP UHVHUYDWyULR GH iJXD FRP
FDSDFLGDGH H LQVWDODo}HV TXH REHGHoDP  jV H[LJrQFLDV GD FRQFHVVLRQiULD GR VHUYLoR S~EOLFR
FRPSHWHQWH
   2V SDVVHLRV GHYHUmR DSUHVHQWDU GHFOLYLGDGH WUDQVYHUVDO GH  WUrV SRU FHQWR D SDUWLU GR
DOLQKDPHQWRGRORWHSDUDRPHLRILR

   8PD SDUWH GR SDVVHLR SRGHUi VHU DMDUGLQDGD SUHVHUYDGD XPD IDL[D GHVWLQDGD DR SHGHVWUH
FRP ODUJXUD PtQLPD GH P XP PHWUR H YLQWH FHQWtPHWURV JDUDQWLQGR R WUkQVLWR GH SHVVRDV
FRPQHFHVVLGDGHVHVSHFLDLV

   2V HTXLSDPHQWRV XUEDQRV DUERUL]Do}HV H UDPSDV GHYHP VLWXDUVH GH PDQHLUD WDO TXH
SUHVHUYHXPDIDL[DOLYUHHFRQWtQXDGHPQRYHQWDFHQWtPHWURV

   2 UDPSDPHQWR GR SDVVHLR VHUi REULJDWyULR SDUD SHUPLWLUDHQWUDGDGHYHtFXORVOLPLWDGR D

PVHVVHQWDFHQWtPHWURVGHSURIXQGLGDGHDSDUWLUGRPHLRILRHPWUrVPHWURVHPHLRGH
ODUJXUD
 2VSDVVHLRVLQIHULRUHVDPXPPHWURHFLQTHQWDFHQWtPHWURVGHODUJXUDGHYHUmRWHU
UDPSDPHQWRHPWRGDDVXDSURIXQGLGDGHOLPLWDGRDPWUrVPHWURVHFLQTHQWDFHQWtPHWURV
GH ODUJXUD H UDPSDPHQWRV QR VHQWLGR WUDQVYHUVDO FRP ODUJXUD PtQLPD GH  P QRYHQWD
FHQWtPHWURVHGHFOLYLGDGHGHWUrVSRUFHQWR
 20XQLFtSLRSRGHUiH[LJLUGRVSURSULHWiULRVDFRQVWUXomRGHPXURVGHDUULPRHGHSURWHomR
VHPSUHTXHRQtYHOGRWHUUHQRIRUVXSHULRUDRORJUDGRXURS~EOLFRRXTXDQGRKRXYHUGHVQtYHOHQWUH
RVORWHVRXWHUUHQRVTXHSRVVDPDPHDoDUDVHJXUDQoDS~EOLFD

    ,QGHSHQGHQWHPHQWH GR WLSR GH FREHUWXUD R HVFRDPHQWR GH iJXDV SOXYLDLV VHUi VHPSUH
RULHQWDGRSDUDSDUWHLQWHUQDGRORWH


35()(,785$'$&,'$'('(0$&(,

6(&5(7$5,$081,&,3$/'(&21752/(85%$12

 4XDQGRDFREHUWXUDXWLOL]DUWHOKDGRGHVSURYLGRGHFDOKDVHFRQGXWRUHVDTXHOHGHYHUiGLVWDU
SHORPHQRVPWULQWDFHQWtPHWURVGDOLQKDGHGLYLVDGRORWH
 4XDQGRH[LVWLUHPFDOKDVHFRQGXWRUHVDFREHUWXUDSRGHUiVHSURORQJDUDWpDOLQKDGDGLYLVD
GRORWH

   2 DWHQGLPHQWR DRV QtYHLV GH LOXPLQDomR YHQWLODomR H DF~VWLFD p GH FRPSHWrQFLD H
UHVSRQVDELOLGDGHGRVSURILVVLRQDLVTXHVXEVFUHYHPRSURMHWR

$UW $VLQVWDODo}HVHOpWULFDKLGUiXOLFDWHOHI{QLFDGHJiVGHUHIULJHUDomRHQWUHRXWUDVGDV
HGLILFDo}HV GHYHUmR REHGHFHU jV H[LJrQFLDV GD $%17 H DYDOLDGDV H LQVSHFLRQDGDV SHODV
FRQFHVVLRQiULDVFRPSHWHQWHV
$UW 7RGDHTXDOTXHUHGLILFDomRHVWDUiVXMHLWDDLQVWDODomRGHHTXLSDPHQWRVFRQWUDLQFrQGLR
GHDFRUGRFRPDVH[LJrQFLDVHVWDEHOHFLGDVSHOR&RUSRGH%RPEHLURV
$UW 6HUiYHGDGDDLQVWDODomRGHSRUWDVMDQHODVSRUW}HVRXTXDOTXHURXWURWLSRGHHVTXDGULD
TXHVHDEUDRXVHSURMHWHVREUHRSDVVHLR

3DUiJUDIR~QLFR 6HUiDGPLWLGRDLQVWDODomRGHSRUWmRSLYRWDQWHGHVGHTXHRJLURGDSDUWHLQIHULRU
VHMDYROWDGRSDUDDSDUWHLQWHUQDGRORWH
$UW   1DV HGLILFDo}HV VLWXDGDV QR DOLQKDPHQWR GR ORJUDGRXUR S~EOLFR QmR VHUi SHUPLWLGD
TXDOTXHUVDOLrQFLDQDIDFKDGDGRSDYLPHQWRWpUUHR

 6HUmRDGPLWLGRVVXSRUWHVRXFDL[DVGHVWLQDGRVDDSDUHOKRGHDUFRQGLFLRQDGRGHVGHTXHQmR
KDMDDYDQoRVREUHRSDVVHLRHPPDLVGHFPTXDUHQWDFHQWtPHWURVHVXDIDFHLQIHULRUHVWHMDD
XPD DOWXUD PtQLPD GH P GRLV PHWURV HP UHODomR DR QtYHO GR SDVVHLR H GLVSRQKDP GH
WXEXODomRHPEXWLGDGHGUHQDJHPGDiJXDSURYHQLHQWHGDFRQGHQVDomRGRDSDUHOKR
 6HUiSHUPLWLGDDLQVWDODomRGHWROGRVGHVGHTXHVDWLVIHLWDVDVVHJXLQWHVFRQGLo}HV

D R EDODQoR QmR H[FHGD D ODUJXUD GR SDVVHLR ILFDQGR UHFXDGR QR PtQLPR P FLQTHQWD
FHQWtPHWURVHPUHODomRDRPHLRILR
E WHQKDSpGLUHLWRPtQLPRGHPGRLVPHWURVHVHVVHQWDFHQWtPHWURV
F QmRSUHMXGLTXHDDUERUL]DomRQHPSUHMXGLTXHRVQtYHLVGHLOXPLQDomRQDWXUDO H[LJLGRQDDOtQHD
KGRDUWLJRGHVWD/HL
G QmRRFXOWHSODFDVGHQRPHQFODWXUDGRORJUDGRXUR
 3DUDDLQVWDODomRGHWROGRVVHUiQHFHVViULDDREWHQomRGH$OYDUiGH$XWRUL]DomRQD60&&8

$UW 3DUDHIHLWRGHVWD/HLRGHVWLQRGRVFRPSDUWLPHQWRVQmRVHUiFRQVLGHUDGRDSHQDVSHOD
VXD GHVLJQDomR QR SURMHWR PDLV WDPEpP SHOD VXD ILQDOLGDGH OyJLFD GHFRUUHQWH GD GLVSRVLomR HP
SODQWD

$UW $)DL[D/LWRUkQHDHPWRGDDVXDH[WHQVmRFRPSUHHQGHQGRRWUHFKRGROLWRUDOQRUWHTXH
VHHVWHQGHHQWUHD5XD-RmR&DQXWRGD6LOYD&UX]GDV$OPDVHD)R]GR5LR6DXDoXK\UHFHEHUi
WUDWDPHQWRTXDQWRDVVXDVWD[DVGHRFXSDomRHFRHILFLHQWHVGHDSURYHLWDPHQWRLJXDODV]RQDV=5
=5H=5
 2VHPSUHHQGLPHQWRVDVHUHPGHVHQYROYLGRVQHVWDiUHDGHYHUmRDSUHVHQWDUSURMHWRGHGHVWLQR
ILQDOGRVGHMHWRVGHYLGDPHQWHDSURYDGRSHORyUJmRDPELHQWDOOLFHQFLDGRUPXQLFLSDO



35()(,785$'$&,'$'('(0$&(,

6(&5(7$5,$081,&,3$/'(&21752/(85%$12

&$378/2,,
'26&5,7e5,26'(,03/$17$d2
6(d2,
3$5$5(6,'1&,$6
68%6(d2,
'28625(6,'(1&,$/85

$UW   $V HGLILFDo}HV HQTXDGUDGDV QR 8VR 5HVLGHQFLDO  85 GHYHUmR REHGHFHU DR UHFXR
IURQWDOTXHVHUiQRPtQLPRGHPWUrVPHWURVSDUDWRGDVDV]RQDVFRQWDGRVDSDUWLUGDGLYLVD
GRORWHQmRVHDGPLWLQGRQHQKXPWLSRGHFRQVWUXomRDTXpPGHVVHOLPLWH
 3DUDORWHVRXWHUUHQRVGHYLGDPHQWHUHJLVWUDGRVFRPWHVWDGDVLJXDORXLQIHULRUDPRLWR
PHWURVQmRVHUiH[LJLGRRUHFXRIURQWDOGHVGHTXHDWHQGLGDQHVWD/HL
 2UHFXRIURQWDOTXDQGRREULJDWyULRSRGHUiVHUXVDGRSDUDDEULJRGHYHtFXORVGHVGHTXH
D VHMDGHPFLQFRPHWURVGHSURIXQGLGDGH
E VHMDXWLOL]DGRDSHQDVFROXQDVGHDSRLRSDUDFREHUWXUD

$UW 1RFDVRGHORWHVRXWHUUHQRVFRPPDLVGHXPDWHVWDGDDFDGDXPDGHODVFRUUHVSRQGHUi
XP DIDVWDPHQWR IURQWDO VHQGR RV GHPDLV DIDVWDPHQWRV ODWHUDLV QmR H[LVWLQGR DIDVWDPHQWR GH
IXQGR
$UW 'HYHUmRWDPEpPVHUREVHUYDGRVSDUDHVWHXVRRVSDUkPHWURVHVWDEHOHFLGRVSDUD7D[D
GH 2FXSDomR 72 H &RHILFLHQWH GH $SURYHLWDPHQWR &$ GHILQLGRV SDUD R VHWRUGDFLGDGHRQGH
VHUiLPSODQWDGDDHGLILFDomRFRQIRUPH$QH[R, 4XDGURGH8VRVH3DUkPHWURV&RQVWUXWLYRVGHVWD
/HL

$UW   $V HGLILFDo}HV FRP Sp GLUHLWR GH DWp P FLQFR PHWURV SRGHUmR FRODU QDV GLYLVDV
ODWHUDLVHGHIXQGRGRORWHGHVGHTXHQmRKDMDDEHUWXUDVDPHQRVGHPXPPHWURHFLQTHQWD
FHQWtPHWURVGHGLVWkQFLDGHVWDVGLYLVDV
$UW   $V HGLILFDo}HV HP ORWHV FRP WHVWDGD LJXDO RX LQIHULRU D P RLWR PHWURV SRGHUmR
FRODU QDV GLYLVDV ODWHUDLV H GH IXQGR GR ORWH QR SULPHLUR SDYLPHQWR GHVGH TXH QmR XOWUDSDVVH D
DOWXUD Pi[LPD GH P VHLV PHWURV H FLQTHQWD FHQWtPHWURV H  QmR KDMD DEHUWXUDV D PHQRV GH
PXPPHWURHFLQTHQWDFHQWtPHWURVGHGLVWkQFLDGHVWDVGLYLVDV

$UW   $V HGLILFDo}HV FRP PDLV GH XP SDYLPHQWR RX DOWXUDVXSHULRUDPFLQFRPHWURV
SRGHUmR FRODU QRV IXQGRV GRV ORWHV DWp XPD DOWXUD Pi[LPD GH P VHLV PHWURV H FLQTHQWD
FHQWtPHWURV HP WRGD D VXD H[WHQVmR SURORQJDQGRVH SHODV VXDV GLYLVDV ODWHUDLV HP DWp  XP
WHUoR GR FRPSULPHQWR GR ORWH ILFDQGR RV  GRLV WHUoRV UHVWDQWHV FRP UHFXRV ODWHUDLV
REULJDWyULRVGHQRPtQLPRPXPPHWURHFLQTHQWDFHQWtPHWURV
 3DUDORWHVFRPGXDVIUHQWHVXWLOL]DVHDPHVPDUHJUDHVWDEHOHFHQGRVHXPDOLQKDLPDJLQiULD
FRLQFLGLQGRFRPDOLQKDGHGLYLVDGHIXQGRVGRVORWHVYL]LQKRVHKDYHQGRGHVDOLQKDPHQWRGHVWHV
HVWD OLQKD LPDJLQiULD GHYHUi GLYLGLU R ORWH HP GRLV LJXDLV $ RFXSDomR SUHYLVWD QR FDSXW GHVWH
DUWLJRGDUVHiFRPRVHRORWHLQLFLDOIRVVHPGRLVGLVWLQWRV


35()(,785$'$&,'$'('(0$&(,

6(&5(7$5,$081,&,3$/'(&21752/(85%$12
 3DUDRVORWHVGHHVTXLQDFRPGXDVIUHQWHVHGXDVODWHUDLVDHGLILFDomRSRGHUiRFXSDUWRGDD
ODWHUDO TXH VHMD  SURORQJDPHQWR GD OLQKD GH GLYLVD GH IXQGRV GRV ORWHV YL]LQKRV UHVJXDUGDGRV RV
PWUrVPHWURVGHUHFXRIURQWDOSURORQJDQGRVHDWpXPWHUoRGDRXWUDODWHUDO

 3DUD RVORWHVGHHVTXLQDFRPWUrVIUHQWHVHXPDODWHUDOLPDJLQDUVHiXPDOLQKDGLYLVyULDQR

SURORQJDPHQWR GD OLQKD GH IXQGRV GRV ORWHV YL]LQKRV H QmR KDYHQGR OLQKD GH GLYLVD HVWD OLQKD
LPDJLQiULD GHYHUi GLYLGLU R ORWH HP GRLV LJXDLV H VXD RFXSDomR GHYHUi VHJXLU R TXH HVWDEHOHFH R
SDUiJUDIRDQWHULRUFRPRVHIRVVHPGRLVORWHVGLVWLQWRV

 4XDQGRWRGRVRVORWHVGHXPDTXDGUDIRUHPGHHVTXLQDDRFXSDomRWRWDOGDUVHiQDODWHUDO
GHPHQRUGLPHQVmRUHVJXDUGDGRVRVPWUrVPHWURVGHUHFXRIURQWDOSURORQJDQGRVHDWp
XPWHUoRGDRXWUDODWHUDO&DVRRVORWHVSRVVXDPODWHUDLVFRPDVPHVPDVGLPHQV}HVDODWHUDOTXH
WHUiVXDRFXSDomRWRWDOVHUiQRUWHDGDSHODSULPHLUDRFXSDomR

$UW   $V HGLILFDo}HV FRP DOWXUD VXSHULRU D P VHLV PHWURV H FLQTHQWD FHQWtPHWURV RX
PDLVGHGRLVSDYLPHQWRVVHJXLUmRDVUHJUDVGHDIDVWDPHQWRGR8VR5HVLGHQFLDO85DSDUWLU
GDDOWXUDGHPVHLVPHWURVHFLQTHQWDFHQWtPHWURVRXGR WHUFHLURSDYLPHQWR

$UW 6HUiSHUPLWLGDDLQVWDODomRGHWROGRVSDUDSURWHomRGHHVTXDGULDVFRPSURMHomRPi[LPD
GH P XP PHWUR GHVGH TXH HVWHMDP  GHQWUR GRV OLPLWHV GR ORWH  H TXDQGR VLWXDGD QR
DOLQKDPHQWRGRVORWHVXPDYH]DWHQGLGDVDVFRQGLo}HVSUHYLVWDVQHVWD/HL

3DUiJUDIR ~QLFR  4XDQGR D HGLILFDomR HQFRQWUDUVH VLWXDGD QR DOLQKDPHQWR GR ORWH GHYHUmR VHU
REVHUYDGRVDUWLJRVGHVWD/HLVREUHHVWHDVVXQWR
68%6(d2,,
'28625(6,'(1&,$/85

$UW 28VR5HVLGHQFLDO85VySRGHUiVHULPSODQWDGR

D HPJOHEDVFRPFDUDFWHUtVWLFDVGHFRQILQDPHQWRSRUREVWiFXORVItVLFRV
E HP  iUHD TXH FRUUHVSRQGD DWp XPD TXDGUD UHVXOWDQWH GH ORWHDPHQWR DSURYDGR SHOD
PXQLFLSDOLGDGH
$UW   $ LPSODQWDomR GR 8VR 5HVLGHQFLDO  85  SUHYLVWD QHVWD /HL GHYH DWHQGHU jV
VHJXLQWHVFRQGLo}HV

D QmRLQWHUURPSHUD FRQWLQXLGDGHGRVLVWHPDYLiULRS~EOLFRH[LVWHQWHRXSURMHWDGR
E QmRLQWHUURPSHUQDJOHEDDVHUSDUFHODGDDSDVVDJHPGRS~EOLFRSDUDDVSUDLDVODJRDVHRXWURV
XVRVS~EOLFRV
$UW   (P JOHED FRQILQDGD FRP iUHD LJXDO RX LQIHULRU D KD XP KHFWDUH VHUi GLVSHQVDGD D
H[LJrQFLDGHiUHDS~EOLFD

$UW $VYLDVGHDFHVVRGHYHtFXORVHGHSHGHVWUHVHPJOHEDVFRPiUHDVXSHULRUDKDXP

KHFWDUHREHGHFHUmRDVQRUPDVSUHYLVWDVQHVWD/HL
$UW $VYLDVGHDFHVVRGHYHtFXORVHGHSHGHVWUHVHPJOHEDVFRPiUHDLJXDORXLQIHULRUDKD
XPKHFWDUHREHGHFHUmRDRVVHJXLQWHVSDUkPHWURV

D ODUJXUD PtQLPD GH P WUrV PHWURV H FLQTHQWD FHQWtPHWURV SDUD IOX[R HP XP QLFR
VHQWLGR
E ODUJXUDPtQLPDGHPFLQFRPHWURVHFLQTHQWDFHQWtPHWURVSDUDIOX[RHPGRLVVHQWLGRV
F GHYHUi VHU JDUDQWLGR XP DFHVVR GH SHGHVWUHV LQGHSHQGHQWH FRP ODUJXUD PtQLPD P XP
PHWURHFLQTHQWDFHQWtPHWURV


35()(,785$'$&,'$'('(0$&(,

6(&5(7$5,$081,&,3$/'(&21752/(85%$12

$UW 3DUDLPSODQWDomRGR8VR5HVLGHQFLDO85HPJOHEDVVXSHULRUHVDKDXPKHFWDUH

p REULJDWyULD D WUDQVIHUrQFLD DR 0XQLFtSLR GH  TXLQ]H SRU FHQWR GD iUHD XWLOL]DGD SDUD
LPSODQWDomRGDVHGLILFDo}HVREHGHFHQGRDRVHJXLQWHSDUkPHWUR
D
E

GH]SRUFHQWRGHVWLQDGDDiUHDYHUGH

FLQFRSRUFHQWRGHVWLQDGDDHTXLSDPHQWRVFRPXQLWiULRV

 'RSHUFHQWXDOGHVWLQDGRSDUDiUHDYHUGHFLQTHQWDSRUFHQWRSRGHUiORFDOL]DUVHQD

SDUWH LQWHUQD GR &RQGRPtQLR ILFDQGR REULJDWRULDPHQWH QD SDUWH H[WHUQD GR PHVPR RV 
FLQTHQWDSRUFHQWRUHVWDQWHUHODWLYRjiUHDYHUGHHRHTXLSDPHQWRFRPXQLWiULR
 $iUHDYHUGHGHYHUiVHUHQWUHJXHXUEDQL]DGD

$UW $VHGLILFDo}HVHQTXDGUDGDVQR8VR5HVLGHQFLDO85VHJXLUmRRVPHVPRVSDUkPHWURV

FRQVWUXWLYRV HVWDEHOHFLGRV SDUD R 8VR 5HVLGHQFLDO  85 H SDUD R XVR UHVLGHQFLDO  85 j
H[FHomR GRVHVWDEHOHFLGRVQHVWD6XEVHomR,,
$UW 6HUiSHUPLWLGDDFRQVWUXomRGHFDVDVJHPLQDGDVVXSHUSRVWDVHFRQMXJDGDV

3DUiJUDIR ~QLFR  $V FDVDV VXSHUSRVWDV SRGHUmR VHU JHPLQDGDV GHVGH TXH SRVVXLQGR DEHUWXUDV
UHVSHLWHPRVDIDVWDPHQWRVPtQLPRVSUHYLVWRVSDUDRFDVR

$UW 2VDIDVWDPHQWRVPtQLPRVHQWUHHGLILFDo}HVGR8VR5HVLGHQFLDO85TXHSRVVXtUHP

DEHUWXUDVVHUmRRVVHJXLQWHV
D PWUrVPHWURVHQWUHDEHUWXUDVQRFDVRGHODVH[LVWLUHPHPDPEDVDVHGLILFDo}HV
E P XP PHWUR H FLQTHQWD FHQWtPHWURV QR FDVR GH KDYHU DEHUWXUDV HP DSHQDV XPD GDV
HGLILFDo}HV

3DUiJUDIR~QLFR 1RFDVRGHDEHUWXUDVGHVHQFRQWUDGDVRDIDVWDPHQWRPtQLPRSUHYLVWRQDDOtQHD
DGHVWHDUWLJRGHYHUiVHUPHGLGRGHIRUPDREOtTXDHQWUHRVSRQWRVPDLVSUy[LPRVGDVDEHUWXUDV
$UW 6HUiSHUPLWLGDDFRQVWUXomRGHYLODGHVGHTXHDWHQGDRVVHJXLQWHVSDUkPHWURV
D
E
F
G

WHVWDGDPi[LPDGRORWHRXWHUUHQRGHPYLQWHPHWURV
iUHDPi[LPDGRORWHGHPWUH]HQWRVPHWURV
iUHDPi[LPDGHFRQVWUXomRGHFDGDXQLGDGHDXW{QRPDGHPWULQWDPHWURVTXDGUDGRV
ODUJXUDPtQLPDGHDFHVVRGHXPPHWURHFLQTHQWDFHQWtPHWURHPi[LPDGHPWUrV
PHWURV

H VHU GRWDGD QR PtQLPR GH VDOD GRUPLWyULR EDQKHLUR SLD SDUD FR]LQKD H ODYDQGHULD HP FDGD
XQLGDGHDXW{QRPD
 2VDFHVVRVQmRSRGHUmRDWUDYHVVDUXPDTXDGUDGHUXDDUXD

 6HUiDGPLWLGRDFRQVWUXomRGHODYDQGHULDFROHWLYDFREHUWDGHVGHTXHDWHQGDVXDVXQLGDGHV
QDSURSRUomRGHXPDODYDQGHULDSDUDFDGDJUXSRGHTXDWURXQLGDGHVRXIUDomR
68%6(d2,,,
'28625(6,'(1&,$/85


35()(,785$'$&,'$'('(0$&(,

6(&5(7$5,$081,&,3$/'(&21752/(85%$12
$UW   3DUD D LPSODQWDomR GR 8VR 5HVLGHQFLDO  85 p REULJDWyULR LQLFLDOPHQWH R
SDUFHODPHQWRGRVROR

$UW   (P VH WUDWDQGR GH FRQMXQWRV KDELWDFLRQDLV KRUL]RQWDLV DV HGLILFDo}HV HQTXDGUDGDV QR
8VR 5HVLGHQFLDO  85 VHJXLUmR RV PHVPRV SDUkPHWURV FRQVWUXWLYRV HVWDEHOHFLGRV SDUD R 8VR
5HVLGHQFLDO  85 (P VH WUDWDQGR GH FRQMXQWRV KDELWDFLRQDLV YHUWLFDLV DFLPD GH  GRLV
SDYLPHQWRVXVDPVHRVSDUkPHWURVSDUD8VR5HVLGHQFLDO85

68%6(d2,9
'28625(6,'(1&,$/85

$UW   (P VH WUDWDQGR GH HGLILFDo}HV KRUL]RQWDLV DV HGLILFDo}HV HQTXDGUDGDV QR 8VR
5HVLGHQFLDO  85 VHJXLUmR RV PHVPRV SDUkPHWURV FRQVWUXWLYRV HVWDEHOHFLGRV SDUD R 8VR
5HVLGHQFLDO  85 (P VH WUDWDQGR GH HGLILFDo}HV YHUWLFDLV DFLPD GH   GRLV SDYLPHQWRV
XVDPVHRVSDUkPHWURVSDUDR8VR5HVLGHQFLDO85
68%6(d29
'28625(6,'(1&,$/85

$UW   $V HGLILFDo}HV HQTXDGUDGDV QR 8VR 5HVLGHQFLDO  85 GHYHUmR REHGHFHU DRV
DIDVWDPHQWRVHPUHODomRjVGLYLVDVGRORWHRXWHUUHQRTXHVHUmRSURJUHVVLYRVHGHWHUPLQDGRVSDUD
WRGDV DV ]RQDV D SDUWLU GD DSOLFDomR GD IyUPXOD DEDL[R VHJXLQGR RV GHPDLV SDUkPHWURV
FRQVWUXWLYRVHVWDEHOHFLGRVQHVWD6XEVHomR
5 5L Q RQGH


D 5pUHFXRILQDO
E 5LpUHFXRLQLFLDO
F QpRQ~PHURGHSDYLPHQWRV

R  2VUHFXRVLQLFLDLVFRQVWDQWHVQDIyUPXODVHUmR

D UHFXRIURQWDO PWUrVPHWURVHFLQTHQWDFHQWtPHWURVDSDUWLUGRDOLQKDPHQWRGRORWHRX

WHUUHQR
E UHFXRODWHUDO PXPPHWURHFLQTHQWDFHQWtPHWURVDSDUWLUGRDOLQKDPHQWRGRORWHRX
WHUUHQR
F UHFXRGHIXQGRV PXPPHWURHFLQTHQWDFHQWtPHWURVDSDUWLUGRDOLQKDPHQWRGRORWHRX
WHUUHQR
 1RFDVRGHORWHVRXWHUUHQRVGHHVTXLQDRVDIDVWDPHQWRVIURQWDLVGHYHUmRVHUGHWHUPLQDGRV
XWLOL]DQGRVHRVUHFXRVLQLFLDLVGHPWUrVPHWURV

R  2VUHVXOWDGRVREWLGRVSHODDSOLFDomRGDIyUPXODHPQHQKXPDKLSyWHVHSRGHUmRVHULQIHULRUHV
D


35()(,785$'$&,'$'('(0$&(,

6(&5(7$5,$081,&,3$/'(&21752/(85%$12
D UHFXRIURQWDO PFLQFRPHWURVDSDUWLUGRDOLQKDPHQWRGRORWHRXWHUUHQR
E UHFXRGHIXQGRV PWUrVPHWURVDSDUWLUGRDOLQKDPHQWRGRORWHRXWHUUHQR
F UHFXRODWHUDO PGRLVPHWURVHFLQTHQWDFHQWtPHWURVDSDUWLUGRDOLQKDPHQWRGRORWH

 R  1R FDVR GH ORWHV RX WHUUHQRV FRP PDLV GH XPD WHVWDGD D FDGD WHVWDGD FRUUHVSRQGHUi D 
XPDIDVWDPHQWRIURQWDOXWLOL]DQGRVHGRUHFXRLQLFLDOGHPWUrVPHWURVVHQGRRVGHPDLV
DIDVWDPHQWRVODWHUDLVQmRH[LVWLQGRDIDVWDPHQWRGHIXQGRV
 1RVWHUUHQRVFRPWUrVRXPDLVIUHQWHVVHQGRFDEHoDGHTXDGUDRUHFXRGLYLVRUFRPD
SURSULHGDGHYL]LQKDVHUiWUDWDGRFRPRUHFXRODWHUDO

$UW   'HYHUmR VHU REHGHFLGRV SDUD HVWH XVR RV SDUkPHWURV HVWDEHOHFLGRV SDUD 7D[D GH
2FXSDomR 72H&RHILFLHQWHGH$SURYHLWDPHQWR&$GHILQLGRSDUDRVHWRUGDFLGDGHRQGHVHUi
LPSODQWDGDDHGLILFDomRFRQIRUPH$QH[R, 4XDGURGH8VRVH3DUkPHWURV&RQVWUXWLYRVGHVWD/HL
$UW 6HUiFRQVLGHUDGRVXEVRORRSDYLPHQWRFXMDODMHGHFREHUWXUDQmRXOWUDSDVVHPXP
PHWURHRLWHQWDFHQWtPHWURVHPUHODomRDRQtYHOGRPHLRILRSRGHQGRVHUXWLOL]DGRFHPSRU
FHQWRGRWHUUHQR
3DUiJUDIR QLFR  2 VXEVROR TXDQGR XWLOL]DGR DSHQDV SDUD JDUDJHP FHQWUDLVHOpWULFDVHRXGHDU
UHIULJHUDGRGHSyVLWRVVXEHVWDomRFDVDGHJHUDGRUHVFDQLQKRVUHVHUYDWyULRVQmRVHUiFRPSXWDGR
FRPRSDYLPHQWRSDUDHIHLWRGRVDIDVWDPHQWRV

$UW 6HUiSHUPLWLGDDFRQVWUXomRGHXPSDYLPHQWRJDUDJHPXWLOL]DGRVRPHQWHSDUDHVWHILP
GHVGHTXHH[LVWDRSDYLPHQWRVXEVRORHSLORWLV
 2SDYLPHQWRJDUDJHPGHYHUiWHUVHXSpHVTXHUGRPi[LPRGHPGRLVPHWURVHQRYHQWD
FHQWtPHWURVHRVVHJXLQWHVDIDVWDPHQWRV
D IURQWDO PWUrVPHWURV
E IXQGRVHODWHUDLVPXPPHWURHFLQTHQWDFHQWtPHWURV

 2SDYLPHQWRJDUDJHPGHYHUiVHUDEHUWRHPWRGRRVHXSHUtPHWURFRPYmRPtQLPRGHP
XPPHWURHFLQTHQWDFHQWtPHWURV

 R  1R FDVR GH ORWHV RX WHUUHQRV FRP PDLV GH XPD WHVWDGD WRGDV DV IUHQWHV GHYHUmR SRVVXLU
UHFXRIURQWDOGHPWUrVPHWURVSDUDRSDYLPHQWRJDUDJHP
R  2SDYLPHQWRJDUDJHPQmRVHUiFRPSXWDGRFRPRSDYLPHQWRSDUDHIHLWRGRVDIDVWDPHQWRV

R  +DYHQGRSDYLPHQWRJDUDJHPRSDYLPHQWRFREHUWXUDXWLOL]DGRSDUDTXDOTXHUILPQmRVHUi
FRPSXWDGRFRPRSDYLPHQWRSDUDHIHLWRGHDIDVWDPHQWR

 6HUiSHUPLWLGDDFRQVWUXomRGHKDOOQRSDYLPHQWRJDUDJHPGHVGHTXHVXDiUHDPi[LPDVHMD
GHPGR]HPHWURVTXDGUDGRVHRVHXDFHVVRWHQKDQRPtQLPRPXPPHWURHFLQTHQWD
FHQWtPHWURV
$UW 2SDYLPHQWRFREHUWXUDQmRVHUiFRPSXWDGRFRPRSDYLPHQWRSDUDHIHLWRGHDIDVWDPHQWR
GHVGH TXH VXD iUHD FREHUWD QmR XOWUDSDVVDU  GD iUHD GD OkPLQD GR SDYLPHQWR GR SURMHWR
DSUHVHQWDGRLVWRpGHYHUiVHUiUHDWRWDOPHQWHGHVFREHUWDSRGHQGRVHUXQLGDGHDXW{QRPD

   2 HVSDoR GHVFREHUWR GHYHUi VHU XWLOL]DGR FRPR WHUUDoR RX HTXLSDPHQWRV GH OD]HU FRPR
SLVFLQDV EDQKHLUDV GH KLGURPDVVDJHP FKXUUDVTXHLUDV GHVGH TXH HVWHV HOHPHQWRV QmR VHMDP
FREHUWRV


35()(,785$'$&,'$'('(0$&(,

6(&5(7$5,$081,&,3$/'(&21752/(85%$12
 &DVDGHPiTXLQDVFDL[DGiJXDFHQWUDOGHDUUHIULJHUDGRFHQWUDOGHDTXHFLPHQWRHFDL[DGH
HVFDGD SRGHUmR XOWUDSDVVDU D ODMH GH FREHUWXUD GHVGH TXH HVWHMDP ORFDOL]DGRV VREUH VHXV XVRV
UHVSHFWLYDPHQWHHQmRVHUmRLQFOXtGRVQRSHUFHQWXDOPi[LPRGDFREHUWXUD
$UW 2SLORWLVTXDQGRVXDiUHDGHFRQVWUXomRQmRXOWUDSDVVDUDTXDUHQWDSRUFHQWRGD
iUHD GH SURMHomR GD OkPLQD GR SUpGLR QmR VHUi FRPSXWDGR FRPR SDYLPHQWR SDUD HIHLWR GH
DIDVWDPHQWR
$UW )LFDGHWHUPLQDGRTXHGH]SRUFHQWRGDiUHDOLYUHGRSLORWLVVHMDUHVHUYDGDSDUD
iUHDGHUHFUHDomRLQIDQWLOSUHVHUYDGDVGRWUiIHJRGHYHtFXORV

$UW 2PXURGHGLYLVDQRSDYLPHQWRSLORWLVSRGHUiDWLQJLUQRPi[LPRPXPPHWURH

RLWHQWD FHQWtPHWURV GH DOWXUD VDOYR QR FDVR GH QmR KDYHU VXEVROR HRX  SDYLPHQWRJDUDJHP
TXDQGRDDOWXUDPi[LPDGRPXURGDGLYLVDGRORWHGHYHUiREHGHFHUHVWD/HL
$UW   2 PH]DQLQR QmR VHUi FRQVLGHUDGR SDYLPHQWR SDUD HIHLWR GH DIDVWDPHQWR VH VXD iUHD
FRUUHVSRQGHUDGDiUHDGDOkPLQDGRSDYLPHQWRGRSURMHWRDSUHVHQWDGRHIRUGHXVRFRPXP
GDHGLILFDomR

3DUiJUDIR~QLFR (QWHQGHVHSRUPH]DQLQRXPSLVRLQWHUPHGLiULRFRPSpGLUHLWRPtQLPRGHP
GRLVPHWURVHYLQWHFHQWtPHWURVSDUDXVRUHVLGHQFLDOHPGRLVPHWURVHTXDUHQWDFHQWtPHWURV
SDUDXVRFRPHUFLDOHRXGHVHUYLoR

$UW 6HUmRDGPLWLGRVDYDQoRVFRPSHQVDWyULRVGHiUHDVREHGHFHQGRRVVHJXLQWHVSDUkPHWURV

,
QmR SRGHUmR RFXSDU PDLV GR TXH  FLQTHQWD SRU FHQWR GR FRPSULPHQWR GH FDGD
IDFKDGDSRGHQGRFKHJDUDWpRVDIDVWDPHQWRVVHJXLQWHV
D UHFXRIURQWDO PFLQFRPHWURVDSDUWLUGRDOLQKDPHQWRGRORWHRXWHUUHQR
E UHFXRODWHUDO PGRLVPHWURVHFLQTHQWDFHQWtPHWURVDSDUWLUGRDOLQKDPHQWRGRORWHRX
WHUUHQR
F UHFXRGHIXQGRV PWUrVPHWURVDSDUWLUGRDOLQKDPHQWRGRORWHRXWHUUHQR

,,
D iUHD ILQDO  GR SDYLPHQWR  FRP RV DYDQoRV FRPSHQVDWyULRV DSOLFDGRV QmR SRGHUi  VHU
PDLRUTXHDiUHDGRSROtJRQRLQLFLDORXVHMDDTXHOHUHVXOWDQWHGDDSOLFDomRGDIyUPXOD

 R  1DV HGLILFDo}HV RQGH RV DIDVWDPHQWRV FDOFXODGRV IRUHP PHQRU RX LJXDO  DRV HVWDEHOHFLGRV
QR LQFLVR DQWHULRU SDUD FDGD IDFKDGD QmR SRGHUi KDYHU FRPSHQVDomR ILFDQGR HVWDV OLPLWDGDV DR
UHFXRGDIyUPXOD
   (QFRQWUDGR R SROtJRQR  TXH GHWHUPLQDUi R YROXPH GD HGLILFDomR R TXDO p GHULYDGR GRV
UHFXRVGDIyUPXODDHOHYDomRGHFDGDODGRGHVWHSROtJRQRGHILQLUiDVIDFKDGDV
 +DYHQGRQRSROtJRQRPDLVGHTXDWURIDFHVFDGDIDFHFRUUHVSRQGHUiDXPDIDFKDGD

 +DYHQGRSDYLPHQWRVFRPSODQWDVGLIHUHQWHVHQWUHVLDUHJUDGRLQFLVR,,GHVWHDUWLJRVHUi
DSOLFDGDDFDGDSDYLPHQWRLQGLYLGXDOPHQWH
 $VHVFDGDVHHOHYDGRUHVSRGHUmRDYDQoDUDWpRVUHFXRVLQLFLDLVGDVIyUPXODVVHPTXHHQWUHP
QRF{PSXWRGRUHFXRFRPSHQVDWyULR


35()(,785$'$&,'$'('(0$&(,

6(&5(7$5,$081,&,3$/'(&21752/(85%$12
$UW   4XDQGR GD H[LVWrQFLD GH GXDV RX PDLV HGLILFDo}HV QR PHVPR ORWH RV SDYLPHQWRV
VXEVROR SLORWLV SDYLPHQWRJDUDJHP H FREHUWXUD SRGHUmR HVWDU LQWHUOLJDGRV GHVGH TXH VHMDP
REHGHFLGRVRVSDUkPHWURVSUHYLVWRVQHVWD/HLFRPUHODomRDVDEHUWXUDVHQWUHHODV
$UW   4XDQGR GD XWLOL]DomR GH UHHQWUkQFLDV QD OkPLQD GD HGLILFDomR FXMD SURIXQGLGDGH VHMD
VXSHULRU j VXD ODUJXUD Vy VHUi FRPSXWDGR SDUD HIHLWR GH FiOFXOR GR FRPSHQVDWyULR DSHQDV D
SURIXQGLGDGHGDDEHUWXUDTXHFRUUHVSRQGDDODUJXUDGHVWD

$UW   $V SURMHo}HV GH SLODUHV MDUGLQHLUDV VDOLrQFLDV WROGRV EULVHV HOHPHQWRV GHFRUDWLYRV H
FDL[DVGHDUFRQGLFLRQDGRHGHYROXPHVFRQWHQGRDUPiULRVHPEXWLGRVSRGHUmRVHUXWLOL]DGDVVREUH
RV DIDVWDPHQWRV QmR QHFHVVLWDQGR GH FRPSHQVDomR GHVGH TXH QmR XOWUDSDVVHP RV VHJXLQWHV
OLPLWHV
D UHFXRIURQWDOGHPFLQFRPHWURVDSDUWLUGRDOLQKDPHQWRGRORWHRXWHUUHQR
E UHFXRODWHUDOGHPGRLVPHWURVHFLQTHQWDFHQWtPHWURVDSDUWLUGRDOLQKDPHQWRGRORWHRX
WHUUHQR
F UHFXRGHIXQGRVGHPWUrVPHWURVDSDUWLUGRDOLQKDPHQWRGRORWHRXWHUUHQR

   $V SURMHo}HV OLPLWDUVHmR D DYDQoRV GH QR Pi[LPR P RLWHQWD FHQWtPHWURV FRP
H[FHomR GRV WROGRV TXH SRGHUmR FKHJDU D P XP PHWUR H DOWXUD GH P RLWHQWD
FHQWtPHWURV

   6HUi DGPLWLGR QRV DIDVWDPHQWRV IURQWDLV TXH RV HOHPHQWRV PHQFLRQDGRV QR FDSXW GHVWH
DUWLJR WHQKDP  DOWXUD Pi[LPD GH P XP PHWUR H YLQWH FHQWtPHWURV GHVGH TXH GLVWHP GRV
SRQWRV H[WUHPRV GDV ODWHUDLV XP kQJXOR GH  TXDUHQWD H FLQFR JUDXV REHGHFLGRV RV GHPDLV
SDUkPHWURVHVWDEHOHFLGRVQRGHVWHDUWLJR
 (PKLSyWHVHDOJXPDSRGHUiRHVSDoRSURMHWDGRVHUXWLOL]DGRLQWHUQDPHQWH

 2XVRGHTXDLVTXHUGRVHOHPHQWRVSUHYLVWRVQRFDSXW GHVWHDUWLJRSRGHUiVHGDUREHGHFHQGR

RSHUFHQWXDOPi[LPRHVWDEHOHFLGRSDUDDYDQoRFRPSHQVDWyULRSUHYLVWRQHVWD/HL
$UW $VFDL[DVGHHVFDGDVHHOHYDGRUHVSRGHUmRVDFDUDWpRVDIDVWDPHQWRVHVWDEHOHFLGRVQHVWD
/HL VHQGR DSHQDV FRPSXWDGRV QR FiOFXOR GRV  FLQTHQWD SRU FHQWR GR FRPSULPHQWR GD
IDFKDGD
$UW   2V DIDVWDPHQWRV HQWUH HGLILFDo}HV GR 8VR 5HVLGHQFLDO  85 QD PHVPD JOHED
VHJXLUmRRVVHJXLQWHVSDUkPHWURV

D PFLQFRPHWURVQRFDVRGHKDYHUDEHUWXUDVHPDPEDVHGLILFDo}HV

E PTXDWURPHWURVQRFDVRGHKDYHUDEHUWXUDVHPSHORPHQRVXPDGDVHGLILFDo}HV
F P WUrV PHWURV QR FDVR GH KDYHU DEHUWXUDV HP SHOR PHQRV XPD GDV HGLILFDo}HV DSHQDV
SDUDLOXPLQDomRGHEDQKHLURV
G PWUrVPHWURVQRFDVRGHQmRKDYHUDEHUWXUDVHPQHQKXPDGDVHGLILFDo}HV
3DUiJUDIR~QLFR 1RFDVRGHDEHUWXUDVGHVHQFRQWUDGDVRDIDVWDPHQWRPtQLPRSUHYLVWRQDDOtQHD
DGHYHUiVHUPHGLGRGHIRUPDREOtTXDHQWUHRVSRQWRVPDLVSUy[LPRVGDVDEHUWXUDVQmRSRGHQGR
DVHGLILFDo}HVGLVWDUHPPHQRVGHPTXDWURPHWURVFRPRSUHYLVWRQDDOtQHDEGHVWHDUWLJR
$UW  $V FLUFXODo}HV GH XVR FRPXP GHYHUmR WHU ODUJXUD PtQLPD GH P XP PHWUR H YLQWH
FHQWtPHWURVHSpGLUHLWRPtQLPRPGRLVPHWURVHYLQWHFHQWtPHWURV

$UW 1DViUHDVFRPXQVGHFLUFXODomRQDViUHDVGHLQJUHVVRjHGLILFDomRHQDTXHODVRQGHVH
WHPDFHVVRjVXQLGDGHVDXW{QRPDVRVYmRVGDVSRUWDVWHUmRODUJXUDOLYUHPtQLPDGH PRLWHQWD
FHQWtPHWURVDOWXUDPtQLPDGHPGRLVPHWURVHGH]FHQWtPHWURVSHUPLWLQGRDEHUWXUDPtQLPD
GHQRYHQWDJUDXV


35()(,785$'$&,'$'('(0$&(,

6(&5(7$5,$081,&,3$/'(&21752/(85%$12

$UW 1DViUHDVFRPXQVGHFLUFXODomRTXDQGRRVYmRVGHSRUWDHVWLYHUHPVLWXDGRVHPORFDLV
FRQILQDGRV RX HP PHLR D FLUFXODomR GHYHUi HVWDU DVVHJXUDGR XP HVSDoR PtQLPR GH P
VHVVHQWDFHQWtPHWURVFRQWtJXRDRYmRGHDEHUWXUD
$UW 6HUiREULJDWyULDDLQWHUOLJDomRGHFDGDXQLGDGHDXW{QRPDGDHGLILFDomRDXPDFLUFXODomR
GHDFHVVRHDSHORPHQRVXPDHVFDGDTXHDWHQGDDVQRUPDVHVSHFtILFDVGR&RUSRGH%RPEHLURV
R  $VGHPDLVHVFDGDVGHXVRFRPXPGHYHUmRDWHQGHUDVVHJXLQWHVH[LJrQFLDV
D
E
F
G

ODUJXUDPtQLPDGHPXPPHWUR
SURIXQGLGDGHPtQLPDGRSLVRGHPYLQWHHFLQFRFHQWtPHWURV
DOWXUDPi[LPDGRHVSHOKRGHPGH]RLWRFHQWtPHWURV
DFDGDGH]RLWRGHJUDXVQRPtQLPRGHYHUiH[LVWLUXPSDWDPDUTXHWHUiFRPSULPHQWRLJXDO
jODUJXUDGDHVFDGD

R  (QWUHSDYLPHQWRVRVGHJUDXVGHXPDPHVPDHVFDGDWHUmRREULJDWRULDPHQWHVHXVHVSHOKRVH
SLVRVFRPDVPHVPDVGLPHQV}HV

$UW   (VFDGDV RX UDPSDV FLUFXODUHV SDUD OLJDomR HQWUHGRLVSDYLPHQWRVGHXVRFRPXP
WHUmR UDLR PtQLPR GH SDVVDJHP OLYUHGHPQRYHQWDFHQWtPHWURVDVVHJXUDGRXPHL[RPpGLR
GHPWULQWDFHQWtPHWURVQRSLVRHHVSHOKRGHPGH]RLWRFHQWtPHWURV
3DUiJUDIR~QLFR 3DUDFDVDGHPiTXLQDVHDFHVVRjFREHUWDDGPLWHVHHVFDGDGHPDULQKHLUR

$UW 2SpGLUHLWRPtQLPRGDHGLILFDomRVHUiGHPGRLVPHWURVHTXDUHQWDFHQWtPHWURV

3DUiJUDIR ~QLFR  6HUi SHUPLWLGR SpGLUHLWR GH P GRLV PHWURV H YLQWH FHQWtPHWURV SDUD
FLUFXODo}HVHEDQKHLURV
$UW  6HUi REULJDWyULD D H[LVWrQFLD GH HOHYDGRU LQWHUOLJDQGR WRGRV RV SDYLPHQWRV HP
HGLILFDo}HVFRPDOWXUDDSDUWLUGHPGR]HPHWURVFRQWDGRVGRSLVRGHDFHVVRGRHGLItFLRDR
SLVRGR~OWLPRSDYLPHQWR

 2VHOHYDGRUHVQmRVHUmRHPQHQKXPDKLSyWHVHRPHLRH[FOXVLYRGHDFHVVRDRVSDYLPHQWRV
VXSHULRUHVRXVXEVRORVGHYHQGRWRGRVHVWHVVHUHPLQWHUOLJDGRVSRUHVFDGDRXUDPSD
 2Q~PHURGHHOHYDGRUHVHVHXGLPHQVLRQDPHQWRILFDUiDFULWpULRGDVQRUPDVHVSHFtILFDVGD
$%17FXMRFiOFXORGHWUiIHJRGHYHUiVHUDSUHVHQWDGRTXDQGRGRSHGLGRGH$OYDUiGH$SURYDomR
GH 3URMHWR RX $OYDUi GH $SURYDomR GH 3URMHWR GH 5HIRUPD HRX $PSOLDomR H GHYHUi ID]HU SDUWH
LQWHJUDQWHGRPHPRULDOGHVFULWLYRGDHGLILFDomR
$UW 1DVHGLILFDo}HVFXMRXVRGHHOHYDGRUHVpREULJDWyULRGHYHUiVHUGHILQLGRRORFDOSDUD
JHUDGRU H H[HFXWDGDV WRGDV DV LQVWDODo}HV QHFHVViULDV DR VHX IXQFLRQDPHQWR GLPHQVLRQDQGRVH
HVWDV LQVWDODo}HV SDUD DWHQGHU R VXSULPHQWR GD HYHQWXDO IDOWD GH HQHUJLD HP SHOR PHQRV XP
HOHYDGRU TXH DWHQGD D WRGDV DV XQLGDGHV H QRV DPELHQWHV GH XVR FRPXP RQGH GHYHUi HVWDU
DVVHJXUDGRXPSHUFHQWXDOPtQLPRSDUDLOXPLQDomRGHFLQTHQWDSRUFHQWRGDiUHD
$UW   4XDQGR GD H[LVWrQFLD GH JHUDGRU VHUi H[LJLGD D XWLOL]DomR GH FKDYH UHYHUVRUD SDUD
DWHQGHUDRVGHPDLVHOHYDGRUHV

3DUiJUDIR~QLFR 6XDVLQVWDODo}HVGHYHUmRSRVVXLULVRODPHQWRDWHQGHQGRDVQRUPDVHVSHFtILFDVGD
$%17 HGHPDLVH[LJrQFLDVTXDQWRjVDtGDGHJDVHV
D QmRSRGHUmRVHUGLUHFLRQDGRVKRUL]RQWDOPHQWHSDUDRSDVVHLRS~EOLFR
E QmRSRGHUmRWHULQWHUIHUrQFLDQRVORWHVWHUUHQRVRXHGLILFDo}HVYL]LQKDV



35()(,785$'$&,'$'('(0$&(,

6(&5(7$5,$081,&,3$/'(&21752/(85%$12
F QmRSRGHUmRVHUOLEHUDGRVHPiUHDVFRQILQDGDVRXGLUHFLRQDGRVSDUDHVWDV

$UW 1DVHGLILFDo}HVRQGHIRUREULJDWyULDDH[LVWrQFLDGHHOHYDGRUVHUiH[LJLGDDLQWHUOLJDomR
GHSHORPHQRVXPGHOHVjFLUFXODomRGHDFHVVRjHVFDGDUHJXODPHQWDGDSHOR&RUSRGH%RPEHLURV
3DUiJUDIR ~QLFR  6HUi DGPLWLGD D H[LVWrQFLD GH RXWURV HOHYDGRUHV VHP LQWHUOLJDomR FRP D
HVFDGDGHVGHTXHVHMDGRWDGRGH
D GLVSRVLWLYRVGHUHWRUQRGRFDUURDRSDYLPHQWRWpUUHRHPVLWXDo}HVGHHPHUJrQFLD
E JHUDGRULQVWDODGRDQWHVGDVROLFLWDomRGD&DUWDGH+DELWHVH

$UW 6HUiREULJDWyULDDH[LVWrQFLDGHKDOOQDVVDtGDGRVHOHYDGRUHVHGDVHVFDGDV

$UW   2V KDOOV GD HGLILFDomR VHMD GR SDYLPHQWR RX  GH HQWUDGD GHYHUmR WHU iUHD PtQLPD GH
P WUrV PHWURV TXDGUDGRV VHQGR D PHQRU GLPHQVmR GH P XP PHWUR H FLQTHQWD
FHQWtPHWURV

3DUiJUDIR~QLFR  $YHQWLODomRHLOXPLQDomRGHYHUmRHVWDUDVVHJXUDGDVQHVVHVDPELHQWHVGHIRUPD
QDWXUDO VHQGR SHUPLWLGD D LOXPLQDomR ]HQLWDO HRX D XWLOL]DomR GH VHWHLUDV RX EDQGHLUDV 6HUmR
LJXDOPHQWH SHUPLWLGDV D YHQWLODomR ]HQLWDO H D YHQWLODomR LQGLUHWD SRU PHLR GH GXWRV KRUL]RQWDLV
SRoRVHFKDPLQpV
$UW   (PHGLILFDo}HVTXHGLVS}HPGHHOHYDGRUVHUiIDFXOWDWLYDDRSomRHQWUHDH[HFXomRGH
UDPSDVSDUDRDFHVVRGHSHVVRDVFRPQHFHVVLGDGHVHVSHFLDLVFRPLQFOLQDomRTXHDWHQGDDVQRUPDV
HVWDEHOHFLGDV SHOD $%17 RX D LQVWDODomR TXH SRVVD SUHYHU D LPSODQWDomR GH HTXLSDPHQWRV TXH
VLUYDPSDUDWDOILP

3DUiJUDIR ~QLFR  $V UDPSDV SDUD R DFHVVR GH SHVVRDV FRP QHFHVVLGDGHV HVSHFLDLV SRGHUmR VHU
VXEVWLWXtGDVSRULQVWDODo}HVTXHSRVVDPSUHYHUDLPSODQWDomRGHHOHYDGRUHV RXPHLRVPHFkQLFRV
HVSHFLDLVGHVWLQDGRVDRWUDQVSRUWHGHVVDVSHVVRDVGHVGHTXHSHUPLWDRDFHVVRGDFDOoDGDDXPGRV
QtYHLVDWHQGLGRSHORHOHYDGRU
$UW $VUDPSDVSDUDDFHVVRGHYHtFXORVWHUmRLQFOLQDomRPi[LPDGHYLQWHHFLQFRSRU
FHQWRH SDVVDJHPOLYUHFRPDOWXUDPtQLPDGHPGRLVPHWURVHYLQWHFHQWtPHWURVHPWRGDD
VXDH[WHQVmR

$UW   $V YDJDV GH HVWDFLRQDPHQWR GHYHUmR WHU GLPHQV}HV PtQLPDV GH P FLQFR PHWURV
SRUPGRLVPHWURVHWULQWDFHQWtPHWURV
$UW 2GLPHQVLRQDPHQWRGHYDJDVSDUDHVWDFLRQDPHQWRGHYHUiDWHQGHUDRHVWDEHOHFLGRQR
$QH[R,,, 7DEHODGH9DJDVGH(VWDFLRQDPHQWRGHVWD/HL

 $VH[LJrQFLDVSUHYLVWDVQRFDSXW GHVWHDUWLJRILFDUmRFRQGLFLRQDGDVDVHWHQWDHFLQFR

SRUFHQWRGDVXQLGDGHVUHVLGHQFLDLV

   2V  YLQWH H FLQFR SRU FHQWR UHVWDQWHV SRGHUmR WHU VHXQ~PHURUHGX]LGRHPXPD
YDJDILFDQGRHQWUHWDQWRDVVHJXUDGDXPDYDJDSRUXQLGDGHUHVLGHQFLDO

$UW (PORWHVRXWHUUHQRVGHHVTXLQDRDFHVVRGHYHtFXORVDRHVWDEHOHFLPHQWRGHYHUiGLVWDU
QR PtQLPR P VHLV PHWURV GR LQtFLR GR SRQWR GH HQFRQWUR GR SURORQJDPHQWR GRV
DOLQKDPHQWRVGRVORJUDGRXURV

3DUiJUDIR ~QLFR  (P YLUWXGH GDV FDUDFWHUtVWLFDV GR ORJUDGRXUR H FRP EDVH HP SDUHFHU WpFQLFR
HVVD GLVWkQFLD SRGHUi VHU PDMRUDGD D FULWpULR GR yUJmR PXQLFLSDO GH FRQWUROH XUEDQR DWXDO
60&&8


35()(,785$'$&,'$'('(0$&(,

6(&5(7$5,$081,&,3$/'(&21752/(85%$12
$UW   6HUi SHUPLWLGD D FRQVWUXomR GH JXDULWD QR UHFXR IURQWDO GD HGLILFDomR SRGHQGR KDYHU
ODYDERGHVGHTXHDPHVPDSRVVXDiUHDPi[LPDGHPRLWRPHWURVTXDGUDGRV
3DUiJUDIR~QLFR ([LVWLQGRDFHVVRGLVWLQWRVSHUPLWLUVHiDFRQVWUXomRGHPDLVXPDJXDULWDGHVGH
TXH
D ORFDOL]DGDVHPWHVWDGDVGLIHUHQWHV
E ORFDOL]DGDVQXPDPHVPDWHVWDGDFRPGLVWkQFLDLJXDORXVXSHULRUDPVHVVHQWDPHWURV

$UW 6HUiSHUPLWLGDDFRQVWUXomRGHODMHVREUHRPXURIURQWDOGDHGLILFDomRGHDFRUGRFRP
DVHVSHFLILFDo}HVDVHJXLU

D SURIXQGLGDGHODUJXUDPi[LPDGHPGRLVPHWURVHFLQTHQWDFHQWtPHWURV

E SRGHUiDYDQoDUVREUHRSDVVHLRS~EOLFRDWpQRPi[LPRPTXDUHQWDFHQWtPHWURVDSDUWLU
GRDOLQKDPHQWRGRORWHRXWHUUHQR
$UW 6HUiREULJDWyULDDH[HFXomRGHWRGDVDVLQVWDODo}HVQHFHVViULDVjOLJDomRGHJiVFROHWLYR
j UHGH GH GLVWULEXLomR GH JiV FDQDOL]DGR DVVHJXUDQGR R VHUYLoR D WRGDV DV XQLGDGHV DXW{QRPDV
REHGHFLGDV jV QRUPDV GD FRQFHVVLRQiULD RX OHJLVODomR FRUUHODWD H GR &RUSR GH %RPEHLURV QmR
VHQGR VXD iUHD FRPSXWDGD SDUD R FiOFXOR GD 7D[D GH 2FXSDomR 72 H &RHILFLHQWH GH
$SURYHLWDPHQWR&$SRGHQGRVHUORFDOL]DGDQRVUHFXRVGDHGLILFDomR

$UW $VHGLILFDo}HVFRPTXDWURRXPDLVSDYLPHQWRVH[FOXLQGRVHSLORWLVHTXHWHQKDPDLV

GH  VHLV XQLGDGHV UHVLGHQFLDLV WHUmR TXH SRVVXLU VLVWHPD FHQWUDOL]DGR GH GLVWULEXLomR GH JiV
FRQIRUPHQRUPDVGD$%17 $VVRFLDomR%UDVLOHLUDGH1RUPDV7pFQLFDV
3DUiJUDIR~QLFR 2SURMHWRGH&HQWUDLVGH*/3GHYHUmRREHGHFHUDVQRUPDVWpFQLFDVGD$%17H
GR&RUSRGH%RPEHLURVEHPFRPRDVGHPDLVH[LJrQFLDVDWUDYpVGHOHJLVODomRHVSHFtILFDDFHUFDGR
DVVXQWR

$UW   6HUi REULJDWyULD D H[LVWrQFLD GH ORFDO GHVWLQDGR SDUD DFRQGLFLRQDPHQWR GH OL[R QmR
VHQGR VXD iUHD FRPSXWDGD SDUD R FiOFXOR GD 7D[D GH 2FXSDomR 72 H &RHILFLHQWH GH
$SURYHLWDPHQWR&$SRGHQGRVLWXDUVHQRVUHFXRVGDHGLILFDomRGHYHQGRDWHQGHUDVH[LJrQFLDV
GD9LJLOkQFLD6DQLWiULD0XQLFLSDO
3DUiJUDIR ~QLFR  6HUi SHUPLWLGD D XWLOL]DomR GH FDL[DV PyYHLV GR WLSR FRQWDLQHU SDUD
DFRQGLFLRQDPHQWRGHOL[RGHQWURGRVOLPLWHVGRORWH
6(d2,,
3$5$862125(6,'(1&,$/

$UW   $V HGLILFDo}HV GH XVR FRPHUFLDO GH VHUYLoR PLVWR LQGXVWULDO LQVWLWXFLRQDO H HVSHFLDO
GHYHUmRREVHUYDUDVFRQGLo}HVJHUDLVSHUWLQHQWHVjHGLILFDo}HVEHPFRPRDVGHPDLVHVWDEHOHFLGDV
QDSUHVHQWH6HomRHDVIL[DGDVQDV6XEVHo}HVSUySULDV
$UW 7RGDHGLILFDomRGHXVRQmRUHVLGHQFLDOGHYHUiREVHUYDUDVVHJXLQWHVFRQGLo}HV
D VHUSURYLGDGHLQVWDODo}HVVDQLWiULDVSUySULDV
E WHUSpGLUHLWRPtQLPRGHPGRLVPHWURVHTXDUHQWDFHQWtPHWURV



35()(,785$'$&,'$'('(0$&(,

6(&5(7$5,$081,&,3$/'(&21752/(85%$12
F WHUFLUFXODo}HVGHXVRFRPXPFRPODUJXUDPtQLPDGHPXPPHWURHYLQWHFHQWtPHWURV
SDUDFRPSULPHQWRVGHDWpPTXLQ]HPHWURVHPXPPHWURHFLQTHQWDFHQWtPHWURV
SDUDFRPSULPHQWRVVXSHULRUHV
G WHUSpGLUHLWRPtQLPRQDVFLUFXODo}HVHEDQKHLURVGHPGRLVPHWURVHYLQWHFHQWtPHWURV
H DVVHJXUDUjVSHVVRDVFRPQHFHVVLGDGHVHVSHFLDLVRDFHVVRDRVVHUYLoRVRIHUHFLGRV
I GLVSRU GH LQVWDODo}HV H HTXLSDPHQWRV DGHTXDGRV DR FRPEDWH DX[LOLDU GH LQFrQGLR GH DFRUGR
FRPDVQRUPDVHHVSHFLILFDo}HVGR&RUSRGH%RPEHLURV
J GLVSRUGHYDJDVGHHVWDFLRQDPHQWRSDUDFDGDDWLYLGDGHVDWLVID]HQGRDVFRQGLo}HVHVWDEHOHFLGDV
QR $QH[R ,,  7DEHOD GH &ODVVLILFDomR GRV 8VRV H $QH[R ,,,  7DEHOD GH 9DJDV GH
(VWDFLRQDPHQWRGHVWD/HL
$UW $VLQVWDODo}HVHOpWULFDKLGUiXOLFDWHOHI{QLFDGHJiVGHUHIULJHUDomRHQWUHRXWUDVGDV
HGLILFDo}HV GHYHUmR REHGHFHU jV H[LJrQFLDV GD $%17 H DYDOLDGDV H LQVSHFLRQDGDV SHODV
FRQFHVVLRQiULDVFRPSHWHQWHV
$UW    $V LQVWDODo}HV VDQLWiULDV VHUmR TXDQWLILFDGDV GH DFRUGR FRP R $QH[R 9,,  7DEHOD GH
/RWDomRGH(GLILFDo}HVGHVWD/HLQDSURSRUomRGHXPDEDFLDSDUDFDGDYLQWHSHVVRDVRX
IUDomRHXPODYDWyULRSDUDFDGDVHVVHQWDSHVVRDVRXIUDomR

   4XDQGRRQ~PHURGHSHVVRDVIRUVXSHULRUDYLQWHKDYHUiQHFHVVDULDPHQWHLQVWDODo}HV

VDQLWiULDVVHSDUDGDVSRUVH[R
   $V LQVWDODo}HV PDVFXOLQDV SRGHUmR XWLOL]DUVH GH PLFWyULR HP VXEVWLWXLomR jV EDFLDV
FRQVLGHUDQGR  WUrVPLFWyULRVSDUDXPDEDFLDVHQGRLQGLVSHQViYHODH[LVWrQFLDGHSHORPHQRV
XPDEDFLDVDQLWiULD
 $VLQVWDODo}HVVDQLWiULDVGHYHUmRVHUGLPHQVLRQDGDVGHIRUPDDSHUPLWLUR DFHVVRHXWLOL]DomR
SRUSDUWHGHSHVVRDVFRPQHFHVVLGDGHVHVSHFLDLVREVHUYDGDVDVQRUPDVGD$%17

R  $VHGLILFDo}HVHPTXHVHGHVHQYROYDDWLYLGDGHVHVWDEHOHFLGDVQRV*UXSRV,9H9GR$QH[R
,,  7DEHOD GH &ODVVLILFDomR GRV 8VRV GHVWD /HL GHYHUmR VHU SURYLGDV GH LQVWDODo}HV VDQLWiULDV
PDVFXOLQDHIHPLQLQDSDUDXVRHVSHFtILFRVGRVIXQFLRQiULRV
$UW   1DV HGLILFDo}HV FRP  PDLV GH XP SDYLPHQWR D FLUFXODomR YHUWLFDO SRGHUi VHU IHLWD
DWUDYpVGHHVFDGDIL[DHVFDGDURODQWHUDPSDRXHOHYDGRU
$UW 6HUiREULJDWyULDDH[LVWrQFLDGHHOHYDGRUHPHGLILFDo}HVFRPDOWXUDDSDUWLUGHP
GR]HPHWURVFRQWDGRVGRQtYHOGRPHLRILRDWpRQtYHOGDODMHGHSLVRGR~OWLPRSDYLPHQWR

   2VHOHYDGRUHVQHPHVFDGDVURODQWHVVHUmRHPQHQKXPD KLSyWHVHRPHLRH[FOXVLYRGH

DFHVVRDRVSDYLPHQWRVVXSHULRUHVRXVXEVRORVGHYHQGRWRGRVHVWHVVHUHPLQWHUOLJDGRVSRUHVFDGD
RXUDPSD

 2Q~PHURGHHOHYDGRUHVHHVFDGDVURODQWHVHVHXVUHVSHFWLYRVGLPHQVLRQDPHQWRVILFDUmRD
FULWpULRGDVQRUPDV HVSHFtILFDVGD$%17FXMRFiOFXORGHWUiIHJRGHYHUiVHUDSUHVHQWDGRTXDQGRGR
SHGLGR GH $OYDUi GH $SURYDomR GH 3URMHWR RX $OYDUi GH $SURYDomR GH 3URMHWR GH 5HIRUPD HRX
$PSOLDomRID]HQGRSDUWHLQWHJUDQWHGRPHPRULDOGHVFULWLYRGDHGLILFDomR
$UW 6HUiREULJDWyULDDH[LVWrQFLDGHKDOOQDVVDtGDGRVHOHYDGRUHVHGDVHVFDGDV

$UW   2V KDOOV GRV HOHYDGRUHV H GH HVFDGD GD HGLILFDomR VHMD GR SDYLPHQWR RX  GH HQWUDGD
GHYHUmRWHUiUHDPtQLPDGHPWUrVPHWURVTXDGUDGRVVHQGRDPHQRUGLPHQVmRGHPXP
PHWURHFLQTHQWDFHQWtPHWURV
3DUiJUDIR~QLFR $YHQWLODomRHLOXPLQDomRGHYHUmRHVWDUDVVHJXUDGDVQHVVHVDPELHQWHVGHIRUPD
QDWXUDO VHQGR SHUPLWLGD D LOXPLQDomR ]HQLWDO HRX D XWLOL]DomR GH VHWHLUDV RX EDQGHLUDV 6HUmR


35()(,785$'$&,'$'('(0$&(,

6(&5(7$5,$081,&,3$/'(&21752/(85%$12
LJXDOPHQWH SHUPLWLGDV D YHQWLODomR ]HQLWDO H D YHQWLODomR LQGLUHWD SRU PHLR GH GXWRV KRUL]RQWDLV
SRoRVHFKDPLQpV

$UW   1DV HGLILFDo}HV RQGH IRU REULJDWyULD D H[LVWrQFLD GH HOHYDGRUHV VHUi H[LJLGD D
LQWHUOLJDomR GHOH RX GH WRGRV HOHV j FLUFXODomR GH DFHVVR j HVFDGD UHJXODPHQWDGD SHOR &RUSR GH
%RPEHLURV

$UW 1DVHGLILFDo}HVFXMRXVRGHHOHYDGRUHVpREULJDWyULRGHYHUiVHUGHILQLGRRORFDOSDUD

JHUDGRU H H[HFXWDGDV WRGDV DV LQVWDODo}HV QHFHVViULDV DR VHX IXQFLRQDPHQWR GLPHQVLRQDQGRVH
HVWDV LQVWDODo}HV SDUD DWHQGHU R VXSULPHQWR GD HYHQWXDO IDOWD GH HQHUJLD HP SHOR PHQRV XP
HOHYDGRU TXH DWHQGD D WRGDV DV XQLGDGHV H QRV DPELHQWHV GH XVR FRPXP RQGH GHYHUi HVWDU
DVVHJXUDGRXPSHUFHQWXDOPtQLPRSDUDLOXPLQDomRGHYLQWHSRUFHQWRGDiUHD
$UW   4XDQGR GD H[LVWrQFLD GH JHUDGRU VHUi H[LJLGD D XWLOL]DomR GH FKDYH UHYHUVRUD SDUD
DWHQGHUDRVGHPDLVHOHYDGRUHV

3DUiJUDIR~QLFR 6XDVLQVWDODo}HVGHYHUmRSRVVXLULVRODPHQWRDWHQGHQGRDVQRUPDVHVSHFtILFDVGD
$%17 HGHPDLVH[LJrQFLDVTXDQWRjVDtGDGHJDVHV
D QmRSRGHUmRVHUGLUHFLRQDGRVKRUL]RQWDOPHQWHSDUDRSDVVHLRS~EOLFR
E QmRSRGHUmRWHULQWHUIHUrQFLDQRVORWHVWHUUHQRVRXHGLILFDo}HVYL]LQKDV
F QmRSRGHUmRVHUOLEHUDGRVHPiUHDVFRQILQDGDVRXGLUHFLRQDGRVSDUDDVPHVPDV

$UW   6HUi REULJDWyULD D LQWHUOLJDomR GH FDGD SDYLPHQWR GD HGLILFDomR D XPD FLUFXODomR GH
DFHVVRHDSHORPHQRVXPDHVFDGDTXHDWHQGDDVQRUPDVHVSHFtILFDVGR&RUSRGH%RPEHLURV
 $VGHPDLVHVFDGDVIL[DVGHXVRFRPXPGHYHUmRDWHQGHURVVHJXLQWHVSDUkPHWURV
D
E
F
G

ODUJXUDPtQLPDGHPXPPHWUR
SURIXQGLGDGHPtQLPDGRSLVRGHPYLQWHHFLQFRFHQWtPHWURV
DOWXUDPi[LPDGRHVSHOKRGHPGH]RLWRFHQWtPHWURV
DFDGDGH]RLWRGHJUDXVQRPtQLPRGHYHUiH[LVWLUXPSDWDPDUTXHWHUiFRPSULPHQWRLJXDO
jODUJXUDGDHVFDGD

 (QWUHSDYLPHQWRVRVGHJUDXVGHXPDPHVPDHVFDGDWHUmRREULJDWRULDPHQWHVHXVHVSHOKRVH
SLVRVFRPDVPHVPDVGLPHQV}HV

$UW   (VFDGDV RX UDPSDV FLUFXODUHV SDUD OLJDomR HQWUHGRLVSDYLPHQWRVGHXVRFRPXP
WHUmR UDLR PtQLPR GH SDVVDJHP OLYUHGHPQRYHQWDFHQWtPHWURVDVVHJXUDGRXPHL[RPpGLR
GHPWULQWDFHQWtPHWURVQRSLVRHHVSHOKRGHPGH]RLWRFHQWtPHWURV
3DUiJUDIR~QLFR 3DUDFDVDGHPiTXLQDVHDFHVVRjFREHUWDDGPLWHVHHVFDGDGHPDULQKHLUR

$UW $VUDPSDVSDUDDFHVVRGHSHVVRDVFRPQHFHVVLGDGHVHVSHFLDLVGHYHUmRDWHQGHUDVQRUPDV
GD$%17

$UW 1DViUHDVFRPXQVGHFLUFXODomRQDViUHDVGHLQJUHVVRjHGLILFDomRHQDTXHODVRQGHVH
WHPDFHVVRjVXQLGDGHVDXW{QRPDVRVYmRVGDV SRUWDVWHUmRODUJXUDOLYUHPtQLPDGHPRLWHQWD
FHQWtPHWURVDOWXUDPtQLPDGHPGRLVPHWURVHGH]FHQWtPHWURVSHUPLWLQGRDEHUWXUDPtQLPD
GHQRYHQWDJUDXV

$UW 1DViUHDVFRPXQVGHFLUFXODomRTXDQGRRVYmRVGHSRUWDHVWLYHUHPVLWXDGRVHPORFDLV
FRQILQDGRV RX HP PHLR D FLUFXODomR GHYHUi HVWDU DVVHJXUDGR XP HVSDoR PtQLPR GH P
VHVVHQWDFHQWtPHWURVFRQWtJXRDRYmRGHDEHUWXUD


35()(,785$'$&,'$'('(0$&(,

6(&5(7$5,$081,&,3$/'(&21752/(85%$12
$UW   6HUi SHUPLWLGD D FRQVWUXomR GH JXDULWD QR UHFXR IURQWDO GD HGLILFDomR SRGHQGR KDYHU
ODYDERGHVGHTXHDPHVPDSRVVXDiUHDPi[LPDGHPRLWRPHWURVTXDGUDGRV
3DUiJUDIR ~QLFR  ([LVWLQGR DFHVVRV GLVWLQWRV SHUPLWLUVHi D FRQVWUXomR GH PDLV GH XPD JXDULWD
GHVGHTXH
D ORFDOL]DGDVHPWHVWDGDVGLIHUHQWHV
E ORFDOL]DGDVQXPDPHVPDWHVWDGDFRPGLVWkQFLDLJXDORXVXSHULRUDPVHVVHQWDPHWURV

$UW   1DV HGLILFDo}HV RQGH H[LVWLU GLVWULEXLomR GH JiV FROHWLYR GHYHUmR VHU REHGHFLGDV DV
QRUPDVGD$%17 HGR&RUSRGH%RPEHLURVEHPFRPRDVGHPDLVH[LJrQFLDVDWUDYpVGHOHJLVODomR
HVSHFtILFD DFHUFDGRDVVXQWR

 6HUiREULJDWyULDDH[HFXomRGHWRGDVDVLQVWDODo}HVQHFHVViULDVjOLJDomRGHJiVFROHWLYRj
UHGHGHGLVWULEXLomRGHJiVFDQDOL]DGRDVVHJXUDQGRRVHUYLoRDWRGDVDVXQLGDGHVDXW{QRPDVVHIRU
RFDVRREHGHFLGDVjVQRUPDVGDFRQFHVVLRQiULDRXOHJLVODomRFRUUHODWDHGR&RUSRGH%RPEHLURV
  $&HQWUDOGH*/3QRVSUpGLRVFRPGHVWLQDomRFRPHUFLDOUHFUHDWLYDKRWHOHLUDRXTXDOTXHU
RXWUDTXHSURYRTXHRXHVWLPXOHDFRQFHQWUDomRGHS~EOLFRGHYHUiVHVLWXDUQRSDYLPHQWRWpUUHRH
GR ODGR IRUD GD SURMHomR GD OkPLQD GRV SDYLPHQWRV HP ORFDO SURWHJLGR GR WUkQVLWR GH YHtFXORV H
SHGHVWUHVHGHIiFLODFHVVRHPFDVRGHHPHUJrQFLD
   (QWHQGHVH SRU &HQWUDO GH */3 D iUHD GHYLGDPHQWH GHOLPLWDGD TXH FRQWpP RV UHFLSLHQWHV
WUDQVSRUWiYHLVRXHVWDFLRQiULRVHDFHVVyULRVGHVWLQDGRVDRDUPD]HQDPHQWRGH*/3SDUDFRQVXPR
$UW 6HUiREULJDWyULDDH[LVWrQFLDGHORFDOGHVWLQDGRSDUDDFRQGLFLRQDPHQWRGHOL[RSRGHQGR
VLWXDUVH QRV UHFXRV GD HGLILFDomR GHYHQGR DWHQGHU DV H[LJrQFLDV GD 9LJLOkQFLD 6DQLWiULD
0XQLFLSDO

$UW    1DV HGLILFDo}HV VLWXDGDV QR DOLQKDPHQWR VHUi SHUPLWLGD D LQVWDODomR GH WROGRV RX D
FRQVWUXomRGHPDUTXLVHVGHVGHTXHVDWLVIHLWDVDVVHJXLQWHVFRQGLo}HV
D R EDODQoR QmR H[FHGD D ODUJXUD GR SDVVHLR ILFDQGR UHFXDGR QR PtQLPR P FLQTHQWD
FHQWtPHWURVHPUHODomRDRPHLRILR
E WHQKDSpGLUHLWRPtQLPRGHPGRLVPHWURVHVHVVHQWDFHQWtPHWURV
F QmRSUHMXGLTXHDDUERUL]DomRQHPSUHMXGLTXHRVQtYHLVGHLOXPLQDomRQDWXUDOH[LJLGRQHVWD/HL
G QmRRFXOWHSODFDVGHQRPHQFODWXUDGRORJUDGRXUR

3DUiJUDIR ~QLFR  $ LQVWDODomR GH WROGRV RX D FRQVWUXomR GH PDUTXLVHV SUHFHGHUi GH $OYDUi GH
$XWRUL]DomR
$UW   2 GLPHQVLRQDPHQWR GH YDJDV SDUD HVWDFLRQDPHQWR GHYHUi DWHQGHU DR HVWDEHOHFLGR QR
$QH[R,,, 7DEHODGH9DJDVGH(VWDFLRQDPHQWRGHVWD/HL

$UW (PORWHVRXWHUUHQRVGHHVTXLQDRDFHVVRGHYHtFXORVDRHVWDEHOHFLPHQWRGHYHUiGLVWDU
QR PtQLPR P VHLV PHWURV GR LQtFLR GR SRQWR GH HQFRQWUR GR SURORQJDPHQWR GRV
DOLQKDPHQWRVGRVORJUDGRXURV
3DUiJUDIR~QLFR (PYLUWXGHGDVFDUDFWHUtVWLFDVGRORJUDGRXURFRPEDVHHPSDUHFHUWpFQLFRHVWD
GLVWkQFLDSRGHUiVHUPDMRUDGDDFULWpULRGRyUJmRPXQLFLSDOGHFRQWUROHXUEDQRDWXDO60&&8

$UW   1DV iUHDV GHVWLQDGDV D HVWDFLRQDPHQWRV DV IDL[DV GH DFHVVR GH YHtFXORV GHYHUmR VHU
REULJDWRULDPHQWHVLQDOL]DGDVFRPLQGLFDo}HVGHIOX[RHDSUHVHQWDUGLPHQV}HVPtQLPDVSDUDFDGD
VHQWLGRGHWUiIHJRGH


35()(,785$'$&,'$'('(0$&(,

6(&5(7$5,$081,&,3$/'(&21752/(85%$12
D P GRLV PHWURV H VHWHQWD H FLQFR FHQWtPHWURV GH ODUJXUD H P GRLV PHWURV H YLQWH
FHQWtPHWURV GH DOWXUD OLYUH GH SDVVDJHP TXDQGR GHVWLQDGDV j FLUFXODomR GH DXWRPyYHLV H
XWLOLWiULRV
E P WUrV PHWURV H FLQTHQWD FHQWtPHWURV GH ODUJXUD H P WUrV PHWURV H FLQTHQWD
FHQWtPHWURV  GH DOWXUD OLYUH GH SDVVDJHP TXDQGR GHVWLQDGDV j FLUFXODomR GH FDPLQK}HV H
{QLEXV
R  +DYHQGRDJXDUGDGHPDLVGHWULQWDYHtFXORVRPHVPRGHYHUiGLVSRUGHELQiULRVSDUD
FLUFXODomR

R  2ELQiULRGHTXHWUDWDRSDUiJUDIRDQWHULRUSRGHVHUVXEVWLWXtGRSRUXPDYLDFRPRGREURGD
ODUJXUDSUHYLVWDQDVDOtQHDVDHEGHVWHDUWLJR
$UW   1RV HVWDFLRQDPHQWRV DV IDL[DV GH FLUFXODomR FRP DFRPRGDomR GH YHtFXORV GHYHUmR
DSUHVHQWDUDVVHJXLQWHVGLPHQV}HVPtQLPDV

D PFLQFRPHWURVHFLQTHQWDFHQWtPHWURVSDUDDFRPRGDomRGHDXWRPyYHLVHXWLOLWiULRVD

QRYHQWDJUDXV
E PTXDWURPHWURVHFLQTHQWDFHQWtPHWURVSDUDDFRPRGDomRGHDXWRPyYHLVHXWLOLWiULRVD
TXDUHQWDHFLQFRJUDXV
F PGR]HPHWURVSDUDDFRPRGDomRGHFDPLQK}HVOHYHVH{QLEXVDQRYHQWDJUDXV
G PRQ]HPHWURVSDUDDFRPRGDomRGHFDPLQK}HVOHYHVH{QLEXVDTXDUHQWDHFLQFR
JUDXV
3DUiJUDIR~QLFR 1RFDVRGHDFRPRGDomRGHYHtFXORVDTXDUHQWDHFLQFRJUDXVDFLUFXODomR
VHGDUiHPXPQLFRVHQWLGR

$UW 1RVHVWDFLRQDPHQWRVDVIDL[DVGHFLUFXODomRGHYHtFXORVTXDQGRHPFXUYDGHYHUmRWHU
VXD ODUJXUD DXPHQWDGD HPUD]mRGRUDLRLQWHUQRH[SUHVVRHPPHWURVHGHFOLYLGDGHH[SUHVVDHP
SRUFHQWDJHP WRPDGD QR GHVHQYROYLPHQWR LQWHUQR GD FXUYD FRQIRUPH GLVSRVWR QR $QH[R ,9 
7DEHODGH/DUJXUDGD)DL[DGH&LUFXODomRHP&XUYDGHVWD/HL
3DUiJUDIR~QLFR 'HYHUiVHUSUHYLVWDFRQFRUGkQFLDHQWUHDODUJXUDQRUPDOGDIDL[DGHFLUFXODomRGH
YHtFXORVHDODUJXUDDXPHQWDGDQHFHVViULDDRGHVHQYROYLPHQWRGDFXUYD
$UW 4XDQGRDIDL[DGHFLUFXODomRGHYHtFXORVSUHYLVWDQRVDUWLJRVDQWHULRUHVIRUFRPXPD
DXWRPyYHLVXWLOLWiULRVHFDPLQK}HVSUHYDOHFHUiRSDUkPHWURPDLVUHVWULWLYR
$UW 4XDOTXHUiUHDGHVWLQDGDDHVWDFLRQDPHQWRFRPPDLVGHVHLVDQGDUHVFRQWDGRVD
SDUWLU GR SDYLPHQWR GH LQJUHVVR LQFOXVLYH GHYHUi REULJDWRULDPHQWH VHU VHUYLGD SRU HOHYDGRU GH
YHtFXORV

$UW   2V HVWDFLRQDPHQWRV GHYHUmR WHU iUHD GH DFXPXODomR DFRPRGDomR H PDQREUD GH
YHtFXORVGLPHQVLRQDGDGHIRUPDDFRPSRUWDUQRPtQLPRWUrVSRUFHQWRGHVXDFDSDFLGDGH

 R  1R FiOFXOR GD iUHD GH DFXPXODomR DFRPRGDomR H PDQREUD GH YHtFXORV SRGHUmR VHU
FRQVLGHUDGDVDVUDPSDVHIDL[DVGHDFHVVRjVYDJDVGHHVWDFLRQDPHQWRGHVGHTXHSRVVXDPODUJXUD
PtQLPDGHPFLQFRPHWURVHFLQTHQWDFHQWtPHWURV
 R  4XDQGR VH WUDWDU GH HVWDFLRQDPHQWR FRP DFHVVR FRQWURODGR R HVSDoR GH DFXPXODomR GH
YHtFXORVGHYHUiHVWDUVLWXDGRHQWUHRDOLQKDPHQWRGRORJUDGRXURHRORFDOGRFRQWUROH
$UW 6HUiH[LJLGRSDUDRVHVWDFLRQDPHQWRVFRPFDSDFLGDGHVXSHULRUDWULQWDYHtFXORV
HPUHODomRDRQ~PHURWRWDOGHYDJDVH[LVWHQWHVXPSHUFHQWXDOGH


35()(,785$'$&,'$'('(0$&(,

6(&5(7$5,$081,&,3$/'(&21752/(85%$12
D FLQTHQWDSRUFHQWRGHVWLQDGDVjYHtFXORVGHSHTXHQRSRUWHFRPGLPHQV}HVPtQLPDVGH
PGRLVPHWURVHWULQWDFHQWtPHWURVSRUPTXDWURPHWURVHFLQTHQWDFHQWtPHWURV
E  TXDUHQWD H FLQFR SRU FHQWR SDUD YHtFXOR GH PpGLR SRUWH FRP GLPHQV}HV PtQLPDV GH
PGRLVPHWURVHWULQWDFHQWtPHWURVSRUPFLQFRPHWURV
F  TXDWUR SRU FHQWR SDUD YHtFXOR GH JUDQGH SRUWH FRP GLPHQV}HV PtQLPDV GH P GRLV
PHWURVHFLQTHQWDFHQWtPHWURVSRUPFLQFRPHWURVHFLQTHQWDFHQWtPHWURV
G  SDUD YHtFXORV GH SHVVRDV SRUWDGRUDV GH GHILFLrQFLDV ItVLFDV FRP GLPHQV}HV PtQLPDV GH
PWUrVPHWURVHFLQTHQWDFHQWtPHWURVSRUPFLQFRPHWURVHFLQTHQWDFHQWtPHWURV

R  1RVFDVRVRQGHRSHUFHQWXDOUHVHUYDGRSDUDYHtFXORVGHSHVVRDVSRUWDGRUDVGHGHILFLrQFLDV
ItVLFDVUHVXOWDUHPQ~PHURIUDFLRQDGRGHYHUiVHUDUUHGRQGDGRSDUDDXQLGDGHVXEVHTXHQWHVHQGR
SRUWDQWRREULJDWyULDDH[LVWrQFLDGHSHORPHQRVXPDYDJDSDUDHVWHXVR

 R  $V YDJDV UHVHUYDGDV DRV YHtFXORV GH SHVVRDV SRUWDGRUD GH GHILFLrQFLDV ItVLFDV GHYHUmR VHU
SURMHWDGDVGHDFRUGRFRPDVQRUPDVGD$%17
 R  2V HVWDFLRQDPHQWRV GHYHUmR UHVHUYDU iUHD SDUD HVWDFLRQDPHQWR GH PRWRFLFOHWDV QXP
SHUFHQWXDOGHRLWRSRUFHQWRGRWRWDOGHYDJDVUHVHUYDGDVSDUDRVYHtFXORVGHTXHWUDWDRFDSXW
GHVWHDUWLJR

$UW    3DUD RV HVWDFLRQDPHQWRV FRP FDSDFLGDGH LJXDO RX LQIHULRU D  WULQWD YHtFXORV VXDV
YDJDV  GHYHUmR WHU  GLPHQV}HV PtQLPDV GH P GRLV PHWURV H WULQWD FHQWtPHWURV SRU P
FLQFRPHWURV
3DUiJUDIR~QLFR  6HUiDGPLWLGRFLQTHQWDSRUFHQWRGDVYDJDVFRPGLPHQV}HVPtQLPDVGH
PGRLVPHWURVHWULQWDFHQWtPHWURVSRUPTXDWURPHWURVHFLQTHQWDFHQWtPHWURV

$UW ([LVWLQGRYDJDVSDUDOHODVjVIDL[DVGHFLUFXODomRGHYHtFXORVVXDVGLPHQV}HVGHYHUmRVHU
DFUHVFLGDV HP P XP PHWUR QR FRPSULPHQWRHPYLQWHHFLQFRFHQWtPHWURVQDODUJXUD
SDUD DXWRPyYHLV H XWLOLWiULRV H P GRLV PHWURV QR FRPSULPHQWR H P XP PHWUR QD
ODUJXUDSDUDFDPLQK}HVH{QLEXV
$UW $VDWLYLGDGHVGRV*UXSRV,,,,9H9SUHYLVWDVQR$QH[R,, 7DEHODGH&ODVVLILFDomR
GRV8VRVGHVWD/HLGHYHUmRSUHYHUiUHDSDUDFDUJDHGHVFDUJD
3DUiJUDIR~QLFR ,QGHSHQGHQWHGHVXDFODVVLILFDomRHDFULWpULRGRVWpFQLFRVGRyUJmRPXQLFLSDO
GHFRQWUROHXUEDQRDWXDO60&&8SRGHUiVHUH[LJLGRFRPEDVHQDDWLYLGDGHDVHUGHVHQYROYLGD
iUHDGHVWLQDGDDFDUJDHGHVFDUJD
$UW $VUDPSDVGHDFHVVRGHYHtFXORVGHYHUmRDSUHVHQWDUGHFOLYLGDGHPi[LPDGHYLQWH
SRU FHQWR TXDQGR GHVWLQDGD j FLUFXODomR GH DXWRPyYHLV H XWLOLWiULRV H GH  GR]H SRU FHQWR
TXDQGRGHVWLQDGDDFLUFXODomRGHFDPLQK}HVH{QLEXV

3DUiJUDIR~QLFR 3DUDHVWDFLRQDPHQWRVFRPFDSDFLGDGHVXSHULRUDWULQWDYHtFXORVDVUDPSDV

GHYHUmRDSUHVHQWDUUHFXRGHPTXDWURPHWURVGRDOLQKDPHQWRGRPHLRILRSDUDVHXLQtFLR
$UW 4XDOTXHUHGLILFDomRVHPSUHMXt]RjVGLVSRVLo}HVGHVWD/HLGHYHUiREVHUYDUDVUHVWULo}HV
HVSHFtILFDVGDOHJLVODomRFRUUHODWDIHGHUDOHHVWDGXDOQDV iUHDVGRWUDEDOKRVD~GHHHGXFDomREHP
FRPRQRUPDVPXQLFLSDLVFRPSOHPHQWDUHV

$UW   $V HGLILFDo}HV FRP DOWXUD VXSHULRU D P VHLV PHWURV H FLQTHQWD FHQWtPHWURV RX
PDLVGHGRLVSDYLPHQWRVVHJXLUmRDVUHJUDVGHDIDVWDPHQWRGR8VR5HVLGHQFLDO 85DSDUWLU
GDDOWXUDGHPVHLVPHWURVHFLQTHQWDFHQWtPHWURVRXGR WHUFHLURSDYLPHQWR

$UW   4XDQGR GD H[LVWrQFLD GH GXDV RX PDLV HGLILFDo}HV QR PHVPR ORWH RV SDYLPHQWRV
VXEVROR SLORWLV SDYLPHQWRJDUDJHP H FREHUWXUD SRGHUmR HVWDU LQWHUOLJDGRV GHVGH TXH VHMDP
REHGHFLGRVRVSDUkPHWURVSUHYLVWRVQHVWD/HLFRPUHODomRDVDEHUWXUDVHQWUHHODV


35()(,785$'$&,'$'('(0$&(,

6(&5(7$5,$081,&,3$/'(&21752/(85%$12
3DUiJUDIRQLFR )LFDPH[FOXtGRVRVXVRVSUHYLVWRVQRVDUWLJRVHGHVWD/HL

68%6(d2,
'2862&20(5&,$/('(6(59,d2

$UW   $V HGLILFDo}HV GH XVR FRPHUFLDO H GH VHUYLoR GHYHUmR REVHUYDU DV FRQGLo}HV JHUDLV
SHUWLQHQWHV j HGLILFDo}HV EHP FRPR DV GHPDLV HVWDEHOHFLGDV QD SUHVHQWH 6HomR H DV QHVWD
6XEVHomR

3DUiJUDIR~QLFR (PVHWUDWDQGRGHHGLILFDo}HVKRUL]RQWDLVDVHGLILFDo}HVHQTXDGUDGDVQR8VRGH
&RPpUFLR H 6HUYLoR VHJXLUmR RV PHVPRV SDUkPHWURV FRQVWUXWLYRV HVWDEHOHFLGRV SDUD R 8VR
5HVLGHQFLDO  85 (P VH WUDWDQGR GH HGLILFDo}HV YHUWLFDLV DFLPD GH   GRLV SDYLPHQWRV
XVDPVHRVSDUkPHWURVSDUDR8VR5HVLGHQFLDO85

68%6(d2,,
'28620,672

$UW   $V HGLILFDo}HV GH XVR PLVWR GHYHUmR REVHUYDU DV FRQGLo}HV JHUDLV SHUWLQHQWHV j
HGLILFDo}HV EHP FRPR DV GHPDLV HVWDEHOHFLGDV QD SUHVHQWH 6HomR H DV HVWDEHOHFLGDV QHVWD
6XEVHomR

3DUiJUDIR~QLFR (PVHWUDWDQGRGHHGLILFDo}HVKRUL]RQWDLVDVHGLILFDo}HVHQTXDGUDGDVQR8VRGH
&RPpUFLR H 6HUYLoR VHJXLUmR RV PHVPRV SDUkPHWURV FRQVWUXWLYRV FXMD DWLYLGDGH VHMD PDLV
UHVWULWLYD (P VH WUDWDQGR GH HGLILFDo}HV YHUWLFDLV DFLPD GH   GRLV SDYLPHQWRV XVDPVH RV
SDUkPHWURVSDUDR8VR5HVLGHQFLDO85
68%6(d2,,,
'2862,1'8675,$/

$UW   $V HGLILFDo}HV GH XVR LQGXVWULDO GHYHUmR REVHUYDU DV FRQGLo}HV JHUDLV SHUWLQHQWHV j
HGLILFDo}HV EHP FRPR DV GHPDLV HVWDEHOHFLGDV QD SUHVHQWH 6HomR H DV HVWDEHOHFLGDV QHVWD
6XEVHomR

3DUiJUDIR~QLFR (PVHWUDWDQGRGHHGLILFDo}HVKRUL]RQWDLVDVHGLILFDo}HVHQTXDGUDGDVQR8VRGH
&RPpUFLR H 6HUYLoR VHJXLUmR RV PHVPRV SDUkPHWURV FRQVWUXWLYRV HVWDEHOHFLGRV SDUD R 8VR
5HVLGHQFLDO  85 (P VH WUDWDQGR GH HGLILFDo}HV YHUWLFDLV DFLPD GH   GRLV SDYLPHQWRV
XVDPVHRVSDUkPHWURVSDUDR8VR5HVLGHQFLDO85

$UW   9LVDQGR R FRQWUROH GD TXDOLGDGH GH YLGD GD SRSXODomR GHSHQGHUmR GH DFHLWDomR SRU
SDUWH GR yUJmRPXQLFLSDOGHPHLRDPELHQWHDWXDO6(03'DVLQG~VWULDVTXHSURGX]DPUHVtGXRV
OtTXLGRVVyOLGRVRXJDVRVRVSRWHQFLDOPHQWHSROXLGRUHV
3DUiJUDIR~QLFR $300SRGHUiHVWDEHOHFHUFRQYrQLRVFRPHQWLGDGHVHVWDGXDLVRXUHJLRQDLVFXMD
FRPSHWrQFLDVHUHODFLRQHDRGHVHQYROYLPHQWRLQGXVWULDOGR0XQLFtSLRREMHWLYDQGRRFXPSULPHQWR
GDVGLVSRVLo}HVGHVWD/HLHGDVQRUPDVGHFDUiWHUUHJXODPHQWDUTXHGHODGHFRUUDP


35()(,785$'$&,'$'('(0$&(,

6(&5(7$5,$081,&,3$/'(&21752/(85%$12

68%6(d2,9
'2862,167,78&,21$/

$UW   $V HGLILFDo}HV GH XVR LQVWLWXFLRQDO GHYHUmR REVHUYDU DV FRQGLo}HV JHUDLV SHUWLQHQWHV j
HGLILFDo}HV EHP FRPR DV GHPDLV HVWDEHOHFLGDV QD SUHVHQWH 6HomR H DV HVWDEHOHFLGDV QHVWD
6XEVHomR

 (PVHWUDWDQGRGHHGLILFDo}HVKRUL]RQWDLVDVHGLILFDo}HVHQTXDGUDGDVQR8VRGH&RPpUFLRH
6HUYLoR VHJXLUmR RV PHVPRV SDUkPHWURV FRQVWUXWLYRV HVWDEHOHFLGRV SDUD R 8VR 5HVLGHQFLDO 
85 (P VH WUDWDQGR GH HGLILFDo}HV YHUWLFDLV DFLPD GH   GRLV SDYLPHQWRV XVDPVH RV
SDUkPHWURVSDUDR8VR5HVLGHQFLDO85
 +DYHQGRQHFHVVLGDGHFRPSURYDGDGHDGHTXDomRGDHGLILFDomRDRVHUYLoRDTXHVHSURS}H
SRGHUiHPFDUiWHUHVSHFLDOKDYHUDSUHFLDomRGR&0'8SDUDDSURYDomRGRVSURMHWRV
68%6(d29
'2862(63(&,$/

$UW   $V HGLILFDo}HV GH XVR HVSHFLDO GHYHUmR REVHUYDU DV FRQGLo}HV JHUDLV SHUWLQHQWHV j
HGLILFDo}HV EHP FRPR DV GHPDLV HVWDEHOHFLGDV QD SUHVHQWH 6HomR H DV HVWDEHOHFLGDV QHVWD
6XEVHomR
3DUiJUDIR~QLFR (PVHWUDWDQGRGHHGLILFDo}HVKRUL]RQWDLVDVHGLILFDo}HVHQTXDGUDGDVQR8VRGH
&RPpUFLR H 6HUYLoR VHJXLUmR RV PHVPRV SDUkPHWURV FRQVWUXWLYRV HVWDEHOHFLGRV SDUD R 8VR
5HVLGHQFLDO  85 (P VH WUDWDQGR GH HGLILFDo}HV YHUWLFDLV DFLPD GH   GRLV SDYLPHQWRV
XVDPVHRVSDUkPHWURVSDUDR8VR5HVLGHQFLDO85
6(59,d2'(('8&$d2

$UW   $V DWLYLGDGHV GHVWLQDGDV j SUHVWDomR GH VHUYLoR GH HGXFDomR DWp R QtYHO GH (QVLQR
)XQGDPHQWDOGHYHUmRDWHQGHUDVVHJXLQWHVGLVSRVLo}HV
D 7D[DGH2FXSDomR72Pi[LPDGHFLQTHQWDSRUFHQWR
E WHUFLUFXODo}HVGHXVRFRPXPFRPODUJXUDPtQLPDGHPXPPHWURHYLQWHFHQWtPHWURV
SDUDFRPSULPHQWRVGHDWpPTXLQ]HPHWURVHPXPPHWURHFLQTHQWDFHQWtPHWURV
SDUDFRPSULPHQWRVVXSHULRUHV
F DVVHJXUDUDRVDPELHQWHVLOXPLQDomRHYHQWLODomRQDWXUDO

   6HUi DGPLWLGD D XWLOL]DomR GR SHUFHQWXDO HVWDEHOHFLGR QR $QH[R ,  4XDGUR GH 8VRV H
3DUkPHWURV&RQVWUXWLYRVGHVWD/HLQDFROXQD'HPDLV8VRVQD=RQDFRUUHVSRQGHQWHGHVGHTXH
D GLIHUHQoD GH SHUFHQWXDO TXH H[FHGD RV  FLQTHQWD SRU FHQWR VHMD GH IRUPD FRQWtQXD H
XWLOL]DGRH[FOXVLYDPHQWHFRPRiUHDGHUHFUHDomR

 R  4XDQGR D 7D[D GH 2FXSDomR 72 XWLOL]DGD IRU PHQRU RX LJXDO D  FLQTHQWD SRU
FHQWR R SHUFHQWXDO GH iUHD GH UHFUHDomR VHUi GH QR PtQLPR  GH] SRU FHQWR GD iUHD WRWDO
XWLOL]DGDGHIRUPDFRQWtQXD
$UW   $V HGLILFDo}HV GHVWLQDGDV D DWLYLGDGH GH HGXFDomR HP JHUDO DOpP GH REVHUYDUHP DV
GLVSRVLo}HV UHODWLYDV jV HGLILFDo}HV  H DV SUySULDV GHVWD VHomR GHYHUmR VXERUGLQDUVH jV QRUPDV
HVSHFtILFDVGD6HFUHWDULD0XQLFLSDOGH(GXFDomRSDUDDDWLYLGDGHDTXHVHSURS}H



35()(,785$'$&,'$'('(0$&(,

6(&5(7$5,$081,&,3$/'(&21752/(85%$12
$UW   (GLILFDo}HV HVFRODUHV GHYHUmR GLVWDU REULJDWRULDPHQWH QR PtQLPR XP UDLR GH P
TXLQKHQWRV PHWURV GH WRGR H TXDOTXHU HVWDEHOHFLPHQWR TXH DUPD]HQH RX SURFHVVH SURGXWRV
TXtPLFRVWy[LFRVH[SORVLYRVRXLQIODPiYHLVRXTXHVHMDFDSD]GHFDXVDUSROXLomRDWPRVIpULFD
   $ GLVWkQFLD HVWDEHOHFLGD QHVWH DUWLJR GHYHUi VHU PHGLGD D SDUWLU GRV OLPLWHVPDLVSUy[LPRV
HQWUHRVHVWDEHOHFLPHQWRVSURSRVWRV
+263,7$,6(&21*1(5(6

$UW $VHGLILFDo}HVGHVWLQDGDVDKRVSLWDLVHFRQJrQHUHVDOpPGHREVHUYDUHPDVGLVSRVLo}HV
UHODWLYDV jV HGLILFDo}HV HP JHUDO GHYHUmR VXERUGLQDUVH jV QRUPDV HVSHFtILFDV GD 6HFUHWDULD
0XQLFLSDOGH6D~GHSDUDDDWLYLGDGHDTXHVHSURS}H

$UW +RVSLWDLVVDQDWyULRVHDVLORVGHYHUmRGLVWDUREULJDWRULDPHQWHQRPtQLPRXPUDLRGH
P FHP PHWURV GH GLVWkQFLD GH 3RVWRV GH $EDVWHFLPHQWR H 6HUYLoRV GH 9HtFXORV EHP FRPR
XP UDLR GH P TXLQKHQWRV PHWURV GH WRGR H TXDOTXHU HVWDEHOHFLPHQWR TXH DUPD]HQH RX
SURFHVVH SURGXWRV TXtPLFRV Wy[LFRV H[SORVLYRV RX LQIODPiYHLV RX TXH VHMD FDSD] GH FDXVDU
SROXLomRDWPRVIpULFD
3DUiJUDIR~QLFR $GLVWkQFLDHVWDEHOHFLGD QHVWHDUWLJRGHYHUiVHUPHGLGDDSDUWLUGRVOLPLWHVPDLV
SUy[LPRVHQWUHRVHVWDEHOHFLPHQWRVSURSRVWRV
326726'($%$67(&,0(172(6(59,d26'(9(&8/26

$UW $VHGLILFDo}HVGHVWLQDGDVDRVSRVWRVGHDEDVWHFLPHQWRHVHUYLoRGHYHtFXORVDOpPGH
REVHUYDUHP DV GLVSRVLo}HV UHODWLYDV DV HGLILFDo}HV HP JHUDO GHYHUmR REVHUYDU RV VHJXLQWHV
SDUkPHWURV
D DVERPEDVDEDVWHFHGRUDVGHYHUmRGLVWDUQRPtQLPRPFLQFRPHWURVGRDOLQKDPHQWRGR
WHUUHQREHPFRPRGHTXDOTXHUGLYLVDHGHTXDOTXHUSRQWRGHHGLILFDomR
E RVWDQTXHVGHFRPEXVWtYHLVGHYHUmRVHVLWXDUSHORPHQRVDPVHLVPHWURVGHGLVWkQFLDGR
DOLQKDPHQWR GR WHUUHQR EHP FRPR GH TXDOTXHU GLYLVD DOpP GHDWHQGHUHPDRXWUDVH[LJrQFLDV
SUySULDVGHOHJLVODo}HVIHGHUDOHVWDGXDOHPXQLFLSDOHVSHFtILFDV
F SRVVXtUHP FDQDOHWDV ORFDOL]DGDV QR WHUUHQR HP WRGD D H[WHQVmR GR DOLQKDPHQWR GHVWLQDGDV j
FDSWDomR GH iJXDV VXSHUILFLDLV FRQYHUJLQGR SDUD FROHWRUHV HP Q~PHUR VXILFLHQWHV D ILP GH
HYLWDUVXDSDVVDJHPSDUDDYLDS~EOLFD
G RVWDQTXHVGHFRPEXVWtYHLVGHYHUmRGLVSRUGHLQVWDODo}HVVXEWHUUkQHDVjSURYDGHSURSDJDomR
GHIRJR
H SRVVXtUHP REULJDWRULDPHQWH HP WRGD D IUHQWH GR ORWH QmR XWLOL]DGD SHORV YmRV GH DFHVVR
PXUHWDFRPPFLQTHQWDFHQWtPHWURVGHDOWXUD
I DiUHDQmRHGLILFDGDHVHPDMDUGLQDPHQWRGHYHUiVHUSDYLPHQWDGD
J GLVSRUHP GH LQVWDODo}HV H HTXLSDPHQWRV HVSHFLDLV SDUD FRPEDWH D LQFrQGLR GH DFRUGR FRP DV
QRUPDVHHVSHFLILFDo}HVGR&RUSRGH%RPEHLURV
K GLVSRUHPGHFDL[DUHFHSWRUDGHiJXDVVHUYLGDVTXHGHYHUmRVHUWUDWDGDVDQWHVGHVHXODQoDPHQWR
QDUHGHJHUDO

3DUiJUDIR~QLFR $VGLVWkQFLDVSUHYLVWDVQDVDOtQHDVDHEGHVWHDUWLJRGHYHUmRVHUPHGLGDV
KRUL]RQWDOPHQWHGDIDFHPDLVSUy[LPDGDGLYLVD
$UW    1DV HGLILFDo}HV GHVWLQDGDV D SRVWRV GH DEDVWHFLPHQWR H VHUYLoR GH YHtFXORV VHUi
REULJDWyULD D LQVWDODomR GH DSDUHOKR FDOLEUDGRU GH DU H GH VHUYLoR GH DEDVWHFLPHQWR GiJXD
REVHUYDQGRRUHFXRPtQLPRGHPTXDWURPHWURVGRDOLQKDPHQWRGRORJUDGRXUR


35()(,785$'$&,'$'('(0$&(,

6(&5(7$5,$081,&,3$/'(&21752/(85%$12
$UW +DYHQGRiUHDVGHVWLQDGDVDODYDJHPHOXEULILFDomRGHYHtFXORVGHYHUiVHUREHGHFLGRRV
PHVPRVSDUkPHWURVHVWDEHOHFLGRVQRDUWLJRGHVWD/HL
$UW   3RVWRV GH $EDVWHFLPHQWR H 6HUYLoR GH 9HtFXORV GHYHUmR GLVWDU REULJDWRULDPHQWH QR
PtQLPRXPUDLRGHPFHPPHWURVGHGLVWkQFLDGH+RVSLWDLVVDQDWyULRVHDVLORV

3DUiJUDIR~QLFR $GLVWkQFLDHVWDEHOHFLGDQHVWHDUWLJRGHYHUiVHUPHGLGDDSDUWLUGRVOLPLWHVPDLV
SUy[LPRVHQWUHRVHVWDEHOHFLPHQWRVSURSRVWRV
$UW (QWUH3RVWRVGH$EDVWHFLPHQWRH6HUYLoRGH9HtFXORVGHYHUiKDYHUREULJDWRULDPHQWH
QRPtQLPRXPUDLRGHPGX]HQWRVHFLQTXHQWDPHWURVGHGLVWkQFLD

3DUiJUDIR~QLFR $GLVWkQFLDHVWDEHOHFLGDQHVWHDUWLJRGHYHUiVHUPHGLGDDSDUWLUGRVOLPLWHVPDLV
SUy[LPRVHQWUHRVHVWDEHOHFLPHQWRVSURSRVWRV
$UW   3RGHUi KDYHU D FRPHUFLDOL]DomR GH */3 QRV 3RVWRV GH $EDVWHFLPHQWR H 6HUYLoRV GH
9HtFXORV GHVGH TXH REVHUYDGDV DV UHVWULo}HV SDUD R XVR HVSHFtILFR H VDWLVIHLWD DV VHJXLQWHV
FRQGLo}HV
D QmRXOWUDSDVVDUDTXDUHQWDERWLM}HV
E DWHQGHUDVGLVWkQFLDVHVWDEHOHFLGDVQDVWDEHODVGD$13

3DUiJUDIR~QLFR 4XDQGRVHWUDWDUGHFRQVXPRSDUDXQLGDGHUHVLGHQFLDODTXDQWLGDGHPi[LPDGH
UHFLSLHQWHVDVHUIRUQHFLGDDRFRQVXPLGRUQmRSRGHXOWUDSDVVDUDGXDVXQLGDGHV
6(59,d26'(/$9$*(0(/8%5,),&$d2'(9(&8/26

$UW   $V HGLILFDo}HV GHVWLQDGDV D VHUYLoRV GH ODYDJHP H OXEULILFDomR GH YHtFXORV DOpP GH
REVHUYDUHP DV GLVSRVLo}HV UHODWLYDV DV HGLILFDo}HV HP JHUDO GHYHUmR REVHUYDU RV VHJXLQWHV
SDUkPHWURV

D WHUSpGLUHLWRPtQLPRGHPTXDWURPHWURV
E GLVSRU GH  ODMH LPSHUPHDELOL]DGD UHYHVWLGD GH FLPHQWR ODGULOKR RX PDWHULDO VLPLODU H VXDV
SDUHGHVLQWHJUDOPHQWHUHYHVWLGDVGHD]XOHMRVRXPDWHULDOVLPLODU
F WHU R SLVR GR FRPSDUWLPHQWR GH ODYDJHP GRWDGR GH UDORV FRP FDSDFLGDGH VXILFLHQWH SDUD
FDSWDomRHHVFRDPHQWRGDViJXDVVHUYLGDV
G GLVSRUHPGHFDL[DUHFHSWRUDGHiJXDVVHUYLGDVTXHGHYHUmRVHUWUDWDGDVDQWHVGHVHXODQoDPHQWR
QDUHGHJHUDO
 R  1RV FDVRV GH ODYDJHQV DXWRPiWLFDV RQGH FRPSURYDGDPHQWH QmR KDMD GLVSHUVmR GH IOXLGRV
TXHSUHMXGLTXHHGLILFDo}HV YL]LQKDVHORJUDGRXURVS~EOLFRVSRGHUiVHUGLVSHQVDGDDFREHUWXUD

R  4XDQGRGRIXQFLRQDPHQWRGRHTXLSDPHQWRGHODYDJHPDXWRPiWLFDIRUFRQVWDWDGDTXDOTXHU
LQWHUIHUrQFLD TXH SUHMXGLTXHP DV HGLILFDo}HV YL]LQKDV R PHVPR VHUi LQWHUGLWDGR DWp TXH VHMDP
VDQDGRRSUREOHPD
R  $iUHDQmRHGLILFDGDHVHPDMDUGLQDPHQWRGHYHUiVHUUHYHVWLGDGHEULWDRXSDYLPHQWDGD
'(36,72'((;3/26,926(,1)/$09(,6

$UW   $V HGLILFDo}HV GHVWLQDGDV D DUPD]HQDPHQWR GH SURGXWRV TXtPLFRV LQIODPiYHLV H
H[SORVLYRV QRVHVWDGRVVyOLGROtTXLGRHJDVRVREHPFRPRVXDVFDQDOL]Do}HVHHTXLSDPHQWRVDOpP
GH REVHUYDUHP DV GLVSRVLo}HV UHODWLYDV DV HGLILFDo}HV HP JHUDO GHYHUmR DWHQGHU DV QRUPDV GD
$%17EHPFRPRDVQRUPDVHHVSHFLILFDo}HVGR&RUSRGH%RPEHLURVUHVSHLWDQGR DLQGD


35()(,785$'$&,'$'('(0$&(,

6(&5(7$5,$081,&,3$/'(&21752/(85%$12

D RDIDVWDPHQWRPtQLPRGHPWUrVPHWURVGDVGLYLVDVGRORWHQRTXHVHUHIHUHDHGLILFDomR

E R DIDVWDPHQWR PtQLPR GH P TXLQKHQWRV PHWURV HQWUH GRLV GHSyVLWRV PHVPR TXDQGR
FRPSUHHQGLGRVHPXPDVySURSULHGDGH
F RDIDVWDPHQWRPtQLPRGHPTXDWURPHWURVGDVGLYLVDVGRORWHHGDVGHPDLVLQVWDODo}HV
SUHYLVWDVQRSURMHWRQRTXHVHUHIHUHDLPSODQWDomRGHWDQTXHV
G D FRQVWUXomR GH PXUR GH DOYHQDULD FRP DOWXUD GH P WUrV PHWURV LVRODQGRRV GDV
SURSULHGDGHVYL]LQKDVHGRORJUDGRXUR
H D JDUDQWLD GD VHJXUDQoD H LQWHJULGDGH GR HQWRUQR DWUDYpV GD SURWHomR DGHTXDGD FRQWUD
YD]DPHQWRV LQFrQGLRV GHVFDUJDV DWPRVIpULFDV HPDQDomR GH JiV H YDSRUHV QRFLYRV RGRUHV H
WHPSHUDWXUDVH[WUHPDVHPIXQomRGRWLSRGHSURGXWRDUPD]HQDGR
3DUiJUDIR~QLFR 2SURMHWRDSUHVHQWDGRGHYHUiFRQVWDURWLSRGHLQIODPiYHODSURGX]LURXRSHUDUH
DSRVLomRGRVWDQTXHVRXUHFLSLHQWHVFRPVXDVUHVSHFWLYDVFDSDFLGDGHV
$UW 7RGRHTXDOTXHUHVWDEHOHFLPHQWRTXHDUPD]HQHRXSURFHVVHSURGXWRVTXtPLFRVWy[LFRV
H[SORVLYRV RX LQIODPiYHLV RX TXH VHMD FDSD] GH FDXVDU SROXLomR DWPRVIpULFD GHYHUi GLVWDU
REULJDWRULDPHQWH QR PtQLPR XP UDLR GH P TXLQKHQWRV PHWURV GH HGLILFDo}HV UHVLGHQFLDLV
UHFUHDWLYDV HVFRODUHV KRVSLWDLV DVLORV WHPSORV FOXEHV FLQHPDV SDUTXHV KRWpLV FHQWURV RX
FRQMXQWRVUHVLGHQFLDLVVXSHUPHUFDGRSUpGLRVWRPEDGRVSRQWHVYLDGXWRVHVWiGLRVGHVSRUWLYRVRX
HVWDEHOHFLPHQWRV HP TXH KDMD FRQFHQWUDomR GH SHVVRDV H RXWURV MXOJDGRV LPSUySULRV SHOR yUJmR
PXQLFLSDOGHFRQWUROHXUEDQRDWXDO60&&8
   $ GLVWkQFLD HVWDEHOHFLGD QHVWH DUWLJR GHYHUi VHU PHGLGD D SDUWLU GRV OLPLWHVPDLVSUy[LPRV
HQWUHRVHVWDEHOHFLPHQWRVSURSRVWRV

 ([FHWXDVHGHVWHDUWLJRRVGHSyVLWRVGHJiVOLTXHIHLWRGHSHWUyOHRTXHGHYHUiREHGHFHUDRV
SDUkPHWURVHVWDEHOHFLGRV
*6/,48()(,72'(3(75/(2

$UW $VHGLILFDo}HVGHVWLQDGDVDDUPD]HQDPHQWRGH*/3VHMDDJUDQHORXHPERWLM}HVFRPR
WDPEpP VHX HQYDVDPHQWR DOpP GH REVHUYDUHP DV GLVSRVLo}HV UHODWLYDV jV HGLILFDo}HV HP JHUDO
GHYHUmR REHGHFHU DV FRQGLo}HV PtQLPDV GH VHJXUDQoD GDV LQVWDODo}HV GH DUPD]HQDPHQWR GH
UHFLSLHQWHV WUDQVSRUWiYHLV HVWDEHOHFLGDV SHOD $JrQFLD 1DFLRQDO GH 3HWUyOHR $13 &RUSR GH
%RPEHLURVHGHPDLVQRUPDVDFHUFDGDPDWpULDEHPFRPRRVGLVSRVLWLYRVSUHYLVWRVQHVWD/HL
   (QWHQGHVH SRU VLVWHPD GH DEDVWHFLPHQWR j JUDQHO R VLVWHPD GH WUDQVYDVDPHQWR GH */3 j
JUDQHO FRQWLGR HP XP YHtFXOR DEDVWHFHGRU SDUD RV UHFLSLHQWHV HVWDFLRQiULRV ORFDOL]DGRV HP XPD
FHQWUDOGH*/3

   &RQVLGHUDPVH ERWLM}HV RV UHFLSLHQWHV WUDQVSRUWiYHLV GH */3 FRP IRUPDWR GLPHQV}HV H
GHPDLV FDUDFWHUtVWLFDVHVWDEHOHFLGDVSHODV1RUPDV7pFQLFDV2ILFLDLVGHVWLQDGRVDFRQWHUXPSHVR
OtTXLGRHVSHFtILFRGHNJGH*/3
   )LFD HVWDEHOHFLGR SDUD D FLGDGH GH 0DFHLy DV VHJXLQWHV FODVVHV UHODWLYDV j iUHD GH
DUPD]HQDPHQWR
D
E
F
G
H
I

&ODVVH, FDSDFLGDGHGHDUPD]HQDPHQWRGHDWp.JGH*/3RXERWLM}HVGH.J
&ODVVH,, FDSDFLGDGHGHDUPD]HQDPHQWRGHDWp.JGH*/3RXERWLM}HV.J
&ODVVH,,, FDSDFLGDGHGHDUPD]HQDPHQWRGHDWp.JGH*/3RXERWLM}HV.J
&ODVVH,9 FDSDFLGDGHGHDUPD]HQDPHQWRGHDWp.JGH*/3RXERWLM}HV.J
&ODVVH9 FDSDFLGDGHGHDUPD]HQDPHQWRGHDWp.JGH*/3RXERWLM}HV.J
&ODVVH9, FDSDFLGDGHGHDUPD]HQDPHQWRGHDWp.JGH*/3RXERWLM}HV.J


35()(,785$'$&,'$'('(0$&(,

6(&5(7$5,$081,&,3$/'(&21752/(85%$12
$UW 2VORFDLVGHDUPD]HQDPHQWR*/3VHMDjJUDQHORXHPERWLM}HVGHTXDOTXHUFODVVHQmR
SRGHUmRGLVWDUPHQRVGHPTXLQKHQWRVPHWURVXPGRRXWURPHVPRTXDQGRFRPSUHHQGLGRV
HPXPDVySURSULHGDGH

3DUiJUDIR~QLFR $GLVWkQFLDHVWDEHOHFLGDQHVWHDUWLJRGHYHUiVHUPHGLGDDSDUWLUGRVOLPLWHVPDLV
SUy[LPRVHQWUHRVHVWDEHOHFLPHQWRVSURSRVWRV
$UW   $ FRPHUFLDOL]DomR GH */3 QRV 3RVWRV GH $EDVWHFLPHQWR H 6HUYLoRV GH 9HtFXORV
GHYHUmRVDWLVID]HUDVVHJXLQWHVFRQGLo}HV
D QmR XOWUDSDVVDUHPDTXDUHQWDERWLM}HV
E DWHQGHUDVGLVWkQFLDVHVWDEHOHFLGDVQDVWDEHODVGD$13

$UW $PDQXWHQomRGRVUHFLSLHQWHVpGDUHVSRQVDELOLGDGHGDV'LVWULEXLGRUDVGHYHQGRHVWDV
DQWHV GR HQYDVLOKDPHQWR VXEPHWrORV D H[DPH SUpYLR SDUD FRQWUROH GR HVWDGR GRV PHVPRV GH
DFRUGRFRPDVQRUPDVHVSHFtILFDVSDUDRFDVR

$UW   4XDQGR VH WUDWDU GH FRQVXPR SDUD XQLGDGH UHVLGHQFLDO D TXDQWLGDGH Pi[LPD GH
UHFLSLHQWHVDVHUIRUQHFLGDDRFRQVXPLGRUQmRSRGHXOWUDSDVVDUDGXDVXQLGDGHV
$UW   1DV HGLILFDo}HV GRWDGDV GH LQVWDODo}HV LQWHUQDV DSURSULDGDV QmR VHUi SHUPLWLGD D
XWLOL]DomRGHJiVHPERWLM}HV
3DUiJUDIR ~QLFR  2 VXSULPHQWR GH */3 SRGHUi VHU IHLWR PHGLDQWH FRORFDomR GH FLOLQGUR RX GR
VLVWHPDGHDEDVWHFLPHQWRjJUDQHO

$UW $&HQWUDOGH*/3QRVSUpGLRVFRPPDLVGHFLQFRXQLGDGHVUHVLGHQFLDLVRXjTXHOHV

FRP GHVWLQDomR FRPHUFLDO UHFUHDWLYD KRWHOHLUD RX TXDOTXHU RXWUD TXH SURYRTXH RX HVWLPXOH D
FRQFHQWUDomR GH S~EOLFR GHYHUi VH VLWXDU QR SDYLPHQWR WpUUHRHGRODGRGHIRUD GDHGLILFDomRHP
ORFDOSURWHJLGRGRWUkQVLWRGHYHtFXORVHSHGHVWUHVHGHIiFLODFHVVRHPFDVRGHHPHUJrQFLD
   (QWHQGHVH SRU &HQWUDO GH */3 D iUHD GHYLGDPHQWH GHOLPLWDGD TXH FRQWpP RV UHFLSLHQWHV
WUDQVSRUWiYHLV RX HVWDFLRQiULRV H DFHVVyULRV GHVWLQDGRV DR DUPD]HQDPHQWR GH */3 SDUD FRQVXPR
GDLQVWDODomR
 1RVFDVRVGHRFXSDomRWRWDOGRWHUUHQRDGPLWLUVHiLQVWDODomRGH&HQWUDOGH*/3QRLQWHULRU
GDHGLILFDomRGHVGHTXHH[FOXVLYDPHQWHQRSDYLPHQWRWpUUHRGDPHVPDHFRPERDVFRQGLo}HVGH
YHQWLODomRHH[DXVWmRGRVJDVHVHDLQGDHPVLWXDomRDQmRFRPSURPHWHUDHVWUXWXUDGDHGLILFDomR
HPFDVRGHVLQLVWUR

 2SURMHWRVGH&HQWUDLVGH*/3GHYHUmRREHGHFHUDVQRUPDVWpFQLFDVGD$%17EHPFRPRDV
GHPDLVH[LJrQFLDVDWUDYpVGHOHJLVODomRHVSHFtILFDDFHUFDGRDVVXQWR

$UW 'HYHUiVHUHPLWLGRSRUFDGD'LVWULEXLGRUDDXWRUL]DGDDVHLQVWDODUQR0XQLFtSLRRXTXH
SRUYHQWXUDMiGLVSRQKDGDPHQFLRQDGDDXWRUL]DomRXPDUHODomRGHVHXVSRVWRVGHUHYHQGDGH*/3
H GH VHXV UHVSHFWLYRV YHtFXORV GHYLGDPHQWH LGHQWLILFDGRV PDQWHQGRD DWXDOL]DGD SHUDQWH yUJmR
PXQLFLSDOGHFRQWUROHXUEDQRDWXDO60&&8H&RUSRGH%RPEHLURV
$UW 7RGRVRVSRVWRVGHUHYHQGDHRVYHtFXORVGHYHUmRDSUHVHQWDUHPOXJDUIDFLOPHQWHYLVtYHO
SHORV FRQVXPLGRUHV R QRPH GR 3RVWR RX GH VXD 5D]mR 6RFLDO D EDQGHLUD GD GLVWULEXLGRUD SDUD
TXDORSHUDUHDLQGLFDomRGRQRPHGRyUJmRHQFDUUHJDGRSHODILVFDOL]DomR

$UW 2VVLVWHPDVGHVHJXUDQoDGRVYHtFXORVXWLOL]DGRVSDUDHQWUHJDGR*/3GHYHUmRDWHQGHU
DR GLVSRVWR QDV QRUPDV HVSHFtILFDV GHYHQGR SDVVDU SRU LQVSHo}HV SHULyGLFDV GR &RUSR GH
%RPEHLURV


35()(,785$'$&,'$'('(0$&(,

6(&5(7$5,$081,&,3$/'(&21752/(85%$12
$UW   7RGRV RV SRVWRV GH UHYHQGD GHYHUmR GLVSRU GH EDODQoD DIHULGD TXH SHUPLWD DR
FRQVXPLGRUFRQIHULURSHVRGRVERWLM}HVFKHLRVTXHHVWLYHUDGTXLULQGREHPFRPRDWDUDGRERWLMmR
YD]LRTXHHVWLYHUWURFDQGRSHORFKHLR

$UW   2V SRVWRV GH UHYHQGD GHYHUmR IXQFLRQDU GH VHJXQGD j ViEDGR HP KRUiULR FRPHUFLDO H
DRV GRPLQJRV QR VLVWHPD GH SODQWmR QR PHVPR KRUiULR GRV GLDV ~WHLV SRGHQGR HVWH ~OWLPR WHU R
FDUiWHURSFLRQDO
$UW 1mRVHMXVWLILFDUiDIDOWDGHDWHQGLPHQWRjSRSXODomRH[FHWRTXDQGRRORFDOGHHQWUHJD
HVWLYHULQDFHVVtYHORXHPFDVRGHIDOWDGHVXSULPHQWRGRSURGXWRSUHYLVWRVUHFRQKHFLGRVSHOD$13

$UW 2VHVWDEHOHFLPHQWRVTXHGHL[DUHPGHREVHUYDUDVQRUPDVSDUDDUPD]HQDPHQWRGH*/3
HP FRQGLo}HV GH VHJXUDQoD HVWDUmR VXMHLWRV j DSOLFDomR GDV SHQDOLGDGHV GH DGYHUWrQFLD PXOWD
VXVSHQVmRWHPSRUiULDGHIXQFLRQDPHQWR
 $DSOLFDomRGDVSHQDOLGDGHVPHQFLRQDGDVQRFDSXW GHVWHDUWLJRQmRSUHMXGLFDDDSOLFDomRGH
RXWUDVVDQo}HVFtYHLVHSHQDLVSUHYLVWDVQDOHJLVODomRSHUWLQHQWH
 'HYHUiVHUUHTXHULGRDWUDYpVGHSURFHVVRSUySULRDOLEHUDomRGRHPEDUJRGHIXQFLRQDPHQWR
H[SHGLGR SDUD UHWRUQR jV DWLYLGDGHV OLFHQFLDGDV TXH HQVHMDUi HP QRYD YLVWRULD SRU SDUWH GD
ILVFDOL]DomRGRyUJmRPXQLFLSDOGHFRQWUROHXUEDQRDWXDO60&&8DQWHVGDFRQFHVVmRSOHLWHDGD
&(0,7e5,26

$UW    3DUD D FRQVWUXomR GH FHPLWpULRV RV WHUUHQRV H JOHEDV GHYHUmR REVHUYDU DV VHJXLQWHV
FRQGLo}HV
D ORFDOL]DUVHHPSRQWRVHOHYDGRV GHIRUPDDDVVHJXUDUTXHHPFDVRGHHQFKHQWHVDViJXDVQmR
YHQKDPDDOFDQoDURIXQGRGDVVHSXOWXUDV
E WHUiUHDPtQLPDGHPWULQWDPLOPHWURVTXDGUDGRV
F SRVVXLUQRPtQLPRWUrVPLOVHSXOWXUDV
G HVWDU VHSDUDGR GDV SURSULHGDGHV DGMDFHQWHV SRU YLDV FXMD ODUJXUD QmR VHMD LQIHULRU D P
GR]HPHWURV

3DUiJUDIR~QLFR ,QH[LVWLQGRDODUJXUDSUHYLVWDQDDOtQHDGGHVWHDUWLJRGHYHUiVHUGHL[DGDXPD
iUHD TXH D FRPSOHPHQWH D VHU LQFRUSRUDGD j YLD SRGHQGR VHU XWLOL]DGD FRPR SDVVHLR RX
HVWDFLRQDPHQWR
$UW 2SURMHWRGHFHPLWpULRXUEDQRGHYHUiDWHQGHURVVHJXLQWHVUHTXLVLWRV

D ODUJXUDPtQLPDGHPVHLVPHWURVSDUDDVYLDVTXHFRPS}HRVLVWHPDYLiULRLQWHUQR

E LQVWDODomRGHXVRHVSHFtILFRGHVWLQDGDVDYHOyULRHDGPLQLVWUDomR

 6HUiSHUPLWLGDDLQVWDODomRSDUDHTXLSDPHQWRGHFUHPDomRGHQWURGDVQRUPDVHVWDEHOHFLGDV
SHORyUJmR0XQLFLSDOGH0HLR$PELHQWHDWUDYpVGHGHFUHWRPXQLFLSDODVHUSXEOLFDGRQRSUD]RGH
FHQWRHRLWHQWDGLDVDSDUWLUGDGDWDGHSXEOLFDomRGHVWD/HL
 6HUiSHUPLWLGDDLQVWDODomRGHFHPLWpULRYHUWLFDOGHQWURGDVQRUPDVHVWDEHOHFLGDVSHORyUJmR
0XQLFLSDOGH0HLR$PELHQWHDWUDYpVGHGHFUHWRPXQLFLSDODVHUSXEOLFDGRQRSUD]RGHFHQWR
HRLWHQWDGLDVDSDUWLUGDGDWDGHSXEOLFDomRGHVWD/HL

$UW $SyVDFRQFHVVmRGD&DUWDGH+DELWHVHDViUHDVGHVWLQDGDVDVYLDVVHUmRFRQVLGHUDGDV
GHVHUYLGmRS~EOLFDQmRSRGHQGRVHUGHVWLQDGDVDTXDOTXHURXWUDILQDOLGDGH
(67$&,21$0(1726&20(5&,$,6



35()(,785$'$&,'$'('(0$&(,

6(&5(7$5,$081,&,3$/'(&21752/(85%$12
$UW   $V HGLILFDo}HV GHVWLQDGDV D HVWDFLRQDPHQWRV FRPHUFLDLV DOpP GH REVHUYDUHP DV
GLVSRVLo}HV UHODWLYDV DV HGLILFDo}HV HP JHUDO GHYHUmR REVHUYDU RV SDUkPHWURV HVWDEHOHFLGRV QHVWH
6XEWtWXOR
$UW $VUDPSDVGRVHVWDFLRQDPHQWRVFRPHUFLDLVGHYHUmRDSUHVHQWDU

D UHFXRGHPTXDWURPHWURVGRDOLQKDPHQWRGRVORJUDGRXURVSDUDVHXLQtFLR

E GHFOLYLGDGHPi[LPDGHYLQWHSRUFHQWRTXDQGRGHVWLQDGDjFLUFXODomRGHDXWRPyYHLVH
XWLOLWiULRVHGHGR]HSRUFHQWRTXDQGRGHVWLQDGDjFLUFXODomRGHFDPLQK}HVH{QLEXV

$UW    $V YDJDV GH HVWDFLRQDPHQWR VHUmR GLPHQVLRQDGDV HP IXQomR GR WLSR GH YHtFXOR H RV
HVSDoRVGHPDQREUDHDFHVVRHPIXQomRGRkQJXORIRUPDGRSHORFRPSULPHQWRGDYDJDHDIDL[DGH
DFHVVRUHVSHLWDGDVDVGLPHQV}HVPtQLPDVFRQIRUPH$QH[R9 7DEHODGH'LPHQV}HVGH9DJDVH
)DL[DVGH$FHVVRGHVWD/HL
+27e,6(6,0,/$5(6
$UW 3DUDRVWHUUHQRVORFDOL]DGRVQDiUHDXUEDQDGRPXQLFtSLRHTXHVHMDPXWLOL]DGDVSDUDD
FRQVWUXomR GH KRWpLV H VLPLODUHV VHUi SHUPLWLGD7D[D GH 2FXSDomR GH  RLWHQWD SRU FHQWR H
&RHILFLHQWHGH$SURYHLWDPHQWRVHLV
$UW 1mR VHUi FRPSXWDGR R SDYLPHQWR SLORWLV GHVGH TXH R VHX SpGLUHLWR DOWXUD GH SLVR D
IXQGRGHODMHGHWHWRQmRVHMDVXSHULRUDVHLVPHWURV

$UW  1RV WHUUHQRV GH HVTXLQD VHUi SHUPLWLGR UHFXR PtQLPR GH  WUHV PHWURV SDUD UXDV
VHFXQGiULDVHFLQFRPHWURVSDUDUXDVSULQFLSDLVVRPHQWHSDUDRSDYLPHQWRSLORWLVHVWHSRGHUi
WHUVHXUHFXRUHGX]LGRDXPPHWURHFLQTXHQWDFHQWtPHWURVSDUDRVWHUUHQRVYL]LQKRVWHQGRRV
GHPDLVSDYLPHQWRVTXHREHGHFHUHPDRVDWXDLVTXDGURVGHXVRVQRTXHVHUHIHUHDRVDIDVWDPHQWRV

$UW 6HUi SHUPLWLGR QRV SDYLPHQWRV WLSR D XWLOL]DomR GH UHFXRV FRPSHQVDWyULRV SDUD
DIDVWDPHQWRV ODWHUDLV HRX GH IXQGRV GR WHUUHQR GHVGH TXH D HPSHQD XWLOL]DGD SDUD HIHLWR GH
FRPSHQVDomR QmRXOWUDSDVVHGH]PHWURVFRQWtQXRVSRGHQGRVHQHVWHFDVRDGPLWLUUHFXRVGH
DWp  P GRLV PHWURV H FLQTXHQWD FHQWtPHWURV H TXDQGR D HPSHQD QmR XOWUDSDVVDU  VHLV
PHWURVGHH[WHQVmRDGPLWLUVHiUHFXRGHGRLVPHWURVQHVWHFDVRQmRGHYHQGRSRVVXLUYmRVGH
DEHUWXUDSDUDDODWHUDOGRWHUUHQR(PTXDOTXHUGRVFDVRVQmRVHSRGHUiDWLQJLUGLPHQVmRVXSHULRUD
FLQTXHQWDSRUFHQWRGDIDFKDGDREMHWRGDFRPSHQVDomR
$UW 2SDYLPHQWRFREHUWXUDGHKRWpLVRXVLPLODUHVSRGHUiH[WUDSRODUQRVVHXVOLPLWHVDWp
GRLV PHWURV DOpP GRV DIDVWDPHQWRV HVWDEHOHFLGRV SDUD RV SDYLPHQWRV WLSRV GHVGH TXH D VXD
SURMHomRQmRXOWUDSDVVDRUHFXRHVWDEHOHFLGRSDUDRSDYLPHQWRSLORWLV
$UW )LFDHVWDEHOHFLGRXPQ~PHURPtQLPRGHXPDYDJDGHHVWDFLRQDPHQWRSDUDFDGD
VHLVXQLGDGHVKDELWDFLRQDLV

$UW 1RFDVRGRKRWHORXVLPLODUSRVVXLUFHQWURGHFRQYHQo}HVFRPFDSDFLGDGHDFLPDGH
GX]HQWRV H FLQTXHQWD OXJDUHV VHUi H[LJLGR  XPD YDJD SDUD FDGD TXDWUR  XQLGDGHV
KDELWDFLRQDLVH[LVWHQWHV
$UW 7DPEpPVHUiH[LJLGRSDUDKRWpLVHVLPLODUHVYDJDVGHHVWDFLRQDPHQWRH[WHUQRVHQGR
XPDGHODVSDUDWUDQVSRUWHFROHWLYR



35()(,785$'$&,'$'('(0$&(,

6(&5(7$5,$081,&,3$/'(&21752/(85%$12
778/29,,,
'$35(6(59$d20$187(1d2(,17(59(1d2(0(',),&$d(6(;,67(17(6
&$378/2,
'265(3$526

$UW &RQVLGHUDVH5HSDURWRGDREUDRXVHUYLoRGHVWLQDGRDPDQXWHQomRVHPLPSOLFDUHP
DFUpVFLPRRXVXSUHVVmRGHiUHDDOWHUDomRGDHVWUXWXUDGDFRPSDUWLPHQWDomRKRUL]RQWDORXYHUWLFDO
RXGDYROXPHWULD
 1mRGHSHQGHGHDSUHVHQWDomRHDSURYDomRGHSURMHWRVUHSDURVGHTXDOTXHUHVSpFLH

   4XDQGR KRXYHU LQWHUYHQomR HP IDFKDGDV GH HGLILFDo}HV ORFDOL]DGDV QR DOLQKDPHQWR GRV
ORJUDGRXURVS~EOLFRVILFDRSURSULHWiULRREULJDGRDDSUHVHQWDUR$OYDUiGH$XWRUL]DomR
&$378/2,,
'$65()250$6

$UW   &RQVLGHUDVH 5HIRUPD WRGD REUD TXH FRP RX VHP PXGDQoD GH XVR LPSOLFDU HP
DOWHUDomR GD iUHD HGLILFDGD SRU VXD VXSUHVVmR RX DFUpVFLPR GD HVWUXWXUD GD FRPSDUWLPHQWDomR
KRUL]RQWDORXYHUWLFDORXGDYROXPHWULD
3DUiJUDIR ~QLFR  1mR GHSHQGH GH DSUHVHQWDomR H DSURYDomR GH SURMHWRV DV UHIRUPDV VHP
DPSOLDomRRXVHPVXSUHVVmRGHiUHDQHPPXGDQoDGHXVR

778/2,;
'$),6&$/,=$d2
&$378/2,
'26352&(',0(1726),6&$,6

$UW &RPSHWHDRyUJmRPXQLFLSDOGHFRQWUROHXUEDQRDWXDO60&&8DWUDYpVGHVHXVVHWRUHV
HVSHFtILFRVDDSOLFDomRGDVGLVSRVLo}HVSUHYLVWDVQHVWD/HL
$UW    7RGD REUD VHUi YLVWRULDGD SHOR yUJmR PXQLFLSDO GH FRQWUROH XUEDQR DWXDO 60&&8
DVVHJXUDQGRDRDJHQWHILVFDOL]DGRUOLYUHDFHVVRDRORFDO

$UW 'HYHUiVHUPDQWLGR QRORFDOGDREUDRVGRFXPHQWRVTXHFRPSURYHPDUHJXODULGDGHGD

DWLYLGDGH HGLOtFLD HP H[HFXomR EHP FRPR VXD SODFD LGHQWLILFDGRUD VRE SHQD GH LQWLPDomR H
FRQVHTHQWHDXWXDomRQRVWHUPRVGHVWDOHLHOHJLVODomRSHUWLQHQWH
3DUiJUDIR ~QLFR 1mR VHUi DGPLWLGD TXDOTXHU UHVWULomR GH H[FOXVmR RX OLPLWDomR HP IDFH GD
REULJDomRFRQWLGDQRFDSXW GHVWHDUWLJR

$UW   &RQVWDWDGD LUUHJXODULGDGH QD H[HFXomR GD REUD SHOD LQH[LVWrQFLD GRV GRFXPHQWRV
QHFHVViULRVSHORGHVYLUWXDPHQWRGDDWLYLGDGHHGLOtFLDFRPRLQGLFDGDDXWRUL]DGDRXOLFHQFLDGDRX
SHOR GHVFXPSULPHQWR GH TXDLVTXHU GDV GLVSRVLo}HV GHVWD /HL R SURSULHWiULR RX SRVVXLGRU HRX
UHVSRQViYHOWpFQLFRGDREUDVHUmRQRWLILFDGRVHDXWXDGRVVXVSHQGHQGRVHDVREUDV


35()(,785$'$&,'$'('(0$&(,

6(&5(7$5,$081,&,3$/'(&21752/(85%$12
3DUiJUDIR~QLFR 4XDQGRVHWUDWDUGHDOWHUDo}HVGHSHTXHQDPRQWDQRVSURMHWRVDSURYDGRVFXMD
FRQVLGHUDomRQmRLPSOLTXHRHQTXDGUDPHQWRQXPDLQIUDomRSUHYLVWDQHVWHFyGLJRVHUiGLVSHQVDGR
DODYUDWXUDGHDXWRGHLQIUDomR

$UW $V1RWLILFDo}HVHRV$XWRVGH,QIUDomRH[SHGLGRVGHYHUmRFRQWHUREULJDWRULDPHQWHDV
VHJXLQWHVLQIRUPDo}HV
, 'LDPrVDQRKRUDHOXJDUHPTXHIRUDPODYUDGRV

,, 1RPHGRSURSULHWiULRSRVVXLGRURXUHVSRQViYHOWpFQLFR
,,, (QGHUHoRGDREUD

,9 )LQDOLGDGHGDQRWLILFDomRHRXDXWXDomR
9 )XQGDPHQWROHJDO

9, ,QGLFDomRGDSHQDOLGDGHFRPLQDGDjLQIUDomRFRPHWLGD
9,, $VVLQDWXUDGRDJHQWHILVFDOL]DGRU
9,,, $VVLQDWXUDGRLQIUDWRU

,; 3UD]RSDUDGHIHVDDGPLQLVWUDWLYD

 R $V LQFRUUHo}HV RX RPLVV}HV QmR DFDUUHWDP D QXOLGDGH GD 1RWLILFDomR HRX GR $XWR GH
,QIUDomR GHVGH TXH GHOHV FRQVWHP HOHPHQWRV VXILFLHQWHV SDUD GHWHUPLQDU FRP VHJXUDQoD D
QDWXUH]DGDLQIUDomRORFDOGDREUDHDJHQWHILVFDOL]DGRU

 1RVFDVRVGHUXDVFODQGHVWLQDVHSDUFHODPHQWRVLUUHJXODUHVDLGHQWLILFDomRGDREUDSRGHUiVHU
GDGDDWUDYpVGHSRQWRVGHUHIHUrQFLDRXGHQRPLQDomRLQIRUPDOXWLOL]DGDQRHPSUHHQGLPHQWR
 2DJHQWHILVFDOL]DGRUIDUiFRQVWDUQRVUHIHULGRVSURFHGLPHQWRVILVFDLVRVFDVRVGHDXVrQFLDGH
SHVVRDV QD REUD RX D H[SUHVVD PDQLIHVWDomR GH UHFXVD GR SURSULHWiULR SRVVXLGRU RX UHVSRQViYHO
WpFQLFRHPDVVLQDUD1RWLILFDomRHRX$XWRGH,QIUDomR

   $ FLrQFLD GH TXH WUDWD R SDUiJUDIR DQWHULRU GHYHUi VHU HIHWXDGD DWUDYpV GH HGLWDO D VHU
SXEOLFDGRQR'20XPD~QLFDYH]
 $1RWLILFDomRHRX$XWRGH,QIUDomRGHYHUmRVHUUHFHSFLRQDGRVSHOR3URWRFROR6HWRULDOQR
SUD]RGHGRLVGLDVFRQWDGRVDSDUWLUGDVUHVSHFWLYDVODYUDWXUDVREMHWLYDQGRDIRUPDOL]DomRGR
3URFHVVR$GPLQLVWUDWLYR)LVFDO
 23URFHVVR$GPLQLVWUDWLYR)LVFDOVHUiLQVWUXtGRFRPRVVHJXLQWHVGRFXPHQWRV
,  9LDGD1RWLILFDomRHRX$XWRGH,QIUDomR

,, &ySLDGR(GLWDOQRVFDVRVSUHYLVWRVQRGHVWHDUWLJR

,,, &ySLDV GRV GRFXPHQWRV TXH LGHQWLILTXHP R SURSULHWiULR RX SRVVXLGRU GD iUHD H REUD
QRWLILFDGD
,9 7HUPRGH5HYHOLDHPVHQGRHODFRQILUPDGD



35()(,785$'$&,'$'('(0$&(,

6(&5(7$5,$081,&,3$/'(&21752/(85%$12
   2V UHVSRQViYHLV SHODV REUDV LUUHJXODUHV WHUmR SUD]R GH  GH] GLDV ~WHLV FRQWDGRV GD
FLrQFLD SDUD VDWLVID]HU DV H[LJrQFLDV FRQWLGDV QD 1RWLILFDomR HRX $XWR GH ,QIUDomR VRE SHQD GH
LQFRUUHUHPHPUHYHOLD

$UW  2 LQIUDWRU WHUi R SUD]R GH  GH] GLDV ~WHLV FRQWDGRV D SDUWLU GR SULPHLUR GLD ~WLO
VXEVHTXHQWHjFLrQFLDRXUHFHELPHQWRGD1RWLILFDomRHRX$XWRGH,QIUDomRSDUDDSUHVHQWDUGHIHVD
RXUHFXVDSRUHVFULWR
   $ GHIHVD RX UHFXVD DSUHVHQWDGRV QmR VXVSHQGHUi D PXOWD DSOLFDGD GHYHQGR SHUPDQHFHU D
REUDSDUDOL]DGDDWpDGHFLVmRILQDOGR3URFHVVR$GPLQLVWUDWLYR

   8PD YH] HVJRWDGR R SUD]R SUHYLVWR QR FDSXW GHVWH DUWLJR VHP TXH R LQIUDWRU WHQKD
DSUHVHQWDGRTXDOTXHUPDQLIHVWDomRGDUVHiRHPEDUJRGDREUDRXDWLYLGDGH
$UW 6HUiHPEDUJDGDDREUDRXDWLYLGDGHDQWHVGRVSUD]RVSUHYLVWRVQHVWD/HLVHRDXWXDGR
SURVVHJXLUQDVXDH[HFXomR
 $SXEOLFDomRGHTXHWUDWDHVWHDUWLJRVHUiIHLWDXPD~QLFDYH]

   2 yUJmR PXQLFLSDO GH FRQWUROH XUEDQR DWXDO 60&&8 VHPSUH TXH HQWHQGHU QHFHVViULR
SRGHUiUHJLVWUDURDX[tOLRGDIRUoDSROLFLDOSDUDDJDUDQWLDGRFXPSULPHQWRGRHPEDUJRREVHUYDQGR
DVGLVSRVLo}HVOHJDLVHVSHFtILFDV
   2 HPEDUJR SRGHUi VHU VXVSHQVR DWUDYpV GR GHVSDFKR GR 6HFUHWiULRGRyUJmRPXQLFLSDOGH
FRQWUROH XUEDQR TXH DFROKHU D GHIHVD RX UHFXUVR GHVGH TXH VDWLVIHLWDV DV H[LJrQFLDV TXH R
PRWLYDUDP DSUHVHQWDGR R HPEDUJDGR HOHPHQWRV GH SURYD VXILFLHQWHV j FRQILUPDomR GR
DWHQGLPHQWRGDVREULJDo}HVLPSRVWDVEHPDVVLPRFRPSURYDQWHGHSDJDPHQWRGDUHVSHFWLYDPXOWD
 RHPEDUJRSRGHUiVHULPHGLDWRTXDQGRFRQVWDWDGRJUDYHYLRODomRGHLQWHUHVVHS~EOLFR

$UW   2 yUJmR PXQLFLSDO GH FRQWUROH XUEDQR DWXDO 60&&8  SRGHUi UHWLUDU HTXLSDPHQWRV
ODFUDU R DFHVVR RX DWp GHPROLU REUDV TXH DSUHVHQWHP LUUHJXODULGDGHV H WHQKDP VLGR GHYLGDPHQWH
HPEDUJDGDVLQGHSHQGHQWHPHQWHGHRUGHPMXGLFLDOGHVGHTXHVHWUDWHGHiUHDS~EOLFD

6(d2,
'$6127,),&$d(6('26(0%$5*26

$UW   $ QRWLILFDomR p XP LQVWUXPHQWR XWLOL]DGR SDUD GDU FLrQFLD DR LQWHUHVVDGR GH TXDOTXHU
LUUHJXODULGDGHQDREUDRXDWLYLGDGHYLVDQGRVXDDGHTXDomRjOHJLVODomRSHUWLQHQWH

   $ SDUWLU GD GDWD GD FLrQFLD GD 1RWLILFDomR DV REUDV H DV DWLYLGDGHV GHYHUmR VHU VXVSHQVDV
SDUDTXHRVLQWHUHVVDGRVDSUHVHQWHPGHIHVDDRyUJmRPXQLFLSDOGHFRQWUROHXUEDQRDWXDO60&&8
  5HJLVWUDGDDGHIHVDDSUHVHQWDGDSHORVQRWLILFDGRVSHUVLVWLQGRDVLUUHJXODULGDGHVDSRQWDGDV
VHUOKHi GDGR R SUD]R GH  GH] GLDV ~WHLV SDUD D UHVROXomR GR SUREOHPD SRGHQGR VHU
SURUURJDGRSRULJXDOSHUtRGR

   1mR VHQGR LQLFLDGDV DV PHGLGDV FDEtYHLV GH DGHTXDomR GD REUD RX DWLYLGDGH QR SUD]R
PHQFLRQDGR QR SDUiJUDIR DQWHULRU QmR VHUi FRQFHGLGD QHQKXPD SURUURJDomR VRE TXDOTXHU
IXQGDPHQWR


35()(,785$'$&,'$'('(0$&(,

6(&5(7$5,$081,&,3$/'(&21752/(85%$12

   $ DGPLQLVWUDomR SRGHUi FRQFHGHU SUD]R VXSHULRU jTXHOH SUHYLVWR QR   GHVGH TXH
UHVSDOGDGDHPSDUHFHUWpFQLFRGHQtYHOVXSHULRUUHVSRQViYHOSHODiUHDFRPDQXrQFLDGR6HFUHWiULR

$UW (PEDUJRpRDWRDGPLQLVWUDWLYRGHVWLQDGRDVXVSHQGHUDH[HFXomR GHREUDLQVWDODomRRX

DWLYLGDGHHPGHVDFRUGRFRPDVGHWHUPLQDo}HVGDOHJLVODomR

3DUiJUDIR~QLFR 3URPRYLGDVDVDGHTXDo}HVGHYLGDVRHPEDUJRVHUiOHYDQWDGRDSyVUHTXHULPHQWR
GRLQWHUHVVDGRDYHULJXDomRHSXEOLFDomRQR'20

778/2;
'$63(1$/,'$'(6('$608/7$6
6(d2,
',6326,d(6*(5$,6

$UW  &RQVWLWXL LQIUDomR WRGD DomR RX RPLVVmR YROXQWiULD RX LQYROXQWiULD TXH LPSRUWH
LQREVHUYkQFLD jV GLVSRVLo}HV SUHYLVWDV QHVWD /HL GHFUHWR UHJXODPHQWR H DWRV DGPLQLVWUDWLYRV
GHVWLQDGRVDFRPSOHPHQWiORV

$UW  2V LQIUDWRUHV VHUmR SXQLGRV FRP DV VHJXLQWHV SHQDV SOLFDGDV LVRODGDV RX
FXPXODWLYDPHQWH
, 0XOWDV

,, (PEDUJRGDREUD

,,, ,QWHUGLomRGRHVWDEHOHFLPHQWRHRXDWLYLGDGH

$UW  6HUi FRQVLGHUDGD UHLQFLGrQFLD SDUD RVWHUPRVGHVWD/HLDSUiWLFDGHQRYDLQIUDomRGD

PHVPD QDWXUH]D H HP UHODomR DR PHVPR HVWDEHOHFLPHQWR RX DWLYLGDGH RX D SHUVLVWrQFLD GD
LUUHJXODULGDGHLQLFLDOPHQWHSXQLGDDSyVRGHFXUVRGRSUD]RSDUDVXDUHJXODUL]DomR
 $UHLQFLGrQFLDpSXQLGD

, 1DSULPHLUDFRPDPXOWDSULPLWLYDDFUHVFLGDGHFLQTHQWDSRUFHQWRGHVHXYDORU

,, 1DVVXEVHTXHQWHVRSHUFHQWXDOGHDFUpVFLPRIL[DGRQRLQFLVRDQWHULRUVHUiDXPHQWDGRjRUGHP
GHYLQWHSRUFHQWRFXPXODWLYDPHQWH
 2SDJDPHQWRGDPXOWDQmRH[LPHRLQIUDWRUGHUHJXODUL]DUDVLWXDomRQRSUD]RSUHYLVWRQD
1RWLILFDomRHRX$XWRGH,QIUDomRQHPWDPSRXFRGHVHUQRYDPHQWHQRWLILFDGRFDVRSHUPDQHoDD
LUUHJXODULGDGH
 'HFRUULGRRSUD]RSDUDSDJDPHQWRGDPXOWDVHPTXHRLQIUDWRUWHQKDLPSXJQDGRDFREUDQoD
VHUi HOD ODQoDGD DXWRPDWLFDPHQWH QR 5HJLVWUR GD 'tYLGD $WLYD GR 0XQLFtSLR SHOD 6HFUHWDULD GH
)LQDQoDV

$UW $DSOLFDomRGDVSHQDOLGDGHVSUHYLVWDVQHVWD/HLQmRREVWDDLQLFLDWLYDGR([HFXWLYRHP
SURPRYHUDDomRMXGLFLDOQHFHVViULDSDUDGHPROLomRGDREUDLUUHJXODU


35()(,785$'$&,'$'('(0$&(,

6(&5(7$5,$081,&,3$/'(&21752/(85%$12

6(d2,,
'$,1)5$d261250$6'(3$5&(/$0(172

$UW   $ H[HFXomR GH SDUFHODPHQWR VHP DSURYDomR GR ([HFXWLYR HQVHMD QRWLILFDomR GR VHX
SURSULHWiULRRXGHTXDOTXHUGHVHXVUHVSRQViYHLVSDUDSDUDOLVDomRLPHGLDWDGDVREUDVFXPSULQGRDR
SDUFHODGRUVROLFLWDUDUHJXODUL]DomRGRHPSUHHQGLPHQWRQRSUD]RGHGH]GLDV~WHLV
3DUiJUDIR ~QLFR  (P FDVR GH GHVFXPSULPHQWR GH TXDOTXHU GDV REULJDo}HV SUHYLVWDV QHVWD /HL R
QRWLILFDGRILFDUiVXMHLWRVXFHVVLYDPHQWHD

D SDJDPHQWR GH PXOWD QR YDORU HTXLYDOHQWH D  GH] 8),5V SRU PHWUR TXDGUDGR GH
SDUFHODPHQWRLUUHJXODU
E HPEDUJRGDREUDFDVRSHUVLVWDHPFRQWLQXiODDSyVDDSOLFDomRGDPXOWDFRPDSUHHQVmRGDV
PiTXLQDVHTXLSDPHQWRVHYHtFXORVHPXVRQRORFDO
F PXOWD GLiULD QR YDORU HTXLYDOHQWH D   WUH]HQWDV 8),5V HP FDVR GH GHVFXPSULPHQWR GR
HPEDUJR
$UW  $ IDOWD GH UHJLVWUR GR SDUFHODPHQWR GR VROR HQVHMD QRWLILFDomR GR SURSULHWiULR SDUD
UHJXODUL]iORMXQWRDRFDUWyULRFRPSHWHQWHQRVGH]GLDV~WHLVVHJXLQWHV

$UW 1mRKDYHQGRFRQFOXVmRGDVREUDVGHXUEDQL]DomRQRVSUD]RVGHYDOLGDGHIL[DGDSDUDR
DOYDUiGHSDUFHODPHQWRILFDVXMHLWRRSURSULHWiULRGRSDUFHODPHQWRDRSDJDPHQWRGDPXOWDQRYDORU
GH8),5VSRUPrVRXIUDomRGHDWUDVR
6(d2,,,
'$,1)5$d261250$6'((',),&$d2

$UW    2 DFUpVFLPR LUUHJXODU GH iUHD OHYDQGRVH HP FRQVLGHUDomR D iUHD Pi[LPD SHUPLWLGD
SHOD 7D[D GH 2FXSDomR 72  &RHILFLHQWH GH $SURYHLWDPHQWR &$ UHFXRV FRPSHQVDWyULRV H
UHFXRV PtQLPRV VXMHLWDUi R SURSULHWiULR GR LPyYHO DR SDJDPHQWR GH PXOWD FRUUHVSRQGHQWH DR
YDORU UHVXOWDQWH GD PXOWLSOLFDomR GRV PHWURV TXDGUDGRV GD iUHD DFUHVFLGD SHOR YDORU GR PHWUR
TXDGUDGRGD3ODQWDGH9DORUHV,PRELOLiULRVGH0DFHLy

 1RFDVRGHXVRGHLPyYHOUHVLGHQFLDODPXOWDVHUiHTXLYDOHQWHDRYDORUGH8),5VSRU
PHWURTXDGUDGRGHiUHDH[FHGHQWH
 6HDLUUHJXODULGDGHIRUUHODWLYDDUHFXRVPtQLPRVRXFRPSHQVDWyULRVVHUiQHFHVViULRSDUDD
UHJXODUL]DomR GD HGLILFDomR DOpP GR SDJDPHQWR GD PXOWD D DQXrQFLD H[SUHVVD GRV SURSULHWiULRV
GRVWHUUHQRVYL]LQKRV
$UW 6REUHDVHGLILFDo}HVLUUHJXODUHVLQFLGLUmRPXOWDGHFLQFR8),5VSRUPHWURTXDGUDGR
GHiUHDLUUHJXODUDSOLFDQGRVHDVQRUPDVGHUHLQFLGrQFLDHSURJUHVVLYLGDGHSUHYLVWDV

$UW $LQREVHUYkQFLDGRQ~PHURGHYDJDVGHJDUDJHQVSDUDFDGDXVRVXMHLWDUiRSURSULHWiULR
GR LPyYHO j PXOWD  GH  GR]H YH]HV R YDORU GR PHWUR TXDGUDGR GD 3ODQWD GH 9DORUHV GR
0XQLFtSLRSRUYDJDQmRDWHQGLGD
3DUiJUDIR ~QLFR $ DSOLFDomR GDV SHQDOLGDGHV SUHYLVWDV QR FDSXW GHVWH DUWLJR QmR LPSHGH D
DSOLFDomRGDVSHQDOLGDGHVSRUGHVUHVSHLWRDRVSDUkPHWURVXUEDQtVWLFRVSUHYLVWRVQHVWD/HL

$UW  6HUi FREUDGD HP GREUR D WD[D GH H[SHGLomR GR $OYDUi GH ([HFXomR GH 2EUD TXDQGR
HVWDMiWLYHUVLGRLQLFLDGDVHPDOLFHQoDPXQLFLSDO


35()(,785$'$&,'$'('(0$&(,

6(&5(7$5,$081,&,3$/'(&21752/(85%$12
$UW  2 QmR SDJDPHQWR GDV WD[DV GH UHQRYDomR GR $OYDUi GH ([HFXomR LPSOLFDUi PXOWD GH
FLQTHQWDSRUFHQWRGHVHXYDORURULJLQDO

 $PXOWDSUHYLVWDQHVWHDUWLJRVHUiDSOLFDGDDSDUWLUGRGpFLPRGLD~WLOGDGDWDSUHYLVWDSDUDD
UHQRYDomRREULJDWyULDGRUHIHULGR$OYDUi

 1mRKDYHQGRRSDJDPHQWRGDWD[DSUHYLVWDQHVWHDUWLJRDWpDREWHQomRGR+DELWHVHDPXOWD
VHUiDSOLFDGDHPGREUR
6(d2,9
'$,1)5$d261250$6'(/2&$/,=$d2()81&,21$0(172

$UW   2 IXQFLRQDPHQWR GH HVWDEHOHFLPHQWR HP GHVDFRUGR FRP DV GHWHUPLQDo}HV GD SUHVHQWH
/HLHQVHMDHPQRWLILFDomRHSDJDPHQWRGHPXOWDGLiULDHTXLYDOHQWHD
D
E
F
G
H

FLQFR8),5QRFDVRGHXVRGR*UXSR,
YLQWH8),5QRFDVRGHXVRGR*UXSR,,
FLQTHQWD8),5QRFDVRGHXVRGR*UXSR,,,
FHP8),5QRFDVRGHXVRGR*UXSR,9
GX]HQWRV8),5QRFDVRGHXVRGR*UXSR9

 R  ,QWHUGLomR GR HVWDEHOHFLPHQWR RX GD DWLYLGDGH DSyV  YLQWH GLDV ~WHLV GH LQFLGrQFLD GD
PXOWD
R  2YDORUGDPXOWDGLiULDUHIHULGDQHVWHDUWLJRWHUiVHXYDORUGXSOLFDGR
D DFDGDWULQWDGLDVFRUULGRVFDVRQmRWHQKDKDYLGRLQWHUGLomR
E DFDGDFLQFRGLDVFRUULGRVSRUGHVFXPSULPHQWRGDLQWHUGLomR

 R  1R FDVR GH DWLYLGDGH SROXHQWH DVVLP FRQVLGHUDGD SHOD /HL $PELHQWDO DOpP GD PXOWD D
DSUHHQVmRRXDLQWHUGLomRGDIRQWHJHUDGRUDSRGHUiVHGDUGHLPHGLDWR

R  3DUDDVDWLYLGDGHVHPTXHKDMDSHULJRLPLQHQWHHQTXDQWRSHUVLVWLURYDORUGDPXOWDGLiULDp
HTXLYDOHQWHDPLO8),5SRGHQGRDLQWHUGLomRVHGDUGHLPHGLDWRFXPXODWLYDPHQWHFRPD
PXOWD

R  3DUDILQVGHVWHDUWLJRHQWHQGHVHSRUSHULJRLPLQHQWHDRFRUUrQFLDGHVLWXDomRHPTXHVH
FRORTXHHPULVFRDYLGDRXDVHJXUDQoDGHSHVVRDVGHPRQVWUDGRQRDXWRGHLQIUDomRUHVSHFWLYR
   &RQVLGHUDGD D SRVVLELOLGDGH WpFQLFD GH LPSODQWDomR H GHWHFWDGR R IXQFLRQDPHQWR GR
HVWDEHOHFLPHQWRVHPTXHWHQKDPVLGRH[SHGLGRVRV$OYDUiGH/RFDOL]DomRHD,QVFULomR)LVFDODV
WD[DVPXQLFLSDLVUHIHUHQWHVDRVUHVSHFWLYRVGRFXPHQWRVVHUmRFREUDGDVFRPPXOWDGHFHP
SRUFHQWR
 $UHIHULGDPXOWDGHYHUiVHUUHFROKLGDDQWHVGDH[SHGLomRGDVUHIHULGRVGRFXPHQWRV
6(d29
'$6'(0$,6,1)5$d(6

$UW   3HOR GHVFXPSULPHQWR GH RXWURV SUHFHLWRV GHVWD /HL QmR HVSHFLILFDGRV QDV VHo}HV
DQWHULRUHVRLQIUDWRUGHYHVHUSXQLGRFRPPXOWDQRYDORUHTXLYDOHQWHDTXLQKHQWDV8),5


35()(,785$'$&,'$'('(0$&(,

6(&5(7$5,$081,&,3$/'(&21752/(85%$12

778/2;,
'$6',6326,d(6),1$,6

$UW 6mRSDUWHLQWHJUDQWHGHVWD/HL
D
E
F
G
H
I
J
K
L
M

$QH[R, 4XDGURGH8VRVH3DUkPHWURV&RQVWUXWLYRV
$QH[R,,  7DEHODGH&ODVVLILFDomRGRV8VRV
$QH[R,,, 7DEHODGH9DJDVGH(VWDFLRQDPHQWR
$QH[R,9 7DEHODGH/DUJXUDGD)DL[DGH&LUFXODomRHP&XUYD
$QH[R9 7DEHODGH'LPHQV}HVGH9DJDVH)DL[DVGH$FHVVR
$QH[R9, 7DEHODGH&DUJD H'HVFDUJD(PEDUTXHH'HVHPEDUTXHUHDSDUDWi[L
$QH[R9,, 7DEHODGH/RWDomRGDV(GLILFDo}HV
$QH[R9,,, 7DEHODGH&RUUHGRUHVGH$WLYLGDGH0~OWLSOD
$QH[R,; &RQFHLWRVH'HILQLo}HV
$QH[R; 6LJODVH$EUHYLDWXUDV

$UW 2=RQHDPHQWRGRPXQLFtSLRGH0DFHLyGHYHUiVHUUHYLVWRSRUXPDFRPLVVmRIRUPDGD
SRUWpFQLFRVGDV6HFUHWDULDV0XQLFLSDLVGH3ODQHMDPHQWRH&RQWUROH8UEDQRQRPHDGRVSHOR&KHIH
GR([HFXWLYR0XQLFLSDOGHYHQGRVHUDSUHVHQWDGRQXPSUD]RPi[LPRGHXPDQRDFRQWDUGD
GDWDGHDSURYDomRGDSUHVHQWH/HL

$UW  
2V FDVRV RPLVVRV VHUmR REMHWR GH DQiOLVH H SDUHFHU WpFQLFR VHQGR
REULJDWRULDPHQWHVXEPHWLGRVjDSUHFLDomRGR6HFUHWiULRGRyUJmRPXQLFLSDOGHFRQWUROH
XUEDQRDWXDO60&&8HDFULWpULRGHVWHDR&0'8
   6HUi FRQFHGLGR XP SUD]R GH  VHVVHQWD GLDV ~WHLV SDUD DSUHFLDomR GH SURFHVVRV SHOD
OHJLVODomRDQWHULRURXSHODDWXDODVHUHVFROKLGRSHORUHTXHUHQWH
 $VUHVROXo}HVGHILQLGDVSHOR&0'8JHUDUmR6~PXODVTXHFRPSOHPHQWDUmRDSUHVHQWH/HL
$UW    (VWD /HL HQWUD HP YLJRU QD GDWD GH VXD SXEOLFDomR UHYRJDQGR D OHJLVODomR DQWHULRU
HVSHFLILFDPHQWH DV /HLV  H  VHXV DQH[RV H VXDV DOWHUDo}HV SRVWHULRUHV DV /HLV
HFRPH[FHomRGHVHXDUWHDVGLVSRVLo}HVHPFRQWUiULRV

35()(,7$081,&,3$/'(0$&(,HPGH-DQHLURGH
.iWLD%RUQ
3UHIHLWDGH0DFHLy



35()(,785$'$&,'$'('(0$&(,

6(&5(7$5,$081,&,3$/'(&21752/(85%$12

$1(;2,
48$'52'(8626(3$50(7526&2167587,926
=21$

5($
01,0$

7(67$'$
01,0$

=&&6
=(&6
=(3
=$0
=$0
=$0
=$0
=$0
=&6
=5
=5
=5
=5
=5
=5
=5
=5
=5
=5
=5
=(
=(
=(



/(,























/(,





















7$;$'(
2&83$d272
85
'(0$,6
8626




/(,


































13

13




&2(),&,(17('(
$3529(,7$0(172&$
85
'(0$,6
8626



















13
13

























35()(,785$'$&,'$'('(0$&(,

6(&5(7$5,$081,&,3$/'(&21752/(85%$12
$1(;2,,

7$%(/$'(&/$66,),&$d2'268626
*5832,
$WpP

$oRXJXHV
$YtFRODV
$QWLTXiULRV
$OLPHQWRV
FRQJHODGRV
$UWLJRV GH FLQH
IRWRVRP
$SDUHOKRV HOpWULFRV
HHOHWU{QLFRV
$SDUHOKRVGHXVR
GRPpVWLFRHSHVVRDO
$TXiULRVHSHL[HV
RUQDPHQWDLV
$UPDULQKRV
$UWHVDQDWR
$UWLJRVGHERUUDFKD
HFRXUR
$UWLJRVGHFDPD
PHVDHEDQKR
$UWLJRVGHVSRUWLYRV
HUHFUHDWLYRV
$UWLJRVSDUDHVFUL
WyULRV
$UWLJRVIXQHUiULRV
$UWLJRV
GH
YHVWXiULR
$UWLJRV H SURGXWRV
YHWHULQiULRV H DJUR
SHFXiULRV
$UWLJRVHVRWpULFRV
$UWLJRV H VXSULP
GHLQIRUPiWLFD
$UWLJRVLPSRUWDGRV
$UWLJRV PpGLFRV H
RGRQWROyJLFRV
$UWLJRV SDUD DUWH H
GHFRUDomR
$UWLJRVSDUDIHVWDV
$UWLJRV
SDUD
SLQWXUD
$UWLJRV
SDUD
SUHVHQWH
$UWLJRVUHOLJLRVRV
%D]DUHV
'HSyVLWRV
GH
EHELGDV
%LFLFOHWDV
H

*5832,,
$WpP

$QLPDLV
$UWLJRV
SDUD
FDPSLQJHSLVFLQDV
0DWHULDLV
KLGUiXOLFRV
0DJD]LQHV H ORMDV
GHGHSDUWDPHQWR
0yYHLV
0DWHULDLV EiVLFRV
GH
FRQVWUXomR
0DGHLUDHVXFDWD
6XSHUPHUFDGR
9HtFXORV
8VRVGR*5832,
FRPiUHDVXSHULRUj
HVWDEHOHFLGD

&20e5&,2

*5832,,,
$WpP

*5832,9
$FLPDGHP

(TXLSDPHQWRVH
8VRVGR*5832
PiTXLQDVSDUD ,,,
XVRVFRPHUFLDOH FRP iUHDVXSHULRU
LQGXVWULDO
j
*UDQMDVH
HVWDEHOHFLGD
DEDWHGRXURV
+LSHUPHUFDGR
6KRSLQJFHQWHU
&RPpUFLR
DWDFDGLVWDH
GLVWULEXLGRU
'HSyVLWRV
0iTXLQDVH
HTXLSDPHQWRV
DJUtFRODV
0iTXLQDVH
HTXLSDPHQWRV
SDUDDFRQVWUXomR
FLYLO

*58329
'HULYDGRVGH
SHWUyOHR
([SORVLYRV
$UPDVH
PXQLo}HV
)RJRVGHDUWLItFLR
3URGXWRV
TXtPLFRV
HLQIODPiYHLV

8VRVGR
*5832,,
FRPiUHD
VXSHULRUj
HVWDEHOHFLGD



35()(,785$'$&,'$'('(0$&(,

6(&5(7$5,$081,&,3$/'(&21752/(85%$12
PRWRFLFOHWDV
%LMXWHULDV
(QFDQDGRUHV
%ULQTXHGRV
&RQIHLWDULDV
&ROFK}HV
&RVPpWLFRV
'URJDULDVHIDUPi
FLDV
(VVrQFLDVFRUDQWHV
HHVSHFLDULDV
(TXLSDPHQWRV
H
DUWLJRVGHVHJXUDQoD
(PEDODJHQV
)HUUDPHQWDV
H
IHUUDJHQV
)ORULFXOWXUDV
,QVWUXPHQWRVPXVL
FDLV
-RDOKHULDV
H
UHORMRDULDV
-RUQDLVHUHYLVWDV
/DWLFtQLRVHIULRV
/LYUDULDVHSDSHOD
ULDV
0DWHULDLVSOiVWLFRV
0HUFHDULDV
0ROGXUDV
WLFDV
3DGDULDV
3HVFDGRV
3HUIXPDULDV
3HoDVHDFHVVyULRV
SDUDYHtFXORV
3URGXWRVQDWXUDLV
3URGXWRVKRUWLIUXWL
JUDQJHLURV
6DSDWDULDV
7DEDFDULDV
9LGUDoDULDV
2%6 2V XVRV &20(5&,$,6 SUHYLVWRV QD FODVVLILFDomR *5832 9 VmR XVRV WROHUDGRV
LQGHSHQGHQWH GD iUHD GH FRQVWUXomR 6XD ORFDOL]DomR GHYHUi DWHQGHU D WRGDV DV H[LJrQFLDV GHVWD
OHJLVODomREHPFRPRDVGHPDLVOHJLVODo}HVHVSHFtILFDVSHUWLQHQWHVDFDGDFDVR



35()(,785$'$&,'$'('(0$&(,

6(&5(7$5,$081,&,3$/'(&21752/(85%$12



35()(,785$'$&,'$'('(0$&(,

6(&5(7$5,$081,&,3$/'(&21752/(85%$12

$1(;2,,

7$%(/$'(&/$66,),&$d2'268626
6(59,d26

6(59,d263%/,&26
*5832,
$WpP

$JrQFLDVGH
FRUUHLRHWHOpJUDIR
3RVWRVSROLFLDLV
3RVWRVWHOHI{QLFRV
5HSUHVHQWDo}HVGL
SORPiWLFDV
5HSUHVHQWDo}HVGH
RUJDQLVPRVLQWHUQD
FLRQDLV
&DUWyULRV

*5832,,
$WpP

(PSUHVDV GH
iJXDHHVJRWR
(PSUHVDVGH
FRUUHLRH
WHOpJUDIR
(PSUHVDVGH
HQHUJLDHOpWULFD
(PSUHVDVGH
WHOHFRPXQLFDo}H
V
,QVWLWXWRVH
IXQGDo}HV
'HOHJDFLDVGH
SROtFLD
3RVWRVGH
LGHQWLILFDomR
)yUXQVH
WULEXQDLV
8VRVGR
*5832,
FRPiUHD
VXSHULRUj
HVWDEHOHFLGD

*5832,,,
$WpP

&RUSRGH
%RPEHLURV

8VRVGR*5832,,
FRPiUHDVXSHULRUj
HVWDEHOHFLGD

*5832,9
$FLPDGHP

8VRVGR
*5832,,,
FRPiUHD
VXSHULRUj
HVWDEHOHFLGD

*58329
3UHVtGLRVH
TXDUWpLV

2%6 2V 6(59,d26 SUHYLVWRV QD FODVVLILFDomR *5832 9 VmR XVRV WROHUDGRV LQGHSHQGHQWH GD
iUHDGHFRQVWUXomR6XDORFDOL]DomRGHYHUiDWHQGHUDWRGDVDVH[LJrQFLDVGHVWDOHJLVODomR EHP
FRPRDVGHPDLVOHJLVODo}HVHVSHFtILFDVSHUWLQHQWHVDFDGDFDVR



35()(,785$'$&,'$'('(0$&(,

6(&5(7$5,$081,&,3$/'(&21752/(85%$12

$1(;2,,

7$%(/$'(&/$66,),&$d2'268626
6(59,d26

6(59,d26'(6$'(
*5832,
$WpP

3RVWRVGHVD~GH
S~
EOLFD
3RVWRVGH
YDFLQDomR
%DQFRVGH
VDQJXH
&OtQLFDV
HVSHFLDOL]D
GDV
&OtQLFDVPpGLFDV
H
RGRQWROyJLFDV

*5832,,
$WpP

,QVWLWXWRVGH
ILVLRWH
UDSLD
0DWHUQLGDGHV
3ROLFOtQLFDV
/DERUDWyULRVGH
DQiOLVHVFOtQLFDV
8VRVGR
*5832,
FRPiUHD
VXSHULRUj
HVWDEHOHFLGD

*5832,,,
$WpP

3URQWRVRFRUURV
+RVSLWDLV
6HUYLoRV
YHWHULQi
ULRVGH
DORMDPHQWR
6DQDWyULRV

*5832,9
$FLPDGHP

*58329

8VRVGR
*5832,,,
FRPiUHD
VXSHULRUj
HVWDEHOHFLGD

8VRVGR
*5832,,
FRPiUHD
VXSHULRUj
HVWDEHOHFLGD



35()(,785$'$&,'$'('(0$&(,

6(&5(7$5,$081,&,3$/'(&21752/(85%$12
$1(;2,,

7$%(/$'(&/$66,),&$d2'268626
6(59,d26

6(59,d267e&1,&2352),66,21$,6
*5832,
$WpP

$JrQFLDVGH
SXEOLFLGDGHH
SURSDJDQGD
&RQVXOWyULRV
(VW~GLRVGH
HVFXOWXUDGHVHQKR
HSLQWXUDDUWtVWLFD
3URILVVLRQDLV
DXW{QRPRV
6HGHV
DGPLQLVWUDWLYDVGH
FRQVWUXWRUDV
6HUYLoRVGH
DFXSXQWXUD
6HUYLoRVGH
DXGLWRULD
6HUYLoRVGH
IRWROLWRH
PLFURILOPDJHP
6HUYLoRVGH
LQYHVWLJDomR
SDUWLFXODU
6HUYLoRVGH
SURPRomRH
RUJDQL]DomRGH
HYHQWRV
6HUYLoRVGH
WUDGXomR
HGRFXPHQWDomR
6HUYLoRVGH
MRUQDOLVPRH
FRPXQLFDomR

*5832,,
$WpP

&RQVXOWyULRV
YHWHULQiULRV
6HUYLoRV
JUiILFRV
HGLWRULDLVHGHUH
SURGXFmR
/DERUDWyULRV
/HLORHLURV
8VRVGR
*5832,
FRPiUHD
VXSHULRUj
HVWDEHOHFLGD

*5832,,,
$WpP

*5832,9
$FLPDGHP

*58329

(VFULWyULRVFRP 8VRVGR
SiWLRVGH
*5832,,,
PiTXLQDV
FRPiUHD
YHtFXORVH
VXSHULRUj
HTXLSDPHQWRV
HVWDEHOHFLGD
8VRVGR
*5832,,
FRPiUHD
VXSHULRUj
HVWDEHOHFLGD



35()(,785$'$&,'$'('(0$&(,

6(&5(7$5,$081,&,3$/'(&21752/(85%$12

$1(;2,,

7$%(/$'(&/$66,),&$d2'268626
6(59,d26

25*$1,=$d(6&9,&$632/7,&$6('(,17(5(66(
&2/(7,92
*5832,
$WpP

&RPLWrVSROtWLFRV
'LUHWyULRV
SROtWLFRV
6HGHVGHSDUWLGRV
SROtWLFRV
$VVRFLDo}HVGH
EDLUURV
$VVRFLDo}HVGH
PRUDGRUHV
6HGHVGH
PRYLPHQWRV
VRFLDLV

*5832,,
$WpP

&RRSHUDWLYDV
'LUHWyULRV
HVWXGDQWLV
8VRVGR
*5832,
FRPiUHD
VXSHULRUj
HVWDEHOHFLGD

*5832,,,
$WpP

8VRVGR
*5832,,
FRPiUHD
VXSHULRUj
HVWDEHOHFLGD

*5832,9
$FLPDGHP

*58329

8VRVGR*5832
,,,
FRPiUHD
VXSHULRUj
HVWDEHOHFLGD



35()(,785$'$&,'$'('(0$&(,

6(&5(7$5,$081,&,3$/'(&21752/(85%$12

$1(;2,,

7$%(/$'(&/$66,),&$d2'268626
6(59,d26

*5832,
$WpP

,QVWLWXWRVSDUD
FHJRVHVXUGR
PXGRV
,QVWLWXWRVSDUD
SHVVRDVHVSHFLDLV
-DUGLQVGH
LQIkQFLDH
PDWHUQDLV
3UpHVFRODV
(VFRODVGH
LGLRPDV
(VFRODVSDUD
HQVLQR
IXQGDPHQWDO
(VFRODVSDUD
HQVLQRPpGLR
&XUVRVSUp
YHVWLEXODU
&HQWURVGH
IRUPDomR
SURILVVLRQDO

*5832,,
$WpP

6(59,d26'(('8&$d2
*5832,,,
$WpP

(VFRODV
&DPSRV
VXSHULRUHV
XQLYHUVLWiULRV
LVRODGDV
(VFRODV
PLOLWDUHV
(VFRODVWpFQLFDV 8VRVGR
*5832,,
FRPiUHD
8VRVGR
VXSHULRUj
*5832,
HVWDEHOHFLGD
FRPiUHD
VXSHULRUj
HVWDEHOHFLGD

*5832,9
$FLPDGHP

*58329

8VRVGR
*5832,,,
FRPiUHD
VXSHULRUj
HVWDEHOHFLGD



35()(,785$'$&,'$'('(0$&(,

6(&5(7$5,$081,&,3$/'(&21752/(85%$12

$1(;2,,

7$%(/$'(&/$66,),&$d2'268626
6(59,d26

6(59,d26'(',9(562(&2081,&$d2
*5832,
$WpP

/RFDomRGH
ILOPHVHGLVFRV
/RFDomRGHILWDV
GHYtGHRJDPH
&DVDVORWpULFDV
(PLVVRUDVGH
UiGLRGLIXVmR
(PLVVRUDVGH
YtGHR
FRPXQLFDomR
%ULQTXHGRV
HOHWU{QLFRV

*5832,,
$WpP

&LQHPDVWHDWURV
HDXGLWyULRV
%RLWHV
%ROLFKHV
3LVWDVGH
SDWLQDomR
(PLVVRUDVGH
WHOHYLVmR
8VRVGR
*5832,
FRPiUHD
VXSHULRUj
HVWDEHOHFLGD

*5832,,,
$WpP

*5832,9
$FLPDGHP

*58329

$XWRSLVWDVSDUD 8VRVGR
GLYHUVmR
*5832,,,
'DQFHWHULDV
FRPiUHD
&DVDVGHVKRZ VXSHULRUj
&LUFRV
HVWDEHOHFLGD
3DUTXHVGH
GLYHUV}HV
8VRVGR
*5832,,
FRPiUHD
VXSHULRUj
HVWDEHOHFLGD



35()(,785$'$&,'$'('(0$&(,

6(&5(7$5,$081,&,3$/'(&21752/(85%$12

$1(;2,,

7$%(/$'(&/$66,),&$d2'268626
6(59,d26

*5832,
$WpP
$VVLVWrQFLD
WpFQLFRUXUDO

6(59,d26$8;,/,$5(6'$$*5,&8/785$

*5832,,
$WpP
8VRVGR
*5832,
FRPiUHD
VXSHULRUj
HVWDEHOHFLGD

*5832,,,
$WpP

/RFDomRGH
PiTXLQDVH
HTXLSDPHQWRV
DJUtFRODV

*5832,9
$FLPDGHP

*58329

8VRVGR
*5832,,,
FRPiUHD
VXSHULRUj
HVWDEHOHFLGD

8VRVGR
*5832,,
FRPiUHD
VXSHULRUj
HVWDEHOHFLGD



35()(,785$'$&,'$'('(0$&(,

6(&5(7$5,$081,&,3$/'(&21752/(85%$12

$1(;2,,

7$%(/$'(&/$66,),&$d2'268626
6(59,d26

6(59,d26$8;,/,$5(6'(75$163257(
*5832,
$WpP
/RFDomRH
DUUHQGDPHQWRGH
ELFLFOHWDV
(VFULWyULRVGH
WUDQVSRUWHV
GLYHUVRVVHP
SiWLRGHYHtFXORV

*5832,,
$WpP
%RUUDFKDULDV
&DSRWDULDV
(VFROWDV
HVSHFLDOL]DGDVD
YHtFXORV
(VWDFLRQDPHQWRV
(GLItFLRV
JDUDJHP
3RVWRVGH
DEDVWHFLPHQWRH
VHUYLoRVGH
YHtFXORV
7UDQVSRUWHV
HVFRODUHV
7UDQVSRUWHHP
DPEXOkQFLD
$XWRHVFRODV
/RFDomRH
DUUHQGDPHQWRGH
YHtFXORV
DXWRPRWRUHV
8VRVGR
*5832,
FRPiUHD
VXSHULRUj
HVWDEHOHFLGD

*5832,,,
$WpP
*DUDJHQVGH
HPSUHVDVGH
WUDQVSRUWHGH
SDVVDJHLURVRXGH
FDUJDV
*DUDJHQVGH
VHUYLoRVGH
JXLQGDVWHH
UHERTXH
*XDUGDPyYHLV
/RFDomRH
DUUHQGDPHQWRGH
YHtFXORV
URGRYLiULRVIHUUR
YLiULRV
DHURQDYHVH
HPEDUFDo}HV
7UDQVSRUWHGH
PXGDQoDVH
YDORUHV
FRPSiWLRGHYHt
FXORV
7UDQVSRUWHH
FROHWDGHOL[R

*5832,9
*58329
$FLPDGHP
8VRVGR
$HURSRUWRV
*5832,,,
(VWDo}HVIHUURYL
FRPiUHD
iULDV
VXSHULRUj
(VWDo}HVURGRYL
HVWDEHOHFLGD
iULDV
7HUPLQDLV
SRUWXiULRV
PDUtWLPRVOD
FXVWUHVHIOXYLDLV

8VRVGR
*5832,
FRPiUHD
VXSHULRUj
HVWDEHOHFLGD

2%6 2V 6(59,d26 SUHYLVWRV QD FODVVLILFDomR *5832 9 VmR XVRV WROHUDGRV LQGHSHQGHQWH GD
iUHDGHFRQVWUXomR6XDORFDOL]DomRGHYHUiDWHQGHUDWRGDVDVH[LJrQFLDVGHVWDOHJLVODomR EHP
FRPRDVGHPDLVOHJLVODo}HVHVSHFtILFDVSHUWLQHQWHVDFDGDFDVR


35()(,785$'$&,'$'('(0$&(,

6(&5(7$5,$081,&,3$/'(&21752/(85%$12

$1(;2,,

7$%(/$'(&/$66,),&$d2'268626
6(59,d26

,167,78,d(65(/,*,26$6
*5832,
$WpP

$VVRFLDo}HV
UHOLJLRVDV
UJmRV
DGPLQLVWUDWLYRV
GHLQVWLWXLo}HV
UHOLJLRVDV

*5832,,
$WpP

7HPSORV
&RQJUHJDo}HV
UHOLJLRVDV
6HPLQiULRV
UHOLJLRVRV

*5832,,,
$WpP

8VRVGR
*5832,,
FRPiUHD
VXSHULRUj
HVWDEHOHFLGD

*5832,9
$FLPDGHP

*58329

8VRVGR
*5832,,,
FRPiUHD
VXSHULRUj
HVWDEHOHFLGD

8VRVGR*5832
,
FRPiUHD
VXSHULRUj
HVWDEHOHFLGD



35()(,785$'$&,'$'('(0$&(,

6(&5(7$5,$081,&,3$/'(&21752/(85%$12

$1(;2,,

7$%(/$'(&/$66,),&$d2'268626

*5832,
$WpP
&RQIHFo}HV
&DOoDGRV
$OLPHQWRV
'RFHVFDVHLURV
6RUYHWHV
%RUGDGRV
$UWHVDQDWR

*5832,,
$WpP
&HUkPLFDV
3UpPROGDGRV
0RQWDJHP GH
HVTXDGULDV
GH
PDGHLUD
H
DOXPtQLR
6XFRVGHIUXWDV
%HELGDV
3DGDULDV

,1'675,$

*5832,,,
$WpP
)XQGLo}HV
7LQWDV
6HUUDULDV
6HUUDOKDULDV
,QVWUXPHQWRV
PXVLFDLV
)XQGLo}HV
7LQWDV
$UWHIDWRVGH
39&
7HFLGRV

'HPDLV
LQG~VWULDV
FODVVLILFDGDVSHOD 'HPDLV
6(00$ FRPR LQG~VWULDV
FODVVLILFDGDVSHOD ,QG~VWULDV
1mR3ROXHQWHV
6(00$ FRPR FODVVLILFDGDVSHOD
1mR3ROXHQWHV 6(00$FRP
QtYHOEDL[RGH
8VRV
GR SROXLomR
*5832,
FRP
iUHD
VXSHULRUj
8VRVGR
HVWDEHOHFLGD
*5832,,
VXSHULRUj
HVWDEHOHFLGD

*5832,9
$FLPDGHP
,QG~VWULDV
FODVVLILFDGDVSHOD
6(00$FRP
QtYHOPpGLRGH
SROXLomR
8VRVGR
*5832,,,
FRPiUHD
VXSHULRUj
HVWDEHOHFLGD

*58329
3URGXWRV
TXtPLFRV
GHULYDGRVGH
SHWUyOHR
)RJRVGH
DUWLItFLR
([SORVLYRV
$UPDVH
PXQLo}HV
0LQHUDomR

'HPDLV
LQG~VWULDV
FODVVLILFDGDVSHOD
6(00$FRPR
GHDOWRULVFRH
SHULFXORVLGDGH

2%6  6HUi H[LJLGD SHOR yUJmR PXQLFLSDO GH FRQWUROH XUEDQR DWXDO 60&&8 TXDQGR GD
VROLFLWDomRGR$OYDUiGH/RFDOL]DomRSDUD,QG~VWULDFHUWLGmRGH&ODVVLILFDomRTXDQWRDRQtYHO
GHSROXLomRIRUQHFLGDSHOD6(00$

 2V 6(59,d26 SUHYLVWRV QDFODVVLILFDomR*58329VmRXVRVWROHUDGRVLQGHSHQGHQWHGDiUHD

GHFRQVWUXomR6XDORFDOL]DomRGHYHUiDWHQGHUDWRGDVDVH[LJrQFLDVGHVWDOHJLVODomREHPFRPR
DVGHPDLVOHJLVODo}HVHVSHFtILFDVSHUWLQHQWHVDFDGDFDVR



35()(,785$'$&,'$'('(0$&(,

6(&5(7$5,$081,&,3$/'(&21752/(85%$12

$1(;2,,

7$%(/$'(&/$66,),&$d2'268626
6(59,d26

6(59,d263(662$,6
*5832,
$WpP
%DUEHLURV
&HQWURVGH
HVWpWLFD
$WHOLHUGH
FRVWXUD
$XODV
SDUWLFXODUHV
(VW~GLRV
IRWRJUiILFRV
/RFDomRGH
DUWLJRVGH
YHVWXiULR
0DVVDJHQV
VDXQDVGXFKDVH
EDQKRV
6DO}HVGHEHOH]D
(QJUD[DWHV

*5832,,
$WpP
$FDGHPLDVGHJL
QiVWLFDH
HVSRUWLYDV
(VFRODVGH
GDQoDP~VLFDH
QDWDomR
6HUYLoRV
IXQHUiULRV

*5832,,,
$WpP
8VRVGR
*5832,,
FRPiUHD
VXSHULRUj
HVWDEHOHFLGD

*5832,9
$FLPDGHP

*58329

8VRVGR
*5832,,,
FRPiUHD
VXSHULRUj
HVWDEHOHFLGD

8VRVGR
*5832,
FRPiUHD
VXSHULRUj
HVWDEHOHFLGD



35()(,785$'$&,'$'('(0$&(,

6(&5(7$5,$081,&,3$/'(&21752/(85%$12

$1(;2,,

7$%(/$'(&/$66,),&$d2'268626
6(59,d26

*5832,
$WpP
$GPLQLVWUDomR
GHFRQGRPtQLRV
&KDYHLURV
'HGHWL]DomR
(VFULWyULRVGH
OLPSH]DH
FRQVHUYDomRGH
HGLILFDo}HV
-DUGLQDJHPH
SDLVDJLVPR
/RFDomRGH
DUWLJRVSDUD
IHVWDV
/DYDQGHULDVH
WLQWXUDULDV

*5832,,
$WpP
%XIIHWV
&DVDVGH
UHFHSomRH
VDO}HVGHIHVWD

6(59,d26'20,&,/,$5(6
*5832,,,
$WpP

8VRVGR
*5832,,
FRPiUHD
VXSHULRUj
HVWDEHOHFLGD

*5832,9
$FLPDGHP

*58329

8VRVGR
*5832,,,
FRPiUHD
VXSHULRUj
HVWDEHOHFLGD

8VRVGR
*5832,
FRPiUHD
VXSHULRUj
HVWDEHOHFLGD



35()(,785$'$&,'$'('(0$&(,

6(&5(7$5,$081,&,3$/'(&21752/(85%$12

$1(;2,,

7$%(/$'(&/$66,),&$d2'268626
6(59,d26

*5832,
$WpP
0RQWDJHPGH
PROGXUDVH
4XDGURV
6HUYLoRVGH
YLGUDoDULD
5HSDUDomRGH
DUWLJRVGHFRXURH
VLPLODUHV
5HSDUDomRGH
ELFLFOHWDV
5HSDUDomRGH
LQVWDODo}HVGH
JiVHOpWULFDVH
KLGUiXOLFDV
5HSDUDomRGH
LQVWDODomRGH
DQWHQDV
5HSDUDomRH
FRQVHUYDomRGH
PiTXLQDV
DSDUHOKRVH
DUWLJRVGHXVR
GRPpVWLFRRX
SHVVRDO
6HUYLoRVGH
PRQWDJHPGH
GLYLVyULDV

6(59,d26'(5(3$5$d2(&216(59$d2
*5832,,
$WpP

5HSDUDomRGH
YHtFXORV
H[FOXLQGR
ODQWHUQDJHPH
SLQWXUD
0RQWDJHP
LQGXVWULDO
5HSDUDomRGH
PRWRFLFOHWDV
8VRVGR
*5832,
FRPiUHD
VXSHULRUj
HVWDEHOHFLGD

*5832,,,
$WpP

5HFRQGLFLRQD
PHQWRGH
PRWRUHVHERP
EDVLQMHWRUDV
5HSDUDomRGH
DHURQDYHV
5HSDUDomRGH
HPEDUFDo}HV
5HSDUDomRGH
PiTXLQDVH
HTXLSDPHQWRVGH
XVRFRPHUFLDO
LQGXVWULDOH
DJUtFROD
5HSDUDomRGH
PiTXLQDVGD
FRQVWUXomRFLYLO
5HSDUDomRGH
YHtFXORV
LQFOXLQGRODQ
WHUQDJHPH
SLQWXUD

*5832,9
$FLPD GHP

*58329

8VRVGR
*5832,,,
FRPiUHD
VXSHULRUj
HVWDEHOHFLGD

8VRVGR
*5832,,
FRPiUHD
VXSHULRUj
HVWDEHOHFLGD



35()(,785$'$&,'$'('(0$&(,

6(&5(7$5,$081,&,3$/'(&21752/(85%$12



35()(,785$'$&,'$'('(0$&(,

6(&5(7$5,$081,&,3$/'(&21752/(85%$12

$1(;2,,

7$%(/$'(&/$66,),&$d2'268626
6(59,d26

6(59,d26'($/2-$0(172($/,0(17$d2
*5832,
$WpP

&DVDVGHFKi
&DVDVGHGRFH
&DIHWHULDV
6RUYHWHULDV
/DQFKRQHWHV

*5832,,
$WpP

%DUHVH
UHVWDXUDQWHV
$OEHUJXHV
3HQV}HV

8VRVGR
*5832,
FRPiUHD
VXSHULRUj
HVWDEHOHFLGD

*5832,,,
$WpP

$SDUWKRWpLV
+RWpLV
0RWpLV

8VRVGR
*5832,,
FRPiUHD
VXSHULRUj
HVWDEHOHFLGD

*5832,9
$FLPDGHP

*58329

8VRVGR
*5832,,,
FRPiUHD
VXSHULRUj
HVWDEHOHFLGD



35()(,785$'$&,'$'('(0$&(,

6(&5(7$5,$081,&,3$/'(&21752/(85%$12

$1(;2,,

7$%(/$'(&/$66,),&$d2'268626
6(59,d26

*5832,
$WpP
/LJDVGHVSRUWLYDV
HUHFUHDWLYDV
$VVRFLDo}HV
GHVSRUWLYDVH
UHFUHDWLYDV

(17,'$'(6'(63257,9$6(5(&5($7,9$6

*5832,,
$WpP

&RQIHGHUDo}HVH
IHGHUDo}HV
&OXEHV
4XDGUDVGH
HVSRUWH
8VRVGR
*5832,
FRPiUHD
VXSHULRUj
HVWDEHOHFLGD

*5832,,,
$WpP

8VRVGR
*5832,,
FRPiUHD
VXSHULRUj
HVWDEHOHFLGD

*5832,9
$FLPDGHP

&DPSLQJV
8VRVGR
*5832,,,
FRPiUHD
VXSHULRUj
HVWDEHOHFLGD

*58329
$XWyGURPRV
+LSyGURPRV

2%6 2V 6(59,d26 SUHYLVWRV QD FODVVLILFDomR *5832 9 VmR XVRV WROHUDGRV LQGHSHQGHQWH GD
iUHDGHFRQVWUXomR6XDORFDOL]DomRGHYHUiDWHQGHUDWRGDVDVH[LJrQFLDVGHVWDOHJLVODomR EHP
FRPRDVGHPDLVOHJLVODo}HVHVSHFtILFDVSHUWLQHQWHVDFDGDFDVR



35()(,785$'$&,'$'('(0$&(,

6(&5(7$5,$081,&,3$/'(&21752/(85%$12

$1(;2,,

7$%(/$'(&/$66,),&$d2'268626
6(59,d26

,167,78,d(6'(&5e',726(*852&$3,7$/,=$d2&20e5&,2(
$'0,1,675$d2'(9$/25(6,02%,/,5,26(,09(,6
*5832,
$WpP

*5832,,
$WpP

&DVDVORWpULFDV
(VWDEHOHFLPHQWRV
6HJXUDGRUDV
EDQFiULRV
$GPLQLVWUDGRUDV
GH FDUW}HVGH
FUpGLWR
'LVWULEXLGRUDVH 8VRVGR
FRUUHWRUDVGH
*5832,
WtWXORVHYDORUHV
FRPiUHD
,QVWLWXLo}HV
VXSHULRUj
ILQDQFHLUDVGH
HVWDEHOHFLGD
DSOLFDomRIL
QDQFLDPHQWR
LQYHVWLPHQWRH
FUpGLWR
%ROVDVGHYDORUHV
&DL[DV
HOHWU{QLFRVH
SRVWRVGH
DWHQGLPHQWR
EDQFiULR
&DVDVGHFkPELR
&RPSUHYHQGD
DGPLQLVWUDomR
FRUUHWDJHPH
LQFRUSRUDomRGH
LPyYHLV
(PSUHHQGLPHQWRV
LPRELOLiULRV

*5832,,,
$WpP
8VRVGR
*5832,,
FRPiUHD
VXSHULRUj
HVWDEHOHFLGD

*5832,9
$FLPDGHP

*58329

8VRVGR
*5832,,,
FRPiUHD
VXSHULRUj
HVWDEHOHFLGD



35()(,785$'$&,'$'('(0$&(,

6(&5(7$5,$081,&,3$/'(&21752/(85%$12

$1(;2,,

7$%(/$'(&/$66,),&$d2'268626
6(59,d26

(17,'$'(6'(&/$66(6,1',&$,6(5*26'(35(9,'1&,$
*5832,
$WpP
$VVRFLDo}HV
&RQVHOKRV
6LQGLFDWRV
3UHYLGrQFLD
S~EOLFDHSULYDGD

*5832,,
$WpP
)HGHUDo}HV
&RQIHGHUDo}HV
UJmRVGH
DVVLVWrQFLDD
HPSUHVDV

*5832,,,
$WpP
8VRVGR
*5832,,
FRPiUHD
VXSHULRUj
HVWDEHOHFLGD

*5832,9
$FLPDGHP

*58329

8VRVGR
*5832,,,
FRPiUHD
VXSHULRUj
HVWDEHOHFLGD

8VRVGH
*5832,
FRPiUHD
VXSHULRUj
HVWDEHOHFLGD



35()(,785$'$&,'$'('(0$&(,

6(&5(7$5,$081,&,3$/'(&21752/(85%$12

$1(;2,,

7$%(/$'(&/$66,),&$d2'268626
6(59,d26

$66,671&,$62&,$/
*5832,
$WpP
$VLORV
$VVRFLDomR
EHQHILFHQWH
&UHFKHV
(QWLGDGHVGH
DVVLVWrQFLDH
SURPRomRVRFLDO
2UIDQDWRV

*5832,,
$WpP
8VRVGH
*5832,
FRPiUHD
VXSHULRUj
HVWDEHOHFLGD

*5832,,,
$WpP
8VRVGR
*5832,,
FRPiUHD
VXSHULRUj
HVWDEHOHFLGD

*5832,9
$FLPDGHP

*58329

8VRVGR
*5832,,,
FRPiUHD
VXSHULRUj
HVWDEHOHFLGD



35()(,785$'$&,'$'('(0$&(,

6(&5(7$5,$081,&,3$/'(&21752/(85%$12

$1(;2,,

7$%(/$'(&/$66,),&$d2'268626
6(59,d26

,167,78,d(6&,(17),&$6&8/785$,67(&12/*,&$6(),/26),&$6

*5832,
$WpP

0RVWUDVDUWHVDQDLVH
IROFOyULFDV
$VVRFLDo}HV
FXOWXUDLVILORVyILFDVH
FLHQWtILFDV
0XVHXV
(VWDEHOHFLPHQWRVGH
FXOWXUDDUWtVWLFD
&HQWURVGH
GRFXPHQWDomR
&HQWURVGHSHVTXLVD
%LEOLRWHFDV

*5832,,
$WpP

8VRVGR
*5832,
FRPiUHD
VXSHULRUj
HVWDEHOHFLGD

*5832,,,
$WpP

8VRVGR
*5832,,
FRPiUHD
VXSHULRUj
HVWDEHOHFLGD

*5832,9
$FLPDGHP

*58329

-DUGLQV
]RROyJLFRV
-DUGLQVERWkQLFRV
8VRVGR*5832
,,,
FRPiUHDVXSHULRU
j
HVWDEHOHFLGD



35()(,785$'$&,'$'('(0$&(,

6(&5(7$5,$081,&,3$/'(&21752/(85%$12

$1(;2,,

7$%(/$'(&/$66,),&$d2'268626
6(59,d26

*5832,
$WpP

*5832,,
$WpP

2875266(59,d26
*5832,,,
*5832,9
$WpP
$FLPDGHP
&HQWURVGH
FRQYHQo}HV
7HUPLQDLV
DpUHRV
IHUURYLiULRV
PDUtWLPRVH
ODFXVWUHV
7HUPLQDLVGH
FDUJD

*58329
$WHUURV
VDQLWiULRV
&HPLWpULRV
1HFURWpULRV
8VLQDVGH
UHFLFODJHPGH
UHVtGXRVVyOLGRV

2%6 2V 6(59,d26 SUHYLVWRV QD FODVVLILFDomR *5832 9 VmR XVRV WROHUDGRV LQGHSHQGHQWH GD
iUHDGHFRQVWUXomR6XDORFDOL]DomRGHYHUiDWHQGHUDWRGDVDVH[LJrQFLDVGHVWDOHJLVODomR EHP
FRPRDVGHPDLVOHJLVODo}HVHVSHFtILFDVSHUWLQHQWHVDFDGDFDVR



35()(,785$'$&,'$'('(0$&(,

6(&5(7$5,$081,&,3$/'(&21752/(85%$12

$1(;2,,,

7$%(/$'210(52'(9$*$6'((67$&,21$0(172
8626
5(6,'(1&,$/
85
85
85
85
85

&20(5&,$/
*5832, 

*5832,,

*5832,,,
*5832,9
*58329
6(59,d2
*5832, 
*5832,,
*5832,,,
*5832,9
*58329
,1'8675,$/
*5832, 
*5832,,

*5832,,,

*58326,9H9

5($727$/

&216758'$'$81,'$'(P

8585
8585

UHD!
UHD!
UHDKDELWDomRSRSXODU
UHD!
UHD
UHD!

10(5201,02'(
9$*$6

,VHQWR
YDJDSRUXQLGDGH
YDJDSRUXQLGDGH
VHJXHRVFULWpULRVGH85
YDJDPRXIUDomR
GRQPHURGHXQLGDGHV
YDJDSRUXQLGDGH
YDJDVSRUXQLGDGH
YDJDVSRUXQLGDGH
,VHQWRQDV]RQDV=5=5=5
=5=5=5=5H=(
YDJDPGHiUHDGHFRQV
WUXomRRXIUDomRQDV]RQDV=5
=5=5=5H=5
YDJDPGHiUHDGHFRQV
WUXomRRXIUDomRQDV]RQDV=5
=5=5=5H=5
YDJDPGHiUHDGHFRQV
WUXomRRXIUDomRQDV]RQDV=5
=5=5=5=5=5=5
H=(
YDJDPGHiUHDGHFRQV
WUXomRRXIUDomR
YDJDPGHiUHDGHFRQV
WUXomRRXIUDomR
YDJDPGHiUHDGHFRQV
WUXomRRXIUDomR
2EHGHFHDRVPHVPRVFULWpULRV
GHILQLGRVSDUDRXVR&20(5&,$/
GRPHVPR*UXSR
2EHGHFHDRVPHVPRVFULWpULRV
GHILQLGRVSDUDRXVR&20(5&,$/
GRPHVPR*UXSR
YDJDPGHiUHDGHFRQV
WUXomRRXIUDomR
YDJDPGHiUHDGHFRQV
WUXomRRXIUDomR
YDJDPGHiUHDGHFRQV
WUXomRRXIUDomR
2EHGHFHDRVPHVPRVFULWpULRV
GHILQLGRVSDUDRXVR&20(5&,$/
GRPHVPR*UXSR
YDJDPGHiUHDGHFRQV
WUXomRRXIUDomR1RVFDVRVGH,1
'675,$(&20e5&,2RQGH
YDJDVGHYHUiVHUGXSOLFDGR
YDJDPGHiUHDGHFRQV
WUXomRRXIUDomR1RVFDVRVGH,1
'675,$(&20e5&,2RQGH
YDJDVGHYHUiVHUGXSOLFDGR
YDJDPGHiUHDGHFRQV
WUXomRRXIUDomR1RVFDVRVGH,1
'675,$(&20e5&,2RQGH



35()(,785$'$&,'$'('(0$&(,

6(&5(7$5,$081,&,3$/'(&21752/(85%$12
QKDGRVDR&0'8
2EHGHFHDRVPHVPRVFULWpULRV
GHILQLGRVSDUD6(59,d2GRPHVPR
*UXSR2VFDVRVTXHQmRVHHQTXD
GUDPQDSUHVHQWH/HLVHUmRHQFDPL
QKDGRVDR&0'8
2EHGHFHDRVPHVPRVFULWpULRV
GHILQLGRVSDUD6(59,d2GRPHVPR
*UXSR2VFDVRVTXHQmRVHHQTXD
GUDPQDSUHVHQWH/HLVHUmRHQFDPL
QKDGRVDR&0'8
2EHGHFHDRVPHVPRVFULWpULRV
GHILQLGRVSDUD6(59,d2GRPHVPR
*UXSR2VFDVRVTXHQmRVHHQTXD
GUDPQDSUHVHQWH/HLVHUmRHQFDPL
QKDGRVDR&0'8
2EHGHFHDRVPHVPRVFULWpULRV
GHILQLGRVSDUD6(59,d2GRPHVPR
*UXSR2VFDVRVTXHQmRVHHQTXD
GUDPQDSUHVHQWH/HLVHUmRHQFDPL
QKDGRVDR&0'8

*5832,,

*5832,,,

*5832,9

*58329

8626(63(&),&26
0DJD]LQHVHORMDVGHGHSDUWD
PHQWRVXSHUPHUFDGRVKLSHU
PHUFDGRVJDOHULDVFHQWURVGH
FRPSUDVVKRSSLQJFHQWHU
&RQVXOWyULRVODERUDWyULRVDP
EXODWyULRVFOtQLFDV
0DWHUQLGDGHVFDVDVGHVD~GH
VDQDWyULRVKRVSLWDLV
7HPSORVLJUHMDVORFDLVSDUD
FXOWR
$HURSRUWR
(VWDEHOHFLPHQWRVEDQFiULRV
+RWpLVIODWVDSDUWKRWpLV

UHD

YDJDP

UHD
UHD!
UHD
UHD!
UHD
UHD!
UHD~WLO

YDJDP
YDJDP
YDJDP
YDJDP
YDJDP
YDJDP
YDJDP
YDJDP
2EVHUYDUOHLDWXDO6XEVHomR9
GRXVRHVSHFLDOGD6HomR,,GR
&DStWXOR,,

0RWpLV
(VWiGLRVJLQiVLRVGHHVSRUWH
DXWyGURPRVKLSyGURPRV
$FDGHPLDVGHJLQiVWLFDTXD
GUDVGHHVSRUWH
7HDWURVDXGLWyULRVFLQHPDV
%DUHVUHVWDXUDQWH
&DVDVGHIHVWDVDO}HVSDUD
HYHQWRV
(VFRODVPDWHUQDOSUpHVFRODU
FXUVRVGLYHUVRV
(VFRODVHQVLQREiVLFRIXQGD
PHQWDOWpFQLFRSURILVVLRQDO
(VFRODVSUpYHVWLEXODUQtYHO
VXSHULRU

YDJDSRUDSWRYDJD
PGHiUHDGHFRQVWUXomR
YDJDOXJDUHV
YDJDP
UHD
UHD!
UHD
UHD!
UHD
UHD!

YDJDP
YDJDP
YDJDP
YDJDP
YDJDP
YDJDP
YDJDP
YDJDP
YDJDP

2%6$VDWLYLGDGHVFRPiUHDGHFRQVWUXomRLJXDORXLQIHULRUDPHVWDUmRLVHQWDVGDH[L
JrQFLDGHYDJDVSDUDHVWDFLRQDPHQWRLQGHSHQGHQWHGD=RQDHPTXHHVWLYHUHPORFDOL]DGDV

$VDWLYLGDGHVHQTXDGUDGDVQR*UXSR9FXMDViUHDVGHFRQVWUXomRVHDSUHVHQWHPLQIHULRUHVDGDViUHDVGRV
VHXVUHVSHFWLYRVWHUUHQRVGHYHUmRGLPHQVLRQDURQGHYDJDVFRQVLGHUDQGRDiUHDWRWDOGRWHUUHQR



35()(,785$'$&,'$'('(0$&(,

6(&5(7$5,$081,&,3$/'(&21752/(85%$12

$1(;2,9

/$5*85$'$)$,;$'(&,5&8/$d2(0&859$
5DLR


























$87209(,6(87,/,75,26
D
D



















































D


























&$0,1+(6
$Wp
QmRSHUPLWLGR
QmRSHUPLWLGR
QmRSHUPLWLGR
QmRSHUPLWLGR
QmRSHUPLWLGR
QmRSHUPLWLGR






















35()(,785$'$&,'$'('(0$&(,

6(&5(7$5,$081,&,3$/'(&21752/(85%$12

$1(;29

7$%(/$'(',0(16(6'(9$*$6()$,;$6'($&(662
7,32'(9(&8/2
3HTXHQR
0pGLR
*UDQGH
'HILFLHQWH)tVLFR
0RWR
&DPLQKmROHYHW3%7

9$*$3(67$&,21$0(172

$/785$P /$5*85$P















&2035P








)$,;$'($&(6629$*$
$
$















35()(,785$'$&,'$'('(0$&(,

6(&5(7$5,$081,&,3$/'(&21752/(85%$12

$1(;29,

7$%(/$3$5$&$5*$('(6&$5*$(0%$548(('(6(0%$548((5($3$5$7;,
$7,9,'$'(

0DJD]LQHVHORMDVGHGHSDUWD
PHQWRVXSHUPHUFDGRVKLSHU
PHUFDGRVJDOHULDVFHQWURVGH
FRPSUDVVKRSSLQJFHQWHU
&RQVXOWyULRVODERUDWyULRVDP
EXODWyULRVFOtQLFDV
0DWHUQLGDGHVFDVDVGHVD~GH
VDQDWyULRVKRVSLWDLV
+RWpLVIODWVDSDUWKRWpLV
(VFRODVPDWHUQDOSUpHVFRODU
FXUVRVGLYHUVRV
(VFRODVHQVLQREiVLFRIXQGD
PHQWDOWpFQLFRSURILVVLRQDO
(VFRODVSUpYHVWLEXODUQtYHO
VXSHULRU
,QG~VWULDV

&$5*$('(6&$5*$

(0%$548(

7;,

jFULWpULRGD6077
jFULWpULRGD6077
jFULWpULRGD6077

REULJDWyULD
REULJDWyULD
REULJDWyULD

UHD!PYDJD

REULJDWyULD

REULJDWyULD

YDJDV
YDJDV

REULJDWyULD
REULJDWyULD

REULJDWyULD
REULJDWyULD

jFULWpULRGD6077

REULJDWyULD

jFULWpULRGD6077

UHD!PYDJD

jFULWpULRGD6077

jFULWpULRGD6077

UHD!PYDJD
PUHDPYDJDV
PUHDPYDJDV

REULJDWyULD
jFULWpULRGD6077
jFULWpULRGD6077

jFULWpULRGD6077
jFULWpULRGD6077
jFULWpULRGD6077

QPtQLPRGHYDJDV

PUHDPYDJDV
PUHDPYDJDV
PUHDPYDJDV

'(6(0%$548(



35()(,785$'$&,'$'('(0$&(,

6(&5(7$5,$081,&,3$/'(&21752/(85%$12

$1(;29,,

7$%(/$'(/27$d2'$6(',),&$d(6
2&83$d2
+$%,7$d2
&20e5&,2(6(59,d2
6HWRUHVFRPDFHVVRDRS~EOLFR
YHQGDVHVSHUDUHFHSomRHWF
6HWRUHVVHPDFHVVRDRS~EOLFR
iUHDVGHWUDEDOKR
&LUFXODomRKRUL]RQWDOHP&HQWURV&RPHUFLDLV
%$5(6(5(67$85$17(6
)UHTHQWDGRUHVHPSp
)UHTHQWDGRUHVVHQWDGRV
'HPDLViUHDV
35(67$d2'(6(59,d26'(6$'(
$WHQGLPHQWRHLQWHUQDomR
(VSHUDHUHFHSomR
'HPDLViUHDV
35(67$d2'(6(59,d26'(('8&$d2
6DODVGHDXOD
/DERUDWyULRVRILFLQDV
$WLYLGDGHVQmRHVSHFtILFDVHDGPLQLVWUDWLYDV
35(67$d2'(6(59,d26'(+263('$*(0
35(67$d2'(6(59,d26$872027,926
,1'675,$62),&,1$6
'(36,726
/2&$,6'(5(81,2
6HWRUSDUDS~EOLFRHPSp
6HWRUSDUDS~EOLFRVHQWDGR
$WLYLGDGHVQmRHVSHFtILFDVRXDGPLQLVWUDWLYDV
357,&$'((;(5&&,2)6,&228(63(&,$/
6HWRUSDUDS~EOLFRHPSp
6HWRUSDUDS~EOLFRVHQWDGR
2XWUDVDWLYLGDGHV
$7,9,'$'(6(6(59,d263%/,&26'(&$57(5(63(&,$/
$VHUHVWLSXODGRFDVRDFDVR
$7,9,'$'(67(03255,$6
VHPHOKDQoDGHRXWURVXVRV

PSHVVRD


























35()(,785$'$&,'$'('(0$&(,

6(&5(7$5,$081,&,3$/'(&21752/(85%$12

$1(;29,,,

7$%(/$'(&255('25(6'($7,9,'$'(60/7,3/$6

6(4 &'
9,$6
  $&(662$&+129$
  $&(662$&2081,'$'('2$%&
  $&(662$5,21292
  $&(662$87,1*$/(2
  $&(662$/72'$$/(*5,$
  $&(662$2&21-%5$6,/1292
  $&(662$2&21-&$0%8&,
  $&(662$2&21-9,//$*(,,
  $&(662$2&21-025$'$'2%2648(
  $&(662$2&21-6(/0$%$1'(,5$
  $&(662$2&21-&$%2/8,=3('52,,,
  $&(662$2&21-02$&,5$1'5$'(
  $&(662$2&21-+(15,48((48(/0$1
  $&(662$2&21-0('(,5261(72
  $&(662$20217($/(*5(
  $&(662$21292081'2
  $&(662$2285235(72
  $&(662$235025$5,
  $/1257(*$5d$7257$
  $/1257(*8$;80$
  $/1257(,3,2&$
  $/1257(-$&$5(&,&$
  $/1257(0,5$17('$6(5(,$
  $/1257(3(6&$5,$
  $/1257(35$7$*<
  $/1257(5,$&+2'2&(

$/$0('$&2521(/$'$872*%$5%26$

  $/$0('$5,2%5$1&2
  $/$0('$62)5$1&,6&2
  $/72'$%2$9,67$
  $9&21--6$03$,2%%(17(6
  $9&21--6$03$,2%%(17(6
  $9$&21-260$1/285(,52
  $9$/3,2%$5%26$
  $9$/0,5$17(/9$52&$/+(,526
  $9/9$5227$&/,2

$9$0$=21$6

  $9$0e/,$526$
  $9$17(125&/$8',12

$9$5121'(0(//2


$9$66,6&+$7($8%5,$1'

  $9%&21-260$1/285(,52
  $9%(,5$0$5
  $9%(1(',72%(17(6
  $9%(7(/
  $9%5$6,/
  $9%5,*$'(,52('8$5'2*20(6
  $9&&21-*5$&,/,$125$026
  $9&&21-260$1/285(,52
  $9&$3,720$5,1+2)$/&2
  $9&$51$9$/(6&2-26e7()$1(6

$9&(/(67(%(=(55$

  $9&&(5272/('2
  $9&,'6&$/$
  $9&20(1'$'25&$/$d$
  $9&20(1'$'25/(2
  $9&2521(/6$/867,$126$50(172
  $9'(3('621/,16
  $9'2&$1$/
  $9'20$1721,2%5$1'2
  $9'21$&2167$1d$
  $9'5$1'5e3$3,1,*5$026



35()(,785$'$&,'$'('(0$&(,

6(&5(7$5,$081,&,3$/'(&21752/(85%$12
  $9-22'$9,12
  $9-25*('(%$55260$&
  $9-8&$6$03$,20$&
  $9/865$0$/+2'(&$6752
  $90$&(,

$90$-25&&(52'(*(60217(,52

  $90$1*8$%$
  $90$5,$-/,$6$1726
  $90,1,675205,2$1'5($==$

$90217(&$67(/2

  $9025(,5$(6,/9$

$9025(,5$/,0$

  $9081'$
  $9081,=)$/&2
  $91$d(681,'$6
  $92(67(3$&+(&2*$0$/,16
  $9260$1/285(,52
  $93$8/,1$'(0(1'21d$
  $93,/$5
  $935$7$*,
  $9352)(6625/285(,52
  $9352)(662552/'2
  $952%(5720(1'(6
  $9527$5<
  $96$17$1$'2,3$1(0$

$96$17263$&+(&2

  $96(%$67,26$50(172
  $96(1$'2558,3$/0(,5$
 $ $96(1$'257(2721,29,/(/$

$96,/9(675(3e5,&/(6


$96,48(,5$&$0326


$97-2$48,0/(2

  $97$%8/(,52
  $97$1&5('21(9(6

$97e5&,2:$1'(5/(<

  $97(5(6$48,17(/$&$9$/&$17(
  $97+20$6(631'2/$
  $981,9(56,75,$
  $99,(,5$3(5',*2
  %20%$'$0$5,(7$
  %20%$'2*21=$*$
  %5
  %5
  &,'$'(81,9(56,75,$
  &21-8172/8,=3('52,,,
  &21-8172%2648('$6(55$5,$
  &21-8172&$%2/8,=3('52,,,
  &21-8172&$0%8&,
  &21-8172&/(720$548(6/8=
  &21-8172*$0$/,16
  &21-8172-$&$5(&,&$
  &21-8172-26e7(15,2
  &21-81720('(,5261(72
  &21-817202$&,5$1'5$'(
  &21-81723$548('263$/0$5(6
  &21-8172526$1(&2//257(50,1$/
  &21-81726(/0$%$1'(,5$
  &21-81729,//$*(,
  &21-81729,5*(0'2632%5(6

'(75$1


',48((675$'$

  ',63219(/
  ',63219(/
  (67$d2)(5529,5,$&(1752
  (675$'$'$&$&+2(,5$'20(5,0
  (675$'$'$6$'(

(675$'$'($&(662$20217($/(*5(




35()(,785$'$&,'$'('(0$&(,

6(&5(7$5,$081,&,3$/'(&21752/(85%$12
















































































































%20%$'$0$5,(7$
%20%$'2*21=$*$
%5
%5
&,'$'(81,9(56,75,$
&21-8172/8,=3('52,,,
&21-8172%2648('$6(55$5,$
&21-8172&$%2/8,=3('52,,,
&21-8172&$0%8&,
&21-8172&/(720$548(6/8=
&21-8172*$0$/,16
&21-8172-$&$5(&,&$
&21-8172-26e7(15,2
&21-81720('(,5261(72
&21-817202$&,5$1'5$'(
&21-81723$548('263$/0$5(6
&21-8172 526$1(&2//25 7(50,1$/
&21-81726(/0$%$1'(,5$
&21-81729,//$*(,
&21-81729,5*(0'2632%5(6
'(75$1
',48((675$'$
',63219(/
',63219(/
(67$d2)(5529,5,$ &(1752
(675$'$'$&$&+2(,5$'20(5,0
(675$'$'$6$'(
(675$'$'($&(662$20217($/(*5(
(675$'$'($&(6629,/$$%&
(675$'$'25,2'20(,2
*$5d$7257$
*8$;80$
,3,2&$
,7,1(55,2,'$ 1+25,=217(
,7,1(55,2,'$ 285235(72
,7,1(55,2,'$ 1292081'2
,7,1(55,2,'$ 6'80217
,7,1(55,292/7$ 1+25,=217(
,7,1(55,292/7$ 285235(72
,7,1(55,292/7$ 1292081'2
,7,1(55,292/7$ 6'80217
/$'(,5$&/2'2$/'2'$)216(&$
/$'(,5$&2521(/$0$7$
/$'(,5$'($&(662$)(5129(/+2
/$'(,5$'260$575,26
/$'(,5$*(5$/'26$17260(/2
/$'(,5$269$/'2&58=
/$'(,5$3$6626'(0,5$1'$
/$'(,5$62'20,1*26
/$5*2'(/0,52*289(,$
/,0,7('(081,&3,2
/27($0(172-$5',03(7532/,6,
/27($0(172-$5',03(7532/,6,,
/27($0(17262*(5$/'2
/27($0(17262-25*(



35()(,785$'$&,'$'('(0$&(,

6(&5(7$5,$081,&,3$/'(&21752/(85%$12
















































































































/27($0(1726$8$d+8<
0$)5,$/
0(5&$'2'$352'8d2
0(5&$'238%/,&2%%(17(6,
0,5$17('$&+'(%(%('2852
0,5$17('$6(5(,$
0217($/(*5(
1292081'2
285235(72
3$5$/(/$$9'859$/'(*(60217(,52
3$548(081,&,3$/ 7(50,1$/
3$548(52'2/)2/,16
3,67$$
3,67$$ 260$1/285(,52
3/$1$/726$17$5,7$
32/&,$52'29,5,$)('(5$/
35$d$$)51,2-25*(
35$d$'$,*5(-$ )(,726$
35$d$'$/,%(5'$'(
35$d$'$0$5$9,/+$
35$d$'$6*5$d$6
35$d$'(2'252
35$d$'2&(17(15,2
35$d$'2&58=(,52
35$d$'203('52,,
35$d$'260$575,26
35$d$'263$/0$5(6
35$d$)/25,$123(,;272 ,3,2&$
35$d$*8('(6'(0,5$1'$
35$d$-2$48,00$548(6/8=
35$d$/,216
35$d$/8&(1$0$5$1+2
35$d$0$5&/,2',$6
35$d$1266$65$'()7,0$
35$d$1266$65$0('2632%5(6
35$d$3,1*2'
*8$
35$d$6$17$7(5(=$
35$d$6$172$171,2
35$d$62-26e
35$d$629,&(17(
35$d$6(1$'2558,3$/0(,5$
35$d$6(1+25'2%21),0
35$d$6,1,0%8
35$,$'(-$&$5(&,&$
4' &21--2$48,0/(2
4'$ &21-526$1(&2/25
4'% &21-526$1(&2/25
4'& &21-526$1(&2/25
4'' &21-526$1(&2/25
4'& 
4'& 
4'& -$5',0'$6$'(
4'& -$5',0'$6$'(
4'1 -$5',0'$6$'(
4'2 -$5',0'$6$'(



35()(,785$'$&,'$'('(0$&(,

6(&5(7$5,$081,&,3$/'(&21752/(85%$12
















































































































58$ (&21--226$03$,2 %%(17(6

58$'(0$,2
58$
58$'(6(7(0%52
58$ &21--26e0$5,$'(0(/2
58$ &21-6$/9$'25/,5$
58$ /27%$5,/2&+(
58$'('(=(0%52
58$'(-8/+2 6(6,
58$$ &21-,12&223
58$ &21--26e0$5,$'(0(/2
58$
58$ -$5',03(7532/,6
58$ -$5',03(7532/,6
58$ -$5',03(7532/,6
58$ -$5',03(7532/,6
58$ -$5',03(7532/,6
58$'(6(7(0%52
58$$ &21-&$,d$5$
58$$ &21-(86748,2*20(6
58$$ &21-0('(,5261(72
58$$ &21-'26(6,
58$$ &21-,12&223
58$$ &21-3$8'
5&2
58$$ /27,*8$d8
58$$ &21-025$'$'2%2648(
58$$ &21--26e'$6,/9$3(,;272
58$$ 4'7(50,1$/
58$$%(/$5'2&$%5$/ -$5',06$'(
58$$%(/$5'23217(6/,0$
58$$&$5$8
58$$'(/02*289(,$
58$$'2/)2&$0(5,12
58$$'2/)2*867$92
58$$*(5621'$17$6
58$$ &21-(86748,2*20(6
58$$/$0('$($ 025$'$'2%2648(
58$$/%(572$/9(6'$&0$5$
58$$/%,120$*$/+(6
58$$/)5('20$56,*/,$
58$$/)5('22,7,&,&$
58$$/0,5$17(0$6&$5(1+$6
58$$/26,2%(=(55$
58$$0$52)(,726$
58$$1$(0/,$'($/(1&$5
58$$1$1(5,
58$$1$6$03$,2/8=
58$$171,2&255(,$
58$$171,20$*$/+(6
58$$171,20$57,16
58$$171,2025$(6&267$
58$$171,2=()(5,12'266$1726  -$&
58$$5$*8$,$
58$$5$-2%,9$5
58$$512/0$5&+$*$6



35()(,785$'$&,'$'('(0$&(,

6(&5(7$5,$081,&,3$/'(&21752/(85%$12
















































































































58$$5121'(0(/2
58$$561,2)257(6
58$$5785'259,//(
58$$57859,7$/
58$$8*8672',$6&$5'262 *587$
58$% &2/,1$'26(8&$/,3726
58$% &21-&$,d$5$
58$% /27,*8$d8
58$%$ &21-,12&223
58$%4'-2$48,0/(2
58$%$52'($/$*2$6
58$%$52'($1$',$
58$%$52'($7$/$,$
58$%$52'(3(1('2
58$%(/e0
58$%(/0,52$025,0
58$%(/2+25,=217(
58$%(/20217( &$1$
58$%(1(',72/285(,52
58$%(1(',726,/9$
58$%(1-$0,0&2167$17
58$%(51$5'2/23(6
58$%2$(63(5$1d$
58$%2$6257(
58$%2$9,67$
58$%2$9,67$ &/,0$%20
58$%2$9,67$ -$&,17,1+2
58$%20'(67,12
58$%21),0
58$%27$)2*2
58$%5812)(55$=
58$%8$548('(0$&('2
58$&$%2 5(,6
58$&$,1$ %%(17(6,
58$&$3-2$48,0-(51,02'$52&+$
58$&$5/26*20(6'(%$5526
58$&$57(,52-22),50,12
58$&$66,$12'($/%848(548(
58$&$6752'($=(9('2
58$&$;(8 %%(17(6,
58$&,1&,1$723,172
58$&/8',$
58$&/8',2/9,2
58$&/8',20$12(//285(,52
58$&/(0(17,12'80217(
58$&/(72&$03(/2
58$&20/86)5$1d$ 7(50,1$/
58$&20(1'$'25/9$52&$/+(,526
58$&20(1'$'253$/0(,5$
58$&20(1'$'257(,;(,5$%$6726
58$&1(*2&267$
58$&1(*20$&+$'2
58$&1(*29$/(17(
58$&2521(/&$+(7
58$&2521(//,0$52&+$



35()(,785$'$&,'$'('(0$&(,

6(&5(7$5,$081,&,3$/'(&21752/(85%$12
















































































































58$&2521(//8&(1$0$5$1+2
58$&2521(/0$&+$'2
58$&2521(/0(1(=(6
58$&2521(/3$&+(&25$0$/+2
58$&2521(/3$5$1+26
58$&2521(/35(6&,/,$126$50(172
58$' &2/,1$'26(8&$/,3726
58$' &21-025$'$'2%2648(
58$'0$5,(7$48,17(/$&7(,;(,5$
58$'$$/(*5,$
58$'$$5(,$
58$'$)/25(67$
58$'$)5(17( $%&
58$'$1$6&(1d$
58$'$3$,1$ 7(50,1$/
58$'$3$/0$
58$'$3(1+$
58$'$3(752%56
58$'$6$8'$'(
58$'$9,75,$
58$'($&(662&21-526$1(&2/25
58$'($&(662'2&21--226$03$,2
58$'(0&5,72*5$&,1'2
58$'(3-22',216,2'(*(6
58$'(36,/2e7$9$5(6
58$'(3*21d$/9(67$9$5(6
58$'(3-26e/$*(6
58$'(50(9$/0$&5,2
58$'(6(0%&$5/26'(*8602
58$'(6(0%+e/,2&$%5$/
58$',$6&$*5$/
58$'-$/0$)'($/(1&$5
58$'2$5$0(
58$'2$5$0( -$&,17,1+2
58$'2&$-8(,52
58$'2&$032
58$'2&($5
58$'2&20e5&,2
58$'2&21-,12&223
58$'2&5$927(50,1$/5,21292
58$'2&58=(,52
58$'2(1&$172
58$'2(63257(
58$'2,03(5$'25
58$'26266(*2
58$'2858*8$,
58$'20$'(/020$&+$'2
58$'206$17,12&287,1+2
58$'209,7$/
58$'20,1*26/25'6/(1
58$'0$5,(7$48,17(/$&7(,;(,5$
58$'21$526$'$)216(&$
58$'26&$(7e6
58$'2623(55,26
58$'5&$%5$/72/('2



35()(,785$'$&,'$'('(0$&(,

6(&5(7$5,$081,&,3$/'(&21752/(85%$12
















































































































58$'5)5$1&,6&2&('5,0
58$'5+,'(/%5$1'2)$/&2
58$'5-22%'(129$,(6
58$'5-26e&$0(/2-5
58$'50$12(/0(1(=(6
58$'50,*8(/'(2/,9(,5$ 7(50,1$/
58$'5269$/'2&58=
58$'59,5*1,2'(&$0326
58$'5=()(5,1252'5,*8(6
58$'5-26e&$6752'($=(9('2
58$'5=()(5,1252'5,*8(6
58$( &2/,1$'26(8&$/,3726
58$( &21-'8%($8;/(2
58$( &21--26e7(15,2
58$('621)(55(,5$6$1726
58$(/,(7(52/(0%(5*),*8(,5('2
58$(/,(=(558),12'(&$6752
58$(/,'(/(026)5$1d$
58$(0352-(72
58$(0352-(72 &21-'8%($8;/(2
58$(1*05,2'(*8602
58$(3$0,121'$6*5$&,1'2
58$(5$/'2/,16&$9$/&$17(
58$(55$17(5&$9$/&$17(3$66267(50
58$(6&3$8/,126$17,$*2
58$(63(5$1d$
58$(67$767,&27(,;(,5$'()5(,7$6
58$(175$'$'$&2'($/
58$(85,&2$<5(6
58$) &21-'8%($8;/(2
58$) 5,21292
58$) &21-(86748,2*20(6,
58$)$867,126,/9(,5$
58$)$8672&255(,$:$1'(5/(<
58$)e/,;%$1'(,5$
58$)(51$1'(6'(%$5526
58$),502&255(,$'($5$-2
58$)/251&,2'($%5(8
58$)5$1d$025(/
58$)5$1&,6&2$)2162'(0(/2
58$)5$1&,6&2$/9(6
58$)5$1&,6&2$025,0 /(2
58$)5(,&$1(&$
58$* &21-(86748,2*20(6
58$* &21-8172,12&223
58$* 7(50,1$/-26e'$6,/9$3(,;272
58$* &21-(86748,2*20(6,
58$*$%,12%(62852
58$*$=(7$'($/$*2$6
58$*(1(5$/:$/)5,'2'$52&+$
58$*(50$12/23(6&25'(,52
58$*21d$/9(6',$6
58$*29/$0(1+$),/+2
58$*8$-$5$5$6
58$+



35()(,785$'$&,'$'('(0$&(,

6(&5(7$5,$081,&,3$/'(&21752/(85%$12
















































































































58$+ 7(50,1$/
58$+$0,/721025$(6
58$+<*,$'(9$6&21&(/26
58$+8*2&255(,$3$(6
58$, &2/,1$'26(8&$/,3726
58$, &21--26e7(15,2
58$, &21-6$/9$'25/,5$
58$, 352/21*$0(172
58$, &21--26e'$6,/9$3(,;272
58$,1'02$&,5$1'5$'(
58$5,6$/$*2(16(
58$,65$(/
58$,7$5$5e
58$,9$/'20$5,1+2
58$-&$/+(,526*$72
58$/*3(5(,5$'2&$502
58$-0,*8(/
58$-72/,9(,5$
58$-$&,0(/2
58$-$,520$548(6/8=
58$-$1*$'(,526$/$*2$126
58$-$5',1(,5$
58$-(586$/e0
58$-2$1$'
$5&
58$-22&$0(5,12
58$-22&$1872
58$-22/23(6'2&$502
58$-22/&,20$548(6
58$-220$&+$'2
58$-223(662$
58$-2$48,01$%8&2
58$-2$48,07925$
58$-2+$7+$60$/7$'($/(1&$5
58$-26e%$55(72
58$-26e%21,)&,2
58$-26e&$5'262),/+2
58$-26e&/8',2),/+2
58$-26e '$6,/9(,5$&$0(5,12
58$-26e'($/(1&$5
58$-26e',216,262%5,1+2
58$-26e)(51$1'(6'266$1726
58$-26e-2$48,0'(5$-2
58$-26e-25*('(0(/2*21d$/9(6
58$-26e/8,='266$1726
58$-26e0$/7$'($/(1&$5
58$-26e3/(,7(3$6626
58$-8d$5$
58$-/,2$/72
58$-/,20(1'(6)$52/
58$-/,23/(&+),/+2
58$-8$5$&,3(5(,5$
58$-85,7,%$
58$. &21-(8748,2*20(6,
58$/ &2/,1$'26(8&$/,3726
58$/$',6/$81(72



35()(,785$'$&,'$'('(0$&(,

6(&5(7$5,$081,&,3$/'(&21752/(85%$12
















































































































58$/$)$,(7(%(/2
58$/$)$,(7(3$&+(&2
58$/$*2$6(&$
58$/$7(5$/$75$725$/
58$/,%(57$'25$$/$*2$1$
58$/285(1d20'$6,/9$
58$/8,=%;$9,(5
58$/86&$/+(,526
58$/86'(%$5526
58$/86'(0$6&$5(1+$6
58$/86'(9(5*(77,
58$/86)5$1&,6&2&('5,0
58$/863217(6'(0,5$1'$
58$09,(,5$
58$0$&+$'2/(026
58$0$-259,&(17(6$%,12
58$0$1$86
58$0$12(/&$1872
58$0$12(/'8$57(
58$0$12(/,1&,2
58$0$12(/325&,$12
58$0$12(/5,%(,52
58$0$5$*2*,
58$0$5(&+$/52%(572)(55(,5$
58$0$5,$$1721,(7$
58$0$5,$&52&+$ -$&
58$0$5,$-/,$6$1726
58$0$5,$/$'$6,/9$
58$05,2/2%2
58$05,2181(69,(,5$
58$0$548(6'($%5$17(6
58$0$548(6'(320%$/
58$0$57,160857$
58$0$8529$6&21&(/26 -$&
58$0(/2025$(6
58$0,*8(/20(1$
58$02$&,50,5$1'$
58$081,=)$/&2
58$1$7$/
58$1,/27255(6
58$1266$6(1+25$'$&21&(,d2
58$129$
58$ 129$%5$6/,$
58$2 &2/,1$'26(8&$/,3726
58$2 &21-'8%($8;/(2
58$2 &21-'8%($8;/(2 7(50,1$/
58$2 &21-,12&223 7(50,1$/
58$2/,9(,5$(6,/9$
58$6($6526$6
58$6($66$1726
58$269$/'2&,5,/2
58$269$/'2%$5526
58$289,'25%$7$/+$
58$3 &21-'8%($8;/(2
58$3 &21-+(15,48((48(/0$1



35()(,785$'$&,'$'('(0$&(,

6(&5(7$5,$081,&,3$/'(&21752/(85%$12
















































































































58$39 &21-(86748,2*20(6,,
58$3$'5(&&(52
58$3$,66$1'8
58$3$,9$
58$3$1$,5
58$32'($d&$5
58$32'($d&$5 6$172$0$52
58$3$6725(85,&2&$/+(,526
58$3$67257$9$5(6
58$3$8/2$)2162
58$3$8/21(72
58$3('52$0e5,&2
58$3('52%5$*$7(50,1$/'8%($8;/(2
58$3('520$18(/0(1'(6
58$3('520217(,52
58$3('523$8/,12
58$3,$d$%8&8
58$3,2,,,
58$32572$/(*5(
58$32578*$/
58$35()$%'21$552;(/$6
58$35,1&(6$,6$%(/
58$35,1&,3$/ &21-9,//$*(&$03(675(
58$35,1&,3$/'2&21--226$03$,2
58$352)$8*8672',$6&$5'262
58$352)%(1(',72*(1(*81'(6
58$352)%(1(',726,/9$
58$352)(6,/9$
58$352)*5$d$/(,7(
58$352)-228025(,5$
58$352)0$12(//285(1d2
58$352)05,20$55248,0
58$352)6$1726)(55$=
58$352)6,'51,2
58$352-(7$'$&/(720$548(6/8=
58$ 352-(7$'$
58$352-(7$'$
58$352-(7$'$&/(720$548(6/8=
58$352-(7$'$
58$352-(7$'$
58$352-(7$'$
58$352-(7$'$
58$352-(72
58$35272*(1(6$/9(60285$
58$4 &21-'8%($8;/(2
58$48,17,12%2&$,9$
58$5$'<*'21$6&,0(172
58$5,$&+8(/2
58$52%(572%5,72
58$52%(572.(11('<
58$52%(5726,0216(1
58$6($/%848(548(
58$6$/9$'25&$/021
58$6$03$,20$548(6
58$6$1'29$/$5528;(/$6



35()(,785$'$&,'$'('(0$&(,

6(&5(7$5,$081,&,3$/'(&21752/(85%$12
















































































































58$6$17$$0e/,$
58$6$17$&58=
58$6$17$)e
58$6$17$/8=,$
58$6$17$5,7$'(&66,$
58$6$17$1$
58$6$172$0$52
58$6$172$1721,2
58$6$172$1721,27$%8/(,52
58$62'20,1*26
58$62)e/,;
58$62)5$1&,6&2'($66,6
58$62-22
58$62-26e
58$62-26e /(9$'$
58$62/8,=
58$620,*8(/
58$623$8/2
58$6$5*(172$/%(5720&267$
58$6$5*(172%(1(9,'(6
58$6(%$67,2&255(,$'$52&+$
58$6(&81'5,$ ',67,1'8675,$/
58$6(1$'25(=(48,$6'$52&+$
58$6(1$'250(1'21d$
58$6,/9(,5$&$0(5,12
58$6,/9e5,2-25*(
58$62/'$'2('8$5'26$1726
58$7&$%5$/
58$7$1&5('21(9(6
58$7(1(17(%5$6,/
58$7(1(17()5$1&,6&2'(2/,9(,5$
58$7(21,/2*$0$
58$7(5(6$ $=(9('2
58$7(5(6$&5,67,1$
58$72%,$6%$55(72
58$8* &21-'8%($8;/(2
58$8%(5$%$
58$9(1(59(/-229,(,5$&+$*$6
58$9,5*/,2*8('(6
58$:$/)5('252&+$
58$:,/62135$;('(6 7(50,1$/
58$;, &21-(86748,2*20(6
58$= &21-'8%($8;/(2
58$=$&$5,$6'($=(9('2
58$=()(5,12'266$1726
58$-26e/$5$1-(,5$6
58$0$548(6
5(72512&$6$'$,1'675,$
5(72512'$)62$5(6
5(72512'$/$*2$6(&$
5,$&+2'2&(
5,21292
52'29,$'($&(662)(5129(/+2
58$3$6725&25,17+2'$3$=
58$6$5*(172-$,0(



35()(,785$'$&,'$'('(0$&(,

6(&5(7$5,$081,&,3$/'(&21752/(85%$12
















































































































6+233,1*&(17(5,*8$7(0,
7(50,1$/ 58$(
7(50,1$/ &21-%5812)(55$5,
7(50,1$/&21-&2/,1$(8&$/,3726
7(50,1$/&21-(867*8,2*20(6
7(50,1$/&21-)5(,'$0,2
7(50,1$/&21-*5$&,/,$125$026
7(50,1$/&21-+(15,48((48(/0$1
7(50,1$/&21--226$03$,2
7(50,1$/&21--2$48,0/(2
7(50,1$/&21-02$&,5$1'5$'(
7(50,1$/&21-087,52
7(50,1$/&21-6$/9$'25/<5$
7(50,1$/&21-6$1726'80217
7(50,1$/&21-6(/0$%$1'(,5$
7(50,1$/&21-7(271,29,/(/$
7(50,1$/&21-9,//$*(,,
7(50,1$/'$)25(1(
7(50,1$/'()(5129(/+2
7(50,1$/'(5,$&+2'2&(
7(50,1$/'2-$&,17,1+2
7(50,1$/'235025$5,
7(50,1$/'275$3,&+(
7(50,1$/,,'2%(1(',72%(17(6,
7(50,1$/,17(*5$'2'2%%(17(6
7(50,1$/1292+25,=217(
7(50,1$/35$d$$)51,2-25*(
7(50,1$/52'29,5,2'(0$&(,
75$9(66$$'2/)2&$0(5,12
75$9(66$$/0,5$17(%$55262
75$9(66$%(/0,52$025,0
75$9(66$%(1(',72%(17(6,
75$9(66$%21),0
75$9(66$&$/$%$5
75$9(66$&/(72&$03(/2
75$9(66$'2&5$92
75$9(66$-$5',1(,5$
75$9(66$-$7,&$
75$9(66$-26e%$55(72
75$9(66$-26e/$5$1-(,5$6
75$9(66$0$5$9,/+$
75$9(66$0217(&$67(/2
75$9(66$3$1,)62'20,1*26
75$9(66$3$8/,1$'(0(1'21d$
75$9(66$3(1('2
75$9(66$35(7(67$72)(55(,5$0$&+$'2
75$9(66$352)6,'51,2
75$9(66$6$17$$0e/,$
75$9(66$6$17$0$5,$
75$9(66$6$172$0$52
75$9(66$6$172$1721,2
75$9(66$62-26e
75$9(66$6(1),50,129$6&21&(/26
75$9(66$72%,$6%$55(72
8)$/



35()(,785$'$&,'$'('(0$&(,

6(&5(7$5,$081,&,3$/'(&21752/(85%$12


















86,1$&$&+2(,5$'20(,5,0
9,$(;35(66$
9,$6(&81'5,$
9,/$$%&
9,/$'26%$1&5,26
9,/$.(11('<
9,/$3('5(,5$6
9,//$*(081,9(56,75,2 7(50,1$/



35()(,785$'$&,'$'('(0$&(,

6(&5(7$5,$081,&,3$/'(&21752/(85%$12
$1(;2,;

&21&(,726('(),1,d(6

$&(662 &DPLQKRDVHUSHUFRUULGRSHORVXVXiULRVGRSDYLPHQWRSDUDDOFDQoDUDHGLILFDomRRXD
FDL[D GH HVFDGD TXDQGR KRXYHU 2V DFHVVRV SRGHP VHU FRQVWLWXtGRV GH SDVVDJHQV FRUUHGRUHV
YHVWtEXORVEDOF}HVHWHUUDoRV

$&5e6&,02'(5($  $XPHQWRGHXPDHGLILFDomRHPUHODomRDRSURMHWRDSURYDGRTXHU
QRVHQWLGRKRUL]RQWDORXYHUWLFDO
$)$67$0(172  'LVWkQFLD PHGLGD HQWUH TXDOTXHU HOHPHQWR FRQVWUXWLYR GD HGLILFDomR H R
DOLQKDPHQWR DIDVWDPHQWR IURQWDO  H DV GLYLVDV ODWHUDLV H GH IXQGRV  DIDVWDPHQWR ODWHUDO RX GH
IXQGRV
$/,1+$0(172 /LPLWHGLYLVyULRHQWUHRORWHRXJOHEDHRORJUDGRXURS~EOLFR

$/785$727$/'263$9,0(1726  &RPSULPHQWR GRVHJPHQWRYHUWLFDOPHGLGRHQWUHR

QtYHOGRSDVVHLRMXQWRDIDFKDGDHRiWLFR
$/9$5 /LFHQoDRILFLDOSDUDDUHDOL]DomRGHDOJXPDDWLYLGDGH
$03/,$d2 9HUDFUpVFLPRGHiUHD

$1/,6(35e9,$ $QiOLVHGRSURMHWRHPIDVHDQWHULRUjVXDDSURYDomRGHILQLWLYD

5($&2080  UHDGDHGLILFDomRRXGRWHUUHQRGHVWLQDGDDXWLOL]DomRFROHWLYDGRVRFXSDQWHV
GDPHVPD
5($'(&216758d2  UHDWRWDOGHWRGRVRVSDYLPHQWRVGHXPDHGLILFDomRLQFOXVLYHRV
HVSDoRVRFXSDGRVSRUSDUHGHV
5($'(35(6(59$d2 UHDGHILQLGDSHOR3RGHU3~EOLFRSDUDILQVHVSHFtILFRVGHSURWHomR
SDLVDJtVWLFDHXUEDQtVWLFD

5($ '( 5(&5($d2  UHD UHVHUYDGD SDUD DWLYLGDGHV FXOWXUDLV FtYLFDV HVSRUWLYDV H
FRQWHPSODWLYDV
5($(',),&$'$  UHDWRWDOGHFRQVWUXomRGHXPDHGLILFDomRPHGLGDH[WHUQDPHQWH

5($/48,'$(',),&$'$  UHDWRWDOHGLILFDGDGHGX]LGDVDViUHDVQmRFRPSXWDGDVSDUD
HIHLWRGR FiOFXORGRFRHILFLHQWHGHDSURYHLWDPHQWRFRQIRUPHSUHYLVWRQRWH[WROHJDO

5($ 121 $(',),&$1',  UHD QD TXDO D OHJLVODomR HP YLJRU QDGD SHUPLWH FRQVWUXLU RX
HGLILFDU

5($ 35,9$7,9$  UHD GD HGLILFDomR GHVWLQDGD D XWLOL]DomR LQGLYLGXDO GRV RFXSDQWHV GD
PHVPD
5($85%$1$ 'HOLPLWDGDSRUOHLHVSHFtILFD

5($7,/ UHDGRSLVRGHXPFRPSDUWLPHQWR

5($ 9(5'(   3DUWH GH XP ORWHDPHQWR RX WHUUHQR LQFRUSRUDGR DR SDWULP{QLR PXQLFLSDO
LQWHUGLWDGDGHPRGRJHUDOjHGLILFDomRVHQGRSHUPLWLGDVWRGDYLDGHDFRUGRFRPRSODQHMDPHQWR


35()(,785$'$&,'$'('(0$&(,

6(&5(7$5,$081,&,3$/'(&21752/(85%$12
GD ]RQD D TXH SHUWHQoD H D FULWpULR GR yUJmR PXQLFLSDO UHVSRQViYHO SHOD DSURYDomR GRV SURMHWRV
HGLILFDo}HVSDUDUHFUHDomRHHVSRUWHGHXVRS~EOLFRQXPSHUFHQWXDOPi[LPRGHGDiUHD

$558$0(172   3URORQJDPHQWR GH YLD RX DEHUWXUD GH YLD SURMHWDGD SRU LQLFLDWLYD GR
PXQLFtSLR FRP YLVWDV D GDU FRQWLQXLGDGH DR VLVWHPD YLiULR H[LVWHQWH SRVVLELOLWDQGR R
GHVPHPEUDPHQWRSDUDHGLILFDomR
7,&2 3RQWRPDLVDOWRGHXPDHGLILFDomRGHVWLQDGDDDEULJDUFDVDGHPiTXLQDVSLVRWpFQLFR
GHHOHYDGRUHVFDL[DVGiJXDHFLUFXODomRYHUWLFDO

$8725 '2 352-(72  3URILVVLRQDO KDELOLWDGR UHVSRQViYHO SHOD HODERUDomR GH SURMHWRV TXH
UHVSRQGHUi SHOR FRQWH~GR GDV SHoDV JUiILFDV GHVFULWLYDV HVSHFLILFDo}HV H H[HTLELOLGDGH GH VHX
WUDEDOKR
%$/$1d2  $YDQoRGDFRQVWUXomRVREUHRDOLQKDPHQWRGRSDYLPHQWRWpUUHR

%5,6( &RQMXQWRGHHOHPHQWRV FRQVWUXWLYRVGLVSRVWRVQDVIDFKDGDVSDUDFRQWURODUDLQFLGrQFLD

GLUHWDGDOX]VRODUQRVDPELHQWHV
&$17(,52'(2%5$6 UHDUHVHUYDGDjH[HFXomRHGHVHQYROYLPHQWRGDVREUDVHVHUYLoRV

&$6$ &21-8*$'$ 
$TXHODV TXH WHP SDUHGH GLYLVyULD MXQWD H LQGHSHQGHQWH H IRUPD XP
FRQMXQWRDUTXLWHW{QLFRQLFR
&$6$ *(0,1$'$ 
DUTXLWHW{QLFRQLFR

$TXHODV TXH WHP SDUHGH GLYLVyULD FRPXP H IRUPD XP FRQMXQWR

&$6$3238/$5 +DELWDomRSDUDXVRGDSRSXODomRGHEDL[DUHQGD

&$6$683(53267$  &RQVWUXomRGHGXDVXQLGDGHVUHVLGHQFLDLVWLSR85XPDVREUHDRXWUD
FRPHQWUDGDVLQGHSHQGHQWHVSHORORJUDGRXUR
&$8&,21$0(172 *DUDQWLDjH[HFXomRGHREUDV

&(1752 &20(5&,$/  (GLItFLR RX FRQMXQWR GH HGLILFDo}HV GHVWLQDGRV H[FOXVLYDPHQWH DR
FRPpUFLRHRXVHUYLoRV

&(5&$  2EUD GH PDGHLUDHDUDPHSDUDHYLWDUHVFDSHRXLQWUXVmRRXSDUDGHPDUFDUOLPLWHVGH

SURSULHGDGHV
&,&/29,$ 9LDGHVWLQDGDDRWUiIHJRGHELFLFOHWDV

&,5&8/$d2 +25,=217$/  (VSDoR GH XVR FRPXP QHFHVViULR DR GHVORFDPHQWR HP XP
PHVPRSDYLPHQWRHDRDFHVVRjVXQLGDGHVSULYDWLYDV
&,5&8/$d2 9(57,&$/  (VSDoR GH XVR FRPXP QHFHVViULR DR GHVORFDPHQWR GH XP
SDYLPHQWRSDUDRXWURHPXPDHGLILFDomRFRPRUDPSDVFDL[DVGHHVFDGDHGHHOHYDGRUHV
&2(),&,(17('($3529(,7$0(172  &RHILFLHQWHTXHPXOWLSOLFDGRSHODiUHDGRORWH
GHWHUPLQDDiUHDOtTXLGDHGLILFDGDDGPLWLGDQRWHUUHQR

&21'201,2 +25,=217$/   &RQMXQWR GH HGLILFDo}HV GLVWULEXtGDV KRUL]RQWDOPHQWH HP

XPPHVPRWHUUHQRVHPRSDUFHODPHQWRGRVROR



35()(,785$'$&,'$'('(0$&(,

6(&5(7$5,$081,&,3$/'(&21752/(85%$12
&21'201,2 9(57,&$/   &RQMXQWR GH XQLGDGHV DXW{QRPDV GLVSRVWDV YHUWLFDOPHQWH HP
XPD ~QLFD HGLILFDomR RX HP PDLV GH XPD HGLILFDomR GLVWULEXtGDV HP XP QLFR WHUUHQR VHP
SDUFHODPHQWRGRVROR
&21-8172 +$%,7$&,21$/  $JUXSDPHQWR GH HGLILFDo}HV XQL RX PXOWLIDPLOLDUHV
REHGHFHQGRDXPSODQHMDPHQWRJOREDOGHSDUFHODPHQWRSUpHVWDEHOHFLGR

&257(  ,QFRUSRUDomRDRORJUDGRXURS~EOLFRGHXPDiUHDGHWHUUHQRSHUWHQFHQWHDSURSULHGDGH
SDUWLFXODU H DGMDFHQWH DR PHVPR ORJUDGRXUR SDUD R ILP GH H[HFXWDU XP SURMHWR GH DOLQKDPHQWR
DSURYDGRSHOD300
&255('25'($7,9,'$'(0/7,3/$  (VSDoRXUEDQRGHXVRPLVWRRQGHRVXVRV
SURGXWLYRVLQWHJUDPVHDRXVRUHVLGHQFLDO
&5248,  (VERoRGHGHVHQKR5HSUHVHQWDomRJUiILFD

&27$  1~PHUR TXHH[SULPHHPPHWURVRXRXWUDXQLGDGHGHFRPSULPHQWRGLVWkQFLDVYHUWLFDLV

RXKRUL]RQWDLV
&8/ '( 6$&   9LD ORFDO GH DFHVVR D FHUWR Q~PHUR GH HGLILFDo}HV JHUDOPHQWH GH SHTXHQD
H[WHQVmRWHUPLQDQGRQXPHVSDoRGHJLUDomRGHVWLQDGRDRWUiIHJRGHYHtFXORVHSHGHVWUHV
'(&/,9,'$'(   5D]mR HQWUH D GLVWkQFLD YHUWLFDO H[LVWHQWH HQWUH GRLV SRQWRV GD HVWUDGD RX
FDPLQKRHDFRUUHVSRQGHQWHGLVWkQFLDKRUL]RQWDO
'(02/,d2 'HUUXEDPHQWRWRWDOGHXPDHGLILFDomR

'(6'2%52  5HSDUFHODPHQWR GH ORWHV RULXQGRV GH ORWHDPHQWRV RX GHVPHPEUDPHQWRV

REHGHFLGDVDVGLPHQV}HVPtQLPDVGHWHUPLQDGDVSHODOHJLVODomRPXQLFLSDOYLJHQWH

'(60(0%5$0(172   3DUFHODPHQWR GH VROR PHGLDQWH VXEGLYLVmR GH JOHED HP ORWHV
GHVWLQDGRV j HGLILFDomR FRP DSURYHLWDPHQWRGRVLVWHPDYLiULRH[LVWHQWHGHVGHTXHQmRLPSOLTXH
QD DEHUWXUD GH QRYDV YLDV H ORJUDGRXURV S~EOLFRV QHP QR SURORQJDPHQWR PRGLILFDomR RX
DPSOLDomRGRVMiH[LVWHQWHV
',9,6$ /LQKDOLPtWURIHGHXPWHUUHQR',9,6$',5(,7$pDTXHILFDjGLUHLWDGHXPSHVVRD
SRVWDGDGHQWURGRWHUUHQRHYROWDGDSDUDDVXDWHVWDGDSULQFLSDOH',9,6$(648(5'$pDTXHILFD
jHVTXHUGDGHQWURGRPHVPRFULWpULRGHVFULWRDQWHULRUPHQWH

(',),&$d2  2EUDFREHUWDGHVWLQDGDDDEULJDUDVGLYHUVDVDWLYLGDGHVKXPDQDVRXTXDOTXHU
RXWUDLQVWDODomRHTXLSDPHQWRRXPDWHULDO
(',),&$d275$16,75,$  (GLILFDomRGHFDUiWHUQmRSHUPDQHQWHSDVVtYHOGHPRQWDJHP
GHVPRQWDJHPHWUDQVSRUWH
(',)&,2*$5$*(0 (GLILFDomRYHUWLFDOGHVWLQDGDDHVWDFLRQDPHQWRRXJXDUGDGHYHtFXORV
(/(0(172'(&25$7,92  (OHPHQWRDUTXLWHW{QLFRSURHPLQHQWHHQJDVWDGRQDHGLILFDomR

(0%$5*2  3URYLGrQFLDOHJDOWRPDGDSHOD300WHQGHQWHDVXVWDURSURVVHJXLPHQWRGDREUD
RXLQVWDODomRFXMDDH[HFXomRRXIXQFLRQDPHQWRHVWHMDHPGHVDFRUGRFRPDVSUHVFULo}HVOHJDLV

(48,3$0(172  (OHPHQWR GHVWLQDGR D JXDUQHFHU RX FRPSOHPHQWDU XPD HGLILFDomR D HVWH

LQWHJUDQGRVH


35()(,785$'$&,'$'('(0$&(,

6(&5(7$5,$081,&,3$/'(&21752/(85%$12
(48,3$0(172&2081,75,2  (TXLSDPHQWRS~EOLFRGHHGXFDomRFXOWXUDVD~GHOD]HUH
VLPLODUHV
(48,3$0(172 85%$12   (TXLSDPHQWR S~EOLFR GH DEDVWHFLPHQWR GH iJXD VHUYLoR GH
HQHUJLDHOpWULFDFROHWDGHiJXDVSOXYLDLVUHGHWHOHI{QLFDHJiVFDQDOL]DGR
(63$d26/,95(6'(8623%/,&2  UHDVYHUGHVSUDoDVHVLPLODUHV
(63(/+2 $OWXUDGRGHJUDXGDHVFDGD

(67$&,21$0(172 &20(5&,$/  6mR DTXHOHV GHVWLQDGRV H[FOXVLYDPHQWH j JXDUGD GH

YHtFXORV
)$&+$'$ )DFHH[WHUQDGDHGLILFDomR

)$&+$'$ 35,1&,3$/  )DFKDGD GD HGLILFDomR YROWDGD SDUD D YLD S~EOLFD KLHUDUTXLFDPHQWH
PDLVLPSRUWDQWH

)$,;$ '( '201,2  )DL[D GH WHUUHQR FRUUHVSRQGHQWH j VRPD GD SLVWD GH URODPHQWR GR
DFRVWDPHQWRHGDIDL[DOLYUHHPDPERVRVODGRVUHVHUYDGDSDUDIXWXURVDODUJDPHQWRV
)$,;$121$(',),&$1', UHDGRWHUUHQRRQGHQmRpSHUPLWLGDHGLILFDomR

*/(%$ 3RUomRGHWHUUDTXHQmRWHQGRVRIULGRQHQKXPSDUFHODPHQWRDQWHULRUGHFDUiWHUXUEDQR
ORWHDPHQWR  RX GHVPHPEUDPHQWR XUEDQR p VXEGLYLGLGD HP RXWUDV SRUo}HV ORWHV GHVWLQDGDV j
HGLILFDomR
*8$5,7$ &RPSDUWLPHQWRGHVWLQDGRDRXVRGDYLJLOkQFLDGDHGLILFDomR
+$%,7$d23(50$1(17( (GLILFDomRGHFDUiWHUGXUDGRXUR

+$%,7(6(  $XWRUL]DomR H[SHGLGD SHOD DXWRULGDGH PXQLFLSDO SDUD R XVR H RFXSDomR GH
HGLILFDo}HVFRQFOXtGDV
,17(5',d2 $WRDGPLQLVWUDWLYRTXHLPSHGHDRFXSDomRGHXPDHGLILFDomR

/2*5$'2852 3%/,&2  7RGD D VXSHUItFLH GHVWLQDGD DR XVR S~EOLFR SRU SHGHVWUHV HRX
YHtFXORVFRPSUHHQGHQGRYLDVSUDoDVSDUTXHVRXMDUGLQVRILFLDOPHQWHUHFRQKHFLGRHGHQRPLQDGR
/27(  3DUWHUHVXOWDQWHGRSDUFHODPHQWRGHJOHEDFRPIUHQWHSDUDDYLDS~EOLFDHGHVWLQDGRD
UHFHEHUHGLILFDomR
/27($0(172  6XEGLYLVmR GDV JOHEDV HP ORWHV GHVWLQDGRV D HGLILFDo}HV FRP DEHUWXUD GH
QRYDVYLDVGHFLUFXODomRGHORJUDGRXURVS~EOLFRVRXRSURORQJDPHQWRPRGLILFDomRRXDPSOLDomR
GDVYLDVS~EOLFDV
0(,2),2 /LQKDOLPtWURIHFRQVWLWXtGDGHSHGUDRXFRQFUHWRHQWUHDYLDGHSHGHVWUHVHDSLVWD
GHURODPHQWRGHYHtFXORV

0(=$1,12  3LVRLQWHUPHGLiULRFRQVWUXtGRHPDOYHQDULDFRPiUHDLJXDORXLQIHULRUDGD
iUHDGRFRPSDUWLPHQWRFRPSpGLUHLWRPtQLPRGHPGRLVPHWURVHYLQWHFHQWtPHWURVSDUDXVR
UHVLGHQFLDOHPGRLVPHWURVHTXDUHQWDFHQWtPHWURVSDUDXVRFRPHUFLDOHRXGHVHUYLoR
085(7$ $QWHSDURGHGLPHQV}HVUHGX]LGDVSDUDILQVGLYLVyULRV
0852 $QWHSDURGHVWLQDGRDILQVGLYLVyULRV



35()(,785$'$&,'$'('(0$&(,

6(&5(7$5,$081,&,3$/'(&21752/(85%$12

0852'($55,02 0XURGHSURWHomRGHVWLQDGRDVXSRUWDURVHVIRUoRVGRWHUUHQR

2%5$  5HDOL]DomR GH WUDEDOKR HP LPyYHO GHVGH VHX LQtFLR DWp VXD FRQFOXVmR FXMR UHVXOWDGR
LPSOLTXHQDDOWHUDomRGHVHXHVWDGRItVLFRDQWHULRU
2%5$&203/(0(17$5  (GLILFDomRVHFXQGiULDRXSDUWHGDHGLILFDomRTXHIXQFLRQDOPHQWH
FRPSOHPHQWHDDWLYLGDGHGHVHQYROYLGDQRLPyYHO
1,9(/$0(172 )L[DomRGRQtYHOGDYLDS~EOLFDHPUHODomRjSURSULHGDGHSDUWLFXODU

3$5&(/$0(172 'LYLVmRGDWHUUDHPSDUWHVLQGLYLGXDOL]DGDVGLVWLQWDVVRERSRQWRGHYLVWD
MXUtGLFR

3$57,'2 85%$167,&2  3URSRVWD GH SDUFHODPHQWR XUEDQR RQGH FRQVWH DV YLDV FRP VXDV
VHFo}HVWUDQVYHUVDLVHGLPHQV}HVTXDGUDVORWHViUHDVYHUGHViUHDVGHHTXLSDPHQWRFRPXQLWiULRH
XUEDQRHUHVWULo}HVGHWHFWDGDVTXDQGRGD$QiOLVH3UpYLD
3$66(,2 3%/,&2 3DUWHGRORJUDGRXURS~EOLFRUHVHUYDGRDRWUkQVLWRGHSHGHVWUHV
3$9,0(17$d2 5HYHVWLPHQWRGHXPORJUDGRXUR

3$9,0(172 3DUWHGDHGLILFDomRFRPSUHHQGLGDHQWUHGRLVSLVRVVXFHVVLYRV

3$9,0(172 &2%(5785$   OWLPR SDYLPHQWR GH HGLILFDo}HV FRPHUFLDLV GH VHUYLoRV RX
UHVLGHQFLDLVFRPPDLVGHGXDVXQLGDGHVDXW{QRPDVDJUXSDGDVYHUWLFDOPHQWH
3$9,0(172*$5$*(0 3DYLPHQWRFRPXVRH[FOXVLYRGHVWLQDGRDRDEULJRGHYHtFXORV

3(d$'(6&5,7,9$  7H[WRGHVFULWLYRGHHOHPHQWRVRXVHUYLoRVSDUDDFRPSUHHQVmRGHXPD
REUDWDOFRPRHVSHFLILFDomRGHFRPSRQHQWHVDVHUHPXWLOL]DGRVHtQGLFHVGHGHVHPSHQKRDVHUHP
REWLGRV
3(d$*5),&$3/$17$  5HSUHVHQWDomRJUiILFDSODQDHFRQYHQFLRQDOGHHOHPHQWRVSDUD
DFRPSUHHQVmRGHXPSURMHWR
3e',5(,72 'LVWkQFLDYHUWLFDOHQWUHRSLVRHRWHWRGHXPFRPSDUWLPHQWR

3e(648(5'2 'LVWkQFLDYHUWLFDOHQWUHRSLVRHDODMHGHFREHUWXUDLQFOXVLYH

3,/27,6  3DYLPHQWRFRPHVSDoROLYUHGHVWLQDGRDRXVRFRPXPSRGHQGRFRQWHUSDUWHIHFKDGD
FRPiUHDPi[LPD HTXLYDOHQWHDGDiUHDGDOkPLQDGRSDYLPHQWRWLSR
3,62 6XSHUItFLHEDVHGRSDYLPHQWRRXGRGHJUDXGHXPDHVFDGD

3,67$'(52/$0(172  3DUWHGDHVWUDGDRXFDPLQKRGHVWLQDGDHSUHSDUDGDSDUDRWUiIHJR
GHYHtFXORV
352),66,21$/ +$%,/,7$'2  7pFQLFR UHJLVWUDGR MXQWR DR yUJmR IHGHUDO ILVFDOL]DGRU GR
H[HUFtFLRSURILVVLRQDOSRGHQGRDWXDUFRPRSHVVRDItVLFDRXFRPRUHVSRQViYHOSRUSHVVRDMXUtGLFD
UHVSHLWDGDVDVDWULEXLo}HVHOLPLWDo}HVFRQVLJQDGDVSRUDTXHOHRUJDQLVPR
352-(72$548,7(71,&2 &RQMXQWRGHSHoDVJUiILFDV

48$'5$ UHDSROLJRQDOFRPSUHHQGLGDHQWUHWUrVRXPDLVORJUDGRXURVDGMDFHQWHV



35()(,785$'$&,'$'('(0$&(,

6(&5(7$5,$081,&,3$/'(&21752/(85%$12
5$,2 '( &859$785$ +25,=217$/  5DLR GR DUFR GH FRQFRUGkQFLD GDV WDQJHQWHV
KRUL]RQWDLVGRHL[RRXGRVDOLQKDPHQWRVGHXPDYLDS~EOLFDRXFDPLQKR
5(&82 'LVWkQFLDHQWUHDHGLILFDomRHRVOLPLWHVGDVGLYLVDVGRWHUUHQR

5()250$  2EUDTXHFRPRXVHPPXGDQoDGHXVRLPSOLFDUHPDOWHUDomRGDiUHDHGLILFDGD
SRU VXSUHVVmR RX DFUpVFLPR GD HVWUXWXUD GD FRPSDUWLPHQWDomR KRUL]RQWDO RX YHUWLFDO RX GD
YROXPHWULD
5(0(0%5$0(172  0RGLILFDomRGDVXEGLYLVmRGHXPDTXDGUDSHORUHDJUXSDPHQWRGHORWHV
RXWHUUHQRVHRXSDUWHGHVWHV
5(3$52    2EUD RX VHUYLoR  GHVWLQDGR j PDQXWHQomR GH XPD HGLILFDomR VHP LPSOLFDU HP
DFUpVFLPRRXVXSUHVVmRGHiUHDDOWHUDomRGDHVWUXWXUDGDFRPSDUWLPHQWDomRKRUL]RQWDORXYHUWLFDO
GDYROXPHWULDHGRVHVSDoRVGHVWLQDGRVjFLUFXODomRLOXPLQDomRHYHQWLODomR
5(632169(/7e&1,&2  3URILVVLRQDOKDELOLWDGRTXHDVVXPHDUHVSRQVDELOLGDGHGRSURMHWR
HRXH[HFXomRGDREUD
6$/,1&,$ (OHPHQWRDUTXLWHW{QLFRSURHPLQHQWHHQJDVWDGRRXDSRVWRHPHGLILFDomRRXPXUR

6(59,'2   (VSHFLILFDomR JHQpULFD TXH GLVWLQJXH WRGR HQFDUJR LQVWLWXtGR  LPSRVWR RX
HVWDEHOHFLGR SRU IRUoD GH OHL SDUD SDVVDJHP SURYHLWR RX VHUYLoR GH SDUWLFXODUHV RX GH RXWUD
HGLILFDomRSHUWHQFHQWHDRXWURSURSULHWiULR
6(725 6XEGLYLVmRGRWHUULWyULRXUEDQRFRPOLPLWHVGHILQLGRVSRUUHJXODPHQWDomR
6,67(0$ 9,5,2 85%$12 
YHtFXORVHSHGHVWUHV

&RQMXQWR KLHUDUTXL]DGR GH YLDV GHVWLQDGDV DR WUiIHJR GH

6,67(0$'(&,5&8/$d2 9LDVQHFHVViULDVDRWUiIHJRGHYHtFXORVHSHGHVWUHV

68%62/2  3DYLPHQWR VLWXDGRDEDL[RGRSDYLPHQWRWpUUHRFXMDODMHGHFREHUWXUDHQFRQWUDVH

DEDL[R GR QtYHO GR PHLR ILR 3DUD HIHLWR GHVWD /HL FRQVLGHUDVH VXEVROR QD EDL[DGD OLWRUkQHD R
SDYLPHQWR TXH QmR XOWUDSDVVH  P XP PHWUR H VHVVHQWD FHQWtPHWURV HP UHODomR DR QtYHO GR
PHLRILR

7$380( 9HGDomRYHUWLFDOSURYLVyULDFRPDILQDOLGDGHGHLVRODUDREUDHSURWHJHURVRSHUiULRV
HWUDQVHXQWHV

7$;$ '( 2&83$d2   5HODomR HQWUH D iUHD GD SURMHomR KRUL]RQWDO GD HGLILFDomR H D iUHD
WRWDOGRWHUUHQR
7(55(12 3URSULHGDGHSDUWLFXODUHGLILFDGDRXQmR

7(67$'$ /LQKDOLPtWURIHHQWUHDJOHEDRXORWHHRORJUDGRXURS~EOLFRTXHFRLQFLGHFRPR
DOLQKDPHQWR

72/'2  'LVSRVLWLYR UHYHVWLGR GH ORQDV RX SODFDV TXH FRQVWLWXH DEULJR FRQWUD R VRO RX DV
LQWHPSpULHV

85%$1,=$d2   2EUDV H VHUYLoRV H[HFXWDGRV QXPD GHWHUPLQDGD iUHD FRP YLVWDV D VXD
XWLOL]DomRSDUDILQVXUEDQRV



35()(,785$'$&,'$'('(0$&(,

6(&5(7$5,$081,&,3$/'(&21752/(85%$12
862 &20(5&,$/ ( '( 6(59,d26  'HVWLQDGR D FRPHUFLDOL]DomR GH PHUFDGRULDV RX
SUHVWDomRGHVHUYLoRVjSRSXODomRHGHDSRLRjVDWLYLGDGHVFRPHUFLDLVHLQGXVWULDLV

862(63(&,$/  ([HUFLGRSRUDWLYLGDGHVGHSUHVWDomRGHVHUYLoRVS~EOLFRVGHFRPXQLFDomR
VD~GH HGXFDomR KRVSHGDJHP HVSRUWH FXOWXUD OD]HU DWLYLGDGHV UHOLJLRVDV WHUPLQDLV GH FDUJD RX
GHSDVVDJHLURVPDWDGRXURVHRXIULJRUtILFRVFHPLWpULRVFUHPDWyULRVHGHPDLVVHUYLoRVSUHVWDGRVj
FROHWLYLGDGH
862 ,1'8675,$/  'HVWLQDGR j H[WUDomR EHQHILFLDPHQWR GHVGREUDPHQWR WUDQVIRUPDomR
PDQXIDWXUD PRQWDJHP PDQXWHQomR RX JXDUGD GH PDWpULDVSULPDV RX PHUFDGRULDV GH RULJHP
PLQHUDOYHJHWDORXDQLPDO

862 ,167,78&,21$/  ([HUFLGR SRU DWLYLGDGHV GH SUHVWDomR GH VHUYLoR S~EOLFR SRU SDUWH GR
JRYHUQRHVWDGXDOPXQLFLSDORXIHGHUDO
8620,672  ([HUFtFLRFRQFRPLWDQWHGRXVRUHVLGHQFLDOHGRQmRUHVLGHQFLDO

862 125(6,'(1&,$/   ([HUFLGR SRU DWLYLGDGHV GH FRPpUFLR VHUYLoRV GH XVR FROHWLYR
LQGXVWULDOPLVWRLQVWLWXFLRQDOHHVSHFLDO
8623(50,7,'2 8VRDFHLWiYHOVHPUHVWULo}HV
862352,%,'2 8VRLQDFHLWiYHOSDUDDiUHD

862 5(6,'(1&,$/  ([HUFLGR HP HGLILFDo}HV XQLIDPLOLDUHV PXOWLIDPLOLDUHV H FROHWLYDV

KRUL]RQWDLVRXYHUWLFDLVGHVWLQDGDVjKDELWDomRSHUPDQHQWH
86272/(5$'2 8VRDFHLWiYHOFRPUHVWULo}HV

92/,95( 'LVWkQFLDHQWUHGRLVDSRLRVPHGLGDHQWUHDVIDFHVLQWHUQDV

9,$ $57(5,$/  9LD RX WUHFKR FRP VLJQLILFDWLYR YROXPH GH WUiIHJR XWLOL]DGD QRV
GHVORFDPHQWRV XUEDQRV GH PDLRU GLVWkQFLD FRPDFHVVRjVYLDVOLQGHLUDVGHYLGDPHQWHVLQDOL]DGRV
&RLQFLGLQGRJHUDOPHQWHFRPRVSULQFLSDLVFRUUHGRUHVGHWUiIHJR
9,$ &2/(725$ 9LD RX WUHFKR FRP IXQomR GH UHDOL]DU D FROHWD H GLVWULEXLomR GR WUiIHJR
DOLPHQWDQGRDVYLDVDUWHULDLVUHJLRQDLVHORFDLV

9,$ /2&$/ 9LD RX WUHFKR GHVWLQDGD DR WUiIHJR ORFDO GH XPD iUHD SRVVLELOLWDQGR R DFHVVR jV
HGLILFDo}HV
9,$ 0,67$  9LD RX WUHFKR GHVWLQDGD j FLUFXODomR GH SHGHVWUH H DR ODVHU GH EDL[R YROXPH GH
FLUFXODomRGHYHtFXORVQDTXDODHQWUDGDGHYHtFXORVGHFDUJDDFRQWHoDDSHQDVHYHQWXDOPHQWH
9,$5(*,21$/  9LDRXWUHFKRFRPIXQomRGHID]HUDOLJDomRFRPPXQLFtSLRVYL]LQKRV6mR
JHUDOPHQWHLQWHUXUEDQDVDEUDQJHQGRRVWUHFKRVUXUDLVGHFRQWRUQRHGHWUDYHVVLDGDFLGDGH
9,$'(3('(675( 9LDVSDUDWUiIHJRH[FOXVLYRGHSHGHVWUHV



35()(,785$'$&,'$'('(0$&(,

6(&5(7$5,$081,&,3$/'(&21752/(85%$12
9,/$  &RQMXQWR GH HGLILFDo}HV WpUUHDV SRSXODUHV H[FOXVLYDPHQWH UHVLGHQFLDLV GLVSRVWDV ODGR D
ODGR
=21$ 3RUomRWHUULWRULDOGR0XQLFtSLRFRPFDUDFWHUtVWLFDVVHPHOKDQWHVHOLPLWHVGHILQLGRVHP
/HL

=21$ 85%$1$   UHD FDUDFWHUL]DGD SHOD FRQWLQXLGDGH GDV HGLILFDo}HV GRV ORJUDGRXURV
SURYLGD FRP GRLV GRV VHJXLQWHV HTXLSDPHQWRV PHLRILR RX SDYLPHQWR FRP FDQDOL]DomR GH iJXDV
SOXYLDLVUHGHGHDEDVWHFLPHQWRGHiJXDSRWiYHOUHGHGHHVJRWDPHQWRVDQLWiULRUHGHGHLOXPLQDomR
S~EOLFDHVFRODSULPiULDRXSRVWRGHVD~GHQXPDGLVWkQFLDPi[LPDGH.PWUrVTXLO{PHWURVGR
LPyYHO FRQVLGHUDGR 3DUD HIHLWR GH SDUFHODPHQWR GR VROR D ]RQD XUEDQD p GHILQLGD SRU OHL QmR
QHFHVVLWDQGRDWHQGHUjGHILQLomR
=21($0(172 
3DUFHODPHQWR GR VROR XUEDQR HP ]RQDV VHJXLQGR QHFHVVLGDGHV H
FRQYHQLrQFLDVH[LVWHQWHVRXSUpHVWDEHOHFLGDVDWUDYpVGHOHJLVODomRHVSHFtILFD



35()(,785$'$&,'$'('(0$&(,

6(&5(7$5,$081,&,3$/'(&21752/(85%$12
$1(;2;
6,*/$6($%5(9,$785$6
$%17 $VVRFLDomR%UDVLOHLUDGH1RUPDV7pFQLFDV
$57  $QRWDomRGD5HVSRQVDELOLGDGH7pFQLFD
&$ &RHILFLHQWHGH$SURYHLWDPHQWR

&$0  &RUUHGRUGH$WLYLGDGH 0~OWLSOD

&1'  &HUWLGmR 1HJDWLYDGH'pELWRV

&0'8  &RQVHOKR0XQLFLSDOGH'HVHQYROYLPHQWR8UEDQR

&5($ &RQVHOKR5HJLRQDOGH(QJHQKDULD$UTXLWHWXUDH$JURQRPLD
'20  'LiULR2ILFLDOGR0XQLFtSLR
*/3 *iV/LTHIHLWRGH3HWUyOHR

,378 ,PSRVWR3UHGLDOH7HUULWRULDO8UEDQR
15  1RUPD5HJXODPHQWDGRUD

300 3UHIHLWXUD0XQLFLSDOGH0DFHLy
5$ 5HJLmR$GPLQLVWUDWLYD
51 5HIHUrQFLDGH1tYHO

6&6  6HWRUGH&RPpUFLRH6HUYLoR
6(03' 

6,7  6HWRUGH,QWHUHVVH7XUtVWLFR

60&&8 6HFUHWDULD0XQLFLSDOGH&RQWUROH&RQYtYLR8UEDQR
6077  6HFUHWDULD0XQLFLSDOGH7UDQVSRUWHH7UkQVLWR
65 6HWRU5HVLGHQFLDO

65' 6HWRU5HVLGHQFLDO'HQVLGDGH
63 6HWRUGH3UHVHUYDomR
72 7D[DGH2FXSDomR
85 8VR5HVLGHQFLDO

8&6 8VR&RPHUFLDOHGH6HUYLoR


35()(,785$'$&,'$'('(0$&(,

6(&5(7$5,$081,&,3$/'(&21752/(85%$12
8( 8VR(VSHFLDO

8),5 8QLGDGH)LVFDOGH5HIHUrQFLD
8, 8VR,QVWLWXFLRQDO
80 8VR0LVWR

=&6 =RQDGH&RPpUFLRH6HUYLoR

=(3 =RQD(VSHFLDOGH3UHVHUYDomR
=, =RQD,QGXVWULDO

=,6 =RQDGH,QWHUHVVH6RFLDO
=5 =RQD5HVLGHQFLDO
=9 =RQD9HUGH

=93 =RQD9HUGHGH3UHVHUYDomR
=935 =RQD9HUGHGH3URWHomR