Plano Diretor de Florianópolis - SC 2014

3ODQR'LUHWRUGH)ORULDQySROLV6&
www.leismunicipais.com.br
Verso consolidada, com alteraes at o dia 09/12/2015
/(,&203/(0(17$51'('(-$1(,52'(
5HJXODPHQWDGDSHOR'HFUHWRQ
,167,78,23/$12',5(725'(85%$1,602'2081,&3,2'(
)/25,$132/,6 48( ',63( 62%5( $ 32/7,&$ '(
'(6(192/9,0(17285%$1223/$12'(862(2&83$d2
26,167580(172685%$167,&26(26,67(0$'(*(672
)DoR VDEHU D WRGRV RV KDELWDQWHV GR PXQLFtSLR GH )ORULDQySROLV TXH D &kPDUD 0XQLFLSDO GH
)ORULDQySROLVDSURYRXHHXVDQFLRQRDVHJXLQWH/HL&RPSOHPHQWDU
',6326,d(635(/,0,1$5(6
(VWD/HL&RPSOHPHQWDUGLVS}HVREUHD3ROtWLFDGH'HVHQYROYLPHQWR8UEDQRLQVWLWXLR3ODQRGH
8VRH2FXSDomRRV,QVWUXPHQWRV8UEDQtVWLFRVHR6LVWHPDGH*HVWmRGHQRPLQDGDVLPSOHVPHQWHGH
3ODQR 'LUHWRU GR 0XQLFtSLR GH )ORULDQySROLV DMXVWDGR jV SROtWLFDV GLUHWUL]HV H LQVWUXPHQWRV GH
GHVHQYROYLPHQWRWHUULWRULDOHXUEDQtVWLFRLQVWLWXtGRVSHOD/HL)HGHUDOQGH(VWDWXWRGD
&LGDGH SHOD &RQVWLWXLomR GR (VWDGR GH 6DQWD &DWDULQD H SHOD /HL 2UJkQLFD GR 0XQLFtSLR GH
)ORULDQySROLV
$UW
3DUiJUDIRQLFR6mRSDUWHVLQWHJUDQWHVGHVWD/HL&RPSOHPHQWDURVDSrQGLFHVTXHDDFRPSDQKDP
2 3ODQR 'LUHWRU GR 0XQLFtSLR GH )ORULDQySROLV p R SDFWR TXH YLVD RUJDQL]DU D RFXSDomR GR
WHUULWyULRPXQLFLSDOGHIRUPDDSURSRUFLRQDUTXDOLGDGHGHYLGDSDUDRFRQMXQWRGDSRSXODomREDVHDGR
QRV YDORUHV VRFLDLV H GHYH JDUDQWLU R GHVHQYROYLPHQWR VXVWHQWiYHO SUDWLFDGR HP HVWUHLWD FRUUHODomR
FRP R PHLR DPELHQWH H R SDWULP{QLR FXOWXUDO 2 FRQMXQWR GH SULQFtSLRV H UHJUDV GHVWD /HL
&RPSOHPHQWDU p R FRPSURPLVVR TXH WUDQVFHQGH RV LQWHUHVVHV GD SRSXODomR DWXDO WUDWDVH GH XP
SDFWR TXH SURWHJH D KHUDQoD UHFHELGD GD QDWXUH]D H GRV TXH QR SDVVDGR YLYHUDP QD FLGDGH H
FRQILJXUD XP WUDWR GH UHVSRQVDELOLGDGH GDV DWXDLV SDUD FRP DV IXWXUDV JHUDo}HV GH FLGDGmRV GH
)ORULDQySROLVSDUDWDQWRR3ODQR'LUHWRUSUHFLVDWHUFRPRSRQWRGHSDUWLGDRUHFRQKHFLPHQWRJHUDOHD
SURWHomR TXH FRXEHU DR SDWULP{QLR KHUGDGR SHODV DWXDLV JHUDo}HV IRUPDGR SHODV GRWDo}HV GD
QDWXUH]DHUHDOL]Do}HVGRJrQHURKXPDQR$ViUHDVDVHUHPRFXSDGDVDVWUDQVIRUPDo}HVTXHIRUHP
LQWURGX]LGDV HP PDLRU RX PHQRU LQWHQVLGDGH QmR SRGHP GHL[DU GH FRQVLGHUDU D UHVSRQVDELOLGDGH
VREUHHVVHVDF~PXORV
$UW
$UW 23ODQR'LUHWRUGR0XQLFtSLRGH)ORULDQySROLVpDOHJLVODomRGHEDVHGRSODQHMDPHQWRXUEDQRGD
FLGDGH H GHYH VHU FRPSOHPHQWDGR SRU SODQRV H SURMHWRV VHWRULDLV TXH SRGHP DEDUFDU VHWRUHV GR
WHUULWyULRPXQLFLSDORXWHPDVHVSHFtILFRVHVHDSOLFDFRPSURMHWRVHDo}HVVHOHFLRQDGDVSULRUL]DGDVHP
OXJDUHV HVWUDWpJLFRV GD &LGDGH QRPLQDPVH DOJXQV GHVVHV OXJDUHV D 3UDoD ;9 GH 1RYHPEUR RV
$WHUURV8UEDQRVTXHGHYHPVHUWUDWDGRVFRPR3DUTXHV8UEDQRVDRUODHDVFDEHFHLUDVFRQWLQHQWDOH
LQVXODU GD 3RQWH +HUFtOLR /X] R &HQWUR +LVWyULFR GD &LGDGH H PDLV HVSHFLDOPHQWH R TXDGULOiWHUR
FRPSUHHQGLGRHQWUHR0HUFDGR3~EOLFR0XQLFLSDOD,JUHMDGH6mR)UDQFLVFRDHVFDGDULDH,JUHMDGR
5RViULRR7HDWUROYDURGH&DUYDOKR7$&HSUDoDDQH[DDHVFDGDULDHR7HDWURGD8EURD7UDYHVVD
5DWFOLIIHR)RUWH6DQWD%iUEDUD20XVHX9LFWRU0HLUHOOHVD&DVDGH&kPDUDH&DGHLDD$OIkQGHJD
KWWSVOHLVPXQLFLSDLVFRPEUDSODQRGLUHWRUIORULDQRSROLVVF

R0HUFDGR3~EOLFR0XQLFLSDOR3DOiFLR&UX]H6RXVDD&DWHGUDO0HWURSROLWDQDD,JUHMDGR5RViULRHR
+RVSLWDO GH &DULGDGH 2V FHQWURV KLVWyULFRV GR 5LEHLUmR GD ,OKD 6DQWR $QW{QLR GH /LVERD /DJRD GD
&RQFHLomR H 6DPEDTXL $ /DJRD GD &RQFHLomR H D %DUUD GD /DJRD R FRQMXQWR GRV EDOQHiULRV GDV
iUHDV IORUHVWDGDV H GDV iUHDV PDQWLGDV FRPR GH XVRV UXUDLV 'RV FRVW}HV GRV PDQJXH]DLV H GDV
UHVWLQJDV
$ RFXSDomR GR WHUULWyULR H R GHVHQYROYLPHQWR XUEDQR GHYHP DWHQGHU DR LQWHUHVVH JHUDO GD
VRFLHGDGH VHQGR SULQFtSLR HOHPHQWDU TXH R XVR GR HVSDoR JHRJUiILFR WHP SRU ILQDOLGDGH PDLRU
SURPRYHUDTXDOLGDGHGHYLGDDLQWHJUDomRVRFLDOHREHPHVWDUGRVFLGDGmRV
$UW
$ RUJDQL]DomR GR WHUULWyULR p IUXWR GRV YDORUHV H GDV FRQTXLVWDV VRFLDLV H WHP FRPR EDVH RV
OLPLWHVHQWUHRVGLUHLWRVS~EOLFRVHRVSULYDGRVHFRPRIRUPDGHRUJDQL]DUHPEDVHVDWXDLVDIURQWHLUD
HQWUHRTXHpGLUHLWRS~EOLFRHSULYDGRHVWDEHOHFHQGRRVOLPLWHVGRTXHpFDEtYHOSHUWHQFHUDFDGDXP
H R TXH GHYH VHU EHP GH WRGRV SURSULHGDGH FRPXP GR FRQMXQWR GD VRFLHGDGH R PXQLFtSLR GH
)ORULDQySROLV HVWDEHOHFH R QGLFH FRPR VHQGR R GLUHLWR LQGLYLGXDO GH HGLILFDU VREUH FDGD ORWH
SDUWLFXODUWRPDQGRDVVXSHUItFLHVHGLILFiYHLVFRPRSDGUmRGDJHUDomRGRVGLUHLWRVSDUWLFXODUHVVREUH
DVSRUo}HVGRWHUULWyULRFRORFDGDVVREUHJLPHGHVXDSURSULHGDGH
$UW
,RVXEVRORRHVSDoRDpUHRHDVSDLVDJHQVFRUUHVSRQGHQWHVDRVORWHVSULYDGRVFRQVWLWXHPEHQVGH
WRGRVFXMRXVRSRGHUiVHUDWULEXtGRDSDUWLFXODUHVPHGLDQWHFRQFHVVmRGHRXWRUJDDVHUIL[DGDSHOR
PXQLFtSLR
,,DVDWLYLGDGHVWUDGLFLRQDLVGRPXQLFtSLRFRQILJXUDPDVH[SUHVV}HVLPDWHULDLVGHVXDKLVWyULDHGHVXD
FXOWXUDSUHFLVDQGRVHUUHFRQKHFLGDVHSURWHJLGDVQRTXHFRQFHUQHDRXVRGRVROR
,,,DUHVHUYDGHiUHDVSDUDILQVGDSUHVHUYDomRGRPHLRDPELHQWHHGRSDWULP{QLRFXOWXUDOFRQVWLWXLR
SULPHLUR GHYHU GD UHSDUWLomR GR WHUULWyULR SDUD R FXPSULPHQWR GH VXDV IXQo}HV VRFLDLV FXMD D
FRQVHUYDomR GHVVDV UHVHUYDV FRQILJXUD FRPSURPLVVR LPSOtFLWR GDV DWXDLV JHUDo}HV SDUD FRP RV
IXWXURV KDELWDQWHV GR 0XQLFtSLR $V iUHDV H VHWRUHV GHILQLGRV FRPR SRUWDGRUHV GH YDORU QDWXUDO H
FXOWXUDO TXH LPSRUWD SUHVHUYDU SDVVDP D VHU UHFRQKHFLGRV FRPR SDWULP{QLR QDWXUDO H FXOWXUDO GH
)ORULDQySROLVHGHYHUmRVHUGHOLPLWDGRVHSURWHJLGRVSULRUL]DQGRVHPSUHVHXXVRIUXWRSHODVRFLHGDGH
,9 QDV iUHDV GHILQLGDV FRPR SUHIHUHQFLDLV GH PRUDGLD DV KDELWDo}HV OLYUH GH HVWRUYRV GH
YL]LQKDQoDVpGLUHLWRGHWRGRVVHQGRGHYHUGDVRFLHGDGHSUHYHUUHJUDVHFRQGLo}HVSDUDDVVHJXUDURV
HVSDoRV WHUULWRULDLV TXH JDUDQWDP HVVH FRPSURPLVVR SRU RXWUR ODGR R GLUHLWR j KDELWDomR QmR SRGH
VREUHSRUVHDRXVRDGHTXDGRGDSURSULHGDGHQHPDRTXHWDPEpPpGHWRGRVFRPRRXVRIUXWRGD
QDWXUH]DHRGLUHLWRjSDLVDJHP
9RGLUHLWRjKDELWDomROLYUHGHHVWRUYRVQDViUHDVTXHQmRDVSUHIHUHQFLDOPHQWHUHVLGHQFLDLVGHYH
FRQYLYHU FRP DV SUiWLFDV VRFLDLV GHQWUH DV TXDLV HVWmR R GLUHLWR DR WUDEDOKR j FXOWXUD H DR
HQWUHWHQLPHQWRHPHVSHFLDODVIRUPDVGHFRQYtYLRVHRVFRQJUDoDPHQWRVVRFLDLVDVFHOHEUDo}HVHDV
SUiWLFDVWUDGLFLRQDLVRQGHQDViUHDVFHQWUDLVRFRQYtYLRKXPDQRPRWLYDGRSRUUD]}HVIXQFLRQDLVRX
GHHQWUHWHQLPHQWRpFRQVLGHUDGRIXQomRSUHFtSXDGD&LGDGH
9,DYLGDHPVRFLHGDGHSUHVVXS}HGLUHLWRVHGHYHUHVHWRGRVRVTXHKDELWDPD&LGDGHHPHVSHFLDO
RV TXH SRVVXHP SRUo}HV GR WHUULWyULR VRE VXD SURSULHGDGH H DLQGD PDLV HVSHFLDOPHQWH RV TXH
HGLILFDPFRQVWUXo}HVVyOLGDVVREUHHOHPDVWDPEpPRVTXHYLYHPHXVDPGDVPDLVYDULDGDVIRUPDVR
HVSDoR XUEDQR GR 0XQLFtSLR DVVXPHP FRPSURPLVVRV SHUPDQHQWHV FRP R FRQMXQWR GD VRFLHGDGH H
FRP FDGD XP GRV VHXV PHPEURV H HVVHV FRPSURPLVVRV GHYHP HVWDU PDQLIHVWRV QR WUDWR FRP D
QDWXUH]D QDV TXHVW}HV GH DEDVWHFLPHQWR H GHMHWRV QD FLUFXODomR GH SHGHVWUHV H YHtFXORV QD
FLYLOLGDGHHVROLGDULHGDGHVSUySULDVGDVUHODo}HVGHYL]LQKDQoDRQGHOX]VROVRPEUDVUXtGRVGHMHWRV
WUkQVLWRV XVR UHVSRQViYHO GH HVSDoRV FRPXQV JXDUGD VROLGiULD GRV EHQV GH WRGRV VmR DOJXQV GRV
IDWRUHVTXHSUHVVXS}HFRQVLGHUDomRDRSUy[LPRHFRPSDUWLOKDPHQWRGHUHVSRQVDELOLGDGHV
9,,RVVHUYLoRVOLJDGRVDRGHVHQYROYLPHQWRWHFQROyJLFRHGXFDomRDVVLVWrQFLDVRFLDOFXOWXUDWXULVPR

HOD]HUGHYHPVHUFRQVLGHUDGRVFRPRDWLYLGDGHVHVWUDWpJLFDVGRGHVHQYROYLPHQWRHFRQ{PLFRHVRFLDO
GH )ORULDQySROLV HVVH UHFRQKHFLPHQWR SRGH VHU WUDGX]LGR QR FUHVFLPHQWR GH WD[DV GH RFXSDomR
DGHQVDPHQWRHDOWXUDDGHSHQGHUGDViUHDVHPTXHHVWHMDPLQVHULGRV
9,,, DV iUHDV LQVWLWXFLRQDLV HP HVSHFLDO DV GH XVR HGXFDFLRQDO FXOWXUDO PHLR DPELHQWH VD~GH
VHJXUDQoD HVSRUWHV H DVVLVWrQFLD VRFLDO VmR FRQVLGHUDGDV FRPR GH XVR H LQWHUHVVH JHUDO GD
VRFLHGDGHHFRPRWDOSRGHUmRGHVIUXWDUGHSDGU}HVXUEDQtVWLFRVGLIHUHQFLDGRV
,; GHWHQWRUD GH XPD GDV RUODV PDLV EHP SURYLGDV GHQWUH DV FLGDGHV GR PXQGR )ORULDQySROLV GHYH
LQFOXLUDFRQVWUXomRDGHTXDGDGHWUDSLFKHVRXVRUHVLGHQFLDOWXUtVWLFRHGHOD]HUGDViUHDVFRQWtJXDV
DR PDU GHQWUH VXDV YRFDo}HV VRFLDLV H HFRQ{PLFDV SUHIHUHQFLDLV $V iUHDV FRQWtJXDV jV RUODV
ODFXQDUHVGHVGHTXHQmRDVVLWXDGDVHPiUHDVGHSUHVHUYDomRSUHGRPLQDQWHVGHYHPVHUGRWDGDVGH
VXSRUWHQiXWLFRGHVGHTXHDWHQGLGDjOHJLVODomRDPELHQWDO$QDYHJDomRHPDPELHQWHVUHVWULWRVHP
HVSHFLDO QDV ODJRDV H QRV FDQDLV HVWDUi VXMHLWD D PRQLWRUDPHQWR VHQGR DGPLVVtYHO LQWURGX]LU WD[DV
HVSHFLDLV SDJDV SHORV RFXSDQWHV HYHQWXDLV H TXH JDUDQWDP R XVR DGHTXDGR GHVVDV iUHDV
DPELHQWDOPHQWHVHQVtYHLV
; D PDULFXOWXUD H DV DWLYLGDGHV PDUtWLPDV RX FRUUHODWDV FRQVLGHUDGDV WUDGLFLRQDLV HP )ORULDQySROLV
GHQWUHDVTXDLVVHLQFOXHPDSHVFDFRPWDUUDIDVFRPSDQGRUJDVDSHVFDGDWDLQKDRVDUUDVW}HVRV
UDQFKRV GH SHVFD RV HQJHQKRV R XVR H D FRQIHFomR GH FDQRDV H EDOHHLUDV UHPRV FHVWRV H
VDPEXUiV VmR FRQVLGHUDGDV LQWHJUDQWHV GR SDWULP{QLR LPDWHULDO GR 0XQLFtSLR H FRPR WDO DPSDUDGDV
SHOD/HLSRGHQGRVXDVSUiWLFDVVHUUHJXODGDVSRUUHJUDPHQWRSUySULR
;, RV SDUkPHWURV XUEDQtVWLFRV YLVDP SURSLFLDU D RFXSDomR SODQHMDGD GR WHUULWyULR DWHQGHQGR R
LQWHUHVVHVRFLDOHSURPRYHQGRRGHVHQYROYLPHQWRVXVWHQWiYHODTXDOLGDGHGHYLGDHREHPHVWDUGR
FRQMXQWRGDSRSXODomR
;,,RFUHVFLPHQWRXUEDQRSUHYLVWRQRSODQRGLUHWRUVHEDVHLDQDHVWLPDWLYDGHTXHHQWUHH
D SRSXODomR EUDVLOHLUD WHQGH D HVWDELOL]DUVH HP WHUPRV TXDQWLWDWLYRV 2 LQFUHPHQWR GHPRJUiILFR
DGPLWLGRQRSODQRQmRSRGHSUHVFLQGLUGRSDXODWLQRGHVHQYROYLPHQWRGDRIHUWDGHLQIUDHVWUXWXUD
;,,, H[FHWXDQGR DV KDELWDo}HV XQLIDPLOLDUHV DV GHPDLV OLFHQoDV GH FRQVWUXLU GHSHQGHUmR GDV
JDUDQWLDV GR IRUQHFLPHQWR GH LQIUDHVWUXWXUD HP HVSHFLDO iJXD OX] HVFRDPHQWR SUHGLDO H HVJRWR 2
PXQLFtSLR SRGHUi VHPSUH TXH MXOJDU FRQYHQLHQWH UHTXLVLWDU GRV yUJmRV H HPSUHVDV TXH GHWpP
UHVSRQVDELOLGDGHV VREUH LQIUDHVWUXWXUD SUHYLV}HV GH IRUQHFLPHQWR SDUD VHWRUHV XUEDQRV LQWHLURV
XWLOL]DQGRHVVHVGDGRVQRVSURFHVVRVGHDQiOLVHHOLFHQFLDPHQWRGDVFRQVWUXo}HV
;,9 RV SDUkPHWURV XUEDQtVWLFRV WDLV FRPR tQGLFHV FRQVWUXWLYRV WD[DV GH RFXSDomR UHFXRV H
JDEDULWRVYLVDPJDUDQWLUTXHRFUHVFLPHQWRSURSRUFLRQDGRSRUQRYDVFRQVWUXo}HVVHMDFRPSDWtYHOFRP
D SDLVDJHP QDWXUDO H FXOWXUDO GD FLGDGH FRP RV GLUHLWRV GH YL]LQKDQoD FRP R PHLR DPELHQWH D
PRELOLGDGHDRIHUWDGHLQIUDHVWUXWXUDHFRPSDGU}HVGHGHVHQYROYLPHQWRTXHHVWLPXOHPRFRQYtYLRH
FRQVLGHUHP RV IDWRUHV HVWpWLFRV 3UHFLVDP SUHYHU D SHUPHDELOLGDGH GR VROR SHUPLWLU LQVRODomR H
YHQWLODomR DRV ORWHV FRQWtJXRV H FRQWULEXLU SDUD D FRQILJXUDomR H FRQVWUXomR GDV SDLVDJHQV XUEDQDV
GDVYLDVHORJUDGRXURVGHXVRFRPXP$FRUUHODomRFRPDQDWXUH]DHDFXOWXUDVmRREMHWLYRVSUHFtSXRV
GRXVRGRVRORXUEDQR
;9RFUHVFLPHQWRSUHYLVWRSDUDRVGLYHUVRVGLVWULWRVGR0XQLFtSLRVHEDVHLDHPXPDRIHUWDFUHVFHQWH
GHLQIUDHVWUXWXUDHFRPRIRUPDGHJDUDQWLUHVVDFRUUHVSRQGrQFLDVHHVWDEHOHFHHPRtQGLFHGH
DXPHQWRSRSXODFLRQDORXGHiUHDFRQVWUXtGDDSDUWLUGRTXDOFRQWDGRGDGDWDGDSXEOLFDomRGHVWD/HL
&RPSOHPHQWDU VH LQVWDODUi DXWRPDWLFDPHQWH R SURFHVVR GH DIHULomR GRV SDUkPHWURV XUEDQRV HP
YLJRU FXMR R SURFHVVR GH DQiOLVH VHUi FRRUGHQDGR SHOD 6HFUHWDULD GH 0HLR $PELHQWH H
'HVHQYROYLPHQWR 8UEDQR 60'8 H HQYROYHUi R ,QVWLWXWR GH 3ODQHMDPHQWR 8UEDQR GH )ORULDQySROLV
,38)D)XQGDomR0XQLFLSDOGR0HLR$PELHQWH)/25$0HUHSUHVHQWDomRGHVLJQDGDGR&RQVHOKR
GD &LGDGH FRQWDQGR VHPSUH FRP D SDUWLFLSDomR GD SRSXODomR HQYROYLGD 2XYLGRV RV LQWHJUDQWHV H
SURYLGHQFLDGDUHXQLmRDEHUWDDVHUUHDOL]DGDQRGLVWULWRHPDQiOLVHD60'8SRGHUiRXQmRGHWHUPLQDU

DVXVSHQVmRGHQRYDVOLFHQoDVGHFRQVWUXomRSHORSUD]RPi[LPRGHWUrVPHVHVHGHQWURGRPHVPR
SUD]RLPSUHWHULYHOPHQWHD60'8GHYHUiGHILQLUSHODPDQXWHQomRGRVSDGU}HVXUEDQtVWLFRVYLJHQWHV
RXSURSRUPHGLDQWHSURMHWRGHOHLVXDVXEVWLWXLomRSRUtQGLFHVFRPSDWtYHLV
;9,RVDOYDUiVGHFRQVWUXo}HVDSURYDGRVSHOR0XQLFtSLRWHUmRYDOLGDGHGHXPDQRFRQWDGRDSDUWLU
GD SXEOLFDomR GHVWD /HL &RPSOHPHQWDU YHQFLGR R SUD]R LPSURUURJiYHO H QmR LQLFLDGDV
FRQFOXVLYDPHQWHDVREUDVDVDSURYDo}HVVmRWRUQDGDVVHPHIHLWRQmRJHUDQGRGLUHLWRVGHTXDOTXHU
QDWXUH]DDRVSURSRQHQWHVRXSURSULHWiULRV
;9,,DVQRYDVFRQVWUXo}HVGHXVRFROHWLYRGHTXDOTXHUHVSpFLHLQFOXVLYHKDELWDFLRQDLVFRPPDLVGH
WUrVXQLGDGHVDVFRPHUFLDLVHDVGHVHUYLoRVPDLRUHVGRTXHPGHYHUmRLQWHJUDUDRVSURMHWRVGH
DSURYDomRPHPRULDOREMHWLYRGHLQVHUomRGHYL]LQKDQoDQRTXDOVHDQDOLVDDVFRUUHODo}HVFRPDiUHD
GD FLGDGH HP TXH VH SUHWHQGHP LQVWDODU H SURS}HP EHQIHLWRULDV SURSRUFLRQDLV D VHXV LPSDFWRV
SUHVXPtYHLV UHDV FRQWtJXDV GH HVWDFLRQDPHQWRV FDOoDGDV SUDoDVMDUGLQV H DUERUL]Do}HVXUEDQDV
PRQXPHQWRVELEOLRWHFDVHVFRODVSRVWRVGHVD~GHHGHDVVLVWrQFLDVRFLDOSDUDGDVGH{QLEXVSRQWRV
GH Wi[LV H EDQFDV GH UHYLVWDV VmR DOJXQV GRV HOHPHQWRV LQWHJUDQWHV GD YL]LQKDQoD TXH SRGHUmR VHU
DERUGDGRVFRPRSDUWHGDVUHODo}HVGHLQVHUo}HVWUD]LGDVSRUQRYRVHPSUHHQGLPHQWRVHPVHWRUHVGD
&LGDGH9LGHUHJXODPHQWDomRGDGDSHOR'HFUHWRQ
$UW 2 3ODQR 'LUHWRU GR 0XQLFtSLR GH )ORULDQySROLV p R LQVWUXPHQWR EiVLFR JOREDO H HVWUDWpJLFR GD
SROtWLFDGHGHVHQYROYLPHQWRXUEDQRGR0XQLFtSLRVHQGRGHWHUPLQDQWHSDUDWRGRVRVDJHQWHVS~EOLFRV
HSULYDGRVTXHDWXDPHPVHXWHUULWyULR
2 3ODQR 'LUHWRU GR 0XQLFtSLR GH )ORULDQySROLV p SDUWH LQWHJUDQWH GR SURFHVVR GH SODQHMDPHQWR
PXQLFLSDOGHYHQGRR3ODQR3OXULDQXDODV'LUHWUL]HV2UoDPHQWiULDVHR2UoDPHQWR$QXDOLQFRUSRUDURV
SULQFtSLRVRVREMHWLYRVDVGLUHWUL]HVDVHVWUDWpJLDVDVSROtWLFDVHRVSURJUDPDVQHOHFRQWLGRV
$ LQWHUSUHWDomR H D DSOLFDomR GR 3ODQR 'LUHWRU GR 0XQLFtSLR GH )ORULDQySROLV GHYHP VHU
FRPSDWLELOL]DGDV FRP RV SODQRV QDFLRQDLV HVWDGXDLV H UHJLRQDLV GH RUGHQDomR GR WHUULWyULR H GH
GHVHQYROYLPHQWRHFRQ{PLFRHVRFLDOHPHVSHFLDODTXHOHVYLQFXODGRVjUHJLmRPHWURSROLWDQD
$UW
3DUDRVHIHLWRVGHDSOLFDomRGHVWD/HL&RPSOHPHQWDUVmRDGRWDGDVDVVHJXLQWHVGHILQLo}HV
,DIDVWDPHQWRGLVWkQFLDHQWUHDHGLILFDomRHTXLSDPHQWRRXPXURDWpXPSRQWRGHUHIHUrQFLD
,,DIDVWDPHQWRIURQWDOGLVWkQFLDHQWUHDHGLILFDomRHTXLSDPHQWRRXPXURDWpRHL[RGDYLDOLQGHLUDRX
DWpRDOLQKDPHQWRGHILQLGRSHODOLQKDGHWHVWDGD
,,, DIDVWDPHQWRGH IXQGRV GLVWkQFLDHQWUHD HGLILFDomR RX HTXLSDPHQWRDWp R DOLQKDPHQWR GHGLYLVD
RSRVWDjOLQKDGHWHVWDGD
,9DIDVWDPHQWRODWHUDOGLVWkQFLDHQWUHDHGLILFDomRRXHTXLSDPHQWRHDVGLYLVDVODWHUDLVGRWHUUHQR
9DOWXUDGHFXPHHLUDGLVWkQFLDYHUWLFDOHQWUHDEDVHHRFLPRGDHGLILFDomRGHVFRQVLGHUDGDVDQWHQDV
HWRUUHVGHHTXLSDPHQWRV
9, DOWXUD GH HGLILFDomR GLVWkQFLD YHUWLFDO HQWUH D EDVH H R QtYHO GD ODMH GH FREHUWXUD GR ~OWLPR
SDYLPHQWR
9,, DOWXUD GH IDFKDGD GLVWkQFLD YHUWLFDO HQWUH R QtYHO GR WHUUHQR H D ODMH GH FREHUWXUD GR ~OWLPR
SDYLPHQWRGHVFRQVLGHUDGDDDOWXUDUHODWLYDDRDIORUDPHQWRGRSDYLPHQWRVXEVRORVHH[LVWHQWH
9,,,iUHDSHUPHiYHOVXSHUItFLHGRWHUUHQRTXHSHUPLWHDLQILOWUDomRGDViJXDVSOXYLDLVQRVROR
,; PDFUR iUHDV GH XVR QmR XUEDQR DTXHODV VLWXDGDV HP UHDV GH 3UHVHUYDomR 3HUPDQHQWH

8QLGDGHV GH &RQVHUYDomR UHDV GH (OHPHQWRV +tGULFRV H RXWUDV UHDV SURWHJLGDV SRU OHJLVODomR
HVSHFtILFD
;PDFURiUHDVGHXVRXUEDQRDTXHODVGHVWLQDGDVSULRULWDULDPHQWHjVIXQo}HVGDFLGDGH
;,iUHDXUEDQDFRQVROLGDGDSDUFHODGDiUHDXUEDQDFRPGHQVLGDGHGHPRJUiILFDVXSHULRUDTXDUHQWD
KDELWDQWHVSRUKHFWDUHHPDOKDYLiULDLPSODQWDGDHTXHGLVSRQKDQRPtQLPRGHGRLVHTXLSDPHQWRVGH
LQIUDHVWUXWXUD GHQWUH RV VHJXLQWHV GUHQDJHP GH iJXDV SOXYLDLV XUEDQDV HVJRWDPHQWR VDQLWiULR
DEDVWHFLPHQWRGHiJXDSRWiYHOGLVWULEXLomRGHHQHUJLDHOpWULFDOLPSH]DXUEDQDHFROHWDHPDQHMRGH
UHVtGXRVVyOLGRV
;,, ELFLFOHWiULR HVSDoR GHOLPLWDGR H[FOXVLYDPHQWH SDUD R HVWDFLRQDPHQWR GH ELFLFOHWDV VLQDOL]DGR
FREHUWRRXQmRHPORFDOYLVtYHOFRQWHQGRTXDQWLGDGHVXILFLHQWHGHHVWUXWXUDVGHIL[DomRTXHSHUPLWDD
DFRPRGDomR GH WRGRV RV WLSRV GH ELFLFOHWDV VHP GDQLILFiODV H SRVVLELOLWDQGR D VXD IL[DomR HP
SRVLomRKRUL]RQWDOFRPFDGHDGRQRTXDGUR
;,,, FDL[D GD YLD ODUJXUD TXH LQFOXL DV SLVWDV GH URODPHQWR RV FDQWHLURV FHQWUDLV RV SDVVHLRV
FLFORIDL[DVHFLFORYLDV
;,9FHQWUDOLGDGHDJORPHUDGRXUEDQRORFDOL]DGRSUy[LPRDRVHL[RVYLiULRVSULQFLSDLVFRPDWLYLGDGHVH
HPSUHHQGLPHQWRVGHXVRPLVFLJHQDGR
;9 FRHILFLHQWH GH DSURYHLWDPHQWR &$ TXRFLHQWH HQWUH R WRWDO GDV iUHDV FRQVWUXtGDV H D iUHD GR
WHUUHQR
;9, FRHILFLHQWH GH DSURYHLWDPHQWR PtQLPR &$ PtQLPR YDORU GH UHIHUrQFLD SDUD DYDOLDU R
FXPSULPHQWRGHIXQomRVRFLDOGDSURSULHGDGHXUEDQD
;9,,FRHILFLHQWHGHDSURYHLWDPHQWREiVLFR&$EiVLFRYDORUGHUHIHUrQFLDTXHGHILQHDiUHDPi[LPD
DVHUHGLILFDGDSURSRUFLRQDOPHQWHjVXSHUItFLHGRWHUUHQR
;9,,,FRHILFLHQWHGHDSURYHLWDPHQWRPi[LPR&$Pi[LPRYDORUGHUHIHUrQFLDSDVVtYHOGHVHUDWLQJLGR
DWUDYpVGD7UDQVIHUrQFLDGR'LUHLWRGH&RQVWUXLURXGD2XWRUJR2QHURVDGR'LUHLWRGH&RQVWUXLU
;,; FRQGRPtQLR XQLIDPLOLDU GLYLVmR GH LPyYHO HP XQLGDGHV DXW{QRPDV GHVWLQDGDV j HGLILFDomR jV
TXDLV FRUUHVSRQGHP IUDo}HV LGHDLV GDV iUHDV GH XVR FRPXP GRV FRQG{PLQRV VHQGR DGPLWLGD D
DEHUWXUDGHYLDVLQWHUQDVGHGRPtQLRSULYDGR
;; FRQVROLGDomR RX SUHHQFKLPHQWR GH YD]LRV XUEDQRV D SULRUL]DomR SHOR GHVHQYROYLPHQWR GH
SURMHWRV XUEDQtVWLFRV RX DUTXLWHW{QLFRV HP ORWHV GHQWUR GR SHUtPHWUR XUEDQR FRP RFXSDomR
FRQVROLGDGDSDUDRPHOKRUDSURYHLWDPHQWRGDLQIUDHVWUXWXUDHLQYHVWLPHQWRVS~EOLFRV
;;, GHPDUFDomR XUEDQtVWLFD SURFHGLPHQWR DGPLQLVWUDWLYR SHOR TXDO R 3RGHU 3~EOLFR QR kPELWR GD
UHJXODUL]DomR IXQGLiULD GH LQWHUHVVH VRFLDO GHPDUFD LPyYHO GH GRPtQLR S~EOLFR RX SULYDGR GHILQLQGR
VHXV OLPLWHV iUHD ORFDOL]DomR H FRQIURQWDQWHV FRP D ILQDOLGDGH GH LGHQWLILFDU VHXV RFXSDQWHV H
TXDOLILFDUDQDWXUH]DHRWHPSRGDVUHVSHFWLYDVSRVVHV
;;,,GHQVLGDGHPpGLDEUXWDUHODomRHQWUHDSRSXODomRWRWDOHDiUHD
;;,,,GHVGREURGLYLVmRGHXPORWHXUEDQRHPGRLV
;;,9GHVPHPEUDPHQWRVXEGLYLVmRGHJOHEDHPORWHVGHVWLQDGRVDHGLILFDomRFRPDSURYHLWDPHQWR
GRVLVWHPDYLiULRH[LVWHQWHGHVGHTXHQmRLPSOLTXHDDEHUWXUDGHQRYDVYLDVHORJUDGRXURVS~EOLFRV
QHPSURORQJDPHQWRPRGLILFDomRRXDPSOLDomRGRVMiH[LVWHQWHV

;;9HGLILFDomRJHPLQDGDFRQVWUXomRMXVWDSRVWDDRXWUD
;;9, HTXLSDPHQWRV FRPXQLWiULRV VmR RV HTXLSDPHQWRV GH HGXFDomR FXOWXUD VD~GH VHJXUDQoD
HVSRUWHOD]HUHFRQYtYLRVRFLDO
;;9,,HVSDoRDpUHRYROXPHYLUWXDOGHILQLGRSHODSURMHomRGDVXSHUItFLHGRORWHQDYHUWLFDODWpDDOWXUD
Pi[LPDSHUPLWLGDSHORUHJLPHXUEDQtVWLFR
;;9,,,IDL[DFRPSDUWLOKDGD
D YLD XUEDQD GHVWLQDGD j FRH[LVWrQFLD GR WUkQVLWR GH YHtFXORV PRWRUL]DGRV WULFLFORV ELFLFOHWDV H
SHGHVWUHVH
ERVSDVVHLRVRXFDOoDGDVGHVWLQDGRVDRXVRGHSHGHVWUHVHYHtFXORVGHSURSXOVmRKXPDQDFDEHQGR
DSUHIHUrQFLDDRSHGHVWUHTXDQGRGHPDUFDGDDIDL[DQDFDOoDGDHDRVFLFOLVWDVTXDQGRGHPDUFDGDQD
SLVWD GH URODPHQWR UHVSHLWDQGRVH VHPSUH QD XWLOL]DomR GRV HVSDoRV S~EOLFRV D SULRULGDGH GRV
SRUWDGRUHVGHQHFHVVLGDGHVHVSHFLDLVFDGHLUDQWHVHRXWURVVREUHWRGRVRVGHPDLVXVXiULRV
;;,;IXQomRVRFLDOGDSURSULHGDGHXUEDQDDWULEXWRDVHUDOFDQoDGRSHODSURSULHGDGHXUEDQDHTXH
VHUi FRQVLGHUDGR SUHHQFKLGR TXDQGR R XVR H D RFXSDomR GR VROR DWHQGHUHP jV H[LJrQFLDV PtQLPDV
SUHYLVWDVQHVWDOHJLVODomR
;;;JDEDULWRQ~PHURPi[LPRGHSDYLPHQWRVDOWXUDGHHGLILFDomRRXGLPHQV}HVGDVYLDV
;;;,JOHEDLPyYHOTXHDLQGDQmRIRLREMHWRGHORWHDPHQWRGRVRORSDUDILQVXUEDQRV
;;;,, LQIUDHVWUXWXUD EiVLFD HTXLSDPHQWRV XUEDQRV GH DEDVWHFLPHQWR GH iJXD SRWiYHO GLVSRVLomR
DGHTXDGDGHHVJRWRVDQLWiULRGLVWULEXLomRGHHQHUJLDHOpWULFDVLVWHPDGHGUHQDJHPXUEDQDGHiJXDV
SOXYLDLVLOXPLQDomRS~EOLFDDEHUWXUDHSDYLPHQWDomRGDVYLDVGHFLUFXODomR
;;;,,, LQIUDHVWUXWXUD FRPSOHPHQWDU HTXLSDPHQWR GH GLVWULEXLomR GH VHUYLoRV GH FRPXQLFDomR
DEDVWHFLPHQWR GH JiV FROHWD GH UHVtGXRV VyOLGRV H GH RXWURV VHUYLoRV QmR FRQWHPSODGRV QD
LQIUDHVWUXWXUDEiVLFDWDLVFRPRRVFHPLWpULRV
;;;,9OHJLWLPDomRGHSRVVHDWRGR3RGHU3~EOLFRGHVWLQDGRDFRQIHULUWtWXORGHUHFRQKHFLPHQWRGH
SRVVH GH LPyYHO REMHWR GH GHPDUFDomR XUEDQtVWLFD FRP D LGHQWLILFDomR GR RFXSDQWH H GR WHPSR H
QDWXUH]DGDSRVVH
;;;9 OLFHQoD LQWHJUDGD DWR DGPLQLVWUDWLYR PXQLFLSDO TXH HVWDEHOHFH DV FRQGLo}HV H UHVWULo}HV GH
QDWXUH]D XUEDQtVWLFD H DPELHQWDO TXH GHYHP VHU REHGHFLGDV SHOR HPSUHHQGHGRU SDUD LPSODQWDU
DOWHUDU DPSOLDU RX PDQWHU SDUFHODPHQWR GR VROR SDUD ILQV XUEDQRV H SDUD SURFHGHU j UHJXODUL]DomR
IXQGLiULD
;;;9, ORWH WHUUHQR VHUYLGR GH LQIUDHVWUXWXUD EiVLFD FXMDV GLPHQV}HV DWHQGDP DRV tQGLFHV
XUEDQtVWLFRV GHILQLGRV SHOR 3ODQR 'LUHWRU SDUD D ]RQD HP TXH VH VLWXH H TXH VHMD UHVXOWDQWH GH
ORWHDPHQWRRXGHVGREUR
;;;9,, ORWHDPHQWR GLYLVmR GHJOHED HPORWHV GHVWLQDGRV j HGLILFDomR FRPDEHUWXUD GH QRYDV YLDV
S~EOLFDVRXORJUDGRXURVS~EOLFRVRXFRPSURORQJDPHQWRPRGLILFDomRRXDPSOLDomRGDVYLDVS~EOLFDV
RXORJUDGRXURVS~EOLFRVH[LVWHQWHV
;;;9,,,PRGHORGHFLGDGHHVWUXWXUDXUEDQDHFRQ{PLFDHVRFLDOUHVXOWDQWHGRVSULQFtSLRVREMHWLYRV
GLUHWUL]HVHHVWUDWpJLDVHPDQDGDVGR3ODQR'LUHWRUSDUDRGHVHQYROYLPHQWRGDFLGDGH
;;;,; PRGLILFDomR GH ORWHDPHQWR DOWHUDomR GDV GLPHQV}HV GH ORWHV H[LVWHQWHV RX SHUWHQFHQWHV D
ORWHDPHQWRVDSURYDGRVLPSOLFDQGRHPQRYRIUDFLRQDPHQWRRXUHPHPEUDPHQWRGHORWHVGHSDUWHGR

ORWH RX GH WRGR R ORWHDPHQWR VHP DOWHUDomR GR VLVWHPD YLiULR GRV HVSDoRV OLYUHV GH XVR S~EOLFR RX
GDViUHDVGHVWLQDGDVDHTXLSDPHQWRVXUEDQRVHFRPXQLWiULRV
;/ RUJDQL]DomR SROLQXFOHDGD RUJDQL]DomR XUEDQD FDUDFWHUL]DGD SHOD H[LVWrQFLD GH YiULDV
FHQWUDOLGDGHV GLVSHUVDV QR WHUULWyULR PDV ORFDOL]DGDV HVWUDWHJLFDPHQWH SUy[LPDV DRV HL[RV YLiULRV
SULQFLSDLVFRPDWLYLGDGHVHHPSUHHQGLPHQWRVGHXVRPLVFLJHQDGR
;/,SDYLPHQWRHQWUHSLVRGHXPDHGLILFDomRGHVFRQVLGHUDGRVRVPH]DQLQRVHVREUHORMDV
;/,, SDLVDJHQV GD RUOD SHUVSHFWLYDV YLVXDLV GHVWDFDGDV RX PRQXPHQWDLV IRUPDGDV SHOD
JHRPRUIRORJLDHGHPDLVFDUDFWHUtVWLFDVQDWXUDLVGD]RQDFRVWHLUDQRWDGDPHQWHGDVSUDLDVGRPDUGDV
ODJXQDV H ODJRV LQWHULRUHV FRP D SUHVHQoD RX QmR GH LQWHUYHQo}HV RX DWLYLGDGHV KXPDQDV TXH
UHSUHVHQWHPYDORUHVFXOWXUDLVWDQJtYHLVRXLQWDQJtYHLV
;/,,, SDUTXH OLQHDU iUHDV TXH GHYHUmR VHJXLU R FRQFHLWR GH UHFXSHUDomR DPELHQWDO GDV UHDV GH
3UHVHUYDomR 3HUPDQHQWH FRPSDWLELOL]DGDV FRP DV DWLYLGDGHV GH OD]HU H UHFUHDomR VmR iUHDV
FRQWtQXDV FRP FDSDFLGDGH GH LQWHUOLJDU IUDJPHQWRV IORUHVWDLV H RXWURV HOHPHQWRV GH XPD SDLVDJHP
FRPR FRUUHGRUHV HFROyJLFRV FRP D DJUHJDomR GH IXQo}HV GH XVR KXPDQR FRPSRQGR DJUHJDQGR
WDPEpPSULQFtSLRVGRGHVHQYROYLPHQWRVXVWHQWiYHO
;/,9 SDUTXH XUEDQR HVSDoR OLYUH GH HGLILFDo}HV FDUDFWHUL]DQGR FRPR HVSDoR S~EOLFR H ORFDOL]DGR
HPWRUQRGHDFLGHQWHVQDWXUDLVFRPRFXUVRVGiJXDHQFRVWDVFRPGHFOLYLGDGHVDFHQWXDGDVRXFRP
FREHUWXUD YHJHWDO VLJQLILFDWLYD QR TXDO Ki WLSLFDPHQWH DEXQGDQFLD GH YHJHWDomR H iUHDV QmR
SDYLPHQWDGDVPDVVREUHWXGRORFDOL]DGRGHQWURGHXPDUHJLmRXUEDQD
;/9SRWHQFLDOFRQVWUXWLYRiUHDSRVVtYHOGHVHUHGLILFDGDHPXPWHUUHQRGHILQLGDSHORFRHILFLHQWHGH
DSURYHLWDPHQWRDSOLFiYHO
;/9,SURPRQWyULRVSRUo}HVGHWHUUHQRURFKRVRQROLWRUDOGHXPFRQWLQHQWHRXLOKDTXHDYDQoDSDUD
RPDUDSUHVHQWDQGRHVWUHLWDPHQWRGDVXDODUJXUDHQWUHDWHUUDHDVXDH[WUHPLGDGH
;/9,,UHFXRPRGLILFDomRGRDOLQKDPHQWRDFDUUHWDQGRLQFRUSRUDomRDRGRPtQLRS~EOLFRPXQLFLSDOGD
IDL[DGHWHUUHQRSHUWHQFHQWHjSURSULHGDGHSDUWLFXODU
;/9,,, UHJXODUL]DomR IXQGLiULD GH LQWHUHVVH VRFLDO UHFRQKHFLPHQWR GD YDOLGDGH GH WtWXORV GH
SURSULHGDGHFRQFHVVmRGHXVRHOHJLWLPDomRGHSRVVHVHPDVVHQWDPHQWRVHVSRQWkQHRVLQIRUPDLVRX
LUUHJXODUHVRFXSDGRVSUHGRPLQDQWHPHQWHSRUSRSXODomRGHEDL[DUHQGDQRVFDVRVSUHYLVWRVHP/HL
;/,; UHJXODUL]DomR IXQGLiULD GH LQWHUHVVH HVSHFtILFR UHJXODUL]DomR IXQGLiULD TXDQGR QmR
FDUDFWHUL]DGRRLQWHUHVVHVRFLDO
/UHORFDomRUHPRomRSDUDRXWURWHUUHQRIRUDGRSHUtPHWURGDiUHDGHLQWHUYHQomR
/, UHPDQHMDPHQWR UHFRQVWUXomR GD XQLGDGH KDELWDFLRQDO QR PHVPR SHUtPHWUR GR DVVHQWDPHQWR
REMHWRGRSURMHWRGHXUEDQL]DomR
/,, UHQRYDomR XUEDQD FRQMXQWR GH LQWHUYHQo}HV XUEDQtVWLFDV SDUD WUDQVIRUPDomR GH iUHDV
GHJUDGDGDVRXVXEXWLOL]DGDVHPiUHDVFRPRSRUWXQLGDGHVGHVHUYLoRVFRPpUFLRKDELWDomRHGRWDGDV
GHiUHDVS~EOLFDVGHOD]HUFRPSOHPHQWDUHV
/,,,UHSDUFHODPHQWRQRYDGLYLVmRSDUFLDORXWRWDOGHiUHDREMHWRGHSDUFHODPHQWRDQWHULRUTXHH[LMD
DOWHUDomRGRVLVWHPDYLiULRGRVHVSDoRVOLYUHVGHXVRS~EOLFRRXGDViUHDVGHVWLQDGDVjLQVWDODomRGH
HTXLSDPHQWRVXUEDQRVHFRPXQLWiULRV

/,9VyWmRVSDYLPHQWRGDVUHVLGrQFLDVXQLIDPLOLDUHVFRQVWLWXtGRSHORFRPSDUWLPHQWRVLWXDGRHQWUHR
IRUURRXODMHGR~OWLPRSLVRHDDUPDomRGRWHOKDGRQRTXDODVYHGDo}HVH[WHUQDVVmRIRUPDGDVSHOD
FREHUWXUDGDHGLILFDomRHPkQJXORQmRH[FHGHQWHDTXDUHQWDHFLQFRJUDXV
/9VXEVRORVSDYLPHQWRVFXMDFREHUWXUDpIRUPDGDSHORSLVRRXODMHGRSDYLPHQWRWpUUHRRXGHRXWUR
VXEVROR 2 QtYHO Pi[LPR GD IDFH VXSHULRU GR SLVR RX ODMH GH FREHUWXUD GR VXEVROR p GH XP PHWUR H
FLQTXHQWD FHQWtPHWURV DFLPD GR QtYHO QDWXUDO GR WHUUHQR FDOFXODGD QR SODQR PpGLR GH SURMHomR GD
IDFKDGDGRVXEVRORQDIDFKDGDGHPHQRUFRWDDOWLPpWULFD
/9,WD[DGHRFXSDomR72UHODomRSHUFHQWXDOHQWUHDSURMHomRKRUL]RQWDOGDHGLILFDomRHDVXSHUItFLH
WRWDOGRWHUUHQR
/9,,WD[DGHLPSHUPHDELOL]DomRGRVROR7,UHODomRSHUFHQWXDOHQWUHDiUHDLPSHUPHiYHOGRWHUUHQR
HDVXSHUItFLHWRWDOGRWHUUHQR
/9,,,W{PERORVDFLGHQWHJHRJUiILFRQRTXDOXPDLOKDpXQLGDDRFRQWLQHQWHSRUXPDHVWUHLWDWULOKDGH
WHUUDUHVXOWDQWHGRDF~PXORGHVHGLPHQWRV
/,;XUEDQL]DomRSURJUHVVLYDLPSODQWDomRGRSDUFHODPHQWRSRUHWDSDVRXDLPSODQWDomRJUDGDWLYDGD
LQIUDHVWUXWXUDDGPLWLQGRVHDLPSODQWDomRGHLQIUDHVWUXWXUDEiVLFDGHDEDVWHFLPHQWRGHiJXDHQHUJLD
HOpWULFDGUHQDJHPHHVJRWRHHPHWDSDSRVWHULRUjSDYLPHQWDomR
/;XQLGDGHDXW{QRPDXQLGDGHLPRELOLiULDGHXVRH[FOXVLYRUHVXOWDQWHGRFRQG{PLQR
/;, XUEDQL]DGRU VRFLDO HPSUHHQGHGRU LPRELOLiULR FDGDVWUDGR QR 0XQLFtSLR LQWHUHVVDGR HP UHDOL]DU
HPSUHHQGLPHQWRVGHLQWHUHVVHVRFLDOHPiUHDVGHKDELWDomRGHLQWHUHVVHVRFLDO
/;,,XVRDGHTXDGRpDTXHOHFRPSDWtYHOFRPDGHVWLQDomRGDiUHD
/;,,, XVR LQF{PRGR p R XVR LQGXVWULDO FDUDFWHUL]DGR SHOR H[HUFtFLR GH DWLYLGDGHV TXH SURGX]HP
UXtGRV SHUWXUEDo}HV GH WUkQVLWRV WUHSLGDo}HV SRHLUDV H[DODo}HV RGRUHV RX IXPDoDV LQF{PRGDV j
YL]LQKDQoD
/;,9 XVR QRFLYR p R XVR LQGXVWULDO FDUDFWHUL]DGR SHOR H[HUFtFLR GH DWLYLGDGHV TXH LPSOLFDP QD
XWLOL]DomR GH LQJUHGLHQWHV PDWpULDV SULPDV H SURFHVVRV TXH SURGX]HP UXtGRV YLEUDo}HV YDSRUHV H
UHVtGXRV SUHMXGLFLDLV j VD~GH j FRQVHUYDomR GRV SUpGLRV YL]LQKRV RX SRU TXDOTXHU RXWUD IRUPD
FDXVHPSROXLomRDPELHQWDO
/;9 XVR SHULJRVR p R XVR LQGXVWULDO FDUDFWHUL]DGR SRU DWLYLGDGHV TXH SRVVDP RULJLQDU H[SORV}HV
LQFrQGLRV WUHSLGDo}HV HPLVV}HV GH JDVHV SRHLUDV H H[DODo}HV TXH FDXVHP SUHMXt]R j VD~GH
FRQVWLWXDP DPHDoD SDUD D YLGD GDV SHVVRDV H SDUD D VHJXUDQoD GDV SURSULHGDGHV YL]LQKDV RX SRU
TXDOTXHURXWUDIRUPDRFDVLRQHPJUDYHSROXLomRDPELHQWDO
/;9,XVRSURLELGRpDTXHOHLQFRPSDWtYHOFRPR]RQHDPHQWRGRLPyYHOH
/;9,,XVRDGHTXDGRFRPOLPLWDo}HVHVSHFLDLVpDTXHOHFXMDFRQIRUPLGDGHjiUHDSRGHVHUDOFDQoDGD
SHORFXPSULPHQWRGH/LPLWDo}HV(VSHFLDLV
778/2,
'$32/7,&$'('(6(192/9,0(172081,&,3$/
&$378/2,
'2635,1&3,26(',5(75,=(6

$UW
&RQVWLWXHPSULQFtSLRVGHVWH3ODQR'LUHWRU
,DSUHVHUYDomRGRPHLRDPELHQWHGDSDLVDJHPHGRSDWULP{QLRFXOWXUDOHDFRQVLGHUDomRGRFDUiWHU
LQVXODU GD PDLRU SDUWH GR WHUULWyULR PXQLFLSDO GD FDSDFLGDGH GH VXSRUWH GR PHLR QDWXUDO H GRV ULVFRV
GHFRUUHQWHVGHDOWHUDo}HVFOLPiWLFDVFRPROLPLWDGRUHVGRFUHVFLPHQWRXUEDQR
,,RGHVHQYROYLPHQWRVXVWHQWiYHOHDJHVWmRLQWHJUDGDGD=RQD&RVWHLUD
,,,DIXQomRVRFLDOHDPELHQWDOGDSURSULHGDGHSULYDGDHDIXQomRVRFLDOGRVHVSDoRVGHSURSULHGDGH
S~EOLFDGHVWLQDGRVDRXVRFRPXP
,9DLQWHJUDomRPHWURSROLWDQDHDIXQomRDGPLQLVWUDWLYDGRWHUULWyULRPXQLFLSDOFRPRVHGHGRJRYHUQR
HVWDGXDO
9DJHVWmRGHPRFUiWLFDHSDUWLFLSDWLYD
9, D FRQFHQWUDomR GD XUEDQL]DomR YHUWLFDO HP ]RQDV GHWHUPLQDGDV RQGH RV FRHILFLHQWHV GH
DSURYHLWDPHQWRPi[LPRVHRQ~PHURGHSDYLPHQWRVPi[LPRSRVVDPVHUDWLQJLGRVDWUDYpVGDRXWRUJD
RQHURVDGRGLUHLWRGHFRQVWUXLUFRPSOHPHQWDGDRQGHKRXYHUSHUPLVVmRFRPRXVRGDWUDQVIHUrQFLD
GRGLUHLWRGHFRQVWUXLU
9,,UHDELOLWDomRHUHTXDOLILFDomRGDVXUEDQL]Do}HVHVSRQWkQHDVHPHQFRVWDVSODQtFLHVHYiU]HDV
9,,,SDUWLFLSDomRGRVLQYHVWLGRUHVHHPSUHHQGHGRUHVQRVFXVWRVGRVHTXLSDPHQWRVHGDLQIUDHVWUXWXUD
QHFHVViULRVjSURGXomRGRVRORHGLILFiYHO
,;UHFRQKHFLPHQWRHYDORUL]DomRGDSURSULHGDGHS~EOLFDGRVHOHPHQWRVQDWXUDLV
;DSURSULDomRVRFLDOGDPDLVYDOLDRULXQGDGDVDOWHUDo}HVGRVtQGLFHVGHFRQVWUXomR
;, SUHVHUYDomR GH ]RQDV QDWXUDLV VXILFLHQWHPHQWH H[WHQVDV HQWUH DV ]RQDV XUEDQL]DGDV PHGLDQWH
QtWLGD VHSDUDomR HVSDFLDO HUUDGLFDQGR RX UHGX]LQGR R LPSDFWR QHJDWLYR GD XUEDQL]DomR OLQHDU QD
FRQIRUPDomRGDSDLVDJHPHQDHVWUXWXUDGDPRELOLGDGHXUEDQDH
;,,LQFHQWLYRHUHFRPSHQVDDRVSURSULHWiULRVSULYDGRVGHiUHDVQDWXUDLVSUHVHUYDGDVOHJLWLPDPHQWH
WLWXODGDVSHORXVRDGHTXDGRGRVUHFXUVRVDPELHQWDLV
2 3ODQR 'LUHWRU GH )ORULDQySROLV WHP FRPR REMHWLYR R SOHQR GHVHQYROYLPHQWR GDV IXQo}HV
VRFLDLVHFRQ{PLFDVHDPELHQWDLVGDFLGDGHJDUDQWLQGRRXVRHDRFXSDomRMXVWDHHTXLOLEUDGDGRVHX
WHUULWyULRGHIRUPDDDVVHJXUDUDWRGRVRVVHXVKDELWDQWHVFRQGLo}HVGHEHPHVWDUTXDOLGDGHGHYLGD
LQFOXVmR H VHJXUDQoD QD FRQIRUPLGDGH FRP R GLVSRVWR QRV DUWV H GD /HL 2UJkQLFD GR
0XQLFtSLRGH)ORULDQySROLV
$UW
3DUiJUDIR QLFR 2V SULQFtSLRV H GLUHWUL]HV HQXQFLDGRV QR SUHVHQWH FDStWXOR VmR GH DSOLFDomR
REULJDWyULD H GHYHUmR VHU FRQVLGHUDGRV SHORV DJHQWHV S~EOLFRV QD SUiWLFD GH WRGDV DV Do}HV GH
H[HFXomRHFRQWUROHGR3ODQR'LUHWRU
$UW
6mRGLUHWUL]HVGR3ODQR'LUHWRUGR0XQLFtSLRGH)ORULDQySROLV
, D SURPRomR GH DFRUGRV LQVWLWXFLRQDLV FRP RXWUDV HVIHUDV GR 3RGHU 3~EOLFR SDUD LQWHJUDomR GDV
UHVSHFWLYDVDo}HVDGPLQLVWUDWLYDVGHFRQWUROHHJHVWmR
,,DSURPRomRGDVXVWHQWDELOLGDGHDPELHQWDOVRFLDOFXOWXUDOHFRQ{PLFDHSROtWLFDGR0XQLFtSLR

,,, D LQWHJUDomR GR PXQLFtSLR GH )ORULDQySROLV QD GLQkPLFD GD 5HJLmR 0HWURSROLWDQD H VXD
FRQVROLGDomR FRPR FHQWUR UHJLRQDO GH GHVHQYROYLPHQWR VXVWHQWiYHO QRV VHWRUHV GH WXULVPR OD]HU
HGXFDomRFXOWXUDHLQRYDomRWHFQROyJLFD
,9RLQFHQWLYRjVDWLYLGDGHVSURGXWLYDVORFDLVDWUDYpVGRDSRLRDRHPSUHHQGHGRULVPRHDPHFDQLVPRV
GHJHUDomRGHHPSUHJRHUHQGDHPHVSHFLDOQDViUHDVGHLQRYDomRWHFQROyJLFDFXOWXUDOD]HUSHVFD
JDVWURQRPLDWXULVPRDUWHVDQDWRDJURSHFXiULDDJULFXOWXUDXUEDQDHDTXLFXOWXUD
9DFULDomRGHPDUFDomRHJHVWmRGHiUHDVYHUGHVXQLGDGHVGHFRQVHUYDomRHiUHDVGHSUHVHUYDomR
SHUPDQHQWHLQFOXVLYHQDVHQFRVWDVXUEDQDVDPHDoDGDVGHRFXSDomRLQWHUOLJDQGRDVSRUFRUUHGRUHV
HFROyJLFRVHSURWHJHQGRDVSRU]RQDVGHDPRUWHFLPHQWRGHLPSDFWRV
9, D SURPRomR GH SDGU}HV DGHTXDGRV GH TXDOLGDGH GR DU GD iJXD GR VROR GRV HVSDoRV DEHUWRV
GDVYLDVHGHPDLViUHDVS~EOLFDVGHPRGRDJDUDQWLUDWRGRVXPDPELHQWHXUEDQRVDXGiYHOOLYUHGH
UHVtGXRVSROXHQWHVLQFOXVLYHGDSROXLomRYLVXDOHVRQRUD
9,, UHDILUPDomR GR PRGHOR SROLQXFOHDGR GH RUJDQL]DomR WHUULWRULDO EDVHDGR QR IRUWDOHFLPHQWR GH
FHQWUDOLGDGHV XUEDQDV GLPLQXLQGR D SUHVVmR GH FUHVFLPHQWR QDV iUHDV GH LQWHUHVVH FXOWXUDO H
DPELHQWDOGDFLGDGHRWLPL]DQGRDSUHVWDomRGHVHUYLoRVGHLQIUDHVWUXWXUDTXDOLILFDQGRDVFRQH[}HVGH
PRELOLGDGH DUWLFXODQGR R GHVHQYROYLPHQWR XUEDQR FRP RV HFRVVLVWHPDV SURSLFLDQGR FRQHFWLYLGDGHV
ELROyJLFDV H D SUHVHUYDomR GR SDWULP{QLR FXOWXUDO YLVDQGR XPD GLVWULEXLomR HTXLOLEUDGD H VXVWHQWiYHO
GHSHVVRDVHDWLYLGDGHVHFRQ{PLFDV
9,,, D UHYLWDOL]DomR H D UHTXDOLILFDomR GDV RUODV PDUtWLPD H ODFXVWUH GR 0XQLFtSLR JDUDQWLQGR H
IDFLOLWDQGR QHVWDV R OLYUH DFHVVR GR S~EOLFR GHVREVWUXLQGR H LPSODQWDQGR FDPLQKRV YDORUL]DQGR DV
DWLYLGDGHVWXUtVWLFDVHGHOD]HULPSODQWDQGRLQIUDHVWUXWXUDQiXWLFDLQFHQWLYDQGRRWUDQVSRUWHPDUtWLPRH
DSRLDQGRDSHVFDDUWHVDQDOHDDTXLFXOWXUD
,; GHPRFUDWL]DomR GR DFHVVR j WHUUD H j PRUDGLD SULRUL]DQGR D KDELWDomR GH LQWHUHVVH VRFLDO H
LQFHQWLYDQGRDUHJXODUL]DomRIXQGLiULDGHDVVHQWDPHQWRVLUUHJXODUHV
; D XQLYHUVDOL]DomR GD PRELOLGDGH H GD DFHVVLELOLGDGH DVVHJXUDQGR SULRULGDGH DRV SHGHVWUHV H
SHVVRDV SRUWDGRUDV GH QHFHVVLGDGHV HVSHFLDLV HP SHUFXUVRV FRQWtQXRV GHVSURYLGRV GH REVWiFXORV
IDYRUHFHQGRRFLFOLVPRHGHVHQYROYHQGRRWUDQVSRUWHFROHWLYR
;, D DIHWDomR SULRULWiULD GRV EHQV GR GRPtQLR S~EOLFR PXQLFLSDO FRPR DV SUDoDV YLDV S~EOLFDV H
GHPDLVORJUDGRXURVDRXVRFROHWLYRHJHUDOGDSRSXODomR
;,,DXQLYHUVDOL]DomRGRDFHVVRDRVDQHDPHQWREiVLFRH
;,,,DLPSODQWDomRGROLYUHDFHVVRjRUODPDUtWLPDIRUPDQGRFLUFXLWRVGHOD]HUHHFRWXULVPR
&$378/2,,
'$6(675$7e*,$6(32/7,&$6'225'(1$0(1727(55,725,$/
$V VHJXLQWHV HVWUDWpJLDV VHUmR DGRWDGDV SDUD DWHQGHU RV SULQFtSLRV REMHWLYRV H GLUHWUL]HV GD
3ROtWLFDGH'HVHQYROYLPHQWR8UEDQR
$UW
, SURPRomR GR RUGHQDPHQWR WHUULWRULDO FRP EDVH HP FULWpULRV GH VXVWHQWDELOLGDGH FRQMXJDQGR D
SUHVHUYDomR GR PHLR DPELHQWH FRP D RWLPL]DomR GDV YRFDo}HV QDWXUDLV FXOWXUDLV HFRQ{PLFDV H
WHFQROyJLFDVGR0XQLFtSLR
,,YDORUL]DomRHUHFRQKHFLPHQWRGDSDLVDJHPQDWXUDOHKLVWyULFRFXOWXUDOGR0XQLFtSLRFRPRSDUkPHWUR

GRGHVHQYROYLPHQWRXUEDQR
,,,LQFUHPHQWRGDPRELOLGDGHXUEDQDHSURPRYHUDFHVVLELOLGDGHXQLYHUVDOHPHGLItFLRVHORJUDGRXURV
,9SULRUL]DomRGRVDQHDPHQWREiVLFRFRPRDomRSUHFtSXDGRGHVHQYROYLPHQWRXUEDQRH
9 LQVHUomR GD KDELWDomR VRFLDO QRV SURJUDPDV GH GHVHQYROYLPHQWR XUEDQR GRV GLYHUVRV VHWRUHV GR
PXQLFtSLR
$UW ,PSOHPHQWDU R RUGHQDPHQWR WHUULWRULDO SURSRQGR XP QRYR PRGHOR GH FLGDGH DGRWDQGR DV
VHJXLQWHVPHGLGDV
,RVSDGU}HVDWXDOL]DGRVGHTXDOLGDGHGHYLGDSDUDFDGDXPGRVEDLUURVGLVWULWRVHVHWRUHVGDFLGDGH
LQFOXLQGR D QRomR GH FHQWUDOLGDGH R UHIRUoR GDV UHODo}HV GH YL]LQKDQoD H R LQFUHPHQWR GD
FRPSOHPHQWDULGDGHGHXVRVHIXQo}HVXUEDQDV
,, D FRQVROLGDomR GD XUEDQL]DomR SROLQXFOHDU QDV iUHDV RQGH Mi RFRUUH HVVD HVWUXWXUD EHP FRPR D
VXD LPSODQWDomR HP iUHDV DWXDOPHQWH SRXFR XUEDQL]DGDV VXVFHWtYHLV GH VHUHP GHVHQYROYLGDV GH
DFRUGRFRPHVVHPRGHORGHRUJDQL]DomRGRWHUULWyULR
,,, D FRQVLGHUDomR GD SDLVDJHP QDWXUDO H FXOWXUDO FRPR SDUkPHWUR GR GHVHQYROYLPHQWR XUEDQR
HTXLOLEUDGR
,9DIXQomRGDFLGDGHSDUDRFRQYtYLRKXPDQRFRPRXPGRVREMHWLYRVSUHFtSXRVGRGHVHQYROYLPHQWR
XUEDQRH
9RDSURYHLWDPHQWRVXVWHQWiYHOGRPDUULRVODJRDVHDTXtIHURVGR0XQLFtSLRHDJDUDQWLDGHOLYUHH
IUDQFR DFHVVR j RUOD PDUtWLPD H DR XVR S~EOLFR GDV PDUJHQV H GDV iJXDV GR PDU H GRV HVSDoRV
KtGULFRVLQWHULRUHV
$UW
2VFRPSRQHQWHVTXHVHDUWLFXODPSDUDDOFDQoDURPRGHORSURSRVWRVmR
,DFRQVHUYDomRGDQDWXUH]DHVWDEHOHFLGDFRPRSUHPLVVDQDPDLRUSDUWHGRWHUULWyULRGR0XQLFtSLR
,, D SRWHQFLDOL]DomR GD SDLVDJHP QDWXUDO H FXOWXUDO TXH FRQVWLWXL D EDVH GDV YRFDo}HV GR 0XQLFtSLR
SDUDROD]HUHRWXULVPR
,,, D UHRUJDQL]DomR GR WHUULWyULR PLJUDQGR GRV PRGHORV GLVVHPLQDGRV GH FRQVWUXo}HV SDUD PRGHOR
SROLQXFOHDU H UHVJDWDQGR DV FDUDFWHUtVWLFDV KLVWyULFDV GRV DVVHQWDPHQWRV GR 0XQLFtSLR GH PRGR D
IRUWDOHFHUDYLGDORFDOHDGLPLQXLURVGHVORFDPHQWRVSHQGXODUHVDWpR&HQWUR
,9DFRQILJXUDomRGHFRUUHGRUHVGHPRELOLGDGHHDUWLFXODomRTXHFRQVLVWHPHPSRWHQFLDOL]DUDVYLDV
H[LVWHQWHV HP HVSHFLDO SHOR LQFUHPHQWR GRV GLYHUVRV PRGDLV GH WUDQVSRUWH FROHWLYR LQWHUOLJDQGR DV
YiULDVFHQWUDOLGDGHVMiH[LVWHQWHVRXTXHYLHUHPDVHUHVWDEHOHFLGDVGHIRUPDUiSLGDFRPVHJXUDQoD
HLPSDFWRVDPELHQWDLVPtQLPRVFRQWHPSODQGR
DDUHFRQILJXUDomRGRPRGHORGDVDWXDLVURGRYLDVHVWDGXDLVTXHFRUWDPR0XQLFtSLRGRWDQGRDVGH
PHOKRUHV FRQGLo}HV GH IOX[R SULRUL]DQGR R WUDQVSRUWH FROHWLYR SUHIHUHQFLDOPHQWH PHGLDQWH D
FRQVWUXomR GH IDL[DV H[FOXVLYDV GH {QLEXV FRQVWUXLQGR FLFORYLDV H YLDV PDUJLQDLV QRV EROV}HV GH
RFXSDomRDOpPGHOLPLWDURFUHVFLPHQWRSRSXODFLRQDODRORQJRGHVXDH[WHQVmRGHIRUPDDLPSHGLUD
IRUPDomR GH JDUJDORV TXH VH VREUHSRQKDP jV IXQo}HV YLWDLV GH FRQH[mR TXH HVVDV YLDV GHYHP
GHVHPSHQKDU
E D QHFHVVLGDGH GH TXDOLILFDU R DVSHFWR SDLVDJtVWLFR GHVVDV YLDV HVVHQFLDLV GRWDQGRDV GDV
FDUDFWHUtVWLFDV GH DODPHGDV UHVHUYDQGR HVSDoR SDUD R SODQWLR GH iUYRUHV GH SRUWH QRV SURMHWRV GH
RWLPL]DomRYLiULD

FDLPSODQWDomRGHFRUUHGRUHVPDUtWLPRVJHUDQGRP~OWLSODVFRQH[}HVQiXWLFDVHQWUHR&RQWLQHQWHHD
,OKD SDUD DWHQGHU DV GHPDQGDV GRV VHWRUHV QRUWH H GR VXO TXH QmR QHFHVVLWDUHP WUDQVLWDU SHOD iUHD
FHQWUDO GD FLGDGH FRQWULEXLQGR SDUD R SODQHMDPHQWR PHWURSROLWDQR GRV WUDQVSRUWHV QD iUHD GH
LQIOXrQFLDGD%DtDGD,OKDGH6DQWD&DWDULQD
9 QRYDV FHQWUDOLGDGHV TXH FRQVLVWHP HP FULDU RSRUWXQLGDGHV XUEDQtVWLFDV FRPSDWtYHLV FRP D
FRQVHUYDomRGDSDLVDJHPQDWXUDOHFXOWXUDODSURYHLWDQGRDVYDQWDJHQVGHORFDOL]DomRHDFHVVLELOLGDGH
GDVSULQFLSDLVYLDVGHPRELOLGDGHHWUDQVSRUWHGHSDVVDJHLURV
3DUD DOFDQoDU RV UHVXOWDGRV GDV HVWUDWpJLDV GR SODQHMDPHQWR XUEDQR R PXQLFtSLR GH
)ORULDQySROLVDGRWDUiDVVHJXLQWHVSROtWLFDV
$UW
, GH UHIRUoR GD SUHVHUYDomR GR PHLR DPELHQWH FRQVROLGDQGR D UHGH GH iUHDV SURWHJLGDV QRV
GLIHUHQWHVVHWRUHVGRPXQLFtSLRRQGHH[LVWLUHPGHIRUPDDVDOYDJXDUGDUQRWDGDPHQWHRVHFRVVLVWHPDV
PDLVIUiJHLVHDVHQFRVWDVDPHDoDGDVGHRFXSDo}HVLQIRUPDLV
,,GHUHIRUoRGHFHQWUDOLGDGHVHFRPSOHPHQWDULGDGHGHXVRVHPEDLUURVHVHWRUHVGDFLGDGH
,,, GH IRUWDOHFLPHQWR GH QRYDV FHQWUDOLGDGHV TXH FRQWULEXDP SDUD D FRQVROLGDomR RX DPSOLDomR GDV
iUHDVGHSUHVHUYDomRHjJHUDomRGHSDUTXHVXUEDQRV
,9 GH RWLPL]DomR GH IOX[RV QDV SULQFLSDLV YLDV FRQHFWRUDV GR 0XQLFtSLR SULRUL]DQGR R WUDQVSRUWH
FROHWLYRLPSOHPHQWDQGRELQiULRVFRQVWUXLQGRFLFORYLDVHTXDOLILFDQGRFDOoDGDVHORJUDGRXURV
9 GH RFXSDomR FRQFHQWUDGD GR VROR HP DPELHQWHV XUEDQL]iYHLV RQGH DLQGD SUHSRQGHUDP JUDQGHV
HVSDoRVYD]LRV
9,GHTXDOLILFDomRGRVHVSDoRVHHTXLSDPHQWRVS~EOLFRVFRPGHVHQKRXUEDQRLQWHJUDGRH
9,,GHUHFXSHUDomRGDVEDtDVHIRUWDOHFLPHQWRGRXVRGRPDU
6(d2,
32/7,&$'()257$/(&,0(172'$08/7,&(175$/,'$'(
$3ROtWLFDGH)RUWDOHFLPHQWRGD0XOWLFHQWUDOLGDGHFRQVLVWHHPFRQVROLGDUXPPRGHORGHXVRH
RFXSDomR SROLQXFOHDU IRUWDOHFHQGR DV FHQWUDOLGDGHV Mi H[LVWHQWHV H HVWDEHOHFHQGR QRYDV
FHQWUDOLGDGHV FRP D FRUUHODWD FULDomR GH iUHDV GH SUHVHUYDomR H OD]HU SUHYHQGR PHOKRULD QRV
HTXLSDPHQWRVVRFLDLVSUHVWDomRGHVHUYLoRVJHUDomRGHHPSUHJRVHDFHVVLELOLGDGHGHWUDQVSRUWH
$UW
6(d2,,
32/7,&$'(2&83$d2&21&(175$'$'262/2(0$0%,(17(685%$1,=9(,6
$ 3ROtWLFD GH 2FXSDomR &RQFHQWUDGD GR 6ROR HP $PELHQWHV 8UEDQL]iYHLV FRQVLVWH HP
HVWDEHOHFHU PDLRU HTXLOtEULR QD RFXSDomR GR FRQMXQWR GR WHUULWyULR FULDQGR Q~FOHRV DGHQVDGRV QRV
JUDQGHV DPELHQWHV QmR XUEDQL]DGRV H QmR VXMHLWRV D FRQVHUYDomR GD SDLVDJHP QDWXUDO H GH
YDORUL]DomR KLVWyULFD GH IRUPD D PDQWHU OLYUH GH FRQVWUXo}HV SDUFHODV LPSRUWDQWHV GR VROR XUEDQR
2FXSDo}HV GHVVH FDUiWHU DSHUIHLoRDP DV UHODo}HV GD XUEDQL]DomR FRP RV HOHPHQWRV QDWXUDLV
IDYRUHFHP D RIHUWD GH VHUYLoRV H LQIUDHVWUXWXUDV H FRPSOHPHQWDP D 3ROtWLFD GH )RUWDOHFLPHQWR GD
0XOWLFHQWUDOLGDGH
$UW

6(d2,,,
32/7,&$ '( 48$/,),&$d2 '26 (63$d26 ( (48,3$0(1726 3%/,&26 &20 '(6(1+2
85%$12,17(*5$'2
$ 3ROtWLFD GH 4XDOLILFDomR GRV (VSDoRV H (TXLSDPHQWRV 3~EOLFRV FRP 'HVHQKR 8UEDQR
,QWHJUDGR FRQVLVWH HP GRWDU D FLGDGH VHXV HVSDoRV S~EOLFRV H VHXV HTXLSDPHQWRV GH SDGU}HV
HVWpWLFRV H IXQFLRQDLV DWXDOL]DGRV HP WRGDV DV ORFDOLGDGHV LQFOXLQGR D TXDOLILFDomR GR GHVHQKR
XUEDQRTXHSUHVVXS}HLQWHUYHQo}HVTXHUHVWDXUDPFRQVROLGDPRXFRPSOHPHQWDPVHWRUHVGDFLGDGH
$UW
3DUiJUDIR QLFR $ TXDOLILFDomR GRV HTXLSDPHQWRV XUEDQRV SUHVVXS}H D DWXDOL]DomR GRV SDGU}HV GH
FDOoDGDVSUDoDVHORJUDGRXURVLQFOXVLYHEDQFRVIORUHLUDVOL[HLUDVSOD\JURXQGVSRVWHVHOXPLQiULDV
EDQFDV GH UHYLVWDV TXLRVTXHV JXDULWDV VDQLWiULRV SRQWRV GH {QLEXV VLQDOL]DomR GH WUkQVLWR H
LQIRUPDWLYDSODFDVGHSURSDJDQGDDQWHQDVGHUiGLRWHOHYLVmRHWHOHIRQLDFHOXODU
6(d2,9
32/7,&$'(5(&83(5$d2'$6%$,$6()257$/(&,0(172'2862'20$5
$3ROtWLFDGH5HFXSHUDomRGDV%DtDVH)RUWDOHFLPHQWRGR8VRGR0DUFRQVLVWHQDYDORUL]DomR
GR XVR GDV EDtDV FRP ILQV DPELHQWDLV GH SURGXomR SHVTXHLUD DTXtFROD GHVSRUWLYD QiXWLFD H
EDOQHiULDHGHWUDQVSRUWHPDUtWLPRHQWUHD,OKDGH6DQWD&DWDULQDHR&RQWLQHQWH
$UW
&$378/2,,,
'$6 (675$7e*,$6 ( 32/7,&$6 '( 35(6(59$d2 ( &216(59$d2 $0%,(17$/
1$785$/3$,6$*67,&2(&8/785$/
3DUDDOFDQoDURVUHVXOWDGRVGHVWDHVWUDWpJLDR0XQLFtSLRDGRWDUiDVSROtWLFDVGH&RQVHUYDomR
GR$PELHQWH1DWXUDOHGD3DLVDJHPHGR3DWULP{QLR&XOWXUDO
$UW
$UW
3DUDPHOKRUHQWHQGLPHQWRDVSROtWLFDVFRQVWDQWHVQRDUWVmRGHILQLGDVDVHJXLU
, $ 3ROtWLFD GH &RQVHUYDomR GR $PELHQWH 1DWXUDO FRQVLVWH QD DSOLFDomR HVSHFtILFD GR RUGHQDPHQWR
WHUULWRULDO SDUD D FRQVHUYDomR GRV UHFXUVRV GR PHLR DPELHQWH HP HVSHFLDO GD ELRGLYHUVLGDGH H GD
JHRGLYHUVLGDGHWDQWRQDViUHDVHVSHFLDLVGHFRQVHUYDomRFRPRQDViUHDVGHRFXSDomRXUEDQDH
,,$3ROtWLFDGD3DLVDJHPHGR3DWULP{QLR&XOWXUDOFRQVLVWHHPFRORFDUDVHUYLoRGDSRSXODomREHQV
PDQLIHVWDo}HV H OXJDUHV UHFRQKHFLGRV FRPR SRUWDGRUHV GH YDORU VRFLDO EHP FRPR JDUDQWLU TXH D
SUHVHUYDomRGDSDLVDJHPHGRSDWULP{QLRVHMDUHIHUrQFLDHSDUkPHWURSDUDRGHVHQYROYLPHQWRXUEDQR
&$378/2,9
'$(675$7e*,$('$632/7,&$6'(02%,/,'$'(($&(66,%,/,'$'(
9LVDQGR D PXGDQoD GRV SDUDGLJPDV DWXDLV D HVWUDWpJLD GH PRELOLGDGH H DFHVVLELOLGDGH

FRPSOHPHQWDGD SHOD SROtWLFD GH IRUWDOHFLPHQWR GD PXOWLFHQWUDOLGDGH FRQWHUi D SUHYLVmR GD LQVWDODomR
GH FRUUHGRUHV GH WUDQVSRUWH GH SDVVDJHLURV GH OLQKDV FLUFXODUHV H LQWUDEDLUURV SDUD R WUDQVSRUWH
FROHWLYREHPFRPRDGLYHUVLILFDomRGRVPRGDLVGHFRQH[mRHQWUHDVGLYHUVDVORFDOLGDGHVGR0XQLFtSLR
HHQWUHD,OKDHR&RQWLQHQWHHWDPEpPFRPDUHJLmRPHWURSROLWDQD
$UW
$UW
3DUDDOFDQoDURVUHVXOWDGRVGHVWDHVWUDWpJLDR0XQLFtSLRLPSOHPHQWDUiDVVHJXLQWHVSROtWLFDV

,GHWUDQVSRUWHKLGURYLiULR
,,GHGHVHQYROYLPHQWRGRWUDQVSRUWHGHPDVVD
,,,GHUHHVWUXWXUDomRGDPDOKDYLiULDLQFOXLQGRDVDo}HVGHPHOKRULDGHIOX[RVH
,9GHLQFUHPHQWRGDPRELOLGDGHFRPEDVHQDDXWRSURSXOVmRGHSHGHVWUHVHFLFOLVWDV
6(d2,
32/7,&$'(,1&5(0(1723$5$$02%,/,'$'('23('(675(('2&,&/,67$
$ 3ROtWLFD GH ,QFUHPHQWR SDUD D 0RELOLGDGH GR 3HGHVWUH H GR &LFOLVWD FRQVLVWH QR IRPHQWR GD
PRELOLGDGHXUEDQDDWUDYpVGDLQWHJUDomRHFRPSOHPHQWDULGDGHGRWUDQVSRUWHQmRPRWRUL]DGRDSHGDO
RXWUDFLRQDGRSHORVHUKXPDQRFRPRVLVWHPDGHWUDQVSRUWHPRWRUL]DGRDGDSWDGRjVFDUDFWHUtVWLFDV
QDWXUDLVHXUEDQDVSURSRUFLRQDQGRGLJQLGDGHHVHJXUDQoDDRFLGDGmR
$UW
3DUiJUDIRQLFR&RQVWLWXHPSUHVVXSRVWRVGD3ROtWLFDGH,QFUHPHQWRSDUDD0RELOLGDGHGR3HGHVWUHH
GR&LFOLVWD
DDTXDOLILFDomRGHFDOoDGDVSDVVHLRVSUDoDVHFLFORYLDVGRWDGDVGHVLQDOL]DomRFRPSDWtYHOH
E D HGXFDomR SDUD R WUkQVLWR D FRQVWUXomR GH IDL[DV GH SHGHVWUHV H D JDUDQWLD GD DFHVVLELOLGDGH
XQLYHUVDO
6(d2,,
32/7,&$'(75$163257(+,'529,5,2
$UW $3ROtWLFDGH7UDQVSRUWH+LGURYLiULRFRQVLVWHHPLQFHQWLYDUDLQVWDODomRGHPHLRVGHWUDQVSRUWH
GH SDVVDJHLURV H FDUJDV FRP SRUWRV RX DWUDFDGRXURV GH PRGR D DSHUIHLoRDU H TXDOLILFDU HVVD
PRGDOLGDGHGRWUDQVSRUWHDOpPGHPLWLJDURVYROXPHVGHIOX[RVQRVLVWHPDYLiULR
6(d2,,,
32/7,&$'(6,67(0$9,5,23$'521,=$'2(+,(5$548,=$'2
$ SROtWLFD YLiULD GHYHUi REHGHFHU DRV SULQFtSLRV GH SULRULGDGH DR SRUWDGRU GH QHFHVVLGDGHV
HVSHFLDLV DR SHGHVWUH H DR FLFOLVWD GH YDORUL]DomR GR WUDQVSRUWH FROHWLYR QDV SULQFLSDLV YLDV GH
GHVORFDPHQWRVGHYHtFXORVGR0XQLFtSLRHGDFRH[LVWrQFLDGRVGLYHUVRVPRGDLV
$UW
$ UHIRUPD GR SDYLPHQWR GDV YLDV SULQFLSDLV H VHWRULDLV QmR SRGHUi VHU HIHWXDGD VHP R
FRUUHVSRQGHQWHSURMHWRGHLPSODQWDomRGHFLFORIDL[D
$VREUDVYLiULDVQDVHQFRVWDVVHMDPS~EOLFDVRXSULYDGDVGHYHUmRVHUQRVQRYRVORWHDPHQWRV
DGHTXDGDVjVFXUYDVGHQtYHOGHIRUPDDSUHYHQLUDHURVmRHJDUDQWLUDVHJXUDQoDGRVWUDQVSRUWHV
$VQRYDVYLDVGHDFHVVRURGRYLiULRjRUODPDUtWLPDGHYHUmRVHJXLURWUDoDGRSHUSHQGLFXODUjRUOD
HYLWDQGRVH D LPSODQWDomR ORQJLWXGLQDO VXVFHWtYHO GH FDXVDU GDQRV j SDLVDJHP OLWRUkQHD H DRV EHQV
QDWXUDLVFRVWHLURV
$UW
$ 3ROtWLFD GH 6LVWHPD 9LiULR 3DGURQL]DGR H +LHUDUTXL]DGR GHYH FRQYLYHU FRP SURJUDPDV

HVSHFtILFRVGRWDGRVGHFDUiWHUHIHWLYRVREUH
,IDL[DVHYLDVH[FOXVLYDVSDUDRWUDQVSRUWHGHPDVVD
,,IDL[DGHSHGHVWUHHPQtYHOHVHPiIRURVDFLRQDGRVSRUSHGHVWUHV
,,,LPSODQWDomRGHSDUDGDVGH{QLEXVGRWDGDVGHHVSDoRVSUySULRVQDVYLDVVHWRULDLV
,9LPSODQWDomRGHELQiULRV
9FRQVWUXomRGHFLFORYLDV
9, YLDV FDOoDGDV H iUHDV SDUD SHGHVWUHV LQFOXLQGR DFHVVLELOLGDGH D SHVVRDV FRP GHILFLrQFLD RX
PRELOLGDGHUHGX]LGDJDUDQWLQGRDUHODomRGHFRQWLQXLGDGHHDFHVVLELOLGDGHFRPDVHGLILFDo}HV
9,,LQWHJUDomRGHYLDVXUEDQDVLQWHULQWUDEDLUURVHORFDLV
9,,,LPSODQWDomRGHiUHDVGHHVWDFLRQDPHQWRLQFOXLQGRELFLFOHWiULRVH
,;LQIUDHVWUXWXUDHVLQDOL]DomRLQFOXLQGRDVLQDOL]DomRWXUtVWLFD
6(d2,9
32/7,&$'('(6(192/9,0(172'275$163257(&2/(7,92
$ 3ROtWLFD GH 'HVHQYROYLPHQWR GR 7UDQVSRUWH &ROHWLYR FRQVLVWH HP LQWHJUDU HP HVFDOD
PHWURSROLWDQDDVFHQWUDOLGDGHVDViUHDVRFXSDGDVGHXPPRGRJHUDOHRVGHVWLQRVQDWXUDLVOLYUHVGH
RFXSDomRPDVSRUWDGRUHVGHYDORUHVHGXFDWLYRVHWXUtVWLFRVDWUDYpVGHXPVLVWHPDKLHUDUTXL]DGRGH
DWHQGLPHQWRVHUYLGRSRUGLYHUVRVPRGDLVHGLIHUHQWHVHTXLSDPHQWRVGHWUDQVSRUWHFROHWLYRREMHWRGH
SURJUDPDHVSHFtILFR
$UW
$ 3ROtWLFD GH 'HVHQYROYLPHQWR GR 7UDQVSRUWH &ROHWLYR SUHVVXS}H D SUHVWDomR GH VHUYLoRV GH
TXDOLGDGH SUDWLFDGRV HP WRGR R 0XQLFtSLR H GLVSRQLELOL]DGRV QRV KRUiULRV H GLDV GD VHPDQD
QHFHVViULRVSHUPLWLQGRDFHVVRDRWUDEDOKRjHVFRODHDROD]HU
$UW
$3ROtWLFDGH'HVHQYROYLPHQWRGR7UDQVSRUWH&ROHWLYRUHTXHUTXDOLGDGHGHHTXLSDPHQWRVWDLV
FRPRYHtFXORVDXWRPRWRUHVGHWRGRVRVWLSRVHPEDUFDo}HVWi[LVYDQVWHOHIpULFRVHDILQVWHUPLQDLVH
DEULJRVEHPFRPRRVGLVSRVLWLYRVGHVLQDOL]Do}HV
$UW
$FRPXQLFDomRYLVXDOGHYHUiVHUDWXDOL]DGDLQIRUPDWLYDHDWUDHQWH
$SROXLomRYLVXDOHDVRQRUDGHYHUmRVHUSURLELGDVHVXSULPLGDV
&$378/29
'$(675$7e*,$(32/7,&$'(6$1($0(172%6,&2
$UW $HVWUDWpJLDGHVDQHDPHQWREiVLFRFRQVLVWHQDLPSOHPHQWDomRGD3ROtWLFD0XQLFLSDO,QWHJUDGD
GH 6DQHDPHQWR %iVLFR YLVDQGR j XQLYHUVDOL]DomR GR DFHVVR D HVWHV VHUYLoRV QR PXQLFtSLR GH
)ORULDQySROLV
$UW $ 3ROtWLFD GH 6DQHDPHQWR %iVLFR FRQVLVWH QD DGRomR GH LQIUDHVWUXWXUDV H LQVWDODo}HV
RSHUDFLRQDLVGH

, DEDVWHFLPHQWR GH iJXD SRWiYHO FRQVWLWXtGR SHODV DWLYLGDGHV LQIUDHVWUXWXUDV H LQVWDODo}HV

QHFHVViULDVDRDEDVWHFLPHQWRS~EOLFRGHiJXDSRWiYHOGHVGHDFDSWDomRDWpDVOLJDo}HVSUHGLDLVRV
VHUYLoRVGHLQWHUHVVHS~EOLFRHUHVSHFWLYRVLQVWUXPHQWRVGHPHGLomR
,, HVJRWDPHQWR VDQLWiULR FRQVWLWXtGR SHODV DWLYLGDGHV LQIUDHVWUXWXUDV H LQVWDODo}HV RSHUDFLRQDLV GH
FROHWD WUDQVSRUWH WUDWDPHQWR H GLVSRVLomR ILQDO DGHTXDGRV GH HVJRWRV VDQLWiULRV GHVGH DV OLJDo}HV
SUHGLDLVDWpRODQoDPHQWRILQDOQRPHLRDPELHQWH
,,, GUHQDJHP H PDQHMR GDV iJXDV SOXYLDLV XUEDQDV HQWHQGLGR FRPR R FRQMXQWR GH DWLYLGDGHV
LQIUDHVWUXWXUDV H LQVWDODo}HV RSHUDFLRQDLV GH GUHQDJHP XUEDQD GH iJXDV SOXYLDLV GH WUDQVSRUWH
GHWHQomR RX UHWHQomR SDUD R DPRUWHFLPHQWR GH YD]}HV GH FKHLDV WUDWDPHQWR H GLVSRVLomR ILQDO GDV
iJXDVSOXYLDLVGUHQDGDVQDViUHDVXUEDQDV
,9PDQHMRGRVUHVtGXRVVyOLGRVFRQMXQWRGHDWLYLGDGHVLQIUDHVWUXWXUDVHLQVWDODo}HVRSHUDFLRQDLVGH
FROHWDWUDQVSRUWHWUDQVERUGRWUDWDPHQWRHGHVWLQRILQDOGRUHVtGXRGRPpVWLFRHGRUHVtGXRRULJLQiULR
GDOLPSH]DXUEDQDDVVLPFRPRDo}HVYROWDGDVjJHVWmRHDRFRQWUROHGRJHUHQFLDPHQWRGRUHVtGXR
VROLGRQmRDVVHPHOKDGRDRUHVtGXRGRPpVWLFRHGDOLPSH]DXUEDQD
9 OLPSH]D XUEDQD FRQMXQWR GH DWLYLGDGHV LQIUDHVWUXWXUDV H LQVWDODo}HV RSHUDFLRQDLV GH YDUULomR H
OLPSH]D GH ORJUDGRXURV H YLDV S~EOLFDV FRPR FDSLQD OLPSH]D GH SUDLDV SRGD GH iUYRUHV H RXWURV
HYHQWXDLVVHUYLoRVSHUWLQHQWHVjOLPSH]DS~EOLFDXUEDQDH
9,FRQWUROHGHYHWRUHVH]RRQRVHVFRQMXQWRGHDWLYLGDGHVLQIUDHVWUXWXUDVHLQVWDODo}HVRSHUDFLRQDLV
QHFHVViULDVSDUDRFRQWUROHGHDQLPDLVVLQDQWUySLFRVHGRPpVWLFRV
6(d2,
32/7,&$081,&,3$/,17(*5$'$'(6$1($0(172%6,&2
$UW $ 3ROtWLFD 0XQLFLSDO ,QWHJUDGD GH 6DQHDPHQWR %iVLFR VHUi YLDELOL]DGD DWUDYpV GRV VHJXLQWHV
LQVWUXPHQWRV
,LQVWUXPHQWRVGHSODQHMDPHQWRGDVDo}HVGHVDQHDPHQWREiVLFR
D3ODQR0XQLFLSDO,QWHJUDGRGH6DQHDPHQWR%iVLFR
E3ODQR0XQLFLSDOGH*HVWmR,QWHJUDGDGRV5HVtGXRV6yOLGRV
F3ODQR'LUHWRUGH'UHQDJHP8UEDQD
,,&RQVHOKR0XQLFLSDOGH6DQHDPHQWR%iVLFRSDUDJHVWmRFRPSDUWLOKDGDFRPDVRFLHGDGHHSDUDR
FRQWUROHVRFLDO
,,,)XQGR0XQLFLSDOGH6DQHDPHQWR%iVLFRSDUDRDSRUWHGHUHFXUVRVjVDo}HVGDSROtWLFD
,9$JrQFLD5HJXODGRUDSDUDDILVFDOL]DomRDQRUPDWL]DomRHRFRQWUROHGRVVHUYLoRVGHVDQHDPHQWR
EiVLFR
92SHUDGRUDVGRV6HUYLoRVSDUDDJHVWmRRSHUDFLRQDOHWpFQLFDGRVVHUYLoRVGHVDQHDPHQWREiVLFR
9,UJmR*HVWRUSDUDRSODQHMDPHQWRDDUWLFXODomRHDJHVWmRGRVVHUYLoRVGHVDQHDPHQWREiVLFR
9,,6LVWHPDGH,QIRUPDo}HVHP6DQHDPHQWRSDUDRPRQLWRUDPHQWRGDVDo}HVGDSROtWLFDH
9,,,&RQIHUrQFLD0XQLFLSDOGH6DQHDPHQWR%iVLFRSDUDDSDUWLFLSDomRHFRQWUROHVRFLDOFRQVWLWXLQGR

VHHPXPIyUXPGHGHEDWHVSDUDDYDOLDUHSURSRUDMXVWHVQD3ROtWLFD0XQLFLSDOGH6DQHDPHQWR%iVLFR
SDUDDOFDQoDUSURJUHVVLYDPHQWHjXQLYHUVDOL]DomRGRDFHVVRDRVVHUYLoRVGHVDQHDPHQWREiVLFR
DVVLPFRPRDVXDPHOKRUTXDOLILFDomRRVSODQRVGHVDQHDPHQWRVHUmRHVWUXWXUDGRVDSDUWLUGHPHWDV
GHFXUWRPpGLRHORQJRSUD]RVFRPYLVWDVD
DDWHQGHUDVGHPDQGDVUHODWLYDVDRVVHUYLoRVEDVHDGDQDKLHUDUTXL]DomRGDVXQLGDGHVWpFQLFDVGH
SODQHMDPHQWRPLFUREDFLDVKLGURJUiILFDVGRPXQLFtSLRTXHUHTXHLUDPDWHQGLPHQWRSULRULWiULRH
E VROXFLRQDU H HQFDPLQKDU TXHVW}HV UHODFLRQDGDV DRV VHXV DVSHFWRV WpFQLFRV LQVWLWXFLRQDLV
RSHUDFLRQDLVILQDQFHLURVILVFDLVFRQWiEHLVHMXUtGLFRV
2VSURJUDPDVSURMHWRVHDo}HVVmRRVPHFDQLVPRVRSHUDFLRQDLVSDUDDWLQJLUDVPHWDVSURSRVWDV
QRVSODQRV
2 GHVHQYROYLPHQWR XUEDQR GR 0XQLFtSLR QR TXH WDQJH j 3ROtWLFD 0XQLFLSDO ,QWHJUDGR GH
6DQHDPHQWR %iVLFR GHYHUi LQFRUSRUDU QDV VXDV SURSRVLo}HV QRYRV FULWpULRV GH VXVWHQWDELOLGDGH
EDVHDQGRVHQRVVHJXLQWHVSULQFtSLRV
$UW
,LQWHJUDomRGRFLFORGDViJXDVFRQVLGHUDQGRVHXVGLYHUVRVXVRVHDQHFHVVLGDGHGHGLPLQXLUVXDV
H[WHUQDOLGDGHVQHJDWLYDV
,, WHFQRORJLDV DOWHUQDWLYDV VXVWHQWiYHLV DPELHQWDOPHQWH SDUD VROXo}HV GH VDQHDPHQWR EiVLFR QDV
ORFDOLGDGHVRXHPVLWXDo}HVRQGHVHDSUHVHQWHPDSURSULDGDV
,,, QmR JHUDomR UHGXomR UHXWLOL]DomR UHFLFODJHP H WUDWDPHQWR GRV UHVtGXRV VyOLGRV EHP FRPR
GLVSRVLomRILQDODPELHQWDOPHQWHDGHTXDGDGRVUHMHLWRV
,9UHVSRQVDELOL]DomRGRVDJHQWHVSURGXWRUHVSHORVUHVtGXRVJHUDGRVHPUD]mRGRVVHXVSURGXWRVRX
GRVVHXVVLVWHPDVGHSURGXomRHVXDVFRQVHTXHQWHVH[WHUQDOLGDGHVQHJDWLYDV
9UHGXomRGDVSHUGDVQRVVLVWHPDVGHDEDVWHFLPHQWRGHiJXD
9, GHVHQYROYLPHQWR GH DOWHUQDWLYDV GH UHXWLOL]DomR GH iJXDV H QRYDV DOWHUQDWLYDV GH FDSWDomR SDUD
XVRVTXHQmRUHTXHLUDPFRQGLo}HVGHSRWDELOLGDGH
9,,SURWHomRGRVPDQDQFLDLVVXSHUILFLDLVHVXEWHUUkQHRV
9,,,FDSWDomRHRXDSURYHLWDPHQWRGHiJXDVSOXYLDLVQDVHGLILFDo}HV
,;LQWURGXomRGHFRQFHLWRVGHDEVRUomRUHWHQomRHGHWHQomRQRVSURMHWRVGHGUHQDJHPXUEDQDQDV
iUHDVSULYDGDVHS~EOLFDV
;SUHVHUYDomRHUHFXSHUDomRGDViUHDVGHLQWHUHVVHSDUDDGUHQDJHPWDLVFRPRYiU]HDVIXQGRVGH
YDOHIDL[DVVDQLWiULDVGRVFXUVRVGHiJXDiUHDVVXMHLWDVDLQXQGDo}HVHFDEHFHLUDVGHGUHQDJHP
;,FRPSDWLELOL]DomRGHiUHDVGHLQWHUHVVHSDUDDGUHQDJHPFRPXVRVGHSDUTXHVSUDoDVHiUHDVGH
UHFUHDomR
;,,FRQWUROHGHLPSHUPHDELOL]DomRGRVRORH
;,,,HGXFDomRVDQLWiULDHDPELHQWDO
2 OLFHQFLDPHQWR GH QRYDV HGLILFDo}HV GH TXDOTXHU HVSpFLH GH XVR HVWi FRQGLFLRQDGR j
H[LVWrQFLD H DR IXQFLRQDPHQWR GRV VLVWHPDV S~EOLFRV GH DEDVWHFLPHQWR GH iJXD GH HVJRWDPHQWR
VDQLWiULRGUHQDJHPHGHPDQHMRGHUHVtGXRVVyOLGRV
$UW

3DUiJUDIR QLFR 1D DXVrQFLD GD LQIUDHVWUXWXUD S~EOLFD FLWDGD QR FDSXW GHVWH DUWLJR GHYHUmR VHU
DGRWDGRVVLVWHPDVDXW{QRPRVGHVGHTXHQmRVHSRQKDPHPULVFRDTXDOLGDGHGDViJXDVVXSHUILFLDLV
HVXEWHUUkQHDVHDUHFDUJDGRVDTXtIHURVVXEPHWHQGRVHDRFRQWUROHHILVFDOL]DomRGR3RGHU3~EOLFR
UHVSHLWDQGRGHILQLo}HVGHOHJLVODo}HVHVSHFtILFDV
$UW $V iUHDV QHFHVViULDV SDUD D LPSODQWDomR GD LQIUDHVWUXWXUD GH VDQHDPHQWR EiVLFR VHUmR
GHILQLGDVGHDFRUGRFRPDVHVSHFLILFLGDGHVGHFDGDSURMHWRRVTXDLVVHVXEGLYLGHPHP
,VLVWHPDGHDEDVWHFLPHQWRGHiJXD
,,VLVWHPDGHHVJRWDPHQWRVDQLWiULR
,,,PDQHMRGRVUHVtGXRVVyOLGRV
,9GLVSRVLomRILQDOGRVUHMHLWRV
9OLPSH]DS~EOLFD
9,VLVWHPDGHGUHQDJHPHPDQHMRGDViJXDVSOXYLDLVXUEDQDVH
9,,FRQWUROHGHYHWRUHVH]RRQRVHV
3DUiJUDIR QLFR $ LQIUDHVWUXWXUD GH TXH WUDWD R FDSXW GHVWH DUWLJR VHUi LPSODQWDGD UHVSHLWDQGR DV
VHJXLQWHVFRQGLFLRQDQWHV
,UHVSHLWHPDVOLPLWDo}HVGHXVRHRFXSDomRMiHVWDEHOHFLGDVSRUOHJLVODo}HVHVSHFtILFDV
,,DWHQGDPDVQRUPDVWpFQLFDVHVSHFtILFDVH
,,, VHMDP GHYLGDPHQWH OLFHQFLDGDV QDTXLOR TXH FRXEHU SHORV yUJmRV DPELHQWDLV H XUEDQtVWLFRV
FRPSHWHQWHVGHPRGRDFRPSDWLELOL]DURHPSUHHQGLPHQWRFRPDYL]LQKDQoDGHHQWRUQR
&$378/29,
'$(675$7e*,$(32/7,&$6'(+$%,7$d262&,$/
$(VWUDWpJLDGH+DELWDomRGH,QWHUHVVH6RFLDO+,6FRQVLVWHHPLPSXOVLRQDUSURMHWRVXUEDQRV

TXHSURPRYDPDLQFOXVmRVRFLDOHFRQ{PLFDDPELHQWDOHHVSHFLDOWDQWRFRPQRYRVHPSUHHQGLPHQWRV
FRPRDWUDYpVGDUHJXODUL]DomRIXQGLiULDGHiUHDVRFXSDGDV
$UW
$(VWUDWpJLDGH+DELWDomRGH,QWHUHVVH6RFLDO+,6DWHQGHUiIDPtOLDVFRPUHQGLPHQWRPHQVDO

GH]HURDGH]VDOiULRVPtQLPRVFRQIRUPHDVHJXLQWHFODVVLILFDomRHVLWXDomR
$UW
, +DELWDomR GH %DL[D 5HQGD +%5 DTXHOH HPSUHHQGLPHQWR GHVWLQDGR D SRSXODomR FRP UHQGD
IDPLOLDU GH ]HUR D WUrV VDOiULRV PtQLPRV RX UHQGD SHU FDSLWD PHQRU RX HTXLYDOHQWH D VDOiULRV
PtQLPRV
,,+DELWDomRGH0HUFDGR3RSXODU+03DTXHOHHPSUHHQGLPHQWRGHVWLQDGRDSRSXODomRFRPUHQGD
IDPLOLDUDFLPDGHWUrVDWpVHLVVDOiULRVPtQLPRVH
,,, +DELWDomR GH 0HUFDGR +0 DTXHOH HPSUHHQGLPHQWR GHVWLQDGR D SRSXODomR FRP UHQGD IDPLOLDU
DFLPDGHVHLVDWpGH]VDOiULRVPtQLPRV

$UW &DUDFWHUL]DVH FRPR KDELWDomR GH LQWHUHVVH VRFLDO DV Do}HV GH SDUFHODPHQWR GR VROR
UHJXODUL]DomRIXQGLiULDFRQVWUXomRUHIRUPDHDGHTXDomRGHHGLILFDomRRXGHFRQMXQWRGHHGLILFDo}HV
LQWHJUDGDVDVGHPDLVSROtWLFDVGHGHVHQYROYLPHQWRXUEDQRYROWDGDVDPHOKRULDGHTXDOLGDGHGHYLGD
GDSRSXODomRGHEDL[DUHQGD
3DUDDOFDQoDUHVWDHVWUDWpJLDRPXQLFtSLRGH)ORULDQySROLVLPSOHPHQWDUiD3ROtWLFDGH,QWHJUDomR
GD+DELWDomRGH,QWHUHVVH6RFLDODR'HVHQYROYLPHQWR8UEDQR
$UW
6(d2,
32/7,&$'(,17(*5$d2'$+$%,7$d2'(,17(5(66(62&,$/$2'(6(192/9,0(172
85%$12
$3ROtWLFDGH,QWHJUDomRGD+DELWDomRGH,QWHUHVVH6RFLDODR'HVHQYROYLPHQWR8UEDQRFRQVLVWH
HP SUHYHU ]RQDV H iUHDV HVSHFLDLV GH KDELWDomR GH LQWHUHVVH VRFLDO HVWLPXODU RSHUDo}HV XUEDQDV
FRQVRUFLDGDV H SURMHWRV HVSHFLDLV FRP D ILQDOLGDGH RX TXH FRQWHQKDP IyUPXODV GH HVWLPXOR GD
SURGXomRGHPRUDGLDVRFLDOHPWRGDVDVUHJL}HVGDFLGDGH
$UW
$V 3ROtWLFDV GH 2FXSDomR &RQFHQWUDGD GR 6ROR HP $PELHQWHV 8UEDQL]iYHLV H GR
0XOWLFHQWUDOLGDGH GHYHUmR LQWHJUDUVH j 3ROLWLFD GH ,QWHJUDomR GD +DELWDomR GH ,QWHUHVVH 6RFLDO TXH
GHYHUiDEDUFDUDo}HVGDLQLFLDWLYDS~EOLFDHSULYDGDHSRGHUiVHULPSOHPHQWDGDDWUDYpVGRVSURJUDPDV
GR DQH[R UHVSHLWDGDV DV GLUHWUL]HV JHUDLV GR 3ODQR 'LUHWRU DV SROtWLFDV S~EOLFDV H RV LQFHQWLYRV j
LQLFLDWLYDSULYDGDQRDWHQGLPHQWRjGHPDQGDKDELWDFLRQDOGHLQWHUHVVHVRFLDOREVHUYDUmRRVVHJXLQWHV
SULQFtSLRV
$UW
, DPSOLDomR GR DFHVVR D WHUUD XUEDQL]DGD SDUD HPSUHHQGLPHQWRV GHVWLQDGRV D SRSXODomR GH

LQWHUHVVHVRFLDOFRPSULRULGDGHSDUDVXDSHUPDQrQFLDQDiUHDRFXSDGD
,, PDQXWHQomR H DPSOLDomR GD TXDOLGDGH HGLOtFLD PHOKRULD GDV FRQGLo}HV GH VXVWHQWDELOLGDGH
XUEDQtVWLFDVRFLDOHDPELHQWDO
,,,DUWLFXODomRFRPDVSROtWLFDVVHWRULDLVGHKDELWDomRGHHGXFDomRGHVD~GHGHPHLRDPELHQWHGH
VDQHDPHQWR EiVLFR H GH PRELOLGDGH XUEDQD QRV GLIHUHQWHV QtYHLV GH JRYHUQR YROWDGDV j LQFOXVmR
VRFLDOHjJHUDomRGHHPSUHJRHUHQGD
,9HVWtPXORjSDUWLFLSDomRSRSXODUHjUHVROXomRDGPLQLVWUDWLYDHH[WUDMXGLFLDOGHFRQIOLWRV
9FRPEDWHjH[SDQVmRHRFXSDomRLUUHJXODUGRVRORFRPPHGLGDVGHILVFDOL]DomRHHGXFDomRVyFLR
DPELHQWDO
9, LPSODQWDomR H UHJXODPHQWDomR GH LQVWUXPHQWRV H PHGLGDV DGPLQLVWUDWLYDV VLPSOLILFDGDV QR
DWHQGLPHQWRjGHPDQGDKDELWDFLRQDOFRPREVHUYkQFLDGRVSULQFtSLRVGDFHOHULGDGHHHILFLrQFLD
9,, HVWtPXOR D DSOLFDomR GH SDGU}HV XUEDQtVWLFRV H DUTXLWHW{QLFRV GH PDLRU GHQVLGDGH H WLSRORJLD
DUTXLWHW{QLFDDJUXSDGDH
9,,,PLVFLJHQDomRGHXVRVTXHFRQWHPSOHPDWLYLGDGHVSURGXWLYDVHJHUDGRUDVGHHPSUHJRSDUDHVWHV
PHVPRVVHJPHQWRVSRSXODFLRQDLVDVVLPFRPRXPDORFDOL]DomRYLQFXODGDDRVJUDQGHVFRUUHGRUHVGH
WUDQVSRUWHVS~EOLFRVGHSDVVDJHLURVFRPRLQGLFDGRSHODUHVSHFWLYDSROtWLFD
3DUiJUDIRQLFR2VSURMHWRVSHoDVWpFQLFDVHUHTXHULPHQWRVQRkPELWRGHDWHQGLPHQWRjGHPDQGD
KDELWDFLRQDO GD SRSXODomR GH LQWHUHVVH VRFLDO WHUmR SULRULGDGH GH WUDPLWDomR QRV yUJmRV GD
DGPLQLVWUDomR GLUHWD H LQGLUHWD GR 0XQLFtSLR TXDQGR IRUPDOPHQWH VROLFLWDGR SHOR yUJmR PXQLFLSDO
UHVSRQViYHOSHODSROtWLFDKDELWDFLRQDO

778/2,,
3/$12'(862(2&83$d2'262/2
&$378/2,
'2=21($0(172
3DUD HIHLWRV GH DSOLFDomR GR 3ODQR 'LUHWRU R WHUULWyULR HVWi GLYLGLGR HP iUHDV GHOLPLWDGDV QRV
PDSDVHPDQH[RTXHVmRSDUWHVLQWHJUDQWHVGHVWD/HL&RPSOHPHQWDUVHJXQGRDVFDWHJRULDVDVHJXLU
5HJXODPHQWDGRSHOR'HFUHWRQ
$UW
0DFUR UHDV GH 8VRV QmR 8UEDQRV FRP D IXQomR SUHFtSXD GH DEULJDU H GHVHQYROYHU D
ELRGLYHUVLGDGH
, UHD GH 3UHVHUYDomR 3HUPDQHQWH $33 RV HVSDoRV WHUULWRULDLV GHFODUDGRV GH SURWHomR SHOD
OHJLVODomRXUEDQtVWLFDDQWHULRUQRWDGDPHQWHSHOD/HLQGHHSHOD/HL&RPSOHPHQWDUQ
GH FRQIRUPH ]RQHDPHQWR FRQVROLGDGR QRV PDSDV GHVWD /HL &RPSOHPHQWDU UHFREHUWRV RX QmR
SRU YHJHWDomR QDWLYD FRP D IXQomR DPELHQWDO GH SUHVHUYDU RV UHFXUVRV KtGULFRV D SDLVDJHP D
HVWDELOLGDGH JHROyJLFD H D ELRGLYHUVLGDGH IDFLOLWDU R IOX[R JrQLFR GH IDXQD H IORUD SURWHJHU R VROR H
DVVHJXUDUREHPHVWDUGDVSRSXODo}HVKXPDQDVFRQIRUPHGHILQLGDVQDOHJLVODomRYLJHQWH
,, 8QLGDGH GH &RQVHUYDomR 8& RV HVSDoRV WHUULWRULDLV H VHXV UHFXUVRV DPELHQWDLV LQFOXLQGR DV
iJXDVMXULVGLFLRQDLVFRPFDUDFWHUtVWLFDVQDWXUDLVUHOHYDQWHVOHJDOPHQWHLQVWLWXtGRVSHOR3RGHU3~EOLFR
FRPREMHWLYRVGHFRQVHUYDomRVHQGRGRWDGDVGHOLPLWHVGHILQLGRVFRORFDGRVVREUHJLPHHVSHFLDOGH
DGPLQLVWUDomRDRTXDOVHDSOLFDPJDUDQWLDVDGHTXDGDVGHSURWHomRH
,,, UHDV GH (OHPHQWRV +tGULFRV $(+ VmR DV iUHDV QDWXUDLV RX DUWLILFLDLV SHUPDQHQWH RX
WHPSRUDULDPHQWHUHFREHUWDVSRUiJXDFRPRRPDURVODJRVHODJRDVDVUHSUHVDVHDoXGHVRVULRV
FyUUHJRVHFDQDLV
0DFUR UHDV GH 7UDQVLomR TXH SHUPLWHP XVRV XUEDQRV GH EDL[D GHQVLGDGH FRP D IXQomR GH
SURWHJHUDVUHDVGH8VRVQmR8UEDQRVHUHVHUYDUiUHDVSDUDH[SDQVmRXUEDQDHPORQJRSUD]R
, UHDV GH 3UHVHUYDomR FRP 8VR /LPLWDGR $3/ RV HVSDoRV WHUULWRULDLV TXH HP YLUWXGH GH VXDV
FDUDFWHUtVWLFDVGHGHFOLYLGDGHGRWLSRGHYHJHWDomRRXGDYXOQHUDELOLGDGHDRVIHQ{PHQRVQDWXUDLVQmR
DSUHVHQWDPFRQGLo}HVDGHTXDGDVSDUDVXSRUWDUGHWHUPLQDGDVIRUPDVGHXVRGRVRORVHPSUHMXt]RGR
HTXLOtEULRHFROyJLFRRXGDSDLVDJHPQDWXUDOVXEGLYLGLQGRVHHP
D UHD GH 3UHVHUYDomR FRP 8VR /LPLWDGR GH (QFRVWD $3/( VmR DV iUHDV RQGH SUHGRPLQDP DV
GHFOLYLGDGHV HQWUH WULQWD SRU FHQWR H TXDUHQWD H VHLV YtUJXOD VHLV GpFLPRV SRU FHQWR EHP FRPR DV
iUHDV VLWXDGDV DFLPD GD FRWD TXH Mi QmR HVWHMDP DEUDQJLGDV SHODV UHDV GH 3UHVHUYDomR
3HUPDQHQWH$33H
EUHDGH3UHVHUYDomRFRP8VR/LPLWDGRGH3ODQtFLH$3/3VmRIRUPDGDVSHODVSODQtFLHVTXHVH
FDUDFWHUL]DPSRUVHUHPIRUPDGDVSRUGHSyVLWRVVHGLPHQWDUHVSUHGRPLQDQWHPHQWHDUHQRVRVHDUHQR
DUJLORVRV RULXQGRV GH DPELHQWHV PDULQKRV ODFXVWUHV HyOLFRV IOXYLDLV OHTXHV DOXYLDLV H FRO~YLR
HOXYLDLVLQWULQVHFDPHQWHUHODFLRQDGRVjVYDULDo}HVGRQtYHOPDULQKRRFRUULGDVGXUDQWHR4XDWHUQiULR
HQFRQWUDUHPVHORFDOL]DGDVJHUDOPHQWHQRHQWRUQRLPHGLDWRGDVUHDVGH3UHVHUYDomRHIXQFLRQDQGR
FRPR iUHDV GH SURWHomR GDV XQLGDGHV GH FRQVHUYDomR PXLWDV YH]HV FREHUWDV SRU YHJHWDomR WLSR
)ORUHVWD $WOkQWLFD HRX GH 5HVWLQJD HP HVWiJLRV PpGLR H DYDQoDGR GH UHJHQHUDomR FRQILJXUDUHP
UHJL}HV FRP XVR GR VROR PXOWLIXQFLRQDO GH EDL[D RFXSDomR H TXH DSUHVHQWD DLQGD FDUDFWHUtVWLFDV
UXUDLV RQGH FRUUHGRUHV HFROyJLFRV H XVRV DJUiULRV HVWmR PHVFODGRV FRP XVRV XUEDQRV UDUHIHLWRV
FRPSDWtYHLVFRPRHQWRUQRQDWXUDO

,,UHD5HVLGHQFLDO5XUDO$55RQGHFRH[LVWHPXVRVXUEDQRVHUXUDLVGHSHTXHQRSRUWHVXSRUWDGRV

SRUXPDHVWUXWXUDYLiULDHIXQGLiULDUXUDOGHVWLQDGDVDSURGXomRDJUtFRODHDJURSHFXiULDIDPtOLDUH
,,,UHDGH8UEDQL]DomR(VSHFLDO$8(JUDQGHViUHDVXUEDQL]iYHLVDSDUWLUGHSURMHWRDPSORTXH
UHVHUYDVHWRUSUHGRPLQDQWHSDUDSUHVHUYDomRDPELHQWDOHDGHQVDDiUHDUHPDQHVFHQWHFULDQGRQRYDV
FHQWUDOLGDGHVFDUDFWHUL]DGDVSHODPHVFODGHIXQo}HVHHVSDoRVKXPDQL]DGRV
0DFURUHDVGHXVRV8UEDQRVGHVWLQDGDVSULRULWDULDPHQWHjVIXQo}HVGDFLGDGH
,UHD5HVLGHQFLDO3UHGRPLQDQWH$53iUHDVGHVWLQDGDVDRXVRSUHIHUHQFLDOGHPRUDGLDVRQGHVH
DGPLWHPSHTXHQRVVHUYLoRVHFRPpUFLRVYLFLQDLV
,, UHD 5HVLGHQFLDO 0LVWD $50 FDUDFWHUL]DGD SHOD SUHGRPLQkQFLD GD IXQomR UHVLGHQFLDO
FRPSOHPHQWDGDSRUXVRVFRPHUFLDLVHGHVHUYLoRV
,,,UHD0LVWDGH6HUYLoR$06GHDOWDGHQVLGDGHFRPSOH[LGDGHHPLVFLJHQDomRVHJXQGRRWLSRGH
VHUYLoRXUEDQR
,9 UHD 0LVWD &HQWUDO $0& GH DOWD GHQVLGDGH FRPSOH[LGDGH H PLVFLJHQDomR GHVWLQDGD D XVRV
UHVLGHQFLDLVFRPHUFLDLVHGHVHUYLoRV
9UHD7XUtVWLFD5HVLGHQFLDO$75iUHDVGHHVSHFLDOLQWHUHVVHWXUtVWLFRFXMRXVRGHYHUiSULRUL]DUR
XVXIUXWR SRU SDUWH GH YLVLWDQWHV H UHVLGHQWHV UHDV TXH VH FDUDFWHUL]DP SRU VHUHP GRWDGDV GH
VLQJXODULGDGHV H DWULEXWRV WDLV FRPR RV QDWXUDLV H FXOWXUDLV GHQWUH RXWURV H TXH GHYHUmR VHU
SUHIHUHQFLDOPHQWH DSURSULDGDV SDUD XVR PLVWR SUHGRPLQDQGR PRUDGLDV SHTXHQRV QHJyFLRV H
DWLYLGDGHVGHVXSRUWHDRWXULVPR
9,UHD7XUtVWLFDHGH/D]HU$7/iUHDVTXHVHFDUDFWHUL]DPSRUVHUHPGRWDGDVGHVLQJXODULGDGHV
H DWULEXWRV WDLV FRPR RV QDWXUDLV H FXOWXUDLV GHQWUH RXWURV H TXH GHYHUmR VHU SUHIHUHQFLDOPHQWH
DSURSULDGDVSDUDRXVRFROHWLYRS~EOLFRHYROWDGDVSDUDDWLYLGDGHVGHOD]HUWXULVPRHKRVSHGDJHPGH
EDL[RLPSDFWRDPELHQWDO
9,, UHD &RPXQLWiULD ,QVWLWXFLRQDO $&, VmR DTXHODV GHVWLQDGDV D WRGRV RV HTXLSDPHQWRV
FRPXQLWiULRV RX DRV XVRV LQVWLWXFLRQDLV QHFHVViULRV j JDUDQWLD GR IXQFLRQDPHQWR VDWLVIDWyULR GRV
GHPDLVXVRVXUEDQRVHDREHPHVWDUGDSRSXODomR
9,,,UHD9HUGHGH/D]HU$9/VmRRVHVSDoRVXUEDQRVDRDUOLYUHGHXVRHGRPtQLRS~EOLFRTXHVH
GHVWLQDPjSUiWLFDGHDWLYLGDGHVGHOD]HUHUHFUHDomRSULYLOHJLDQGRTXDQGRVHMDSRVVtYHODFULDomRRX
DSUHVHUYDomRGDFREHUWXUDYHJHWDO
,;UHDGH(VWXGR$PELHQWDO$($iUHDVRQGHVmRQHFHVViULDVDYDOLDo}HVDPELHQWDLVRXMXUtGLFDV
FRQFOXVLYDV HRX RQGH LPSHUDP LPSUHFLV}HV WRSRJUiILFDV RX WLSROyJLFDV TXH LPSHoDP RX
GHVDFRQVHOKHP D IL[DomR GH tQGLFHV GH UHVWULo}HV RX HVWtPXORV XUEDQtVWLFRV GHILQLWLYRV D DYDOLDomR
GHYHUi VHU UHDOL]DGD QR SUD]R GH GRLV DQRV D SDUWLU GD SXEOLFDomR GHVWD /HL &RPSOHPHQWDU H GDU
RULJHPDRQRYR]RQHDPHQWRGDiUHD
;UHD5HVLGHQFLDO&XOWXUDO$5&iUHDVGHGHVHQYROYLPHQWRXUEDQRSHFXOLDUGHULYDGDVGHIRUPDV
GHDVVHQWDPHQWRVFXOWXUDLVH
;,=RQDV(VSHFLDLVGH,QWHUHVVH6RFLDO
4XDQGR HP GHFRUUrQFLD GR ]RQHDPHQWR LQVWLWXtGR SHOD SUHVHQWH /HL &RPSOHPHQWDU RFRUUHU
DOWHUDomR GH OLPLWHV RX UHFODVVLILFDomR GD iUHD GH VLWXDomR GR WHUUHQR TXH DFDUUHWH UHGXomR GR
SRWHQFLDOFRQVWUXWLYRRXLQDGHTXDomRGRVXVRVGDVHGLILFDo}HVRSURSULHWiULRGRWHUUHQRFRQVHUYDUiR
GLUHLWRGHFRQVHUYDUHUHIRUPDUDVHGLILFDo}HVH[LVWHQWHVQDGDWDGHVWD/HL&RPSOHPHQWDUOLFHQFLDGDV

RXVXVFHWtYHLVGHUHJXODUL]DomR
1DKLSyWHVHGRSDUiJUDIRDQWHULRUFDEHUij3URFXUDGRULD*HUDOGR0XQLFtSLRSURFHGHUDRH[DPH
GRV DVSHFWRV OHJDLV H SUREDWyULRV GH PDQHLUD D HYLWDU RX UHGX]LU R FRQWHQFLRVR MXGLFLDO H R LPSDFWR
GHVIDYRUiYHOjVILQDQoDVPXQLFLSDLV
&$378/2,,
'$65($6'(35(6(59$d2
6(d2,
'$65($6'(35(6(59$d23(50$1(17(
$UW $V UHDV GH 3UHVHUYDomR 3HUPDQHQWH $33 QR PXQLFtSLR GH )ORULDQySROLV VmR DV ]RQDV
QDWXUDLV VRE D SURWHomR GR 3RGHU 3~EOLFR FREHUWDV RX QmR SRU YHJHWDomR QDWLYD FRP D IXQomR
DPELHQWDOGHSUHVHUYDURVUHFXUVRVKtGULFRVDSDLVDJHPDHVWDELOLGDGHJHROyJLFDHDELRGLYHUVLGDGH
IDFLOLWDU R IOX[R JrQLFR GH IDXQD H IORUD SURWHJHU R VROR H DVVHJXUDU R EHPHVWDU GDV SRSXODo}HV
KXPDQDVDVTXDLVVHHQFRQWUDPGHOLPLWDGDVQRVPDSDVGH]RQHDPHQWRFRQVWDQWHVGDSUHVHQWH/HL
&RPSOHPHQWDUFRPRGHFRUUrQFLD
, OLPLWDo}HV DGPLQLVWUDWLYDV HPDQDGDV GD OHJLVODomR FRQFRUUHQWH IHGHUDO H HVWDGXDO HP PDWpULD
IORUHVWDOKtGULFDHDPELHQWDO
,,DWRYROXQWiULRGRVSURSULHWiULRVH
,,,PHGLGDFRPSHQVDWyULDHVWDEHOHFLGDHPOLFHQoDXUEDQtVWLFDRXWHUPRGHDMXVWDPHQWRGHFRQGXWDQD
IRUPDGD/HL)HGHUDOQGH
,QFOXHPVHQDVUHDVGH3UHVHUYDomR3HUPDQHQWHRVVHJXLQWHVHFRVVLVWHPDVHHVSDoRVQDWXUDLV
FXMD SURWHomR WHQKD VLGR LQVWLWXtGD DWUDYpV GH FODVVLILFDomR GRV PDSDV GR ]RQHDPHQWR GDV OHLV
DQWHULRUHVREVHUYDGDVQRSUHVHQWH3ODQR'LUHWRU
,GXQDVPyYHLVIL[DVHVHPLIL[DV
,,SUDLDVFRVW}HVSURPRQWyULRVW{PERORVUHVWLQJDVHPIRUPDomRHLOKDV
,,,SRXVRGHDYHVGHDUULEDomRSURWHJLGRVSRUDFRUGRVLQWHUQDFLRQDLVDVVLQDGRVSHOR%UDVLO
,9EDQKDGRVQDWXUDLVHVXDIDL[DPDUJLQDOHPSURMHomRKRUL]RQWDOFRPODUJXUDPtQLPDGHFLQTXHQWD
PHWURVDSDUWLUGROLPLWHGRHVSDoREUHMRVRHHQFKDUFDGR
9iUHDVDGMDFHQWHVDPDQJXH]DLVHPFRWDLQIHULRUDXPPHWURHTXHSRVVXDPLQIOXrQFLDVDOLQDGDV
PDUpVHRXYHJHWDomRFDUDFWHUtVWLFDGHWUDQVLomRHQWUHPDQJXH]DLVHVRORVPDLVHQ[XWRVH
9,RVPDQJXH]DLVHPWRGDDVXDH[WHQVmR
$ViUHDVFODVVLILFDGDVFRPR$33HPDFUpVFLPRDVGHPDUFDo}HVGR3ODQR'LUHWRUGHH
RXSRUDWRVVXEVHTXHQWHVQHFHVVLWDPGRUHIHUHQGRGHFRPLVVmRGHDYDOLDomRGHVLJQDGDVSHOR3RGHU
([HFXWLYR0XQLFLSDOHIRUPDGDSRUUHSUHVHQWDQWHVGD60'8,38))/25$0H3URFXUDGRULD*HUDOGR
0XQLFtSLR3*0VXEPHWLGDDGHOLEHUDomRGD&kPDUD0XQLFLSDOGH)ORULDQySROLV
&RQVLGHUDPVHDLQGDGHSUHVHUYDomRSHUPDQHQWHTXDQGRGHFODUDGDVGHLQWHUHVVHVRFLDOSRU
DWR GR &KHIH GR 3RGHU ([HFXWLYR VXEPHWLGD D GHOLEHUDomR GD &kPDUD 0XQLFLSDO GH )ORULDQySROLV DV
iUHDVFREHUWDVFRPIORUHVWDVRXRXWUDVIRUPDVGHYHJHWDomRGHVWLQDGDVDXPDRXPDLVGDVVHJXLQWHV
$UW

ILQDOLGDGHV
,FRQWHUDHURVmRGRVRORHPLWLJDUULVFRVGHHQFKHQWHVHGHVOL]DPHQWRVGHWHUUDHGHURFKD
,,SURWHJHUDVUHVWLQJDVRXYHUHGDV
,,,SURWHJHUYiU]HDV
,9DEULJDUH[HPSODUHVGDIDXQDRXGDIORUDDPHDoDGRVGHH[WLQomR
9SURWHJHUVtWLRVGHH[FHSFLRQDOEHOH]DRXGHYDORUFLHQWtILFRFXOWXUDORXKLVWyULFR
9,IRUPDUIDL[DVGHSURWHomRDRORQJRGHURGRYLDVHIHUURYLDV
9,,DVVHJXUDUFRQGLo}HVGHEHPHVWDUS~EOLFRH
9,,,SURWHJHUiUHDV~PLGDV
6(d2,,
'$681,'$'(6'(&216(59$d28&
$V8QLGDGHVGH&RQVHUYDomRVmRRVHVSDoRVWHUULWRULDLVHVHXVUHFXUVRVDPELHQWDLVLQFOXLQGR
DV iJXDV MXULVGLFLRQDLV FRP FDUDFWHUtVWLFDV QDWXUDLV UHOHYDQWHV OHJDOPHQWH LQVWLWXtGDV SHOR 3RGHU
3~EOLFR FRP REMHWLYRV GH FRQVHUYDomR VHQGR GRWDGDV GH OLPLWHV GHILQLGRV FRORFDGRV VRE UHJLPH
HVSHFLDOGHDGPLQLVWUDomRDRTXDOVHDSOLFDPJDUDQWLDVDGHTXDGDVGHSURWHomR
$UW
$ FULDomR GH XQLGDGHV GH FRQVHUYDomR GHYH VHU VHPSUH RILFLDOL]DGD SRU DWR GR 3RGHU 3~EOLFR
GHYHQGR VHU SUHFHGLGD GH HVWXGRV WpFQLFRV H GH FRQVXOWD S~EOLFD TXH SHUPLWDP LGHQWLILFDU D
ORFDOL]DomRDGLPHQVmRHRVOLPLWHVPDLVDGHTXDGRVSDUDDXQLGDGH
$VXQLGDGHVGHFRQVHUYDomRWHUmRVHXXVRHRFXSDomRUHJLGRVSHOR3ODQRGH0DQHMRVHQGRTXH
DWpVXDSURPXOJDomRD8&GHYHUiVHUFRQVLGHUDGDFRPRUHDGH3UHVHUYDomR3HUPDQHQWH
$V XQLGDGHV GH FRQVHUYDomR H iUHDV SURWHJLGDV FULDGDV FRP EDVH HP LQVWUXPHQWRV OHJDLV
DQWHULRUHV D /HL )HGHUDO Q GH D TXDO LQVWLWXL R 6LVWHPD 1DFLRQDO GH 8QLGDGHV GH
&RQVHUYDomR GD 1DWXUH]D 618& H TXH QmR SHUWHQoDP jV FDWHJRULDV SUHYLVWDV QHVWD /HL
&RPSOHPHQWDUGHYHPVHUUHDYDOLDGDVQRWRGRRXHPSDUWHQRSUD]RGHDWpGRLVDQRVGDHQWUDGDHP
YLJRUGHVWH3ODQR'LUHWRU
$UW 23RGHU3~EOLFRWHUiSUD]RGHTXDWURDQRVDSDUWLUGDSXEOLFDomRGHVWD/HL&RPSOHPHQWDUSDUD
HODERUDUHDSURYDUR3ODQRGH0DQHMRGHWRGDVDV8QLGDGHVGH&RQVHUYDomRGRWHUULWyULRPXQLFLSDO
$V iUHDV GH SUHVHUYDomR H IDL[DV VDQLWiULDV GDV PDUJHQV GRV HOHPHQWRV KtGULFRV HP iUHDV
XUEDQDVFRQVROLGDGDVVHUmRGHWHUPLQDGDVSHOR3ODQR0XQLFLSDOGH0DFURGUHQDJHP
$UW
3DUiJUDIR QLFR $Wp D DSURYDomR GR 3ODQR 0XQLFLSDO GH 0DFURGUHQDJHP DV IDL[DV VDQLWiULDV
REVHUYDUmRDOHJLVODomRHPYLJRU
6(d2,,,
'2=21($0(172$0%,(17$/('26/,0,7(62&83$d2

$UW 7RGDVDVUHDVGH3UHVHUYDomR3HUPDQHQWH$33VmRQRQDHGLILFDQGLVHQGRQHODVYHGDGDD
VXSUHVVmR GD IORUHVWD H GDV GHPDLV IRUPDV GH YHJHWDomR QDWLYD SDUFHODPHQWR GR VROR RX RXWUDV
LQWHUYHQo}HVUHVVDOYDGRVFDVRVH[FHSFLRQDLVGHXWLOLGDGHS~EOLFDLQWHUHVVHVRFLDORXEDL[RLPSDFWR
DPELHQWDO H LPSODQWDomR GH SDUTXHV XUEDQRV LQFOXVLYH VHXV HTXLSDPHQWRV UHVSHLWDQGR D OHJLVODomR
HVSHFtILFD
$UW $RUODPDUtWLPDVHUiREMHWRGHDo}HVGHSURWHomRHFRQWUROHQDFRQIRUPLGDGHFRPDVQRUPDV
IHGHUDLVUHODWLYDVjJHVWmRLQWHJUDGDGD=RQD&RVWHLUD
1DVGXQDVpYHGDGDDFLUFXODomRGHTXDOTXHUWLSRGHYHtFXORDXWRPRWRUDDOWHUDomRGRUHOHYRD
H[WUDomR GH DUHLD H D FRQVWUXomR GH PXURV H FHUFDV GH YHGDomR GH TXDOTXHU HVSpFLH LQFOXVLYH
FRQWHQHGRUHVYHJHWDLV
1DVSUDLDVPDQJXH]DLVHW{PERORVQmRpSHUPLWLGDDFRQVWUXomRGHPXURVRXFHUFDVGHYHGDomR
GHTXDOTXHUHVSpFLHEHPFRPRDH[WUDomRGHDUHLDVVDOYRRVXVRVSUHYLVWRVSDUDDViUHDVGRVLVWHPD
KLGURYLiULRQRVWHUPRVGHVWD/HL&RPSOHPHQWDU
6mRSURLELGDVVDOYRDXWRUL]DomRHVSHFtILFDGD3UHIHLWXUD0XQLFLSDOGH)ORULDQySROLVDVREUDVGH
GHIHVDGRVWHUUHQRVOLWRUkQHRVFRQWUDDHURVmRSURYRFDGDSHORPDUTXHSRVVDPDFDUUHWDUGLPLQXLomR
GDIDL[DGHDUHLDFRPDFDUDFWHUtVWLFDGHSUDLD
2V SULPHLURV TXLQ]H PHWURV GD IDL[D PDUJLQDO GRV FXUVRV GCiJXD ODJXQDV ODJRDV H
UHVHUYDWyULRVGCiJXDVmRGHXVRS~EOLFRHGHVWLQDPVHDRWUkQVLWRGRVDJHQWHVGDDGPLQLVWUDomRSDUD
RVHUYLoRGHGHVREVWUXomRHOLPSH]DGDViJXDVHSDUDRXWUDVREUDVHVHUYLoRVS~EOLFRVEHPFRPRj
OLYUHFLUFXODomRHSDVVDJHPGDFRPXQLGDGHQRLQWHUHVVHGDSHVFDGDQDYHJDomRHUHFUHDomRVHQGR
YHGDGDQHODVDFRQVWUXomRGHPXURVRXFHUFDVGHTXDOTXHUHVSpFLH
$UW
2UHVWDQWHGRWHUUHQRVLWXDGRDSyVDIDL[DUHVHUYDGDGHTXLQ]HPHWURVSRGHUiVHUFHUFDGRDSyV
FRQVXOWDHFRQIRUPHHVWDEHOHFLGRSHORyUJmRDPELHQWDOFRPSHWHQWH
2 3ODQR 0XQLFLSDO GH 0DFURGUHQDJHP DFUHVFHUi jV QRUPDV GHVWD /HL &RPSOHPHQWDU UHVWULo}HV
HVSHFtILFDVSDUDRXVRHRFXSDomRGDVPDUJHQVGRVFRUSRVGCiJXD
6mR XVRV SHUPLWLGRV HP $33 DV DWLYLGDGHV HYHQWXDLV RX GH EDL[R LPSDFWR DPELHQWDO FRPR D
LPSODQWDomRGHWULOKDVSDUDRGHVHQYROYLPHQWRGRHFRWXULVPRDFRQVWUXomRGHUDPSDGHODQoDPHQWR
GHEDUFRVHSHTXHQRDQFRUDGRXURHDLPSODQWDomRGHSDUTXHVXUEDQRVHSDUTXHVOLQHDUHVLQFOXVLYH
FRP VXDV LQVWDODo}HV GH DSRLR EHP FRPR D FRQVWUXomR RX UHIRUPD GH UDQFKR GHVWLQDGR D SHVFD
DUWHVDQDOHHGLILFDo}HVGHVWLQDGDVjDWLYLGDGHGDDTXLFXOWXUD
$UW
&$378/2,,,
'268626'262/2
6(d2,
5($6&2081,75,$6,167,78&,21$,6$&,
$UW $V UHDV &RPXQLWiULDV ,QVWLWXFLRQDLV VmR DTXHODV GHVWLQDGDV D WRGRV RV HTXLSDPHQWRV
FRPXQLWiULRVRXDRVXVRVLQVWLWXFLRQDLVQHFHVViULRVjJDUDQWLDGRIXQFLRQDPHQWRGRVGHPDLVVHUYLoRV
XUEDQRV
$UW $V UHDV &RPXQLWiULDV ,QVWLWXFLRQDLV VHUmR FODVVLILFDGDV H ORFDOL]DGDV HP SODQRV VHWRULDLV
HODERUDGRV SHOR yUJmR PXQLFLSDO GH SODQHMDPHQWR XUEDQR H VHWRUHV DILQV DSURYDGRV SRU /HL
&RPSOHPHQWDU

$UW 2V OLPLWHV GH RFXSDo}HV GDV UHDV &RPXQLWiULDV ,QVWLWXFLRQDLV VmR RV GHILQLGRV SHOR
]RQHDPHQWRDGMDFHQWHVRXSRUHVWXGRHVSHFtILFRUHDOL]DGRSHOR,38)
'HVDSDUHFHQGRRPRWLYRTXHGHWHUPLQRXRHVWDEHOHFLPHQWRGDUHD&RPXQLWiULD,QVWLWXFLRQDO
SHOR PHQRV XP WHUoR GH VXD iUHD VHUi GRDGD DR PXQLFtSLR SDUD XVR S~EOLFR GHVWLQDGD FRPR UHD
&RPXQLWiULD,QVWLWXFLRQDOGHILQLGDSHORyUJmRPXQLFLSDOGHSODQHMDPHQWRXUEDQRFRQIRUPHDGHPDQGD
XUEDQDGHPDLRUFDUrQFLD
$UW
$UW $VWRUUHVHHTXLSDPHQWRVFRPSOHPHQWDUHVGHFRPXQLFDomRHVHJXUDQoDVHUmRUHJLGRVSRU/HL
SUySULDTXHDWHQWHSDUDSRVVtYHLVHIHLWRVGHVVDVLQVWDODo}HVVREUHDVD~GHKXPDQD$WpDHGLomRGH
OHL SUySULD SRGHUmR VHU OLFHQFLDGRV QRV SRQWRV UHFRPHQGDGRV SHODV QRUPDV WpFQLFDV HVSHFtILFDV
UHVSHLWDGRV RV OLPLWHV GDV UHVLGrQFLDV H ORFDLV GH WUDEDOKR H DWHQGLGRV RV tQGLFHV GH UXtGRV QD
YL]LQKDQoDHGHVGHTXHKDMDDQXrQFLDGR,38)VHPSUHMXt]RGDVGHPDLVDSURYDo}HVHYHQWXDOPHQWH
QHFHVViULDV
6(d2,,
5($69(5'(6'(/$=(5$9/
$UW UHDV9HUGHVGH/D]HU$9/VmRRVHVSDoRVXUEDQRVDRDUOLYUHGHXVRHGRPtQLRS~EOLFRTXH

VHGHVWLQDPjSUiWLFDGHDWLYLGDGHVGHOD]HUHUHFUHDomRSULYLOHJLDQGRTXDQGRVHMDSRVVtYHODFULDomR
RXDSUHVHUYDomRGDFREHUWXUDYHJHWDO
3DUiJUDIRQLFR2yUJmRPXQLFLSDOGHSODQHMDPHQWRXUEDQRHPSDUFHULDFRPD3URFXUDGRULD*HUDOGR
0XQLFtSLR GHYHUi GHVHQYROYHU R PDSD GDV UHDV 9HUGHV GH /D]HU H[LVWHQWHV QR SUD]R GH XP DQR D
SDUWLUGDSXEOLFDomRGHVWD/HL&RPSOHPHQWDUDWXDOL]DGRDFDGDDQRRXFRQIRUPHQRYDViUHDVVHMDP
LQFRUSRUDGDVQDIRUPDGDOHJLVODomRHVSHFtILFD
(P UHDV 9HUGHV GH /D]HU $9/ VHUi SHUPLWLGD DSHQDV D FRQVWUXomR GH HTXLSDPHQWRV GH
DSRLR DR OD]HU DR DU OLYUH FRPR SOD\JURXQGV VDQLWiULRV YHVWLiULRV TXLRVTXHV H GHSHQGrQFLDV
QHFHVViULDVDRVVHUYLoRVGHVHJXUDQoDHFRQVHUYDomRGDiUHD
$UW
6(d2,,,
'$$'(48$d2'26862665($6
3DUDHIHLWRVGHVWD/HL&RPSOHPHQWDUDVFDWHJRULDVGHXVRVmRHVWDEHOHFLGDVVHJXQGRDWDEHOD
GH FODVVLILFDomR QDFLRQDO GH DWLYLGDGHV HFRQ{PLFDV &1$( YHUVmR DSURYDGD SHOD &RPLVVmR
1DFLRQDOGH&ODVVLILFDomRGR0LQLVWpULRGR3ODQHMDPHQWR2UoDPHQWRH*HVWmRHDGDSWDGDSDUDILQVGH
$GHTXDomR GR 8VR GR 6ROR FRP RV DJUXSDPHQWRV OLVWDGRV QR DQH[R SDUWH LQWHJUDQWH GHVWD /HL
&RPSOHPHQWDU5HJXODPHQWDGRSHOR'HFUHWRQ
$UW
7RGDG~YLGDRXDOWHUDomRVREUHGHILQLo}HVHDOFDQFHVGRVXVRVVHUmRDSUHFLDGDVHMXOJDGDVSHOR
,38)FRQVLGHUDQGRRVFULWpULRVGD&RPLVVmR1DFLRQDOGH&ODVVLILFDomR
2,38)SRGHUiLQGLFDUSDUkPHWURVGHRFXSDomRPDLVUHVWULWLYRVTXHDTXHOHVHVWDEHOHFLGRVQHVWD
/HL&RPSOHPHQWDUVXEPHWLGDDGHOLEHUDomRGD&kPDUD0XQLFLSDOGH)ORULDQySROLVHPHVSHFLDOTXDQWR
D
DDGHTXDomRj]RQDRXVHWRURQGHVHUiLPSODQWDGDDDWLYLGDGHH
ERFRUUrQFLDGHFRQIOLWRVFRPRHQWRUQRGHLPSODQWDomRGDDWLYLGDGHGRSRQWRGHYLVWDGHSUHMXt]RVj
VHJXUDQoDVRVVHJRHVD~GHGRVKDELWDQWHVYL]LQKRVHDRVLVWHPDYLiULR

$UW $V GLIHUHQWHV IRUPDV GH XVR GR VROR VmR FODVVLILFDGDV VHJXQGR D HVSpFLH R SRUWH H D
SHULFXORVLGDGH
$ DGHTXDomR GRV XVRV jV iUHDV GHILQLGDV QRV ]RQHDPHQWRV p GHWHUPLQDGD SHOD DYDOLDomR
VLPXOWkQHD GD VXD HVSpFLH GR VHX SRUWH H SHULFXORVLGDGH SRGHQGR RV XVRV VHUHP $GHTXDGRV $
$GHTXDGRV FRP OLPLWDo}HV HVSHFLDLV $ RX 3URLELGRV 3 FRQIRUPH FODVVLILFDomR FRQVWDQWH QDV
WDEHODVHPDSDVSDUWHVLQWHJUDQWHVGHVWD/HL&RPSOHPHQWDU
$UW
$UW 6HUmRHVWDEHOHFLGDVSRUOHJLVODomRHVSHFtILFDUHJXODPHQWDGDHPDWpFHQWRHRLWHQWDGLDVDV
QRUPDVDSOLFiYHLVjVGLIHUHQWHV]RQDVGHXVRSHUWLQHQWHVD
, tQGLFHV H OLPLWHV GH LPSDFWRV QD PRELOLGDGH LQFOXLQGR QRV FDVRV GH FRQVWUXo}HV GHVWLQDGDV DRV
XVRVPXOWLIDPLOLDUHVRVXVRVHYHQWXDLVFRPRVmRRVFDVRVGHHVWDFLRQDPHQWRVGHYLVLWDQWHVHiUHDV
DGHTXDGDVDRVDEDVWHFLPHQWRVHPJHUDOLQFOXVLYHUHFROKLPHQWRGROL[RHVWDFLRQDPHQWRGHFDPLQK}HV
GHPXGDQoDHVHUYLoRVGHHPHUJrQFLD
,,OLPLWHPi[LPRGHWROHUkQFLDSDUDQtYHLVGHUXtGRVGHYLEUDo}HVGHSROXLomRGDViJXDVGRVRORHGR
DU H GHPDLV IRQWHV GH ULVFR SRWHQFLDO SDUD D VD~GH UHVSHLWDGDV RV HYHQWRV H DV FHOHEUDo}HV
WUDGLFLRQDLV QRUPDOPHQWH SUDWLFDGRV HP iUHDV RX EHQV GHVWDFDGRV SRU VHX YDORU KLVWyULFRFXOWXUDO
EHPFRPRRVHVSDoRVGHOD]HUHFRQYtYLRQRUPDOPHQWHVLWXDGRVQRFHQWURKLVWyULFRGDFLGDGHHGRV
GLVWULWRVRXQDViUHDVFHQWUDLVHPJHUDOHQRVVHWRUHVHQTXDGUDGRVFRPRWXUtVWLFRVRXGHOD]HUHTXH
VHUmR UHJLGRV SRU tQGLFHV H KRUiULRV SUySULRV UHJXODGRV SRU DWR GR H[HFXWLYR PXQLFLSDO RXYLGRV RV
PRUDGRUHVGLUHWDPHQWHLQWHUHVVDGRV
,,,SURFHVVRVHGLVSRVLWLYRVGHPHGLomRWUDWDPHQWRHILVFDOL]DomRGRVQtYHLVGHUXtGRVGHYLEUDo}HVH
GHSROXLomRGDViJXDVVRORHGRDU
,9 SHUPLVVmR RX UHVWULo}HV SDUD FRORFDomR GH FDUWD]HV OHWUHLURV SODFDV DQ~QFLRV TXDGURV
OXPLQRVRVRXVLPLODUHVHPTXDOTXHUSRQWRYLVtYHOGDYLDS~EOLFD
9OLPLWHVGHUHVWULo}HVGHLQVRODomRHYHQWLODomRHPUHODomRDYL]LQKDQoDH
9,LQGLFDGRUHVGHLPSDFWRVHPSDLVDJHQVFRPLQWHUHVVHGHSUHVHUYDomRRXYDORUL]DomR
3DUiJUDIR QLFR 3DUD WRGRV RV FDVRV DV QRUPDV GH XVR HVWDUmR VXERUGLQDGDV j FDSDFLGDGH GR
IRUQHFLPHQWRGHLQIUDHVWUXWXUDHGDVFRQGLo}HVQHFHVViULDVGHPRELOLGDGH
&$378/2,9
'26/,0,7(6'(2&83$d2'262/2
6(d2,
*(1(5$/,'$'(6
$UW 2VOLPLWHVGHRFXSDomRGRVRORVmRGHWHUPLQDGRVSHODDSOLFDomRVLPXOWkQHDGRVFRHILFLHQWHVGH
DSURYHLWDPHQWR GDV WD[DV Pi[LPDV GH RFXSDomR H GH LPSHUPHDELOL]DomR GDV DOWXUDV Pi[LPDV GH
IDFKDGDV H GD FREHUWXUD GR Q~PHUR Pi[LPR GH SDYLPHQWRV GRV DIDVWDPHQWRV REULJDWyULRV H GR
Q~PHURPtQLPRGHYDJDVSDUDHVWDFLRQDPHQWRHVHUYLoRVFRUUHODWRV5HJXODPHQWDGRSHORV'HFUHWRV
QHQ
3DUiJUDIRQLFR$RVOLPLWHVOLVWDGRVQRFDSXWGHVWHDUWLJRVHVXSHUS}HPDVH[LJrQFLDVFRQVWDQWHVGDV
iUHDV HVSHFLDLV GH LQWHUYHQomR XUEDQtVWLFD LQWHJUDQWHV GD SUHVHQWH /HL &RPSOHPHQWDU H GHPDLV
OHJLVODo}HVHQRUPDVHVSHFtILFDV

$UW $ILPGHLQFHQWLYDURXVRPLVWRQDV0DFURUHDVGH8VRV8UEDQRVILFDR,38)DXWRUL]DGRDGDU
LQFHQWLYRV HP IRUPD GH tQGLFHV XUEDQtVWLFRV PHGLDQWH HVWXGRV HVSHFtILFRV OLPLWDGRV GD VHJXLQWH
IRUPD5HJXODPHQWDGRSHOR'HFUHWRQ
, HP TXDOTXHU FDVR D DOWXUD Pi[LPD HVWDEHOHFLGD SDUD R ]RQHDPHQWR HP TXHVWmR QmR SRGHUi VHU
XOWUDSDVVDGR
,,RLQFHQWLYRSDUD7D[DGH2FXSDomRILFDUiOLPLWDGRHPQRPi[LPR72[DFLPDGD7D[DGH
2FXSDomRHVWDEHOHFLGDSDUDR]RQHDPHQWRHPTXHVWmR
,,, R LQFHQWLYR SDUD R Q~PHUR GH SDYLPHQWRV Pi[LPR ILFDUi OLPLWDGR HP QR Pi[LPR Q GH
SDYLPHQWRV[GRQ~PHURGHSDYLPHQWRVPi[LPRSDUDR]RQHDPHQWRHPTXHVWmRH
,9 R LQFHQWLYR SDUD R &RHILFLHQWH GH $SURYHLWDPHQWR 0i[LPR ILFD OLPLWDGR SHORV SDUkPHWURV
HVWDEHOHFLGRVQRVLQFLVRV,,H,,,GHVWHDUWLJR
6(d2,,
*$%$5,72'(3$9,0(1726('($/785$6
2VJDEDULWRVGHDOWXUDHGHSDYLPHQWRVSDUDFDGD]RQHDPHQWRHVWmRHVSHFLILFDGRVQDVWDEHODV
HPDSDVSDUWHVLQWHJUDQWHVGHVWD/HL&RPSOHPHQWDU5HJXODPHQWDGRSHOR'HFUHWRQ
$UW
$DOWXUDGDVHGLILFDo}HVpFRQWDGDDSDUWLUGRQtYHOQDWXUDOGRWHUUHQRDWpRFLPRGDHGLILFDomRH
VHUi PHGLGR QR SRQWR PpGLR GD IDFKDGD VLWXDGD QD PHQRU FRWD DOWLPpWULFD RX QD UHVSHFWLYD VHFomR
SODQD
2VWHUUHQRVHPDFOLYHRXGHFOLYHSRGHUmRVHUGLYLGLGRVHPVHFo}HVSODQDVGHTXLQ]HPHWURVGH
SURIXQGLGDGHDSDUWLUGDPHQRUFRWDDOWLPpWULFDSDUDILQVGHFiOFXORGDDOWXUDGDVHGLILFDo}HV
1mR VHUmR FRQVLGHUDGRV QR FiOFXOR GD DOWXUD FKDPLQpV FDVDV GH PiTXLQDV DQWHQDV H GHPDLV
HTXLSDPHQWRVGHVHUYLoRLPSODQWDGRVQDFREHUWXUD
$VHGLILFDo}HVYLQFXODGDVjVYLDVSDQRUkPLFDVWHUmRVXDDOWXUDGHILQLGDSRUHVWXGRHVSHFtILFRGH
ORFDOL]DomRDVHUUHDOL]DGRSHOR,38)GHPRGRDLQWHUIHULURPtQLPRSRVVtYHOQDSHUFHSomRYLVXDOGD
SDLVDJHP QmR SRGHQGR WHU DOWXUD ILQDO VXSHULRU DR QtYHO GR SDVVHLR GR ORJUDGRXUR 9LGH
UHJXODPHQWDomRGDGDSHORV'HFUHWRVQHQ
(GLILFDo}HVTXHXWLOL]HPVREUHORMDVRXPH]DQLQRVWHUmRRGLUHLWRGHDGLFLRQDUDWpWUrVPHWURVjV
DOWXUDVPi[LPDVGHILQLGDVQD7DEHODGH/LPLWHVGH2FXSDomR
1mR VHUmR FRPSXWDGRV SDUD HIHLWR ~QLFR GH GHWHUPLQDomR GH JDEDULWR GH SDYLPHQWRV RV
VXEVRORVVyWmRVHFKDPLQpV$VFDVDVGHPiTXLQDVFDL[DVGiJXDHGHPDLVLQVWDODo}HVGHVHUYLoR
LPSODQWDGDV QD FREHUWXUD REHGHFHUmR D UHJUDV HVSHFtILFDV SDUWLQGRVH GR SULQFtSLR TXH GHYHUmR VHU
FRQVWUXtGDVDWpROLPLWHGDDOWXUDGDVFREHUWXUDV5HJXODPHQWDGRSHOR'HFUHWRQ
$UW
3DUiJUDIR QLFR 2V HOHPHQWRV PHQFLRQDGRV QR DUWLJR DQWHULRU QmR GHYHUmR XOWUDSDVVDU D DOWXUD
Pi[LPDSHUPLWLGDSHOR]RQHDPHQWRLQFLGHQWH
2VVXEVRORVVHUmRDGPLVVtYHLVGHVGHTXHFRPSURYDGRDWUDYpVGHHVWXGRHVSHFtILFRTXHQmR
KDMD FRPSURPHWLPHQWR GR OHQoRO IUHiWLFR H GRV DTXtIHURV H[LVWHQWHV QR 0XQLFtSLR 5HJXODPHQWDGR
SHOR'HFUHWRQ
$UW
$UW
)LFDP SURLELGDV DV H[HFXo}HV GH VXEVRORV HP iUHDV VXMHLWDV D DODJDPHQWRV GH TXDOTXHU

HVSpFLH VRPHQWH VHQGR DXWRUL]DGRV PHGLDQWH SDUHFHUHV WpFQLFRV GR ,38) H GHPDLV yUJmRV
FRPSHWHQWHV
6(d2,,,
7$;$6(&2(),&,(17(60;,026
$UW 1mR VHUmR FRPSXWDGDV QR FiOFXOR GR FRHILFLHQWH GH DSURYHLWDPHQWR DV VHJXLQWHV iUHDV GDV
HGLILFDo}HV5HJXODPHQWDGRSHOR'HFUHWRQ
,HVSDoRVGHVWLQDGRVjJDUDJHPH[FHWRHPHGLILFDo}HVXQLIDPLOLDUHV
,,VyWmRVHPHGLILFDo}HVXQLIDPLOLDUHVHHPFDVRVGHWHUPLQDGRVPXOWLIDPLOLDUHV
,,,SDUTXHLQIDQWLOMDUGLQVHRXWURVHTXLSDPHQWRVGHOD]HUDRDUOLYUHHLPSODQWDGRVQRQtYHOQDWXUDOGR
WHUUHQRRXQRWHUUDoRGDHGLILFDomR
,9 KHOLSRQWRV FDVDV GH PiTXLQDV H GH ERPEDV FDL[DV GCiJXD H FHQWUDLV GH DU FRQGLFLRQDGR
OHYDQWDGDVQRSODQRGDFREHUWXUDGHVGHTXHQmRXOWUDSDVVHPRVOLPLWHVHVSHFLILFDGRVQRDUWGHVWD
/HL&RPSOHPHQWDUGHDOWXUDPi[LPDH
9 VREUHORMDV RX PH]DQLQRV QDV HGLILFDo}HV VLWXDGDV QDV UHDV 0LVWDV &HQWUDLV $0& GHVGH TXH
VXDiUHDWRWDOVHMDQRPi[LPRFLQTXHQWDSRUFHQWRGDiUHDGRSDYLPHQWRWpUUHRSDYLPHQWRDRTXDO
HVWHMDFRQHFWDGD
3DUiJUDIRQLFR([FOXHPVHGRGLVSRVWRQR,QFLVR,
,RVVXEVRORVRFXSDGRVSRUJDUDJHQVHPHGLILFDomRFRPHUFLDORXGHVHUYLoRORFDOL]DGDVQRWULkQJXOR
FHQWUDO GHILQLGR H TXH WHQKDP PDLV GR TXH GXDV YDJDV GH HVWDFLRQDPHQWR SRU FDGD XQLGDGH
FRPHUFLDOL]DGDH
,,RVVXEVRORVRFXSDGRVSRUJDUDJHPHPHGLItFLRVJDUDJHP
1mR VHUmR FRPSXWDGDV QR FiOFXOR GD WD[D GH RFXSDomR DV SURMHo}HV GDV VHJXLQWHV iUHDV H
GHSHQGrQFLDVGHVGHTXHQmRXOWUDSDVVHPDWD[DGHLPSHUPHDELOL]DomRPtQLPDH[LJLGD
$UW
, SLVFLQD SDUTXH LQIDQWLO H RXWURV HTXLSDPHQWRV GH OD]HU DR DU OLYUH LPSODQWDGRV QR QtYHO QDWXUDO GR
WHUUHQR
,, SpUJRODV FRP DWp FLQFR PHWURV GH ODUJXUD GHVGH TXH FRUUHVSRQGHQWHV QR PtQLPR D LJXDO
VXSHUItFLHGHVRORSHUPHiYHO
,,,PDUTXLVHV
,9EHLUDLVFRPDWpXPPHWURHYLQWHFHQWtPHWURVGHEDODQoRH
9MDUGLQVSUDoDVRXSiWLRVFREHUWRVRXSDYLPHQWDGRVGHXVRFRPXPFREHUWRVFRPF~SXODHDOWXUD
PtQLPDGHGH]PHWURVHRLWHQWDFHQWtPHWURVHPHGLILFDo}HVFRPHUFLDLVRXGHVHUYLoRV
$UW
7HUmR7D[DGH2FXSDomRGLIHUHQFLDGD
,2VVXEVRORVQDVVHJXLQWHVFRQGLo}HV
D QDV HGLILFDo}HV VLWXDGDV QDV $0& GR 3ROtJRQR &HQWUDO SRGHUmR RFXSDU DWp FHP SRU FHQWR GR

WHUUHQRHQDVHGLILFDo}HVVLWXDGDVQDV$0&IRUDGR3ROtJRQR&HQWUDOSRGHUmRRFXSDUDWpRLWHQWDSRU
FHQWRGRWHUUHQR
EQDVHGLILFDo}HVVLWXDGDVQDV$06SRGHUmRRFXSDUDWpRLWHQWDSRUFHQWRGRWHUUHQR
FQDVHGLILFDo}HVGHVHLVRXPDLVSDYLPHQWRVVLWXDGDVQDV$50H$75SRGHUmRRFXSDUDWpRLWHQWD
SRUFHQWRGRWHUUHQRH
GQDVHGLILFDo}HVGHRLWRRXPDLVSDYLPHQWRVVLWXDGDVQDV$53SRGHUmRRFXSDUDWpRLWHQWDSRUFHQWR
GRWHUUHQR
,,2SULPHLURSDYLPHQWRGHVGHTXHVHMDGHVWLQDGRHPQRPtQLPRFLQTXHQWDSRUFHQWRGDVXDiUHDH
FLQTXHQWD SRU FHQWR GH VXD WHVWDGD D FRPpUFLR HRX VHUYLoR FRP DFHVVR S~EOLFR QDV VHJXLQWHV
FRQGLo}HV
DQDVHGLILFDo}HVVLWXDGDVQD$0&GR3ROtJRQR&HQWUDOSRGHUiRFXSDUDWpFHPSRUFHQWRGRWHUUHQR
HQDVHGLILFDo}HVVLWXDGDVQDV$0&IRURGR3ROtJRQR&HQWUDOSRGHUiRFXSDUDWpRLWHQWDSRUFHQWRGR
WHUUHQR
EQDVHGLILFDo}HVVLWXDGDVQDV$06SRGHUiRFXSDUDWpRLWHQWDSRUFHQWRGRWHUUHQR
FQDVHGLILFDo}HVGHVHLVRXPDLVSDYLPHQWRVVLWXDGDVQDV$50H$75SRGHUmRRFXSDUDWpRLWHQWD
SRUFHQWRGRWHUUHQRH
GQDVHGLILFDo}HVGHRLWRRXPDLVSDYLPHQWRVVLWXDGDVQDV$53SRGHUiRFXSDUDWpRLWHQWDSRUFHQWR
GRWHUUHQR
,,,VHJXQGRSDYLPHQWRGHVGHTXHVXDWD[DGHRFXSDomRQmRVHMDPDLRUTXHDGRSULPHLURSDYLPHQWR
H GHVGH TXH VHMDP GHVWLQDGRV HP QR PtQLPR FLQTXHQWD SRU FHQWR GD VXD iUHD D FRPpUFLR HRX
VHUYLoRFRPDFHVVRS~EOLFRRXDJDUDJHQVQDVVHJXLQWHVFRQGLo}HV
DQDVHGLILFDo}HVVLWXDGDVQDV$0&GR3ROtJRQR&HQWUDOSRGHUiRFXSDUDWpFHPSRUFHQWRGRWHUUHQR
HQDVHGLILFDo}HVVLWXDGDVQDV$0&IRUDGR3ROtJRQR&HQWUDOSRGHUiRFXSDUDWpRLWHQWDSRUFHQWRGR
WHUUHQR
EQDVHGLILFDo}HVVLWXDGDVQDV$06SRGHUmRRFXSDUDWpRLWHQWDSRUFHQWRGRWHUUHQR
FQDVHGLILFDo}HVGHVHLVRXPDLVSDYLPHQWRVVLWXDGDVQDV$50H$75SRGHUiRFXSDUDWpRLWHQWDSRU
FHQWRGRWHUUHQRH
GQDVHGLILFDo}HVGHRLWRRXPDLVSDYLPHQWRVVLWXDGDVQDV$53SRGHUiRFXSDUDWpRLWHQWDSRUFHQWR
GRWHUUHQR
(PKRWpLVFRPFODVVLILFDomRGHWUrVDFLQFRHVWUHODVORFDOL]DGRVHP$75RSULPHLURHVHJXQGR
SDYLPHQWRV SRGHUmR RFXSDU DWp RLWHQWD SRU FHQWR GR WHUUHQR GHVGH TXH QmR VHMDP GHVWLQDGRV D
XQLGDGHGHKRVSHGDJHPVHPDVUHVWULo}HVDGLFLRQDLVOLVWDGDVQRVLQFLVRV,,H,,,GHVWHDUWLJR
7RGDVDV7D[DVGH2FXSDomRGLIHUHQFLDGDVSRGHPVHUXWLOL]DGDVGHVGHTXHQmRRFXSHPDViUHDV
GHVWLQDGDV DRV DODUJDPHQWRV YLiULRV TXH QmR XOWUDSDVVHP D 7D[D GH ,PSHUPHDELOL]DomR 0i[LPD
GHILQLGDQD7DEHODGH/LPLWHVGH2FXSDomRHTXHDSUHVHQWHPFDOoDGDVFRPDODUJXUDPtQLPDSUHYLVWD
SDUDDYLDRQGHVHORFDOL]HP
6HUmR FRQVLGHUDGRV FRPR SHUPHiYHLV SDUD HIHLWR GHVWD /HL &RPSOHPHQWDU jV iUHDV TXH
DWHQGDPDVVHJXLQWHVFRQGLo}HV
$UW
,TXHQmRSRVVXDPREVWiFXORDUWLILFLDOjLQILOWUDomRGHiJXDVXSHUILFLDOQRVROR
,, HP DWHUUR VREUH WHUUDoRV DUWLILFLDLV FXMD SURIXQGLGDGH GH VROR VHMD LJXDO RX VXSHULRU D FLQTXHQWD
FHQWtPHWURVH
,,, TXH XWLOL]HP WHFQRORJLDV DOWHUQDWLYDV WHOKDV FRP YHJHWDomR FDSWDomR GH iJXD GD FKXYD HQWUH
RXWURVSDUDDJHVWmRGHiJXDVSOXYLDLVJDUDQWLQGRXPDWD[DGHHVFRDPHQWRGHiJXDVSOXYLDLVLJXDO
RXPHQRUGRTXHDHTXLYDOHQWHSDUDD7D[DGH,PSHUPHDELOL]DomR0i[LPDGRORWH

6(d2,9
'26$)$67$0(17262%5,*$75,26
7RGDVDVHGLILFDo}HVHPYLDVTXHWHQKDPFDL[DVHODUJXUDVGHFDOoDGDVLJXDLVjVSURJUDPDGDV
QHVWD /HL &RPSOHPHQWDU GHYHUmR UHVSHLWDU DIDVWDPHQWR IURQWDO GH TXDWUR PHWURV QR PtQLPR QR
SDYLPHQWRWpUUHRHQRVXEVROR5HJXODPHQWDGRSHORV'HFUHWRVQHQ
$UW
6HUmRSHUPLWLGDVQDiUHDGRDIDVWDPHQWRDOpPGRVEHLUDLVTXHSRGHUmRWHUQRPi[LPRXPPHWUR
QDiUHDGRDIDVWDPHQWRVDFDGDVHPDUTXLVHVGHVGHTXHQmRXOWUDSDVVHPPDLVGRTXHXPWHUoRGD
ODUJXUDGRORWHHTXHWHQKDPQRPi[LPRRLWHQWDFHQWtPHWURVGHSURIXQGLGDGH
1DV$0&GR3ROtJRQR&HQWUDORVVXEVRORVSRGHUmRVHULVHQWRVGRDIDVWDPHQWRIURQWDOGHVGHTXH
JDUDQWLGRVLVWHPDGHHVFRDPHQWRRXDUPD]HQDPHQWRHTXLYDOHQWHDWD[DGHSHUPHDELOLGDGHH[LJLGDD
GLPHQVmRGDFDOoDGDVHMDQRPtQLPRLJXDOjSUHYLVWDHRWpUUHRIRUGRWDGRGHHVSDoRFRPHUFLDO
1RVORFDLVHPTXHDODUJXUDGDVYLDVH[LVWHQWHVQmRFRUUHVSRQGHUjVFDL[DVSURJUDPDGDVQHVWD
/HL&RPSOHPHQWDUDVHGLILFDo}HVGHYHUmRUHVSHLWDURVDIDVWDPHQWRVIURQWDLVPtQLPRVPHGLGRVDSDUWLU
GRHL[RGDYLD
(PYLDVH[LVWHQWHVQmRKLHUDUTXL]DGDVFRPRLQGLVSHQViYHLVjVFRQH[}HVYLiULDVHQWUHGLIHUHQWHV
VHWRUHV GD FLGDGH H RQGH PDLV GH WUrV TXDUWRV GRV ORWHV HVWHMDP RFXSDGRV UHVSHLWDGRV HYHQWXDLV
LPSHGLPHQWRV GH VDOXEULGDGH S~EOLFD p DGPLVVtYHO HVWDEHOHFHU UHFXRV SUySULRV EDVHDGRV HP
UHDOLGDGHVFRQVROLGDGDVHVRPHQWHDSyVHVWXGRVHVSHFtILFRVGR,38)TXHVHDWHUmRDYDORUHVPpGLRV
RXUHODWLYRVjVYL]LQKDQoDVLPHGLDWDV
3DUDJDUDQWLUDGHTXDGDLQVRODomRHYHQWLODomRGRVORJUDGRXURVDDOWXUDGDVHGLILFDo}HVSRGHUi
GHWHUPLQDU D H[LJrQFLD GH PDLRU DIDVWDPHQWR IURQWDO QmR SRGHQGR DV HGLILFDo}HV HP QHQKXP FDVR
XOWUDSDVVDU D OLQKD GH SURMHomR GH XP kQJXOR GH VHWHQWD JUDXV PHGLGR D SDUWLU GR HL[R GD YLD DWp R
SRQWR PDLV HOHYDGR GD HGLILFDomR GHVFRQVLGHUDGDV DQWHQDV H FKDPLQpV VHJXQGR R GHVHQKR H D
IyUPXODDEDL[R
,/ ODUJXUDPpGLDGDUXDQDWHVWDGDGRORWHUHFXRVVHKRXYHU
,,( HL[RGDUXDQRPHLRGDWHVWDGDGRORWH
,,+ DOWXUDGDHGLILFDomR
,9$ DIDVWDPHQWRIURQWDO

([FHWXDQGRVHDV]RQDV$0&H$50GRWULkQJXORFHQWUDODFRQVWUXomRGHHGLILFDo}HVFRPPDLV
GHGRLVSDYLPHQWRVILFDUiFRQGLFLRQDGDDRDODUJDPHQWRGDSLVWDGHURODPHQWRIURQWDOGRWHUUHQRSDUD
FLQFR PHWURV D SDUWLU GR HL[R GD YLD VHP SUHMXt]R GRV SDVVHLRV VHPSUH TXH D YLD H[LVWHQWH RX
SURJUDPDGD SRVVXLU FDL[D LQIHULRU D GR]H PHWURV QDV YLDV VHWRULDLV H GH] PHWURV QDV YLDV ORFDLV H
VHPSUHTXHDVODUJXUDVPpGLDVSUpH[LVWHQWHVIRUHPLQIHULRUHVDTXDWRU]HPHWURV(PQHQKXPFDVRDV
FDOoDGDVSRGHUmRVHUPDLVHVWUHLWDVGRTXHGRLVPHWURVHFLQTXHQWDFHQWtPHWURV
1D iUHD GH DIDVWDPHQWR IURQWDO GDV HGLILFDo}HV UHVLGHQFLDLV FRP DWp GRLV SDYLPHQWRV TXDQGR
LPSODQWDGDVHPWHUUHQRVTXHQmRSHUPLWDPDH[HFXomRGHUDPSDGHDFHVVRFRPGHFOLYLGDGHGHDWp
YLQWHSRUFHQWRSRGHUiVHULPSODQWDGDJDUDJHPRXHVWDFLRQDPHQWRFRPFDSDFLGDGHPi[LPDSDUDGRLV
YHtFXORVGHYHQGRHQWUHWDQWRUHVXOWDUHQFUDYDGDHPQRPtQLPRGRLVWHUoRVGHVHXYROXPHHSHUPLWLUD
FRQWLQXLGDGHGRSDVVHLRSDUDSHGHVWUHVDRORQJRGDWHVWDGDGRLPyYHO
$UW $VHGLILFDo}HVFRPDOWXUDGHIDFKDGDDWpVHWHPHWURVHYLQWHFHQWtPHWURVHDOWXUDGHFXPHHLUD
DWp GH] PHWURV H YLQWH FHQWtPHWURV LPSODQWDGDV HP WHUUHQRV FRP WHVWDGDV LJXDLV RX VXSHULRUHV D
TXLQ]H PHWURV REVHUYDUmR DIDVWDPHQWR PtQLPR GH XP PHWUR H FLQTXHQWD FHQWtPHWURV HP DPEDV DV
ODWHUDLV
(PWHUUHQRVFRPWHVWDGDVHQWUHGR]HPHWURVHTXLQ]HPHWURVRDIDVWDPHQWRPtQLPRGHXPPHWUR
HFLQTXHQWDFHQWtPHWURVVHUiH[LJLGRDSHQDVQXPDGDVODWHUDLV
(PWHUUHQRVFRPWHVWDGDVLQIHULRUHVDGR]HPHWURVDVFRQVWUXo}HVSRGHUmRVHUGLVSHQVDGDVGRV
DIDVWDPHQWRVODWHUDLVPtQLPRVGHVGHTXHDH[WHQVmRGRFRQWDWRGDFDVDFRPDGLYLVDVHMDLJXDORX
LQIHULRUDGDSURIXQGLGDGHGRORWH
(P WRGRV RV FDVRV VmR DGPLVVtYHLV DV DXVrQFLDV GH UHFXRV ODWHUDLV HP GLVWkQFLDV LJXDLV RX
PHQRUHV TXH XP TXDUWR GD SURIXQGLGDGH GRV ORWHV TXDQGR VH UHIHULUHP D XP ~QLFR SDYLPHQWR
LQFOXVLYH HP VH WUDWDQGR GH IUHFKDLV GH WHOKDGRV FXMDV FXPHHLUDV RX ULQF}HV HVWHMDP VLWXDGRV QR
LQWHULRUGRVORWHVRXDLQGDQRVFDVRVHPTXHDVFRQVWUXo}HVYL]LQKDVHVWHMDPGHVSURYLGDVRXWHQKDP
GHL[DGRGHUHVSHLWDURVOLPLWHVODWHUDLV
$UW $VHGLILFDo}HVFRPPDLVGHVHWHPHWURVHYLQWHFHQWtPHWURVGHDOWXUDGHIDFKDGDRXGH]PHWURV
H YLQWH FHQWtPHWURV GH DOWXUD GH FXPHHLUD H IDFKDGDV FRP DWp TXDUHQWD PHWURV GH FRPSULPHQWR
GHYHUmR REVHUYDU DIDVWDPHQWRV ODWHUDLV H GH IXQGRV HP PHGLGD QmR LQIHULRU D XP VpWLPR QD iUHD
FHQWUDO H XP TXLQWR QDV GHPDLV iUHDV GD DOWXUD GD HGLILFDomR UHVSHLWDQGR VHPSUH XP DIDVWDPHQWR
PtQLPRGHWUrVPHWURVGDVGLYLVDV5HJXODPHQWDGRSHOR'HFUHWRQ
4XDQGR DGPLWLGD D LPSODQWDomR GH PDLV GH XPD HGLILFDomR LVRODGD QXP PHVPR WHUUHQR DV
FRQVWUXo}HVGHYHUmRFRQVHUYDUHQWUHVLXPDIDVWDPHQWRHTXLYDOHQWHD
$UW
, SHOR PHQRV WUrV PHWURV SDUD HGLILFDo}HV FRP DWp VHWH PHWURV H YLQWH FHQWtPHWURV GH DOWXUD GH
IDFKDGD RX GH] PHWURV H YLQWH FHQWtPHWURV GH DOWXUD GH FXPHHLUD H[FHWXDQGRVH DV HGLILFDo}HV
JHPLQDGDVH
,,RGREURGRVDIDVWDPHQWRVH[LJLGRVSDUDHGLILFDo}HVFRPDOWXUDVGHIDFKDGDVXSHULRUDVHWHPHWURV
H YLQWH FHQWtPHWURV H GH] PHWURV H YLQWH FHQWtPHWURV GH DOWXUD GH FXPHHLUD FRQIRUPH R FDVR
UHVSHLWDQGRVHPSUHXPPtQLPRGHVHLVPHWURV
$VHGtFXODVDOSHQGUHVWHOKHLURVHDEULJRVHVWmRGLVSHQVDGRVGRDIDVWDPHQWRGHIXQGRVGHVGH
TXH SRVVXDP XP Vy SDYLPHQWR FRP DOWXUD Pi[LPD GH FXPHHLUD GH TXDWUR PHWURV H FLQTXHQWD
FHQWtPHWURV H SURIXQGLGDGH LQIHULRU D VHLV PHWURV GHVGH TXH QmR FXEUDP MDQHODV QHP SRoRV GH
YHQWLODomRPDQWHQGRVHRVDIDVWDPHQWRVODWHUDLVFRUUHVSRQGHQWHVDRVGDHGLILFDomRSULQFLSDO
$UW
$UW
2 DIDVWDPHQWR HQWUH D HGLILFDomR SULQFLSDO H DV HGtFXODV DOSHQGUHV RX WHOKHLURV VHUi GH XP

PHWUR H FLQTXHQWD FHQWtPHWURV TXDQGR LQWHUFHSWDU RX FREULU MDQHODV RX GH WUrV PHWURV TXDQGR
FDUDFWHUL]DUUHVLGrQFLDLVRODGD
6(d29
'210(5201,02'(9$*$6'((67$&,21$0(172
$UW 2 Q~PHUR GH YDJDV GH HVWDFLRQDPHQWR VXDV GLPHQV}HV HVTXHPDV GH DFHVVR H FLUFXODomR
VHUmRHVWDEHOHFLGRVQDWDEHODSDUWHLQWHJUDQWHGHVWD/HL&RPSOHPHQWDU
4XDQGRQRPHVPRWHUUHQRFRH[LVWLUHPXVRVHDWLYLGDGHVGLIHUHQWHVRQ~PHURGHYDJDVH[LJLGDV
VHUiLJXDOjVRPDGDVYDJDVQHFHVViULDVSDUDFDGDXVRHDWLYLGDGH
2V LPyYHLV HP YLDV H[FOXVLYDV GH SHGHVWUHV DVVLP FRPR DV HGLILFDo}HV GHVWLQDGDV DR XVR
FRPHUFLDO H GH SUHVWDomR GH VHUYLoRV ORFDOL]DGDV QR WULkQJXOR FHQWUDO SRGHUmR VHU GLVSHQVDGRV GD
H[LJrQFLDGHYDJDVGHHVWDFLRQDPHQWRDSyVDQiOLVHHSDUHFHUGR,38)
(PWRGRRWULkQJXORFHQWUDORVUHVWDXUDQWHVEDUHVHDILQVVHUmRGLVSHQVDGRVGHSRVVXLUYDJDVGH
HVWDFLRQDPHQWRVSDUDYLVLWDQWHVSHUPDQHFHQGRHPYLJRUDVGHPDLVH[LJrQFLDV
2VUHVWDXUDQWHVEDUHVHDILQVFRPXPQ~PHURPHQRUGRTXHGH]PHVDVVHUmRGLVSHQVDGRVGH
UHVHUYDUYDJDVGHHVWDFLRQDPHQWRVSDUDYLVLWDQWHV
$VUDPSDVGHDFHVVRGHYHUmRVHUFRQVWUXtGDVQRLQWHULRUGRVWHUUHQRVLQLFLDQGRVHDGRLVPHWURV
GRDOLQKDPHQWRSUHYLVWRSDUDRPXURFRQIRUPHGHVHQKRDVHJXLU
1DVYLDVVHWRULDLVRVHGLItFLRVGHXVRFROHWLYRFRPHUFLDLVKDELWDFLRQDLVRXGHVHUYLoRVVHPSUH
TXHPDLRUHVGRTXHGH]PLOPHWURVTXDGUDGRVVHUmRGRWDGRVGHUHI~JLRVDQWHFHGHQGRRVSRUW}HVGDV
JDUDJHQV GH PRGR D OLEHUDU D YLD GDV GHVDFHOHUDo}HV GH HQWUDGDV H VDtGDV 2V UHI~JLRV GHYHUmR
SRVVXLUDFDSDFLGDGHGHDFROKHUGRLVYHtFXORSDUDFDGDFHPYDJDVGRVHVWDFLRQDPHQWRV
6HUi REULJDWyULD D YLQFXODomR GDV YDJDV GH HVWDFLRQDPHQWR jV UHVSHFWLYDV XQLGDGHV FRPHUFLDLV
RXSUHVWDGRUDVGHVHUYLoRVRXUHVLGHQFLDLV
$VYDJDVGHHVWDFLRQDPHQWRSRGHUmRVHUGRWLSRPHFkQLFRRXHOHWURPHFkQLFRFRPHPSLOKDPHQWR
KRUL]RQWDO H YHUWLFDO DGHTXDQGRVH R GLPHQVLRQDPHQWR H RV DFHVVRV jV HVSHFLILFDo}HV GRV
HTXLSDPHQWRV
$V HGLILFDo}HV WRPEDGDV H DV LQVHULGDV HP UHDV GH 3UHVHUYDomR &XOWXUDO $3& VHUmR
GLVSHQVDGDV GD H[LJrQFLD GH LPSODQWDomR GH YDJDV GH HVWDFLRQDPHQWR GHVGH TXH GHYLGDPHQWH
DWHVWDGD VXD LPSRVVLELOLGDGH GH LPSODQWDomR D FULWpULR GR yUJmR PXQLFLSDO HQFDUUHJDGR GD
SUHVHUYDomRGRSDWULP{QLRKLVWyULFR
7RGDV DV HGLILFDo}HV GH XVR FROHWLYR TXH DSUHVHQWHP PDLV GR TXH WUrV DQGDUHV RX SRVVXtUHP

iUHDFRQVWUXtGDVXSHULRUDGRLVPLOPHWURVTXDGUDGRVGHYHUmRHTXDFLRQDUPHGLDQWHHVWXGRDSURYDGR
QR ,38) DV SDUDGDV SDUD FDPLQK}HV GH PXGDQoD H GH IRUQHFLPHQWR GH JiV DVVLP FRPR GRV
FDPLQK}HVGROL[RHRVYHtFXORVGHHPHUJrQFLD
$UW
$VYDJDVGHHVWDFLRQDPHQWRQmRSRGHUmRRFXSDUDiUHDFRUUHVSRQGHQWHDRDIDVWDPHQWRIURQWDO
1mRVHDSOLFDDUHJUDGRFDSXWGHVWHDUWLJRDRFDVRGRGRDUWGHVWD/HL&RPSOHPHQWDUH
DRVHVWDFLRQDPHQWRVGHVFREHUWRVGDVDWLYLGDGHVFRPHUFLDLVHGHVHUYLoRV
0HVPRHPFDVRVHPTXHRDIDVWDPHQWRIURQWDOVHMDXWLOL]DGRSDUDHVWDFLRQDPHQWRGHVFREHUWRGDV
DWLYLGDGHV FRPHUFLDLV H GH VHUYLoRV R DFHVVR DR HVWDFLRQDPHQWR GHYHUi HVWDU GH DFRUGR FRP R
(VTXHPDGH$FHVVRH(VWDFLRQDPHQWRSDUWHLQWHJUDQWHGHVWD/HL&RPSOHPHQWDU
)LFDUiRSURSULHWiULRGRHVWDEHOHFLPHQWRUHVSRQViYHOSRUJDUDQWLUTXHRVYHtFXORVHVWDFLRQDGRVQR
DIDVWDPHQWR IURQWDO QmR REVWUXDP DV YLDV S~EOLFDV QHP R OLYUH DFHVVR GH SHGHVWUHV QRWDGDPHQWH
DTXHOHVFRPOLPLWDo}HVGHPRELOLGDGH
1DVHQWLGDGHVGHHQVLQRSUpHVFRODUHQDVGHHQVLQRIXQGDPHQWDOVHPSUHMXt]RGRQ~PHURGH
YDJDVGHHVWDFLRQDPHQWRH[LJLGRVHUiWDPEpPREULJDWyULRRHVWXGRGHLPSDFWRQRVLVWHPDYLiULR
$UW
$UW 1RV FRQGRPtQLRV PXOWLIDPLOLDUHV DPEXODWyULRV ODERUDWyULRV FOtQLFDV SURQWRVVRFRUURV SRVWRV

GH VD~GH FRQVXOWyULRV EDQFRV H HVFULWyULRV HP JHUDO VHUi REULJDWyULD D H[LVWrQFLD GH YDJDV GH
HVWDFLRQDPHQWRURWDWLYDVSDUDYLVLWDQWHVQDSURSRUomRPtQLPDGHGH]SRUFHQWRGDVYDJDVFDOFXODGDV
VHJXQGRDVQRUPDVGHVWD/HL&RPSOHPHQWDU
$ViUHDVGHHVWDFLRQDPHQWRGHVFREHUWDVGHYHUmRVHUDUERUL]DGDVQXPDSURSRUomRPtQLPDGH
GXDViUYRUHVSDUDFDGDYDJD
$UW
6(d29,
'263/26*(5$'25(6'(75)(*2
$V DWLYLGDGHV FRQVLGHUDGDV SyORV JHUDGRUHV GH WUiIHJR VHUmR UHJLGDV SRU QRUPDV HVSHFtILFDV
TXDQWR j ORFDOL]DomR DFHVVRV HVWDFLRQDPHQWR RSHUDFLRQDOLGDGH H DSURYDomR GH SURMHWRV
VXEGLYLGLQGRVH HP 0LFUR 3yORV 3*7 H 0DFUR 3yORV 3*7 FRQIRUPH FODVVLILFDomR GD WDEHOD
SDUWHLQWHJUDQWHGHVWD/HL&RPSOHPHQWDU
$UW
,RV0LFURSyORVREHGHFHUmRDVUHJUDVGDWDEHODSDUWHLQWHJUDPHQWHGHVWD/HL&RPSOHPHQWDUTXDQWR
DRQ~PHURPtQLPRGHYDJDVSDUDHVWDFLRQDPHQWRFDUJDGHVFDUJDiUHDSDUDHPEDUTXHGHVHPEDUTXH
HSDUDWi[LVH
,, RV 0DFURSyORV REHGHFHUmR D UHJUDV HVSHFLDLV GH LPSODQWDomR IL[DGDV SHOR ,38) LQFOXLQGR QR
PtQLPR H[LJrQFLDV LJXDLV jV GRV 0LFURSyORV DFUHVFLGDV GDTXHODV UHIHUHQWHV DRV GLVSRVLWLYRV GH
DFHVVRGHSHGHVWUHVHYHtFXORVHUHVSHFWLYDViUHDVGHDFXPXODomR
1DDYDOLDomRSUHOLPLQDUGRVSURMHWRVGHSyORVJHUDGRUHVGHWUiIHJRR,38)GHWHUPLQDUiDVREUDV
GH PHOKRULD XUEDQD GH UHVSRQVDELOLGDGH GR HPSUHHQGHGRU DV TXDLV FRQGLFLRQDUmR D DSURYDomR ILQDO
GRPHVPR
(PFDVRVH[FHSFLRQDLVR,38)SRGHUiH[LJLUGRV3*7VMiH[LVWHQWHVQDGDWDGHDSURYDomRGHVWD
/HL &RPSOHPHQWDU PHGLGDV RSHUDFLRQDLV HTXLSDPHQWRV RX REUDV TXH PLQLPL]HP VHX LPSDFWR QR
WUiIHJR
$UW
$RORQJRGDVYLDVDUWHULDLVDLQVWDODomRGH3*7HGHPDLVXVRVILFDFRQGLFLRQDGDjH[HFXomR

SRUSDUWHGRHPSUHHQGHGRUGHYLDPDUJLQDORXSLVWDGHGHVDFHOHUDomRSURSRUFLRQDOPHQWHjWHVWDGD
GRLPyYHO
&$378/29
'23$5&(/$0(172'262/285%$12
6(d2,
1250$6*(5$,6'(3$5&(/$0(172'262/2
2SDUFHODPHQWRGRVRORREVHUYDUiRGLVSRVWRQDOHJLVODomRPXQLFLSDOHVSHFtILFDVHPSUHMXt]R
GDV GLVSRVLo}HV GD SUHVHQWH /HL &RPSOHPHQWDU HVSHFLDOPHQWH TXDQWR jV GLPHQV}HV PtQLPDV
SUHYLVWDVQDWDEHODFRQVWDQWHGHVWH3ODQR'LUHWRU
$UW
$UW
6mRPRGDOLGDGHVGHSDUFHODPHQWRGRVROR
,ORWHDPHQWR
,,FRQGRPtQLRXQLIDPLOLDU
,,,GHVPHPEUDPHQWR
,9UHSDUFHODPHQWRH
9FRQMXQWRKDELWDFLRQDOQDIRUPDGHORWHDPHQWR
$UW
1mRpSHUPLWLGRRSDUFHODPHQWRGRVRORDVHGLILFDo}HVRVDWHUURVHTXDLVTXHURXWUDVREUDV
,QDViUHDVLQXQGiYHLVDQWHVGDH[HFXomRGDVREUDVGHHVFRDPHQWRGDViJXDVSOXYLDLVGHDFRUGR
FRPRSURMHWRUHJXODUPHQWHDSURYDGR
,, QDV iUHDV QDWXUDLV HYHQWXDOPHQWH DWLQJLGDV SRU LQIOXrQFLD VDOLQD GH PDUpV H FDUDFWHUL]DGDV SRU
SUHVHQoDGHYHJHWDomRGHWUDQVLomRHQWUHPDQJXH]DOHVRORVPDLVHQ[XWRV
,,, HP JOHEDV TXH WHQKDP VLGR DWHUUDGDV FRP PDWHULDO QRFLYR j VD~GH S~EOLFD VHP VHX SUpYLR
VDQHDPHQWR
,9HPJOHEDVFRPGHFOLYLGDGHLJXDORXVXSHULRUDYLQWHHFLQFRJUDXVH
9HPJOHEDVVHPFRQGLo}HVJHROyJLFDVDGHTXDGDVSDUDDFRQVWUXomRGHHGLILFDo}HV
$UW (TXLSDUDVHDRORWHDPHQWRSDUDWRGRVRVILQVOHJDLVRSURORQJDPHQWRGHYLDVRXDDEHUWXUDGH
YLDVSURMHWDGDVQmRSURPRYLGRVSHOR0XQLFtSLR
1RV ORWHDPHQWRV D H[LJrQFLD GH iUHDV SDUD VLVWHPD YLiULR H HTXLSDPHQWRV XUEDQRV H
FRPXQLWiULRV VHUi SURSRUFLRQDO D GHQVLGDGH SURSRVWD SDUD R HPSUHHQGLPHQWR REHGHFHQGR DRV
PtQLPRVSUHYLVWRVQDOHJLVODomRUHVSHFWLYD5HJXODPHQWDGRSHOR'HFUHWRQ
$UW
(P WRGRV RV SURMHWRV GH SDUFHODPHQWR GR VROR LQFOXtGRV RV FRQGRPtQLRV XQLIDPLOLDUHV R
SHUFHQWXDOPtQLPRGH$9/VHUiGHGH]SRUFHQWRHRGH$&,FLQFRSRUFHQWRGDiUHDWRWDOSDUFHOiYHO
2VFRQGRPtQLRVKRUL]RQWDLVQmRSRGHUmRLQWHUFHSWDUYLDVH[LVWHQWHVRXSURMHWDGDV
$V UHDV 9HUGHV GH /D]HU $9/ QRV SURMHWRV GH SDUFHODPHQWR GR VROR GHYHUmR WHU VXSHUItFLH

FRQWtQXDGHQRPtQLPRGRLVPLOPHWURVTXDGUDGRVHUHODomRPi[LPDHQWUHWHVWDGDHFRPSULPHQWRGH

$V UHDV &RPXQLWiULDV ,QVWLWXFLRQDLV $&, QRV SURMHWRV GH SDUFHODPHQWR GR VROR GHYHUmR WHU
VXSHUItFLH FRQWtQXD GH QR PtQLPR PLO PHWURV TXDGUDGRV H UHODomR Pi[LPD HQWUH WHVWDGD H
FRPSULPHQWRGH
$V $9/V H $&,V GHYHUmR VHU ORFDOL]DGDV MXQWR DV YLDV SULQFLSDLV RX GH PDLRU DFHVVR SRVVtYHO
SUHYLVWDVSHORORWHDPHQWRDDSURYDGDVSHOR,38)
$UW $ ORFDOL]DomR GRV HTXLSDPHQWRV XUEDQRV H FRPXQLWiULRV H R WUDoDGR GR VLVWHPD YLiULR
REHGHFHUmRDRGLVSRVWRQD(VWUDWpJLDGH0RELOLGDGHH$FHVVLELOLGDGHRXLQH[LVWLQGRjVGLUHWUL]HVGR
,38) 2V WUDoDGRV QmR SRGHUmR LJQRUDU DUUXDPHQWRV H[LVWHQWHV VDOYR MXVWLILFDWLYD H[SUHVVD
IRUPDOPHQWHDFHLWDSHOR,38)
3DUiJUDIRQLFR7RGRVRVSURMHWRVGHSDUFHODPHQWRGRVRORLQFOXVLYHGHVPHPEUDPHQWRGHYHUmRWHU
DQXrQFLDGR,38)DQWHVGDVXDDSURYDomRILQDOSHOD3UHIHLWXUD
$UW ,QFOXHPVH GHQWUH DV H[LJrQFLDV REULJDWyULDV GRV DUWV H GD /HL Q GH R
SURMHWRHDH[HFXomRGRVSDVVHLRVS~EOLFRVTXHGHYHUmRWHUODUJXUDPtQLPDGHWUrVPHWURV
$ViUHDVGHWHUUHQRUHPDQHVFHQWHVGHUHSDUFHODPHQWRRXGHVDSURSULDo}HVVHPFRQGLo}HVGH
VH FRQVWLWXtUHP HP ORWH DXW{QRPR VHUmR SUHIHUHQFLDOPHQWH GHVWLQDGDV D XVR FROHWLYR H VRPHQWH
SRGHUmR VHU YHQGLGDV SHOR 0XQLFtSLR JDUDQWLGR GLUHLWR GH SUHIHUrQFLD DRV SURSULHWiULRV OLPtWURIHV
SURSRUFLRQDOPHQWHjH[WHQVmRHPTXHVmROLQGHLURVHDRLQYHUVRGHVXDViUHDVGHSRLVGHGHVFDUWDGR
RXVRFRPXQLWiULR
$UW
2 0XQLFtSLR DR LPSODQWDU D UHGH JHRGpVLFD ORFDO SRGHUi H[LJLU TXH DV HVTXLQDV GRV
SDUFHODPHQWRVWHQKDPPDUFRVFRPLGHQWLILFDomRFRQIRUPHRSDGUmRGR0XQLFtSLR
$UW
$UW 2VSDUFHODPHQWRVTXHQHFHVVLWHPGHDEHUWXUDDODUJDPHQWRRXSURORQJDPHQWRGHYLDVS~EOLFDV
GHYHUmR LPSODQWDU XP SODQR GH DUUXDPHQWR TXH FRQVLGHUH DV FRQGLo}HV WRSRJUiILFDV ORFDLV
REVHUYDQGRRVHJXLQWH
,DVGLUHWUL]HVGR6LVWHPD9LiULR0XQLFLSDOH
,,DVYLDVSURMHWDGDVGHYHPVHUDUWLFXODGDVFRPDVYLDVDGMDFHQWHVRILFLDLVH[LVWHQWHVRXSURMHWDGDV
KDUPRQL]DGDVFRPDWRSRJUDILDORFDO
6(d2,,
85%$1,=$d2352*5(66,9$
$UW (QWHQGHVH SRU XUEDQL]DomR SURJUHVVLYD D LPSODQWDomR GR SDUFHODPHQWR SRU HWDSDV RX D
LPSODQWDomRGDLQIUDHVWUXWXUDJUDGDWLYDPHQWH5HJXODPHQWDGRSHOR'HFUHWRQ
$ XUEDQL]DomR SURJUHVVLYD Vy VHUi DSOLFDGD D SDUFHODPHQWRV TXH SRVVXDP WRGRV RV SURMHWRV
FRPSOHPHQWDUHVDSURYDGRVSHORVyUJmRVFRPSHWHQWHV
$XUEDQL]DomRSURJUHVVLYDQmRSRGHUiXOWUDSDVVDURSUD]RPi[LPRGHGRLVDQRVFRQWDGRVDSDUWLU
GD GDWD GH DSURYDomR GR SURMHWR PHGLDQWH FURQRJUDPD MXVWLILFDWLYR D VHU DSURYDGR SHOD 3UHIHLWXUD
0XQLFLSDOGH)ORULDQySROLV
$V HWDSDV H FRQGLo}HV GD XUEDQL]DomR SURJUHVVLYD GHYHUmR FRQVWDU GH 7HUPR GH &RPSURPLVVR

ILUPDGR FRP R 0XQLFtSLR LQFOXLQGR FURQRJUDPD GH LPSODQWDomR FRP IRUoD GH WtWXOR H[HFXWLYR
H[WUDMXGLFLDO
2 GHVFXPSULPHQWR GDV FRQGLo}HV IL[DGDV QR 7HUPR GH &RPSURPLVVR GDUi HQVHMR DR
FDQFHODPHQWRGDVOLFHQoDVVHPSUHMXt]RGHVXDH[HFXomRMXGLFLDO
$FULWpULRGR,38)HDSyVVHUVXEPHWLGDDGHOLEHUDomRGD&kPDUD0XQLFLSDOGH)ORULDQySROLV
VHUi DGPLWLGD D XUEDQL]DomR SURJUHVVLYD QD SDYLPHQWDomR LOXPLQDomR S~EOLFD UHGH WHOHI{QLFD H
SDLVDJLVPRGHiUHDVYHUGHVGHOD]HU
$UW
3DUiJUDIRQLFR$SDYLPHQWDomRSRGHUiVHULPSODQWDGDGHIRUPDSURJUHVVLYDVRPHQWHQDVYLDVORFDLV
HVXEFROHWRUDVHDSyVDH[HFXomRGDLQIUDHVWUXWXUDEiVLFDGHDEDVWHFLPHQWRGHiJXDHQHUJLDHOpWULFD
GUHQDJHPHHVJRWR
$UW 1RV FDVRV GH XUEDQL]DomR SURJUHVVLYD WDO FRQGLomR VHUi DYHUEDGD QDV PDWUtFXODV GRV ORWHV
MXQWRDR&DUWyULRGH5HJLVWURGH,PyYHLV
2V DQ~QFLRV SHoDV SXEOLFLWiULDV H RV FRQWUDWRV GH DOLHQDomR GH ORWHV VLWXDGRV HP YLDV H
SDUFHODPHQWRV FRP XUEDQL]DomR SURJUHVVLYD GHYHUmR FRQWHU LQIRUPDomR HVSHFLILFDQGR TXH RV FXVWRV
FRPDFRPSOHPHQWDomRGDVREUDVGHSDYLPHQWDomRDUERUL]DomRLOXPLQDomRS~EOLFDUHGHWHOHI{QLFDH
SDLVDJLVPRGHiUHDVYHUGHVGHOD]HUVHUmRGHUHVSRQVDELOLGDGHGRVDGTXLUHQWHV
2 UHFHELPHQWR GR SDUFHODPHQWR HP FDVR GH XUEDQL]DomR SURJUHVVLYD QmR LPSOLFD HP
WUDQVIHUrQFLDGR{QXVFRPDFRPSOHPHQWDomRGDVREUDVSDUDR3RGHU3~EOLFRWUDWDQGRVHVRPHQWHGH
DGLDPHQWRGDH[HFXomRGDVREUDVSHORHPSUHHQGHGRU
$UW $JDUDQWLDSDUDH[HFXomRGDVREUDVSUHYLVWDVQDOHJLVODomRGHSDUFHODPHQWRGRVRORGHYHUiVHU
IHLWDSHORHPSUHHQGHGRUVHJXQGRXPDGDVVHJXLQWHVPRGDOLGDGHV
,JDUDQWLDKLSRWHFiULD
,,FDXomRHPGLQKHLURHPWtWXORVGDGtYLGDS~EOLFDRXILGHMXVVyULD
,,,ILDQoDEDQFiULDH
,9VHJXURJDUDQWLD
3DUiJUDIRQLFR$JDUDQWLDWHUiRYDORUHTXLYDOHQWHDRFXVWRRUoDGRSDUDDVREUDVVDOYRQDJDUDQWLD
KLSRWHFiULDTXHQmRSRGHUiXOWUDSDVVDUDFLQTXHQWDSRUFHQWRGRVORWHV
$UW
2VVHUYLoRVS~EOLFRVPtQLPRVH[LJLGRVVmR
,WUDWDPHQWRGDViUHDVGHUHFUHDomR
,,DUERUL]DomRGDVYLDVHVWUXWXUDGRUDVGRORWHDPHQWR
,,,HVSDoRVYHUGHV
,9LQVWDODomRGHUHGHGHiJXDHHVJRWRSOXYLDO
9LQVWDODomRGHUHGHGHGLVWULEXLomRHLOXPLQDomRS~EOLFDH
9,LQVWDODomRGHVLVWHPDGHHVJRWRFORDFDOHPUHGHRXVROXomRWpFQLFDFRPSDWtYHO
$UW
$ILVFDOL]DomRGRSDUFHODPHQWRHGDVHGLILFDo}HVREVHUYDUiDOpPGDOHJLVODomRHPYLJRURV

WHUPRV FRQVWDQWHV GR FRPSURPLVVR ILUPDGR HQWUH DV SDUWHV QR DWHQGLPHQWR GD GHPDQGD D TXH VH
GHVWLQD
&$378/29,
'$62&83$d(681,)$0,/,$5(6('26&21'201,26
6(d2,
'$2&83$d2'26/27(6&205(6,'1&,$681,)$0,/,$5(6
$UW
$RFXSDomRGRVORWHVFRPUHVLGrQFLDVXQLIDPLOLDUHVVHUiDGPLWLGDQDVVHJXLQWHVKLSyWHVHV
,UHVLGrQFLDVLVRODGDV
,,UHVLGrQFLDVJHPLQDGDVH
,,,FRQGRPtQLRVUHVLGHQFLDLVXQLIDPLOLDUHV
$VUHVLGrQFLDVLVRODGDVSRGHUmRVHUHPQ~PHURGHWUrVSRUORWHRXJOHEDVHPREULJDWRULHGDGH
GH FRQVWLWXLomR GH FRQGRPtQLR QRV WHUPRV GD /HL )HGHUDO Q GH GHVGH TXH REHGHoDP D
XPDIUDomRLGHDOLJXDORXVXSHULRUDFHQWRHYLQWHHFLQFRPHWURVTXDGUDGRVSRUXQLGDGHHDRVGHPDLV
OLPLWHVGHRFXSDomRSUHYLVWRVQHVWD/HL&RPSOHPHQWDU
$UW
3DUiJUDIR QLFR 3DUD RV HIHLWRV GHVWH DUWLJR DV HGtFXODV VHUmR VHPSUH FRQVLGHUDGDV FRPR
UHVLGrQFLDV LVRODGDV TXDQGR VLWXDGDV HP WHUUHQRV FRP iUHD VXSHULRU D WUH]HQWRV H VHVVHQWD PHWURV
TXDGUDGRV
$UW $V UHVLGrQFLDV JHPLQDGDV SRGHUmR VHU HP Q~PHUR GH WUrV SRU ORWH RX JOHED VHP
REULJDWRULHGDGHGHFRQVWLWXLomRGHFRQGRPtQLRQRVWHUPRVGD/HL)HGHUDOQGHGHVGHTXH
DWHQGDPDRVVHJXLQWHVUHTXLVLWRV
,WHUIUDomRLGHDOLJXDORXVXSHULRUDFHQWRHYLQWHHFLQFRPHWURVTXDGUDGRVSRUXQLGDGH
,,REHGHFHUDRVGHPDLVOLPLWHVGHRFXSDomRSUHYLVWRVQHVWD/HL&RPSOHPHQWDU
,,,QmRDSUHVHQWDUiUHDVFRQVWUXtGDVGHXVRFRPXP
,9SRVVXLUWRGRVRVFRPSDUWLPHQWRVKDELWiYHLVFRPLOXPLQDomRHYHQWLODomRQDWXUDLV
9 DSUHVHQWDU SDUHGHV GLYLVyULDV FRP LVRODPHQWR DF~VWLFR HQWUH FDGD XQLGDGH GHVGH R SLVR DWp R
WHOKDGRXOWUDSDVVDQGRR
9,DSUHVHQWDUUHVHUYDWyULRVLQGLYLGXDLVGHiJXDSRWiYHOHGHWUDWDPHQWRGHHVJRWRH
9,,DSUHVHQWDUVLVWHPDGHDEDVWHFLPHQWRHPHGLomRGHHQHUJLDHOpWULFDLQGLYLGXDOL]DGRV
6(d2,,
'26&21'201,265(6,'(1&,$,681,)$0,/,$5(6
1RV FRQGRPtQLRV UHVLGHQFLDLV XQLIDPLOLDUHV FRQVWLWXtGRV QD IRUPD GRV DUWV H GD /HL
)HGHUDO Q GH VHUi GLVFULPLQDGD D SDUWH GR WHUUHQR D VHU RFXSDGD SHODV HGLILFDo}HV GD
XQLGDGHDXW{QRPDHDTXHODGHXVRH[FOXVLYREHPFRPRDIUDomRGDWRWDOLGDGHGRWHUUHQRHDVSDUWHV
$UW

FRPXQVFRUUHVSRQGHQWHVDFDGDXQLGDGH
$V iUHDV GH XVR H[FOXVLYR WHUmR VXSHUItFLH PtQLPD HTXLYDOHQWH j GLPHQVmR GR ORWH PtQLPR
HVWDEHOHFLGR SDUD D ]RQD HP TXH VH VLWXDU R FRQGRPtQLR VDOYR FRQWUDSDUWLGD WUDGX]LGD HP iUHDV
FRPXQVDRFRQGRPtQLRRXQDYL]LQKDQoDGRHPSUHHQGLPHQWRVHPSUHPHGLDQWHH[SUHVVDHMXVWLILFDGD
DQXrQFLDGRyUJmRGHSODQHMDPHQWRPXQLFLSDO
&DGD XQLGDGH DXW{QRPD SRGHUi VHU FRQVWLWXtGD GH XPD UHVLGrQFLD XQLIDPLOLDU H GH XPD HGtFXOD
DX[LOLDU
2Q~PHURPi[LPRGHXQLGDGHVDXW{QRPDVSRUFRQGRPtQLRUHVLGHQFLDOXQLIDPLOLDUVHUiLJXDOD
YLQWHHFLQFRXQLGDGHVSRGHQGRVXELUSDUDFLQTXHQWDXQLGDGHVHPiUHDVRQGHQmRH[LVWHQHPHVWmR
SURMHWDGDVYLDV
$UW
$UW 4XDQGRLPSODQWDGRVHP$3/(RVFRQGRPtQLRVGHYHUmRVHULPSODQWDGRVHPXPDIDL[DFRP
ODUJXUDGHGRLVWHUoRVGDSURIXQGLGDGHWRWDOGDJOHEDDSDUWLUGRLQtFLRGHVWH]RQHDPHQWR
$UW
$DSURYDomRGHFRQGRPtQLRVUHVLGHQFLDLVXQLIDPLOLDUHVILFDUiFRQGLFLRQDGDD
, GRDomR DR 0XQLFtSLR GH UHD 9HUGH GH /D]HU $9/ HRX UHD &RPXQLWiULD ,QVWLWXFLRQDO $&, HP
iUHD IURQWDO H GHVLPSHGLGD GH DFHVVRV D FULWpULR GR ,38) VHJXQGR R JUDX GH FDUrQFLD GH WDLV
HTXLSDPHQWRV RQGH VH ORFDOL]DU R FRQGRPtQLR GH SHOR PHQRV YLQWH SRU FHQWR GD iUHD SDUFHOiYHO GR
LPyYHOFRPRPtQLPRGHPLOHGX]HQWRVPHWURVTXDGUDGRVGHiUHDFRQWtQXDHPORFDOFRPSDWtYHOFRP
RLQWHUHVVHJHUDO
,, D $9/ D TXH VH UHIHUH R LQFLVR DQWHULRU GHYHUi VHU HQWUHJXH DR 3RGHU ([HFXWLYR 0XQLFLSDO FRP
DUERUL]DomR SDLVDJLVPR H HTXLSDPHQWRV GH OD]HU GHYLGDPHQWH LPSODQWDGRV VHP {QXV SDUD D
PXQLFLSDOLGDGHGHYHQGRRSURMHWRXUEDQtVWLFRVHUSUHYLDPHQWHDSURYDGRSHOR,38)HSHOD)/25$0H
,,,DViUHDVYHUGHVSUHYLVWDVQRFDSXWGHVWHDUWLJRVHUmRGHVLPSHGLGDVGHDFHVVRV
$ViUHDVGHXVRFRPXPDRFRQGRPtQLRWHUmRSURSRUomRPtQLPDGHWULQWDHFLQFRSRUFHQWRGD
iUHDWRWDOSDUFHOiYHO
$UW
3DUiJUDIR QLFR 6HUi GHVWLQDGD REULJDWRULDPHQWH SDUD LPSODQWDomR GH iUHDV YHUGHV FRP
HTXLSDPHQWRVGHUHFUHDomRHOD]HUGHXVRFRPXPiUHDQmRLQIHULRUDGH]SRUFHQWRGDWRWDOLGDGHGR
WHUUHQRSDUFHOiYHOHFXMDGHFOLYLGDGHGHYHUiVHULQIHULRUDWULQWDSRUFHQWRQmRSRGHQGRHVWDUVLWXDGD
HPiUHDGHSUHVHUYDomRSHUPDQHQWH
2VOLPLWHVGHRFXSDomRGDViUHDVGHXVRH[FOXVLYRVHUmRRVPHVPRVHVWDEHOHFLGRVQDVOHLVGH
]RQHDPHQWRSDUDDiUHDHPTXHVHVLWXDUHPRVFRQGRPtQLRV
$UW
$UW 2 DIDVWDPHQWR IURQWDO PtQLPR VHUi GH VHWH PHWURV GR HL[R GD YLD GH FLUFXODomR LQWHUQD DRV
FRQGRPtQLRV
2 DIDVWDPHQWR PtQLPR SDUD DV HGLILFDo}HV VHUi GH XP PHWUR H FLQTXHQWD FHQWtPHWURV GRV
OLPLWHVGDiUHDGHXVRH[FOXVLYRHPSHORPHQRVGRORWH
$UW
$UW 2 VLVWHPD YLiULR LQWHUQR GRV FRQGRPtQLRV UHVLGHQFLDLV XQLIDPLOLDUHV GHYHUi REVHUYDU RV
VHJXLQWHVUHTXLVLWRV
,WRGDVDViUHDVYHUGHVGHXVRH[FOXVLYRGHYHUmRWHUYLDVGHDFHVVRDWUDYpVGHiUHDVFRPXQV
,,DVYLDVGHDFHVVRGHYHUmRVHUSDYLPHQWDGDVHQmRSRGHUmRWHUFDOoDGDVLQIHULRUHVDGRLVPHWURVH
FLQTXHQWDFHQWtPHWURV

,,,GLVSRUGHDSHQDVXPDOLJDomRHPFDGDYLDS~EOLFDSDUDWUiIHJRGHYHtFXORVDXWRPRWRUHVH
,9 RV DFHVVRV VHUmR SURYLGRV GH UHI~JLRV QD SURSRUomR GH XP YHtFXOR SDUD FDGD YLQWH H FLQFR
XQLGDGHV
3DUiJUDIRQLFR4XDQGRQDiUHDGRFRQGRPtQLRKRXYHUYLDS~EOLFDSUHYLVWDHP/HLDiUHDGHVWLQDGD
jPHVPDGHYHUiVHUWUDQVIHULGDDR0XQLFtSLRQRDWRGHDSURYDomRGRSURMHWR
1RVFRQGRPtQLRVUHVLGHQFLDLVXQLIDPLOLDUHVRVHTXLSDPHQWRVHHVWUXWXUDVGHHVJRWDPHQWRGH
iJXDVSOXYLDLVGLVSRVLomRGHHVJRWRVDQLWiULRDEDVWHFLPHQWRGHiJXDSRWiYHOHHQHUJLDHOpWULFDVHUmR
LPSODQWDGRVHPDQWLGRVSHORFRQGRPtQLR
$UW
2 OLFHQFLDPHQWR GDV REUDV GR FRQGRPtQLR ILFDUi FRQGLFLRQDGD j DSUHVHQWDomR GH SURMHWRV
WpFQLFRVFRPSOHPHQWDUHVMiDSURYDGRVSHORVyUJmRVFRPSHWHQWHV
$UW
$UW 1D DQiOLVH WUDPLWDomR H DSURYDomR GRV SURMHWRV GH FRQGRPtQLRV UHVLGHQFLDLV XQLIDPLOLDUHV
DSOLFDPVHDVGLVSRVLo}HVHVWDEHOHFLGDVQDOHJLVODomRPXQLFLSDOSDUDORWHDPHQWRV
6(d2,,,
'26&21'201,265(6,'(1&,$,608/7,)$0,/,$5(6
$UW
2Q~PHURPi[LPRGHXQLGDGHVUHVLGHQFLDLVHPFRQGRPtQLRPXOWLIDPLOLDUVHUiGHGX]HQWDV
$UW 2V FRQGRPtQLRV PXOWLIDPLOLDUHV LPSODQWDGRV HP iUHDV QmR ORWHDGDV ORFDOL]DGRV HP TXDOTXHU
SDUWHGDFLGDGHGHYHUmRDSUHVHQWDUSODQRGHYL]LQKDQoDTXHFRQWHUiXPGLDJQyVWLFRGDVFDUrQFLDVGR
HQWRUQR LPHGLDWR H SURSRVWDV GH LQYHVWLPHQWRV QD IRUPD GH PLWLJDomR GH LPSDFWRV GH YL]LQKDQoD D
VDEHU
, RV SODQRV GH YL]LQKDQoD GHYHUmR SURSRU PHOKRULDV QR VLVWHPD YLiULR QD TXDOLILFDomR GH YLDV H
SDVVHLRVQDLOXPLQDomRS~EOLFDQRVHTXLSDPHQWRVXUEDQRVHHPHVSDoRVFRPXQLWiULRVH
,,RVSODQRVGHYL]LQKDQoDGHYHUmRGHVWLQDUiUHDVFRPXQLWiULDVGHXVRS~EOLFRHPSURSRUomRDVHU
HVWDEHOHFLGD SHOR yUJmR PXQLFLSDO GH SODQHMDPHQWR H GH DFRUGR FRP D GHQVLGDGH UHVXOWDQWH SHOR
HPSUHHQGLPHQWR
3DUiJUDIR QLFR $V iUHDV GH XVR S~EOLFR SUHYLVWD QR FDSXW SRGHUi VHU ORFDOL]DGD QR HQWRUQR GR
HPSUHHQGLPHQWR HP IXQomR GH HVWXGRHIHWXDGR SHOR ,38)TXHOHYH HP FRQWDDGHPDQGD GDUHJLmR
SRUiUHDVGHOD]HUHFRPXQLWiULDVLQVWLWXFLRQDLV
&$378/29,,
'267(55(126'(0$5,1+$
2VWHUUHQRVGHPDULQKDTXHHVWLYHUHPQRXVRFRPXPGRSRYRVHFRQVWLWXHPHPORJUDGRXURV
S~EOLFRVPXQLFLSDLVSDVVtYHLVGHRILFLDOL]DomRQRVWHUPRVGD/HL
$UW
2V DFUHVFLGRV GH WHUUHQRV GH PDULQKD IRUPDGRV SRU DFHVVmR QDWXUDO RX DUWLILFLDO VHUmR
GHVWLQDGRVDXVRS~EOLFRRXFROHWLYR
2V WHUUHQRV GH PDULQKD TXH VH HQFRQWUDUHP YDJRV RX RFXSDGRV LUUHJXODUPHQWH SRGHUmR VHU
UHTXHULGRVSHOR0XQLFtSLRj8QLmR)HGHUDOQRVWHUPRVGD/HL

$UW 2V WHUUHQRV GH PDULQKD VmR QRQ DHGLILFDQGL UHVVDOYDGRV RV XVRV S~EOLFRV QHFHVViULRV H DV
VHJXLQWHVH[FHo}HV
,TXDQGRRVRFXSDQWHVFRPSURYDUHPSRUFHUWLGmRGR6HUYLoRGR3DWULP{QLRGD8QLmRTXHVmRIRUHLURV
RX WLWXODUHV GR GLUHLWR GH SUHIHUrQFLD DR DIRUDPHQWR QRV FDVRV HP TXH D SURIXQGLGDGH WRWDO GR ORWH
LQFOXtGDV DV WHUUDV DORGLDLV QmR IRU VXSHULRU D VHVVHQWD PHWURV GHYHQGR VHU REVHUYDGR SHODV
FRQVWUXo}HV XP DIDVWDPHQWR GD OLQKD GH SUHDPDU GHPDUFDGD SHOD 8QLmR QmR LQIHULRU D FLQTXHQWD H
FLQFRSRUFHQWRGDPHGLGDGDSURIXQGLGDGH
,, TXDQGR R XVR GDV HGLILFDo}HV WDLV FRPR UDQFKRV H RXWUDV HGLILFDo}HV VXPiULDV SDUD DEULJR GH
HPEDUFDo}HVHHTXLSDPHQWRVGHWUDEDOKRGHVWLQDUVHjSUiWLFDGDSHVFDDUWHVDQDOGDDTXLFXOWXUDH
GRH[WUDWLYLVPRPDULQKRGHFRQFKDVHPROXVFRVUHVSHLWDGDVDVQRUPDVGHRFXSDomRSUHYLVWDVQHVWD
/HL&RPSOHPHQWDUH
,,,TXDQGRVHWUDWDUGHDWLYLGDGHVSUHYLVWDVQR3ODQRGH*HVWmR,QWHJUDGRGR3URMHWR2UOD
$VH[FHo}HVGRSUHVHQWHDUWLJRQmRVHDSOLFDPDRVWHUUHQRVGHPDULQKDTXDQGR
,DSURIXQGLGDGHGRORWHTXHQmRFRQILQHFRPWHUUDVDORGLDLVIRULQIHULRUDYLQWHHFLQFRPHWURVH[FHWR
TXDQGR SDUD FRQVWUXomR RX UHIRUPD GH UDQFKR GHVWLQDGR D SHVFD DUWHVDQDO H HGLILFDomR GHVWLQDGD D
DWLYLGDGHGDDTXLFXOWXUD
,,FRQWtJXRVDWHUUDVDORGLDLVLQFOXtGDVHPUHDVGH3UHVHUYDomRFRPXVR/LPLWDGR$3/RXUHDVGH
3UHVHUYDomR3HUPDQHQWH$33
,,,TXDQGRHVWLYHUHPVLWXDGDVHPUHDV9HUGHVGH/D]HU$9/H
,9DViUHDVTXHOLPLWDUHPSHORODGRGDVWHUUDVDORGLDLVFRPXPDYLDS~EOLFDRXFRPXPFXUVRGCiJXD
$ SURIXQGLGDGH GR ORWH SDUD HIHLWRV GRV SDUiJUDIRV DQWHULRUHV VHUi VHPSUH FRQVLGHUDGD
SHUSHQGLFXODUPHQWHjOLQKDGHSUHDPDUGHPDUFDGDSHOD8QLmR
$OLQKDGHSUHDPDUDVHUGHPDUFDGDSHOD8QLmRDWUDYpVGHGRFXPHQWRKiELOFRQVWLWXLUVHiHP
GRFXPHQWRREULJDWyULRjDSURYDomRGHSURMHWRVHPiUHDVGHPDULQKDRXWHUUDVDORGLDLV
4XDQGRHQWUHDIDL[DGHWHUUHQRVGHPDULQKDHRGRPtQLRS~EOLFRPDUtWLPRVHKRXYHUHPIRUPDGRV
DFUHVFLGRV R DIDVWDPHQWR GDV HGLILFDo}HV QD KLSyWHVH GR SDUiJUDIR DQWHULRU VHUi PHGLGR D SDUWLU GR
SRQWRRQGHLQLFLDPRVDFUHVFLGRVHWHUPLQDDIDL[DGHWHUUHQRVGHPDULQKD
DDXVrQFLDGHGHOLPLWDomRDWXDOL]DGDGRWHUUHQRGHPDULQKDDWUDYpVGDGHPDUFDomRGD/30SHOR
yUJmR SDWULPRQLDO IHGHUDO R 0XQLFtSLR SRGHUi FRQVLGHUDU SDUD HIHLWR GD GHWHUPLQDomR GD IDL[D QmR
HGLILFiYHO GR WHUUHQR GH PDULQKD FRPR OLPLWH GR GRPtQLR S~EOLFR PDUtWLPRV RV IDWRV DQWUySLFRV RX
QDWXUDLVTXHLQGLFDPDOLQKDGDVPDUpVPDLVDOWDVQRPRPHQWRHPTXHVHUHDOL]DUWDOPHGLomR
2V WHUUHQRV GH PDULQKD QmR RFXSDGRV SRU HGLILFDo}HV OLFHQFLDGDV SHOR 3RGHU 3~EOLFR
PXQLFLSDOQmRSRGHUmRVHUPXUDGRVRXFHUFDGRVGHYHQGRIRUPDUXPWRGRFRQWtQXRFRPDIDL[DGH
SUDLD
$UW
3DUiJUDIR QLFR 4XDQGR RV WHUUHQRV GH PDULQKD RX DV UHVSHFWLYDV WHUUDV DORGLDLV VXSRUWDUHP
HGLILFDo}HVDSRUomRGHiUHDGHILQLGDFRPRDIDVWDPHQWRSRGHUiVHUPXUDGDRXFHUFDGDQDVH[WUHPDV
DWpDDOWXUDGHXPPHWURDSDUWLUGHTXLQ]HPHWURVFRQWDGRVGROLPLWHGRGRPtQLRS~EOLFRPDUtWLPRHP
GLUHomRjVWHUUDVDORGLDLV
$UW
1RV SDUFHODPHQWRV GDV iUHDV OLWRUkQHDV TXH LQFOXtUHP WHUUHQRV GH PDULQKD RV UHVSHFWLYRV

ORWHDGRUHV RX LQFRUSRUDGRUHV TXH IRUHP WLWXODUHV GR GLUHLWR GH SUHIHUrQFLD DR DIRUDPHQWR FRQFHGLGR
SHOD8QLmR)HGHUDOQmRSRGHUmRFRPSXWDUWDLViUHDVQRFiOFXORGRSHUFHQWXDOGHiUHDVYHUGHVGHXVR
S~EOLFRHHPQHQKXPFDVRDViUHDVGHPDULQKDSRGHUmRVHULQFOXtGDVQDVSDUFHODVDVHUHPYHQGLGDV
3DUiJUDIR QLFR 1mR SRGHUi KDYHU FRQWLJXLGDGH HQWUH RV ORWHV SURMHWDGRV H DV WHUUDV GH PDULQKD
H[FHWRQRVFDVRVHPTXHHVWDVVHMDPSUHYLVWDVSDUDLPSODQWDomRGHYLDVRXiUHDVGHXVRS~EOLFR
2VRFXSDQWHVHRVIRUHLURVGRVWHUUHQRVGHPDULQKDSRGHUmRQDSDUWHGRLPyYHOGHILQLGDFRPR
DIDVWDPHQWRGDVHGLILFDo}HVUHVHUYDGDDiUHDH[LJtYHOSDUDFLUFXODomRGHSHGHVWUHVUHDOL]DUWUDEDOKRV
GH DMDUGLQDPHQWR KRUWLFXOWXUD H DUERUL]DomR EHP FRPR LPSODQWDU HTXLSDPHQWRV VXPiULRV GH OD]HU H
UHFUHDomR H UDQFKRV U~VWLFRV SDUD JXDUGD GH HPEDUFDo}HV GHVWLQDGDV j SHVFD DUWHVDQDO H j
PDULFXOWXUD
$UW
&RQVLGHUDPVH HTXLSDPHQWRV VXPiULRV GH OD]HU H UHFUHDomR DV LQVWDODo}HV GH SHTXHQDV
GLPHQV}HVTXHQmRLPSOLTXHPHPHGLILFDo}HVRXLPSHUPHDELOL]DomRGRVRORQmRXOWUDSDVVDQGRXPD
RFXSDomRGHGH]SRUFHQWRGDiUHDUHIHULGDQRFDSXWGHVWHDUWLJR
2V UDQFKRV U~VWLFRV SDUD JXDUGD GH HPEDUFDo}HV DUWHVDQDLV H SDUD PDULFXOWXUD GHYHUmR VHU
FRQVWUXtGRV HP FRQIRUPLGDGH FRP PRGHOR WUDGLFLRQDO GD DUTXLWHWXUD YHUQDFXODU GH )ORULDQySROLV
VHJXQGRFULWpULRVDVHUHPGHILQLGRVSHORyUJmRGHSODQHMDPHQWRUHVSHLWDGRRFDUiWHUVXPiULRGHVVDV
HGLILFDo}HV
$UW 3RUWRVGHOD]HUHPDULQDVSUHIHUHQFLDLVSDUDEDUFRVQmRPRYLGRVH[FOXVLYDPHQWHDPRWRUVHUmR
FRQVLGHUDGDVGHLQWHUHVVHGRGHVHQYROYLPHQWRQiXWLFRGRPXQLFtSLRHDPHQRVTXHDRFXSDomRVHMD
LQFRPSDWtYHOFRPRPHLRDPELHQWHLQWHUFHSWHPYLDVRXDWLQMDPiUHDVGHOD]HUFRPXQLWiULRGHYHUmR
PHUHFHUWUDWDPHQWRFRPSDWtYHOFRPVHXLQWHUHVVHHUHVSHLWDUHPRSODQRGHJHVWmRLQWHJUDGDGDRUOD
GRPXQLFtSLR
&$378/29,,,
'$65($6(63(&,$,6'(,17(59(1d285%$167,&$
$V UHDV (VSHFLDLV GH ,QWHUYHQomR 8UEDQtVWLFD VmR HVSDoRV GH LQWHUYHQomR XUEDQtVWLFD FXMD
GHPDUFDomR p VREUHSRVWD jV GLIHUHQWHV ]RQDV FRP D ILQDOLGDGH GH VHUYLU DR LQWHUHVVH S~EOLFR SDUD
YLDELOL]DULQWHUYHQo}HVGHLQWHUHVVHPXQLFLSDODVVLPGLYLGLGDV
$UW
,UHDVGH3UHVHUYDomR&XOWXUDO$3&
,,UHDV(VSHFLDLVGH,QWHUHVVH6RFLDO$(,6
,,,UHDV3ULRULWiULDVSDUD2SHUDomR8UEDQD&RQVRUFLDGD28&
,9UHDVGH'HVHQYROYLPHQWR,QFHQWLYDGR$',
9UHDVGR3URMHWR2UOD$32
9,UHDVGH5LVFR*HROyJLFR$5*
9,,UHDVGR3DWULP{QLR*HROyJLFR$3*
9,,,UHDVGH/LPLWDomR$PELHQWDO$/$
,;UHDVGH&RQIOLWR$PELHQWDOH8UEDQR$&$8

;UHDVGH$GHTXDomR8UEDQD$$8H

;,UHDVGH8UEDQL]DomR(VSHFLDO$8(
$V iUHDV HVSHFLDLV REHGHFHP jV QRUPDV GH OHJLVODomR HVSHFtILFD FRPSOHPHQWDGD SHODV
DOWHUDo}HVHDFUpVFLPRVGHVWD/HL&RPSOHPHQWDU
1DViUHDVHVSHFLDLVDRFXSDomRGRVRORRVXVRVHDVDWLYLGDGHVSRGHUmRHVWDUVXMHLWDVDUHJUDV
HVSHFtILFDVTXHSUHYDOHFHPVREUHDVQRUPDVHPYLJRUSDUDDV]RQDVHPTXHHVWLYHUHPVREUHSRVWDV
6(d2,
5($6'(35(6(59$d2&8/785$/$3&
$V UHDV GH 3UHVHUYDomR &XOWXUDO $3& VmR DTXHODV GHVWLQDGDV j SUHVHUYDomR GH VtWLRV GH
LQWHUHVVHFXOWXUDOREMHWLYDQGRDSUHVHUYDomRYDORUL]DomRHSURPRomRGHODV
$UW
3DUiJUDIRQLFR$V$3&HVWmRGHWDOKDGDVQRFDSXWGRDUWHQRPDSDSDUWHLQWHJUDQWHGHVWD/HL
&RPSOHPHQWDU
6(d2,,
5($6(63(&,$,6'(,17(5(66(62&,$/$(,6
$UW $V UHDV (VSHFLDLV GH ,QWHUHVVH 6RFLDO $(,6 VmR iUHDV GH LQWHUYHQomR XUEDQtVWLFD
VREUHSRVWDV jV GLIHUHQWHV ]RQDV FRP D ILQDOLGDGH GH GRWDU R UHJLPH XUEDQtVWLFR H GH PHLRV SDUD
LQFHQWLYDUXUEDQL]Do}HVGHLQWHUHVVHVRFLDO
3DUiJUDIRQLFR$V$(,6HVWmRGHWDOKDGDVQRFDSXWGRDUWHQRPDSDSDUWHLQWHJUDQWHGHVWD/HL
&RPSOHPHQWDU
6(d2,,,
'$65($635,25,75,$63$5$23(5$d285%$1$&21625&,$'$
$UW $V 2SHUDo}HV 8UEDQDV &RQVRUFLDGDV 28& GH UHDOL]DomR SULRULWiULD VmR XP FRQMXQWR GH
LQWHUYHQo}HV H PHGLGDV FRRUGHQDGDV RX DXWRUL]DGDV SHOR 3RGHU 3~EOLFR PXQLFLSDO FRP LQtFLR
REULJDWyULRQXPSUD]RGHDWpGRLVDQRVDSyVDDSURYDomRGHVWD/HL&RPSOHPHQWDU
$ViUHDVSULRULWiULDVSDUDRSHUDo}HVXUEDQDVFRQVRUFLDGDVGHYHUmRVHUGHILQLGDVHGHOLPLWDGDVQR
3ODQR'LUHWRURXHPOHLHVSHFtILFDTXHVySRGHUiWUDPLWDUSRULQLFLDWLYDGR3RGHU([HFXWLYR0XQLFLSDOH
DSDUWLUGHHVWXGRMXVWLILFDWLYRGDSDUWHGR,38)
$V 2SHUDo}HV 8UEDQDV &RQVRUFLDGDV VmR UHJLGDV QRV DUWV H GHVWD /HL
&RPSOHPHQWDU
6mRFRQVLGHUDGDVUHDV3ULRULWiULDVSDUD2SHUDomR8UEDQD&RQVRUFLDGDDVLQGLFDGDVHPSDUWH
LQWHJUDQWHQHVWD/HL&RPSOHPHQWDUTXHGHOLPLWDDViUHDVGHLQWHUYHQomRGLUHWDHLQGLUHWD
$UW
,28&GLVWULWRGH&DQDVYLHLUDV
,,28&GLVWULWRGR5LEHLUmRGD,OKD

,,,28&GLVWULWRGH5DWRQHV
,928&&RQWLQHQWH
928&&HQWUR
9,28&DWHUURGD9LD([SUHVVD6XOH
9,,28&6DFRGRV/LP}HV
3DUiJUDIR QLFR 3DUD R FDVR GDV 28& GR 6DFR GRV /LP}HV H GR &RQWLQHQWH RV ]RQHDPHQWRV
SUHYLVWRV GHQWUR GD GHPDUFDomR GD PHVPD ILFDP DWUHODGRV D HIHWLYDomR GD 2SHUDomR XUEDQD
&RQVRUFLDGD SDUD D iUHD VHQGR TXH HQTXDQWR HVWD QmR IRU FULDGD DWUDYpV GH OHL HVSHFtILFD ILFD
HVWDEHOHFLGRRVSDUkPHWURVGH$50
6(d2,9
'$65($6'('(6(192/9,0(172,1&(17,9$'2
0HGLDQWH/HL&RPSOHPHQWDUHVSHFtILFDR0XQLFtSLRSRGHUiLQVWLWXLUUHDVGH'HVHQYROYLPHQWR
,QFHQWLYDGR $', FRP FRQFHVVmR GH LQFHQWLYRV ILVFDLV FRQVWUXWLYRV H GH LQIUDHVWUXWXUD D
HPSUHHQGLPHQWRVGHFRPSURYDGDTXDOLGDGHRXHOHYDGDJHUDomRGHHPSUHJRVGHVWLQDGDVj
$UW
, LPSODQWDomR GH HPSUHHQGLPHQWRV LQGXVWULDLV FLHQWtILFRV GH FRQKHFLPHQWR H GH VHUYLoRV GH EDVH
WHFQROyJLFDH
,,FRPSOH[RVHVSRUWLYRVFXOWXUDLVHWHPiWLFRV
3DUiJUDIR QLFR 2 LQFHQWLYR FRQVWUXWLYR VHUi R DFUpVFLPR Pi[LPR GH WULQWD SRU FHQWR VREUH R
FRHILFLHQWH EiVLFR GH DSURYHLWDPHQWR QmR SRGHQGR XOWUDSDVVDU R FRHILFLHQWH GH DSURYHLWDPHQWR
Pi[LPRGDiUHD
$UW
1DOHLTXHYLHUDLQVWLWXLUDUHDGH'HVHQYROYLPHQWR,QFHQWLYDGR$',GHYHUmRVHUSUHYLVWRV
,UHJLVWURGD-XQWD&RPHUFLDOFRPSURYDQGRVXDILQDOLGDGH
,,FHUWLGmRGHFODVVLILFDomRH[SHGLGDSRUyUJmRVUHJXODGRUHVRXGHFODVVHH
,,,WHUPRGHFRPSURPLVVRGHQmRGHVYLRGHILQDOLGDGHGRLPyYHOSHORSUD]RPtQLPRGHYLQWHDQRV
7RGDD$',VHUiREMHWRGH2SHUDomR8UEDQD&RQVRUFLDGD28&HVXMHLWDD(VWXGRGH,PSDFWRGH
9L]LQKDQoD(,9
'HVDSDUHFHQGRRPRWLYRTXHGHWHUPLQRXRHVWDEHOHFLPHQWRGH$',RXDGHVFDUDFWHUL]DomRGHVWD
R 0XQLFtSLR SRU VHXV yUJmRV FRPSHWHQWHV GHILQLUi QRYRV SDUkPHWURV XUEDQRV FRPSDWtYHLV FRP R
LQWHUHVVHVRFLDO
6(d29
'$65($6'2352-(7225/$
$UW
$V UHDV GR 3URMHWR 2UOD $32 VmR iUHDV HVSHFLDLV DEUDQJLGDV SRU SURJUDPDV GH JHVWmR

LQWHJUDGDGDRUODPDUtWLPDHGHJHUHQFLDPHQWRHVWDEHOHFLGRVSHOD8QLmRRXSHOR(VWDGR
$UW
$VUHDVGR3URMHWR2UODGHYHUmRUHVSHLWDURVVHJXLQWHVREMHWLYRV
,SURPRYHUDPHOKRULDGDTXDOLGDGHVRFLRDPELHQWDOGDRUODPDUtWLPDHGDEDOQHDELOLGDGHGDVSUDLDV
HPHVSHFLDOSDUDROD]HUWXULVPRYDORUL]DomRGRSDWULP{QLRFXOWXUDOHHGXFDomRDPELHQWDOOHYDQGRHP
FRQVLGHUDomR D PDQXWHQomR GDV DWLYLGDGHV WUDGLFLRQDLV GD GLYHUVLGDGH ELROyJLFD H GD SURGXWLYLGDGH
GRVHFRVVLVWHPDVFRVWHLURV
,,HVWDEHOHFHUPHGLGDVGHSODQHMDPHQWRHJHVWmRLQWHJUDGDVHVWUDWpJLFDVHGLVFLSOLQDGRUDVGHXVRH
RFXSDomR GD RUOD PDUtWLPD GLUHWDPHQWH YLQFXODGD D XPD DERUGDJHP VXVWHQWiYHO H SDUWLFLSDWLYD
FRQVLGHUDQGRVHRVDVSHFWRVVyFLRHFRQ{PLFRVDPELHQWDLVHSDWULPRQLDLVDWUDYpVGDDUWLFXODomRHQWUH
DVWUrVHVIHUDVGHJRYHUQRHVRFLHGDGHFLYLOH
,,,SURPRYHUDo}HVSULRULWiULDVGHUHJXODUL]DomRIXQGLiULDQDViUHDVGD8QLmRDWUDYpVGDFHOHEUDomR
GH FRQYrQLR QR VHQWLGR GH JDUDQWLU D VHJXUDQoD MXUtGLFD GD SRVVH H PHOKRUDU DV FRQGLo}HV GH
KDELWDELOLGDGHHGHLQIUDHVWUXWXUDGRVPRUDGRUHVGHVWDViUHDV
6(d29,
'$65($6'(5,6&2*(2/*,&2
$UW
$VUHDVGH5LVFR*HROyJLFR$5*VmRiUHDVH[SRVWDVDRVULVFRVDVVLPFODVVLILFDGDV
,$5*iUHDFRPULVFRGHHVFRUUHJDPHQWRRXTXHGDGHEORFRV
,,$5*iUHDVFRPULVFRGHHQFKHQWHRXLQXQGDomR
,,,$5*iUHDVFRPULVFRGHHURVmRGRVRORRXDEUDVmRPDULQKD
,9$5*iUHDVFRPULVFRGHLQWUXVmRVDOLQDRXFRQWDPLQDomRGHDTXtIHURVH
9$5*iUHDVFRPULVFRGHVRWHUUDPHQWRSRUGXQDVRXDVVRUHDPHQWR
$ RFXSDomR GR VROR QDV GLIHUHQWHV iUHDV GHYHUi REHGHFHU WDPEpP jV UHVWULo}HV JHROyJLFDV
GHILQLGDVSHORyUJmRPXQLFLSDOFRPSHWHQWHHPHVWXGRVHVSHFtILFRV
$UW
$VUHDVGH5LVFR*HROyJLFRVHUmRGHILQLGDVSHOR3ODQR0XQLFLSDOGH5HGXomRGH5LVFRVRXHP
RXWURVTXHSRGHUmRVHUFULDGRVDWUDYpVGHDWRVGR3RGHU([HFXWLYR
2 SDUFHODPHQWR GH JOHEDV HP iUHDV GH ULVFR JHROyJLFR HVWDUi VXMHLWR j HODERUDomR GH ODXGR
JHROyJLFR
(PiUHDVDVHUHPXUEDQL]DGDVSRGHUiRyUJmRPXQLFLSDOFRPSHWHQWHH[LJLUODXGRVJHROyJLFRV
$UW 20XQLFtSLRWHUiSUD]RGHGRLVDQRVDSDUWLUGDHQWUDGDHPYLJRUGHVWD/HL&RPSOHPHQWDUSDUD
D HODERUDomR GD FDUWD JHRWpFQLFD GH DSWLGmR j XUEDQL]DomR HVWDEHOHFHQGR GLUHWUL]HV XUEDQtVWLFDV
YROWDGDVSDUDDVHJXUDQoDGRVQRYRVSDUFHODPHQWRVGRVRORFRPRPDSHDPHQWRHFODVVLILFDomRGDV
iUHDVGHULVFRJHROyJLFRROHYDQWDPHQWRGHSRVVLELOLGDGHVSDUDDSURYHLWDPHQWRGHDJUHJDGRVSDUDD
FRQVWUXomRVHPSUHMXt]RGRVHVWXGRVMiH[LVWHQWHV
6(d29,,
'$65($6'23$75,01,2*(2/*,&2

UHDVGH3DWULP{QLR*HROyJLFR$3*VmRRFRUUrQFLDVQDWXUDLVFXMDVFDUDFWHUtVWLFDVJHROyJLFDV

DSUHVHQWDP HOHYDGR YDORU FLHQWtILFR HGXFDFLRQDO FXOWXUDO SDLVDJtVWLFR WXUtVWLFR RX HFRQ{PLFR
GHYHQGRVHUREMHWRGHHVWXGRVHLQYHQWiULRVSDUDUHVJXDUGDUDJHRGLYHUVLGDGHGR0XQLFtSLR
$UW
$JHRGLYHUVLGDGHFRQVWLWXLVHGDYDULHGDGHGHURFKDVIyVVHLVPLQHUDLVIRUPDVWHUUHVWUHVVRORVH
SURFHVVRV QDWXUDLV FRPR LQWHPSpULHV HURVmR H VHGLPHQWDomR TXH OKH GmR RULJHP VXSRUWDQGR H
GHWHUPLQDQGRDSDLVDJHPRDPELHQWHQDWXUDOHDELRGLYHUVLGDGH
$JHRGLYHUVLGDGHLQFOXLWDPEpPDVMD]LGDVGHH[SORUDomRDWXDORXSDVVDGDGHURFKDVHPLQHUDLV
RV HVWUDWRV JHROyJLFRV YLVtYHLV RX XWLOL]DGRV SDUD HGXFDomR H SHVTXLVD H RV HOHPHQWRV WRSRJUiILFRV
TXHFRQIRUPDPRVKDELWDWVGHSODQWDVHDQLPDLVPLJUDWyULRV
2 yUJmR PXQLFLSDO GH SODQHMDPHQWR XUEDQR EXVFDUi IRUPDV GH PHOKRUDU H UHVWDXUDU D
JHRGLYHUVLGDGHQR0XQLFtSLREHPFRPRSURPRYHURDFHVVRS~EOLFRRHVWXGRHDGLYXOJDomRGHVHXV
HOHPHQWRV
$UW $ HODERUDomR H LPSOHPHQWDomR GH SODQRV H SURMHWRV QDV $3* GHYHUmR VHU DSURYDGDV SHOR
yUJmR PXQLFLSDO GH SODQHMDPHQWR XUEDQR HYLWDQGR LPSDFWRV QHJDWLYRV VREUH D JHRGLYHUVLGDGH RX
TXDQGRLVVRQmRIRUSRVVtYHOVXDPLWLJDomRRXFRPSHQVDomR
$UW 20XQLFtSLRWHUiSUD]RGHGRLVDQRVDSDUWLUGDHQWUDGDHPYLJRUGHVWD/HL&RPSOHPHQWDUSDUD
DHODERUDomRGRPDSHDPHQWRFODVVLILFDomRGDJHRGLYHUVLGDGHHGDViUHDVGHSDWULP{QLRJHROyJLFR
6(d29,,,
'$65($6'(/,0,7$d2$0%,(17$/
$UW UHDVGH/LPLWDomR$PELHQWDO$/$VmRHVSDoRVWHUULWRULDLVFXMDVFDUDFWHUtVWLFDVQDWXUDLVVmR

LQFRPSDWtYHLV FRP D RFXSDomR XUEDQD PDV TXH QmR H[LJHP D VXD SURWHomR DEVROXWD DGPLWLQGRVH
QHVVDV iUHDV ORFDLV GH RFRUUrQFLD QDWXUDO FXMD FDUDFWHUtVWLFD DPELHQWDO UHSUHVHQWD OLPLWDomR j
RFXSDomRXUEDQDTXHGHYHUiVHUREVHUYDGDGLYHUVDGDViUHDVGHSUHVHUYDomRSHUPDQHQWHSRGHQGR
RFRUUHUDVXSUHVVmRGHYHJHWDomRQDIRUPDHQRVOLPLWHVIL[DGRVQDOHJLVODomRDPELHQWDOHVSHFtILFD
$VUHDVGH/LPLWDomR$PELHQWDOVmRGHWHUPLQDGDVSHODSUHVHQoDGHPDWDDWOkQWLFDHPGLIHUHQWHV
HVWiJLRVGHUHJHQHUDomRiUHDVLQXQGiYHLVDEULJRVGHHOHPHQWRVGDIDXQDHQWUHRXWURV
$VUHDVGH/LPLWDomR$PELHQWDOVmRDVLQGLFDGDVQRPDSDGH]RQHDPHQWRSDUWHLQWHJUDQWHGHVWD
/HL &RPSOHPHQWDU VHP SUHMXt]R GD DQiOLVH LQGLYLGXDOL]DGD QRV SURFHGLPHQWRV GH OLFHQFLDPHQWR
DPELHQWDO HIHWXDGD SHORV yUJmRV LQWHJUDQWHV GR 6,61$0$ SDUD D UHDOL]DomR GH HPSUHHQGLPHQWRV
DWLYLGDGHVHFRUWHGHYHJHWDomR
,$/$YHJHWDomRH
,,$/$iUHDVSDVVLYHLVGHLQXQGDomR
6(d2,;
'$65($6'(&21)/,72$0%,(17$/(85%$12
&RQVLGHUDVHUHDGH&RQIOLWR$PELHQWDOH8UEDQR$&$8DUHJLmRGRWHUULWyULRPXQLFLSDOFRP

RFXSDomRXUEDQDFRQVROLGDGDGHWHQWRUDRXQmRGHLQIUDHVWUXWXUDEiVLFDFDUDFWHUL]DGDSHODRFXSDomR
$UW

HVWDEHOHFLGD DR ORQJR GRV DQRV H SHOD H[LVWrQFLD GH FRQIOLWR FRP D OHJLVODomR DPELHQWDO HRX
XUEDQtVWLFDYLJHQWH
$VUHDVGH&RQIOLWR$PELHQWDOH8UEDQRHVWmRLQGLFDGDVHPPDSDVSDUWHVLQWHJUDQWHVGHVWD/HL
&RPSOHPHQWDU
$H[WHQVmRHDEUDQJrQFLDGDViUHDVGHFRQIOLWRDPELHQWDOHXUEDQRGHYHUmRVHUGHOLPLWDGDVHP
PDSDVQRSUD]RGHDWpGLDVDFRQWDUGDGDWDGDSXEOLFDomRGHVWD/HL&RPSOHPHQWDU
&DGD$&$8GHYHUiVHUREMHWRGHHVWXGRHVSHFtILFRSDUDDGHTXDomRjOHJLVODomR
6(d2;
'$65($6'($'(48$d285%$1$
UHD GH $GHTXDomR 8UEDQD $$8 VmR iUHDV RFXSDGDV VHP REVHUYkQFLD OHJDO H TXH
QHFHVVLWDPGHQRYRVSDGU}HVSDUDVXDVDGHTXDo}HVXUEDQtVWLFDV
$UW
$V UHDV GH $GHTXDomR 8UEDQD HVWmR LQGLFDGDV HP PDSDV SDUWHV LQWHJUDQWHV GHVWD /HL
&RPSOHPHQWDU
$VH[WHQVmRHDEUDQJrQFLDGDVUHDV$GHTXDomR8UEDQDGHYHUmRVHUGHOLPLWDGDVHPPDSDVQR
SUD]RGHDWpGLDVDFRQWDUGDGDWDGDSXEOLFDomRGHVWD/HL&RPSOHPHQWDU
&DGD$$8GHYHUiVHUREMHWRGHHVWXGRHVSHFtILFRSDUDDGHTXDomRjOHJLVODomRXUEDQtVWLFD
&$378/2,;
'$3$,6$*(0('23$75,01,2&8/785$/
6(d2,
'$6&$7(*25,$6'(5($6'(35(6(59$d2&8/785$/
$UW
$VUHDVGH3UHVHUYDomR&XOWXUDO$3&VmRFRQFHLWXDGDVGDVHJXLQWHIRUPD
, $3& UHDV GH ,QWHUHVVH +LVWyULFR&XOWXUDO GHVWLQDPVH j SUHVHUYDomR GR SDWULP{QLR FXOWXUDO
DEUDQJHQGR R DUTXLWHW{QLFR DUWtVWLFR SDLVDJtVWLFR WHFQROyJLFR XUEDQtVWLFR GHQWUH RXWURV LQFOXLQGR
DVVHQWDPHQWRVFRQMXQWRVHVSDoRVHGLILFDo}HVPRQXPHQWRVHREMHWRV
,, $3& UHDV GH ,QWHUHVVH 3DLVDJtVWLFR GHVWLQDPVH j SUHVHUYDomR GH VtWLRV QDWXUDLV GH
H[FHSFLRQDOEHOH]DHSDLVDJHQVFXOWXUDLVUHSUHVHQWDWLYDVGHSURFHVVRVGHLQWHUDomRGRKRPHPFRPD
QDWXUH]DjVTXDLVVHLPSULPLUDPPDUFDVRXDWULEXtUDPYDORUHV
,,,$3&UHDVDUTXHROyJLFDVWHUUHVWUHVHVXEDTXiWLFDVGHVWLQDPVHjSUHVHUYDomRGRVVtWLRVSUp
KLVWyULFRVHKLVWyULFRVLQFOXLQGRVHXVEHQVPyYHLVHLPyYHLV
,9 $3& /RFDLV GH 0HPyULD H UHDV GH ,QWHUHVVH &LGDGmR TXH GHVWLQDPVH j SUHVHUYDomR GRV
OXJDUHVRQGHRFRUUHUDPIDWRVGHYDORUKLVWyULFRRXOHJHQGiULRTXHVHPDQWrPSUHVHQWHVQDPHPyULD
FROHWLYDRXRQGHDFRQWHFHPDWLYLGDGHVTXHLQFRUSRUHPYDORUHVLQWDQJtYHLVPDWHULDOL]DGRVQRHVSDoR
$V $3& HVWmR LQGLFDGDV QR PDSD GH ]RQHDPHQWR SDUWH LQWHJUDQWH GHVWD /HL &RPSOHPHQWDU H
VHUmRGHWDOKDGDVHPPDSDVHVSHFtILFRVSHOR6(3+$1DSyVVXDDSURYDomR

$ LQGLFDomR H D OLVWD GH $3& H $3& SDUWHV LQWHJUDQWHV GHVWD /HL &RPSOHPHQWDU VmR XPD
RULHQWDomRSDUDUHDOL]DomRGRLQYHQWiULRDVHUHODERUDGRSHOR6HUYLoRGR3DWULP{QLR+LVWyULFR$UWtVWLFR
H1DWXUDOGR0XQLFtSLR6(3+$1LQWHJUDQWHGR,38)
$V$3&VmRiUHDVSURWHJLGDVSRUOHJLVODomRIHGHUDODGHOLPLWDomRGHVWDV$3&ILFDUiDFDUJR
GR,3+$1EHPFRPRDDSURYDomRGHSURMHWRVHROLFHQFLDPHQWRGHREUDVRXHVFDYDo}HVQRORFDO
$UW 26HWRUGH3ODQHMDPHQWR8UEDQRGR,38)HPSDUFHULDFRPR6(3+$1HRVHWRUUHVSRQViYHO
SHODSROtWLFDGHSDLVDJHPSRGHUmRHODERUDUSODQRVHVSHFtILFRVGHXUEDQL]DomRYLVDQGRjOLPLWDomRGR
XVRHRFXSDomRGRVRORQDV$3&RXHQWRUQRGHRXWURVEHQVWRPEDGRVLVRODGDPHQWH
3DUiJUDIRQLFR26HWRUGH3ODQHMDPHQWR8UEDQRGR,38)HPSDUFHULDFRPRVHWRUUHVSRQViYHOSHOD
SROtWLFDGHSDLVDJHPSRGHUiHODERUDUSODQRVGHSUHVHUYDomRHHVWtPXORGHPRUDGLDSDUDSRSXODo}HV
WUDGLFLRQDLVEXVFDQGRSUHVHUYDUFRQWH[WRVFXOWXUDLV
1DVUHDVGH3UHVHUYDomR&XOWXUDO$3&DUHDOL]DomRGHREUDVGHGHVPRQWHWHUUDSODQDJHP
DWHUURGHVPDWDPHQWRFRUWHHSODQWLRGHiUYRUHVGHTXDOTXHUSRUWHREUDVGHLQIUDHVWUXWXUDHPJHUDO
SDYLPHQWDo}HV EHP FRPR TXDLVTXHU RXWUDV PRGLILFDo}HV GR UHOHYR H GD SDLVDJHP GHSHQGH GH
DQXrQFLDSUpYLDGRVyUJmRVPXQLFLSDLVFRPSHWHQWHVLQFOXLQGRR6(3+$1
$UW
1DV UHDV GH 3UHVHUYDomR &XOWXUDO $3& QRV EHQV WRPEDGRV TXDQGR DGPLWLGR SHOR
]RQHDPHQWRTXDOTXHUPRGDOLGDGHGHSDUFHODPHQWRGHYHLQFOXLU
$UW
,DGHVFULomRGRVEHQVSDWULPRQLDLVHVHXHQWRUQRLQFOXLQGRUHJLVWURLFRQRJUiILFRH
,,DGHILQLomRGHPHGLGDVSUHYHQWLYDVPtQLPDVJDUDQWLGRUDVGDERDFRQVHUYDomRHDFHVVLELOLGDGHGR
SDWULP{QLRSUHVHUYDGR
68%6(d2,
'$65($6'(,17(5(66(+,675,&2&8/785$/
1DV UHDV GH ,QWHUHVVH +LVWyULFR&XOWXUDO $3& H QRV EHQV SURWHJLGRV DWUDYpV GH
WRPEDPHQWR R UHPHPEUDPHQWR H GHVPHPEUDPHQWR GH ORWHV D PDQXWHQomR FRQVHUYDomR
UHVWDXUDomRUHQRYDomRUHDELOLWDomRUHIRUPDDPSOLDomRFRQVWUXomRGHPROLomRFRPXQLFDomRYLVXDO
SLQWXUD LQVWDODomR GH TXDLVTXHU HOHPHQWRV H[WHUQRV jV IDFKDGDV H FRQWUROH FOLPiWLFR GR DPELHQWH
LQWHUQRGDVHGLILFDo}HVGHSHQGHUmRGDDQXrQFLDGR6(3+$1
$UW
2VSURMHWRVGHFRQVWUXo}HVDPSOLDo}HVUHIRUPDVSLQWXUDVFRPXQLFDomRYLVXDOGHHGLILFDo}HV
VLWXDGDVQRHQWRUQRGHEHQVSURWHJLGRVGHYHUmRVHUDSURYDGRVSHOR6(3+$1
$UW
3DUiJUDIRQLFR&RQVLGHUDVHHQWRUQRGHEHQVSURWHJLGRVRVDVVLPGHILQLGRVQRVDWRVGHWRPEDPHQWR
RXHPDWRHVSHFtILFR
2VLPyYHLVVLWXDGRVQDV$3&VHUmRHQTXDGUDGRVSRUDWRGR3RGHU([HFXWLYR0XQLFLSDOHP
XPDGDVFLQFRFDWHJRULDVGHSUHVHUYDomRDEDL[R
$UW
, 3 LPyYHO GH H[FHSFLRQDO YDORU DUTXLWHW{QLFR DUWtVWLFR RX KLVWyULFR D VHU WRWDOPHQWH SUHVHUYDGR
WDQWRLQWHUQDFRPRH[WHUQDPHQWH
,, 3 LPyYHO SDUWtFLSH GH FRQMXQWR DUTXLWHW{QLFR D WHU VHX H[WHULRU WRWDOPHQWH SUHVHUYDGR
SRVVLELOLWDQGR UHPDQHMDPHQWR LQWHUQR GHVGH TXH VXD YROXPHWULD H DFDEDPHQWR H[WHUQRV QmR VHMDP
DIHWDGRV H VHMDP PDQWLGRV DTXHOHV HOHPHQWRV LQWHUQRV GH H[FHSFLRQDO YDORU KLVWyULFR HRX
DUTXLWHW{QLFR

,,, 3 LPyYHO QR HQWRUQR GH HGLILFDo}HV GH LQWHUHVVH KLVWyULFR SRGHQGR VHU GHPROLGR RX
UHDGHTXDGRGHVGHTXHRUHVXOWDGRSUHVHUYHDVUHODo}HVHVSDFLDLVHYLVXDLVDOLHQYROYLGDV
,93LPyYHOFXMRYDORUFXOWXUDOUHVLGHHPVXDVFDUDFWHUtVWLFDVDUTXLWHW{QLFDVYHUQDFXODUHVRXQD
SHFXOLDULGDGH GH VXD DWLYLGDGH SURGXWLYD RX HP VXDV PDQLIHVWDo}HV FXOWXUDLV GH FDUiWHU VLQJHOR H
SRSXODU DOL RFRUUHQWHV GHVGH TXH VLJQLILFDWLYR QR FRQWH[WR XUEDQR RX UXUDO VXMHLWR jV GLUHWUL]HV
GHILQLGDVQRDWRGHVXDFODVVLILFDomRSHOR6(3+$1H
93LPyYHOORFDOL]DGRQRHQWRUQRGHiUHDVSURWHJLGDVFDUDFWHUL]DGDVFRPRiUHDVGHWUDQVLomRH
GH SUHVHUYDomR GD SDLVDJHP SRGHQGR VHU GHPROLGR RX UHDGHTXDGR HP FRQIRUPLGDGH FRP DV
GLUHWUL]HVGHILQLGDVQRDWRGHVXDFODVVLILFDomRSHOR6(3+$1
2 HQTXDGUDPHQWR GRV LPyYHLV QD IRUPD GHVWD /HL &RPSOHPHQWDU VHUi DYHUEDGR SHOR yUJmR
PXQLFLSDO GH SODQHMDPHQWR XUEDQR j PDUJHP GDV UHVSHFWLYDV PDWUtFXODV QR &DUWyULR GH 5HJLVWUR
,PRELOLiULRGD&RPDUFD
(QTXDQWRQmRKRXYHUGHFUHWRGHHQTXDGUDPHQWRGRVLPyYHLVHVWHVQmRSRGHUmRVHUGHPROLGRVH
DOWHUDGRV QD VXD FRQILJXUDomR DGPLWLQGRVH DV REUDV GH FRQVHUYDomR QHFHVViULDV GHVGH TXH
DSURYDGDVSHORyUJmRFRPSHWHQWH
$V HGLILFDo}HV GH FDWHJRULD 3 H 3 GHYHUmR PDQWHU D DXWHQWLFLGDGH H LQWHJULGDGH
REHGHFHQGRDRTXHVHJXH
$UW
, XWLOL]DomR GH PDWHULDLV H WpFQLFDV FRPSDWtYHLV FRP R VLVWHPD FRQVWUXWLYR GR HGLItFLR D VHU
SUHVHUYDGR
,, PDQXWHQomR GDV FREHUWXUDV HOHPHQWRV HVWUXWXUDLV DEHUWXUDV RUQDPHQWRV H GHPDLV HOHPHQWRV
RULJLQDLV
,,, PDQXWHQomR GH QRPHV VtPERORV HQWDOKHV UHOHYRV ORJRWLSRV RX SODFDV FRPHPRUDWLYDV RX GH
LGHQWLILFDomR LQFRUSRUDGRV j IDFKDGD RX JUDYDGRV QDV SDUHGHV LQWHJUDQWHV GR SURMHWR RULJLQDO GD
HGLILFDomRRXGHVXDVGHQRPLQDo}HVKLVWyULFDV
,9XVRGHFRUHVWUDGLFLRQDLVGDVHGLILFDo}HVFRQIRUPHVHXHVWLORDUTXLWHW{QLFR
9LPSHGLPHQWRGHYHGDomRGHYmRVRXFULDomRGHIDOVDVDEHUWXUDV
9,PDQXWHQomRRXUHVWDXUDomRGDVFRQGLo}HVRULJLQDLVGRVFRPSDUWLPHQWRVPHVPRTXHFRQWUDULHP
DVQRUPDVSUHYLVWDVQR&yGLJRGH2EUDVH(GLILFDo}HVYLJHQWHH
9,, FULDomR GH FRQGLo}HV GH DFHVVLELOLGDGH GH SHVVRDV FRP GHILFLrQFLD RX PRELOLGDGH UHGX]LGD
REVHUYDQGRVXDFRPSDWLELOLGDGHFRPDVFDUDFWHUtVWLFDVItVLFDVGREHPSURWHJLGR
3DUiJUDIR QLFR $ LQVWDODomR GH HTXLSDPHQWRV RX DOWHUDo}HV QHFHVViULDV SDUD YLDELOL]DU R XVR
JDUDQWLQGRDFHVVLELOLGDGHVHJXUDQoDKLJLHQHHFRQIRUWRDPELHQWDOVHUiDQDOLVDGDSHOR6(3+$1
1RYDV FRQVWUXo}HV RX UHDGHTXDo}HV GDV FRQVWUXo}HV H[LVWHQWHV LQVHULGDV QD FDWHJRULD 3
GHYHUmRREVHUYDURVHJXLQWH
$UW
, KDUPRQL]DomR FRP D DUTXLWHWXUD GR FRQMXQWR IRUPDGR SHODV HGLILFDo}HV SUy[LPDV UHVSHLWDQGR DV
FDUDFWHUtVWLFDVYROXPpWULFDVHFRPSRVLWLYDV
,,LPSODQWDomRGHFRQIRUPLGDGHFRPDVFDUDFWHUtVWLFDVGRDOLQKDPHQWRIURQWDOHDIDVWDPHQWRVODWHUDLV
SUHGRPLQDQWHVQRFRQMXQWR

,,, LPSODQWDomR DGHTXDGD j YDORUL]DomR GD HGLILFDomR SURWHJLGD JDUDQWLQGR D DSUHFLDomR GR

PRQXPHQWRSUHVHUYDGRVHQGRTXHFRPYLVWDVjVXDDGHTXDGDLQVHUomR
,9 HVWDEHOHFLPHQWR GH OLPLWH GH YROXPH SDUD QmR H[FHGHU D DOWXUD Pi[LPD GDV HGLILFDo}HV GDV
FDWHJRULDV33H3PDLVSUy[LPDV
9 HPSUHJR GH PDWHULDLV GH FREHUWXUD LJXDLV DRV GR FRQMXQWR GDV HGLILFDo}HV SURWHJLGDV SUy[LPDV
DGPLWLQGRVHH[FHSFLRQDOPHQWHDGHTXDo}HVHPFRQIRUPLGDGHFRPRLQFLVR,HRGHVWHDUWLJRH
9, OLPLWDomR GD DOWXUD H DVSHFWR GRV PXURV GH YHGDomR GH FRQIRUPLGDGH FRP DV FDUDFWHUtVWLFDV GR
FRQMXQWRGHHGLILFDo}HVVHPLPSHGLPHQWRRXUHGXomRGDYLVLELOLGDGHGRVEHQVSUHVHUYDGRV
2 ,38) DWUDYpV GR 6(3+$1 IDUi D DYDOLDomR GH FDGD FDVR HVWDEHOHFHQGR QRUPDV GH
LPSODQWDomRHH[LJLQGRHYHQWXDOPHQWHHVWXGRVGHYROXPHWULDHOHYDo}HVRXRXWURVGHWDOKDPHQWRV
2 ,38) DWUDYpV GR 6(3+$1 H[FHSFLRQDOPHQWH SDUD PHOKRU LQVHUomR QR FRQMXQWR WRPEDGR
SRGHUi DSURYDU VROXo}HV GLIHUHQFLDGDV SDUD FREHUWXUDV DOLQKDPHQWRV IURQWDLV ODWHUDLV H YROXPHWULD
GHVGH TXH HQGRVVDGDV SHOD &RPLVVmR 7pFQLFD GR 6HUYLoR GR 3DWULP{QLR +LVWyULFR H 3DWULPRQLDO
&27(63+$1
3DUDDVHGLILFDo}HVGHFDWHJRULD3R6(3+$1IL[DUiGLUHWUL]HVGHLQWHUYHQomRQRVHOHPHQWRV
TXHMXVWLILTXHPVXDSUHVHUYDomR
$UW
$UW
(PWRGDVDVFDWHJRULDVGHHGLILFDo}HVFODVVLILFDGDVFRPR$3&ILFDHVWDEHOHFLGR
,pYHGDGRTXDOTXHUWLSRGHILDomRDpUHDRXH[WHUQDDSDUHQWHH
,, DV FRUHV GH IDFKDGDV H HPSHQDV GHYHUmR UHVSHLWDU D HVWUXWXUD FURPiWLFD GRV FRQMXQWRV XUEDQRV
RQGHHVWmRLQVHULGDVDVHGLILFDo}HVVHQGRTXHWRGDVDVIDFKDGDVGHXPDHGLILFDomRGHYHPUHFHEHUR
PHVPRWUDWDPHQWRFURPiWLFR
$ FRPXQLFDomR YLVXDO QmR SRGHUi LQWHUIHULU RX RFXOWDU RV HOHPHQWRV DUTXLWHW{QLFRV
IXQGDPHQWDLVGDVHGLILFDo}HVHSDLVDJHQVGHYHQGRHPWRGRVRVFDVRV
$UW
,VHUDIL[DGDVRPHQWHjIDFKDGDGRSDYLPHQWRWpUUHRFRQIRUPHFDUDFWHUtVWLFDVGRLPyYHOHGRHQWRUQR
LPHGLDWRFRQIRUPHRULHQWDomRGR6(3+$1
,, DSUHVHQWDU XPD iUHD Pi[LPD GH TXDUHQWD FHQWtPHWURV TXDGUDGRV GHVGH TXH QmR LQWHUILUD QD
FRPSRVLomRHVWpWLFDGREHPSUHVHUYDGR
,,, VHU DSHQDV LQGLFDWLYD GR QRPH GR HVWDEHOHFLPHQWR H R UDPR GH DWLYLGDGH VHP FRPSRVLomR FRP
SXEOLFLGDGHDGHTXDGDjIDFKDGDGRSUpGLR
,9DSUHVHQWDUXPDVySODFDSRUHVWDEHOHFLPHQWRHPFDGDIDFKDGDH
9VHUDSURYDGDSHOR6(3+$1
2XWUDVSURSRVWDVQmRFRQWHPSODGDVHPTXDOTXHUGRVLQFLVRVDQWHULRUHVGHYHUmRVHUVXEPHWLGDVj
FRQVXOWDSUpYLDGR,38)DWUDYpVGR6(3+$1
$GPLWHVH R XVR GH SDLQpLV LQGLFDWLYRV FRP GLPHQV}HV GLIHUHQFLDGDV H EDQQHUV GH FDUiWHU
WHPSRUiULRSDUDDGLYXOJDomRGDSURJUDPDomRGRVHVSDoRVFXOWXUDLV
1DV SODFDV GH LGHQWLILFDomR GRV ORJUDGRXURV S~EOLFRV H QR PRELOLiULR XUEDQR QmR SRGHUi VHU

LQVHULGRQHQKXPWLSRGHSURSDJDQGDH[FHWRDLGHQWLILFDomRGRDGRWDQWHGHiUHDS~EOLFDQRUPDWL]DGRV
SRUOHJLVODomRHVSHFtILFD
)LFDSURLELGDDSXEOLFLGDGHHPPXURVSDUHGHVHHPSHQDVFHJDV
$UW
6HUiSHUPLWLGDDXWLOL]DomRGHWROGRVLQGLYLGXDLVQRVWpUUHRVGHVGHTXH
,VHMDPLQVWDODGRVQRVYmRVGDVDEHUWXUDV
,,QmRSUHMXGLTXHPRVHOHPHQWRVSULQFLSDLVGHIDFKDGD
,,,KDUPRQL]HVHFRPDVFRUHVGRSUpGLRH
,9RLPyYHOQmRDSUHVHQWHPDUTXLVHV
3DUiJUDIRQLFR$UHJUDGRFDSXWGHVWHDUWLJRQmRLQFLGHVREUHLPyYHLVGHFDWHJRULD3
$UW 7RGDVHTXDLVTXHUREUDVQRVEHQVSURWHJLGRVHVHXHQWRUQRGHYHUmRJDUDQWLUDLQWHJULGDGHGDV
HGLILFDo}HVSURWHJLGDVSUy[LPDVVRESHQDGHSDUDOLVDomRLPHGLDWDDWpDDSURYDomRGHJDUDQWLDVRXD
FRQFOXVmRGRUHSDURGRGDQRFDXVDGR
$ REWHQomR GR DOYDUi SDUD D FRQVWUXomR GD QRYD HGLILFDomR ILFD FRQGLFLRQDGR j DSURYDomR GR
SURMHWRGHUHVWDXURHH[HFXomRGDVREUDVGHFRQVROLGDomRHVWUXWXUDOGREHPWRPEDGR
2KDELWHVHGHQRYDVFRQVWUXo}HVVLWXDGDVHPPHVPRORWHGHEHQVWRPEDGRVILFDFRQGLFLRQDGR
DRWpUPLQRLQWHJUDOGDVREUDVGHFRQVHUYDomRHUHVWDXURQHFHVViULDVQDHGLILFDomRSURWHJLGDSUHYLVWDV
QDDSURYDomRGRSURMHWR
$V HGLILFDo}HV SURWHJLGDV QmR SRGHP VHU XWLOL]DGDV SDUD ILQV TXH DV FRORTXHP HP ULVFR RX
SUHMXGLTXHPDLQWHJULGDGHWLSROyJLFDHVWUXWXUDO
$UW
)LFDPYHGDGDVDVLPLWDo}HVGHHVWLORVDUTXLWHW{QLFRVGHRXWUDVpSRFDVKLVWyULFDVGHPRGRD
YDORUL]DUDSURGXomRDUTXLWHW{QLFDGHTXDOLGDGHHKDUPRQL]DUDVSDLVDJHQVXUEDQDVSUHVHUYDGDV
$UW
3RGHUiVHUH[FHSFLRQDOPHQWHDXWRUL]DGDDFRQVWUXomRGHUpSOLFDVGHHGLILFDo}HVKLVWyULFDVGHVGH
TXHDSHUGDGRVXEVWUDWRKLVWyULFRWHQKDRFRUULGRGHIRUPDLQYROXQWiULDHEDVHDGDQRVPRWLYRVVRFLDLV
RXFXOWXUDLVUHODFLRQDGRVFRPDLGHQWLGDGHGDFRPXQLGDGH
$UpSOLFDVySRGHUiVHUUHDOL]DGDVHKRXYHUSURYDVGRFXPHQWDLVTXHFRQWHQKDPDVLQIRUPDo}HV
QHFHVViULDV SDUD D VXD UHFRPSRVLomR H VH IRU DXWRUL]DGD SHOR 6(3+$1 FRP HQGRVVR GD
&27(63+$1
$UW (P $3& H $3& D SURWHomR GR FRQMXQWR XUEDQR LQFOXL DV YLDV SUDoDV ODUJRV MDUGLQV H
SiWLRV
1RV ORJUDGRXURV S~EOLFRV GHYHUmR VHU PDQWLGRV RV UHYHVWLPHQWRV RULJLQDLV RX DQWLJRV GH YDORU
KLVWyULFR
1RYDV SDYLPHQWDo}HV GHYHUmR VHU FRPSDWtYHLV FRP R FRQMXQWR KLVWyULFR PDQWHQGRVH D
PDUFDomRHUHVSHFWLYRPDWHULDOGRPHLRILRRULJLQDOHDSURYDGRSHOR,38)DWUDYpVGR6(3+$1
$ XWLOL]DomR GH SLVRV WiWHLV HP iUHDV SUHVHUYDGDV RX VLWXDGDV QR HQWRUQR LPHGLDWR GH EHP
WRPEDGRGHYHUmRVHUDSURYDGDVSHOD6(3+$1
2V FRPSRQHQWHV H PRELOLiULRV XUEDQRV FRPR SRVWHV TXLRVTXHV EDQFRV JUDGHV GH SURWHomR

SODFDV GH LGHQWLILFDomR LQFOXVLYH DV GH VLQDOL]DomR GD LQIUDHVWUXWXUD TXDQGR DQWLJRV H GH YDORU
KLVWyULFRRXDUWtVWLFRGHYHUmRVHUSUHVHUYDGRVHRVQRYRVDSURYDGRVSHOR,38)DWUDYpVGR6(3+$1
$UW 2 PDQHMR GR PRELOLiULR XUEDQR S~EOLFR H GHPDLV HTXLSDPHQWRV GHYHUi VHU DSURYDGR SHOR
,QVWLWXWRGH3ODQHMDPHQWR8UEDQRGH)ORULDQySROLV,38)DWUDYpVGR6(3+$1HDWHQGHURVFULWpULRVD
VHJXLU
2V SRVWHV DEULJRV GH {QLEXV H GH Wi[L EHP FRPR SODFDV GH VLQDOL]DomR GH WUkQVLWR GHYHP VHU
GLVSRVWRVGHPRGRDQmRLQWHUIHULUYLVXDOPHQWHQRFRQMXQWRDUTXLWHW{QLFR
2PRELOLiULRXUEDQRGHYHUiDSUHVHQWDUGHVHQKRFRPSDWtYHOFRPDVFDUDFWHUtVWLFDVGRFRQMXQWRH
HVWDUORFDOL]DGRGHIRUPDDJDUDQWLUYLVXDOL]DomRGHVWH
$ LQVHUomR GH YHJHWDomR QmR SRGHUi FRORFDU HP ULVFR D HVWDELOLGDGH H FRQVHUYDomR GDV
HGLILFDo}HVSUHVHUYDGDV
$VSODFDVGHLGHQWLILFDomRGRVORJUDGRXURVS~EOLFRVGHYHUmRFRQWHUDOpPGRQRPHGRORJUDGRXUR
DWXDODVVXDVUHVSHFWLYDVGHQRPLQDo}HVDQWHULRUHV
$UW 1DV$3&RVSURMHWRVDVHUHPVXEPHWLGRVjDSURYDomRGHYHUmRFRQWHUDOpPGRVUHTXLVLWRV
FRQVWDQWHVGR&yGLJRGH2EUDVH(GLILFDo}HVRVHJXLQWH
, RV SURFHGLPHQWRV GH FRQVHUYDomR UHFXSHUDomR H UHVWDXUDomR GHYHP HVWDU IXQGDPHQWDGRV QRV
VHJXLQWHVSULQFtSLRVEiVLFRV
DPDQXWHQomRGRVXEVWUDWRKLVWyULFRFXOWXUDO
ELQWHUYHQomRPtQLPD
FFRPSDWLELOLGDGHGHWpFQLFDVHPDWHULDLVHPSUHJDGRVH
GOHJLELOLGDGHGDVLQWHUYHQo}HVHUHYHUVLELOLGDGHGRVPDWHULDLVHPSUHJDGRV
,,HPWRGRVRVFDVRVGHYHUiVHUDSUHVHQWDGR
DGHVHQKRGHWRGDVDVHOHYDo}HV
EPHPRULDOGHVFULWLYRGRVPDWHULDLVHVHUYLoRVDUHDOL]DU
FMRJRGHFySLDVXSOHPHQWDUGRSURMHWRSDUDDUTXLYRQR,38)
GSUDQFKDGHPRQVWUDWLYDGRDWHQGLPHQWRjDFHVVLELOLGDGHXQLYHUVDO
HSURMHWRGHDJHQFLDPHQWRSDLVDJtVWLFRTXDQGRQHFHVViULR
ISHUVSHFWLYDVRXPDTXHWHVHOHWU{QLFDVTXDQGRVROLFLWDGDVH
JFURQRJUDPDGHREUD
,,,SURMHWRGHFRQVHUYDomRRXUHVWDXUDomRSDUDLPyYHLV3GHYHUiDSUHVHQWDUDLQGD
DKLVWyULFRGREHP
EOHYDQWDPHQWRDUTXLWHW{QLFRHIRWRJUiILFR
F GLDJQyVWLFR GR HVWDGR GH FRQVHUYDomR FRQWHQGR R PDSHDPHQWR GRV SUREOHPDV SDWROyJLFRV
H[LVWHQWHVHDDYDOLDomRWpFQLFDHVSHFtILFDGHSURILVVLRQDOKDELOLWDGR
GSURSRVWDGHDGHTXDomRDRXVR
HSURMHWRVFRPSOHPHQWDUHV
ISURMHWRSDLVDJtVWLFRVHQHFHVViULR
JSURMHWRGHUHVWDXURGHEHQVLQWHJUDGRVPyYHLVTXDQGRH[LVWLUHP
KFURQRJUDPDILQDQFHLURGHWDOKDGRVHLPSOLFDUHPUHSDVVHGHYHUEDS~EOLFD
L UHFRPHQGDo}HV JHUDLV SDUD D PDQXWHQomR H FRQVHUYDomR GR LPyYHO H GH VHXV EHQV LQWHJUDGRV H
PyYHLV
MSURVSHFo}HVHLGHQWLILFDomRGHPDWHULDLVHWpFQLFDVGDHVWUXWXUDHGLILFDGDHGDSROLFURPLDDFULWpULR
GR6(3+$1

NSHVTXLVDDUTXHROyJLFDSDUDDYHULILFDomRGDH[LVWrQFLDGHYHVWtJLRVPDWHULDLVGHRFXSDomRDQWHULRU
DFULWpULRGR6(3+$1H
OSHVTXLVDDUTXHROyJLFDSDUDDYHULILFDomRGDH[LVWrQFLDGHYHVWtJLRVPDWHULDLVGHRFXSDomRDQWHULRU
QRVFDVRVHPTXHKRXYHUULVFRGHVXDGHVWUXLomR
,9RSURMHWRGHFRQVHUYDomRRXUHVWDXUDomRSDUDLPyYHLV3GHYHUiDSUHVHQWDUDLQGD
DSODQWDEDL[DFRPLQGLFDomRGDVLQWHUYHQo}HVSURSRVWDVH
ESURVSHFomRGHDUTXHRORJLDDFULWpULRGR6(3+$1
9RSURMHWRGHFRQVWUXomRDPSOLDomRRXUHIRUPDSDUDLPyYHLV3GHYHUiDSUHVHQWDUDLQGD
D HVWXGR SDUD DYDOLDomR GD DGHTXDGD LQVHUomR GD QRYD FRQVWUXomR TXDQWR j YROXPHWULD FRQWHQGR
HOHYDo}HVFRUWHVRXRXWURVGHWDOKDPHQWRVFRPSOHPHQWDUHVH
ESURVSHFomRGHDUTXHRORJLDGDiUHDDFULWpULRGR6(3+$1
68%6(d2,,
'$65($6'(,17(5(66($0%,(17$/3$,6$*67,&2
$UW 1DVUHDVGH,QWHUHVVH$PELHQWDOH3DLVDJtVWLFR$3&RSDUFHODPHQWRGRVRORDUHIRUPD

FRQVWUXomR GHPROLomR FRPXQLFDomR YLVXDO GDV HGLILFDo}HV H D XWLOL]DomR GRV HVSDoRV DEHUWRV
GHSHQGHPGDFRQVXOWDHGDDQXrQFLDGR,38)DWUDYpVGRVHWRUUHVSRQViYHOSHODSROtWLFDGHSURWHomR
GDSDLVDJHP
1DV$3&ILFDPSURWHJLGDVDVSDLVDJHQVFXOWXUDLVVHQGRHVWLPXODGDDSHUPDQrQFLDGDVIRUPDV
WUDGLFLRQDLVGHSURGXomRGDVPDQLIHVWDo}HVFXOWXUDLVHGDVDWLYLGDGHVDUWHVDQDLVFRPSDWtYHLVFRPR
GHVHQYROYLPHQWRVXVWHQWiYHOGRDPELHQWH
)LFDPSURWHJLGDVDViUHDVTXHVXEVLGLHPDVDWLYLGDGHVGHVFULWDVQRSDUiJUDIRDQWHULRU
3RGHUmRVHUH[LJLGRVDFULWpULRGRVHWRUUHVSRQViYHOSHODSROtWLFDGHSDLVDJHPSURMHWRHVSHFLDOGH
GHVHQKR XUEDQR SODQR GH PDQHMR H GH SDLVDJHP HRX SODQR GH PDVVD YLVDQGR SULYLOHJLDU DV
FDUDFWHUtVWLFDVSUHGRPLQDQWHVGRORFDODVDWLYLGDGHVWUDGLFLRQDLVGDiUHDHRGHVIUXWHVRFLDOHFXOWXUDO
GRVHVSDoRVSHODFRPXQLGDGH
$V LQWHUYHQo}HV XUEDQDV H SDLVDJtVWLFDV H DV HGLILFDo}HV SHUPLWLGDV HP $3& GHYHP VH
KDUPRQL]DUFRPDVSDLVDJHQVH[LVWHQWHV
$ SROtWLFD GH SURWHomR GD SDLVDJHP GHYHUi VHU GHVHQYROYLGD HP FRQMXQWR FRP VHWRUHV
UHVSRQViYHLVSHORSDWULP{QLRKLVWyULFRDUWtVWLFRHDUTXHROyJLFR
$UW
68%6(d2,,,
'$65($6$548(2/*,&$6
$V UHDV $UTXHROyJLFDV $3& SUpKLVWyULFDV VmR GH SUHVHUYDomR SHUPDQHQWH H QRQ
DHGLILFDQGL UHVVDOYDGDV DV HGLILFDo}HV QHFHVViULDV DRV VHUYLoRV GH JXDUGD H FRQVHUYDomR GDV
HYLGrQFLDV
$UW
$GHOLPLWDomRGHVWDV$3&ILFDUiDFDUJRGR,QVWLWXWRGR3DWULP{QLR+LVWyULFR$UWtVWLFRH1DFLRQDO
,3+$1EHPFRPRDDSURYDomRGHSURMHWRVHROLFHQFLDPHQWRGHREUDVRXHVFDYDo}HVQRORFDO

(VWDV $3& VRPHQWH SRGHUmR VHU XWLOL]DGDV SDUD ILQV FLHQWtILFRV HGXFDFLRQDLV H WXUtVWLFRV
PHGLDQWHSODQRGHPDQHMRHVSHFtILFRDVHUDSURYDGRSHOR,38)HHQGRVVDGRSHOR,3+$1
$UW $V UHDV $UTXHROyJLFDV $3& GHYHP HVWDU LQVHULGDV QR &DGDVWUR 0XQLFLSDO GH 6tWLRV
$UTXHROyJLFRVHVHVXEGLYLGHPHPSUpKLVWyULFDVKLVWyULFDVHVXEDTXiWLFDV
1DV $3& TXDLVTXHU LQWHUYHQo}HV GHSHQGHUmR GD FRQVXOWD H DQXrQFLD GR 6(3+$1 EHP
FRPRGR,3+$1
$UW
3DUiJUDIR QLFR 1HVWDV iUHDV GHYHP VHU REVHUYDGRV QR TXH FRXEHU RV GLVSRVLWLYRV GD /HL
&RPSOHPHQWDU Q GH TXH GLVS}H VREUH RV VtWLRV DUTXHROyJLFRV DOpP GDV GHPDLV
GLVSRVLo}HVIHGHUDLVSHUWLQHQWHV
68%6(d2,9
'26/2&$,6'(0(05,$(5($6'(,17(5(66(&,'$'2$3&
23RGHU3~EOLFRFRPXQLGDGHGHEDLUURRXGLVWULWRSRGHPVROLFLWDUDR6(3+$1DGHFODUDomRGH
/RFDLV GH 0HPyULD /0 H ,QWHUHVVH &LGDGmR $,& HP iUHDV TXH H[SUHVVHP VLJQLILFDGRV YDORUHV
VRFLDLVFXOWXUDLVHDPELHQWDLVORFDLV
$UW
$ SURWHomR GRV /0 H GDV $,& GHYHUi VHU UHDOL]DGD DWUDYpV GH LQYHQWiULR GH VHX SDWULP{QLR
PDWHULDO H UHJLVWUR GH VHX SDWULP{QLR LQWDQJtYHO TXDQGR KRXYHU FRP GHOLPLWDomR HP PDSD H
HVWDEHOHFLPHQWRGHQRUPDVRULHQWDGRUDVTXDQWRDRXVRGHPRGRDHVWLPXODUVXDFRQWLQXLGDGH
1RV/0HQDV$,&LQYHQWDULDGRVTXDOTXHULQWHUYHQomRGHYHUiWHUDQXrQFLDSUpYLDGR6(3+$1H
REVHUYDGDVDV/HLVQVGHHGHDOpPGHGHPDLVGLVSRVLo}HVSHUWLQHQWHV
2V /0 H DV $,& GHYHUmR VHU VLQDOL]DGRV GH PRGR D JDUDQWLU D GLIXVmR GR VHX VLJQLILFDGR FRPR
WHVWHPXQKRKLVWyULFRFXOWXUDO
6(d2,,
'26,19(175,26(5(*,6752
$UW )LFDPLQVWLWXtGRVRV,QYHQWiULRV0XQLFLSDLVGH3DLVDJHPHGR3DWULP{QLR0DWHULDOHR5HJLVWUR
GRV%HQV,QWDQJtYHLVFRPRIRUPDFRPSOHPHQWDUGHDFDXWHODPHQWR
$ UHVSRQVDELOLGDGH SHOD HODERUDomR GRV ,QYHQWiULRV H GR 5HJLVWUR EHP FRPR VXDV
LPSOHPHQWDo}HV VHUi GR ,38) DWUDYpV GR 6(3+$1 H GR VHWRU UHVSRQViYHO SHOD SROtWLFD GH
SUHVHUYDomRGDSDLVDJHP
$LQVFULomRGRVEHQVQRVLQYHQWiULRVGHYHUiWHUDQXrQFLDGD&27(63+$1
2V LPyYHLV FRP PDLV GH FLQTXHQWD DQRV RX VLWXDGRV HP iUHDV DUURODGDV FRPR GH SUHVHUYDomR
GHYHUmR WHU DQXrQFLD SUpYLD SDUD LQWHUYHQo}HV H GHPROLo}HV FRP YLVWDV D VXD LQVHUomR QRV
LQYHQWiULRV
e SURLELGD WRGD H TXDOTXHU REUD GH UHIRUPD RX GHPROLomR QRV LPyYHLV LQYHQWDULDGRV VDOYR
DXWRUL]DomRH[SUHVVDGRVVHWRUHVFRPSHWHQWHV
,QYHQWiULRV0XQLFLSDLVGH3DLVDJHPHGR3DWULP{QLR0DWHULDOHR5HJLVWURGRV%HQV,QWDQJtYHLV
ILFDUmRVREDJXDUGDGR,38)
$UW

6(d2,,,
'26(/(0(1726(;&(3&,21$,6&20321(17(6'$63$,6$*(16
2V HOHPHQWRV H[FHSFLRQDLV FRPSRQHQWHV GDV SDLVDJHQV DPELHQWDO RX FXOWXUDO SRGHUmR VHU
LGHQWLILFDGRVHLQYHQWDULDGRVSHOR,38)FRPSUHHQGHQGRGHQWUHRXWURV
$UW
,SDLVDJHQVGDVRUODVHERUGDVGiJXD
,,FDPLQKRVHWULOKDVWHUUHVWUHV
,,,URWDVQiXWLFDV
,9YLDVSDQRUkPLFDV
9PDUFRVUHIHUHQFLDLVH
9,PLUDQWHVHEHOYHGHUHV
2VHOHPHQWRVLQGLFDGRVQRVLQFLVRV,,,H,,,HVWmRGHVFULWRVQRDUWGHVWD/HL&RPSOHPHQWDU
2yUJmRGHSODQHMDPHQWRWHUiRSUD]RGHGRLVDQRVSDUDID]HURLQYHQWiULRGRVLWHQVGHUHOHYDQWH
LQWHUHVVHSDLVDJtVWLFR
68%6(d2,
0$5&265()(5(1&,$,6
$UW 2VPDUFRVUHIHUHQFLDLVVmRHOHPHQWRVFRQVWUXtGRVRXQDWXUDLVPDUFDQWHVQDSDLVDJHPRXGH
VLJQLILFDGR VLPEyOLFR TXH GHYHP VHU SUHVHUYDGRV HP VXD LQWHJULGDGH ItVLFD H WHUHP JDUDQWLGD VXD
YLVLELOLGDGH
3DUiJUDIRQLFR2VPDUFRVUHIHUHQFLDLVGHYHPVHULQYHQWDULDGRVSHOR6(3+$1HVHWRUUHVSRQViYHO
SHOD SROtWLFD GH SURWHomR GD SDLVDJHP TXH HODERUDUmR HVWXGRV GH SURWHomR GD YLVLELOLGDGH QR SUD]R
Pi[LPRGHGRLVDQRVGHSXEOLFDomRGHVWD/HL&RPSOHPHQWDU
68%6(d2,,
0,5$17(6(%(/9('(5(6
2V PLUDQWHV H EHOYHGHUHV VmR ORFDLV GH RQGH p SRVVtYHO XVXIUXLU GH YLVXDLV PDUFDQWHV VRE R
WHUULWyULRTXHGHYHPVHUSUHVHUYDGRVHPVXDLQWHJULGDGHItVLFDHWHUJDUDQWLGRVXDDFHVVLELOLGDGH
$UW
3DUiJUDIRQLFR2VPLUDQWHVHEHOYHGHUHVGHYHPVHULQYHQWDULDGRVSHOR,38)
6(d2,9
'$9,6,%,/,'$'((287526(678'2635e9,26
$UW
'HYHUi VHU REVHUYDGR R FULWpULR GH YLVLELOLGDGH GR FRQMXQWR H GRV HOHPHQWRV GHILQLGRUHV GH

SDLVDJHPGHPRGRDLPSHGLUFRQVWUXo}HVHHTXLSDPHQWRVTXHSRVVDPLQWHUIHULUQHJDWLYDPHQWHQDVXD
DSUHHQVmRYLVXDO
(QWHQGHVHSRUSDLVDJHPXUEDQDKLVWyULFDRDVVHQWDPHQWRXUEDQRLQVHULGRSHODDomRKXPDQDHP
VHXFRQWH[WRJHRJUiILFR
3DUD D YLVLELOLGDGH R 6(3+$1 H R VHWRU UHVSRQViYHO SHOD SROtWLFD GH SURWHomR GD SDLVDJHP
GHYHUmR HODERUDU HVWXGR REMHWLYR GD GHOLPLWDomR GH YLVLELOLGDGH H HPLWLU SDUHFHU VREUH LQWHUIHUrQFLDV
TXHSRVVDPFRORFDUHPULVFRDIUXLomRGDViUHDV
$ JDUDQWLD GH YLVLELOLGDGH D TXH VH UHIHUH R SUHVHQWH DUWLJR HVWHQGHVH D WDSXPHV SDLQpLV GH
SURSDJDQGDRXTXDOTXHURXWURREMHWRLQVHULGRQDSDLVDJHP
6(d29
'$$57(3%/,&$1$3$,6$*(085%$1$(1$785$/
&RQFHLWXDVHFRPR$UWH3~EOLFDDLQWHUYHQomRDUWtVWLFDLQVHULGDQDSDLVDJHPXUEDQDRXQDWXUDO
GRPXQLFtSLRGHFDUiWHUSHUPDQHQWHRXHIrPHURHQTXDGUDGDHP
$UW
,JUXSRVHVFXOWyULFRVLQFOXLQGRPHPRULDLVHPRQXPHQWRV
,,SDLQpLVPXUDLV
,,,LQVWDODo}HVH
,9 LQWHUYHQo}HV SURYHQLHQWHV GR FDPSR H[SDQGLGR GH $UWH 3~EOLFD LQFOXLQGR MDUGLQV PRELOLiULR
XUEDQRDUWHFRQFHLWXDOHGHPDLVFDWHJRULDVGHQRYRJrQHUR
$UW
$$UWH3~EOLFDWHPSRUILQDOLGDGH
,TXDOLILFDUDSDLVDJHPXUEDQDHQDWXUDO
,, FXPSULU IXQomR UHPHPRUDWLYD FRPHPRUDWLYD SROtWLFD XWLOLWiULD SDLVDJtVWLFD FRQFHLWXDO
UHSUHVHQWDWLYDSHGDJyJLFDHO~GLFD
,,,HVWDEHOHFHUUHIHUrQFLDVKLVWyULFDVFXOWXUDLVDUWtVWLFDVHHVWpWLFDVQRVHVSDoRVGHXVRS~EOLFRH
,9FRQVWLWXLUDFHUYRGHDUWHDFpXDEHUWRRSRUWXQL]DQGRRDFHVVRS~EOLFRHJUDWXLWRjDUWHHjFXOWXUD
$UW 3DUD R FXPSULPHQWR GD ILQDOLGDGH GD $UWH 3~EOLFD ILFD LQVWLWXtGD D 3ROtWLFD 0XQLFLSDO GH $UWH
3~EOLFDFRRUGHQDGDSHODHVWUXWXUDRUJDQL]DFLRQDOHIXQFLRQDOGR,38)
$UHDOL]DomRGHDo}HVGD3ROtWLFD0XQLFLSDOGH$UWH3~EOLFDVHUiHIHWLYDGDPHGLDQWHDDSOLFDomR
GHUHFXUVRVSURYHQLHQWHVGH
,UHFXUVRVSUySULRVGR0XQLFtSLR
,,WUDQVIHUrQFLDVLQWHUJRYHUQDPHQWDLV
,,,FRQWULEXLo}HVRXGRDo}HVGHHQWLGDGHVQDFLRQDLVHLQWHUQDFLRQDLVGHSHVVRDVItVLFDVRXMXUtGLFDV
,9OHLVGHLQFHQWLYRVFXOWXUDLVHPQtYHOPXQLFLSDOHVWDGXDOHIHGHUDO

9DFRUGRVFRQWUDWRVFRQVyUFLRVHFRQYrQLRV
9,YDORUHVLQFOXtGRVQDVPHGLGDVPLWLJDGRUDVHFRPSHQVDWyULDVGHWHUPLQDGDVSRU(VWXGRGH,PSDFWR
GH9L]LQKDQoD
9,,YDORUHVDGYLQGRVGHGHSyVLWRRSFLRQDOGHHPSUHVDSULYDGDEHQHILFLiULDGHLQFHQWLYRHVSHFtILFRj
LQVHUomRGH$UWH3~EOLFDQRVWHUPRVGDSUHVHQWH/HL&RPSOHPHQWDUH
9,,,RXWUDVUHFHLWDVTXHOKHVHMDPGHVWLQDGDVSRUOHL
$ LPSOHPHQWDomR GD 3ROtWLFD 0XQLFLSDO GH $UWH 3~EOLFD VHUi JHULGD SHOD &RPLVVmR 0XQLFLSDO GH
$UWH3~EOLFD&20$3yUJmRFROHJLDGRGHFDUiWHUGHOLEHUDWLYRYLQFXODGRDHVWUXWXUDDGPLQLVWUDWLYDGR
,38)TXHUH~QHUHSUHVHQWDQWHVGHHQWLGDGHVS~EOLFDVDILQVSDUDDQDOLVDUHMXOJDURVSURMHWRVGH$UWH
3~EOLFDHPHGLILFDo}HVHHVSDoRVS~EOLFRVGRWHUULWyULRPXQLFLSDO
$&20$3DWUDYpVGR,38)SURPRYHUiDFDGDGRLVDQRVR6HPLQiULR0XQLFLSDOGH$UWH3~EOLFD
REMHWLYDQGR DWXDOL]DU H GHEDWHU FRQWH~GRV GD 3ROtWLFD 0XQLFLSDO GH $UWH 3~EOLFD UHGHILQLU PHWDV H
SURJUDPDVGHDomRGDUWUDQVSDUrQFLDDRSURFHVVRHOHJLWLPDUSDUWLFLSDo}HV
$UW 2V UHFXUVRV SURYHQLHQWHV GRV LQFLVRV D TXH VH UHIHUH R GR DUWLJR DQWHULRU VHUmR
DGPLQLVWUDGRVSHOR,38)FXMDDSOLFDomRGHYHUiFRQWHPSODUDFRQVHFXomRGDVILQDOLGDGHVSUHYLVWDVQR
DUWDPDQXWHQomRHFRQVHUYDomRGRDFHUYRPXQLFLSDOGH$UWH3~EOLFDDHGXFDomRVRFLRFXOWXUDO
GDSRSXODomRHDGLYXOJDomRHSURPRomRGD3ROtWLFD0XQLFLSDOGH$UWH3~EOLFD
7RGD $UWH 3~EOLFD H VXD UHVSHFWLYD LQVHUomR VHUi REULJDWRULDPHQWH DSURYDGD SHOD &20$3
FRRUGHQDGDSHORUJmR0XQLFLSDOGH3ODQHMDPHQWR8UEDQR
$UW
3DUiJUDIR QLFR )LFDP PDQWLGRV QR TXH FRXEHU RV WHUPRV GD UHJXODPHQWDomR DSURYDGD HP
UHIHUHQWHDR5HJLPHQWR,QWHUQRGD&20$3UHODWLYRVjQDWXUH]DFRPSHWrQFLDFRPSRVLomRHVWUXWXUD
RUJDQL]DFLRQDO H IXQFLRQDO GD &20$3 DRV FULWpULRV GH DYDOLDomR GRV SURMHWRV GH REUD GH DUWH H
UHVSHFWLYDVUHVSRQVDELOLGDGHVGHLQVWDODomRHQWUHJDHPDQXWHQomRGDVREUDVDOpPGDVGLVSRVLo}HV
ILQDLVGRUHIHULGRUHJLPHQWR
$UW 6HUi REULJDWyULD D LQVHUomR GH $UWH 3~EOLFD QDV LQWHUYHQo}HV FRQVWUXWLYDV H XUEDQtVWLFDV
HQTXDGUiYHLVQRVVHJXLQWHVFDVRV
, HPSUHHQGLPHQWRV GH FDUiWHU SULYDGR FRQILJXUDGRV OHJDOPHQWH FRPR 3ROR *HUDGRU GH 7UiIHJR
3*7H3*7
,,HGLILFDo}HVS~EOLFDVFRPiUHDVXSHULRUDGRLVPLOPHWURVTXDGUDGRVH
,,,SUDoDVS~EOLFDVFRPiUHDVXSHULRUDFLQFRPLOPHWURVTXDGUDGRV
$UW 2V HPSUHHQGLPHQWRV GH FDUiWHU SULYDGR TXH LPSODQWDUHP DUWH S~EOLFD SRGHUmR EHQHILFLDUVH
FRP R DFUpVFLPR GH GRLV SRU FHQWR QR FRHILFLHQWH GH DSURYHLWDPHQWR VHP DFUpVFLPR QD WD[D GH
RFXSDomRUHVSHLWDGRVRVGHPDLVOLPLWHVXUEDQtVWLFRV
3DUD ID]HU MXV DR LQFHQWLYR SUHYLVWR QR FDSXW GHVWH DUWLJR R EHQHILFLiULR GHYHUi ID]HU FRQVXOWD
SUpYLDD&20$3LQIRUPDQGRRTXDQWLWDWLYRGHiUHDDVHUDFUHVFLGRQRSURMHWRDUTXLWHW{QLFRGDIXWXUD
HGLILFDomR H VXEPHWHU R SHGLGR j DSURYDomR GD SHUWLQrQFLD RX QmR GD LQVHUomR GH DUWH QR UHIHULGR
HPSUHHQGLPHQWRjDQiOLVHGHFDWHJRULDHSRUWHFRUUHVSRQGHQWHGD$UWH3~EOLFD
&RQGLFLRQDGRDDSURYDomRSUpYLDGD&20$3ILFDIDFXOWDGRDREHQHILFLiULRGRLQFHQWLYRSUHYLVWR
QRFDSXWGHVWHDUWLJR

,ID]HURSomRSRULQVHUomRGH$UWH3~EOLFDQRkPELWRGRHPSUHHQGLPHQWRRXHPiUHDS~EOLFDSUy[LPD
DSUHVHQWDQGR MXVWLILFDWLYD SURMHWR GD REUD GH DUWH H UHVSHFWLYR FXVWR GH HODERUDomR H[HFXomR H
LPSODQWDomRRX
,,GHSRVLWDUQDFRQWDYLQFXODGDHVSHFLILFDDGPLQLVWUDGDSHOR,38)RVYDORUHVHTXLYDOHQWHVDRFXVWRGH
SURMHWR H[HFXomR H LPSODQWDomR GD REUD GH DUWH VHOHFLRQDGD RX D FULWpULR GD &20$3 H HP FRPXP
DFRUGRGHSRVLWDUYDORUHVSURSRUFLRQDLVjLPSOHPHQWDomRGHXPDDomRHVSHFtILFDGD3ROtWLFD0XQLFLSDO
GH$UWH3~EOLFD
$ HPLVVmR GR +DELWHVH GR HPSUHHQGLPHQWR EHQHILFLDGR ILFD FRQGLFLRQDGR DR ULJRURVR
FXPSULPHQWRGRSURMHWRDSURYDGRSHOD&20$3DVHUILVFDOL]DGRSHORPXQLFtSLR
$ LQVHUomR GH $UWH 3~EOLFD QD SDLVDJHP XUEDQD H QDWXUDO GR PXQLFtSLR SRGHUi RFRUUHU
PHGLDQWH
$UW
,SURMHWRVGHREUDVGHDUWHDSURYDGDVSHOD&20$3HPHPSUHHQGLPHQWRVSULYDGRVEHQHILFLDGRVFRP
DFUpVFLPRFRQVWUXWLYRGHGRLVSRUFHQWRQRFRHILFLHQWHGHDSURYHLWDPHQWRGDHGLILFDomR
,, FRQFXUVR S~EOLFR GRDomR RX FXUDGRULD FKDQFHODGRV SHOD &20$3 TXDQGR VH WUDWDU GH LQVHUomR
DUWtVWLFDGHFDUiWHUSHUPDQHQWHHPHVSDoRGHXVRS~EOLFRRXGHYLVLELOLGDGHS~EOLFD
,,,DSURYDomRHVSHFtILFDGD&20$3HyUJmRVS~EOLFRVFRPSHWHQWHVTXDQGRVHWUDWDUGHLQWHUYHQomR
DUWtVWLFDGHLQWHUHVVHVGLYHUVRVFRQILJXUDGRVSHORFDUiWHUHIrPHURHPHVSDoRGHYLVLELOLGDGHS~EOLFD
2 ,38) DWUDYpV GH FULWpULRV HVSHFtILFRV HP FRPXP DFRUGR FRP D &20$3 GLVSRQLELOL]DUi
DQXDOPHQWH D LQGLFDomR GRV ORFDLV S~EOLFRV SUHIHUHQFLDLV SDUD LQVHUomR GH $UWH 3~EOLFD VXMHLWDV D
DSOLFDomRGRVWHUPRVOHJDLVDTXHVHUHIHUHRFDSXWGHVWHDUWLJR
2SHGLGRGHLQVHUomRGH$UWH3~EOLFDHPiUHDDGMDFHQWHVjVUHDVGH3UHVHUYDomR&XOWXUDOHQR
HQWRUQR GH iUHDV WRPEDGDV GHYHUi VHU SUHYLDPHQWH DQDOLVDGR SHOR 6(3+$1,38) FRQMXQWDPHQWH j
DQiOLVHGD&20$3
$V LQWHUYHQo}HV DUWtVWLFDV GH FDUiWHU HIrPHUR RX SHUPDQHQWH TXH VH ORFDOL]DUHP HP SDUHGHV
FHJDVRXHPSHQDVGHHGLILFDo}HVGHYHUmRID]HUFRQVXOWDSUpYLDDRyUJmRPXQLFLSDOGHSODQHMDPHQWR
XUEDQRHj&20$3UHVHUYDUHVSDoRSDUDDGLYXOJDomRGHORJRPDUFDGRSDWURFLQDGRUHGREUDVmRGR
PXQLFtSLR GLVSRU GH LOXPLQDomR GH SUHVWtJLR H VH DGHTXDU DRV SUD]RV H H[LJrQFLDV DGPLQLVWUDWLYDV
FDEtYHLVDRFDVR
$UW
&RQVWLWXHPFRQGLFLRQDQWHVGRSURMHWRHGDLQVWDODomRGH$UWH3~EOLFD
, HVWDU LQWHJUDGD H VHU FRPSDWtYHO FRP D HVWpWLFD GD REUD DUTXLWHW{QLFD H HVWDU VLWXDGD QD SDUHGH
H[WHUQD RX QR DIDVWDPHQWR IURQWDO GD HGLILFDomR GH IRUPD D WHUDPSOD YLVLELOLGDGH S~EOLFDTXDQGR VH
WUDWDUGHHPSUHHQGLPHQWRSULYDGRHQTXDGUDGRQRVWHUPRVGRDUW
,,VHURULJLQDOQmRVHFRQVWLWXLQGRHPUHSURGXomRRXUpSOLFDHDSUHVHQWDUXPFDUiWHULQpGLWRYLQFXODGR
jOLQJXDJHPSOiVWLFDGRDUWLVWD
,,,SUHYHULQWHJUDomRFRPDSDLVDJHPHSHUPDQrQFLDQRORFDODSURYDGRQmRSRGHQGRVHUUHPRYLGR
GHVORFDGRVXEVWLWXtGRRXDOWHUDGRVHPFRQVXOWDSUpYLDD&20$3
,9 VHU H[HFXWDGD DGRWDQGR FULWpULRV GH VHJXUDQoD GXUDELOLGDGH H HVWDELOLGDGH FRPSURYDGDV H
ORFDOL]DGDHPiUHDVFRPSDWtYHLVFRPDOLYUHFLUFXODomRGHSHGHVWUHVHYHtFXORVH
9DVVHJXUDUiUHDPtQLPDGHTXLQ]HPHWURVTXDGUDGRVQDVREUDVELGLPHQVLRQDLVHYROXPHPtQLPRGH
FLQFRPHWURVF~ELFRVQDVREUDVWULGLPHQVLRQDLVDGPLWLQGRVHRXWURVIRUPDWRVGHILQLGRVSHODFRPLVVmR

3DUiJUDIRQLFR7RGDREUDGHDUWHGHYHUiDSUHVHQWDUSODFDGHUHIHUrQFLDFRQWHQGRGDGRVGHDXWRULD
GDWD FLWDomR GD /HL GH ,QFHQWLYR H GR )LQDQFLDGRU GD REUD TXDQGR KRXYHU VHJXQGR R PRGHOR GR
,38)
6(d29,
'26,1&(17,92635(6(59$d2'$3$,6$*(0('23$75,01,2&8/785$/
6mRLQFHQWLYRVjSUHVHUYDomRGDSDLVDJHPHGRSDWULP{QLRFXOWXUDODWUDQVIHUrQFLDGRGLUHLWRGH
FRQVWUXLUDUHGXomRGR,378DSOLFDomRGRGLUHLWRGHVXSHUItFLHDIOH[LELOL]DomRTXDQWRjRFXSDomRH
XVRGRVRORDIOH[LELOL]DomRGR&yGLJRGH2EUDVH(GLILFDo}HVHDUHGXomRGDVWD[DVDGPLQLVWUDWLYDV
WULEXWiULDV
$UW
(QWHQGHVHSRUIOH[LELOL]DomRGDRFXSDomRHXVRGRVRORDLQWHUSUHWDomRFDVRDFDVRSHORyUJmR
FRPSHWHQWHFRPEDVHHPOHLHVSHFtILFDGRUHJLPHXUEDQtVWLFRHGR&yGLJRGH2EUDVH(GLILFDo}HV
FRPDILQDOLGDGHGHYLDELOL]DUHHVWLPXODUDVDWLYLGDGHVQRVLPyYHLV33H3
(QWHQGHVHSRUUHGXomRGR,378RVEHQHItFLRVGHILQLGRVQDOHJLVODomRWULEXWiULDPXQLFLSDOSDUDRV
LPyYHLVFRQVLGHUDGRV33H3GHVGHTXHPDQWLGRVSUHVHUYDGRVFRQGLomRDWHVWDGDSRUH[SRVLomR
GHPRWLYRVGR,38)SDUDDViUHDVLQFXPELGDVGRODQoDPHQWRHFREUDQoDGHWULEXWRV
23RGHU3~EOLFR0XQLFLSDOSRGHUiLQFOXLUQRYRVLQFHQWLYRVPHGLDQWHOHLHVSHFtILFD
$UW $FRQFHVVmRGHLQFHQWLYRVGHSUHVHUYDomRGRVLPyYHLVGHVWDVHomRGHSHQGHGHVROLFLWDomRGR
SURSULHWiULRRXSRVVXLGRUHGHDSURYDomRGRyUJmRFRPSHWHQWHHSRGHUi
,DFDUUHWDUQDLQWHUUXSomRGRVLQFHQWLYRVILVFDLVH
,,DHYHQWXDOUHVWLWXLomRGRVLQFHQWLYRVPRQHWiULRVUHFHELGRVSDUDR)XQGR0XQLFLSDOGH3UHVHUYDomR
HGR3DWULP{QLR&XOWXUDLV
)LFD FULDGR R )XQGR 0XQLFLSDO GH 3UHVHUYDomR GD 3DLVDJHP H GR 3DWULP{QLR &XOWXUDO
)0333&IRUPDGRSRUUHFXUVRVSURYHQLHQWHVGH
$UW
,,,FRQWULEXLo}HVRXGRDo}HVGHHQWLGDGHVQDFLRQDLVRXLQWHUQDFLRQDLV
,9FRQWULEXLo}HVRXGRDo}HVGHSHVVRDVItVLFDVRXMXUtGLFDV
9HPSUpVWLPRVRXRSHUDo}HVGHILQDQFLDPHQWRLQWHUQRVRXH[WHUQRV
9,DFRUGRVFRQWUDWRVFRQVyUFLRVHFRQYrQLRV
9,, YDORUHV LQFOXtGRV QDV PHGLGDV PLWLJDGRUDV UHVXOWDQWH GD DQiOLVH GH SURMHWRV RX GHWHUPLQDGDV
SHORV(VWXGRVGH,PSDFWRGH9L]LQKDQoD
9,,, SHUFHQWXDO GD DUUHFDGDomR GH PXOWDV RULXQGDV GH LQIUDo}HV SRU DEDQGRQR GHPROLomR RX
GHVFDUDFWHUL]DomRSDUFLDORXWRWDOGHLPyYHLVHQTXDGUDGRVQDVFDWHJRULDV3H3
,;UHQGDVGDDSOLFDomRILQDQFHLUDGRVVHXVUHFXUVRVSUySULRV

;RXWUDVUHFHLWDVTXHOKHVHMDPGHVWLQDGDVSRUOHLH
;,RXWUDVUHFHLWDVVHMDPHYHQWXDLVVHMDPDGYLQGDVGDDSOLFDomRGRVLQVWUXPHQWRVGHSROtWLFDXUEDQD
SUHYLVWRVQHVWD/HL&RPSOHPHQWDU
2V UHFXUVRV GR )XQGR 0XQLFLSDO GH 3UHVHUYDomR GD 3DLVDJHP H GR 3DWULP{QLR &XOWXUDO
)0333&GHYHUmRVHUDSOLFDGRVQDFRQVHFXomRGDVILQDOLGDGHVSUHYLVWDVQHVWH&DStWXORHWRGRVRV
JDVWRVFRORFDGRVDGLVSRVLomRGDVRFLHGDGH
$UW
6(d29,,
'$66$1d(6
$UW 4XDOTXHUDWRGRSURSULHWiULRLQFOXLQGRRDEDQGRQRTXHDFDUUHWDUGHVFDUDFWHUL]DomRSDUFLDORX
WRWDOGRLPyYHOHQTXDGUDGRQDVFDWHJRULDV33H3VXMHLWDUiRSURSULHWiULRDHPEDUJREHPFRPR
jUHVWDXUDomRGRPHVPR
3DUiJUDIR QLFR 1RV FDVRV SUHYLVWRV QHVWH DUWLJR R SURSULHWiULR HVWDUi VXMHLWR j PXOWD GH 8),5
GX]HQWRV H WULQWD H GXDV 8QLGDGHV )LVFDLV GH 5HIHUrQFLD SRU PHWUR TXDGUDGR GH SLVR H IDFKDGD
DGXOWHUDGDGHPROLGDRXFRQVWUXtGDVHPSUHMXt]RGDVGHPDLVVDQo}HV
$UW 6HP SUHMXt]R GDV VDQo}HV DGPLQLVWUDWLYDV H SHQDLV DSOLFiYHLV DR FDXVDGRU GR GDQR QRV
WHUUHQRV HP TXH FODQGHVWLQDPHQWH RFRUUHUHP GHPROLo}HV SDUFLDLV RX WRWDLV GH HGLILFDo}HV GH
FDWHJRULDV 3 3 H 3 RX VHX DEDQGRQR RV SDUkPHWURV GH RFXSDomR GDV QRYDV HGLILFDo}HV WHUmR
UHGXomRGHFLQTXHQWDSRUFHQWRGREHPFRPRUHFXRVHDIDVWDPHQWRVDVHUHPGHILQLGRVFDVRDFDVR
SHORyUJmRFRPSHWHQWHVHPSUHMXt]RGDVGHPDLVVDQo}HVSUHYLVWDV
3DUiJUDIR QLFR (P QHQKXP FDVR D iUHD FRQVWUXtGD HP ORWH TXH RFRUUHU GHPROLomR RX GDQR GH
PRQWD HP EHP WRPEDGR SRGHUi VHU VXSHULRU D FLQTXHQWD SRU FHQWR GD VXSHUItFLH GR EHP WRPEDGR
GHPROLGRRXPXWLODGR
6(d29,,,
'265*26(192/9,'26126352&(6626
6mR yUJmRV GLUHWD RX LQGLUHWDPHQWH HQYROYLGRV QRV SURFHVVRV GH FRQVHUYDomR SUHVHUYDomR
UHVWDXUDomR UHYLWDOL]DomR H UHTXDOLILFDomR GDV SDLVDJHQV H GRV SDWULP{QLRV FXOWXUDLV DOpP GR
6(3+$1 H R VHWRU UHVSRQViYHO SHOD SDLVDJHP FXOWXUDO QR 0XQLFtSLR FRPR LQWHJUDQWHV GR yUJmR
PXQLFLSDO GH SODQHMDPHQWR R ,QVWLWXWR GR 3DWULP{QLR +LVWyULFR $UWtVWLFR H 1DFLRQDO ,3+$1 FRPR
UHSUHVHQWDQWH GR *RYHUQR )HGHUDO H D )XQGDomR &DWDULQHQVH GH &XOWXUD )&& FRPR UHSUHVHQWDQWH
GR*RYHUQR(VWDGXDO
$UW
&$378/2;
'26,67(0$9,5,2('2675$163257(6
6(d2,
'26,67(0$9,5,2(&,&/29,5,2
2 VLVWHPD YLiULR FRQVWDQWH GRV PDSDV HP $QH[R p FDUDFWHUL]DGR SRU XPD UHGH GH YLDV
KLHUDUTXL]DGDVDVTXDLVGHYHPVHUREHGHFLGDVHLPSODQWDGDVHPWRGRVRVSURMHWRVGHXUEDQL]DomRRX
$UW

RFXSDomRHTXHGHDFRUGRFRPVXDVIXQo}HVHFDSDFLGDGHVWrPDVVHJXLQWHVGHQRPLQDo}HV
, YLDV GH WUkQVLWR UiSLGR DTXHODV FRQVWLWXtGDV SHODV URGRYLDV TXH WrP D IXQomR GH LQWHUOLJDU
PXQLFtSLRVGLVWULWRVRXFHQWURVXUEDQRVHVWUXWXUDQGRVHXVUHVSHFWLYRVVLVWHPDVYLiULRV
,, YLDV DUWHULDLV DTXHODV TXH LQWHUOLJDP VHWRUHV LQWHLURV GR PXQLFtSLR WrP D IXQomR GH FRQFLOLDU R
WUiIHJRGHSDVVDJHPFRPRWUiIHJRORFDOHSURSLFLDUIDFLOLGDGHVDRWUDQVSRUWHFROHWLYR
,,,YLDVFROHWRUDVHVXEFROHWRUDVDTXHODVTXHWrPDIXQomRGHLQWHUOLJDUSHORPHQRVGRLVEDLUURVGD
FLGDGHFROHWDQGRRWUiIHJRGDVYLDVORFDLV
,9YLDVORFDLVDTXHODVTXHWrPDIXQomRGHFROHWDURWUiIHJRGRLQWHULRUGRVEDLUURVHHQFDPLQKiORjV
YLDVFROHWRUDV6mRDVYLDVORFDLVFRQIRUPH$QH[RGR6LVWHPD9LiULRTXHSRVVLELOLWDPRDFHVVRGLUHWR
DRVORWHVHHGLILFDo}HV
9 YLDV SUHIHUHQFLDLV GH SHGHVWUHV DTXHODV TXH WrP D IXQomR GH FRQFLOLDU XP HOHYDGR IOX[R GH
SHGHVWUHVFRPRDFHVVRGLUHWRGHYHtFXORVDRVORWHVHHGLILFDo}HV
9, YLDV SDLVDJtVWLFDVSDQRUkPLFDV YLDV FRP IXQomR FRPSOHPHQWDU GH WXULVPR H OD]HU GHYLGR D
YLVLELOLGDGHTXHSURSLFLDPjSDLVDJHPQDWXUDORXFRQVWUXtGDGDUHJLmR
9,,FLFORYLDVYLDDEHUWDDRXVRS~EOLFRFDUDFWHUL]DGDVFRPRSLVWDVGHVWLQDGDDRWUkQVLWRH[FOXVLYRGH
ELFLFOHWDVVHSDUDGDVGDYLDS~EOLFDGHWUiIHJRPRWRUL]DGRSRUPHLRILRRXREVWiFXORVLPLODUHGHiUHD
GHVWLQDGD DRV SHGHVWUHV SRU GLVSRVLWLYRV VHPHOKDQWHV RX HP GHVQtYHO TXH DV GLVWLQJXD GDV iUHDV
FLWDGDV
9,,,FLFORIDL[DYLDDEHUWDDRXVRS~EOLFRFDUDFWHUL]DGDFRPRIDL[DGHVWLQDGDDRWUkQVLWRH[FOXVLYRGH
ELFLFOHWDVGHPDUFDGDQDSLVWDGHURODPHQWRRXFDOoDGDVSRUVLQDOL]DomRHVSHFtILFD
,;IDL[DFRPSDUWLOKDGDRXYLDGHWUiIHJRFRPSDUWLOKDGRYLDFDUDFWHUL]DGDFRPRSLVWDGHVWLQDGDWDQWR
DRWUkQVLWRGHYHtFXORVPRWRUL]DGRVTXDQWRDELFLFOHWDVHSHGHVWUHVVHQGRYLDSUHIHUHQFLDODRSHGHVWUH
TXDQGRGHPDUFDGDQDFDOoDGDHSUHIHUHQFLDODELFLFOHWDTXDQGRGHPDUFDGDQDSLVWDGHURODPHQWR
; YLD H[FOXVLYD GH SHGHVWUHV FDOoDG}HV SDVVHLRV SUDoDV HVFDGDULDV YLDV HVWUHLWDV TXH QmR
SHUPLWHPVHQmRHPFDVRVHVSHFLDLVDSDVVDJHPGHYHtFXORVPRWRUL]DGRVSDVVDUHODV
;, SDVVHLR FRPSDUWLOKDGR RQGH QmR KRXYHU SRVVLELOLGDGH GH YLD H[FOXVLYD SDUD FLFOLVWDV H D
YHORFLGDGH GRV YHtFXORV PRWRUL]DGRV IRU DFLPD GR UHFRPHQGDGR SRGHVH FRPSDUWLOKDU R SDVVHLR
GHVGHTXHFRPVLQDOL]DomRUHJXODPHQWDUHGHPDUFDomRSRUSLQWXUD
;,,FDPLQKRWHUUHVWUHSHUFXUVRFRPXPWUDoDGRFRQVROLGDGRSHUPDQHQWHWDOYH]SODQHMDGRIHLWRFRP
RSURSyVLWRGHOLJDUGRLVSRQWRVGLVWLQWRVRXSDVVDUSRUGHWHUPLQDGDiUHDSHUPLWLQGRPXLWDVYH]HVD
SDVVDJHPGHYHtFXORVjWUDomRDQLPDOFRPODUJXUDHQWUHGRLVHTXDWURPHWURV
;,,,WULOKDSHUFXUVRFRPWUDoDGRLQWXLWLYROLJHLURGHHVWUXWXUDVLPSOHVVHPREMHWLYRGHSHUPDQrQFLD
FRPODUJXUDLQIHULRUDGRLVPHWURVXVDGDSDUDFDPLQKDGDVGHOD]HUHWXULVPRH
;,9URWDQiXWLFDSHUFXUVRVQiXWLFRVWUDGLFLRQDOPHQWHXWLOL]DGRVSDUDFRQH[mRPDUtWLPDGRVOXJDUHV
eYHGDGDDFLUFXODomRGHYHtFXORVDXWRPRWRUHVVREUHDVSUDLDVFRVW}HVGXQDVHPDQJXHV
7RGDVDVQRYDVYLDVHDTXHODVUHJXODUL]DGDVTXHIRUHPUHHVWUXWXUDGDVDWUDYpVGRSDUFHODPHQWR
GRVRORGHYHPVHUHQWUHJXHVDRXVRS~EOLFRFRPDLQIUDHVWUXWXUDHRSDLVDJLVPRLPSODQWDGRV
$V YLDV IHGHUDLV H HVWDGXDLV REHGHFHP DV GLUHWUL]HV HVSHFtILFDV GRV yUJmRV UHVSRQViYHLV

FRPSHWHQWHVHVHXVWUDoDGRVWUDWDPHQWRVLQFOXVLYHSDLVDJtVWLFRHHTXLSDPHQWRVXUEDQRVGHSHQGHP
GHDSURYDomRSUpYLDGR,38)
$VYLDVRXWUHFKRVSDLVDJtVWLFRVSDQRUkPLFRVSURSRUFLRQDUmRIDFLOLGDGHVSDUDHVWDFLRQDPHQWRGH
YHtFXORV DXWRPRWRUHV H ELFLFOHWDV WUkQVLWR GH SHGHVWUHV H FLFOLVWDV SDUD D IUXLomR GDV SDLVDJHQV
QRWiYHLV H IDFLOLWDU D SHUFHSomR GRV OLPLWHV GDV GH 8QLGDGHV GH &RQVHUYDomR 3DUTXHV H UHDV GH
3UHVHUYDomR3HUPDQHQWH
&RQIRUPHDFRQYHQLrQFLDHRSRUWXQLGDGHVHUmRLPSODQWDGDVFLFORYLDVRXFLFORIDL[DVHPWRGDVDV
YLDVGHWUkQVLWRVUiSLGRYLDVDUWHULDLVYLDVFROHWRUDVHYLDVORFDLV
$VHGLILFDo}HVMXQWRjVYLDVSDQRUkPLFDVGHHQFRVWDVQmRSRGHUmRWHUDOWXUDILQDOVXSHULRUDRQtYHO
GRSDVVHLRGRORJUDGRXURQRODGRHPTXHVHGHVFRUWLQDDSDLVDJHP
$VHGLILFDo}HVMXQWRjVYLDVSDQRUkPLFDVHPSODQtFLHGHYHUmRJDUDQWLUDYLVLELOLGDGHGDSDLVDJHP
$V YLDV ORFDLV H[LVWHQWHV FRP FDL[D LQIHULRU DV GHILQLGDV QR DUW REHGHFHUmR RV SDUkPHWURV
GHVFULWRVQDWDEHODTXHpSDUWHLQWHJUDQWHGHVWD/HL&RPSOHPHQWDU
$UW 2 GLPHQVLRQDPHQWR GH YLDV VHUi IHLWR D SDUWLU GD FDSDFLGDGH GH WUiIHJR QHFHVViULD SDUD
DWHQGHUDGHPDQGDGHWRGRVRVPHLRVGHWUDQVSRUWHTXHDXWLOL]DUmR
4XDQWR jV FDL[DV PtQLPDV GR VLVWHPD URGRYLiULR SDUD QRYRV DUUXDPHQWRV REHGHFHUi DRV
VHJXLQWHVJDEDULWRV
$UW
,WULQWDHRLWRPHWURVQDV9LDVGHWUDQVLWRUiSLGR
,,WULQWDHVHWHPHWURVQDV9LDV$UWHULDLV
,,,YLQWHHQRYHPHWURVQDV9LDV&ROHWRUDVH6XEFROHWRUDV
,9TXDWRU]HPHWURVQDV9LDV/RFDLV
9GRLVPHWURVHFLQTXHQWDFHQWtPHWURVQDV&LFORYLDVH
9,WUrVPHWURVQDV9LDV3UHIHUHQFLDOGH3HGHVWUHV
&DL[D GD 9LD p D PHGLGD HP VHomR WUDQVYHUVDO LQFOXLQGR DV SLVWDV GH URODPHQWR RV FDQWHLURV
FHQWUDLVRVSDVVHLRVHDVFLFORYLDV
1DViUHDVFRPXVRVPLVFLJHQDGRVHHQFODYHVXUEDQRVHP$3/WRGDVDV9LDV/RFDLVREHGHFHUmR
DFDL[DPtQLPDGDV9LDV6XE&ROHWRUDVDVVHJXUDQGRiUHDVSUySULDVSDUDRHVWDFLRQDPHQWRDRORQJR
GDVYLDVH[FHWRQDVYLDVMiH[LVWHQWHVFRPFDL[DLQIHULRUDRLWRPHWURV
1DV YLDV RQGH IRU WHFQLFDPHQWH FRPSURYDGD D LPSRVVLELOLGDGH GH LPSODQWDomR GH FLFORYLDV RX
FLFORIDL[DV GHYHUmR VHU SUHYLVWDV YLDV FRPSDUWLOKDGDV QDV FDOoDGDV RX QRV ERUGRV GDV SLVWDV GH
URODPHQWR
$ODUJXUDGHXPDQRYDYLDTXHFRQVWLWXLUSURORQJDPHQWRGHRXWUDMiH[LVWHQWHRXSUHYLVWDHP
SODQRDSURYDGRSHOR0XQLFtSLRQmRSRGHUiVHULQIHULRUjODUJXUDGHVWD~OWLPD
$UW
3DUiJUDIRQLFR([FHWXDQGRVHDVFLFORYLDVHDVYLDVORFDLVFRPFDL[DH[LVWHQWHLQIHULRUDRLWRPHWURV
RVSURORQJDPHQWRVQmRSRGHUmRWHUFDL[DLQIHULRUDTXDWRU]HPHWURV
$UW
1RVFUX]DPHQWRVRVDOLQKDPHQWRVGDVYLDVGHYHUmRFRQFRUGDUSRUXPDUFRGHFtUFXORFRPUDLR

PtQLPRGH
,HQWUHYLDVORFDLVFLQFRPHWURV
,,HQWUHYLDVVHWRULDLVRLWRPHWURVH
,,,HQWUHYLDVFROHWRUDVHVXEFROHWRUDVGR]HPHWURV
1RV FUX]DPHQWRV HQWUH WUkQVLWR UiSLGR H YLDV DUWHULDLV RX FRQHFWRUDV DV LQWHUVHo}HV VHUmR
GHWDOKDGDVSHOR,38)
1RV FUX]DPHQWRV GH YLDV GH KLHUDUTXLD GLIHUHQWH D FRQFRUGkQFLD D TXH VH UHIHUH R FDSXW GHVWH
DUWLJRREHGHFHUijLQWHUVHomRRXDRUDLRPtQLPRGHILQLGRSDUDDYLDGHPDLRUSRUWH
$UW
2VDFHVVRVjVLQWHUVHo}HVGDVGLYHUVDVFDWHJRULDVGHYLDVREHGHFHUmRDRVVHJXLQWHVFULWpULRV
, R DFHVVR GLUHWR jV YLDV GH WUkQVLWR UiSLGR Vy VHUi SHUPLWLGR DWUDYpV GH 9LDV $UWHULDLV LQWHUVHo}HV
LQGLFDGDV QRV PDSDV SDUWHV LQWHJUDQWHV GHVWD /HL &RPSOHPHQWDU YLDV PDUJLQDLV RX SLVWDV GH
GHVDFHOHUDomR
,,RDFHVVRGLUHWRjV9LDV$UWHULDLVVRPHQWHVHUiSHUPLWLGRDWUDYpVGH9LDV6HWRULDLVYLDVPDUJLQDLV
RXSLVWDVGHGHVDFHOHUDomRH[FHWRQDV9LDVGHQRPLQDGDVFRPR75&75&75&75&H75,
H
,,, R DFHVVR GLUHWR DRV LPyYHLV VLWXDGRV HP LQWHUVHo}HV GHYHUi UHVSHLWDU XPD GLVWkQFLD PtQLPD D
SDUWLUGRSRQWRGHWDQJrQFLDFRQIRUPHDVPHGLGDVHRGHVHQKRDVHJXLU
DFHPPHWURVQDVLQWHUVHo}HVFRP9LDVGHWUDQVLWRUiSLGR
ETXLQ]HPHWURVQDVLQWHUVHo}HVFRPYLDV&ROHWRUDV6XEFROHWRUDVRX$UWHULDLVH
FVHLVPHWURVQDVLQWHUVHo}HVFRP9LDV/RFDLV
$VYLDVGHFLUFXODomRGHYHtFXORVVHPVDtGDVHUmRDXWRUL]DGDVTXDQGRSUHYLVWDVHPSUDoDVGH
UHWRUQRQRVHXWpUPLQRHTXDQGRVHXFRPSULPHQWRLQFOXLQGRRHVSDoRGHPDQREUDQmRH[FHGHUDYLQWH
YH]HVDVXDODUJXUD
$UW
$VSUDoDVGHUHWRUQRGHYHUmRSRVVXLUUDLRPtQLPRLJXDODODUJXUDGDSLVWDHQXQFDLQIHULRUDRQ]H
PHWURVHWULQWDFHQWtPHWURVHSDVVHLRFRQWRUQDQGRWRGRRSHUtPHWURGRUHWRUQRFRPODUJXUDLJXDODGRV
SDVVHLRVGDYLDGHDFHVVRFRQIRUPHRVGHVHQKRVGDILJXUDDVHJXLU

$V YLDV SRGHUmR WHUPLQDU VHP SUDoD GH UHWRUQR QDV GLYLVDV GR WHUUHQR SDUFHODGR TXDQGR VHX
SURORQJDPHQWRHVWLYHUSUHYLVWRQRWUDoDGRYLiULRGR0XQLFtSLR
$ UDPSD Pi[LPD SHUPLWLGD QDV YLDV GH FLUFXODomR GH YHtFXORV VHUi GH TXLQ]H SRU FHQWR
GHYHQGRDSUHVHQWDUDEDXODPHQWRPtQLPRGHGRLVSRUFHQWRHPi[LPRGHTXDWURSRUFHQWR
$UW
$UW 1RV WHUUHQRV SDUFLDO RX WRWDOPHQWH DWLQJLGRV SHOR VLVWHPD YLiULR SURMHWDGR VHUi SHUPLWLGD D
FRQVWUXomR GH XPD UHVLGrQFLD XQLIDPLOLDU FRP XP SDYLPHQWR H iUHD Pi[LPD FRQVWUXtGD GH FHQWR H
YLQWH PHWURV TXDGUDGRV REHGHFLGRV RV GHPDLV OLPLWHV GH RFXSDomR HQTXDQWR QmR WUDQVIHULGRV DR
GRPtQLRS~EOLFR
([FHWXDQGRVHDVYLDVGHWUkQVLWRUiSLGRYLDVDUWHULDLVFROHWRUDVHFLFORYLDVWRGDVDVSLVWDVGH
URODPHQWRQDV$5*GHYHUmRVHUFRQVWUXtGDVHPPDWHULDLVTXHDVVHJXUHPVXDSHUPHDELOLGDGH
$UW
6(d2,,
'$65($6'26,67(0$'(&,5&8/$d2'(3('(675(6
23RGHU3~EOLFRJDUDQWLUiROLYUHDFHVVRHFLUFXODomRGHSHGHVWUHVSHODRUODPDUtWLPDODFXVWUH
H IOXYLDO SRU YLD WHUUHVWUH QR LQWHUHVVH JHUDO GD SHVFD PDULFXOWXUD GD QDYHJDomR GR OD]HU H GR
WXULVPR
$UW
4XDQGR DXWRUL]DGD D FRQVWUXomR GH GLTXHV GH GHIHVD FRQWUD D LQYDVmR GH iJXDV GR PDU
DWUDFDGRXURV PDULQDV H WHUPLQDLV SHVTXHLURV GHYHUi VHU UHVHUYDGR ORFDO SDUD D SDVVDJHP GH
SHGHVWUHV
eSURLELGDWRGDRFXSDomRHXVRSHUPDQHQWHGDVSUDLDVFRQWUiULRVjVXDGHVWLQDomRSULQFLSDOGH
XVRS~EOLFRFRPXP
$SOLFDVHRGLVSRVLWLYRQHVWHDUWLJRLQFOXVLYHjVSUDLDVTXHHQFUDYDGDVHPWHUUHQRVSDUWLFXODUHV
QmRVHMDPDFHVVtYHLVSRUWHUUD
1DVYLDVH[FOXVLYDGHSHGHVWUHVFDUDFWHUL]DGDVFRPRFDOoDG}HVRVVHUYLoRVGHDOLPHQWDomRHRV
XVRV FXOWXUDLV SRGHUmR RFXSDU DWp WULQWD SRU FHQWR GD ODUJXUD GR UHVSHFWLYR ORJUDGRXUR IURQWDO FRP
PHVDVHHTXLSDPHQWRVPHGLDQWHDXWRUL]DomRDWtWXORSUHFiULRSHOR0XQLFtSLRJDUDQWLGDDFLUFXODomRGH
YHtFXORVGHDWHQGLPHQWRHPHUJHQFLDO
2 XVR GH FDOoDG}HV FRQIRUPH HVWDEHOHFH SDUiJUDIR DQWHULRU GHYHUi VHU H[HUFLGR PHGLDQWH
SDJDPHQWRGHWD[DDVHUHVWDEHOHFLGDSHOR0XQLFtSLR
3DUiJUDIR QLFR 2V SDJDPHQWRV SRGHUmR VHU HIHWLYDGRV QD IRUPD GH VHUYLoRV HP HVSHFLDO HP
HYHQWRVFXOWXUDLVTXHFRQWULEXDPSDUDRYLYHQFLDPHQWRGRVHVSDoRVXUEDQRVGDFLGDGH
$UW
$FRQVWUXomRGRVSDVVHLRVRXFDOoDGDVGHYHUiREHGHFHUDRVVHJXLQWHVFULWpULRV

,ODUJXUDPtQLPDGHWUrVPHWURVQDVYLDVORFDLVTXDWURPHWURVQDVYLDV&ROHWRUDVH6XEFROHWRUDVH
FLQFRPHWURVQDVYLDV$UWHULDLV
,,GHFOLYHPtQLPRGHGRLVSRUFHQWRHPi[LPRGHTXDWURSRUFHQWRSURLELGRVRVSDVVHLRVHPGHJUDX
,,, DFHVVR GH YHtFXOR SRU UHEDL[DPHQWR GH JXLD RX FXUYD KRUL]RQWDO GH FRQFRUGkQFLD VHJXQGR RV
GHVHQKRVHPHGLGDVSDUWHVLQWHJUDQWHVGHVWD/HL&RPSOHPHQWDU
,9ODUJXUDGDiUHDSDYLPHQWDGDGRVSDVVHLRVIL[DGDSHORyUJmRFRPSHWHQWHHPPHGLGDQXQFDLQIHULRU
DGRLVPHWURVH
9GHYHUiVHUSUHYLVWRSDVVHLRFRPSDUWLOKDGRTXDQGRIRURFDVR
3DUiJUDIR QLFR 1mR VH DSOLFD DV UHJUDV GR SDVVHLR PtQLPR jV YLDV H[LVWHQWHV FRP FDL[D LJXDO RX
LQIHULRUDWUrVPHWURV
2VSURSULHWiULRVGHWHUUHQRVDVHUHPHGLILFDGRVRXQmRVLWXDGRVHPORJUDGRXURVTXHSRVVXDP
PHLRILRGHYHUmRH[HFXWDUSDVVHLRVDWHQGHQGRRVFULWpULRVGHILQLGRVQRDUWLJRDQWHULRU
$UW
3DUiJUDIR QLFR 1RV FDVRV GH WHUUHQRV VLWXDGRV HP YLDV TXH QmR SRVVXDP PHLRILR GHYHUi VHU
SUHYLVWR R GHYLGR UHFXR TXDQGR GD H[HFXomR GR PXUR IURQWDO RX HGLILFDomR GH PRGR D SHUPLWLU QR
IXWXURDH[HFXomRGHSDVVHLRVHSDVVHLRVFRPSDUWLOKDGRVTXDQGRIRURFDVRFRPDODUJXUDGHILQLGD
QRDUWLJRDQWHULRU
$UW $V YLDV GH WUkQVLWR UiSLGR H WRGDV DV YLDV XUEDQDV FRP SDVVHLRV LJXDLV RX VXSHULRUHV D WUrV
PHWURVGHODUJXUDVHUmRREULJDWRULDPHQWHDUERUL]DGDV
2V FDPLQKRV H VHUYLG}HV KLVWyULFRV XWLOL]DGRV HP FRPXP SHOD SRSXODomR HP JHUDO FRPR
DFHVVR j RUOD PDUtWLPD ODFXVWUH H IOXYLDO HVWmR VRE D JXDUGD H FRQVHUYDomR GR 3RGHU 3~EOLFR
0XQLFLSDOFRQVWLWXLQGREHQVS~EOLFRVGHXVRFRPXPGRSRYR
$UW
$SURWHomRGR3RGHU3~EOLFRVHHVWHQGHjVVHUYLG}HVTXHXWLOL]DGDVSDUDRDFHVVRHFLUFXODomR
WXUtVWLFDSHORVPRQWHVOLWRUkQHRVFRQVWLWXDPYLDVGHOLJDomRHQWUHSRYRDo}HVLVRODGDVRXVHGHVWLQHP
DRHVFRDPHQWRGDSURGXomRDJUtFRODIORUHVWDOHSHVTXHLUDHjSDVVDJHPGHJDGRHDQLPDLVGHFDUJD
2V DQWLJRV FDPLQKRV H VHUYLG}HV VHUmR UHFRQKHFLGRV SHOR 0XQLFtSLR VRPHQWH DSyV GHFRUULGRV
YLQWHDQRVGHXVRS~EOLFRFRQVDJUDGRQmRJHUDQGRGLUHLWRjLQGHQL]DomRQHPFRQVWLWXLQGRDFHLWDomR
GHREUDRXSDUFHODPHQWRGRVROR
2VDFHVVRVSDUDSHGHVWUHVjRUODPDUtWLPDIOXYLDOHODFXVWUHGHYHUmRHVWDUORFDOL]DGRVQXPD
GLVWkQFLDQmRVXSHULRUDFHQWRHYLQWHHFLQFRPHWURVXPGRRXWURWHQGRODUJXUDPtQLPDGHWUrVPHWURV
$UW
$UW 1RVOXJDUHVHPTXHDRUODPDUtWLPDIOXYLDOHODFXVWUHQmRSRVVXLUDVFDUDFWHUtVWLFDVGHSUDLD
VHUi GHVWLQDGD XPD IDL[D GH TXLQ]H PHWURV GH ODUJXUD DWUDYpV GRV WHUUHQRV GH PDULQKD SDUD D
SDVVDJHPHFLUFXODomRH[FOXVLYDGHSHGHVWUHV
3DUiJUDIRQLFR1DVPDUJHQVGRVULRVHODJRDVIRUDGRDOFDQFHGDVPDUpVRFDPLQKRSDUDSDVVDJHP
HFLUFXODomRGHSHGHVWUHVDTXHVHUHIHUHHVWHDUWLJRpLQVWLWXtGRVREUHDIDL[DGHWHUUHQRVUHVHUYDGRV
FRQIRUPH DUW GR 'HFUHWR )HGHUDO Q GH VHP SUHMXt]R GRV GHPDLV XVRV S~EOLFRV
QHFHVViULRV
1DV YLDV RX QRV WUHFKRV PDSHDGRV FRPR SDQRUkPLFRV HOHPHQWRV GH YHGDomR LQFOXLQGR DV
FHUFDV YLYDV GH YHJHWDomR QmR SRGHUmR XOWUDSDVVDU XP PHWUR HP UHODomR DR QtYHO GR ORJUDGRXUR H
GHYHUmRFDUDFWHUL]DUVHSRUWUDQVSDUrQFLDGHIRUPDRXPDWHULDOGHPRGRDQmRLPSHGLUDSHUFHSomR
$UW

YLVXDOGDSDLVDJHP
$UW $DFHVVLELOLGDGHXQLYHUVDOSUHYLVWDHP/HLVHUiH[LJLGDHPWRGRVRVSURMHWRVYLiULRVS~EOLFRV
RX SULYDGRV HP WRGRV RV VHWRUHV GR PXQLFtSLR UHVJXDUGDGDV DSHQDV DV FRQGLo}HV HVSHFLDLV GRV
HGLItFLRV GH YDORU FXOWXUDO $ FRQVWUXomR GH IDL[DV GH SHGHVWUHV HP QtYHO GH SLVRV HVSHFLDLV SDUD
SRUWDGRUHV GH GLILFXOGDGHV YLVXDLV H GH VHPiIRURV DFLRQDGRV SRU SHGHVWUHV GHYHUmR HVWDU SUHVHQWHV
HPWRGRVRVFDVRVHPTXHFRXEHUHP
6(d2,,,
'$65($6'26,67(0$+,'529,5,2
$VHVWUXWXUDVGHDSRLRDHPEDUFDo}HVWDLVFRPRRVPROKHVDWUDFDGRXURVWUDSLFKHVPDULQDV
HGHPDLVHTXLSDPHQWRVGRVSRUWRVGHOD]HUGRVSRUWRVGHSHVFDDUWHVDQDOHGRVWHUPLQDLVSHVTXHLURV
GHYHUmR WHU VHXV SURMHWRV HODERUDGRV HP FRQVRQkQFLD FRP R yUJmR PXQLFLSDO GH SODQHMDPHQWR GH
PRGRDJDUDQWLURVSUHVVXSRVWRVDPELHQWDLVHDVHKDUPRQL]DUFRPDSDLVDJHPGDRUODVHPFRQWUDULDU
RH[HUFtFLRGRVGHPDLVXVRVSHUPLWLGRV
$UW
$FRQVWUXomRUHIRUPDRXDPSOLDomRGHHVWUXWXUDVGHDSRLRDHPEDUFDo}HVVHUiVHPSUHDQDOLVDGD
FRPRXPSURMHWRHVSHFLDOFRPSRVWRGHREUDVPDUtWLPDVHLQVWDODo}HVWHUUHVWUHVGHSHQGHQGRVHPSUH
TXHIRURFDVRGHDSURYDomRHOLFHQFLDPHQWRSHOR,38)HGHPDLVyUJmRVFRPSHWHQWHV
$VHVWUXWXUDVGHDSRLRDHPEDUFDo}HVTXDQGRGHVWLQDGDVDHVSRUWHOD]HURXWXULVPRDLQGDTXH
SULYDGDVGHYHUmRPDQWHUSHORPHQRVYLQWHSRUFHQWRGHYDJDVQiXWLFDVURWDWLYDVSDUDXVRS~EOLFRH
XPDYDJDGHFDUURSDUDFDGDYDJDGHEDUFR
$V HVWUXWXUDV GH TXH WUDWD HVWH DUWLJR SRGHUmR RFXSDU DV IDL[DV GH SUDLD H GH PDULQKD
QHFHVViULDVjLQVWDODomRGRVPHVPRVUHVSHLWDQGRROLFHQFLDPHQWRSHORVyUJmRVFRPSHWHQWHV
1DV HVWUXWXUDV GH TXH WUDWD HVWH DUWLJR SRGHUmR VHU DGPLWLGDV PHGLDQWH SURMHWR GHILQLGR HP
RSHUDomR XUEDQD FRQVRUFLDGD LQVWDODo}HV GH DSRLR HP WHUUD SRGHQGR LQFOXLU FRQIRUPH R SRUWH GD
HVWUXWXUD HGLILFDo}HV SDUD DEULJR KRVSHGDJHP OD]HU H YHQGD GH PDWHULDO QiXWLFRSHVTXHLUR H SDUD
DEDVWHFLPHQWRVHJXUDQoDFRPXQLFDomRHPDQXWHQomRGDVHPEDUFDo}HV
$V HVWUXWXUDV GH TXH WUDWD HVWH DUWLJR GHYHUmR SRVVXLU VLVWHPDV GH iJXD SRWiYHO GH FROHWD H
WUDWDPHQWR GH HVJRWRV H UHVtGXRV VyOLGRV GH HVJRWDPHQWR GH WDQTXHV VpSWLFRV GH HPEDUFDo}HV H
VDQLWiULRVSDUDXVRGDVWULSXODo}HVHXVXiULRVGDHVWUXWXUDDSURYDGRVSHORVyUJmRVFRPSHWHQWHV
7RGD HVWUXWXUD GH DSRLR D HPEDUFDo}HV GHYHUi SRVVXLU VLQDOL]DomR HP WHUUD H VREUH DV iJXDV
QHFHVViULDjRULHQWDomRHVHJXUDQoDGRWUiIHJRGHYHtFXORVHHPEDUFDo}HVGHDFRUGRFRPDVQRUPDV
GD&DSLWDQLDGRV3RUWRV
$UW $V SHTXHQDV HVWUXWXUDV GH DSRLR D HPEDUFDo}HV DVVLP FRQVLGHUDGDV DTXHODV FRP ODUJXUD
Pi[LPD GH WUrV PHWURV H FRPSULPHQWR Pi[LPR GH YLQWH PHWURV FXMD FRQVWUXomR QmR QHFHVVLWH GH
DWHUURVGUDJDJHQVHVWUXWXUDVGHSURWHomRFRQWUDRQGDVHPDUpVQHPLQVWDODo}HVGHDSRLRHPWHUUD
VHUmRDQDOLVDGDVGHIRUPDVXPiULDVHQGRGLVSHQVDGRVGDVH[LJrQFLDVGRVHGRDUW
6(d2,9
'26(67$&,21$0(1726
$UW 2 Q~PHUR GH YDJDV GH HVWDFLRQDPHQWR SDUD YHtFXORV PRWRUL]DGRV H QmR PRWRUL]DGRV VXDV
GLPHQV}HV HVTXHPDV GH DFHVVR H FLUFXODomR REHGHFHUmR DV WDEHODV SDUWHV LQWHJUDQWHV GHVWD /HL

&RPSOHPHQWDU
1D KLSyWHVH GH DPSOLDomR GH HGLILFDo}HV GH TXDOTXHU WLSR GH XVR RX DWLYLGDGH SUpGLRV H
LQVWDODo}HV FRP DXPHQWR GD GHQVLGDGH H VXSHUItFLH FRQVWUXtGD RX PRGLILFDomR GH XVR H DWLYLGDGH R
Q~PHURGHYDJDVGHHVWDFLRQDPHQWRGHYHUiVHUDPSOLDGRSURSRUFLRQDOPHQWHjDPSOLDomRHDXPHQWR
GDGHPDQGD
6mR H[LJLGRV RV UHTXLVLWRV GH HVWDFLRQDPHQWR HP DPSOLDo}HV GH SUpGLRV TXDQGR DV PHVPDV
VXSHUHPTXLQ]HSRUFHQWRGDVXSHUItFLHFRQVWUXtGDH[LVWHQWH
)LFDHPTXDOTXHUWHPSRWHUPLQDQWHPHQWHSURLELGDDWURFDGHGHVWLQDomRGHXVRGHVWDViUHDV
&$378/2;,
'2=21($0(172'(,17(5(66(62&,$/
$V=RQDVGH,QWHUHVVH6RFLDO=(,6HUHDV(VSHFLDLVGH,QWHUHVVH6RFLDO$(,6SRGHPVHU

REMHWR GRV VHJXLQWHV LQVWUXPHQWRV XUEDQtVWLFRV HVWDEHOHFLGRV QD /HL )HGHUDO Q GH
(VWDWXWRGD&LGDGHH/HL)HGHUDOQGHORFDOL]DGRVHPiUHDVXUEDQDVHQWUHRXWURV
$UW
,DFRQFHVVmRGH8VR(VSHFLDOSDUD0RUDGLD
,,DGHPDUFDomR8UEDQtVWLFD
,,,DOHJLWLPDomRGD3RVVH
,9DUHJXODUL]DomR)XQGLiULD
9RXVXFDSLmR(VSHFLDO
9,D2SHUDomR8UEDQD&RQVRUFLDGD
9,,RSDUFHODPHQWRHGLILFDomRHXWLOL]DomRFRPSXOVyULD
9,,,R,378SURJUHVVLYRQRWHPSRH
,;DGHVDSURSULDomRFRPSDJDPHQWRHPWtWXORVGDGtYLGDS~EOLFD
6(d2,
'$6=21$6(63(&,$,6'(,17(5(66(62&,$/
$V=RQDV(VSHFLDLVGH,QWHUHVVH6RFLDO=(,6VmRDVSDUFHODVXUEDQDVGHOLPLWDGDVQRPDSD

GH]RQHDPHQWRDQH[RGHVWLQDGDVSDUDPRUDGLDGDSRSXODomRGHLQWHUHVVHVRFLDOHVXMHLWDVjVUHJUDV
HVSHFtILFDVGHSDUFHODPHQWRXVRHRFXSDomRGRVRORQDVTXDLVSUHGRPLQHPDVVHJXLQWHVFRQGLo}HV
$UW
,IDPtOLDVFRPUHQGDLJXDORXLQIHULRUDWUrVVDOiULRVPtQLPRV
,,XVRUHVLGHQFLDO
,,,H[LVWrQFLDGHKDELWDo}HVU~VWLFDVHRXLPSURYLVDGDVFRPEDL[DTXDOLGDGHGRVPDWHULDLV
,9H[LVWrQFLDGHPRUDGLDVFRPDGHQVDPHQWRKDELWDFLRQDOH[FHVVLYRHSHODFRDELWDomRQmRYROXQWiULD

9RFXSDo}HVLUUHJXODUHVFDUDFWHUL]DGDVSRUORWHDPHQWRVFODQGHVWLQRVHiUHDVGHLQYDV}HVH
9,LQH[LVWrQFLDRXSUHFDULHGDGHGHLQIUDHVWUXWXUDXUEDQDHFRPXQLWiULD
1DVRFXSDo}HVHPiUHDGHULVFRJHROyJLFRHHPiUHDLQVDOXEUHDUHJXODUL]DomRVySRGHUiRFRUUHU
TXDQGRKRXYHUSRVVLELOLGDGHGDH[HFXomRGHPHGLGDVFRUUHWLYDV
$ iUHD GR ORWH XQLIDPLOLDU RX IUDomR LGHDO GH XVR UHVLGHQFLDO RX PLVWR VHUi QR Pi[LPR GH
GX]HQWRV H FLQTXHQWD PHWURV TXDGUDGRV VHQGR YHGDGR R UHPHPEUDPHQWR RX MXQomR GH ORWHV TXH
UHVXOWHHPiUHDSULYDWLYDVXSHULRUH[FHWXDQGRVHRFDVRGHSURGXomRKDELWDFLRQDOGHLQWHUHVVHVRFLDO
DSURYDGDSHORyUJmRUHVSRQViYHOSHODSROtWLFDKDELWDFLRQDOGR0XQLFtSLR
$V HGLILFDo}HV RX ORWHV LQVHULGRV QD =(,6 TXH QmR DWHQGDP DV FRQGLo}HV H UHTXLVLWRV
HVWDEHOHFLGRV QRV LQFLVRV GHVWH DUWLJR QmR SRGHUmR VH EHQHILFLDU GDV QRUPDV HVSHFLDLV SUHYLVWDV
GHYHQGRREVHUYDUR]RQHDPHQWRLPHGLDWDPHQWHSUy[LPRHDVOLPLWDo}HVDGPLQLVWUDWLYDVHXUEDQtVWLFDV
YLJHQWHV
$V iUHDV FRQWtJXDV QHFHVViULDV DR UHPDQHMDPHQWR GH KDELWDo}HV RX LPSODQWDomR GH
HTXLSDPHQWRVXUEDQRVHFRPXQLWiULRVSRGHUmRVHULQFRUSRUDGDVj=(,6DFULWpULRGRyUJmRUHVSRQViYHO
SHOD SROtWLFD KDELWDFLRQDO GH LQWHUHVVH VRFLDO GR 0XQLFtSLR UHVSHLWDGRV RV SULQFtSLRV JHUDLV
HVWDEHOHFLGRVQHVWD/HL&RPSOHPHQWDU
$UW
$V=(,6VHUmRFODVVLILFDGDVGDVHJXLQWHIRUPD
,=(,6RVDVVHQWDPHQWRVFRQVROLGiYHLVRFXSDGRVHVSRQWDQHDPHQWHSRUSRSXODomRGHEDL[DUHQGD
HP iUHDV S~EOLFDV RX SULYDGDV RQGH QmR Ki UHVWULomR OHJDO RX WpFQLFD j RFXSDomR GHVWLQDGDV
SULRULWDULDPHQWHDDo}HVGHUHJXODUL]DomRIXQGLiULD
,, =(,6 RV DVVHQWDPHQWRV FRQVROLGiYHLV RFXSDGRV HVSRQWDQHDPHQWH SRU SRSXODomR GH EDL[D
UHQGD HP iUHDV S~EOLFDV RX SULYDGDV RQGH Ki UHVWULomR OHJDO RX WpFQLFD j RFXSDomR SRGHQGR VHU
GHVWLQDGDVDDo}HVGHUHJXODUL]DomRIXQGLiULDH
,,,=(,6RVHPSUHHQGLPHQWRVKDELWDFLRQDLVGHLQWHUHVVHVRFLDOFRQVWUXtGRVGHIRUPDUHJXODU
3DUiJUDIR QLFR $V RFXSDo}HV ORFDOL]DGDV QD =(,6 HVWDUmR VXMHLWDV D UHPDQHMDPHQWR RX
UHDVVHQWDPHQWR GHSHQGHQGR GR FDVR H D FULWpULR GR yUJmR UHVSRQViYHO SHOD SROtWLFD KDELWDFLRQDO GH
LQWHUHVVHVRFLDOGR0XQLFtSLR
$UW $OpP GDV =(,6 GHOLPLWDGDV QR PDSD GH ]RQHDPHQWR SDUWHV LQWHJUDQWHV GHVWD /HL
&RPSOHPHQWDU RXWUDV iUHDV SRGHUmR VHU LQVWLWXtGDV FRPR =(,6 SRU OHL HVSHFtILFD REVHUYDGDV DV
VHJXLQWHVFRQGLo}HV
,HQTXDGUDPHQWRFRQIRUPHRFRQFHLWRGH=(,6GDSUHVHQWH/HL&RPSOHPHQWDU
,,DGHTXDGDLGHQWLILFDomRGDGHOLPLWDomRWHUULWRULDOGDiUHDDUHFHEHUR]RQHDPHQWRHVSHFtILFR
,,,VHUHPFRQVROLGiYHLVH
,9 DSUHVHQWDomR GH SDUHFHU WpFQLFR IDYRUiYHO HODERUDGR SRU WpFQLFRV GR yUJmR UHVSRQViYHO SHOD
SROtWLFDKDELWDFLRQDOGHLQWHUHVVHVRFLDOGR0XQLFtSLRRQGHFRQVWHPDVSRVVLELOLGDGHVGHXUEDQL]DomR
GR Q~FOHR H RV DVSHFWRV ItVLFRDPELHQWDLV XUEDQtVWLFRIXQGLiULRV VyFLRHFRQ{PLFRV H VyFLRFXOWXUDLV
TXDQGRFRXEHUHP
2SDUHFHUWpFQLFRGHYHUiVHUDSUHVHQWDGRQRSUD]RGHVHVVHQWDGLDVSURUURJiYHOSRUPDLVWULQWD

GLDVFRQWDQGRGRUHFHELPHQWRGDVROLFLWDomR
2VSURMHWRVGHOHLGHLQLFLDWLYDGR3RGHU([HFXWLYRWDPEpPGHYHUmRVHUDFRPSDQKDGRVGHSDUHFHU
WpFQLFRFRQVWLWXLQGRLQVWUXPHQWRLQGLVSHQViYHOSDUDGHOLEHUDomRGD&kPDUDGH9HUHDGRUHV
1DV=(,6SRGHUmRVHUDSOLFDGRVRVVHJXLQWHVSDUkPHWURVPtQLPRVSDUDILQVGHUHJXODUL]DomR
IXQGLiULDHFRPRVROXomRKDELWDFLRQDOXQLIDPLOLDULVRODGDHPFDVRVGHUHPDQHMDPHQWRV
$UW
,DIDVWDPHQWRIURQWDOPtQLPRGRLVPHWURVDWHQGHQGRDTXDWURPHWURVGRHL[RGDYLD
,,DIDVWDPHQWRGHIXQGRPtQLPRXPPHWURHFLQTXHQWDFHQWtPHWURV
,,,DIDVWDPHQWRODWHUDOPtQLPRXPPHWURHFLQTXHQWDFHQWtPHWURVTXDQGRKRXYHUDEHUWXUD
,9WHVWDGDPtQLPDTXDWURPHWURV
9iUHDORWHPtQLPRTXDUHQWDPHWURVTXDGUDGRVH
9,DOWXUDPi[LPDGHQRYHPHWURVRXWUrVSDYLPHQWRV
3DUDORWHVHQWUHTXDUHQWDPHWURVTXDGUDGRVHQRYHQWDPHWURVTXDGUDGRVDSOLFDPVHDVVHJXLQWHV
UHVWULo}HV
,WD[DGHRFXSDomRVHVVHQWDSRUFHQWRH
,,FRHILFLHQWHGHDSURYHLWDPHQWRXPYtUJXODWUrV
3DUD ORWHV HQWUH QRYHQWD H XP PHWURV TXDGUDGRV H GX]HQWRV H FLQTXHQWD PHWURV TXDGUDGRV
DSOLFDPVHDVVHJXLQWHVUHVWULo}HV
,WD[DGHRFXSDomRFLQTXHQWDSRUFHQWRH
,,FRHILFLHQWHGHDSURYHLWDPHQWRXP
2VFDVRVTXHQmRVHHQTXDGUDUHPQRVSDUkPHWURVDFLPDGHYHUmRVHUDYDOLDGRVTXDQWRjVVXDV
FRQGLo}HV GH KDELWDELOLGDGH SRU FRPLWr WpFQLFR GR yUJmR UHVSRQViYHO SHOD SROtWLFD KDELWDFLRQDO GR
0XQLFtSLRTXDQWRDYLDELOLGDGHGHVXDUHJXODUL]DomR
6(d2,,
'$65($6(63(&,$,6'(,17(5(66(62&,$/
$UW $V UHDV (VSHFLDLV GH ,QWHUHVVH 6RFLDO $(,6 VmR iUHDV QmR HGLILFDGDV HRX VXEXWLOL]DGDV
VREUHSRVWDV jV ]RQDV XUEDQDV QRV WHUPRV GR PDSD SDUWH LQWHJUDQWH GHVWD /HL &RPSOHPHQWDU
GHILQLGDVQR3ODQR0XQLFLSDOGH+DELWDomRGHLQWHUHVVHVRFLDOFRPDILQDOLGDGHGHIOH[LELOL]DURUHJLPH
XUEDQtVWLFRYLDELOL]DUHLQFHQWLYDUHPSUHHQGLPHQWRVGHKDELWDomRGHLQWHUHVVHVRFLDO
1RYDV$(,6SRGHUmRVHULQVWLWXtGDVSRUOHLHVSHFtILFDGHDFRUGRFRPDVQHFHVVLGDGHVGHILQLGDVQR
3ODQR0XQLFLSDOGH+DELWDomRGH,QWHUHVVH6RFLDORXGHPDQGDVXSHUYHQLHQWH
$V$(,6GHYHUmRHVWDUORFDOL]DGDVSUy[LPDVjVUHGHVGHLQIUDHVWUXWXUD]RQDVGHFHQWUDOLGDGHFRP
XVRPLVWRGHFRPpUFLRVHUYLoRUHVLGrQFLDHPHLRVGHWUDQVSRUWHFROHWLYR
$UW
2V LQFHQWLYRV XUEDQtVWLFRV SDUD D $(,6 DSOLFiYHLV VRPHQWH SDUD KDELWDomR PXOWLIDPLOLDU

VXEGLYLGHPVHGHDFRUGRFRPDVFDWHJRULDVGHUHQGDIDPLOLDUGDVHJXLQWHIRUPD
,+%5DFUpVFLPRGHQRPi[LPRFLQTXHQWDSRUFHQWRGRFRHILFLHQWHGHDSURYHLWDPHQWRGDiUHDHDWp
WULQWDSRUFHQWRGHDFUpVFLPRQDDOWXUDPi[LPDGDiUHD
,,+03DFUpVFLPRGHQRPi[LPRWULQWDSRUFHQWRGRFRHILFLHQWHGHDSURYHLWDPHQWRGDiUHDHDWpYLQWH
SRUFHQWRGHDFUpVFLPRQDDOWXUDPi[LPDGDiUHDH
,,,+0DFUpVFLPRGHQRPi[LPRTXLQ]HSRUFHQWRGRFRHILFLHQWHGHDSURYHLWDPHQWRGDiUHDHDWpGH]
SRUFHQWRGHDFUpVFLPRQDDOWXUDPi[LPDGDiUHD
1mR SRGHUi VHU WUDQVIHULGR R GLUHLWR GH FRQVWUXLU JHUDGR D SDUWLU GRV LQFHQWLYRV GH FRQVWUXomR
UHIHULGRVQRVFDVRVGRVLQFLVRV,,,H,,,
2VLQFHQWLYRVFRQFHGLGRVD$(,6SRGHUmRVHUDSOLFDGRVDSURMHWRVHVSHFtILFRVGHQWURGDV=(,6D
FULWpULRGRyUJmRUHVSRQViYHOSHODSROtWLFDKDELWDFLRQDOGR0XQLFtSLR
$ DSURYDomR GH SURMHWRV GH KDELWDomR GH LQWHUHVVH VRFLDO QR FDVR GR LQFLVR , VHUi IHLWD HP
FRQMXQWR HQWUH D 6HFUHWDULD 0XQLFLSDO GH 0HLR $PELHQWH H 'HVHQYROYLPHQWR 8UEDQR H R yUJmR
UHVSRQViYHOSHODSROtWLFDKDELWDFLRQDOGHLQWHUHVVHVRFLDOGR0XQLFtSLR
$DSURYDomRHHQTXDGUDPHQWRGHSURMHWRVGHKDELWDomRGHLQWHUHVVHVRFLDOGHSHQGHGDDQiOLVHH
FRQFRUGkQFLDSUpYLDGRyUJmRUHVSRQViYHOSHODSROtWLFDGHKDELWDomRGHLQWHUHVVHVRFLDOGR0XQLFtSLR
DWUDYpVGDHPLVVmRGH&HULILFDGRGH,QWHUHVVH6RFLDOGRHPSUHHQGLPHQWR
$UW 2V SURMHWRV GH KDELWDomR GH LQWHUHVVH VRFLDO HIHWLYDGRV HP $(,6 VHUmR FRQVLGHUDGRV FRPR
=(,6DSyVDHPLVVmRGRKDELWHVHSDUDWRGRVRVHIHLWRV
6(d2,,,
6,67(0$9,5,2'(=(,6($(,6
$UW 2 VLVWHPD GH FLUFXODomR YLiULR ORFDO QDV $(,6 H =(,6 GHYHUi REHGHFHU j VHJXLQWH
FDWHJRUL]DomRHPIXQomRGDVVXDVFDUDFWHUtVWLFDVItVLFDV
,9LDV/RFDLV(VSHFLDLV$YLDVGHWUkQVLWRORFDOFRPODUJXUDPtQLPDGHGR]HPHWURV
,,9LDV/RFDLV(VSHFLDLV%YLDVGHWUkQVLWRORFDOFRPODUJXUDPtQLPDGHQRYHPHWURV
,,,9LDV/RFDLV(VSHFLDLV&YLDVGHWUkQVLWRORFDOFRPODUJXUDPtQLPDGHVHLVPHWURV
,9 9LDV /RFDLV (VSHFLDLV ' YLDV PLVWDV FRP DFHVVR UHVWULWR GH YHtFXORV DRV ORWHV FRQIURQWDQWHV H
YHtFXORVGHVHUYLoRVFRPODUJXUDPtQLPDGHTXDWURPHWURVH
99LDV/RFDLV(VSHFLDLV(YLDVSULRULWDULDPHQWHGHSHGHVWUHVFRPODUJXUDGHXPPHWURHFLQTXHQWD
FHQWtPHWURVDWpTXDWURPHWURVSRGHQGRVHFRQVWLWXLUHPHVFDGDULD
6HUmRH[LJLGRVSDVVHLRVHPDPERVRVODGRVGDVYLDVORFDLVHVSHFLDLVFRPDVVHJXLQWHVPHGLGDV
,9LDV/RFDLV(VSHFLDLV$ODUJXUDPtQLPDGHGRLVPHWURVH
,,9LDV/RFDLV(VSHFLDLV%H&FRPODUJXUDGHXPPHWUR
$V YLDV GH FDWHJRULD ' GHYHUmR VHU LPSODQWDGDV FRPR FDOoDGmR VHP SLVWD GHYHQGR DV JXLDV

VHUHPUHEDL[DGDVQDVLQWHUVHo}HVFRPRXWUDVYLDVGHIRUPDDSHUPLWLUDFLUFXODomRGHYHtFXORVOHYHVH
GHSDVVDJHLURVDSHQDVSDUDDFHVVRGRVORWHVYROWDGRVSDUDDPHVPDHDHYHQWXDOHQWUDGDGHYHtFXOR
GHVHUYLoR
$VYLDVGHFDWHJRULD(VHUmRSHUPLWLGDVVRPHQWHQDV=(,6H
$VYLDVGHFDWHJRULD'VHUmRSHUPLWLGDVVRPHQWHQDWLSRORJLDYLODHQDV=(,6H
$VYLDVGHFDWHJRULD&HP$(,6H=(,6GHYHUmRIXQFLRQDUHPIRUPDGHELQiULRFRPRXWUDYLDGR
PHVPRSRUWH
2VEROV}HVGHHVWDFLRQDPHQWRGHYHUmRVHUFRQVLGHUDGRVFRPRiUHDGRVLVWHPDYLiULR
e REULJDWyULD iUHD GH UHWRUQR GH YHtFXORV QD H[WUHPLGDGH GDV YLDV QmR FRQHFWDGDV GH
FDWHJRULDV$%H&MXQWRjVGLYLVDVHORWHVFRPFLUFXQIHUrQFLDSURSRUFLRQDODODUJXUDGDYLDFRQIRUPH
VXDFDWHJRULD
$UW
1DYLDGHFDWHJRULD$DiUHDGHUHWRUQRWHUiJHRPHWULDTXHSRVVLELOLWHRUHWRUQRGHYHtFXORVFRP
GR]HPHWURVGHFRPSULPHQWRDGPLWLQGRVHPDQREUD
1DYLDGHFDWHJRULD%H&DiUHDGHUHWRUQRWHUiJHRPHWULDTXHSRVVLELOLWHRUHWRUQRGHYHtFXORV
FRPQRYHPHWURVGHFRPSULPHQWRDGPLWLQGRVHPDQREUD
$UW
1DV$(,6DVYLDVGHFDWHJRULDV&GHYHPLQLFLDURXWHUPLQDUHPYLDVGHFDWHJRULDV$RX%
$UW 1mR VHUi SHUPLWLGR R XVR UHVLGHQFLDO PXOWLIDPLOLDU YHUWLFDO RX KRUL]RQWDO GR WLSR YLOD H R
FRPELQDGRYROWDGRSDUDDVYLDVGHFDWHJRULDV&H'
$ GHFOLYLGDGH ORQJLWXGLQDO Pi[LPD SDUD DV YLDV GH FDWHJRULDV $ % & H ' H[FHWR HP FXUYDV
YHUWLFDLVVHUiDVHJXLQWH
$UW
,HP$(,6=(,6H=(,6GHDWpYLQWHSRUFHQWR
,,HP=(,6GHDWpYLQWHHFLQFRSRUFHQWR
3DUiJUDIRQLFR3RGHUmRVHUDGPLWLGDVGHFOLYLGDGHVGHDWpWULQWDHWUrVSRUFHQWRHPWUHFKRVLVRODGRV
GHVGHTXHVXDH[WHQVmRQmRXOWUDSDVVHFLQTXHQWDPHWURVHVHMDSDYLPHQWDGD
6(d2,9
'263$50(752685%$167,&26&20),16'(,17(5(66(62&,$/
$UW 2VORWHDPHQWRVGHKDELWDomRGHLQWHUHVVHVRFLDOGHYHPVHULPSODQWDGRVHPUHDV(VSHFLDLV
GH ,QWHUHVVH 6RFLDO $(,6 RX HP =(,6 YLVDQGR D SURGXomR GH ORWHV DFHVVtYHLV j SRSXODomR EHP
FRPRDTXDOLGDGHGHKDELWDELOLGDGHGDVPHVPDV
$UW
2UHJLPHXUEDQtVWLFRSDUDKDELWDomRGHLQWHUHVVHVRFLDOREHGHFHDRVVHJXLQWHVSDUkPHWURV
,GHQVLGDGHOtTXLGDPi[LPDGHRLWRFHQWRVKDELWDQWHVSRUKHFWDUH
,,WD[DGHRFXSDomRPi[LPDGRWHUUHQRVHVVHQWDSRUFHQWR
,,,DOWXUDPi[LPDYDULiYHOGHDFRUGRFRPR]RQHDPHQWRSULPiULRHLQFHQWLYRDSOLFDGR

,9FRHILFLHQWHGHDSURYHLWDPHQWRYDULiYHOGHDFRUGRFRPR]RQHDPHQWRSULPiULRHLQFHQWLYRDSOLFDGR
H
9DIDVWDPHQWRVREHGHFHQGRDR]RQHDPHQWRSULPiULR
1RV ORWHDPHQWRV GH KDELWDomR GH LQWHUHVVH VRFLDO SRGHUmR VHU FRQVWLWXtGRV WUrV SDGU}HV GH
SDUFHODPHQWRV SDUD KDELWDomR XQLIDPLOLDU SRGHQGR VHU DSOLFDGR QXPD PHVPD iUHD RX HP iUHDV
GLIHUHQWHVGHPRGRDDWHQGHUDVFDWHJRULDVGHUHQGDHVSHFtILFDV
$UW
,+%5ORWHPtQLPRGHQRYHQWDPHWURVTXDGUDGRVHQRPi[LPRFHQWRHYLQWHPHWURVTXDGUDGRVFRP
WHVWDGDPtQLPDGHFLQFRPHWURV
,, +03 ORWH PtQLPR GH FHQWR H YLQWH XP PHWURV TXDGUDGRV H QR Pi[LPR FHQWR H RLWHQWD PHWURV
TXDGUDGRVFRPWHVWDGDPtQLPDGHVHLVPHWURVH
,,, +0 ORWH PtQLPR GH FHQWR H RLWHQWD H XP PHWURV TXDGUDGRV H QR Pi[LPR GX]HQWRV H FLQTXHQWD
PHWURVTXDGUDGRVFRPWHVWDGDPtQLPDGHVHWHPHWURV
3DUiJUDIRQLFR3DUD+%5VHUiREVHUYDGDIUDomRLGHDOGHQRYHQWDPHWURVTXDGUDGRVQDKLSyWHVHGH
PDLVGHXPDXQLGDGHKDELWDFLRQDOSRUORWH
2 ORWH PtQLPR SDUD KDELWDomR VRFLDO PXOWLIDPLOLDU VHUi GH GX]HQWRV H FLQTXHQWD PHWURV
TXDGUDGRVFRPWHVWDGDPtQLPDGHGH]PHWURV
$UW
$ GHVWLQDomR GH iUHDV S~EOLFDV GHYHUi VHU SURSRUFLRQDO j GHQVLGDGH GD JOHED RQGH D iUHD
S~EOLFDPtQLPDVHUiGHWULQWDHFLQFRSRUFHQWRSDUDDVVHQWDPHQWRVFRPDWpKDEKDREVHUYDGDV
DVVHJXLQWHVUHJUDV
$UW
, QD PHGLGD HP TXH D GHQVLGDGH p DXPHQWDGD VHUi DFUHVFLGR XP SRU FHQWR GH iUHD S~EOLFD SDUD
FDGDKDEKDRXIUDomRGHDFUpVFLPR
,,GDViUHDVS~EOLFDVTXLQ]HSRUFHQWRVHUmRGHVWLQDGDVDHTXLSDPHQWRVFRPXQLWiULRVH
,,,RTXDUWHLUmRGHYHUiSRVVXLUIDFHPi[LPDGHFHQWRHFLQTXHQWDPHWURV
$UW 2V ORWHDPHQWRV YROWDGRV SDUD KDELWDomR GH LQWHUHVVH VRFLDO VHUmR SUHGRPLQDQWHPHQWH
UHVLGHQFLDLVVHQGRSHUPLWLGDVRXWUDVDWLYLGDGHVYLFLQDLVGHDFRUGRFRPDWDEHODGHXVRVHDWLYLGDGHV
GR3ODQR'LUHWRU
$UW $GPLWLUVHiRXVRPLVWRSDUDKDELWDomRGHLQWHUHVVHVRFLDOFRQVWLWXtGRSHORXVRUHVLGHQFLDOH
QmRUHVLGHQFLDOQmRLQF{PRGRQDPHVPDHGLILFDomRRXORWH
3DUiJUDIR QLFR 1RV ORWHV GH XVR PLVWR R XVR QmR UHVLGHQFLDO OLPLWDUVHi DRV GRLV SULPHLURV
SDYLPHQWRVQRVFDVRVGHPXOWLIDPLOLDUYHUWLFDOHDRSDYLPHQWRWpUUHRQRXQLIDPLOLDU
6(d29
'26 &21-81726 +$%,7$&,21$,6 81,)$0,/,$5(6 ( 08/7,)$0,/,$5(6 &20 ),16 '(
,17(5(66(62&,$/
$UW 2VFRQMXQWRVKDELWDFLRQDLVGHLQWHUHVVHVRFLDOVHFRQVWLWXHPGHDVVHQWDPHQWRVQDIRUPDGH
SDUFHODPHQWR RX FRQGRPtQLRV FXMD VROXomR KDELWDFLRQDO HVWi QHFHVVDULDPHQWH LQFOXtGD QR
HPSUHHQGLPHQWRSRGHQGRVHUXQLIDPLOLDURXPXOWLIDPLOLDU

1RV FRQMXQWRV KDELWDFLRQDLV XQLIDPLOLDUHV QD IRUPD GH FRQGRPtQLRV R Q~PHUR Pi[LPR GH
XQLGDGHVILFDOLPLWDGRDFLQTXHQWD
$UW
,RVFRQMXQWRVKDELWDFLRQDLVXQLIDPLOLDUHVFRPPDLVGHYLQWHXQLGDGHVGHYHUmRSUHYHUHVSDoRVGHXVR
FRPXP GR FRQGRPtQLR GHVWLQDGRV D HVSDoR GHVFREHUWR SDUD OD]HU FRP iUHD HTXLYDOHQWH D GH] SRU
FHQWR GD iUHD WRWDO GR ORWH TXH SRGHUi VHU VXEGLYLGLGD H TXH GHYHUi VHU HQWUHJXH LPSODQWDGR H
HTXLSDGR
,,R&RQMXQWR+RUL]RQWDOFRPPDLVGHYLQWHXQLGDGHVGHYHUiSUHYHUFRQGLo}HVGHDGDSWDomRSDUDXVR
GDSRSXODomRSRUWDGRUDGHGHILFLrQFLDItVLFDGHQRPtQLPRWUrVSRUFHQWRGDVXQLGDGHVKDELWDFLRQDLV
SUHIHUHQFLDOPHQWHQDTXHODVORFDOL]DGDVMXQWRDRDFHVVRGRHPSUHHQGLPHQWRHjViUHDVFRPXQV
,,,GHYHUiVHUJDUDQWLGDDDFHVVLELOLGDGHSDUDGHILFLHQWHVItVLFRVDWRGDVDViUHDVGHXVRFRPXPGR
FRQMXQWRREVHUYDGDDOHJLVODomRDSOLFiYHOjPDWpULD
3DUiJUDIR QLFR &RQVLGHUDVH YLOD R FRQMXQWR KDELWDFLRQDO XQLIDPLOLDU HP YD]LR XUEDQR HP VLVWHPD
DEHUWRDSURYHLWDQGRDLQIUDHVWUXWXUDH[LVWHQWHFRPQRPi[LPRYLQWHHFLQFRXQLGDGHV
1RV FRQMXQWRV KDELWDFLRQDLV PXOWLIDPLOLDUHV QD IRUPD GH FRQGRPtQLR R Q~PHUR Pi[LPR GH
XQLGDGHVILFDOLPLWDGRDGX]HQWDV
$UW
1RXVRUHVLGHQFLDOPXOWLIDPLOLDUHXQLIDPLOLDUSHORPHQRVTXLQ]HSRUFHQWRGRWRWDOGDiUHDGR
HPSUHHQGLPHQWRGHYHUiVHUGHVWLQDGDSDUDRXVRS~EOLFRSRGHQGRVHU
$UW
, VXEVWLWXtGD SHOD HGLILFDomR GH HTXLSDPHQWR S~EOLFR HP YDORU HTXLYDOHQWH jV H[SHQVDV RX
LQWHUHVVDGRH
,,WUDQVIHULGDSDUDRXWURLPyYHOHTXLYDOHQWHORFDOL]DGRQRHQWRUQR
3DUiJUDIRQLFR6HUmRGLVSHQVDGRVGDUHVHUYDWUDWDGDQRFDSXWRVORWHVRULXQGRVGHSDUFHODPHQWRGR
VRORDSURYDGRV
$V YDJDV GH HVWDFLRQDPHQWR SDUD FRQMXQWRV KDELWDFLRQDLV GH LQWHUHVVH VRFLDO DWHQGHUmR DRV
VHJXLQWHVSDUkPHWURV
$UW
, +%5 EROV}HV S~EOLFRV GH HVWDFLRQDPHQWR QD SURSRUomR Pi[LPD GH XP TXLQWR HP UHODomR DR
Q~PHURGHXQLGDGHVKDELWDFLRQDLV
,,+03YDJDVQmRYLQFXODGDVjXQLGDGHKDELWDFLRQDOQDSURSRUomRPi[LPDGHXPWHUoRHPUHODomR
DRQ~PHURGH8QLGDGHV+DELWDFLRQDLVH
,,,+0YDJDVSULYDWLYDVQDSURSRUomRGHXPDYDJDSRUXQLGDGHKDELWDFLRQDO
3DUiJUDIRQLFR2VEROV}HVSDUD+%5GHYHUmRHVWDUORFDOL]DGRVDQRPi[LPRGX]HQWRVHFLQTXHQWD
PHWURVGRFRQMXQWR
$V XQLGDGHV KDELWDFLRQDLV GHVWLQDGDV D KDELWDomR GH LQWHUHVVH VRFLDO GHYHUmR DWHQGHU DRV
VHJXLQWHVSDUkPHWURVFRQVWUXWLYRV
$UW
,+%5UHD~WLOGDXQLGDGHKDELWDFLRQDOPHQRURXHTXLYDOHQWHDFLQTXHQWDPHWURVTXDGUDGRVFRPQR
PtQLPRGRLVTXDUWRVHVRPHQWHXPEDQKHLUR
,,+03UHD~WLOGDXQLGDGHKDELWDFLRQDOPHQRURXHTXLYDOHQWHDVHVVHQWDPHWURVTXDGUDGRVFRPQR
PtQLPRGRLVTXDUWRVHVRPHQWHXPEDQKHLURH

,,,+0UHD~WLOGDXQLGDGHKDELWDFLRQDOPHQRURXHTXLYDOHQWHDVHWHQWDPHWURVTXDGUDGRV
3DUiJUDIR QLFR 2V SDUkPHWURV XUEDQtVWLFRV GR SUHVHQWH DUWLJR VH DSOLFDP SDUD D SURGXomR GH
KDELWDomRGHLQWHUHVVHVRFLDOHP$(,6FRPFHUWLILFDGRGHLQWHUHVVHVRFLDO
6HUiSHUPLWLGDDFRQVWUXomRGHKDELWDo}HVVHPDIDVWDPHQWRVODWHUDLVTXDQGRXWLOL]DGDDIRUPD
GHMXVWDSRVLomRRXHPILWDTXDQGRVHWUDWDUGHKDELWDomRXQLIDPLOLDUFRPQRPi[LPRWUrVSDYLPHQWRV
RX PXOWLIDPLOLDU FRP QR Pi[LPR GH TXDWUR SDYLPHQWRV QmR FRQILJXUDQGR IDFKDGD VXSHULRU D WULQWD
PHWURV
$UW
$UW 3RGHUi KDYHU R SDUFHODPHQWR GR VROR LQWHJUDGR D HGLILFDomR KLSyWHVH HP TXH DV OLFHQoDV
XUEDQtVWLFDVH[SHGLGDVVHUmRYLQFXODGDV
1RV FRQMXQWRV KDELWDFLRQDLV GH LQWHUHVVH VRFLDO SRGHUmR VHU FRQVWLWXtGRV WUrV SDGU}HV SDUD
KDELWDomR XQLIDPLOLDU SRGHQGR VHU DSOLFDGR QXPD PHVPD iUHD RX HP iUHDV GLIHUHQWHV GH PRGR D
DWHQGHUDVFDWHJRULDVGHUHQGDHVSHFtILFDV
$UW
,+%5ORWHPtQLPRVHUiGHFLQTXHQWDPHWURVTXDGUDGRVHQRPi[LPRVHWHQWDPHWURVTXDGUDGRVFRP
WHVWDGDPtQLPDGHTXDWURPHWURV
,,+03ORWHPtQLPRVHUiGHVHWHQWDPHWURVTXDGUDGRVHQRPi[LPRQRYHQWDPHWURVTXDGUDGRVFRP
WHVWDGDPtQLPDGHFLQFRPHWURVH
,,,+0ORWHPtQLPRVHUiGHQRYHQWDPHWURVTXDGUDGRVHQRPi[LPRFHQWRHYLQWHPHWURVTXDGUDGRV
FRPWHVWDGDPtQLPDGHVHLVPHWURV
1RSDUFHODPHQWRQRPtQLPRFLQTXHQWDSRUFHQWRGRVORWHVGHVWLQDGRVDLPSODQWDomRGRXVR
UHVLGHQFLDORXPLVWRGRVWLSRVXQLIDPLOLDURXPXOWLIDPLOLDUGHSHTXHQRSRUWHGHYHUmRWHUDFHVVRSRUYLD
GHFLUFXODomRGHYHtFXORV
$UW
6(d29,
'$85%$1,=$d262&,$/
$UW $ XUEDQL]DomR VRFLDO p XP FRQMXQWR GH PHGLGDV H LQFHQWLYRV SDUD D SURGXomR GH KDELWDo}HV
FRP SUHoRV DFHVVtYHLV UHDOL]DGDV HP ORWHDPHQWR FRQGRPtQLR RX YLOD YROWDGDV SDUD D SRSXODomR GH
UHQGDQDIDL[DGH]HURDGH]VDOiULRVPtQLPRV
$UW
3DUDDYLDELOL]DomRGRVHPSUHHQGLPHQWRVGHXUEDQL]DomRVRFLDOR0XQLFtSLRVHFRPSURPHWHUi
D
,DX[LOLDUQDLGHQWLILFDomRGHiUHDVDSWDVHJOHEDVGLVSRQtYHLV
,,DJLOL]DUDWUDPLWDomRGRSURFHVVRGHOLFHQFLDPHQWR
,,,SRVVLELOLWDUDXWLOL]DomRGRVSDGU}HVXUEDQtVWLFRVHVSHFLDLV
,9SHUPLWLUTXHDXUEDQL]DomRVHGrGHIRUPDSURJUHVVLYDRXSDUFLDO
9SURPRYHUHDX[LOLDUHPIRUPDVGHILQDQFLDPHQWR
9,DFRPSDQKDUHRULHQWDURGHVHQYROYLPHQWRGRSURMHWR
9,,DQDOLVDURULHQWDUHFRQWURODUDSODQLOKDGHFXVWRVGDXUEDQL]DomRHRSHUILOVyFLRHFRQ{PLFRGRV

IXWXURVDGTXLUHQWHVH
9,,,JDUDQWLUXUEDQL]DomRVRFLDOHPWRGDV$8(VH28&V
$UW 8UEDQL]DGRU6RFLDOpRHPSUHHQGHGRULPRELOLiULRSHVVRDItVLFDRXMXUtGLFDGHGLUHLWRS~EOLFRRX
SULYDGR LQWHUHVVDGR HP UHDOL]DU HPSUHHQGLPHQWRV HP SDUFHULD FRP R 0XQLFtSLR HP iUHDV
FRQVLGHUDGDVFRPRDSWDVDUHFHEHUKDELWDomRGHLQWHUHVVHVRFLDO
20XQLFtSLRPDQWHUi&DGDVWUR0XQLFLSDOGH8UEDQL]DGRUHV6RFLDLV&086UHVXOWDQWHGDDQiOLVH

WpFQLFDHGHLGRQHLGDGHHFRQ{PLFDHILQDQFHLUDGRHPSUHHQGHGRU
$V FRRSHUDWLYDV KDELWDFLRQDLV DXWRJHVWLRQiULDV FDGDVWUDGDV QR 0XQLFtSLR VHUmR HTXLSDUDGDV D
XUEDQL]DGRUHVVRFLDLVSDUDWRGRVRVHIHLWRVGHVGHTXHFXPSUDPRVVHJXLQWHVUHTXLVLWRV
,UHVSRQViYHOWpFQLFRUHJLVWUDGRQR&5($RX&$8
,,FRPSURYDGDPHQWHSURGX]DPKDELWDomRGHLQWHUHVVHVRFLDOH
,,,DJOHEDREMHWRGRSURMHWRGHSDUFHODPHQWRGRVRORWHQKDVLWXDomRGRPLQLDOUHJXODU
$XUEDQL]DomRVRFLDOVHUiFRQVLGHUDGDIXQomRS~EOLFDUHOHYDQWH
2 8UEDQL]DGRU 6RFLDO SRGHUi DVVXPLU D SURGXomR H LPSODQWDomR GR SDUFHODPHQWR GR VROR
UHJXODUL]DomR GH SDUFHODPHQWR H HGLILFDomR TXH DWHQGD D GHPDQGD KDELWDFLRQDO GH LQWHUHVVH VRFLDO
VHQGRRUHVSRQViYHOSHORHPSUHHQGLPHQWRQRVPHVPRVWHUPRVGRORWHDGRUHHPSUHHQGHGRU
$UW
$V REULJDo}HV GLUHLWRV GHYHUHV SUD]RV H SHQDOLGDGHV HQWUH R 8UEDQL]DGRU 6RFLDO H R

0XQLFtSLRFRQVWDUmRGH7HUPRGH&RPSURPLVVRFRPIRUoDGHWtWXORH[HFXWLYRH[WUDMXGLFLDO
$UW
2 XUEDQL]DGRU VRFLDO ILFD REULJDGR D JDUDQWLU D LPSODQWDomR GD LQIUDHVWUXWXUD PHVPR TXH
SURJUHVVLYDPHQWHHPSUD]RGHWHUPLQDGRQR7HUPRGH&RPSURPLVVRHPWULQWDSRUFHQWRGDiUHDWRWDO
GHORWHVGRHPSUHHQGLPHQWR
$UW
3DUiJUDIR QLFR $V FRRSHUDWLYDV KDELWDFLRQDLV DXWRJHVWLRQiULDV ILFDP GLVSHQVDGDV GHVVD JDUDQWLD
PHGLDQWHFRPSURYDomRGHVXDSURSULHGDGHGDJOHEDREMHWRGDXUEDQL]DomR
$UW
3DUDDUHDOL]DomRGDSDUFHULDFRPR0XQLFtSLRR8UEDQL]DGRU6RFLDOGHYHUiVHFRPSURPHWHUD
,GHVHQYROYHUHOLFHQFLDURSURMHWRXUEDQtVWLFRFRPRDX[LOLRHRULHQWDomRGRVWpFQLFRVGR0XQLFtSLR
,,UHDOL]DUDXUEDQL]DomRQDIRUPDDFRUGDGDQR7HUPRGH&RPSURPLVVR
,,,DSUHVHQWDUSODQLOKDGRFXVWRGRHPSUHHQGLPHQWR
,9DSUHVHQWDUSODQLOKDFRPRSHUILOVRFLDOHHFRQ{PLFRGRVDGTXLUHQWHV
9 SURGX]LU ORWHV RX XQLGDGHV KDELWDFLRQDLV D SUHoR FRPSDWtYHO FRP D XUEDQL]DomR VRFLDO FRQIRUPH
DFRUGDGRQRWHUPRGHFRPSURPLVVRH
9,DWHQGHUDWRGDVDVH[LJrQFLDVFRQVWDQWHVGR7HUPRGH&RPSURPLVVR
$UW 2 0XQLFtSLR SRGHUi DX[LOLDU D UHDOL]DomR GH HVWXGRV GH LPSDFWR GH YL]LQKDQoD H UHODWyULRV
DPELHQWDLV TXDQGR QHFHVViULR HP SDUFHULD FRP R XUEDQL]DGRU VRFLDO TXDQGR FRPSURYDGD D VXD
LQFDSDFLGDGHHFRQ{PLFD

3RGHUiVHUUHDOL]DGDSDUFHULDHQWUH3RGHU3~EOLFRHDLQLFLDWLYDSULYDGDSDUDSURSRUFLRQDUXPD
FRQWUDSDUWLGD GR 3RGHU 3~EOLFR FRP UHGXomR GRV FXVWRV GRV HPSUHHQGLPHQWRV VRFLDLV DWUDYpV GD
LPSODQWDomRGDLQIUDHVWUXWXUDXUEDQD
$UW
6(d29,,
'$5(*8/$5,=$d2)81',5,$'($66(17$0(172685%$126
$UHJXODUL]DomRIXQGLiULDFRQVLVWHQRFRQMXQWRGHPHGLGDVMXUtGLFDVXUEDQtVWLFDVDPELHQWDLVH
VRFLDLV TXH YLVDP j UHJXODUL]DomR GH DVVHQWDPHQWRV LUUHJXODUHV H D WLWXODomR GH VHXV RFXSDQWHV GH
PRGR D JDUDQWLU R GLUHLWR VRFLDO j PRUDGLD R SOHQR GHVHQYROYLPHQWR GDV IXQo}HV VRFLDLV GD
SURSULHGDGHXUEDQDHRGLUHLWRDRPHLRDPELHQWHHFRORJLFDPHQWHHTXLOLEUDGRQRVWHUPRVGDOHJLVODomR
IHGHUDOHGRSUHVHQWH3ODQR'LUHWRU
$UW
3DUiJUDIRQLFR$DXWRULGDGHOLFHQFLDGRUDGHYHUiH[LJLUFRQWUDSDUWLGDVHFRPSHQVDo}HVXUEDQtVWLFDV
H DPELHQWDLV TXH GHYHUmR LQWHJUDU 7HUPR GH &RPSURPLVVR ILUPDGR SHUDQWH DV DXWRULGDGHV
UHVSRQViYHLV SHOD HPLVVmR GDV OLFHQoDV XUEDQtVWLFD H DPELHQWDO DR TXDO VH JDUDQWLUi IRUoD GH WtWXOR
H[HFXWLYRH[WUDMXGLFLDO
$UW 2 SURMHWR GH UHJXODUL]DomR IXQGLiULD p FRPSRVWR SRU SHoDV WpFQLFDV H GHYHUi GHILQLU QR
PtQLPRRVVHJXLQWHVHOHPHQWRV
, DV iUHDV RX ORWHV D VHUHP UHJXODUL]DGRV H VH KRXYHU QHFHVVLGDGH DV HGLILFDo}HV TXH VHUmR
UHORFDGDV
,, DV YLDV GH FLUFXODomR H[LVWHQWHV RX SURMHWDGDV H VH SRVVtYHO DV RXWUDV iUHDV GHVWLQDGDV D XVR
S~EOLFR
,,, DV PHGLGDV QHFHVViULDV SDUD D SURPRomR GD VXVWHQWDELOLGDGH XUEDQtVWLFD VRFLDO H DPELHQWDO GD
iUHDRFXSDGDLQFOXLQGRDVFRPSHQVDo}HVXUEDQtVWLFDVHDPELHQWDLVSUHYLVWDVHPOHL
,9DVFRQGLo}HVSDUDSURPRYHUDVHJXUDQoDGDSRSXODomRHPVLWXDo}HVGHULVFRH
9DVPHGLGDVSUHYLVWDVSDUDDGHTXDomRGDLQIUDHVWUXWXUDEiVLFD
2 0XQLFtSLR GHILQLUi RV UHTXLVLWRV SDUD HODERUDomR GR SURMHWR GH TXH WUDWD R FDSXW FRP
OHYDQWDPHQWRV WRSRJUiILFRV SURVSHFo}HV H GLDJQyVWLFRV GH VRORV GHVHQKRV PHPRULDO GHVFULWLYR H
FURQRJUDPDItVLFRGHREUDVHVHUYLoRVDVHUHPUHDOL]DGRV
$UHJXODUL]DomRIXQGLiULDSRGHVHUUHDOL]DGDSRUHWDSDV
778/2,,,
,167580(172685%$167,&26
&$378/2,
',6326,d(6*(5$,6
3DUDRUGHQDURSOHQRGHVHQYROYLPHQWRGDVIXQo}HVVRFLDLVGDFLGDGHHGDSURSULHGDGHXUEDQD
H SDUD R SODQHMDPHQWR FRQWUROH JHVWmR H SURPRomR GR GHVHQYROYLPHQWR XUEDQR R 0XQLFtSLR GH
)ORULDQySROLVDGRWDUiRVVHJXLQWHVLQVWUXPHQWRVXUEDQtVWLFRVSUHYLVWRVQD&RQVWLWXLomR)HGHUDOHQRDUW
GD/HL)HGHUDOQ(VWDWXWRGD&LGDGHVHPSUHMXt]RGHRXWURVLQVWUXPHQWRVMXUtGLFRV
WULEXWiULRVSROtWLFRVDGPLQLVWUDWLYRVRXILQDQFHLURVGHSROtWLFDXUEDQD
$UW

,SDUFHODPHQWR(GLILFDomRRX8WLOL]DomR&RPSXOVyULRV
,,LPSRVWR3UHGLDOH7HUULWRULDO8UEDQR3URJUHVVLYRQR7HPSR
,,,GHVDSURSULDomRFRP3DJDPHQWRHP7tWXORVGD'tYLGD3~EOLFD
,9XVXFDSLmR(VSHFLDOGH,PyYHO8UEDQR
9GLUHLWRGH6XSHUItFLH
9,GLUHLWRGH3UHHPSomR
9,,RXWRUJD2QHURVDGR'LUHLWRGH&RQVWUXLU
9,,,WUDQVIHUrQFLDGR'LUHLWRGH&RQVWUXLU
,;RSHUDo}HV8UEDQDV&RQVRUFLDGDV
;HVWXGRGH,PSDFWRGH9L]LQKDQoD
;,SURMHWRV(VSHFLDLVH
;,,GHWDOKDPHQWRGH1RUPDVLQFOXLQGRSODQRVVHWRULDLVHSODQRVHVSHFtILFRVGHXUEDQL]DomR
3DUiJUDIR QLFR 3DUD HIHLWR GH DSOLFDomR GRV LQVWUXPHQWRV XUEDQtVWLFRV PHQFLRQDGRV QHVWH
GLVSRVLWLYRILFDHVWDEHOHFLGRSDUDR0XQLFtSLRGH)ORULDQySROLVQRTXHIRUDSOLFiYHOR&RHILFLHQWHGH
$SURYHLWDPHQWR %iVLFR LJXDO D XP QDV 0DFUR UHDV GH 8VRV 8UEDQRV DOpP GR TXDO R GLUHLWR GH
HGLILFDUILFDVXMHLWRDRSDJDPHQWRGHFRQWUDSDUWLGDILQDQFHLUDDRHQWHPXQLFLSDO
&$378/2,,
'23$5&(/$0(172(',),&$d22887,/,=$d2&2038/65,26
1RV WHUPRV GH OHL HVSHFLDO R 0XQLFtSLR SRGHUi H[LJLU TXH R SURSULHWiULR GR VROR XUEDQR QmR
HGLILFDGRVXEXWLOL]DGRRXQmRXWLOL]DGRRXTXHQmRFXPSUHDIXQomRVRFLDOGDSURSULHGDGHSURPRYD
VHXDGHTXDGRDSURYHLWDPHQWRVRESHQDGHDSOLFDomRGRVLQVWUXPHQWRVSUHYLVWRVQRVDUWVH
GHVWD/HL&RPSOHPHQWDU
$UW
6HUmR FODVVLILFDGDV FRPR iUHDV VXMHLWDV D SDUFHODPHQWR HGLILFDomR RX XWLOL]DomR FRPSXOVyULD
DSHQDV RV WHUUHQRV QmR FREHUWRV SRU YHJHWDomR GH LQWHUHVVH DPELHQWDO HGLILFDGRV RX VXEXWLOL]DGRV
VLWXDGRV QDV iUHDV GH XVR XUEDQR DWHQGLGDV SHODV LQIUDHVWUXWXUDV GH DEDVWHFLPHQWR GH iJXD GH
HVJRWDPHQWRVDQLWiULRHGHGLVWULEXLomRGHHQHUJLDHOpWULFD
&RQVLGHUDPVH VXEXWLOL]DGRV RV WHUUHQRV RQGH HPERUD HGLILFDGRV D FREHUWXUD YHJHWDO H DV
FDUDFWHUtVWLFDV DPELHQWDLV QmR VmR SDVVtYHLV GH SUHVHUYDomR H D VRPD GDV iUHDV FRQVWUXtGDV VHMD
FRQVLGHUDYHOPHQWHLQIHULRUDRSHUPLWLGRSHORPtQLPRGDUHVSHFWLYDiUHD
$V iUHDV LQFOXtGDV HP SURJUDPDV GH UHVHUYD IXQGLiULD SDUD H[SDQVmR XUEDQD IXWXUD RX GLIHULGD
QmRVHUmRFRQVLGHUDGDVVXEXWLOL]DGDV
3RGHUmR VHU H[FHSFLRQDOPHQWH LQFOXtGDV HQWUH DV iUHDV VXMHLWDV D SDUFHODPHQWR HGLILFDomR RX
XWLOL]DomRFRPSXOVyULRVWHUUHQRVQmRVHUYLGRVSRULQIUDHVWUXWXUDFRPSOHWDTXDQGRVLWXDGRVHP]RQDV
FODVVLILFDGDVFRPRGHXUEDQL]DomRSULRULWiULD

)LFDPVXMHLWRVDXWLOL]DomRFRPSXOVyULDRVLPyYHLVHQTXDGUDGRVQDVFDWHJRULDV3H3HP$3&
TXDQGR PDQWLGRV HP HVWDGR SUHFiULR GH FRQVHUYDomR FRP FRPSURPHWLPHQWR GD VXD LQWHJULGDGH H
QmRFXPSUHPVXDIXQomRVRFLDO
$ OHL HVSHFLDO D TXH VH UHIHUH R FDSXW GHVWH DUWLJR IL[DUi DV FRQGLo}HV H RV SUD]RV SDUD
LPSOHPHQWDomRGRSDUFHODPHQWRHGLILFDomRRXXWLOL]DomRFRPSXOVyULRV
([FOXHPVHGDViUHDVGHSDUFHODPHQWRRXHGLILFDomRFRPSXOVyULDVRVWHUUHQRVGHLQWHUHVVHSDUD
ILQVGHSUHVHUYDomRDUTXHROyJLFDDUTXLWHW{QLFDHWQRJUiILFDKLVWyULFDRXSDLVDJtVWLFDRXGHLQWHUHVVH
SDUDLPSODQWDomRGHHTXLSDPHQWRVS~EOLFRVHiUHDVYHUGHV
$OHLHVSHFLDOHGLWDGDDFDGDTXDWURDQRVDSDUWLUGHWUH]HQWRVHVHVVHQWDGLDVDSyVDHQWUDGDHP
YLJRU GHVWD /HL &RPSOHPHQWDU LGHQWLILFDUi RV LPyYHLV SDVVtYHLV GH SDUFHODPHQWR HGLILFDomR RX
XWLOL]DomR FRPSXOVyULRV IL[DUi RV SUD]RV H FRQGLo}HV SDUD TXH R SURSULHWiULR FXPSUD D REULJDomR H
HVWDEHOHFHUiRVGHPDLVHOHPHQWRVQHFHVViULRVSDUDDLQFLGrQFLDGRLPSRVWRSUHGLDOHWHUULWRULDOXUEDQR
SURJUHVVLYRQRWHPSRQDVSURSULHGDGHVDWLQJLGDV
&$378/2,,,
'2,03267235(',$/(7(55,725,$/85%$12352*5(66,92127(032
2 ,PSRVWR 3UHGLDO H 7HUULWRULDO 8UEDQR ,378 LQFLGH GH IRUPD SURJUHVVLYD QR WHPSR FRP
PDMRUDomR GD DOtTXRWD VH QmR IRUHP FXPSULGDV DV FRQGLo}HV H SUD]RV HVWDEHOHFLGRV SDUD R
SDUFHODPHQWR HGLILFDomR RX XWLOL]DomR FRPSXOVyULRV UHVSHLWDGDV DV GLVSRVLo}HV OHJDLV TXH UHJHP D
PDWpULD
$UW
2,3783URJUHVVLYRQR7HPSRVHUiXWLOL]DGRQRFDVRGHGHVFXPSULPHQWRGDVFRQGLo}HVHSUD]RV
SUHYLVWRVQDUHJXODPHQWDomRPHGLDQWHDPDMRUDomRGDDOtTXRWDSHORSUD]RGHFLQFRDQRVFRQVHFXWLYRV
2YDORUGDDOtTXRWDDVHUDSOLFDGRDFDGDDQRVHUiIL[DGRDWUDYpVGHOHLHQmRH[FHGHUiDGXDV
YH]HVRYDORUUHIHUHQWHDRDQRDQWHULRUUHVSHLWDQGRDDOtTXRWDPi[LPDGHTXLQ]HSRUFHQWR
&DVR D REULJDomR GH SDUFHODU HGLILFDU RX XWLOL]DU QmR VHMD DWHQGLGD HP FLQFR DQRV R 0XQLFtSLR
PDQWHUiDFREUDQoDSHODDOtTXRWDPi[LPDDWpTXHVHFXPSUDDUHIHULGDREULJDomR
&$378/2,9
'$'(6$35235,$d2&203$*$0(172(0778/26'$'9,'$3%/,&$
20XQLFtSLRSRGHUiSURFHGHUjGHVDSURSULDomRGRLPyYHOFRPSDJDPHQWRWRWDORXSDUFLDOHP
WtWXORVGDGtYLGDS~EOLFDVHQmRFXPSULGRRGHYHUGHSDUFHODUHGLILFDURXXWLOL]DUFRPSXOVRULDPHQWHQR
SUD]RGHFLQFRDQRVFRQWDGRVGRLQtFLRGDLQFLGrQFLDSURJUHVVLYDQRWHPSRGR,378
$UW
2FiOFXORGRYDORUGDLQGHQL]DomRGDGHVDSURSULDomRpIHLWRGHDFRUGRFRPRHVWDEHOHFLGRQR
GRDUWGD/HL)HGHUDOQGH(VWDWXWRGD&LGDGH
2 GHFUHWR GH GHVDSURSULDomR GH TXH WUDWD HVWH DUWLJR VRPHQWH SRGH VHU HGLWDGR DSyV D
DXWRUL]DomRSHOR6HQDGR)HGHUDOSDUDHPLVVmRGRVWtWXORVUHIHULGRVQRFDSXWGHVWHDUWLJR
2VWtWXORVGHYHPVHUUHVJDWDGRVHPSUHVWDo}HVDQXDLVLJXDLVHVXFHVVLYDVQRSUD]RGHDWpGH]
DQRVFRUULJLGRSRUMXURVOHJDLVGHVHLVSRUFHQWRDRDQR

20XQLFtSLRGHYHUiSURPRYHURDGHTXDGRDSURYHLWDPHQWRGRVLPyYHLVQRSUD]RGHFLQFRDQRVD
FRQWDUGDGDWDGHVXDLQFRUSRUDomRSRGHQGRWUDQVIHULUHVWHGHYHUDWUDYpVGHFRQFHVVmRRXDOLHQDomR
REHGHFLGRRSURFHVVROLFLWDWyULRRFDVLmRHPTXHSRGHHVWDEHOHFHUHQFDUJRVVXSOHPHQWDUHV
&$378/29
'2',5(,72'(683(5)&,(
4XDQGRRGLUHLWRGHVXSHUItFLHSUHYLVWRQRDUWGD/HL)HGHUDOQGHIRUDSOLFDGR
SDUDRDWHQGLPHQWRGDOHJLVODomRXUEDQtVWLFDRXGDVFRQGLo}HVPtQLPDVGHKDELWDELOLGDGHGHYHUiVHU
FRQFHGLGRSRUWHPSRLQGHWHUPLQDGRRXYLQFXODGRjSHUPDQrQFLDGRXVRDGHTXDGR
$UW
&$378/29,
'2',5(,72'(35((03d2
$UW 20XQLFtSLRH[HUFHUiFRPEDVHQRGLUHLWRGHSUHHPSomRSUHYLVWRQRDUWGD/HL)HGHUDOQ
GH D SUHIHUrQFLD SDUD DTXLVLomR GH LPyYHO XUEDQR REMHWR GH DOLHQDomR RQHURVD HQWUH
SDUWLFXODUHV GHVGH TXH R LPyYHO VHMD GHOLPLWDGR HP OHL HVSHFtILFD H R 3RGHU 3~EOLFR GHOH QHFHVVLWH
SDUD
,UHJXODUL]DomRIXQGLiULD
,,H[HFXomRGHSURJUDPDVHSURMHWRVKDELWDFLRQDLVGHLQWHUHVVHVRFLDO
,,,FRQVWLWXLomRGHUHVHUYDIXQGLiULD
,9RUGHQDPHQWRHGLUHFLRQDPHQWRGDH[SDQVmRXUEDQDLQFOXVLYHGDHVWUXWXUDGHPRELOLGDGH
9LPSODQWDomRGHHTXLSDPHQWRVXUEDQRVHFRPXQLWiULRV
9,FULDomRGHHVSDoRVS~EOLFRVGHOD]HUHiUHDVYHUGHV
9,,FULDomRGHXQLGDGHVGHFRQVHUYDomRRXSURWHomRGHRXWUDViUHDVGHLQWHUHVVHDPELHQWDOH
9,,, SURWHomR GH iUHDV GH LQWHUHVVH KLVWyULFR DUWtVWLFR FXOWXUDO DUTXHROyJLFR JHROyJLFR RX
SDLVDJtVWLFR
&$378/29,,
'$28725*$21(526$'2',5(,72'(&216758,5
$ 2XWRUJD 2QHURVD GR 'LUHLWR GH &RQVWUXLU p D FRQWUDSDUWLGD ILQDQFHLUD GHYLGD DR 0XQLFtSLR
SHODDTXLVLomRGRGLUHLWRGHHGLILFDUGHDFRUGRFRPRVOLPLWHVHVWDEHOHFLGRVSHODWDEHODGHOLPLWHVGH
RFXSDomR SDUWH LQWHJUDQWH GHVWD /HL &RPSOHPHQWDU DFLPD GR FRHILFLHQWH GH DSURYHLWDPHQWR EiVLFR
LJXDODXPDWpROLPLWHGRFRHILFLHQWHGHDSURYHLWDPHQWRPi[LPRFRPRXWRUJDRQHURVD
$UW
$VHGLILFDo}HVXWLOL]DQGRFRHILFLHQWHGHDSURYHLWDPHQWRVXSHULRUDXPVHUmRDXWRUL]DGDVPHGLDQWH
UHPXQHUDomR DR 0XQLFtSLR FRUUHVSRQGHQWH j YDQWDJHP GR DFUpVFLPR GH iUHD HGLILFiYHO GH DFRUGR
FRPIyUPXODGHFiOFXORDVHUHVWDEHOHFLGDHPVHVVHQWDGLDVTXHFRQVLGHUDUiRVVHJXLQWHVHOHPHQWRV
DYDORUGHPHUFDGRGRPHWURTXDGUDGRGHWHUUHQRTXHUHFHEHUiDFRQVWUXomR

EIDWRUPXOWLSOLFDGRUSURSRUFLRQDOjVXSHUItFLHWRWDOYROXPHRXDOWXUDGDFRQVWUXomRH
FtQGLFHGHHVWtPXORGRVXVRVSULRUL]DGRVQR3ODQR'LUHWRU
3DUDILQVGHDSOLFDomRGRGHVWHDUWLJRQmRVHUmRFRQVLGHUDGDVDViUHDVQmRFRPSXWiYHLVQR
FiOFXORGRFRHILFLHQWHGHDSURYHLWDPHQWR
6HUmRGLVSHQVDGDVGRSDJDPHQWRGDFRQWUDSDUWLGDSUHYLVWDQHVWHDUWLJRDVHGLILFDo}HVGHVWLQDGDV
j KDELWDomR GH LQWHUHVVH VRFLDO HTXLSDPHQWRV FRPXQLWiULRV PXQLFLSDLV H REUDV GH UHVWDXUR GH
HGLILFDo}HVSURWHJLGDVSHODOHJLVODomRYLJHQWH
2VUHFXUVRVDXIHULGRVFRPDDGRomRGDRXWRUJDRQHURVDGRGLUHLWRGHFRQVWUXLUVHUmRDSOLFDGDV
H[FOXVLYDPHQWHQDVILQDOLGDGHVSUHYLVWDVQRVLQFLVRV,D,;GRDUWGD/HL)HGHUDOQGH
&$378/29,,,
'$75$16)(51&,$'2',5(,72'(&216758,5
$UW 2 0XQLFtSLR FRQFHGHUi DRV SURSULHWiULRV GH LPyYHLV R GLUHLWR GH H[HUFHU HP RXWUR ORFDO RX
DOLHQDU PHGLDQWH HVFULWXUD S~EOLFD iUHD HTXLYDOHQWH DR GLUHLWR GH FRQVWUXLU QmR H[HUFLGR FRPR IRUPD
GHLQGHQL]DomRQRVVHJXLQWHVFDVRV
,DEHUWXUDRXDODUJDPHQWRYLiULR
,,iUHDVQHFHVViULDVSDUDLPSODQWDomRGHHTXLSDPHQWRVS~EOLFRVXUEDQRVHFRPXQLWiULRV
,,,iUHDVQHFHVViULDVSDUDLPSODQWDomRGHKDELWDomRHXUEDQL]DomRGHLQWHUHVVHVRFLDOSHOR0XQLFtSLR
,9 SURWHomR GH iUHDV GH LQWHUHVVH DUTXHROyJLFR DUWtVWLFR HWQRJUiILFR KLVWyULFR JHROyJLFR RX
SDLVDJtVWLFRH
9LPSODQWDomRGHXQLGDGHVGHFRQVHUYDomRGHSURWHomRLQWHJUDOPXQLFLSDO
1DV KLSyWHVHV GRV LQFLVRV , ,, H ,,, GHVWH DUWLJR DV iUHDV YLQFXODGDV VHUmR WUDQVIHULGDV DR
0XQLFtSLR HP WURFD GH DFUHVFHU j iUHD HGLILFiYHO GH JOHEDV HVSHFLILFDGDV QR 3ODQR 'LUHWRU iUHD
HTXLYDOHQWHDRVtQGLFHVGHDSURYHLWDPHQWRLQFLGHQWHQDiUHDYLQFXODGDUHVSHLWDGDVDVQRUPDVGRDUW
GHVWD/HL&RPSOHPHQWDU
1DKLSyWHVHGRLQFLVR,9RLPyYHOSURWHJLGRFRQWLQXDUiQRSDWULP{QLRGHVHXWLWXODUTXHSRGHUi
WUDQVIHULU R SRWHQFLDO FRQVWUXWLYR QmR XWLOL]iYHO HTXLYDOHQWH DR tQGLFH GH DSURYHLWDPHQWR Pi[LPR GR
LPyYHOVXEWUDtGDDiUHDFRQVWUXtGDH[LVWHQWHRXDSURYDGDUHVSHLWDGDVDVQRUPDVGRDUWGHVWD/HL
&RPSOHPHQWDUSDUDRXWUDJOHEDRXORWH
$WUDQVIHUrQFLDGHGLUHLWRGHFRQVWUXLUSRGHUiVHUH[HUFLGDQDPHVPDJOHEDRXORWHVHQGRTXHHP
$3&GHYHUiWHUSUpYLDDSURYDomRGR6(3+$1
2V SDUkPHWURV GR GLUHLWR GH DFUHVFHU iUHD FRQVWUXtGD HVWmR GHILQLGRV H OLPLWDGRV QD WDEHOD GH
OLPLWHVGHRFXSDomRSDUWHLQWHJUDQWHGHVWD/HL&RPSOHPHQWDU
2 OLFHQFLDPHQWR GDV HGLILFDo}HV D VHUHP FRQVWUXtGDV QRV LPyYHLV TXH YLHUHP D UHFHEHU
WUDQVIHUrQFLD GH GLUHLWR GH FRQVWUXLU ILFD FRQGLFLRQDGR j SUpYLD WUDQVIHUrQFLD DR 0XQLFtSLR GDV iUHDV
QHFHVViULDV DRV REMHWLYRV HOHQFDGRV QRV LQFLVRV , H ,, GHVWH DUWLJR RX GR KDELWHVH GR LPyYHO
SURWHJLGR
'HQWUHRVLPyYHLVTXHSRGHUmRUHFHEHURVEHQHItFLRVFRQIRUPHRLQFLVR,9LQFOXHPVH

,RVLPyYHLVWRPEDGRVLVRODGDPHQWHSRUGHFUHWRPXQLFLSDOHVWDGXDORXIHGHUDO
,, RV LPyYHLV FODVVLILFDGRV FRPR 3 3 3 H 3 LQVHULGRV HP FRQMXQWRV WRPEDGRV SRU GHFUHWR
PXQLFLSDORXLQWHJUDQWHVGDVUHDVGH3UHVHUYDomR&XOWXUDO$3&H
,,, RV LPyYHLV ORFDOL]DGRV HP iUHDV GHPDUFDGDV FRPR HQWRUQR GH iUHDV WRPEDGDV SHOR 0XQLFtSLR
DVVLP FRPR DTXHOHV FODVVLILFDGRV FRPR 3 H TXH SRU LVVR VRIUDP FRPSURYDGD UHGXomR GR VHX
SRWHQFLDOFRQVWUXWLYR
(PWRGRVRVFDVRVSUHYLVWRVQRSDUiJUDIRDQWHULRUSDUDTXHVHMDFRQFHGLGRREHQHItFLRRyUJmR
PXQLFLSDO GH SODQHMDPHQWR GHYHUi HPLWLU SDUHFHU WpFQLFR FRP RV FULWpULRV GH UHVWDXUR H SUHVHUYDomR
DSOLFiYHLVDRLPyYHOHRXFRPSURYDGDUHGXomRGRVHXSRWHQFLDOFRQVWUXWLYR
$ FHUWLGmR GH WUDQVIHUrQFLD GH GLUHLWR GH FRQVWUXLU VHUi HPLWLGD GHSRLV GH FRQFOXtGDV WRGDV DV
REUDVFRPDDQXrQFLDGRyUJmRPXQLFLSDOGHSODQHMDPHQWR
1RFDVRGHLPyYHLVLQVHULGRVQDVXQLGDGHVFLWDGDVQRLQFLVR9VHUiXWLOL]DGRRtQGLFH]HUR
YtUJXOD]HURFLQFRDSHQDVSDUDILQVGHFiOFXORGHWUDQVIHUrQFLD
2 0XQLFtSLR H[SHGLUi FHUWLGmR QD TXDO FRQVWDUi R PRQWDQWH GR SRWHQFLDO FRQVWUXWLYR TXH VHUi
WUDQVIHULGRPHGLDQWHHVFULWXUDSRULQWHLURRXIUDFLRQDGDPHQWHGHYHQGRVHUDYHUEDGDQDVUHVSHFWLYDV
PDWUtFXODVLPRELOLiULDV
2YROXPHGHiUHDHGLILFiYHODVHUWUDQVIHULGRVHUiGHILQLGRHDMXVWDGRGHDFRUGRFRPIyUPXODGH
FiOFXORTXHFRQVLGHUDUiRVVHJXLQWHVHOHPHQWRV
DTXDQWLGDGHGHiUHDHPPHWURVTXDGUDGRVGHWUDQVIHUrQFLDGHGLUHLWRGHFRQVWUXLUDVHUDSOLFDGD
E TXDQWLGDGH GH iUHD HP PHWURV TXDGUDGRV UHIHUHQWHV j WUDQVIHUrQFLD GH GLUHLWR GH FRQVWUXLU
SURGX]LGDSHORLPyYHOGHRULJHP
FYDORUGRPHWURTXDGUDGRGRLPyYHOGHRULJHPFRQIRUPHDSODQWDGHYDORUHVPXQLFLSDOH
GYDORUGRPHWURTXDGUDGRGRLPyYHOTXHUHFHEHUiRGLUHLWRGHFRQVWUXLUFRQIRUPHDSODQWDGHYDORUHV
PXQLFLSDO
$V FHUWLG}HV GH GLUHLWR GH WUDQVIHUrQFLD GH FRQVWUXLU FRQFHGLGDV DWp D GDWD GHVWD /HL
&RPSOHPHQWDUVHUmRDSOLFDGDVH[FOXVLYDPHQWHSDUDDWHQGHUDSROtWLFDGHPXOWLFHQWUDOLGDGHHPiUHDV
XUEDQDVFXMRDGHQVDPHQWRpSUHYLVWRSDUDFRQFHQWUDUKDELWDo}HVPHVFODGDVjVDWLYLGDGHVFRPHUFLDLV
GHVHUYLoRVHOD]HU
&DEHUi j 3URFXUDGRULD *HUDO GR 0XQLFtSLR HPLWLU SDUHFHU VREUH D UHJXODULGDGH GDV FHUWLG}HV
DSUHVHQWDGDVSHORVWLWXODUHVGRGLUHLWRGHWUDQVIHUrQFLD
&$378/2,;
'$623(5$d(685%$1$6&21625&,$'$6
$ RSHUDomR XUEDQD FRQVRUFLDGD GHILQLGD HP OHL HVSHFtILFD p XP FRQMXQWR GH LQWHUYHQo}HV H
PHGLGDV FRRUGHQDGDV SHOR 3RGHU 3~EOLFR 0XQLFLSDO FRQWDQGR FRP D SDUWLFLSDomR GRV SURSULHWiULRV
PRUDGRUHV XVXiULRV SHUPDQHQWHV H LQYHVWLGRUHV S~EOLFRV RX SULYDGRV FRP D ILQDOLGDGH GH DOFDQoDU
WUDQVIRUPDo}HV XUEDQtVWLFDV HVWUXWXUDLV PHOKRULDV VRFLDLV H D YDORUL]DomR DPELHQWDO HP GHWHUPLQDGD
iUHD
$UW
$V RSHUDo}HV XUEDQDV FRQVRUFLDGDV VHUmR SURSRVWDV SHOR 3RGHU 3~EOLFR RX SRU GHPDQGD GD
VRFLHGDGH FLYLO GH DFRUGR FRP RV SULQFtSLRV H GLUHWUL]HV GR SODQHMDPHQWR XUEDQR SUHIHUHQFLDOPHQWH

QDViUHDVLQGLFDGDVQRVPDSDVGR]RQHDPHQWR
&RQVLGHUDPVH iUHDV GH DOWR YDORU XUEDQR RX SDLVDJtVWLFR SDUD ILQV GH RSHUDo}HV XUEDQDV
FRQVRUFLDGDV DTXHODV SDVVtYHLV GH IRUQHFLPHQWR GH LQIUDHVWUXWXUD XUEDQD LQFOXVLYH PRELOLGDGH FRP
SRWHQFLDO GH FHQWUDOLGDGH FRP DWUDWLYLGDGH XUEDQD YDORUHV SDLVDJtVWLFRV SDQRUkPLFRV RX FXOWXUDLV
GHVWDFDGRV
$UW
3RGHUmRVHUSUHYLVWDVQDVRSHUDo}HVXUEDQDVFRQVRUFLDGDV
, D PRGLILFDomR GH tQGLFHV H FDUDFWHUtVWLFDV GH SDUFHODPHQWR XVR H RFXSDomR GR VROR H VXEVROR
GHVGHTXHUHJLGDVSRU/HLSUySULDEHPFRPRDOWHUDo}HVGDVQRUPDVHGLOtFLDVFRQVLGHUDGRRLPSDFWR
DPELHQWDOGHODVGHFRUUHQWHDRIHUWDGHLQIUDHVWUXWXUDLQFOXVLYHPRELOLGDGHHRLPSDFWRGHYL]LQKDQoD
H
,, D UHJXODUL]DomR GH FRQVWUXo}HV UHIRUPDV RX DPSOLDo}HV GH HGLILFDo}HV REVHUYDGDV DV QRUPDV
HVSHFtILFDV
$UW
&DGDRSHUDomRXUEDQDFRQVRUFLDGDGHYHUiFRQWHUQRPtQLPR
, GHOLPLWDomR GR SHUtPHWUR GD iUHD GH LQWHUYHQomR GLUHWD LQFOXLQGR DV iUHDV SDVVtYHLV GH
WUDQVIRUPDomR
,,GHOLPLWDomRGRSHUtPHWURGDiUHDGHDEUDQJrQFLDLQGLUHWDLQFOXLQGRDViUHDVGHYL]LQKDQoDFXMRV
PRUDGRUHVGHYHPSDUWLFLSDUGDRSHUDomRHVmRSRWHQFLDLVEHQHILFLiULRVGHOD
,,,ILQDOLGDGHGDRSHUDomR
,9SURJUDPDEiVLFRGHRFXSDomRGDiUHDHLQWHUYHQo}HVSUHYLVWDV
9H[LJrQFLDGHHVWXGRSUpYLRGHLPSDFWRDPELHQWDOTXDQGRSHUWLQHQWHHGHLPSDFWRGHYL]LQKDQoD
9, SURJUDPD GH DWHQGLPHQWR HFRQ{PLFR H VRFLDO SDUD D SRSXODomR GLUHWDPHQWH DIHWDGD SHOD
RSHUDomR
9,,VROXomRKDELWDFLRQDOGHQWURGHVHXSHUtPHWURRXYL]LQKDQoDSUy[LPDQRFDVRGDQHFHVVLGDGHGH
DEVRUYHUTXDOLILFDURVHVSDoRVRXUHPRYHURFXSDo}HVSUHYLVWDVHPOHL
9,,, JDUDQWLD GH SUHVHUYDomR GRVLPyYHLV H HVSDoRV XUEDQRVGH HVSHFLDO YDORU FXOWXUDOHDPELHQWDO
SURWHJLGRVSRUWRPEDPHQWRRX/HL
,;LQVWUXPHQWRVXUEDQtVWLFRVSUHYLVWRVQDRSHUDomR
; FRQWUDSDUWLGDV D VHUHP H[LJLGDV GRV SURSULHWiULRV XVXiULRV SHUPDQHQWHV H LQYHVWLGRUHV SULYDGRV
HPIXQomRGRVEHQHItFLRVSUHYLVWRV
;,HVWRTXHGHSRWHQFLDOFRQVWUXWLYRDGLFLRQDO
;,,IRUPDGHFRQWUROHGDRSHUDomRREULJDWRULDPHQWHFRPSDUWLOKDGRFRPUHSUHVHQWDomRGDVRFLHGDGH
FLYLO
;,,, FRQWD RX IXQGR HVSHFtILFR TXH GHYHUi UHFHEHU RV UHFXUVRV GH FRQWUDSDUWLGDV ILQDQFHLUDV
GHFRUUHQWHVGRVEHQHItFLRVXUEDQtVWLFRVFRQFHGLGRVH
;,9GHPRQVWUDomRGRDWHQGLPHQWRjOHJLVODomRGHDFHVVLELOLGDGHXQLYHUVDODRHPSUHHQGLPHQWR

3DUiJUDIR QLFR 2V UHFXUVRV REWLGRV SHOR 3RGHU 3~EOLFR QD IRUPD GR LQFLVR ;,,, GHVWH DUWLJR VHUmR
DSOLFDGRV QR VHWRU XUEDQR FRUUHVSRQGHQWH DWUDYpV GH SURJUDPDV GH LQWHUYHQo}HV GHILQLGR QD
DSURYDomRGRSURMHWRRXQDOHLGHFULDomRGDRSHUDomRXUEDQDFRQVRUFLDGD
$UW $HPLVVmRSHOR0XQLFtSLRGHTXDQWLGDGHGHWHUPLQDGDGH&HUWLILFDGRV$GLFLRQDLVGH&RQVWUXomR
&(3$&SRGHUiVHUSUHYLVWDPHGLDQWHOHLHVSHFtILFD
2V &(3$& VmR WtWXORV TXH H[SUHVVDP R GLUHLWR GH FRQVWUXLU VHUmR DOLHQDGRV HP OHLOmR RX
XWLOL]DGRV GLUHWDPHQWH QR SDJDPHQWR GDV REUDV S~EOLFDV SDUD R GHVHQYROYLPHQWR H LPSODQWDomR GH
SURMHWRV GH KDELWDomR GH LQWHUHVVH VRFLDO QD iUHD GH DEUDQJrQFLD LQGLUHWD GD RSHUDomR HRX FRPR
JDUDQWLDSDUDREWHQomRGHILQDQFLDPHQWRVSDUDDVXDLPSOHPHQWDomR
2V&(3$&VHUmROLYUHPHQWHQHJRFLDGRVPDVFRQYHUWLGRVHPGLUHLWRGHFRQVWUXLUXQLFDPHQWHQR
VHWRUXUEDQRGDRSHUDomR
$ YLQFXODomR GRV &(3$& GHYHUi VHU UHDOL]DGD QR DWR GD DSURYDomR GH SURMHWR GH HGLILFDomR
HVSHFtILFRSDUDRWHUUHQR
2V&(3$&GHYHUmRVHUYLQFXODGRVDRWHUUHQRDWUDYpVGHGHFODUDomRGR0XQLFtSLRRVTXDLVVHUmR
REMHWRGHFHUWLGmRSUySULD
$SUHVHQWDGR SHGLGR GH OLFHQoD SDUD FRQVWUXLU RV &(3$& VHUmR XWLOL]DGRV QR SDJDPHQWR GD
FRQWUDSDUWLGD FRUUHVSRQGHQWH DRV EHQHItFLRV XUEDQtVWLFRV FRQFHGLGRV UHVSHLWDGRV RV OLPLWHV
HVWDEHOHFLGRVQDVOHLVGHFDGDRSHUDomRXUEDQDFRQVRUFLDGD
$OHLDTXHVHUHIHUHRFDSXWGHVWHDUWLJRGHYHUiHVWDEHOHFHU
, D TXDQWLGDGH GH &(3$& D VHU HPLWLGD REULJDWRULDPHQWH SURSRUFLRQDO DR HVWRTXH GH SRWHQFLDO
FRQVWUXWLYRDGLFLRQDOSUHYLVWRSDUDDRSHUDomR
,,RYDORUPtQLPRGRV&(3$&
,,,DVIRUPDVGHFiOFXORGDVFRQWUDSDUWLGDV
,9DVIRUPDVGHFRQYHUVmRHHTXLYDOrQFLDGRV&(3$&HPPHWURVTXDGUDGRVGHSRWHQFLDOFRQVWUXWLYR
DGLFLRQDOH
9ROLPLWHGRYDORUGHUHFXUVRSDUDDTXLVLomRGHWHUUHQRSDUDFRQVWUXomRGHKDELWDomRGHLQWHUHVVH
VRFLDO
&$378/2;
'2(678'2'(,03$&72'(9,=,1+$1d$
5HJXODPHQWDGRSHORV'HFUHWRVQHQ
)LFD LQVWLWXtGR QR 0XQLFtSLR GH )ORULDQySROLV R (VWXGR GH ,PSDFWR GH 9L]LQKDQoD (,9 H
UHVSHFWLYR5HODWyULRGH,PSDFWRGH9L]LQKDQoD5,9QRVWHUPRVGRVDUWVHGD/HL)HGHUDO
QGH(VWDWXWRGD&LGDGH
$UW
2 (,9 p R HVWXGR SUpYLR GRV LPSDFWRV UHODWLYRV D DVSHFWRV XUEDQtVWLFRV FRPR UHTXLVLWR SDUD
REWHQomR GR OLFHQFLDPHQWR GH FRQVWUXomR DPSOLDomR RX IXQFLRQDPHQWR GH HPSUHHQGLPHQWRV H
DWLYLGDGHV S~EOLFRV RX SULYDGRV SRWHQFLDOPHQWH FDXVDGRUHV GH LPSDFWRV QRV WHUPRV GHVWD /HL
&RPSOHPHQWDU
$UW

2 (,9 WHP SRU REMHWLYR LGHQWLILFDU H DYDOLDU SUHYLDPHQWH RV LPSDFWRV XUEDQtVWLFRV SRVLWLYRV H
QHJDWLYRV GHFRUUHQWHV GD LPSODQWDomR GH HPSUHHQGLPHQWRV H DWLYLGDGHV VREUH GHWHUPLQDGD iUHD GH
LQIOXrQFLDGHILQLQGRPHGLGDVPLWLJDGRUDVHFRPSHQVDWyULDVVHPSUHTXHQmRIRUSRVVtYHODHOLPLQDomR
LQWHJUDOGRVLPSDFWRVQHJDWLYRVSRGHQGRUHVXOWDUQDDSURYDomRRXUHMHLomRGDSURSRVWD
$UW
2(,9VHUiDFRPSDQKDGRGH5HODWyULRGH,PSDFWRGH9L]LQKDQoD5,9GRFXPHQWRIRUPDOVRE

D UHVSRQVDELOLGDGH GR SURSRQHQWH TXH H[SRQKD HP OLQJXDJHP FODUD H REMHWLYD DV FDUDFWHUtVWLFDV H
UHSHUFXVV}HVVLJQLILFDWLYDVGRHPSUHHQGLPHQWRRXDWLYLGDGHVREUHRDPELHQWHXUEDQRFRPGHVWDTXH
SDUDDVPHGLGDVPLWLJDGRUDVRXFRPSHQVDWyULDVVREUHRVLPSDFWRVMXOJDGRVQHJDWLYRV
$UW
$UW $ FRQVXOWD GH YLDELOLGDGH H[SHGLGD SHOR yUJmR PXQLFLSDO FRPSHWHQWH GHYHUi LQGLFDU
REULJDWRULDPHQWH D QHFHVVLGDGH GH UHDOL]DomR GR (,9 FRQIRUPH R HPSUHHQGLPHQWR RX DWLYLGDGH
SURSRVWRQRVWHUPRVGD/HL
$UW )LFDFULDGDD7D[DGH$QiOLVHGH(,97$(,9SDUDHPSUHHQGLPHQWRRXDWLYLGDGHTXHWHPSRU
IDWR JHUDGRU D FRQWUDSUHVWDomR GR VHUYLoR GH DQiOLVH SXEOLFDomR GH HGLWDLV H GHVSHVDV RSHUDFLRQDLV
UHDOL]DGDVSHOR,QVWLWXWRGH3ODQHMDPHQWR8UEDQRGH)ORULDQySROLV,38)
$7$(,9VHUiUHFROKLGDSUHYLDPHQWHVHQGRVHXSDJDPHQWRSUHVVXSRVWRSDUDDQiOLVHGR(,9
2VYDORUHVUHIHUHQWHVjWD[DPHQFLRQDGDQRFDSXWGHVWHDUWLJRVHUmRGHVWLQDGRVDIXQGRRXFRQWD
FRUUHQWHYLQFXODGDSDUDDSOLFDomRHPDWLYLGDGHVDGPLQLVWUDWLYDV
/HL HVSHFtILFD HVWDEHOHFHUi RV YDORUHV H UHJXODPHQWDUi RV SURFHGLPHQWRV SDUD R SDJDPHQWR GD
7$(,9QRSUD]RPi[LPRGHQRYHQWDGLDVGDSXEOLFDomRGHVWD/HL&RPSOHPHQWDU
$UW 2 ,38) VHUi UHVSRQViYHO SHOD HODERUDomR GR 7HUPR GH 5HIHUrQFLD 3DGUmR FRRUGHQDomR
DQiOLVH UHMHLomR H DSURYDomR GR (,9 VHP SUHMXt]R GD SDUWLFLSDomR GH RXWURV yUJmRV H HQWLGDGHV
FRQIRUPHUHJXODPHQWDomRHVSHFtILFD
$UW 2 ,38) H[SHGLUi 7HUPR GH 5HIHUrQFLD 3DGUmR SDUD D HODERUDomR GH (,9 HVSHFtILFR SDUD R
OLFHQFLDPHQWR GR HPSUHHQGLPHQWR RX DWLYLGDGH SURSRVWR QR SUD]R GH WULQWD GLDV SXEOLFDGR QR 'LiULR
2ILFLDO(OHWU{QLFRGR0XQLFtSLRFRPHIHLWRYLQFXODGRSDUDR3RGHU3~EOLFRHHPSUHHQGHGRU
2 7HUPR GH 5HIHUrQFLD HVSHFtILFR GHYHUi OLVWDU RV LWHQV TXH FRQVLGHUD QHFHVViULRV SDUD D
DYDOLDomRSHOR(,9HDiUHDGHLQIOXrQFLDDFRQVLGHUDU
2HPSUHHQGHGRUGHYHUiVROLFLWDUR7HUPRGH5HIHUrQFLDDR,QVWLWXWRGH3ODQHMDPHQWR8UEDQRGH
)ORULDQySROLVDSyVRUHFHELPHQWRGDFRQVXOWDGHYLDELOLGDGHHPLWLGDSHORyUJmRFRPSHWHQWH
6HUmRREMHWRGHHODERUDomRGH(,9RVVHJXLQWHVHPSUHHQGLPHQWRVHDWLYLGDGHVFRQVLGHUDQGR
VHXV DQiORJRV VHP SUHMXt]R GD H[LJrQFLD GH HVWXGR VLPSOLILFDGR GH ORFDOL]DomR QRV WHUPRV GH OHL
HVSHFtILFD
$UW
,DXWyGURPRRXNDUWyGURPRDEHUWR
,,FOXEHFRPiUHDFRQVWUXtGDDFLPDGHFLQFRPLOPHWURVTXDGUDGRV
,,,FRPpUFLRDWDFDGLVWDFRPiUHDFRQVWUXtGDDFLPDGHGRLVPLOPHWURVTXDGUDGRV
,9FHQWURFRPHUFLDOYDUHMLVWDFRPiUHDFRQVWUXtGDVXSHULRUDFLQFRPLOPHWURVTXDGUDGRV
9FHQWURFXOWXUDOFRPiUHDFRQVWUXtGDVXSHULRUDFLQFRPLOPHWURVTXDGUDGRV
9,FHQWURGHHYHQWRVFRPiUHDFRQVWUXtGDVXSHULRUDFLQFRPLOPHWURVTXDGUDGRV

9,, HVWDomR WHOHI{QLFD SDUD WHOHIRQLD IL[D RX FHQWUR GH FRPXWDomR H FRQWUROH &&& SDUD WHOHIRQLD
FHOXODUFRQIRUPHFRQFHLWXDomRGD$JrQFLD1DFLRQDOGH7HOHFRPXQLFDomR$1$7(/
9,,,UHGHGHWUDQVPLVVmRGHHQHUJLDHOpWULFDHHVWDomRGHGLVWULEXLomRGHHQHUJLDHOpWULFD
,;HGLILFDomRFRPiUHDFRQVWUXtGDVXSHULRUDGRLVPLOPHWURVTXDGUDGRVRXFRPPDLVGHFHPYDJDV
GHHVWDFLRQDPHQWRFRQVLGHUDGDVGHIRUPDLVRODGDRXHPFRQMXQWR
;HGLILFDomRORFDOL]DGDHPWHUUHQRFRPiUHDDFLPDGHGH]PLOPHWURVTXDGUDGRVRXTXHFRQILJXUHD
WRWDOLGDGHGHXPDTXDGUD
;,HTXLSDPHQWRGHVHJXUDQoDS~EOLFDFRPiUHDFRQVWUXtGDDFLPDGHVHWHFHQWRVHFLQTXHQWDPHWURV
TXDGUDGRV WDLV FRPR DV LQVWDODo}HV SDUD UHFROKLPHQWR GH SUHVRV H GHWHQWRV SUHVtGLRV RX
SHQLWHQFLiULDV
;,,HVWiGLRRXJLQiVLRGHHVSRUWHVFRPFDSDFLGDGHSDUDFLQFRPLOHVSHFWDGRUHVRXPDLV
;,,,HQWUHWHQLPHQWRQRWXUQRFRPiUHDFRQVWUXtGDVXSHULRUDPLOPHWURVTXDGUDGRV
;,9JDUDJHPRXHVWDFLRQDPHQWRJHUDOHPWHUUHQRFRPiUHDVXSHULRUDWUrVPLOPHWURVTXDGUDGRV
;9LQG~VWULDRXSUHVWDGRUDGHVHUYLoRVFRPiUHDFRQVWUXtGDDFLPDGHFLQFRPLOPHWURVTXDGUDGRVRX
SRWHQFLDOFDXVDGRUDGHUXtGRVHPLVVmRGHJDVHVPDVVDFRQVWUXtGDRXH[DFHUEDomRGDPRELOLGDGH
;9,iUHDVGHGHVHQYROYLPHQWRLQFHQWLYDGR
;9,,SDUTXHWHPiWLFR
;9,,,TXDGUDGHHVFRODGHVDPED
;,;URGRYLiULDRXDHURSRUWR
;;VXSHUPHUFDGRFRPiUHDFRQVWUXtGDVXSHULRUDFLQFRPLOPHWURVTXDGUDGRV
;;,WHUPLQDOGHSDVVDJHLURVHFDUJDFRPiUHD~WLOVXSHULRUDFLQFRPLOPHWURVTXDGUDGRV
;;,,WHPSORHORFDOGHFXOWRHPJHUDOFRPiUHDFRQVWUXtGDDFLPDGHTXLQKHQWRVPHWURVTXDGUDGRV
;;,,,FRQGRPtQLRSRUXQLGDGHVDXW{QRPDVHPWHUUHQRFRPiUHDVXSHULRUDWUrVKHFWDUHV
;;,9FRQGRPtQLRPXOWLIDPLOLDUFRPPDLVGHFLQTXHQWDXQLGDGHVKDELWDFLRQDLVRXFRPHUFLDLV
;;9ORWHDPHQWRRXGHVPHPEUDPHQWRHPWHUUHQRFRPiUHDVXSHULRUDWUrVKHFWDUHV
;;9,RSHUDomRXUEDQDFRQVRUFLDGD
;;9,,SURMHWRVHVSHFLDLV
;;9,,,HQFODYHVXUEDQRV
;;,;FHPLWpULRHFUHPDWyULR
;;;HVWDo}HVFROHWLYDVS~EOLFDVRXSULYDGDVGHWUDWDPHQWRGHiJXDHHVJRWRH

;;;,HVWDo}HVGHWUDQVERUGRGHOL[RXVLQDVRXFHQWUDLVGHUHFLFODJHPGHUHVtGXRVVyOLGRV
3DUiJUDIRQLFR3RGHUmRVHUSDVVtYHLVGH(,9DFULWpULRGR,38)DVDWLYLGDGHVHHPSUHHQGLPHQWRV
TXHVHHQTXDGUDUHPQDVVHJXLQWHVVLWXDo}HV
DVLPLODULGDGHDRXWURVHPSUHHQGLPHQWRVHDWLYLGDGHV
ERFRUUrQFLDGHGLYHUVDVDWLYLGDGHVQXPPHVPRHPSUHHQGLPHQWR
F DPSOLDomR GH HPSUHHQGLPHQWRV H DWLYLGDGHV H[LVWHQWHV TXH VH HQTXDGUHP QD H[LJrQFLD GH (,9 H
VHMDPVXSHULRUDXPTXLQWRGRYROXPHGHFRQVWUXomRH[LVWHQWHH
G DV FRQVWUXo}HV GHPROLo}HV RX DOWHUDo}HV GH TXDOTXHU SRUWH HP iUHD GH UHOHYDQWH YDORU
DUTXHROyJLFR DUTXLWHW{QLFR HWQRJUiILFR KLVWyULFR RX SDLVDJtVWLFR VHMD RX QmR REMHWR GH DWR GH
SUHVHUYDomRSURPRYLGDSRUTXDOTXHUHQWLGDGHS~EOLFDTXDQGRUHSUHVHQWDUXPLPSDFWRQDSDLVDJHP
VHJXQGRFULWpULRVGR6(3+$1
$UW
3DUD DWHQGHU VHXV REMHWLYRV H SULQFtSLRV R (,9 GHYHUi VHU HODERUDGR H LQVWUXtGR GD VHJXLQWH
IRUPD
,LGHQWLILFDomRGRHPSUHHQGLPHQWR
D LGHQWLILFDomR GR HPSUHHQGHGRU FRP QRPH FRPSOHWR HQGHUHoR RX VHGH &3) RX &13- FRQWUDWR
VRFLDOFRQWDWRVWHOHI{QLFRVHHPDLO
ELGHQWLILFDomRHTXDOLILFDomRWpFQLFDGRVDXWRUHVGR(,9
FGHVFULomRUHVXPLGDGRSURMHWR
GWLWXODomRGRLPyYHOH
HFDUDFWHUtVWLFDVREMHWLYDVGRSURMHWRDUTXLWHW{QLFRDVHUDSURYDGR
,,FDUDFWHUL]DomRGDiUHDGHLQIOXrQFLDGLUHWDHLQGLUHWDGRHPSUHHQGLPHQWRRXDWLYLGDGH
DGHILQLomRGDiUHDGHLQIOXrQFLDGRHPSUHHQGLPHQWRRXDWLYLGDGHFRPGHOLPLWDomRGRHVSDoRRQGHVH
ORFDOL]DRLPyYHOFRPRVDFHVVRVJHUDLV
EGHVFULomRGRVXVRVHYROXPHVGDVFRQVWUXo}HVH[LVWHQWHV
FFDUDFWHUtVWLFDVSRSXODFLRQDLVGDiUHDGHLQIOXrQFLD
GHVWLPDWLYDGHSRSXODomRIL[DHIOXWXDQWHTXHXVDUiRHPSUHHQGLPHQWRRXDWLYLGDGH
HGLPHQVLRQDPHQWRGRVLVWHPDYLiULRHLGHQWLILFDomRGRVIOX[RVGHFLUFXODomRH
ILQGLFDomRGHiUHDVGHYDORUDUTXHROyJLFRDUTXLWHW{QLFRHWQRJUiILFRKLVWyULFRRXSDLVDJtVWLFR
,,,FDUDFWHUL]DomRGHVFULomRHORFDOL]DomRGRHPSUHHQGLPHQWRRXDWLYLGDGHQDVIDVHVGHLPSODQWDomR
HRSHUDomRLQGLFDQGR
DSUHYLVmRGRVSUD]RVGHLPSODQWDomRHGHLQtFLRGHRSHUDomR
EYROXPHVGHPRYLPHQWRVGHWHUUDFRUWHVDWHUURVHGHJHUDomRGHHQWXOKRV
FDWLYLGDGHVSUHYLVWDVFRPQ~PHURGHXVXiULRV
GiUHDVGLPHQV}HVHYROXPHWULDGRHPSUHHQGLPHQWR
HQ~PHURGHYDJDVGHHVWDFLRQDPHQWRSUHYLVWR
IGHPDQGDGHHTXLSDPHQWRVXUEDQRVHFRPXQLWiULRVH
J GHPDUFDomR H UHVHUYD GH iUHD SDUD FDUJD H GHVFDUJD GH FDPLQK}HV QRV OLPLWHV GR
HPSUHHQGLPHQWR
,9 GHVFULomR GD GHPDQGD H GD FDSDFLGDGH GH DWHQGLPHQWR GDV UHGHV GH GUHQDJHP SOXYLDO
DEDVWHFLPHQWR GH iJXD H HQHUJLD FROHWD GH HVJRWR H SURJUDPD GH JHUHQFLDPHQWR GH UHVtGXRV
UHFLFOiYHLVHRUJkQLFRV
9LGHQWLILFDomRGRVUHFXUVRVKtGULFRVGLVSRQtYHLVVHPSUHTXHIRURFDVRHDGHPDQGDVXJHULU
9,LGHQWLILFDomRGDSHUPHDELOLGDGHGRVRORHLQIOXrQFLDQROHQoROIUHiWLFRVHPSUHTXHIRURFDVR

9,,LGHQWLILFDomRGHULVFRVSRWHQFLDLVH
9,,,LGHQWLILFDomRHDYDOLDomRGRVLPSDFWRVSRVLWLYRVHQHJDWLYRVGRHPSUHHQGLPHQWRRXDWLYLGDGHQD
iUHDGHLQIOXrQFLDUHODFLRQDGDGXUDQWHDVREUDVGHLPSODQWDomRTXDQGRIRURFDVRHDSyVDHQWUDGD
HPRSHUDomRFRQVLGHUDQGRRVVHJXLQWHVFRQWH~GRV
DQRYDHVWUXWXUDomRHPRGLILFDomRQDGLQkPLFDGDPRELOLGDGHXUEDQD
E QHFHVVLGDGH GH LQVHUomR GH QRYRV HTXLSDPHQWRV S~EOLFRV FRPXQLWiULRV QR TXH VH UHIHUH j
GHPDQGDJHUDGDSHORHYHQWXDOLQFUHPHQWRSRSXODFLRQDO
F UHODomR GR HPSUHHQGLPHQWR RX DWLYLGDGH FRP R SDWULP{QLR DPELHQWDO QDWXUDO H FRQVWUXtGR
SDWULP{QLRFXOWXUDOKLVWyULFRHDUWtVWLFRFRPVHXVUHVSHFWLYRVHQWRUQRVQRTXHVHUHIHUHjFRQVHUYDomR
j DSUHHQVmR YLVXDO j YDORUL]DomR GRV EHQV Mi FRQVROLGDGRV H RV GH LQWHUHVVH j SUHVHUYDomR
HOHPHQWRV GH DUWH S~EOLFD DPELrQFLDV XUEDQDV FULDGDV H FRQVROLGDGDV TXH IRUPDP R HVStULWR H D
LGHQWLGDGHGROXJDU
G UHODomR GR HPSUHHQGLPHQWR RX DWLYLGDGH FRP R SDWULP{QLR DPELHQWDO QDWXUDO H FRQVWUXtGR
DUTXHROyJLFRDUTXLWHW{QLFRHWQRJUiILFRKLVWyULFRRXSDLVDJtVWLFRFRPVHXVHQWRUQRVQRTXHVHUHIHUH
j FRQVHUYDomR j DSUHHQVmR YLVXDO j YDORUL]DomR GRV EHQV Mi FRQVROLGDGRV H RV GH LQWHUHVVH j
HOHPHQWRVGHDUWHS~EOLFDDPELrQFLDVXUEDQDVFULDGDV
HGHPDQGDJHUDGDSDUDDLQIUDHVWUXWXUDXUEDQDQRTXHVHUHIHUHDHTXLSDPHQWRVHUHGHVGHiJXD
HVJRWRGUHQDJHPHQHUJLDFRPXQLFDomRFROHWDHWUDWDPHQWRGHUHVtGXRVVyOLGRVHQWUHRXWUDV
ILQIOXrQFLDVREUHEHQVDPELHQWDLVQRTXHVHUHIHUHjTXDOLGDGHGRDUGRVRORHVXEVRORGDViJXDV
GDIORUDGDIDXQDHSROXLo}HVDPELHQWDOYLVXDOHVRQRUDGHFRUUHQWHVGDDWLYLGDGHH
JLPSDFWRQDHVWUXWXUDVRFLRHFRQ{PLFDHFXOWXUDOQRTXHVHUHIHUHDSURGXomRFRQVXPRHPSUHJR
UHQGDHGHPDQGDSRUKDELWDomR
,; TXDQGR H[LJLGR FRPSURPHWHUVH UHDOL]DU FRQVXOWD j SRSXODomR DWLQJLGD DWUDYpV GH UHXQL}HV
DXGLrQFLDVS~EOLFDVHRXWURVPHLRVH
; LQGLFDomR H GHWDOKDPHQWR GDV PHGLGDV PLWLJDGRUDV H FRPSHQVDWyULDV SUHYLVWDV SDUD UHVROYHU RV
LPSDFWRVQHJDWLYRVFRPFURQRJUDPDGHH[HFXomR
3DUD D HODERUDomR GR (,9 D 3UHIHLWXUD 0XQLFLSDO GHYHUi GLVSRQLELOL]DU FySLD PHGLDQWH VLPSOHV
SDJDPHQWRGDPHVPDGDEDVHFDUWRJUiILFDGDiUHDGHLQIOXrQFLDHGRVGDGRVGLVSRQtYHLVUHODWLYRVDR
SODQHMDPHQWRXUEDQR
3RGHUiVHUHVWDEHOHFLGRSURJUDPDGHPRQLWRUDPHQWRGHLPSDFWRVHPHGLGDVSDUDDVXDVROXomR
HP UD]mR GD SHFXOLDULGDGH GR HPSUHHQGLPHQWR RX DWLYLGDGH DQDOLVDGD SRU SUD]R FHUWR RX
LQGHWHUPLQDGR
$UW
6HUmRGHUHVSRQVDELOLGDGHGRHPSUHHQGHGRUDVGHVSHVDVHFXVWRVUHIHUHQWHVj
,UHDOL]DomRGR(,95,9HHVWXGRVFRPSOHPHQWDUHVH[LJLGRVSHORyUJmRGHSODQHMDPHQWRH
,,REUDVHVHUYLoRVFRQIRUPHSUHYLVWRQR7HUPRGH&RPSURPLVVR
$UW 2 (,9 GHYHUi VHU HODERUDGR SRU SURILVVLRQDLV KDELOLWDGRV UHVSRQViYHLV WHFQLFDPHQWH SHORV
UHVXOWDGRV H DSUHVHQWDGR DR yUJmR PXQLFLSDO GH SODQHMDPHQWR QR SUD]R GH WUrV PHVHV DSyV D
H[SHGLomRGR7HUPRGH5HIHUrQFLDSRGHQGRVHUDFHLWRRXUHMHLWDGRPHGLDQWHGHFLVmRPRWLYDGDHP
TXDOTXHUGDVKLSyWHVHV
3DUiJUDIRQLFR$FULWpULRGR,38)DUHTXHULPHQWRGRHPSUHHQGHGRUHPUD]mRGDFRPSOH[LGDGHRX
HVSHFLILFLGDGHGDFRPSOHPHQWDomRH[LJLGDSRGHUiVHUFRQFHGLGDSURUURJDomRGHSUD]RSDUDDHQWUHJD
GRHVWXGR

2,38)GDUiSXEOLFLGDGHDR(,9HDRUHVSHFWLYR5,9ID]HQGRSXEOLFDUHGLWDOQRPXUDOGRiWULR
GR VHX SUpGLR VHGH QR VHX HQGHUHoR HOHWU{QLFR H QR 'LiULR 2ILFLDO (OHWU{QLFR GR 0XQLFtSLR H QD
LPSRVVLELOLGDGHSRGHUiVHUIHLWDHPMRUQDOGHJUDQGHFLUFXODomRORFDOMXVWLILFDGRRFDVR
$UW
2HGLWDOGHYHUiFRQWHUDGHILQLomRFDUDFWHUtVWLFDVSRUWHHiUHDGHLQIOXrQFLDGRHPSUHHQGLPHQWR
RXDWLYLGDGHSURSRVWRVLQGLFDomRGRORFDORQGHVHHQFRQWUDPRVRULJLQDLVSDUDFRQVXOWDHDVLVWHPiWLFD
GHDSUHVHQWDomRIRUPDOGHUHJLVWURVGRFXPHQWRVRXFUtWLFDVDR(,9
$SXEOLFDomRGRHGLWDOGHYHUiRFRUUHUHPDWpGH]GLDVGRSURWRFRORGR(,9SHUPDQHFHQGRGXUDQWH
GH]GLDVFRQVHFXWLYRVQRPXUDOGRiWULRHHQGHUHoRHOHWU{QLFRGRyUJmRPXQLFLSDOGHSODQHMDPHQWR
4XDOTXHU LQWHUHVVDGR SRGHUi VROLFLWDU FySLD GR (,9 H 5,9 QR SUD]R GH VHVVHQWD GLDV DSyV D
SXEOLFDomRGRHGLWDOPHGLDQWHSDJDPHQWR
$UW 6HPSUH TXH IRU R FDVR R ,38) UHDOL]DUi DXGLrQFLD S~EOLFD SDUD DSUHVHQWDomR GR (,9 H 5,9
SHORSURSRQHQWHQRSUD]RGHDWpTXDUHQWDGLDVDSyVDSXEOLFDomRGRHGLWDOUHIHULGRQRDUWFRPD
ILQDOLGDGHGHHVFODUHFLPHQWRGHG~YLGDVHUHFHELPHQWRGHFRQVLGHUDo}HVGDSRSXODomR
$DXGLrQFLDS~EOLFDVHUiUHDOL]DGDQDUHJLmRVREUHDTXDOLQFLGHRHPSUHHQGLPHQWRRXDWLYLGDGH
FRQIRUPHGLVSRQLELOLGDGHGHHVSDoRDSURSULDGR
2HGLWDOGHFRQYRFDomRGDDXGLrQFLDS~EOLFDGHYHUiFRQWHUDGDWDORFDOKRUiULRHDLGHQWLILFDomR
GRHPSUHHQGLPHQWRRXDWLYLGDGHREMHWRGR(,9
2 HGLWDO GH FRQYRFDomR GD DXGLrQFLD S~EOLFD GHYHUi VHU SXEOLFDGR FRP TXLQ]H GLDV GH
DQWHFHGrQFLDHVHUGLYXOJDGRQRiWULRGRSUpGLRVHGHGR,38)QRVHXHQGHUHoRHOHWU{QLFRHQR'LiULR
2ILFLDO(OHWU{QLFRGR0XQLFtSLRHQDLPSRVVLELOLGDGHSRGHUiVHUIHLWRQRyUJmRGDLPSUHQVDRILFLDORX
HPMRUQDOGHJUDQGHFLUFXODomRORFDOMXVWLILFDGRRFDVR
4XDOTXHU LQWHUHVVDGR SRGHUi DSUHVHQWDU SRU HVFULWR FUtWLFDV UHJLVWURV RX GRFXPHQWRV VREUH R
HPSUHHQGLPHQWRRXDWLYLGDGHHVHXVLPSDFWRVTXHIDUmRSDUWHLQWHJUDQWHGR(,9QRSUD]RGHTXLQ]H
GLDVDSyVDUHDOL]DomRGDDXGLrQFLDS~EOLFDLQGHSHQGHQWHGHSDJDPHQWRGHWD[DV
1DKLSyWHVHGDFRPSOHPHQWDomRGR(,9UHVXOWDUHPDOWHUDo}HVVLJQLILFDWLYDVQDSURSRVWDLQLFLDOR
yUJmR PXQLFLSDO GH SODQHMDPHQWR SRGHUi UHDOL]DU QRYD DXGLrQFLD S~EOLFD QRV WHUPRV GR FDSXW GHVWH
DUWLJR
6RPHQWHGHSRLVGHHVJRWDGRRSUD]RUHIHULGRQRGHVWHDUWLJRR(,9HR5,9VHUmRDQDOLVDGRV
SHOR,38)
$UW 2 ,38) GHYHUi DQDOLVDU R (,9 QR SUD]R GH VHVVHQWD GLDV D SDUWLU GR HQFHUUDPHQWR GR SUD]R
SUHYLVWR QR GR DUW GHVWD /HL &RPSOHPHQWDU SRGHQGR VHU SURUURJDGR HP FDVR GH
FRPSOHPHQWDomRRXJUDQGHFRPSOH[LGDGHHPGHFLVmRPRWLYDGD
3DUDDDQiOLVHGR(,9R,38)SRGHUiSURPRYHUDSDUWLFLSDomRPXOWLGLVFLSOLQDUGRVyUJmRVS~EOLFRV
GLUHWDPHQWHHQYROYLGRVFRPRVLWHQVLQWHJUDQWHVGR(,9
2 ,38) SRGHUi VROLFLWDU D FRPSOHPHQWDomR GR (,9 HP GHFLVmR PRWLYDGD YLVDQGR DWHQGHU DRV
UHTXLVLWRVGHVWD/HL&RPSOHPHQWDUHGR7HUPRGH5HIHUrQFLDSDUDYLDELOL]DUDDYDOLDomRWpFQLFD
2(,9VHUiFRQVLGHUDGRHILFD]SRUSHUtRGRHTXLYDOHQWHjYDOLGDGHGROLFHQFLDPHQWRTXHRULJLQRX
$UW 2(,9HR5,9FRPSDUHFHUILQDOGR,38)LQWHJUDUmRRSURFHVVRGHOLFHQFLDPHQWRHKDYHQGR
QHFHVVLGDGHGHDOWHUDomRQRVSURMHWRVDSURYDGRVHVWHVHUiVXEPHWLGRjQRYDDQiOLVH

2 OLFHQFLDPHQWR GHILQLWLYR GR HPSUHHQGLPHQWR RX DWLYLGDGH ILFD FRQGLFLRQDGR D DFHLWDomR GR

UHVSHFWLYR (,9 SHOR ,38) H DVVLQDWXUD GH 7HUPR GH &RPSURPLVVR FRP IRUoD GH WtWXOR H[HFXWLYR
H[WUDMXGLFLDOFRQWHQGRDVPHGLGDVPLWLJDGRUDVHFRPSHQVDWyULDVFRPFURQRJUDPDGHVXDLPSODQWDomR
GHILQLGDVSHOR3RGHU3~EOLFR0XQLFLSDO
$UW
2 GHVFXPSULPHQWR GDV PHGLGDV PLWLJDGRUDV RX FRPSHQVDWyULDV SUHYLVWDV QR 7HUPR GH

&RPSURPLVVRGDUiHQVHMRDRFDQFHODPHQWRGDVOLFHQoDV
2 KDELWHVH RX D OLFHQoD GH IXQFLRQDPHQWR GR HPSUHHQGLPHQWR RX DWLYLGDGH Vy VHUmR HPLWLGRV
PHGLDQWH ODXGR GH YLVWRULD FRPSURYDQGR D FRQFOXVmR GDV REUDV H VHUYLoRV SUHYLVWRV QR 7HUPR GH
&RPSURPLVVRFRQIRUPHFURQRJUDPDGHLPSODQWDomRUHIHULGRQRFDSXWGHVWHDUWLJR
1RFDVRGHH[HFXomRSDUFLDORXGHIHLWXRVDGDVREUDVHFRPSURPLVVRVR3RGHU3~EOLFR0XQLFLSDO
SURPRYHUi D QRWLILFDomR H[WUDMXGLFLDO GR UHVSRQViYHO VHP SUHMXt]R GD H[HFXomR MXGLFLDO GR 7HUPR GH
&RPSURPLVVRFRQIRUPHRFDVR
2V HPSUHHQGLPHQWRV H DWLYLGDGHV VLQJXODUHV S~EOLFRV RX SULYDGRV GH PHQRU LPSDFWR
XUEDQtVWLFR QmR UHODFLRQDGRV QR DUW GHVWD /HL &RPSOHPHQWDU GHYHUmR DSUHVHQWDU HVWXGR
HVSHFtILFRGHORFDOL]DomRFRPRUHTXLVLWRSDUDREWHQomRGROLFHQFLDPHQWRGHFRQVWUXomRDPSOLDomRRX
IXQFLRQDPHQWR
$UW
3DUiJUDIR QLFR 3DUD HIHLWR GH DQiOLVH UHMHLomR H DSURYDomR GR HVWXGR HVSHFtILFR GH ORFDOL]DomR R
,38)DQDOLVDUiRVVHJXLQWHVHOHPHQWRV
,ORFDOL]DomR
,,DVSHFWRVGHPRJUiILFRV
,,,LQIUDHVWUXWXUD
,9XVRGRVROR
9FRQVHTXrQFLDVVREUHDYL]LQKDQoD
9,WUiIHJRHVLVWHPDYLiULR
9,,VDOXEULGDGHHFRQIRUWRDPELHQWDO
9,,,SHULFXORVLGDGHH
,;LPSDFWRVQDSDLVDJHP
$UW 23RGHU([HFXWLYR0XQLFLSDOUHJXODPHQWDUiRSURFHGLPHQWRGHDQiOLVHUHMHLomRHDSURYDomR
GR (,9 H GR HVWXGR HVSHFtILFR GH ORFDOL]DomR QR TXH FRXEHU QR SUD]R GH QRYHQWD GLDV DSyV D
SXEOLFDomRGDSUHVHQWH/HL&RPSOHPHQWDU
&$378/2;,
'26352-(726(63(&,$,6
2V 3URMHWRV (VSHFLDLV VH FDUDFWHUL]DP SRU VHUHP SURMHWRV GH OHL GH HGLILFDo}HV GHVWLQDGDV D
XVRS~EOLFRRXFROHWLYRTXHQmRREVWDQWHVXDUHOHYkQFLDSRUVXDVLQJXODULGDGHQmRVmRFRPSDWtYHLV
FRPRVSDGU}HVXUEDQtVWLFRVGHRFXSDomRGRVRORGHWHUPLQDGRVSHOR3ODQR'LUHWRU
$UW

2V3URMHWRV(VSHFLDLVVHUmRGHFODUDGRVGHLQWHUHVVHS~EOLFRSHOR&KHIHGR3RGHU([HFXWLYRFRP
EDVHHPSDUHFHUWpFQLFRGRyUJmRPXQLFLSDOGHSODQHMDPHQWRRXYLGRR&RQVHOKRGD&LGDGH
2VOLPLWHVXUEDQtVWLFRVGHRFXSDomRGRVRORGRV3URMHWRV(VSHFLDLVVHUmRGHILQLGRVHPSDUHFHUGH
FDUiWHUYLQFXODQWHSDUDR3RGHU([HFXWLYRHPLWLGRSRUHTXLSHWpFQLFDPXOWLGLVFLSOLQDU
$ HTXLSH WpFQLFD PXOWLGLVFLSOLQDU VHUi FRPSRVWD SRU VHUYLGRUHV S~EOLFRV PXQLFLSDLV HIHWLYRV FRP
DWXDomRQDViUHDVDILQVFULDGDSRUDWRGR&KHIHGR3RGHU([HFXWLYR0XQLFLSDO
&$378/2;,,
'2'(7$/+$0(172'$61250$6
6(d2,
'263/$1266(725,$,6
,QVWLWXLQGR R 3ODQR 'LUHWRU FRPR D EDVH GR SODQHMDPHQWR XUEDQR PXQLFLSDO HVWHQGLGR HVWH
FRPR XP SURFHVVR FRQWtQXR H SHUPDQHQWH LQGLFDPVH HVWXGRV H SURSRVWDV VXEVHTXHQWHV QD IRUPD
GH 3ODQRV 6HWRULDLV TXH SRGHP VHU WHPiWLFRV RX WHUULWRULDLV 2V 3ODQRV 6HWRULDLV GHVWLQDPVH D
FRPSOHPHQWDUDVHVWUDWpJLDVGHVWD/HL&RPSOHPHQWDUVXEGLYLGLQGRVHGHQWUHRXWURVHP
$UW
,SODQR6HWRULDOGHUHDV9HUGHV/D]HUH5HFUHDomR
,,SODQR6HWRULDOGH(TXLSDPHQWRVGH(GXFDomR
,,,SODQR6HWRULDOGH(TXLSDPHQWRVGH6D~GH
,9SODQR6HWRULDOGH0RELOLGDGH8UEDQD
9SODQR6HWRULDO&LFORYLiULR
9,SODQR6HWRULDOGH+DELWDomRGH,QWHUHVVH6RFLDO
9,,SODQR0XQLFLSDO,QWHJUDGRGH6DQHDPHQWR%iVLFR
9,,,SODQR6HWRULDOGH5HJXODUL]DomR)XQGLiULD
,;SODQR6HWRULDOGH'LVWULEXLomRGH(QHUJLD(OpWULFD
;SODQR6HWRULDOGH$UERUL]DomRH
;,SODQR6HWRULDOGH(TXLSDPHQWRVSDUDR7XULVPR
2V 3ODQRV 6HWRULDLV VHJXLUmR DV QRUPDV WpFQLFDV HVSHFtILFDV H VHUmR SURSRVWRV SHORV yUJmRV
FRPSHWHQWHV HP FRQVRQkQFLD FRP DV QRUPDV GHVWD /HL &RPSOHPHQWDU H VHX GHVHQYROYLPHQWR VHUi
VHPSUH DFRPSDQKDGR SHOR ,38) SDUD DV DGHTXDo}HV QHFHVViULDV QR XVR H RFXSDomR GR WHUULWyULR
SUHVHUYDGDVDVHVWUDWpJLDVHSULRULGDGHVGHVWD/HL&RPSOHPHQWDUHGRSODQHMDPHQWRXUEDQRPXQLFLSDO
&DGDyUJmRUHVSRQViYHOSHOR3ODQR6HWRULDOVHUiHQFDUUHJDGRGHIRUQHFHUGDGRVDWXDOL]DGRVGH
VHX VHWRU FRP YLVWDV D IRUPDomR GR FDGDVWUR PXOWLILQDOLWiULR D VHU RUJDQL]DGR SHOR yUJmR GH
SODQHMDPHQWRGR0XQLFtSLR
2V3ODQRV6HWRULDLVVHUmRVHPSUHDSUHVHQWDGRVHP$XGLrQFLD3~EOLFD

23ODQR6HWRULDOGH0RELOLGDGHGHYHUiDWHQGHUjVGHPDQGDVDWXDLVHIXWXUDVQXPKRUL]RQWHGH
YLQWH DQRV UHVSHLWDQGR D GLQkPLFD GDV FHQWUDOLGDGHV XUEDQDV GD UHJLmR PHWURSROLWDQD H LQFOXLQGR
WRGRVRVPRGDLVPRWRUL]DGRVHQmRPRWRUL]DGRVLQGLYLGXDLVHFROHWLYRV
$UW
$UW
23ODQR6HWRULDOGH0RELOLGDGHGHYHUiUHVSHLWDUDVVHJXLQWHVGLUHWUL]HV
, REHGHFHUi D XPD KLHUDUTXLD QD TXDO R SHGHVWUH WHP D SUHIHUrQFLD VHJXLGR SHOD ELFLFOHWD R
WUDQVSRUWHFROHWLYRRYHtFXORSDUWLFXODUHSRU~OWLPRRYHtFXORGHFDUJD
,,SRGHUiLQFOXLURWUDQVSRUWHFROHWLYRPDUtWLPRIHUURYLiULRWHOHIpULFRHDpUHRHFULDUiWHUPLQDLVSDUD
VXDLQWHJUDomRFRPRWUDQVSRUWHFROHWLYRURGRYLiULRHQmRPRWRUL]DGR
,,, FRQWHUi PHFDQLVPRV SDUD DVVHJXUDU R DSULPRUDPHQWR GD IUHTXrQFLD FRQIRUWR H TXDOLGDGH GRV
WUDQVSRUWHVFROHWLYRV
,9SULRUL]DUiRVSyORVJHUDGRUHVGHWUiIHJRQDDORFDomRGHLQIUDHVWUXWXUDSDUDWUDQVSRUWHVFROHWLYRV
SHGHVWUHVHFLFOLVWDV
9 GHVYLDUi VHPSUH TXH SRVVtYHO R WUiIHJR GH SDVVDJHP SDUD D SHULIHULD GRV EDLUURV HYLWDQGR D
WUDYHVVLDGH]RQDVUHVLGHQFLDLVHGDViUHDVFHQWUDLVGHFDGDGLVWULWR
9,SUHYHUiVROXomRSDUDRHVWDFLRQDPHQWRQDVSUDLDVHQDViUHDVGHPDLRUFHQWUDOLGDGHGR0XQLFtSLR
H
9,, HVWDEHOHFHUi RV SULQFLSDLV FRUUHGRUHV YLiULRV H GH WUDQVSRUWH GH PDVVD LQWHJUDGRV DRV GLYHUVRV
PRGDLVGHDFRUGRFRPDHVWUXWXUDJHUDOGHPRELOLGDGHDSUHVHQWDGD
6(d2,,
'263/$126(63(&),&26'(85%$1,=$d2
$UW 2V 3ODQRV (VSHFtILFRV GH 8UEDQL]DomR VmR SODQRV XUEDQtVWLFRV GHWDOKDGRV FXMDV SURSRVWDV
GHYHPOHYDUDVROXo}HVHPDQDGDVHDSURIXQGDGDVGDVGLUHWUL]HVSUHYLVWDVQR3ODQR'LUHWRUDRQtYHOGR
ORWH
3DUiJUDIR QLFR 2V 3ODQRV (VSHFtILFRV GH 8UEDQL]DomR GHYHUmR VHU HODERUDGRV SHOR ,38) RX HP
FRPXPDFRUGRFRPHVWHGHYHQGRVHURXYLGRR&RQVHOKRGD&LGDGHHVHXVUHVXOWDGRVDSURYDGRVSHOR
/HJLVODWLYRVHPSUHTXHLPSRUWHPHPDOWHUDo}HVGHVWD/HL&RPSOHPHQWDU
$UW 2V3ODQRV(VSHFtILFRVGH8UEDQL]DomRSRGHUmRDOWHUDUQRWRGRRXHPSDUWHRVLVWHPDYLiULRR
]RQHDPHQWR DV GLPHQV}HV GH ORWHV H RV OLPLWHV GH RFXSDomR GD iUHD DOpP GH ID]HUHP H[LJrQFLDV
DGLFLRQDLVjVGHVWD/HL&RPSOHPHQWDUGHVGHTXHREHGHFLGRVRVVHJXLQWHVFULWpULRV
,PDQWHUDVFRQFHSo}HVHVWUDWpJLFDVSUHYLVWDVQHVWD/HL&RPSOHPHQWDU
,,RWLPL]DURVLVWHPDYLiULRHR]RQHDPHQWRDPELHQWDOSUHYLVWRVQHVWD/HL&RPSOHPHQWDU
,,,QmRDOWHUDUDPpGLDGHGHQVLGDGHSRSXODFLRQDOSUHYLVWDSDUDDUHVSHFWLYDiUHDGR]RQHDPHQWR
,9GHILQLURVLVWHPDGHWUDWDPHQWRILQDOGHHVJRWRVDQLWiULR
9ORFDOL]DUGHVWLQDUHVLQDOL]DUTXDQGRIRURFDVRDViUHDVHVSHFLDLV
9, GHILQLU RV SURMHWRV ILQDLV H DV REUDV TXH FRQGLFLRQDUmR D DSURYDomR GR SODQR H VHX SUD]R GH

LPSODQWDomR
9,,WUDoDURVDOLQKDPHQWRVGDVYLDVPXURVHHGLILFDo}HVDVHUHPFRQVWUXtGDVH
9,,,DVVHJXUDUDSDUWLFLSDomRGDFRPXQLGDGHGLUHWDPHQWHDIHWDGDHPVXDHODERUDomR
2V 3ODQRV (VSHFtILFRV GH 8UEDQL]DomR GHYHUmR LQFOXLU R 3ODQR GH 0DVVD EHP FRPR D
HODERUDomR GH SURMHWR SDLVDJtVWLFR GRV HVSDoRV DEHUWRV LQFOXLQGR D YROXPHWULD GDV HGLILFDo}HV VXD
ORFDOL]DomRQRWHUUHQRDSDLVDJHPHDTXDOLGDGHGHYLGDGRVHWRUFRPRXPWRGR
$UW
&RP YLVWDV D JDUDQWLU D YLDELOLGDGH GH 3ODQRV (VSHFtILFRV GH 8UEDQL]DomR RX SURPRYHU D
UHJXODUL]DomR GH SDUFHODPHQWRV FODQGHVWLQRV SRGHUi R ,38) DSURYDU R UHSDUFHODPHQWR GH LPyYHLV
QRVWHUPRVGDOHJLVODomRYLJHQWH
$UW
2 UHSDUFHODPHQWR VHUi FRQVLGHUDGR DSURYDGR TXDQGR RV GHWHQWRUHV GH VHWHQWD SRU FHQWR GD
iUHDDVVLQDUHPWHUPRGHDGHVmRFRQFRUGDQGRFRPRPHVPR
2UHSDUFHODPHQWRGHTXHWUDWDRFDSXWGHVWHDUWLJRQmRH[LPHRVSURSULHWiULRVGDLPSODQWDomRGR
VLVWHPD YLiULR H GRV HTXLSDPHQWRV XUEDQRV H FRPXQLWiULRV H[LJLGRV SHOD OHJLVODomR GH SDUFHODPHQWR
GRVROR
$UHVSRQVDELOLGDGHSHORVLVWHPDYLiULRHHTXLSDPHQWRVXUEDQRVHFRPXQLWiULRVQmRLPSODQWDGRV
VHUiGRSURSULHWiULRRULJLQDORXGHVHXVVXFHVVRUHVDGPLWLQGRVHRUHFHELPHQWRGHORWHVXUEDQL]DGRV
FRPRUHVVDUFLPHQWRGHVHUYLoRVQHFHVViULRV
6HUiDGRWDGRRUHJLPHGHFRSURSULHGDGHQRFDVRGHSDUFHODPHQWRVFODQGHVWLQRVVHPFRQGLo}HV
GHDGHTXDomRjOHLUHVVDOYDGDDDEHUWXUDGRVLVWHPDYLiULREiVLFR
1mR VHUi HIHWXDGR UHSDUFHODPHQWR HP LPyYHLV VLWXDGRV HP iUHDV GH SUHVHUYDomR DPELHQWDO RX
HPUHDVGH5LVFR*HROyJLFR$5*
2V3ODQRV(VSHFtILFRVGH8UEDQL]DomRGHYHUmRWHUDQXrQFLDSUpYLDGRVyUJmRVFRPSHWHQWHVSDUD
RVDQHDPHQWRHDSUHVHUYDomRDPELHQWDODQWHVGHVXDDSURYDomRILQDOSHOR0XQLFtSLR
&$3,78/2;,9
'26,1&(17,926$6867(17$%,/,'$'($0%,(17$/
)LFDR3RGHU([HFXWLYR0XQLFLSDODXWRUL]DGRDLQVWLWXLUFRPRVHUYLoRVDPELHQWDLVSURJUDPDVGH
DSRLRHLQFHQWLYRVDSUHVHUYDomRGDFREHUWXUDYHJHWDOLQFLGLQGRVREUHRFRQMXQWRGRVHVSDoRVXUEDQRV
GD FLGDGH H QDV LQVHUo}HV GH DUTXLWHWXUD H HTXLSDPHQWRV TXH DPHQL]HP R FRQVXPR GH HQHUJLD H R
LPSDFWR VREUH R PHLR DPELHQWH SRGHQGR DLQGD HVWDEHOHFHU GLIHUHQFLDomR WULEXWiULD H FRQFHGHU
FUpGLWRV FRQVWUXWLYRV SDUD DTXHOHV TXH FXPSUDP RV SDGU}HV H OLPLWHV HVWDEHOHFLGRV QRV SURJUDPDV
FRPRIRUPDGHSURPRomRGRGHVHQYROYLPHQWRHFRORJLFDPHQWHVXVWHQWiYHO
$UW
3DUiJUDIRQLFR2VSURJUDPDVGHTXHWUDWDRFDSXWGHVWHDUWLJRDEUDQJHPDVVHJXLQWHVFDWHJRULDVH
OLQKDVGHDomRTXHHVWDUmRVXMHLWDVDSDJDPHQWRRXLQFHQWLYRDVHUYLoRVDPELHQWDLVFRPRUHWULEXLomR
PRQHWiULD RX QmR jV DWLYLGDGHV GH FRQVHUYDomR H PHOKRULD GRV HFRVVLVWHPDV WDLV FRPR LVRODGD RX
FXPXODWLYDPHQWH
, R VHTXHVWUR D FRQVHUYDomR D PDQXWHQomR H R DXPHQWR GR HVWRTXH H D GLPLQXLomR GR IOX[R GH
FDUERQR
,,DFRQVHUYDomRGDEHOH]DFrQLFDQDWXUDO

,,,DFRQVHUYDomRGDELRGLYHUVLGDGH
,9DFRQVHUYDomRGDViJXDVHGRVVHUYLoRVKtGULFRV
9DYDORUL]DomRFXOWXUDOHGRFRQKHFLPHQWRWUDGLFLRQDOHFRVVLVWrPLFR
9,DFRQVHUYDomRHRPHOKRUDPHQWRGRVRORH
9,,DLPSOHPHQWDomRGHFRQVWUXo}HVVXVWHQWiYHLVTXHEXVTXHPVROXo}HVTXHSRWHQFLDOL]HP
DRXVRUDFLRQDOGHHQHUJLDRXGHHQHUJLDVUHQRYiYHLV
EDJHVWmRHFROyJLFDGDiJXD
FDUHGXomRGRXVRGHPDWHULDLVFRPDOWRLPSDFWRDPELHQWDO
G D UHGXomR GRV UHVtGXRV GD FRQVWUXomR FRP PRGXODomR GH FRPSRQHQWHV SDUD GLPLQXLU SHUGDV H
HVSHFLILFDo}HVTXHSHUPLWDPDUHXWLOL]DomRGHPDWHULDLV
HRHVWtPXORDYHtFXORVHOpWULFRV
IRUHFROKLPHQWRVHOHWLYRHDUHFLFODJHPGROL[RH
JRWUDWDPHQWRGHUHVtGXRVGHXPPRGRJHUDO
9,,,DPDQXWHQomRGHUHDVGH3UHVHUYDomR3HUPDQHQWHHGH5HVHUYD/HJDO
,;DH[HFXomRGHSURJUDPDVHDo}HVGHHGXFDomRDPELHQWDOHPHVSHFLDOHQYROYHQGRDUHGHHVFRODU
H
; D H[HFXomR GH SURJUDPDV H Do}HV YROWDGRV SDUD D DSURSULDomR VRFLDO GR PHLR DPELHQWH H GR
SDWULP{QLRFXOWXUDOGRPXQLFtSLR
23URJUDPDGH,QFHQWLYRj6XVWHQWDELOLGDGHGHYHUiFRQIHULUDVHXVLQWHJUDQWHVSHVVRDVItVLFDV
HMXUtGLFDVDRXWRUJDGR6HORGD)ORULDQySROLV6XVWHQWiYHOTXHSRGHUiVHUIL[DGRHPORFDLVS~EOLFRV
QDIDFKDGDGHFRQVWUXo}HVHHPSXEOLFLGDGHGHXPPRGRJHUDO
$UW
2 3URJUDPD GH ,QFHQWLYRV j VXVWHQWDELOLGDGH WDPEpP SRGHUi FRQWDU FRP HVWtPXORV ILVFDLV H
ILQDQFHLURVSURYHQLHQWHVGHDEDWLPHQWRVGHLPSRVWRVHWD[DVPXQLFLSDLVGHPHFDQLVPRVXUEDQtVWLFRV
GH FRPSHQVDo}HV HIHWLYDGDV QR kPELWR GH RSHUDo}HV XUEDQDV EHQHILFLDQGRVH GD RXWRUJD RQHURVD
GHQWUH RXWURV YDOHQGR PHQFLRQDU HP GHVFRQWRV GR ,378 DWUDYpV GD SRQWXDomR GH LQLFLDWLYDV
FRUUHODWDV jV ILQDOLGDGHV GR SURJUDPD HP FRPSHQVDo}HV GH FRHILFLHQWHV FRQVWUXWLYRV QmR XWLOL]DGRV
HPiUHDVGHYDORUDPELHQWDLVHSDVVtYHLVGHWUDQVIHUrQFLDSDUDVHWRUHVGHWHUPLQDGRVGRPXQLFtSLR
$UW
)LFD HVWDEHOHFLGR R SUD]R GH VHLV PHVHV DSyV D SURPXOJDomR GD OHL GR SODQR GLUHWRU SDUD
DSUHVHQWDomR GH SURMHWR GH OHL LQVWLWXLQGR R 3URJUDPD GH ,QFHQWLYR D 6XVWHQWDELOLGDGH $PELHQWDO HP
WRGRRPXQLFtSLRGH)ORULDQySROLV
$UW
778/2,9
'26,67(0$081,&,3$/'(*(672'$32/7,&$85%$1$
&$3,78/2,
',6326,d(6*(5$,6
)LFDFULDGRR6LVWHPD0XQLFLSDOGH*HVWmRGD3ROtWLFD8UEDQD60*38TXHREMHWLYDJDUDQWLU

XP SURFHVVR GLQkPLFR LQWHJUDGR SHUPDQHQWH H SDUWLFLSDWLYR GH LPSOHPHQWDomR DFRPSDQKDPHQWR H
DYDOLDomR GR 3ODQR 'LUHWRU EHP FRPR GDV SROtWLFDV SURJUDPDV SURMHWRV REUDV H DWLYLGDGHV GHOH
GHFRUUHQWHV
$UW

$UW 26LVWHPD0XQLFLSDOGH*HVWmRGD3ROtWLFD8UEDQD60*38FRQILJXUDVHFRPRXPHVSDoRGH
FLGDGDQLD H JHVWmR SDUWLFLSDWLYD GD FLGDGH RQGH VmR GLVFXWLGRV H DYDOLDGRV R SODQHMDPHQWR GR
PXQLFtSLR H VXDV SULRULGDGHV GLUHWUL]HV SROtWLFDV SURJUDPDV H SURMHWRV GR 3ODQR 'LUHWRU GHYHQGR
RULHQWDUVHSHORVVHJXLQWHVSULQFtSLRV
,WUDQVSDUrQFLDQDHODERUDomRHDPSORDFHVVRjVLQIRUPDo}HVSHUWLQHQWHVDR3ODQR'LUHWRUHDVXDV
DYDOLDo}HV
,, FULDomR GH FDQDLV GH SDUWLFLSDomR H SDUFHULDV HQWUH R 3RGHU 3~EOLFR H RV GLYHUVRV VHJPHQWRV GD
VRFLHGDGHFLYLO
,,,FRPSOHPHQWDULGDGHHLQWHJUDomRHQWUHDVGLUHWUL]HVSROtWLFDVSURJUDPDVHSODQRVVHWRULDLV
,9DUWLFXODomRGDSROtWLFDXUEDQDPXQLFLSDOFRPDUHJLmRPHWURSROLWDQDHPFRQVRQkQFLDFRPSODQRVH
SURJUDPDVHVWDGXDLVHIHGHUDLVH
9 YLDELOLGDGH WpFQLFD H HFRQ{PLFD GDV SURSRVLo}HV DYDOLDGD D SDUWLU GH VXD HILFLrQFLD HTXLGDGH
VRFLDOHEHQHItFLRVjTXDOLGDGHGHYLGD
3DUDJDUDQWLUDJHVWmRGHPRFUiWLFDGDFLGDGHRVVHJXLQWHVLQVWUXPHQWRVVHUmRDGRWDGRVSHOR
([HFXWLYR0XQLFLSDO
$UW
,DXGLrQFLDVGHEDWHVHFRQVXOWDVS~EOLFDV
,,SOHELVFLWRHUHIHUHQGR
,,,RUoDPHQWRSDUWLFLSDWLYRSDUDRVSURJUDPDVSURMHWRVHREUDVGHFRUUHQWHVGR3ODQR'LUHWRUH
,9FRQIHUrQFLDPXQLFLSDOGDFLGDGH
3DUiJUDIR QLFR 6HUi DVVHJXUDGD D SXEOLFLGDGH GRV DWRV SUDWLFDGRV SHOD $GPLQLVWUDomR 3~EOLFD H R
DFHVVRGRVLQWHUHVVDGRVDRVGRFXPHQWRVHLQIRUPDo}HVDHOHVUHODWLYRV
$ DXGLrQFLD S~EOLFD p XPD LQVWkQFLD GH GLVFXVVmR RQGH D $GPLQLVWUDomR 3~EOLFD LQIRUPD H
HVFODUHFH G~YLGDV VREUH SODQRV H SURMHWRV GH LQWHUHVVH GRV FLGDGmRV GLUHWD H LQGLUHWDPHQWH DIHWDGRV
SHORVPHVPRV
$UW
2V GHEDWHV UHIHUHQWHV j SROtWLFD XUEDQD FRQVLVWHP QD H[SRVLomR GH UD]}HV RX DUJXPHQWRV
VREUHXPGHWHUPLQDGRWHPDSRVVLELOLWDQGRXPH[DPHFRPSOHWRRXVHUYLQGRSDUDHVFODUHFLPHQWRVQmR
HVJRWDGRVQDDXGLrQFLDS~EOLFD
$UW
$UW $FRQVXOWDS~EOLFDpXPDLQVWkQFLDFRQVXOWLYDTXHSRGHUiRFRUUHUQDIRUPDGHTXHVWLRQiULRVRX
DVVHPEOHLDV SHUPLWLQGR j $GPLQLVWUDomR 3~EOLFD WRPDU GHFLV}HV EDVHDGDV QR FRQMXQWR GH RSLQL}HV
H[SUHVVDVSHODSRSXODomRLQWHUHVVDGD
$UW 2VWUDEDOKRVREMHWRGHDXGLrQFLDGHEDWHRXFRQVXOWDS~EOLFDILFDUmRjGLVSRVLomRSDUDFRQVXOWD
GRVLQWHUHVVDGRVMXQWRDR,38)HQDLQWHUQHWFRPDQWHFHGrQFLDPtQLPDGHVHWHGLDV
$V DXGLrQFLDV GHEDWHV H FRQVXOWDV S~EOLFDV Vy VHUmR UHSXWDGDV OHJtWLPDV VH HVWLYHUHP
DWHQGLGRVRVUHTXLVLWRVGHDPSODHSUpYLDSXEOLFLGDGH
$UW
$UW ,QWHJUDP R 6LVWHPD 0XQLFLSDO GH *HVWmR GD 3ROtWLFD 8UEDQD 60*38 RV VHJXLQWHV
LQVWUXPHQWRV D VHUHP FULDGRV SHOD SUHVHQWH /HL &RPSOHPHQWDU H UHJXODGRV SRU DWR GR 3RGHU
([HFXWLYR

,R)XQGR0XQLFLSDOGH'HVHQYROYLPHQWR8UEDQR
,,R6LVWHPDGH$YDOLDomRGH'HVHPSHQKR8UEDQR
,,,R6LVWHPDGH,QIRUPDo}HV8UEDQDV0XQLFLSDLVH
,9R6LVWHPDGH$FRPSDQKDPHQWRH&RQWUROHGR3ODQR'LUHWRUGH)ORULDQySROLV
&$378/2,,
'2&216(/+2'$&,'$'(
2 &RQVHOKR GD &LGDGH p yUJmR VXSHULRU GR 6LVWHPD 0XQLFLSDO GH *HVWmR GD 3ROtWLFD 8UEDQD
60*38YLQFXODGRGLUHWDPHQWHDR*DELQHWHGR3UHIHLWRDWXDQGRFRPRFROHJLDGRUHSUHVHQWDWLYRGR
SRGHU S~EOLFR H GRV YiULRV VHJPHQWRV VRFLDLV GH QDWXUH]D FRQVXOWLYD WHQGR SRU ILQDOLGDGH GH
LPSOHPHQWDU R 3ODQR 'LUHWRU DFRPSDQKDU D HODERUDomR GRV SURMHWRV VHWRULDLV HVWXGDU H SURSRU DV
GLUHWUL]HVSDUDDIRUPXODomRHLPSOHPHQWDomRGD3ROtWLFD0XQLFLSDOGH'HVHQYROYLPHQWR8UEDQREHP
FRPRDFRPSDQKDUHDYDOLDUDVXDH[HFXomRFRQIRUPHGLVS}HD/HLQGH(VWDWXWRGD
&LGDGH
$UW
6(d2,
'$6$75,%8,d(6
$UW
$R&RQVHOKRGD&LGDGHFRPSHWH
, SURSRU SURJUDPDV LQVWUXPHQWRV QRUPDV H SULRULGDGHV GD 3ROtWLFD 0XQLFLSDO GH 'HVHQYROYLPHQWR
8UEDQR
,,DFRPSDQKDUHDYDOLDUDLPSOHPHQWDomRGR3ODQR'LUHWRUHGHVXDVHVWUDWpJLDVGLUHWUL]HVSROtWLFDVH
SURJUDPDVHUHFRPHQGDUDVSURYLGrQFLDVQHFHVViULDVDRFXPSULPHQWRGHVHXVREMHWLYRV
,,, SURSRU D HGLomR GH QRUPDV JHUDLV GH GLUHLWR XUEDQtVWLFR H PDQLIHVWDUVH VREUH SURSRVWDV GH
DOWHUDomRGDOHJLVODomRSHUWLQHQWH
,9 HPLWLU UHFRPHQGDo}HV VREUH D DSOLFDomR GR (VWDWXWR GD &LGDGH H GRV GHPDLV DWRV QRUPDWLYRV
UHODFLRQDGRVDRGHVHQYROYLPHQWRXUEDQR
9 HVWLPXODU D FRRSHUDomR HQWUH DV GLYHUVDV VHFUHWDULDV PXQLFLSDLV GH JRYHUQR H GHVWH FRP RV
0XQLFtSLRV GD *UDQGH )ORULDQySROLV H FRP D VRFLHGDGH FLYLO QD IRUPXODomR H H[HFXomR GD 3ROtWLFD
0XQLFLSDOGH'HVHQYROYLPHQWR8UEDQR
9, LQFHQWLYDU D VLQHUJLD H R IRUWDOHFLPHQWR LQVWLWXFLRQDO GH &RQVHOKRV DIHWRV j 3ROtWLFD 0XQLFLSDO GH
'HVHQYROYLPHQWR 8UEDQR H VXDV DWXDo}HV LQWHJUDGDV EHP FRPR HYHQWXDLV IXV}HV HQWUH &RQVHOKRV
DILQV
9,, GLVFXWLU PHWDV H DFRPSDQKDU R DOFDQFH GDV DWLYLGDGHV UHODFLRQDGDV FRP R GHVHQYROYLPHQWR
XUEDQR
9,,,SURSRUDUHDOL]DomRGHHVWXGRVGLIXVmRHGHEDWHVVREUHDDSOLFDomRHRVUHVXOWDGRVHVWUDWpJLFRV
DOFDQoDGRVSHORVSURJUDPDVHSURMHWRVGHVHQYROYLGRVSRUHVWH3ODQR'LUHWRU

,; HVWLPXODU D DPSOLDomR H R DSHUIHLoRDPHQWR GRV PHFDQLVPRV GH SDUWLFLSDomR H FRQWUROH VRFLDO
YLVDQGRIRUWDOHFHURGHVHQYROYLPHQWRXUEDQRVXVWHQWiYHO
;SURSRUGLUHWUL]HVHFULWpULRVSDUDDGLVWULEXLomRVHWRULDOGRRUoDPHQWRDQXDOHGRSODQRSOXULDQXDOGR
0XQLFtSLRGH)ORULDQySROLV
;,SURSRUDUHDOL]DomRGHVHPLQiULRVRXHQFRQWURVUHJLRQDLVVREUHWHPDVGHVXDDJHQGDEHPFRPR
HVWXGRV VREUH D GHILQLomR GH FRQYrQLRV QD iUHD GH GHVHQYROYLPHQWR XUEDQR VXVWHQWiYHO H GD
SURSULHGDGHXUEDQD
;,,DFRPSDQKDUDXWLOL]DomRGRVUHFXUVRVGR)XQGR0XQLFLSDOGH'HVHQYROYLPHQWR8UEDQR
;,,,GDUSXEOLFLGDGHjVVXDVGHFLV}HVPHGLDQWHSXEOLFDomRHPPHLRHOHWU{QLFR
;,9FRQYRFDUDV&RQIHUrQFLDVGD&LGDGHH
;9SURSRUVHXUHJLPHQWRLQWHUQRHGHFLGLUVREUHDVDOWHUDo}HVSURSRVWDVSRUVHXVPHPEURV
6(d2,,
'$&20326,d2
2&RQVHOKRGD&LGDGHpFRPSRVWRSHOR3UHIHLWR0XQLFLSDOHXPPi[LPRGHFHP&RQVHOKHLURV
PHPEURV HIHWLYRV GLVWULEXtGRV HQWUH RV VHJPHQWRV GH JRYHUQR H VRFLHGDGH FLYLO RUJDQL]DGD SRU
VHWRUHVGRPXQLFtSLRHVRFLHGDGHFLYLORUJDQL]DGDGHDEUDQJrQFLDGLIXVD
$UW
$ UHSUHVHQWDomR GR JRYHUQR LQFOXLUi RV yUJmRV PXQLFLSDLV HVWDGXDLV H IHGHUDLV H GHYHUi
UHSUHVHQWDUTXDUHQWDSRUFHQWRGRWRWDOGHFRQYLGDGRV
$ UHSUHVHQWDomR GD VRFLHGDGH FLYLO RUJDQL]DGD VH GDUi DWUDYpV GH UHSUHVHQWDQWHV GH DWp WULQWD
VHWRUHVGDFLGDGH
$ UHSUHVHQWDomR GD VRFLHGDGH FLYLO RUJDQL]DGD GH DEUDQJrQFLD GLIXVD LQFOXLUi DV DVVRFLDo}HV
SURILVVLRQDLV HQWLGDGHV GH FODVVH RUJDQL]Do}HV SDWURQDLV VLQGLFDWRV XQLYHUVLGDGHV RUJDQL]Do}HV
QmR JRYHUQDPHQWDLV IXQGDo}HV SULYDGDV FRQVHOKRV DIHWRV DR GHVHQYROYLPHQWR XUEDQR H HQWLGDGHV
UHSUHVHQWDWLYDVGHSHVVRDVFRPUHGX]LGDPRELOLGDGHHVHGDUiDWUDYpVGHUHSUHVHQWDQWHVGHDWpWULQWD
HQWLGDGHV
&RPSHWH DR ,38) SURPRYHU D FRQYRFDomR H R FDGDVWUDPHQWR GRV UHSUHVHQWDQWHV GD
VRFLHGDGH FLYLO RUJDQL]DGD DVVHJXUDQGRVH GH SURPRYHU DPSOD GLYXOJDomR H DYDOLDU VH DV PHVPDV
SRVVXHP REMHWLYRV H DILQLGDGHV FRP D SROtWLFD GH GHVHQYROYLPHQWR XUEDQR RUJDQL]DQGR QR SUD]R
Pi[LPRGHQRYHQWDGLDVDSyVRLQtFLRGHYLJrQFLDGHVWD/HL&RPSOHPHQWDU
$UW
3DUiJUDIR QLFR &DGD HQWLGDGH WHUi GLUHLWR D LQGLFDomR GH XP UHSUHVHQWDQWH H VHX UHVSHFWLYR
VXSOHQWH H SRGHUi YRWDU HP DWp GH] UHSUHVHQWDQWHV HQWUH RV LQGLFDGRV VHQGR HOHLWRV DTXHOHV PDLV
YRWDGRV
$UW 2V PHPEURV GR &RQVHOKR GD &LGDGH VHUmR HPSRVVDGRV SHOR &KHIH GR 3RGHU ([HFXWLYR
0XQLFLSDOHRPDQGDWRGH&RQVHOKHLURpGHGRLVDQRV
3DUiJUDIR QLFR $V HOHLo}HV GR &RQVHOKR GD &LGDGH DSyV R SULPHLUR PDQGDWR VHUmR GLVFLSOLQDGDV
SRUVHX5HJLPHQWR,QWHUQR
$UW
2 &RQVHOKR GD &LGDGH VHUi SUHVLGLGR SHOR &KHIH GR 3RGHU ([HFXWLYR 0XQLFLSDO H VXD

6HFUHWDULDFDEHUij60'8HDVXEVHFUHWDULDDR,38)
3DUiJUDIRQLFR(PVXDDXVrQFLDR3UHVLGHQWHVHUiVXEVWLWXtGRSHORWLWXODUGD60'8RXGR,38)
2 &RQVHOKR GD &LGDGH SRGHUi LQVWLWXLU VXEFRQVHOKRV FkPDUDV GLVWULWDLV RX UHJLRQDLV SDUD
WUDWDU GH DVVXQWRV GH H[FOXVLYR LQWHUHVVH ORFDO GHVGH TXH PDQWLGD D PHVPD SDULGDGH H
UHSUHVHQWDWLYLGDGHSUHYLVWDVQHVWD/HL&RPSOHPHQWDU
$UW
2 3RGHU ([HFXWLYR 0XQLFLSDO VXEPHWHUi DQXDOPHQWH DR &RQVHOKR GD &LGDGH UHODWyULR GH
DYDOLDomRGDSROtWLFDXUEDQDDUWLFXODGDFRPRSODQRGHDomRSDUDRDQRVHJXLQWH
$UW
68%6(d2,
'$35(6,'1&,$'2&216(/+2'$&,'$'(
$UW
6mRDWULEXLo}HVGR3UHVLGHQWHGR&RQVHOKRGD&LGDGH
,FRQYRFDUHSUHVLGLUDVUHXQL}HVGRFROHJLDGR
,, VROLFLWDU D HODERUDomR GH HVWXGRV LQIRUPDo}HV H SDUHFHUHV VREUH WHPDV GH UHOHYDQWH LQWHUHVVH
S~EOLFR
,,,ILUPDUDVDWDVGDVUHXQL}HVHKRPRORJDUDVUHVROXo}HV
,9FRQVWLWXLUHRUJDQL]DURIXQFLRQDPHQWRGRV&RPLWrV7pFQLFRVHFRQYRFDUDVUHVSHFWLYDVUHXQL}HV
SRGHQGR HVWD DWULEXLomR VHU GHOHJDGD DRV VHFUHWiULRV PXQLFLSDLV GD 3UHIHLWXUD 0XQLFLSDO GH
)ORULDQySROLV
9 HPSRVVDU RV &RQVHOKHLURV LQWHJUDQWHV GR &RQVHOKR GD &LGDGH QD TXDOLGDGH GH WLWXODUHV H
UHVSHFWLYRVVXSOHQWHVH
9,FRQYRFDUD&RQIHUrQFLD0XQLFLSDOGD&LGDGH
68%6(d2,,
'$6'(&,6(6
$UW
23UHVLGHQWHH[HUFHUiRYRWRGHTXDOLGDGHHPFDVRVGHHPSDWH
2UHJLPHQWRLQWHUQRGR&RQVHOKRGD&LGDGHVHUiDSURYDGRQDIRUPDGHILQLGDSRUUHVROXomRH
VHUiPRGLILFDGRVRPHQWHPHGLDQWHDSURYDomRGHGRLVWHUoRVGHVHXVLQWHJUDQWHV
$UW
6(d2,,,
'$&21)(51&,$'$&,'$'('()/25,$132/,6
$ &RQIHUrQFLD GD &LGDGH p XP DPSOR GHEDWH S~EOLFR VREUH R SODQHMDPHQWR HVWUDWpJLFR GR
GHVHQYROYLPHQWR XUEDQR GR 0XQLFtSLR QXPD SURMHomR WHPSRUDO FRP SDUWLFLSDomR DEHUWD D WRGRV RV
FLGDGmRVHRUJDQL]Do}HVOHJDOPHQWHFRQVWLWXtGDV
$UW
3DUiJUDIR QLFR $ &RQIHUrQFLD GD &LGDGH VHUi SURPRYLGD SHOR &RQVHOKR GD &LGDGH SHOR PHQRV D
FDGDWUrVDQRV

$UW
6mRREMHWLYRVGD&RQIHUrQFLDGD&LGDGH
,GHEDWHUFRQFHLWRVSROtWLFDVSURMHWRVHDo}HVXUEDQtVWLFDVGHLQWHUHVVHGDFLGDGH
,,RSLQDUVREUHSURMHWRVHDo}HVXUEDQtVWLFDVUHOHYDQWHVSURSRVWRVSDUDDFLGDGH
,,, VHQVLELOL]DU H PRELOL]DU D VRFLHGDGH SDUD HVWDEHOHFHU DJHQGDV PHWDV H Do}HV FRP YLVWDV D
HTXDFLRQDURVSUREOHPDVXUEDQRV
,9 DYDOLDU D DSOLFDomR GR (VWDWXWR GD &LGDGH H GHPDLV DWRV QRUPDWLYRV H OHJLVODomR UHODFLRQDGD j
SROtWLFDGHGHVHQYROYLPHQWRXUEDQRH
9DYDOLDUDDWXDomRHGHVHPSHQKRGR&RQVHOKRGD&LGDGH
&$3,78/2,,,
'$6(&5(7$5,$081,&,3$/'(0(,2$0%,(17(('(6(192/9,0(17285%$12
$ 60'8 ILFD LQFXPELGD GH FRRUGHQDU D DWXDomR LQWHJUDGD GRV yUJmRV GH SODQHMDPHQWR
H[HFXomROLFHQFLDPHQWRXUEDQtVWLFRHDPELHQWDOGD3UHIHLWXUDGH)ORULDQySROLVTXDLVVHMDPR,38)D
)/25$0HD6HFUHWDULD([HFXWLYDGH6HUYLoRV3~EOLFRV6(63QRVWHUPRVGD/HL&RPSOHPHQWDUQ
GH
$UW
6(d2,
'2,167,7872'(3/$1(-$0(17285%$12'()/25,$132/,6,38)
&RPSHWH DR ,QVWLWXWR GH 3ODQHMDPHQWR 8UEDQR ,38) GH )ORULDQySROLV VHP SUHMXt]R GDV
DWULEXLo}HVHVSHFtILFDVGHILQLGDVSHOD/HL0XQLFLSDOQGHDHODERUDomRHLPSOHPHQWDomR
GR3ODQR'LUHWRUHPVXDtQWHJUDSULRUL]DQGR
$UW
,DLPSODQWDomRHPRQLWRUDPHQWRGDVHVWUDWpJLDVGHGHVHQYROYLPHQWRGR0XQLFtSLR
,,DDUWLFXODomRHFRRUGHQDomRGDSDUWLFLSDomRGDVRFLHGDGHFLYLOHGHLQVWkQFLDVS~EOLFDVQRSURFHVVR
GHSODQHMDPHQWRQDFRQGLomRGHWLWXODUGD6HFUHWDULDGR&RQVHOKRGD&LGDGH
,,, R JHUHQFLDPHQWR GR 3ODQR 'LUHWRU HP WRGDV DV VXDV HWDSDV GHVGH D FRQFHSomR DWp D
LPSOHPHQWDomR
,9RPRQLWRUDPHQWRHDYDOLDomRGRGHVHPSHQKRGR3ODQR'LUHWRUHDH[HFXomRGHVXDVDWXDOL]Do}HV
HDGHTXDo}HV
9 D SURSRVLomR HODERUDomR JHUHQFLDPHQWR FRRUGHQDomR H PRQLWRUDPHQWR GH SODQRV SURJUDPDV
SURMHWRVQRUPDVHOHJLVODo}HVYLQFXODGDVDR3ODQR'LUHWRU
9,DSURPRomRHGLYXOJDomRGDVQRUPDVXUEDQtVWLFDVHGRVSURJUDPDVHSURMHWRVGR3ODQR'LUHWRU
9,,DSHVTXLVDDQiOLVHFRQVROLGDomRPDQXWHQomRHJXDUGDGR6LVWHPDGH,QIRUPDo}HV0XQLFLSDO
9,,, D SURPRomR HP SDUFHULD FRP RUJDQLVPRV JRYHUQDPHQWDLV H QmRJRYHUQDPHQWDLV LQFOXVLYH GH
kPELWRV QDFLRQDLV H LQWHUQDFLRQDLV GD LGHQWLILFDomR GH VLVWHPDV GH SHVTXLVDV LQIRUPDo}HV H
LQGLFDGRUHV QR VHQWLGR GH HVWDEHOHFHU PHWDV H SURFHGLPHQWRV SDUD PRQLWRUDU D DSOLFDomR GDV

DWLYLGDGHVUHODFLRQDGDVFRPRGHVHQYROYLPHQWRXUEDQR
,;DFHOHEUDomRGHFRQYrQLRVHDFRUGRVSDUDRGHVHQYROYLPHQWRGHVXDVIXQo}HVH
; D FDSDFLWDomR SHUPDQHQWH GH UHFXUVRV KXPDQRV SDUD R IXQFLRQDPHQWR GR 6LVWHPD 0XQLFLSDO GH
*HVWmRGD3ROtWLFD8UEDQD
3DUiJUDIRQLFR$VDWLYLGDGHVDWULEXtGDVDR,38)QmRSRGHUmRVHUH[HFXWDGDVSRURXWUDVVHFUHWDULDV
GR0XQLFtSLR
2 ,QVWLWXWR GH 3ODQHMDPHQWR 8UEDQR GH )ORULDQySROLV ,38) DOpP GH VXDV FRPSHWrQFLDV H
DWULEXLo}HV LQFOXVLYH DTXHODV YLQFXODGDV DR SODQHMDPHQWR XUEDQR H WHUULWRULDO DRV SDUkPHWURV
FRQVWUXWLYRVjPRELOLGDGHXUEDQDHQJHQKDULDGHWUkQVLWRHDRVLVWHPDYLiULRGHYHUiHVWUXWXUDUVHHP
iUHDV TXH FRQWHPSOHP R SDWULP{QLR H D SDLVDJHP RFXSDomR H XVR GR VROR LQFOXVLYH SURPRYHQGR
SHVTXLVDVHDSURIXQGDPHQWRVSUiWLFRVHFRQFHLWXDLVQHVVDViUHDV
$UW
&$378/2,9
'26,167580(1726'26,67(0$081,&,3$/'(*(672'$32/7,&$85%$1$
6(d2,
'26,67(0$081,&,3$/'(,1)250$d(6
)LFD FULDGR R 6LVWHPD 0XQLFLSDO GH ,QIRUPDo}HV 8UEDQtVWLFDV YLQFXODGR DR ,38) FRP R
REMHWLYR GH FROHWDU DUPD]HQDU SURFHVVDU DWXDOL]DU H FRQVROLGDU GDGRV H IRUQHFHU DV LQIRUPDo}HV H
LQGLFDGRUHVQHFHVViULRVjLPSOHPHQWDomRGDSROtWLFDGHGHVHQYROYLPHQWRXUEDQR
$UW
26LVWHPD0XQLFLSDOGH,QIRUPDo}HVLQFOXLUiEDQFRVGHGDGRVLQIRUPDo}HVHLQGLFDGRUHVVRFLDLV
FXOWXUDLV HFRQ{PLFRV ILQDQFHLURV SDWULPRQLDLV DGPLQLVWUDWLYRV ItVLFRWHUULWRULDLV DPELHQWDLV H RXWURV
GHLQWHUHVVHSDUDRGHVHQYROYLPHQWRGR0XQLFtSLR
2 6LVWHPD 0XQLFLSDO GH ,QIRUPDo}HV LQFOXLUi WRGDV DV DWLYLGDGHV GH JHRSURFHVVDPHQWR
FRUSRUDWLYRGR0XQLFtSLR
2,QVWLWXWRGH3ODQHMDPHQWR8UEDQRGH)ORULDQySROLVGHILQLUiDVXQLGDGHVHVWDWtVWLFDVEiVLFDVGR
6LVWHPD0XQLFLSDOGH,QIRUPDo}HV
$UW
26LVWHPD0XQLFLSDOGH,QIRUPDo}HVGHYHUiREHGHFHUDRVSULQFtSLRVGH
,RUJDQL]DomRVLPSOLILFDomRHFRQRPLFLGDGHHILFiFLDFODUH]DSUHFLVmRHVHJXUDQoDH
,, GHPRFUDWL]DomR SXEOLFL]DomR H GLVSRQLELOL]DomR GDV LQIRUPDo}HV HP HVSHFLDO DV UHODWLYDV j
LPSOHPHQWDomRGR3ODQR'LUHWRU
2VDJHQWHVS~EOLFRVHSULYDGRVFRPDWXDomRQRWHUULWyULRPXQLFLSDOLQFOXLQGRRV&DUWyULRVGH
5HJLVWUR GH ,PyYHLV GHYHUmR REVHUYDU R 6LVWHPD 0XQLFLSDO GH ,QIRUPDo}HV EHP FRPR IRUQHFHU DR
0XQLFtSLRDVLQIRUPDo}HVQHFHVViULDVDSHUPDQHQWHDWXDOL]DomRGREDQFRGHGDGRV
$UW
$V EDVHV LQIRUPDFLRQDLV GR 6LVWHPD 0XQLFLSDO GH ,QIRUPDo}HV GHYHUmR VHU JHRUUHIHUHQFLDGDV
TXDQGRSRVVtYHOXWLOL]DQGRVHDUHGHJHRGpVLFDLPSODQWDGDQR0XQLFtSLRSHOR,38)
$VFRQFHVVLRQiULDVGHVHUYLoRVS~EOLFRVGHYHUmRIRUQHFHUDR6LVWHPD0XQLFLSDOGH,QIRUPDo}HVR
PDSHDPHQWRGLJLWDOGHVXDVUHGHVQRSUD]RPi[LPRGHWUrVDQRVDFRQWDUGRLQtFLRGDYLJrQFLDGHVWD
/HL&RPSOHPHQWDU

$UW )LFDDVVHJXUDGRDRVyUJmRVLQIRUPDGRUHVHDWRGRFLGDGmRRDFHVVRDRVGDGRVLQIRUPDo}HVH
LQGLFDGRUHVFRQVWDQWHVGR6LVWHPD0XQLFLSDOGH,QIRUPDo}HVUHVVDOYDGRDTXHODVSURWHJLGDVSRUOHL
2VGDGRVLQIRUPDo}HVHLQGLFDGRUHVVRPHQWHVHUmROLEHUDGRVSDUDFRQVXOWDS~EOLFDDSyVWHUHP
VLGRFRQVROLGDGRV
2 3RGHU 3~EOLFR SRGHUi LQVWLWXLU WDULIDV SDUD D FREHUWXUD GRV FXVWRV GHFRUUHQWHV GD REWHQomR H
IRUQHFLPHQWRGDVLQIRUPDo}HV
6(d2,,
'2)81'2081,&,3$/'('(6(192/9,0(17285%$12
$UW )LFD FULDGR XP )XQGR 0XQLFLSDO GH 'HVHQYROYLPHQWR 8UEDQR )0'8 IRUPDGR SRU UHFXUVRV
SURYHQLHQWHVGH
,,,FRQWULEXLo}HVRXGRDo}HVGHHQWLGDGHVQDFLRQDLVRXLQWHUQDFLRQDLV
,9FRQWULEXLo}HVRXGRDo}HVGHSHVVRDVItVLFDVRXMXUtGLFDV
9HPSUpVWLPRVRXRSHUDo}HVGHILQDQFLDPHQWRLQWHUQRVRXH[WHUQRV
9,DFRUGRVFRQWUDWRVFRQVyUFLRVHFRQYrQLRV
9,,UHFHLWDVGDXWLOL]DomRGHEHQVS~EOLFRVHGLILFDo}HVVRORVXEVRORHHVSDoRDpUHR
9,,,RSHUDo}HVXUEDQDVFRQVRUFLDGDV
,; YDORUHV LQFOXtGRV QDV PHGLGDV PLWLJDGRUDV GHWHUPLQDGDV SRU 7HUPRV GH $MXVWDPHQWR RX SHORV
(VWXGRVGH,PSDFWRGH9L]LQKDQoD
;FRQWULEXLomRGHPHOKRULDGHFRUUHQWHGHREUDVS~EOLFDVUHDOL]DGDVFRPEDVHQR3ODQR'LUHWRU
;,SHUFHQWXDOGDDUUHFDGDomRGHPXOWDVRULXQGDVGHLQIUDo}HVHGLOtFLDVHXUEDQtVWLFDVDVHUGHILQLGR
SHOR&RQVHOKRGD&LGDGH
;,,UHFHLWDVRULXQGDVGD2XWRUJD2QHURVD
;,,,UHFHLWDVRULXQGDVGH2SHUDo}HV8UEDQDV&RQVRUFLDGDV
;,9UHFHLWDVRULXQGDVGD7UDQVIHUrQFLDGR'LUHLWRGH&RQVWUXLU
;9UHQGDVGDDSOLFDomRILQDQFHLUDGRVVHXVUHFXUVRVSUySULRV
;9,RXWUDVUHFHLWDVTXHOKHVHMDPGHVWLQDGDVSRUOHLH
;9,, RXWUDV UHFHLWDV VHMDP HYHQWXDLV VHMDP DGYLQGDV GD DSOLFDomR GRV LQVWUXPHQWRV GH SROtWLFD
XUEDQDSUHYLVWRVQHVWD/HL&RPSOHPHQWDU

2V UHFXUVRV GR )XQGR 0XQLFLSDO GH 'HVHQYROYLPHQWR 8UEDQR )0'8 GHYHUmR VHU DSOLFDGRV
QDFRQVHFXomRGDVILQDOLGDGHVSUHYLVWDVQHVWH3ODQR'LUHWRUHVSHFLDOPHQWHQDH[HFXomRGHREUDVGH
LQIUDHVWUXWXUDXUEDQD
$UW
6(d2,,,
'26,67(0$'($9$/,$d2'(,1',&$'25(6'2'(6(03(1+285%$12
$UW 26LVWHPDGH$YDOLDomRGH,QGLFDGRUHVGR'HVHPSHQKR8UEDQR6$,'8DIHWRDR,38)WHP

FRPR REMHWLYR UHTXLVLWDU UHFHEHU SURFHVVDU DGPLQLVWUDU H FRQVROLGDU GDGRV H IRUQHFHU LQIRUPDo}HV
DRV GLYHUVRV yUJmRV GD $GPLQLVWUDomR 3~EOLFD PXQLFLSDO FRP YLVWDV DR SODQHMDPHQWR DR
PRQLWRUDPHQWRjLPSOHPHQWDomRHDYDOLDomRGHSROtWLFDVXUEDQDVVXEVLGLDQGRDWRPDGDGHGHFLV}HV
GR3RGHU3~EOLFRHR6LVWHPD0XQLFLSDOGH*HVWmRGD3ROtWLFD8UEDQD60*38DRORQJRGRSURFHVVR
GHIRUPXODomRGRVSURJUDPDVHSURMHWRVGR3ODQR'LUHWRU
3DUiJUDIR QLFR 2 6LVWHPD GH $YDOLDomR GH ,QGLFDGRUHV GR 'HVHPSHQKR 8UEDQR 6$,'8 GHYH
LQWHUSUHWDU RV GDGRV FRQVWDQWHV GR 6LVWHPD 0XQLFLSDO GH ,QIRUPDo}HV FRP YLVWDV D DYDOLDU R
FXPSULPHQWR GDV PHWDV GH FDGD SROtWLFD RX SURJUDPD H SURSRU FRUUHo}HV H DMXVWHV DRV HQWHV
LQFXPELGRVGHLPSOHPHQWDUDVDo}HVDGPLQLVWUDWLYDV
$UW 26$,'8pGHVWLQDGRjDXWRDYDOLDomRGDJHVWmRGHJRYHUQRQRVDVVXQWRVXUEDQRDPELHQWDLV
VHUYLQGRGHEDVH
,DHYHQWXDLVDMXVWHVHGHILQLo}HVGRSODQRSOXULDQXDOIXWXURH
,,DFRQIHFomRGRUHODWyULRELDQXDOGHDYDOLDomRGDSROtWLFDXUEDQD
6(d2,9
'26,67(0$'($&203$1+$0(172(&21752/('23/$12',5(725'()/25,$132/,6
2 6LVWHPD GH $FRPSDQKDPHQWR H &RQWUROH 6$& WHP SRU REMHWLYR RUJDQL]DU VLVWHPDWL]DU H
GLVSRQLELOL]DU DV LQIRUPDo}HV H Do}HV QHFHVViULDV DR PRQLWRUDPHQWR H FRQWUROH GD LPSODQWDomR GR
3ODQR'LUHWRUSHOR3RGHU3~EOLFRHSHODVRFLHGDGHFLYLO
$UW
2 DFRPSDQKDPHQWR H FRQWUROH GR 3ODQR 'LUHWRU VHUmR IHLWR SHORV yUJmRV FRPSHWHQWHV
DQDOLVDQGRSULQFLSDOPHQWHDFRUUHomRHDHILFLrQFLDGRVVHJXLQWHVVHUYLoRVSULQFLSDLV
$UW
,FRQVXOWDGHYLDELOLGDGHDSURYDomRHOLFHQFLDPHQWRGHSURMHWRV
,,ILVFDOL]DomRGHREUDVHLQVWDODo}HV
,,,PRQLWRUDPHQWRGRXVRHGDRFXSDomRGRVRORH
,9 LPSOHPHQWDomR GH SODQRV H Do}HV HVWUDWpJLFDV SUHYLVWDV QR 3ODQR 'LUHWRU H DV SULRUL]DGDV QD
LPSOHPHQWDomRGDVSROtWLFDVS~EOLFDVGHSODQHMDPHQWRHGHVHQYROYLPHQWRXUEDQR
2V yUJmRV ILVFDOL]DGRUHV SXEOLFDUmR UHODWyULRV WULPHVWUDLV VREUH DV DWLYLGDGHV GH ILVFDOL]DomR H
LQVWLWXLUmRVLVWHPDVGHGLVTXHGHQ~QFLDSDUDDWHQGHUHPWHPSRUHDODVGHPDQGDVGDFRPXQLGDGH
)LFDR,38)DXWRUL]DGRDFULDUXPVHWRUGHFRPXQLFDomRSDUDSURPRYHURDFHVVRjVLQIRUPDo}HV
jSXEOLFLGDGHGRVWUDEDOKRVjWUDQVSDUrQFLDHjSDUWLFLSDomRS~EOLFDQRSURFHVVRGHILVFDOL]DomRHTXH
GHYHUiVHUYLUDWRGRR6LVWHPD

$UW $V Do}HV GH ILVFDOL]DomR GHYHUmR RFRUUHU GH IRUPD LQWHJUDGD HQYROYHQGR WRGRV RV VHWRUHV H
SURILVVLRQDLVTXHID]HPSDUWHGRJHUHQFLDPHQWRPXQLFLSDOQRVHQWLGRGH
,DVVHJXUDURVSDGU}HVGHVHJXUDQoDKLJLHQHVDOXEULGDGHHFRQIRUWRGDVHGLILFDo}HV
,,FRQWURODUHDFRPSDQKDUDHYROXomRGRHVSDoRXUEDQRFRQVWUXtGRH
,,,JDUDQWLUTXHDVHGLILFDo}HVLPSODQWDo}HVHSDUFHODPHQWRVGRVRORHVWHMDPGHDFRUGRFRPR3ODQR
'LUHWRU
3DUiJUDIRQLFR$ILVFDOL]DomRPXQLFLSDOILFDDXWRUL]DGDDFHOHEUDUFRQYrQLRVSDUDDWXDomRLQWHJUDGD
FRPDILVFDOL]DomRGHyUJmRVHHQWLGDGHVDILQVS~EOLFRVRXSULYDGRVIHGHUDLVHHVWDGXDLV
2DFRPSDQKDPHQWRHFRQWUROHGR3ODQR'LUHWRUVHUmRIHLWRVSHORVyUJmRVFRPSHWHQWHVHSHOD
VRFLHGDGHFLYLODWUDYpVGH
$UW
, DFHVVR DR 6LVWHPD 0XQLFLSDO GH ,QIRUPDo}HV QR TXDO R 3RGHU 3~EOLFR 0XQLFLSDO GLVSRQLELOL]DUi
GDGRVGRJHRSURFHVVDPHQWRFDGDVWUDOVREUHRVOLFHQFLDPHQWRV
,,UHTXHULPHQWRVIXQGDPHQWDGRVGHSURYLGrQFLDVH
,,,REWHQo}HVGHFHUWLG}HVGRVyUJmRVS~EOLFRVFRPSHWHQWHV
',6326,d(6),1$,6(75$16,75,$6
1RV WHUUHQRV VLWXDGRV HP YLDV TXH QmR GLVSXVHUHP GH LQIUDHVWUXWXUD EiVLFD FRPSOHWD VHUi
DGPLWLGDVRPHQWHDFRQVWUXomRGHHGLILFDo}HVTXHDWHQGDPDREiVLFRGRUHVSHFWLYRWHUUHQR
$UW
3DUiJUDIR QLFR (GLILFDo}HV FRP TXDWUR SDYLPHQWRV RX PDLV VRPHQWH SRGHUmR VHU FRQVWUXtGDV HP
YLDVFRPFDL[DPtQLPDGHGR]HPHWURVHTXHPDQWHQKDPHVWDFDL[DPtQLPDDWpRHQFRQWURFRPXPD
YLD GH LJXDO RX PDLRU SRUWH (GLItFLRV GHVWH SRUWH VHUmR GRWDGRV REULJDWRULDPHQWH GH FDOoDGDV FRP
ODUJXUDPtQLPDGHWUrVPHWURV
2XVRGRSDYLPHQWRWpUUHRSDUDILQVFRPHUFLDVRXGHVHUYLoRVVHUiREULJDWyULRHPSHORPHQRV
XP WHUoR GD IDFKDGD SULQFLSDO GD HGLILFDomR QDV iUHDV HP TXH VH TXHU DFHQWXDU D FHQWUDOLGDGH
5HJXODPHQWDGRSHOR'HFUHWRQ
$UW
5HVVDOYDGDV DV REUDV Mi LQLFLDGDV R SUD]R GH YDOLGDGH GRV OLFHQFLDPHQWRV H DSURYDo}HV
H[SHGLGRVDQWHULRUPHQWHjYLJrQFLDHHPGHVFRQIRUPLGDGHFRPHVWD/HL&RPSOHPHQWDUSHOD3UHIHLWXUD
0XQLFLSDOGH)ORULDQySROLVVHUiGHXPDQRDSDUWLUGDSXEOLFDomRGDPHVPD$UWLJRUHJXODPHQWDGRSHOR
'HFUHWRQ
$UW
&RQVLGHUDVH REUD LQLFLDGD DTXHOD FXMDV IXQGDo}HV HVWHMDP FRQFOXtGDV DWp R QtYHO GD YLJD GH
EDOGUDPH
2LQtFLRGDFRQVWUXomRSDUDRHIHLWRGDYDOLGDGHGROLFHQFLDPHQWRGHFRQMXQWRGHHGLILFDo}HVQXP
PHVPRWHUUHQRVHUiFRQVLGHUDGRVHSDUDGDPHQWHSDUDFDGDHGLILFDomR
(PVHWUDWDQGRGHORWHDPHQWRFRQVLGHUDVHREUDLQLFLDGDDTXHODFXMDLQIUDHVWUXWXUDHVWLYHUVHQGR
LPSODQWDGDGHDFRUGRFRPRFURQRJUDPDDSURYDGRQRUHVSHFWLYROLFHQFLDPHQWR
2LQtFLRGDFRQVWUXomRSDUDHIHLWRGRGLVSRVWRQRFDSXWGHVWHDUWLJRGHYHUiVHUDWHVWDGRSRUPHLR

GH&HUWLGmRH[SHGLGDSHOR0XQLFtSLR
$V PRGLILFDo}HV GH SURMHWR DSURYDGRV FRP EDVH QD OHJLVODomR DQWHULRU H FXMDV REUDV IRUDP
LQLFLDGDV VHUmR H[DPLQDGDV GH DFRUGR FRP D OHJLVODomR HP YLJRU QD GDWD GH VXD DSURYDomR VHP
FDXVDU TXDOTXHU SUHMXt]R DRV SURMHWRV DSURYDGRV YHGDGD DV DOWHUDo}HV GH XVR H DPSOLDomR GH
JDEDULWR
$UW
(VWD/HL&RPSOHPHQWDUGHYHVHUUHYLVDGDREULJDWRULDPHQWHQRPi[LPRDFDGDGH]DQRV
2 3RGHU ([HFXWLYR SRU PHLR GR yUJmR PXQLFLSDO GH SODQHMDPHQWR FRRUGHQDUi H SURPRYHUi RV
HVWXGRVQHFHVViULRVSDUDDUHYLVmRGR3ODQR'LUHWRU
4XDOTXHU SURSRVWD GH PRGLILFDomR WRWDO RX SDUFLDO HP TXDOTXHU WHPSR GHVWH 3ODQR 'LUHWRU
GHYHUi VHU REMHWR GH GHEDWH S~EOLFR H SDUHFHU SUpYLR GR &RQVHOKR GD &LGDGH DQWHV GH VXD YRWDomR
SHOD&kPDUD0XQLFLSDO
$VUHYLV}HVRXDOWHUDo}HVGHVWD/HL&RPSOHPHQWDUVHUmRYRWDGDVHPGRLVWXUQRVFRPLQWHUVWtFLR
PtQLPRGHXPPrV
$VUHYLV}HVRXDOWHUDo}HVGHVWD/HL&RPSOHPHQWDUVyVHUmRYRWDGDVDSyVGHFRUULGRVWULQWDGLDVGD
GDWD GH VXD SXEOLFDomR QD LPSUHQVD ORFDO H DSyV D UHDOL]DomR GH FRQVXOWD IRUPDO j FRPXQLGDGH GD
UHJLmRLPSDFWDGDPHGLDQWHHGLWDOGHFRQYRFDomRODQoDGRFRPDQWHFHGrQFLDPtQLPDGHTXLQ]HGLDV
4XDOTXHU UHYLVmR RX DOWHUDomR GHVWD /HL &RPSOHPHQWDU GHYHUi HQYROYHU HVWXGR JOREDO GR
UHVSHFWLYR 'LVWULWR LVRODGR RX HP FRQMXQWR H VHU DFRPSDQKDGD GH DQiOLVH GH VHX LPSDFWR QD
LQIUDHVWUXWXUDXUEDQDHFRPXQLWiULD
4XDOTXHUUHYLVmRRXDOWHUDomRGHVWD/HL&RPSOHPHQWDUGHYHUiVHULQVWUXtGDFRPSDUHFHUWpFQLFR
GRyUJmRPXQLFLSDOGHSODQHMDPHQWRHGHPDLVyUJmRVDILQVFRPDPDWpULDWUDWDGD
1DV DXGLrQFLDV S~EOLFDV H QRV GHEDWHV FRP D SDUWLFLSDomR GD SRSXODomR RV SUHVLGHQWHV RX
UHSUHVHQWDQWHV GH DVVRFLDo}HV UHSUHVHQWDWLYDV GRV YiULRV VHJPHQWRV GD FRPXQLGDGH SDUD VH
PDQLIHVWDUHPHPQRPHGDHQWLGDGHGHYHUmRDSUHVHQWDUSDUDVHUDQH[DGDDRSURFHVVRFySLDGDDWD
GDDVVHPEOHLDGHVXDSRVVHHRXSURFXUDomRRXWRUJDGDSHORSUHVLGHQWHRXUHSUHVHQWDQWHGDHQWLGDGH
FRPSRGHUHVHVSHFLDLVSDUDWDQWR
2 FRHILFLHQWH GH DSURYHLWDPHQWR Pi[LPR SUHYLVWR QHVWD /HL &RPSOHPHQWDU Vy SRGHUi VHU
DWLQJLGR DSyV FRQVWDWDomR DWUDYpV GH HVWXGR XUEDQtVWLFR HVSHFtILFR UHDOL]DGR SHOR LQWHUHVVDGR QD
YLDELOL]DomR GR HPSUHHQGLPHQWR H GD H[LVWrQFLD GD LQIUDHVWUXWXUD XUEDQD EiVLFD FRPSOHWD H VLVWHPD
YLiULRSDYLPHQWDGRDGHTXDGDPHQWHHVXILFLHQWHVDRDXPHQWRGDGHQVLGDGHSRSXODFLRQDO
$UW
$OLFHQoDGHFRQVWUXLURXLQVWDODUVHUiUHFXVDGDLQGHSHQGHQWHPHQWHGDVGHPDLVGLVSRVLo}HV
GHVWD /HL &RPSOHPHQWDU TXDQGR D RFXSDomR RX XVR GR VROR 9LGH UHJXODPHQWDomR GDGD SHORV
'HFUHWRVQHQ
$UW
, DWHQWDU FRQWUD D SDLVDJHP QDWXUDO H XUEDQD D FRQVHUYDomR GDV SHUVSHFWLYDV PRQXPHQWDLV R

SDWULP{QLRFXOWXUDODVDOXEULGDGHHDVHJXUDQoDS~EOLFD
,,1mRKRXYHUGHILQLomRFODUDGDFDWHJRULDGHXVRDVHULQVWDODGDRXKRXYHUPXGDQoDGHFDWHJRULDGH
XVRDSyVDFRQVXOWDGHYLDELOLGDGHH
,,,IRUFRQVLGHUDGDLQDGHTXDGDDSyVHVWXGRHVSHFtILFRGHORFDOL]DomR
1RSUD]RPi[LPRGHGRLVDQRVGDYLJrQFLDGHVWD/HL&RPSOHPHQWDUGHYHUmRVHULQLFLDGRVRV
VHJXLQWHVSODQRV
$UW

,SODQR0XQLFLSDOGH0RELOLGDGH8UEDQDH7UDQVSRUWH,QWHJUDGR
,,SODQR0XQLFLSDOGH6DQHDPHQWR%iVLFR
,,,SODQR0XQLFLSDOGH+DELWDomRGH,QWHUHVVH6RFLDO
,9SODQR0XQLFLSDOGH0DFURGUHQDJHP8UEDQD
9SODQR0XQLFLSDOGH5HGXomRGH5LVFRVH
9,SODQR0XQLFLSDOGH5HJXODUL]DomR)XQGLiULDGH,QWHUHVVH6RFLDOH(VSHFtILFR
3DUiJUDIR QLFR 1R SUD]R PHQFLRQDGR QR FDSXW GHVWH DUWLJR GHYHUmR VHU UHYLVDGDV WDPEpP DV
GHPDLVOHJLVODo}HVXUEDQtVWLFDVSUHYLVWDVQRDUWGD/HL2UJkQLFDGR0XQLFtSLRGH)ORULDQySROLV
2 0XQLFtSLR GH )ORULDQySROLV WHUi SUD]R GH XP DQR SDUD FRUUHomR GH VXD FDUWRJUDILD EiVLFD
FRP D H[HFXomR GH UHDPEXODomR GD FDUWRJUDILD DWXDO YHULILFDQGR DV FRWDV GDV FXUYDV GH QtYHO H D
GHILQLomR GD QDWXUH]D MXUtGLFD GRV HOHPHQWRV KtGULFRV SDUD H[SOLFLWDomR HP PDSD GDV UHDV GH
3UHVHUYDomR3HUPDQHQWH$33
$UW
$UW )LFDR3RGHU([HFXWLYR0XQLFLSDODXWRUL]DGRDFRQVROLGDUDOHJLVODomRXUEDQtVWLFDGR0XQLFtSLR
VHPDOWHUDomRGDPDWpULDVXEVWDQWLYDEHPFRPRUHJXODPHQWiODQRTXHVHIL]HUQHFHVViULR
)LFDP UHYRJDGDV D /HL Q GH H D /HL &RPSOHPHQWDU Q GH H VXDV
DOWHUDo}HV
$UW
$UW
(VWD/HL&RPSOHPHQWDUHQWUDHPYLJRUQDGDWDGHVXDSXEOLFDomR
)ORULDQySROLVDRVGHMDQHLURGH
&(6$5628=$-81,25
35()(,72081,&,3$/
-8/,2&(6$50$5&(//,12-5
352&85$'25*(5$/'2081,&3,2
(521*,25'$1,
6(&5(75,2081,&,3$/'$&$6$&,9,/
9LGH/HL&RPSOHPHQWDUQ
9LVXDOL]DU0DSDV$QH[R/HL&RPSOHPHQWDUQ)ORULDQySROLV6&
2EV$OJXQVPDSDVFRQWrPUHVROXomRPXLWRDOWDQmRSHUPLWLQGRSUpYLVXDOL]DomRQRQDYHJDGRU3DUD
VROXFLRQDU EDVWD EDL[DU R DUTXLYR H DEULU GLUHWDPHQWH QR VHX FRPSXWDGRU FRQIRUPH HVSHFLILFDGR QR
DUTXLYRLQVWUXo}HVSDUDGRZQORDGGRVPDSDV
'DWDGH3XEOLFDomRQR6LVWHPD/HLV0XQLFLSDLV

Plano Diretor de Florianópolis - SC 2014

Enviado por

Dados do documento

Direitos autorais

Formatos disponíveis

Compartilhar este documento

Compartilhar ou incorporar documento

Opções de compartilhamento

Você considera este documento útil?

Este conteúdo é inapropriado?

Direitos autorais:

Formatos disponíveis

Plano Diretor de Florianópolis - SC 2014

Enviado por

Direitos autorais:

Formatos disponíveis



Verso consolidada, com alteraes at o dia 09/12/2015

9LVDQGR D PXGDQoD GRV SDUDGLJPDV DWXDLV D HVWUDWpJLD GH PRELOLGDGH H DFHVVLELOLGDGH

,  DEDVWHFLPHQWR GH iJXD SRWiYHO FRQVWLWXtGR SHODV DWLYLGDGHV LQIUDHVWUXWXUDV H LQVWDODo}HV

$(VWUDWpJLDGH+DELWDomRGH,QWHUHVVH6RFLDO +,6 FRQVLVWHHPLPSXOVLRQDUSURMHWRVXUEDQRV

$(VWUDWpJLDGH+DELWDomRGH,QWHUHVVH6RFLDO +,6 DWHQGHUiIDPtOLDVFRPUHQGLPHQWRPHQVDO

,  DPSOLDomR GR DFHVVR D WHUUD XUEDQL]DGD SDUD HPSUHHQGLPHQWRV GHVWLQDGRV D SRSXODomR GH

,,UHD5HVLGHQFLDO5XUDO $55 RQGHFRH[LVWHPXVRVXUEDQRVHUXUDLVGHSHTXHQRSRUWHVXSRUWDGRV

$UW UHDV9HUGHVGH/D]HU $9/ VmRRVHVSDoRVXUEDQRVDRDUOLYUHGHXVRHGRPtQLRS~EOLFRTXH

$UW 1RV FRQGRPtQLRV PXOWLIDPLOLDUHV DPEXODWyULRV ODERUDWyULRV FOtQLFDV SURQWRVVRFRUURV SRVWRV

;UHDVGH$GHTXDomR8UEDQD $$8 H

1DOHLTXHYLHUDLQVWLWXLUDUHDGH'HVHQYROYLPHQWR,QFHQWLYDGR $', GHYHUmRVHUSUHYLVWRV

$VUHDVGH5LVFR*HROyJLFR $5* VmRiUHDVH[SRVWDVDRVULVFRVDVVLPFODVVLILFDGDV

UHDVGH3DWULP{QLR*HROyJLFR $3* VmRRFRUUrQFLDVQDWXUDLVFXMDVFDUDFWHUtVWLFDVJHROyJLFDV

$UW UHDVGH/LPLWDomR$PELHQWDO $/$ VmRHVSDoRVWHUULWRULDLVFXMDVFDUDFWHUtVWLFDVQDWXUDLVVmR

&RQVLGHUDVHUHDGH&RQIOLWR$PELHQWDOH8UEDQR $&$8 DUHJLmRGRWHUULWyULRPXQLFLSDOFRP

$VUHDVGH3UHVHUYDomR&XOWXUDO $3& VmRFRQFHLWXDGDVGDVHJXLQWHIRUPD

,,,  LPSODQWDomR DGHTXDGD j YDORUL]DomR GD HGLILFDomR SURWHJLGD JDUDQWLQGR D DSUHFLDomR GR

$UW 1DVUHDVGH,QWHUHVVH$PELHQWDOH3DLVDJtVWLFR $3& RSDUFHODPHQWRGRVRORDUHIRUPD

$V=RQDVGH,QWHUHVVH6RFLDO =(,6 HUHDV(VSHFLDLVGH,QWHUHVVH6RFLDO $(,6 SRGHPVHU

$V=RQDV(VSHFLDLVGH,QWHUHVVH6RFLDO =(,6 VmRDVSDUFHODVXUEDQDVGHOLPLWDGDVQRPDSD

20XQLFtSLRPDQWHUi&DGDVWUR0XQLFLSDOGH8UEDQL]DGRUHV6RFLDLV &086 UHVXOWDQWHGDDQiOLVH

$V REULJDo}HV GLUHLWRV GHYHUHV SUD]RV H SHQDOLGDGHV HQWUH R 8UEDQL]DGRU 6RFLDO H R

2(,9VHUiDFRPSDQKDGRGH5HODWyULRGH,PSDFWRGH9L]LQKDQoD 5,9 GRFXPHQWRIRUPDOVRE

2 OLFHQFLDPHQWR GHILQLWLYR GR HPSUHHQGLPHQWR RX DWLYLGDGH ILFD FRQGLFLRQDGR D DFHLWDomR GR

 2 GHVFXPSULPHQWR GDV PHGLGDV PLWLJDGRUDV RX FRPSHQVDWyULDV SUHYLVWDV QR 7HUPR GH

)LFDFULDGRR6LVWHPD0XQLFLSDOGH*HVWmRGD3ROtWLFD8UEDQD 60*38 TXHREMHWLYDJDUDQWLU

$UW 26LVWHPDGH$YDOLDomRGH,QGLFDGRUHVGR'HVHPSHQKR8UEDQR 6$,'8 DIHWRDR,38)WHP

,  DWHQWDU FRQWUD D SDLVDJHP QDWXUDO H XUEDQD D FRQVHUYDomR GDV SHUVSHFWLYDV PRQXPHQWDLV R

Você também pode gostar

9LVDQGR D PXGDQoD GRV SDUDGLJPDV DWXDLV D HVWUDWpJLD GH PRELOLGDGH H DFHVVLELOLGDGH

, DEDVWHFLPHQWR GH iJXD SRWiYHO FRQVWLWXtGR SHODV DWLYLGDGHV LQIUDHVWUXWXUDV H LQVWDODo}HV

$(VWUDWpJLDGH+DELWDomRGH,QWHUHVVH6RFLDO+,6FRQVLVWHHPLPSXOVLRQDUSURMHWRVXUEDQRV

$(VWUDWpJLDGH+DELWDomRGH,QWHUHVVH6RFLDO+,6DWHQGHUiIDPtOLDVFRPUHQGLPHQWRPHQVDO

, DPSOLDomR GR DFHVVR D WHUUD XUEDQL]DGD SDUD HPSUHHQGLPHQWRV GHVWLQDGRV D SRSXODomR GH

,,UHD5HVLGHQFLDO5XUDO$55RQGHFRH[LVWHPXVRVXUEDQRVHUXUDLVGHSHTXHQRSRUWHVXSRUWDGRV

$UW UHDV9HUGHVGH/D]HU$9/VmRRVHVSDoRVXUEDQRVDRDUOLYUHGHXVRHGRPtQLRS~EOLFRTXH

$UW 1RV FRQGRPtQLRV PXOWLIDPLOLDUHV DPEXODWyULRV ODERUDWyULRV FOtQLFDV SURQWRVVRFRUURV SRVWRV

;UHDVGH$GHTXDomR8UEDQD$$8H

1DOHLTXHYLHUDLQVWLWXLUDUHDGH'HVHQYROYLPHQWR,QFHQWLYDGR$',GHYHUmRVHUSUHYLVWRV

$VUHDVGH5LVFRHROyJLFR$5VmRiUHDVH[SRVWDVDRVULVFRVDVVLPFODVVLILFDGDV

UHDVGH3DWULP{QLRHROyJLFR$3VmRRFRUUrQFLDVQDWXUDLVFXMDVFDUDFWHUtVWLFDVJHROyJLFDV

$UW UHDVGH/LPLWDomR$PELHQWDO$/$VmRHVSDoRVWHUULWRULDLVFXMDVFDUDFWHUtVWLFDVQDWXUDLVVmR

&RQVLGHUDVHUHDGH&RQIOLWR$PELHQWDOH8UEDQR$&$8DUHJLmRGRWHUULWyULRPXQLFLSDOFRP

$VUHDVGH3UHVHUYDomR&XOWXUDO$3&VmRFRQFHLWXDGDVGDVHJXLQWHIRUPD

,,, LPSODQWDomR DGHTXDGD j YDORUL]DomR GD HGLILFDomR SURWHJLGD JDUDQWLQGR D DSUHFLDomR GR

$UW 1DVUHDVGH,QWHUHVVH$PELHQWDOH3DLVDJtVWLFR$3&RSDUFHODPHQWRGRVRORDUHIRUPD

$V=RQDVGH,QWHUHVVH6RFLDO=(,6HUHDV(VSHFLDLVGH,QWHUHVVH6RFLDO$(,6SRGHPVHU

$V=RQDV(VSHFLDLVGH,QWHUHVVH6RFLDO=(,6VmRDVSDUFHODVXUEDQDVGHOLPLWDGDVQRPDSD

20XQLFtSLRPDQWHUi&DGDVWUR0XQLFLSDOGH8UEDQL]DGRUHV6RFLDLV&086UHVXOWDQWHGDDQiOLVH

$V REULJDo}HV GLUHLWRV GHYHUHV SUD]RV H SHQDOLGDGHV HQWUH R 8UEDQL]DGRU 6RFLDO H R

2(,9VHUiDFRPSDQKDGRGH5HODWyULRGH,PSDFWRGH9L]LQKDQoD5,9GRFXPHQWRIRUPDOVRE

2 GHVFXPSULPHQWR GDV PHGLGDV PLWLJDGRUDV RX FRPSHQVDWyULDV SUHYLVWDV QR 7HUPR GH

)LFDFULDGRR6LVWHPD0XQLFLSDOGHHVWmRGD3ROtWLFD8UEDQD6038TXHREMHWLYDJDUDQWLU

$UW 26LVWHPDGH$YDOLDomRGH,QGLFDGRUHVGR'HVHPSHQKR8UEDQR6$,'8DIHWRDR,38)WHP

, DWHQWDU FRQWUD D SDLVDJHP QDWXUDO H XUEDQD D FRQVHUYDomR GDV SHUVSHFWLYDV PRQXPHQWDLV R