(OHWULFLVWDGHPDQXWHQomR

%RELQDGHLUDPDQXDO
%RELQDGHLUDPDQXDO

6(1$,63

7UDEDOKRHODERUDGRHHGLWRUDGRSHOD'LYLVmRGH0DWHULDO'LGiWLFRGR'HSDUWDPHQWR5HJLRQDOGR
6(1$,63

(TXLSHUHVSRQViYHO
&RRUGHQDomRJHUDO 0DUFRV$QWRQLR*RQoDOYHV
&RRUGHQDomRGRSURMHWR &pOLD5HJLQD'RPLQJXHV7DODYHUD
(ODERUDomR $QWRQLRGD&RQFHLomR9LHLUD
$QWRQLR0RUHQR1HWR
)UDQFLVFRGH$VVLV&RVWDH6LOYD
+HUQDQL5RVVL&RQWUXFFL
-RVp&DUORVGH6RX]D
5HYLVmRWpFQLFD $QWRQLR0RUHQR1HWR
,UDQGL'XWUD
7H[WRILQDO &pOLD5HJLQD'RPLQJXHV7DODYHUD
5HYLVmR /XL]7KRPD]L)LOKR
3ODQHMDPHQWRYLVXDO 0DUFRV/XHVFK5HLV
&RPSRVLomR 1tULD5DQJHO5LEHLUR
5RVDQD)UHLWDVGD&UX]
3URGXomRJUiILFD 9LFWRU$WDPDQRY
,OXVWUDomR -RVp$QWRQLR'DWWL)HUQDQGH
)RWRJUDILD 5HJLQD0DULD*DOOL
$UWHILQDO 6LOYLD5HJLQDGH2OLYHLUD6LP}HV
'LJLWDOL]DomR 81,&207HUFHLUL]DomRGH6HUYLoRV/WGD

)LFKDFDWDORJUiILFD

6F 6(1$,63'0'%RELQDGHLUDPDQXDO6mR3DXOR(OHWULFLVWDGH

0DQXWHQomR

0RWRUHOpWULFR%RELQDGHLUD/W/O6

&'&

6(1$, 6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO
'HSDUWDPHQWR5HJLRQDOGH6mR3DXOR
$Y3DXOLVWD&HUTXHLUD&HVDU
6mR3DXOR63
&(3

7HOHIRQH ;;

7HOHID[ ;;
6(1$,RQOLQH 

(PDLO VHQDL#VSVHQDLEU
+RPHSDJH KWWSZZZVSVHQDLEU
%RELQDGHLUDPDQXDO

6XPiULR

%RELQDGHLUDPDQXDO 
3DTXtPHWUR 
0HGLUFRPRSDTXtPHWUR 
/LPD 
5pJXDJUDGXDGD 
/LPDU 
,QVWUXPHQWRVGHWUDoDU 
7UDoDUUHWDVQRSODQR 
3XQomRGHELFR 
7UDoDUDUFRVGHFLUFXQIHUrQFLD 
/LPDU6XSHUItFLHFRQYH[D 
%URFDV 
$ILDUEURFDKHOLFRLGDO 
)XUDUFRPIXUDGHLUDHOpWULFD 
*DEDULWRV 
&XUYDUFKDSD 
0DFKRVGHURVFDU 
6HOHomRGRVPDFKRVGHURVFDUEURFDVHOXEULILFDQWHVRXUHIULJHUDQWHV 
5RVFDUPDQXDOPHQWHFRPPDFKRV 
5RVFDUPDQXDOPHQWHFRPWDUUD[D 
$FHVVyULRVGHWUDYDPHQWR 
&RUSRGDERELQDGHLUD 
0DQLYHOD 
0RQWDJHP 
&RQIHFomRGHERELQDGHLUDPDQXDO 

6(1$,63,175$1(7
%RELQDGHLUDPDQXDO

%RELQDGHLUDPDQXDO

$ERELQDGHLUDPDQXDOpXPDPiTXLQDTXHFRQIHFFLRQDERELQDV

&RQIHFFLRQDUXPDERELQDGHLUDpWDUHIDGHDMXVWDJHP

&RPRHOHWULFLVWDGHPDQXWHQomRYRFrGHYHSUHFLVDUWHUQRo}HVGHDMXVWDJHPSRLV
VHUmRYiULDVDVRFDVL}HVHPTXHYRFrSUHFLVDUiFRQVWUXLUDOJXPDVSHoDVGHPHWDO
QHFHVViULDVSDUDVHXWUDEDOKR

&RQVWUXLQGRXPDERELQDGHLUDYRFrDSUHQGHUiDOJXPDVWpFQLFDVGHDMXVWDJHP

&RQIHFFLRQDUXPDERELQDGHLUDPDQXDOpOLPDUWUDoDUHFXUYDUSODFDVGHPHWDO
XPDSDUDRFRUSRHRXWUDSDUDDPDQLYHODHID]HUDPRQWDJHPILQDO

6(1$,63,175$1(7 
%RELQDGHLUDPDQXDO

(VWDWDUHIDHVWiGLYLGLGDHPWUrVSDUWHV

 &RUSRGDERELQDGHLUD
 PDQLYHODH
 PRQWDJHP

&RPRHVWXGRGHVWDWDUHIDYRFrYDLDSUHQGHURTXHVmRHSDUDTXHVHUYHP
 3DTXtPHWUR
 /LPDV
 5pJXDVJUDGXDGDV
 ,QVWUXPHQWRVGHWUDoDU
 3XQomRGHELFR
 %URFDV
 *DEDULWRV
 0DFKRVGHURVFDU
 $FHVVyULRVGHWUDYDPHQWR

3DUDUHDOL]DUDWDUHIDYRFrYDLH[HFXWDUDVVHJXLQWHVRSHUDo}HV

2SHUDomR
 0HGLUFRPSDTXtPHWUR
 /LPDU
 7UDoDUUHWDVQRSODQR
 7UDoDUDUFRVGHFLUFXQIHUrQFLD
 /LPDUVXSHUItFLHFRQYH[D
 $ILDUEURFDKHOLFRLGDO
 )XUDUFRPIXUDGHLUDHOpWULFD
 &XUYDUFKDSD
 5RVFDUPDQXDOPHQWHFRPPDFKRV
 5RVFDUPDQXDOPHQWHFRPWDUUD[D

 6(1$,63,175$1(7
%RELQDGHLUDPDQXDO

3DTXtPHWUR

eXPLQVWUXPHQWRGHSUHFLVmRSDUDWRPDUPHGLGDVOLQHDUHVRXVHMDPHGLGDVTXH
UHSUHVHQWDPFRPSULPHQWRODUJXUDDOWXUDHHVSHVVXUDGDVSHoDV

3HUPLWHDOHLWXUDGHIUDo}HVGHPLOtPHWURVHGHSROHJDGDVDWUDYpVGHXPDHVFDOD
FKDPDGDYHUQLHURXQ{QLR

$SUHFLVmRGRSDTXtPHWURpGHPPRX

2SDTXtPHWURpFRPSRVWRGHGXDVSDUWHVSULQFLSDLV&RUSRIL[RHFRUSRPyYHO

2FRUSRIL[RpFKDPDGRGHFXUVRUeQRFXUVRUTXHILFDDHVFDODYHUQLHU

2EVHUYHQDILJXUDRVFRPSRQHQWHVGRSDTXtPHWUR

 2UHOKDIL[D  9HUQLHUGHSROHJDGDV
 %LFRIL[R  9HUQLHUGHPLOtPHWURV
 2UHOKDPyYHO  (VFDODGHSROHJDGDV
 %LFRPyYHO  (VFDODGHPLOtPHWURV
 )L[DGRU  +DVWHGHSURIXQGLGDGH

6(1$,63,175$1(7 
%RELQDGHLUDPDQXDO

/HLWXUDGRSDTXtPHWURHPGpFLPRGHPLOtPHWUR

$OHLWXUDHPGpFLPRVGHPLOtPHWURVpIHLWDQDHVFDODYHUQLHU

2YHUQLHUGHPLOtPHWURWHPFRPSULPHQWRWRWDOGHPP

(VWiGLYLGLGRHPSDUWHVLJXDLV

&DGDGLYLVmRGRYHUQLHUYDOHSRUWDQWRPP PPDVVLPFDGDGLYLVmRGR
YHUQLHUpPPPHQRUGRTXHFDGDGLYLVmRGDHVFDODGHPLOtPHWURV

3DUDOHUDPHGLomRHPGpFLPRVGHPLOtPHWURVYRFrGHYHOHUQDHVFDODGHPLOtPHWURV
RVPLOtPHWURVLQWHLURVDQWHVGR]HURGRYHUQLHU

&RQWHGHSRLVRVWUDoRVGRYHUQLHUDWpTXHFRLQFLGDFRPXPWUDoRGDHVFDODGH
PLOtPHWURVSDUDREWHURVGpFLPRVGHPLOtPHWUR

 6(1$,63,175$1(7
%RELQDGHLUDPDQXDO

2EVHUYHDILJXUDGDSiJLQDVHJXLQWH

2]HURGRYHUQLHUGHPLOtPHWURVFRLQFLGHH[DWDPHQWHFRPXPGRVWUDoRVGDHVFDODGH
PLOtPHWURV

9HMDTXHFRQWDQGRRVWUDoRVGDHVFDODGHPLOtPHWURGHVGH]HURRpDPHGLGDTXH
FRLQFLGHFRPR]HURGRYHUQLHU3RUWDQWRDPHGLGDpPP

9HMDDJRUDRXWURH[HPSOR

$JRUDR]HURGRYHUQLHUGHPLOtPHWURVQmRFRLQFLGHH[DWDPHQWHFRPQHQKXPWUDoRGD
HVFDODGHPLOtPHWURV

2]HURGRYHUQLHUHVWiHQWUHRVWUDoRVHGDHVFDODGHPLOtPHWURV

1HVVHFDVRILTXHFRPDPHQRUPHGLGDTXHpRXVHMDDPHGLGDTXHDSDUHFH
DQWHVGR]HURGHYHUQLHU

(PVHJXLGDREVHUYHRQGHXPGRVWUDoRVGRYHUQLHUGHPLOtPHWURVFRLQFLGHFRPXP
GRVWUDoRVGDHVFDODGHPLOtPHWURV

6(1$,63,175$1(7 
%RELQDGHLUDPDQXDO

2VWUDoRVFRLQFLGHPQRQ~PHURGRYHUQLHUGHPLOtPHWURV(QWmRDPHGLGDpPP

2EVHUYHHVWHQRYRH[HPSOR

$PHGLGDpPPSRUTXHRGDHVFDODGHPLOtPHWURVHVWiDQWHVGR]HURGRYHUQLHU
HDFRLQFLGrQFLDVHGiQRWUDoRGRYHUQLHU

5HSDUHQR~OWLPRH[HPSOR

1HVWHFDVRDPHGLGDpPPSRUTXHRGDHVFDODGHPLOtPHWURVHVWiDQWHVGR
]HURGRYHUQLHUHDFRLQFLGrQFLDVHGiQRWUDoRGRYHUQLHU

 6(1$,63,175$1(7
%RELQDGHLUDPDQXDO

0HGLUFRPSDTXtPHWUR

 'HVSDUDIXVHRIL[DGRUSDUDRFXUVRU
ILFDUVROWR

 3X[HRFXUVRUGHPRGRTXHRVELFRV
IL[RHPyYHOIRUPHPXPDDEHUWXUD
PDLRUGRTXHRWDPDQKRGDSHoD

 ,QWURGX]DDSHoDHQWUHRVELFRV

6(1$,63,175$1(7 
%RELQDGHLUDPDQXDO

 )HFKHRFXUVRUID]HQGRXPDOHYH
SUHVVmRQDSHoD
)DoDDOHLWXUD

 6(1$,63,175$1(7
%RELQDGHLUDPDQXDO

/LPD

eXPDIHUUDPHQWDHPSUHJDGDSDUDOLPDULVWRpSDUDGHVEDVWDURXGDUDFDEDPHQWRHP
VXSHUItFLHVPHWiOLFDV

eIHLWDGHDoRFDUERQRpWHPSHUDGDPDQXDOHGHQWLFXODGD

2GHQWLFXODGRRXSLFDGRGDVOLPDVpFODVVLILFDGRGHDFRUGRFRPDLQFOLQDomRH
WDPDQKRGRVGHQWHV

4XDQWRjLQFOLQDomRRSLFDGRSRGHVHUVLPSOHVRXGXSORFUX]DGR

4XDQWRDRWDPDQKRGRVGHQWHVDVOLPDVSRGHPVHU%DVWDUGDVRXPXUoDV

%DVWDUGD 0XUoD

$VOLPDVPDLVXVXDLVPHGHPHPPGHFRPSULPHQWR

6(1$,63,175$1(7 
%RELQDGHLUDPDQXDO

8WLOL]DomRHFRQVHUYDomR
 3DUDVHUHPXVDGDVFRPVHJXUDQoDHERPUHQGLPHQWRDVOLPDVGHYHPHVWDUEHP
HQFDEDGDVOLPSDVHFRPRSLFDGRHPERPHVWDGRGHFRUWH
 3DUDOLPSH]DHGHVREVWUXomRGRSLFDGRXVHXPDYDUHWDRXEDUUDGHPHWDOPDFLR
GHFREUHRXODWmRGHSRQWDDFKDWDGD

 3DUDFRQVHUYDomRHYLWHFKRTXHVSURWHMDDOLPDFRQWUDXPLGDGHDILPGHHYLWDU
R[LGDomRHHYLWHRFRQWDWRHQWUHDVOLPDVSDUDQmRHVWUDJDURVGHQWLFXODGRV

 6(1$,63,175$1(7
%RELQDGHLUDPDQXDO

5pJXDJUDGXDGD

eXPLQVWUXPHQWRGHPHGLomRXVDGRSDUDWRPDUPHGLGDVOLQHDUHV

7HPRIRUPDWRGHXPDOkPLQDGHDoRJHUDOPHQWHLQR[LGiYHOJUDGXDGDHPXQLGDGHV
GRVLVWHPDPpWULFRHGRVLVWHPDLQJOrV

eXWLOL]DGDHPPHGLo}HVTXHDGPLWHPHUURVLQIHULRUHVjPHQRUJUDGXDomRGDUpJXD
LVWRpHPPHGLo}HVVHPQHFHVVLGDGHGHSUHFLVmRDEVROXWD

'HWDPDQKRYDULiYHODVUpJXDVJUDGXDGDVPDLVFRPXQVVmRDVGHPP
DSUR[LPDGDPHQWHHPPDSUR[LPDGDPHQWH

&RQVHUYDomR
 (YLWHTXHDUpJXDFDLD
 (YLWHIOH[LRQiODRXWRUFrODSDUDTXHQmRHPSHQHRXTXHEUH
 /LPSHDFRPHVWRSDDSyVRXVR
 3URWHMDDFRQWUDR[LGDomRXVDQGRyOHRTXDQGRIRURFDVR
6(1$,63,175$1(7 
%RELQDGHLUDPDQXDO

 6(1$,63,175$1(7
%RELQDGHLUDPDQXDO

/LPDU

 9HULILTXHVHDPRUVDHVWiQDDOWXUDUHFRPHQGDGDRXVHMDQDDOWXUDGHVHX
FRWRYHOR
&DVRFRQWUiULRSURFXUHRXWURORFDOGHWUDEDOKRRXXVHHVWUDGR

 3UHQGDDSHoDFRQVHUYDQGRDVXSHUItFLHSRUOLPDUQDSRVLomRKRUL]RQWDOHDFLPD
GRPRUGHQWHGDPRUVD

6(1$,63,175$1(7 
%RELQDGHLUDPDQXDO

2EVHUYDomR
$RSUHQGHUSHoDVFRPIDFHVMiDFDEDGDVXVHPRUGHQWHGHSURWHomR

 6HJXUHDOLPDFRQIRUPHPRVWUDDILJXUD

3UHFDXomR
9HULILTXHVHRFDERGDOLPDHVWiEHPSUHVRSDUDHYLWDUDFLGHQWHV

 $SyLHDOLPDVREUHDSHoDREVHUYDQGRDSRVLomRGRVSpVFRPRPRVWUDDILJXUD

 6(1$,63,175$1(7
%RELQDGHLUDPDQXDO

 ,QLFLHROLPDGRFRPPRYLPHQWRVSDUDIUHQWHID]HQGRSUHVVmRFRPDOLPDVREUHD
SHoD

2EVHUYDo}HV
 $OLPDGHYHVHUXVDGDHPWRGDVXDH[WHQVmR
 1RUHWRUQRDOLPDGHYHFRUUHUOLYUHPHQWHVREUHDSHoD
 2OLPDGRSRGHVHUWUDQVYHUVDORXREOtTXR

/LPDGRWUDQVYHUVDO

6(1$,63,175$1(7 
%RELQDGHLUDPDQXDO

/LPDGRREOtTXR

/LPDGRREOtTXR

 2ULWPRGROLPDGRGHYHVHUGHVHVVHQWDJROSHVSRUPLQXWRDSUR[LPDGDPHQWH
 2PRYLPHQWRGDOLPDGHYHVHUGDGRVRPHQWHFRPRVEUDoRV

 0HoDDSHoDDLQWHUYDORVUHJXODUHVFRPUpJXDJUDGXDGDRXSDTXtPHWURDWpDWLQJLU
DPHGLGDHVSHFLILFDGD

 9HULILTXHVHDVXSHUItFLHHVWiSODQDFRPDUpJXDGHFRQWUROH

 6(1$,63,175$1(7
%RELQDGHLUDPDQXDO

,QVWUXPHQWRVGHWUDoDU

5pJXDULVFDGRUHVTXDGURVmRLQVWUXPHQWRVXWLOL]DGRVSDUDWUDoDULVWRpSDUD
GHVHQKDUUHWDVRXFXUYDVHPVXSHUItFLHV

6mRIDEULFDGRVHPDoRFDUERQRHRULVFDGRUWHPDSRQWDDILODGDHWHPSHUDGD

$UpJXDGHWUDoDUWHPXPGRVERUGRV
ELVHODGR

6HUYHGHJXLDSDUDRULVFDGRUTXDQGR
VHWUDoDPOLQKDVUHWDV

2FRPSULPHQWRGDUpJXDYDULDGHD
PP

2ULVFDGRUWHPRFRUSRJHUDOPHQWH
UHFDUWLOKDGR

eXVDGRSDUDID]HUWUDoRVVREUHRV
PDWHULDLV

2FRPSULPHQWRGRULVFDGRUYDULDGHD
PPeIDEULFDGRHPYiULRVPRGHORV
FRPRHVWHDSUHVHQWDGRDRODGR

3UHFDXomR
eFRQYHQLHQWHFRORFDUXPSHGDoRGHFRUWLoDRXERUUDFKDQDSRQWDGRULVFDGRUTXDQGR
HVWHQmRIRUXWLOL]DGRSDUDHYLWDUIHULPHQWRV

2HVTXDGURFDUDFWHUL]DVHSRUWHUXPHQFRVWRGHDSRLR

6(1$,63,175$1(7 
%RELQDGHLUDPDQXDO

6HUYHGHJXLDDRULVFDGRUTXDQGRVHWUDoDPOLQKDVSHUSHQGLFXODUHVHWDPEpPSDUD
YHULILFDUVXSHUItFLHVHPkQJXORGH

2VWDPDQKRVGRVHVTXDGURVVmRGDGRVSHORVFRPSULPHQWRVGDOkPLQDHGDEDVHTXH

HVWmRQXPDUHODomRGHSDUD DSUR[LPDGDPHQWH


&RQVHUYDomR
2VLQVWUXPHQWRVDSyVRXVRGHYHVHUOLPSRVOXEULILFDGRVHJXDUGDGRVHPORFDO
SUySULRSURWHJLGRVFRQWUDFKRTXHV

 6(1$,63,175$1(7
%RELQDGHLUDPDQXDO

7UDoDUUHWDVQRSODQR

 /LPSHRPDWHULDOSDUDUHPRYHUJUD[DHyOHRV
5HFXEUDRPDWHULDOFRPFRUDQWHDGHTXDGR

2EVHUYDo}HV
 2FRUDQWHLQGLFDGRSDUDVXSHUItFLHHPEUXWRRQGHRWUDoDGRpGHSRXFDSUHFLVmRp
RJHVVRFRPXPRXJL]
 3DUDVXSHUItFLHVOLVDVGHWUDoDGRSUHFLVRXVDVHWLQWDD]XOMiSUHSDUDGDQR
FRPpUFLR
 3DUDPHWDLVFODURVXVDVHWLQWDQHJUDHVSHFLDO

 'HWHUPLQHDPHWDGHGDODUJXUDGDSHoD

 7UDFHFRPRFRPSDVVRGHFHQWURWRGRRFRPSULPHQWRGDSHoD

 7UDFHFRPDPHVPDDEHUWXUDGRFRPSDVVRGHFHQWURDVUHWDVSHUSHQGLFXODUHV
QDVH[WUHPLGDGHVGDSHoD

6(1$,63,175$1(7 
%RELQDGHLUDPDQXDO

 $SRLHDEDVHGRHVTXDGURQDIDFHGHUHIHUrQFLD

 7UDFHDVUHWDVXVDQGRHVTXDGURHULVFDGRUUHIRUoDQGRRVWUDoDGRVDQWHULRUHV

2EVHUYDomR
2VWUDoRVGHYHPVHUILQRVQtWLGRVHIHLWRVGHXPDVyYH]

 6(1$,63,175$1(7
%RELQDGHLUDPDQXDO

3XQomRGHELFR

eXPDIHUUDPHQWDTXHVHUYHSDUDPDUFDUSRQWRVGHUHIHUrQFLDQRWUDoDGRHSDUD
PDUFDUFHQWURVSDUDIXUDomRGHSHoDV

eIHLWDGHDoRFDUERQR7HPSRQWDF{QLFDWHPSHUDGDHFRUSRRFWRJRQDORXFLOtQGULFR
UHFDUWLOKDGR

2VSXQo}HVSRGHPVHUGHH

2VGHVHUYHPSDUD 2VGHVHUYHPSDUD 2VGHVHUYHPSDUD

PDUFDURVFHQWURVRQGHVH SRQWHDUWUDoRVGHUHIHUrQFLD PDUFDUDVJXLDVSDUDDV
DSRLDPRVFRPSDVVRVGH EURFDVQDRSHUDomRGH
WUDoDU IXUDU

2FRPSULPHQWRGHSXQo}HVYDULDGHDPP

&RQVHUYDomR
2VSXQo}HVGHYHPVHUPDQWLGRVEHPDILDGRVQmRRVGHL[HFDLU

6(1$,63,175$1(7 
%RELQDGHLUDPDQXDO

 6(1$,63,175$1(7
%RELQDGHLUDPDQXDO

7UDoDUDUFRVGH
FLUFXQIHUrQFLD

 'HWHUPLQHRFHQWURGRDUFRDWUDYpVGDLQWHUVHomRGHGXDVOLQKDV

 $SRLHDSRQWDGRSXQomRQRSRQWRGHWHUPLQDGRLQFOLQDQGRRSDUDDIUHQWHSDUD
IDFLOLWDUDYLVmR

6(1$,63,175$1(7 
%RELQDGHLUDPDQXDO

 0DUTXHRFHQWUREDWHQGRXPD~QLFDYH]FRPRPDUWHORQRSXQomRQDSRVLomR
YHUWLFDO

 $EUDRFRPSDVVRQDPHGLGDGHWHUPLQDGD

 $SyLHXPDGDVSRQWDVGRFRPSDVVRQRFHQWURPDUFDGRHWUDFHRDUFRGH
FLUFXQIHUrQFLDJLUDQGRRFRPSDVVRQRVHQWLGRKRUiULR

 6(1$,63,175$1(7
%RELQDGHLUDPDQXDO

/LPDUVXSHUItFLHFRQYH[D

 7UDFHDSHoDFRPRFRPSDVVR

 3UHQGDDSHoDQDPRUVD

 /LPHREVHUYDQGRRWUDoRFRPPRYLPHQWRSDUDDIUHQWHHSDUDEDL[R

 'rDFDEDPHQWRFRPPRYLPHQWRVSDUDDIUHQWHHSDUDEDL[R

 9HULILTXHFRPRJDEDULWRDFRUUHomRGRSHUILO

6(1$,63,175$1(7 
%RELQDGHLUDPDQXDO

 6(1$,63,175$1(7
%RELQDGHLUDPDQXDO

%URFDV

6mRIHUUDPHQWDVGHFRUWHXVDGDVSDUDID]HUIXURVFLOtQGULFRVHPGLYHUVRVPDWHULDLV

7rPIRUPDFLOtQGULFDVmRWHPSHUDGDVFRPFDQDLVUHWRVRXKHOLFRLGDLV

7HUPLQDPHPSRQWDF{QLFDHVmRDILDGDVFRPXPkQJXORGHWHUPLQDGR

$VEURFDVVHFDUDFWHUL]DPSHODPHGLGDGRGLkPHWURSHODIRUPDKDVWHHSHORPDWHULDO
GHIDEULFDomR

$VEURFDVPDLVXVDGDVVmRDKHOLFRLGDOGHKDVWHFLOtQGULFDHDKHOLFRLGDOGHKDVWH
F{QLFD

$EURFDKHOLFRLGDOGHKDVWHFLOtQGULFDpXWLOL]DGDSUHVDHPXPPDQGULO

eIDEULFDGDFRPGLkPHWURVQRUPDOL]DGRVGHDWpPP

$EURFDKHOLFRLGDOGHKDVWHF{QLFDpPRQWDGDGLUHWDPHQWHQRHL[RGDVPiTXLQDV
,VVRSHUPLWHPDQWrODSUHVDFRPPDLRUILUPH]DSRLVHODVXSRUWDJUDQGHVHVIRUoRVQR
FRUWH

eIDEULFDGDFRPGLkPHWURVQRUPDOL]DGRVGHDPP

6(1$,63,175$1(7 
%RELQDGHLUDPDQXDO

2kQJXORGHSRQWDGDEURFDYDULDGHDFRUGRFRPRPDWHULDOSDUDIXUDU

2EVHUYHQDWDEHODDEDL[RRVkQJXORVUHFRPHQGiYHLVSDUDDOJXQVPDWHULDLVPDLV
FRPXQV

7DEHOD0DWHULDLVHkQJXORVUHFRPHQGiYHLVQDDILDomRGHEURFDV
QJXOR 0DWHULDO
 $oRD
 $oRD
 $oRIRUMDGRRXWUDWDGR
 &REUHHDOXPtQLR
 )HUURIXQGLGRHOLJDVOHYHV
 3OiVWLFRILEUDVHPDGHLUD

2EVHUYHQDILJXUDDEDL[RRkQJXORGHSRQWDGDEURFDGHSDUDDoRD

 6(1$,63,175$1(7
%RELQDGHLUDPDQXDO

3DUDPHOKRUSHQHWUDomRGDEURFDQRPDWHULDODVDUHVWDVGHFRUWHGHYHPWHURPHVPR
FRPSULPHQWRHRkQJXORGHIROJDRXLQFLGrQFLDGHYHWHUGHD

(VWDQGRDEURFDFRUUHWDPHQWHDILDGDDDUHVWDGDSRQWDID]kQJXORGHFRPXPD
UHWDTXHSDVVDSHORFHQWURGDVJXLDV

1RFDVRGHEURFDVGHPDLRUHVGLkPHWURVDDUHVWDGDSRQWDGHYLGRDRVHXWDPDQKR
GLILFXOWDDFHQWUDJHPGDEURFDHWDPEpPDVXDSHQHWUDomRQRPHWDO

eQHFHVViULRHQWmRUHGX]LUVXDODUJXUD

'HVEDVWDPVHSDUDLVVRRVFDQDLVGDEURFDQDVSUR[LPLGDGHVGDSRQWD

(VWHGHVEDVWHIHLWRQDHVPHULOKDGRUDWHPTXHVHUPXLWRFXLGDGRVRGHYHQGRVH
UHWLUDUULJRURVDPHQWHDPHVPDHVSHVVXUDQRVGRLVFDQDLV

&RQVHUYDomR
 0DQWHQKDDVEURFDVEHPDILDGDVHFRPDKDVWHHPERDVFRQGLo}HV
 (YLWHTXHGDVHFKRTXHV
 /LPSHDVDSyVVHUHPXVDGDVJXDUGHDVHPOXJDUDSURSULDGR

6(1$,63,175$1(7 
%RELQDGHLUDPDQXDO

 6(1$,63,175$1(7
%RELQDGHLUDPDQXDO

$ILDUEURFDKHOLFRLGDO

3UHFDXomR
8VHyFXORVGHVHJXUDQoDDRUHDOL]DUTXDOTXHUWUDEDOKRH[HFXWDGRFRPUHEROR

2EVHUYDomR
2H[HUFtFLRGHIL[DomRGHVWDRSHUDomRGHYHVHUIHLWRHPEURFDVGHGLkPHWURVXSHULRUD
PP

6HQHFHVViULRFRUULMDDVDUHVWDVGRUHERORFRPSHGUDGHVEDVWDGRUDDGHTXDGD

 /LJXHDHVPHULOKDGRUD

 6HJXUHDEURFDHPSRVLomRHDSUR[LPHDGRUHEROR

3UHFDXomR
$EURFDGHYHVHUVHJXUDGDFRPILUPH]DHDSUR[LPDGDGRUHERORFXLGDGRVDPHQWH

 $ILHXPGRVJXPHV

 (QFRVWHDEURFDQRUHERORREVHUYDQGRDVLQFOLQDo}HVFRQYHQLHQWHV

6(1$,63,175$1(7 
%RELQDGHLUDPDQXDO

 'rPRYLPHQWRVJLUDWyULRVDOWHUQDGRVQDVDUHVWDVGHFRUWHGDEURFDGHVORFDQGRDH
GHVEDVWDQGRDGRSRQWR$DWpRSRQWR%

 9HULILTXHRkQJXORGDEURFDXVDQGRRYHULILFDGRURXRJRQL{PHWURVLPSOHV

2EVHUYDomR
6HQHFHVViULRUHSLWDRSDVVRDWpFRQVHJXLUXPJXPHSHUIHLWR

 $ILHRRXWURJXPHHYHULILTXHRkQJXOR

 6(1$,63,175$1(7
%RELQDGHLUDPDQXDO

)XUDUFRPIXUDGHLUDHOpWULFD

 3UHQGDDSHoD

2EVHUYDo}HV
 $IL[DomRGHSHQGHGDIRUPDGDSHoD

$SHoDSRGHVHUIL[DGDQDPRUVDGDIXUDGHLUDFRPJUDPSRVRXFRPPRUVDGHPmR
FRPRPRVWUDPDVILJXUDVDEDL[R

6(1$,63,175$1(7 
%RELQDGHLUDPDQXDO

 3DUDHYLWDUSHUIXUDUDPRUVDRXDPHVDGDIXUDGHLUDSRQKDXPSHGDoRGHPDGHLUD
HQWUHDSHoDHDEDVHGHDSRLRGHVWDFRPRPRVWUDDILJXUDVHJXLQWH

 (VFROKDDEURFDGHGLkPHWURDGHTXDGR
9HULILTXHVHHVWiEHPDILDGD

 3UHQGDDEURFDQRPDQGULO

 5HJXOHDURWDomRHRDYDQoRFRQVXOWDQGRXPDWDEHODGHURWDo}HVHDYDQoRV

 6(1$,63,175$1(7
%RELQDGHLUDPDQXDO

 5HJXOHDSURIXQGLGDGHGHSHQHWUDomRGDEURFD
 DSyLHDSRQWDGDEURFDVREUHDSHoDDWXDQGRQDDODYDQFDGHDYDQoR

 JLUHDSRUFDUHJXODGRUDDWpDWLQJLUQREDWHQWHXPDGLVWkQFLD+LJXDOj
SURIXQGLGDGHGHSHQHWUDomR3

2EVHUYDomR
4XDQGRRIXURDH[HFXWDUpSDVVDQWHHVVDGLVWkQFLD+GHYHWHUGRLVRXWUrV
PLOtPHWURVDPDLVSDUDDVVHJXUDUDVDtGDGDEURFD

 $SUR[LPHDEURFDGDSHoDDFLRQDQGRDDODYDQFDGHDYDQoR

 &HQWUHDEURFDQRSRQWRRQGHVHYDLIXUDU

6(1$,63,175$1(7 
%RELQDGHLUDPDQXDO

 /LJXHDPiTXLQD

 )XUH

3UHFDXomR
$EURFDHDSHoDGHYHPHVWDUEHPSUHVDV

2EVHUYDo}HV
 2IOXLGRGHFRUWHGHYHVHUDGHTXDGRDRPDWHULDO
 $RVHDSUR[LPDURILPGDIXUDomRRDYDQoRGDEURFDGHYHVHUOHQWR

 6(1$,63,175$1(7
%RELQDGHLUDPDQXDO

*DEDULWRV

6mRDFHVVyULRVRXLQVWUXPHQWRVDX[LOLDUHVTXHVHUYHPSDUDYHULILFDUFRQWURODURX
IDFLOLWDUFHUWDVRSHUDo}HVGHSHUILVFRPSOLFDGRVIXUDo}HVVXSRUWHVHPRQWDJHQVSDUD
GHWHUPLQDGRVWUDEDOKRVHPVpULH

6mRIDEULFDGRVJHUDOPHQWHHPDoRFDUERQR

6XDVIRUPDVWLSRVHWDPDQKRVYDULDPGHDFRUGRFRPRWUDEDOKRDUHDOL]DU

9HMDQDVILJXUDVDEDL[RDOJXQVJDEDULWRVSDUDFRQWRUQR

6(1$,63,175$1(7 
%RELQDGHLUDPDQXDO

$ILJXUDDVHJXLUPRVWUDXPJDEDULWRSDUDFXUYDURFRUSRGDERELQDGHLUD

2VJDEDULWRVSDUDVHUHPXVDGRVGHYHUmRHVWDUFRPDVIDFHVGHFRQWDWRVHPSUH
SHUIHLWDV

&RQVHUYDomR
2VJDEDULWRVGHYHPHVWDUVHPSUHOLPSRVHVHUJXDUGDGRVDSyVRXVR

 6(1$,63,175$1(7
%RELQDGHLUDPDQXDO

&XUYDUFKDSD

 3UHQGDDSHoDQDPRUVDREVHUYDQGRRVHQFDL[HVGRJDEDULWRQRVIXURVGDSHoD

2EVHUYDomR
8VHFDQWRQHLUDRXFDOoRVTXDQGRIRUQHFHVViULRSURWHJHUDVIDFHVGDSHoDRXIL[DU
SHoDVPDLRUHVTXHRVPRUGHQWHVGDPRUVD

 &XUYHDSHoDXWLOL]DQGRPDUWHORRXPDFHWH

6(1$,63,175$1(7 
%RELQDGHLUDPDQXDO

3UHFDXomR
9HULILTXHVHRPDUWHORRXPDFHWHHVWmREHPHQFDEDGRVHVHDSHoDRVDFHVVyULRVH
RVFDOoRVHVWmREHPSUHVRV

2EVHUYDo}HV
 8VHXPDSURWHomRSDUDHYLWDUVLQDLVGHSDQFDGDVQDSHoDVHQHFHVViULR

 (PFDVRVGHFKDSDPXLWRILQDRXPDWHULDOQmRIHUURVRXVHPDFHWH

 9HULILTXHFRPRJDEDULWRDFRUUHomRGRSHUILO

 6(1$,63,175$1(7
%RELQDGHLUDPDQXDO

0DFKRVGHURVFDU

6mRIHUUDPHQWDVGHFRUWHXVDGDVSDUDUHPRomRGRVPDWHULDLVHSDUDURVFDUSHoDV
LQWHUQDPHQWH

6mRFRQVWLWXtGDVGHDoRFDUERQRRXDoRUiSLGR

2DoRUiSLGRpRTXHDSUHVHQWDPHOKRUUHVLVWrQFLDDRGHVJDVWHFDUDFWHUtVWLFDEiVLFD
GHXPDIHUUDPHQWDGHFRUWH

2VPDFKRVGHURVFDUVmRIRUPDGRVSRUXPDKDVWHFLOtQGULFDTXHWHUPLQDHPXPD
FDEHoDGHHQFDL[HTXDGUDGD

2VPDFKRVGHURVFDUSRGHPVHUSDUDXVRPDQXDORXSDUDPiTXLQDV

2VPDFKRVGHURVFDUPDQXDLVVmRDSUHVHQWDGRVHPMRJRGHGXDVRXWUrVSHoDV
VHQGRYDULiYHLVDHQWUDGDGHURVFDHRGLkPHWURHIHWLYR

$QRUPD$16,$PHULFDQ1DWLRQDO6WDQGDUG,QVWLWXWHDSUHVHQWDRPDFKRHPMRJRGH

WUrVSHoDVFRPYDULDomRDSHQDVQDHQWUDGDFRQKHFLGRFRPRSHUILOFRPSOHWR

$QRUPD',1'HXWVFKH,QGXVWULH1RUPHQDSUHVHQWDRPDFKRHPMRJRGHGXDVRXWUrV

SHoDVFRPYDULDomRGRFKDQIURHGRGLkPHWURHIHWLYRGDURVFDFRQKHFLGRFRPR
VHULDGR

6(1$,63,175$1(7 
%RELQDGHLUDPDQXDO

2EVHUYDomR
1DVURVFDVFLOtQGULFDVRGLkPHWURGRFLOLQGURpLPDJLQiULR

6XDVXSHUItFLHLQWHUFHSWDRVSHUILVGRVILOHWHVHPXPDSRVLomRWDOTXHDODUJXUDGRYmR
QHVVHSRQWRpLJXDOjPHWDGHGRSDVVR

1DVURVFDVFXMRVILOHWHVWHPSHUILVSHUIHLWRVDLQWHUVHomRVHGiHPXPSRQWRRQGHD
HVSHVVXUDGRILOHWHpLJXDOjODUJXUDGRYmR

2VPDFKRVSDUDURVFDUDPiTXLQDVmRDSUHVHQWDGRVHPXPD~QLFDSHoD

6HXIRUPDWRpQRUPDOL]DGRSHOD',1LVWRpDSUHVHQWDVHXFRPSULPHQWRWRWDOPDLRU
TXHRPDFKRPDQXDO

2VPDFKRVGHURVFDUVmRFODVVLILFDGRVDSDUWLUGHVHLVFDUDFWHUtVWLFDV6LVWHPDGH
URVFDDSOLFDomRSDVVRRXQ~PHURGHILOHWHVSRUSROHJDGDGLkPHWURH[WHUQRRX
QRPLQDOGLkPHWURGDHVSLJDRXKDVWHFLOtQGULFDHVHQWLGRGDURVFD

6LVWHPDGHURVFD
+iWUrVWLSRVGHURVFDVGHPDFKRV0pWULFR:KLWZRUWKH$PHULFDQR866

$SOLFDomR
2VPDFKRVGHURVFDUVmRIDEULFDGRVSDUDURVFDUSHoDVLQWHUQDPHQWH

3DVVRRXQ~PHURGHILOHWHVSRUSROHJDGD
(VWDFDUDFWHUtVWLFDLQGLFDVHDURVFDpQRUPDORXILQD

'LkPHWURH[WHUQRRXQRPLQDO
5HIHUHVHDRGLkPHWURH[WHUQRGDSDUWHURVFDGD

'LkPHWURGDHVSLJDRXKDVWHFLOtQGULFD
eXPDFDUDFWHUtVWLFDTXHLQGLFDVHRPDFKRGHURVFDUVHUYHRXQmRSDUDID]HUURVFD
HPIXURVPDLVSURIXQGRVTXHRFRUSRURVFDGRSRLVH[LVWHPPDFKRVGHURVFDUTXH
DSUHVHQWDPGLkPHWURGDKDVWHFLOtQGULFDLJXDODRGDURVFDRXLQIHULRUDRGLkPHWURGR
FRUSRURVFDGR

 6(1$,63,175$1(7
%RELQDGHLUDPDQXDO

9HMDQDVILJXUDVDEDL[RHVVHVWLSRVGHPDFKRV

6HQWLGRGDURVFD
5HIHUHVHDRVHQWLGRGDURVFDLVWRpVHpGLUHLWDULJWKRXHVTXHUGDOHIW

&ODVVLILFDomRGRVPDFKRVGHURVFDUVHJXQGRRWLSRGHURVFD

5RVFD QRUPDO

6LVWHPD0pWULFR
ILQD









QRUPDO%6:
SDUDSDUDIXVRV
5RVFD6LVWHPD ILQD%6)
0DFKRV
:KLWZRUWK
GH SDUDWXERV %63 %637

URVFDU







QRUPDO1&
SDUDSDUDIXVRV
5RVFD6LVWHPD ILQD1)

$PHULFDQR866
SDUDWXERV 137

6(1$,63,175$1(7 
%RELQDGHLUDPDQXDO

 6(1$,63,175$1(7
%RELQDGHLUDPDQXDO

6HOHomRGRVPDFKRVGH
URVFDUEURFDVHOXEULILFDQWHV
RXUHIULJHUDQWHV

3DUDURVFDUFRPPDFKRVpLPSRUWDQWHVDEHUVHOHFLRQDURVPDFKRVHDEURFDFRPD
TXDOVHGHYHID]HUDIXUDomR

'HYHVHWDPEpPVHOHFLRQDURWLSRGHOXEULILFDQWHRXUHIULJHUDQWHTXHVHUiXVDGR
GXUDQWHDDEHUWXUDGDURVFD

2VOXEULILFDQWHVRXIOXLGRVGHFRUWHWrPGXDVILQDOLGDGHV5HIULJHUDUDIHUUDPHQWDHD
SHoDHOXEULILFDUDIHUUDPHQWDSDUDSURSRUFLRQDUPDLRUGXUDELOLGDGHHPHOKRU
DFDEDPHQWR

2VOXEULILFDQWHVSRGHPVHUyOHRVGHFRUWHRXVROXo}HVGHFRUWH

2VyOHRVGHFRUWHVmRyOHRVPLQHUDLVDRVTXDLVVHDGLFLRQDPFRPSRVWRVTXtPLFRV
6mRXVDGRVFRPRVHDSUHVHQWDPFRPHUFLDOPHQWH

+iXPWLSRGHyOHRHVSHFtILFRSDUDFDGDPDWHULDO

$VVROXo}HVGHFRUWHVmRPLVWXUDGDVSUHSDUDGDVFRPiJXDHRXWURVHOHPHQWRVFRPR
yOHRVRO~YHOHQ[RIUHEyUD[HWF

$WDEHODVHJXLQWHLQGLFDRWLSRGHVROXomRDGHTXDGDDFDGDWUDEDOKR

6(1$,63,175$1(7 
%RELQDGHLUDPDQXDO

7DEHOD7LSRGHVROXomRUHIULJHUDQWHHPDWHULDODVHUWUDEDOKDGR
7LSRGHWUDEDOKR
0DWHULDO
)XUDU 5RVFDU
JXDFRPGHyOHR OHRPLQHUDOFRPGH
$oRFDUERQRD
VRO~YHO HQ[RIUHSy
OHRPLQHUDOFRPGH
)HUURIXQGLGR $VHFR
HQ[RIUHSy
4XHURVHQHFRPGH 4XHURVHQHFRPGHyOHR
$OXPtQLRHVXDVOLJDV
yOHRPLQHUDO PLQHUDO
JXDFRPGHyOHR OHRPLQHUDOFRPGH
%URQ]HHODWmR
VRO~YHO HQ[RIUHSy
4XHURVHQHFRPGH 4XHURVHQHFRPGHyOHR
&REUH
yOHRPLQHUDO PLQHUDO

$OJXQVIOXLGRVGHFRUWHWrPVXEVWkQFLDVTXHID]HPPDOjSHOHHjVD~GH

/DYHVHPSUHDVPmRFRPiJXDHVDEmRDSyVRXVRGRVIOXLGRVHQmRDVSLUHRVJDVHV
HPDQDGRVGDUHIULJHUDomR

2VPDFKRVGHURVFDUGHYHPVHUHVFROKLGRVGHDFRUGRFRPDVHVSHFLILFDo}HVGR
GHVHQKRGDSHoDTXHHVWDPRVWUDEDOKDQGRRXGHDFRUGRFRPDVLQVWUXo}HVUHFHELGDV

3RGHPRVWDPEpPHVFROKHURVPDFKRVGHURVFDUWRPDQGRFRPRUHIHUrQFLDR
SDUDIXVRTXHYDPRVXWLOL]DU

$WDEHODVHJXLQWHDSUHVHQWDRVGLkPHWURVQRPLQDLVGLkPHWURH[WHUQRGRVPDFKRVGH

URVFDUDVVLPFRPRRVGLkPHWURVGDVEURFDVTXHGHYHPVHUXVDGDVQDIXUDomR

7DEHOD'LkPHWURGDEURFDHGLkPHWURQRPLQDOGRPDFKR
'LkPHWURGDEURFD 0DFKR
PP 3ROHJDGD 3ROHJDGD
  
  
 
  
  
  
  

 6(1$,63,175$1(7
%RELQDGHLUDPDQXDO

&RQGLo}HVGHXVRGRVPDFKRVGHURVFDU
3DUDVHUHPXVDGRVHOHVGHYHPHVWDUEHPDILDGRVHFRPWRGRVRVILOHWHVHPERP
HVWDGR

&RQVHUYDomR
3DUDFRQVHUYDURVPDFKRVGHURVFDUHPERPHVWDGRpSUHFLVROLPSiORVDSyVRXVR
HYLWDUFKRTXHVHJXDUGiORVVHSDUDGRVHPVHXVHVWRMRV

6(1$,63,175$1(7 
%RELQDGHLUDPDQXDO

 6(1$,63,175$1(7
%RELQDGHLUDPDQXDO

5RVFDUPDQXDOPHQWHFRP
PDFKRV

 )L[HDSHoDQDPRUVDVHQHFHVViULR

2EVHUYDomR
0DQWHQKDHPSRVLomRYHUWLFDORIXURTXHVHUiURVFDGRVHSRVVtYHO

 6HOHFLRQHRVPDFKRV

 &RORTXHRSULPHLURPDFKRQRGHVDQGDGRU

2EVHUYDomR
2WDPDQKRGRGHVDQGDGRUGHYHVHUSURSRUFLRQDODRWDPDQKRGRPDFKR

6(1$,63,175$1(7 
%RELQDGHLUDPDQXDO

 ,QWURGX]DRPDFKRQRIXURH[HUFHQGROHYHSUHVVmRVREUHRPHVPR
'rDVYROWDVQHFHVViULDVDWpTXHLQLFLHRFRUWHFRPRPRVWUDDILJXUD

 9HULILTXHDSHUSHQGLFXODULGDGHHFRUULMDDVHQHFHVViULR

 7HUPLQHGHSDVVDURSULPHLURPDFKR

2EVHUYDo}HV
 2IOXLGRGHFRUWHGHYHVHUVHOHFLRQDGRVHJXQGRDVFDUDFWHUtVWLFDVGRPDWHULDOGH
URVFDU
 6HQGRJUDQGHDUHVLVWrQFLDDRFRUWHJLUHRPDFKROLJHLUDPHQWHQRVHQWLGR
FRQWUiULRDILPGHTXHEUDURFDYDFR

 3DVVHRVHJXQGRPDFKRFRPPRYLPHQWRFLUFXODUDOWHUQDWLYR

 3DVVHRWHUFHLURPDFKRFRPPRYLPHQWRFLUFXODUFRQWtQXR

2EVHUYDomR
(PFDVRGHIXURVQmRSDVVDQWHVJLUHRPDFKRFRPPDLVFXLGDGRDRVHDSUR[LPDUR
ILPGRIXURSDUDHYLWDUTXHVHTXHEUH

 6(1$,63,175$1(7
%RELQDGHLUDPDQXDO

5RVFDUPDQXDOPHQWHFRP
WDUUD[D

 0HoDFRPSDTXtPHWURRGLkPHWURGRPDWHULDODVHUURVFDGR

 &KDQIUHRPDWHULDOSDUDIDFLOLWDURLQtFLRGDRSHUDomR

2EVHUYDomR
2FKDQIURJHUDOPHQWHpIHLWRQRWRUQRPDVSRGHVHWDPEpPID]rORQDHVPHULOKDGRUD

 0DUTXHVREUHRPDWHULDORFRPSULPHQWRDURVFDU

 6HOHFLRQHRFRVVLQHWH

2EVHUYDomR
3DUDVHOHFLRQDURFRVVLQHWHWRPHHPFRQVLGHUDomRRGLkPHWURGRPDWHULDORSDVVRRX
Q~PHURGHILRVGDURVFD

6(1$,63,175$1(7 
%RELQDGHLUDPDQXDO

 6HOHFLRQDURSRUWDFRVVLHWH

2EVHUYDomR
6HOHFLRQHRSRUWDFRVVLQHWHWRPDQGRHPFRQVLGHUDomRRGLkPHWURH[WHUQRGR
FRVVLQHWH

 0RQWHDWDUUD[DGHPRGRTXH
 DSDUWHGHGLkPHWURPDLRUGRFRVVLQHWHILTXHYROWDGDSDUDYRFr

 DDEHUWXUDGRFRVVLQHWHFRLQFLGDFRPRSDUDIXVRGHUHJXODJHP
 DVSHUIXUDo}HVGDSHULIHULDGRFRVVLQHWHFRLQFLGDPFRPRVSDUDIXVRVGHIL[DomR
GRSRUWDFRVVLQHWH

 $SHUWHRVSDUDIXVRVDOWHUQDGDPHQWHXVDQGRDFKDYHDGHTXDGD

 3UHQGDRPDWHULDO

2EVHUYDomR
4XDQGRRPDWHULDOIRUWRGRFLOtQGULFRGHYHVHXWLOL]DUXPGRVPRUGHQWHVHPIRUPDGH
9SDUDVHHYLWDUTXHHOHJLUH

 6(1$,63,175$1(7
%RELQDGHLUDPDQXDO

2EVHUYHRPRUGHQWHQDILJXUDVHJXLQWH

 &RORTXHDWDUUD[DFRPDSDUWHF{QLFDPDLRUVREUHRFKDQIURGRPDWHULDO

,QLFLHDURVFDJLUDQGRDWDUUD[DQRVHQWLGRKRUiULRFRPPRYLPHQWRFRQWtQXR
)DoDSUHVVmRDWpFRQVHJXLUDEULUGRLVRXWUrVILRV

$SOLTXHIOXLGRGHFRUWH

7HUPLQHGHURVFDUFRPPRYLPHQWRVDOWHUQDWLYRVPHLDYROWDQRVHQWLGRKRUiULRH
XPTXDUWRGHYROWDQRVHQWLGRDQWLKRUiULR

6(1$,63,175$1(7 
%RELQDGHLUDPDQXDO

5HWLUHDWDUUD[DJLUDQGRFRQWLQXDPHQWHQRVHQWLGRDQWLKRUiULR

/LPSHDURVFDFRPSLQFHO

9HULILTXHDURVFDFRPXPDSRUFDRXFRPXPFDOLEUDGRUGHURVFD

 $MXVWHRFRVVLQHWHHUHSDVVHVHQHFHVViULR

 6(1$,63,175$1(7
%RELQDGHLUDPDQXDO

$FHVVyULRVGHWUDYDPHQWR

$QpLVGHUHWHQomR

6mRWUDYDVUiSLGDVIHLWDVHPDoRHWrPJHUDOPHQWHIRUPDDUUHGRQGDGD

6HUYHPSDUDWUDYDUHL[RVHPVHXVDORMDPHQWRVPDQFDLVURODPHQWRVGHHVIHUDHWF

2VDQpLVGHUHWHQomRVmRXWLOL]DGRVHPHOHWURGRPpVWLFRVHPiTXLQDVIHUUDPHQWDV
SRUWiWHLVSRLVIDFLOLWDPDPRQWDJHPHGHVPRQWDJHP

2EVHUYHQDVILJXUDVDEDL[RDOJXQVPRGHORV

$QHOGHUHWHQomRSDUDHL[RV

$QHOGHUHWHQomRSDUDIXURV

$QHOGHUHWHQomRSDUDHL[RVOLVRVVHP
UDQKXUD

$QHOGHWUDYDPHQWRSDUDHL[RV

6(1$,63,175$1(7 
%RELQDGHLUDPDQXDO

+iDOLFDWHVSUySULRVSDUDDPRQWDJHPHGHVPRQWDJHPGHFHUWRVWLSRVGHDQpLV

9HMDQDILJXUDRWLSRPDLVFRPXP

&XSLOKDV

6mRJUDPSRVIHLWRVHPDoRHPGLYHUVRVGLkPHWURVHFRPSULPHQWR

7rPXPDGDVKDVWHVPHQRUGRTXHDRXWUD

6HUYHPSDUDOLPLWDUSHUFXUVRVPHFkQLFRVWUDYDUSRUFDVHWF

 6(1$,63,175$1(7
%RELQDGHLUDPDQXDO

&RUSRGDERELQDGHLUD

5HVXPRSDUDH[HFXomR

 /LPHQDODUJXUD 2SHUDomR )HUUDPHQWDVLQVWUXPHQWRV

/LPDU  /LPDFKDWDEDVWDUGD
 /LPDFKDWDPXUoD
 0RUVD
 5pJXDJUDGXDGD
 7UDFHRHL[RORQJLWXGLQDO 2SHUDomR )HUUDPHQWDVLQVWUXPHQWRV
HRXWUDQVYHUVDO 7UDoDUUHWDVQRSODQR  5pJXD
 5LVFDGRU
 (VTXDGUR

6(1$,63,175$1(7 
%RELQDGHLUDPDQXDO

 3XQFLRQHDSHoD )HUUDPHQWDVLQVWUXPHQWRV

 3XQomR
 0DUWHOR
 7UDFHHOLPH 2SHUDomR )HUUDPHQWDVLQVWUXPHQWRV
RVUDLRV /LPDU  5pJXDULVFDGRU
2SHUDomR FRPSDVVRGHSRQWD
7UDoDUDUFRVGH  /LPDFKDWDEDVWDUGD
FLUFXQIHUrQFLD  /LPDFKDWDPXUoD
 0RUVDSXQomR
 )DoDIXURV 2SHUDomR )HUUDPHQWDVLQVWUXPHQWRV
$ILDUEURFDKHOLFRLGDO  0RUVDHEURFD
2SHUDomR  )XUDGHLUD
)XUDUFRPIXUDGHLUDHOpWULFD
 &XUYHDSHoD 2SHUDomR )HUUDPHQWDVLQVWUXPHQWRV
&XUYDUFKDSD  'HVDQGDGRUHPDFKRV
 )DoDDURVFD 2SHUDomR )HUUDPHQWDVLQVWUXPHQWRV
5RVFDUPDQXDOPHQWHFRP  'HVDQGDGRUHPDFKRV
PDFKRV
 /L[HDSHoDGDQGR 2SHUDomR )HUUDPHQWDVLQVWUXPHQWRV
DFDEDPHQWR /LPDU  /LPDUFKDWDPXUoD

0DWHULDOHGLPHQVmRDoR$%17ODPLQDGRFKDWR[[PP

 6(1$,63,175$1(7
%RELQDGHLUDPDQXDO

0DQLYHOD

5HVXPRSDUDH[HFXomR

 7UDFHDVPHGLGDVGDV 2SHUDomR )HUUDPHQWDVLQVWUXPHQWRV

GREUDV 7UDoDUUHWDVQRSODQR  5pJXDULVFDGRU
HVTXDGURHFRPSDVVR
GHFHQWUR
 )DoDDVGREUDVH 2SHUDomR )HUUDPHQWDVLQVWUXPHQWRV
&XUYDUFKDSD  0DUWHORJDEDULWRH
PRUVD
 )DoDRDORMDPHQWRSDUD )HUUDPHQWDVLQVWUXPHQWRV
RDQHOGHUHWHQomRSDUD  $UFRGHVHUUD
HL[RV
 7UDFHQRFRPSULPHQWR 2SHUDomR )HUUDPHQWDVLQVWUXPHQWRV
GDURVFD 0HGLUFRPSDTXtPHWUR  5pJXD
 5LVFDGRU
 (VTXDGUR

6(1$,63,175$1(7 
%RELQDGHLUDPDQXDO

 &KDQIUHRWRSRHIDoDD 2SHUDomR )HUUDPHQWDVLQVWUXPHQWRV

URVFD 5RVFDUPDQXDOPHQWH  &RVVLQHWH
FRPPDFKRV  3RUWDFRVVLQHWH
 (VPHULOKDGRUD
 /LPHDSHoDGDQGR 2SHUDo}HV )HUUDPHQWDVLQVWUXPHQWRV
DFDEDPHQWR 5RVFDUPDQXDOPHQWH  /LPDFKDWDPXUoD
FRPPDFKRV
 0RQWHRFDER  
FRORFDQGRRDQHOGH
UHWHQomRSDUDHL[RVQR
UDVJR$HGHSRLVQR
UDVJR%
 )DoDXPIXURQDSRUFD 2SHUDomR )HUUDPHQWDVLQVWUXPHQWRV
ERUEROHWD )XUDUFRPIXUDGHLUD  %URFD
HOpWULFD  )XUDGHLUD
 $EUDURVFDGH 2SHUDomR )HUUDPHQWDVLQVWUXPHQWRV
5RVFDUPDQXDOPHQWH  'HVDQGDGRUGHPDFKRH
FRPPDFKRV PDFKR

0DWHULDOHGLPHQVmRDoRWUHILODGRUHGRQGR

DUUXHODVGHODWmR[PP
FDERSOiVWLFRSDUDPDQLYHOD
FXSLOKDVSDUDIXURGHPP
SRUFDVH[WDYDGD:GH
DQpLVGHUHWHQomRSDUDHL[RVHHJHUUHQR
SRUFDERUEROHWDGHIHUURIXQGLGR
DUUXHODVOLVDVGHDoR

 6(1$,63,175$1(7
%RELQDGHLUDPDQXDO

0RQWDJHP

 &XSLOKD  $oR[

 $UUXHODOLVD  $oR

 $UUXHOD  /DWmR[

 $QHOGHUHWHQomRSDUDHL[R5HQR  $oR

 3RUFDERUEROHWD  $oR

 3RUFDVH[WDYDGD  $oR

 3XQKR  3ROLHVWLUHQR$OWRLPSDFWR

 &RUSR  $oR [[

 0DQLYHOD  $oR[7UHILODGR

4XDQW 'HQRPLQDo}HVHREVHUYDo}HV 3HoD 0DWHULDOHGLPHQV}HV

6(1$,63,175$1(7 
%RELQDGHLUDPDQXDO

5HVXPRSDUDH[HFXomR

 ,QWURGX]DSDUFLDOPHQWH
DPDQLYHODQRFRUSR
GDERELQDGHLUDH
FRORTXHDVDUUXHODV
OLVDV
 7HUPLQHHLQWURGX]DD  
PDQLYHODQRFRUSR
REVHUYDQGRDFRWD
LQGLFDGDQRGHVHQKR
 &RORTXHDVDUUXHODV  
OLVDVQRVUHVSHFWLYRV
HQFRVWRV
 0DUTXHRVIXURVGDV  
FXSLOKDV
 'HVPRQWHSXQFLRQHH 2SHUDomR )HUUDPHQWDVLQVWUXPHQWRV
IXUH )XUDUFRPIXUDGHLUDHOpWULFD  3XQomRPRUVDEURFDV
 5HIDoDDPRQWDJHP  
 &XSLOKH   $OLFDWHGHELFR
 'rRDFDEDPHQWR 2SHUDomR )HUUDPHQWDVLQVWUXPHQWRV
QHFHVViULR /LPDU  /LPDFKDWDPXUoD

 6(1$,63,175$1(7
%RELQDGHLUDPDQXDO

&RQIHFomRGHERELQDGHLUD
PDQXDO

 &RPSOHWHDIUDVH
$ILJXUDDEDL[RPRVWUDXPSDTXtPHWURDSUHVHQWDQGRDPHGLGDBBBBBBBBBBBBBBB

 $VVLQDOHFRP;DDOWHUQDWLYDFRUUHWD

D 1DRSHUDomRGHOLPDU
 2OLPDGRSRGHVHUWUDQVYHUVDORXREOtTXR
 $OLPDGHYHVHUXVDGDFRPSHTXHQRVJROSHV
 $SUHVVmRFRPDOLPDVREUHDSHoDGHYHVHUDSHQDVQRUHWRUQR

E 2VLQVWUXPHQWRVLQGLFDGRVSDUDWUDoDUUHWDVQRSODQRVmR
 5LVFDGRUHVXWD
 5LVFDGRUHUpJXDGHWUDoDU
 3XQomRHUpJXDJUDGXDGD

 (VFUHYDQDVOLQKDVLQGLFDGDVRVkQJXORVGHSRQWDGHEURFDDGHTXDGRVSDUDIXUDU
RVVHJXLQWHVPDWHULDLV
$oR
&REUH
0DGHLUD

6(1$,63,175$1(7 
%RELQDGHLUDPDQXDO

 &RPSOHWHDIUDVHQDOLQKDLQGLFDGDHVFUHYHQGRDDOWHUQDWLYDFRUUHWD

(PUHODomRDRXVRGDIXUDGHLUDDRVHDSUR[LPDURILPGDIXUDomRRDYDQoRGD
EURFDGHYHVHU BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
 0DLVOHQWR
 0DLVUiSLGR

 (VFUHYD&VHDIUDVHHVWLYHUFHUWDRX(VHDIUDVHHVWLYHUHUUDGD

D 4XDQWRDRVJDEDULWRV
 6HUYHPSDUDYHULILFDUSHUILVHFRQWRUQRV
 6mRXVDGRVFRPIRUPDSDUDWUDEDOKDUHPDoR
 3DUDVHUHPXVDGRVGHYHUmRHVWDUFRPDVIDFHVGHFRQWDWRVHPSUHSHUIHLWDV

E 1DRSHUDomRGHURVFDUFRPPDFKRV
 2VPDFKRVGHURVFDUVmRXVDGRVSDUDDEULUURVFDVH[WHUQDV
 8PDGDVFDUDFWHUtVWLFDVGRVPDFKRVVHUHIHUHDRVHQWLGRGDURVFDVHp
GLUHLWDRXHVTXHUGD
 2GLkPHWURGRVPDFKRVpVHPSUHVXSHULRUDRGDURVFD

 &LWHQRVHVSDoRVLQGLFDGRVRVOXEULILFDQWHVDGHTXDGRVSDUDFDGDWLSRGHPDWHULDO
D $oR )XUDU
5RVFDU
E &REUH )XUDU
5RVFDU
F )HUURIXQGLGR )XUDU
5RVFDU

 $VVLQDOHFRP;DDOWHUQDWLYDFRUUHWD

1DRSHUDomRGHURVFDUFRPWDUUD[DGHYHVH
 &KDQIUDURPDWHULDOQDHVPHULOKDGRUD
 &RQVLGHUDURFRPSULPHQWRDVHUURVTXHDGRSDUDVHOHFLRQDUR
FRVVLQHWH
 'DUPRYLPHQWRDOWHUQDWLYRVVHQGRGXDVYROWDVQRVHQWLGRKRUiULR
HXPDYROWDHPHLDQRVHQWLGRDQWLKRUiULRSDUDWHUPLQDUDURVFD

 6(1$,63,175$1(7


$SUHQGL]DJHP,QGXVWULDO

(OHWULFLVWDGHPDQXWHQomR
%RELQDGHLUDPDQXDO
0RQWDJHPGHIHUURGHVROGDU
3UHSDUDomRHERELQDJHPGHWUDQVIRUPDGRUPRQRIiVLFR
3RODUL]DomRHHQVDLRGHWUDQVIRUPDGRUWULIiVLFR
%RELQDJHPGHPRWRUWULIiVLFRPHLRLPEULFDGR
%RELQDJHPGHPRWRUWULIiVLFRLPEULFDGR
%RELQDJHPGHPRWRUWULIiVLFRFRPOLJDomR'DKODQGHU
%RELQDJHPGHPRWRUWULIiVLFRGHIDVHDX[LOLDU
%RELQDJHPGHURWRUFRPERELQDVSUpPROGDGDV
3UHSDUDomRHERELQDJHPGHURWRUXQLYHUVDO
3UHSDUDomRHERELQDJHPGHDUPDGXUDVGHPiTXLQDVFF