Você está na página 1de 9



Q[WDQSJRYEU1;7JDWHZD\GOOOHJUHVROXFRHVBDQSPDLRUDQS[PO
$*1&,$1$&,21$/'23(75/(2*61$785$/(%,2&20%8679(,6

5(62/8d2$131'('28

2VXEVWLWXWRHYHQWXDOGR',5(725*(5$/GD$*1&,$1$&,21$/'23(75/(2*61$785$/(%,2&20%8679(,6$13QRXVRGHVXDVDWULEXLo}HVWHQGR
HPYLVWDDVGLVSRVLo}HVGD/HLQGHGHDJRVWRGHHD5HVROXomRGH'LUHWRULDQGHGHPDUoRGHH

FRQVLGHUDQGR TXH p DWULEXLomR OHJDO GD $13 UHJXODU DV DWLYLGDGHV UHODWLYDV DR DEDVWHFLPHQWR QDFLRQDO GH FRPEXVWtYHLV GHILQLGR QD /HL Q  GH  GH RXWXEUR GH 
FRPRGHXWLOLGDGHS~EOLFDRTXHVHH[HUFHHQWUHRXWURVPHLRVDWUDYpVGRVLVWHPDGHRXWRUJDGHDXWRUL]DomR
FRQVLGHUDQGRRTXHGLVS}HD5HVROXomR&13(QGHGHPDUoRGHGR&RQVHOKR1DFLRQDOGH3ROtWLFD(QHUJpWLFD&13(
FRQVLGHUDQGRDQHFHVVLGDGHGHFRQVROLGDUDVQRUPDVUHJXODGRUDVGRVHWRUGH*/3
FRQVLGHUDQGR D QHFHVVLGDGH GH HVWDEHOHFHU UHTXLVLWRV PtQLPRV GH FDUiWHU WpFQLFR HFRQ{PLFR H VRFLDO SDUD LQJUHVVR H SHUPDQrQFLD GH SHVVRD MXUtGLFD QD DWLYLGDGH GH
GLVWULEXLomRGH*/3HPIDFHGDSHULFXORVLGDGHQRPDQXVHLRHXVRGHVVHSURGXWRYLVDQGRDJDUDQWLUDVHJXUDQoDGRFRQVXPLGRU
FRQVLGHUDQGRTXHpDWULEXLomROHJDOGD$13JDUDQWLURDEDVWHFLPHQWRGHFRPEXVWtYHLVHPWRGRRWHUULWyULRQDFLRQDOEXVFDQGRHQWUHRXWUDVSURYLGrQFLDVDFRPSDWLELOL]DomR
HQWUHDRIHUWDHDGHPDQGDQRVSRQWRVGHUHFHELPHQWRGHSURGXWRV
FRQVLGHUDQGR VHU LPSRVLWLYD D JDUDQWLD GD VHJXUDQoD H GD TXDOLGDGH GRV UHFLSLHQWHV WUDQVSRUWiYHLV GH */3 KDMD YLVWD VHUHP GLVWULEXtGRV HP WRGRV RV PXQLFtSLRV GR SDtV H
XWLOL]DGRVHPFHUFDGHGRVGRPLFtOLRVEUDVLOHLURVGHYHQGRSRULVVRVHUHPVXEPHWLGRVDRVSURFHVVRVGHPDQXWHQomRHUHTXDOLILFDomR
FRQVLGHUDQGR TXH DV FRPSDQKLDV GLVWULEXLGRUDV GH */3 FRPSURPLVVDUDPVH SRU PHLR GR &yGLJR GH $XWR5HJXODPHQWDomR FHOHEUDGR HP  GH DJRVWR GH  D UHDOL]DU D
UHTXDOLILFDomRGHUHFLSLHQWHVWUDQVSRUWiYHLVGH*/3GHVXDVUHVSHFWLYDVPDUFDVFRPHUFLDLV
FRQVLGHUDQGRTXHDLPSOHPHQWDomRGRSURJUDPDGHUHTXDOLILFDomRGHUHFLSLHQWHVWUDQVSRUWiYHLVGH*/3YHPUHGX]LQGRDRFRUUrQFLDGHDFLGHQWHV
FRQVLGHUDQGR TXH D XWLOL]DomR GH */3 D JUDQHO HP UHVLGrQFLDV FRQGRPtQLRV UHVLGHQFLDLV XQLGDGHV LQVWLWXFLRQDLV H HVWDEHOHFLPHQWRV FRPHUFLDLV H LQGXVWULDLV YHP
DXPHQWDQGRVLJQLILFDWLYDPHQWHHTXHWDOIRUPDGHXWLOL]DomRH[LJHREVHUYkQFLDUtJLGDjVQRUPDVGHVHJXUDQoD
FRQVLGHUDQGRTXHDLGHQWLILFDomRGDPDUFDFRPHUFLDOHVWDPSDGDHPDOWRUHOHYRQRFRUSRGRUHFLSLHQWHWUDQVSRUWiYHOGH*/3FRQWULEXLSDUDDRSHUDFLRQDOL]DomRGRSURFHVVRGH
UHTXDOLILFDomR H SDUD D IDFLOLGDGH GH ILVFDOL]DomR DOpP GH GLVFLSOLQDU R LQJUHVVR H D SHUPDQrQFLD GH DJHQWHV QD DWLYLGDGH GH GLVWULEXLomR QD PHGLGD HP TXH FRQGX] j
FRPSDWLELOL]DomRGDTXDQWLGDGHGHUHFLSLHQWHVWUDQVSRUWiYHLVGHVXDVPDUFDVFRPRVFRUUHVSRQGHQWHVPHUFDGRVTXHH[SORUDPH
FRQVLGHUDQGRTXHDLGHQWLILFDomRGDPDUFDFRPHUFLDOQRFRUSRGRUHFLSLHQWHWUDQVSRUWiYHOGH*/3YLVDDDWHQGHUDOpPGHFRQWUROHVGHFRPSHWrQFLDGD$13DSULQFtSLRVGR
&yGLJRGH'HIHVDGR&RQVXPLGRUDVVHJXUDQGRDUHVSRQVDELOLGDGHFLYLOGRGLVWULEXLGRUHGRUHYHQGHGRUSHUDQWHRFRQVXPLGRUWRUQDS~EOLFRRVHJXLQWHDWR


'DV'LVSRVLo}HV*HUDLV

$UW)LFDPHVWDEHOHFLGRVSHODSUHVHQWH5HVROXomRRVUHTXLVLWRVQHFHVViULRVjDXWRUL]DomRSDUDRH[HUFtFLRGDDWLYLGDGHGHGLVWULEXLomRGHJiVOLTHIHLWRGHSHWUyOHR */3
HDVXDUHJXODPHQWDomR
3DUiJUDIR ~QLFR $ DWLYLGDGH GH GLVWULEXLomR GH TXH WUDWD R FDSXW GHVWH DUWLJR FRQVLGHUDGD GH XWLOLGDGH S~EOLFD FRPSUHHQGH D DTXLVLomR DUPD]HQDPHQWR HQYDVLOKDPHQWR
WUDQVSRUWHFRPHUFLDOL]DomRFRQWUROHGHTXDOLGDGHHDVVLVWrQFLDWpFQLFDDRFRQVXPLGRU


'DV'HILQLo}HV

$UW3DUDRVILQVGHVWD5HVROXomRILFDPHVWDEHOHFLGDVDVVHJXLQWHVGHILQLo}HV
,  */3  FRQMXQWR GH FDGHLDV GH KLGURFDUERQHWRV FRP WUrV RX TXDWUR iWRPRV GH FDUERQR SURSDQR SURSHQR EXWDQR H EXWHQR  SRGHQGR DSUHVHQWDUVH LVRODGDPHQWH RX HP
PLVWXUDHQWUHVLHFRPSHTXHQDVIUDo}HVGHRXWURVKLGURFDUERQHWRVFRQIRUPHHVSHFLILFDomRFRQVWDQWHGDOHJLVODomRYLJHQWH
,,5HFLSLHQWHWUDQVSRUWiYHOUHFLSLHQWHFRPFDSDFLGDGHQRPLQDOGHDWp GX]HQWRVHFLQTHQWD TXLORJUDPDVGH*/3IDEULFDGRVHJXQGRQRUPDGD$VVRFLDomR%UDVLOHLUDGH
1RUPDV7pFQLFDV$%17
,,,  5HFLSLHQWH HVWDFLRQiULR  UHFLSLHQWH IL[R GHVWLQDGR D UHFHEHU */3 D JUDQHO SRGHQGR VHU HQWHUUDGR DWHUUDGR RX GH VXSHUItFLH FRP FDSDFLGDGH QRPLQDO VXSHULRU D 
GX]HQWRVHFLQTHQWD TXLORJUDPDVGH*/3SURMHWDGRHIDEULFDGRVHJXQGRQRUPDGD$%17
,95HTXDOLILFDomRSURFHVVRSHULyGLFRGHDYDOLDomRGRHVWDGRGHUHFLSLHQWHGH*/3GHWHUPLQDQGRVXDFRQWLQXLGDGHHPVHUYLoRGHDFRUGRFRPQRUPDGD$%17
9&HQWUDOGH*/3iUHDGHOLPLWDGDTXHFRQWpPRVUHFLSLHQWHVWUDQVSRUWiYHLVRXHVWDFLRQiULRVHDFHVVyULRVGHVWLQDGRVDRDUPD]HQDPHQWRGH*/3SDUDFRQVXPRSUySULR
9,3URGXWRUDJHQWHDXWRUL]DGRSHOD$13DSURGX]LU*/3
9,,8QLGDGH3URGXWRUD5HILQDULDV8QLGDGHGH3URFHVVDPHQWRGH*iV1DWXUDO 83*1 H&HQWUDLV3HWURTXtPLFDV
9,,,,PSRUWDGRUSHVVRDMXUtGLFDDXWRUL]DGDSHOD$13DRH[HUFtFLRGDDWLYLGDGHGHLPSRUWDomRGH*/3
,;3RQWRGHUHFHELPHQWRORFDOGHUHFHELPHQWRGH*/3SHORGLVWULEXLGRUGR3URGXWRURX,PSRUWDGRUH
; 5HYRJDGR 

1RWD


'D$XWRUL]DomRSDUDR([HUFtFLRGD$WLYLGDGHGH'LVWULEXLomR
$UW$DWLYLGDGHGHGLVWULEXLomRGH*/3VRPHQWHSRGHUiVHUH[HUFLGDSRUSHVVRDMXUtGLFDFRQVWLWXtGDVREDVOHLVEUDVLOHLUDVTXHSRVVXLUDXWRUL]DomRGD$13
$UW$DXWRUL]DomRSDUDGLVWULEXLU*/3VHUiGLIHUHQFLDGDGHDFRUGRFRPDPRGDOLGDGHGDDWLYLGDGHGHGLVWULEXLomRFRQIRUPHLQGLFDGDDVHJXLU
,HQYDVDGRHDJUDQHORX
,,DJUDQHO
$UW2SURFHVVRGHDXWRUL]DomRSDUDRH[HUFtFLRGDDWLYLGDGHGHGLVWULEXLomRGH*/3FRQVLVWLUiGDVVHJXLQWHVIDVHV
,KDELOLWDomRH
,,RXWRUJDGDDXWRUL]DomR


'D+DELOLWDomR

$UW$IDVHGHKDELOLWDomRWHUiLQtFLRFRPRSHGLGRGHDXWRUL]DomRIRUPXODGRSHODSHVVRDMXUtGLFDLQWHUHVVDGDSRUPHLRGHILFKDFDGDVWUDOSUHHQFKLGDFRQIRUPHLQVWUXo}HV
FRQWLGDVQRPRGHORFRQVWDQWHGR$QH[R,GHVWD5HVROXomRDVVLQDGDSRUUHSUHVHQWDQWHOHJDOHLQVWUXtGDFRPRVGRFXPHQWRVUHODWLYRVj
,TXDOLILFDomRMXUtGLFDHUHJXODULGDGHILVFDO
,,TXDOLILFDomRWpFQLFRHFRQ{PLFDH
,,,SURMHWRGHLQVWDODo}HV
  $LQGD TXH R SHGLGR GH DXWRUL]DomR WHQKD VLGR UHJLVWUDGR HP SURWRFROR R QmR HQFDPLQKDPHQWR GH TXDLVTXHU GRFXPHQWRV UHODFLRQDGRV FRP DV TXDOLILFDo}HV MXUtGLFD
WpFQLFRHFRQ{PLFDHFRPUHJXODULGDGHILVFDODFDUUHWDUiRVHXDUTXLYDPHQWRPHGLDQWHGHFLVmRPRWLYDGDFRPDFRQVHTHQWHLQIRUPDomRDRUHTXHUHQWHGR V GRFXPHQWR V IDOWDQWH V 
  $ QmR TXDOLILFDomR MXUtGLFD RX WpFQLFRHFRQ{PLFD DVVLP FRPR D QmR FRPSURYDomR GH UHJXODULGDGH ILVFDO LPSOLFDUi R LQGHIHULPHQWR GR SHGLGR FRP D FRQVHTHQWH
LQIRUPDomRGRPRWLYRDRUHTXHUHQWH
2UHTXHUHQWHSRGHUiHQFDPLQKDURSURMHWRGHLQVWDODo}HVFRQFRPLWDQWHPHQWHFRPRVGRFXPHQWRVUHODFLRQDGRVFRPDVTXDOLILFDo}HVMXUtGLFDHWpFQLFRHFRQ{PLFDHFRP
UHJXODULGDGHILVFDORXSRVWHULRUPHQWHjDSURYDomRGHVVDVTXDOLILFDo}HVSHOD$13
$UW3DUDDFRPSURYDomRGDTXDOLILFDomRMXUtGLFDHUHJXODULGDGHILVFDODSHVVRDMXUtGLFDLQWHUHVVDGDGHYHUiHQFDPLQKDURVVHJXLQWHVGRFXPHQWRV
,  FRPSURYDQWH GH LQVFULomR H GH VLWXDomR FDGDVWUDO QR &DGDVWUR 1DFLRQDO GH 3HVVRD -XUtGLFD  &13- UHIHUHQWH DRV HVWDEHOHFLPHQWRV PDWUL] H ILOLDLV UHODFLRQDGRV FRP D
DWLYLGDGHGHGLVWULEXLomRGH*/3
,,  FySLDV DXWHQWLFDGDV GR HVWDWXWR H GD DWD GH HOHLomR GRV DGPLQLVWUDGRUHV FRPSURYDQGR D UHJXODULGDGH GR H[HUFtFLR GR FDUJR RX GH FRQWUDWR VRFLDO DUTXLYDGR QD -XQWD
&RPHUFLDOHTXDQGRDOWHUDGRGHVXDPDLVUHFHQWHFRQVROLGDomRH

KWWSQ[WDQSJRYEU1;7JDWHZD\GOOOHJUHVROXFRHVBDQSPDLRUDQS[PO





Q[WDQSJRYEU1;7JDWHZD\GOOOHJUHVROXFRHVBDQSPDLRUDQS[PO

,,,  FRPSURYDomR GR &HUWLILFDGR GH 5HJLVWUR &DGDVWUDO &5&  HPLWLGR PHGLDQWH DWHQGLPHQWR DRV QtYHLV , ,, H ,,, SHUDQWH R 6LVWHPD GH &DGDVWUDPHQWR 8QLILFDGR GH
)RUQHFHGRUHV 6,&$) FRQVWDQGRWRGRVRVGRFXPHQWRVQRSUD]RGHYDOLGDGHGDPDWUL]HGD V ILOLDO LV UHODFLRQDGD V FRPDDWLYLGDGHGHGLVWULEXLomRGH*/3

1RWD
,9  ILFKD FDGDVWUDO SUHHQFKLGD FRQIRUPH PRGHOR GLVSRQtYHO QR HQGHUHoR HOHWU{QLFR GD $13 ZZZDQSJRYEU  LGHQWLILFDQGR RV HVWDEHOHFLPHQWRV FRPR L  DGPLQLVWUDWLYR
H[FOXVLYDPHQWH SDUD R FDVR GD PDWUL] LL  VRPHQWH LQVWDODomR GH DUPD]HQDPHQWR GH */3 D JUDQHO LLL  LQVWDODomR GH DUPD]HQDPHQWR GH */3 D JUDQHO GHSyVLWR GH UHFLSLHQWHV
WUDQVSRUWiYHLVLY VRPHQWHGHSyVLWRGHUHFLSLHQWHVWUDQVSRUWiYHLVGHYHQGRDILFKDSDUDTXDOTXHUFDVRVHUDVVLQDGDSRUUHSUHVHQWDQWHOHJDORXSURFXUDGRUDFRPSDQKDGDGHFySLD
XWHQWLFDGDGHGRFXPHQWRGHLGHQWLILFDomRGRUHVSRQViYHOOHJDORXGHFySLDGHDXWHQWLFDGDGHLQVWUXPHQWRGHSURFXUDomRHGRUHVSHFWLYRGRFXPHQWRGHLGHQWLILFDomRTXDQGRIRUR
FDVRH

1RWD
9&HUWLGmRGD-XQWD&RPHUFLDOFRQWHQGRKLVWyULFRGHWRGDVDVDOWHUDo}HVGRVDWRVFRQVWLWXWLYRVGDSHVVRDMXUtGLFD

1RWD

$UW  3DUD D FRPSURYDomR GD TXDOLILFDomR WpFQLFRHFRQ{PLFD D SHVVRD MXUtGLFD LQWHUHVVDGD GHYHUi DSUHVHQWDU HVWXGR WpFQLFRHFRQ{PLFR GR HPSUHHQGLPHQWR GR TXDO
FRQVWHPQHFHVVDULDPHQWHDVVHJXLQWHVLQIRUPDo}HV
,PRGDOLGDGHGHFRPHUFLDOL]DomRGH*/3ORJtVWLFDGHVXSULPHQWRHGLVWULEXLomR
,,  SURMHomR GR YROXPH GH FRPHUFLDOL]DomR H GR IOX[R GH FDL[D SDUD RV  GRLV  SULPHLURV DQRV GH RSHUDomR FRP LQGLFDomR GD V  UHJLmR }HV  JHRJUiILFD V  RQGH SUHWHQGH
DWXDUH
,,,GHVFULomRGRVLQYHVWLPHQWRVGLUHWRVHLQGLUHWRVTXHFRQWHQKDQHFHVVDULDPHQWHRVGDGRVDVHJXLU
D LQYHVWLPHQWRVGLUHWRVHPLPyYHLVREUDVFLYLVWDQTXHVGHDUPD]HQDPHQWRHTXLSDPHQWRVHOLQKDVSDUDHQYDVLOKDPHQWRHGLVWULEXLomRHVLVWHPDDQWLLQFrQGLRH
E LQYHVWLPHQWRVLQGLUHWRVHPUHFLSLHQWHVWUDQVSRUWiYHLVHHVWDFLRQiULRVSRUWLSRHHPFDPLQK}HVWDQTXHV
2VGDGRVUHODWLYRVDUHFLSLHQWHWUDQVSRUWiYHOHOLQKDGHHQYDVLOKDPHQWRVRPHQWHGHYHPVHUDSUHVHQWDGRVSHODSHVVRDMXUtGLFDTXHRSWDUSHODPRGDOLGDGHHQYDVDGRHD
JUDQHO
2VGDGRVFRQWLGRVQRHVWXGRWpFQLFRHFRQ{PLFRGRHPSUHHQGLPHQWRVmRFRQILGHQFLDLV
(YHQWXDLVDOWHUDo}HVQRHVWXGRWpFQLFRHFRQ{PLFRGRHPSUHHQGLPHQWRGHYHUmRVHULQIRUPDGDVj$13DFRPSDQKDGDVGHMXVWLILFDWLYDHLPSOLFDUmRRVHXUHH[DPH
$UW 3DUD RV ILQV GR LQFLVR ,,, GR DUW  GHVWD 5HVROXomR SURMHWR GH LQVWDODo}HV D SHVVRD MXUtGLFD GHYHUi HQFDPLQKDU FRP YLVWDV j KRPRORJDomR SHOD $13 SURMHWR GH
EDVHGHDUPD]HQDPHQWRGH*/3HQYDVLOKDPHQWRHGLVWULEXLomRGHDFRUGRFRPDOHJLVODomRHVSHFtILFD
3DUiJUDIR~QLFR3DUDRUHTXHUHQWHGDDXWRUL]DomRGDPRGDOLGDGHDJUDQHOQmRVHH[LJHDDSUHVHQWDomRGHSURMHWRGHHQYDVLOKDPHQWR
$UW$$13WHUiRSUD]RGHDWp VHVVHQWD GLDVSDUDPDQLIHVWDUVHDFHUFDGDKDELOLWDomRFRQWDGRVDSDUWLUGDGDWDGHSURWRFRORSHORLQWHUHVVDGRGRSURMHWRGHEDVHGH
TXHWUDWDRDUWLJRDQWHULRU
3DUiJUDIR~QLFR3RGHUmRVHUVROLFLWDGDVLQIRUPDo}HVGRFXPHQWRVRXSURYLGrQFLDVDGLFLRQDLVSHUWLQHQWHVHQHVVHFDVRRSUD]RHVWLSXODGRQRFDSXWGHVWHDUWLJRVHUiFRQWDGR
DSDUWLUGDGDWDGHSURWRFRORGRVPHVPRV


'D2XWRUJDGD$XWRUL]DomR
$UW$IDVHGHRXWRUJDGDDXWRUL]DomRSDUDRH[HUFtFLRGDDWLYLGDGHGHGLVWULEXLomRGH*/3LQLFLDVHFRPDGHFODUDomRGHKDELOLWDomRGDSHVVRDMXUtGLFDSXEOLFDGDQR'LiULR
2ILFLDOGD8QLmR
$UW$SyVDGHFODUDomRGHTXHWUDWDRDUWLJRDQWHULRUDRXWRUJDGDDXWRUL]DomRGHSHQGHUiGDFRPSURYDomRSHODSHVVRDMXUtGLFDKDELOLWDGDHPFRQVRQkQFLDFRPRHVWXGR
WpFQLFRHFRQ{PLFRGRHPSUHHQGLPHQWRGHTXHSRVVXL
,SHORPHQRV XPD EDVHGH*/3GHSURSULHGDGHRXDUUHQGDPHQWRH[FOXVLYRGRGLVWULEXLGRUFRPLQVWDODo}HVGHDUPD]HQDPHQWRHQYDVLOKDPHQWRHGLVWULEXLomRDXWRUL]DGD
SHOD$13DRSHUDU

1RWD
,,UHFLSLHQWHVWUDQVSRUWiYHLVLGHQWLILFDGRVFRPVXDPDUFDFRPHUFLDOHPTXDQWLGDGHFRPSDWtYHOFRPDGHPDQGDDVHUDWHQGLGD
,,,FRPSURYDQWHGHLQVFULomRHGHVLWXDomRFDGDVWUDOQR&DGDVWUR1DFLRQDOGH3HVVRD-XUtGLFD&13-UHIHUHQWHDRVHVWDEHOHFLPHQWRVPDWUL]HILOLDLVUHODFLRQDGRVFRPD
DWLYLGDGHGHGLVWULEXLomRGH*/3

1RWD
,9FySLDDXWHQWLFDGDGR$OYDUiGH)XQFLRQDPHQWRH[SHGLGRSHOD3UHIHLWXUD0XQLFLSDOUHODWLYRj V LQVWDODomR }HV GHDUPD]HQDPHQWRFRQWHPSODQGRDGHVFULomRGDDWLYLGDGH
GHGLVWULEXLomRGH*/3

1RWD
9FRPSURYDQWHGDUHJXODULQVFULomRHVWDGXDOGDPDWUL]HGDVILOLDLVUHODFLRQDGDVFRPDDWLYLGDGHGHGLVWULEXLomRGH*/3

1RWD
9,  FySLD DXWHQWLFDGD GR &HUWLILFDGR GH 9LVWRULD H[SHGLGR SHOR &RUSR GH %RPEHLURV UHVSRQViYHO SHOD MXULVGLomR HP QRPH GD LQWHUHVVDGD H GHQWUR GR SUD]R GH YDOLGDGH QR
HQGHUHoRGDVLQVWDODo}HVILFDQGRIDFXOWDGDDLQGLFDomRGDVVHJXLQWHVLQIRUPDo}HV

1RWD
D D V LQVWDODomR }HV GHDUPD]HQDPHQWRGH*/3DJUDQHOH[LVWHQWH V QRHVWDEHOHFLPHQWR

1RWD
E D V FDSDFLGDGH V GD V iUHD V GHDUPD]HQDPHQWRHGHDSRLRGHUHFLSLHQWHVWUDQVSRUWiYHLVH[LVWHQWH V QRHVWDEHOHFLPHQWRFRPVXDVUHVSHFWLYDVFODVVHVRXFDSDFLGDGHV
GHDUPD]HQDPHQWRHPTXLORJUDPDVGH*/3H

1RWD
F DQRUPDWpFQLFDRXUHJXODPHQWDomRDGRWDGDSDUDVXDHPLVVmRH

1RWD
9,,  FRPSURYDomR GR &HUWLILFDGR GH 5HJLVWUR &DGDVWUDO &5&  HPLWLGR PHGLDQWH DWHQGLPHQWR DRV QtYHLV , ,, H ,,, SHUDQWH R 6LVWHPD GH &DGDVWUDPHQWR 8QLILFDGR GH
)RUQHFHGRUHV 6,&$) FRQVWDQGRWRGRVRVGRFXPHQWRVQRSUD]RGHYDOLGDGHGDPDWUL]HGD V ILOLDO LV UHODFLRQDGD V FRPDDWLYLGDGHGHGLVWULEXLomRGH*/3

1RWD
$FRPSURYDomRGDFRQGLomRGHSURSULHWiULRRXGHDUUHQGDWiULRGHTXHWUDWDRLQFLVR,GHYHUiVHUIHLWDUHVSHFWLYDPHQWHPHGLDQWHDSUHVHQWDomRGHFySLDDXWHQWLFDGDGD
&HUWLGmRGR5HJLVWURGH,PyYHLVRXGHFRQWUDWRGHDUUHQGDPHQWRSRULQVWUXPHQWRS~EOLFR
2FRQWUDWRGHDUUHQGDPHQWRSRULQVWUXPHQWRS~EOLFRGHTXHWUDWDRSDUiJUDIRDQWHULRUGHYHWHUSUD]RLJXDORXVXSHULRUDDQRVHFOiXVXODGHYLJrQFLDHPFDVRGHDOLHQDomR
GRLPyYHOGHYLGDPHQWHUHJLVWUDGRHPFDUWyULRQDIRUPDGHH[WUDWRVHIRURFDVR
1mRVHDSOLFDPDVH[LJrQFLDVUHODWLYDVjLQVWDODomRGHHQYDVLOKDPHQWRHDUHFLSLHQWHVWUDQVSRUWiYHLVDRUHTXHUHQWHGDDXWRUL]DomRSDUDDPRGDOLGDGHDJUDQHO
$FRPSURYDomRGDTXDQWLGDGHGHUHFLSLHQWHVWUDQVSRUWiYHLVHIL[RVGHYHUiVHUIHLWDPHGLDQWHDSUHVHQWDomRj$13GHFySLDDXWHQWLFDGDGHQRWDVILVFDLVGHFRPSUDGH
UHFLSLHQWHVQRYRVHPLWLGDVSHORIDEULFDQWH
$UW6HUiLQGHIHULGRRUHTXHULPHQWRGHDXWRUL]DomR
,TXHQmRDWHQGHUDRVUHTXLVLWRVSUHYLVWRVQRDUWHGHVWD5HVROXomR
,,TXHWLYHUVLGRLQVWUXtGRFRPGHFODUDomRIDOVDRXLQH[DWDRXFRPGRFXPHQWRIDOVRRXLQLG{QHRVHPSUHMXt]RGDVSHQDOLGDGHVFDEtYHLV
,,,GHSHVVRDMXUtGLFD
D TXHHVWLYHUFRPDLQVFULomRQR&13-HQTXDGUDGDFRPRVXVSHQVDLQDSWDRXFDQFHODGD
E TXHHVWLYHUFRPVHXVGDGRVFDGDVWUDLVHPGHVDFRUGRFRPRVUHJLVWUDGRVQR&13-
F TXHIXQFLRQDUHPLPyYHOXWLOL]DGRFRPRPRUDGLDRXUHVLGrQFLDSDUWLFXODUHGHVWHVQmRSRVVXLUVHSDUDomRItVLFDHDFHVVRLQGHSHQGHQWHREVHUYDGRRGLVSRVWRQDOHJLVODomR
WpFQLFDDSOLFiYHO
G  TXH HVWHMD HP GpELWR LQVFULWR QR &DGDVWUR ,QIRUPDWLYR GH &UpGLWRV QmR 4XLWDGRV GR 6HWRU 3~EOLFR )HGHUDO &$',1  FRQVWLWXtGR DSyV GHFLVmR DGPLQLVWUDWLYD GHILQLWLYD
GHFRUUHQWHGRH[HUFtFLRGHDWLYLGDGHUHJXODGDSHOD$13GHDFRUGRFRPD/HLQGHGHRXWXEURGH
H  GH FXMR TXDGUR GH DGPLQLVWUDGRUHV RX VyFLRV SDUWLFLSH SHVVRD ItVLFD RX MXUtGLFD TXH WHQKD VLGR VyFLR RX DGPLQLVWUDGRU GH SHVVRD MXUtGLFD TXH QmR WHQKD OLTXLGDGR GpELWR
LQVFULWRQR&DGDVWUR,QIRUPDWLYRGH&UpGLWRVQmR4XLWDGRVGR6HWRU3~EOLFR)HGHUDO &$',1 QRV FLQFR DQRVTXHDQWHFHGHUDPjGDWDGRUHTXHULPHQWRFRQVWLWXtGRDSyVGHFLVmR
DGPLQLVWUDWLYDGHILQLWLYDGHFRUUHQWHGRH[HUFtFLRGHDWLYLGDGHUHJXODGDSHOD$13GHDFRUGRFRPD/HLQGHGHRXWXEURGHH

KWWSQ[WDQSJRYEU1;7JDWHZD\GOOOHJUHVROXFRHVBDQSPDLRUDQS[PO





Q[WDQSJRYEU1;7JDWHZD\GOOOHJUHVROXFRHVBDQSPDLRUDQS[PO

I TXHQRV~OWLPRV FLQFR DQRVDQWHULRUHVDRUHTXHULPHQWRWHYHDXWRUL]DomRSDUDRH[HUFtFLRGHDWLYLGDGHUHJXODGDSHOD$13FDVVDGDHPGHFRUUrQFLDGHSHQDOLGDGHDSOLFDGD


HPSURFHVVRFRPGHFLVmRGHILQLWLYDQRVWHUPRVGRDUWGD/HLQGHGHRXWXEURGH
1mRVHDSOLFDRGLVSRVWRQDDOtQHD H GRLQFLVR,,,GHVWHDUWLJRTXDQGRRVyFLRRXDGPLQLVWUDGRUUHWLURXVHGRTXDGURVRFLHWiULRRXGHDGPLQLVWUDGRUHVGDSHVVRDMXUtGLFD
GHYHGRUDDQWHVGRHYHQWRTXHGHXRULJHPDRGpELWR
2GLVSRVWRQDVDOtQHDV G  H H I GRLQFLVR,,,GHVWHDUWLJRDSOLFDVHLQFOXVLYHjVSHVVRDVMXUtGLFDVFROLJDGDVRXFRQWURODGRUDVGDTXHUHTXHUHXDXWRUL]DomR

1RWD
$UW$$13WHUiRSUD]RGHDWp VHVVHQWD GLDVSDUDPDQLIHVWDUVHDFHUFDGDDXWRUL]DomRSDUDRH[HUFtFLRGDDWLYLGDGHGHGLVWULEXLomRGH*/3FRQWDGRVDSDUWLUGDGDWD
GHSURWRFRORGDGRFXPHQWDomRSUHYLVWDQRDUWGHVWD5HVROXomR
3RGHUmRVHUVROLFLWDGDVLQIRUPDo}HVGRFXPHQWRVRXSURYLGrQFLDVDGLFLRQDLVLQGLFDQGRRPRWLYRDRUHTXHUHQWHHQHVVHFDVRRSUD]RHVWLSXODGRQRFDSXWGHVWHDUWLJR
VHUiFRQWDGRDSDUWLUGDGDWDGHSURWRFRORGRVPHVPRV
  $ $13 LQGHSHQGHQWHPHQWH GR DWHQGLPHQWR DR TXH GLVS}H R DUW  GHVWD 5HVROXomR SRGHUi REVWDU R LQJUHVVR H D SHUPDQrQFLD GH DJHQWH HFRQ{PLFR QD FDWHJRULD GH
GLVWULEXLGRUGH*/3FDVRSUHVHQWHVIXQGDGDVUD]}HVGHLQWHUHVVHS~EOLFRDSXUDGDVHPSURFHVVRDGPLQLVWUDWLYRJDUDQWLGRVRFRQWUDGLWyULRHDDPSODGHIHVD
$UW$ SHVVRD MXUtGLFD VRPHQWH SRGHUi H[HUFHU D DWLYLGDGH GH GLVWULEXLomR GH */3 DSyV D SXEOLFDomR GD DXWRUL]DomR GH TXH WUDWD HVWD 5HVROXomR QR 'LiULR 2ILFLDO GD
8QLmRVRESHQDGHDSOLFDomRGDVSHQDOLGDGHVFDEtYHLV
3DUiJUDIR~QLFR$DXWRUL]DomRWHUiYDOLGDGHHPWRGRRWHUULWyULRQDFLRQDO
$UW$V DOWHUDo}HV QRV GDGRV FDGDVWUDLV GR GLVWULEXLGRU GHYHUmR VHU LQIRUPDGDV j $13 SRU PHLR GR HQFDPLQKDPHQWR GH QRYD )LFKD &DGDVWUDO QR SUD]R Pi[LPR GH 
WULQWD GLDVDFRQWDUGDHIHWLYDomRGRDWRDFRPSDQKDGDGDGRFXPHQWDomRUHODWLYDjVDOWHUDo}HVHIHWLYDGDVHSRGHUmRLPSOLFDURLQGHIHULPHQWRGRUHTXHULPHQWRSHOD$13RXVHIRU
RFDVRRUHH[DPHGDDXWRUL]DomRRXWRUJDGD
 4XDQGR RFRUUHU LQFOXVmR GH ILOLDO QRV WHUPRV GDV DOtQHDV LL D LY GR LQFLVR ,9 GR DUW  UHODFLRQDGD DR H[HUFtFLR GD DWLYLGDGH GH GLVWULEXLomR GH */3 GHYHUmR VHU
HQFDPLQKDGRVj$13RVGRFXPHQWRVUHIHUHQWHDRQRYRHVWDEHOHFLPHQWRLQGLFDGRVQRVLQFLVRV,,,,9H9GRDUWHQRVLQFLVRV,9D9,,GRDUWGDPHVPD5HVROXomR

1RWD
1mRVHUiUHDOL]DGDDDOWHUDomRFDGDVWUDOVROLFLWDGDSHODHPSUHVDUHIHUHQWHjLQFOXVmRGHILOLDORXDOWHUDomRGRTXDGURVRFLHWiULRFDVRVHXHVWDEHOHFLPHQWRPDWUL]RXXPD
GH VXDV ILOLDLV HVWHMD HP GpELWR LQVFULWR QR &DGDVWUR ,QIRUPDWLYR GH &UpGLWRV QmR 4XLWDGRV GR 6HWRU 3~EOLFR )HGHUDO &$',1  FRQVWLWXtGR DSyV GHFLVmR DGPLQLVWUDWLYD GHILQLWLYD
GHFRUUHQWHGRH[HUFtFLRGHDWLYLGDGHUHJXODPHQWDGDSHOD$13SRUQmRTXLWDomRGHPXOWDDSOLFDGDQRVWHUPRVGD/HLQGHGHRXWXEURGH

1RWD



'D$TXLVLomRGH*/3GH3URGXWRU

$UW2SURGXWRURXLPSRUWDGRUHRGLVWULEXLGRUFRQWUDWDUmRHQWUHVLDTXDQWLGDGHGH*/3REMHWRGRIRUQHFLPHQWR
  2 FRQWUDWR GH FRPSUD H YHQGD GH */3 FHOHEUDGR HQWUH SURGXWRU RX LPSRUWDGRU H R GLVWULEXLGRU VHUi REMHWR GH SUpYLD KRPRORJDomR SHOD $13 GHYHQGR VHU HQFDPLQKDGD
FySLDDXWHQWLFDGDGHVHXH[WUDWRDWp WULQWD GLDVDQWHVGRLQtFLRGDHQWUHJDGRSURGXWRGRTXDOFRQVWHPLQIRUPDo}HVVREUHDTXDQWLGDGHFRQWUDWDGDSRUXQLGDGHSURGXWRUDORFDOGH
HQWUHJDHRPRGDOGHWUDQVSRUWHXWLOL]DGR
4XDQGRGDKRPRORJDomRGHTXHWUDWDRSDUiJUDIRDQWHULRUVHUmRDYDOLDGRVRVVHJXLQWHVDVSHFWRV
,  FRPSDWLELOLGDGH HQWUH R ORFDO H PRGDO GH HQWUHJD GH */3 SHOR SURGXWRU RX LPSRUWDGRU H D ORFDOL]DomR JHRJUiILFD GD V  EDVH V  SUySULD V  RX GH WHUFHLURV GH GLVWULEXLGRU
REVHUYDGRRGLVSRVWRQRDUWGHVWD5HVROXomR
,,FRPSDWLELOLGDGHHQWUHDTXDQWLGDGHGH*/3FRQWUDWDGDSDUDDFRQGLFLRQDPHQWRHPUHFLSLHQWHVWUDQVSRUWiYHLVGHFDSDFLGDGHGHDWpNJHRXQLYHUVRGHVVHVUHFLSLHQWHV
SRUGLVWULEXLGRUGDSUySULDPDUFDFRPHUFLDORXVREFRQWUDWRGHXVRGDPDUFDKRPRORJDGRSHOD$13DGRWDQGRVHRFRQFHLWRGH3HTXLYDOHQWH
,,,KLVWyULFRGHYHQGDVHPUHFLSLHQWHVWUDQVSRUWiYHLVGHFDSDFLGDGHGHDWpNJDGRWDQGRVHRFRQFHLWRGH3HTXLYDOHQWHGRV~OWLPRV VHLV PHVHVDQWHULRUHVDRGD
KRPRORJDomR GR FRQWUDWR H SDUD QRYR GLVWULEXLGRU SURMHomR GR YROXPH GH FRPHUFLDOL]DomR SDUD RV  WUrV  SULPHLURV PHVHV GH RSHUDomR HP FRQVRQkQFLD FRP R HVWXGR WpFQLFR
HFRQ{PLFRGRHPSUHHQGLPHQWRDTXHVHUHIHUHRDUWGHVWD5HVROXomRH
,9RIHUWDHDGHPDQGDQDFLRQDOGH*/3
2SURGXWRURXLPSRUWDGRUQmRSRGHUiGDULQtFLRDRIRUQHFLPHQWRGH*/3DQWHVGDKRPRORJDomRSUpYLDGHTXHWUDWDRGHVWHDUWLJR
(PFDVRGHFRQIOLWRHQWUHSURGXWRURXLPSRUWDGRUHGLVWULEXLGRUUHODFLRQDGRFRPDDSOLFDomRGDUHJXODPHQWDomRSHUWLQHQWHHFRPRIRUQHFLPHQWRGH*/3FDEHUij$13
PHGLiORHVHQHFHVViULRDGRWDUSURYLGrQFLDVFRPYLVWDVjVXDVROXomR

1RWD


'D&RPHUFLDOL]DomR

$UW2GLVWULEXLGRUVRPHQWHSRGHUiDGTXLULU*/3
,GHSURGXWRURXGHLPSRUWDGRUDXWRUL]DGRSHOD$13
,,GLUHWDPHQWHQRPHUFDGRH[WHUQRTXDQGRDXWRUL]DGRSHOD$13DRH[HUFtFLRGDDWLYLGDGHGHLPSRUWDomRGH*/3H
,,,GHRXWURGLVWULEXLGRUDXWRUL]DGRSHOD$13
$UW2GLVWULEXLGRUGHYHUiSRVVXLUFDSDFLGDGHGHWDQFDJHPRSHUDFLRQDOSDUDUHFHEHUDTXDQWLGDGHPHQVDOGH*/3KRPRORJDGDSHOD$13HRXLPSRUWDGD
2GLVWULEXLGRUTXHRSHUDUQDPRGDOLGDGHHQYDVDGRHDJUDQHOGHYHUiSRVVXLULQVWDODo}HVSDUDRHQYDVLOKDPHQWRGRVUHFLSLHQWHVWUDQVSRUWiYHLVDVHUHPFRPHUFLDOL]DGRV
  3DUD RV ILQV GHVWH DUWLJR D FDSDFLGDGH GH WDQFDJHP RSHUDFLRQDO H DV LQVWDODo}HV GH HQYDVLOKDPHQWR SUySULDV SRGHUmR VHU FRPSOHPHQWDGDV FRP EDVH V  GH
DUPD]HQDPHQWRHQYDVLOKDPHQWRHGLVWULEXLomRGHRXWURGLVWULEXLGRUGH*/3DXWRUL]DGRSHOD$13FDVRHPTXHGHYHUiVHUHQFDPLQKDGDFySLDDXWHQWLFDGDGHH[WUDWRGRLQVWUXPHQWR
FRQWUDWXDOTXHGLVFLSOLQHHVVDUHODomRMXUtGLFDSDUDKRPRORJDomR TXLQ]H GLDVDQWHVGRLQtFLRGHVXDXWLOL]DomR
  3DUD DSOLFDomR GR   GHVWH DUWLJR GHYHUi VHU REVHUYDGR WDQWR SHOR GLVWULEXLGRU FHGHQWH GDV LQVWDODo}HV GH DUPD]HQDPHQWR H GLVWULEXLomR TXDQWR SHOR FHVVLRQiULR D
PDQXWHQomRGDH[LJrQFLDHVWDEHOHFLGDQRLQFLVR,GRDUWGHVWD5HVROXomR
$UW$FRPHUFLDOL]DomRGH*/3SRGHUiVHUUHDOL]DGDHPUHFLSLHQWHWUDQVSRUWiYHORXHPUHFLSLHQWHHVWDFLRQiULR
3DUDDWHQGHUDRYROXPHGH*/3TXHFRPHUFLDOL]DURGLVWULEXLGRUGHYHUiGLVSRUGHTXDQWLGDGHVXILFLHQWHGHUHFLSLHQWHVWUDQVSRUWiYHLVFRPVXDPDUFDHVWDPSDGDHGH
UHFLSLHQWHVHVWDFLRQiULRVSUySULRVRXGHWHUFHLURV
2GLVWULEXLGRUHVWDEHOHFHUiVXD V PDUFD V FRU HV HRXWUDVSDUWLFXODULGDGHVGHVHXVUHFLSLHQWHVWUDQVSRUWiYHLVLQIRUPDQGRDVj$13
$UW 6mR YHGDGRV DR GLVWULEXLGRU R HQYDVLOKDPHQWR D JXDUGD RX FRPHUFLDOL]DomR GH UHFLSLHQWH WUDQVSRUWiYHO GH RXWUD PDUFD GH GLVWULEXLGRU FKHLR GH */3 H[FHWR SDUD
JXDUGDQRVFDVRVHPTXHRGLVWULEXLGRUIRUQRPHDGRSRUDXWRULGDGHFRPSHWHQWHILHOGHSRVLWiULRGRUHIHULGRUHFLSLHQWH
2GLVWULEXLGRUVRPHQWHSRGHUiHQYDVLOKDUHFRPHUFLDOL]DUUHFLSLHQWHVWUDQVSRUWiYHLVGHRXWUDPDUFDTXDQGRSUHYLDPHQWHKRXYHUSDFWXDGRHPFRQWUDWRFHOHEUDGRFRPRXWUR
GLVWULEXLGRUQRVOLPLWHVHORFDLVHVWDEHOHFLGRVQHVVHLQVWUXPHQWR
  2 FRQWUDWR GH TXH WUDWD R SDUiJUDIR DQWHULRU FRQWHUi QHFHVVDULDPHQWH FOiXVXOD TXH GHILQD FODUDPHQWH R UHVSRQViYHO SHOD PDQXWHQomR H UHTXDOLILFDomR GRV UHFLSLHQWHV
WUDQVSRUWiYHLV VHQGR TXH R GLVWULEXLGRU GHYHUi HQFDPLQKDU FySLD DXWHQWLFDGD GH H[WUDWR GR LQVWUXPHQWR FRQWUDWXDO SDUD KRPRORJDomR GD $13 TXH SRGHUi HVWLSXODU RXWUD IRUPD GH
LGHQWLILFDomR GR GLVWULEXLGRU TXH UHDOL]DUi R HQYDVLOKDPHQWR H D FRPHUFLDOL]DomR GRV UHIHULGRV UHFLSLHQWHV DGLFLRQDOPHQWH D HVWDEHOHFLGD QD DOtQHD D LQFLVR ,, GR DUW  GHVWD
5HVROXomR
$FHOHEUDomRGRFRQWUDWRDTXHVHUHIHUHRGHVWHDUWLJRQmRH[LPHRGHWHQWRUGDPDUFDHVWDPSDGDQRFRUSRGRUHFLSLHQWHWUDQVSRUWiYHOGHUHVSRQVDELOL]DomRHPFDVR
GHVLQLVWURQDIRUPDGDOHL
  $ $13 DUELWUDUi DV FRQGLo}HV UHODWLYDV DR DUPD]HQDPHQWR HQYDVLOKDPHQWR FRPHUFLDOL]DomR H GHVWURFD GH UHFLSLHQWHV WUDQVSRUWiYHLV GH PDUFD GH GLVWULEXLGRU FXMD
DXWRUL]DomRWLYHUVLGRUHYRJDGD
$UW2UHFLSLHQWHWUDQVSRUWiYHOFKHLRSRGHUiVHUFRPHUFLDOL]DGRGLUHWDPHQWHSHORGLVWULEXLGRUDRFRQVXPLGRURXDWUDYpVGHUHYHQGHGRUGH*/3DXWRUL]DGRSHOD$13
3DUiJUDIR~QLFR4XDQGRGDFRPHUFLDOL]DomRGLUHWDDRFRQVXPLGRURHVWDEHOHFLPHQWRGRGLVWULEXLGRUGHYHUiHVWDUSUHYLDPHQWHDXWRUL]DGRSHOD$13DRH[HUFtFLRGDDWLYLGDGH
GHUHYHQGDGH*/3GHDFRUGRFRPDOHJLVODomRYLJHQWH
$UW  2 GLVWULEXLGRU VRPHQWH SRGHUi FRPHUFLDOL]DU */3 HP ORFDOLGDGHV RQGH SXGHU SUHVWDU GLUHWDPHQWH RX DWUDYpV GH UHYHQGHGRU DXWRUL]DGR DVVLVWrQFLD WpFQLFD DR
FRQVXPLGRU
$UW e YHGDGD DR GLVWULEXLGRU D FRPHUFLDOL]DomR GH UHFLSLHQWHV WUDQVSRUWiYHLV FKHLRV GH */3 SDUD UHYHQGHGRU TXH QmR HVWHMD DXWRUL]DGR SHOD $13 H FDGDVWUDGR SDUD
FRPHUFLDOL]DUUHFLSLHQWHGHVXDPDUFDVRESHQDGHDSOLFDomRGDVSHQDOLGDGHVFDEtYHLV
$UW2GLVWULEXLGRUGHYHUiUHFHEHUUHFLSLHQWHWUDQVSRUWiYHOYD]LRGHRXWUDPDUFDGHGLVWULEXLGRUQRDWHQGLPHQWRDRFRQVXPLGRUSURFHGHQGRjVXDGHVWURFDQRPHQRUSUD]R
SRVVtYHO

KWWSQ[WDQSJRYEU1;7JDWHZD\GOOOHJUHVROXFRHVBDQSPDLRUDQS[PO





Q[WDQSJRYEU1;7JDWHZD\GOOOHJUHVROXFRHVBDQSPDLRUDQS[PO

$GHVWURFDHQWUHGLVWULEXLGRUHVGHUHFLSLHQWHVWUDQVSRUWiYHLVGH*/3YD]LRVVHUiSRUHOHVFRQYHQFLRQDGDSRGHQGRD$13UHJXODUVHQHFHVViULR
$SOLFDVHRGLVSRVWRQRFDSXWGHVWHDUWLJRDUHFLSLHQWHVWUDQVSRUWiYHLVGHPDUFDGHGLVWULEXLGRUTXHWLYHUVXDDXWRUL]DomRUHYRJDGD
$UW $ SDUWLU GD GDWD GH SXEOLFDomR GHVWD 5HVROXomR R GLVWULEXLGRU VRPHQWH SRGHUi DGTXLULU UHFLSLHQWH WUDQVSRUWiYHO QRYR TXH FRQWHQKD QXPHUDomR VHTHQFLDO GH FDGD
IDEULFDQWHPDUFDGRQRIODQJHGRPHVPRVHPSUHMXt]RGDVGHPDLVLQVFULo}HVSUHYLVWDVHPQRUPDVGD$%17

1RWD
$5HVROXomR$13QGH'28(IHLWRVDSDUWLUGH
FRQFHGHXDWpGHMDQHLURGHRSUD]RSDUDRGLVSRVWRQHVWH
DUWLJR


$UW$FRPHUFLDOL]DomRDRSHUDomRGHWUDQVYDVDPHQWRHGHDEDVWHFLPHQWRDJUDQHOVRPHQWHSRGHUmRVHUH[HFXWDGDVSRUGLVWULEXLGRUGH*/3DXWRUL]DGRSHOD$13
$UW 2 GLVWULEXLGRU VRPHQWH SRGHUi LQLFLDU R DEDVWHFLPHQWR GH FHQWUDO GH */3 DSyV YHULILFDU TXH WDQWR D VXD FRQVWUXomR FRPR RV HQVDLRV H WHVWHV IRUDP UHDOL]DGRV GH
DFRUGRFRPQRUPDGD$%17RXRXWUDDSOLFiYHO
3DUiJUDIR ~QLFR 2 IRUQHFLPHQWR GH */3 GHYHUi VHU VXVSHQVR SHOR GLVWULEXLGRU VH IRU FRQVWDWDGR TXH D FHQWUDO GH */3 QmR DWHQGH jV QRUPDV YLJHQWHV DVVLP FRPR jV
FRQGLo}HVWpFQLFDVHGHVHJXUDQoDSUHYLVWDVQRSURMHWR
$UW2VGLVWULEXLGRUHVILFDPDXWRUL]DGRVDIRUQHFHU*/3SDUDXVRLQGXVWULDOHPFDUiWHUH[FHSFLRQDOGHVGHTXHREVHUYDGDVDVVHJXLQWHVFRQGLo}HV
,TXDQGRLQVXPRHVVHQFLDODRSURFHVVRGHIDEULFDomR
,,TXDQGRXWLOL]DGRFRPRFRPEXVWtYHOTXHQmRSRVVDSRUPRWLYRVWpFQLFRVVHUVXEVWLWXtGRSRURXWURDJHQWHHQHUJpWLFRH
,,,TXDQGRLQGLVSHQViYHOSDUDDSUHVHUYDomRGRPHLRDPELHQWH
$UWeYHGDGRRXVRGH*/3HP
,PRWRUHVGHTXDOTXHUHVSpFLHLQFOXVLYHFRPILQVDXWRPRWLYRVH[FHWRHPSLOKDGHLUDVHHTXLSDPHQWRVLQGXVWULDLVGHOLPSH]DPRYLGRVDPRWRUHVGHFRPEXVWmRLQWHUQD
,,VDXQDV
,,,FDOGHLUDVH
,9DTXHFLPHQWRGHSLVFLQDVH[FHWRSDUDILQVPHGLFLQDLV

1RWD


'D0DQXWHQomR5HTXDOLILFDomRH,QXWLOL]DomRGH5HFLSLHQWHV7UDQVSRUWiYHLV

$UW6mRGHUHVSRQVDELOLGDGHGRGLVWULEXLGRUDLQVSHomRYLVXDODUHTXDOLILFDomRDVPDQXWHQo}HVSUHYHQWLYDHFRUUHWLYDHDLQXWLOL]DomRGHUHFLSLHQWHWUDQVSRUWiYHOGHVXD
PDUFDRXVREVXDUHVSRQVDELOLGDGHQDIRUPDGRVHGRDUWGHVWD5HVROXomRGHDFRUGRFRPDVOHJLVODo}HVHQRUPDVYLJHQWHV
(VSHFLILFDPHQWHSDUDRVUHFLSLHQWHVWUDQVSRUWiYHLVFRPFDSDFLGDGHGHTXLORJUDPDVGH*/3ERWLMmR3RGLVWULEXLGRUGHYHUiVXEPHWHURVGHVXDPDUFDFRPHUFLDO
RXVREVXDUHVSRQVDELOLGDGHQDIRUPDGRVHGRDUWGHVWD5HVROXomRDRSURFHVVRGHUHTXDOLILFDomRREVHUYDGDVDVPHWDVDQXDLVHFURQRJUDPDVDFRUGDGRVHP7HUPRV
GH&RPSURPLVVR,QGLYLGXDOGLVFULPLQDGRVQR$QH[R,,GHVWD5HVROXomR
  2 V  HVWDEHOHFLPHQWR V  GH GLVWULEXLGRU TXH SRVVXLU HP  LQVWDODo}HV GH HQYDVLOKDPHQWR GHYHUi mR  VHU FHUWLILFDGR V  SRU yUJmR FUHGHQFLDGR SHOR ,QVWLWXWR 1DFLRQDO GH
0HWURORJLD1RUPDOL]DomRH4XDOLGDGH,QGXVWULDO,10(752FRPYLVWDVDRDWHQGLPHQWRjQRUPDGD$%17UHIHUHQWHjLQVSHomRYLVXDO
$UW2GLVWULEXLGRUGHYHUiUHTXDOLILFDURVUHFLSLHQWHVWUDQVSRUWiYHLVHPRILFLQDGHUHTXDOLILFDomR
3DUiJUDIR~QLFR$RILFLQDUHIHULGDQRFDSXWGHVWHDUWLJRGHYHUiVHUFHUWLILFDGDSRUyUJmRFUHGHQFLDGRSHOR,10(752HH[HFXWDURVHUYLoRGHUHTXDOLILFDomRHPFRQIRUPLGDGH
FRPQRUPDVGD$%17
$UW)LFDPHVWDEHOHFLGRVRVVHJXLQWHVSUD]RVSDUDDUHTXDOLILFDomRGHERWLM}HV3
,DWpGHGH]HPEURGHSDUDDFRQFOXVmRGRSURFHVVRGHUHTXDOLILFDomRGRHVWRTXHGHERWLM}HVHPFLUFXODomRQRPHUFDGRIDEULFDGRVDWpLQFOXVLYHH
,,DWpGHGH]HPEURGHSDUDFRQFOXVmRGRSURFHVVRGHUHTXDOLILFDomRGRHVWRTXHGHERWLM}HVHPFLUFXODomRQRPHUFDGRIDEULFDGRVHQWUHH
LQFOXVLYH

1RWD
$UW  2 GLVWULEXLGRU GHYHUi HQFDPLQKDU j $13 DWp R GLD  TXLQ]H  GR PrV VHJXLQWH j H[HFXomR GRV VHUYLoRV GH UHTXDOLILFDomR RULJLQDO RX FySLD DXWHQWLFDGD GRV
&HUWLILFDGRVGH5HTXDOLILFDomRFRQIRUPHPRGHORFRQVWDQWHGR$QH[R,,,GHVWD5HVROXomR
$UW$$13ILVFDOL]DUiRFXPSULPHQWRGRSURFHVVRGHUHTXDOLILFDomRGHUHFLSLHQWHVWUDQVSRUWiYHLVOHYDGRDWHUPRSHODVSHVVRDVMXUtGLFDVSURSULHWiULDVGDVPDUFDVQHOHV
HVWDPSDGDVDOpPGRVVREVXDUHVSRQVDELOLGDGHGHDFRUGRFRPRHGRDUWGHVWD5HVROXomRYLVDQGRDJDUDQWLURFXPSULPHQWRGDVPHWDVDQXDLVSRUGLVWULEXLGRU


'DV2EULJDo}HVGR'LVWULEXLGRU

$UW2GLVWULEXLGRUILFDREULJDGRD
,HQYDVLOKDUHFRPHUFLDOL]DU*/3VRPHQWHHPUHFLSLHQWHWUDQVSRUWiYHOHPFXMRFRUSRHVWHMDHVWDPSDGDVXDSUySULDPDUFDVDOYRRTXHGLVS}HRVHGRDUWGHVWD
5HVROXomR
,,FRPHUFLDOL]DU*/3VRPHQWHHPUHFLSLHQWHWUDQVSRUWiYHOTXH
D  VHMD GRWDGR GH UyWXOR LQIRUPDQGR D GDWD GH HQYDVLOKDPHQWR R GLVWULEXLGRU TXH R UHDOL]RX H R GLVWULEXLGRU TXH UHDOL]DUi D FRPHUFLDOL]DomR DOpP GDTXHODV TXH DWHQGDP jV
H[LJrQFLDVGR&yGLJRGH'HIHVDGR&RQVXPLGRUHRXWUDVTXHYLHUHPDVHUGHWHUPLQDGDVSHOD$13

1RWD
$5HVROXomR$13QGH'28(IHLWRVDSDUWLUGH
FRQFHGHXDWpGHVHWHPEURGHRSUD]RSDUDRGLVSRVWRQHVWD
DOtQHD


E SRVVXDODFUHGHLQYLRODELOLGDGHGDYiOYXODGHIOX[RTXHLQIRUPHDUD]mRVRFLDOGRGLVWULEXLGRUH
F HVWHMDFHUWLILFDGRFRPD0DUFD1DFLRQDOGH&RQIRUPLGDGH01&HPLWLGDSHOR,10(752VHJXQGRQRUPDVGD$%17
,,,LQIRUPDUj$13PHQVDOPHQWHSUHIHUHQFLDOPHQWHSRUPHLRHOHWU{QLFRDWpRGLD TXLQ]H GRPrVVXEVHTHQWHHPIRUPDWRDVHUGHILQLGR
D DTXDQWLGDGHDGTXLULGDGLUHWDPHQWHRXSRUWHUFHLURVSRUHOHDXWRUL]DGRVGHUHFLSLHQWHWUDQVSRUWiYHOQRYRFRPVXDPDUFDFRPHUFLDOGLVFULPLQDQGRDSRUIDEULFDQWH
E DVYHQGDVUHDOL]DGDVQRPrVDQWHULRUH
F DVDOWHUDo}HVFDGDVWUDLVGDVFHQWUDLVGH*/3VREVXDUHVSRQVDELOLGDGHDFRPSDQKDGDVGHLQIRUPDo}HVUHODWLYDVDHYHQWXDLVPRGLILFDo}HVQDVLQVWDODo}HV

1RWD

1RWD
$5HVROXomR$13QGH'28(IHLWRVDSDUWLUGH
FRQFHGHXDWpGHGH]HPEURGHRSUD]RSDUDDWHQGLPHQWR
DRTXHSUHYrHVWDDOtQHD
$5HVROXomR$13QGH'28(IHLWRVDSDUWLUGH
FRQFHGHXRSUD]RGH FHQWRHYLQWH GLDVFRQWDGRVDSDUWLUGD
GDWDGHSXEOLFDomRSDUDDWHQGLPHQWRGRGLVSRVWRQHVWDDOtQHD
$5HVROXomR$13QGH'28(IHLWRVDSDUWLUGH
FRQFHGHXDWpGHPDLRGHRSUD]RSDUDRGLVSRVWRQHVWD

KWWSQ[WDQSJRYEU1;7JDWHZD\GOOOHJUHVROXFRHVBDQSPDLRUDQS[PO





Q[WDQSJRYEU1;7JDWHZD\GOOOHJUHVROXFRHVBDQSPDLRUDQS[PO
DOtQHD
$5HVROXomR$13QGH'28(IHLWRVDSDUWLUGH
FRQFHGHXDWpGHMDQHLURGHRSUD]RSDUDRGLVSRVWRQHVWD
DOtQHD


,9UHDOL]DUDODYDJHPLQWHUQDGRVUHFLSLHQWHVWUDQVSRUWiYHLVTXDQGRGDVXDPDQXWHQomR
9  VXEPHWHU RV UHFLSLHQWHV WUDQVSRUWiYHLV GH VXDV PDUFDV FRPHUFLDLV RX VRE VXD UHVSRQVDELOLGDGH j LQVSHomR YLVXDO jV PDQXWHQo}HV SUHYHQWLYD H FRUUHWLYD H j
UHTXDOLILFDomRLQXWLOL]DQGRDTXHOHVTXHQmRDSUHVHQWDUHPDVFRQGLo}HVGHVHJXUDQoDGHDFRUGRFRPQRUPDVGD$%17
9,  WUHLQDU VHXV HPSUHJDGRV RX WHUFHLURV FRQWUDWDGRV TXDQWR DR FRUUHWR WUDQVSRUWH PDQXVHLR GLVWULEXLomR H FRPHUFLDOL]DomR GH */3 HP UHFLSLHQWHV WUDQVSRUWiYHLV H
HVWDFLRQiULRVHPFRQIRUPLGDGHFRPDOHJLVODomRSHUWLQHQWH
9,,JDUDQWLUDVHVSHFLILFDo}HVWpFQLFDVGHWHUPLQDGDVSHOD$13TXDQWRjTXDOLGDGHGR*/3HjLQWHJULGDGHGRUHFLSLHQWHWUDQVSRUWiYHOTXDQGRDUPD]HQDGRRXPRYLPHQWDGR
VREVXDUHVSRQVDELOLGDGH
9,,,LGHQWLILFDUDPDUFDGRGLVWULEXLGRUQRYHtFXORXWLOL]DGRSDUDFRPHUFLDOL]DomRGH*/3
,;GLVSRUQRHVWDEHOHFLPHQWRGHEDODQoDGHFLPDOHPSHUIHLWRHVWDGRGHFRQVHUYDomRHIXQFLRQDPHQWRFHUWLILFDGDHDIHULGDSHOR,10(752SDUDFRPSURYDomRGRSHVRGR
UHFLSLHQWHWUDQVSRUWiYHOFKHLRGH*/3
;WUDQVSRUWDU*/3GHDFRUGRFRPDVH[LJrQFLDVHVWDEHOHFLGDVSRUyUJmRFRPSHWHQWHSDUDHVVHWLSRGHFDUJD
;,FRPXQLFDUSUHYLDPHQWHj$13DVPRGLILFDo}HVRXDVDPSOLDo}HVTXHSUHWHQGHUHIHWXDUHPVXDVLQVWDODo}HV
;,,  LQIRUPDU j $13 FRP DQWHFHGrQFLD PtQLPD GH  WULQWD  GLDV R WpUPLQR GD RSHUDomR GH LQVWDODomR RX GH FRQWUDWR TXH GLVFLSOLQH D FRPSOHPHQWDomR GD FDSDFLGDGH GH
WDQFDJHPRSHUDFLRQDOHDVLQVWDODo}HVGHHQYDVLOKDPHQWRSUHYLVWDQRGRDUWGHVWD5HVROXomR
;,,,  PDQWHU VHUYLoR  KRUDV GH DWHQGLPHQWR H GH DVVLVWrQFLD WpFQLFD DR FRQVXPLGRU GLVSRQLELOL]DQGR SDUD WDQWR WHOHIRQH FXMR Q~PHUR GHYH FRQVWDU GR UyWXOR DIL[DGR QR
UHFLSLHQWHWUDQVSRUWiYHO
;,9GLVSRQLELOL]DUDGRFXPHQWDomRLQFOXVLYHQRWDVILVFDLVUHODWLYDjDWLYLGDGHGHGLVWULEXLomRGH*/3DDJHQWHVGHILVFDOL]DomRGD$13RXGHyUJmRVFRQYHQLDGRV
;9REVHUYDUHUHVSHLWDUDVQRUPDVTXHUHJHPDRUGHPHFRQ{PLFDDSUHVHUYDomRGRPHLRDPELHQWHHDVHJXUDQoDGRFRQVXPLGRU
;9,H[LELUHPTXDGURGHDYLVRHPORFDOYLVtYHODRFRQVXPLGRUHGHPRGRGHVWDFDGRFRPFDUDFWHUHVOHJtYHLVHGHIiFLOYLVXDOL]DomRFRQIRUPHGLPHQV}HVHFDUDFWHUtVWLFDV
FRQVWDQWHVGR$QH[R,9DVVHJXLQWHVLQIRUPDo}HV
D UD]mRVRFLDO&13-HQ~PHURGHDXWRUL]DomRGD$13
E RKRUiULRGHIXQFLRQDPHQWR
F QRPHGRyUJmRUHJXODGRUHILVFDOL]DGRU$JrQFLD1DFLRQDOGR3HWUyOHR*iV1DWXUDOH%LRFRPEXVWtYHLV$13
G  R Q~PHUR GR WHOHIRQH GR &HQWUR GH 5HODo}HV FRP R &RQVXPLGRU  &5& GD $13 LQIRUPDQGR TXH D OLJDomR p JUDWXLWD H LQGLFDQGR TXH D HOH GHYHUmR VHU GLULJLGDV DV
UHFODPDo}HVTXHQmRIRUHPDWHQGLGDVSHORGLVWULEXLGRUH

1RWD
$5HVROXomR$13QGH'28(IHLWRVDSDUWLUGH
FRQFHGHXDWpGHMDQHLURGHRSUD]RSDUDRGLVSRVWRQHVWH
LQFLVR


;9,,FRPHUFLDOL]DUUHFLSLHQWHWUDQVSRUWiYHOFKHLRGH*/3FRPPDVVDWRWDOLJXDOjVXDWDUDDFUHVFLGDGDPDVVDGRSURGXWRREVHUYDGDVDFDSDFLGDGHQRPLQDOGRUHFLSLHQWHH
DVWROHUkQFLDVPHWUROyJLFDVSUHYLVWDVHPGRFXPHQWRVHVSHFtILFRVH

1RWD
;9,,,  IRUQHFHU */3 D JUDQHO VRPHQWH SRU LQWHUPpGLR GH PHGLGRU YROXPpWULFR RX PiVVLFR HP SHUIHLWR HVWDGR GH FRQVHUYDomR H IXQFLRQDPHQWR GH DFRUGR FRP RV
UHTXHULPHQWRVWpFQLFRVPHWUROyJLFRVHVWDEHOHFLGRVSHOR,QVWLWXWR1DFLRQDOGH0HWURORJLD1RUPDOL]DomRH4XDOLGDGH,QGXVWULDO,10(752RXSRUHPSUHVDSRUHOHFUHGHQFLDGD

1RWD
;,;PDQWHUDWXDOL]DGRVRVGRFXPHQWRVGDVIDVHVGHKDELOLWDomRHRXWRUJDGDDXWRUL]DomRSDUDRH[HUFtFLRGDDWLYLGDGHGHGLVWULEXLomRGH*/3

1RWD
3DUiJUDIR~QLFR&RQVLGHUDQGRDVGLVWLQWDVGDWDVGHYDOLGDGHGDVFHUWLG}HVIHGHUDLVSHUDQWHR6,&$)ILFDFRQFHGLGRRSUD]RGHDWp VHVVHQWD GLDVDSDUWLUGRUHFHELPHQWR
GHQRWLILFDomRGD$13SDUDRHQFDPLQKDPHQWRGR&HUWLILFDGRGH5HJLVWUR&DGDVWUDO &5& HPLWLGRPHGLDQWHDWHQGLPHQWRDRVQtYHLV,,,H,,,SHUDQWHR6LVWHPDGH&DGDVWUDPHQWR
8QLILFDGRGH)RUQHFHGRUHV 6,&$) FRQVWDQGRWRGRVRVGRFXPHQWRVQRSUD]RGHYDOLGDGHGDPDWUL]HGD V ILOLDO LV UHODFLRQDGD V FRPDDWLYLGDGHGHGLVWULEXLomRGH*/3

1RWD



'DV'LVSRVLo}HV7UDQVLWyULDV

1RWD

$UW)LFDFRQFHGLGRDRGLVWULEXLGRUHPRSHUDomRQDGDWDGHSXEOLFDomRGHVWD5HVROXomRRSUD]RGHDWp FHQWRHRLWHQWD GLDVFRQWDGRVDSDUWLUGHVWDPHVPDGDWDSDUD


HQFDPLQKDU j $13 D UHODomR FRPSOHWD GDV FHQWUDLV GH */3 VRE VXD UHVSRQVDELOLGDGH SUHIHUHQFLDOPHQWH SRU PHLR HOHWU{QLFR HP PRGHOR D VHU GLVSRQLELOL]DGR QR HQGHUHoR
ZZZDQSJRYEUFRPDGHVFULomRVXFLQWDGDVUHVSHFWLYDVLQVWDODo}HV

1RWD

1RWD
$5HVROXomR$13QGH'28(IHLWRVDSDUWLUGH
FRQFHGHXDWpGHGH]HPEURGHRSUD]RSDUDDWHQGLPHQWR
DRTXHSUHYrHVWHDUWLJR
$5HVROXomR$13QGH'28(IHLWRVDSDUWLUGH
FRQFHGHXRSUD]RGH FHQWRHYLQWH GLDVFRQWDGRVDSDUWLUGD
GDWDGHSXEOLFDomRSDUDDWHQGLPHQWRGRGLVSRVWRQHVWHDUWLJR
$5HVROXomR$13QGH'28(IHLWRVDSDUWLUGH
FRQFHGHXDWpGHPDLRGHRSUD]RSDUDRGLVSRVWRQHVWH
DUWLJR
$5HVROXomR$13QGH'28(IHLWRVDSDUWLUGH
FRQFHGHXDWpGHMDQHLURGHRSUD]RSDUDRGLVSRVWRQHVWH
DUWLJR


$UW)LFDPFRQFHGLGRVRVVHJXLQWHVSUD]RV
,DWpGHPDUoRGHSDUDFHOHEUDomRHHQFDPLQKDPHQWRj$13SDUDKRPRORJDomRGRFRQWUDWRGHTXHWUDWDRDUW

1RWD
$5HVROXomR$13QGH'28(IHLWRVDSDUWLUGH
FRQFHGHXRSUD]RGH QRYHQWD GLDVFRQWDGRVDSDUWLUGDGDWD
GHSXEOLFDomRSDUDFHOHEUDUHHQFDPLQKDUj$13RFRQWUDWRGHFRPSUDH
YHQGDGH*/3FRPYLVWDVjKRPRORJDomR

KWWSQ[WDQSJRYEU1;7JDWHZD\GOOOHJUHVROXFRHVBDQSPDLRUDQS[PO





Q[WDQSJRYEU1;7JDWHZD\GOOOHJUHVROXFRHVBDQSPDLRUDQS[PO

,,DWpGHPDLRGHSDUDVXEVWLWXLomRGDVLVWHPiWLFDGHTXRWDVTXHYLJRUDYDDQWHULRUPHQWHjSXEOLFDomRGHVWD5HVROXomRSHORFRQWUDWRGHFRPSUDHYHQGDGH*/3

1RWD

1RWD
$5HVROXomR$13QGH'28(IHLWRVDSDUWLUGH
FRQFHGHXRSUD]RGH FHQWRHYLQWH GLDVFRQWDGRVDSDUWLUGD
GDWDGHSXEOLFDomRSDUDVXEVWLWXLomRGDVLVWHPiWLFDGHTXRWDVGHTXH
GLVSXQKDD3RUWDULD0,1)5$QGHGHRXWXEURGHSRUFRQWUDWR
GHFRPSUDHYHQGDGH*/3
$5HVROXomR$13QGH'28(IHLWRVDSDUWLUGH
FRQFHGHXRSUD]RDWpGHVHWHPEURGHSDUDDWHQGLPHQWR
DRHVWDEHOHFLGRQHVWHDUWLJR


$UW)LFDFRQFHGLGRjSHVVRDMXUtGLFDFRPSHGLGRGHDXWRUL]DomRHPDQiOLVHQD$13SURWRFRODGRDQWHVGDSXEOLFDomRGDSUHVHQWH5HVROXomRHLQVWUXtGRFRPEDVHQDV
GLVSRVLo}HVGD3RUWDULD$13QGHGHGH]HPEURGHRSUD]RGH FHQWRHYLQWH GLDVSDUDRDWHQGLPHQWRjVGLVSRVLo}HVHVWDEHOHFLGDVQRDUWGHVWD5HVROXomR
VRESHQDGHDUTXLYDPHQWRGRUHIHULGRSHGLGR


'DV'LVSRVLo}HV)LQDLV

$UW$DXWRUL]DomRSDUDRH[HUFtFLRGDDWLYLGDGHGHGLVWULEXLomRGH*/3pRXWRUJDGDHPFDUiWHUSUHFiULRHVHUi
,FDQFHODGDQRVVHJXLQWHVFDVRV
D H[WLQomRGDSHVVRDMXUtGLFDMXGLFLDORXH[WUDMXGLFLDOPHQWH
E SRUGHFUHWDomRGHIDOrQFLDGDSHVVRDMXUtGLFDRX
F SRUUHTXHULPHQWRGRGLVWULEXLGRU

1RWD
,,UHYRJDGDDTXDOTXHUWHPSRPHGLDQWHGHFODUDomRH[SUHVVDGD$13TXDQGRFRPSURYDGRHPSURFHVVRDGPLQLVWUDWLYRFRPJDUDQWLDGRFRQWUDGLWyULRHDPSODGHIHVD
D TXHRH[HUFtFLRGDDWLYLGDGHGHGLVWULEXLomRGH*/3QmRIRLLQLFLDGDDSyV FHQWRHRLWHQWD GLDVDSyVDSXEOLFDomRGDDXWRUL]DomRQR'LiULR2ILFLDOGD8QLmR
E TXHKRXYHSDUDOLVDomRLQMXVWLILFDGDGDDWLYLGDGHGHGLVWULEXLomRQmRWHQGRDSUHVHQWDGRFRPHUFLDOL]DomRGH*/3QRSUD]RGH FHQWRHRLWHQWD GLDV
F TXHGHL[RXGHDWHQGHUDRVUHTXLVLWRVUHIHUHQWHVjVIDVHVGHKDELOLWDomRHGHRXWRUJDGDDXWRUL]DomRTXHFRQGLFLRQDUDPDFRQFHVVmRGDDXWRUL]DomR
G TXHDDWLYLGDGHHVWiVHQGRH[HFXWDGDHPGHVDFRUGRFRPDOHJLVODomRYLJHQWHH[SUHVVDPHQWHLQGLFDGDSHOD$13RX
H TXHKiIXQGDGDVUD]}HVGHLQWHUHVVHS~EOLFRMXVWLILFDGDVSHODDXWRULGDGHFRPSHWHQWH

1RWD
3DUiJUDIR~QLFR5HYRJDGR

1RWD
$UW2VDJHQWHVGHILVFDOL]DomRGD$13HGHyUJmRVFRQYHQLDGRVWHUmROLYUHDFHVVRjVLQVWDODo}HVGRGLVWULEXLGRU
$UW2QmRDWHQGLPHQWRjVGLVSRVLo}HVGHVWD5HVROXomRVXMHLWDRLQIUDWRUjVSHQDOLGDGHVSUHYLVWDVQD/HLQGHGHRXWXEURGHHQR'HFUHWRQGH
GHMDQHLURGHVHPSUHMXt]RGDVGHPDLVVDQo}HVFDEtYHLV
$UW$SUHVHQWH5HVROXomRHQWUDHPYLJRUQDGDWDGHVXDSXEOLFDomR
$UW  )LFDP UHYRJDGDV D 5HVROXomR &13 Q  GH  GH IHYHUHLUR GH  D 5HVROXomR &13 Q  GH GH RXWXEURGH  D 5HVROXomR &13 Q GH  GHPDUoR
GHD5HVROXomR&13QGHGHMDQHLURGHD5HVROXomR&13QGHGHRXWXEURGHD5HVROXomR&13QGHGHQRYHPEURGHD3RUWDULD&13
QGHGHIHYHUHLURGHD3RUWDULD'1&QGHGHMXOKRGHD3RUWDULD'1&QGHGHIHYHUHLURGHD3RUWDULD'1&QGHGHPDLRGHD
3RUWDULD$13QGHGHGH]HPEURGHHGHPDLVGLVSRVLo}HVHPFRQWUiULRUHVVDOYDGRRGLVSRVWRQRDUWGHVWD5HVROXomR

+$52/'2%25*(652'5,*8(6/,0$


$1(;2,
$*1&,$1$&,21$/'23(75/(2*61$785$/(%,2&20%8679(,6$13
),&+$&$'$675$/'(',675,%8,'25

)&'

5HVROXomR$13QGH
$XWRUL]DomR

$WXDOL]DomRFDGDVWUDO

*/3DJUDQHO

*/3HQYDVDGR

*/3HQYDVDGRHDJUDQHO

,'(17,),&$d2'$(035(6$
120((035(6$5,$/ ILUPDUD]mRVRFLDORXGHQRPLQDomRFRPHUFLDO
778/2'2(67$%(/(&,0(172 QRPHGHIDQWDVLD
(1'(5(d2 FDVRQHFHVViULRXWLOL]DUIROKDFRPSOHPHQWDU
0$75,= UXDDYHQLGDHWF

10(52

%$,552',675,72

&(3

&203/(0(172


081,&3,2

'''

8)

7(/()21(

'''

,16&5,d2
&13-

)$;

),/,$/ UXDDYHQLGDHWF

KWWSQ[WDQSJRYEU1;7JDWHZD\GOOOHJUHVROXFRHVBDQSPDLRUDQS[PO

,16&5,d2(67$'8$/

&255(,2(/(751,&2
10(52

&203/(0(172






Q[WDQSJRYEU1;7JDWHZD\GOOOHJUHVROXFRHVBDQSPDLRUDQS[PO

%$,552',675,72

&(3

081,&3,2

8)

,16&5,d2
&13-

,16&5,d2(67$'8$/

),/,$/ UXDDYHQLGDHWF

10(52

%$,552',675,72

&(3

081,&3,2

8)

,16&5,d2
&13-

&203/(0(172

,16&5,d2(67$'8$/

(1'(5(d23$5$&255(6321'1&,$
/2*5$'2852 UXDDYHQLGDHWF

10(52

%$,552',675,72
081,&,3,2

8)

'''

&203/(0(172

&(3

&255(,2(/(751,&2

7(/()21(

'''

)$;

,'(17,),&$d2'266&,26(5(35(6(17$17(6/(*$,6 FDVRQHFHVViULRXWLOL]DUIROKDFRPSOHPHQWDU


120( SHVVRDItVLFD 120((035(6$5,$/ SHVVRDMXUtGLFD

&3)&13-'26&,2

3$57


,1*5(662

120( SHVVRDItVLFD 120((035(6$5,$/ SHVVRDMXUtGLFD

&3)&13-'26&,2

3$57


,1*5(662

120( SHVVRDItVLFD 120((035(6$5,$/ SHVVRDMXUtGLFD

&3)&13-'26&,2

3$57


,1*5(662

5(632169(/3(/235((1&+,0(172'$)&
120( SHVVRDItVLFD
,'(17,'$'(

&3)

/2&$/

'$7$

48$/,),&$d2
$66,1$785$&205(&21+(&,0(172'(),50$
'HFODURVREDVSHQDVGDOHLVHUHPYHUGDGHLUDVDVLQIRUPDo}HV
DFLPDSUHVWDGDV



$*1&,$1$&,21$/'23(75/(2*61$785$/(%,2&20%8679(,6$13

)&'

),&+$&$'$675$/'(',675,%8,'25
5(/$d2'($1(;26
,'(17,),&$d2'$(035(6$
120((035(6$5,$/ ILUPDUD]mRVRFLDORXGHQRPLQDomRFRPHUFLDO
778/2'2(67$%(/(&,0(172 QRPHGHIDQWDVLD

,16&5,d2
&13-

$1(;26
&RPSURYDQWHGHLQVFULomRHGHVLWXDomRFDGDVWUDOQR&DGDVWUR1DFLRQDOGH3HVVRD-XUtGLFD&13-FRQVWDQGRDVLWXDomRFDGDVWUDODWLYDQD6HFUHWDULDGD
5HFHLWD)HGHUDO QRVWHUPRVGRDUWLQFLVR,GD5HVROXomRQ 
&RPSURYDomRGHKDELOLWDomRSDUFLDOSHUDQWHR6,&$)HVWDEHOHFLPHQWRVPDWUL]HILOLDLV QRVWHUPRVGRDUWLQFLVR,,,GD5HVROXomRQ 
&ySLDDXWHQWLFDGDGRHVWDWXWRRXFRQWUDWRVRFLDODUTXLYDGRQD-XQWD&RPHUFLDOHTXDQGRDOWHUDGRGHVXDPDLVUHFHQWHFRQVROLGDomR QRVWHUPRVGRDUW
LQFLVR,,GD5HVROXomRQ 
(VWXGRWpFQLFRHFRQ{PLFR QRVWHUPRVGRDUWGD5HVROXomRQ 
3DUDRVILQVGRLQFLVR,,,GRDUWGHVWD5HVROXomRGHYHUiVHUDSUHVHQWDGRSURMHWRGHLQVWDODomRGHDUPD]HQDPHQWRGH*/3HQYDVLOKDPHQWRHGLVWULEXLomR
FRQIRUPHDDWLYLGDGH QRVWHUPRVGRDUWGD5HVROXomRQ 
,QGLFDomRGRVQRPHVHTXDOLILFDomRGRVUHSUHVHQWDQWHVRXSUHSRVWRVGDGLVWULEXLGRUDSHUDQWHD$13SRUPHLRGHGRFXPHQWRUHJLVWUDGR QRVWHUPRVGRDUW
GD5HVROXomRQ 
0$5&$6&20(5&,$,6
0$5&$&20(5&,$/
0$5&$&20(5&,$/

0$5&$&20(5&,$/

KWWSQ[WDQSJRYEU1;7JDWHZD\GOOOHJUHVROXFRHVBDQSPDLRUDQS[PO





Q[WDQSJRYEU1;7JDWHZD\GOOOHJUHVROXFRHVBDQSPDLRUDQS[PO

,'(17,),&$d2'25(632169(/2835(326723(5$17($$13
120( SHVVRDItVLFD
,'(17,'$'(

&3)

/2&$/

'$7$

48$/,),&$d2
$66,1$785$ 'HFODURVREDVSHQDVGDOHLVHUHPYHUGDGHLUDVDVLQIRUPDo}HVDFLPDSUHVWDGDV

$FySLDGDGRFXPHQWDomRH[LJLGDGHYHUiVHUDXWHQWLFDGDHPFDUWyULR

$*1&,$1$&,21$/'23(75/(2*61$785$/(%,2&20%8679(,6$13

)&'

),&+$&$'$675$/'(',675,%8,'25
5HVROXomR$13QGH
,16758d(6*(5$,6
$GRFXPHQWDomRH[LJLGDGHYHUiVHUHQFDPLQKDGDLQWHJUDOHFRQFRPLWDQWHPHQWHFRPD)LFKD&DGDVWUDOSUHHQFKLGDSDUDD$13QRVHJXLQWHHQGHUHoR
$YHQLGD5LR%UDQFR&HQWUR5LRGH-DQHLUR5-&(3
2XWUDVLQIRUPDo}HVVREUHRSURFHVVRGHDXWRUL]DomRGHGLVWULEXLGRUDVSRGHPVHUREWLGDVQR&HQWURGH5HODo}HVFRPR&RQVXPLGRUGD$13SHORWHOHIRQH
,16758d(63$5$35((1&+,0(172'$),&+$&$'$675$/
,'(17,),&$d2'$(035(6$
2QRPHGHIDQWDVLDGHYHFRUUHVSRQGHUDRFRQVWDQWHGRFDUWmRGR&13-
(1'(5(d2
2HQGHUHoRLQIRUPDGRGHYHFRUUHVSRQGHUDRFRQVWDQWHGRVGRFXPHQWRVHQWUHJXHVFRPD)LFKD&DGDVWUDO
(1'(5(d2'(&255(6321'1&,$
(QGHUHoRSDUDRTXDOGHYHUmRVHUSRVWDGDVDVFRUUHVSRQGrQFLDVHQYLDGDVSDUDDGLVWULEXLGRUD
,'(17,),&$d2'266&,26$&,21,67$6
3UHHQFKHUHVVHTXDGURFRPRVGDGRVGHFDGDVyFLRRXDFLRQLVWDTXHFRPS}HRTXDGURVRFLHWiULRGDHPSUHVD&DVRRTXDGURQmRVHMDVXILFLHQWHSDUDUHODWDUWRGRVRVVyFLRVRX
DFLRQLVWDVGHYHVHUXWLOL]DGDIROKDDYXOVDSDUDFRPSOHPHQWDUDVLQIRUPDo}HV2EVHUYDo}HV
RFDPSR3DUWGHYHVHUSUHHQFKLGRFRPDSDUWLFLSDomRSHUFHQWXDOGHFDGDVyFLRRXDFLRQLVWDQRFDSLWDOGDHPSUHVD
RFDPSR,QJUHVVRGHYHVHUSUHHQFKLGRFRPDGDWDGHLQJUHVVRGHFDGDVyFLRRXDFLRQLVWDQDHPSUHVD
5(632169(/3(/235((1&+,0(172'$)&'
(PTXDOTXHUGDVKLSyWHVHVGHXVR DXWRUL]DomRRXDWXDOL]DomRFDGDVWUDO D)LFKD&DGDVWUDOGHYHUiVHUDVVLQDGDFRPILUPDUHFRQKHFLGDSRUXPGRVVyFLRVGDHPSUHVDRXSRU
SURFXUDGRUTXHWHQKDSRGHUHVSDUDHVVHILP

$1(;2,,
35(9,62',675,%8,'25$6
$12

/,48,
*6

$0$=21
*$6

1$&,21$/
*$6

&23$*$=

)2*$6

0,1$6*$6

212*$6

63*$6

6(59*$6

683(5
*$6%5$6

8/75$*$=




727$/
$12

































































































































































































































































$1(;2,,,

(63$d23$5$$/2*20$5&$'$(035(6$5(48$/,),&$'25$
&(57,),&$'2'(5(48$/,),&$d2'(

KWWSQ[WDQSJRYEU1;7JDWHZD\GOOOHJUHVROXFRHVBDQSPDLRUDQS[PO





Q[WDQSJRYEU1;7JDWHZD\GOOOHJUHVROXFRHVBDQSPDLRUDQS[PO
5(&,3,(17(675$1632579(,6'(*/3
1~PHURGR&HUWLILFDGR
'DWDGR&HUWLILFDGR
1RUPD$%171%5

&HUWLILFRTXHIRUDPLQVSHFLRQDGRVHUHTXDOLILFDGRVFRQIRUPHDQRUPD1%5UHFLSLHQWHVWUDQVSRUWiYHLVGHDoRSDUD*/3GRGLVWULEXLGRUHQRSHUtRGRDEDL[RGLVFULPLQDGRV
SHUPDQHFHQGRRUHJLVWURRULJLQDOGHVVDLQVSHomRDUTXLYDGRHPQRVVDSODQWDHjGLVSRVLomRGD$13RXyUJmRFRQYHQLDGR
1RPHGRGLVWULEXLGRUGHWHQWRUGDPDUFD
1RPHGRGLVWULEXLGRUTXHVROLFLWRXDUHTXDOLILFDomR
8QLGDGH
&13-GDXQLGDGH
3HUtRGR
7LSRGR5HFLSLHQWH

4XDQWLGDGHGH
(QWUDGD

BBBBBBBBBBBBBBBBBBBBBBBB
$VVLQDWXUDGR5HSUHVHQWDQWH
5HTXDOLILFDGRUD

4XDQWLGDGH5HTXDOLILFDGD

BBBBBBBBBBBBBBBBBBBBBBBB
$VVLQDWXUDGR5HSUHVHQWDQWH
'LVWULEXLGRU

$1(;2,9

48$'52'($9,62
$VGLPHQV}HVHFDUDFWHUtVWLFDVGRTXDGURGHDYLVRGHTXHWUDWDRLQFLVR;9,GRDUWGDSUHVHQWH5HVROXomRGHYHUmRREVHUYDUDVVHJXLQWHVHVSHFLILFDo}HV
'HYHUiSURSRUFLRQDUERDYLVLELOLGDGHPHGLDQWHRHPSUHJRGHOHWUDVHVtPERORVGHIRUPDWDPDQKRHHVSDoDPHQWRDGHTXDGRVDVVHJXUDQGRDSHUFHSomRjGLVWkQFLDSDUD
OHLWXUDHUiSLGDFRPSUHHQVmRGRVHXWH[WRSHORFRQVXPLGRU
'HYHUiWHUDVVHJXLQWHVFDUDFWHUtVWLFDV
,GLPHQV}HVPtQLPDVGHFPGHODUJXUDSRUFPGHDOWXUD
,,LPSUHVVmRHOHWURVWiWLFDHPYLQLODXWRDGHVLYRSODFDGHSROLHWLOHQRGHEDL[DGHQVLGDGHFKDSDPHWiOLFDSLQWDGDRXTXDOTXHURXWURPDWHULDODFULWpULRGRUHYHQGHGRUGHVGHTXH
VHMDJDUDQWLGDDTXDOLGDGHGDVLQIRUPDo}HVFRQWLGDVQRTXDGUR
,,,FRUGHIXQGRDFULWpULRGRUHYHQGHGRU
,9IDPtOLDWLSRJUiILFDQRUPDORXLWiOLFDHPQHJULWRRXQmRFRPDOWXUDHHVSDoDPHQWRFRPSDWtYHLVFRPDVGLPHQV}HVGRTXDGURGHDYLVR
9GLVWkQFLDPtQLPDGHFPHQWUHRWH[WRHDERUGDGRTXDGURGHDYLVR

LPSULPLU
(VWHWH[WRQmRVXEVWLWXLRSXEOLFDGRQR'LiULR2ILFLDOGD8QLmR

KWWSQ[WDQSJRYEU1;7JDWHZD\GOOOHJUHVROXFRHVBDQSPDLRUDQS[PO



Você também pode gostar