Escolar Documentos
Profissional Documentos
Cultura Documentos
%HOR+RUL]RQWHDQRQVHW
&DStWXOR$LQFRQVWLWXFLRQDOLGDGHGDEDVHGHFiOFXORGDFRQWULEXLomRDR
6(%5$(
$OH[DQGUH&RVWD
,QWURGXomR
(PGHQRYHPEURGHDRMXOJDUR5HFXUVR([WUDRUGLQiULRQ6&R6XSUHPR
7ULEXQDO)HGHUDOFRQVLGHURXDFRQWULEXLomRGHVWLQDGDDR6HUYLoR%UDVLOHLURGH$SRLRjV0LFURH
3HTXHQDV(PSUHVDV6(%5$(FRPRXPWULEXWRGDHVSpFLH&RQWULEXLomRGH,QWHUYHQomRGR(VWDGR
VREUHR'RPtQLR(FRQ{PLFR&,'(
$VFRQWULEXLo}HVLQWHUYHQWLYDVSUHYLVWDVQRDUWGD&RQVWLWXLomR)HGHUDOFRQVWLWXHPWULEXWRV
FDUDFWHUL]DGRVSHODVXDILQDOLGDGHGHYHQGRVHXVUHFXUVRVVHUGHVWLQDGRVjTXHODILQDOLGDGHSDUDD
TXDOVmRFREUDGRV
2SDUiJUDIRLQFLVR,,,GRDUWLJRGD&RQVWLWXLomR)HGHUDOFRPDUHGDomRTXHOKHIRL
FRQIHULGDSHOD(PHQGD&RQVWLWXFLRQDOQGHGHGH]HPEURGHHVWDEHOHFHTXHDV
FRQWULEXLo}HVLQWHUYHQWLYDVSRGHUmRWHUSRUEDVHGHFiOFXORRIDWXUDPHQWRDUHFHLWDEUXWDRXR
YDORUGDRSHUDomRHQRFDVRGHLPSRUWDomRRYDORUDGXDQHLURRXQDKLSyWHVHGHDOtTXRWD
HVSHFtILFDDEDVHGHFiOFXORVHUiDXQLGDGHGHPHGLGDDGRWDGD
9HULILFDVHGHVWDIRUPDXPDLQFRQVWLWXFLRQDOLGDGHGDEDVHGHFiOFXORGDFRQWULEXLomRDR6(%5$(
TXHQmRIRLREMHWRGHDSUHFLDomRSHOR3RGHU-XGLFLiULRKDMDYLVWDFRQVLVWLUDIROKDGHVDOiULRVFRPR
HOHPHQWRTXDQWLWDWLYRVREUHRTXDOVHUiDSOLFDGDDDOtTXRWD
(VFRUoRKLVWyULFROHJLVODWLYRGDFRQWULEXLomRDR6(%5$(
$&RQWULEXLomRSDUDR6(%5$(IRLLQVWLWXtGDSHOD/HLQFRPRREMHWLYRH[FOXVLYRGH
DWHQGHUDH[HFXomRGDSROtWLFDJRYHUQDPHQWDOGHDSRLRjVPLFURHjVSHTXHQDVHPSUHVDV(UD
H[LJLGDFRPRWULEXWRFRPSOHPHQWDUjV&RQWULEXLo}HVSDUDR6HUYLoR1DFLRQDOGH$SUHQGL]DJHP
,QGXVWULDO6(1$,SDUDR6HUYLoR1DFLRQDOGH$SUHQGL]DJHP&RPHUFLDO6(1$&SDUDR6HUYLoR
6RFLDOGD,QG~VWULD6(6,HSDUDR6HUYLoR6RFLDOGR&RPpUFLR6(6&QRVVHJXLQWHVWHUPRV
$UWeR3RGHU([HFXWLYRDXWRUL]DGRDGHVYLQFXODUGD$GPLQLVWUDomR3~EOLFD)HGHUDOR&HQWUR
%UDVLOHLURGH$SRLRj3HTXHQDH0pGLD(PSUHVD&(%5$(PHGLDQWHVXDWUDQVIRUPDomRHPVHUYLoR
VRFLDODXW{QRPR
3DUDDWHQGHUjH[HFXomRGDVSROtWLFDVGHDSRLRjVPLFURHjVSHTXHQDVHPSUHVDVGHSURPRomR
GHH[SRUWDo}HVHGHGHVHQYROYLPHQWRLQGXVWULDOpLQVWLWXtGRDGLFLRQDOjVDOtTXRWDVGDV
FRQWULEXLo}HVVRFLDLVUHODWLYDVjVHQWLGDGHVGHTXHWUDWDRDUWGR'HFUHWR/HLQGH
GHGH]HPEURGHGH5HGDomRGDGDSHOD/HLQGH
DXPGpFLPRSRUFHQWRQRH[HUFtFLRGH,QFOXtGRSHOD/HLQGH
EGRLVGpFLPRVSRUFHQWRHPH,QFOXtGRSHOD/HLQGH
FWUrVGpFLPRVSRUFHQWRDSDUWLUGH,QFOXtGRSHOD/HLQGH
3RVWHULRUPHQWHFRPR'HFUHWRQGHR&(%5$(SDVVRXDVHUGHQRPLQDGR
%LEOLRWHFD'LJLWDO)yUXPGH'LUHLWR3~EOLFR&ySLDGDYHUVmRGLJLWDO
7ULEXWDomRH)HGHUDOLVPR&RQWULEXLo}HVDR;9,,&RQJUHVVR,QWHUQDFLRQDOGD$%5$'7
%HOR+RUL]RQWHDQRQVHW
6(%5$(FRQIRUPHRDUWSDUiJUDIR~QLFR
&RPRVHYHULILFDD&RQWULEXLomRDR6(%5$(XVDGDPHVPDKLSyWHVHGHLQFLGrQFLDHEDVHGHFiOFXOR
GDVFRQWULEXLo}HVGHVWLQDGDVDR6(6,6(1$,6(6&H6(1$&HTXHIRUDPUHFHSFLRQDGDVSHOD
&5HPVHXDUWYHUELV
$UW)LFDPUHVVDOYDGDVGRGLVSRVWRQRDUWDVDWXDLVFRQWULEXLo}HVFRPSXOVyULDVGRV
HPSUHJDGRUHVVREUHDIROKDGHVDOiULRVGHVWLQDGDVjVHQWLGDGHVSULYDGDVGHVHUYLoRVRFLDOHGH
IRUPDomRSURILVVLRQDOYLQFXODGDVDRVLVWHPDVLQGLFDO
(VWDVFRQWULEXLo}HVFRPSXOVyULDVQmRVHGHVWLQDPDRILQDQFLDPHQWRGD6HJXULGDGH6RFLDOHPERUD
LQFLGDPVREUHDIROKDGHVDOiULRV)RLXPDUHVVDOYDH[SUHVVDGR7H[WR&RQVWLWXFLRQDOSDUDDV
FRQWULEXLo}HVPHQFLRQDGDVHPDLVDLQGDQRDUWGR$'&7DFRQWULEXLomRDR6HQDU(VWDVVmR
DV~QLFDVHQWLGDGHVTXHQmRFRPS}HPRVLVWHPDGHVHJXULGDGHVRFLDOTXHSRGHPVHUFXVWHDGDV
SHODDUUHFDGDomRGHFRQWULEXLomRLQFLGHQWHVREUHDIROKDGHVDOiULRVDWHRUGRGLVSRVWRQRWH[WR
FRQVWLWXFLRQDO
(PERUDQRPLQDOPHQWHWHQKDROHJLVODGRUVHUHIHULGRjFRQWULEXLomRDR6(%5$(FRPRPHUR
DGLFLRQDOjTXHODVFRQWULEXLo}HVUHVVDOYDGDVQRDUWGD&DUWD0DJQDHPYHUGDGHWUDWRXVHGH
FRQWULEXLomRQRYD1HVWHVHQWLGRRSRVLFLRQDPHQWRGR0LQLVWUR0DUFR$XUpOLRQRMXOJDPHQWRGR5(
Q6&
6HQKRU3UHVLGHQWHpVLQWRPiWLFRTXHDOHJLVODomRGHUHJrQFLDWHQKDDOXGLGRDXPDFUpVFLPRj
FULDomRGHXPDGLFLRQDOjFRQWULEXLomRDQWHULRU(VVHGDGRVLQDOL]DTXHVHWHYHSUHVHQWHRGLVSRVWR
QRDUWGD&RQVWLWXLomR)HGHUDOFRPRVHHVVHDUWLJRQmRWLYHVVHFRQJHODGRDVFRQWULEXLo}HV
DSDQKDGDVSHOD&DUWDGHDRGLVSRU
&RPXQJRFRPRUHODWRU
$QRPHQFODWXUDXWLOL]DGDSHODOHLQRTXHVHODQoRXPmRGRYRFiEXORDGLFLRQDOQmRPHLPSUHVVLRQD
SRUTXHQmRVHWUDWDDULJRUGHXPDGLFLRQDO 2TXHKRXYHIRLDFULDomRGHXPDFRQWULEXLomRQRYD
JULIRXVH
$QDWXUH]DMXUtGLFDGDFRQWULEXLomRDR6(%5$(
$MXULVSUXGrQFLDGD&RUWH6XSUHPD1DFLRQDOQRMXOJDPHQWRGR5(Q6&GHILQLXD
FRQWULEXLomRDR6(%5$(FRPRGHQDWXUH]DMXUtGLFDWULEXWiULDHGDHVSpFLHGHFRQWULEXLomRGH
LQWHUYHQomRVREUHRGRPtQLRHFRQ{PLFR9HMDVHDHPHQWDGRMXOJDGR
&2167,78&,21$/75,%875,2&2175,%8,d26(%5$(&2175,%8,d2'(,17(59(1d212
'201,2(&210,&2/HLQGHDUW/HLQGH/HL
QGH&)DUW,,,DUWDUW,DUW
,$VFRQWULEXLo}HVGRDUW&)FRQWULEXLo}HVVRFLDLVGHLQWHUYHQomRQRGRPtQLR
HFRQ{PLFRHGHLQWHUHVVHGHFDWHJRULDVSURILVVLRQDLVRXHFRQ{PLFDVSRVWRHVWDUHPVXMHLWDVjOHL
FRPSOHPHQWDUGRDUW,,,&)LVWRQmRTXHUGL]HUTXHGHYHUmRVHULQVWLWXtGDVSRUOHL
FRPSOHPHQWDU$FRQWULEXLomRVRFLDOGRDUW&)GHFRUUHQWHGHRXWUDVIRQWHVpTXH
SDUDDVXDLQVWLWXLomRVHUiREVHUYDGDDWpFQLFDGDFRPSHWrQFLDUHVLGXDOGD8QLmR&)DUW
,H[YLGRGLVSRVWRQRDUW$FRQWULEXLomRQmRpLPSRVWR3RULVVRQmRVHH[LJHTXHDOHL
%LEOLRWHFD'LJLWDO)yUXPGH'LUHLWR3~EOLFR&ySLDGDYHUVmRGLJLWDO
7ULEXWDomRH)HGHUDOLVPR&RQWULEXLo}HVDR;9,,&RQJUHVVR,QWHUQDFLRQDOGD$%5$'7
%HOR+RUL]RQWHDQRQVHW
FRPSOHPHQWDUGHILQDDVXDKLSyWHVHGHLQFLGrQFLDDEDVHLPSRQtYHOHFRQWULEXLQWHV&)DUW
,,,D3UHFHGHQWHV5(&(0LQLVWUR&DUORV9HOORVR57-5(63
0LQLVWUR0RUHLUD$OYHV57-
,,$FRQWULEXLomRGR6(%5$(/HLQDUWUHGDomRGDV/HLVH
pFRQWULEXLomRGHLQWHUYHQomRQRGRPtQLRHFRQ{PLFRQmRREVWDQWHDOHLDHODVH
UHIHULUFRPRDGLFLRQDOjVDOtTXRWDVGDVFRQWULEXLo}HVVRFLDLVJHUDLVUHODWLYDVjVHQWLGDGHVGHTXH
WUDWDRDUWGR'/6(6,6(1$,6(6&6(1$&1mRVHLQFOXLSRUWDQWRD
FRQWULEXLomRGR6(%5$(QRUROGRDUW&)
,,,&RQVWLWXFLRQDOLGDGHGDFRQWULEXLomRGR6(%5$(&RQVWLWXFLRQDOLGDGHSRUWDQWRGRGR
DUWGD/HLQFRPDUHGDomRGDV/HLVH
,95(FRQKHFLGRPDVLPSURYLGR
5(Q6&5HO0LQ&DUORV9HOORVRMXOJDPHQWR7ULEXQDO3OHQRSXEOLFDomR
'-33IHYJULIRXVH
eGHVHGHVWDFDUGRYRWRGR0LQ&DUORV9HOORVR
$FRQWULEXLomRGHTXHHVWDPRVFXLGDQGRpQDYHUGDGHXPDFRQWULEXLomRGHLQWHUYHQomRQR
GRPtQLRHFRQ{PLFRQmRREVWDQWHDOHLDHODVHUHIHULUFRPRDGLFLRQDOjVDOtTXRWDVGDVFRQWULEXLo}HV
VRFLDLVUHODWLYDVjVHQWLGDGHVGHTXHWUDWDRDUWGR'/GH
1mRVHQGRFRQWULEXLomRGHLQWHUHVVHGDVFDWHJRULDVSURILVVLRQDLVRXHFRQ{PLFDVPDVFRQWULEXLomR
GHLQWHUYHQomRQRGRPtQLRHFRQ{PLFRDVXDLQVWLWXLomRHVWiMXQJLGDDRVSULQFtSLRVJHUDLVGD
DWLYLGDGHHFRQ{PLFD&)DUWVD
3RUWDQWRpDEVROXWDDQDWXUH]DMXUtGLFDWULEXWiULDGDFRQWULEXLomRDR6(%5$(VHQGR
HVSHFLILFDPHQWHXPD&RQWULEXLomRGH,QWHUYHQomRQR'RPtQLR(FRQ{PLFR&,'(
$VFRQWULEXLo}HVLQWHUYHQWLYDV
$QDWXUH]DMXUtGLFDGDFRQWULEXLomRDR6(%5$(FRQIRUPHSRVLFLRQDPHQWRMXULVSUXGHQFLDODOKXUHV
pGH&RQWULEXLomRGH,QWHUYHQomRQR'RPtQLR(FRQ{PLFR
$VFRQWULEXLo}HVGHLQWHUYHQomRGR(VWDGRVREUHRGRPtQLRHFRQ{PLFRGHYHPVXEPHWHUVH
LQWHJUDOPHQWHDR6LVWHPD7ULEXWiULR1DFLRQDOREHGHFHQGRjTXHODVQRUPDVLQVWLWXtGDVSHOR&yGLJR
7ULEXWiULR1DFLRQDOFRPDVTXDLVVHMDFRPSDWtYHO
$LQWHUYHQomRHVWDWDOVREUHRGRPtQLRHFRQ{PLFROHJLWLPDGRUDGDVFRQWULEXLo}HVLQWHUYHQWLYDVKi
GHVHUUHDOL]DGDFRPYLVWDVDRUJDQL]DUHGHVHQYROYHUVHWRUHVVHQFLDOTXHQmRSRVVDVHU
GHVHQYROYLGRFRPHILFLrQFLDQRUHJLPHGHFRPSHWLomRGHOLEHUGDGHGHLQLFLDWLYD
-XVWLILFDWLYDjHGLomRGHOHLLQWHUYLQGRVREUHRGRPtQLRHFRQ{PLFRKiGHVHUDUHVWDXUDomRGR
HTXLOtEULRIXQFLRQDOGRVLVWHPDHFRQ{PLFRHYHQWXDOPHQWHDWLQJLGRSRUGLVWRUo}HVDGYLQGDVGH
IDWRUHVDWtSLFRVSDUDFXMDFRUUHomRQmRKDMDQHQKXPRXWURPHLRDQmRVHURDWRLQWHUYHQWLYR
3DUDTXHVHMDSRVVtYHODVXDPDQLIHVWDomRFRQFUHWDQDRUGHPHFRQ{PLFDGHWHUPLQDGDQRDUW
,; G D &5HVSHFLILFDPHQWHDIXQomRGHDSRLRDDWLYLGDGHVHPSUHHQGHGRUDVGHFDUiWHU
%LEOLRWHFD'LJLWDO)yUXPGH'LUHLWR3~EOLFR&ySLDGDYHUVmRGLJLWDO
7ULEXWDomRH)HGHUDOLVPR&RQWULEXLo}HVDR;9,,&RQJUHVVR,QWHUQDFLRQDOGD$%5$'7
%HOR+RUL]RQWHDQRQVHW
%LEOLRWHFD'LJLWDO)yUXPGH'LUHLWR3~EOLFR&ySLDGDYHUVmRGLJLWDO
7ULEXWDomRH)HGHUDOLVPR&RQWULEXLo}HVDR;9,,&RQJUHVVR,QWHUQDFLRQDOGD$%5$'7
%HOR+RUL]RQWHDQRQVHW
$EDVHGHFiOFXORGRWULEXWRDSUHVHQWDIXQomRHVVHQFLDOQDLGHQWLILFDomRHFDUDFWHUL]DomRGR
PHVPR3DXORGH%DUURV&DUYDOKRDOHUWDSDUDDUHODomRHQWUHDEDVHGHFiOFXORHRIDWRJHUDGRU
WULEXWiULRKDMDYLVWDTXHHVWDYLVDPHGLDUDLQWHQVLGDGHGRQ~FOHRIDFWXDOGHVFULWRSHOR
OHJLVODGRU
$EDVHGHFiOFXORGDVFRQWULEXLo}HVLQWHUYHQWLYDVWDPEpPDSUHVHQWDHVSHFLDOUHOHYkQFLD
SRVVLELOLWDQGRDRLQWpUSUHWH
DPHGLURIDWRGHVFULWRQRDVSHFWRPDWHULDOGDKLSyWHVHGHLQFLGrQFLDGDHVIHUDGRVXMHLWRSDVVLYR
QmRYLQFXODGRDQHQKXPDDWLYLGDGHHVWDWDOSDUDHIHLWRGHFDOFXODURYDORUGDREULJDomRE
FRQILUPDURXLQILUPDURIDWRDFDUJRGRFRQWULEXLQWHGHVFULWRQDKLSyWHVHGHLQFLGrQFLDFPHGLU
VHDVSURSRUo}HVGDGtYLGDWULEXWiULDVmRRXQmRFRQGL]HQWHVFRPDDomRHVWDWDO
3RUWDQWRVHQGRDVFRQWULEXLo}HVGHLQWHUYHQomRGR(VWDGRVREUHRGRPtQLRHFRQ{PLFRWULEXWRV
FDUDFWHUL]DGRVSHODILQDOLGDGHHFDXVDOLGDGHDEDVHGHFiOFXORGRWULEXWRGHYHUiJXDUGDU
FRQVRQkQFLDFRPDPERVRVIXQGDPHQWRVQmRSRGHQGRVHUHOHLWDVLPSOHVPHQWHHPIXQomRGRVHX
IDWRJHUDGRU
'HILQLGRSHOR6XSUHPR7ULEXQDO)HGHUDOTXHDFRQWULEXLomRDR6(%5$(pXPD&,'(UHVWD
GHPRQVWUDUDLQFRQVWLWXFLRQDOLGDGHGHVXDEDVHGHFiOFXORTXHYHPDVHUDIROKDGHVDOiULRVGDV
HPSUHVDV
&RPRGHWHUPLQDGRQRDUWGD/HLQFFDUWGD&RQVWLWXLomR)HGHUDOD&,'(
DR6(%5$(DSUHVHQWDFRPREDVHGHFiOFXORDIROKDGHVDOiULRVGDHPSUHVDTXHFRQILJXUDVXMHLWR
SDVVLYRSRVVXLGRUDGDVPHVPDVFDUDFWHUtVWLFDVGDVFRQWULEXLo}HVSUHYLVWDVQRDUWGR'HFUHWR
/HLQTXHDVVLPHVWDEHOHFH
$UW0DQWLGDDFREUDQoDILVFDOL]DomRDUUHFDGDomRHUHSDVVHjVHQWLGDGHVEHQHILFLiULDVGDV
FRQWULEXLo}HVSDUDR6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO6(1$,SDUDR6HUYLoR1DFLRQDO
GH$SUHQGL]DJHP&RPHUFLDO6(1$&SDUDR6HUYLoR6RFLDOGD,QG~VWULD6(6,HSDUDR6HUYLoR
6RFLDOGR&RPpUFLR6(6&ILFDPUHYRJDGRV
,RWHWROLPLWHDTXHVHUHIHUHPRVDUWLJRVHGR'HFUHWR/HLQGHGHIHYHUHLURGH
FRPDUHGDomRGDGDSHORDUWLJRGR'HFUHWR/HLQGHGHPDUoRGH
,,RDUWLJRGR'HFUHWR/HLQGHGHIHYHUHLURGHFRPDUHGDomRGDGDSHOR
DUWLJRGR'HFUHWR/HLQGHGHPDUoRGH
3DUDDFRPSOHWDHOXFLGDomRDFHUFDGDEDVHGHFiOFXORGD&,'(DR6(%5$(PLVWHUDQDOLVDUR
GLVSRVLWLYRFRQWLGRQRVDUWVHGR'HFUHWR/HLQFRPDUHGDomRGDGDSHORDUW
GR'HFUHWR/HLQYHUELV
$UW2'HFUHWR/HLQGHGHIHYHUHLURGHTXHDOWHUDDOHJLVODomRUHIHUHQWHjV
FRQWULEXLo}HVFRPSXOVyULDVUHFROKLGDVSHORLQVWLWXWRGH$GPLQLVWUDomR)LQDQFHLUDGD3UHYLGrQFLDH
$VVLVWrQFLD6RFLDO,$3$6jFRQWDGHGLYHUVDVHQWLGDGHVHGiRXWUDVSURYLGrQFLDVSDVVDDYLJRUDU
FRPDVHJXLQWHUHGDomR
$UW$VFRQWULEXLo}HVFRPSXOVyULDVGRVHPSUHJDGRUHVFDOFXODGDVVREUHDIROKDGHSDJDPHQWRH
UHFROKLGDVSHOR,QVWLWXWRGH$GPLQLVWUDomR)LQDQFHLUDGD3UHYLGrQFLDH$VVLVWrQFLD6RFLDO,$3$6
%LEOLRWHFD'LJLWDO)yUXPGH'LUHLWR3~EOLFR&ySLDGDYHUVmRGLJLWDO
7ULEXWDomRH)HGHUDOLVPR&RQWULEXLo}HVDR;9,,&RQJUHVVR,QWHUQDFLRQDOGD$%5$'7
%HOR+RUL]RQWHDQRQVHW
HPIDYRUGR6HUYLoR6RFLDOGD,QG~VWULD6(6,6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO
6(1$,6HUYLoR6RFLDOGR&RPpUFLR6(6&H6HUYLoR1DFLRQDOGH$SUHQGL]DJHP&RPHUFLDO
6(1$&SDVVDUmRDLQFLGLUDWpROLPLWHPi[LPRGHH[LJrQFLDGDVFRQWULEXLo}HVSUHYLGHQFLiULDV
PDQWLGDVDVPHVPDVDOtTXRWDVHFRQWULEXLQWHV
$UW6HUiDXWRPDWLFDPHQWHWUDQVIHULGRDFDGDXPDGDVHQWLGDGHVGHTXHWUDWDRDUWLJRFRPR
UHFHLWDSUySULDRPRQWDQWHFRUUHVSRQGHQWHDRUHVXOWDGRGDDSOLFDomRGDUHVSHFWLYDDOtTXRWDVREUH
RVDOiULRGHFRQWULEXLomRDWpGH]YH]HVRPDLRUYDORUGHUHIHUrQFLD095DGPLWLGRVUHSDVVHV
GHPDLRUYDORUPHGLDQWHGHFUHWRFRPEDVHHPSURSRVWDFRQMXQWDGR0LQLVWURGR7UDEDOKRGR
0LQLVWURGD3UHYLGrQFLDH$VVLVWrQFLD6RFLDOHGR0LQLVWUR&KHIHGD6HFUHWDULDGH3ODQHMDPHQWRGD
3UHVLGrQFLDGD5HS~EOLFDJULIRXVH
5HVWDGHIRUPDKLDOLQDTXHDEDVHGHFiOFXORHVWLSXODGDSDUDDVFRQWULEXLo}HVGHVWLQDGDVDR6(6,
6(1$,6(6&H6(1$&FRQVWLWXLVHGDIROKDGHSDJDPHQWRVGDHPSUHVDWDOFRPRD&,'(SDUDR
6(%5$(
3RUVHUXPD&,'(GHYHDPHVPDVHVXEPHWHUDRVGLWDPHVGRDUWGD&RQVWLWXLomR)HGHUDO
QRWDGDPHQWHVHX,,,
$UW&RPSHWHH[FOXVLYDPHQWHj8QLmRLQVWLWXLUFRQWULEXLo}HVVRFLDLVGHLQWHUYHQomRQR
GRPtQLRHFRQ{PLFRHGHLQWHUHVVHGDVFDWHJRULDVSURILVVLRQDLVRXHFRQ{PLFDVFRPRLQVWUXPHQWRGH
VXDDWXDomRQDVUHVSHFWLYDViUHDVREVHUYDGRRGLVSRVWRQRVDUWV,,,H,H,,,HVHP
SUHMXt]RGRSUHYLVWRQRDUWUHODWLYDPHQWHjVFRQWULEXLo}HVDTXHDOXGHRGLVSRVLWLYR
$VFRQWULEXLo}HVVRFLDLVHGHLQWHUYHQomRQRGRPtQLRHFRQ{PLFRGHTXHWUDWDRFDSXWGHVWH
DUWLJR,QFOXtGRSHOD(PHQGD&RQVWLWXFLRQDOQGH
,
,,
,,,SRGHUmRWHUDOtTXRWDV,QFOXtGRSHOD(PHQGD&RQVWLWXFLRQDOQGH
DDGYDORUHPWHQGRSRUEDVHRIDWXUDPHQWRDUHFHLWDEUXWDRXRYDORUGDRSHUDomRHQRFDVRGH
LPSRUWDomRRYDORUDGXDQHLUR,QFOXtGRSHOD(PHQGD&RQVWLWXFLRQDOQGH
EHVSHFtILFDWHQGRSRUEDVHDXQLGDGHGHPHGLGDDGRWDGD,QFOXtGRSHOD(PHQGD&RQVWLWXFLRQDO
QGH
JULIRXVH
3RUWDQWRWRGDHTXDOTXHUFRQWULEXLomRLQWHUYHQWLYDQR%UDVLOVRPHQWHSRGHUiDSUHVHQWDUFRPR
EDVHGHFiOFXORRIDWXUDPHQWRDUHFHLWDEUXWDRXRYDORUGDRSHUDomRHTXDQGRLQFLGLUHPVREUHD
LPSRUWDomRRYDORUDGXDQHLURDRVHHVWDUGLDQWHGDWpFQLFDDGYDORUHP$GRWDQGRVHDDOtTXRWD
HVSHFtILFDDEDVHGHFiOFXORVHUiRGHQRPLQDGRULPSRVLWLYRFRPRRFRUUHQRFDVRGDFRQWULEXLomR
LQFLGHQWHVREUHDLPSRUWDomRHDFRPHUFLDOL]DomRGHSHWUyOHRHVHXVGHULYDGRVJiVQDWXUDOHVHXV
%LEOLRWHFD'LJLWDO)yUXPGH'LUHLWR3~EOLFR&ySLDGDYHUVmRGLJLWDO
7ULEXWDomRH)HGHUDOLVPR&RQWULEXLo}HVDR;9,,&RQJUHVVR,QWHUQDFLRQDOGD$%5$'7
%HOR+RUL]RQWHDQRQVHW
GHULYDGRVHiOFRROHWtOLFRFRPEXVWtYHO
$SUHYLVmRFRQWLGDQRDUW,,,DTXDQWRjSRVVLELOLGDGH GHTXHDVFRQWULEXLo}HVVRFLDLV
HLQWHUYHQWLYDVWHQKDPDVEDVHVGHFiOFXORDOLHVSHFLILFDGDVFRQILJXUDYHUGDGHLUDOLPLWDomRj
HVFROKDDFHUFDGDVEDVHVGHFiOFXORGDHVSpFLH
(PRXWUDVSDODYUDVDVEDVHVGHFiOFXORDSUHVHQWDGDVQRGLVSRVLWLYRHPWHODRIRUDPHP
HQXPHUDomRQXPHUXVFODXVXVHQmRPHUDPHQWHH[HPSOLILFDWLYD
200-XL]GD9DUD)HGHUDOGD6HomR-XGLFLiULDGR(VWDGRGH0LQDV*HUDLVHPVHQWHQoDQRV
DXWRVGR3URFHVVRQSRVLFLRQRXVHSHOD
LQFRQVWLWXFLRQDOLGDGHPDWHULDOGDQRUPDODQoDGDQRDUWLJRSDUiJUDIRGD/HLQ
QDRUHFHSFLRQDGDSRUWDQWRUHYRJDGDSHODGLFomRGD(PHQGD&RQVWLWXFLRQDOQRWRFDQWHD
UHGDomRGRDUWLJRSDUiJUDIR,,,DGD&RQVWLWXLomR)HGHUDO
26XSUHPR7ULEXQDO)HGHUDOUHFRQKHFHXDUHSHUFXVVmRJHUDOGDPDWpULDQRVDXWRVGR5(Q
6&FRQIRUPHDVHJXLQWHHPHQWD
75,%875,2&2175,%8,d(6%$6(6(&210,&$6$57,,,$'$&2167,78,d2
)('(5$/,16(5,'23(/$(&)2/+$'(6$/5,26&2175,%8,d(6$26(59,d2
%5$6,/(,52'($32,260,&52(3(48(1$6(035(6$66(%5$($*1&,$%5$6,/(,5$'(
35202d2'((;3257$d(6(,19(67,0(1726$3(;($*1&,$%5$6,/(,5$'(
'(6(192/9,0(172,1'8675,$/$%',,1&,'(17(662%5($)2/+$'(6$/5,26
(;,671&,$'(5(3(5&8662*(5$/
'HVWDFDVHGRYRWRGD0LQ(OOHQ*UDFLH
&RQVLGHURSUHVHQWHDUHOHYkQFLDGDPDWpULDSRUTXDQWRHQYROYHLPSRUWDQWHGLVFXVVmRDFHUFDGD
XWLOL]DomRSHORFRQVWLWXLQWHGHULYDGRGRFULWpULRGHLQGLFDomRGHEDVHVHFRQ{PLFDVSDUDILQVGH
GHOLPLWDomRGDFRPSHWrQFLDUHODWLYDjLQVWLWXLomRGHFRQWULEXLo}HVVRFLDLVHGHLQWHUYHQomRQR
GRPtQLRHFRQ{PLFR5HOHYDQWHFRQVLGHUDUDLQGDTXHGL]UHVSHLWRjIRQWHGHFXVWHLRHVSHFtILFDGDV
UHIHULGDVDJrQFLDV3RUGHUUDGHLURGHVWDFRTXHVmRPXLWRVRVWULEXWRVHFRQWULEXLQWHVTXHSRGHP
VHUDIHWDGRVSHODGHILQLomRDFHUFDGRFDUiWHUWD[DWLYRRXH[HPSOLILFDWLYRGRUROGHEDVHV
HFRQ{PLFDVFRQVWDQWHGRDUW,,,DGD&RQVWLWXLomR)HGHUDOGHPRGRTXHRREMHWRGR
UHFXUVRH[WUDRUGLQiULRXOWUDSDVVDRVLQWHUHVVHVVXEMHWLYRVGDFDXVD
7HQGRDFRQWULEXLomRGHVWLQDGDDR6(%5$(DPHVPDEDVHGHFiOFXORHVWLSXODGDSDUDDV
FRQWULEXLo}HVGHVWLQDGDVDR6(6,6(1$,6(6&H6(1$&VREUHDIROKDGHSDJDPHQWRVGDV
HPSUHVDVDSUHVHQWDVHLQFRQVWLWXFLRQDOUHIHULGDEDVHGHFiOFXORDRFRQIURQWiODFRPR
HQWHQGLPHQWRGR6XSUHPR7ULEXQDO)HGHUDOQR5(Q6&MXQWDPHQWHFRPRDUW
,,,GD&RQVWLWXLomR)HGHUDO
&RQFOXV}HV
$&,'(SRVVXLVXDVEDVHVGHFiOFXORIL[DGDVWD[DWLYDPHQWHQD&)DUW,,,HQmR
SRVVXLDXWRUL]DomRFRQVWLWXFLRQDOSDUDLQFLGLUVREUHDIROKDGHVDOiULRV
$FRQWULEXLomRDR6(%5$(TXHpXPD&,'(LQFLGHVREUHDIROKDGHVDOiULRVGDVHPSUHVDVDUWV
H'HFUHWR/HLQFFDUW/HLQFFDUW&5
%LEOLRWHFD'LJLWDO)yUXPGH'LUHLWR3~EOLFR&ySLDGDYHUVmRGLJLWDO
7ULEXWDomRH)HGHUDOLVPR&RQWULEXLo}HVDR;9,,&RQJUHVVR,QWHUQDFLRQDOGD$%5$'7
%HOR+RUL]RQWHDQRQVHW
+iLQFRQVWLWXFLRQDOLGDGHQDEDVHGHFiOFXORGDFRQWULEXLomRGHVWLQDGDDR6(%5$(SRUDIURQWDDR
DUW,,,GD&DUWD0DJQD
26XSUHPR7ULEXQDO)HGHUDOGHYHPDQWHUFRHUrQFLDFRPRVHXSRVLFLRQDPHQWRQR5(Q
6&HRGLVSRVWRQRDUW,,,GD&RQVWLWXLomR)HGHUDOGHIRUPDDLPSHGLUDFREUDQoDGD
FRQWULEXLomRDR6(%5$(WHQGREDVHGHFiOFXORGLYHUVDGDTXHODVSHUPLWLGDVQD&RQVWLWXLomR)HGHUDO
,QIRUPDomRELEOLRJUiILFDGHVWHWH[WRFRQIRUPHD1%5GD$VVRFLDomR%UDVLOHLUDGH
1RUPDV7pFQLFDV$%17
&267$$OH[DQGUH$LQFRQVWLWXFLRQDOLGDGHGDEDVHGHFiOFXORGDFRQWULEXLomRDR6(%5$(,Q
6$17,$*2,JRU0DXOHU)5$77$5,5DIKDHO/2%$729DOWHU&RRUG 7ULEXWDomRHIHGHUDOLVPR
FRQWULEXLo}HVDR;9,,&RQJUHVVR,QWHUQDFLRQDOGD$%5$'7%HOR+RUL]RQWH)yUXP,6%1
$UW)LFDGHVYLQFXODGRGD$GPLQLVWUDomR3~EOLFD)HGHUDOR&HQWUR%UDVLOHLURGH$SRLRj
3HTXHQDH0pGLD(PSUHVD&(%5$(HWUDQVIRUPDGRHPVHUYLoRVRFLDODXW{QRPR
3DUiJUDIR~QLFR2&HQWUR%UDVLOHLURGH$SRLRj3HTXHQDH0pGLD(PSUHVD&(%5$(SDVVDD
GHQRPLQDUVH6HUYLoR%UDVLOHLURGH$SRLRjV0LFURH3HTXHQDV(PSUHVDV6(%5$(
$UW$VHJXULGDGHVRFLDOVHUiILQDQFLDGDSRUWRGDDVRFLHGDGHGHIRUPDGLUHWDHLQGLUHWD
QRVWHUPRVGDOHLPHGLDQWHUHFXUVRVSURYHQLHQWHVGRVRUoDPHQWRVGD8QLmRGRV(VWDGRVGR
'LVWULWR)HGHUDOHGRV0XQLFtSLRVHGDVVHJXLQWHVFRQWULEXLo}HVVRFLDLV
,GRHPSUHJDGRUGDHPSUHVDHGDHQWLGDGHDHODHTXLSDUDGDQDIRUPDGDOHLLQFLGHQWHVREUH
DDIROKDGHVDOiULRVHGHPDLVUHQGLPHQWRVGRWUDEDOKRSDJRVRXFUHGLWDGRVDTXDOTXHUWtWXORj
SHVVRDItVLFDTXHOKHSUHVWHVHUYLoRPHVPRVHPYtQFXORHPSUHJDWtFLR
EDUHFHLWDRXRIDWXUDPHQWR
FROXFUR
1HVWHVHQWLGRYHMDVHQRVVDREUD&RQWULEXLo}HVGHLQWHUYHQomRGR(VWDGRVREUHRGRPtQLR
HFRQ{PLFR%HOR+RUL]RQWH(G(GXFDomRH&XOWXUD
$UW$RUGHPHFRQ{PLFDIXQGDGDQDYDORUL]DomRGRWUDEDOKRKXPDQRHQDOLYUHLQLFLDWLYD
WHPSRUILPDVVHJXUDUDWRGRVH[LVWrQFLDGLJQDFRQIRUPHRVGLWDPHVGDMXVWLoDVRFLDOREVHUYDGRV
RVVHJXLQWHVSULQFtSLRV
,;WUDWDPHQWRIDYRUHFLGRSDUDDVHPSUHVDVGHSHTXHQRSRUWHFRQVWLWXtGDVVREDVOHLVEUDVLOHLUDV
HTXHWHQKDPVXDVHGHHDGPLQLVWUDomRQR3DtV
&$59$/+23DXORGH%DUURV&XUVRGHGLUHLWRWULEXWiULRHG6mR3DXOR6DUDLYDS
628=$5LFDUGR&RQFHLomR3HUILO&RQVWLWXFLRQDOGDV&RQWULEXLo}HVGH,QWHUYHQomRVREUHR
'RPtQLR(FRQ{PLFR ,Q&$59$/+2)iELR-XQTXHLUDGHH W D O & R R U G &RQWULEXLo}HVGH
LQWHUYHQomRQRGRPtQLRHFRQ{PLFRHILJXUDVDILQV6mR3DXOR'LDOpWLFDS
%LEOLRWHFD'LJLWDO)yUXPGH'LUHLWR3~EOLFR&ySLDGDYHUVmRGLJLWDO