Você está na página 1de 5

 $FyUGmRGR6XSUHPR7ULEXQDOGH-XVWLoD

$FyUGmRV67- $FyUGmRGR6XSUHPR7ULEXQDOGH-XVWLoD
3URFHVVR %
1&RQYHQFLRQDO -67-
5HODWRU &867',20217(6
'HVFULWRUHV &21&255(1&,$
5(63216$%,/,=$d2'$62&,('$'(
1GR'RFXPHQWR 6-
'DWDGR$FRUGmR 
9RWDomR 81$1,0,'$'(
7H[WR,QWHJUDO 6
3ULYDFLGDGH 
0HLR3URFHVVXDO 5(9,67$
'HFLVmR &21&(','$3$5&,$/0(17($5(9,67$
6XPiULR

9LQFXODQGRVHRVVyFLRVGHXPDVRFLHGDGHjREULJDomRGHQmRFRQFRUUrQFLDSRUVL
RXDWUDYpVGHRXWUDVRFLHGDGHVHYLRODUHPHVVDREULJDomRFRQVWLWXLQGRXPD
VRFLHGDGHFRQFRUUHQWHQmRSRGHPID]HUVHYDOHUGDSRVLomRGHWHUFHLURVHPUHODomRD
HVVDVRFLHGDGHSDUDVHH[LPLUHPjUHVSRQVDELOLGDGHSRUDFWRVGHFRQFRUUrQFLDSRU
HVWDOHYDGDDHIHLWR
$VRFLHGDGHSRUpPQmRpUHVSRQViYHOSHODLQGHPQL]DomRGHFRUUHQWHGRVGDQRV
FDXVDGRVSHORH[HUFtFLRGHVVDFRQFRUUrQFLDFDEHQGRH[FOXVLYDPHQWHDRVPHQFLRQDGRV
VyFLRVHVVDUHVSRQVDELOLGDGH
'HFLVmR7H[WR,QWHJUDO

$FyUGmRQR6XSUHPR7ULEXQDOGH-XVWLoD

GRV55

DSDJDUVROLGDULDPHQWHjVRFLHGDGHFRPHUFLDO$XWRUDDTXDQWLDGH
DFUHVFLGDGRVMXURVOHJDLVjWD[DGHDRDQRDFRQWDUGDGDWDGDFLWDomREHPFRPRD
TXDQWLDTXHVHYLHUDOLTXLGDUHPH[HFXomRGHVHQWHQoDDWtWXORGHLQGHPQL]DomRSHORV
GDQRVTXHVRIUHXHYHQKDDLQGDDVRIUHUDWpDRWUkQVLWRHPMXOJDGRGDGHFLVmRILQDO

RVUpXV&&HPXOKHU''DSDJDUDRDXWRU%%DLPSRUWkQFLDGHEHPFRPRRV
MXURVjWD[DDQXDOGHDFRQWDUGDFLWDomR

VHGHFODUHQXORHGHQHQKXPHIHLWRRFRQWUDWRGHFRQVWLWXLomRGDVRFLHGDGHFRPHUFLDO
5pRUGHQDQGRVHRFDQFHODPHQWRGRUHVSHFWLYRUHJLVWRRXVXEVLGLDULDPHQWHVHGHFUHWHD
GLVVROXomRGDVRFLHGDGHFRPHUFLDO5pRUGHQDQGRVHRUHJLVWRGHVVDPHVPDGLVVROXomR

$OHJDUDPQRHVVHQFLDOTXHR5&&IRLVyFLRJHUHQWHGD$HFHGHXDVXDTXRWDFRPD
REULJDomRGHQmRH[HUFHUSRUFLQFRDQRVDFWLYLGDGHLGrQWLFDjGD$XWRUDQmROKHID]HQGR
FRQFRUUrQFLDTXHUSRUVLTXHUDWUDYpVGHRXWUHPREULJDomRTXHILFRXDFRQVWDUGRDFWR
GDFHVVmRFRPRFRQKHFLPHQWRHDQXrQFLDGD5pVXDHVSRVD''REULJDomRHVVDTXHQmR
FXPSULXWHQGRFRQVWLWXtGRXPDVRFLHGDGHFRPREMHFWRVRFLDOFRLQFLGHQWHVHQGRHOHHD
PXOKHURV~QLFRVVyFLRVGHVVDVRFLHGDGHHOHFRPGRFDSLWDOHHODFRP

$OHJDDLQGDRVSUHMXt]RVTXHOKHFDXVDUDPFRPHVVDVLWXDomR

&RQWHVWDUDPRV5pXVSRULPSXJQDomR

5HSOLFDUDPRV$$

(IHFWXDGRRMXOJDPHQWRIRLDDFomRMXOJDGDSDUFLDOPHQWHSURFHGHQWH

FRQGHQDQGRVHRV55&&HPXOKHU''DSDJDUj$$$DLPSRUWkQFLDGH
GX]HQWRVHYLQWHHFLQFRPLOHXURV DFUHVFLGDGHMXURVGHPRUDFRPHUFLDLVDFRQWDUGD
GDWDGHKRMHQRVWHUPRVHjWD[DDFLPDUHIHULGRV

DEVROYHQGRVHRVPHVPRV55GRVSHGLGRVTXHFRQWUDHOHVIRUPXODUDPDTXHOD$H%%

KWWSZZZGJVLSWMVWMQVIIFHDGGGEEIIDFGDFIIEE"2SHQ'RFXPHQW +LJKOLJKW WUHVSDVVHFRQFRUU& 


 $FyUGmRGR6XSUHPR7ULEXQDOGH-XVWLoD

HDEVROYHQGRD5((GRVSHGLGRVFRQWUDVLIRUPXODGRV

,QFRQIRUPDGRVLQWHUSXVHUDPUHFXUVRGHDSHODomR$$H55MXOJDGDVSDUFLDOPHQWH
SURFHGHQWHFRQGHQDQGRVHRV55VROLGDULDPHQWHDSDJDUj$DLQGHPQL]DomRGH
QRPDLVVHFRQILUPDQGRDGHFLVmRUHFRUULGD

9ROWDPDLQWHUSRUUHFXUVRGHUHYLVWD$$H55WHUPLQDQGRDVVXDVDOHJDo}HVFRPDV
VHJXLQWHV

&RQFOXV}HV

'RV$$

7HQGRHPFRQWDDPDWpULDGHIDFWRGRVQVDGHPRQVWUDVHLQHTXLYRFDPHQWHTXH
RV5(&255,'26DWULEXtUDPjVRFLHGDGH5(&255(17(RYDORUGHHXURVHTXH
DHOHVFDELDPHWDGHGHVVHYDORUSRUVHUHPWLWXODUHVGHXPDTXRWDGRFDSLWDOVRFLDOGD
VRFLHGDGHFRUUHVSRQGHQWHDPHWDGHGHVVHFDSLWDO

5HVXOWDDLQGDGHWDLVIDFWRVTXHRV5(&255,'26LQGX]LUDPDVWXFLRVDPHQWHDFRPSUD
GDVXDSDUWLFLSDomRQDVRFLHGDGH5(&255(17(SHORYDORUGHHXURVDR
DVVXPLUHPDREULJDomRGHGXUDQWHDQRVQmRH[HUFHUHPSRUVLRXLQWHUSRVWDSHVVRD
LGrQWLFDDFWLYLGDGHSDUDDVVLPQmRSUHMXGLFDURGHVHQYROYLPHQWRGHVWD

$DTXLVLomRGDTXRWDGRV5(&255,'26VyIRLDFHLWDQHVVDVFRQGLo}HVSRUFDXVDGHVHU
RGHPDQGDGR&&TXHPWUDWDYDGHWRGDVDVUHODo}HVFRPDFOLHQWHODGD$XWRUDFRPD
TXDOHOHWLQKDUHODo}HVGHDPL]DGHHFRQKHFLPHQWRHSRUTXHFDVRFRQWLQXDVVHDRSHUDU
QRPHUFDGRDRVHUYLoRGRXWUDHPSUHVDFRQFRUUHQWHSRUVXDFRQWDRXLQWHUSRVWDSHVVRD
HOHSRGLDWLUDUFOLHQWHVj5(&255(17(

(VWDVREULJDo}HVGHQmRFRQFRUUrQFLDFRPD5(&255(17(DVVXPLGDVSHORV
5(&255,'26WrPDIRUoDGHOHL OH[FRQWUDFWXV SRUIRUoDGRGLVSRVWRQRVDUWV
HGR&&

2UDRVIDFWRVMXOJDGRVSURYDGRVGHPRQVWUDPLQHTXLYRFDPHQWHTXHRV5(&255,'26
DJLUDPFRPRLQWXLWRGHUHFHEHUDTXHODTXDQWLDGHHXURVHGHSRLVGHDJLUHP
SHODYLDVRFLHWiULDFRQWUDRVLQWHUHVVHVGDVRFLHGDGHFRQFRUUHQGRFRPHODQmRVyHP
YLRODomRGRFRQWUDWRPDVWDPEpPGHVOHDOPHQWHPRUPHQWHTXDQGRDILUPDYDPTXHLDP
OHYDUD5(&255(17(jIDOrQFLDTXDQGRDOLFLDUDPWUDEDOKDGRUHVGHVWDHOKHWLUDUDP
FOLHQWHVEHPFRPRTXDQGRUHEDL[DUDPSUHoRV

(VWHVIDFWRVGHPRQVWUDPTXHDVRFLHGDGHUHFRUULGDIRLFRQVWLWXtGDSDUDGHVVHPRGRRV
GHPDQGDGRV&&HPXOKHUH[HUFHUHPXPDDFWLYLGDGHLOtFLWDSRUTXHSURLELGDSHORFRQWUDWR
TXHRXWRUJDUDPHTXHDYrPH[HUFHQGRGHIRUPDFRQWLQXDGD

&RPRRFRQWUDWRGHVRFLHGDGHpXPFRQWUDWRSOXUDOGHRUJDQL]DomRILPFRPXPH
H[HFXomRFRQWLQXDGDHDSHUVRQDOLGDGHMXUtGLFDGDVVRFLHGDGHVFRPHUFLDLVWHPQDWXUH]D
PHUDPHQWHLQVWUXPHQWDOQmRHVVHQFLDOHDQDOyJLFDRV5HFRUULGRV&&HPXOKHUQD
FRQVWLWXLomRHQDGXUDomRRXH[LVWrQFLDGDVRFLHGDGHGRVTXHGHVFRQVLGHUDUDPH
GHVFRQVLGHUDPDOHLTXHDWULEXLDSHUVRQDOLGDGHMXUtGLFDjVRFLHGDGHUHFRUULGD

3RULVVRSRUIRUoDGDDSOLFDomRFRQMXQWDGRGLVSRVWRQRVDUWVH
GR&&HGRVDUWVF OSDUWHHG GR&6&RFRQWUDWRGHVRFLHGDGHpQXORRX
DVRFLHGDGHGHYHUiVHUGLVVROYLGD

$LQGHPQL]DomRTXHRV5(&255,'26GHYHPSDJDUjVRFLHGDGH5(&255(17(QmR
GHYHUiVHULQIHULRUDHXURVSRUTXHRFRPSRUWDPHQWRGRV5(&255,'26
GHPRQVWUDTXHREWLYHUDPDTXDQWLDGHHXURVTXHVyOKHIRLHQWUHJXHSRUTXHVH
REULJDUDPDQmRFRQFRUUHUFRPDVRFLHGDGHPDVWDPEpPSRUTXHQmRVyQmRFXPSULUDP
DTXHODREULJDomRFRPRDLQGDDSHUVHJXLUDPFRPSUiWLFDVLOtFLWDVHGHVOHDLV

(VVHFRPSRUWDPHQWRGDQRVRQmRVHFRQILQDVyDRYDORUTXHOKHVIRLSDJRFRPRVH
UHSHUFXWHQDTXHEUDDFHQWXDGDGRGHVHPSHQKRGDVRFLHGDGHFXMRVGDQRVQmRVHUmR
LQIHULRUHVDHXURV

KWWSZZZGJVLSWMVWMQVIIFHDGGGEEIIDFGDFIIEE"2SHQ'RFXPHQW +LJKOLJKW WUHVSDVVHFRQFRUU& 


 $FyUGmRGR6XSUHPR7ULEXQDOGH-XVWLoD

3RULVVRRV5(&255,'26GHYHPVHUFRQGHQDGRVVROLGDULDPHQWHDSDJDUDTXDQWLDGH
HXURVFRPEDVHQRGLVSRVWRQRVDUWV
HGR&&

7HUPLQDSHGLQGRTXHRDFyUGmRUHFRUULGRVHMDVXEVWLWXtGRSRURXWURTXHGHFODUHQXORR
FRQWUDWRGHVRFLHGDGHGDVRFLHGDGHUHFRUULGDRXGLVVROYLGDDVRFLHGDGHHFRQGHQH
VROLGDULDPHQWHRVGHPDQGDGRVDSDJDUj5HFRUUHQWHDTXDQWLDGHHXURV

'RV55

2YtQFXORFRQWUDWXDODVVXPLGRSHORVUHFRUUHQWHV&&H''FRQVLVWLXQXPDREULJDomRGH
FDUiFWHUSHVVRDOTXHHPQDGDYLQFXORXDVRFLHGDGHUHFRUUHQWH((XPDYH]TXHjGDWDD
PHVPDQmRH[LVWLD

$YHULILFDomRGDYLRODomRGRFODXVXODGRVySRGHULDRFRUUHUFRPDFRQVWLWXLomRGD
UHIHULGDHPSUHVDFRQFRUUHQWHSHORTXHXPDpFDXVDGDRXWUDVHQGRTXHDREULJDomRGH
LQGHPQL]DUUHVXOWDGDVLPSOHVYHULILFDomRGDFRQVWLWXLomRGDTXHODVRFLHGDGHPDVQmR
FRPRLQVWUXPHQWRGLUHFWRGDYLRODomRGRTXHIRUDFRQWUDWDGR

2VUHFRUUHQWHV&&H''DJLUDPHDFRUGDUDPHQTXDQWRHQWHVMXUtGLFRVLQGLYLGXDLVHQmR
FRPRUHSUHVHQWDQWHVRXFRPLVViULRVGDILUPD((HQTXDQWRFRPLWHQWHXPDTXHYH]TXHD
PHVPDVySRVWHULRUPHQWHYHLRDVHUFRQVWLWXtGD

7HUPLQDPSHGLQGRVHFRQFHGDDUHYLVWDHVHUHYRJXHDGHFLVmRUHFRUULGDDEVROYHQGRVHD
5((GRSHGLGR

&RUULGRVRVYLVWRVOHJDLVFXPSUHGHFLGLU

0DWpULDGHIDFWRSURYDGDUHPHWHVHSDUDDGHFLVmRGDVLQVWkQFLDVDUWGR&3&

2GLUHLWR

1DVVXDVFRQFOXV}HV  RV$$VXVFLWDPDVVHJXLQWHVTXHVW}HV

$RDVVXPLUDREULJDomRGHQmRFRQFRUUrQFLDHWHUFULDGRDVRFLHGDGH5SDUDH[HUFHU
XPDDFWLYLGDGHFRQFRUUHQWHHVWDVRFLHGDGHIRLFULDGDSDUDH[HUFHUXPILPLOtFLWRSHORTXH
GHYHVHUGLVVROYLGDQRVWHUPRVGRVDUWVHGR&&HF 
SDUWHHG GR&6&

DLQGHPQL]DomRDSDJDUSHORV55QmRGHYHVHULQIHULRUDSRUTXHR
FRPSRUWDPHQWRGRVUHFRUULGRVGHPRQVWUDTXHREWLYHUDPDTXDQWLDGHTXHVy
OKHVIRLHQWUHJXHSRUTXHVHREULJDUDPDQmRFRQFRUUHUFRPDVRFLHGDGHPDVWDPEpP
SRUTXHQmRVyQmRFXPSULUDPDTXHODREULJDomRFRPRDLQGDDSHUVHJXLUDPFRPSUiWLFDV
LOtFLWDVHGHVOHDLVYDORULQGHPQL]DWyULRTXHWHUiDYHUFRPHVVHYDORUTXHOKHVIRLSDJR
FRPRSHODTXHEUDDFHQWXDGDGRGHVHPSHQKRGDVRFLHGDGHQmRLQIHULRUD

2V55SRUVHXWXUQRGHIHQGHPTXHRVHXDFWRVHQmRSRGHFRPXQLFDUjVRFLHGDGH5
SRUTXHTXDQGRDVVXPLUDPRFRPSURPLVVRGHQmRFRQFRUUHUDVRFLHGDGHDLQGDQmRH[LVWLD
HWDPEpPSRUTXHQmRDJLUDPFRPRUHSUHVHQWDQWHVRXFRPLVViULRVGDILUPD5

9HMDPRV

4XDQWRjGLVVROXomRGDVRFLHGDGHRV$$UHFRUUHQWHVQmRWrPUD]mRSRUTXHFRPRVHGL]
QDVGHFLV}HVGDVLQVWkQFLDVRVHXREMHFWRQmRpItVLFDQHPOHJDOPHQWHLPSRVVtYHORX
FRQWUiULRjOHL  RXFRQWUDGLVSRVLomROHJDOGHFDUiFWHULPSHUDWLYR  RXLOtFLWR  QHP
RFRUUHLOLFLWXGHVXSHUYHQLHQWH  FRPRGHIHQGHPRV$$UHFRUUHQWHV

1mRIRLDVRFLHGDGHHPFDXVDTXHDVVXPLXRFRPSURPLVVRGHQmRFRQFRUUrQFLDSRLVQHP
VHTXHUHVWDYDFRQVWLWXtGDDHVVDGDWDVHQGRFHUWRTXHTXDQGRLVVRRFRUUHXDGTXLULX
SHUVRQDOLGDGHSUySULDGLVWLQWDGRVVyFLRV 

eRTXHQRVHQVLQD+HQULTXH0HVTXLWD  TXDQGRDILUPDTXHSHUVRQDOL]DomRRX
REMHFWLYDomRGDVVRFLHGDGHVVLJQLILFDTXHRHQWHFROHFWLYRHQTXDQWRSHVVRDMXUtGLFDp
XPVXMHLWRGLVWLQWRGRVVyFLRVRVTXDLVDSHVDUGHFRQVWLWXtUHPRVHXVXEVWUDWRILFDPHP

KWWSZZZGJVLSWMVWMQVIIFHDGGGEEIIDFGDFIIEE"2SHQ'RFXPHQW +LJKOLJKW WUHVSDVVHFRQFRUU& 


 $FyUGmRGR6XSUHPR7ULEXQDOGH-XVWLoD

UHODomRDHOHWLWXODUHVQDSRVLomRGHWHUFHLURV

3RULVVRLQH[LVWLQGRIXQGDPHQWROHJDOSDUDDSHWLFLRQDGDGLVVROXomRGDVRFLHGDGH
LPSURFHGHRUHVSHFWLYRSHGLGR

,VVRQRHQWDQWRQmRVLJQLILFDTXHRVVyFLRVTXHVHREULJXHPjQmRFRQFRUUrQFLDHD
H[HUoDPDWUDYpVGDVRFLHGDGHVHSRVVDPYDOHUGHVVDSRVLomRGHWHUFHLURVSDUDVHH[LPLUHP
jUHVSRQVDELOL]DomRGRVVHXVDFWRV

1DYHUGDGHFRPRPDLVXPDYH]QRVGL]+HQULTXH0HVTXLWD  QRH[HPSORFOiVVLFRTXH
DSUHVHQWDVH$H%DGVWULWRVFRQWUDWXDOPHQWHSHUDQWH&DXPDREULJDomRGHQmR
FRQFRUUrQFLDFRQVWLWXtUHPXPDVRFLHGDGHTXHWHPSRUREMHFWRDDFWLYLGDGHHFRQyPLFD
TXHHOHVVHYLQFXODUDPDQmRH[HUFHUQmRSRGHUmRDOHJDUQXPOLWtJLRHPTXH&SUHWHQGD
ID]HUYDOHURVHXGLUHLWRGHFUpGLWRTXHRVDFWRVTXHRSUHMXGLFDUDPVmRSUDWLFDGRVSRU
XPWHUFHLUR DVRFLHGDGH HVWUDQKRjUHODomRFRQWUDWXDO2OLWtJLRGHYHVHUUHVROYLGR
FRPRVHIRVVHPHOHVSUySULRVDSUDWLFDURDFWR

3RURXWURODGRFRQWUDULDPHQWHDRTXHVHGHIHQGHQDGHFLVmRUHFRUULGDDVRFLHGDGHQmRp
UHVSRQViYHOSHODLQGHPQL]DomRGHFRUUHQWHGRVGDQRVFDXVDGRVSHORV55SRUWHUHP
FRQFRUULGRFRPDVRFLHGDGH$HPYLRODomRGDREULJDomRTXHFRQWUDWXDOPHQWH
DVVXPLUDPHVVDUHVSRQVDELOLGDGHFDEHWmRVyDHVWHVTXHQmRjTXHOD

&RPHIHLWRFRPRUHIHUH1RJXHLUD6HUHQV  DVRFLHGDGHQmRILFDVXMHLWDDTXDOTXHU
VDQomR$VVDQo}HVSDUDXPDWDOLQIUDFomRYHUWHPVHDSHQDVVREUHDSHVVRDTXH
HVWDQGROHJDOPHQWHLPSHGLGDGHRID]HUVHWRUQRXJHUHQWHGHXPDFHUWDVRFLHGDGHSRU
TXRWDV(DUD]mRpHVVDVRFLHGDGHpHVWUDQKDjUHODomRMXUtGLFDTXHLQWHUFHGHHQWUH
HVVDSHVVRDHDVRFLHGDGH$

'DTXLGHFRUUHDSURFHGrQFLDGDTXHVWmRVXVFLWDGDSHORV55DVRFLHGDGH5QmRp
UHVSRQViYHOSHODLQGHPQL]DomRGHFRUUHQWHGRVDFWRVGRV55VHXVVyFLRV

1RHQWDQWRGHFRUUHWDPEpPGRH[SRVWRTXHRV55QmRSRGHPH[HUFHUDDFWLYLGDGHDTXH
VHGHGLFDD5SHORSHUtRGRHPTXHDVVXPLUDPDREULJDomRGHQmRFRQFRUUrQFLDRTXH
VLJQLILFDTXHYLRODGDHVVDREULJDomRVHPSUHSRGHUmRRV$$GHPDQGiORVSHODYLRODomR
GHVVDREULJDomR

4XHVWmRQRHQWDQWRTXHQmRID]SDUWHGRREMHFWRGRUHFXUVR

(TXDQWRjLQGHPQL]DomR"

$LQVWkQFLDIL[RXDLQGHPQL]DomRHP GX]HQWRVHYLQWHHFLQFRPLOHXURV 
DFUHVFLGDGHMXURVGHPRUDFRPHUFLDLVDFRQWDUGDGDWDGHKRMHQRVWHUPRVHjWD[D
DFLPDUHIHULGRVSRUVHXWXUQRD5HODomRUHGX]LXDSDUDDTXDQWLDGH

2V$$UHFRUUHQWHVSUHWHQGHPTXHVHMDUHSRVWRRYDORUIL[DGRQDLQVWkQFLD

2V55QmRS}HPHPFDXVDQRVHXUHFXUVRRPRQWDQWHLQGHPQL]DWyULRIL[DGRSHOD
5HODomR

$VVLPWUDQVLWDGDHPMXOJDGRDGHFLVmRQHVVDSDUWHRV55UHVSRQGHUmRSRUHVVH
PRQWDQWHVHPSUHMXt]RGRTXHDVHJXLUVHUHIHUH

'LVS}HRDUWGR&3&TXHVHQmRKRXYHUHOHPHQWRVSDUDIL[DURREMHFWRRXD
TXDQWLGDGHRWULEXQDOFRQGHQDUiQRTXHYLHUDVHUOLTXLGDGRVHPSUHMXt]RGH
FRQGHQDomRLPHGLDWDQDSDUWHTXHMiVHMDOtTXLGD

2UDDSHVDUGHDVLQVWkQFLDVWHUHPTXDQWLILFDGRDLQGHPQL]DomRGHYLGDDQDOLVDGRVRV
IDFWRVHPERUDVHSURYHRGDQRQmRVHSURYDRTXDQWLWDWLYR

$SHQDVYHPGHPRQVWUDGRQRTXHLQWHUHVVDjIL[DomRGDLQGHPQL]DomR

TXHR5&&HUDTXHPWUDWDYDGHWRGDVDVUHODo}HVFRPDFOLHQWHODGD$XWRUD

WLQKDUHODo}HVGHDPL]DGHHFRQKHFLPHQWRFRPRVFOLHQWHVGD$XWRUD$$

KWWSZZZGJVLSWMVWMQVIIFHDGGGEEIIDFGDFIIEE"2SHQ'RFXPHQW +LJKOLJKW WUHVSDVVHFRQFRUU& 


 $FyUGmRGR6XSUHPR7ULEXQDOGH-XVWLoD

FDVRFRQWLQXDVVHDRSHUDUQRPHUFDGRDRVHUYLoRGRXWUDHPSUHVDFRQFRUUHQWHSRUVXD
FRQWDRXSRULQWHUSRVWDSHVVRDR5pX&&SRGLDWLUDUFOLHQWHVj$$$

R5pX&&DILUPRXDDOJXQVWUDEDOKDGRUHVGD$XWRUD$$TXHDLDOHYDUjIDOrQFLDHRV
WUDEDOKDGRUHVGHVWD))**H++UHVFLQGLUDPRVVHXVFRQWUDWRVGHWUDEDOKRFRPHODH
FHOHEUDUDPRXWURVFRPD5p((

R5pX&&FRQWDFWRXFRPFOLHQWHVGD$XWRUD$$RIHUHFHQGRVHUYLoRVGHOLPSH]DPDLV
EDUDWRVTXHRVGHVWD DUWLJR 

GHVGHR~OWLPRWULPHVWUHGHDWpHVWDSDUWHR5pX&&WLURXj$XWRUD$$SHOR
PHQRVRVVHJXLQWHVFOLHQWHV,,/G--/G../G///GH006$
DUWLJR 

HPDOJXQVFDVRVD$$$/GSDUDPDQWHURVFOLHQWHVWHYHGHEDL[DURVVHXVSUHoRV
DUWLJR 

'HVWHVIDFWRVSURYDVHTXHDDFomRGHFRQFRUUrQFLDFRQWUDRDFRUGDGRWHPFDXVDGR
GDQRVj$PDVQmRYrPTXDQWLILFDGRVWDLVGDQRVQHPRVIDFWRVDFDEDGRVGHWUDQVFUHYHU
SHUPLWHPDVXDTXDQWLILFDomR

$VVLPSRUIRUoDGRGLVSRVWRQRPHQFLRQDGRDUWFLWDGRDVXDTXDQWLILFDomRWHUi
TXHID]HUVHHPVXEVHTXHQWHOLTXLGDomRDWpDRPRQWDQWHPi[LPRGH
SHWLFLRQDGRVVHPSUHMXt]RGHVHFRQGHQDUHPMiRV55'RPLQJRVHPXOKHUQRPRQWDQWH
GHSRUWHUWUDQVLWDGRHVVHVHJPHQWRGDGHFLVmRUHFRUULGD

'HFLVmR

3HORH[SRVWRFRQFHGHVHSDUFLDOPHQWHDUHYLVWDGRV$$FRQGHQDQGRVHRV55&&H
0XOKHUQDLQGHPQL]DomRTXHVHYLHUDOLTXLGDUDWpDRPRQWDQWHPi[LPRGHVHP
SUHMXt]RGDFRQGHQDomRGRPRQWDQWHMiIL[DGRGHSRUWHUWUDQVLWDGRHPMXOJDGRD
GHFLVmRQHVVDSDUWHQRPDLVPDQWrPVHDGHFLVmRUHFRUULGD

&RQFHGHVHDUHYLVWDGRV55UHYRJDQGRVHDGHFLVmRUHFRUULGDQDSDUWHHPTXHFRQGHQD
WDPEpPD5((/GTXHVHDEVROYHGRSHGLGR

&XVWDVGDUHYLVWDGRV$$SRUHVWHVHSHORV55&&HPXOKHUQDSURSRUomRGR
YHQFLPHQWRHTXDQWRjLQGHPQL]DomRDOLTXLGDUDPHLDVVHPSUHMXt]RGRTXHVHYLHUD
ID]HUDILQDODSyVDOLTXLGDomR

&XVWDVGDUHYLVWDGRV55SHOD$

/LVERDGH'H]HPEURGH

&XVWyGLR0RQWHV 5HODWRU

0RWD0LUDQGD

$OEHUWR6REULQKR

BBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
 4XHGHOLPLWDPRREMHFWRGRUHFXUVRDUWVHHHGR&3&

 $UWGR&&

 $UWGR&&
 $UWF SDUWHGR&6&
 $UWG GR&6&
 $UWGR&&
 5/-$QRSiJ
 2EFLWSiJQRWD
 7UHVSDVVHGH(VWDEHOHFLPHQWR&RPHUFLDO&-67-$QR,;7RPR,,SiJ

KWWSZZZGJVLSWMVWMQVIIFHDGGGEEIIDFGDFIIEE"2SHQ'RFXPHQW +LJKOLJKW WUHVSDVVHFRQFRUU& 

Você também pode gostar