)UHGHULFR/LPD

0DUFHOR/HLWH
7KLDJR6WUDXVV

5,&'HP0DSDV0HQWDLV$XOD

S

$8/$'265*26'$&0$5$9,62*(5$/
&RPSRVLomR
5HXQL}HV
,PSHGLPHQWRV
&RPSHWrQFLDGRV0HPEURV
&RPSHWrQFLDVGD0HVD

0HVDGD
&kPDUD

DUWV 
D

$WULEXLo}HVGR3UHVLGHQWH

3UHVLGrQFLDGD0HVD

1Ro}HVJHUDLV
6HFUHWDULDGD0HVD

$WULEXLo}HVGR6HFUHWiULR
6XEVWLWXLomR
6XSOHQWHVGH6HFUHWiULR

&RQFHLWR
&RQVWLWXLomR

&ROpJLRGH/tGHUHV

DUW

$WULEXLo}HVQR5,'&
'HOLEHUDo}HV

 3URFXUDGRULD
(VSHFLDOGD0XOKHU

&RQVWLWXLomR

DUWV$%H&

$WULEXLo}HV

)LQDOLGDGH

$8/$
'RVUJmRV
GD&kPDUD

3URFXUDGRULD3DUODPHQWDU

DUW

&RPSRVLomR

&RPSHWrQFLD

&RQVHOKRGHeWLFDH
'HFRUR3DUODPHQWDU

&RPSRVLomR

DUW(

0DQGDWR

'LVSRVLo}HV*HUDLV
&RPLVV}HV
3HUPDQHQWHV

&RPLVV}HV
7HPSRUiULDV

&RPSRVLomRHLQVWDODomR
6XEFRPLVV}HVH7XUPDV
0DWpULDVRX$WLYLGDGHVGH
&RPSHWrQFLDGDV&RPLVV}HV
&RPLVV}HV(VSHFLDLV
&RPLVV}HV3DUODPHQWDUHV
GH,QTXpULWR
&RPLVV}HV([WHUQDV

&RPLVV}HV

3UHVLGrQFLDGDV&RPLVV}HV
,PSHGLPHQWRV$XVrQFLDVH9DJDV
5HXQL}HV
7UDEDOKRV

2UGHPGRV7UDEDOKRV
3UD]RV

$GPLVVLELOLGDGHH$SUHFLDomR
GDV0DWpULDVSHODV&RPLVV}HV
)LVFDOL]DomRH&RQWUROH
6HFUHWDULDH$WDV
$VVHVVRUDPHQWR/HJLVODWLYR

DUWVD

)UHGHULFR/LPD
0DUFHOR/HLWH
7KLDJR6WUDXVV

5,&'HP0DSDV0HQWDLV$XOD

S

'265*26'$&0$5$0(6$'$&0$5$
$0HVDGD&kPDUDpyUJmRSROtWLFRFROHJLDGRFRPSRVWRGH3UHVLGrQFLDH6HFUHWDULD

1Ro}HV
JHUDLV

&RPSHWHj0HVDQD
TXDOLGDGHGH&RPLVVmR
'LUHWRUDDGLUHomR
DUW

GRVWUDEDOKRVOHJLVODWLYRVH
1mRpFRPSHWrQFLDGRGLUHWRUJHUDO
GD&kPDUDGRV'HSXWDGRV

GRVVHUYLoRVDGPLQLVWUDWLYRV
GD&kPDUDGRV'HSXWDGRV

$0HVDpFRPSRVWDSRUPHPEURV()(7,926DUW

0(6$
6HFUHWDULD

3UHVLGrQFLD

&RPSRVLomR
3UHVLGHQWH

 9LFH
SUHVLGHQWH

 9LFH
SUHVLGHQWH


6HFUHWiULR


6HFUHWiULR


6HFUHWiULR


6HFUHWiULR

$0HVDFRQWDUiDLQGDFRPVXSOHQWHVGHVHFUHWiULRDUW


1mRVmRFRQVLGHUDGRVPHPEURV()(7,926GD0HVD
(PFDUiWHURUGLQiULRD0HVDGHYHVHUHXQLUXPDYH]
SRUTXLQ]HQDGLDVHPGLDHKRUDSUHIL[DGRV
$VUHXQL}HV
GD0HVD
SRGHPVHU

L2UGLQiULDV

3HUGHUiROXJDURPHPEURGD0HVDTXHGHL[DUGH
FRPSDUHFHUDFLQFRUHXQL}HVRUGLQiULDV
FRQVHFXWLYDVVHPFDXVDMXVWLILFDGDDUW

5HXQL}HV
LL([WUDRUGLQiULDV

2VPHPEURV
()(7,926GD0HVD
1232'(52
ID]HUSDUWHGH

0HVDGD
&kPDUD

3HORSUHVLGHQWH28
3RUGHVHXVPHPEURVHIHWLYRV

/LGHUDQoDVHUOtGHURXYLFHOtGHU
&RPLVVmRSHUPDQHQWH

&RPLVVmR
HVSHFLDO

,PSHGLPHQWRV
DUW

6HPSUHTXH
FRQYRFDGD

DUW

6DOYRQRFDVRGHFRPLVVmR HVSHFLDO
SDUD PRGLILFDomR RX UHIRUPD GR
5,&'GDTXDO'(9(5ID]HU SDUWH
XPPHPEURGD0HVDDUW

&RPLVVmRSDUODPHQWDUGHLQTXpULWR&3,
2PHPEURHIHWLYRGD0HVD32'(SDUWLFLSDUGHFRPLVVmR(;7(51$DUW

$0HVDHPDWRTXHGHYHUiVHUSXEOLFDGRGHQWURGHWULQWDVHVV}HVRUGLQiULDVDSyVD

VXDFRQVWLWXLomRIL[DUiDFRPSHWrQFLDGHFDGDXPGRVVHXVPHPEURVSUHYDOHFHQGR
DGDVHVVmROHJLVODWLYDDQWHULRUHQTXDQWRQmRPRGLILFDGDDUW

&RPSHWrQFLD
GRV0HPEURV

$OJXPDVDWULEXLo}HV
GHPHPEURVGD0HVD
SUHYLVWDVQR5,&'

'RSUHVLGHQWHDUW9HU0DSD0HQWDO$WULEXLo}HVGR3UHVLGHQWH

'RSULPHLURVHFUHWiULRDUW
8PD~QLFDFRPSHWrQFLDSUHYLVWDQR5,&'
'RVHJXQGRVHFUHWiULR

235(6,'(17(p

)D]HUDOHLWXUDGDDWDGDVHVVmR
DQWHULRUDUW FDSXW

2UHSUHVHQWDQWHGD&kPDUDTXDQGR
HODVHSURQXQFLDFROHWLYDPHQWHH

DUW

2VXSHUYLVRUGRVVHXVWUDEDOKRVHGDVXDRUGHP

2FDUJRGH3UHVLGHQWHpSULYDWLYRGHEUDVLOHLURQDWR&)DUW,,5,&'DUW~QLFR
(PFDVRGHLPSHGLPHQWRGR3UHVLGHQWHH9LFH3UHVLGHQWHGD5HS~EOLFD
RXHVWDQGRYDJRVRVUHVSHFWLYRVFDUJRVR3UHVLGHQWHGD&kPDUDWHPD
SUHUURJDWLYDFRQVWLWXFLRQDOGHH[HUFHUD3UHVLGrQFLDGR3DtV&)DUW
2VYLFHSUHVLGHQWHVGD&kPDUDSRGHPVHUEUDVLOHLURVQDWRVRXQDWXUDOL]DGRV&)DUW,

3UHVLGrQFLD
GD0HVD

L 6XEVWLWXLomR GR SUHVLGHQWH QR

yUJmR&kPDUDGRV'HSXWDGRV

6XEVWLWXLomR
GRSUHVLGHQWH
DUW 
H

LL 6XEVWLWXLomR
GR SUHVLGHQWH
HPVHVVmR

2FRUUH
VHPSUHTXH
RSUHVLGHQWH

2FRUUHVHPSUHTXHRSUHVLGHQWHSUHFLVDUVH
DXVHQWDUGDFDSLWDOIHGHUDOSRUPDLVGHKRUDV
$SHQDVRVYLFHSUHVLGHQWHV
VmROHJLWLPDGRVDVXEVWLWXtOR
,(VWLYHUDXVHQWHQRLQtFLR
GDVHVVmRGR3OHQiULR28
,, 1HFHVVLWDU GHL[DU DFDGHLUD GHSUHVLGHQWH
DLQGDTXHSHUPDQHoDSUHVHQWHQRUHFLQWR

3RGHUmRVXEVWLWXtORVXFHVVLYDPHQWHHQDVpULHRUGLQDORV
PHPEURVGD0HVDRVVXSOHQWHVRXRGHSXWDGRPDLV
LGRVRGHQWUHRVGHPDLRUQ~PHURGHOHJLVODWXUDV

)UHGHULFR/LPD
0DUFHOR/HLWH
7KLDJR6WUDXVV

'$&203(71&,$'$0(6$$57

5,&'HP0DSDV0HQWDLV$XOD

S

,'LULJLUWRGRVRVVHUYLoRVGD&DVDGXUDQWHDVVHVV}HVOHJLVODWLYDVH QRV VHXV LQWHUUHJQRV

HWRPDUDVSURYLGrQFLDVQHFHVViULDVjUHJXODULGDGHGRVWUDEDOKRVOHJLVODWLYRV5(66$/9$'$
DFRPSHWrQFLDGD&RPLVVmR5HSUHVHQWDWLYDGR&RQJUHVVR1DFLRQDO
,,&RQVWLWXLU(;&/8'2RVHX SUHVLGHQWH DOWHUQDGDPHQWH FRPD 0HVDGR6HQDGR
D 0HVDGR&RQJUHVVR1DFLRQDOQRVWHUPRVGRGRDUWGD&RQVWLWXLomR)HGHUDO
,,,3URPXOJDUMXQWDPHQWHFRPD0HVDGR6HQDGR)HGHUDOHPHQGDVj&RQVWLWXLomR
,93URSRUDomRGHLQFRQVWLWXFLRQDOLGDGHSRULQLFLDWLYDSUySULDRXDUHTXHULPHQWRGHGHSXWDGRRXFRPLVVmR
9'DUSDUHFHUVREUHDHODERUDomRGR5HJLPHQWR,QWHUQRGD&kPDUDHVXDVPRGLILFDo}HV
9,&RQIHULUDRVVHXVPHPEURVDWULEXLo}HVRXHQFDUJRVUHIHUHQWHVDRVVHUYLoRVOHJLVODWLYRVHDGPLQLVWUDWLYRVGD&DVD
9,,)L[DUGLUHWUL]HVSDUDDGLYXOJDomRGDVDWLYLGDGHVGD&kPDUD
9,,,$GRWDUPHGLGDVDGHTXDGDVSDUDSURPRYHUHYDORUL]DUR3RGHU/HJLVODWLYRHUHVJXDUGDURVHXFRQFHLWRSHUDQWHDQDomR
,;$GRWDUDVSURYLGrQFLDVFDEtYHLVSRUVROLFLWDomRGRLQWHUHVVDGRSDUDDGHIHVDMXGLFLDOHH[WUDMXGLFLDOGH GHSXWDGR FRQWUD
DDPHDoDRXDSUiWLFDGHDWRDWHQWDWyULRGROLYUHH[HUFtFLRHGDVSUHUURJDWLYDVFRQVWLWXFLRQDLVGRPDQGDWRSDUODPHQWDU
;)L[DUQRLQtFLRGDSULPHLUDHWHUFHLUDVHVV}HVOHJLVODWLYDVGDOHJLVODWXUDRXYLGRR&ROpJLR GH/tGHUHV
RQ~PHURGHGHSXWDGRVSRUSDUWLGRRXEORFRSDUODPHQWDUHPFDGDFRPLVVmRSHUPDQHQWH
2Q~PHURGHGHSXWDGRVGDVFRPLVV}HVSHUPDQHQWHVVHUiIL[DGRQRLQtFLR
GHFDGDOHJLVODWXUDHPDQWLGRGXUDQWHWRGRHVVHSHUtRGRDUWVH
;,(ODERUDURXYLGRR&ROpJLRGH/tGHUHVHRVSUHVLGHQWHVGHFRPLVV}HVSHUPDQHQWHVSURMHWRGH
5HJXODPHQWR,QWHUQRGDV&RPLVV}HVTXHDSURYDGRSHOR3OHQiULRVHUiSDUWHLQWHJUDQWHGR5,&'
25HJXODPHQWR,QWHUQRGDV&RPLVV}HVDLQGDQmRIRLHODERUDGR
;,,3URPRYHURXDGRWDUHPYLUWXGHGHGHFLVmRMXGLFLDODVSURYLGrQFLDVQHFHVViULDVGHVXDDOoDGDRXTXH
VHLQVLUDPQDFRPSHWrQFLDOHJLVODWLYDGD&kPDUDGRV'HSXWDGRVUHODWLYDVDRVDUWV,T0$1'$'2
'(,1-81d2H$d2',5(7$'(,1&2167,78&,21$/,'$'(32520,662GD&)
;,,,$SUHFLDUHHQFDPLQKDUSHGLGRVHVFULWRVGHLQIRUPDomRD PLQLVWURV
GH(VWDGRQRVWHUPRVGRDUWGD&RQVWLWXLomR)HGHUDO5HTXHULPHQWRVGHLQIRUPDomR
;,9'HFODUDUDSHUGD
GRPDQGDWRGH
GHSXWDGRTXDQGR

&RPSHWrQFLD
GD 0HVD
DUW

L2 GHSXWDGR GHL[DU GHFRPSDUHFHU HPFDGD VHVVmR OHJLVODWLYD j WHUoD SDUWH GDV
VHVV}HVRUGLQiULDVGD&DVDDTXHSHUWHQFHUVDOYROLFHQoDRXPLVVmRDXWRUL]DGD
LL2GHSXWDGRSHUGHURXWLYHUVXVSHQVRVRVGLUHLWRVSROtWLFRV

&) DUW
,,,,9H9

LLL4XDQGRRGHFUHWDUD-XVWLoD(OHLWRUDO
;9$SOLFDUDSHQDOLGDGHGHFHQVXUD(6&5,7$DGHSXWDGR
;9,'HFLGLU&21&/86,9$0(17(HPJUDX
GH UHFXUVRDVPDWpULDVUHIHUHQWHV

L$RRUGHQDPHQWRMXUtGLFRGHSHVVRDOH
LL$RVVHUYLoRVDGPLQLVWUDWLYRVGD&kPDUD

;9,,3URSRUSULYDWLYDPHQWHj&kPDUDSURMHWRGHUHVROXomRGLVSRQGR VREUH VXD RUJDQL]DomR IXQFLRQDPHQWR

SROtFLD UHJLPH MXUtGLFR GR SHVVRDO FULDomR WUDQVIRUPDomR RX H[WLQomR GH FDUJRV HPSUHJRV H IXQo}HV
HIL[DomRGDUHVSHFWLYDUHPXQHUDomRREVHUYDGRVRVSDUkPHWURVHVWDEHOHFLGRVQDOHLGHGLUHWUL]HVRUoDPHQWiULDV
$UHPXQHUDomRGRV VHUYLGRUHV S~EOLFRV VRPHQWH SRGHUi
VHUIL[DGDRXDOWHUDGDSRU/(,HVSHFtILFD&)DUW;

$&'QmRSRGH IL[DU D SUySULD

UHPXQHUDomRSRUUHVROXomR

;9,,,3URYHU RV FDUJRV HPSUHJRV H IXQo}HV GRV VHUYLoRV DGPLQLVWUDWLYRV GD &kPDUD EHP FRPR FRQFHGHU
OLFHQoDDSRVHQWDGRULDHYDQWDJHQVGHYLGDVDRVVHUYLGRUHVRXFRORFiORVHPGLVSRQLELOLGDGH
;,;5HTXLVLWDUVHUYLGRUHVGDDGPLQLVWUDomRS~EOLFDGLUHWDLQGLUHWDRXIXQGDFLRQDOSDUDTXDLVTXHUGHVHXVVHUYLoRV
;;$SURYDUDSURSRVWDRUoDPHQWiULDGD&kPDUDHHQFDPLQKiODDR3RGHU([HFXWLYR
;;,(QFDPLQKDU DR 3RGHU ([HFXWLYR DV VROLFLWDo}HV GH FUpGLWRV DGLFLRQDLV
QHFHVViULRVDRIXQFLRQDPHQWRGD&kPDUDHGRVVHXVVHUYLoRV
;;,,(VWDEHOHFHURVOLPLWHVGHFRPSHWrQFLDSDUDDVDXWRUL]Do}HVGHGHVSHVD
;;,,,$XWRUL]DUDDVVLQDWXUDGHFRQYrQLRVHGHFRQWUDWRVGHSUHVWDomRGHVHUYLoRV
;;,9$SURYDURRUoDPHQWRDQDOtWLFRGD&kPDUD
;;9$XWRUL]DUOLFLWDo}HVKRPRORJDUVHXVUHVXOWDGRVHDSURYDURFDOHQGiULRGHFRPSUDV
;;9,([HUFHU ILVFDOL]DomR ILQDQFHLUD VREUH DV HQWLGDGHV VXEYHQFLRQDGDV WRWDO RX
SDUFLDOPHQWHSHOD&kPDUDQRVOLPLWHVGDVYHUEDVTXHOKHVIRUHPGHVWLQDGDV
;;9,,(QFDPLQKDUDR7ULEXQDOGH&RQWDVGD8QLmRDSUHVWDomRGHFRQWDVGD&kPDUDHPFDGDH[HUFtFLRILQDQFHLUR
;;9,,,5HTXLVLWDUUHIRUoRSROLFLDOQRVWHUPRVGRSDUiJUDIR~QLFRGRDUW
;;,;$SUHVHQWDU j &kPDUD QD VHVVmR GH HQFHUUDPHQWR GR DQR OHJLVODWLYR UHVHQKD GRV
WUDEDOKRVUHDOL]DGRVSUHFHGLGDGHVXFLQWRUHODWyULRVREUHRVHXGHVHPSHQKR
(PFDVRGHPDWpULDLQDGLiYHOSRGHUiRSUHVLGHQWHRXTXHPRHVWLYHUVXEVWLWXLQGR GHFLGLU
DGUHIHUHQGXPGD0HVDVREUHDVVXQWRGHFRPSHWrQFLDGHVWDDUWSDUiJUDIR~QLFR

)UHGHULFR/LPD
0DUFHOR/HLWH
7KLDJR6WUDXVV

0(6$'$&0$5$$75,%8,d(6'235(6,'(17(
2UHSUHVHQWDQWHGD&kPDUDTXDQGR
HODVHSURQXQFLDFROHWLYDPHQWHH

235(6,'(17(p

1Ro}HV
JHUDLV

5,&'HP0DSDV0HQWDLV$XOD

S

DUW

2VXSHUYLVRUGRVVHXVWUDEDOKRVHGDVXDRUGHP

23UHVLGHQWHGD0HVDWDPEpPpR3UHVLGHQWHGD&kPDUD
23UHVLGHQWHGD0HVDSRGHUi'(/(*$5TXDLVTXHU GH VXDV
DWULEXLo}HVSUySULDVDRV9LFH3UHVLGHQWHVDUW
2SUHVLGHQWHQmRSRGHUiVHQmRQDTXDOLGDGHGH
PHPEURGD0HVDRIHUHFHUSURSRVLomRDUW
$XWRULDGH
SURSRVLomR

$WXDomR
SDUODPHQWDU
GRSUHVLGHQWH

$SHQDV SRGHUi RIHUHFHU SURSRVLomR FRPR

PHPEURGD0HVDDXWRULDFROHJLDGD
3DUDWRPDUSDUWHHPTXDOTXHUGLVFXVVmRRSUHVLGHQWHWUDQVPLWLUi
D3UHVLGrQFLDDRVHXVXEVWLWXWRHQmRDUHDVVXPLUiHQTXDQWRVH
GHEDWHUDPDWpULDTXHVHSURS{VGLVFXWLUDUW

$SUHFLDomR
GHPDWpULDV
HP3OHQiULR

'LVFXVVmR

2SUHVLGHQWHSRGHUiGLVFXWLUHPVHVVmRSOHQiULDGHVGH
TXHIRUDGD3UHVLGrQFLDDWpRHQFHUUDPHQWRGRGHEDWH
'HYHGHL[DUWHPSRUDULDPHQWHD3UHVLGrQFLDSDUDGHEDWHU

127$$2$/8122DUWWUDWDGDVDWULEXLo}HVGR3UHVLGHQWHGD0HVDeHVVHQFLDO DOHLWXUD
FRPSOHWDGHVVHDUWLJR$EDL[RVHUmRDSUHVHQWDGRVVRPHQWHDOJXQVGLVSRVLWLYRVTXHSRGHPVXVFLWDUG~YLGDV
L FRQYLGDURGHSXWDGRDUHWLUDUVHGRUHFLQWRGR3OHQiULRTXDQGRSHUWXUEDUDRUGHP
P QRPHDU&RPLVVmR(63(&,$/RXYLGRR&ROpJLRGH/tGHUHV
S DQXQFLDURSURMHWRGHOHLDSUHFLDGRFRQFOXVLYDPHQWHSHODVFRPLVV}HVHDIOXrQFLD
GR SUD]R SDUDLQWHUSRVLomRGR UHFXUVR DTXHVHUHIHUHRDUW,&)
5HFXUVRGHGRVPHPEURVGD&DVD
Y GHVHPSDWDUDVYRWDo}HVTXDQGRRVWHQVLYDVHYRWDUHPHVFUXWtQLRVHFUHWR
FRQWDQGRVHDVXDSUHVHQoDHPTXDOTXHUFDVRSDUDHIHLWRGHTXyUXP

$WULEXLo}HV
GR3UHVLGHQWH
DUW

,TXDQWRjV
6(66(6
GD&kPDUD

9RWDomR

2VWHQVLYD
6HFUHWD


3UHVLGHQWHYRWDDSHQDVSDUDGHVHPSDWDU
6HDYRWDomRIRUVHFUHWDRSUHVLGHQWHYRWDQRUPDOPHQWH

(PTXDOTXHUFDVRFRQWDVHDSUHVHQoD
GR3UHVLGHQWHSDUDHIHLWRGHTXyUXP
[ DSOLFDUFHQVXUD9(5%$/DGHSXWDGR
35(6,'(17(
0(6$

$SOLFDFHQVXUD9(5%$/

$SOLFDFHQVXUD(6&5,7$DUW;9

D SURFHGHUjGLVWULEXLomRGHPDWpULDjV
FRPLVV}HV 3(50$1(17(6RX(63(&,$,6
,,TXDQWRjV
352326,d(6

H GHYROYHUDR
DXWRU D
SURSRVLomRTXH

,QmRHVWLYHUGHYLGDPHQWHIRUPDOL]DGDHHPWHUPRV
,,YHUVDUVREUH
PDWpULD

DDOKHLDjFRPSHWrQFLDGD&kPDUD
EHYLGHQWHPHQWHLQFRQVWLWXFLRQDO
FDQWLUHJLPHQWDO

D '(6,*1$5VHXVPHPEURVWLWXODUHVHVXSOHQWHVPHGLDQWH
FRPXQLFDomR GRV OtGHUHV RX LQGHSHQGHQWHPHQWH GHVWD VH
H[SLUDGRRSUD]RIL[DGRFRQVRDQWHRDUW FDSXWH
23UHVLGHQWH
QmR LQGLFD

&DEHDR/tGHUGDEDQFDGDLQGLFDURVPHPEURV
SDUDFRPSRUDV&RPLVV}HVDUW9,

3UD]RGHVHVV}HVSDUDLQGLFDURVQRPHVGRV
PHPEURVGDEDQFDGDSDUDFRPSRUDVFRPLVV}HV

,,,TXDQWRjV
&20,66(6
/'(5

6HR/LGHUQmR
FRPXQLFDUQRSUD]R

23UHVLGHQWHGHVLJQDGHRItFLR
RVPHPEURVGDVFRPLVV}HV

DUW FDSXW
H

F GHFLGLUMXQWDPHQWHFRP R SUHVLGHQWH GR 6HQDGR )HGHUDO VREUH

DFRQYRFDomRH[WUDRUGLQiULDGR&RQJUHVVR1DFLRQDOHPFDVR
GHXUJrQFLDRXLQWHUHVVHS~EOLFRUHOHYDQWH
9,TXDQWRjVXD
&203(71&,$
*(5$/GHQWUHRXWUDV

H FRQFHGHUOLFHQoDDGHSXWDGR(;&(72TXDQGR R GHSXWDGR
REWLYHUOLFHQoDSDUDGHVHPSHQKDUPLVVmR7(03255,$GH
FDUiWHUGLSORPiWLFRRXFXOWXUDODUW,FRPSHWrQFLDGD0HVD

)UHGHULFR/LPD
0DUFHOR/HLWH
7KLDJR6WUDXVV

0(6$'$&0$5$6(&5(7$5,$'$0(6$

5,&'HP0DSDV0HQWDLV$XOD

S

0(6$
6(&5(7$5,$

3UHVLGrQFLD

6HFUHWiULR


6HFUHWiULR


6HFUHWiULR


6HFUHWiULR

$0HVDFRQWDUiDLQGDFRPVXSOHQWHVGHVHFUHWiULRDUW

D
1Ro}HV
JHUDLV

1mRVmRFRQVLGHUDGRVPHPEURVGD0HVD

7DQWRRVVHFUHWiULRVGD0HVDFRPRRVVXSOHQWHVGHVHFUHWiULRVmR
GHVLJQDGRVRUGLQDULDPHQWHFRPR3ULPHLUR6HJXQGR7HUFHLURH4XDUWR
'LIHUHQoD
HPUHODomR
jHOHLomR
GD0HVD

6HFUHWiULR
GD0HVD

2VGHSXWDGRVGHYHPVHFDQGLGDWDU
DFDUJRHVSHFtILFRGHVHFUHWiULR
([6HJXQGRVHFUHWiULR
2FDQGLGDWRFRQFRUUHUiDTXDOTXHUGDVVXSOrQFLDV

6XSOHQWHGH
VHFUHWiULR

2V6XSOHQWHVWHUmRDVGHVLJQDo}HVGH3ULPHLUR
6HJXQGR7HUFHLURH4XDUWRGHDFRUGRFRPD
RUGHPGHFUHVFHQWHGDYRWDomRREWLGDDUW

2VVHFUHWiULRVVySRGHUmRXVDU
GDSDODYUDDRLQWHJUDUHPD
0HVDGXUDQWHDVHVVmRSDUD

L&KDPDGDGRVGHSXWDGRV
LL&RQWDJHPGRVYRWRVRX

DUW 


LLL/HLWXUDGHGRFXPHQWRVRUGHQDGDSHORSUHVLGHQWH
$RSULPHLURVHFUHWiULRLQFXPEHDVXSHULQWHQGrQFLD
GRVVHUYLoRVDGPLQLVWUDWLYRVDUW FDSXW
,5HFHEHU FRQYLWHV UHSUHVHQWDo}HV SHWLo}HV
HPHPRULDLVGLULJLGRVj&kPDUD
,,5HFHEHU H ID]HU D FRUUHVSRQGrQFLD RILFLDO
GD&DVDH[FHWRDGDVFRPLVV}HV

6HFUHWDULD
GD0HVD

,,,'HFLGLUHP35,0(,5$,1671&,$UHFXUVRV
FRQWUDDWRVGRGLUHWRUJHUDOGD&kPDUD

 $WULEXLo}HV GR
6HFUHWiULR

$WULEXLo}HV
UHJLPHQWDLVGR
VHFUHWiULR
DUW

0HVDFDEHGHFLGLUFRQFOXVLYDPHQWHUHFXUVR
GHVHJXQGDH~OWLPDLQVWkQFLDDUW;9,
,9,QWHUSUHWDU H ID]HU REVHUYDU R RUGHQDPHQWR MXUtGLFR
GHSHVVRDOHGRVVHUYLoRVDGPLQLVWUDWLYRVGD&kPDUD
9'DUSRVVHDRGLUHWRUJHUDOGD&kPDUD
HDRVHFUHWiULRJHUDOGD0HVD
2 GLUHWRUJHUDO GD &kPDUD H R VHFUHWiULRJHUDO
GD0HVDVmRVHUYLGRUHVGRTXDGURHIHWLYRGD&'
9,(QFDPLQKDUSHGLGRVHVFULWRVGHLQIRUPDomR
D0LQLVWURGH(VWDGRDUW FDSXW

2EHGHFHj
QXPHUDomRRUGLQDO
5HJUD

6XEVWLWXLomR

2VVHFUHWiULRVVXEVWLWXHPRVVHFUHWiULRV
2VVXSOHQWHVVHPSUHVXEVWLWXLUmRRVVHFUHWiULRVHVXEVWLWXLUVHmR
GHDFRUGRFRPVXDQXPHUDomRRUGLQDODUW$~QLFR

$LQGDTXHRVVXSOHQWHVSRVVDPVXEVWLWXLURVVHFUHWiULRV
QmRKiKLSyWHVHGHVHFUHWiULRVXEVWLWXLUVXSOHQWH

$VHTXrQFLDGH
$XVrQFLDGR
VXEVWLWXLomR
SUHVLGHQWHHGRV
REHGHFHUi
YLFHSUHVLGHQWHV
HP6(662DUW

DUW

LQXPHUDomRRUGLQDOGRVVHFUHWiULRV
LL'HSRLVDGRVVXSOHQWHV
LLL(P~OWLPRFDVRVHUiFKDPDGRRGHSXWDGRPDLV
LGRVRGHQWUHRVGHPDLRUQ~PHURGHOHJLVODWXUDV

L&KDPDVHDVXEVWLWXtORVRVVXSOHQWHV
6XEVWLWXLomR
GRVVHFUHWiULRV

LL 1D DXVrQFLD GH VXSOHQWHV R SUHVLGHQWH FRQYLGDUi

TXDLVTXHUGHSXWDGRVSDUDVXEVWLWXtUHPRVVHFUHWiULRV
3RGHVH FRQYLGDU TXDOTXHU GHSXWDGR H QmR QHFHVVDULDPHQWH
RPDLVLGRVRGHQWUHRVGHPDLRUQ~PHURGHOHJLVODWXUDV

2DUW$DWULEXLXDRVVXSOHQWHVRXWUDVFRPSHWrQFLDVDOpP
GDGHVXEVWLWXLURVVHFUHWiULRVHPVHVVmRDUW

6XSOHQWHV GH
6HFUHWiULR

$WULEXLo}HV
GH6XSOHQWH
GH6HFUHWiULR

,7RPDUSDUWHQDVUHXQL}HVGD0HVDVHPGLUHLWRDYRWRH
VXEVWLWXLURVVHFUHWiULRVHPVXDVIDOWDVFRPGLUHLWRDYRWR
,,6XEVWLWXLU WHPSRUDULDPHQWH RV VHFUHWiULRV TXDQGR
OLFHQFLDGRVQRVWHUPRVSUHYLVWRVQRDUW
,,,'HPDLVDWULEXLo}HVSUHYLVWDVQRDUW$,,,D9,,,

)UHGHULFR/LPD
0DUFHOR/HLWH
7KLDJR6WUDXVV

5,&'HP0DSDV0HQWDLV$XOD

S

'265*26'$&0$5$,,
2&ROpJLRGH/tGHUHVpyUJmRGHOLEHUDWLYRH
RSLQDWLYRGHFDUiWHUHPLQHQWHPHQWHSROtWLFR
&RQFHLWR

$VGHFLV}HVGHVVHFROHJLDGRVHUYHPSDUDRULHQWDURVOLGHUDGRV
HD3UHVLGrQFLDGD&kPDUDTXDQWRDRVDQVHLRVHRXLQWHUHVVHV
SROtWLFRSDUWLGiULRVGDVEDQFDGDVUHSUHVHQWDGDVQD&DVD
/tGHUGD0DLRULD
/LGHUGD0LQRULD

&RQVWLWXLomRGR
&ROpJLRGH/tGHUHV

DUW

/LGHUHVGRVSDUWLGRV
/LGHUHVGRVEORFRVSDUODPHQWDUHVH
/tGHUGRJRYHUQR

2VOtGHUHVGHSDUWLGRVTXHSDUWLFLSHPGHEORFRSDUODPHQWDUHROtGHUGRJRYHUQR
WHUmR',5(,72D92=QR&ROpJLRGH/tGHUHVPDV12D9272DUW
L 2SLQDUMXQWRj0HVDTXDQGRGDIL[DomRGRQ~PHURGH
GHSXWDGRV SRU SDUWLGR RX EORFR SDUODPHQWDU HP FDGD
XPDGDVFRPLVV}HVSHUPDQHQWHVDUW;FFDUW
LL 2SLQDUH DX[LOLDU QD HODERUDomR GR SURMHWR GH
UHJXODPHQWRLQWHUQRGDVFRPLVV}HVDUW;,
LLL $X[LOLDUR SUHVLGHQWH QD RUJDQL]DomR GD DJHQGD PHQVDO GH PDWpULDV
SDUDDSUHFLDomRGD&kPDUDQRPrVVXEVHTXHQWHDUW,V

&ROpJLRGH
/tGHUHV

LY ([DPLQDU H DVVHQWDU SURYLGrQFLDV UHODWLYDV j HILFLrQFLD

GR WUDEDOKR OHJLVODWLYR MXQWDPHQWH FRP RV SUHVLGHQWHV
GHFRPLVV}HVSHUPDQHQWHVDUW
$WULEXLo}HV
GR&ROpJLR
GH/tGHUHV
QR5,'&

Y 3URSRU DR SUHVLGHQWH FRQYRFDomR GH SHUtRGRV

GHVHVV}HVH[WUDRUGLQiULDVDUW
YL &2192&$5VHVV}HVH[WUDRUGLQiULDVDUW
$ FRQYRFDomR GH VHVVmR H[WUDRUGLQiULD GD &kPDUD SHOR &ROpJLR GH
/tGHUHVDUWLPSOLFD'(&,62HQmRDSHQDVRSLQLmR
2V'HSXWDGRV'(9(0DSUHVHQWDUVHj&'GXUDQWHDVHVVmRDUW

UJmRVGD
&kPDUD

YLL3URUURJDURSUD]RGDVVHVV}HVGD&kPDUDDUWV FDSXWH

YLLL&2192&$5VHVV}HVVHFUHWDVDUW,
L[6ROLFLWDUSUHIHUrQFLDSDUDDDSUHFLDomRGHSURSRVLo}HVDUW
(PUHJUDVXDVGHFLV}HVVmRWRPDGDVSRU&216(162

'HOLEHUDo}HVQR
&ROpJLRGH/tGHUHV

1DIDOWDGHDFRUGRHQWUHRV
OtGHUHVR&ROpJLRGH/tGHUHV
GHFLGLUiSHODPDLRULDDEVROXWD

3RQGHUDGRVRVYRWRVGRV
OtGHUHVHPIXQomRGDH[SUHVVmR
QXPpULFDGHFDGDEDQFDGD

DUW

$3URFXUDGRULD(VSHFLDOGD
0XOKHUVHUiFRQVWLWXtGDGH
DUW$

SURFXUDGRUD
HVSHFLDOGD0XOKHUH
SURFXUDGRUDVDGMXQWDV

GHVLJQDGDV SHOR SUHVLGHQWH

GD&kPDUDDFDGDDQRV
QRLQtFLRGDVHVVmROHJLVODWLYD

L =HODU SHOD SDUWLFLSDomR PDLV HIHWLYD GDV GHSXWDGDV

QRVyUJmRVHQDVDWLYLGDGHVGD&kPDUD
LL 5HFHEHU H[DPLQDU H HQFDPLQKDU DRV yUJmRV FRPSHWHQWHV
GHQ~QFLDVGHYLROrQFLDHGLVFULPLQDomRFRQWUDDPXOKHU

3URFXUDGRULD
(VSHFLDOGD
0XOKHU

$WULEXLo}HVGD
3URFXUDGRULD
(VSHFLDOGD0XOKHU
DUW%

LLL)LVFDOL]DU H
DFRPSDQKDU

,$H[HFXomRGHSURJUDPDVGRJRYHUQRIHGHUDO
TXHYLVHPjSURPRomRGDLJXDOGDGHGHJrQHUR
,,  $ LPSOHPHQWDomR GH FDPSDQKDV HGXFDWLYDV
HDQWLGLVFULPLQDWyULDVGHkPELWRQDFLRQDO

LLL &RRSHUDU FRP RUJDQLVPRV QDFLRQDLV H LQWHUQDFLRQDLV S~EOLFRV H

SULYDGRVYROWDGRVjLPSOHPHQWDomRGHSROtWLFDVSDUDDVPXOKHUHV
LY3URPRYHU SHVTXLVDV H HVWXGRV VREUH YLROrQFLD H GLVFULPLQDomR
FRQWUDDPXOKHUEHPFRPRDFHUFDGHVHXGpILFHGH
 UHSUHVHQWDomR QD SROtWLFD LQFOXVLYH SDUD ILQV GH GLYXOJDomR
S~EOLFDHIRUQHFLPHQWRGHVXEVtGLRjVFRPLVV}HVGD&kPDUD

7RGDLQLFLDWLYDSURYRFDGDRXLPSOHPHQWDGDSHOD3URFXUDGRULD(VSHFLDOGD
0XOKHUWHUiDPSODGLYXOJDomRSHORyUJmRGHFRPXQLFDomRGD&kPDUD
5iGLR79-RUQDOH$JrQFLD&kPDUDDUW&

)UHGHULFR/LPD
0DUFHOR/HLWH
7KLDJR6WUDXVV

5,&'HP0DSDV0HQWDLV$XOD

S

'265*26'$&0$5$,,,

$3URFXUDGRULD3DUODPHQWDU
WHUiSRUILQDOLGDGHSURPRYHUHP
FRODERUDomRFRPD0HVDDGHIHVD
DUW FDSXW

GD&kPDUD
GHVHXV
yUJmRV
HPHPEURV

TXDQGR DWLQJLGRV HP VXD KRQUD

RX LPDJHP SHUDQWH D VRFLHGDGH
HP UD]mR GR H[HUFtFLR GR PDQGDWR
RXGDVVXDVIXQo}HVLQVWLWXFLRQDLV

'HVLJQDGRVSHOR
SUHVLGHQWHGD&kPDUD
$3URFXUDGRULD3DUODPHQWDU
VHUiFRQVWLWXtGDSRURQ]H
PHPEURV

&RPREVHUYkQFLDWDQWRTXDQWR
SRVVtYHOGRSULQFtSLRGD
SURSRUFLRQDOLGDGHSDUWLGiULD

DUW

3URFXUDGRULD
3DUODPHQWDU

&RPSRVLomR

$FDGDGRLVDQRV
QRLQtFLRGDVHVVmROHJLVODWLYD

1mRKiVXSOHQWHVGRVSURFXUDGRUHV
26XSOHQWHGH'HSXWDGR TXDQGR FRQYRFDGR HP
FDUiWHUGH68%67,78,d2QmRSRGHUiLQWHJUDU
D3URFXUDGRULD3DUODPHQWDUDUW

$3URFXUDGRULD3DUODPHQWDUSURYLGHQFLDUiDPSODSXEOLFLGDGHUHSDUDGRUD
DOpPGDGLYXOJDomRDTXHHVWLYHUVXMHLWRSRUIRUoDGHOHLRXGHGHFLVmRMXGLFLDO
GRyUJmRGHFRPXQLFDomRRXGHLPSUHQVDTXHYHLFXODUDPDWpULDRIHQVLYDj
&DVDRXDVHXVPHPEURVDUW
$3URFXUDGRULD3DUODPHQWDUSURPRYHUiSRULQWHUPpGLRGR0LQLVWpULR3~EOLFRGD
$GYRFDFLD*HUDOGD8QLmRRXGHPDQGDWiULRVDGYRFDWtFLRVDVPHGLGDVMXGLFLDLVH
H[WUDMXGLFLDLVFDEtYHLVSDUDREWHUDPSODUHSDUDomRLQFOXVLYHDUHIHUHQWHjYLRODomR
GDLQWLPLGDGHGDYLGDSULYDGDGDKRQUDHGDLPDJHPGDVSHVVRDVDUW

UJmRVGD
&kPDUD

2&RQVHOKRGHeWLFDH
'HFRUR3DUODPHQWDUpR
yUJmRGD&'FRPSHWHQWHSDUD
DUW(

([DPLQDUDV
FRQGXWDVSXQtYHLVH
3URSRUDVSHQDOLGDGHV
DSOLFiYHLV

DRV GHSXWDGRV VXEPHWLGRV

DR SURFHVVR GLVFLSOLQDU
SUHYLVWR QR &yGLJR GH eWLFD
H'HFRUR3DUODPHQWDU

&RPSRVWRGHPHPEURVWLWXODUHVHLJXDOQ~PHURGHVXSOHQWHV
'HQWUHRVWLWXODUHV

&RPSRVLomR

XPSUHVLGHQWHH
GRLVYLFHSUHVLGHQWHV

&DEHDRVOtGHUHV,1',&$5(0RVPHPEURVGD
EDQFDGDTXHLUmRFRPSRURFRQVHOKRGHDFRUGR
FRPRFULWpULRGDSURSRUFLRQDOLGDGHSDUWLGiULD
&DEHDRSUHVLGHQWHGD&kPDUD'(6,*1$5RVPHPEURVDSyVD
LQGLFDomRIHLWDSHORVOtGHUHVRXLQGHSHQGHQWHPHQWHGHVWDVH
GHFRUULGRRSUD]RGHFLQFRVHVV}HVVHPDLQGLFDomRDUW,,,D

&RQVHOKR
GHeWLFD
H'HFRUR
3DUODPHQWDU

GRLVDQRV
0DQGDWR

9HGDGDDUHHOHLomRSDUDRPHVPRFDUJRQDHOHLomRVXEVHTXHQWH
2VPHPEURVGR&RQVHOKRGHeWLFDGHWrP0$1'$72GHGRLVDQRVUD]mR
SHODTXDOQmRSRGHPVHUVXEVWLWXtGRVSHOROtGHUDTXDOTXHUWHPSR

&DVRVHGHVYLQFXOHPGHVXD EDQFDGDRVPHPEURVGR&RQVHOKRGHeWLFD
QmRSHUGHUmRDXWRPDWLFDPHQWHRGLUHLWRj YDJD TXHRFXSDYDHPUD]mR
GHODQHPRFDUJRGHSUHVLGHQWHRXYLFHSUHVLGHQWHGRFRQVHOKRSDUD
RTXDOWHQKDVLGRHOHLWRDUW(
1mRVHDSOLFDDR
&RQVHOKRGHeWLFD

DUWSDUiJUDIR~QLFR
DUW

'LVSRVLWLYRVUHIHUHQWHV
DILGHOLGDGHSDUWLGiULD

DUW
1RFDVRGHGHOLEHUDomRVREUHDSOLFDomRGHVDQomRGLVFLSOLQDUSRUFRQGXWD
DWHQWDWyULDRXLQFRPSDWtYHOFRPRGHFRURSDUODPHQWDUpYHGDGRR
DFROKLPHQWRGRYRWRGRGHSXWDGRUHSUHVHQWDGRDUW

)UHGHULFR/LPD
0DUFHOR/HLWH
7KLDJR6WUDXVV

5,&'HP0DSDV0HQWDLV$XOD

S

&20,66(612d(635(/,0,1$5(6
&20,66(6
7HPSRUiULDV

3HUPDQHQWHV
&RPLVV}HV
3HUPDQHQWHV
DUW

1Ro}HV
JHUDLV

&RPLVV}HV
(VSHFLDLV

6mRyUJmRVFROHJLDGRVFRPSRVWRVSRU
Q~PHURUHVWULWRGHPHPEURVSRGHQGRVHU

&RPLVV}HV
3DUODPHQWDUHVGH
,QTXpULWR&3,

&RPLVV}HV
([WHUQDV

&RQVWLWXtGDVSRUFDGD&DVD28
6HUHPLQWHJUDGDVSRUGHSXWDGRV
HVHQDGRUHVFRPLVV}HVPLVWDV

'RWDGDVGHFDUiWHUWpFQLFROHJLVODWLYR
D3HUPDQHQWHV

,QWHJUDPDHVWUXWXUDLQVWLWXFLRQDOGD&DVD
2DUWHOHQFD&RPLVV}HV3HUPDQHQWHV
&ULDGDVSDUDDSUHFLDUDVVXQWR
GHWHUPLQDGRFRPH[LVWrQFLDWHPSRUiULD

&20,66(6

L&RPLVV}HV(VSHFLDLV
E7HPSRUiULDV

7LSRV

LL &RPLVV}HV 3DUODPHQWDUHV

GH,QTXpULWR&3,
LLL&RPLVV}HV([WHUQDV

&RPLVV}HV

3ULQFtSLRGDSURSRUFLRQDOLGDGHSDUWLGiULD
(PFDGDFRPLVVmRpDVVHJXUDGDWDQWR
TXDQWRSRVVtYHODUHSUHVHQWDomR
SURSRUFLRQDOGRV3DUWLGRVRX%ORFRV
3DUODPHQWDUHVTXHSDUWLFLSHPGD&kPDUD

&)DUW
H 5,'&DUW

,QFOXLVH QDV FRPLVV}HV VHPSUH XP

PHPEURGD 0LQRULD DLQGDTXHSHOD
SURSRUFLRQDOLGDGHQmROKHFDLEDOXJDU

 5HSUHVHQWDomR
3URSRUFLRQDO
GDV%DQFDGDV

7HQWDWLYDGHYLDELOL]DURSULQFtSLR
GDSURSRUFLRQDOLGDGHSDUWLGiULD
([SUHVVmR
WDQWR
TXDQWR
SRVVtYHO 

1HPVHPSUHpSRVVtYHODVVHJXUDUDH[DWDSURSRUomR
GDFRPSRVLomRSDUWLGiULDQDVFRPLVV}HV
(PUHJUDXWLOL]DVHFULWpULRVPDWHPiWLFRVQDGLVWULEXLomR
SURSRUFLRQDOGDVYDJDVQRVyUJmRVLQWHUQRVGD&DVD
+iWDPEpP
FULWpULRVQmR
PDWHPiWLFRV

L*DUDQWLDGHXPDYDJDSDUD PHPEUR
GD0LQRULDQDVFRPLVV}HVDUW
LL 5RGt]LRHQWUHDVEDQFDGDVQmR
FRQWHPSODGDV SDUD RFXSDU YDJD QDV
FRPLVV}HVWHPSRUiULDVDUW

2LQVWLWXWRGDILGHOLGDGHSDUWLGiULDIRLFULDGR
SDUDSUHVHUYDUDHVWDELOLGDGHGRVSDUWLGRV

5HJUDGH
ILGHOLGDGH
SDUWLGiULD

2GHSXWDGRTXHVHGHVYLQFXODUGHVXDEDQFDGDSHUGH
DXWRPDWLFDPHQWHRGLUHLWRjYDJDTXHRFXSDYDHPUD]mR
GHODDLQGDTXHH[HUoDFDUJRGHQDWXUH]DHOHWLYD
1mRVHDSOLFDDRVPHPEURVGR&RQVHOKR GH
eWLFDH'HFRUR3DUODPHQWDUDUW(

)UHGHULFR/LPD
0DUFHOR/HLWH
7KLDJR6WUDXVV

'$6&20,66(6&203(71&,$6,$57

5,&'HP0DSDV0HQWDLV$XOD

S

2DUWWUDWDGDVFRPSHWrQFLDVGDV&RPLVV}HV3HUPDQHQWHVHGDVGHPDLV
&RPLVV}HVFRPDV&RPLVV}HV(VSHFLDLVQRTXHOKHVIRUDSOLFiYHODUWFDSXW
, 'LVFXWLUHYRWDUSURSRVLo}HVVXMHLWDVjGHOLEHUDomRGR3OHQiULRTXHOKHVIRUHPGLVWULEXtGDV
352326,d2pWRGDPDWpULDVXMHLWDDGHOLEHUDomRGD&kPDUDDUW
32'(5&21&/86,92GDVFRPLVV}HV&)DUW,
&DEHUiUHFXUVRGHGRV PHPEURV GD &DVD
SDUDTXHDPDWpULDVHMDVXEPHWLGDDR3OHQiULR

3URMHWRVGHOHL
3URMHWRGHOHLRUGLQiULD
DUW

5HFXUVRGHGRVPHPEURVGD&DVD

,, 'LVFXWLUHYRWDU SURMHWRV
GHOHL TXH GLVSHQVDUHP D
FRPSHWrQFLDGR 3OHQiULR

5HTXLVLWRV

$SUHVHQWDGRHPVHVVmRHSURYLGR
SRUGHFLVmRGR3OHQiULRGD&kPDUD

3UD]R SDUD
RUHFXUVR
DUW

VHVV}HVGDSXEOLFDomRGRUHVSHFWLYR
DQ~QFLRQR'LiULRGD&kPDUDGRV
'HSXWDGRVHQRDYXOVRGD2UGHPGR'LD

$SOLFDPVHjWUDPLWDomRGRVSURMHWRVGHOHLVXEPHWLGRVjGHOLEHUDomR
FRQFOXVLYDGDV&RPLVV}HVQRTXHFRXEHUDVGLVSRVLo}HVSUHYLVWDVSDUDDV
PDWpULDVVXEPHWLGDVjDSUHFLDomRGR3OHQiULRGD&kPDUDDUW
D3URMHWRVGHOHLFRPSOHPHQWDU/&
E3URMHWRVGHFyGLJR
F3URMHWRVGHLQLFLDWLYDSRSXODU
G3URMHWRVGH&RPLVVmR
$WRVGHFRPSHWrQFLDH[FOXVLYD
GR&RQJUHVVR1DFLRQDO&1

&RPSHWrQFLDV
DUW

1mR LQFLGHR
SRGHUFRQFOXVLYR
GDVFRPLVV}HVHP

H 3URMHWRV UHODWLYRV D
PDWpULDVTXHQmR
SRVVDP VHU REMHWR
GHGHOHJDomR
FRQVRDQWHR
DUW&)

$WRVGHFRPSHWrQFLDSULYDWLYDGD&kPDUD
GRV'HSXWDGRV&'RXGR6HQDGR)HGHUDO6)
0DWpULDUHVHUYDGDjOHLFRPSOHPHQWDU/&
2UJDQL]DomRGR3RGHU-XGLFLiULRH
GR0LQLVWpULR3~EOLFRDFDUUHLUDH
DJDUDQWLDGHVHXVPHPEURV
/HJLVODomR
VREUH

1DFLRQDOLGDGHFLGDGDQLDGLUHLWRV
LQGLYLGXDLVSROtWLFRVHHOHLWRUDLV
3ODQRVSOXULDQXDLV33$
GLUHWUL]HVRUoDPHQWiULDV/'2
HRUoDPHQWRV/2$

I 3URMHWRVRULXQGRV GR6HQDGRRX SRUHOH HPHQGDGRVTXH

WHQKDPVLGRDSURYDGRVSHOR3OHQiULRGHTXDOTXHUGDV&DVDV
J3URMHWRVTXHWHQKDPUHFHELGRSDUHFHUHVGLYHUJHQWHV
K3URMHWRVHPUHJLPHGHXUJrQFLD
 ,QFOXVmR GH PDWpULD H[WUD SDXWD SDUD DSUHFLDomR
LPHGLDWDQD 2UGHPGR 'LDDQWHV GHGHFRUULGRVRV
SUD]RVUHJLPHQWDLVSDUDHPHQGDVDUW
2XWUDVH[FHo}HVDR
SRGHUFRQFOXVLYRGDV
FRPLVV}HVQR5,&'

 (QYLR GH SURSRVLomR SHQGHQWH GH SDUHFHU

TXDQGRHVJRWDGRVRVSUD]RVDUW
 7UDPLWDomR FRQMXQWD DSHQVDPHQWR FRP SURSRVLomR HP
UHJLPH HVSHFLDO GH WUDPLWDomR UHJLPH GH XUJrQFLD
DUW FF DUWSDUiJUDIR~QLFR

,,, 5HDOL]DUDXGLrQFLDVS~EOLFDVFRPHQWLGDGHVGDVRFLHGDGHFLYLO
L,QVWUXLUPDWpULDOHJLVODWLYDHPWUkPLWH
)LQDOLGDGHV GD
DXGLrQFLD S~EOLFD
DUW

LL7UDWDUGHDVVXQWRVGH
LQWHUHVVH S~EOLFR UHOHYDQWH
GDVXDiUHDGHDWXDomRPHGLDQWH

,9 &RQYRFDU0LQLVWURGH(VWDGRSDUD SUHVWDU
SHVVRDOPHQWHLQIRUPDo}HVVREUH DVVXQWR
SUHYLDPHQWH GHWHUPLQDGRRXFRQFHGHUOKHDXGLrQFLD
SDUDH[SRUDVVXQWRGHUHOHYkQFLDGHVHXPLQLVWpULR
$&)SUHYrDLQGDDSRVVLELOLGDGHGHFRQYRFDomRGH
TXDLVTXHUWLWXODUHVGHyUJmRVGLUHWDPHQWHVXERUGLQDGRV
j3UHVLGrQFLDGD5HS~EOLFD&)DUWFDSXW

3URSRVWD GH
TXDOTXHUPHPEURRX
$SHGLGRGHHQWLGDGHLQWHUHVVDGD

&RQWUROHSROtWLFRDGPLQLVWUDWLYR
&DUDFWHUL]DFULPH
GHUHVSRQVDELOLGDGH
&)DUWFDSXW

$DXVrQFLDVHP
MXVWLILFDomRDGHTXDGD

)UHGHULFR/LPD
0DUFHOR/HLWH
7KLDJR6WUDXVV

5,&'HP0DSDV0HQWDLV$XOD

S

'$6&20,66(6&203(71&,$6,,$57
&RQWUROHSROtWLFRDGPLQLVWUDWLYR
9(QFDPLQKDUSRUPHLRGD0HVD
SHGLGRVHVFULWRVGHLQIRUPDomR
D0LQLVWURGH(VWDGR

$UHFXVD
&DUDFWHUL]DFULPH
GHUHVSRQVDELOLGDGH

2QmRDWHQGLPHQWR
QRSUD]RGHGLDV

&)DUW

$SUHVWDomRGH
LQIRUPDo}HVIDOVDV

3URFHGLPHQWRDUW

6HUmRFRQIRUPHRFDVR
UHFHELGDVHH[DPLQDGDV
9,  5HFHEHU SHWLo}HV UHFODPDo}HV RX
UHSUHVHQWDo}HV GH TXDOTXHU
SHVVRDFRQWUDDWRVRX RPLVV}HV GDV
DXWRULGDGHVRXHQWLGDGHVS~EOLFDV

3HODV&RPLVV}HVRX
3HOD0HVD

DUW

5HTXLVLWRV

3HOD2XYLGRULD3DUODPHQWDU

'HYHPVHU
HQFDPLQKDGDV

3RUHVFULWRRXSRUPHLR
HOHWU{QLFRLGHQWLILFDGDV
HPIRUPXOiULRSUySULRRX
3RUWHOHIRQHFRPD
LGHQWLILFDomRGRDXWRU

2DVVXQWRGHYHHQYROYHUPDWpULDGH
FRPSHWrQFLDGD&kPDUDGRV'HSXWDGRV

9,,6ROLFLWDUGHSRLPHQWRGHTXDOTXHUDXWRULGDGHRXFLGDGmR

9,,,  $FRPSDQKDU H DSUHFLDU SURJUDPDVGH REUDV SODQRV QDFLRQDLV UHJLRQDLV H

VHWRULDLV GHGHVHQYROYLPHQWR H VREUHHOHV HPLWLUSDUHFHU HP DUWLFXODomR FRP D
&RPLVVmR0LVWD3HUPDQHQWHGHTXHWUDWDRDUWGD&)

&RPSHWrQFLDV
DUW

,;  ([HUFHU R DFRPSDQKDPHQWR H D ILVFDOL]DomRFRQWiELO ILQDQFHLUD RUoDPHQWiULD

RSHUDFLRQDOHSDWULPRQLDOILVFDOL]DomR&2)23GD8QLmRHGDVHQWLGDGHVGD
DGPLQLVWUDomRGLUHWDHLQGLUHWDLQFOXtGDV DV IXQGDo}HV H VRFLHGDGHV LQVWLWXtGDV
HPDQWLGDVSHOR3RGHU3~EOLFRIHGHUDO HPDUWLFXODomRFRPD&RPLVVmR 0LVWD
3HUPDQHQWHGHTXHWUDWDRDUWGD&)
&RQWUROHILQDQFHLURRUoDPHQWiULR

;'HWHUPLQDUDUHDOL]DomRFRPRDX[tOLRGR7&8GHILVFDOL]Do}HVGHQDWXUH]D&2)23QDV
XQLGDGHV DGPLQLVWUDWLYDV GRV 3RGHUHV /HJLVODWLYR ([HFXWLYR H -XGLFLiULR GD DGPLQLVWUDomR GLUHWD
HLQGLUHWDLQFOXtGDVDVIXQGDo}HVHVRFLHGDGHVLQVWLWXtGDVHPDQWLGDVSHOR3RGHU3~EOLFRIHGHUDO

;,([HUFHUDILVFDOL]DomRHRFRQWUROHGRVDWRVGR3RGHU
([HFXWLYRLQFOXtGRVRVGDDGPLQLVWUDomRLQGLUHWD

;,, 352325DVXVWDomRGRVDWRVQRUPDWLYRVGR3RGHU([HFXWLYR
TXHH[RUELWHPGRSRGHUUHJXODPHQWDURXGRVOLPLWHVGH
GHOHJDomROHJLVODWLYDHODERUDQGRRUHVSHFWLYRGHFUHWROHJLVODWLYR
$VXVWDomRVHUiDSOLFDGDPHGLDQWHGHFUHWROHJLVODWLYR
FRPSHWrQFLDH[FOXVLYDGR&RQJUHVVR1DFLRQDO&)DUW9

;,,,  (VWXGDU TXDOTXHU DVVXQWR FRPSUHHQGLGR QR UHVSHFWLYR FDPSR WHPiWLFR RX iUHD GH DWLYLGDGH
SRGHQGRSURPRYHUHPVHXkPELWRFRQIHUrQFLDVH[SRVLo}HVSDOHVWUDVRXVHPLQiULRV

;,9  6ROLFLWDU DXGLrQFLDRX FRODERUDomR GHyUJmRV RX HQWLGDGHV GDDGPLQLVWUDomR S~EOLFD

GLUHWDLQGLUHWD RXIXQGDFLRQDO HGD VRFLHGDGH FLYLOSDUDHOXFLGDomR GHPDWpULDVXMHLWD
DVHXSURQXQFLDPHQWRQmRLPSOLFDQGRDGLOLJrQFLDGLODomRGRVSUD]RV

)UHGHULFR/LPD
0DUFHOR/HLWH
7KLDJR6WUDXVV

5,&'HP0DSDV0HQWDLV$XOD

S

'$6&20,66(63(50$1(17(6,
'RWDGDVGHFDUiWHUWpFQLFROHJLVODWLYRLQWHJUDPDHVWUXWXUDLQVWLWXFLRQDOGD&DVD
$SUHFLDPDVVXQWRVRXSURSRVLo}HVVXEPHWLGRVDRVHXH[DPH
HVREUHHOHVGHOLEHUDPGLVFXWHPYRWDPRXHPLWHPSDUHFHUHV

([HUFHPRDFRPSDQKDPHQWRGRVSODQRVHSURJUDPDVJRYHUQDPHQWDLV

$WULEXLo}HV

([HUFHPDILVFDOL]DomRILQDQFHLUDRUoDPHQWiULD
FRQWiELORSHUDFLRQDOHSDWULPRQLDOGD8QLmR
DUW,

&RPSHWrQFLD
SDUDIL[DomR

2Q~PHURGHPHPEURVHIHWLYRVVHUiIL[DGRSRU
$72'$0(6$RXYLGRR&ROpJLRGH/tGHUHVQR
,1&,2GRVWUDEDOKRVGHFDGD/(*,6/$785$

$V&RPLVV}HV3HUPDQHQWHV
WHUmRHQWUHH
GRWRWDOGH'HSXWDGRV
GHVSUH]DQGRVHDIUDomR

1~PHUR
GH0HPEURV
/LPLWHV
GHFDGHLUDV
GLVSRQtYHLV

4XDQWLGDGHPtQLPD
GHYDJDV
4XDQWLGDGHPi[LPD
GHYDJDV

2Q~PHURWRWDOGHYDJDVQDV&RPLVV}HV3HUPDQHQWHV
QmRSRGHUiH[FHGHURGDFRPSRVLomRGD&kPDUD
QmRFRPSXWDGRVRVPHPEURVGD0HVD
1~PHURWRWDOGHYDJDVGLVSRQtYHLVQDV
&RPLVV}HV3HUPDQHQWHV  

DUW

&RPLVV}HV
3HUPDQHQWHV

$GLVWULEXLomRGDVYDJDVQDV
&RPLVV}HV3HUPDQHQWHVHQWUH
3DUWLGRVH%ORFRV3DUODPHQWDUHV

D6HUiRUJDQL]DGDSHOD0HVD
E2FRUUHUiORJRDSyVDIL[DomRGD
UHVSHFWLYDFRPSRVLomRQXPpULFD

(VVDGLVWULEXLomRGDVYDJDVVHUiPDQWLGDGXUDQWHWRGDDOHJLVODWXUDDQRV

5HJUDGH
ILGHOLGDGH
SDUWLGiULD

6XEVWLWXLomR
GH0HPEURV

2Q~PHURGHYDJDVGHFDGDUHSUHVHQWDomRSDUWLGiULDVHUi
IL[DGRSHORUHVXOWDGRILQDOREWLGRQDVHOHLo}HVHSHUPDQHFHUi
LQDOWHUDGRGXUDQWHWRGDDOHJLVODWXUDDUW
$V DOWHUDo}HV QXPpULFDV QDV EDQFDGDV GRV 3DUWLGRV
RX %ORFRV 3DUODPHQWDUHV GHFRUUHQWHV GH PXGDQoDV
GHILOLDomRSDUWLGiULDQmRLPSRUWDUmR HP
PRGLILFDomRQDFRPSRVLomRGDV&RPLVV}HV
&DGD3DUWLGRRX%ORFR3DUODPHQWDUWHUiHPFDGD&RPLVVmRSDUD
RVVHXVPHPEURVHIHWLYRVDPHVPDTXDQWLGDGHGHVXSOHQWHV
1HQKXP'HSXWDGRSRGHUiID]HUSDUWHFRPRPHPEUR
7,78/$5GHPDLVGHXPD&RPLVVmR3HUPDQHQWH

'LVWULEXLomR
GDV9DJDV

([HUFtFLR
SDUODPHQWDU
QDV FRPLVV}HV
SHUPDQHQWHV

3HUPLWHVHQRHQWDQWRDKLSyWHVHGHDF~PXOR
FRPRPHPEURWLWXODUQDVFRPLVV}HVGH/HJLVODomR
3DUWLFLSDWLYDHGH6HJXUDQoD 3~EOLFD H &RPEDWH
DR&ULPH2UJDQL]DGR
1DFRQGLomRGHVXSOHQWHQmRKi
OLPLWDomRSDUDSDUWLFLSDomRGRVGHSXWDGRV
2V PHPEURVHIHWLYRVGD0HVD QmR SRGHUmRID]HU
SDUWHGH &RPLVVmR3HUPDQHQWH DUW 
eDVVHJXUDGRDR'HSXWDGRVDOYRVHPHPEURGD
0HVDRGLUHLWRGHLQWHJUDUFRPR7,78/$5SHOR
PHQRVXPD&RPLVVmR3HUPDQHQWHDLQGDTXHVHP
OHJHQGDSDUWLGiULDRXTXDQGRHVWDQmRSRVVDFRQFRUUHU
jVYDJDVH[LVWHQWHVSHORFiOFXORGDSURSRUFLRQDOLGDGH

DUW

)UHGHULFR/LPD
0DUFHOR/HLWH
7KLDJR6WUDXVV

'$6&20,66(63(50$1(17(6,,

5,&'HP0DSDV0HQWDLV$XOD

S

$SyVDGHILQLomRGDTXDQWLGDGHGHYDJDVHPFDGDFRPLVVmR
SHUPDQHQWHGHILQLVHRQ~PHURGHDVVHQWRVTXHFDGDUHSUHVHQWDomR
SDUWLGiULD3DUWLGRVRX%ORFRVSDUODPHQWDUHVWHUiGLUHLWRDRFXSDU
$UHSUHVHQWDomRQXPpULFDGRV3DUWLGRVH%ORFRV3DUODPHQWDUHVQDV
&RPLVV}HVpGHILQLGDQDVHVVmROHJLVODWLYDGHFDGDOHJLVODWXUDDUW
'LYLGHVHRQ~PHURGH0HPEURVGD&kPDUD'HSXWDGRV
SHORQ~PHURGH0HPEURVGHFDGD&RPLVVmR3HUPDQHQWH
REWHQGRVHXP4XRFLHQWH4


&iOFXOR
GDVYDJDV
SDUWLGiULDV
HPFDGD
&RPLVVmR
DUW

(VVH4XRFLHQWHpGHWHUPLQDGRSDUD
FDGD&RPLVVmRVHSDUDGDPHQWH
&iOFXORGRTXRFLHQWHSDUWLGiULR

482&,(17(
3$57,'5,2

1~PHURGHOXJDUHVTXHFDGDEDQFDGD
SRGHUiFRQFRUUHUQD&RPLVVmR

'LYLVmRHQWUHRQ~PHURGH0(0%526'2
SDUWLGRRXEORFRSHORTXRFLHQWH4
2TXRFLHQWHSDUWLGiULRpR,17(,52GDGLYLVmRDFLPD

5HSUHVHQWDomR
1XPpULFD
5HSUHVHQWDomR
3DUWLGiULDVHP
OXJDUHVVXILFLHQWHV
QDV&RPLVV}HV
SDUDDVXDEDQFDGD

$VYDJDVTXHVREUDUHPVHUmRGLVWULEXtGDVjV
UHSUHVHQWDo}HVSDUWLGiULDVGDPDLRUSDUDPHQRU
)5$d2GRTXRFLHQWHSDUWLGiULR
,D0HVDGDUiKRUDVDR3DUWLGRRX%ORFR3DUODPHQWDU
QHVVDFRQGLomRSDUDTXHGHFODUHVXDRSomRSRUREWHU
OXJDUHP&RPLVVmRHPTXHQmRHVWHMDDLQGDUHSUHVHQWDGR
,,  KDYHQGR FRLQFLGrQFLD GH RSo}HV WHUi
SUHIHUrQFLDR 3DUWLGR RX %ORFR 3DUODPHQWDU
GHPDLRUTXRFLHQWHSDUWLGiULR
,,,DYDJDLQGLFDGDVHUiSUHHQFKLGDHPSULPHLUROXJDU
,9  VySRGHUi KDYHU R SUHHQFKLPHQWR GH VHJXQGD
YDJD GHFRUUHQWH GH RSomR QD PHVPD &RPLVVmR
TXDQGR HP WRGDV DV RXWUDV Mi WLYHU VLGR SUHHQFKLGD
XPDSULPHLUDYDJDHPLGrQWLFDVFRQGLo}HV

&RPLVV}HV
3HUPDQHQWHV
'HSXWDGR
VHPOHJHQGD
SDUWLGiULD

,  DWHQGLGDV DV RSo}HV GR 3DUWLGR RX %ORFR 3DUODPHQWDU

VHUmRUHFHELGDVDVGRV'HSXWDGRVVHPOHJHQGDSDUWLGiULD
,,TXDQGRPDLVGHXP'HSXWDGRRSWDQWHHVFROKHUD
PHVPD&RPLVVmRWHUiSUHIHUrQFLDRPDLVLGRVR
GHQWUHRVGHPDLRUQ~PHURGHOHJLVODWXUDV

$SyVDGLVWULEXLomRGDVYDJDVHQWUHDVUHSUHVHQWDo}HVHRVGHSXWDGRVVHP
OHJHQGDSDUWLGiULDUHDOL]DVHDGLVWULEXLomRGDVGHPDLVYDJDVHQWUHDV
EDQFDGDVFRPGLUHLWRDVHID]HUUHSUHVHQWDUQD&RPLVVmRGHDFRUGRFRPR
HSDVVRVGDUHJUDGHFiOFXORGDVYDJDVSDUWLGiULDVFRQVLGHUDQGRVH
SDUDHIHLWRGHFiOFXORGDSURSRUFLRQDOLGDGHRQ~PHURGHPHPEURVGD
&RPLVVmRGLPLQXtGRGDTXDQWLGDGHGHYDJDVSUHHQFKLGDVSRURSomR
$SyVDGHILQLomRGDSDUWLFLSDomRGHFDGDUHSUHVHQWDomR
SDUWLGiULDQDV&RPLVV}HVFRPSHWLUiDR/tGHULQGLFDUj
0HVDRVPHPEURVGDEDQFDGDSUDFRPSRUDVFRPLVV}HV
HDTXDOTXHUWHPSRVXEVWLWXtORVDUW9,

,QGLFDomR

 ,QGLFDomR H
'HVLJQDomR
GRV0HPEURV

3UD]RSDUDR/tGHU
LQGLFDUDUW

VHVVmR
OHJLVODWLYD
H
VHVV}HV
OHJLVODWLYDV

VHVV}HVDSDUWLUGDGHILQLomR
GDUHSUHVHQWDomRQXPpULFDGRV
3DUWLGRVH%ORFRV3DUODPHQWDUHV
VHVV}HVDSDUWLUGRLQtFLR
GHFDGDVHVVmROHJLVODWLYD

&DVRD/LGHUDQoDQmRFRPXQLFDUQRSUD]RIL[DGRRV
QRPHVGHVXDUHSUHVHQWDomRSDUDFRPSRUDV&RPLVV}HV
FDEHUiDR3UHVLGHQWHID]HUDGHVLJQDomR  GHRItFLR
'HVLJQDomR

3UD]RSDUDR
SUHVLGHQWHGHVLJQDU
DUWFF
DUW

VHVV}HV

)UHGHULFR/LPD
0DUFHOR/HLWH
7KLDJR6WUDXVV

5,&'HP0DSDV0HQWDLV$XOD

S

'$6&20,66(63(50$1(17(6'$668%&20,66(6(7850$6

6XEFRPLVV}HVH7XUPDVVmRyUJmRVRULXQGRV
GDGLYLVmRGDV&RPLVV}HV3HUPDQHQWHV
6XEFRPLVV}HV3HUPDQHQWHV
6XEFRPLVV}HV(VSHFLDLV
)RUPD

1Ro}HV
JHUDLV

$V&RPLVV}HV
3HUPDQHQWHV
SRGHPGLYLGLUVHGDV
VHJXLQWHVIRUPDV
)RUPD

1HQKXPD &RPLVVmR 3HUPDQHQWH

SRGHUiFRQWDUFRPPDLVGH
6XEFRPLVV}HV 3HUPDQHQWHV 
HGH6XEFRPLVV}HV (VSHFLDLV
HPIXQFLRQDPHQWRVLPXOWkQHR
6XEFRPLVV}HV(VSHFLDLV
7XUPDV

$V6XEFRPLVV}HVH
7XUPDVQmRSRVVVXHP
SRGHUGHFLVyULR
DUW FDSXW H
DUW FDSXW

1mRGHOLEHUDPVREUHPDWpULDV
$PDWpULDDSUHFLDGDHP6XEFRPLVVmR3HUPDQHQWHRX
(VSHFLDORXSRU7XUPDFRQFOXLUiSRUXPUHODWyULRVXMHLWRj
GHOLEHUDomRGR3OHQiULRGDUHVSHFWLYD&RPLVVmRDUW

&RQVWLWXtGDVPHGLDQWHSURSRVWDGD0$,25,$
GRV0HPEURVGD&RPLVVmR3HUPDQHQWH

&ULDomR
6XEFRPLVV}HV
3HUPDQHQWHV

6XEFRPLVV}HV
H7XUPDV

UHDGH
DWXDomR

6XEFRPLVV}HV
(VSHFLDLV

7UDWDPGHPDWpULDVSHUWLQHQWHVDR
FDPSRWHPiWLFRRXjiUHDGHDWXDomR
GDUHVSHFWLYD&RPLVVmR3HUPDQHQWH
&RQVWLWXtGDVPHGLDQWHSURSRVWDGH48$/48(5
0HPEURGD&RPLVVmR3HUPDQHQWH

&ULDomR

6XEFRPLVV}HV

3RGHUmRVHUFULDGDV7XUPDV

UHDGH
DWXDomR

'HVHPSHQKDPDWLYLGDGHVHVSHFtILFDVRX
7UDWDPGHDVVXQWRVGHILQLGRV
QRUHVSHFWLYRDWRGHFULDomR

)L[DomRGRQ~PHURGHPHPEURVGD6XEFRPLVVmR
UHVSHLWDQGRRSULQFtSLRGDUHSUHVHQWDomRSURSRUFLRQDO
&RPSHWHDR3OHQiULR
GD&RPLVVmR

'HILQLomRGDVPDWpULDVUHVHUYDGDVjV6XEFRPLVV}HV
'HILQLomRGRVREMHWLYRVGDV6XEFRPLVV}HV(VSHFLDLV

1RIXQFLRQDPHQWRGDV6XEFRPLVV}HVDSOLFDUVHmRQRTXHFRXEHUDVGLVSRVLo}HV
GHVWH5HJLPHQWRUHODWLYDVDRIXQFLRQDPHQWRGDV&RPLVV}HV3HUPDQHQWHV

&ULDomR

1DKLSyWHVHGHQmRVHUFRQVWLWXtGDQHQKXPD6XEFRPLVVmR3HUPDQHQWH
QDV&RPLVV}HV3HUPDQHQWHVSRGHUmRVHUFULDGDV'8$67XUPDV
3UHVLGLUij7XUPDXP9LFH3UHVLGHQWHGD&RPLVVmR
3UHVLGHQWH

7XUPDV
&RPSRVLomR
0HPEURV

6XEVWLWXWRGR
3UHVLGHQWH

0HPEURPDLVLGRVRGHQWUHRVGH
PDLRUQ~PHURGHOHJLVODWXUDV

2VPHPEURVGHXPD7XUPDVmR
VXSOHQWHVSUHIHUHQFLDLVGDRXWUD
UHVSHLWDGDDSURSRUFLRQDOLGDGHSDUWLGiULD

$V7XUPDVSRGHUmRGLVFXWLURVDVVXQWRVTXHOKHVIRUHPGLVWULEXtGRV
GHVGHTXHSUHVHQWHPDLVGDPHWDGHGRVVHXVPHPEURV

)UHGHULFR/LPD
0DUFHOR/HLWH
7KLDJR6WUDXVV

5,&'HP0DSDV0HQWDLV$XOD

S

'$60$7e5,$628$7,9,'$'(6'(&203(71&,$'$6&20,66(6,
2DUWGLVS}HVREUHDVQRPHQFODWXUDVGDVFRPLVV}HVSHUPDQHQWHV
YLQWHHRVVHXVUHVSHFWLYRVFDPSRVWHPiWLFRVRXiUHDGHDWLYLGDGH
(PUHJUDXPDFRPLVVmRQmRSRGHDSUHFLDUPDWpULDLQVHULGDQDiUHDGHDWLYLGDGHGHRXWURFROHJLDGR
(PGHWHUPLQDGDVVLWXDo}HVGXDVRXPDLVFRPLVV}HVSHUPDQHQWHV
SRGHPSURIHULUSDUHFHUGHPpULWRUHIHUHQWHjPHVPDPDWpULD

1Ro}HV
JHUDLV

([

6LVWHPD ILQDQFHLUR GD KDELWDomR

DUW9,,D;E

&RPLVVmRGH'HVHQYROYLPHQWR8UEDQR&'8
&RPLVVmRGH)LQDQoDVH7ULEXWDomR&)7

7RGDVDVFRPLVV}HVSHUPDQHQWHVGHWrP
FRPSHWrQFLDSDUDSURPRYHUDILVFDOL]DomR
RUoDPHQWiULDHPVXDViUHDVWHPiWLFDV

6HPSUHMXt]RGDDWXDomRGD&RPLVVmR
0LVWDGH3ODQRV2UoDPHQWRV3~EOLFRV
H)LVFDOL]DomR&)DUW
DUWSDUiJUDIR~QLFR

127$$2$/8122DUWWUDWDGDV0DWpULDV RX $WLYLGDGHV GH &RPSHWrQFLD GDV &RPLVV}HV

3HUPDQHQWHV e HVVHQFLDO D OHLWXUD FRPSOHWD GHVVH DUWLJR 1HVVH WySLFR VRPHQWHVHUmRDSUHVHQWDGRV
DOJXQVGLVSRVLWLYRVTXHSRGHPVXVFLWDUG~YLGDVVHQGRPDLVSURYiYHLVGHVHUHPFREUDGRVHPSURYD

,  &RPLVVmRGH$JULFXOWXUD
3HFXiULD$EDVWHFLPHQWR
H'HVHQYROYLPHQWR5XUDO

,,  &RPLVVmRGD$PD]{QLD
,QWHJUDomR1DFLRQDOHGH
'HVHQYROYLPHQWR5HJLRQDO

&RPLVV}HV
3HUPDQHQWHV
DUW

E SROtWLFD H TXHVW}HV IXQGLiULDV

UHIRUPD DJUiULD MXVWLoD DJUiULD
GLUHLWRDJUiULRGHVWDFDGDPHQWH

D DVVXQWRVUHODWLYRV
jUHJLmRDPD]{QLFD
HVSHFLDOPHQWH

DTXLVLomR RX DUUHQGDPHQWR GH LPyYHO

UXUDO SRU SHVVRDV ItVLFDV RX MXUtGLFDV
HVWUDQJHLUDVHQD)$,;$'()5217(,5$
)DL[DGH)URQWHLUDWDPEpPHVWiQD
&RPLVVmR GH 5HODo}HV ([WHULRUHV H
GH'HIHVD1DFLRQDODUW;9K

 FDoDSHVFDIDXQDHIORUD
HVXDUHJXODPHQWDomR
)DXQDHIORUD WDPEpPHVWiQD&RPLVVmR
GH0HLR$PELHQWHH'HVHQYROYLPHQWR
6XVWHQWiYHODUW;,,,E
 WXULVPR 

,,,  &RPLVVmR GH &LrQFLD H 7HFQRORJLD

&RPXQLFDomRH,QIRUPiWLFD

E VLVWHPD(67$767,&2
FDUWRJUiILFRHGHPRJUiILFRQDFLRQDO

H PDWpULDV UHODWLYDV D GLUHLWR FRQVWLWXFLRQDO HOHLWRUDO

FLYLO3(1$/SHQLWHQFLiULRSURFHVVXDOQRWDULDO
1mRFRQIXQGLUFRPDiUHDOHJLVODomRSHQDOGRSRQWRGH
YLVWDGDVHJXUDQoDS~EOLFDGD&RPLVVmRGH6HJXUDQoD
3~EOLFDH&RPEDWHDR&ULPH2UJDQL]DGRDUW;9,I

,9  &RPLVVmR GH
&RQVWLWXLomR
H-XVWLoDH
GH&LGDGDQLD

K '(6$35235,$d(6 
L QDFLRQDOLGDGH FLGDGDQLD QDWXUDOL]DomR UHJLPH
MXUtGLFRGRVHVWUDQJHLURVHPLJUDomRHLPLJUDomR
0HVPDiUHDWHPiWLFDSUHYLVWDQD&RPLVVmR GH 5HODo}HV
([WHULRUHVHGH'HIHVD1DFLRQDODUW;9G
T UHGDomRGR9(1&,'2HP3OHQiULRHUHGDomRILQDOGDVSURSRVLo}HVHPJHUDO

9&RPLVVmRGH'HIHVDGR&RQVXPLGRU

F FRPSRVLomRTXDOLGDGHDSUHVHQWDomRSXEOLFLGDGH
HGLVWULEXLomRGHEHQVHVHUYLoRV
D PDWpULDVDWLQHQWHVDUHODo}HVHFRQ{PLFDVLQWHUQDFLRQDLV
9HUWDPEpPDiUHDWHPiWLFDUHODo}HVHFRQ{PLFDV
FRPRXWURVSDtVHVGD&RPLVVmRGH5HODo}HV
([WHULRUHVHGH'HIHVD1DFLRQDODUW;9D
F SROtWLFDHDWLYLGDGHLQGXVWULDOFRPHUFLDOHDJUtFRODVHWRUHFRQ{PLFR
WHUFLiULR(;&(72RVVHUYLoRVGHQDWXUH]DILQDQFHLUD
J SURWHomR H EHQHItFLRV HVSHFLDLV 7(03255,26
(;&(72RVGHQDWXUH]DILQDQFHLUDHWULEXWiULD 
jVHPSUHVDVEUDVLOHLUDVGHFDSLWDOQDFLRQDO

9,  &RPLVVmR GH 'HVHQYROYLPHQWR

(FRQ{PLFR,QG~VWULDH&RPpUFLR

K&223(5$7,9,602HRXWUDV IRUPDV GH DVVRFLDWLYLVPR

QDDWLYLGDGHHFRQ{PLFD(;&(72TXDQGRUHODFLRQDGRV
FRPPDWpULDSUySULDGHRXWUD&RPLVVmR
O PDWpULDVUHODWLYDVDGLUHLWRFRPHUFLDO
VRFLHWiULRHIDOLPHQWDU GLUHLWRHFRQ{PLFR
'LUHLWR)DOLPHQWDUp UHODFLRQDGR D
IDOrQFLDVHUHFXSHUDomRGHHPSUHVDV
R SROtWLFDVHVLVWHPDQDFLRQDOGHPHWURORJLD
QRUPDOL]DomRHTXDOLGDGHLQGXVWULDO
0HWURORJLDpDFLrQFLDGDVPHGLo}HVOHPEUDUGR,QPHWUR

)UHGHULFR/LPD
0DUFHOR/HLWH
7KLDJR6WUDXVV

5,&'HP0DSDV0HQWDLV$XOD

S

'$60$7e5,$628$7,9,'$'(6'(&203(71&,$'$6&20,66(6,,
D DVVXQWRV DWLQHQWHV D XUEDQLVPR H DUTXLWHWXUD SROtWLFD H GHVHQYROYLPHQWR
XUEDQR XVR SDUFHODPHQWR H RFXSDomR GR VROR XUEDQR KDELWDomR H
VLVWHPDILQDQFHLURGDKDELWDomR WUDQVSRUWHVXUEDQRV
LQIUDHVWUXWXUDXUEDQDHVDQHDPHQWRDPELHQWDO
6LVWHPDILQDQFHLURGHKDELWDomR
&RPLVVmRGH)LQDQoDVH7ULEXWDomR
7UDQVSRUWHVXUEDQRVp WDPEpP iUHD WHPiWLFD GD
&RPLVVmRGH9LDomRH7UDQVSRUWHDUW;;G
9,,  &RPLVVmR GH
'HVHQYROYLPHQWR
8UEDQR

E PDWpULDV UHODWLYDV D GLUHLWR XUEDQtVWLFR H D RUGHQDomR MXUtGLFRXUEDQtVWLFD

GRWHUULWyULRSODQRV QDFLRQDLV H UHJLRQDLV GH RUGHQDomR GR WHUULWyULR
HGDRUJDQL]DomRSROtWLFRDGPLQLVWUDWLYD 
3ODQRV QDFLRQDLV H UHJLRQDLV GH RUGHQDomR GR WHUULWyULR
HGDRUJDQL]DomRSROtWLFRDGPLQLVWUDWLYDpWDPEpPiUHD
WHPiWLFDGD&RPLVVmRGD$PD]{QLD,QWHJUDomR1DFLRQDO
HGR'HVHQYROYLPHQWR5HJLRQDODUW,,G
H DVVXQWRVUHIHUHQWHVjVPLQRULDVpWQLFDVHVRFLDLVHVSHFLDOPHQWH
DRVtQGLRVHjVFRPXQLGDGHVLQGtJHQDV UHJLPH GDV WHUUDV
WUDGLFLRQDOPHQWHRFXSDGDVSHORVtQGLRV
$VVXQWRVLQGtJHQDV p WDPEpP iUHD WHPiWLFD GD
&RPLVVmR GD $PD]{QLD ,QWHJUDomR 1DFLRQDO H
GR'HVHQYROYLPHQWR5HJLRQDODUW,,D

9,,,  &RPLVVmR GH 'LUHLWRV

+XPDQRVH0LQRULDV

F GLUHLWRGHLPSUHQVD LQIRUPDomR H PDQLIHVWDomR GR SHQVDPHQWR H

H[SUHVVmRGDDWLYLGDGHLQWHOHFWXDODUWtVWLFDFLHQWtILFDHGHFRPXQLFDomR

,;  &RPLVVmR GH
(GXFDomRH&XOWXUD

E VLVWHPDILQDQFHLURGDKDELWDomR

&RPLVV}HV
3HUPDQHQWHV
DUW

K DVSHFWRVILQDQFHLURVHRUoDPHQWiULRVS~EOLFRVGHTXDLVTXHUSURSRVLo}HV
TXHLPSRUWHPDXPHQWRRXGLPLQXLomRGDUHFHLWDRXGDGHVSHVDS~EOLFD
TXDQWR j VXD FRPSDWLELOLGDGH RX DGHTXDomR FRP R SODQR SOXULDQXDO D OHL GH
GLUHWUL]HVRUoDPHQWiULDVHRRUoDPHQWRDQXDO
;  &RPLVVmR
GH)LQDQoDV
H7ULEXWDomR

6HUi7(50,1$7,92RSDUHFHUGD&RPLVVmRGH)LQDQoDV
H7ULEXWDomRVREUHDDGHTXDomRILQDQFHLUDRX
RUoDPHQWiULDGDSURSRVLomRDUW,,
LIL[DomR GD UHPXQHUDomR GRV PHPEURV GR &RQJUHVVR 1DFLRQDO
GR 3UHVLGHQWH H GR 9LFH3UHVLGHQWH GD 5HS~EOLFD GRV 0LQLVWURV
GH(VWDGRHGRVPHPEURVGDPDJLVWUDWXUDIHGHUDO

9HU DUW

D WRPDGDGHFRQWDVGR3UHVLGHQWHGD5HS~EOLFD
QDKLSyWHVHGRDUW,,GD&RQVWLWXLomR)HGHUDO

;,  &RPLVVmRGH)LVFDOL]DomR
)LQDQFHLUDH&RQWUROH

;,,  &RPLVVmRGH
/HJLVODomR
3DUWLFLSDWLYD

$WRPDGDGHFRQWDVGR3UHVLGHQWHGD5HS~EOLFD
pGHFRPSHWrQFLDGD&RPLVVmRGH)LVFDOL]DomR
)LQDQFHLUDH&RQWUROHDUW;,D
1mRpFRPSHWrQFLDGD&RPLVVmRGH)LQDQoDV
H7ULEXWDomRFRQIRUPHFRQVWDGRDUWFDSXW
UHYRJDGRSHOD5HVROXomRQGH

D VXJHVW}HV GH LQLFLDWLYD OHJLVODWLYD DSUHVHQWDGDV SRU DVVRFLDo}HV H yUJmRV GH FODVVH
VLQGLFDWRVHHQWLGDGHVRUJDQL]DGDVGDVRFLHGDGHFLYLO(;&(723DUWLGRV3ROtWLFRV

E UHFXUVRVQDWXUDLVUHQRYiYHLVIORUDIDXQD
HVRORHGDIRORJLDHGHVHUWLILFDomR
;,,,  &RPLVVmR GH 0HLR $PELHQWH H
'HVHQYROYLPHQWR6XVWHQWiYHO

)DXQDHIORUDp WDPEpP iUHD WHPiWLFD GD

&RPLVVmR GD $PD]{QLD ,QWHJUDomR 1DFLRQDO H
GH'HVHQYROYLPHQWR5HJLRQDODUW,,D
(GDIRORJLDpDFLrQFLDTXHHVWXGDRVVRORV

;,9&RPLVVmRGH0LQDVH(QHUJLD

M JHVWmR SODQHMDPHQWR H FRQWUROH GRV UHFXUVRV KtGULFRV

UHJLPHMXUtGLFRGHiJXDVS~EOLFDVHSDUWLFXODUHV

)UHGHULFR/LPD
0DUFHOR/HLWH
7KLDJR6WUDXVV

5,&'HP0DSDV0HQWDLV$XOD

S

'$60$7e5,$628$7,9,'$'(6'(&203(71&,$'$6&20,66(6,,,
D UHODo}HVGLSORPiWLFDVHFRQVXODUHVHFRQ{PLFDVHFRPHUFLDLV
FXOWXUDLVHFLHQWtILFDVFRPRXWURVSDtVHV UHODo}HV FRP
HQWLGDGHVLQWHUQDFLRQDLVPXOWLODWHUDLVHUHJLRQDLV
9HUWDPEpPDiUHDWHPiWLFDUHODo}HV HFRQ{PLFDV
LQWHUQDFLRQDLVGD&RPLVVmRGH'HVHQYROYLPHQWR
(FRQ{PLFR,QG~VWULDH&RPpUFLRDUW9,D
F WUDWDGRVDWRVDFRUGRVHFRQYrQLRVLQWHUQDFLRQDLV
HGHPDLVLQVWUXPHQWRVGHSROtWLFDH[WHUQD
G GLUHLWR LQWHUQDFLRQDO S~EOLFR RUGHP MXUtGLFD LQWHUQDFLRQDO
QDFLRQDOLGDGH FLGDGDQLD H QDWXUDOL]DomR UHJLPH
MXUtGLFRGRVHVWUDQJHLURVHPLJUDomRHLPLJUDomR 

;9&RPLVVmRGH
5HODo}HV([WHULRUHVH
GH'HIHVD1DFLRQDO

0HVPDiUHDWHPiWLFDSUHYLVWDQD&RPLVVmRGH
&RQVWLWXLomRH-XVWLoDHGH&LGDGDQLDDUW,9L
H DXWRUL]DomR SDUD R 3UHVLGHQWH RX R 9LFH3UHVLGHQWH
GD5HS~EOLFDDXVHQWDUVHGRWHUULWyULRQDFLRQDO
K DVVXQWRVDWLQHQWHVjIDL[DGHIURQWHLUDHiUHDV
FRQVLGHUDGDVLQGLVSHQViYHLVjGHIHVDQDFLRQDO
)DL[DGH)URQWHLUDWDPEpP p iUHD WHPiWLFD GD
&RPLVVmR GH $JULFXOWXUD 3HFXiULD $EDVWHFLPHQWR
H'HVHQYROYLPHQWR5XUDODUW,E
L GLUHLWR PLOLWDU H OHJLVODomR GH GHIHVD QDFLRQDO
GLUHLWRPDUtWLPRDHURQiXWLFRHHVSDFLDO
0HVPDiUHDWHPiWLFDSUHYLVWDQD&RPLVVmR
GH9LDomRH7UDQVSRUWHVDUW;;H  I

;9,  &RPLVVmR GH 6HJXUDQoD 3~EOLFD

H&RPEDWHDR&ULPH2UJDQL]DGR

I VLVWHPDSHQLWHQFLiULROHJLVODomRSHQDOH SURFHVVXDO
SHQDOGRSRQWRGHYLVWDGDVHJXUDQoDS~EOLFD

G Do}HV H VHUYLoRV GH VD~GH S~EOLFD FDPSDQKDV GH VD~GH S~EOLFD HUUDGLFDomR GH
GRHQoDVHQGrPLFDVYLJLOkQFLDHSLGHPLROyJLFDELRHVWDWtVWLFDHLPXQL]Do}HV

&RPLVV}HV
3HUPDQHQWHV
DUW

O VD~GHDPELHQWDOVD~GHRFXSDFLRQDOHLQIRUWXQtVWLFD
VHJXURGHDFLGHQWHVGRWUDEDOKRXUEDQRHUXUDO

;9,,  &RPLVVmR GH
6HJXULGDGH
6RFLDO
H)DPtOLD

,QIRUWXQtVWLFD 3DUWHGD0HGLFLQD/HJDOHGD
OHJLVODomRWUDEDOKLVWDTXHWUDWDGRVULVFRVLQGXVWULDLV
DFLGHQWHVGRWUDEDOKRHPROpVWLDVSURILVVLRQDLV
W PDWpULDVUHODWLYDVjIDPtOLDjPXOKHUjFULDQoD DR DGROHVFHQWH
DRLGRVRHjSHVVRDSRUWDGRUDGHGHILFLrQFLDItVLFDRXPHQWDO
D PDWpULD WUDEDOKLVWD XUEDQD H UXUDO GLUHLWR GR WUDEDOKR
HSURFHVVXDOGRWUDEDOKRHGLUHLWRDFLGHQWiULR
F DVVXQWRV SHUWLQHQWHV j RUJDQL]DomR ILVFDOL]DomR
WXWHODVHJXUDQoDHPHGLFLQDGRWUDEDOKR

;9,,,  &RPLVVmRGH
7UDEDOKRGH
$GPLQLVWUDomRH
6HUYLoR3~EOLFR

G WUDEDOKRGRPHQRUGHLGDGH  GDPXOKHUHGRHVWUDQJHLUR
FLYLV H
T UHJLPHMXUtGLFRGRVVHUYLGRUHVS~EOLFRV

PLOLWDUHV
DWLYRV H
LQDWLYRV

;,;&RPLVVmRGH7XULVPRH'HVSRUWR
E WUDQVSRUWHV DpUHR PDUtWLPR DTXDYLiULR IHUURYLiULR
URGRYLiULRHPHWURYLiULRWUDQVSRUWHSRUGXWRV
G WUDQVSRUWHVXUEDQRLQWHUHVWDGXDOLQWHUPXQLFLSDOHLQWHUQDFLRQDO
;;  &RPLVVmR
GH 9LDomRH
7UDQVSRUWHV

H PDULQKD PHUFDQWH SRUWRV H YLDV QDYHJiYHLV QDYHJDomR

PDUtWLPDHGHFDERWDJHPHDLQWHULRUGLUHLWRPDUtWLPR
I DYLDomR FLYLO DHURSRUWRV H LQIUDHVWUXWXUD DHURSRUWXiULD
VHJXUDQoDHFRQWUROHGRWUiIHJRDpUHRGLUHLWRDHURQiXWLFR
J WUDQVSRUWHGHSDVVDJHLURVHGHFDUJDVUHJLPHMXUtGLFRHOHJLVODomR
VHWRULDODFRUGRVHFRQYHQo}HVLQWHUQDFLRQDLVUHVSRQVDELOLGDGH
FLYLOGRWUDQVSRUWDGRU

UHDV
WHPiWLFDV
SDUHFLGDV

)UHGHULFR/LPD
0DUFHOR/HLWH
7KLDJR6WUDXVV

5,&'HP0DSDV0HQWDLV$XOD

S

'$6&20,66(67(03255,$6
&20,66(6
7(03255,$6
&RPLVV}HV
(VSHFLDLV
D

&RPLVV}HV3DUODPHQWDUHV
GH,QTXpULWR&3,V

&RPLVV}HV
([WHUQDV

&ULDGDVSDUDDSUHFLDUDVVXQWRGHWHUPLQDGRFRPH[LVWrQFLDWHPSRUiULD
2Q~PHURGHPHPEURVGDV
&RPLVV}HV7HPSRUiULDVpSUHYLVWRHP

1~PHURGH
0HPEURV

$WRRXUHTXHULPHQWR
GHVXDFRQVWLWXLomRRX
3URMHWRGHUHVROXomR&3,

&DEHDRV/tGHUHVD,1',&$d2GRV0HPEURVGD&RPLVVmR

1Ro}HV
JHUDLV

D&RQVWLWXLomR
GDV&RPLVV}HV

,QGLFDomRH
GHVLJQDomR
GRV0HPEURV

3UD]RSDUDLQGLFDomRKRUDVDSyVDFULDomRGD&RPLVVmR
$SyVDLQGLFDomRRV0HPEURVVHUmRGHVLJQDGRVSHOR3UHVLGHQWH
2 0HPEUR SRGHUi VHU GHVLJQDGR SHOR 3UHVLGHQWH
LQGHSHQGHQWHPHQWH GD LQGLFDomR FDVR R /tGHU QR SUD]R
GHKVDSyVDFULDomRGD&RPLVVmRQmRHIHWXDUDLQGLFDomR

1DFRQVWLWXLomRGDV&RPLVV}HV7HPSRUiULDVREVHUYDUVHiR52'=,2
HQWUHDVEDQFDGDVQmRFRQWHPSODGDVGHWDOIRUPDTXHWRGRVRV3DUWLGRV
RX%ORFRV3DUODPHQWDUHVSRVVDPID]HUVHUHSUHVHQWDUDUW

DUW

$SDUWLFLSDomRGR'HSXWDGRHP&RPLVVmR7HPSRUiULDpFXPSULGDVHP
SUHMXt]RGHVXDHVFROKDSDUDFRPSRU&RPLVVmR3HUPDQHQWHDUW

$V&RPLVV}HV
7HPSRUiULDV
VHH[WLQJXHP

E ([WLQomR GDV
&RPLVV}HV

7HPSR0;,02GHGXUDomRGH
TXDOTXHUFRPLVVmRWHPSRUiULDDQRV

L4XDQGRHQFHUUD
DOHJLVODWXUD

LL $QWHVGRHQFHUUDPHQWR
GDOHJLVODWXUD

,4XDQGRDOFDQoDGRR
ILPDTXHVHGHVWLQDP
,,4XDQGRH[SLUDGRVHX
SUD]RGHGXUDomR

25,'&SUHYrVHLVKLSyWHVHVGHFRQVWLWXLomRGH&RPLVV}HV(VSHFLDLV
(PLWHSDUHFHUVREUH3(&

&RPLVV}HV
7HPSRUiULDV

$FRPLVVmRVHUiGHVLJQDGDSHOR3UHVLGHQWHDUW

D3URSRVWDGHHPHQGD
j&RQVWLWXLomR3(&

2H[DPHGHDGPLVVLELOLGDGHFDEHUi j &RPLVVmR GH
&RQVWLWXLomRH-XVWLoDHGH&LGDGDQLD&&-&DUWFDSXW
(PLWHSDUHFHUVREUH3URMHWRGH&yGLJR

E3URMHWRGH&yGLJR

$FRPLVVmRVHUiQRPHDGDSHOR3UHVLGHQWHDUW
(PLWHSDUHFHUVREUHSURSRVLo}HVGHPDWpULDGHFRPSHWrQFLDGHPDLVGH
&RPLVV}HVTXHGHYDPSURQXQFLDUVHTXDQWRDRPpULWRDUW,,

DUW,,

3RU LQLFLDWLYDGR3UHVLGHQWHGD&kPDUD3&'

GHGHPpULWR

&RPLVV}HV
(VSHFLDLV

2FRUUH

F 6XEVWLWXLUPDLV
GHWUrV FRPLVV}HV
GHPpULWR

G 0RGLILFDomRH
UHIRUPDGR5,'&

$ UHTXHULPHQWR

3HORPHQRVPHWDGHGRVPHPEURV7,78/$5(6GD &RPLVVmR
GHYHVHUFRQVWLWXtGDSRUPHPEURV7,78/$5(6GDV &RPLVV}HV
3HUPDQHQWHVTXHWrPFRPSHWrQFLDVREUHDPDWpULDGLVFXWLGD
'HVVDFRPLVVmRGHYHUiID]HUSDUWHXPPHPEURGD0HVDDUW

H&ULPHGH
5HVSRQVDELOLGDGHGR
35935H0LQLVWURV

&RPLVVmRHVSHFLDOGHDXWRUL]DomRGDLQVWDXUDomRGRSURFHVVRSRU
FULPHGHUHVSRQVDELOLGDGHGR3UHVLGHQWHGD5HS~EOLFDGR
9LFH3UHVLGHQWHGD5HS~EOLFDHGH0LQLVWURVGH(VWDGRDUW
$&RPLVVkRVHUiHOHLWDGDTXDOSDUWLFLSHPREVHUYDGDDUHVSHFWLYD
SURSRUomRUHSUHVHQWDQWHVGH72'26RV3DUWLGRVDUW

I&RPLVVmRHVSHFLDOQRPHDGDSHOR3UHVLGHQWH
3RGHUmRVHULQVWLWXtGDV
DUW

D,QVWLWXLomR

&RPLVV}HV
([WHUQDV

'H/tGHU
'H3UHVLGHQWHGH&RPLVVmRLQWHUHVVDGD

DUW,P

L3HOR3UHVLGHQWHGD&kPDUDGHRItFLR
LL$UHTXHULPHQWRGHTXDOTXHU'HSXWDGR

(VWDUmRVXMHLWDVjGHOLEHUDomRGR3OHQiULR
TXDQGRLPSRUWDUHP{QXVSDUDD&DVD
&XPSULUPLVVmRWHPSRUiULDDXWRUL]DGD

E)LQDOLGDGH

0LVVmRDXWRUL]DGDpDTXHODTXH
LPSOLFDUDIDVWDPHQWRGR'HSXWDGR
SDUDUHSUHVHQWDUD&kPDUD

2VPHPEURVHIHWLYRVGD0HVD32'(0 ID]HU
SDUWHGH&RPLVVmR([WHUQDDUW

3HORSUD]RPi[LPRGHVHVV}HV
VHH[HUFLGDQR3DtV
3HORSUD]RPi[LPRGHVHVV}HV
VHGHVHPSHQKDGDQRH[WHULRU

)UHGHULFR/LPD
0DUFHOR/HLWH
7KLDJR6WUDXVV

&20,6623$5/$0(17$5'(,148e5,72,

$ DWXDomR GDV &3,V FDUDFWHUL]D

DWXDomRWtSLFDGR3RGHU/HJLVODWLYR

$WXDomRWtSLFDGR
3RGHU/HJLVODWLYR

5,&'HP0DSDV0HQWDLV$XOD

S

)XQomRILVFDOL]DWyULD
&RQWUROHSROtWLFRDGPLQLVWUDWLYR

$LQYHVWLJDomRGD&3,pXPSURFHGLPHQWR
LQYHVWLJDWyULRGHQDWXUH]DMXUtGLFRFRQVWLWXFLRQDO

D5HTXHULPHQWRGHGRVPHPEURVGD&DVD
$FRQWHFLPHQWRGHUHOHYDQWHLQWHUHVVHSDUDD
YLGDS~EOLFDHDRUGHPFRQVWLWXFLRQDOOHJDO
HFRQ{PLFDHVRFLDOGR3DtVDUW
E $SXUDomRGH
IDWRGHWHUPLQDGR

1mRpIDWRUHJLRQDOL]DGRGHYHVHUGR3DtV
$FRPLVVmRSRGHUiDWXDUGXUDQWHR
UHFHVVRSDUODPHQWDUDUW

5HTXLVLWRV
SDUDFULDomR
GH&3,

GLDVSURUURJiYHOSRU
DWpPHWDGHPHGLDQWH
GHOLEHUDomRGR3OHQiULR
F)L[DomRGHSUD]R
FHUWRSDUDFRQFOXVmR
GRVWUDEDOKRV

3UD]RSDUD
FRQFOXVmRGRV
WUDEDOKRV

3RGHKDYHUVXFHVVLYDV
SURUURJDo}HVGHVGHTXHQR
kPELWRGD0(60$OHJLVODWXUD
2WpUPLQRGDOHJLVODWXUDLPSOLFD
HQFHUUDPHQWRREULJDWyULRGH
WRGDVDVFRPLVV}HVWHPSRUiULDV

&RPLVVmR
3DUODPHQWDU
GH,QTXpULWR

$&3,SRGHVHU
FRQVWLWXtGDSRU

L5HTXHULPHQWR

LL3URMHWRGHUHVROXomR
L 5HTXLVLWRV
UHJLPHQWDLV

&RQVWLWXLomR
3DUDFRQVWLWXLomR
GD &3, GHYHP
VHUREVHUYDGRV

/LPLWHPi[LPRVGH&3,V
SRUUHTXHULPHQWR
$SDUWLUGD&3,

  IDWRGHWHUPLQDGR  SUD]RFHUWR

DUW FDSXW

LL /LPLWH GH
IXQFLRQDPHQWR
VLPXOWkQHRGH&3,V
DUW

6RPHQWHSRGHPVHUFULDGDV
VLPXOWDQHDPHQWH&3,VSRU
UHTXHULPHQWR
$SDUWLUGD&3,ID]VH
QHFHVViULDDSURYDomRGHSURMHWR
GHUHVROXomRQR3OHQiULR

,j 0HVDSDUDDVSURYLGrQFLDVGHDOoDGDGHVWDRXGR
3OHQiULRRIHUHFHQGR FRQIRUPH R FDVR SURMHWR GH OHLGH
GHFUHWR OHJLVODWLYR RX GH UHVROXomR RX LQGLFDomR TXH
VHUiLQFOXtGDHP2UGHPGR'LDGHQWURGHFLQFRVHVV}HV

DUW

&RQFOXV}HV

$RWHUPRGRV
WUDEDOKRVD&3,
DSUHVHQWDUi
UHODWyULR
FLUFXQVWDQFLDGR
TXHVHUi
HQFDPLQKDGR

,, DR0LQLVWpULR3~EOLFRRXj$GYRFDFLD*HUDOGD8QLmRFRPD
FySLD GD GRFXPHQWDomR SDUD TXH SURPRYDP D UHVSRQVDELOLGDGH
FLYLO RX FULPLQDO SRU LQIUDo}HV DSXUDGDV H DGRWHP RXWUDV PHGLGDV
GHFRUUHQWHVGHVXDVIXQo}HVLQVWLWXFLRQDLV3&'
,,, DR3RGHU([HFXWLYR SDUD DGRWDU DV SURYLGrQFLDV VDQHDGRUDV GH
FDUiWHU GLVFLSOLQDU H DGPLQLVWUDWLYR GHFRUUHQWHV GR DUW  D
 GD &) H GHPDLV GLVSRVLWLYRV FRQVWLWXFLRQDLV H OHJDLV DSOLFiYHLV
DVVLQDODQGRSUD]RKiELOSDUDVHXFXPSULPHQWR3&'
,9j&RPLVVmR3HUPDQHQWHTXH WHQKD PDLRU SHUWLQrQFLD
FRP D PDWpULD j TXDOLQFXPELUi ILVFDOL]DU R DWHQGLPHQWR
GRSUHVFULWRQRLWHPDQWHULRU,,,
9 j&RPLVVmR0LVWD3HUPDQHQWHGHTXHWUDWDRDUWGD
&)HDR 7&8SDUDDVSURYLGrQFLDVSUHYLVWDVQRDUWGD&)3&'
1RVFDVRVGRVLWHQV,,,,,H9DUHPHVVDVHUiIHLWDSHOR
3UHVLGHQWHGD&kPDUD3&'QRSUD]RGHFLQFRVHVV}HV

)UHGHULFR/LPD
0DUFHOR/HLWH
7KLDJR6WUDXVV

&3,,,35(552*$7,9$6(9('$d(6

5,&'HP0DSDV0HQWDLV$XOD

S

&RQYRFDULQYHVWLJDGRVHWHVWHPXQKDVSDUDGHSRU
,QYHVWLJDU QHJyFLRV HQWUH SDUWLFXODUHV

GHVGHTXHUHODFLRQDGRVDRLQWHUHVVHS~EOLFR

'HWHUPLQDUDFRQGXomRFRHUFLWLYDGHWHVWHPXQKD
QRFDVRGHUHFXVDDRFRPSDUHFLPHQWR
'HWHUPLQDUDTXHEUDGRVVLJLORV EDQFiULRILVFDOHWHOHI{QLFR
,QYHVWLJDU IDWRV TXH VHMDP REMHWRV GH
LQTXpULWRVSROLFLDLVRXGHSURFHVVRVMXGLFLDLV
&RQYRFDU PDJLVWUDGRV SDUD GHSRU VREUH
DSUiWLFDGHDWRVDGPLQLVWUDWLYRV

$&3,SRGH

&RQYRFDU LQGtJHQD SDUD GHSRU GHVGH TXH QD UHVSHFWLYD FRPXQLGDGH

HFRPSUHVHQoDGHUHSUHVHQWDQWHGD)XQDLHGHDQWURSyORJR
&RQYRFDU0LQLVWURGH(VWDGRH0HPEURGR03SDUDGHSRU
'HWHUPLQDUGLOLJrQFLDVSHUtFLDVHH[DPHVTXHHQWHQGHUHPQHFHVViULRV
8WLOL]DUVHGHSROtFLDMXGLFLiULDSDUDORFDOL]DUWHVWHPXQKD
5HTXLVLWDU GH UHSDUWLo}HV S~EOLFDV LQIRUPDo}HV
HGRFXPHQWRVGHVHXLQWHUHVVH

'HVUHVSHLWDURGLUHLWRDRVLOrQFLRHDRVLJLORSURILVVLRQDO
&RQIHULUSXEOLFLGDGHLQGHYLGDDRVGDGRV
VLJLORVRVREWLGRVHPGHFRUUrQFLDGDLQYHVWLJDomR

3UHUURJDWLYDV
H9HGDo}HV
GDV&3,V

'HFUHWDU D LQGLVSRQLELOLGDGH GRV

EHQVHRXWUDVPHGLGDVFDXWHODUHV
VHTXHVWURDUUHVWRGHEHQV

2SRGHUJHUDOGH
FDXWHODpSUHUURJDWLYD
GR3RGHU-XGLFLiULR

&OiXVXODGHUHVHUYDGHMXULVGLomR

$XWRUL]DULQWHUFHSWDomR
WHOHI{QLFDJUDYDomR GH
FRQYHUVDVWHOHI{QLFDV

6LJLORGDVFRPXQLFDo}HVWHOHI{QLFDV
0HGLGDFDEtYHOVRPHQWHPHGLDQWH
RUGHPMXGLFLDOSDUDILQVGH
LQYHVWLJDomRFULPLQDORX
LQVWUXomRSURFHVVXDOSHQDO
&)DUW;,,

$&3,
QmRSRGH

'HFUHWDU D EXVFD
H D DSUHHQVmR
GRPLFLOLDUGH
GRFXPHQWRV

,QYLRODELOLGDGH
GRGRPLFtOLR

&)DUW;,

0HGLGDSDVVtYHOVRPHQWHSRURUGHPMXGLFLDO

&RQYRFDU PDJLVWUDGRV SDUD GHSRU VREUH D

SUiWLFDGHDWRGHQDWXUH]DMXULVGLFLRQDO

'HFUHWDUDSULVmRGR GHSRHQWH

VDOYRHPVLWXDomRGHIODJUDQWHGHOLWR
FRPRIDOVRWHVWHPXQKRSRUH[HPSOR

&OiXVXOD GH
UHVHUYDGHMXULVGLomR
3UHUURJDWLYDGR-XGLFLiULR

3URLELULQYHVWLJDGRGHDXVHQWDUVHGR3DtV
,PSHGLUDSUHVHQoDGHDGYRJDGRGRVGHSRHQWHVHPVXDVUHXQL}HV

2IHUHFHUGHQ~QFLDDR3RGHU-XGLFLiULR
3URFHVVDUMXOJDUFRQGHQDUDSXUDUUHVSRQVDELOLGDGHFLYLO RX
SHQDOGRLQYHVWLJDGRSRLVWUDWDVHGHSURFHGLPHQWRLQYHVWLJDWyULR

)UHGHULFR/LPD
0DUFHOR/HLWH
7KLDJR6WUDXVV

5,&'HP0DSDV0HQWDLV$XOD

S

35(6,'1&,$'$6&20,66(6
$GLUHomRGDVFRPLVV}HVVmRFRQVWLWXtGDVSRU3UHVLGHQWHH9LFH3UHVLGHQWHV

(OHVVmRHOHLWRVDQXDOPHQWHSRUVHXVSDUHVSDUDPDQGDWRDWpDSRVVH
GRVQRYRVFRPSRQHQWHVHOHLWRVQRDQRVXEVHTXHQWHDUW FDSXWeYHGDGDDUHHOHLomR
L23UHVLGHQWHGD&kPDUDFRQYRFDUiDV&RPLVV}HV3HUPDQHQWHVSDUD VH
UHXQLUHPDWpVHVV}HVGHSRLV GH FRQVWLWXtGDV SDUD LQVWDODomR GH VHXV
WUDEDOKRVHHOHLomRGRVUHVSHFWLYRV3UHVLGHQWHH9LFH3UHVLGHQWHV

DUW

(OHLomR

OWLPR3UHVLGHQWH
GD&RPLVVmRVH

LL 3UHVLGLUi
DUHXQLmR

D3URFHGLPHQWRV

5HHOHLWR'HSXWDGRRX
&RQWLQXDUQRH[HUFtFLRGRPDQGDWR

1DIDOWDGHVWHR'HSXWDGRPDLVLGRVR
GHQWUHRVGHPDLRUQ~PHURGHOHJLVODWXUDV

LLL1DHOHLomRVHUmRREVHUYDGRVQRTXHFRXEHURVSURFHGLPHQWRV
SDUDHVFROKDGRVPHPEURVGD0HVD'LUHWRUDDUW
2V9LFH3UHVLGHQWHVGHYHPSUHIHUHQFLDOPHQWHVHU
ILOLDGRVjPHVPDOHJHQGDSDUWLGiULDGR3UHVLGHQWH
EHOHLomR GRV
9LFH3UHVLGHQWHV

$GHVLJQDomRGHH9LFH3UHVLGHQWHVHUiIHLWDGHDFRUGR
FRPDRUGHPGHFUHVFHQWHGDYRWDomRREWLGDDUW,,

2PHPEURVXSOHQWHQmRSRGHUiVHUHOHLWR3UHVLGHQWHRX9LFH3UHVLGHQWHGD&RPLVVmR

DUW

 ,PSHGLPHQWR
6XEVWLWXLomR
H9DFkQFLD

(PVHXVLPSHGLPHQWRV
R3UHVLGHQWHVHUi
VXEVWLWXtGRSRU

D,PSHGLPHQWR
GR3UHVLGHQWH

5HJUD

E9DFkQFLD

9LFH3UHVLGHQWHQDVHTXrQFLDRUGLQDO
(PFDVRGHDXVrQFLDGRV9LFH3UHVLGHQWHV
SHORPHPEURPDLVLGRVRGD&RPLVVmR
GHQWUHRVGHPDLRUQ~PHURGHOHJLVODWXUDV

5HDOL]DVHQRYDHOHLomR

([FHomRVHDYDJDRFRUUHUTXDQGR
IDOWDUHP0(126GHWUrVPHVHV
SDUDRWpUPLQRGRPDQGDWRFDVR
HPTXHVHUiSURYLGR

L 3HOR 9LFH3UHVLGHQWH

QDVHTXrQFLDRUGLQDO
LL 3HORPHPEUR PDLVLGRVRGD
&RPLVVmR GHQWUH RV GH PDLRU
Q~PHUR GH OHJLVODWXUDV HP FDVR
GHDXVrQFLDGRV9LFH3UHVLGHQWHV

(PFDVRGHPXGDQoDGHOHJHQGDSDUWLGiULDR3UHVLGHQWHRX9LFH3UHVLGHQWH
GD&RPLVVmRSHUGHUiDXWRPDWLFDPHQWHRFDUJRTXHRFXSDDUW

3UHVLGrQFLD
GDV&RPLVV}HV

127$$2$/8122DUWWUDWDGDVDWULEXLo}HVGR3UHVLGHQWHGD
&RPLVVmR e HVVHQFLDO D OHLWXUD FRPSOHWD GHVVH DUWLJR$EDL[R VHUmR
DSUHVHQWDGRVVRPHQWHDOJXQVGLVSRVLWLYRVTXHSRGHPVXVFLWDUG~YLGDV
9, '(6,*1$55HODWRUHVH5HODWRUHVVXEVWLWXWRVHGLVWULEXLUOKHV
DPDWpULDVXMHLWDDSDUHFHURXDYRFiODQDVVXDVIDOWDV
;9UHSUHVHQWDUD&RPLVVmRQDVVXDVUHODo}HVFRPD0HVD
DVRXWUDV&RPLVV}HVHRV/tGHUHVRXH[WHUQDVj&DVD

DUW

$WULEXLo}HVGR
3UHVLGHQWH

;9,  VROLFLWDUDR 3UHVLGHQWHGD &kPDUDD GHFODUDomRGH YDFkQFLDQD

&RPLVVmRRXDGHVLJQDomRGHVXEVWLWXWRSDUDRPHPEURIDOWRVR
;9,,UHVROYHUGHDFRUGRFRPR5HJLPHQWRDVTXHVW}HV
GHRUGHPRXUHFODPDo}HVVXVFLWDGDVQD&RPLVVmR
;9,,,UHPHWHUj0HVDQRLQtFLRGHFDGDPrVVXPiULRGRVWUDEDOKRVGD&RPLVVmRHQRILP
GH FDGD VHVVmR OHJLVODWLYD FRPR VXEVtGLR SDUD D VLQRSVH GDV DWLYLGDGHV GD &DVD
UHODWyULRVREUHRDQGDPHQWRHH[DPHGDVSURSRVLo}HVGLVWULEXtGDVj&RPLVVmR
;,;  GHOHJDU TXDQGR HQWHQGHU FRQYHQLHQWH DRV
9LFH3UHVLGHQWHVDGLVWULEXLomRGDVSURSRVLo}HV
;;  UHTXHUHU DR 3UHVLGHQWH GD &kPDUD TXDQGR MXOJDU QHFHVViULR D GLVWULEXLomR
GHPDWpULDDRXWUDV&RPLVV}HVREVHUYDGRRGLVSRVWRQRDUW,,
;;,,,  VROLFLWDU DR yUJmR GH DVVHVVRUDPHQWR LQVWLWXFLRQDO GH VXD LQLFLDWLYD RX D SHGLGR GR
5HODWRU D SUHVWDomR GH DVVHVVRULD RX FRQVXOWRULD WpFQLFROHJLVODWLYD RX HVSHFLDOL]DGD
GXUDQWHDVUHXQL}HVGD&RPLVVmRRXSDUDLQVWUXLUDVPDWpULDVVXMHLWDVjDSUHFLDomRGHVWD
7HUi9272QDVGHOLEHUDo}HVGD&RPLVVmR
23UHVLGHQWH
GD&RPLVVmR

3RGHUiIXQFLRQDU
FRPR5HODWRURX
5HODWRUVXEVWLWXWR

2V3UHVLGHQWHVGDV&RPLVV}HV
3(50$1(17(6UHXQLUVHmR
FRPR&ROpJLRGH/tGHUHV

5HXQLmR
FRPR
&ROpJLR
GH/tGHUHV

)LQDOLGDGH

2EV4XDQGR VH GLVFXWLU RX YRWDU PDWpULD

GD TXDO VHMD $8725 RX 5(/$725
QmRSRGHUiSUHVLGLUDUHXQLmR

6HPSUHTXHLVVROKHV
SDUHoDFRQYHQLHQWH 28
3RUFRQYRFDomRGR3UHVLGHQWHGD
&kPDUDVREDSUHVLGrQFLDGHVWH

([DPHHDVVHQWDPHQWRGHSURYLGrQFLDV
UHODWLYDVjHILFLrQFLDGRWUDEDOKROHJLVODWLYR

&DGD3UHVLGHQWHFRPXQLFDUiDR3OHQiULRGD
UHVSHFWLYD&RPLVVmRRTXHGHODWLYHUUHVXOWDGR

&RPXQLFDomRVHUiIHLWD
QDUHXQLmRVHJXLQWH

DUW

)UHGHULFR/LPD
0DUFHOR/HLWH
7KLDJR6WUDXVV

5,&'HP0DSDV0HQWDLV$XOD

S

'$6&20,66(6,03(',0(1726$861&,$6(9$*$6

1HQKXPGHSXWDGRSRGHUi35(6,',5UHXQLmRGHFRPLVVmR
TXDQGRVHGHEDWHURXYRWDUPDWpULDGDTXDOVHMD

,PSHGLPHQWRV

$872528
5(/$725

$8725GHSURSRVLomRQmRSRGHUiVHUGHOD5(/$725$LQGDTXHVXEVWLWXWRRXSDUFLDO
DUW

&DVRXPPHPEURGHFRPLVVmRQmR
SXGHUFRPSDUHFHUjVUHXQL}HV

'HYHUiVHPSUHFRPXQLFDUR
IDWRDRVHXSUHVLGHQWH
(VWHIDUiSXEOLFDUHPDWDDHVFXVD

6HHVWLYHUVHQGRSUHMXGLFDGRRWUDEDOKRGHTXDOTXHUFRPLVVmRSRUIDOWD
GHFRPSDUHFLPHQWRGHPHPEURHIHWLYRRXGHVXSOHQWHSUHIHUHQFLDO
 3UHVLGHQWHGDFRPLVVmRRXTXDOTXHU
'HSXWDGRGHYHUi IRUPXODUUHTXHULPHQWR
DR3UHVLGHQWHGD&kPDUD

$XVrQFLDV
'HVLJQDomR
GHVXEVWLWXWR

(VWHGHVLJQDUi
68%67,7872SDUDR
PHPEUR IDOWRVR SRU
LQGLFDomRGROtGHUGD
UHVSHFWLYDEDQFDGD

(PFDVRGHPDWpULDXUJHQWHRX
UHOHYDQWHFDEHUiDROtGHU
PHGLDQWH VROLFLWDomR GR SUHVLGHQWH
GD FRPLVVmR LQGLFDU RXWUR PHPEUR
GD VXD EDQFDGD SDUD VXEVWLWXLU HP
UHXQLmRRPHPEURDXVHQWH

2EV $VXEVWLWXLomRFHVVDUiORJRTXHRWLWXODURX
RVXSOHQWHSUHIHUHQFLDOYROWDUDRH[HUFtFLR
L7pUPLQRGRPDQGDWR
$9$*$HPFRPLVVmR
YHULILFDUVHiHPYLUWXGHGH

&RPLVV}HV

D+LSyWHVHV

LL5HQ~QFLD
LLL)DOHFLPHQWR
LY3HUGDGROXJDU

L 1mRFRPSDUHFHUD UHXQL}HV
RUGLQiULDVFRQVHFXWLYDV
3HUGHUi
DXWRPDWLFDPHQWH
ROXJDUQD
FRPLVVmRR
GHSXWDGRTXH

6DOYRPRWLYRGH)25d$
0$,25 MXVWLILFDGR SRU
HVFULWRjFRPLVVmR
LL 1mRFRPSDUHFHUD GDV
UHXQL}HVLQWHUFDODGDPHQWH
GXUDQWHDVHVVmROHJLVODWLYD
LLL6HGHVYLQFXODUGHVXDEDQFDGD

9DJDV

LY 5HWLYHUSDSpLV GD FRPLVVmR

DSyV DSHOR GR SUHVLGHQWH GD
&kPDUDSHODVXDGHYROXomR

E 3HUGD
GROXJDU

3HUGDVHUi'(&/$5$'$SHORSUHVLGHQWHGD&kPDUD HP
YLUWXGHGHFRPXQLFDomRGRSUHVLGHQWHGDFRPLVVmR
&DVRRGHSXWDGR3(5&$
ROXJDUQXPDFRPLVVmR

1mRSRGHUiUHWRUQDUDROXJDUQD
PHVPDVHVVmROHJLVODWLYD

3RUGHVLJQDomRGR
3UHVLGHQWHGD&kPDUD

F 3UHHQFKLPHQWR
GDYDJD

$YDJDHP
FRPLVVmRVHUi
SUHHQFKLGD

'HVLJQDomRVHUiIHLWDGH
DFRUGRFRPDLQGLFDomR
GR OtGHUGRSDUWLGRRXGH
EORFRSDUODPHQWDUDTXH
SHUWHQFHUROXJDU

2EVHUYDGRRSUD]R
Pi[LPRGHVHVV}HV

/tGHUGHYHUiUHDOL]DUD
LQGLFDomRGHQWURGR
SUD]RGHVHVV}HV

'HVLJQDomR RFRUUHUi DLQGD TXH R OtGHU

QmRUHDOL]HDLQGLFDomRQRSUD]R

)UHGHULFR/LPD
0DUFHOR/HLWH
7KLDJR6WUDXVV

5,&'HP0DSDV0HQWDLV$XOD

S

'$6&20,66(6'$65(81,(6
5(81,(6
2UGLQiULDV
7HUoDIHLUD

4XDUWDIHLUD

([WUDRUGLQiULDV

3HOD
UHVSHFWLYD
3UHVLGrQFLD

$SDUWLUGDVKV
5HVVDOYDGDV
FRQYRFDo}HVGH
&3,IRUDGH%VE

1Ro}HV
JHUDLV

&RQYRFDomR

4XLQWDIHLUD

'H2ItFLR

5HTXHULPHQWR
GHGHVHXV
PHPEURV

&RPLVV}HV
2WHUPRUHXQLmRp
XWLOL]DGRSDUDRVHQFRQWURV
GRVyUJmRVGD&kPDUD
1mRFRQIXQGLU
5(81,2FRP
6(662
1R5,&'5HXQLmRp
GLIHUHQWH GH6HVVmR

5(81,2

$SDODYUDVHVVmR FDUDFWHUL]DRDMXQWDPHQWR
GRVSDUODPHQWDUHVHP3OHQiULR

6(662

([6HVVmRGR3OHQiULR
'HWHUoDDTXLQWDIHLUD
$SDUWLUGDVKRUDV

$VUHXQL}HVGDV&RPLVV}HV
3HUPDQHQWHVGDV

'HVWLQDPVH H[FOXVLYDPHQWH SDUD D

DSUHFLDomRGDVSURSRVLo}HV VDOYR
VHQmRKRXYHUPDWpULDQHVVHVHQWLGR

7HUoDVH
4XDUWDV

2KRUiULRGDV UHXQL}HV GDV FRPLVV}HV

QmRSRGHPVHUFRQFRPLWDQWHVFRPR
KRUiULRUHVHUYDGRSDUDD2UGHPGR'LD

$VUHXQL}HVH[WUDRUGLQiULDV
GDVFRPLVV}HVVHUmRFRQYRFDGDV
DUW

5HVVDOYDGDVDV FRQYRFDo}HV
GH&3,UHDOL]DGDVIRUDGH%VE
DUWFDSXW

DUW

2KRUiULRGDVUHXQL}HVGDV
FRPLVV}HV7(03255,$6

5HXQL}HV
([WUDRUGLQiULDV

3URFXUDGRULD3DUODPHQWDU
&RQVHOKRGHeWLFDH
'HFRUR3DUODPHQWDU

1DVHGHGD&'

&RPLVV}HV

&ROpJLRGH/tGHUHV

([5HXQLmRGD&RPLVVmRGH)LQDQoDVH7ULEXWDomR

$V FRPLVV}HV UH~QHPVH

RUGLQDULDPHQWH

5HXQL}HV
2UGLQiULDV

0HVD'LUHWRUD

$LQGDTXHVHWUDWHGH
UHXQLmRH[WUDRUGLQiULD
DUW

1mRGHYHUmRVHUFRQFRPLWDQWHVFRP DV UHXQL}HV

RUGLQiULDVGDVFRPLVV}HV3(50$1(17(6
DUW
L3HODUHVSHFWLYDSUHVLGrQFLD
LL'HRItFLR28
LLL3RUUHTXHULPHQWRGHGHVHXVPHPEURV

$GLYXOJDomRRFRUUHUFRPDDQWHFHGrQFLDQHFHVViULDSDUDTXHRV
SDUODPHQWDUHVSRVVDPDJHQGDUVXDVSDUWLFLSDo}HVDUW
(PUHJUDDVUHXQL}HVGDVFRPLVV}HVVmRS~EOLFDV
D 5HXQL}HV
S~EOLFDV

6DOYRGHOLEHUDomRDRFRQWUiULRDUW FDSXWW

$VUHXQL}HVVHUmRUHVHUYDGDVDMXt]RGDFRPLVVmRDUW

E 5HXQL}HV
UHVHUYDGDV

$PDWpULDGHYHVHUGHEDWLGD
FRPDSUHVHQoDDSHQDVGRV

&RPLVV}HV
GHOLEHUDPVREUH

3XEOLFLGDGH
GDVUHXQL}HV

DUW

F 5HXQL}HV
VHFUHWDV

7pFQLFRVRXDXWRULGDGHVFRQYLGDGDV

L'HFODUDomRGHJXHUUDRXDFRUGRVREUHDSD]
LL 3DVVDJHP GH IRUoDV HVWUDQJHLUDV SHOR
WHUULWyULRQDFLRQDORXVXDSHUPDQrQFLDQHOH
LLL2XWURVFDVRVHPTXHDFRPLVVmRDVVLPGHOLEHUH

6yRVGHSXWDGRVH
VHQDGRUHVSRGHUmRDVVLVWLU
jVUHXQL}HVVHFUHWDV
'HOLEHUDUDomR
SUHOLPLQDU
DUW

)XQFLRQiULRVHPVHUYLoRQDFRPLVVmR

2VPLQLVWURVGH(VWDGRTXDQGR
FRQYRFDGRVRXDVWHVWHPXQKDV
FKDPDGDVDGHSRUSDUWLFLSDUmRGHVVDV
UHXQL}HVDSHQDVRWHPSRQHFHVViULR
DUW

6REUHDFRQYHQLrQFLDGHRVSDUHFHUHVQHODV
DVVHQWDGRVVHUHPGLVFXWLGRVHYRWDGRVHPUHXQLmR
S~EOLFDRXVHFUHWD HVHSRUHVFUXWtQLRVHFUHWR

)UHGHULFR/LPD
0DUFHOR/HLWH
7KLDJR6WUDXVV

5,&'HP0DSDV0HQWDLV$XOD

S

75$%$/+26'$6&20,66(625'(0'2675$%$/+26

2VWUDEDOKRVVHUmRLQLFLDGRVFRPDSUHVHQoDGHSHORPHQRV
0(7$'(GRVPHPEURVGD&RPLVVmRDUW FDSXW

5HJUDJHUDO

L6HQmRKRXYHUPDWpULDVXMHLWDDGHOLEHUDomR28

4XyUXP
SDUDLQtFLR
GRVWUDEDOKRV

7UDEDOKRVSRGHUmR
VHULQLFLDGRVFRP
TXDOTXHUQ~PHUR

LL6HDUHXQLmRVHGHVWLQDU
DRFRQKHFLPHQWR 
H[DPHRXLQVWUXomR

([FHomR

DUW,,, D

9HULILFDomR GR FRPSDUHFLPHQWR GRV

'HSXWDGRVSDUDHIHLWRGHTXyUXP
GH $%(5785$HGH927$d2
DUW

'HPDWpULDGHQDWXUH]D
OHJLVODWLYDILVFDOL]DWyULD
RXLQIRUPDWLYD
'HRXWURVDVVXQWRVGD
DOoDGDGD&RPLVVmR

4XyUXPGH
$%(5785$

9HULILFDVHSHODVXD
SUHVHQoD QD &$6$

4XyUXPGH
927$d2

9HULILFDVHSRUVXD
SUHVHQoDQR5(&,172
RQGHVHUHDOL]DDUHXQLmR

'LVFXVVmRHYRWDomRGD$7$GDUHXQLmRDQWHULRU
D 6LQRSVHGD FRUUHVSRQGrQFLD H RXWURV GRFXPHQWRV
UHFHELGRVHGDDJHQGDGD&RPLVVmR

DUW, ,,H,,,

(;3(',(17(

2UGHPGRV
WUDEDOKRV

E&RPXQLFDomRGDVPDWpULDVGLVWULEXtGDVDRV5HODWRUHV
D &RQKHFLPHQWRH[DPHRXLQVWUXomRGH PDWpULD GH QDWXUH]D OHJLVODWLYD
ILVFDOL]DWyULDRXLQIRUPDWLYDRXRXWURVDVVXQWRVGDDOoDGDGD&RPLVVmR
L'HUHTXHULPHQWRVHUHODWyULRVHPJHUDO
E 'LVFXVVmR
HYRWDomR

25'(0
'2',$

LL 'H SURSRVLo}HV H UHVSHFWLYRV SDUHFHUHV

VXMHLWRVjDSURYDomRGR3OHQiULRGD&kPDUD
LLL'HSURMHWRVGHOHLHUHVSHFWLYRVSDUHFHUHVTXH
GLVSHQVDUHPDDSURYDomRGR3OHQiULRGD&kPDUD

2UGHPGRV
7UDEDOKRV

$OWHUDomRGD
RUGHPGRVWUDEDOKRV
GD&RPLVVmR

2HVWXGRGHXPD
SURSRVLomRGLVWULEXtGDD
PDLVGHXPD&RPLVVmR
VHUiUHDOL]DGRHPUHXQLmR
FRQMXQWDGH&RPLVV}HV

0HGLDQWH
UHTXHULPHQWR
GHTXDOTXHUGH
VHXVPHPEURV

DUW

L3DUDWUDWDUGHPDWpULD
HPUHJLPHGH

,8UJrQFLD
,,3ULRULGDGH
,,,7UDPLWDomRRUGLQiULD

LL1RFDVRGHFRPSDUHFLPHQWRGH0LQLVWUR GH
(VWDGRRXGHTXDOTXHUDXWRULGDGH
LLL1RFDVRGHUHDOL]DomRGHDXGLrQFLDS~EOLFD

)DFXOWDWLYDPHQWH

3RUDFRUGRGRVUHVSHFWLYRV3UHVLGHQWHV
,1RFDVRGHSURSRVLomRGLVWULEXtGDD
&RPLVVmR(VSHFLDO SRU YHUVDU PDWpULD GH
FRPSHWrQFLDGHPDLVGH&RPLVV}HVTXH
GHYDPSURQXQFLDUVHTXDQWRDRPpULWR

DUW FDSXWH
2EULJDWRULDPHQWH

,,1RFDVRGHSURSRVLomRDSURYDGDFRP
HPHQGDVSRUPDLVGHXPD&RPLVVmR
D ILP GH KDUPRQL]DU R UHVSHFWLYR WH[WR
QDUHGDomRILQDOVHQHFHVViULR
0HGLDQWHLQLFLDWLYDGD&&-&

5HXQLmR
FRQMXQWD

5HJUDVGH
IXQFLRQDPHQWR

L2VWUDEDOKRVGHYHUmRVHUGLULJLGRVSHOR 3UHVLGHQWH PDLV

LGRVR GHQWUHRVGH PDLRUQ~PHURGHOHJLVODWXUDV
LL+DYHUiHPUHJUD XPVy5HODWRU RX5HODWRU6XEVWLWXWR

DUW FDSXW
H 

3UD]RGRV5HODWRUHV3DUFLDLVVHUiGHPHWDGHGRSUD]R
FRQFHGLGRDR5HODWRU*HUDOSDUDHODERUDUVHXSDUHFHU
eIDFXOWDGDDGHVLJQDomR
GR5HODWRU*HUDOHGRV
5HODWRUHV3DUFLDLV
FRUUHVSRQGHQWHVDFDGD&RPLVVmR
3DUWLFLSDomRHP
&RPLVVmRGHTXH
QmRVHMDPHPEUR

2XWUDV
FRQVLGHUDo}HV

$V&RPLVV}HV
3(50$1(17(6
SRGHUmR

$VHPHQGDVVHUmRHQFDPLQKDGDV
DRV5HODWRUHV3DUFLDLVFRQVRDQWH
DPDWpULDDTXHVHUHIHULUHP

2'HSXWDGRSRGHUiSDUWLFLSDUVHP GLUHLWRDYRWRGRVWUDEDOKRVH
GHEDWHVGHTXDOTXHU&RPLVVmRGHTXHQmRVHMDPHPEURDUW
(VWDEHOHFHUUHJUDVHFRQGLo}HVHVSHFtILFDVSDUDDRUJDQL]DomR
HRERPDQGDPHQWRGRVVHXVWUDEDOKRVREVHUYDGDVDVQRUPDV
IL[DGDVQHVWH5HJLPHQWRHQR5HJXODPHQWRGDV&RPLVV}HV
7HU5HODWRUHVH5HODWRUHVVXEVWLWXWRVSUHYLDPHQWHGHVLJQDGRVSRUDVVXQWRV
DUW

)UHGHULFR/LPD
0DUFHOR/HLWH
7KLDJR6WUDXVV

'2675$%$/+26'$6&20,66(635$=26

5,&'HP0DSDV0HQWDLV$XOD

S

VHVV}HV

,0DWpULDHPUHJLPHGHXUJrQFLD

2SUD]RFRUUHUiHP&21-8172SDUD
WRGDVDV&RPLVV}HVDUW,9H9,
VHVV}HV

,,0DWpULDHPUHJLPHGHSULRULGDGH

3UD]RV GDV
&RPLVV}HV

5HJUD
JHUDO

,,,0DWpULDHPUHJLPHGH
WUDPLWDomRRUGLQiULD

DUW

,9 (PHQGDVDSUHVHQWDGDV
QR3/(15,2GD&kPDUD

VHVV}HV

0HVPRSUD]RGDSURSRVLomRSULQFLSDO
DUW 
SDUiJUDIR~QLFR

1HVWHFDVRRSUD]R FRUUHUi HP
&21-8172SDUDWRGDVDV&RPLVV}HV

2EV2H[DPHSRGHUiVHUGHOHJDGRSHODV &RPLVV}HV DRV PHVPRV

5HODWRUHV GD SURSRVLomR SULQFLSDO VHPSUH TXH SRVVtYHO
PHGLDQWHSDUHFHUDSUHVHQWDGRGLUHWDPHQWHHP3OHQiULR
([FHomR

&DVRVHPTXHR5,&'GHWHUPLQHGHIRUPDGLYHUVD

0(7$'(GRSUD]RFRQFHGLGRj&RPLVVmR

3UD]RVGR
5HODWRU

3RGHUi VHU FRQFHGLGR SHOR

3UHVLGHQWHGD&RPLVVmR
3URUURJDomR
GRSUD]R

0HGLDQWHUHTXHULPHQWR
IXQGDPHQWDGRGR5HODWRU
([FHWRVH D PDWpULD HVWLYHU
HPUHJLPHGHXUJrQFLD

3UD]RVHUiSURUURJDGRSRUDWpPHWDGH
GRSUD]RLQLFLDOPHQWHFRQFHGLGR

$UHTXHULPHQWRGR$XWRUGDSURSRVLomRDSUySULD&RPLVVmR
SRGHUiGHIHULUDLQFOXVmRGDPDWpULDQD2UGHPGR'LDGD
UHXQLmRLPHGLDWDDLQGDTXHHVWHMDSHQGHQWHGHSDUHFHU
'D &RPLVVmR

3UD]RV

DUW

&DVRR5HODWRUQmRRIHUHoDSDUHFHUDWpR LQtFLR GDGLVFXVVmR

GDPDWpULDR3UHVLGHQWHGHVLJQDUiRXWUR PHPEUR SDUD
UHODWiODQDPHVPDUHXQLmRRXDWpDVHJXLQWH

(VJRWDPHQWR
GRSUD]R

, $YRFDUiDSURSRVLomR28
,,'HVLJQDUiRXWUR
PHPEURSDUD
UHODWiODQRSUD]R
LPSURUURJiYHOGH

1HVVHFDVRR
3UHVLGHQWH
GD&RPLVVmR
'R 5HODWRU
DUW

DUW

([FHomRDR
SRGHUFRQFOXVLYR
GDVFRPLVV}HV
DUW,, 

23UHVLGHQWHGD&kPDUDSRGHUiGHRItFLRRXD
UHTXHULPHQWRGH48$/48(5'HSXWDGRGHWHUPLQDU
RHQYLRGHSURSRVLomRSHQGHQWHGHSDUHFHU

VHVV}HV

0DWpULDHP
UHJLPHGH
SULRULGDGH

VHVV}HV

0DWpULDHP
UHJLPHGH
WUDPLWDomR
RUGLQiULD

,&RPLVVmR
VHJXLQWH

&RQIRUPH
RFDVR

,,$R 3OHQiULR
(VVDPHGLGDSRGHUiVHUDGRWDGDLQGHSHQGHQWHPHQWH
GDVSURYLGrQFLDV SUHYLVWDVQRV  H GHVGH
TXH(6*27$'262635$=26QHVWHWySLFR
1RFDVRGDVSURSRVLo}HVVXMHLWDVDDSUHFLDomRFRQFOXVLYD
R3UHVLGHQWHSRGHUiDGRWDUHVVDPHGLGDLQGHSHQGHQWHPHQWH
GDLQWHUSRVLomRGHUHFXUVRSDUDR3OHQiULR

DUW
SDUWHILQDO

 5HTXHULPHQWRGHGRVPHPEURVGD&RPLVVmR

2XWUDV
FRQVLGHUDo}HV
,QFOXVmRGH
PDWpULD
H[WUDSDXWD

5HTXLVLWRV
,QFOXVmRLPHGLDWD
QD2UGHPGR'LD
GD&RPLVVmR
DUW

$SURYDomRSHODPDLRULD DEVROXWD
GDUHVSHFWLYDFRPSRVLomRSOHQiULD
 3XEOLFDomRHGLVWULEXLomRHPDYXOVRVRXFySLDV

$LQFOXVmRLPHGLDWDQD2UGHPGR'LDGD&RPLVVmR,1'(3(1'(
GDREVHUYkQFLDGRGLVSRVWRQRVWySLFRVDQWHULRUHV
2XVHMDRVSUD]RVQmRSUHFLVDPHVWDUHVJRWDGRV
([FHomRDRSRGHUFRQFOXVLYRGDVFRPLVV}HVDUW,,
VHDPDWpULDIRULQFOXtGDQD2UGHPGR'LDDQWHVGHGHFRUULGRV
RVSUD]RVUHJLPHQWDLVSDUDHPHQGDV
1mRKDYHQGRSDUHFHUR3UHVLGHQWHGHVLJQDUi5HODWRUSDUD
SURIHULORRUDOPHQWHQRFXUVRGDUHXQLmRRXDWpDUHXQLmRVHJXLQWH

)UHGHULFR/LPD
0DUFHOR/HLWH
7KLDJR6WUDXVV

5,&'HP0DSDV0HQWDLV$XOD

S

75$%$/+26'$6&20,66(6$35(&,$d2'$60$7e5,$6,

,3HODV&RPLVV}HVGHPpULWRDTXHDPDWpULDHVWLYHUDIHWD
3DUDRH[DPHGRVDVSHFWRVILQDQFHLURHRUoDPHQWiULR
S~EOLFRV TXDQWRjVXDFRPSDWLELOLGDGHRXDGHTXDomR
FRPR33$D/'2HRRUoDPHQWRDQXDOHTXDQGRIRU
RFDVRSDUDRH[DPHGR PpULWR

,,3HOD&)7

DUW

&RQVWLWXFLRQDOLGDGH

$QWHVGD
GHOLEHUDomRGR
3OHQiULRDV
SURSRVLo}HV
VHUmR
DSUHFLDGDV

/HJDOLGDGH

3DUDRH[DPH
GRVDVSHFWRVGH

-XULGLFLGDGH
5HJLPHQWDOLGDGH

,,,3HOD&&-&

7pFQLFDOHJLVODWLYD
0pULWRTXDQGRIRURFDVR

$SUHFLDomRGDV
SURSRVLo}HV

$OpPGRH[DPHGHDGPLVVLELOLGDGHD&)7HD&&-&
WDPEpPVHSURQXQFLDPTXDQWR0e5,72TXDQGRD
SURSRVLomRYHUVDUPDWpULDGHVXDVFRPSHWrQFLDV
L $ DGPLVVLELOLGDGH
MXUtGLFDHOHJLVODWLYD
DUW,,

,93HOD&RPLVVmR
(VSHFLDOUHIHULGD
QRDUW,,

GHGHPpULWR

3URQXQFLDVH
VREUH

LL $ FRPSDWLELOLGDGH
RUoDPHQWiULD
GD SURSRVLomR
TXDQGRIRURFDVR
LLL2PpULWR

2V5(48(5,0(1726QmRVHUmRDSUHFLDGRVSHODV&RPLVV}HV
2EV

$SUHFLDomR
GDVPDWpULDV

1RVFDVRVSUHYLVWRVQRDUW,, GLVSHQVDVH D FRPSHWrQFLD GR

3OHQiULRGHOLEHUDomRFRQFOXVLYDGDV &RPLVV}HV $ DSUHFLDomR SHODV
&RPLVV}HVHQWUHWDQWRWDPEpP REVHUYDRGLVSRVWRQHVWHWySLFR

6HUi
7(50,1$7,92
RSDUHFHU

DUW

([DPHGH
DGPLVVLELOLGDGH

DUW,,

GHGHPpULWR

,'D&&-&

4XDQWRjFRQVWLWXFLRQDOLGDGH
RXMXULGLFLGDGHGDPDWpULD

,,'D&)7

6REUHDDGHTXDomRILQDQFHLUD
RXRUoDPHQWiULDGDSURSRVLomR
$FHUFDGHDPEDVDV
SUHOLPLQDUHVPHQFLRQDGDV
QRVLWHQVDQWHULRUHV

,,,'D&RPLVVmR
(VSHFLDOUHIHULGD
QRDUW,,

$QHQKXPD&RPLVVmRFDEHPDQLIHVWDUVHVREUHR
TXHQmRIRUGHVXDDWULEXLomRHVSHFtILFD
&DVRHVVDUHJUDQmR
VHMDREVHUYDGD

DUW

$EUDQJrQFLD GD
PDQLIHVWDomR
GDV&RPLVV}HV

&RQVLGHUDUVHiFRPRQmRHVFULWR
RSDUHFHURXSDUWHGHOH

,VHPHQGDVDSURYDGDV
SRU&RPLVVmRIRUDGH
VHXFDPSRWHPiWLFR
2EV RPHVPR
DFRQWHFHUiHP
UHODomR

LL$RVVXEVWLWXWLYRVHODERUDGRV
SRUFRPLVVmRTXHQmRVHMD
FRPSHWHQWH SDUD RSLQDU VREUH
RPpULWRGDSURSRVLomR

'HVGH TXH SURYLGD

UHFODPDomRDSUHVHQWDGD
DQWHV GD DSURYDomR
GHILQLWLYD GD PDWpULD SHODV
&RPLVV}HVRXSHOR3OHQiULR

DUW FDSXW

([DPHSHOR
5HODWRU

2VSURMHWRVGHOHLHGHPDLVSURSRVLo}HVGLVWULEXtGRV
jV&RPLVV}HVVHUmRH[DPLQDGRVSHOR5HODWRU
GHVLJQDGRHPVHXkPELWRRXQRGH6XEFRPLVVmRRX
7XUPDTXDQGRIRURFDVRSDUDSURIHULU3$5(&(5

 4XyUXP SDUD

DDSURYDomR
GDVSURSRVLo}HV

5HJUDJHUDO

([FHomR

$GLVFXVVmRHDYRWDomRGR
SDUHFHUHGDSURSRVLomRVHUmR
UHDOL]DGDVSHOR3/(15,2GD
&RPLVVmRDUW

$VGHOLEHUDo}HVGDV&RPLVV}HVVHUmRWRPDGDV
SRU0$,25,$'2692726SUHVHQWHD
PDLRULDDEVROXWDGHVHXVPHPEURV
2TXyUXP VHUiGLVWLQWRHPFDVRGH
GLVSRVLomRFRQVWLWXFLRQDOHPFRQWUiULR

(PFDVRGH(03$7(SUHYDOHFHRYRWRGR5HODWRU

0DLRULD
UHODWLYD

)UHGHULFR/LPD
0DUFHOR/HLWH
7KLDJR6WUDXVV

5,&'HP0DSDV0HQWDLV$XOD

S

75$%$/+26'$6&20,66(6$35(&,$d2'$60$7e5,$6,,
L3URSRUDVXDDGRomRRXDVXDUHMHLomRWRWDORXSDUFLDO
LL6XJHULURVHXDUTXLYDPHQWR

DUW,9

LLL )RUPXODUSURMHWRGHODGHFRUUHQWH

$RDSUHFLDUTXDOTXHU
PDWpULDD&RPLVVmRSRGHUi

LY'DUOKHVXEVWLWXWLYR
Y$SUHVHQWDUHPHQGDRXVXEHPHQGD
$/HLWXUDSRGHUiVHUGLVSHQVDGD
VHIRUGLVWULEXtGRHPDYXOVRV

/LGRRSDUHFHUVHUiHOHGH
LPHGLDWRVXEPHWLGRDGLVFXVVmR

2VDXWRUHVWHUmRFLrQFLDFRP
DQWHFHGrQFLDPtQLPDGHVHVV}HVGD
GDWDHPTXHVXDVSURSRVLo}HVVHUmR
GLVFXWLGDVHP&RPLVVmRWpFQLFD

6DOYRVHHVWLYHUHPHP
UHJLPHGHXUJrQFLD

DUW9,

DUW9,,,

L$XWRUGRSURMHWR

, 'LVFXVVmR

LL5HODWRU

PLQXWRV
LPSURUURJiYHLV

8VR GD
SDODYUD

PLQXWRV
1RGHFRUUHUGRVGHEDWHV
SRGHUmRVHUVXJHULGDV
DOWHUDo}HVDRYRWRGR5HODWRU

LLL'HPDLVPHPEURVGD&RPLVVmR
LY/tGHU

DUW9,,

'HSXWDGRVTXHQmR
SHUWHQoDPj&RPLVVmR
&DVRR5HODWRUFRQFRUGHFRPDVDOWHUDo}HV
VXJHULGDVVHUOKHiFRQFHGLGRSUD]RDWpD
UHXQLmRVHJXLQWHSDUDDUHGDomRGRQRYRWH[WR

eIDFXOWDGDDDSUHVHQWDomRGHUHTXHULPHQWRGH
HQFHUUDPHQWRGDGLVFXVVmRDSyVIDODUHP'HSXWDGRV
(QFHUUDGDDGLVFXVVmRR5HODWRUWHUiPLQXWRVSDUD5e3/,&$
VHIRURFDVRSURFHGHQGRVHHPVHJXLGDjYRWDomRGRSDUHFHU

'HVHQYROYLPHQWR
GRV7UDEDOKRV
DUW

L2VYRWRVSHODVFRQFOXV}HV
LL2VYRWRVFRPUHVWULo}HV
2EV 6HPSUH TXH DGRWDU SDUHFHU FRP UHVWULomR
RPHPEURGD&RPLVVmRH[SUHVVDUiHP
TXHFRQVLVWHDVXDGLYHUJrQFLDQmR
R ID]HQGRR VHXYRWRVHUi FRQVLGHUDGR
LQWHJUDOPHQWHIDYRUiYHODUW;9

D)DYRUiYHLV
6HUmR
FRQVLGHUDGRV

LLL2VYRWRVHPVHSDUDGRQmR
GLYHUJHQWHVGDVFRQFOXV}HV

DUW;,9

E &RQWUiULRV

2VYRWRVYHQFLGRV
2VYRWRVHPVHSDUDGR
GLYHUJHQWHVGDVFRQFOXV}HV

&RQVWDUmRGDFRQFOXVmRRVQRPHVGRVYRWDQWHVHRVUHVSHFWLYRVYRWRV
6HUiWLGRFRPRGD&RPLVVmR

,, 9RWDomR
&DVRRSDUHFHU
GRUHODWRUVHMD
DSURYDGRHP
WRGRVRVVHXV
WHUPRV

L3HOR3UHVLGHQWH
'HYHUiVHU
DVVLQDGR

DUW;

&DVRRYRWRGR
5HODWRUQmR
VHMDDGRWDGR

6HUiUHGLJLGR
RSDUHFHU
YHQFHGRU

LL3HOR5HODWRURX5HODWRUVXEVWLWXWR
LLL3HORVDXWRUHVGHYRWRVYHQFLGRV
HPVHSDUDGRRXFRPUHVWULo}HV
TXHPDQLIHVWHPDLQWHQomRGHID]rOR
(PUHJUDVHUiUHGLJLGRSHOR5HODWRU
VXEVWLWXWRVDOYRVHYHQFLGRRX
DXVHQWHHVWHFDVRHPTXHR3UHVLGHQWH
GHVLJQDUiRXWUR'HSXWDGRSDUDID]rOR
3UD]R

$WpDUHXQLmRRUGLQiULDVHJXLQWH

2YRWRGR5HODWRUFRQVWLWXLUiYRWRHPVHSDUDGR

DUW;,,

L$VH[SRVLo}HVHVFULWDVHRVUHVXPRVGDVRUDLV
3RGHUmRVHUSXEOLFDGDV

LL2VH[WUDWRVUHGLJLGRVSHORVSUySULRV$XWRUHV
LLL$VQRWDVWDTXLJUiILFDV

'HVGH TXH DVVLP

HQWHQGD D &RPLVVmR
DUW;9,,,

)UHGHULFR/LPD
0DUFHOR/HLWH
7KLDJR6WUDXVV

5,&'HP0DSDV0HQWDLV$XOD

S

75$%$/+26'$6&20,66(6$35(&,$d2'$60$7e5,$6,,,
4XDQGRPDLVGHXPPHPEURGD&RPLVVmR
VLPXOWDQHDPHQWHSHGLUYLVWDHODVHUi
&21-817$HQDSUySULD&RPLVVmR

3HGLGR
GHYLVWD

&RQFHGLGR
SRU VHVV}HV

DUW;9,

1mRVHUiDFHLWRHPFDVRGHPDWpULDHPUHJLPHGH85*1&,$
2PHPEURGD&RPLVVmRSRGHOHYDQWDUTXHVWmRGHRUGHP
VREUHDDomRRXRPLVVmRGRyUJmRWpFQLFRTXHLQWHJUD

2EMHWR
4XHVWmR
GH2UGHP

1mRVHUmRDWHQGLGRVSHGLGRVVXFHVVLYRV

6HUiUHVROYLGDFRQFOXVLYDPHQWHSHOR3UHVLGHQWHGD&RPLVVmR
'LULJLGRDR3UHVLGHQWHGD&kPDUD
)RUPXODGRSRUHVFULWR

DUW;;,

5HFXUVR

6RPHQWHVHUiDGPWLGRDSyVDPDQLIHVWDomRGR3UHVLGHQWHGD&RPLVVmR
1mRSUHMXGLFDUiRDQGDPHQWRGDPDWpULDHPWUkPLWH
eIDFXOWDGRj&RPLVVmRSDUDIDFLOLGDGHGHHVWXGR
GLYLGLUTXDOTXHUPDWpULDGLVWULEXLQGRVHFDGDSDUWHRX
FDStWXORD5HODWRU3DUFLDOH5HODWRU3DUFLDOVXEVWLWXWR

'LYLVmRGRWUDEDOKR
HQWUH5HODWRU*HUDO
H5HODWRUHV3DUFLDLV

'HYHPVHUHVFROKLGRVXP5HODWRU*HUDOHXP5HODWRU*HUDO
VXEVWLWXWRGHPRGRTXHVHMDHQYLDGRj0HVD80VySDUHFHU

DUW,,

$V&RPLVV}HVSRGHUmRGLYLGLORSDUD
FRQVWLWXtUHPSURSRVLo}HVVHSDUDGDV

'LYLVmRGHSURMHWRTXHWUDWD
GHGLIHUHQWHVPDWpULDV

3URSRVLo}HVGHYHUmRVHUUHPHWLGDVj0HVD
SDUDHIHLWRGHUHQXPHUDomRHGLVWULEXLomR

DUW,,,

'HVHQYROYLPHQWR
GRV7UDEDOKRV
DUW

0DWpULDHPWUDPLWDomRFRQMXQWD
GLVWULEXtGDSRUGHSHQGrQFLD
&RPLVV}HVSRGHUmRGHWHUPLQDUR
DUTXLYDPHQWRGHSDSpLV
HQYLDGRVjVXDDSUHFLDomR

$UTXLYDPHQWR
GHGRFXPHQWRV

DUW,

5HVSHFWLYRGHVSDFKRVHUi
SXEOLFDGRQDDWDGRVVHXV
WUDEDOKRV

&RPLVV}HVQmRSRVVXHPFRPSHWrQFLDSDUD
GHWHUPLQDURDUTXLYDPHQWRGHSURSRVLo}HV

DUW9

*UDYDomRRXLUUDGLDomRGRV
WUDEDOKRVGD&RPLVVmR

([LJHDXWRUL]DomRSUpYLDGHVHX35(6,'(17(
REVHUYDGDVDVGLUHWUL]HVIL[DGDVSHOD0HVD

3UHVLGHQWHGD&RPLVVmR
SURIHULUiUHFODPDomRHVFULWD

)UXVWUDGDDUHFODPDomRRIDWR
VHUiFRPXQLFDGRj0HVD

DUW;,;

5HWHQomRGHSDSpLVGD
&RPLVVmRSRUDOJXP
GHVHXVPHPEURV

3URFHGLPHQWR
DGRWDGR

DUW;;

3URFHVVRVGH
SURSRVLo}HVHP
UHJLPHGHXUJrQFLD

&DGD&RPLVVmR FRPSHWHQWHHPVHX
SDUHFHUGHYHSURQXQFLDUVHHPUHODomRD
72'$6DVSURSRVLo}HVDSHQVDGDV

23UHVLGHQWHGD&kPDUD
IDUiDSHORDHVWHPHPEUR
GD&RPLVVmRQRVHQWLGRGH
DWHQGHUjUHFODPDomR

6HUOKHi
IL[DGRRSUD]R
GHVHVV}HV

9HQFLGRRSUD]RVHQmRKRXYHUVLGR
DWHQGLGRRDSHORR3UHVLGHQWHGD&kPDUD
GHVLJQDUiVXEVWLWXWRQD&RPLVVmRSDUDR
PHPEURIDOWRVRSRULQGLFDomRGR/tGHUGD
EDQFDGDUHVSHFWLYDHPDQGDUiSURFHGHUj
UHVWDXUDomRGRVDXWRV

1mRSRGHPVDLUGD&RPLVVmRVHQGRHQWUHJXHVGLUHWDPHQWH
HPPmRVGRVUHVSHFWLYRV5HODWRUHVH5HODWRUHVVXEVWLWXWRV

DUW;9,,

)UHGHULFR/LPD
0DUFHOR/HLWH
7KLDJR6WUDXVV

5,&'HP0DSDV0HQWDLV$XOD

S

75$%$/+26'$6&20,66(6$35(&,$d2'$60$7e5,$6,9

(QFHUUDGDDDSUHFLDomR
&21&/86,9$DSURSRVLomRH
UHVSHFWLYRVSDUHFHUHVVHUmR

L0DQGDGRVjSXEOLFDomR(
LL5HPHWLGRVj0(6$ DWpDVHVVmR
VXEVHTHQWHSDUD VHUHP
DQXQFLDGRVQD2UGHPGR'LD

'LULJLGRDR3UHVLGHQWHGD&kPDUD

,QLFLDWLYD

GRVPHPEURVGD
&kPDUDSHORPHQRV

VHVV}HV
5HFXUVR SDUDR3/(15,2

DUW

&)DUW, FF
5,&'DUW

 (QFHUUDPHQWR
GHDSUHFLDomR
FRQFOXVLYD

$SUHFLDomR
GDVPDWpULDV

&DVRRUHFXUVR
VHMDSURYLGR

3UD]R

&RQWDGDVGD
SXEOLFDomR

'XUDQWHDIOXrQFLDGRSUD]R
UHFXUVDORDYXOVRGD2UGHP
GR'LDGHFDGDVHVVmRGHYHUi
FRQVLJQDUDGDWDILQDOSDUD
LQWHUSRVLomRGRUHFXUVR

'HYHUiLQGLFDUH[SUHVVDPHQWHRTXHVHUi
REMHWRGHGHOLEHUDomRGR3OHQiULRGHQWUHD
PDWpULDDSUHFLDGDSHODV&RPLVV}HV

$SURSRVLomRVHUiHQYLDGDj0(6$H
DJXDUGDUiLQFOXVmRQD2UGHPGR'LD

,(QYLDGDjUHGDomRILQDO

&DVRRUHFXUVR
QmRQHMD
LQWHUSRVWRRX
VHMDLPSURYLGR

$PDWpULDVHUi
FRQIRUPHRFDVR

$SyVDSURYDGDDUHGDomR
ILQDORSURMHWRGHOHLWRUQDj
0HVDSDUDVHUHQFDPLQKDGR
QRSUD]RGHKRUDV
L$R6HQDGR)HGHUDO28
LL3UHVLGrQFLDGD5HS~EOLFD
,,$UTXLYDGD

(QFHUUDPHQWRGH
DSUHFLDomRGH
PDWpULDVXMHLWD
jGHOLEHUDomR
GR3/(15,2

(QFHUUDGDDDSUHFLDomRSHODV
&RPLVV}HVGDPDWpULDVXMHLWDj
GHOLEHUDomRGR3OHQiULR

DUW

$SURSRVLomRVHUiHQYLDGDj0(6$H
DJXDUGDUiLQFOXVmRQD2UGHPGR'LD

)UHGHULFR/LPD
0DUFHOR/HLWH
7KLDJR6WUDXVV

'$6&20,66(6),6&$/,=$d2(&21752/(,

5,&'HP0DSDV0HQWDLV$XOD

S

&RQVWLWXHP$WRVRX)DWRV6XMHLWRVj)LVFDOL]DomRH&RQWUROH
GR&RQJUHVVVR1DFLRQDOGHVXDV&DVDVH&RPLVV}HVDUW
&RQWiELO
,2VSDVVtYHLV
GH ILVFDOL]DomR
&2)23

2UoDPHQWiULD
)LQDQFHLUD

DUW  5,&'

FFDUW&)

2SHUDFLRQDO
3DWULPRQLDO
,QFOXtGRVRVGDDGPLQLVWUDomR
LQGLUHWDVHMDTXDOIRUD
DXWRULGDGHTXHRVWHQKDSUDWLFDGR

,,2VDWRVGHJHVWmR
DGPLQLVWUDWLYDGR
3RGHU([HFXWLYR

L'R3UHVLGHQWHH
9LFH3UHVLGHQWH
GD5HS~EOLFD
$EUDQJrQFLD
,,,2VDWRV

LL'RV0LQLVWURV
GH(VWDGR
LLL'RV0LQLVWURVGR67)

'HVGH TXH LPSRUWHP

WLSLFDPHQWHFULPH GH
UHVSRQVDELOLGDGH

LY'R3*5
Y'R$*8

)LVFDOL]DomR
H&RQWUROH

,9$VSHWLo}HV
UHFODPDo}HV
UHSUHVHQWDo}HV
RX TXHL[DV
DSUHVHQWDGDVSRU
SHVVRDVItVLFDVRX
MXUtGLFDVFRQWUD
DWRVRXRPLVV}HV

L'DVDXWRULGDGHVRX
HQWLGDGHVS~EOLFDVRX

6HUmR UHFHELGDV H
H[DPLQDGDV SHOD
2XYLGRULD3DUODPHQWDU
SHODV&RPLVV}HVRX SHOD
0HVDFRQIRUPHRFDVR

LL ,PSXWDGRV D
PHPEURVGD&DVD

3RGHUiVHUDSUHVHQWDGDSRUTXDOTXHU
'HSXWDGRRXPHPEURGH&RPLVVmR
3URSRVWDGH
)LVFDOL]DomR
H&RQWUROH

'HYHUiVHUDSUHVHQWDGDj&RPLVVmRHPFXMD
FRPSHWrQFLDDPDWpULDVHLQVLUD
L(VSHFtILFDLQGLFDomRGRDWR
'HYHUiFRQWHU

LL )XQGDPHQWDomRGD
SURYLGrQFLDREMHWLYDGD
L RSRUWXQLGDGHH
FRQYHQLrQFLDGDPHGLGD
-XUtGLFR

$SURSRVWDVHUiUHODWDGD
SUHYLDPHQWHTXDQWR

$GPLQLVWUDWLYR
LL$RDOFDQFH

3ROtWLFR
(FRQ{PLFR
6RFLDO
2UoDPHQWiULR

5HODWyULRSUpYLR
'HYHUiGHILQLU

L2SODQRGHH[HFXomR (
LL$PHWRGRORJLDGHDYDOLDomR

&DVRVHMDDSURYDGR
SHOD&RPLVVmR

2PHVPR5HODWRUILFDUiHQFDUUHJDGRGH
VXDLPSOHPHQWDomRVHQGRDSOLFiYHOj
KLSyWHVHRGLVSRVWRQRGRDUW

)UHGHULFR/LPD
0DUFHOR/HLWH
7KLDJR6WUDXVV

'$6&20,66(6),6&$/,=$d2(&21752/(,,

5,&'HP0DSDV0HQWDLV$XOD

S

$FRPSURYDomRGDOHJDOLGDGHGRDWR
3ROtWLFR
$DYDOLDomRGDHGLomRGRDWR
HPUHODomRDRVDVSHFWRV
'HYHUi
DEUDQJHU

$GPLQLVWUDWLYR
6RFLDO
(FRQ{PLFR
2UoDPHQWiULD

$HILFiFLDGRVUHVXOWDGRV
VREUHDJHVWmR

)LQDQFHLUD
3DWULPRQLDO

5HODWyULR
)LQDO

L3XEOLFDGRQR'&'(
,0HVD
,,$R0LQLVWpULR3~EOLFRRXj$*8
$RWHUPRGRV
WUDEDOKRVVHUi

,,,$R3RGHU([HFXWLYR
LL (QFDPLQKDGR
FRQIRUPHRFDVR

,9   &RPLVVmR 3HUPDQHQWH

TXH WHQKD PDLRU
SHUWLQrQFLDFRPDPDWpULD
9&02HDR7&8
&02  &RPLVVmR SUHYLVWD QR
DUWGD&)

$UHDOL]DomRGHLQVSHo}HVHDXGLWRULDVGH
QDWXUH]DFRQWiELOILQDQFHLUDRUoDPHQWiULD
RSHUDFLRQDOHSDWULPRQLDO

)LVFDOL]DomR
H&RQWUROH
$ &RPLVVmR SRGHUi
VROLFLWDUDR7&8
DUW

,QIRUPDo}HV
VREUH

L$ILVFDOL]DomRFRQWiELO
ILQDQFHLUDRUoDPHQWiULD
RSHUDFLRQDOHSDWULPRQLDO
LL2VUHVXOWDGRVGHDXGLWRULDV
HLQVSHo}HVUHDOL]DGDV

L2FXPSULPHQWRGDVFRQYRFDo}HV
LL$SUHVWDomRGHLQIRUPDo}HV
6HUmRDVVLQDGRVSUD]RVQmR
LQIHULRUHVDGLDVSDUD

5HJUDV

LLL2DWHQGLPHQWRjVUHTXLVLo}HV
GHGRFXPHQWRVS~EOLFRV
LY$UHDOL]DomRGHGLOLJrQFLDVHSHUtFLDV

DUW

2GHVFXPSULPHQWRGR GLVSRVWR QHVWH LWHP

HQVHMDUiDDSXUDomRGDUHVSRQVDELOLGDGH
GRLQIUDWRUQDIRUPDGDOHL
1mROKHVVHUiGDGDSXEOLFLGDGH

'RFXPHQWRVGH
FDUiWHUVLJLORVR
UHVHUYDGRRX
FRQILGHQFLDO
DUW

4XDQGRDVVLP
LGHQWLILFDGRV

$VLQIRUPDo}HVVROLFLWDGDVSRU&RPLVVmR
VHUmRFRQILDGDVDR3UHVLGHQWHGHVWDSHOR
3UHVLGHQWHGD&kPDUDSDUDTXHDVOHLDD
VHXVSDUHVDVVROLFLWDGDVSRU'HSXWDGR
VHUmROLGDVDHVWHSHOR3UHVLGHQWHGD&kPDUD
&XPSULGDVHVVDVIRUPDOLGDGHVVHUmR
IHFKDGDVHPLQYyOXFURODFUDGR
HWLTXHWDGRGDWDGRHUXEULFDGRSRU
GRLV6HFUHWiULRVHDVVLPDUTXLYDGDV

)UHGHULFR/LPD
0DUFHOR/HLWH
7KLDJR6WUDXVV

5,&'HP0DSDV0HQWDLV$XOD

S

'$6&20,66(66(&5(7$5,$6$7$6($66(6625$0(172

&DGD&RPLVVmRWHUiXPD6(&5(7$5,$LQFXPELGD
GRVVHUYLoRVGHDSRLRDGPLQLVWUDWLYR
, $SRLDPHQWRDRVWUDEDOKRVHUHGDomRGDDWDGDVUHXQL}HV
,,$RUJDQL]DomRGRSURWRFRORGHHQWUDGDHVDtGDGHPDWpULD
,,,$VLQRSVHGRVWUDEDOKRVFRPRDQGDPHQWR
GHWRGDVDVSURSRVLo}HVHPFXUVRQD&RPLVVmR
,9  2 IRUQHFLPHQWR DR 3UHVLGHQWH GD &RPLVVmR
QR~OWLPRGLDGHFDGDPrVGHLQIRUPDo}HV
VXFLQWDVVREUHRDQGDPHQWRGDVSURSRVLo}HV

9$RUJDQL]DomR GRV
SURFHVVRVOHJLVODWLYRV

6HFUHWDULD
GDV&RPLVV}HV

,QFOXHPVH
QRVVHUYLoRV
GHVHFUHWDULD

'HYHUmRREVHUYDUDIRUPDGRV
DXWRVMXGLFLDLVFRPDQXPHUDomR
GDVSiJLQDVSRURUGHPFURQROyJLFD
UXEULFDGDVSHOR6HFUHWiULRGD
&RPLVVmRRQGHIRUDPLQFOXtGDV
'HYHVHUUHDOL]DGD
DWpRGLDVHJXLQWH
jGLVWULEXLomR

9,$HQWUHJDGR SURFHVVR UHIHUHQWH

DFDGDSURSRVLomRDR5HODWRU

L'DGLVWULEXLomRGHSURSRVLo}HV
DRV5HODWRUHVH5HODWRUHVVXEVWLWXWRV

DUW

9,,2DFRPSDQKDPHQWR
VLVWHPiWLFR

LL'RVSUD]RVUHJLPHQWDLV
23UHVLGHQWHGHYHVHU
PDQWLGRFRQVWDQWHPHQWH
LQIRUPDGRDUHVSHLWR

9,,,2HQFDPLQKDPHQWRDRyUJmRLQFXPELGRGDVLQRSVHGH
FySLDGDDWDGDVUHXQL}HVFRPDVUHVSHFWLYDVGLVWULEXLo}HV

&RPLVV}HV

,;$RUJDQL]DomRGHV~PXODGD MXULVSUXGrQFLD
GRPLQDQWHGD&RPLVVmRTXDQWR DRVDVVXQWRV
PDLVUHOHYDQWHVVRERULHQWDomRGHVHX3UHVLGHQWH
;2GHVHPSHQKRGHRXWURVHQFDUJRV
GHWHUPLQDGRVSHOR3UHVLGHQWH
/LGDHDSURYDGDDDWDGHFDGDUHXQLmRGD&RPLVVmRVHUi
DVVLQDGDSHOR3UHVLGHQWHHUXEULFDGDHPWRGDVDVIROKDV
$DWDVHUiSXEOLFDGDQR'&'GHSUHIHUrQFLDQRGLDVHJXLQWH
,'DWDKRUDHORFDOGDUHXQLmR

$WDVGDV
5HXQL}HV

2EHGHFHUiQDVXDUHGDomRD
SDGUmRXQLIRUPHGHTXHFRQVWH

DUW

,,1RPHVGRVPHPEURVSUHVHQWHVHGRVDXVHQWHV
FRPH[SUHVVDUHIHUrQFLDjVIDOWDVMXVWLILFDGDV
,,,5HVXPRGRH[SHGLHQWH
,9  5HODomR GDV PDWpULDV GLVWULEXtGDV SRU
SURSRVLo}HV5HODWRUHVH5HODWRUHVVXEVWLWXWRV
9  5HJLVWUR GDV SURSRVLo}HV DSUHFLDGDV
HGDVUHVSHFWLYDVFRQFOXV}HV

 $VVHVVRUDPHQWR
/HJLVODWLYR

$V&RPLVV}HVFRQWDUmRSDUDRGHVHPSHQKRGDV
VXDVDWULEXLo}HVFRPDVVHVVRUDPHQWRH
FRQVXOWRULDWpFQLFROHJLVODWLYDH
HVSHFLDOL]DGDHPVXDViUHDVGHFRPSHWrQFLDD
FDUJRGRyUJmRGHDVVHVVRUDPHQWRLQVWLWXFLRQDO
GD&kPDUDQRVWHUPRVGHUHVROXomRHVSHFtILFD

$&RQVXOWRULD
/HJLVODWLYD
GLVSRUiGHQ~FOHR
GHDVVHVVRUDPHQWR
jV&RPLVV}HV