&DUDFWHUtVWLFDVGDUHGHGHDOLPHQWDomR 2VLVWHPD 1R%UDVLORVLVWHPDGHDOLPHQWDomRSRGHVHUPRQRIiVLFRRXWULI iVLFR2 VLVWHPDPRQRIiVLFRpXWLOL]DGRHPVHUYLoRVGRPpVWLFRVFRPHUFLD LVHUXUDLV HQTXDQWRRVLVWHPDWULIiVLFRHPDSOLFDo}HVLQGXVWULDLVDPERVHP+] 7ULIiVLFR $VWHQV}HVWULIiVLFDVPDLVXVDGDVQDVUHGHVLQGXVWULDLVVmR %DL[DWHQVmR99H9 0pGLDWHQVmR99H9 2VLVWHPDWULIiVLFRHVWUHODGHEDL[DWHQVmRFRQVLVWHGHWUrVFRQGXWRUHVGH IDVH///HRFRQGXWRUQHXWUR1VHQGRHVWHFRQHFWDGRDRSRQWR HVWUHODGRJHUDGRURXVHFXQGiULRGRVWUDQVIRUPDGRUHVFRQIRUPH PRVWUD ILJXUD )LJXUD6LVWHPDPRQRILODUFRPWUDQVIRUPDGRUGHLVRODPHQWR F6LVWHPD057QDYHUVmRQHXWURSDUFLDO eHPSUHJDGRFRPRVROXomRSDUDDXWLOL]DomRGR057HPUHJL}HVGHVRORV GHDOWDUHVLVWLYLGDGHTXDQGRVHWRUQDGLItFLOREWHUYDORUHVGH UHVLVWrQFLD GHWHUUDGRVWUDQVIRUPDGRUHVGHQWURGRVOLPLWHVPi[LPRVHVWDEHO HFLGRV QRSURMHWR )LJXUD6LVWHPDWULIiVLFR 0RQRIiVLFRFRPUHWRUQRSRUWHUUD057 2VLVWHPDPRQRIiVLFRFRPUHWRUQRSRUWHUUD057pXPVLVWHP D HOpWULFRHPTXHDWHUUDIXQFLRQDFRPRFRQGXWRUGHUHWRUQRGDFR UUHQWHGH FDUJD$ILJXUDVHFRPRVROXomRSDUDRHPSUHJRQRPRQRIiVLFRDSDUWLUGH DOLPHQWDGRUHVTXHQmRWrPRFRQGXWRUQHXWUR'HSHQGHQGRGDQDWXUH]DGR VLVWHPDHOpWULFRH[LVWHQWHHFDUDFWHUtVWLFDVGRVRORRQGHVHUi LPSODQWDGR JHUDOPHQWHQDHOHWULILFDomRUXUDOWHPVH D6LVWHPDPRQRILODU eDYHUVmRPDLVSUiWLFDHHFRQ{PLFDGR057SRUpPVXDXWLOL]Do mRVyp SRVVtYHORQGHDVDtGDGDVXEHVWDomRGHRULJHPpHVWUHODWULkQJXOR )LJXUD6LVWHPD057QDYHUVmRQHXWURSDUFLDO 7HQVmRQRPLQDO eDWHQVmRSDUDDTXDORPRWRUIRLSURMHWDGR 7HQVmRQRPLQDOP~OWLSOD $JUDQGHPDLRULDGRVPRWRUHVpIRUQHFLGDFRPWHUPLQDLVGRHQURO DPHQWR UHOLJiYHLVGHPRGRDSRGHUHPIXQFLRQDUHPUHGHVGHSHORPHQRV GXDV WHQV}HVGLIHUHQWHV2VSULQFLSDLVWLSRVGHUHOLJDomRGHWHUPLQD LVGHPRWRUHV SDUDIXQFLRQDPHQWRHPPDLVGHXPDWHQVmRVmR D/LJDomRVpULHSDUDOHOD 2HQURODPHQWRGHFDGDIDVHpGLYLGLGRHPGXDVSDUWHVOHPEUDUT XHR Q~PHURGHSyORVpVHPSUHSDUGHPRGRTXHHVWHWLSRGHOLJDomRpVHPSUH SRVVtYHO/LJDQGRDVGXDVPHWDGHVHPVpULHFDGDPHWDGHILFDUi FRPD PHWDGHGDWHQVmRGHIDVHQRPLQDOGRPRWRU/LJDQGRDVGXDVPHWDGHVHP SDUDOHORRPRWRUSRGHUiVHUDOLPHQWDGRFRPXPDWHQVmRLJXDOj PHWDGH GDWHQVmRDQWHULRUVHPTXHVHDOWHUHDWHQVmRDSOLFDGDDFDGDERELQD9HMD RVH[HPSORVGDVILJXUDVDHE )LJXUD6LVWHPDPRQRILODU E6LVWHPDPRQRILODUFRPWUDQVIRUPDGRUGHLVRODPHQWR (VWHVLVWHPDSRVVXLDOJXPDVGHVYDQWDJHQVDOpPGRFXVWRGRWUDQ VIRUPDGRU FRPR /LPLWDomRGDSRWrQFLDGRUDPDOjSRWrQFLDQRPLQDOGRWUDQVIRUPDGRUGH LVRODPHQWR 1HFHVVLGDGHGHUHIRUoDURDWHUUDPHQWRGRWUDQVIRUPDGRUGHLVRODPHQWR SRLVQDVXDIDOWDFHVVDRIRUQHFLPHQWRGHHQHUJLDSDUDWRGRRUDPDO 02725(6(/e75,&26'(&255(17($/7(51$'$ )LJXUDD/LJDomRVpULHSDUDOHOR< 2EV9VRPHQWHSDUDSDUWLGD ' (63(&,),&$d®2 0RQRIiVLFR $VWHQV}HVPRQRIiVLFDVSDGURQL]DGDVQR%UDVLOVmRDVGH9FRQKHFLGD FRPR9H9 2VPRWRUHVPRQRIiVLFRVVmROLJDGRVjGXDVIDVHVWHQVmRGHOLQKD8/RXj XPDIDVHHRQHXWURWHQVmRGHIDVH8I$VVLPDWHQVmRQRPLQDOGRPRWRU PRQRIiVLFRGHYHUiVHULJXDOjWHQVmR8/RX8IGRVLVWHPD 4XDQGRYiULRVPRWRUHVPRQRIiVLFRVVmRFRQHFWDGRVDRVLVWHPDWUL IiVLFR IRUPDGRSRUWUrVVLVWHPDVPRQRIiVLFRVGHYHVHWRPDURFXLGDG RSDUD GLVWULEXtORVGHPDQHLUDXQLIRUPHHYLWDQGRVHDVVLPGHVHTXLOt EULRHQWUH DVIDVHV (VWHWLSRGHOLJDomRH[LJHWHUPLQDLVHDILJXUDPRVWUDD QXPHUDomR QRUPDOGRVWHUPLQDLVHRHVTXHPDGHOLJDomRSDUDDVWUrVWHQV}H V QRPLQDLV )LJXUDE/LJDomRVpULHSDUDOHOR' (VWHWLSRGHOLJDomRH[LJHQRYHWHUPLQDLVQRPRWRUHDWHQVmRQ RPLQDOGXSOD PDLVFRPXPp9RXVHMDRPRWRUpUHOLJDGRQDOLJDomRSDUDOHOD TXDQGRDOLPHQWDGRFRP9HQDOLJDomRVpULHTXDQGRDOLPHQWDGR HP 9$VILJXUDDHEPRVWUDPDQXPHUDomRQRUPDOGRVWHUPLQDLVH RVHVTXHPDVGHOLJDomRSDUDHVWHVWLSRVGHPRWRUHVWDQWRSDUD PRWRUHV OLJDGRVHPHVWUHODFRPRHPWULkQJXOR2VPHVPRVHVTXHPDVVHUYHPSDUD RXWUDVGXDVWHQV}HVTXDLVTXHUGHVGHTXHXPDVHMDRGREURGDRX WUDSRU H[HPSOR9 E/LJDomRHVWUHODWULkQJXOR 2HQURODPHQWRGHFDGDIDVHWHPDVGXDVSRQWDVWUD]LGDVSDUDIR UDGRPRWRU 6HOLJDUPRVDVWUrVIDVHVHPWULkQJXORFDGDIDVHUHFHEHUiDWH QVmRGDOLQKD SRUH[HPSOR9ILJXUD 6HOLJDUPRVDVWUrVIDVHVHPHVWUHODRPRWRUSRGHVHUOLJDGRD XPDOLQKDGH YROWVVHPDOWHUDUDWHQVmRQRHQURODPHQWR WHQVmRLJXDOD[ TXHFRQWLQXDLJXDODYROWVSRUIDVHSRLV 8I 8 )LJXUD )UHTrQFLDQRPLQDO+] eDIUHTrQFLDGDUHGHSDUDDTXDORPRWRUIRLSURMHWDGR /LJDomRHPIUHTrQFLDVGLIHUHQWHV 0RWRUHVWULIiVLFRVERELQDGRVSDUD+]SRGHUmRVHUOLJDGRVWDPE pPHP UHGHGH+] D/LJDQGRRPRWRUGH+]FRPDPHVPDWHQVmRHP+] DSRWrQFLDGRPRWRUVHUiDPHVPD DFRUUHQWHQRPLQDOpDPHVPD DFRUUHQWHGHSDUWLGDGLPLQXLHP &S&QGLPLQXLHP &P&QGLPLQXLHP DYHORFLGDGHQRPLQDODXPHQWDHP 1RWD'HYHUmRVHUREVHUYDGRVRVYDORUHVGHSRWrQFLDUHTXHULGRV SDUD PRWRUHVTXHDFLRQDPHTXLSDPHQWRVTXHSRVVXHPFRQMXJDGRVYDULiYH LV FRPDURWDomR E6HDOWHUDUDWHQVmRHPSURSRUomRjIUHTrQFLD (63(&,),&$d®2 DXPHQWDDSRWrQFLDGRPRWRU DFRUUHQWHQRPLQDOpDPHVPD )LJXUD/LJDomRHVWUHODWULkQJXOR<' (VWHWLSRGHOLJDomRH[LJHVHLVWHUPLQDLVQRPRWRUHVHUYHSDUD TXDLVTXHU WHQV}HVQRPLQDLVGXSODVGHVGHTXHDVHJXQGDVHMDLJXDOjSULPH LUD PXOWLSOLFDGDSRU ([HPSORV999 1RVH[HPSORV9H9DWHQVmRPDLRUGHFODUDGDVyV HUYH SDUDLQGLFDUTXHRPRWRUSRGHVHUDFLRQDGRDWUDYpVGHXPDFKDYH GHSDUWLGD HVWUHODWULkQJXOR 0RWRUHVTXHSRVVXHPWHQVmRQRPLQDOGHRSHUDomRDFLPDGH9GH YHUmR SRVVXLUXPVLVWHPDGHLVRODomRHVSHFLDODSWRDHVWDFRQGLomR F7ULSODWHQVmRQRPLQDO 3RGHPRVFRPELQDURVGRLVFDVRVDQWHULRUHVRHQURODPHQWRGHFDGDIDVHp GLYLGLGRHPGXDVPHWDGHVSDUDOLJDomRVpULHSDUDOHOR$OpPGLVV RWRGRV RVWHUPLQDLVVmRDFHVVtYHLVSDUDSRGHUPRVOLJDUDVWUrVIDVHVH PHVWUHOD RXWULkQJXOR'HVWHPRGRWHPRVTXDWURFRPELQDo}HVSRVVtYHLVGHWHQVmR QRPLQDO DFRUUHQWHGHSDUWLGDVHUiDSUR[LPDGDPHQWHDPHVPD RFRQMXJDGRGHSDUWLGDVHUiDSUR[LPDGDPHQWHRPHVPR RFRQMXJDGRPi[LPRVHUiDSUR[LPDGDPHQWHRPHVPR DURWDomRQRPLQDODXPHQWD 4XDQGRRPRWRUIRUOLJDGRHP+]FRPDERELQDJHP+]SRGHUHP RV DXPHQWDUDSRWrQFLDHPSDUD,,SyORVHSDUD,99,H9,,,SyORV 7ROHUkQFLDGHYDULDomRGHWHQVmRH IUHTrQFLD &RQIRUPHQRUPD1%5FDSLWHP3DUDRVPRW RUHV GHLQGXomRDVFRPELQDo}HVGDVYDULDo}HVGHWHQVmRHGHIUHTrQ FLDVmR FODVVLILFDGDVFRPR=RQD$RX=RQD%FRQIRUPHILJXUD /LJDomRWULkQJXORSDUDOHOR /LJDomRHVWUHODSDUDOHODVHQGRLJXDOD YH]HVDSULPHLUD /LJDomRWULkQJXORVpULHYDOHQGRRGREURGDSULPHLUD /LJDomRHVWUHODVpULHYDOHQGRYH]HVDWHUFHLUD0DVFRPRHVWD WHQVmRVHULDPDLRUTXH9pLQGLFDGDDSHQDVFRPRUHIHUrQFLD GH OLJDomRHVWUHODWULkQJXOR ([HPSOR9 ' 02725(6(/e75,&26'(&255(17($/7(51$'$ GDFRUUHQWHGHSDUWLGDQDOLJDomRWULkQJXOR2FRQMXJDGRUHVLVWHQWHGD FDUJDQmRSRGHUiXOWUDSDVVDURFRQMXJDGRGHSDUWLGDGRPRWRUILJXUD QHPDFRUUHQWHQRLQVWDQWHGDPXGDQoDSDUDWULkQJXORSRGHUiVHUGHYDORU LQDFHLWiYHO([LVWHPFDVRVRQGHHVWHVLVWHPDGHSDUWLGDQmRSRG HVHUXVDGR FRQIRUPHGHPRQVWUDDILJXUD 8PPRWRUGHYHVHUFDSD]GHGHVHPSHQKDUVXDIXQomRSULQFLSDO FRQWLQXDPHQWHQD=RQD$PDVSRGHQmRDWHQGHUFRPSOHWDPHQWHjVVXDV FDUDFWHUtVWLFDVGHGHVHPSHQKRjWHQVmRHIUHTrQFLDQRPLQDLVY HUSRQWR GHFDUDFWHUtVWLFDVQRPLQDLVQDILJXUDDSUHVHQWDQGRDOJXQV GHVYLRV $VHOHYDo}HVGHWHPSHUDWXUDSRGHPVHUVXSHULRUHVjTXHODVjWHQV mRH IUHTrQFLDQRPLQDLV 8PPRWRUGHYHVHUFDSD]GHGHVHPSHQKDUVXDIXQomRSULQFLSDOQD =RQD %PDVSRGHDSUHVHQWDUGHVYLRVVXSHULRUHVjTXHOHVGD=RQD$QRT XHVH UHIHUHjVFDUDFWHUtVWLFDVGHGHVHPSHQKRjWHQVmRHIUHTrQFLDQ RPLQDLV$V HOHYDo}HVGHWHPSHUDWXUDSRGHPVHUVXSHULRUHVjVYHULILFDGDVFR PWHQVmRH IUHTrQFLDQRPLQDLVHPXLWRSURYDYHOPHQWHVXSHULRUHVjTXHODVGD =RQD$2 IXQFLRQDPHQWRSURORQJDGRQDSHULIHULDGD=RQD%QmRpUHFRPHQGDGR /LPLWDomRGDFRUUHQWHGHSDUWLGDHP PRWRUHVWULIiVLFRV 3DUWLGDGLUHWD $SDUWLGDGHXPPRWRUWULIiVLFRGHJDLRODGHYHUiVHUGLUHWDS RUPHLRGH FRQWDWRUHV'HYHVHWHUHPFRQWDTXHSDUDXPGHWHUPLQDGRPRWRU DVFXUYDV GHFRQMXJDGRHFRUUHQWHVmRIL[DVLQGHSHQGHQWHGDFDUJDSDUDXPDWHQVmR FRQVWDQWH 1RFDVRHPTXHDFRUUHQWHGHSDUWLGDGRPRWRUpHOHYDGDSRGHPR FRUUHU DVVHJXLQWHVFRQVHTrQFLDVSUHMXGLFLDLV D(OHYDGDTXHGDGHWHQVmRQRVLVWHPDGHDOLPHQWDomRGDUHGH(PIXQomR GLVWRSURYRFDDLQWHUIHUrQFLDHPHTXLSDPHQWRVLQVWDODGRVQRVLVWHPD E2VLVWHPDGHSURWHomRFDERVFRQWDWRUHVGHYHUiVHUVXSHUGL PHQVLRQDGR RFDVLRQDQGRXPFXVWRHOHYDGR F$LPSRVLomRGDVFRQFHVVLRQiULDVGHHQHUJLDHOpWULFDTXHOLPL WDPDTXHGD GHWHQVmRGDUHGH &DVRDSDUWLGDGLUHWDQmRVHMDSRVVtYHOGHYLGRDRVSUREOHPDVF LWDGRV DFLPDSRGHVHXVDUVLVWHPDGHSDUWLGDLQGLUHWDSDUDUHGX]LUD FRUUHQWH GHSDUWLGD FKDYHHVWUHODWULkQJXOR FKDYHFRPSHQVDGRUD FKDYHVpULHSDUDOHOR SDUWLGDHOHWU{QLFDVRIWVWDUWHU 3DUWLGDFRPFKDYHHVWUHODWULkQJXOR < ' eIXQGDPHQWDOSDUDDSDUWLGDTXHRPRWRUWHQKDDSRVVLELOLGDGHGHOLJDomR HPGXSODWHQVmRRXVHMDHP9HP9RX9 2V PRWRUHVGHYHUmRWHUQRPtQLPRVHLVERUQHVGHOLJDomR$SDUWLGD HVWUHOD WULkQJXORSRGHUiVHUXVDGDTXDQGRDFXUYDGHFRQMXJDGRGRPRWR Up VXILFLHQWHPHQWHHOHYDGDSDUDSRGHUJDUDQWLUDDFHOHUDomRGDPiTXLQDFRP DFRUUHQWHUHGX]LGD1DOLJDomRHVWUHODDFRUUHQWHILFDUHGX]L GDSDUDD 02725(6(/e75,&26'(&255(17($/7(51$'$ )LJXUD&RUU HQWHHFRQMXJDGRSDUDSDUWLGDHVWUHODWULkQJXORGH XPPRWRUGHJDLRODDFLRQDQGRXPDFDUJDFRPFRQMXJDGR UHVLVWHQWH&U , ' FRUUHQWHHPWULkQJXOR ,\FRUUHQWHHPHVWUHOD &\FRQMXJDGRHPHVWUHOD & ' FRQMXJDGRHPWULkQJXOR & U FRQMXJDGRUHVLVWHQWH 1DILJXUDWHPRVXPDOWRFRQMXJDGRUHVLVWHQWH&U6HDSDUWL GDIRUHP HVWUHODRPRWRUDFHOHUDDFDUJDDSUR[LPDGDPHQWHDWpGDURW DomR QRPLQDO1HVWHSRQWRDFKDYHGHYHUiVHUOLJDGDHPWULkQJXOR1HVWHFDVR DFRUUHQWHTXHHUDDSUR[LPDGDPHQWHDQRPLQDORXVHMDV DOWD UHSHQWLQDPHQWHSDUDRTXHQmRpQHQKXPDYDQWDJHPXPDYH]TXH QDSDUWLGDHUDGHVRPHQWH )LJXUD ' (63(&,),&$d®2 )LJXUD/LPLWHVGDVYDULDo}HVGHWHQVmRHGHIUHTrQFLDHP IXQFLRQDPHQWR 1DILJXUDWHPRVRPRWRUFRPDVPHVPDVFDUDFWHUtVWLFDVSRU pPR FRQMXJDGRUHVLVWHQWH&UpEHPPHQRU1DOLJDomR<RPRWRUDFHOHUDDFDUJD DWpGDURWDomRQRPLQDO4XDQGRDFKDYHpOLJDGDHP 'DFRUUHQWH TXHHUDGHDSUR[LPDGDPHQWHVREHSDUDRXVHMDSUDWLFDPHQWH LJXDODGDSDUWLGDHP<1HVWHFDVRDOLJDomRHVWUHODWULkQJXO RDSUHVHQWD YDQWDJHPSRUTXHVHIRVVHOLJDGRGLUHWRDEVRUYHULDGDUHGH GD FRUUHQWHQRPLQDO $FKDYHHVWUHODWULkQJXORHPJHUDOVySRGHVHU HPSUHJDGDHPSDUWLGDVGDPiTXLQDHPYD]LR LVWRpVHPFDUJD 6RPHQWHGHSRLVGHWHUDWLQJLGRSHORPHQRVGDURWDomRQRPLQD OD FDUJDSRGHUiVHUDSOLFDGD2LQVWDQWHGDFRPXWDomRGHHVWUHODS DUDWULkQJXOR GHYHVHUFULWHULRVDPHQWHGHWHUPLQDGRSDUDTXHHVWHPpWRGRGHS DUWLGD SRVVDHIHWLYDPHQWHVHUYDQWDMRVRQRVFDVRVHPTXHDSDUWLGDGLU HWDQmRp SRVVtYHO1RFDVRGHPRWRUHVWULSODWHQVmRQRPLQDO9 GHYHVHRSWDUSHODOLJDomR9RX9GHSHQGHQGRGDUHGH GHDOLPHQWDomR 3DUDRVPRWRUHVTXHSDUWLUHPFRPXPDWHQVmRPHQRUTXHDWHQVmR QRPLQDO DFRUUHQWHHRFRQMXJDGRGHSDUWLGDGHYHPVHUPXOWLSOLFDGRVSHORVIDWRUHV .IDWRUGHPXOWLSOLFDomRGDFRUUHQWHH. IDWRUGHPXOWLSOLFDomRGR FRQMXJDGRREWLGRVQRJUiILFRGDILJXUD 5(/$d®2'(7(16¯(6 )LJXUD)DWRUHVGHUHGXomR. H.HPIXQomRGDVUHODo}HVGHWHQVmR GRPRWRUHGDUHGH8P8Q (63(&,),&$d®2 ([HPSOR3DUDGDWHQVmRQRPLQDO )LJXUD ,'FRUUHQWHHPWULkQJXOR ,< FRUUHQWHHPHVWUHOD &' FRQMXJDGRHPWULkQJXOR &<FRQMXJDGRHPHVWUHOD &&Q UHODomRHQWUHRFRQMXJDGRGRPRWRUHRFRQMXJDRQRPLQDO ,,QUHODomRHQWUHDFRUUHQWHGHSDUWLGDHDFRUUHQWHQRPLQDO &U FRQMXJDGRUHVLVWHQWH ,S , S , S ³³ . ³³ ³³ ,Q , Q , Q && & ³³ . ³³ ³³ & Q & Q & Q (VTXHPDWLFDPHQWHDOLJDomRHVWUHODWULkQJXORQXPPRWRUSDUDXP DUHGHGH 9pIHLWDGDPDQHLUDLQGLFDGDQDILJXUDQRWDQGRVHTXH DWHQVmR SRUIDVHGXUDQWHDSDUWLGDpUHGX]LGDSDUD9 )LJXUD 3DUWLGDFRPFKDYHFRPSHQVDGRUDDXWR WUDQVIRUPDGRU $FKDYHFRPSHQVDGRUDSRGHVHUXVDGDSDUDDSDUWLGDGHPRWRUHVV RE FDUJD(ODUHGX]DFRUUHQWHGHSDUWLGDHYLWDQGRXPDVREUHFDUJD QR FLUFXLWRGHL[DQGRSRUpPRPRWRUFRPXPFRQMXJDGRVXILFLHQWH SDUDD SDUWLGDHDFHOHUDomR$WHQVmRQDFKDYHFRPSHQVDGRUDpUHGX]LGD DWUDYpV GHDXWRWUDQVIRUPDGRUTXHSRVVXLQRUPDOPHQWHWDSVGHH GD WHQVmRQRPLQDO ' )LJXUD([HPSORGDVFDUDFWHUtVWLFDVGHGHVHPSHQKRGHXPP RWRU GHFY9,SyORVTXDQGRSDUWHFRPGDWHQVmR 02725(6(/e75,&26'(&255(17($/7(51$'$ &RPSDUDomRHQWUHFKDYHVHVWUHOD WULkQJXORHFRPSHQVDGRUDV ´DXWRPiWLFDVµ (VWUHODWULkQJXORDXWRPiWLFD 9DQWDJHQV D$FKDYHHVWUHODWULkQJXORpPXLWRXWLOL]DGDSRUVHXFXVWRUH GX]LGR E1mRWHPOLPLWHTXDQWRDRVHXQ~PHURGHPDQREUDV F2VFRPSRQHQWHVRFXSDPSRXFRHVSDoR G$FRUUHQWHGHSDUWLGDILFDUHGX]LGDSDUDDSUR[LPDGDPHQWH 'HVYDQWDJHQV D$FKDYHVySRGHVHUDSOLFDGDDPRWRUHVFXMRVVHLVERUQHVRXWHUPLQDLV VHMDPDFHVVtYHLV E$WHQVmRGDUHGHGHYHFRLQFLGLUFRPDWHQVmRHPWULkQJXORGR PRWRU F&RPDFRUUHQWHGHSDUWLGDUHGX]LGDSDUDDSUR[LPDGDPHQWH GDFRUUHQWH QRPLQDOUHGX]VHWDPEpPRPRPHQWRGHSDUWLGDSDUD G&DVRRPRWRUQmRDWLQMDSHORPHQRVGHVXDYHORFLGDGHQRP LQDO RSLFRGHFRUUHQWHQDFRPXWDomRGHHVWUHODSDUDWULkQJXORVHUi TXDVH FRPRVHIRVVHXPDSDUWLGDGLUHWDRTXHVHWRUQDSUHMXGLFLDODR VFRQWDWRV GRVFRQWDWRUHVHQmRWUD]QHQKXPDYDQWDJHPSDUDDUHGHHOpWULFD &KDYHFRPSHQVDGRUDDXWRPiWLFD 9DQWDJHQV D1RWDSGHDFRUUHQWHGHOLQKDpDSUR[LPDGDPHQWHLJXDOj GDFKDYH HVWUHODWULkQJXORHQWUHWDQWRQDSDVVDJHPGDWHQVmRUHGX]LGDS DUDD WHQVmRGDUHGHRPRWRUQmRpGHVOLJDGRHRVHJXQGRSLFRpEHP UHGX]LGRYLVWRTXHRDXWRWUDQVIRUPDGRUSRUFXUWRWHPSRVHWRUQDXPD UHDWkQFLD EeSRVVtYHODYDULDomRGRWDSGHSDUDRXDWpSDUDGDWHQVmR GDUHGHDILPGHTXHRPRWRUSRVVDSDUWLUVDWLVIDWRULDPHQWH 7DEHOD0pWRGRVGH3DUWLGD[0RWRUHV ([HFXomR7HQVmR3DUWLGD3DUWL GD3DUWLGD3DUWLGD GRVGHFRPFKDYHFRPF KDYHFRPFKDYHFRP HQURODPHQWRVVHUYLoRHVWUHODFRPSHQVDGRUD VpULH6RIWVWDUWHU WULkQJXOR SDUDOHOD 996,0 6,01®26,0 91®2 6,01®26,0 9991®2 6,06,06,0 9991®2 6,01®26,0 996,0 6,01®26,0 996,06, 06,06,0 1®2 6,06,06,0 6,0 6,01®26,0 6HQWLGRGHURWDomRGHPRWRUHVGHLQGXomR WULIiVLFRV 8PPRWRUGHLQGXomRWULIiVLFRWUDEDOKDUiHPTXDOTXHUVHQWLGRGHSHQGHQGR GDFRQH[mRFRPDIRQWHHOpWULFD3DUDLQYHUWHURVHQWLGRGHURW DomRLQYHUWHVH TXDOTXHUSDUGHFRQH[}HVHQWUHPRWRUHIRQWHHOpWULFD 2VPRWRUHV:(*SRVVXHPYHQWLODGRUELGLUHFLRQDOSURSRUFLRQDQGR VXD RSHUDomRHPTXDOTXHUVHQWLGRGHURWDomRVHPSUHMXGLFDUDUHIUL JHUDomR GRPRWRU (63(&,),&$d®2 'HVYDQWDJHQV D$JUDQGHGHVYDQWDJHPpDOLPLWDomRGHVXDIUHTrQFLDGHPDQR EUDV 1DFKDYHFRPSHQVDGRUDDXWRPiWLFDpVHPSUHQHFHVViULRVDEHUD VXDIUHTrQFLDGHPDQREUDSDUDGHWHUPLQDURDXWRWUDQVIRUPDGRU FRQYHQLHQWH E$FKDYHFRPSHQVDGRUDpEHPPDLVFDUDGRTXHDFKDYHHVWUHOD WULkQJXOR GHYLGRDRDXWRWUDQVIRUPDGRU F'HYLGRDRWDPDQKRGRDXWRWUDQVIRUPDGRUDFRQVWUXomRVHWRU QD YROXPRVDQHFHVVLWDQGRTXDGURVPDLRUHVRTXHWRUQDRVHXSUHoR HOHYDGR 3DUWLGDFRPFKDYHVpULHSDUDOHOR 3DUDSDUWLGDHPVpULHSDUDOHORpQHFHVViULRTXHRPRWRUVHMDUHOLJiYHOSDUD GXDVWHQV}HVDPHQRUGHODVLJXDODGDUHGHHDRXWUDGXDVYH]HVPDLRU (VWHWLSRGHOLJDomRH[LJHQRYHWHUPLQDLVQRPRWRUHDWHQVmRQ RPLQDO PDLVFRPXPp9RXVHMDGXUDQWHDSDUWLGDRPRWRUpOLJ DGR QDFRQILJXUDomRVpULHDWpDWLQJLUVXDURWDomRQRPLQDOHHQWmR ID]VHD FRPXWDomRSDUDDFRQILJXUDomRSDUDOHOR 3DUWLGDHOHWU{QLFDVRIWVWDUWHU 2DYDQoRGDHOHWU{QLFDSHUPLWLXDFULDomRGDFKDYHGHSDUWLGDD HVWDGRVyOLGR DTXDOFRQVLVWHGHXPFRQMXQWRGHSDUHVGHWLULVWRUHV6&5RX FRPELQDo}HV GHWLULVWRUHVGLRGRVXPHPFDGDERUQHGHSRWrQFLDGRPRWRU 2kQJXORGHGLVSDURGHFDGDSDUGHWLULVWRUHVpFRQWURODGRHOHWURQLFDPHQWH SDUDDSOLFDUXPDWHQVmRYDULiYHODRVWHUPLQDLVGRPRWRUGXUDQWH DDFHOHUDomR 1RILQDOGRSHUtRGRGHSDUWLGDDMXVWiYHOWLSLFDPHQWHHQWUHH VHJXQGRV DWHQVmRDWLQJHVHXYDORUSOHQRDSyVXPDDFHOHUDomRVXDYHRXXPDUDPSD DVFHQGHQWHDRLQYpVGHVHUVXEPHWLGRDLQFUHPHQWRVRXVDOWRVUHSHQWLQRV &RPLVVRFRQVHJXHVHPDQWHUDFRUUHQWHGHSDUWLGDQDOLQKDSUy[LPDGD QRPLQDOHFRPVXDYHYDULDomR $OpPGDYDQWDJHPGRFRQWUROHGDWHQVmRFRUUHQWHGXUDQWHDSDU WLGDDFKDYH HOHWU{QLFDDSUHVHQWDWDPEpPDYDQWDJHPGHQmRSRVVXLUSDUWHVPyYHLVRX TXHJHUHPDUFRFRPRQDVFKDYHVPHFkQLFDV(VWHpXPGRVSRQWRVIRUWHV GDVFKDYHVHOHWU{QLFDVSRLVVXDYLGD~WLOWRUQDVHPDLVORQJD 02725(6(/e75,&26'(&255(17($/7(51$'$ '